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    HOU Futures Contract and General Transfers

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  • HOU Futures Contract and General Transfers
  • Midland WTI American Gulf Coast (Contract Symbol: HOU) is a physically settled WTI crude oil futures contract traded on ICE and deliverable into the Enterprise ECHO Terminal or the Magellan MEH Terminal. Crude oil delivered against HOU must be Permian Basin originated WTI and meet the following specifications:

    Parameter: Units: Minimum: Maximum: Required Test Method:
    API Gravity °API, 60°F 40.0 44.0 ASTM D1298 or D5002
    Total Sulfur Content % (m/m)   0.20 ATSM D4294
    Mercaptan Sulfur ppm Wt   75 UOP 163
    RVP Psi   9.0 ATSM D6377
    BS&W % (v/v)   1.0 ATSM D4007 per API MPMS 10.4
    Nickel and Vanadium (combined) mg/kg   3.0 ATSM D5708, Procedure B or D8252

    Enterprise ECHO Terminal to Magellan East Houston Terminal (MEH) Transfer Fee1:

    • Mismatched Buyer Transfer Fee2:  $0.00 per barrel
    • General Transfer Fee3: $0.10 per barrel
    • Qualified EFP/ADP Transfer Fee: $0.00 per barrel4

    To participate, customers must enter a nomination into Enterprise’s crude nomination system.

    1Fees effective through March 31, 2023.

    2A Mismatched Buyer is a Buyer of HOU that does not receive physical delivery at its preferred terminal. The Mismatched Buyer Transfer Fee applies to mismatched volumes transferred by a Mismatched Buyer to MEH during the HOU delivery month. Mismatched volumes not transferred during the HOU delivery month are subject to the General Transfer Fee.

    3Beginning March 1, 2022, customers who are not Mismatched Buyers may transfer crude oil from ECHO to MEH that meets both (i) the Enterprise’s tariff Texas Intrastate No. 185.10.0 - Rates, Rules and Regulations for ECHO Terminal (including supplements thereto or reissues thereof) and (ii) the HOU Specifications in Section 7A1.5 of the ICE Contract Rules. A corresponding transfer mechanism to transfer crude oil meeting such specifications from MEH to ECHO is available within Magellan’s system. These general transfers are not limited to crude oil sourced from HOU.

    4Beginning June 1, 2022, a qualified EFP/ADP pertains to buyers who take delivery of HOU Product pursuant to the HOU Contract via an EFP or ADP confirmed by ICE Futures Europe at a Terminal and desire to transfer such HOU Product to the other Terminal in the same delivery month.

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