OilPriceAPI as an S&P Global Platts Alternative

S&P Global Platts is the gold standard for oil and commodity price assessments used by major oil companies and traders worldwide. However, their enterprise pricing and complex licensing make Platts inaccessible for many developers and smaller organizations. OilPriceAPI provides an affordable alternative for applications that need reliable oil prices without enterprise contracts. See use cases in commodities trading, shipping and bunker fuels, and aviation.

Understanding S&P Global Platts

Platts (part of S&P Global Commodity Insights) provides:

• Daily price assessments for crude oil, refined products, and petrochemicals
• Physical market benchmarks (Dated Brent, Dubai, etc.)
• Industry-standard pricing used in oil contracts
• Deep regional coverage (hundreds of price assessments)
• Market commentary and analysis

Platts assessments are methodology-based prices reflecting physical market transactions, making them the benchmark for oil trading contracts globally.

Platts vs. OilPriceAPI: Honest Comparison

When Platts is Necessary

Be honest about when you need Platts:

• Contractual settlements - If your oil contracts specify "Platts Dated Brent" or similar
• Physical trading - Buying/selling actual crude oil cargoes
• Regulatory requirements - Some jurisdictions require specific price sources
• Deep physical market analysis - Regional differentials, loading windows
• Large enterprise with existing contracts - May already have Platts access

When OilPriceAPI is Sufficient

OilPriceAPI serves many use cases that do not require Platts-level depth:

Application Development

Building apps that display oil prices to users does not require contractual-grade data.

Analytics and Dashboards

Internal analytics, trend analysis, and executive dashboards work well with market prices. Explore our Power BI integration and Tableau integration.

Financial Modeling

Portfolio models, risk analysis, and forecasting can use reliable market benchmarks.

Educational Platforms

Teaching about oil markets does not require assessment-grade pricing.

Cost Estimation

Budgeting, supply chain cost estimation, and fuel price tracking. See our logistics and fleet management solutions.

Startups and Small Business

Organizations without enterprise budgets for data licensing.

Price Coverage Comparison

S&P Global Platts Coverage

• Hundreds of crude grades (regional, quality-specific)
• Detailed refined product specs (gasoil, jet, naphtha by region)
• Petrochemical feedstocks
• Bunker fuels by port
• Differentials and spreads

OilPriceAPI Coverage

OilPriceAPI covers the major benchmarks used by most applications without the exhaustive regional detail Platts provides.

Pricing: The Key Differentiator

S&P Global Platts Pricing

• Enterprise sales process required
• Annual contracts typically starting $10,000-50,000+
• Additional fees for API access
• Usage-based pricing for high volumes
• Multi-week procurement process

OilPriceAPI Pricing

Even OilPriceAPI's top self-service tier costs less than typical Platts entry-level contracts.

Technical Comparison

API Access

Platts API:

• Requires enterprise contract and sales engagement
• Complex authentication and entitlements
• Data delivered via proprietary formats
• Integration support through account management

OilPriceAPI:

# Instant access after signup
curl "https://api.oilpriceapi.com/v1/prices/latest" \
  -H "Authorization: Token YOUR_API_KEY"

Response Format

OilPriceAPI Response:

{
  "status": "success",
  "data": {
    "price": 78.45,
    "currency": "USD",
    "code": "BRENT",
    "name": "Brent Crude Oil",
    "unit": "barrel",
    "created_at": "2024-01-15T14:30:00Z",
    "change": 0.52,
    "change_percent": 0.67
  }
}

Clean, developer-friendly JSON that parses directly into your application.

Integration Guide

Getting Started with OilPriceAPI

If you are evaluating alternatives to Platts for application development:

1. Sign up at oilpriceapi.com/signup
2. Get your API key instantly
3. Test the endpoints with your use cases

Sample Integration

Python:

import requests
import os

class OilPriceClient:
    def __init__(self):
        self.api_key = os.environ.get('OILPRICE_API_KEY')
        self.base_url = 'https://api.oilpriceapi.com/v1'

    def get_latest_prices(self, codes=None):
        params = {}
        if codes:
            params['by_code'] = ','.join(codes)

        response = requests.get(
            f'{self.base_url}/prices/latest',
            headers={'Authorization': f'Token {self.api_key}'},
            params=params
        )
        response.raise_for_status()
        return response.json()['data']

    def get_price_history(self, code, start_date, end_date=None):
        params = {'code': code, 'start_date': start_date}
        if end_date:
            params['end_date'] = end_date

        response = requests.get(
            f'{self.base_url}/prices/history',
            headers={'Authorization': f'Token {self.api_key}'},
            params=params
        )
        response.raise_for_status()
        return response.json()['data']

