]
www.platts.com EUROPEAN MARKETSCAN
European products ($/mt)
Code Mid Change Code Mid Change
Mediterranean cargoes (PGA page 1114)
FOB Med (Italy) CIF Med (Genova/Lavera)
Naphtha* PAAAI00 912.25–912.75 912.500 -1.750 PAAAH00 934.25–934.75 934.500 -1.500
Prem Unl 10ppm AAWZA00 1044.00–1044.50 1044.250 -1.500 AAWZB00 1058.50–1059.00 1058.750 -1.250
Jet AAIDL00 1028.00–1028.50 1028.250 +1.750 AAZBN00 1055.50–1056.00 1055.750 +2.250
10ppm ULSD AAWYY00 978.50–979.00 978.750 +4.750 AAWYZ00 995.75–996.25 996.000 +5.000
Gasoil 0.1% AAVJI00 963.75–964.25 964.000 +6.000 AAVJJ00 983.75–984.25 984.000 +6.500
Fuel Oil 1.0% PUAAK00 659.50–660.00 659.750 +9.250 PUAAJ00 674.25–674.75 674.500 +9.250
Fuel oil 3.5% PUAAZ00 608.00–608.50 608.250 +6.250 PUAAY00 622.75–623.25 623.000 +6.250
Jet FOB Med premium AAIDN00 10.25/10.75 10.500 0.000
*Naphtha FOB Med is basis East Med
Northwest Europe cargoes (PGA page 1110)
FOB NWE CIF NWE/Basis ARA
Naphtha (Feb) PAAAJ00 941.75–942.25 942.000 -1.750
Naphtha PAAAL00 946.00–946.50 946.250 -1.500
Gasoline 10ppm AAXFQ00 1030.00–1030.50 1030.250 +2.250
Jet PJAAV00 1040.00–1040.50 1040.250 +2.250 PJAAU00 1057.00–1057.50 1057.250 +2.250
ULSD 10 ppm AAVBF00 965.50–966.00 965.750 +4.750 AAVBG00 987.50–988.00 987.750 +4.750
Diesel 10ppm NWE AAWZD00 969.00–969.50 969.250 +4.750 AAWZC00 991.50–992.00 991.750 +4.750
Diesel 10 ppm UK AAVBH00 993.75–994.25 994.000 +4.750
Gasoil 0.1% AAYWR00 954.25–954.75 954.500 +6.250 AAYWS00 978.50–979.00 978.750 +6.250
Fuel oil 1.0% PUAAM00 651.25–651.75 651.500 +7.750 PUAAL00 663.25–663.75 663.500 +8.750
Fuel oil 3.5% PUABB00 597.25–597.75 597.500 +3.250 PUABA00 611.75–612.25 612.000 +4.500
Straight run 0.5-0.7% PKABA00 746.00–747.00 746.500 +7.000
VGO 0.5-0.6% AAHMX00 801.50–802.50 802.000 +6.500 AAHMZ00 804.50–805.50 805.000 +6.500
VGO 2% max AAHNB00 795.00–796.00 795.500 +7.500 AAHND00 798.00–799.00 798.500 +7.500
Northwest Europe barges (PGA page 1112)
FOB Rotterdam Jet crack swap ($)
Naphtha PAAAM00 942.00–942.50 942.250 -1.500
Eurobob AAQZV00 1016.00–1016.50 1016.250 +3.250 23
98 RON gasoline 10 ppm AAKOD00 1058.75–1059.25 1059.000 +8.000
Premium gasoline 10 ppm PGABM00 1038.75–1039.25 1039.000 +8.000
Jet PJABA00 1049.75–1050.25 1050.000 +5.250
Diesel 10 ppm AAJUS00 984.00–984.50 984.250 +4.500
Gasoil 50 ppm AAUQC00 980.50–981.00 980.750 +4.250 21
Gasoil 0.1% AAYWT00 976.25–976.75 976.500 +6.000
Fuel oil 1.0% PUAAP00 642.75–643.25 643.000 +4.500
Fuel oil 3.5% PUABC00 616.00–616.50 616.250 +4.500
Rotterdam bunker 380 CST PUAYW00 620.00–621.00 620.500 +4.000
VGO 0.5-0.6% AAHNF00 801.50–802.50 802.000 +6.500 19
VGO 2% max AAHNI00 795.00–796.00 795.500 +7.500 Mar May Jul Sep Nov Jan
MTBE* PHALA00 1249.75–1250.25 1250.000 -4.000
*FOB Amsterdam-Rotterdam-Antwerp
The McGraw Hill Companies
[OIL ]
Volume 45 / Issue 17 / January 24, 2013
ICE futures
Platts ICE 1630 London assessments* (PGA page 703)
Gasoil Low Sulfur Gasoil
Feb AARIN00 976.00 Feb AAGL001 988.75
Mar AARIO00 968.25 Mar AAGL002 988.50
Apr AARIP00 960.50 Apr AAGL003 982.75
Brent Brent NX
Mar AAYES00 113.56 Mar AAXZL00 113.59
Apr AAYET00 112.44 Apr AAXZM00 112.46
May AAXZY00 111.58 May AAXZN00 111.60
Jun AAYAM00 110.82 Jun AAYAP00 110.84
*Platts ICE assessments reflect the closing value of the ICE contracts at
precisely 16:30 London time.
ICE gasoil settlements (PGA page 702)
Gasoil Low Sulfur Gasoil
Feb AAQSG00 976.00 Feb AAGS001 986.00
Mar AAQSH00 968.25 Mar AAGS002 986.50
Apr AAQSI00 960.50 Apr AAGS003 983.50
May AAQSJ00 953.25 May AAGS004 980.00
Jun AAQSK00 947.25 Jun AAGS005 974.00
Jul AAQSL00 943.25 Jul AAGS006 970.00
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)
Feb PXAAJ00 968.75 Mar PXAAK00 960.75
NYMEX futures (16:30 London time)
NYMEX WTI (PGA page 703)
$/barrel $/barrel
Mar AASCR00 96.44 Apr AASCS00 96.92
NYMEX heating oil (PGA page 703)
¢/gal ¢/gal
Feb AASCT00 309.34 Mar AASCU00 308.29
NYMEX RBOB (unleaded gasoline) (PGA page 703)
¢/gal ¢/gal
Feb AASCV00 285.30 Mar AASCW00 286.97

