U.S. WTI Midland crude prices declined on Tuesday after Chevron lowered its offer for a September 11-15-loading cargo to dated Brent plus $1.10 cost, insurance and freight to Rotterdam.
The reduction from Monday’s dated Brent plus $1.30 CIF Rotterdam offer contributed to softer Midland pricing, traders said. Unipec, Shell and CNOOC also listed September-loading cargoes at higher premiums to dated Brent.
Unipec offered a September 8-12-loading cargo at dated Brent plus $1.75 CIF Rotterdam, while Shell listed a September 11-15 cargo at dated Brent plus $1.50 CIF Rotterdam. CNOOC separately offered a September 20-24-loading cargo of Johan Sverdrup crude at dated Brent plus $1.20 CIF Rotterdam.
Midland crude differentials to U.S. benchmarks have been volatile in recent weeks amid shifting export flows and refining demand, with the latest adjustments reflecting competitive pricing strategies among major traders.
