Platts extends feedback period for proposed timing and incrementability guidelines for European LPG priced as a percentage of naphtha

Platts, part of S&P Global Commodity Insights, is extending the feedback period for its proposal to include guidelines on incrementability for manual bids and offers in the Platts Market on Close assessment process for European LPG, where pricing is wholly or partly based on a percentage to Platts CIF NWE naphtha.

In line with the feedback period extension to May 12, the proposed changes would apply to bids and offers in the MOC from June 23, 2023. Under the original proposal, the changes would have come into effect May 19, 2023.

The initial feedback period ended April 21 -- details of the proposal can be found here.

Under this proposal, a bid or offer could improve by a maximum of 1% of CIF NWE naphtha every 60 seconds. The minimum movement would be 0.25% of CIF NWE naphtha.

The timing guidelines for any such bids and offers would be in line with the current guidelines applicable to cargoes, coasters and barges as appropriate.

In order to ensure that all published MOC data is fully tested in the market, Platts has established incrementability guidelines that detail how quickly bids and offers may be improved when they have been published, and by what amount. Platts may notify the market of any adjustment to the standard increments in the event of market volatility or a disruptive event.

Full details of the current Platts guidelines for timings and increments in oil markets are available here.

Please send any comments and feedback by May 12, 2023, to europe_products@spglobal.com with a copy to 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.