The Abu Dhabi National Oil Company (ADNOC) and Intercontinental Exchange (ICE) announced the update of the Murban Crude Oil futures, a press release reported.

ICE Futures Abu Dhabi (IFAD) will start trading ICE Murban Crude Oil Futures and a number of related cash settled derivatives against Brent and WTI, as well as inter-commodity spreads, on March 29.

According to the statement, Murban Futures will be delivered two months prior so that the first contract to expire will be the June contract which will end at April 2021.

Additionally, the company will transfer its pricing mechanism for Murban to ICE Murban futures contract during the first month of lifting for this new contract and this is targeted to be June.

Khaled Salmeen, ADNOC’s Executive Director of Downstream Industry, Marketing and Trading (DM&T), said, “Today’s announcements are another important step as we prepare, together with ICE, our customers and our partners, for the launch of this important new exchange and futures contract.”