Murban crude futures hit new heights in second quarter of 2024
(MENAFN) The Intercontinental Exchange (ICE) reported a record trading volume of Murban crude futures in the second quarter of 2024, surpassing 1.5 million contracts, which equates to 1.5 billion barrels of Murban crude. This marks an increase of over 160 percent since the beginning of the year. According to a statement from the stock exchange on Sunday, June 10, 2024, alone witnessed a record trading volume of 57,300 contracts, equivalent to 57.3 million barrels.
Data from ICE revealed that the average daily trading volume for Murban futures in June reached a record high of 31,000 contracts, or 31 million barrels, with each contract representing 1,000 barrels. Since the inception of trading on the Intercontinental Futures Abu Dhabi (IFAD), 7.4 billion barrels of Murban crude have been traded, and 267 million barrels have been delivered via IFAD. Over 160 participants from Asia, the United States, Europe, and the Middle East, including both commercial and financial entities, have engaged in trading on IFAD.
Launched in March 2021 in Abu Dhabi, in partnership with ADNOC and nine of the world’s leading energy companies, Murban crude futures contracts on IFAD have become a significant benchmark. Murban crude, primarily produced by ADNOC in the UAE, is renowned for being one of the world’s lowest carbon-emitting crudes. This light, sweet crude is valued for its unique chemical properties, consistent production levels, and appeal to international buyers and production partners.
Murban crude futures are part of ICE’s comprehensive suite of global oil pricing tools, which includes 800 futures and options contracts based on Brent crude. Brent crude pricing is pivotal, as it is used to price over three-quarters of the world's traded crude. This robust trading activity underscores the growing importance of Murban crude in the global energy market and its role in meeting international demand for low-carbon oil.
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