[OIL ]

www.platts.com
ASIA-PACIFIC/ARAB GULF MARKETSCAN
Volume 34 / Issue 165 / September 1, 2015

Asia products
Code Mid
Change Code Mid
Change Code Mid
Change
Singapore (PGA page 2002)

FOB Singapore ($/barrel) MOPS strip Premium/Discount
Naphtha PAAAP00 47.7447.78 47.760 +2.610 AAPKA00 47.5947.63 47.610 +2.660
Spot naphtha AAOVE00 47.6447.68 47.660 +2.660 PAADC00 0.00/0.10 0.050 0.000
Gasoline 97 unleaded PGAMS00 69.4369.47 69.450 +3.340 AAPKE00* 21.82/21.86 21.840 +0.680
Gasoline 95 unleaded PGAEZ00 66.7266.76 66.740 +3.360 AAPKF00* 19.11/19.15 19.130 +0.700
Gasoline 92 unleaded PGAEY00 62.6162.65 62.630 +3.460 AAPKG00* 15.00/15.04 15.020 +0.800
Gasoline 92 unleaded AAXEQ00 61.5461.58 61.560 +3.420 AAXER00 1.05/1.09 1.070 +0.040
NEW CFR Naphtha AAOVF00 48.110 NANA AAOVG00 0.500 NANA
Kerosene PJABF00 60.8060.84 60.820 +2.640 AAPJZ00 62.1662.20 62.180 +2.830 PJACU00 -1.38/-1.34 -1.360 -0.190
Gasoil 10 ppm AAOVC00 64.4864.52 64.500 +3.100 AAOVD00** 2.35/2.39 2.370 -0.050
Gasoil 50 ppm AAPPF00 63.9764.01 63.990 +3.100 AAPPH00** 1.84/1.88 1.860 -0.050
Gasoil 0.05% sulfur AAFEX00 61.6361.67 61.650 +3.110 AAFFB00** -0.50/-0.46 -0.480 -0.040
Gasoil 0.25% sulfur AACUE00 61.1661.20 61.180 +3.120 AACQI00** -0.97/-0.93 -0.950 -0.030
Gasoil POABC00 61.6361.67 61.650 +3.110 AAPJY00 62.1162.15 62.130 +3.150 POAIC00** -0.50/-0.46 -0.480 -0.040
FO 180 CST 2% ($/mt) PUAXS00 267.33267.37 267.350 +18.510
HSFO 180 CST ($/mt) PUADV00 261.45261.49 261.470 +18.110 AAPJX00 266.82266.86 266.840 +19.310 AAGZF00 -5.39/-5.35 -5.370 -1.200
HSFO 380 CST ($/mt) PPXDK00 257.49257.53 257.510 +19.920 AAPJW00 262.04262.08 262.060 +19.280 PPXDL00 -4.57/-4.53 -4.550 +0.640
Ex-Wharf 180 CST ($/mt) AAFET00 264.00265.00 264.500 +20.000
Ex-Wharf 380 CST ($/mt) AAFER00 259.00260.00 259.500 +20.000
Ex-Wharf 500 CST ($/mt) AAVUP00 254.00255.00 254.500 +22.000
*Differential to FOB Singapore naphtha. **Differential to FOB Singapore gasoil. The Gasoil Reg 0.5% assessment was renamed Gasoil on January 3, 2012. The renamed Subscriber notes (PGA page 1500)
Gasoil assessment continued to reflect the same underlying methodology and quality specifications, including a sulfur content of 0.5% sulfur, through calendar year 2012.
The specification changed to 500 ppm sulfur on January 2, 2013. Due to a change in Singapores gazetted public
holidays for 2015 following the announcement of a
Middle East physical oil assessments (PGA page 2004)
FOB Arab Gulf ($/barrel) Premium/Discount
general election, Platts Singapore office will no longer
Naphtha ($/mt) PAAAA00 417.96418.46 418.210 +24.035 AAPKH00 6.75/7.25 7.000 0.000 be open Friday, September 11, 2015, as had been
Naphtha LR2 ($/mt) AAIDA00 419.61420.11 419.860 +24.025 previously announced. No oil or shipping publications
Gasoline 95 unleaded AAICY00 63.5463.58 63.560 +3.360 AAWUJ00 3.88/3.92 3.900 -0.080
or assessments from Singapore will be carried out on
Gasoline 95 unleaded CFR AAWUK00 5.26/5.30 5.280
Kerosene PJAAA00 58.1758.21 58.190 +2.650 PJACV00 1.28/1.32 1.300 0.000 that date. Normal publishing schedules will resume
Kerosene LR2 AAKNZ00 58.1758.21 58.190 +2.650 Monday, September 14, 2015. For full details of Platts
Gasoil 10 ppm AAIDT00 60.2960.33 60.310 +3.120 AAIDU00* 2.83/2.87 2.850 0.000 publishing schedule and services affected, refer to
Gasoil 0.005% sulfur AASGJ00 60.2460.28 60.260 +3.120 AASGK00* 2.78/2.82 2.800 0.000
Gasoil 0.05% sulfur AAFEZ00 58.8458.88 58.860 +3.120 AAFFD00* 1.38/1.42 1.400 0.000 http://www.platts.com/holiday Platts is proposing to
Gasoil 0.25% sulfur AACUA00 57.8457.88 57.860 +3.120 AACUC00* 0.38/0.42 0.400 0.000 reflect deliveries from the Pulau Seraya Power Station
Gasoil POAAT00 58.8458.88 58.860 +3.120 POAID00* 1.38/1.42 1.400 0.000 Terminal in Singapore in its benchmark FOB Singapore
Gasoil LR2 AAKBT00 58.8458.88 58.860 +3.120
assessments for gasoil. Under Platts methodology, certain
HSFO 180 CST ($/mt) PUABE00 245.99246.03 246.010 +18.110 AAXJA00 0.75/1.25 1.000 -1.000
HSFO 380 CST ($/mt) AAIDC00 242.03242.07 242.050 +19.920 AAXJB00 0.75/1.25 1.000 -1.000 approved alternative locations may be used for offers
HSFO 180/380 spread ($/mt) PPXDM00 -3.98/-3.94 -3.960 +1.810 of oil published during the Market on Close assessment
*premium to MOPAG Gasoil during loading. (Subscriber notes continue on page 13)
Singapore paper
 Asia-Pacific/Arab Gulf Marketscan September 1, 2015

Asia products
Code Mid
Change Code Mid
Change Code Mid
Change

(PGA page 2655)

Balance September* ($/barrel) October ($/barrel) November ($/barrel)

Naphtha Japan ($/mt) AAXFE00 454.25454.75 454.500
+24.000 AAXFF00 455.50456.00 455.750
+23.500
Naphtha AAPLD00 47.5347.57 47.550
+0.250 PAAAQ00 47.7347.77 47.750 +2.850 PAAAR00 47.8847.92 47.900
+2.800
Gasoline 92 unleaded AAXEK00 61.7861.82 61.800 -2.850 AAXEL00 60.9360.97 60.950 +2.600 AAXEM00 60.0360.07 60.050
+2.550
Reforming Spread AAXEN00 14.23/14.27 14.250 -3.100 AAXEO00 13.18/13.22 13.200 -0.250 AAXEP00 12.13/12.17 12.150 -0.250
Kerosene AAPLE00 61.7661.80 61.780
+3.310 PJABS00 63.2163.25 63.230 +4.150 PJABT00 64.1864.22 64.200
+4.040
Gasoil AAPLF00 61.8861.92 61.900
+3.520 POAFC00 62.7062.74 62.720 +3.920 POAFG00 63.3363.37 63.350
+3.820
HSFO 180 CST ($/mt) AAPML00 265.43265.47 265.450 +3.950 PUAXZ00 270.43270.47 270.450 +24.200 PUAYF00 275.23275.27 275.250
+23.800
HSFO 380 CST ($/mt) AAPKB00 260.73260.77 260.750 +5.450 AAPKC00 265.43265.47 265.450 +23.900 AAPKD00 269.68269.72 269.700
+23.150
Gasoil EFS ($/mt) AAQTX00 -33.100
+2.610 AAQTY00 -32.240 -2.050 AAQTZ00 -29.290
+0.710
*Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February; **Interim Gasoil swaps published ahead of the change in specification of FOB Singapore Gasoil January 2, 2013.

Gasoline components (PBF page 2410)

FOB Singapore ($/mt)

Gasoline
MTBE PHALF00 686.00688.00 687.000
+38.000
Singapore demurrage (PGT pages 2910 & 2960) Market analysis: (PGA page 2396) Surging US RBOB
$/day futures values and stable regional demand provided
Demurrage Clean AALPY00 22000.000
-500.000 support to the Asian gasoline market Tuesday, although
Demurrage Dirty AALQA00 27000.000
+500.000 participants were not optimistic about the demand
Indonesia physical oil assessments (PGA page 2516) outlook for the rest of the year. Retail gasoline demand
FOB Indonesia ($/barrel)
Premium/Discount tails off after the peak summer demand season and
LSWR Mixed/Cracked PPAPU00 47.0047.04 47.020
+2.920 AAHXR00 7.76/7.80 7.780
+0.080 refineries with turnarounds planned for September and
LSWR AAUGR00 44.8044.84 44.820
+2.920 AAWTX00 4.37/4.41 4.390 0.000 October have largely secured the stocks they need,
Japan physical oil assessments (PGA page 2006) making it increasingly difficult for supply in the region
C+F Japan ($/mt)
Premium/Discount to find outlets, trade sources said. One ray of hope is
Naphtha PAAAD00 454.25454.75 454.500
+23.875 PAADI00 -1.75/-1.25 -1.500
0.000 Indonesia, where state-owned Pertamina is expected
Nph 2nd 1/2 Oct PAAAE00 454.25454.75 454.500
+23.500 to import around 10.44 million barrels of gasoline in
Nph 1st 1/2 Nov PAAAF00 454.25454.75 454.500
+23.750 September, up from 10.11 million barrels in August, trade
Nph 2nd 1/2 Nov PAAAG00 454.25454.75 454.500
+24.000
sources said. The September estimate includes about 9.4
Naphtha MOPJ Strip AAXFH00 455.50456.00 455.750
+22.750 AAXFI00 -1.50/-1.00 -1.250
+1.130
million barrels of 88 RON gasoline, up from 8.47 million
C+F Japan ($/barrel)
Premium/Discount barrels in August, which could be due to the Eid al-Adha
Gasoline 91-92 unleaded PGACW00 65.4665.50 65.480 +3.460 holiday on September 24, when demand typically rises.
Gasoline 95 unleaded PGAQQ00 69.5769.61 69.590 +3.360
September imports of 92 RON finished grade gasoline
Kerosene PJAAN00 62.5162.55 62.530 +2.830 PAADK00 0.33/0.37 0.350 0.000
Gasoil POABF00 67.1167.15 67.130 +3.050 AAWVG00 2.61/2.65 2.630
-0.050
and high octane mogas component 92 RON gasoline
HSFO 180 CST ($/mt) PUACJ00 275.98276.02 276.000
+18.180 were estimated at 600,000 barrels and 400,000 barrels
FOB Okinawa ($/barrel)
Premium/Discount
respectively, down from 800,000 barrels for each grade
in August. Indonesia is expected to import slightly less
Gasoil POAIW00 60.9160.95 60.930
+3.150 POAIY00 -1.22/-1.18 -1.200
0.000
88 RON gasoline after it starts up a new gasoline-making
South Korea physical oil assessments (PGA page 2008)
residue fluid catalytic cracker with 62,000 b/d throughput
C+F Korea ($/mt)
Premium/Discount at the 348,000 b/d Cilacap refinery in the fourth quarter.
Naphtha PAADE00 450.75451.25 451.000
+23.870 PAADG00 -3.75/-3.25 -3.500
0.000 In China, Guangxi Petrochemical, a unit of state-controlled

