Refined Products, Jet Fuel, Diesel-Gasoil

March 01, 2024

Platts launches European ULSD, gasoil, jet cash differential assessments

Platts, part of S&P Global Commodity Insights, launched new daily Mean of Platts London (MOPL) cash differential assessments on March 1, 2024 for a number of benchmark European middle distillate markets, in response to industry feedback.

These new MOPL differential assessments reflect the value of the physical product in relation to the underlying forward curve aligned with the loading or delivery window reflected in the physical assessment, also known as the MOPL strip. The MOPL strip is defined as the average of the forward values for the sequence of the 16 days for cargoes and either 11 or 13 days for barges that represent the future delivery or loading dates reflected in Platts middle distillates physical assessments. These strip values are calculated using Platts assessments of related derivatives for balance month, month one and month two. Platts has also backfilled the new MOPL differential assessments to September 1, 2020, based on the published values of physical assessment and corresponding underlying strip values on the day.

For example, on March 1, 2024, the ULSD 10ppmS CIF NWE Cargo assessment will reflect delivery over March 11-March 26. The MOPL strip will equate to the average of March 11-March 26 calculated on the assessed forward curve. The MOPL cash differential will equate to the outright ULSD 10ppmS CIF NWE Cargo assessment value on March 1 minus the MOPL strip value.

The new differential assessments will be published alongside and complement the following Platts middle distillates assessments, which are informed by bids, offers and trades reported in the Platts Market on Close Assessment process:

Assessment Code MOPL Differential
ULSD 10ppmS CIF NWE Cargo AAVBG00 AMOPL00
ULSD 10ppmS CIF Med Cargo AAWYZ00 AMOPN00
ULSD 10ppmS FOB ARA Barge AAJUS00 AMOPM00
Gasoil 0.1%S CIF NWE Cargo AAYWS00 AMOPH00
Gasoil .1%S (1000ppm) CIF Med Cargo AAVJJ00 AMOPI00
Gasoil .1%S (1000ppm) FOB ARA Barge AAYWT00 AMOPG00
Jet CIF NWE Cargo PJAAU00 AMOPJ00
Jet Barges FOB FARAG PJABA00 AMOPK00

The new differential assessments appear in Platts European Marketscan, US Marketscan, Oilgram Price Report, Asia-Pacific-Arab Gulf Marketscan and Platts Global Alert and Platts Refined Products Alert pages 1110, 1112, 1114, 1410 and 1420.

Please send any comments or feedback to europe_products@spglobal.com and pricegroup@spglobal.com

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