EUROPEAN MARKETSCAN

Volume 49 / Issue 151 / August 7, 2017

European products ($/mt) West Africa products ($/mt)

Code Mid Change Code Mid Change Code Mid Change
Mediterranean cargoes (PGA page 1114)
West Africa cargoes (PGA page 1122)
FOB Med (Italy) CIF Med (Genova/Lavera)
Naphtha* PAAAI00 441.00–441.50 441.250 -10.750 PAAAH00 448.75–449.25 449.000 -10.750 FOB NWE
Prem Unl 10ppm AAWZA00 543.75–544.25 544.000 -8.250 AAWZB00 549.50–550.00 549.750 -8.250 Gasoline AAKUV00 514.750 -9.500
Jet AAIDL00 500.50–501.00 500.750 -9.750 AAZBN00 510.75–511.25 511.000 -9.750 CIF West Africa
10ppm ULSD AAWYY00 478.25–478.75 478.500 -10.500 AAWYZ00 485.75–486.25 486.000 -10.500 Gasoline AGNWC00 530.250 -9.500
Gasoil 0.1% AAVJI00 455.50–456.00 455.750 -11.000 AAVJJ00 464.50–465.00 464.750 -11.000
Fuel Oil 1.0% PUAAK00 298.00–298.50 298.250 -3.250 PUAAJ00 305.00–305.50 305.250 -3.250
Fuel oil 3.5% PUAAZ00 292.50–293.00 292.750 -3.000 PUAAY00 299.75–300.25 300.000 -3.000
ICE futures
Straight run 0.5-0.7% AAJNT00 325.00–325.50 325.250 -3.250 Platts ICE 16:30 London assessments* (PGA page 703)
Northwest Europe cargoes (PGA page 1110) Low Sulfur Gasoil Brent
FOB NWE CIF NWE/Basis ARA Aug AARIN00 478.50 Oct AAYES00 51.58
Naphtha (Sep) PAAAJ00 451.75–452.25 452.000 -10.000 Sep AARIO00 478.75 Nov AAYET00 51.64
Naphtha PAAAL00 454.25–454.75 454.500 -10.750 Oct AARIP00 478.50 Dec AAXZY00 51.83
Gasoline 10ppm AAXFQ00 555.00–555.50 555.250 -5.750 Jan AAYAM00 51.99
Jet PJAAV00 503.50–504.00 503.750 -9.750 PJAAU00 512.25–512.75 512.500 -9.750 *Platts ICE assessments reflect the closing value of the ICE contracts at precisely
ULSD 10 ppm AAVBF00 472.75–473.25 473.000 -10.000 AAVBG00 481.75–482.25 482.000 -10.000 16:30 London time.
Diesel 10ppm NWE** AAWZD00 474.00–474.50 474.250 -10.000 AAWZC00 483.50–484.00 483.750 -10.000
Diesel 10 ppm UK AAVBH00 484.75–485.25 485.000 -10.000 ICE gasoil settlements (PGA page 702)
Gasoil 0.1% AAYWR00 448.50–449.00 448.750 -10.250 AAYWS00 461.25–461.75 461.500 -10.250
Low Sulfur Gasoil Low Sulfur Gasoil
Fuel oil 1.0% PUAAM00 296.00–296.50 296.250 -3.250 PUAAL00 302.25–302.75 302.500 -3.250
Aug AAQSG00 478.50 Nov AAQSJ00 475.75
Fuel oil 3.5% PUABB00 278.25–278.75 278.500 -5.250 PUABA00 287.00–287.50 287.250 -5.250
Sep AAQSH00 478.50 Dec AAQSK00 473.50
Straight run 0.5-0.7% PKABA00 332.75–333.75 333.250 -6.250
VGO 0.5-0.6% AAHMX00 364.00–365.00 364.500 -7.750 AAHMZ00 373.50–374.50 374.000 +0.500
Oct AAQSI00 478.50 Jan AAQSL00 473.50

VGO 2% max AAHNB00 359.25–360.25 359.750 -0.750 AAHND00 368.75–369.75 369.250 +7.250 Expiry AAQSM00 NA*
*Value at 12:00 London time will only appear on day of expiry
Northwest Europe barges (PGA page 1112)
FOB Rotterdam
ICE LS gasoil GWAVE (Previous day’s values) (PGA page 702)
Naphtha PAAAM00 450.25–450.75 450.500 -10.750 Fuel oil hi-lo diff ($/mt)
Eurobob AAQZV00 540.00–540.50 540.250 -5.750 Aug PXAAJ00 484.75 Sep PXAAK00 484.00
98 RON gasoline 10 ppm AAKOD00 623.00–623.50 623.250 -5.750 25
Premium gasoline 10 ppm PGABM00 550.50–551.00 550.750 -9.500
Reformate AAXPM00 560.250 -5.750 20
NYMEX futures (16:30 London time)
Jet PJABA00 511.75–512.25 512.000 -9.750 NYMEX WTI (PGA page 703)
Diesel 10 ppm*** AAJUS00 477.50–478.00 477.750 -11.000 15
$/barrel $/barrel
Gasoil 50 ppm AAUQC00 472.50–473.00 472.750 -10.750
10 Sep AASCR00 48.70 Oct AASCS00 48.87
Gasoil 0.1%*** AAYWT00 458.50–459.00 458.750 -11.000
Fuel oil 1.0% PUAAP00 294.00–294.50 294.250 -5.250
Fuel oil 3.5% PUABC00 294.00–294.50 294.250 -5.250 5 NYMEX NY ULSD (PGA page 703)
Fuel Oil 3.5% 500 CST PUAGN00 289.50–290.00 289.750 -5.250 ¢/gal ¢/gal
0
Rotterdam bunker 380 CST PUAYW00 296.50–297.50 297.000 -6.000 Sep AASCT00 161.95 Oct AASCU00 162.43
VGO 0.5-0.6% AAHNF00 360.50–361.50 361.000 -6.750 -5
VGO 2% max AAHNI00 355.75–356.75 356.250 +0.250 06-Feb 13-Mar 19-Apr 25-May 30-Jun 04-Aug NYMEX RBOB (unleaded gasoline) (PGA page 703)
MTBE*** PHALA00 693.75–694.25 694.000 -15.250
¢/gal ¢/gal
*Naphtha FOB Med is basis East Med **Basis Le Havre ***FOB Amsterdam-Rotterdam-Antwerp Sep AASCV00 161.03 Oct AASCW00 152.04

