SUBSCRIBER NOTE: Discontinues M+1 Cash Brent assessment at Asia close, renames other months

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

Platts has also renamed the 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 continues to assess M+2, M+3 and M+4 Cash Brent in Singapore as it does today. To align the names of these assessments with conventions in related markets, Platts has renamed these remaining assessments. M+2 Cash Brent Asia close code PCAJG00 was labelled as "M2" in most publication locations prior to October 3, 2016. The M+2 assessment has since October 3, 2016 been renamed "M1". Likewise, "M+3" code PCAJI00 and "M+4" code PCAJ000 have been renamed "M2" and "M3" respectively.

As a result of this change Platts has discontinued in Asia its Dubai EFS M1 code DEFSM01. In line with the renaming of the Brent cash assessments Platts has renamed 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" have been 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 which was prior to October 3, 2016, labelled as Brent M2 vs Dubai M1 Singapore, to align this assessment it has since October 3, 2016 been renamed Brent M1 vs Dubai M1 Singapore.

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