Saudi state oil company Aramco has started trading a U.S. crude oil grade that underpins the global Brent benchmark in a process run by oil-index publisher S&P Global Commodity Insights, the publisher said.
Aramco on Monday sold a cargo of WTI Midland crude to Total in the Platts Market on Close process, known as the Platts window, after last Thursday selling another cargo of the U.S. crude.
These were Aramco's first WTI trades in the window, Joel Hanley, S&P global director of crude and fuel oil markets, said via email on Monday. Aramco declined to comment.
Aramco, the world's largest oil firm, has been expanding its trading activity. In December, it bought a cargo of North Sea crude DUC, its first deal since joining the process, Hanley said.
Aramco, the world's largest oil firm, has been expanding its trading activity. In December, it bought a cargo of North Sea crude DUC, its first deal since joining the process, Hanley said.
More players have become involved in trading crude that can set the Brent price in the Platts window since Platts added WTI to the benchmark last year. One expert said Aramco's involvement is an endorsement of the changes.
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