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S&P Global Platts to Assess the Value of 11 Crude Oils on A North Asia Delivered Basis - Reflects growing importance of North Asia as the world’s largest crude importing region; increases price transparency for crude delivered into North Asia - SPGlobal.com
S&P Global Platts to Assess the Value of 11 Crude Oils on A North Asia Delivered Basis

 

NewswireToday - /newswire/ - London, United Kingdom, 2018/02/19 - Reflects growing importance of North Asia as the world’s largest crude importing region; increases price transparency for crude delivered into North Asia - SPGlobal.com. NYSE: MHP; NYSE: MHFI

   
 
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S&P Global Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets, today announced that it will publish daily assessments on a CFR (Cost and Freight) North Asia basis for 11 crude oils with effect from March 26, 2018 to reflect growing market interest in the value of crude oils from around the world delivered to buyers in China, Japan and South Korea.

Platts will publish assessments for six Middle Eastern crudes, two US grades, one Russian grade, one North Sea grade, and one West African grade.

Jonty Rushforth, Senior Director, Energy Price Group at S&P Global Platts said: “Feedback from market participants demonstrates demand for more insight into how the fundamentals for these key 11 crudes from the Middle East, US, Russia, the North Sea and West Africa are shaped increasingly by their desirability among key Asian buyers”.

Vera Blei, Global Director of Oil Markets at S&P Global Platts added: “These new CFR North Asia assessments will help market participants better analyze the competitiveness of crude flows that increasingly feed the demand of buyers across the region, particularly in high growth demand centers like China, and core refining and consumption countries like Japan and South Korea”.

Specifically, Platts will publish CFR North Asia price assessments for Oman, Dubai, Murban, Upper Zakum, Qatar Marine, Basrah Light, ESPO, LOOP Sour, WTI MEH, Forties and Dalia on a CFR North Asia basis.

Five of these crudes -- Basrah Light, Dubai, Oman, Qatar Marine, and Upper Zakum -- will be among seven grades of crude oil that will be deliverable into a new crude futures contract being launched by the Shanghai International Energy Exchange. That contract is also expected to launch on March 26.

The new assessments will reflect the value of these crudes delivered into North Asia at 16:30 hours Singapore time, including freight and any other relevant costs into North Asia. These assessments would be published in addition to Platts' existing assessments for all these grades.

Platts crude oil assessments are built on the Platts Market-on-Close (MOC) methodology, highly-transparent price assessment process based on the principle that price is a function of time. The MOC process in oil identifies bid, offer and transaction data by company and results in a time-sensitive, end-of-trading-day daily price assessment. For more information, visit this methodology and specification page of the Platts website.

Platts invites comments on these planned new assessments by February 28, 2018.

About S&P Global Platts

At S&P Global Platts (spglobal.com | platts.com), we provide the insights; you make better informed trading and business decisions with confidence. We’re the leading independent provider of information and benchmark prices for the commodities and energy markets. Customers in over 150 countries look to our expertise in news, pricing and analytics to deliver greater transparency and efficiency to markets. S&P Global Platts coverage includes oil and gas, power, petrochemicals, metals, agriculture and shipping.

S&P Global Platts is a division of S&P Global, which provides essential intelligence for individuals, companies and governments to make decisions with confidence.

 
 
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S&P Global Platts to Assess the Value of 11 Crude Oils on A North Asia Delivered Basis

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