Abu Dhabi National Oil Company (ADNOC) and Intercontinental Exchange (ICE) have announced an update on Murban Crude Oil futures. ICE Futures Abu Dhabi (IFAD) will begin trading ICE Murban Crude Oil Futures and a range of related cash derivatives against Brent and WTI, as well as inter-commodity spreads next month.
The ICE Murban Crude Oil Futures contract will be based on a two-month delivery, with the first contract for June delivery expiring at the end of April.
Murban is the flagship crude grade of Abu Dhabi, which flows at around 1.7 million barrels per day. Last year, the firm reversed its retroactive pricing mechanism for crude.
ADNOC’s other crude grades, Upper Zakum, Das, and Umm Lulu will be priced at a differential to Murban. ThaDNOC will announce the prices for Upper Zakum, Das, and Umm Lulu a month before loading.
ADNOC’s Executive Director of Downstream Industry, Marketing and Trading (DM&T) Mr. Khaled Salmeen, commented “We continue to see very strong support from our customers, traders and other market participants for IFAD and the new ICE Murban Futures Contract. Today’s announcements are another important step as we prepare, together with ICE, our customers, and our partners, for the launch of this important new exchange and futures contract”.
IFAD
IFAD is established in Abu Dhabi Global Market (ADGM), an International Financial Centre that practices and applies English common law.
ICE
Intercontinental Exchange Abu Dhabi has its headquarters in the Abu Dhabi Global Market, the capital’s international financial center. et, the capital’s international financial center. Firms that signed the partnership include Thailand’s PTT, Japan’s JXTG and Inpex, BP, France’s Total, South Korea’s GS Caltex, PetroChina, Anglo-Dutch major Shell, and Vitol are the companies that signed the agreement.