Copyright 2015, McGraw Hill Financial 2

 Asia-Pacific/Arab Gulf Marketscan September 1, 2015

Asia products PetroChina, will make its first gasoline direct export to
Code Mid Change Code Mid Change Australia in September, a 36,000 mt cargo that largely
South Korea physical oil assessments (PGA page 2008) conforms to Euro 5 standards, sources said. Guangxi
FOB Korea ($/barrel) Premium/Discount received a 370,000 mt gasoline export quota in the
Gasoline 95 unleaded PGAQO00 66.5766.61 66.590 +3.410 latest round of allocations that covers Q4. China exported
Jet PJADG00 60.6160.65 60.630 +2.830 PJADI00 -1.57/-1.53 -1.550 0.000
136,826 mt of gasoline to Australia over January-July,
Gasoil POAIE00 60.8660.90 60.880 +3.150 POAIG00 -1.27/-1.23 -1.250 0.000
HSFO 180 CST 3.5% ($/mt) PUBDP00 268.82268.86 268.840
+18.810 PUBDR00 1.75/2.25 2.000 -0.500
comprising 4.3% of Australias total import for the period.
HSFO 380 CST 3.5% sulfur ($/mt) PUBDY00 264.86264.90 264.880
+20.620 PUBEA00 1.75/2.25 2.000 -0.500 This is expected to rise as China steps up export efforts
Mean of Platts West India netbacks (PGA page 2012) amid slowing domestic demand. The Singapore Platts
FOB India ($/mt) FOB India ($/barrel) Market on Close assessment process saw 1.55 million
Naphtha AAQWK00 424.880 +23.870 AAQWJ00 47.210
+2.650 barrels, or 31 cargoes, of 95 RON gasoline traded in
Gasoline (92 RON) AARBQ00 515.120 +29.410 AARBP00 60.600
+3.460 August, the highest volume on record. Sietco, the trading
Gasoline (95 RON) AAQWI00 543.380 +28.230 AAQWH00 64.690
+3.360
arm of oil major Shell, was the biggest buyer in August
Jet kero AAQWM00 463.240 +20.860 AAQWL00 58.640
+2.640
Gasoil (10ppm) AAQWO00 474.250 +23.620 AAQWN00 62.240
+3.100
at 1.35 million barrels, while BP, PetroChina, Unipec and
Gasoil (500ppm) AAQWQ00 442.050 +23.170 AAQWP00 59.340
+3.110 Petronas each bought one cargo of 50,000 barrels.
Gasoil (2500ppm) AAQWS00 438.550 +23.240 AAQWR00 58.870
+3.120 Thailands PTT was the biggest seller at 12 of the 31
Australia (PGA page 2014) cargoes traded, followed by PetroChina with seven.
C+F Australia ($/barrel)
Gasoline 92 AACZF00 68.2068.24 68.220
+3.460 Gasoline Unl 92 FOB Spore Cargo assessment
Gasoline 95 AACZH00 72.3172.35 72.330
+3.360
rationale: (PGA page 2392) FOB Singapore 92 RON
Jet AAFIY00 66.8166.85 66.830
+2.640
Gasoil 10ppm AAQUD00 70.8670.90 70.880
+3.100
gasoline was assessed at $62.63/barrel Tuesday. The
Freight netbacks (PGA pages PGT2910 & PGT2960)
assessment took into consideration PTTs offer of a
AG-Spore Spore-Japan AG-Japan Spore-Australia September 27-October 1 loading cargo at $62.40/b, as
Naphtha AAPOF00 24.20 AAPOG00 36.29* well as the trades of September 16-20 loading cargoes
Naphtha-LR2 AAPOH00 34.64* from PTT and Socar to PetroChina, both at $62.60/b.
Gasoline AAPOC00 3.18 AAPOD00 2.85 AAPOE00 5.59
The above commentary applies to the following market data
Kerosene AAPOI00 2.63 AAPOJ00 6.01
code: PGAEY00
Kerosene-LR2 AAPOK00 2.63
Gasoil AAPOL00 2.79 AAPOM00 6.38
Gasoil-LR-2 AAPON00 2.79 Gasoline Unl 95 FOB Spore Cargo assessment
HSFO 180 CST AAPOO00 15.46* AAPOP00 14.53* rationale: (PGA page 2392) FOB Singapore 95 RON
HSFO 380 CST AAPOQ00 15.46*
gasoline was assessed at $66.74/barrel Tuesday to
All values in $/barrel, except * values in $/mt
reflect a narrowed 95-92 inter-RON spread.
South China/Hong Kong physical oil assessments (PGA page 2010)
The above commentary applies to the following market data
South China ($/mt) Premium/Discount to MOPS ($/barrel) code: PGAEZ00
Gasoline 90 unleaded AAICU00 529.50533.50 531.500 +29.500
Gasoline 93 unleaded AAICW00 541.50545.50 543.500 +29.500
Jet/kero PJABQ00 493.25497.25 495.250 +22.250 AAWTW00 0.50/0.54 0.520 0.000 Gasoline Unl 97 FOB Spore Cargo assessment
Gasoil POAFA00 463.75467.75 465.750 +23.500 AABJZ00 0.37/0.41 0.390 0.000 rationale: (PGA page 2392) FOB Singapore 97 RON
Gasoil 0.2% AALEK00 460.75464.75 462.750 +23.500 gasoline was assessed at $69.45/barrel Tuesday, taking
Hong Kong bunker grades ($/mt) into account the inter-octane spreads in the absence of
HSFO 180 CST PUACC00 275.00276.00 275.500 +22.500
bids or offers for 97 RON gasoline.
HSFO 380 CST PUAER00 269.50270.50 270.000 +22.500
*C+F Hong Kong, $/barrel premium/discount to Mean of Platts Singapore.
The above commentary applies to the following market data
code: PGAMS00

Copyright 2015, McGraw Hill Financial 3


Singapore Gasoline bids/offers/trades: (PGA page 2393)
PLATTS ASIA MOGAS CARGO MOC: OUTSTANDING
INTEREST: BIDS: 92 RON: FOB Straits: Sep 16-20:
PetroChina no longer bids on at $62.60/b after trade
with PTT at $62.60/b and with Socar at $62.60/B for
50kb; 92 RON: FOB Straits: Sep 16-20: SK bids at
$62.10/b for 50kb; 92 RON: FOB Straits: Sep 22-26:
Total bids at $62.10/b for 50kb; 95 RON: FOB Straits:
Sep 16-20: Vitol no longer bids at $66.58/b or MOPS
95 plus $0.68/b after trade with P66 for 50kb; 95
RON: FOB Straits: Sep 16-20: Socar bids at MOPS 95
plus $1.10/b for 50kb
PLATTS ASIA MOGAS CARGO MOC: OUTSTANDING
INTEREST: OFFERS: 92 RON: FOB Straits: Sep 22-26:
Sietco offers at $63.10/b for 50kb; 92 RON: FOB
Straits: Sep 24-28: Unipec offers at $63.30/b or
MOPS 92 plus $1.80/b, or Sep 27-Oct 1 at $63.30/b
or MOPS 92 plus $1.80/b for 50kb; 92 RON: FOB
Straits: Sep 27-Oct 1: PTT offers at $62.40/b for
50kb
PLATTS ASIA MOGAS CARGO MOC: DEAL SUMMARY:
THREE TRADES: 95 RON: FOB Straits: Sep 16-20:
P66 sells to Vitol at $66.58/b for 50kb (4:24:10); 92
RON: FOB Straits: Sep 16-20: PTT sells to PetroChina
at $62.60/b for 50kb (4:24:29); 92 RON: FOB Straits:
Sep 16-20: Socar sells to PetroChina at $62.60/b for
50kb (4:28.29)
Singapore Gasoline exclusions: (PGA page 2393)
No market data was excluded from the gasoline
assessment process on September 1, 2015.
Foreign exchange rates (PGA page 2160)
USD/Yen AAWFX00 119.7400 -1.4400
Eur/USD
GBP/USD
AAWFU00 1.1287
AAWFV00 1.5324
+0.0074
-0.0080
USD/SGD AAWFZ00 1.4085 -0.0048
USD/MYR AAWGA00 4.1595 -0.0355
USD/HK AAWFY00 7.7500 -0.0006
AUD/USD AAWFT00 0.7077 -0.0063
USD/CNY AAWFW00 6.3752 -0.0141
Source: Development Bank of Singapore
Asia-Pacific/Arab Gulf Marketscan
Naphtha
Market analysis: (PGA page 2398) The recent burst of
positive sentiment in global crude oil markets was still
filtering through to the Asian naphtha market Tuesday
despite signs it was fading in early day trade. The mood
is better now, a trader said, noting crude oil futures had
risen more than 20% week on week on expectations of
supply cuts. October ICE Brent futures stood at $52.74/
mt at 0653 GMT Tuesday, compared with $43.45/mt at
the 0830 GMT Asia close last Tuesday, Platts data showed.
Regional naphtha traders said demand for naphtha remain
stable. Prompt demand for naphtha in China and South
Korea is good, one trader said. South Koreas LG Chem
is seeking 22,500-27,500 mt cargoes of naphtha with a
minimum paraffin content of 70% for delivery to Daesan
over October 1-15 or October 8-15. The total volume
was not specified; LG Chem typically acquires one or
two cargoes in its tenders. The tender closes Tuesday
and has a pricing basis of Mean of Platts Japan naphtha
assessments 30 days prior to delivery, trade sources said.
LG Chem last sought 25,000 mt cargoes of open-spec
naphtha with a minimum paraffin content of 70% for H1
October delivery into Yeosu or Daesan, which trade sources
said it bought at a discount of $4/mt to MOPJ naphtha
assessments. Seller details could not be confirmed.
Naphtha C+F Japan Cargo assessment rationale:
(PGA page 2388) The CFR Japan naphtha marker was
assessed at $454.50/mt Tuesday. H2 October was
assessed at $454.50/mt, H1 November at $454.50/
mt and H2 November at $454.50/mt. The assessment
reflected offers for H2 October, H1 November and H2
November at $455/mt each, equivalent to a crack
spread of $89.75/mt versus October ICE Brent futures,
demonstrating value.
The above commentary applies to the following market data
code: PAAAD00
Naphtha FOB Spore Cargo assessment rationale:
(PGA page 2388) FOB Singapore naphtha was assessed
at $47.76/barrel Tuesday, based on an assessed
Copyright 2015, McGraw Hill Financial
September 1, 2015
freight rate of $24.2/mt for the Singapore-Japan route
for 30,000-mt cargoes. CFR Japan H2 October was
assessed at $454.50/mt, or $50.50/b.
The above commentary applies to the following market data
code: PAAAP00
Naphtha FOB Arab Gulf Cargo assessment rationale:
(PGA page 2388) FOB Arab Gulf naphtha was assessed
at $418.21/mt Tuesday, based on an assessed freight
rate of $36.29/mt for the Persian Gulf-Japan route for
55,000-mt cargoes. The CFR Japan naphtha marker was
assessed at $454.50/mt.
The above commentary applies to the following market data
code: PAAAA00
Naphtha Cargo bids/offers/trades: (PGA page 2389)
JAPAN NAPHTHA CARGO: DEAL SUMMARY: No Trades.
JAPAN NAPHTHA CARGO: OUTSTANDING INTEREST:
BIDS: Naphtha: CFR Japan: 25kt: Socar bid H1 Nov
452.00 or H2 Nov 451.00; WD Naphtha: CFR Japan:
25kt: Itochu withdraws bids H2 Oct 452.00 or H1 Nov
450.00 (4:28:55); WD Naphtha: CFR Japan: 25kt:
Vitol withdraws bid H1 Nov 451.00 or H2 Nov 451.00
(4:27:04).
JAPAN NAPHTHA CARGO: OUTSTANDING INTEREST:
OFFERS: Naphtha: CFR Japan: 25kt: BP offers H2 Oct
455.00; Naphtha: CFR Japan: 25kt: Idemitsu offers
H2 Oct 457.00; Naphtha: CFR Japan: 25kt: Shell
offers H1 Nov 455.00 or H2 Nov 455.00; Naphtha:
CFR Japan: 25kt: Lukoil offers H1 Nov 457.00 or H2
Nov 457.00; Naphtha: CFR Japan: 25kt: BP offers H1
Nov 467.00; Naphtha: CFR Japan: 25kt: Vitol offers
H1 Nov 461.00 or H2 Nov 461.00.
JAPAN NAPHTHA CARGO SPREADS: OUTSTANDING
PLATTS OIL IS ON TWITTER
FOR UP-TO-THE-MINUTE OIL NEWS
AND INFORMATION FROM PLATTS
Follow us on twitter.com/PlattsOil
4

