Platts adds WTI Midland to Dated Brent CIF quote from July 2022

Quantum Commodity Intelligence - US WTI Midland crude oil will be reflected in the North Sea CIF Dated Brent assessment from July 2022, price reporting agency S&P Global Commodity Insights (Platts) announced late Friday.

However, the announcement has no bearing on the FOB Dated Brent benchmark, which is not scheduled to include WTI Midland until June 2023, following the announcement made in February of this year.  

"Following extensive market consultation, S&P Global Commodity Insights will reflect cargoes of WTI Midland crude oil in its existing Dated Brent CIF Rotterdam assessment, with effect from July 2022 cargo deliveries," said the Platts statement.

The FOB Dated Brent assessment is the world's most widely used commodities benchmark, pricing 10s of millions of barrels of physical crude and refined product cracks every day. It is also extensively used in natural gas contracts.

FOB Dated Brent also underpins the huge derivatives markets, including Brent futures, cash BFOE, CFDs and DFLs.

By contrast, the CIF Rotterdam assessment was only launched in July 2021 and is not believed to be used in any contract pricing.