EUROPEAN MARKETSCAN

Volume 49 / Issue 152 / August 8, 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 443.25–443.75 443.500 +2.250 PAAAH00 451.00–451.50 451.250 +2.250 FOB NWE
Prem Unl 10ppm AAWZA00 545.50–546.00 545.750 +1.750 AAWZB00 551.25–551.75 551.500 +1.750 Gasoline AAKUV00 514.000 -0.750
Jet AAIDL00 505.50–506.00 505.750 +5.000 AAZBN00 515.50–516.00 515.750 +4.750 CIF West Africa
10ppm ULSD AAWYY00 483.00–483.50 483.250 +4.750 AAWYZ00 490.25–490.75 490.500 +4.500 Gasoline AGNWC00 529.500 -0.750
Gasoil 0.1% AAVJI00 459.75–460.25 460.000 +4.250 AAVJJ00 468.50–469.00 468.750 +4.000
Fuel Oil 1.0% PUAAK00 301.00–301.50 301.250 +3.000 PUAAJ00 308.00–308.50 308.250 +3.000
Fuel oil 3.5% PUAAZ00 295.00–295.50 295.250 +2.500 PUAAY00 302.25–302.75 302.500 +2.500
ICE futures
Straight run 0.5-0.7% AAJNT00 328.00–328.50 328.250 +3.000 Platts ICE 16:30 London assessments* (PGA page 703)
Northwest Europe cargoes (PGA page 1110) Low Sulfur Gasoil Brent
FOB NWE CIF NWE/Basis ARA Aug AARIN00 483.00 Oct AAYES00 52.47
Naphtha (Sep) PAAAJ00 455.00–455.50 455.250 +3.250 Sep AARIO00 483.00 Nov AAYET00 52.50
Naphtha PAAAL00 456.25–456.75 456.500 +2.000 Oct AARIP00 483.75 Dec AAXZY00 52.65
Gasoline 10ppm AAXFQ00 559.00–559.50 559.250 +4.000 Jan AAYAM00 52.78
Jet PJAAV00 508.25–508.75 508.500 +4.750 PJAAU00 517.00–517.50 517.250 +4.750 *Platts ICE assessments reflect the closing value of the ICE contracts at precisely
ULSD 10 ppm AAVBF00 477.00–477.50 477.250 +4.250 AAVBG00 486.00–486.50 486.250 +4.250 16:30 London time.
Diesel 10ppm NWE** AAWZD00 478.25–478.75 478.500 +4.250 AAWZC00 487.75–488.25 488.000 +4.250
Diesel 10 ppm UK AAVBH00 489.00–489.50 489.250 +4.250 ICE gasoil settlements (PGA page 702)
Gasoil 0.1% AAYWR00 452.50–453.00 452.750 +4.000 AAYWS00 465.25–465.75 465.500 +4.000
Low Sulfur Gasoil Low Sulfur Gasoil
Fuel oil 1.0% PUAAM00 299.00–299.50 299.250 +3.000 PUAAL00 305.50–306.00 305.750 +3.250
Aug AAQSG00 483.50 Nov AAQSJ00 481.75
Fuel oil 3.5% PUABB00 283.00–283.50 283.250 +4.750 PUABA00 292.00–292.50 292.250 +5.000
Sep AAQSH00 483.50 Dec AAQSK00 479.50
Straight run 0.5-0.7% PKABA00 338.75–339.75 339.250 +6.000
VGO 0.5-0.6% AAHMX00 372.75–373.75 373.250 +8.750 AAHMZ00 381.25–382.25 381.750 +7.750
Oct AAQSI00 484.25 Jan AAQSL00 479.75

VGO 2% max AAHNB00 366.50–367.50 367.000 +7.250 AAHND00 375.00–376.00 375.500 +6.250 Expiry AAQSM00 NA*
*Value at 12:00 London time will only appear on day of expiry
Northwest Europe barges (PGA page 1112)
FOB Rotterdam
ICE LS gasoil GWAVE (Previous day’s values) (PGA page 702)
Naphtha PAAAM00 452.25–452.75 452.500 +2.000 Naphtha crack swap ($)
Eurobob AAQZV00 544.00–544.50 544.250 +4.000 Aug PXAAJ00 480.75 Sep PXAAK00 481.50
98 RON gasoline 10 ppm AAKOD00 627.00–627.50 627.250 +4.000 -0.5
Premium gasoline 10 ppm PGABM00 549.75–550.25 550.000 -0.750
Reformate AAXPM00 564.250 +4.000 -1.0
NYMEX futures (16:30 London time)
Jet PJABA00 516.50–517.00 516.750 +4.750 NYMEX WTI (PGA page 703)
Diesel 10 ppm*** AAJUS00 482.00–482.50 482.250 +4.500 -1.5
$/barrel $/barrel
Gasoil 50 ppm AAUQC00 477.00–477.50 477.250 +4.500
-2.0 Sep AASCR00 49.49 Oct AASCS00 49.66
Gasoil 0.1%*** AAYWT00 462.00–462.50 462.250 +3.500
Fuel oil 1.0% PUAAP00 299.00–299.50 299.250 +5.000
Fuel oil 3.5% PUABC00 299.00–299.50 299.250 +5.000 -2.5 NYMEX NY ULSD (PGA page 703)
Fuel Oil 3.5% 500 CST PUAGN00 294.50–295.00 294.750 +5.000 ¢/gal ¢/gal
-3.0
Rotterdam bunker 380 CST PUAYW00 302.50–303.50 303.000 +6.000 Sep AASCT00 163.80 Oct AASCU00 164.18
VGO 0.5-0.6% AAHNF00 372.75–373.75 373.250
+12.250 -3.5
VGO 2% max AAHNI00 366.50–367.50 367.000
