Anda di halaman 1dari 22

EUROPEAN MARKETSCAN

Volume 50 / Issue 157 / August 14, 2018

European products ($/mt) Africa products


Code Mid Change Code Mid Change Code Mid Change
Mediterranean cargoes (PGA page 1114) West Africa cargoes (PGA pages 1122, 2342 and 2412)

FOB Med (Italy) CIF Med (Genova/Lavera) FOB NWE ($/mt)
Naphtha* PAAAI00 618.50–619.00 618.750 +2.000 PAAAH00 627.25–627.75 627.500
+2.000 Gasoline AAKUV00 681.250 +9.000
Prem Unl 10ppm AAWZA00 699.75–700.25 700.000 +7.000 AAWZB00 706.25–706.75 706.500
+7.000
CIF West Africa ($/mt)
Jet AAIDL00 677.75–678.25 678.000 +0.750 AAZBN00 689.50–690.00 689.750
+0.750
Gasoline AGNWC00 699.000 +9.000
10ppm ULSD AAWYY00 653.50–654.00 653.750 -0.250 AAWYZ00 661.75–662.25 662.000 -0.250
Gasoil 0.1% AAVJI00 641.75–642.25 642.000 -0.250 AAVJJ00 651.75–652.25 652.000 -0.250 FOB STS West Africa ($/mt)
Fuel Oil 1.0% PUAAK00 414.25–414.75 414.500 -2.000 PUAAJ00 423.00–423.50 423.250 -2.000 Gasoil 0.3% AGNWD00 642.250 -0.250
Fuel oil 3.5% PUAAZ00 409.75–410.25 410.000 -0.250 PUAAY00 418.75–419.25 419.000 -0.250
CFR South Africa ($/barrel)
Northwest Europe cargoes (PGA page 1110) Gasoline 95 unleaded AAQWW00 86.401 +0.280
Jet kero AAQWT00 88.416 +0.300

FOB NWE CIF NWE/Basis ARA
Gasoil 10 ppm AAQWU00 89.339 +0.440
Naphtha (Sep) PAAAJ00 630.50–631.00 630.750
+2.000 Gasoil 500 ppm AAQWV00 88.689 +0.490
Naphtha PAAAL00 634.00–634.50 634.250
+2.000
Gasoline 10ppm AAXFQ00 736.50–737.00 736.750
+8.750
Jet PJAAV00 683.25–683.75 683.500 +0.750 PJAAU00 691.00–691.50 691.250
+0.750 European feedstocks and blendstocks
ULSD 10 ppm AAVBF00 648.75–649.25 649.000 -1.250 AAVBG00 657.50–658.00 657.750 -1.250 Change
Diesel 10ppm NWE** AAWZD00 649.75–650.25 650.000 -1.250 AAWZC00 659.00–659.50 659.250 -1.250 CIF Northwest Europe cargo ($/mt) (PGF page 1760)
Diesel 10 ppm UK AAVBH00 660.00–660.50 660.250 -1.250 VGO 0.5-0.6% AAHMZ00 516.25–517.25 516.750 +1.250
Gasoil 0.1% AAYWR00 634.25–634.75 634.500 -0.250 AAYWS00 646.75–647.25 647.000 -0.250 VGO 2% AAHND00 507.50–508.50 508.000 +0.500
Fuel oil 1.0% PUAAM00 409.00–409.50 409.250 -1.500 PUAAL00 418.00–418.50 418.250 -1.750
Fuel oil 3.5% PUABB00 393.50–394.00 393.750 0.000 PUABA00 406.00–406.50 406.250 -0.250 FOB Northwest Europe cargo ($/mt)
VGO 0.5-0.6% AAHMX00 503.50–504.50 504.000 +1.250
Northwest Europe barges (PGA page 1112) VGO 2% AAHNB00 495.00–496.00 495.500 +0.750

FOB Rotterdam NAPHTHA CRACK SWAP Straight Run 0.5-0.7% PKABA00 464.25–465.25 464.750 +1.000
Naphtha PAAAM00 630.00–630.50 630.250 +2.000 ($)
-2 FOB Black Sea cargo ($/mt)
Eurobob AAQZV00 709.50–710.00 709.750 +8.750
VGO 0.8% ABBAD00 506.250
+1.000
98 RON gasoline 10 ppm AAKOD00 789.50–790.00 789.750 +8.750
VGO 2% ABBAC00 497.750
+0.500
Premium gasoline 10 ppm PGABM00 733.75–734.25 734.000 +8.250
Reformate AAXPM00 736.750 +8.750 CIF Mediterranean cargo ($/mt)
Jet PJABA00 686.50–687.00 686.750 -0.750
Straight Run 0.5-0.7% AAJNT00 456.250
-1.750
Diesel 10 ppm*** AAJUS00 654.00–654.50 654.250 -0.500 -4
VGO 0.8% ABBAB00 516.750
+1.250
Gasoil 50 ppm AAUQC00 643.75–644.25 644.000 -2.250 VGO 2% ABBAA00 508.000
+0.500
Gasoil 0.1%*** AAYWT00 639.75–640.25 640.000 -0.750
Fuel oil 1.0% PUAAP00 411.75–412.25 412.000 -0.250 FOB Rotterdam barge ($/mt)
Fuel oil 3.5% PUABC00 411.75–412.25 412.000 -0.250 MTBE* PHALA00 811.75–812.25 812.000 +10.000
Fuel Oil 3.5% 500 CST PUAGN00 406.75–407.25 407.000 -0.250 -6 VGO 0.5-0.6% AAHNF00 502.50–503.50 503.000 +1.750
Rotterdam bunker 380 CST PUAYW00 415.50–416.50 416.000 -9.000 Oct Dec Feb Apr Jun Aug VGO 2% AAHNI00 494.00–495.00 494.500 +0.750
*Naphtha FOB Med is basis East Med **Basis Le Havre ***FOB Amsterdam-Rotterdam-Antwerp Source: S&P Global Platts * FOB Amsterdam-Rotterdam-Antwerp

www.platts.com
EUROPEAN MARKETSCAN August 14, 2018

Euro-denominated assessments 16:30 London Euro cents per liter assessments 16:30 London
Market Update (PGA page 724) Med cargoes (€/mt) (PGA page 1120) Med cargoes (€ cents/liter) (PGA page 1370)
FOB Med CIF Med FOB Med CIF Med
Crude futures were little changed late in the European (Italy) (Genova/Lavera) Prem Unl 10 ppm ABXGA00 46.514 ABXGB00 46.946
session Tuesday, having come off earlier highs on dollar Naphtha* ABWHE00 544.770 ABWHD00 552.474 Jet ABXGH00 48.769 ABXGI00 49.614
strength. ICE October Brent was down 3 cents/b at Prem Unl 10ppm ABWGV00 616.306 ABWGU00 622.029 10 ppm ULSD ABXGO00 47.025 ABXGP00 49.269
Jet ABWGZ00 596.936 AAZBO00 607.281 Gasoil 0.1% ABXGY00 47.780 ABXGZ00 48.524
$72.58/b at 4:30 pm London time (1530 GMT), while NYMEX 10ppm ULSD ABWHM00 575.585 ABWHH00 582.849 Northwest Europe cargoes (€ cents/liter) (PGA page 1370)
September WTI was 6 cents/b lower at $67.14/b. Crude Gasoil 0.1% ABWGQ00 565.240 ABWGO00 574.045
FOB NWE CIF NWE/Basis ARA
Fuel Oil 1.0% ABWGH00 364.941 ABWGF00 372.645
Gasoline 10 ppm ABXGC00 48.956
futures were bolstered earlier in the day by expectations of Fuel oil 3.5% ABWGM00 360.979 ABWGK00 368.903
Jet ABXGJ00 49.165 ABXGK00 49.722
a US crude stock draw and after news Monday that Saudi *Naphtha FOB Med is basis East Med ULSD 10 ppm ABXGQ00 48.301 ABXGR00 48.952
Arabia had cut production by 200,000 b/d in July to 10.29 Northwest Europe cargoes (€/mt) (PGA page 1116) Diesel 10 ppm NWE ABXGS00 48.376 ABXGT00 49.064
Gasoil 0.1% ABXHA00 47.222 ABXHB00 48.152
million b/d. Still, secondary sources pegged the Saudi FOB NWE CIF NWE/
Basis ARA Northwest Europe barges (€ cents/liter) (PGA page 1370)
decline at 50,000 b/d, and other OPEC members have FOB Rotterdam
Naphtha AAQCE00 558.417
reported increasing output. Libya’s crude output has Gasoline 10ppm ABWGS00 648.662 Eurobob ABXGD00 47.162
climbed above 1 million b/d for the first time since early Jet ABWHB00 601.778 AAQCF00 608.602 98 RON Gasoline 10 ppm ABXGE00 52.477
ULSD 10 ppm ABWHO00 572.284 ABWHI00 580.428 Premium Gasoline 10 ppm ABXGF00 48.773
June, sources said Tuesday. Libya remained far from stable, Diesel 10ppm NWE ABWHP00 571.403 ABWHK00 579.107 Jet ABXGL00 49.399
however, so production levels were still at risk. Ahead of the Diesel 10 ppm UK ABWHJ00 581.308 Diesel 10 ppm ABXGU00 48.692
Gasoil 0.1% ABWGR00 558.637 ABWGP00 569.643 Gasoil 50 ppm ABXHC00 47.929
Fuel oil 1.0% AAQCG00 360.319 ABWGG00 368.243 Gasoil 0.1% ABXHD00 47.631
ICE futures Fuel oil 3.5% ABWGN00 346.672 ABWGL00 357.677
Platts ICE 16:30 London assessments* (PGA page 703) Straight run 0.5-0.7% ABWHG00 409.183 GB pence per liter assessments 16:30 London
Low Sulfur Gasoil Brent West Africa cargoes (€/mt) (PGA page 1116) Northwest Europe cargoes (p/liter) (PGA page 1370)
Sep AARIN00 654.25 Oct AAYES00 72.58 FOB NWE CIF WAF FOB NWE CIF NWE/Basis ARA
Oct AARIO00 655.75 Nov AAYET00 72.91 Gasoline AGNWA00 599.797 AANWC00 615.425 Gasoline 10 ppm ABXGG00 43.642
Nov AARIP00 653.00 Dec AAXZY00 73.08 FOB STS West Africa Jet ABXGM00 43.828 ABXGN00 44.325
Jan AAYAM00 73.15 Gasoil 0.3% AGNWE00 565.460 ULSD 10 ppm ABXGV00 43.058 ABXGW00 43.639
*Platts ICE assessments reflect the closing value of the ICE contracts at precisely Diesel 10 ppm UK ABXGX00 43.805
16:30 London time. Northwest Europe barges (€/mt) (PGA page 1118) Gasoil 0.1% ABXHE00 42.096 ABXHF00 42.926
ICE gasoil settlements (PGA page 702) FOB Rotterdam
Low Sulfur Gasoil Low Sulfur Gasoil
Naphtha ABWHF00 554.895 Foreign exchange rates (PGA page 1151)
Eurobob ABWGT00 624.890 August 14, 2018 London 16:30
Sep* ICLO001 654.75 Dec ICLO004 649.50
98 RON gasoline 10 ppm ABWGX00 695.325
Oct ICLO002 656.25 Jan ICLO005 648.25 Dollar/Swiss franc BCADC00 0.9928
Premium gasoline 10 ppm AAQCH00 646.241 GB pound/Dollar BCADB00 1.2741
Nov ICLO003 653.25 Feb ICLO006 648.00
Reformate AAXPN00 648.662 Dollar/Yen BCACW00 110.8400
*On day of ICE LS Gasoil midday expiry, M1 shows settlement value Jet ABWHC00 604.640 Euro/Dollar BCADD00 1.1358
ICE LS gasoil GWAVE (Previous day’s values) (PGA page 702) Diesel 10 ppm* AAQCI00 576.026 Dollar/Ruble AAUJO00 66.5540
Sep PXAAJ00 653.00 Oct PXAAK00 654.00 Gasoil 50 ppm AAUQF00 567.001
Gasoil 0.1%* AAYWY00 563.479
Fuel oil 1.0% ABWGI00 362.740
European clean product barge freight rates
Fuel oil 3.5% AAQCK00 362.740 ARA ($/mt) (PGT page 1918)
NYMEX futures (16:30 London time) Fuel Oil 3.5% 500 CST PUAGO00 358.338 Rotterdam — Rotterdam TCAEI00 2.40
NYMEX WTI (PGA page 703) Rotterdam bunker 380 CST AAUHE00 366.262 Rotterdam — Flushing TCAEJ00 4.10
$/barrel $/barrel *FOB Amsterdam-Rotterdam-Antwerp Rotterdam — Ghent TCAEK00 4.30
Sep AASCR00 67.14 Oct AASCS00 66.47 Rotterdam — Antwerp TCAEL00 3.50
New York Harbor cargoes 16:30 London (€ cent/gal) (PGA pages 1350 & 1450)
NYMEX NY ULSD (PGA page 703) Germany ($/mt) (PGT page 1918)
FOB NY Harbor
Rotterdam — Duisburg TCAEM00 16.45
¢/gal ¢/gal Unleaded 87 AAPYV00 182.60
Rotterdam — Cologne TCAEN00 25.00
Sep AASCT00 213.59 Oct AASCU00 214.01 Unleaded 89 AAPYW00 187.30
Rotterdam — Karlsruhe TCAEO00 45.45
NYMEX RBOB (unleaded gasoline) (PGA page 703) Unleaded 93 AAPYX00 194.36
Antwerp — Duisburg TCAEP00 17.05
Euro/US$ forex rate: 1.1358. Platts Euro denominated European & US product
¢/gal ¢/gal assessments are based on market values and a Euro/US$ forex rate at 4:30 PM Switzerland ($/mt) (PGT page 1918)
Sep AASCV00 203.23 Oct AASCW00 192.28 local London time. Rotterdam — Basel TCAEQ00 61.95

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 2
EUROPEAN MARKETSCAN August 14, 2018

American Petroleum Institute’s weekly release of US crude cents/b to $10.35/b at the market close. The August/ Gasoline Prem Unleaded 10ppmS CIF Med Cargo
stocks data, analysts surveyed by S&P Global Platts September Eurobob structure rose from $15.00/mt to $16.00/ assessment rationale: (PGA page 1389) The CIF
forecast a decline of 1.7 million barrels in the week that mt. The August Med/North gasoline differential — the spread Mediterranean gasoline cargo assessment was derived as a
ended Friday, August 10, in light of the healthy product between the August FOB Mediterranean 10 ppm cargo swap freight net-forward from the FOB Mediterranean gasoline
cracks that should have encouraged refiners to raise and the equivalent FOB Rotterdam Eurobob barge swap — cargo assessment, using the following: FOB Mediterranean
utilization rates. Other market estimates pegged a larger was steady at minus $12.50, while the September Med/North gasoline cargo assessment plus the cost of transporting a
drop in stock levels of 2.5 million barrels, ING analysts said was also unchanged at minus $10.00/mt. 30,000 mt clean cargo from a basket of Mediterranean
in a note. “Meanwhile, the market is expecting to see ports to a basket of Mediterranean destinations.
around a 500,000 barrels increase in Cushing inventories. If Gasoline Prem Unleaded 10ppmS FOB Rdam Barge The above commentary applies to the market data code: AAWZB00
the case, this would be the first weekly increase at Cushing assessment rationale: (PGA page 1306) FOB AR 10 ppm
since mid-May,” ING said. premium unleaded gasoline barges were assessed at a Gasoline Barge exclusions: (PGA page 1305) No market data
$24.25/mt premium to physical Eurobob gasoline barges, was excluded from the August 14 assessment process.
down from a $24.75/mt premium, factoring in a competitive
Gasoline
trade off the bid over midwindow dates at $734/mt. Gasoline Cargo bids/offers/trades: (PGA page 1390)
Market analysis: (PGA page 1399) The European gasoline The above commentary applies to the market data code: PGABM00 ■■Gasoline Cargo: Deal Summary:

complex was balanced Tuesday, as renewed availability for ■■CIF NWE: None.