www.platts.com oIL
EUROPEAN MARKETSCAN August 7, 2017
Market Update (PGA page 724)
Crude oil futures dropped Monday as momentum building
over the last six weeks began to fade. At the London
market close ICE October Brent crude futures were 83
cents lower at $51.58/b, while the NYMEX September light
sweet crude contract was down 73 cents at $48.70/b. “The
nearly 20% rise in oil prices over the past six weeks was
largely speculatively driven,” investment bank
Commerzbank said in a note. Noting that “net long
positions in WTI had climbed by a further 53,000 contracts
to reach just shy of 290,000 contracts in the week to
August 1, their highest level since mid-April,” the bank said
the corresponding figures for Brent “are likewise expected
to show a pronounced position build when published at
lunchtime today.” Further support was seen from “the
massive depreciation of the US dollar and sharply falling oil
stocks in the US,” it added. The German bank went on to
cite record demand for crude oil from US refineries and
strong gasoline demand from US consumers as
completing the bullish picture. But that could change in the
coming week. While active US oil rig figures seem to have
stabilized — according to Baker Hughes, the oil rig count
fell by one last week — the latest price rise could cause
drilling activity to pick up again. Although analysts have
tended to play down OPEC and non-OPEC production cuts
as a major factor in crude’s recent strong showing, that
may change as OPEC and non-OPEC technical experts
meet in Abu Dhabi to discuss faltering compliance.
Nigeria’s oil output was 2.06 million b/d in July, up from 1.6
million b/d a year earlier when the country’s oil
infrastructure was being targeted by militants, the
petroleum ministry said Monday. In Libya, production
averaged 990,000 b/d in July, the most in three years,
although questions remain whether output can remain
around that level given the political and security situation.
Late Sunday, armed protesters broke into the Zawiya
refinery forcing operators to stop pumping from the
Sharara field, although output was being restored to
normal rates Monday, the country’s National Oil Corp. said
in a statement.
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
Euro-denominated assessments 16:30 London (€/mt)
Med cargoes (PGA page 1120)
FOB Med CIF Med
(Italy) (Genova/Lavera)
Naphtha* ABWHE00 374.258 ABWHD00 380.831
Prem Unl 10ppm ABWGV00 461.408 ABWGU00 466.285
Jet ABWGZ00 424.724 AAZBO00 433.418
10ppm ULSD ABWHM00 405.852 ABWHH00 412.214
Gasoil 0.1% ABWGQ00 386.556 ABWGO00 394.190
Fuel Oil 1.0% ABWGH00 252.969 ABWGF00 258.906
Fuel oil 3.5% ABWGM00 248.304 ABWGK00 254.453
*Naphtha FOB Med is basis East Med
Northwest Europe cargoes (PGA page 1116)
FOB NWE CIF NWE/
Basis ARA
Naphtha AAQCE00 385.496
Gasoline 10ppm ABWGS00 470.950
Jet ABWHB00 427.269 AAQCF00 434.690
ULSD 10 ppm ABWHO00 402.248 ABWHI00 410.305
Diesel 10ppm NWE ABWHP00 401.187 ABWHK00 408.821
Diesel 10 ppm UK ABWHJ00 411.366
Gasoil 0.1% ABWGR00 380.619 ABWGP00 391.433
Fuel oil 1.0% AAQCG00 251.272 ABWGG00 256.573
Fuel oil 3.5% ABWGN00 236.217 ABWGL00 243.639
Straight run 0.5-0.7% ABWHG00 282.655
West Africa cargoes (PGA page 1116)
FOB NWE CIF WAF
Gasoline AGNWA00 436.599 AANWC00 449.746
Foreign exchange rates (PGA page 1151)
August 7, 2017 London 16:30
Dollar/Swiss franc BCADC00 0.9725
GB pound/Dollar BCADB00 1.3023
Dollar/Yen BCACW00 110.8100
Euro/Dollar BCADD00 1.1790
Dollar/Ruble AAUJO00 60.0740
Gasoline
Market analysis: (PGA page 1399) The European gasoline
complex extended the previous week’s trend Monday
with in particular the Mediterranean market remaining
well supported by a very limited availability of gasoline
cargoes. According to market sources, this prompt
tightness was exacerbated by a new buy tender issued
2
Northwest Europe barges (PGA page 1118)
FOB Rotterdam
Naphtha ABWHF00 382.103
Eurobob ABWGT00 458.227
98 RON gasoline 10 ppm ABWGX00 528.626
Premium gasoline 10 ppm AAQCH00 467.133
Reformate AAXPN00 475.191
Jet ABWHC00 434.266
Diesel 10 ppm* AAQCI00 405.216
Gasoil 50 ppm AAUQF00 400.975
Gasoil 0.1%* AAYWY00 389.101
Fuel oil 1.0% ABWGI00 249.576
Fuel oil 3.5% AAQCK00 249.576
Fuel Oil 3.5% 500 CST PUAGO00 245.759
Rotterdam bunker 380 CST AAUHE00 251.908
*FOB Amsterdam-Rotterdam-Antwerp
New York Harbor cargoes 16:30 London (PGA pages 1350 & 1450)
FOB NY Harbor(€ cent/gal)
Unleaded 87 AAPYV00 139.21
Unleaded 89 AAPYW00 142.55
Unleaded 93 AAPYX00 147.57
Euro/US$ forex rate: 1.1790. 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.
European clean product barge freight rates
ARA ($/mt) (PGT page 1918)
Rotterdam — Rotterdam TCAEI00 2.60
Rotterdam — Flushing TCAEJ00 4.10
Rotterdam — Ghent TCAEK00 4.50
Rotterdam — Antwerp TCAEL00 3.75
Germany ($/mt) (PGT page 1918)
Rotterdam — Duisburg TCAEM00 8.55
Rotterdam — Cologne TCAEN00 10.60
Rotterdam — Karlsruhe TCAEO00 20.35
Antwerp — Duisburg TCAEP00 9.15
Switzerland ($/mt) (PGT page 1918)
Rotterdam — Basel TCAEQ00 23.90
by the Egyptian General Petroleum Corporation.
According to traders, EGPC is seeking a 30,000 mt
gasoline cargo for delivery into Alexandria around August
24-26. The tender reportedly closes August 14. EGPC was
not immediately available to comment. In the paper
market, the September Eurobob gasoline crack swap
was trading unchanged on the day at $13.15/b at the
market close Monday amid lower crude futures, the
EUROPEAN MARKETSCAN August 7, 2017
August/September EBOB gasoline backwardation
narrowed to $3.75/mt from $4/mt and the September/
October backwardation contracted marginally to $33.25/
mt from $33.50/mt. Looking south, the August Med/
North differential — the spread between the August FOB
Med 10 ppm cargo swap and the equivalent FOB
Rotterdam EBOB barge swap — narrowed to minus $2/
mt from $3/mt. In the physical market, a few prompt
EBOB barges were heard trading Monday at a $3/mt to
$5/mt premium over the September EBOB swap in the
Amsterdam-Rotterdam-Antwerp trading hub. One
Eurobob barge loading August 14-18 in the area was then
sold around flat to the September EBOB swap, in line
with Friday’s levels. The Mediterranean physical market
strengthened on renewed buying interest for the second
and the third decade of August in the region. One cargo
traded at a premium of $5.50/mt over the August Med
cargo swap for August 21-25 loading in Italy, while
another cargo was bid up to a $7.50/mt premium for
loading August 17-21 in Greece. “There is new prompt
demand with Egypt looking for a cargo for the end of the
month and there are other people looking for prompt
barrels for the Mediterranean,” a trader said, adding that
it would be difficult for all the shorts to be covered.
Gasoline Prem Unleaded 10ppmS FOB Rdam Barge
assessment rationale: (PGA page 1383) FOB AR 10 ppm
premium unleaded gasoline barges were assessed at a
$10.50/mt premium over the physical Eurobob gasoline
barges, down from a $14.25/mt premium the previous day,
factoring in an outstanding offer for mid-window dates at
$551/mt in the Platts Market on Close assessment process.
The above commentary applies to the market data code: PGABM00
Gasoline Eurobob FOB ARA Barge assessment rationale:
(PGA page 1383) Eurobob gasoline barges were assessed at a
50 cent/mt premium over the September Eurobob gasoline
swap, up from a 50 cent/mt discount Friday, factoring in an
outstanding bid for mid-window dates at $540/mt in the
Platts Market on Close assessment process.
The above commentary applies to the market data code: AAQZV00
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
Subscriber notes (PGA page 1500)
General Terms and Conditions in European MOC process
S&P Global Platts considers in its European Market on Close oil products assessment process bids and offers that are executable under
normal conditions and reflect typical trading practices. Companies’ general terms and conditions are normally recognized provided they are
consistently applied and accepted as part of normal trading practice. Counterparties are expected to perform on trades reported in the MOC
based on typical GT&Cs that have been applied and accepted by both counterparties in the open market. If an offer is lifted by a buyer during
the Platts MOC process, Platts would expect typical GT&Cs between both parties to be applicable, even where the GT&Cs stated in the
originally published offer may differ, if the companies have not conventionally performed on the published GT&Cs. At no time can a company
impose its own GT&Cs after taking out a bid or lifting an offer made under a different standard. Furthermore, a company’s GT&Cs regarding
vetting are not applicable to a third party terminal. Please send all comments, feedback and questions to europe_products@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 to maintain European VGO barge assessments
Following a proposal suggesting the discontinuation of its FOB Rotterdam VGO barge assessments published on June 2, S&P Global Platts has decided
to retain its current suite of assessments for this market. The proposal note can be found at this location: www.platts.com/subscriber-notes-
details/21916709. In addition to continued liquidity seen in the FOB Rotterdam VGO barge market following the subscriber note, Platts also received
strong market feedback in favor of maintaining these assessments. Platts currently publishes two assessments of FOB Rotterdam VGO barges: an
HSVGO assessment of 2% max sulfur and a LSVGO assessment of 0.5-0.6% max sulfur. Please send any feedback to europe_products@spglobal.com,
CC’ing pricegroup@spglobal.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts for
public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.
Platts opens consultation on West African gasoline assessments
S&P Global Platts is opening a formal consultation regarding possible methodology changes to its West Africa Gasoline FOB Northwest Europe
assessment and associated West Africa Gasoline CIF West Africa netback in response to regulatory changes in Nigeria and Ghana. Platts
welcomes feedback from market participants on whether and how to align these assessments to recent specification changes to West African
import grades, as well as the timing of any such changes, to ensure that its relevant assessments reflect prevalent merchantable specifications
in that region. This consultation also welcomes feedback on typical cargo sizes on the trade flow between Northwest Europe and West Africa.
Nigeria’s NNPC has stated that it is considering amending import specifications for gasoline as outlined in its Direct Sale Direct Purchase model.
Specifically, it is considering lowering sulfur levels from the current 1,000 ppm, as well as other specifications. Meanwhile, Ghana’s National
Petroleum Authority has stated that it will introduce a sulfur cap on gasoline imports of 50 ppm from July 1. Platts West Africa Gasoline FOB
Northwest Europe assessment and associated West Africa Gasoline CIF West Africa assessments currently reflect 1,000 ppm. Nigeria is the
largest importer of gasoline in the West African region, importing up to around 1 million mt of gasoline per month. The vast majority of the West
African grade gasoline originates from Northwest Europe. Throughout this consultation, Platts also seeks feedback on the timing of this
potential methodology change. Please send any comments or queries by July 31, 2017 to europe_products@spglobal.com with a cc to
pricegroup@spglobal.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts for
public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.
Platts plans liter equivalents for gasoil/gasoline/jet/ULSD assessments
Following industry feedback, S&P Global Platts proposes, with effect from October 2, 2017, to start publishing price assessments per liter in local
currencies as conversions from Platts existing dollars per ton assessments in Northwest European barge and cargo and Mediterranean cargo
markets for gasoil, gasoline, jet and ULSD. These new values are designed to meet demand to better understand the value of these markets in
local currencies within Europe, and to see these values expressed by volume, as well as mass. Volatility in foreign exchange rates, particularly in
sterling, has increased in the past year, supporting increased interest in certain local currency values. Platts will use its existing assessments of
3
EUROPEAN MARKETSCAN August 7, 2017
Gasoline 10ppmS CIF NWE Cargo assessment rationale:
(PGA page 1389) The CIF NWE gasoline cargo market was
assessed at a $15/mt premium to Eurobob gasoline barges,
steady on the day.
The above commentary applies to the market data code: AAXFQ00
Gasoline Prem Unleaded 10ppmS FOB Med Cargo
assessment rationale: (PGA page 1389) The FOB
Mediterranean gasoline cargo assessment was derived
using the following input: August 23 was assessed at
$546.41/mt, factoring in a trade on a bid for a 27,000 mt
cargo for August 21-25 loading in the Platts Market on Close
assessment process; August 27 was assessed at $540.71/
mt, factoring in an outstanding offer for a 25,000 mt cargo
for August 25-29 loading in the MOC. A $1.425/day
backwardation was implied between the two points. A 50
cent/day backwardation was then applied to the front and
back of the physical curve.
The above commentary applies to the market data code: AAWZA00
Gasoline Prem Unleaded 10ppmS CIF Med Cargo
assessment rationale: (PGA page 1389) The CIF
Mediterranean gasoline cargo assessment was derived as a
freight net-forward from the FOB Mediterranean gasoline
cargo assessment, using the following: FOB Med gasoline
cargo assessment plus the cost of transporting a 30,000
mt clean cargo from a basket of Mediterranean ports to a
basket of Mediterranean destinations.
The above commentary applies to the market data code: AAWZB00
Gasoline Barge bids/offers/trades: (PGA page 1384)
■■Gasoline Barges: DEAL SUMMARY:
■■Gasoline Premium Unleaded 10ppm Barges: None.
■■Gasoline Eurobob Barges: 1) Gunvor-Varo $540/mt for 1kt MW.
■■Gasoline Barges: OUTSTANDING INTEREST:
■■Gasoline Premium Unleaded 10ppm Barges:
■■Bids: None.
■■Offers: STR $554/mt for 1kt MW; Varo $551/mt for 1kt MW.
■■Gasoline Eurobob Barges:
■■Bids: STR $537/mt for 1kt MW; Varo $540/mt for 1kt MW; .
■■Offers: None.
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
SUBSCRIBER NOTES (continued) (PGA page 1500)
GBP/USD and EUR/USD exchange rates to convert its existing USD/mt assessments in to GBP/liter and EUR/liter values. The conversion factor
from tons to liters for the new assessments will be as follows: Gasoil/ULSD: 1,183 liters per ton using 0.845 kg/m3 reference density European
grade gasoline: 1,325 liters per ton using 0.755 kg/m3 reference density Jet: 1,224 liters per ton using 0.800 kg/m3 reference density Platts
proposes the current $/mt assessments below will be published in liters from October 2: MED Cargoes to Eur/liter: Prem Unl FOB (AAWZA00),
Prem Unl CIF (AAWZB00), Jet FOB (AAIDL00), Jet CIF (AAZBN00), 10 ppm FOB (AAWYY00), 10 ppm CIF (AAWYZ00), Gasoil 0.1% FOB (AAVJI00),
Gasoil 0.1% CIF (AAVJJ00) NWE Cargoes to Eur/liter: Gasoline 10 ppm CIF (AAXFQ00), Jet FOB NWE (PJAAV00), Jet CIF NWE (PJAAU00), ULSD 10
ppm FOB (AAVBF00), ULSD 10 ppm CIF (AAVBG00), Diesel 10 ppm NWE FOB (AAWZD00), Diesel 10 ppm NWE CIF (AAWZC00), Gasoil 0.1% FOB
(AAYWR00), Gasoil 0.1% CIF (AAYWS00) Rotterdam Barges to Eur/liter: Eurobob (AAQZV00), 98 RON gasoline (AAKOD00), Premium Gasoline 10
ppm (PGABM00), Jet (PJABA00), Diesel 10 ppm (AAJUS00), Gasoil 50ppm (AAUQC00), Gasoil 0.1% (AAYWT00) NWE Cargoes to GBP/liter:
Gasoline 10 ppm CIF (AAXFQ00), Jet FOB NWE (PJAAV00), Jet CIF NWE (PJAAU00), ULSD 10 ppm FOB (AAVBF00), ULSD 10 ppm CIF (AAVBG00),
Diesel 10 ppm UK (AAVBH00), Gasoil 0.1% FOB (AAYWR00), Gasoil 0.1% CIF (AAYWS00) FEEDBACK: Platts invites comments, questions and other
feedback on these proposals by August 1, 2017. Please send all comments, feedback and questions to oilgroup@spglobal.com and
pricegroup@spglobal.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts for
public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.
Platts clarifies CN standards for European LSFO
Effective July 10, 2017, Platts has clarified that its European LSFO assessments reflect material that has been assigned European Combined
Nomenclature (CN) code 2710 1964. As a result, in all instances where a seller intends to deliver a fuel with a CN code other than 2710 1964,
Platts asks that the seller specifies this CN code in the terms of any offer provided for publication. This follows a decision published on July 7,
2017: https://www.platts.com/subscriber-notes-details/26760624 Platts European LSFO assessments did not previously specify a standard CN
code. Buyers and sellers providing data for Platts to publish during the MOC process were expected to fulfill resulting transactions with fuel
meeting specification requirements, with no expectation defined for a CN code. CN codes, which Platts understands are designated by and
subject to the approval of customs authorities within each EU member country, are an important component of settling tariffs and taxes within
the EU. Platts understands that LSFO of the identical specification may be classified using either of two, existing Combined Nomenclature (CN)
codes, and that choice of code may vary between customs authorities in Europe. Market participants highlighted that while the fuels may be
otherwise identical, the attachment of a specific CN label may significantly influence merchantability within Europe and the Mediterranean.
Feedback showed that a significant proportion of buyers in the European market, particularly in the Mediterranean, are currently unwilling to
receive LSFO labelled under CN code CN 2707 9999, resulting in it not being fully merchantable within Europe. While code CN 2707 9999 is
typically used as standard within the Netherlands, this practice has not yet been followed by the majority of other European countries trading
LSFO. Market feedback showed support for a rapid clarification of Platts standards around CN coding for LSFO. Buyers providing bids for
publication by Platts must be willing to accept fuel with the CN code 2710 1964. Platts will also publish bids in which the buyer specifies that they
will also accept CN code 2707 9999. Buyers should not bid for fuel with a CN code 2707 9999 designation only, as this may be unduly restrictive
in nature. In instances where the CN code used has a material effect on LSFO value, Platts may normalize offers of fuel with CN code 2707 9999.
In CIF Mediterranean LSFO bids and offers, Platts will consider the CN classification of the material as a relevant factor in determining
merchantability. Platts understands that LSFO classified as 2710 1964 is currently seen as generally merchantable in the Mediterranean market.
Platts will continue to monitor LSFO activity and flows under both of these codes. Please send all comments to europe_products@spglobal.com
and pricegroup@spglobal.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts
for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.
Platts opens formal review of global residuals and bunker assessments
Following an extended period of review, Platts is opening a formal consultation regarding all of its residual fuel, fuel oil and bunker fuel assessments
globally in light of the planned International Maritime Organization limitations on sulfur in marine fuels from 2020. Platts invites comments, questions
and other feedback by September 1, 2017. BACKGROUND: On October 27, 2016, the IMO confirmed its decision that it would move ahead with a proposed
reduction of sulfur limits in marine fuels to 0.5% from January 1, 2020. The cap had first been proposed in 2008 but was subject to review ahead of the
4
EUROPEAN MARKETSCAN August 7, 2017
Gasoline Barge exclusions: (PGA page 1384) No market data
was excluded from the August 7 assessment process.
Gasoline Cargo bids/offers/trades: (PGA page 1390)
■■Gasoline Cargo: Deal Summary:
■■CIF NWE: None.
■■FOB MED: 1) BP - Totsa, Platts Prem Unl FOB Med Crg FOB
bss Santa Panagia Bay 10-25, Aug 21- Aug 25 100% Flat
Price $547/mt for 27,000mt. 0-6 kt at Platts Fob Med
Mean Prem Unl 10 ppm plus $3.50/mt (pricing 3 after
where BL = 0), of EN228, EU qualified, REACH compliant,
95/85 Ron/MON min, 10 ppm S max, 60 kpa max, 0.755
esc/desc, 27-33 kt at buyer’s option, loading Fob basis
one safe port/berth SPB. C/P freight to be adjusted by
applicable freight differential if alternative loadport.
■■Gasoline Cargo: Outstanding Interest:
■■CIF NWE: None.
■■FOB MED: BIDS: 1)Totsa bids Platts Prem Unl FOB Med Crg
FOB bss Aspropyrgos 10-25, Aug 17- Aug 21 100% Flat
Price $549/mt for 27,000mt. 0-6 kt at Platts Fob Med
Mean Prem Unl 10 ppm plus $3.50/mt (pricing 3 after
where BL = 0), of EN228, EU qualified, REACH compliant,
95/85 Ron/MON min, 10 ppm S max, 60 kpa max, 0.755
esc/desc, 27-33 kt at buyer’s option, loading Fob basis one
safe port/berth Aspropyrgos. C/P freight to be adjusted by
applicable freight differential if alternative loadport.
■■OFFERS: 1) Gunvor offers Platts Prem Unl FOB Med Crg
FOB bss Rijeka 10-25, Aug 25- Aug 29 100% Flat Price
$541/mt for 25,000mt.; Optol: optol : 0-5 kt in buyers
option , $ 3/mt over mean platts med fob , 3 quotes after
BL , 95/85 , 60 kpa en228 , reach compliant.
Gasoline Cargo exclusions: (PGA page 1390) No market data
was excluded from the August 7 assessment process.
Naphtha
Market analysis: (PGA page 1398) The Northwest European
naphtha complex was balanced Monday as demand was
matched by greater availability of supply. The closure of
units at Shell Pernis continued to have a muted impact on
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
SUBSCRIBER NOTES (continued) (PGA page 1500)
implementation date. Since January 3, 2012, Platts has fully reflected revised bunker fuel specifications set out by the International Convention for the
Prevention of Pollution from Ships (MARPOL) in global bunker fuel assessments. Under amendments to Annex VI of the convention, high sulfur bunker
fuel supplied at major global bunkering locations from 2012 onwards can contain a maximum of 3.5% sulfur, down from the previous maximum sulfur
content of 4.5%. PLATTS ASSESSMENTS: Globally, Platts assesses 180 CST, 380 CST and 500 CST marine fuels at a range of locations on ex-wharf and
delivered bases. The worldwide market generally follows similar specifications for these grades in all locations. Platts reflects specifications defined by
the International Organization for Standardization in document ISO 8217:2005 (E) - Petroleum products - Fuels (class F) - Specifications of marine fuels.
Platts also assesses fuel oil cargoes in several key locations, including Houston, Rotterdam and Singapore, with specifications that generally allow
deliverability of material into the local bunker fuel markets. In addition, Platts assesses Marine Gasoil and Marine Diesel fuels in several locations,
typically with sulfur limits of 1.5%, but also assesses lower sulfur MGO and MDO in some locations. Platts also publishes Bunkerworld average price
indications across a broader range of specifications, including low and ultra low sulfur MGO and MDO fuels in some locations. Platts bunker prices are
published in Bunkerwire, Bunkerworld and Platts Global Alert, among others. SCOPE OF REVIEW: Platts seeks to assess grades and locations that are
most widely tradeable and reflective of typical market practices. The MARPOL limits on sulfur are likely to create a significant shift in tradeable grades
ahead of and through the implementation date. Platts is seeking feedback on the most relevant residual oil and bunker fuel grades to assess from 2020
onwards, as well as the form of such assessments and the process and timing of any changes. Ahead of the previous implementation of reduced
MARPOL sulfur limits, Platts announced that all of its existing 180 CST, 380 CST and 500 CST bunker fuel assessments would reflect 3.5% sulfur after
the implementation date. However, Platts is considering feedback that the change would see most shipping fuel markets change to the use of low
sulfur distillate grades or other alternative blends of low sulfur material. As a result, Platts may consider introducing a new suite of bunker assessments
that meet the MARPOL requirements ahead of the change, as well associated cargo assessments in key locations, while continuing existing
assessments. Typically Platts gives significant lead time for any major changes to benchmark assessments, including changes to specifications. In
addition, Platts is seeking feedback on the most appropriate way in which to reflect historic and future changes to ISO specifications.
Platts to amend basis of FOB NWE VGO assessments, retain names
In line with changing trade flows of high sulfur vacuum gasoil (HSVGO) and low sulfur vacuum gasoil (LSVGO) in Europe, S&P Global Platts confirms
it will amend the basis of its FOB NWE VGO assessments to FOB Baltic, starting January 2, 2018. This follows a proposal published on June 2, 2017:
https://www.platts.com/subscriber-notes-details/21918272 Platts currently publishes HSVGO and LSVGO assessments for cargoes CIF NWE Basis
ARA, and cargoes FOB NWE. While the name FOB NWE will be retained, this latter assessment will be re-based to the value of FOB cargoes of VGO
loading in the Baltic. Platts had originally proposed to rename the assessments as FOB Baltic. This is aligned with conventions for similar
assessments for ULSD and fuel oil, which are labelled as FOB NWE and are assessed basis FOB Baltic ports. The basket of Baltic Sea ports for both
HSVGO and LSVGO is as follows: St Petersburg, Ust-Luga, Vysotsk, Sillamae and Tallinn. Oil loading elsewhere in Northern Europe will continue to be
reflected in the FOB Baltic assessment, but will be normalized back to the Platts basket of ports. Platts will consider CIF NWE (basis Rotterdam) and
FOB Baltic as related markets which are frequently linked by freight costs. Platts will continue to accept bids and offers for cargoes of VGO on both
a CIF and FOB basis in northern Europe. The change is part of a suite of amendments to Platts assessments of VGO, which also includes the launch
of FOB Black Sea and CIF Mediterranean assessments for both LSVGO and HSVGO. Platts believes that the currently assessed VGO cargo sizes and
specifications remain fully reflective of the market in NWE. Platts VGO cargo assessments currently reflect a 15-35kt range, normalized to 30kt. FOB
assessments also include cargoes up to 55kt in size when the arbitrage route to the US is open. Platts VGO cargoes CIF NWE Basis ARA
assessments will remain unaffected by these changes. Platts currently publishes all European feedstocks assessments as outright price values in
US dollars per metric ton, and this will also remain the case following the change. Platts had originally proposed to also publish differentials to front
month ICE Brent Futures in US dollars per barrel. Please send all comments to europe_products@spglobal.com and pricegroup@spglobal.com. For
written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all
comments received and will make comments not marked as confidential available upon request.
Platts amends CIF, FOB naphtha Mediterranean netback specs
S&P Global Platts has amended its Naphtha Cargoes FOB Med and Naphtha Cargoes CIF Med netback assessments to reflect open
specification, effective Tuesday, August 1, 2017. The assessments previously included both full range and paraffinic grades, with value
5
EUROPEAN MARKETSCAN August 7, 2017

