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ICE Launches Real-Time North American Physical Data Pricing on Crude Link Trade, Bringing New Transparency and Strengthening ICE’s Gulf Coast Establishment | New

HOUSTON–(BUSINESS WIRE)–October 24, 2022–

Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of market data, technology and 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 North America’s largest physical crude brokers, brings additional transparency to the North American crude market.

Today, ICE launched live calculations of the volume-weighted average price for 12 grades of oil traded in the Permian; Cushing, Oklahoma; Houston and the Louisiana Gulf Coast, including WTI in Midland and Houston. Link’s real-time pricing is available via WebICE starting today, October 24, 2022, and on ICE Connect shortly thereafter.

“ICE has always been focused on transparency in energy markets,” said Jeff Barbuto, global head of oil markets at ICE. “Link is one of the most active brokers of North American physical crude oil with a unique view of the US Gulf Coast physical crude oil market. Crude oil pricing on Gulf Coast waters has never been more relevant to global oil markets. We are excited to work with Link and other industry players to bring new transparency to the marketplace.

“Since its inception, Link’s goal has been to provide market participants with reliable price transparency for the physical crude market,” said Scott Nelson, Chief Commercial Officer at Link Data. “With the expansion of the Brent Complex to include Midland WTI, the demand for streaming North American crude price data has become truly global. Using 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, especially as more brokers join this initiative, will further add to the usefulness of these instruments for the global trading community.

The agreement with Link further establishes ICE on the Gulf Coast. One of the crude grades assessed by Link Data is Magellan East Houston Terminal WTI (also referred to as MEH-WTI). In January 2022, ICE’s Midland WTI American Gulf Coast (HOU) futures contract began trading, having been created with Magellan Midstream Partners, LP (NYSE: MMP) and Enterprise Products Partners LP (NYSE: EPD) to establish a benchmark for Midland quality pricing. WTI on the Gulf Coast.

Backed by more than 4 million barrels per day of supply capacity from Midland to Houston and deliverable to Magellan East Houston (MEH) and Enterprise Crude Houston (ECHO) terminals, the HOU contract is attracting liquidity as buyers and sellers in the Houston market are starting to price their barrels off HOU.

The HOU contract reached a record single-day volume of 12,265 contracts and an open interest record of 10,014 contracts on October 18, 2022. A total of 20,377 contracts have been physically delivered through the contract since January 2022, this which is equivalent to 20 million barrels.

For more information on Link’s real-time pricing and how to access it, and for brokers interested in providing data for ICE’s real-time pricing, please contact [email protected].

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 provide our clients with access to critical workflow tools that increase transparency and operational efficiency. We operate Exchangesincluding the New York Stock Exchangeand clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income securities data services and execution capabilities provide insights, analytics and platforms that help our clients take advantage of opportunities and operate more effectively. To ICE Mortgage Technology, we are transforming and digitizing the residential mortgage process in the United States, from consumer engagement to 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 trademarks and additional intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates can be found here. Key information documents for certain products covered by the EU Regulation on packaged retail and insurance-based investment products can be accessed on the website of the relevant stock exchange under the heading “Information Documents keys (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 materially from those contained in the forward-looking statements, see ICE’s filings with the Securities and Exchange Commission (SEC), including, but not Limit thereto, the risk factors in the Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the SEC on February 3, 2022.

Category: Exchanges


Source: Intercontinental Exchange

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SOURCE: Intercontinental Exchange

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PUBLISHED: 10/24/2022 03:00 / DISK: 10/24/2022 03:02