Northwest Europe gasoline cargoes softened concerns Gasoline Eurobob FOB ARA Barge assessment rationale: ■■FOB MED: None.

about a lack of product. The gasoline backwardation (PGA page 1306) Eurobob gasoline barges were assessed at a ■■Gasoline Cargo: Outstanding Interest:

continued to drive the price. “People unloaded product $16.00/mt premium to the September Eurobob gasoline ■■CIF NWE: None.

because of backwardation, [which is] still steep but has swap, up from a $15.00/mt premium, in the absence of ■■FOB MED: TOTSA offers at $697/mt for min 25,000 mt

come off slightly”, a source said. Availability of cargoes in competitive indications in the Platts Market on Close gasoline cargo loading Sep 04 - Sep 08 basis Rijeka;
Northwest Europe was evident in fixtures, with two ships assessment process and on the back of information heard TOTSA offers 25 kt and 0-5kt at Platts Fob Med Mean Prem
said by sources to have been put on subjects — the High through the day. Unl 10 ppm plus 7.50 usd/mt pricing 3 after BL, where BL=
Glow, carrying 37,000 mt of gasoline from Mongstad, The above commentary applies to the market data code: AAQZV00 0, of En228, EU qualified min 95/85 Ron/Mon, 10 ppm S
Norway, to West Africa, and the Hellas Enterprise, also max, 60 Kpa RVP max, reach compliant, 0.755 escalate/
carrying 37,000 mt and set for a trans-Atlantic journey from Gasoline 10ppmS CIF NWE Cargo assessment rationale: de-escalate. 25-30 Kt at buyer’s option, loading 04-08
the Amsterdam-Rotterdam-Antwerp hub. “The EBOB price (PGA page 1389) The CIF NWE gasoline cargo market was September 2018 FOB basis one safe port/berth Rijeka.
has been up because there was no cargo in Northwest assessed at a $27/mt premium over the Eurobob gasoline
Europe, but now there [is availability of] cargoes”, a source barges, unchanged from Monday. Gasoline Cargo exclusions: (PGA page 1390) No market data
said. Buying interest out of West Africa has picked up. “I have The above commentary applies to the market data code: AAXFQ00 was excluded from the August 14 assessment process.
heard that there is brisk trade down there [West Africa}. No
one is saying that there is a horrendous delay. There is no Gasoline Prem Unleaded 10ppmS FOB Med Cargo
Russian Gasoline (PGA page 1396)
overhang”, one trader said. The Mediterranean saw some assessment rationale: (PGA page 1389) The FOB Mediterranean
cargo activity on the day, with one offer in the Platts Market gasoline cargo market was assessed at a $2.75/mt premium Russian premium grade 95 RON gasoline saw the most
on Close assessment process, as availability has improved in to the August Mediterranean gasoline swap, down from a noticeable price increases in the Privolzhsy Federal District
the region. In the Mediterranean, Turkey, which exports $4.50/mt premium. The FOB Mediterranean gasoline cargo Tuesday. The premium grade saw more muted increases in
around 222,000 mt of gasoline per month, has been in focus, assessment was derived using the following inputs: the Central Federal District and regular 92 RON grade was
according to a trading source. The Torm Helvig was said to September 6 was assessed at $696.92/mt, factoring in a assessed broadly stable day on day. Volumes of regular
have been fixed Tuesday to carry 37,000 mt from Izmit to the competitive outstanding offer, for a minimum 25,000 mt gasoline were good and any excess would be directed for
US Atlantic Coast, with an option for the Persian Gulf. In the cargo for September 4-8 loading, in the Platts MOC. export, although aspects of the regulation of the market
paper market, the September Eurobob crack swap rose 80 The above commentary applies to the market data code: AAWZA00 were limiting this, a source said.

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 3
EUROPEAN MARKETSCAN August 14, 2018

Naphtha Subscriber notes (PGA page 1500)

Market analysis: (PGA page 1398) The European naphtha General Terms and Conditions in European MOC process
spot market remained balanced Tuesday, as covered S&P Global Platts considers in its European Market on Close oil products assessment process bids and offers that are executable under
demand at the prompt was offset by little shown on the normal conditions and reflect typical trading practices. Companies’ general terms and conditions are normally recognized provided they are
consistently applied and accepted as part of normal trading practice. Counterparties are expected to perform on trades reported in the MOC
offer. Market participants were still looking to Europe’s
based on typical GT&Cs that have been applied and accepted by both counterparties in the open market. If an offer is lifted by a buyer during
gasoline market for their pricing cues. In the paper
the Platts MOC process, Platts would expect typical GT&Cs between both parties to be applicable, even where the GT&Cs stated in the
market, cracks strengthened marginally on rangebound originally published offer may differ, if the companies have not conventionally performed on the published GT&Cs. At no time can a company
crude oil futures, as the September CIF NWE naphtha impose its own GT&Cs after taking out a bid or lifting an offer made under a different standard. Furthermore, a company’s GT&Cs regarding
crack swap rose 10 cents/b to minus $2.05/b at the close. vetting are not applicable to a third party terminal. Please send all comments, feedback and questions to europe_products@platts.com and
Meanwhile, the August/September spread was unchanged pricegroup@platts.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts for
on the day at $3.50/mt and the September/October public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.
backwardation was also flat, at $3.00/mt. The September
naphtha east/west spread — the premium of CFR Japan Platts clarifies procedures for delivery of 3.5% CIF Med cargoes onto vessels
naphtha cargo swaps over the CIF NWE naphtha cargo S&P Global Platts wishes to clarify that buyers in the 3.5% FO CIF Med cargoes market on close assessment process may request delivery
swap — widened 50 cents/mt to $8.50/mt, while the onto multiple vessels, and such requests should not be unreasonably refused by the seller. Platts understands that, in addition to delivery into
shore tanks or a single vessel, delivery into multiple vessels is a recognized, if occasional, feature of this market. In instances in which the
October spread rose 25 cents/mt to $8.50/mt. Europe’s
buyer nominates multiple vessels to receive a cargo, ship-to-ship transfer costs would be for the buyer’s account. Platts expects the buyer to
settled physical and rangebound paper markets followed
take delivery of the cargo during the original laycan period. Any demurrage costs due to late delivery of the cargo as a result of delivery onto
a slow trading day in Asia’s naphtha market where steam
multiple vessels should be for the buyer’s account. Please send all feedback and questions to europe_products@spglobal.com, with a cc to
cracker turnarounds in the fourth quarter prompted an pricegroup@spglobal.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts for
absence of spot inquiries for cargoes for second half of public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.
September delivery. Trade sources estimated around 1.5
million mt of arbitrage supply would arrive in Asia in Platts proposes to review US VGO, straight run pricing basis
August and expected a similar volume for September. So S&P Global Platts is proposing to change the pricing basis for its US Gulf Coast and US Atlantic Coast VGO and straight run fuel oil
far, about 1.25 million mt of arbitrage volume was differential assessments to the prevailing WTI crude futures contract, from the current cash WTI basis, with effect from August 20, 2018.
estimated for September delivery to Asia. Less arbitrage The proposed change is designed to reflect market convention. Platts understands that most spot trade in these markets uses the
supply from the West on the back of upcoming refinery prevailing WTI futures contract as the pricing basis. As a result, from August 20, Platts will assess the differential and apply it to the
turnarounds may result in added length in the relevant futures contract. The differentials will be assessed versus the relevant WTI futures contract, and this will roll to the next month on
the day the futures contract expires. Platts would apply the front-month differential for the entire 5-15 day laycan. Platts may use market
Mediterranean market, which typically relies on the East to
data priced off future months in the assessment, but it will be normalized to this basis. There will no name change to the affected
clear its excess product. Looking to Europe’s downstream
differential assessments as a result of this change. The affected differential assessments are:
markets, the discount for spot ethylene over contract has Assessment Name Code
narrowed, providing a boost to spot prices, while signs of VGO 0.5% USGC vs WTI AAJNY00
tightness were being seen in propylene markets as spot VGO 1.0% USGC vs WTI AAWLU00
prices remained at a premium to the industry-settled VGO 2.0% USGC vs WTI AAWLV00
contract price. The European butadiene market continued Straight run LS Dlvd USGC vs WTI Mo01 AALFS00
to watch developments in the Asia market ahead of Straight run HS Dlvd USGC vs WTI Mo01 AALGC00
September turnarounds, with any increase in prices in Straight run LS Dlvd USGC vs WTI Mo02 AALFT00
Asia seen providing further support to strong European Straight run LS Dlvd USGC vs WTI Mo02 AALGE00
pricing. Tighter olefin markets may lead to stronger Straight run LS Dlvd USAC vs WTI Mo01 AALFU00
Straight run HS Dlvd USAC vs WTI Mo01 AALGG00
naphtha cracking margins, especially for lighter paraffinic
Straight run LS Dlvd USAC vs WTI Mo02 AALFV00
grades which produce a larger olefin yield.
Straight run HS Dlvd USAC vs WTI Mo02 AALGI00

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 4
EUROPEAN MARKETSCAN August 14, 2018

Naphtha CIF NWE Cargo assessment rationale: (PGA page SUBSCRIBER NOTES (continued) (PGA page 1500)
1386) The CIF NWE naphtha cargo assessment was based
on the relationship between the physical and swaps The assessments are published on Platts Global Alert page 764, in the Platts North American Crude and Products Scan and in the Platts
markets in the absence of competitive indications seen in price database. Please send questions and comments by August 3, 2018, to americas_products@spglobal.com and
pricegroup@spglobal.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts
the Platts Market on Close assessment process. That
for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.
represented a differential of $1.42/mt, broadly stable versus
Monday’s differential of $1.32/mt.
Platts to maintain current CIF NWE gasoline cargo assessment
The above commentary applies to the market data code: PAAAL00 Following a formal consultation on its CIF NWE gasoline cargo assessment, S&P Global Platts has decided to maintain its current methodology
for this assessment. The consultation note published November 7, 2017, can be found here: https://www.platts.com/subscriber-notes-
Naphtha FOB Med Cargo assessment rationale: (PGA page details/26835081. Market feedback indicated that gasoline import flows continue to be reflected by the current methodology. Specifically, both
1376) The FOB Mediterranean naphtha cargo assessment the specification and cargo sizes reflected are representative of delivered gasoline volumes within Northwest Europe. The assessment will
was derived as a freight netback from the CIF NWE naphtha continue to reflect 10,000 mt cargoes of 10ppm gasoline delivered CIF basis Thames with 95 RON, 60/90 kPa summer/winter and 0.9%
cargo assessment, using the following assessments: CIF oxygenates by weight. As part of this decision the full specification reflected will be published in Platts Europe and Africa Refined Oil Products
NWE naphtha cargo assessment minus the cost of Methodology and Specifications Guide as per the below: The CIF NWE cargo assessment reflects EN 228 material with a 95 RON, 85 MON and a
transporting a 27,500 mt naphtha cargo from Alexandria in specific gravity of 0.755 kg/l. The maximum sulfur content is 10 ppm. The aromatics limit is a maximum of 35%. The assessment reflects
the Mediterranean to Rotterdam. material with a maximum oxygenate content of 0.9% by mass, and a maximum evaporation (E70) of 43% in winter specification material and
41% in summer specification material. Offers with a higher evaporation (E70) level should state the maximum limit. The assessment reflects
The above commentary applies to the market data code: PAAAI00
cargoes of 10,000 mt. Larger cargo sizes may be considered in the Platts MOC assessment process but normalized back to the reference cargo
size. The assessment reflects cargoes delivered CIF basis Thames with normal charter-party options within Northwest Europe. The assessment
Naphtha Cargo bids/offers/trades: (PGA page 1387) reflects the value of cargoes for delivery 10-25 days from the date of publication, with value normalized to reflect the mean of the delivery
■■NAPHTHA MOC: OUTSTANDING INTEREST: No trades period. In the absence of spot liquidity, Platts may consider differentials to other gasoline markets, such as Eurobob Gasoline Barges FOB AR or
reported. Premium Gasoline 10PPM Barges FOB AR, as well as prevailing Cross UK Continent freight rates. The reference Reid Vapor Pressure [RVP] for the
■■BIDS: None. OFFERS: 1) GLENCORE Offers CIF NWE
Platts winter specification 10 ppm gasoline CIF NWE cargo assessment is a maximum RVP of 90 kKiloPascals (kPa). For summer grade, Platts
Naphtha Cargo 12,500mt +/- 10%, at $639/mt for August reflects a maximum of 60 kPa. Please send any comments or queries to europe_products@spglobal.com with a cc to pricegroup@spglobal.com.
24 to August 28 delivery, TQC:- Indic 1; 2) GLENCORE For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will
Offers CIF NWE Naphtha Cargo 12,500mt +/- 10%, at $646/ consider all comments received and will make comments not marked as confidential available upon request.
mt for August 30 to September 3 delivery, TQC:- Indic 2.
Platts to begin publishing LPG assessments as percentages of naphtha
S&P Global Platts will begin publishing its daily suite of European LPG assessments as percentage of physical naphtha equivalents effective
Naphtha Cargo exclusions: (PGA page 1387) No market data
July 9, 2018. The following assessments will be calculated as physical percentage equivalents versus Naphtha Cargoes CIF NWE which
was excluded from the August 14 assessment process.
appears under the assessment code PAAAL00, on Platts Global Alert page 1386, and in the Platts LPGaswire and European Marketscan. The
new assessments will appear alongside the current flat price assessments on Platts Global Alert page 1775 and in the Platts LPGaswire. The
Jet new assessment codes will appear as follows:
Propane NWE
Market analysis: (PGA page 1497) The Northwest European FOB NWE Seagoing PMABBPT
jet fuel market was little changed Tuesday, as the large FOB ARA PMAASPT
volume of cargoes scheduled for arrival in the region FCA ARA PMABHPT
continued to weigh. The CIF NWE cargo premium to ICE CIF NWE Large Cargo PMABAPT
low sulfur gasoil futures rose $1/mt to $37/mt Tuesday, Butane NWE
but was down from $45.50/mt a week ago. Some market FOB NWE Seagoing PMAALPT
FOB ARA PMAACPT
participants, however, were not seeing such a bearish
FCA ARA PMABIPT
outlook with seasonal demand typically continuing into
CIF 1-3k mt PMAAJPT
September and refinery turnarounds also scheduled for
CIF NWE Large Cargo PMAAKPT

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 5
EUROPEAN MARKETSCAN August 14, 2018

