ICE - Magellan Enterprise start new ICE Houston oil futures contract

GlobalStock/E+ via Getty Images Magellan Midstream Partners (MMP) and Enterprise Products Partners (EPD) say they have established a new futures contract with Intercontinental Exchange (ICE) for the physical delivery of crude oil in the Houston area. The companies say they are launching the Midland WTI American Gulf Coast contract "in response to market interest for a Houston-based index with greater scale, flow assurance and price transparency." Magellan and Enterprise will discontinue their existing provisions for delivery services under the current futures contracts deliverable at each terminal once the new contract receives regulatory approval and is finalized. Michael Mears and Jim Teague, leaders of Magellan and Enterprise respectively, praise Continental Resources (CLR) Chairman Harold Hamm for "being a champion of this very important step for the industry."

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Magellan, Enterprise start new ICE Houston oil futures contract