ASIA-PACIFIC/ARAB GULF MARKETSCAN

Volume 34 / Issue 165 / October 1, 2015

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

FOB Singapore ($/barrel) MOPS strip Premium/Discount
Naphtha PAAAP00 46.9146.95 46.930 -1.470 AAPKA00 46.3746.41 46.390 -1.510
Spot naphtha AAOVE00 46.7246.76 46.740 -1.510 PAADC00 0.30/0.40 0.350 0.000
Gasoline 97 unleaded PGAMS00 67.9467.98 67.960 -2.150 AAPKE00* 21.55/21.59 21.570 -0.640
Gasoline 95 unleaded PGAEZ00 65.3565.39 65.370 -2.150 AAPKF00* 18.96/19.00 18.980 -0.640
Gasoline 92 unleaded PGAEY00 61.9061.94 61.920 -2.150 AAPKG00* 15.51/15.55 15.530 -0.640
Gasoline 92 unleaded AAXEQ00 60.7160.75 60.730 -1.870 AAXER00 1.17/1.21 1.190 -0.280
NEW CFR Naphtha AAOVF00 48.240 -1.510 AAOVG00 1.850 0.000
Kerosene PJABF00 58.7658.80 58.780 -1.290 AAPJZ00 59.8159.85 59.830 -1.340 PJACU00 -1.07/-1.03 -1.050 +0.050
Gasoil 10 ppm AAOVC00 60.3960.43 60.410 -1.540 AAOVD00** 0.99/1.03 1.010 -0.090
Gasoil 50 ppm AAPPF00 60.2260.26 60.240 -1.510 AAPPH00** 0.82/0.86 0.840 -0.060
Gasoil 0.05% sulfur AAFEX00 59.1359.17 59.150 -1.450 AAFFB00** -0.27/-0.23 -0.250 0.000
Gasoil 0.25% sulfur AACUE00 58.6258.66 58.640 -1.450 AACQI00** -0.78/-0.74 -0.760 0.000
Gasoil POABC00 59.1359.17 59.150 -1.450 AAPJY00 59.3859.42 59.400 -1.450 POAIC00** -0.27/-0.23 -0.250 0.000
FO 180 CST 2% ($/mt) PUAXS00 239.12239.16 239.140 -3.100
HSFO 180 CST ($/mt) PUADV00 233.86233.90 233.880 -3.030 AAPJX00 238.59238.63 238.610 -4.840 AAGZF00 -4.75/-4.71 -4.730 +1.810
HSFO 380 CST ($/mt) PPXDK00 227.50227.54 227.520 -6.430 AAPJW00 233.54233.58 233.560 -4.940 PPXDL00 -6.06/-6.02 -6.040 -1.490
Ex-Wharf 180 CST ($/mt) AAFET00 233.00234.00 233.500 -6.500
Ex-Wharf 380 CST ($/mt) AAFER00 228.00229.00 228.500 -6.500
Ex-Wharf 500 CST ($/mt) AAVUP00 223.00224.00 223.500 -5.000
*Differential to FOB Singapore naphtha. **Differential to FOB Singapore gasoil. The Gasoil Reg 0.5% assessment was renamed Gasoil on January 3, 2012. The renamed Gasoil assessment continued to reflect the same underlying methodology and quality
specifications, including a sulfur content of 0.5% sulfur, through calendar year 2012. The specification changed to 500 ppm sulfur on January 2, 2013.

Middle East physical oil assessments (PGA page 2004)

FOB Arab Gulf ($/barrel) Premium/Discount Subscriber notes (PGA page 1500)
Naphtha ($/mt) PAAAA00 409.78412.53 411.155 -13.750 AAPKH00 9.75/10.25 10.000 0.000 As previously announced, Platts Singapore office will be closed
Naphtha LR2 ($/mt) AAIDA00 414.82417.57 416.195 -13.750 Thursday, September 24, 2015, for the Hari Raya Haji holiday and
Gasoline 95 unleaded AAICY00 62.5562.59 62.570 -2.150 AAWUJ00 4.44/4.48 4.460 +0.100 there will be no publications or assessments from Singapore on
Gasoline 95 unleaded CFR AAWUK00 5.39/5.43 5.410 that day. Normal Singapore publishing schedules will resume on
Kerosene PJAAA00 56.5756.61 56.590 -1.290 PJACV00 1.43/1.47 1.450 +0.050 Friday, September 25. For full details of Platts publishing schedule
Kerosene LR2 AAKNZ00 56.8256.86 56.840 -1.290 and services affected, refer to http://www.platts.com/
Gasoil 10 ppm AAIDT00 58.1158.15 58.130 -1.450 AAIDU00* 2.83/2.87 2.850 0.000
HolidayHome. For queries, please contact support@platts.com.
Gasoil 0.005% sulfur AASGJ00 58.0658.10 58.080 -1.450 AASGK00* 2.78/2.82 2.800 0.000
Gasoil 0.05% sulfur AAFEZ00 56.8156.85 56.830 -1.450 AAFFD00* 1.53/1.57 1.550 0.000 Following market feedback, Platts confirms it will launch a CFR
Gasoil 0.25% sulfur AACUA00 55.9656.00 55.980 -1.450 AACUC00* 0.68/0.72 0.700 0.000 Singapore naphtha assessment with effect from September 1,
Gasoil POAAT00 56.8156.85 56.830 -1.450 POAID00* 1.53/1.57 1.550 0.000 2015. Platts proposed this new assessment on May 24, 2015. The
Gasoil LR2 AAKBT00 57.0757.11 57.090 -1.450
new assessment will reflect cargoes delivering into any approved
HSFO 180 CST ($/mt) PUABE00 220.03220.07 220.050 -2.790 AAXJA00 1.75/2.25 2.000 0.000
HSFO 380 CST ($/mt) AAIDC00 213.67213.71 213.690 -6.190 AAXJB00 1.75/2.25 2.000 0.000
Platts FOB Straits terminal 15-30 days ahead of the date of
HSFO 180/380 spread ($/mt) PPXDM00 -6.38/-6.34 -6.360 -3.400 publication and of parcel size in the range of 50,000 to 150,000
*premium to MOPAG Gasoil during loading. (Subscriber notes continue on page 12)

www.platts.com oiL
ASIA-PACIFIC/ARAB GULF MARKETSCAN October 1, 2015

Asia products
Code Mid Change Code Mid Change Code Mid Change
Singapore paper (PGA page 2655)

Balance September* ($/barrel) October ($/barrel) November ($/barrel)
Naphtha Japan ($/mt) AAXFE00 440.00440.50 440.250
-12.500 AAXFF00 438.00438.50 438.250
-12.250
Naphtha AAPLD00 NANA NA NANA PAAAQ00 46.3846.42 46.400 -1.500 PAAAR00 46.1846.22 46.200 -1.450
Gasoline 92 unleaded AAXEK00 NANA NA NANA AAXEL00 60.8360.87 60.850 -1.750 AAXEM00 59.0359.07 59.050 -1.800
Reforming Spread AAXEN00 NA/NA NA NANA AAXEO00 14.43/14.47 14.450 -0.250 AAXEP00 12.83/12.87 12.850 -0.350
Kerosene AAPLE00 NANA NA NANA PJABS00 59.7859.82 59.800 -1.370 PJABT00 60.2560.29 60.270 -1.470
Gasoil AAPLF00 NANA NA NANA POAFC00 59.3659.40 59.380 -1.470 POAFG00 59.5959.63 59.610 -1.460
HSFO 180 CST ($/mt) AAPML00 NANA NA NANA PUAXZ00 238.23238.27 238.250 -5.200 PUAYF00 243.68243.72 243.700 -5.850
HSFO 380 CST ($/mt) AAPKB00 NANA NA NANA AAPKC00 233.23233.27 233.250 -5.250 AAPKD00 237.93237.97 237.950 -5.750
Gasoil EFS ($/mt) AAQTX00 NA NANA AAQTY00 -23.620 -2.450 AAQTZ00 -25.160 -1.880
*Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February; **Interim Gasoil swaps published ahead of the change in specification of FOB Singapore Gasoil January 2, 2013.

Gasoline components (PBF page 2410)

FOB Singapore ($/mt) Gasoline
MTBE PHALF00 693.00695.00 694.000
-24.000
Market analysis: (PGA page 2396) The Asian gasoline market
Singapore demurrage (PGT pages 2910 & 2960)
continued to be supported by tight supply, but participants
$/day
have become somewhat cautious. [Current prices] have
Demurrage Clean AALPY00 19000.000
-500.000
already factored in a lot of bullish news, a trader in
Demurrage Dirty AALQA00 27000.000
+500.000
Singapore said. Refinery turnaround in Asia will keep
Indonesia physical oil assessments (PGA page 2516)
supplies tight through October, according to maintenance

FOB Indonesia ($/barrel) Premium/Discount
schedules. South Koreas third-largest refiner S-Oil will shut
LSWR Mixed/Cracked PPAPU00 39.8539.89 39.870
-0.730 AAHXR00 4.76/4.80 4.780
-0.020
its 250,000 b/d No.3 crude distillation unit from October 21
LSWR AAUGR00 37.6537.69 37.670
-0.730 AAWTX00 1.50/1.54 1.520 0.000
for a month-long turnaround. This follows the maintenance
Japan physical oil assessments (PGA page 2006)
shutdown of its 240,000 b/d No.2 CDU at the end of August.

