The inclusion of WTI Midland crude has made the Brent benchmark more liquid. The more liquid Brent contract has now become less vulnerable to sudden price moves. The EIA has forecast total U.S. output will hit 12.61M bbl/day in the current year.
The inclusion of WTI Midland crude has made the Brent benchmark more liquid.The Energy Information Administration has forecast total U.S. output will hit 12.61M bbl/day in the current year. announced that the North Sea crude price Dated Brent, the company’s most important pricing benchmark, was experiencing “regular dislocations.
The inclusion of WTI Midland into Brent also prevents North Sea producers from putting their own cargoes into so-called chains. Chains, usually the cheapest grades, allow a company with forward contracts to sell actual barrels of oil to another firm, providing a link between paper and physical markets. Since early May, WTI Midland has dominated chains, turning the tables on Forties thanks to the U.S. grade being cheaper despite its superior quality.Another reason why U.S.
There is little doubt the U.S. shale patch is doing its best to keep the market well supplied: Rystad Energy has estimated that whereas OPEC and its allies have announced cuts amounting to ~6% of 2022's production, non-OPEC supply has made up for two-thirds of those cuts, with the U.S. accounting for half of that.
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