naphtha as demonstrated by the paper market where
prompt intermonth spread swaps traded lower. However,
improving sentiment in Asia continued to see barrels move
east. Sentiment in the Asian market continued on the
prospect of greater demand due to petrochemical end-
users enjoying stronger cracking margins, according to
sources. Improving sentiment in Asia also supported barrels
flowing east. “Eastern spreads are being sold...More volume
is moving east,” a trader said. Platts Naphtha C+F Japan
Premium/Discount was assessment at flat, steady from
Friday; it has been assessed in negative territory since June
27. In Europe, the market moved further to a position of
balance after recent weeks of tight supply amid higher
levels of demand. “The market is balanced at the moment...
there is not much buying but there isn’t much to be sold
either,” a second trader said. The Amsterdam-Rotterdam-
Antwerp trading region was heard to have cargoes on offer.
“ARA has [some] cargoes around [whereas] before there
was almost nothing about,” the same source said. However,
the source added that due to the finely balanced nature of
the market, should demand pick up and these cargoes be
sold, there could be a rally in the market. The Shell Pernis
refinery, which recently shut off most of its units due to a
blaze and a power outage, continued to have little impact on
the market. “Pernis has had little impact on the market,” a
third source said. The net effect from the Pernis outage was
SUBSCRIBER NOTES (continued) (PGA page 1500)
normalized to reflect 65% minimum paraffin content. Platts has now aligned its Naphtha Cargoes FOB Med and Naphtha Cargoes CIF Med
netback assessments with its Naphtha Cargoes CIF NWE assessment, which reflects open specification material with a minimum of 65%
paraffin content and a typical specific gravity of 0.69 to 0.735 kg/liter. The Naphtha Cargoes FOB Med assessment is established as a netback
from the CIF Northwest Europe assessment, using the Med-UK Continent clean tanker rate for 27,500 mt naphtha cargoes. The Naphtha
Cargoes CIF Med assessment is established as a net-forward from the FOB Med naphtha assessment, using the cross-Med clean tanker rate
for 27,500 mt naphtha cargoes. This follows a decision published on June 16, 2017. The subscriber note is available here: https://www.platts.
com/subscriber-notes-details/26754514. Please send any comments and queries to europe_products@spglobal.com with a cc to
pricegroup@spglobal.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts for
public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.
Platts amends FOB NWE LSSR Cargoes density
Platts has amended the density specifications reflected in its assessments of FOB NWE Low Sulfur Straight Run (LSSR) 0.5-0.7% sulfur
cargoes, in line with subscriber notes published on June 14 and July 22, 2016. The change has taken place starting from January 3, 2017.
Platts previously assessed FOB NWE LSSR meeting the specifications of 0.935-0.950 at 15 degrees centigrade. This has now been amended
to 0.920-0.950 at 15 degrees centigrade. A conversion factor between barrels and metric tonnes of 6.77 continues to be used following the
change, in line with prevailing market standards. Platts analysed the density of a range of LSSR streams in the region and concluded that the
proposed density represents more fully the underlying physical market. Please send all comments to europe_products@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 corrects Jul 20 FOB, CIF Med HSFO cargo prices
Please note that Platts has corrected the Mediterranean high sulfur fuel oil cargo assessments for July 20. The assessments should read as
follows: CIF Med HSFO cargoes: $291.00-$291.50/mt. FOB Med HSFO cargoes: $284.25-$284.75/mt. These assessments were published under
codes PUAAY00 and PUAAZ00 respectively on the relevant wire services, and appeared in European Marketscan. These assessments appear
in Platts European Marketscan, APAG scan, Oilgram Price Report, and impact the following pages: MH0031 , MH0039, MH0108, MH0108,
MH0117, MH1114, MH1120, MH1520, MH1522, MH1540, MH1890.

EUROPEAN MARKETSCAN
Volume 49 / Issue 151 / August 7, 2017
Editorial: Naphtha: +44-20-7176-6122 | Gasoline: +44-20-7176-6205 | Jet: +44-20-7176-
6672 | Diesel: +44-20-7176-1294 | Gasoil: +44-20-7176-7813 | HS Fuel Oil: +44-20-7176-
6230 | LS Fuel Oil: +44-20-7176-6512 | North Sea crude: +44-20-7176-6059 | Urals and Med
crudes: +44-20-7176-6112 | WAF crudes: +44-20-7176-6230
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
Trade Data: Platts has defined standards for entities it considers to be related and verifies
through a variety of inputs whether counterparties in reported trades meet these criteria.
Restrictions on Use: You may use the prices, indexes, assessments and other related
information (collectively, “Data”) in this publication only for your personal use or, if your
company has a license from Platts and you are an “Authorized User,” for your company’s
internal business. You may not publish, reproduce, distribute, retransmit, resell, create
any derivative work from and/or otherwise provide access to Data or any portion thereof
to any person (either within or outside your company including, but not limited to, via or
as part of any internal electronic system or Internet site), firm or entity, other than as
authorized by a separate license from Platts, including without limitation any subsidiary,
parent or other entity that is affiliated with your company, it being understood that any
approved use or distribution of the Data beyond the express uses authorized in this
paragraph above is subject to the payment of additional fees to Platts.
Disclaimer: DATA IN THIS PUBLICATION IS BASED ON MATERIALS COLLECTED FROM
ACTUAL MARKET PARTICIPANTS. PLATTS, ITS AFFILIATES AND ALL OF THEIR THIRD-
PARTY LICENSORS DISCLAIM ANY AND ALL WARRANTIES, EXPRESS OR IMPLIED,
INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE OR USE AS TO THE DATA, OR THE RESULTS OBTAINED BY
ITS USE OR AS TO THE PERFORMANCE THEREOF. A REFERENCE TO A PARTICULAR
INVESTMENT, SECURITY, RATING OR ANY OBSERVATION CONCERNING A SECURITY OR
INVESTMENT PROVIDED IN THE DATA IS NOT A RECOMMENDATION TO BUY, SELL OR
HOLD SUCH INVESTMENT OR SECURITY OR MAKE ANY OTHER INVESTMENT DECISIONS.
NEITHER PLATTS, NOR ITS AFFILIATES OR THEIR THIRD-PARTY LICENSORS GUARANTEE
THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE DATA OR ANY
COMPONENT THEREOF OR ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO
ORAL OR WRITTEN COMMUNICATIONS (WHETHER IN ELECTRONIC OR OTHER FORMAT),
WITH RESPECT THERETO.
ACCORDINGLY, ANY USER OF THE DATA SHOULD NOT RELY ON ANY RATING OR OTHER
OPINION CONTAINED THEREIN IN MAKING ANY INVESTMENT OR OTHER DECISION. PLATTS,
ITS AFFILIATES AND THEIR THIRD-PARTY LICENSORS SHALL NOT BE SUBJECT TO ANY
DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS IN THE DATA. THE
DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN “AS IS” BASIS AND YOUR
USE OF THE DATA IS AT YOUR OWN RISK.
Limitation of Liability: IN NO EVENT WHATSOEVER SHALL PLATTS, ITS AFFILIATES OR
THEIR THIRD-PARTY LICENSORS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL,
PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO LOSS OF
PROFITS, TRADING LOSSES, OR LOST TIME OR GOODWILL , EVEN IF THEY HAVE BEEN
ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT
LIABILITY OR OTHERWISE.
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved. No portion of this
publication may be photocopied, reproduced, retransmitted, put into a computer system
or otherwise redistributed without prior written authorization from Platts.