Market Update (PGA page 724)
NYMEX February RBOB in early afternoon trade Thursday
held on to gains seen in the wake of the US Energy
Information Administration’s weekly oil inventories data.
The February RBOB contract was 2.62 cents higher at
$2.8600/gal after climbing from an earlier session high
of $2.8581/gal immediately following the 11 a.m. EST
(1600 GMT) data release. The EIA data showed a 1.738
million-barrel drop in domestic gasoline stocks. The EIA
data showed gasoline stocks at 233.257 million barrels,
with Atlantic Coast gasoline stocks 494,000 barrels
higher at 53.948 million barrels. Despite the gain, US
Atlantic Coast gasoline stocks remain 11.25% below the
EIA five-year average. The Atlantic Coast is the home of
the New York Harbor-delivered RBOB futures contract.
NYMEX crude futures fell throughout early afternoon
trade after peaking at $96.68/b shortly after the EIA
data release. The March contract was 87 cents higher
than Wednesday’s close at $96.10/b, hovering close to
the NYMEX open of $96.11/b. “WTI crude oil has been
today’s roller-coaster, first losing ground on concerns
that the supply glut at Cushing will not be reduced at the
speed previously thought and later bouncing on the back
of better US initial claims numbers,” Ole Hansen, head
of commodity strategy at Saxo Bank, said in a note.
Gasoline (PGA page 1399)
The recent backwardation in the Northwest Europe
gasoline market proved short-lived with the February-
March spread assessed at flat at Thursday’s European
close, Platts data showed. The backwardation, first
present in the market since Tuesday’s European close,
faded as a recent arbitrage from the region to the US
Atlantic Coast had now closed, traders said. “EBOB has
moved really quickly...When people see an arbitrage
open to the US they buy up the barges.” At Thursday’s
European close, the February FOB Rotterdam EBOB
gasoline crack swap was assessed at $9.10/barrel,
broadly unchanged from Wednesday. The February-March
FOB Rotterdam EBOB swap spread was assessed at
flat, down from Wednesday’s backwardation of $2.25/
EUROPEAN MARKETSCAN
Euro-denominated assessments 16:30 London (€/mt)
Med cargoes (PGA page 1120)
FOB Med CIF Med
(Italy) (Genova/Lavera)
Naphtha* ABWHE00 681.988 ABWHD00 698.430
Prem Unl 10ppm ABWGV00 780.456 ABWGU00 791.293
Jet ABWGZ00 768.498 AAZBO00 789.051
10ppm ULSD ABWHM00 731.502 ABWHH00 744.395
Gasoil 0.1% ABWGQ00 720.478 ABWGO00 735.426
Fuel Oil 1.0% ABWGH00 493.087 ABWGF00 504.111
Fuel oil 3.5% ABWGM00 454.596 ABWGK00 465.620
Jet FOB Med premium ABWHA00 7.848
*Naphtha FOB Med is basis East Med
Northwest Europe cargoes (PGA page 1116)
FOB NWE CIF NWE/
Basis ARA
Naphtha AAQCE00 707.212
Gasoline 10ppm ABWGS00 769.993
Jet ABWHB00 777.466 AAQCF00 790.172
ULSD 10 ppm ABWHO00 724.402 ABWHI00 741.218
Diesel 10ppm NWE ABWHP00 721.786 ABWHK00 738.229
Diesel 10 ppm UK ABWHJ00 742.900
Gasoil 0.1% ABWGR00 713.378 ABWGP00 731.502
Fuel oil 1.0% AAQCG00 486.921 ABWGG00 495.889
Fuel oil 3.5% ABWGN00 446.562 ABWGL00 457.399
Straight run 0.5-0.7% ABWHG00 557.922
Euro/US$ forex rate: 1.3380. 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.
Foreign exchange rates (PGA page 1151)
January 24, 2013 London 16:30
Dollar/Swiss franc BCADC00 0.9293
GB pound/Dollar BCADB00 1.5783
Dollar/Yen BCACW00 89.9400
Euro/Dollar BCADD00 1.3380
Dollar/Ruble AAUJO00 30.0510
mt, Platts data showed. As a result of the bullish turn
in the Eurobob market earlier this week, the arbitrage
opportunity to the USAC had closed, the trader said.
“Cash premiums in New York harbour are at discounts
to the front month NYMEX RBOB contract,” he said,
adding that they were last seen pegged at a 170-140
cents/gal discount to the February RBOB contract
Wedneday. By comparison, cash premiums for Eurobob
barges had been at a single digit premium to the front
month swap since Tuesday’s European close, a second
trade source said. He also said the NWE-USAC February
arbitrage swap had fallen significantly to minus $3.50/
Copyright © 2013, The McGraw-Hill Companies
january 24, 2013
Northwest Europe barges (PGA page 1118)
FOB Rotterdam
Naphtha ABWHF00 704.223
Eurobob ABWGT00 759.529
98 RON gasoline 10 ppm ABWGX00 791.480
Premium gasoline 10 ppm AAQCH00 776.532
Jet ABWHC00 784.753
Diesel 10 ppm AAQCI00 735.613
Gasoil 50 ppm AAUQF00 732.997
Gasoil 0.1% AAYWY00 729.821
Fuel oil 1.0% ABWGI00 480.568
Fuel oil 3.5% AAQCK00 460.575
Rotterdam bunker 380 CST AAUHE00 463.752
New York Harbor cargoes 16:30 London (PGA pages 1350 & 1450)
FOB NY Harbor
(€ cent/gal)
Unleaded 87 AAPYV00 215.09
Unleaded 89 AAPYW00 223.75
Unleaded 93 AAPYX00 236.76
No. 2 AAPYY00 232.50
European clean product barge freight rates
ARA ($/mt) (PGT page 1918)
Rotterdam — Rotterdam TCAEI00 2.00
Rotterdam — Flushing TCAEJ00 3.00
Rotterdam — Ghent TCAEK00 3.50
Rotterdam — Antwerp TCAEL00 3.00
Germany ($/mt) (PGT page 1918)
Rotterdam — Duisburg TCAEM00 6.75
Rotterdam — Cologne TCAEN00 10.00
Rotterdam — Karlsruhe TCAEO00 15.25
Antwerp — Duisburg TCAEP00 7.25
Switzerland ($/mt) (PGT page 1918)
Rotterdam — Basel TCAEQ00 16.00
mt, down $1/mt on-the-week. However, the Eurobob
market remained fundamentally strong due to a healthy
gasoline blending market in the Amsterdam-Rotterdam-
Antwerp trading hub, a second trader said. Blending
was active in ARA to meet strong demand into the the
Mediterranean and West Africa markets, he said. As a
result of high FOB Mediterranean prices, it made more
sense to send West African blends from Northwest
Europe, the first trader said, another factor lending
support to the Eurobob market. Also, a third trader said
that a total volume of around 35,000/mt gasoline had
been moving from NWE, the US Gulf Coast and the
2

