Plains’ Cushing Terminal to Become Delivery Point for the Benchmark WTI Crude Oil Futures Contract

Rhea-AI Summary

Plains All American (PAA) announced that CME Group will add its Cushing Terminal as a delivery point for NYMEX WTI Crude Oil Futures, effective November 8, 2021. This addition aims to enhance market liquidity and provides more options for futures contracts. The Cushing Terminal boasts a storage capacity of 27.2 million barrels, 23 pipeline connections, and handles approximately 4.0 million barrels per day in average volume, reinforcing Plains' significant role in North America’s crude oil market.

Positive

• Cushing Terminal added as a delivery point for NYMEX WTI Crude Oil Futures, effective November 8, 2021.
• Terminal has substantial storage capacity of 27.2 million barrels.
• Approximately 4.0 million barrels per day average volume enhances liquidity for market participants.

Negative

• None.

HOUSTON, Oct. 18, 2021 (GLOBE NEWSWIRE) -- Plains All American (Nasdaq: PAA & PAGP) (“Plains”) today announced that CME Group (Nasdaq: CME) (“CME”) will add Plains’ Cushing Terminal as a delivery point to the NYMEX WTI Crude Oil Futures contract, offering market participants an additional outlet to utilize the delivery mechanism of the world’s most liquid crude oil futures benchmark. The change will take effect November 8^th, 2021 for the February 2022 contract month, pending regulatory review.   

Plains made its initial investment at Cushing, Oklahoma in the early 1990s and today is one of the largest operators at the Cushing hub. Cushing, Oklahoma is one of the leading crude oil market hubs in North America, and Plains appreciates CME’s recognition of Plains as one of the key liquidity points at the Cushing hub.   

Plains’ Cushing Terminal profile:

• 27.2 million barrels of storage capacity
• 23 pipeline connections (11 inbound and 12 outbound)
• 15 third-party terminal connections
• Approximately 4.0 million barrels per day of average daily volume

About Plains

PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL), and natural gas. PAA owns an extensive network of pipeline transportation, terminalling, storage, and gathering assets in key crude oil and NGL producing basins and transportation corridors and at major market hubs in the United States and Canada. On average, PAA handles more than 5 million barrels per day of crude oil and NGL in its Transportation segment.

PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America.

PAA and PAGP are headquartered in Houston, Texas. For more information, please visit www.plainsallamerican.com.

Contact:        

Plains All American
Brett Magill
Director, Investor Relations
(866) 809-1291

FAQ

What is the significance of Plains All American's Cushing Terminal announcement on October 18, 2021?

Plains All American announced that CME Group will add its Cushing Terminal as a delivery point for NYMEX WTI Crude Oil Futures, which enhances market liquidity.

When will the Cushing Terminal be included in the NYMEX WTI Crude Oil Futures contract?

The Cushing Terminal will be included in the NYMEX WTI Crude Oil Futures contract starting November 8, 2021.

What impact does the addition of Cushing Terminal have on PAA's operations?

The addition of the Cushing Terminal as a delivery point enhances Plains' role in the crude oil market and provides more options for futures contracts.

What infrastructure does Plains All American's Cushing Terminal have?

The Cushing Terminal features a storage capacity of 27.2 million barrels and 23 pipeline connections.