© 2017 S&P Global Platts, a division of S&P Global. All rights reserved. 6
EUROPEAN MARKETSCAN August 7, 2017
balanced by the force majeure declared at the associated
Moerdijk steam cracker for ethylene Friday, according to
sources. The declaration stems from a lack of supply of
feedstocks — naphtha and LPG — to Moerdijk from the
Pernis refinery. In the paper market, the September CIF NWE
naphtha crack fell 30 cents/b to minus 85 cents/b. The
August/September naphtha backwardation narrowed $1/mt
to $1.75/mt. The September naphtha east/west spread —
the premium of CFR Japan naphtha cargo swaps over the
CIF NWE naphtha cargo swap — remained steady at $10/mt.
Naphtha CIF NWE Cargo assessment rationale: (PGA page
1386) The CIF NWE naphtha cargo assessment was derived
using the following input: August 24 was assessed at
$454.62/mt, factoring in an outstanding offer for a 28,000
mt-32,000 mt cargo for August 22-26 delivery in the Platts
Market on Close assessment process. A 6 cent/day
backwardation was applied to the physical curve.
The above commentary applies to the market data code: PAAAL00
Naphtha FOB Med Cargo assessment rationale: (PGA page
1376) The FOB Mediterranean naphtha cargo assessment
was derived as a freight netback from the CIF NWE naphtha
cargo assessment, using the following assessments: CIF
NWE naphtha cargo assessment minus the cost of
transporting a 27,500 mt naphtha cargo from Alexandria in
the Mediterranean to Rotterdam.
The above commentary applies to the market data code: PAAAI00
Naphtha Cargo bids/offers/trades: (PGA page 1387)
■■NAPHTHA CARGO CIF NWE MOC deals: 1) VITOL -
GLENCORE, CIF NWE Naphtha Cargo
■■12,500mt +/- 10%, at $455/mt for August 17 to August 21
delivery, TQC:-; 2) TRAFI - VILMA, CIF NWE Naphtha Cargo
12,500mt +/- 10%, at $456.50/mt for August 17 to August
21 delivery, TQC:-;.
■■NAPHTHA MOC: OUTSTANDING INTEREST:
■■BIDS:
■■1) LITASCO Bid CIF NWE Naphtha Cargo 12,500mt +/- 10%,
at $453/mt for August 19 to August 23 delivery, TQC:-;
(continued on page 9)
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
Asia products
Code Mid Change Code Mid Change
Singapore (PGA page 2002)
FOB Singpore ($/barrel)
Naphtha PAAAP00 50.48–50.52 50.500 +0.390
Gasoline 92 unleaded PGAEY00 64.22–64.26 64.240 +0.880
Gasoline 95 unleaded PGAEZ00 66.84–66.88 66.860 +0.660
Gasoline 97 unleaded PGAMS00 68.34–68.38 68.360 +0.860
Kerosene PJABF00 63.34–63.38 63.360 +0.360
Gasoil 0.05% sulfur AAFEX00 63.47–63.51 63.490 +0.080
Gasoil 0.25% sulfur AACUE00 62.19–62.23 62.210 +0.120
Gasoil POABC00 63.47–63.51 63.490 +0.080
Fuel oil 180 CST 2% ($/mt) PUAXS00 317.40–317.44 317.420 +5.590
HSFO 180 CST ($/mt) PUADV00 310.42–310.46 310.440 +5.470
HSFO 380 CST ($/mt) PPXDK00 307.22–307.26 307.240 +4.460
Indonesia (PGA page 2516)
FOB Indonesia ($/barrel)
LSWR Mixed/Cracked PPAPU00 51.30–51.34 51.320 +0.780
Gasoline components (PBF page 2010)
FOB Singapore ($/mt)
MTBE PHALF00 652.00–654.00 653.000 +9.000
Singapore Swaps (PPA page 2654)
September ($/barrel) October ($/barrel)
Naphtha Japan ($/mt) AAXFE00 467.25–467.75 467.500 +2.500 AAXFF00 466.50–467.00 466.750
+2.750
Naphtha PAAAQ00 50.18–50.22 50.200 +0.400 PAAAR00 50.08–50.12 50.100 +0.400
Gasoline 92 unleaded AAXEL00 62.96–63.00 62.980 +0.960 AAXEM00 61.84–61.88 61.860 +0.760
Reforming Spread AAXEO00 12.76/12.80 12.780 +0.560 AAXEP00 11.74/11.78 11.760 +0.360
Kerosene PJABS00 63.63–63.67 63.650 +0.510 PJABT00 63.72–63.76 63.740 +0.520
Gasoil POAFC00 63.74–63.78 63.760 +0.350 POAFG00 63.75–63.79 63.770 +0.450
HSFO 180 CST ($/mt) PUAXZ00 312.53–312.57 312.550 +4.800 PUAYF00 312.53–312.57 312.550
+5.050
Middle East (PGA page 2004)
FOB Arab Gulf ($/barrel)
Naphtha ($/mt) PAAAA00 443.39–444.89 444.140 +2.725
Naphtha LR2 ($/mt) AAIDA00 445.76–447.26 446.510 +3.195
Kerosene PJAAA00 61.68–61.72 61.700 +0.300
Gasoil 10 ppm AAIDT00 62.51–62.55 62.53 +0.020
Gasoil 0.005% sulfur AASGJ00 62.41–62.45 62.430 +0.020
Gasoil 0.05% sulfur AAFEZ00 61.71–61.75 61.730 +0.020
Gasoil 0.25% sulfur AACUA00 61.11–61.15 61.130 +0.020
Gasoil POAAT00 61.71–61.75 61.730 +0.020
HSFO 180 CST ($/mt) PUABE00 302.90–302.94 302.920 +5.470
Japan (PGA page 2006)
C+F Japan ($/mt) Premium/Discount
Naphtha PAAAD00 467.25–468.75 468.000 +3.625
Naphtha MOPJ Strip AAXFH00 466.50–467.00 466.750 +2.750 AAXFI00 1.00/1.50 1.250
+0.870
Naphtha 2nd 1/2 Sep PAAAE00 468.25–468.75 468.500 +3.750
Naphtha 1st 1/2 Oct PAAAF00 468.25–468.75 468.500 +3.750
Naphtha 2nd 1/2 Oct PAAAG00 467.25–467.75 467.500 +3.500
Gasoline unleaded ($/barrel) PGACW00 65.81–65.85 65.830 +0.900
Kerosene ($/barrel) PJAAN00 64.28–64.32 64.300 +0.520
Gasoil ($/barrel) POABF00 66.32–66.36 66.340 +0.530
HSFO 180 CST PUACJ00 317.86–317.90 317.880 +5.430
7
EUROPEAN MARKETSCAN August 7, 2017

US Products: August 4, 2017

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

CIF cargoes (¢/gal) RVP
Unleaded 87 0.3% AAMHG00 167.68–167.78 167.730 +2.640 AAMHGRV 9.0
Unleaded-89 0.3% AAMIW00 171.62–171.72 171.670 +2.640 AAMIWRV 9.0
Unleaded-93 0.3% AAMIZ00 177.53–177.63 177.580 +2.640 AAMIZRV 9.0

$/barrel 1% strip NYH cargo vs 1% strip
No. 6 0.3% HP PUAAE00 52.72–52.74 52.730 +0.430 AAUGA00 5.42/5.44 5.430 +0.080
No. 6 0.3% LP PUAAB00 52.72–52.74 52.730 +0.430 AAUGB00 5.42/5.44 5.430 +0.080
No. 6 0.7% PUAAH00 49.47–49.49 49.480 +0.680 AAUGC00 2.17/2.19 2.180 +0.330
No. 6 1.0%** PUAAO00 48.22–48.24 48.230 +0.680 AAUGG00 47.29–47.31 47.300 +0.350 AAUGD00 0.92/0.94 0.930 +0.330
No. 6 2.2% PUAAU00 47.54–47.56 47.550 +0.480 AAUGE00 0.24/0.26 0.250 +0.130
No. 6 3.0% PUAAX00 47.09–47.11 47.100 +0.350 AAUGF00 -0.21/-0.19 -0.200 0.000

Residual swaps ($/barrel)
No. 6 1.0% paper Bal M AARZS00 47.34–47.36 47.350 +0.350
No. 6 1.0% paper 1st month PUAXD00 46.90–47.00 46.950 +0.350
No. 6 1.0% paper 2nd month PUAXF00 46.80–46.90 46.850 +0.350
No. 6 1.0% paper next quarter PUAXG00 46.75–46.85 46.800 +0.330
Boston cargoes (PGA pages 152)

$/barrel
No. 6 2.2% ($/barrel) PUAWN00 48.39–48.41 48.400 +0.480
NY/Boston numbers include duty. **This assessment reflects 150 max al+si
FOB Gulf Coast (PGA page 156 & 338)

¢/gal RVP
Unleaded 87 PGACT00 163.38–163.48 163.430 +1.490 PGACTRV 9.0
Unleaded 89 PGAAY00 170.18–170.28 170.230 +1.490 PGAAYRV 9.0
Unleaded 93 PGAJB00 180.38–180.48 180.430 +1.490 PGAJBRV 9.0
MTBE PHAKX00 192.45–192.55 192.500 -13.750
Alkylate* AAFIE00 10.70/10.80 10.750 0.000
Jet 54 PJABM00 157.61–157.71 157.660 +1.620
Jet 55 PJABN00 158.11–158.21 158.160 +1.620
ULS Kero AAVTK00 164.11–164.21 164.160 +1.620
No. 2 POAEE00 146.56–146.66 146.610 +1.470

Cargo (¢/gal) Cargo ($/mt)
FOB Naphtha AAXJP00 134.930
+6.740 AAXJU00 472.280
+23.590
Export ULSD AAXRV00 154.140
+0.860 AAXRW00 482.290
+2.680
*Premium to US Gulf Coast pipeline gasoline

$/barrel USGC HSFO strip vs 1% strip
Slurry Oil PPAPW00 48.13–48.15 48.140 +0.340 AAUGS00 1.95/1.97 1.960 0.000
No. 6 1.0% 6 API PUAAI00 47.73–47.75 47.740 +0.340 AAUGT00 1.55/1.57 1.560 0.000
USGC HSFO PUAFZ00 46.13–46.15 46.140 +0.340 AAUGW00 46.17–46.19 46.180 +0.340 AAUGU00 -0.05/-0.03 -0.040 0.000
RMG 380 PUBDM00 46.13–46.15 46.140 +0.340 AAUGV00 -0.05/-0.03 -0.040 0.000

Residual swaps ($/barrel)
USGC HSFO swap M1(Sep) PUAXJ00 45.70–45.80 45.750 +0.400
USGC HSFO swap M2(Oct) PUAXL00 45.40–45.50 45.450 +0.350
USGC HSFO swap Q1( Q4 17) PUAXN00 45.20–45.30 45.250 +0.300

