ICE Announces Update on Murban Crude Oil Futures Ahead of Launch on March 29, 2021
Intercontinental Exchange (NYSE:ICE) has provided an update on the launch of Murban Crude Oil Futures scheduled for March 29, 2021, pending regulatory approval. The first contract will be for June, expiring in April for physical delivery. ADNOC announced the removal of destination restrictions on Murban and other crude grades, enhancing trading flexibility. Additionally, ADNOC released a monthly report forecasting Murban export availability, projecting it to contribute 50% of its 5 million barrels per day production capacity by 2030. Contracts will be cleared at ICE Clear Europe.
- Launch of Murban Crude Oil Futures enhances market trading options.
- Removal of destination restrictions improves trading flexibility.
- ADNOC's projection of 50% contribution from Murban by 2030 indicates significant growth potential.
- None.
Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, today announced an update on Murban Crude Oil Futures ahead of their launch on March 29, 2021, subject to regulatory approval.
As previously announced, the first Murban futures contract month at launch will be the June contract, which expires at the end of April for physical delivery in June. Today ADNOC announced that it plans to remove destination restrictions from Murban, as well as its Upper Zakum, Das and Umm Lulu crude grades, from June 2021, aligned with the first expiry of the futures contract.
To provide the market with visibility of expected Murban Export availability volumes, ADNOC Onshore has launched a monthly report with a 12-month rolling forecast of Murban export availability, which can be viewed here. By 2030, ADNOC expects Murban crude to contribute almost
“Today’s announcement from ADNOC marks an important moment, providing significant new transparency and flexibility for Murban Crude, and which means trading and hedging Murban futures can appeal to an even broader audience of market participants around the world,” said Jamal Oulhadj, President of ICE Futures Abu Dhabi.
Contracts traded at IFAD will be cleared at ICE Clear Europe, a leading energy clearing house, and will clear alongside ICE’s global energy futures platform covering oil, natural gas and the environmental complex, allowing customers to benefit from associated margin offsets.
About Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE) is a Fortune 500 company and provider of marketplace infrastructure, data services and technology solutions to a broad range of customers including financial institutions, corporations and government entities. We operate regulated marketplaces, including the New York Stock Exchange, for the listing, trading and clearing of a broad array of derivatives contracts and financial securities across major asset classes. Our comprehensive data services offering supports the trading, investment, risk management and connectivity needs of customers around the world and across asset classes. As a leading technology provider for the U.S. residential mortgage industry, ICE Mortgage Technology provides the technology and infrastructure to transform and digitize U.S. residential mortgages, from application and loan origination through to final settlement.
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Source: Intercontinental Exchange
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FAQ
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