Refined Products, Jet Fuel

January 02, 2025

Platts splits Middle East and Africa Jet Fuel index, amends Global Jet Index Jan 2

Platts, part of S&P Global Commodity Insights, has amended the composition of its Middle East and Africa jet fuel index to reflect only Middle East assessments, and rename it to Platts Middle East jet fuel index. At the same time, Platts has launched a new Africa jet fuel index, effective Jan. 2, 2025.

The changes were announced in a subscriber note published Dec 5, found here, and follows a proposal published Oct. 25, amid market requests for Platts to publish an independent jet fuel index for Africa. Feedback suggested the emergence of new trade flows and domestic African refining capacity has resulted in a significant variance in value of jet fuel in Africa relative to the Middle East region.

Changes to regional indexes

The Middle East and Africa jet fuel index previously comprised the value of jet fuel in the Middle East (55%), Mediterranean (25%), West Africa (15%) and South Africa (5%). From Jan. 2, 2025, the Mediterranean, West Africa and South Africa will each account for 30%, 35% and 35% of the new Africa jet fuel index, respectively -- reflecting jet fuel demand primarily from uplift data and trading volume.

The value of jet fuel in the Mediterranean, West Africa and South Africa will continue to be underpinned by the Platts Jet FOB Med Cargo assessment [AAIDL00], Platts Jet FOB STS Lome assessment [AJWAA00] and the Platts Jet Kero CFR South Africa Cargo assessment [AAQWT00], respectively.

Meanwhile, Platts Jet Kero FOB Arab Gulf Cargo assessment [PJAAA00] and Jet Kero FOB Fujairah Cargo [AFUJF00] assessment will each account for 50% of the renamed Middle East jet fuel index.

Changes to Platts Middle East and Africa index from Jan. 2, 2025:

Platts assessment Code Regional index (from Jan. 2) Weighting
Jet Kero FOB Arab Gulf Cargo PJAAA00 Middle East 50%
Jet Kero FOB Fujairah Cargo AFUJF00 Middle East 50%
Jet FOB Med Cargo AAIDL00 Africa 30%
Jet FOB STS Lome AJWAA00 Africa 35%
Jet Kero CFR South Africa Cargo AAQWT00 Africa 35%

In addition to outright values in US cents/gal, $/barrel and $/mt, Platts jet fuel indexes are also published as relative values, which express the value of an index as a percentage of its base value at the time it was launched. For the new Africa jet fuel index, Platts determines this base value by calculating the average value of the same index during 2024.

New Africa jet fuel Index symbols:

Description Code

Jet Index Africa Cts/Gal

JIMEA00

Jet Index Africa $/Bbl

JIMEB00

Jet Index Africa $/mt

JIMEC00

Jet Index Africa (Relative Value)

JIMED00

Changes to Global Jet Fuel Index

Following these changes, the Platts Global Jet Fuel Index will be formed of six regional indexes from the previous five, namely: Asia & Oceania, Middle East, Europe & CIS, Africa, North America and Latin America, effective Jan 2, 2025.

The Platts Global Jet Fuel Index is a weighted average of Platts jet fuel assessments from major global trading, supply and demand centers. The weightings in the index represent a broad view of proportional demand for jet fuel around the world.

Details of the methodology can be found here: /content/dam/spglobal/ci/en/documents/platts/en/our-methodology/methodology-specifications/World_Jet_Indexes.pdf(opens in a new tab).

The changes taking effect from Jan. 2 will not impact the weighting of the regional indexes for Asia & Oceania, Europe & CIS, North America and Latin America in the calculation of the Global Jet Fuel Index.

Composition of regional indexes and weightings:

Regional index Weightings (from Jan. 2)
North America 38.61%
Europe & CIS 28.47%
Asia & Oceania 21.74%
Middle East 5.33%
Latin America 4.08%
Africa 1.77%

These assessments appear on Platts Global Alert page 115, in Asia Pacific Arab Gulf Marketscan, European Marketscan, US Marketscan and in the Platts price data base under the codes above.

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