+10.750 Oct Dec Feb Apr Jun Aug NYMEX RBOB (unleaded gasoline) (PGA page 703)
MTBE*** PHALA00 684.75–685.25 685.000 -9.000
¢/gal ¢/gal
*Naphtha FOB Med is basis East Med **Basis Le Havre ***FOB Amsterdam-Rotterdam-Antwerp Sep AASCV00 162.54 Oct AASCW00 153.44

www.platts.com oIL
EUROPEAN MARKETSCAN August 8, 2017
Market Update (PGA page 724)
The crude oil futures complex rose Tuesday on the back of
media reports that Saudi Arabia intends to pare back its oil
allocations to consumers from next month. At the London
market close, ICE October Brent crude futures were up by
89 cents/b to $52.47/b while the NYMEX September light
sweet crude contract rose 79 cents/b to $49.49/b. Saudi
Arabia is set to reduce its oil allocations to consumers by at
least 520,000 b/d in September, according to media reports
Tuesday. Market sources told S&P Global Platts Tuesday
that two South Korean refining companies have received
around 10% cuts in monthly contract volumes for light and
medium sour grades from Saudi Arabia. For investment
bank Commerzbank, the Saudi announcement “is
remarkable to the extent that domestic demand declines in
September, meaning that more crude oil will be available for
export if production remains unchanged.” The bank added
that a reduction from the August level would cause exports
to decrease to 6.1 million b/d. “That seems unrealistic in our
view,” the bank said. However, oil analyst Rhidoy Rashid of
London-based Energy Aspects suggested Tuesday that
demand rather that shortening supply is the key broader
factor in the stronger oil price. “We suspect that demand is
leading the way,” said Rashid. “Stellar US demand numbers
in May pushed up global oil demand growth to 3 million b/d
for the month. Against the current economic backdrop,
$45-$55 oil is leading to phenomenal demand strength.”
Looking ahead, the analyst saw the potential for a price
pullback in the coming months “as some of the seasonal
strength abates and the focus turns back to 2018 projected
stock builds. But the extent of the pullback can be
tempered if the current demand strength continues.”
Gasoline
Market analysis: (PGA page 1399) Mediterranean gasoline
cargoes continued to attract spot buying interest Tuesday,
while in Northwest Europe market participants awaited the
next US stocks data starting with the American Petroleum
Institute report after the market close. In industry news,
© 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 377.865 ABWHD00 384.468
Prem Unl 10ppm ABWGV00 464.983 ABWGU00 469.882
Jet ABWGZ00 430.902 AAZBO00 439.422
10ppm ULSD ABWHM00 411.732 ABWHH00 417.909
Gasoil 0.1% ABWGQ00 391.923 ABWGO00 399.378
Fuel Oil 1.0% ABWGH00 256.667 ABWGF00 262.631
Fuel oil 3.5% ABWGM00 251.555 ABWGK00 257.732
*Naphtha FOB Med is basis East Med
Northwest Europe cargoes (PGA page 1116)
FOB NWE CIF NWE/
Basis ARA
Naphtha AAQCE00 388.941
Gasoline 10ppm ABWGS00 476.485
Jet ABWHB00 433.245 AAQCF00 440.700
ULSD 10 ppm ABWHO00 407.685 ABWHI00 415.779
Diesel 10ppm NWE ABWHP00 406.620 ABWHK00 414.288
Diesel 10 ppm UK ABWHJ00 416.844
Gasoil 0.1% ABWGR00 385.746 ABWGP00 396.609
Fuel oil 1.0% AAQCG00 254.963 ABWGG00 260.501
Fuel oil 3.5% ABWGN00 241.331 ABWGL00 248.999
Straight run 0.5-0.7% ABWHG00 289.043
West Africa cargoes (PGA page 1116)
FOB NWE CIF WAF
Gasoline AGNWA00 437.931 AANWC00 451.137
Foreign exchange rates (PGA page 1151)
August 8, 2017 London 16:30
Dollar/Swiss franc BCADC00 0.9762
GB pound/Dollar BCADB00 1.2963
Dollar/Yen BCACW00 110.7700
Euro/Dollar BCADD00 1.1737
Dollar/Ruble AAUJO00 59.7920
Shell is currently restarting “a number of units” at its
404,000 b/d Pernis refinery in the Netherlands “as part of
