Soaring shale production, expanded pipeline networks in the U.S. Gulf Coast, and rising exports of American crude has made the U.S. benchmark crude price, WTI, a force to be reckoned with in the global oil market. The discount of WTI Crude to the international benchmark Brent Crude has dropped from nearly $20 per barrel in the early 2010s to below $3 a barrel today. Before the U.S.
oil become that WTI Midland, produced in Texas, was included last year in the Dated Brent part of the Brent benchmark as one of several grades underpinning the contract. WTI Midland was added to the Brent basket in June 2023 and has been a major driver of the surging U.S. crude oil exports over the past year, especially to Europe. The WTI crude oil included in determining the Dated Brent price is delivered into Rotterdam, a large crude oil storage and trading hub in the Netherlands.
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