Tag: Brent

  • Oxford Energy Forum – Oil Benchmarks – Issue 113

    By: OIES

    This issue of the Oxford Energy Forum is devoted to analysing the role of oil benchmarks, their evolution over time, the challenges facing the most established benchmarks, and the extent to which the current transformations in oil market fundamentals and crude trade flows as well as changes in the regulatory environment are likely to result […]

  • Oil Benchmarks: what next?

    By: Liz Bossley

    For the trading community, 2017’s ‘IP week’ in London (20-23 February) was not just concerned with the forecast level of crude oil prices, but about how those prices are expressed, assessed ​and reported. Once again the security of international oil price benchmarks is a significant cause for concern.  In this comment, Liz Bossley argues that […]

  • Global Oil Markets – Current Developments and Future Prospects

    By: Bassam Fattouh

    In this presentation, given at the Bank of England, Bassam Fattouh looks at current developments in the oil market and explores some short and medium term prospects and concludes with the following observations: • It is important to be clear about causality; it is supply and demand imbalances that cause stocks to rise and for […]

  • Eastward Shifting Oil Markets and the Future of Middle Eastern Benchmarks

    By: Fabian Weber

    The recent increased Chinese activity in the Platts Dubai window is yet another manifestation of the eastward shift of international oil markets. In light of these changing dynamics, the necessity for a new marker for East of Suez crude oil pricing is commonly taken for granted. But must the benchmark for East of Suez necessarily […]

  • Oil Markets in Transition and the Dubai Crude Oil Benchmark

    By: Adi Imsirovic

    Dubai crude oil has been the main Asian benchmark since the mid-1980s. The most notable and recent development in the Dubai benchmark has been the significant increase in the liquidity in the Platts ‘window’. What has caused this increase in liquidity? To answer this question, this comment will look at the two recent shifts in […]

  • New swings for West African crudes

    By: Bassam Fattouh , Amrita Sen

    While most recent analysis has focused on the potential impact of the US ‘tight oil’ revolution on global oil supplies and oil price levels, the impact on the shifts in trade flows and on the dynamics of price differentials has received much less attention. This is quite surprising, as the recent transformations in the US […]

  • An Anatomy of the Crude Oil Pricing System

    By: Bassam Fattouh

    The main purpose of this report is to analyse the main features of the current crude oil pricing system; to describe the structure of the main benchmarks currently used namely Brent West Texas Intermediate (WTI) and Dubai-Oman; to clearly identify the various financial layers that have emerged around these physical benchmarks; to analyse the links […]

  • An Anatomy of the Oil Pricing System

    By: Bassam Fattouh

    The current oil pricing system has now survived for almost a quarter of a century, longer than the OPEC administered system did. While some of the details have changed, the fundamentals of the current system have remained the same since the mid 1980s. In the light of the 2008-2009 price swings, the current oil pricing […]

  • Reinforcing Feedbacks, Time Spreads and Oil Prices

    By: Bassam Fattouh

    While the media often focuses on the sharp swings in oil price, there have been some interesting reinforcing feedbacks unfolding in the term structure of oil prices affecting the international pricing system, financial investment, inventories and OPEC behaviour. These feedbacks are not new to the oil market, but the current environment seems to have amplified […]

  • Prospects of the DME Oman Crude Oil Futures Contracts

    By: Bassam Fattouh

    In this comment, Bassam Fattouh re-assesses the prospects of DME’s Oman Crude Oil Futures Contract by focusing on three aspects: retroactive pricing, physical delivery and liquidity. He argues that in terms of providing better tools for risk management, enhancing price transparency and constituting the basis of a new benchmark, the DME’s contract has not made […]

  • WTI Benchmark Temporarily Breaks Down: Is it really a Big Deal?

    By: Bassam Fattouh

    The recent disconnection of WTI from the other benchmarks revived the debate on whether the WTI benchmark has been ‘broken’ and whether oil market participants should adopt an alternative benchmark that better reflects the supply demand balance in the oil market. In this article, the author discusses the reasons for the WTI disconnection and its […]

  • Redefining the Convenience Yield in the North Sea Crude Oil Market

    By: F. Caumon , J. Bower

    Despite falling production volumes and recent modifications to the way it is traded and prices reported, Brent crude oil produced in the North Sea remains the dominant marker grade for most of the crude oil produced and consumed outside of the Americas. This paper derives from a fundamental observation made by Paul Horsnell and Robert […]

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