Murban Crude trading hits record high in Q2

Intercontinental Exchange, Inc. announced record trading activity for Murban crude during the second quarter of 2024.

Notably, ICE Futures Abu Dhabi (IFAD) and ICE’s Murban futures market, launched in March 2021 in collaboration with ADNOC and nine of the world’s leading energy traders, have seen significant growth.  Additionally, Murban – the UAE’s flagship crude grade known for its low carbon emissions – continues to meet global demand effectively.

In the second quarter of 2024, ICE’s Murban futures market achieved a record volume of over 1.5 million contracts traded, equivalent to 1.5 billion barrels of Murban crude, marking a 160 per cent jump since the beginning of the year. June witnessed several record-breaking trading days, including a peak on June 10 with 57,300 contracts traded, equivalent to 57.3 million barrels.

The average daily volume for Murban futures in June also set a record with 31,000 contracts, or 31 million barrels, traded daily.

Since the inception of IFAD, a total of 7.4 billion barrels of Murban crude oil have been traded, with 267 million barrels delivered through the platform.

Over 160 participants from Asia, the United States, Europe, and the Middle East have traded on IFAD, encompassing both commercial and financial sectors.

ICE’s extensive global oil complex, which includes over 800 futures and options contracts centered around Brent, also saw record trading activity in the second quarter, with over 305 million contracts traded, underscoring the ongoing success and growth of IFAD.

Attribution: Emirates News Agency (WAM)