Intercontinental Exchange recorded the highest open interest this week, with 114 million contracts held across its global futures and options markets on Monday. The figure represents a 20% increase compared with the same period last year.
The exchange operator said commodities led the surge, reaching 72 million contracts in open interest, an 8% year-over-year rise. Energy markets accounted for the bulk of that activity at 68.4 million contracts.
The exchange follows on the heels of other exchange operators, like CME Group, who have also record levels of derivatives volume over the last month.
Oil and gas benchmarks set individual records
Within the energy complex, specific benchmarks posted increases in open interest. Total oil futures and options open interest climbed 17% to 18.6 million contracts, while ICE Brent, the pricing reference for roughly three-quarters of internationally traded crude, jumped 27% to 7.5 million contracts.
European natural gas markets also reported higher open interest. Open interest in EU natural gas futures and options rose 20% to 6.3 million contracts, with the Title Transfer Facility (TTF) benchmark reaching 5.8 million contracts over the same period.
“These records are a testament to the trust our customers have in the deep liquidity of our benchmarks and the thousands of related contracts they underpin,” said Trabue Bland, senior vice president of futures markets at ICE.
Winter volatility drives hedging demand
The surge in open interest coincides with volatility in global energy markets during late January. Extreme cold in the United States caused widespread production freeze-offs, where liquids in the gas stream freeze and halt extraction at the wellhead. The resulting supply disruptions coincided with increased global competition for liquefied natural gas and higher hedging activity by European market participants through TTF contracts.
“Liquidity brings critical flexibility and choice to customers as they navigate an increasingly interconnected energy landscape,” Bland added.
ICE President Ben Jackson said the figures reflect how the exchange’s customer base turns to its platforms “for price direction across asset classes, using deeply liquid benchmarks as anchors.”
The 20% year-over-year growth represents faster growth than in 2025, when recovery in energy trade flows coincided with more gradual increases in open interest. Analysts link the current pace to a volatile environment that has led commercial participants across the energy sector to use risk management tools more actively.
