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SUBSCRIBER NOTE: Platts specifies pipeline origin in WTI FOB USGC assessment

S&P Global Platts has amended its WTI FOB US Gulf Coast assessment methodology to include specific pipeline origins for crude cargoes with effect from September 3, 2019.

This methodology change provides a consistent framework for the acceptable crudes underpinning WTI FOB USGC and WTI Midland DAP Rotterdam/Augusta. The assessments now reflect the FOB and DAP values for the same stream of crude supply.

Initially, the pipelines to be used as the basis for the assessment are BridgeTex, Cactus, Longhorn, and Midland-ECHO. The origin pipelines referenced in the assessment may be expanded or modified over time to reflect the market-accepted sources of Midland-quality crude shipped directly from the Permian Basin as Texas' crude oil infrastructure evolves.

Platts invites feedback from the market on what pipelines are moving similar quality crude directly from the Permian Basin to US Gulf Coast export terminals.

Specifying the pipelines through which crude oil reaches export terminals strengthens this assessment by ensuring quality and composition. BridgeTex, Cactus, Longhorn and Midland-ECHO are all direct pipelines from the Permian Basin to US Gulf Coast export terminals. The pipelines operate under specification limits that ensure consistent Midland-grade quality.

Platts will publish bids, offers and trades meeting these origin specifications in its Market on Close process, with any such information used in the assessment process and reflected in the published WTI FOB USGC assessment. Offers in the MOC process should specify the pipeline origin.

Platts will publish offers for WTI Midland supplied via other pipelines in the MOC process, but such provenance would need to be explicitly stated. These may be normalized for assessment purposes to reflect standard quality supplied via one of the four pipelines listed above.

Platts will not publish bids that restrict supply to a specific terminal or pipeline, but will publish open origin bids in which buyers are willing to accept any material that meets their specification requirement.

Platts will also stipulate that crude oil underpinning the WTI USGC FOB assessment may not contain any previously cracked or refined material.

This methodology change was previously announced by Platts in a subscriber note on August 29, 2019: www.spglobal.com Please send all questions and comments 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.