ICE Midland WTI (HOU) Reaches Record Open Interest and Delivers a Record 20 million Barrels of Midland WTI Crude During November
Intercontinental Exchange (NYSE:ICE) announced record-breaking performance for its ICE Midland WTI (HOU) crude futures, with open interest reaching 160,600 contracts on November 20, 2024, marking a 130% year-over-year increase. The exchange delivered a record 20 million barrels of Midland WTI crude in November through exchange settlement and EFPs.
Notable developments include Continental Resources switching part of its Permian production pricing to HOU, and Platts planning to launch a daily price assessment of Midland WTI crude as a differential to HOU from January 22, 2025. The HOU futures are physically deliverable at ONEOK Magellan East Houston and Enterprise Crude Houston terminals, offering up to 98% margin offsets with other oil positions.
Intercontinental Exchange (NYSE:ICE) ha annunciato una performance record per i contratti future sul greggio WTI Midland (HOU), con un interesse aperto che ha raggiunto i 160.600 contratti il 20 novembre 2024, segnando un aumento del 130% rispetto all'anno precedente. L'exchange ha consegnato un record di 20 milioni di barili di greggio WTI Midland a novembre tramite regolamenti di borsa e EFP.
Sviluppi notevoli includono il passaggio di parte della produzione del Permiano di Continental Resources al prezzo HOU e il piano di Platts di lanciare una valutazione quotidiana del prezzo del greggio WTI Midland come differenziale rispetto a HOU dal 22 gennaio 2025. I contratti future HOU sono fisicamente consegnabili presso i terminal di ONEOK Magellan East Houston e Enterprise Crude Houston, offrendo fino al 98% di compensazioni sui margini con altre posizioni petrolifere.
Intercontinental Exchange (NYSE:ICE) anunció un rendimiento récord para sus futuros de crudo WTI Midland (HOU), con un interés abierto que alcanzó los 160,600 contratos el 20 de noviembre de 2024, marcando un aumento del 130% en comparación con el año anterior. La bolsa entregó un récord de 20 millones de barriles de crudo WTI Midland en noviembre a través de liquidaciones de intercambio y EFPs.
Desarrollos notables incluyen el cambio de Continental Resources de parte de su producción del Pérmico a precios HOU, y el plan de Platts de lanzar una evaluación diaria de precios del crudo WTI Midland como un diferencial con respecto a HOU a partir del 22 de enero de 2025. Los futuros HOU son físicamente entregables en los terminales de ONEOK Magellan East Houston y Enterprise Crude Houston, ofreciendo hasta un 98% de compensaciones de margen con otras posiciones de petróleo.
인터컨티넨탈 익스체인지 (NYSE:ICE)는 ICE 미들랜드 WTI (HOU) 원유 선물의 기록적인 성과를 발표했습니다. 2024년 11월 20일 기준으로 개방 계약이 160,600건에 달하며, 이는 전년 대비 130% 증가한 수치입니다. 거래소는 11월에 20백만 배럴의 미들랜드 WTI 원유를 거래소 정산 및 EFP를 통해 기록적으로 인도했습니다.
주목할 만한 발전으로는 Continental Resources가 Permian 생산 가격의 일부를 HOU로 전환한 것과 Platts가 2025년 1월 22일부터 HOU에 대한 차별화를 통해 미들랜드 WTI 원유의 일일 가격 평가를 시작할 계획이 있습니다. HOU 선물은 ONEOK Magellan East Houston과 Enterprise Crude Houston 터미널에서 물리적으로 인도 가능하며, 다른 원유 포지션과 함께 최대 98%의 마진 반전 효과를 제공합니다.
Intercontinental Exchange (NYSE:ICE) a annoncé des performances record pour ses contrats à terme sur le brut WTI Midland (HOU), avec un intérêt ouvert atteignant 160 600 contrats le 20 novembre 2024, marquant une augmentation de 130 % par rapport à l'année précédente. L'échange a livré un record de 20 millions de barils de brut WTI Midland en novembre grâce à des règlements d'échange et des EFP.
Parmi les développements notables, on trouve le changement de Continental Resources d'une partie de sa production permienne vers le prix HOU, et le plan de Platts de lancer une évaluation quotidienne du prix du brut WTI Midland en tant que différentiel par rapport à HOU à partir du 22 janvier 2025. Les contrats à terme HOU sont physiquement livrables aux terminaux de ONEOK Magellan East Houston et Enterprise Crude Houston, offrant jusqu'à 98 % de compensations de marge avec d'autres positions pétrolières.
