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WTI and Brent crude prices have increased 21.34 percent and 12.32 percent, respectively, so far this year, falling from their peak levels in April when the growth of WTI hit over 40 percent, and Brent crude over 30 percent.
Crude-by-rail rebounded after that, as the Seaway reversal alone wasn't enough to balance Brent and WTI, given the continuing surge in U.S.
Brent futures posted an 11% slide in May and WTI a 16% drop, their biggest monthly losses since November.
As a result, WTI cargoes have become less attractive and demand for US exports has fallen.
Intercontinental Exchange (NYSE:ICE) completed the first auction for the ICE Permian WTI Crude Oil Storage Futures (HOS), deliverable at Magellan Midstream Partners LP's (NYSE:MMP) terminal in East Houston, Texasm, USA, the company reported on Thursday.
CME Group, a derivatives marketplace, has achieved the milestone of more than 55,000 NYMEX WTI Houston Crude futures contracts that have been traded since launch on November 5, 2018.
Most of the time, the prices of WTI and Brent tend to move in the same direction, as they mostly respond to the same drivers of supply and demand.
There are three primary marker crudes, Brent, WTI, and the Dubai/Oman price average for global spot trading, as well as for the Gulf states' export pricing, with the Dubai/Oman average being the marker for sour crudes.
The data for the monthly closing price of West Texas Intermediate (WTI) crude oil is obtained from the US Energy Information Administration.
Hedge funds had previously amassed short positions in Brent and WTI totalling 374 million barrels, the third-largest short position on record and only 19 million barrels below the maximum short position ever recorded
While strong topological insulators (STIs) were experimentally realized soon after they were theoretically predicted, a weak topological insulator (WTI) has yet to be unambiguously confirmed.