First West African Crude Trade Initiated on Argus Open Markets Platform

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Summary · why it matters

Oil traders have initiated the first west African crude cargo transaction on the Argus Open Markets platform, a step toward more transparent and auditable price discovery for physical crude. The deal was initiated on the west African crude AOM stack, with TotalEnergies accepting the offer of a Nigerian Qua Iboe crude cargo at a premium of $4.10/bl to Dated Brent for a 950,000 bl cargo, representing an estimated value of more than $115mn. Argus operates AOM platforms across a range of markets, enabling registered participants to post bids and offers, discover counterparties and initiate transactions within a transparent and auditable framework. Argus Media chairman and chief executive Adrian Binks called the trade an important milestone for price discovery, noting that west African crude is increasingly in demand as buyers seek alternatives for lost Mideast Gulf supplies. West African grades are usually traded as differentials to other outright-price crude benchmarks, and Argus said its west African crude differentials are widely referenced by market participants assessing the relative value of Nigerian, Angolan and other regional grades.

Impact on assets 2

Energy▲ · 1 stocks
TotalEnergies SE
TTE
▲ PositiveDemandrelevance

TotalEnergies accepted the offer for a Nigerian Qua Iboe crude cargo on the Argus AOM platform, with west African crude increasingly in demand as buyers seek alternatives to lost Mideast Gulf supplies

Others▲ · 1 stocks

Off-coverage companies 1

Argus MediaPrivate▲ Positive
Demandrelevance

Argus Media's Open Markets platform hosted the first west African crude cargo trade, a milestone for its price-discovery and trading business

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