What is Brent Crude? - Brent Crude Oil Trading - kalkine Media

Brent crude or Brent blend is among the two most significant crude oil benchmarks used globally for trading. Sometimes, it is also known as Brent oil or London Brent. It is referred to as sweet because of its low Sulphur content and light because of its low relative density. Brent crude is used to price around seventy-five per cent of the globally traded oil supplies.
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Insights about Brent Crude :
To understand Brent crude's insights, one must first understand the basic extraction process related to oil exploration. Oil is explored from the subsurface reservoirs using the drilling technique. A hole is drilled into the reservoir's depth to puncture it and extract all the deposited crude oil with a pipeline to the surface. The extracted oil is not present in its purest form and needs to go through various stages of refining for further use as an end product.

The amount of impurities present in crude oil is directly related to the age of maturation, depth, type of source material, and reservoir rocks. With a higher level of impurities, the crude oil becomes sour; however, it becomes sweet in case of fewer impurities. Sour oil corrodes the equipment, storage tanks and pipeline through which it comes in contact during transportation and storage. .

Brent oil is extricated from the oilfields present in the North Sea between UK and Norway. The name “Brent” comes from Brent oil fields which ultimately follows the naming convention of Shell UK division, which named all of its fields after birds like Brent Goose in case of Brent.

When was Brent crude first discovered?

Brent crude was first discovered in 1859 in Atlantic Ocean’s North Sea. The commercial exploration was started in 1966, which was further developed in the early 1970s to ramp up the exploration activities. After the oil pipeline construction in 1975, Brent crude oil began to be transported to the Saloomwoo oil terminal in Britain for refining.

Brent Crude Trading

The crude oil commodities begin trading in futures after the 1970 OPEC crisis. Brent futures are traded on the New York Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE). One contract of Brent futures contains 1,000 barrels of oil.

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