August 8, 2022 [Cision PR Newswire] S&P Global Commodity Insights today announced that Platts will include the NuStar Corpus Christi, Texas North Beach terminal as a loading terminal for WTI Midland crude oil into its Dated Brent and Cash BFOE* Market-on-Close price assessment processes for June 2023 deliveries.
The decision marks a major milestone for the inclusion of US WTI Midland in the Brent complex, the first time a crude grade from outside of the North Sea will be reflected in the complex and the Dated Brent benchmark.
The inclusion of the terminal follows an extensive period of feedback from the market. NuStar Logistics LP wholly owns the terminal, which handles crude oil and petroleum products, including distillates, gasoline, xylene and toluene. The terminal has four docks, including two that can fit up to a Suezmax size vessel and 3.7 million barrels of crude storage capacity, 1.4 million barrels of which is for WTI Midland.
The other six terminals currently under review by Platts include Energy Transfer Houston, Pin Oak Corpus Christi, Flint Hills Ingleside, Seabrook Logistics, Buckeye South Texas Gateway, and Plains Corpus Christi. Details of these reviews can be found in the Subscriber Note page of the S&P Global Commodity Insights website here.
Platts’ decision to include WTI Midland into the Brent complex, and explanation of the review process by which loading terminals are included in the assessment process, can be found at this link.