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Take a read of Renaissance Energy Advisors latest research note about Midland WTI crude oil, examining its increasingly vital role in global oil markets. Trading volume, open interest and physical delivery growth in ICE's Midland WTI (HOU) futures contract highlights the continued growth of the U.S. Gulf Coast as a key pricing center for hedging and price risk management. https://lnkd.in/eYV66ctd
Renaissance Energy Advisors in the news: Bloomberg cite REA’s latest note examining the role of WTI Midland in the global oil market. Link here: https://lnkd.in/dp_bUnb7 WTI Midland (API: 40-44, 0.2% S) – a light sweet crude – has emerged as the world’s largest freely traded grade by output and volume. As a key part of the Brent complex, Midland has been setting the price of Dated Brent 50-60% of the time. In addition, WTI Midland has replaced the role once played by West Africa (WAF) crude as the global swing barrel between the Atlantic Basin and Asia. How is Asia responding to the inclusion of WTI Midland into Brent? How is the derivative ecosystem responding to the growth of marginal sweet inflows in Asia? This theme is explored in Renaissance Energy Advisors latest oil note, available to subscribers. Other topics covered include: 🔘 The widening of the Brent-Dubai EFS spread keeps Atlantic barrels and WAF cargoes priced out of Asia 🔘 Gunvor's overhang and distressed Forties sale in Asia 🔘 PetroChina (PC) dominates Dubai window activity 🔘 Canadian crudes make inroads in Asia 🔘 Aramco allocations for Sept-loading set to increase 🔘 Basrah Aug-allocations signal challenges with Iraqi compliance 🔘 Chinese gasoil and gasoline margins weaken amid record NEV sales and the growing use of LNG in heavy trucking fleet. If you would like to receive a copy of the report and learn more about REA's service, please email: research@renaissance-energyadvisors.com #crudeoil #crudeoilprice #crudeoiltrading #benchmark #opec #crude #hedging #middleeast #eastofsuez #markets #oil #marketanalysis #refining #UScrude
It has been more than a year since Kurdish #crude exports via #Turkey have been offline, depriving the market of 450kb/d. While IOCs operating in Kurdistan faced production challenges throughout 2023, the growth of domestic sales helped offset some of the pressure. A new wave of buyers have now emerged in the Kurdish domestic market, helping prevent production shut-ins as well as complicating Iraq's efforts to meet its #OPEC+ quota commitments. Over the past several months, Kurdish crude production has inched higher, with current production levels est. at 290-295kb/d. How has Kurdistan's oil trade shifted since the March 2023 pipeline closure and who are the new buyers on the domestic market? Will Kurdish crude ever return to the market or will Iraq pivot instead on newfound hopes of rehabilitating its own pipeline from Kirkuk to Turkey? To receive a free copy of the Renaissance Energy Advisors note sent to clients today, please email: research@renaissance-energyadvisors.com. #iraq #crude #Kurdistan #OPEC #mediumsour #Med #trade #oil
Latest issue of Renaissance Energy Advisors East of Suez Oil Monthly is now available. Some of the key issues explored in the monthly note: 🔘 #China's oil demand prospects in 2024: what’s in store? 🔘 #OPEC+ supply dynamics: how will cuts play out this year? 🔘 Asia refined product cracks: regrade spreads widen and #naphtha gains support 🔘 Closed arb for #WTI Midland to Asia drives healthy #Murban demand 🔘 aramco’s OSPs in focus 🔘 Key issue: Rising #geopolitical risk in the Middle East: is the market being complacent? If you would like to receive a copy of the report and learn more about REA's service, please email: research@renaissance-energyadvisors.com #crudeoil #crudeoilprice #crudeoiltrading #benchmark #opec #crude #hedging #middleeast #eastofsuez #markets #oil #marketanalysis #refining