ADNOC says the level of Murban available for export remains unchanged before futures are launched

Selection from the highest events

Export forecasts in the March report remain unchanged from the February report

Murban is available for export in April at 1.034 mil b / d

ICE, ADNOC to launch Murban futures on March 29th

Dubai –
Abu Dhabi National Oil Co., said Murban crude available for export between April 2021 and March 2022 remains unchanged from February as the national oil producer prepares to launch fixed futures on its flagship rate on a new UAE-based exchange on March 29th.

Not registered?

Receive daily email alerts, membership notes & personalization of your experience.

Sign up now

In its second report published on March 28, ADNOC stated that 1.034 million b / d of Murban would be available for export in April, with volumes falling to 1.001 million b / d in May, figures that remain unchanged from their first report published in February. For June, the first delivery month for the new futures contract, the volume will rise to 1.040 million b / d and then 1.070 million b / d in July and August. No explanation was provided for the proposed increase.

ADNOC and the Intercontinental Exchange are launching a new UAE-based exchange called ICE Futures Abu Dhabi on March 29 that will feature a Murban futures contract and 18 derivatives based on currency and inter-trade spreads.

ICE designated 24 financial institutions as exchange members that would allow them to trade directly on Murban crude futures and related products, it said March 25.

Murban is ADNOC’s largest crude by size, with a production capacity of around 2 million b / d of the company’s total capacity of around 4 million b / d. It is extracted from 2,000 onshore wells, and ADNOC describes the grade as light and sweet.

OSPan

The official retail prices for Murban exports will be based on the futures contract arrangement, which will go into delivery for the next two months, once launched.

OSPs for Upper ZNum, Das and Umm Lulu ADNOC levels will be priced differently to Murban.

Murban is the second futures contract delivered physically to trade on a regional exchange following Oman’s futures at Mercantile Exchange Trading.

It is also a delivery standard in the S&P Global Platts Dubai and Oman benchmark. ADNOC has been pricing its crudes based on the Dubai Platts.

IFAD is being launched by nine partner companies including BP, South Korean GS Caltex, Japanese companies Inpex and ENEOS, PetroChina, PTT Thailand, Shell, Total and Vitol.

Source