Crude Oil MKT Wire

[OIL ]
CRUDE OIL MARKETWIRE
www.platts.com
Volume 35 / Issue 245 / December 12, 2014

Key benchmarks ($/barrel)

Brent/WTI spreads and EFPs

Mid Change

Dubai (Feb)
Dubai (Mar)
Dubai (Apr)
MEC (Feb)
MEC (Mar)
MEC (Apr)
Brent/Dubai (Feb)
PCAAT00 59.8059.82
PCAAU00 60.7260.74
PCAAV00 61.3661.38
AAWSA00 59.8059.82
AAWSB00 60.7260.74
AAWSC00 61.3661.38
AAJMS00 3.46/3.48
59.810 -1.700
60.730 -1.520
61.370 -1.570
59.810 -1.700
60.730 -1.520
61.370 -1.570
3.470 +0.230

Brent (Dated)
Dated North Sea Light
Brent (Jan)
Brent (Feb)
Brent (Mar)
Brent (Apr)
PCAAS00 61.6261.63
AAOFD00 61.6261.63
PCAAP00 61.9061.92
PCAAQ00 62.3062.32
PCAAR00 63.0163.03
PCARR00
61.625 -2.000
61.625 -2.000
61.910 -2.200
62.310 -2.200
63.020 -2.130
63.730
-2.070
Sulfur de-escalator
Oseberg QP (Dec)
Oseberg QP (Jan)
Ekofisk QP (Dec)
Ekofisk QP (Jan)

WTI (Jan)
WTI (Feb)
WTI (Mar)
Light Houston Sweet
Bakken
Eagle Ford Marker
ACM* (Jan)
ACM* (Feb)
ACM* (Mar)
(PGA page 2210)
(PGA page 1212)
AAUXL00
0.20
AAXDW00 0.4332
AAXDX00 0.4973
AAXDY00 0.2675
AAXDZ00 0.0000
(PGA page 210)
PCACG00 57.7257.74
PCACH00 57.9858.00
AAGIT00 58.3258.34
AAXEW00
AAXPP00
AAYAJ00
AAQHN00 55.2755.29
AAQHO00 55.3355.35
AAQHP00 55.5255.54
57.730 -2.120
57.990 -2.090
58.330 -2.060
58.180
-2.570
50.180
-0.620
58.940
-1.870
55.280 -2.120
55.340 -2.090
55.530 -2.060
*Americas Crude Marker.
Forward Dated Brent ($/barrel)

AAKWH00 61.6561.67
North Sea Dated strip
Mediterranean Dated strip AALDF00 61.6461.65
Canada Dated strip
AALDJ00 61.7261.74
BTC Dated strip
AAUFI00 61.6461.65
15-45 Day Dated strip
AALGM00 61.6761.69
30-60 Day Dated strip
AAXRK00 61.9061.92
West Africa Dated strip
AALDH00 61.6961.71
(PGA page 218)

AALAT00 2.78/2.80
Brent/WTI 1st
Brent/WTI 2nd
AALAU00 3.88/3.90
Brent/WTI 3rd
AALAV00 4.26/4.28
Brent/WTI 4th
AALAY00
Mid Change
2.790 0.000
3.890 +0.330
4.270 +0.350
4.620
+0.350
Brent
Brent
Brent
Brent
AAGVW00 -0.05/-0.03
AAGVX00 -0.12/-0.10
AAGVY00 -0.12/-0.10
AAMVY00
-0.040 0.000
-0.110 -0.040
-0.110 -0.040
-0.110
-0.040
AAGVT00 -0.01/0.01
AAGVU00 -0.01/0.01
AAGVV00 -0.01/0.01
0.000 0.000
0.000 0.000
0.000 0.000
EFP
EFP
EFP
EFP
(Jan)
(Feb)
(Mar)
(Apr)
WTI EFP (Jan)

WTI EFP (Feb)
WTI EFP (Mar)
Middle East ($/barrel)
(PGA page 2210)
Mid Change

Oman
Oman
Oman
Upper
(PGA page 2210)
(Feb)
(Mar)
(Apr)
Zakum (Feb)

Dubai Swap (Jan)
Dubai Swap (Feb)
Dubai Swap (Mar)
PCABS00 60.5460.56
AAHZF00 61.1261.14
AAHZH00 61.5661.58
AAOUQ00 59.7959.83
60.550
61.130
61.570
59.810
-1.800
-1.570
-1.570
-1.700
(PGA page 2658)

AAHBM00 60.7160.75 60.730 -1.520
AAHBN00 61.3561.39 61.370 -1.570
AAHBO00 62.1062.14 62.120 -1.550
Urals Mediterranean vs Urals Rotterdam

1.4
($/barrel)
Market analysis: (PGA page 2298) Spot differentials in

the Asian sour crude market remained supported Friday
with most of the grades heard trading or valued at
higher levels compared to last month. Qatars Tasweeq
issued its monthly sell tender offering two cargoes
of Al-Shaheen crude for February loading compared
with five cargoes sold in the spot market for January
loading. Traders attributed the lower volume offered
to a shorter month in February, and more volumes
committed to term contract buyers. More February
loading Das blend crude was heard to have traded at
a premium of about 50 cents/barrel to front-month
cash Dubai assessments. The buyer was said to be
(continued on page 3)
Platts has detailed the Month-Ahead Brent implementation plan.
Please review the full subscriber note in the subscriber note section of
this publication, or on the Dated Brent landing page
Asia Pacific Sweet
North Sea
Mediterranean Light/Sweet
Mediterranean Sour
(PGA page 1250)

1.0
0.8
0.6
Middle East Sour
Contents
1.2
Mid Change
61.660 -2.120
61.645 -2.115
61.730 -2.085
61.645 -2.105
61.680 -2.100
61.910 -2.115
61.700 -2.095
Market Commentary
28-Nov
Source: Platts
02-Dec
04-Dec
08-Dec
10-Dec
12-Dec
West Africa
10
US MOC Commentary
10
US Gulf Coast
11
US West Coast
12
Canada 13
Latin America
14
Crude oil Marketwire
december 12, 2014
Asia Pacific and Middle East crude assessments ($/barrel)

(Asia MOC)
API

Gravity Code
Mid Change
(Asia MOC) (Asia close)
Code
Mid Change
Code
Condensate
Mid Change
Code
(PGA page 2212)
(London close)
Mid
Change
(PGA page 2213)

Diff to Dubai Diff to Asian Dated Brent
PCAGX00 59.6059.64 59.620
-1.380 AAPAI00 -3.60
0.000
NW Shelf
61.9
Ras Gas
57.0
AAPET00 60.7560.79 60.770
-1.420
AAPEU00 -0.65/-0.55 -0.600
+0.150
AARAZ00 -2.450
-0.040
Qatar LSC
56.9
AARBB00 59.7559.79 59.770
-1.420
AARBD00 -1.65/-1.55 -1.600
+0.150
AARBC00 -3.450
-0.040
South Pars
57.4
AARAV00 57.7557.79 57.770
-1.420
AARAX00 -3.65/-3.55 -3.600
+0.150
AARAW00 -5.450
-0.040
AAPAH00 58.740 -2.090

AARAY00 59.890 -2.130
AARBA00 58.890 -2.130
AARAU00 56.890 -2.130

Senipah
54.4
AAEOE00 62.2062.24 62.220
-1.380
AAEOK00
AAPBD00 61.340 -2.090
Diff to ICP
0.75/0.85
0.800
0.000
AAPBE00 -1.000
0.000
Light crude
(PGA page 2214)

Diff to ICP Diff to Asian Dated Brent
Cossack
47.7
PCAGZ00 61.6061.64 61.620
-1.380 AAPAC00 -1.600
0.000
Gippsland 48.7 PCACP00 60.3560.39 60.370 -1.380 AAPAU00 -2.850
0.000
Tapis
45.2
PCACB00 66.1066.14 66.120
-1.380 AAOZW00 2.900
0.000
Belida
45.1
PCAFL00 60.9360.97 60.950
-1.490
PCAFM00
0.65/0.75
0.700
0.000
AAPBQ00 -2.270
-0.110
Kutubu
44.3
PCAFJ00 61.6561.69 61.670
-1.380 AAPAE00 -1.550
0.000
Handil Mix
43.9
PCABE00 60.4860.52 60.500
-1.490
PCABF00
1.10/1.20
1.150
0.000
AAPBI00 -2.720
-0.110
Attaka
42.3
PCAAJ00 60.8360.87 60.850
-1.490
PCAAK00
0.45/0.55
0.500
0.000
AAPBC00 -2.370
-0.110
Ardjuna
38.0
PCACQ00 57.9357.97 57.950
-1.490
PCACR00
0.55/0.65
0.600
0.000
AAPBG00 -5.270
-0.110

Vityaz
41.6
AARAN00 62.8062.84 62.820
-1.570
AARAP00
ESPO M1
34.8
AARWF00 62.9162.95 62.930
-1.470
AASEU00
ESPO M2
34.8
AAWFE00 63.7563.79 63.770
-1.570
AAWFG00
Diff to Dubai
1.40/1.50
2.15/2.25
2.35/2.45
1.450
2.200
2.400
0.000
+0.050
0.000

Diff to Oman/Dubai
Sokol
39.7
AASCJ00 63.9563.99 63.970
-1.570
AASCK00
2.45/2.55
2.500
0.000
Kikeh
34.9
AAWUH00 68.1068.14 68.120
-1.380
Miri Light
32.3
PCABQ00 68.0568.09 68.070
-1.380
Labuan
32.0
PCABL00 68.5068.54 68.520
-1.380
(PGA page 2215)

AAPAB00 60.740 -2.090
AAPAT00 59.490 -2.090
AAOZV00 65.240 -2.090
AAPBP00 60.070 -2.200
AAPAD00 60.790 -2.090
AAPBH00 59.620 -2.200
AAPBB00 59.970 -2.200
AAPBF00 57.070 -2.200
AARAO00 -0.400
-0.190
AARAM00 61.940 -2.280
AAPAO00 0.750
-0.190
AAOZY00 4.900
0.000
AAPAS00 4.850
0.000
AAPAQ00 5.300
0.000
AAPAN00 63.090 -2.280

AAOZX00 67.240 -2.090
AAPAR00 67.190 -2.090
AAPAP00 67.640 -2.090
Medium crude
(PGA page 2216)
(PGA page 2217)

Diff to OSP Diff to Asian Dated Brent
Su Tu Den
36.8
AARAR00 64.0064.04 64.020
-1.380
AARAT00
0.00/0.10
0.050
--- ---
AARAS00 0.800
0.000
Bach Ho
40.7
PCAHY00 65.7065.74 65.720
-1.380 AAPAK00 2.500
0.000
Nanhai
40.0
PCAFR00 60.4560.49 60.470
-1.380 AAPAG00 -2.750
0.000
AARAQ00 63.140 -2.090

AAPAJ00 64.840 -2.090
AAPAF00 59.590 -2.090

Diff to ICP
Minas
35.3
PCABO00 59.4859.52 59.500
-1.490
PCABP00
0.30/0.40
0.350
0.000
Nile Blend
33.9
AAPLC00 55.1355.17 55.150
-1.490
AAPEX00 -4.05/-3.95 -4.000 0.000
Widuri
33.2
PCAFE00 58.1858.22 58.200
-1.490
PCAFF00 -0.05/0.05 0.000 0.000
Daqing
32.2
PCAAZ00 55.9856.02 56.000
-1.490

Cinta
31.1
PCAAX00 57.9858.02 58.000
-1.490
PCAAY00 -0.05/0.05 0.000 0.000
AAPAZ00 58.620 -2.200

AAPAL00 54.270 -2.200
AAPBN00 57.320 -2.200
AAPAV00 55.120 -2.200
AAPBJ00 57.120 -2.200
AAPBA00 -3.720
-0.110
AAPAM00 -8.070
-0.110
AAPBO00 -5.020
-0.110
AAPAW00 -7.220
-0.110
AAPBK00 -5.220
-0.110
Heavy crude
(PGA page 2218)

Diff to ICP Diff to Asian Dated Brent
Dar Blend
25.0
AARAB00
52.9552.99
52.970 -1.380 AARAC00 -10.250 0.000
Shengli
24.2
PCABY00
55.2355.27
55.250 -1.490 AAPAY00 -7.970
-0.110
Duri
20.8
PCABA00
55.4855.52
55.500 -1.490
PCABB00
0.05/0.15
0.100
0.000
AAPBM00 -7.720
-0.110
Stybarrow 22.8 AARAH00 67.920
-1.380 AARAI00
4.700
0.000
Enfield
22.0
AARAE00 68.520
-1.380 AARAF00
5.300
0.000
Vincent
18.3
AARAK00 65.120
-1.380 AARAL00
1.900
0.000
Copyright 2014, McGraw Hill Financial
(PGA page 2219)
AARAA00 52.090 -2.090

AAPAX00 54.370 -2.200
AAPBL00 54.620 -2.200
AARAG00 67.040 -2.090
AARAD00 67.640 -2.090
AARAJ00 64.240 -2.090
a Thai refiner but details werent immediately clear.

Traders said a wide Brent/Dubai spread and a well-shut
arbitrage window to the East was boosting demand at
a time when producers have announced price cuts in
line with market expectations. Traders said some Upper
Zakum barrels for February loading were also heard
traded at a single-digit premium to its OSP, but details
were not immediately known. Offers for February Qatar
Marine were heard around 20 cents/b premium to to
the grades OSP, although no trades were heard done so
far. Traders said Qatar Marine could begin trading at a
small premium in the February loading cycle. Russias
Rosneft and Indias Essar signed a government-backed
agreement to supply Russian crude to India. The
deal envisages the start of deliveries in 2015, at 10
million mt [or 200,000 b/d] of oil over 10 years with
its possible extension, Rosneft CEO Igor Sechin said
in New Delhi, Prime news agency reported. Details of
the agreement werent immediately available. In China,
refinery throughput for November rose 5.5% from a year
earlier to 42.25 million mt, or an average 10.32 million
b/d, according to preliminary output data released Friday
by the National Bureau of Statistics. This is the secondhighest level on record and is also marginally up from
October runs of 10.29 million b/d.
Dubai Mo01 assessment rationale: (PGA page 2295)
February cash Dubai was assessed at $59.81/barrel
Friday. The assessment refleceds Shells bid for a
February-loading Dubai partial at $59.80/b.
The above commentary applies to the following market data
code: PCAAT00
Oman Blend Mo01 assessment rationale: (PGA page 2295)

February cash Oman was assessed at $60.55/barrel
Friday. The cash Oman assessment reflected a discount
of 82 cents/b to February Dubai swaps, compared with
a discount of 59 cents/b Thursday.
code: PCABS00
december 12, 2014
Middle East spot assessments ($/barrel)

AAKNL00 61.7461.78
Murban
Das Blend
AAXOF00 60.7960.83
Qatar Land
AAKNP00 60.8960.93
Qatar Marine
AAKNR00 59.0459.08
Banoco Arab Medium
AAKNT00 59.7459.78
Al Shaheen
AAPEV00 59.9559.99
(PGA page 2220)

Mid Change
Spread vs OSP
Mid Change
61.760
-1.700
AAKUB00 0.20/0.30 0.250
+0.050
60.810
-1.700
AAXPF00 0.25/0.35 0.300
0.000
60.910
-1.700
AAKUJ00 0.05/0.15 0.100
+0.050
59.060
-1.700
AAKUH00 0.00/0.10 0.050
+0.150
59.760
-1.700
AAKUD00 0.35/0.45 0.400
0.000
59.970
-1.520
AAPEW00 -1.45/-1.35* -1.400
+0.050
* Differential to Dubai
Asian Crude Indices ($/barrel)
(PGA page 2206)
16:30 Singapore
Interim Asian Close Diff to Dated Brent
Final London Close
AAXPG00 62.395
Asian Dated Brent (ADB)
AARBV00 63.220
AARBX00
62.340
ADB Strip Asia
AARBW00 63.220
AARBY00
62.340
ADB Strip Middle East
AAXIL00 61.348
Asian Crude Index (ACX)
AAXQC00 67.190 AAPDP00 3.970
AAPDO00 66.310
Asian Heavy Sweet (AHS)
For definitions see http://www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/Crude-oil-methodology.pdf
Middle East Sour bids/offers/trades: (PGA page 2296)

Platts Crude : PG BIDS: FINALS ON CLOSE:
Platts Dubai Partial Feb14: Shell bids at $59.80/b for
25kb and trades during extension; Platts Dubai Partial
Feb14: Trafigura bids at $59.60/b for 25kb;
Platts Dubai Partial Feb14: Vitol bids at $59.60/b
for 25kb; Platts Dubai Partial Feb14: Gunvor bids
at $59.55/b for 25kb; Platts Oman Partial Feb14:
Trafigura bids at $60.50/b for 25kb
Platts Crude : PG OFFERS: FINALS ON CLOSE:
Platts Dubai Partial Feb14: ChinaOil no longer offers
at $59.80/b for 25kb after trade with ChinaOil; Platts
Dubai Partial Feb14: Unipec offers at $60.10/b for
25kb; Platts Dubai Partial Feb14: Gunvor offers at
$60.10/b for 25kb; Platts Dubai Partial Feb14: Vitol
offers at $60.60/b for 25kb
Platts Crude : Platts Asia deals summary: 25 trades:
1)Dubai: FOB Fateh: February : 25kb: Chinaoil sells
to Shell at $60.20 (08:06:34); 2)Dubai: FOB Fateh:
February : 25kb: Chinaoil sells to Shell at $60.20
(08:07:04); 3)Dubai: FOB Fateh: February : 25kb:
Chinaoil sells to Shell at $60.20 (08:07:20); 4)Dubai:
FOB Fateh: February : 25kb: Chinaoil sells to Shell at
$60.10 (08:08:04); 5)Dubai: FOB Fateh: February :

25kb: Shell buys from Chinaoil at $60.10(08:08:58);
Shell buys from Chinaoil at $60.00 (08:15:15); 9)
Dubai: FOB Fateh: February : 25kb: Chinaoil sells
to Shell at $60.00 (08:15:42); 10)Dubai: FOB
Fateh: February : 25kb: Shell buys from Chinaoil at
$60.05(08:17:25); 11)Dubai: FOB Fateh: February :
25kb: Chinaoil sells to Shell at $60.00 (08:18:13)*;
Chinaoil sells to Shell at $59.90 (08:24:00); 15)
Dubai: FOB Fateh: February : 25kb: Chinaoil sells to
Shell at $59.90 (08:24:14); 16)Dubai: FOB Fateh:

