OILGRAM PRICE REPORT
Volume 96 / Number 233 / December 5, 2018 / Prices effective December 4, 2018
Refiners await Beijing’s directions to resume US crude purchases
■■Countries open 90-day negotiation window
■■China may push for crude imports during talks
■■Market players keen to resume oil flows
Singapore—Chinese state-owned refiners are awaiting
instructions from Beijing before resuming US crude
purchases, and trading houses are evaluating options in
the physical market following the trade agreement made
between the countries.
The US and China announced over the weekend they
would resume trade negotiations and temporarily forgo
further tariff hikes. The US agreed it would not raise the
already 10% tariff on $200 billion worth of Chinese goods
to 25%, which it had scheduled to implement January
1, for a 90-day period, during which both sides would
negotiate a new deal.
Oil edges higher, remains in holding pattern ahead of OPEC meeting
New York—Crude finished marginally higher on Tuesday as
early session price support faded in afternoon trading.
ICE February Brent settled up 39 cents at $62.08/b
and NYEMX January WTI was up 30 cents at $53.25/b at
market close.
“The market saw continued strength from the idea
that producers were in favor of doing something about
output at the December 6 meeting and that some fears
of lower demand growth might have eased due to 90-day
truce,” Tradition Energy analyst Gene McGillian said. “But
simmering underneath the market is concerns of excess
supply and lower demand, and the market wasn’t able to
hold its gains because of those.”
www.platts.com
US crude exports to China zeroed in October amid
rising trade tensions and fears new tariffs would be
slapped on oil by the Trump administration. Oil traders
and executives said they remain cautious on resuming US
flows to China due to market uncertainties and concerns
over a narrow trading window until March, but market
participants are keen to exploit the opportunity.
“Theoretically, imports from the US are unlikely to
resume immediately due to the long trading cycle between
the two countries, and the three-month window from
January 1 is too short,” a Beijing-based crude oil trader said,
citing risks of cargoes being stranded on the water.
But the Chinese government is likely to nudge state-
owned companies to increase US crude imports to express
sincerity during trade negotiations, he added.
(continued on page 12)
Market exuberance regarding a 90-day trade war
truce between the US and China faded on Tuesday and
equity markets sank, renewing concerns of reduced global
oil demand growth going forward. At the G20 summit
last weekend US President Donald Trump and Chinese
President Xi Jinping reached an agreement that would
leave the tariffs on $200 billion worth of Chinese products
at 10% from the start of next year, rather than raising them
to 25% as previously planned.
Crude had been trading higher ahead of the US open
on Tuesday after key OPEC members worked to reassure
jittery markets of the group’s cohesion following Qatar’s
(continued on page 12)
Inside this issue
Market analysis
International crude: Tighter supply supports Forties 2
Americas crude: Marathon mulls Permian pipeline partners 4
Gasoline: Refinery trouble boosts USGC 5
Diesel: Med cargoes at 13-month low vs ICE gasoil 6
Gasoil: USGC jumps higher 6
Jet: Asia buying interest slow 7
Resid: Asia firms as fewer imports expected 8
Feedstocks: Naphtha firms in Asia 8
Gas liquids: US propane at summer lows 8
Tankers: 29 SOx scrubbers registered in gas fleet 9
News
Power outage curtails Enbridge petroleum pipeline operations: company 9
Pressure builds on Saudi oil minister at OPEC after Qatar snub 10
US majors look to exit Azerbaijan’s main oil field 10
Refinery updates 12
STRONGER ARAB MEDIUM OSPS
TO DENT USGC MARGINS
($/b)
12
10
8
6 Arab medium
4
2 Mars
Maya
0
-2 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18
Cracking margin monthly averages
Source: S&P Global Platts; Turner, Mason & Co.
Oilgram Price Report Prices effective December 4, 2018
Market analysis
International crude
Tighter supply supports Forties
The North Sea crude market saw repeated trades Tuesday
on back-end cargoes at levels which showed a slight
backwardation in the last decade of the loading range.
The Forties differential to North Sea Dated Strip moved
to a premium Monday and held it Tuesday at 6 cents/b.
Brent parcel B1203 was seen traded at Dated Brent plus
5 cents/b while, further out, Total sold Shell parcel B1204
flat to Dated Brent.
In the paper markets, the recent strengthening of
prompt Brent contracts for difference structure was partly
a result of the Buzzard field outage, sources said.
Forties production has slowed in recent weeks on the
back of the Buzzard field’s shutdown after corrosion was
spotted at a facility.
“With distillate and fuel oil cracks so strong, refineries in
the Amsterdam-Rotterdam-Antwerp region are used to
having a heavier slate. Take Buzzard out and you get lighter
crude,” a trader said.
“I think [Buzzard] definitely has had an effect,” the trader
said, adding the brief backwardation in prompt CFD structure
was overlapping with the period, albeit unconfirmed, during
which the Buzzard field should remain down.
Brokered indications Monday showed at 10 cent/b
backwardation between the weeks of December 3-7 and
December 10-14.
In Tuesday’s assessment, structure between these two
weeks was assessed at 2 cents/b.
In loadings, the majority of Forties crude loaded at the
UK’s Hound Point terminal in November headed to China,
according to data from Platts cFlow, trade flow software,
continuing the trend seen in October.
Based on estimates using 600,000 barrels for an
Aframax and 2.05 million barrels for a VLCC, the Hound
Point terminal exported 8.8 million barrels of Forties in
November, of which 6.15 million barrels headed to China
and South Korea combined.
Overall exports were 2.05 million barrels, or one VLCC,
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
less than in October. November loadings of Forties
consisted of four VLCCs and one Aframax.
China alone should receive more than 4 million barrels
of November-loaded Forties, or about 47% of the total
volumes shipped out of Hound Point in the month.
South Korea was set to take 23% of November exports
while only 7% of the volumes were seen staying in Northwest
Europe, according to Platts cFlow data. Forties crude
continued to find its way east despite soaring freight rates.
The dirty Hound Point-Far East route, basis 270,000 mt,
reached a $7.2 million lump sum in November, the highest
ever assessed by S&P Global Platts.
Urals discount widens
Russian Urals sour crude continued to weaken in Northwest
Europe Tuesday amid lower demand in the second and
third decades of December.
In the Platts Market on Close assessment process,
Trafigura sold a 100,000 mt cargo, basis CIF Rotterdam and
loading December 18-22, at Dated Brent minus 40 cents/b
to Total.
This was weaker than the grade’s 30-day moving
average of a 53 cents/b discount to the Med Dated Strip.
Sellers from Northwest Europe were turning to the
Mediterranean to look for buyers as most sellers in the south
were said to have taken their volumes into their own systems.
Total sold a 100,000 mt cargo of Urals to Turkey’s Tupras
for December 5-20 arrival in a tender that closed last Tuesday
with the level around Dated Brent plus 30 cents/b, market
sources said.
Neither Total nor Tupras were available for comment.
In other tender news, a representative form Russia’s
Surgutneftegaz said it was offering an injection cargo of
100,000 mt of Urals loading December 18-19 at the Baltic
port of Primorsk.
The tender will close Wednesday.
In other news, Saudi Aramco raised the official selling
prices of its four crudes – Arab Extra Light, Light, Medium
and Heavy – loading in December and bound for Northwest
2
Data inside this issue
Product price assessments
Saudi Arabian Official Selling Prices 3
Asia 14
China 14
Fujairah 14
Arab Gulf 14
Indonesia 14
Asia product premium/discount assessments 14
Platts Index 14
European bulk 15
West Africa products 15
European feedstocks and blendstocks 15
New York/Boston 16
USAC CPL Linden 16
U.S. Buckeye pipeline 17
Chicago pipeline 17
Group Three 17
Atlantic resid/contract cargoes posted prices 17
Shale Value Chain assessments 17
U.S. Gulf Coast 18
West Coast pipeline 19
U.S. Gulf Coast pipeline cycles 19
West Coast waterborne 19
Latin America 20
Caribbean cargoes 20
Caribbean product postings 20
Gas liquids 20
Crude price assessments
Asia Pacific/Middle East spot crude assessments 21
International 22
Asia 22
North Sea 22
West Africa 22
London 23
Mediterranean 23
Canada 23
Platts Euro denominated crude oil assessments 23
United States 24
US domestic crude assessments London close 24
US crude assessments Singapore close 24
Canadian spot crude assessments 25
Crude oil postings 25
Latin America crude 25
Daily OPEC basket price 25
Spot tanker rates 26
Platts futures assessments Singapore MOC 26
Platts futures assessments 26
Futures settlements 27
Five-Day Rolling Averages 28
US wholesale posted prices 29
Feeder crudes 30
Weekly crude assessments 32
Oilgram Price Report Prices effective December 4, 2018
Europe and the Mediterranean.
For delivery to Northwest Europe, the OSP for Arab
Heavy was set at a $4.00/b discount to ICE Brent, the
highest since September 2013.
Similarly, the OSP for Arab Heavy bound for the
Mediterranean was increased by $1.20/b to a discount of
$3.20/b to ICE Brent, which was the highest OSP for the
grade since S&P Global Platts first began reporting the
numbers in 2007.
Iraq urges OPEC to eye longer-term strategy
Iraq’s oil minister said Tuesday OPEC should consider both
medium- and long-term strategies to achieve more stability
on the global oil markets after his country’s economy
suffered greatly due to the recent, dramatic fall in oil prices.
Iraq, OPEC’s second largest oil producer behind Saudi
Arabia, will look to be “positive and constructive” in efforts
to help balance the oil market and support oil prices, oil
minister Thamir Ghadhban said in a statement ahead of a
key OPEC decision on output policy this week.
Ghadhban also stressed the need to develop new ideas
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and proposals to address the current challenges and “not their lowest since February, after it obtained an average price
to shorten the solutions” by only reducing oil production. of $61.10/b in November for its crude, $13.80 lower than the
OPEC meets Thursday in Vienna to discuss output October price, ministry spokesman Assem Jihad said.
strategy, with Saudi Arabia, the UAE and other members The last time OPEC and its non-OPEC allies decided to
pushing for a cut that they say will be needed to avoid a cut production, Iraq was reluctant to trim its output but its
supply glut. S&P Global Platts Analytics forecasts a decision oil minister appears more supportive this time mainly due
to cut 1.2 million-1.4 million b/d of production to help to the steep fall in its oil revenues.
support oil prices which have lost more than a quarter of “We will listen to the report of the technical committee
their value since early October. on the conditions of the global market, and we will discuss
Ghadhban said the fall in oil prices was a “real concern” this to the proposals that contribute to reaching an
for Iraq and other producers. agreement between the producers to address the decline
Iraq’s oil revenues slumped to $6.18 billion in November, in oil prices,” Ghadhban said.
Saudi Arabian Official Selling Prices ($/barrel), Dec 4
Benchmark JAN Monthly change DEC NOV OCT
US(PGA page 1070)
Extra Light ASCI AAIQZ00 4.80 + 0.60 4.20 2.80 2.80
Arab Light ASCI AAIRA00 2.90 + 0.50 2.40 1.00 1.00
Arab Medium ASCI AAIRB00 1.20 + 0.50 0.70 -0.60 -0.60
Arab Heavy ASCI AAIRC00 0.15 + 0.60 -0.45 -1.75 -1.75
Prices FOB Ras Tanura
Northwest Europe(PGA page 1069)
Extra Light ICE Brent AAIQQ00 -0.95 + 0.20 -1.15 -1.35 0.05
Arab Light ICE Brent AAIQR00 -1.60 + 0.60 -2.20 -2.70 -1.80
Arab Medium ICE Brent AAIQS00 -2.85 + 0.90 -3.75 -4.35 -3.35
Arab Heavy ICE Brent AAIQT00 -4.00 + 1.20 -5.20 -6.00 -5.10
Prices FOB Ras Tanura
Mediterranean(PGA page 1069)
Extra Light ICE Brent AAWQK00 -0.85 + 0.60 -1.45 -0.15 -0.60
Arab Light ICE Brent AAWQL00 -1.50 + 0.70 -2.20 -1.90 -2.20
Arab Medium ICE Brent AAWQM00 -2.45 + 1.00 -3.45 -3.15 -3.45
Arab Heavy ICE Brent AAWQN00 -3.20 + 1.20 -4.40 -4.50 -4.60
Prices FOB Ras Tanura
FOB Sidi Kerir(PGA page 1069)
Extra Light ICE Brent AAUCS00 NA NA NA -1.00 0.40 -0.10
Arab Light ICE Brent AAUCU00 NA NA NA -1.75 -1.35 -1.70
Arab Medium ICE Brent AAUCW00 NA NA NA -3.00 -2.60 -2.95
Arab Heavy ICE Brent AAUCY00 NA NA NA -3.95 -3.95 -4.10
Asia(PGA page 1068)
Super Light (O+D)/2 AAIQU00 2.75 -2.00 4.75 5.45 4.85
Extra Light (O+D)/2 AAIQV00 0.75 -1.50 2.25 2.55 1.80
Arab Light (O+D)/2 AAIQW00 0.60 -1.00 1.60 1.70 1.10
Arab Medium (O+D)/2 AAIQX00 -0.05 -0.75 0.70 0.50 -0.20
Arab Heavy (O+D)/2 AAIQY00 -0.65 -0.40 -0.25 -0.65 -1.35
Prices FOB Ras Tanura
ASCI=Argus Sour Crude Index; BWAVE=ICE Brent Weighted Average; (O+D)/2=Average of Platts Oman and Dubai assessments
Sources: Saudi Aramco OSP differentials prior to July 2017 were set against BWAVE.
3
Oilgram Price Report Prices effective December 4, 2018

Americas crude
Marathon mulls Permian pipeline partners
Marathon Petroleum said Tuesday it is in “exploratory
discussions” with ExxonMobil and Plains All American to
“combine efforts” for a Permian-to-US Gulf Coast crude
pipeline in the interest of capital efficiency while reducing
the risk of pipeline overbuild.
Marathon’s head of Andeavor Logistics, Don
Sorensen, said on the company’s analyst day webcast
that Marathon is still pursuing a parallel path for its own
Permian Gulf Coast pipeline.
Marathon’s MPLX has a stake in the PCG, along with
Delek, Energy Transfer Partners and Magellan, which is
expected in-service in the fourth quarter of 2020.
The line is expected to run from Midland, Texas, to
Nederland, Texas, on the US Gulf Coast.
ExxonMobil and Plains in June joined forces to build
a 1 million b/d pipeline to deliver crude and condensates
from multiple Permian Basin locations to the Texas Gulf
Coast by late 2020 or early 2021.–Janet McGurty
Brazil’s exports soar on subsalt growth
Brazil boosted crude oil exports in October amid
growing output from subsalt fields as state-led producer
Petrobras ramped up production from four new floating
production units installed earlier this year, according to
data released Tuesday by the National Petroleum Agency,
or ANP.
Oil exports jumped 80.3% year on year in October to
47.959 million barrels, up from 26.599 million barrels in
October 2017, the ANP said.
October’s exports were also 16.2% higher than the
41.269 million barrels exported in September, the ANP said.
Year to date through October, Brazil oil exports
were 7.1% higher at 347.8 million barrels, according to
the ANP.
The upswing came as Petrobras continued to add fresh
production capacity to subsalt fields, installing four new
floating production, storage and offloading vessels, or
FPSOs, while economic activity in Latin America’s largest
economy continued to sputter.
Imports at three-year high
Imports, meanwhile, jumped to the highest level in nearly
three years in October, despite the increase in domestic
output, the ANP said.
Petrobras, which controls about 98% of Brazil’s installed
refining capacity, typically imports crude grades for
lubricants production.
Brazil imported 10.608 million barrels in October, up
from 5.770 million barrels in October 2017, the ANP said. T