September. “If you look at seasonality over the years, SUBSCRIBER NOTES (continued) (PGA page 1500)
demand in NWE peaks in September. There is a large
Propane Western Med
volume [of arrivals] but it is required [due to seasonal
FOB Ex-Ref PMABCPT
demand] and with refinery turnarounds in September,” a FCA Ex-Ref PMABJPT
market source said. The diesel crack in Northwest Europe CIF 7000+ mt PMABEPT
remained above that of jet, which could potentially Butane Western Med
incentivize maximum diesel production if the trend FOB West Med Coaster PMAAMPT
continued, and would also be supportive of jet Alongside the launch of new LPG assessments, the nomenclature of the naphtha assessments published on page two of the Platts
differentials. In the Mediterranean, jet yields versus diesel LPGaswire will change to Naphtha Cargoes CIF NWE and Naphtha Cargoes CIF Med. Please send any comments or queries to
have been low for the past few weeks, which has europe_products@spglobal.com with a cc to pricegroup@spglobal.com. For written comments, please provide a clear indication if
prompted refiners to consider switching from maximum comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments
jet production to diesel. One market source said at least not marked as confidential available upon request.
two refiners will be switching to diesel production. The
Platts proposes 0.5% sulfur marine fuel assessments from Jan 2, 2019
impact of low jet cracks on refinery slates in the
Following an extended period of discussion, S&P Global Platts proposes to begin publishing daily cargo and barge assessments for residual
Mediterranean should become clearer next week when
marine fuels reflecting a maximum sulfur limit of 0.5% across the globe starting January 2, 2019, as well as bunker assessments for the grade
September programs were expected to come out. In from July 1, 2019. Platts has received feedback from shipowners that all specifications of the new 0.5% fuel type should adhere at least to RMG
industry news, Germany’s Fraport Group recorded strong 2010 specifications on all parameters. It is therefore proposed that these new assessments would reflect specifications for RMG 380 CST as
passenger growth across its airports over July, with 6.869 defined by the International Organization for Standardization in document ISO 8217:2010 Petroleum products — Fuels (class F) — Specifications
million passengers passing through Frankfurt airport, the of marine fuels, but additionally including a maximum sulfur limit of 0.5%. Platts invites feedback on whether additional parameters or different
company said. That was represented a year-on-year limits should be reflected in these assessments. The launch of these assessments would come 12 months ahead of the planned introduction of
increase of 7.5%. However, cargo volume fell 6.4% year on new sulfur limits in marine fuels by the International Maritime Organization from January 1, 2020. Platts proposes to begin publishing new price
year to 175,960 mt. assessments for RMG 380 CST marine fuel cargoes with a maximum sulfur limit of 0.5%, for loading in Singapore, Fujairah and Houston, and
barges in Rotterdam, starting January 2, 2019. In the absence of an active spot market, these assessments would initially reflect information on
blend economics from related fuels. This proposal follows extensive consultation with the industry after Platts opened a formal review of its
Jet FOB Rdam Barge assessment rationale: (PGA page 1484)
global residuals and bunker fuel assessments in a subscriber note published February 20, 2017. In addition, under the plan, Platts will begin
The FOB Rotterdam barges market assessment was
publishing prices assessments for 0.5% sulfur bunker fuel on delivered and ex-wharf basis at several ports across the world from July 1, 2019.
derived on the basis of the following inputs, expressed at a
Platts continues to receive feedback that the change in marine fuel sulfur limits would see most shipping markets change to the use of low-
differential to the front-month ICE LSGO futures contract: sulfur distillate and/or residual grades or other alternative blends of low-sulfur material. Platts aims to assess grades and locations of marine
August 19 was assessed between an outstanding bid fuel that are most widely tradeable and reflective of typical market practices. Global fuel standards could see further evolution ahead of the
valued at $34.17/mt and a traded offer valued at $28/mt. planned introduction of new sulfur limits for marine fuels by the International Maritime Organization from January 1, 2020. Platts will continue to
August 23 was assessed between an outstanding bid regularly review market conditions, and will monitor for evidence that newer standards are being traded more broadly in the market.
valued at $34.68/mt and an outstanding offer valued at BACKGROUND: On October 27, 2016, the IMO confirmed its decision that it would move ahead with a proposed reduction of sulfur limits in
$32/mt. The contango proven by those two inputs was marine fuels to 0.5% from January 1, 2020. The cap had first been proposed in 2008. Platts intends to continue publishing existing fuel oil and
applied for August 19-23. August 26 was assessed above an marine fuel assessments following the IMO 2020 change. Please send comments to oilgroup@spglobal.com and pricegroup@spglobal.com by
outstanding bid valued at $35.05/mt and August 27 was December 29, 2017. 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.
assessed below an outstanding offer valued at $32/mt.
The above commentary applies to the market data code: PJABA00
Platts proposes to assess basis volume in FOB West Med butane assessment
S&P Global Platts proposes to assess a basis volume of 4,000 mt in its FOB West Mediterranean butane coaster assessment with effect
Jet CIF NWE Cargo assessment rationale: (PGA page 1489) from September 3, 2018. The assessment currently reflects full or part-cargoes of at least 1,600 mt. In line with industry feedback, Platts
CIF Northwest European jet fuel cargoes were assessed has observed a change of market flows in the Mediterranean where smaller pressurized coasters have been repositioned and larger
on the following inputs, expressed at a differential to the pressurized coasters are increasingly being utilized to load butane from West Mediterranean locations. Under this proposal, full or part-
front-month ICE LSGO futures contract: For August 30, cargoes of at least 1,600 mt would continue to be included in the assessment, with alternative cargo sizes normalized back to the basis

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 6
EUROPEAN MARKETSCAN August 14, 2018

value was assessed below an outstanding offer valued at SUBSCRIBER NOTES (continued) (PGA page 1500)
$36.72/mt. For September 5, value was assessed
volume of 4,000 mt. Please send any comments or queries by August 6, 2018, to europe_products@spglobal.com with a cc: to
between an outstanding bid valued at $37.71/mt and an
pricegroup@spglobal.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts
outstanding offer valued at $38.06/mt. The contango for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.
proven by those two inputs was applied for August 30 to
September 5. September 6 was assessed between a Platts discontinues publication of duplicate ICE gasoil futures prices
traded bid valued at $38.63 and an outstanding offer Platts discontinues publication of duplicate ICE gasoil futures prices Platts has discontinued publishing duplicates of the ICE low-
valued at $38.06/mt. sulfur gasoil futures settlement prices effective August 1, 2018. This follows on from a decision published May 11 and available here:
The above commentary applies to the market data code: https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/051118-platts-to-discontinue-publication-of-duplicate-ice-
PJAAU00 gasoil-futures-prices-oil. The discontinued codes are as follows.
Assessment Code
Jet FOB Med Cargo assessment rationale: (PGA page ICE Gasoil M1 AAQSG00
ICE Gasoil M2 AAQSH00
1489) The FOB Mediterranean jet cargo assessment was
ICE Gasoil M3 AAQSI00
derived as a freight netback to the CIF Northwest Europe
ICE Gasoil M4 AAQSJ00
jet cargo assessment, using the following calculation: CIF
ICE Gasoil M5 AAQSK00
NWE jet cargo assessment minus the cost of transporting ICE Gasoil M6 AAQSL00
a 27,500 mt clean cargo from Augusta, Italy, to ICE Gasoil Mid-day expiry AAQSM00
Rotterdam, Netherlands. Platts will continue the publication of the ICE gasoil futures settlement prices out of New York and has replaced the above codes with
The above commentary applies to the market data code: these in Platts Crude Oil Marketwire, Platts Oilgram Price report and on PGA page 704.
AAIDL00 Assessment Code
ICE Gasoil M1 ICLO001
Jet Barge trades: (PGA page 1482) ICE Gasoil M2 ICLO002
■■1) TOTSA-STR Trade on Bid [15:25:49], 3.3 kt, FARAG, ICE Gasoil M3 ICLO003
ICE Gasoil M4 ICLO004
FE1 (17/8 - 21/8), FOB Barge $; 2) CCMA-VITOL Trade on
ICE Gasoil M5 ICLO005
Offer [15:28:50], 3 kt, FARAG, FE1 (17/8 - 21/8), ICE LSGO
ICE Gasoil M6 ICLO006
M1 $28.00;

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. information and/or assessment contained therein in making any investment, trading, risk
The names “S&P Global Platts” and “Platts” and the S&P Global Platts logo are management or other decision. S&P Global Platts, its affiliates and their third-party
trademarks of S&P Global Inc. Permission for any commercial use of the S&P Global Platts licensors do not guarantee the adequacy, accuracy, timeliness and/or completeness of
logo must be granted in writing by S&P Global Inc. the Data or any component thereof or any communications (whether written, oral,
electronic or in other format), and shall not be subject to any damages or liability,
You may view or otherwise use the information, prices, indices, assessments and other related including but not limited to any indirect, special, incidental, punitive or consequential
EUROPEAN MARKETSCAN information, graphs, tables and images (“Data”) in this publication only for your personal use
or, if you or your company has a license for the Data from S&P Global Platts and you are an
damages (including but not limited to, loss of profits, trading losses and loss of goodwill).

Volume 50 / Issue 157 / August 14, 2018 authorized user, for your company’s internal business use only. You may not publish, reproduce, ICE index data and NYMEX futures data used herein are provided under S&P Global Platts’
extract, distribute, retransmit, resell, create any derivative work from and/or otherwise provide commercial licensing agreements with ICE and with NYMEX. You acknowledge that the ICE index
Editorial: Naphtha: +44-20-7176-6122 | Gasoline: +44-20-7176-6205 | Jet: +44-20-7176- access to the Data or any portion thereof to any person (either within or outside your company, data and NYMEX futures data herein are confidential and are proprietary trade secrets and
6672 | Diesel: +44-20-7176-1294 | Gasoil: +44-20-7176-7813 | HS Fuel Oil: +44-20-7176- including as part of or via any internal electronic system or intranet), firm or entity, including any data of ICE and NYMEX or its licensors/suppliers, and you shall use best efforts to prevent the
6230 | LS Fuel Oil: +44-20-7176-6512 | North Sea crude: +44-20-7176-6059 | Urals and Med subsidiary, parent, or other entity that is affiliated with your company, without S&P Global unauthorized publication, disclosure or copying of the ICE index data and/or NYMEX futures data.
crudes: +44-20-7176-6112 | WAF crudes: +44-20-7176-6230 Platts’ prior written consent or as otherwise authorized under license from S&P Global Platts. Permission is granted for those registered with the Copyright Clearance Center (CCC) to
Any use or distribution of the Data beyond the express uses authorized in this paragraph copy material herein for internal reference or personal use only, provided that appropriate
Client services information: North America: 800-PLATTS8 (800-752-8878); direct: above is subject to the payment of additional fees to S&P Global Platts. payment is made to the CCC, 222 Rosewood Drive, Danvers, MA 01923, phone +1-978-
+1-212-904-3070, Europe & Middle East: +44-20-7176-6111, Asia Pacific: +65-6530-6430, S&P Global Platts, its affiliates and all of their third-party licensors disclaim any and all 750-8400. Reproduction in any other form, or for any other purpose, is forbidden without
Latin America: +54-11-4121-4810, E-mail: support@platts.com warranties, express or implied, including, but not limited to, any warranties of merchantability the express prior permission of S&P Global Inc. For article reprints contact: The YGS
or fitness for a particular purpose or use as to the Data, or the results obtained by its use or Group, phone +1-717-505-9701 x105 (800-501-9571 from the U.S.).
Trade Data: Platts has defined standards for entities it considers to be related and verifies as to the performance thereof. Data in this publication includes independent and verifiable For all other queries or requests pursuant to this notice, please contact S&P Global Inc.
through a variety of inputs whether counterparties in reported trades meet these criteria. data collected from actual market participants. Any user of the Data should not rely on any via email at support@platts.com.

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 7
EUROPEAN MARKETSCAN August 14, 2018

Jet Barge bids: (PGA page 1480) Russian domestic refined products assessments (Rb/mt)
FCA Privolzhsky Federal District, Basis Ufa FCA Central Federal District, Basis Moscow
■■1) UNIPECSG Bid, 2-3 kt, FARAG, FE1 (17/8 - 21/8), CCM Diesel (PGA page 1430)
$-3.25; Diesel AAUDO00 44,800 +300 AAUDT00 46,500 +400
■■2) UNIPECSG Bid, 2-3 kt, FARAG, MW2 (21/8 - 25/8), CCM Gasoline (PGA page 1330)
$-3.25; Gasoline Premium Unleaded AAUDL00 46,300 +800 AAUDQ00 47,400 +350
Gasoline Regular Unleaded AAUDM00 43,000 +400 AAUDR00 44,750 +350
■■3) UNIPECSG Bid, 2-3 kt, FARAG, BE2 (24/8 - 28/8), CCM
Fuel oil (PGA page 1530)
$-3.25; Low sulfur fuel oil 1% AAUDP00 16,400 +50 AAUDU00 17,500 0
Fuel oil 3.5% M-100 AAUNU00 16,350 +50 AAUNV00 17,450 0

Jet Barge offers: (PGA page 1481)


