Platts launches NYMEX differential assessments for USGC naphtha, gasoline blendstocks

Platts, part of S&P Global Commodity Insights, has launched differentials versus NYMEX RBOB futures for its existing US Gulf Coast standard naphtha, heavy naphtha, alkylate, reformate and raffinate assessments with effect Nov. 1, 2022, in order to bring greater transparency to the naphtha and blendstock markets.

Platts first proposed the new assessments in a subscriber note published Sept. 13: https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/091322-platts-proposes-to-launch-nymex-differential-assessments-for-usgc-naphtha-gasoline-blendstocks

Platts understands that NYMEX RBOB-related pricing has become increasingly prevalent in physical naphtha and blendstocks markets in the US in recent years. Platts is publishing the new differentials alongside the assessments already published for these markets, which include outright assessments as well as differentials to Gulf Coast pipeline unleaded 87 and waterborne unleaded 87 gasoline.

The differentials are assessed versus the prevailing front month NYMEX RBOB futures. Platts will roll the differentials for alkylate, reformate and alkylate to the next month NYMEX RBOB contract on the same day it rolls its USGC gasoline prompt pipeline assessments.

For the naphtha assessments, Platts assess the differentials versus the prevailing front month NYMEX RBOB futures, rolling forward when more than half of the assessed laycan falls into the next month.

Bids, offers and trades on a RBOB-related basis across the laycans are evaluated as part of the assessment process for the differentials. Platts may publish bids, offers and trades priced off forward months, but these may be normalized for assessment purposes.

The new differentials are:

Symbol Description

AREFA00 Alkylate DAP USGC Barge vs NYMEX RBOB

AREFA03 Alkylate DAP USGC Barge vs NYMEX RBOB MAvg

AREFC00 Heavy Naphtha DAP USGC Barge vs NYMEX RBOB

AREFC03 Heavy Naphtha DAP USGC Barge vs NYMEX RBOB MAvg

AREFB00 Raffinate DAP USGC Barge vs NYMEX RBOB

AREFB03 Raffinate DAP USGC Barge vs NYMEX RBOB MAvg

AREFE00 Reformate DAP USGC Barge vs NYMEX RBOB

AREFE03 Reformate DAP USGC Barge vs NYMEX RBOB MAvg

AREFD00 Standard Naphtha DAP USGC Barge vs NYMEX RBOB

AREFD03 Standard Naphtha DAP USGC Barge vs NYMEX RBOB MAvg

Please send further comments to americas_products@spglobal.com and pricegroup@spglobal.com.

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