C+F Japan ($/mt) Premium/Discount
It is expected to restart in the coming days. The shutdown
Naphtha PAAAD00 439.25442.00 440.625
-13.750 PAADI00 1.75/2.25 2.000
0.000
of the No. 3 CDU is expected to again cap the companys
Nph 1st 1/2 Nov PAAAE00 444.25444.75 444.500
-13.250
Nph 2nd 1/2 Nov PAAAF00 441.50442.00 441.750
-13.500
gasoline production at its bunker-C cracking units for the
Nph 1st 1/2 Dec PAAAG00 439.25439.75 439.500
-14.000 period. S-Oil is planning to build a new residue-upgrading
Naphtha MOPJ Strip AAXFH00 437.13437.63 437.380
-12.000 AAXFI00 3.00/3.50 3.250
-1.750 complex together with olefins plants that will be completed
C+F Japan ($/barrel)
Premium/Discount in 2018. It will significantly increase the companys gasoline
Gasoline 91-92 unleaded PGACW00 64.4564.49 64.470 -2.150 and propylene derivatives production. Taiwans Formosa
Gasoline 95 unleaded PGAQQ00 67.9067.94 67.920 -2.150 Petrochemical is seeking through tender 15,000 mt of 100
Kerosene PJAAN00 60.6260.66 60.640 -1.310 PAADK00 0.79/0.83 0.810
+0.030 RON reformate. The cargo is to be delivered into Mailiao
Gasoil POABF00 61.7661.80 61.780 -1.650 AAWVG00 1.35/1.39 1.370
-0.110 over November 11-20. The tender closed September 24 with
HSFO 180 CST ($/mt) PUACJ00 248.25248.29 248.270 -2.800
same-day validity. Results are unknown. The company last
FOB Okinawa ($/barrel)
Premium/Discount sought the same grade for September 16-25 delivery.
Gasoil POAIW00 58.4358.47 58.450
-1.450 POAIY00 -0.97/-0.93 -0.950 0.000 Taiwans Formosa Petrochemical has shut the reformer at
South Korea physical oil assessments (PGA page 2008) its Mailiao complex following a fire earlier in the week. The
C+F Korea ($/mt)
Premium/Discount shutdown of the reformer has had little effect on gasoline
Naphtha PAADE00 440.38440.88 440.630
-13.750 PAADG00 -0.25/0.25 0.000 NANA
production at the facility, a person familiar with the matter

Copyright 2015 McGraw Hill Financial 2

ASIA-PACIFIC/ARAB GULF MARKETSCAN October 1, 2015

Asia products said. It has more to do with aromatics production, the

Code Mid Change Code Mid Change
source said. Thailands PTT offered through tender a 4,000-
South Korea physical oil assessments (PGA page 2008)
mt parcel of 103 RON reformate. The high benzene-content
FOB Korea ($/barrel) Premium/Discount
cargo will load from Map Ta Phut over October 11-13. The
Gasoline 95 unleaded PGAQO00 64.8164.85 64.830
-2.190 tender closes 25 with same-day validity. The company also
Jet PJADG00 58.9158.95 58.930
-1.290 PJADI00 -0.92/-0.88 -0.900 +0.050 offered 15,000 mt of 101 RON reformate, its regular clip, to
Gasoil POAIE00 58.3858.42 58.400
-1.450 POAIG00 -1.02/-0.98 -1.000 0.000 be load from the same port over October 16-18. This tender
HSFO 180 CST 3.5% ($/mt) PUBDP00 240.59240.63 240.610 -4.840 PUBDR00 1.75/2.25 2.000 0.000
closes on the same day.
HSFO 380 CST 3.5% sulfur ($/mt) PUBDY00 234.23234.27 234.250 -8.240 PUBEA00 1.75/2.25 2.000 0.000
Mean of Platts West India netbacks (PGA page 2012)
Gasoline Unl 92 FOB Spore Cargo assessment rationale:
FOB India ($/mt) FOB India ($/barrel)
Naphtha AAQWK00 415.240 -13.750 AAQWJ00 46.140
-1.530
(PGA page 2392) FOB Singapore 92 RON gasoline was
Gasoline (92 RON) AARBQ00 511.110 -18.280 AARBP00 60.130
-2.150 assessed at $61.92/barrel on Friday. The assessment took
Gasoline (95 RON) AAQWI00 533.900 -18.060 AAQWH00 63.560
-2.150 into consideration the trade of an October 10-14 loading
Jet kero AAQWM00 449.150 -10.190 AAQWL00 56.850
-1.290 cargo, which Vitol sold to PetroChina at $62.30/b.
Gasoil (10ppm) AAQWO00 445.110 -11.740 AAQWN00 58.410
-1.540
The above commentary applies to the following market data code:
Gasoil (500ppm) AAQWQ00 425.460 -10.800 AAQWP00 57.110
-1.450
PGAEY00
Gasoil (2500ppm) AAQWS00 421.660 -10.800 AAQWR00 56.600
-1.450
Australia (PGA page 2014)
C+F Australia ($/barrel) Gasoline Unl 95 FOB Spore Cargo assessment rationale:
Gasoline 92 AACZF00 66.7666.80 66.780
-2.170 (PGA page 2392) FOB Singapore 95 RON gasoline was
Gasoline 95 AACZH00 70.2170.25 70.230
-2.170 assessed at $65.37/barrel on Friday to reflect the inter-RON
Jet AAFIY00 63.9964.03 64.010
-1.310 spreads.
Gasoil 10ppm AAQUD00 65.9465.98 65.960
-1.550
The above commentary applies to the following market data code:
Freight netbacks (PGA pages PGT2910 & PGT2960) PGAEZ00
AG-Spore Spore-Japan AG-Japan Spore-Australia
Naphtha AAPOF00 21.70 AAPOG00 29.47*
Naphtha-LR2 AAPOH00 24.43*
Gasoline Unl 97 FOB Spore Cargo assessment rationale:
Gasoline AAPOC00 2.80 AAPOD00 2.55 AAPOE00 4.86 (PGA page 2392) FOB Singapore 97 RON gasoline was
Kerosene AAPOI00 2.19 AAPOJ00 5.23 assessed at $67.96/barrel on Friday, taking into account the
Kerosene-LR2 AAPOK00 1.94 inter-octane spreads in the absence of bids and offers for
Gasoil AAPOL00 2.32 AAPOM00 5.55
97 RON gasoline.
Gasoil-LR-2 AAPON00 2.06
HSFO 180 CST AAPOO00 13.83* AAPOP00 14.39*
The above commentary applies to the following market data code:
HSFO 380 CST AAPOQ00 13.83*
PGAMS00
All values in $/barrel, except * values in $/mt
South China/Hong Kong physical oil assessments (PGA page 2010) Singapore Gasoline bids/offers/trades: (PGA page 2393)
South China ($/mt) Premium/Discount to MOPS ($/barrel) PLATTS ASIA MOGAS CARGO MOC: OUTSTANDING

Gasoline 90 unleaded AAICU00 522.50526.50 524.500 -18.500 INTEREST: BIDS: TDD 92 RON: FOB Straits: Oct 10-14:
Gasoline 93 unleaded AAICW00 531.00535.00 533.000 -18.500
PetroChina no longer bids at $62.30/b after trade with
Jet/kero PJABQ00 475.75479.75 477.750 -10.500 AAWTW00 0.64/0.68 0.660+ 0.030
Gasoil POAFA00 443.75447.75 445.750 -11.000 AABJZ00 0.41/0.45 0.430 -0.010 Vitol for 50kb; WD 92 RON: FOB Straits: Oct 10-14: Unipec
Gasoil 0.2% AALEK00 440.25444.25 442.250 -11.000 withdraws bids at $62.10/b or MOPS 92 plus $0.80/b, or
Hong Kong bunker grades ($/mt) Oct 15-19 at $61.80/b or MOPS 92 plus $0.80/b for 50kb
HSFO 180 CST PUACC00 252.00253.00 252.500 -5.000 (4:28:53); WD 92 RON: FOB Straits: Oct 10-14: BP
HSFO 380 CST PUAER00 246.00247.00 246.500 -5.000
withdraws bid at $61.80/b for 50kb (4:29:03); 92 RON:
*C+F Hong Kong, $/barrel premium/discount to Mean of Platts Singapore.

