Data and Analytics House of the Year: Refinitiv

Extreme weather events, the global pandemic and Russia’s invasion of Ukraine have all had a huge impact on commodity markets in recent months, sending prices and volatility soaring. Having access to accurate data feeds and actionable analytics has become crucial.

Refinitiv, winner of the 2022 competition Energy risk Awarded Data and Analytics House of the Year, reacted quickly to global events as they unfolded, setting up new coverage streams and updating delivery methods to give businesses seamless access to critical and actionable information.

The company offers unique and extensive coverage of the commodities complex with over 40 real-time price analyzes for commodities. These are developed using industry standard models and proprietary quantitative methodology combined with insights and analysis from Refinitiv’s Commodity Research team. The company offers a scalable self-service infrastructure and uses the latest data science and machine learning techniques.

All scans can be accessed using a code – known as Commodval – which is on Refinitiv’s desktop product, Eikon.

“Creating and maintaining accurate curves and models is extremely time-consuming,” says Usha Rani, Content Specialist Lead, Raw Materials. “Refinitiv’s real-time price analysis enables clients to make smart decisions quickly and spend less time on analysis and more on trading strategy.”

Refinitiv’s ability to react quickly to market changes was demonstrated last year in the container shipping market. In September 2021, supply chain disruptions began causing massive delays to container ships, resulting in billions of dollars in losses. The two largest ports in WE had a record number of freighters waiting at anchor or drifting offshore. Strict quarantines in China added to the delays. Container shipping costs have reached record highs of over $20,000 per container.

Refinitiv has set up a dedicated page in Refinitiv Eikon to show real-time vessel accumulation in key ports around the world. WE and China. The graphs show the number of waiting ships, as well as the duration of their waiting time.

“The goal was to allow users to view, analyze and act on data in real time by bringing together prices, tracking capabilities and analysis in one place,” explains Fabrice Maille, Director, commodity management, petroleum & dispatch. “The team has also been able to respond to changes in the market, such as the introduction of new holding areas off Long Beach.”

Rates are expected to remain high next year as new emissions targets for ships in Europe will be introduced from January 2023, it adds.

Another challenge in the world of shipping came in November last year when ships in Chinese waters started disappearing from tracking systems due to the introduction of the Personal Information Protection Act. The automatic identification system (AIS) ship data is essential for tracking the movement of goods using land stations along the coast. As China is a major importer of raw materials, the lack of this data poses problems for visibility of the ocean supply chain.

Refinitiv teams worked quickly to acquire ship location data that covered Chinese coastal waters. They did it via a stream from Spire Maritime, which includes “Dynamic” AIS data, a unique technology that captures AIS ship location data from shipboard receivers. Refinitiv, which signed up for this data feed in January 2022, combines it with another source to create an enhanced vessel location data feed.

“This dynamic, mobile AIS the data is now delivered in an improved stream and has become a competitive advantage for us and our customers,” says Amrit Singh, Senior Analyst, Shipping.

Even before Russia’s invasion of Ukraine in February, Refinitiv had created a Ukraine crisis app which it launched in February 2022, allowing customers to follow news and market developments. The app includes commodity content allowing customers to track commodity prices and supply chain developments.

In May 2021, the Energy team launched a product on the energy transition, which includes detailed price, renewable energy production and demand scenarios, as well as projections on the evolution of the fleet of conventional power plants in northwestern Europe to 2030. It includes a long-term analysis price model that minimizes the dispatch cost of electricity in five central and western European countries and UK. It calculates price, production by source and energy flows in hourly resolution for 25 different weather years.

Refinitiv continuously monitors and updates the way it provides data and analytics to its customers and quickly adopts new technologies when necessary. “We were early adopters of cloud solutions to overcome speed and volume constraints when sending data,” says Filippo Kassab, Director, Research & analyses, raw materials. “It gives us the opportunity to scale quickly in the future.”

Lance B. Holton