Enterprise Products Partners LP is working with futures exchange company CME Group Inc. to offer U.S. crude oil for export from the Houston Ship Channel through an electronic futures contract auction.
The auction is scheduled for April 4, during which Enterprise will accept bids for West Texas Intermediate, or WTI, light sweet crude oil using CME Group's spot auction platform. The crude would originate from the Enterprise Hydrocarbon Terminal, according to a March 20 news release.
Besides the Enterprise Hydrocarbon Terminal, the NYMEX Houston WTI futures contract also offers crude deliveries at the partnership's ECHO and Genoa Junction terminals. The Houston contract allows access to over 4 million barrels per day of crude, 45 million bbl of crude storage and 18 deepwater docks, the midstream energy company said.
The auction follows Enterprise's first in November 2018, when it launched a physically delivered NYMEX WTI Houston crude oil futures contract. It was also the first electronic auction of U.S. crude oil for export.