]

www.platts.com EUROPEAN MARKETSCAN

[OIL ]

Volume 45 / Issue 3 / January 4, 2013

n
tio
European products ($/mt) ICE futures
Code Mid Change Code Mid Change
Platts ICE 1630 London assessments* (PGA page 703)
Mediterranean cargoes (PGA page 1114)
Gasoil Low Sulfur Gasoil
FOB Med (Italy) CIF Med (Genova/Lavera)

a
Naphtha* PAAAI00 899.75–900.25 900.000 -12.250 PAAAH00 921.00–921.50 921.250 -12.750
Prem Unl 10ppm AAWZA00 990.00–990.50 990.250 -12.000 AAWZB00 1004.00–1004.50 1004.250 -12.250
Jan AARIN00 928.00 Jan AAGL001 951.50
Feb AARIO00 930.25 Feb AAGL002 951.50
Mar AARIP00 928.75 Mar AAGL003 952.25

lu
Jet AAIDL00 983.00–983.50 983.250 -5.500 AAZBN00 1008.25–1008.75 1008.500 -6.000
10ppm ULSD AAWYY00 938.75–939.25 939.000 -8.250 AAWYZ00 955.50–956.00 955.750 -8.500
Gasoil 0.1% AAVJI00 921.00–921.50 921.250 -7.000 AAVJJ00 940.00–940.50 940.250 -7.000
Fuel Oil 1.0% PUAAK00 629.25–629.75 629.500 +10.750 PUAAJ00 643.75–644.25 644.000 +10.250
Brent Brent NX
Feb AAYES00 111.28 Feb AAXZL00 111.23
Mar AAYET00 110.04 Mar AAXZM00 110.08

a
Fuel oil 3.5% PUAAZ00 592.50–593.00 592.750 -2.250 PUAAY00 607.00–607.50 607.250 -2.750
Apr AAXZY00 109.16 Apr AAXZN00 109.20
Jet FOB Med premium AAIDN00 10.50/11.00 10.750 +0.250
May AAYAM00 108.45 May AAYAP00 108.49

Ev
*Naphtha FOB Med is basis East Med
*Platts ICE assessments reflect the closing value of the ICE contracts at
Northwest Europe cargoes (PGA page 1110) precisely 16:30 London time.

FOB NWE CIF NWE/Basis ARA
Naphtha (Feb) PAAAJ00 918.25–918.75 918.500 -10.750
Naphtha PAAAL00 931.25–931.75 931.500 -12.750
Gasoline 10ppm AAXFQ00 999.25–999.75 999.500 +3.250
ICE gasoil settlements (PGA page 702)
Gasoil Low Sulfur Gasoil
Jan AAQSG00 928.50 Jan AAGS001 951.50

F
Jet PJAAV00 994.00–994.50 994.250 -6.000 PJAAU00 1009.75–1010.25 1010.000 -6.000
ULSD 10 ppm AAVBF00 929.50–930.00 929.750 -8.000 AAVBG00 950.00–950.50 950.250 -8.000
Diesel 10ppm NWE AAWZD00 932.50–933.00 932.750 -8.250 AAWZC00 953.75–954.25 954.000 -8.000
PD
Diesel 10 ppm UK AAVBH00 956.00–956.50 956.250 -8.000
Gasoil 0.1% AAYWR00 911.50–912.00 911.750 -7.000 AAYWS00 934.25–934.75 934.500 -7.000
Fuel oil 1.0% PUAAM00 617.75–618.25 618.000 -3.750 PUAAL00 631.00–631.50 631.250 +3.500
Fuel oil 3.5% PUABB00 580.50–581.00 580.750 -1.750 PUABA00 596.50–597.00 596.750 -1.750
Straight run 0.5-0.7% PKABA00 707.00–708.00 707.500 -7.000
VGO 0.5-0.6% AAHMX00 770.00–771.00 770.500 -7.000 AAHMZ00 773.00–774.00 773.500 -7.000
VGO 2% max AAHNB00 750.50–751.50 751.000 -7.000 AAHND00 753.50–754.50 754.000 -7.000
rt
Feb AAQSH00 930.75 Feb AAGS002 951.50
Mar AAQSI00 929.25 Mar AAGS003 951.00
Apr AAQSJ00 926.00 Apr AAGS004 947.25
May AAQSK00 922.00 May AAGS005 943.75
Jun AAQSL00 918.00 Jun AAGS006 940.00
Expiry AAQSM00 NA*
*Value at 12:00 London time will only appear on day of expiry
ICE gasoil GWAVE (Previous day’s values) (PGA page 702)
Jan PXAAJ00 935.00 Feb PXAAK00 936.50

Northwest Europe barges (PGA page 1112)

FOB Rotterdam Eurobob swaps ($) NYMEX futures (16:30 London time)
Naphtha PAAAM00 927.25–927.75 927.500 -12.750
pe

Eurobob AAQZV00 970.00–970.50 970.250 -12.000 1200 NYMEX WTI (PGA page 703)
98 RON gasoline 10 ppm AAKOD00 1015.50–1016.00 1015.750 -12.000
Premium gasoline 10 ppm PGABM00 995.50–996.00 995.750 -12.000 $/barrel $/barrel
Jet PJABA00 1005.00–1005.50 1005.250 -8.000 Feb AASCR00 92.62 Mar AASCS00 93.05
Diesel 10 ppm AAJUS00 948.25–948.75 948.500 -9.000
NYMEX heating oil (PGA page 703)
Ex

Gasoil 50 ppm AAUQC00 944.25–944.75 944.500 -7.250 1000

Gasoil 0.1% AAYWT00 927.25–927.75 927.500 -7.000 ¢/gal ¢/gal
Fuel oil 1.0% PUAAP00 619.00–619.50 619.250 -0.500 Feb AASCT00 300.95 Mar AASCU00 299.42
Fuel oil 3.5% PUABC00 601.25–601.75 601.500 -1.750
Rotterdam bunker 380 CST PUAYW00 605.00–606.00 605.500 +3.000 NYMEX RBOB (unleaded gasoline) (PGA page 703)
VGO 0.5-0.6% AAHNF00 770.00–771.00 770.500 -7.000 800 ¢/gal ¢/gal
VGO 2% max AAHNI00 750.50–751.50 751.000 -7.000 Mar May Jul Sep Nov Jan
MTBE* PHALA00 1376.75–1377.25 1377.000 -13.000 Feb AASCV00 275.76 Mar AASCW00 276.01

