Until now, we computed the benchmark spread in one go: origin benchmark minus destination benchmark. The number was correct, but it wasn't something you'd recognize or trade.
We've now split it into the real legs: DFL, Brent-Dubai EFS, WTI-Brent Future, HOGO, EW, and so on. Each leg has its own tenor and value, roughly matching what you'd put on if you had to hedge the cargo. This gives you more transparency into how we arrive at the benchmark spread value, and what's driving it.
Time structure has moved too. It's now computed on the discharge benchmark, from load tenor to discharge tenor.
The total landed value doesn't change, only the breakdown.
This is live now for both crude and refined products.
