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Enterprise Products-CME Unite For Second Oil Export Auction

By Zacks Investment ResearchStock MarketsMar 22, 2019 05:53AM ET
Enterprise Products-CME Unite For Second Oil Export Auction
By Zacks Investment Research   |  Mar 22, 2019 05:53AM ET
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Enterprise Products Partners LP (NYSE:EPD) announced its decision to collaborate with CME Group (NASDAQ:CME) for organizing the second electronic auction of crude oil export from the United States.

On Apr 4, 2019, CME Group — the operator of futures exchange — will be accepting bids on behalf of the partnership for light Permian crude. Notably, the first auction took place on Mar 5, 2019, and the crude volumes are likely to be exported from the Houston Ship Channel terminal of Enterprise Products.

According to CME Group, a total of 17 crude buyers participated in the first auction. The NYMEX WTI Houston (HCL) futures is being considered the benchmark to the trading floor and the winning bid for the first auction was set at a premium of 46 cents a barrel. Notably, the auction was for one cargo with volumes ranging from 650,000 to 850,000 barrels.

Investors should know that Enterprise Products has been significantly contributing to the crude export volumes of the United States. Reportedly, Enterprise Products is responsible for roughly 40% of U.S. oil volumes being exported, making the partnership the largest exporter in the domestic market.

The United States is gradually heading toward becoming the largest oil exporter in the coming years. In fact, the country has every potential to surpass Saudi Arabia — the current largest exporter — by 2024, according to International Energy Agency (IEA).

Headquartered in Houston, TX, Enterprise Products Partners LP is among the leading midstream energy players in North America. The partnership currently carries a Zacks Rank #3 (Hold). Meanwhile, a few better-ranked players in the energy sector include Antero Resources Corp. (NYSE:AR) , NGL Energy Partners LP (NYSE:NGL) and Ultrapar Participacoes SA (NYSE:UGP) . While Antero Resources and NGL Energy sport a Zacks Rank #1 (Strong Buy), Ultrapar carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Antero Resources is likely to see earnings growth of 20% in the next five years.

NGL Energy is likely to witness earnings growth of 227% for fiscal year ending March 2019.

Ultrapar is likely to see earnings growth of 25% through 2019.

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Zacks Investment Research
Enterprise Products-CME Unite For Second Oil Export Auction

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Enterprise Products-CME Unite For Second Oil Export Auction

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