ICE Announces Record Trading Activity in Murban Crude as ICE Futures Abu Dhabi Marks Third Anniversary
- Record trading activity in Murban crude with over 1.1 million contracts traded in the first quarter of 2024.
- Record daily average volume of 21,454 contracts, up 152% year-over-year.
- Single-day volume record of 36,464 contracts on April 15, 2024.
- Open interest up by 33% year-over-year, demonstrating market growth and international relevance.
- 6 million Murban futures contracts traded since IFAD's launch, equivalent to approximately 6 billion barrels of Murban crude oil.
- 244 million barrels of Murban delivered through IFAD, showcasing market participation and delivery capabilities.
- Over 150 participants from the United States, Europe, Asia, and the Middle East, including commercial and financial entities, have traded on IFAD.
- ICE's global oil complex covering over 800 futures and options contracts, with Brent as a key benchmark, used in pricing three-quarters of internationally traded crude oil.
- ICE's global commodity markets, including benchmark oil and natural gas contracts, witnessed record trading activity in the first quarter of 2024.
- None.
IFAD and ICE’s Murban futures market launched in March 2021 with the Abu Dhabi National Oil Company (ADNOC) and nine of the world’s largest energy traders as founding partners.
In the first quarter of 2024, ICE’s Murban futures market hit record traded volume of over 1.1 million contracts and in March reached record average daily volume of 21,454 contracts, up
“Three years on from launch, we, together with ADNOC and our partners, have built a truly global Murban futures market which sits alongside benchmark crude grades Brent and Midland WTI,” said Gary King, President, ICE Futures Abu Dhabi. “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, further reflected by Bloomberg’s decision to launch a Murban crude oil index aimed at tracking the performance of Murban futures.”
Since IFAD launched, almost 6 million Murban futures contracts have traded, the equivalent to approximately 6 billion barrels of Murban crude oil, as 244 million barrels of Murban have been delivered through IFAD. Over 150 participants have traded on IFAD to date from across
Murban is part of ICE’s global oil complex covering over 800 futures and options contracts, centered around Brent which is used to price over three quarters of the world’s internationally traded crude oil. ICE’s extensive global commodity markets, including benchmark oil and natural gas contracts, hit record trading activity in the first quarter of 2024 with almost 5 million contracts traded, surpassing the previous record set in the first quarter of 2020.
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Category: EXCHANGES
ICE- CORP
Source: Intercontinental Exchange
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Source: Intercontinental Exchange
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