Magellan and Enterprise Team up With Intercontinental Exchange for New Houston Crude Oil Futures Contract
Magellan Midstream Partners, L.P. (NYSE: MMP), Enterprise Products Partners L.P. (NYSE: EPD) and Intercontinental Exchange, Inc. (NYSE: ICE) today announced the establishment of a new futures contract for the physical delivery of crude oil in the Houston area.
- Magellan Midstream Partners, L.P. (NYSE: MMP), Enterprise Products Partners L.P. (NYSE: EPD) and Intercontinental Exchange, Inc. (NYSE: ICE) today announced the establishment of a new futures contract for the physical delivery of crude oil in the Houston area.
- The quality specifications of the new futures contract will be consistent with a West Texas Intermediate (WTI) crude oil originating from the Permian Basin with common delivery options at either the Magellan East Houston (MEH) terminal or the Enterprise Crude Houston (ECHO) terminal.
- Magellan is pleased to join forces with Enterprise and ICE to offer this leading-edge joint futures contract, said Aaron Milford, Magellans chief operating officer.
- The new contract improves the transparency, flexibility and marketability of Midland WTI crude oil for Gulf Coast and export customers while maintaining industry-recognized quality and consistency.