*FOB Amsterdam-Rotterdam-Antwerp

The McGraw Hill Companies


Market Update (PGA page 724)
Crude futures prices remained slightly bearish
Friday, despite data from the US Energy Information
Administration that showed a heavy draw in crude
stocks in the last week of the year. NYMEX February
crude was down 60 cents on the day at a $92.32/
barrel after an initial period of volatility immediately
following the EIA’s release that saw the contract spike
to $93.07/b and drop to a session low of $92.22/b
at 11:34 a.m. EST (1634 GMT), before sliding back
within the 70 cent range that defined morning US
trade. Earlier Friday front-month NYMEX crude traded
between $91.52 and $93.07/b. US crude stocks fell
11.12 million barrels last week to 359.939 million
barrels, the EIA reported in its weekly domestic
fuel stock survey, broadly in line with data released
Thursday by the US Energy Information Administration
ICE February Brent was also lower, down $1.25/b at
$110.89/b after spiking to $111.50/b on the EIA
data release. It is not uncommon for US crude stocks
to tumble sharply moving in to a new year, as refiners
move to reduce inventories for tax purposes. Over
the past five years, crude imports into the US have
fallen in the first half of December before picking
back up in late December and early-January. Crude
imports fell by 931,000 b/d to 7.094 million b/d
Analysts polled by Platts predicted a 1 million barrel
draw in crude stocks. Crude inputs also rose over
the course of the week, the EIA showed, climbing
13,000 b/d to 15.341 million b/d, exacerbating
the effects of the decline in imports. Stocks at
rt
Cushing, Oklahoma increased by 573,000 barrels to
49.75 million barrels, with analysts pointing to the
pe
temporary closure of the Seaway pipeline during its
recent upgrade as a possible cause for the gain. The
capacity of the Seaway pipeline, which moves crude
oil from storage in Cushing to the US refining complex
Ex
along the US Gulf Coast, is currently being upgraded
from 150,000 b/d to 400,000 b/d and is expected
to reach full capacity some time next week. NYMEX
heating oil fell sharply as the EIA reported a 4.574
million barrel increase in domestic distillate stocks.
EUROPEAN MARKETSCAN
Euro-denominated assessments 16:30 London (€/mt)
Med cargoes (PGA page 1120)
FOB Med CIF Med
(Italy) (Genova/Lavera)
Naphtha* ABWHE00 690.025 ABWHD00 706.318
Prem Unl 10ppm ABWGV00 759.220 ABWGU00 769.953
Jet ABWGZ00 753.853 AAZBO00 773.212
10ppm ULSD ABWHM00 719.926 ABWHH00 732.769
Gasoil 0.1% ABWGQ00 706.318 ABWGO00 720.885
Fuel Oil 1.0% ABWGH00 482.634 ABWGF00 493.751
tio
Fuel oil 3.5% ABWGM00 454.458 ABWGK00 465.575
Jet FOB Med premium ABWHA00 8.242
*Naphtha FOB Med is basis East Med
Northwest Europe cargoes (PGA page 1116)
a
FOB NWE CIF NWE/
Basis ARA
Naphtha AAQCE00 714.176
lu
Gasoline 10ppm ABWGS00 766.311
Jet ABWHB00 762.286 AAQCF00 774.362
ULSD 10 ppm ABWHO00 715.135 ABWHI00 731.427
Diesel 10ppm NWE ABWHP00 712.834 ABWHK00 728.552
a
Diesel 10 ppm UK ABWHJ00 733.152
Gasoil 0.1% ABWGR00 699.034 ABWGP00 716.476
Ev
Fuel oil 1.0% AAQCG00 473.817 ABWGG00 483.976
Fuel oil 3.5% ABWGN00 445.258 ABWGL00 457.525
Straight run 0.5-0.7% ABWHG00 542.437
Euro/US$ forex rate: 1.3043. 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.
F
Foreign exchange rates (PGA page 1151)
January 4, 2013 London 16:30
PD
Dollar/Swiss franc BCADC00 0.9267
GB pound/Dollar BCADB00 1.6038
Dollar/Yen BCACW00 88.2300
Euro/Dollar BCADD00 1.3043
Dollar/Ruble AAUJO00 30.3960
The API data showed a gain of 6.71 million barrels,
while analysts were anticipating an increase of 1.6
million barrels in distillate stocks. NYMEX February
heating oil was down 2.27 cents to $3.0024/gal
after recovering from a near-session low of $2.9989/
gal at 11:34 a.m. EST. RBOB, which had been falling
steadily throughout much of morning US trade,
continued to slide as the EIA reported a 2.569 million-
barrel climb in gasoline stocks over the course of the
week. NYMEX February RBOB was down 4.38 cents at
$2.7539/gal, recovering moderately from a session
low of $2.7447/gal at 11.34 a.m.
Copyright © 2013, The McGraw-Hill Companies
january 4, 2013
Northwest Europe barges (PGA page 1118)
FOB Rotterdam
Naphtha ABWHF00 711.109
Eurobob ABWGT00 743.886
98 RON gasoline 10 ppm ABWGX00 778.770
Premium gasoline 10 ppm AAQCH00 763.436
Jet ABWHC00 770.720
n
Diesel 10 ppm AAQCI00 727.210
Gasoil 50 ppm AAUQF00 724.143
Gasoil 0.1% AAYWY00 711.109
Fuel oil 1.0% ABWGI00 474.776
Fuel oil 3.5% AAQCK00 461.167
Rotterdam bunker 380 CST AAUHE00 464.234
New York Harbor cargoes 16:30 London (PGA pages 1350 & 1450)
FOB NY Harbor
(€ cent/gal)
Unleaded 87 AAPYV00 215.27
Unleaded 89 AAPYW00 224.32
Unleaded 93 AAPYX00 237.88
No. 2 AAPYY00 232.08
European clean product barge freight rates
ARA ($/mt) (PGT page 1918)
Rotterdam — Rotterdam TCAEI00 2.50
Rotterdam — Flushing TCAEJ00 3.50
Rotterdam — Ghent TCAEK00 4.00
Rotterdam — Antwerp TCAEL00 3.50
Germany ($/mt) (PGT page 1918)
Rotterdam — Duisburg TCAEM00 8.50
Rotterdam — Cologne TCAEN00 11.75
Rotterdam — Karlsruhe TCAEO00 19.00
Antwerp — Duisburg TCAEP00 9.00
Switzerland ($/mt) (PGT page 1918)
Rotterdam — Basel TCAEQ00 20.50
Gasoline (PGA page 1399)
Northwest Europe EBOB gasoline crack swaps were
still hovering Friday around levels not seen since mid-
October, as Brent futures eased slightly, Platts data
showed. “I think it’s more due to crude moving than
gasoline at the moment,” a gasoline trader said of the
stable crack swap. The January FOB Rotterdam EBOB
gasoline crack swap was assessed at $6/barrel,
down slightly from Thursday’s $6.20/b, while February
was assessed at $6.55/b, also down from Thursday’s
$6.80/b. NWE EBOB gasoline barges were valued at
2

