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Platts Launches New Price Reference for Dated Brent CIF Rotterdam - New assessment to complement existing Dated Brent FOB; publication starts on Monday, March 14, 2016 - Platts.com
Platts Launches New Price Reference for Dated Brent CIF Rotterdam

 

PRZOOM - /newswire/ - London, United Kingdom, 2016/02/08 - New assessment to complement existing Dated Brent FOB; publication starts on Monday, March 14, 2016 - Platts.com. NYSE: MHP; NYSE: MHFI

   
 
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Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets, announced today that it will publish a new price assessment of North Sea light sweet crude on a delivered basis into Rotterdam. The new Dated Brent Cost-Insurance-Freight (CIF) Rotterdam assessment will be complementary to the existing Dated Brent Free-On-Board (FOB) assessment. The new price assessment will be published from Monday, March 14, 2016.

Over 2015, the Platts Dated Brent crude basket - composed of the Brent Ninian Blend, Forties, Oseberg and Ekofisk grades (BFOE) - saw healthy available supplies averaging 53 cargoes per month. However, Platts forecasts production will decline to 38 cargoes of crude per month by 2020, falling to 20 in 2025. The current low oil price environment may place further pressure on cargo volumes.

Dave Ernsberger, global head of oil content at Platts said: “While North Sea production remains robust, our analysis forecasts significant declines in volumes of BFOE available for trading over the next decade. We have therefore instigated open discussions about the need to evolve the benchmark in order to ensure it remains relevant and reflects changing market dynamics. Today’s launch of Dated Brent CIF Rotterdam is the first step on that path. It provides market participants with visibility on an important hub for crude oil and complements our existing FOB assessment.”

Platts has been working with market participants on the evolution of North Sea crude for a number of years and held an open methodology session in London in December 2015. A range of scenarios were outlined including adding grades of crude oil loading in the North Sea as well as crude being brought into the region from elsewhere.

Currently, around a quarter of crude flowing into Rotterdam, one of the world’s key crude import hubs, comes from the North Sea, another quarter comes from the Middle East, and about a fifth from the Baltic region. The new Dated Brent CIF Rotterdam assessment reflects the value of BFOE delivered into Rotterdam on a Cost, Insurance and Freight basis. It is a crucial tool to provide pricing visibility on the value of North Sea crude in an important oil hub.

Platts Dated Brent oil assessments are built on the Platts Market-on-Close (MOC) methodology, a structured, highly-transparent price assessment process based on the principle that price is a function of time. The MOC process in oil identifies bid, offer and transaction data by company and results in a time-sensitive, end-of-trading-day daily price assessment. For more information, visit this methodology and specification page of the Platts website.

The Dated Brent CIF Rotterdam assessment will be published in real-time service Platts Global Alert, as well as Platts Crude Oil Marketwire and Platts Oilgram Price Report.

Contacts:
EMEA: Arnaud Humblot +44(0)20 7176 6685, arnaud.humblot[.]platts.com and Alex Brog +44(0)20 7176 7645, alex.brog[.]platts.com
Singapore: Platts (platts[.]ryancommunication.com)

About Platts

Founded in 1909, Platts (platts.com) is a leading global provider of energy, petrochemicals, metals and agriculture information and a premier source of benchmark prices for the physical and futures markets. Platts' news, pricing, analytics, commentary and conferences help customers make better-informed trading and business decisions and help the markets operate with greater transparency and efficiency. Customers in more than 150 countries benefit from Platts' coverage of the biofuels, carbon emissions, coal, electricity, oil, natural gas, metals, nuclear power, petrochemical, shipping and sugar markets. A division of McGraw Hill Financial, Platts is based in London with more than 1000 employees in more than 15 offices worldwide.

About McGraw Hill Financial

McGraw Hill Financial (mhfi.com) is a leading financial intelligence company providing the global capital and commodity markets with independent benchmarks, credit ratings, portfolio and enterprise risk solutions, and analytics. The Company's iconic brands include Standard & Poor's Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts, CRISIL and J.D. Power. The Company has approximately 18,000 employees in 30 countries.

 
 
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Platts Launches New Price Reference for Dated Brent CIF Rotterdam

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