© 2017 S&P Global Platts, a division of S&P Global. All rights reserved. 8
EUROPEAN MARKETSCAN August 7, 2017
■■2) STASCO Bid CIF NWE Naphtha Cargo 12,500mt +/- 10%,
at $452/mt for August 23 to August 27 delivery, TQC: Indic 1;
■■3) BP Bid CIF NWE Naphtha Cargo 12,500mt +/- 10%, at
$451/mt for August 24 to August 28 delivery, TQC: Indic 1;.
■■OFFERS:
■■1) VITOL Offer CIF NWE Naphtha Cargo min 28,000mt, at
$455/mt for August 22 to August 26 delivery, TQC: Optol
at zero;
■■2) VITOL Offer CIF NWE Naphtha Cargo min 32,000mt, at
$455/mt for August 28 to September 1 delivery, TQC:
Optol at zero;.
Naphtha Cargo exclusions: (PGA page 1387) No market data
was excluded from the August 7 assessment process.
Jet
Market analysis: (PGA page 1497) The Northwest European jet
fuel market calmed down slightly Monday, after last week’s
news of a refinery outage at Shell’s Pernis refinery in
Rotterdam generated feverish activity. After surging last week,
reactions were more subdued by Monday as traders eyed
higher arrivals making their way to Northwest Europe
throughout August. By Monday, estimated arrivals for the
current month sat at 1.8 million mt, according to S&P Global
Platts trade flow software cFlow. This would be significantly
higher than the previous months of 2017 when volumes
averaged between 1.3 million-1.4 million mt, according to
cFlow. A wide open arbitrage from the Far East was
contributing to the higher levels but had also led to a surge in
freight rates from the East of Suez region to Northwest Europe
over the last week. Despite the more subdued environment,
barges held within 50 cents of corresponding cargo values.
The paper market failed to exhibit similar strength, with the
CIF NWE August cargo swap dropping 25 cents on the day to
$33/mt followed by the same marginal falls in September and
October, both of which dropped to $32.75/mt.
Jet FOB Rdam Barge assessment rationale: (PGA page 1489)
FOB Rotterdam jet fuel barges were assessed using the
following input from the Platts Market on Close assessment
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
process: on August 13, value was assessed below an offer
for a barge loading August 11-15, valued at an equivalent
August ICE LSGO futures contract plus $33.50/mt, after
normalization. On August 14, value was assessed on a trade
for a barge loading August 12-16, valued at an equivalent
August ICE LSGO futures contract plus $33.75/mt, after
normalization. From August 10-13 and August 14-22, a
backwardated structure of 1 cent/day was applied, as
implied by the forward swaps curve.
The above commentary applies to the market data code: PJABA00
Jet CIF NWE Cargo assessment rationale: (PGA page 1492) CIF
Northwest European jet fuel cargoes were assessed using
Friday’s relationship between the physical and swaps curves.
The relationship was assessed Monday at 88 cents/mt.
The above commentary applies to the market data code: PJAAU00
Jet FOB Med Cargo assessment rationale: (PGA page 1492)
The FOB Mediterranean jet cargo assessment was derived as
a freight netback to the CIF Northwest Europe jet cargo
assessment, using the following calculation: CIF NWE jet
cargo assessment minus the cost of transporting a 27,500 mt
clean cargo from Augusta, Italy, to Rotterdam, Netherlands.
The above commentary applies to the market data code: AAIDL00
Jet Barge bids/offers/trades: (PGA page 1490)
■■JET: BARGE: MOC SUMMARY: One TRADE: Vitol wants
Shell bid 1) 2kt Amsterdam/Rotterdam/Ghent 12/08-16/08
@ AUG17 +34 $/t.
■■JET: BARGE: MOC SUMMARY: OUTSTANDING INTEREST:
CCMA Offers 1) Aug + 33 USD/MT, ARA, 11/08 - 15/08 ,
2-3KT.
Jet Barge exclusions: (PGA page 1490) No market data was
excluded from the August 07 assessment process.
Jet Cargo bids/offers/trades: (PGA page 1493)
■■JET FUEL: NWE CARGO DEAL SUMMARY: None.
■■JET FUEL: NWE CARGO OUSTANDING INTEREST: OFFERS:
None.
■■BIDS: BP bids Platts NWE Jet Crg - CIF bss Le Havre CIM -
9
10-25, Main: 27 kt, 24/8 - 29/8 (wide laycan), Indication
number: 2 Laycan: seller to declare a 5 day window at
the time of the trade Main volume pricing: 27kt pricing
Full EFP Aug 17 Optol: 0-6kt FULL EFP Aug 17, premium in
line with last differential indication Terminal/jetty: Le
Havre CIM Spec: Jet A1 DEFSTAN 91-91, meeting JFSCL
latest issue (current at bill of lading) with possible
exception of electrical conductivity (Stadis to be
provided on board in drums), ISPS compliant CP: Full
NWE charter party options at charter party rate, terms
and conditions Vessel: BP/Totsa/ KPIAC, 100% of main
volume at EFP ICE LS GO Month Aug $29.00; BP bids
Platts NWE Jet Crg - CIF bss Rotterdam - 10-25, Main: 27
kt, 27/8 - 1/9 (wide laycan), Indication number: 3 Laycan:
seller to declare a 5 day window at the time of the trade
Main volume pricing: 27kt pricing Full EFP Aug 17 Optol:
0-6kt FULL EFP Aug 17, premium in line with last
differential indication Terminal/jetty: Rotts Spec: Jet A1
DEFSTAN 91-91, meeting JFSCL latest issue (current at
bill of lading) with possible exception of electrical
conductivity (Stadis to be provided on board in drums),
ISPS compliant CP: Full NWE charter party options at
charter party rate, terms and conditions Vessel: BP/
Totsa/ Shell, 100% of main volume at EFP ICE LS GO
Month Aug $29.00;
■■BP bids Platts NWE Jet Crg - CIF bss Rotterdam - 10-25,
Main: 27 kt, 17/8 - 22/8 (wide laycan), Indication number: 1
Laycan: seller to declare a 5 day window at the time of
the trade Main volume pricing: 27kt pricing Full EFP Aug
17 Optol: 0-6kt FULL EFP Aug 17, premium in line with last
differential indication Terminal/jetty: Rotts Spec: Jet A1
DEFSTAN 91-91, meeting JFSCL latest issue (current at bill
of lading) with possible exception of electrical
conductivity (Stadis to be provided on board in drums),
ISPS compliant CP: Full NWE charter party options at
charter party rate, terms and conditions Vessel: BP/
Totsa/ Shell, 100% of main volume at EFP ICE LS GO
Month Aug $29.00.
Jet Cargo exclusions: (PGA page 1493) No market data was
excluded from the August 07 assessment process.
EUROPEAN MARKETSCAN August 7, 2017
Jet Index (PGA page 115)
August 4, 2017 Index $/mt
Europe & CIS PJECI00 178.48 PJECI09 522.00
MidEast & Africa PJMEA00 188.50 PJMEA09 498.02
Global PJGLO00 179.68 PJGLO09 518.27
Gasoil
Market analysis: (PGA page 1499) Gasoil continued to fall
Monday following a week of multi-month lows as
sentiment for distillates deteriorated. According to sources
there were still plenty of distillates available despite some
worries of shortages of diesel and jet due to the shutdown
of Shell’s Pernis refinery in Rotterdam. Gasoil had failed to
see the same price increases as other products due the
oversupply seen in the higher sulfur market. The negative
sentiment in distillates pulled the already weak gasoil
market down further, with very weak demand weighing on
the market and an expectation that the outage at Pernis
may not provide support. “It looks like products are plenty
available and the Pernis effect has been overestimated as
it seems now,” one trader said. This oversupply in the 0.1%
market came about due to low demand for heating oil in
NWE during the summer season and Ghana, a key export
market for higher sulfur product, confirming its sulfur cap
of 50 ppm Thursday. Another higher sulfur export market,
Nigeria, has lacked access to financing to import refined
products, further reducing the number of potential homes
for 0.3% sulfur product of which 0.1% is sometimes a
blendstock. Argentina was also taking fewer volumes from
both the US and Europe, again contributing to the
oversupply in the Amsterdam-Rotterdam-Antwerp region,
with higher volumes of gasoil moving across the Atlantic
and expected to land in Europe.
Gasoil .1%S (1000ppm) FOB ARA Barge assessment
rationale: (PGA page 1427) FOB ARA 0.1% gasoil barges were
assessed in line with the following input from the Platts
Market on Close assessment process: August 12 was
assessed at a discount of $20/mt to the front month ICE
low sulfur gasoil futures contract, in line with a withdrawn
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
bid during the MOC. A contango structure of around 3
cents/mt as implied by the swaps structure was applied
across the assessment curve.
The above commentary applies to the market data code: AAYWT00
Gasoil .005%S (50ppm) FOB ARA Barge assessment
rationale: (PGA page 1408) FOB ARA 50 ppm gasoil barges
were assessed in line with the following input from the
Platts Market on Close assessment process: August 16 was
assessed at a discount of $5.75/mt to the front month ICE
low sulfur gasoil futures contract, 25 cents/mt above a
competitive bid live at the close.
The above commentary applies to the market data code: AAUQC00
Gasoil 0.1%S FOB NWE Cargo assessment rationale: (PGA
page 1443) The FOB Northwest Europe 0.1% gasoil cargo
assessment was derived as a freight netback from the CIF
NWE 0.1% gasoil cargo assessment, using the following
assessments: CIF NWE 0.1% gasoil cargo assessment
minus the cost of transporting a 22,000 mt clean cargo
from a basket of ports in the Baltic and Northwest Europe
to Le Havre, France.
The above commentary applies to the market data code: AAYWR00
Gasoil 0.1%S CIF NWE Cargo assessment rationale: (PGA
page 1443) The CIF Northwest Europe 0.1% gasoil cargo
assessment was based on the relationship between the
physical and swaps markets in the absence of competitive
indications seen previously in the Platts Market on Close
assessment process.
The above commentary applies to the market data code: AAYWS00
Gasoil 0.1%S FOB Med Cargo assessment rationale: (PGA
page 1392) The FOB Mediterranean 0.1% gasoil cargo
assessment was derived as a freight netback from the CIF
Med 0.1% gasoil cargo assessment, using the following
assessments: CIF Med 0.1% gasoil cargo assessment minus
the cost of transporting a 30,000 mt clean cargo from a
basket of ports in the Med to Genoa, Italy, and Lavera, France.
The above commentary applies to the market data code: AAVJI00
10
Gasoil .1%S (1000ppm) CIF Med Cargo assessment
rationale: (PGA page 1392) The CIF Mediterranean 0.1% gasoil
cargo assessment was based on the relationship between
the physical and swaps markets in the absence of
competitive indications seen previously in the Platts Market
on Close assessment process.
The above commentary applies to the market data code: AAVJJ00
Gasoil 0.1% Barge bids/offers/trades: (PGA page 1428)
■■~~Platts Gasoil 0.1 Brg: MOC summary: 0 trades reported:
■■GASOIL 0.1% BARGE OUTSTANDING INTEREST: OFFERS:
■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA BE BP Offer
$-18.00 for 3;
■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA FE BP Offer
$-19.00 for 3;
■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA MW BP Offer
$-18.00 for 3;
■■GASOIL 0.1% BARGE OUTSTANDING INTEREST: BIDS:
■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA BE FSTBV Bid
$-22.00 for 3;
Gasoil 0.1% Barge exclusions: (PGA page 1428) No market
data was excluded from the August 07 assessment
process.
Gasoil Barge 50ppm bids/offers/trades: (PGA page 1409)
■■~~Platts Gasoil 50ppm Brg:?MOC summary: 0 trades
reported:
■■GASOIL 50ppm BARGE OUTSTANDING INTEREST: OFFERS:
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA BE
BELGOM Offer $-4.00 for 3;
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA FE
BELGOM Offer $-4.00 for 3;
■■GASOIL 50ppm BARGE OUTSTANDING INTEREST: BIDS:
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA BE
MABADEUT Bid $-6.00 for 3;
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA FE
GLENCOREUK Bid $-6.00 for 3;
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA MW
MABADEUT Bid $-6.00 for 3;
EUROPEAN MARKETSCAN August 7, 2017
Gasoil Barge 50ppm exclusions: (PGA page 1409) Platts
Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA BE done $0.00
for 2 TOTSA BELGOM*;
Gasoil NWE Cargo bids/offers/trades: (PGA page 1444)
■■GASOIL: NWE CARGO DEAL SUMMARY:
■■None.
■■GASOIL: NWE CARGO OUSTANDING INTEREST:
■■OFFERS: None.
■■BIDS: None.
Gasoil NWE Cargo exclusions: (PGA page 1444) No market
data was excluded from the August 07 assessment process.
Gasoil Mediterranean bids/offers/trades: (PGA page 1393)
■■GASOIL: MED CARGO DEAL SUMMARY:
■■None.
■■GASOIL: MED CARGO OUSTANDING INTEREST:
■■OFFERS: None.
■■BIDS: None.
Gasoil Mediterranean exclusions: (PGA page 1393) No
market data was excluded from the August 07 assessment
process.
Diesel
Market analysis: (PGA page 1498) Structure in the European
diesel market Monday did something of an about-turn Monday,
as the previous refinery-driven support in ICE low sulfur gasoil
futures seemed to give way to anxiety over the prospect that
impending arrivals into Europe fixed over the last week will
pressure the market. The September/October spread more or
less erased all the gains of last week, which saw it trade in a
backwardation of $2/mt, to post some trades in a contango of
50 cents/mt during the day. It was unclear to what extent this
reverse in sentiment was backed up by the facts, with some
sources not seeing additional volume from the East arriving on
to European shores. US volumes, however, do seem to have
picked up with a slew of vessels leaving the US Gulf Coast in
the last week. Around 13 were seen leaving heading to
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
Northwest Europe and the Mediterranean basin over the last
week, putting arrivals of distillates at 1.63 million for August,
although this includes some extra high sulfur gasoil cargoes.
With the market turning down, the purple patch of arbitrage
fixtures from the US had perhaps run its course in the last
week. However, these volumes stretched far and wide with two
Medium Range vessels, Seapride and STI Tribeca, heading to
Aliaga and Mersin in Turkey, the first to do so in around a year,
according to Platts trade flow software cFlow. US cargoes
