SUBSCRIBER NOTE: Platts proposes publishing counterbids to North Sea STS offers

Following feedback from market participants, S&P Global Platts proposes publishing counterbids for STS North Sea crude oil cargoes, whenever an STS cargo is offered in the Platts Market on Close assessment process. This change is proposed for all cargoes offered from June 1, 2018 onwards.

Currently, Platts publishes North Sea STS crude oil cargoes offers, on a Dated Brent-related, Cash BFOE-related, and flat price basis, which are received in full before 15:30:00 London time. Platts does not currently publish bids for North Sea STS cargoes.

Under this proposal, Platts would publish counterbids for any STS offers published in the Platts MOC, provided these counterbids were received in full by Platts before 15:45:00 London time.

The counterbid would be contingent on the initial STS cargo offer, and would be withdrawn once no STS offer remained available to trade in the Platts MOC. Platts would publish counterbids matching the dated range of an STS offer, with a minimum date range of three days, up to the full date range being offered STS in the MOC.

Increments, timings and all other cut-offs for STS counterbids would be in line with those prevailing for North Sea STS Cash BFOE-related offers.

Platts would also publish STS order-cancels-order counterbids in response to one or more STS offers.

Following the trade by a third party of an STS cargo offer, the counterbid would continue to be published by Platts for 60 seconds in order to allow time for the offer to repeat.

The STS counterbid would also be tradeable by any third party in the MOC, and would not be limited to the STS offer in response to which the counterbid was initially published.

Please send any comments and feedback by February 28, 2018 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.

Platts will consider all comments received and will make comments not marked as confidential available upon request.