SUBSCRIBER NOTE: Platts updates cut-off time in Mid East crude MOC effective Aug 1

S&P Global Platts has changed the timing cut off for submission of new bids and offers during the Market on Close assessment process for Middle East crude partials and partials spreads to 4:15 pm Singapore time, from the previous 4:00 pm Singapore time, effective August 1, 2018.

The change is aimed at bringing greater efficiency to the MOC assessment process that is used to assess benchmark Dubai and Oman crude oil prices.

With the new timing, Platts will continue to publish, bids, offers or expressions of interest to trade before 4:15 pm, but will not publish any new bids or offers submitted after 4:15 pm.

Activity in the Middle East sour crude MOC assessment process has grown substantially in recent years, reflecting rising trade volumes in the broader Asia market, underpinned by strong oil demand growth in countries such as China and India.

Platts timing and increment guidelines are a key component of its MOC assessment methodology, essential to an orderly and transparent price assessment process.

The change applies to all crude partials and spreads in the Middle East MOC assessment process for Dubai, Oman, Upper Zakum, Al Shaheen and Murban crudes. The five grades are physically deliverable into the benchmark Dubai crude contract.

Platts continues to accept bids, offers and expressions of interest to trade for publication up until 4:00 pm for full cargoes and will continue to not accept bids and offers for publication for full cargoes after 4:00 pm.

For more information on Platts Middle East crude benchmarks and how they are assessed, please visit: http://www.platts.com/price-assessments/oil/dubai-crude Please send any feedback or questions to asia_crude@spglobal.com and pricegroup@spglobal.com

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