the phased restart of the full complex,” a company
spokesman said Tuesday. Shell said previously operations
were not expected to restart before the second half of
August. Most units at Pernis refinery were shut down July
30 following a power outage July 29. Across the Atlantic,
Colonial Pipeline said in a shippers’ notice Tuesday that it
2
Northwest Europe barges (PGA page 1118)
FOB Rotterdam
Naphtha ABWHF00 385.533
Eurobob ABWGT00 463.705
98 RON gasoline 10 ppm ABWGX00 534.421
Premium gasoline 10 ppm AAQCH00 468.604
Reformate AAXPN00 480.745
Jet ABWHC00 440.274
Diesel 10 ppm* AAQCI00 410.880
Gasoil 50 ppm AAUQF00 406.620
Gasoil 0.1%* AAYWY00 393.840
Fuel oil 1.0% ABWGI00 254.963
Fuel oil 3.5% AAQCK00 254.963
Fuel Oil 3.5% 500 CST PUAGO00 251.129
Rotterdam bunker 380 CST AAUHE00 258.158
*FOB Amsterdam-Rotterdam-Antwerp
New York Harbor cargoes 16:30 London (PGA pages 1350 & 1450)
FOB NY Harbor(€ cent/gal)
Unleaded 87 AAPYV00 141.09
Unleaded 89 AAPYW00 144.45
Unleaded 93 AAPYX00 149.49
Euro/US$ forex rate: 1.1737. Platts Euro denominated European & US product
assessments are based on market values and a Euro/US$ forex rate at 4:30 PM
local London time.
European clean product barge freight rates
ARA ($/mt) (PGT page 1918)
Rotterdam — Rotterdam TCAEI00 2.60
Rotterdam — Flushing TCAEJ00 4.10
Rotterdam — Ghent TCAEK00 4.45
Rotterdam — Antwerp TCAEL00 3.75
Germany ($/mt) (PGT page 1918)
Rotterdam — Duisburg TCAEM00 8.20
Rotterdam — Cologne TCAEN00 10.55
Rotterdam — Karlsruhe TCAEO00 20.25
Antwerp — Duisburg TCAEP00 8.80
Switzerland ($/mt) (PGT page 1918)
Rotterdam — Basel TCAEQ00 23.55
would allocate the 46th cycle on its gasoline-only Line 1
from Texas to North Carolina, ending a seven-week period
of nominated barrels not exceeding capacity. Colonial did
not allocate barrels on its gasoline line for cycles 37-45 for
the first time since 2011. Market sources were not
convinced that the arbitrage to ship gasoline from the Gulf
Coast to New York Harbor was profitable enough to
encourage more shipments on Line 1. In the paper market,
EUROPEAN MARKETSCAN August 8, 2017
the September Eurobob gasoline crack swap slipped to
$12.70/b at the market close Tuesday from $13.15/b Monday
amid higher crude futures, the August/September EBOB
gasoline backwardation narrowed to $3.25/mt from $3.75/
mt and the September/October backwardation contracted
to $31.75/mt from $33.25/mt. Looking south, the August
Med/North differential -- the spread between the August
FOB Med 10 ppm cargo swap and the equivalent FOB
Rotterdam EBOB barge swap -- was trading unchanged on
the day at minus $2/mt. “It’s quite hard to find term barrels
in the Mediterranean,” a gasoline trader said. “I think [the
Egypt tender] will be extremely hard to cover.” Earlier this
week, the Egyptian General Petroleum Corporation issued a
tender for a 30,000 mt gasoline cargo for delivery into
Alexandria around August 24-26, according to market
sources. The tender reportedly closes August 14 and could
exacerbate the current prompt tightness in the
Mediterranean gasoline market, according to some traders.
In West Africa the offshore gasoline market was heard as
rather long. “There seems to be a lot of gasoline cargoes
from the DSDP guys offshore Nigeria at the moment,”
another trader said, referring to Nigeria’s Direct Sale Direct
Purchase program pairing companies to export crude and
import refined products into the country. “So it’s still mostly
Nigerian National Petroleum Corporation/Pipelines and
Product Marketing Company doing the importing as most
of the smaller indigenous marketers and traders aren’t
buying from the international market.”
