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Intercontinental Exchange, Inc. (NYSE: ICE) has aligned its ICE Midland WTI (ICE:HOU) futures contract with global crude oil standards by updating quality specifications. The contract now matches Midland WTI crude deliverable into Dated Brent and the Brent complex, offering market transparency and exchange guaranteed quality. The update includes new quality standards for Iron, Nickel, and Vanadium content, as well as an increase in Reid Vapor Pressure maximum. HOU futures have seen a surge in volume and deliveries, with record traded volume in the first quarter of 2024 and increasing physical producer activity. The futures contract serves as a benchmark for Midland-origin and Midland-quality crude production and exports, connecting to Platts-approved water terminals for delivery. Customers can benefit from high margin offsets when clearing HOU alongside other oil positions at ICE, with Brent futures and options also experiencing growth in open interest and volume.
Intercontinental Exchange, Inc. (NYSE: ICE) ha allineato il proprio contratto futuro ICE Midland WTI (ICE:HOU) agli standard globali del petrolio greggio aggiornando le specifiche di qualità. Il contratto ora corrisponde al petrolio greggio Midland WTI consegnabile in Dated Brent e nel complesso di Brent, offrendo trasparenza di mercato e qualità garantita dallo scambio. L'aggiornamento include nuovi standard di qualità per il contenuto di Ferro, Nichel e Vanadio, oltre a un aumento della pressione massima di vapore Reid. I futuri HOU hanno registrato un aumento di volume e consegne, con un volume di scambio record nel primo trimestre del 2024 e un aumento dell'attività dei produttori fisici. Il contratto futuro funge da benchmark per la produzione e l'esportazione di petrolio grezzo di origine e qualità Midland, collegandosi ai terminal acquatici approvati da Platts per la consegna. I clienti possono beneficiare di importanti offset di margine quando compensano HOU insieme ad altre posizioni petrolifere presso ICE, con i futuri e le opzioni su Brent che mostrano anche una crescita dell'interesse aperto e del volume.
Intercontinental Exchange, Inc. (NYSE: ICE) ha alineado su contrato de futuros ICE Midland WTI (ICE:HOU) con los estándares globales de crudo actualizando las especificaciones de calidad. Ahora, el contrato corresponde al crudo WTI Midland entregable en Dated Brent y el complejo Brent, ofreciendo transparencia en el mercado y calidad garantizada por el intercambio. La actualización incluye nuevos estándares de calidad para el contenido de Hierro, Níquel y Vanadio, así como un aumento en la máxima presión de vapor Reid. Los futuros HOU han experimentado un aumento en volumen y entregas, con un volumen comercializado récord en el primer trimestre de 2024 y un aumento en la actividad de los productores físicos. El contrato de futuros sirve como un referente para la producción y exportación de crudo de calidad y origen Midland, conectando con terminales acuáticos aprobados por Platts para la entrega. Los clientes pueden beneficiarse de altos desplazamientos de margen cuando liquidan HOU junto con otras posiciones de petróleo en ICE, con futuros y opciones de Brent también mostrando crecimiento en interés y volumen abierto.
인터콘티넨탈 익스체인지(Intercontinental Exchange, Inc., NYSE: ICE)가 자사의 ICE 미들랜드 WTI (ICE: HOU) 선물 계약을 글로벌 원유 기준에 맞추어 품질 규격을 업데이트하였습니다. 이제 이 계약은 데이티드 브렌트(Dated Brent)와 브렌트 복합체에 인도될 수 있는 미들랜드 WTI 원유와 일치하며, 시장의 투명성과 거래소 보증 품질을 제공합니다. 업데이트에는 철, 니켈, 바나듐 함량에 대한 새로운 품질 기준과 리드 증기 압력 최대치 증가가 포함되어 있습니다. HOU 선물은 거래량과 배송이 증가하며, 2024년 첫 분기에 사상 최대 거래량을 기록하고 물리적 생산자 활동이 증가하였습니다. 이 선물 계약은 미들랜드 출신 및 미들랜드 품질의 원유 생산 및 수출의 벤치마크로서, 플래츠 승인 수상 터미널로의 배송을 연결합니다. 고객은 ICE에서 다른 석유 포지션과 함께 HOU를 청산할 때 높은 마진 옵셋을 활용할 수 있으며, 브렌트 선물 및 옵션도 개방 이자와 거래량이 성장하고 있습니다.
Intercontinental Exchange, Inc. (NYSE: ICE) a harmonisé son contrat à terme ICE Midland WTI (ICE:HOU) avec les normes mondiales du pétrole brut en mettant à jour les spécifications de qualité. Le contrat correspond désormais au pétrole brut Midland WTI livrable dans Dated Brent et le complexe Brent, offrant une transparence du marché et une qualité garantie par l'échange. La mise à jour comprend de nouvelles normes de qualité pour le contenu en Fer, Nickel et Vanadium, ainsi qu'une augmentation de la pression maximale de vapeur Reid. Les futurs HOU ont connu une augmentation de volume et de livraisons, avec un volume échangé record au premier trimestre 2024 et une activité croissante des producteurs physiques. Le contrat à terme sert de référence pour la production et l'exportation de pétrole brut de qualité et d'origine Midland, reliant les terminaux aquatiques approuvés par Platts pour la livraison. Les clients peuvent bénéficier de décalages de marge importants lors de la compensation de HOU avec d'autres positions pétrolières chez ICE, avec également une croissance de l'intérêt ouvert et du volume pour les futurs et les options sur Brent.
