The ARGUS North Sea Dated crude price assessment
The North Sea crude market is one of the most important crude markets in the world. The Argus North Sea Dated price assessment is derived from a methodology that involves five crude grades, Brent, Forties, Oseberg, Ekofisk and Troll (BFOET).
Advantages of the ARGUS North Sea Dated crude price assessment
For many years, the main North Sea crude price was the price of Brent Blend. But there was a problem with the Brent Blend benchmark. Production of Brent crude is in decline and the number of freely available cargoes for trade is declining even more rapidly. This means that the benchmark did not always reflect the consensus view of the prevailing market. Consequently, Argus developed the concept of a generic North Sea benchmark which involved broadening the base of liquidity that underpins the benchmark. The generic North Sea benchmarks in Argus Crude evolved over time — from the Argus North Sea price assessment to the Argus North Sea Reference Price — but eventually the generic benchmark became the Argus North Sea Dated price assessment, a price assessment derived from a methodology that involves the five BFOET crude grades.
Users of the ARGUS North Sea Dated crude price assessment
The Argus North Sea Dated crude price assessment is the market's implied value for the North Sea Dated price reference obtained by cross-referencing forward trade, contracts-for-difference trade and physical differentials for the five BFOET crudes within the 10 days-month ahead assessment period.