Out of the 61 dated Brent assessments to July 27 that have included WTI Midland, the U.S. grade has been among the most competitive in all but one, while it’s been the single most competitive alone on half of those days, said Joel Hanley, global director, crude and fuel oil markets at S&P Global. This means WTI Midland is effectively setting the price for the benchmark.
Murban crude from the United Arab Emirates is close in density to WTI Midland, but with more sulphur, and is used by traders to compare the economics of shipping WTI to the east. The increased WTI flow to Europe has weakened Brent futures relative to Dubai, though Dubai has also strengthened after Saudi Arabia announced in June additional output cuts beyond what OPEC and its allies agreed to, which has reduced the amount of high-sulphur Middle Eastern crude, particularly medium and heavy grades, available to Asian refiners.
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