Platts to include Seabrook Logistics Terminal into Brent complex assessment process for June 2023

Platts, part of S&P Global Commodity Insights, will include Seabrook Logistics 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.

Sellers would be able to nominate WTI Midland meeting Platts specification loaded from Seabrook Logistics Terminal for inclusion into the Dated Brent/Cash BFOE assessment process starting with the June 2023 delivery period.

The terminal, located in Seabrook, Texas, is partially owned by Magellan OLP, L.P. and LBC Bayport Terminal, LLC. It handles only crude oil. The terminal has two docks that can fit up to an Aframax-size vessel and 3.996 million barrels of storage capacity, about 3 million barrels of which is for WTI Midland 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.