Intercontinental Exchange Announces Three Companies Agree to Explore Pricing US Crude Exports to Asia Using ICE Murban Futures
November 10 2020 - 4:50AM
Business Wire
Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator
of global exchanges and clearing houses and provider of mortgage
technology, data and listings services, announces that ICE Futures
Abu Dhabi (IFAD) and the Abu Dhabi National Oil Company (ADNOC)
have signed Memorandum of Understandings (MOUs) with Occidental
Energy Marketing, Inc., a subsidiary of Occidental; Chevron U.S.A.
Inc.; and Trafigura, under which each company has agreed to explore
potential opportunities to price US crude exports to Asia off the
ICE Murban Futures contract.
“As one of the largest exporters of US crude to Asia, we are
pleased to explore opportunities to utilize the new price benchmark
for light sweet crude oil that Murban Futures will provide,” said
Fred Forthuber, President, Oxy Energy Services. “Murban moving to
forward looking pricing, as a futures contract, is another great
step in the evolution of the oil market.”
“The Murban Futures Contract is a positive development in
enhancing transparency for oil markets and very relevant to us as
an active participant in crude oil trading in the Arabian Gulf and
as the largest exporter of US crude. We look forward to playing an
active part in the new benchmark,” said Daniel Yuen, Head of Crude
Asia for Trafigura.
ICE plans to launch IFAD and trading in Murban futures contracts
on March 29, 2021, subject to the completion of regulatory
approvals. ICE Murban Crude Oil Futures will be a physically
delivered contract with delivery at Fujairah in the United Arab
Emirates (UAE) on a free on board (FOB) basis. ICE Murban Futures
will be complemented with a range of cash settled derivatives.
These include outright, differential and crack differentials
against Brent, WTI, Gasoil and Naphtha among others, as well as
inter-commodity spreads, which will launch alongside Murban
futures.
In November 2019, ICE announced its plans to launch IFAD, with
the Abu Dhabi National Oil Company and nine of the world’s largest
energy traders partnering with ICE on the launch.
Contracts traded at IFAD will be cleared at ICE Clear Europe, a
leading energy clearing house, and will clear alongside ICE’s
leading global energy futures platform covering oil, natural gas
and the environmental complex, allowing customers to benefit from
associated margin offsets and delivering meaningful capital
efficiencies.
About Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE) is a Fortune 500
company and provider of marketplace infrastructure, data services
and technology solutions to a broad range of customers including
financial institutions, corporations and government entities. We
operate regulated marketplaces, including the New York Stock
Exchange, for the listing, trading and clearing of a broad array of
derivatives contracts and financial securities across major asset
classes. Our comprehensive data services offering supports the
trading, investment, risk management and connectivity needs of
customers around the world and across asset classes. As a leading
technology provider for the U.S. residential mortgage industry,
ICE Mortgage Technology provides the technology and
infrastructure to transform and digitize U.S. residential
mortgages, from application and loan origination through to final
settlement.
Trademarks of ICE and/or its affiliates include Intercontinental
Exchange, ICE, ICE block design, NYSE and New York Stock Exchange.
Information regarding additional trademarks and intellectual
property rights of Intercontinental Exchange, Inc. and/or its
affiliates is located at
http://www.intercontinentalexchange.com/terms-of-use. Key
Information Documents for certain products covered by the EU
Packaged Retail and Insurance-based Investment Products Regulation
can be accessed on the relevant exchange website under the heading
“Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995 -- Statements in this press release regarding
ICE's business that are not historical facts are "forward-looking
statements" that involve risks and uncertainties. For a discussion
of additional risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking
statements, see ICE's Securities and Exchange Commission (SEC)
filings, including, but not limited to, the risk factors in ICE's
Annual Report on Form 10-K for the year ended December 31, 2019, as
filed with the SEC on February 6, 2020.
About ADNOC
ADNOC is a leading diversified energy and petrochemicals group
wholly owned by the Emirate of Abu Dhabi. ADNOC’s objective is to
maximize the value of the Emirate’s vast hydrocarbon reserves
through responsible and sustainable exploration and production to
support the United Arab Emirates’ economic growth and
diversification. To find out more, visit: https://www.adnoc.ae
ICE- CORP
Source: Intercontinental Exchange
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201110005565/en/
ICE Media Contact: Rebecca Mitchell
Rebecca.Mitchell@theice.com +44 7951 057 351
ICE Investor Contact: Warren Gardiner
Warren.Gardiner@theice.com 770-835-0114
Intercontinental Exchange (NYSE:ICE)
Historical Stock Chart
From Apr 2024 to May 2024
Intercontinental Exchange (NYSE:ICE)
Historical Stock Chart
From May 2023 to May 2024