SUBSCRIBER NOTE: Platts updates Europe gasoil, diesel barges proposal

Platts has updated its proposal to amend the bids, offers and transactions that it reflects in its Market on Close assessment process for European ultra low sulfur diesel and gasoil barges. This update follows feedback received to its initial proposal to update these specifications, published on May 15, 2014, and also to its middle distillates technical workshop hosted by Platts on April 28, in London. Following this consultation, Platts is now specifically seeking feedback on a proposal to publish bids and offers for barges from Flushing-Ghent (combined), in addition to publishing bids and offers from Amsterdam-Rotterdam-Antwerp. Platts had previously proposed to standardize all published bids and offers to Amsterdam-Rotterdam-Antwerp, and simply reflect an alternative delivery scheme for Flushing and Ghent. These changes, which are proposed for introduction with effect from January 2, 2015, would further standardize information considered in Platts final assessments, and allow for more efficient publishing and interpretation of physical market data. The following are Platts proposals for various aspects of the current middle distillate barge methodology: LOADING PORTS: Platts does not have any plans to modify the loading ports reflected in its 0.1% gasoil and diesel barge assessments. These ports include Flushing, Amsterdam, Rotterdam, Antwerp and Ghent. However, for 0.1% gasoil and diesel barges, Platts proposes to publish bids and offers for Amsterdam-Rotterdam-Antwerp and, separately, Flushing-Ghent. The assessment will then be normalized back to Amsterdam-Rotterdam-Antwerp. VOLUMES: In diesel and 0.1% gasoil, Platts proposes to reflect bids and offers of 1,000-3,000 mt, amended from the current 1,000-5,000 mt range. Under this proposal, the only size range considered for assessment purposes would be 1,000-3,000 mt. Fixed volume bids and offers would no longer be reflected. Buyers would retain the right to nominate a volume when expressing an intention to lift such an offer, and likewise when a seller expresses interest in a published bid. In 50 ppm gasoil, Platts assessments already reflect 1,000-3,000 mt. LOADING DATES: In diesel and 0.1% gasoil, Platts proposes to publish bids and offers for fixed laycans of five days each -- the front, middle and back end dates reflected in its assessments. Currently, any laycan within the 3-15 days (Monday-Tuesday) or 5-15 days (Wednesday-Friday) assessment period can be bid or offered. Under this proposal, a buyer would retain the right to nominate a barge loading on one specific day within the five-day laycan agreed at time of trade, following the end of the MOC process. Platts 50 ppm gasoil barge assessment already reflects fixed loading periods of five days each -- front, middle and back end dates. Platts welcomes all comments and queries to europe_products@platts.com and pricegroup@platts.com. Please send comments and queries by November 14, 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.