Platts clarifies pre-program and slippage day publication guidelines for CPC Blend and Azeri light MOC bids and offers

Platts, part of S&P Global Commodity Insights, clarifies its guidelines for publishing bids for CPC Blend and Azeri Light in the Mediterranean Market on Close assessment process over dates not covered by the relevant loading program (pre-program). These instances typically occur when the 20-40 day forward assessment range for CPC Blend or 10-30 day forward assessment period for Azeri Light stretches beyond the published loading schedule dates.

Platts publishes firm bids for CPC Blend and Azeri Light cargoes on a CIF Augusta basis ahead of the release of the full corresponding month-ahead loading program. In these markets Platts reflects bids where buyers are willing to receive previously loaded oil, meaning a cargo that has or will load before the dates being bid. Platts does not reflect offers of previously loaded oil.

A seller may supply a previously loaded cargo provided it conforms to all other aspects of Platts methodology and the seller covers any additional costs incurred by the buyer as a result of supplying a previously loaded cargo.

However, this specifically excludes oil sourced via STS or any land-based storage other than the original loading terminal.

Platts understands CPC Blend does not have a unified loading program though load dates will be circulated through the market and compiled by participants from around the 11th of each month. For Azeri Light, Platts has observed that the month-ahead loading program from the Turkish port of Ceyhan is circulated around the 8th of each month.

Slippage days

In the CPC Blend and Azeri Light CIF Augusta markets Platts also reflects bids and offers that can be supplied with cargoes where all but one day of the loading laycan fit fully into the indicated five-day loading range in the MOC. These days are known as slippage days.

For example, a bid for CPC Blend loading in the range Nov. 10-14 may be performed with a Nov. 9-10 laycan with slippage. Equally, an offer for Azeri Light loading in the range Nov. 10-14 may be performed with a laycan of Nov. 14-15 with slippage.

Should a seller opt to offer or sell any cargo not loading fully within the indicated five-day loading range, they must cover any additional costs incurred by the buyer resulting from the earlier or later loading.

Please send all feedback, comments or questions to europe_crude@spglobal.com and 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 upon request.