Reported 9 months ago
Trading houses Trafigura and Gunvor have purchased nine cargoes of crude oil underlying the Brent benchmark, driving significant gains in the physical Brent market. These moves have wider implications for producers and consumers, given that Brent is a key benchmark for pricing global oil. The rise in physical market prices has also impacted international oil futures trading, with Brent crude futures experiencing a 6.7% increase in June, the largest monthly gain since September 2023. The increase in benchmark grades, including the addition of U.S. WTI Midland in 2023, further strengthened the Brent benchmark amid criticism for its thin underlying supply. The past trading activities, coinciding with low North Sea crude supply due to summer maintenance, have contributed to the recent surge in prices.
Source: YAHOO