- Trading Screen Product Name
- Midland WTI Futures
- Trading Screen Hub Name
- Midland WTI
- Product
Permian Basin originated West Texas Intermediate crude oil, as
defined in the Exchange and Clearing House rules.
- Contract Symbol
HOU
- Contract Size
1,000 barrels
- Unit of Trading
Any multiple of 1,000 barrels
- Currency
US Dollars and cents
- Trading Price Quotation
One cent ($0.01) per barrel
- Settlement Price Quotation
One tenth of one cent ($0.001) per barrel
- Minimum Price Fluctuation
One tenth of one cent ($0.001) per barrel
- Last Trading Day
Trading in the current delivery month shall cease at the end of the
designated settlement period on the third Business Day prior to the
twenty-fifth calendar day of the month preceding the delivery
month. If the twenty-fifth calendar day of the month is a
Non-Business Day, trading shall cease at the end of the designated
settlement period on the third Business Day prior to the last
Business Day preceding the twenty-fifth calendar day.
- Position Limit
- Final Settlement
The final settlement price, as determined by the Exchange on the
Last Trading Day of the expiring contract month shall be the basis
for delivery
- Delivery Date
(A) Delivery shall take place no earlier than the first calendar
day of the delivery month and shall be completed no later than the
last calendar day of the delivery month.
(B) It is the Seller's obligation to ensure that its crude oil
receipts are available to begin flowing ratably at the Specified
Terminal (Enterprise ECHO or ONEOK Magellan MEH) by the first day
of the delivery month.
- Delivery Methods
Delivery shall be made at the Specified Terminal (Enterprise ECHO
or ONEOK Magellan MEH) and shall be made in accordance with all
applicable Federal executive orders and all applicable Federal,
State and local laws and regulations.
Delivery shall be made by product transfer order
(“PTO”) by one or a combination of the following
methods:
(a) by inter-facility transfer within a Specified Terminal;
(b) by in-system transfer, or book out of title to the Buyer at a
Specified Terminal; or
(c) by in-tank transfer of title to the Buyer at a Specified
Terminal
Any transfer of Product by Buyer within or between the Specified
Terminals is subject to the terms and conditions of the Specified
Terminals.
Members should be aware that Enterprise and/or Magellan may charge
additional fees, including but not limited to a terminal transfer
fee and/or a PTO fee on title transfers of physical barrels at any
Specified Terminal. Any such fees are a matter between Members and
Enterprise and/or Magellan, as applicable, and therefore do not
form part of the Midland WTI Contract.
- Contract Series
Up to 96 consecutive months
- Disclaimer
“Enterprise” and “Enterprise ECHO”, on the
one hand, and “Magellan” and “MEH”, on the
other, are trademarks of Enterprise Crude Pipeline LLC and Magellan
Crude Oil Pipeline Company, L.P. respectively and have been
licensed for use by ICE Futures Europe (“IFEU”) and its
affiliates. Enterprise Crude Pipeline LLC and its affiliates
(“Enterprise”), and Magellan Crude Oil Pipeline
Company, L.P. and its affiliates (“Magellan”) and IFEU
and its affiliates (“ICE”), do not guarantee the
accuracy or completeness of data associated with the Midland WTI
American Gulf Coast Future contract (the “Contract”).
None of ICE, Enterprise nor Magellan make any warranties, express
or implied, as to the results to be obtained by any person or
entity from any use of the Contract including from trading based on
or data associated with the Contract, and hereby disclaim all
warranties of merchantability or fitness for a particular purpose
or use with respect to the Contract. None of ICE, Enterprise nor
Magellan make any warranties, express or implied, and hereby
disclaim all warranties of merchantability or fitness for a
particular purpose or use with respect to the Contract or any data
generated therefrom or used to derive valuations for the Contract.
Without limiting any of the foregoing, in no event shall ICE,
Enterprise nor Magellan have any liability for any lost profits or
indirect, punitive, special or consequential damages (including
lost profits), even if notified of the possibility of such damage.
- Business Days
US business days.
- MIC Code
- IFEU
- Clearing Venues
- ICEU