UAE’s flagship Murban crude oil trades at record levels during Q2
7.4 billion barrels of ADNOC-supplied Murban crude oil traded as futures since launch
Abu Dhabi: Intercontinental Exchange, Inc., today announced record trading activity in Murban crude during the second quarter of 2024.
ICE Futures Abu Dhabi (IFAD) and ICE’s Murban futures market launched in Abu Dhabi in March 2021 with ADNOC and nine of the world’s largest energy traders as founding partners. Murban is the UAE’s flagship crude grade, supplied by ADNOC to meet global demand and is considered one of the lowest carbon emission crude oils in the world.
* Throughout June, Murban futures hit a series of record volume trading days, including a record high day of 57,300 contracts traded, equivalent to 57.3 million barrels on June 10, 2024.
* In addition, Murban futures average daily volume through the month of June was a record 31,000 contracts, equivalent to 31 million barrels.
Since IFAD launched, 7.4 billion barrels of Murban crude oil have been traded and 267 million barrels of Murban have been delivered through IFAD. Over 160 participants have traded on IFAD to-date from across Asia, the US, Europe, and the Middle East, including commercial and financial participants.
Murban is part of ICE’s global oil complex covering over 800 futures and options contracts, centred around Brent which is used to price over three quarters of the world’s internationally traded crude oil.
ICE’s extensive global commodity markets, including benchmark oil and natural gas contracts, hit record trading activity in the second quarter of 2024 with over 305 million contracts traded, which highlights IFAD’s continued success.