The Wall Street Journal: Is it finally time for Houston to bump Cushing as U.S. oil hub?

Houston is set to get its own oil futures, a sign of the city’s growing importance as the U.S. sends more crude abroad.

Intercontinental Exchange Inc. ICE, +0.66% is planning a new crude futures contract with physical delivery in Houston, the company said Tuesday. The contract will provide traders with direct access to Houston prices. The exchange is aiming to launch this quarter, subject to regulatory review.

‘Houston’s become the main trading hub. It’s a better representation of the economics of where U.S. crude production meets the water to be exported.’

Jeff Barbuto, vice president of oil markets at ICE

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