SUBSCRIBER NOTE: Platts extends feedback for proposed larger NWE naphtha cargo sizes

Following feedback from the market, Platts has extended the feedback period for its proposed amendment to the cargo size reflected in its CIF Northwest European naphtha cargo assessment. Platts is holding a Naphtha Technical Workshop on October 10, 2014, at the Platts Canary Wharf offices, in London. Topics of discussion will include the Platts proposal for CIF NWE Naphtha cargo size and operational issues.To register, please click on the following link and submit your details. http://events.platts.com/naphtha-technical-workshop-2014?mvr=subnote As described in a subscriber note on August 18, 2014 Platts would develop its CIF Northwest European naphtha cargo assessment to reflect the value of larger cargoes. Platts proposes to publish bids and offers for cargo sizes of 24,000-28,000 mt, 28,000-32,000 mt and 32,000-36,000 mt, with the most competitive of the three cargo sizes forming the basis of the final published assessment. This proposed change reflects the evolution of the naphtha market as the CIF Northwest Europe market is increasingly supplied by larger cargoes. As trade in these cargoes has become more commonplace across the market as a whole, so trading in smaller cargoes, generally produced by local Western European refineries, has become relatively less common. Platts is proposing to make this change with effect from January 2, 2015. The change in cargo sizes assessed should better reflect changing flows across Europe, where larger cargo sizes are increasingly seen in the market as regional refining run rates decline. In addition, Platts would only publish European naphtha cargo bids and offers that limit a counterparty's price exposure to operational tolerance. Platts would accept CIF cargo bids and offers that value the operational tolerance volume after the discharge dates -- with the operational tolerance to price on a floating price basis on the Platts naphtha CIF NWE cargo assessment following completion of discharge (COD), plus or minus a differential. For example, in a bid for 24,000-28,000 mt, Platts would publish a bid of 26,000 mt, as a fixed price with the operational tolerance of plus or minus 2,000mt pricing as a floating price. Platts welcomes all feedback and questions to europe_products@platts.com, with a cc to pricegroup@platts.com. Please send all comments by October 17, 2014. 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.