ASCI methodology 计算方法

ASCI methodology 计算方法Methodology rationale
Argus strives to construct methodologies that reflect the way the mar-
ket trades. Argus aims to produce price assessments which are reli-
able indicators of commodity market values, free from distortion and
representative of spot market values. As a result, the specific curren-
cies, volume units, locations and other particulars of an assessment
are determined by industry consensus to facilitate seamless bilateral
trade and Argus mirrors these industry conventions.
In the Americas crude markets, Argus typically reflects physical market
prices across the entire trading day as a low and high of deals done
and in some markets a volume-weighted average of deals done. In
illiquid markets and time periods, Argus assesses the range within
which crude could have traded by applying a strict process outlined
later in this methodology. In some markets, Argus also produces
cumulative transaction averages across a month and cumulative daily
averages. An entire day price is a reliable indicator of physical market
values as it incorporates the broadest possible pool of spot market
liquidity and has acceptance from industry. Argus applies crude basis
differential transactions to the WTI settlement price to arrive at fixed
prices because the futures settlement price is a representative futures
price reference. This approach has been endorsed by industry accept-
ance. Certain markets are referenced to Brent crude at a certain time
of day, and details are located in the sections below. See also section
“Definition of trading day.”
In order to qualify to set the low or high of the day, deals must meet the
minimum volume, delivery, timing, and specification requirements in our
methodology, and the deals must be bona fide. With the exception of
volume, the same requirements apply to volume-weighted averages.
Definition of trading day
Argus defines the trading day by determining at what times the market
can be said to contain a fair number of willing buyers and sellers. Outside
of these time boundaries, markets are typically too illiquid to produce
representative price indications and deals. These boundaries can vary
in different markets, and will be under continuous review to maintain the
accuracy of the assessments. The trading day is defined as follows:
US Gulf coast pipeline    7:00am – 3:00pm CST
Argus will announce its publishing schedule in a calendar located at
www.argusmedia.com. Argus may not assess prices on certain public
holidays even when the exchanges are open, due to anticipated il-
front and back office of market participants and brokers. Argus will
also receive market data from electronic trading platforms and directly
from the back offices of market participants. Argus will accept market
data by telephone, instant messenger, email or other means.
Argus encourages all sources of market data to submit all market data
to which they are a party that falls within the Argus stated methodolog-
ical criteria for the relevant assessment. Argus encourages all sources
of market data to submit transaction data from back office functions
when and where possible.
Throughout all markets, Argus is constantly seeking to increase the
number of companies willing to provide market data. Reporters are
mentored and held accountable for expanding their pool of contacts.
The number of entities providing market data can vary significantly
from day to day based on market conditions. Should the number of
entities providing market data repeatedly fall to a level that assess-
ment quality may be affected, supervising editors will review the
viability of the assessment.
For certain price assessments identified by local management, should
more than 50pc of the market data upon which the assessment
is based come from a single entity during any assessment period
(defined as the minimum period covered, such as a day for a daily
assessment), then the supervising editor will engage in an analysis of
the market data with the primary reporter to ensure that the quality and
integrity of the assessment has not been affected.
Argus has committed to deliver many of our final published prices
to clients by a particular deadline each day. Because compiling and
confirming transactions and other market data in advance of this
deadline is a lengthy process, price assessment procedures must
be concluded well before that deadline. As a result, for the Americas
crude markets, Argus has instituted cut-off times for the submission
of data by market participants. Argus will review all data received after
the cut-off time and will make best efforts to include in the assessment
process all verifiable transactions and market data received after the
cut-off time but reserves the right to exclude any market data from the
process if received after the cut-off time.
Cut-off times
US Gulf coast and midcontinent pipeline  3:00 pm CST
Methodology overview2060