LONDON and NEW YORK, Nov. 7, 2022 /PRNewswire/ -- 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.
The full list of terminals reviewed and accepted into the Brent benchmark price assessment process from June 2023 is as follows:
Pin Oak Terminals
Flint Hills Resources
Energy Transfer Partners
Visit the website for detailed information about the Platts price assessment process methodology and specifications.
*BFOE (grades of oil)- Brent, Forties, Oseberg & Ekofisk
Global/EMEA: Paul Sandell, + 44 (0)7816 180039, firstname.lastname@example.org
Americas: Kathleen Tanzy, +1 917-331-4607, email@example.com
Asia/EMEA: Melissa Tan, +65-6597-6241, firstname.lastname@example.org
About S&P Global Commodity Insights
At S&P Global Commodity Insights, our complete view of global energy and commodities markets enables our customers to make decisions with conviction and create long-term, sustainable value.
We're a trusted connector that brings together thought leaders, market participants, governments, and regulators and we create solutions that lead to progress. Vital to navigating commodity markets, our coverage includes oil and gas, power, chemicals, metals, agriculture, shipping and energy transition. Platts® products and services, including the most signiﬁcant benchmark price assessments in the physical commodity markets, are offered through S&P Global Commodity Insights.
S&P Global Commodity Insights is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world's leading organizations navigate the economic landscape so they can plan for tomorrow, today. For more information visit https://www.spglobal.com/commodityinsights.
SOURCE S&P Global Commodity Insights