SUBSCRIBER NOTE: Platts to discontinue M+1 Cash Brent at Asia close, rename other months

In line with a concurrent change by Platts in Europe to discontinue its assessments for M+1 Cash BFOE, M+1 BFOE EFP, and other related instruments effective October 3, 2016, Platts will discontinue its assessment for M+1 Cash Brent at Asia close code PCAJE00 effective the same date.

Platts will also rename remaining Cash Brent assessments to align with conventions in other markets.

The move to month-ahead expiry for Brent futures contracts in January 2016 created an alignment between futures markets and Platts assessments for cash BFOE, which also roll on a month-ahead basis.

This means that M+1 Cash BFOE no longer has an equivalent futures month, and there is limited interest in a Cash M+1 BFOE physical market assessment.

As a result of this change, the complex of derivatives instruments based on M+1 Brent Futures, including M+1 BFOE EFP, ceased to trade from February 1.

Platts will continue to assess M+2, M+3 and M+4 Cash Brent in Singapore as it does now. To align the names of these assessments with conventions in related markets, Platts will rename these remaining assessments. M+2 Cash Brent Asia close code PCAJG00 is currently labeled as "M2" in most publication locations. The M+2 assessment will be renamed "M1". Likewise, "M+3" code PCAJI00 and "M+4" code PCAJ000 will be renamed "M2" and "M3" respectively.

As a result of this change Platts is therefore discontinuing in Asia its Dubai EFS M1 code DEFSM01. In line with the re-naming of the Brent cash assessments Platts will re-name the "Dubai EFS M2" as "Dubai EFS M1".

Likewise the "Dubai EFS M3", "Dubai EFS M4", "Dubai EFS M5", "Dubai EFS M6", "Dubai EFS M7", "Dubai EFS M8", "Dubai EFS M9", "Dubai EFS M10", "Dubai EFS M11" and "Dubai EFS M12" will be renamed "Dubai EFS M2", "Dubai EFS M3", "Dubai EFS M4", "Dubai EFS M5", "Dubai EFS M6", "Dubai EFS M7", "Dubai EFS M8", "Dubai EFS M9", "Dubai EFS M10" and "Dubai EFS M11".

In addition the Brent/Dubai spread code AAJMS00 is currently labeled as Brent M2 vs Dubai M1 Singapore, to align this assessment it will be renamed "Brent M1 vs Dubai M1 Singapore"

Platts will also introduce this change to naming conventions on October 3, 2016. Please send all comments and queries to asia_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.