Platts launches West African crude eWindow instruments

Platts, part of S&P Global Commodity Insights, has launched eWindow instruments for all 22 West African spot crude assessments in the Platts Market on Close assessment process as of July 15.

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 will then publish the bids and offers using the software.

Participants are able to submit bids or offers for publication on a flat price or Platts Dated Brent basis, either as Bill of Lading plus 5 days or as calendar month Dated Brent.

EWindow instruments are on a free-on-board (FOB) basis with volumes the same as reflected for the relevant grade's assessment.

Platts amended some cargo sizes for West African crude assessments on April 2: https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/040224-platts-amends-cargo-sizes-for-west-african-crude-assessments

Platts 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 have to be submitted by 3:45:00 pm London time.

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 London time.

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 eWindow provides direct entry and management of credit filters which should mirror those normally applied in the marketplaces.

Guidelines for the publication of bids and offers in the MOC are published in the Oil Timing and Increment Guide available here: www.spglobal.com/platts/en/our-methodology/methodology-specifications/oil/oil-timing-and-increment-guidelines

An overview of Platts assessments methodology including the MOC can be found here: www.spglobal.com/platts/plattscontent/_assets/_files/en/our-methodology/methodology-specifications/platts-assessments-methodology-guide.pdf

Any entities interested in participating in the MOC for West African crude should refer to: www.spglobal.com/platts/en/our-methodology/participation-review

Platts provides training to participants interested in learning more about the use of the eWindow software.

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 to the public upon request.