Magellan Midstream Partners, L.P. and Enterprise Products Partners L.P. announced that affiliates of the two companies have entered into an agreement to jointly develop a futures contract for the physical delivery of crude oil in the Houston area in response to market interest for a Houston-based index with greater scale, flow assurance and price transparency. The quality specifications will be consistent with a West Texas Intermediate (WTI) crude oil originating from the Permian Basin with delivery capabilities at either Magellan's East Houston terminal or Enterprise's ECHO terminal in Houston.
Magellan Midstream Partners, L.P.
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