# Usage
client = OilPriceClient()
prices = client.get_latest_prices(['BRENT', 'WTI', 'NATURAL_GAS'])
for price in prices:
    print(f"{price['name']}: ${price['price']:.2f}")

JavaScript:

class OilPriceClient {
  constructor(apiKey) {
    this.apiKey = apiKey;
    this.baseUrl = 'https://api.oilpriceapi.com/v1';
  }

  async getLatestPrices(codes = []) {
    const params = codes.length ? `?by_code=${codes.join(',')}` : '';
    const response = await fetch(`${this.baseUrl}/prices/latest${params}`, {
      headers: { 'Authorization': `Token ${this.apiKey}` }
    });
    const data = await response.json();
    return data.data;
  }

  async getPriceHistory(code, startDate, endDate = null) {
    const params = new URLSearchParams({ code, start_date: startDate });
    if (endDate) params.append('end_date', endDate);

    const response = await fetch(`${this.baseUrl}/prices/history?${params}`, {
      headers: { 'Authorization': `Token ${this.apiKey}` }
    });
    const data = await response.json();
    return data.data;
  }
}

// Usage
const client = new OilPriceClient(process.env.OILPRICE_API_KEY);
const prices = await client.getLatestPrices(['BRENT', 'WTI']);
prices.forEach(p => console.log(`${p.name}: $${p.price.toFixed(2)}`));

Use Case Fit Assessment

Good Fit for OilPriceAPI

Better Fit for Platts

Hybrid Approach

Some organizations use both:

• OilPriceAPI for application features, dashboards, and general analytics
• Platts for contractual settlement and compliance where specifically required

This reduces Platts licensing costs by limiting its use to essential compliance functions.

Data Quality Assurance

OilPriceAPI ensures data reliability through:

• Multiple data source validation
• Automated anomaly detection
• Regular reconciliation with market benchmarks
• Historical data consistency checks

While not methodology-based assessments like Platts, OilPriceAPI provides accurate market prices suitable for most application needs.

Getting Started

Evaluate OilPriceAPI for your oil price data needs:

1. Start free at oilpriceapi.com/signup
2. Test all endpoints with 1,000 free requests
3. Compare the data against your requirements
4. Scale up to paid plans as needed

curl "https://api.oilpriceapi.com/v1/prices/latest" \
  -H "Authorization: Token YOUR_API_KEY"

Our team can help assess whether OilPriceAPI meets your specific use case requirements before you commit to a paid plan.

Related Resources

• Commodities Trading API - Trading and hedging data
• Maritime Bunker API - Marine fuel prices
• Aviation Jet Fuel API - Jet fuel pricing
• Logistics Fuel API - Supply chain fuel costs
• Power BI Integration - Build analytics dashboards
• Tableau Integration - Visual analytics
• Looker Integration - Enterprise analytics
• Python Developer Guide - Python integration
• EIA Alternative - Compare with EIA data
• Quandl Alternative - Compare with Quandl
• API Authentication - Secure API access

Frequently Asked Questions

How do I migrate from Platts to OilPriceAPI?

If OilPriceAPI is appropriate for your use case (see comparison above), migration is straightforward:

1. Evaluate your requirements to confirm you do not need Platts-specific assessments for contractual settlement
2. Sign up at oilpriceapi.com/signup and get your API key instantly
3. Map your price references to OilPriceAPI codes (Dated Brent becomes BRENT, WTI Cushing becomes WTI)
4. Update your integration to use our simple REST API with header-based authentication

For hybrid approaches, use OilPriceAPI for application features while retaining Platts only where contractually required.

What's the pricing difference between OilPriceAPI and Platts?

OilPriceAPI starts at $0/month (free tier with 1,000 requests) compared to Platts enterprise contracts typically starting at $10,000-50,000+ per year with multi-week procurement processes. Paid plans start at $9/month with instant self-service signup. Even our top Business tier ($149/month) costs less than typical Platts entry-level contracts.

Does OilPriceAPI have the same data coverage as Platts?

Platts provides 1000+ price assessments including detailed regional grades, quality differentials, and methodology-based physical market prices. OilPriceAPI covers core benchmarks (Brent, WTI, OPEC Basket, Dubai) and major refined products. Platts is necessary for physical trading contracts and regulatory compliance. OilPriceAPI is sufficient for applications, dashboards, analytics, and cost tracking.

Can I try OilPriceAPI before committing?

Yes, our free tier includes 1,000 API requests per month with no credit card required. Test all endpoints before upgrading. This allows you to validate that OilPriceAPI meets your application needs without the sales engagement and procurement process required for Platts evaluation.