With Record Open Interest across TTF Futures and Options Markets
Intercontinental Exchange, Inc. (NYSE: ICE), one of the world's leading providers of financial market technology and data powering global capital markets, and home to the largest and most liquid markets to trade energy derivatives, today announced that on October 23, 2026, open interest (OI) across ICE TTF options reached a record of over 3 million contracts, up 33% year-over-year (y/y). On the same day, ICE TTF futures and options hit record OI of over 5.9 million contracts, up 16% y/y.
ICE's TTF options are based on TTF futures, the global benchmark for natural gas, and span daily expiries through to monthly, quarterly, seasonal and calendar spread contracts, allowing customers to match their options strategy to the time period of their exposure. Energy options, including natural gas and oil contracts, make up 40% of ICE's total open interest.
"Natural gas has become a truly global market, where a shift in supply or demand in one region is felt around the world," said Gordon Bennett, Managing Director, Utility Markets at ICE. "Middle East LNG exports, European storage levels and cargo flows between Europe and Asia are shaping global supply, and with many gas markets trading as a spread to TTF, participants use the benchmark to price those changes. ICE offers the broadest range of contracts across the TTF curve, so customers can hedge from the next hour to the next decade on one centrally cleared platform."
"TTF options let customers shape price risk management around their positions and adjust flexibly as market conditions change," continued Bennett. "As global natural gas markets grow more connected, customers are using TTF to build positions across regions and trade the relationships between them, and this open interest record reflects that demand."
ICE's prompt natural gas futures and options contracts, including Next Hour, Within Day, Day Ahead, Weekend, Balance of Week and Balance of Month, serve the physical market and are the primary tools utilities and producers use to manage their short-term physical gas portfolios. With TTF as the main pricing reference across European gas hubs, customers can trade the spreads between them on one platform. Prompt natural gas futures that have seen particularly strong average daily volume growth this year include AVL (Austrian), TFE and TTL (Dutch), TGP (German) and PEG (French) contracts.
ICE is the only exchange offering Balance of Month contracts in TTF, allowing participants such as shippers to buy or sell gas for all remaining days of the month in one trade rather than covering each day separately, simplifying supply management. For long-term hedging, TTF monthly futures have open interest out to December 2033.
OI across ICE's global natural gas portfolio is up 9% y/y, with Henry Hub, the U.S. natural gas benchmark, up 11% and ICE JKM LNG (Platts), the benchmark price for natural gas in North-East Asia, up 30%. ICE also offers contracts across AECO, the Canadian benchmark, and NBP, the U.K. benchmark.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE's futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world's largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading "Key Information Documents (KIDS)."
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026.
Category: Exchanges
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