08 July 2025: 09:30 BST
Controversy in the Murban assessment is brewing again! No rest for the wicked! Platts has proposed a new methodology for a ‘quality adjustment’ rather than just a ‘quality premium’. In practice, this means Murban could be discounted through a negative QP: the seller would then have to reimburse the buyer the value of the adjustment if a Murban cargo is declared into the window. But the adjustment is asymmetric. When Murban prices above Oman, the adjustment will equal 50% of the average spread over the previous five days, only when the spread is greater than $1. When Murban prices below Oman, the adjustment will equal 100%, with no minimum spread. As one trader said, Platts have made it harder for Murban to be assessed expensive.
In ‘The Officials’, Onyx Capital Advisory publishes outright values, spreads, cracks and boxes for the main energy commodities traded in the marketplace. The published values are determined independently and on a fair market basis by our team of dedicated professionals.
We invite you to read our reports, which will initially be published twice a day, reflecting closing values at 16:30 Singapore time (SGT) and at 16:30 London time (GMT/BST). For any comments, please reach out to us through the emails provided in the signed documents.
