EUROPEAN MARKETSCAN

Volume 49 / Issue 148 / August 2, 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 450.50–451.00 450.750 +2.750 PAAAH00 458.25–458.75 458.500 +2.750 FOB NWE
Prem Unl 10ppm AAWZA00 550.00–550.50 550.250 +6.500 AAWZB00 555.75–556.25 556.000 +6.500 Gasoline AAKUV00 517.000 +9.000
Jet AAIDL00 511.50–512.00 511.750 +7.000 AAZBN00 521.75–522.25 522.000 +7.000 CIF West Africa
10ppm ULSD AAWYY00 490.50–491.00 490.750 +7.000 AAWYZ00 498.00–498.50 498.250 +7.000 Gasoline AGNWC00 532.250 +9.000
Gasoil 0.1% AAVJI00 469.50–470.00 469.750 +6.250 AAVJJ00 478.50–479.00 478.750 +6.250
Fuel Oil 1.0% PUAAK00 298.75–299.25 299.000 +4.000 PUAAJ00 305.25–305.75 305.500 +4.000
Fuel oil 3.5% PUAAZ00 291.25–291.75 291.500 +2.000 PUAAY00 298.25–298.75 298.500 +2.000
ICE futures
Straight run 0.5-0.7% AAJNT00 325.25–325.75 325.500 +4.000 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 490.25 Oct AAYES00 52.20
Naphtha (Sep) PAAAJ00 459.50–460.00 459.750 +6.250 Sep AARIO00 488.75 Nov AAYET00 52.29
Naphtha PAAAL00 463.75–464.25 464.000 +2.750 Oct AARIP00 487.00 Dec AAXZY00 52.42
Gasoline 10ppm AAXFQ00 559.75–560.25 560.000 +5.000 Jan AAYAM00 52.54
Jet PJAAV00 514.50–515.00 514.750 +7.000 PJAAU00 523.25–523.75 523.500 +7.000 *Platts ICE assessments reflect the closing value of the ICE contracts at precisely
ULSD 10 ppm AAVBF00 484.00–484.50 484.250 +6.500 AAVBG00 493.00–493.50 493.250 +6.500 16:30 London time.
Diesel 10ppm NWE** AAWZD00 485.25–485.75 485.500 +6.500 AAWZC00 494.75–495.25 495.000 +6.500
Diesel 10 ppm UK AAVBH00 496.00–496.50 496.250 +6.500 ICE gasoil settlements (PGA page 702)
Gasoil 0.1% AAYWR00 461.50–462.00 461.750 +3.250 AAYWS00 474.25–474.75 474.500 +3.250
Low Sulfur Gasoil Low Sulfur Gasoil
Fuel oil 1.0% PUAAM00 297.50–298.00 297.750 +3.000 PUAAL00 303.75–304.25 304.000 +3.000
Aug AAQSG00 490.00 Nov AAQSJ00 483.50
Fuel oil 3.5% PUABB00 279.75–280.25 280.000 +3.250 PUABA00 288.50–289.00 288.750 +3.250
Sep AAQSH00 488.25 Dec AAQSK00 480.50
Straight run 0.5-0.7% PKABA00 337.75–338.75 338.250 +6.500
VGO 0.5-0.6% AAHMX00 370.25–371.25 370.750 +5.250 AAHMZ00 371.50–372.50 372.000 +3.000
Oct AAQSI00 486.75 Jan AAQSL00 480.25

VGO 2% max AAHNB00 362.75–363.75 363.250 +4.500 AAHND00 364.00–365.00 364.500 +2.250 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 459.75–460.25 460.000 +2.750 ULSD 10ppm barge crack swap ($)
Eurobob AAQZV00 544.75–545.25 545.000 +5.000 Aug PXAAJ00 489.00 Sep PXAAK00 487.75
98 RON gasoline 10 ppm AAKOD00 627.75–628.25 628.000 +5.000 14
Premium gasoline 10 ppm PGABM00 554.75–555.25 555.000 +9.000
Reformate AAXPM00 565.000 -1.000 NYMEX futures (16:30 London time)
Jet PJABA00 521.50–522.00 521.750 +7.250 NYMEX WTI (PGA page 703)
Diesel 10 ppm*** AAJUS00 490.25–490.75 490.500 +6.000
$/barrel $/barrel
Gasoil 50 ppm AAUQC00 485.00–485.50 485.250 +6.000
12 Sep AASCR00 49.47 Oct AASCS00 49.59
Gasoil 0.1%*** AAYWT00 474.00–474.50 474.250 +6.500
Fuel oil 1.0% PUAAP00 295.50–296.00 295.750 +3.250
Fuel oil 3.5% PUABC00 295.50–296.00 295.750 +3.250 NYMEX NY ULSD (PGA page 703)
Fuel Oil 3.5% 500 CST PUAGN00 291.00–291.50 291.250 +3.250 ¢/gal ¢/gal
Rotterdam bunker 380 CST PUAYW00 300.50–301.50 301.000 +2.000 Sep AASCT00 164.91 Oct AASCU00 165.23
VGO 0.5-0.6% AAHNF00 365.75–366.75 366.250 +5.000 10
VGO 2% max AAHNI00 358.25–359.25 358.750 +4.500 Oct Dec Feb Apr Jun Aug NYMEX RBOB (unleaded gasoline) (PGA page 703)
MTBE*** PHALA00 700.00–700.50 700.250 +6.250
¢/gal ¢/gal
*Naphtha FOB Med is basis East Med **Basis Le Havre ***FOB Amsterdam-Rotterdam-Antwerp Sep AASCV00 165.37 Oct AASCW00 154.64