Gasoline Prem Unleaded 10ppmS FOB Rdam Barge
assessment rationale: (PGA page 1383) FOB AR 10 ppm
premium unleaded gasoline barges were assessed at a
$5.75/mt premium over physical Eurobob gasoline barges,
down from a $10.50/mt premium the previous day, factoring
in five trades on offers for mid-window dates at $550/mt in
the Platts Market on Close assessment process.
The above commentary applies to the market data code: PGABM00
Gasoline Eurobob FOB ARA Barge assessment rationale:
(PGA page 1383) Eurobob gasoline barges were assessed at a
$1/mt premium over the September Eurobob gasoline
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
Subscriber notes (PGA page 1500)
General Terms and Conditions in European MOC process
S&P Global Platts considers in its European Market on Close oil products assessment process bids and offers that are executable under
normal conditions and reflect typical trading practices. Companies’ general terms and conditions are normally recognized provided they are
consistently applied and accepted as part of normal trading practice. Counterparties are expected to perform on trades reported in the MOC
based on typical GT&Cs that have been applied and accepted by both counterparties in the open market. If an offer is lifted by a buyer during
the Platts MOC process, Platts would expect typical GT&Cs between both parties to be applicable, even where the GT&Cs stated in the
originally published offer may differ, if the companies have not conventionally performed on the published GT&Cs. At no time can a company
impose its own GT&Cs after taking out a bid or lifting an offer made under a different standard. Furthermore, a company’s GT&Cs regarding
vetting are not applicable to a third party terminal. Please send all comments, feedback and questions to europe_products@platts.com and
pricegroup@platts.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts for
public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.
Platts to maintain European VGO barge assessments
Following a proposal suggesting the discontinuation of its FOB Rotterdam VGO barge assessments published on June 2, S&P Global Platts
has decided to retain its current suite of assessments for this market. The proposal note can be found at this location: www.platts.com/
subscriber-notes-details/21916709. In addition to continued liquidity seen in the FOB Rotterdam VGO barge market following the subscriber
note, Platts also received strong market feedback in favor of maintaining these assessments. Platts currently publishes two assessments
of FOB Rotterdam VGO barges: an HSVGO assessment of 2% max sulfur and a LSVGO assessment of 0.5-0.6% max sulfur. Please send any
feedback to europe_products@spglobal.com, CC’ing pricegroup@spglobal.com. For written comments, please provide a clear indication if
comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments
not marked as confidential available upon request.
Platts opens consultation on West African gasoline assessments
S&P Global Platts is opening a formal consultation regarding possible methodology changes to its West Africa Gasoline FOB Northwest Europe
assessment and associated West Africa Gasoline CIF West Africa netback in response to regulatory changes in Nigeria and Ghana. Platts
welcomes feedback from market participants on whether and how to align these assessments to recent specification changes to West African
import grades, as well as the timing of any such changes, to ensure that its relevant assessments reflect prevalent merchantable specifications
in that region. This consultation also welcomes feedback on typical cargo sizes on the trade flow between Northwest Europe and West Africa.
Nigeria’s NNPC has stated that it is considering amending import specifications for gasoline as outlined in its Direct Sale Direct Purchase model.
Specifically, it is considering lowering sulfur levels from the current 1,000 ppm, as well as other specifications. Meanwhile, Ghana’s National
Petroleum Authority has stated that it will introduce a sulfur cap on gasoline imports of 50 ppm from July 1. Platts West Africa Gasoline FOB
Northwest Europe assessment and associated West Africa Gasoline CIF West Africa assessments currently reflect 1,000 ppm. Nigeria is the
largest importer of gasoline in the West African region, importing up to around 1 million mt of gasoline per month. The vast majority of the West
African grade gasoline originates from Northwest Europe. Throughout this consultation, Platts also seeks feedback on the timing of this
potential methodology change. Please send any comments or queries by July 31, 2017 to europe_products@spglobal.com with a cc to
pricegroup@spglobal.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts for
public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.