February : 25kb: Chinaoil sells to Vitol at $59.80
Dubai: FOB Fateh: February : 25kb: Shell buys from
Chinaoil at $59.80(08:28:41); 22)Dubai: FOB Fateh:
(08:30:08); *Platts Crude: ChinaOil declares a cargo
of Upper Zakum to Shell following the convergence of
20 partials in Platts cash Dubai
Middle East Sour exclusions: (PGA page 2296) No market
data was excluded from the December 12, 2014, Middle
East sour crude assessment process.
Asia Pacific Sweet

Market analysis: (PGA page 2299) The Asia-Pacific sweet
crude market was quiet Friday, with the bulk of trading
for February-loading cargoes expected next week. The
market is also awaiting the outcome of tenders from
Vietnam. PV Oil has a total of four sell tenders due
next week, including one for a total 600,000 barrels of
February-loading Chim Sao crude that is due to close
on Friday but remains valid until December 16. Traders
indicated little change in Vietnams crude export level in
February, from January to date. On Petroleum Bruneis
Kimanis crude tender, initial talk indicated that the
tender could have been awarded to an oil major although
further details remained unclear. The Bruneian firm had
offered 600,000 barrels of the new Malaysian crude
for February 1-5 loading in the tender that closed midweek and remained valid until Thursday. Apart from the
Kimanis crude tender, it was heard that trading for other
Malaysian grades had yet to start with the February-
december 12, 2014
North Sea spot crude assessments ($/barrel)
(PGA page 1212)

Mid Change Spread vs fwd Dated Brent Mid Change
AAXEZ00 -0.04/-0.03 -0.035
+0.120
Dated Brent Diff
BNB
AAVJA00 61.9461.95 61.945
-2.060
AAVJB00 0.28/0.29 0.285
+0.060
Forties
PCADJ00 61.6261.63 61.625
-2.000
AAGWZ00 -0.04/-0.03 -0.035
+0.120
Oseberg
PCAEU00 62.6662.67 62.665
-2.100
AAGXF00 1.00/1.01 1.005
+0.020
Ekofisk
PCADI00 62.2162.22 62.215
-2.100
AAGXB00 0.55/0.56 0.555
+0.020
Statfjord
PCAEE00 61.6961.71 61.700
-2.140
AAGXD00 0.03/0.05 0.040
-0.020
Flotta
PCACZ00 60.9560.97 60.960
-2.070
AAGXH00 -0.71/-0.69 -0.700
0.050
Troll
AAWEX00 64.1564.17 64.160
-2.120
AAWEY00 2.49/2.51 2.500
0.000
Duc
AAWEZ00 63.5063.52 63.510
-2.070
AAWFL00 1.84/1.86 1.850
+0.050
Statfjord (CIF)
AASAS00 62.9562.97 62.960
-2.140
AASAT00 1.29/1.31 1.300
-0.020
Gullfaks (CIF)
AASAU00 63.9063.92 63.910
-2.120
AASAV00 2.24/2.26 2.250
0.000
North Sea basket
AAGIZ00 62.1162.12 62.115
-2.065
Dated Brent/BFOE swaps ($/barrel)

Week Week Date
Brent CFD*
CFD Week 1 (Feb) Dec 15-19 PCAKA00 -0.61/-0.59
CFD Week 2 (Feb) Dec 22-26 PCAKC00 -0.61/-0.59
CFD Week 3 (Feb) Dec 29-02 PCAKE00 -0.66/-0.64
CFD Week 4 (Feb) Jan 05-09 PCAKG00 -0.73/-0.71
CFD Week 5 (Feb) Jan 12-16 AAGLU00 -0.66/-0.64
CFD Week 6 (Feb) Jan 19-23 AAGLV00 -0.57/-0.55
CFD Week 7 (Feb) Jan 26-30 AALCZ00 -0.45/-0.43
CFD Week 8 (Feb) Feb 02-06 AALDA00 -0.28/-0.26
(PGA page 1214)

Mid Change
Dated Brent swap
-0.600
+0.070
AAJNV00 61.70/61.72
-0.600
+0.100
AAJOS00 61.70/61.72
-0.650
+0.090
AAJOU00 61.65/61.67
-0.720
+0.090
AAJOW00 61.58/61.60
-0.650
+0.110
AAJPC00 61.65/61.67
-0.560
+0.100
AAJPE00 61.74/61.76
-0.440
+0.090
AALAW00 61.86/61.88
-0.270
+0.130
AALAX00 62.03/62.05
Mid Change
61.710
-2.130
61.710
-2.100
61.660
-2.110
61.590
-2.110
61.660
-2.090
61.750
-2.100
61.870
-2.110
62.040
-2.070
Brent Swaps Week 1 to 8 are differentials to Brent Mo02 (Feb) PCAAQ00 found on page 1.
loading program only expected to be ready at the early

part of next week. Elsewhere in the sweet crude market,
talk indicated that there will be a total three cargoes of
Papua New Guineas Kutubu crude cargo available for
February, up one from January. Oil Search is expected to
hold two cargoes one for lifting in the second decade
of February and one for end February-early March, while
ExxonMobil holds one cargo for lifting in the first decade
of the month. Apart from that, it was heard that there
will be two cargoes of Pyrenees crude for February
loading and one cargo each of Australias Enfield and
Vincent crudes for loading over early-February and
end-February, respectively. In fresh tenders, PV Oil was
heard to have issued a tender offering a 300,000-barrel
cargo of Te Giac Trang crude for loading over February
23-March 1. The tender closes December 18 and will
remain valid until the following day. PV Oil has a current
term contract supplying a minimum 10,000 b/d of
Te Giac Trang crude over January-June 2015 to Dung

Quat refinery at an undisclosed premium to Dated
Brent. The companys last spot sale of the grade was a
300,000-barrel cargo for July 26-30 loading, which was
awarded to an oil major at a premium of around $4.104.30/barrel to Dated Brent. Indias ONGC Videsh Ltd.
has also issued a tender offering 700,000 barrels of
Russias Sokol crude for loading over February 20-26.
The tender closes December 16, with next-day validity.
This is OVLs second tender for Sokol for February. In
its last tender, OVL awarded a similar sized Sokol crude
cargo for February 1-7 to SK Innovation at a premium of
about $2.50/b to the monthly average of Platts first line
Dubai and Oman assessments in February. Apart from
OVLs tenders, traders noted that little else have moved
for February-loading Sokol crude. Traders estimated
a total of eight to nine cargoes of Sokol for February,
similar to January.
ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01

assessment rationale: (PGA page 2292) The ESPO M1
differential to Dubai was assessed at a premium of
$2.20/barrel Friday. There were no bids or offers for
ESPO Friday.
code: AASEU00
Asia Pacific Sweet bids/offers/trades: (PGA page 2293)

ASIA LIGHT CRUDE MOC: DEAL SUMMARY: No deals.
ASIA LIGHT CRUDE MOC: OUTSTANDING INTEREST:
None.
Asia Pacific Sweet exclusions: (PGA page 2293) No
market data was excluded from the December 12 Asia
Light Crude assessment process.
North Sea
Market analysis: (PGA page 1299) The North Sea
physical crude market ended the week stronger. Forties
was bid at Dated Brent minus $0.10/barrel for lateDecember, and plus $0.15/b for January 7-9. Contracts
for difference responded positively, with all weeks
up around $0.10/b, and prompt structure remaining
in backwardation. One trader said there was strong
interest on cargoes loading end-December, early
January [...because of] talk of VLCCs propping up the
front. There was still no news of an actual fixture from
shipbrokers, making it likely that if someone had fixed
an early January VLCC, it was using its own vessel.
Dated Brent remained at a discount to second-month
February cash BFOE, but this discount has narrowed to
minus $0.69/b from minus $1.22/b at the start of the
week. On the refining side, European margins continued
to weaken, while staying better than through most of the
first half of this year. Margins have been decent, and
runs strong, although West African and Mediterranean
sweet differentials are coming down, a trader said.
So, maybe the North Sea is getting expensive again.
Traders said generally there was still strength left to run

until the last decade of January cargoes started trading,
for which demand was likely to be more undermined
by imports. Flat price took another tumble on the IEA
reducing its demand forecast. Traders involved in flat
price were scrambling to understand what sort of levels
would be required to close the overhang between next
years supply forecast, and expected demand, in theory
by shutting in the most expensive Canadian or US
production projects, and also by stimulating demand. It
is OPEC market share versus new projects and highercost production. So, prices can stay low for a long
time, until you really reduce the production and hear
about a supply cut, a trader said. Prices were expected
to overshoot to the downside of the level justified
by fundamentals, traders said, given the amount of
momentum and short positions built up in the market.
Meanwhile, there were two cargoes nominated into the
25-day ahead process Friday: Shells Forties cargo 0104
was heard chained on January 7-9, ending the chain with
Vitol, and the Shell equity Forties cargo 0105 was heard
chained on January 8-10, kept by Trafigura.
Dated Brent assessment rationale: (PGA page 1297)
Of the four BFOE grades, Brent, Forties and Ekofisk
were seen in the North Sea physical cargo assessment
process Friday, and Forties remained the most
competitive grade across the assessed loading range,
December 22 to January 8. In Forties, December 29-31
was bid for at Dated Brent minus $0.10/barrel, showing
mid-window levels higher on the day. Thursdays average
contango structure of almost four cents/day was
strengthened to three cents/day in line with the higher
mid-window bid. Value was assessed five cents above
the bid at minus $0.05/b. January 3-5 was also bid at
Dated Brent plus $0.05/b, and value was assessed five
cents above this, at plus $0.10/b. This curve continued,
above a January 7-9 bid at plus $0.15/b. This brought
the overall Forties differential to Dated Brent minus
$0.035/b, up $0.12/b on Thursday. Brent was assessed
december 12, 2014
up half of this, $0.06/b higher at Dated Brent plus

$0.285/b. This was not impacted by an early January
Brent bid at plus $0.15/b. Ekofisk was bid for at plus
$0.40/b on January 1-5, not challenging Thursdays
levels nor traded levels heard outside the MOC of around
Dated Brent plus $0.60/b in the first decade of January.
Value was assessed using these reports, up two cents at
$0.55/b for the average of the full 10-25 day range.
code: PCAAS00
BFOE assessment rationale: (PGA page 1297) January

cash was assessed at $61.91/barrel using a frozen
minus $0.40/b spread to February cash. February cash
BFOE was assessed at $62.31/b on a traded offer,
showing a lower EFP of minus $0.11/b compared with
minus $0.07/b heard during the day. No outstanding
bids or offers disproved this level. March cash BFOE
was assessed at $63.02/b, using the same EFP. No
outstanding bids or offers disproved this level.
codes: PCAAP00, PCAAQ00, PCAAR00
CFD assessment rationale: (PGA page 1297) December

15-19 was assessed at February minus $0.60/barrel,
above a bid at February minus $0.65/b, using a
reported flat structure to the following week. December
22-26 was assessed unchanged at February minus
$0.60/b, under an offer at February minus $0.55/b.
December 29-January 2 was assessed at February
minus $0.65/b on a traded offer, above a bid at
February minus $0.69/b. January 5-9 was assessed at
February minus $0.72/b (March minus $1.43/b) using
reported structure, but under an offer at March minus
$0.42/b. January 12-16 was assessed at February
minus $0.65/b (March minus $1.36/b), using reported
structure and under an offer at March minus $1.35/b.
codes: PCAKA00, PCAKC00, PCAKE00, PCAKG00, AAGLU00,
AAGLV00, AALCZ00, AALDA00
North Sea bids/offers/trades: (PGA page 1290)

NSEA CRUDE MOC: DEAL SUMMARY: No deals.
NSEA CRUDE MOC: OUTSTANDING: Chevron offers
Forties Dec 29-31 Dtd +10 cts, BP bids Forties Dec
29-31 Dtd -10 cts, BP bids Brent Jan 3-5 Dtd +15 cts,
BP bids Forties Jan 7-9 Dtd +15 cts, OCO: Trafigura
bids Forties Jan 3-5 Dtd +5 cts OR Jan 7-9 Dtd +5 cts,
Trafigura bids Ekofisk Jan 1-5 Dtd +40 cts.
NSEA CRUDE MOC: WITHDRAWN: None
BFOE CFD: MOC DEAL SUMMARY: Dec 29-Jan 2 Feb0.65 x100 SCB-Suncor.
CASH BFOE: MOC DEAL SUMMARY: Feb 62.31 x100
Total-Mercuria.
BFOE CFD MOC: OUTSTANDING INTEREST: Dec 15-19
(Feb): BP bids -0.65; Noble bids -0.68; Phillips 66
bids -0.70; Total offers -0.50; Dec 22-26 (Feb): BP
bids -0.70; Total offers -0.55; Noble offers -0.50; Dec
29-Jan 2 (Feb): Mercuria bids -0.69; OMV bids -0.70;
BP bids -0.70; Total offers -0.62; Noble offers -0.60;
Shell offers -0.60; Jan 5-9 (Mar): MS bids -1.50;
Mercuria bids -1.51; Statoil offers -1.42; Noble offers
-1.40; Total offers -1.35; Jan 12-16 (Mar): Gunvor bids
-1.47; Noble offers -1.35; Jan 19-23 (Mar): Mercuria
bids -1.35; Noble bids -1.38; Noble offers -1.26; Jan
26-30 (Mar): Mercuria bids -1.20; Noble bids -1.24;
Noble offers -1.10.
CASH BFOE MOC: OUTSTANDING INTEREST: None.
december 12, 2014
Russian Urals/ESPO spot assessments ($/barrel)

PCAFW00 59.5159.53
Urals (Rotterdam)
Urals (Mediterranean)
PCACE00 60.4860.51
Urals (Ex-Novorossiisk)
AAGZS00 59.1059.12
Urals (Ex-Novo) FOB 80kt
AAOTH00 58.4658.48
Urals (Ex-Baltic)
AAGZT00 58.2758.30
Urals (Primorsk)
AAWVH00 58.2258.24
Urals RCMB (Recombined)
AALIN00 60.4660.49
ESPO (FOB Kozmino)
AARWD00 61.9862.00
(PGA page 1220)

59.520
-2.115
AAGXJ00 -2.13/-2.12 -2.125
0.000
60.495
-2.115
AAGXX00 -1.16/-1.14 -1.150
0.000
59.110
-2.150
AAHPH00 -2.54/-2.53 -2.535
-0.035
58.470
-2.155
AAOTI00 -3.18/-3.17 -3.175
-0.040
58.285
-2.210
AAHPI00 -3.37/-3.35 -3.360
-0.095
58.230
-2.210
AAWVI00 -3.42/-3.41 -3.415
-0.095
60.475
-2.000
61.990
-2.180
AARWE00 0.31/0.33 0.320
-0.080
Urals Med/NWE CFD assessments ($/barrel)

Urals CFD
Mid Change
Mediterranean
Urals Med CFD (Jan)
Urals Med CFD (Feb)
Urals Med CFD (Mar)
AAMDU00 -1.21/-1.19 -1.200

-0.050
AAMEA00 -1.21/-1.19 -1.200
-0.050
UMCM003 -1.21/-1.19 -1.200
-0.050
Northwest
Urals NWE
Urals NWE
Urals NWE
UNCM001 -1.96/-1.94 -1.950

0.000
UNCM002 -1.81/-1.79 -1.800
0.000
UNCM003 -1.71/-1.69 -1.700
0.000
(PPE page 1616)
Europe
CFD (Jan)
CFD (Feb)
CFD (Mar)
(PPE page 1618)
Mediterranean spot crude assessments ($/barrel)

Mid Change
Spread vs fwd Dated Brent Mid Change
Azeri and BTC

Azeri Lt CIF
Azeri Lt FOB Ceyhan
Azeri Lt FOB Ceyhan 80KT
Azeri Lt FOB
Azeri Lt FOB 80KT
BTC FOB Ceyhan
AAGZX00 62.9262.95
AAUFM00 62.0162.04
AAUFK00 61.5761.60
AALWD00 61.6661.69
AATHM00 61.0861.11
AAUFH00 61.7961.82
62.935
-2.165
62.025
-2.195
61.585
-2.195
61.675
-2.200
61.095
-2.200
61.805
-2.195
AAHPM00 1.28/1.30 1.290

-0.060
AAUFN00 0.37/0.39 0.380
-0.090
AAUFL00 -0.07/-0.05 -0.060
-0.090
AALWF00 0.02/0.04 0.030
-0.095
AATHN00 -0.56/-0.54 -0.550
-0.095
AAUFJ00 0.15/0.17 0.160
-0.090
North Sea exclusions: (PGA page 1290) No market data

was excluded from the December 12 North Sea crude
assessment.
Black Sea
Siberian Light CIF
CPC Blend CIF
CPC Blend FOB
CPC FOB 80KT
Kumkol
61.195
-2.165
61.270
-2.115
60.035
-2.150
59.425
-2.150
61.035
-2.175
AAHPK00 -0.46/-0.44
AAHPL00 -0.38/-0.37
AALVZ00 -1.62/-1.60
AAOFW00 -2.23/-2.21
AALOW00 -0.62/-0.60
-0.450
-0.050
-0.375
0.000
-1.610
-0.035
-2.220
-0.035
-0.610
-0.060
Mediterranean Light/Sweet
AAGZW00 61.1861.21
AAGZU00 61.2661.28
AALVX00 60.0260.05
AAOFV00 59.4159.44
AAHMP00 61.0261.05
Middle East & North Africa

Suez Blend
Es Sider
Kirkuk
Iranian Light (Sidi Kerir)
Iranian Heavy (Sidi Kerir)
Saharan Blend
Zarzaitine
Syrian Light FOB
Syrian Heavy FOB
PCACA00 57.5157.54
PCACO00 60.4360.46
AAEJD00 58.5858.61
PCABI00 59.9659.99
PCABH00 58.2658.29
AAGZY00 61.2861.31
AAHMO00 61.2861.31
AAHMM00 61.8861.91
AAHMN00 58.0858.11
57.525
-2.135
60.445
-2.115
58.595
-2.115
59.975
-2.195
58.275
-2.195
61.295
-2.215
61.295
-2.215
61.895
-2.115
58.095
-2.115
AAGYD00 -4.13/-4.11
AAGYH00 -1.21/-1.19
AAGYF00 -3.06/-3.04
AAGXZ00 -1.68/-1.66
AAGYB00 -3.38/-3.36
AAHPN00 -0.36/-0.34
AALOY00 -0.36/-0.34
AALOU00 0.24/0.26
AALOV00 -3.56/-3.54
-4.120
-0.020
-1.200
0.000
-3.050
0.000
-1.670
-0.080
-3.370
-0.080
-0.350
-0.100
-0.350
-0.100
0.250
0.000
-3.550
0.000
(PGA page 1295)
CPC Blend exports were expected to reach fresh heights

in January after the provisional loading program showed
an expected 36,500 mt (284,700 barrels) increase
from the final December loading program. While market
expectations have leaned towards a long schedule in
January, the preliminary program at 3,721,550 mt, or
(PGA page 1222)
(PGA page 1220)
(PGA page 1234)
an average 927,026 b/d is the longest since at least

