Platts launches Hebron crude eWindow instrument

Platts, a part of S&P Global Commodity Insights, has launched an eWindow instrument for Hebron crude in the Platts Market on Close assessment process from Aug. 15.

Platts launched a daily assessment of Hebron crude loading from Whiffen Head, Newfoundland, Canada on FOB terminal basis on June 1. https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/060122-platts-launches-hebron-crude-assessment

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 would then publish the bids and offers using the software. Participants will be able to submit bids or offers for publication on a flat price, Platts Dated Brent or ICE Brent Futures basis.

S&P Global 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 4:00:00 pm local time in London. 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 local time in London.

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.

There are no changes to other Eastern Canada crude eWindow guidelines, which include Hibernia, White Rose and Terra Nova crude grades.

Platts launched the Eastern Canadian crude FOB eWindow Aug. 30, 2021: https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/082721-platts-to-launch-eastern-canadian-crude-fob-ewindow-aug-30.

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 Eastern Canadian crude should refer to www.spglobal.com/platts/en/our-methodology/participation-review.

Please send all comments, feedback and questions to americas_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 upon request.