Platts amends basis months for delivered Asia WTI Midland, Tupi crude differentials April 1

Platts, part of S&P Global Commodity Insights, has amended the underlying reference month basis for its delivered Asia WTI Midland and Tupi crude to the whole month average of Platts Dated Brent and Platts Dubai assessments one month prior to the month of delivery, effective April 1.

The change will reflect current typical market standards, which Platts observed are mostly priced against the month of loading, which would typically be one month prior to the month of delivery.

These grades are also typically valued against front-month Dubai, which is two months forward from the month of publication.

For example, in April, Platts would assess cash differentials against June Dubai futures and June Asia Dated Brent (ADB) Strip for WTI Midland DES Singapore, DES Yeosu and Tupi DES Qingdao for delivery in July.

Platts first proposed amending the basis months in a subscriber note published Jan. 27, 2025: https://www.spglobal.com/commodity-insights/en/pricing-benchmarks/our-methodology/subscriber-notes/012725-platts-proposes-amending-basis-months-for-delivered-asia-wti-midland-tupi-crude-differentials-april-1.

Previously, Platts published delivered Asia WTI Midland and Tupi assessments for delivery three months forward from the month of publication on an outright basis as well as differentials to the whole month average of Platts Dated Brent and Platts Dubai assessments during the month of delivery.

Under the change, Platts continues to consider for publication bids, offers and trades on other pricing basis and may normalize them to the proposed reference assessment basis.

The assessments and their underlying pricing month basis continue to roll over on the first working day of the month.

The affected assessments and their corresponding price database codes are as below:

Please send all feedback, comments or questions to Asia_Crude@spglobal.com and pricegroup@spglobal.com.

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