rarely make the voyage that far into the eastern Mediterranean,
indicating the region is more than a touch dry of oil in the face
of decent demand and refinery maintenance in Greece.
ULSD 10ppmS FOB ARA Barge assessment rationale: (PGA
page 1478) The FOB ARA ultra low sulfur diesel barge
assessment was derived using the following input: the
front-end laycan was assessed at a discount of 75 cents/mt
to the front month ICE low sulfur gasoil futures, in between
a competitive bid and offer live at the close; the mid-
window laycan was assessed at 75 cents/mt below the
front month ICE low sulfur gasoil futures, in between a
competitive bid and offer live at the close. A contango
structure of around half a cent/day was applied to dates
following the mid-point of the mid-window laycan. A flat
structure was applied to all other dates.
The above commentary applies to the market data code: AAJUS00
ULSD 10ppmS CIF NWE Basis UK Cargo assessment
rationale: (PGA page 1467) The CIF UK diesel cargo
assessment was derived as a freight net forward from the
CIF Northwest Europe (ARA) diesel cargo assessment,
using the following assessments: CIF NWE (ARA) diesel
cargo assessment plus the cost of transporting a 30,000
mt clean cargo from a basket of ports in the Baltic to a
basket of UK ports.
The above commentary applies to the market data code: AAVBH00
ULSD 10ppmS CIF NWE Basis Le Havre Cargo assessment
rationale: (PGA page 1467) The CIF Northwest Europe (Le
Havre) diesel cargo assessment was derived as a freight
net forward from the CIF NWE (ARA) diesel cargo
11
assessment, using the following assessments: CIF NWE
(ARA) diesel cargo assessment plus the cost of
transporting a 30,000 mt clean cargo from a basket of
ports in the Baltic to Le Havre, France.
The above commentary applies to the market data code: AAWZC00
ULSD 10ppmS CIF NWE Cargo assessment rationale: (PGA
page 1467) The CIF Northwest Europe (ARA) ultra low sulfur
diesel cargo assessment was based on the following input:
on August 20, value was taken at $3.35/mt above the front
month low sulfur gasoil futures, 25 cents below a
competitive offer live at the close; on August 21-24, value
was taken at $3.48/mt, on a competitive bid and a
competitive offer live at the close; on August 25, value was
taken at $3.35/mt, 25 cents below a competitive offer live
at the close; on August 23, value was taken at $3.18/mt, in
between a competitive bid and offer live at the close; on
August 26-30, value was taken at $3.42/mt, on a
competitive bid and offer live at the close. A contango
structure of around 1 cent/day, as implied by the swaps
structure, was applied to all dates prior to August 20 on the
assessment curve. A flat structure was applied to all other
dates on the assessment curve.
The above commentary applies to the market data code: AAVBG00
ULSD 10ppmS CIF Med Cargo assessment rationale: (PGA
page 1456) The CIF Med cargo diesel market was assessed
on the following input: on August 19-20 value was taken at
$6.79/mt above the front month ICE low sulfur gasoil
futures contract, 25 cents below a competitive offer live at
the close; on August 21 value was taken at $7.27/mt in
between a competitive bid and offer live at the close; on
August 22 value was taken at $7.90/mt on a competitive bid
and offer live at the close; on August 23 value was taken at
$7.88/mt in between a competitive bid and offer live at the
close; on August 24 value was taken at $8.02/mt in
between a competitive bid and offer live at the close; on
August 25-27 value was taken at $8.40/mt in between a
competitive bid and offer live at the close; on August 28-29
value was taken at $8.02/mt in between a competitive bid
and offer live at the close; on August 30 value was taken at
EUROPEAN MARKETSCAN August 7, 2017
$7.27/mt in between a competitive bid and offer live at the
close. A backwardated structure of around 4 cents/day, as
implied by the swaps structure, was applied to all days prior
to August 19 on the assessment curve. A flat structure was
applied to all other days.
The above commentary applies to the market data code: AAWYZ00
Diesel Barge bids/offers/trades: (PGA page 1479)
■■Platts ULSD Brg: MOC summary: 2 trades reported:
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done
$-0.50 for 2.8 UNIPECSG GLENCOREUK*;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done
$-0.75 for 3 TOTSA STR*;
■■ULSD BARGE OUTSTANDING INTEREST: OFFERS:
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE TOTSA
Offer $0.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE VITOL
Offer $0.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE LICOBV
Offer $0.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE TOTSA
Offer $-0.25 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE UNIPECSG
Offer $-0.25 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE VITOL
Offer $-0.25 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW TOTSA
Offer $-0.25 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW
UNIPECSG Offer $-0.25 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW VITOL
Offer $-0.25 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 FG Smr BE TOTSA
Offer $-1.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 FG Smr FE TOTSA
Offer $-1.50 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 FG Smr MW TOTSA
Offer $-1.50 for 3;
■■ULSD BARGE OUTSTANDING INTEREST: BIDS:
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE BP Bid
$-1.00 for 3;
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
Deals Summary
HSFO barge trades (PGA page 1593)
■■FE: STR* sold to MERCURIASA 2kt 295/mt 15:28:19
■■FE: STR sold to VITOL* 2kt 294/mt 15:28:20
■■FE: STR* sold to MERCURIASA 2kt 295/mt 15:28:27
■■FE: STR* sold to MERCURIASA 2kt 295/mt 15:28:35
■■FE: STR* sold to MERCURIASA 2kt 295/mt 15:28:48
■■FE: TOTSA* sold to MERCURIASA 2kt 295/mt 15:28:53
■■FE: TOTSA* sold to MERCURIASA 2kt 295/mt 15:29:23
■■MW: BPBV sold to VITOL* 2kt 294/mt 15:27:31
■■MW: BPBV sold to VITOL* 2kt 293.50/mt 15:28:34
■■MW: BPBV* sold to VITOL 2kt 294.50/mt 15:29:06
■■MW: TRAFI* sold to VITOL 2kt 294.50/mt 15:29:24
■■MW: BPBV* sold to VITOL 2kt 294.50/mt 15:29:30
■■MW: TRAFI* sold to VITOL 2kt 294.50/mt 15:29:35
■■MW: BPBV* sold to VITOL 2kt 294.50/mt 15:29:42
■■MW: BPBV sold to VITOL* 2kt 294.25/mt 15:30:22
■■BE: GUNVORSA sold to VITOL* 2kt 294/mt 15:27:07
■■BE: TRAFI sold to VITOL* 2kt 294/mt 15:27:24
■■BE: BPBV sold to VITOL* 2kt 293.50/mt 15:27:59
■■BE: BPBV sold to VITOL* 2kt 293.50/mt 15:28:31
■■BE: TRAFI sold to VITOL* 2kt 293.50/mt 15:28:38
■■BE: BPBV sold to VITOL* 2kt 293.50/mt 15:28:52
■■BE: TRAFI sold to VITOL* 2kt 293.50/mt 15:29:50
■■BE: TRAFI* sold to MERCURIASA 2kt 294/mt 15:29:51
* Denotes market maker. All times GMT
HSFO barge bids (PGA page 1595)
■■FE: VITOL SA bids 2kt 294/mt
■■FE: AEGEAN NWE NV. bids 10kt 292.75/mt
■■FE: GUNVOR SA bids 2kt 292.50/mt
■■FE: GUNVOR SA bids 2kt 292/mt
■■MW: VITOL SA bids 2kt 294.25/mt
■■MW: VITOL SA bids 2kt 293.50/mt
■■MW: GUNVOR SA bids 2kt 292.50/mt
■■MW: GUNVOR SA bids 2kt 292/mt
■■BE: VITOL SA bids 2kt 293.50/mt
■■BE: GUNVOR SA bids 2kt 291/mt
■■BE: GUNVOR SA bids 2kt 291/mt
Withdrawals
■■FE: VITOL SA no longer bids 2kt 294/mt
■■FE: TRAFIGURA PTE LTD. no longer bids 2kt 293/mt
■■FE: V MARINE FUELS B.V. no longer bids 2kt 291.75/mt
■■FE: LITASCO SA no longer bids 2kt 291/mt
■■FE: BP EUROPA SE - BP NEDERLAND no longer bids 2kt 291/mt
12
■■FE: LITASCO SA no longer bids 2kt 290/mt
■■MW: VITOL SA no longer bids 2kt 294/mt
■■MW: VITOL SA no longer bids 2kt 293.50/mt
■■MW: TRAFIGURA PTE LTD. no longer bids 2kt 292/mt
■■MW: V MARINE FUELS B.V. no longer bids 2kt 291.75/mt
■■MW: LITASCO SA no longer bids 2kt 291/mt
■■MW: BP EUROPA SE - BP NEDERLAND no longer bids 2kt 291/mt
■■BE: VITOL SA no longer bids 2kt 294/mt
■■BE: VITOL SA no longer bids 2kt 294/mt
■■BE: VITOL SA no longer bids 2kt 293.50/mt
■■BE: VITOL SA no longer bids 2kt 293.50/mt
■■BE: VITOL SA no longer bids 2kt 293.50/mt
■■BE: VITOL SA no longer bids 2kt 293.50/mt
■■BE: VITOL SA no longer bids 2kt 293.50/mt
■■BE: TRAFIGURA PTE LTD. no longer bids 2kt 292/mt
■■BE: BP EUROPA SE - BP NEDERLAND no longer bids 2kt 291/mt
■■BE: LITASCO SA no longer bids 2kt 291/mt
HSFO barge offers (PGA page 1594)
■■FE: TOTSA TOTAL OIL TRADING SA offers 2kt 295.50/mt
■■FE: TRAFIGURA PTE LTD. offers 2kt 296/mt
■■FE: BP EUROPA SE - BP NEDERLAND offers 2kt 296/mt
■■FE: LITASCO SA offers 2kt 296.50/mt
■■FE: GUNVOR SA offers 2kt 299/mt
■■FE: GUNVOR SA offers 2kt 300/mt
■■MW: TRAFIGURA PTE LTD. offers 2kt 294.50/mt
■■MW: BP EUROPA SE - BP NEDERLAND offers 2kt 295/mt
■■MW: LITASCO SA offers 2kt 295.50/mt
■■MW: GUNVOR SA offers 2kt 299/mt
■■BE: BP EUROPA SE - BP NEDERLAND offers 2kt 294/mt
■■BE: LITASCO SA offers 2kt 295.50/mt
Withdrawals
■■FE: SHELL TRADING ROTTERDAM B.V. no longer offers 2kt 295/mt
■■FE: TOTSA TOTAL OIL TRADING SA no longer offers 2kt 295/mt
■■FE: SHELL TRADING ROTTERDAM B.V. no longer offers 2kt 295/mt
■■FE: TOTSA TOTAL OIL TRADING SA no longer offers 2kt 295/mt
■■FE: SHELL TRADING ROTTERDAM B.V. no longer offers 2kt 295/mt
■■FE: SHELL TRADING ROTTERDAM B.V. no longer offers 2kt 295/mt
■■FE: SHELL TRADING ROTTERDAM B.V. no longer offers 2kt 296/mt
■■MW: BP EUROPA SE - BP NEDERLAND no longer offers 2kt 294.50/mt
■■MW: BP EUROPA SE - BP NEDERLAND no longer offers 2kt 294.50/mt
■■MW: TRAFIGURA PTE LTD. no longer offers 2kt 294.50/mt
■■MW: TRAFIGURA PTE LTD. no longer offers 2kt 294.50/mt
■■MW: SHELL TRADING ROTTERDAM B.V. no longer offers 2kt
294.50/mt
■■MW: BP EUROPA SE - BP NEDERLAND no longer offers 2kt 294.50/mt
EUROPEAN MARKETSCAN August 7, 2017
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE BELGOM
Bid $-2.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE
CHEVRONBV Bid $-1.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE FSTBV Bid
$-1.50 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE
GLENCOREUK Bid $-1.50 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE
MABADEUT Bid $-1.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE PTRIN Bid
$-2.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE STR Bid
$-1.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE BP Bid
$-1.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE
CHEVRONBV Bid $-1.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE FSTBV Bid
$-2.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE
MABADEUT Bid $-1.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE PTRIN Bid
$-2.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW BP Bid
$-1.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW
CHEVRONBV Bid $-1.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW FSTBV
Bid $-1.75 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW
GLENCOREUK Bid $-1.50 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW
MABADEUT Bid $-1.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW PTRIN
Bid $-2.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW STR Bid
$-1.00 for 3;
Diesel Barge exclusions: (PGA page 1479) Platts ULSD Brg 1-3kt
ICE LSGO M1 ARA Smr FE done $-0.50 for 3 LICOBV* STR;
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
Deals summary (continued)
■■MW: TOTSA TOTAL OIL TRADING SA no longer offers 2kt 297/mt
■■MW: GUNVOR SA no longer offers 2kt 299.50/mt
■■BE: TRAFIGURA PTE LTD. no longer offers 2kt 294/mt
■■BE: TOTSA TOTAL OIL TRADING SA no longer offers 2kt 297/mt
■■BE: GUNVOR SA no longer offers 2kt 300/mt
■■BE: GUNVOR SA no longer offers 2kt 300/mt
LSFO barge trades (PGA page 1593)
■■ No trades reported
* Denotes market maker. All times GMT
Diesel NWE Cargo bids/offers/trades: (PGA page 1468)
■■ULSD: NWE CARGO DEAL SUMMARY: None
■■ULSD: NWE CARGO OUSTANDING INTEREST:
■■OFFERS
■■Vitol offers Platts NWE ULSD Crg - CIF bss Amsterdam -
10-25, Main: 27 kt, 17/8 - 23/8 (wide laycan), ““indication
number: 3oco4 Laycan: buyer to narrow Main volume: efp
Optol: 0-6kt efp as per main Spec: ULSD 10ppm meeting
French summer spec (inc 0.842 max) CP: hamburg-bdx +
north spain + ecuk option Vessel :Handytankers Spirit
GTC: totsa latest edition ““ , 100% of main volume at EFP
ICE LS GO Month Aug $5.50;
■■Vitol offers Platts NWE ULSD Crg - CIF bss Amsterdam -
10-25, Main: 27 kt, 17/8 - 23/8 (wide laycan), ““indication
number: 4oco3 Laycan: buyer to narrow Main volume:
pricing 10 - 15 Aug Optol: 0-6kt efp Aug +5.00 Spec:
ULSD 10ppm meeting French summer spec (inc 0.842
max) CP: hamburg-bdx + north spain + ecuk option
Vessel : Handytankers Spirit GTC: totsa latest edition ““ ,
100% of main volume at ULSD CIF UK Crg Any Day See
TQC $-2.50;
■■Vitol offers Platts NWE ULSD Crg - CIF bss Amsterdam -
10-25, Main: 27 kt, 17/8 - 1/9 (wide laycan), indication
number: 1oco2 Laycan: buyer to narrow Main volume: efp
Optol: 0-6kt efp Aug+5.00 Spec: ULSD 10ppm meeting
French summer spec (inc 0.842 max) CP: hamburg-bdx +
north spain + ecuk option Vessel :Shell / litasco /totsa
GTC: totsa latest edition , 100% of main volume at EFP
ICE LS GO Month Aug $5.00;
13
LSFO barge bids (PGA page 1595)
■■No bids reported
Withdrawals
■■No bids reported
LSFO barge offers (PGA page 1594)
■■No offers reported
Withdrawals
■■No offers reported
■■Vitol offers Platts NWE ULSD Crg - CIF bss Amsterdam -
10-25, Main: 27 kt, 17/8 - 1/9 (wide laycan), indication
number: 2oco1 Laycan: buyer to narrow Main volume:
pricing 14-20 Aug Optol: 0-6kt efp Aug+5 Spec: ULSD
10ppm meeting French summer spec (inc 0.842 max) CP:
hamburg-bdx + north spain + ecuk option Vessel :Shell /
Totsa / litasco GTC: totsa latest edition , 100% of main
volume at ULSD CIF UK Crg Any Day See TQC $-3.75;
■■Vitol offers Platts NWE ULSD Crg - CIF bss Le Havre -
10-25, Main: 27 kt, 24/8 - 1/9 (wide laycan), ““INDICATION
NUMBER: 6 OCO 5 LAYCAN: BUYER TO NARROW MAIN
VOLUME: efp OPTOL: 0-6K efp Aug +7.50 SPEC: ULSD
10PPM MEETING FRENCH SUMMER SPEC (INC 0.842 MAX)
CP: HAMBURG-BDX + NORTH SPAIN + ECUK OPTION
