About the AMID Oil Storage Auction
Matrix employs its proprietary Matrix Auction Platform to offer comingled CME-specified crude storage capacity at AMID’s Cushing, Oklahoma, facility.
What Is the AMID Auction?
Matrix previously hosted a monthly online auction for storage capacity for commingled WTI CME deliverable grade crude at the AMID oil storage facility in Cushing, Oklahoma. The asset, which was inside the delivery location WTI (the most traded oil commodity in the world) has been sold and auctions will not resume for the foreseeable future.
Over a 7 month period Matrix sold over 27 million barrels of storage capacity, in the form of Capacity Allocation Contracts (CACs). Winning bidders were able to take and make delivery through the CME delivery mechanism from storage acquired through the auction.
April 21, 2020
April 16, 2020
April 07, 2020
Allows customers to manage their physical crude storage price risk
Reduces credit exposure for auction participants
Provides a transparent method to transact, establishing a market reference price
barrels of storage capacity sold
About the Cushing, Oklahoma, Oil Storage Facility
American Midstream Partners LP formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs and condensate to end-use markets.
AMID’s Cushing, Oklahoma, oil storage facility is located inside the Enterprise West Cushing facility. It holds a strategic position as a major hub in oil supply. It’s a vital trans-shipment point with many intersecting pipelines, storage facilities and easy access to refiners and suppliers. Crude oil flows inbound to the facility from all directions and outbound through dozens of pipelines.
The Cushing oil storage facility serves as a delivery point for West Texas Intermediate, a blend of US light sweet crude oil streams traded on the New York Mercantile Exchange.