Midstream companies ONEOK and Enterprise Product Partners chose to continue their agreements to transfer and price crude oil with Houston-based Intercontinental Exchange. (Source: Shutterstock)
Midstream companies ONEOK and Enterprise Product Partners chose to continue their agreements to transfer and price crude oil with Houston-based Intercontinental Exchange (ICE), the firm announced Jan. 29.
Enterprise and ONEOK extended their fee waiver agreements between the Energy Crude Houston and ONEOK East Houston terminals to transfer crude delivered through ICE’s Midland WTI futures contract.
The agreements with ICE, a provider of technology and data, will last until the end of 2028.
“In 2024, crude producers, refiners and exporters moved more of their pricing and hedging away from a WTI Cushing Basis to ICE Midland WTI (HOU), while price reporting agencies have launched new assessments which price all North American crude grades as differentials to HOU," said Jeff Barbuto, global head of oil markets at ICE, in a press release.
ICE allows customers using the Houston futures position to submit a preferred delivery terminal to the seller. More than 82 MMbbl were delivered through the Houston exchange delivery mechanism in 2024.
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