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Platts to update laycan, delivery terms for USAC fuel oil

Following a formal consultation, S&P Global Platts will amend the laycans and update the delivery term for all of its US Atlantic Coast fuel oil assessments, effective January 4, 2021.

This follows a consultation on all US Atlantic Coast fuel oil assessments that began on April 13: https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/041320-platts-opens-consultation-on-usac-residual-fuel-oil-assessments

Platts will update the assessment laycan for its USAC delivered markets to 7-20 days out from the current 10-25 days out. Platts will also update the delivery terms reflected in the assessments from CIF to DAP.

The change applies to all of the USAC fuel oil markets on the implementation date. The current list of the affected assessments includes:

PUAAO00: 1%S NYH CIF

PUAAX00: 3%S NYH CIF

AUAMB00: NYH Marine Fuel 0.5%

Separately, Platts is discontinuing some USAC fuel oil assessments on January 4, 2021: https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/071720-platts-to-discontinue-usac-22s-assessments-in-january-2021

The changed laycan and delivery term changes are based on extensive feedback from the USAC fuel oil market participants during a consultation opened in April, as well as an analysis of trading over the last several years.

Since Platts changed the volumes of the assessments from 120,000 barrels to 50,000 barrels in 2014, Platts has observed that the majority of reported trades reflect laycans at the most prompt end of the assessment period. Feedback suggested that moving the assessment period to 7-20 days out will better align it with the 7-15 day laycan in the Gulf Coast, while still allowing a wider window for the delivered USAC market.

Updating the delivery term from CIF to DAP is based on market feedback that the deals performed in the USAC delivered market are typically executed as DAP.

Please send any feedback on this decision to americas_products@spglobal.com and pricegroup@spglobal.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 upon request