Dated to Lead

The value of a DFL contract vs the associated Brent spreads. Given the 10–30 day loading methodology that Platts uses to settle Dated Brent swaps, M1 Dated to lead will be assessed as the DFL vs the next month forward Brent spread. For example, January Dated to lead is equal to January DFL – February vs March Brent spread. As Brent futures can be converted to BFOETM physical to align the Dated Brent swap prices via the STASCO BFOETM 2022 GTCs at Brent futures expiry, the value of this switch can be valued by assessing the difference in value between the two. Dated to lead is therefore used as an indicator to assess the cost of keeping physical barrels from the Brent Index or Brent futures expiry.