Baltics into the West African market on a daily basis.
Typical flows from these regions into West Africa are
around 25,000/mt a day. “Imports [into WAF] were low
for most of 2012 so stocks went very low and now they
are refilling,” the third trader said.
Gasoline deals (PGA page 5)
GASOLINE: MOC SUMMARY: PREM UNL: Statoil-Vitol
at $1043/mt MW; Nich-PSXCS-Spectron at $1042/mt
MW; Statoil-Totsa at $1042/mt MW; Litasco-Gunvor at
$1039/mt MW; Statoil-Totsa at $1041mt MW
Naphtha (PGA page 1398)
The naphtha paper market weakened Thursday as the
February spread with propane widened to around $78/
mt, said traders. However, arbitrage from Europe to
Asia and also to a lesser extent to the US continued to
support the European naphtha market as a whole, added
trading sources. After dropping by about one dollar in
the morning, February naphtha cracks weakened in the
afternoon to around minus $7.05/barrel from minus
$5.95/b Wednesday, while the February/March spread
narrowed to $9.5/mt from $12/mt. “The naphtha
complex hit a bit of a ceiling due to a combination of
crude oil going up, attractive propane and a high naphtha
price in the Far East,” explained a trader. Market sources
also argued that a strong gasoline market meant that
February remains a tight month, with incentives to use
high octane naphtha in gasoline blenders. “There is a
strong demand for gasoline in the Med, particularly from
Libya and Algeria,” noted a market source. Two trades
took place during the Platts Market on Close assessment
process, with Vitol hitting Gunvor’s bid at $943/mt and
then Glencore lifting Vitol’s offer at $945/mt, both for
a back window delivery. Platts assessed CIF Northwest
European cargoes at $946.25/mt, down slightly from
$947.75/mt January 23. In comparison, propane was
assessed at circa $865/mt, implying that the physical
propane/naphtha spread widened to minus $81.25/mt
versus minus $72.75/mt Wednesday.
EUROPEAN MARKETSCAN
Subscriber notes (PGA page 1500)
■■ Effective January 1, 2013, Platts has removed a range
of biofuel assessments from European Marketscan. The
Platts MTBE assessment (code PHALA00) will continue
to be published in European Marketscan. From 2013
forward, the only Platts publication to carry biofuels is
Platts Biofuelscan. The codes affected are: Fuel grade eth-
anol codes AAWUQ00, AAYDT00, AAVLD00, AAYDS00;
Biodiesel FAME -10 codes AAWGY00, AAWGH00; FAME
0 codes AAXQL00, AAWGI00; Soy Methyl Ester (SME)
codes AAUCB00, AAWGJ00; Rapeseed Methyl Ester
(RME) codes AAUCA00, AAWGK00.
■■ ICE has released a document covering Frequently
Asked Questions regarding the transition from swaps
to futures effective October 15, 2012. The document is
available at www.theice.com/publicdocs/Platts_Swaps_
to_Futures_FAQ.pdf. The move by ICE to convert swaps
into futures has raised questions over whether the
change has also affected the nomenclature of Platts
assessments. The nomenclature of Platts assessments in
all its publications remains the same and there are no
changes envisioned as a result of the ICE move. Platts
methodologies are also unaffected by ICE changes. For
more information about our methodology please access
Platts.com or contact the various commodity sectors
including oil@platts.com and pricegroup@platts.com.
■■ Effective January 2, 2014 and following industry
feedback to a previous subscriber note, Platts will cal-
culate the CIF Mediterranean naphtha assessment by
only applying the freight value between Alexandria and
Lavera to the FOB Med naphtha assessment. This freight
value will be calculated using the Platts cross Med clean
tanker assessment for 27,500 mt naphtha cargoes only.
Currently the CIF Med naphtha assessment is calcu-
lated 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 cal-
culation of this assessment. Please send feedback and
questions to europe_products@platts.com with a cc to
pricegroup@platts.com
■■ Following feedback to its proposal published on
June 27, 2012, Platts has discontinued its FOB NWE
Premium Gasoline Non-Oxy and Regular Unleaded Non-
Copyright © 2013, The McGraw-Hill Companies
january 24, 2013
Oxy assessments as planned. The assessments will be
suspended with effect from January 2, 2013. Platts pro-
posed to discontinue the assessment because the quality
reflected in the two assessments no longer reflects an
actively traded or supplied grade in northwest Europe.
Please send questions and feedback to europe_products@
platts.com with a CC to pricegroup@platts.com.
■■ Effective January 2, 2013, Platts is reflecting an updat-
ed 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 reflect the
following qualities: EU-qualified, 1.00% sulfur, 0.991
kg/l density, 380 CST viscosity, 60 ppm 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 density, 420 CST
viscosity, 80 ppm aluminium/silicon, 6% asphaltenes
and 120 ppm vanadium. All other specifications remain
unchanged from the current specification reflected.
Platts will continue to consider other merchantable LSFO
specifications in its assessment 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
■■ No corrections reported today
3

