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Dated Brent—all change but business as usual

The sheer scale of financial infrastructure around the crude market’s most important global benchmark means the wider trading market will largely shrug off any physical implications from a Fob-to-Cif switch

The storied Dated Brent contract could see another major plot twist in July next year, with price reporting agency (PRA) S&P Global Platts proposing to change the assessment from a Fob to Cif Rotterdam basis. It also intends to include the US WTI Midland grade in the basket alongside existing North Sea crudes. There has been a Cif element in Brent since October 2019, when Platts began including Cif Rotterdam trades of the constituent Brent, Forties and Norwegian Oseberg, Ekofisk and Troll grades, adjusted back to Fob using a freight calculator. And the PRA opened a consultation in December on including the US WTI Midland grade in Brent from March of next year. Sverdrup option So, the



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