Platts plans liter equivalents for gasoil/gasoline/jet/ULSD assessments
Following industry feedback, S&P Global Platts proposes, with effect from October 2, 2017, to start publishing price assessments per liter in local
currencies as conversions from Platts existing dollars per ton assessments in Northwest European barge and cargo and Mediterranean cargo
markets for gasoil, gasoline, jet and ULSD. These new values are designed to meet demand to better understand the value of these markets in
local currencies within Europe, and to see these values expressed by volume, as well as mass. Volatility in foreign exchange rates, particularly in
sterling, has increased in the past year, supporting increased interest in certain local currency values. Platts will use its existing assessments of
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
3
EUROPEAN MARKETSCAN August 8, 2017
swap, up from a 50 cent/mt premium the previous day,
factoring in an outstanding bid for mid-window dates at
$544/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 input: August 20 was assessed at
$550.40/mt, factoring in an outstanding bid for a 27,000 mt
cargo for August 18-22 loading in the Platts Market on Close
assessment process. August 27 was assessed at $544/mt,
factoring in a trade on an offer for a 25,000 mt cargo for
August 25-29 loading in the MOC. A 91 cent/day
backwardation was implied between the two points. A 50
cent/day backwardation was then applied to the front and
back of the physical curve.
The above commentary applies to the market data code: AAWZA00
Gasoline Prem Unleaded 10ppmS CIF Med Cargo
assessment rationale: (PGA page 1389) The CIF
Mediterranean gasoline cargo assessment was derived as a
freight net-forward from the FOB Mediterranean gasoline
cargo assessment, using the following: FOB Med gasoline
cargo assessment plus the cost of transporting a 30,000
mt clean cargo from a basket of Mediterranean ports to a
basket of Mediterranean destinations.
The above commentary applies to the market data code: AAWZB00
Gasoline Barge bids/offers/trades: (PGA page 1384)
■■Gasoline Barges: DEAL SUMMARY:
■■Gasoline Premium Unleaded 10ppm Barges: 1) Gunvor-
Totsa, $550/mt for 1kt MW; 2) Varo-Totsa, $550/mt for 1kt
MW; 3) Varo-Totsa, $550/mt for 1kt MW; 4) STR-Totsa,
$550/mt for 1kt MW; 5) STR-Totsa, $550/mt for 1kt MW; 6)
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
SUBSCRIBER NOTES (continued) (PGA page 1500)
from tons to liters for the new assessments will be as follows: Gasoil/ULSD: 1,183 liters per ton using 0.845 kg/m3 reference density European
grade gasoline: 1,325 liters per ton using 0.755 kg/m3 reference density Jet: 1,224 liters per ton using 0.800 kg/m3 reference density Platts
proposes the current $/mt assessments below will be published in liters from October 2: MED Cargoes to Eur/liter: Prem Unl FOB (AAWZA00),
Prem Unl CIF (AAWZB00), Jet FOB (AAIDL00), Jet CIF (AAZBN00), 10 ppm FOB (AAWYY00), 10 ppm CIF (AAWYZ00), Gasoil 0.1% FOB (AAVJI00),
Gasoil 0.1% CIF (AAVJJ00) NWE Cargoes to Eur/liter: Gasoline 10 ppm CIF (AAXFQ00), Jet FOB NWE (PJAAV00), Jet CIF NWE (PJAAU00), ULSD 10
ppm FOB (AAVBF00), ULSD 10 ppm CIF (AAVBG00), Diesel 10 ppm NWE FOB (AAWZD00), Diesel 10 ppm NWE CIF (AAWZC00), Gasoil 0.1% FOB
(AAYWR00), Gasoil 0.1% CIF (AAYWS00) Rotterdam Barges to Eur/liter: Eurobob (AAQZV00), 98 RON gasoline (AAKOD00), Premium Gasoline 10
ppm (PGABM00), Jet (PJABA00), Diesel 10 ppm (AAJUS00), Gasoil 50ppm (AAUQC00), Gasoil 0.1% (AAYWT00) NWE Cargoes to GBP/liter: Gasoline
10 ppm CIF (AAXFQ00), Jet FOB NWE (PJAAV00), Jet CIF NWE (PJAAU00), ULSD 10 ppm FOB (AAVBF00), ULSD 10 ppm CIF (AAVBG00), Diesel 10
ppm UK (AAVBH00), Gasoil 0.1% FOB (AAYWR00), Gasoil 0.1% CIF (AAYWS00) FEEDBACK: Platts invites comments, questions and other feedback
on these proposals by August 1, 2017. Please send all comments, feedback and questions to oilgroup@spglobal.com and
pricegroup@spglobal.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts for
public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.
