SINGAPORE (Reuters) - Oil pricing agency S&P Global Platts (SPGI.N) said on Thursday it planned to publish U.S. crude prices during the Asia market close from December after U.S. exports to the region rose.
Platts’ move comes a year after rival price reporting agency Argus launched two Asia-delivered price indexes for U.S. crude as they compete to be the benchmark for oil flows on the trade route that has opened up after Washington lifted a decades-old ban on crude exports at the end of 2015.
About a third of the United States’ crude exports, or more than 56 million barrels, landed in Asia in the first half of 2017, Platts said in a note on its website.
Platts said it plans to publish four U.S. crude prices at the close of Asia’s market at 0830 GMT “to help bring transparency to these markets”. The price quotes are for WTI-MEH, the price of West Texas Intermediate Midland crude at the Magellan East Houston Terminal (MEH), Light Louisiana Sweet (LLS), Southern Green Canyon and LOOP Sour.
Platts is seeking feedback from the market by Oct. 13.
The company launched the Louisiana Offshore Oil Port (LOOP) Sour price quote in March this year to mark prices for medium sour grades of crude produced offshore in the United States and imports for the U.S. gulf coast.
Thomson Reuters, the parent of Reuters news, competes with Platts and Argus in providing news and information to the oil market.
Reporting by Florence Tan; Editing by Richard Pullin