Pricing
Understanding Platts and Argus Petroleum Pricing Indices
PetroIntermediation TeamPricing & Market Intel
Platts (S&P Global) and Argus are the two dominant price reporting agencies. Both publish daily assessments based on bids, offers, and concluded trades during a "Market on Close" window.
In SPAs, the formula is typically: "Mean of Platts FOB ARA five-day average around B/L date, minus $X discount."
Whichever index you choose, lock the calculation method in writing.
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