www.platts.com oIL
EUROPEAN MARKETSCAN August 2, 2017
Market Update (PGA page 724)
Crude futures were firmer late in European trading
Wednesday, getting on for $1/b above lows seen earlier in
the session before weekly US Energy Information
Administration data showed stocks of crude, gasoline and
distillate all fell. ICE October Brent was up 42 cents/b at
$52.20/b at 4:30 pm London time (1530 GMT), while NYMEX
September WTI was 31 cents/b higher/lower at $49.47/b.
The intraday lows were $51.18/b and $48.55/b, respectively.
US crude inventories fell 1.527 million barrels to 481.888
million barrels in the week ended July 28, EIA data showed.
The size of the crude draw reported by EIA fell short of
expectations, which could have been driving the market
reaction. Analysts surveyed Monday by S&P Global Platts
expected crude stocks to fall 2.8 million barrels. US gasoline
stocks declined 2.517 million barrels to 227.679 million
barrels last week, according to the EIA. Analysts were
looking for a draw of 1.3 million barrels. Gasoline supplied,
which can be seen as a proxy for demand, hit a 26-year high
of 9.842 million b/d the week ended July 28, according to
EIA. US distillate stocks fell 150,000 barrels to 149.414
million barrels, EIA data showed. Analysts had expected
distillate stocks to decline 900,000 barrels.
Gasoline
Market analysis: (PGA page 1399) The European gasoline
complex remained well supported Wednesday amid
physical tightness in the Mediterranean, the outage at
Shell’s Pernis refinery in the Netherlands and a fall in US
stocks. “Up to August 20, it is very hard to see a cargo
available in the Mediterranean,” a trader said. “I have the
impression that the Med is extremely tight,” another
gasoline trader said. Pernis being offline until at least the
second half of August was boosting the paper market but
the effect. so far, on the physical market was limited. In
industry news, Lukoil will carry out upgrade works on its
two ISAB refinery plants in Sicily according to demands
made by prosecutors last month. Prosecutors briefly seized
the two plants last month following an investigation into air
© 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 379.867 ABWHD00 386.398
Prem Unl 10ppm ABWGV00 463.720 ABWGU00 468.566
Jet ABWGZ00 431.274 AAZBO00 439.912
10ppm ULSD ABWHM00 413.577 ABWHH00 419.897
Gasoil 0.1% ABWGQ00 395.879 ABWGO00 403.464
Fuel Oil 1.0% ABWGH00 251.980 ABWGF00 257.458
Fuel oil 3.5% ABWGM00 245.660 ABWGK00 251.559
*Naphtha FOB Med is basis East Med
Northwest Europe cargoes (PGA page 1116)
FOB NWE CIF NWE/
Basis ARA
Naphtha AAQCE00 391.033
Gasoline 10ppm ABWGS00 471.937
Jet ABWHB00 433.802 AAQCF00 441.176
ULSD 10 ppm ABWHO00 409.152 ABWHI00 417.158
Diesel 10ppm NWE ABWHP00 408.099 ABWHK00 415.683
Diesel 10 ppm UK ABWHJ00 418.212
Gasoil 0.1% ABWGR00 389.137 ABWGP00 399.882
Fuel oil 1.0% AAQCG00 250.927 ABWGG00 256.194
Fuel oil 3.5% ABWGN00 235.968 ABWGL00 243.342
Straight run 0.5-0.7% ABWHG00 285.058
West Africa cargoes (PGA page 1116)
FOB NWE CIF WAF
Gasoline AGNWA00 435.699 AANWC00 448.550
Foreign exchange rates (PGA page 1151)
August 2, 2017 London 16:30
Dollar/Swiss franc BCADC00 0.9670
GB pound/Dollar BCADB00 1.3237
Dollar/Yen BCACW00 110.3900
Euro/Dollar BCADD00 1.1866
Dollar/Ruble AAUJO00 60.5380
quality in the area. They also placed ExxonMobil’s nearby
Augusta refinery under investigation for similar reasons.
Across the Atlantic, weekly data from the US Energy
Information Administration showed commercial gasoline
stocks fell 2.5 million barrels to 227.7 millions barrels in the
week to last Friday. “Gasoline inventories...[are] not fully
confirming the 4.8 million drop in American Petroleum
Institute stocks, but supportive relative to market
2
Northwest Europe barges (PGA page 1118)
FOB Rotterdam
Naphtha ABWHF00 387.662
Eurobob ABWGT00 459.295
98 RON gasoline 10 ppm ABWGX00 529.243
Premium gasoline 10 ppm AAQCH00 467.723
Reformate AAXPN00 476.150
Jet ABWHC00 439.702
Diesel 10 ppm* AAQCI00 413.366
Gasoil 50 ppm AAUQF00 408.942
Gasoil 0.1%* AAYWY00 399.671
Fuel oil 1.0% ABWGI00 249.242
Fuel oil 3.5% AAQCK00 249.242
Fuel Oil 3.5% 500 CST PUAGO00 245.449
Rotterdam bunker 380 CST AAUHE00 253.666
*FOB Amsterdam-Rotterdam-Antwerp
New York Harbor cargoes 16:30 London (PGA pages 1350 & 1450)
FOB NY Harbor(€ cent/gal)
Unleaded 87 AAPYV00 141.01
Unleaded 89 AAPYW00 144.89
Unleaded 93 AAPYX00 150.70
Euro/US$ forex rate: 1.1866. 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 ($/mt) (PGT page 1918)
Rotterdam — Rotterdam TCAEI00 2.85
Rotterdam — Flushing TCAEJ00 4.40
Rotterdam — Ghent TCAEK00 4.60
Rotterdam — Antwerp TCAEL00 4.05
Germany ($/mt) (PGT page 1918)
Rotterdam — Duisburg TCAEM00 8.60
Rotterdam — Cologne TCAEN00 10.65
Rotterdam — Karlsruhe TCAEO00 21.95
Antwerp — Duisburg TCAEP00 9.20
Switzerland ($/mt) (PGT page 1918)
Rotterdam — Basel TCAEQ00 25.85
expectations,” Citi Futures analyst Timothy Evans said in a
note. PADD 1 — US east coast — gasoline stocks rose
434,000 barrels to 62.597 million barrels, despite imports
into the Atlantic Coast falling 242,000 b/d to 412,000 b/d,
the lowest figure since the week ended March 17, EIA data
showed. In the paper market, the September Eurobob
gasoline crack swap rose to around $12.95/b at the close
from $12.75/b Tuesday amid higher crude futures, while the
EUROPEAN MARKETSCAN August 2, 2017
August/September Eurobob gasoline backwardation
narrowed to $5/mt from $7.25/mt and the September/
October backwardation widened to $33/mt from $32.25/mt.
The August Med/North differential — the spread between
the August FOB Mediterranean 10 ppm cargo swap and the
equivalent FOB Rotterdam Eurobob barge swap — moved
to minus $4.50/mt from minus $2.00/mt. In the physical
market, a few prompt Eurobob barges were heard trading
at a premium of $1-$5/mt to the September Eurobob swap
in the Amsterdam-Rotterdam-Antwerp hub. Price ideas for
cargoes of EN228 gasoline were heard discussed in single-
digit premiums over the August Mediterranean gasoline
cargo swap, for August loading. One 27,000 mt cargo was
bid up to a premium of around $9.50/mt for August 12-16
loading, while a 25,000 mt cargo was offered at a premium
of around $3.50/mt for August 23-27 loading.
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/
mt premium over physical Eurobob gasoline barges, up
from a $6/mt premium Tuesday, factoring in a trade on a
bid for midwindow dates at $555/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
$1/mt premium over the September Eurobob gasoline
swap, down from a $5.25/mt premium Tuesday, factoring in
a trade on an offer for midwindow dates at $544/mt in the
Platts Market on Close assessment process as well as an
upwards crude move between the trade and the end of
Platts MOC.
The above commentary applies to the market data code: AAQZV00
Gasoline 10ppmS CIF NWE Cargo assessment rationale:
(PGA page 1389) The CIF NWE gasoline cargo market was
assessed at a $15/mt premium to the Eurobob gasoline
barges, steady on the day.
The above commentary applies to the market data code: AAXFQ00
© 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
3
EUROPEAN MARKETSCAN August 2, 2017
Gasoline Prem Unleaded 10ppmS FOB Med Cargo
assessment rationale: (PGA page 1389) The FOB
Mediterranean gasoline cargo market was assessed at a
$5.75/mt premium to the August Mediterranean swap, up
from a $3.75/mt premium. The FOB Mediterranean
gasoline cargo assessment was derived using the
following inputs: August 14 was assessed at $553.29/mt,
factoring in an outstanding bid for a 27,000 mt cargo for
August 12-16 loading in the Platts Market on Close
assessment process. August 25 was assessed at
$547.20/mt, factoring in an outstanding offer for a 25,000
mt cargo for August 23-27 loading in the Platts MOC. A 55
cents/d backwardation was implied between the two
points and extended to the front and the 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 Mediterranean
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: 1) STR-Totsa,
$555/mt for 1kt MW; 2)STR-Totsa, $555/mt for 1kt MW.
■■Gasoline Eurobob Barges: 1) Gunvor-Varo, $544/mt for 1kt
MW.
■■Gasoline Barges: OUTSTANDING INTEREST:
■■Gasoline Premium Unleaded 10ppm Barges:
■■Bids: None.
■■Offers: None.
■■Gasoline Eurobob Barges:
■■Bids: Varo $544/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)
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 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.
4
EUROPEAN MARKETSCAN August 2, 2017
Gasoline Barge exclusions: (PGA page 1384) No market data
was excluded from the August 2 assessment process.
Gasoline Cargo bids/offers/trades: (PGA page 1390)
■■Gasoline Cargo: Deal Summary:
■■CIF NWE: None.
■■FOB MED: None.
■■Gasoline Cargo: Outstanding Interest:
■■CIF NWE: None.
■■FOB MED: 1)Totsa bids Platts Prem Unl FOB Med Crg
FOB bss Aspropyrgos 10-25, Aug 12- Aug 16 100% Flat
Price $554/mt for 27,000mt. 0-6 kt at Platts Fob Med
Mean Prem Unl 10 ppm plus $3.50/mt (pricing 3 quotes
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.
■■2) Gunvor offers Platts Prem Unl FOB Med Crg FOB bss
Rijeka 10-25, Aug 23- Aug 27 100% Flat Price $548/mt for
25,000mt; Optol: 0-5 kt at Platts Fob Med Mean Prem Unl
10 ppm plus $3/mt pricing 3 quotes after BL (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
Gasoline Cargo exclusions: (PGA page 1390) No market data
was excluded from the August 2 assessment process.
Naphtha
Market analysis: (PGA page 1398) Spot offers were more
apparent in the Northwest European naphtha complex
Wednesday as supply tightness appeared to ease.
Petrochemical end-users were said to be more covered
while demand from Latin America began to slow. Market
participants remained confident of a strong first half of
August but doubts continued to linger further into August
and September. In light of the softening of fundamentals,
according to some sources, some of the supply pressure
was beginning to ease. “In summary, the market is tight
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
SUBSCRIBER NOTES (continued) (PGA page 1500)
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 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
5
EUROPEAN MARKETSCAN August 2, 2017

and well supported but it is not crazy short and there is no
panic buying. There are...sellers,” a trader said. The
slackening demand prompted more spot selling interest to
emerge on the day, with the focus on how well
petrochemical demand will fare in the short term. “I do not
feel the short movement,” a market participant said,
adding: “Naphtha is available...on spot.” Demand was said
to have slowed as end-users had covered positions by the
end of July. “Petchems cleared out all stock last month,” a
second trader said. The first trader said: “Petrochemicals
are not buying”. Premiums for naphtha were said to be
$3-$7/mt, with N+A naphtha offered at the lowest
premium. Light virgin naphtha premiums were heard
around $9/mt. Elsewhere, orders from Brazil have slowed
from levels seen in June and July. “[Brazil] is buying well
below typical volumes,” a trader said, with other sources
saying September orders have already been placed.
Meanwhile, some naphtha cargoes were heard on subjects,
according to shipping sources. The Seychelles Progress
was set to load 30,000 mt from Donges to Northwest
Europe around Sunday, while the BW Leopard was set to
load 35,000 mt from Skikda to Northwest Europe around
Tuesday. Flows were still heard going east, according to a
naphtha trader. “Asia is still pulling [naphtha cargoes],
SUBSCRIBER NOTES (continued) (PGA page 1500)
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.
SUBSCRIBER NOTE: 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
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.
(continued on page 10)

