Platts launches weekly European FOB Northwest Europe and FOB Mediterranean Bitumen assessments

Platts, part of S&P Global Commodity Insights, has launched weekly FOB Northwest Europe and FOB Mediterranean bitumen prices, effective Dec. 11.

The new FOB Northwest Europe assessment is basis Rotterdam, and is published as $/mt (outright) and as a cash differential to the forward strip for Fuel oil 3.5%S FOB Rdam Barges. The cash differential assessment reflects the value of physical bitumen in relation to the average of the underlying forward curve for Fuel oil 3.5%S FOB Rdam Barges aligned with the loading window reflected in the physical assessment (20-45 days forward), on the publishing day.

These strip values are calculated using Platts assessments of related derivatives for balance-month, month one and month two.

The new FOB Mediterranean assessment is basis Augusta, and is published as $/mt (outright) and as a differential to the forward strip for Fuel oil 3.5%S FOB Med cargoes. The cash differential assessment reflects the value of physical bitumen in relation to the average of the underlying forward curve for Fuel oil 3.5%S FOB Med cargoes aligned with the loading window reflected in the physical assessment (20-45 days forward), on the publishing day.

These strip values are calculated using Platts assessments of related derivatives for balance month, month one and month two.

Both assessments take into consideration price information gathered during the week ahead of the assessment, with indications normalized to the close at 4.30 pm London time on Wednesday of each week.

The assessments reflect the values of physical bitumen cargoes at the close of 4.30 pm London time on Wednesdays and follow a London publishing schedule. When a UK public holiday falls on the planned publishing day, the assessment is published the day prior to the public holiday.

Details of the specifications reflected:

FOB Northwest Europe Bitumen

Following market feedback, the assessment specification reflects penetration grades of 35/50, 40/60, 50/70 and 70/100 normalized to 40/60. In its proposal subscriber note published on Oct. 25 2024, Platts originally proposed a reference penetration grade of 50/70. The proposal note can be reached at: Platts proposes to launch weekly European FOB NWE, FOB Med bitumen assessments Dec. 11

FOB Mediterranean Bitumen

Following market feedback, the assessment specification reflects penetration grades of 35/50, 40/60, 50/70 and 70/100 normalized to 50/70.

Pricing information with terms, locations, and specifications different from the above standard may be considered for assessment purposes, subject to normalization.

Please send any questions, comments, or feedback to europe_products@spglobal.com with a copy to pricegroup@spglobal.com.

For written comments, please provide a clear indication if they 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 upon request.