Platts clarifies CIF Urals and Mediterranean crude nomination standards

S&P Global Platts would like to restate its standards for nomination information in the cost, insurance and freight (CIF) Urals and Mediterranean crude markets.

In the Urals CIF Augusta, Urals CIF Rotterdam, CPC Blend CIF Augusta, Siberian Light CIF Augusta, and Azeri Light CIF Augusta markets, the seller must nominate the two-day loading laycan at least seven clear calendar days ahead of the first day of the originally traded five-day loading range.

The seller must also nominate the performing vessel name and load port at least seven clear calendar days ahead of the first day of the originally traded five-day loading range.

If that date is not a working day, then nomination should take place by close of business on the previous working day.

In the event that the seller intends to use the slippage day ahead of the originally traded five-day loading range, then the seller must nominate seven clear calendar days ahead of the slippage day.

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