ICE Midland WTI (HOU) Hits Record Open Interest as Market Participants Expand Positions in ICE HOU
19 Giugno 2024 - 2:00PM
Business Wire
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global
provider of technology and data, today announced that its ICE
Midland WTI (ICE:HOU) crude futures contract hit record open
interest of 158,208 contracts on June 13, 2024, after market
participants last week added over 100,000 lots of HOU to their
books.
ICE HOU has grown from average daily volume (ADV) of 1,794 in
2022, to ADV of 6,695 contracts in 2023, to record ADV of 27,560
during the month of May 2024.
“Customers are moving positions to ICE HOU as the contract
offers them greater optionality,” said Jeff Barbuto, Global Head of
Oil Markets at ICE. “The Houston market has changed fundamentally
since price reporting agencies started assessing Midland WTI in
Houston roughly 15 years ago. Since then, production shipped to
Houston has surged, infrastructure has expanded to multiple times
its previous capacity, the U.S. export ban was lifted, all
contributing to the U.S. exporting on average 4.2 million barrels
per day, with the majority of that being Midland WTI.”
ICE HOU pricing reflects current fundamentals in Houston,
delivering physical crude into two of the biggest crude oil systems
on the U.S. Gulf Coast, the ONEOK Magellan East Houston (MEH) and
Enterprise Crude Houston (ECHO) terminals. Both are connected to
Platts-approved water terminals to deliver Midland WTI into Brent.
HOU is the only exchange-guaranteed source of ratably deliverable
Midland WTI, with the quality spec of HOU matching the Platts spec
for Midland WTI.
Over 12 million barrels of crude are being delivered against HOU
futures each month. This includes EFPs (Exchange for Physicals),
which allows customers the flexibility to deliver barrels to other
locations, as well as flexible delivery dates. Meanwhile, ICE HOU
time spreads, as well as spreads with Brent and WTI Cushing
(Domestic Sweet), help customers mitigate price risk between
locations and grades.
Customers can benefit from margin offsets as high as 98% when
clearing HOU alongside other oil positions cleared at ICE. Offsets
are available across a range of over 800 oil contracts, including
ICE Brent, ICE Gasoil, ICE WTI (Cushing), ICE Dubai (Platts), and
ICE Murban, as well as NY Harbor RBOB Gasoline and Heating Oil.
Across ICE’s global oil complex, open interest stands at 14.4
million contracts, up 24% y/y. Alongside record highs in Midland
WTI, ICE’s WTI (Cushing) futures contract hit record open interest
of 793,288 contracts on June 10, 2024. Oil is one part of ICE’s
extensive global commodity markets where OI stands at 62 million
contracts, up 26% y/y. Meanwhile, ICE’s total futures and options
hit record open interest of 98.4 million contracts on June 13,
2024.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune
500 company that designs, builds and operates digital networks that
connect people to opportunity. We provide financial technology and
data services across major asset classes helping our customers
access mission-critical workflow tools that increase transparency
and efficiency. ICE’s futures, equity, and options exchanges
– including the New York Stock Exchange – and clearing
houses help people invest, raise capital and manage risk. We
offer some of the world’s largest markets to trade and clear energy
and environmental products. Our fixed income, data services
and execution capabilities provide information, analytics and
platforms that help our customers streamline processes and
capitalize on opportunities. At ICE Mortgage Technology , we
are transforming U.S. housing finance, from initial consumer
engagement through loan production, closing, registration and the
long-term servicing relationship. Together, ICE transforms,
streamlines and automates 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, 2023, as
filed with the SEC on February 8, 2024.
Category: EXCHANGES
ICE- CORP
Source: Intercontinental Exchange
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version on businesswire.com: https://www.businesswire.com/news/home/20240619065058/en/
ICE Media Contact: Jess Tatham jess.tatham@ice.com
+44 7377 947136 ICE Investor Contact: Katia Gonzalez
katia.gonzalez@ice.com (678) 981-3882
Grafico Azioni Intercontinental Exchange (NYSE:ICE)
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Grafico Azioni Intercontinental Exchange (NYSE:ICE)
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