INTEREST: BIDS: Naphtha: CFR Japan: 25kt: Trafigura
bid H2 Oct/H2 Nov -1.50 or H2 Oct/H2 Dec -2.50 or
H2 Nov/H2 Jan -2.50.
JAPAN NAPHTHA CARGO SPREADS: OUTSTANDING
INTEREST: OFFERS: No Offers.
Naphtha Cargo exclusions: (PGA page 2389) No market
data was excluded from the September 1, 2015 Asian
Naphtha assessment
Jet
Market analysis: (PGA page 2499) While some seasonal
uptick is expected in the fourth quarter, demand for
aviation fuel currently remains bearish. When compared
to last year, demand is not as aggressive. We need
some fresh news, stimulus, said a North Asian refiner
Tuesday. The heavy supply situation in the region was
also bearish news for the market. Asia and the Middle
East has been flooded with cargoes as a number of new
refineries had come online in the Middle East, and the
Chinese have been increasing their jet exports. Chinas
Ministry of Commerce last week issued the fourth batch
of export quotas for 2015 totaling 9.9 million mt of oil
products -- triple the volume approved in the third batch
and taking the total volume allocated so far for 2015 to
28.65 million mt, up 47% year on year, industry sources
said. The products covered under the export quota
include gasoil, gasoline, jet/kerosene and naphtha. The
quota for jet fuel for 2015 is 13,320,000 mt. So far,
6,287,000 mt was exported between January and July,
leaving 7,033,000 mt of potential exports still to come.
And while, Chinas apparent demand for jet/kerosene
jumped 20% year on year in July to 753,000 b/d, and
was up 13.4% from June when demand fell 1.9% year
on year, there was a 6.1% year-on-year stock build to
2.23 million mt as of end-July, Platts calculations based
on recently released official government data showed.
In tender news, Sri Lankas Ceypetco bought 800,000
barrels of jet A-1 fuel at a premium of $1.62/b to MOPS
jet fuel/kerosene assessments, DES, for delivery over
September to April.
Asia-Pacific/Arab Gulf Marketscan September 1, 2015
European products ($/mt)
Code Mid Change Code Mid Change
Mediterranean (PGA page 1114)
FOB (Italy)
CIF (Genova/Lavera)
Prem Unl 10ppm AAWZA00 521.25521.75 521.500
+3.000 AAWZB00 531.00531.50 531.250
+3.000
Naphtha PAAAI00 385.50386.00 385.750 -3.250 PAAAH00 398.00398.50 398.250 -3.250
Jet aviation fuel AAIDL00 482.00482.50 482.250
+5.000
Gasoil 0.1% AAVJI00 460.50461.00 460.750
+5.250 AAVJJ00 474.75475.25 475.000
+5.250
10ppm ULSD AAWYY00 482.50483.00 482.750
+4.750 AAWYZ00 494.25494.75 494.500
+4.750
1% PUAAK00 244.00244.50 244.250
+8.500 PUAAJ00 254.75255.25 255.000
+8.500
3.5% PUAAZ00 234.50235.00 234.750
+6.250 PUAAY00 245.25245.75 245.500
+6.250
Northwest Europe cargoes (PGA page 1110)
CIF (Basis ARA)
FOB NWE
Gasoline 10ppm AAXFQ00 530.75531.25 531.000 -14.000
Naphtha Swap PAAAJ00 413.75414.25 414.000 +1.500
Naphtha Phy PAAAL00 408.25408.75 408.500 -3.250
Jet PJAAU00 502.00502.50 502.250 +5.000 PJAAV00 491.00491.50 491.250
+5.000
Ultra low sulfur diesel 10ppm AAVBG00 487.75488.25 488.000 +1.750 AAVBF00 473.50474.00 473.750
+1.750
Gasoil 0.1% AAYWS00 476.25476.75 476.500 +4.500 AAYWR00 460.50461.00 460.750
+4.500
Diesel 10ppm NWE AAWZC00 490.50491.00 490.750 +1.750 AAWZD00 475.75476.25 476.000
+1.750
Diesel 10 PPM UK AAVBH00 492.00492.50 492.250 +1.750
1% PUAAL00 246.50247.00 246.750 +8.000 PUAAM00 236.75237.25 237.000
+8.000
3.5% PUABA00 235.25235.75 235.500
+12.250 PUABB00 223.50224.00 223.750
+12.000
0.5-0.7% straight run PKABA00 304.00305.00 304.500
+4.500
Low sulfur VGO AAHMZ00 349.00350.00 349.500 +4.000 AAHMX00 345.50346.50 346.000
+4.000
High sulfur VGO AAHND00 343.50344.50 344.000 +4.000 AAHNB00 340.00341.00 340.500
+4.000
Northwest Europe barges (PGA pages 1112 & 1380)
FOB Rotterdam
Eurobob AAQZV00 515.25515.75 515.500 -14.000
Unleaded 98 AAKOD00 600.25600.75 600.500 -14.000
Premium Unleaded PGABM00 534.75535.25 535.000 -15.500
Reformate AAXPM00 555.500 -14.000
MTBE* PHALA00 670.75671.25 671.000 +3.250
Naphtha Phy PAAAM00 404.25404.75 404.500 -3.250
Jet PJABA00 500.50501.00 500.750 +7.000
Gasoil 50 ppm AAUQC00 473.50474.00 473.750 +3.000
Gasoil 0.1%* AAYWT00 466.25466.75 466.500 +5.000
10 ppm* AAJUS00 477.25477.75 477.500 +3.750
1% PUAAP00 242.25242.75 242.500
+12.250
3.5% PUABC00 242.25242.75 242.500
+12.250
Fuel Oil 3.5% 500 CST PUAGN00 234.25234.75 234.500
+12.250
Low sulfur VGO AAHNF00 346.00347.00 346.500 +4.500
High sulfur VGO AAHNI00 340.50341.50 341.000 +4.500
*FOB Amsterdam-Rotterdam-Antwerp
ICE LS gasoil GWAVE (Previous days values) (PGA page 702)
Sep PXAAJ00 482.750 31-Aug-15
Oct PXAAK00 491.750 31-Aug-15
Rotterdam bunker (PGA page 1112)
380 CST PUAFN00 245.00246.00 245.500
+13.000
Copyright 2015, McGraw Hill Financial 5