EUROPEAN MARKETSCAN
Volume 49 / Issue 148 / August 2, 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 2, 2017
freight got cheap”. In other news, US gasoline inventories
declined 2.5 million barrels in the week to last Friday, data
from the Energy Information Administration showed. The
American Petroleum Institute Tuesday had put gasoline
inventories 4.8 million barrels lower for the same week. In
the paper market, the August CIF NWE naphtha crack swap
fell to 5 cents/b from 15 cents/b, while the September CIF
NWE naphtha crack fell to minus 65 cents/b from minus 50
cents/b. The August/September naphtha backwardation
narrowed 25 cents/mt to $4/mt. The September naphtha
east/west spread — the premium of CFR Japan naphtha
cargo swaps over the CIF NWE naphtha cargo swap —
narrowed 25 cents/mt to $8.50/mt.
Naphtha CIF NWE Cargo assessment rationale: (PGA page
1386) The CIF NWE naphtha cargo assessment was derived
using the following inputs: August 14 was assessed at
$464.75/mt, factoring in an outstanding offer for a 12,500mt
cargo for August 12-16 delivery in the Platts Market on Close
assessment process. A 13 cents/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: No deals reported.
NAPHTHA MOC: OUTSTANDING INTEREST: BIDS: 1) VILMA
Bid CIF NWE Naphtha Cargo 12,500mt +/- 10%, at $463/
mt for August 14 to August 18 delivery, TQC:-; 2)
GLENCORE Bid CIF NWE Naphtha Cargo 12,500mt +/- 10%,
at $461/mt for August 16 to August 20 delivery, TQC: Indic
1; 3) STASCO Bid CIF NWE Naphtha Cargo 12,500mt +/-
(continued on page 9)
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
Asia products
Code Mid Change Code Mid Change
Singapore (PGA page 2002)
FOB Singpore ($/barrel)
Naphtha PAAAP00 49.96–50.00 49.980 -1.480
Gasoline 92 unleaded PGAEY00 63.20–63.24 63.220 -1.100
Gasoline 95 unleaded PGAEZ00 65.81–65.85 65.830 -1.320
Gasoline 97 unleaded PGAMS00 66.85–66.89 66.870 -1.360
Kerosene PJABF00 63.26–63.30 63.280 -1.380
Gasoil 0.05% sulfur AAFEX00 64.28–64.32 64.300 -1.470
Gasoil 0.25% sulfur AACUE00 63.15–63.19 63.170 -1.450
Gasoil POABC00 64.28–64.32 64.300 -1.470
Fuel oil 180 CST 2% ($/mt) PUAXS00 312.04–312.08 312.060 -10.130
HSFO 180 CST ($/mt) PUADV00 305.17–305.21 305.190 -9.910
HSFO 380 CST ($/mt) PPXDK00 300.31–300.35 300.330 -9.770
Indonesia (PGA page 2516)
FOB Indonesia ($/barrel)
LSWR Mixed/Cracked PPAPU00 50.43–50.47 50.450 -1.460
Gasoline components (PBF page 2010)
FOB Singapore ($/mt)
MTBE PHALF00 641.00–643.00 642.000 -12.000
Singapore Swaps (PPA page 2654)
September ($/barrel) October ($/barrel)
Naphtha Japan ($/mt) AAXFE00 461.75–462.25 462.000 -11.750 AAXFF00 461.00–461.50 461.250
-11.250
Naphtha PAAAQ00 49.58–49.62 49.600 -1.400 PAAAR00 49.48–49.52 49.500 -1.350
Gasoline 92 unleaded AAXEL00 61.91–61.95 61.930 -0.950 AAXEM00 61.05–61.09 61.070 -1.060
Reforming Spread AAXEO00 12.31/12.35 12.330 +0.450 AAXEP00 11.55/11.59 11.570 +0.290
Kerosene PJABS00 63.39–63.43 63.410 -1.340 PJABT00 63.44–63.48 63.460 -1.290
Gasoil POAFC00 63.90–63.94 63.920 -1.360 POAFG00 63.67–63.71 63.690 -1.350
HSFO 180 CST ($/mt) PUAXZ00 307.03–307.07 307.050 -9.200 PUAYF00 307.03–307.07 307.050 -8.950
Middle East (PGA page 2004)
FOB Arab Gulf ($/barrel)
Naphtha ($/mt) PAAAA00 439.24–440.74 439.990 -14.510
Naphtha LR2 ($/mt) AAIDA00 441.12–442.62 441.870 -13.600
Kerosene PJAAA00 61.69–61.73 61.710 -1.460
Gasoil 10 ppm AAIDT00 63.46–63.50 63.48 -1.510
Gasoil 0.005% sulfur AASGJ00 63.36–63.40 63.380 -1.510
Gasoil 0.05% sulfur AAFEZ00 62.61–62.65 62.630 -1.560
Gasoil 0.25% sulfur AACUA00 62.01–62.05 62.030 -1.560
Gasoil POAAT00 62.61–62.65 62.630 -1.560
HSFO 180 CST ($/mt) PUABE00 297.19–297.23 297.210 -9.680
Japan (PGA page 2006)
C+F Japan ($/mt) Premium/Discount
Naphtha PAAAD00 461.75–463.25 462.500 -13.250
Naphtha MOPJ Strip AAXFH00 461.00–461.50 461.250 -11.250 AAXFI00 1.00/1.50 1.250
-2.000
Naphtha 2nd 1/2 Sep PAAAE00 463.25–463.75 463.500 -13.250
Naphtha 1st 1/2 Oct PAAAF00 462.75–463.25 463.000 -13.000
Naphtha 2nd 1/2 Oct PAAAG00 461.75–462.25 462.000 -13.500
Gasoline unleaded ($/barrel) PGACW00 64.78–64.82 64.800 -1.100
Kerosene ($/barrel) PJAAN00 64.04–64.08 64.060 -1.380
Gasoil ($/barrel) POABF00 66.70–66.74 66.720 -1.210
HSFO 180 CST PUACJ00 312.79–312.83 312.810 -10.000
7
EUROPEAN MARKETSCAN August 2, 2017

US Products: August 1, 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 168.03–168.13 168.080 -1.530 AAMHGRV 9.0
Unleaded-89 0.3% AAMIW00 172.63–172.73 172.680 -1.530 AAMIWRV 9.0
Unleaded-93 0.3% AAMIZ00 179.53–179.63 179.580 -1.530 AAMIZRV 9.0

$/barrel 1% strip NYH cargo vs 1% strip
No. 6 0.3% HP PUAAE00 52.40–52.42 52.410 -1.360 AAUGA00 5.77/5.79 5.780 0.000
No. 6 0.3% LP PUAAB00 52.40–52.42 52.410 -1.360 AAUGB00 5.77/5.79 5.780 0.000
No. 6 0.7% PUAAH00 48.65–48.67 48.660 -1.360 AAUGC00 2.02/2.04 2.030 0.000
No. 6 1.0%** PUAAO00 47.40–47.42 47.410 -1.360 AAUGG00 46.62–46.64 46.630 -1.360 AAUGD00 0.77/0.79 0.780 0.000
No. 6 2.2% PUAAU00 46.99–47.01 47.000 -1.370 AAUGE00 0.36/0.38 0.370 -0.010
No. 6 3.0% PUAAX00 46.72–46.74 46.730 -1.370 AAUGF00 0.09/0.11 0.100 -0.010

Residual swaps ($/barrel)
No. 6 1.0% paper Bal M AARZS00 46.64–46.66 46.650 +1.100
No. 6 1.0% paper 1st month PUAXD00 46.35–46.45 46.400 -1.600
No. 6 1.0% paper 2nd month PUAXF00 46.30–46.40 46.350 -1.350
No. 6 1.0% paper next quarter PUAXG00 46.25–46.35 46.300 -1.150
Boston cargoes (PGA pages 152)

$/barrel
No. 6 2.2% ($/barrel) PUAWN00 47.84–47.86 47.850 -1.370
NY/Boston numbers include duty. **This assessment reflects 150 max al+si
FOB Gulf Coast (PGA page 156 & 338)

¢/gal RVP
Unleaded 87 PGACT00 163.58–163.68 163.630 -0.630 PGACTRV 9.0
Unleaded 89 PGAAY00 170.42–170.52 170.470 -0.670 PGAAYRV 9.0
Unleaded 93 PGAJB00 180.68–180.78 180.730 -0.730 PGAJBRV 9.0
MTBE PHAKX00 197.20–197.30 197.250 -3.250
Alkylate* AAFIE00 11.70/11.80 11.750 -5.600
Jet 54 PJABM00 156.83–156.93 156.880 -1.760
Jet 55 PJABN00 157.33–157.43 157.380 -1.760
ULS Kero AAVTK00 163.33–163.43 163.380 -1.760
No. 2 POAEE00 146.08–146.18 146.130 -3.360

Cargo (¢/gal) Cargo ($/mt)
FOB Naphtha AAXJP00 130.130
-4.780 AAXJU00 455.480
-16.730
Export ULSD AAXRV00 153.340
-2.830 AAXRW00 479.800
-8.870
*Premium to US Gulf Coast pipeline gasoline

$/barrel USGC HSFO strip vs 1% strip
Slurry Oil PPAPW00 47.50–47.52 47.510 -1.280 AAUGS00 1.85/1.87 1.860 +0.270
No. 6 1.0% 6 API PUAAI00 47.10–47.12 47.110 -1.230 AAUGT00 1.45/1.47 1.460 +0.320
USGC HSFO PUAFZ00 45.50–45.52 45.510 -1.280 AAUGW00 45.64–45.66 45.650 -1.550 AAUGU00 -0.15/-0.13 -0.140 +0.270
RMG 380 PUBDM00 45.50–45.52 45.510 -1.280 AAUGV00 -0.15/-0.13 -0.140 +0.270

Residual swaps ($/barrel)
USGC HSFO swap M1(Sep) PUAXJ00 45.15–45.25 45.200 -1.900
USGC HSFO swap M2(Oct) PUAXL00 44.95–45.05 45.000 -1.500
USGC HSFO swap Q1( Q4 17) PUAXN00 44.78–44.88 44.830 -1.170

