The inclusion of US crude WTI in Europe's Brent complex has been accepted by the industry, delegates heard today at the Argus European Crude conference in Geneva, but disagreements remain about how to add the US crude to the North Sea forward market. Competing contract terms from BP and Shell have traded in the market in recent weeks. Shell's terms include the delivery of WTI on a delivered, or cif, Rotterdam basis, ensuring the cargoes can only be delivered to Europe. BP's contract allows for WTI to be delivered to a region other than Europe, which has more in common with a fob contract. Shell's objection to the ... (full story)