April 2012, according to Platts records, a development
that was expected to add to the amount of sweet crude
available in the Mediterranean at the prompt. Traders
said there were still several cargoes available in the third
decade of December. Values for the grade were heard
to be holding onto slightly higher levels, though demand
has remained intermittent ahead of the upcoming yearend holiday season. The larger CPC Blend program
which comes on the heels of an above average Azeri
Light schedule for January released earlier this week
could create additional bearish pressure on values as
demand grinds to a halt ahead of the new year. There
is an unusually large number of Suezes in the [January]
CPC Blend schedule well, more than there normally
are, anyway, a crude trader said. Traditionally during
the winter season with delays in the Turkish Straits, the
preference is to err towards Suezes to clear the volume.
That could pressure not only on the Med, but also on
West Africa and the North Sea. In the Platts Market On
Close assessment process, Socar offered a 600,000
barrel Azeri Light cargo, ex-Ceyhan, loading December
22-26, CIF basis Augusta, down to Dated Brent plus
$1.05/barrel before being lifted by Totsa. The few
remaining December cargoes in the Azeri Light program
have struggled to clear this week, though sources said
January barrels were expected to fetch higher numbers,
with offers heard closer to Dated Brent plus $1.80/
barrel. Additionally, early indications on January cargoes
have Algerias naphtha-rich Saharan Blend approaching
lower levels, with offers indicated at Dated Brent minus
$0.30/b and lower. While the drop in prices could
see demand pick up Saharan is popular with many
arbitrage buyers levels for January barrels have so far
remained under pressure, sources said.
Mediterranean Sour
Market analysis: (PGA page 1296) The Urals market
remained in limbo Friday, amid subdued activity.
There was still volume available out of the Baltic

Sea program in December, traders said, though spot
demand has ticked moderately higher as values have
tumbled. The 300,000 mt of Lukoil equity injected
into the program earlier this month has now sold, with
market sources saying there were several cargoes that
have yet to find buyers despite the historic shortness
of the December schedule. The first five days of
the provisional January program were expected next
week, with expectations for a larger program given the
upcoming changes to Russias tax regime. Traders said
it was unlikely to be immediately apparent how much
longer the January program will eventually be. Crude
supply in the broader European market remained
ample, which was expected to exacerbate the bearish
pressure on Urals rolling into the new year. The whole
market is really looking for direction at the moment,
a crude trader said. Urals is a bit weak and under
pressure. If you look at sweet grades, there are plenty
of avails, so any upside is limited. The CIF Augusta
Urals market has also come under pressure this
month as SOMO has resumed the sale of heavier, sour
crude from the Turkish port of Ceyhan. The sale of the
new Kirkuk-like crude oil has added to the volume
available in the spot market, both with loadings directly
out of Ceyhan as well as its regular flow through the
Kirkkale pipeline link from Ceyhan, which supplies
Tuprass Kirkkale refinery. Throughout Kirkuks absence
from the spot market, Tupras was a regular buyer of
alternative sour grades Basrah, Urals and even
heavy sours from Colombia from the spot market
via tender.
Urals CIF Augusta differential assessment rationale:
(PGA page 1287) CIF Augusta Urals cargoes were
unchanged from Thursdays close at Dated Brent minus
$1.15/barrel. Trading activity has been slow in the runup to the end of the year, though much of the Urals
program out of the Black Sea has sold for December.
Both Basrah and Kirkuk crude were available in the
december 12, 2014
prompt spot market. There were no bids or offers in the

Platts Market On Close assessment process.
code: AAGXX00
Urals CIF Med assessment rationale: (PGA page 1287)

The Urals CIF Med assessment reflected the value of
the Mediterranean Dated Brent Strip (AALDF00) plus the
Urals CIF Augusta differential assessment (AAGXX00).
code: PCACE00
Urals RCMB (Recombined) assessment rationale: (PGA

page 1287) The Urals RCMB (Recombined) assessment
reflected the value of the Platts Dated Brent assessment
(PCAAS00) plus the Urals CIF Augusta differential
assessment (AAGXX00). The above commentary applies
to the following market data code: AALIN00.
code: AALIN00
Urals CIF Rdam assessment rationale: (PGA page 1287)

CIF Rotterdam Urals cargoes were unchanged from
Thursdays close at Dated Brent minus $2.125/barrel.
Trading activity was limited to close the week, with
volume still available in the tail-end of the Baltic Sea
loading program. Spot demand has picked up in recent
days as values have continued to tumble. There were no
bids or offers in the Platts Market On Close assessment
process.
code: PCAFW00
ESPO FOB Kozmino Mo01 London assessment rationale:

(PGA page 1286) The ESPO FOB Kozmino Mo01 London
time assessment was derived using the following
assessments: Third month Cash BFOE London:
$63.02/barrel. Code PCAAR00. Third month Cash
BFOE Asia: $63.96/barrel. Code PCAJI00. Second
month Cash Dubai: $60.73/barrel. Code PCAAU00.
ESPO differential Asia Mo01: $2.2/barrel. Code

AASEU00. Forward Dated Brent 15-45 days ahead
(the 15-45 Day Dated Strip) $61.68/barrel. Code
AALGM00. The ESPO FOB Kozmino Mo01 London
time assessment was derived using the following
calculation: The difference between Third month Cash
BFOE London: $63.02/barrel and Third month Cash
BFOE Asia: $63.96/barrel equals: minus $0.94/
barrel. The difference between Second month Cash
Dubai: $60.73/barrel and minus $0.94/barrel
equals: $59.79/barrel. The difference between ESPO
differential Asia Mo01: $2.2/barrel and $59.79/
barrel equals the ESPO outright price assessment
of $61.99/barrel The difference between the ESPO
outright assessment and forward Dated Brent 15-45
days ahead (the 15-45 Day Dated Strip) equals the
ESPO London time differential.
code: AARWD00
Med Dated Brent Strip 13-28 Day assessment rationale:

(PGA page 1287) The Mediterranean Dated Brent Strip
reflected the value of Forward Dated Brent 13-28 days
ahead of the day of publication. Forward Dated Brent
is assessed as a function of Platts assessments of
second-month Cash BFOE and BFOE CFD differentials.
code: AALDF00
Urals Mediterranean
URALS MED MOC:
URALS MED MOC:
URALS MED MOC:
URALS NWE MOC:
URALS NWE MOC:
URALS NWE MOC:
bids/offers/trades: (PGA page 1288)

DEAL SUMMARY: No deals.
OUTSTANDING INTEREST: None.
WITHDRAWN: None.
DEAL SUMMARY: No deals.
OUTSTANDING INTEREST: None.
WITHDRAWN: None.
Urals Mediterranean exclusions: (PGA page 1288) No

market data was excluded from the December 12
assessment process.
december 12, 2014
West African spot crude assessments ($/barrel)

PCAIC00 62.5462.58
Bonny Light
Qua Iboe
PCAID00 62.6462.68
Forcados
PCABC00 63.6463.68
Agbami
AAQZB00 61.3461.38
Escravos
AAEIZ00 62.4962.53
Brass River
AAEJB00 61.5961.63
Akpo
PCNGA00 61.4961.53
Bonga
PCNGC00 63.1463.18
Djeno
PCNGE00 58.1958.23
(PGA page 1230)

62.560
-2.115
AAGXL00 0.64/0.66 0.650
0.000
62.660
-2.115
AAGXN00 0.74/0.76 0.750
0.000
63.660
-2.115
AAGXP00 1.74/1.76 1.750
0.000
61.360
-2.115
AAQZC00 -0.56/-0.54 -0.550
0.000
62.510
-2.115
AAGXR00 0.59/0.61 0.600
0.000
61.610
-2.115
AAGXV00 -0.31/-0.29 -0.300
0.000
61.510
-2.115
PCNGB00 -0.41/-0.39 -0.400
0.000
63.160
-2.115
PCNGD00 1.24/1.26 1.250
0.000
58.210
-2.115
PCNGF00 -3.71/-3.69 -3.700
0.000
Angola spot crude assessments ($/barrel)

PCAFD00 59.1959.23
Cabinda
Nemba
AAQYZ00 59.3959.43
Dalia
AAQYX00 57.8457.88
Girassol
AASNL00 60.5960.63
Hungo
AASLJ00 58.7458.78
Kissanje
AASLK00 60.0960.13
Pazflor
PCNGG00 57.7457.78
Plutonio
PCNGI00 59.2459.28
(PGA page 1232)

59.210
-2.115
AAGXT00 -2.71/-2.69 -2.700
0.000
59.410
-2.115
AAQZA00 -2.51/-2.49 -2.500
0.000
57.860
-2.115
AAQYY00 -4.06/-4.04 -4.050
0.000
60.610
-2.115
AASJD00 -1.31/-1.29 -1.300
0.000
58.760
-2.115
AASJF00 -3.16/-3.14 -3.150
0.000
60.110
-2.115
AASJE00 -1.81/-1.79 -1.800
0.000
57.760
-2.115
PCNGH00 -4.16/-4.14 -4.150
0.000
59.260
-2.115
PCNGJ00 -2.66/-2.64 -2.650
0.000
US spot crude assessments ($/barrel)

AAMBR00 56.1756.19
Mars (Jan)
Mars (Feb)
AAMBU00 56.2356.25
Mars (Mar)
AAMBX00 56.4256.44
Mars/WTI (Jan)
AAGWH00 -1.56/-1.54
Mars/WTI (Feb)
AAKTH00 -1.76/-1.74
Mars/WTI (Mar)
AAMBO00 -1.91/-1.89
WTI-Delta
AAEJK00 -0.38/-0.36
P-Plus WTI
PCACI00 3.00/3.02
P-5 WTI
AAFEN00
(PGA pages 210 & 214)

Mid Change
56.180
-2.170
56.240
-2.140
56.430
-2.110
-1.550
-0.050
-1.750
-0.050
-1.900
-0.050
-0.370
-0.040
3.010
-0.040
54.320
-2.210
P-5 WTI is a crude oil postings-based index as of 5:30 p.m. local New York time. Posted prices by the following companies are used in the index: Phillips66, Plains,
Sunoco, Shell, and Valero.

PCACJ00 55.7255.74
WTI (Midland)
WTS (1st month)
PCACK00 56.6756.69
Eugene
PCAFC00 58.3258.34
Bonito
PCAIE00 58.3258.34
SGC
AASOI00 55.4755.49
Poseidon
AABHK00 55.2755.29
LLS (1st month)
PCABN00 60.1760.19
HLS (1st month)
PCABD00 57.9757.99
Wyoming Sweet
PCACM00 54.9254.94
Thunder Horse
AAWZK00 58.4258.44
Mid Change
Spread vs 1st line WTI
55.730
-2.770
AAGVZ00 -2.01/-1.99
56.680
-2.320
AAGWB00 -1.06/-1.04
58.330
-2.170
AAGWD00 0.59/0.61
58.330
-2.170
AAGWF00 0.59/0.61
55.480
-2.120
AASOJ00 -2.26/-2.24
55.280
-2.120
AAGWL00 -2.46/-2.44
60.180
-2.070
AAGWN00 2.44/2.46
57.980
-1.920
AAGWP00 0.24/0.26
54.930
-1.920
AAGWR00 -2.81/-2.79
58.430
-2.270
AAWZL00 0.69/0.71
Mid Change
-2.000
-0.650
-1.050
-0.200
0.600
-0.050
0.600
-0.050
-2.250
0.000
-2.450
0.000
2.450
+0.050
0.250
+0.200
-2.800
+0.200
0.700
-0.150

Spread vs 2nd line WTI
AAURG00 56.4356.45 56.440
-2.240
AAURH00 -1.56/-1.54 -1.550
-0.150
WTS (2nd month)
LLS (2nd month)
AAURC00 60.2360.25 60.240
-2.090
AAURD00 2.24/2.26 2.250
0.000
HLS (2nd month)
AAURE00 58.0358.05 58.040
-1.940
AAURF00 0.04/0.06 0.050
+0.150
Basrah Light*
AAEJH00 55.3355.35 55.340
-1.890
AAGWV00 -2.66/-2.64 -2.650
+0.200
* The assessment is for waterborne barrels of Iraqi Basrah light delivered into the US gulf.
december 12, 2014
Light Houston Sweet Weekly Analysis
US spot crude assessments ($/barrel)
Higher WTI Midland pushes up LHS differential

Mid Change
Mid Change

Spread vs Eagle Ford Marker
AAYAH00 52.800
-2.813
AAYAI00
-6.138
-0.938
Eagle Ford Postings Avg.
The differential for Light Houston Sweet rose this week

on recent strength in the differential for West Texas
Intermediate in Midland, Texas. LHS was assessed
Thursday at $1.50/b below the Light Louisiana Sweet
differential at WTI plus 90 cents/b, or $60.75/b. LHS was
assessed at $66.69/b, or WTI plus 5 cents/b, on December
4. After remaining flat through the end of last week, the
LHS differential jumped on Monday to $1.40/b below
LLS following a bid heard at LLS minus $1.50/b at the
Magellan East Houston crude terminal. LHS continued to
inch up the following two days on increased demand,
before falling 25 cents/b Thursday following an offer
heard at $1.40/b under LLS. Houston crude sources
attributed Thursdays drop to a major who had been a
buyer earlier in the week selling in Magellans East
Houston terminal. The increase in the LHS differential
came on recent strength in the WTI Midland market,
with Plains 250,000 b/d Sunrise pipeline beginning
deliveries this month. Sunrise will connect crude storage
terminals in Midland to Magellans 300,000 b/d
BridgeTex crude line, which stretches from Colorado
City, Texas, to Houston. Although the WTI Midland
differential fell during the week on lesser demand
WTI Midland was assessed at WTI minus $1.35/b
Thursday, down from WTI minus 55 cents/b on
December 4 the differential has mostly increased since
the start of the Sunrise pipeline. WTI Midland was
assessed at WTI minus $7.95/b on September 29, and at
WTI minus $4.40/b on October 31. The LHS differential,
however, did not see similar gains. Sources said they
have expected LHS to increase for some time now given
the tariff on the BridgeTex crude pipeline is $3.69/b, and
that WTI Midland has been trading about 50 cents to
$1/b below WTI Cushing in recent weeks. I think that
the strength is mainly coming from where [WTI
Midland] is right now, and what the tariffs are, one US
crude source said. Its been overdue [for LHS to
strengthen], but it still isnt at the tariff yet.
(PGA pages 210 & 214)
Eagle Ford Marker represents the gross product weight of a 47 API Eagle Ford crude barrel adjusted for spot values. The specific product assessments and yield
percentages used to calculate the Eagle Ford Marker can be found at http://www.platts.com/MethodologyAndSpecifications/Oil. Eagle Ford Postings Average is the daily
average of four posted prices for Eagle Ford crude from the following companies:Sunoco, Plains, Flint Hills, and Enterprise.

Spread vs 1st line WTI CMA
AAWTY00 48.5848.68 48.630
-2.220
AAWTZ00 -9.55/-9.45 -9.500
-0.150
WCS ex-Cushing
Bakken Blend Ex-Guernsey
AASRR00 55.3755.39 55.380
-1.670
AASRV00 -2.76/-2.74 -2.750
+0.400
Bakken Blend Ex-Clearbrook
AASRU00 52.9252.94 52.930
-1.620
AASRW00 -5.21/-5.19 -5.200
+0.450
Bakken Blend ex-Guernsey reflects 38-40 API and 0.2% sulfur. Bakken Blend ex-Clearbrook reflects 38-40 API and 0.2% sulfur. Both grades are assessed versus calendar
month average of 1st month NYMEX WTI futures at 3:15 pm ET.
California spot crude assessments ($/barrel)

PCABM00 57.1057.14
LIne 63/Hynes
Thums/Long Beach
PCACD00 54.2254.24
Kern River
PCABJ00 52.4252.44
P-Plus Line 63
PCAFV00 1.09/1.11
ANS/Long Beach
PCAAD00 59.1459.18
(PGA page 214)

Mid Change
Spread to cash WTI
57.120
-2.420
54.230
-1.540
52.430
-1.490
1.100
+ 0.100
59.160
-1.960
AAGWX00 1.07/1.09
US domestic crude assessments London close ($/barrel)
Mid Change
1.080
+0.120
(PGA page 1240)

Spread to

Mid Change
NYMEX light sweet crude Mid Change
AAQAR00 58.1258.14 58.130
-2.600
AAQAS00 --0.01/0.01
0.000
0.000
WTI (Jan)
WTI (Feb)
AAQAT00 58.4158.43 58.420
-2.530
AAQAU00 --0.01/0.01
0.000
0.000
WTI (Mar)
AAQAV00 58.7458.76 58.750
-2.480
AAQAW00 --0.01/0.01
0.000
0.000

Spread to

same-month cash WTI
AAQBB00 60.5160.55 60.530
-2.600
AAQBC00 2.39/2.41
LLS (Jan)
LLS (Feb)
AAQBD00 60.6560.69 60.670
-2.530
AAQBE00 2.24/2.26
MARS (Jan)
AAQAX00 56.6156.65 56.630
-2.650
AAQAY00 -1.51/-1.49
MARS (Feb)
AAQAZ00 56.7056.74 56.720
-2.630
AAQBA00 -1.71/-1.69
America closes ($/barrel)

AAQBF00 61.3061.32
Americas Dated Brent
Mid Change
2.400
0.000
2.250
0.000
-1.500
-0.050
-1.700
-0.100
(PGA page 210)
Mid Change
61.310
-1.710
Americas Dated Brent reflects market value for Dated Brent at 3:15pm Eastern Time. Value of Brent futures contracts at US MOC close. *These assessments reflect the
value of futures at precisely 1:30 pm ET on the business day preceding the following holidays: Christmas Day, New Years Day, Fourth of July, and Thanksgiving Day.
Canadian spot crude cargo assessments ($/barrel)

AAJUH00 61.2261.34
Terra Nova
Hibernia
AAJKK00 61.7461.86
White Rose
AAVJX00 63.2263.34
(PGA page 230)

