SINGAPORE: The Murban crude futures contract launched on Monday, the key contract of the new ICE Futures Abu Dhabi (IFAD) oil exchange, offering a potential rival benchmark for trading Middle East crude.
The contract was priced at $63.93 per barrel as of 0100 GMT with 2,132 lots traded, ICE said on Twitter. Each lot is 1,000 barrels.
Abu Dhabi-based IFAD is back by the Intercontinental Exchange Inc, Abu Dhabi National Oil Co. (ADNOC) and partners including international oil majors.
The Murban contract, which prices the flagship Abu Dhabi grade that accounts for more than half of ADNOC’s production, will offer an alternative benchmark to Dubai, operated by S&P Global Platts, and Oman crude futures traded on the Dubai Mercantile Exchange (DME).
The contract will enable traders to hedge Middle East crude and refining margins against the grade. It would also allow traders to compare the values of competing supplies from Russia, Europe and the United States with similar quality to Murban using a range of cash-settled derivatives against Brent, West Texas Intermediate.
The contract prices the crude two months ahead with the first expiry month set for June. It is a physically delivered contract with delivery at Fujairah in the United Arab Emirates on a free-on-board (FOB) basis.
Other partners in IFAD include BP, Total, Inpex, Vitol, Shell, PetroChina , South Korea’s GS Caltex, Japan’s Eneos Holdings and Thailand’s PTT Plc. IFAD’s launch was delayed by nearly a year due to the COVID-19 pandemic.
ADNOC will set the monthly official selling price (OSP) for Murban based on the futures contract and price its other three grades, Das, Umm Lulu and Upper Zakum, at differentials to the Murban contract.
Murban is considered as a light sweet crude and has an API gravity of 39.9 degrees and a sulfur content of 0.78%, with output of about 2 million barrels per day (bpd), according to ICE. API gravity measures a crude’s density.
The UAE, the third biggest oil producer in the Organization of the Petroleum Exporting Countries (OPEC) behind Saudi Arabia and Iraq, pumps about 2.5 million to 3 million bpd, mostly produced by ADNOC.
Murban crude futures start trading at new ICE, Abu Dhabi exchange
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Murban crude futures start trading at new ICE, Abu Dhabi exchange
- The contract will enable traders to hedge Middle East crude and refining margins against the grade
Closing Bell: Saudi main index closes in red at 11,183
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 44.79 points, or 0.4 percent, to close at 11,183.85.
The total trading turnover of the benchmark index was SR4.05 billion ($1.08 billion), as 69 of the listed stocks advanced, while 191 retreated.
The MSCI Tadawul Index decreased, down 6.63 points or 0.44 percent, to close at 1,504.73.
The Kingdom’s parallel market Nomu lost 328.20 points, or 1.36 percent, to close at 23,764.92. This comes as 22 of the listed stocks advanced, while 49 retreated.
The best-performing stock was Maharah Human Resources Co., with its share price surging by 7.26 percent to SR6.50.
Other top performers included Arabian Cement Co., which saw its share price rise by 6.27 percent to SR22.71, and Saudi Research and Media Group, which saw a 4.3 percent increase to SR104.30.
On the downside, the worst performer of the day was Arabian Internet and Communications Services Co., whose share price fell by 8.01 percent to SR207.80.
Jahez International Co. for Information System Technology and Al-Rajhi Co. for Cooperative Insurance also saw declines, with their shares dropping by 5.61 percent and 4.46 percent to SR12.79 and SR75, respectively.
On the announcement front, Etihad Etisalat Co. announced its financial results for 2025 with a 7.9 percent year-on-year growth in its revenues, to reach SR19.6 billion.
In a Tadawul statement, Mobily said that this growth is attributed to “the expansion of all revenue streams, with a healthy growth in the overall subscriber base.”
Mobily delivered an 11.6 percent increase in net profit, reaching SR3.4 billion in 2025 compared to SR3.1 billion in 2024.
The company’s share price reached SR67.85, marking a 0.37 percent increase on the main market.
