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ICE, Magellan to launch dock capacity auction for Permian crude

New York — Intercontinental Exchange and Magellan Midstream Partners will launch a dock capacity auction this September for the ICE Permian WTI crude futures contract, the latest in a series of recent auctions designed to hedge the growth of US crude production and exports.

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The monthly auction will allow buyers of ICE Permian WTI crude futures, which are deliverable at Magellan's East Houston terminal, the "optionality to load that product directly onto a vessel at Gelena Park and Seabrook dock facilities," the companies said in a press release Wednesday.

The auction will be held through ICE's WebICE platform. The first auction will be held September 10 for November delivery.

ICE launched its Magellan East Houston terminal crude storage auction in March. That followed a launch of by ICE's competitor CME Group of an auction for WTI light crude exports from Midland, Texas, in the Permian Basin.

ICE and CME launched the contracts late last year in order to capture a new Gulf Coast light crude benchmark amid the shifting landscape borne out of ever-increasing US crude production and exports. Since the contracts debuted, both companies have introduced additional elements, including ICE's storage auction, CME's cargo auction, as well as additional delivery points around Houston.

Matrix Global Holdings this summer launched its first Cushing storage auction, in collaboration with American Midstream Partners (AMID). This should help those looking to hedge exposure to WTI at Cushing, Oklahoma, the delivery point for NYMEX light sweet crude futures.

The auction allows traders to buy oil storage at AMID's 3 million barrel oil storage facility.

During its August 6 Cushing auction, 2,100 barrels of storage were sold in several transactions, according to Matrix.

In 2015, Matrix Markets created a storage auction for barrels of crude at the Louisiana Offshore Oil Port's Clovelly hub.

-- Jeff Mower, jeff.mower@spglobal.com

-- Laura Huchzermeyer, laura.huchzermeyer@spglobal.com

-- Edited by James Bambino, newsdesk@spglobal.com