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Platts implements comprehensive Platts WTI Midland specifications

In response to industry feedback, S&P Global Platts implements globally applicable "Platts WTI Midland" specifications from Aug. 5.

The Platts AGS assessment reflects the Platts WTI Midland grade. Any crude delivered as a result of published bids or offers in the Platts AGS Market on Close assessment process is expected to meet these specifications.

The specifications apply to the methodology for these assessments: Platts AGS (Platts symbol: AGSAA00), WTI Midland (PCACJ00), WTI Midland Month 2 (AAYZA00), WTI MEH (AAYRG00), WTI MEH Month 2 (AAXXE00), WTI FOB USGC (AAYBA00), WTI Midland DAP Rotterdam (AWTIC00), WTI Midland DAP Augusta (AWTIA00), WTI Midland FOB Scapa Flow (AWTIE00), WTI Midland DES Singapore (WTMSA00), and WTI Midland DES Yeosu (WTMYA00).

Platts understands the Platts WTI Midland specifications here provide the framework for a globally accepted WTI crude stream that is representative of a significant proportion of direct-from-Permian supply while meeting the needs of most refineries in typical US light, sweet crude export destinations.

For the global cargo assessments, including Platts AGS, these specifications complement the existing pipeline provenance requirement, which stipulates that the assessments reflect unblended, uncracked crude transported from the Permian to the Gulf Coast on BridgeTex, Longhorn, Midland-to-ECHO I/II, Cactus I/II, EPIC, Gray Oak, or Permian Express. With this change, crude will have to originate from one of these pipelines in addition to meeting the new specifications.

Platts WTI Midland specifications are:

Sulfur: 0.2% or less by weight as determined by ASTM Standard D-4294;

Gravity: Not less than 40 degrees American Petroleum Institute (API), nor more than 44 degrees API as determined by ASTM Standard D5002;

Mercaptans: 75 parts per million (ppm) or less as determined by ASTM Standard UOP-163;

Iron: 10 ppm or less as determined by ASTM Standard D5708 Method B;

Vanadium: 2 ppm or less as determined by ASTM Standard D5708 Method B;

Nickel: 2 ppm or less as determined by ASTM Standard D5708 Method B;

Vapor pressure: Less than 9.5 pounds per square inch at 100 degrees Fahrenheit as determined by ASTM Standard D6377;

Basic Sediment, water and other impurities: Less than 1% as determined by ASTM Standard D4007.

Platts will continue to evaluate the need for High-Temperature Simulated Distillation specifications and the appropriate values.

Platts recognizes that the WTI crude stream continues to evolve as existing reservoirs are depleted and as producers move to new acreage. Platts will monitor reported quality data in addition to gathering market feedback to ensure these specifications continue to reflect a globally relevant, fungible WTI stream that balances supply availability with buyer requirements. Future specification changes are possible following a proposal and feedback period.

Please send any comments or feedback to Americas_crude@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.