EUROPEAN MARKETSCAN

Volume 49 / Issue 149 / August 3, 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 454.50–455.00 454.750 +4.000 PAAAH00 462.25–462.75 462.500 +4.000 FOB NWE
Prem Unl 10ppm AAWZA00 552.50–553.00 552.750 +2.500 AAWZB00 558.25–558.75 558.500 +2.500 Gasoline AAKUV00 525.500 +8.500
Jet AAIDL00 514.00–514.50 514.250 +2.500 AAZBN00 524.00–524.50 524.250 +2.250 CIF West Africa
10ppm ULSD AAWYY00 493.75–494.25 494.000 +3.250 AAWYZ00 501.00–501.50 501.250 +3.000 Gasoline AGNWC00 541.000 +8.750
Gasoil 0.1% AAVJI00 470.50–471.00 470.750 +1.000 AAVJJ00 479.50–480.00 479.750 +1.000
Fuel Oil 1.0% PUAAK00 301.75–302.25 302.000 +3.000 PUAAJ00 308.50–309.00 308.750 +3.250
Fuel oil 3.5% PUAAZ00 296.75–297.25 297.000 +5.500 PUAAY00 303.75–304.25 304.000 +5.500
ICE futures
Straight run 0.5-0.7% AAJNT00 328.50–329.00 328.750 +3.250 Platts ICE 16:30 London assessments* (PGA page 703)
Northwest Europe cargoes (PGA page 1110) Low Sulfur Gasoil Brent
FOB NWE CIF NWE/Basis ARA Aug AARIN00 493.00 Oct AAYES00 52.83
Naphtha (Sep) PAAAJ00 463.00–463.50 463.250 +3.500 Sep AARIO00 492.00 Nov AAYET00 52.80
Naphtha PAAAL00 467.50–468.00 467.750 +3.750 Oct AARIP00 490.50 Dec AAXZY00 52.87
Gasoline 10ppm AAXFQ00 562.00–562.50 562.250 +2.250 Jan AAYAM00 52.95
Jet PJAAV00 516.75–517.25 517.000 +2.250 PJAAU00 525.50–526.00 525.750 +2.250 *Platts ICE assessments reflect the closing value of the ICE contracts at precisely
ULSD 10 ppm AAVBF00 486.75–487.25 487.000 +2.750 AAVBG00 495.75–496.25 496.000 +2.750 16:30 London time.
Diesel 10ppm NWE** AAWZD00 488.00–488.50 488.250 +2.750 AAWZC00 497.50–498.00 497.750 +2.750
Diesel 10 ppm UK AAVBH00 498.75–499.25 499.000 +2.750 ICE gasoil settlements (PGA page 702)
Gasoil 0.1% AAYWR00 463.00–463.50 463.250 +1.500 AAYWS00 475.75–476.25 476.000 +1.500
Low Sulfur Gasoil Low Sulfur Gasoil
Fuel oil 1.0% PUAAM00 299.50–300.00 299.750 +2.000 PUAAL00 305.75–306.25 306.000 +2.000
Aug AAQSG00 493.00 Nov AAQSJ00 486.75
Fuel oil 3.5% PUABB00 284.75–285.25 285.000 +5.000 PUABA00 293.50–294.00 293.750 +5.000
Sep AAQSH00 492.00 Dec AAQSK00 483.75
Straight run 0.5-0.7% PKABA00 342.00–343.00 342.500 +4.250
VGO 0.5-0.6% AAHMX00 373.25–374.25 373.750 +3.000 AAHMZ00 374.50–375.50 375.000 +3.000
Oct AAQSI00 490.50 Jan AAQSL00 483.50

VGO 2% max AAHNB00 364.25–365.25 364.750 +1.500 AAHND00 365.75–366.75 366.250 +1.750 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 463.50–464.00 463.750 +3.750 Jet crack swap ($)
Eurobob AAQZV00 547.00–547.50 547.250 +2.250 Aug PXAAJ00 488.00 Sep PXAAK00 486.25
98 RON gasoline 10 ppm AAKOD00 630.00–630.50 630.250 +2.250 14
Premium gasoline 10 ppm PGABM00 561.25–561.75 561.500 +6.500
Reformate AAXPM00 567.250 +2.250 NYMEX futures (16:30 London time)
Jet PJABA00 524.50–525.00 524.750 +3.000 NYMEX WTI (PGA page 703)
Diesel 10 ppm*** AAJUS00 492.75–493.25 493.000 +2.500
$/barrel $/barrel
Gasoil 50 ppm AAUQC00 487.50–488.00 487.750 +2.500
13 Sep AASCR00 49.85 Oct AASCS00 49.99
Gasoil 0.1%*** AAYWT00 476.25–476.75 476.500 +2.250
Fuel oil 1.0% PUAAP00 300.50–301.00 300.750 +5.000
Fuel oil 3.5% PUABC00 300.50–301.00 300.750 +5.000 NYMEX NY ULSD (PGA page 703)
Fuel Oil 3.5% 500 CST PUAGN00 296.00–296.50 296.250 +5.000 ¢/gal ¢/gal
Rotterdam bunker 380 CST PUAYW00 302.50–303.50 303.000 +2.000 Sep AASCT00 166.07 Oct AASCU00 166.42
VGO 0.5-0.6% AAHNF00 368.75–369.75 369.250 +3.000 12
VGO 2% max AAHNI00 359.75–360.75 360.250 +1.500 Oct Dec Feb Apr Jun Aug NYMEX RBOB (unleaded gasoline) (PGA page 703)
MTBE*** PHALA00 710.75–711.25 711.000
+10.750
¢/gal ¢/gal
*Naphtha FOB Med is basis East Med **Basis Le Havre ***FOB Amsterdam-Rotterdam-Antwerp Sep AASCV00 165.48 Oct AASCW00 155.47

