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
23 April 2024
Cheaper Russian barrels and lower overall crude prices have helped cut key oil consumer’s import bills in election year
22 April 2024
Pursuing three different goals as part of the same package may mean achieving none of them
22 April 2024
Beijing’s renewed targeting of NOC management could threaten investment
19 April 2024
Cairo’s currency problems have hindered investment, but Pharos sees considerable potential as Egypt emerges from crisis