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350kbpd of US Midland Ready for Delivery versus Dated Brent

OIL

An estimated 350kbpd of US crude is lining up to be delivered versus the Dated Brent benchmark according to FGE. The oil will be delivered in Rotterdam and priced to appear as a North Sea grade.

  • WTI Midland has been added to the benchmark starting with the June delivery due to the long term decline in supply of the five North Sea crudes.
  • The inclusion of US Midland crude has started to affect prompt Brent crude trade and is expected to boost European demand for the Texas crude according to FGE.
  • They expect the tightening of Atlantic Basin crude balances in the months ahead to drive prompt Brent spreads into steeper backwardation.
  • The addition of WTI Midland has assisted the narrowing of the WTI discount to Brent with the spread closing from levels around -6$/bbl seen in Q1 to around -4$/bbl this month.
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