Platts to move US trading window

OREANDA-NEWS. March 16, 2016. Platts will shift its US crude oil and products electronic trading "windows" to a 2:30pm ET close effective 1 July.

The shift means Platts market on close assessment will now be aligned with the Nymex settle.

Platts will also now use the Nymex crude, RBOB and ultra-low sulphur diesel Nymex contract settlement to form the Nymex portion of its outright price assessments.

Previously, Platts' window closed at 3:15pm ET. The pricing agency would then apply its assessed cash differentials to its own assessment of the Nymex contracts at 3:15pm ET.

Platts abandoned the use of the true Nymex settlement in 2009. The move was controversial at the time.

Jonty Rushforth, global editorial director for the oil and pricing group, said the company received 116 responses on its proposal to change its window timing and that the majority of responders had no opinion on whether Platts used the official Nymex settlements or not.

"It should make for a more robust assessment," Rushforth said regarding the use of the true Nymex settlements.

Platts is owned by McGraw-Hill Financial and is a direct competitor with Argus Media.