Naphtha deals (PGA page 5)
Naphtha MOC deal: Vitol-Gunvor 12,500 mt 14-18
February $943/mt; Vitol-Glencore 12,500 mt 14-18
February $945/mt.
Jet (PGA page 1497)
Easing prompt tightness for 30,000 mt jet fuel cargoes
in Northwest Europe narrowed the jet cargo premium
over the FOB Amsterdam-Rotterdam-Antwerp jet barge
premium by $4.25/mt day-on-day to $7/mt Thursday,
with the spread now nearly half the 14-month high
reached earlier this week, Platts data showed. Platts
assessed the CIF NWE cargo premium at $81.25/mt
to benchmark ICE 0.1% gasoil futures, down $3.50/
mt on the day. The FOB Rotterdam barge premium
softened 50 cents to $74/mt. A lull in arbitrage arrivals
had pushed the spread from $4.50/mt to a high of
$13/mt between January 11-22, a period in which
barges also came under pressure from weak demand
and ample local production, as refiners maximized jet
production to capitalize on jet’s relative strength over
diesel, the traditional “king of the barrel”. Those bulls
driving cargoes and bears weighing on barges, however,
started to switch. Easier arbitrage opportunities from
the Persian Gulf to Europe for Long Range 1 and 2s
-- vessels with deadweights of between 55,000-80,000
tonnes and 80,000-160,000 tonnes, respectively
-- are expected to improve supply over the first half of
February. Meanwhile, pockets of barge demand will put
pressure on local supplies and highlight the low stock
environment, which is being exacerbated by steep gasoil
backwardation. At 1630 GMT Thursday, February gasoil
futures were assessed at a $7.75/mt premium against
March. The backwardation has averaged $7.30/mt since
expiry on January 10, disincentivizing storage buying and
leaving only hand-to-mouth demand. Shallow contango
was the prevailing structure the same period last year,
Platts data shows. With an end in sight to the current
cold weather, sources said there could be a pickup in
dual-purpose kerosene demand to replenish some of the
burn. Although, anecdotal reports anticipated demand
EUROPEAN MARKETSCAN
into the UK, however, the volume would not be large
as the economic climate meant the end consumer had
preferred to “put on an extra jumper” rather than pay
“significant amount of money to keep their tank full,”
one trader said.
Jet deals (PGA page 5)
n ---Jet Cargo MOC Deals: VITOL GENEVA-BP 30 KT +/-
10 PCT S/OPT 27KT AT CCM PLUS $11 PRICING 11-28
FEB / BALANCE PRICING 3 AFTER COD (COD =0): FOR
EU QUALIFIED JET A1 DEFSTAN 91-91 LATEST ISSUE
F/P CARGO S/OPT BUYER NOMINATED FEB 03-07, CIF
BSS ROTTERDAM + NWE OPTS AS PER CP BP / KPI /
EXXON APPROVED VESSEL.
n Jet Barge MOC Deals: None reported.
Jet Index (PGA page 115)
January 23, 2013 Index $/mt
Europe & CIS PJECI00 358.97 PJECI09 1049.88
MidEast & Africa PJMEA00 383.79 PJMEA09 1013.99
Global PJGLO00 362.58 PJGLO09 1045.33
Gasoil (PGA page 1499)
Challenging export economics from the Northwest
European and Baltic region for gasoil has the
potential to increase supply in the region, with flows
from Ventspils looking for homes in the Amsterdam-
Rotterdam-Antwerp region, market sources said
Thursday. “Export demand is not so good at the
moment,” a trader said. “We see some larger cargoes
coming into ARA,” a second trader said. Shell were
heard to be offering around a 90,000 mt cargo of gasoil
into ARA for delivery February 7-15, sources said. A
source at Shell declined to comment on the matter.
Conversely however demand into France and Belgium for
0.1% gasoil had seen some small increase, which could
support the CIF NWE 0.1% cargo market, sources said.
The 0.1% barge market in the ARA region was described
as relatively balanced in the prompt. In the Platts Market
Copyright © 2013, The McGraw-Hill Companies
january 24, 2013
on Close assessment process Mercuria bid to February
ICE 0.1% gasoil futures contract plus $0.25/mt for FOB
ARA loading with out finding any selling interest. The
FOB Rotterdam 0.1% gasoil barge value was assessed
$0.50/mt over the front month ICE 0.1% gasoil futures,
a day-on-day rise of $0.25/mt, Platts data showed.
Towards the end of the European trading day freight
sources noted a number of vessels on subjects from
the Baltic/Trans-Atlantic including Eagle San Juan and
Unique Sunshine, however it was not clear how much
gasoil was actually moving out of the region. Lackluster
demand into the German heating oil market continued
to put downward pressure on the FOB ARA 50 ppm
gasoil barge differentials, with any actual demand
being easily met by refineries in Germany. The FOB
ARA 50 ppm gasoil barge differential was assessed at
$4.75/mt over the front month ICE 0.1% gasoil futures
contract, a fall of $0.50/mt over the day, and the
lowest assessed differential since May 8 2012 when it
was also assessed at $4.75/mt, Platts data showed.
“With 50 ppm trading at Feb plus $5/mt, is sufficient
to go into 0.1,” a trader said referring to gasoil blending
economics. Steep backwardation on the February/March
ICE 0.1% gasoil futures contract, continued to put selling
pressure on any volumes in tank however. The February
ICE 0.1% gasoil futures contract was trading at around
$7.75/mt over its March counterpoint at 16:30 London
time. In the Mediterranean market lack of availability
saw the 0.1% gasoil premium to the front month ICE
0.1% gasoil futures contract climb $0.75/mt over the
day, to be assessed at $8/mt, Platts data showed.
“There is very little 0.1 around only drips and drabs,”
a trader said. While a second Med gasoil trader added
that there was limited supply in particular of the higher
density gasoil grades.
Gasoil deals (PGA page 5)
n Gasoil 0.1% barge MOC deals: No trades reported.
n Gasoil 50 ppm barge MOC deals: No trades reported.
n Gasoil 0.1% cargo MOC deals: Gunvor- Vitol subject
to Nicos Tomasos for 25-30kt of 0.1 Spanish B+C
4

