According to the intelligence of the app of Finance in Motion, with the influx of American oil, the unexpected rise in the world's most important oil price benchmark may slow down.

During the past eight trading days, Tok Group and Gongwole Group have been bidding heavily on crude oil included in the spot Brent crude oil pricing basket during the pricing window of S&P Global Commodity Insights. Their actions push up the premium of these crude oils, which is a sign of a bullish trend. Prior to this, the market had been dominated by sellers and was showing weakness.

However, price increases have also created greater incentives for shipments from the United States, as the US market is not so strong, and upcoming supplies are easing pressure on price increases. On Wednesday, Tok bought a batch of WTI Midland crude oil at a lower premium than the previous day for the first time in two weeks.

It is understood that Brent crude oil price system is the world's most important crude oil pricing benchmark, and about 70% of crude oil trade uses the Brent pricing system. The spot Brent crude oil is crucial to the global physical oil price and a series of related derivatives. The benchmark is determined by the buying and selling quotations of six major grades of crude oil: five from the North Sea and one from the United States.

Tok increased its bidding on June 17th pricing window, and a day later, Gongwole also joined the bidding. On June 25th, the bidding for Forties crude oil, one of the six benchmark crude oils, was about $1.60 per barrel higher than spot Brent crude oil, while before the two companies increased their bids, the bidding for the crude oil was 70 cents or 80 cents lower than spot Brent crude oil.

The spot Brent crude oil market is dominated by several large trading companies, and it is not uncommon for one or two companies to make bold moves each month.

Other traders said that the basic supply-demand situation seemed to be improving, but they were surprised by the extent of the change caused by Tok and Gongwole's bidding. Tok and Gongwole declined to comment.

Traders said that the inflow of American oil may ease the rise in prices.

On June 21st, Tok purchased four batches of WTI Midland crude oil. Three trading days later, Tok bought three more batches. WTI Midland crude oil has replaced Forties crude oil as the cheapest crude oil among the six benchmark crude oils, which means it sets the benchmark.

Before 2023, spot Brent crude oil was only dependent on the North Sea crude oil quotation, while North Sea crude oil production has been steadily declining. In May of last year, S&P Global Commodity Insights added WTI Midland crude oil to the benchmark to increase liquidity.

Whether Tok and Gongwole will continue to bid remains to be seen. In the past, decisive trading activity often ceased after the expiration of the near-month Brent crude oil contract. The expiration date of the contract is Friday.

Gongwole was a major buyer in April, but a seller in May.