a $3.50/mt premium to the February FOB Rotterdam
EBOB gasoline outright swap at $970.25/mt. In the
Mediterranean, the market was still experiencing
additional demand for Red Sea cargoes due to a
20-day shutdown at Saudi Arabia’s PetroRabigh
refining and petrochemicals complex. “I still feel like
there is cargo demand from the Mediterranean for the
east. I think the additional demand is 2-3 cargoes
that we are seeing enquiry for,” a second trader said.
At the same time, the market tightness could ease
slightly, a third trader said. “Demand is still holding,
but we are seeing more barrels from the central Med,
the Turkish Med and we expect some in the Spanish
side as well.”
Gasoline deals (PGA page 5)
Gasoline MOC deals: PREM UNL: ARGOSSU-Statoil at
$1000/mt MW; Trafigura-Spectron-Statoil at $998/mt
MW Gasoline cargo MOC deals: NWE CARGO: Statoil-
Greenergy at $1007/mt for January 15-19
Naphtha (PGA page 1398)
The European naphtha market weakened Friday with
Platts assessing CIF Northwest European cargoes at
$931.50/mt, $12.75/mt lower on the day, while the
January/February spread for naphtha was assessed
at minus $11.00/mt--down $2/mt on the day. During
the Platts Market on Close assessment process, four
trades were concluded, all of them with Vitol as the
rt
seller and three of them with Trafigura as buyer. BP
also bought a cargo from the Geneva-based trading
pe
company. Vitol’s selling follows huge buying through
December 2012, when the company bought a total
of 52 cargoes during the MOC process. Cracks for
naphtha also came under pressure once again to
Ex
minus $6.10/barrel for January and to minus $6.30/b
for February, while crude oil futures fell for a second
day in a row. According to market sources, the main
element driving the naphtha complex lower is the
attractiveness of LPG, largely due to the unseasonable
EUROPEAN MARKETSCAN january 4, 2013
Subscriber notes (PGA page 1500)
■■ As part of its commitment to maintaining open to calculate the netback formula for FOB NWE 10ppm
dialog with the industry, Platts is hosting an Oil diesel (Le Havre) is $8.89/mt. The Worldscale flat rate
Technical Workshop on January 23 in Rotterdam. This used to calculate the netback formula for the FOB ULSD
workshop will focus on barge and cargo logistics in the 10ppm diesel (ARA) is $8.66/mt. The Worldscale flat rate
Amsterdam-Rotterdam-Antwerp region, including the used to calculate the netback formula for the CIF 10ppm
n
importance of performance in the Platts MOC process, diesel UK is $2.51/mt.
Platts nomination procedures, rights and obligations in
tio
■■ Effective January 2, 2013 the Worldscale flat rate
chains, compensation, alternate delivery solutions and
used to calculate the netback formula for CIF Med pre-
demurrage issues and is aimed at inviting feedback from
mium gasoline 10ppm is $8.02/mt. Comments please to
traders and operators as well as other market partici-
europe_products with a CC to pricegroup@platts.com
pants. The Platts panel will comprise of Simon Thorne,
a
Tim Worledge, Benno Spencer and Chris Vowden. ■■ Effective January 1, 2013, Platts has removed a range
Register now to reserve your free place: of biofuel assessments from European Marketscan. The
lu
http://marketing2012.platts.com/content/OLEM201301_ Platts MTBE assessment (code PHALA00) will continue
RotterdamOilTechnicalWorkshop to be published in European Marketscan. From 2013
forward, the only Platts publication to carry biofuels is
a
■■ Effective January 4, 2013 and following a revised
Platts Biofuelscan. The codes affected are: Fuel grade eth-
Rotterdam port tariff issued by Worldscale, the port fee cal-
anol codes AAWUQ00, AAYDT00, AAVLD00, AAYDS00;
Ev
culation within the cross NWE fuel oil freight rate is amend-
Biodiesel FAME -10 codes AAWGY00, AAWGH00; FAME
ed to $0.93/mt. The Worldscale flat rate used to calculate the
0 codes AAXQL00, AAWGI00; Soy Methyl Ester (SME)
netback formula for FOB NWE 3.5% fuel oil will be $8.78/
codes AAUCB00, AAWGJ00; Rapeseed Methyl Ester
mt. Comments please to europe_products@platts.com, CC
(RME) codes AAUCA00, AAWGK00.
to pricegroup@platts.com.
■■ ICE has released a document covering Frequently
F
■■ Effective January 4, 2013 and following a revised
Asked Questions regarding the transition from swaps
Rotterdam port tariff issued by Worldscale, the port
to futures effective October 15, 2012. The document is
PD
fee calculation within the Jet NWE-Med freight rate is
available at www.theice.com/publicdocs/Platts_Swaps_
amended to $1.15/mt. Comments please to
to_Futures_FAQ.pdf. The move by ICE to convert swaps
europe_products@platts.com, CC to pricegroup@platts.com.
into futures has raised questions over whether the
■■ Effective January 4, 2013 and following a revised change has also affected the nomenclature of Platts
Rotterdam port tariff issued by Worldscale, the port fee assessments. The nomenclature of Platts assessments in
calculation within the NWE-Med freight rate is amended to all its publications remains the same and there are no
$0.95/mt. Comments please to europe_products@platts.com, changes envisioned as a result of the ICE move. Platts
CC to pricegroup@platts.com. methodologies are also unaffected by ICE changes. For
more information about our methodology please access
■■ Effective January 2, 2013, the Worldscale flat rate
Platts.com or contact the various commodity sectors
used to calculate the netback formulas for FOB Med
including oil@platts.com and pricegroup@platts.com.
0.1% gasoil is $10.69/mt. For FOB NWE 0.1% gasoil the
Worldscale flat rate net back is $9.56/mt. Comments ■■ Effective January 2, 2014 and following industry
please to europe_products@platts.com with a CC to feedback to a previous subscriber note, Platts will cal-
pricegroup@platts.com. culate the CIF Mediterranean naphtha assessment by
only applying the freight value between Alexandria
■■ Effective January 2, 2013, the Worldscale flat rate
and Lavera to the FOB Med naphtha assessment. This
used to calculate the netback formula for FOB Med
freight value will be calculated using the Platts cross
10ppm diesel is $9.41/mt. The Worldscale flat rate used
Med clean tanker assessment for 27,500 mt naphtha
Copyright © 2013, The McGraw-Hill Companies 3

