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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
WTI all the way
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