ICE says to launch ADNOC's Murban oil futures early in 2021 | Reuters:
Intercontinental Exchange Inc. ICE.N said on Monday it planned to launch ICE Futures Abu Dhabi (IFAD) and trading in Murban futures contracts late in the first quarter of 2021.
Abu Dhabi National Oil Company (ADNOC) said last year its flagship Murban crude would be traded on a new local exchange, IFAD, that would be owned by Abu Dhabi, several oil firms and ICE, the home to trading in Brent crude LCOc1.
“ICE Murban 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 said in a statement.
The contract “will be complemented with a range of cash settled derivatives which IFAD plan to launch for day one of trading,” it added.
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