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Oilgram Price Report Prices effective December 4, 2018
That was the highest level of crude imports since
December 2015, when Brazil imported 11.485 million barrels.
October’s imports were also up from 4.954 million
barrels in September, the ANP said.
US’ LOOP Sour storage costs increase
Storage costs for the US crude blend LOOP Sour have
reached their highest values in about a year as a contango
oil market increased demand for storage, according
to results from the monthly auction co-hosted by the
Louisiana Offshore Oil Port and Matrix Markets.
The oil terminal auctions each month capacity
allocation contracts, or CACs, which grant the owner the
right but not the obligation to store LOOP Sour crude in
cavern.
Each CAC is worth 1,000 barrels of LOOP Sour, a blend
whose component crudes may include Mars, Poseidon
and Segregation 17.
Segregation 17 can comprise Arab Medium, Basrah
Light and Kuwait.
In Tuesday’s auction, LOOP found buyers for 6,035
CACs, or 79% of the total put up for grabs.
LOOP has sold about 6,460 CACs on average in 2018
auctions. Although the most-recent total sold is below the
average, values for CACs continued their gradual
strengthening.
March 2019 CACs cleared at 10 cents/b. Prices
were last higher in the November 2017 auction, the last
auction before LOOP lowered the minimum allowable bid
to 5 cents/b.
CAC values hovered around or slightly higher than the
minimum bid for most of the year; however, the contango
structure which is existing since mid October has brought
interest back to the LOOP Sour market.
LOOP Sour was assessed Monday at a 25 cents/b
discount to Mars, or cash WTI plus $3.10/b.
The M1-M2 outright spread for LOOP Sour was 16
cents/b contango, while prompt-month CACs cleared for
5 cents/b in the Tuesday auction.
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Gasoline
Refinery trouble boosts USGC
The US Gulf Coast moved higher Tuesday, supported by a
regional refinery glitch.
An attempt to restart the fluid catalytic cracking unit at
ExxonMobil’s 362,300 b/d Beaumont, Texas, refinery was
aborted Monday, sources said.
Platts previously reported that the 113,000-b/d
gasoline- and diesel-producing unit was shut on October
10 for maintenance and was scheduled to be restarted on
December 1.
An ExxonMobil spokeswoman did not return a request
for comment.
Conventional grade gasoline rose 65 points day on day to
the NYMEX January RBOB futures contract plus 0.65 cent/gal.
Conventional gasoline traded at futures plus 0.75 cent/
gal level three times in the Market on Close Assessment
process and was left offered at that level.
CBOB traded once in the MOC at futures minus 6.15
cents/gal and was assessed at that same level, rising 85
points on the day.
With gasoline differentials rising, Line 1 space on the
Colonial Pipeline was assessed 85 points weaker at 0.50
cent/gal on the back of a heard trade at that level, its
weakest assessment since November 7, Platts data shows.
Gasoline differentials along the US Atlantic Coast
moved lower Tuesday, amid a backwardated market and
what sources described as ‘another slow day’.
Benchmark barge RBOB fell 50 points day on day to the
NYMEX January futures contract plus 1.70 cents/gal.
RBOB on the Buckeye Pipeline was heard to trade for
December 10 at futures plus 1.70 cents/gal.
Buckeye Pipeline and barge barrels were assessed level
to each other.
CBOB also fell 50 points day on day and was assessed
level to RBOB.
Along the US West Coast, the differential for low-RVP
Los Angeles blendstock rose after six consecutive days of
declines.
5
December delivery Los Angeles CARBOB rose 2 cents to
NYMEX January RBOB plus 8 cents/gal on trades at that
level, with bids heard as low as 4 cents/gal over futures.
The boost Tuesday followed a period of “builds in the
market and refineries getting back online,” a second US
light ends source said.
No large blendstocks or gasoline cargoes landed on the
West Coast from November 26 through Sunday night,
according to US Census data made public Monday night.
Some 47,000 barrels of regular and premium gasoline
from British Colombia aboard the Island Trader docked at
Tacoma, Washington, November 27, with Parkland as
shipper and Chevron as consignee, the data showed.
Average US pump prices fall on year
Automotive club AAA says that the average pump price
for standard grade gasoline across the US on Monday was
lower than it was one year ago, a first in 18 months.
This view lines up with a Tuesday analysis of data from
DTN published daily by S&P Global Platts, which showed
that rack prices in multiple US cities hit multi-year lows at
the end of November.
AAA reports the national average price for standard
grade gasoline at $2.46/gal Monday, two cents below the
year-ago price.
The same data showed the national pump price was 31
cents/gal cheaper than a month ago and that 24 states saw
gas prices drop double digits in the past week.
AAA attributes this trend to weaker oil markets. “Cheap
crude oil prices are driving fuel savings at the pump,”
Jeanette Casselano, AAA spokeswoman, said in a company
blog post. “Last week, crude dropped to its lowest point of
the year; however, this week’s OPEC meeting could cause
crude oil prices to jump if the organization decides to
reduce crude production.”
While Platts does not calculate an average pump price
for the US, rack price data from DTN for key US cities seems
to gel with AAA’s view.
On November 29, the rack price for unleaded,
Oilgram Price Report Prices effective December 4, 2018
unbranded gasoline in Houston and Chicago hit $1.3606/gal
and $1.4072/gal, respectively, their lowest reported levels
since November 2016. On the same day, the same rack
price in New York City was reported at $1.464/gal, its lowest
level since June 2017.
Rack prices in these cities have recovered slightly in the
first days of December, but still remain below historic norms.
Gasoline prices are so weak now that some US gasoline
cracking margins have flipped to negative.
The crack spread between NYMEX RBOB futures in New
York Harbor and Brent crude oil futures has been negative
since the end of October, Platts data showed.
In Houston, the WTI to conventional grade gasoline
cracking margin averaged less than $2/b in November after
averaging more than $12/b in November 2017.
Diesel
Med cargoes at 13-month low vs ICE gasoil
Mediterranean cargoes of ULSD fell to a 13-month low
against ICE low-sulfur gasoil futures Monday as prompt
supply grew while spot demand slowed down ahead of the
end of the year.
CIF ULSD cargoes were assessed at a $1.50 cents/mt
discount to front-month ICE LSGO future Tuesday, down
from a $3.50/mt premium Friday.
This is quite a turnaround from mid-November when
CIF Med ULSD cargoes hit a three-and-a-half-year high of a
$19.25/mt premium over front-month ICE LSGO.
The CIF Mediterranean ULSD cargo market has been
falling over the last two weeks on healthier supply due
mainly to the resumption of normal loadings from Russian
Black Sea ports, notably from Tuapse, where bad weather
had led to cancellation of loadings in November.
Moreover, increased arbitrage volumes from East of Suez
were arriving in the Mediterranean from the end of November
onward due to the re-opening of this arbitrage in November.
“There are many cargoes around, nothing distressed, but
some large cargoes are coming from the Persian Gulf, and the
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
month of December is generally quieter in term of demand as
some people rush to get supply in November,” a trader said.
Diesel arrivals into the Mediterranean from the East have
increased recently, with four vessels arriving into the region in
the last seven days carrying diesel from the East of Suez.
The Sti Carnaby, Jo Rowan, Sti Spiga and Orange Stars
all arrived into Mediterranean ports in the last seven days,
carrying a total of around 350,000 mt of diesel, according
to S&P Global Platts vessel tracking software cFlow and
shipping sources.
In Asia, the market was bearish for 10 ppm cargoes on
persistently lackluster demand and ample supply.
Trade participants said China’s surprise move last week
to allocate extra gasoil quota export volumes for the end of
the year had heaped further downward pressure on an
already depressed market, which was already grappling
with poor demand.
The cash differential for FOB Singapore 10 ppm sulfur
gasoil continued to drift lower, reaching a fresh year-to-
date low at minus 55 cents/b to the Mean of Platts
Singapore Gasoil assessments.
This is the lowest the cash differential has been for the
Asian ultra-low sulfur gasoil grade since the sulfur content
in the Platts Asian benchmark gasoil grade was changed to
10 ppm from 500 ppm on January 1.
With regional demand down, spot supplies were
readily available.
Taiwan’s CPC Corp. offered 300,000 barrels of 10 ppm
sulfur gasoil for loading from Kaohsiung over January 1-20
in a tender closing December 5.
Brazil’s imports decrease on year
Imports of diesel and gasoline, Brazil’s two most-widely
consumed refined products, rebounded in October from
the nearly three-year lows posted in September, the ANP
data showed.
Brazil imported 7.023 million barrels of diesel in October,
a decrease of 17.0% from 8.463 million barrels in October
2017, the ANP said.
6
October’s diesel imports, however, were more than
double the 2.975 million barrels imported in September, the
ANP data showed.
September’s diesel imports were the lowest since
January 2016, according to the ANP.
Gasoline imports also continued to retreat in the year
on year period in October, primarily because of increased
competition from biofuel alternative hydrous ethanol.
Brazil imported 546,623 barrels of gasoline, down
72.8% from 2.010 million barrels in October 2017, the ANP
said. October’s gasoline imports were also down 8.6% from
598,317 barrels in September, the ANP said. September’s
gasoline imports were also the lowest since January 2016,
according to the ANP.
Both diesel and gasoline have faced increased
competition from biofuels in 2018, with domestic output of
the renewables targeting imported barrels. Brazil increased
its biodiesel-diesel blend sold at the pump to 10% on March
1, with plans to increase the mandate to 15% by 2023,
according to the Mines and Energy Ministry.
Hydrous ethanol, meanwhile, replaced gasoline in tanks
of flex-fuel vehicles because of an ample sugarcane
harvest and low sweetener prices that led to ample
supplies and low prices for the biofuel.
Diesel and gasoline imports, however, could see growth
in coming months should economic activity increase.
In addition, the end of the sugarcane harvest season
means that hydrous ethanol prices will start to rise, making
gasoline more economically attractive to local motorists
until the next harvest season starts in March 2019.
Gasoil
USGC jumps higher
US Gulf Coast differentials soared 3.25 cents/gal on Tuesday
pushed by bid activity during the Market on Close assessment
process, while the Atlantic Coast saw scant value variations.
S&P Global Platts assessed HSHO for the scheduling
day of Colonial Pipeline’s 68th cycle at NYMEX January
Oilgram Price Report Prices effective December 4, 2018
ULSD futures contract minus 19.75 cents/gal, after bids
went up to minus 20 cents/gal during the MOC. Scheduling
days are traditionally the busiest in a cycle.
It was HSHO highest differential on the Gulf since it
reached minus 18 cents/gal on November 26.
Also on the Gulf Coast, ultra low sulfur heating oil
retreated 20 points day on day and was assessed at
minus 13 cents/gal.
One of the components of that assessment, the
ULSHO regrade to Gulf Coast ULSD for Colonial’s prompt
cycle was assessed at minus 2 cents/gal, after a trade
heard at that level.
The regrade was up from minus 2.15 cents/gal on Monday.
The other component, ULSD on the Gulf Coast, was set
at NYMEX January ULSD futures minus 11 cents/gal, down
from minus 10.65 cents/gal on Monday.
Bids and offers were unable to move the value for space
on Colonial Pipeline’s distillates-only Line 2, which remained
at plus 4.75 cents/gal.
Differentials for heating oil on the Atlantic Coast were
mostly unmoved Monday.
HSHO barges and low sulfur heating oil in New York
Harbor remained assessed by S&P Global Platts at NYMEX
January ULSD futures contract minus 9.25 cents/gal,
while low sulfur heating oil barges remained at mines
2.65 cents/gal.
Regarding ULSHO on the Atlantic Coast, barges of the
grade kept a differential of minus 1.50 cents/gal.
However, barrels delivered by Colonial Pipeline were
assessed at minus 1.15 cents/gal, after a trade heard during
the day at that level. On Monday, ULSHO barrels had been
set at minus 1.05 cents/gal.
Rhine level rises
Northwest Europe continued to brace for higher water
levels along the Rhine, and the barge market firmed.
The 1000 ppm FOB ARA barge discount to ICE LSGO
strengthen to $11.25/mt, up $3/mt on the day.
The level at the key choke point of Kaub, Germany, has
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
been rising sharply this week, which should ease logistical
issues in moving barges along the key waterway.
Kaub was pegged at 122 cm Tuesday and forecast to
rise above 200 cm Thursday. The German Federal Institute
of Hydrology said November 29 that save “for a dramatic
turn of events, extensive rainfall over a period of several
months would be necessary” to keep the level sustained.
But for the week ahead, the rise in water should give
shippers the opportunity, if only temporarily, to move larger
volumes up and down the river.
Levels had not been above 80 cm at Kaub for more than
two months, according to WSV data.
The sharp fall in barge freight rates had not, however,
boosted spot demand for barges of product – such as
diesel or gasoil – as much as could have been expected,
according to sources.
Jet
Asia buying interest slow
The stubborn supply overhang and weak buying interest
continued to exert pressure on the Asian jet fuel/kerosene
spot market Tuesday, and cash differentials continued to
head deeper into discount territory.
The FOB Singapore spot discount to MOPS strip
weakened to 89 cents/b Tuesday, out from a 68 cents/b
discount a week ago.
Further compounding these issues, the relative
weakness of gasoil against jet was encouraging refiners to
maximize jet fuel production.
Platts assessed the physical regrade spread at plus
99 cents/b Monday, 48 cents/b lower on the day.
While there remained some buying interest from the US
West Coast, some quarters of the market said that freight
costs could soon make such flows unviable.
Most recently, Valero was heard to have taken the BW
Egret to load 40,000 mt of jet from South Korea to the US
West Coast over December 12 at a lump sum of $1.35
million – $33.75/mt.
7
In the contract market, South Korean refiners were
heard to still be engaged in their 2019 term supply talks.
A North Asian refiner noted that the term cargo talks
this year were especially challenging, against the back drop
of the International Maritime Organization’s impending
sulfur restriction on marine fuels.
“Buyers are not willing to take the levels refiners are
offering ... still quite a gap,” a North Asian trader with
knowledge of these talks said.
Europe softens as imports lengthen supply
The CIF NWE cargo premium fell to $36/mt Tuesday from
$37.25/mt Monday, and the FOB FARAG barge premium
dropped to $31/mt from $36.50/mt.
Jet fundamentals were seen as pointing to the
downside with premiums falling two days in a row after
some tightness in the prompt seen last week disappeared.
Ample volumes of physical product are scheduled to
arrive into the region over December – pegged at around 1.3
million mt, according to S&P Global Platts trade flow
software cFlow – while demand remains seasonally low
during a period of the year when the frequency of some
flight routes are reduced or even canceled.
The arbitrages between the East of Suez and US Gulf
Coast to Europe are open, according to market participants.
A supply overhang and weak buying interest in Asia are
being compounded with the relative weakness of gasoil
against jet, encouraging refiners to maximize jet fuel
production in Asia.
A weak Singapore Exchange of Futures for Swaps – the
spread between the FOB Singapore 10 ppm gasoil front-
month swap and the corresponding ICE LSGO future – had
increased the likelihood of more arbitrage barrels being
pulled from east to west, after reaching minus $24.50/mt
November 27, its lowest level since October 2017.
Freight rates for barges going from the Amsterdam-
Rotterdam-Antwerp hub to Germany and Switzerland were
falling heavily as Rhine water levels rose sharply and were
forecast to rise further this week, said market sources.
Oilgram Price Report Prices effective December 4, 2018
Resid
Asia firms as fewer imports expected
Tight fundamentals continued to lend support to the
Singapore HSFO market, as
the spot 180 3.5% FOB Singapore premium to MOPS
strip firmed to $1.16/mt Tuesday.
This was up 17 cents/mt on the day, and 4 cents/mt
over the 30-day moving average, according to S&P Global
Platts data.
Traders expect Singapore will receive about 4 million mt
of fuel oil from the west in December, less than in
November, while the inflow from the Middle East is seen
stable over the same period at 1.5 million-2 million mt.
“The market is still short,” a trader based in Singapore said.
In the latest import news, Trafigura chartered a
130,000-mt tanker Stena Superior to move fuel oil from
Rotterdam to Singapore loading December 9 at $3.9 million,
shipping sources said.
Open interest in the front-month December Singapore
380 CST HSFO outright swap rose 11% in November to
955,000 mt as of November 29, ICE data showed.
Open interest for the December Singapore 180 CST
HSFO outright swap also continued to trend higher in
November, rising 20% month on month to 6.674 million mt
as of November 29, ICE data showed.
In tender news, India’s Bharat Petroleum Corp. Ltd. sold
40,000 mt of 180 CST HSFO with maximum 3.5% for loading
over December 12-14 from STS Mumbai to South Korea’s
Posco Daewoo at a discount of around $13/mt to MOPS 180
CST HSFO assessments, FOB.
Feedstocks
Naphtha firms in Asia
Arbitraged naphtha cargoes continued to find their
way into Asia from other regions, but imports have not
weakened the market.
The spot CFR Japan vs MOPJ strip differential
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
increased to minus $4.75/mt Tuesday, in from minus
$9.13/mt late last week.
P66 chartered a Medium Range tanker to move a
38,000 mt naphtha cargo from the US Gulf to the Far East,
at a lump sum rate of $1.675 million, shipbrokers said.
In the Middle East, Kuwait Petroleum Corp., is offering
50,000 mt of full range naphtha with minimum 70%
paraffin content for December 29-30 loading and 24,000
mt of light naphtha with minimum 85% paraffin content
for December 30-31 loading.
The tender closes December 4 at 1000 GMT, with same
day validity.
In steam cracker news, Japan’s JXTG Nippon Oil
& Energy will shut its naphtha-fed steam cracker in
Kawasaki from December 10 for emergency repairs for
around ten days.
The cracker is able to produce 404,000 mt/year of
ethylene and 260,000 mt/year of propylene.
The company has another steam cracker, which is able
to produce 515,000 mt/year of ethylene and 300,000 mt/
year of propylene, is currently operating normally.
South Korea’s LG Chem is currently increasing the
operating rate of its naphtha-fed steam cracker in Yeosu
after restarting the unit last Wednesday, a company source
said Monday, adding that operating rate would likely hit
100% later this week.
The cracker, has a capacity of 1 million mt/year of
ethylene and 550,000 mt/year of propylene.
Yeochun NCC is also seeking open-spec naphtha
supplies for second-half January delivery.
The tender closes December 4.
Also, China’s Secco plans to restart its naphtha-fed
steam cracker in Shanghai Wednesday after annual
maintenance, a source close to the company said Tuesday.
The steam cracker, which shut in early October, is able
to produce 1.09 million mt/year of ethylene and 500,000
mt/year of propylene.
Sources said the restart was delayed as part of efforts
to minimize air pollution during international conferences in
Shanghai over November.
8
Gas liquids
US propane at summer lows
The US Gulf Coast propane cargo premium dipped below 5
cents/gal Tuesday for the first time since August.
FOB USGC propane cargoes fell 37.5 points to 4.75
cents/gal over cavern product based on market indication
of value below 5 cents/gal for early January loaders.
A prompt cargo, for loading December 9-10, was heard
done at a 5-cent/gal premium with offers heard at 5 cents/
gal for later dates.
VLGC freight rates have steadily fallen since reaching
two-year highs in October at $83.50/mt and $46/mt.
The route to Japan fell $1 to $70/mt while the route to
Europe rose $1 to $35/mt Tuesday.
December non-LST propane rose 2.25 cents to 73.50
cents/gal, or 58% of front-month crude futures, based
on a trade at that level in the Platts Market on Close
assessment process.
Butane rose 6.875 cents to 84 cents/gal, flipping into a
25-point backwardation into January.
Isobutane’s premium narrowed to 2 cents/gal over
normal butane, down from 10 cents/gal on Monday.
Ethane rose 50 points to 31.25 cents/gal, maintaining a
30-cent/MMBtu premium over gas futures.
Banagas awards term tender to Itochu
Bahrain National Gas Company, or Banagas, has sold
377,000 mt of LPG for loading over January 1-December 31,
2019 to Japanese trader Itochu through a term tender, a
trade source said.
The volume comprises 200,000 mt of propane and
177,000 mt butane.
The award level was at a small premium to the average of
Saudi Aramco’s contract prices for propane/butane and Argus
FOB assessment on an FOB Sitra basis, the source said,
adding that the tender attracted around five to six bids.
The volume exceeded its 2018 term supply of 222,000
mt LPG, comprising 121,000 mt of propane and 101,000 mt
Oilgram Price Report Prices effective December 4, 2018
of butane.
The current term contract, also to Itochu, was concluded
at a single-digit premium to the average of Aramco’s CPs for
propane/butane and Argus FOB assessment, FOB.
The increased volume for 2019 comes as Banagas
started operations last month at its third Central Gas
Plant, or CGP-III.
Tankers
29 SOx scrubbers registered in gas fleet
A total of 29 installed sulfur oxide, or SOx, scrubbers have
been registered in the current gas carrier fleet, about a year
before the International Maritime Organization’s bunker
sulfur limits are lowered to 0.5% on January 1, 2020, from
3.5% currently, Grieg Shipbrokers said.
An additional 17 ships have the options to install
scrubbers, it said in a recent report. Among the 75 gas
carriers under construction, 37 will have a scrubber
installed and three more have options to install the
equipment.
Grieg said there are also a handful of carriers with dual-
fuel LNG or ethane engines, some of which intended to run
on boil off gas from cargo.
Very large gas carriers, or VLGC majors BW LPG and
Dorian LPG have plans to retrofit parts of their existing fleet
with dual-fuel LPG engines, while Exmar has two units with
such engine under construction, it added.
News
Power outage curtails Enbridge
petroleum pipeline operations: company
New York—A power outage in Saskatchewan has resulted
in temporary outages or reduced flows on several
Enbridge crude and petroleum liquids pipelines, the
company said Tuesday.
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
The installation of scrubbers allows shipowners to
continue using 3.5% sulfur bunkers as the exhaust gas
cleaning systems bring emissions in line with the 0.5%
sulfur limit on board the vessel.
Hybrid scrubbers provide the flexibility to either operate
in open-loop or closed-loop mode, which either essentially
washes the sulfur into the ocean or collects the sulfur on
board the vessel and disposing of it onshore.
VLGCs for transporting LPG, and vessels under
construction are overrepresented in the scrubber and
dual-fuel statistics, reflecting trends from other shipping
sectors, the report said, adding that larger ships consume
relatively more fuel and saves more from running on
cheaper HSFO or gas.
Bigger vessels also have more standardized trade
routes, making it easier to plan bunkering and have more
space on board for the scrubber equipment. It is less costly
to install scrubbers or dual-fuel engines on a newbuild
compared to retrofitting an existing ship, Grieg said.
Including options and vessels on order, 25% of
VLGCs will have scrubbers or dual-fuel gas engines, 13%
of the large gas carriers, or LGCs, 15% of the midsized
gas carriers, or MGCs, 9% of handies and just 1% of the
smaller gas carriers, Grieg said.
Scrubber suppliers’ backlogs have risen substantially
this year and will likely rise in 2019, it said, adding that
lead time is around 15 months, making it difficult to order
a scrubber now and having it installed before 1 January
2020.
“We can confirm that operations on our Mainline system
have been impacted, resulting in temporary outages or
reduced flow rates on Lines 1, 2A, 3, 4, 13 and 67,” Enbridge
said in a press release.
Enbridge did not have an estimated timeline when
operations will return.
The company said it is working with SaskPower “to
9
Americas Aframax rates rebound
A fixing flurry on the Americas Aframax segment saw rates
higher on the 70,000mt US Gulf Coast-UK Continent market
Tuesday, increasing w10 day on day.
Early in the day, Mercuria and Vitol were both heard
to have placed Aframax vessels on subjects for the trans-
Atlantic route at w95, the Seamusic and the Maran Atlas,
respectively.
On the Caribbean-UK Continent route, Repsol was heard
to have placed the Jag Laxmi on subjects at w100, to load
December 14-15.
Later, Occidental placed a to-be-nominated Minerva
vessel on subjects for the USGC-UK Continent route at w105.
The 70,000mt USGC-UK Continent route was assessed
at w105, up w10 day on day.
After consistent daily decreases in freight costs since
mid-November, the USGC-UK Continent market is expected
to take a turn upward, according to market sources.
Freight also saw increases on the VLCC segment amid a
tightness of available tonnage.
Unipec placed a to-be-nominated Tankers International
vessel on subjects for a USGC-China run at lump sum $9.4
million, with an option for discharge in Singapore at lump sum
$8.4 million.
The vessel is set to load on January 1.
The 270,000mt USGC-China route was assessed at
lump sum $9.4 million, up $600,000 day on day.
Though freight increased on the Aframax and VLCC
segments, the Suezmax market saw rates continue to drop.
restore power to our operations as soon as possible.”
Enbridge’s 237,000 b/d Line 1 transports natural gas
liquids, light crude and refined products from Edmonton,
Alberta, to Superior, Wisconsin. The 442,000 b/d Line 2A ships
condensates and light crudes from Edmonton to Superior.
Enbridge’s 390,000 b/d Line 3 moves condensates and
light crudes from Edmonton to Hardisty, Alberta, while the
Oilgram Price Report Prices effective December 4, 2018
796,000 b/d Line 4 carries heavy crude from Edmonton
to Cromer, Manitoba, and medium and light crudes from
Clearbrook, Minnesota, to Superior.
The company’s 800,000 b/d Line 67 carries heavy crude
from Edmonton to Superior.
Enbridge’s 180,000 b/d Line 13, also known as the
Southern Lights Pipeline, carries condensates from the
Chicago area to Edmonton.
Enbridge said in November it is evaluating re-reversing
the line to carry crude from Western Canada to the US
Midwest. — Jeff Mower, Janet McGurty
Pressure builds on Saudi oil minister
at OPEC after Qatar snub
■■Falih has won praise from money managers
■■Trump pressure complicates Saudi policy
■■Iran has signaled opposition to new deal
London—Shaken by Qatar’s surprise plan to drop out of the
producer group, OPEC still needs to reassure a nervous oil
market when it meets later this week.
Responsibility for delivering the required assurance
in difficult circumstances falls to Saudi energy minister
Khalid al-Falih.
The former Aramco engineer faces his toughest
test at Thursday’s meeting in Vienna after Doha’s shock
move to walk out on the group after almost 60 years of
membership. Saudi Arabia — OPEC’s largest exporter —
may no longer have the political leverage to push through a
deal after a bruising couple of months following the murder
of Saudi dissident journalist Jamal Khashoggi.
Falih has won praise for his ability to communicate Saudi
oil policy in a language money managers and hedge funds
can understand. His predecessor, Ali Al-Naimi, had a frostier
relationship with Wall Street, which he often blamed for
artificially distorting markets and making OPEC’s job harder.
“What [Falih] has done very well through his dialogue
and his attempts to understand the oil market is that his
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
messaging is sharper,” said Helima Croft, global head
of commodity strategy for investment bank RBC Capital
Markets. “Now, there are circumstances beyond his control,
and he’s had to evolve quickly.”
Saudi Crown Prince Mohammed bin Salman — who
took control of Saudi oil policy two-years ago — has
launched a diplomatic war against Qatar; embarked on
a real conflict in Yemen and moved the kingdom closer
politically to the Kremlin. The heir to the Saudi throne is also
at the center of the backlash following Khashoggi’s killing,
in which he denies involvement.
All this has played on the nerves of oil markets and
weighed on sentiment. It now falls to Falih to steady the
ship. Rebuilding the confidence of fickle money managers
would be a start. Hedge funds have aggressively cut
their exposure in recent months. Net length in oil futures
contracts fell to 414 million barrels early last month, its
lowest since July 2017, according to the IEA.
“Money managers are significantly more adept at
changing their positions than the officials are in making their
decisions, so it is inherently an unbalanced relationship,” said
Ed Morse, global head of commodities research at Citigroup.
Trump pressure
If Falih fluffs his lines as he arguably did in May 2017
when provided no clear guidance on OPEC’s intentions
to unwind cuts, he will be punished by markets. Already
on edge, ICE Brent futures have tumbled almost 30% in
the past two months on fears of a supply glut and waning
confidence in OPEC’s resolve to withstand pressure from
the US to keep pumping.
US President Donald Trump is also muddying the field
for Falih. Any decision resulting in an immediate spike in
oil prices could provoke criticism from Trump through his
Twitter account.
Falih also faces discontent among some of OPEC’s
smaller members after its recent production surge,
which has caused the price slump and Qatar’s exit. Saudi
officials have said the kingdom’s output surpassed 11
million b/d in November, after it pumped a near-record
10
10.67 million b/d in October, according to the latest S&P
Global Platts OPEC survey.
Iran — now the group’s fourth largest producer —
blames the kingdom for the current fall in prices and
has signaled its opposition to a new deal. Maintaining a
cordial working relationship with Iran in the wake of US oil
sanctions will be another challenge for Falih to overcome.
Markets will pay a close eye on the detail of any deal
agreed between OPEC and its allies, led by Russia, who join
the talks on Friday. Fundamentals suggests an adjustment
to output will be required to stave off an oversupply in the
first half of 2019, several ministers and delegates have said.
However, in the days running up to the meeting no
firm agreement on how much to cut, or how to allocate
quotas has clearly emerged. Officials have cited market
forecasts showing a surplus of 1 million to 1.4 million b/d
in the months ahead.
Against this fraught backdrop, Qatar may have had
the first word but Saudi Arabia’s Falih will have the last. —
Herman Wang, Andy Critchlow
US majors look to exit
Azerbaijan’s main oil field
■■ACG accounts for over 70% of Azeri oil
■■BP struggling to stem ACG output decline
■■Pivot to US shale from mega-projects
London—Chevron and ExxonMobil are looking to sell their
minority stakes in Azerbaijan’s flagship oil complex, Azeri-
Chirag-Deepwater Gunashli (ACG), leaving BP and state-
owned Socar as the dominant shareholders in the aging
Caspian Sea asset.
In a statement Tuesday, Chevron said it had “decided to
initiate the process of marketing, with a view to a potential
sale,” its stakes in the ACG fields and Baku-Tbilisi-Ceyhan
(BTC) pipeline, amounting to 9.57% and 8.9% respectively.
A separate Reuters report said ExxonMobil was also
marketing its 6.79% stake in ACG and 2.5% stake in BTC.
Oilgram Price Report Prices effective December 4, 2018

