Platts to launch Dubai 1st line futures contracts on eWindow

Platts, part of S&P Global Commodity Insights, will launch new eWindow instruments for Dubai 1st line crude futures on May 8, 2023.

The new Dubai 1st line futures instruments will replace existing bilaterally settled Dubai Swaps eWindow instruments, which will be discontinued. Approved participants in the Platts Market on Close assessment process will be able to submit bids, offers and trades for Dubai 1st line futures directly through the eWindow communication tool or do so through an editor who would then publish the bids and offers using the software.

Dubai 1st line crude futures financially settle on the monthly average of the benchmark Platts Dubai (PCAAT00) assessments and trade actively on exchanges as well as in over-the-counter (OTC) markets.

Platts publishes Dubai futures assessments for 36 calendar months, four quarters and three years. These assessments reflect bids, offers and trades reported in the Platts MOC assessment process as well as information available on exchanges and OTC markets.

The Asia crude MOC process is facilitated by Platts Editorial Window or eWindow, an online data-entry and communications tool, which brings greater speed, transparency and efficiency to the price assessment processes.

Platts will launch eWindow instruments for the following Dubai 1st line future contracts: 12 consecutive months from M+1 to M+12 alongside their inter-month spreads; eight quarters and three calendar years with their associated spreads.

Approved participants can submit bids, offers or trades for a minimum of 25,000 barrels or larger volumes in multiples of 25,000 barrels.

In line with the timing and increment guidelines for Dubai and Oman crude partials, the flat price and time spread bids and offers for Dubai futures may be improved by a maximum of 5 cents/b every five seconds. Market participants will have up to 10 seconds to repeat a bid or offer, following a trade. An extension of one minute will be triggered by any price changes or a rebid or reoffer in the last 10 seconds before the close at 16.30.00 hours Singapore time (0830 GMT).

The deadline for submitting bids and offers for Dubai futures will be 4:15 PM SGT for time spreads and 4:20 PM SGT for outright calendar period contracts.

Companies that wish to participate in the Platts MOC assessment process for Asia crude oil-paper may submit their interest at https://www.spglobal.com/commodityinsights/en/our-methodology/participation-review.

To learn more about Platts Dubai benchmark and how it is assessed, visit: https://www.spglobal.com/commodityinsights/en/our-methodology/price-assessments/oil/dubai-crude-oil-price-assessments.

Please send any feedback or questions to asia_crude@spglobal.com and pricegroup@spglobal.com.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing.

Platts will consider all comments received and will make comments not marked as confidential available to the public upon request.