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Following a series of extensive stakeholder consultations and proposal periods, price reporting agencies S&P Global Commodity Insights (Platts) and Argus announced that WTI Midland will be included as part of their physical North Sea Brent basket price assessments, from June 2023 deliveries onwards. This widely accepted decision comes as a result of the dwindling production from the North Sea and the need to introduce new barrels to maintain the benchmark’s robustness.
Front month calendar spreads show that Friday's selloff hit crude harder than products. That being said, hedge funds likely continued to liquidate long positions in ICE gasoil, after selling 6,200 contracts in the week ending November 15th.
