Platts proposes to launch European ULSD, gasoil, jet cash differential assessments

Platts, part of S&P Global Commodity Insights, proposes to launch new daily Mean of Platts London (MOPL) cash differential assessments on March 1, 2024, for a number of benchmark European middle distillate markets, in response to industry feedback.

Under this proposal, these new MOPL differential assessments would reflect the value of the physical product in relation to the underlying forward curve aligned with the loading or delivery window reflected in the physical assessment, also known as the MOPL strip. The MOPL strip is defined as the average of the forward values for the sequence of the 16 days for cargoes and either 11 or 13 days for barges that represent the future delivery or loading dates reflected in Platts middle distillates physical assessments. These strip values are calculated using Platts assessments of related derivatives for balance month, month one and month two.

For example, on March 1, 2024, the ULSD 10ppmS CIF NWE Cargo assessment will reflect delivery over March 11-March 26. The MOPL strip will equate to the average of March 11-March 26 calculated on the assessed forward curve. The MOPL cash differential will equate to the outright ULSD 10ppmS CIF NWE Cargo assessment value on March 1 minus the MOPL strip value.

The new differential assessments would be published alongside and complement the following Platts middle distillates assessments, which are informed by bids, offers and trades reported in the Platts Market on Close Assessment process:

Please send any comments or feedback by Jan. 15, 2024, 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 upon request.