Enterprise Products Partners LP EPD announced its decision to collaborate with CME Group 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. AR, NGL Energy Partners LP NGL and Ultrapar Participacoes SA 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.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +98%, +119% and +164% in as little as 1 month. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
NGL Energy Partners LP (NGL) : Free Stock Analysis Report
Enterprise Products Partners L.P. (EPD) : Free Stock Analysis Report
Ultrapar Participacoes S.A. (UGP) : Free Stock Analysis Report
Antero Resources Corporation (AR) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research