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Midland is now part of the world's largest and most liquid oil contract. Learn more

ICE Midland WTI American Gulf Coast (HOU)

U.S. production meets the global market. As record amounts of U.S. crude are moved to the coast for export, oil markets have seen trading activity shift to liquid hubs on the U.S. Gulf Coast. We designed a complete offering to bring a light sweet crude to the global market.

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ICE Midland WTI American Gulf Coast (HOU) Futures

ICE’s Global Head of Oil Market Research presented at Crude Oil Quality Association (COQA), New Orleans on 2 Mar. 2023.

The market needs a transparent, liquid, physically deliverable futures contract for Midland-origin/Midland-quality crude priced in Houston - Mike Wittner highlights why Midland WTI (HOU) is an efficient tool to manage risk.


  • Why Midland WTI - the U.S. domestic price has transitioned to Midland WTI on the U.S. Gulf Coast
  • Partnering with Magellan and Enterprise systems provides critical mass in terms of:
    • Supply of Midland-origin / Midland quality WTI crude
    • Crude storage capacity
    • Connectivity / access to domestic and export refining demand
  • How the ICE Midland WTI AGC (HOU) futures contract enables participants to directly price and hedge the marginal domestic barrel (Midland WTI quality crude) in a efficient and cost-effective manner
  • ICE Midland WTI AGC (HOU) will work well as part of the revised Brent complex, due to quality and deliverability

WTI Crude Quality Readings


ICE Midland WTI American Gulf Coast Futures (HOU)

A benchmark for pricing U.S. crude production and exports, with a delivery point in Houston, the most active crude trading hub on the U.S. Gulf Coast. Deliverable into the MEH and ECHO terminals, barrels from the Permian basin are recognized for their consistent high quality.


Storage futures and auction

Short-term storage of Permian WTI barrels is available at Magellan’s East Houston Terminal upon taking delivery of the high quality crude. The ability to bid in an auction for the storage space complements the contract, providing transparent pricing and the ability to plan crude movements.


Dock capacity auction

Enhance export capabilities by acquiring the right to move Permian WTI and WTL barrels directly onto the water through the dock capacity auction. The auction prices include all associated costs to move a vessel’s worth of Permian WTI at Seabrook and WTL at Galena Park for loading crude to the water.

ICE Midland WTI American Gulf Coast Futures (HOU)


Additional Inter-commodity spreads will be offered to help customers mitigate price risk between various locations and grades:

  • Midland WTI HOU vs ICE WTI Futures (Cushing) - price and quality differential between Mid-continent WTI vs Houston WTI
  • Midland WTI HOU vs ICE Brent Futures - U.S. crude where it meets the water vs the global crude oil benchmark

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