Citing industry sources, the report said ExxonMobil is from Soviet rule to invest in its offshore oil and gas and has kept spending relatively stable, with $367 million
hoping to raise up to $2 billion from the sale of its stake in potential. Chevron later grew its ACG stake in 2005 when of operational spending and $825 million of capital
the assets. it acquired Unocal. expenditure, its latest statement from Azerbaijan shows.
ExxonMobil, which only bought its stake in the BTC Oil production at the fields began in 1997 but output At current levels, the fields still account for over 70% of
pipeline in February, said it did not comment on “rumors or has been broadly in decline since output peaked at around Azerbaijan’s 800,000 b/d of total oil production.
market speculation.” 800,000 b/d in 2009. But ACG production is still expected to decline over
Both US majors formed part of the Azerbaijan BP, as operator, has stemmed the decline in overall the long term, and BP aims to replenish its assets through
International Operating Company set up to develop the ACG production this year, with output roughly unchanged exploration in the Caspian Sea. ACG output is now 11% lower
fields almost 25 years ago as the Caspian state emerged at 588,000 b/d over the first nine months of this year, than five years ago, although it got a boost in 2014 from a
new platform, West Chirag.
AZERBAIJAN'S OIL AND GAS INFRASTRUCTURE
Shift to US shale
The BTC pipeline to the Mediterranean Sea is an
occasional conduit for bringing oil from other Caspian
RU SS I A
countries such as Kazakhstan to its destination port at
Caspian Sea
Ceyhan in Turkey. But Kazakhstan’s oil producers appear
increasingly committed to the CPC pipeline that runs
across southern Russia to Novorossiisk as the main
A Z E R BA I JAN export route.
For Chevron, Azerbaijan represents a relatively
modest share of its production, while the California-
based major is focused on expansion at its giant Kazakh
joint venture, Tengizchevroil, on the east coast of the
Baku ACG field group
Caspian, expected to lift production there to more than
900,000 b/d.
The retreat also comes as Chevron and ExxonMobil
Absheron
have signaled an upstream pivot to focus on US shale oil
Shah Deniz plays which, particularly in the wake of the 2014 oil price
Umid slump, focused attention on the benefits of short-cycle
Oil pipeline
shale developments to help stabilize cash flows as an
Gas pipeline antidote to riskier, big-ticket spending on long-term,
mega projects such as ACG.
Oil/gas field
The international oil companies all reduced their
Gas processing plant stakes in ACG last year as part of a 25-year extension of
IRAN
Oil refinery the production sharing contract to 2049 that left BP with
30.37% and raised Socar’s stake to 25%. The other ACG
Port
partners are Japan’s Inpex, with 9.31%, Norway’s Equinor
(7.27%), Turkey’s TPAO (5.73%) Japan’s Itochu (3.65%), and
Source: EIA India’s ONGC Videsh (2.31%). — Nick Coleman, Robert Perkins

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 11
Oilgram Price Report Prices effective December 4, 2018
Refiners await Beijing’s directions to resume
US crude purchases ...from page 1
State-owned oil refineries were major consumers of US
crude, purchased largely through Unipec, the trading arm
of Sinopec, China’s largest refiner by capacity. Its crude
procurement strategy depends on both the government’s
mandate and commercial requirements.
This was seen in May this year when US Secretary of
Commerce Wilbur Ross led trade discussions with Beijing
to reduce the US trade deficit by boosting agricultural and
energy exports to China.
The talks were followed by Unipec’s purchase of
around 16 million barrels of US crude oil for loading in
June, the biggest monthly volume of US crude ever lifted
by the company, although volumes fizzled out when trade
tensions escalated.
Since them, bilateral oil trade between the two countries
has dried up, and Chinese refineries have shunned US barrels
despite no firm tariffs imposed by Beijing.
That caution persists.
“[The truce] is a relief, and there will be opportunity
to trade, but it is difficult to say when we will resume
CHINA’S TOP CRUDE SUPPLIERS IN OCTOBER
(’000 mt)
Russia
Saudi Arabia
Iraq
Angola
Brazil
Oman
Kuwait
UAE
UK
Iran
0 1 2 3 4 5 6 7
Source: General Administration of Customs
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
importing US crude oil,” a Unipec official said.
“We need to discuss what to do as the next step,”
a second Unipec executive said. “We don’t have a final
decision yet.”
US crude trickles in
China’s crude oil imports from the US fell to zero in
October for the first time since February 2017, General
Administration of Customs data showed. November
volumes also remained thin.
As of Tuesday afternoon, the VLCC New Courage,
carrying about 1 million barrels of US-origin Southern
Green Canyon crude, was waiting for a berth in Lanshan
port of Rizhao city in the eastern Shandong province,
according to traders.
Sources said Shandong-based independent refiner
Yuhuang Petrochemical was the buyer of the cargo, which
was traded against ICE Brent on a CFR Shandong basis, and
Unipec was the original charterer of the ship.
New Courage departed the US Gulf Coast in late
September and loaded a second time at Aruba in the
Mediterranean in early October, according to S&P Global
Platts vessel tracking software cFlow. It discharged part
of its cargo at Zhoushan port in eastern Zhejiang province
before heading to Lanshan.
The SGC oil grade, with an API of around 28 and sulfur
content of around 2.3%, was a suitable feedstock for
independent refineries, a trader said. The shipment is
unique because independent refineries generally avoid US
crudes due to political risks.
On the other hand, Sinopec has been keen on US
2017 crude oil.
2019
In September, Unipec President Chen Bo cited plans
to expand US crude trading in the long-term and raise its
shipments to China to 500,000 b/d in coming years from
300,000 b/d in 2018.
Unipec has also leased 10 million barrels of crude
storage in the US Virgin Islands, with a deepwater
8 terminal for VLCCs, to support its long-term US crude
business. — Eric Yep, Daisy Xu, Oceana Zhou
12
Oil edges higher, remains in holding pattern
ahead of OPEC meeting ...from page 1
decision to leave the bloc on Monday.
UAE energy minister Suhail al-Mazrouei said Tuesday
that the group will continue its market management
agreement with Russia and other oil producing allies
regardless of Qatar’s exit from the group.
“What is important is that the Declaration of
Cooperation will stay,” Mazrouei told reporters. “Everyone
is excited to continue the journey because once they joined
us they discovered that we are for balancing the market
for the benefit of consumers and producers and I think it is
encouraging more countries to join us.”
OPEC is scheduled to meet on December 6-7 and is
widely expected to agree to cut output to support falling
prices. But so far OPEC has only pledged a commitment to
make an output decision, offering the market little insight
into the size of any potential. S&P Global Platts Analytics
forecasts a 1.2 million-1.4 million b/d reduction compared
with October’s levels.
On Tuesday afternoon US senators Lindsey Graham,
Republican-South Carolina, and Bob Corker, Republican-
Tennessee, denounced Saudi Crown Prince Mohammed
bin Salman, commonly referred to as “MBS,” as complicit in
the killing of Saudi journalist Jamal Khashoggi at the Saudi
consulate in Istanbul in October.
“MBS, the crown prince, is a wrecking ball. I think he
is complicit in the murder of Mr. Khashoggi to the highest
level possible,” Graham told reporters following a meeting
with CIA Director Gina Haspel in Washington. “You’d have
to be willfully blind not to come to the conclusion that
this was orchestrated and organized by people under the
command of MBS.”
Graham, chairman of the Senate Judiciary Committee,
is a key supporter of US President Donald Trump in the
Senate. Graham went on to say that the crown prince
has undercut US-Saudi relations and that he would not
support arms sales to Saudi Arabia as long as he was in
power .
Oilgram Price Report Prices effective December 4, 2018

Corker, chairman of the Senate Committee on Foreign Refinery updates is scheduled for December 7.
Relations, also hammered MBS, telling reporters: “I have An ExxonMobil spokeswoman did not respond to a
zero question in my mind that the crown prince MBS Beaumont, Texas request for comment Tuesday.
ordered the killing, monitored the killing, knew exactly ■■Owner: ExxonMobil Source: Market sources
what was happening, planned it in advance. If he was ■■Overall capacity (b/d): 362,300
in front of a jury he would be convicted in 30 minutes, ■■Units affected: Fluid catalytic cracker Petronor, Bilbao, Spain
guilty.” ■■Unit capacity (b/d): 113,000 ■■Owner: Repsol
While the hawkish comments ratcheted up US-Saudi ■■Duration: Started Monday morning ■■Overall capacity (b/d): 220,000
tensions ahead of the OPEC meeting, the senators’ ■■Units affected: alkylation unit AK3

remarks were narrowly focused on the crown prince and Notes: An attempt to restart the fluid catalytic cracker unit ■■Unit capacity: not specified

arms sales, and the comments failed to meaningfully at ExxonMobil’s 362,300 b/d Beaumont, Texas, plant was ■■Duration: December 4 – December 6

move energy markets. aborted Monday morning, sources said.

Products futures fell back from early-session highs, but
still finished in the black on Tuesday. NYMEX January ULSD
settled 1.34 cents higher at $1.9009/gal and NYMEX January
RBOB was up 1.20 cents at $1.4434/gal at market close. —
Chris van Moessner
S&P Global Platts previously reported that the 113,000-b/
d gasoline- and diesel-producing unit was shut on October
10 for maintenance and was scheduled to be restarted on
December 1.
A regional market source said a second restart attempt
Notes: Petronor said in a note on its web site Tuesday that
it is halting the alkylation unit AK3 for maintenance.
The return date is Thursday December 6, the company said.
Source: Company

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 13
Oilgram Price Report Prices effective December 4, 2018
Product Price Assessments
Asia, Dec 4
Mid Change
Singapore (PGA page 2002)
($/barrel)
Naphtha PAAAP00 55.21–55.25 55.230 +0.270
Jet kerosene PJABF00 75.32–75.36 75.340 -0.730
Gasoil POABC00 74.33–74.37 74.350 -0.250
Gasoil 10 ppm AAOVC00 74.33–74.37 74.350 -0.250
Gasoil 50 ppm AAPPF00 74.25–74.29 74.270 -0.250
Gasoil 0.05% S AAFEX00 73.92–73.96 73.940 -0.250
Gasoil 0.25% S AACUE00 73.09–73.13 73.110 -0.250
Gasoil 50 ppm disc/prem AAPPH00 -0.65–-0.61 -0.630 -0.090
Mogas 92 unl PGAEY00 61.01–61.05 61.030 -0.790
Mogas 95 unl PGAEZ00 62.85–62.89 62.870 -0.840
Mogas 97 unl PGAMS00 64.43–64.47 64.450 -0.850
CFR Naphtha AAOVF00 55.010 +0.060
Naphtha pap. (bal month) AAPLD00 55.03–55.07 55.050 +0.100
Naphtha pap. (Jan) PAAAQ00 55.38–55.42 55.400 +0.050
Naphtha pap. (Feb) PAAAR00 55.18–55.22 55.200 -0.100
Kerosene pap. (bal month) AAPLE00 76.04–76.08 76.060 -0.690
Kerosene pap. (Jan) PJABS00 76.56–76.60 76.580 -0.640
Kerosene pap. (Feb) PJABT00 76.82–76.86 76.840 -0.620
Gasoil pap. (bal month) AAPLF00 74.68–74.72 74.700 -0.230
Gasoil pap. (Jan) POAFC00 75.30–75.34 75.320 -0.050
Gasoil pap. (Feb) POAFG00 75.75–75.79 75.770 -0.010
($/mt)
FO 180 CST 2% PUAXS00 423.72–423.76 423.740 +7.600
HSFO 180 CST PUADV00 414.40–414.44 414.420 +7.440
180 CST disc/premium AAGZF00 7.33–7.37 7.350 +1.050
China, Dec 4 (PGA page 2010)
($/mt) Mid Change
South China FOB
Unl 90 RON AAICU00 512.50–516.50 514.500 -6.750
Unl 93 RON AAICW00 521.00–525.00 523.000 -6.750
South China, C&F
Jet kerosene PJABQ00 603.25–607.25 605.250 -5.750
Gasoil POAFA00 559.50–563.50 561.500 -1.000
Hong Kong
Fuel oil 180 CST PUACC00 444.50–445.50 445.000 -1.000
Fuel oil 380 CST PUAER00 439.50–440.50 440.000 -1.000
Fujairah, FOB, Dec 4 (PGA page 2018)
($/barrel) Mid Change
Gasoline 95 unleaded AFUJA00 64.480 -0.580
Kerosene AFUJF00 74.670 -0.720
Gasoil 10 ppm AFUJP00 73.370 -0.180
Gasoil AFUJK00 73.370 -0.180
($/mt)
HSFO 380 CST AFUJQ00 403.900
+4.450
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Mid Change
Singapore (continued)(PGA pages 2002 & 2655)
($/mt)
HSFO 380 CST PPXDK00 410.69–410.73 410.710 +4.310
HSFO 180 CST pap. (bal month) AAPML00 410.43–410.47 410.450 +7.250
HSFO 180 CST pap. (Jan) PUAXZ00 399.93–399.97 399.950 +5.150
HSFO 180 CST pap. (Feb) PUAYF00 394.43–394.47 394.450 +4.900
MTBE PHALF00 618.00–620.00 619.000 -10.000
C&F Japan (PGA page 2006)
($/barrel)
Jet kerosene PJAAN00 77.09–77.13 77.110 -0.710
Mogas unl PGACW00 62.89–62.93 62.910 -0.770
($/mt)
Naphtha PAAAD00 512.75–513.75 513.250 0.000
Nph 2nd 1/2 Jan PAAAE00 513.25–513.75 513.500 +2.000
Nph 1st 1/2 Feb PAAAF00 513.25–513.75 513.500 +1.000
Nph 2nd 1/2 Feb PAAAG00 512.75–513.25 513.000 -1.000
HSFO 180 CST PUACJ00 429.74–429.78 429.760 +7.080
FOB Japan
($/barrel)
Gasoil POJAP00 84.216 +0.037
C+F Australia (PGA page 2004)
($/barrel)
Mogas 92 unl AACZF00 65.01–65.05 65.030 -0.770
Mogas 95 unl AACZH00 66.85–66.89 66.870 -0.820
Jet kerosene AAFIY00 79.63–79.67 79.650 -0.700
Gasoil 10 ppm AAQUD00 78.90–78.94 78.920 -0.220
Arab Gulf, FOB, Dec 4 (PGA page 2004)
($/mt) Mid Change
Naphtha PAAAA00 475.75–476.75 476.250 -1.060
Naphtha LR2 AAIDA00 474.41–475.41 474.910 -1.010
HSFO 180 CST PUABE00 397.07–397.11 397.090 +8.090
HSFO 380 CST AAIDC00 393.36–393.40 393.380 +4.960
($/barrel)
95 RON unleaded AAICY00 60.61–60.65 60.630 -0.840
92 RON unleaded AAGJA00 58.790 -0.790
Kerosene PJAAA00 72.78–72.82 72.800 -0.800
Kerosene LR2 AAKNZ00 72.58–72.62 72.600 -0.800
Gasoil 10 ppm AAIDT00 71.64–71.68 71.660 -0.320
Gasoil 0.05% S AAFEZ00 71.15–71.19 71.170 -0.210
Gasoil 0.25% S AACUA00 70.04–70.08 70.060 -0.320
Gasoil POAAT00 71.64–71.68 71.660 -0.320
Gasoil LR2 AAKBT00 71.43–71.47 71.450 -0.320
Indonesia, Dec 4 (PGA page 2516)
($/barrel) FOB Indonesia Mid Change
LSWR mixed/cracked PPAPU00 70.18–70.22 70.200 +0.980
Spot prem/disc
LSWR mixed/cracked AAHXR00 10.32–10.36 10.340 +0.040
14
Asia product premium/discount assessments
Dec 4 Mid Change
MOP* Singapore (PGA page 2002)
($/barrel)
Jet PJACU00 -0.91/-0.87 -0.890 -0.070
Gasoil 0.25% S AACQI00 -1.81/-1.77 -1.790 -0.090
Gasoil POAIC00 -0.57/-0.53 -0.550 -0.090
CFR Naphtha AAOVG00 -0.150 -0.030
($/mt)
380 CST PPXDL00 7.38/7.42 7.400 -2.050
MOP* Arab Gulf (PGA page 2004)
($/barrel)
Jet PJACV00 0.83/0.87 0.850 0.000
Gasoil 10 ppm AAIDU00 0.98/1.02 1.000 0.000
Gasoil 0.25% S AACUC00 -0.62/-0.58 -0.600 0.000
Gasoil POAID00 0.98/1.02 1.000 0.000
380 CST** PPXDM00 -3.73/-3.69 -3.710 -3.130
($/mt)
HSFO 180 CST AAXJA00 18.75/19.25 19.000 -1.500
HSFO 380 CST AAXJB00 18.75/19.25 19.000 -1.500
MOP* Japan (PGA page 2006)
($/barrel)
Naphtha PAADI00 -0.75/-0.25 -0.500 +2.000
MOP* West India (PGA page 2012)
($/mt)
Gasoline (92 RON) AARBQ00 506.440 -6.710
Gasoline (95 RON) AAQWI00 515.790 -7.050
Naphtha AAQWK00 492.730 0.000
Jet kero AAQWM00 582.870 -5.760
Gasoil (10 ppm) AAQWO00 554.230 -1.900
Gasoil (500 ppm) AAQWQ00 538.530 -1.870
Gasoil (2500 ppm) AAQWS00 532.350 -1.860
($/barrel)
Gasoline (92 RON) AARBP00 59.580 -0.790
Gasoline (95 RON) AAQWH00 61.400 -0.840
Naphtha AAQWJ00 54.750 0.000
Jet kero AAQWL00 73.780 -0.730
Gasoil (10 ppm) AAQWN00 72.730 -0.250
Gasoil (500 ppm) AAQWP00 72.290 -0.250
Gasoil (2500 ppm) AAQWR00 71.460 -0.250
*Mean of Platts. **=Differential to FOB Arab Gulf HSFO 180 CST.
Platts Index, Dec 4 (PGA page 115)
Change
Platts Jet Fuel Index PJGLO00 212.06
+0.900
The Platts Jet Fuel Index is calculated using daily assessments of Jet fuel spot prices in
relevant regional centers. These values are compared with average spot prices in the base
period (Index value of year 2000 = 100%) to generate a percentage figure reflecting the
overall rise or fall in markets compared to the base period.
Oilgram Price Report Prices effective December 4, 2018
Product Price Assessments
European bulk, Dec 4
($/mt) Mid Change Mid Change
(PGA page 1114)
Cargoes FOB Med basis Italy Cargoes CIF Med basis Genoa/Lavera
Prem unl 10 ppm AAWZA00 519.25–519.75 519.500 +8.000 AAWZB00 530.75–531.25 531.000 +8.500
Naphtha physical PAAAI00 455.75–456.25 456.000 +4.750 PAAAH00 471.25–471.75 471.500 +5.500
Jet av. fuel AAIDL00 601.25–601.75 601.500 +7.750 AAZBN00 621.50–622.00 621.750 +8.750
ULSD 10 ppm AAWYY00 571.25–571.75 571.500 +8.500 AAWYZ00 585.50–586.00 585.750 +9.000
Gasoil 0.1% AAVJI00 564.75–565.25 565.000 +7.000 AAVJJ00 582.00–582.50 582.250 +7.500
1% fuel oil PUAAK00 382.50–383.00 382.750 +5.500 PUAAJ00 395.75–396.25 396.000 +6.250
3.5% fuel oil PUAAZ00 365.25–365.75 365.500 +7.250 PUAAY00 379.00–379.50 379.250 +8.000
(PGA page 1110)
Cargoes FOB NWE Cargoes CIF NWE basis ARA
Gasoline 10 ppm AAXFQ00 532.25–532.75 532.500 +13.000
Naphtha swaps PAAAJ00 487.50–488.00 487.750 +5.500
Naphtha physical PAAAL00 482.00–482.50 482.250 +6.000
Jet kerosene PJAAV00 609.00–609.50 609.250 +8.750 PJAAU00 623.00–623.50 623.250 +8.750
ULSD 10 ppm AAVBF00 569.00–569.50 569.250 +7.000 AAVBG00 584.00–584.50 584.250 +7.000
Diesel 10 ppm NWE AAWZD00 571.25–571.75 571.500 +7.000 AAWZC00 586.75–587.25 587.000 +7.000
Diesel 10 ppm UK AAVBH00 588.25–588.75 588.500 +7.000
Gasoil 0.1% AAYWR00 557.75–558.25 558.000 +9.000 AAYWS00 579.50–580.00 579.750 +9.000
1% fuel oil PUAAM00 372.75–373.25 373.000 +5.250 PUAAL00 386.75–387.25 387.000 +5.500
3.5% fuel oil PUABB00 350.25–350.75 350.500 +8.250 PUABA00 369.00–369.50 369.250 +8.500
(PGA pages 1112 & 1380)
Barges FOB Rotterdam
98 RON unl AAKOD00 582.00–582.50 582.250 +7.000
Prem unl PGABM00 519.75–520.25 520.000 +2.000
Reformate AAXPM00 534.250 +7.000
Eurobob AAQZV00 507.00–507.50 507.250 +7.000
Naphtha physical PAAAM00 478.00–478.50 478.250 +6.000
Jet kerosene PJABA00 618.00–618.50 618.250 +4.500
Diesel 10 ppm* AAJUS00 591.75–592.25 592.000 +8.750
Gasoil 50 ppm AAUQC00 589.50–590.00 589.750 +15.750
Gasoil 0.1%* AAYWT00 575.75–576.25 576.000 +13.000
1% fuel oil PUAAP00 374.75–375.25 375.000 +8.500
3.5% fuel oil PUABC00 374.75–375.25 375.000 +8.500
3.5% 500 CST fuel oil PUAGN00 371.00–371.50 371.250 +8.500
380 CST PUAYW00 379.50–380.50 380.000 +12.000
*FOB Amsterdam-Rotterdam-Antwerp
West Africa products ($/mt), Dec 4
Mid Change
West Africa cargoes (PGA page 1122)
FOB NWE
Gasoline AAKUV00 533.750
+6.500
CIF West Africa
Gasoline AGNWC00 562.250
+7.250
FOB STS West Africa
Gasoil 0.3% AGNWD00 602.500
+10.000
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 15
Platts Euro denominated product assessments
Dec 4 Mid Change
Cargoes CIF NWE/basis ARA (€/mt) (PGA page 1116)
Nap phy AAQCE00 424.52–424.96 424.740 +5.321
Jet AAQCF00 548.71–549.15 548.925 +7.754
Cargoes FOB NWE (PGA page 1116)
1% AAQCG00 328.30–328.74 328.519 +4.653
Barges FOB Rotterdam (€/mt) (PGA page 1118)
Prem unl AAQCH00 457.77–458.21 457.988 +1.801
10 ppm* AAQCI00 521.18–521.62 521.402 +7.752
Gasoil 0.1%* AAYWY00 507.09–507.53 507.310 +11.493
3.50% AAQCK00 330.06–330.50 330.280 +7.515
3.50% 500 CST PUAGO00 326.76–327.20 326.977 +7.514
Mid Change
Conventional cargoes NY harbor (€¢/gal) (PGA pages 1350 & 1450)
Unleaded 87 AAPYV00 131.65–131.73 131.689 +0.179
Unleaded 89 AAPYW00 135.63–135.71 135.670 -0.508
Unleaded 93 AAPYX00 141.60–141.69 141.642 -1.537
Cargoes CIF West Africa (€/mt) (PGA page 1116)
Gasoline AANWC00 495.200 +6.429
Cargoes FOB NWE West Africa (€/mt) (PGA page 1116)
Gasoline AGNWA00 470.099 +5.766
Cargoes FOB STS West Africa (€/mt) (PGA page 1116)
Gasoil 0.3% AGNWE00 530.650 +8.853
Euro/US$ forex rate: 1.1354. Platts Euro denominated European & US product assessments
are based on market values and a Euro/US$ forex rate at 4:30 PM local London time. *FOB
Amsterdam-Rotterdam-Antwerp.
European feedstocks and blendstocks
Change
CIF Northwest Europe cargo ($/mt) (PGF page 1760)
VGO 0.5-0.6% AAHMZ00 445.25–446.25 445.750 +4.000
VGO 2% AAHND00 444.75–445.75 445.250 +4.250
FOB Northwest Europe cargo ($/mt)
VGO 0.5-0.6% AAHMX00 426.25–427.25 426.750 +3.500
VGO 2% AAHNB00 426.00–427.00 426.500 +3.750
Straight Run 0.5-0.7% PKABA00 405.75–406.75 406.250 +6.250
FOB Black Sea cargo ($/mt)
VGO 0.8% ABBAD00 430.250
+2.750
VGO 2% ABBAC00 430.000
+3.250
CIF Mediterranean cargo ($/mt)
Straight Run 0.5-0.7% AAJNT00 440.500 +6.250
VGO 0.8% ABBAB00 446.000 +3.750
VGO 2% ABBAA00 445.750 +4.250
FOB Rotterdam barge ($/mt)
MTBE* PHALA00 658.75–659.25 659.000 +9.250
VGO 0.5-0.6% AAHNF00 426.25–427.25 426.750 +3.500
VGO 2% AAHNI00 426.00–427.00 426.500 +3.750
* FOB Amsterdam-Rotterdam-Antwerp
Oilgram Price Report Prices effective December 4, 2018

