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S&P Global Energy

From Wikipedia, the free encyclopedia
(Redirected from Platts)
S&P Global Energy
FormerlyPlatt's (1923–1953)
Platts (1953–2016)
S&P Global Platts (2016–2022)
S&P Global Commodity Insights (2022–2025)
TypeDivision
IndustryCommodities, Energy, Financial Information
FoundedFebruary 1, 1909; 117 years ago (1909-02-01), in Cleveland, Ohio, US
FounderWarren C. Platt
Headquarters
London
,
England, UK
Area served
Worldwide
Key peopleDave Ernsberger (President)
ProductsPrice assessments, market data, analytics, news, research
ServicesInformation and benchmark price provider
ParentS&P Global
Websitewww.spglobal.com/energy

S&P Global Energy is a provider of energy and commodities information and benchmark price assessments. Its editors publish daily price assessments in physical commodity markets, and the U.S. Department of Justice has identified the company as one of four global price reporting agencies.[1] Its assessments underpin the Brent crude oil benchmark; the Oxford Institute for Energy Studies estimated in 2022 that the Brent complex priced almost 70% of globally traded crude oil and long-term LNG.[2]

The business traces its origins to 1909, when Warren C. Platt founded the magazine National Petroleum News in Cleveland, Ohio.[3] Platt's publishing interests became part of McGraw-Hill in 1953 and grew into the division known as Platts.[4] It was renamed S&P Global Platts in 2016, S&P Global Commodity Insights following a 2022 merger with IHS Markit, and S&P Global Energy in November 2025.

Overview

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From an original focus on the oil industry, S&P Global Energy gradually expanded its purview to include metals, agriculture, shipping, and all energy-related markets – oil, coal, natural gas, electricity, nuclear power, petrochemicals, renewables, and emissions.

Corporate history

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Warren C. Platt (1883–1963) started the magazine National Petroleum News in Cleveland, Ohio in 1909. He expanded the business with the publication of the newsletter called Platts Oilgram in 1923, which went on to be recognized as an influential source for petroleum prices. The companies founded by Platt that published prices and news were acquired in 1953 to become part of what was then known as McGraw-Hill group, which was later to become S&P Global. The publication activities that started with petroleum later expanded to cover energy and commodities, which were all undertaken by the division that became known as Platts.[4]

In 2000, McGraw-Hill merged Platts with other like assets to turn the company into a provider of energy information.[3] In 2016, when McGraw-Hill changed its name to S&P Global, the Platts division was renamed S&P Global Platts.

Platts' first significant acquisition came in 2001, when it acquired FT Energy.[5] That acquisition gave it the Platts Global Energy Awards, considered one of the industry's biggest awards event, held every December in New York.[6]

Beginning in 2010, Platts' parent started making acquisitions to significantly grow the Platts business, including: Bentek Energy, a natural gas-focused analytics firm, in 2010;[7][8] Eclipse Energy;[7] Kingsman;[7] Minerals Value Service;[7] RigData in 2016[9] (RigData was sold to Drillinginfo in 2019[10]); Commodity Flow in 2016;[11] and PIRA.[7] An attempt to acquire OPIS in 2011 failed following market objections and Federal Trade Commission resistance.[12]

In 2022, when S&P Global completed a merger with IHS Markit, it combined the divisions S&P Global Platts and IHS Markit ENR to form the renamed S&P Global Commodity Insights, dropping Platts from the division's name,[13] though preserving it in the ongoing Platts Global Energy Awards.[14] Former IHS brands that were retained include CERAWeek[citation needed] and Chemical Week.[15]

On November 14, 2025, S&P Global announced the rebranding of Commodity Insights to S&P Global Energy, effective immediately, to sharpen its focus on global energy intelligence amid evolving market demands.[16]

Benchmarks and methodology

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Market on Close

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Platts produces most of its oil price assessments, and many of those for other commodities, through a process it calls Market on Close (MOC). Its editors collect bids, offers and completed trades from market participants throughout the trading day, and publish a price that reflects the market's value at a fixed closing time. Platts stops accepting new bids and offers 30 to 45 minutes before the close; traders call this final period the "window". Editors may exclude bids and offers that cannot be verified as meeting Platts' published guidelines. When no trade takes place, they base the assessment on bids, offers and price spreads to related products.[17] Platts first used the process in Asia in 1992.[18]

In 2012 the International Organization of Securities Commissions (IOSCO) published Principles for Oil Price Reporting Agencies, at the request of the G20.[19] Platts has since commissioned annual reviews of its compliance from Ernst & Young, and in 2015 extended them to its assessments for commodities other than oil.[20][21]

Dated Brent

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Platts began assessing Dated Brent in 1987.[18] The Brent complex priced almost 70% of globally traded crude oil and long-term LNG in 2022, according to the Oxford Institute for Energy Studies.[2] As production from the North Sea fields in the basket declined, Platts added deliverable grades. After Troll joined in 2018 the basket had five: Brent, Forties, Oseberg, Ekofisk and Troll.[22] In June 2022, after a market consultation, Platts announced that the US grade WTI Midland would join the basket from June 2023 deliveries, and that the standard cargo size would rise from 600,000 to 700,000 barrels.[22] WTI Midland first set Dated Brent on 2 May 2023, the first grade from outside the North Sea to do so.[23]

