Magellan (MMP), Company Sign New Futures Deal With ICE

Magellan Midstream Partners, L.P. MMP alongside one another with Enterprise Products and solutions Partners L.P. EPD not long ago produced an announcement about a new crude oil actual physical supply futures contract with Intercontinental Exchange, Inc. ICE in the Houston location.

The Midland West Texas Intermediate (WTI) American Gulf Coastline deal came into staying in reaction to marketplace need for a Houston-based index with superior measurement, move certainty and pricing transparency.

The quality expectations for the new futures deal will adhere to the WTI crude oil from the Permian Basin with supply selections at the Magellan East Houston (MEH) or Business Crude Houston (ECHO) ports. As soon as the new agreement obtains regulatory clearance and is accomplished, Magellan Midstream and Organization will cease furnishing shipping and delivery products and services beneath the recent futures contracts deliverable at every single port.

Magellan Midstream is thrilled to associate with Enterprise and ICE to deliver this cutting-edge joint futures deal to market. According to COO Aaron Milford, the new deal improves the transparency, overall flexibility and marketability of Midland WTI crude oil for Gulf Coast and export customers though preserving market-recognized regularity and precision. The new Midland WTI American Gulf Coastline agreement is also considered to assist the business preserve money by offering field-major excellent that purchasers turned habitual to in the Houston market place.

About Magellan Midstream

Tulsa, Ok-centered Magellan Midstream is a learn restricted partnership (MLP) that owns and operates a diversified portfolio of electricity infrastructure assets. The agency generally transports, suppliers and distributes refined petroleum merchandise and to a lesser extent, ammonia.

Zacks Rank & Key Decide

Magellan Midstream presently carries a Zacks Rank #3 (Keep). A improved-ranked player in the electricity house is Oasis Petroleum Inc. OAS, presently flaunting a Zacks Rank #1 (Solid Get). You can see the finish checklist of today’s Zacks #1 Rank shares below.

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