Die Intercontinental Exchange, Inc. (NYSE: ICE) hat ihren ICE Midland WTI (ICE: HOU) Futures-Vertrag an die globalen Rohölstandards angepasst, indem sie die Qualitätsspezifikationen aktualisiert hat. Der Vertrag entspricht nun dem Midland WTI-Rohöl, das in das Dated Brent und das Brent-Komplex lieferbar ist, und bietet Marktransparenz und Qualitätssicherung durch den Austausch. Das Update umfasst neue Qualitätsstandards für den Gehalt an Eisen, Nickel und Vanadium sowie eine Erhöhung des maximalen Reid-Dampfdrucks. Die HOU-Futures verzeichneten einen Anstieg im Volumen und in den Lieferungen, mit einem Rekordhandelsvolumen im ersten Quartal 2024 und wachsender physischer Produzententätigkeit. Der Futures-Vertrag dient als Benchmark für die Produktion und den Export von Rohöl mit Midland-Herkunft und -Qualität, verbunden mit Platts-zugelassenen Wasserterminals für die Lieferung. Kunden können von hohen Margenoffsets profitieren, wenn sie HOU zusammen mit anderen Ölpositionen bei ICE klären, wobei auch die Futures und Optionen auf Brent ein Wachstum in offenem Interesse und Volumen erfahren.
Positive
The ICE Midland WTI (ICE:HOU) futures contract now aligns with global quality standards, offering exchange guaranteed quality and market transparency.
HOU futures have witnessed a significant increase in traded volume in the first quarter of 2024, up over 200% year-over-year, showcasing strong market demand.
Increased physical producer activity pricing barrels off the HOU futures price indicates growing market participation and confidence in the contract.
The futures contract serves as a benchmark for Midland-origin and Midland-quality crude production and exports, consolidating ICE's position in the global oil complex.
Customers can benefit from margin offsets as high as 95% when clearing HOU alongside other oil positions at ICE, enhancing trading efficiencies and cost-effectiveness.
Negative
Although the quality specifications have been updated, there may be challenges in ensuring consistent compliance and monitoring of the new standards, potentially leading to quality discrepancies.
The increase in traded volume and deliveries may also attract speculative trading activities, increasing market volatility and posing risks for investors.
HOUSTON--(BUSINESS WIRE)--
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today announced that its ICE Midland WTI (ICE:HOU) futures contract is now further aligned with Midland WTI crude oil deliverable into Dated Brent and the rest of the Brent complex after ICE updated the quality specifications of the crude deliverable into the contract.
The underlying crude oil quality of HOU futures now fully aligns with the globally accepted quality standard for Midland WTI crude after ICE added a maximum Iron content of 10 milligrams per kilogram (mg/kg) and replaced the combined Nickel and Vanadium maximum content with individual maximum contents of 2.0 mg/kg each. In addition, the Reid Vapor Pressure (RVP) maximum increased to 9.5 pounds per square inch (Psi).
“This provides the market with the only transparent source for exchange guaranteed Midland quality WTI,” said Jeff Barbuto, Global Head of Oil Markets at ICE. “We continue to see strong growth in volume and deliveries and are seeing increasing activity from physical producers pricing barrels off of the HOU futures price.”
HOU prices at, and is physically deliverable to, the Enterprise Crude Houston (ECHO) and ONEOK Magellan East Houston (MEH) terminals, which are connected to Platts-approved water terminals to deliver Midland WTI into Brent.
Serving as a benchmark for Midland-origin and Midland-quality crude production and exports, HOU futures hit record traded volume in the first quarter of 2024 with over 837,600 contracts traded, up over 200% year-over-year (y/y) with record average daily volume of over 16,200 contracts in March 2024. Deliveries of Midland WTI crude oil through the HOU contract average 4.4 million barrels each month.
HOU is part of ICE’s global oil complex covering over 800 futures and options contracts, underpinned by Brent which is used to price over three quarters of the world’s internationally traded crude oil. Customers can benefit from margin offsets as high as 95% when clearing HOU alongside other oil positions cleared at ICE, with offsets across contracts including ICE Brent, ICE Gasoil, ICE Dubai (Platts), ICE Murban, as well as RBOB Gasoline.
Brent futures and options open interest is up 12% y/y at 5.1 million contracts. Brent options, which represent the primary crude oil options market in the world in terms of open interest and volume, hit record open interest of 3.5 million contracts on April 24, 2024, up 51% y/y.
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.
What are the new quality specifications for the ICE Midland WTI (ICE:HOU) futures contract?
The new quality specifications include a maximum Iron content of 10 mg/kg, individual maximum Nickel and Vanadium contents of 2.0 mg/kg each, and an increased Reid Vapor Pressure (RVP) maximum of 9.5 Psi.
Which terminals are HOU prices physically deliverable to?
HOU prices are physically deliverable to the Enterprise Crude Houston (ECHO) and ONEOK Magellan East Houston (MEH) terminals, connected to Platts-approved water terminals for Midland WTI delivery into Brent.
What volume increase has been observed in HOU futures in the first quarter of 2024?
HOU futures witnessed a record traded volume in the first quarter of 2024, with over 837,600 contracts traded, up over 200% year-over-year, and a record average daily volume of over 16,200 contracts in March 2024.
How do customers benefit from margin offsets when clearing HOU alongside other oil positions at ICE?
Customers can benefit from high margin offsets as high as 95% when clearing HOU alongside other oil positions at ICE, including contracts like ICE Brent, ICE Gasoil, ICE Dubai (Platts), ICE Murban, and RBOB Gasoline.
