S&P Global Commodity Insights Adds Four More U.S. Terminals for WTI Midland Crude Oil into Platts Dated Brent
S&P Global Commodity Insights today announced the successful review of four more oil terminals for inclusion it its Platts Dated Brent and Cash BFOE* Market-on-Close price assessment processes for June 2023 deliveries. These reviews bring to 11 the number of terminals accepted by Platts to deliver WTI Midland crude oil into the Brent benchmark complex.
The latest terminals passing the Platts review process for inclusion in this key benchmark are: EPIC Crude Terminal; Enterprise Houston Ship Channel; Buckeye Texas Hub; and Enbridge Ingleside Energy Center. Each terminal applied in recent weeks to be considered for inclusion as a supply location of WTI Midland, as the US grade becomes a deliverable cargo into the Dated Brent and cash BFOE benchmarks, as assessed by Platts.
Platts announced June 8 it will reflect cargoes of WTI Midland crude oil into its Dated Brent, Cash BFOE and all related price assessments across the Brent complex with effect from June 2023 cargo deliveries. This will be the first time that a crude grade from outside of the North Sea will be reflected in the Brent complex, and the inclusion will help ensure a stronger and more robust Brent complex for the decades ahead.
After a public and transparent feedback period, the four additional terminals have been added to the list of facilities approved since the September 6 inclusion of NuStar at Corpus Christi, the first terminal accepted in the process.
“The addition of these four terminals further shows the interest and commitment of US logistics companies to be involved in delivering oil into the world’s leading crude benchmark. The number of terminals we have approved will give a greater diversity of supply into Dated Brent, allowing more oil to underpin the benchmark for a robust benchmark into the future,” said Joel Hanley, Global Director, Crude & Fuel Oil Markets, S&P Global Commodity Insights.
Source: S&P Global Commodity Insights