61.280
-2.065
AAJUJ00 -0.50/-0.40 -0.450
+0.020
61.800
-2.065
AAJKM00 0.02/0.12 0.070
+0.020
63.280
-2.065
AAVJY00 1.50/1.60 1.550
+0.020
The published spreads for Canadian cargo assessments reflect the market value at which these grades are trading versus Dated Brent around loading time. The spreads
and fixed price assessments reflect a typical forward loading window of 42-56 days forward.
For further explanation see www.platts.com > Oil > Specifications > Crude oil specifications.
West Africa
(PGA page 1294)
Trading continued to drag in the Nigerian market to

close the week. One trader said virtually all the
January program was still available. There is still
a bit of overhang [in Nigeria] for December loaders,
which is really on the prompt side, a crude trader
said. From [January], everything is available. There is
Bonga available and Brass...and considering that we
have people going on holidays, they usually buy early,
but I do not know how this is going to clear. Very
little of the sold volume for January has traded in the
spot market, sources said, with most of the placed
cargoes going toward term volume or tenders from the
Asia. Indian refiner IOC the second round of whose
second February tender closed Thursday was said
to have bought at least three Nigerian cargoes for
February loading. Sources said that was unlikely to
add support to the broader Nigerian market IOCs
decision not to take any major Nigerian grades in
its first February tender was seen as bearish for the
lighter crude market. No one will touch Bonny Light
because of the delays, a trading source said, adding
the IOCs decision to buy February-loading Bonny
Light was not expected to have much of an impact on
January volumes. Even if they have fixed the [pipeline]
damage, people do not trust the grade. The pipeline
that feeds the Bonny Light export terminal has been
shut since November 22 after springing a leak, the
latest in a series of closures in recent years, largely
as a result of oil theft. By contrast, the majority of the
Angolan January program has sold, traders said, with
the February schedule due next week. While demand
for Angolan crude has reportedly been brisk, a few
cargoes have struggled to clear many of them heavy
prompting their values to push lower.
US MOC Commentary
No trades reported.
(PGA pages 291 & 287)
december 12, 2014
Canadian spot crude assessments ($/barrel)
(PGA page 230)

AALRK00 40.0840.18
Lloyd Blend
Mixed Sweet
AALRR00 51.0851.18
Light Sour Blend
AALRX00 49.8349.93
Midale
AAUCC00 45.3845.48
Condensates
AALSF00 52.5852.68
Syncrude Sweet
AASOK00 54.7854.88
WCS Hardisty
AAPPN00 40.3340.43
Cold Lake Hardisty
AASZX00 39.3339.43
Mid Change
Spread vs Canada basis Mid Change
40.130
-2.720
AALRP00 -18.05/-17.95 -18.000
-0.650
51.130
-2.120
AALRV00 -7.05/-6.95 -7.000
-0.050
49.880
-2.120
AALSD00 -8.30/-8.20 -8.250
-0.050
45.430
-2.120
AAUCE00 -12.75/-12.65 -12.700
-0.050
52.630
-1.570
AALSJ00 -5.55/-5.45 -5.500
+0.500
54.830
-2.120
AASOM00 -3.35/-3.25 -3.300
-0.050
40.380
-2.720
AAPPP00 -17.80/-17.70 -17.750
-0.650
39.380
-2.720
AASZZ00 -18.80/-18.70 -18.750
-0.650
WTI CMA (1st mo)
58.130
-2.070
AAVSN00
Daily Canadian crude posting averages
(PGA page 253)

C$/cu m
Mid Change
$/barrel
Mid Change
PCAEY00 352.000354.000 353.000 0.000
PCAFB00 48.49848.774 48.636
-0.017
Bow River/Hardisty
Light/Sour Cromer
PCAII00 388.000390.000 389.000 0.000
PCAIK00 53.45853.734 53.596
-0.019
Latin American assessments ($/barrel)
(PGA page 280)

Mid Change
PCAGC00 55.5455.58 55.560
-1.875
Escalante
AAQTL00 55.3955.43 55.410
-1.875
Roncador
AAITD00 64.9064.95 64.925
-2.065
Santa Barbara
PCAGH00 52.3552.40 52.375
-1.915
Loreto
PCADE00 52.1052.15 52.125
-1.915
Oriente
AAMCA00 47.1047.15 47.125
-1.915
Napo
AAITF00 55.8955.93 55.910
-1.875
Marlim
AAVEQ00 51.3951.43 51.410
-1.875
Castilla Blend
AAWFR00 51.0451.08 51.060
-1.875
Magdalena
PCAGI00 56.1456.18 56.160
-1.875
Vasconia
AAITB00 61.6461.68 61.660
-1.875
Mesa 30
Latin America WTI strip
AAXBP00
Latin America Futures Brent strip AAXBQ00
Latin America Dated Brent strip AAXBR00
58.175
62.660
61.470
Platts euro-denominated assessments (/barrel)

Diff to
Diff to Futures Diff to Dated
WTI strip Brent strip Brent strip
PCAGO00 -2.615 AAXBS00 -7.100 AAXAX00 -5.910
AAQTK00 -2.765 AAXBT00 -7.250 AAXAY00 -6.060
AAITJ00 6.750 AAXBU00 2.265 AAXAZ00 3.455
PCAGQ00 -5.800 AAXBV00 -10.285 AAXBG00 -9.095
PCAGU00 -6.050 AAXBW00 -10.535 AAXBH00 -9.345
AAMCD00 -11.050
AAXBX00 -15.535 AAXBI00 -14.345
AAITL00 -2.265 AAXBY00 -6.750 AAXBJ00 -5.560
AAVEQ01 -6.765 AAXBZ00 -11.250 AAXBK00 -10.060
AAWFS00 -7.115 AAXCA00 -11.600 AAXBL00 -10.410
PCAGR00 -2.015 AAXCB00 -6.500 AAXBN00 -5.310
AAITH00 3.485 AAXCC00 -1.000 AAXBO00 0.190
(PGA page 1252)
Mid Change
European crude oil benchmarks

Dated Brent
Urals (Mediterranean)
AAPYR00 49.38049.390
AAPYS00 48.47048.490
49.385
-1.960
48.480
-2.045
US crude oil benchmarks

WTI (Jan 15)
Mars (Jan 15)
AAPYT00 46.57046.590
AAPYU00 45.36045.400
46.580
-2.430
45.380
-2.455
Euro/US$ forex rate: 1.2479. Platts Euro denominated crude oil assessments are based on market values and a Euro/US$ forex rate at 4:30 PM local London time.
10
US Gulf Coast
(PGA pages 290 & 292)
A declining differential for West Texas Intermediate in

Midland, Texas, due to high selling interest pulled down
the Light Houston Sweet differential Friday. A desire by
some West Texas crude traders to trade their volumes
ahead of Christmas and New Years Day led to the WTI
Midland differential falling Friday, as it has weakened
throughout the week. WTI Midland was assessed 65
cents lower at WTI minus $2/b, where it was heard to
trade. The differential has fallen $1.25 since December
5. The declining WTI Midland differential resulted in
the LHS differential dropping as well. LHS slipped
50 cents to be assessed at $2/b below the Light
Louisiana Sweet differential, or WTI plus 45 cents/b,
where LHS was heard to trade at Magellans East
Houston crude terminal. WTI Midland specifications
at the East Houston terminal apply to the Platts LHS
assessment methodology. The differentials for offshore
US Gulf Coast sweet grades were supported Friday
by an uptick in demand and a wider NYMEX crude/
ICE Brent spread. The NYMEX crude/ICE Brent spread
widened 19 cents to $4.05/b as of the Platts 3:15
pm EST assessment. A wider NYMEX crude/ICE Brent
spread typically indicates that US crude differentials
should increase so that WTI-based crudes keep pace
with Brent-based crudes. The LLS differential the
benchmark for light sweet Gulf Coast crudes added
5 cents to be assessed at WTI plus $2.45/b, where
it was heard to trade, and the Heavy Louisiana Sweet
differential rose 20 cents to WTI plus 25 cents/b,
following a trade heard done at that level. Monthly
crude production in North Dakota the area where
most Bakken is produced fell for the first time
since November 2013. New state regulations for
flaring and oil conditioning, combined with low crude
prices in general, helped suppress production to 1.182
million b/d, a 4,054 b/d decline from September.
Meanwhile, spot prices for Bakken pipeline markets
surged Friday on higher demand near the end of the
december 12, 2014
Ruble-denominated Russian assessments (Rb/barrel)
(PGA page 1224)

Russian crude oil benchmarks
Urals FOB Novorossiysk
Urals FOB Ventspils
Urals FOB Novorossiysk 80kt
Urals CIF Mediterranean
Urals CIF Rotterdam
Mid Change
AAUJP00 3420.2903421.450 3420.870 +6.725

AAUJQ00 3372.2603374.000 3373.130 +1.625
AAUJR00 3383.2603384.410 3383.835 +5.080
AAUJS00 3500.1603501.900 3501.030
+11.645
AAUJT00 3444.0203445.180 3444.600 +9.555
US$/Ruble forex rate: 57.8730. Platts Ruble denominated crude oil assessments are based on market values and a US$/Ruble forex rate at 4:30 PM local London time.
Platts CAD-denominated Canada spot crude assessments (C$/cu m)

AALRM00 290.90291.63
Lloyd Blend
Mixed Sweet
AALRT00 370.74371.46
Light Sour Blend
AALRZ00 361.66362.39
Midale
AAUCD00 329.37330.09
Condensates
AALSH00 381.62382.35
Syncrude Sweet
AASOL00 397.59398.32
WCS Hardisty
AAPPO00 292.71293.44
Cold Lake Hardisty
AASZY00 285.46286.18
Mid Change
291.262
-19.635
371.100
-15.253
362.028
-15.256
329.730
-15.267
381.987
-11.259
397.955
-15.244
293.077
-19.633
285.819
-19.636
Daily US$ vs EURO exchange rate

AAFCW00
December 12, 2014
(PGA page 1151)

Mid Change
1.2479
+0.009
Asia close Brent and WTI spot assessments ($/barrel)

PCAJE00 62.8662.90
Brent (Jan)
Brent (Feb)
PCAJG00 63.2663.30
Brent (Mar)
PCAJI00 63.9463.98
Brent (Apr)
PCAJ000
WTI (Jan)
AAFFU00 59.0859.12
WTI (Feb)
AAFFW00 59.3059.34
WTI (Mar)
AAFFY00 59.6059.64
(PGA pages 2658 & 2210)

Mid Change
0.400
-0.050
0.200
0.000
0.200
0.000
-2.540
-0.740
61.130
-1.570
61.570
-1.570
62.320
-1.550
Daily OPEC Basket Price ($/barrel)

AAEUQ00
December 11, 2014
(PGA page 2210)
Mid Change
62.880
-1.470
63.280
-1.470
63.960
-1.420
64.640
-1.380
59.100
-2.200
59.320
-2.170
59.620
-2.120
Oman OSPs and derivatives ($/barrel)

AAIHJ00 0.38/0.42
Oman/Dubai Swap (Jan)
Oman/Dubai Swap (Feb)
AAIHL00 0.18/0.22
Oman/Dubai Swap (Mar)
AAIHN00 0.18/0.22
Oman cash/OSP (Feb)
PCABT00 -2.56/-2.52
Oman Swap (Jan)
AAHZP00 61.1161.15
Oman Swap (Feb)
AAHZR00 61.5561.59
Oman Swap (Mar)
AAHZT00 62.3062.34
(PGA page 232)
(PGA page 207)

Mid Change
60.500
-0.850
11
trading cycle. Nominations for the January market are

due December 16, leaving participants one more full
trading day before trading ends. Bakken at Clearbrook
rose 45 cents to the calendar month average of NYMEX
light sweet crude (WTI CMA) minus $5.20/b, where it
traded. Bakken at Guernsey rose 40 cents to WTI CMA
minus $2.75/b based on market indications. The price
differential for Bakken in the Williston Basin jumped
$1.45 to WTI CMA minus $7.95/b, also on market
indications. Traders said more demand for pipeline
space made a short market for railcars. I think Bakken
is coming up short for the trains not because
production is down but because new pipes are taking
barrels from trains, one trader said. The crude was
assessed 70 cents lower at $50.18/b, mostly on a
$2.07/b fall in the WTI CMA.
Cash differentials for offshore US Gulf Coast sour
crudes weakened slightly Friday due to softening
demand. The Mars differential fell 5 cents to be
assessed at WTI minus $1.55/b, following a trade
at WTI minus $1.50/b and then an offer there. The
Poseidon and Southern Green Canyon differentials
were unchanged at WTI minus $2.45/b and WTI minus
$2.25/b, respectively. The Bonito and Eugene Island
differentials each moved 5 cents lower, to be assessed
at WTI plus 60 cents/b, as they moved with Mars.
Thunder Horse dropped 15 cents to be assessed at
WTI plus 70 cents/b, following an offer at WTI plus 75
cents/b. In the Permian Basin, the West Texas Sour
differential dropped 20 cents to be assessed at WTI
minus $1.05 cents/b, where it traded.
US West Coast
(PGA page 294)
The ANS differential was assessed 12 cents higher

Friday at WTI CMA plus $1.08/barrel for delivery
in January. Platts calculates the ANS differential to
reflect that the ANS market uses WTI CMA at the
underlying contracts settlement as a basis for trading,
december 12, 2014
Futures Settlements

Settlement
Change
Low
High
Volume
Open interest
PNT***
NYMEX Light Sweet crude ($/barrel)

(PGA page 705)
Jan 15
NMCL001
57.81
-2.14
57.34
59.57
392493
183083
Feb 15
NMCL002
58.08
-2.11
57.63
59.79
142623
231381
Mar 15
NMCL003
58.41
-2.11
57.99
60.10
69254
175419
Apr 15
NMCL004
58.76
-2.11
58.37
60.33
23777
48410
Total
NMCL000 776546 XNCLP00 26845
ICE Brent ($/barrel)
(PGA page 704)
Jan 15
ICLL001
61.85
-1.83
61.35
63.66
201841
91897
Feb 15
ICLL002
62.15
-1.84
61.71
63.94
198059
284206
Mar 15
ICLL003
62.85
-1.81
62.43
64.61
86668
249047
Apr 15
ICLL004
63.56
-1.78
63.14
65.23
29645
76242
Total
ICLL000 695154 XILLP00 22403
ICE Brent NX ($/barrel)
Feb 15
ICBN001
62.34
-1.82
62.34
62.34
Mar 15
ICBN002
63.04
-1.79
63.04
63.04
Apr 15
ICBN003
63.85
-1.75
63.85
63.85
May 15
ICBN004
64.55
-1.74
64.55
64.55
Total
ICBN000
(PGA page 704)
0
0
0
0
0
0
0
0
0
ICE WTI ($/barrel)

(PGA page 704)
Jan 15
ICIC001
57.81
-2.14
57.35
59.56
69164
43097
Feb 15
ICIC002
58.08
-2.11
57.63
59.78
46427
52085
Mar 15
ICIC003
58.41
-2.11
58.04
60.08
17150
52691
Apr 15
ICIC004
58.76
-2.11
58.66
60.37
3816
12045
Total
ICIC000 169114 XIICP00 15175
ICE Middle East
Feb 15
Mar 15
Apr 15
May 15
Total Volume
Sour crude ($/barrel)

ICOQ001
60.08
-1.84
60.08
60.08
ICOQ002
61.18
-1.84
61.18
61.18
ICOQ003
61.86
-1.84
61.86
61.86
ICOQ004
62.55
-1.84
62.55
62.55
ICOQ000
(PGA page 704)
0
0
0
0
0

0

0

0

0

ICE BWAVE ($/barrel)

Jan 15
XIBW001 64.29
Feb 15
XIBW002 64.63
XIOQP00
(PGA page 704)
DME Oman crude ($/barrel)

Feb 15
XDOA001
60.54
-1.86
Feb 15
DMOQ001
59.60
-1.93
59.51
61.01
Mar 15
DMOQ002
60.89
-1.76
60.89
62.19
Apr 15
DMOQ003
61.51
-1.83
61.51
61.51
May 15
DMOQ004
62.20
-1.82
62.20
62.20
Total Volume
DMOQ000
(PGA pages 702 & 2710)
2201
3485
9519
114
4
108
5
820
10
10187
XDOQP00 3200
NYMEX ULSD ($/gal)

(PGA page 705)
Jan 15
NMHO001
2.0160
-0.0454
2.0123
2.0612
92377
64615
Feb 15
NMHO002
1.9625
-0.0463
1.9580
2.0089
70688
77497
Mar 15
NMHO003
1.9378
-0.0474
1.9339
1.9818
42627
60499
Apr 15
NMHO004
1.9188
-0.0456
1.9167
1.9612
22988
32774
Total
NMHO000 258829 XNHOP00 16471
NYMEX RBOB unleaded gasoline ($/gal)
(PGA page 705)
Jan 15
NMRB001
1.5973
-0.0271
1.5912
1.6298
58745
81826
Feb 15
NMRB002
1.6091
-0.0282
1.6034
1.6426
37269
69128
Mar 15
NMRB003
1.6305
-0.0298
1.6251
1.6648
24109
52519
Apr 15
NMRB004
1.8353
-0.0319
1.8307
1.8675
13200
38110
Total Volume
NMRB000 160984 XNRBP00 9718
12
then normalizes the differential against the Platts

assessment of WTI CMA. While the ANS market is
thinly traded, Platts weighs recent differentials with
changes in prices for competing grades. The differential
for 2:30 pm EST (1930 GMT) was calculated at plus
95 cents/b. When adjusted to reflect the WTI CMA
at 3:15 pm EST, the assessment was plus $1.08/b.
Although the ANS differential for 2:30 pm EST was 15
cents/b higher, changes in the crude futures market
between 2:30 pm and 3:15 pm EST caused the final
value to be 12 cents higher than Thursday. A total of
1.2 million barrels of Alaska North Slope crude was
sold Friday for delivery in February. A large producer
first sold 600,000 barrels at WTI CMA plus $1.70/b
and then sold two 300,000-barrel cargoes at WTI CMA
plus $1.75/b, but the buyers were not disclosed. Platts
did not use these trades in its assessment Friday
as it is considering barrels for delivery in January.
Meanwhile, late Thursday 300,000 barrels of ANS sold
at WTI CMA plus $1.15/b. There was also another
300,000 barrels of ANS sold Wednesday at WTI CMA
$1.15/b for delivery in February. The last trade for
delivery in January was done Tuesday at WTI CMA plus
75 cents/b. The stronger prices for ANS have been
attributed to the widening of the Brent/WTI spread to
$4.00/b on Friday.
Canada
(PGA pages 296 & 298)
Spot prices for the Canadian East Coast crude market

rose 2 cents/barrel Friday, though participants were
still waiting for the February loading program to be
released. Despite more than 40 cargoes still available
from West Africa, a widening Brent/WTI spread pushed
strength into the Canadian offshore market. The Brent/
WTI spread widened 30 cents to $4.15/b by 11 am CST
(1700 GMT), the cutoff time for the Canadian East Coast
crude assessments. Hibernia was assessed at Dated
Brent plus 7 cents/b, Terra Nova was assessed at Dated
Brent minus 45 cents/b, and White Rose was assessed
december 12, 2014
Futures Settlements

