ICE Announces Record Trading Activity in Dubai and Murban Crude as Participants Leverage ICE’s Global Oil Complex to Manage Crude Oil Flows

LONDON, HOUSTON & ABU DHABI, United Arab Emirates, 9th August 2023–(BUSINESS WIRE)–Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology and market infrastructure, today announced a record Trading activity in ICE’s Dubai (Platts) and Murban crude oil markets as clients use ICE’s global oil markets to manage their exposure to energy dynamics.

As part of a complex supported by ICE Brent and ICE Gasoil, the world benchmark prices for crude oil and middle distillates, and ICE Midland WTI (HOU), which specifies and supplies Midland WTI casks which are now also available in Dated Brent and the Brent The ICE futures markets in Dubai and Murban supply the reference prices for medium and slightly acidic crude oil from the Middle East.

ICE Dubai (Platts) saw record activity in 2023, hitting record open interest (OI), volume and average daily volume (ADV) in July. Dubai hit a record OI of 946,080 for futures and options on July 31, 2023, up 55% YoY (YoY). A record-breaking 1.62 million Dubai contracts were traded in July, with ADV hitting a record 81,094 over the month, up 93% year-on-year.

Meanwhile, ICE’s Murban Futures market achieved record OI, volume and ADV in July, with OI hitting a record 61,301 on July 28, 2023, and about 240,000 contracts traded during the month, with a record -ADV of 12,000 contracts.

Both the ICE markets in Dubai and Murban achieved record levels of market participation in July.

“The growth of our futures markets in Murban and Dubai has been phenomenal this year,” said Jeff Barbuto, ICE’s global head of oil markets. “It’s a great sign that our clients are finding value and liquidity in the markets we have worked with them to develop, which is always our goal.”

Each month, customers use the Murban futures contract to hedge, trade and take physical delivery of Murban crude oil prices against Murban crude oil prices, with 11 million barrels due for delivery at the last expiration date, the second highest.

The story goes on

Murban and Dubai are part of ICE’s global oil complex, which includes around 700 futures and options contracts. Taking center stage is ICE Brent, which rates more than three-quarters of the world’s traded crude and is the world’s most liquid crude oil futures and options market.

Oil is part of ICE’s extensive global commodity markets, where OI hit a record 55.4 million contracts in July 2023.

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks that connect people with opportunity. We provide financial technology and data services across major asset classes, giving our clients access to business-critical workflow tools that increase transparency and operational efficiencies. We operate stock exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide the information, analytics and platforms that help our clients seize opportunities and work more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the US residential mortgage process, from consumer engagement to loan registration. Together, we transform, streamline and automate industries to create opportunities for our customers.

ICE and/or its subsidiaries’ brands include Intercontinental Exchange, ICE, ICE Block Design, NYSE and New York Stock Exchange. Additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates may be found here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-Based Investment Products Regulations can be found on the relevant exchange’s website under the heading “Key Information Documents (KIDS)”.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 – Statements in this press release relating to ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. See ICE’s filings with the Securities and Exchange Commission (SEC) for a discussion of additional risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, including but not limited to the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 2, 2023.

Category: EXCHANGE

ICE CORP

Source: Intercontinental Exchange

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