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A lot of implications from this Platts move. 1) the North Sea is running out of oil --> bad for ICE who owns Brent market 2) WTI added to Brent index --> good for CME who owns WTI market 3) S&P Global is flexing its index power muscles once again.https://www.bloomberg.com/news/articles/2021-03-03/platts-says-sorry-to-oil-traders-for-sudden-overhaul-to-brent …
ICE is trying to salvage the situation by offering two Brent contracts - one w/the old index & one w/the new index - to let the market decide. The stakes are high - Brent is one of their top earning futures markets.https://www.reuters.com/article/ice-oil-platts/ice-to-run-parallel-contracts-after-platts-brent-benchmark-change-idUSL5N2L16U0 …
Platts decided to make sudden benchmark changes bc of this chart - oil coming out of the North Sea is in terminal decline. The top oil benchmark needs to include the most active sources of oil, and its no longer the North Sea:pic.twitter.com/HomxXvFovZ
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