Platts clarifies Eastern Canadian crude FOB eWindow guidelines

Platts, part of S&P Global Commodity Insights, would like to clarify its publishing standards for its Eastern Canada Crude Market on Close assessment process published through eWindow.

Participants in the MOC process are able to submit bids or offers for publication directly through the eWindow communication tool, or do so through an editor who would then publish the bids and offers using the software.

S&P Global has established clearly defined timing guidelines and standards of incrementability that apply when publishing bids and offers in the MOC in order to ensure an orderly and transparent price assessment process.

TIMING: All bids and offers for eWindow will continue to have to be submitted by 4:00:00 pm local time in London. Following any trade, market participants have one minute to rebid or reoffer. No price changes are allowed in the final five minutes of the MOC, which closes at 4:30:00 pm local time in London.

INCREMENTABILITY: Bids and offers may be improved by a minimum of $0.01/b every 60 seconds, or a maximum of $0.05/b every 60 seconds.

As per S&P Global editorial guidelines, market participants can withdraw a bid or offer from the MOC at any time, so long as no other potential trading counterparty has indicated interest to buy or sell into the bid/offer.

The Eastern Canada crude eWindow guidelines would apply to Hibernia, White Rose and Terra Nova crude grades.

Platts launched an assessment on June 1, 2022, of Hebron crude loading FOB terminal basis Whiffen Head, Newfoundland, Canada, which would be in a Manual MOC environment, as there is no instrument for Hebron in the eWindow at this time.

There are no changes to the published timing and increment guidelines for the Manual MOC environment for Eastern Canada crudes.

Platts launched the Eastern Canadian crude FOB eWindow Aug. 30, 2021: https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/082721-platts-to-launch-eastern-canadian-crude-fob-ewindow-aug-30.

Please send all comments, feedback and questions to americas_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.