Platts clarifies CN standards for European LSFO
Effective July 10, 2017, Platts has clarified that its European LSFO assessments reflect material that has been assigned European Combined
Nomenclature (CN) code 2710 1964. As a result, in all instances where a seller intends to deliver a fuel with a CN code other than 2710 1964,
Platts asks that the seller specifies this CN code in the terms of any offer provided for publication. This follows a decision published on July
7, 2017: https://www.platts.com/subscriber-notes-details/26760624 Platts European LSFO assessments did not previously specify a
standard CN code. Buyers and sellers providing data for Platts to publish during the MOC process were expected to fulfill resulting
transactions with fuel meeting specification requirements, with no expectation defined for a CN code. CN codes, which Platts understands
are designated by and subject to the approval of customs authorities within each EU member country, are an important component of
settling tariffs and taxes within the EU. Platts understands that LSFO of the identical specification may be classified using either of two,
existing Combined Nomenclature (CN) codes, and that choice of code may vary between customs authorities in Europe. Market
participants highlighted that while the fuels may be otherwise identical, the attachment of a specific CN label may significantly influence
merchantability within Europe and the Mediterranean. Feedback showed that a significant proportion of buyers in the European market,
particularly in the Mediterranean, are currently unwilling to receive LSFO labelled under CN code CN 2707 9999, resulting in it not being fully
merchantable within Europe. While code CN 2707 9999 is typically used as standard within the Netherlands, this practice has not yet been
followed by the majority of other European countries trading LSFO. Market feedback showed support for a rapid clarification of Platts
standards around CN coding for LSFO. Buyers providing bids for publication by Platts must be willing to accept fuel with the CN code 2710
1964. Platts will also publish bids in which the buyer specifies that they will also accept CN code 2707 9999. Buyers should not bid for fuel
with a CN code 2707 9999 designation only, as this may be unduly restrictive in nature. In instances where the CN code used has a material
effect on LSFO value, Platts may normalize offers of fuel with CN code 2707 9999. In CIF Mediterranean LSFO bids and offers, Platts will
consider the CN classification of the material as a relevant factor in determining merchantability. Platts understands that LSFO classified
as 2710 1964 is currently seen as generally merchantable in the Mediterranean market. Platts will continue to monitor LSFO activity and
flows under both of these codes. Please send all comments to europe_products@spglobal.com and pricegroup@spglobal.com. For written
comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider
all comments received and will make comments not marked as confidential available upon request.
Platts opens formal review of global residuals and bunker assessments
Following an extended period of review, Platts is opening a formal consultation regarding all of its residual fuel, fuel oil and bunker fuel
assessments globally in light of the planned International Maritime Organization limitations on sulfur in marine fuels from 2020. Platts invites
comments, questions and other feedback by September 1, 2017. BACKGROUND: On October 27, 2016, the IMO confirmed its decision that it would
move ahead with a proposed reduction of sulfur limits in marine fuels to 0.5% from January 1, 2020. The cap had first been proposed in 2008 but
was subject to review ahead of the implementation date. Since January 3, 2012, Platts has fully reflected revised bunker fuel specifications set out
4
EUROPEAN MARKETSCAN August 8, 2017
Varo-Totsa, $550/mt for 1kt MW; 7) STR-Totsa, $550/mt
for 1kt MW; 8) Varo-Totsa, $550/mt for 1kt MW.
■■Gasoline Eurobob Barges: None.
■■Gasoline Barges: OUTSTANDING INTEREST:
■■Gasoline Premium Unleaded 10ppm Barges:
■■Bids: None.
■■Offers: None.
■■Gasoline Eurobob Barges:
■■Bids: Varo $544/mt for 1kt MW; .
■■Offers: None.
Gasoline Barge exclusions: (PGA page 1384) No market data
was excluded from the August 8 assessment process.
Gasoline Cargo bids/offers/trades: (PGA page 1390)
■■Gasoline Cargo: Deal Summary:
■■CIF NWE: None.
■■FOB MED: 1) Gunvor - BB Energy, Platts Prem Unl FOB Med
Crg FOB bss Rijeka 10-25, Aug 25- Aug 29 100% Flat Price
$544/mt for 25,000mt.; Optol: 0-5 kt , $3/mt above mean
platts fob med cargoes , 3 quotes after bl , 95/85 , 60 kpa
, en 228 , reach compliant.
■■Gasoline Cargo: Outstanding Interest:
■■CIF NWE: None.
■■FOB MED: BIDS: 1) BB Energy Trading bids Platts Prem
Unl FOB Med Crg FOB bss Aspropyrgos, Aug 18-22
loading, 27,000 mt at flat price $551/mt and optol 0-6KT
Platts Fob Med Mean Prem Unl 10 ppm plus $3.00/MT/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.
■■2)Totsa bids Platts Prem Unl FOB Med Crg FOB bss
Aspropyrgos 10-25, Aug 18- Aug 22 100% Flat Price
$549/mt for 27,000mt. Optol 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.
