CME Moves to Introduce Gulf Coast Contract

摘要

The CME Group, operator of the New York Mercantile Exchange (Nymex), said Wednesday it is in discussions with oil market participants to develop a new Gulf Coast crude futures contract which would be delivered at the ECHO Terminal located along the Houston Ship Channel. The potential new contract reflects the changing dynamics in North American crude flows. Last month, Enbridge and Enterprise Product Partners announced the reversal of the Seaway Pipeline, which could eventually bring up to 800,000 barrels per day of crude from Cushing to the US Gulf of Mexico. If the project keeps to schedule, Seaway would be the first pipeline linking the previously landlocked Cushing storage hub to the refining center along the US Gulf Coast (IOD Nov.17’11).