Dated Brent benchmark used to trade almost two-thirds of the world’s oil
Crucial Brent oil benchmark undergoes metamorphosis
Start of the ‘new’ Brent amid shifting market realities
The pivotal Dated Brent benchmark, used to trade almost two-thirds of the world’s oil, is changing forever. Platts, part of information provider S&P Global Commodity Insights, said in January that the benchmark will reflect cargoes of WTI Midland crude in its Dated Brent, Cash BFOE and all related assessments across the Brent complex with effect from June 2023 deliveries. The controversial change reflects the fact that this US crude stream has become a regular staple in the European refining sector’s diet, while North Sea crude supplies are drying up. The move meant that, from 3 April, June Brent became the front month for the futures and forward Brent contract and will be trading under
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
