Platts to require two ports in FOB AG bids in Middle East refined products MOC

Platts, part of S&P Global Energy, will require buyers submitting FOB Arab Gulf bids in the Middle East refined products Platts Market on Close assessment process to specify at least two load ports, effective Sept. 1.

The change follows market feedback to a subscriber note published Aug. 3 that considered introducing the two-port bid requirement.

Buyers will be required to nominate at least two safe and sound load ports when submitting bids, while sellers will continue to specify at least one and no more than three safe and sound load ports when submitting offers.

The change will apply to the suite of FOB Arab Gulf spot assessments for naphtha, gasoline, gasoil, jet fuel and fuel oil.

Cargoes loading from safe and sound ports in the Gulf of Oman will remain eligible for consideration for inclusion in the MOC and may be normalized to an FOB Fujairah basis, where appropriate.

More information on Platts Middle East refined products methodology is available here.

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