Murban Crude Oil Futures Achieve Record Trading Volume In Second Quarter Of 2024

Intercontinental Exchange, Inc. (NYSE:ICE) has reported unprecedented trading activity in Murban crude during Q2 2024. ICE Futures Abu Dhabi (IFAD) and ICE’s Murban futures market, launched in March 2021 with ADNOC and nine major energy traders as founding partners, have seen significant growth. Murban is the UAE’s primary crude grade, supplied by ADNOC to meet global demand and known for its low carbon emissions.

In Q2 2024, the Murban futures market achieved a record volume of over 1.5 million contracts traded, equating to 1.5 billion barrels of Murban crude. This represents an increase of more than 160% since the beginning of 2024. Throughout June, Murban futures experienced several record-breaking trading days, including a peak day on June 10, 2024, with 57,300 contracts traded, equivalent to 57.3 million barrels.

The average daily volume for Murban futures in June was also a record at 31,000 contracts or 31 million barrels. Since IFAD's inception, a total of 7.4 billion barrels of Murban crude oil have been traded, with 267 million barrels delivered through IFAD.

Over 160 participants from Asia, the United States, Europe, and the Middle East have traded on IFAD to date. These participants include both commercial and financial entities. The extensive participation underscores the global reach and significance of the Murban futures market.

Murban is integrated into ICE’s global oil complex that includes over 800 futures and options contracts centered around Brent crude oil. Brent is used to price more than three-quarters of the world’s internationally traded crude oil.

Benchmark Contracts

ICE's comprehensive global commodity markets feature benchmark oil and natural gas contracts. In Q2 2024 alone, these markets saw record trading activity with over 305 million contracts traded. This highlights the ongoing success and importance of IFAD within ICE's portfolio.

The remarkable performance of Murban futures reflects its critical role in meeting global energy demands while maintaining low carbon emissions standards.

The continued growth in trading volumes and participant engagement demonstrates the robust demand for Murban crude in international markets.

With inputs from WAM