WTI Midland crude is produced in the United States and will be the first grade from outside the North Sea to be included in Brent. Of the 11 U.S. Gulf Coast terminals, eight are located in Corpus Christi and three in Houston, with combined storage capacity of 75 million barrels, a presentation slide showed. The agency also confirmed it would increase the physical cargo size to 700,000 barrels from the current 600,000. (Reporting by Shadia Nasralla and Alex Lawler Editing by David Goodman)
Reuters Messaging: shadia.nasralla.reuters.com@reuters.net)) (Adds detail on U.S. terminals, cargo size)
LONDON, Feb 27 (Reuters) - S&P Global Platts will
include U.S. WTI Midlands crude in its Brent oil benchmark from
June, as previously guided, S&P's Vera Blei said in a benchmark
update at the London Energy Forum on Monday.
Platts will accept 11 U.S. Gulf Coast terminals as supply
points for WTI Midland crude into the Brent benchmark complex,
she added.
Dated Brent, the underlying contract for Brent futures traded on the Intercontinental Exchange (ICE), is
currently based on five North Sea crudes, the supply of which is
in long-term decline. The five crude streams are Forties, Brent,
Oseberg, Ekofisk and Troll.
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