Effective September 19, 2018, and following extensive market feedback, S&P Global Platts has launched daily assessments of WTI Midland and Eagle Ford 45 on a delivered at place (DAP) Rotterdam and DAP Augusta basis. The launch follows a rapid growth in US crude supply into Europe and aims to meet a requirement for additional pricing information in what has become an increasingly important market.
Platts assesses cargoes of WTI Midland and Eagle Ford 45, sold on a DAP basis for delivery between 20-60 days from the date of publication. These assessments reflect cargoes pricing on a 2-1-2 basis around completion of discharge (COD), although other pricing bases may be published and normalized accordingly. All four new assessments reflect Aframax-size cargoes of between 500,000-700,000 barrels, normalized where necessary to 600,000 barrels.
Platts will publish the new assessments both as a differential to Dated Brent and as outright prices. Alongside this, Platts is also launching a new forward Dated Brent strip to reflect the 20-60 day forward Dated Brent market. Platts will publish bids and offers for each crude on both bases, as well as at a differential to other relevant benchmarks. The new prices will appear in the Platts Crude Oil Marketwire and on Platts Global Alert on pages 1238 and 1239 under the following price codes:
Grade Code WTI Midland DAP Rotterdam AWTIC00 WTI Midland DAP Rotterdam vs fwd Dated Brent AWTID00 WTI Midland DAP Augusta AWTIA00 WTI Midland DAP Augusta vs fwd Dated Brent AWTIB00 Eagle Ford 45 DAP Rotterdam AEFAC00 Eagle Ford 45 DAP Rotterdam vs fwd Dated Brent AEFAD00 Eagle Ford 45 DAP Augusta AEFAA00 Eagle Ford 45 DAP Augusta vs fwd Dated Brent AEFAB00
20-60 day forward Dated Brent ADBRA00
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