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ICE Launches Real Time Pricing of Link North American Physical Crude Trade Data Bringing New Transparency and Further Establishing ICE in the Gulf Coast
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Intercontinental Exchange (NYSE: ICE) has launched real-time physical crude pricing in partnership with Link Data Services, enhancing transparency in the North American crude market. The live pricing covers 12 oil grades traded in key locations, including Cushing, Oklahoma, and the Gulf Coast. The initiative aims to offer global market participants reliable pricing data. The partnership follows the successful introduction of the HOU futures contract, which has seen significant trading volumes and liquidity growth since its inception in January 2022.
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Launch of real-time physical crude pricing enhancing market transparency.
Successful HOU futures contract showing high trading volumes with a record of 12,265 contracts on October 18, 2022.
Partnership with Link Data Services broadens reach in the Gulf Coast market.
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HOUSTON--(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.
