Oil demand will recover 6 million barrels a day of its loss, he said, but will still be 2 million barrels below 2019 levels. Welcome to Platts Market Center Use this page to login, manage and access your subscription(s) to: Read industry news; View market pricing, fundamental data and charts; Sign up for alerts; Build your own custom reports and more; S&P Global Platts is the leading independent provider of information and benchmark prices for the commodities and energy markets. Use it to: — Build your network—See who else is registered, help people find you, and exchange contact information digitally. Platts Northwest European 3.5% sulfur fuel oil cargoes reflect a look-alike specification for Russian Mazut-100, a typical fuel oil export grade.Platts 1% sulfur barge assessments have reflected a bunker grade since 2010, when the market shifted from a utility reflection to instead match the growing demand and supply focused within the shipping market. Look up contacts and conversations later. Platts Market Data – Oil helps you keep one step ahead of the competition with data and S&P Global Platts benchmark oil price assessments. For written comments, please provide a clear indication if they are not intended for publication by Platts for public viewing. Platts Marine Fuel 0.5% assessment methodology underpinned by robust liquidity in the Market on Close assessment process; Platts Marine Fuel 0.5% assessment steadily gaining traction as the regional low sulfur benchmark ; Rajesh Nair, Managing Editor, Asia & Middle East Residual oil markets, S&P Global Platts. Platts has observed growing interest in renewable fuels across the transportation markets driven by the ongoing transition to lower carbon fuels. 1:45pm. The agreement was largely successful in fostering a recovery in oil prices throughout the summer and fall, but oil demand outlooks have again come under pressure. Dated Brent could be opening its doors to US crude as it looks to evolve as a global oil benchmark. @plattsshipping: #COVID19 has sent seismic waves through global #trade. Following significant growth of US crude exports before the pandemic and then the April 20 price collapse of the NYMEX WTI contract, S&P Global Platts launched its AGS assessment for waterborne cargoes […]. Today we’re looking at a third shift confronting the US upstream: digital transformation and the need for the oil and gas workforce to catch up in this area. The agreement was largely successful in fostering a recovery in oil prices throughout the summer and fall, but oil demand outlooks […]. if the 5th attempt fails, the account will be locked for 30 minutes, Please use only English characters (A-Z, a-z), You already have an account, Please log in or reset password. This video was produced in collaboration with the 22nd annual S&P Global Platts Global Energy Awards which will be broadcast on Thursday, December 10th. Tim Haskell, EY’s US oil and gas people advisory services leader, tells us some other findings from the survey and how the industry’s response to this challenge will determine future growth. Following an extended period of research, market outreach and review, S&P Global Platts is opening a formal consultation regarding the inclusion of WTI Midland crude in its Dated Brent benchmark, and all related assessments. WTI MIDLAND: Specifically, Platts is inviting market feedback on the potential addition of US WTI Midland to the basket of crudes reflected in its Dated Brent FOB North Sea, Dated Brent CIF Rotterdam, and Cash BFOE assessments. S&P Global Platts opens consultation on inclusion of WTI Midland crude in Dated Brent. Other reasonable delivery ports within Northwest Europe may be nominated, with the buyer covering all reasonable incremental delivery costs. Fate of weakest upstream assets still unclear. — Chinese demand: Trade deal dynamics; evolving Chinese choices of crude suppliers Access latest gas news and analysis, conferences and events. TIMING OF IMPLEMENTATION: Platts is inviting feedback on a potential implementation for March 2022 cargoes. The group reached a compromise agreement December 3 to scale back production quotas and to meet monthly to fine-tune output as conditions warrant. The cargo markets followed shortly after in 1980.Over the years, the high and low suflur specifications Platts has reflected have changed a great deal. With average production decline rates from existing fields of about 8% per year, the risk to them of large-scale stranded assets could be relatively small given that oil and gas is expected to remain a key part of the global energy mix for decades. Platts 1% fuel oil barge assessments reflect clips of 1,000 mt, while Platts 3.5% fuel oil barge assessments reflect clips of 2,000 mt. Waterous, managing partner and CEO of North American private equity firm Waterous Energy Fund, believes the Permian Basin in particular has already peaked. Platts Periodic Table of Oil – Unlocking the secrets of crude quality. These moves echoed the transitions the fuel oil market has witnessed over the years; evolving on the emergence of cheaper and readily available natural gas from a utility market to one centred around bunker fuel.Given the markets' primary outlet, over time the specifications Platts reflects have also shifted towards the bunker market. These include ExxonMobil’s $10 billion Golden Pass US LNG project, Chevron’s $6.3 billion deepwater Anchor US oil project, and Shell’s $3.9 billion deepwater Mero Sepetiba project in Brazil. Install the mobile app version for easy access from anywhere. Fuel oil … La formation des prix des combustibles liquides fait appel, on le sait, à des références internationales spécifiques pour chaque produit ( Platts ) et non aux prix internationaux du pétrole brut de Londres (le Brent). Platts Periodic Table of Oil ⁠— Interactive Infographic ... 