www.platts.com oIL
EUROPEAN MARKETSCAN August 3, 2017
Market Update (PGA page 724)
Crude futures were firmer late in the European session
Thursday as the market shrugged off higher-than-
expected weekly US production data, with backwardation
at the front of the ICE Brent curve providing a talking
point. ICE October Brent was up 47 cents/b at $52.83/b at
4:30 pm London time (1530 GMT), while November Brent
was up 36 cents/b to $52.80/b. NYMEX September WTI
was 26 cents/b higher at $49.85/b. The front-month/
second-month ICE Brent spread has largely been in
contango since June 2014 bar some forays into
backwardation towards the end of a month as the prompt
contract nears expiration. A move into backwardation in
early August would, therefore, be more significant, and
could be seen as a sign of tightening fundamentals rather
than volatility in the spread driven by the prompt
contract’s expiry. Looking at NYMEX, front-month/second-
month spread has narrowed over the past month,
provoking speculation that the spread could soon flip into
backwardation for the first time since October 2014. A key
driver causing the term structure to strengthen has been
the steady drawdown in US crude stocks, with US Energy
Information Administration data showing declines for five
straight weeks. “From a crude oil perspective, inventories
are falling heavily on the back of strong refinery runs,
which remain near record levels, with refineries
demanding on average 17.2 million b/d in July,” TD
Securities said in a note. EIA data released Wednesday put
US crude inventories at 481.888 million barrels, the lowest
since the last week of 2016. A narrower contango has
already removed the financial incentive for traders to
store barrels, a likely factor contributing to the drawdown
of Cushing, Oklahoma, stocks. Inventories at Cushing, the
delivery point for the NYMEX crude futures contract, have
fallen for 11 straight weeks and a total of 10.5 million
barrels to 55.8 million barrels, the lowest since November
2015. The term structure is also significant for traders
holding long positions in crude futures for whom the
rollover from the nearby contract to the more expensive
distant contract erodes returns.
© 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 382.657 ABWHD00 389.179
Prem Unl 10ppm ABWGV00 465.121 ABWGU00 469.960
Jet ABWGZ00 432.725 AAZBO00 441.139
10ppm ULSD ABWHM00 415.685 ABWHH00 421.786
Gasoil 0.1% ABWGQ00 396.121 ABWGO00 403.694
Fuel Oil 1.0% ABWGH00 254.123 ABWGF00 259.803
Fuel oil 3.5% ABWGM00 249.916 ABWGK00 255.806
*Naphtha FOB Med is basis East Med
Northwest Europe cargoes (PGA page 1116)
FOB NWE CIF NWE/
Basis ARA
Naphtha AAQCE00 393.596
Gasoline 10ppm ABWGS00 473.115
Jet ABWHB00 435.039 AAQCF00 442.402
ULSD 10 ppm ABWHO00 410.847 ABWHI00 418.840
Diesel 10ppm NWE ABWHP00 409.795 ABWHK00 417.368
Diesel 10 ppm UK ABWHJ00 419.892
Gasoil 0.1% ABWGR00 389.810 ABWGP00 400.539
Fuel oil 1.0% AAQCG00 252.230 ABWGG00 257.489
Fuel oil 3.5% ABWGN00 239.818 ABWGL00 247.181
Straight run 0.5-0.7% ABWHG00 288.203
West Africa cargoes (PGA page 1116)
FOB NWE CIF WAF
Gasoline AGNWA00 442.191 AANWC00 455.234
Foreign exchange rates (PGA page 1151)
August 3, 2017 London 16:30
Dollar/Swiss franc BCADC00 0.9685
GB pound/Dollar BCADB00 1.3144
Dollar/Yen BCACW00 110.1100
Euro/Dollar BCADD00 1.1884
Dollar/Ruble AAUJO00 60.1700
Gasoline
Market analysis: (PGA page 1399) Prompt tightness
continued to characterize the Mediterranean gasoline
market with no prompt cargo of EN228 gasoline
seemingly available before at least August 20. However,
supply remained healthy in Northwest Europe amid a
lackluster pull from the US and slower demand into West
2
Northwest Europe barges (PGA page 1118)
FOB Rotterdam
Naphtha ABWHF00 390.231
Eurobob ABWGT00 460.493
98 RON gasoline 10 ppm ABWGX00 530.335
Premium gasoline 10 ppm AAQCH00 472.484
Reformate AAXPN00 477.322
Jet ABWHC00 441.560
Diesel 10 ppm* AAQCI00 414.843
Gasoil 50 ppm AAUQF00 410.426
Gasoil 0.1%* AAYWY00 400.959
Fuel oil 1.0% ABWGI00 253.071
Fuel oil 3.5% AAQCK00 253.071
Fuel Oil 3.5% 500 CST PUAGO00 249.285
Rotterdam bunker 380 CST AAUHE00 254.965
*FOB Amsterdam-Rotterdam-Antwerp
New York Harbor cargoes 16:30 London (PGA pages 1350 & 1450)
FOB NY Harbor(€ cent/gal)
Unleaded 87 AAPYV00 140.72
Unleaded 89 AAPYW00 144.59
Unleaded 93 AAPYX00 150.40
Euro/US$ forex rate: 1.1884. 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 ($/mt) (PGT page 1918)
Rotterdam — Rotterdam TCAEI00 2.75
Rotterdam — Flushing TCAEJ00 4.40
Rotterdam — Ghent TCAEK00 4.65
Rotterdam — Antwerp TCAEL00 3.90
Germany ($/mt) (PGT page 1918)
Rotterdam — Duisburg TCAEM00 8.60
Rotterdam — Cologne TCAEN00 10.10
Rotterdam — Karlsruhe TCAEO00 20.80
Antwerp — Duisburg TCAEP00 9.20
Switzerland ($/mt) (PGT page 1918)
Rotterdam — Basel TCAEQ00 24.25
Africa. “The arb to the US should be open on paper, but
you had a build on the US east coast,” a market
participant said. “The [cargo] market is quiet with people
who have multiple cargoes juggling them around rather
than traders looking to cover shorts...Europe is just
feeding Mexico and the south [of America] and WAF still
got excess supply offshore,” he said. Gasoline stocks in
the Amsterdam-Rotterdam-Antwerp hub rose by 52,000
EUROPEAN MARKETSCAN August 3, 2017
mt, or 6%, to 916,000 mt in the week to Thursday, PJK
International data showed. Compared with the same
period a year ago, gasoline ARA inventories were 21%
lower. That may come as a surprise, since Europe’s
largest refinery has been offline this week. Shell’s
404,000 b/d Pernis refinery in the Netherlands has been
out of order after a fire at a power station unit. Operations
were not expected to restart before the second half of
August at the earliest. While the temporary shutdown of
Pernis supported the gasoline paper market, no
significant impact has been reported on the physical
market in Northwest Europe. In the paper market, the
September Eurobob gasoline crack swap was down 10
cents/b at the close amid higher crude futures, while the
August/September Eurobob gasoline backwardation
widened to $5.25/mt from $5/mt and the September/
October backwardation was unchanged at $33/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 — was
unchanged at minus $4.50/mt, while the August/
September FOB Mediterranean cargo swap
backwardation increased to $14.50/mt from $10.50/mt. In
the physical market, a few prompt Eurobob barges were
heard trading at a $4.50-$7.00/mt premium to the
September Eurobob swap in ARA. One Eurobob barge
loading August 11-15 in the area was sold around flat to
the September Eurobob swap. The Mediterranean
physical market strengthened with a EN228 gasoline
cargo bid up to a $10/mt premium over the August
Mediterranean cargo swap for loading mid-August,
slightly higher than Wednesday.
Gasoline Prem Unleaded 10ppmS FOB Rdam Barge
assessment rationale: (PGA page 1383) FOB AR 10 ppm
premium unleaded gasoline barges were assessed at a
$14.25/mt premium over physical Eurobob gasoline barges,
up from a $10/mt premium, factoring in a trade on a bid for
midwindow dates at $561.50/mt in the Platts Market on
Close assessment process.
The above commentary applies to the market data code: PGABM00
© 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 3, 2017
Gasoline Eurobob FOB ARA Barge assessment rationale:
(PGA page 1383) Eurobob gasoline barges were assessed at
parity with the September Eurobob gasoline swap, down
from a $1/mt premium, factoring in an outstanding bid for
midwindow dates at $547/mt in the Platts Market on Close
assessment process.
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
Gasoline Prem Unleaded 10ppmS FOB Med Cargo
assessment rationale: (PGA page 1389) The FOB
Mediterranean gasoline cargo assessment was derived
using the following inputs: August 15 was assessed at
$557.22/mt, factoring in an outstanding bid for a 27,000 mt
cargo for August 13-17 loading in the Platts Market on Close
assessment process. August 26 was assessed at $548.31/
mt, factoring in an outstanding offer for a 25,000 mt cargo
for August 24-28 loading in the Platts MOC. An 81 cents/day
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,
$561.50/mt for 1kt MW.
© 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 3, 2017
■■Gasoline Eurobob Barges: 1) Gunvor-Varo, $547/mt for 1kt
MW.
■■Gasoline Barges: OUTSTANDING INTEREST:
■■Gasoline Premium Unleaded 10ppm Barges:
■■Bids: None.
■■Offers: STR $562/mt for 1kt MW.
■■Gasoline Eurobob Barges:
■■Bids: Varo $547/mt for 1kt MW.
■■Offers: None.
Gasoline Barge exclusions: (PGA page 1384) No market data
was excluded from the August 3 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: BIDS: 1)Totsa bids Platts Prem Unl FOB Med
Crg FOB bss Aspropyrgos 10-25, Aug 13- Aug 17 100%
Flat Price $558/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) Totsa bids Platts Prem Unl FOB Med Crg FOB bss Santa
Panagia Bay 10-25, Aug 19- Aug 23 100% Flat Price $552/
mt for 27,000mt. 0-6 kt at Platts Fob Med Mean Prem Unl
10 ppm plus $3.50/mt (pricing 3 after where BL = 0), of
EN228, EU qualified, REACH compliant, 95/85 Ron/MON
min, 10 ppm S max, 60 kpa max, 0.755 esc/desc, 27-33 kt
at buyer’s option, loading Fob basis one safe port/berth
Aspropyrgos. C/P freight to be adjusted by applicable
freight differential if alternative loadport.
■■OFFERS: 1) Gunvor offers Platts Prem Unl FOB Med Crg
FOB bss Rijeka 10-25, Aug 24- Aug 28 100% Flat Price
$549/mt for 25,000mt.; Optol: 0-5 kt at Platts Fob Med
© 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
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
5
EUROPEAN MARKETSCAN August 3, 2017

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 3 assessment process.
Naphtha
Market analysis: (PGA page 1398) The Northwest European
naphtha complex remained tight but showed more
balance Thursday as supply became more readily available
on spot. However, demand from end-users to crack
naphtha instead of alternative feedstocks continued to be
firm amid relatively high LPG prices. Supply of open
specification naphtha has become more apparent on the
spot market after some recent difficulty finding it,
according to sources. “Things looked expensive. There is
open spec buying around...some is on offer,” a source
said. Offers have been heard in the Baltic, Mediterranean
and Northwest Europe, according to sources. The market
is “fundamentally tight...despite balancing a bit more,” the
first source said. Nonetheless, demand has continued to
remain firm, principally driven by petrochemical end-
users. “It feels like there are a few cargoes around but
SUBSCRIBER NOTES (continued) (PGA page 1500)
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.
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
(continued on page 9)

