Exxon Mobil Corp. bought North Sea crude on a closely watched oil pricing window for the first time in almost two years.
(Bloomberg) — Exxon Mobil Corp. bought North Sea crude on a closely watched oil pricing window for the first time in almost two years.
The US oil major on Tuesday bought 600,000 barrels of Forties crude for early May loading from Vitol Group on the platform run by S&P Global Commodity Insights and which is better known to traders as Platts. That’s the first time Exxon took a North Sea cargo from the window since June 2021, data compiled by Bloomberg show.
Exxon paid the most in four months for the barrels and did so a few days after the OPEC+ alliance of oil producers made surprise cuts to output, tightening the outlook for global supply. The US company also restarted units this week at a French refinery that was halted last month as ongoing strikes in the country choked crude supplies. The Gravenchon complex accounts for about a fifth of France’s processing capacity.
The purchase comes just ahead of changes to Dated Brent — the world’s most important oil benchmark — that will allow supplies from west Texas to help determine the price of millions of barrels a day of petroleum transactions.
Traders have said new companies might start participating in the Platts window for Dated as the American grade will make up a large bulk of the tradable supply.
Exxon didn’t immediately respond to a request seeking comment.
Bids and offers for Dated have been active this week after OPEC+’s shock output cut and as North Sea oil workers are due to strike. Brent futures surged 6.5% on Monday and have largely held that rally since.
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