SUBSCRIBER NOTE: Platts changes US NGLs assessment roll timing November 1

S&P Global Platts has changed the roll timing for US natural gas liquids assessments, except for natural gasoline, with effect from November 1, 2019, based on market feedback and observed trading liquidity.

This change was announced September 26 in a subscriber note, available here: https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/092619-pl atts-to-change-us-ngl-assessment-roll-timing-november-1.

Platts understands that trading activity in these markets typically remains focused on prompt-month barrels through the end of the month.

For example, Platts observed that between April 1 and July 31, 2019, more than 80% of barrels traded in these markets on the last day of each month were for delivery in the prompt month.

Under this change, the assessments reflect trading in barrels for delivery any day in the specified month -- also known as "any" barrels -- through the end of the month.

Previously, the assessments reflected trading in barrels for delivery any day in the specified month, up to three days prior to the end of the month, following which the assessments roll over to the next forward month.

For example, under the latest change, Platts will be assessing November (M1) and December (M2) barrels between November 1 and November 30, and this will roll over to December (M1) and January (M2) barrels on December 1.

Platts publishes assessments for the prompt month and the next forward month for all Mont Belvieu NGLs, except for isobutane.

This change affects the following assessments:

Assessment Name Code Non-LST Mt Belvieu cents/gal: Ethane/propane mix M1 PMUDA05 Ethane/propane mix M2 AAWUB00 Ethane purity M1 PMUDB05 Ethane purity M2 AAWUC00 Propane M1 PMAAY00 Propane M2 AAWUD00 Normal butane M1 PMAAI00 Normal butane M2 AAWUF00 Isobutane PMAAB00

Conway, Kansas: Ethane/propane mix PMAAO00 Propane PMAAT00 Normal butane PMAAD00 Isobutane PMAAA00

Bushton, Kansas: Propane AALBE00

Hattiesburg, Mississippi: Propane AALBC00

Non-LST Mt Belvieu $/mt: Propane AAXDD00 Normal butane AAXDC00

Please send all feedback and questions to oilgroup@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.