Jet Kero FOB Spore Cargo assessment rationale:
(PGA page 2494) The FOB Singapore jet fuel/kerosene
cash differential was assessed at minus $1.36/
barrel Tuesday, down 19 cents/b day on day, based
on structure in the absence of bids and offers proving
value. The September/October swap spread was down
37 cents/b over the period at minus $1.45/b. The cash
differential for the front-loading period of September
16-20, middle-loading period of September 21-25 and
back-loading period of September 26-October 1 were
assessed at minus $1.41/b, minus $1.34/b and minus
$1.33/b, respectively. With MOPS strip at $62.18/b and
the cash differential at minus $1.36/b, the outright price
of jet fuel was $60.82/b.
The above commentary applies to the following market data
code: PJABF00
Singapore Jet bids/offers/trades: (PGA page 2495)
ASIA JET CARGO MOC: DEAL SUMMARY: No trades
reported
ASIA JET CARGO MOC: OUTSTANDING INTEREST:
BUDS: No bids reported
ASIA JET CARGO MOC: OUTSTANDING INTEREST:
OFFERS: Jet: FOB Straits: Vitol offers MOPS -0.50 Sep
16-20 100kb (Deemed pricing Sep 16-22) INCO; Jet:
FOB Straits: Hin Leong offers MOPS -0.30 Sep 16-20
100kb INCO; Jet: FOB Straits: BP offers MOPS -0.50
Sep 16-20 100kb (Deemed pricing Sep 15-21) BP
GTC; Jet: FOB Straits: Sietco offers MOPS -0.30 Sep
16-20 100kb (Deemed pricing Sep 16-22); Jet: FOB
Straits: Winson offers MOPS -0.50 Sep 21-25 100kb
INCO; Jet: FOB Straits: Hin Leong offers MOPS -0.30
Sep 21-25 100kb INCO; Jet: FOB Straits: BP offers
MOPS -0.50 Sep 21-25 100kb (Deemed pricing Sep
21-28) BP GTC; Jet: FOB Straits: Petrochina offers
MOPS -0.50 Sep 24-28 100kb INCO; Jet: FOB Straits:
BP offers MOPS -0.30 Sep 26-30 100kb (Deemed
pricing Sep 25 - Oct 1) BP GTC; Jet: FOB Straits: Hin
Leong offers MOPS -0.30 Sep 26-30 100kb INCO; Jet:
FOB Straits: Noble offers MOPS -0.40 Sep 27-Oct 1
100kb (Deemed pricing Sep 25 - Oct 1)
(continued on page 8)
Asia-Pacific/Arab Gulf Marketscan September 1, 2015
US products (/gal) (PGA page 158)
Code Mid
Change Code Mid
Change
US West Coast pipeline
Los Angeles San Francisco
Unleaded 84 AAUHA00 176.32176.42 176.370 -9.180
Unleaded 84 PGADG00 176.52176.62 176.570 -9.180
Premium 88.5 PGABG00 196.32196.42 196.370 -9.180 PGABO00 196.52196.62 196.570 -9.180
CARBOB AAKYJ00 192.32192.42 192.370 -3.180 AAKYN00 176.57176.67 176.620 -9.180
CARBOB PREM AAKYL00 202.32202.42 202.370 -3.180 AAKYP00 196.57196.67 196.620 -9.180
Jet PJAAP00 149.20149.30 149.250 -12.390 PJABC00 149.20149.30 149.250 -12.390
ULS (EPA) Diesel POAET00 152.20152.30 152.250 -11.140 POAEY00 153.20153.30 153.250 -11.640
CARB diesel POAAK00 153.45153.55 153.500 -11.140 POAAL00 154.45154.55 154.500 -11.640
Seattle Portland
Unleaded 84 AAXJE00 162.17162.27 162.220 -9.180 AAXJC00 163.32163.42 163.370 -9.180
Premium 90 AAXJF00 192.17192.27 192.220 -9.180 AAXJD00 193.32193.42 193.370 -9.180
Jet PJABB00 149.20149.30 149.250 -12.390
ULS (EPA) Diesel AAUEX00 156.30156.40 156.350 -9.390 AAUEY00 157.45157.55 157.500 -9.390
180 CST PUAWT00 352.95353.05 353.000 -1.000 PUAWV00 387.95388.05 388.000 -7.000
380 CST PUAWZ00 302.95303.05 303.000 -1.000 PUAXB00 352.95353.05 353.000 -7.000
Phoenix
RBOB unleaded 84 AADDP00 187.32187.42 187.370 -3.180
RBOB premium 89.5 PPXDJ00 197.32197.42 197.370 -3.180
Differential to NYMEX
CARBOB AANVX00 52.95/53.05 53.000 +6.000
CARBOB paper 1st month* AAKYR00 25.95/26.05 26.000 -19.000
CARBOB paper 2nd month* AAKYS00 18.45/18.55 18.500 -6.500
Jet Fuel AANVY00 -8.30/-8.20 -8.250 -1.250
ULS (EPA) Diesel AANVZ00 -5.30/-5.20 -5.250 0.000
CARB Diesel AANWA00 -4.05/-3.95 -4.000 0.000
* Premium to NYMEX gasoline settlement
US West Coast waterborne
Los Angeles San Francisco
Unleaded 87 PGADI00 176.32176.42 176.370 -9.180
Jet PJABI00 148.20148.30 148.250 -12.390
0.5% S PUAGD00 40.3940.41 40.400 -2.440
1.0% S PUAAQ00 39.8939.91 39.900 -2.440
2.0% S AABGP00 37.3937.41 37.400 -2.440
180 CST PUAWR00 287.45287.55 287.500 -15.500 PUBDA00 300.95301.05 301.000 -7.000
380 CST PUAWX00 237.45237.55 237.500 -15.500 PUBCY00 260.95261.05 261.000 -7.000
ASIA-PACIFIC/ARAB GULF Volume 34 / Issue 165 / September 1, 2015
MARKETSCAN
Editorial: Dave Ernsberger, Tel +44 20 7176 6116, Global Oil Director; Jonty Rushforth, Tel +65-6530-6581, Editorial Director, Asia & Middle East Oil Markets.
Client services information: North America: 800-PLATTS8 (800-752-8878); direct: +1 212-904-3070 Europe & Middle East: +44-20-7176-6111 Asian Pacific:
+65-6530-6430 Latin America: +54-11-4121-4810, E-mail: support@platts.com
Copyright 2015 McGraw Hill Financial. All rights reserved. No portion of this publication may be photocopied, reproduced, retransmitted, put into a computer
system or otherwise redistributed without prior written authorization from Platts. Platts is a trademark of McGraw Hill Financial. Information has been obtained
from sources believed reliable. However, because of the possibility of human or mechanical error by sources, McGraw Hill Financial or others, McGraw Hill Financial
does not guarantee the accuracy, adequacy or completeness of any such information and is not responsible for any errors or omissions or for results obtained
from use of such information. See back of publication invoice for complete terms and conditions.
Copyright 2015, McGraw Hill Financial 6
 Asia-Pacific/Arab Gulf Marketscan September 1, 2015

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

(Asia MOC) (Asia MOC) (Asia close) (London close)
API
Gravity Code Mid Change Code Mid Change Code Mid Change Code Mid Change
Condensate (PGA page 2212) (PGA page 2213)
Diff to Dubai Diff to Asian Dated Brent
NW Shelf 61.9 PCAGX00 49.7849.82 49.800 +3.140 AAPAI00 -2.05 -0.050 AAPAH00 48.200 +0.680
Ras Gas 57.0 AAPET00 52.0352.07 52.050 +3.530 AAPEU00 0.65/0.75 0.700 -0.050 AARAZ00 -0.560 -0.420 AARAY00 50.400 +0.430
DFC 56.82 ADFCA00 52.0352.07 52.050 +3.530 ADFCB00 0.65/0.75 0.700 -0.050 ADFCC00 -0.560 -0.420 ADFCD00 50.400 +0.430
Qatar LSC 56.9 AARBB00 51.1851.22 51.200 +3.530 AARBD00 -0.20/-0.10 -0.150 -0.050 AARBC00 -1.410 -0.420 AARBA00 49.550 +0.430
South Pars 57.4 AARAV00 49.0349.07 49.050 +3.530 AARAX00 -2.35/-2.25 -2.300 -0.050 AARAW00 -3.560 -0.420 AARAU00 47.400 +0.430
Diff to ICP
Senipah 54.4 AAEOE00 50.8350.87 50.850 +3.140 AAEOK00 -3.10/-3.00 -3.050 -0.050 AAPBE00 -1.000 -0.050 AAPBD00 49.250 +0.680
Light crude (PGA page 2214) (PGA page 2215)
Diff to ICP Diff to Asian Dated Brent
Cossack 47.7 PCAGZ00 50.3350.37 50.350 +3.190 AAPAC00 -1.500 0.000 AAPAB00 48.750 +0.780
Gippsland 48.7 PCACP00 49.0349.07 49.050 +3.190 AAPAU00 -2.800 0.000 AAPAT00 47.450 +0.780
Tapis 45.2 PCACB00 52.4352.47 52.450 +3.190 AAOZW00 0.600 0.000 AAOZV00 50.850 +0.730
Belida 45.1 PCAFL00 47.6447.68 47.660 +3.190 PCAFM00 -0.15/-0.05 -0.100 0.000 AAPBQ00 -4.190 0.000 AAPBP00 46.060 +0.790
Kutubu 44.3 PCAFJ00 50.4350.47 50.450 +3.190 AAPAE00 -1.400 0.000 AAPAD00 48.850 +0.780
Handil Mix 43.9 PCABE00 49.0949.13 49.110 +3.190 PCABF00 0.75/0.85 0.800 0.000 AAPBI00 -2.740 0.000 AAPBH00 47.510 +0.840
Attaka 42.3 PCAAJ00 47.4447.48 47.460 +3.190 PCAAK00 -0.35/-0.25 -0.300 0.000 AAPBC00 -4.390 0.000 AAPBB00 45.860 +0.790
Ardjuna 38.0 PCACQ00 45.1445.18 45.160 +3.290 PCACR00 -0.10/0.00 -0.050 0.000 AAPBG00 -6.690 +0.100 AAPBF00 43.560 +0.990
Diff to Dubai
Vityaz 41.6 AARAN00 53.5853.62 53.600 +3.580 AARAP00 2.20/2.30 2.250 0.000 AARAO00 0.990 -0.370 AARAM00 51.950 +0.530
Sakhalin Blend 45.5 AARBN00 53.5853.62 53.600 +3.580 AARCN00 2.20/2.30 2.250 0.000 AARDN00 0.990 -0.370 AAREN00 51.950 +0.530
ESPO M1 34.8 AARWF00 51.0051.04 51.020 +3.310 AASEU00 0.40/0.50 0.450 0.000 AARWE00 -0.330 -0.400 AARWD00 49.370 +0.300
ESPO M2 34.8 AAWFE00 52.0852.12 52.100 +3.580 AAWFG00 0.70/0.80 0.750 0.000
Diff to Oman/Dubai
Sokol 39.7 AASCJ00 54.3454.38 54.360 +3.590 AASCK00 2.95/3.05 3.000 0.000 AAPAO00 1.750 -0.360 AAPAN00 52.710 +0.490
Kikeh 34.9 AAWUH00 53.8353.87 53.850 +3.190 AAOZY00 2.000 0.000 AAOZX00 52.250 +0.730
Miri Light 32.3 PCABQ00 54.5854.62 54.600 +3.190 AAPAS00 2.750 0.000 AAPAR00 53.000 +0.730
Labuan 32.0 PCABL00 54.5354.57 54.550 +3.190 AAPAQ00 2.700 0.000 AAPAP00 52.950 +0.730
Medium crude (PGA page 2216) (PGA page 2217)
Diff to OSP Diff to Asian Dated Brent
Su Tu Den 36.8 AARAR00 52.0852.12 52.100 +3.190 AARAT00 -1.80/-1.70 -1.750 0.000 AARAS00 0.250 0.000 AARAQ00 50.500 +0.780
Bach Ho 40.7 PCAHY00 52.5852.62 52.600 +3.190 AAPAK00 0.750 0.000 AAPAJ00 51.000 +0.780
Nanhai 40.0 PCAFR00 47.5347.57 47.550 +3.290 AAPAG00 -4.300 +0.100 AAPAF00 45.950 +0.930
Diff to ICP
Minas 35.3 PCABO00 45.9445.98 45.960 +3.190 PCABP00 -0.20/-0.10 -0.150 0.000 AAPBA00 -5.890 0.000 AAPAZ00 44.360 +0.840
Nile Blend 33.9 AAPLC00 45.0945.13 45.110 +3.190 AAPEX00 -1.05/-0.95 -1.000 0.000 AAPAM00 -6.740 0.000 AAPAL00 43.510 +0.840
Widuri 33.2 PCAFE00 44.1944.23 44.210 +3.190 PCAFF00 -0.75/-0.65 -0.700 0.000 AAPBO00 -7.640 0.000 AAPBN00 42.610 +0.840
Daqing 32.2 PCAAZ00 43.2243.26 43.240 +3.190 AAPAW00 -8.620 0.000 AAPAV00 41.630 +0.840
Cinta 31.1 PCAAX00 43.9944.03 44.010 +3.190 PCAAY00 -0.75/-0.65 -0.700 0.000 AAPBK00 -7.840 0.000 AAPBJ00 42.410 +0.840
Heavy crude (PGA page 2218) (PGA page 2219)
Diff to ICP Diff to Asian Dated Brent
Dar Blend 25.0 AARAB00 43.8343.87 43.850 + 3.190 AARAC00 -8.000 0.000 AARAA00 42.250 + 0.780
Shengli 24.2 PCABY00 43.5943.63 43.610 + 3.190 AAPAY00 -8.240 0.000 AAPAX00 42.010 + 0.840
Duri 20.8 PCABA00 43.6943.73 43.710 + 3.190 PCABB00 -0.05/0.05 0.000 0.000 AAPBM00 -8.140 0.000 AAPBL00 42.110 + 0.840
Stybarrow 22.8 AARAH00 50.350 + 3.290 AARAI00 -1.500 + 0.100 AARAG00 48.750 + 0.930
Enfield 22.0 AARAE00 51.350 + 3.240 AARAF00 -0.500 + 0.050 AARAD00 49.750 + 0.830
Vincent 18.3 AARAK00 49.050 + 3.290 AARAL00 -2.800 + 0.100 AARAJ00 47.450 + 0.930

