Subscriber note: Platts announces Oseberg, Ekofisk crude Quality Premiums for July-loading cargoes

In line with the recently announced publishing schedule, Platts announces June 3 the crude Quality Premiums for July-loading Oseberg and Ekofisk cargoes. Effective July 1, 2013, the North Sea Ekofisk crude Quality Premium for July-loading cargoes will be $0.6313/barrel. The North Sea Oseberg crude Quality Premium for June-loading cargoes will be $0.6602/barrel. The month-ahead Ekofisk and Oseberg QPs can be found on Platts Global Alert pages 1210 and 1212, in the Crude Oil Marketwire and under codes AAXDZ00 and AAXDX00, respectively. The current-month QPs can be found on the same page and under codes AAXDY00 and AAXDW00, respectively. The QPs are published to four decimal places and at 50% of the net price differences between Ekofisk and Oseberg, and the most competitive grade of crude among Brent, Forties, Oseberg and Ekofisk during the two full months prior to announcement. The QP values are weighted, with two-thirds of the value established in the most recent month, and one-third of the value established in the month before that. Following an extensive review of feedback submitted during a formal review process announced on February 18, 2013, Platts confirmed that it will introduce QPs for Oseberg and Ekofisk crude oil in its North Sea Dated Brent, cash Brent (BFOE) and related assessment processes for cargoes loading from June 2013 onwards. Under the new methodology, QPs are to be paid by buyer to seller for the nomination and delivery of Oseberg or Ekofisk into a physical BFOE transaction concluded during the Platts Market on Close assessment process. These quality premiums will also be considered in the Platts assessment process for Dated Brent, and related instruments as well. The introduction of Quality Premiums, also referred to by Platts as "escalators" during a broad consultation process with the marketplace that extended back more than 18 months, followed a thorough review of all feedback submitted to Platts. Platts has made available a Question & Answer document in English, Russian and Mandarin that further elaborates on commonly raised questions from all respondents on its Dated Brent homepage at http://platts.com/price-assessments/oil/dated-brent. Please send any comments and queries to europe_crude@platts.com and pricegroup@platts.com.