Platts to reflect 700,000 barrel cargo sizes in Dated Brent, Cash BFOE from June 2023

In line with evolving shipping trends, Platts, part of S&P Global Commodity Insights, will amend the cargo sizes reflected in its Dated Brent and Cash BFOE assessments to 700,000 barrels, from 600,000 barrels, effective from June 2023 cargo deliveries.

Platts has received support for larger cargo sizes to be reflected in its Dated Brent and Cash BFOE assessments as Aframax cargo sizes and tanker sizes in the Atlantic Basin have increased in recent years.

This follows a proposal published Feb. 14, which can be found here:

https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/021422-platts-proposes-to-amend-cargo-size-for-dated-brent-cash-bfoe-assessments-to-700000-barrels

The new assessment size will be applicable to the five established grades in the Brent complex (Brent/Ninian Blend, Forties, Oseberg, Ekofisk, and Troll), as well as WTI Midland, each with a tolerance of plus/minus 1% in the buyers option. As a result, the Platts assessment of Cash BFOE will reflect convergence of cash partials on reaching 700,000 barrels, an increase from the current standard of 600,000 barrels.

Platts has published a separate subscriber note outlining more detail on the inclusion of WTI Midland in the Dated Brent benchmark, Cash BFOE and all related instruments, which can be found here:

https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes

As part of the initial proposal regarding volume, Platts also invited feedback on the minimum cargo size which should be reflected in its Dated Brent cost, insurance and freight (CIF) Rotterdam and free on board (FOB) ship-to-ship (STS) Scapa Flow crude oil assessments.

As part of this change, Platts will publish Dated Brent cargo indications on a CIF Rotterdam or STS Scapa Flow basis with a minimum stated volume of 665,000 barrels and an operational tolerance of plus/minus 1%. Offers of less than 700,000 barrels must meet the minimum volume requirement of 665,000 barrels plus/minus 1% and continue to reflect the standard cargo quality for that grade. Offers and trades of less than 700,000 barrels may be subject to normalization for assessment purposes.

Please send all feedback, comments or questions 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.