Copyright 2015 McGraw Hill Financial 3

ASIA-PACIFIC/ARAB GULF MARKETSCAN October 1, 2015
FOB Straits: Oct 15-19: Lukoil bids at $61.70/b for 50kb;
WD 92 RON: FOB Straits: Oct 21-25: BP withdraws bids at
$61.50/b for 50kb (4:29:04); 92 RON: FOB Straits: Oct
15-19: Lukoil bids at MOPS 92 plus $0.70/b for 50kb; WD
95 RON: FOB Straits: Oct 10-14: Gunvor withdraws bid at
$65.30/b for 50kb (4:29:02); 95 RON: FOB Straits: Oct
10-14: Sietco bids at $65.20/b for 50kb
PLATTS ASIA MOGAS CARGO MOC: OUTSTANDING
INTEREST: OFFERS: WD 92 RON: FOB Straits: Oct 14-18:
PTT withdraws offer at $62.50/b for 50kb (4:28:55); 92
RON: FOB Straits: Oct 21-25: Socar offers at $62.90/b for
50kb; 95 RON: FOB Straits: Oct 10-14: P66 offers at
$66.40/b or MOPS 95 plus $1.90/b for 50kb
PLATTS ASIA MOGAS CARGO MOC: DEAL SUMMARY: ONE
TRADE: 92 RON: FOB Straits: Oct 10-14: Vitol sells to
PetroChina at $62.30/b for 50kb (4:29:01)
Singapore Gasoline exclusions: (PGA page 2393) No market
data was excluded from the gasoline assessment process
on Sep 25, 2015.
Naphtha
Market analysis: (PGA page 2398) Sentiment in the Asian
naphtha market has softened, according to traders Friday,
after Taiwans Formosa Chemicals and Fibre Corp. shut its
No. 3 aromatics plant at Mailiao following a minor explosion
earlier this week. The closure caused some uncertainty in
the naphtha market, which was initially expected to be
bullish due to more demand than supply in October. A
tender was issued by Formosa Petrochemical Corp. on
Foreign exchange rates (PGA page 2160)
USD/Yen AAWFX00 120.9550 +0.7550
Eur/USD AAWFU00 1.1138 +0.0017
GBP/USD AAWFV00 1.5232 -0.0106
USD/SGD AAWFZ00 1.4243 +0.0024
USD/MYR AAWGA00 4.3850 +0.0420
USD/HK AAWFY00 7.7497 -0.0005
AUD/USD AAWFT00 0.7013 -0.0029
USD/CNY AAWFW00 6.3785 +0.0012
Source: Development Bank of Singapore
Copyright 2015 McGraw Hill Financial 4
Wednesday to sell 30,000-50,000 mt of heavy naphtha
from Mailiao for delivery over October 1-5. FCFC usually
buys heavy naphtha to make downstream products at its
plant, and according to market sources this latest tender is
due to the shutdown of the aromatics plant. The plant is
expected to be shut till mid-October and sources expect
heavy naphtha demand to shrink during this period. In other
tender news, Indias BPCL was offering 35,000 mt JAPAN NAPHTHA CARGO: DEAL SUMMARY: No Trades.
ex-Mumbai low aromatic naphtha for October 21-23 loading.
The tender closes Tuesday with validity till Wednesday.
Indias ONGC also issued a tender to sell 34,500 mt of
naphtha with a minimum paraffin content of 57% for
October 22-23 loading from Hazira, west coast of India. The
tender will close Wednesday, with same day validity,
sources said.
Naphtha C+F Japan Cargo assessment rationale: (PGA
page 2388) The CFR Japan naphtha marker was assessed at
$440.625/mt Friday. H1 November was assessed at
$444.50/mt, H2 November was assessed at $441.75/mt, H1
December was assessed at $439.5/mt. The assessment
reflected H1 November crack spread of $87/mt versus
November ICE Brent futures. The assessment reflected an
offer for H1 December at $440/mt, equivalent to a crack
spread of $78/mt versus ICE November Brent futures,
demonstrating value.
The above commentary applies to the following market data code:
PAAAD00
Naphtha FOB Spore Cargo assessment rationale: (PGA
page 2388) FOB Singapore naphtha was assessed at
$46.93/b Friday, based on an assessed freight rate of $21.7/
mt for the Singapore-Japan route for 30,000-mt cargoes.
CFR Japan H1 November was assessed at $444.50/mt, or
$49.39/b.
The above commentary applies to the following market data code:
PAAAP00
Naphtha FOB Arab Gulf Cargo assessment rationale: (PGA
page 2388) FOB Arab Gulf naphtha was assessed at $411.155/
mt Friday, based on an assessed freight rate of $29.47/mt
for the Persian Gulf-Japan route for 55,000-mt cargoes.
The CFR Japan naphtha marker was assessed at $440.625/
mt.
The above commentary applies to the following market data code:
PAAAA00
Naphtha Cargo bids/offers/trades: (PGA page 2389)
JAPAN NAPHTHA CARGO: OUTSTANDING INTEREST: BIDS:
Naphtha: CFR Japan: 25kt: Gunvor bids H1 Nov 444.00 or
H2 Nov 440.00
Naphtha: CFR Japan: 25kt: Vitol bids H1 Nov 440.00 or H2
Nov 438.00 or H1 Dec 436.00
Naphtha: CFR Japan: 25kt: Totsa bids H1 Nov 440.00 or
H2 Nov 438.00 or H1 Dec 436.00
Naphtha: CFR Japan: 25kt: Marubeni bids H2 Nov 439.00
Naphtha: CFR Japan: 25kt: Idemitsu bids H2 Nov 438.00
or offers H2 Nov 445.00
Naphtha: CFR Japan: 25kt: PDCL bids H2 Nov 4437.00
WD Naphtha: CFR Japan: 25kt: Itochu withdraws bids H1
Nov 441.00 or H2 Nov 440.00 (4:28:27)
WD Naphtha: CFR Japan: 25kt: Trafigura withdraws bids
H1 Nov 438.00 (4:26:16)
JAPAN NAPHTHA CARGO: OUTSTANDING INTEREST:
OFFERS: Naphtha: CFR Japan: 25kt: Shell offers H2 Nov
443.50 or H1 Dec 443.00
Naphtha: CFR Japan: 25kt: Statoil offers H2 Nov 443.75
Naphtha: CFR Japan: 25kt: BP offers H2 Nov 444.00 or H1
Dec 440.00
Naphtha: CFR Japan: 25kt: Idemitsu offers H2 Nov 445.00
or bids H2 Nov 438.00
Naphtha: CFR Japan: 25kt: Vitol offers H2 Nov 452.00 or
H1 Dec 451.00
JAPAN NAPHTHA CARGO SPREADS: OUTSTANDING
INTEREST: BIDS: Naphtha: CFR Japan: 25kt: Gunvor bids
H1 Nov/H2 Nov 2.25
Naphtha: CFR Japan: 25kt: Totsa bids H1 Nov/H2 Nov 2.00
or H1 Nov/H1 Dec 3.50 or H2 Nov/H1 Dec 1.75 or H2 Dec/H2
Dec 3.25
Naphtha: CFR Japan: 25kt: Marubeni bids H1 Nov/H1 Dec
3.50
ASIA-PACIFIC/ARAB GULF MARKETSCAN October 1, 2015
Naphtha: CFR Japan: 25kt: Shell bids H1 Nov/H1 Dec 4.25
or H2 Dec/H2 Dec 3.75
Naphtha: CFR Japan: 25kt: PDCL bids H1 Nov/H1 Dec 3.75
or H2 Dec/H2 Dec 3.50
Naphtha: CFR Japan: 25kt: Marubeni bids H2 Nov/H2 Dec
3.00
JAPAN NAPHTHA CARGO SPREADS: OUTSTANDING
INTEREST: OFFERS: No Offers.
Naphtha Cargo exclusions: (PGA page 2389) No market data
was excluded from the September 25, 2015 Asian Naphtha
assessment
Jet
Market analysis: (PGA page 2499) The Asia-Pacific jet/
kerosene market looks set to gradually tighten, as demand
starts to pick-up ahead of winter, trade sources said Friday.
Jet spreads are catching up a bit with the Singapore gasoil
curve, and the regrade is holding, thanks to airlines buying.
That makes the spreads go up mechanically, a source said.
The recent tender from Taiwans CPC seeking 40,000 kl of
jet A-1 for delivery over November 1-30, as well as a delay in
the restart of Shells Bukom refinery, has given some uplift
to sentiment, sources said. However, headwinds remain
ahead for the jet market. The market is currently struggling
with a glut that has seen historically high levels of middle
distillates flooding US and European ports. Arbitrage
cargoes to the West so far have not been able to give much
relief to the oversupply in Asia. A source said marginal
tankage was still available in Europe, adding that talk in
the market is theyve converted more storage tanks into
gasoil and jet tankages. Meanwhile, stronger gasoline
demand recently has led to higher gasoline production,
which in turn results in more jet and gasoil output. In other
news, exports of kerosene from South Korea from January
to August jumped 37.8% year on year to 2.79 million barrels
while exports of jet fuel rose 18.5% to 72.55 million barrels.
South Korea exported 5.94 million barrels of oil products to
Australia last month, up 76.8% from 3.36 million barrels a
year earlier. This marked the 16th consecutive month of a
Copyright 2015 McGraw Hill Financial 5
European products ($/mt)
Code Mid Change Code Mid Change
Mediterranean (PGA page 1114)
FOB (Italy)
CIF (Genova/Lavera)
Prem Unl 10ppm AAWZA00 490.00490.50 490.250
+1.750 AAWZB00 501.50502.00 501.750
+1.750
Naphtha PAAAI00 390.00390.50 390.250
+3.500 PAAAH00 405.25405.75 405.500
+3.500
Jet aviation fuel AAIDL00 455.75456.25 456.000
+0.750
Gasoil 0.1% AAVJI00 445.25445.75 445.500
+1.250 AAVJJ00 461.00461.50 461.250
+1.250
10ppm ULSD AAWYY00 458.00458.50 458.250
+0.500 AAWYZ00 472.00472.50 472.250
+0.500
1% PUAAK00 214.00214.50 214.250
+4.000 PUAAJ00 224.00224.50 224.250
+4.000
3.5% PUAAZ00 209.75210.25 210.000
+3.250 PUAAY00 219.75220.25 220.000
+3.250
Northwest Europe cargoes (PGA page 1110)
CIF (Basis ARA)
FOB NWE
Gasoline 10ppm AAXFQ00 505.00505.50 505.250 0.000
Naphtha Swap PAAAJ00 416.75417.25 417.000
+2.500
Naphtha Phy PAAAL00 416.75417.25 417.000
+3.500
Jet PJAAU00 479.25479.75 479.500
+0.750 PJAAV00 468.75469.25 469.000
+0.750
Ultra low sulfur diesel 10ppm AAVBG00 472.25472.75 472.500
+0.250 AAVBF00 458.50459.00 458.750
+0.250
Gasoil 0.1% AAYWS00 459.50460.00 459.750
+1.000 AAYWR00 444.25444.75 444.500
+1.000
Diesel 10ppm NWE AAWZC00 474.75475.25 475.000
+0.250 AAWZD00 460.75461.25 461.000
+0.250
Diesel 10 PPM UK AAVBH00 476.25476.75 476.500
+0.250
1% PUAAL00 216.50217.00 216.750
+4.000 PUAAM00 207.25207.75 207.500
+4.000
3.5% PUABA00 200.75201.25 201.000
+1.250 PUABB00 189.75190.25 190.000
+1.250
0.5-0.7% straight run PKABA00 290.50291.50 291.000
+2.500
Low sulfur VGO AAHMZ00 339.50340.50 340.000
+3.000 AAHMX00 336.00337.00 336.500
+3.000
High sulfur VGO AAHND00 336.00337.00 336.500
+3.000 AAHNB00 332.50333.50 333.000
+3.000
Northwest Europe barges (PGA pages 1112 & 1380)
FOB Rotterdam
Eurobob AAQZV00 491.75492.25 492.000 -2.000
Unleaded 98 AAKOD00 576.75577.25 577.000 -2.000
Premium Unleaded PGABM00 500.50501.00 500.750 -3.000
Reformate AAXPM00 553.250
+0.500
MTBE* PHALA00 693.75694.25 694.000
+6.250
Naphtha Phy PAAAM00 412.75413.25 413.000
+3.500
Jet PJABA00 476.75477.25 477.000
+2.250
Gasoil 50 ppm AAUQC00 458.50459.00 458.750
+0.500
Gasoil 0.1%* AAYWT00 454.00454.50 454.250
+8.750
10 ppm* AAJUS00 461.50462.00 461.750
+0.500
1% PUAAP00 207.75208.25 208.000
+1.250
3.5% PUABC00 207.75208.25 208.000
+1.250
Fuel Oil 3.5% 500 CST PUAGN00 199.75200.25 200.000
+1.250
Low sulfur VGO AAHNF00 336.00337.00 336.500
+3.000
High sulfur VGO AAHNI00 332.50333.50 333.000
+3.000
*FOB Amsterdam-Rotterdam-Antwerp
ICE LS gasoil GWAVE (Previous days values) (PGA page 702)
Oct PXAAJ00 464.750 24-Sep-15
Nov PXAAK00 467.750 24-Sep-15
Rotterdam bunker (PGA page 1112)
380 CST PUAFN00 212.00213.00 212.500
+1.000
ASIA-PACIFIC/ARAB GULF MARKETSCAN October 1, 2015
year-on-year rise. This was partly triggered by demand for
cargoes in Australia, which saw several refinery closures in
the last few years. In the key trading hub of Singapore,
stockpiles of middle distillates rose 4.51% in the week
ended September 22, according to data released by
International Enterprises Singapore Wednesday. Total
stocks of middle distillates, which include gasoil and
kerosene, were reported at 14.63 million barrels, compared
with 14.00 million barrels reported a week earlier. Exports of
jet fuel in the same period reached 21,369 mt, with the bulk
of the exports going to Australia, at 15,668 mt.
Jet Kero FOB Spore Cargo assessment rationale: (PGA
page 2494) The FOB Singapore jet fuel/kerosene cash
differential was assessed at minus $1.05/b Friday, up 5
cents/b day on day based on structure in the absence of
bids and offers proving value. The October/November swap
spread was up 10 cents/b from the previous session at
minus $0.47/b. The cash differential for the front loading
period of October 10-14 was assessed at minus $1.10/b,
middle loading period of October 15-19 at minus $1.05/b and
back loading period of October 20-25 at minus $1.01/b. With
the MOPS strip at $59.83/b and the cash differential at
minus $1.05/b, the outright price of jet fuel was $58.78/b.
The above commentary applies to the following market data code:
PJABF00
Singapore Jet bids/offers/trades: (PGA page 2495)
ASIA JET CARGO MOC: DEAL SUMMARY: No trade
reported
ASIA JET CARGO MOC: OUTSTANDING INTEREST: BIDS:
No bids reported
ASIA JET CARGO MOC: OUTSTANDING INTEREST: OFFERS:
Jet: FOB Straits: Vitol offer MOPS -0.10 Oct 10-14 100kb
(Deemed pricing Oct 12-16) INCO; Jet: FOB Straits: BP
offers MOPS -0.10 Oct 15-19 100kb (Deemed pricing Oct
14-20) BP GTC
Singapore Jet exclusions: (PGA page 2495) No market data
was excluded from the September 25, 2015 Singapore Jet
Market-on-Close assessment process.
Copyright 2015 McGraw Hill Financial 6
US products (/gal) (PGA page 158)
Code Mid Change Code Mid Change
US West Coast pipeline
Los Angeles San Francisco
Unleaded 84 AAUHA00 153.67153.77 153.720 +3.780
Unleaded 84 PGADG00 163.72163.82 163.770 +4.280
Premium 88.5 PGABG00 173.67173.77 173.720 +3.780 PGABO00 183.72183.82 183.770 +4.280
CARBOB AAKYJ00 169.67169.77 169.720 +3.780 AAKYN00 168.67168.77 168.720 +4.280
CARBOB PREM AAKYL00 211.67211.77 211.720 +3.780 AAKYP00 183.67183.77 183.720 +4.280
Jet PJAAP00 149.82149.92 149.870 -0.930 PJABC00 149.82149.92 149.870 -0.930
ULS (EPA) Diesel POAET00 151.57151.67 151.620 +0.320 POAEY00 158.57158.67 158.620 -0.180
CARB diesel POAAK00 152.57152.67 152.620 +0.320 POAAL00 159.57159.67 159.620 -0.180
Seattle Portland
Unleaded 84 AAXJE00 140.25140.35 140.300 +3.640 AAXJC00 141.40141.50 141.450 +3.640
Premium 90 AAXJF00 170.25170.35 170.300 +3.640 AAXJD00 171.40171.50 171.450 +3.640
Jet PJABB00 149.82149.92 149.870 -0.930
ULS (EPA) Diesel AAUEX00 161.22161.32 161.270 -0.280 AAUEY00 162.37162.47 162.420 -0.280
180 CST PUAWT00 313.45313.55 313.500 +0.500 PUAWV00 374.45374.55 374.500 +0.500
380 CST PUAWZ00 263.45263.55 263.500 +0.500 PUAXB00 339.45339.55 339.500 +0.500
Phoenix
RBOB unleaded 84 AADDP00 161.67161.77 161.720 +3.780
RBOB premium 89.5 PPXDJ00 203.67203.77 203.720 +3.780
Differential to NYMEX
CARBOB AANVX00 31.95/32.05 32.000 +1.500
CARBOB paper 1st month* AAKYR00 29.95/30.05 30.000 +0.500
CARBOB paper 2nd month* AAKYS00 21.95/22.05 22.000 +0.500
Jet Fuel AANVY00 -4.80/-4.70 -4.750 -0.750
ULS (EPA) Diesel AANVZ00 -3.05/-2.95 -3.000 +0.500
CARB Diesel AANWA00 -2.05/-1.95 -2.000 +0.500
* Premium to NYMEX gasoline settlement
US West Coast waterborne
Los Angeles San Francisco
Unleaded 87 PGADI00 153.67153.77 153.720 +3.780
Jet PJABI00 148.82148.92 148.870 -0.930
0.5% S PUAGD00 36.8536.87 36.860 -4.880
1.0% S PUAAQ00 36.3536.37 36.360 -4.880
2.0% S AABGP00 33.8533.87 33.860 -4.880
180 CST PUAWR00 264.95265.05 265.000 -31.000 PUBDA00 279.95280.05 280.000 -7.000
380 CST PUAWX00 214.95215.05 215.000 -31.000 PUBCY00 239.95240.05 240.000 -7.000
Platts assessment of futures markets at MOC close (PGA page 703)
Singapore 16:30
ICE gasoil futures ($/mt) NYMEX RBOB (/gal) NYMEX NY ULSD (/gal)
Balance Sep * AAQYM01 466.00 Oct XNRBA01 137.03 Oct XNHOA01 152.01
Oct AAQYM02 469.25 Nov XNRBA02 135.59 Nov XNHOA02 154.14
Nov AAQYM03 471.25 Dec XNRBA03 133.15 Dec XNHOA03 155.96
New York 15:15
NYMEX light sweet crude ($/barrel) NYMEX RBOB (/gal) NYMEX NY ULSD (/gal)
Nov NYCRM01 45.59 Oct NYRBM01 139.45 Oct NYHOM01 152.42
Dec NYCRM02 46.07 Nov NYRBM02 137.72 Nov NYHOM02 154.62
Jan NYCRM03 46.70 Dec NYRBM03 135.06 Dec NYHOM03 156.51
*Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February.
ASIA-PACIFIC/ARAB GULF MARKETSCAN October 1, 2015

