24-02-2025
Dated Brent oil benchmark working well, with no changes planned, says Platts
LONDON, Feb 24 (Reuters) - The dated Brent oil market has worked well since U.S. WTI crude was added to the benchmark and further changes are not planned, commodities pricing reporting agency S&P Global Commodity Insights, known as Platts, said on Monday.
Last year was the first full calendar year of WTI Midland in the dated Brent benchmark after it became the first crude oil grade from outside the North Sea to be added to the basket in May 2023 because of falling North Sea output.
Platts said on Monday that 2024 was smooth sailing for its dated Brent oil benchmark after record trading volumes in the final month of the year.
Platts made no announcement to make any further changes to the benchmark at the event.
"This year, we don't have a major initiative to share around dated Brent. The past year has really been one of remarkably smooth operations," said Richard Swann, Platts' head of established benchmarks, at the company's event as part of International Energy Week in London.
"This is a market functioning well, we believe, with the different component parts seeing a lot of liquidity, and they're all contributing to the overall ecosystem around Brent."
Platts said that a record volume of 39.7 million barrels of trade was achieved in December across its North Sea physical crude cargoes, contract for differences and cash BFOE partials.
Thomson Reuters competes with Platts in the provision of commodities markets news and data.
