Platts to include Buckeye South Texas Gateway Terminal into Brent complex assessment process for June 2023

Platts, part of S&P Global Commodity Insights, will include Buckeye South Texas Gateway Terminal as a loading terminal for WTI Midland crude oil into its Dated Brent and Cash BFOE Market on Close assessment process for June 2023 deliveries.

This follows an extended period of feedback. Sellers would be able to nominate WTI Midland meeting Platts specification loaded from Buckeye South Texas Gateway Terminal for inclusion into the Dated Brent/Cash BFOE assessment process starting with the June 2023 delivery period.

The terminal, located in Ingleside, Texas, is wholly owned by Buckeye South Texas Gateway Terminal, LLC, a joint venture between Buckeye Partners L.P., Phillips 66 Company, and Marathon Petroleum Company LP. It handles bulk storage and marine loading of crude oil. The terminal has two docks that can fit up to a VLCC-sized vessel and 8 million barrels of storage capacity, 3.2 million barrels of which is for WTI Midland crude oil storage.

Platts decision to include WTI Midland into the Brent complex, and clarification of the review process by which loading terminals are included in the assessment process, can be found here.