The contract is expected to launch in third quarter of 2018 and will have physical delivery in Houston. The Intercontinental Exchange Inc. (ICE) has plans to launch a Permian West Texas Intermediate (WTI) crude oil futures contract with physical delivery in Houston. ICE, which operates global exchanges and clearinghouses for financial and commodity markets in the United States, announced the plans July 17. The contract is expected to launch 3Q 2018, subject to regulatory review, and will provide direct access to Houston prices. The contract will have physical delivery at Magellan Midstream Partners, L.P.’s East Houston terminal. “The U.S. Gulf Coast, with Houston as its trading hub, is the natural delivery point for a North American crude oil benchmark based on WTI from the Permian Basin,” Jeff Barbuto, ICE’s vice president of oil markets, said in a release. “The recent price divergence between Cushing-based WTI and Brent is a […]