Assessment Window

An Assessment Window is a defined time period—typically ranging from 30 minutes to several hours—during which Price Reporting Agencies collect bids, offers, trades, and other relevant market information to determine benchmark price assessments. The window structure aims to capture the most liquid and representative portion of intraday trading activity and apply consistent methodology across reporting cycles. During the window, market participants may submit executable bids and offers, report transacted volumes, or validate observed prices. Agencies monitor these inputs in real time, applying rules such as minimum lot size, demonstrated repeatability, deal validity, and counterparty credibility. Only activity observed within the window contributes to the final published assessment, ensuring that prices reflect contemporaneous trading rather than outlier or stale data. For energy traders, understanding the precise timing of the Assessment Window is essential for managing end-of-day exposure, executing window-aligned trades, or influencing physical index settlements. In some markets—such as crude cargo assessments, European natural gas hubs, or refined-product markets—the window can become a focal point for liquidity, with volumes concentrating as participants align pricing to published methodology. The Assessment Window therefore plays a critical role in shaping settlement dynamics and trading behaviour.