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
SUBSCRIBER NOTES (continued) (PGA page 1500)
by the International Convention for the Prevention of Pollution from Ships (MARPOL) in global bunker fuel assessments. Under amendments to
Annex VI of the convention, high sulfur bunker fuel supplied at major global bunkering locations from 2012 onwards can contain a maximum of
3.5% sulfur, down from the previous maximum sulfur content of 4.5%. PLATTS ASSESSMENTS: Globally, Platts assesses 180 CST, 380 CST and
500 CST marine fuels at a range of locations on ex-wharf and delivered bases. The worldwide market generally follows similar specifications for
these grades in all locations. Platts reflects specifications defined by the International Organization for Standardization in document ISO 8217:2005
(E) - Petroleum products - Fuels (class F) - Specifications of marine fuels. Platts also assesses fuel oil cargoes in several key locations, including
Houston, Rotterdam and Singapore, with specifications that generally allow deliverability of material into the local bunker fuel markets. In addition,
Platts assesses Marine Gasoil and Marine Diesel fuels in several locations, typically with sulfur limits of 1.5%, but also assesses lower sulfur MGO
and MDO in some locations. Platts also publishes Bunkerworld average price indications across a broader range of specifications, including low
and ultra low sulfur MGO and MDO fuels in some locations. Platts bunker prices are published in Bunkerwire, Bunkerworld and Platts Global Alert,
among others. SCOPE OF REVIEW: Platts seeks to assess grades and locations that are most widely tradeable and reflective of typical market
practices. The MARPOL limits on sulfur are likely to create a significant shift in tradeable grades ahead of and through the implementation date.
Platts is seeking feedback on the most relevant residual oil and bunker fuel grades to assess from 2020 onwards, as well as the form of such
assessments and the process and timing of any changes. Ahead of the previous implementation of reduced MARPOL sulfur limits, Platts
announced that all of its existing 180 CST, 380 CST and 500 CST bunker fuel assessments would reflect 3.5% sulfur after the implementation
date. However, Platts is considering feedback that the change would see most shipping fuel markets change to the use of low sulfur distillate
grades or other alternative blends of low sulfur material. As a result, Platts may consider introducing a new suite of bunker assessments that
meet the MARPOL requirements ahead of the change, as well associated cargo assessments in key locations, while continuing existing
assessments. Typically Platts gives significant lead time for any major changes to benchmark assessments, including changes to specifications.
In addition, Platts is seeking feedback on the most appropriate way in which to reflect historic and future changes to ISO specifications.
Platts to amend basis of FOB NWE VGO assessments, retain names
In line with changing trade flows of high sulfur vacuum gasoil (HSVGO) and low sulfur vacuum gasoil (LSVGO) in Europe, S&P Global Platts
confirms it will amend the basis of its FOB NWE VGO assessments to FOB Baltic, starting January 2, 2018. This follows a proposal
published on June 2, 2017: https://www.platts.com/subscriber-notes-details/21918272 Platts currently publishes HSVGO and LSVGO
assessments for cargoes CIF NWE Basis ARA, and cargoes FOB NWE. While the name FOB NWE will be retained, this latter assessment will
be re-based to the value of FOB cargoes of VGO loading in the Baltic. Platts had originally proposed to rename the assessments as FOB
Baltic. This is aligned with conventions for similar assessments for ULSD and fuel oil, which are labelled as FOB NWE and are assessed
basis FOB Baltic ports. The basket of Baltic Sea ports for both HSVGO and LSVGO is as follows: St Petersburg, Ust-Luga, Vysotsk, Sillamae
and Tallinn. Oil loading elsewhere in Northern Europe will continue to be reflected in the FOB Baltic assessment, but will be normalized back
to the Platts basket of ports. Platts will consider CIF NWE (basis Rotterdam) and FOB Baltic as related markets which are frequently linked
by freight costs. Platts will continue to accept bids and offers for cargoes of VGO on both a CIF and FOB basis in northern Europe. The
change is part of a suite of amendments to Platts assessments of VGO, which also includes the launch of FOB Black Sea and CIF
Mediterranean assessments for both LSVGO and HSVGO. Platts believes that the currently assessed VGO cargo sizes and specifications
remain fully reflective of the market in NWE. Platts VGO cargo assessments currently reflect a 15-35kt range, normalized to 30kt. FOB
assessments also include cargoes up to 55kt in size when the arbitrage route to the US is open. Platts VGO cargoes CIF NWE Basis ARA
assessments will remain unaffected by these changes. Platts currently publishes all European feedstocks assessments as outright price
values in US dollars per metric ton, and this will also remain the case following the change. Platts had originally proposed to also publish
differentials to front month ICE Brent Futures in US dollars per barrel. Please send all comments to europe_products@spglobal.com and
pricegroup@spglobal.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts
for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.
