Platts to launch a New York Harbor Intertank Transfer ethanol assessment

Platts, part of S&P Global Commodity Insights, will launch a daily New York Harbor Intertank Transfer ethanol assessment, effective Feb. 1, 2023.

This assessment will provide transparency to the pricing of ethanol at the Sewaren terminal in New York Harbor and will be in addition to the current New York Harbor FOB barge assessment. The changes were first proposed Nov. 17, 2022, in a subscriber note.

The assessment will reflect volumes of a minimum of 5,000 barrels traded with a transfer date five to 15 days forward from the day of publication. The NYH ITT daily assessment will be listed under the Platts symbol ANYHA00 and will be published in the Biofuelscan and Fuel Ethanol report. It will also be published on Platts Biofuel Alert pages PB0010 and PB0012 and on the Platts Dimensions Pro platform. The monthly average price will be published under the symbol ANYHA03 and will appear on Platts Biofuel Alert pages PB0210 and PB0212.

Offtake options

Buyer has the option to take delivery of the product in a method other than by ITT at the Sewaren terminal such as by barge. All incremental costs associated with the chosen offtake option would be borne by the buyer. A seller should not unreasonably withhold any offtake option, and any associated costs for non-ITT offtake options must be demonstrably reasonable and typical. Platts considers LEAP terms standard in the New York Harbor ethanol market.

Nomination guidelines

In the ITT market, the buyer retains the option to nominate the transfer date within a five- to 15-day forward range; this nomination should take place at least one calendar day in advance of the transfer date. For all nominations, there will be an end-of-day time cut-off of 1500 CT (1600 ET). Any nomination provided after this time would be considered as being for the next day. RINs transfer For transactions in this market, if ownership of the physical product transfers between Jan. 1 and Jan. 31 it would be the seller's option to transfer current or prior-year RINs. Transfers after Jan. 31 for the rest of the calendar year must carry current-year RINs. The physical ethanol transfer date determines what RIN vintage may be attached, not the trade date.

eWindow

To facilitate the assessment process, Platts will also launch a Platts Editorial Window, or eWindow, communication tool instrument for ITT Sewaren, effective Jan. 17. Timings and incremental guidelines will mirror the current FOB New York Harbor instruments. For example bids and offers will generate headlines on Platts Biofuels Alert Service. For bids and offers submitted directly through the eWindow communication tool, the cut-off time for entry is 2:00 pm Eastern time. Market participants will be able to improve their bids and offers by a minimum 0.05 cent/gallon per 30 seconds and a maximum of 0.25 cent/gallon per 30 seconds up until 2:29 pm Eastern time. Following any trade, a counterpart has 30 seconds to rebid or reoffer. Full details can be found here.

Please send all feedback and questions to americas_ags@spglobal.com and pricegroup@spglobal.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing.

Platts will consider all comments received and will make comments not marked as confidential available to the public upon request.