UAE’s Murban crude hits record activity in March, over 1.1 billion barrels traded

Intercontinental Exchange (ICE) announced record-breaking trading activity in Murban crude as ICE Futures Abu Dhabi (IFAD) commemorated its third anniversary. In the first quarter of 2024, ICE’s Murban futures market hit a record trading volume of over 1.1 billion barrels. In March, it achieved a record average daily volume of 21,454,000 barrels, a 152 percent year-on-year increase. Moreover, ICE’s Murban futures hit a single-day volume record with 36,464,000 barrels on April 15, 2024. Murban futures have also reached a series of open interest (OI) records since the beginning of 2024, with OI up 25 percent annually.

Since its inception in March 2021, IFAD’s Murban futures market, in collaboration with Abu Dhabi National Oil Company (ADNOC) and nine leading energy traders worldwide, has emerged as a key player in the global crude oil market, reflecting the UAE’s commitment to growth and sustainability.

Murban is the UAE’s flagship crude grade which ADNOC supplies to meet global demand. Murban is also one of the lowest carbon-emission crude oils in the world.

Read: ADNOC opts for cash settlement of $1.19 billion exchangeable bonds, retains stake in distribution unit

Global recognition and reach

Gary King, President of ICE Futures Abu Dhabi, acknowledges the collaborative efforts of ADNOC and partners in establishing a thriving global Murban futures market. “ADNOC’s vision to move the official selling price for Murban to forward pricing based on ICE Murban futures opened Murban to a global audience and it now has international reach and relevance in the global crude market,” he added.

Since its inception, IFAD has facilitated the trading of nearly 6 billion barrels of Murban crude oil, with over 150 participants from Asia, the United States, Europe, and the Middle East. The market’s inclusive nature has attracted a diverse array of commercial and financial participants, fostering growing global engagement.

Murban’s prominence extends beyond IFAD, contributing to ICE’s thriving global oil complex encompassing over 800 futures and options contracts. Anchored by benchmark grade Brent, ICE’s commodity markets witnessed record trading activity of 5 million contracts in the first quarter of 2024, surpassing previous milestones and highlighting IFAD’s pivotal role in driving market success.

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