MOC publishing guidelines for CIF NWE, CIF Med ULSD and Gasoil Cargoes effective June 1

Platts, part of S&P Global Commodity Insights, wishes to clarify the publishing guidelines around bids, offers and trades reported in its CIF Northwest European and CIF Med ULSD and Gasoil Cargo Market on Close Assessment processes, effective June 1, 2022.

In May, Platts announced that effective June 1, 2022, it would no longer reflect Russian-origin product in its open-origin European diesel and gasoil cargo assessments. Additionally, Platts announced it would launch, effective June 1, a new assessment for ULSD 10 ppm Cargoes CIF NWE (all origin) which would reflect material from all origins, including Russia.

The subscriber note related to this announcement is available here: https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/051722-platts-to-exclude-russian-origin-product-from-european-diesel-gasoil-cargo-assessments-june-1

Platts wishes to remind subscribers that market participants are expected to provide full clarity when reporting bids, offers and trades in its MOC assessment process.

For NWE ULSD cargo MOC activity, the following guidelines apply:

- When reporting bids in the MOC, a buyer may stipulate specific terms around origin restrictions, which would be reviewed for publication. Bids for all-origin, which includes Russian origin, are expected to stipulate that.

- Offers for restricted-origin material are expected to include a generic restricted-origin clause. Offers for all-origin material, which includes Russian origin, are expected to explicitly stipulate that.

For CIF Med ULSD, CIF NWE 0.1% Gasoil and CIF Med 0.1% Gasoil cargo MOC activity, the following guidelines apply:

- When reporting bids in the MOC, a buyer may stipulate specific terms around origin restrictions, which would be reviewed for publication. Bids not indicating origin restrictions will be deemed not to include Russian material, unless otherwise stated

- Offers will be published for open-origin material only, which excludes Russian origin. Offers are expected to include a generic restricted-origin clause. Offers not indicating origin restrictions will be deemed not to include Russian material.

When communicating bids, offers and trades via the eWindow software, MOC participants are expected to communicate this by including the additional language in the Terms, Quality, Conditions (TQC) entry box. This applies only to CIF cargoes of ULSD and Gasoil.

Please note that Platts has previously clarified MOC performance expectations around origin restrictions, through a subscriber note published April 11, available at the following link: https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/041122-s-p-global-clarifies-moc-performance-expectations-on-restricted-origin-trades-for-oil-products

Please send any feedback, questions or comments to europe_products@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.