Plains’ Cushing Terminal to Become Delivery Point for the Benchmark WTI Crude Oil Futures Contract
10.25.2021 - NEWS

October 25, 2021 [globenewswire] – Plains All American (Nasdaq: PAA & PAGP) (“Plains”) today announced that CME Group (Nasdaq: CME) (“CME”) will add Plains’ Cushing Terminal as a delivery point to the NYMEX WTI Crude Oil Futures contract, offering market participants an additional outlet to utilize the delivery mechanism of the world’s most liquid crude oil futures benchmark.

 

The change will take effect November 8th, 2021 for the February 2022 contract month, pending regulatory review.

Plains made its initial investment at Cushing, Oklahoma in the early 1990s and today is one of the largest operators at the Cushing hub. Cushing, Oklahoma is one of the leading crude oil market hubs in North America, and Plains appreciates CME’s recognition of Plains as one of the key liquidity points at the Cushing hub.

Plains’ Cushing Terminal profile:

· 27.2 million barrels of storage capacity
· 23 pipeline connections (11 inbound and 12 outbound)
· 15 third-party terminal connections
· Approximately 4.0 million barrels per day of average daily volume

About Plains

PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL), and natural gas. PAA owns an extensive network of pipeline transportation, terminalling, storage, and gathering assets in key crude oil and NGL producing basins and transportation corridors and at major market hubs in the United States and Canada. On average, PAA handles more than 5 million barrels per day of crude oil and NGL in its Transportation segment.

PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America.

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