JUNE 2015
TMX Group Launches AgriClear
Platform for US and Canadian
Cattle Buyers and Sellers
Euronext Introduces
Country Indexes for
Germany, Italy, and Spain
EIA Unveils
New Energy
Visualization Widget
Tesla
and the Shift
in Power:
Part 2
How Powerpack and
Powerwall batteries
will amplify the need for
data management
By Jay Jameson
ZE PowerGroup Inc.
jay.jameson@ze.com
Powered by
New products and
data sources
Delisting of products
and data sources
Potential impact
on data
Power
Power 7
CAISO Releases New Mobile App with EIM Data
7
Argus Introduces Hourly North American Power Forward Curves
7
CME Trades First Lots of German Base Load
8
Marex Spectron Arranges First STP Cleared EEX German Power Contract
9
APX, EPEX SPOT, Deutsche Brse, and Others Inaugurate European Cross-Border Intraday Solution 9
Petroleum
Nat Gas
Petroleum 10
Platts to Assess Rotterdam 0.1% Sulfur Bunker Fuel
10
Platts Launches Rotterdam FOB Jet Barge Swaps
11
Platts Introduces New Asian Supramax Dry Bulk Petcoke Assessments
12
Platts Launches New East/West Naphtha Assessments
12
Argus to Add West African Crude Assessments
13
Argus Adds New North Sea Crude Assessments
13
Argus Adds US-Taiwan Isoprene Series
13
Argus Introduces North American Base Oil Assessments
14
Argus Launches New German and French Gasoil Heating Oil Codes
14
Argus Adds Light and Heavy Basrah FOB Assessments
15
CME Lists Two Existing Heating Oil Futures on CME Globex
16
Platts Discontinues Rubber Index Newsletter
16
Platts Discontinues Gasoil Minus Palm Oil Spread
17
Platts Stops Publishing ICE Brent UK Assessments
17
Argus Stops Two West African Oil Assessments
18
Argus Stops Certain Russian Gasoil Assessments
18
Argus Amends Descriptions for Mediterranean Fuel Oil Assessments
19
Coal
Softs and
Metals
Finance
Weather and
Emissions
20
20
20
Other
Natural Gas
Argus Launches Zeebrugge Natural Gas Assessments
ICE, GME, and Snam to Introduce Italian Natural Gas Futures
Data
Vendors
Market
Analysis
Coal 21
Platts to Assess Illinois Basin 11,800 FOB Basin Coal
21
Argus Adds US Coal Assessments
21
CME Lists Existing Coking Coal Contract on CME Globex Trading
22
In Depth
June 2015
Editorial
Editorial 5
Intermittent Success in the Battle between Coal and Renewables
5
Summary
Summary
Contents
Summary
Editorial
Summary
Power
Petroleum
Nat Gas
Coal
Softs and
Metals
Finance
Finance 33
Thomson Reuters Launches New Valuations and Transparency Capability
33
Thomson Reuters Expands Coverage of Canadas Fixed Income Market
33
Nasdaq Lists Global X YieldCo Index ETF
34
Nasdaq Lists Elkhorn S&P 500 Capital Expenditures ETF
34
ICAP Launches First Matching Session in Investment Grade Corporate Eurobonds
35
Euronext Launches Country Indexes for Germany, Italy, and Spain
35
Nasdaq Lists Two New ProShares Biotech ETFs
35
CME Delists Two US Barclays Rate Futures Options and Contracts
36
SSE, CFFE, and Deutsche Brse to Launch an Offshore Chinese Market
36
Weather and
Emissions
Other
Data
Vendors
Weather 37
Nasdaq Stockholm Launches Sustainable Bonds List
37
CME Delists Certain US and European Monthly, Weekly,
and Seasonal Strip Index Futures and Options
38
Market
Analysis
In Depth
June 2015
In Depth
Tesla and the Shift in Power:
Part 2 How Powerpack and Powerwall batteries will amplify the need for data management
Selling the Solution?
Consumers Backlash
Conclusion: Data as the Key to Surviving the Lithium-Ion Revolution
58
Petroleum
50
50
51
52
53
54
55
56
57
Power
Editorial
41
41
41
42
Summary
Summary
Other 39
EIA Releases New Energy Visualization Widget
39
Reuters Begins Offering Free News Content to Online Publishers
39
Thomson Reuters Launches its Market Data Services in CMEs Aurora Data Center
39
Thomson Reuters Expands Financial Markets Psychological Analysis Service
40
Nasdaq Expands Presence in Canadian Market with New Data Centers in Ontario
40
Nat Gas
44
46
48
49
Coal
Softs and
Metals
Finance
Weather and
Emissions
Other
58
62
62
63
Data
Vendors
Market
Analysis
In Depth
June 2015
Summary
Editorial
Editorial
By Olga Gorstenko,
Editor-In-Chief Datawatch
olga@ze.com
Power
Petroleum
Nat Gas
Coal
Intermittent Success
in the Battle between
Coal and Renewables
Softs and
Metals
Other
Data
Vendors
Market
Analysis
In Depth
Weather and
Emissions
June 2015
Finance
Editor-In-Chief
Olga Gorstenko
ZEMA Inquiries
Bruce Colquhoun. P: 604-790-3299. E: bruce.c@ze.com
Power
Editorial
Email: olga@ze.com
Summary
Editorial
Contact DataWatch
E: datawatch@ze.com
Front Desk: 1-866-944-1469
Editorial Department: 778-296-4183
M: ZE PowerGroup Inc. 130-5920 No. 2 Road,
Richmond, BC V7C 4R9
To search our archives: www.datawatch.ze.com
Petroleum
Nat Gas
Coal
Softs and
Metals
Finance
Weather and
Emissions
Other
Data
Vendors
Market
Analysis
In Depth
June 2015
Summary
Power
Editorial
Power
Petroleum
Nat Gas
On June 12, 2015, The California Independent System Operator Corp. (CAISO)
released an updated version of its mobile app, ISO Today, which includes enhanced price
maps for the Energy Imbalance Market (EIM), Market Notices, and social media posts.
The new price map includes fifteen-minute and real-time dispatch prices at thousands of
points on the grid that includes those in the new western regional Energy Imbalance Market.
Coal
Originally launched in February 2013, the ISO Today app provides information on current
solar and wind generation, as well as weather conditions in and around California. Hourly
renewable energy production for the current and previous day also gives the user data on
ISOs progress towards integrating green energy.
Softs and
Metals
Finance
ZEMA regularly collects more than 190 electricity reports from CAISO. To learn more about ZEMAs massive data library,
visit www.ze.com/the-zema-solutions/data.
ERCOT
FWDEHourlyErcot
yyyymmddfwdehourlyercot.csv
MISO
FWDEHourlyMISO
yyyymmddfwdehourlymiso.csv
NEPool
FWDEHourlyNEPool
yyyymmddfwdehourlynepool.csv
NYISO
FWDEHourlyNYISO
yyyymmddfwdehourlynyiso.csv
PJM
FWDEHourlyPJM
yyyymmddfwdehourlypjm.csv
7
In Depth
June 2015
Market
Analysis
Filename
Data
Vendors
Folder
Other
Location
Weather and
Emissions
On June 16, 2015, Argus announced that it has launched numerous hourly
electricity forward curves. Data will be available through the Argus FC API and also
via ftp.argusmedia.com. This data is available by location through five individual data sets,
each with a separate folder and csv file on the FTP site. Data will be made available at
18:30 p.m. CST for FTP subscribers.
PJM AD
ERCOT Houston
NYISO Zone A
MISO Michigan
PJM NI
ERCOT West
NYISO Zone C
MISO Illinois
PJM East
NEPool Mass
NYISO Zone F
MISO Louisiana
PJM PEPCO
NEPool CT
NYISO Zone G
MISO Texas
ERCOT North
NEPool NEMA
NYISO Zone J
Petroleum
MISO Indiana
Power
NEPool SEMA
Editorial
ERCOT South
Summary
PJM West
Power
Historical data is available from June 2, 2015. The added products include weekdays on
peak, weekends peak, and nights off peak for the following zones:
Nat Gas
The graph below shows projected spark spreads for the New York, Houston, and Chicago
regions based on natural gas and power forward curves from CME NYMEX. Data: ZEMA NYMEX
Future Settlements report. Analyses like this can easily be generated within ZEMAs Market
Analyzer tool. To learn more, book a complimentary ZEMA demonstration.
Coal
Softs and
Metals
Finance
Weather and
Emissions
Other
On June 16, 2015, the Chicago Mercantile Exchange (CME) announced the
first trade of its new European Power Contracts. The contract traded for the first time
on CME Europe.
Data
Vendors
The trade comprising five contracts (totaling 60 lots) of German base load Calendar Year
2016 traded with the broker GFI Brokers Limited, involving Mercuria Energy Trading SA and
Freepoint Commodities LLP as the counterparts.
In Depth
June 2015
Market
Analysis
CME has a suite of eight European Power cash-settled futures for the leading electricity
markets, with base load and peak load available for Germany, France, Italy, and Spain. They
are available on CME ClearPort and CME Globex, and are distributed via the Trayport platform
alongside other exchange products.
Editorial
Using ZEMAs advanced data collection and analytic capabilities, market participants can easily keep track of the new
data that will be generated by the Chicago Mercantile Exchange. To learn more, visit www.ze.com/the-zema-solution.
Power
Petroleum
Effective May 18, 2015, Marex Spectron has executed the first trade of the
European Energy Exchanges (EEX) Phelix German power option contract to be cleared via
straight-through-processing (STP). The trade was arranged for two of Marex Spectrons major
energy clients.
Nat Gas
The trade was delivered to EEX via the European Federation of Energy Traders eXRP clearing
solution. eXRP is a non-discriminatory, open standard, industry-owned and -governed
infrastructure, which establishes STP integrating all participating execution and
clearing venues.
Coal
Softs and
Metals
Finance
Effective June 9, 2015, the European Power Exchanges (PXs) APX, Belpex,
EPEX SPOT, GME, Nord Pool Spot, and OMIE announced that they have signed, with the
support of 15 Transmission System Operators (TSOs), a contract with Deutsche Brse AG for
the development of the European Cross-Border Intraday Solution (XBID Solution). This marks
a key milestone for the project.
Weather and
Emissions
Following the completion of the design phase, the development of the XBID solution will
commence with immediate effect. It is due to be completed by spring 2016 and will be
followed by a period of testing. Delivery of the solution into the market is expected in 2017.
Other
After the successful coupling of European day-ahead markets, the single EU-wide intraday
coupling is a key component for completing the European Internal Energy Market.
Data
Vendors
This XBID solution will be based on a common IT system, to be developed by Deutsche Brse
AG, linking the local trading systems operated by the PXs, as well as the available
cross-border transmission capacities provided by the TSOs. Orders entered by market
participants in one bidding zone can be matched, in continuous trading, with orders similarly
submitted by market participants in any other bidding zones covered by the XBID solution,
provided there is cross-border capacity available.
Market
Analysis
In Depth
June 2015
Summary
Power
The new power contracts are subject to the rules of CME Europe and cleared via CME Clearing
Europe, CME Groups European clearing house.
Summary
Editorial
Petroleum
Power
Petroleum
Nat Gas
Softs and
Metals
Since January 1, 2015, ships traveling within the Northwest European ECA have had to limit
sulfur emissions from fuel to 0.1%, down from the previous maximum of 1%, according to
International Maritime Organization rules. The regulations do not stipulate use of a specific
fuel, as the focus is on emissions, which leaves the door open for multiple means
of compliance.
Coal
Finance
Weather and
Emissions
Based on extensive consultation with market participants, Platts believes there exists the
potential for a new market to evolve based on an ECA-compliant bunker fuel standard as a
key component in meeting the new regulatory requirement.
