SUBSCRIBER NOTE: Platts to retain current pricing approach in North Sea physical MOC

Following extensive feedback from market sources, S&P Global Platts will retain its current approach to publication of Platts Dated Brent pricing in the North Sea physical MOC, and will not expand this to include pricing on five days after bill of lading.

This decision follows a proposal published on December 12, 2017 and available here: https://www.platts.com/subscriber-notes-details/26855355. Platts will continue to publish bids and offers for North Sea cargoes pricing against Dated Brent five days around the bill of lading, as well as pricing versus cash BFOE contracts. This includes grades loading in Norway and Denmark, as well as those loading in the United Kingdom.

Platts received widespread feedback indicating that while some North Sea crude oil cargoes are traded basis the average of Dated Brent assessments for the five days after bill of lading, this is viewed as non-standard in the markets and its inclusion in the MOC publishing process may reduce price clarity.

Platts may initiate further reviews of the pricing options in the North Sea physical MOC in the future.

Please send any further comments and feedback to europe_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 upon request.