PRA (Price Reporting Agency) refers to organisations that collect, analyse, and publish commodity price assessments and market information. Major PRAs include Platts, Argus, and ICIS, which provide benchmark prices used for contract settlements, trading references, and market transparency. PRAs play crucial roles in commodity price discovery and market functioning.

PRA methodologies involve surveying market participants, analyzing transaction data, and applying editorial judgment to determine representative market prices. These assessments serve as reference points for physical and financial commodity transactions. Understanding PRA methods and reliability helps traders assess price quality and market conditions.

Real-world example: Platts publishes daily crude oil price assessments based on trading activity and market surveys, with these prices used to settle physical oil contracts worth billions of dollars globally and serving as benchmarks for regional pricing.