The new standard could feature aspects of residual fuel oils, which have traditionally been a
component of bunker fuel, and less sulfur-intense distillate fuels. This new bunker fuel
standard has been described by many market participants as a dirty gasoil.
Other
The proposed new assessments for this product would be made on a delivered basis in
Rotterdam, and published in dollars per metric ton.
The proposed new assessment would reflect the following specifications:
In Depth
10
Market
Analysis
June 2015
Data
Vendors
Specifications generally conform with that for RMG 380 CST but with a 0.1% maximum
sulfur. Platts proposes to reflect the value of 0.1% maximum sulfur with 380 CST max
viscosity (at 50 degrees C) and 0.991kg/l density with a maximum combined aluminum and
silicon content of 80 ppm, 30 max Pour Point, Flash min 60 degrees C, CCR max 18%, Ash
max 0.15%, Water max 0.5%, Vanadium max 300 mg/kg, TSP 0.1%, Zinc max 15 mg/kg,
Phosphorus max 15 mg/kg, Calcium max 30 mg/kg, Free from used lubricating oils (ULO)
(calcium > 30 and zinc > 15; or calcium > 30 and phosphorus > 15), H2S 2ppm max.
Editorial
Platts will continue to publish its current assessments for marine gasoil, which is also
ECA-compliant.
Summary
Petroleum
The assessment would reflect fuel loading on a delivered basis, 1-8 days forward from the
date of assessment. The minimum stem size would be 200 mt and the maximum stem size
would be 1,000 mt.
ZEMA, ZEs data management solution, collects over 300 Platts records on petroleum and other liquids. To learn more
about ZEMAs vast data library, visit www.ze.com/the-zema-solutions/data-coverage.
Petroleum
Nat Gas
Effective June 1, 2015, Platts launched new assessments for FOB Rotterdam
jet barge swaps at 4:30 p.m. London time. The swaps will be assessed as
differentials to ICE low sulfur gasoil futures three months forward.
Platts will also publish the price in outright terms, as a differential to ICE Brent crude futures
(crack), as a spread to CIF NWE jet cargoes and as a spread to FOB ARA diesel barges.
Data
Vendors
Other
Weather and
Emissions
Finance
Softs and
Metals
Coal
Platts will publish these assessments in US dollars per metric ton on PFC page 1652, codes
are as follows:
11
In Depth
June 2015
Market
Analysis
Power
Petroleum
Destination
50kt
petcoke
Houston
50kt
petcoke
Houston
Coal
Origin
Nat Gas
These new assessments reflect strong market interest in these routes and will be based on
modern Supramax dry bulk tonnage. Both assessments are published on a dollar per metric
ton basis. The following two routes were introduced:
Cargo type
Editorial
Effective June 1, 2015, Platts launched two new dry bulk Supramax freight
assessments, reflecting established trade routes of petcoke from the US Gulf Coast.
Size
Summary
Petroleum
ZEMA collects Platts petroleum data from all over the world, including more than 60 regular Platts reports
from Europe. To learn find out how ZEMA can use this data to generate sophisticated forward curves, visit
www.ze.com/the-zema-suite/curve-manager.
Platts adds these assessments to its existing naphtha derivative suite to enhance its coverage
of the naphtha market and better represent the key arbitrage route between Europe and Asia.
Other
The new price assessments cover three calendar months forward from the date of
publication. Platts will publish bids, offers and interest to trade the East/West Naphtha
Spread in the Platts Market on Close assessment process.
Weather and
Emissions
Finance
Data
Vendors
Platts will publish these assessments in US dollars per metric ton on PFC page 1692, codes
are as follows:
MANJM01 Naphtha CFR MOPJ vs Naphtha NWE CIF Crg Swap Spread London Mo01
Market
Analysis
MANJM02 Naphtha CFR MOPJ vs Naphtha NWE CIF Crg Swap Spread London Mo02
MANJM03 Naphtha CFR MOPJ vs Naphtha NWE CIF Crg Swap Spread London Mo03
See the original announcement.
12
In Depth
June 2015
Price type
Differential basis
Category
PA0016212 1, 2, 3
Jubilee
>Crude>West Africa
PA0016230 1, 2, 3
Usan
>Crude>West Africa
Petroleum
Description
Power
PA-code
Nat Gas
ZEMA collects over 100 Argus reports regularly, more than 40 of which pertain to petroleum products. To find out how
ZEMA can convert this data into sophisticated analyses, visit www.ze.com/the-zema-solutions/analytics.
Softs and
Metals
Description
Coal
Effective June 29, 2015, Argus added the below new codes to the Argus European
crude data module and Argus Asia & Midday European crude data module. The following PA
code details appear in the DLC module in the DCRDEEU folder on ftp.argusmedia.com and the
DMC module in the DCRDEASIA folder on ftp.argusmedia.com. These daily codes have time
stamps of 6, price types of 8, continuous forwards of 0, and are in USD/bl.
PA-code
Category
>Crude>North Sea
>Crude>North Sea
>Crude>North Sea
Finance
Description
Category
PA0016887
>Petrochemicals>Hydrocarbons
Data
Vendors
This monthly code has a time stamp of 0, a price type of 8, a continuous forward of 1, and is
in USD/t.
Market
Analysis
13
In Depth
ZEMA collects more than 90 Argus reports from North America alone, more than 40 of which pertain to petroleum
products. To find out how ZEMA can analyze this data and share this analysis with downstream systems, visit
www.ze.com/the-zema-solutions.
June 2015
Other
Effective June 22, 2015, Argus has started the following series in the
Argus DeWitt C5 and Hydrocarbon Resins data feed. For FTP subscribers, these changes apply
to the dhydrocarbons file in the DHydrocarbons folder of ftp.argusmedia.com.
Weather and
Emissions
PA-code
Editorial
Effective July 6, 2015, Argus is adding the following new codes to the Argus
European Crude data module. The following PA code details will appear in the DLC
module in the DCRDEEU folder on ftp.argusmedia.com. These daily codes have time stamps
of 0, continuous forwards of 0, and are in USD/bl.
Summary
Petroleum
PA-code
PA0015539
USD/t
Coal
PA0015541
Category
Nat Gas
PA0015540
Unit
Petroleum
PA0015538
Price
Description
type
Base oil Group 2+ 110/130
8
Safety-Kleen US midcontinent and
Canada $/USG
Base oil Group 2+ N240 Safety-Kleen
8
US midcontinent and Canada $/USG
Base oil Group 2+ 110/130
8
Safety-Kleen US midcontinent
and Canada $/t
Base oil Group 2+ N240 Safety-Kleen
8
US midcontinent and Canada $/t
Power
The csv PA-code details are listed below. These weekly codes have time stamps
and continuous forwards of 0:
Softs and
Metals
Differential
basis
Category
Ice Gasoil
Settlement
>Products>Gasoil/Diesel/
Heating oil>Northwest Europe
PA5001547 1, 2, 6, 7
Ice Gasoil
Settlement
>Products>Gasoil/Diesel/
Heating oil>Mediterranean
Other
PA5001546 1, 2, 6, 7
Weather and
Emissions
Finance
Effective May 29, 2015, Argus added child codes for German gasoil heating oil NWE and
French gasoil heating oil W MED. Fridays snapshots which will be publishing in Argus Export
Nefteproduktov. The following codes have a time stamp of 6, a continuous forward of 0, and
are in USD/t.
PA-code
Editorial
Effective June 6, 2015, Argus added the following new codes to the
Argus Base Oils data module. The following PA code details will appear in the dbo and dbow
files in the DBASEOILS folder onftp.argusmedia.com.
Summary
Petroleum
With ZEMA, you can access daily data reports on heating oil from Platts, ICE, and the EIA. To find out how ZEMA can use
this data to increase your companys market intelligence, book a free demo at www.ze.com/book-a-demo.
Market
Analysis
14
In Depth
June 2015
Description
Differential
Category
basis
PA5001538 1, 2, 3
Formula
>Crude>Mideast Gulf
PA5001541 1, 2, 3
Formula
>Crude>Mideast Gulf
PA5001542 1, 2, 3
Formula
>Crude>Mideast Gulf
PA5001545 1, 2, 3
Formula
>Crude>Mideast Gulf
Price type
Power
Continuous
forward
PA-code
Editorial
Effective May 22, 2015, Argus added the below new codes to the DAGM data
module in the DAGM folder of the ftp.argusmedia.com server. These weekly assessments
have time stamps of 8 and are in USD/bl.
Summary
Petroleum
Petroleum
Nat Gas
Formula
>Crude>Mideast Gulf
PA5001543 1, 2, 3
Formula
>Crude>Mideast Gulf
Weather and
Emissions
PA5001539 1, 2, 3
Finance
Differential
Category
basis
Price type
PA5001540 1, 2, 3
Formula
>Crude>Mideast Gulf
PA5001544 1, 2, 3
Formula
>Crude>Mideast Gulf
Market
Analysis
Differential
Category
basis
Data
Vendors
Description
Price type
Other
As well, on June 30, 2015, Argus added the below codes to the DAGM data module in the
DAGM folder of the ftp.argusmedia.com server. These weekly codes have time stamps of 8,
continuous forwards of 0, and are in USD/bl.
PA-code
15
In Depth
June 2015
Softs and
Metals
Description
PA-code
Coal
Furthermore, on May 29, 2015, Argus added the following Basrah light and heavy FOB
assessments. These weekly assessments are also in USD/bl, have continuous forwards of 0,
time stamps of 8.
7U
7U
36 consecutive months
4U
4U
36 consecutive months
243
Petroleum
CME Globex
Code
Rule Chapter
Power
Clearing
Code
Contract Titles
Nat Gas
These contracts will continue to be available for trading on the NYMEX trading floor and for
clearing through CME ClearPort with an unchanged listing schedule. The CME Globex trading
hours for these contracts will be: Sunday Friday 6:00 p.m. 5:15 p.m. with a 45-minute
break each day beginning at 5:15 p.m.
Coal
Finance
Effective June 15, 2015, Platts has discontinued the Platts Rubber Index
(RBX) newsletter. Natural rubber assessments will still be available on Platts Petrochemical
Alert page 680 (PCA680), the Olefinscan, and under the following codes in the Platts price
database until further notice:
Softs and
Metals
ZEMA collects more than 100 regular reports from CME, including more than 20 on petroleum and other liquids. To learn
more about ZEMAs extensive data coverage, visit www.ze.com/the-zema-solutions/data.
Weather and
Emissions
Other
Market
Analysis
In Depth
16
Data
Vendors
June 2015
Editorial
Effective June 14, 2015, New York Mercantile Exchange, Inc. (NYMEX) listed
two existing futures contracts on the CME Globex trading platform as described in the
table below.
Summary
Petroleum
Editorial
Summary
Petroleum
Power
Petroleum
GO-PO measured the spread as gasoil minus Palm oil, while in the general market the spread
is typically expressed as Palm oil minus gasoil. The GO-PO spread, under the assessment
symbol code BMAAB00, was published in Platts Biofuelscan.
Nat Gas
Effective June 11, 2015, Platts discontinued its GO-PO spread, which reflected
the value of first-month InterContinental Exchange (ICE) gasoil futures, as listed by ICE,
against first-month crude palm oil futures, as listed on Bursa Malaysia, at 4:30 p.m.
Singapore time (8:30 GMT).
Coal
Softs and
Metals
Finance
ICE Brent NX assessments were published on Platts Global Alert pages 702 and 703, in the
Oilgram Price Report, and in the Crude Oil Marketwire.
Other
The graph below illustrates the price difference of Brent crude on CME NYMEX during the week
of June 15, 2015. Data: ZEMA CME NYMEX Futures Settlement report. Leverage ZEMAs
sophisticated analytical functionalities to make more informed trading decisions about
petroleum prices. To learn more, book a complimentary ZEMA demonstration.
