Platts to add 250kb, 300kb cargo eWindow instruments for FOB Fujairah gasoline MOC

S&P Global Platts will begin publishing bids, offers and trades for 250,000-barrel and 300,000-barrel cargoes in its FOB Fujairah 92 RON and 95 RON gasoline Market on Close assessment process using eWindow technology, effective Dec. 11, 2020.

Currently, Platts publishes bids, offers, and trades for 200,000-barrel cargoes in the FOB Fujairah 92 RON and 95 RON gasoline MOC process via eWindow, while price information reflecting larger clip sizes is published as a manual headline on Platts Global Alert page 190.

From Dec. 11, market participants will also be able to submit bids and offers for cargo sizes of 250,000 barrels and 300,000 barrels for publication directly via the eWindow communication tool, or do so through an editor who would then publish the information using the software.

Platts assessments for FOB Fujairah 92 RON and 95 RON gasoline reflect the value of cargoes, typically 200,000 to 300,000 barrels each, for loading 20-40 days forward from the date of publication.

All bids and offers for the different cargo sizes can be submitted either on a flat price or a floating price basis on eWindow. Counterparties can only trade the different cargo sizes in their entirety and not in smaller clips. Bids and offers of different sizes will not automatically match on eWindow even when the price and other parameters are the same.

For example, an offer for 250,000 barrels of 92 RON gasoline will not match a bid for a 200,000-barrel cargo of 92 RON gasoline even if both orders are for cargoes loading over the same laycan and at the same price.

FOB FUJAIRAH NAPHTHA EWINDOW LAUNCH: Platts has also begun publishing bids, offers and trades for 25,000 mt, 50,000 mt and 75,000 mt cargoes in its FOB Fujairah naphtha Market on Close assessment process using eWindow technology, effective Sept. 21. 2020.

Platts assessments for FOB Fujairah naphtha reflect the value of 25,000 mt to 75,000 mt cargoes, for loading 20-40 days forward from the date of publication.

In the Asia oil product cargo assessment methodology, bids, offers and trades for the smallest volume within the assessed range takes precedence in the assessment process, if the prices demonstrably coexist in conflict at any moment in time. Platts would like to clarify that this methodology also applies to its Fujairah oil product cargo assessments.

For example, a bid for 200,000 barrels of gasoline on a FOB Fujairah basis would take priority over an offer for 250,000 barrels, in cases where the bid and offer might cross due to volume differences.

TIMING & INCREMENTABILITY: In the FOB Fujairah gasoline and naphtha MOC process, all bids and offers have to be submitted by 16.00.00.000 Singapore time. Following any trade, there will be 30 seconds to rebid or re-offer. Price changes can be made right up to the close of the MOC process, which is at 16:30:00:999. A change in price or rebid/re-offer in the last 10 seconds prior to the close of the MOC will trigger a 60-second extension period, in order to adequately test that bid or offer.

In the FOB Fujairah gasoline market, bids and offers can be improved by a maximum of 10 cents/b per 60 seconds, while in the FOB Fujairah naphtha market, bids and offers can be improved by a maximum of $1/mt per 60 seconds.

CREDIT RELATIONSHIPS: Platts expects credit relationships that prevail inside its assessment environment to fully reflect relationships in the markets as a whole. eWindow provides direct entry and management of credit filters which should mirror those normally applied in the marketplace.

Where Platts editors publish bids and offers on behalf of a company that submits data to an editor, counterparty credit settings are set to "open" for regular participants in the assessment process unless companies have notified Platts in advance of any restrictions. If a counterparty submitting information through an editor has not already notified Platts of any counterparty credit restrictions, they should notify Platts at least one hour prior to the start of the MOC if any counterparty credit filters need to be modified.

Guidelines for the publication of bids and offers in the MOC are published in the Oil Timing and Increment Guide available here: http://plts.co/s82p30rj8T3.

Full information relevant to these assessments can be found in the Asia Pacific and Middle East refined oil products specifications guide available here: http://plts.co/fwVz30rj8Sa.

Please send any questions or comments to asia_products@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.