S&P Global Platts Unveils API to Streamline Natural Gas Price Assessment Processes

Rhea-AI Summary

S&P Global Platts has introduced a new API solution to enhance the price reporting process for its US natural gas indices. This development follows the launch of the Platts Trade Vision tool in November 2019, aimed at assisting natural gas price submitters. The API, developed with input from market stakeholders, including Tenaska Marketing Ventures, aims to automate submissions, reduce costs, and improve digital infrastructure. This innovation continues S&P Global Platts' strategy to modernize commodity price assessment processes, following earlier API launches in 2020.

Positive

• Launch of the new API improves efficiency in natural gas price submissions.
• Automation of the submission process can lead to significant time and cost savings.
• The API enhances digital infrastructure for price submitters, promoting greater industry engagement.

Negative

• None.

NEW YORK, Dec. 9, 2020 /PRNewswire/ -- S&P Global Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets, today announced the launch of an application programming interface (API) solution to further streamline the price reporting process for Platts daily and monthly US natural gas indices.

The new API builds on the November 2019 launch of Platts Trade Vision, a data-submission tool to assist natural gas price submitters that voluntarily report price data to S&P Global Platts.

In developing the API, S&P Global Platts worked closely with market participants and partnered with Tenaska Marketing Ventures, one of the largest marketers of physical natural gas.

"We are impressed by Platts' continued desire to find innovative ways to improve the price submission process and are happy to participate in the effort to implement the API connectivity and put it into production," said Angie Forman, vice president Mid Office Operations, Tenaska Marketing Ventures. "API as a means of submitting transactional information will greatly improve efficiencies in price submission and build upon the capabilities of the Trade Vision tool."

The new Trade Vision natural gas API helps price submitters:

• Automate the natural gas trade submission process, a time and cost savings for price submitters
• Lower the barriers of entry to price submitting
• Further build out digital infrastructure for price submitters
• Eliminate the need to create and submit an excel file

Mark Callahan, director, Americas generating fuels and power price reporting, S&P Global Platts: "We were pleased the industry immediately embraced the revolutionary Trade Vision tool last November and believe market participants will welcome this next-step of the addition of an API solution that brings even greater efficiency to workflows by automating a previously-manual process and eliminating the need for excel spreadsheet attachments." 

Platts Trade Vision is an online tool that offers price reporters a drag-and-drop interface, with instant confirmation that trades have been submitted. It replaces outdated technologies with cloud-based, quantum-ledger database technologies to allow data to be submitted into price assessment processes through a secure URL, instead of emails with attachments. The Trade Vision technology allows for natural gas submission data to be seen in real time and to be accepted into the processes more transparently.

The Trade Vision natural gas API is the latest in a series of APIs announced by Platts to help close the gap between digitalization of the financial markets and commodities markets. Earlier in 2020, API launches included the Platts World Refinery API and the Platts Oil Inventory API, which made available refinery data for integration with a firm's proprietary models and view of the value chain and which provided current and historical data covering crude oil and refined products, respectively.

Contact:

Americas: Kathleen Tanzy, +1 917 331 4607, kathleen.tanzy@spglobal.com

About S&P Global Platts

At S&P Global Platts, we provide the insights; you make better informed trading and business decisions with confidence. We're the leading independent provider of information and benchmark prices for the commodities and energy markets. Customers in over 150 countries look to our expertise in news, pricing and analytics to deliver greater transparency and efficiency to markets. S&P Global Platts coverage includes oil and gas, power, petrochemicals, metals, agriculture and shipping.

S&P Global Platts is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies and governments to make decisions with confidence. For more information, visit https://www.spglobal.com/platts/en

 

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SOURCE S&P Global Platts

FAQ

What is the new API launched by S&P Global Platts for SPGI?

The API aims to streamline the price reporting process for US natural gas indices, improving efficiency and automating submissions.

How does the new API benefit price submitters for SPGI?

It automates trade submissions, reduces submission costs, and eliminates the need for Excel file uploads.

When was the API solution for natural gas indices launched by SPGI?

The new API was announced on December 9, 2020.

What previous tool did S&P Global Platts launch before the API?

The Platts Trade Vision tool was launched in November 2019 to assist natural gas price submitters.

Who partnered with S&P Global Platts in developing the new API?

S&P Global Platts partnered with Tenaska Marketing Ventures, a leading marketer of physical natural gas.