NYMEX Natural
Jan 15
Feb 15
Mar 15
Apr 15
Total Volume
Settlement
Change
Low
High
Volume
Open interest
PNT***
Gas ($/MMBtu)
(PGA page 705)
NMNG001
3.795
+0.161
3.644
3.826
168062
129491
NMNG002
3.816
+0.153
3.672
3.840
71094
140199
NMNG003
3.777
+0.151
3.633
3.798
61623
171467
NMNG004
3.530
+0.089
3.443
3.540
34197
93449
NMNG000 379593 XNNGP00 10127
ICE gasoil ($/mt)

(PGA page 704)
Jan 15
ICLO001
566.00
-15.75
558.50
575.25
78622
105862
Feb 15
ICLO002
580.50
-0.25
573.75
589.50
45330
92409
Mar 15
ICLO003
582.25
-12.00
575.75
591.75
15042
38160
Apr 15
ICLO004
584.75
-11.50
579.25
593.50
9379
24802
Total Volume
ICLO000 186079 XILOP00 4849
ICE low sulfur gasoil ($/mt)
Jan 15
ICLS001
580.75
-18.75
574.50
589.75
Feb 15
ICLS002
NA
NA
NA
NA
Total Volume
ICLS000
(PGA page 704)
4168
17434
5732
17424
5003
XILSP00 243
*Volume, open interest and PNT reflect prior trading day. PNT reflect volume for Privately Negotiated Trades or off-exchange. **Oman settlements are Post Close
settlements. ***Privately Negotiated Trade values found on PGA page 710
Futures at Platts Market on Close ($/barrel)
(PGA page 703)
Singapore* London* Houston*
Singapore* London* Houston*
ICE Brent
NYMEX WTI
XILLA01 63.07 AAYES00 62.10

Jan
XILLA02 63.35 AAYET00 62.42
Feb
AAXZY00 63.13
Mar
AAYAM00 63.84
Apr
AAQBG00 61.78
AAQBH00 62.07
AAXZZ00 62.76
AAYAL00 63.46
M1
XNCLA01 59.10 AASCR00 58.13 NYCRM01 57.73
XNCLA02 59.32 AASCS00 58.42 NYCRM02 57.99
M2
M3
NYCRM03 58.33
M4
NYCRM04 58.68
ICE Brent NX
Oman
AAXZL00 62.42
Feb
AAXZM00 63.13
Mar
AAXZN00 63.84
Apr
AAYAP00 64.56
May
XDOA001 60.54
Feb
Volume XDOAV01 2201
CRUDE OIL MARKETWIRE
*Singapore and London MOC close at precisely 16:30 local time while Houston
MOC closes at precisely 14:15 local time. MOC times are usually earlier on the
day preceding major local holidays.
Volume 35 / Issue 245 / December 12, 2014
Editorial: Richard Swann, Editorial Director, Americas Oil: +1-713-658-3273; Jonty Rushforth, Editorial Director, Asia & Middle East: +65-6530-6581;
Christian Schmollinger, Senior Managing Editor, Asia & Middle East, Oil Products, +65-6530-6429; Daniel Colover, Managing Editor, Asia & Middle East, Crude Oil,
+65-6530-6501; Andrew Bonnington, Editorial Director, Europe, +44-20-7176-6164; Benno Spencer, Managing Editor, Europe, Crude Oil, +44-20-7176-6299.
Client services information: North America: 800-PLATTS8 (800-752-8878); direct: +1-212-904-3070 Europe & Middle East: +44-20-7176-6111
Asian Pacific: +65-6530-6430 Latin America: +54-11-4121-4810, E-mail: support@platts.com
Copyright 2014 McGraw Hill Financial. All rights reserved. No portion of this publication may be photocopied, reproduced, retransmitted, put into a computer system
or otherwise redistributed without prior written authorization from Platts. Platts is a trademark of McGraw Hill Financial. Information has been obtained from sources
believed reliable. However, because of the possibility of human or mechanical error by sources, McGraw Hill Financial or others, McGraw Hill Financial does not
guarantee the accuracy, adequacy or completeness of any such information and is not responsible for any errors or omissions or for results obtained from use of such
information. See back of publication invoice for complete terms and conditions.
13
at Dated Brent plus $1.55/b. There are currently a

total of 12 crude oil cargoes headed for Canadian East
Coast locations, according to Platts cFlow ship-tracking
software. Two cargoes are heading to Quebec, three
to Nova Scotia, five to Newfoundland and two to New
Brunswick.
Canadian crude spot prices fell slightly Friday on
softer end-of-week demand and an impending pipeline
nominations deadline. Nominations for the January
market are due Tuesday, giving participants one more
day before trading ends. Heavy benchmark Western
Canadian Select fell 65 cents/b to the calendar month
average of NYMEX light sweet crude (WTI CMA) minus
$17.75/b, where it traded. Sweet benchmark Syncrude
dropped 5 cents to WTI CMA minus $3.30/b, also
on a trade. Condensate was the only grade to rise,
jumping 50 cents to WTI CMA minus $5.50/b, where
it traded.
Latin America
(PGA page 288)
Mexicos Pemex will cut the constant term or K

factor for its price formula for January deliveries
of Maya crude to the Americas, Europe and Asia, PMI,
the state-owned companys trading arm, said Friday.
The differential for Maya deliveries in the Americas in
January was reduced by 90 cents to minus $3.70/
barrel, PMI said. Pemexs exports of Maya crude to
the Americas, apart from the US West Coast, are
usually priced at a premium or discount to a formula
based on the values of similar regional crudes. The
US Gulf Coast and European formulas for Maya also
reflect fuel oil values, due to Mayas sizable fuel oil
yield. Maya has a 22 API gravity and 3.3% sulfur
content. The Maya differential for January-loading
cargoes headed to Europe was reduced by $1.90 to
a discount of $7.55/b to PMIs European regional
formula. For Asian deliveries, the Maya differential
december 12, 2014
Reported spot cash transactions
(PGA page 3)
Trans. Cargo Spread

Cargo CFD Crude
Reported Outright Differential Diff. Barrels
Date
month month load range/ roll grade(s)
Status
Price
grade/
Price (barrel)

CFD week week
($/barrel) month ($/barrel)
Seller
Buyer
London crude window deals

12-Dec Dec Dec
29 2
Brent CFD
Done
February
-0.65 100000 SCB
Suncor
12-Dec Feb Feb
Cash BFOE
Done
62.31 100000 Total
Mercuria
12-Dec Dec Dec
29 2
Brent CFD
Done
February
-0.65 100000 SCB
Suncor
12-Dec Feb Feb
Cash BFOE
Done
62.31 100000 Total
Mercuria
North Sea, Mediterranean
12-Dec Dec Dec
12-Dec Dec Dec
12-Dec Dec Dec
12-Dec Dec Dec
12-Dec Dec Dec
12-Dec Dec Dec
and West African deals

29 2
Brent CFD
Reported
February
-0.67 100000 Phibro
Suncor
29 2
Brent CFD
Reported
February
-0.65 200000 Vitol
Suncor
22 26
Azeri Light
Reported
Dated Brent 1.05 600000 Socar
Total
29 2
Brent CFD
Reported
February
-0.67 100000 Phibro
Suncor
29 2
Brent CFD
Reported
February
-0.65 200000 Vitol
Suncor
22 26
Azeri Light
Done
Dated Brent 1.05 600000 Socar
Total
was cut by $1.55/b to a discount of $12.30/b to

the PMI formula for the region. The Isthmus crude
differential for deliveries to the Americas was
decreased $1.05 to a discount of $1.60/b. For
deliveries to the US West Coast, the differential
was down $1.10 to a discount of $1.40/b to the
Pemex price formula. For European deliveries, the
differential for Isthmus decreased $1.90 to a discount
of $3.00/b to the Pemex price formula for Europe.
The Isthmus differential for Asian deliveries also
fell $1.90 to a discount of $6.35/b to the formula.
Pemex decreased the differential for Olmeca crude
deliveries to the Americas by $1.15 to a discount of
15 cents/b to the applicable formula in the region.
For European deliveries, the differential for Olmeca
fell $1.90 to a discount of $4.05/b to the Pemex
price formula. The price for shipments of Maya to the
Americas was calculated Friday at $50.83/b, down
$2.08/b compared with Thursday. Maya began the
week at $56.33 /b, but WTI and Brent weakness
have pushed the entire crude complex lower. The last
time a shipment of Maya to the Americas was seen
any lower was in early May 2009. The price reached
$50.46/b on May 9, 2009, according to Platts data.
News
(PGA page 100)
IEA slashes demand growth

forecast, call on OPEC for 2015
The International Energy Agency made a new set
of bearish oil market forecasts Friday, slashing its
estimate for global oil demand growth in 2015 and as
a result cutting sharply its estimate of the expected
demand for OPEC crude supply next year. In its latest
monthly oil market report, the IEA also said that while
non-OPEC supply growth would slow next year compared
with 2014, there would likely be no short-term impact
of falling oil prices on US light, tight oil production.
Global oil prices have plunged by more than 40% since
mid-June due to slower demand growth and market
oversupply, though the IEA said lower prices would not
necessarily translate into increased demand growth.
In fact, the agency reduced its forecast for world
demand growth by 230,000 b/d compared with its
previous report to 900,000 b/d on lower expectations
for countries in the former Soviet Union and other
oil-exporting nations. World oil demand is now seen
reaching 93.3 million b/d next year compared with 92.4
million b/d in 2014, it said. While demand growth is
14
still expected to gain momentum in 2015, from 2014,

the acceleration is now looking more modest than
previously foreseen, in line with the ever more tentative
pace of the global economic recovery, the IEA said.
The adverse impact of the oil price rout on oil-exporting
economies looks likely to offset, if not exceed, the
stimulus it could provide for oil importing countries
against a backdrop of weak economic growth and low
inflation, it added. The agency did, however, maintain
its global demand growth estimate for 2014 unchanged
at 700,000 b/d compared with last months report. The
IEA said its forecast for Russian oil demand in 2015
had been sharply reduced because of the oil price fall.
The Russian forecast has been hit particularly hard by
the market selloff, with the forecast for 2015 revised
down by 195,000 b/d to 3.4 million b/d, attributable to
the darker macroeconomic outlook and with heightened
associated risks skewed towards the downside, it said,
a reference to international sanctions against Moscows
oil sector. As a result of slowing demand growth and
oversupply on the market, the IEA slashed its forecast
call on OPEC output by 300,000 b/d to 28.9 million
b/d for 2015. It cut the call for every quarter by
between 200,000 b/d and 400,000 b/d, and reduced
the estimate for the second quarter to just 28.1
million b/d, almost 2 million b/d below OPECs current
production ceiling of 30 million b/d. The revisions, the
IEA said, were due to a lower demand forecast and
upward revisions to historical estimates and projections
of North American and biofuels supply. The call is
expected to decline seasonally by 1.2 million b/d from
the fourth quarter of this year to the first of 2015, in
line with its previous report.
Upstream operators claim wellpositioned to confront low oil prices

Amid the turbulent waters of sinking oil prices,
upstream operators are finding that years of financial
and operational discipline have paid off for them
with the ability to weather the cyclone of even $60/

barrel oil. Managers of large US-based independent oil
companies Newfield Exploration, Concho Resources,
Pioneer Natural Resources, and small-cap Sanchez
Energy all insisted this week their hedging programs,
capital discipline and cost-shaving efforts have put
them in good fiscal shape even as oil prices droop
to levels not seen in years. NYMEX front-month light
crude oil closed at $57.81/b on Friday, down $2.14.
Executives claim many of their unconventional oil plays
can earn decent, even if not spectacular, returns at
current prices. Newfield Exploration Chief Operating
Officer Gary Packer characterized the companys hedge
book as very strong, adding that Newfield know[s]
how to behave in the environment were currently in.
In a $65/b world, well net over $80/b in 2015,
Packer said at the Capital One Securities conference
in New Orleans on Thursday. Well only drill wells that
make sense with the current prevailing commodity
price, whatever that may be. This year, Newfield will
spend just shy of $1.8 billion on its capital program.
At $75/b oil, it would probably map out a $1.6 billion
plan for 2015, and at current prices, possibly $1.4
billion, he said, although the company will not release
its budget until February. Were particularly wellpositioned because in every one of the four areas
were in, we operate [and] we have good core positions
we can retreat to, Packer said. Newfield operates in
the Eagle Ford in Texas, the Bakken Shale in North
Dakota and Uinta Basin in Utah. But its most prized
asset is in Oklahoma, where it pioneered the STACK
play and the underlying Meramec formation, and also
was an early mover in the both the South Central
Oklahoma Oil Province (SCOOP) and Springer Shale
plays. In Oklahoma, efficiency gains are improving
returns so that if were living in a $60-$65/b world,
were proud to invest in those areas, Packer said.
Everything else we invest ... is up for discussion and
scalable back to levels that could be very low. In
addition, Sanchez Energy has liquidity of nearly $900
december 12, 2014
million and a hiring freeze put in place a few months

ago when oil began its gradual but steep drop from
around $107/b in mid-June.
World crude supply glut may

test global storage capacity: IEA
Global oil markets may find it increasingly difficult to
cash in on low oil prices by absorbing a growing surplus
of crude as storage capacity fills up in developed
countries, the International Energy Agency said Friday.
In its latest monthly report, the IEA said it sees world
demand for OPECs oil falling to a low of 28.1 million
b/d in early 2015, more than 2 million b/d less than the
cartels current production. Assuming OPEC continues to
produce at current levels and demand remains steady,
global oil inventories would notionally build by almost
300 million barrels in the first half of 2015, the IEA
estimated. OECD crude stocks already stand at 98% of
their maximum recorded levels since 2000 and could
build to 2.87 billion barrels by mid-2015 if current
demand and supply fundamentals hold, the IEA said. If
half the expected stock build in early 2015 takes place
in the OECD, inventories could bump against storage
capacity limits, the IEA said. The Paris-based agency
said accurate estimates of global storage capacity were
complicated by the lack of widespread stock data and
detailed information on commercial and strategic storage
capacities. An imperfect proxy on storage capacity
can be gathered from comparing current inventories
with recent historical highs, the IEA said, estimating
total OECD crude and product stocks stand at 97% of
previous highs. While this measure might be used as a
guide, it does not reveal how full storage capacity was
when inventories reached their peak, nor does it account
for such mothballing or expansion of capacity as might
have occurred since the highs, the IEA said. Relative to
historical highs, industry stocks holdings are fullest in
OECD Americas where they standing at 99% of previous
records, the IEA said. It noted new storage infrastructure
15
was continuously being built in North America to keep

up with fast-growing shale oil output. Indeed, US oil
stocks are only at 60% of working capacity, which has
been estimated at 2 billion barrels by the US Energy
Information Administration, the IEA noted.
Average CPC Blend crude Jan loadings

up 9,184 b/d from Dec at 936,390 b/d
January exports of Kazakhstans CPC Blend crude
oil grade are expected to rise 36,500 mt (284,700
barrels) compared with the final December loading
program to 3,721,550 mt, according to a preliminary
loading program seen by Platts Friday. In daily terms,
loadings are set to tick an average of 9,184 b/d higher,
from 927,026 b/d in the final December program to
936,390 b/d in the preliminary January version. It
makes January the largest loading program for the
grade in absolute terms since at least April 2012, but
just shy of Novembers record setting 937,131 b/d
in terms of average daily loadings. Decembers final
schedule, at 3,685,050 mt, was the largest CPC Blend
program in recent months, and traders said Januarys
provisional schedule could push exports to new heights.
The CPC program is typically published in two stages:
a provisional schedule released midway through the
preceding month, and a final schedule released in the
first week of the loading month. The provisional January

program is 102,700 mt (801,060 barrels) larger than
the provisional December schedule, with average daily
loadings up 25,841 b/d, according to the program seen
by Platts. The loading schedules for CPC Blend have
been expanding as pipeline capacity within the system
has increased in conjunction with the development
of the Kashagan field in the Caspian Sea. There are
33 cargoes 18 Suezmaxes and 15 Aframaxes
scheduled to load in January, unchanged from the final
December schedule, though one Aframax has been
swapped with a Suezmax. Januarys provisional schedule
contains no free positions a laycan within the
program to which no crude oil has yet been assigned,
resulting in a gap. CPC Blend is a light grade produced
in western Kazakhstan with an API gravity of around
43.5 and a sulfur content of around 0.55%. The grade is
exported via the 1,580 km CPC pipeline to a Black Sea
export terminal near the Russian city of Novorossiisk.
WAF-Far East VLCC rates hit near

11-month high on Persian Gulf strength
A rising Persian Gulf market has caused West African
VLCC rates to increase to a near 11-month high, Platts
data shows. Freight rates on the WAF-Far East route,
basis 260,000 mt, were assessed up Worldscale 3.5
december 12, 2014
at w67.5 Thursday. This equates to $27.28/mt, the

highest since an identical $27.28/mt assessment on
January 22. A larger percentage of VLCC cargoes load in
the Persian Gulf than in any other region and as a result,
movements in Persian Gulf VLCC rates are invariably
followed by similar movements in other regions. Rates
on the Persian Gulf-Far East route, basis 270,000 mt,
have risen w14 this week from w60 on Monday to a
w74 assessment on Friday. The rising Persian Gulf
market has encouraged Eastern ballasters to return to
the Persian Gulf rather than sail to West Africa, shipping
sources said. This has caused a tightening of the WAF
tonnage list and a resulting rise in freight rates. Also
restricting tonnage in the Atlantic region has been an
open fuel oil arbitrage from Rotterdam to Singapore,
with three VLCCs fixed on the route in just over a week.
Shipping sources said the market should be able to stay
around current levels until Christmas. The consensus
is that this market can stay where it is, or maybe even
move up a bit more in the PG, a shipowner said.
Theres reasonable strength there, WAF-East should stay
in the high w60s. On the fixture front, Shell was heard
to have put the Kokkari on subs at w72.5 for a WAFIndonesia voyage with a January 16-20 laycan. Sources
said that a deadweight restriction of 300,000 mt at
Cilacap meant charterers had a smaller choice of vessels
when discharging there, hence the higher freight rate.
16
december 12, 2014
Corrections
Platts corrects December 11
gasoil futures assessments
Platts has corrected December 11 assessments for ICE
gasoil futures, which should read as $594/mt for February

and $596/mt for March, while ICE low sulfur gasoil
futures should read as $594.75/mt for January. These
assessments appear in Platts European Marketscan, Platts