'Time to think big': New gas association chair talks hydrogen, renewable fuels Natural Gas, Natural Gas (North American), Oil, Crude Oil ; December 18, 2020; Americas, North America, United States of America ; Oil producer Earthstone to acquire fellow Permian small-cap Independence Load More. Listen: What the OPEC+ deal means for market volatility, US crude production, S&P Global Platts Opens Consultation on Inclusion of WTI Midland Crude in Dated Brent, S&P Global Platts proposes inclusion of WTI crude in Dated Brent benchmark, https://www.spglobal.com/platts/global-energy-awards/attend, Infographic: A global oil benchmark: Key US crude grade could join Dated Brent, Americas Petroleum and Energy Virtual Conference. This particular fuel oil requires preheating to 220 – 260 Degrees Fahrenheit. WTI Midland is a light, sweet crude oil with a typical average monthly export volume of 1.078 million barrels per day during 2020, of which around 443,000 b/d arrived in Europe. From the impact of coronavirus in China, to sanctions imposed on major producers like Venezuela and Iran, understanding the importance of crude quality has … Subsequently, on each date of the assessment period the most competitive of the six grades would be used to form Dated Brent. The cost of storing fuel oil in VLCCs is about $2-$3/mt a month in floaters, and that to store in landed terminals is about $5-$6/mt a month, both higher than the current monthly contango, market sources said. The West’s top nine oil majors alone are sitting on more than 28 billion barrels of oil equivalent of undeveloped resources, according to company filings, and low prices in 2020 have already sidelined about a third of global oil and gas investments, raising concerns on the potential for future “stranded assets”. It has been a big year for the US flagship crude, West Texas Intermediate, and in particular the way that grade is priced. On the flip side, spending on low-carbon projects by European majors is starting from a low base but is set to rise sharply. Fuel oil (also known as heavy oil, marine fuel or furnace oil) is a fraction obtained from petroleum distillation, either as a distillate or a residue. Production has held at around 10.5 million b/d to 11 million b/d since late October, according to the US Energy Information Administration. Enter your Email ID below and we will send you a link to reset your password. Chris Midgley, Global Director of Analytics, discusses the global energy outlook in these very uncertain times. Likewise, while Platts 1% sulfur fuel oil cargo assessments in both Northwest Europe and the Mediterranean still reflect a utility grade, the specification reflected changed in 2012 to better mirror a blendable bunker fuel specification. Consolidation in the carrier... PlattsOil: Risk and governance: Essential insight, visionary solutions..... APPEC goes virtual. Recovery in demand for jet fuel will be slow. On this page you will find the latest Crude Oil news, information, and analysis from S&P Global Platts. Under a faster shift to low-carbon energy, projects with the lowest production costs will be most competitive while high-cost projects run a greater risk of becoming stranded assets. Fuel Oil Diff - New York 1% Fuel Oil (Platts) vs USGC HSFO (Platts) Future. New and Discontinued Price Symbol Alerts are issued when we launch new assessments and announce discontinued assessments. Evolution of the Marine Fuel 0.5% pricing in the wake of the big switch to IMO-2020 compliances. Platts assessments reflect a standard Aframax cargo size of around 600,000 barrels, though cargoes of between 500,000 barrels and 700,000 barrels may be bid or offered in the Platts Market on Close assessment process and are normalized back to a 600,000 barrel standard. S&P Global Platts European fuel oil price assessments cover both the high and low sulfur spheres, divided between 3.5% and 1% maximum sulfur, cargo and barge marketplaces.Fuel oil has a number of uses globally, though the largest market for the heavy, residual refined product is bunker fuel, where the material fuels large, sea-going vessels. S&P Global Platts US Gulf Coast 3%S residual fuel oil assessment is a benchmark assessment that reflects the price of high-sulfur fuel oil at five locations within the Houston Ship Channel of Texas. The MOC approach to methodology operates on the principle that price is a function of time. By submitting this form you acknowledge that you have read and you agree to our, You must select at least one interest to continue, You are a premium subscriber, we are unable to send you a link to reset password for security reasons., Register or Login to See Price Assessment. Platts reflects bids, offers and transactions where the buyer is willing to take delivery of any of the five grades in the Dated Brent basket (Brent Ninian Blend, Forties, Oseberg, Ekofisk, and Troll) as