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
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
