Enterprise and ONEOK extend fee waiver deal for ICE Midland WTI deliveries

Intercontinental Exchange (ICE) announced that Enterprise Products Partners (EPD) and ONEOK, Inc. (OKE) have extended their fee waiver arrangement between the Enterprise Crude Houston and Magellan East Houston terminals to transfer crude oil delivered through ICE’s Midland WTI futures contract (HOU) until December 31, 2025. HOU futures had a record third quarter in 2023 with 672,681 contracts traded, with record average daily volume of 10,677 contracts. Each month, the HOU futures contract delivers approximately 5 million barrels of Midland WTI-quality crude. HOU has delivered approximately 71 million barrels of Midland WTI-quality crude since early 2022. Midland WTI crude oil also became deliverable into Dated Brent and the rest of the Brent complex earlier this year. “Extending the fee waiver for customers to move Midland WTI barrels they acquire through the HOU contract to the terminal of their choosing provides additional incentive to manage their Midland WTI exposure with the HOU contract,” said Jeff Barbuto, Global Head of Oil Markets at ICE. “Open interest has spread down the curve to the end of 2025 and this additional optionality should really add to the development of this market.”