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

(Asia MOC) (Asia MOC) (Asia close) (London close)
API
Gravity Code Mid Change Code Mid Change Code Mid Change Code Mid Change
Condensate (PGA page 2212) (PGA page 2213)
Diff to Dubai Diff to Asian Dated Brent
NW Shelf 61.9 PCAGX00 46.2246.26 46.240 -1.260 AAPAI00 -1.80 0.000 AAPAH00 46.380 -1.000
Ras Gas 57.0 AAPET00 46.9747.01 46.990 -1.300 AAPEU00 0.55/0.65 0.600 0.000 AARAZ00 -1.050 -0.040 AARAY00 47.130 -1.040
DFC 56.82 ADFCA00 46.9747.01 46.990 -1.300 ADFCB00 0.55/0.65 0.600 0.000 ADFCC00 -1.050 -0.040 ADFCD00 47.130 -1.040
Qatar LSC 56.9 AARBB00 46.1746.21 46.190 -1.300 AARBD00 -0.25/-0.15 -0.200 0.000 AARBC00 -1.850 -0.040 AARBA00 46.330 -1.040
South Pars 57.4 AARAV00 44.0244.06 44.040 -1.300 AARAX00 -2.40/-2.30 -2.350 0.000 AARAW00 -4.000 -0.040 AARAU00 44.180 -1.040
Diff to ICP
Senipah 54.4 AAEOE00 47.0747.11 47.090 -1.260 AAEOK00 -2.90/-2.80 -2.850 0.000 AAPBE00 -0.950 0.000 AAPBD00 47.230 -1.000
Light crude (PGA page 2214) (PGA page 2215)
Diff to ICP Diff to Asian Dated Brent
Cossack 47.7 PCAGZ00 47.0247.06 47.040 -1.260 AAPAC00 -1.000 0.000 AAPAB00 47.180 -1.000
Gippsland 48.7 PCACP00 45.7245.76 45.740 -1.260 AAPAU00 -2.300 0.000 AAPAT00 45.880 -1.000
Tapis 45.2 PCACB00 48.9248.96 48.940 -1.110 AAOZW00 0.900 +0.150 AAOZV00 49.080 -0.850
Belida 45.1 PCAFL00 44.2244.26 44.240 -1.090 PCAFM00 -0.05/0.05 0.000 +0.050 AAPBQ00 -3.800 +0.170 AAPBP00 44.380 -0.830
Kutubu 44.3 PCAFJ00 47.1247.16 47.140 -1.260 AAPAE00 -0.900 0.000 AAPAD00 47.280 -1.000
Handil Mix 43.9 PCABE00 45.7245.76 45.740 -1.240 PCABF00 0.75/0.85 0.800 0.000 AAPBI00 -2.300 +0.020 AAPBH00 45.880 -0.980
Attaka 42.3 PCAAJ00 44.0244.06 44.040 -1.090 PCAAK00 -0.25/-0.15 -0.200 +0.050 AAPBC00 -4.000 +0.170 AAPBB00 44.180 -0.830
Ardjuna 38.0 PCACQ00 41.6241.66 41.640 -1.140 PCACR00 0.00/0.10 0.050 --- --- AAPBG00 -6.400 +0.120 AAPBF00 41.780 -0.880
Diff to Dubai
Vityaz 41.6 AARAN00 48.9248.96 48.940 -1.300 AARAP00 2.50/2.60 2.550 0.000 AARAO00 0.900 -0.040 AARAM00 49.080 -1.040
Sakhalin Blend 45.5 AARBN00 48.9248.96 48.940 -1.300 AARCN00 2.50/2.60 2.550 0.000 AARDN00 0.900 -0.040 AAREN00 49.080 -1.040
ESPO M1 34.8 AARWF00 46.2446.28 46.260 -1.440 AASEU00 0.70/0.80 0.750 0.000 AARWE00 -1.190 +0.010 AARWD00 46.380 +0.300
ESPO M2 34.8 AAWFE00 47.9748.01 47.990 -1.200 AAWFG00 1.55/1.65 1.600 +0.100
Diff to Oman/Dubai
Sokol 39.7 AASCJ00 50.1050.14 50.120 -1.130 AASCK00 3.55/3.65 3.600 +0.150 AAPAO00 2.080 +0.130 AAPAN00 50.260 -0.870
Kikeh 34.9 AAWUH00 50.2750.31 50.290 -1.110 AAOZY00 2.250 +0.150 AAOZX00 50.430 -0.850
Miri Light 32.3 PCABQ00 51.0251.06 51.040 -1.110 AAPAS00 3.000 +0.150 AAPAR00 51.180 -0.850
Labuan 32.0 PCABL00 50.9751.01 50.990 -1.110 AAPAQ00 2.950 +0.150 AAPAP00 51.130 -0.850
Medium crude (PGA page 2216) (PGA page 2217)
Diff to OSP Diff to Asian Dated Brent
Su Tu Den 36.8 AARAR00 48.4248.46 48.440 -1.110 AARAT00 -1.65/-1.55 -1.600 +0.150 AARAS00 0.400 +0.150 AARAQ00 48.580 -0.850
Bach Ho 40.7 PCAHY00 48.9248.96 48.940 -1.110 AAPAK00 0.900 +0.150 AAPAJ00 49.080 -0.850
Nanhai 40.0 PCAFR00 43.9243.96 43.940 -1.160 AAPAG00 -4.100 +0.100 AAPAF00 44.080 -0.900
Diff to ICP
Minas 35.3 PCABO00 40.8740.91 40.890 -1.240 PCABP00 -0.35/-0.25 -0.300 0.000 AAPBA00 -7.150 +0.020 AAPAZ00 41.030 -0.980
Nile Blend 33.9 AAPLC00 40.1740.21 40.190 -1.240 AAPEX00 -1.05/-0.95 -1.000 0.000 AAPAM00 -7.850 +0.020 AAPAL00 40.330 -0.980
Widuri 33.2 PCAFE00 40.0740.11 40.090 -1.240 PCAFF00 -0.95/-0.85 -0.900 0.000 AAPBO00 -7.950 +0.020 AAPBN00 40.230 -0.980
Daqing 32.2 PCAAZ00 38.7238.76 38.740 -1.240 AAPAW00 -9.300 +0.020 AAPAV00 38.880 -0.980
Cinta 31.1 PCAAX00 39.8739.91 39.890 -1.240 PCAAY00 -0.95/-0.85 -0.900 0.000 AAPBK00 -8.150 +0.020 AAPBJ00 40.030 -0.980
Heavy crude (PGA page 2218) (PGA page 2219)
Diff to ICP Diff to Asian Dated Brent
Dar Blend 25.0 AARAB00 39.8739.91 39.890 -1.260 AARAC00 -8.150 0.000 AARAA00 40.030 -1.000
Shengli 24.2 PCABY00 37.3237.36 37.340 -0.940 AAPAY00 -10.700 + 0.320 AAPAX00 37.480 -0.680
Duri 20.8 PCABA00 37.2237.26 37.240 -0.940 PCABB00 -0.85/-0.75 -0.800 0.000 AAPBM00 -10.800 + 0.320 AAPBL00 37.380 -0.680
Stybarrow 22.8 AARAH00 46.840 -1.160 AARAI00 -1.200 + 0.100 AARAG00 46.980 -0.900
Enfield 22.0 AARAE00 47.740 -1.160 AARAF00 -0.300 + 0.100 AARAD00 47.880 -0.900
Vincent 18.3 AARAK00 45.540 -1.160 AARAL00 -2.500 + 0.100 AARAJ00 45.680 -0.900

