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Home > Oil Gas Investments > Oil Gas Indices > Philadelphia Oil Service Index
Philadelphia Oil Service Index
The Oil Service Sector index (OSX) of Philadelphia already appears to be giving its competitors a run for their money. It almost doubled its average daily volume from over 700 contracts per day in its first week of trading to an approximate volume of 1,200 contracts per day last week.
Joseph Rizzello, executive vice president of the Philadelphia Stock Exchange hopes that the exchanged has found an exclusive niche in the flourishing oil market that will be interesting to investors. According to Rizzello, the index draws retail as ell as institutional customers always look for ways to be different. Rizzello points out that the new options index is unlike other competing indexes because it includes 15 companies that focus on oil services such as drilling and rigs, compared to larger integrated oil companies such as those that comprise the Chicago Board Options Exchange and Amex indexes. Schlumberger Ltd., based in New York; Dresser Industries Inc and Halliburton Co., both based in Dallas; and Global Industries Ltd. In Lafayette, La. are some of the companies included in the index.
A spokesman for Amex index acknowledged that there could be investor interest competition among the three indexes, but he believed that it was too early to tell the impact on the oil options market that Philadelphia would have. Popularity is an important factor for index options, especially on the first 6 months of the life of the index.
Philadelphia comes on the market at a very good time for indexes as well as for oil service companies that provide the platforms and rigs needed to drill for oil.
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