© 2017 S&P Global Platts, a division of S&P Global. All rights reserved. 8
EUROPEAN MARKETSCAN August 2, 2017
10%, at $462/mt for August 17 to August 21 delivery, TQC:
Indic 1; 4) BP Bid CIF NWE Naphtha Cargo 12,500mt +/-
10%, at $462/mt for August 18 to August 22 delivery,
TQC:-; 5) LITASCO Bid CIF NWE Naphtha Cargo 12,500mt
+/- 10%, at $462/mt for August 19 to August 23 delivery,
TQC:-;. OFFERS: 1) VITOL Offer CIF NWE Naphtha Cargo
12,500mt +/- 10%, at $468/mt for August 12 to August 16
delivery, TQC:-; 2) TRAFI Offer CIF NWE Naphtha Cargo
12,500mt +/- 10%, at $464/mt for August 12 to August 16
delivery, TQC:-; 3) TRAFI Offer CIF NWE Naphtha Cargo
12,500mt +/- 10%, at $470/mt for August 15 to August 19
delivery, TQC:-; 4) GUNVOR Offer CIF NWE Naphtha Cargo
min 24,000mt, at $466/mt for August 17 to August 21
delivery, TQC: Optol CIF + $4/mt; 5) TOTSA Offer CIF NWE
Naphtha Cargo min 28,000mt, at $466/mt for August 20
to August 24 delivery, TQC: Optol at $3/mt;
Naphtha Cargo exclusions: (PGA page 1387) No market data
was excluded from the August 2 assessment process.
Jet
Market analysis: (PGA page 1497) The arbitrage to Northwest
Europe from the East was wide open for the jet fuel market
Wednesday amid the outage at Europe’s largest refining
plant, Shell’s 404,000 b/d Pernis. “There is suddenly more
activity now,” a Singapore-based executive with a clean oil
tankers company said, with reference to demand for
chartering ships to take jet fuel cargoes to Europe. As a
result of the clearly open arbitrage, freight rates were
rising, with the key Long Range 2 freight rate for the Persian
Gulf-UK Continent route up more than 15% in the space of 2
days, S&P Global Platts data showed. Arrivals for August to
Europe were around 1.7 million mt, according to cFlow,
Platts trade flow software cFlow, a significant uplift on
July’s arrivals which were around 1.2 million mt. In other
news, Germany’s Lufthansa Group reported record
passenger numbers and load factors. Passenger numbers
from January-June were up 17.2% at 59,990,000 with
revenue seat-kilometers — a proxy for traffic demand — up
15.6% at just under 122 billion. The overall load factor
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
SUBSCRIBER NOTES (continued) (PGA page 1500)
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
increased to 75.4%, up 3.3 percentage points from the first
half of 2016. Capacity growth in the second half of 2017 was
expected to be 4.7%, according to the company.
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
process: Value on August 9 was assessed above a bid for a
barge loading August 7-11, valued at an equivalent August
ICE LSGO futures contract plus $31.50/mt. A backwardated
structure of 5 cents/d 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
9
scan, Oilgram Price Report, and impact the following pages:
MH0031 , MH0039, MH0108, MH0108, MH0117, MH1114, MH1120,
MH1520, MH1522, MH1540, MH1890.
Corrections
Platts corrects July 31 ULSD 10ppm CIF Med cargo
assessment rationale
Please note that Platts has corrected the July 31 ULSD 10ppm CIF
Med cargo assessment rationale. The correction only affects the
rationale, not the assessment. The rationale should read as follows:
The CIF Mediterranean cargo diesel market was assessed on the
following inputs: Value on August 12-19 was taken at $8.00/mt
above front-month ICE low sulfur gasoil futures contract, 25 cents/
mt below a competitive offer live at the close. On August 20, value
was taken at $8.00/mt, in between a competitive bid and offer live
at the close. On August 23, value was taken $7.88/mt, 25 cents/mt
above a competitive bid. A four cents/day backwardated structure
was applied to all dates following August 20 on the assessment
curve. A flat structure was applied to all other dates on the
assessment curve. The rationale is published on Platts Global Alert
page 1456 and in Platts European Marketscan.
using Tuesday’s relationship between the physical and
swaps curves. The relationship was assessed Wednesday
at plus $1.05/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 reported: BP wants
CCMA Offers 1) Aug + 32 USD/MT, ARA, 07/08 - 11/08 , 2.3KT.
EUROPEAN MARKETSCAN August 2, 2017
■■ JET: BARGE: MOC SUMMARY: Mabanaft bids 3kt, FOB
FARAG, 7-11 Aug @ Aug+31; Shell bid 1) 2-4kt Amsterdam/
Rotterdam 07/08-11/08 loading / pxg BL+5 (BL=0) @ PBH
-1 USD/t; LITASCO bids 1) 3-4kt Rotterdam/Amsterdam 11
-15/8 @ Aug+31.
Jet Barge exclusions: (PGA page 1490) No market data was
excluded from the August 02 assessment process.
Jet Cargo bids/offers/trades: (PGA page 1493)
■■JET FUEL: NWE CARGO DEAL SUMMARY: VITOL-STR trade
on bid, Platts NWE Jet Crg - CIF bss Rotterdam - 10-25,
Main: 27kt, 16/8 - 20/8, Indication Number 1 Laycan- seller
to narrow at time of booking (if applicable) Main volume
pricing : 27kt pxg CCM-related balance August 2017
(starting tomorrow) Vol Tol - 0-6kt CCM-related average
of 3 days after COD (COD = day zero) @ CCM minus $3/MT
Spec- Jet A1 DEFSTAN 91-091, 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 Terminal- Rotterdam CP
Options- Full NWE Options @ CP cost, terms and
conditions Vessel- Star Energy 100% of main at Jet CIF
NWE Crg Any Day See TQC $0.00.
■■JET FUEL: NWE CARGO OUSTANDING INTEREST: OFFERS:
None.
■■BIDS: BP bids Platts NWE Jet Crg - CIF bss Le Havre CIM -
10-25, Main: 27 kt, 16/8 - 21/8 (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 $29.50;
■■BP bids Platts NWE Jet Crg - CIF bss Rotterdam - 10-25,
Main: 27 kt, 12/8 - 17/8 (wide laycan), Indication number: 1
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
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 $29.50.
Jet Cargo exclusions: (PGA page 1493) No market data was
excluded from the August 02 assessment process.
Jet Index (PGA page 115)
August 1, 2017 Index $/mt
Europe & CIS PJECI00 176.26 PJECI09 515.50
MidEast & Africa PJMEA00 189.97 PJMEA09 501.90
Global PJGLO00 180.16 PJGLO09 519.67
Gasoil
Market analysis: (PGA page 1499) Demand for gasoil in the
Mediterranean has been boosted slightly amid the wider
price spread to ultra low sulfur diesel of late, sources said,
as desulfurizing of higher sulfur grades has become a more
attractive strategy. The discount of 0.1% gasoil CIF cargoes
in the Mediterranean to the equivalent ULSD market has
risen to its highest in 16 months, hovering around $19.50-
$21.50/mt over the past three weeks, while back in
February it was around $5-$10/mt, according to S&P Global
Platts data. “Refinery desulfurization [high sulfur gasoil to
diesel] makes a lot of sense,” a Mediterranean trader said. A
key supplier of HSGO to the Mediterranean has been the
Black Sea. Since exports of straight run 0.1% gasoil from
Russia have become increasingly rare, many lifters from
Black Sea ports would take higher sulfur gasoil streams —
with sulfur content of at least 0.25% — and blend it down
with ULSD (10 ppm diesel). With diesel strength making that
blending strategy no longer feasible, Mediterranean gasoil
traders have been scrambling to find other sources of
10
supply of 0.1% gasoil other than Black Sea exports. The
reduced options available to gasoil blenders in the region
has meant some buyers have had to pay up for 0.1% gasoil
in the Mediterranean. For instance, the latest tender from
Egypt’s state-owned Middle East oil refinery to sell a cargo
of 0.1% gasoil was awarded to Saras for September delivery
at a “huge number”, a second trader in the Mediterranean
said, adding the cargo was priced around a $3-$5/mt
premium to the Platts 0.1% gasoil FOB Mediterranean
cargoes quote. Saras confirmed the tender, but declined to
comment on pricing. Meanwhile, in the HSGO market in
West Africa, there was some buying interest but it remained
on the low end for the Nigerian import market. The latest
pricing heard for 0.3% Nigerian-grade gasoil was a $4/mt
discount to August ICE low sulfur gasoil futures, down
$2-$4/mt on the month.
Gasoil .1%S (1000ppm) FOB ARA Barge assessment
rationale: (PGA page 1427) The FOB ARA 0.1% gasoil barges
assessment was assessed in line with the following inputs
from the Platts Market on Close assessment process:
August 12 was assessed at a discount of $16.00/mt to the
front-month ICE low sulfur gasoil futures contract, in line
with a trade during the Platts MOC process. A
backwardation structure of around 5 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) The FOB ARA 50 ppm gasoil barge
assessment was based on the previously established
relationship between 50 ppm barges and ultra low sulfur
diesel barges in the absence of competitive indications in
the Platts Market on Close assessment process.
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
EUROPEAN MARKETSCAN August 2, 2017
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
Mediterranean 0.1% gasoil cargo assessment, using the
following assessments: CIF Mediterranean 0.1% gasoil
cargo assessment minus the cost of transporting a 30,000
mt clean cargo from a basket of ports in the Mediterranean
to Genoa, Italy, and Lavera, France.
The above commentary applies to the market data code: AAVJI00
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: 2 trades reported:
■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA MW done
$-16.00 for 1.8 BP OELP*;
■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA FE done
$-16.00 for 1.8 BP OELP*;
■■GASOIL 0.1% BARGE OUTSTANDING INTEREST: OFFERS:
■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA BE BP Offer
$-15.00 for 3;
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA FE BP Offer
$-15.00 for 3;
■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA MW BP Offer
$-15.00 for 3;
■■GASOIL 0.1% BARGE OUTSTANDING INTEREST: BIDS:
None.
Gasoil 0.1% Barge exclusions: (PGA page 1428) No market
data was excluded from the August 02 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 FE
BELGOM Offer $-3.50 for 3;
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA MW
BELGOM Offer $-4.00 for 3;
■■GASOIL 50ppm BARGE OUTSTANDING INTEREST: BIDS:
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA FE
GLENCOREUK Bid $-6.00 for 3;
Gasoil Barge 50ppm exclusions: (PGA page 1409) No market
data was excluded from the Aug 02 assessment process.
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 02 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.
11
Gasoil Mediterranean exclusions: (PGA page 1393) No
market data was excluded from the August 02 assessment
process.
Diesel
Market analysis: (PGA page 1498) European diesel was
under the influence of two complimentary factors
Wednesday. “Two forces at the moment: good demand
and the refinery outages,” a source said, adding that a
heavy turnaround season this autumn may keep the
market strong for a good while yet. Northwest Europe was
afflicted by the halt at Pernis, which was keeping the
futures market backwardated. Indeed, the September/
October spread was in a fairly steep backwardation
despite the specification difference between the two
months meaning October is reflective of more stringent
material as regards cold properties. In the Mediterranean
market, there was still strong buying interest with Turkey
and the Adriatic being the key locations looking for oil,
according to sources. Some were seeing slightly more
coming from the East feeding into Turkish shorts, where
the major buyer of 10 ppm in the Mediterranean was on
the crest of a tourist-driven diesel-buying wave. The
demand was coming at the same time as the east of the
region was still experiencing a shortage as a result of the
Elefsis refinery being offline, a location which has been bid
for in the Platts Market on Close assessment process
recently. That all meant the region was increasingly reliant
on imports. However, while some sources saw that the
East may be pushing more product in the eastern
Mediterranean, others were seeing Indian demand as
stronger, with a refiner said to be looking for barrels,
meaning that less would likely be exported, although
some refineries on the west coast of India were geared
towards exporting rather than satisfying the increase in
demand that has been a feature of the East of Suez
market for the past few months. Furthermore, Israel was
said to not be exporting product — something fairly
typical, especially to southern Turkey — further keeping
the region tight.
EUROPEAN MARKETSCAN August 2, 2017
ULSD 10ppmS FOB ARA Barge assessment rationale: (PGA
page 1478) The FOB ARA ultra low sulfur diesel barge
assessment was derived using the following inputs: The
front-end laycan was assessed at a premium of 38 cents/
mt to front-month ICE low sulfur gasoil futures, in between
a competitive bid and offer live at the close. The midwindow
laycan was assessed at a premium of 38 cents/mt, in
between a competitive bid and offer live at the close. The
back-end laycan was assessed at a premium of 13 cents/
mt, in between a bid and offer live at the close. A
backwardated structure of around 8 cents/d was applied
between the midpoint of the midwindow and back-end
laycans. A flat structure was applied to other all dates on
the assessment.
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
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
inputs: Value on August 14-20 was taken at $2.79/mt above
front-month low sulfur gasoil futures, 25 cents/mt below a
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
Deals Summary
HSFO barge trades (PGA page 1593)
■■FE: TRAFI sold to VITOL* 2kt 295.50/mt 15:27:57
■■FE: TRAFI* sold to VITOL 2kt 296/mt 15:28:27
■■FE: TRAFI sold to VITOL* 2kt 295.75/mt 15:28:51
■■FE: STR* sold to GUNVORSA 2kt 296.25/mt 15:28:53
■■FE: TRAFI sold to MERCURIASA* 2kt 296/mt 15:29:43
■■FE: TRAFI sold to VITOL* 2kt 296/mt 15:29:48
■■FE: STR* sold to VITOL 2kt 296.25/mt 15:29:53
■■MW: BPBV* sold to VITOL 2kt 295/mt 15:15:34
■■MW: TRAFI* sold to VITOL 2kt 296/mt 15:28:31
■■MW: TRAFI sold to VITOL* 2kt 295.50/mt 15:28:47
■■MW: GUNVORSA sold to VITOL* 2kt 295.50/mt 15:29:08
■■MW: TRAFI* sold to VITOL 2kt 296/mt 15:29:27
■■MW: TRAFI sold to VITOL* 2kt 295.50/mt 15:29:35
■■MW: TRAFI sold to VITOL* 2kt 295.50/mt 15:29:58
■■BE: GUNVORSA sold to VITOL* 2kt 295/mt 15:28:31
■■BE: GUNVORSA sold to VITOL* 2kt 295/mt 15:28:57
* Denotes market maker. All times GMT
HSFO barge bids (PGA page 1595)
■■FE: MERCURIA ENERGY TRADING SA bids 2kt 296/mt
■■FE: VITOL SA bids 2kt 296/mt
■■FE: LITASCO SA bids 2kt 295/mt
■■FE: VITOL SA bids 2kt 294.25/mt
■■FE: PENINSULA PETROLEUM LTD bids 2kt 294/mt
■■FE: GUNVOR SA bids 2kt 294/mt
■■FE: VITOL SA bids 2kt 293.25/mt
■■FE: TOTSA TOTAL OIL TRADING SA bids 2kt 293/mt
■■FE: BP EUROPA SE - BP NEDERLAND bids 2kt 292/mt
■■FE: TOTSA TOTAL OIL TRADING SA bids 2kt 292/mt
■■FE: VITOL SA bids 2kt 291/mt
■■FE: MERCURIA ENERGY TRADING SA bids 2kt 291/mt
■■MW: VITOL SA bids 2kt 295/mt
■■MW: LITASCO SA bids 2kt 295/mt
■■MW: PENINSULA PETROLEUM LTD bids 2kt 294/mt
■■MW: GUNVOR SA bids 2kt 294/mt
■■MW: VITOL SA bids 2kt 293/mt
■■MW: BP EUROPA SE - BP NEDERLAND bids 2kt 291/mt
■■BE: LITASCO SA bids 2kt 295/mt
■■BE: VITOL SA bids 2kt 295/mt
■■BE: VITOL SA bids 2kt 294/mt
■■BE: GUNVOR SA bids 2kt 294/mt
■■BE: TOTSA TOTAL OIL TRADING SA bids 2kt 294/mt
■■BE: PENINSULA PETROLEUM LTD bids 2kt 294/mt
12
■■BE: VITOL SA bids 2kt 293/mt
■■BE: TOTSA TOTAL OIL TRADING SA bids 2kt 293/mt
■■BE: BP EUROPA SE - BP NEDERLAND bids 2kt 291/mt
■■BE: MERCURIA ENERGY TRADING SA bids 2kt 291/mt
Withdrawals
■■FE: MERCURIA ENERGY TRADING SA no longer bids 2kt 296/mt
■■FE: VITOL SA no longer bids 2kt 296/mt
■■FE: VITOL SA no longer bids 2kt 295.75/mt
■■FE: VITOL SA no longer bids 2kt 295.50/mt
■■FE: LITASCO SA no longer bids 2kt 294/mt
■■FE: LITASCO SA no longer bids 2kt 292/mt
■■FE: TOTSA TOTAL OIL TRADING SA no longer bids 2kt 291/mt
■■FE: TRAFIGURA PTE LTD. no longer bids 2kt 290.50/mt
■■FE: SHELL TRADING ROTTERDAM B.V. no longer bids 2kt 289/mt
■■FE: AEGEAN NWE NV. no longer bids 2kt 288.25/mt
■■FE: MERCURIA ENERGY TRADING SA no longer bids 2kt 288/mt
■■FE: AEGEAN NWE NV. no longer bids 2kt 285/mt
■■MW: VITOL SA no longer bids 2kt 295.50/mt
■■MW: VITOL SA no longer bids 2kt 295.50/mt
■■MW: VITOL SA no longer bids 2kt 295.50/mt
■■MW: VITOL SA no longer bids 2kt 295.50/mt
■■MW: LITASCO SA no longer bids 2kt 294/mt
■■MW: LITASCO SA no longer bids 2kt 292/mt
■■MW: TRAFIGURA PTE LTD. no longer bids 2kt 290/mt
■■MW: SHELL TRADING ROTTERDAM B.V. no longer bids 2kt 289/mt
■■MW: TOTSA TOTAL OIL TRADING SA no longer bids 2kt 289/mt
■■MW: TOTSA TOTAL OIL TRADING SA no longer bids 2kt 289/mt
■■BE: VITOL SA no longer bids 2kt 295/mt
■■BE: VITOL SA no longer bids 2kt 295/mt
■■BE: LITASCO SA no longer bids 2kt 294/mt
■■BE: LITASCO SA no longer bids 2kt 292/mt
■■BE: TRAFIGURA PTE LTD. no longer bids 2kt 290/mt
HSFO barge offers (PGA page 1594)
■■FE: TRAFIGURA PTE LTD. offers 2kt 296.25/mt
■■FE: SHELL TRADING ROTTERDAM B.V. offers 2kt 296.75/mt
■■FE: BP EUROPA SE - BP NEDERLAND offers 2kt 297/mt
■■FE: GUNVOR SA offers 2kt 297/mt
■■FE: TOTSA TOTAL OIL TRADING SA offers 2kt 297/mt
■■FE: LITASCO SA offers 2kt 297.25/mt
■■MW: TRAFIGURA PTE LTD. offers 2kt 296/mt
■■MW: BP EUROPA SE - BP NEDERLAND offers 2kt 296/mt
■■MW: GUNVOR SA offers 2kt 296/mt
■■MW: SHELL TRADING ROTTERDAM B.V. offers 2kt 296.25/mt
EUROPEAN MARKETSCAN August 2, 2017

