Platts, part of S&P Global Commodity Insights, proposes to launch a daily New York Harbor Intertank Transfer (ITT) ethanol assessment, effective Feb. 1, 2023.
This assessment would provide transparency in the pricing of ethanol at New York Harbors' Sewaren terminal and will be in addition the current New York Harbor FOB barge assessment.
The proposed assessment would reflect volumes of a minimum of 5,000 barrels traded with a loading date 5 to 15 from the day of publication.
Buyers would have the option to take delivery of the product at the Sewaren terminal in a method other than by ITT, such as by barge and truck. All incremental costs associated with the chosen offtake option would be borne by the buyer. A seller should not unreasonably withhold any offtake option, and any associated costs for non-ITT offtake options must be demonstrably reasonable and typical.
For transactions in this market, if ownership of the physical product transfers between Jan. 1-31, it would be the seller's option to transfer current or prior-year RINs. Transfers after Jan. 31 for the rest of the calendar year must carry current-year RINs. The physical ethanol transfer date would determine what RIN vintage may be attached, not the trade date.
Please send all feedback and questions by Dec. 31, 2022, to firstname.lastname@example.org and email@example.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 to the public upon request.