Product Price Assessments

New York/Boston, Dec 4 (PGA page 152)

Mid Change Mid Change Mid Change
New York
Cargo (¢/gal) RVP Barge (¢/gal) RVP Differentials to NYMEX
Unl 87 AAMHG00 148.24–148.34 148.290 +0.700 AAMHGRV 15.0 AAMIT00 153.24–153.34 153.290 +0.700 AAMITRV 15.0
Unl 89 AAMIW00 152.96–153.06 153.010 +0.900 AAMIWRV 15.0 AAMHJ00 157.96–158.06 158.010 +0.900 AAMHJRV 15.0
Unl 93 AAMIZ00 160.04–160.14 160.090 +1.200 AAMIZRV 15.0 AAMHM00 165.04–165.14 165.090 +1.200 AAMHMRV 15.0
CBOB AAWBK00 147.49–147.59 147.540 +0.700 AAWBKRV 15.0 AAWBL00 145.99–146.09 146.040 +0.700 AAWBLRV 15.0 AANYX14 1.700 -0.500
Prem CBOB AAWLD00 162.19–162.29 162.240 +1.200 AAWLDRV 15.0 AAWLC00 160.69–160.79 160.740 +1.200 AAWLCRV 15.0
Unl RBOB AAVKS00 147.49–147.59 147.540 +0.700 AAVKSRV 15.0 AAMGV00 145.99–146.09 146.040 +0.700 AAMGVRV 15.0 AANYX15 1.700 -0.500
Prem RBOB AAVKT00 162.19–162.29 162.240 +1.200 AAVKTRV 15.0 AAMGY00 160.69–160.79 160.740 +1.200 AAMGYRV 15.0
Jet fuel PJAAW00 190.54–190.64 190.590 +1.840 ADIGA00 0.500 +0.500
LS jet kero PJABJ00 197.79–197.89 197.840 +1.340
ULS kero AAVTI00 203.54–203.64 203.590 +1.340
No. 2 POAEG00 180.79–180.89 180.840 +1.340 ADIAO00 -9.250 0.000
ULSD AATGX00 190.19–190.29 190.240 +1.340 ADIZA00 0.150 0.000
LS heating oil AAXPY00 187.440 +1.340 ADIAP00 -2.650 0.000
ULS heating oil AAXPX00 188.590 +1.340 ADIAQ00 -1.500 0.000
Cargo ex-duty (¢/gal)* RVP<
Unl 87 AASAA00 144.19–144.29 144.240 +0.600 AASAARV 15.0
Unl 89 AASAB00 148.90–149.00 148.950 +0.800 AASABRV 15.0
Unl 93 AASAC00 155.97–156.07 156.020 +1.090 AASACRV 15.0
CBOB AASAD00 143.44–143.54 143.490 +0.600 AASADRV 15.0
Prem CBOB AASAE00 158.12–158.22 158.170 +1.100 AASAERV 15.0
Unl RBOB AASAF00 143.44–143.54 143.490 +0.600 AASAFRV 15.0
Prem RBOB AASAG00 158.12–158.22 158.170 +1.100 AASAGRV 15.0
($/barrel) Differential vs 1s strip ($/barrel)
No. 6 0.3% S hi pr PUAAE00 74.18–74.20 74.190 +0.100 AAUGA00 14.74–14.76 14.750
No. 6 0.3% S lo pr PUAAB00 74.18–74.20 74.190 +0.100 AAUGB00 14.74–14.76 14.750
No. 6 0.7% S max PUAAH00 63.18–63.20 63.190 +0.350 AAUGC00 3.74–3.76 3.750
No. 6 1% S max PUAAO00 60.18–60.20 60.190 +0.350 AAUGD00 0.74–0.76 0.750
No. 6 1% S max 1s strip AAUGG00 59.43–59.45 59.440 +0.340
No. 6 2.2% S max PUAAU00 59.29–59.31 59.300 +0.320 AAUGE00 -0.15–-0.13 -0.140
No. 6 3.0% S max PUAAX00 58.70–58.72 58.710 +0.310 AAUGF00 -0.74–-0.72 -0.730
No. 6 1.0% S max FOB AAWLG00 59.43–59.45 59.440 +0.350 AAWLG20 -0.01–0.01 0.000
Fuel oil RMG 380 AAWLF00 60.45–60.47 60.460 +0.310 AAWLF20 1.01–1.03 1.020
No. 6.1 S max pap bal M AARZS00 59.54–59.56 59.550 +0.350
No. 6 1.0% S pap 1st M PUAXD00 58.70–58.80 58.750 +0.450
No. 6 1.0% S pap 2nd M PUAXF00 57.90–58.00 57.950 +0.400
No. 6 1.0% S pap qtrly PUAXG00 57.88–57.98 57.930 +0.400
*These assessments reflect gasoline cargoes sold on a delivered, ex-duty basis New York, excluding import duty and import taxes/fees.
Boston
Cargo (¢/gal)
Unl RBOB (Boston) AAVPV00 149.99–150.09 150.040 +0.700
($/barrel)
No. 6 2.2% S max (Bstn) PUAWN00 60.14–60.16 60.150 +0.320

USAC CPL Linden*, Dec 4 (PGA page 410)

(¢/gal) Mid Change Differentials to NYMEX Change Cycle RVP
Unl 87 ACXPW00 153.840
+1.200 AANYX40 9.500 0.000 ACRQWCY 66 ACRQWRV 13.5
CBOB ABXPW00 146.590
+1.200 AANYX41 2.250 0.000 ABRQWCY 66 ABRQWRV 13.5
RBOB ADXPW00 147.590
+1.200 AANYX42 3.250 0.000 ADRQWCY 66 ADRQWRV 13.5
Jet kero 54 AAXPV00 190.340
+1.590 AAXPVCY 66
ULS heating oil AAXPU00 188.940
+1.240 AAXPUCY 65
ULSD AAXPW00 190.390
+1.340 ADLAA00 0.300 0.000 AAXPWCY 65
*Assessments reflect shipments on the next full pipeline cycle after the prompt cycle

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 16
Oilgram Price Report Prices effective December 4, 2018

Product Price Assessments

U.S. Buckeye pipeline, Dec 4 (PGA page 310)

(¢/gal) Mid Change RVP Differentials to NYMEX Change
Unl RBOB AAMHB00 145.99–146.09 146.040 +0.700 AAMHBRV 15.0 AANYX35 1.700
-0.500
Prem RBOB AAMHZ00 160.69–160.79 160.740 +1.200 AAMHZRV 15.0
CBOB AAPSY00 145.99–146.09 146.040 +0.700 AAPSYRV 15.0 AANYX33 1.700
-0.500
CBOB prem AAPSZ00 160.69–160.79 160.740 +1.200 AAPSZRV 15.0
ULSD AATHF00 190.19–190.29 190.240 +1.340 ADIYA00 0.150 0.000
Jet fuel AAJNL00 190.54–190.64 190.590 +1.840 ADIEA00 0.500
+0.500
LS jet/kero AAJNN00 197.79–197.89 197.840 +1.340
RVP
Laurel
Unl CBOB AAUAS00 147.24–147.34 147.290 +0.700 AAUASRV 15.0
Prem CBOB AAUAT00 161.69–161.79 161.740 +1.200 AAUATRV 15.0
Unl RBOB AASSM00 145.99–146.09 146.040 +0.700 AASSMRV 15.0
Prem RBOB AASSN00 160.69–160.79 160.740 +1.200 AASSNRV 15.0
All RVP references are after ethanol

Chicago pipeline, Dec 4 (PGA page 160)

(¢/gal) Mid Change RVP Differentials to NYMEX Change
Unleaded 87 PGACR00 137.29–137.39 137.340 +1.200 PGACRRV 15.0
Unleaded 89 PGAAX00 146.59–146.69 146.640 +1.200 PGAAXRV 15.0
Prem. unl 91 PPASQ00 160.54–160.64 160.590 +1.200 PPASQRV 15.0
CBOB AAREL00 136.29–136.39 136.340 +1.200 AARELRV 15.0 AANY101 -8.000 0.000
PBOB AAUEU00 174.29–174.39 174.340 +1.200 AAUEURV 15.0
RBOB PPARH00 143.29–143.39 143.340 +1.200 PPARHRV 15.0 AANY102 -1.000 0.000
Jet fuel PJAAF00 179.04–179.14 179.090 +0.090 ADILA00 -11.000 -1.250
ULS No. 1 PJACD00 214.29–214.39 214.340 +1.340
ULSD AATHA00 179.29–179.39 179.340 +1.340 ADLAI00 -10.750 0.000

CHICAGO BUCKEYE COMPLEX, Dec 4 (PGA page 160)

(¢/gal) Mid Change RVP Differentials to NYMEX Change
CBOB BCX ACBAA00 142.340 +4.700 ACBAARV 15.0 ACBAB00 -2.000 +3.500
RBOB BCX ACBAC00 149.340 +4.700 ACBACRV 15.0 ACBAD00 5.000
+3.500
ULSD BCX ACBAE00 179.340 +1.340 ACBAF00 -10.750 0.000

Group Three, Dec 4 (PGA page 160)

(¢/gal) Mid Change RVP Differentials to NYMEX Change
Sub-octane AAXIX00 138.29–138.39 138.340 +3.200 AAXIXRV 15.0 AANYX01 -6.000 +2.000
Prem. unleaded PGABD00 155.39–155.49 155.440 +7.300 PGABDRV 15.0
ULSD AATHB00 181.79–181.89 181.840 +0.340 ADLAB00 -8.250 -1.000
Jet fuel PJAAI00 188.39–188.49 188.440 +1.340 ADIKA00 -1.650 0.000
No. 1 PJACB00 219.64–219.74 219.690 -0.660

Atlantic resid/contract cargoes posted prices, Dec 4 (PGA page 564) Shale Value Chain assessments, Dec 4 (PGN page 590)
($/barrel) No. 4 Fuel No. 6 Fuel ¢/gal Change $/MMBtu Change
Global Gulf Coast ethane fractionation spread SCAAJ00 -0.005 -0.464 SCAAD00 -0.001 -0.070
Boston 0.5% PRALB00 90.40 PRAMN00 84.40 Gulf Coast E/P mix fractionation spread SCAAG00 -1.255 -0.464 SCAAA00 -0.189 -0.070
Boston 1.0% PRALD00 86.00 PRAMD00 75.80 E/P mix Midcontinent to Rockies SCAAH00 -2.710 +0.686 SCAAB00 -0.407 +0.104
Boston 2.2% PRAMI00 65.90 fractionation spread
Portland 1.5% PRAKV00 86.30 PRALX00 69.80 E/P mix Midcontinent fractionation spread SCAAI00 -0.615 +1.151 SCAAC00 -0.092 +0.174
National raw NGL basket price SCAAL00 62.025 +1.360 SCAAF00 6.983 +0.152
National composite fractionation spread SCAAK00 30.770 +0.396 SCAAE00 2.283 +0.007
The methodology for these assessments is available at:
www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/shale-value-chain.pdf

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 17
Oilgram Price Report Prices effective December 4, 2018

Product Price Assessments

U.S. Gulf Coast, Dec 4

Mid
Change Mid
Change Mid
Change
Houston (PGA page 156)
Pipeline (¢/gal) Differential to NYMEX Cycle RVP Waterborne (¢/gal) RVP
Unl 87 PGACT00 144.94–145.04 144.990 +1.850 AANY105 0.650 +0.650 PGACTCY 69 PGACTRV 13.5 PGACU00 146.94–147.04 146.990 +1.850 PGACURV 13.5
Unl 89 PGAAY00 150.14–150.24 150.190 +1.850 PGAAYCY 69 PGAAYRV 13.5 PGAAZ00 152.14–152.24 152.190 +1.850 PGAAZRV 13.5
Prem unl 93 PGAJB00 157.94–158.04 157.990 +1.850 PGAJBCY 69 PGAJBRV 13.5 PGAIX00 159.94–160.04 159.990 +1.850 PGAIXRV 13.5
CBOB 87 AARQU00 139.14–139.24 139.190 +2.050 AANYX77 -5.150 +0.850 AARQUCY 69 AARQURV 13.5 AAWES00 141.14–141.24 141.190 +2.050 AAWESRV 13.5
CBOB 93 AARQV00 155.64–155.74 155.690 +2.050 AARQVCY 69 AARQVRV 13.5
RBOB 83.7 AAMFB00 140.29–140.39 140.340 +2.200 AANYX79 -4.000 +1.000 AAMFBCY 69 AAMFBRV 13.5
RBOB 91.4 AAMNG00 156.79–156.89 156.840 +2.200 AAMNGCY 69 AAMNGRV 13.5
Jet/kero 54 PJABO00 180.29–180.39 180.340 +1.590 ADIAS00 -9.750 +0.250 PJABOCY 69 PJABM00 182.04–182.14 182.090 +1.590
Jet/kero 55 PJABP00 188.29–188.39 188.340 +1.590 PJABPCY 69 PJABN00 190.04–190.14 190.090 +1.590
ULS Kero AAVTL00 193.54–193.64 193.590 +1.590 AAVTLCY 69 AAVTK00 195.29–195.39 195.340 +1.590
ULSD AATGY00 179.04–179.14 179.090 +0.990 ADIQA00 -11.000 -0.350 AATGYCY 69 AATGZ00 180.24–180.34 180.290 +0.990
No. 2 POAED00 170.29–170.39 170.340 +4.590 ADIAA00 -19.750 +3.250 POAEDCY 68 POAEE00 175.29–175.39 175.340 +4.590
ULS Heating Oil AAXFD00 177.04–177.14 177.090 +1.140 ADIAI00 -13.000 -0.200 AAXFDCY 69
FOB Cargo (¢/gal) FOB Cargo ($/mt)
Export ULSD AAXRV00 178.640 +0.840 AAXRW00 558.960 +2.620
Colonial Pipeline Gasoline Line Space (c/gal) Cycle
Line 1 AAXTA00 0.500 -0.850 AAXTACY 69
Line 3 AAXTB00 0.000 0.000 AAXTBCY 69
Line 1+3 AAXTC00 0.500 -0.850 AAXTCCY 69
Colonial Pipeline Distillates Line Space (c/gal)
Line 2 AAXTD00 4.750 0.000 AAXTDCY 69
Line 3 AAXTE00 0.000 0.000 AAXTECY 69
Line 2+3 AAXTG00 4.750 0.000 AAXTGCY 69
($/barrel) Differential vs USGC HSFO strip ($/barrel) USGC HSFO Strip ($/barrel)
Slurry Oil PPAPW00 61.62–61.64 61.630 +0.630 AAUGS00 4.52–4.54 4.530 +0.090
No. 6 1.0% S 6 API PUAAI00 61.50–61.52 61.510 +0.680 AAUGT00 4.40–4.42 4.410 +0.140
USGC HSFO PUAFZ00 57.62–57.64 57.630 +0.630 AAUGU00 0.52–0.54 0.530 +0.090 AAUGW00 57.09–57.110 57.100 +0.540
RMG 380 PUBDM00 57.62–57.64 57.630 +0.630 AAUGV00 0.52–0.54 0.530 +0.090
USGC HSFO swap BalMo(Dec) AARZT00 56.99–57.01 57.000 +0.550
USGC HSFO swap M1(Jan) PUAXJ00 55.70–55.80 55.750 +0.400
USGC HSFO swap M2(Feb) PUAXL00 54.90–55.00 54.950 +0.400
USGC HSFO swap Q1( Q1 19) PUAXN00 54.93–55.03 54.980 +0.410
(PGF page 760)
Waterborne (¢/gal) Diff vs USGC waterborne 87 (¢/gal)
FOB Naphha Cargo AAXJP00 135.44–135.54 135.490 +1.850
FOB Naphha Cargo ($/mt) AAXJU00 474.19–474.29 474.240 +6.470
FOB LSR Naphtha Parcel AAXQK00 115.000 +2.000
FOB LSR Naphtha Parcel ($/mt) AAXQM00 461.150 +8.020
FOB LSR Naphtha Parcel diff** AAXQN00 10.000 +1.000
Naphtha barge AALPG00 135.19–135.29 135.240 +1.850 AASGZ00 -11.750
Heavy naphtha barge AALPI00 138.19–138.29 138.240 +1.850 AASHD00 -8.750
MTBE PHAKX00 184.54–184.64 184.590 +1.200
Diff vs USGC pipeline 87 (¢/gal)
Alkylate* AAXBA00 169.530 +1.880 AAFIE00 22.750 0.000 AAXBD00 24.750 0.000
Raffinate* AAXBB00 122.280 +1.880 AAJMU00 -24.500 0.000 AAXBE00 -22.500 0.000
Reformate* AAXBC00 196.780 +1.880 AAJMV00 50.000 0.000 AAXBF00 52.000 0.000
LSR = Light Straight Run. *=FOB barge. **= Diff to Mont Belvieu non-Targa natural gasoline.
Note: Platts line space assessments reflect the physical trade of gasoline or distillates at two locations agreed upon by the parties along the Colonial Pipeline between Pasadena, Texas, and Linden, New Jersey. The assessments represent the premium or discount paid by a buyer while
taking refined product off the line at one location while giving product to the seller at another.

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 18
Oilgram Price Report Prices effective December 4, 2018

Product Price Assessments

West Coast pipeline, Dec 4 (PGA page 158) U.S. Gulf Coast pipeline cycles, Dec 4 (PGA page 156)
Mid Change RVP (¢/gal) Pipeline Mid Cycle RVP
California Gasoline
Unl-87 AAELC00 144.94–145.04 144.990 AAELCCY 69 AAELCRV 13.5
(¢/gal)
Los Angeles
Unl-87 AAELD00 144.84–144.94 144.890 AAELDCY 70 AAELDRV 13.5
Unl 84 AAUHA00 150.29–150.39 150.340 +3.200 AAUHARV 13.5
Unl-87 AAELE00 144.74–144.84 144.790 AAELECY 71 AAELERV 13.5
Prem unl 90 PGABG00 165.29–165.39 165.340 +3.200 PGABGRV 13.5
Unl-87 AAELF00 144.64–144.74 144.690 AAELFCY 72 AAELFRV 13.5
CARBOB unl AAKYJ00 152.29–152.39 152.340 +3.200 AAKYJRV 12.5
Unl-87 AAELG00 144.64–144.74 144.690 AAELGCY 1 AAELGRV 13.5
CARBOB prem AAKYL00 167.29–167.39 167.340 +3.200 AAKYLRV 12.5
Unl-87 AAELH00 144.64–144.74 144.690 AAELHCY 2 AAELHRV 13.5
Jet fuel PJAAP00 191.54–191.64 191.590 +0.090
CBOB 87 AARQW00 139.090 AARQWCY 70 AARQWRV 13.5
ULS (EPA) diesel POAET00 185.29–185.39 185.340 +1.340
CBOB 87 AARQX00 138.990 AARQXCY 71 AARQXRV 13.5
CARB diesel POAAK00 185.29–185.39 185.340 +1.340
CBOB 87 AARQY00 138.890 AARQYCY 72 AARQYRV 13.5

(¢/gal)
Differential to NYMEX CBOB 87 AARQZ00 138.890 AARQZCY 1 AARQZRV 13.5
CBOB 87 AARQA00 138.890 AARQACY 2 AARQARV 13.5
CARBOB AANVX00 7.95/8.05 8.000
+2.000
Jet fuel AANVY00 1.45/1.55 1.500 -1.250 Distillates
ULS (EPA) diesel AANVZ00 -4.80/-4.70 -4.750 0.000
Jet kero AAELQ00 180.29–180.39 180.340 AAELQCY 69
CARB diesel AANWA00 -4.80/-4.70 -4.750 0.000
Jet kero AAELR00 180.14–180.24 180.190 AAELRCY 70
CARBOB paper 1-mo AAKYR00 6.95/7.05 7.000 -0.250
Jet kero AAELS00 180.04–180.14 180.090 AAELSCY 71
CARBOB paper 2-mo AAKYS00 13.95/14.05 14.000 0.000
Jet kero AAELT00 179.94–180.04 179.990 AAELTCY 72

(¢/gal)
San Francisco
Unl 84 PGADG00 148.04–148.14 148.090 +3.200 PGADGRV 15.0
Prem unl 90 PGABO00 163.04–163.14 163.090 +3.200 PGABORV 15.0
CARBOB unl AAKYN00 150.04–150.14 150.090 +3.200 AAKYNRV 14.0
CARBOB prem AAKYP00 165.04–165.14 165.090 +3.200 AAKYPRV 14.0
Jet Fuel PJABC00 191.54–191.64 191.590 +0.090
ULS (EPA) diesel POAEY00 185.29–185.39 185.340 +1.340
CARB diesel POAAL00 185.29–185.39 185.340 +1.340
Other West
(¢/gal)
Phoenix
CBG/RBOB unl AADDP00 150.29–150.39(a) 150.340 +3.200 AADDPRV 8.0
CBG/RBOB prem PPXDJ00 165.29–165.39(b) 165.340 +3.200 PPXDJRV 8.0
Northwest
Jet kero AAELU00 180.32–180.42 180.370 AAELUCY 1
Jet kero AAELV00 197.72–197.82 197.770 AAELVCY 2
ULSD AAUJV00 179.04–179.14 179.090 AAUJVCY 69
ULSD AAUJW00 179.29–179.39 179.340 AAUJWCY 70
ULSD AAUJX00 179.54–179.64 179.590 AAUJXCY 71
ULSD AAUJY00 179.79–179.89 179.840 AAUJYCY 72
ULSD AAUJZ00 180.02–180.12 180.070 AAUJZCY 1
ULSD AAUKD00 180.27–180.37 180.320 AAUKDCY 2
No. 2 AAELW00 170.29–170.39 170.340 AAELWCY 68
No. 2 AAELX00 170.54–170.64 170.590 AAELXCY 69
No. 2 AAELZ00 170.79–170.89 170.840 AAELZCY 70
No. 2 AAEMA00 171.04–171.14 171.090 AAEMACY 71
No. 2 AAEMB00 171.29–171.39 171.340 AAEMBCY 72
No. 2 AAEMC00 171.52–171.62 171.570 AAEMCCY 1
ULS heating oil AAXFJ00 177.04–177.14 177.090 AAXFJCY 69
ULS heating oil AAXFK00 177.29–177.39 177.340 AAXFKCY 70

