Brent Traders Reroute WTI Oil Cargoes From Europe

Big traders of the U.S. WTI Midland crude, which is now part of the dated Brent benchmark, have used a ‘bookout’ option in the Platts window to reroute Europe-bound cargoes elsewhere, in a move that could influence the price of dated Brent, Reuters reported exclusively on Tuesday, citing trading sources and analysts. The so-called bookout clause is allowed under the Platts methodology for commodities. WTI Midland, produced in Texas, was included last year in the Dated Brent part of the Brent benchmark as one of several grades underpinning...