Brent crude is poised to overtake West Texas as the world’s most-traded commodity for the first year ever, as daily trading in Brent jumps 14% Y/Y to average 567K contracts YTD while WTI falls 17% to 575K. Brent is gaining favor among traders due to its role as the benchmark for prices from Saudi Arabia to Russia; as the U.S. struggles to clear the glut at Cushing, WTI grows less connected to the global market.
Brent crude is poised to overtake West Texas as the world’s most-traded commodity for the first...
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