competitive offer live at the close. On August 21, value was Deals summary (continued)
taken at $3.03/mt, on a competitive traded bid and a ■■MW: SHELL TRADING ROTTERDAM B.V. offers 2kt 296.75/mt ■■MW: TRAFIGURA PTE LTD. no longer offers 2kt 296/mt
competitive offer live at the close. On August 22-23, value ■■MW: TOTSA TOTAL OIL TRADING SA offers 2kt 297/mt ■■MW: LITASCO SA no longer offers 2kt 296.75/mt
was taken at $3.02/mt, in between a competitive bid and ■■MW: LITASCO SA offers 2kt 297.25/mt ■■BE: LITASCO SA no longer offers 2kt 296.75/mt

offer live at the close. On August 24-25, value was taken at ■■BE: BP EUROPA SE - BP NEDERLAND offers 2kt 296/mt

$3.14/mt, in between a competitive bid and offer live at the ■■BE: GUNVOR SA offers 2kt 296/mt LSFO barge trades (PGA page 1593)
■■BE: TRAFIGURA PTE LTD. offers 2kt 296.50/mt No trades reported
close. A backwardated structure of around four cents/d, as ■■

■■BE: TOTSA TOTAL OIL TRADING SA offers 2kt 297/mt * Denotes market maker. All times GMT
implied by the swaps structure, was applied to all dates
■■BE: LITASCO SA offers 2kt 297.25/mt
before August 14 on the assessment curve. A flat structure LSFO barge bids (PGA page 1595)
was applied to all other dates on the assessment curve. Withdrawals
■■FE: TRAFIGURA PTE LTD. no longer offers 2kt 296/mt
■■No bids reported
The above commentary applies to the market data code: AAVBG00 ■■FE: SHELL TRADING ROTTERDAM B.V. no longer offers 2kt Withdrawals
296.25/mt ■■No bids reported
ULSD 10ppmS CIF Med Cargo assessment rationale: (PGA ■■FE: SHELL TRADING ROTTERDAM B.V. no longer offers 2kt

page 1456) The CIF Med cargo diesel market was assessed 296.25/mt LSFO barge offers (PGA page 1594)
on the following inputs: Value on August 14-19 was taken at ■■FE: LITASCO SA no longer offers 2kt 296.75/mt ■■No offers reported
■■MW: BP EUROPA SE - BP NEDERLAND no longer offers 2kt 295/mt
$7.75/mt above the front-month ICE low sulfur gasoil Withdrawals
■■MW: TRAFIGURA PTE LTD. no longer offers 2kt 296/mt
futures contract, 25 cents/mt below competitive offers live ■■No offers reported

at the close. On August 20, value was taken at $8.43/mt, on

a competitive traded bid and a competiive offer. On August $0.50 for 3 LITASCO* BP; Offer $0.75 for 3;
21-25, value was taken $8.05/mt, on a competitive bid and ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW done ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE TOTSA
offer live at the close. A flat structure was applied to all $0.50 for 3 BELGOM* BP; Offer $0.25 for 3;
other dates on the assessment curve. ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW done ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE

The above commentary applies to the market data code: AAWYZ00 $0.50 for 3 TOTSA* BP; KOCHSARL Offer $0.50 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW done ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE LITASCO

Diesel Barge bids/offers/trades: (PGA page 1479) $0.50 for 3 LITASCO* BP; Offer $0.50 for 3;
■■~~Platts ULSD Brg: MOC summary: 18 trades reported: ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE TOTSA

■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW done $0.50 for 3 KOCHSARL* STR; Offer $0.50 for 3;
$0.25 for 3 TOTSA* BP; ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW done ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW LITASCO

■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE done $0.75 for 3 PTT* GLENCOREUK; Offer $0.50 for 3;
$0.25 for 3 TOTSA* BP; ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW TOTSA

