Subscriber note: Platts to update Brent basis for Asia crude assessments

Subscriber note: Platts to update Brent basis for Asia crude assessments Singapore (Platts)-- Platts plans to update the basis for its Dated Brent-related Asia and Middle East crude oil and condensates assessments with effect from September 2, 2013. Under its revised approach, Platts will assess outright values for these crude oils by analyzing the relationship of spot premiums in the physical market to forward market values for Dated Brent. Platts currently publishes both outright values for these crudes, and their premiums to Dated Brent. Platts has conventionally established outright values for these crudes by applying physical market premiums to Asian Dated Brent Prices themselves. In the enhanced approach, the spot market premiums will be added or subtracted to/from the forward values of Dated Brent instead of the outright physical value of Dated Brent. The new approach will enable the assessments to reflect the value of the market structure when there is backwardation or contango. At the same time, Platts will similarly establish Brent-related premiums for crudes and condensates that are typically assessed in relation to Dubai crude oil by establishing the difference between the outright values for these crudes, and the forward Brent market. Under this revised approach, Platts will better account for market structure in its final, published data. This approach will also more fully align with Platts' established methodologies for assessing oil markets around the world. Platts always aims to account for the impact of market structure in its final, published assessments. A full list of assessments that will be affected by this update is included below. Please send any feedback or questions to asia_crude@platts.com and pricegroup@platts.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. The outright values for the following condensates and crudes will be established in relation to the ADB Strip Asia with effect from September 2, 2013: Assessment Market Data Code NW Shelf PCAGX00 Senipah AAEOE00 Cossack PCAGZ00 Gippsland PCACP00 Tapis PCACB00 Belida PCAFL00 Kutubu PCAFJ00 Handil Mix PCABE00 Attaka PCAAJ00 Ardjuna PCACQ00 Kikeh AAWUH00 Miri Light PCABQ00 Labuan PCABL00 Su Tu Den AARAR00 Bach Ho PCAHY00 Minas PCABO00 Nile Blend AAPLC00 Widuri PCAFE00 Cinta PCAAX00 Daqing PCAAZ00 Nanhai PCAFR00 Dar Blend AARAB00 Shengli PCABY00 Duri PCABA00 Stybarrow AARAH00 Enfield AARAE00 Vincent AARAK00 The Brent-related differentials for the following condensates and crudes will be based on the ADB Strip Middle East with effect from September 2, 2013: Assessment Market Data Code Ras Gas AARAZ00 Qatar LSC AARBC00 South Pars AARAW00 Vityaz AARAO00 Sokol AAPAO00