WTI, Bakken, And Now Murban -- November 11, 2020

Flipped: OPEC basket closed the day trading at $41.72, while WTI closed at $41.15. Link to Charles Kennedy:

Chevron, Occidental, and oil trading giant Trafigura have agreed to explore the idea to price the light U.S. crude they export to Asia off the upcoming ICE Murban Futures contract for light sweet crude. 

The Murban futures contract will be an alternative pricing benchmark to the benchmark Oman/Dubai average, which is currently the most used benchmark in the Middle East and off which the oil exporters from the Middle East price their oil going to Asia. 

The Murban futures contract for light crude could spare Asian buyers the use of Brent Crude futures for hedging, according to Reuters. 

Trafigura and U.S. oil majors Chevron and Occidental are the largest exporters of U.S. crude oil, and using the new futures contract – to be launched in March next year – to price their oil to Asia shows the growing importance of U.S. crude oil exports on the international oil markets.

At oilprice, the Murban price has a one-day delay. Currently Murban is priced at $42.89, up $2.11, right in line WTI yesterday. See Murban at wiki. Almost identical to WTI, but not as light as Bakken.

• Bakken: 36° to 44° (link here)
  
• Murban: 40.2°
• WTI: 39.6°
• Brent blend: 38.3°
• Light Louisiana Sweet: 35.6°
• Saudi Arabia light: 34°

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Active rigs:

$41.45	11/11/2020	11/11/2019	11/11/2018	11/11/2017	11/11/2016
Active Rigs	15	55	66	52	38

No daily activity report today.