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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
The Dated Brent benchmark will include West Texas Intermediate (WTI) Midland crude oil to the basket of crude oil grades from the June 2023 delivery.
- The move by S&P Global has been prompted by declining production of the existing five North Sea crude oil grades as they attempt to maintain volumes traded on the contract.
- WTI Midland is produced in the Permian region across Texas and New Mexico. The most recent previous grade addition was Troll in 2018 but WTI Midland is the first new deliverable grade that comes from outside the North Sea.
- The grade addition has been a factor in closing the WTI-Brent in to around -4.4$/bbl this month with the spread primarily reflecting the pipeline and shipping costs of moving WTI Cushing crude oil to the US Gulf Coast for export.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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