Any momentum towards Brent becoming a Cif benchmark is stalled for the short term
Future Brent options cement Fob status
The key promoters of the Brent crude trading complex have accepted that the benchmark will not be switching to a delivered status any time soon
Price reporting agency (PRA) S&P Global Platts and exchange Ice—owners of the Dated Brent physical benchmark and the most liquid Brent futures contract, respectively—have issued a paper on potential alternatives to boost tradeable volumes in the key global crude trading venue. The paper comes less than six months after the former caused market ructions with a surprisingly radical proposal to move assessments from their traditional Fob-loading point basis to a Cif-delivered basis. Several points already stand out. The first is that the PRA and exchange are moving in step again. Platts’ solo run in February exposed cracks in the relationship when a letter from Ice to Platts critical of the
Also in this section
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
