SUBSCRIBER NOTE: Quality of Urals CIF Rotterdam crude loadings

In light of recent quality changes affecting Urals crude exported via the Ust-Luga terminal and Druzhba pipelines, S&P Global Platts would like to remind subscribers that its CIF Rotterdam Urals assessments reflect standard Primorsk quality and that any previously-loaded cargoes delivered into the assessment must be equivalent to this.

Platts understands that in recent weeks Urals loading from the Ust-Luga terminal have contained a higher-than-standard level of organic chlorides.

Those cargoes have been observed to have a significantly lower value than standard Primorsk quality and are not of equivalent value to the standard.

For trades reported through the Platts Market on Close assessment process, sellers may deliver previously-loaded under the Platts methodology.

Cargoes with higher organic chlorides should not be delivered through this mechanism, however, since they are not equivalent to the originally reported trade quality.

Platts may continue to normalize any indications, including offers reflecting material loading from Ust-Luga, back to standard Primorsk quality.

Platts will continue to publish bids and offers for Urals delivered CIF Rotterdam that reflect loadings from Primorsk, Ust-Luga, and Primorsk/Ust-Luga.

Please send any questions and comments 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.