Weather and
Emissions
The prices were also published in Platts Market Data under the following codes: AAXZL00,
AAXZM00, AAXZN00, and AAYAP00.
Data
Vendors
17
In Depth
June 2015
Market
Analysis
Summary
Editorial
Petroleum
Power
Petroleum
Description
Differential basis
Category
PA0016212
3, 8
Jubilee
>Crude>West Africa
PA0016230
3, 8
Usan
>Crude>West Africa
Softs and
Metals
Price type
Coal
PA-code
Finance
Differential basis
Weather and
Emissions
Effective June 1, 2015, Argus stopped the below codes for Russian Gasoil
in Argus Export Nefteproduktov. These assessments had a time stamp of 6,
a continuous forward of 0, and were in USD/t.
PA-code
Category
>Products>Gasoil/Diesel/
Heating oil>Russia
PA5001266 1, 2, 6, 7
>Products>Gasoil/Diesel/
Heating oil>Russia
Other
PA5001265 1, 2, 6, 7
Ice Gasoil
Settlement
Nat Gas
Data
Vendors
Market
Analysis
18
In Depth
June 2015
Summary
Editorial
Petroleum
Power
Petroleum
New Description
Category
Frequency
>Products>Fuel
oil>Mediterranean
Daily
PA0000762 1, 2, 8
Daily
Monthly
Monthly
PA0008660 1, 2, 8
PA0008661 1, 2, 8
Other
PA0000761 1, 2, 8
Weather and
Emissions
Weekly
Finance
Softs and
Metals
PA5000855 1, 2, 8
Coal
PA-code
Nat Gas
On July 1, 2015, Argus changed the descriptions for the following codes
belonging to DFSUE and DLP. The current and previous descriptions are noted below. These
assessments have time stamps of 6, continuous forwards of 0, and are in USD/t.
Data
Vendors
Market
Analysis
19
In Depth
June 2015
Power
Category
1, 2
Natural gas
Zeebrugge p/th
Gas year
p/th
>Natural gas>
Europe>Zeebrugge
1, 2
Natural gas
Zeebrugge Eur/
MWh Gas year
Euro/
MWh
>Natural gas>
Europe>Zeebrugge
Softs and
Metals
Differential
Unit
basis
Coal
1, 2, 8
Description
Nat Gas
PA0016848
1, 2, 8
Continuous
forward
Petroleum
PA0016847
Price
type
Editorial
Summary
Natural Gas
Data
Vendors
Market
Analysis
The launch of PSV futures extends ICEs European natural gas offering, which includes futures
markets across the NBP, TTF, ZTP, NCG and GASPOOL natural gas trading hubs. Market
participants trading the new PSV contracts on the ICE trading platform will be able to trade
implied and locational spreads between ICEs natural gas hubs, such as TTF and PSV. In
addition, PSV futures contracts will trade alongside the recently launched Italian Power Base
Load and Italian Power Peak Load futures contracts at ICE Endex. Market participants can
therefore benefit from margin offsets and capital efficiencies at ICE Clear Europe.
Other
In collaboration with GME, the Italian exchange for electricity and natural gas spot trading,
Snam, the Italian transmission systems operator, and the Italian authorities, ICE is the first
exchange to create a solution for the physical delivery of natural gas futures contracts in Italy.
Weather and
Emissions
Finance
In Depth
June 2015
Summary
Coal
Editorial
Power
Petroleum
Softs and
Metals
The specifications for the coal are an average heat content of 11,800 Btu/lb with
typical sulfur content of 5 lbs SO2/MMBtu FOB barge. The price will be reported in $/st.
Platts weekly coal assessments for the US physical market are published in the
Weekly Price Survey, Traditional Physical Market table on the final business day of the week.
Finance
Weather and
Emissions
Other
As of June 16, 2015, Argus has added the following codes to the
Argus Coal Transportation data module. The following PA code details will appear
in the dctr in the DCTR folder onftp.argusmedia.com.
The following weekly codes have time stamps of 21, continuous forwards of 1, and are in
USD/st.
Category
PA0002471 1, 2, 8
>Coal>Americas>Illinois Basin
PA0002473 1, 2, 8
>Coal>Americas>Illinois Basin
Market
Analysis
Description
21
In Depth
June 2015
Price type
Data
Vendors
PA-code
Coal
On June 10, 2015, Platts announced its intention to assess a weekly price
for Illinois Basin 11,800 Btu/lb, 5 lbs SO2/MMBtu FOB barge coal. The weekly assessment
will reflect the price of such coal in the US physical market for three forward quarters and one
forward calendar year.
Nat Gas
>Coal>Americas>Pittsburgh Seam
PA0002481 1, 2, 8
>Coal>Americas>Pittsburgh Seam
PA0002483 1, 2, 8
>Coal>Americas>Colorado/Utah
PA0002484 1, 2, 8
>Coal>Americas>Colorado/Utah
PA0002627 1, 2, 8
>Coal>Americas>Central
Appalachia
PA0002630 1, 2, 8
>Coal>Americas>Central
Appalachia
PA0002632 1, 2, 8
>Coal>Americas>Powder River
Basin
PA0002633 1, 2, 8
>Coal>Americas>Powder River
Basin
PA0012569 8
>Coal>Americas>Central
Appalachia
Nat Gas
Coal
Softs and
Metals
Rule Chapter
ALW
ALW
Other
Clearing
CME Globex Code
Code
Weather and
Emissions
Effective June 14, 2015, New York Mercantile Exchange, Inc. (NYMEX) listed an
existing futures contract on the CME Globex trading platform as described in the table below.
Finance
Contract Titles
Petroleum
PA0002480 1, 2, 8
Power
Category
Editorial
Description
Summary
Price type
Coal
PA-code
Data
Vendors
This contract will continue to be available for trading on the NYMEX trading floor and for
clearing through CME ClearPort with an unchanged listing schedule. The CME Globex trading
hours for this contract will be: Sunday Friday 6:00 p.m. 5:15 p.m. with a 45-minute break
each day beginning at 5:15 p.m.
See the original announcement.
22
In Depth
June 2015
Market
Analysis
ZEMA regularly collects nearly 150 data reports on coal. To learn how ZEMA uses this data to create impressive analyses
and forward curves, visit www.ze.com/the-zema-solutions.
Summary
Editorial
Power
Petroleum
Nat Gas
SOFTS
Coal
Softs and
Metals
Finance
Under the proposed method, Platts would introduce supplementary identifying codes
such as 2015D6 for 2015 ethanol RINs to offer an alternative solution for tracking the
assessments historically.
Weather and
Emissions
Description
Category
PA0016833
1, 2
>Fertilizer>Potash
PA0016834
1, 2
>Fertilizer>Nitrogen
PA0016835
1, 2
>Fertilizer>Nitrogen
23
In Depth
June 2015
Market
Analysis
Price type
Data
Vendors
PA-code
Other
Effective July 3, 2015, Argus added the following new series to the
Argus FMB Fertilizer Europe publication and data module. The following PA code details will
appear in the DEuroFert module in the DEuroFert folder on ftp.argusmedia.com. These weekly
codes have time stamps of 0, continuous forwards of zero 0, and are in Euro/t.
Category
PA0016836
1, 2
>Fertilizer>Potash
Price type
Description
Category
PA0016786
1, 2
>Fertilizer>Urea
Nat Gas
PA-code
Petroleum
Effective May 21, 2015, Argus Media introduced the following new weekly
assessment to the Argus FMB Weekly Nitrogen report and datafeed. The assessment is
in USD/t and has a timestamp and continuous forward of 0.
Power
Editorial
Description
Summary
Price type
PA-code
Coal
Weather and
Emissions
AgriClear has offices in Calgary, Houston, Bowling Green (Kentucky), and Greeley (Colorado)
and is designed to provide a lower cost structure, an expanded market with a broader network
of verified members, and financial certainty for transactions, with NGX acting as administrator
of AgriClears back-office payment and settlement services.
Finance
AgriClear offers cattle producers a new way to do business with benefits for both buyers and
sellers, including assured payment for cattle delivered at the terms negotiated. AgriClear
allows marketers to securely list and execute cattle transactions from their computer.
Softs and
Metals
On June 16, 2015, TMX Group announced the launch of AgriClear, an online platform
designed to provide US and Canadian cattle buyers and sellers with an efficient, cost-effective
transaction and payment service.
ZEMA regularly collects more than 100 data reports on softs. To learn more about ZEMAs extensive data coverage, visit
www.ze.com/the-zema-solutions/data-coverage.
Data
Vendors
Market
Analysis
24
In Depth
June 2015
Softs and
Metals
Coal
Biodiesel Europe Premium (non-RED) RME Biodiesel RME FOB ARA Barge $/mt MAvg
AAUCA03
FOB NWE $/Mt AAXNW00
Nat Gas
Petroleum
Biodiesel FAME -10 FOB Rdam Barge $/mt Biodiesel FAME 0 FOB Rdam Barge $/mt
WAvg AAXQL04
AAWGY00
Power
Editorial
Summary
Finance
Weather and
Emissions
Effective May 30, 2015, Platts has discontinued its assessment for
Northwest European SME biodiesel, holding no proof of sustainability under the
EUs Renewable Energy Directive.
Other
This assessment corresponds with oracle code AAUCB00 and is published in the Platts
database and on Biofuelscan. The weekly (AAUCB03) and monthly (AAUCB04) averages will
also be discontinued.
See the original announcement.
Data
Vendors
Market
Analysis
25
In Depth
June 2015
Petroleum
Nat Gas
Coal
Softs and
Metals
The fossil fuel comparator and greenhouse gas saving calculation reflected will be per the
prevailing implementation of the Fuel Quality Directive in Germany. All other specifications
will conform to the prevailing Renewable Energy Directive 2009/28/EC.
Power
Platts invites feedback regarding the actual level which should be set for the minimum
greenhouse gas saving spec for the standard T2 ethanol assessment. Platts continues to
monitor the activity and development of the European ethanol market in light of the change to
the German domestic biofuel mandate and will adapt its methodology as necessary to reflect
standard spot market trade flows.
Editorial
Effective October 19, 2015, Platts standard T2 ethanol FOB Rotterdam assessments
will include a minimum greenhouse gas saving when compared to the fossil fuel comparator,
as per the European Unions Fuel Quality Directive calculation.
Summary
Weather and
Emissions
The graph below shows the EIAs carbon emissions forecasts for coal, natural gas, and
petroleum in contrast to expected totals up until the end of 2016. Data: ZEMA EIA Forecast
STEO Macroeconomic Energy Indicators report. Keep track of global emissions updates
using ZEMAs data collection and validation tools. To learn more, book a complimentary
ZEMA demonstration.
Finance
ZEMAs vast data coverage comprises records on many kinds of agricultural products, including ethanol. To learn more,
visit www.ze.com/the-zema-solutions/data-coverage.
Other
Data
Vendors
Market
Analysis
26
In Depth
June 2015
New description
PA0012893
Petroleum
Power
Old description
Editorial
PA-code
Summary
As of July 3, 2015, Argus has changed the descriptions for the following codes.
Nat Gas
Muriate Of
15-Jan- 03-JulPA0012889 Potash granular cif
2010 2015
bulk
Muriate Of Potash
PA0016833 granular fca bulk 03-Jul-2015
Belgium
Coal
17-17-17
PA0012898 delivered bulk
France
PA0016834
Description
Start
date
End date
Replacement Replacement
Code
Description
15-15-15 cpt
bulk France
03-Jul-2015
Finance
Metals
As of August 4, 2015, Platts intends to launch a new weekly price assessment
for scrap used lead-acid batteries reflecting market activity in the US Northeast, and to clarify
the specification and name of its existing Midwest lead-acid battery assessment.