Copyright 2015, McGraw Hill Financial 7


Singapore Jet exclusions: (PGA page 2495) No market
data was excluded from the September 1, 2015
assessment process
Jet Index (PGA page 115)
Index $/barrel
Asia & Oceania PJASO00 175.63 PJASO08 61.47
Mid East & Africa PJMEA00 178.26 PJMEA08 59.69
Global PJGLO00 169.52 PJGLO08 62.01
Gasoil
Market analysis: (PGA page 2498) The Asian gasoil
market remained in the doldrums Tuesday, as supply
continued to flow into the market from North Asia, while
demand from Southeast Asia and regional importers
languished, traders said. Demand from West Africa was
said to be robust, providing a pillar of support to the
500 ppm sulfur grade. The gasoil Exchange of Futures
for Swaps for balance September fell slightly, to minus
$31/mt Tuesday afternoon, from minus $30.19/mt at
the Asian close Monday. At this level, the arbitrage to
send cargoes from the Persian Gulf and India to Europe
was workable for refiners and producers, but may not
be workable for traders. China could potentially export
more gasoil for the rest of the year, as the country has
only exported 2.516 million mt of gasoil over January to
July. Chinas gasoil export quota awarded so far this year
is 8.83 million mt, leaving 6.314 million mt of unused
export quota. In the spot market, Taiwans Formosa
Petrochemical issued a tender offering 720,000 barrels
of 500 ppm sulfur gasoil for October 1-5 loading
from Mailiao in a tender closing September 2, market
sources said. For September loading, Formosa sold
a total of eight cargoes of 500 ppm sulfur gasoil on
a spot basis, three to PetroChina and five to Winson
Oil, at a discount of $1.20/b and $1.68-$1.70/b to
Mean of Platts Singapore Gasoil assessment on a
FOB basis. In Sri Lanka, Ceypetco has signed a term
contract to buy 743,000 barrels of 500 ppm sulfur
gasoil in combination with 800,000 barrels of jet A-1
fuel for delivery into Dolphin Tanker berth in Colombo
Asia-Pacific/Arab Gulf Marketscan September 1, 2015
Platts assessment of futures markets at MOC close (PGA page 703)
Singapore 16:30
ICE gasoil futures ($/mt) NYMEX RBOB (/gal) NYMEX NY ULSD (/gal)
Balance Sep * AAQYM01 494.25 Oct XNRBA01 144.36 Oct XNHOA01 164.11
Oct AAQYM02 499.50 Nov XNRBA02 141.81 Nov XNHOA02 165.72
Nov AAQYM03 501.25 Dec XNRBA03 140.30 Dec XNHOA03 167.34
New York 15:15
NYMEX light sweet crude ($/barrel) NYMEX RBOB (/gal) NYMEX NY ULSD (/gal)
Oct NYCRM01 45.25 Oct NYRBM01 139.37 Oct NYHOM01 157.50
Nov NYCRM02 45.89 Nov NYRBM02 136.79 Nov NYHOM02 159.37
Dec NYCRM03 46.55 Dec NYRBM03 134.82 Dec NYHOM03 161.20
*Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February.
China tanker fixtures
Vessel Volume Grade Route Arrival date Importer
East China
TBA 100kt Bitumen Malaysia-Qingdao August 1 Jingbo
TBA 93kt Bitumen Malaysia-Longkou August 3 Qirun
Mulan 260kt Crude Venezuela-Rizhao August 3 Dongming
Fuwei 150kt Bitumen Malaysia-Qingdao August 4 Yijia
TBA 40kt M100 Russia-Tianjin August 4 Hengyuan
TBA 150kt Bitumen Malaysia-Qingdao August 5 Yijia
TBA 146kt Bitumen Malaysia-Qingdao August 5 Qirun
TBA 126kt SR380 Venezuela-Qingdao August 6 Chinaoil
TBA 150kt Bitumen Malaysia-Qingdao August 7 Yijia
TBA 98kt Bitumen Malaysia-Rizhao August 10 Yuhuang
Daqing 453 40kt M100 Russia-Longkou August 8 ChemChina
Daqing 454 42kt M100 Russia-Laizhou August 12 Changyi
TBA 90kt Crude Australia-Rizhao August 14 Dongming
TBA 150kt Bitumen Malaysia-Qingdao August 15 Yijia
TBA 97kt Bitumen Malaysia-Longkou August 22 Hualong
TBA 260kt Crude Oman-Rizhao August 25 Dongming
TBA 100kt Bitumen Malaysia-Rizhao August 26 Yuhuang
TBA 98kt Bitumen Malaysia-Longkou September 2 Qirun
TBA 100kt Bitumen Malaysia-Longkou Se ptember 7 Tianhong
International tanker fixtures (PGA pages PGT2904 and PGT2950)
Ship name Size Type Date Route Rate Charterer
New Solution 265 CR 12-Sep PG-China coa Unipec
Silver Glory 265 CR 8-Sep PG-China coa Unipec
Desh Ujaala o/o 242 CR 20-Sep Ras Tanura-Paradip w33 IOC
Montestena 140 CR 17-Sep Basrah-UKC w37.5 Petco
Jag Lyall 100 CR 10-Sep Kozmino-Yingkou rnr NPI
Teekay tbn 100 CR 18-Sep Kozmino-Sriracha coa ExxonMob
Aries Sun 100 CR 11-Sep Kozmino-NChina $750k Glasford
Jag Laxmi 80 CR 9-Sep Senipah-Thailand rnr PTT
Yang Mei Hu 80 FO 9-Sep Spore-NAsia w97.5 Cargill
Brightoil League 80 CR 11-Sep Su Tu Den-SChina w102.5 Unipec
Copyright 2015, McGraw Hill Financial 8

over September 1, 2015 to April 30, 2016. PetroChina
is the supplier at a premium of $1.72/b to the Mean of
Platts Singapore Gasoil assessments, DES basis, and
a premium of $1.62/b to the MOPS jet fuel/kerosene
assessments, DES basis. Ceypetco is taking delivery of
five combination cargoes over the eight-month period.
Each cargo will comprise 148,600 barrels of gasoil and
160,000 barrels of jet A-1 fuel.
Gasoil .001%S (10ppm) FOB Spore Cargo assessment
rationale: (PGA page 2490) The 10 ppm sulfur gasoil
cash differential was assessed at plus $2.37/b
Tuesday, down 5 cents/b, based on structure. The
balance September/October Singapore gasoil swap
fell 9 cents/b to be assessed at minus 82 cents/b.
The cash differential on the front-loading period of
September 16-20 was assessed at plus $2.21/b, mid-
loading period of September 21-25 at plus $2.36/b and
back-loading period of September 26-October 1 at plus
$2.51/b. With the MOPS strip at $62.13/b and the
cash differential at plus $2.37/b, the outright price of
10 ppm sulfur gasoil was $64.50/b.
The above commentary applies to the following market data
code: AAOVC00
Gasoil .05%S (500ppm) FOB Spore Cargo assessment
rationale: (PGA page 2490) The 500 ppm sulfur gasoil
cash differential was assessed at minus 48 cents/b
Tuesday. The cash differential for the front-loading
period of September 16-20 was assessed at minus 55
cents/b, down 8 cents/b, reflecting Winsons offer for
a cargo loading over September 16-20 at MOPS Gasoil
minus 50 cents/b after deemed pricing. The mid-loading
period of September 21-25 and back-loading period of
September 26-October 1 were assessed at minus 46
cents/b and minus 44 cents/b respectively, reflecting
losses on the front-loading period. With the MOPS strip
at $62.13/b and the cash differential at minus 48
cents/b, the outright price of 500 ppm sulfur gasoil was
$61.65/b.
The above commentary applies to the following market data
code: AAFEX00
Asia-Pacific/Arab Gulf Marketscan September 1, 2015
International tanker fixtures (cont.) (PGA pages PGT2904 and PGT2950)
Ship name Size Type Date Route Rate Charterer
Trident Star 80 COND 14-Sep Dampier-Malacca rnr Petco
Olympic Spirit II 76 CR 4-Sep Seria-Chennai rnr IOC
Northern Pearl 50 FO 30-Sep Spore-Ulsan o/p Mercuria
Torm Anne 30 DY 14-Sep Balikpapan-Spore $485k JX
Yiangos 265 CR 11-Sep PG-China coa Unipec
New Dream 265 CR 11-Sep Basrah-China coa Unipec
New Courage 265 CR 9-Sep PG-China coa Unipec
Nordic Saturn 130 DY 18-Sep Bashayer-China rnr Unipec
Al Mahfoza 80 CR 12-Sep Ras Gharib-Sikka w80 Reliance
Pacific Sunrise 80 FO 4-Sep Ruwais-opts rnr Vitol
Shah Deniz 80 FO 9-Sep PG-Red Sea $820k ATC
Iblea 75 DY 8-Sep Vadinar-USGC $2.45m Chevron
Teekay tbn 100 CR 11-Sep Kozmino-Japan $750k NGT
Brightoil tbn 80 CR 10-Sep Su Tu Den-China rnr cnr
Ratna Puja 80 FO mSep Spore-Far East w100 Mitsui
Vermillion Energy 80 CR 4-Sep Vietnam-Spore $400k Shell
Densa Orca 130 CR 17-Sep WAF-UKCM w55 Valero
Minerva Vera 130 CR 18-Sep WAF-UKCM w55 Valero
Glorycrown 130 CR 20-Sep WAF-UKCM w55 Shell
Patroclus 130 CR 21-Sep Akpo-UKCM w55 Shell
Istanbul 130 CR 24-Sep WAF-UKCM w56.75 ExxonMob
Ithaki 260 CR 30-Sep WAF-WCIndia $3.3m BPCL
Archangel 140 CR 14-Sep Novo-UKCM w62.5 Unipec
Pelagos 100 CR 10-Sep Primorsk-UKC w75 Litasco
Sovcomflot tbn 100 CR 11-Sep Primorsk-UKC rnr Shell
Stena Arctica 100 CR 11-Sep Primorsk-UKC w75 Clearlake
Solviken 100 CR 11-Sep Ust Luga-UKC o/p Total
Cardiff tbn 100 CR 12-Sep Ust Luga-UKC w75 ST
Mastera 100 CR 9-Sep Ust Luga-UKC coa Shell
Olympic Light 260 DY 27-Sep Brazil-China w41 Petrobras
Cap Victor 130 CR 10-Sep Brazil-opts w60 Shell
Sea Falcon 70 CR 1-Sep USGC Lighter $16k/d AET
Stena Superior 130 HC 19-Sep Bullen Bay-Kemaman $3.6m Tipco
Leni P 130 DY 10-Sep Brazil-USGC w52 Petrobras
Stealth Skyros 70 CR 3-Sep ECMexico-USGC w90 Marathon
Krasnodar 70 DY 6-Sep Caribs-USGC w95 Chevron
Minerva Zenia 70 CR 5-Sep ECMexico-USGC w100 Hou Ref
Minerva Libra 70 DY 7-Sep USGC-ECCanada w80 BP
Commander 50 DY eSep USGC-WCMexico rnr cnr
Jill Jacob 50 DY eSep USGC-Med rnr BBNaft
Maersk Penguin 80 GO 16-Sep Sikka-EAfrica w135 Sahara
SCF Plymouth 65 JT 12-Sep PG-Mombasa o/p CSSA
Gulf Pearl 55 NA 9-Sep Rabigh-Japan w117.5 Marubeni
Oriental Emerald 40 JT 2-Sep Sikka-USWC $2.1m Reliance
Tbn 35 NA 17-Sep Mumbai-Japan rnr BP
Dai Nam 35 NA 4-Sep PG-Japan w135 Marubeni
Tbn 90 JT 13-Sep PG-West rnr Shell
Pro Alliance 75 NA 5-Sep PG-S Korea rnr cnr
Copyright 2015, McGraw Hill Financial 9

