ICE, home of Brent oil futures trading, has put pressure on pricing agency Platts to postpone its physical Brent market reform, saying the market needs more time to consult and adjust the value of derivatives in line with the changes.
More than half the world's physical crude is priced off the Platts dated Brent benchmark, currently based on the value of five North Sea crude grades – Forties, Brent, Oseberg, Ekofisk and Troll. WTI will be reflected in dated Brent from July 2022 cargo deliveries, Platts said adding that the mechanism will be determined later during consultations with market participants.