WTI Midland crude differentials narrowed in Tuesday's Platts trading window as one cargo changed hands between major energy traders. Glencore sold a cargo to Equinor at a smaller premium to dated Brent than the price Equinor paid a day earlier, while bids and offers moved across several other cargoes.
WTI Midland crude differentials eased on Tuesday as trading continued in the Platts window, with a single cargo changing hands between major energy traders. Glencore sold a WTI Midland cargo for August 30 to September 3 delivery to Equinor at dated Brent plus $5.50 on a cost, insurance and freight basis to Rotterdam.
The transaction was equivalent to about dated Brent plus $3.77 on a free-on-board basis, according to calculations. TotalEnergies also placed a bid for an August 16-20 WTI Midland cargo at dated Brent plus $5.80 CIF Rotterdam.
Glencore separately offered an August 25-29 cargo at dated Brent plus $5.25 CIF Rotterdam. On Monday, Equinor purchased an August 23-27 WTI Midland cargo from Glencore at dated Brent plus $5.95 CIF Rotterdam.
In the North Sea crude oil market, Phillips 66 withdrew a bid for an Ekofisk cargo scheduled for August 26-28 delivery at dated Brent plus $6.00.
Source: Investing.com
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