A possible Kamala victory is driven by:
GLANCE
• U.S. crude exports to Europe reached around 2.2 million barrels per day in the 12 months to June 2024, reinforcing the global pricing role for WTI crude oil.
• 35% of the total daily volumes in WTI Crude Oil futures traded outside the U.S. core hours in June 2024, an increase from 25% in January 2023.
The United States has been an exporter to the global oil market since 2016, but in 2023 the U.S. grade called WTI Midland was formally entered into the pricing arena for global crude with its inclusion into the pricing mechanism for Dated Brent. This provided additional supply into Brent but it also
significantly elevated the role of WTI benchmark pricing on the global stage.
Prior to its addition, the Brent benchmark had only included production from the North Sea but with output falling month on month, the decision to add WTI Midland was taken.
This change has contributed to a significant adjustment to the global crude flows in the oil markets with refiners outside of the U.S. processing higher volumes of U.S. crude grades, in some cases for the first time. These changes typically expose the international market to U.S. crude pricing which can be beneficial to the trade in the NYMEX WTI benchmark.