Dubai and Oman

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Platts Dubai and Platts Oman are the main price references for Middle Eastern crude oil sold to Asia.[24] Output of Dubai crude fell from a peak of about 400,000 barrels per day in the early 1990s to under 120,000 barrels per day by 2004. Platts responded by widening what could be delivered against the benchmark. In 2001 it allowed sellers to deliver Oman crude against Dubai trades, and in 2004 it introduced the "partials" mechanism, which splits a cargo into 25,000-barrel parcels traded in the MOC process.[24] Saudi Aramco set its official selling prices for Asia against the average of Platts Dubai and Platts Oman until October 2018, when it replaced Platts Oman with the Oman futures contract of the Dubai Mercantile Exchange.[25]

Japan Korea Marker

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Platts launched the Japan Korea Marker (JKM) in February 2009 as the first daily price assessment for liquefied natural gas cargoes traded in Asia. It reflects the spot value of cargoes delivered ex-ship to Japan, South Korea, China and Taiwan.[26] Futures that settle against the JKM are listed on the European Energy Exchange.[27]

See also

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References

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  1. ↑ "Complaint". United States v. S&P Global Inc. and IHS Markit Ltd. United States Department of Justice, Antitrust Division. 12 November 2021. ¶ 12. Retrieved 18 September 2026.
  2. 1 2 Chapman, Kurt (March 2022). "The Future of the Brent Oil Benchmark: A Radical Makeover" (PDF). Oxford Energy Comment. Oxford Institute for Energy Studies. Retrieved 18 September 2026.
  3. 1 2 "Platts History". S&P Global. Retrieved February 22, 2010.
  4. 1 2 "Platts – An Historical Perspective" (PDF). S&P Global. May 2009. Retrieved November 21, 2016.
  5. ↑ Johnson, Owain (9 August 2017). The Price Reporters: A Guide to PRAs and Commodity Benchmarks. Routledge. ISBN 9781351760553 – via Google Books.
  6. ↑ "Global Energy Awards--HomePage". geaweb.platts.com.
  7. 1 2 3 4 5 "Media Center, Energy Expert Interview, Press Releases - S&P Global Platts". www.spglobal.com.
  8. ↑ "Bentek Energy". Data Automation and Integration | ZEMA | ZE PowerGroup Inc. Retrieved 2022-10-27.
  9. ↑ "S&P Global Platts Acquires RigData". rigdata.com. 2 June 2016. Retrieved 15 March 2021.
  10. ↑ "S&P Global Inc. (SPGI) Q2 2019 Earnings Call Transcript". finance.yahoo.com. Motley Fool Transcribers. 1 August 2019. Retrieved 15 March 2021.
  11. ↑ "Platts Acquires Commodity Flow". spglobal.com. S&P Global Platts. 15 March 2016. Retrieved 15 March 2021.
  12. ↑ "UCG Cancels Sale of OPIS to McGraw-Hill's Platts Unit". The Newsletter on Newsletters. 21 February 2011. Archived from the original on 28 September 2017 – via HighBeam Research.
  13. ↑ "About S&P Global Commodity Insights". S&P Global. Archived from the original on 2022-04-10. Retrieved 2024-08-14. Starting in March 2022, IHS Markit became part of S&P Global, and S&P Global Platts and IHS Markit ENR combined to become S&P Global Commodity Insights.
  14. ↑ "Platts Global Energy Awards". S&P Global. Retrieved 2024-08-14.
  15. ↑ Eramo, Mark (6 November 2024). "Shaping the Future of Chemicals: Insights from S&P Global's Mark Eramo". The Chemical Show (Interview). Interviewed by Meyer, Victoria. Retrieved 24 September 2025.
  16. ↑ "S&P Global rebrands Commodity Insights as S&P Global Energy to sharpen focus on global energy intelligence". World Oil. 2025-11-14. Retrieved 2025-11-17.
  17. ↑ "Platts Methodology Explained: FAQ". S&P Global. Retrieved 23 September 2026.
  18. 1 2 "Our history". S&P Global Commodity Insights. Retrieved 23 September 2026.
  19. ↑ Principles for Oil Price Reporting Agencies: Final Report (PDF) (Report). International Organization of Securities Commissions. October 2012.
  20. ↑ "Independent Assurance Review Confirms Platts Aligns With IOSCO Principles for Oil Price Reporting Agencies" (Press release). Platts. 30 October 2014.
  21. ↑ "Independent Assurance Review Confirms Platts Aligns Non-Oil Commodities With IOSCO Principles for Oil Price Reporting Agencies" (Press release). Platts. 22 April 2015.
  22. 1 2 "Platts Brent assessments to include WTI from 2023". Energy Voice. 9 June 2022.
  23. ↑ "Platts Dated Brent Now Reflects WTI Midland Crude Oil, Completes Inclusion in Brent Complex" (Press release). S&P Global Commodity Insights. 2 May 2023.
  24. 1 2 Fattouh, Bassam (March 2012). The Dubai Benchmark and Its Role in the International Oil Pricing System (PDF) (Report). Oxford Energy Comment. Oxford Institute for Energy Studies.
  25. ↑ Fattouh, Bassam (July 2018). What Next for Asian Benchmarks? (Report). Oxford Energy Comment. Oxford Institute for Energy Studies.
  26. ↑ "Platts JKM (Japan Korea Marker) LNG Price Assessment". S&P Global Energy. Retrieved 23 September 2026.
  27. ↑ "LNG – Liquefied Natural Gas". European Energy Exchange. Retrieved 23 September 2026.
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