(¢/gal) Seattle ULS heating oil AAXFL00 177.54–177.64 177.590 AAXFLCY 71

ULS heating oil AAXFM00 177.79–177.89 177.840 AAXFMCY 72
Unl 84 AAXJE00 176.14–176.24 176.190 +1.200 AAXJERV 15.0
ULS heating oil AAXFN00 178.02–178.12 178.070 AAXFNCY 1
Prem unl 90 AAXJF00 193.89–193.99 193.940 +1.200 AAXJFRV 15.0
ULS heating oil AAXFP00 178.27–178.37 178.320 AAXFPCY 2
Jet fuel PJABB00 191.54–191.64 191.590 +0.090
ULS (EPA) diesel AAUEX00 187.14–187.24 187.190 +1.340

(¢/gal)
Portland West Coast waterborne, Dec 4 (PGA page 158)
Unl 84 AAXJC00 177.29–177.39 177.340 +1.200 AAXJCRV 15.0 (¢/gal) Mid Change
Prem unl 90 AAXJD00 195.04–195.14 195.090 +1.200 AAXJDRV 15.0 Unl 87 PGADI00 150.29–150.39 150.340 +3.200
ULS (EPA) diesel AAUEY00 188.29–188.39 188.340 +1.340 Jet fuel PJABI00 190.54–190.64 190.590 +0.090
(a)=84 octane; (b)=90 octane

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 19
Oilgram Price Report Prices effective December 4, 2018

Product Price Assessments

Latin America, FOB, Dec 4 (PGA page 164) Gas liquids (¢/gal), Dec 4 (PGA page 780)
$/barrel Mid Change Mid Change
Argentina Mont Belvieu
Ethane/propane PMUDA05 29.950–30.050 30.000 +0.500
ULSD CIF AAXWZ00 82.270
+0.560
Ethane/propane Mo.2 AAWUB00 32.200–32.300 32.250 +1.125
Colombia
Ethane purity PMUDB05 31.200–31.300 31.250 +0.500
FO 1.75% S FOB PPARO00 55.00–55.02 55.010 +0.530 Ethane mo. 2 AAWUC00 33.450–33.550 33.500 +1.125
Diluent Naphtha Ex-Ship AAXYB00 56.980
+0.250 Propane PMAAY00 73.450–73.550 73.500 +2.250
Ecuador Propane LST PMABQ00 74.200–74.300 74.250 +3.000
FO 2.2% S FOB PPASL00 54.76–54.78 54.770 +0.530 Propane mo. 2 AAWUD00 74.825–74.925 74.875 +2.375
RON 93 CIF AAXYC00 70.960 +0.560 Propane mo. 2 LST AAWUE00 75.200–75.300 75.250 +3.000
ULSD CIF AAXWF00 79.600 +1.110 Normal butane non-LST PMAAI00 83.950–84.050 84.000 +6.875
Peru Butane LST PMABR00 77.450–77.550 77.500 +6.875
Naphtha FOB PAAAS00 52.52–52.54 52.530 +0.570 N-Butane mo. 2 AAWUF00 83.700–83.800 83.750 +6.125
FO 1.6% S FOB PPARK00 54.71–54.73 54.720 +0.530 Isobutane PMAAB00 85.950–86.050 86.000 -1.125
Natural Gasoline CIF AAXWD00 51.870 0.000 Isobutane LST AAIVD00 84.700–84.800 84.750 -1.125
ULSD CIF AAXWY00 79.020 +0.440
Natural gasoline LST AAIVF00 105.950–106.050 106.000 +2.500
Peso/liter Change Natural Targa PMABW05 103.950–104.050 104.000 +1.000
Mexico cargo Natural non-Targa PMABY05 104.950–105.050 105.000 +1.000
Gasoline CIF Eastern Mexico AAXWA00 62.010
+0.690 AATFH00 8.000 +0.170 Nat gasoline mo. 2 non-Targa AAWUG00 107.700–107.800 107.750 +1.250
Gasoline CIF Rosarito AATFA00 62.540
+1.540 AATFK00 8.060 +0.270
Gasoline CIF Lazaro Cardenas AATFD00 63.010
+1.540 AATFN00 8.130 +0.280
Conway
ULSD CIF Eastern Mexico AAXWE00 76.590
+0.560 AATFI00 9.880 +0.170
Ethane/propane PMAAO00 26.700–26.800 26.750 +1.750
ULSD CIF Rosarito AATFB00 78.350
+0.790 AATFL00 10.100 +0.200
Propane PMAAT00 67.450–67.550 67.500 +3.250
ULSD CIF Lazaro Cardenas AATFE00 78.880
+0.790 AATFO00 10.170 +0.200
Normal butane non-LST PMAAD00 82.450–82.550 82.500 +6.000
Jet CIF Eastern Mexico AATFG00 77.930
+0.970 AATFJ00 10.050 +0.220
Isobutane PMAAA00 88.200–88.300 88.250 -1.125
Jet CIF Rosarito AATFC00 81.910
+0.590 AATFM00 10.560 +0.180
Natural gasoline PMAAQ00 97.950–98.050 98.000 +3.750
Jet CIF Lazaro Cardenas AATFF00 81.860
+1.040 AATFP00 10.560 +0.240

Other hubs
Caribbean cargoes, FOB, Dec 4 (PGA page 162) Bushton propane AALBE00 67.450–67.550 67.500 +3.250
Mid Change Hattiesburg propane AALBC00 80.200–80.300 80.250 +4.500
$/mt River natural gasoline AALBG00 114.950–115.050 115.000 +1.000
Jet kerosene PJAAD00 611.26–611.32 611.290 +6.210
¢/gal
($/mt)
Jet kerosene PJAAD10 182.47–182.49 182.480 +1.860
Waterborne FOB USGC propane AAXIM00 416.690–416.710 416.700 +13.810
$/barrel
FOB USGC propane vs. Mt Belvieu AAXIO00 24.740–24.760 24.750 -1.950
No. 6 2.0% S PUAAS00 58.81–58.83 58.820 +0.650
VLGC freight rates Houston to NWE AAXIQ00 34.990–35.010 35.000 +1.000
VLGC freight rates Houston to Japan AAXIS00 69.990–70.010 70.000 -1.000
Caribbean product postings (¢/gal), Dec 4 (PGA page 466)
Prices effective Nov 16 Petrotrin
(¢/gal)
Avgas 100/130 PTAHQ09 502.00
Waterborne FOB USGC propane AAXIN00 79.970–79.990 79.980 +2.650
95 Oct. unl PTADR00 202.00
FOB USGC propane vs. Mt Belvieu AAXIP00 4.700–4.800 4.750 -0.375
92 Oct. unl AANTB00 193.00
83 Oct. unl AAOCF09 178.00 VLGC freight rates Houston to NWE AAXIR00 6.670–6.770 6.720 +0.195
Dpk/jet PTAEP09 223.00 VLGC freight rates Houston to Japan AAXIT00 13.430–13.450 13.440 -0.190

45 cet 0.5%S gasoil PTADQ09 219.00

Heavy fuel oil ($/barrel) PTAEM09 77.00

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 20
Oilgram Price Report Prices effective December 4, 2018

Crude Price Assessments

Asia Pacific/Middle East spot crude assessments ($/barrel), Dec 4

Assessment (Asian MOC) Diffs (Asian MOC) Diff to Dated Brent (Asian MOC) Assessment (London MOC)
Mid
Change Mid
Change Mid Change Mid Change
Condensate (PGA page 2212) (PGA page 2213)
Diff to Dubai
NW Shelf PCAGX00 58.30–58.34 58.320 +0.320 AAPAI00 -3.550 0.000 AAPAH00 57.820 +0.850
DFC ADFCA00 59.93–59.97 59.950 +0.400 ADFCB00 -1.05/-0.95 -1.000 0.000 ADFCC00 -2.070 +0.030 ADFCD00 59.470 +0.920
Qatar LSC AARBB00 58.93–58.97 58.950 +0.400 AARBD00 -2.05/-1.95 -2.000 0.000 AARBC00 -3.070 +0.030 AARBA00 58.470 +0.920
South Pars AARAV00 58.43–58.47 58.450 +0.150 AARAX00 -2.55/-2.45 -2.500 -0.250 AARAW00 -3.570 -0.220 AARAU00 57.970 +0.670
Diff to ICP
Senipah AAEOE00 59.01–59.05 59.030 +0.320 AAEOK00 0.20/0.30 0.250 0.000 AAPBE00 -2.840 0.000 AAPBD00 58.530 +0.850
Light (PGA page 2214) (PGA page 2215)
Diff to ICP
Cossack PCAGZ00 61.75–61.79 61.770 +0.320 AAPAC00 -0.100 0.000 AAPAB00 61.270 +0.850
Gippsland PCACP00 59.90–59.94 59.920 +0.320 AAPAU00 -1.950 0.000 AAPAT00 59.420 +0.850
Tapis PCACB00 65.30–65.34 65.320 +0.220 AAOZW00 3.450 -0.100 AAOZV00 64.820 +0.750
Belida PCAFL00 60.43–60.47 60.450 +0.190 PCAFM00 1.65/1.75 1.700 -0.050 AAPBQ00 -1.420 -0.130 AAPBP00 59.950 +0.720
Kutubu PCAFJ00 61.70–61.74 61.720 +0.320 AAPAE00 -0.150 0.000 AAPAD00 61.220 +0.850
Handil Mix PCABE00 60.83–60.87 60.850 +0.290 PCABF00 1.70/1.80 1.750 0.000 AAPBI00 -1.020 -0.030 AAPBH00 60.350 +0.820
Attaka PCAAJ00 60.23–60.27 60.250 +0.190 PCAAK00 1.00/1.10 1.050 -0.050 AAPBC00 -1.620 -0.130 AAPBB00 59.750 +0.720
Ardjuna PCACQ00 58.13–58.17 58.150 +0.190 PCACR00 1.10/1.20 1.150 -0.050 AAPBG00 -3.720 -0.130 AAPBF00 57.650 +0.720
Banyu Urip PCAFQ00 65.970 +0.220 PCAQQ00 3.050 -0.050 AAPBU00 4.100 -0.100 AAPBR00 65.470 +0.750
Diff to Dubai
Sakhalin Blend AARBN00 62.88–62.92 62.900 +0.300 AARCN00 1.90/2.00 1.950 -0.100 AARDN00 0.880 -0.070 AAREN00 62.420 +0.820
Diff to Oman/Dubai
Sokol AASCJ00 65.63–65.67 65.650 +0.310 AASCK00 4.50/4.60 4.550 -0.100 AAPAO00 3.630 -0.060 AAPAN00 65.170 +0.830
Kikeh AAWUH00 67.10–67.14 67.120 +0.220 AAOZY00 5.250 -0.100 AAOZX00 66.620 +0.750
Miri Light PCABQ00 66.95–66.99 66.970 +0.220 AAPAS00 5.100 -0.100 AAPAR00 66.470 +0.750
Labuan PCABL00 67.15–67.19 67.170 +0.220 AAPAQ00 5.300 -0.100 AAPAP00 66.670 +0.750
Kimanis AASCL00 66.970 +0.220 AASCM00 5.100 -0.100 AASCN00 66.470 +0.750
Medium (PGA page 2216) (PGA page 2217)
Diff to ICP
Nanhai PCAFR00 59.55–59.59 59.570 +0.220 AAPAG00 -2.300 -0.100 AAPAF00 59.070 +0.750
Minas PCABO00 56.98–57.02 57.000 +0.390 PCABP00 2.00/2.10 2.050 +0.050 AAPBA00 -4.870 +0.070 AAPAZ00 56.500 +0.920
Nile Blend AAPLC00 58.08–58.12 58.100 +0.390 AAPEX00 3.10/3.20 3.150 +0.050 AAPAM00 -3.770 +0.070 AAPAL00 57.600 +0.920
Widuri PCAFE00 54.98–55.02 55.000 +0.390 PCAFF00 0.45/0.55 0.500 +0.050 AAPBO00 -6.870 +0.070 AAPBN00 54.500 +0.920
Daqing PCAAZ00 54.18–54.22 54.200 +0.440 AAPAW00 -7.670 +0.120 AAPAV00 53.700 +0.970
Cinta PCAAX00 54.88–54.92 54.900 +0.390 PCAAY00 0.45/0.55 0.500 +0.050 AAPBK00 -6.970 +0.070 AAPBJ00 54.400 +0.920
Su Tu Den AARAR00 65.50–65.54 65.520 +0.320 AARAS00 3.650 0.000 AARAQ00 65.020 +0.850
Bach Ho PCAHY00 66.25–66.29 66.270 +0.320 AAPAK00 4.400 0.000 AAPAJ00 65.770 +0.850
Heavy (PGA page 2218) (PGA page 2219)
Diff to ICP
Dar Blend AARAB00 58.05–58.09 58.070 +0.320 AARAC00 -3.800 0.000 AARAA00 57.570 +0.850
Shengli PCABY00 54.03–54.07 54.050 +0.440 AAPAY00 -7.820 +0.120 AAPAX00 53.550 +0.970
Duri PCABA00 54.58–54.62 54.600 +0.390 PCABB00 2.55/2.65 2.600 +0.050 AAPBM00 -7.270 +0.070 AAPBL00 54.100 +0.920
Vincent AARAK00 64.570 +0.320 AARAL00 2.700 0.000 AARAJ00 64.070 +0.850
(PGA page 2220) (PGA page 2202)
Spread vs OSP Diff to Dubai
Murban AAKNL00 63.08–63.12 63.100 +0.400 AAKUB00 -0.15/-0.05 -0.100 0.000 AARBZ00 2.150 0.000
Al Shaheen AAPEV00 61.48–61.52 61.500 +0.340 AAPEW00 0.50/0.60 0.550 -0.060
Upper Zakum AAOUQ00 61.48–61.52 61.500 +0.340 AAOUR00 -0.10/0.00 -0.050 0.000 Assessment (Asian MOC)
Das Blend AAXOF00 62.43–62.47 62.450 +0.400 AAXPF00 -0.20/-0.10 -0.150 0.000 Dubai CFR North Asia PCAQA00 63.790 +0.300
Qatar Land AAKNP00 62.08–62.12 62.100 +0.400 AAKUJ00 -0.05/0.05 0.000 0.000 LOOP Sour CFR North Asia PCAQI00 61.290 +0.380
Qatar Marine AAKNR00 61.28–61.32 61.300 +0.350 AAKUH00 -0.05/0.05 0.000 0.000 Oman CFR North Asia PCAQJ00 63.980 +0.370
Banoco Arab Medium AAKNT00 61.23–61.27 61.250 +0.350 AAKUD00 -0.10/0.00 -0.050 0.000 Upper Zakum CFR North Asia PCAQB00 63.750 +0.310
Basrah Light M1 AALZA00 – 61.350 +0.300 AALZE00 0.100 0.000 Qatar Marine CFR North Asia PCAQC00 63.560 +0.320
Basrah Light M2 AALZB00 – 61.100 +0.350 AALZF00 0.000 0.000 Murban CFR North Asia PCAQE00 65.260 +0.370
Basrah Heavy M1 AALZC00 – 58.450 +0.300 AALZJ00 0.050 0.000 Basrah Light CFR North Asia PCAQK00 63.400 +0.320
Basrah Heavy M2 AALZD00 – 58.200 +0.350 AALZK00 0.000 0.000 ESPO CFR North Asia PCAQD00 64.200 +0.310
Forties CFR North Asia PCAQF00 65.400 +1.080
Dalia CFR North Asia PCAQG00 64.635 +0.230
WTI MEH CFR North Asia PCAQH00 64.610 +0.430

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 21
Oilgram Price Report Prices effective December 4, 2018
Crude Price Assessments
International, Dec 4
($/barrel) Mid Change
(PGA page 2210)
Dubai (Feb) PCAAT00 61.49–61.51 61.500 +0.340
Dubai (Mar) PCAAU00 60.92–60.94 60.930 +0.300
Dubai (Apr) PCAAV00 60.94–60.96 60.950 +0.400
MEC (Feb) AAWSA00 61.49–61.51 61.500 +0.340
MEC (Mar) AAWSB00 60.92–60.94 60.930 +0.300
MEC (Apr) AAWSC00 60.94–60.96 60.950 +0.400
Oman (Feb) PCABS00 61.69–61.71 61.700 +0.400
Oman (Mar) AAHZF00 61.09–61.11 61.100 +0.350
Oman (Apr) AAHZH00 61.09–61.11 61.100 +0.450
Oman cash/OSP (Feb) PCABT00 -0.03–0.01 -0.010 +0.110
(PGA page 1212)
Brent (DTD) PCAAS00 61.08–61.09 61.085 +0.740
DTD NSL AAOFD00 61.08–61.09 61.085 +0.740
Dated Brent (CIF) PCAKM00 62.275
+0.710
Brent (Feb) PCAAQ00 62.11–62.13 62.120 +0.770
Brent (Mar) PCAAR00 62.19–62.21 62.200 +0.680
Brent (Apr) PCARR00 62.330
+0.710
North Sea Basket AAGIZ00 61.49–61.51 61.500 +0.670
(PGA page 218)
Brent/WTI 1st AALAU00 8.95/8.97 8.960 +0.260
Brent/WTI 2nd AALAV00 8.79/8.81 8.800 +0.090
Brent/WTI 3rd AALAY00 8.690
+0.010
Brent EFP (Feb) AAGVX00 0.11/0.13 0.120 -0.140
Brent EFP (Mar) AAGVY00 0.04/0.06 0.050 -0.230
Brent EFP (Apr) AAMVY00 0.050
-0.230
Swaps(PGA page 2658)
Dubai (Jan) AAHBM00 60.91–60.95 60.930 +0.300
Dubai (Feb) AAHBN00 60.93–60.97 60.950 +0.400
Dubai (Mar) AAHBO00 60.96–61.00 60.980 +0.440
MOG (Jan) AAHZP00 61.20–61.24 61.220 +0.310
MOG (Feb) AAHZR00 61.22–61.26 61.240 +0.410
MOG (Mar) AAHZT00 61.25–61.29 61.270 +0.450
Oman/Dubai Swap (Jan) AAIHJ00 0.27/0.31 0.290 +0.010
Oman/Dubai Swap (Feb) AAIHL00 0.27/0.31 0.290 +0.010
Oman/Dubai Swap (Mar) AAIHN00 0.27/0.31 0.290 +0.010
Asia ($/barrel), Dec 4 (PGA page 2210)
Mid Change
Brent (Feb) PCAJG00 62.69–62.73 62.710 +0.710
Brent (Mar) PCAJI00 62.85–62.89 62.870 +0.760
Brent (Apr) PCAJ000 63.000 +0.790
Brent(DTD) AAXPG00 61.705 +1.045
Brent/Dubai AAJMS00 1.20/1.22 1.210 +0.370
WTI (Jan 19) AAFFU00 53.63–53.67 53.650 +0.230
WTI (Feb 19) AAFFW00 53.83–53.87 53.850 +0.270
WTI (Mar 19) AAFFY00 54.03–54.07 54.050 +0.330
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
North Sea, Dec 4 (PGA page 1212)
($/barrel) Mid Change Spread vs fwd Dated Brent Mid Change
Dated Brent Diff AAXEZ00 -0.02/-0.01 -0.015 +0.090
BNB AAVJA00 61.10–61.11 61.105 +0.760 AAVJB00 0.00/0.01 0.005 +0.110
Forties PCADJ00 61.15–61.17 61.160 +0.640 AAGWZ00 0.05/0.07 0.060 -0.010
Oseberg PCAEU00 61.99–62.01 62.000 +0.650 AAGXF00 0.89/0.91 0.900 0.000
Ekofisk PCADI00 61.73–61.75 61.740 +0.640 AAGXB00 0.63/0.65 0.640 -0.010
Troll AAWEX00 62.99–63.01 63.000 +0.650 AAWEY00 1.89/1.91 1.900 0.000
Statfjord PCAEE00 60.63–60.65 60.640 +0.650 AAGXD00 -0.47/-0.45 -0.460 0.000
Flotta Gold PCACZ00 60.29–60.31 60.300 +0.650 AAGXH00 -0.81/-0.79 -0.800 0.000
Duc AAWEZ00 61.19–61.21 61.200 +0.650 AAWFL00 0.09/0.11 0.100 0.000
Grane Blend PCALA00 60.850 +0.650 PCALB00 -0.250 0.000
Statfjord (CIF) AASAS00 61.69–61.71 61.700 +0.650 AASAT00 0.59/0.61 0.600 0.000
Gullfaks (CIF) AASAU00 62.59–62.61 62.600 +0.650 AASAV00 1.49/1.51 1.500 0.000
Alvheim (CIF) ALVHA00 64.200 +0.650 ALVHB00 3.100 0.000
Asgard (CIF) ASGCA00 59.750 +0.650 ASGCB00 -1.350 0.000
North Sea Dated Strip AAKWH00 61.09–61.11 61.100 +0.650
($/barrel) Spread vs fwd CIF Dated Brent
Dated Brent (CIF) AAVJG00 62.275 +0.710 AAVJF00 1.175 +0.070
BNB (CIF) PCAKP00 62.750 +0.915 AAVJC00 1.650 +0.275
Forties (CIF) PCAKR00 62.320 +0.755 AAHXC00 1.220 +0.115
Oseberg (CIF) PCAKT00 63.145 +0.765 AAHXD00 2.045 +0.125
Ekofisk (CIF) PCAKV00 62.690 +0.730 AAHXB00 1.590 +0.090
Troll (CIF) AAXJO00 64.160 +0.760 AAXJN00 3.060 +0.120
North Sea CIF Dated Strip AAHXE00 61.100 +0.640
West Africa, Dec 4 (PGA pages 1230 and 1232)
($/barrel) Mid Change
Spread vs fwd DTD Brent Mid Change
Nigeria
Bonny Light PCAIC00 62.51–62.55 62.530 +0.865 AAGXL00 1.14/1.16 1.150 0.000
Qua Iboe PCAID00 62.46–62.50 62.480 +0.865 AAGXN00 1.09/1.11 1.100 0.000
Forcados PCABC00 62.71–62.75 62.730 +0.865 AAGXP00 1.34/1.36 1.350 0.000
Agbami AAQZB00 60.26–60.30 60.280 +0.865 AAQZC00 -1.11/-1.09 -1.100 0.000
Escravos AAEIZ00 62.61–62.65 62.630 +0.865 AAGXR00 1.24/1.26 1.250 0.000
Brass River AAEJB00 62.56–62.60 62.580 +0.865 AAGXV00 1.19/1.21 1.200 0.000
Akpo PCNGA00 60.21–60.25 60.230 +0.865 PCNGB00 -1.16/-1.14 -1.150 0.000
Bonga PCNGC00 62.66–62.70 62.680 +0.865 PCNGD00 1.29/1.31 1.300 0.000
Usan AAXUQ00 60.880 +0.865 AAXUR00 -0.500 0.000
Erha AAXUO00 62.730 +0.865 AAXUP00 1.350 0.000
Angola
Cabinda PCAFD00 60.71–60.75 60.730 +0.765 AAGXT00 -0.66/-0.64 -0.650 -0.100
Nemba AAQYZ00 60.96–61.00 60.980 +0.865 AAQZA00 -0.41/-0.39 -0.400 0.000
Dalia AAQYX00 60.41–60.45 60.430 +0.815 AAQYY00 -0.96/-0.94 -0.950 -0.050
Girassol AASNL00 61.81–61.85 61.830 +0.865 AASJD00 0.44/0.46 0.450 0.000
Hungo AASLJ00 60.61–60.65 60.630 +0.865 AASJF00 -0.76/-0.74 -0.750 0.000
Kissanje AASLK00 60.86–60.90 60.880 +0.865 AASJE00 -0.51/-0.49 -0.500 0.000
Pazflor PCNGG00 60.46–60.50 60.480 +0.815 PCNGH00 -0.91/-0.89 -0.900 -0.050
Plutonio PCNGI00 60.61–60.65 60.630 +0.765 PCNGJ00 -0.76/-0.74 -0.750 -0.100
Ghana
Jubilee AAXUS00 61.380 +0.865 AAXUT00 0.000 0.000
Republic of Congo
Djeno PCNGE00 59.41–59.45 59.430 +0.765 PCNGF00 -1.96/-1.94 -1.950 -0.100
Chad
Doba AAXUU00 59.080 +0.765 AAXUV00 -2.300 -0.100
30-60 Day Dtd strip AAXRK00 61.37–61.39 61.380 +0.865
22
Oilgram Price Report Prices effective December 4, 2018

