Key insights
- WTI Midland crude differentials decreased as Vitol purchased a cargo below prior transaction levels. This indicates potentially softening demand or increased supply in the European market, which could indirectly impact US crude prices and energy sector equities, though the effect is likely to be minor.
Investing.com -- North Sea WTI Midlands crude differentials declined on Tuesday after Vitol purchased a cargo from Phillips 66 at a price below recent transaction levels.
Vitol bought a cargo for June 10-14 delivery at dated Brent plus $3.66 on a cost, insurance and freight basis to Rotterdam. On a free on board basis, this equals dated Brent plus $2.23, according to calculations, compared with previous FOB deal levels of around plus $2.47.
Mercuria placed a bid for June 24-28 delivery CIF Rotterdam at dated Brent plus $3.20.
In separate trading, Total purchased Johan Sverdrup crude from CNOOC for June 23-27 delivery at dated Brent plus $3.55.
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