EUROPEAN MARKETSCAN
Volume 49 / Issue 149 / August 3, 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 3, 2017
demand [from petchems] is definitely still there for H2
August,” a second source said. Some end-users were
heard buying spot due to the strength in LPG, according to
sources. “Propane is extremely strong at the moment,” a
third source said. “[That] should be encouraging
feedstock switching,” by petrochemical buyers, the source
said. The first source said: “End-users are buying spot
because of the LPG replacement for sure.” Premiums for
open spec were heard around $2/mt. However, some
sources still remained dubious as to whether recent
strength would continue to hold, especially in the paper
market. “If you look at paper, the market is strong. But if
you look at physical, not much is happening,” a trader
said. Gasoline demand was said to have slowed but the
arbitrage route to the US for gasoline blending showed
signs of life. “There seems to have been a bit of a
slowdown, probably driven by the higher flat price, which
is not helping the [West African] independent market.
However, the US is pulling again but on selective grades,”
the forth source said. Light virgin naphtha premiums were
around high single to low-double digits, depending on the
grade. Meanwhile, the Maersk Trieste was said to be on
subjects to load a 37,000 mt naphtha cargo around
August 5 from the Mediterranean to the US Atlantic Coast.
In the paper market, the August CIF NWE naphtha crack
swap fell to minus 50 cents/b from minus 10 cents/mt.
The September CIF NWE naphtha crack fell 10 cents/b to
minus 75 cents/b. The August/September naphtha
backwardation narrowed $1.50/mt to $2.50/mt. The
September naphtha east/west spread — the premium of
CFR Japan naphtha cargo swaps over the CIF NWE
naphtha cargo swap — widened $1.50/mt to $10.00/mt.
Naphtha CIF NWE Cargo assessment rationale: (PGA page
1386) The CIF NWE naphtha cargo assessment was derived
using the following inputs: August 16 was assessed at
$468.25/mt, factoring in an outstanding bid for a 12,500mt
cargo for August 14-18 delivery in the Platts Market on Close
assessment process. August 17 was assessed at $468/mt,
factoring in a trade on an offer for a 12,500 mt cargo for
(continued on page 9)
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
Asia products
Code Mid Change Code Mid Change
Singapore (PGA page 2002)
FOB Singpore ($/barrel)
Naphtha PAAAP00 50.57–50.61 50.590 +0.610
Gasoline 92 unleaded PGAEY00 63.40–63.44 63.420 +0.200
Gasoline 95 unleaded PGAEZ00 66.23–66.27 66.250 +0.420
Gasoline 97 unleaded PGAMS00 67.31–67.35 67.330 +0.460
Kerosene PJABF00 63.92–63.96 63.940 +0.660
Gasoil 0.05% sulfur AAFEX00 64.67–64.71 64.690 +0.390
Gasoil 0.25% sulfur AACUE00 63.45–63.49 63.470 +0.300
Gasoil POABC00 64.67–64.71 64.690 +0.390
Fuel oil 180 CST 2% ($/mt) PUAXS00 314.00–314.04 314.020 +1.960
HSFO 180 CST ($/mt) PUADV00 307.09–307.13 307.110 +1.920
HSFO 380 CST ($/mt) PPXDK00 303.68–303.72 303.700 +3.370
Indonesia (PGA page 2516)
FOB Indonesia ($/barrel)
LSWR Mixed/Cracked PPAPU00 50.87–50.91 50.890 +0.440
Gasoline components (PBF page 2010)
FOB Singapore ($/mt)
MTBE PHALF00 643.00–645.00 644.000 +2.000
Singapore Swaps (PPA page 2654)
September ($/barrel) October ($/barrel)
Naphtha Japan ($/mt) AAXFE00 467.75–468.25 468.000 +6.000 AAXFF00 466.75–467.25 467.000
+5.750
Naphtha PAAAQ00 50.18–50.22 50.200 +0.600 PAAAR00 50.08–50.12 50.100 +0.600
Gasoline 92 unleaded AAXEL00 62.23–62.27 62.250 +0.320 AAXEM00 61.38–61.42 61.400 +0.330
Reforming Spread AAXEO00 12.03/12.07 12.050 -0.280 AAXEP00 11.28/11.32 11.300 -0.270
Kerosene PJABS00 64.08–64.12 64.100 +0.690 PJABT00 64.10–64.14 64.120 +0.660
Gasoil POAFC00 64.41–64.45 64.430 +0.510 POAFG00 64.24–64.28 64.260 +0.570
HSFO 180 CST ($/mt) PUAXZ00 309.93–309.97 309.950 +2.900 PUAYF00 310.43–310.47 310.450
+3.400
Middle East (PGA page 2004)
FOB Arab Gulf ($/barrel)
Naphtha ($/mt) PAAAA00 443.79–445.79 444.790 +4.800
Naphtha LR2 ($/mt) AAIDA00 445.69–447.69 446.690 +4.820
Kerosene PJAAA00 62.32–62.36 62.340 +0.630
Gasoil 10 ppm AAIDT00 63.77–63.81 63.79 +0.310
Gasoil 0.005% sulfur AASGJ00 63.67–63.71 63.690 +0.310
Gasoil 0.05% sulfur AAFEZ00 62.97–63.01 62.990 +0.360
Gasoil 0.25% sulfur AACUA00 62.32–62.36 62.340 +0.310
Gasoil POAAT00 62.97–63.01 62.990 +0.360
HSFO 180 CST ($/mt) PUABE00 299.57–299.61 299.590 +2.380
Japan (PGA page 2006)
C+F Japan ($/mt) Premium/Discount
Naphtha PAAAD00 466.75–468.75 467.750 +5.250
Naphtha MOPJ Strip AAXFH00 466.75–467.25 467.000 +5.750 AAXFI00 0.50/1.00 0.750
-0.500
Naphtha 2nd 1/2 Sep PAAAE00 468.75–469.25 469.000 +5.500
Naphtha 1st 1/2 Oct PAAAF00 468.25–468.75 468.500 +5.500
Naphtha 2nd 1/2 Oct PAAAG00 466.75–467.25 467.000 +5.000
Gasoline unleaded ($/barrel) PGACW00 64.97–65.01 64.990 +0.190
Kerosene ($/barrel) PJAAN00 64.70–64.74 64.720 +0.660
Gasoil ($/barrel) POABF00 67.08–67.12 67.100 +0.380
HSFO 180 CST PUACJ00 314.57–314.61 314.590 +1.780
7
EUROPEAN MARKETSCAN August 3, 2017

US Products: August 2, 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 166.18–166.28 166.230 -1.850 AAMHGRV 9.0
Unleaded-89 0.3% AAMIW00 170.78–170.88 170.830 -1.850 AAMIWRV 9.0
Unleaded-93 0.3% AAMIZ00 177.68–177.78 177.730 -1.850 AAMIZRV 9.0

$/barrel 1% strip NYH cargo vs 1% strip
No. 6 0.3% HP PUAAE00 52.79–52.81 52.800 +0.390 AAUGA00 5.77/5.79 5.780 0.000
No. 6 0.3% LP PUAAB00 52.79–52.81 52.800 +0.390 AAUGB00 5.77/5.79 5.780 0.000
No. 6 0.7% PUAAH00 49.04–49.06 49.050 +0.390 AAUGC00 2.02/2.04 2.030 0.000
No. 6 1.0%** PUAAO00 47.79–47.81 47.800 +0.390 AAUGG00 47.01–47.03 47.020 +0.390 AAUGD00 0.77/0.79 0.780 0.000
No. 6 2.2% PUAAU00 47.30–47.32 47.310 +0.310 AAUGE00 0.28/0.30 0.290 -0.080
No. 6 3.0% PUAAX00 46.97–46.99 46.980 +0.250 AAUGF00 -0.05/-0.03 -0.040 -0.140

Residual swaps ($/barrel)
No. 6 1.0% paper Bal M AARZS00 47.04–47.06 47.050 +0.400
No. 6 1.0% paper 1st month PUAXD00 46.65–46.75 46.700 +0.300
No. 6 1.0% paper 2nd month PUAXF00 46.55–46.65 46.600 +0.250
No. 6 1.0% paper next quarter PUAXG00 46.52–46.62 46.570 +0.270
Boston cargoes (PGA pages 152)

$/barrel
No. 6 2.2% ($/barrel) PUAWN00 48.15–48.17 48.160 +0.310
NY/Boston numbers include duty. **This assessment reflects 150 max al+si
FOB Gulf Coast (PGA page 156 & 338)

¢/gal RVP
Unleaded 87 PGACT00 163.33–163.43 163.380 -0.250 PGACTRV 9.0
Unleaded 89 PGAAY00 169.93–170.03 169.980 -0.490 PGAAYRV 9.0
Unleaded 93 PGAJB00 179.83–179.93 179.880 -0.850 PGAJBRV 9.0
MTBE PHAKX00 200.95–201.05 201.000 +3.750
Alkylate* AAFIE00 11.00/11.10 11.050 -0.700
Jet 54 PJABM00 158.33–158.43 158.380 +1.500
Jet 55 PJABN00 158.83–158.93 158.880 +1.500
ULS Kero AAVTK00 164.83–164.93 164.880 +1.500
No. 2 POAEE00 147.58–147.68 147.630 +1.500

Cargo (¢/gal) Cargo ($/mt)
FOB Naphtha AAXJP00 129.330
-0.800 AAXJU00 452.680
-2.800
Export ULSD AAXRV00 155.320
+1.980 AAXRW00 485.990
+6.190
*Premium to US Gulf Coast pipeline gasoline

$/barrel USGC HSFO strip vs 1% strip
Slurry Oil PPAPW00 47.84–47.86 47.850 +0.340 AAUGS00 1.95/1.97 1.960 +0.100
No. 6 1.0% 6 API PUAAI00 47.44–47.46 47.450 +0.340 AAUGT00 1.55/1.57 1.560 +0.100
USGC HSFO PUAFZ00 45.84–45.86 45.850 +0.340 AAUGW00 45.88–45.90 45.890 +0.240 AAUGU00 -0.05/-0.03 -0.040 +0.100
RMG 380 PUBDM00 45.84–45.86 45.850 +0.340 AAUGV00 -0.05/-0.03 -0.040 +0.100

Residual swaps ($/barrel)
USGC HSFO swap M1(Sep) PUAXJ00 45.45–45.55 45.500 +0.300
USGC HSFO swap M2(Oct) PUAXL00 45.30–45.40 45.350 +0.350
USGC HSFO swap Q1( Q4 17) PUAXN00 45.15–45.25 45.200 +0.370

© 2017 S&P Global Platts, a division of S&P Global. All rights reserved. 8
EUROPEAN MARKETSCAN August 3, 2017

August 15-19 delivery. An 8 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
SUBSCRIBER NOTES (continued) (PGA page 1500)
europe_products@platts.com and pricegroup@platts.com. For written comments, please provide a clear indication if comments are not
intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as
confidential available upon request.
Platts corrects Jul 20 FOB, CIF Med HSFO cargo prices
Please note that Platts has corrected the Mediterranean high sulfur fuel oil cargo assessments for July 20. The assessments should read
as follows: CIF Med HSFO cargoes: $291.00-$291.50/mt. FOB Med HSFO cargoes: $284.25-$284.75/mt. These assessments were published
under codes PUAAY00 and PUAAZ00 respectively on the relevant wire services, and appeared in European Marketscan. These
assessments appear in Platts European Marketscan, APAG scan, Oilgram Price Report, and impact the following pages: MH0031 , MH0039,
MH0108, MH0108, MH0117, MH1114, MH1120, MH1520, MH1522, MH1540, MH1890.

