S&P Global Commodity Insights proposes to launch Hebron crude assessment

S&P Global Commodity Insights proposes to launch daily assessments for Hebron crude as an outright price and as a differential the Canada Dated Brent Strip, effective June 1, 2022.

The new assessment would reflect the value of Hebron crude based on spot transactions for cargoes loading 30 to 60 days forward from the date of publication. The outright price would be derived from the forward value of Dated Brent with pricing typically one to five days after loading. The Canadian cargo markets are assessed at 4:30 pm London time. The assessments are published in US dollars per barrel as well as Canadian dollars per cubic meter.

The proposed Hebron assessment would reflect barrels loading FOB terminal basis Whiffen Head, Newfoundland, Canada. The typical size would be 640,000 barrels, with a maximum of 960,000 barrels and a minimum of 600,000 barrels.

S&P Global Commodity Insights already publishes daily Canadian cargo assessments for Hibernia, Terra Nova and White Rose as outright prices and as differentials to the Canada Dated Brent Strip.

The proposed Hebron assessment would help market participants better analyze crude flows offshore Newfoundland and Labrador, and gauge how Hebron competes with competing crudes going to Europe and the USGC.

Please send any feedback or questions by April 29 to americas_crude@spglobal.com and pricegroup@spglobal.com.

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

S&P Global Commodity Insights will consider all comments received and will make comments not marked as confidential available upon request.