mild temperatures in Europe. “Most of end-users
that could switch to propane cracking did already,”
commented a petrochemical player. However, he thinks
that high operating rates in refineries will help support
the price of naphtha. “I would not read to much into it
as it was a very quiet week and we will have a clearer
picture next week when everybody is back at work,”
said a trader. A lot of market players were indeed
just coming back from holidays after Christmas and
the New Year, with the main financial news this week
being the deal to avoid a fiscal cliff in the US. Another
point debated in the market was the arbitrage to
send cargoes from Europe to Asia which could open,
said traders. “If levels for naphtha drop in Europe,
more cargoes are going to be committed to Asia and
the US,” said a trader at a petrochemical end-user.
However other sources were less sure there were
would be a huge glut of fresh material heading from
Europe to Asia in the immediate future.
Naphtha deals (PGA page 5)
No deals reported.
Jet (PGA page 1497)
Premiums ended the week Friday with a reversal of
the recent trend, as cargo premiums saw their first
rise of 2013. Platts assessed the CIF Northwest
Europe cargo market at an outright price of $1,010/
mt or a premium of $82/mt versus the front-month
rt
gasoil contract. Barge premiums did not share the
same support though, as the impact of refining
pe
capacity and poor storage economics continued to
unleash oil into a market where demand remained
stubbornly elusive. The barge premium eased by 75
cents to be assessed at plus $77.25/mt, according
Ex
to Platts data. Market sources looked to familiar
trends keeping the complex in check Friday. “The
market has rolled on from where it left off last year-
-one minute you think there’s enough jet around,
the next minute there isn’t enough,” one trader
EUROPEAN MARKETSCAN
Subscriber notes (cont.) (PGA page 1500)
cargoes only. Currently the CIF Med naphtha assess-
ment is calculated by applying the freight value between
Alexandria and Lavera plus an allowance of $3/mt for
port costs. Platts proposes to remove the port costs from
the calculation of this assessment. Please send feedback
and questions to europe_products@platts.com with a cc
to pricegroup@platts.com
tio
■■ Following feedback to its proposal published on June
27, 2012, Platts has discontinued its FOB NWE Premium
Gasoline Non-Oxy and Regular Unleaded Non-Oxy assess-
a
ments as planned. The assessments will be suspended
with effect from January 2, 2013. Platts proposed to dis-
lu
continue the assessment because the quality reflected in
the two assessments no longer reflects an actively traded
or supplied grade in northwest Europe. Please send ques-
a
tions and feedback to europe_products@platts.com with a
CC to pricegroup@platts.com.
Ev
■■ Effective January 2, 2013, Platts is reflecting an
updated specification in all European cracked LSFO
cargoes in response to changes in supply and demand
patterns in the European low sulfur fuel oil market.
Under its revised specifications, Platts assessments will
F
reflect the following qualities: EU-qualified, 1.00%
sulfur, 0.991 kg/l density, 380 CST viscosity, 60 ppm
PD
aluminium/silicon, 7% asphaltenes, 30 degrees Celsius
pour point, 65 degrees Celsius flash point, 15% CCR,
0.1% ash, 0.5% water, 150 ppm vanadium, 9650 kcal/
kg NCV, 0.1% TSP. This represents a change from the
previous Platts assessment specifications of 0.995 kg/l
said, referring to the way in which premiums have
responded to the vagaries of supply over recent
months. Key to that was the increased reliance on
imports secured from arbitrage flows--with the Persian
Gulf the most significant supply point, and loss of
European refining capacity the counterpoint to that
supply. “Sure, there are a few arrivals now, but
there’s not much coming behind that,” the trader said
of that incremental supply, with Europe likely to still
have to price up to ensure flows continued to arrive-
-particularly with the full bite of winter still to be felt
Copyright © 2013, The McGraw-Hill Companies
january 4, 2013
density, 420 CST viscosity, 80 ppm aluminium/silicon,
6% asphaltenes and 120 ppm vanadium. All other spec-
ifications remain unchanged from the current specifi-
cation reflected. Platts will continue to consider other
merchantable LSFO specifications in its assessment
n
process, and normalize to the updated specifications.
Please send comments to europe_products@platts.com
with a cc to pricegroup@platts.com.
■■ In preparation for a change to the benchmark
Singapore FOB gasoil assessment, the Gasoil Reg 0.5%
assessment was renamed Gasoil on January 3, 2012.
The renamed Gasoil assessment will continue to reflect
the same underlying methodology and quality speci-
fications, including a sulfur content of 0.5% sulfur,
all through calendar year 2012. The specification will
change to 500 ppm sulfur on January 2, 2013. This
name change has now also been made in the Platts
European Marketscan.
Correction
■■ Please note that Platts January 3 cargo assessments
for high sulfur fuel oil FOB Med (Italy) and CIF Med
(Genova/Lavera) should read $594.75-595.25/mt
(PUAAZ00) and $609.75-610.25/mt (PUAAY00), respec-
tively. These assessments appear in Platts European
Marketscan, Platts Bunkerwire, Platts Global Alert page
1420, and in the Platts price database under the code
PUAAZ00 and PUAAY00.
in kerosene demand. In the Platts Market on Close
assessment process, BP withdrew its cargo offer on
the Venus R, basis Le Havre for 14-18 delivery, to sell
to Morgan Stanley’s bid on the same dates and into
the same location at the average of Platts plus $2/
mt pricing the average of January 7-31. On barges,
Morgan Stanley was also a buyer, lifting an offer
from Statoil at January plus $76/mt for delivery on
9-13 dates. That saw the spread between barges and
cargoes widen further, as barges sank to a $4.75/mt
discount to cargoes.
4