VESSEL :SHELL /BP / LITASCO GTC: TOTSA LATEST
EDITION”” , 100% of main volume at EFP ICE LS GO
Month Aug $7.00;
■■Vitol offers Platts NWE ULSD Crg - CIF bss Le Havre -
10-25, Main: 27 kt, 24/8 - 1/9 (wide laycan), ““INDICATION
NUMBER: 5 OCO 6 LAYCAN: BUYER TO NARROW MAIN
VOLUME: 21-27 Aug pxg OPTOL: 0-6K efp Aug +7 SPEC:
ULSD 10PPM MEETING FRENCH SUMMER SPEC (INC 0.842
MAX) CP: HAMBURG-BDX + NORTH SPAIN + ECUK OPTION
VESSEL :SHELL /TOTSA / LITASCO GTC: TOTSA LATEST
EDITION”” , 100% of main volume at ULSDCIFHavreCrg
Any Day See TQC $-1.00;
■■BIDS
■■Glencore bids Platts NWE ULSD Crg - CIF bss Amsterdam
- 10-25, Main: 27 kt, 23/8 - 27/8, Indication 1 OCO 2 Main
EUROPEAN MARKETSCAN August 7, 2017
volume Pricing 27kt: 23-29 Aug Optol : 0-6 kt in s.o: price
as per last price differential pricing COD +3 (COD =0),
Terminal : Amsterdam Spec: ULSD 10ppm meeting french
summer spec (inc , C&B) Cp : Hamburg, Bdx, ECUK + N
Spain Vessel : Total/BP/Shell , 100% of main volume at
ULSD CIFNWE Crg Any Day See TQC $-1.50;
■■BP bids Platts NWE ULSD Crg - CIF bss Thames - 10-25,
Main: 27 kt, 19/8 - 26/8 (wide laycan), Indication number:
2 Seller to narrow at time of trade Main volume pricing:
08-10 Aug Optol : 0-6 kt price as per last price differential
pricing COD +3 (COD =0) Spec : ULSD 10ppm French
Summer C&B CP : hbg-bdx range + Nspain +ECUK others
obtainable at cost Vessel : TOTAL/BP/SHELL approved ,
100% of main volume at ULSD CIF UK Crg Any Day See
TQC $-3.00;
■■BP bids Platts NWE ULSD Crg - CIF bss Thames - 10-25,
Main: 27 kt, 21/8 - 28/8 (wide laycan), Indication number:
3 Seller to narrow at time of trade Main Volume: 27kt
pricing EFP Optol : 0-6 kt EFP as per last price differential
pricing Spec : ULSD 10ppm French Summer C&B CP :
hbg-bdx range + Nspain +ECUK others obtainable at cost
Vessel : TOTAL/BP/SHELL approved , 100% of main
volume at EFP ICE LS GO Month Aug $3.50;
■■BP bids Platts NWE ULSD Crg - CIF bss Thames - 10-25,
Main: 27 kt, 24/8 - 1/9 (wide laycan), Indication number: 1
Seller to narrow at time of trade Main volume pricing:
08-10 Aug Optol : 0-6 kt price as per last price differential
pricing COD +3 (COD =0) Spec : ULSD 10ppm French
Summer C&B CP : hbg-bdx range + Nspain +ECUK others
obtainable at cost Vessel : TOTAL/BP/SHELL approved ,
100% of main volume at ULSD CIF UK Crg Any Day See
TQC $-3.00;
■■Glencore bids Platts NWE ULSD Crg - CIF bss Thames -
10-25, Main: 27 kt, 22/8 - 26/8, Indication 2 OCO 1 Main
volume Pricing 27kt: 23-29 Aug Optol : 0-6 kt in s.o: price
as per last price differential pricing COD +3 (COD =0),
Terminal : Thames Spec: ULSD 10ppm meeting french
summer spec (inc , C&B) Cp : Hamburg, Bdx, ECUK + N
Spain Vessel : Total/BP/Shell , 100% of main volume at
ULSD CIF UK Crg Any Day See TQC $-4.00.
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
Diesel NWE Cargo exclusions: (PGA page 1468) No market
data was excluded from the August 07 assessment
process.
Diesel Mediterranean bids/offers/trades: (PGA page 1457)
■■ULSD: MED CARGO DEAL SUMMARY: None
■■ULSD: MED CARGO OUSTANDING INTEREST:
■■OFFERS
■■Mercuria offers Platts Med ULSD Crg - CIF bss Koper -
10-25, Main: 27 kt, 21/8 - 25/8, Indication Number: 1
Laycan: 21/25 Aug Main VOlume Pricing: Full EFP OpTol:
0-6kT, full EFP as per last differential indication Spec:
10ppm ulsd French Summer specs, max 0.845, C&B CP:
Euromed neobig + Slovenia, + Croatia excluding y/fyugo/
toc + Turkish Med + SOM + others obtainable Vessel MT
Zagara, 100% of main volume at EFP ICE LS GO Month
Sep $8.00;
■■Vitol offers Platts Med ULSD Crg - CIF bss Lavera - 10-25,
Main: 27 kt, 17/8 - 24/8 (wide laycan), Indication 1 oco 2
main vol : Pricing 28 Aug - 3 Sep 2017, inclusive Optol:
0-6kt s.o efp Aug +8 Spec: ulsd 10ppm french summer
spec including C&B CP: Euromed neobig + Slovenia +
Croatia exc ludingy/fyugo/toc+Turkish med + SOM +
others Obtainable Vessel: Shell/Litasco/Eni GTC: Total
latest, 100% of main volume at ULSD CIFMed Crg Any Day
See TQC $-0.50;
■■Vitol offers Platts Med ULSD Crg - CIF bss Lavera - 10-25,
Main: 27 kt, 17/8 - 1/9 (wide laycan), Indication 2oco 1
Optol: 0-6kt s.o, efp Aug +8 Spec: ulsd 10ppm french
summer spec including C&B CP: Euromed neobig +
Slovenia + Croatia exc ludingy/fyugo/toc+Turkish med +
SOM + others Obtainable Vessel: Shell/Litasco/Eni GTC:
Total latest , 100% of main volume at EFP ICE LS GO
Month Aug $8.00;
■■Vitol offers Platts Med ULSD Crg - CIF bss Lavera - 10-25,
Main: 27 kt, 17/8 - 1/9 (wide laycan), Indication 3 Main
volume: 27kt Pricing 4-6 Sep 2017 Optol: 0-6kt s.o, pricing
5 quotes after COD (cod=0) Spec: ulsd 10ppm french
summer spec including C&B CP: Euromed neobig +
Slovenia + Croatia exc ludingy/fyugo/toc+Turkish med +
SOM + others Obtainable Vessel: Shell/Litasco/Eni GTC:
14
Total latest , 100% of main volume at ULSD CIFMed Crg
Any Day See TQC $0.00;
■■BIDS
■■Shell bids Platts Med ULSD Crg - CIF bss Aliaga - 10-25,
Main: 27 kt, 23/8 - 29/8 (wide laycan), Indication 1 OCO 2
Main volume pricing: Full EFP Optol: 0-6kt Full EFP, as per
last differential on main volume indication Spec: French
summer spec ulsd with C+B CP: Euromed, Neobig (exl
yugo/former yugo/Albania/Syria but inc Croatia/
Slovenia)+Turkey incl Sea of Marmara + Morocco, other
cp options available/obtainable at cost Vessel: Shell/BP/
Lukoil , 100% of main volume at EFP ICE LS GO Month Sep
$8.50;
■■Shell bids Platts Med ULSD Crg - CIF bss Aliaga - 10-25,
Main: 27 kt, 23/8 - 29/8 (wide laycan), Indication 2 OCO 1
Main volume pricing: 5 quotes after COD Optol: 0-6kt,
pricing and diff as per main volume Spec: French summer
spec ulsd with C+B CP: Euromed, Neobig (exl yugo/former
yugo/Albania/Syria but inc Croatia/Slovenia)+Turkey incl
Sea of Marmara + Morocco, other cp options available/
obtainable at cost Vessel: Shell/BP/ Lukoil , 100% of main
volume at ULSD CIFMed Crg Any Day See TQC $-1.00;
■■Glencore bids Platts Med ULSD Crg - CIF bss Elefsis -
10-25, Main: 25 kt, 18/8 - 22/8, Indication 3 Main volume
Pricing 25kt: 17-23 Aug Optol : 0-5 kt in s.o: price as per
last price differential pricing COD +3 (COD =0), Spec:
ULSD 10ppm meeting french summer spec (inc , C&B) Cp
: Euromed neobig + Slovenia + Croatia exc luding y/fyugo/
toc + Turkish med + Tunisia + SOM +morocco + others
obtainable Vessel : Total/Lukoil/Shell , 100% of main
volume at ULSD CIFMed Crg Any Day See TQC $-1.25;
■■Litasco bids Platts Med ULSD Crg - CIF bss Koper - 10-25,
Main: 25 kt, 20/8 - 31/8 (wide laycan), indication 2 Optol:
0-5kt s.o, as per main EFP indication Spec: ulsd 10ppm
meeting french summer spec including C&B CP: Euromed
neobig + Slovenia + Croatia exc luding y/fyugo/toc +
Turkish med + Tunisia + SOM + Morocco +others
obtainable Vessel: OMV/Lukoil/Total seller to narrow
dates to 5 days during deal , 100% of main volume at EFP
ICE LS GO Month Sep $8.00;
■■Saras bids Platts Med ULSD Crg - CIF bss Koper - 10-25,
EUROPEAN MARKETSCAN August 7, 2017
Main: 27 kt, 19/8 - 23/8, Indication 4oco3 Main volume
pricing: 5 quotes after COD Optol: 0-6kt, pricing and diff
as per main volume Spec: French summer spec ulsd with
C+B CP: Euromed, Neobig (exl Yugo/former Yugo/Albania/
Syria but inc Croatia/Slovenia) + Tunisia + Turkish Med +
SOM + Marocco, other cp options at cost Vessel: OMV/
Saras/Lukoil, 100% of main volume at ULSD CIFMed Crg
Any Day See TQC $-2.50;
■■Saras bids Platts Med ULSD Crg - CIF bss Koper - 10-25, Main:
27 kt, 19/8 - 23/8, Indication 3oco4 Optol: 0-6kt as per main
EFP indication Spec: French summer spec ulsd with C+B CP:
Euromed, Neobig (exl Yugo/former Yugo/Albania/Syria but inc
Croatia/Slovenia) + Tunisia + Turkish Med + SOM + Marocco,
other cp options at cost Vessel: OMV/Saras/Lukoil, 100% of
main volume at EFP ICE LS GO Month Sep $6.75;
■■Litasco bids Platts Med ULSD Crg - CIF bss Mersin - 10-25,
Main: 25 kt, 28/8 - 1/9, indication 4 Terminal: lukoil akpet
Optol: 0-5kt s.o, as per main EFP indication Spec: ulsd
10ppm meeting french summer spec including C&B CP:
Euromed neobig + Slovenia + Croatia exc luding y/fyugo/
toc + Turkish med + Tunisia + SOM + Morocco +others
obtainable Vessel: OMV/Lukoil/Total , 100% of main
volume at EFP ICE LS GO Month Sep $8.00.
Diesel Mediterranean exclusions: (PGA page 1457) No market
data was excluded from the August 07 assessment
process.
Fuel Oil
Market analysis: (PGA page 1599) The fuel oil complex began
the week on a stronger note with the 3.5% September crack
trading higher at minus $5.69/b, compared with levels last
week at below the minus $6/b mark, according to the
Intercontinental Exchange. The 3.5% barge market is said to
be strengthening due to two key factors, according to
sources. Firstly, a much more compact export program from
Russia is likely to reduce fuel oil availability in the
Amsterdam-Rotterdam-Antwerp region. Secondly,
speculation regarding a second VLCC, soon to load out of
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
Rotterdam will likely tighten the market. The Amber VLCC
loaded out of Rotterdam almost three weeks earlier than
scheduled, and has led some sources to think early
September demand in Singapore may be stronger than
imagined. A fuel oil trader based in Singapore said “demand-
wise, it is not seen better, but September could be better.”
Meanwhile, in tender news, Pakistan State Oil bought five
65,000 mt cargoes of 180 CST HSFO with maximum 3.5%
sulfur for September loading at premiums of around $15-
$16.50/mt to Mean of Platts Arab Gulf 180 CST HSFO
assessments on a FOB basis. PetroChina was awarded two
cargoes and Bakri won three cargoes. The cargoes would be
discharged at Port Qasim in September. PSO also bought
55,000 mt of low sulfur fuel oil with maximum 0.95% sulfur
for September delivery into Karachi from PetroChina at a
premium of around $39/mt to MOPAG 180 CST HSFO
assessments on a CFR basis. Additionally, strong and
healthy sweet crude demand, especially in the Atlantic
basin, has provided for a weaker LSFO market, as more of
the lower sulfur fuel oil is produced, according to sources.
FO 1%S FOB Rdam Barge assessment rationale: (PGA page
1592) In 1% FOB Rotterdam barges, the differential to 3.5%
FOB Rotterdam barges was assessed unchanged at flat, in
the absence of any indication proving otherwise.
The above commentary applies to the market data code: PUAAP00
FO 3.5%S FOB Rdam Barge assessment rationale: (PGA
page 1592) In FOB Rotterdam HSFO barges, front-end and
back-end values were assessed below competitive offers
before the close. Mid-window value was assessed on a
traded bid in the extension.
The above commentary applies to the market data code: PUABC00
FO 3.5%S 500 CST FOB Rdam Barge assessment
rationale: (PGA page 1592) FOB Rotterdam 500 CST high
sulfur fuel oil barges were assessed unchanged at a
differential of minus $4.50/mt to FOB Rotterdam high sulfur
fuel oil barge in the absence of fresh bids or offers.
The above commentary applies to the market data code: PUAGN00
15
Fuel Oil Barge exclusions: (PGA page 1607) No market data
was excluded from the August 07 barge assessment
process.
FO 1%S CIF NWE Cargo assessment rationale: (PGA page
1588) The CIF Northwest European low sulfur fuel oil
cargo assessment was derived as a freight net-forward
to the FOB Northwest European low sulfur fuel oil cargo
assessment using the following input: the FOB
Northwest European low sulfur fuel oil cargo assessment
plus the cost of transporting a 30,000 mt fuel oil cargo
from a basket of NWE ports to the assessment basis port
of Antwerp.
The above commentary applies to the market data code: PUAAL00
FO 1%S FOB NWE Cargo assessment rationale: (PGA page
1588) In 1% FOB NWE cargoes, value was assessed by using
Friday’s physical/swaps differential of minus $2/mt in the
absence of indications suggesting otherwise.
The above commentary applies to the market data code: PUAAM00
FO 1%S CIF Med Cargo assessment rationale: (PGA page
1580) The CIF Mediterranean low sulfur fuel oil cargo
assessment was assessed higher as a freight net-forward
to the FOB Northwest European low sulfur fuel oil cargo
assessment, using the following assessments: the FOB
Northwest European low sulfur fuel cargo plus the cost of
transporting a 30,000 mt fuel oil cargo from Antwerp to
assessment basis port of Milazzo.
The above commentary applies to the market data code: PUAAJ00
FO 1%S FOB Med Cargo assessment rationale: (PGA page
1580) The FOB Mediterranean low sulfur fuel oil cargo
assessment was derived as a freight netback to the CIF
Mediterranean low sulfur fuel oil cargo assessment, using
the following assessments: the CIF Mediterranean low
sulfur fuel oil cargo assessment minus the cost of
transporting a 30,000 mt fuel oil cargo between a basket of
Mediterranean ports.
The above commentary applies to the market data code: PUAAK00
EUROPEAN MARKETSCAN August 7, 2017
FO 3.5%S CIF Med Cargo assessment rationale: (PGA page
1580) In CIF Med HSFO cargoes, value was assessed on a
near-competitive traded offer before the close. A
backwardated structure of 11 cents/day was applied, derived
from the relevant swaps curve.
The above commentary applies to the market data code: PUAAY00
FO 3.5%S FOB Med Cargo assessment rationale: (PGA page
1580) The FOB Mediterranean high sulfur fuel oil cargo
assessment was derived as a freight netback to the CIF
Mediterranean high sulfur fuel oil cargo assessment, using
the following assessments: CIF Mediterranean high sulfur fuel
oil cargo assessment minus the cost of transporting a 30,000
mt fuel oil cargo between a basket of Mediterranean ports.
The above commentary applies to the market data code: PUAAZ00
Fuel Oil Barge bids/offers/trades: (PGA page 1605)
■■HSFO: RMK 500 CST BARGE: MOC DEAL SUMMARY: No
deals.
■■HSFO: RMK 500 CST BARGE: MOC OUTSTANDING
INTEREST: Bids:
■■AEGEAN BIDS $285/MT FOR 2KT FE
■■HSFO: RMK 500 CST BARGE: MOC OUTSTANDING
INTEREST: Offers: None
Fuel Oil NWE Cargo bids/offers/trades: (PGA page 1589)
