What is meant by Platt price?

Platt price refers to a pricing mechanism used in the commodity markets, particularly for oil and petroleum products, developed by the financial information provider S&P Global Platts. It serves as a benchmark for trading and pricing, reflecting the market value of various grades of crude oil and refined products based on supply and demand dynamics. The Platt price is often used by traders and companies to establish contracts and hedge against price fluctuations in the energy market.