Platts to launch European SAF eWindow instruments Oct. 28

Platts, part of S&P Global Commodity Insights, will launch eWindow instruments for neat sustainable aviation fuel barges and cargoes spot assessments in Europe in the Platts Market on Close assessment process as of Oct. 28, 2024.

Participants in the MOC are able to submit bids or offers for publication directly through the eWindow communication tool, or do so through an editor who will 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 CIF NWE jet or the Intercontinental Exchange Low Sulphur Gasoil Futures basis.

Platts neat SAF assessments reflect ASTMD7566 standard specification for Synthesized Paraffinic Kerosene from Hydroprocessed Esters and Fatty Acids (HEFA), as referenced in Annex A2, with a relative density of 760 kg/cu m (at 15 degrees Celsius).

The assessments reflect neat SAF produced via the HEFA pathway from Renewable Energy Directive-compliant feedstocks, with an exclusion for Palm Fatty Acid Distillate, and reflects minimum greenhouse gas savings of 85%. Other GHG savings levels will be considered but may be normalized to the minimum basis level.

Platts expects neat SAF to include relevant scope one and scope three emissions.

CIF NWE cargoes

The eWindow instruments will be on a CIF basis, with volumes reflected of 5,000-10,000 mt - the details of the changes can be found in this subscriber note. Platts neat SAF assessments reflect product that holds proof of sustainability obtained in the framework of voluntary schemes approved by the EU Commission. The seller in the MOC shall exercise best efforts to provide proof of sustainability documentation within 30 calendar days from discharge.

Platts 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 cargo bids and offers for eWindow have to be submitted by 3:45:00 pm London time.

Following any trade, market participants have one minute to rebid or reoffer.

No price changes are allowed in the final one minute of the MOC, which closes at 4:30:00.99 pm London time.

INCREMENTABILITY: Bids and offers may be improved by a minimum of 25 cents per metric ton every 20 seconds, or a maximum of $1/mt every20 seconds.

In line with CIF NWE jet cargoes Platts currently publishes bids and offers for the following locations: Belgium: Antwerp (Antwerp ATPC, Antwerp Oiltanking), Ghent (Ghent Oiltanking); France: Le Havre (Le Havre CIM); Netherlands: Amsterdam (Amsterdam Oiltanking), Rotterdam; UK: Avonmouth, Fawley, Hamble, Immingham, Isle of Grain, Milford Haven, Pembroke, Royal Portbury Docks, Shell Haven.

FOB FARAG barges

The eWindow instruments will be on a FOB basis, with volumes reflected of 1,000-3,000 mt, with volume nomination in the buyer’s option at time of trade. In the eWindow communication environment, buyers have 30 seconds to nominate size upon confirmation of a trade. If a size is not nominated by the buyer within 30 seconds, a default quantity of 2,000 mt applies, which is the most widely traded size in the market. Size nominations can be specified to the nearest 10 mt.

Platts neat SAF assessments reflect product that holds proof of sustainability obtained in the framework of voluntary schemes approved by the EU Commission. The seller in the MOC shall exercise best efforts to provide proof of sustainability documentation within 30 calendar days from barge loading.

TIMING: All barge bids and offers for eWindow have to be submitted by 4:05:00 pm London time.

Following any trade, market participants have one minute to rebid or reoffer.

No price changes are allowed in the final one minute of the MOC, which closes at 4:30:00.99 pm London time.

INCREMENTABILITY: Bids and offers may be improved by a minimum of 25 cents/mt every 20 seconds, or a maximum of $1/mt every 20 seconds.

General

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.

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 Biofuels Timing and Increment Guide available here.

An overview of Platts assessments methodology including the MOC can be found here.

Any entities interested in participating in the MOC for neat SAF should refer here.

Platts provides training to participants interested in learning more about the use of the eWindow software.

Please send all feedback, comments or questions to mrts_biofuelsandfeedstocks@spglobal.comand 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 to the public upon request.