Platts clarifies USGC terminal review process for WTI Midland in Brent Complex

Following the decision by Platts, part of S&P Global Commodity Insights, to reflect WTI Midland in both Cash BFOE and Dated Brent from June 2023, Platts clarifies the terminal review process discussed in that subscriber note.

The decision to include WTI Midland was published on June 8, 2022 and can be found here:

Platts will reflect in Dated Brent and Cash BFOE assessments WTI Midland cargoes loading in the US Gulf Coast (USGC) that meet the Platts specification which can be found here:

Additionally, Platts will reflect WTI Midland cargoes that can be loaded from reviewed and subsequently approved USGC oil terminals.

Any existing counterparty in Platts Brent assessment process can request a terminal be reviewed for inclusion in that process.

Additionally, any company and/or terminal operator can also request to be reviewed for inclusion in the assessment process.

A USGC terminal wishing to be included in the Brent assessment process would need to demonstrate an ability to load Cash BFOE nominations of WTI Midland that meet the nominated laycan, including a successful track record of loading in line with market-relevant performance standards. Terminals should demonstrate, at a minimum, the following:

  • Ability to accommodate Aframax class vessels that can load a 700,000-barrel cargo with a tolerance plus/minus 1%.
  • Load oil quality that meets Platts WTI Midland specification.
  • Must not have receipt directly from any Cushing origin pipeline.
  • Full transparency over terminal ownership structure.
  • Sufficient storage capacity to meet loading schedule.
  • Ability to provide a month-ahead loading schedule for Cash BFOE cargo slots for publication corresponding with the existing FOB North Sea loading programs. For example, the full-month June loading schedule should be provided on or before fallback day, which is the penultimate working day in April.

Following a request to be reviewed for inclusion, Platts will contact the terminal for further information and publish a subscriber note to seek market feedback, for each terminal individually.

Once the feedback and the relevant information from the terminal have been collated and reviewed, should the terminal meet the requirements, a further subscriber note would be published noting the decision to include the terminal in the price assessment process.

Platts will publish the list of approved terminals in its Specifications Guide.

The review is an ongoing process and terminals can expect to receive requests for further information following the initial review process.

Interested parties requesting a terminal review for inclusion in the Brent assessment process should send their request for review to and

For written comments, please provide a clear indication if they are not intended for publication by Platts for public viewing.

Platts will consider all comments received and will make those not marked as confidential available upon request.