Abu Dhabi (Al-Ittihad) achieved Murban ore A record in the volume of trading that took place since the start of trading on the Murban futures contracts on March 29, according to the figures of the “Intercontinental Exchange”, listed on the New York Stock Exchange.
The volume of traded contracts amounted to 18,848 contracts in one day (April 20, 2021). This is equivalent to every contract in Murban crude futures contract of 1,000 barrels, which means more than 18.8 million barrels of Murban crude traded, which is nearly seven times ADNOC’s daily crude oil production. .
Figures issued by the Abu Dhabi Intercontinental Exchange Futures Exchange indicate that more than 132,450 Murban crude futures contracts have been traded, meaning 132 million barrels of Murban crude, which include trading more than 6,560 derivative financial instruments for the oil sector, and the number of international companies has also increased. And energy companies that participated in the trading operations to 49 companies.
The volume of trades reflects the high turnout and success of Murban crude futures contracts in attracting traders and clients as it allows them more transparency, hedging and better management of market fluctuations. The launch of the futures contracts for Murban crude comes within the comprehensive paradigm shift that ADNOC has witnessed in all its business sectors and sectors, with the aim of transforming into an advanced company focused on the market and meeting the needs of its customers.
Trading in Murban crude futures contracts increases profitability and economic return, creates additional value for ADNOC and its customers, and enables Murban crude to reach new global markets and new customers.
Jamal Olhaj, Chairman of the Abu Dhabi Intercontinental Exchange of Futures, said: “The high demand for Murban futures contracts reflects its success in attracting traders and customers as it allows them to better price and manage their purchases of Murban crude. We see great interest from traders from the energy sector and the financial sector to trade these contracts and contribute to the process of pricing Murban crude in the markets. ”
Murban futures contracts can be traded for a period of 24 hours every Monday, and for a period of 22 hours a day from Tuesday to Friday of every week, where traders can have direct access to the “Abu Dhabi Intercontinental Exchange Futures Contract”, through a group of competent judicial authorities for trading, Including Abu Dhabi Global Market, the United States, Singapore, the United Kingdom, Switzerland, the Netherlands, France, Norway, Australia, Japan and South Korea.
And participate in the «Abu Dhabi InterContinental Exchange Futures» 26 members designated to conduct trading, clearing and direct settlement operations. Clearing and settlement operations for contracts traded on the Abu Dhabi Intercontinental Exchange Futures Exchange at the InterContinental Clearing Exchange take place in addition to futures contracts for major international energy companies, allowing clients to benefit from compensation margin and enhance capital efficiency.
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