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

S&P Global Platts will 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.

This follows a proposal note published on July 3 and available here:

https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/070320-platts-proposes-to-reflect-standard-north-sea-cif-rotterdam-cargo-pricing-on-deemed-bl-basis

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 will be basis deemed B/L pricing rather than basis COD.

Platts will 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 will be converted to a 2-1-2 around deemed B/L basis for assessment purposes.

For assessment purposes, the deemed B/L will be 1 day forward from the first day of the delivery laycan for Forties and Ekofisk, and 2 days forward for Brent, Oseberg and Troll.

Please send all comments 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.