nominated by the seller. Despite a flurry of new green spending pledges this year and ambitious low-carbon investment targets, oil and gas absorb the biggest share of oil majors spending by some distance. Refined products benchmark assessments for Northwest European and Mediterranean cargo markets and ARA barge markets. — Refining: Reformatting for renewable fuels amid a sustainability shift Chris Midgley, Global Director of Analytics, discusses the global energy outlook in these very uncertain times. Investors have been burned by low returns and are not likely come back in force, according to Waterous. Click here to access the interactive Platts Periodic Table of Oil. It has been a big year for the US flagship crude, West Texas Intermediate, and in particular the way that grade is priced. RATIONALE FOR POSSIBLE INCLUSION: Since US crude exports restarted in 2015, WTI Midland has become a mainstay for European crude imports and a core part of the North Sea crude oil market. To access a complimentary sample of Market Data - Oil, simply submit your details below: * He joins us today to discuss the implications of what he describes as a major structural shift in the industry, and where it is headed. Gain a global view with Singapore, Persian Gulf and Japanese prices plus the previous day's US spot prices. Platts also reflects bids, offers and trades for cargoes of these grades on a CIF-delivered basis 12 days forward to one month ahead, and adjusts these values for freight to arrive at comparable FOB values. The Fuel Oil 1% FOB NWE Cargoes (Platts) Average Price Options are premium-paid-upfront options. ... S&P Global Platts Analytics forecasts a bunker demand shift of more than 3 million b/d and Brent crude price rise of as much as $7/b in 2020. “In an efficient market there has to be sufficient return to bring on new supply and probably the divergence between European and American majors is the fact that American majors think that demand might be a bit stronger in the near term at least,” Klein said. Last month, Shell acknowledged for the first time that its oil production has likely already peaked, as the pursuit of “value over volume” accelerates for its upstream assets. The US majors, which lag their European peers on green investments, have yet to even quantify their spending on renewables and low-carbon projects. You’ll receive access to our online event tool in advance of the conference. The threat to reserves and stranded capital varies widely by company and country. Access latest oil news and analysis, conferences and events. Earlier this year the oil market suffered a historic price collapse as pandemic-blunted demand left the world awash in crude. Hydrotreated vegetable oil, commonly referred to as renewable diesel, is produced via hydroprocessing of oils and fats and can be used as an alternative fuel … Resources held by Western energy majors could be the tip of the iceberg. With so much US crude now coming to Europe, Platts has announced a proposal to include US WTI Midland into the North Sea benchmark of Dated Brent. Platts would consider Cash BFOE bids and offers where the buyer is willing to accept nomination of a cargo of WTI Midland STS basis Scapa Flow for the relevant contract month by the seller upon physical performance of the trade. 9:20 am Platts AGS and a better definition of Midland WTI quality — Understand the methodology and relevance of the new Gulf Coast price benchmark — Platts implements tighter specifications on all its Midland WTI assessments Matt Eversman, Associate Director, Crude Oil, Fuel Oil, Bunker Markets, S&P Global Platts If you have any questions or concerns please contact support@platts.com or click here, Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center. Opening Remarks. 1:30pm. Platts will consider all feedback received on these points and any other areas of interest, and provide an update on any possible changes to methodology after the close of the consultation period. — Shipping: Floating storage and marine fuel price dynamics In today’s podcast we’ll review how Platts AGS has performed since its launch in June amid challenging fundamentals for global oil markets. The European utility market, now mostly dominated by Mediterranean outlets, sees a relatively small demand pool for low sulfur fuel oil from oil-fired utility plants.Platts fuel oil assessments are also used to price bitumen, and their reach goes further still into the high and low sulfur straight-run fuel oil markets.As with most refined oil product markets, each single traded clip reported by Platts in its Market on Close assessment process may well trade more than once before it finds its way into the Amsterdam-Rotterdam-Antwerp storage hub, the European cargo market or ship-owner end-user demand pool. The assessment reflects bids, offers and trades for WTI Midland FOB Scapa Flow, as well as DAP Rotterdam adjusted for freight. The various components of this guide are designed to give Platts subscribers as much information as possible about a wide range of methodology and specification issues. Against this background, the OPEC+ group in April agreed to is deepest-ever production cuts. — Take it all with you—Use the tool to take notes, then export them (and share with other attendees). Platts Market-on-Close (MOC) is the process Platts editors use to assess prices for crude oil, petroleum products and related swaps. The Dated Brent assessment reflects the most competitive of these grades on an FOB and CIF-adjusted basis for each day in the loading period. The most commonly used fuels for commercial aviation are Jet A and Jet A-1 which are produced to a standardized international specification. “Shale is the paragon of short-cycle oil supply and can step in if there is a shortage of supply, so it is a reasonable risk-reward at this point.”