Platts details roll logic for new NYMEX-related eWindow instruments for US Gulf Coast naphtha

Platts, part of S&P Global Commodity Insights, would like to give details of the roll logic of the new eWindow instruments for US Gulf Coast naphtha differentials against NYMEX RBOB futures on Months 1 and 2 basis.

The new eWindow instruments are:

Platts Standard Naphtha vs RBOB M1

Platts Standard Naphtha vs RBOB M2

Platts Heavy Naphtha vs RBOB M1

Platts Heavy Naphtha vs RBOB M2

Platts announced the launch of these new instruments in a subscriber note published April 1: https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/040124-platts-changes-ewindow-timings-adds-nymex-related-instruments-for-us-gulf-coast-naphtha-barges.

eWindow instruments roll logic

Month 1 (M1) instruments reflect differentials versus the front month NYMEX RBOB futures contract through the day before expiry, while Month 2 (M2) will reflect differentials against second month NYMEX RBOB. In April, for instance, through April 29, the M1 instruments will reflect differentials versus May NYMEX RBOB, while the M2 instruments will be versus June NYMEX RBOB. On April 30, the M1 basis will roll to June futures and the M2 basis to July.

eWindow roll logic for April

Participants in the MOC process will be able to submit bids or offers for publication directly through the eWindow communication tool or do so through an editor who will then publish the bids and offers using the software.

Assessments roll logic

For the heavy and standard naphtha barges assessments, as per existing methodology, Platts will continue assessing the differentials versus the prevailing front month NYMEX RBOB futures, rolling forward when more than half of the assessed laycan falls into the next month.

Bids, offers and trades on a RBOB-related basis across the laycans are evaluated as part of the assessment process. Platts may publish bids, offers and trades priced off forward months, but these may be normalized for assessment purposes.

Please send all comments, feedback and 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 upon request.