Intercontinental Exchange Inc (NYSE:ICE) today provided an update on its plans to launch ICE Futures Abu Dhabi (IFAD) and the world’s first futures contracts based on Murban crude oil.

ICE intends to launch IFAD and trading in Murban futures contracts late in the first quarter of 2021. The launch is subject t regulatory approvals. A more specific date for the launch of trading is poised to be announced in due course.

Let’s recall that, in November 2019, ICE announced its plans to launch IFAD, with the Abu Dhabi National Oil Company and nine of the world’s largest energy traders partnering with ICE on the launch.

ICE Murban Futures will be a physically delivered contract with delivery at Fujairah in the United Arab Emirates (UAE) on a free on board (FOB) basis. ICE Murban Futures will be complemented with a range of cash settled derivatives which IFAD plan to launch for day one of trading. The full list of contracts include:

• Crude Outright – Murban Singapore Marker 1st Line Future Contract;
• Crude Outright – Murban Singapore Marker 1st Line Balmo Future Contract;
• Crude Outright – Murban 1st Line Future Contract;
• Crude Outright – Murban 1st Line Balmo Future Contract;
• Crude Diff – Murban Singapore Marker 1st Line vs Brent Singapore Marker 1st Line Future Contract;
• Crude Diff – Murban Singapore Marker 1st Line vs Brent Singapore Marker 1st Line Balmo Future Contract;
• Crude Diff – Murban 1st Line vs Brent 1st Line Future Contract;
• Crude Diff – Murban 1st Line vs Brent 1st Line Balmo Future Contract;
• Crude Diff – Murban Singapore Marker 1st Line vs Brent 1st Line Future Contract;
• Crude Diff – Murban Singapore Marker 1st Line vs Brent 1st Line Balmo Future Contract;
• Crude Diff – Murban 1st Line vs WTI 1st Line Future Contract;
• Crude Diff – Murban 1st Line vs WTI 1st Line Balmo Future Contract;
• Crude Diff – Murban 1st Line vs Dated Brent (Platts) Future Contract;
• Crude Diff – Murban 1st Line vs Dated Brent (Platts) Balmo Future Contract;
• Gasoil Crack – Singapore Gasoil (Platts) vs Murban 1st Line Future Contract;
• Fuel Oil Crack – Fuel Oil 380 CST Singapore (Platts) vs Murban 1st Line Future Contract;
• Gasoline Crack – Singapore Mogas 92 Unleaded (Platts) vs Murban 1st Line Future Contract;
• Naphtha Crack – Naphtha C+F Japan (Platts) vs Murban 1st Line Future Contract (in Bbls).

Contracts traded at IFAD will be cleared at ICE Clear Europe and will clear alongside the most significant global oil benchmarks – ICE Brent, ICE WTI, ICE (Platts) Dubai and ICE Low Sulphur Gasoil. This will allow customers to benefit from associated margin offsets and will deliver meaningful capital efficiencies.