S&P Global Platts and ICE Release Joint Paper and Open Market Consultations on Evolution of Brent Complex


LONDON–(COMMERCIAL THREAD) – S&P Global Platts (“Platts”), the leading independent provider of information, analysis and benchmarking for the commodities and energy markets, and Intercontinental Exchange, Inc. (NYSE: ICE ), one of the world’s leading providers of data, technology and market infrastructure, today released a common white paper and launched concurrent consultations on the development of the Brent complex, which includes futures contracts on Dated Brent, Cash Brent and ICE Brent Crude Oil.

The paper, co-authored by Platts and ICE who oversee, respectively, the valuation of the physical benchmark price of dated Brent and the ICE Brent crude oil futures contract, outlines options for adding additional deliverable crude oil. at the Brent Complex and describes a number of key issues and issues as it seeks market comment.

The ongoing discussions conducted separately by ICE and Platts have shown that industry opinion has focused specifically on two possible streams of crude to be part of Dated Brent. The first is Johan Sverdrup as a deliverable option under the Forward Brent contract, which would remain on a free on board (“FOB”) basis. The second is West Texas Intermediate (WTI) Midland, which would be a deliverable rating on a USGC FOB basis.

“By releasing this document, Platts and ICE are ensuring that the market hears the key themes regarding the evolution of the entire Brent complex, from the physical elements of Dated Brent itself and the valuations associated with financial futures, ”said Joel Hanley, Global Director, Crude Oil and Fuel Oil Markets, S&P Global Platts. “We look forward to working with market players and ensuring a smooth transition to the next phase of the Brent to Platts journey. ”

“Key to Brent’s decades-long success as a global crude oil benchmark has been its ability to scale, and we look forward to continuing discussions with customers as we navigate this next phase of its evolution with Platts.” said Jeff Barbuto, Global Head of Oil Markets at ICE. “Our goal for this consultation is to facilitate a discussion with market players covering all of the key issues that need to be addressed so that we can strengthen the Brent complex for decades to come.”

The white paper addresses a common set of issues and questions identified regarding the possible inclusion of the Johan Sverdrup and WTI Midland flows. Platts and ICE today announced market consultations via Platts’ Subscriber Notes and ICE Circular to solicit comments. All interested parties are encouraged to provide comments and provide any other relevant material through the respective consultation feedback channels. The deadline for comments is September 30, 2021.

About S&P Global Platts

At S&P Global Platts, we provide the information; you make more informed business and business decisions with confidence. We are the leading independent provider of information and benchmarks for the commodities and energy markets. Customers in more than 150 countries are turning to our expertise in news, pricing and analytics to deliver greater transparency and efficiency to markets. S&P Global Platts coverage includes oil and gas, power, petrochemicals, metals, agriculture and shipping.

S&P Global Platts is a division of S&P Global (NYSE: SPGI), which provides essential information to individuals, businesses and governments to make confident decisions. For more information visit www.platts.com.

About the intercontinental exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services in major asset classes that provide our clients with access to essential workflow tools that increase transparency and operational efficiency. We operate Trades, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our global fixed income data services and execution capabilities provide insights, analytics, and platforms that help our clients capitalize on opportunities and operate more efficiently. AT ICE Mortgage Technology, we’re transforming and digitizing the US residential mortgage process, from consumer engagement to loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunities.

Trademarks of ICE and / or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE, and New York Stock Exchange. Information regarding trademarks and additional intellectual property rights of Intercontinental Exchange, Inc. and / or its affiliates can be found here. The key information documents for certain products covered by the EU Regulation on retail and insurance-based investment products can be accessed on the website of the corresponding exchange under the heading “Key information documents (KIDS) ”.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 – Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risk. and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in forward-looking statements, see documents filed by the Securities and Exchange Commission (SEC) of ICE, including, but not limited to be limited to the risk factors in ICE’s annual report. Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the SEC on February 4, 2021.


Source: Intercontinental exchange


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