{"id":5050,"date":"2024-04-30T07:12:37","date_gmt":"2024-04-30T14:12:37","guid":{"rendered":"https:\/\/smartermarkets.media\/?p=5050"},"modified":"2024-05-13T10:35:25","modified_gmt":"2024-05-13T17:35:25","slug":"back-to-the-futures-the-best-commodities-benchmarks-are-still-physically-settled","status":"publish","type":"post","link":"https:\/\/www.smartermarkets.media\/back-to-the-futures-the-best-commodities-benchmarks-are-still-physically-settled\/","title":{"rendered":"Back to the Future(s): The Best Commodities Benchmarks Are Still Physically-Settled"},"content":{"rendered":"<div class=\"pmpro\"><div class=\"pmpro_card pmpro_content_message\"><h2 class=\"pmpro_card_title pmpro_font-large\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"var(--pmpro--color--accent)\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" class=\"feather feather-lock\"><rect x=\"3\" y=\"11\" width=\"18\" height=\"11\" rx=\"2\" ry=\"2\"><\/rect><path d=\"M7 11V7a5 5 0 0 1 10 0v4\"><\/path><\/svg>Coffeehouse is currently hosting a private event.<\/h2><div class=\"pmpro_card_content\"><p>If you\u2019ve received an invitation, <a href=\"https:\/\/smartermarkets.media\/?option=oauthredirect&app_name=Smarter%20Markets&redirect_url=\">please log in here with Verifier+<\/a>.<p><\/div><div class=\"pmpro_card_actions pmpro_font-medium\">Want to know when memberships will be open to the public?<br><a href=\"https:\/\/smartermarkets.media\/waitlist\/\">Join the waitlist<\/a>.<\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<div class=\"pmpro\"><div class=\"pmpro_card pmpro_content_message\"><h2 class=\"pmpro_card_title pmpro_font-large\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"var(--pmpro--color--accent)\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" class=\"feather feather-lock\"><rect x=\"3\" y=\"11\" width=\"18\" height=\"11\" rx=\"2\" ry=\"2\"><\/rect><path d=\"M7 11V7a5 5 0 0 1 10 0v4\"><\/path><\/svg>Coffeehouse is currently hosting a private event.<\/h2><div class=\"pmpro_card_content\"><p>If you\u2019ve received an invitation, <a href=\"https:\/\/smartermarkets.media\/?option=oauthredirect&app_name=Smarter%20Markets&redirect_url=\">please log in here with Verifier+<\/a>.<p><\/div><div class=\"pmpro_card_actions pmpro_font-medium\">Want to know when memberships will be open to the public?<br><a href=\"https:\/\/smartermarkets.media\/waitlist\/\">Join the waitlist<\/a>.<\/div><\/div><\/div>","protected":false},"author":8,"featured_media":3912,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"pmpro_default_level":"","footnotes":""},"categories":[339],"tags":[338],"class_list":["post-5050","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-community-coffeehouse","tag-community-coffeehouse","pmpro-level-required","pmpro-level-1","pmpro-level-4","pmpro-level-5","pmpro-level-6","pmpro-level-7","pmpro-no-access"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Back to the Future(s): The Best Commodities Benchmarks Are Still Physically-Settled - SmarterMarkets\u2122<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/smartermarkets.media\/back-to-the-futures-the-best-commodities-benchmarks-are-still-physically-settled\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Back to the Future(s): The Best Commodities Benchmarks Are Still Physically-Settled - SmarterMarkets\u2122\" \/>\n<meta property=\"og:description\" content=\"Since 2002 and the advancement of financially-settled energy products via the NYMEX ClearPort platform \u2014 incumbent futures exchange operators have mostly neglected physically-settled markets. This created problems. Why? We dig into the issues below and present tangible arguments why today\u2019s LNG and other global commodity markets require physically-settled benchmarks for better price discovery, more reliable hedging, and improved risk management. What is a benchmark and what is the role in global commodity markets? It is certainly important before digging into the history of commodity benchmarks and their construct to define what we are discussing. What exactly are benchmarks? This subject has been debated for decades on their effectiveness and reliability. A benchmark is a standard or reference point against which the performance of a security, investment, or commodity can be measured. In the global commodity markets, benchmarks are used to determine the value of commodities based on factors such as production, storage, and transport logistics. These values can be volatile and vary depending on the quality and grade of the commodities being sold, as well as the location and delivery time. Benchmarks provide measurable metrics to compare the performance of commodities to support investors and traders in making informed decisions as well as provide a basis for setting prices and determining values of different commodities Benchmarked commodity futures markets afford the benefits of price discovery and liquidity while enabling market participants to efficiently transfer price risk. This allows those participants the ability to make business decisions based on their economics and exposure to the underlying instrument. Physically settled benchmarks exist in several key commodities markets including \u2014 and certainly not limited to \u2014 crude oil, petroleum products and natural gas. The growth of oil and natural gas production and distribution in North America over the past 20-30 years, especially through the \u201cmodernization