Crude Price Assessments

London, Dec 4 (PGA page 1214)

($/barrel) Brent CFD Mid Change Dated Swap Mid Change
1wk (Mar) PCAKA00 -1.18/-1.16 -1.170 +0.060 AAJNV00 61.02/61.04 61.030 +0.740
2wk (Mar) PCAKC00 -1.16/-1.14 -1.150 +0.050 AAJOS00 61.04/61.06 61.050 +0.730
3wk (Mar) PCAKE00 -1.14/-1.12 -1.130 0.000 AAJOU00 61.06/61.08 61.070 +0.680
4wk (Mar) PCAKG00 -1.11/-1.09 -1.100 -0.060 AAJOW00 61.09/61.11 61.100 +0.620
5wk (Mar) AAGLU00 -1.07/-1.05 -1.060 -0.100 AAJPC00 61.13/61.15 61.140 +0.580
6wk (Mar) AAGLV00 -0.99/-0.97 -0.980 -0.090 AAJPE00 61.21/61.23 61.220 +0.590
7wk (Mar) AALCZ00 -0.93/-0.91 -0.920 -0.070 AALAW00 61.27/61.29 61.280 +0.610
8wk (Mar) AALDA00 -0.89/-0.87 -0.880 -0.070 AALAX00 61.31/61.33 61.320 +0.610

Mediterranean, Dec 4 (PGA pages 1220, 1222, 1234)

($/barrel) Mid Change Spread vs fwd DTD Brent Mid Change
Med Dtd Strip AALDF00 61.09–61.10 61.095 +0.645
BTC Dtd Strip AAUFI00 61.10–61.12 61.110 +0.635
15-45 Day Dtd Strip AALGM00 61.16–61.18 61.170 +0.620
Urals (Rdam) PCAFW00 60.63–60.66 60.645 +0.520 AAGXJ00 -0.46/-0.44 -0.450 -0.125
Urals (Med) PCACE00 61.18–61.21 61.195 +0.645 AAGXX00 0.09/0.11 0.100 0.000
Urals FOB Ven AAGZT00 59.26–59.29 59.275 +0.370 AAHPI00 -1.83/-1.81 -1.820 -0.275
Urals FOB Novo AAGZS00 58.72–58.75 58.735 +0.760 AAHPH00 -2.37/-2.35 -2.360 +0.115
Urals FOB Novo 80KT AAOTH00 57.95–57.98 57.965 +0.705 AAOTI00 -3.14/-3.12 -3.130 +0.060
Urals (Primorsk) AAWVH00 59.22–59.24 59.230 +0.365 AAWVI00 -1.87/-1.86 -1.865 -0.280
Urals (RCMB) AALIN00 61.17–61.20 61.185 +0.740
Iran Lt (Sidi) PCABI00 59.03–59.06 59.045 +0.675 AAGXZ00 -2.06/-2.04 -2.050 +0.030
Iran Hvy (Sidi) PCABH00 56.23–56.26 56.245 +0.675 AAGYB00 -4.86/-4.84 -4.850 +0.030
Es Sider PCACO00 59.98–60.01 59.995 +0.645 AAGYH00 -1.11/-1.09 -1.100 0.000
Siberian Lt AAGZW00 62.13–62.16 62.145 +0.645 AAHPK00 1.04/1.06 1.050 0.000
Saharan Bld AAGZY00 60.33–60.36 60.345 +0.645 AAHPN00 -0.76/-0.74 -0.750 0.000
Azeri Lt AAGZX00 63.84–63.88 63.860 +0.635 AAHPM00 2.74/2.76 2.750 0.000
Azeri Lt FOB Cey AAUFM00 62.78–62.81 62.795 +0.635 AAUFN00 1.68/1.69 1.685 0.000
Azeri Lt FOB Cey 80KT AAUFK00 62.36–62.40 62.380 +0.620 AAUFL00 1.26/1.28 1.270 -0.015
Azeri Lt FOB 80KT AATHM00 60.89–60.93 60.910 +0.700 AATHN00 -0.21/-0.19 -0.200 +0.065
BTC FOB Ceyhan AAUFH00 62.57–62.60 62.585 +0.625 AAUFJ00 1.47/1.48 1.475 -0.010
Suez Blend PCACA00 58.03–58.05 58.040 +0.630 AAGYD00 -3.06/-3.05 -3.055 -0.015
Kirkuk AAEJD00 57.28–57.31 57.295 +0.645 AAGYF00 -3.81/-3.79 -3.800 0.000
Syrian Lt AAHMM00 61.98–62.01 61.995 +0.630 AALOU00 0.89/0.91 0.900 -0.015
Syrian Hvy AAHMN00 57.14–57.16 57.150 +0.630 AALOV00 -3.95/-3.94 -3.945 -0.015
CPC Blend CIF AAGZU00 59.28–59.31 59.295 +0.645 AAHPL00 -1.81/-1.79 -1.800 0.000
CPC Blend FOB AALVX00 57.05–57.08 57.065 +0.755 AALVZ00 -4.04/-4.02 -4.030 +0.110
CPC FOB 80KT AAOFV00 56.32–56.34 56.330 +0.700 AAOFW00 -4.77/-4.76 -4.765 +0.055
(PPE page 1616)
Urals Med CFD (Dec) AAMDU00 0.09/0.11 0.100 0.000 CPC Blend CFD (Dec) AAOFX00 -1.550 0.000
Urals Med CFD (Jan) AAMEA00 -0.86/-0.84 -0.850 0.000 CPC Blend CFD (Jan) AAOFY00 -1.700 0.000
Urals Med CFD (Feb) UMCM003 -0.86/-0.84 -0.850 0.000 CPC Blend CFD (Feb) AAOFZ00 -1.700 0.000
Urals NWE CFD (Dec) UNCM001 -0.36/-0.34 -0.350 0.000
Urals NWE CFD (Jan) UNCM002 -0.76/-0.74 -0.750 0.000
Urals NWE CFD (Feb) UNCM003 -0.76/-0.74 -0.750 0.000
Canada, Dec 4 (PGA page 230) Platts Euro denominated crude oil assessments (€/barrel) (PGA page 1252)
($/barrel) Mid Change Dec 4 Mid Change
33-63 Day Dated Strip AALEJ00 61.39–61.41 61.400 +0.865 Dated Brent AAPYR00 53.80–53.80 53.800 +0.655
Terra Nova AAJUH00 60.18–60.22 60.200 +0.815 Dated Brent (CIF) PCAKN00 54.849 +0.631
Hibernia AAJKK00 60.33–60.37 60.350 +0.815 Urals (Mediterranean) AAPYS00 53.88–53.91 53.895 +0.570
White Rose AAVJX00 61.23–61.27 61.250 +0.815 WTI (Jan 19) AAPYT00 46.63–46.64 46.635 +0.405
Spread vs fwd DTD Brent Mid Change WTI MEH (Jan 19) AAYSA00 51.876 +0.850
Terra Nova AAJUJ00 -1.21/-1.19 -1.200 -0.050 Mars (Jan 19) AAPYU00 49.71–49.73 49.720 +0.675
Hibernia AAJKM00 -1.06/-1.04 -1.050 -0.050
Euro/US$ forex rate: 1.135. Platts Euro denominated crude oil assessments are based on market values and a Euro/US$ forex rate at 4:30 PM
White Rose AAVJY00 -0.16/-0.14 -0.150 -0.050 local London time.

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 23
Oilgram Price Report Prices effective December 4, 2018
Crude Price Assessments
United States ($/barrel), Dec 4 (PGA pages 210, 214 & 230)
Mid Change
WTI (Jan 19) PCACG00 53.25–53.27 53.260 +0.280
WTI (Feb 19) PCACH00 53.45–53.47 53.460 +0.320
WTI (Mar 19) AAGIT00 53.66–53.68 53.670 +0.340
WTI EFP (Jan 19) AAGVT00 0.00/0.02 0.010 -0.020
WTI EFP (Feb 19) AAGVU00 -0.01/0.01 0.000 0.000
WTI EFP (Mar 19) AAGVV00 -0.01/0.01 0.000 0.000
Light Houston Sweet AAXEW00 59.210 +0.680
Light Houston Sweet M2 AAYRY00 59.410 +0.870
LOOP Sour (Jan 19) AALSM01 56.710 +0.630
LOOP Sour (Feb 19) AALSM02 57.010 +0.770
LOOP Sour (Mar 19) AALSM03 57.020 +0.690
Eagle Ford Marker AAYAJ00 58.160 +0.470
Mars (Jan 19) AAMBR00 56.95–56.97 56.960 +0.630
Mars (Feb 19) AAMBU00 57.25–57.27 57.260 +0.770
Mars (Mar 19) AAMBX00 57.26–57.28 57.270 +0.690
Mars/WTI (Jan 19) AAGWH00 3.69/3.71 3.700 +0.350
Mars/WTI (Feb 19) AAKTH00 3.79/3.81 3.800 +0.450
Mars/WTI (Mar 19) AAMBO00 3.59/3.61 3.600 +0.350
LOOP/WTI (Jan) AALOM01 3.450 +0.350
LOOP/WTI (Feb) AALOM02 3.550 +0.450
LOOP/WTI (Mar) AALOM03 3.350 +0.350
LOOP/Mars (Jan) AALPM01 -0.250 0.000
LOOP/Mars (Feb) AALPM02 -0.250 0.000
LOOP/Mars (Mar) AALPM03 -0.250 0.000
Dated Brent AAQBF00 61.07–61.09 61.080 +0.090
P-Plus WTI PCACI00 3.10/3.12 3.110 -0.050
P-5 WTI AAFEN00 49.800 +0.370
WTI-Delta AAEJK00 -0.28/-0.26 -0.270 -0.050
Kern River PCABJ00 59.28–59.30 59.290 +2.010
US domestic crude assessments London close
(PGA page 1240) $/barrel Mid Change
WTI (Jan 19) AAQAR00 52.94–52.96 52.950 +0.460
WTI (Feb 19) AAQAT00 53.15–53.17 53.160 +0.510
WTI (Mar 19) AAQAV00 53.39–53.41 53.400 +0.590
WTI MEH (Jan 19) AAYRZ00 58.900 +0.960
WTI MEH (Feb 19) AAXYD00 59.110 +1.160
LLS (Jan 19) AAQBB00 59.74–59.76 59.750 +0.560
LLS (Feb 19) AAQBD00 59.50–59.52 59.510 +0.810
Mars (Jan 19) AAQAX00 56.44–56.46 56.450 +0.760
Mars (Feb 19) AAQAZ00 56.75–56.77 56.760 +0.910
Spread Mid Change
WTI (Jan 19) AAQAS00 -0.01/0.01 0.000 0.000
WTI (Feb 19) AAQAU00 -0.01/0.01 0.000 0.000
WTI (Mar 19) AAQAW00 -0.01/0.01 0.000 0.000
WTI MEH (Jan 19) AAYTA00 5.950 +0.500
WTI MEH (Feb 19) AAYWA00 5.950 +0.650
LLS (Jan 19) AAQBC00 6.79/6.81 6.800 +0.100
LLS (Feb 19) AAQBE00 6.34/6.36 6.350 +6.350
Mars (Jan 19) AAQAY00 3.49/3.51 3.500 +0.300
Mars (Feb 19) AAQBA00 3.59/3.61 3.600 +0.400
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Mid Change Spread vs WTI Mid Change
WTI Midland PCACJ00 45.35–45.37 45.360 +0.130 AAGVZ00 -7.91/-7.89 -7.900 -0.150
WTI Midland (2nd month) AAYZA00 46.060 +0.620 AAXXF00 -7.400 +0.300
LLS (1st month) PCABN00 60.15–60.17 60.160 +0.480 AAGWN00 6.89/6.91 6.900 +0.200
LLS (2nd month) AAURC00 59.90–59.92 59.910 +0.720 AAURD00 6.44/6.46 6.450 +0.400
HLS (1st month) PCABD00 59.90–59.92 59.910 +0.480 AAGWP00 6.64/6.66 6.650 +0.200
HLS (2nd month) AAURE00 59.65–59.67 59.660 +0.720 AAURF00 6.19/6.21 6.200 +0.400
WTS (1st month) PCACK00 44.90–44.92 44.910 +0.130 AAGWB00 -8.36/-8.34 -8.350 -0.150
WTS (2nd month) AAURG00 44.90–44.92 44.910 +0.420 AAURH00 -8.56/-8.54 -8.550 +0.100
WTI MEH AAYRG00 59.210 +0.680 AAYRH00 5.950 +0.400
WTI MEH (2nd month) AAXXE00 59.410 +0.870 AAYYA00 5.950 +0.550
Poseidon AABHK00 56.10–56.12 56.110 +0.680 AAGWL00 2.84/2.86 2.850 +0.400
Eugene Island PCAFC00 57.90–57.92 57.910 +0.680 AAGWD00 4.64/4.66 4.650 +0.400
Thunder Horse Blend AAWZK00 58.40–58.42 58.410 +0.630 AAWZL00 5.14/5.16 5.150 +0.350
Wyoming Sweet PCACM00 46.50–46.52 46.510 -0.670 AAGWR00 -6.76/-6.74 -6.750 -0.950
Basrah Light AAEJH00 62.90–62.92 62.910 +0.250 AAGWV00 9.44/9.46 9.450 -0.070
Bonito PCAIE00 57.90–57.92 57.910 +0.680 AAGWF00 4.64/4.66 4.650 +0.400
SGC AASOI00 56.80–56.82 56.810 +0.780 AASOJ00 3.54/3.56 3.550 +0.500
Spread vs NYMEX WTI CMA
ANS (Cal) PCAAD00 62.36–62.40 62.380 +0.380 AAGWX00 8.84/8.86 8.850 +0.050
WCS ex-Cushing AAWTY00 46.52–46.54 46.530 +0.230 AAWTZ00 -7.01/-6.99 -7.000 -0.100
WCS ex-Nederland AAYAY00 51.530 +0.230 AAYAX00 -2.000 -0.100
Bakken Williston AAXPP00 44.530 -1.170 AASRX00 -9.000 -1.500
Bakken Guernsey AASRR00 46.52–46.54 46.530 -0.670 AASRV00 -7.01/-6.99 -7.000 -1.000
Bakken Clearbrook AASRU00 47.27–47.29 47.280 -0.920 AASRW00 -6.26/-6.24 -6.250 -1.250
Bakken USGC Pipe ABAKA00 58.690 +0.580 ABAKB00 5.160 +0.250
Americas Crude Marker (Jan 19) AAQHN00 56.10–56.12 56.110 +0.680
Americas Crude Marker (Feb 19) AAQHO00 56.40–56.42 56.410 +0.820
Americas Crude Marker (Mar 19) AAQHP00 56.41–56.43 56.420 +0.740
Thums PCACD00 60.91–60.93 60.920 +2.010
Line 63 PCABM00 65.77–65.81 65.790 +0.270
P-Plus Line 63 PCAFV00 4.39/4.41 4.400 0.000
Spread vs Eagle Ford Yield
Eagle Ford postings avg. AAYAH00 50.220 +0.970 AAYAI00 -7.940 +0.500
FOB USGC Spread vs NYMEX WTI strip
Bakken ABAKC00 59.000 +0.580 ABAKD00 5.560 +0.250
Eagle Ford Crude AAYAT00 59.300 +0.310 AAYAU00 5.860 -0.020
Eagle Ford Condensate AAYAR00 58.950 +0.310 AAYAS00 5.510 -0.020
WTI AAYBA00 59.400
+0.310 AAYAZ00 5.960 -0.020
US crude assessments Singapore close
($/barrel) Mid Change
(PGA page 2208)
LOOP Sour (Jan) AAZDA00 56.750
+0.380
LOOP Sour (Feb) AAZDB00 56.950
+0.520
LLS (Jan) AAZDC00 60.350
+0.230
LLS (Feb) AAZDD00 59.900
+0.270
Southern Green Canyon AAZDE00 56.700
+0.330
WTI MEH (Jan) AAZDF00 59.200
+0.430
WTI MEH (Feb) AAZDG00 59.250
+0.370
24
Oilgram Price Report Prices effective December 4, 2018

Crude Price Assessments

Canadian spot crude assessments, Dec 4
(PGA pages 230 & 232) C$/cu m Mid Change
Lloyd Blend AALRM00 260.539–260.706 260.622 -13.189
Mixed Sweet AALRT00 329.277–329.444 329.360 +3.612
Light Sour Blend AALRZ00 356.356–356.522 356.439 +3.684
Midale AAUCD00 333.443–333.610 333.526 -5.933
Condensates AALSH00 368.437–368.604 368.520 -4.594
Syncrude Sweet Prem. AASOL00 358.439–358.605 358.522 -4.620
WCS AAPPO00 252.207–252.374 252.290 -13.211
Cold Lake AASZY00 239.709–239.876 239.792 -13.244
$/barrel
Lloyd Blend AALRK00 31.270–31.290 31.280 -1.670
Mixed Sweet AALRR00 39.520–39.540 39.530 +0.330
Light Sour Blend AALRX00 42.770–42.790 42.780 +0.330
Midale AAUCC00 40.020–40.040 40.030 -0.820
Condensates AALSF00 44.220–44.240 44.230 -0.670
Syncrude Sweet Prem. AASOK00 43.020–43.040 43.030 -0.670
WCS AAPPN00 30.270–30.290 30.280 -1.670
Cold Lake AASZX00 28.770–28.790 28.780 -1.670
Spread vs Canada Basis
Lloyd Blend AALRP00 -22.260/-22.240 -22.250 -2.000
Mixed Sweet AALRV00 -14.010/-13.990 -14.000 0.000
Light Sour Blend AALSD00 -10.760/-10.740 -10.750 0.000
Midale AAUCE00 -13.510/-13.490 -13.500 -1.150
Condensates AALSJ00 -9.310/-9.290 -9.300 -1.000
Syncrude Sweet Prem. AASOM00 -10.510/-10.490 -10.500 -1.000
WCS AAPPP00 -23.260/-23.240 -23.250 -2.000
Cold Lake AASZZ00 -24.760/-24.740 -24.750 -2.000
*Canada Basis: See explanation at http://www.platts.com/
Latin America crude ($/barrel), Dec 4 (PGA page 280)
Mid Change Diff to Diff to Futures Diff to Dated
FOB Crude WTI strip Brent strip Brent strip
Oriente PCADE00 56.54–56.59 56.565 +0.380 PCAGU00 3.050 AAXBW00 -5.585 AAXBH00 -4.795
Vasconia PCAGI00 56.63–56.67 56.650 +0.475 PCAGR00 3.135 AAXCB00 -5.500 AAXBN00 -4.710
Roncador AAQTL00 56.63–56.67 56.650 +0.475 AAQTK00 3.135 AAXBT00 -5.500 AAXAY00 -4.710
Escalante PCAGC00 58.53–58.57 58.550 +0.025 PCAGO00 5.035 AAXBS00 -3.600 AAXAX00 -2.810
Loreto PCAGH00 56.24–56.29 56.265 +0.380 PCAGQ00 2.750 AAXBV00 -5.885 AAXBG00 -5.095
Mesa 30 AAITB00 56.28–56.32 56.300 +0.475 AAITH00 2.785 AAXCC00 -5.850 AAXBO00 -5.060
Santa Barbara AAITD00 61.34–61.39 61.365 -0.170 AAITJ00 7.850 AAXBU00 -0.785 AAXAZ00 0.005
Marlim AAITF00 56.48–56.52 56.500 +0.475 AAITL00 2.985 AAXBY00 -5.650 AAXBJ00 -4.860
Napo AAMCA00 51.04–51.09 51.065 +0.380 AAMCD00 -2.450 AAXBX00 -11.085 AAXBI00 -10.295
Castilla Blend AAVEQ00 52.93–52.97 52.950 +0.475 AAVEQ01 -0.565 AAXBZ00 -9.200 AAXBK00 -8.410
Magdalena AAWFR00 51.33–51.37 51.350 +0.475 AAWFS00 -2.165 AAXCA00 -10.800 AAXBL00 -10.010
Latin America WTI strip AAXBP00 53.515 +0.330
Latin America Futures Brent strip AAXBQ00 62.150 +0.275
Latin America Dated Brent strip AAXBR00 61.360 +0.205
Daily OPEC basket price ($/barrel) (PGA page 207)
Change
03Dec AAEUQ00 60.640 +2.310
The daily OPEC basket price represents an index of the following 11 grades: Algeria’s Saharan Blend, Indonesia’s Minas, Iranian Heavy, Iraq’s Basra Light, Kuwait’s Export, Libya’s Es Sider,
Nigeria’s Bonny Light,Qatar’s Marine, Saudi Arabia’s Arab Light, Murban of the UAE and Venezuela’s BCF 17.

Crude oil postings

Effective date Effective date Effective date Effective date
US ($/barrel) (PGA page 250)
Plains Shell Sunoco Valero
WTI PSADF09 49.75* 04DEC18 PSADI09 49.90* 04DEC18 PSADG09 49.75* 04DEC18 PSACS09 49.75* 04DEC18
WTS PSAED09 41.55 04DEC18 PSAEG09 50.24 04DEC18 PSAEE09 44.75 04DEC18
LLS PSAMO09 48.25 04DEC18 PSAMQ09 48.25 04DEC18 PSAMP09 48.25 04DEC18 PSATF09 57.85 04DEC18
Ok. Swt. PSUS191 49.75 04DEC18 PSANX09 49.65 04DEC18 PSANW09 49.75 04DEC18
Kansas PSAPL09 40.10 04DEC18 PSUS112 42.38 04DEC18 PSAPE09 48.75 04DEC18
Wyo. Swt PSAQZ09 46.85 04DEC18
Eugene Island AALBB00 45.25 04DEC18
Eagle Ford PSUS100 49.75 04DEC18
Eagle Fd Cond PSUS110 48.75 04DEC18
Phillips66 FlintHls Coffey
WTI PSACP09 49.87* 04DEC18 AAUQN00 49.75 04DEC18 PSUS066 49.75 04DEC18
WTS PSADO09 42.52 04DEC18
LLS PSAMC09 48.62 04DEC18
Ok. Swt PSASL09 49.67 04DEC18 PSUS064 49.75 04DEC18
Kansas PSUS060 43.50 04DEC18
Wyo. Swt. PSUS264 38.50 04DEC18 PSUS067 34.75 04DEC18
Wyo. Sr. PSUS261 8.25 04DEC18
Eagle Ford PSUS068 49.15 04DEC18
Eagle Fd Cond PSUS070 42.65 04DEC18
*P-5 WTI is a crude oil postings-based index as of 5:30 p.m. local New York time. Posted prices by the following companies are used in the index: Phillips66, Plains, Sunoco, Shell, and Valero. Postings available at presstime. Companies listed are representative of key crude oil purchasers.

