Benzinga | Jan 21, 2021 04:50PM EST

Magellan And Enterprise To Develop Joint Houston Crude Oil Futures Contract

Magellan Midstream Partners, L.P. (NYSE:MMP) and Enterprise Products Partners L.P. (NYSE:EPD) today announced that affiliates of the two companies have entered into an agreement to jointly develop a futures contract for the physical delivery of crude oil in the Houston area in response to market interest for a Houston-based index with greater scale, flow assurance and price transparency. The quality specifications will be consistent with a West Texas Intermediate ("WTI") crude oil originating from the Permian Basin with delivery capabilities at either Magellan's East Houston terminal or Enterprise's ECHO terminal in Houston.