OPIS Proposed Change to Rack Closing Benchmark Timing

Thursday, November 8th, 2018

Dear Valued OPIS Rack Customer:

OPIS continually strives to ensure its methodology accurately reflects existing market conditions and that our rack reports follow that methodology consistently and in accordance with observed market behavior.

To that end, OPIS is seeking feedback from subscribers on a proposal to change the time of the OPIS Closing Benchmark. The current OPIS Closing Benchmark publishes by 5:59 pm Eastern time. This means that prices effective up until that time may be reflected in the OPIS Rack Closing Benchmark.

After discussions with a number of stakeholders, OPIS has observed that prices published by some suppliers are effective at 5:00 pm and remain in effect for 24 hours through the following day at 4:59 pm and a change to the time for which our OPIS Rack Closing Benchmark is set is now under review.

Following the market feedback above, OPIS proposes to change the OPIS Rack Closing Benchmark so that it will publish by 4:59 pm Eastern. We believe this update will more accurately reflect the end of day benchmarks which include other mid-afternoon price changes. Therefore, we are asking for comments on our proposal to publish OPIS Rack Closing Benchmark reports by 4:59 pm Eastern as opposed to by 5:59 pm Eastern.

OPIS' current methodology as it relates to the OPIS Rack Closing Benchmark can be reviewed on our website here: https://www.opisnet.com/about/methodology/#wholesale-rack-pricing

Please send comments or questions by Friday, November 30th, 2018 to the OPIS rack personnel below or the OPIS Customer Service team at OPIS-Energy-CustomerService@ihsmarkit.com or by calling 1-888-301-2645.

Tanya Lee
Director, Wholesale Business Development
(e) tanya.lee@ihsmarkit.com
(p) +1 (301) 284-2135

Terri Shirley-Summerhayes
Data Transformation Director
(e) terri.shirley-summerhayes@ihsmarkit.com
(p) +1 (732) 730-2517

Sincerely,

Tanya Lee
Director, Wholesale Business Development
OPIS