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 25
Oilgram Price Report Prices effective December 4, 2018

Spot tanker rates, Dec 4 Platts futures assessments, Dec 4

Route NYMEX light sweet crude ($/barrel) (PGA page 701)
From To Size (mt) WS Rate ($/mt)
CME 2:30 PM ET settlement
Clean Jan AAWS001 53.250
Feb AAWS002 53.460
(PGT page 1910) Mar AAWS003 53.670
Med UKC PFADCSZ 30k PFADC10 220.00 TCABA00 21.56 Apr AAWS004 53.900
Med USAC PFACWSZ 37k PFACW10 195.00 TCABC00 27.28 Platts 2:30 PM ET futures assessment
Med Med PFADBSZ 30k PFADB10 210.00 TCAAY00 10.19 Jan NYCRM01 53.170
UKC UKC PFALYSZ 22k PFALY00 279.50 TCABV00 14.31 Feb NYCRM02 53.380
UKC USAC PFAMASZ 37k PFAMA00 195.00 TCABX00 24.84 Mar NYCRM03 53.580
UKC USGC PFAMBSZ 37k PFAMB00 195.00 TCACA00 32.41 Apr NYCRM04 53.820
BSea Med PFABXSZ 30k PFABX00 225.00 TCAAP00 21.33 CME 2:30 PM vs Platts 2:30 PM spread
(PGT page 2920) Jan AAWD001 0.080

AG India PFABMSZ 35k PFABM10 189.00 TCAAF00 11.59

Feb AAWD002 0.080

AG Japan PFABNSZ 35k PFABN10 143.00 TCAAH00 25.85

Mar AAWD003 0.090

Sing Japan PFAEBSZ 30k PFAEB10 150.00 TCABP00 13.52

Apr AAWD004 0.080

Sing HK PFAKWSZ 30k PFAKW10 305.00* TCADI00 10.17 NYMEX RBOB (¢/gal) (PGA page 701)
(PGT page 2922) CME 2:30 PM ET settlement
AG Japan PFAEYSZ 55k PFAEY10 175.00 TCAAI00 31.64 Jan AARS001 144.340
AG Japan PFAMTSZ 75k PFAMT00 190.00 TCAAJ00 34.35 Feb AARS002 144.920
Mar AARS003 147.010
Dirty Platts 2:30 PM ET futures assessment
Jan NYRBM01 144.230
(PGT page 1962) Feb NYRBM02 144.810
Carib USGC PFANZSZ 50k PFANZ00 135.00 TDABA00 10.48 Mar NYRBM03 146.910
Carib USAC PFALTSZ 70k PFALT10 127.00 TDAAY00 10.49 CME 2:30 PM vs Platts 2:30 PM spread
(PGT page 1960) Jan AARD001 0.110

Med Med PFAJPSZ 80k PFAJP10 187.50 TDABL00 10.33

Feb AARD002 0.110

Med USGC PFAJOSZ 80k PFAJO10 160.00 TDABU00 26.86

Mar AARD003 0.100

UKC UKC PFAKDSZ 80k PFAKD10 150.00 TDACD00 10.17
UKC USAC PFAKESZ 80k PFAKE10 142.50 TDACG00 18.81
(PGT page 1970)
WAF USGC PFAIASZ 130k PFAIA10 115.00 TDACV00 20.00
UKC USGC PFAHNSZ 135k PFAHN10 102.50 TDACH00 17.45
Med USGC PFAHGSZ 135k PFAHG10 100.00 TDABS00 16.79
(PGT page 2970)
AG Asia PFAJDSZ 80k PFAJD10 160.00 TDAAC00 23.49
(PGT page 2980)
AG Asia PFAOCSZ 270k PFAOC00 97.25 TDAAB00 16.52
AG USGC PFAOGSZ 280k PFAOG00 45.00 TDAAN00 14.30
*values are in lumpsum
Platts futures assessments Singapore MOC, Dec 4 (PGA page 703)
NYMEX RBOB (¢/gal)
Jan XNRBA01 144.880
Feb XNRBA02 145.540
Mar XNRBA03 147.760
NYMEX NY ULSD (¢/gal)
Jan XNHOA01 191.080
Feb XNHOA02 190.260
Mar XNHOA03 189.410
NYMEX NY ULSD (¢/gal) (PGA page 701)
CME 2:30 PM ET settlement
Jan AAHS001 190.090
Feb AAHS002 189.270
Mar AAHS003 188.380
Platts 2:30 PM ET futures assessment
Jan NYHOM01 189.940
Feb NYHOM02 189.100
Mar NYHOM03 188.190
CME 2:30 PM vs Platts 2:30 PM spread
Jan AAHD001 0.150
Feb AAHD002 0.170
Mar AAHD003 0.190
ICE Brent crude ($/barrel) (PGA page 703)
Platts 2:30 PM ET futures assessment
Feb AAQBG00 61.990
Mar AAQBH00 62.130
Apr AAXZZ00 62.270
May AAYALOO 62.440

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 26
Oilgram Price Report Prices effective December 4, 2018

Futures settlements, Dec 4

Settlement Change Low High Volume* Open interest PNT*** Settlement Change Low High Volume* Open interest PNT***

NYMEX Light sweet crude ($/barrel) (PGA page 705) ICE BWAVE (Brent weighted futures average)($/barrel) (PGA page 704)
Jan 19 NMCL001 53.25 +0.30 52.67 54.55 675359 401077 Feb 19 XIBW001 61.64
Feb 19 NMCL002 53.46 +0.32 52.91 54.77 105910 178369 Mar 19 XIBW002 61.77
Mar 19 NMCL003 53.67 +0.34 53.16 54.98 66677 192377 BWAVE data refer to previous day.
Apr 19 NMCL004 53.90 +0.38 53.40 55.17 29373 104676
Total NMCL000 1076518 XNCLP00 13468 ICE WTI ($/barrel) (PGA page 704)
Jan 19 ICIC001 53.25 +0.30 52.68 54.55 47131 73256
NYMEX NY ULSD ($/gal) (PGA page 705) Feb 19 ICIC002 53.46 +0.32 52.91 54.76 52895 59933
Jan 19 NMHO001 1.9009 +0.0134 1.8911 1.9481 50405 118431 Mar 19 ICIC003 53.67 +0.34 53.16 54.97 34996 60951
Feb 19 NMHO002 1.8927 +0.0130 1.8834 1.9388 29610 55140 Apr 19 ICIC004 53.90 +0.38 53.43 55.16 16556 29476
Mar 19 NMHO003 1.8838 +0.0124 1.8759 1.9300 30027 59495 Total ICIC000 171263 XIICP00 4049
Apr 19 NMHO004 1.8731 +0.0115 1.8680 1.9136 18705 33657
Total NMHO000 152394 XNHOP00 5247 ICE low sulfur Gasoil ($/mt) (PGA page 704)
Dec 18 ICLO001 587.25
+9.50 580.50 600.00 59420 68295
NYMEX RBOB unleaded gasoline ($/gal) (PGA page 705) Jan 19 ICLO002 576.50 +9.25 570.75 588.75 109096 183253
Jan 19 NMRB001 1.4434 +0.0120 1.4323 1.4779 59224 148710 Feb 19 ICLO003 576.25 +9.25 570.25 588.00 52218 82807
Feb 19 NMRB002 1.4492 +0.0110 1.4386 1.4847 36454 63911 Mar 19 ICLO004 576.25 +9.00 570.50 587.75 32107 60530
Mar 19 NMRB003 1.4701 +0.0096 1.4604 1.5059 25252 57483 Total ICLO000 301528 XILOP00 9433
Apr 19 NMRB004 1.6684 +0.0098 1.6598 1.7017 15280 30873 *Volume, open interest and PNT reflect prior trading day. PNT reflect volume for Privately Negotiated Trades or off-exchange. **Oman
settlements are Post Close settlements. ***Privately Negotiated Trade values found on PGA page 710
Total NMRB000 197253 XNRBP00 9614
Source: CQG
NYMEX Natural Gas ($/MMBtu) (PGA page 705)
Jan 19 NMNG001 4.457 +0.12 4.358 4.574 134183 246734
ANGOLAN HEAVIES WEAK ON SLOW CHINA DEMAND
Feb 19 NMNG002 4.305 +0.15 4.180 4.408 35862 110777
Mar 19 NMNG003 3.937 +0.17 3.804 4.034 43794 176347 ($/b)
1.5
Apr 19 NMNG004 2.957 +0.05 2.899 2.975 28961 144590
Total NMNG000 324258 XNNGP00 18876
1.0
DME Oman crude ($/barrel)** (PGA pages 702 & 2710)
0.5 Girassol
Feb 19 Asia XDOA001 61.73 +0.31 2691
Feb 19 DMOQ001 61.39 +0.14 61.39 62.61 2977 945
0.0
Mar 19 DMOQ002 61.38 +0.23 61.38 61.38 132 28
Apr 19 DMOQ003 61.38 +0.28 61.38 61.38 132 40
-0.5
May 19 DMOQ004 61.39 +0.29 61.39 61.39 0 60 Cabinda
Hungo
Total DMOQ000 3241 XDOQP00 0 -1.0
ICE Brent ($/barrel) (PGA page 704)
-1.5
Feb 19 ICLL001 62.08 +0.39 61.57 63.58 322881 401319
Mar 19 ICLL002 62.22 +0.40 61.74 63.73 126275 303389 -2.0
Apr 19 ICLL003 62.36 +0.43 61.92 63.86 65206 115733 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18
May 19 ICLL004 62.54 +0.47 62.11 64.01 40110 101875
Total ICLL000 751452 XILLP00 18358
Differentials to Angolan Dated Strip
Source: S&P Global Platts

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 27
Oilgram Price Report Prices effective December 4, 2018
Five-Day Rolling Averages, five days ending December 4
Conversion
Naphtha (PGA page 34)
$/barrel ¢/gal
Singapore PAAAP00 52.99–53.03 (/.42) 126.16–126.25
$/mt ¢/gal
Japan C/F PAAAD00 493.70–495.20 (/3.78) 130.61–131.01
Arab Gulf PAAAA00 461.21–462.71 (/3.78) 122.01–122.41
CIF NWE physical PAAAL00 465.10–465.60 (/3.78) 123.04–123.17
Rotterdam barge PAAAM00 461.10–461.60 (/3.78) 121.98–122.12
FOB Med PAAAI00 440.55–441.05 (/3.78) 116.55–116.68
CIF Genoa PAAAH00 455.05–455.55 (/3.78) 120.38–120.52
¢/gal $/mt
US Gulf FOB cargo AAXJP00 131.78 –131.88 (*3.54669) 461.38 –461.48
US Gulf FOB LSR parcel AAXQK00 110.90 (*4.0083) 444.52
Jet Kerosene (PGA page 35)
$/mt ¢/gal
CIF NWE cargo PJAAU00 608.90–609.40 (/7.89) 183.75–183.90
Rotterdam barge PJABA00 605.75–606.25 (/7.89) 182.80–182.95
FOB Med AAIDL00 588.45–588.95 (/7.89) 177.58–177.73
CIF Genoa AAZBN00 607.40–607.90 (/7.89) 183.29–183.44
Carib cargo PJAAD00 595.26–595.32 (/7.7) 184.29–184.31
¢/gal $/mt
US Gulf water PJABM00 177.67–177.77 (*.42) 588.76–589.09
US Gulf pipe PJABO00 175.92–176.02 (*.42) 582.96–583.29
NY barge PJAAW00 186.01–186.11 (*.42) 613.82–614.15
LA pipeline PJAAP00 189.10–189.20 (*.42) 603.22–603.54
Group 3 PJAAI00 183.66–183.76 (*.42) 608.60–608.93
Chicago PJAAF00 177.25–177.35 (*.42) 587.36–587.70
Crude Oil, FOB Source
$/barrel
West Texas Int PCACG00 51.78–51.80
NYMEX Crude XNCL001 51.44
Mars AAMBR00 55.14–55.16
Brent (DTD) PCAAS00 59.12–59.13
Brent (First month) PCAAQ00 60.16–60.18
Dubai (First Month) PCAAT00 60.01–60.03
Oman (First Month) PCABS00 60.21–60.23
Urals CIF med PCACE00 59.55–59.58
WTI Posting Plus PCACI00 3.14 –3.16
Gasoline, U.S. Market (PGA page 36)
(¢/gal) Unleaded Premium
NY barge AAMIT00 151.48–151.58 AAMHM00 163.84–163.94
US Gulf water PGACU00 143.53–143.63 PGAIX00 156.55–156.65
US Gulf pipe PGACT00 141.53–141.63 PGAJB00 154.55–154.65
Group 3 PGABD00 150.53–150.63
LA Pipeline PGABG00 166.50–166.60
SF Pipeline PGADG00 147.60–147.70 PGABO00 162.60–162.70
Chicago PGACR00 134.05–134.15 PPASQ00 157.30–157.40
NYMEX Unl XNRB001 142.92
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 28
Conversion
Gasoline, Intl. Market
Prem ($/mt) ¢/gal
R’dam Barge Prem unl PGABM00 514.85–515.35 (/3.51) 146.68–146.82
Gasoil/Heating Oil (PGA page 32)
$/barrel ¢/gal
Singapore POABC00 73.64–73.68 (/.42) 175.32–175.42
Arab Gulf POAAT00 71.25–71.29 (/.42) 169.64–169.73
$/mt ¢/gal
0.1 CIF ARA AAYWS00 564.45–564.95 (/3.133) 180.34–180.50
50 ppm Rotterdam barge AAUQC00 566.30–566.80 (/3.133) 180.93–181.09
0.1 Rotterdam barge AAYWT00 554.40–554.90 (/3.133) 177.12–177.28
0.1 FOB NWE AAYWR00 543.00–543.50 (/3.133) 173.48–173.64
0.1 CIF Med AAVJJ00 565.70–566.20 (/3.133) 180.73–180.89
(PGA page 33)
¢/gal $/barrel
L.A. LS diesel POAET00 181.80–181.90 (*3.07) 558.12–558.43
S.F. LS diesel POAEY00 182.75–182.85 (*3.07) 561.03–561.34
¢/gal $/mt
NY barge POAEG00 176.42–176.52 (*3.15) 555.71–556.03
US Gulf water POAEE00 168.95–169.05 (*3.08) 520.36–520.67
US Gulf pipe POAED00 164.55–164.65 (*3.08) 506.81–507.12
NYMEX NY ULSD XNHO001 186.02 (*3.08) 585.96
Low Sulfur Resid Fuel Oil (PGA page 38)
$/mt $/barrel
CIF ARA 1% PUAAL00 374.60–375.10 (/6.35) 58.99–59.07
Rot bar 1% PUAAP00 359.40–359.90 (/6.35) 56.60–56.68
NWE FOB 1% PUAAM00 360.95–361.45 (/6.35) 56.84–56.92
Med FOB 1% PUAAK00 370.10–370.60 (/6.35) 58.28–58.36
$/barrel $/mt
Indonesia LSWR Mixed/Cracked PPAPU00 68.33–68.37 (*6.8) 457.78–458.05
NY Cargo .3% HP PUAAE00 72.06–72.08 (*6.7) 482.78–482.91
NY Cargo .3% LP PUAAB00 72.06–72.08 (*6.7) 482.78–482.91
NY Cargo .7% Max PUAAH00 60.86–60.88 (*6.5) 395.56–395.69
NY Cargo 1% Max PUAAO00 57.86–57.88 (*6.5) 376.06–376.19
US Gulf 1% PUAAI00 59.39–59.41 (*6.11) 375.37–375.50
Hi Sulfur Resid Fuel Oil (PGA page 39)
$/mt $/barrel
Singapore 180 PUADV00 400.03–400.07 (/6.35) 63.00–63.00
Singapore 380 PPXDK00 398.05–398.09 (/6.35) 62.69–62.69
Arab Gulf 180 PUABE00 381.92–381.96 (/6.35) 60.15–60.15
CIF ARA 3.5% PUABA00 353.65–354.15 (/6.35) 55.69–55.77
NWE FOB 3.5% PUABB00 335.40–335.90 (/6.35) 52.82–52.90
Med FOB 3.5% PUAAZ00 355.95–356.45 (/6.35) 56.06–56.13
CIF Med 3.5% PUAAY00 368.90–369.40 (/6.35) 58.09–58.17
$/barrel $/mt
NY cargo 2.2% PUAAU00 57.36–57.38 (*6.4) 367.12–367.24
NY cargo 3.0% PUAAX00 57.03–57.05 (*6.4) 364.99–365.12
USGC HSFO PUAFZ00 55.60–55.62 (*6.4) 355.85–355.98
Carib 2.0% PUAAS00 56.75–56.77 (*6.4) 363.21–363.34
Oilgram Price Report Prices effective December 4, 2018

US wholesale posted prices effective Dec 4

PADD 1 Unleaded Midgrade Premium Kerosene Diesel No.2 ULSD
Albany, NY DR198ZY 149.85–157.00 DM198ZY 159.40–166.00 DP198ZY 165.49–183.50 DK198ZY 220.34–230.95 DU198ZY 193.99–203.24
Allentown DR235ZY 150.50–156.40 DM235ZY 156.50–165.95 DP235ZY 171.25–180.91 DH235ZY – DU235ZY 193.50–197.60
Atlanta DR048ZY 141.05–171.29 DM048ZY 156.10–167.06 DP048ZY 173.83–192.38 DU048ZY 182.29–201.38
Baltimore (a) DR123ZY 145.25–159.78 DM123ZY 157.29–180.00 DP123ZY 169.95–201.21 DK123ZY 216.00–216.00 DH123ZY – DU123ZY 187.51–195.38
Binghamton DR200ZY 155.47–156.30 DM200ZY 168.30–186.18 DP200ZY 173.35–203.88 DU200ZY 197.77–205.94
Boston (a) DR121ZY 150.65–153.56 DM121ZY 155.45–161.70 DP121ZY 164.05–177.70 DK121ZY – DU121ZY 194.77–202.48
Charleston DR250ZY 148.75–155.42 DM250ZY 163.75–172.75 DP250ZY 193.75–204.92 DU250ZY 191.35–200.64
Charlotte DR169ZY 139.77–151.37 DM169ZY 152.08–166.82 DP169ZY 160.65–198.05 DU169ZY 183.76–192.58
Fairfax (a) DR299ZY 144.50–168.70 DM299ZY 157.98–185.30 DP299ZY 184.65–210.30 DU299ZY 185.10–194.80
Greensboro DK171ZY 238.00–238.00 DU171ZY 185.66–194.35
Miami DU039ZY 188.00–190.90
New Haven (a) DR034ZY 149.20–151.75 DM034ZY 154.80–165.53 DP034ZY 163.65–195.53 DK034ZY – DH034ZY – DU034ZY 193.24–199.05
New York City (a) DR204ZY 150.90–150.90 DM204ZY 156.70–156.70 DP204ZY 164.65–164.65 DU204ZY 197.26–207.81
Newark (a) DR189ZY 146.90–153.70 DM189ZY 152.25–163.26 DP189ZY 160.40–193.19 DK189ZY 223.34–223.34 DU189ZY 190.16–196.20
Norfolk (a) DR300ZY 143.45–170.99 DM300ZY 157.63–199.19 DP300ZY 181.36–216.19 DU300ZY 185.18–191.06
Orlando DR041ZY 148.90–152.25 DM041ZY 163.00–169.47 DP041ZY 185.75–201.57 DU041ZY 190.15–193.55
Philadelphia (a) DR242ZY 150.10–155.60 DM242ZY 156.58–165.65 DP242ZY 164.95–186.69 DH242ZY – DU242ZY 191.78–201.60
Pittsburgh DR243ZY 144.61–164.85 DM243ZY 156.50–174.62 DP243ZY 173.50–212.22 DK243ZY 231.00–231.00 DH243ZY – DU243ZY 187.01–203.70
Providence (a) DR248ZY 148.80–152.45 DM248ZY 155.54–164.85 DP248ZY 163.54–179.85 DU248ZY 195.43–198.56
Portland DR126ZY 154.55–157.10 DM126ZY 160.35–164.18 DP126ZY 168.35–170.55 DH126ZY – DU126ZY 200.05–215.46
Raleigh DU168ZY 184.05–187.60
Richmond DR301ZY 143.73–176.60 DM301ZY 157.83–181.06 DP301ZY 184.50–211.06 DK301ZY – DU301ZY 185.90–199.35
Savannah DR054ZY 150.75–150.79 DM054ZY 165.75–167.79 DP054ZY 195.75–195.79 DU054ZY 195.90–195.93
Spartanburg DR252ZY 141.55–176.11 DM252ZY 149.75–173.44 DP252ZY 156.15–192.15 DU252ZY 183.95–197.29
Tampa DU045ZY 187.00–190.00
PADD 2
Aberdeen DR253ZY 142.29–150.06 DM253ZY 153.94–158.50 DP253ZY 159.78–167.57 DU253ZY 193.61–200.97
Cape Girardeau DR144ZY 142.45–153.59 DP144ZY 188.37–202.99 DU144ZY 187.41–195.95
Chattanooga DR260ZY 139.32–156.16 DM260ZY 149.44–173.16 DP260ZY 159.24–206.16 DU260ZY 182.78–191.70
Chicago (a) DR075ZY 143.65–152.95 DM075ZY 162.33–171.15 DP075ZY 199.00–214.15 DK075ZY 227.05–265.80 DU075ZY 182.10–206.30
Cleveland DR212ZY 141.20–152.63 DM212ZY 163.98–178.91 DP212ZY 214.50–218.35 DK212ZY 274.90–274.90 DU212ZY 182.25–199.40
Columbus DR213ZY 142.95–156.42 DM213ZY 161.62–181.42 DP213ZY 192.98–220.42 DK213ZY 275.70–275.70 DU213ZY 184.00–205.50
Duluth DR138ZY 152.21–155.71 DM138ZY 154.50–158.00 DP138ZY 160.26–167.07 DU138ZY 194.35–198.10
Des Moines DR059ZY 139.75–153.37 DM059ZY 144.43–161.57 DP059ZY 154.71–171.57 DU059ZY 188.75–210.90
Detroit DR130ZY 139.35–150.92 DM130ZY 155.80–177.23 DP130ZY 195.80–216.70 DK130ZY 274.75–274.75 DU130ZY 183.45–193.70
Fargo DR174ZY 139.34–151.90 DM174ZY 146.62–159.00 DP174ZY 150.10–164.32 DU174ZY 192.32–206.93
Green Bay DR313ZY 148.75–148.75 DM313ZY – DP313ZY 173.75–173.75 DK313ZY – DU313ZY 194.00–194.00
Indianapolis DR088ZY 138.85–147.90 DM088ZY 152.77–168.40 DP088ZY 169.27–207.93 DK088ZY 275.23–277.30 DU088ZY 182.65–192.15
Kansas City DR099ZY 139.28–143.92 DM099ZY 144.46–155.28 DP099ZY 159.06–185.55 DU099ZY 186.75–198.07
Knoxville DR261ZY 140.02–153.10 DM261ZY 153.35–175.10 DP261ZY 159.45–206.82 DK261ZY – DU261ZY 182.83–198.93
Milwaukee DR316ZY 144.35–151.40 DM316ZY 155.85–168.95 DP316ZY 174.35–208.95 DK316ZY 261.10–261.10 DU316ZY 183.80–187.00
Minneapolis/St.Paul DR141ZY 143.50–150.20 DM141ZY 148.42–157.62 DP141ZY 157.65–168.39 DK141ZY 238.00–238.00 DU141ZY 191.25–204.73
Oklahoma City DR226ZY 137.64–153.50 DM226ZY 144.46–156.45 DP226ZY 149.22–162.45 DU226ZY 185.36–205.90
Omaha DR185ZY 139.75–151.78 DM185ZY 144.71–163.78 DP185ZY 148.80–166.78 DU185ZY 189.22–211.15
Sioux Falls DR256ZY 139.50–156.30 DM256ZY 142.56–171.30 DP256ZY 146.65–171.30 DU256ZY 189.45–200.57
St. Louis (a) DR154ZY 147.50–157.30 DM154ZY 159.50–181.90 DP154ZY 166.00–205.30 DU154ZY 185.70–189.95
PADD 3
Albuquerque DR192ZY 155.75–161.50 DM192ZY 170.75–186.65 DP192ZY 190.75–204.65 DU192ZY 220.00–222.00
Amarillo DR265ZY 141.85–145.95 DM265ZY 164.95–177.90 DP265ZY 183.45–187.90 DU265ZY 190.10–193.05
Baton Rouge DR115ZY 139.30–141.75 DM115ZY 155.08–159.20 DP115ZY 181.75–186.55 DU115ZY 181.15–184.55
Birmingham DR003ZY 139.45–164.55 DM003ZY 153.35–180.62 DP003ZY 174.37–221.62 DK003ZY 214.61–214.61 DU003ZY 183.66–197.25
Corpus Christi DR275ZY 151.08–152.10 DM275ZY 166.08–167.35 DP275ZY 196.08–196.35 DU275ZY 179.90–182.40
Dallas/Ft.Worth (a) DR276ZY 141.25–144.20 DM276ZY 151.67–158.95 DP276ZY 171.47–191.25 DU276ZY 184.50–199.47
Houston (a) DR416ZY 138.40–142.53 DM416ZY 150.45–158.31 DP416ZY 162.33–188.51 DK416ZY 237.23–237.23 DU416ZY 181.45–191.90
Little Rock DR009ZY 138.75–177.09 DM009ZY 146.43–195.09 DP009ZY 157.18–233.09 DU009ZY 183.91–201.36
New Orleans DR119ZY 138.05–148.11 DM119ZY 155.55–171.80 DP119ZY 190.05–204.14 DU119ZY 180.70–189.38
San Antonio DR289ZY 144.45–150.25 DM289ZY 154.65–166.00 DP289ZY 174.45–196.25 DU289ZY 185.09–191.62
PADD 4
Billings (b) DR162ZY 148.01–148.01 DP162ZY 175.97–183.01 DU162ZY 205.45–209.88
Casper (b) DR321ZY 193.99–193.99 DP321ZY 228.99–228.99 DU321ZY* 222.40–231.50
Denver DR028ZY 144.54–156.25 DM028ZY 160.65–172.75 DP028ZY 188.10–221.20 DU028ZY 189.96–202.75
Salt Lake City DR298ZY 198.25–203.00 DM298ZY 210.44–216.00 DP298ZY 220.25–233.00 DU298ZY 210.90–224.50
PADD 5
Anacortes DR305ZY 175.50–179.45 DM305ZY 200.00–203.95 DP305ZY 208.00–241.81 DU305ZY 182.85–186.00
Las Vegas (e) DR196ZY 206.27–221.00 DM196ZY 214.19–231.00 DP196ZY 224.09–241.00 DU196ZY 193.50–211.00
Los Angeles(e) DR022ZY 199.00–208.04 DM022ZY 209.00–218.74 DP022ZY 195.75–228.74 DU022ZY 208.50–213.59
Phoenix DR012ZY 184.00–228.70 DM012ZY 195.00–242.70 DP012ZY 196.20–252.70 DU012ZY 229.45–244.80
Portland DR233ZY 179.00–209.54 DM233ZY 197.20–204.50 DP233ZY 213.70–215.50 DU233ZY 189.75–210.30
SanFranEBay (e) DR025ZY 179.00–197.61 DM025ZY 194.35–219.61 DP025ZY 209.00–228.23 DU025ZY 204.00–327.00
Seattle/Tacoma DR308ZY 172.50–178.40 DM308ZY 195.40–201.20 DP308ZY 209.00–211.40 DU308ZY 183.15–185.75
Spokane DR309ZY 169.04–170.26 DM309ZY 182.31–199.75 DP309ZY 193.69–211.75 DU309ZY 196.33–197.40
All prices are provided by DTN. Discounts or temporary allowances offered by individual companies are not included in posted prices. Prices are unbranded unless noted. Prices are conventional gasoline unless noted. All prices in cts/gal. (a)=RFG. (b)=Branded postings (e)=CARB

