S&P Global seeks feedback on Russian product in Platts European fuel oil, feedstocks assessments

S&P Global Commodity Insights is seeking feedback on whether Russian material is part of the open spot market that Platts reflects in its benchmark fuel oil and feedstocks assessments in Europe.

In recent weeks, S&P Global has observed that an increasing number of market participants have been restricting material from Russia, in part or entirely, in their spot fuel oil and feedstocks trading activity.

Although Russian product continues to flow to the European market, S&P Global understands that it is not trading on the same basis as product from other origins, and that there is a difference in value between Russian and non-Russian product.

S&P Global is seeking immediate feedback on whether its basis definition of open-origin for its fuel oil and feedstock assessments should continue to include Russian-origin material, or whether it should reflect the market move towards trading non-Russian material.

Unless otherwise stated, benchmark assessments in these markets currently reflect an open origin basis, which includes potential supply from Russia. All assessments reflect merchantable commodities.

Fuel oil and feedstock assessments include delivered (CIF) and free on board (FOB) cargo markets in Northwest Europe and the Mediterranean as well as FOB barge assessments.

S&P Global is seeking clarity on whether participants in all these markets are adopting a similar stance with regard to Russian origin material.

Please send all feedback, questions or comments to europe_products@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 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.