Jet deals (PGA page 5)
Jet MOC cargo deals: BP-Morgan Stanley 27kt at CCM
PLUS 2 pxg 7 - 31 Jan 2013, Balance at Feb ICEGO
plus 78, for 30kt +/- 10% s/option, EU Qualified Jet A1
Defstan 91-91 latest issue, JFSCLI latest issue (current
at bill of lading) with possible exception of electrical
conductivity (Stadis to be provided on board in drums),
standard Platt’s nomination details, with minimum BP,
Shell, Exxon approvals, ISPS compliant, f/p cargo s/
option, 14 - 29 Jan 2013 (laycan to be narrowed to 5
days at the time of the deal), CIF Basis CIM Le Havre
+ full NWE C/P. Subject to acceptance of Venus R. Jet
MOC barge deal summary: Statoil-Morgan Stanley at Jan
+$76/mt 2kt FARAG 09-13/1
Jet Index (PGA page 115)
January 3, 2013 Index $/mt
Europe & CIS PJECI00 346.92 PJECI09 1014.63
MidEast & Africa PJMEA00 372.74 PJMEA09 984.81
Global PJGLO00 350.78 PJGLO09 1011.31
Gasoil (PGA page 1499)
The January futures contract was trading at a $2.50/
mt discount to its February counterpart in the European
afternoon trading session before ending the day at
1630 London time at a $2.25/mt discount, compared
with a $1.75/mt discount at the same time Thursday
and from a flat structure December 27. Traders said
fundamentals were unchanged from Thursday, with low
regional demand, stable export demand and healthy
rt
flows from the Baltics. “It’s still same flows leaving the
region South America, West Africa and North Africa,” a
pe
trader added. While any demand in the Benelux, French
or Swiss region was put down to standard contractual
volumes rather than incremental demand to cover
increased consumption, as temperatures remained
Ex
warmer than typical for January. In the 0.1% gasoil barge
Platts Market on Close assessment process Vitol hit
a bid by Mercuria at January minus $1/mt for loading
January 9-13, a rebid by Mercuria at the same level was
then hit by Gunvor before the close of the window. The
EUROPEAN MARKETSCAN
FOB Rotterdam 0.1% gasoil barge differential to the front
month ICE 0.1% gasoil was assessed at minus $0.50,
a day-on-day rise of $0.25/mt, Platts data showed.
The unseasonably warm weather was also affecting
the 50 ppm gasoil market, due to its use as a heating
oil in Germany. “The main point is the warmer weather
which is not supporting the 50 ppm demand...it’s 9 C
in Germany today, and it’s forecast to get even better in
tio
next 10 days,” a trader said. “The end-user is not keen
to buy given the current 50 ppm outright price, and the
inland supply is enough to suffice the demand.” Low
50 ppm gasoil outright values can trigger buying activity
a
in the German market, such as that seen in July 2012
when outright values fell to 18-month low of $829/mt
lu
and triggered end users in Germany to come out and buy
around 2.8 million tonnes of 50 ppm over July according
a
to German agency MVW. However a FOB Amsterdam-
Rotterdam-Antwerp 50 ppm barge value of $944.50/mt
Ev
was not low enough to stimulate buying demand. The 50
ppm differential was assessed at $16.50/mt over the
front month ICE 0.1% gasoil futures contract, unchanged
over the day Platts data showed. In the 50 ppm barge
MOC process Vitol bit to January plus $17/mt for
F
front window loading, while an offer by Argos Supply
Trading at January plus $16/mt for mid-window loading
PD
was lifted by STR. AST re-offered at plus $17. The
Mediterranean 0.1% gasoil market retained is strength
as North African demand supported differentials, and
traders noted a lack on on specification prompt cargoes.
The combination of Algeria, Libya and Egypt buying has
seed the CIF cargo differential reach its highest premium
since October 24 when it was assessed at $12.50/
mt. The CIF Med 0.1% gasoil differential was assessed
at $12.25/mt above the front-month ICE 0.1% gasoil
futures contract.
Gasoil deals (PGA page 5)
n Gasoil 0.1% barge MOC deals: VSA- Mercuria , 2kt
for 9-13 Jan 0.1 bgs FOB ARA at Jan minus 1; Gunvor-
Mercuria bid 2kt for 9-13 Jan 0.1 bgs FOB ARA at Jan
minus 1.
Copyright © 2013, The McGraw-Hill Companies
january 4, 2013
n Gasoil 50ppm barge MOC deals: AST-STR at Jan plus
16, 2 kt, FOB ARA, 12-16 Jan (MW).
Diesel (PGA page 1498)
The premium for diesel barges loading in Rotterdam over
n
the front-month ICE 0.1% gasoil futures contract was
down from Thursday, being assessed as $1.75/mt lower
at $20.50/mt Friday. “There are some offers, but on the
other side demand is not that great either,” one trader said
of thin trading activity in the ULSD barge market. In the
Northwest European cargo market there continued to be
available cargoes originating from the Baltic region. During
the Platts Market on Close assessment process there were
two cargo offers basis Le Havre. Both cargoes, one from
Vitol and one from Stasco were offered on prompt delivery
dates of January 14-18. Despite the absence of US and
Asia arbitrage cargoes premiums premium remained
relative suppressed, sources said. The Mediterranean
region continued to price above NWE, with demand into
Italy and Turkey supporting premiums, sources said. The
spread between the CIF NWE cargo premium and the CIF
Med cargo premium was $5.50/mt Friday, Platts data
shows. During the MOC process Gunvor had two cargoes
which demonstrated a lower premium on the day, while
there were bids from OMV and Stasco showing demand
basis Turkey and from Trafigura demonstrating buying
interest basis Italy. “Italy is becoming more of a regular
short. There has been a lot of refinery closures which
means now there is always interest in Fiumincino and
Falconara for example,” one trader said.
PLATTS OIL IS ON TWITTER
FOR UP-TO-THE-MINUTE OIL NEWS
AND INFORMATION FROM PLATTS
Follow us on twitter.com/PlattsOil
5
 EUROPEAN MARKETSCAN january 4, 2013

Diesel deals (PGA page 5)

