Examples of ICE Brent in a sentence
Where the Notice to Cash Settle ICE Brent Futures or the Standing Notice to Cash Settle ICE Brent Futures is completed and submitted to the Clearing House by the relevant time as applicable to each notice, then the Rules on cash settlement set out in the Rules shall apply.
ICE Brent Futures is a contract deliverable via EFP with an option to cash settle.
A decline in the price of ICE Brent Crude oil, a reference in determining the price at which the Company can sell future oil production, could adversely affect the amount of funds available for capital reinvestment purposes as well as the Company’s value in use calculations for impairment test purposes.
The Company's revenues are generated from oil sales at prices which reflect the blended prices received upon shipment by the purchaser at defined sales points or are defined by contract relative to ICE Brent and adjusted for Vasconia or Castilla crude differentials, quality, and transportation discounts each month.
Brentm shall be rounded to 4 decimal places; BRICE for a given month is the arithmetic mean of all the settlement prices (in US$/bbl) for each quoted day of that month as published by the Intercontinental Exchange of the first line ICE Brent futures contract.
Figure 2: The ICE Brent instrument complex: THE ICE BRENT COMPLEX Calendar April First lineFutures ‘roll’Daily Settlementsv v v v v v v v v v v v v v v v v v vCalendar May First lineCal.
In practice, Brent serves as both the European core marker, as well as the global default price for around two-thirds of the global physical total, with grades in Europe, the US and Asia tending to reference Brent (Either ‘Dated’ or ICE Brent), in ‘outright’ or ‘flat’ price terms.
Figure 2 below illustrates just some of the pricing and liquidity links that exist around the ICE Brent series of Futures, Swaps, and their related physical markets.
Other very large imported physical crudes to Europe such as Russian Urals and Saudi Arab Light both use Brent (Dated and ICE Brent respectively), as do almost all grades around the Mediterranean, African imports into Europe, and of course the North Sea’s many own fields.
ICE Brent futures averaged a discount of $1.73/b under DME Oman, while this relationship was reversed over April 2020, when Aramco was striving to pump at maximum capacity.