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
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
28 April 2026
Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
