Publication of Forties crude cargo data in MOC during 2021 pipeline maintenance

(Resends subscriber note from December 2020)

S&P Global Platts would like to clarify its expectations around bids and offers for Forties crude cargoes during planned maintenance on the Forties Pipeline System in 2021.

Operator Ineos has said that a full FPS shutdown will take place between May 27 and June 16 for maintenance on the pipeline and Kinneil entry facilities.

Platts will continue to publish offers for Forties on a cost, insurance and freight [CIF] and ship-to-ship [STS] basis during that period.

Platts may also publish CIF bids for Forties during that time, provided demonstrable supply can be identified by the buyer.

During that time, Platts will continue to publish a daily list of FOB Forties cargoes on PGA 1260 for which bids or offers may be published in the Market on Close assessment process.

Platts will only publish FOB bids or offers for Forties cargoes which appear on the list.

In the absence of market data and in line with its established methodology, Platts will continue to assess Forties crude with reference to related markets, observed spreads and other relevant market information.

Platts will continue to expect all participants in the North Sea crude oil MOC to provide full clarity on loading dates for all Forties cargoes in the day's assessed physical range.

In addition to all Forties cargoes loading between 10 days and one month from the date of assessment, this also includes all cargoes which have been deferred/advanced into or out of this range.

Please send any 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.