How does platts pricing work?

Platts pricing, developed by S&P Global Platts, is a benchmark pricing system used primarily for commodities such as oil, gas, and metals. It relies on a combination of market data, including actual transactions, bids, and offers, along with industry insights and expert assessments. Prices are typically published daily, reflecting a range of factors such as supply and demand dynamics, geopolitical events, and market trends. This pricing mechanism helps ensure transparency and provides a reference point for buyers and sellers in the commodities market.