S&P Global Platts Unveils API to Streamline Natural Gas Price Assessment Processes
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 It replaces outdated technologies with cloud-based, quantum-ledger database technologies to allow data to be submitted into price assessment processes through a secure URL, instead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.
Source: S&P Global Platts