Intercontinental Exchange Inc. (ICE) said Tuesday it would rename its Permian West Texas Intermediate (WTI) contract as part of a previously announced plan for the physical delivery of crude in the Houston area.

It is to be rebranded as ICE Midland WTI American Gulf Coast (Midland WTI AGC).

Currently, the ICE Permian WTI futures contract is based on Magellan Midstream Partners LP supply capacity and is deliverable at Magellan’s East Houston (MEH) terminal.

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However, the companies are working to launch the Midland WTI AGC contract (ICE: HOU) early in 2022. They are developing the new offering in response to market demand for a Houston-based index with scale and flow...