CME Group Statement on Enterprise and Enbridge Seaway Pipeline Reversal
CHICAGO, Nov. 16, 2011 /PRNewswire/ -- CME Group, the world's leading and most diverse derivatives marketplace, today released the following statement on the Enterprise Products Partners L.P. and Enbridge Inc. reversal of the Seaway pipeline:
"We're pleased to congratulate Enterprise and Enbridge on the reversal of the Seaway crude oil pipeline," said Bryan Durkin, chief operating officer and managing director, products and services, CME Group. "With its reversal, Seaway will be an important addition to our domestic infrastructure and represents a major development for the North American crude oil market. We believe this new project will enhance the significance of our NYMEX Light Sweet Crude Oil (WTI) benchmark.
The reversal of the pipeline, which is expected to begin service in the second half of 2012, will enable the transport of WTI light sweet crude oil from Cushing, Oklahoma, to the U.S. Gulf Coast.
As the world's leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers together through its CME Globex® electronic trading platform and its trading facilities in New York and Chicago. CME Group also operates CME Clearing, one of the world's leading central counterparty clearing providers, which offers clearing and settlement services for exchange-traded contracts, as well as for over-the-counter derivatives transactions through CME ClearPort®. These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk in both listed and over-the-counter derivatives markets.
CME Group is a trademark of CME Group Inc. The Globe Logo, CME, Globex and Chicago Mercantile Exchange are trademarks of Chicago Mercantile Exchange Inc. CBOT and the Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are registered trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. All other trademarks are the property of their respective owners. Further information about CME Group (NASDAQ: CME) and its products can be found at www.cmegroup.com.
CME-G
SOURCE CME Group
Share this article