Global Alert page 703, and in the Platts price database
under the codes AARIO00, AARIP00 and AAGL001.
Subscriber notes
Platts 2015 European freight-based
oil assessments (update)
Platts has reviewed feedback to its subscriber note of
October 21, 2014, where Platts clarified that its European
freight-based oil assessments in 2015 would not reflect
Worldscale fixed differentials based on the use of 0.1%
sulfur fuels in the Baltic and North Sea ECA. Following
its review of that feedback Platts wishes to further
clarify that this extends to all published freight-based
oil assessments in Europe, including: ULSD 10 ppm FOB
NWE Cargo, ULSD 10 ppm FOB NWE Le Havre Cargo,
ULSD 10 ppm CIF NWE Le Havre Cargo, Diesel 10 ppm
UK CIF, Diesel 10 ppm CIF NWE, Gasoil 0.1% FOB NWE
Cargo, HSFO 3.5% FOB NWE Cargo, CIF MED naphtha,
FOB MED naphtha and Jet FOB MED. Platts understands
that Worldscale has announced fixed differentials based
on the use of 0.1% sulfur fuels in the Baltic and North
Sea ECA zones of $48.35 per mile of the voyage steamed
within the zones for 2015. Platts clarifies that for its
freight-derived cargo assessments, Platts will continue
to calculate these freight derived assessments by using
the $/mt Worldscale flat rates only, and will not apply
these fixed differentials in 2015. This continues existing
methodology, where Platts only uses the $/mt Worldscale
flat rates for these netback calculations and does not use
Worldscale fixed rate differentials for 1% sulfur fuel in the
ECA zones. Platts also clarifies that for its LSFO 1% CIF
NWE and CIF Med assessments that are typically derived
as freight netbacks from the LSFO FOB NWE assessment,
the fixed rate differentials will also not be applied. Platts
Urals ex-Baltic Sea (FOB) and Urals ex-Primorsk (FOB)
will also only take in to account the $/mt Worldscale
rates in 2015, as it has previously done. Please send any
further comments or questions by December 19, 2014 to
europe_products@platts.com and pricegroup@platts.com.
(PGA page 1500)
For written comments, please provide a clear indication if

comments are not intended for publication by Platts for
public viewing. Platts will consider all comments received
and will make comments not marked as confidential
available upon request.
No Platts Americas oil assessments on Dec 26

Platts confirms it will amend its publication schedule
for Friday, December 26, 2014 and not publish any
oil assessments from its offices in the US on that day
in observance of the Christmas holiday. Platts had
proposed waiting for feedback until December 3 prior
to publishing a decision on this proposal. However, in
response to widespread feedback favoring a decision
before the start of the new trading month, Platts is
publishing its decision before the start of December.
Platts will maintain its current publication schedule for
Wednesday, December 24, 2014; Wednesday, December
31, 2014 and Friday, January 2, 2015 on which days its
assessment processes will close early. All assessments and
Market-on-Close processes will be basis 1:30 pm Eastern
time on those days. Please submit any comments to
oilgroup@platts.com and PriceGroup@platts.com. For full
details of Platts publishing schedule and services affected,
refer to http://www.platts.com/holiday.
No Platts Asia/Middle East

oil assessments on Dec 26
Following extensive feedback, Platts confirms that it will
amend its publication schedule for Friday, December
26, 2014 and not publish any oil or tanker assessments
from its offices in Asia on this day in observance of
the Christmas holiday. Platts had proposed waiting for
feedback until December 3 prior to publishing a decision
on this proposal. However, in response to widespread

feedback favoring a decision before the start of the new
trading month, Platts is publishing its decision before
the start of December. Platts will not publish assessments
from Singapore, Tokyo, or China on this day. As a
result, Asia-Pacific/Arab Gulf Marketscan will not be
published on that day, there will be no Asia region crude
assessments in Crude Oil Marketwire, no Asia-Pacific/
Arab Gulf bunker assessments in Bunkerwire, no Asian or
AG assessments in LPGaswire and no tanker assessments
originating in ports East of Suez Canal in Clean and Dirty
Tankerwires. Platts will maintain its current publication
schedule for Wednesday, December 24, 2014; Wednesday,
December 31, 2014 and Friday, January 2, 2015, on
which days its assessment processes will close early. All
assessments and Market on Close processes will be basis
12:30 pm Singapore time (0430 GMT) on those days.
Please submit any comments in favor of or against a
change in the oil publication schedule for December 26
to oilgroup@platts.com and pricegroup@platts.com. For
full details of Platts publishing schedule and services
affected, refer to http://www.platts.com/holiday.
Platts to change name for Syncrude assessment

Platts will change the name of its Canadian Syncrude
Sweet crude assessment to Syncrude Sweet Premium,
effective January 15, 2015. The change, which was
proposed on October 29, reflects changes on Enbridges
grouping system for crudes shipped through its pipeline
network. The methodology used to assess the value of
this crude, including its specifications, will not change as
a result of this name change. This assessment appears on
Platts Global Alert Page 230, in the Crude Oil Marketwire,
the North American Crude and Products Scan and in the
Platts price database under the code AASOK00.
17
december 12, 2014
Subscriber notes
Platts details Month-Ahead
Brent implementation plan
Following continued feedback and extensive engagement
since 2011, Platts is now providing more details regarding
its plans to move to full month-ahead assessment
processes for its North Sea Dated Brent (BFOE), cash BFOE
and related markets. Platts intends to move its Brent
assessment processes to reflect a month-ahead schedule
with effect from February 2, 2015 for cargoes loading the
following month. This move will allow Platts North Sea
crude oil assessment methodology to continue reflecting
trends towards trading cargoes further forward in time
in the North Sea market. Please send any comments
and questions and feedback by November 7, 2014 on all
aspects of this methodology to europe_crude@platts.com
and pricegroup@platts.com. For written comments, please
provide a clear indication whether the feedback is intended
for publication by Platts for public viewing. Platts will
consider all comments received and will make comments
not marked as confidential available upon request. Details
of the Month-ahead Brent implementation follow:
TIME SPAN REFLECTED IN THE ASSESSMENT: With effect
starting Feb 2, 2014 Platts Dated Brent assessments will
reflect cargoes scheduled for loading between 10 days to
a full month ahead forward from the date of publication.
This means the furthest forward loading date reflected in
the Dated Brent assessment will fall on the corresponding
date of the following month. For example, on February 2,
Platts Dated Brent assessment will reflect cargoes loading
between February 12 (10 days ahead) and March 2 (month
ahead). On that day, the first BFOE cargo that can be bid,
offered or traded in the Platts Market on Close assessment
process will be any February 12-14 cargo; the last BFOE
cargo that can be bid, offered or traded in the Platts MOC
will be any March 2-4 cargo. Similarly, on February 3,
Platts Dated Brent assessment will reflect cargoes loading
between February 13 and March 3. On that day, the first
BFOE cargo that can be bid, offered or traded in the Platts
Market on Close assessment process will be any February
13-15 cargo; the last BFOE cargo that can be bid, offered
or traded in the Platts MOC will be any March 3-5 cargo.
(PGA page 1500)
MONTH-AHEAD NOMINATION: Month-ahead

nominations against cargoes loading in any given month
should occur on the corresponding date of the preceding
month. So for example a cargo loading March 2-4 would
be nominated on February 2.
TIME SPAN ADJUSTMENTS: The date range reflected in
Platts Dated Brent assessments will continue to adjust
when needed for weekends and public holidays, as they
do now. They will also adjust at the end of an assessment
month when necessary to reflect shorter and longer
months ahead. For example, on February 27, the last
working day of the month, the assessment range will be
March 9 to March 30 (reflecting a longer month ahead).
On January 29, 2016, the assessment range would be
February 8 to February 28 (reflecting a shorter month
ahead). All cargoes must be chained by the last working
day of the month. This is of importance on those months
that have fewer days than the following month. For
instance, on February 27, 2015, the Platts Dated Brent
assessment would reflect dated cargoes loading on March
27-29, March 28-30, March 29-31 and March 30-April 1.
NORTH SEA LOADING PROGRAMS: North Sea
loading programs reflected in the Platts Market on
Close assessment process for Dated BFOE and related
instruments should be released latest on the first working
day of the preceding month, in-line with a monthahead process. Platts has engaged closely with loading
program issuers since 2011, and continues to do so. Platts
understands that BFOE loading schedules will be made
available in line with the markets continued evolution
towards further forward trading.
CASH BFOE: When this change is implemented, Platts will
only consider in its assessment of cash Brent (BFOE) those
crudes where the cargoes are nominated a full month
ahead of loading, instead of the current 25 days.
FRONT-MONTH CASH BFOE: Platts will continue to
publish a front-month cash BFOE assessment, but this
assessment will be derived by applying the time spread that
prevails between that cash BFOE month and the next cash
BFOE month at the time that the month rolls to become
month-ahead. For example, Platts will publish a March cash
BFOE assessment during the month of February; this will

be derived by applying the March/April cash BFOE spread
that was assessed on the final assessment day of January
to the observable value of April BFOE assessed each day in
February. An April cash BFOE value would be published in
the same way through the month of March: by applying
the final April/May cash spread assessed in the last
working day in February to the prevailing May cash BFOE
assessment throughout March. Platts continues to study the
suspension of a month-ahead BFOE published value, and
proposes to do so with effect from January 1, 2016.
FULL ASSESSMENT CALENDAR: Platts is publishing on
its website a full calendar for 2015, illustrating in detail
what cargo loading dates will be reflected on each day of
assessment. The calendar also contains the date of anticipated
release of the cargo loading programs for them to be in line
with the new month-ahead Brent assessment process. A web
link for this calendar will be announced shortly.
IMPLEMENTATION DATE: This update will be effective for
Brent, Forties, Oseberg and Ekofisk cargoes loading March
2015 onwards and will become effective February 2, 2015.
ALTERNATIVE CRUDE DELIVERIES: Platts continues to
review the potential to reflect more crudes as deliverable
into its Brent assessment processes. Currently, Platts
reflects deliveries of Brent, Forties, Ekofisk and Oseberg in
these assessments.
FURTHER INFORMATION: Platts will host a Technical
Workshop at its Canary Wharf office on October 20 to
discuss all matters related to the month-ahead change
in the BFOE mechanism. Platts is also planning to host
a webinar to review these changes. Full details and
invitations will be sent out in due course. Platts will also
publish a more detailed FAQ document on its website.
Platts will separately announce when this FAQ is released,
and provide the web link.
BACKGROUND: Platts confirmed in September 2011 that
it was moving its Brent assessments to reflect a 10-25
days dated loading schedule. At the same time, Platts
announced its proposal to move all Brent assessments to
reflect a month ahead loading schedule with effect from
2015 or 2016. After more than a year of consultation on
18
december 12, 2014
Subscriber notes
that proposal, Platts confirmed in February 2013 that
it would implement this change with effect from 2015,
and announced that the final assessments using a 25-day
basis would be concluded on January 30, 2015. At the
same time, Platts confirmed that its Brent assessments
would thereafter reflect a month-ahead schedule. Platts
also announced in February 2013 that it was studying a
possible move to reflect Brent assessed using a 45-days
basis with effect from 2020. Platts continues to request
feedback on this concept, which remains under study.
Platts to align Flotta Gold

appellation to terminal operator
Platts plans to change the name of its North Sea Flotta
crude oil assessment to Flotta Gold in line with the
(PGA page 1500)
change in name by the terminal operator, Talisman

Sinopec Energy UK Ltd (TSEUK). The Flotta Gold
appellation is currently scheduled for the January-loading
program, to be announced in December, a spokesman
for the terminal operator told Platts. Production from
the North Sea Golden Eagle area which began in early
November 2014 will be processed through the Flotta
Terminal and blended with the existing Flotta system
crudes to produce a new grade that will be marketed
as Flotta Gold. At startup, the Flotta Gold blend will
be about 70% Flotta and 30% Golden Eagle, but by
mid-2015 when the project is expected to reach full
production, these percentages are expected to reverse.
Platts will reflect the actual quality of the new blend in
its assessments, moving from the current API gravity of
about 36.9 degrees and sulfur content of around 0.83%,

to an expected API of 36 degrees and 0.64% sulfur as
Golden Eagle fully co-mingles with the existing Flotta.
Due to the co-mingling of new Golden Eagle crude
oil production in increasing quantities with existing
Flotta production over the coming month production is
expected to increase from around 20,000 b/d to 100,000
b/d. Please send any comments or questions, to europe_
products@platts.com and pricegroup@platts.com. For
written comments, please provide a clear indication if
comments are not intended for publication by Platts for
public viewing. Platts will consider all comments received
and will make comments not marked as confidential
available upon request. To see this note and others, please
go to http://www.platts.com/subscriber-notes/.
19
december 12, 2014
US and Caribbean Yields and Netbacks Effective December 12, 2014 ($/barrel)
Caribbean Winter Specifications

Crack Yield
Caribbean Winter Specifications
(PGA page 802)
Freight
Crack Netback
Spot Price
Crack Margin
Coke Yield
(PGA page 804)
Freight
Coke Netback
Spot Price
Coke Margin
Arab Berri
TYAAH00
65.11 TDDAH00 2.10 TNAAH00
63.01 AAXCT00 59.580 TNAAHMR 3.430
Arab Berri
TYAAF00
65.93 TDDAH00 2.10 TNAAF00
Arab Heavy
TYABB00
58.38 TDDAP00 2.24 TNABB00
56.14 AAXDI00 53.980 TNABBMR 2.160
Arab Heavy
TYAAZ00
63.00 TDDAP00 2.24 TNAAZ00
60.76 AAXDI00 53.980 TNAAZMR 6.780
Arab Light
TYABZ00
62.62 TDDAX00 2.14 TNABZ00
60.48 AAXCU00 57.780 TNABZMR 2.700
Arab Light
TYABX00
64.27 TDDAX00 2.14 TNABX00
62.13 AAXCU00 57.780 TNABXMR 4.350
Arab Medium
TYADF00
60.04 TDDBF00 2.18 TNADF00
57.86 AAXDN00 55.530 TNADFMR 2.330
Arab Medium
TYADD00
63.09 TDDBF00 2.18 TNADD00
60.91 AAXDN00 55.530 TNADDMR 5.380
Basrah Light
TYAFV00
64.86 TDDBV00 1.42 TNAFV00
63.44 AAXDO00 52.830 TNAFVMR 10.610
Basrah Light
TYAFT00
64.10 TDDBV00 1.42 TNAFT00
62.68 AAXDO00 52.830 TNAFTMR 9.850
BCF 22
TYAET00
59.02 TDDBN00 0.49 TNAET00 58.53
BCF 22
TYAER00
64.92 TDDBN00 0.49 TNAER00 64.43
BCF 24
TYAFF00
60.38 TDDBQ00 0.49 TNAFF00 59.89
BCF 24
TYAFD00
65.61 TDDBQ00 0.49 TNAFD00 65.12
Bonny Light
TYAGN00
72.22 TDDEV00 1.89 TNAGN00
70.33 PCAIC00 62.560 TNAGNMR 7.770
Brass River
TYAGZ00
68.61 TDDEW00 1.99 TNAGZ00
66.62 AAEJB00 61.610 TNAGZMR 5.010
Brent
TYAHL00
67.56 TDDCE00 1.10 TNAHL00
66.46 PCAAS00 61.625 TNAHLMR 4.835
Brent
TYAHJ00
67.87 TDDCE00 1.10 TNAHJ00
66.77 PCAAS00 61.625 TNAHJMR 5.145
Cabinda
TYAHX00
68.87 TDDCI00 2.00 TNAHX00
66.87 PCAFD00 59.210 TNAHXMR 7.660
Cabinda
TYAHV00
70.27 TDDCI00 2.00 TNAHV00
68.27 PCAFD00 59.210 TNAHVMR 9.060
Escalante
TYAKE00
62.93 TDDEY00 4.14 TNAKE00
58.79 PCAGC00 55.560 TNAKEMR 3.230
Escalante
TYAKC00
69.91 TDDEY00 4.14 TNAKC00
65.77 PCAGC00 55.560 TNAKCMR 10.210
Forcados
TYAKT00
68.83 TDDFA00 1.90 TNAKT00
66.93 PCABC00 63.660 TNAKTMR 3.270
Isthmus
TYAMN00
66.66 TDDDK00 1.08 TNAMN00
65.58 PDATO09 58.520 TNAMNMR 7.060
Isthmus
TYAML00
65.43 TDDDK00 1.08 TNAML00
64.35 PDATO09 58.520 TNAMLMR 5.830
Kuwait
TYAND00
62.69 TDDDO00 2.18 TNAND00
60.51 AAXDQ00 58.080 TNANDMR 2.430
Kuwait
TYANB00
64.50 TDDDO00 2.18 TNANB00
62.32 AAXDQ00 58.080 TNANBMR 4.240
Maya
TYAOF00
53.73 TDDDR00 1.13 TNAOF00
52.60 PDATS09 50.830 TNAOFMR 1.770
Maya
TYAOD00
61.93 TDDDR00 1.13 TNAOD00
60.80 PDATS09 50.830 TNAODMR 9.970
Merey
TYAOV00
54.63 TDDDU00 0.52 TNAOV00 54.11
Merey
TYAOT00
63.88 TDDDU00 0.52 TNAOT00 63.36
63.83 AAXCT00 59.580 TNAAFMR 4.250
Mesa
TYAPD00
65.19 TDDFB00 0.47 TNAPD00
64.72 AAITB00 61.660 TNAPDMR 3.060
Mesa
TYAPB00
64.90 TDDFB00 0.47 TNAPB00
64.43 AAITB00 61.660 TNAPBMR 2.770
Olmeca
TYAQB00
67.80 TDDEA00 1.07 TNAQB00
66.73 PDATT09 60.440 TNAQBMR 6.290
Olmeca
TYAPZ00
65.90 TDDEA00 1.07 TNAPZ00
64.83 PDATT09 60.440 TNAPZMR 4.390
Statfjord
TYASJ00
68.97 TDDEM00 1.45 TNASJ00
67.52 AASAS00 62.960 TNASJMR 4.560
Statfjord
TYASH00
68.99 TDDEM00 1.45 TNASH00
67.54 AASAS00 62.960 TNASHMR 4.580
Troll
TYATD00
70.45 TDDER00 1.52 TNATD00
68.93 AAWEX00 64.160 TNATDMR 4.770
Troll
TYATB00
73.88 TDDER00 1.52 TNATB00
72.36 AAWEX00 64.160 TNATBMR 8.200
US Atlantic Coast Winter Specifications

