Platts launches Benzene CIF ARA eWindow instruments

Platts, part of S&P Global Commodity Insights, has launched eWindow instruments for Benzene CIF ARA assessments in the Platts Market on Close assessment process as of Nov. 18.

Participants in the MOC process are able to submit bids or offers for publication directly through the eWindow communication tool, or can also do so through an editor who will then publish the bids and offers using the software.

The new eWindow instruments have a standard clip size of 1,000 mt and reflect information for deliveries within the balance of the current month and for five consecutive months. For example, on Nov. 20 market participants will be able to submit bids, offers and trades for deliveries within the remaining days of November (subject to normal nomination procedure), December 2024, January 2025, February 2025, March 2025, April 2025.

Platts has established clearly defined timing guidelines and standards of incrementability that apply when publishing bids and offers in the MOC in order to ensure an orderly and transparent price assessment process.

Bids and offers for CIF ARA benzene will generate headlines on Platts Petrochemical Alert and Platts Connect.

For bids and offers submitted directly through the eWindow communication tool, the cut-off time is 4:05:00 pm London time.

Market participants are able to improve their bids and offers by a minimum $0.25/mt per 20 seconds and a maximum of $1/mt per 20 seconds right up until the close of the MOC at 4:30:00 pm London time.

Following any trade, there are 30 seconds to rebid or reoffer.

A one-minute extension period will be triggered by any price move or a rebid/reoffer in the 20 seconds prior to the close of the MOC.

Bids and offers submitted through an editor for publication must be received by 4:00:00 pm London time.

For bids and offers submitted through an editor, market participants are able to improve their bids and offers by a minimum of 25 cents/mt per 60 seconds and a maximum of $1/mt per 60 seconds until 4:28:00 pm London time.

A three-minute extension period will be triggered by a rebid/reoffer submitted through an editor in the last 20 seconds prior to the close of the MOC.

As per S&P Global Commodity Insights editorial guidelines, market participants are able to withdraw a bid or offer from the MOC at any time, so long as no other potential trading counterparty has indicated interest to buy or sell into the bid/offer.

The eWindow provides direct entry and management of credit filters which should mirror those normally applied in the marketplaces.

Guidelines for the publication of bids and offers in the MOC are published in the Petrochemicals Timing and Increment Guide available here: Petrochemicals Timing and Increment Guidelines | S&P Global Commodity Insights (spglobal.com)

An overview of Platts assessments methodology including the MOC can be found here: www.spglobal.com/platts/plattscontent/_assets/_files/en/our-methodology/methodology-specifications/platts-assessments-methodology-guide.pdf

Any entities interested in participating in the MOC for Benzene CIF ARA should refer to: www.spglobal.com/platts/en/our-methodology/participation-review

Platts provides training to participants interested in learning more about the use of the eWindow software.

Please send all feedback, comments or questions to petchems@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 to the public upon request.