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US Crude Dominates Dated Brent Benchmark: Reuters

OIL

US crude has dominated global benchmark oil pricing in the year since WTI’s inclusion in the Dated Brent benchmark, Reuters said.

  • Platts’ Dated Brent benchmark is a price gauge for around 80% of the world’s crude, according to ICE.
  • Volumes of WTI crossing the Atlantic have climbed since the grade’s inclusion in the Brent basket, hitting a record of 2.94m b/d in December, with 1.71m b/d heading to Europe.
  • The surging WTI flows have compensated for dwindling North Sea output. Using North Sea grades alone in the Brent basket was hampering liquidity.
  • Dated Brent liquidity has doubled since WTI’s inclusion, while volatility is also down to 0.05%. It ranged between -0.4% to 0.6% in the previous four years.
  • A record 35 cargoes traded in the Platts MOC in April, up fourfold on the year.
  • It has also brought in new counterparties, such as Aramco, Reliance, and Phillips 66.
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