Copyright 2015 McGraw Hill Financial 7

ASIA-PACIFIC/ARAB GULF MARKETSCAN October 1, 2015

Jet Index (PGA page 115) China tanker fixtures

Index $/barrel Vessel Volume Grade Route Arrival date Importer
Asia & Oceania PJASO00 169.83 PJASO08 59.44 East China
Mid East & Africa PJMEA00 171.28 PJMEA08 57.35 TBA 120kt Bitumen Malaysia-Qingdao Sep 1 Yijia
Global PJGLO00 164.69 PJGLO08 60.24 TBA 140kt Crude TBA-Qingdao Sep 1 ChemChina
TBA 98kt Bitumen Malaysia-Longkou Sep 2 Qirun
TBA 92kt Bitumen Malaysis-Laizhou Sep 6 Luqing
Gasoil TBA 100kt Bitumen Malaysia-Longkou Sep 7 Tianhong
TBA 200kt SR380 Venezuela-Qingdao Sep 7 ChinaOil
Market analysis: (PGA page 2498) Scheduled turnarounds TBA 270kt Crude Venezuela-Qingdao Sep 7 PetroChina Fuel Oil
and small pockets of demand in West Africa, Vietnam and TBA 80kt Crude Russia-Laizhou Sep 10 Changyi
TBA 60kt Crude TBA-Laizhou Sep 12 Changyi
Myanmar offered support to the Asian gasoil market this TBA 90kt Bitumen Malaysia-Qingdao Sep 14 Chambroad
week. The front month/second month timespread widened TBA 90kt Bitumen Malaysia-Qingdao Sep 14 Chambroad
11 cents/barrel Tuesday to hit a four-month high at minus 22 TBA 90kt Crude Russia-Laizhou Sep 15 Lijin
Mary 56kt Bitumen Malaysia-Rizhao Sep 16 Yuhuang
cents/b Wednesday, Platts data showed. The last time the TBA 100kt Bitumen Malaysia-Longkou Sep 17 Qirun
timespread was higher was on June 3 when it was minus 21 LAPAZ 140kt Crude TBA-Qingdao Sep 20 Dongming
cents/b. Market sources said, however, that they could not Taishan 260kt Crude Gabonese-Rizhao Sep 24 Dongming

say how long the rise could be sustained, citing outages

and refinery turnarounds, adding that the region was still
oversupplied. There were some bullish incidents recently
-- Shell delaying the restart of its CDU -- but once the news
blow over, the fundamentals will kick back in, which is
bearish, a Singapore-based trader said. The strength in the
timespread was more of a market play than anything else,
another Singapore-based trader said. There is no
fundamental justification for the Singapore spreads to be
that strong, he added. Stocks of middle distillates in
Singapore rose 631,000 barrels from the previous week to
International tanker fixtures (PGA pages PGT2904 and PGT2950)
Ship name Size Type Date Route Rate Charterer
Maran Capricorn 280 CR 3-Oct Basrah-USGC w33 Litasco
Tbn 280 CR 1-Oct Mina Al Fahal-China rnr R Marine
DHT Condor 280 CR 8-Oct Basrah-Red Sea rnr Eni
Tbn 280 CR 1-Oct Mina Al Fahal-China rnr RMPL
Front Circassia 270 CR 1-Oct PG-China w55 Unipec
Atlantic Pioneer 270 CR 4-Oct PG-China w59 Mercuria
DHT Eagle 270 CR 2-Oct PG-China w62.5 Unipec
Orthis 270 CR 2-Oct PG-China w55 Unipec
Alsace 270 CR 29-Sep PG-China w62.5 Noble
New Voyage 270 CR 5-Oct Basrah-Yeosu w55 GS Caltex
Asian Progress V 270 CR 1-Oct PG-Thailand w52 PTT

ASIA-PACIFIC/ARAB GULF MARKETSCAN
Volume 34 / Issue 165 / October 1, 2015
Editorial: Dave Ernsberger, Tel +44-20-7176-6116, Global Oil Director; Jonty Rushforth, Tel
+65-6530-6581, Editorial Director, Asia & Middle East Oil Markets.
Client services information: North America: 800-PLATTS8 (800-752-8878); direct:
+1-212-904-3070, Europe & Middle East: +44-20-7176-6111, Asia Pacific: +65-6530-6430,
Latin America: +54-11-4121-4810, E-mail: support@platts.com
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Copyright 2015 McGraw Hill Financial 8

