In February 2013, Shell announced a notice on the website, which informed Shell that the company will change its position in the so-called “Brent Crude (95.79, -0.07, -0.07%) spot market on Mondays (Dated Brentmarket). )" In terms of SUKO90 in the contract that began in May, Shell said that this move will help improve the liquidity of the key North Sea market. Shell 's actions shocked the entire oil world. The company unilaterally rewritten the rules of the global oil benchmark market and may face liquidity squeeze from other participants.
SUKO90 clause is the standard clause of the Brent spot market, while the Brent crude spot market is a complex mutual influence market containing the OTC forward crude oil trade contract and the North Sea spot crude oil commodity. This market is Brent crude oil futures. The basis of price.
The Brent crude spot market has been closely watched by analysts, critics have criticized the price of this market is too dependent on the declining production of North Sea crude oil, making Brent spot prices easily disturbed and manipulated. Due to the gradual reduction of crude oil production in the North Sea, local small-scale supply losses may push up global oil prices, which makes Brent’s oil price credibility questioned.
In order to solve this problem, Shell added a new quality premium to the BFOE forward contracts (referring to Brent, FortiesOseberg and Ekofisk crude oil). Shell believes this move will allow more crude oil to participate in the development of spot prices.
Other major players in the market did not immediately disclose their support or opposition to Shell's actions. However, Platts, the price-comprehensive agency, said in a statement that the agency will ignore the new terms of Shell until there is no new notice.
Oil traders told Reuters that Platts’ move could result in a liquidity split in the Brent spot market, which may lead to a repeat of the North Sea crude oil trade freeze that took place in 2002 after major players failed to reach a market rule.
A senior trader said: "This is a very headache for Platts because they have been trying hard to find a solution to the North Sea liquidity problem."
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