Murban crude futures register record trading volumes | The National

Murban crude futures register record trading volumes | The National

Murban crude futures, which began trading on March 29, registered the highest volume of trade on Wednesday, with a record 14,419 contracts exchanged.

The contracts are equivalent to 1,000 barrels each, and the volumes traded on Tuesday equate to nearly 14.4 million barrels of Murban crude, according to the Ice Futures Abu Dhabi exchange, on which the contracts trade.

Murban futures for June delivery were down 1.16 per cent at $61.18 per barrel at 6.58pm UAE time. Brent, the international marker, was down 0.5 per cent at $62.87 per barrel.

Adnoc switched from a retroactive pricing model to forward pricing last year as it sought to create a futures contract that allows oil from the emirate to become a freely-traded global commodity, filling a void in the trading and pricing of crude from the Middle East, which is the biggest supplier to global energy markets.