Platts changes European LPG MOC timings in line with eWindow launch, effective Dec 4

Platts, part of S&P Global Commodity Insights, has changed the timing and increment guidelines for its European LPG Market on Close assessment process, with effect from Dec. 4, 2023, in line with the launch of Platts Editorial Window (eWindow) communication tool in this market at the same time.

The decision to change the timing and increment guidelines for Platts European LPG MOC assessment process was first announced Oct. 27, 2023. The subscriber note can be viewed at: https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/102723-platts-to-change-european-lpg-moc-timings-for-dec-4-ewindow-launch.

From Dec. 4, participants in the Platts MOC assessment process for European LPG will be able to submit bids and offers for publication directly through the Platts eWindow communication tool or through an editor, who would then publish bids and offers using the software.

The eWindow launch applies to the following assessments:

• Platts Propane CIF NWE Large Cargo (PMABA00)
• Platts Propane FOB NWE Seagoing Coaster (PMABB00)
• Platts Propane FOB ARA Barge (PMAAS00)
• Platts Propane FOB West Med Seagoing Coaster (PMABC00)
• Platts Bio-Propane FCA NWE (ABPRA00)
• Platts Butane CIF NWE Large Cargo (PMAAK00)
• Platts Butane CIF NWE Seagoing Coaster (PMAAJ00)
• Platts Butane FOB NWE Seagoing Coaster (PMAAL00)
• Platts Butane FOB ARA Barge (PMAAC00)
• Platts Butane FOB West Med Seagoing Coaster (PMAAM00)

Platts has established clearly defined timing guidelines and standards of incrementability that apply when publishing bids and offers in the MOC process, in order to ensure an orderly and transparent price assessment process, which can be found here: https://www.spglobal.com/commodityinsights/en/our-methodology/methodology-specifications/oil/oil-timing-and-increment-guidelines.

Under the changes to the MOC assessment process for Platts European LPG, effective Dec. 4, all outright and floating bids and offers will continue to have to be submitted by 15:45:00 hours London time and can be improved by a minimum of 25 cents/mt and a maximum of $1/mt per 60 seconds. Bids and offers submitted for publication via eWindow will be subject to new timing and increment guidelines, which may vary from existing manual timing and increment guidelines, as detailed in the following table:

Platts will continue to publish bids and offers where pricing is wholly or partly based on a percentage of naphtha as manual headlines in the MOC assessment process. As per published guidelines, manual bids and offers where pricing is wholly or partly based on a percentage of naphtha will be able to increase by a minimum of 0.1% and a maximum of 0.25% of CIF NWE naphtha every 60 seconds. More details can be found here: https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/070523-platts-adds-incrementability-guidelines-for-european-lpg-priced-as-a-percentage-of-naphtha-from-july-5.

Platts expects credit relationships that prevail inside its assessment process to fully reflect relationships in the market as a whole and apply to these new instruments as well.

Where Platts publishes bids and offers on behalf of a company that submits data through an editor, counterparty credit settings are set to "open" for reviewed participants in the assessment process, unless companies have notified Platts in advance of any restrictions.

Companies should provide notification on any changes to counterparty credit filters at least one hour prior to the cut off timing for submission of bids and offers in the MOC assessment process.

eWindow provides direct entry and management of credit filters, which should be those normally applied in the marketplace, for companies participating directly through the software.

Please send any comments or questions to europe_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.