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canada goose clearance sale Shell’s shock move jumpstarts oil benchmark reform debate canada goose clearance sale

canada goose LONDON/NEW cheap canada goose uk YORK, Feb 8 canada goose clearance (Reuters) Royal Dutch Shell upended the oil world on Friday, Canada Goose Jackets unilaterally rewriting the rules of the market that sets the basis of billions of dollars of oil worldwide, risking a liquidity sapping confrontation with other actors. canada goose

Canada Goose Jackets In a notice published on its buy canada goose jacket cheap website, Shell said canada goose it would alter its SUKO 90 terms in the so called Dated Brent market starting on Monday for cargoes loading in May and thereafter in a move the oil major said would bolster liquidity in Canada Goose sale the key North Sea market. Canada Goose Jackets

Canada Goose Parka The SUKO 90 terms are the standard terms for the Dated Brent market, a complex interlocking market for over the counter forward oil sales contracts and physical oil cargoes in the North Sea that underlies Brent crude Canada Goose Parka futures. Canada Goose Parka

Dated Brent has come under scrutiny from oil market analysts as overly canada goose black friday sale reliant on increasingly small streams of North Sea canada goose factory sale crude oil production, which critics say leaves the Dated Brent price open to distortion and manipulation.

cheap Canada Goose Other major participants in the Dated Brent market did not immediately publicly endorse or reject Shell proposed changes. But price reporting canadian goose jacket agency Platts, which sets the generally accepted Dated Brent price that underlies oil sales contracts worldwide, said in a statement canada goose clearance sale it buy canada goose jacket would ignore Shell new terms until further notice. cheap Canada Goose

Canada Goose sale Platts rejection of Shell proposed changes risked fragmenting liquidity in the Dated Brent market, oil traders said, raising the specter of a repeat of a freeze up of the North Sea oil trade last seen in 2002 when major participants failed to agree on changes to the rules of the market. Canada Goose sale

canada goose coats is a serious headache for Platts because they have been trying to find a consensus solution to the (North Sea) liquidity problem, said one veteran oil trader. canada goose coats

canada goose black friday sale Officials at Platts, a unit of McGraw Hill Corp were not immediately available to comment. canada goose black friday sale

CAUTIOUS OPTIMISM The split between Shell and Platts comes as a steady decline canada goose coats in North Sea oil output and unplanned oilfield outages have raised questions about Brent credibility as a global benchmark. These small, local supply losses can boost world prices.

buy canada goose jacket Shell said it will apply a new Quality Premium to BFOE forward contracts referring canada goose sale to canada goose coats on sale deals in Brent, Forties Oseberg and Ekofisk crudes the four crudes that help Canada Goose Coats On Sale to set dated Brent, but not to dated Brent itself. buy canada goose jacket

Canada Goose Outlet new robust and transparent Quality Premium mechanism will support the canada goose store Brent benchmark by allowing for more crude grades and cargoes canada goose uk shop to be used in establishing Canada Goose Online the underlying market price, Shell said in an emailed statement. Canada Goose Outlet

canadian goose jacket will therefore contribute towards higher liquidity and better price discovery. canadian goose jacket

Some traders who do business with Shell were cautiously accepting of the major new terms, which take effect on Monday.

canada goose clearance look set to improve liquidity. They should make more cargoes eligible to set the (Dated Brent) price, said one. canada goose clearance

Others suggested the terms would reduce the influence of oil purchases by South Korean refiners that have been blamed for distorting Dated cheap Canada Goose Brent in recent months.

Canada Goose online A free trade agreement between the European Union and South Korea has made Forties crude more attractive to South Korean oil refiners, introducing a new element that some traders say has skewed the relatively small market canada goose uk outlet for Forties crude. Canada Goose online

buy canada goose jacket cheap Platts did not rule out eventually accepting uk canada goose Shell new terms but said it wants a formal review involving all before any changes to the BFOE trading terms take effect. buy canada goose jacket cheap

the industry may be exploring alternative concepts, Platts said in an email to subscribers on Friday following Shell announcement, assessments shall not reflect escalators until a formal methodology change Canada Goose Outlet has been proposed, announced, and reviewed with all interested stakeholders, and formally implemented.

canada goose store The rift uk canada goose outlet between one of the most powerful traders in the North Sea crude market and the price assessment agency canada goose uk black friday risks creating a dual market in the North Sea Brent, oil experts said, and could cut into liquidity if the market becomes fragmented. canada goose store

In an addition to the SUKO 90 terms posted on Canada Goose online its website, Shell listed a series of quality premiums that will apply depending on whether a cargo of Brent, Forties, Oseberg or Ekofisk is delivered into a contract, effective Feb. 11.

canada goose coats on sale Forties is usually the cheapest of the four crudes. North Sea traders say that at the moment it is the one that most often tends to be delivered into the contracts. canada goose coats on sale

canada goose deals Shell said it will apply the mechanism to BFOE forward contracts it trades with its own counterparties using SUKO 90 terms for delivery in May 2013 and later canada goose deals.