WTI Midland Crude Prices Weaken as Chevron Lowers Offer

The price of U.S. WTI Midland crude delivered to Europe weakened on Tuesday, following a lower offer from Chevron Corp. during the Platts physical trading window, signaling a potential easing in the spot market.

Trading Details

Chevron offered a cargo for delivery between September 11-15 on a cost, insurance, and freight (CIF) Rotterdam basis. The offer was priced at a premium of $1.10 per barrel over the Dated Brent benchmark.

This represents a significant reduction from the company's offer on Monday, which was set at a premium of $1.30 over Dated Brent for a similar cargo. The lower bid suggests a softening of physical market fundamentals for the U.S. crude grade in the European market.

Broader Market Activity

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Other participants were also active in the trading window, providing a broader view of the market. The following offers were also reported on a CIF Rotterdam basis:

• Unipec: The trading arm of China's Sinopec offered a cargo for Sept. 8-12 delivery at Dated Brent plus $1.75.
• Shell: The energy giant offered a cargo for Sept. 11-15 delivery at Dated Brent plus $1.50.
• CNOOC: China's CNOOC Ltd. offered a cargo of Norwegian Johan Sverdrup crude for Sept. 20-24 delivery at Dated Brent plus $1.20.

While offers from Unipec and Shell remained higher, Chevron's downward price revision was a key factor influencing the softer sentiment for WTI Midland crude on the day.