■■LSFO NWE CARGO MOC: DEAL SUMMARY: None
■■LSFO NWE CARGO MOC: OUTSTANDING INTEREST: None
■■HSFO NWE CARGO MOC: DEAL SUMMARY: No deals.
■■HSFO NWE CARGO MOC: OUTSTANDING INTEREST: None
Fuel Oil NWE Cargo exclusions: (PGA page 1589) No market
data was excluded from the August 07 assessment
process.
Fuel Oil Mediterranean bids/offers/trades: (PGA page 1581)
■■LSFO MED CARGO MOC: DEAL SUMMARY: None
■■LSFO MED CARGO MOC: OUTSTANDING INTEREST: None
■■HSFO MED CARGO MOC: DEAL SUMMARY:
■■GLTD ? CADOIL Aug 19-Aug 23 Platts HSFO Med Crg CIF
bss Malta 10-25 100% 3.5% CIF Med cargoes Any Day See
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
TQC $0.75 for 27000-27000 “full cargo main volume
pricing: 16 - 31 Aug both ends included on 3.5% cif med
cargoes optol: 0-6 kt 3 quotes after COD differential as
per main volume
■■spec: rmg 380 iso 2010 bunker fuel oil with 3.5% sulphur
max and 2ppm h2s max in liquid phase
■■cp: full med options excluding syria israel libya yugo
former yugo albania and toc acceptable vessels: cepsa
repsol eni
■■HSFO MED CARGO MOC: OUTSTANDING INTEREST:
■■Platts HSFO Med Crg CIF bss Ceuta 10-25, VILMAOSL offers
Aug 24-Aug 28 100% 3.5% CIF Med cargoes Any Day See
TQC $1.50 for 25000-25000 “main volume pricing mean cif
med from 28-31 aug both included Optol :0-5 kt pricing 3
days after cod, same differential as per main volumen
■■,Spec: RMG 380 ISO 8217/2010 with 3,5 % sulphur and
2ppm h2s max in liquid
■■CP: full med C/P options and normal exclusions yugo/
former yugo/ Albania /Israel/TOC/Libia/Siria.
■■Vessel acceptable to : Cepsa, Repsol, Bp
■■Platts HSFO Med Crg CIF bss Barcelona 10-25, CEPSASAU
<P> bids Aug 21-Aug 25 100% 3.5% CIF Med cargoes Full
Mnth Sep $0.50 for 27000-27000 “Terminal : DECAL Main
volume pricing : 01-30 September 2017, both dates
included,3.5%S High CIF Med cargoes Optol : 0-6kt
pricing 10 quotes after COD, same as main volume
differential Spec : RMG 380, ISO 2010 RMG bunker fuel
plus 3.50%S max and 2.00 ppm H2S max in liquid phase
CP : 1/2 ports full med (Excl. israel/syria/libia/albania/yugo,
former yugo and TOC) and the Canary Islands. Vessel
acceptable to : CEPSA/REPSOL/BP
■■Platts HSFO Med Crg CIF bss Malta 10-25, TRAFI bids Aug
25-Aug 29 100% 3.5% CIF Med cargoes Any Day See TQC
$-1.50 for 25000-25000 “Main Volume pricing 14-18 Aug
(25kt) Optol: 0-5kt pricing 3 quotes after COD at same
differential to main volume RMG380 as per ISO 8217:2010,
3.5pct Sulphur max, H2S 2ppm max in liquid, Vessel
acceptable to Repsol / ENI / CEPSA CP: Full Med (Exc.
Israel/Libya/Albania/yugo/former yugo and TOC)
■■Platts HSFO Med Crg CIF bss Gibraltar 10-25, CADOILTRAD
bids Aug 20-Aug 24 100% 3.5% CIF Med cargoes Any Day
16
See TQC $0.50 for 27000-27000 “CIF bss Gibraltar 3.5%
CIF Med Cargoes Main volume: 14-17 Aug 2017 both ends
included Optol: 0-6kt pricing 3 quotes after COD, same as
main volume
■■differential, Spec: RMG 380, ISO 2010 RMG bunker fuel
plus 3.50%S max and 2.00 ppm
■■H2S max in liquid phase CP: Full med (Excl. israel/syria/
libia/albania/yugo, former yugo
■■and TOC) Vessel acceptable to: CEPSA/ENI/BP
■■Platts HSFO Med Crg CIF bss Malta 10-25, CADOILTRAD
bids Aug 28-Sep 1 100% 3.5% CIF Med cargoes Any Day
See TQC $-1.00 for 25000-25000 “CIF bss Malta 3.5% CIF
Med Cargoes Main volume: 16-25 Aug 2017 both ends
included Optol: 0-5kt pricing 10 quotes after COD, same
as main volume
■■differential, Spec: RMG 380, ISO 2010 RMG bunker fuel
plus 3.50%S max and 2.00 ppm
■■H2S max in liquid phase CP: Full med (Excl. israel/syria/
libia/albania/yugo, former yugo and TOC)
■■Vessel acceptable to: CEPSA/ENI/BP
■■Platts HSFO Med Crg CIF bss Malta 10-25, CADOILTRAD
bids Aug 17-Aug 21 100% 3.5% CIF Med cargoes Any Day
See TQC $-0.75 for 27000-27000 “CIF bss Malta 3.5% CIF
Med Cargoes Main volume: 16-25 Aug 2017 both ends
included Optol: 0-6kt pricing 3 quotes after COD, same as
main volume differential,
■■Spec: RMG 380, ISO 2010 RMG bunker fuel plus 3.50%S
max and 2.00 ppm H2S max in liquid phase, Canary
options CP: Full med (Excl. israel/syria/libia/albania/yugo,
former yugo
■■and TOC) Vessel acceptable to: CEPSA/ENI/BP
Fuel Oil Mediterranean exclusions: (PGA page 1581) No
market data was excluded from the August 07 assessment
process.
VGO (PGA page 1597)
In the Northwest European feedstock market, FOB HSVGO
values rose to a $1/b premium to ICE October Brent following
indications of higher pegged values and firmer netbacks.
EUROPEAN MARKETSCAN August 7, 2017
“There is not much demand and activity lately in NWE —
probably people are reluctant to sell FOB at levels lower than
netback,” one trader said. The CIF HSVGO differential soared
to a $2.41/b premium versus ICE October Brent, above an
aggressive BP bid for a 30,000 mt CIF HSVGO cargo for
delivery August 25-29 in the Platts Market on Close
assessment process. The CIF/FOB NWE VGO spread
increased to $1.41/b, up from the previous 20 cents/b. FOB
LSVGO cargoes were assessed in line with freight netbacks
at $1.70/b with CIF values marked and assessed at a $3.11/b
premium to ICE October Brent. In the Mediterranean, HSVGO
values were about 50 cents higher at $2.75/b-$3/b CIF.
“There is still plenty of material available in the Med, some
of it may surely have gone to the US,” another trader said. A
third LSVGO cargo was offered from Afipsky refinery this
month. A cargo with sulfur content of 0.6% was heard
loading August 18-19, sources said.
North Sea crude
Market analysis: (PGA page 1299) The backwardation
continued to hold across the front four CFD weeks as
trading activity rolled into the new week, with 36 cents
seen between the August 7-11 and August 28-September 1
CFD weeks. Demand for physical volume has remained
robust across the second half of August, which has
continued to support the the paper markets, though market
sources questioned how sustainable that backwardation is
likely to remain as the trading cycle rolls into September.
“For now, the market seems pretty well-supported on both
Brent and Dubai,” a crude trader said. “Strong Chinese
buying has been turning into large product exports. But the
main cap to the market is still the hedging activity further
out.” Refinery maintenance season is expected to be fairly
significant in Northwest Europe, which could see demand
for prompt physical volumes fade somewhat in the event
the Brent-Dubai Exchange Futures for Swaps continues to
hold above $1/b, which could frustrate arbitrage for Forties
and Ekofisk to China moving forward. “[Local] demand is
very good right now and refinery margins are excellent,” a
crude trader said. “Most of the local refiners have switched
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
from sour towards sweet, which has really helped to
support grades like Ekofisk and the other North Sea grades.
The question is what will happen with Forties and Brent...
but not many people in Europe really process Forties now,
and the EFS is very wide.” In the Platts Market on Close
process Monday, the majority of the buying interest on both
Brent and Forties remained concentrated in August, though
a Statoil bid for a 600,000 barrel cargo of the crude loading
between September 1 and September 8 remained
outstanding at the 16:30 London close at Dated Brent plus
35 cents/b. Statoil, often a seller in the BFOE markets, has
so far proved to be one of the largest buyers in August,
across all four crude grades. Both Shell and Glencore were
also outstanding in the Platts MOC Saturday with Forties
and Brent cargoes offered STS off of the Gener8 Supreme,
Gener8 Neptune and Desimi. Glencore’s STS Forties offer
was outstanding at Dated Brent plus 25 cents/b for August
19-23 dates.
Dated Brent assessment rationale: (PGA page 1297) Of the four
BFOE grades, Brent, Forties and Oseberg were seen in the
Platts Market on Close assessment process Monday. Brent
Blend was assessed unchanged in a flat structure after an
outstanding offer and outstanding bid failed to challenge the
previous day’s assessment. Forties was assessed lower.
August 17 to 22 was assessed in a flat structure immediately
below an outstanding offer for August 19-23, which was close
to the level of a withdrawn bid for August 20-22. August
22-September 2 was assessed in a 2 cent/day contango, given
the much weaker prompt market. September 2 was assessed
above an outstanding bid. September 2-7 was assessed in a
flat structure. Oseberg was assessed unchanged, after a
withdrawn bid failed to challenge Friday’s assessment. Ekofisk
was assessed higher, rolling Friday’s structure forward. Forties
was the most competitive grade August 17-September 7.
Dated Brent was, therefore, assessed lower.
The above commentary applies to the market data code: PCAAS00
BFOE assessment rationale: (PGA page 1297) October Cash
BFOE was assessed on the level of a traded bid, which
disproved both an October EFP heard during the day and an
17
October/November EFP roll heard during the day. November
Cash BFOE was assessed on the level of a traded offer,
which disproved both a November EFP heard during the day
and an October/November EFP roll heard during the day.
December Cash BFOE was assessed using the November/
December EFP roll heard during the day.
The above commentary applies to the market data codes:
PCAAQ00, PCAAR00, PCARR00
CFD assessment rationale: (PGA page 1297) August 7-11 was
assessed using an August 7-11 versus August 14-18 CFD roll
heard during the day. August 14-18 was assessed using an
August 14-18 versus August 21-25 CFD roll heard during the
day. August 21-25 was assessed below an outstanding
offer, converted to November pricing, which disproved four
earlier traded offers and two earlier traded bids. August 28
to November 1 was assessed below an outstanding offer.
September 4-8 was assessed using an August 28 to
September 1 versus September 4-8 CFD roll seen during the
day. September 11-15 was assessed using a September 4-8
versus September 11-15 CFD roll seen during the day.
The above commentary applies to the market data codes:
PCAKA00, PCAKC00, PCAKE00, PCAKG00, AAGLU00, AAGLV00,
AALCZ00, AALDA00
North Sea bids/offers/trades: (PGA page 1290)
■■NORTH SEA: MOC TRADE SUMMARY: None.
■■NORTH SEA: MOC OUTSTANDING INTEREST: STASCO
OFFERS Forties STS Scapa Flow Aug 20-24 Dtd $0.55 for
600000 “vessel Gener8 Supreme”; GLENCORE OFFERS
Forties STS Scapa Flow 19-23 Dtd $0.25 for 600000
“Vessel - Desimi”; STASCO OFFERS BNB STS Scapa Flow
Aug 17-22 Dtd $0.55 for 600000 “vessel Gener8
Neptune”; STATOIL BIDS BNB FOB Aug 27-29 Dtd $0.30
for 600000; STATOIL BIDS Forties FOB Sep 1-Sep 8 Dtd
$0.35 for 600000
■■NORTH SEA: MOC WITHDRAWN: VITOL WITHDRAWS BID
BNB FOB Aug 23-25 Dtd $0.35 for 600000; STATOIL
WITHDRAWS BID Oseberg FOB Aug 20-22 Dtd $0.75 for
600000; BP WITHDRAWS BID Forties FOB Aug 20-22 Dtd
$0.25 for 600000
EUROPEAN MARKETSCAN August 7, 2017
■■BFOE CFD: MOC DEAL SUMMARY: Aug14-Aug18 Oct-
0.43 x100 DV Trading-Vitol; Aug21-Aug25 Oct-0.5 x100
Socar-Statoil; Aug21-Aug25 Oct-0.5 x100 Socar-
Statoil; Aug21-Aug25 Oct-0.5 x100 DV Trading-Statoil;
Aug21-Aug25 Oct-0.5 x100 OMV-Statoil; Aug21-Aug25
Oct-0.5 x100 Mandara-Statoil; Aug21-Aug25 Oct-0.5
x100 OMV-Vitol
■■BFOE CFD: MOC OUTSTANDING INTEREST: Aug 14-18
(Oct): Vitol bids -0.44; BP bids -0.45; Statoil bids -0.45;
Mercuria bids -0.47; Aug 21-25 (Oct): Vitol bids -0.52; BP
bids -0.52; OMV offers -0.50; Aug 28-Sep 1 (Nov): Statoil
bids -0.66; Mandara bids -0.67; DV Trading bids -0.70; BP
bids -0.70; Gunvor offers -0.61; Mercuria offers -0.60; DV
Trading offers -0.59; Petraco offers -0.58; Sep 4-8 (Nov):
Mercuria bids -0.67; Mandara bids -0.67; Petraco offers
-0.61; Gunvor offers -0.61; DV Trading offers -0.60
■■CASH BFOE: MOC DEAL SUMMARY: Oct 51.64 x100
Gunvor-Socar; Nov 51.66 x100 Shell-Hartree; Oct 51.65
x100 Gunvor-Socar; Nov 51.66 x100 Shell-Hartree; Oct 51.7
x100 Glencore-Socar; Oct 51.65 x100 Gunvor-Socar; Oct
51.67 x100 Gunvor-Socar; Nov 51.66 x100 Shell-Vitol
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
■■ CASH BFOE: MOC OUTSTANDING INTEREST: Oct17:
Glencore offers 51.70; Totsa offers 51.75
North Sea exclusions: (PGA page 1290) No market information
was excluded from the assessment process August 7.
LSSR
Market analysis: (PGA page 1598) The European low sulfur
straight run cargo market fell 10 cents to a $2.35/b discount
to ICE October Brent following talk of lower levels on the
market. According to one trader there was a fair supply of
higher and cheaper sulfur straight run with refineries having
little incentive to produce LSFO priced at little more than
HSFO. “VDU margins are still not that attractive. Because of
too strong fuel oil cracks, some are switching from Urals to
sweeter crude. It makes LSSR less interesting and provides
at the same time some support from LSVGO, as VDUs are
not running on sweet,” the trader said. In the Mediterranean
demand was weak for the feedstock with some refineries
self-sufficient due to strong refining margins. WAF-origin
18
LSSR cargoes were pegged at a $45-$50/mt premium to
LSFO cargoes. Demand was good for 1% Russian-origin
LSSR, another source said.
Straight Run 0.5-0.7%S FOB NWE cargo assessment
rationale: (PGA page 1584) The FOB Northwest European low
sulfur straight run cargo assessment was based on the
following input: the LSSR FOB NWE differential was
assessed at a $2.35/b discount to ICE October Brent crude
futures. The outright LSSR price was derived using the
dollars per barrel to metric ton conversion factor of 6.77 for
LSSR. No bids or offers were reported in the Platts Market
on Close assessment process.
The above commentary applies to the market data code: PKABA00
LSSR Cargo bids/offers/trades: (PGA page 1585)
■■LSSR CARGO MOC: DEAL SUMMARY: No deals.
■■LSSR CARGO MOC: OUTSTANDING INTEREST: None.
LSSR Cargo exclusions: (PGA page 1585) No market data was
excluded from the August 07 assessment process.