Benchmarks face 2020s evolution
The reference prices for crude and other energy markets are unlikely to stand still
When a generalist, or even a specialist addressing a wider audience, talks of ‘the oil price’, they mean a benchmark—a commonly traded, well accepted grade of crude. Most likely, the specific price being discussed is West Texas Intermediate (WTI) in the US, Brent in Europe but often more globally, or, in an Asian context, Dubai. This is because there are hundreds of different types of crude oil which substantially differ in quality and price. Most of them are never really traded—they are transacted on pre-agreed terms and prices, the latter set as differentials to benchmarks. These benchmark grades, in contrast, have very liquid and transparent physical markets, with prices that reflect the
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