An international economic analyst praised the launch of the “Abu Dhabi Intercontinental Exchange Futures Exchange” during the Corona pandemic, and the competitiveness of Murban crude in global markets.
Patrick L. Young, former CEO and presenter of the “Exchange Invest” portal, predicted in an article published in The National newspaper, that Murban crude would become the third standard oil in the world, along with both WTI and Brent crude.
He said that the launch of the Abu Dhabi Intercontinental Exchange of Futures and the continuation of global stock and commodity markets to trade with remarkable confidence during the “Covid-19” pandemic is an exceptional achievement, especially in light of the unstable global conditions and the economic repercussions resulting from the pandemic.
He stressed that the launch of a new futures exchange in such an unstable global situation is unique, and that launching 19 futures contracts simultaneously for a new market is a remarkable achievement under all circumstances.
He added: “From the heart of the Abu Dhabi Global Market, the Abu Dhabi Intercontinental Exchange Futures Exchange was launched as a center for achieving excellence and developing trading in futures contracts for Murban crude.
“A step indicating the beginning of a new era in crude oil trading, the Intercontinental Exchange (ICE /), in cooperation with the Abu Dhabi National Oil Company (ADNOC), in addition to 9 leading energy companies, established the new exchange, as futures contracts for Murban crude began trading through it, which aims to Murban has made Crude Crude a main standard for trading based on its pivotal importance in the region’s oil markets
Patrick L. Young affirmed that the transparency of information and data about the availability of Murban crude for export, as well as the ease of trading and access through electronic platforms, before the Abu Dhabi Futures Exchange was launched, attracted many judicial authorities concerned with trading operations to recognize this exchange before launching its operations.
He explained that the futures contracts for “Murban” crude enjoy a pioneering position that qualifies them to become a new price index for oil such as “Brent” and “West Texas Intermediate” in light of the independent future pricing provided by the Abu Dhabi Intercontinental Exchange, which is based on market movement, which is a key factor for the success of crude contracts. Murban futures.
Abu Dhabi Murban crude has achieved a record in the volume of trading that took place on it since the start of trading in the Murban futures contracts on March 29th.
According to figures from the Intercontinental Exchange, listed on the New York Stock Exchange under the symbol (NYSE: ICE), the volume of traded contracts reached 18,848 contracts in one day (April 20, 2021).
Each Murban crude futures contract is equivalent to 1,000 barrels, which means more than 18.8 million barrels of Murban crude are traded, nearly seven times ADNOC’s daily crude oil production.