■■1) UNIPECSG Offer, 2-3 kt, FARAG, FE3 (19/8 - 23/8), CCM
Russian domestic refined products netbacks
Refinery Port Code Rb/mt Change Code $/mt Change Underlying marker
$-1.00;
Middle Distillates (PGA page 1440)
■■2) UNIPECSG Offer, 2-3 kt, FARAG, MW2 (21/8 - 25/8), CCM
Gasoil and Diesel 10 ppm
$-1.00; Moscow St Peter AAWRP00 51,933.022 +823.901 AAWRO00 761.220 -2.657 ULSD CIF NWE Crg
■■3) UNIPECSG Offer, 2-3 kt, FARAG, BE2 (24/8 - 28/8), CCM Moscow Ventspils AAWRR00 51,297.654 +797.923 AAWRQ00 751.907 -2.862 ULSD CIF NWE Crg
Yaroslavl St Peter AAXKP00 52,386.626 +823.901 AAXKO00 767.869 -2.788 ULSD CIF NWE Crg
$-1.00; NORSI Novorossiysk AAXKA00 50,183.442 +893.783 AAWRU00 735.575 -1.109 ULSD FOB Med Crg
■■4) CCMA Offer, 2-3 kt, FARAG, MW2 (21/8 - 25/8), ICE Syzran Novorossiysk AAXKI00 50,847.275 +893.784 AAXKH00 745.305 -1.300 ULSD FOB Med Crg
Syzran Ventspils AAWJQ00 50,940.279 +797.923 AAWJP00 746.669 -2.759 ULSD CIF NWE Crg
LSGO M1 $32.00; Komsomolsk Nakhodka AAWRJ00 51,231.928 +1266.854 AAWRI00 750.944 +4.166 GO 0.05% SporeCrg
■■5) CCMA Offer, 2-3 kt, FARAG, BE3 (25/8 - 29/8), ICE LSGO Khabarovsk Nakhodka AAWRD00 51,831.816 +1266.853 AAWRC00 759.737 +3.993 GO 0.05% SporeCrg
M1 $32.00; Ufa Ventspils AAWJT00 50,435.416 +797.923 AAWJR00 739.269 -2.613 ULSD CIF NWE Crg
Ufa Primorsk AAXYF00 51,500.940 +836.820 AAXYJ00 754.887 -2.339 ULSD CIF NWE Crg
Omsk Ventspils AAWJO00 49,217.797 +797.922 AAWJN00 721.421 -2.263 ULSD CIF NWE Crg
Jet Barge exclusions: (PGA page 1483) No market data was Omsk Novorossiysk AAWKQ00 48,448.618 +893.783 AAWKP00 710.147 -0.608 GO 0.1% Med Crg
Yaroslavl Primorsk AAWJZ00 53,207.220 +836.820 AAWJY00 779.897 -2.831 ULSD CIF NWE Crg
excluded from the August 14 assessment process. NORSI Primorsk AAWJX00 53,252.248 +836.819 AAWJW00 780.557 -2.844 ULSD CIF NWE Crg
Kirishi Primorsk AAWJV00 54,205.358 +836.820 AAWJU00 794.527 -3.120 ULSD CIF NWE Crg
Volgograd Novorossiysk ABXKR00 52,276.585 +893.783 ABXKQ00 766.256 -1.712 ULSD FOB Med Crg
Jet Cargo trades: (PGA page 1487)
Jet fuel
■■“1) BP-STR Trade on Bid [15:29:58], CIF Basis Rotterdam,
Moscow Ventspils AAWKB00 47,855.708 +897.428 AAWKA00 701.456 -0.383 Jet fuel ARA Brg
Main: 27 kt, 4/9 - 8/9, Indication 3 OCO 4 Laycan- seller to Gasoline (PGA page 1340)
narrow at time of booking (if applicable) Main volume- Moscow Vysotsk AAWRT00 58,520.444 +1686.327 AAWRS00 857.777 +8.334 Eurobob ARA Brg
Yaroslavl Vysotsk AAXKT00 58,927.662 +1686.327 AAXKS00 863.746 +8.217 Eurobob ARA Brg
27kt full month Sept 18 Vol Tol - 0-6kt CCM-flat average NORSI Novorossiysk AAXKE00 56,913.374 +1537.992 AAXKD00 834.221 +6.580 Prem Unl Med Crg
of 3 quotes after COD (COD = day zero) Spec- Jet A1 NORSI Vysotsk AAWIN00 58,166.278 +1686.326 AAWIO00 852.585 +8.435 Eurobob ARA Brg
DEFSTAN 91-091, meeting JFSCL latest issue (current at Syzran Novorossiysk AAXKL00 57,577.207 +1537.992 AAXKK00 843.951 +6.388 Prem Unl Med Crg
Komsomolsk Nakhodka AAWRL00 57,951.958 +1144.969 AAWRK00 849.444 +0.406 Unl 92 Spore Crg
bill of lading) with possible exception of electrical Khabarovsk Nakhodka AAWRF00 58,551.846 +1144.969 AAWRE00 858.237 +0.233 Unl 92 Spore Crg
conductivity (Stadis to be provided on board in drums), Kirishi Vysotsk AAWIW00 60,102.529 +1686.327 AAWIP00 880.966 +7.877 Eurobob ARA Brg
Ufa Vysotsk AAWJE00 56,836.796 +1686.327 AAWJD00 833.098 +8.819 Eurobob ARA Brg
ISPS compliant CP Terminal- Rotterdam CP Options- Full Omsk Vysotsk AAWJC00 56,135.522 +1686.327 AAWIX00 822.819 +9.021 Eurobob ARA Brg
CP Options @ CP cost, terms and conditions Vessel- Fuel oil (PGA page 1540)
Shell/Total/BP approvals , 100% of main at Jet CIF NWE Moscow St Peter AAWRN00 17,493.896 +381.732 AAWRM00 256.421 +0.662 FO 3.5% ARA Brg
Yaroslavl St Peter AAXKN00 17,947.500 +381.732 AAXKM00 263.070 +0.532 FO 3.5% ARA Brg
Crg $-2.00, Any Day, See TQC”
NORSI Novorossiysk AAXKC00 15,748.342 +358.531 AAXKB00 230.835 +0.819 FO 3.5% Med Crg
Syzran Novorossiysk AAXKG00 16,412.175 +358.531 AAXKF00 240.565 +0.627 FO 3.5% Med Crg
Jet Cargo bids: (PGA page 1485) Komsomolsk Nakhodka AAWRH00 19,922.026 +511.599 AAWRG00 292.012 +1.904 380 CST Spore Crg
Khabarovsk Nakhodka AAWRB00 20,521.915 +511.600 AAWRA00 300.805 +1.731 380 CST Spore Crg
■■“1) STR Bid, CIF Basis Le Havre CIM Terminal, Main: 27 kt,
Kirishi Vysotsk AAWJG00 18,658.954 +378.329 AAWJF00 273.498 +0.276 FO 3.5% ARA Brg
3/9 - 8/9 (wide laycan), Indication 2 OCO 1 Laycan- seller Ufa Vysotsk AAWJK00 15,393.221 +378.329 AAWJJ00 225.630 +1.217 FO 3.5% ARA Brg
Omsk Vysotsk AAWJI00 14,691.947 +378.329 AAWJH00 215.351 +1.420 FO 3.5% ARA Brg
to narrow at time of booking (if applicable) Main volume-
Spot prices assessed by Platts in key markets are used as underlying markers for netback calculations.

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 8
EUROPEAN MARKETSCAN August 14, 2018

27kt EFP related Vol Tol - 0-6kt CCM-flat average of 3 Asia products
quotes after COD (COD = day zero) Spec- Jet A1 DEFSTAN Code Mid Change Code Mid Change

91-091, meeting JFSCL latest issue (current at bill of Singapore (PGA page 2002)

lading) with possible exception of electrical conductivity FOB Singpore ($/barrel)


Naphtha PAAAP00 70.66–70.70 70.680 +0.520
(Stadis to be provided on board in drums), ISPS compliant Gasoline 92 unleaded PGAEY00 81.87–81.91 81.890 +0.220
CP Terminal- Le Havre CIM CP Options- Full CP Options @ Gasoline 95 unleaded PGAEZ00 84.41–84.45 84.430 +0.220
Gasoline 97 unleaded PGAMS00 86.13–86.17 86.150 +0.220
CP cost, terms and conditions Vessel- Shell/Total/BP Kerosene PJABF00 86.66–86.70 86.680 +0.360
approvals , 100% of main at EFP ICE LS GO $33.50, Gasoil 0.05% sulfur AAFEX00 87.22–87.26 87.240 +0.580
Month, Sep” “2) STR Bid, CIF Basis Le Havre CIM Terminal, Gasoil 0.25% sulfur AACUE00 86.85–86.89 86.870 +0.560
Gasoil POABC00 88.13–88.17 88.150 +0.480
Main: 27 kt, 3/9 - 8/9 (wide laycan), Indication 1 OCO 2 Fuel oil 180 CST 2% ($/mt) PUAXS00 457.86–457.90 457.880 +0.890
Laycan- seller to narrow at time of booking (if applicable) HSFO 180 CST ($/mt) PUADV00 447.78–447.82 447.800 +0.870
Main volume- 27kt full month Sept 18 Vol Tol - 0-6kt CCM- HSFO 380 CST ($/mt) PPXDK00 440.91–440.95 440.930 +0.730

flat average of 3 quotes after COD (COD = day zero) Spec- Indonesia (PGA page 2516)
FOB Indonesia ($/barrel)
Jet A1 DEFSTAN 91-091, meeting JFSCL latest issue
LSWR Mixed/Cracked PPAPU00 73.96–74.00 73.980 +0.220
(current at bill of lading) with possible exception of
Gasoline components (PBF page 2010)
electrical conductivity (Stadis to be provided on board in FOB Singapore ($/mt)
drums), ISPS compliant CP Terminal- CIM Le Havre CP MTBE PHALF00 765.00–767.00 766.000 +2.000
Options- Full CP Options @ CP cost, terms and conditions Singapore Swaps (PPA page 2654)
Vessel- Shell/Total/BP approvals , 100% of main at Jet CIF September ($/barrel) October ($/barrel)
NWE Crg $-3.00, Any Day, See TQC” Naphtha Japan ($/mt) AAXFE00 643.25–643.75 643.500 +5.500 AAXFF00 640.50–641.00 640.750
+6.000
Naphtha PAAAQ00 69.88–69.92 69.900 +0.650 PAAAR00 69.58–69.62 69.600 +0.700
Gasoline 92 unleaded AAXEL00 80.88–80.92 80.900 +0.340 AAXEM00 80.10–80.14 80.120 +0.360
Jet Cargo offers: (PGA page 1486) Reforming Spread AAXEO00 10.98/11.02 11.000 -0.310 AAXEP00 10.50/10.54 10.520 -0.340
■■“1) UNIPECSG Offer, CIF Basis Rotterdam, Main: 27 kt, Kerosene PJABS00 86.92–86.96 86.940 +0.300 PJABT00 86.98–87.02 87.000 +0.360
Gasoil POAFC00 87.83–87.87 87.850 +0.500 POAFG00 87.48–87.52 87.500 +0.500
24/8 - 28/8, Laycan: buyer to declare a 5 day window at HSFO 180 CST ($/mt) PUAXZ00 440.23–440.27 440.250 +1.700 PUAYF00 436.23–436.27 436.250
+2.200
the time of the trade, if applicable Main volume: 27kt Middle East (PGA page 2004)
pricing as per latest indication Optol: 0-6kt pricing,Sep FOB Arab Gulf ($/barrel)
EFP+42.00 Terminal/jetty: Rotterdam Spec: Jet A1 Naphtha ($/mt) PAAAA00 625.67–629.17 627.420 +4.500
Naphtha LR2 ($/mt) AAIDA00 625.47–628.97 627.220 +4.500
DEFSTAN 91-091, meeting JFSCL latest issue (current at Kerosene PJAAA00 85.19–85.23 85.210 +0.360
bill of lading) with possible exception of electrical Gasoil 10 ppm AAIDT00 86.57–86.61 86.59 +0.480
conductivity (Stadis to be provided on board in drums), Gasoil 0.005% sulfur AASGJ00 86.37–86.41 86.390 +0.480
Gasoil 0.05% sulfur AAFEZ00 85.92–85.96 85.940 +0.530
ISPS compliant CP: Full NWE charter party options at Gasoil 0.25% sulfur AACUA00 85.02–85.06 85.040 +0.530
charter party rate, terms and conditions Vessel: Dubai Gasoil POAAT00 86.57–86.61 86.590 +0.480
HSFO 180 CST ($/mt) PUABE00 436.63–436.67 436.650 +1.150
Brilliance, 100% of main at Jet CIF NWE Crg $-0.50,
Japan (PGA page 2006)
BalMnth, Next Day” “2) BP Offer, CIF Basis Rotterdam,
C+F Japan ($/mt) Premium/Discount
Main: 27 kt, 24/8 - 1/9 (wide laycan), Indication number: 1 Naphtha PAAAD00 645.75–649.25 647.500 +4.500
Laycan: buyer to declare a 5 day window at the time of Naphtha MOPJ Strip AAXFH00 640.50–641.00 640.750 +6.000 AAXFI00 6.50/7.00 6.750
-1.500
the trade Main volume pricing: 27kt, full EFP Sep Optol: Naphtha 2nd 1/2 Sep PAAAE00 650.00–650.50 650.250 +4.500
Naphtha 1st 1/2 Oct PAAAF00 648.75–649.25 649.000 +4.500
0-6 kt pricing basis 3 quotes after COD (COD=0) at CCM- Naphtha 2nd 1/2 Oct PAAAG00 645.75–646.25 646.000 +4.500
1.50$/t Spec: Jet A1 DEFSTAN 91-091, meeting JFSCL Gasoline unleaded ($/barrel) PGACW00 83.48–83.52 83.500 +0.200
latest issue (current at bill of lading) with possible Kerosene ($/barrel) PJAAN00 87.65–87.69 87.670 +0.340
Gasoil ($/barrel) POABF00 88.44–88.48 88.460 +0.490
(continued on page 11) HSFO 180 CST PUACJ00 458.44–458.48 458.460 +0.870

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 9
EUROPEAN MARKETSCAN August 14, 2018

US Products: August 13, 2018


Code Mid Change Code Mid Change Code Mid Change
New York harbor (PGA page 152)

CIF cargoes (¢/gal) RVP
Unleaded 87 0.3% AAMHG00 200.32–200.42 200.370 -2.300 AAMHGRV 9.0
Unleaded-89 0.3% AAMIW00 205.66–205.76 205.710 -2.360 AAMIWRV 9.0
Unleaded-93 0.3% AAMIZ00 213.67–213.77 213.720 -2.450 AAMIZRV 9.0

$/barrel 1% strip NYH cargo vs 1% strip
No. 6 0.3% HP PUAAE00 75.15–75.17 75.160 -0.570 AAUGA00 9.36/9.38 9.370 0.000
No. 6 0.3% LP PUAAB00 75.15–75.17 75.160 -0.570 AAUGB00 9.36/9.38 9.370 0.000
No. 6 0.7% PUAAH00 67.15–67.17 67.160 -0.570 AAUGC00 1.36/1.38 1.370 0.000
No. 6 1.0%** PUAAO00 65.15–65.17 65.160 -0.570 AAUGG00 65.78–65.80 65.790 -0.570 AAUGD00 -0.64/-0.62 -0.630 0.000
No. 6 2.2% PUAAU00 64.59–64.61 64.600 -0.480 AAUGE00 -1.20/-1.18 -1.190 +0.090
No. 6 3.0% PUAAX00 64.22–64.24 64.230 -0.420 AAUGF00 -1.57/-1.55 -1.560 +0.150

Residual swaps ($/barrel)
No. 6 1.0% paper Bal M AARZS00 66.09–66.11 66.100 -0.500
No. 6 1.0% paper 1st month PUAXD00 65.15–65.25 65.200 -0.500
No. 6 1.0% paper 2nd month PUAXF00 64.65–64.75 64.700 -0.500
No. 6 1.0% paper next quarter PUAXG00 64.17–64.27 64.220 -0.500
Boston cargoes (PGA pages 152)

$/barrel
No. 6 2.2% ($/barrel) PUAWN00 65.44–65.46 65.450 -0.480
NY/Boston numbers include duty. **This assessment reflects 150 max al+si
FOB Gulf Coast (PGA page 156 & 338)

¢/gal RVP
Unleaded 87 PGACT00 200.17–200.27 200.220 -2.200 PGACTRV 9.0
Unleaded 89 PGAAY00 205.67–205.77 205.720 -2.200 PGAAYRV 9.0
Unleaded 93 PGAJB00 213.92–214.02 213.970 -2.200 PGAJBRV 9.0
MTBE PHAKX00 231.87–231.96 231.920 -1.010
Alkylate* AAFIE00 27.10/27.20 27.150 +0.150
Jet 54 PJABM00 211.60–211.70 211.650 +0.680
Jet 55 PJABN00 211.85–211.95 211.900 +0.680
ULS Kero AAVTK00 216.85–216.95 216.900 +0.680
No. 2 POAEE00 204.40–204.50 204.450 +0.480

Cargo (¢/gal) Cargo ($/mt)
FOB Naphtha AAXJP00 186.320
-2.350 AAXJU00 652.160
-8.220
Export ULSD AAXRV00 208.770
-0.220 AAXRW00 653.230
-0.710
*Premium to US Gulf Coast pipeline gasoline

$/barrel USGC HSFO strip vs 1% strip
Slurry Oil PPAPW00 65.89–65.91 65.900 -0.580 AAUGS00 2.31/2.33 2.320 -0.160
No. 6 1.0% 6 API PUAAI00 67.39–67.41 67.400 -0.580 AAUGT00 3.81/3.83 3.820 -0.160
USGC HSFO PUAFZ00 62.89–62.91 62.900 -0.580 AAUGW00 63.57–63.59 63.580 -0.420 AAUGU00 -0.69/-0.67 -0.680 -0.160
RMG 380 PUBDM00 62.89–62.91 62.900 -0.580 AAUGV00 -0.69/-0.67 -0.680 -0.160

Residual swaps ($/barrel)
USGC HSFO swap M1(Sep) PUAXJ00 63.30–63.40 63.350 -0.400
USGC HSFO swap M2(Oct) PUAXL00 62.75–62.85 62.800 -0.350
USGC HSFO swap Q1( Q4 18) PUAXN00 62.25–62.35 62.300 -0.320

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 10
EUROPEAN MARKETSCAN August 14, 2018

exception of electrical conductivity (Stadis to be provided SUBSCRIBER NOTES (continued) (PGA page 1500)
on board in drums), ISPS compliant CP: Full NWE charter
party options at charter party rate, terms and conditions The midday expiration will no longer be published as a separate code, but will instead be noted as the expiration price in the daily
Vessel: Maersk Princess GT&Cs: BP 2015, 100% of main at publications. Please send any further comments and feedback to europe_crude@spglobal.com and pricegroup@spglobal.com. For
EFP ICE LS GO $36.50, Month, Sep” “3) BP Offer, CIF Basis written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts
will consider all comments received and will make comments not marked as confidential available upon request.
Le Havre CIM Terminal, Main: 27 kt, 3/9 - 8/9 (wide
laycan), Indication number: 2 Laycan: buyer to declare a 5
day window at the time of the trade Main volume pricing: 2018 Calendar for CIF Mediterranean gasoil summer-to-winter change
27kt, full EFP Sep Optol: 0-6 kt pricing basis 3 quotes Effective August 28, 2018, S&P Global Platts will start reflecting winter-specification gasoil on a pro-rated basis in its CIF
after COD (COD=0) at CCM-1.50$/t Spec: Jet A1 DEFSTAN Mediterranean gasoil cargo assessments. The FOB Mediterranean gasoil assessment also will be affected by the change. A
91-091, meeting JFSCL latest issue (current at bill of spreadsheet detailing the changes is available on request. The following calendar applies:
lading) with possible exception of electrical conductivity - August 28: First day of reflecting winter grade
(Stadis to be provided on board in drums), ISPS compliant - August 31: First full five-day period reflecting winter grade
- September 6: Last full five-day period reflecting summer grade
CP: Full NWE charter party options at charter party rate,
- September 10: Last day reflecting summer grade
terms and conditions Vessel: Lady Henrietta GT&Cs: BP
- September 11: Winter grade fully reflected
2015, 100% of main at EFP ICE LS GO $38.00, Month, Sep”
Please send any comments or questions to europe_products@spglobal.com and copy pricegroup@spglobal.com. For written
comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will
Jet Cargo exclusions: (PGA page 1488) No market data was consider all comments received and will make comments not marked as confidential available upon request.
excluded from the August 14 assessment process.

