CLARIFICATION NOTE: Inherent RINs values in US domestic road transport fuel assessments

S&P Global Platts would like to clarify that US domestic refined product assessments reflect the tradable value of products in the spot market, which for road transport fuels inherently includes the cost of meeting Renewable Volume Obligations (RVOs) mandated by the Environmental Protection Agency. This cost, represented by the spot market value of RINs, is typically deducted from the value of export and import cargo assessments.

The current language in the Americas Refined Oil Products methodology and specifications guide states that "Platts US refined products assessments are not directly inclusive of RINs values" unless stated otherwise. This is because this cost is already typically factored into spot prices for domestic road transport fuels.

The methodology and specifications guide will be updated for further clarity. There is no change to the underlying methodology for these assessments.

For questions or comments, please email americas_products@spglobal.com and pricegroup@spglobal.com.

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