WTI Houston Crude Oil Futures

CME Auction: U.S. Crude

As the US Gulf Coast continues to mature and increase in importance to the global crude market, the WTI Houston futures contract is continuously developing alongside it. The connection of domestic users and locations close to export facilities allows this contract to reflect ongoing price discovery, liquidity, and risk transfer in this essential region for the US export market.

Introducing WTI Houston Futures Dock Allocation

Starting with the January 2021 contract, WTI Houston (HCL) futures can offer delivery of export quality crude directly onto a tanker via Enterprise Product Partners’ Houston Ship Channel, pending regulatory review.

Dock Allocation features:

  • Competitive allocation process run by CME Clearing
  • Anonymous process for acquiring loading windows
  • Transparent pricing for loading windows and associated futures
  • Optionality to transfer ownership of loading Certificate off-exchange
  • Links to an exchange-cleared WTI Houston (HCL) futures contract

Key benefits of trading HCL

  • Delivery of consistent, high-quality light sweet crude oil with direct access to waterborne markets
  • Access to the most robust crude infrastructure system in Houston at multiple delivery points:  ECHO terminal, ECPL’s Genoa Junction, Enterprise Houston Ship Channel, and ECPL’s Moore Rd terminal; or delivery onto a tanker through the WTI Houston Futures Dock Allocation
  • Contract specs provide a consistent, known quality of crude oil in Houston
  • Trade as a Globex exchange-listed spread to WTI futures (CL) and Brent futures (BZ) with no leg risk on an anonymous and competitive platform
  • Better capital efficiencies through margin offsets with the most liquid suite of North American crude oil futures
  • Many of the same features as industry leading CL, including expiration calendar, contract size, ability to EFP, and tick size
  • Execute HCL box spreads and calendar spreads on HCL inter-commodity spreads, as well as crack spreads

Contract Codes

Product Name CME Globex/ClearPort Bloomberg Thomson Reuters Composite Chain RICs TT CQG Fidessa ION (Pats & FFastFill) FIS/SunGard Itiviti (Orc and Tbricks) Vela  DTN
WTI Houston Crude Oil Futures HCL HCW 0#HML: HCL HCL HCL HCL HCL HCL HCL QHCL
WTI Houston Crude Oil Options HCO HCW 0#HML+ HCO HCL HCO HCO HCO HCO HCO QHCL

Crude Oil Condensate Distribution System

Crude Oil and Condensate Terminals

About Enterprise Products Partners LP

Enterprise Products Partners L.P. (NYSE: EPD) is one of the largest midstream energy companies in the world and a leading North American provider of services linking producers and consumers a full range of hydrocarbon products, including crude oil.  Assets include approximately 50,000 miles of pipelines; 260 million barrels of storage capacity for crude oil, NGLs, refined products and petrochemicals; and 14 billion cubic feet of natural gas storage capacity.

With a network of 19 ship docks along the Gulf Coast, Enterprise is the leader in crude infrastructure in the Houston area and the largest exporter of crude oil in the nation.

Through its network of pipelines, storage and marine terminals, Enterprise has the capability to aggregate more than 4 million barrels per day (BPD) of various grades of crude oil and averaged more than 800,000 BPD of exports in the second quarter of 2018 with access to approximately 45 million barrels of crude oil storage, 24 million barrels in Houston.

The ECHO terminal, which has 7.4 million barrels of crude oil storage, is connected to every refinery in the Houston area, as well as a network of pipelines from the major producing basins, terminals and import/export docks. From the Permian Basin, Enterprise transports crude oil to Houston through the Midland-to-ECHO pipeline system, which has 575,000 BPD of capacity.

More in Energy

What's Happening in the WTI Houston Crude Oil Market?

Stay Informed. Sign up to receive updates on this expanding marketplace.