Other
The new assessment would be for used 50% lead-acid, starter lighter ignition automotive
batteries, picked up US Northeast, with the northeastern region for price normalization to
include New York, New Jersey, Pennsylvania, Delaware, Maryland, Connecticut,
Massachusetts, Vermont, New Hampshire, Rhode Island, Maine, and Ontario, Canada.
Weather and
Emissions
Market
Analysis
In Depth
27
Data
Vendors
The specification would be for a minimum quantity of one truckload (42,000-44,000 lb),
normalized to a typical order size one to five truckloads, packaged in shrink-wrapped pallets
or skids, pallet size 40 or 44 by 48, maximum 3,600 lb/skid, no more than three battery
layers separated by cardboard sheets; assessed in a cents/lb range reflecting the majority of
business, normalized to a picked-up US Northeast basis, delivery within 30 days,
net-30-day payment terms.
June 2015
Softs and
Metals
Replacement
Start Date
PA-code
Editorial
Power
Both assessments would be assessed once a week on Tuesdays or the closest business
day through a survey of secondary lead smelter buyers, scrap dealers/processors, traders,
and brokers.
Summary
Platts is also clarifying that the name of its existing lead-acid battery price assessment
(MMLAA04) is used lead-acid batteries picked-up US Midwest, and that the assessment is
normalized to a Midwest region including Ohio, Michigan, Wisconsin, Minnesota, Indiana,
Illinois, Kansas, Nebraska, Missouri, Iowa, and Arkansas. Other specifications remain
unchanged, in line with the specifications for the new assessment.
ZEMA collects more than 90 metals records from Platts alone. To gain a wider perspective on the metals market and find
out how the ZEMA solution can enhance your companys business processes, visit www.ze.com/the-zema-solutions.
Softs and
Metals
The assessment will be published on a dollar/dry metric ton basis and a monthly average
would also be available. IODEX netback Rotterdam will follow the publishing schedule
for IODEX in Singapore, provided it is not a public holiday in the UK on the same date.
Coal
The value will be determined by applying a simple netback calculation, adding Capesize
Tubarao to Rotterdam sea freight to Platts existing IODEX netback Brazil Capesize (IONBB00).
Nat Gas
As of July 1, 2015, Platts began publishing an IODEX 62% Fe iron ore netback
assessment CFR Europe. Platts will publish, on a daily basis, the value of iron ore reflected in
Platts benchmark IODEX assessment CFR China, implied on a CFR Rotterdam basis.
The DR pellet premium assessment complements the existing Atlantic Basin Blast Furnace
Iron Ore Pellets Estimated Monthly Contract Price and reflects premiums paid under contract
volumes for DR pellet globally.
Market
Analysis
28
In Depth
June 2015
Data
Vendors
The assessment will be published in Platts SBB Steel Markets Daily, on Platts Metals Alert,
and in the Platts SBB Steel Price Analyzer.
Other
The assessment reflects the premium paid for a high quality 67.5% Fe DR grade pellet,
net of any further quality adjustments over a 65% Fe basis. The premium will be published on
a dollar/dry metric ton basis. The DR pellet specification will reference 67.5% Fe, 1.5% Silica,
300 CCS, and sizing over 9 mm >94%.
Weather and
Emissions
Petroleum
PA0016805 1, 2
Category
Power
PA-code
Editorial
Summary
Effective June 14, 2015, New York Mercantile Exchange, Inc. (NYMEX) listed
five existing futures contracts on the CME Globex trading platform as described
in the table below.
867
FSF
FSF
24 consecutive months
871
NSF
NSF
24 consecutive months
925
PIO
PIO
1286
RBR
RBR
12 consecutive months
869
SSF
SSF
24 consecutive months
Coal
Contract Titles
CME
Rule
Clearing
CME Globex Listing
Globex
Chapter Code
Schedule
Code
Softs and
Metals
Finance
Other
Data
Vendors
29
In Depth
ZEMA collects more than 200 reports on various metals from around the world. This data can then be used to create
advanced analyses and forward curves before being pushed to downstream systems. To learn what ZEMA can do for your
business, book a free demo at www.ze.com/book-a-demo.
Market
Analysis
June 2015
Weather and
Emissions
These contracts will continue to be available for trading on the NYMEX trading floor and for
clearing through CME ClearPort with an unchanged listing schedule. The CME Globex trading
hours for these contracts will be: Sunday Friday 6:00 p.m. 5:15 p.m. with a 45-minute
break each day beginning at 5:15 p.m.
Summary
Editorial
Power
The ZEMA graph below shows forecasted copper spot prices for the next four years based on
data from the London Metal Exchange. Data: ZEMA LME Official Prices Report. The prices are
represented by the graph, which can be easily applied as one of ZEMAs many visualization
options, and graphs can be viewed instantly as the analytics are built. To learn more
about how ZEMA can help with your data and analysis needs, book a complimentary
ZEMA demonstration.
Petroleum
Nat Gas
Coal
Softs and
Metals
Effective June 28, 2015, Commodity Exchange, Inc. (COMEX) listed a new
physically-delivered zinc futures contract (commodity code: ZNC; rulebook chapter 186).
This contract is available for trading on CME Globex and for submission for clearing through
CME ClearPort.
Finance
Rulebook Chapter
186
Contract Size
25 metric tons
Listing Schedule
Termination of Trading
$0.50
Delivery Day
$12.50
October 2015
30
In Depth
June 2015
Market
Analysis
ZNC
Data
Vendors
Commodity Code
Other
Zinc Futures
Weather and
Emissions
Contract Name
Petroleum
Nat Gas
Coal
Power
Editorial
Summary
10 contracts
Weather and
Emissions
Finance
Platts will continue to assess and publish its full suite of cobalt prices. The minor metals markets
are extremely illiquid, and mercury, cadmium, and selenium are becoming largely obsolete and
being replaced by other materials in industrial usage on technical and environmental merits.
Softs and
Metals
These prices would no longer be published on Platts Metals Alert or in Platts Metals Daily, Platts
Market Center, and Market Data.
Effective July 1, 2015, Platts has stopped publishing the morning and afternoon
London Bullion Market Association platinum and palladium prices. As such, the last
date of publication was Tuesday, June 30, 2015.
Other
These prices are longer published on Platts Metals Alert, Platts Metals Daily, the LME Close
edition of Platts Metals Daily, Platts Market Center, and Market Data.
These prices were administered by the London Metal Exchange since December 1, 2014.
Data
Vendors
Market
Analysis
31
In Depth
June 2015
Summary
Editorial
Finance
Power
Weather and
Emissions
ZEMA collects more than 100 ICE records. To learn more about how ZEMA can collect, aggregate, and analyze data, visit
www.ze.com/the-zema-solutions.
Finance
Softs and
Metals
ICE plans to launch Eris iTraxx Main and Eris iTraxx Crossover during the second half of 2015.
In December 2014, ICE entered into a multi-year license agreement with Eris to list futures
and options contracts based on the Eris Methodology patent-pending product design on the
ICE platform.
Coal
Eris interest rate futures contracts replicate all of the cash flows and economics of
comparable swaps traded in the over-the-counter market, including Price Alignment Interest
(PAI), which are incorporated into a single futures-style variation margin cash flow. Additional
contract features include capital, margin, and operational efficiencies of exchange-traded,
cash-settled futures contracts, without physical delivery risk at maturity.
Nat Gas
On June 29, 2015, the Intercontinental Exchange (ICE) launched Eris standard interest rate
futures contracts denominated in Euro (EUR) and Pound Sterling (GBP). The new contracts,
Eris Standard EUR Interest Rate futures and Eris Standard GBP Interest Rate futures, will trade
and clear at ICE Futures Europe and ICE Clear Europe. They are based on the product design
of Eris Exchange US dollar-denominated Eris Standard Swap future and Eris Flex Swap
future contracts.
Petroleum
Other
Data
Vendors
Market
Analysis
32
In Depth
June 2015
Power
Coal
Softs and
Metals
Nat Gas
With TRPS Plus in place, DataScope Select now covers more than 650 structured notes and
derivatives. Combined with the legacy-Pricing Partners financial library, TRPS Plus effectively
allows DataScope Select to deliver transparent pricing on all standard or non-standard
derivatives. Valuation and risk reports are delivered intra-day or end-of-day according to
customers requirements.
Petroleum
TRPS Plus is accessible via Thomson Reuters DataScope Select, the global data delivery
platform for non-streaming content. TRPS Plus is an addition to Thomson Reuters Pricing
Service (TRPS). Prices are delivered throughout the day or at market closing times around the
world depending on the asset class, with supporting commentary to provide insight on the
days events.
Finance
In Depth
33
Market
Analysis
ZEMA, ZEs best-in-class data management solution, collects more than 75 records from Thomson Reuters on a
daily basis. ZEMA can collect, display, and analyze data for market participants in any sector. For further information,
visit www.ze.com/the-zema-solutions.
Data
Vendors
Other
Investors will have access to more than 3,500 lines of live inventory and depth-of-market data
on Government of Canada and federal agency bonds, provincial bonds, municipal bonds,
corporate bonds, strip bonds, and money markets. Data is based on live executable offerings
(not indications of interest) from several of Canadas leading fixed income broker dealers and
includes historical reference data going back to 2002.
Weather and
Emissions
Real-time price and yield data from CBID is now available on Thomson Reuters Eikon, the
companys flagship financial markets desktop, providing investors around the world with
access to detailed information sourced from Canadas only live bond marketplace. Customers
can also access the market data via Elektron Real Time, a low-latency, consolidated real-time
feed that provides normalized, full-tick, depth-of-market data from exchanges around the
world in a format that can be integrated into proprietary and third party applications.
June 2015
Editorial
On June 23, 2015, Thomson Reuters announced the launch of Thomson Reuters
Pricing Service Plus (TRPS Plus), a new DataScope capability for structured notes and
hard-to-value over-the-counter (OTC) derivatives. TRPS Plus offers transparency into the
evaluated price, methodologies, and market data associated with the price. TRPS Plus also
provides risk analysis such as Value-at-Risk (VaR), Credit Valuation Adjustment (CVA)
and Greeks.
Summary
Finance
Summary
Editorial
Power
Finance
The graph below shows the historical trend of 10-year yields from selected Government of
Canada benchmark bonds. Data: ZEMA Bank of Canada Bond Yields Monthly report. To learn
more about ZEMAs robust analytical capabilities, book a complimentary ZEMA demo.
Petroleum
Nat Gas
Coal
Softs and
Metals
On May 28, 2015, Nasdaq announced that Global X Funds listed a new
exchange-traded fund (ETF), the Global X YieldCo Index ETF (YLCO).
Finance
YLCO seeks to provide investors with access to YieldCos, an emerging asset class of yield
vehicles that are structured to deliver stable and growing dividend income derived from a
portfolio of renewable energy assets. YieldCos looks for opportunities to add new operating
assets to their portfolios, which can help grow cash flows and distributions to shareholders
over time.
ZEMA lets users stay up to date on a wide range of financial developments. ZEMA enables users to easily
visualize data, news, and analytics in one screen, ensuring that users gain a global market snapshot. To learn more, visit
www.ze.com/the-zema-suite/dashboard.
Other
Weather and
Emissions
Market
Analysis
CAPX tracks the performance of the S&P 500 Capex Efficiency Index, which is designed to
provide exposure to the 100 constituents of the S&P 500 that have exhibited the strongest
capital discipline, in the form of efficient capital expenditures, over the near term. The index
focuses on capex efficiency, not just capex spending levels, providing exposure to stocks that
have maximized sales per unit of capital expenditures.
Data
Vendors
Effective May 27, 2015, Nasdaq announced that Elkhorn Investments listed
a new ETF, The Elkhorn S&P 500 Capital Expenditures ETF (CAPX).
34
In Depth
June 2015
Editorial
Power
Accessed via ICAP Global Brokings e-Commerce portal, the matching session takes place in
the hybrid environment supported by ICAP voice brokers.
