HOUSTON—Enterprise Products Partners LP (NYSE: EPD) March 20 announced that it will again team up with CME Group to conduct an electronic auction offering U.S. crude oil for export from the Enterprise Hydrocarbon Terminal on the Houston Ship Channel. During the auction, which will take place April 4, bids will be accepted for WTI light, sweet crude oil using CME Group’s proprietary spot auction platform.
The auction will be the second to take place since the launch of a physically delivered NYMEX WTI Houston Crude Oil futures contract in November 2018. In addition to EHT, the NYMEX Houston WTI futures contract also offers delivery of crude oil at Enterprise’s ECHO and Genoa Junction terminals.
“With the recent success of the first ever electronic auction of U.S. crude oil for export, the market has demonstrated its demand for transparency, efficiency, accurate physical pricing and access to reliable supplies of crude oil with consistent quality standards,” said Brent Secrest, senior vice president, commercial of Enterprise’s general partner. “We are pleased to be working with CME Group on this newest auction and look forward to future offerings of crude oil for export.”
Utilizing Enterprise’s extensive distribution network, the Houston futures contract features access to more than 4 million barrels per day of crude oil supplies, 45 million barrels of crude oil storage and 18 deepwater docks. Enterprise is the largest exporter of crude oil in the U.S., accounting for nearly 40% of the volumes to markets abroad.
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