Intercontinental Exchange, Inc. announced on December 12, 2024, that its ICE Midland WTI (ICE:HOU) crude futures reached a record open interest of 160,600 contracts on November 20, 2024, representing an increase of over 130% year-over-year.
A record 20 million barrels of Midland WTI crude were delivered through the exchange settlement for HOU and via EFPs (Exchange for Physicals) in November, marking the highest delivery month to date. This underscores HOU's growing acceptance as a benchmark.
In a significant development, Continental Resources announced it has switched a portion of its Permian production to price off HOU, replacing a differential to WTI Cushing. Platts also proposed a daily price assessment of Midland WTI crude as a differential to HOU, effective January 22, 2025.
These milestones solidify HOU's position as a widely accepted and physically deliverable benchmark for crude oil in the U.S. Gulf Coast. The increased adoption and record activity are expected to drive substantial revenue for ICE's energy markets.
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