Summary
As of June 11, 2015, ICAP Global Broking has launched its first matching session in
investment grade (IG) corporate Eurobonds, complementing ICAPs existing execution model
in this market.
Finance
Coal
The country indexes are composed of the 30 companies with the highest free float market
capitalization listed on the main markets of the respective country, with a free float higher
than 15% and a 12-month velocity score of 20 or more. The review of the composition and
a capping of 20% for individual companies will take place annually in October with quarterly
updates for the number of shares.
Nat Gas
Softs and
Metals
Finance
Weather and
Emissions
In order to be able to offer investors greater transparency into the price performance of an
index as well as the distributed dividends of the constituents, three different variants of the
country indexes will be published: a price return, a net return, and a gross return index. Price
return indexes do not take dividend payments into account, while gross return indexes include
the fully paid dividends. Net return indexes include the paid dividends minus the applicable
tax amount. Derivatives will be available on the price return variant of the Euronext Spain
Index and the Euronext Italy Index and on the gross return variant of the Euronext
Germany Index.
See the original announcement.
Other
ZEMA collects more than 25 NYSE Euronext data reports. This data can be viewed in conjunction with data from
many other financial, commodity, or industry sources. To learn more about ZEMAs analytical capabilities,
visit www.ze.com/the-zema-solutions/analytics.
Data
Vendors
June 2015
35
In Depth
ProShares is the worlds largest provider of geared ETFs. Geared ETFs are designed to offer
knowledgeable investors the opportunity to act on their views, whether its hedging
Market
Analysis
On June 23, 2015, Nasdaq announced that ProShares listed two new
exchange-traded funds (ETFs), UltraPro Nasdaq Biotechnology ETF (UBIO) and UltraPro Short
Nasdaq Biotechnology ETF (ZBIO). Both funds track the Nasdaq Biotechnology Index.
Editorial
Power
Summary
UBIO seeks to provide 3x and ZBIO seeks to provide -3x the daily performance of the Nasdaq
Biotechnology Index, before fees and expenses. The Nasdaq Biotechnology Index is a
modified capitalization weighted index that includes Nasdaq-listed companies classified as
either biotechnology or pharmaceutical.
Finance
against downturns with inverse ETFs or using a leveraged ETF to get magnified exposure
to a benchmark.
Petroleum
Clearing Code
435
LBA
435A
LBA
Nat Gas
Product Name
Softs and
Metals
The respective product rule chapters and terms and conditions contained in the Position Limit,
Position Accountability and Reportable Level Table located in the Interpretations and Special
Notices Section of Chapter 5 (Trading Qualifications and Practices) of the CME Rulebook were
removed from the Exchange Rulebook.
Coal
These contracts were listed for trading on the CME trading floor and CME Globex. There was no
open interest in these contracts.
Finance
Weather and
Emissions
The Venture is designed to support the internationalization of the Chinese currency; therefore,
products will be offered in Renminbi. The company will be named China Europe
International Exchange and will commence market operations in Q4 2015. The initial scope
of product development will cover cash market products for market launch.
Data
Vendors
Shanghai Stock Exchange and Deutsche Brse will each own 40% and China Financial
Futures Exchange the remaining 20% of the venture. The new company will be incorporated
in Germany.
Market
Analysis
Other
Effective May 27, 2015, Shanghai Stock Exchange (SSE), China Financial
Futures Exchange (CFFE), and Deutsche Brse agreed on a strategic cooperation to launch a
joint venture to develop and market financial instruments based on Chinese underlyings to
international investors outside mainland China.
36
In Depth
June 2015
Nat Gas
Coal
Softs and
Metals
Use of proceeds The proceeds raised should be used for projects and activities that
promote sustainability
Finance
Second opinion The issuer shall provide a second opinion provided by an experienced
external party
Bonds included in Nasdaq Stockholm Sustainable Bond List from the launch:
1 000 000 000
Vasakronan AB
VASA 446 GB
SE0005561701
SEK
Vasakronan AB
VASA 457 GB
SE0005798816
SEK
Vasakronan AB
VASA 458 GB
SE0005798824
SEK
Vasakronan AB
VASA 460 GB
SE0005932266
SEK
Vasakronan AB
VASA 469 GB
SE0006452553
SEK
Data
Vendors
SEK
Other
SE0005561693
Weather and
Emissions
VASA 445 GB
Petroleum
Issuers who want to list sustainable bonds at Nasdaq Stockholm need comply with Nasdaq
Stockholm Rule Book for Issuers. In addition to this, the following will be reviewed:
Vasakronan AB
Power
Nasdaq Stockholm cooperated with Sustainalytics to develop the criteria for Nasdaq
Stockholm Sustainable Bonds List in order to provide investors with a comprehensive view
of sustainable investment alternatives at Nasdaq Stockholm. Sustainalytics helps issuers
to develop green and other sustainability bond frameworks, and ensures bond proceeds are
allocated, managed, and reported in a transparent manner through its second opinions.
Editorial
Summary
Market
Analysis
37
In Depth
June 2015
Rikshem AB
RHEM 105
SE0005991510
SEK
Rikshem AB
RHEM 112
SE0006510186
SEK
Rikshem AB
RHEM 113
SE0006510681
SEK
Rikshem AB
RHEM 115
SE0007073895
SEK
Rikshem AB
RHEM 116
SE0007073903
SEK
Nat Gas
Effective June 8, 2015, the Chicago Mercantile Exchange (CME) delisted certain CME US and
European Monthly, Weekly, and Seasonal Strip Index Futures and Options contracts as set
forth below. There was no open interest in these contracts.
Petroleum
Power
SEK
Editorial
SE0006800975
Summary
VASA 475 GB
Vasakronan AB
CME Rulebook Chapter 405 CME Seasonal Strip Degree Days Index Futures
CME Rulebook Chapter 406 CME European HDD Index Futures
Softs and
Metals
CME Rulebook Chapter 407 CME European Seasonal Strip HDD Index Futures
CME Rulebook Chapter 408 CME European CAT Index Futures
CME Rulebook Chapter 409 CME European Seasonal CAT Strip Index Futures
CME Rulebook Chapter 424A Options on CME Weekly Average Temperature Index Futures
Other
Weather and
Emissions
The product rule chapters and terms and conditions contained in the Position Limit, Position
Accountability, and Reportable Level Table located in the Interpretations and Special
Notices Section of Chapter 5 (Trading Qualifications and Practices) of the CME Rulebook were
removed from the Exchange Rulebook. The CME Rulebook chapters are provided in
Exhibit 2 in blackline format.
Finance
CME Rulebook Chapter 424 CME Weekly Average Temperature Index Futures
Data
Vendors
Market
Analysis
38
In Depth
June 2015
Summary
Other
Editorial
Power
Petroleum
Nat Gas
Coal
Softs and
Metals
Other
Data
Vendors
Market
Analysis
39
In Depth
Effective June 4, 2015, Thomson Reuters announced that it is extending the services it
provides within the Chicago Mercantile Exchanges (CMEs) co-location facility located in
Aurora, Illinois, to include managed real-time data feeds and its low-latency news service,
June 2015
Weather and
Emissions
Digital publishers can now download and use a limited set of free, ready-to-publish Reuters
news items per month including text, pictures, video and multimedia packages. This content
covers world news, finance, business, sports, health, entertainment, politics, and more. The
move will also allow users to search and view content without registration, requiring a log-in to
download content from the Media Express site.
Finance
On June 9, 2015, Reuters announced that for the first time, it will offer a portion
of Reuters multimedia news content for free to digital publishers through its publisher
platform, Reuters Media Express. As the media industry navigates the unprecedented shift to
digital publishing and online news consumption, Reuters is endeavoring to help publishers
and expose more readers to its news content. This move marks the first time that Reuters has
offered its content free-of-charge to publishers at this scale.
Editorial
The customers located in CMEs Aurora facility need access to cross-asset data and news to
assist in making trading decisions. Thomson Reuters will now provide these services through
Elektron Managed Services within the Aurora facility.
Power
Through this service, customers who have their trading applications in CME Groups Aurora
facility will be able to access Thomson Reuters Elektron Real Time consolidated market data
feed and the low-latency News Feed Direct service via a simple cross-connect.
See the original announcement.
Nat Gas
Petroleum
ZEMA collects more than 4,000 regular data reports from over 400 sources. To learn how ZEMA users can utilize this data
to create sophisticated analyses and forward curves, book a free ZEMA demo at www.ze.com/book-a-demo.
As of June 1, 2015, Thomson Reuters has extended the analytics offered through its
MarketPsych Indices to include individual companies, alongside the indexes for countries,
currencies, commodities, and industries already available.
Softs and
Metals
Finance
Drawing from a pool of 40,000 primary global news sources and 7,000 social media sites,
and covering historical media from 1998 to the present, Thomson Reuters MarketPsych
Indices deliver real-time streaming, multi-dimensional sentiment data on more than
7,500 companies, over 180 countries and currencies, as well as other asset classes.
Coal
First launched in 2012, Thomson Reuters developed its MarketPsych Indices in conjunction
with MarketPsych LLC, a consultancy specializing in quantitative behavioral economics. The
indexes provide real-time linguistic and psychological analysis of news and social media,
converting qualitative indicators such as fear, performance forecasts, and trust in
management into quantitative, actionable insight. The indexes announced on June 1 cover
over 7,500 global companies.
Weather and
Emissions
40
In Depth
ZEMA, ZEs enterprise data management solution, contains advanced display functionalities which enable users to easily
align news updates from organizations such as NASDAQ OMX and OTC Markets next to market data, giving users
an enhanced market perspective. For more information, visit www.ze.com/the-zema-suite/dashboard.
Market
Analysis
Data
Vendors
Other
June 2015
Summary
Other
providing customers with high-performance content while lowering the cost of ownership.
Editorial
Power
Petroleum
Nat Gas
Coal
Softs and
Metals
Since the last issue of DataWatch, ZE has added numerous data reports, including reports
published by 3TIER, AESO, ASX Energy, ATCO Gas, Amerex, BM&FBOVESPA, Cargill, EOX Live,
Foreign Exchange, NEISO, Netztransparenz.de, SENER, TransAlta, and UGS. The 14 added
NEISO reports cover demand response settlement data. The nine Netztransparenz.de reports
cover electricity data on 15-minute auction market volume, balancing energy, intraday market
volume, wind and solar energy forecasts, and more. Six SENER reports provide data on crude
oil exports by country; crude oil and NGL processing by refinery; and petroleum products
exports, imports, sales, and production. These reports, along with other expansions of ZEs
data collection within the last month, have been implemented in response to a need for
greater data coverage in strategic areas of electricity, oil, natural gas, wind, and water.
Summary
For 20 years, ZE PowerGroup Inc. (ZE) has consistently kept up to date on the latest in energy
and commodity data changes. ZE collects data spanning oil, natural gas, electricity, weather,
agriculture, emissions, and finance. ZE then provides its clients with access to both public
(free subscription) and private data reports, including reports that are collected based on
clients specific needs.
In Depth
41
Market
Analysis
June 2015
Data
Vendors
Selected Argus Spot Ticker Benchmark Data is available through ZEMA including refined
product price and differential values for the 8:00 a.m. (Open), 1:30, 2:30, 4:00 p.m. (Close)
CST time-stamped benchmarks. Values are made available three times a day immediately
following the publishing of the 1:30, 2:30, and 4:00 p.m. benchmarks, along with a low and
high price at 4:00 p.m. representing values achieved during the eight hour market period.
Other
June 1, 2015 - Argus is pleased to announce the addition of select data from the recently
developed Argus Spot Ticker. This service targets the needs of the downstream fuels sector by
providing pricing transparency to US gasoline, diesel, heating oil, ethanol, and RINs markets.
The Argus Spot Ticker displays prices that are an assessment of the transactable value at
regular intervals and specific moments in time, starting with the market open and ending with
the market close.
