Platts proposes to launch new eWindow instruments for Asia MTBE from Feb 14

Platts, part of S&P Global Commodity Insights, proposes to launch additional eWindow instruments for the FOB Straits MTBE Platts Market on Close assessment process, effective Feb. 14.

The new instruments would allow market participants in the MOC to submit bids and offers for MTBE expressed as a differential (premium or discount) to the whole-month average of Platts FOB Singapore 92 RON gasoline derivative assessments.

The proposed new instruments expressed in $/b would include:

• MTBE Differential Balance Month (MTBE Diff Balmo)
• MTBE Differential Month M1 (MTBE Diff M1)
• MTBE Differential Month M2 (MTBE Diff M2)

Participants would be able to submit bids and offers for MTBE Diff Balmo only from the first publication day of the calendar month up to and including the 15th calendar day of the month. Participants would be able to submit bids and offers for MTBE Diff M1 and MTBE Diff M2 at any time. The underlying gasoline month would roll on the first of the month.

For example, in March 2025, from March 3 until March 14, bids and offers can be communicated to Platts on the following pricing basis: MTBE Diff Balmo, MTBE Diff M1 and MTBE Diff M2.

From March 17 (the first publishing day after the 15th) until March 31, bids and offers can be submitted only on an MTBE Diff M1 and MTBE Diff M2 basis.

In this example, Platts would consider the following underlying gasoline price when establishing the outright value of bids, offers and trades:

• MTBE Diff Balmo (only during March 3-14): Balance of March gasoline derivative assessment.
• MTBE Diff M1: April gasoline derivative assessment. It will roll to May on April 1.
• MTBE Diff M2: May gasoline derivative assessment. It will roll to June on April 1.

The proposed instruments would complement the existing outright and differential MTBE instruments, namely Platts MTBE 3kt, Platts MTBE 5kt, Platts MTBE Diff 3kt and Platts MTBE Diff 5kt.

All timing and increment guidelines for the new instruments would mirror the guidelines for the existing differential assessments. Platts has established clearly defined timing guidelines and standards of incrementability that apply when publishing bids and offers in the MOC to ensure an orderly and transparent price assessment process, which can be found at https://www.spglobal.com/commodityinsights/PlattsContent/_assets/_files/en/our-methodology/methodology-specifications/petrochemicals-timing-increment-guidelines.pdf.

Namely, market participants would be able to improve their bids and offers by a minimum of $0.01/b per 30 seconds and a maximum of $0.05/b per 30 seconds right up until the close of the MOC at 4:30 pm Singapore time.

Following any trade, there would be 30 seconds to rebid or re-offer. A one-minute extension period would be triggered by any price move or a rebid/re-offer in the 30 seconds prior to the close of the MOC.

All other aspects of the FOB Singapore MTBE assessment methodology would remain unchanged. The launch of these new instruments on the eWindow follows market feedback on the Asia MTBE assessment methodology changes, effective Jan. 2.

Companies that wish to participate in the MOC for FOB Straits MTBE may submit their interest at https://www.spglobal.com/commodityinsights/en/our-methodology/participation-review.

Please send all comments, feedback and questions to petchems@spglobal.com and pricegroup@spglobal.com by Feb. 11.

For written comments, please provide a clear indication if they are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make those not marked as confidential available upon request.