Refined Products, Gasoline, Naphtha

March 25, 2024

Platts to change eWindow timings, add NYMEX-related instruments for US Gulf Coast naphtha barges

Platts, part of S&P Global Commodity Insights, has decided to change the timing and increment guidelines for its US Gulf Coast naphtha Market on Close assessment process, effective April 1.

In addition, Platts will launch new eWindow naphtha instruments for differentials against NYMEX RBOB futures, effective April 1, following increased manual activity for NYMEX-related USGC naphtha bids and offers in the MOC.

The changes to timing and increments apply to existing eWindow instruments for standard and heavy USGC naphtha barge outright bids and offers, and related spreads to Gulf Coast waterborne unleaded 87 gasoline, as well as the new instruments for differentials against NYMEX RBOB futures from April 1.

Further information can be found here: https://www.spglobal.com/commodityinsights/en/our-methodology/methodology-specifications/oil/oil-timing-and-increment-guidelines

Timing and increments Current Proposed
Repeatability Within 60 seconds Within 30 seconds
Final state 2.28.00.00 2.29.00.000
Market close 2.30.00.00 2.30.00.999
Extension trigger period 2.29.30.00 to 2.30.00.00 2.29.40.000 to 2.30.00.000
Extension state 2.30.01.00 to 2.32.00.00 2.30.01.000 to 2:31:00:999
Maximum price increment $0.0025/gal per 60 secs $0.0025/gal per 30 secs

Platts assesses the value of standard and heavy US Gulf Coast naphtha on a DAP Houston basis reflecting a minimum volume of 50,000 barrels, for delivery 5-15 days forward from the date of publication, narrowed to an agreed three-day delivery period.

Participants in the Platts MOC assessment process for USGC naphtha barges may continue to submit directly through the eWindow communication tool bids or offers on an outright basis in US cents per gallon, or as differentials against Gulf Coast waterborne unleaded 87 gasoline, and from April 1, the additional option of differentials against related NYMEX RBOB futures for Month 1 or Month 2 which may be normalized to the relevant month for assessment purposes.

Please send any comments or questions to americas_products@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.