Naphtha Cargo bids/offers/trades: (PGA page 1387)
■■NAPHTHA CARGO CIF NWE MOC deals: 1) TRAFI - BP, CIF
NWE Naphtha Cargo
■■12,500mt +/- 10%, at $468/mt for August 15 to August 19
delivery, TQC:-;
■■NAPHTHA MOC: OUTSTANDING INTEREST:
■■BIDS:
■■1) VILMA Bid CIF NWE Naphtha Cargo 12,500mt +/- 10%, at
$468/mt for August 14 to August 18 delivery, TQC:-;
■■2) GLENCORE Bid CIF NWE Naphtha Cargo 12,500mt +/-
10%, at $466/mt for August 16 to August 20 delivery,
TQC: Indic 1;
■■3) STASCO Bid CIF NWE Naphtha Cargo 12,500mt +/-
10%, at $466/mt for August 18 to August 22 delivery,
TQC: Indic 1;
■■4) BP Bid CIF NWE Naphtha Cargo 12,500mt +/- 10%, at
$466/mt for August 18 to August 22 delivery, TQC: Indic 1;
■■5) LITASCO Bid CIF NWE Naphtha Cargo 12,500mt +/- 10%,
at $466/mt for August 19 to August 23 delivery, TQC:-;.
PLATTS OIL IS ON LINKEDIN
Follow Platts OIL to get the latest industry
news and exclusive content
www.linkedin.com/company/platts-oil
■■OFFERS:
■■1) GUNVOR Offer CIF NWE Naphtha Cargo min 24,000mt,
at $471/mt for August 17 to August 21 delivery, TQC: Optol
CIF + $4/mt;.
Naphtha Cargo exclusions: (PGA page 1387) No market data
was excluded from the August 3 assessment process.
Jet
Market analysis: (PGA page 1497) The Northwest European
jet fuel market saw falls on paper throughout Thursday’s
session as the region geared up for higher arrivals in
August. Inflows were estimated at just over 1.8 million mt,
according to cFlow, S&P Global Platts trade flow software.
Arrivals in July were around 1.2 million mt, according to
cFlow. Following a spike in prices at the start of the week
after news of the outage at Shell’s Pernis refinery in
Rotterdam, values came off but remained relatively well
supported as buying interest persisted in both the barge
and cargo markets. By Thursday, barges saw a resurgence,
narrowing their relationship to cargoes to $1/mt. During the
Platts Market on Close assessment process, buying interest
from Shell saw the physical barge shift upwards to a $31.75/
mt spread to the front-month ICE LSGO futures contract, up
25 cents/mt day on day. With buying interest reawakening
this week, stocks fell. Jet fuel and kerosene stocks in the
Amsterdam-Rotterdam-Antwerp and Ghent trading hub
decreased 3.1% to 564,000 mt in the week to Thursday,
data from PJK International showed, which was the lowest
level since January 19.
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 10 was assessed above a bid for a
barge loading August 8-12, valued at an equivalent August
ICE LSGO futures contract plus $31.58/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
using Wednesday’s relationship between the physical and
swaps curves. The relationship was assessed Thursday at
plus 97 cents/mt.
The above commentary applies to the market data code: PJAAU00
Jet FOB Med Cargo assessment rationale: (PGA page 1492)
The FOB Mediterranean jet cargo assessment was derived
as a freight netback to the CIF Northwest Europe jet cargo
assessment, using the following calculation: CIF NWE jet
cargo assessment minus the cost of transporting a 27,500

