S&P Global clarifies MOC performance expectations on restricted-origin trades for oil products

S&P Global Commodity Insights wishes to clarify performance expectations on transactions reported in its Platts Market on Close assessment process that stipulate restrictions on origin.

Companies' terms around origin restrictions may be published, provided they are consistently applied and accepted as part of normal trading practice.

Counterparties are expected to perform on trades reported in the MOC based on typical terms that have been applied and accepted in the open market.

When offering in the Platts MOC assessment process, a seller would be expected to meet the buyer's typical and reasonable terms around origin restrictions.

Upon expression of interest to trade, the buyer should promptly communicate to the seller the expectations around origin restrictions.

When reporting bids in the MOC, a buyer may stipulate specific terms around origin restrictions, which would be reviewed for publication.

In markets where S&P Global publishes both open-origin and restricted-origin indications, offers for restricted-origin material are expected to include a generic restricted-origin clause.

S&P Global may not publish offers that stipulate specific terms around origin.

Please send any feedback to Europe_products@spglobal.com, asia_products@spglobal.com with a cc to PriceGroup@spglobal.com.

For written comments, please provide a clear indication if comments are not intended for publication by S&P Global for public viewing.

S&P Global will consider all comments received and will make comments not marked as confidential available to the public upon request.