ICE Announces Record Trading Activity in Murban Crude as ICE Futures Abu Dhabi Marks Third Anniversary
April 19 2024 - 2:00AM
Business Wire
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global
provider of technology and data, today announced record trading
activity in Murban crude as ICE Futures Abu Dhabi (IFAD) marks its
third anniversary.
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 152%
year-over-year (y/y). On April 15, 2024, Murban futures hit a
single day volume record with 36,464 contracts traded. Murban
futures have reached a series of open interest records through the
start of the 2024 with OI up 33% y/y.
“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 the United States, Europe, Asia and the Middle
East, including commercial and financial participants.
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.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune
500 company that designs, builds and operates digital networks that
connect people to opportunity. We provide financial technology and
data services across major asset classes helping our customers
access mission-critical workflow tools that increase transparency
and efficiency. ICE’s futures, equity, and options exchanges
– including the New York Stock Exchange – and clearing
houses help people invest, raise capital and manage risk. We
offer some of the world’s largest markets to trade and clear energy
and environmental products. Our fixed income, data services
and execution capabilities provide information, analytics and
platforms that help our customers streamline processes and
capitalize on opportunities. At ICE Mortgage Technology , we
are transforming U.S. housing finance, from initial consumer
engagement through loan production, closing, registration and the
long-term servicing relationship. Together, ICE transforms,
streamlines and automates industries to connect our customers to
opportunity.
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 here . 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, 2023, as
filed with the SEC on February 8, 2024.
Category: EXCHANGES
ICE- CORP
Source: Intercontinental Exchange
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version on businesswire.com: https://www.businesswire.com/news/home/20240418469332/en/
ICE Media Contact: Jess Tatham jess.tatham@ice.com
+44 7377 947136 ICE Investor Contact: Katia Gonzalez
katia.gonzalez@ice.com (678) 981-3882
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