The surge in U.S. crude oil exports has made WTI Midland a more influential benchmark in the global oil market, leading to increased trading activity in Houston.
The benchmark crude prices at Houston have seen increased trading volume s as the rise in U.S. crude oil exports out of the Gulf Coast is making regional prices more important for physical and futures traders, analysts and industry officials have told Reuters. Surging U.S. crude exports, particularly WTI Midland, have dominated global markets in recent months, with record export volumes and a significant portion being sent to Europe. Before the U.S.
Gulf Coast export terminals, American exports soared and made WTI a more influential benchmark in the oil markets. So influential has the U.S. oil become that WTI Midland, produced in Texas, was included last year in the Dated Brent part of the Brent benchmark as one of several grades underpinning the contract. Earlier this year, CME Group announced that trading in its U.S.
Exports WTI Brent Gulf Coast Trading Volume CME Group Physical Market Futures Market Cushing Hub
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