Platts to launch DDP Florida gasoline, diesel, jet fuel assessments April 1

Platts, part of S&P Global Commodity Insights, will launch daily assessments for gasoline, diesel and jet fuel cargoes delivered into Florida, with effect from April 1, 2024.

The new assessments will reflect the value of cargoes with a minimum size of 125,000 barrels of regular CBOB, premium CBOB, diesel and jet fuel, delivered three to 15 days forward from the date of assessment on a DDP (inside duty) basis in Port Everglades and Tampa, Florida.

The assessments are intended to provide more transparency into the emerging Florida fuels market. Florida can be supplied with fuel from the US Gulf Coast using Jones Act barges, and from the wider export market using international-flagged ships.

The new assessments will reflect the most competitive cargoes of gasoline, diesel and jet fuel delivered into Port Everglades and Tampa, respectively. Cargoes delivered in other Florida ports, or using other shipping incoterms, may be normalized for consideration in these assessments. Where relevant, information on adjacent markets may also be considered in the assessment process.

For all four products -- CBOB, premium CBOB, ULSD and jet fuel -- in both Port Everglades and Tampa, Platts will publish three new assessments in US cents per gallon, and their respective monthly averages:

• the outright price of the cargo
• the differential versus the relevant NYMEX futures contract -- these differentials will reference the same NYMEX futures month as the corresponding prompt USGC Colonial Pipeline market
• the spread between the outright Florida cargo assessments and the corresponding prompt cycle Colonial Pipeline assessments

The DDP Florida gasoline assessments will reflect the same Reid Vapor Pressure as the prompt Colonial Pipeline market.

The new DDP Florida assessments were proposed by Platts in a subscriber note published Jan. 26, 2024, available here.

Please send any comments or questions to americas_products@spglobal.com and pricegroup@spglobal.com.

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