SUBSCRIBER NOTE: Platts revises Colonial Pipeline Linden refined products methodology

S&P Global Platts has revised the methodology for its Colonial Pipeline Linden gasoline and distillate assessments, particularly around cycles and location, with effect from October 1, 2018.

This change was first proposed in a note published August 22: www.spglobal.com/platts/en/our-methodology/subscriber-notes/082218-platts-pro poses-to-revise-colonial-pipeline-linden-refined-products-methodology

Platts has revised its methodology for its diesel, gasoline, jet fuel and heating oil Colonial Pipeline assessments in Linden, New Jersey. The basis of the assessments remain Linden, but delivery would no longer be restricted to Linden and would reflect any offtake nomination along Line 3.

Additionally, Platts has changed the assessed cycle to the first full Colonial cycle prior to arrival at the start of Line 3 in Greensboro, North Carolina, to better align with observed trade in the spot market.

Platts will now roll the assessed cycle on the day that cycle delivers into Greensboro. For example, if Cycle 55 62 grade ULSD is to start delivering into Greensboro on October 17, Platts would assess C55 until October 16 and then roll to C56 on October 17. If the Colonial Pipeline schedule were to change, Platts will adjust the cycle roll date accordingly. This change aligns the Linden delivery date for the assessed cycle more closely with the assessment schedule for Buckeye Pipeline products in New York Harbor.

The change to allow offtake along Line 3 better reflects gasoline and diesel flows on the pipeline, with market feedback highlighting a large volume of product being taken off to supply local racks at various points prior to Linden.

Previously, Platts assessed the first full Colonial cycle prior to arrival in Linden, rolling to the next cycle when barrels begin delivering into Linden.

The assessments affected by these proposed changes are:

GASOLINE Assessment name Code Gasoline Unl 87 USAC Linden Colonial Pipeline ACXPW00 Gasoline 87 Unleaded CPL Linden Differential to NYMEX RBOB AANYX40 Gasoline Unl 87 USAC Linden Colonial Pipeline Cycle ACRQWCY Gasoline CBOB 87 USAC Linden Colonial Pipeline ABXPW00 Gasoline CBOB Unleaded CPL Linden Differential to NYMEX RBOB AANYX41 Gasoline CBOB 87 USAC Linden Colonial Pipeline Cycle ABRQWCY Gasoline RBOB 83.7 USAC Linden Colonial Pipeline ADXPW00 Gasoline RBOB Unleaded CPL Linden Differential to NYMEX RBOB AANYX42 Gasoline RBOB 83.7 USAC Linden Colonial Pipeline Cycle ADRQWCY

DIESEL Assessment name Code ULSD USAC Linden Pipeline prompt cycle assessment AAXPW00 ULSD CPL Linden Differential to NYMEX ULSD ADLAA00 ULSD USAC Linden Pipeline prompt cycle AAXPWCY

JET FUEL Assessment name Code Jet Kero 54 USAC Linden Pipeline prompt cycle assessment AAXPV00 Jet kero 54 USAC Linden Pipeline Prompt Cycle AAXPVCY

HEATING OIL Assessment name Code ULS Heating Oil USAC Linden Pipeline prompt cycle assessment AAXPU00 ULS Heating Oil USAC Linden Pipeline prompt cycle AAXPUCY

Please send any feedback to americas_products@spglobal.com and pricemethodology@spglobal.com. 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.