Platts changes Latin America, Caribbean MOC timings for eWindow launch of Guyana crude grades

Platts, part of S&P Global Commodity Insights, has changed the timing and increment guidelines for its Latin America and Caribbean Market on Close assessment process, with effect from March 11, 2024. This is in line with plans to launch the Platts Editorial Window (eWindow) communication tool for Guyana crude grades Liza, Unity Gold and Payara Gold.

Following the eWindow launch in this market on March 11, participants in the Platts MOC assessment process for Guyana crude grades Liza, Unity Gold and Payara Gold are able to submit bids and offers for publication directly through the eWindow software or through an editor, who would then publish bids and offers using the software.

The eWindow launch applies to the following assessments:

Liza (ALIZA00)

Liza vs Latin American Brent Futures Strip (ALIZC00)

Liza vs Latin America Dated Brent Strip (ALIZB00)

Liza vs Latin America WTI Strip (ALIZD00)

Unity Gold (AUNIA00)

Unity Gold vs Latin American Brent Futures Strip (AUNIB00)

Unity Gold vs Latin American WTI Strip (AUNIC00)

Unity Gold vs Latin American Dated Brent Strip (AUNID00)

Payara Gold (AYARA00)

Payara Gold vs Latin American Brent Futures Strip (AYARC00)

Payara Gold vs Latin American WTI Strip (AYARD00)

Payara Gold vs Latin American Dated Brent Strip (AYARB00)

Platts has established clearly defined timing guidelines and standards of incrementability that apply when publishing bids and offers in the MOC process, in order to ensure an orderly and transparent price assessment process, which can be found here: https://www.spglobal.com/commodityinsights/en/our-methodology/methodology-specifications/oil/oil-timing-and-increment-guidelines.

Under these changes to the MOC assessment process for Americas Crude - Latin America and Caribbean, all outright and floating bids and offers will continue to have to be submitted by 1.45.00 hours Eastern Standard Time. However, bids and offers submitted for publication via eWindow are now subject to new timing and increment guidelines which may vary from existing manual timing and increment guidelines, as detailed in the following table:

Platts expects credit relationships that prevail inside its assessment environment to fully reflect relationships in the market as a whole, and apply to these new instruments as well.

Where Platts publishes bids and offers on behalf of a company that submits data through an editor, counterparty credit settings are set to "open" for reviewed participants in the assessment process, unless companies have notified Platts in advance of any restrictions. Companies should provide notification on any changes to counterparty credit filters at least one hour prior to the cut off timing for submission of bids and offers in the MOC assessment process.

eWindow provides direct entry and management of credit filters, which should be those normally applied in the marketplace, for companies participating directly through the software.

Please send any comments or questions to americas_crude@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.