CME says it plans to launch e-auction for U.S. crude oil exports

SINGAPORE, Jan 15 (Reuters) – CME Group Inc said on Tuesday it plans to launch an e-auction platform with Enterprise Products Partners LP for U.S. spot crude oil export cargoes to be priced based on West Texas Intermediate (WTI) Houston futures.

“The electronic auction will provide a competitive and transparent venue for firms across the world to efficiently hedge U.S. crude oil,” CME said in a statement.

The initial focus of the e-auction platform will be on the crude infrastructure terminals in Houston, managed by Enterprise Products Partners, CME added.

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