■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done $0.50 for 1.7 KOCHSARL* STR; Offer $0.50 for 3;
$0.50 for 2.8 TOTSA* BP; ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done ■■Platts ULSD Brg 1-3kt ICE LSGO M1 FG Smr BE TOTSA

■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done $0.25 for 2 UNIPECSG STR*; Offer $-1.25 for 3;
$0.50 for 1.7 LITASCO* STR; ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW done ■■Platts ULSD Brg 1-3kt ICE LSGO M1 FG Smr FE TOTSA

■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done $0.25 for 3 UNIPECSG BP*; Offer $-1.50 for 3;
$0.50 for 2.8 TOTSA* BP; ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done ■■Platts ULSD Brg 1-3kt ICE LSGO M1 FG Smr MW TOTSA

■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done $0.50 for 1.5 KOCHSARL* STR; Offer $-1.25 for 3;
$0.50 for 3 LITASCO* BP; ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done ■■ULSD BARGE OUTSTANDING INTEREST: BIDS:

■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW done $0.50 for 2 TOTSA* STR; ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE BP Bid

$0.50 for 3 TOTSA* BP; ■■ULSD BARGE OUTSTANDING INTEREST: OFFERS: $0.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW done ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE LITASCO ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE

© 2017 S&P Global Platts, a division of S&P Global. All rights reserved. 13
EUROPEAN MARKETSCAN August 2, 2017
CHEVRONBV Bid $0.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE
GLENCOREUK Bid $-0.50 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE
HARTREEUK Bid $0.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE
MABADEUT Bid $0.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE PTRIN Bid
$-1.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE STR Bid
$0.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE BP Bid
$0.25 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE
CHEVRONBV Bid $0.25 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE
GLENCOREUK Bid $0.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE
MABADEUT Bid $0.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE PTRIN Bid
$-1.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE STR Bid
$0.25 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW BP Bid
$0.25 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW
CHEVRONBV Bid $0.25 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW
GLENCOREUK Bid $0.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW
MABADEUT Bid $0.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW PTRIN
Bid $-1.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW STR Bid
$0.25 for 3;
Diesel Barge exclusions: (PGA page 1479) No market data
was excluded from the August 02 assessment process.
Diesel NWE Cargo bids/offers/trades: (PGA page 1468)
■■ULSD: NWE CARGO DEAL SUMMARY: BBENERGYLTD-BP
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
trade on bid, Platts NWE ULSD Crg - CIF bss Thames -
10-25, Main: 27kt, 19/8 - 23/8, Indication number: 1 Seller
to narrow at time of trade Main Volume: 27kt pricing
03-07 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 at ULSD CIF UK Crg Any Day See TQC
-$3.00.
■■ULSD: NWE CARGO OUSTANDING INTEREST: OFFERS:
Engelhart CTP (Singapore) PTE. LTD. offers Platts NWE
ULSD Crg - CIF bss Amsterdam - 10-25, Main: 27 kt, 17/8 -
21/8, Main Volume: 27kt pricing Full EFP Optol : 0-6 kt
pricing as per Main Spec : ULSD 10ppm French Summer
C&B CP : hbg-bdx range + N. Spain + ecuk + others
obtainable at cost Vessel: Hafnia Green (IMO: 9360441)
GTC: BP latest edition , 100% of main volume at EFP ICE
LS GO Month Aug $4.25; Vitol offers Platts NWE ULSD Crg
- CIF bss Amsterdam - 10-25, Main: 27 kt, 20/8 - 27/8
(wide laycan), INDICATION NUMBER: 5 OCO 6 LAYCAN:
BUYER TO NARROW MAIN VOLUME: 21-27 Aug pxg OPTOL:
0-6K 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 ULSDCIFHavreCrg Any Day See TQC $0.00;
■■Vitol offers Platts NWE ULSD Crg - CIF bss Amsterdam -
10-25, Main: 27 kt, 12/8 - 27/8 (wide laycan), indication
number: 1oco2 Laycan: buyer to narrow Main volume: efp
Optol: 0-6kt efp Aug+4.5 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; Vitol offers Platts NWE ULSD
Crg - CIF bss Amsterdam - 10-25, Main: 27 kt, 20/8 - 27/8
(wide laycan), INDICATION NUMBER: 6 OCO 5 LAYCAN:
BUYER TO NARROW MAIN VOLUME: efp OPTOL: 0-6K efp
Aug +4 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
14
LS GO Month Aug $5.00; Vitol offers Platts NWE ULSD Crg
- CIF bss Amsterdam - 10-25, Main: 27 kt, 12/8 - 27/8
(wide laycan), indication number: 2oco1 Laycan: buyer to
narrow Main volume: pricing 14-20 Aug Optol: 0-6kt efp
Aug+4.5 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, 12/8 - 19/8 (wide laycan), indication
number: 4oco3 Laycan: buyer to narrow Main volume:
pricing 10 - 15 Aug Optol: 0-6kt efp Aug +6.75 Spec: ULSD
10ppm meeting French summer spec (inc 0.842 max) CP:
hamburg-bdx + north spain + ecuk option Vessel : BP /
Shell / exxon GTC: totsa latest edition , 100% of main
volume at ULSDCIFHavreCrg Any Day See TQC $2.00;
Vitol offers Platts NWE ULSD Crg - CIF bss Le Havre -
10-25, Main: 27 kt, 12/8 - 19/8 (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 :BP / Shell / exxon GTC:
totsa latest edition , 100% of main volume at EFP ICE LS
GO Month Aug $6.00.
■■BIDS: BP bids Platts NWE ULSD Crg - CIF bss Thames -
10-25, Main: 27 kt, 19/8 - 25/8 (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 $3.75;
BP bids Platts NWE ULSD Crg - CIF bss Thames - 10-25,
Main: 27 kt, 22/8 - 27/8 (wide laycan), Indication number:
2 Seller to narrow at time of trade Main Volume: 27kt
pricing 03-07 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
EUROPEAN MARKETSCAN August 2, 2017
Day See TQC $-3.00; Glencore bids Platts NWE ULSD Crg -
CIF bss Thames - 10-25, Main: 27 kt, 18/8 - 22/8,
indincation 1 Main volume Pricing 27kt: 18-22 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.
Diesel NWE Cargo exclusions: (PGA page 1468) No market
data was excluded from the August 02 assessment
process.
Diesel Mediterranean bids/offers/trades: (PGA page 1457)
■■ULSD: MED CARGO DEAL SUMMARY: VITOL-STR trade on
bid, Platts Med ULSD Crg - CIF bss Mersin - 10-25, Main:
27kt, 18/8 - 22/8, Indication 3 OCO 4 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, other cp options available/obtainable at cost
Vessel: Shell/BP/ Lukoil 100% of main at EFP ICE LS GO
Month Sep $10.50.
■■ULSD: MED CARGO OUSTANDING INTEREST: OFFERS:
Mercuria offers Platts Med ULSD Crg - CIF bss Lavera -
10-25, Main: 27 kt, 17/8 - 21/8, Indication Number: 1
Laycan: 17/21 Aug Main Vol Pricing: Full EFP OpTol: 0-6kt,
full EFP as per last differential indication Spec: 10ppm
ulsd French Summer specs, max 0.842, C&B CP:
Euromed neobig + Slovenia + Croatia excluding y/fyugo/
toc +Turkish med + SOM + others obtainable Vessel:
Litasco/Shell/BP approved , 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, 12/8 - 20/8 (wide
laycan), Indication 1 oco 2 main vol : Pricing 21-23 Aug
2017, inclusive Optol: 0-6kt s.o efp Aug +9 Spec: ulsd
10ppm french summer spec including C&B CP: Euromed
neobig + Slovenia + Croatia exc ludingy/fyugo/
toc+Turkish med + SOM + others Obtainable Vessel:
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
Shell/Litasco/Eni GTC: Total latest, 100% of main volume
at ULSD CIFMed Crg Any Day See TQC $1.00;
■■Vitol offers Platts Med ULSD Crg - CIF bss Lavera - 10-25,
Main: 27 kt, 12/8 - 17/8 (wide laycan), Indication 3 Optol:
0-6kt s.o, efp Aug +8.5 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, 12/8 - 27/8 (wide laycan), Indication
2oco 1 Optol: 0-6kt s.o, efp Aug +9 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.
■■BIDS: Glencore bids Platts Med ULSD Crg - CIF bss Elefsis
- 10-25, Main: 27 kt, 18/8 - 22/8, Indication 3 oco 2 Main
volume pricing: 17-23 August Optol: 0-6kt s.o, pricing COD
+3 quotations (COD = 0), price as per last main volume
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: Total/Lukoil/
ENI , 100% of main volume at ULSD CIFMed Crg Any Day
See TQC $-2.00;
■■Glencore bids Platts Med ULSD Crg - CIF bss Elefsis -
10-25, Main: 27 kt, 18/8 - 22/8, Indication 2 oco 3 Optol:
0-6kt s.o, as per main EFP indication Terminal/jetty:
Eleusis 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: Total/Lukoil/ENI ,
100% of main volume at EFP ICE LS GO Month Sep $8.00;
Litasco bids Platts Med ULSD Crg - CIF bss Koper - 10-25,
Main: 25 kt, 19/8 - 27/8 (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
15
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 $9.00; 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
$8.50;
■■Saras bids Platts Med ULSD Crg - CIF bss Koper - 10-25,
Main: 27 kt, 14/8 - 18/8, Indication 2oco1 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 $8.50; Saras bids Platts Med ULSD Crg - CIF
bss Koper - 10-25, 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 $-1.50;
Saras bids Platts Med ULSD Crg - CIF bss Koper - 10-25,
Main: 27 kt, 14/8 - 18/8, Indication 1oco2 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 $-1.50;
■■Litasco bids Platts Med ULSD Crg - CIF bss Mersin - 10-25,
Main: 25 kt, 12/8 - 16/8, 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/
EUROPEAN MARKETSCAN August 2, 2017
toc + Turkish med + Tunisia + SOM + Morocco +others
obtainable Vessel: OMV/Lukoil/Total , 100% of main
volume at EFP ICE LS GO Month Sep $10.00; BP bids
