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Oil Markets
WTI Midland’s inclusion into Dated Brent, one year on
May 2, 2024
Exploring the impact of WTI Midland's inclusion in the Dated Brent benchmark on market dynamics, liquidity, and new market participants. Analysis of WTI Midland cargo quality, market evolution, and its significance in defining Dated Brent value. Discussion on global participation in oil market trade and the impact of Midland's inclusion on the Brent market landscape.
14:03
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Quick takeaways
- Inclusion of WTI Midland in Dated Brent benchmark led to record-high liquidity and boosted confidence in pricing.
- Adjustments in methodology and market dynamics post-Midland's inclusion reinforced dated Brent's robustness and global market appeal.
Deep dives
Impact of WGI Midland on Brent's Liquidity
The inclusion of WGI Midland in Brent has significantly boosted liquidity in the Platt's market, leading to record-high physical cargo trades in April 2024. This surge in liquidity, with 35 cargos changing hands, totaling 25 million barrels of oil, has reinforced dated Brent as a benchmark. The growth in liquidity has attracted new participants like Occidental, Philip 66, and Aramco, enhancing confidence in dated Brent as a reliable commodity reference price.
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