Platts proposes to launch weekly European FOB NWE, FOB Med bitumen assessments Dec. 11

Platts, part of S&P Global Commodity Insights, proposes to launch weekly FOB Northwest Europe and FOB Mediterranean bitumen prices Dec. 11.

The new FOB Northwest Europe assessment would be basis Rotterdam, and would be published as $/mt (outright) and as a cash differential to the forward strip for Fuel oil 3.5%S FOB Rdam Barges. The cash differential assessment would reflect the value of physical bitumen in relation to the average of the underlying forward curve for Fuel oil 3.5%S FOB Rdam Barges aligned with the loading window reflected in the physical assessment (20-45 days forward), on the publishing day.

These strip values are calculated using Platts assessments of related derivatives for balance month, month one and month two.

The new FOB Mediterranean assessment would be basis Augusta, and would be published as $/mt (outright) and as a differential to the forward strip for Fuel oil 3.5%S FOB Med cargoes. The cash differential assessment would reflect the value of physical bitumen in relation to the average of the underlying forward curve for Fuel oil 3.5%S FOB Med cargoes aligned with the loading window reflected in the physical assessment (20-45 days forward), on the publishing day.

These strip values are calculated using Platts assessments of related derivatives for balance month, month one and month two.

Both assessments would take into consideration price information gathered during the week ahead of the assessment, with indications normalized to the close at 4.30 pm London time on Wednesday of each week.

The assessments would reflect the values of physical bitumen cargoes at the close of 4.30 pm London time on Wednesdays and would follow a London publishing schedule. When a UK public holiday falls on the planned publishing day, the assessment would be published the day prior to the public holiday.

Details of the proposed specifications:

FOB Northwest Europe Bitumen

FOB Mediterranean Bitumen

Pricing information with terms, locations, and specifications different from the above standard may be considered for assessment purposes, subject to normalization.

Please send any questions, comments, or feedback to europe_products@spglobal.com with a copy to pricegroup@spglobal.com by Nov. 4.

For written comments, please provide a clear indication if they 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.