Platts Med ULSD Crg - CIF bss Sete - 10-25, Main: 27 kt,
12/8 - 20/8 (wide laycan), Indication number: 4 Seller to
narrow at time of trade Main Volume: 27kt pricing EFP
Optol : 0-6 kt pricing as per Main EFP Spec : ULSD 10ppm
French Summer C&B CP : Euromed neobig + Slovenia +
Croatia excluding y/fyugo/toc + Turkish med + SOM +
Morocco +others obtainable Vessel : SHELL/BP/LITASCO
approved , 100% of main volume at EFP ICE LS GO Month
Aug $6.50; Saras bids Platts Med ULSD Crg - CIF bss
Venice - 10-25, Main: 27 kt, 12/8 - 16/8, Indication 5 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: ENI/Saras/Lukoil, 100% of main volume at
EFP ICE LS GO Month Sep $8.50.
Diesel Mediterranean exclusions: (PGA page 1457) No market
data was excluded from the August 02 assessment
process.
Fuel Oil
Market analysis: (PGA page 1599) In the Northwest European
high sulfur fuel oil market Wednesday, FOB Rotterdam 3.5%
barges strengthened slightly versus the equivalent paper
strip to a 39 cents/mt discount from a 92 cents/mt
discount. Buying activity in the Platts Market on Close
assessment process was led by Vitol, with Trafigura the
most active seller on the day. The effect on fuel oil of the
outage at Shell’s 404,000 b/d Pernis refinery was limited,
sources said. The effect on northern Europe was negligible,
with many other sellers in the market, although the outlook
was unclear, sources said. “There is no effect yet,” a
Northwest European trader said. Operations at Pernis were
expected to restart no sooner than the second half of
August, the company has said. The Mediterranean market
was not seeing any noticeable effect from the outage
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
either, sources said. Market conditions in the Mediterranean
were heard fairly steady, with traders varying in how
balanced to long they saw the market. Supply was said to
be good from all quarters. “There is sufficient oil in the Med,
especially with fewer barrels being arbitraged into Asia,” a
trader said. Strong buying interest for fuel oil from the
Middle East had not eroded availability, traders said. “Saudi
Arabia is a different issue. They buy on a regular basis but it
does not change the balance. The market is not short of
oil,” the trader said. Some said demand was sufficient to
balance the market, others said it was not quite sufficient
to do so. “[It is] pretty balanced with a bit of length,” one
trader said. CIF Mediterranean HSFO cargoes were
assessed 72 cents/mt lower versus the equivalent paper
strip at 31 cents/mt discount, with Trafigura selling Eni a
cargo for delivery into Algeciras on August 23-27.
Meanwhile, activity in the low sulfur fuel oil market
suggested fundamentals were little changed in the
European complex. Supply was seen as abundant in every
region, with both power generation and bunker grade LSFO
readily available. Cargoes differentials to the swaps curve
were assessed at steep discounts in both Northwest
Europe and in the Mediterranean. Repsol was said to be
loading a cargo of LSFO from its Tarragona refinery August
4-6. Repsol was not available for comment.
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 to prove otherwise.
The above commentary applies to the market data code: PUAAP00
FO 3.5%S FOB Rdam Barge assessment rationale: (PGA
page 1592) Rotterdam HSFO barges entered a slightly
steeper backwardation Wednesday, with the front end
assessed just above an outstanding competitive bid in the
extension, and on the last traded offer. The midwindow was
assessed on two traded competitive bids. An outstanding
back-end bid showed competitive value above two
previously traded bids.
The above commentary applies to the market data code: PUABC00
16
FO 3.5%S 500 CST FOB Rdam Barge assessment rationale:
(PGA page 1592) FOB Rotterdam 500 CST high sulfur fuel oil
barges was assessed unchanged at a differential of minus
$4.50/mt to FOB Rotterdam high sulfur fuel oil barges.
The above commentary applies to the market data code: PUAGN00
Fuel Oil Barge exclusions: (PGA page 1607) No market data was
excluded from the August 02 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 using
Tuesday’s physical/swap’s differential in the absence of any
public indications to suggest otherwise.
The above commentary applies to the market data code: PUAAM00
FO 1%S CIF Med Cargo assessment rationale: (PGA page
1580) In 1% CIF Mediterranean cargoes, value was assessed
higher, closer to where UK Continent-Mediterranean freight
suggested, while remaining below an outstanding CIF
Mediterranean offer.
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 2, 2017
FO 3.5%S CIF Med Cargo assessment rationale: (PGA page
1580) In CIF Mediterranean HSFO cargoes, outstanding bids
and offers did not challenge Tuesday’s physical/paper
differential, and value was assessed on a traded bid close
to this previously established level, in line with reports from
traders that the market was slightly on the long side.
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 OUTSTANDING
INTEREST: Bids: None
■■HSFO: RMK 500 CST BARGE: MOC OUTSTANDING
INTEREST: Offers: None
■■HSFO: RMK 500 CST BARGE: MOC DEAL SUMMARY: No
deals
Fuel Oil NWE Cargo bids/offers/trades: (PGA page 1589)
■■HSFO NWE CARGO MOC: DEAL SUMMARY: No deals.
■■HSFO NWE CARGO MOC: OUTSTANDING INTEREST: BIDS:
None.
■■HSFO NWE CARGO MOC: OUTSTANDING INTEREST:
OFFERS: None.
■■LSFO NWE CARGO MOC: DEAL SUMMARY: No deals.
■■LSFO NWE CARGO MOC: OUTSTANDING INTEREST: BIDS:
None.
■■LSFO NWE CARGO MOC: OUTSTANDING INTEREST:
OFFERS: None.
Fuel Oil NWE Cargo exclusions: (PGA page 1589) No market
data was excluded from the August 02 assessment
process.
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
Fuel Oil Mediterranean bids/offers/trades: (PGA page 1581)
■■HSFO MED CARGO MOC: DEAL SUMMARY:
■■1) TRAFI-ENITASHIP HSFO Med Crg CIF bss Algeciras
10-25, Aug 23-27 100% 3.5% CIF Med cargoes BalMnth
Next Day $0.00 for 25000-25000 “Optional Volume: 0-5kt
pricing 5 quotes after COD, same as main volume
differential. Spec: RMG 380, ISO 2010 RMG bunker fuel
with 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/REPSOL/ENI
■■HSFO MED CARGO MOC: OUTSTANDING INTEREST: BIDS:
■■1) Platts HSFO Med Crg CIF bss Gibraltar 10-25,
CADOILTRAD bids Aug 20-Aug 24 100% 3.5% CIF Med
cargoes Any Day See TQC $0.00 for 27000-27000 “CIF
bss Gibraltar 3.5% CIF Med Cargoes Main volume: 3-7 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, EU Qualified CP: Full med (Excl.
israel/syria/libia/albania/yugo, former yugo and TOC)
Vessel acceptable to: CEPSA/ENI/BP”
■■2) CADOILTRAD HSFO Med Crg CIF bss Malta 10-25, bid
Aug 14-18 100% 3.5% CIF Med cargoes Any Day See TQC
$-2.25 for 25000-25000 “CIF bss Malta
■■3.5% CIF Med Cargoes Main volume: 3-7 Aug 2017 both
ends included
■■Optol: 0-5kt 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, EU Qualified CP: Full med (Excl.
israel/syria/libia/albania/yugo, former yugo
■■and TOC) Vessel acceptable to: CEPSA/ENI/BP
■■3) CADOILTRAD bids HSFO Med Crg CIF bss Malta 10-25,
bids Aug 15-19 100% 3.5% CIF Med cargoes Any Day See
TQC $-2.25 for 25000-25000 “CIF bss Malta
■■3.5% CIF Med Cargoes Main volume: 3-7 Aug 2017 both
ends included
■■Optol: 0-5kt pricing 3 quotes after COD, same as main
17
volume differential,
■■Spec: RMG 380, ISO 2010 RMG bunker fuel plus 3.50%S
max and 2.00
■■ppm H2S max in liquid phase, EU Qualified CP: Full med
(Excl. israel/syria/libia/albania/yugo, former yugo and
TOC)
■■Vessel acceptable to: CEPSA/ENI/BP”
■■4) CADOILTRAD bids HSFO Med Crg CIF bss Malta 10-25,
Aug 23-27 100% 3.5% CIF Med cargoes Any Day See TQC
$-2.50 for 25000-25000 “CIF bss Malta 3.5% CIF Med
Cargoes Main volume: 7-27 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”
■■HSFO MED CARGO MOC: OUTSTANDING INTEREST:
OFFERS:
■■HSFO MED CARGO MOC: OUTSTANDING INTEREST:
OFFERS:
■■1)GLTD offers HSFO Med Crg CIF bss Malta 10-25, Aug
12-Aug 16 100% 3.5% CIF Med cargoes Any Day See TQC
$1.75 for 27000-27000 “full cargo
■■main volume pricing: 14 - 21 August 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 exxon
■■2) GLTD offers HSFO Med Crg CIF bss Malta 10-25, Aug
18-Aug 22 100% 3.5% CIF Med cargoes Any Day See TQC
$1.00 for 27000-27000 “full cargo
■■main volume pricing: 15 - 25 Aug both ends included on
3.5% cif
■■med cargoes optol: 0-6 kt 3 quotes after COD differential
as per main volume
EUROPEAN MARKETSCAN August 2, 2017
■■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
■■3) TRAFI offers HSFO Med Crg CIF bss Gibraltar 10-25,
Aug 23-Aug 27 100% 3.5% CIF Med cargoes Any Day See
TQC $2.00 for 27000-27000 “FULL CARGO
■■Main Volume pricing 28-31 Aug (27kt) Optol: 0-6kt 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)”
■■LSFO MED CARGO MOC: DEAL SUMMARY: No deals.
■■LSFO MED CARGO MOC: OUTSTANDING INTEREST: BIDS:
■■1) SERL bids LSFO Med Crg CIF bss Ceuta 10-25, Aug
16-20 100% 1% FOB NWE cargoes Any Day See TQC $2.50
for 27000-27000 “CIF bss Ceuta
■■Main volume: 2-4 Aug 2017 both ends included Optol:
0-6kt pricing 3 quotes after COD, same premium as main
volume differential, Spec: RMG 380, ISO 8217:2010 RMG
bunker fuel plus 1.00%S max and 2.00 ppm H2S max in
liquid phase with 70c min flash CP: Full med (Excl. israel/
syria/libia/albania/yugo, former yugo and TOC)
■■LSFO MED CARGO MOC: OUTSTANDING INTEREST:
OFFERS:
■■1) PTRIN offers LSFO Med Crg CIF bss Malta 10-25, Aug
12-Aug 16 100% 1% FOB NWE cargoes BalMnth Next Day