Winter 5-9 Feb cif basis Eleusis, feb ipe plus $4.00,
euromed neobig +Tunisia+Egypt med +algeria+ other
cp options vailable/obtainable at cost, ENI&BP&Totsa
acceptable vessel.
Diesel (PGA page 1498)
Ultra low sulfur diesel barge prices fell once again
Thursday as Northwest European refineries continued
to churn products amid improved refinery margins,
despite the low temperatures of the last few days in
Europe, said traders. The Northwest European barge
premium was assessed at February ICE 0.1% gasoil
plus $8.25/mt FOB Rotterdam, down $1.25 on-day and
at its lowest level since May last year. In the Platts
Market on Close assessment process, Vitol bought eight
barges from Glencore, BP, STR and Total at slightly
lower prices than Wednesday. “I am surprised at the
recent weakness in price...temperatures are freezing in
Europe and stocks were low in December. Imports are
also not massive,” said one trader. Traders continued
to present the picture of a two-tier market in the north
and south of Europe. In Northwest Europe, refinery
margins were said to be higher than at the start of
the month, and, with the current wide backwardation
on ICE gasoil futures, traders said this encourages
refineries to produce diesel and sell it to market as
soon as possible. In the Mediterranean, however, more
units were under maintenance and, with lower margins
than in Northwest Europe, runs were lower overall, said
traders. This, in turn, meant diesel was harder to come
by. Mediterranean cargoes were assessed at February
ICE 0.1% gasoil plus $20/mt CIF Lavera, down 75 cents
from Tuesday and at a $8.25/mt premium to Northwest
European cargoes, which were at February ICE 0.1%
gasoil plus $11.75/mt CIF ARA. The Mediterranean
cargo assessment was lowered in line with an offer from
Gunvor at February ICE 0.1% gasoil plus $20.50/mt.
“Demand in the East Med is stable, but there are not
many US cargoes coming as the arbitrage is shut,” said
one trader. “The increase in margins still isn’t enough...
refineries are running at minimum rates.” Sara’s Sarroch
EUROPEAN MARKETSCAN
refinery in Sardinia has started maintenance to a
visbreaker, a vacuum distillation unit and an alkylation
unit, while a CDU and a hydrocraker are also down at
Cepsa’s Huelva refinery until early February, according to
the plants’ operators. In addition, Galp’s Sines refinery
still does not export any diesel following heavy upgrades
at the plant while a trader said Hellenic’s Elefsis refinery
had an issue with a flexicocker, which curtailed its diesel
production. Galp confirmed the cracker was ramping up
and Hellenic declined to comment last week.
Diesel deals (PGA page 5)
n ULSD MOC barge deals: Glencore-Vitol Feb +8 ARA,
29 Jan-02 Feb, 2kt; BP-Vitol Feb +8 ARA, 29 Jan-02 Feb,
2kt; STR-Vitol Feb +8 AR, Jan 29-02 Feb, 2kt; Totsa-Vitol
Feb +8 FARA, Jan 29-02 Feb, 2kt; BP-Vitol Feb +8 ARA,
29 Jan-02 Feb, 2kt; BP-Vitol Feb +9 ARA, 1-5 Feb, 2kt;
BP-Vitol Feb +9 ARA, 4-8 Feb, 3kt; BP-Vitol Feb +9 ARA,
1-5 Feb, 2kt.
n ULSD MOC cargo deals: No deals reported.
Fuel oil (PGA page 1599)
The European high sulfur fuel oil market weakened
Thursday amid a lack of arbitrage opportunities, but
despite loading delays at the Rotterdam STR terminal,
a five-month low in Singapore inventories and as data
showed Chinese fuel oil imports jumped 23.5% month-
on-month in December. FOB Rotterdam 3.5% sulfur
barges were assessed at a $0.25/mt discount to the
February swap, down from Wednesday’s $2.25/mt
premium. Loading delays at the STR Terminal persisted
Thursday, according to one source. A spokesman at
STR declined to comment. In Asia, Singapore fuel
oil inventories plunged to a five-month low at 17.6
million/barrels, the Ministry of Trade and Industry data
showed. At the same time, a separate data release
showed Chinese imports grew 23.5% month-on-month in
December following higher refinery run rates. However,
arbitrage opportunities had waned in recent weeks, said
Copyright © 2013, The McGraw-Hill Companies
january 24, 2013
traders, with higher VLCC rates and subdued demand
ahead of the Lunar New Year partly to blame. “The arb
East is shut. VLCC rates are too high” a trader said.
Platts assessed dirty VLCC rates on the Rotterdam-
Singapore route Thursday at a $4 million lump sum. In
the Mediterranean, continued stormy weather prohibited
some bunkering operations, as well as deliveries,
with the ports of Malta and Gibraltar among the worst
affected. Meanwhile, recent bad weather in the Black
sea was also causing problems for refiners. “All the
delays on the Black Sea are causing problems to some
refineries, a few are running short of crude,” a trader
said. Nevertheless, traders said the Med market was
well supplied with fuel oil, while demand remained
steady. In other news, a CDU and hydrocracker at
the 190,000 b/d Cepsa owned Huelva refinery were
currently down for maintenance until mid-February,
sources said. Meanwhile in the Northwest European low
sulfur fuel oil market Thursday, FOB NWE 1% cargoes
rose to minus $1.50/mt against front-month swaps,
from minus $2.50/mt the previous day. With a weak
barge/cargo spread, down to minus $8.50/mt, and
many traders with full tanks, it was proving hard to
shift LSFO cargoes according to some, resulting in the
sustained physical contango structure at the front end.
While the European LSFO market was boosted earlier
in January by an open arbitrage to Asia, now such
opportunities were scarce, said traders, as Singapore
had met its short-term 1% bunker needs. Japanese
demand for (LSFO) was also fading, said traders, as
buyers had reportedly bought their February cargoes
already, and winter demand season was coming to an
end. Stocks of low sulfur C-type fuel oil rose 118,644
barrels to 4.28 million b for the week ending January
19, according to the Petroleum Association of Japan.
However Japan’s total fuel oil stocks are still below the
previous five year range. While LSFO demand seemed
slack in NWE, said traders, supply also was not at
particularly high levels. “Brazil is using quite a bit of
LSFO due to lower hydropower usage, so less coming
to Europe,” one trader said. Traders described fairly
constant utility demand in the Mediterranean. “I don’t
5
 EUROPEAN MARKETSCAN january 24, 2013

see demand changing that much, even with colder
weather,” said the trader. “The biggest demand shift will
be the ECA coming in 2015”.
Fuel Oil deals (PGA page 5)
n LSFO barge MOC deal summary: 1) Chemoil-Vitol
$645/mt, 1kt, FOB Rdam, FE; 2) BP-Mercuria $647/
mt, 1kt, FOB Rdam, BE; 3) Chemoil-Mercuria $647/mt,
1kt, FOB Rdam, BE; 4) Mercuria-Vitol $646/mt, 1kt, FOB
Rdam, FE; 5) BP-Mercuria $647/mt, 1kt, FOB Rdam, MW.
n HSFO barge MOC deal summary: 1) Litasco-Vitol
$614.5/mt, 2kt, FOB Rdam, FE; 2) Litasco-Vitol
$614.5/mt, 2kt, FOB Rdam, MW; 3) Litasco-Vitol
$614.5/mt, 2kt, FOB Rdam, BE; 4) Litasco-Koch
$614.75/mt, 2kt, FOB Rdam, FE; 5) Litasco-Vitol
$614.5/mt, 2kt, FOB Rdam, FE; 6) Litasco-Koch
$614.5/mt, 2kt, FOB Rdam, FE; 7) Litasco-Vitol
$614.5/mt, 2kt, FOB Rdam, FE; 8) Litasco-Vitol
$614.5/mt, 2kt, FOB Rdam, FE; 9) Litasco-Vitol
$614.5/mt, 2kt, FOB Rdam, FE; 10) Litasco-Vitol
$614.5/mt, 2kt, FOB Rdam, FE; 11) Litasco-Koch
$614.5/mt, 2kt, FOB Rdam, FE; 12) Litasco-Vitol
$614.5/mt, 2kt, FOB Rdam, FE; 13) Litasco-Koch
$615.5/mt, 2kt, FOB Rdam, FE; 14) Gunvor-Koch
$615.5/mt, 2kt, FOB Rdam, FE; 15) Litasco-Koch
$615.5/mt, 2kt, FOB Rdam, MW; 16) Litasco-Koch
$615.5/mt, 2kt, FOB Rdam, BE; 17) Gunvor-BP
$615.5/mt, 2kt, FOB Rdam, BE; 18) Litasco-Mercuria
$616/mt, 2kt, FOB Rdam, BE; 19) Chemoil-Vitol $616/
mt, 2kt, FOB Rdam, BE; 20) Chemoil-Vitol $616.5/mt,
2kt, FOB Rdam, BE; 21) Chemoil-Vitol $616.5/mt, 2kt,
FOB Rdam, BE.
is there, but we are not seeing a lot of volume available,
or prices on offers are too high,” said one refinery
feedstocks buyer. “VGO is a little bit short”. However
demand from Spanish refiners, usually a mainstay of
European HSVGO buying, remained low, said traders.
“We haven’t been buying too much as we’ve been at
high runs for a while, which means we produce our own
streams,” said a source close to Cepsa. BP’s Castellon
refinery near Valencia was also absent from the market,
said traders. Repsol was said to be interested only from
February, and pieces of demand were heard in Italy,
Turkey and Israel. Buyers had generally secured their
February requirements. “We have January closed and
February partially closed on VGO,” said one Med buyer.
Meanwhile FOB NWE low sulfur VGO cargoes and barges
were assessed unchanged at a $3.70/b premium
against ICE March Brent crude futures.
VGO deals (PGA page 5)
No deals
North Sea crude (PGA page 1299)
The Forties crude differential to Dated Brent rose further
Thursday, once again buoyed by bidding from Total
at ever-higher levels. In the Platts Market on Close
assessment process the company was bidding for two
cargoes of Forties, loading on February 5-7 and 9-11.
These bids were $0.05/b stronger than Total had bid for
exactly the same dates Wednesday and with no selling
interest emerging, the Forties differential to Dated
Brent was assessed up day-on-day, Platts data showed.
Some traders said that Forties remained attractive for
European refiners, relative to sourer grades. “Margins
are still not good, but for Forties compared to Urals they
are very good. There is a limit of course. If Forties gets
$0.20-0.30/b more expensive than it is then it won’t
be good for refiners anymore,” a trader said. Other
North Sea grades were seeing a more mixed picture
than Forties, with differentials for some running into
resistance. “Oseberg, Ekofisk and Gullfaks are not much
higher than they were yesterday,” a trader said. “There’s
not a lot of room in the offer levels. Another trader said
that a weakening in Duc differentials over the course
of February was likely to continue into March. “Duc is a
bit less than Dated Brent plus $2.20/b now,” a trader
said. “Obviously the February program has already been
sold. Duc was backwardated over the whole month.
January was strong, but in February it came off over the
whole month.” However, there were signs that grades
were starting to clear, with traders reporting more active
trading over the course of the day. “There has been a
bit of activity, today, yesterday and also two days ago
as well,” a trader said. “It’s starting to look very, very
tight with not much left in February.” Total announced
that it was working to restore production from the Elgin-
Franklin field within the first quarter of 2013. The fields,
shut in by a gas blowout in March 2012, can produce
up to 280,000 b/d of oil equivalent, of which 175,000
b/d is condensate, according to Total. The UK’s Health
and Safety Executive confirmed to Platts that Total had
requested permission to restart the field. A Total source
said that some Elgin-Franklin production had already