Gasoil FOB Spore Cargo assessment rationale: (PGA
page 2490) The 500 ppm sulfur gasoil cash differential
was assessed at minus 48 cents/b Tuesday. The cash
differential for the front-loading period of September
16-20 was assessed at minus 55 cents/b, down 8
cents/b, reflecting Winsons offer for a cargo loading
over September 16-20 at MOPS Gasoil minus 50
cents/b after deemed pricing. The mid-loading period of
September 21-25 and back-loading period of September
26-October 1 were assessed at minus 46 cents/b and
minus 44 cents/b respectively, reflecting losses on the
front-loading period. With the MOPS strip at $62.13/b
and the cash differential at minus 48 cents/b, the
outright price of 500 ppm sulfur gasoil was $61.65/b.
The above commentary applies to the following market data
code: POABC00
Gasoil .25%S (2500ppm) FOB Spore Cargo assessment
rationale: (PGA page 2489) The 2,500 ppm sulfur gasoil
cash differential was assessed at minus 95 cents/b
Tuesday, down 3 cents/b, as the 500 ppm sulfur gasoil
cash differential fell 4 cents/b. With the MOPS strip at
$62.13/b and the cash differential at minus 95 cents/b,
the outright price of 2,500 ppm sulfur gasoil was
$61.18/b.
The above commentary applies to the following market data
code: AACUE00
Gasoil .05% (500ppm) FOB Arab Gulf Cargo assessment
rationale: (PGA page 2489) FOB Arab Gulf 500 ppm sulfur
gasoil was assessed at $58.86/b Tuesday, based on an
assessed freight rate of $2.79/b for the Persian Gulf-
Singapore route for 55,000-mt cargoes. Singapore 500
ppm sulfur gasoil was assessed at $61.65/b.
The above commentary applies to the following market data
code: AAFEZ00
Gasoil FOB Arab Gulf Cargo assessment rationale: (PGA
page 2489) FOB Arab Gulf 500 ppm sulfur gasoil was
assessed at $58.86/b Tuesday, based on an assessed
freight rate of $2.79/b for the Persian Gulf-Singapore
route for 55,000-mt cargoes. Singapore 500 ppm sulfur
Asia-Pacific/Arab Gulf Marketscan September 1, 2015
International tanker fixtures (cont.) (PGA pages PGT2904 and PGT2950)
Ship name Size Type Date Route Rate Charterer
Pro Triumph 75 NA 8-Sep PG-Japan rnr Marubeni
Maersk Progress 60 GO 9-Sep Cross PG $390k cnr
Hong Ze Hu 60 UN 7-Sep Yasref-PG rnr ATC
Bow Pioneer 60 GO 19-Sep Sikka-UKC $2.2m Reliance
Spruce 2 60 UN 10-Sep PG-EAfrica w140 CSSA
Red Eagle 55 NA 17-Sep PG-Japan Platts Chevron
Front Panther 90 GO eSep Nakhodka-WAfrica $3.5m Lukoil
Seriana 80 GO 10-Sep S Korea-WAfrica o/p Trafigura
Tbn 35 UN 18-Sep S Korea-Philippines rnr cnr
BW Merlin 35 CL 10-Sep S Korea-Spore $575k cnr
Torm Cecilie 35 NA 9-Sep Onsan-Japan $450k ATC
Chang Hang Bi Yu 35 GO 5-Sep Dalian-Spore rnr Lukoil
M/R tbn 35 CL mSep Dalian-Spore $600k Vitol
Challenge Point 35 UN 11-Sep Mailiao-Subic Bay $390k CSSA
Front Arrow o/o 37 UN 9-Sep Sarroch-Chile w150 Valero
Ami 30 NA 3-Sep Milazzo-Med rnr Clearlake
Histria Crown 30 CL 9-Sep Black Sea-Med w135 cnr
Aldebaran 30 CL 3-Sep Tarragona-Med w130 Repsol
Yukon Star 30 CL 8-Sep Algeciras-Med w130 Total
STI Onyx 37 UN dnr ARA-WAF rnr Mercuria
BW Puma 37 UN 5-Sep Mongstad-USAC rnr Statoil
Cartagena 37 UN 7-Sep Pembroke-USAC w125 Valero
Kouros 37 UN 8-Sep Fawley-USAC w122.5 ExxonMob
Atlantic Aquarius 37 UN 8-Sep UKC-ECMexico rnr PMI
Torm Lotte 37 UN 9-Sep Porvoo-UKC w140 Neste
Seapride 37 UN 7-Sep ARA-TA w125 Total
High Saturn 40 ULSD 7-Sep Primorsk-UKC w125 Vitol
FSL Spore 37 CL dnr UKC-opts rnr cnr
New Century 60 CL 1-Sep USGC-UKCM w60 cnr
Torm Alexandra 38 CL 6-Sep USGC-opts rnr cnr
Elka Angelique 38 CL 10-Sep USGC-opts rnr cnr
Atlantic Leo 38 NA 4-Sep Pisco-USGC $475k Repsol
Teesta Sirit 38 CL 5-Sep USGC-Brazil w130 Petrobras
Super Star 38 UN 3-Sep USGC-opts o/p Cargill
BLS Liwa 38 CL eSep USGC-TA w67.5 BP
BW Zambesi 60 CL 5-Sep USGC-UKCM w60 ATMI
Torm Ragnhild 38 CL 5-Sep USGC-UKCM w67.5 ST
Ardmore Seaventure 38 CL 6-Sep USGC-UKCM w65 ATMI
Ardmore Seatrader 38 CL 6-Sep USGC-TA w70 ATMI
Vendome Street 38 CL 5-Sep Caribs-USAC w115 Trafigura
STI Bronx 38 CL 5-Sep USGC-UKCM w70 Shell
Vukovar 38 UN 1-Sep USGC-ECMex $230k PMI
Maersk Murotsu 38 UN 6-Sep USGC-ECMex $240k PMI
Silver Houston 38 CL 9-Sep USWC-Chile $975k Repsol
STI Garnet 38 CL 2-Sep USGC-opts rnr cnr
Resolve 38 CL 5-Sep USGC-opts rnr cnr
Ridgebury Cindy A 38 CL 5-Sep USGC-Caribs rnr Ecopet
Valle Azzurra 38 CL 1-Sep USGC-UKCM w70 P66
Copyright 2015, McGraw Hill Financial 10
 Asia-Pacific/Arab Gulf Marketscan September 1, 2015

gasoil was assessed at $61.65/b. International tanker fixtures (cont.) (PGA pages PGT2904 and PGT2950)

The above commentary applies to the following market data
code: POAAT00
Asia & Middle East Gasoil bids/offers/trades: (PGA page 2491)
ASIA GO CARGO MOC: DEAL SUMMARY: No trades
reported
ASIA GO CARGO MOC: OUTSTANDING INTEREST:
BIDS: Gasoil 10ppm: FOB Straits: Vitol bids MOPS
Ship name Size Type Date Route Rate Charterer
Sea Helios 38 CL 5-Sep Come by Chance-UKCM w60 BP
Ainazi 38 NA 4-Sep Peru-USGC $475k Repsol
Mount Everest 38 NA 4-Sep Caribs-USAC w115 AOT
Astir Lady 38 CL 2-Sep USGC-ECMex rnr PMI
Pomer 38 UN 3-Sep USGC-ECMex $230k PMI
Rbury Rosemary Z 38 CL 9-Sep USGC-Caribs $450k Ecopet
Ardmore Seamaster 38 UN 5-Sep Bahamas-USGC rnr Noble
Dong-A Krios 38 GO 10-Sep Anacortes-opts rnr ST

+1.50 Sep 16-20 150kb (Deemed pricing Sep 15-21)
INCO; Gasoil 10ppm: FOB Straits: BP bids MOPS
+1.40 Sep 20-24 250kb (Deemed pricing Sep 18-25);
Gasoil 500ppm: FOB Straits: Sietco bids MOPS -0.30
CL: Clean, F: Failed, UL: Unleaded, NA: Naphtha, GO: Gasoil, DY: Dirty, CR: Crude, FO: Fuel Oil, CO: Condensate, +:Update, pt: prompt, cnr: charterer not reported, rnr: rate
not reported
Deals summaries (PGA page 190)