Diesel MOC barge trades: AST-Vitol Jan + 20 ARA, 9-13
Jan, 2kt; Statoil-Vitol Jan + 20 AR, 9-13 Jan, 2kt; AST-BP
Jan + 20 ARA, 9-13 Jan, 2kt.
Fuel oil (PGA page 1599)
NWE LSFO cargoes fell a second day against equivalent
front-month swaps to a discount of minus $5.25/
mt, from minus $4.00/mt the previous day. This
was based on a trade in the Platts Market on Close
assessment process in which Vitol’s aggressive offer of
a 25,000--30,000 mt FOB Antwerp LSFO cargo of Platts
n LSFO cargo MOC deals: 1) LSFO: CARGO: VITOL-BP
NWE Crg FOB bss Antwerp January 24-28, 1% FOB
NWE cargoes +$0.00 for 25000 mt. EU qualified.
25kt main volume pricing Jan 5-31. Optol pricing basis
bl+3 days as per main volume differential.
Spec - 1.00s / 0.991 / 280cst / 30pp / 65 min fp /

n
new specification, except for 280 CST viscosity and 6 9650 NCV / 60 alu+sili / 120 van / 0.5 water / 15 ccr
The high sulfur fuel oil market firmed for a third asphaltenes, was lifted by BP, pricing on the remainder / 6 asphaltenes / 0.1 TSP&TSE&TSA / 0.10 ash / 2

straight session Friday following gains in Singapore,
sources said. FOB Rotterdam 3.5% barges were
assessed at a $1/mt premium to the February
swap, up $0.75/mt day-on-day. There were reports
tio
of FOB NWE 1% assessments flat. OW’s CIF NWE offer h2s / oil to contain no ULO / rest as per rmg
was less aggressive Friday, allowing CIF NWE numbers
to recover against FOB. LSFO barges were less active, n HSFO cargo MOC deal summary: none
with no trades in the MOC process.

a
that Gunvor had fixed a VLCC, the D Whale, to VGO (PGA page 1597)
carry straight run fuel oil, and perhaps some high

lu
Fuel Oil deals (PGA page 5)
sulfur fuel oil, from Southwold to Singapore, for Vacuum gasoil differentials to ICE Brent futures held
loading January 15. Gunvor declined to comment. n HSFO barge MOC deals: 1) Gunvor-Vitol $602/mt, 2kt, steady Friday, as limited buying interest in Northwest

a
There were reports that other trading houses were FOB Rdam, FE; 2) Litasco-Vitol $602/mt, 2kt, FOB Rdam, Europe was seen. This might soon turn, sources
investigating arbitrage opportunities to Asia, though FE; 3) Litasco-Vitol $602/mt, 2kt, FOB Rdam, FE; 4) noted, as gasoline cracks had shown some strength

some traders did not feel it attractive enough for the
time being. “It [the arb] appears to still be shut to
me. Arb spreads have narrowed,” a trader said. In
Singapore, the FOB Singapore cash differential to the
Mean of Platts Singapore assessment for 380 CST
Ev
Litasco-Vitol $602/mt, 2kt, FOB Rdam, FE; 5) Gunvor-Nioc
$602.5/mt, 2kt, FOB Rdam, FE; 6) Litasco-Vitol $602/
mt, 2kt, FOB Rdam, FE; 7) Mercuria-Chemoil $602/mt,
2kt, FOB Rdam, BE; 8) Mercuria-Vitol $602/mt, 2kt, FOB
Rdam, FE; 9) BP-Vitol $602/mt, 2kt, FOB Rdam, FE; 10)
in the region and beyond. Crude values in both high
and low sulfur grades in the region remained firm,
and product margins seeing the inevitable effect
of some knock-on weakness. “There isn’t a lot of
demand out there for VGO at this moment,” said

high sulfur fuel oil firmed up to a two-month high.
Nevertheless, Singapore traders seemed skeptical
that the momentum with which the market sentiment
has shifted would be sustained, amid good supply
levels. Trade sources estimate that western arbitrage
volumes amounting to around 5.5 million mt will arrive
into the region this month, up from 4.5-5 million mt
in December. “Yes, it seems like a big turnaround in
rt
F
Gunvor-Vitol $602/mt, 2kt, FOB Rdam, FE; 11) BP-Vitol
$602/mt, 2kt, FOB Rdam, FE; 12) Litasco-Vitol $602/
PD
mt, 2kt, FOB Rdam, FE; 13) BP-Vitol $602/mt, 2kt, FOB
Rdam, FE; 14) Litasco-Chemoil $601.5/mt, 2kt, FOB
Rdam, BE; 15) Chemoil-Vitol $602/mt, 2kt, FOB Rdam,
FE; 16) Litasco-Chemoil $601/mt, 2kt, FOB Rdam, MW;
17) Koch-Gunvor $601.75/mt, 2kt, FOB Rdam, BE; 18)
BP-Vitol $602/mt, 2kt, FOB Rdam, FE.
one regular seller of the low sulfur market, adding:
“Though I’d imagine demand will have to pick up
if gasoline cracks remain where they are.” Indeed
gasoline cracks looked better than at the back end
of 2012, up at a two-and-a-half month high around
February Brent plus $6.50/barrel. “Since the fiscal
cliff was averted we’ve seen an uptick and perhaps it
could rekindle interest in VGO,” a source said.

market sentiment indeed, but I am not sure how much

of it really is rational,” said a Singapore-based trader.
pe

“Yes, the Chinese have been buying, but I don’t think

it’s any unusually incremental volume...they probably
imported slightly more in December than in November,
and for January it may be the same as in December. ] EUROPEAN MARKETSCAN Volume 45 / Issue 3 / January 4, 2013
Editorial: Gasoil: +44-20-7176-6166 Diesel: +44-20-7176-6684 Gasoline: +44-20-7176-6120 Jet: +44-20-7176-6206 Naphtha: +44-20-7176-3144
Ex

Crude: +44-20-7176-6114 Fuel Oil: +44-20-7176-6104 Feedstocks: +44-20-7176-6112

They have already covered their Chinese New year
requirements. So I don’t think Chinese buying in
itself is a big factor for the shift in sentiment,” said a
trader with a Chinese trading house. In the Northwest
European low sulfur fuel oil market Friday, physical FOB
Client services information: North America: 800-PLATTS8 (800-752-8878); direct: +1 212-904-3070, Europe & Middle East: +44-20-7176-6111,
Asian Pacific: +65-6530-6430 Latin America: +54-11-4121-4810, E-mail: support@platts.com
Copyright © 2013 The McGraw-Hill Companies. All rights reserved. No portion of this publication may be photocopied, reproduced, retransmitted, put into a compu-
ter system or otherwise redistributed without prior written authorization from Platts. Platts is a trademark of The McGraw-Hill Companies Inc.Information has been
obtained from sources believed reliable. However, because of the possibility of human or mechanical error by sources, McGraw-Hill or others, McGraw-Hill does not
guarantee the accuracy, adequacy or completeness of any such information and is not responsible for any errors or omissions or for results obtained from use of
such information. See back of publication invoice for complete terms and conditions.