Crack Yield
Freight
US Atlantic Coast Winter Specifications
(PGA page 810)
Crack Netback
Spot Price
Crack Margin
Coke Yield
(PGA page 812)
Freight
Coke Netback
Spot Price
Coke Margin
Arab Heavy
TYABN00
62.39 TDDAM00 2.48 TNABN00
59.91 AAXDI00 53.980 TNABNMR 5.930
Arab Heavy
TYABL00
67.28 TDDAM00 2.48 TNABL00
64.80 AAXDI00 53.980 TNABLMR 10.820
Arab Light
TYACL00
65.65 TDDAU00 2.37 TNACL00
63.28 AAXCU00 57.780 TNACLMR 5.500
Arab Light
TYACJ00
68.46 TDDAU00 2.37 TNACJ00
66.09 AAXCU00 57.780 TNACJMR 8.310
Arab Medium
TYADR00
63.18 TDDBC00 2.42 TNADR00
60.76 AAXDN00 55.530 TNADRMR 5.230
Arab Medium
TYADP00
67.22 TDDBC00 2.42 TNADP00
64.80 AAXDN00 55.530 TNADPMR 9.270
Bakken
TYASE00
71.60 TDDRN00 14.00 TNASE00
57.60 AASRU00 52.930 TNASEMR 4.670
Bonny Light
TYAGP00
75.62 TDDBZ00 2.19 TNAGP00
73.43 PCAIC00 62.560 TNAGPMR 10.870
Brass River
TYAHB00
72.91 TDDEW00 1.99 TNAHB00
70.92 AAEJB00 61.610 TNAHBMR 9.310
Brent
TYAHP00
69.89 TDDCC00 1.18 TNAHP00
68.71 PCAAS00 61.625 TNAHPMR 7.085
Brent
TYAHN00
74.13 TDDCC00 1.18 TNAHN00
72.95 PCAAS00 61.625 TNAHNMR 11.325
Cabinda
TYAIB00
70.37 TDDCH00 2.30 TNAIB00
68.07 PCAFD00 59.210 TNAIBMR 8.860
Cabinda
TYAHZ00
74.50 TDDCH00 2.30 TNAHZ00
72.20 PCAFD00 59.210 TNAHZMR 12.990
Ekofisk
TYAKB00
71.06 TDDCS00 1.19 TNAKB00
69.87 PCADI00 62.215 TNAKBMR 7.655
Ekofisk
TYAJZ00
74.31 TDDCS00 1.19 TNAJZ00
73.12 PCADI00 62.215 TNAJZMR 10.905
Forcados
TYAKV00
72.79 TDDDA00 2.10 TNAKV00
70.69 PCABC00 63.660 TNAKVMR 7.030
Gullfaks
TYALP00
72.58 TDDDB00 1.20 TNALP00
71.38 AASAU00 63.910 TNALPMR 7.470
Gullfaks
TYALN00
75.79 TDDDB00 1.20 TNALN00
74.59 AASAU00 63.910 TNALNMR 10.680
Hibernia
TYALT00
68.58 TDDDE00 1.27 TNALT00
67.31 AAJKK00 61.800 TNALTMR 5.510
Hibernia
TYALR00
73.72 TDDDE00 1.27 TNALR00
72.45 AAJKK00 61.800 TNALRMR 10.650
Oriente
TYAQR00
62.93 TDDED00 2.09 TNAQR00
60.84 PCADE00 52.125 TNAQRMR 8.715
Oriente
TYAQP00
69.62 TDDED00 2.09 TNAQP00
67.53 PCADE00 52.125 TNAQPMR 15.405
Statfjord
TYASN00
71.57 TDDEL00 1.29 TNASN00
70.28 AASAS00 62.960 TNASNMR 7.320
Statfjord
TYASL00
74.54 TDDEL00 1.29 TNASL00
73.25 AASAS00 62.960 TNASLMR 10.290
Troll
TYATH00
71.06 TDDEQ00 1.23 TNATH00
69.83 AAWEX00 64.160 TNATHMR 5.670
Troll
TYATF00
78.80 TDDEQ00 1.23 TNATF00
77.57 AAWEX00 64.160 TNATFMR 13.410
20
december 12, 2014
US Yields and Netbacks ($/barrel)

US Midwest Winter Specifications
Crack
TYAAP00
Arab Berri
TYACT00
Arab Light
TYASA00
Bakken
LLS
Mixed Lt Sour
Mixed Lt Sweet
Syncrude
TYANT00
WTI
WTS
TYAUB00
Yield
Freight Crack Netback Spot Price Crack Margin
65.14 TDDAD00 3.34 TNAAP00 61.80 AAXCT00 59.580 TNAAPMR 2.220
61.12 TDDAS00 3.40 TNACT00 57.72 AAXCU00 57.780 TNACTMR -0.060
65.49 TDDRO00 1.60 TNASA00 63.89 AASRU00 52.930 TNASAMR 10.960
68.31
TYAPX00 61.44
TYAQZ00 66.45
TYAUR00 66.43
TDDQV00
TDDQZ00
TDDRA00
TDDFP00
0.96
3.86
3.58
3.58
TNANT00
TNAPX00
TNAQZ00
TNAUR00
64.35 TDDRG00 1.44 TNAUB00

TYAUJ00 62.90 TDDRI00 2.16 TNAUJ00
67.35
57.58
62.87
62.85
PCABN00
AALRX00
AALRR00
AASOK00
60.180
49.880
51.130
54.830
WTI
WTS
TYATX00
TNAPXMR 7.700
TNAQZMR 11.740
(PGA page 822)
Coke Yield
Freight Coke Netback Spot Price
Coke Margin
TYAAN00 67.22 TDDAD00 3.34 TNAAN00 63.88 AAXCT00 59.580 TNAANMR 4.300
Arab Berri
TYACR00 65.58 TDDAS00 3.40 TNACR00 62.18 AAXCU00 57.780 TNACRMR 4.400
Arab Light
Bow River
LLS
Mixed Lt Sour
Mixed Lt Sweet
TYAGV00
65.26
69.93
TYAPV00 64.62
TYAQX00 67.87
WCS
WTI
WTS
TYAVG00
TYANR00
TDDRL00
TDDQV00
TDDQZ00
TDDRA00
4.03
0.96
3.86
3.58
TNAGV00
TNANR00
TNAPV00
TNAQX00
61.23
68.97
60.76
64.29

PCABN00 60.180 TNANRMR 8.790
AALRX00 49.880 TNAPVMR 10.880
AALRR00 51.130 TNAQXMR 13.160
TNAURMR 8.020
61.12 TDDRL00 4.03 TNAVG00

66.39 TDDRG00 1.44 TNATZ00
TYAUH00 66.57 TDDRI00 2.16 TNAUH00
TYATZ00
57.09 AAPPN00 40.380 TNAVGMR 16.710

64.95 PCACG00 57.730 TNATZMR 7.220
64.41 PCACK00 56.680 TNAUHMR 7.730
US Gulf Coast Winter specifications
(PGA page 830)
Yield
Freight Crack Netback Spot Price
63.30 TDDAC00 1.91 TNAAL00 61.39 AAXCT00 59.580
57.02 TDDAJ00 2.04 TNABR00 54.98 AAXDI00 53.980
60.18 TDDAR00 1.95 TNACP00 58.23 AAXCU00 57.780
57.83 TDDAZ00 1.99 TNADV00 55.84 AAXDN00 55.530
63.38 TDDRP00 13.00 TNASG00 50.38 AASRU00 52.930
60.13 TDDBS00 2.51 TNAGD00 57.62 AAXDO00 52.830
57.36 TDDBL00 1.72 TNAFB00 55.64
58.26 TDDBO00 1.71 TNAFJ00 56.55
66.53 TDDBX00 2.74 TNAGR00 63.79 PCAIC00 62.560
63.16 TDDCA00 2.50 TNAHD00 60.66 AAEJB00 61.610
63.70 TDDCB00 1.64 TNAHT00 62.06 PCAAS00 61.625
62.07 TDDCF00 2.72 TNAIF00 59.35 PCAFD00 59.210
60.00 TDDRQ00 1.31 TNASC00 58.69 AAYAJ00 58.940
58.64 TDDCV00 5.31 TNAKJ00 53.33 PCAGC00 55.560
66.31 TDDCY00 2.65 TNAKX00 63.66 PCABC00 63.660
62.29 TDDDJ00 0.85 TNAMR00 61.44 PDATO09 58.520
58.12 TDDDL00 1.98 TNANL00 56.14 AAXDQ00 58.080
65.82 TDDQW00 0.99 TNANP00 64.83 PCABN00 60.180
58.82 TDDGK00 1.75 TNAUG00 57.07 AAITF00 55.910
59.22 TDDQY00 1.01 TNAOB00 58.21 AAMBR00 56.180
51.80 TDDDP00 0.88 TNAOJ00 50.92 PDATS09 50.830
53.24 TDDDT00 1.80 TNAOZ00 51.44
61.10 TDDDV00 1.64 TNAPL00 59.46 AAITB00 61.660
63.38 TDDDY00 0.85 TNAQF00 62.53 PDATT09 60.440
60.31 TDDRD00 1.91 TNAVB00 58.40 AAGZY00 61.295
64.08 TDDEN00 1.65 TNASR00 62.43 AASAS00 62.960
64.54 TDDEP00 1.73 TNATL00 62.81 AAWEX00 64.160
60.85 TDDFM00 1.99 TNAUK00 58.86 AAWVH00 58.230
62.96 TDDRH00 4.00 TNATX00

TYAUF00 62.36 TDDRJ00 4.72 TNAUF00
TNANTMR 7.170
62.91 PCACG00 57.730 TNAUBMR 5.180

60.74 PCACK00 56.680 TNAUJMR 4.060
US Gulf Coast Winter specifications

Crack
TYAAL00
Arab Berri
TYABR00
Arab Heavy
TYACP00
Arab Light
TYADV00
Arab Medium
TYASG00
Bakken
TYAGD00
Basrah Light
TYAFB00
BCF 22
TYAFJ00
BCF 24
TYAGR00
Bonny Light
TYAHD00
Brass River
TYAHT00
Brent
TYAIF00
Cabinda
TYASC00
Eagle Ford
TYAKJ00
Escalante
TYAKX00
Forcados
TYAMR00
Isthmus
TYANL00
Kuwait
TYANP00
LLS
TYAUG00
Marlim
TYAOB00
Mars
TYAOJ00
Maya
TYAOZ00
Merey
TYAPL00
Mesa
TYAQF00
Olmeca
Saharan Blend TYAVB00
TYASR00
Statfjord
TYATL00
Troll
TYAUK00
Urals
US Midwest Winter Specifications
(PGA page 820)
Crack Margin
TNAALMR 1.810
TNABRMR 1.000
TNACPMR 0.450
TNADVMR 0.310
TNASGMR -2.550
TNAGDMR 4.790
Coke
TYAAJ00
Arab Berri
TYABP00
Arab Heavy
TYACN00
Arab Light
TYADT00
Arab Medium
(PGA page 832)
Yield
Freight
62.24 TDDAC00 1.91
59.78 TDDAJ00 2.04
60.67 TDDAR00 1.95
59.69 TDDAZ00 1.99
Coke Netback Spot Price

TNAAJ00 60.33 AAXCT00 59.580
TNABP00 57.74 AAXDI00 53.980
TNACN00 58.72 AAXCU00 57.780
TNADT00 57.70 AAXDN00 55.530
Coke Margin
TNAAJMR 0.750
TNABPMR 3.760
TNACNMR 0.940
TNADTMR 2.170
Basrah Light
BCF 22
BCF 24
TYAGB00
60.74 TDDBS00 2.51 TNAGB00 58.23 AAXDO00 52.830 TNAGBMR 5.400

60.56 TDDBL00 1.72 TNAEZ00 58.84
TYAFH00 61.20 TDDBO00 1.71 TNAFH00 59.49
Brent
Cabinda
TYAHR00
TYAID00
63.03 TDDCB00 1.64 TNAHR00

63.47 TDDCF00 2.72 TNAID00
61.39 PCAAS00 61.625 TNAHRMR -0.235

60.75 PCAFD00 59.210 TNAIDMR 1.540
Escalante
TYAKH00
62.50 TDDCV00 5.31 TNAKH00
57.19 PCAGC00 55.560 TNAKHMR 1.630
Isthmus
Kuwait
LLS
Marlim
Mars
Maya
Merey
Mesa
Olmeca
TYAMP00
61.86
59.49
65.26
61.53
60.49
58.14
59.05
62.12
62.50
TDDDJ00
TDDDL00
TDDQW00
TDDGK00
TDDQY00
TDDDP00
TDDDT00
TDDDV00
TDDDY00
0.85
1.98
0.99
1.75
1.01
0.88
1.80
1.64
0.85
TNAMP00
TNANJ00
TNANN00
TNAUE00
TNANZ00
TNAOH00
TNAOX00
TNAPJ00
TNAQD00
61.01
57.51
64.27
59.78
59.48
57.26
57.25
60.48
61.65
PDATO09 58.520 TNAMPMR 2.490

AAXDQ00 58.080 TNANJMR -0.570
PCABN00 60.180 TNANNMR 4.090
AAITF00 55.910 TNAUEMR 3.870
AAMBR00 56.180 TNANZMR 3.300
PDATS09 50.830 TNAOHMR 6.430

AAITB00 61.660 TNAPJMR -1.180
PDATT09 61.660 TNAQDMR 1.210
Statfjord
Troll
Urals
WCS
WTI
WTS
TYASP00
63.51
66.76
61.97
57.25
62.53
62.37
TDDEN00 1.65
TDDEP00 1.73
TDDFM00 1.99
TDDRS00 10.80
TDDRH00 4.00
TDDRJ00 4.72
TNASP00
TNATJ00
TNAUI00
TNASI00
TNATV00
TNAUD00
61.86
65.03
59.98
46.45
58.53
57.65
AASAS00
AAWEX00
AAWVH00
AAPPN00
PCACG00
PCACK00
TYAEZ00
TNAGRMR 1.230
TNAHDMR -0.950
TNAHTMR 0.435
TNAIFMR 0.140
TNASCMR -0.250
TNAKJMR -2.230
TNAKXMR 0.000
TNAMRMR 2.920
TNANLMR -1.940
TNANPMR 4.650
TNAUGMR 1.160
TNAOBMR 2.030
TNAOJMR 0.090
TNAPLMR -2.200
TNAQFMR 2.090
TYANJ00
TYANN00
TYAUE00
TYANZ00
TYAOH00
TYAOX00
TYAPJ00
TYAQD00
TNAVBMR -2.895
TNASRMR -0.530
TNATLMR -1.350
TNAUKMR 0.630
58.96 PCACG00 57.730 TNATXMR 1.230

57.64 PCACK00 56.680 TNAUFMR 0.960
TYATJ00
TYAUI00
TYASI00
TYATV00
TYAUD00
21
62.960
64.160
58.230
40.380
57.730
56.680
TNASPMR -1.100
TNATJMR 0.870
TNAUIMR 1.750
TNASIMR 6.070
TNATVMR 0.800
TNAUDMR 0.970
december 12, 2014
US Yields and Netbacks ($/barrel)

US West Coast Winter specifications
Crack
TYAAD00
ANS
TYAAT00
Arab Berri
TYACX00
Arab Light
TYADY00
Arab Medium
TYASK00
Bakken
TYAGL00
Basrah Light
TYAKN00
Escalante
TYAMV00
Kern River
TYANX00
Line 63
TYAVC00
Marlim
TYATC00
Minas
Mixed Lt Sweet TYARD00
TYAQV00
Oriente
TYASZ00
Thums
US West Coast Winter specifications
(PGA page 840)
Yield
Freight Crack Netback Spot Price
58.00 TDDGL00 0.00 TNAAD00 58.00 PCAAD00 59.160
61.57 TDDAE00 3.40 TNAAT00 58.17 AAXCT00 59.580
57.82 TDDAT00 3.47 TNACX00 54.35 AAXCU00 57.780
54.86 TDDBB00 3.54 TNADY00 51.32 AAXDN00 55.530
62.44 TDDRT00 13.00 TNASK00 49.44 AASRU00 52.930
57.37 TDDBW00 3.44 TNAGL00 53.93 AAXDO00 52.830
53.75 TDDCW00 7.34 TNAKN00 46.41 PCAGC00 55.560
55.13 TDDGM00 1.38 TNAMV00 53.75 PCABJ00 52.430
57.72 TDDGN00 0.14 TNANX00 57.58 PCABM00 57.120
56.41 TDDQX00 8.81 TNAVC00 47.60 AAITF00 55.910
61.23 TDDGO00 5.18 TNATC00 56.05 PCABO00 59.500
90.11 TDDGP00 2.64 TNARD00 87.47 AALRR00 51.130
58.62 TDDEC00 3.22 TNAQV00 55.40 PCADE00 52.125
56.20 TDDGQ00 0.00 TNASZ00 56.20 PCACD00 54.230
Crack Margin
TNAADMR -1.160
TNAATMR -1.410
TNACXMR -3.430
TNADYMR -4.210
Coke
TYAAB00
ANS
TYAAR00
Arab Berri
TYACV00
Arab Light
TYADW00
Arab Medium
(PGA page 842)
Yield
Freight
62.64 TDDGL00 0.00
63.19 TDDAE00 3.40
61.49 TDDAT00 3.47
60.47 TDDBB00 3.54
Coke Netback Spot Price

TNAAB00 62.64 PCAAD00 59.160
TNAAR00 59.79 AAXCT00 59.580
TNACV00 58.02 AAXCU00 57.780
TNADW00 56.93 AAXDN00 55.530
Coke Margin
TNAABMR 3.480
TNAARMR 0.210
TNACVMR 0.240
TNADWMR 1.400
TNASKMR -3.490
TNAGLMR 1.100
TNAKNMR -9.150
TNAMVMR 1.320
TNANXMR 0.460
TNAVCMR -8.310
TNATCMR -3.450
TNARDMR 36.340
TNAQVMR 3.275
TNASZMR 1.970
Basrah Light
Escalante
Kern River
Line 63
Marlim
Minas
Mixed Lt Sweet
Oriente
Thums
TYAGJ00
TYAKL00
TYAMT00
TYANV00
TYAVD00
TYATA00
TYARB00
TYAQT00
TYASX00
61.15
62.28
63.51
63.35
62.40
65.42
85.43
62.50
61.88
TDDBW00
TDDCW00
TDDGM00
TDDGN00
TDDQX00
TDDGO00
TDDGP00
TDDEC00
TDDGQ00
3.44
7.34
1.38
0.14
8.81
5.18
2.64
3.22
0.00
TNAGJ00
TNAKL00
TNAMT00
TNANV00
TNAVD00
TNATA00
TNARB00
TNAQT00
TNASX00
57.71
54.94
62.13
63.21
53.59
60.24
82.79
59.28
61.88
AAXDO00
PCAGC00
PCABJ00
PCABM00
AAITF00
PCABO00
AALRR00
PCADE00
PCACD00
52.830
55.560
52.430
57.120
55.910
59.500
51.130
52.125
54.230
TNAGJMR 4.880
Visbreak Netback Spot Price

