Platts standardizes MOC timings, assessment periods for North Sea crude STS and delivered regional indications

S&P Global Platts has standardized the pricing state timings for ship-to-ship (STS) offers and delivered regional bids and offers in the North Sea crude Market on Close (MOC) assessment process effective Nov. 30, 2020.

From the start of pricing state, no new bids or offers are accepted for publication in the MOC process.

This follows a proposal note published Sept. 23, 2020, and a decision note published Nov. 2, 2020 available here:

https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/110220-platts-to-standardize-moc-timings-assessment-periods-for-north-sea-crude-sts-and-delivered-regional-indications

As a result of this change the start of pricing state for STS offers of Brent, Forties, Oseberg, Ekofisk and Troll has moved to 15.45.00.000 pm London time. The pricing state was previously from 15.30.00.000 pm.

The start of pricing state for bids and offers of Alvheim, Asgard, Gullfaks and Statfjord on a Cost and Freight (CFR), Cost, Insurance and Freight (CIF) and Delivered Ex-Ship (DES) basis has moved to 15.45.00.000 pm. The pricing state was previously from 16.10.00.000 pm.

As part of this change, Platts has also standardized the assessment period of Alvheim, Asgard, Gullfaks and Statfjord on a CFR, CIF and DES basis to 12 days to one month ahead, from ten days to one month ahead.

For the daily CIF assessments of Alvheim, Asgard, Gullfaks and Statfjord, the differential will be applied to the CIF North Sea strip rather than the North Sea strip.

Please send all comments 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.