Abu Dhabi's brand new 'Murban' oil futures contract sets its own benchmark | Energy – Gulf News
This year has seen the UAE make headlines with a number of developments. In addition to its highly successful vaccine rollout, there was the launch of the ICE Futures Abu Dhabi (IFAD) exchange’s ‘Murban’ futures contract.
The contract – its launch coincided with the 50th anniversary of the founding of the UAE - is the first crude oil futures contract to be established in the Middle East since the Dubai Mercantile Exchanges commenced its Oman crude futures in 2007. Its launch on March 29th gave IFAD a couple of days to see trading take place before its use as the new pricing benchmark for ADNOC’s official selling prices in April.
As such, April was the first month a full trading cycle for the contract was completed, with market participants reviewing each and every movement. The market is keenly observing how the new futures contract will fit into the existing ecosystem of highly liquid hedging instruments, namely Dubai and Brent futures.
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