Enterprise and ONEOK extend terminal transfer fee waiver for ICE Midland WTI

Intercontinental Exchange (ICE), a provider of technology and data announced that Enterprise Products Partners (EPD) and ONEOK (OKE) have extended their fee waiver arrangement between the Enterprise Crude Houston ECHO and ONEOK East Houston MEH terminals to transfer crude oil delivered through ICE’s Midland WTI futures contract until December 31, 2028. “In 2024, crude producers, refiners and exporters moved more of their pricing and hedging away from a WTI Cushing Basis to ICE Midland WTI while price reporting agencies have launched new assessments which price all North American crude grades as differentials to HOU,” said Jeff Barbuto, Global Head of Oil Markets at ICE. “Physical deliveries of ICE Midland WTI were twice that of the Cushing WTI contract in 2024. Extending the fee waiver through 2028 provides the industry with added incentive to migrate crude pricing to the U.S. Gulf Coast via ICE HOU.”