Exclusive-Brent oil traders use little known rule to reroute US cargoes [Yahoo! Finance Canada]
Marex Group plc - Ordinary Shares (MRX)
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Source: Yahoo! Finance Canada
By Florence Tan, Alex Lawler and Robert Harvey LONDON (Reuters) - Big energy merchants trading oil cargoes that form the basis of the Brent benchmark have used an obscure clause to reroute U.S. shipments from Europe, in a practice that raises doubts over whether reforms to the crude price marker have succeeded. Brent, the most significant benchmark across commodity markets, is used to price more than 60% of globally traded crude and underpins oil futures. Its value affects fuel prices paid by consumers and businesses. The 2023 addition of U.S. crude to the benchmark had the potential to limit the scope for trading plays that can distort Brent prices, analysts said at the time. But the reroutings have renewed concern in the market about how well the benchmark reflects supply and demand. Platts, a unit of S&P Global Commodity Insights, last year allowed U.S. WTI Midland crude delivered to Europe to be included in its Brent price assessment, called dated Brent. This was to boost
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