[ad_1]
Intercontinental Exchange’s second-quarter 2024 Murban crude futures contract volume hit an all-time high, with more than 1.5 million contracts, equivalent to 1.5 billion barrels of “Murban” crude, a standard for low-yielding Abu Dhabi-carbon oil, an increase of more than 160% since the beginning of 2024, according to a press release issued today.
The statement said: “In June, the Murban futures contract set trading records on multiple trading days, with a record trading volume of 57,300 contracts, equivalent to 57.3 million barrels, as of June 10, 2024.” Data released by the Intercontinental Exchange showed that the average daily trading volume of Murban crude oil futures contracts in June hit a record high of 31,000 contracts, equivalent to 31 million barrels, of which each Murban crude oil futures contract was equivalent to 1,000 barrels.
Since ICE Futures Abu Dhabi began trading, 7.4 billion barrels of Murban crude have been traded and 267 million barrels of Murban crude have been delivered through ICE Futures Abu Dhabi.
More than 160 participants from Asia, the United States, Europe and the Middle East trade on ICE Futures Abu Dhabi, including both commercial and financial players.
The Intercontinental Exchange for Futures Abu Dhabi (IFAD) and the Intercontinental Exchange for Murban Crude Oil Futures (ICE) were established in Abu Dhabi in March 2021, in partnership with “ADNOC” and nine of the world’s largest energy companies, which joined as founding members as partners of “IFAD Abu Dhabi”.
Murban is the UAE’s main crude oil, produced by Abu Dhabi National Oil Company to meet global demand and is considered to have one of the lowest carbon emissions levels in the world.
Murban is a light, sweet crude oil unique to the UAE, characterised by its unique chemistry, sustained and stable production levels, and its attractiveness and popularity among many international buyers, production partners and long-term concessionaires.
Murban is part of Intercontinental Exchange’s suite of global oil pricing methods, which includes 800 futures and options contracts, all based on Brent crude, which is used to price more than three-quarters of the world’s crude oil transactions.
ICE’s broad global commodity markets, including oil and gas contracts, achieved record trading volumes in the second quarter of 2024, with more than 305 million contracts traded, confirming the continued success of ICE Futures Abu Dhabi.”
It is worth noting that in March last year, Bloomberg launched the “New Bloomberg Murban Crude Oil Index”, which aims to track the performance of futures contracts traded for Murban crude oil.
The new index, part of the Bloomberg Commodity Index (BCOM), reflects the confidence and global status that Murban crude and Murban futures have quickly gained as it trades alongside international crudes such as Brent and West Texas Intermediate (WTI).
[ad_2]
Source link