Copyright © 2013, The McGraw-Hill Companies 6


VGO deals (PGA page 5)
No deals reported.
North Sea crude (PGA page 1299)
During the Platts Market on Close assessment
process Friday, Vitol bid for--and eventually bought-
-a cargo of Forties crude at a premium of $1.50/
barrel to Dated Brent. Crucially, this occurred while
Trafigura offered a cargo of Brent-Ninian Blend to
Dated Brent plus $1.35/b, where Vitol ultimately
bought it too. The trades that occurred Friday implied
that the value of Forties crude was $0.15/b higher
than BNB as both cargoes were for the same dates,
loading January 21-23. Thursday, and for the first
time since January 27, 2011, Platts assessed BNB
at a discount of $0.07/b to Forties crude. Friday, a
crude trader at Vitol confirmed the trading house had
put the Hanjin Ras Tanura VLCC on subjects to carry
crude from the North Sea to South Korea, loading
January 20. Another trader said they had heard that
the vessel was put on subjects for $5.75-5.8 million.
A crude trader at Vitol declined to comment on the
price. Part of the reason for Forties crude--and by
extension Dated Brent--being so strong recently was
demand for the grade, in particular from Vitol, which
now owns two Forties cargoes loading January 19-23
and one Brent cargo loading 21-23--nearly a full
VLCC’s worth. A crude trader at Vitol said Thursday
that it had demand to fill, hence the relatively strong
premiums being bid. With other North Sea grades
rt
down slightly Friday, hindered from any rise on poor
margins and weak demand, the current strength of
pe
the front-month ICE Brent crude futures spread was
questioned by some traders--it traded as wide as
$1.29/b Friday. “I don’t think fundamentals support
the spread where it is. I would expect things to
Ex
ease...Urals I am hearing might well ease...margins
are not great--something is not quite adding up,” one
trader said. Indeed, the February/March BFOE spread
was assessed in the narrower backwardation of
(continued on page 9)
EUROPEAN MARKETSCAN january 4, 2013
Asia products
Code Mid Change Code Mid Change
Singapore (PGA page 2002)
FOB Singpore ($/barrel)
Naphtha PAAAP00 104.31–104.35 104.330 -1.050
Gasoline 92 unleaded PGAEY00 119.15–119.19 119.170 -1.620
Gasoline 95 unleaded PGAEZ00 121.47–121.51 121.490 -1.500
n
Gasoline 97 unleaded PGAMS00 123.97–124.01 123.990 -1.510
Kerosene PJABF00 126.34–126.38 126.360 -0.140
Gasoil 0.05% sulfur AAFEX00 125.84–125.88 125.860 -0.350
tio
Gasoil 0.25% sulfur AACUE00 124.74–124.78 124.760 -0.380
Gasoil POABC00 125.84–125.88 125.860 -0.350
Fuel oil 180 CST 2% ($/mt) PUAXS00 648.16–648.20 648.180 +9.800
HSFO 180 CST ($/mt) PUADV00 633.66–633.70 633.680 +10.880
HSFO 380 CST ($/mt) PPXDK00 629.18–629.22 629.200 +10.940
a
Indonesia (PGA page 2516)
FOB Indonesia ($/barrel)
lu
LSWR Mixed/Cracked PPAPU00 110.69–110.73 110.710 +1.480
Gasoline components (PBF page 2010)
FOB Singapore ($/mt)
a
MTBE PHALF00 1168.00–1170.00 1169.000 -15.000
Singapore Swaps (PPA page 2654)
Ev
February ($/barrel) March ($/barrel)
Naphtha Japan ($/mt) AAXFE00 930.75–931.25 931.000 -8.000 AAXFF00 917.75–918.25 918.000 -7.500
Naphtha PAAAQ00 101.48–101.52 101.500 -0.900 PAAAR00 100.13–100.17 100.150 -0.900
Gasoline 92 unleaded AAXEL00 117.08–117.12 117.100 -1.050 AAXEM00 115.98–116.02 116.000 -0.950
Reforming Spread AAXEO00 15.58/15.62 15.600 -0.150 AAXEP00 15.83/15.87 15.850 -0.050
Kerosene PJABS00 125.28–125.32 125.300 -0.410 PJABT00 124.74–124.78 124.760 -0.550
F
Gasoil POAFC00 125.37–125.41 125.390 -0.440 POAFG00 124.95–124.99 124.970 -0.530
HSFO 180 CST ($/mt) PUAXZ00 637.48–637.52 637.500 +8.250 PUAYF00 638.23–638.27 638.250 +7.000
Middle East (PGA page 2004)
PD
FOB Arab Gulf ($/barrel)
Naphtha ($/mt) PAAAA00 904.66–913.16 908.910 -7.390
Naphtha LR2 ($/mt) AAIDA00 915.54–924.04 919.790 -8.110
Kerosene PJAAA00 123.45–123.49 123.470 -0.050
Gasoil 0.005% sulfur AASGJ00 123.37–123.41 123.390 -0.260
Gasoil 0.05% sulfur AAFEZ00 122.77–122.81 122.790 -0.260
Gasoil 0.25% sulfur AACUA00 121.77–121.81 121.790 -0.260
Gasoil POAAT00 122.77–122.81 122.790 -0.260
HSFO 180 CST ($/mt) PUABE00 618.63–618.67 618.650 +10.960
Japan (PGA page 2006)
C+F Japan ($/mt) Premium/Discount
Naphtha PAAAD00 945.25–953.75 949.500 -8.750
Naphtha MOPJ Strip AAXFH00 917.75–918.25 918.000 -7.500 AAXFI00 31.25/31.75 31.500 -1.250
Naphtha 2nd 1/2 Feb PAAAE00 961.75–962.25 962.000 -8.500
Naphtha 1st 1/2 Mar PAAAF00 953.25–953.75 953.500 -8.500
Naphtha 2nd 1/2 Mar PAAAG00 945.25–945.75 945.500 -9.000
Gasoline unleaded ($/barrel) PGACW00 122.03–122.07 122.050 -1.620
Kerosene ($/barrel) PJAAN00 128.07–128.11 128.090 -0.190
Gasoil ($/barrel) POABF00 127.98–128.02 128.000 -0.400
HSFO 180 CST PUACJ00 647.12–647.16 647.140 +10.880
Copyright © 2013, The McGraw-Hill Companies 7
 EUROPEAN MARKETSCAN january 4, 2013