VGO (PGA page 1597)

In the Northwest European vacuum gasoil market

] EUROPEAN MARKETSCAN
Thursday, high sulfur VGO barge and cargoes rose
$0.20/barrel against the ICE March Brent crude futures
contract to a $2.75/b premium, with some traders
describing tightness of supply developing. “The demand
Volume 45 / Issue 17 / January 24, 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
Crude: +44-20-7176-6114 Fuel Oil: +44-20-7176-6104 Feedstocks: +44-20-7176-6112
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
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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


been factored into the February Forties program. “The
February program contains an Elgin-Franklin provision,”
a Total source said. “However it is small for February,
so if it is not there then it won’t affect the program.
Meanwhile, Shell entered the Forties parcel F0213,
loading February 18-20 into the 10-25 nomination
procedure. The cargo, which was originally Nexen equity,
was kept by Total. F0213 was the first cargo since
February 11-13 to be chained.
LSSR (PGA page 1598)
In the Northwest European low sulfur straight run market
Thursday, FOB NWE LSSR cargoes were assessed up
$0.10/barrel at a discount of $3.30/b to the March
ICE Brent crude futures contract, with adequate regional
demand from refineries, blenders, and export routes
to soak up supply. North Sea barrels were not coming
down into the Mediterranean as they had better homes
available, said traders, but in the Med LSSR was
available from Libya, Tunisia, Algeria, as well as the Black
Sea. “There’s a couple of good qualities from the Black
Sea, and some worse ones,” said one trader. Turkmen
LSSR had last traded around Brent minus $8/barrel, he
said. Improving jet, diesel and gasoline cracks over the
last few weeks have improved crude margins, but this
had not lead to a clear reduction in demand for straight
run as a feedstock, said market sources. “Each refinery
has different strategies,” said a buyer at one refinery.
“You can’t switch from one feedstock to another unless
you’re very lucky and the replacement is in front of you”.
The extremely bad weather in the Black Sea, although
now getting better, had caused delays on crude cargo
deliveries of up to a week, said traders. “All the delays in
the Black Sea are causing problems to some refineries
in finding crude, a few are running short,” said the buyer.
“We’re doing ok as we have diversified, some of our
crude comes from Black Sea, some from Mediterranean”.
LSSR deals (PGA page 5)
No deals
EUROPEAN MARKETSCAN january 24, 2013
Asia products
Code Mid Change Code Mid Change
Singapore (PGA page 2002)
FOB Singpore ($/barrel)
Naphtha PAAAP00 107.54–107.58 107.560 +0.040
Gasoline 92 unleaded PGAEY00 120.97–121.01 120.990 +0.110
Gasoline 95 unleaded PGAEZ00 124.04–124.08 124.060 +0.230
Gasoline 97 unleaded PGAMS00 125.65–125.69 125.670 +0.260
Kerosene PJABF00 129.21–129.25 129.230 +0.400
Gasoil 0.05% sulfur AAFEX00 127.55–127.59 127.570 +0.230
Gasoil 0.25% sulfur AACUE00 126.49–126.53 126.510 +0.280
Gasoil POABC00 127.55–127.59 127.570 +0.230
Fuel oil 180 CST 2% ($/mt) PUAXS00 646.17–646.21 646.190 +3.380
HSFO 180 CST ($/mt) PUADV00 631.84–631.88 631.860 +2.770
HSFO 380 CST ($/mt) PPXDK00 629.50–629.54 629.520 +3.740
Indonesia (PGA page 2516)
FOB Indonesia ($/barrel)
LSWR Mixed/Cracked PPAPU00 112.26–112.30 112.280 -0.250
Gasoline components (PBF page 2010)
FOB Singapore ($/mt)
MTBE PHALF00 1171.00–1173.00 1172.000 +2.000
Singapore Swaps (PPA page 2654)
February ($/barrel) March ($/barrel)
Naphtha Japan ($/mt) AAXFE00 961.75–962.25 962.000 -2.000 AAXFF00 947.00–947.50 947.250 -2.250
Naphtha PAAAQ00 106.23–106.27 106.250 0.000 PAAAR00 104.58–104.62 104.600 -0.050
Gasoline 92 unleaded AAXEL00 120.53–120.57 120.550 +0.350 AAXEM00 119.43–119.47 119.450 +0.350
Reforming Spread AAXEO00 14.28/14.32 14.300 +0.350 AAXEP00 14.83/14.87 14.850 +0.400
Kerosene PJABS00 128.70–128.74 128.720 +0.410 PJABT00 127.91–127.95 127.930 +0.360
Gasoil POAFC00 127.63–127.67 127.650 +0.170 POAFG00 127.47–127.51 127.490 +0.160
HSFO 180 CST ($/mt) PUAXZ00 636.98–637.02 637.000 +3.250 PUAYF00 640.68–640.72 640.700 +3.700
Middle East (PGA page 2004)
FOB Arab Gulf ($/barrel)
Naphtha ($/mt) PAAAA00 937.51–948.01 942.760 +0.215
Naphtha LR2 ($/mt) AAIDA00 944.93–955.43 950.180 -0.045
Kerosene PJAAA00 126.75–126.79 126.770 +0.400
Gasoil 0.005% sulfur AASGJ00 125.44–125.48 125.460 +0.230
Gasoil 0.05% sulfur AAFEZ00 124.94–124.98 124.960 +0.230
Gasoil 0.25% sulfur AACUA00 123.54–123.58 123.560 +0.330
Gasoil POAAT00 124.94–124.98 124.960 +0.230
HSFO 180 CST ($/mt) PUABE00 616.90–616.94 616.920 +2.940
Japan (PGA page 2006)
C+F Japan ($/mt) Premium/Discount
Naphtha PAAAD00 971.25–981.75 976.500 +0.125
Naphtha MOPJ Strip AAXFH00 940.75–941.25 941.000 -2.750 AAXFI00 35.25/35.75 35.500 +2.870
Naphtha 2nd 1/2 Mar PAAAE00 991.00–991.50 991.250 +0.250
Naphtha 1st 1/2 Mar PAAAF00 981.25–981.75 981.500 +0.250
Naphtha 2nd 1/2 Apr PAAAG00 971.25–971.75 971.500 0.000
Gasoline unleaded ($/barrel) PGACW00 123.65–123.69 123.670 +0.100
Kerosene ($/barrel) PJAAN00 131.13–131.17 131.150 +0.260
Gasoil ($/barrel) POABF00 130.46–130.50 130.480 +0.480
HSFO 180 CST PUACJ00 644.65–644.69 644.670 +2.610
Copyright © 2013, The McGraw-Hill Companies 7
 EUROPEAN MARKETSCAN january 24, 2013

