S&P Global Energy Platts, at a London briefing on Wednesday, said that the Dated Brent crude oil global benchmark works well and there is no need to make significant changes in its methodology.

Dated Brent is the benchmark for physical crude oil and it's used to price over 60% of global oil traded. It also supports oil futures. Its value impacts fuel prices for consumers and businesses.

S&P Global Energy's last major change was to add U.S. WTI Midland in May 2023 as a benchmark for Dated Brent to boost liquidity due to a decline in North Sea production.

Emma Kettley said, "It is a reflection of the market. It's working, and we see trades and performances on a regular base."

Platts reported that just over 200 cargoes have traded in 2025. This is almost on par with the levels of last year, and WTI Midland has brought significant liquidity.

U.S. TERMINAL TERMINAL POSITION

Platts announced a proposal on Tuesday to allow traders the option to load WTI Midland at different U.S. Terminals in order to ship larger shipments of WTI Midland to Europe.

WTI Midland sold to Europe using the Dated Brent method on 700,000 barrel cargoes aboard Aframax tanks.

Participants can reduce freight costs by loading Aframax cargoes on larger VLCC tanks.

Platts currently requires that all oil cargoes loading onto a vessel come from a single Platts approved terminal. However, it now proposes to allow WTI Midland loadings compliant from multiple Platts approved terminals as long as the cargoes have been stored in separate tanks and are accompanied by separate documents.

The agency wants to hear from you by 16 January, with the potential for a change in May.

Since adding WTI Midland, Platts made some other changes to its methodology in terms of freight calculations and U.S. loads. Texas International Terminal was added as the 13th U.S. terminal approved for WTI Midland in July of this year.

(source: Reuters)