- Trading Screen Product Name
- Murban Crude Futures
- Trading Screen Hub Name
- Abu Dhabi
- Product
Murban Crude Oil, as defined in the Exchange and Clearing House
rules.
- Contract Symbol
ADM
- Contract Size
1,000 barrels
- Unit of Trading
Any multiple of 1,000 barrels
- Currency
US Dollars and cents
- Trading Price Quotation
One cent ($0.01) per barrel
- Settlement Price Quotation
One cent ($0.01) per barrel
- Minimum Price Fluctuation
One cent ($0.01) per barrel
- Last Trading Day
Trading in the prompt delivery month shall cease at 16:30 Singapore
Prevailing Time on the last Trading Day of the second month
preceding the delivery month.
If the day on which trading is due to cease is the Trading Day
preceding New Year’s Day, then trading shall cease on the
next preceding Trading Day.
- Daily Settlement
The Daily Settlement Price will be published at 19:30 London
Prevailing Time every Trading Day with the exception of the Last
Trading Day where no such prices for the expiring contract month
will be published.
The Daily Settlement Price is the volume weighted average price of
trades between 19:28 and 19:30 London Prevailing Time, or as
determined by the Exchange, as detailed within the Trading
Procedures of the IFAD Rulebook.
- Exchange Delivery Settlement Price
The final settlement price, as determined by the Exchange on the
Last Trading Day of the expiring contract month, will be the Marker
Price published at 16:30 Singapore Prevailing Time and shall be the
basis for delivery.
- Markers
TAS
(Trade at Settlement)
UK
MM (London Minute Marker)
Sing
MM (Singapore Minute Marker)
The Exchange will publish daily Marker Prices at 16:30 Singapore
Prevailing Time and 16:30 London Prevailing Time (or as otherwise
determined and communicated by the Exchange from time to time).
Each Marker will be a volume weighted average price of trades in
the one minute preceding the marker time and will be published for
the front three contract months.
There will be no Marker Price published at 16:30 London Prevailing
Time on the Last Trading Day for the expiring contract month.
- Delivery Date
Delivery shall commence no earlier than the first Terminal Loading
Day of the delivery month and no later than the third Terminal
Loading Day prior to the end of the said delivery month. Delivery
shall be completed within the delivery month.
- Delivery Methods
Delivery shall be made by the Seller to the Buyer on a F.O.B. basis
at the Fujairah (ADNOC) loading terminal and shall be made in
accordance with all applicable State and local laws and
regulations. Delivery is to be made into Buyer’s Vessel
during the delivery month.
A loading volume tolerance of plus or minus 0.2% of the contract
volume is permitted.
There is no specified minimum quantity of Murban Crude Oil to be
delivered for the purposes of this Contract. However, parties
should be made aware that in relation to each Vessel the Terminal
Operator imposes a minimum loading requirement (which may be
amended from time to time) of two hundred thousand (200,000)
Barrels for deliveries at the Terminal.
For the purposes of complying with the minimum limit imposed by the
Terminal Operator, Members may co-load Barrels resulting from over
the counter (OTC) transactions with Exchange traded transactions
relating to the Contract.
- Contract Series
Up to 48 consecutive months
- Business Days
ICE business days
- MIC Code
- IFAD
- Clearing Venues
- ICEU