Jet Index (PGA page 115) Guidelines for European jet fuel barges in eWindow from July 13
Effective July 13, 2018, S&P Global Platts intends to launch jet fuel barges loading FOB basis Flushing-Amsterdam-Rotterdam-
August 13, 2018 Index $/mt
Europe & CIS PJECI00 235.58 PJECI09 689.00 Antwerp-Ghent barges in the eWindow communication tool for its Market on Close assessment process. From that date, Platts
MidEast & Africa PJMEA00 254.91 PJMEA09 673.51 will publish bids, offers and intentions to trade in its MOC process for jet fuel barges on the eWindow platform. Indications from
Global PJGLO00 240.98 PJGLO09 695.11 market participants received by Platts via instant messenger, telephone or other acceptable means will also be published on
eWindow. Headlines automatically generated by eWindow will appear on Platts Global Alert page 5, using new short-form
language. Here is a typical example of an automatically generated headline: “Platts Jet Brg 2-3kt ICE LSGO M1 ARA FARAG FE2,
Gasoil
Company A bids $30.00 for 1 lot of 2-3.” Company short-form names may appear differently. Certain guidelines that are applied to
Market analysis: (PGA page 1499) Activity in the European gasoil publishing bids, offers and intentions to trade during the MOC process will be updated to reflect efficiencies associated with the
market continued to be subdued. Seasonal demand remained addition of eWindow as a communication tool, which are summarized below:
low in what has become a largely quiet market for heating TIMING: The cut-off for placing bids or offers each day in eWindow will be 16:05:00 London time. For entities that choose to
fuels. Activity was also impacted by the low Rhine water levels communicate bids and offers for publication to a Platts editor, the cut-off will remain 16:00:000 London time to ensure sufficient
time to analyze information before publication.
which meant end-users in the inland markets of Germany and
INCREMENTABILITY: Bids and offers may be improved by up to $1/mt every 20 seconds. Repeat bids and offers should be
Switzerland having to pay higher costs for barge freight, which
communicated through eWindow within 45 seconds of a transaction being reported. For entities that choose to communicate bids
was not incentivizing prompt buying. In addition, the weaker
and offers for publication to a Platts editor, the manual incrementability rule of up to $1/mt per 60 seconds will apply.
euro in recent sessions may provide some weakness in the
BID/OFFER FREEZE: Platts maintains a brief freeze on published bids and offers at the close of the MOC process, during which
prompt market, sources said. As a result, vales of FOB ARA changes in price may not be published, but any bid or offer may be withdrawn so long as no interest to trade the indication has
gasoil grades such as 50 ppm and 0.1% barges tested the been expressed. For bids and offers published using the eWindow communication tool, this freeze will be applied for one minute
downside, with 50 ppm in particular dropping to a $10.25/mt after 16:29:00 London time. For entities that choose to send bids and offers for publication to a Platts editor through other
discount to front-month ICE low sulfur gasoil futures. The communication tools, a freeze of two minutes after 16:28:00 London time will remain.
Mediterranean echoed Northwest Europe in a directional LAYCANS: Platts has standardized the way in which bids and offers are published in its MOC process to any fixed five-day period
erosion of the spread to front-month ICE LSGO futures. Some within the 3-15 (Monday-Tuesday) or 5-15 (Wednesday-Friday) days forward assessment period. In the eWindow environment, these

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 11
EUROPEAN MARKETSCAN August 14, 2018

sources reported lower spot demand, despite the persistence SUBSCRIBER NOTES (continued) (PGA page 1500)
of tendered demand into Algeria and demand into Egypt. In
will be labeled progressively as: FE1; FE2; FE3; MW1; MW2; MW3; BE1; BE2; BE3. On Wednesdays, Thursdays and Fridays, Platts will
the swaps market, the balance-month 0.1% CIF Mediterranean
not publish BE2 and BE3 indications, as these would fall outside of the loading period reflected in the assessment. For example: on
differential swap dropped 25 cents/mt to minus $1.75/mt,
Friday, July 13, the laycans reflected will be: FE1 (July 18-22); FE2 (July 19-23); FE3 (July 20-24); MW1 (July 21-25); MW2 (July 22-26)
accentuating the structure with the October contract, which MW3 (July 23-27); and BE1 (July 24-28). On Monday, July 16, the laycans reflected will be: FE1 (July 19-23); FE2 (July 20-24); FE3
resulted in an overall softening of the backwardation in the (July 21-25); MW1 (July 22-26); MW2 (July 23-27); MW3 (July 24-28); BE1 (July 25-29); BE2 (July 26-30); and BE3 (July 27-31).
market, particularly amid the emergence of more prompt PRICING: Five typical pricing structures will be considered for bids and offers submitted for publication in the MOC process
offers. Looking at ICE LSGO futures, the September/October through the eWindow software. These are: (1) bids and offers expressed on an outright price basis; (2) bids and offers expressed as
spread was little changed at minus $1.50/mt. a Platts-related floating price to the Jet FOB Barge assessment; (3) bids and offers expressed as a Platts-related floating price to
the CIF NWE Jet Cargoes assessment; (4) bids or offers expressed on an EFP basis versus the front-month (M1) ICE low sulfur gasoil
Gasoil 0.1%S (1000ppm) FOB ARA Barge assessment futures contract; (5) bids or offers expressed on an EFP basis versus the second-month (M2) ICE low sulfur gasoil futures contract.
rationale: (PGA page 1428) The FOB ARA 0.1% gasoil barges VOLUME NOMINATION: Buyers may continue to nominate volume upon confirmation of a trade, and will have 30 seconds to do so,
assessment was based on the following inputs, expressed whether their bid is hit by a seller or they lift an offer, in the eWindow communication environment. If a volume is not nominated by
at a differential to the front-month ICE low sulfur gasoil the buyer within 30 seconds, a default quantity of 2,000 mt (2.0 kt) will apply. Volume nominations can be specified to the nearest
futures: The back end was assessed at minus $14/mt on 10 mt, for example 2,750 mt (2.75 kt). Nominations should be confirmed using the eWindow volume nomination box or via instant
messenger, telephone and other communication means for offline buyers.
the back of a competitively traded offer.
Please send any comments or questions to europe_products@spglobal.com and copy pricegroup@spglobal.com. For written
The above commentary applies to the market data code: AAYWT00
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.
Gasoil 0.005%S (50ppm) FOB ARA Barge assessment
rationale: (PGA page 1419) The FOB ARA 50 ppm gasoil barge
assessment was assessed based on the following inputs, Europe barge MOC dates ahead of 2018 Summer Bank holiday
expressed at a differential to the front-month ICE low sulfur Effective August 22, 23 and 24, 2018, and in line with the UK holiday calendar, S&P Global Platts will publish in its Market on Close
assessment process bids, offers and trades for refined product barges that load 6-15 days forward. The assessment will continue to reflect
gasoil futures: The midwindow was assessed at minus
the usual 3-15 or 5-15 days forward. From Tuesday, August 28, typical loading dates will be published. Please note that August 27 is a public
$10.25/mt on the back of a competitive offer.
holiday in the UK and Platts will not publish any European oil assessments on that day. The full details for each day can be seen below:
The above commentary applies to the market data code: AAUQC00
- On August 22, full barge MOC dates will be: August 28-September 6 (Front End: August 28-September 1; Mid Window: August
30-September 3; Back End: September 2-September 6)
Gasoil 0.1%S FOB NWE Cargo assessment rationale: (PGA - On August 23, full barge MOC dates will be: August 29-September 7 (Front End: August 29-September 2; Mid Window: August
page 1443) The FOB Northwest Europe 0.1% gasoil cargo 31-September 4; Back End: September 3-September 7)
assessment was derived as a freight netback from the CIF - On August 24, full barge MOC dates will be August 30-September 8 (Front End: August 30-September 3; Mid Window: September
NWE 0.1% gasoil cargo assessment, using the following 1-September 5; Back End: September 4-September 8)
assessments: CIF NWE 0.1% gasoil cargo assessment Please send any comments or questions to europe_products@spglobal.com with a copy to pricegroup@spglobal.com
minus the cost of transporting a 22,000 mt clean cargo
from a basket of ports in the Baltic and Northwest Europe
2018 calendar for FOB AR gasoline barge summer to winter change
to Le Havre, France. Effective September 17, 2018, S&P Global Platts will start reflecting winter grades of gasoline on a pro-rated basis in the Amsterdam-
The above commentary applies to the market data code: AAYWR00 Rotterdam barge markets. The following calendar applies:
September 20: First day on which winter gasoline can be bid or offered September 21: Last day on which summer can be bid or offered
Gasoil 0.1%S CIF NWE Cargo assessment rationale: (PGA September 25: Last day on which summer will be reflected in the assessment
page 1443) The CIF Northwest Europe 0.1% gasoil cargo September 26: Fully winter A spreadsheet detailing the changes is available on request.
market was assessed on the basis of the relationship Platts welcomes all feedback and questions to europe_products@spglobal.com, with a cc to pricegroup@spglobal.com. For written
between the physical and swaps markets. comments, please provide a clear indication if they are not intended for publication by Platts for public viewing. Platts will consider all
The above commentary applies to the market data code: AAYWS00 comments received and will make comments not marked as confidential available upon request.

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 12
EUROPEAN MARKETSCAN August 14, 2018

Gasoil 0.1%S FOB Med Cargo assessment rationale: (PGA SUBSCRIBER NOTES (continued) (PGA page 1500)
page 1392) The FOB Mediterranean 0.1% gasoil cargo
2018 calendar for gasoline cargo summer to winter change
assessment was derived as a freight netback from the CIF
Effective September 6, 2018, S&P Global Platts will start reflecting winter grades of gasoline on a pro-rated basis in its Northwest
Mediterranean 0.1% gasoil cargo assessment, using the
Europe and Mediterranean cargo assessments. The following calendar applies: September 10: First day on which winter gasoline can
following assessments: CIF Mediterranean 0.1% gasoil
be bid or offered September 14: Last day on which summer can be bid or offered September 20: Last day on which summer will be
cargo assessment minus the cost of transporting a 30,000
reflected in the assessment September 21: Fully winter A spreadsheet detailing the changes is available on request. Platts welcomes
mt clean cargo from a basket of ports in the Mediterranean
all feedback and questions to europe_products@spglobal.com, with a cc to pricegroup@spglobal.com. For written comments, please
to Genoa, Italy, and Lavera, France. provide a clear indication if they are not intended for publication by Platts for public viewing. Platts will consider all comments
The above commentary applies to the market data code: AAVJI00 received and will make comments not marked as confidential available upon request.

Gasoil 0.1%S (1000ppm) CIF Med Cargo assessment 2018 Autumn calendar for FOB ARA diesel barge seasonality
rationale: (PGA page 1392) The CIF Mediterranean 0.1% gasoil Effective August 31, 2018, Platts will start reflecting German intermediate specification for ultra low sulfur diesel on a pro-rated basis in its FOB
cargo assessment was assessed on the basis of the Amsterdam-Rotterdam-Antwerp (ARA) barge ULSD assessment. Subsequently, effective October 17, Platts will start reflecting German winter-
following inputs, expressed at a differential to the front- grade specification for ultra low sulfur diesel on a pro-rated basis in its FOB Amsterdam-Rotterdam- Antwerp (ARA) barge ULSD assessment.
month ICE low sulfur gasoil futures: August 26 was The following calendar applies:
assessed at minus $2.25/mt on a competitive offer. A Summer-to-intermediate grade transition:
backwardated structure of around 4 cents/mt per day was - August 31: First day reflecting German intermediate grade
applied to the assessment curve. - September 4: First full five-day period reflecting intermediate grade
The above commentary applies to the market data code: AAVJJ00 - September 5: Last full-five day period reflecting summer grade
- September 11: Last day reflecting summer grade
Gasoil 0.1% Barge exclusions: (PGA page 1427) No market - September 12: Intermediate grade fully reflected
data was excluded from the August 14 assessment process. Intermediate to winter-grade transition:
- October 17: First day reflecting German winter grade
Gasoil Barge 50ppm exclusions: (PGA page 1418) No market - October 22: First full five-day period reflecting winter grade
data was excluded from the August 14 assessment process. - October 23: Last full five-day period reflecting intermediate grade
- October 26: Last day reflecting intermediate grade
- October 29: Winter grade full reflected
Gasoil NWE Cargo bids/offers/trades: (PGA page 1444)
A spreadsheet detailing the changes is available on request. Please send any comments or questions to europe_products@spglobal.com and
■■Bids: None. Offers: None. Trades: None.
copy pricegroup@spglobal.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.
Gasoil NWE Cargo exclusions: (PGA page 1444) No market
data was excluded from the August 14 assessment process.
2018 Calendar for CIF Med, NWE diesel cargo summer-to-winter change
Effective August 28, 2018, Platts will start reflecting French winter specification of ultra-low sulfur diesel on a pro-rated basis in its CIF
Gasoil Mediterranean bids/offers/trades: (PGA page 1393) ARA, CIF NWE (Le Havre), CIF UK and CIF Mediterranean diesel cargo assessments. Other diesel cargo assessments including FOB ARA,
■■Bids: None.Offers: “1) BP Offer, CIF Basis Genoa, Main:
FOB NWE (Le Havre) and FOB Med will also be affected by the change. A spreadsheet detailing the changes is available on request. The
25 kt, 30/8 - 8/9 (wide laycan), Indication number :2 following calendar applies:
Buyer to narrow 5 day window at time of trade Main - August 28: First day of reflecting winter grade
volume pricing: EFP Optol: 0-5kt EFP pricing as per last - August 31: First full five-day period reflecting winter grade
differential on main volume Spec: 0.1% gasoil Spanish - September 6: Last full five-day period reflecting summer grade
summer b+c CP: Euromed, Neobig (exc yugo/former - September 10: Last day reflecting summer grade
yugo/Albania/Syria but inc Croatia/Slovenia), Tunisia, El - September 11: Winter grade fully reflected
dekhelia (not alex), Algeria Vessel: BP/Shell/Litasco, Please send any comments or questions to europe_products@spglobal.com and copy pricegroup@spglobal.com.

