Platts proposes to reflect standard North Sea CIF Rotterdam cargo pricing on deemed B/L basis

S&P Global Platts proposes to reflect North Sea CIF Rotterdam cargo bids and offers pricing on a 2-1-2 around deemed Bill of Lading (B/L) basis as standard, effective August 3, 2020.

Currently, Platts publishes CIF Rotterdam cargo bids and offers pricing five days from Completion of Discharge (COD) as standard.

Platts understands that the majority of North Sea CIF Rotterdam cargo trades are priced basis deemed B/L.

As a result of this change, the Brent, Forties, Oseberg, Ekofisk and Troll CIF Rotterdam assessments in addition to CIF Dated Brent and CIF Dated North Sea Light would be basis deemed B/L pricing rather than basis COD.

Platts would continue to publish bids and offers pricing five days from COD but this must be explicitly stated in the CIF Rotterdam bid or offer.

Bids and offers pricing on a COD or other reasonable pricing basis would be converted to a 2-1-2 around deemed B/L basis for assessment purposes.

Please send all comments to europe_crude@spglobal.com and pricegroup@spglobal.com by July 17, 2020. For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing.