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Booming Oil Exports Boost U.S. Role as Global Price Maker
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The world’s oil traders are increasingly adopting an old slogan as they track crude prices and try to shield themselves from volatility: Don’t mess with Texas.
Traders swapped contracts for oil sold in Houston and Midland, key hubs of the Texas export boom, at a record clip on Feb. 8, according to exchange giant CME Group . By Monday, the number of outstanding agreements for such crude deliveries sat at a record high.
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