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.

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.

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.

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.