ICE Announces Update on Murban Crude Oil Futures Ahead of Launch on March 29, 2021
February 24 2021 - 8:30AM
Business Wire
First expiry month will be June 2021
ADNOC confirms pricing for Murban will be
based on Murban Futures price from June
Pricing mechanism for ADNOC’s Upper Zakum,
Das and Umm Lulu grades will be priced at a differential to Murban
Futures price
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.
ICE plans to launch ICE Futures Abu Dhabi (IFAD), Murban Crude
Oil futures, and related cash settled derivatives and
inter-commodity spreads, on March 29, 2021, subject to regulatory
approval. Murban futures will go to physical delivery two months
ahead. 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, the producer of Murban Crude, announced that it
plans to move its Official Selling Price mechanism for pricing its
Murban crude sales to be based on the ICE Murban Futures Contract
from June 2021. ADNOC confirmed today that its Upper Zakum, Das and
Umm Lulu grades will be priced at a differential to the Murban
price as set by the Murban futures contract.
“With under five weeks until launch, we are working very closely
with all our customers, clearing members and partners who intend to
be actively involved in Murban futures,” said Jamal Oulhadj,
President of ICE Futures Abu Dhabi. “These new contracts will be
incredibly beneficial to the energy market, bringing for the first
time the ability to hedge Murban price risk. Murban is a highly
fungible crude which is imported into almost every country across
Asia. It is widely used by refineries, and globally recognized for
its consistent quality and stable production volumes, as well as
its large number of buyers around the world, and as such we believe
Murban futures have an important role to play in global crude
pricing.”
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.
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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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