Following extensive market feedback, S&P Global Platts is proposing to no longer reflect North Sea CIF Rotterdam cargo bids and offers on a Completion of Discharge pricing basis in the Platts Market on Close assessment process, effective May 10, 2021.
Platts understands that the vast majority of North Sea CIF Rotterdam cargo trades are priced basis deemed B/L, and that alternative COD pricing is not typically traded in the market.
Platts already reflects North Sea CIF Rotterdam cargo bids and offers pricing on a 2-1-2 around deemed Bill of Lading (B/L) basis as standard, but also currently publishes bids and offers on a COD basis. Under this proposal, Platts would continue to reflect bids, offers and trades that price alternatively either on a Cash BFOE basis or full-month average, in line with the current North Sea CIF Rotterdam methodology.
For assessment purposes, the deemed B/L will continue to be 1 day forward from the first day of the delivery laycan for Forties and Ekofisk, and 2 days forward for Brent, Oseberg and Troll.
Platts would continue publishing market information pricing on a COD basis, but would no longer include that information in its MOC assessment process.
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