ASIA-PACIFIC/ARAB GULF MARKETSCAN October 1, 2015
14.627 million barrels in the week ended September 22, IE
Singapore data released Thursday showed. Inventories
were last higher in the week ended January 28, when they
stood at 14.737 million barrels. Singapore imported 161,537
mt of automotive diesel in the week of September 17-22,
with the bulk of imports coming from South Korea at 91,610
mt, and China at 50,522 mt. Chinas gasoil exports hit a new
record high at 722,516 mt in August, and are expected to
remain on an upward trend amid sluggish domestic
demand and export quotas. The August exports were up
33% from 543,992 mt in July, and also up 77% year on year
from 407,801 mt exported in August 2014, according to data
released Tuesday by Chinas General Administration of
Customs.
Gasoil .001%S (10ppm) FOB Spore Cargo assessment
rationale: (PGA page 2490) The 10 ppm sulfur gasoil cash
differential was assessed at plus $1.01/b Friday. The cash
differential on the front loading period of October 10-14 was
assessed at plus $0.72/b, down 16 cents/b, reflecting Shells
offer for a cargo loading over October 10-14 at MOPS Gasoil
plus $0.72/b after deemed pricing. The middle loading
period of October 15 was assessed at plus $1.02/b, down 8
cents/b, and the back loading period of October 20-25 was
assessed at plus $1.25/b, down 4 cents/b, both reflecting
losses on the front loading period. With the MOPS strip at
$59.40/b and the cash differential at plus $1.01/b, the
outright price of 10 ppm sulfur gasoil was $61.41/b.
The above commentary applies to the following market data code:
AAOVC00
Gasoil .05%S (500ppm) FOB Spore Cargo assessment
rationale: (PGA page 2490) The 500 ppm sulfur gasoil cash
differential was assessed at minus 25 cents/b Friday. The
cash differential for the front loading period of October
10-14 was assessed at minus 25 cents/b, unchanged from
Wednesday based on structure. The middle loading period
of October 15-19 was assessed at minus 25 cents/b,
reflecting a trade between BP and Trafigura for a cargo
loading over October 14-18 at MOPS Gasoil minus 25 cents/b
after deemed pricing. The back loading period of October
Copyright 2015 McGraw Hill Financial 9
International tanker fixtures (PGA pages PGT2904 and PGT2950)
Ship name Size Type Date Route Rate Charterer
Athenian Victory 270 CR 3-Oct Basrah-USGC w33.5 CSSA
Amore Mio II 140 CR 5-Oct Basrah-Spain rnr CEPSA
Four Smile 135 CR 11-Oct Bashayer-China w75 Unipec
Kimolos Warrior 132 CR 1-Oct Ras Tanura-Kochi w60 BPCL
Ambrosia 80 CR 3-Oct Bashayer-East w100 Glasford
Phoenix Beta 80 FO 17-Sep Ruwais-opts rnr BP
Al Habibah 80 FO 24-Sep Fujairah-East w90 CSSA
Desh Gaurav 80 FO 17-Sep Ruwais-East w83 Lukoil
Hydra 80 FO 18-Sep Yanbu-Rabigh rnr ATC
Tbn 80 FO 20-Sep Ruwais-East rnr BP
Shanghai Dawn 100 CR 25-Sep Kozmino-NChina rnr cnr
Seamaster IV 80 CR 23-Sep Kimanis-Cilacap $650k Shell
Trident Star 80 FO 20-Sep Spore-China rnr Mercuria
Silver Bridge 80 CR 22-Sep Seria-Balikpapan $630k Kangqi
Sigma Integrity 80 FO 24-Sep Spore-Noumea rnr Shell
Desh Mahima 80 FO 25-Sep Spore-China w95 Cargill
Maria Princess 80 CR 28-Sep STS Yeosu-Cilacap $690k Statoil
Ocean Victory 30 DY 1-Oct Balikpapan-Spore rnr JX
Strovolos 20 FO 28-Sep Spore-Chittagong $435k Plimex
Olympic Luck 260 CR 16-Oct WAF-WCIndia rnr Reliance
Solana 260 CR 9-Oct WAF-ECIndia $5.2m HPCL
Ottoman Tenacity 130 CR 10-Oct WAF-Spain w57.5 Repsol
Aegean Diginity 130 CR 9-Oct WAF-Spain w57.5 Repsol
Besiktas Bosphorus 130 CR 3-Oct WAF-UKC w57.5 Pineos
Frio 130 CR 9-Oct WAF-Spain w57.5 CEPSA
Triathlon o/o 130 CR 8-Oct WAF-UKC w65 Total
Alfa Baltica 80 CR 1-Oct Supsa-Med w72.5 Chevron
NS Concord 80 CR 1-Oct Novorossiisk-Med rnr Chevron
Izumo Princess 80 CR 28-Sep Ceyhan-Med w75 Statoil
Mount Fiji 130 CR 10-Oct Ceyhan-China $3.35m Socar
Al Salmi 270 DY 10-Oct STS Skaw-Spore $4.95m SK Energy
Caesar 270 DY 10-Oct Skaw-China rnr Unipec
Minerva Nounou 100 CR 25-Sep Primorsk-UKC rnr Vitol
Seafalcon 100 FO 25-Sep Talinn-UKC rnr Mercuria
NS Concept 100 FO 29-Sep Primorsk-UKC w60 Clearlake
Blackcomb Spirit 100 CR 26-Sep Baltic-UKC w60 Vitol
Nissos Santorini 100 CR 29-Sep Baltic-UKC w60 Vitol
Nissos Paros 100 CR 25-Sep Baltic-UKC w57.5 Vitol
Harad 270 DY 18-Sep ECMexico-WCIndia rnr Essar
Safwa 270 DY 1-Oct Caribs-WCIndia rnr Reliance
Jiaolong Spirit 150 DY 23-Sep Caribs-USGC w57.5 Valero
Arctic 150 DY 29-Sep Covenas-USGC w57.5 Clearlake
Da Ming Hu 130 FO 25-Sep USGC-Spore $2.85m BP
NS Corona 70 DY 20-Sep ECMexico-UKC w70 ATMI
Minerva Sophia 70 CR 29-Sep Jose-USGC w105 ATMI
Shell tbn 70 CR 28-Sep Puerto Miranda-USGC w105 Lukoil
SN Azurra 70 CR 23-Sep Covenas-USGC w80 Lukoil
V8 Stealth 70 DY 24-Sep Statia-USGC w105 Freepoint
FPMC P Ideal 90 JT 10-Oct Sikka-UKC $2.175m Mena
Captain Paris 90 CL 27-Sep PG-UKC $2.2m Vitol
FPMC P Hero 80 CL 23-Sep Yanbu-UKC $1.95m Unipec
STI Elysees 75 NA eSep Red Sea-Japan w80 cnr
ASIA-PACIFIC/ARAB GULF MARKETSCAN October 1, 2015
20-25 was assessed at minus 26 cents/b, based on
structure. With the MOPS strip at $59.40/b and the cash
differential at minus 25 cents/b, the outright price of 500
ppm sulfur gasoil was $59.15/b.
The above commentary applies to the following market data code:
AAFEX00
Gasoil FOB Spore Cargo assessment rationale: (PGA page
2490) The 500 ppm sulfur gasoil cash differential was
assessed at minus 25 cents/b Friday. The cash differential
for the front loading period of October 10-14 was assessed
at minus 25 cents/b, unchanged from Wednesday based on
structure. The middle loading period of October 15-19 was
assessed at minus 25 cents/b, reflecting a trade between
BP and Trafigura for a cargo loading over October 14-18 at
MOPS Gasoil minus 25 cents/b after deemed pricing. The
back loading period of October 20-25 was assessed at
minus 26 cents/b, based on structure. With the MOPS strip
at $59.40/b and the cash differential at minus 25 cents/b,
the outright price of 500 ppm sulfur gasoil was $59.15/b.
The above commentary applies to the following market data code:
POABC00
Gasoil .25%S (2500ppm) FOB Spore Cargo assessment
rationale: (PGA page 2489) The 2,500 ppm sulfur gasoil cash
differential was assessed at minus 76 cents/b Friday,
unchanged from Wednesday as the 500 ppm cash differential
was unchanged at minus cents/b. With the MOPS strip at
$59.40/b and the cash differential at minus 76 cents/b, the
outright price of 2,500 ppm sulfur gasoil was $58.64/b.
The above commentary applies to the following market data code:
AACUE00
Gasoil .05% (500ppm) FOB Arab Gulf Cargo assessment
rationale: (PGA page 2489) FOB Arab Gulf 500 ppm sulfur
gasoil was assessed at $56.83/b Friday, based on an
assessed freight rate of $2.32/b for the Persian Gulf-
Singapore route for 55,000-mt cargoes. Singapore 500 ppm
sulfur gasoil was assessed at $59.15/b.
The above commentary applies to the following market data code:
AAFEZ00
Copyright 2015 McGraw Hill Financial 10
International tanker fixtures (PGA pages PGT2904 and PGT2950)
Ship name Size Type Date Route Rate Charterer
LR2 Polaris 75 NA eOct PG-Japan w80 Vitol
Alonissos 75 NA eOct PG-Japan w82.5 Itochu
Hovden Spirit 75 NA 6-Oct PG-Japan Platts Itochu
Maistros o/o 55 NA 30-Sep PG-Japan w102.5 Pchina
Papillon 35 CL 24-Sep Cross Red Sea rnr cnr
STI Lexington 35 UN 25-Sep WCIndia-ECIndia rnr Reliance
Green Hellas 35 CL 26-Sep Bahrain-PG $250k Alsa Pet
FPMC 20 35 UN 18-Sep PG-Eafrica w167.5 IPG
Bubyan 35 JT 19-Sep Ras Laffan-Mesaieed $200k Shell
Yue Chi 20 UN 22-Sep Fujairah-Kandla $525k ATC
Four Sky 90 CL eSep S Korea-Spore rnr cnr
Vanphong 1 90 CL eSep S Korea-Spore o/p ST Ship
STI Connaught 90 GO 30-Sep S Korea-Wafrica rnr Trafigura
FPMC 22 35 CL 30-Sep Japan-Australia w167.5 ST Ship
Dong-A Themis 32 NA 26-Sep Yeosu-Qingdao o/p GS Caltex
Delphi 30 CL 23-Sep Black Sea-Med w137.5 cnr
Maersk Elliot 30 GO 19-Sep Black Sea-Med w135 ST Ship
Acquaviva 30 ULSD 24-Sep Sarroch-Med w130 Eni
Clio 80 NA 25-Sep Med-Japan rnr Shell
Aretea 80 NA 26-Sep Med-Japan rnr Total
Aegean Wave 37 CL 18-Sep ARA-WAF w120 BP
Star Falcon 37 UN 22-Sep UKC-USAC w100 P66
STI Westminster 37 UN 26-Sep UKC-USAC w92.5 Total
UACC Shamiya 40 REF 25-Sep ARA-China $1.5m cnr
Silver Dover 37 UN 23-Sep UKC-USAC o/p Shell
Jo Provel 60 CL 25-Sep Algeciras-opts rnr cnr
Maersk Bright 22 CL 26-Sep Baltic-UKC w167.5 Clearlake
Baltic Faith 30 CL 25-Sep Ust Luga-UKC w135 Apageo
Walleye 60 CL 29-Sep USGC-UKCM w80 cnr
STI Powai 38 CL 28-Sep USGC-UKC w150 Valero
Falcon Nostos 38 ULSD 24-Sep USGC-UKC w149 ExxonMob
Concept 38 ULSD 19-Sep USGC-UKC w125 Chevron
BW Lynx 38 CL 21-Sep ECCanada-USAC $450k BP
Kristi Ruby 38 UN 23-Sep USGC-ECMexico rnr cnr
CL: Clean, F: Failed, UL: Unleaded, NA: Naphtha, GO: Gasoil, DY: Dirty, CR: Crude, FO: Fuel Oil, CO: Condensate, +:Update, pt: prompt, cnr: charterer not reported, rnr: rate
not reported
Gasoil FOB Arab Gulf Cargo assessment rationale: (PGA page MOPS -$0.10/b (Deemed pricing Sep 23-30) INCO (8:27:30)
2489) FOB Arab Gulf 500 ppm sulfur gasoil was assessed at ASIA GO CARGO MOC: OUTSTANDING INTEREST: BIDS:
$56.83/b Friday, based on an assessed freight rate of $2.32/b Gasoil 10ppm: FOB Straits: BP bids MOPS +0.50 Oct 11-15
for the Persian Gulf-Singapore route for 55,000-mt cargoes. 150kb (Deemed pricing Oct 12-16); Gasoil 10ppm: FOB
Singapore 500 ppm sulfur gasoil was assessed at $59.15/b. Straits: Vitol bids +0.80 Oct 13-17 150kb (Deemed pricing
The above commentary applies to the following market data code: Oct 12-16) INCO; Gasoil 500ppm: FOB Straits: Trafigura
POAAT00 bids MOPS -0.30 Oct 14-18 250kb (Deemed pricing Oct
13-19) INCO; Gasoil 500ppm: FOB Straits: Lukoil bids
Asia & Middle East Gasoil bids/offers/trades: (PGA page 2491) MOPS -0.30 Oct 14-18 250kb (Deemed pricing Oct 13-19);
ASIA GO CARGO MOC: DEAL SUMMARY: Gasoil 500ppm : Gasoil 500ppm: FOB Straits: Petrochina bids MOPS -0.40
FOB Straits: Oct 8-12: 250kb: Hin Leong sells to Sietco at Oct 15-19 250kb (Deemed pricing Oct 14-20) INCO; Gasoil
ASIA-PACIFIC/ARAB GULF MARKETSCAN October 1, 2015
500ppm: FOB Straits: Petrochina bids MOPS -0.40 Oct
18-22 250kb (Deemed pricing Oct 19-23) INCO; Gasoil
500ppm: FOB Straits: BB Energy bids Bal Sep -0.20 Oct
19-23 250kb INCO; Gasoil 500ppm: FOB Straits: Trafigura
bids MOPS -0.50 Oct 19-23 250kb INCO; Gasoil 500ppm:
FOB Straits: Total bids Bal Sep -0.50 Oct 19-23 250kb;
ASIA GO CARGO MOC: OUTSTANDING INTEREST: OFFERS:
Gasoil 10ppm: FOB Straits: Sietco offers MOPS +0.90 Oct
8-12 150kb (Deemed pricing Oct 12-16); Gasoil 500ppm:
FOB Straits: Vitol offers MOPS -0.10 Oct 8-12 150kb
