World News
Platts Methods Get Independent Approval
Energy information firm Platts says an independent review has confirmed that its practices for oil price reporting meet international standards.
Ernst & Young conducted the independent review, which the International Organization of Securities Commissions (IOSCO) had recommended for oil price reporting agencies.
"The results of the review confirm that Platts sets – and meets – high standards for price reporting," said Larry Neal, president of Platts.
"Clearly defined and transparent methodologies are the heart of Platts' assessment processes."
The review tested Platts' governance and controls framework, policies, and editorial practices against IOSCO's Principles for Oil Price Reporting Agencies, which has been endorsed by the G20.
"Platts supports efforts by legislators and regulators to assure confidence in price benchmarks in the oil markets and other physical commodities markets that we cover," Neal said.
"Our broad implementation of the IOSCO PRA Principles for oil and other commodities is evidence of this support."
European regulators have been probing allegations that traders manipulated published oil prices, and while some traders have said such manipulation is common, following a subsequent review Platts said it found no evidence of such activity.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 504.50 | 2.50 | 620.00 | 3.00 |
| Rotterdam | 456.00 | 1.50 | 621.50 | 2.00 |
| Houston | 476.00 | 7.00 | 624.00 | 1.00 |
| Fujairah | 496.50 | 2.00 | 713.00 | 2.50 |
| Global 20 Ports Average | 526.50 | 0.50 | 712.00 | 0.50 |
| Global 4 Ports Average | 483.00 | 2.00 | 644.50 | 0.50 |
| Global Average Bunker Price | 570.50 | 1.50 | 751.00 | 1.00 |
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