ICE Announces Update on Murban Crude Oil Futures Ahead of Launch on March 29, 2021
March 03 2021 - 8:44AM
Business Wire
ADNOC confirms removal of destination
restrictions on Murban from June 2021
ADNOC Onshore launches monthly forward
availability forecast report for Murban export volumes
Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator
of global exchanges and clearing houses and provider of mortgage
technology, data and listings services, today announced an update
on Murban Crude Oil Futures ahead of their launch on March 29,
2021, subject to regulatory approval.
As previously announced, the first Murban futures contract month
at launch will be the June contract, which expires at the end of
April for physical delivery in June. Today ADNOC announced that it
plans to remove destination restrictions from Murban, as well as
its Upper Zakum, Das and Umm Lulu crude grades, from June 2021,
aligned with the first expiry of the futures contract.
To provide the market with visibility of expected Murban Export
availability volumes, ADNOC Onshore has launched a monthly report
with a 12-month rolling forecast of Murban export availability,
which can be viewed here. By 2030, ADNOC expects Murban crude to
contribute almost 50% of ADNOC’s 5 million barrels of oil per day
production capacity target.
“Today’s announcement from ADNOC marks an important moment,
providing significant new transparency and flexibility for Murban
Crude, and which means trading and hedging Murban futures can
appeal to an even broader audience of market participants around
the world,” said Jamal Oulhadj, President of ICE Futures Abu
Dhabi.
Contracts traded at IFAD will be cleared at ICE Clear Europe, a
leading energy clearing house, and will clear alongside ICE’s
global energy futures platform covering oil, natural gas and the
environmental complex, allowing customers to benefit from
associated margin offsets.
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 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, 2020, as
filed with the SEC on February 4, 2021.
ICE- CORP
Source: Intercontinental Exchange
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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
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