Intercontinental Exchange, Inc. (NYSE: ICE), a prominent global provider of technology and data solutions, has proudly announced a significant milestone in trading activity for Murban crude as ICE Futures Abu Dhabi (IFAD) commemorates its third anniversary.
IFAD, in partnership with the Abu Dhabi National Oil Company (ADNOC) and nine leading energy traders worldwide, launched the Murban futures market in March 2021. Since then, the market has witnessed remarkable growth, aligning itself alongside established crude benchmarks such as Brent and Midland WTI.
In the first quarter of 2024, trading in ICE’s Murban futures market surged to unprecedented levels, surpassing 1.1 million contracts in total volume. Notably, March recorded a record average daily volume of 21,454 contracts, marking a remarkable 152% increase compared to the previous year. On April 15, 2024, Murban futures set a new single-day volume record with 36,464 contracts traded. Additionally, Murban futures have seen a series of open interest records since the beginning of 2024, with a notable 33% year-over-year increase.
Gary King, President of ICE Futures Abu Dhabi, remarked, “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.” He emphasized ADNOC’s strategic vision in transitioning Murban’s official selling price to forward pricing based on ICE Murban futures, thereby enhancing Murban’s global accessibility and relevance in the crude market. Bloomberg’s recent decision to introduce a Murban crude oil index further underscores the market’s international recognition.
Since its inception, nearly 6 million Murban futures contracts, equivalent to approximately 6 billion barrels of Murban crude oil, have been traded through IFAD. Moreover, IFAD has facilitated the delivery of 244 million barrels of Murban. Over 150 participants from diverse regions such as the United States, Europe, Asia, and the Middle East, including both commercial and financial entities, have engaged in trading on IFAD.
Murban constitutes a vital component of ICE’s expansive global oil complex, comprising over 800 futures and options contracts. This complex, anchored by Brent, a pivotal crude benchmark, serves as the pricing mechanism for more than three-quarters of the world’s internationally traded crude oil. In the first quarter of 2024, ICE’s comprehensive commodity markets, encompassing benchmark oil and natural gas contracts, experienced record trading activity, with nearly 5 million contracts traded, surpassing previous records.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company renowned for designing, constructing, and operating digital networks that facilitate access to opportunities across major asset classes. ICE’s suite of financial technology and data services enhances transparency and efficiency, empowering customers to navigate mission-critical workflows. Through its diverse exchanges and clearing houses, including the New York Stock Exchange, ICE facilitates investment, capital raising, and risk management activities. ICE’s expansive markets extend to energy and environmental products, offering some of the world’s largest trading and clearing platforms. Additionally, ICE Mortgage Technology is revolutionizing U.S. housing finance by streamlining processes from consumer engagement to loan servicing.
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Safe Harbor Statement
This press release contains forward-looking statements regarding ICE’s business, subject to risks and uncertainties. Actual results may differ materially from those anticipated due to various factors. For a comprehensive discussion of risks and uncertainties, refer to ICE’s Securities and Exchange Commission (SEC) filings, including the risk factors outlined in ICE’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 8, 2024.