© 2017 S&P Global Platts, a division of S&P Global. All rights reserved. 9
EUROPEAN MARKETSCAN August 3, 2017
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:
Mabanaft wants CCMA Offers 1) Aug + 33 USD/MT, ARA,
08/08 - 12/08 , 3KT.
■■JET: BARGE: MOC SUMMARY: Shell bid 1) 2-5kt FARAG
08/08-12/08 loading / pxg BL+5 (BL=0) @ PBH plus 1.50
USD/t; LITASCO bid 1) 3-4kt Rotterdam/Amsterdam 11
-15/8 @ Aug+32; CCMA reoffers 1) Aug + 33 USD/MT, ARA,
08/08 - 12/08 , 2-3KT.
Jet Barge exclusions: (PGA page 1490) No market data was
excluded from the August 03 assessment process.
Jet Cargo bids/offers/trades: (PGA page 1493)
■■JET FUEL: NWE CARGO DEAL SUMMARY: None.
■■JET FUEL: NWE CARGO OUSTANDING INTEREST: OFFERS:
None.
■■BIDS: BP bids Platts NWE Jet Crg - CIF bss Le Havre CIM -
10-25, Main: 27 kt, 17/8 - 22/8 (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 $27.00; BP bids Platts NWE Jet Crg
- CIF bss Rotterdam - 10-25, Main: 27 kt, 13/8 - 18/8 (wide
laycan), Indication number: 1 Laycan: seller to declare a 5
day window at the time of the trade Main volume pricing:
27kt pricing Full EFP Aug 17 Optol: 0-6kt FULL EFP Aug 17,
premium in line with last differential indication Terminal/
jetty: Rotts Spec: Jet A1 DEFSTAN 91-91, meeting JFSCL
latest issue (current at bill of lading) with possible
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
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 $27.00.
Jet Cargo exclusions: (PGA page 1493) No market data was
excluded from the August 03 assessment process.
Jet Index (PGA page 115)
August 2, 2017 Index $/mt
Europe & CIS PJECI00 178.69 PJECI09 522.63
MidEast & Africa PJMEA00 189.20 PJMEA09 499.87
Global PJGLO00 180.66 PJGLO09 521.07
Gasoil
Market analysis: (PGA page 1499) Ghana reconfirmed its
status as a 50 ppm market for both gasoil and gasoline
Thursday, after a false start in lowering its sulfur caps on
July 1. The sulfur limit on gasoil imports was reduced to 50
ppm as of August 1, down from 0.3% (3,000 ppm), while for
gasoline the cap has been reduced from 1,000 ppm, the
NPA said. “We can also confirm that some of Ghana’s Bulk
Distributing Companies [local suppliers] have supplied
gasoil reflecting the new specifications unto the local
market,” Clara Barnes, an official at the NPA, said. Local
suppliers have been granted a three-month waiver period
to sell existing stocks of non-compliant high sulfur gasoil
and gasoline. Local media reported distribution companies
were distributing products meeting the new sulfur
specifications. However, there has been no confirmation of
50 ppm sulfur sales directly into Ghanaian shorts by
offshore West African suppliers. A 38,000 mt ultra low
sulfur diesel cargo that loaded in the US Gulf Coast and
headed to the West African gasoil hub aboard the BW Tiger
in time for Ghana’s sulfur shift has been diverted to Cape
Town, South Africa, according to cFlow, S&P Global Platts
trade flow software. Meanwhile, flows of high sulfur gasoil
to Argentina from Northwest Europe were said to be lower.
While this particular flow has contracted somewhat, trading
sources on both sides of the Atlantic noted the increased
10
flow to Northwest Europe from the US. Around 3-4 cargoes
of high sulfur gasoil were said to be arriving in Northwest
Europe in the first half of August.
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 10 was assessed at a discount of $16.25/mt to the
front-month ICE low sulfur gasoil futures contract, 25
cents/mt below a competitive offer live at the close. A
backwardation structure of around 4 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
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
EUROPEAN MARKETSCAN August 3, 2017
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 assessed in line with the following
inputs from the Platts Market on Close assessment
process: August 15 was assessed at a discount of $13.00/
mt to the front-month ICE low sulfur gasoil futures
contract, 25 cents/mt below a competitive offer live at the
close. A backwardation structure of around 4 cents/mt, as
implied by the swaps structure, was applied across the
assessment curve.
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: 1 trades reported:
■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA BE done
$-17.00 for 1.7 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;
■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA FE BP Offer
$-16.00 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:
■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA BE VITOL Bid
$-18.00 for 3;
■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA MW VITOL Bid
$-18.00 for 3;
Gasoil 0.1% Barge exclusions: (PGA page 1428) No market
data was excluded from the August 03 assessment process.
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
Gasoil Barge 50ppm bids/offers/trades: (PGA page 1409)
■■~~Platts Gasoil 50ppm Brg:?MOC summary: 0 trades
reported:
■■GASOIL 50ppm BARGE OUTSTANDING INTEREST: OFFERS:
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA BE VITOL
Offer $-2.50 for 3;
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA FE
BELGOM Offer $-5.00 for 3;
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA FE VITOL
Offer $-2.50 for 3;
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA MW
BELGOM Offer $-4.50 for 3;
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA MW VITOL
Offer $-2.50 for 3;
■■GASOIL 50ppm BARGE OUTSTANDING INTEREST: BIDS:
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA BE
CHEVRONBV Bid $-6.00 for 3;
Gasoil Barge 50ppm exclusions: (PGA page 1409) No market
data was excluded from the Aug 03 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 03 assessment
process.
Gasoil Mediterranean bids/offers/trades: (PGA page 1393)
■■GASOIL: MED CARGO DEAL SUMMARY:
■■None.
■■GASOIL: MED CARGO OUSTANDING INTEREST:
■■OFFERS
■■Gunvor offers Platts Med 0.1% Gasoil Crg - CIF bss Genoa
- 10-25, Main: 27 kt, 13/8 - 17/8, Indication Number: 1
Optol: 0-6kt as per last EFP indication Spec: Spanish
Summer spec B&C CP: euromed neobig (excl yugo/
11
former yugo/albania/syria but including croatia/
slovania)+Tunisia+Egypt med +algeria+SOM+Turkey,
other cp options available/obtainable at cost Vessel: MT
ATRIA GT&C’s: BP 2015 , 100% of main volume at EFP ICE
LS GO Month Aug $-13.00;
■■BIDS: None.
Gasoil Mediterranean exclusions: (PGA page 1393) No
market data was excluded from the August 03 assessment
process.
Diesel
Market analysis: (PGA page 1498) The recent fall in the
European diesel values was attributed by some Thursday to
backwardation on ICE gasoil futures rather than necessarily
being indicative of a wholly weaker market. Indeed it was
rather counter-intuitive given the news reverberating
across the Northwest European market, with Pernis halted
and September seeing the start of further maintenance in
ARA. All of that meant that diesel in ARA was becoming
increasingly expensive, according to sources, because of
the dent in production. “There is a huge amount of
production out of ARA that is missing,” a source said. With
the Mediterranean the main point of demand in the region,
arbitrage cargoes from the east and the US, which were not
necessarily plentiful as they might be, were going to try and
capture the best price, which was in Mediterranean. How
long that lasts will depend on how much the diversions
pressure the CIF market. In other news, Primorsk volumes
in August will be a touch higher at 1.24 million mt, but many
of the clips are being merged onto Long Range tankers. At
least five clips this month will be in excess of 90,000 mt,
with the likely destination being the ARA barge market.
While the market could use the product given the refinery
outages, there was strong selling pressure as might be
expected given the current backwardation, which is
capping the differential. The selling pressure meant that
rather than building stocks ahead of a period of
maintenance, the market was drawing, which will likely
encourage the backwardation for the next few weeks if not
EUROPEAN MARKETSCAN August 3, 2017
months. Stocks of diesel and gasoil in ARA and Ghent
decreased 3.6% to 2.715 million mt in the week to Thursday,
PJK International data showed.
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 flat 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 flat to front-month ICE low sulfur gasoil futures, in
between a competitive bid and offer live at the close. The
back-end laycan was assessed at flat to the front-month
ICE low sulfur gasoil futures, in between a bid and offer live
at the close. A flat structure was applied across the
assessment curve.
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
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
Deals Summary
HSFO barge trades (PGA page 1593)
■■FE: STR sold to VITOL* 2kt 301/mt 15:28:33
■■FE: STR sold to VITOL* 2kt 301/mt 15:28:45
■■FE: TOTSA sold to VITOL* 2kt 301/mt 15:28:57
■■FE: TOTSA sold to VITOL* 2kt 301/mt 15:29:09
■■FE: TOTSA sold to GUNVORSA* 2kt 301.25/mt 15:29:14
■■FE: TOTSA sold to VITOL* 2kt 301/mt 15:29:19
■■FE: TOTSA* sold to AEGEAN 2kt 301.50/mt 15:29:22
■■FE: STR* sold to AEGEAN 2kt 301.50/mt 15:29:24
■■FE: TOTSA* sold to GUNVORSA 2kt 301.50/mt 15:29:32
■■FE: TRAFI sold to AEGEAN* 8kt 300.50/mt 15:29:32
■■FE: TRAFI* sold to VITOL 2kt 301.25/mt 15:29:40
■■FE: STR sold to VITOL* 2kt 301/mt 15:29:43
■■FE: STR sold to VITOL* 2kt 301/mt 15:29:56
■■MW: TRAFI sold to VITOL* 2kt 300.50/mt 15:29:27
■■MW: TRAFI sold to GUNVORSA* 2kt 300.75/mt 15:29:52
■■MW: LITASCO sold to GUNVORSA* 2kt 300.75/mt 15:30:06
■■BE: BPBV sold to VITOL* 2kt 300/mt 15:29:08
* Denotes market maker. All times GMT
HSFO barge bids (PGA page 1595)
■■FE: LITASCO SA bids 2kt 299.50/mt
■■FE: VITOL SA bids 2kt 299/mt
■■FE: LITASCO SA bids 2kt 298.50/mt
■■FE: VITOL SA bids 2kt 298/mt
■■FE: GUNVOR SA bids 2kt 298/mt
■■FE: PENINSULA PETROLEUM LTD bids 2kt 297/mt
■■FE: VITOL SA bids 2kt 296/mt
■■FE: BP EUROPA SE - BP NEDERLAND bids 2kt 296/mt
■■MW: VITOL SA bids 2kt 300.75/mt
■■MW: GUNVOR SA bids 2kt 300.75/mt
■■MW: LITASCO SA bids 2kt 299.50/mt
■■MW: VITOL SA bids 2kt 299/mt
■■MW: LITASCO SA bids 2kt 298.50/mt
■■MW: GUNVOR SA bids 2kt 298/mt
■■MW: VITOL SA bids 2kt 298/mt
■■MW: PENINSULA PETROLEUM LTD bids 2kt 297/mt
■■MW: VITOL SA bids 2kt 296/mt
■■MW: BP EUROPA SE - BP NEDERLAND bids 2kt 296/mt
■■BE: VITOL SA bids 2kt 300.50/mt
■■BE: LITASCO SA bids 2kt 299.50/mt
■■BE: VITOL SA bids 2kt 299/mt
■■BE: LITASCO SA bids 2kt 298.50/mt
■■BE: VITOL SA bids 2kt 298/mt
■■BE: PENINSULA PETROLEUM LTD bids 2kt 297/mt
12
■■BE: GUNVOR SA bids 2kt 296/mt
■■BE: BP EUROPA SE - BP NEDERLAND bids 2kt 296/mt
■■BE: VITOL SA bids 2kt 296/mt
Withdrawals
■■FE: GUNVOR SA no longer bids 2kt 301.25/mt
■■FE: VITOL SA no longer bids 2kt 301/mt
■■FE: VITOL SA no longer bids 2kt 301/mt
■■FE: VITOL SA no longer bids 2kt 301/mt
■■FE: VITOL SA no longer bids 2kt 301/mt
■■FE: VITOL SA no longer bids 2kt 301/mt
■■FE: VITOL SA no longer bids 2kt 301/mt
■■FE: VITOL SA no longer bids 2kt 301/mt
■■FE: AEGEAN NWE NV. no longer bids 8kt 300.50/mt
■■FE: LITASCO SA no longer bids 2kt 297.50/mt
■■FE: V MARINE FUELS B.V. no longer bids 2kt 294/mt
■■FE: SHELL TRADING ROTTERDAM B.V. no longer bids 2kt 294/mt
■■MW: GUNVOR SA no longer bids 2kt 300.75/mt
■■MW: VITOL SA no longer bids 2kt 300.50/mt
■■MW: LITASCO SA no longer bids 2kt 297.50/mt
■■BE: VITOL SA no longer bids 2kt 300/mt
■■BE: LITASCO SA no longer bids 2kt 297.50/mt
■■BE: GUNVOR SA no longer bids 2kt 296/mt
HSFO barge offers (PGA page 1594)
■■FE: TOTSA TOTAL OIL TRADING SA offers 2kt 301.50/mt
■■FE: SHELL TRADING ROTTERDAM B.V. offers 2kt 301.50/mt
■■FE: BP EUROPA SE - BP NEDERLAND offers 2kt 302/mt
■■FE: LITASCO SA offers 2kt 302.25/mt
■■FE: TOTSA TOTAL OIL TRADING SA offers 2kt 303/mt
■■FE: GUNVOR SA offers 2kt 304/mt
■■MW: BP EUROPA SE - BP NEDERLAND offers 2kt 301/mt
■■MW: TRAFIGURA PTE LTD. offers 2kt 301.50/mt
■■MW: SHELL TRADING ROTTERDAM B.V. offers 2kt 301.50/mt
■■MW: LITASCO SA offers 2kt 302.25/mt
■■MW: SHELL TRADING ROTTERDAM B.V. offers 2kt 303/mt
■■MW: GUNVOR SA offers 2kt 303/mt
■■MW: GUNVOR SA offers 2kt 303.25/mt
■■MW: TOTSA TOTAL OIL TRADING SA offers 2kt 304/mt
■■MW: TOTSA TOTAL OIL TRADING SA offers 2kt 305/mt
■■BE: GUNVOR SA offers 2kt 300.75/mt
■■BE: BP EUROPA SE - BP NEDERLAND offers 2kt 301/mt
■■BE: GUNVOR SA offers 2kt 301.75/mt
■■BE: TRAFIGURA PTE LTD. offers 2kt 302.25/mt
■■BE: LITASCO SA offers 2kt 302.25/mt
■■BE: TOTSA TOTAL OIL TRADING SA offers 2kt 304/mt
EUROPEAN MARKETSCAN August 3, 2017

inputs: Value on August was taken at $2.66/mt above front-
month low sulfur gasoil futures, 25 cents/mt below a
competitive offer live at the close. On August 16, value was
taken at $3.21/mt, on a competitive traded bid and a
competitive offer live at the close. On August 17, value was
taken at $2.66/mt, 25 cents/mt below a competitive offer
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW done
$0.00 for 3 LITASCO* BP;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done
$0.00 for 2.5 VITOL* STR;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done
$0.00 for 3 LITASCO* BP;
Deals summary (continued)
■■BE: TOTSA TOTAL OIL TRADING SA offers 2kt 305/mt
Withdrawals
■■FE: TRAFIGURA PTE LTD. no longer offers 2kt 301.25/mt
■■FE: TOTSA TOTAL OIL TRADING SA no longer offers 2kt 301.50/mt
■■FE: SHELL TRADING ROTTERDAM B.V. no longer offers 2kt

live at the close. On August 18-20, value was taken at ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE done
301.50/mt
$3.08/mt, in between a competitive bid and offer live at the $0.00 for 2.4 TOTSA* HARTREEUK; ■■FE: TOTSA TOTAL OIL TRADING SA no longer offers 2kt 301.50/mt

