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The Intercontinental Exchange (ICE) said its new Permian West Texas Intermediate crude (WTI) futures contract for delivery in Houston, Texas, began trading
on Monday, as reported by Oil World in New York, October 23.
ICE said in a statement that the transaction month will be December, while the contract will be delivered
at the terminal in eastern Houston under Magellan Midstream Partners Ltd.
The Intercontinental Exchange on Monday released a 36-month flat-price Permian WTI contract and spread combination and the spread
between the Houston contract to Brent crude and the Houston contract to WTI crude for commodities.
Major U.
S.
futures contracts have been delivered
at a warehousing center in Cushing, Oklahoma, since their launch in the early 80s.
However, after the U.
S.
government lifted its decades-long ban on crude oil exports, U.
S.
crude oil exports increased significantly, making the Gulf Coast market more liquid and becoming a destination
for oil producers to export crude oil.
"Houston has become a pricing hub for U.
S.
crude oil production and exports, and the new Permian WTI crude oil futures contract is designed to provide hedging and trading opportunities
in this growing market," ICE said in a statement.
”
The Intercontinental Exchange (ICE) said its new Permian West Texas Intermediate crude (WTI) futures contract for delivery in Houston, Texas, began trading
on Monday, as reported by Oil World in New York, October 23.
ICE said in a statement that the transaction month will be December, while the contract will be delivered
at the terminal in eastern Houston under Magellan Midstream Partners Ltd.
The Intercontinental Exchange on Monday released a 36-month flat-price Permian WTI contract and spread combination and the spread
between the Houston contract to Brent crude and the Houston contract to WTI crude for commodities.
Major U.
S.
futures contracts have been delivered
at a warehousing center in Cushing, Oklahoma, since their launch in the early 80s.
However, after the U.
S.
government lifted its decades-long ban on crude oil exports, U.
S.
crude oil exports increased significantly, making the Gulf Coast market more liquid and becoming a destination
for oil producers to export crude oil.
"Houston has become a pricing hub for U.
S.
crude oil production and exports, and the new Permian WTI crude oil futures contract is designed to provide hedging and trading opportunities
in this growing market," ICE said in a statement.
”