of fracking,\u201d was enabled by the well-functioning physically-settled futures benchmark Henry Hub for US natural gas, and West Texas Intermediate for light, sweet crude oil. Market stakeholders with preliminary or contractual investment exposures in geology, property rights, capital markets and technology conveniently secured necessary financing by revealing hedged positions to demonstrate not only that they could get supply to market, but could do so with the economic certainty delivered with the hedge leveraging a reliable price reference. Benchmarks are vital in commodity markets in reflecting the values in the dynamics of production, storage and transport logistics. These dynamics are inherently volatile, with varying qualities and grades being sold at different locations for delivery at different points in time. Reliable benchmarks must bridge these tensions. A constellation of many small fragmented and illiquid markets does not support competitive price discovery or provide a liquidity pool for transferring risk. A market supported by a reliable benchmark creates a centralized market with competitive price discovery and a deep pool of liquidity for risk transfer. It also develops peripherally related markets that vary by specifications such as location, grades, qualities, and delivery times. Over time, meaningful common references have flourished to determine comparable differential or basis spreads to the benchmark.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/smartermarkets.media\/back-to-the-futures-the-best-commodities-benchmarks-are-still-physically-settled\/\" \/>\n<meta property=\"og:site_name\" content=\"SmarterMarkets\u2122\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-30T14:12:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-13T17:35:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/smartermarkets.media\/wp-content\/uploads\/2024\/02\/placeholder.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"960\" \/>\n\t<meta property=\"og:image:height\" content=\"540\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Paris Golab\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Paris Golab\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/smartermarkets.media\/back-to-the-futures-the-best-commodities-benchmarks-are-still-physically-settled\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/smartermarkets.media\/back-to-the-futures-the-best-commodities-benchmarks-are-still-physically-settled\/\"},\"author\":{\"name\":\"Paris Golab\",\"@id\":\"https:\/\/smartermarkets.media\/#\/schema\/person\/942153826ad2d51baa70c27b35b7d77f\"},\"headline\":\"Back to the Future(s): The Best Commodities Benchmarks Are Still Physically-Settled\",\"datePublished\":\"2024-04-30T14:12:37+00:00\",\"dateModified\":\"2024-05-13T17:35:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/smartermarkets.media\/back-to-the-futures-the-best-commodities-benchmarks-are-still-physically-settled\/\"},\"wordCount\":517,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/smartermarkets.media\/#organization\"},\"image\":{\"@id\":\"https:\/\/smartermarkets.media\/back-to-the-futures-the-best-commodities-benchmarks-are-still-physically-settled\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.smartermarkets.media\/wp-content\/uploads\/2024\/02\/placeholder.jpg\",\"keywords\":[\"community coffeehouse\"],\"articleSection\":[\"Community Coffeehouse\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/smartermarkets.media\/back-to-the-futures-the-best-commodities-benchmarks-are-still-physically-settled\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/smartermarkets.media\/back-to-the-futures-the-best-commodities-benchmarks-are-still-physically-settled\/\",\"url\":\"https:\/\/smartermarkets.media\/back-to-the-futures-the-best-commodities-benchmarks-are-still-physically-settled\/\",\"name\":\"Back to the Future(s): The Best Commodities Benchmarks Are Still Physically-Settled - 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These values can be volatile and vary depending on the quality and grade of the commodities being sold, as well as the location and delivery time. Benchmarks provide measurable metrics to compare the performance of commodities to support investors and traders in making informed decisions as well as provide a basis for setting prices and determining values of different commodities Benchmarked commodity futures markets afford the benefits of price discovery and liquidity while enabling market participants to efficiently transfer price risk. This allows those participants the ability to make business decisions based on their economics and exposure to the underlying instrument. Physically settled benchmarks exist in several key commodities markets including \u2014 and certainly not limited to \u2014 crude oil, petroleum products and natural gas. 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Reliable benchmarks must bridge these tensions. A constellation of many small fragmented and illiquid markets does not support competitive price discovery or provide a liquidity pool for transferring risk. A market supported by a reliable benchmark creates a centralized market with competitive price discovery and a deep pool of liquidity for risk transfer. It also develops peripherally related markets that vary by specifications such as location, grades, qualities, and delivery times. 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