TNAAX00 56.22 AAXDH00 56.340
TNABV00 60.10 AAXDK00 60.940
TNADB00 57.51 AAXDM00 59.290
TNAED00 62.61 AAGZX00 62.935
TNAFR00 59.30 AAXDO00 52.830
Visbreak Margin
TNAAXMR 1.900
TNABVMR 1.080
TNADBMR 0.180
TNAEDMR -0.325
TNAFRMR 6.470
TNAKLMR -0.620
TNAMTMR 9.700
TNANVMR 6.090
TNAVDMR -2.320
TNATAMR 0.740
TNARBMR 31.660
TNAQTMR 7.155
TNASXMR 7.650
European Yields and Netbacks Effective December 12, 2014 ($/barrel)

Northwest Europe Winter Specifications
Crack
Arab Heavy** TYAAV00
TYABT00
Arab Light**
Arab Medium** TYACZ00
TYAEB00
Azeri Light
TYAFP00
Basrah Light
TYATS00
Brass River
TYAHF00
Brent
TYAVK00
Cabinda
TYAJV00
Ekofisk
TYAKP00
Flotta
TYALB00
Forties
TYALF00
Gullfaks
TYAVI00
Hungo
TYALV00
Iran Heavy
TYAMD00
Iran Light
TYATU00
Kirkuk
TYAMX00
Kuwait
TYATQ00
Murban
TYAVJ00
Oseberg
Saharan Blend TYATY00
TYASD00
Statfjord
TYATN00
Urals
TYAUC00
Zuetina
Yield
Freight
59.81 TDDAN00 1.53
63.54 TDDAV00 1.46
61.27 TDDBD00 1.49
67.32 TDDBI00 1.80
62.97 TDDBU00 1.72
67.57 TDDRE00 1.97
65.79 TDDCD00 1.11
63.23 TDDQR00 2.31
65.47 TDDCT00 0.77
63.90 TDDCX00 0.95
63.85 TDDEZ00 1.13
65.80 TDDDC00 0.97
59.87 TDDQU00 2.34
62.94 TDDDG00 2.24
64.37 TDDDI00 2.20
63.98 TDDGH00 2.65
61.75 TDDDM00 1.52
66.11 TDDRB00 1.41
67.66 TDDRC00 0.97
65.59 TDDGI00 1.70
66.34 TDDEK00 1.03
63.42 TDDET00 1.27
67.41 TDDGJ00 1.41
Northwest Europe Winter Specifications
(PGA page 1810)
Crack Netback Spot Price

TNAAV00 58.28 AAXDH00 56.340
TNABT00 62.08 AAXDK00 60.940
TNACZ00 59.78 AAXDM00 59.290
TNAEB00 65.52 AAGZX00 62.935
TNAFP00 61.25 AAXDO00 52.830
TNATS00 65.60 AAEJB00 61.610
TNAHF00 64.68 PCAAS00 61.625
TNAVK00 60.92 PCAFD00 59.210
TNAJV00 64.70 PCADI00 62.215
TNAKP00 62.95 PCACZ00 60.960
TNALB00 62.72 PCADJ00 61.625
TNALF00 64.83 AASAU00 63.910
TNAVI00 57.53 AASLJ00 58.760
TNALV00 60.70 PCABH00 58.275
TNAMD00 62.17 PCABI00 59.975
TNATU00 61.33 AAEJD00 58.595
TNAMX00 60.23 AAXDQ00 58.080
TNATQ00 64.70 AAKNL00 61.760
TNAVJ00 66.69 PCAEU00 62.665
TNATY00 63.89 AAGZY00 61.295
TNASD00 65.31 AASAS00 62.960
TNATN00 62.15 PCAFW00 59.520
TNAUC00 66.00 AAXDT00 61.725
Crack Margin
TNAAVMR 4.090
TNABTMR 3.210
TNACZMR 2.590
TNAEBMR 2.585
TNAFPMR 8.420
TNATSMR 3.990
TNAHFMR 3.055
TNAVKMR 1.710
TNAJVMR 2.485
TNAKPMR 1.990
TNALBMR 1.095
TNALFMR 0.920
TNAVIMR -1.230
TNALVMR 2.425
TNAMDMR 2.195
TNATUMR 2.735
TNAMXMR 2.150
TNATQMR 2.940
TNAVJMR 4.025
TNATYMR 2.595
TNASDMR 2.350
TNATNMR 2.630
TNAUCMR 4.275
(PGA page 1812)
Visbreak Yield
Freight
Arab Heavy** TYAAX00 57.75 TDDAN00 1.53
TYABV00 61.56 TDDAV00 1.46
Arab Light**
Arab Medium** TYADB00 59.00 TDDBD00 1.49
TYAED00 64.41 TDDBI00 1.80
Azeri Light
TYAFR00 61.02 TDDBU00 1.72
Basrah Light
Brent
TYAHH00
63.14 TDDCD00 1.11 TNAHH00
Ekofisk
Flotta
Forties
Gullfaks
TYAJX00
Iran Heavy
Iran Light
TYALX00
TYAMF00
60.84 TDDDG00 2.24 TNALX00

61.68 TDDDI00 2.20 TNAMF00
58.60 PCABH00 58.275 TNALXMR 0.325

59.48 PCABI00 59.975 TNAMFMR -0.495
Kuwait
TYAMZ00
59.56 TDDDM00 1.52 TNAMZ00
58.04 AAXDQ00 58.080 TNAMZMR -0.040
Statfjord
Urals
TYASF00
63.94 TDDEK00 1.03 TNASF00

61.06 TDDET00 1.27 TNATP00
62.91 AASAS00 62.960 TNASFMR -0.050

59.79 PCAFW00 59.520 TNATPMR 0.270
62.81
61.56
TYALD00 61.92
TYALH00 63.92
TYAKR00
TYATP00
TDDCT00
TDDCX00
TDDEZ00
TDDDC00
0.77
0.95
1.13
0.97
22
TNAJX00
TNAKR00
TNALD00
TNALH00
62.03 PCAAS00 61.625 TNAHHMR 0.405

62.04
60.61
60.79
62.95
PCADI00
PCACZ00
PCADJ00
AASAU00
62.215
60.960
61.625
63.910
TNAJXMR -0.175
TNAKRMR -0.350
TNALDMR -0.835
TNALHMR -0.960
december 12, 2014
European Yields and Netbacks ($/barrel)

Italy Winter Specifications

Italy Winter Specifications
(PGA page 1820)
Crack Yield
Freight
Crack Netback
Spot Price
Crack Margin
(PGA page 1822)
Visbreak Yield
Freight Visbreak Netback
Spot Price Visbreak Margin
Arab Heavy**
TYABD00
58.49 TDDAI00 2.48 TNABD00
56.01 AAXDH00 56.340 TNABDMR 1.510
Arab Heavy**
TYABF00
56.35 TDDAI00 2.48 TNABF00
53.87 AAXDH00 56.340 TNABFMR -0.680
Arab Light**
TYACB00
TYACD00
59.58 TDDAQ00 2.37 TNACD00
57.21 AAXDK00 60.940 TNACDMR -1.920
62.42 TDDAQ00 2.37 TNACB00
60.05 AAXDK00 60.940 TNACBMR 0.830
Arab Light**
Arab Medium** TYADH00 60.28 TDDAY00 2.42 TNADH00
57.86 AAXDM00 59.290 TNADHMR 0.320
Arab Medium** TYADJ00 57.77 TDDAY00 2.42 TNADJ00
55.35 AAXDM00 59.290 TNADJMR -2.190
Azeri Light
TYAEF00
65.61 TDDBH00 1.24 TNAEF00
64.37 AAGZX00 62.935 TNAEFMR 1.435
Azeri Light
TYAEH00
62.86 TDDBH00 1.24 TNAEH00
61.62 AAGZX00 62.935 TNAEHMR -1.315
Basrah Light
TYAFX00
62.02 TDDBR00 1.19 TNAFX00
60.83 AAXDO00 52.830 TNAFXMR 8.000
Basrah Light
TYAFZ00
59.25 TDDBR00 1.19 TNAFZ00
58.06 AAXDO00 52.830 TNAFZMR 5.230
CPC Blend
TYAVN00
62.40 TDDQT00 1.25 TNAVN00
61.15 AAGZU00 61.270 TNAVNMR -0.120
Es Sider
TYAKD00
64.27 TDDCU00 0.77 TNAKD00
63.50 PCACO00 60.445 TNAKDMR 3.055
Es Sider
TYAKF00
62.05 TDDCU00 0.77 TNAKF00
61.28 PCACO00 60.445 TNAKFMR 0.835
Iran Heavy
TYALZ00
61.23 TDDDF00 0.93 TNALZ00
60.30 PCABH00 58.275 TNALZMR 2.025
Iran Heavy
TYAMB00
58.94 TDDDF00 0.93 TNAMB00
58.01 PCABH00 58.275 TNAMBMR -0.265
Iran Light
TYAMH00
62.21 TDDDH00 0.91 TNAMH00
61.30 PCABI00 59.975 TNAMHMR 1.325
Iran Light
TYAMJ00
60.24 TDDDH00 0.91 TNAMJ00
59.33 PCABI00 59.975 TNAMJMR -0.645
Kirkuk
TYAMU00
62.56 TDDFF00 1.14 TNAMU00
61.42 AAEJD00 58.595 TNAMUMR 2.825
Kirkuk
TYAMW00
60.59 TDDFF00 1.14 TNAMW00
59.45 AAEJD00 58.595 TNAMWMR 0.855
Saharan Blend TYARO00 64.28 TDDFG00 0.63 TNARO00
63.65 AAGZY00 61.295 TNAROMR 2.355
Saharan Blend TYARQ00 63.32 TDDFG00 0.63 TNARQ00
62.69 AAGZY00 61.295 TNARQMR 1.395
Suez Blend
TYAUO00
60.78 TDDRF00 0.93 TNAUO00
59.85 PCACA00 57.525 TNAUOMR 2.325
Suez Blend
TYAUP00
58.59 TDDRF00 0.93 TNAUP00
57.66 PCACA00 57.525 TNAUPMR 0.135
Urals
TYATR00
61.63 TDDES00 1.35 TNATR00
60.28 PCACE00 60.495 TNATRMR -0.215
Urals
TYATT00
59.52 TDDES00 1.35 TNATT00
58.17 PCACE00 60.495 TNATTMR -2.325
Zuetina
TYAUL00
65.34 TDDEU00 0.85 TNAUL00
64.49 AAXDT00 61.725 TNAULMR 2.765
Zuetina
TYAUN00
63.19 TDDEU00 0.85 TNAUN00
62.34 AAXDT00 61.725 TNAUNMR 0.615
**Arab proxy spot values are calculated by adding monthly Saudi OSP differentials to daily numbers: ICE BWAVE for European OSPs (PGA1069), Mars for US OSPs (PGA1070) and Oman/Dubai average Asian OSPs (PGA1068). ICE BWAVE is published after current
day yields & netbacks are calculated. Therefore, Arab proxy spot prices and margins in Northwest Europe and Italy are effective the previous business day.
Asian Yields and Netbacks Effective December 12, 2014 ($/barrel)

Singapore Winter Specifications

Crack Yield
Freight
Crack Netback
Spot Price
(PGA page 2810)
Singapore Winter Specifications
Crack Margin
Visbreak Yield
(PGA page 2812)
Freight Visbreak Netback
Spot Price Visbreak Margin
Arab Heavy
TYABH00
62.01 TDDAO00 1.68 TNABH00
60.33 AAXDG00 56.130 TNABHMR 4.200
Arab Heavy
TYABJ00
59.38 TDDAO00 1.68 TNABJ00
57.70 AAXDG00 56.130 TNABJMR 1.570
Arab Light
TYACF00
64.64 TDDAW00 1.61 TNACF00
63.03 AAXDJ00 60.080 TNACFMR 2.950
Arab Light
TYACH00
61.49 TDDAW00 1.61 TNACH00
59.88 AAXDJ00 60.080 TNACHMR -0.200
Arab Medium
TYADL00
63.01 TDDBE00 1.64 TNADL00
61.37 AAXDL00 58.580 TNADLMR 2.790
Arab Medium
TYADN00
60.05 TDDBE00 1.64 TNADN00
58.41 AAXDL00 58.580 TNADNMR -0.170
Attaka
TYADX00
68.61 TDDBG00 3.49 TNADX00
65.12 PCAAJ00 60.850 TNADXMR 4.270
Attaka
TYADZ00
67.98 TDDBG00 3.49 TNADZ00
64.49 PCAAJ00 60.850 TNADZMR 3.640
Cabinda
TYAVF00
64.73 TDDQS00 3.78 TNAVF00
60.95 PCAFD00 59.210 TNAVFMR 1.740
Das Blend
TYDSH00
65.43 TDDCQ00 1.53 TNDSH00
63.90 AAXOF00 60.810 TNDSHMR 3.090
Das Blend
TYDSJ00
61.73 TDDCQ00 1.53 TNDSJ00
60.20 AAXOF00 60.810 TNDSJMR -0.610
Dubai
TYAJN00
65.14 TDDCQ00 1.53 TNAJN00
63.61 PCAAT00 59.810 TNAJNMR 3.800
Dubai
TYAJP00
61.47 TDDCQ00 1.53 TNAJP00
59.94 PCAAT00 59.810 TNAJPMR 0.130
Duri
TYAJR00
60.27 TDDCR00 1.77 TNAJR00
58.50 PCABA00 55.500 TNAJRMR 3.000
Duri
TYAJT00
56.34 TDDCR00 1.77 TNAJT00
54.57 PCABA00 55.500 TNAJTMR -0.930
Kuwait
TYANF00
63.22 TDDDN00 1.70 TNANF00
61.52 AAXDQ00 58.080 TNANFMR 3.440
Kuwait
TYANH00
60.31 TDDDN00 1.70 TNANH00
58.61 AAXDQ00 58.080 TNANHMR 0.530
Minas
TYAPR00
65.90 TDDDX00 1.62 TNAPR00
64.28 PCABO00 59.500 TNAPRMR 4.780
Minas
TYAPT00
60.89 TDDDX00 1.62 TNAPT00
59.27 PCABO00 59.500 TNAPTMR -0.230
Murban
TYAPY00
66.29 TDDCQ00 1.53 TNAPY00
64.76 AAKNL00 61.760 TNAPYMR 3.000
Murban
TYAQA00
62.97 TDDCQ00 1.53 TNAQA00
61.44 AAKNL00 61.760 TNAQAMR -0.320
Oman
TYAQL00
64.80 TDDEB00 1.41 TNAQL00
63.39 PCABS00 60.550 TNAQLMR 2.840
Oman
TYAQN00
61.58 TDDEB00 1.41 TNAQN00
60.17 PCABS00 60.550 TNAQNMR -0.380
Qatar Land
TYARA00
65.83 TDDBE00 1.64 TNARA00
64.19 AAKNP00 60.910 TNARAMR 3.280
Qatar Land
TYARC00
62.52 TDDBE00 1.64 TNARC00
60.88 AAKNP00 60.910 TNARCMR -0.030
Qatar Marine
TYARE00
65.98 TDDBE00 1.64 TNARE00
64.34 AAKNR00 59.060 TNAREMR 5.280
Qatar Marine
TYARG00
62.38 TDDBE00 1.64 TNARG00
60.74 AAKNR00 59.060 TNARGMR 1.680
Tapis
TYAST00
68.76 TDDEO00 1.56 TNAST00
67.20 PCACB00 66.120 TNASTMR 1.080
Tapis
TYASV00
65.93 TDDEO00 1.56 TNASV00
64.37 PCACB00 66.120 TNASVMR -1.750
23

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[OIL ]

CRUDE OIL MARKETWIRE

Volume 35 / Issue 245 / December 12, 2014

Brent/WTI spreads and EFPs

(PGA page 2210)

(PGA page 1212)

*Americas Crude Marker.

Forward Dated Brent ($/barrel)

(PGA page 218)

WTI EFP (Jan)

Middle East ($/barrel)

(PGA page 2210)

(PGA page 2210)

(PGA page 2658)

Urals Mediterranean vs Urals Rotterdam

Market analysis: (PGA page 2298) Spot differentials in

Asia Pacific Sweet

(PGA page 1250)

Middle East Sour

Crude oil Marketwire

december 12, 2014

Asia Pacific and Middle East crude assessments ($/barrel)

(Asia MOC) (Asia close)

(PGA page 2212)

(PGA page 2213)

AAPAH00 58.740 -2.090

AAPBD00 61.340 -2.090

(PGA page 2214)

(PGA page 2215)

AARAM00 61.940 -2.280

AAPAN00 63.090 -2.280

(PGA page 2216)

(PGA page 2217)

AARAQ00 63.140 -2.090

AAPAZ00 58.620 -2.200

(PGA page 2218)

Copyright 2014, McGraw Hill Financial

(PGA page 2219)

AARAA00 52.090 -2.090

Crude oil Marketwire

a Thai refiner but details werent immediately clear.

Oman Blend Mo01 assessment rationale: (PGA page 2295)

december 12, 2014

Middle East spot assessments ($/barrel)

(PGA page 2220)

Asian Crude Indices ($/barrel)

(PGA page 2206)

Middle East Sour bids/offers/trades: (PGA page 2296)

Copyright 2014, McGraw Hill Financial

$60.10 (08:08:04); 5)Dubai: FOB Fateh: February :

Crude oil Marketwire

Shell at $59.85 (08:26:25); 19)Dubai: FOB Fateh:

Asia Pacific Sweet

december 12, 2014

North Sea spot crude assessments ($/barrel)

(PGA page 1212)

Dated Brent/BFOE swaps ($/barrel)

(PGA page 1214)

loading program only expected to be ready at the early

Copyright 2014, McGraw Hill Financial

Te Giac Trang crude over January-June 2015 to Dung

Crude oil Marketwire

ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01