Sep 16-20 250kb (Deemed pricing Sep 1-7); Gasoil

500ppm: FOB Straits: Trafigura bids MOPS -0.70
Sep 22-26 250kb (Deemed pricing Sep 21-28) INCO;
Gasoil 500ppm: FOB Straits: Trafigura bids MOPS
-0.80 Sep 23-27 250kb INCO; Gasoil 500ppm: FOB
Straits: Total bids MOPS -0.80 Sep 27-Oct 1 250kb
(Deemed pricing Sep 1-11)
ASIA GO CARGO MOC: OUTSTANDING INTEREST:
OFFERS: Gasoil 500ppm: FOB Straits: Winson offers
MOPS -0.50 Sep 16-20 150kb (Deemed pricing Sep
15-21) INCO; Gasoil 500ppm: FOB Straits: Unipec
offers MOPS -0.40 Sep 16-20 150kb (Deemed pricing
Sep 15-21) INCO; Gasoil 500ppm: FOB Straits: Lukoil
offers MOPS -0.28 Sep 16-20 150kb (Deemed pricing
Sep 16-22); Gasoil 500ppm: FOB Straits: Glencore
offers MOPS -0.20 Sep 16-20 150kb (Deemed pricing
Sep 14-18) INCO;
5) Gasoil 500ppm: FOB Straits: Winson offers MOPS
-0.30 Sep 21-25 150kb (Deemed pricing Sep 18-25)
INCO; Gasoil 500ppm: FOB Straits: BP offers MOPS
-0.10 Sep 21-25 150kb (Deemed pricing Sep 21-28) BP
GTC; Gasoil 500ppm: FOB Straits: Noble offers MOPS
-0.20 Sep 27-Oct 1 150kb (Deemed pricing Sep 25 -
Oct 1); Gasoil 500ppm: FOB Straits: BP offers MOPS
-0.10 Sep 27-Oct 1 150kb (Deemed pricing Sep 25 -
Oct 1) BP GTC
Asia & Middle East Gasoil exclusions: (PGA page 2491)
No market data was excluded from the September
Naphtha paper
REPORTED DURING AND OUTSIDE WINDOW:
Platts Naphtha Japan swap: Oct heard done 457
Platts Naphtha Japan swap: Oct heard done 454.50 x2
Platts Naphtha Japan swap: Sep/Oct heard done -1.75 x2
REPORTED AFTER CLOSE:
Platts Naphtha Japan swap: Oct heard done 456.00
Jet paper
Platts Asia deals summary: Jet paper Sep 01, 2015: Jet: Bal
September done 61.8 Hartree buys from Vitol (08:29:36); Jet:
Bal September done 61.8 Hartree buys from Shell (08:29:45);
Jet: Bal September done 61.8 Oak Futures buys from Noble
(08:29:58); Jet: Bal September done 61.8 MCE buys from BP
(08:30:04); Jet: Bal September done 61.8 Oak Futures buys
from Shell (08:30:08)
Platts Asia deals summary: Regrade paper Sep 01, 2015: No
trades reported
Gasoil paper
Platts Asia deals summary: Gasoil paper Sep 01, 2015
Gasoil: Bal September done 61.9 Litasco buys from Chevron
(08:29:52)
Gasoil: Bal September done 61.9 MCE buys from Glencore
(08:30:01)
Fuel oil paper
Platts Asia deals summary: 180 CST paper Sep 01,2015
180 CST: Bal September/October done -5 Mercuria sells to
Vitol (08:14:59)
Platts Asia deals summary: 380 CST paper Sep 01, 2015
380 CST: Bal September/October done -4.5 Vitol buys from BP
(08:19:14)
380 CST: Bal September/October done -4.75 Oak Futures
sells to Mercuria (08:28:27)
380 CST: Bal September/October done -4.75 Oak Futures
sells to Vitol (08:28:28)
380 CST: Bal September done 261 Oak Futures buys from BP
(08:29:14)
380 CST: Bal September done 261 Oak Futures buys from BP
(08:29:20)
380 CST: Bal September done 260.75 Gunvor sells to Litasco
(08:29:21)
380 CST: Bal September done 261 Glencore buys from BP
(08:29:28)
380 CST: Bal September done 260.5 Hin Leong sells to
Mercuria (08:29:29)
380 CST: Bal September done 260.75 Gunvor sells to Litasco
(08:29:31)
380 CST: Bal September done 261 Oak Futures buys from BP
(08:29:33)
380 CST: Bal September done 260.75 Gunvor sells to
Glencore (08:29:35)
380 CST: Bal September/October done -4.75 Oak Futures
sells to Vitol (08:29:36)
380 CST: Bal September done 261 Oak Futures buys from
Vitol (08:29:37)
380 CST: Bal September done 261 Oak Futures buys from BP
(08:29:40)
380 CST: Bal September/October done -4.75 Oak Futures
sells to Mercuria (08:29:43)x2
380 CST: Bal September done 260.75 Gunvor sells to MCE
(08:29:43)
380 CST: Oct15 done 265.5 Oak Futures buys from Unipec

Copyright 2015, McGraw Hill Financial 11


1, 2015 Asian gasoil market on close assessment
process.
Fuel Oil
Market analysis: (PGA page 2599) The Singapore high
sulfur fuel oil market early on Tuesday saw market
sentiment on the paper market improve a touch, as
balance September/October spreads for 180 CST
and 380 CST swaps gained traction from stronger
buying interest seen on the Rotterdam barge market.
The higher day-on-day value for crude, after sharply
higher settlements the previous day, was also boosting
sentiment, according to a Singapore-based broker. On
the bunker fuel front, sellers were relieved that they had
gone long on supplies, with crude prices up so much day
on day, and also being able to sell on their supplies at a
higher value. In tenders, Indias HPCL sold to PetroChina
up to 60,000 mt of 180 CST HSFO, with maximum 3.5%
sulfur content, for loading from Visakhapatnam over
September 1-3 and/or September 3-10, at a discount
of around $30/mt to the Mean of Platts Singapore 180
CST high sulfur fuel oil assessments, FOB.
FO 180 CST 3.5%S FOB Spore Cargo assessment
rationale: (PGA page 2593) FOB Singapore 180 CST high
sulfur fuel oil was assessed at $261.47/mt Tuesday.
The cash differential was assessed at minus $5.37/
mt. The assessment reflected two trades: Gunvor
bought from Mercuria a September 25-29 loading
cargo at $262.00/mt and Vitol bought from Mercuria a
September 18-22 loading cargo at $260.00/mt.
The above commentary applies to the following market data
code: PUADV00
FO 380 CST 3.5%S FOB Spore Cargo assessment
rationale: (PGA page 2593) FOB Singapore 380 CST
HSFO was assessed at $257.51/mt Tuesday, with the
cash differential at minus $4.55/mt. The assessment
reflected two bids from Vitol at MOPS minus $4.50/
mt for a September 27-October 1 loading cargo and a
September 22-26 loading cargo.
Asia-Pacific/Arab Gulf Marketscan
Deals summaries (cont.) (PGA page 190)
(08:29:49)
380 CST: Bal September done 260.75 BP sells to MCE
(08:29:49)
380 CST: Bal September done 260.5 BP sells to Mercuria
(08:29:49)
380 CST: Bal September done 260.75 BP sells to Litasco
(08:29:49)
380 CST: Bal September done 260.5 BP sells to MCE
(08:29:51)
380 CST: Bal September done 260.5 BP sells to Glencore
(08:29:51)
380 CST: Oct15 done 265.5 Oak Futures buys from Unipec
(08:29:54)
380 CST: Bal September done 260.75 BP sells to Litasco
(08:29:54)
380 CST: Bal September done 260.5 Hin Leong sells to
Mercuria (08:29:57)
The above commentary applies to the following market data
code: PPXDK00
FO 180 CST FOB Arab Gulf Cargo assessment
rationale: (PGA page 2593) FOB Arab Gulf 180 CST high
sulfur fuel oil was assessed at $246.01/mt Tuesday
based on an assessed freight rate of $15.46/mt for the
Persian Gulf-East route for 80,000-mt cargoes.
The above commentary applies to the following market data
code: PUABE00
FO 380 CST 3.5% FOB Arab Gulf Cargo assessment
rationale: (PGA page 2593) FOB Arab Gulf 380 CST high
sulfur fuel oil was assessed at $242.05/mt Tuesday
based on an assessed freight rate of $15.46/mt for the
Persian Gulf-East route for 80,000-mt cargoes.
The above commentary applies to the following market data
code: AAIDC00
Singapore Fuel Oil bids/offers/trades: (PGA page 2594)
ASIA 180 CST HSFO CARGO: DEAL SUMMARY:
1) Platts HSFO 180CST: FOB Straits: 20kt: Sep
25-29: Gunvor buys from Mercuria at $262.00/mt
INCO (4:25:19.374); 2) Platts HSFO 180CST: FOB
Copyright 2015, McGraw Hill Financial
September 1, 2015
380 CST: Bal September done 261 Mercuria buys from Vitol
(08:29:57)x2
380 CST: Oct15 done 265.5 Itochu buys from Unipec
(08:29:58)
380 CST: Bal September done 260.75 MCE buys from BP
(08:29:59)
380 CST: Bal September done 260.75 Oak Futures buys from
BP (08:30:02)
380 CST: Bal September done 261 Litasco buys from Vitol
(08:30:05)
380 CST: Bal September done 261 Litasco buys from Vitol
(08:30:10)
Platts Asia deals summary: Viscosity paper Sep 01, 2015
No trades reported.
Mogas paper
ASIA MOGAS SWAPS MOC: DEAL SUMMARY: NO TRADE
Straits: 20kt: Sep 18-22: Vitol buys from Mercuria at
$260.00/mt INCO (4:25:32.468).
ASIA 180 CST HSFO CARGO: OUTSTANDING INTEREST:
Platts HSFO 180CST: FOB Straits: Vitol bids MOPS
-6.00 Sep 22-26 40kt INCO OR; Platts HSFO 180CST:
FOB Straits: Vitol bids MOPS -6.00 Sep 27-Oct 1
40kt INCO; Platts HSFO 180CST: FOB Straits: Unipec
bids Bal Sep -7.00 Sep 27-Oct 1 20kt INCO; Platts
HSFO 180CST: FOB Straits: CCMA offers MOPS -2.00
Sep 17-21 20kt INCOTERMS; Platts HSFO 180CST:
FOB Straits: P66 offers MOPS -3.50 Sep 17-21 20kt
INCOTERMS; Platts HSFO 180CST: FOB Straits:
Mercuria no longer offers on 260.00 Sep 18-22 20kt,
after trade with Vitol OR; WD Platts HSFO 180CST:
FOB Straits: Mercuria no longer offers MOPS -4.00
Sep 18-22 20kt; WD Platts HSFO 180CST: FOB
Straits: Mercuria no longer offers MOPS -4.00 Sep
25-29 20kt OR; Platts HSFO 180CST: FOB Straits:
Mercuria no longer offers on 262.00 Sep 25-29 20kt,
after trade with Gunvor; Platts HSFO 180CST: FOB
Straits: BP offers MOPS -2.00 Sep 16-20 20kt.
ASIA 380 CST HSFO CARGO: DEAL SUMMARY: No
trades.
12