Petroleum
Nat Gas
Finance
Weather and
Emissions
With this step, EEX Group contributes to transparency of the energy wholesale market while
keeping complexity low. Gaspoint Nordic and Powernext will use the RRM of EEX which
facilitates reporting for market participants.
Softs and
Metals
From October 7 onwards, all orders submitted to and transactions concluded on an Organized
Market Place such as the exchanges of EEX Group will have to be reported to ACER. EEX, EPEX
SPOT, Gaspoint Nordic and Powernext all members of EEX Group will support trading
participants in fulfilling these obligations by providing data reporting services.
Coal
Leipzig / Paris / Copenhagen, June 4, 2015. European Energy Exchange (EEX) and EPEX
SPOT have been approved as pre-registered reporting mechanisms (RRMs) by the Agency for
the Cooperation of Energy Regulators (ACER). The authorization as an RRM is a prerequisite
for offering data reporting services in the context of the Regulation on Market Integrity and
Transparency (REMIT). ACER published the list of RRMs on June 3, 2015.
Other
About EEX
The European Energy Exchange (EEX) is the leading energy exchange in Europe. It develops,
operates and connects secure, liquid and transparent markets for energy and commodities
products. At EEX, contracts on Power, Coal and Emission Allowances as well as Freight and
Agricultural Products are traded or registered for clearing. Alongside EEX, EPEX SPOT
(incl. APX-Belpex), Powernext, Cleartrade Exchange (CLTX) and Gaspoint Nordic are also part
of EEX Group. Clearing and settlement of trading transactions are provided by the clearing
house European Commodity Clearing (ECC). For more information: www.eex.com
Data
Vendors
In Depth
42
Market
Analysis
Power
To learn more about this service, please contact your Argus Media representative at
ArgusSpotTicker@argusmedia.com.
Editorial
Summary
The Argus Spot Ticker is a companion service to Argus US Products, a daily service on refined
products markets. The fuel grades displayed in Argus Spot Ticker are also assessed in Argus
US Products; however, the services use different methodologies and therefore produce
different prices.
Summary
Editorial
Power
Petroleum
Nat Gas
Coal
Hungarian Power Exchange HUPX and coupling services for 4M Market Coupling on behalf of
the Slovakian, Hungarian and Romanian Power Exchanges. Since 4 May 2015, EPEX SPOT
has become 100% owner of APX Group including Belpex. APX operates the power spot
markets for the Netherlands, the United Kingdom and Belgium. EPEX SPOT is a European
company (Societas Europaea) based in Paris with branches in Leipzig, Vienna and Bern, as
well as offices in Amsterdam, London and Brussels. 275 companies are active on EPEX SPOT
and APX. 382 TWh were traded on EPEX SPOTs markets in 2014, and 92 TWh on APX. For
more information: www.epexspot.com
Softs and
Metals
Finance
About Powernext
Powernext is a regulated market operating under AMF supervision. Powernext manages the
natural gas activities of the EEX Group under the PEGAS brand throughout Europe, and
operates the National Registry for electricity guarantees of origin in France. Powernext
owns 40.3% in EPEX SPOT and 20% in EEX Power Derivatives. For more information:
www.powernext.com
Weather and
Emissions
Other
Data
Vendors
Market
Analysis
43
In Depth
June 2015
Editorial
Power
Petroleum
Nat Gas
Following the completion of the design phase, the development of the XBID solution will
commence with immediate effect. It is due to be completed by spring 2016 and will be
followed by a period of testing. Delivery of the solution into the market is expected in 2017.
Summary
June 9, 2015. The European Power Exchanges (PXs) APX, Belpex, EPEX SPOT, GME, Nord Pool
Spot, and OMIE are pleased to announce that they have signed, with the support of
15 Transmission System Operators (TSOs), a contract with Deutsche Brse AG for the
development of the European Cross-Border Intraday Solution (XBID Solution). This marks a
key milestone for the project.
Power Exchanges Sign Contract with Deutsche Brse for Delivery of the
European Cross-Border Intraday Solution
Weather and
Emissions
Other
Jean Verseille, Director European Affairs, RTE, and Co-Chair of the XBID Market Project
Intraday Steering Committee, said: This is a key milestone in a complex project and reflects
the intensive efforts and collaboration of the PXs and TSOs. Deutsche Brse AG is a renowned
provider of trading solutions and we are looking forward to the delivery of a high quality product.
Finance
This XBID solution will be based on a common IT system, to be developed by Deutsche Brse
AG, linking the local trading systems operated by the PXs, as well as the available
cross-border transmission capacities provided by the TSOs. Orders entered by market
participants in one bidding zone can be matched, in continuous trading, with orders similarly
submitted by market participants in any other bidding zones covered by the XBID solution,
provided there is cross-border capacity available.
Softs and
Metals
The PXs and TSOs are working closely together to respond to this need by delivering a
transparent and efficient continuous cross-border intraday trading environment. In doing so,
the XBID solution will create a single integrated European intraday market.
Coal
After the successful coupling of European day-ahead markets, the single EU-wide intraday
coupling is a key component for completing the European Internal Energy Market. With the
rising share of intermittent generation in the European generation mix, connecting intraday
markets through cross-border trading is an increasingly important tool for market participants
to keep their trading positions balanced.
Mikael Lundin, CEO of Nord Pool Spot, and Co-Chair of the project with Jean Verseille added:
Without doubt this is a very challenging project and reaching this milestone is a significant step.
The assurance that the regulators have given us provides a foundation for moving forward.
Data
Vendors
The creation of a single integrated intraday market for energy is a crucial step towards a more
efficient, sustainable use of available capacities across Europe, commented Hauke Stars,
Executive Board Member of Deutsche Brse responsible for the Information Technology and
Market
Analysis
44
In Depth
June 2015
Coal
Softs and
Metals
Finance
Weather and
Emissions
Other
Data
Vendors
Market
Analysis
In Depth
45
Nat Gas
June 2015
Petroleum
About OMIE
OMI, polo espaol S.A. (OMIE) is a Spanish company created with the purpose of managing
markets in underlying energy assets. As its main function, OMIE is responsible for the
management of the Iberian spot electricity markets, running every day the day-Ahead Market
and six intraday markets encompassing all Iberian energy. In 2014, over 830 agents from
several countries executed through OMIE 13.9 million transactions representing an energy
traded volume of 259 TWh, of which 35 TWh were traded in the intraday markets; this volume
amounted to more than 10.9 billion. In addition to this principal function, OMIE is
responsible for the management of several energy-related product auctions.
Power
Editorial
About GME
Gestore dei Mercati Energetici S.p.A. GME is the company which organizes and manages
the wholesale electricity market in Italy under principles of neutrality, transparency, objectivity
and competition. Moreover, GME is directly committed to supporting the implementation of
environmental protection policies, by organizing and managing Environmental Markets. Law
no. 99 of 23 July 2009 also assigned GME, on an exclusive basis, with the organization and
economic management of natural-gas markets, which consist of the Platform for the trading of
natural gas (P-GAS), the Spot Gas Market (M-GAS) and the Gas Balancing Platform (PB-GAS),
as well as of forward physical natural-gas markets. Finally, GME was also entrusted with the
organization of a market of mineral-oil logistic services, the collection of storage capacity data
and the organization of a wholesale market of liquid oil products for the transport sector.
Summary
Market Data + Services division. Our stable and reliable technology is a solid foundation for
the European Cross-Border Intraday Solution.
Power
Petroleum
Nat Gas
www.apxgroup.com
www.belpex.be
www.epexspot.com
www.mercatoelettrico.org
www.nordpoolspot.com
www.omie.es
Editorial
To find out more about the European Cross-Border Intraday Solution, visit the following websites:
Summary
The Transmission System Operators involved in the project are: 50Hertz, Amprion, Austrian
Power Grid, BritNed Development Limited, Creos, Elia, Energinet.dk, Fingrid, National Grid
Interconnectors, RTE, Statnett, Svenska kraftnt, Swissgrid, TenneT TSO B.V. (Netherlands),
TenneT TSO GmbH (Germany) and TransnetBW
Coal
Softs and
Metals
Finance
Weather and
Emissions
Leipzig / Paris, June 11, 2015 At its constituent meeting in Leipzig, the Members of the
Exchange Council of EPEX SPOT elected Peter Heydecker as their Chairman. They also
designated Dr. Michael Redanz from MVV Trading, Mr Andrea Siri from Edison Trading, and
Dr. Bernhard Walter from EnBW Trading as Vice-Chairmen of the Exchange Council. The
Council also appointed the following permanent guests: Mr. Thorsten Dietz from
Tennet TSO GmbH, Mr. Manfred Pils from APG, Mr. Stefan Sewckow from Trianel GmbH, and
Mr. Jan Horst Keppler from Universit Paris-Dauphine as academic counsel.
Other
We are facing challenging developments in the electricity trading sector such as the creation
of the pan-European power market and the increasing importance of Intraday power trading,
says Peter Heydecker, who has already been Exchange Council Chairman during the last term.
I am very happy to further accompany these evolutions.
Data
Vendors
Moreover, the Exchange Council approved the launch of an organized market for trading of
capacity guarantees in France. This market is based on the capacity mechanism introduced
by the French Ministry of Ecology, Sustainable Development and Energy and the French
Market
Analysis
46
In Depth
June 2015
Editorial
Power
Petroleum
An organized market with a reliable price reference is crucial for a decentralized capacity
mechanism, says Jean-Franois Conil-Lacoste, Chairman of the Management Board of EPEX
SPOT. Its design takes into account the particular needs of the French power system while
ever looking for strengthening the European energy-only market. We are looking forward to
organizing this new segment.
Summary
The development of an organized secondary market for capacity guarantees will help
suppliers to fulfil their obligations and capacity owners to value their capacities. It also
provides a transparent and reliable price reference for capacity guarantees. The market will be
organized through several auctions per year, with trading of standardized guarantees for future
winter periods. The capacity market is scheduled to be launched end of 2015.
electricity grid operator RTE. The capacity mechanism was set up in order to ensure security
of supply in France, which might be challenged by a combination of fast increasing peakload
and low profitability for capacity owners.
Nat Gas
The second Exchange Council meeting in 2015 was held on June 10 and was chaired by
Peter Heydecker, Head of European Power at Vitol.
Softs and
Metals
Finance
Weather and
Emissions
The European Power Exchange EPEX SPOT SE operates the short-term electricity markets for
Germany, France, Austria and Switzerland. EPEX SPOT owns 100% of APX Group (including
Belpex), operator of the short-term electricity markets for the Netherlands, the
United Kingdom and Belgium. Striving for the creation of a European single market for
electricity, EPEX SPOT shares its expertise with partners across the continent and beyond.
EPEX SPOT is a European company (Societas Europaea) in corporate structure and staff,
based in Paris with offices in Amsterdam, Bern, Brussels, Leipzig, London and Vienna.
275 companies trade over 450 TWh of electricity on EPEX SPOT and APX every year
one third of its countries electricity consumption. EPEX SPOT is held by EEX Group, part of
Deutsche Brse, and European electricity transmission system operators. For more
information: www.epexspot.com
Coal
The Exchange Council of EPEX SPOT is an official body of the Exchange. 22 members and
4 permanent guests represent adequately the diversity of economic and corporate profiles
that exists among the Exchange Members from various sectors: producers, power trading
companies, transmission system operators, regional suppliers and financial service providers,
as well as commercial consumers and academics. Its missions include in particular the
adoption of the Exchange Rules and the Code of Conduct of EPEX SPOT and their
amendments. The Exchange Council approves new trading systems as well as new contracts
or market areas and approves the appointment of the Head of the Market Surveillance Office.
It meets up quarterly.
