ICE sets records in energy, gas and NYSE trading on Mideast risk

Intercontinental Exchange reported record activity in March 2026 across its global derivatives markets and at the New York Stock Exchange in New York. The company linked the surge to events in the Middle East that began on Feb. 28, 2026.

Open interest across commodity futures and options reached 76.8 million contracts on Mar. 25, including 72.7 million in energy. Natural gas open interest rose to a record 46.6 million contracts, with North American natural gas at 40.1 million. Total oil futures and options open interest climbed to 19.8 million, led by a record 8.3 million in ICE Brent, the highest level in that benchmark’s history. Options activity also set records, with 32.5 million in commodity options, 30.8 million in energy options, 8.4 million in oil options, and 5.1 million in ICE Brent options.

Earlier in the month, overall open interest across ICE markets reached 125.4 million contracts on Mar. 12, including 51.2 million in financial futures and options, as customers repositioned around inflation and interest-rate expectations, according to the company.

ICE logged its busiest trading day on Mar. 3, with 35 million futures and options changing hands. That included 15 million commodity-related contracts and 14.5 million in energy. Oil volumes totaled 9.3 million contracts, including 1.4 million in ICE Gasoil futures and options. Natural gas volumes reached 4.9 million, and ICE TTF futures and options traded 2.4 million contracts. Financial futures and options accounted for 19.9 million contracts, with European short-term interest rate benchmarks setting records, including 11.5 million in Euribor. SONIA posted several high-volume days in March, most recently 6.7 million contracts on Mar. 19.

On Mar. 20, the NYSE, which ICE owns, recorded a Closing Auction of 3.57 billion shares, a new high, with $230.5 billion in notional value. ICE Clear Credit cleared a record $2.678 trillion in notional credit default swaps the same day. The prior NYSE Closing Auction volume record was set on Mar. 21, 2025.

ICE highlighted continued benchmark activity in Brent, Gasoil, Murban, Dubai and TTF as customers hedged exposure and adjusted to geopolitical risk. The company noted TTF’s role as a global natural gas benchmark and described ICE Gasoil as the most liquid middle distillate contract.

Trust and liquidity of markets are paramount as customers manage risk to hedge against a rapidly changing pricing environment for commodities, and manage the implications across equities valuation and interest rate expectations. In periods like this, more than ever, the resilience of exchange and clearing infrastructure is critical, according to a statement from ICE President Ben Jackson.

Jackson added: “ICE’s energy complex gives customers precise tools to manage exposure across grades, regional flows, and the spread relationships between them. Surrounding these benchmarks is a deep set of differential contracts allowing customers to price dislocations across grades and locations globally, a critical ability in today’s landscape as customers manage supply risk, arbitrage flows, and price volatility.”

Intercontinental Exchange operates exchanges and clearing houses across asset classes, including the NYSE and what it identifies as the world’s largest CDS clearing service. The company issued the March update as customers sought real-time price transparency and hedging tools following the late-February escalation in the Middle East.