Platts to launch Chicago 7.4 RVP RBOB eWindow instruments July 12

S&P Global Platts will launch Platts Editorial Window, or eWindow, instruments for Chicago 7.4 RVP RBOB in its Midwest gasoline Market on Close assessment process, effective July 12, 2021. This replaces the existing Chicago 9 RVP RBOB instruments.

This is to more accurately reflect the market being assessed for Chicago RBOB in the summer, following the Environmental Protection Agency announcement on Dec. 4, 2020, that it was simplifying the reformulated gasoline (RFG) standards by translating the part 80 summer RFG VOC standard into an RVP per-gallon cap of 7.4 psi.

There is no change to the underlying specification of the Platts assessments for this market.

The new Chicago 7.4 RVP RBOB instruments will be available for the Buckeye Complex, as well as the West Shore, Badger, and Wolverine pipelines, from July 12.

Following the launch, participants in the MOC process in this market will be able to continue submitting bids and offers for publication directly through the eWindow software, or through an editor, who would then publish bids and offers using the software.

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

TIMING: All bids and offers will continue to have to be submitted by 1:00:00 pm CT. Following any trade, market participants will have 30 seconds to rebid or reoffer. No price changes are allowed in the final minute of the MOC process, which closes at 1:30:00 pm CT. Additionally, a rebid or re-offer following a trade in the last 20 seconds prior to the close of the MOC process would trigger a 60-second extension period, in order to adequately test that bid or offer.

INCREMENTABILITY: Bids and offers may be improved by a maximum of $0.0025/gal every 30 seconds.

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

Separately, as a result of the EPA announcement, Platts is also updating the product description for its US Gulf Coast F1 RBOB and USGC H1 PBOB eWindow instruments, to state that they reflect 7.4 RVP. The names of these eWindow instruments remain unchanged.

Please send any feedback to americas_products@spglobal.com and pricegroup@spglobal.com.

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