Other
Data
Vendors
Market
Analysis
47
In Depth
June 2015
Power
Petroleum
Nat Gas
Coal
Softs and
Metals
Weather and
Emissions
Other
The geographic positioning of Serbia in the region is ideal for launching an organized power
market providing a reliable price signal, adds Jean-Franois Conil-Lacoste, Chairman of the
Management Board of EPEX SPOT. SEEPEX is able to serve as an example for other markets
in the SEE region. Market rules and the membership package will be disclosed during July.
Member tests will start in September 2015. Future members will receive regular updates on
the projects progress.
Finance
SEEPEX will foster the development of a competitive, transparent and reliable electricity
market for Serbia and South Eastern Europe, boosting electricity trading in the entire region.
SEEPEX will be the cornerstone for power trading in the Balkans, says Nikola Petrovi, EMS
General Manager. Its mixture of local roots and European DNA is essential for success.
Market
Analysis
In Depth
48
Data
Vendors
The Elektromrea Srbije (EMS) is a public company fully owned by the Republic of Serbia,
established under Serbian law in 2005. EMS as the Serbian Transmission System Operator is
entitled by the Serbian Energy Law to operate and develop the Serbian transmission network,
as well as to establish the Market Operator in charge of the Serbian organized power market.
As a full member of the European Network of Transmission System Operators for Electricity
(ENTSO-E), EMS is fully committed to the facilitation of the Serbian national power market, as
well as its future integration within the regional and internal pan-European power market. For
more information: www.ems.rs
June 2015
Editorial
SEEPEX is a joint venture between Elektromrea Srbije (EMS), the Serbian transmission
system operator, and the European Power Exchange EPEX SPOT. The operations of SEEPEX
will rely on the trading system ETS, used by EPEX SPOT for operating its own markets.
Clearing and settlement shall be performed by the clearing house European Commodity
Clearing (ECC). SEEPEX members will thus benefit from high-level standards both in terms of
trading and clearing services. This also allows for an efficient and fast adherence to existing
market coupling initiatives such as the 4M Market Coupling or the Multi-Regional Coupling,
stretching already across countries covering 85% of European electricity consumption.
Summary
Belgrade / Paris, June, 24 2015. The project partners of the South Eastern European Power
Exchange (SEEPEX) target the launch of the Serbian day-ahead market by end of November
2015, subject to successful member testing and regulatory approval. This was announced
during a workshop with future members held on June, 24 2015, where Serbian, regional and
European electricity market participants underlined their interest in joining an organized
market in Serbia. SEEPEX will be a major step in the creation of a regional power trading
solution for South Eastern Europe (SEE) and is highly anticipated by the electricity
market community.
Summary
Editorial
Power
Petroleum
The European Power Exchange EPEX SPOT SE operates the short-term electricity markets for
Germany, France, Austria and Switzerland. EPEX SPOT owns 100% of APX Group (including
Belpex), operator of the short-term electricity markets for the Netherlands, the
United Kingdom and Belgium. Striving for the creation of a European single market for
electricity, EPEX SPOT shares its expertise with partners across the continent and beyond.
EPEX SPOT is a European company (Societas Europaea) in corporate structure and staff,
based in Paris with offices in Amsterdam, Bern, Brussels, Leipzig, London and Vienna.
275 companies trade over 450 TWh of electricity on EPEX SPOT and APX every year
one third of its countries electricity consumption. EPEX SPOT is held by EEX Group, part of
Deutsche Brse, and European electricity transmission system operators. For more
information: www.epexspot.com
Nat Gas
Coal
The India GHG Reporting Company Database provides CO2 emissions data as well as power
capacity and generation information on around 450 Indian power plants.
Net Power Generation
(GWh) from 2008
CO2 emissions from 2008
Emissions factor
(tCO2/MWh) from 2008
Other
Weather and
Emissions
Sector (State,
Private, etc...)
Type
Fuel 1
Fuel 2
Finance
Database contents:
Power plant name
Company name
Power capacity (MW)
Region
State
Softs and
Metals
June 3, 2015 - Carbon Market Data is happy to announce the launch of the India Greenhouse
Gas Reporting Company Database.
Data
Vendors
Market
Analysis
49
In Depth
June 2015
Nat Gas
Coal
Softs and
Metals
Finance
The Brent-WTI spread (represented by the purple area in the graph above) averaged
4 USD/Bbl this month, which was 2 USD/Bbl below the last 12-month average of 6 USD/Bbl.
Petroleum
Brent, on the other hand, traded 3% lower this month with prices settling at 64 USD/Bbl,
down 3% from May, as rising OPEC supplies are reducing Brent prices, counteracting the
effects of geopolitical flare-ups in the Middle East. (Reuters) The past 12-month averages for
WTI and Brent are 72 USD/Bbl and 78 USD/Bbl, respectively.
Power
According to data from NYMEX, crude oil prices for NYMEX prompt-month contracts for Brent
and WTI moved in separate directions during June 2015, with WTI moving up while Brent
sliding down. The prompt-month contract for Texas light sweet increased by 1.6% from the
previous month to 60 USD/Bbl as US stocks fell for the eighth straight week and a supply glut
continued to accumulate in Europe and West Africa.
Editorial
Summary
Weather and
Emissions
Other
Data
Vendors
Market
Analysis
50
In Depth
June 2015
Nat Gas
Coal
Softs and
Metals
Oil futures took a hit this month, resulting in a loss. The further increase in Saudi crude output,
concerns about energy demand on the heels of Greeces ongoing debt crisis, and monitored
negotiations over Irans nuclear program are all contributing factors in the price decline.
Petroleum
For the third month in a row, the Brent-WTI spread, on the other hand, averaged at 3 USD/Bbl
(the purple area) for the next 24 months.
Power
On NYMEX, futures contracts for crude oil benchmarks continued to decline in June 2015. This
month, the NYMEX Brent forward curve for delivery by the end of June 2017 (represented by
the blue line in the graph above) slightly decreased by 12 USD/Bbl to settle at 54 USD/Bbl
compared to the results of trades in May. Texas Light Sweet in June (the red line in the graph
above) averaged at 51 USD/Bbl, a drop of 9 USD/Bbl for the same delivery period.
Editorial
Summary
Finance
Weather and
Emissions
Other
Data
Vendors
Market
Analysis
51
In Depth
June 2015
Power
Petroleum
Nat Gas
On the New York Mercantile Exchange (NYMEX), prices at Henry Hub, Transco Zone 6, and
Chicago remained relatively constant at just below 3 USD/MMBtu throughout the first three
weeks of June 2015. PG&E, on the other hand, floated above the 3 USD/MMBtu mark with
prices ranging from 3.14 USD/MMBtu on June 1, 2015, to 3.36 USD/MMBtu on
June 10, and settling at 3.20 USD/MMBtu on June 22. Prices at Transco Zone 6
followed a similar trend, beginning the month at 2.17 USD/MMBtu before dropping to
1.90 USD/MMBtu on June 5, and increasing to 2.39 USD/MMBtu on June 10, before
settling at 2.15 USD/MMBtu over the course the last four days of June 2015 as
temperatures increased.
Editorial
Summary
Coal
Softs and
Metals
Finance
When compared to the first 22 days of May 2015, the average prices fell. Prices decreased
from 2.88 USD/MMBtu in New Yorks Transco Zone 6 to 2.76 USD/MMBtu, from
2.81 USD/MMBtu in Chicago to 2.66 USD/MMBtu, from 2.88 USD/MMBtu in Henry Hub to
2.76 USD/MMBtu, and from 3.37USD/MMBtu in Californias PG&E Citygate to
3.23 USD/MMBtu. Comparing June 2015 prices to the same period last year, monthly
average gas prices decreased in New Yorks Z6, Chicago Citygates, Henry Hub, and PG&E by
41%, 41%, 40%, and 37%, respectively.
Weather and
Emissions
Other
Data
Vendors
Market
Analysis
52
In Depth
June 2015
Petroleum
Nat Gas
Coal
Softs and
Metals
Natural gas for July delivery rose by 2% to settle at 3.02 USD/MMbtu on NYMEX as the
outlook for cooling demand in July approaches. For the next 12 months, Henry Hub natural
gas futures in June 2016 had an average price of 3.22 USD/MMbtu.
Power
On NYMEX, natural gas futures available for trade in the next 12 months at Henry Hub slightly
increased in June 2015; the whole curve has moved up. Although natural gas futures on
NYMEX increased by 2% in June 2015 when compared to the previous month, the spread
between current and previous month contracts (represented above by the red bar) was
almost negligible.
Editorial
Summary
Finance
Weather and
Emissions
Other
Data
Vendors
Market
Analysis
53
In Depth
June 2015
Petroleum
Nat Gas
From May 2015 to the third week of June 2015, the temperature increased in all observed
North American cities as we move into the middle of summer. The monthly average
temperature rose in Chicago by 5 degrees to 20 Celsius (C), in San Antonio by 4 degrees to
29C, in New York City by 1 degree to 22C, and in San Diego by 1 degree to 19C.
Power
Editorial
Summary
Softs and
Metals
Finance
In June 2015, the city of Chicago experienced the largest fluctuations among all observed
cities, as the city reached 26C on June 10. The city felt cooler as temperatures dropped to
17C on June 17, settling at 27C for the last day of observation. This years June did not end up
deviating from the normal seasonal pattern for this time of year, based on the two-year
average and a comparison with the previous month.
Coal
In June 2015, the two-year average in all observed cities was slightly varied. When comparing
the past two-year average of June temperatures to June 2015 temperatures, this years June
was warmer in Chicago and San Antonio by 1C. New York felt 1C cooler this June compared to
the past two-year average.
Weather and
Emissions
Other
54
In Depth
June 2015
Market
Analysis
Petroleum
Nat Gas
Coal
Prices at PJM and NYISO both followed a similar downward trend this month. Prices at PJM
APS Zone and NYISO Zone A began the month at 44 and 41 USD/MWh respectively, before
dropping to 40 and 36 USD/MWh on June 16, ending the observation period at 39 and
34 USD/MWh, respectively.
Power
On the ICE, June 2015 day-ahead peak electricity prices in CAISO, represented by SP15, and
ERCOT, represented by North 345kV, began to increase as of June 4, 2015. CAISO SP15
prices rose from 32 USD/MWh on June 4 to 42 USD/MWh on June 16, before settling at
45 USD/MWh on June 22.
Editorial
Summary
Softs and
Metals
ERCOT prices remained relatively flat throughout the first three weeks of the June, averaging at
28 USD/MWh.
Finance
Weather and
Emissions
Other
Data
Vendors
Market
Analysis
55
In Depth
June 2015
Nat Gas
Coal
Softs and
Metals
Petroleum
Although gold prices have been hovering between 1,167 USD/Toz and 1,227 USD/Toz per
ounce for several months, it could be set to climb as investors look to mitigate risks as Greece
edges towards default.
Power
On CME, gold prices fell during the last week of May 2015 and throughout the month of June.
Gold prices began the month of June at 1,194 USD/Toz before falling by 27 USD/Toz, then
bottoming out at 1,167 USD/Toz on June 5.
Editorial
Summary
Finance
Weather and
Emissions
Other
Data
Vendors
Market
Analysis
56
In Depth
June 2015
Power
Petroleum
Nat Gas
On CME, wheat futures available for trade in the next 12 months jumped in June 2015. The
price of wheat increased by 14% for trade in July 2015 when compared to the previous month
due to wet weather that has been delaying the harvest in key US growing areas.