US Products: January 23, 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 286.29–286.39 286.340 +0.170 AAMHGRV 15.0
Unleaded-89 0.3% AAMIW00 297.88–297.98 297.930 -0.230 AAMIWRV 15.0
Unleaded-93 0.3% AAMIZ00 315.28–315.38 315.330 -0.830 AAMIZRV 15.0
Jet PJAAX00 326.84–326.94 326.890 +1.640
Low sulfur jet PJABK00 335.09–335.19 335.140 +3.390
ULS Kero AAVTH00 347.09–347.19 347.140 +3.390
No. 2 POAEH00 309.34–309.44 309.390 +1.540
$/barrel 1% strip NYH cargo vs 1% strip
No. 6 0.3% HP PUAAE00 112.99–113.09 113.040 +0.530 AAUGA00 9.74/9.84 9.790 0.000
No. 6 0.3% LP PUAAB00 119.29–119.39 119.340 +0.730 AAUGB00 16.04/16.14 16.090 +0.200
No. 6 0.7% PUAAH00 108.01–108.11 108.060 +0.530 AAUGC00 4.76/4.86 4.810 0.000
No. 6 1.0%** PUAAO00 103.94–104.04 103.990 +0.530 AAUGG00 103.24–103.26 103.250 +0.530 AAUGD00 0.69/0.79 0.740 0.000
No. 6 2.2% PUAAU00 98.43–98.53 98.480 +0.680 AAUGE00 -4.82/-4.72 -4.770 +0.150
No. 6 3.0% PUAAX00 96.65–96.75 96.700 +0.650 AAUGF00 -6.60/-6.50 -6.550 +0.120
Residual swaps ($/barrel)
No. 6 1.0% paper Bal M AARZS00 NA–NA NA NANA
No. 6 1.0% paper 1st month PUAXD00 103.10–103.20 103.150 +0.550
No. 6 1.0% paper 2nd month PUAXF00 102.55–102.65 102.600 +0.550
No. 6 1.0% paper next quarter PUAXG00 101.57–101.67 101.620 +0.520
Boston cargoes (PGA pages 152)
¢/gal
Low sulfur jet PJABL00 337.09–337.19 337.140 +3.390
ULS Kero AAVTJ00 349.09–349.19 349.140 +3.390
No. 2 POAEA00 311.84–311.94 311.890 +1.540
No. 6 2.2% ($/barrel) PUAWN00 99.85–99.95 99.900 +0.750
NY/Boston numbers include duty. **This assessment reflects 150 max al+si
FOB Gulf Coast (PGA page 156 & 338)
¢/gal RVP
Unleaded 87 PGACT00 265.05–265.15 265.100 -1.560 PGACTRV 13.5
Unleaded 89 PGAAY00 276.65–276.75 276.700 -1.360 PGAAYRV 13.5
Unleaded 93 PGAJB00 294.05–294.15 294.100 -1.060 PGAJBRV 13.5
MTBE PHAKX00 357.20–357.30 357.250 +3.650
Alkylate* AAFIE00 42.95/43.05 43.000 +3.500
Naphtha PAAAC00 284.05–284.15 284.100 -1.560
Jet 54 PJABM00 314.54–314.64 314.590 +0.790
Jet 55 PJABN00 319.54–319.64 319.590 +0.790
ULS Kero AAVTK00 329.54–329.64 329.590 +0.790
No. 2 POAEE00 304.59–304.69 304.640 +0.890
Low sulfur No. 2 POAES00 307.59–307.69 307.640 +1.390
*Premium to US Gulf Coast pipeline gasoline
$/barrel 3% strip vs 1% strip
Slurry Oil PPAPW00 96.57–96.59 96.580 +0.710 AAUGS00 -0.14/-0.12 -0.130 +0.050
No. 6 1.0% 6 API PUAAI00 103.59–103.61 103.600 +0.710 AAUGT00 6.88/6.90 6.890 +0.050
No. 6 3.0% PUAFZ00 96.42–96.44 96.430 +0.710 AAUGW00 96.70–96.72 96.710 +0.660 AAUGU00 -0.29/-0.27 -0.280 +0.050
RMG 380 PUBDM00 98.02–98.04 98.030 +0.710 AAUGV00 1.31/1.33 1.320 +0.050
Residual swaps ($/barrel)
No. 6 3.0% paper 1st month PUAXJ00 96.50–96.60 96.550 +0.650
No. 6 3.0% paper 2nd month PUAXL00 96.10–96.20 96.150 +0.600
No. 6 3.0% paper next quarter PUAXN00 95.60–95.70 95.650 +0.600

Copyright © 2013, The McGraw-Hill Companies 8

]
EUROPEAN MARKETSCAN CONTENT CHANGES WITH EFFECT FROM JANUARY 1 2013
Platts will remove all biofuels assessment data and market commentaries from Platts European Marketscan with effect from January 1, 2013. These assessments and commentaries are currently published in Platts
Biofuelscan, following its launch on June 1, 2012.

