Platts to split Middle East and Africa Jet Fuel index, amend Global Jet Index from Jan 2

Platts will split Middle East & Africa jet fuel index into separate regional indexes from January 2025.

Platts Jet Kero FOB Fujairah assessment to account for 50% of rebranded Middle East jet fuel index.

The base value of the new Africa jet fuel index will be determined by calculating the average value of the same index over 2024.

Platts, part of S&P Global Commodity Insights, will amend the composition of its Middle East and Africa jet fuel index to reflect only Middle East assessments, and rename it to Platts Middle East jet fuel index. At the same time, Platts will launch a new Africa jet fuel index, effective Jan. 2, 2025.

This follows a proposal published Oct 25, found here(opens in a new tab), amid market requests for Platts to publish an independent jet fuel index for Africa. Feedback suggested that the emergence of new trade flows and domestic African refining capacity has resulted in a significant variance in the value of jet fuel in Africa relative to the Middle East region.

Changes to regional indexes

The Middle East and Africa jet fuel index currently comprises the value of jet fuel in the Middle East (55%), Mediterranean (25%), West Africa (15%) and South Africa (5%). From Jan. 2, 2025, the Mediterranean, West Africa and South Africa will each account for 30%, 35% and 35% of the new Africa jet fuel index, respectively--reflecting jet fuel demand primarily from uplift data and trading volume.

The value of jet fuel in the Mediterranean, West Africa and South Africa will continue to be underpinned by the Platts Jet FOB Med Cargo assessment [AAIDL00], Platts Jet FOB STS Lome assessment [AJWAA00] and the Platts Jet Kero CFR South Africa Cargo assessment [AAQWT00], respectively.

Meanwhile, Platts Jet Kero FOB Arab Gulf Cargo assessment [PJAAA00] and Jet Kero FOB Fujairah Cargo [AFUJF00] assessment will each account for 50% of the renamed Middle East jet fuel index.

Current composition of Platts Middle East and Africa index:

Changes to Platts Middle East and Africa index from Jan. 2, 2025:

In addition to outright values in US cents/gal, $/barrel and $/mt, Platts jet fuel indexes are also published as relative values, which express the value of an index as a percentage of its base value at the time it was launched. For the new Africa jet fuel index, Platts will determine this base value by calculating the average value of the same index during 2024.

Changes to Global Jet Fuel Index

Following these changes, the Platts Global Jet Fuel Index will be formed of six regional indexes from the current five, namely: Asia & Oceania, Middle East, Europe& CIS, Africa, North America and Latin America, effective Jan. 2, 2025. The Platts Global Jet Fuel Index is a weighted average of Platts jet fuel assessments from major global trading, supply and demand centers. The weightings in the index represent a broad view of the proportional demand for jet fuel around the world.

Details of the methodology can be found here: /content/dam/spglobal/ci/en/documents/platts/en/our-methodology/methodology-specifications/World_Jet_Indexes.pdf(opens in a new tab).

The changes taking effect from Jan. 2 will not impact the weighting of the regional indexes for Asia & Oceania, Europe & CIS, North America and Latin America in the calculation of the Global Jet Fuel Index.

Composition of regional indexes and weightings:

These assessments appear on Platts Global Alert page 115, in Asia Pacific Arab Gulf Marketscan, European Marketscan, US Marketscan and in the Platts price database under the codes above.

Please send any feedback, comments or questions to Europe_products@spglobal.com and pricegroup@spglobal.com.

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