Oil & Gas

UAE's Murban crude continued to show strong trading activity in futures on the Intercontinental Exchange during the second quarter of 2024, according to recent data obtained by the Washington-based specialized energy platform.

Trading volume surpassed 1.5 million contracts, equivalent to 1.5 billion barrels of crude, reflecting Abu Dhabi's record low-carbon oil production. This marks an increase of more than 160% since the beginning of the year. Notably, Murban futures contracts achieved record trading levels on several days in June, with a peak of 57,300 contracts traded on June 10, equating to 57.3 million barrels.

A press release by the Emirates News Agency (WAM) highlighted that the Intercontinental Exchange reported an average daily trading volume of 31,000 Murban futures contracts in June, equivalent to 31 million barrels. Since trading commenced on the Abu Dhabi Intercontinental Futures Exchange, 7.4 billion barrels of Murban crude have been traded, with 267 million barrels delivered. Over 160 participants from Asia, the US, Europe, and the Middle East have engaged in trading on the Abu Dhabi Intercontinental Futures Exchange since its launch in March 2021, in partnership with ADNOC and nine of the world's largest energy companies.

Murban is the UAE's flagship crude, produced by ADNOC to meet global demand. Known for its low carbon emissions, Murban crude boasts a specific gravity of 40 and a sulfur content of 0.778, making it highly sought after in global markets. It is part of the Intercontinental Exchange's global oil pricing instruments, which include 800 futures and options contracts based on Brent crude. ICE recorded trading volumes in Q2 2024 with over 305 million contracts traded. On July 6, ADNOC set the official selling price for Murban crude for August at $82.52 per barrel, down from $83.93 in July and $89.14 in June.