■■FE: LITASCO SA no longer offers 2kt 304.25/mt

close. On August 21, value was taken at $2.91/mt, on a
competitive bid and a withdrawn competitive offer at the
close. On August 22-26, value was taken at $3.03/mt, on a
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done
■■MW: LITASCO SA no longer offers 2kt 304.25/mt
$0.00 for 3 VITOL* STR;
■■BE: LITASCO SA no longer offers 2kt 304.25/mt
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW done

competitive bid and a withdrawn competitive offer at the $0.00 for 3 LITASCO* BP; LSFO barge trades (PGA page 1593)
close. A flat structure was applied to all other dates on the ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE done
■■No trades reported
assessment curve. $0.00 for 3 TOTSA* BP; * Denotes market maker. All times GMT
The above commentary applies to the market data code: AAVBG00 ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done
LSFO barge bids (PGA page 1595)
$0.00 for 3 VITOL* STR;
ULSD 10ppmS CIF Med Cargo assessment rationale: (PGA ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW done
■■No bids reported
page 1456) The CIF Mediterranean cargo diesel market was $0.00 for 3 LITASCO* BP; Withdrawals
■■No bids reported
assessed on the following inputs: Value on August 15 was ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done

taken at $7.75/mt above the front-month ICE low sulfur $0.00 for 3 VITOL* STR; LSFO barge offers (PGA page 1594)
gasoil futures contract, in between a competitive bid and ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done
■■No offers reported
offer live at the close. On August 16, value was taken at $0.00 for 3 VITOL* BP;
Withdrawals
$7.50/mt, between a competitive bid and offer live at the ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE done
■■No offers reported
close. On August 17, value was taken at $8.00/mt, on a $0.00 for 2.8 TOTSA* HARTREEUK;
competitive traded bid and a offer live at the close. On ■■ULSD BARGE OUTSTANDING INTEREST: OFFERS:

August 18, value was taken at $7.50/mt, in between a ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE AICL Offer ■■Platts ULSD Brg 1-3kt ICE LSGO M1 FG Smr FE BELGOM
competitive bid and offer live at the close. On August 19, $0.50 for 3; Offer $-0.50 for 3;
value was taken at $7.25/mt, in between a competitive bid ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE LITASCO ■■Platts ULSD Brg 1-3kt ICE LSGO M1 FG Smr FE TOTSA

and offer live at the close. On August 20, value was taken at Offer $0.25 for 3; Offer $-1.00 for 3;
$7.50/mt in between a competitive bid and offer live at the ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE VITOL ■■Platts ULSD Brg 1-3kt ICE LSGO M1 FG Smr MW TOTSA

close. On August 21, value was taken at $8.25/mt, in Offer $0.25 for 3; Offer $-1.00 for 3;
between a competitive bid and offer live at the close. On ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE LITASCO ■■ULSD BARGE OUTSTANDING INTEREST: BIDS:

August 22-26 value was taken at $8.78/mt, between a Offer $0.25 for 3; ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE BP Bid

competitive bid and offer live at the close. A flat structure ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE UNIPECSG $-0.25 for 3;
was applied to all other dates on the assessment curve. Offer $0.50 for 3; ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE BELGOM

The above commentary applies to the market data code: AAWYZ00 ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW TOTSA Bid $-1.00 for 3;
Offer $0.25 for 3; ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE

Diesel Barge bids/offers/trades: (PGA page 1479) ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW VITOL CHEVRONBV Bid $-0.50 for 3;
■■~~Platts ULSD Brg: MOC summary: 13 trades reported: Offer $0.25 for 3; ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE

■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done ■■Platts ULSD Brg 1-3kt ICE LSGO M1 FG Smr BE TOTSA GLENCOREUK Bid $-0.75 for 3;
$0.00 for 3 LITASCO* BP; Offer $-1.25 for 3; ■■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 3, 2017
MABADEUT Bid $-0.50 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
$-0.50 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 $-0.75 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE
MABADEUT Bid $-0.50 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 $-0.75 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW
MABADEUT Bid $-0.50 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 03 assessment process.
Diesel NWE Cargo bids/offers/trades: (PGA page 1468)
■■ULSD: NWE CARGO DEAL SUMMARY: 3 trades:
■■ECTPSG-BP trade on offer, Platts NWE ULSD Crg - CIF bss
Amsterdam - 10-25, Main: 27kt, 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
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
edition 100% of main at EFP ICE LS GO Month Aug $3.75;
■■VITOL-BP trade on bid, Platts NWE ULSD Crg - CIF bss
Hamburg - 10-25, Main: 27kt, 14/8 - 18/8, Indication
number: 4 Seller to narrow at time of trade Main Volume:
27kt pricing EFP Optol : 0-6 kt price as per main 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 EFP ICE LS GO
Month Aug $3.25;
■■VITOL-BP trade on offer, Platts NWE ULSD Crg - CIF bss
Amsterdam - 10-25, Main: 27kt, 24/8 - 28/8, 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 at EFP ICE LS GO Month Aug $4.00;
■■ULSD: NWE CARGO OUSTANDING INTEREST (1/3):
■■OFFERS
■■Vitol offers Platts NWE ULSD Crg - CIF bss Amsterdam -
10-25, Main: 27 kt, 13/8 - 28/8 (wide laycan), indication
number: 1oco2 Laycan: buyer to narrow Main volume: efp
Optol: 0-6kt efp Aug+4.00 Spec: ULSD 10ppm meeting
French summer spec (inc 0.842 max) CP: hamburg-bdx +
north spain + ecuk option Vessel :Shell / litasco /totsa
GTC: totsa latest edition , 100% of main volume at EFP
ICE LS GO Month Aug $3.75;
■■Vitol offers Platts NWE ULSD Crg - CIF bss Amsterdam -
10-25, Main: 27 kt, 13/8 - 28/8 (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
$-4.00;
■■ULSD: NWE CARGO OUSTANDING INTEREST (2/3):
■■BIDS
■■Glencore bids Platts NWE ULSD Crg - CIF bss
Amsterdam - 10-25, Main: 27 kt, 23/8 - 27/8, indincation
3 oco 4 Main volume Pricing 27kt: 23-29 Aug Optol : 0-6
14
kt in s.o: price as per last price differential pricing COD
+3 (COD =0), Terminal : Amsterdam Spec: ULSD 10ppm
meeting french summer spec (inc , C&B) Cp : Hamburg,
Bdx, ECUK + N Spain Vessel : Total/BP/Shell , 100% of
main volume at ULSD CIFNWE Crg Any Day See TQC
$-1.50;
■■BP bids Platts NWE ULSD Crg - CIF bss Thames - 10-25,
Main: 27 kt, 21/8 - 28/8 (wide laycan), Indication number:
3 Seller to narrow at time of trade Main Volume: 27kt
pricing 04-08 Aug Optol : 0-6 kt price as per last price
differential pricing COD +3 (COD =0) Spec : ULSD 10ppm
French Summer C&B CP : hbg-bdx range + Nspain +ECUK
others obtainable at cost Vessel : TOTAL/BP/SHELL
approved , 100% of main volume at ULSD CIF UK Crg Any
Day See TQC $-2.75;
■■BP bids Platts NWE ULSD Crg - CIF bss Thames - 10-25,
Main: 27 kt, 16/8 - 22/8 (wide laycan), Indication number: 1
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 $4.00;
■■ULSD: NWE CARGO OUSTANDING INTEREST (3/3):
■■BP bids Platts NWE ULSD Crg - CIF bss Thames - 10-25,
Main: 27 kt, 18/8 - 24/8 (wide laycan), Indication number:
2 Seller to narrow at time of trade Main Volume: 27kt
pricing 04-08 Aug Optol : 0-6 kt price as per last price
differential pricing COD +3 (COD =0) Spec : ULSD 10ppm
French Summer C&B CP : hbg-bdx range + Nspain +ECUK
others obtainable at cost Vessel : TOTAL/BP/SHELL
approved , 100% of main volume at ULSD CIF UK Crg Any
Day See TQC $-3.00;
■■Glencore bids Platts NWE ULSD Crg - CIF bss Thames -
10-25, Main: 27 kt, 18/8 - 22/8, indincation 4 oco 3 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;
EUROPEAN MARKETSCAN August 3, 2017
Diesel NWE Cargo exclusions: (PGA page 1468) No market
data was excluded from the August 03 assessment
process.
Diesel Mediterranean bids/offers/trades: (PGA page 1457)
■■ULSD: MED CARGO DEAL SUMMARY: 1 trade: VITOL-
SARSPA trade on bid, subject to STI Westminster, Platts
Med ULSD Crg - CIF bss Koper - 10-25, Main: 27kt, 15/8 -
19/8, 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 at EFP ICE LS GO Month Sep $9.25;
■■ULSD: MED CARGO OUSTANDING INTEREST (1/6):
■■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 $7.00;
■■ULSD: MED CARGO OUSTANDING INTEREST (2/6): Vitol
offers Platts Med ULSD Crg - CIF bss Lavera - 10-25,
Main: 27 kt, 13/8 - 28/8 (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 $8.50;
■■Vitol offers Platts Med ULSD Crg - CIF bss Lavera - 10-25,
Main: 27 kt, 13/8 - 23/8 (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 $7.50;
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
■■Vitol offers Platts Med ULSD Crg - CIF bss Lavera - 10-25,
Main: 27 kt, 13/8 - 23/8 (wide laycan), Indication 1 oco 2
main vol : Pricing 23-27 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: Shell/Litasco/Eni GTC: Total latest,
100% of main volume at ULSD CIFMed Crg Any Day See
TQC $0.25;
■■ULSD: MED CARGO OUSTANDING INTEREST (3/6):
■■BIDS
■■Glencore bids Platts Med ULSD Crg - CIF bss Elefsis -
10-25, Main: 27 kt, 18/8 - 22/8, Indication 1 oco 2 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 $8.50;
■■Glencore bids Platts Med ULSD Crg - CIF bss Elefsis -
10-25, Main: 27 kt, 18/8 - 22/8, Indication 2 oco 1 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 $-1.00;
■■ULSD: MED CARGO OUSTANDING INTEREST (4/6): BP bids
Platts Med ULSD Crg - CIF bss Koper - 10-25, Main: 25 kt,
13/8 - 28/8 (wide laycan), Indication number: 5 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 $7.00;
■■Litasco bids Platts Med ULSD Crg - CIF bss Koper - 10-25,
Main: 25 kt, 19/8 - 28/8 (wide laycan), indication 2 Optol:
15
0-5kt s.o, as per main EFP indication Spec: ulsd 10ppm
meeting french summer spec including C&B CP: Euromed
neobig + Slovenia + Croatia exc luding y/fyugo/toc +
Turkish med + Tunisia + SOM + Morocco +others
obtainable Vessel: OMV/Lukoil/Total seller to narrow
dates to 5 days during deal , 100% of main volume at EFP
ICE LS GO Month Sep $9.50;
■■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;
■■ULSD: MED CARGO OUSTANDING INTEREST (5/6):
■■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 $8.25;
■■Litasco bids Platts Med ULSD Crg - CIF bss Mersin - 10-25,
Main: 25 kt, 13/8 - 17/8, 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/
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;
■■Shell bids Platts Med ULSD Crg - CIF bss Mersin - 10-25,
Main: 27 kt, 20/8 - 27/8 (wide laycan), Main volume
pricing: 5 quotes after COD Optol: 0-6kt, pricing and diff
as per main volume Spec: French summer spec ulsd with
C+B CP: Euromed, Neobig (exl yugo/former yugo/Albania/
Syria but inc Croatia/Slovenia)+Turkey incl Sea of
Marmara + Morocco, other cp options available/
obtainable at cost Vessel: Shell/BP/ Lukoil , 100% of main
EUROPEAN MARKETSCAN August 3, 2017
volume at ULSD CIFMed Crg COD +5 quotes $-1.00;
■■ULSD: MED CARGO OUSTANDING INTEREST (6/6):
■■Shell bids Platts Med ULSD Crg - CIF bss Mersin - 10-25,
Main: 27 kt, 20/8 - 27/8 (wide laycan), 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 volume at EFP ICE LS GO Month Sep $9.50;
■■Saras bids Platts Med ULSD Crg - CIF bss Venice - 10-25,
Main: 27 kt, 13/8 - 17/8, 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 $9.50;
Diesel Mediterranean exclusions: (PGA page 1457) No market
data was excluded from the August 03 assessment
process.
Fuel Oil
Market analysis: (PGA page 1599) In the Northwest Europe
high sulfur fuel oil market, FOB Rotterdam barges
strengthened against the equivalent paper strip, rising from
a minus $0.39/mt differential to plus $1.52/mt. Vitol
continued to lead buying interest in the barge market,
picking up 10 of the 17 barge trades in the Platts Market on
Close assessment process Thursday. Barge sellers were
mixed, including Shell, Totsa and Trafigura. This
strengthening was mirrored in swaps, with the front-month
versus second month (currently September/October) barge
spread rising 50 cents/mt to be assessed $2.75/mt, its
highest in over a month. That was seeing Europe diverge
from the Asian market, said one trader. “I think the market
structure is confusing, with Europe backwardated and the
East moving into contango,” he said. VLCC freight from
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
Rotterdam to Singapore has fallen to its cheapest in almost
a year this week at a lump sum of $2.4 million, but has yet
to open the physical arbitrage with costs included, traders
said. “The arbitrage [eastward] is closed. It will take
another two weeks for it to work,” a second trader said.
Finished RMG grade fuel oil was in adequate supply in
Europe, sources said. Enough blend components were also
available for now, but questions arose over the duration of
this situation. “These days it is quite expensive to have the
component parts in tanks because of a large
backwardation in the market,” a third trader said.
Meanwhile in the Mediterranean, CIF Mediterranean HSFO
cargoes strengthened sharply against the equivalent paper
strip, rising from a minus $0.31/mt differential to a positive
differential of $2.11/mt. That was demonstrated by a Vilma
bid for a late-August cargo for delivery into Ceuta, sold into
by Cadoil. Meanwhile, in the low sulfur fuel oil market, FOB
NWE cargoes to 3.5% FOB Rotterdam barges moved from a
premium to a discount of $1/mt. It was the first time the
spread reached negative territory since mid-February 2016
when it reached up to minus $2.75/mt. The Med-North
spread was assessed up $1/mt day on day to $2.25/mt.
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 maintained a
backwardated structure Thursday with the front end
assessed on four competitive traded bids, with a single
higher traded offer not looking to be repeatable value. A
midwindow competitive bid in the extension traded at the
same level as a previous bid. A back-end outstanding bid
showed value to be higher than a previously traded bid.
The above commentary applies to the market data code: PUABC00
FO 3.5%S 500 CST FOB Rdam Barge assessment
rationale: (PGA page 1592) FOB Rotterdam 500 CST high
16
sulfur fuel oil barges was assessed unchanged at a
differential of minus $4.50/mt to FOB Rotterdam high sulfur
fuel oil barges, in the absence of fresh bids or offers.
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
Wednesday’s physical/swaps differential of minus $2.00/mt,
in the absence of 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) The CIF Mediterranean low sulfur fuel oil cargo
assessment was assessed higher as a freight net-forward
to the FOB Northwest European low sulfur fuel oil cargo
assessment, using the following assessments: The FOB
Northwest European low sulfur fuel cargo plus the cost of
transporting a 30,000 mt fuel oil cargo from Antwerp to
assessment basis port of Milazzo.
The above commentary applies to the market data code: PUAAJ00
FO 1%S FOB Med Cargo assessment rationale: (PGA page
1580) The FOB Mediterranean low sulfur fuel oil cargo
assessment was derived as a freight netback to the CIF
Mediterranean low sulfur fuel oil cargo assessment, using
the following assessments: the CIF Mediterranean low
sulfur fuel oil cargo assessment minus the cost of
EUROPEAN MARKETSCAN August 3, 2017
transporting a 30,000 mt fuel oil cargo between a basket of
Mediterranean ports.
The above commentary applies to the market data code: PUAAK00
FO 3.5%S CIF Med Cargo assessment rationale: (PGA page
1580) In CIF Med HSFO cargoes, value was assessed on a
competitive back-end traded bid, showing a contango
structure to higher physical values in late August. A
