The significance of the transatlantic crude trade continues to grow, as highlighted by the rapid growth in U.S. crude oil exports and the inclusion of WTI Midland cargos in the Brent pricing complex. CME Group offers a range of instruments that allow traders to hedge the volatile spread between the U.S. and Brent-related oil markets. A trading company has a term supply deal of one Aframax cargo of WTI Midland FOB Corpus Christi at a floating Argus WTI Houston-related (“MEH”) price. In April, the balance-of-the-year forward curves for WTI versus Brent and Dubai imply that the best netback value for the cargo is ... (full story)