Market foundations
Different barrels.
Different reference points.
Start with the benchmark, then check grade, delivery location, timing and methodology.
This guide explains market structure. It does not display executable prices or current assessments.
| Reference family | Physical context | What to check |
|---|
| Brent | Waterborne crude pricing | Dated assessment, forward cargo or futures? |
| WTI | US light sweet crude | Cushing, Midland or Houston? Delivery month? |
| Dubai / Oman | Middle East / Asian trade | Provider, assessment window and grade basis |
01 / Brent
A family of related prices.
Platts Dated Brent is a physical crude assessment. ICE Brent futures are a separate exchange-traded contract. Both belong within a wider Brent pricing system, but their delivery terms and calculation methods differ. Comparing them requires a matched date and basis.
ICE describes the inclusion of WTI Midland in the physical Brent assessment basket from June 2023. Historical explanations that list only older North Sea streams should be read in their original date context.
S&P Global · Dated Brent explained →ICE · Brent methodology and contract context →
02 / West Texas Intermediate
Location is part of the price.
WTI is associated with US light sweet crude and Cushing, Oklahoma. Physical markets also distinguish Midland and Houston. A differential reflects a specified grade, place and period relative to its agreed reference; an export cargo is not interchangeable with a futures contract.
Argus · Americas crude products →EIA · Benchmark background, 2014 →
03 / Dubai and Oman
Understand the east-of-Suez basis.
Dubai and Oman are reference points for Middle East crude sold into Asia. Check the precise publisher and instrument before comparing a Dubai-linked cargo with an Atlantic Basin price. Quality, loading period and freight all matter.
EIA · Historical benchmark explainer, 2014 →
Crude quality
Density and sulfur change the picture.
API gravity expresses density: higher API means a lighter liquid. Sulfur content is another important characteristic. Refinery equipment determines how different crude streams can be processed; labels such as light or heavy are only a first description.
EIA · Refinery inputs and outputs →Explore a cargo scenario →