Intercontinental Exchange (NYSE:ICE) hat eine rekordverdächtige Performance für seine ICE Midland WTI (HOU) Rohöl-Futures bekanntgegeben, dessen offene Positionen am 20. November 2024 160.600 Kontrakte erreichten, was einem Anstieg von 130% im Vergleich zum Vorjahr entspricht. Die Börse lieferte im November einen Rekord von 20 Millionen Barrel Midland WTI Rohöl durch Börsenabrechnung und EFPs.
Bemerkenswerte Entwicklungen sind der Wechsel von Continental Resources, einen Teil seiner Permian-Produktionspreise auf HOU umzustellen, und der Plan von Platts, ab dem 22. Januar 2025 eine tägliche Preiserhebung für Midland WTI Rohöl als Differenzial zu HOU einzuführen. Die HOU-Futures sind physisch lieferbar an den Terminals von ONEOK Magellan East Houston und Enterprise Crude Houston und bieten bis zu 98% Margin-Offset mit anderen Ölpositionen.
- Record open interest of 160,600 contracts, up 130% year-over-year
- Record delivery of 20 million barrels of Midland WTI crude in November
- Continental Resources adoption of HOU pricing for Permian production
- Platts launching new price assessment based on HOU differentials
- 98% margin offset benefits available for customers
- None.
Insights
The record-breaking performance of ICE's Midland WTI futures contract (HOU) marks a significant shift in U.S. crude oil benchmarking. The 160,600 contracts open interest and 20 million barrels delivery volume demonstrate strong market adoption. Continental Resources' switch to HOU pricing and Platts' proposed assessment changes indicate this contract is becoming the preferred benchmark for Midland crude pricing over traditional WTI Cushing.
The contract's success is driven by its superior delivery mechanism into major Gulf Coast terminals and alignment with export specifications. With
The emergence of HOU as a benchmark represents a structural evolution in U.S. oil markets, reflecting the shift of pricing power from Cushing to the Gulf Coast. This transition is particularly significant as it better represents export dynamics and actual physical flows. The contract's ratable delivery feature and quality specifications matching Platts criteria for Midland WTI creates a more reliable pricing mechanism for physical traders.
The extensive spread trading capabilities against Brent and WTI Cushing, combined with substantial margin efficiencies across ICE's 800+ oil contracts, provide market participants with enhanced risk management tools. This infrastructure development is important for improving market efficiency and price discovery in the U.S. Gulf Coast oil markets.
Since launch, HOU has grown into a widely accepted benchmark price for Midland-origin and Midland-quality crude. A record 20 million barrels of Midland WTI crude were delivered through the exchange settlement for HOU and via EFPs (Exchange for Physicals) in November, the highest delivery month to date. EFPs provide customers with the flexibility to deliver barrels to different locations, as well as flexible delivery dates.
In a significant endorsement of HOU as the price of Midland crude, Continental Resources recently announced that it has switched a portion of its Permian production to price off of HOU, replacing a differential to WTI Cushing. In recognition of HOU's establishment within Midland WTI pricing, Platts, part of S&P Global Commodity Insights, has proposed to launch a daily price assessment of Midland WTI crude as a differential to HOU, effective January 22, 2025. This follows General Index’s launch of a full suite of all North American Crude grades priced as differentials to HOU, also replacing WTI Cushing as a benchmark.
“Each of these milestones are critical elements of establishing a new crude benchmark,” said Jeff Barbuto, Global Head of Oil Markets at ICE. “We appreciate all of the work and support of our partners and customers in developing this physically deliverable benchmark for crude oil in the
ICE HOU pricing reflects current fundamentals in
ICE offers HOU time spreads, as well as inter-commodity spreads with Brent and WTI Cushing (Domestic Light Sweet) to help customers mitigate price risk between locations and grades. Meanwhile, customers can benefit from margin offsets as high as
Across ICE’s global oil complex, open interest stands at 14.3 million contracts, up approximately
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Source: Intercontinental Exchange
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Source: Intercontinental Exchange
FAQ
What is the current open interest record for ICE Midland WTI (HOU) futures?
How many barrels of Midland WTI crude were delivered through ICE HOU in November 2024?
When will Platts launch its Midland WTI crude price assessment based on ICE HOU?
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Which terminals support physical delivery for ICE HOU futures?