(Deemed pricing Oct 7-13) INCO; Gasoil 500ppm: FOB
Straits: BP offers MOPS -0.10 Oct 8-12 150kb (Deemed
pricing Oct 7-13) BP GTC; Gasoil 500ppm: FOB Straits:
Chevron offers Oct +0.10 Oct 13-17 150kb Chevron GT&C;
Gasoil 500ppm: FOB Straits: BP offers MOPS -0.10 Oct 13-17
150kb (Deemed pricing Oct 12-16) BP GTC; Gasoil 500ppm:
FOB Straits: Noble offers MOPS +0.00 Oct 13-17 150kb
(Deemed pricing Oct 12-16); Gasoil 500ppm: FOB Straits:
Glencore offers MOPS +0.00 Oct 14-18 150kb (Deemed
pricing Oct 12-16) INCO; Gasoil 500ppm: FOB Straits: Unipec
offers MOPS -0.10 Oct 18-22 150kb (Deemed pricing Oct
19-23) INCO; Gasoil 500ppm: FOB Straits: Glencore offers
MOPS +0.00 Oct 19-23 150kb (Deemed pricing Oct 19-23)
INCO; Gasoil 500ppm: FOB Straits: BP offers MOPS +0.00
Oct 19-23 150kb (Deemed pricing Oct 19-23) BP GTC; Gasoil
500ppm: FOB Straits: Noble offers MOPS +0.00 Oct 19-23
150kb (Deemed pricing Oct 19-23)
ASIA GO CARGO MOC: WITHDRAWN: Gasoil 500ppm: FOB
Straits: Sietco no longer bids MOPS -0.10 Oct 8-12 250kb
(Deemed pricing Sep 23-30) after trade with Hin Leong
(8:27:30)
Asia & Middle East Gasoil exclusions: (PGA page 2491) No
market data was excluded from the September 25, 2015
Asian gasoil Market-on-Close assessment process.
Fuel Oil
Market analysis: (PGA page 2599) Trade activities in the Asian
fuel oil market were slow Friday, with the market still seen as
fundamentally weak on heavy supply and fairly thin demand.
Copyright 2015 McGraw Hill Financial 11
Deals summaries (PGA page 190)
Naphtha paper
REPORTED DURING AND OUTSIDE WINDOW:
Platts Naphtha Japan swap: Oct heard done 442.50
Platts Naphtha Japan swap: Oct heard done 442.00
Platts Naphtha Japan swap: Oct heard done 441.00 x2
Platts Naphtha Japan swap: Oct heard done 440.00
Platts Naphtha Japan swap: Oct/Nov heard done 2.00
REPORTED AFTER CLOSE:
Platts Naphtha Japan swap: Oct heard done 440.50
Platts Naphtha Japan swap: Oct/Nov heard done 1.75
Platts Naphtha Japan swap: Jan/Feb heard done 1.25
Jet paper
Platts Asia deals summary: Jet paper Sep 25, 2015: Jet: October/
November done -0.52 Mabanaft sells to PetroChina (08:14:47); Jet:
Oct15 done 59.83 Vitol sells to MCE (08:27:12); Jet: Oct15 done 59.8
Vitol sells to Hartree (08:27:54); Jet: Oct15 done 59.8 Vitol sells to
MCE (08:29:49)x2; Jet: Oct15 done 59.8 Vitol sells to Hartree
(08:29:53)
Platts Asia deals summary: Regrade paper Sep 25, 2015: Regrade:
Oct15 done 0.38 Mabanaft buys from Vitol (08:15:50); Regrade:
Oct15 done 0.38 Oak Futures buys from Winson (08:15:54);
Regrade: Oct15 done 0.38 Mercuria buys from Noble (08:28:33)
Gasoil paper
Platts Asia deals summary: Gasoil paper Sep 25, 2015
Gasoil: October/November done -0.24 Noble sells to SocGen
(08:28:12);
Gasoil: October/November done -0.24 BP sells to SocGen
(08:28:25); Gasoil: Oct15 done 59.45 Litasco buys from BP
Latest data from government agency International showed a
slight drop of 6.08% in Singapores commercial stockpiles of
heavy distillates in the week ended September 22, but was
still the third-highest level it has ever been at, according to
the data. Total stocks of heavy distillates, which IE describes
as residues and include cracked and straight run fuel oil
and low sulfur waxy residue, were reported at 28.03 million
barrels. That compared with 29.85 million barrels reported a
(08:28:44); Gasoil: October/November done -0.23 PetroChina buys
from BP (08:29:23); Gasoil: October/November done -0.23 BP sells
to PetroChina (08:29:28)
Gasoil: Oct15 done 59.4 BP sells to Shell (08:29:34); Gasoil: Oct15
done 59.4 Litasco buys from BP (08:29:43); Gasoil: October/
November done -0.23 BP sells to PetroChina (08:29:57); Gasoil:
October/November done -0.24 BP sells to SocGen (08:29:59)
Platts Asia deals summary: Regrade paper Sep 25, 2015
Regrade: Oct15 done 0.38 Mabanaft buys from Vitol (08:15:50)
Regrade: Oct15 done 0.38 Oak Futures buys from Winson (08:15:54)
Regrade: Oct15 done 0.38 Mercuria buys from Noble (08:28:33)
Fuel oil paper
Platts Asia deals summary: 180 CST paper Sep 25,2015
180 CST: Oct15 done 238 Glencore buys from Vitol (08:18:11)
180 CST: Oct15 done 239 Oak Futures buys from Mercuria
(08:25:03)
180 CST: Oct15 done 238.25 Oak Futures buys from Mercuria
(08:29:59)
Platts Asia deals summary: 380 CST paper Sep 25, 2015
380 CST: Oct15 done 233.5 Glencore buys from Shell (08:25:18)
380 CST: Oct15 done 233.5 Glencore buys from Vitol (08:25:19)
380 CST: Oct15 done 233.5 Litasco buys from Shell (08:29:45)
380 CST: Oct15 done 233 Gunvor sells to Hartree (08:29:45)
Platts Asia deals summary: Viscosity paper Sep 25, 2015
No trades reported.
Mogas paper
PLATTS ASIA MOGAS 92 RON SWAPS MOC: DEAL SUMMARY: NO
TRADE
week earlier, which was the all-time high. The still-ample
levels are in line with trade sources who maintain that there
is still well enough oil in the market and most sellers are still
holding on to their stocks to roll over until next month.
Elsewhere, Indias Reliance is offering 80,000 mt of carbon
black feedstock with maximum 2.6% sulfur for loading over
October 21-22 from Sikka through a tender closing
September 28, with validity until September 29.
ASIA-PACIFIC/ARAB GULF MARKETSCAN October 1, 2015
FO 180 CST 3.5%S FOB Spore Cargo assessment
rationale: (PGA page 2593) FOB Singapore 180 CST high
sulfur fuel oil was assessed at $233.88/mt Friday. The cash
differential was assessed at minus $4.73/mt. The
assessment reflected a trade where Hin Leong bought from
Shell an October 10-14 loading cargo at MOPS minus $5/mt.
The assessment also took into account a bid from Gunvor
for an October 16-20 loading cargo at November average
minus $10/mt.
The above commentary applies to the following market data code:
PUADV00
FO 380 CST 3.5%S FOB Spore Cargo assessment
rationale: (PGA page 2593) FOB Singapore 380 CST HSFO
was assessed at $227.52/mt Friday, with the cash
differential at minus $6.04/mt. The assessment reflected a
trade where Mercuria bought from Gunvor an October 21-25
loading cargo at $228/mt.
The above commentary applies to the following market data code:
PPXDK00
FO 180 CST FOB Arab Gulf Cargo assessment rationale:
(PGA page 2593) FOB Arab Gulf 180 CST high sulfur fuel oil
was assessed at $220.05/mt Friday based on an assessed
freight rate of $13.83/mt for the Persian Gulf-East route for
80,000-mt cargoes.
The above commentary applies to the following market data code:
PUABE00
FO 380 CST 3.5% FOB Arab Gulf Cargo assessment
rationale: (PGA page 2593) FOB Arab Gulf 380 CST high sulfur
fuel oil was assessed at $213.69/mt Friday based on an
assessed freight rate of $13.83/mt for the Persian Gulf-East
route for 80,000-mt cargoes.
The above commentary applies to the following market data code:
AAIDC00
Singapore Fuel Oil bids/offers/trades: (PGA page 2594)
ASIA 180 CST HSFO CARGO: DEAL SUMMARY: Platts HSFO
180CST: FOB Straits: 20kt: Oct 10-14: Hin Leong buys from
Shell at MOPS minus $5.00/mt SHELL GTC (4:25:19.672).
Copyright 2015 McGraw Hill Financial 12
Subscriber notes (PGA page 1500)
barrels. Platts would publish the assessment as both an outright value and as a differential against the FOB Singapore Naphtha MOPS Strip.
Platts has no plans to discontinue its FOB Singapore naphtha netback assessment, which is assessed as a freight netback from its CFR
Japan naphtha assessment. The netback forms the basis of FOB Singapore naphtha derivatives assessments, and the naphtha MOPS
Strip. Platts separately continues to review its FOB Singapore naphtha spot market assessment, and invites further comment on that
assessment. SPECIFICATIONS: Platts proposes to assess CFR Singapore naphtha with the following standard specifications:
Property Unit Test Method Specification Density kg/L
ASTM D 4052 Min 0.660 Research Octane Number
ASTM D 2700 Min 72.0 Total sulfur wt.ppm
ASTM D 5453 Max 250.0 Benzene content %vol
ASTM D 5580 Max 2.5 Distillation 50% evaporated deg C
ASTM D86 Min 50 Lead wt.ppb
ICP-MS 13 Max. Arsenic wt.ppb
ICP-MS 20 Max. Initial Boiling Point deg C
ASTM D 86 25 Min. Final Boiling Point deg C
ASTM D 86 204 Max. Mercury wt.ppb
UOP 938 Report Paraffins vol%
ASTM D 6839 Report Olefins vol%
ASTM D 6839 Report Naphthenes vol%
ASTM D 6839 Report Aromatics vol%
ASTM D 6839 Report Oxygenated Compounds vol%
ASTM D 6839 0.2 Max. Mercaptan sulfur wt%
ASTM D 3227 Max 0.001 RVP psi
ASTM D 6378 Max 13.0
CFR DELIVERY STANDARDS: For CFR Singapore assessments, buyers should nominate terminal for delivery 10 days before the first day of
delivery dates agreed at time of trade. The seller should narrow the five-day delivery range to a three-day delivery range seven days before
the first day of the narrowed delivery range. Platts also expects the seller to nominate the performing vessel seven days before the first
day of the narrowed delivery range. CFR DEVIATIONS: A CFR buyer has the right to request a deviation of the ship to another port, provided
the shipowner has granted, or has the ability to grant, the deviation to the charterer. Any incremental expenses associated with the
deviation are borne by the buyer as he/she is initiating the request for the deviation. Charges incurred because of the deviation must be
transparent and be granted at cost and in line with normal market practices. Platts will monitor such charges if they result in anomalies.
These assessment will be published on Platts Global Alert, Platts Asia-Pacific/Arab Gulf Marketscan and in the Platts price assessment
database. Please send all comments, feedback and questions by August 26, 2015, to pl_asia_oilproducts@platts.com and
pricegroup@platts.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts for
public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.
Platts is proposing to reflect deliveries from the Pulau Seraya Power Station Terminal in Singapore in its benchmark FOB Singapore
assessments for gasoil. Under Platts methodology, certain approved alternative locations may be used for offers of oil published during the
Market on Close assessment process. The terminal has four berths and an overall total storage capacity of 835,000 cu m, of which 180,000
cu m is dedicated to clean product storage. At 1.0 m tide, the approach draft is approximately 12.6 m and able to accommodate Aframax
and partially laden Suezmax size vessels. The largest of the four berths, berth 1, is able to accommodate a partially laden Suezmax vessel,
while berth 2 is able to accommodate Aframax size vessels. Please send initial comments or questions by 7 September 2015 to
asia_oilproducts@platts.com and pricegroup@platts.com. For written comments, please provide a clear indication if comments are not
intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as
confidential available upon request.
ASIA-PACIFIC/ARAB GULF MARKETSCAN October 1, 2015
ASIA 180 CST HSFO CARGO: OUTSTANDING INTEREST:
Platts HSFO 180CST: FOB Straits: Gunvor bids Nov Avg
-10.00 Oct 16-20 20kt INCO; Platts HSFO 180CST: FOB
Straits: Mercuria offers MOPS -4.00 Oct 10-14 20kt INCO;
Platts HSFO 180CST: FOB Straits: Mercuria offers MOPS
-4.00 Oct 15-19 20kt INCO; Platts HSFO 180CST: FOB
Straits: Mercuria offers MOPS -4.00 Oct 21-25 20kt INCO;
Platts HSFO 180CST: FOB Straits: Shell no longer offers on
MOPS -5.00 Oct 10-14 20kt SHELL GTC, after trade with
HL OR; WD Platts HSFO 180CST: FOB Straits: Shell no
longer offers MOPS -4.00 Oct 15-19 20kt SHELL GTC OR;
WD Platts HSFO 180CST: FOB Straits: Shell no longer
offers MOPS -5.00 Oct 21-25 20kt SHELL GTC.
ASIA 380 CST HSFO CARGO: DEAL SUMMARY: 1) Platts
HSFO 380CST: FOB Straits: 20kt: Oct 21-25: Mercuria buys
from Gunvor at $228.00/mt INCO (4:24:24.157).
ASIA 380 CST HSFO CARGO: OUTSTANDING INTEREST:
Platts HSFO 380CST: FOB Straits: HL bids Oct Avg -8.00
Oct 21-25 20kt; Platts HSFO 380CST: FOB Straits: Brightoil
bids H1 Oct -8.00 Oct 10-14 40kt INCO; Platts HSFO
380CST: FOB Straits: Shell bids MOPS -7.25 Oct 10-14 40kt
OR; Platts HSFO 380CST: FOB Straits: Shell bids MOPS
-7.25 Oct 15-19 40kt OR; Platts HSFO 380CST: FOB Straits:
Shell bids MOPS -7.50 Oct 20-24 40kt; Platts HSFO
380CST: FOB Straits: Vitol offers MOPS -2.00 Oct 10-14
20kt INCO; Platts HSFO 380CST: FOB Straits: Vitol offers
230.00 Oct 10-14 20kt INCO; Platts HSFO 380CST: FOB
Straits: Gunvor no longer offers on 228.00 Oct 21-25 20kt
INCO, after trade with Mercuria; Platts HSFO 380CST: FOB
Straits: Mercuria offers MOPS -2.00 Oct 10-14 20kt INCO;
Platts HSFO 380CST: FOB Straits: Mercuria offers MOPS
-2.00 Oct 15-19 20kt INCO; Platts HSFO 380CST: FOB
Straits: Mercuria offers MOPS -2.00 Oct 21-25 20kt INCO;
Platts HSFO 380CST: FSU Jade Palms: Mercuria offers
MOPS -2.00 Oct 10-14 20kt INCO.
ASIA 380 CST HSFO CARGO: WITHDRAWN: Platts HSFO
180CST: FOB Straits: Shell no longer offers on MOPS -5.00
Oct 10-14 20kt SHELL GTC, after trade with HL OR; WD
Platts HSFO 180CST: FOB Straits: Shell no longer offers
MOPS -4.00 Oct 15-19 20kt SHELL GTC OR; WD Platts
HSFO 180CST: FOB Straits: Shell no longer offers MOPS
Copyright 2015 McGraw Hill Financial 13
-5.00 Oct 21-25 20kt SHELL GTC; Platts HSFO 380CST:
FOB Straits: Gunvor no longer offers on 228.00 Oct 21-25
20kt INCO, after trade with Mercuria.
Singapore Fuel Oil exclusions: (PGA page 2594) No market
data was excluded from the September 25, 2015,
assessment process.
US West Coast Gasoline (PGA page 397)
Low liquidity in the US West Coast gasoline market saw the
cash differential for Los Angeles CARBOB rise 1.50 cents
Friday to the NYMEX November RBOB futures contract plus
32 cents/gal. San Francisco CARBOB was heard offered flat
to Los Angeles CARBOB, prompting an assessment of
futures plus 31 cents/gal. Arizona RBOB remained unchanged
at an 8 cent/gal discount to Los Angeles CARBOB. Portland
suboctane gasoline rallied back slightly, rising 1 cent to
NYMEX October RBOB futures contract plus 2 cents/gal.
Sour Crude
Market analysis: (PGA page 2298) The Asian sour crude market
was largely quiet Friday, with trading in November-loading
Middle East barrels near its end. Taiwans CPC was heard to
have decided against buying any sour crude in a tender that
closed Wednesday. The cancellation of the buy tender was
likely because of lower crude requirement by the CPC refinery
at Kaohsiung, sources said. A key crude oil pipeline at the
refinery was heard to be damaged, leading to a slowdown in
crude flows to the refinery and a cut in run rates. Spot values
for November-loading Middle East grades like Murban and
Oman have improved from their lows earlier this month while
premiums for Russian ESPO Blend and Sokol have jumped
sharply from last month on the back of a recovery in Asian
demand. Oil major Chevron earlier this week sold a
November-loading cargo of Murban crude to ChinaOil at a
premium of 20 cents/b to the grades official selling price, FOB
Fujairah/Jebel Dhanna, in the Platts MOC. Spot differentials for
Murban have improved steadily this month on the back of a
widening Brent/Dubai spread and rising freight rates, which
are making it less profitable for refiners to arbitrage rival
barrels from outside the region, including from West Africa
and the North Sea. Murban spot differentials have flipped into
a premium to its OSP from a discount last month as traders
say Dubais steep discount to Brent is drawing buying interest
from Asian refiners. The trade in the Dubai MOC comes amid
an ongoing review by Platts to add the light sour grade in the
basket of crude oils reflected in its Dubai and Oman crude oil
benchmarks. The price reporting agency and commodity
information provider earlier this month said it is asking for
industry comment by October 30 on the inclusion of Qatars
Al-Shaheen and Abu Dhabis Murban in the basket of crude
oils reflected in its Dubai and Oman benchmarks. The
company said it is also asking for comment on a possible
quality premium for deliveries of Murban. OPECs crude oil
exports, excluding those from Angola and Ecuador, are
expected to average 23.86 million b/d over the four weeks to
October 10, up by 200,000 b/d from the previous four-week
period, UK-based tanker tracker Oil Movements said
Thursday. But compared with the same period last year, the
latest forecast from Oil Movements shows a fall in OPECs
crude exports of 380,000 b/d.
Dubai Mo01 assessment rationale: (PGA page 2295)
November cash Dubai was assessed at $43.79/b Friday. The
assessment took into consideration Gunvors offer to sell a
cash Dubai partial at $43.80/b.
The above commentary applies to the following market data code:
PCAAT00
Oman Blend Mo01 assessment rationale: (PGA page 2295)
November cash Oman was assessed at $44.30/b Friday.
The assessment reflected a discount of $2.09/b to front-
month November Dubai swaps.
The above commentary applies to the following market data code:
PCABS00
Sour Crude bids/offers/trades: (PGA page 2296)
ME SOUR CRUDE MOC: OUTSTANDING INTEREST: BIDS:
Platts Dubai Partial Nov15: Vitol withdraws bid at $43.55/b
for 25kb (4:28:08).
ASIA-PACIFIC/ARAB GULF MARKETSCAN October 1, 2015
ME SOUR CRUDE MOC: OUTSTANDING INTEREST: OFFERS:
Platts Dubai Partial Nov15: Gunvor offers at $43.80/b for
25kb; Platts Dubai Partial Nov15: Trafigura offers at
$43.85/b for 25kb; Platts Dubai Partial Nov15: Shell offers
at $44.45/b for 25kb; Platts Dubai Partial Nov15: Unipec
offers at $44.65/b for 25kb; Platts Dubai Partial Nov15:
Vitol offers at $44.75/b for 25kb; Platts Dubai Partial
Nov15: ChinaOil offers at $44.75/b for 25kb; Platts Crude :
Upper Zakum: Nov 1-30: FOB Zirku Island: 500kb +/-5%:
Shell offers at -$0.50/b to OSP.
ME SOUR CRUDE: DEALS SUMMARY: No trades.
Sour Crude exclusions: (PGA page 2296) No market data was
excluded from the September 25, 2015, Middle East sour
crude assessment process.
Sweet Crude
Market analysis: (PGA page 2299) November-loading sweet
crude cargoes in the Asia Pacific region continued to trade
at firmer cash differentials compared to the previous
month, amid supportive crack values and steady demand.
Vietnamese crudes were faring well, with Unipec mopping
up most of the cargoes for the month. The light sweet
[segment] is healthy due to recovering margins. Vietnam is
supported thanks to strong Chinese interest this month,
said a Singapore-based trader. Apart from the Ruby and
Rang Dong cargoes, Unipec was also heard to have bought
Copyright 2015 McGraw Hill Financial 14
two 200,000-barrel cargoes of Thang Long crude from PV
Oil via tender, which closed earlier this week. Traded levels,
however, were not immediately known. The Chinese state-
owned company was also slated to win both Chim Sao
cargoes for November loading, adding another 600,000
barrels of Vietnamese crudes to their purchases for the
month. Market sources said that the stronger buying
interest was reflective of steady end-user demand. The
cargoes were most likely to meet demand in China ...
including their own system, a sweet crudes trader based in
Singapore said. PV Oil has another two cargoes outstanding
for November -- 300,000 barrels each of Bach Ho and
Bunga Orkid crude. But it is offering just one cargo of Bach
Ho crude for November 18-25 loading -- the closes Monday.
PV Oil typically offers two cargoes of heavy Bach Ho crude
in its monthly tender. Last month, PV Oil sold two
300,000-barrel cargoes for October loading at discounts of
$0.65-$1/b to Dated Brent crude. With Te Giac Trang crude
also missing from the spot market as the barrels were
absorbed by domestic refinery system requirements, the
total volume of Vietnamese cargoes tendered for November
was 570,000 barrels less than the 3.67 million barrels in
October. PV Oil also issued a tender offering a
300,000-barrel cargo of Bunga Orkid loading November
16-22. The tender closes Friday, with validity until
September 30. PV Oil last sold 350,000 barrels of the crude
loading September 7-13 to BP at a premium of 30-70
cents/b to Dated Brent. In Malaysia, cash differentials were
also firming, with Petroleum Bruneis Kimanis cargo heard
awarded at higher levels than last month. The
600,000-barrel Kimanis crude cargo, loading November
22-26, was heard awarded at a premium ranging between
$2.10/b and $2.50/b to Dated Brent. Last month, it had sold
an October-loading Kimanis cargo at a premium of around
$1.3/b to Dated Brent. The buyer of the November cargo
could not be immediately confirmed, though several traders
said a western trading house could have bagged the cargo.
Regional [crude differentials] are recovering this month.
[The market is] moving fast and [regional suppliers have]
cleared almost all [of their November cargoes] amid healthy
distillate cracks, said a Southeast Asian trader.
ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01
assessment rationale: (PGA page 2292) The ESPO M1
differential to Dubai was assessed at a premium of $0.75/
barrel Friday. There were no bids or offers for ESPO.
The above commentary applies to the following market data code:
AASEU00
Sweet Crude bids/offers/trades: (PGA page 2293)
ASIA LIGHT CRUDE MOC: DEAL SUMMARY: No deals.
ASIA LIGHT CRUDE MOC: OUTSTANDING INTEREST: None.
Sweet Crude exclusions: (PGA page 2293) No market data
was excluded from the September 25 Asia Light Crude
assessment process.