Editorial
Summary
Coal
Softs and
Metals
Finance
Weather and
Emissions
Other
Data
Vendors
Market
Analysis
57
In Depth
June 2015
Summary
Editorial
In Depth
Power
Tesla
and the Shift
in Power:
Petroleum
In
Depth
Nat Gas
Part 2
How Powerpack and
Powerwall batteries
will amplify the need for
data management
Coal
Softs and
Metals
Finance
By Jay Jameson
ZE PowerGroup Inc.
jay.jameson@ze.com
Weather and
Emissions
Market
Analysis
In Depth
58
Data
Vendors
June 2015
Other
Alongside hyperloops, rockets, and luxury electric vehicles, the Tesla Powerwall battery
isnt exactly the most sensational technology for which Elon Musk, CEO of Tesla Motors and
SpaceX, has made headline news recently. Nonetheless, Powerwall has the potential to
become Musks most revolutionary endeavor in the long run. Certainly, there are many who
herald this technology as the solution to global warming and one of the biggest breakthroughs
of the 21st century. On the other side of the spectrum, there is no shortage of critics who
discount Powerwall as an impractical and uneconomical novelty destined for failure. As usual,
the truth probably lies somewhere in the middle, and only time will resolve these disputes. For
now, the best we can do is play the odds and speculate on the likely implications distributed
power storage might have on the energy landscape of tomorrow.
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As well, while the bulk of Teslas marketing efforts seem to be directed toward residential
customers, perhaps the greatest potential for these batteries resides in their scalability for
commercial and industrial applications. Individual Powerwall units can be combined into
Powerpacks, which provide 100 kW/h of storage each. Because Powerpacks can scale
infinitely, they are capable of providing megawatt- and even gigawatt-class energy storage.
Businesses and industries could use Powerpacks for load shifting or even to participate in
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Power
The functional possibilities of Tesla batteries go well beyond being an accessory to solar
panels. For residential users, Powerwall batteries not only store and discharge renewable
energy and serve as power backups during outages, but they can also help reduce energy
bills by charging during off-peak hours and providing power to homes during peak hours. Of
course, there is a great deal of skepticism about how financially beneficial this might actually
be, especially considering the approximate 5,000 USD cost of purchasing and installing a
single 10 kW/h Powerwall unit. But the fact remains that Powerwall is a smart technology
managed by external software that can give individual homes and businesses the ability to
smooth out power rates on their own behalf. This feature alone has the potential to upset the
predictive models of utility companies in a significant way.
Editorial
Summary
In the decades ahead, it seems unlikely that the world will transition totally and
seamlessly to solar energy, despite what Elon Musk might contend. Instead, we will likely
move into an increasingly decentralized model where conventional utility companies need to
respond to shifting markets, embrace smart grid technologies, and increase their data
management capacities. But before we examine some of the potential challenges, let us
revisit two of the frequently overlooked technical features of the Powerwall battery and the
source of its disruptive potential.
In Depth
In last months article I looked at some of the financial considerations regarding the consumer
side of this new technology; now I shift my focus to what could happen on the other side of the
meter what could become of utility companies if independent power storage solutions are
popularized. In all likelihood, this would disrupt how power companies do business, though
perhaps not in the ways one might expect. The crisis faced by utilities in this scenario is not
merely less demand, but less predictable demand, which could be equally as great a
challenge to sustaining profitability.
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One nascent example of Teslas commercial and industrial application is EnerNOCs recent
announcement that it will be deploying Tesla batteries at select customer sites throughout
California. EnerNOC, a large provider of energy software and demand response for
businesses, industries, and utilities, will be deploying Teslas 100 kW/h Powerpacks to a yet
undisclosed number of sites. While EnerNOC CEO Tim Healy stated that the company isnt
expecting a sizable savings from the Tesla implementation this year, he did say that this
could be a sizable channel to market in the coming years.1
In Depth
grid markets as a revenue stream. For large-scale enterprises that closely monitor their energy
consumption and constantly seek out ways to improve operating efficiencies, Powerpacks
ability to smooth out load and energy costs over the course a day or even seasonally may
become very appealing, especially when coupled with intermittent renewable generation
technologies like solar and wind.
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Indeed, independent storage could soon become a sweeping trend in the emerging energy
landscape for residential, commercial, and industrial uses. How this will affect the energy
industry itself is something that warrants serious consideration.
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Less demand is a reality that areas of the energy industry have already begun to grapple with.
The ZEMA graph below shows weather adjusted load for CAISO from May 2009 to May 2015.
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In the event of widespread, decentralized energy production and storage, two trends could
emerge: less demand and less predictable demand. Beginning with the former, a large-scale
adoption of independent batteries (especially if coupled with renewable technologies) could
result in a significant decrease in demand. If demand declines sharply, the grid would be
underutilized but require the same amount of capital to maintain it. Energy utilities have a
mandate to maintain the grid and to store adequate operating reserves at all times,
regardless of how heavily they are utilized. But these expenses become difficult to support
if revenues diminish in the shift toward greater decentralization. As well, less demand could
lead to a surplus in power on the grid power that may have to be discharged arbitrarily in
order to stabilize the grid.
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Editorial
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Power
Here, we can see a red downward trending line showing how weather has impacted
load from a solar standpoint. Over this timespan, the graph shows that total system load has
decreased by roughly 12% after taking weather into account. The incremental decrease of
load due to off-grid solar generation is also highlighted in green. One could interpret the
decline in total system load as off-grid solar generation working to recoup a portion of that
load. The influx of affordable storage technologies could act as a tipping point that
accelerates this trend even more.
Graph created with ZEMA
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As if that werent enough, utilities could be forced to expand their existing infrastructure in the
midst of this potential chaos. Even if their demand is diminished, residences and businesses
with batteries and/or renewables still need to be tied into the grid. To effectively service these
sites, utility companies would need to bypass traditional distribution infrastructure and
connect directly to individual residences and businesses. This essentially means developing
microgrid systems in which individual houses have bi-directional inverters and smart meters.
At present, it is unclear where the capital would come from in order to expand this
infrastructure. In other words, there is no regulatory basis in place to say if utilities, home
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The second trend in this scenario, the unpredictability of demand, presents an even greater
complication for utility companies. If independent storage catches on, every site with its own
battery could be an unknown, unpredictable variable for the utility company that manages
it. Presently, utility companies carefully manage the current load and projected demand of
their markets. As independent batteries begin trickling into households and businesses, utility
companies will have a much harder time budgeting power and ensuring adequate demand
response. The conversion of households and businesses into two-way energy consumers/
producers with their own storage capacities could undermine utility companies data and
disrupt their forecasting models. A prevalence of independent batteries would produce a huge
amount of important data that could be out of reach for utility companies. This data would be
collected by private tech companies (like Tesla or EnerNOC); but, unless utilities broker a deal
with these companies, they may be left in the dark, missing out on vital data concerning their
clients energy needs and habits. This could present serious challenges to effectively
managing power supply.
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In a best-case scenario, this is a win-win solution Tesla gets to sell large-scale battery
systems to utilities, and utilities can take advantage of the same technology that is helping
residences and businesses save money and manage loads. However, it is too soon to say if
Teslas large-scale battery systems are an economical and satisfactory solution to utilities
looming complications.
Editorial
Intelligently, Tesla seems to be selling a solution for the crisis it is helping create, as it has
designed the Powerpack product to serve utilities. Because Tesla batteries can scale infinitely,
they are being marketed to utility companies to assist with load shifting, system firming, and
maintaining operating reserves. This ostensibly means that the unpredictable imbalances
caused by renewables could be offset by adding stored energy to the system during times of
unexpectedly high demand and storing surplus energy when demand is unexpectedly low.
Summary
In Depth
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Figure 2 - Artists rendering of a utility-scale Tesla Powerpack system composed of multiple 100 kW/h
battery blocks (Source: Tesla Motors)
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Again, it is too early to say with any certainty what effect the introduction of independent batteries will have on power markets in general. However, it is possible that independent storage
could end up inflating costs for power consumers who do not have a home battery. Due to
the aforementioned infrastructure upgrades potentially needed to the grid, coupled with the
possibility of less revenue, utility companies might need to increase rates to remain viable
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Consumers Backlash
Summary
Editorial
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If the scales tip, and if off-grid solutions become the most economical choice for consumers,
it could result in a huge influx of independent storage and renewable technologies into the
grid. If demand plummets, this could cause major upheaval for not only utility companies but
for generation plants as well. As batteries and renewable technologies approach or even
surpass grid parity, their owners and manufacturers might come under pressure from utilities
and lawmakers. This could even mean the eventual discontinuation of tax incentives for
such products.
In Depth
and maintain service. While this would mean higher rates all-around, it would hit hardest for
people without independent storage and/or renewable generation. The increasing power
rates would become a major boon for renewable manufacturers, more quickly closing the gap
of grid parity. The more expensive conventional electricity would become, the more attractive
independent storage would look to consumers.
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If we reexamine Musks perhaps hyperbolic claim during his product launch that Powerwall
represents a fundamental transformation of how the world works, how energy is delivered
across the earth, we see that there might end up being some truth in it. With the price
of lithium-ion batteries falling dramatically every year, it is conceivable that their
widespread dissemination within residential and commercial energy supplies could soon
become a reality.
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Furthermore, utility companies may need to consider vertically integrating with battery and
renewable technology suppliers. In the years to come, there could be a great deal of money
to be made in retailing and installing these technologies. Alternatively, this this could also
become a contested site between tech and utility companies. Regardless, there will continue
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With battery technologies like Teslas being added to the energy mix in the near future, utility
companies may need to become very flexible very quickly. This flexibility could take on many
forms. For one, utility companies may need to collaborate with battery manufacturers and/or
energy software companies so that utilities can access battery data. Knowing who has
a battery, when it is likely to be used, and how much power it is storing/drawing/supplying is
all vital information that would help utility companies maintain the stability of the entire grid.
Thus, utilities will need to take advantage of emerging technologies and data management
systems to better forecast energy demand for a grid that is increasingly unpredictable.
Summary
Editorial
Power
Ultimately, the trend of distributed power supply is likely to accelerate with the introduction of
independent power storage technologies. Regardless of the success or failure of Tesla, data
will be increasingly vital to maintaining successful business operations in the emerging energy
landscape. All indicators suggest that the amount of data is going to explode in the years and
decades ahead, making data both a critical challenge and crucial resource for economic
success. For utility companies especially, predicting what is now unpredictable will become
the key to survival. 6
In Depth
to be the potential for profit as long as utility companies remain adaptable, take advantage of
new technologies and business practices, and not fall behind in the race for reliable data.
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Works Cited
Qtd. by Jeff St. John. How EnerNOC Is Building Teslas Batteries Into Its Demand Response Plans.
Nat Gas
Greentech Media. May 11, 2015. Accessed June 25, 2015. http://www.greentechmedia.com/
articles/read/how-enernoc-is-building-teslas-batteries-into-its-demand-response-plans.
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ZE is an experienced software and strategic consulting firm that combines energy industry expertise with advanced
software development capabilities. ZE is the developer of ZEMA, a sophisticated enterprise data management and
analysis solution built to meet the challenges of participants in energy and commodities markets.
About ZEMA:
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ZEMA is an enterprise data management software designed for collecting data and performing complex analysis.
ZEMA replaces fragmented data management processes with a sophisticated, unified, and automated system. Each
ZEMA component is modular and scalable, giving clients greater flexibility when integrating it into their organizations.
The solution is easy to use and backed by ZEs support team around the clock. It has been ranked first in the Energy
Risk Awards Data Management House of the Year category for five years in a row. In Energy Risks annual software
survey and rankings, it is also consistently rated by end users as first in the Preferred System, Ease of System
Integration, and Customer Service categories.
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Disclaimer:
Information in this report is not intended to provide financial, legal, accounting, or tax advice and should not be relied
upon in that regard. ZE PowerGroup is not responsible in any manner whatsoever for direct, indirect, special, or
consequential damages, howsoever caused, arising out of the use of this report.
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ZE DataWatch is a report comprised of data updates and expectations for energy and commodities markets, powered
by ZEMA. The news contained in ZE DataWatch is for information purposes only. Although ZE PowerGroup believes
the information in this report to be correct, the organization does not warrant the accuracy or completeness of it.