Platts Says Adding Midland to Brent has Gone Well, no Need for More
02.26.2024 By Tank Terminals - NEWS

February 26, 2024 [Reuters]- Commodities pricing agency Platts said on Monday its addition of U.S. WTI Midland crude into the global Brent oil benchmark has gone well, and it won’t be necessary to add any further crudes for the time being.

 

Platts, part of S&P Global Commodity Insights, added Midland to its dated Brent price assessment in May 2023, bolstering volumes underpinning the benchmark amid diminishing output of the five North Sea grades, Brent, Forties, Oseberg, Ekofisk and Troll.

The integration of Midland has gone “smoothly,” Vera Blei, head of Established Benchmarks at S&P Global Commodity Insights, told the company’s London Energy Forum on Monday.

“Midland coming into dated Brent has added a significant amount of volume with a grade that was already established in Europe,” she said.

The volumes Midland brings to the benchmark should future proof it for the next decade or so, Blei said, but the company did not rule out future additions.

Platts has learned by adding Midland that it is possible to expand the benchmark using crude from outside the North Sea, she said when asked if any more additions were being planned.

“This is a long undertaking,” she said. “We can introduce a grade from outside of the North Sea successfully if we have to.”

The Midland addition serves “to really futureproof this for the next decade,” she added. “It doesn’t mean we won’t be looking at new grades as and when that becomes necessary.”

The addition of Midland has helped bring new counterparties to the North Sea benchmark trading environment, Blei said, including U.S. oil company Occidental (OXY.N), opens new tab and Saudi Aramco (2222.SE), opens new tab.

 

Free Trial: Access 13,300 Tank Terminal and Production Facilities

13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

India's First Methanol Plant to be Set up in Telangana
11.21.2024 - NEWS
November 21, 2024 [Chem Analyst]- In a groundbreaking initiative, India is set to get its first m... Read More
Egypt in Talks with Foreign Companies Over Long-Term LNG Purchases, Sources Say
11.21.2024 - NEWS
November 21, 2024 [Reuters]- Egypt is in talks with U.S. and other foreign companies to purchase ... Read More
INEOS and GNFC Sign a Memorandum of Understanding to Build a New World Scale Acetic Acid Unit in India
11.21.2024 - NEWS
November 21, 2024 [INEOS]- INEOS Acetyls and Gujarat Narmada Valley Fertilizers & Chemicals L... Read More
Peru's State Oil Firm Could Open to Private Investors in 2025, Chairman says
11.21.2024 - NEWS
November 21, 2024 [Reuters]- Peru’s indebted state-run oil firm could consider offering a ... Read More