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 29
Oilgram Price Report Prices effective December 4, 2018

Feeder crudes: Nov 26-30, 2018

Cracking yield
Coking yield
Freight
Cracking netback
Coking netback Spot
Winter
US Gulf (PGA page 834)
Arab Berri FYAAL00 63.402 FYAAJ00 63.312 TDDAC00 1.602 FNAAL00 61.800 FNAAJ00 61.710 AAIGY00 57.390
Arab Heavy FYABR00 59.074 FYABP00 60.238 TDDAJ00 1.714 FNABR00 57.360 FNABP00 58.524 AAIGV00 52.840
Arab Light FYACP00 61.362 FYACN00 61.856 TDDAR00 1.642 FNACP00 59.720 FNACN00 60.214 AAIGP00 55.590
Arab Medium FYADV00 59.452 FYADT00 60.630 TDDAZ00 1.672 FNADV00 57.780 FNADT00 58.958 AAIGS00 53.990
Bakken FYASG00 62.800 TDDRP00 7.920 FNASG00 54.880 AASRU04 37.388
BCF 22 FYAFB00 60.908 FYAEZ00 61.214 TDDBL00 1.758 FNAFB00 59.150 FNAEZ00 59.456
BCF 24 FYAFJ00 61.362 FYAFH00 61.756 TDDBO00 1.740 FNAFJ00 59.622 FNAFH00 60.016
Basrah Light FYAGD00 60.830 FYAGB00 61.154 TDDBS00 2.970 FNAGD00 57.860 FNAGB00 58.184 AAXDO04 58.918
Bonny Light FYAGR00 66.526 TDDBX00 2.270 FNAGR00 64.256 PCAAO00 60.639
Brent FYAHT00 62.854 FYAHR00 62.800 TDDCB00 3.778 FNAHT00 59.076 FNAHR00 59.022 PCAAP10 58.638
Cabinda FYAIF00 63.026 FYAID00 63.128 TDDCF00 3.192 FNAIF00 59.834 FNAID00 59.936 PCAFD10 59.339
Eagle Ford FYASC00 61.864 TDDRQ00 1.420 FNASC00 60.444 AAYAJ04 55.858
Escalante FYAKJ00 61.588 FYAKH00 62.204 TDDCV00 5.164 FNAKJ00 56.424 FNAKH00 57.040 AAIIN00 56.665
Forcados FYAKX00 68.212 TDDCY00 2.266 FNAKX00 65.946 PCABC10 60.839
Isthmus FYAMR00 62.786 FYAMP00 62.620 TDDDJ00 0.984 FNAMR00 61.802 FNAMP00 61.636 PCADY00 58.716
Kuwait FYANL00 60.048 FYANJ00 60.686 TDDDL00 1.712 FNANL00 58.336 FNANJ00 58.974 PCABK00 59.426
LLS FYANP00 65.926 FYANN00 65.616 TDDQW00 0.950 FNANP00 64.976 FNANN00 64.666 AAIIQ00 57.900
Marlim FYAUG00 63.162 FYAUE00 63.524 TDDGK00 1.784 FNAUG00 61.378 FNAUE00 61.740 AAITF04 54.165
Mars FYAOB00 61.242 FYANZ00 61.548 TDDQY00 0.360 FNAOB00 60.882 FNANZ00 61.188 AAIIM00 54.590
Maya FYAOJ00 56.582 FYAOH00 59.082 TDDDP00 0.970 FNAOJ00 55.612 FNAOH00 58.112 PCADB10 56.426
Merey FYAOZ00 59.090 FYAOX00 60.354 TDDDT00 1.834 FNAOZ00 57.256 FNAOX00 58.520
Mesa FYAPL00 62.604 FYAPJ00 62.560 TDDDV00 1.674 FNAPL00 60.930 FNAPJ00 60.886 AAIZY00 53.565
Olmeca FYAQF00 63.326 FYAQD00 63.090 TDDDY00 0.922 FNAQF00 62.404 FNAQD00 62.168 AAIJS00 61.632
Troll FYATL00 64.982 FYATJ00 64.622 TDDEP00 4.168 FNATL00 60.814 FNATJ00 60.454 AAIJD00 60.914
Ural FYAUK00 62.118 FYAUI00 62.564 TDDFM00 4.050 FNAUK00 58.068 FNAUI00 58.514 PCACE10 59.149
WCS FYASI00 58.574 TDDRS00 8.570 FNASI00 50.004 AAPPN04 18.168
WTI FYATX00 62.476 FYATV00 62.258 TDDRH00 1.620 FNATX00 60.856 FNATV00 60.638 PCACG10 51.180
US Atlantic Coast (PGA page 814)
Arab Heavy FYABN00 61.278 FYABL00 63.896 TDDAM00 1.552 FNABN00 59.726 FNABL00 62.344 AAIGV00 52.840
Arab Light FYACL00 64.116 FYACJ00 65.576 TDDAU00 1.482 FNACL00 62.634 FNACJ00 64.094 AAIGP00 55.590
Arab Medium FYADR00 61.904 FYADP00 64.294 TDDBC00 1.510 FNADR00 60.394 FNADP00 62.784 AAIGS00 53.990
Bakken FYASE00 66.368 TDDRN00 7.500 FNASE00 58.868 AASRU04 37.388
Bonny Light FYAGP00 69.848 TDDBZ00 2.500 FNAGP00 67.348 PCAAO00 60.639
Brass River FYAHB00 67.014 TDDEW00 2.354 FNAHB00 64.660 PCAEB00 60.639
Brent FYAHP00 66.132 FYAHN00 66.828 TDDCC00 1.996 FNAHP00 64.136 FNAHN00 64.832 PCAAP10 58.638
Cabinda FYAIB00 65.834 FYAHZ00 67.110 TDDCH00 2.726 FNAIB00 63.108 FNAHZ00 64.384 PCAFD10 59.339
Ekofisk FYAKB00 66.492 FYAJZ00 67.312 TDDCS00 1.802 FNAKB00 64.690 FNAJZ00 65.510 PCADH00 59.825
Forcados FYAKV00 71.436 TDDDA00 2.488 FNAKV00 68.948 PCABC10 60.839
Hibernia FYALT00 66.256 FYALR00 67.180 TDDDE00 1.520 FNALT00 64.736 FNALR00 65.660 AAJKK04 58.590
Oriente FYAQR00 64.488 FYAQP00 64.820 TDDED00 4.270 FNAQR00 60.218 FNAQP00 60.550 PCADE10 54.254
Stratfjord FYASN00 66.712 FYASL00 67.280 TDDEL00 2.006 FNASN00 64.706 FNASL00 65.274 AAIIP00 58.714
Troll FYATH00 68.438 FYATF00 68.720 TDDEQ00 1.876 FNATH00 66.562 FNATF00 66.844 AAIJD00 60.914
US West Coast (PGA page 844)
ANS FYAAD00 70.314 FYAAB00 68.810 FNAAD00 70.314 FNAAB00 68.810 PCAAA10 60.708
Bakken FYASK00 69.890 TDDRT00 6.500 FNASK00 63.390 AASRU04 37.388
Basrah Light FYAGL00 68.906 FYAGJ00 67.518 TDDBW00 3.210 FNAGL00 65.696 FNAGJ00 64.308 AAXDO04 58.918

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 30
Oilgram Price Report Prices effective December 4, 2018

Feeder crudes (continued)

Cracking yield Coking yield Freight Cracking netback Coking netback Spot
Winter
US West Coast (PGA page 844)
Escalante FYAKN00 72.586 FYAKL00 68.642 TDDCW00 5.068 FNAKN00 67.518 FNAKL00 63.574 AAIIN00 56.665
Kern River FYAMV00 73.856 FYAMT00 70.990 TDDGM00 1.710 FNAMV00 72.146 FNAMT00 69.280 AAIIR00 58.796
Line 63 FYANX00 71.490 FYANV00 69.488 TDDGN00 0.150 FNANX00 71.340 FNANV00 69.338 AAIJT00 64.192
Minas FYATC00 72.886 FYATA00 70.940 TDDGO00 4.376 FNATC00 68.510 FNATA00 66.564 PCABO10 54.296
Mixed Lt Swt FYARD00 75.774 FYARB00 74.852 TDDGP00 2.070 FNARD00 73.704 FNARB00 72.782 AALRR04 26.368
Oriente FYAQV00 70.836 FYAQT00 66.998 TDDEC00 2.166 FNAQV00 68.670 FNAQT00 64.832 PCADE10 54.254
THUMS FYASZ00 72.368 FYASX00 69.324 TDDGQ00 0.000 FNASZ00 72.368 FNASX00 69.324 AAIIU00 60.420
US Midcontinent (PGA page 824)
Bakken FYASA00 61.714 TNASA00 3.480 FNASA00 58.234 AASRU04 37.388
Bow River FYAGV00 62.020 TDDRL00 4.190 FNAGV00 57.830
LLS FYANT00 64.832 FYANR00 65.262 TNANT00 1.020 FNANT00 63.812 FNANR00 64.242 AAIIQ00 57.900
Mixed Lt Sr FYAPX00 59.622 FYAPV00 60.880 TNAPX00 2.420 FNAPX00 57.202 FNAPV00 58.460
Mixed Lt Swt FYAQZ00 62.844 FYAQX00 63.270 TNAQZ00 4.000 FNAQZ00 58.844 FNAQX00 59.270 AALRR04 26.368
Syncrude FYAUR00 65.754 TNAUR00 4.000 FNAUR00 61.754 AASOK04 31.548
WCS FYAVG00 58.318 TDDRL00 4.190 FNAVG00 54.128 AAPPN04 18.168
WTI FYAUB00 61.156 FYATZ00 61.714 TNAUB00 1.880 FNAUB00 59.276 FNATZ00 59.834 PCACG10 51.180
WTS FYAUJ00 60.406 FYAUH00 62.060 TNAUJ00 2.640 FNAUJ00 57.766 FNAUH00 59.420 PCACK10 43.320
Caribbean (PGA page 806)
BCF 22 FYAET00 61.072 FYAER00 61.206 TDDBN00 0.722 FNAET00 60.350 FNAER00 60.484
BCF 24 FYAFF00 61.894 FYAFD00 61.842 TDDBQ00 0.714 FNAFF00 61.180 FNAFD00 61.128
Escalante FYAKE00 61.778 FYAKC00 62.486 TDDEY00 4.076 FNAKE00 57.702 FNAKC00 58.410 AAIIN00 56.665
Isthmus FYAMN00 63.716 FYAML00 63.378 TDDDK00 1.414 FNAMN00 62.302 FNAML00 61.964 PCADY00 58.716
Maya FYAOF00 56.824 FYAOD00 59.350 TDDDR00 1.434 FNAOF00 55.390 FNAOD00 57.916 PCADB10 56.426
Merey FYAOV00 59.218 FYAOT00 59.860 TDDDU00 0.754 FNAOV00 58.464 FNAOT00 59.106
Mesa FYAPD00 63.768 FYAPB00 63.216 TDDFB00 0.690 FNAPD00 63.078 FNAPB00 62.526 AAIZY00 53.565
Olmeca FYAQB00 63.992 FYAPZ00 64.274 TDDEA00 1.352 FNAQB00 62.640 FNAPZ00 62.922 AAIJS00 61.632
Singapore (PGA page 2814)
Al Shaheen TYEAA04 64.052 TNEFA00 1.366 TNEAA04 62.686 AAALS04 59.150
Arab Heavy FYABH00 62.250 TDDAO00 1.356 FNABH00 60.894 AAIGX00 58.626
Arab Light FYACF00 63.716 TDDAW00 1.296 FNACF00 62.420 AAIGR00 60.976
Arab Medium FYADL00 62.246 TDDBE00 1.324 FNADL00 60.922 AAIGU00 59.776
Attaka FYADX00 64.532 TDDBG00 2.950 FNADX00 61.582 PCAAJ10 57.686
Das Blend FYDSH00 63.730 TDDCQ00 1.236 FNDSH00 62.494 AAXOF04 60.120
Dubai FYAJN00 64.316 TDDCQ00 1.236 FNAJN00 63.080 PCAAT10 59.150
Duri FYAJR00 65.578 TDDCR00 1.752 FNAJR00 63.826 PCABA10 51.896
Forties TYEAD04 63.160 TNEFD00 3.536 TNEAD04 59.624 PCADJ10 58.835
Kuwait FYANF00 62.432 TDDDN00 1.414 FNANF00 61.018 PCABK00 59.426
Minas FYAPR00 65.640 TDDDX00 1.600 FNAPR00 64.040 PCABO10 54.296
Murban FYAPY00 64.384 TDDCQ00 1.236 FNAPY00 63.148 PCADO00 60.770
Oman FYAQL00 64.414 TDDEB00 1.174 FNAQL00 63.240 PCABS10 59.402
Qatar Dukhan FYARA00 64.112 TDDBE00 1.324 FNARA00 62.788 PCADQ00 59.720
Qatar Marine FYARE00 64.678 TDDBE00 1.324 FNARE00 63.354 PCADR00 59.010
Tapis FYAST00 65.648 TDDEO00 1.342 FNAST00 64.306 AAIIW00 62.940
Upper Zakum TYEAG04 63.472 TNEFR00 1.296 TNEAG04 62.176 AAUZU04 59.150

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 31
Oilgram Price Report Prices effective December 4, 2018

Feeder crudes (continued)

Cracking yield Coking yield Freight Cracking netback Coking netback Spot
Winter
Italy (PGA page 1824)
Arab Heavy FYABD00 63.828 TDDAI00 1.434 FNABD00 62.394 AAIGW00 56.834
Arab Light FYACB00 62.498 TDDAQ00 1.504 FNACB00 60.994 AAIGQ00 53.534
Azeri Light FYAEF00 66.778 TDDBH00 1.666 FNAEF00 65.112 AAEIX00 62.342
Eagle Ford TYEAC04 59.668 TNEIF00 2.348 TNEAC04 57.320 AAEFO04 56.856
Es Sider FYAKD00 65.046 TDDCU00 1.072 FNAKD00 63.974 PCACO10 58.033
Iran Heavy FYALZ00 64.026 TDDDF00 1.232 FNALZ00 62.794 PCABG00 54.255
Iran Light FYAMH00 64.722 TDDDH00 1.206 FNAMH00 63.516 PCABI10 57.055
Kirkuk FYAMU00 63.346 TDDFF00 1.536 FNAMU00 61.810 AAIIX00 55.623
Light Houston Sweet TYEAF04 63.558 TDIFR00 0.582 TNEAE04 62.976 AALHS04 56.760
Saharan Blend FYARO00 62.894 TDDFG00 0.948 FNARO00 61.946 PCABU00 58.453
Suez Blend FYAUO00 63.486 TDDRF00 1.322 FNAUO00 62.164 PCACA10 56.222
Urals FYATR00 64.452 TDDES00 1.864 FNATR00 62.588 AAIJU00 59.149
WCS TYEAI04 60.668 TDYFR00 11.444 TNEAI04 49.224 AAPPN04 18.168
Zuetina FYAUL00 65.280 TDDEU00 1.226 FNAUL00 64.054 PCACN00 57.638
Amsterdam-Rotterdam-Antwerp (PGA page 1814)
Arab Heavy FYAAV00 61.074 TDDAN00 1.424 FNAAV00 59.650 AAIGW00 53.534
Arab Light FYABT00 64.636 TDDAV00 1.364 FNABT00 63.272 AAIGQ00 56.834
Arab Medium FYACZ00 61.970 TDDBD00 1.386 FNACZ00 60.584 AAIGT00 55.184
Azeri Light FYAEB00 68.090 TDDBI00 2.432 FNAEB00 65.658 AAEIX00 62.342
Basrah Light FYAFP00 64.094 TDDBU00 2.318 FNAFP00 61.776 AAXDO04 58.918
Brass River FYATS00 66.804 TDDRE00 2.220 FNATS00 64.584 PCAEB00 60.639
Brent FYAHF00 66.348 TDDCD00 1.278 FNAHF00 65.070 PCAAP10 58.638
Eagle Ford TYEAB04 61.876 TNEBF00 2.134 TNEAB04 59.742 AAEFO04 56.856
Ekofisk FYAJV00 66.764 TDDCT00 0.706 FNAJV00 66.058 PCADH00 59.825
Flotta Gold FYAKP00 64.886 TDDCX00 0.958 FNAKP00 63.928 PCACY00 58.354
Forties FYALB00 64.914 TDDEZ00 1.298 FNALB00 63.616 PCADJ10 58.835
Gullfaks FYALF00 67.598 TDDDC00 0.884 FNALF00 66.714 AAIJA00 60.654
Iran Heavy FYALV00 64.430 TDDDG00 2.256 FNALV00 62.174 PCABG00 54.255
Iran Light FYAMD00 65.692 TDDDI00 2.216 FNAMD00 63.476 PCABI10 57.055
Kirkuk FYATU00 64.254 TDDGH00 2.576 FNATU00 61.678 AAIIX00 55.623
Light Houston Sweet TYEAE04 65.272 TDEFR00 4.238 TNEAF04 61.034 AALHS04 56.760
Kuwait FYAMX00 62.652 TDDDM00 1.416 FNAMX00 61.236 PCABK00 59.426
Murban FYATQ00 66.468 TDDRB00 1.304 FNATQ00 65.164 PCADO00 60.770
Saharan Blend FYATY00 65.106 TDDGI00 1.834 FNATY00 63.272 PCABU00 58.453
Statfjord FYASD00 66.902 TDDEK00 1.394 FNASD00 65.508 AAIIP00 58.714
Urals FYATN00 65.130 TDDET00 1.278 FNATN00 63.852 PCACE10 59.149
Zuetina FYAUC00 67.150 TDDGJ00 1.834 FNAUC00 65.286 PCACN00 57.638

Weekly crude assessments, Dec 4 (PGA page 1805)

Change Change Change
Amna PCADW00 57.838 -2.901 Gippsland* PCACP10 57.340 -4.828 Tia Juana Lt PCAEH00 58.826 -4.597
Brega PCADX00 57.888 -2.901 Sarir PCABW00 55.588 -2.901 Nemba AALAP00 58.919 -3.411
Cinta* PCAAX10 52.196 -4.408 Sirtica PCABZ00 56.838 -2.901 Girassol AALAR00 59.969 -3.351
Daqing* PCAAZ10 51.466 -4.278 Suez Blend* PCACA10 56.222 -3.087
This table provides weekly $/barrel assessments for those crudes in the previous version of the Feeder Crudes table that are not in the current version. Crudes with (*) represent the five-day average of grades assessed daily. Other crudes are set as differentials to five-day averages
of key benchmarks.*-Average of daily assessments.

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