S&P Global Commodity Insights Adds Four More U.S. Terminals for WTI Midland Crude Oil into Platts Dated Brent

LONDON and NEW YORK, Nov. 7, 2022 /PRNewswire/ -- S&P Global Commodity Insights today announced the successful review of four more oil terminals for inclusion it its Platts Dated Brent and Cash BFOE* Market-on-Close price assessment processes for June 2023 deliveries. These reviews bring to 11 the number of terminals accepted by Platts to deliver WTI Midland crude oil into the Brent benchmark complex.

The latest terminals passing the Platts review process for inclusion in this key benchmark are: EPIC Crude Terminal; Enterprise Houston Ship Channel; Buckeye Texas Hub; and Enbridge Ingleside Energy Center. Each terminal applied in recent weeks to be considered for inclusion as a supply location of WTI Midland, as the US grade becomes a deliverable cargo into the Dated Brent and cash BFOE benchmarks, as assessed by Platts.

Platts announced June 8 it will reflect cargoes of WTI Midland crude oil into its Dated Brent, Cash BFOE and all related price assessments across the Brent complex with effect from June 2023 cargo deliveries. This will be the first time that a crude grade from outside of the North Sea will be reflected in the Brent complex, and the inclusion will help ensure a stronger and more robust Brent complex for the decades ahead.

After a public and transparent feedback period, the four additional terminals have been added to the list of facilities approved since the September 6 inclusion of NuStar at Corpus Christi, the first terminal accepted in the process.

"The addition of these four terminals further shows the interest and commitment of US logistics companies to be involved in delivering oil into the world's leading crude benchmark. The number of terminals we have approved will give a greater diversity of supply into Dated Brent, allowing more oil to underpin the benchmark for a robust benchmark into the future," saidJoel Hanley, Global Director, Crude & Fuel Oil Markets, S&P Global Commodity Insights.

The full list of terminals reviewed and accepted into the Brent benchmark price assessment process from June 2023 is as follows:

Owner

Terminal Name

Location

Pin Oak Terminals

Pin Oak Corpus Christi Terminal

Corpus Christi

NuStar

Texas North Beach Terminal

Corpus Christi

Flint Hills Resources

FHR Ingleside Terminal

Corpus Christi

Buckeye Partners

South Texas Gateway Terminal

Corpus Christi

Magellan

Seabrook Logistics Terminal

Houston

Energy Transfer Partners

Energy Transfer Houston Terminal

Houston

Plains

Eagle Ford Terminals Corpus Christi

Corpus Christi

Buckeye Partners

Buckeye Texas Hub Terminal

Corpus Christi

Enterprise

Enterprise Houston Ship Channel Terminal

Houston

EPIC

EPIC Crude Terminals

Corpus Christi

Enbridge

Enbridge Ingleside Energy Center

Corpus Christi

Visit the website for detailed information about the Platts price assessment process methodology and specifications

*BFOE (grades of oil)- Brent, Forties, Oseberg & Ekofisk

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SOURCE S&P Global Commodity Insights