ICE Launches Real Time Pricing of Link North American Physical Crude Trade Data Bringing New Transparency and Further Establishing ICE in the Gulf Coast
October 24 2022 - 2:00AM
Business Wire
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global
provider of data, technology, and market infrastructure, today
announced the launch of real-time physical crude pricing from Link
Data Services (“Link Data”), in cooperation with Link Crude
Resources (“Link”), one of the largest brokers of physical North
American crude, bringing additional transparency to the North
American crude market.
Today ICE has launched live calculations of the volume weighted
average price for 12 grades of oil traded in the Permian; Cushing,
Oklahoma; Houston and Louisiana Gulf Coast, including WTI in
Midland and Houston. Link real-time pricing is available via WebICE
from today, October 24, 2022, and on ICE Connect soon after.
“ICE has always been focused on bringing transparency to energy
markets,” said Jeff Barbuto, Global Head of Oil Markets at ICE.
“Link are one of the most active brokers of North American physical
crude with unique insight into the U.S. Gulf Coast physical crude
oil market. Pricing for crude oil on the water in the Gulf Coast
has never been more relevant to global oil markets. We’re excited
to work with Link and other industry participants to bring new
transparency to the market.”
“Since its inception, Link’s goal has been to provide market
participants with reliable price transparency for the physical
crude market,” said Scott Nelson, Commercial Director at Link Data.
“With the expansion of the Brent complex to include Midland WTI,
the demand for streaming North American crude pricing data has
become truly global. Utilizing ICE’s global energy network, this
real-time transaction information and pricing data will reach a
wider and more diverse segment of the energy industry than ever
before. This increased transparency, particularly as other brokers
join this initiative, will further add to the utility of these
instruments for the global trading community.”
The agreement with Link further establishes ICE within the Gulf
Coast. One of the crude grades assessed by Link Data is WTI at the
Magellan East Houston terminal (also referred to as MEH-WTI). In
January 2022, ICE’s Midland WTI American Gulf Coast futures
contract (HOU) began trading, having been created with Magellan
Midstream Partners, L.P. (NYSE: MMP) and Enterprise Products
Partners L.P. (NYSE: EPD) to establish a benchmark for pricing
Midland quality WTI on the Gulf Coast.
Underpinned by over 4 million barrels per day of supply capacity
from Midland into Houston and deliverable at the Magellan East
Houston (MEH) and Enterprise Crude Houston (ECHO) terminals, the
HOU contract is attracting liquidity as buyers and sellers in the
Houston market start to price their barrels off HOU.
The HOU contract reached a single day volume record of 12,265
contracts and an open interest record of 10,014 contracts on
October 18, 2022. A total of 20,377 contracts have gone to physical
delivery through the contract since January 2022, equivalent to 20
million barrels.
For information on Link real-time pricing and how to access it,
and for brokers interested in contributing data for real-time
pricing by ICE, please contact Sales-Oil@TheIce.com.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune
500 company that designs, builds and operates digital networks to
connect people to opportunity. We provide financial technology and
data services across major asset classes that offer our customers
access to mission-critical workflow tools that increase
transparency and operational efficiencies. We operate
exchanges, including the New York Stock Exchange, and
clearing houses that help people invest, raise capital and
manage risk across multiple asset classes. Our comprehensive fixed
income data services and execution capabilities provide
information, analytics and platforms that help our customers
capitalize on opportunities and operate more efficiently. At ICE
Mortgage Technology, we are transforming and digitizing the
U.S. residential mortgage process, from consumer engagement through
loan registration. Together, we transform, streamline and automate
industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental
Exchange, ICE, ICE block design, NYSE and New York Stock Exchange.
Information regarding additional trademarks and intellectual
property rights of Intercontinental Exchange, Inc. and/or its
affiliates is located here. Key Information Documents for
certain products covered by the EU Packaged Retail and
Insurance-based Investment Products Regulation can be accessed on
the relevant exchange website under the heading “Key Information
Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995 -- Statements in this press release regarding
ICE's business that are not historical facts are "forward-looking
statements" that involve risks and uncertainties. For a discussion
of additional risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking
statements, see ICE's Securities and Exchange Commission (SEC)
filings, including, but not limited to, the risk factors in ICE's
Annual Report on Form 10-K for the year ended December 31, 2021, as
filed with the SEC on February 3, 2022.
Category: Exchanges
ICE- CORP Source: Intercontinental Exchange
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version on businesswire.com: https://www.businesswire.com/news/home/20221023005079/en/
ICE Media Contact: Rebecca Mitchell
Rebecca.Mitchell@ice.com +44 7951 057 351
ICE Investor Contact: Katia Gonzalez
katia.gonzalez@ice.com (678) 981-3882
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