Enterprise Products Partners L.P. announced this week that it will again team up with CME Group to conduct an electronic auction offering US crude oil for export from the Enterprise Hydrocarbon Terminal (EHT) on the Houston Ship Channel.
During the auction, which will take place on 4 April 2019, bids will be accepted for WTI light sweet crude oil using CME Group’s proprietary spot auction platform. The auction will be the second to take place since the launch of a physically delivered NYMEX WTI Houston Crude Oil futures contract in November of 2018. In addition to EHT, the NYMEX Houston WTI futures contract also offers delivery of crude oil at Enterprise’s ECHO and Genoa Junction terminals.
“With the recent success of the first ever electronic auction of US crude oil for export, the market has demonstrated its demand for transparency, efficiency, accurate physical pricing and access to reliable supplies of crude oil with consistent quality standards,” said Brent Secrest, Senior Vice President, Commercial of Enterprise’s general partner. “We are pleased to be working with CME Group on this newest auction and look forward to future offerings of crude oil for export.”
Utilising Enterprise’s extensive distribution network, the Houston futures contract features access to more than 4 million bpd of crude oil supplies, 45 million bbls of crude oil storage and 18 deepwater docks. Enterprise is the largest exporter of crude oil in the US, accounting for nearly 40% of the volumes to markets abroad.
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Our services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and import and export terminals; crude oil gathering, transportation, storage and terminals; petrochemical and refined products transportation, storage and terminals; and a marine transportation business that operates primarily on the United States inland and Intracoastal Waterway systems. The partnership’s assets currently include approximately 49 200 miles of pipelines; 260 million bbls of storage capacity for NGLs, crude oil, petrochemicals and refined products; and 14 billion ft3 of natural gas storage capacity.
Read the article online at: https://www.worldpipelines.com/business-news/22032019/enterprise-to-offer-crude-oil-for-export/