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Platts to change CIF NWE naphtha operational tolerance pricing

S&P Global Platts will change the operational tolerance pricing of 12,500 mt cargoes in its CIF NWE naphtha cargo Market on Close assessment process to a floating price basis from fixed, effective July 1, 2021.

The change will bring operational tolerance pricing for 12,500 mt cargoes in line with the larger cargo sizes published in the CIF NWE naphtha cargo MOC process.

The physical CIF NWE naphtha cargo assessment (PAAAL00) reflects four cargo sizes: 12,500 mt, 24,000-28,000 mt, 28,000-32,000 mt, and 32,000-36,000 mt, full or part-cargo, with the final assessment reflecting the most competitive (i.e. lowest value) of the four cargo sizes.

The change was first proposed in a note published on Dec. 22, with an initial launch date of Feb. 22:

Under the change, Platts will reflect 12,500 mt CIF NWE naphtha bids, offers and trades where the volume operational tolerance is plus/minus 10%, with the latter valued after discharge on a floating price basis, on the mean of the Platts naphtha CIF NWE cargo assessment over five working days after completion of discharge (COD), plus or minus a differential.

Currently, for 12,500 mt cargoes in the CIF NWE naphtha MOC process, Platts reflects bids, offers and trades where the volume operational tolerance is plus/minus 10%, but where pricing is equal to the main volume pricing.

Additionally, Platts wishes to remind subscribers that main volume pricing and operational tolerance pricing are expected to be within a reasonable range, while accounting for market structure, in order to be reflected in the Market on Close assessment processes.

Platts may review for publication instances where the two pricing elements are deemed to significantly diverge.

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