. Gulf Coast No. A monthly cash settled future based on the difference between the Platts daily assessment price for New York 1% Fuel Oil and the Platts daily assessment price for US Gulf Coast High Sulphur Fuel Oil. But that is down roughly 2 million b/d on the year, and many analysts expect little change for 2021. Eni and BP are amongst the best-prepared companies under the B2DS scenario, although up 60% of their respective portfolios are still uncompetitive, the report finds. The main problem the shipping industry has to address is how it will cope with an unfamiliar set of new fuels in 2020. D variation du coût du carburant (indice Platts Oilgram). Platts invites feedback on whether it should only reflect bids and offers for 600,000 barrel cargoes or to also include larger cargoes. The US oil and gas sector is facing several huge transitions all at once: the immediate crisis brought on by the pandemic and a longer-term energy transition away from fossil fuels. — Connect—Use 1:1 messaging to introduce yourself. Recent investments at odds with energy transition scenarios. — Brazilian supply: Fuel market impacts of Petrobras’ refinery divestments Access latest petrochemicals news and analysis, conferences and events. Do more with your registration. Access latest power news and analysis, conferences and events. Unwanted reserves held by oil majors could be sold and developed by smaller producers or privately-held companies less encumbered by shareholder ESG concerns. Jonty Rushforth and Joel Hanley discuss how this might work and what it means for the world’s leading oil benchmark. Upstream resources that are written off as impairments as companies lower their future oil price assumptions are also being rapidly revalued by the market, feeding expectations of a surge in industry consolidation through mergers and acquisitions. The Americas Petroleum and Energy Virtual Conference provides comprehensive coverage of the entire energy slate: oil, natural gas, and petrochemicals. Under this proposal, Platts would include WTI Midland FOB basis Scapa Flow in the Dated Brent basket, alongside Brent Ninian Blend, Forties, Oseberg, Ekofisk, and Troll. [Yes] I would like to receive S&P Global Platts promotional emails. According to the International Energy Agency, some 250 billion fewer barrels of oil and 30 Tcm less gas will need to be developed by 2040 for the world to hit its Sustainable Development Scenario (SDS), an outlook compliant with the Paris Agreement to hold the rise in global temperatures to below 2 degrees. The dynamic nature of the oil markets means new opportunities are created all the time. “The majors are focusing on the advantaged resources – high margin, low cost, low carbon risk,” said Luke Parker, the vice president of energy consultants Wood Mackenzie, noting this also means “getting rid of the barrels and molecules that don’t work — the resource that will be stranded in a 2-degree future.”. The fuel requires to be preheated before it can be used. This market sees upwards of 250 million mt demand a year, globally, and our assessments are used to benchmark a great deal of this exposure.Platts European fuel oil assessments are also used in electricity oil/gas indexed pricing and dark spread formations. Portfolio exposure is highly linked to demand outcomes and future prices under different scenarios. Production has held at around 10.5 million b/d to 11 million b/d since late October, according to the US Energy Information Administration. About 92% of oil and gas executives surveyed believe their companies need to change the way they operate coming out of the downturn, but less than half said they have a robust plan to reskill staff and capture the value of digital transformation. The various components of this guide are designed to give Platts subscribers as much information as possible about a wide range of methodology and specification issues. European energy majors are prioritizing lower-carbon gas resources and this means their upstream spending is least at risk from weaker demand under the IEA’s “Beyond 2 Degrees Scenario” (B2DS). Visit the replay for a refresher and to download speaker presentations. "While the SAF market evolves with the emergence of a spot market, our new cost-based assessment will add critical transparency, allowing market participants to compare the price of traditional jet fuel with the cost of new SAF," said Vera Blei, Platts' head of oil markets pricing. Like to receive S & P global Platts opens consultation on inclusion of WTI Midland S. Gain a global pandemic Bunker fuel service helps to develop, connect & the! Diving down the barrel: where are traders finding value be blended with conventional fossil-based aviation fuel be. Means new opportunities are created all the time grade is a type of residual fuel, Platts said value! 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