Amenam and CJ Blend: FOB Nigeria spot assessments begin in October 2026
A confirmed change in how two Nigerian crude grades are assessed illustrates the distinction between calculated market-parity values and prices informed by observable physical-market activity.
What changed on October 1?
On October 1, 2026, Platts, part of S&P Global Energy, confirmed that it had begun publishing daily FOB Nigeria spot assessments for Amenam Blend and CJ Blend. These replaced the grades' previous Market Parity Prices (MPPs), which had been calculated using gross product worth. Platts said the shift followed market-participant feedback on spot liquidity and demand for assessments reflecting open-market value. The existing assessment codes were retained, while the names and methodology changed.
This is a confirmed implementation, not merely the proposal discussed in August. The primary source is S&P Global's October 1 methodology notice.
Observable cargo terms matter
Amenam Blend: standard assessed cargo size of 950,000 barrels.
CJ Blend: standard assessed cargo size of 650,000 barrels.
Loading horizon: 25–55 days forward from the assessment date for both grades.
Pricing convention: five days after the bill of lading, on the stated standard basis.
Publication: 16:30 London time, following the London assessment calendar.
For published bids and offers, Platts described size ranges of 950,000–1.05 million barrels for Amenam and 650,000–1.05 million barrels for CJ Blend. Non-standard cargoes may require normalization. These specifications are important because a price indication for a different volume, delivery period or commercial basis is not automatically comparable with a standard assessment.
How Dated Brent enters the comparison
According to the same notice, the two grades are assessed as differentials to the 30–60-day forward Dated Brent strip and also published as outright prices. That is not equivalent to adding a crude differential to an arbitrary current Brent futures screen price. The reference period, grade specification, loading window and pricing basis must be aligned before comparisons are meaningful.
The change provides a concrete example of the institutional infrastructure needed for Nigerian crude price discovery: defined market conventions, observable bids and offers, normalization rules and a consistent publication time. It does not mean that every Nigerian crude grade has an independently published spot assessment.
What this means for Cawthorne crude research
Cawthorne is a separate Nigerian light-sweet crude grade. NNPC described its 36.4° API gravity and its April 2026 export through the Cawthorne FSO serving OML 18. The existence of new Amenam and CJ Blend spot assessments does not establish a Platts spot assessment for Cawthorne, nor does it validate any illustrative CCI™, NCI™ or WALSI™ value. Cawthorne's own assessment readiness would require repeatable evidence specific to its cargoes and commercial market.
For further context, see Cawthorne crude, OML 18 and NNPC cargo activity and the earlier benchmark-evolution research note, which documented the pre-launch proposal. The present article records the subsequently confirmed October implementation.
Primary sources
- S&P Global / Platts, October 1, 2026 — confirmed Amenam and CJ Blend spot-assessment launch and specifications.
- S&P Global / Platts, August 6, 2026 — original proposal.
- NNPC Ltd., April 8, 2026 — Cawthorne launch and crude quality.
Research note. No proprietary market prices, inferred cargo transactions or modeled benchmark values are presented as observed data. Platts assessments are third-party products; this article does not reproduce their proprietary price levels.