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Crude Oil January 27, 2025 12:20:39 AM

Aramco Secures First US Crude Cargo, Shaping Brent Oil Market

Anil
Mathews
OilMonster Author
This was Aramco’s first WTI purchase in the window, Joel Hanley, global director of crude and fuel oil markets at S&P Global told Reuters.
Aramco Secures First US Crude Cargo, Shaping Brent Oil Market

SEATTLE (Oil Monster): Aramco has purchased its first cargo of WTI Midland, a US crude oil grade that underpins the global Brent benchmark, according to Reuters.

The transaction took place on Tuesday in the Platts trading window, with Aramco acquiring the cargo from trading firm Gunvor. This was Aramco’s first WTI purchase in the window, Joel Hanley, global director of crude and fuel oil markets at S&P Global told Reuters.

Since WTI was added to the Brent benchmark in 2023, more market players have engaged in trading crude that can set the Brent price. Aramco, which has been expanding its trading activities, first traded WTI as a seller last February.

In an interview at the World Economic Forum in Davos, Switzerland, on Tuesday, Saudi Arabia’s energy minister stated that he views the oil market as healthy and expects an additional 1.3 million barrels per day (bbl/d) of demand this year, as Reuters reported.

WTI Midland is one of six crude oil grades assessed by Platts that can set the value of dated Brent, part of the wider Brent complex used to price over three-quarters of the world’s traded oil.

The dated Brent price is set by the cheapest of the six crudes and Midland, the largest of the six streams, often plays a role in setting its value. The other five are North Sea crudes.

 Courtesy: www.egyptoil-gas.com


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