Oil traders expected to unwind Murban futures positions after ADNOC pricing overhaul

❗️Oil traders expected to unwind Murban futures positions after ADNOC pricing overhaul Oil traders are expected to unwind positions in Murban crude futures on the ICE Futures Abu Dhabi (IFAD) exchange after the Abu Dhabi National Oil Co (ADNOC) announced changes to its pricing mechanism, according to multiple trade sources to Reuters. The changes will take effect on 1 November, after ADNOC announced last week that it would use prompt-month Platts Dubai pricing, rather than Murban crude futures, as the benchmark for the monthly official selling prices (OSPs) of all its crude grades. According to the company, the revised pricing system will apply to both onshore and offshore Abu Dhabi crude grades, including Murban, Das, Umm Lulu and Upper Zakum, bringing OSPs into closer alignment with the cargo loading month. Under the new system, ADNOC will publish differentials to Dubai prices one month before cargo loadings.