Oil’s Big Overhaul Shows Growing Dominance of US Crude
Platts says the market needs American oil and most traders agree, but the change isn’t without risk.
An oil pumpjack set up in a residential neighborhood pulls oil from the Permian Basin in Odessa, Texas.
Photographer: Joe Raedle/Getty Images North America
Welcome to Energy Daily, our guide to the energy and commodities markets powering the global economy. Today, we look at the big change afoot in the oil market with the revamp of the Dated Brent benchmark. To get Energy Daily sent to your inbox, you can sign up here.
What is the oil price? Over the next few weeks, the answer to that question will change in a way that hasn’t been seen for decades.