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 13
EUROPEAN MARKETSCAN August 14, 2018

100% of main at EFP ICE LS GO $-1.00, Month, Sep” 2) SUBSCRIBER NOTES (continued) (PGA page 1500)
BP Offer, CIF Basis Genoa, Main:25kt, 24/8-1/9(wide
laycan), Indication number: 1. Trades: None. No European and African oil assessments published August 27
Please note that, in line with the UK public holiday calendar, S&P Global Platts will not publish any European and African oil assessments
Gasoil Mediterranean exclusions: (PGA page 1393) No market from its London office on Monday, August 27, 2018. Normal European publishing schedules will resume on Tuesday, August 28. For full
details of Platts publishing schedules and services affected, please refer to https://www.platts.com/holiday. For any feedback or questions
data was excluded from the August 14 assessment process.
please contact Europe_Crude@spglobal.com or Europe_Products@spglobal.com with a CC to PriceGroup@spglobal.com

Diesel Corrections
Market analysis: (PGA page 1498) DIESEL: The Mediterranean Platts amends labelling of Aug 10 ICE LSGO settlement values on EUM, COM
diesel cargo market stabilized Tuesday after softening to a Please note that in the August 10, 2018 editions of the European Marketscan and Crude Oil Marketwire, the labelling of the contract months
four-week low versus front-month ICE low sulfur gasoil of the settlement values of the ICE low sulfur gasoil futures contract has been published incorrectly. The correct labelling should read as
futures Monday as incoming arbitrage volumes put pressure follows: ICE gasoil settlements Low Sulfur Gasoil Aug* (ICLO001) 647.25 Sep (ICLO002) 656.50 Oct (ICLO003) 657.75 Nov (ICLO004) 654.75
on cash differentials. The Mediterranean diesel cargo market Dec (ICLO005) 650.75 Jan (ICLO006) 650.25 *On day of ICE LS Gasoil midday expiry, M1 shows settlement value The table is published on
page 2 of the Platts European Marketscan and page 15 of the Crude Oil Marketwire. Please send any questions or comments to
was slowly turning balanced from tight, trading sources said,
Europe_products@spglobal.com and Europe_Crude@spglobal.com with a cc to pricegroup@spglobal.com.
with the volume of ultra low sulfur diesel scheduled to arrive
in the Mediterranean from the US Gulf Coast in August
amounting to at least 380,000 mt, while two cargoes of
90,000 mt of ultra low sulfur diesel were coming from India Amsterdam-Rotterdam-Antwerp hub. Platts cFlow showed outstanding offer for front-end dates in the Platts Market
to the Mediterranean, one to Barcelona, Spain, and the other an estimated arrival in Rotterdam on September 17. However, on Close assessment process. A 2 cents/day contango was
to Turkey. “I think the 10 ppm [market] is more balanced in according to the second trader, since the VLCC has to sail applied to the physical curve.
the Med. there is more arb coming and demand should be around the Cape of Good Hope, it might follow the example The above commentary applies to the market data code: AAJUS00
less going forward,” a trader said. Looking forward, the VLCC of the New Eminence and stop offshore Lome to discharge
New Eminence, which discharged half its 10 ppm diesel via STS, or go to the Mediterranean where STS would also be ULSD 10ppmS CIF NWE Basis UK Cargo assessment
cargo offshore Lome, Togo, via ship-to-ship transfer for sale necessary, or even go to New York, or continue to Rotterdam. rationale: (PGA page 1472) The CIF UK diesel cargo assessment
into South America and a couple of smaller clips for the “I think even [the charterer] does not know for sure where was derived as a freight net forward from the CIF Northwest
regional market, was heading to the Mediterranean as it still the cargo will eventually go. He will decide later, depending Europe (ARA) diesel cargo assessment, using the following
had some volume onboard, sources said. According to Platts on market conditions.” Platts assessed FOB ARA 10 ppm assessments: CIF NWE (ARA) diesel cargo assessment plus
cFlow, trade flow software, the 310,970 dwt New Eminence diesel barges at parity with front-month ICE LSGO futures, the cost of transporting a 30,000 mt clean cargo from a
was headed for Fos-sur-Mer, France, and was due to arrive down from 25 cents/mt premium Monday. Platts CIF NWE basket of ports in the Baltic to a basket of UK ports.
on August 21. In Northwest Europe, the diesel cargo market ULSD cargoes were assessed at a $3.50/mt premium over The above commentary applies to the market data code: AAVBH00
remained active with particular spot demand into Bordeaux front-month ICE LSGO futures, down from a $4.50/mt
and Le Havre. There was talk of another VLCC bringing a premium. CIF Mediterranean ULSD cargoes were assessed ULSD 10ppmS CIF NWE Basis Le Havre Cargo assessment
large cargo from the Middle East to Northwest Europe. “The unchanged at a $7.75/mt premium over the front-month rationale: (PGA page 1472) The CIF Northwest Europe (Le
cargo market is rather firm in NWE. We got extra demand for LSGO futures contract. Havre) diesel cargo assessment was derived as a freight
August into Immingham and the French market is also net forward from the CIF NWE (ARA) diesel cargo
pulling product whereas it is usually quiet in August,” a ULSD 10ppmS FOB ARA Barge assessment rationale: (PGA assessment, using the following assessments: CIF NWE
second trader said. According to shipping and trading page 1478) The FOB ARA 10 ppm ULSD barges assessment (ARA) diesel cargo assessment plus the cost of
sources, the 299,633 dwt Tonegawa has loaded ULSD from was based on the following input, expressed as differential transporting a 30,000 mt clean cargo from a basket of
three Long Range 2 tankers via STS transfer offshore to the front-month ICE LSGO futures contract: Value on ports in the Baltic to Le Havre, France.
Fujairah in the Gulf of Oman and was headed to the August 19 was assessed at $0.00/mt, factoring an The above commentary applies to the market data code: AAWZC00

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 14
EUROPEAN MARKETSCAN August 14, 2018

ULSD 10ppmS CIF NWE Cargo assessment rationale: Deals Summary


(PGA page 1472) The CIF NWE cargo market was based on
Premium gasoline 10 ppm barges Withdrawals
the following inputs, expressed as differentials to the ■■No offers reported
front-month ICE LSGO futures contract: Value on August Trades (PGA page 1304) ** Denotes OCO order.
27 was assessed at $3.25/mt, factoring an outstanding ■■10PPM: NWE Brg Smr 10ppm: MW: EQUINOR* sold to TOTSA 1kt: kt
offer for August 25-29 delivery in the Platts Market on $733.00/mt 15:28:06
Close assessment process. Value on September 2 was ■■10PPM: NWE Brg Smr 10ppm: MW: EQUINOR sold to TOTSA* 1kt: kt Gasoil 50ppm barges
assessed at $3.75/mt, factoring an outstanding bid for $734.00/mt 15:29:00
■■10PPM: NWE Brg Smr 10ppm: MW: EQUINOR sold to GUNVORSA*
Trades (PGA page 1417)
August 31 to September 4 delivery in the Platts MOC.
1kt: kt $732.00/mt 15:29:35 ■■No trades reported
Value on September 3 was assessed at $3.75/mt,
* Denotes market maker. All times GMT * Denotes market maker. All times GMT
factoring an outstanding offer for August 24 to
September 5 delivery in the Platts MOC. Value on Bids (PGA page 1302) Bids (PGA page 1415)
September 6 was assessed at $3.94/mt, factoring an 10PPM: NWE Brg Smr 10ppm: MW: STR bids 1kt: $725.00/mt
■■ ■■No bids reported
outstanding bid for September 4-8 delivery in the Platts
Withdrawals Withdrawals
MOC. An 8.33 cents/day contango was implied between ■■10PPM: NWE Brg Smr 10ppm: MW: TOTSA no longer bids 1kt: ■■No bids reported
August 27 and September 2 and was extended to the $734.00/mt ** Denotes OCO order.
front of the physical curve. A 6.33 cents/day contango ■■10PPM: NWE Brg Smr 10ppm: MW: GUNVORSA no longer bids 1kt:

was implied between September 3 and September 6 and $732.00/mt


Offers (PGA page 1416)
was extended to the back of the physical curve. ■■10PPM: NWE Brg Smr 10ppm: MW: BP Withdraws bid 1kt:

$724.00/mt
■■PLATTS GASOIL 50PPM BARGE 1-3KT ICE LSGO M1: ARA: FE:
The above commentary applies to the market data code:
** Denotes OCO order. GLENCOREUK offers 1-3kt: $-8.5/mt
AAVBG00 ■■PLATTS GASOIL 50PPM BARGE 1-3KT ICE LSGO M1: ARA: MW:

Offers (PGA page 1303) BELGOM offers 1-3kt: $-10/mt


ULSD 10ppmS CIF Med Cargo assessment rationale: (PGA ■■No offers reported
■■PLATTS GASOIL 50PPM BARGE 1-3KT ICE LSGO M1: ARA: MW:

page 1456) The CIF Med cargo diesel market was based on GLENCOREUK offers 1-3kt: $-9/mt
Withdrawals
the relationship between the physical and swaps markets, ■■10PPM: NWE Brg Smr 10ppm: MW: EQUINOR no longer offers 1kt:
■■PLATTS GASOIL 50PPM BARGE 1-3KT ICE LSGO M1: ARA: BE:

in the absence of competitive indications seen in the Platts BELGOM offers 1-3kt: $-8.5/mt
$733.00/mt
Market on Close assessment process. ** Denotes OCO order. Withdrawals
■■No offers reported
The above commentary applies to the market data code: AAWYZ00
** Denotes OCO order.
EBOB Barges
ULSD 10ppmS FOB Med Cargo assessment rationale: (PGA
page 1494) The FOB Mediterranean 10ppm ULSD cargo Trades (PGA page 1304) Gasoil 0.1% Barges
assessment was derived as a freight netback from the CIF ■■No trades reported
* Denotes market maker. All times GMT
Trades (PGA page 1426)
Med 10ppm ULSD cargo assessment, using the following
■■PLATTS GASOIL 0.1 BARGE 1-3KT ICE LSGO M1: ARA: BE:
assessments: CIF Med 10ppm ULSD diesel cargo Bids (PGA page 1302) GLENCOREUK* sold to BP 3kt: kt $-14/mt 15:29:35
assessment minus the cost of transporting a 30,000 mt ■■EBOB: MW: STR bids 1kt: $701.00/mt * Denotes market maker. All times GMT
clean cargo from a basket of ports in the Med to Genoa,
Withdrawals
Italy, and Lavera, France. Bids (PGA page 1424)
■■No bids reported
The above commentary applies to the market data code: AAWYY00 ** Denotes OCO order.
■■No bids reported
Withdrawals
Diesel Barge exclusions: (PGA page 1477) No market data Offers (PGA page 1303) ■■No bids reported

was excluded from the August 14 assessment process. ■■No offers reported ** Denotes OCO order.

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 15
EUROPEAN MARKETSCAN August 14, 2018

Diesel NWE Cargo trades: (PGA page 1470) Deals summary (continued)
■■“1) HARTREEUK-BP Trade on Offer [15:29:27], CIF Basis
Offers (PGA page 1425) MERCURIASA* 2kt: kt $414.00/mt 15:18:15
Amsterdam, Main: 27 kt, 25/8 - 29/8, indic 1 27kt pricing ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: LITASCO sold to
■■PLATTS GASOIL 0.1 BARGE 1-3KT ICE LSGO M1: ARA: MW:
as per efp optol 0-6kt, efp as per main french summer 10 VITOL* 2kt: kt $412.00/mt 15:29:05
GLENCOREUK offers 1-3kt: $-13/mt
ppm ulsd, max 842 dens, biofree, c+b cp: hburg-bdx + ■■PLATTS GASOIL 0.1 BARGE 1-3KT ICE LSGO M1: ARA: BE: VITOL
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: LITASCO sold to

nspain + ecuk bp 2015 gtc vsl: STI Wembley (imo 9691735) offers 1-3kt: $-13.5/mt PENINSULA* 2kt: kt $414.00/mt 15:17:19
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: LITASCO sold to
, 100% of main at EFP ICE LS GO $3.50, Month, Sep” ■■PLATTS GASOIL 0.1 BARGE 1-3KT ICE LSGO M1: ARA: BE: TRAFI

offers 1-3kt: $-13/mt VITOL* 2kt: kt $412.00/mt 15:28:58


* Denotes market maker. All times GMT
Diesel NWE Cargo bids: (PGA page 1468) Withdrawals
■■“1) GUNVORSA Bid, CIF Basis Le Havre, Main: 27 kt, 4/9 - ■■PLATTS GASOIL 0.1 BARGE 1-3KT ICE LSGO M1: ARA: BE:
Bids (PGA page 1503)
8/9, indication 1 french summer 10ppm max density 0.842 GLENCOREUK no longer offers 1-3kt: $-14/mt ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: GUNVORSA bids 2kt:
** Denotes OCO order.
clear and bright main volume pricing 4—8 september $412.00/mt
inclusive optol 0-6kt pricing as per main volume.same ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: GUNVORSA bids 2kt:

price differential bp/shell/total approved options Diesel barges $411.50/mt


■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: VITOL bids 2kt:
hamburg/bordeaux + ukec + n spain + obtainable Trades (PGA page 1476)
$411.00/mt
+available, 100% of main at ULSDCIFHavreCrg $-1.00, Any ■■No trades reported ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: STR bids 2kt:
Day, See TQC” “2) BP Bid, CIF Basis Thames, Main: 27 kt, * Denotes market maker. All times GMT $410.00/mt
30/8 - 8/9 (wide laycan), Indication number: 1 Seller to ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: BPBV bids 2kt:

narrow at time of trade Main Volume: 27kt pricing EFP Bids (PGA page 1474)
$410.00/mt
Optol : 0-6 kt as per last price differential pricing Spec : ■■No bids reported ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: VITOL bids 2kt:

ULSD 10ppm French Summer C&B CP : hbg-bdx range + Withdrawals $410.00/mt


■■No bids reported ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: TRAFI bids 2kt:
Nspain +ECUK others obtainable at cost Vessel : Totsa/
** Denotes OCO order. $409.50/mt
BP/Exxon approved , 100% of main at EFP ICE LS GO ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GUNVORSA bids 2kt:
$2.50, Month, Oct” “3) TOTSA Bid, CIF Basis Bordeaux, Offers (PGA page 1475) $411.50/mt
Main: 27 kt, 31/8 - 4/9, Main Volume: 27kt pricing EFP ■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: FE: PTRIN ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: VITOL bids 2kt:

