Booming US Crude Exports Spur Record Houston ICE Futures Trading

Trading in Intercontinental Exchange Inc.’s Houston crude futures contract surged to a record this week as US oil supplies flood into European markets.

Trading volume for ICE’s Midland West Texas Intermediate futures contract — which is delivered in Houston — jumped to about 127,000 lots on Monday, while open interest climbed to more than 155,000 lots, exchange data showed. That’s almost five times the average daily volume and almost three times the average open interest in May.

Houston is rapidly evolving into one of the most active oil-trading hubs in the US as crude shipments out of the region soar. ...