N.W.E. Crude Oil Basket -- Rotterdam Light Crude -- WTI And Dated Brent -- February 22, 2021

Huge, huge story for US shale. Huge. 

From AP News:

LONDON, Feb. 22, 2021 /PRNewswire/ -- S&P Global Platts (“Platts”), the leading independent provider of information and benchmark prices for the commodities and energy markets, announced that it will reflect WTI Midland in Dated Brent and its related components, and that the benchmark complex will be amended to a delivered Rotterdam basis. These changes, which include Cash BFOE (Brent/Ninan Blend, Forties, Oseberg, Ekofisk, Troll and WTI Midland) will become effective from July 2022 cargo deliveries.

Vera Blei, Head of Oil Markets Price Reporting, S&P Global Platts said: “Following extensive feedback and engagement with market participants, we are pleased to announce this important decision as part of our active stewardship of Dated Brent, which is the world’s most important oil benchmark. During the consultation, we heard widespread support on the addition of WTI Midland to the basket of crudes reflected in Dated Brent and for keeping strong connectivity to the forward Cash BFOE contract. We have also acted on strong feedback supporting a simplified fully delivered CIF assessment method that will better reflect the evolution of flows into Northwest Europe. These changes provide significant additional volume and will ensure the continued robustness of the Brent complex for the next decade and beyond.”

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North American Crude Oil Surge: India

Link here.