Platts to launch differentials to front-month Dubai Futures for all Dubai basket, Abu Dhabi crude assessments

S&P Global Platts will begin publishing differentials to front-month Dubai Futures for Oman Blend, Upper Zakum, Das Blend, and Umm Lulu, as well as benchmark Platts cash Dubai starting June 1, 2021.

Platts Dubai is the most widely used pricing reference for both spot and term barrels of oil loading from the Middle East and Eastern Russia.

Most Middle East crude trades as a differential to Platts front-month Dubai or against the grades' respective official selling price that settle against the average of Dubai and Oman markers.

Cash Dubai's spread to same-month Dubai futures is a key reference in the spot trade of other Middle East grades and plays a role in the calculation of monthly official selling prices by Middle East producers.

The new differentials will reflect the spread between the Platts outright assessment of each grade loading M+2 against same-month Dubai crude futures, which settle on the monthly average of the Platts cash Dubai assessment.

For example, in June, Platts will publish differentials for August-loading cargoes of Oman, Upper Zakum, Das Blend, Umm Lulu and Dubai against August Dubai futures.

The new differentials will add to Platts' existing assessments for Qatar's Al Shaheen, Abu Dhabi's Murban, and Far East Russian ESPO crude grades against front-month Dubai.

Following the launch, Platts would publish Dubai differentials for all grades that comprise the Dubai crude basket, namely Dubai, Upper Zakum, Al Shaheen, Oman and Murban. Platts will also have Dubai differentials for all crude grades exported from Abu Dhabi -- Murban, Upper Zakum, Das Blend and Umm Lulu -- that are now commonly traded in the spot market against front-month Dubai.

More information on the Platts Dubai benchmark and assessment methodology can be found online at: https://www.spglobal.com/platts/en/our-methodology/price-assessments/oil/dubai-crude-oil-price-assessments

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