Below is a list of the assessments which can be found in Platts Biofuelscan. The assessments which currently appear in European Marketscan are highlighted and will be removed on January 1, 2013. The European
Marketscan will no longer carry market commentaries for ethanol. Current subscribers who would like to continue to receive this information, or who want to know more about the Platts Biofuelscan, should contact Platts
at support@platts.com, biofuels@platts.com or contact an account representative. This note supersedes all previous notes regarding the move of Platts‘ biofuel assessment data and commentary from Platts European
Marketscan to the Platts Biofuelscan.

Ethanol description Oracle Codes Ethanol Key Rack Prices (cents/gal) Oracle Codes Renewable Identification Number (cents/RIN) Oracle Codes
United States (cents/gal) DTN Ethanol Chippewa Falls WI Centex Unb DE312FX Ethanol
Ethanol Chicago (terminal) AALRI00 DTN Ethanol Des Moines IA Cenex Unb DE059FX RIN Calendar-Year (Y-1) RINCY01
Ethanol Chicago (Rule 11) AAVWD00 DTN Ethanol Des Moines IA Flint Hills Unb DE059IF RIN Calendar-Year (Y) RINCY02
Ethanol swap Chicago (M+1) ESCM001 DTN Ethanol Des Moines IA MinnIowa Unb DE059CW Biodiesel
Ethanol swap Chicago (M+2) ESCM002 DTN Ethanol Des Moines IA Western Pet Unb DE059FN RIN Calendar-Year (Y-1) BDRCY01
Ethanol NYH Barge (M1) AAMPF00 DTN Ethanol Grand Forks ND Cenex Unb DE175FX RIN Calendar-Year (Y) BDRCY02
Ethanol NYH Barge (M2) AAUEG00 DTN Ethanol Grand Forks ND Dale Unb DE175AT Advanced biofuel
Ethanol Houston 5-15 Tank AATGJ00 DTN Ethanol Grand Forks ND Flint Hills Unb DE175IF RIN Calendar-Year (Y-1) ABRCY01
Southern California Rail Car (cents/gal) DTN Ethanol Grand Forks ND Western Pet Unb DE175FN RIN Calendar-Year (Y) ABRCY02
Ethanol prompt 7-14 AAMNK00 DTN Ethanol Kansas City KS Flint Hills Unb DE099IF Cellulosic biofuel
Ethanol forward 15-30 AAMNN00 DTN Ethanol Kansas City KS Western Pet Unb DE099FN RIN Calendar-Year (Y-1) CBRCY01
Northern California Rail Car (cents/gal) DTN Ethanol Minn/StPaul MN Flint Hills Unb DE141IF RIN Calendar-Year (Y) CBRCY02
Ethanol Prompt 7-14 AAMFT00 DTN Ethanol Minn/StPaul MN MinnIowa Unb DE141CW
Ethanol Forward 15-30 AAMFZ00 DTN Ethanol Minn/StPaul MN Western Pet Unb DE141FN Notes: M1 = Current month; M2 = Next month; M+1 = Current month +
Brazil Cargo DTN Ethanol Omaha NE Flint Hills Unb DE185IF number of forward days (see methodology guide); M+2 = Current month
Ethanol FOB Santos (cents/gal) AATAE00 DTN Ethanol Omaha NE MinnIowa Unb DE185CW + number of forward days (see methodology guide); Y = Current year ;
Ethanol FOB Santos ($/cu m) AAWFO00 DTN Ethanol Omaha NE Sapp Bros Unb DE185EA Y-1 = Last year
Ethanol FOB Santos (Real/cu m) AAWFP00 DTN Ethanol Omaha NE Western Pet Unb DE185FN
Northwest Europe DTN Ethanol Sioux Falls SD Cenex Unb DE256FX
Ethanol T1 FOB Rdam ($/cu m) AAWUQ00 DTN Ethanol Sioux Falls SD Flint Hills Unb DE256IF
Interested to find out more about the Biofuelscan?
Ethanol T2 FOB Rdam (Eur/cu m) AAYDT00 DTN Ethanol Sioux Falls SD MinnIowa Unb DE256CW Check out our product page at:
Ethanol T2 FOB Rdam German Spec (Eur/cu m) AAVLD00 DTN Ethanol Sioux Falls SD Western Pet Unb DE256FN http://www.platts.com/Products/biofuelscan/Petrochemicals/ALL/NewsLetterReports
Ethanol T1 CIF NWE Cargo ($/cu m) AAYDS00
Asia Pacific ($/cu m)
Biodiesel description Oracle Codes
Bioethanol FOB Singapore AAWAD00
Bioethanol CIF Philippines AAWAA00 Northwest Europe ($/mt) [BIOFUELS ]
Bioethanol CIF Philippines H1 (M+1) AAWAB00 FAME -10 FOB ARA AAWGY00
Bioethanol CIF Philippines H2 (M+1) AAWAC00 FAME 0 FOB ARA AAXQL00
Bioethanol CIF Philippines H1 (M+2) AAWAE00 Soy Methyl Ester (SME) FOB ARA
Rapeseed Methyl Ester (RME) FOB ARA
AAUCB00
AAUCA00
BIOFUELSCAN
EU Renewable Energy Directive ($/mt)
ETBE description Oracle Codes FAME -10 FOB ARA AAWGH00
Volume 1 / Issue 126 / November 23, 2012

AssessmeNts
Northwest Europe FAME 0 FOB ARA AAWGI00 ethanol
2
2

ETBE FOB AR ($/mt) AASLQ00 Soy Methyl Ester (SME) FOB ARA AAWGJ00 etBe
Renewable Identification Number (RIN)
3
4

Rapeseed Methyl Ester (RME)FOB ARA AAWGK00 Biodiesel

ethANol
Asia ($/mt) United states
3
3
Northwest europe
Biodiesel FOB Southeast Asia AAVSV00 Asia
3

United States (cents/gal) etBe

Northwest europe
4

Biodiesel B99.9 SME Chicago AAURR00 BIodIesel

5
Biodiesel B99.9 SME Houston AAURS00 United states
Northwest europe
5
5
Asia

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