Platts ODF reflects full transit days through Turkish Straits

S&P Global Platts is clarifying that its Urals Observed Delivery Factor (ODF) will be assessed to the nearest whole transit day.

The Platts ODF, which is assessed ahead of the Platts Market on Close assessment process each publishing day, uses the Platts Southbound Turkish Strait Delay assessment in order to calculate the delivery time between Novorossiisk and Augusta. Since April 1, 2021, Platts has been assessing the Turkish Strait Delays to the nearest half-day. This change is explained in a note published here:

https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/040121-platts-removes-transit-day-in-turkish-straits-delay-assessment-methodology

The ODF, however, will continue to be calculated to the nearest whole transit day for the purposes of the CIF Augusta Urals assessment, with any Turkish Strait Delays rounded up to the nearest full day.

The ODF is made available via Platts Global Alert and in Crude Oil Marketwire under code AODF00 and on Page 1220.

The daily southbound Turkish Strait delays are available under code AAWIL00.

During the summer, the ODF represents how many days longer it would take a cargo from Primorsk to reach Augusta versus a cargo from Novorossiisk.

During the winter the ODF represents how many days longer it will take a cargo from Novorossiisk to reach Augusta versus a cargo from Primorsk.

For the purposes of assessment, the ODF will be added to the published laycans of bids or offers to normalize them to base port dates.

In applying the ODF to indications, Platts accounts for the impact of market structure on published differentials.

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