International trader Glencore won the first auction for a 650-850K-bbl export cargo(held on March 5)with a bid of 46￠/bbl over the CME Group's futures contract for Houston WTI(ticker symbol HCL).The cargo consisted of Midland light-sweet crude matching the specifications of the HCL contract.The final volume delivered is negotiated with Enterprise,the seller of the cargo.The HCL futures contract had been launched in early Nov.-just after the late-Oct.launch of the ICE's Permian WTI futures contract(symbol HOU).As can be seen in the following table,neither of these contracts has approached the volume or open interest of the CME's more established Argus WTI(HTT).HOU and HIT are deliverable at the Magellan East Houston terminal(MEH)and HCL is deliverable at the Enterprise Crude Houston(ECI-IO)terminal,the Genoa Junction,or the Enterprise Llydrocarbon Terminal(EHT)on the Houston Ship Channel.
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