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ICE

ICE Midland WTI American Gulf Coast

U.S. production meets the global market. As record amounts of U.S. crude are moved to the coast for export, oil markets have seen trading activity shift to liquid hubs on the U.S. Gulf Coast. We designed a complete offering to bring a light sweet crude to the global market.

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PRESENTATION

ICE Midland WTI American Gulf Coast Futures

The ICE Permian WTI crude futures contract has been restructured and renamed the ICE Midland WTI American Gulf Coast (AGC) crude futures contract.
Find out why and what you can expect with the restructured contract.

WTI Crude Quality Readings

Enterprise Weekly Readings

Magellan Monthly Readings

Purchase

ICE Midland WTI American Gulf Coast Futures (AGC)

A benchmark for pricing U.S. crude production and exports, with a delivery point in Houston, the most active crude trading hub on the U.S. Gulf Coast. Deliverable into the MEH and ECHO terminals, barrels from the Permian basin are recognized for their consistent high quality.

Store

Storage futures and auction

Short-term storage of Permian WTI barrels is available at Magellan’s East Houston Terminal upon taking delivery of the high quality crude. The ability to bid in an auction for the storage space complements the contract, providing transparent pricing and the ability to plan crude movements.

Export

Dock capacity auction

Enhance export capabilities by acquiring the right to move Permian WTI and WTL barrels directly onto the water through the dock capacity auction. The auction prices include all associated costs to move a vessel’s worth of Permian WTI at Seabrook and WTL at Galena Park for loading crude to the water.

ICE Midland WTI American Gulf Coast Futures (AGC)


Spreads

Additional Inter-commodity spreads will be offered to help customers mitigate price risk between various locations and grades:

  • Midland WTI AGC vs ICE WTI Futures (Cushing) - price and quality differential between Mid-continent WTI vs Houston WTI
  • Midland WTI AGC vs ICE Brent Futures - U.S. crude where it meets the water vs the global crude oil benchmark
Contract Sizings

Each contract represents 1,000 barrels and the price increment is $0.01 per barrel.

VIEW HOUSTON AREA MAP

Product Quality

A predictable quality specification that reflects WTI crude delivered directly from the Permian Basin. Deliverable into MEH and ECHO establishing consistent quality and price transparency in the Houston market.

Parameter
Units
Min
Max
Required Test Method
API Gravity°API, 60°F40.044.0ASTM D1298 or D5002
Sulfur Content% (m/m)0.20ASTM D4294
Mercaptan Sulfurppm Wt75UOP 163
RVPPSI9.0ASTM D6377
BS&W% (v/v)1.0ASTM D4007 per API MPMS 10.4
Nickel & Vanadium (Combined)mg/kg3.0ASTM D8252 or D5708 Procedure B

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