Aramco, the world's largest oil company, has been expanding
its trading activity. The company could not immediately be reached for comment
on Monday after Saudi business hours.
On Monday, Aramco sold a cargo of U.S. WTI Midland crude to
Total in the Platts Market on Close process, known as the Platts window, trade
sources said. Aramco had last Thursday sold another cargo of the U.S. crude.
These were Aramco's first WTI Midland trades in the MoC,
Joel Hanley, S&P global director of crude and fuel oil markets, said via
email. In December, Aramco bought a cargo of North Sea crude DUC, its first
deal since joining the process, he said.
U.S. WTI Midland is one of six crude oil grades assessed by
Platts that can set the value of dated Brent, part of the wider Brent complex
used to price over three-quarters of the world's traded oil.
More players have become involved in trading crude that can
set the Brent price in the Platts window since Platts added WTI to the
benchmark last year.