Murban’s Growing Market Depth Puts It Head-to-Head With WTI in Asia

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Murban comes from the Murban oil field in Abu Dhabi--one of the seven emirates that form the United Arab Emirates--and is produced by the Abu Dhabi National Oil Company (ADNOC). It’s a light sweet crude with a sulphur content of 0.78% and an API gravity of 39.9 degrees.The move to include it in the basket was intended to deepen the pool of deliverable crude and prevent market manipulation by adding more freely traded grades. The Dubai crude basket is a reference benchmark for Middle Eastern crude oil pricing, used primarily for exports to Asia. It evolved from a single grade to a basket of grades, and now includes Dubai, Oman, Upper Zakum, Al Shaheen, and Murban, to ensure adequate physical supply for the market. Price reporting agencies like S&P Global assess the value of this basket of crudes.The total production of the five grades that make up the physical Dubai basket benchmark is over 3.5 million barrels per day (b/d), with approximately 2.4 million b/d available for free trade. This volume underpins the physical spot market. The average daily trading volume for the Platts Dubai Crude Oil Futures on the Tokyo Commodity Exchange (TOCOM) was 7,723 contracts in 2023, which represented approximately 2.3 million b/d. However, the Platts Dubai benchmark handles much bigger volumes, serving as the primary pricing reference for nearly 30 million b/d of crude oil exported to Asia.Related: Global Supply Woes Push Copper Past $11,400 Per TonMurban crude has taken on a life of its own, becoming one of the most prominent and frequently delivered grades in the Platts Dubai crude oil benchmark basket.In 2021, Abu Dhabi launched IFAD (ICE Futures Abu Dhabi) futures, its flagship contract for the physically delivered Murban crude oil. Trading in Murban futures really took off in 2024, smashing records quarter after quarter. In the second quarter alone, volumes hit 1.5 billion barrels, more than double the pace seen at the start of the year. June set fresh highs across the board, with an average of 31 million barrels changing hands daily and a single-day peak of 57,300 contracts, or 57.3 million barrels. The surge proved that Murban is no longer a niche Gulf crude--it’s becoming a go-to benchmark with real global traction.As Abu Dhabi increases Murban availability and IFAD trading volumes build depth, the grade is no longer confined to a regional role. Its pricing relationship with WTI has begun to narrow, pushing the two into more direct competition in Asian refining centers that once defaulted to U.S. barrels when economics allowed.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,878.25 +11.50 (+0.17%)Dow Futures47,958.00 +42.00 (+0.09%)Nasdaq Futures25,700.50 +77.75 (+0.30%)Russell 2000 Futures2,533.00 -2.50 (-0.10%)VIX15.76 -0.02 (-0.13%)Gold4,256.70 +13.70 (+0.32%)Trending tickersBTC-USD Bitcoin USD 91,250.20 -1,767.97 (-1.90%)SOFI SoFi Technologies, Inc. 29.60 +0.53 (+1.82%)SMX SMX (Security Matters) Public Limited Company 141.00 +82.51 (+141.07%)OKLO Oklo Inc. 111.65 +15.06 (+15.59%)WBD Warner Bros. 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