Platts to launch Magdalena crude assessment April 2

Platts will launch a new assessment for Colombia's Magdalena crude, beginning April 2, 2012, following feedback to its proposal published on January 24 to launch the new assessment.

Production of the crude has increased, leading to ample exports to the US Gulf Coast and other regions.

Magdalena crude has a gravity of 20 API and 1.6% sulfur content. It is exported in 300,000-barrel cargoes from the Colombian port of Covenas.

Platts will assess Magdalena on an FOB Covenas basis, and assessments will reflect the value of cargoes loading 15-45 days after the date of assessment.

The daily code for the outright price is AAWFR00, while the code for the differential is AAWFS00.

The new price assessment will appear on Platts Global Alert page 280, in Platts Oilgram Price Report, Crude Oil Marketwire and in Platts Latin American Wire.

Please send any further questions or comments to americas_crude@platts.com and pricegroup@platts.com.