US Products: January 3, 2013

Code Mid Change Code Mid Change Code Mid Change
New York harbor (PGA page 152)
CIF cargoes (¢/gal) RVP
Unleaded 87 0.3% AAMHG00 284.27–284.37 284.320 -1.060 AAMHGRV 15.0
Unleaded-89 0.3% AAMIW00 296.07–296.17 296.120 -1.680 AAMIWRV 15.0
Unleaded-93 0.3% AAMIZ00 313.76–313.86 313.810 -2.610 AAMIZRV 15.0

n
Jet PJAAX00 309.80–309.90 309.850 -0.680
Low sulfur jet PJABK00 314.80–314.90 314.850 -1.930
ULS Kero AAVTH00 328.80–328.90 328.850 -1.930

tio
No. 2 POAEH00 302.80–302.90 302.850 -1.430
$/barrel 1% strip NYH cargo vs 1% strip
No. 6 0.3% HP PUAAE00 110.76–110.86 110.810 +2.170 AAUGA00 10.41/10.51 10.460 +0.410
No. 6 0.3% LP PUAAB00 116.76–116.86 116.810 +2.120 AAUGB00 16.41/16.51 16.460 +0.360

a
No. 6 0.7% PUAAH00 106.15–106.25 106.200 +2.180 AAUGC00 5.80/5.90 5.850 +0.420
No. 6 1.0%** PUAAO00 102.39–102.44 102.415 +2.175 AAUGG00 100.34–100.36 100.350 +1.760 AAUGD00 2.04/2.09 2.065 +0.415
No. 6 2.2% PUAAU00 98.13–98.23 98.180 +1.610 AAUGE00 -2.22/-2.12 -2.170 -0.150

lu
No. 6 3.0% PUAAX00 97.38–97.48 97.430 +1.510 AAUGF00 -2.97/-2.87 -2.920 -0.250
Residual swaps ($/barrel)
No. 6 1.0% paper Bal M AARZS00 100.44–100.46 100.450 +1.850

a
No. 6 1.0% paper 1st month PUAXD00 99.50–99.60 99.550 +1.050
No. 6 1.0% paper 2nd month PUAXF00 99.10–99.20 99.150 +0.700
No. 6 1.0% paper next quarter PUAXG00 98.65–98.75 98.700 +0.470

Ev
Boston cargoes (PGA pages 152)
¢/gal
Low sulfur jet PJABL00 316.80–316.90 316.850 -1.930
ULS Kero AAVTJ00 330.80–330.90 330.850 -1.930
No. 2 POAEA00 305.55–305.65 305.600 -1.430
No. 6 2.2% ($/barrel) PUAWN00 98.73–98.83 98.780 +1.660

F
NY/Boston numbers include duty. **This assessment reflects 150 max al+si
FOB Gulf Coast (PGA page 156 & 338)
PD
¢/gal RVP
Unleaded 87 PGACT00 270.00–270.10 270.050 +3.350 PGACTRV 13.5
Unleaded 89 PGAAY00 283.50–283.60 283.550 +3.670 PGAAYRV 13.5
Unleaded 93 PGAJB00 303.75–303.85 303.800 +4.150 PGAJBRV 13.5
MTBE PHAKX00 395.50–395.60 395.550 +8.400
Alkylate* AAFIE00 40.95/41.05 41.000 +6.500
Naphtha PAAAC00 285.25–285.35 285.300 +0.850
Jet 54 PJABM00 303.15–303.25 303.200 -1.080
rt

Jet 55 PJABN00 308.15–308.25 308.200 -1.080

ULS Kero AAVTK00 318.15–318.25 318.200 -1.080
No. 2 POAEE00 299.00–299.10 299.050 -0.380
pe

Low sulfur No. 2 POAES00 300.80–300.90 300.850 -0.980

*Premium to US Gulf Coast pipeline gasoline
$/barrel 3% strip vs 1% strip
Slurry Oil PPAPW00 98.04–98.06 98.050 +1.270 AAUGS00 1.49/1.51 1.500 -0.010
No. 6 1.0% 6 API PUAAI00 100.39–100.41 100.400 +0.070 AAUGT00 3.84/3.86 3.850 -1.210
Ex

No. 6 3.0% PUAFZ00 97.89–97.91 97.900 +1.270 AAUGW00 96.54–96.56 96.550 +1.280 AAUGU00 1.34/1.36 1.350 -0.010
RMG 380 PUBDM00 99.69–99.71 99.700 +1.470 AAUGV00 3.14/3.16 3.150 +0.190
Residual swaps ($/barrel)
No. 6 3.0% paper 1st month PUAXJ00 95.40–95.50 95.450 +0.950
No. 6 3.0% paper 2nd month PUAXL00 94.95–95.05 95.000 +0.800
No. 6 3.0% paper next quarter PUAXN00 94.40–94.50 94.450 +0.580

Copyright © 2013, The McGraw-Hill Companies 8

 EUROPEAN MARKETSCAN january 4, 2013

LSSR (PGA page 1598)

$0.91/b Friday. With most February North Sea crude
loading programs expected Monday, January 7, the
end of the week saw the release of Statoil’s Oseberg
and Maersk’s Duc and Dumbarton. Oseberg was flat
on January at six 600,000-barrel cargoes, Dumbarton
also showed a stable program of one 425,000-barrel
Low sulfur straight run values edged lower again Friday,
beset by trader talk on the lack of European end-user
demand for material. There were signs of cargoes available,
according to sources, but few public offers gave much
indication of value. “The straight run we are seeing is not in
flirted with negative territory towards the end of the week,
could soon turn negative, a source agreed. “That could
help lift straight run [values] back towards some sense of
respectability after what’s been a tough run,” he said.
LSSR deals (PGA page 5)

n
cargo while Duc’s February program was at four massive quantities, but negative margins might impact that
600,000-barrel cargoes, down one cargo on January. even more,” said one trader. Refining margins, which have No deals reported.

a tio
a lu
Ev
F
PD
rt
pe
Ex

Copyright © 2013, The McGraw-Hill Companies 9