Following a formal public consultation, proposal and review, S&P Global Platts will change its European ETBE purity specification, introducing a lower minimum purity of 90% while reflecting pricing of a higher 100% purity in its ETBE FOB AR assessment and Market on Close assessment process, with value adjusted post-trade for purity on loading using a de-escalator formula, effective June 30, 2021.
Bids, offers and trades in the Platts MOC will reflect the value of 100% ETBE purity while the purity on loading will be minimum 90% ETBE and minimum 95% ethers. Percentage price adjustments for purity post trade will be based on the following formula: ETBE FOB AR flat price [AASLQ00] = MTBE FOB ARA [PHALA00] + (ETBE premium [AASLQ02] x % purity).
Due to the differing ETBE purity in tanks ahead of loading, price adjustments for purity will be based on the ETBE formula at the time of load, and not at the time of trade.
The Platts ETBE assessment currently reflects material with a minimum purity of 95%.
Platts opened a consultation on its European ETBE assessments on Sept. 9, 2020.
The consultation was extended on Oct. 12 in a subscriber note available here: https://bit.ly/3n5cRQF
This decision follows a formal proposal on Jan. 5, which was the second to emerge from the ETBE consultation and followed a decision to specify maximum carbon intensity instead of minimum greenhouse gas savings.
Details are available here: https://bit.ly/3pQbNl5 and here: https://bit.ly/38X7FbP
Platts ETBE assessments appear on Platts Biofuels Alert pages 1420, 1010, 1011, and 1012, in the Biofuelscan and Fuel Ethanol Report publications, and in Platts Market Data under the following codes: AASLQ00, AASLQ02, AASLQ01, AASLQ04, AASLQ03, AASLQ13.
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