$6.00 for 27000-27000 “?Optol: 0- 6kt:
■■3 quotes after COD pricing, same premium as main. Spec:
0.9% sulphur/0.991 dens/380cst visco /30c pour/65c
flash/9650 NCV/60 alu+sil/150 vanadium/0.5 water/ 15
ccr/5 asph/ 0.10 TSP&TSE&TSA/0.10 ash/2 H2S.Oil to
contain no ULO. EU qualified. Rest RMG Qualified. CP: Full
med C/P options with normal exclusions yugo/former
yugo/ Albania /Israel/ TOC/Libya/Syria. Vessel acceptable
to: Totsa, Cepsa, BP. Full cargo
Fuel Oil Mediterranean exclusions: (PGA page 1581) No data
was excluded for the August 02 assessment process.
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
VGO (PGA page 1597)
Litasco did not return to the Platts Market on Close
assessment process Wednesday with the competitive bids
for high sulfur vacuum gasoil seen in Tuesday’s MOC,
prompting talk as to why it had not been sold to. “Maybe the
dates do not work,” one trader said. “If people are moving oil
out they would be loading around August 10 in the Baltics,
which I guess would have already been fixed given it is
[early] August,” another trader said. “Tonnage is good, but
owners loathe to have their ships booked that far out when
the market is weak,” another source said. In other news, the
latest Afipsky cargoes were said to be too high in sulfur to
be considered as low sulfur VGO, creating difficulties in
having to market them as medium sulfur VGO. “The first few
ones are coming out around 0.8% which makes it just a
touch too high for LSVGO buyers in the Mediterranean,” a
source said. The FOB NWE HSVGO premium to October ICE
Brent futures was assessed at 90 cents/b, down 30 cents/b
day on day, while the FOB NWE LSVGO premium was was
assessed on the freight netback to the US Gulf Coast of
$2.00/b, down 20 cents/b day on day.
VGO deals
(PGA page 5)
■■ No deals.
North Sea crude
Market analysis: (PGA page 1299) The North Sea crude market
was once again largely driven by a strong buying appetite
Wednesday. There were 13 bids across the four BFOE grades
in the Platts Market on Close assessment process, against
three Forties offers. Two Ekofisk cargoes were sold in the
Platts MOC. Vitol sold parcel C12129 loading August 31 to
September 2 to Totsa at Dated Brent plus 80 cents/b, while
Shell sold parcel C12131 loading August 12-14 to Vitol at Dated
Brent plus 50 cents/b. Shell showed two ship-to-ship offers,
off the VLCCs Boston and Gener8 Supreme. The Gener8
Supreme was seen loading a Forties parcel off the Primero
at Southwold Wednesday according to cFlow, S&P Global
18
Platts trade flow software. “Buying Forties on an STS basis
is the cheapest option at the moment,” a trader said. “The
September supply stock is lower than August. Local demand
is good, and demand outside the region is good too,” the
trader said, referring in particular to a prompt tender from
Uruguay. According to trading sources, Uruguay’s ANCAP
was to award a tender for the purchase of 1 million barrels of
crude oil for delivery September 8-12, Wednesday. A source
at ANCAP was not available for comment. With most
competing barrels having cleared, it was likely ANCAP will
buy BFOE grades, traders said. Market participants were
pondering the likelihood of the current North Sea price rally
extending further. “I thought the market was well priced, I
would not see it rise that much but, then again, I do not see
it going any lower,” a trader said. “The Med exploded. WAF is
doing really well and the US too. Margins are outstanding,”
the trader said. “The thing is I do not see it coming off
either. But where the CFD rolls are now, they are implying
10-20 cents/b differentials over the next two weeks, so I
cannot see it going much higher,” another trader said. “It is
hard to sustain positive differentials for long, even though I
guess fundamentally now is about as strong as it gets.”
Meanwhile, Norwegian grades were said to have cleared well
for September, shortly after the release of loading programs.
In other news, September loadings of Danish Underground
Consortium crude are scheduled at five 600,000 barrel
cargoes, traders said, meaning an average 100,000 b/d.
Dated Brent assessment rationale: (PGA page 1297) All four
BFOE grades were seen in the Platts Market on Close
assessment process Wednesday. Brent Blend was assessed
higher. Brent Blend was assessed in a flat structure, above
an outstanding bid ranging August 15-29. Forties was
assessed higher. August 12-14 was assessed in a flat
structure. August 14 was assessed above an outstanding
bid. August 21 to September 2 was assessed in line with
Tuesday’s assessment and a contango structure was
interpolated between bids for an August 14 and August 21
parcels. Oseberg was assessed higher. Oseberg was
assessed above outstanding bids for August 16, 21, 27 and
31. A flat structure was applied. Ekofisk was assessed
EUROPEAN MARKETSCAN August 2, 2017
higher. August 12-13 was assessed in a flat structure. August
13 was assessed in line with a traded bid. September 1 was
assessed in line with a traded bid. The bid was originally for
August 22 to September 3, so a flat structure was applied
between August 24 and September 2 reflecting the available
cargoes that could have traded into that range. Forties was
the most competitive grade August 12-18 and September
1-2. Oseberg was the most competitive grade August 19-31.
Dated Brent was, therefore, assessed higher.
The above commentary applies to the market data code: PCAAS00
BFOE assessment rationale: (PGA page 1297) October Cash
BFOE was assessed above an outstanding bid which
disproved four earlier traded bids. November Cash BFOE
was assessed in line with five traded offers which disproved
an EFP and an October/November EFP roll heard during the
day. December Cash BFOE was assessed in line with an
October/November 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 in line with a traded offer converted to November
pricing. August 14-18 was assessed in line with a traded offer
converted to November pricing and in line with an August 7-11
versus August 14-18 roll heard during the day. August 21-25
was assessed in line with an August 14-18 versus August
21-25 roll heard during the day. August 28-September 1 was
assessed in line with an August 21-25 versus August
28-September 1 roll heard during the day. September 4-8
was assessed in line with an August 28-September 1 versus
September 4-8 roll heard 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 DEAL SUMMARY: VITOL SELLS TO
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
TOTSA Ekofisk Aug 31, 2017-Sep 2, 2017 100% Dtd $0.80;
STASCO SELLS TO VITOL Ekofisk Aug 12, 2017-Aug 14,
2017 100% Dtd $0.50
■■~~NORTH SEA: MOC OUTSTANDING INTEREST: VITOL bids
Brent Blend Aug 15-Aug 29 100% Dtd $0.40; BP bids
Forties Aug 19-Aug 23 100% Dtd $0.30; STATOIL bids
Forties Aug 20-Aug 24 100% Dtd $0.25; BP bids Forties
Aug 13-Aug 15 100% Dtd $0.30; STATOIL bids Oseberg
Aug 20-Aug 22 100% Dtd $0.80; BP bids Oseberg Aug
27-Sep 1 100% Dtd $0.75; VITOL bids Oseberg Aug 26-Sep
1 100% Dtd $0.80; VITOL bids Oseberg Aug 15-Aug 17
100% Dtd $0.80; BP bids Ekofisk Aug 14-Aug 20 100% Dtd
$0.35; GLENCOREUK offers Forties Aug 23-Aug 25 100%
Dtd $0.45; STASCO offers Forties STS Scapa Flow “vessel
Boston” Aug 16-Aug 20 100% Dtd $0.50; STASCO offers
Forties STS Scapa Flow “vessel: Gener8 Supreme” Aug
12-Aug 16 100% Dtd $0.50
■■~~NORTH SEA: MOC WITHDRAWN: VITOL bids Forties Aug
22-Sep 3 100% Dtd $0.40; STATOIL bids Ekofisk Aug
23-Aug 30 100% Dtd $0.40
■■~~BFOE CFD: MOC DEAL SUMMARY: Aug7-Aug11 Oct-0.42
x100 OMV-Mercuria; Aug14-Aug18 Oct-0.5 x100 OMV-
Statoil; Aug7-Aug11 Oct-0.35 x100 OMV-Statoil; Aug14-
Aug18 Oct-0.45 x100 OMV-Statoil
■■~~BFOE CFD: MOC OUTSTANDING INTEREST: Aug 7-11
(Oct): Statoil bids -0.36; BP bids -0.38; Vitol bids -0.40;
Mandara bids -0.40; OMV offers -0.32; DV Trading offers
-0.30; Aug 14-18 (Oct): Statoil bids -0.46; Vitol bids -0.50;
BP bids -0.50; Mandara bids 0.55; Litasco bids -0.55; OMV
bids -0.58; OMV offers -0.42; Aug 21-25 (Oct): Statoil bids
-0.51; BP bids -0.53; Vitol bids -0.55; Mandara bids -0.60;
Litasco bids -0.60; OMV bids -0.61; Onyx bids -0.65; OMV
offers -0.46
■■~~CASH BFOE: MOC DEAL SUMMARY: Nov 52.27 x100
Shell-Mercuria; Nov 52.27 x100 Shell-Trafigura; Oct 52.23
x100 Hartree-Vitol; Nov 52.27 x100 Shell-Hartree; Oct
52.25 x100 Hartree-Vitol; Oct 52.25 x100 Socar-Total; Oct
52.25 x100 Socar-Vitol; Nov 52.27 x100 Shell-Hartree; Oct
19
52.25 x100 Socar-Vitol; Nov 52.27 x100 Shell-Gunvor; Oct
52.25 x100 Mercuria-Trafigura
■■~~CASH BFOE: MOC OUTSTANDING INTEREST: Oct17: Vitol
bids 52.25
North Sea exclusions: (PGA page 1290) ~~CASH BFOE:
EXCLUSIONS: Trafigura bids Oct17 at 52.25; Mercuria-
Trafigura Oct17 at 52.25
LSSR
Market analysis: (PGA page 1598) In the 0.5%-0.7% FOB NWE
straight run market, the discount to October ICE Brent
futures was assessed unchanged at minus $2.25/b amid a
lack of refinery interest for the feedstock. Looking ahead,
one trader he did not see fundamentals improving in the
next 10 days. The Aframax Moscow River, headed towards
Houston, was said to be laden with about 76,000 mt of
LSSR originating from the ExxonMobil’s refinery in Slagen,
Norway. The company declined to comment.
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 $2.25/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 2 cargo assessmentprocess.
 December 7, 2017 | Cipriani Wall Street, New York

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