Optol : 0-6 kt EFP as per last price differential pricing offers 1-3kt: $0.25/mt $411.50/mt
Spec : ULSD 10ppm French Summer C&B 0.842 max CP : ■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: FE: LICOBV ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GUNVORSA bids 2kt:

hbg-bdx range + Nspain +ECUK others obtainable at cost offers 1-3kt: $0.50/mt $411.00/mt
■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: BE: BELGOM ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: VITOL bids 2kt:
Vessel : TOTAL/Litasco/Exxon approved , 100% of main at
offers 1-3kt: $0.50/mt $411.00/mt
EFP ICE LS GO $8.00, Month, Sep” ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: STR bids 2kt:
Withdrawals
■■No offers reported $410.25/mt
Diesel NWE Cargo offers: (PGA page 1469) ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: BPBV bids 2kt:
** Denotes OCO order.
■■“1) VITOL Offer, CIF Basis Amsterdam, Main: 27 kt, 24/8
$410.00/mt
- 5/9 (wide laycan), indication 1 Laycan: buyer to narrow ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: MERCURIASA bids
HSFO barges 2kt: $410.00/mt
to 5 day at time of deal Optol: 0-6kt at last efp price
■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: TRAFI bids 2kt:
Spec: French summer specs, 0.842 max, C&B CP: Trades (PGA page 1505)
$409.50/mt
hamburg-bdx + north spain + ecuk option Vessel: ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: TRAFI sold to ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: GUNVORSA bids 2kt:
Shelll/BP/Total approved GT&C’s: totsa latest edition , GUNVORSA* 2kt: kt $412.00/mt 15:29:09 $411.50/mt
100% of main at EFP ICE LS GO $4.00, Month, Sep” “2) ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: LITASCO sold to
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: TRAFI bids 2kt:

PTRIN Offer, CIF Basis Amsterdam, Main: 27 kt, 27/8 - PENINSULA* 2kt: kt $414.00/mt 15:18:11 $411.50/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: LITASCO sold to
31/8, Optol: 0-6kt at last efp price Spec: French ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: STR bids 2kt:

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 16
EUROPEAN MARKETSCAN August 14, 2018

summer specs, 0.842 max, C&B CP: hamburg-bdx + Deals summary (continued)
north spain + ecuk option Vessel: MT AMI (IMO 9631383)
$411.00/mt Withdraws offer 2kt: $422.00/mt
GT&C’s:Bp latest edition , 100% of main at EFP ICE LS ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: GUNVORSA bids 2kt: ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: TOTSA Withdraws
GO $4.00, Month, Sep” “3) VITOL Offer, CIF Basis $411.00/mt offer 2kt: $423.00/mt
Amsterdam, Main: 27 kt, 25/8 - 29/8, indication 2 ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: VITOL bids 2kt: ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: VITOL-VITOLBRK

Laycan: buyer to narrow to 5 day at time of deal Optol: $411.00/mt Withdraws offer 2kt: $423.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: BPBV bids 2kt: ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: VITOL-VITOLBRK
0-6kt at last efp price Spec: French summer specs,
0.842 max, C&B CP: hamburg-bdx + north spain + ecuk $410.00/mt Withdraws offer 2kt: $422.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: MERCURIASA bids ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: TOTSA Withdraws
option Vessel: Mt Maersk edward GT&C’s: totsa latest
2kt: $410.00/mt offer 2kt: $423.00/mt
edition , 100% of main at EFP ICE LS GO $3.50, Month, ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: VITOL-VITOLBRK
Withdrawals
Sep” “4) GLENCOREUK Offer, CIF Basis Le Havre, Main: Withdraws offer 2kt: $423.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: PENINSULA
27 kt, 2/9 - 6/9, Indication 1 Optol : 0-6 kt in s.o: as per ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: TRAFI Withdraws
Withdraws bid 2kt: $414.00/mt
main EFP Spec: ULSD 10ppm meeting french summer ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: VMFBV Withdraws bid offer 2kt: $421.00/mt
spec (inc 0.842 max density) Cp : Hamburg, Bdx, ECUK ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: VITOL-VITOLBRK
2kt: $412.00/mt
+ N Spain Vessel : BP/Total/Exxon , 100% of main at EFP ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: TOTSA Withdraws bid Withdraws offer 2kt: $422.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: TOTSA Withdraws
ICE LS GO $7.00, Month, Sep” 2kt: $412.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: PENINSULA no offer 2kt: $423.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: VITOL-VITOLBRK
longer bids 2kt: $414.00/mt
Diesel NWE Cargo exclusions: (PGA page 1471) No market Withdraws offer 2kt: $423.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: TOTSA Withdraws
data was excluded from the August 14 assessment process. ** Denotes OCO order.
bid 2kt: $412.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: PENINSULA no longer

Diesel Mediterranean bids/offers/trades: (PGA page 1457) bids 2kt: $414.00/mt LSFO barges
■■Bids: “1) LITASCO Bid, CIF Basis Koper, Main: 25 kt, 31/8 - ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: TOTSA Withdraws bid

4/9, Indication: 4 Seller to narrow the window to 5 days at 2kt: $412.00/mt Trades (PGA page 1505)
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: VITOL no longer bids ■■No trades reported
the moment of booking Optol: 0-5kt: Same as main
2kt: $412.00/mt * Denotes market maker. All times GMT
pricing as per last EFP indication Spec: French Summer,
** Denotes OCO order.
C+B CP: Euromed/Neobig excluding Y/FY but including Bids (PGA page 1503)
Slovenia and Croatia, Turkish Med, Sea of Marmara, Offers (PGA page 1504) ■■No bids reported
Morocco and Other as available Vessel: BP/OMV/Lukoil, ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: BPBV offers 2kt: Withdrawals
100% of main at EFP ICE LS GO $6.50, Month, Sep” “2) $414.00/mt ■■No bids reported
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: MERCURIASA offers
TOTSA Bid, CIF Basis Aliaga (PO Terminal), Main: 25 kt, ** Denotes OCO order.
4/9 - 8/9, Indication number : 1 Optol: 0-5kt efp at same 2kt: $414.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: MERCURIASA offers Offers (PGA page 1504)
price level than main Spec: French Summer, C+B
2kt: $413.00/mt ■■No offers reported
CP:EUROMED NEOBIG + SLOVENIA + CROATIA + TURKISH ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: BPBV offers 2kt:
MED + SOM + MOROCCO NSOBI JORF LASFAR EXC Y/ Withdrawals
$413.00/mt
■■No offers reported
FYUGO/TOC. OTHERS AS AVAILABLE AS PER CP/ ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: TRAFI offers 2kt:
** Denotes OCO order.
OBTAINABLE AT COST Vessel: BP/TOTAL/LITASCO , 100% $413.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: BPBV offers 2kt:
of main at EFP ICE LS GO $6.00, Month, Sep”. Offers:
$413.00/mt HSFO RMK 500 barges
None. Trades: None.
Withdrawals Trades (PGA page 1505)
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: TRAFI Withdraws
Diesel Mediterranean exclusions: (PGA page 1457) No market ■■No trades reported
offer 2kt: $413.50/mt
data was excluded from the August 14 assessment process. * Denotes market maker. All times GMT
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: VITOL-VITOLBRK

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 17
EUROPEAN MARKETSCAN August 14, 2018

Russian Diesel (PGA page 1495) Deals summary (continued)


Bids (PGA page 1503) Offers (PGA page 1504)
Diesel in the Russian domestic market was broadly stable
■■No bids reported ■■No offers reported
Tuesday, with availability mixed. One source said volumes
were good, while another said volumes were only moderately Withdrawals Withdrawals
■■No bids reported ■■No offers reported
good and there were pockets of tightness. Demand was
** Denotes OCO order. ** Denotes OCO order.
high, the second source said. In general, the diesel market
has been see-sawing of late, the first source said.
news, the Suezmax Eurofaith was said to be on subjects to Fuel Oil Barge exclusions: (PGA page 1506) No data was
load fuel oil around August 30 from Kavkaz for discharge in excluded from the August 14 assessment process.
Fuel Oil
Singapore. In other new, ExxonMobil is using mass flow
Market analysis: (PGA page 1599) The Northwest European meters (MFMs) for deliveries of its 0.1% sulfur ULSFO FO 1%S CIF NWE Cargo assessment rationale: (PGA page
high sulfur fuel oil market remained strong Tuesday, with product in ARA. MFM was available for ExxonMobils’s HDME 1588) The CIF Northwest European low sulfur fuel oil cargo
shipping sources continuing to expect two further VLCC 50 bunker fuel, making it the first supplier in the region to assessment was derived as a freight net forward to the FOB
fixtures this month to Singapore. HSFO shipments to the use an independently accredited MFM, it said. HDME 50 is Northwest European low sulfur fuel oil cargo assessment
Singapore bunker market from the Amsterdam- one of several ULSFO products bunker producers have using the following input: the FOB Northwest European low
Rotterdam-Antwerp hub could see an uptick in coming designed since 2015 as a cheaper alternative to marine sulfur fuel oil cargo assessment plus the cost of
weeks as Saudi Arabia buying interest for air-conditioning gasoil for use in the 0.1% sulfur emission control areas in transporting a 30,000 mt fuel oil cargo from a basket of
demand begins to dwindle into September as northwest Europe and North America. The ARA bunker NWE ports to the assessment basis port of Antwerp.
temperatures drop. August export estimates to the market is one where volume discrepancies typically arise. The above commentary applies to the market data code:
kingdom lie at 1.5 million-2 million mt with September at 1 PUAAL00
million mt, sources said. Only two VLCCs have sailed to FO 1%S FOB Rdam Barge assessment rationale: (PGA page
Singapore since April prior to the three that have sailed 1507) 1% FOB Rotterdam barges were assessed at parity FO 1%S FOB NWE Cargo assessment rationale: (PGA page
this month, according to Platts cFlow, trade flow software. with 3.5% FOB Rotterdam barges in the absence of any 1588) 1% FOB NWE cargoes were assessed on a competitive
However, there has been talk that demand from Saudi will indications. traded front-end offer, with the rest of the curve assessed
persist into the winter months this year and early 2019 as The above commentary applies to the market data code: PUAAP00 in a 14 cents/day backwardation.
new desalination plants on the Red Sea coast are brought The above commentary applies to the market data code:
online. Al “We are hearing a lot less seasonality in Saudi FO 3.5%S FOB Rdam Barge assessment rationale: (PGA PUAAM00
buying going forward,” one fuel oil trader said. “Their page 1507) 3.5% FOB Rotterdam barges were assessed on
baseload will increase dramatically, so winter import the front end and mid window on Monday’s swaps FO 1%S CIF Med Cargo assessment rationale: (PGA page
volumes will stay a lot higher than in previous years.” differential as the outstanding indications did not test 1580) 1% CIF Mediterranean cargoes were assessed above
Meanwhile, the Mediterranean market was more balanced value. The back end was assessed above an outstanding an outstanding midwindow bid and below an outstanding
after a tight streak in for the past few weeks, as more competitive bid. back-end offer, with structure drawn between the two
cargoes were sailing into the West Mediterranean from the The above commentary applies to the market data code: PUABC00 points. The rest of the curve was assessed in a 14 cents/
Black Sea, sources said. The market was awaiting the day backwardation.
return of Turkey’s Tupras, which typically exports 90,000- FO 3.5%S 500 CST FOB Rdam Barge assessment The above commentary applies to the market data code: PUAAJ00
120,000 mt of HSFO per month but has not exported a rationale: (PGA page 1507) FOB Rotterdam 500 CST high
cargo since early May. Turkey’s currency crisis has come at sulfur fuel oil barges were assessed unchanged at a FO 1%S FOB Med Cargo assessment rationale: (PGA page
a time when the country imports than 90% of its liquid differential of minus $5.00/mt to FOB Rotterdam high 1580) The FOB Mediterranean low sulfur fuel oil cargo
fuels but with Socar’s new 210,000 b/d STAR refinery set to sulfur fuel oil barges. assessment was derived as a freight netback to the CIF
be commissioned this autumn. Meanwhile in shipping The above commentary applies to the market data code: PUAGN00 Mediterranean low sulfur fuel oil cargo assessment, using

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 18
EUROPEAN MARKETSCAN August 14, 2018

the following assessments: the CIF Mediterranean low Fuel Oil NWE Cargo exclusions: (PGA page 1589) No market 3 quotes after COD at same differential to main volume
sulfur fuel oil cargo assessment minus the cost of data was excluded from the August 14 assessment process. RMG380 as per ISO 8217:2010, 3.5pct Sulphur max, H2S
transporting a 30,000 mt fuel oil cargo between a basket of 2ppm max in liquid, Vessel acceptable to Repsol / ENI /
Mediterranean ports. Fuel Oil Mediterranean bids/offers/trades: (PGA page 1581) CEPSA CP: Full Med (Exc. Israel/Libya/Albania/yugo/
The above commentary applies to the market data code: PUAAK00 ■■HSFO MED CARGO MOC: DEAL SUMMARY: None. former yugo/Syria and TOC)
■■HSFO MED CARGO MOC: OUTSTANDING INTEREST: ■■LSFO MED CARGO MOC: DEAL SUMMARY: None.

FO 3.5%S CIF Med Cargo assessment rationale: (PGA page BIDS: None. ■■LSFO MED CARGO MOC: OUTSTANDING INTEREST: BIDS:

1580) 3.5% CIF Mediterranean cargoes were assessed on ■■HSFO MED CARGO MOC: OUTSTANDING INTEREST: OFFERS: ■■1)Platts LSFO Med Crg CIF bss Port - See TQC 10-25, PTRIN

Monday’s swaps differential as the outstanding offers did ■■1)Platts HSFO Med Crg CIF bss Algeciras 10-25, GLTD bids Aug 25-Aug 29 100% 1% FOB NWE cargoes Any Day
not test value. offers Aug 30-Sep 3 100% 3.5% CIF Med cargoes Any Day See TQC $18.00 for 25000-25000 “Basis: Lavrion Optol:0-5
The above commentary applies to the market data code: PUAAY00 See TQC $5.50 for 27000-27000 “full cargo main volume kt: 3 quotes after COD pricing, same premium as main.
pricing 16-28 Aug both ends included on 3.5% cif med Main volume pricing 16th to 24st Aug both dates inclusive.
FO 3.5%S FOB Med Cargo assessment rationale: (PGA cargoes optol: 0-6 kt 3 quotes after COD differential as Spec: 1.00% sulf/0.991 dens/380cst visco /30c pour/65c
page 1580) The FOB Mediterranean high sulfur fuel oil cargo per main volume spec: rmg 380 iso 2010 bunker fuel oil flash/9650 NCV/30 alu+sil/150 vanadium/0.5 water/15 ccr/7
assessment was derived as a freight netback to the CIF with 3.5% sulphur max and 2ppm h2s max in liquid phase asph/0.10 TSP&TSE&TSA/0.10 ash/2 H2S.Oil to contain no
Mediterranean high sulfur fuel oil cargo assessment, using cp rates and conditions to apply with full med options ULO. EU Qualified. CP: Full med C/P options with exclusions
the following assessments: CIF Mediterranean high sulfur with usual exclusions: syria israel libya yugo former yugo incl yugo/former yugo/Albania//TOC/ Libya//Syria Vessel
fuel oil cargo assessment minus the cost of transporting a albania and toc acceptable vessels: cepsa repsol exxon acceptable to PetroIneos/Total/BP
30,000 mt fuel oil cargo between a basket of ■■2)Platts HSFO Med Crg CIF bss Algeciras 10-25, GLTD ■■LSFO MED CARGO MOC: OUTSTANDING INTEREST: OFFERS:

Mediterranean ports. offers Aug 31-Sep 4 100% 3.5% CIF Med cargoes Any Day ■■1)Platts LSFO Med Crg CIF bss Algeciras 10-25, BP offers