ASIA 380 CST HSFO CARGO: OUTSTANDING INTEREST:
Platts HSFO 380CST: FOB Straits: BP bids MOPS
-8.00 Sep 22-26 40kt INCO; Platts HSFO 380CST:
FOB Straits: Lukoil bids MOPS -8.00 Sep 27-Oct 1
20kt INCO; Platts HSFO 380CST: FOB Straits: Vitol
bids MOPS -4.50 Sep 22-26 40kt INCO OR; Platts
HSFO 380CST: FOB Straits: Vitol bids MOPS -4.50
Sep 27-Oct 1 40kt INCO; Platts HSFO 380CST: FOB
Straits: Unipec bids Bal Sep -7.50 Sep 27-Oct 1 20kt;
Platts HSFO 380CST: FOB Straits: Cargill bids Bal Sep
-6.00 Sep 27-Oct 1 40kt INCO 2000; Platts HSFO
380CST: FOB Straits: Cargill bids Bal Sep -6.00 Sep
25-29 40kt INCO 2000; Platts HSFO 380CST: FOB
Straits: SK bids Bal Sep -6.00 Sep 27-Oct 1 40kt;
Platts HSFO 380CST: FOB Straits: SK bids Bal Sep
-6.00 Sep 16-20 40kt; Platts HSFO 380CST: FOB
Straits: Mercuria bids MOPS -5.00 Sep 27-Oct 1 20kt
OR; Platts HSFO 380CST: FOB Straits: Mercuria bids
MOPS -5.00 Sep 22-26 20kt; Platts HSFO 380CST:
FOB Straits: HL bids MOPS -5.00 Sep 27-Oct 1 20kt
INCOTERMS2000; Platts HSFO 380CST: FOB Straits:
Glencore bids Bal Sep -3.50 Sep 27-Oct 1 40kt INCO
OR; Platts HSFO 380CST: FOB Straits: Glencore bids
Bal Sep -3.50 Sep 25-29 40kt INCO; Platts HSFO
380CST: FOB Straits: KIB bids MOPS -9.00 Sep 16-20
40kt INCO; Platts HSFO 380CST: FOB Straits: Brightoil
bids Bal Sep -5.00 Sep 21-25 40kt INCO; Platts HSFO
380CST: FOB Straits: Coastal bids 256.00 Sep 22-26
20kt OR; Platts HSFO 380CST: FOB Straits: Coastal
bids MOPS -6.50 Sep 22-26 20kt; WD Platts HSFO
380CST: FOB Straits: P66 no longer offers MOPS
-3.00 Sep 27-Oct 1 20kt INCOTERMS; Platts HSFO
380CST: FOB Straits: Unipec offers MOPS -1.00 Sep
21-25 20kt INCO; Platts HSFO 380CST: FOB Straits:
CCMA offers Oct Avg -5.00 Sep 27-Oct 1 20kt INCO;
Platts HSFO 380CST: FOB Straits: PetroChina offers
MOPS +1.00 Sep 20-24 20kt INCO; Platts HSFO
380CST: FOB Straits: PetroChina offers MOPS +1.00
Sep 23-27 20kt INCO; Platts HSFO 380CST: FOB
Straits: PetroChina offers MOPS +1.00 Sep 27-Oct
1 20kt INCO; Platts HSFO 380CST: FOB Straits: HL
offers 257.00 Sep 16-20 20kt INCOTERMS 2000;
Asia-Pacific/Arab Gulf Marketscan
Platts HSFO 380CST: FOB Straits: CAO offers H2 Sep
+2.00 Sep 21-25 40kt INCO; Platts HSFO 380CST:
FOB Straits: CAO offers H2 Sep +3.00 Sep 27-Oct
1 40kt INCO; Platts HSFO 380CST: FOB Straits: BP
offers MOPS -2.00 Sep 16-20 20kt INCO
ASIA 380 CST HSFO CARGO: WITHDRAWN: Platts
HSFO 180CST: FOB Straits: Mercuria no longer offers
on 260.00 Sep 18-22 20kt, after trade with Vitol
OR; WD Platts HSFO 180CST: FOB Straits: Mercuria
no longer offers MOPS -4.00 Sep 18-22 20kt; WD
Platts HSFO 180CST: FOB Straits: Mercuria no longer
offers MOPS -4.00 Sep 25-29 20kt OR; Platts HSFO
180CST: FOB Straits: Mercuria no longer offers on
262.00 Sep 25-29 20kt, after trade with Gunvor;
WD Platts HSFO 380CST: FOB Straits: P66 no longer
offers MOPS -3.00 Sep 27-Oct 1 20kt INCOTERMS.
Singapore Fuel Oil exclusions: (PGA page 2594) No
market data was excluded from the September 1, 2015,
assessment process.
US West Coast Gasoline (PGA page 397)
West Coast gasoline differentials were mostly unchanged
Tuesday, though the benchmark grade in Los Angeles
climbed on a stronger deal. Los Angeles CARBOB jumped
6 cents/gal to NYMEX October RBOB plus 53 cents/
gal, based on a deal at that level. The spot price for
San Francisco CARBOB remained flat at NYMEX October
RBOB plus 37.25 cents/gal. A public meeting to discuss
increasing processing rates at ExxonMobils Torrance,
California, refinery scheduled for Wednesday was canceled,
further delaying the restart of its gasoline-making FCC unit,
a spokeswoman for a California regulatory agency said
Tuesday. The South Coast Air Quality Management District
spokeswoman said she had no further information about
when the meeting would be held or why it was canceled.
ExxonMobil is looking to use refurbished parts on the FCC
to replace the electrostatic precipitators damaged by a fire
on February 18. The company needs the environmental
regulators approval because the older parts do not meet
current environmental air pollution standards.
Copyright 2015, McGraw Hill Financial
September 1, 2015
Subscriber notes (cont.) (PGApage 1500)
process. The terminal has four berths and an overall total
storage capacity of 835,000 cu m, of which 180,000 cu
m is dedicated to clean product storage. At 1.0 m tide,
the approach draft is approximately 12.6 m and able
to accommodate Aframax and partially laden Suezmax
size vessels. The largest of the four berths, berth 1, is
able to accommodate a partially laden Suezmax vessel,
while berth 2 is able to accommodate Aframax size
vessels. Please send initial comments or questions by
7 September 2015 to asia_oilproducts@platts.com and
pricegroup@platts.com. For written comments, please
provide a clear indication if comments are not intended
for publication by Platts for public viewing. Platts will
consider all comments received and will make comments
not marked as confidential available upon request.
Sour Crude
Market analysis: (PGA page 2298) Sentiment in the Asian
sour crude market was mixed moving into the new trading
cycle for November-loading sour crude barrels Tuesday.
While the market was still awaiting announcement of
official selling prices by Middle East producers before
assessing their crude requirements, traders said regional
fundamentals may be little changed from last month. While
the market is coming out of the seasonal maintenance
season, refinery margins still remain close to the lows for
the year. Margins are quite stable, but the market has
been transitioning from a higher margin to a low margin
environment over the last two months, said a Singapore-
based trader. Meanwhile, rival barrels from West Africa
and the North Sea may continue to compete for homes in
the East amid a narrow Brent/Dubai spread, traders said.
Korean refiners may raise run rates a bit, but not really
100%, and for Japanese refiners, while the international
market is OK, domestic demand is not good, said a trader
with a North Asian refiner. Several traders surveyed by
Platts expect Saudi Aramco to roll over or reduce its Arab
Light OSP differential for October-loading crude to Asian
refiners. I expect [Saudi Aramco] to maintain or decrease
[the Arab Light OSP] though the Dubai structure suggests
13

to increase, said another trader with a North Asian refiner.
But [I] dont think the market is supportive enough to
increase. In South Korea, crude oil imports rose 1% year
on year in August, slowing from an average growth of 13%
seen over January-July. The country imported 86.6 million
barrels of crude oil in August, compared with 85.7 million
barrels in the same month last year, preliminary data from
the Ministry of Trade, Industry and Energy showed Tuesday.
But the August volume was down 7.4% from the 93.5
million barrels imported in July.
Dubai Mo01 assessment rationale: (PGA page 2295)
November cash Dubai was assessed at $49.50/b
Tuesday. The assessment took into consideration
Gunvors sale of two cash Dubai partials to Vitol at that
price.
The above commentary applies to the following market data
code: PCAAT00
Oman Blend Mo01 assessment rationale: (PGA page
2295) November cash Oman was assessed at $49.55/b
Tuesday. The assessment reflected a discount of
$1.80/b to front-month November Dubai swaps.
The above commentary applies to the following market data
code: PCABS00
Sour Crude bids/offers/trades: (PGA page 2296)
ME SOUR CRUDE MOC: OUTSTANDING INTEREST:
BIDS:
Platts Dubai Partial Nov15: Vitol no longer bids at
$49.50/b for 25kb after trade with Gunvor; Platts
Dubai Partial Nov15: ChinaOil bids at $49.40/b for
25kb; Platts Dubai Partial Nov15: Trafigura bids at
$49.30/b for 25kb.
ME SOUR CRUDE MOC: OUTSTANDING INTEREST:
OFFERS:
Platts Dubai Partial Nov15: ChinaOil offers at
$49.60/b for 25kb; Platts Dubai Partial Nov15:
Gunvor offers at $49.70/b for 25kb; Platts Dubai
Partial Nov15: Trafigura offers at $49.80/b for 25kb;
Platts Dubai Partial Nov15: Vitol offers at $50.70/b
for 25kb; Platts Dubai Partial Jan15: Gunvor offers
Asia-Pacific/Arab Gulf Marketscan
at $51.80/b for 25kb; Platts Dubai Partial Jan15:
Hartree offers at $52.00/b for 25kb.
ME SOUR CRUDE: DEALS SUMMARY:1) Dubai: FOB
Fateh: Nov15: 25kb: Gunvor sells to Vitol at $49.50/b
(08:29:49); 2) Dubai: FOB Fateh: Nov15: 25kb: Gunvor
sells to Vitol at $49.50/b (08:29:59).
Sour Crude exclusions: (PGA page 2296) No market data
was excluded from the September 01, 2015, Middle
East sour crude assessment process.
Sweet Crude
Market analysis: (PGA page 2299) Activity in the Asia
Pacific sweet crudes market remained robust Tuesday
as regional suppliers continued to clear their remaining
October-loading cargoes, though sentiment remained
poor for ultra-light grades amid oversupply and dismal
end-user demand. In Australia, trade sources said
Woodside Petroleum sold its 550,000-barrel cargo of
Vincent crude to a Chinese end-user at a discount of
around $2.7-$2.8/b to Dated Brent. When the regular
Chinese end-users return to buy [Australian heavy
sweet grades], thats normally a positive sign, said
a Singapore-based sweet crudes trader. Last month,
Woodside sold a similar-sized cargo for September-
loading to US-based Valero Energy at a discount of
around $3/b to Platts Dated Brent crude assessments.
Mitsui also sold a similar cargo for loading in September
at a discount of $3.20/b to Dated Brent to an Indian
end-user. Trade sources also indicated that Quandrant
Energy has sold both its October-loading Van Gogh
crude cargoes to an unidentified trading house at
discounts of around $3.5-$3.8/b to Dated Brent. On
ultra-light grades, a handful of October-loading cargoes
changed hands with latest market talk indicating that
ConocoPhillips managed to sell 600,000 barrels of Bayu
Undan condensate to an unidentified trading house at
a discount of around $2.9/b to Dated Brent, weaker
than the $1.7/b discount fetched for its September
cargo in July. Woodside was heard to have successfully
placed a 300,000-barrel cargo of Pluto condensate at
Copyright 2015, McGraw Hill Financial
September 1, 2015
around Dated Brent minus $1.5/b, though trade sources
said the Australian producer was still struggling to sell
its North West Shelf condensate cargo for loading in
October 22-26. Offers must come down if you want to
sell ... the market is simply oversupplied this time, said
a condensate trader based in Southeast Asia, adding
that there were traders still offering September-loading
condensate cargoes in the secondary market. Traded
levels for Malaysian sweet condensate cargoes further
dampened sentiment. Petronas was heard to have
sold its 300,000-barrel cargo of Muda condensate to
Vitol at a discount of around $1/b to Dated Brent. The
Cakerawala condensate cargo of 350,000 barrels fared
slightly better, with South Korean end-user Hanwha Total
taking the cargo at a slight premium of around 5 cents/b
to Dated Brent assessments, sources said. There were
no Muda and Cakerawala condensate cargoes available
for September, but cash differentials were sharply lower
from August. Petronas sold the two grades for loading
over August at premiums of around $1.20-$1.30/b
and $2/b to Platts Dated Brent. Traders said that the
Cakerawala traded levels were slightly firmer due to the
absence of end-users participating in the tender for
Muda. Petronas Tuesday lowered the Malaysian Crude
Oil official selling price for a basket of crudes loading in
August by $11/b from July to $50.54/b.
ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01
assessment rationale: (PGA page 2292) The ESPO M1
differential to Dubai was assessed at a premium of $0.45/
barrel Tuesday. There were no bids or offers for ESPO.
The above commentary applies to the following market data
code: AASEU00
Sweet Crude bids/offers/trades: (PGA page 2293)
ASIA LIGHT CRUDE MOC: DEAL SUMMARY: No deals.
ASIA LIGHT CRUDE MOC: OUTSTANDING INTEREST:
None.
Sweet Crude exclusions: (PGA page 2293) No market
data was excluded from the September 01 Asia Light
Crude assessment process.
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