25 Feb 2021 | 18:36 UTC — New York

S&P Global Platts to continue publishing FOB netback reference value for Dated Brent from July 2022 onwards

In preparation for the move of Dated Brent and all related Platts Brent assessments to a CIF delivered basis from July 2022 cargoes onwards, S&P Global Platts would like to provide further requested clarity on assessments that will be published after implementation.

Platts will continue to provide an FOB reference value for Dated Brent, which will be calculated as a netback from the core Dated Brent assessment, using a basket of Platts-assessed freight rates for loadings at Sullom Voe, Hound Point, Sture, Teesside, and Mongstad. Platts will not reflect bids or offers for FOB-loading cargoes in this value after implementation. The Platts data code for this netback FOB reference value will be PCAAS00.

The Platts Dated Brent benchmark, which will reflect spot market activity for physical crude on a delivered basis for Brent/Ninian, Forties, Oseberg, Ekofisk, Troll, and WTI Midland as previously announced, will be available in Platts Market Data under the code AAOFD00 after implementation of the methodology change. This code will reflect the continuous price history of the published Platts Dated Brent benchmark.

The current Platts Dated Brent (CIF) assessment will become an identical value to Platts Dated Brent after implementation, and will still be available in Platts Market Data under the code PCAKM00.

The full subscriber note of the Feb. 22, 2021, announcement of this change can be found here:

https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/022221-platts-to-reflect-wti-midland-in-dated-brent-cash-bfoe-from-july-2022-deliveries-amend-brent-assessments-to-delivered-bas

Please send all comments, feedback and questions to Europe_Crude@spglobal.com and pricegroup@spglobal.com.

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.