The above commentary applies to the market data code: PUAAZ00 See TQC $5.50 for 27000-27000 “Full cargo main volume Aug 27-Aug 31 100% 1% FOB Med cargoes Full Mnth Sep
pricing 21 Aug - 7 Sep both ends included on 3.5% cif med $6.00 for 27000-27000 “Optol: 0-6 kt: 3 quotes after COD
Fuel Oil NWE Cargo bids/offers/trades: (PGA page 1589) cargoes optol: 0-6 kt 3 quotes after COD differential as per pricing, same premium as main. Spec: 1.00% sulf/0.991
■■LSFO NWE CARGO MOC: DEAL SUMMARY: main volume spec: rmg 380 iso 2010 bunker fuel oil with dens/380cst visco /30c pour/65c flash/9650 NCV/60
■■1)BP-TOTSA/BLUE OIL, Aug 26-Aug 30 FOB bss Antwerp 3.5% sulphur max and 2ppm h2s max in liquid phase cp alu+sil/150 vanadium/0.5 water/15 ccr/7 asph/0.10
10-25 Platts LSFO NWE Crg, BP offers 100% 1% FOB NWE rates and conditions to apply with full med options with TSP&TSE&TSA/0.10 ash/2 H2S.Oil to contain no ULO. EU
cargoes Full Mnth Sep $-1.00 for 27000-27000 “Optol 0-6 usual exclusions: syria israel libya yugo former yugo Qualified. Full cargo. CP: Full med C/P options with normal
KT Pricing 3 quotes after BL same differential as main albania and toc acceptable vessels: cepsa repsol exxon exclusions yugo/former yugo/ Albania /Lebanon/TOC/
Spec: 1.00% sulf/0.991 dens/380cst visco /30c pour/65c ■■3)Platts HSFO Med Crg CIF bss Algeciras 10-25, TRAFI Libia/Syria Vessel acceptable to : PetroIneos, Repsol, BP.
flash/9650 NCV/60 alu+sil/150 vanadium/0.5water/15 offers Sep 4-Sep 8 100% 3.5% CIF Med cargoes Any Day
ccr/7 asph/0.10 TSP&TSE&TSA/0.10 ash/2 H2S. Oil to See TQC $6.00 for 27000-27000 “FULL CARGO Main Fuel Oil Mediterranean exclusions: (PGA page 1581) No market
contain no ULO. EU Qualified. Volume pricing 28 Aug - 9 Sep (27kt) Optol: 0-6kt pricing data was excluded from the August 14 assessment process.
■■LSFO NWE CARGO MOC: OUTSTANDING INTEREST: 3 quotes after COD at same differential to main volume
BIDS: None. RMG380 as per ISO 8217:2010, 3.5pct Sulphur max, H2S
Russian Fuel Oil (PGA page 1596)
■■LSFO NWE CARGO MOC: OUTSTANDING INTEREST: 2ppm max in liquid, Vessel acceptable to Repsol / ENI /
OFFERS: None. CEPSA CP: Full Med (Exc. Israel/Libya/Albania/yugo/ Fuel oil in the Russian domestic market saw less movement
■■HSFO NWE CARGO MOC: DEAL SUMMARY: None. former yugo/Syria and TOC) than lighter products Tuesday. Vertically integrated oil
■■HSFO NWE CARGO MOC: OUTSTANDING INTEREST: ■■4)Platts HSFO Med Crg CIF bss Algeciras 10-25, TRAFI group Rosneft issued a tender to sell fuel oil through the
BIDS: None. offers Aug 31-Sep 4 100% 3.5% CIF Med cargoes Any Day TEK-Torg trading platform for the domestic market, for
■■HSFO NWE CARGO MOC: OUTSTANDING INTEREST: See TQC $6.00 for 27000-27000 “FULL CARGO Main truck loading (collection by customer) in the period August
OFFERS: None. Volume pricing 28 Aug - 2 Sep (27kt) Optol: 0-6kt pricing 14-31. Interested parties should contact RN-Bitum by

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 19
EUROPEAN MARKETSCAN August 14, 2018

Thursday. The minimum volume is 30 mt. In the bunker others said the tender was not completely relevant to the widen the arbitrage to the East. Over the prompter August
market, demand at the Black Sea port of Novorossiisk was feedstocks complex. EGPC material was “not really VGO,” CFD weeks, the contango structure has been maintained
weak, a trader said. Availability had been limited by a halt to one trader said. “EGPC is a blend of fuel oil with VGO.” with the large number of STS offers shown during the Platts
railway deliveries, the trader said. Market on Close assessment process of late, reaching as
many as six offers this week. In the latest fixtures, the New
VGO deals (PGA page 5) Merit was said to have been fully fixed to send North Sea
VGO (PGA page 1597) ■■No deals. crude to South Korea, loading September 4-6. For BFOE
The European vacuum gasoil complex was struggling loadings, Troll parcel 0807 of Equinor equity loading over
under poor fundamentals Tuesday despite increased September 20-22 will be split, creating a new parcel 0814 of
North Sea crude
refinery demand from the US Gulf Coast, traders said. The 300,000 barrels. Parcel 0814 will load over September
profitability of sending high sulfur VGO and low sulfur VGO Market analysis: (PGA page 1299) NORTH SEA: The North Sea 23-25. Oseberg parcel 0806 was also heard deferred to
to the USGC from the Baltic — as indicated by the freight BFOE crude market continued to see prompt pressure from September 9-11, from September 1-3.
netback remained positive as USGC premiums remained the number of ship-to-ship offers seen of late, while the
unchanged for LSVGO at $14.25/mt and HSVGO at $13/mt. kink in the Brent contracts for difference curve over the end Dated Brent assessment rationale: (PGA page 1297) Of the
FOB Baltic netbacks to the USGC — a key indication given of August was maintained Tuesday. The contango structure five BFOE grades, Forties, Oseberg and Ekofisk were seen
Europe is the largest VGO-exporting region while the across the Brent CFD curve saw the kink emerge last week in the Platts Market on Close assessment process Tuesday.
USGC is the largest consumer — were pegged at a over the last week of August loading dates, creating a Brent Blend, Forties, Oseberg and Troll were all assessed in
$2.54/b premium to October ICE Brent crude futures for backwardation across the August 27-31 CFD week and the line with Monday in the absence of indications testing
LSVGO and a $1.29/b premium for HSVGO. The Handysize September 3-7 CFD week. That backwardation has widened Monday’s assessment. Ekofisk was assessed higher.
tanker CPO Larisa Athena loaded HSVGO in Kerch on notably since the end of last week, and was at 25 cents/b in September 6-7, September 9 and September 12 were
August 13, according to Platts cFlow, trade-flow software, the brokered market during the afternoon. “This August assessed above outstanding bids. A 2 cents/day contango
and was due to discharge in the Mediterranean, according 28-31 [CFD] week was marking flat to negative. And then was applied over August 24 to September 6, and a flat
to traders. The Handysize CPO Sweden was floating off rose 25 cents in a week,” one trading source said. While structure was applied over the remaining assessment
the coast of Kavkaz, according to Platts cFlow, waiting to that could be attributed to a pocket of demand over the dates. Forties was the most competitive grade across the
load HSVGO. In addition, the STI Rotherhithe loaded VGO latter part of August, trading sources saw limited evidence entire assessment curve August 24 to September 14.
from Tuapse on August 6, according to Platts cFlow, and of that being the case. “We cannot really see demand there. The above commentary applies to the market data code: PCAAS00
was floating off the coast of Augusta, Italy. “There is In Europe, we are well oversupplied either way,” one source
nothing bullish on VGO at the moment,” a feedstocks said, adding: “It is not a case of fundamentals. It is just no BFOE assessment rationale: (PGA page 1297) October Cash
trader said. Despite the bearish sentiment, LSVGO was one wanted that [CFD] roll. So, it is a case of lack of BFOE was assessed was assessed to satisfy an outstanding
supported as the Northwest Europe gasoline market liquidity.” A second trader said: “Fundamentals are weak offer on an October/November Cash BFOE roll. November
spent the summer gripped by a heavily backwardated still with the US TAR season. We should see more arriving in Cash BFOE was assessed in line with a traded offer.
structure. The lack of availability of gasoline cargoes has Europe....end August or early September for the first wave.” November was assessed in line with a November/December
been a recurring theme in the region in recent weeks and, The pressure from the additional volume from across the EFP roll heard during the day.
as a result, much demand has switched to Eurobob Atlantic was seen by some to be pressuring the North Sea The above commentary applies to the market data codes:
barges, leading to a bullish crack, sources have said. crude market over the latter weeks of September. A similar PCAAQ00, PCAAR00, PCARR00
However, that was expected to subside as more cargoes period of concentrated strength emerged previously over
have begun to flow into Northwest Europe. In tender loading dates at the end of July when the CFD curve moved CFD assessment rationale: (PGA page 1297) August 20-24
news, Egyptian General Petroleum Corp. offered five into an unprecedented 55 cents/b backwardation. Back was assessed in line with an August 20-24 to August 27-31
HSVGO cargoes, of 31,500-38,500 mt apiece, for then, there was stronger buying interest from regional CFD roll heard during the day. August 27-31 was assessed in
September. The company was not available for comment. refiners looking to cover prompt shorts and as the line with an August 27-31 to September 3-7 CFD roll heard
Although some said that could weigh on the VGO market, exchange of futures for swaps narrowed, which helped to during the day. September 3-7 was assessed in line with a

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 20
EUROPEAN MARKETSCAN August 14, 2018

traded offer. September 10-14 was assessed in line with a Glencore; Nov 72.98 x100 Shell-Glencore; Nov 72.97 x100 see more availability, as flows out of the region have
September 3-7 to September 10-14 CFD roll heard during the Gunvor-Glencore; Nov 73.01 x100 Vitol-Glencore; Nov increased. Some 14 cargoes were said by sources to have
day. September 17-21 was assessed in line with a September 72.98 x100 Shell-Glencore; Nov 72.94 x100 Gunvor- been put on subjects this week alone, carrying 564,000 mt
10-14 to September 17-21 CFD roll heard during the day. Hartree; Nov 72.98 x100 Vitol-Glencore; Nov 72.94 x100 of gasoline. In refinery news, the fluid catalytic cracking
The above commentary applies to the market data codes: Gunvor-Glencore; Nov 72.93 x100 Vitol-Glencore; Nov unit at Phillips 66’s 238,000 b/d Bayway refinery in Linden,
PCAKA00, PCAKC00, PCAKE00, PCAKG00, AAGLU00, AAGLV00, 72.91 x100 Gunvor-Glencore; Nov 72.9 x100 Vitol-Hartree; New Jersey, was offline, a trading source said. “[It] seems
AALCZ00, AALDA00 ■■CASH BFOE: MOC OUTSTANDING INTEREST: Nov18 Stasco like it has been off and on for the last week or so.” Phillips
Offer $72.98; 66 was not available for comment. Atlantic Coast jet fuel
North Sea bids/offers/trades: (PGA page 1290) ■■CASH BFOE INTER-MONTH SPREAD: MOC DEAL differentials spiked during Monday trading. S&P Global
■■NORTH SEA: MOC DEAL SUMMARY: None SUMMARY: Oct18/Nov18 $-0.33 x100 Hartree-Gunvor; Platts assessed jet fuel on Buckeye Pipeline in New York
■■NORTH SEA: MOC OUTSTANDING INTEREST: VITOL Offer ■■CASH BFOE INTER-MONTH SPREAD: OUSTANDING Harbor at the NYMEX September ULSD futures contract
Forties STS Scapa Flow, 28/8 - 30/8, Vessel Depranos, INTEREST: Oct18/Nov18 Hartree Offer $-0.33; plus 5 cents/gal, up 1.75 cents/gal from Friday. “Super tight,”
Dtd $-0.15; VITOL Offer Forties STS Scapa Flow, 28/8 - one trader said of the supply situation in the harbor.
31/8, Vessel Front Endurance, Dtd $0.15; GUNVORSA Bid North Sea exclusions: (PGA page 1290) No market information
Ekofisk, 5/9 - 16/9, Dtd $0.20; TOTSA Bid Oseberg, 9/9 - was excluded from the August 14 Platts Market on Close Straight Run 0.5-0.7%S FOB NWE cargo assessment
11/9, Dtd $0.35; rationale: (PGA page 1584) The FOB Northwest European low
■■NORTH SEA: MOC WITHDRAWN: None sulfur straight run cargo assessment was based on the
■■BFOE CFD: MOC DEAL SUMMARY: Sep3-Sep7 Nov-1.3 x100
LSSR
following inputs: The LSSR FOB NWE differential was
Vitol-Total; Market analysis: (PGA page 1598) The European low sulfur assessed at a $3.95/b discount to ICE October Brent crude
■■BFOE CFD: MOC OUTSTANDING INTEREST: Aug27-Aug31 straight run market remained well supported compared futures. The outright LSSR price was derived using the
(Oct) Petraco Bid $-0.80; Aug27-Aug31 (Oct) DV Trading with the remainder of the feedstocks complex due to a dollars per barrel to metric ton conversion factor of 6.77 for
Bid $-0.75; Aug27-Aug31 (Nov) Petraco Bid $-1.20; Sep10- strong gasoline complex. In recent weeks, refiners have LSSR. No bids or offers were reported in the Platts Market
Sep14 (Nov) Mandara Bid $-1.25; Aug27-Aug31 (Nov) found it to be economical to run LSSR and low sulfur on Close assessment process.
Mandara Bid $-1.20; Aug27-Aug31 (Nov) DV Trading Bid vacuum gasoil directly into their fluid catalytic cracking The above commentary applies to the market data code: PKABA00
$-1.20; Sep3-Sep7 (Nov) DV Trading Bid $-1.35; Sep10- units to make gasoline and gasoline components, as the
Sep14 (Nov) DV Trading Bid $-1.25; Sep17-Sep21 (Nov) DV gasoline market spent the summer gripped by a heavily LSSR Cargo bids/offers/trades: (PGA page 1585)
Trading Bid $-1.10; Aug20-Aug24 (Oct) Mitsui Offer $-0.75; backwardated structure. The lack of availability for gasoline ■■LSSR CARGO MOC: DEAL SUMMARY: No deals.

Sep3-Sep7 (Nov) Vitol Offer $-1.25; Sep3-Sep7 (Nov) cargoes has been a recurring theme in the region in recent ■■LSSR CARGO MOC: OUTSTANDING INTEREST: None.

Glencore Offer $-1.25; Sep10-Sep14 (Nov) Mandara Offer weeks and, as a result, much demand has switched to
$-0.95; Aug20-Aug24 (Oct) DV Trading Offer $-0.65; Eurobob barges, leading to a strong crack, sources have LSSR Cargo exclusions: (PGA page 1585) No market data was
■■CASH BFOE: MOC DEAL SUMMARY: ; Nov 73 x100 Gunvor- said. However, gasoline in Northwest Europe has begun to excluded from the August 14 assessment process.

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 21
Register Today

8th Annual

NGLs Conference
September 11–12, 2018 | Hilton Houston Post Oak | Houston, Texas

Attend the S&P Global Platts 8th Annual NGLs Conference to Don’t Miss this Year’s Downstream Keynote Address:
explore which key trends are driving changes in the NGLs market. NGLs Driving a US C4/BD Resurgence
Network with a diverse group of professionals from NGLs, upstream,
midstream, gas pipeline, and the petrochemical industries while Edward J. Dineen
gaining valuable insight into where the markets are headed. Chairman, President, and
Chief Executive Officer
Featured Topics Include: TPC Group
–– Domestic production outlook into the Permian, Bakken, and Eagle Ford
–– Price influencers
–– Assessing risk—Investment opportunities Case Study Highlight:
–– An industry perspective of the current state of infrastructure— EPIC—NGL Pipeline; Impact on Domestic Refining
Pipeline updates, storage capacity, and more Industry, Driving Growth
–– Demand generation—Downstream activity and growth Phil Mezey
–– Exports—Current capacity, growth, and bottlenecks Chief Executive Officer
EPIC
Sponsored by:

Learn more:
www.platts.com/nglsandpetchem Find further details, view the complete agenda,
registration@platts.com and request a brochure at:
Register www.platts.com/nglsandpetchem
800-752-8878 (toll free)
Now +1 212-904-3070 (outside USA & Canada)
Registration Code: PD834NLI