Uche Cecil Izuora
Platts a part of S&P Global Energy has confirmed its plan to commence daily publication of spot assessments for Nigerian crude grades Amenam Blend and CJ Blend on a FOB Nigeria basis, to replace the current Market Parity Prices, effective October 1, 2026.
The FOB, (Free on Board) basis means the seller is responsible for the goods, including export clearance and loading, until the cargo is safely on board the vessel at the named port of shipment
This follows feedback from market participants on the spot market liquidity of both grades and subsequent demand for an assessment reflecting spot market values.
Platts currently publishes calculated MPPs for Amenam Blend and CJ Blend reflecting the gross product worth of each grade on both an outright basis and as a differential to Dated Brent.
Under the proposal, the assessment codes would be unchanged, with the methodology changed to a spot market assessment reflecting the observed value of each grade on the open market.
The Amenam Blend and CJ Blend FOB Nigeria assessments would reflect standard cargo sizes of 950,000 barrels and 650,000 barrels, respectively, loading 25-55 days ahead from assessment date and pricing five days after bill of lading as standard.
This follows the same assessment period and pricing basis as Platts’ existing West African crude oil spot assessments.
For assessment purposes, Platts would publish bids and offers for cargoes of 950,000-1.05 million barrels inclusive for Amenam Blend, and 650,000-1.05 million barrels inclusive for CJ Blend.
Cargoes differing from the standard 950,000-barrel and 650,000-barrel sizes may be subject to normalization for assessment purposes.
Both Amenam Blend and CJ Blend would be assessed as a differential to the 30-60 day forward Dated Brent strip and published as an outright price.
This proposal would impact the following codes and include assessment name changes:
Amenam Blend and CJ Blend have sulfur contents of 0.11% and 0.118% and API Gravity readings of 38.7 and 33.5, respectively, according to assays seen by Platts.
The assessments would continue to reflect a 1630 London time stamp and follow the London publishing schedule.
The assessments would complement Platts’ existing suite of spot assessments for West African crudes, and would be published on Platts Crude Alert pages 1230 and 1231, and in Crude Oil Marketwire.