midwindow offer showed value to be lower than back-end
dates, while still allowing a rise day on day. Prior to this
point, the relevant swaps structure of eight cents/mt per
day backwardation was applied over the front half of the
assessed range.
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
■■No market data was excluded from the August 3
assessment process.
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.
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
■■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 3 assessment process.
Fuel Oil Mediterranean bids/offers/trades: (PGA page 1581)
■■HSFO MED CARGO MOC: DEAL SUMMARY:
■■1) CADOIL-VILMAOSL HSFO Med Crg CIF bss Ceuta 10-25,
■■Aug 24-28 100% 3.5% CIF Med cargoes Any Day See TQC
■■$1.50 for 25000-25000 “Main volume pricing from 3-7
Aug mean
■■cif med both included Optol :0-5 kt pricing 3 days after
cod, same differential as per main volumen ,Spec: RMG
380 ISO 8217/2010 with 3,5 % sulphur and 2ppm h2s max
in liquid CP: full med C/P options and normal exclusions
yugo/former yugo/ Albania /Israel/TOC/Libia/Siria.
■■Vessel acceptable to : Cepsa, Repsol, Bp
■■HSFO MED CARGO MOC: OUTSTANDING INTEREST: BIDS:
■■1) CADOILTRAD HSFO Med Crg CIF bss Malta 10-25, bids
Aug 14-18 100% 3.5% CIF Med cargoes Any Day See TQC
$-0.75 for 25000-25000 “CIF bss Malta 3.5% CIF Med
Cargoes Main volume: 4-8 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
■■2) CADOILTRAD bids HSFO Med Crg CIF bss Malta 10-25,
Aug 16-Aug 20 100% 3.5% CIF Med cargoes Any Day See
TQC $0.00 for 25000-25000 “CIF bss Malta
■■3.5% CIF Med Cargoes Main volume: 4-8 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.
17
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,
Aug 24-28 100% 3.5% CIF Med cargoes Any Day See TQC
$1.50 for 25000-25000 “CIF bss Malta 3.5% CIF Med
Cargoes Main volume: 20-27 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
■■4) CADOILTRAD bids HSFO Med Crg CIF bss Gibraltar
10-25, Aug 21-25 100% 3.5% CIF Med cargoes Any Day
See TQC $1.00 for 27000-27000 “CIF bss Gibraltar 3.5%
CIF Med Cargoes Main volume: 8-27 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
■■HSFO MED CARGO MOC: OUTSTANDING INTEREST:
OFFERS:
■■1) GLTD offers HSFO Med Crg CIF bss Malta 10-25, Aug
13-17 100% 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
19-23 100% 3.5% CIF Med cargoes Any Day See TQC
EUROPEAN MARKETSCAN August 3, 2017
$0.75 for 27000-27000 “full cargo
■■main volume pricing: 15 - 29 Aug both ends included on
3.5% cif med cargoes
■■optol: 0-6 kt 3 quotes after COD differential as per main
volume spec: rmg 380 iso 2010 bunker fuel oil with 3.5%
sulphur max and 2ppm h2s max in liquid phase cp: full
med options excluding syria israel libya yugo former
■■yugo albania and toc acceptable vessels: cepsa repsol
eni
■■LSFO MED CARGO MOC: DEAL SUMMARY: No deals.
■■LSFO MED CARGO MOC: OUTSTANDING INTEREST: BIDS:
■■LSFO MED CARGO MOC: OUTSTANDING INTEREST:
OFFERS: None.
Fuel Oil Mediterranean exclusions: (PGA page 1581) No
market data was excluded from the August 3 assessment
process.
VGO (PGA page 1597)
The European vacuum gasoil market remained quiet
Thursday, with no fresh indications to move the market
direction other than freight netbacks to the US Gulf Coast
from Northwest Europe. In the Mediterranean, at least
three cargoes were said to be distressed, given the lack of
high sulfur VGO shorts in the region. Recent developments
affecting the clean distillates market however, gave room
for interpretations on how VGO prices could evolve in
coming days, despite the lack of physical cargo trading.
BP’s refinery in Rotterdam was said to be set to undergo
complete or partial maintenance from mid-September. An
impact was expected as the refinery will carry out
maintenance on its crude distillation unit as well as the
fluid catalytic cracking unit. “If they are closed, they won’t
process crude oil or feedstocks,” a trader said. “With
Pernis being closed, there will be a big difference in
September. Given current margins however, [BP] would
lose a lot of money by going into full maintenance,” he
said. BP declined to comment on the matter. A source
familiar with the matter said crude oil processing in the
CDU would be down by 200,000 b/d, and not the full
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
400,000 b/d. Looking at crude oil markets, the front-
month ICE Brent futures premium to WTI NYMEX futures
continued to rise, worsening arbitrage economics. For
European traders, “if you have barrels in tank, the
backwardation on October/November will force them out,”
another trader said.
VGO deals (PGA page 5)
■■ No deals.
North Sea crude
Market analysis: (PGA page 1299) An upsurge in bidding
activity has pushed BFOE differentials to multi-month
highs this week. Demand remained strong Thursday, as
reflected by eight bids in the Platts Market on Close
assessment process. BP bought Forties parcel F0806 from
Glencore, loading August 23-25 at Dated Brent plus 50
cents/b. Vitol and Statoil bought Forties barrels on a ship-
to-ship basis from Glencore and Shell, respectively. The
cargoes will load off the Desimi and Gener8 Supreme, two
of several VLCCs currently anchored at Southwold, east
coast England. The North Sea crude complex has risen in
tandem with the rest of the Atlantic Basin, where
Mediterranean and West African differentials have also
climbed lately. “After a few depressing years in terms of
market sentiment, we are finally seeing the market pick up
momentum and some real supportive fundamentals,” a
North Sea crude trader said. “We are also seeing some
demand on our side, from European refiners and they are
willing to pay market prices. Margins are incredible, despite
the strength in Dated [Brent],” the trader said. North Sea
barrels other than the four BFOE grades appeared to be
feeling the same bullishness as other parts of the complex,
based on market participants’ reports that a large portion
of Norway’s September barrels has already found a home.
“The market is somehow strong for Grane. [There is]
decent demand. OPEC cuts have been reducing heavy
[crude] supplies in Europe, East demand has pulled up WAF
barrels and Urals is strong due to maintenance on
18
pipeline,” a trader said, adding margins were excellent,
“helped by gasoline and distillates”. The paper complex
continued to display signs of strength as well, with a
steepening backwardation across prompt CFD weeks. In
the brokered CFD market, August 7-11 to August 14-18
moved into a 13 cents/b backwardation during the
afternoon, suggesting an overall backwardation of 30
cents/b between August 7-11 and September 11-15.
Dated Brent assessment rationale: (PGA page 1297) Brent
Blend was assessed higher. August 13-16 was assessed in
a flat structure, with August 16 assessed above an
outstanding bid. A backwardated structure was applied
August 16-24 with the next available cargo on August 24
assessed in line with Wednesday. A flat structure was
maintained from August 24 to September 3 in the
absence of indication challenging Wednesday’s
assessment. Forties was assessed higher. August 13-14
was assessed in a flat structure. August 14 was assessed
in line with a withdrawn bid. August 17 was assessed
above the level of an early traded offer, with the market
seen to have moved on ahead of the close. August 18 was
assessed immediately above an outstanding bid which
disproved an earlier traded offer. August 19 was assessed
above the level of an early traded offer, with the market
seen to have moved on ahead of the close. August 24
was assessed in line with a withdrawn bid and a flat
structure was maintained over the back end of the curve
in the absence of indications disproving Wednesday’s
structure. Oseberg was assessed higher. August 13-21
was assessed in a flat structure. A backwardated
structure was applied until August 27 where the next
available cargo was assessed in line with Wednesday, in
the absence of indication disproving Wednesday’s
assessment. A flat structure was maintained thereafter.
Ekofisk was assessed in line with Wednesday’s structure
in the absence of indication disproving Wednesday’s
assessment. Oseberg was the most competitive grade
August 13-15 and August 18 to September 3. Forties was
the most competitive grade August 16-17.
The above commentary applies to the market data code: PCAAS00
EUROPEAN MARKETSCAN August 3, 2017
BFOE assessment rationale: (PGA page 1297) October Cash
BFOE was assessed in line with five traded bids which
disproved an EFP heard during the day. November Cash
BFOE was assessed in line with four traded offers which
disproved an EFP and an October/November EFP roll heard
during the day. December Cash BFOE was assessed in line
with a November/December EFP roll heard during the day.
The above commentary applies to the market data codes:
PCAAQ00, PCAAR00, PCARR00
CFD assessment rationale: (PGA page 1297) August 7-11 was
assessed in line with an August 7-11 versus August 14-18 roll
heard during the day. August 14-18 was assessed below an
oustanding offer converted to November pricing which
disproved an earlier traded offer. 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 verus
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: BP BUYS FROM
GLENCOREUK Forties Aug 23, 2017-Aug 25, 2017 100% Dtd
$0.50; VITOL BUYS FROM GLENCOREUK Forties Aug 16,
2017-Aug 18, 2017 STS Scapa Flow “Vessel is Desimi”
100% Dtd $0.30; STATOIL BUYS FROM STASCO Forties
STS Scapa Flow “vessel Gener8 Supreme” Aug 18, 2017-
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
Aug 20, 2017 100% Dtd $0.40
■■~~NORTH SEA: MOC OUTSTANDING INTEREST: VITOL bids
Brent Blend Aug 15-Aug 17 100% Dtd $0.45; STATOIL bids
Oseberg Aug 20-Aug 22 100% Dtd $0.85; VITOL bids
Forties Aug 16-Aug 19 100% Dtd $0.45; STATOIL bids
Forties Aug 26-Aug 29 100% Dtd $0.30
■■~~NORTH SEA: MOC WITHDRAWN: STASCO offers Brent
Blend STS Scapa Flow “vessel Gener8 Neptune” Aug
14-Aug 18 100% Dtd $0.50; STATOIL bids Ekofisk Aug
23-Aug 30 100% Dtd $0.40; TOTSA bids Ekofisk Aug
23-Aug 31 100% Dtd $0.60; BP bids Forties Aug 13-Aug 15
100% Dtd $0.50; BP bids Forties Aug 23-Aug 25 100%
Dtd $0.45
■■~~BFOE CFD: MOC DEAL SUMMARY: Aug14-Aug18 Oct-
0.33 x100 Gunvor-Vitol; Aug21-Aug25 Oct-0.43 x100
Mercuria-Vitol
■■~~BFOE CFD: MOC OUTSTANDING INTEREST: Aug7-11
(Oct): OMV bids -0.45; Aug14-18 (Oct): OMV bids -0.50;
Gunvor offers -0.33; OMV offers -0.31; Aug21-25 (Oct):
Vitol bids -0.45; OMV bids -0.58; OMV offers -0.42; Gunvor
offers -0.42
■■~~CASH BFOE: MOC DEAL SUMMARY: Nov 52.84 x100
Shell-Gunvor; Nov 52.84 x100 Shell-Trafigura; Nov 52.84
x100 Shell-BP; Oct 52.92 x100 Socar-Glencore; Oct 52.92
x100 Hartree-Glencore; Oct 52.92 x100 Socar-Total; Oct
52.92 x100 Socar-Glencore; Nov 52.84 x100 Shell-Socar;
Oct 52.92 x100 Socar-Total
■■~~CASH BFOE: MOC OUTSTANDING INTEREST: None
North Sea exclusions: (PGA page 1290) No market
information was excluded from the August 3 Platts Market
on Close assessment process
19
LSSR
Market analysis: (PGA page 1598) The low sulfur straight run
market on Thursday got supportive news affecting the value
of fluid catalytic cracking quality feedstocks. Libya’s 120,000
b/d Zawiya refinery is due for partial maintenance for around
three weeks this month, trading and industry sources said.
One of the refinery’s two atmospheric distillation units will
be down from August 6 for about 20 days, a source said. A
source at state-owned National Oil Corp. was not available
for comment. Zawiya, the only operating refinery in the
country, has been running at around 50,000-70,000 b/d in
the past few months. Libyan straight run fuel oil has a sulfur
content of about 0.24% and density of 0.904 kg/l.
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 $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 3 cargo assessment process.