Platts amends CIF, FOB naphtha Mediterranean netback specs
S&P Global Platts has amended its Naphtha Cargoes FOB Med and Naphtha Cargoes CIF Med netback assessments to reflect open
specification, effective Tuesday, August 1, 2017. The assessments previously included both full range and paraffinic grades, with value
5
EUROPEAN MARKETSCAN August 8, 2017

■■ OFFERS: 1) Litasco offers Platts Prem Unl FOB Med Crg
FOB bss Santa Panagia Bay, August 28-September 1,
27,000 mt at flat price $547/mt, 0-6kt at Platts FOB Med
Mean Prem Unl 10 ppm +7, pricing 3 days from bl where
bl=0 of EN228 EU qualified min 95/85 Ron/Mon, 10 ppm S
max, 60 Kpa rvp max, reach compliant, 0.755 escalate/
de-escalate. 30 Kt+/-10% at buyer’s option, loading 28
August - 01 September 2017 FOB basis one safe port/
berth Santa Panagia, Italy.
SUBSCRIBER NOTES (continued) (PGA page 1500)
normalized to reflect 65% minimum paraffin content. Platts has now aligned its Naphtha Cargoes FOB Med and Naphtha Cargoes CIF Med
netback assessments with its Naphtha Cargoes CIF NWE assessment, which reflects open specification material with a minimum of 65%
paraffin content and a typical specific gravity of 0.69 to 0.735 kg/liter. The Naphtha Cargoes FOB Med assessment is established as a
netback from the CIF Northwest Europe assessment, using the Med-UK Continent clean tanker rate for 27,500 mt naphtha cargoes. The
Naphtha Cargoes CIF Med assessment is established as a net-forward from the FOB Med naphtha assessment, using the cross-Med clean
tanker rate for 27,500 mt naphtha cargoes. This follows a decision published on June 16, 2017. The subscriber note is available here: https://
www.platts.com/subscriber-notes-details/26754514. Please send any comments and queries to europe_products@spglobal.com with a cc to
pricegroup@spglobal.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts for
public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.

Gasoline Cargo exclusions: (PGA page 1390) No market data
was excluded from the August 8 assessment process.
Naphtha
Market analysis: (PGA page 1398) Cargoes for open spec
naphtha were heard to be committed on the very prompt
in the Northwest European naphtha complex Tuesday
while petrochemical end-user demand continued to be
heard for late August. However, supply and demand
looked more balanced further forward, according to
sources. Shell’s Pernis refinery was also heard to be
restoring some units sooner than expected. Open spec
showed supply strains on the very prompt. “I don’t see
any uncommitted open spec availabilities for [August]
15-25...12.5 kt open spec looks really tight,” a trader said.
Platts amends FOB NWE LSSR Cargoes density
Platts has amended the density specifications reflected in its assessments of FOB NWE Low Sulfur Straight Run (LSSR) 0.5-0.7% sulfur
cargoes, in line with subscriber notes published on June 14 and July 22, 2016. The change has taken place starting from January 3, 2017.
Platts previously assessed FOB NWE LSSR meeting the specifications of 0.935-0.950 at 15 degrees centigrade. This has now been
amended to 0.920-0.950 at 15 degrees centigrade. A conversion factor between barrels and metric tonnes of 6.77 continues to be used
following the change, in line with prevailing market standards. Platts analysed the density of a range of LSSR streams in the region and
concluded that the proposed density represents more fully the underlying physical market. Please send all comments to
europe_products@platts.com and pricegroup@platts.com. For written comments, please provide a clear indication if comments are not
intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as
confidential available upon request.
Platts corrects Jul 20 FOB, CIF Med HSFO cargo prices
Please note that Platts has corrected the Mediterranean high sulfur fuel oil cargo assessments for July 20. The assessments should read
as follows: CIF Med HSFO cargoes: $291.00-$291.50/mt. FOB Med HSFO cargoes: $284.25-$284.75/mt. These assessments were published
under codes PUAAY00 and PUAAZ00 respectively on the relevant wire services, and appeared in European Marketscan. These
assessments appear in Platts European Marketscan, APAG scan, Oilgram Price Report, and impact the following pages: MH0031 , MH0039,
MH0108, MH0108, MH0117, MH1114, MH1120, MH1520, MH1522, MH1540, MH1890.

EUROPEAN MARKETSCAN
Volume 49 / Issue 152 / August 8, 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
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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
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ITS AFFILIATES AND THEIR THIRD-PARTY LICENSORS SHALL NOT BE SUBJECT TO ANY
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© 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 8, 2017
However, sources pointed to the restart of units at Shell
Pernis as a reason to expect more supply during the
latter stages of the balance month. “The Pernis situation
is not too bad...the site will be back soon. Expect more
naphtha in H2 August,” a second trader said. Shell began
to restart “a number of units” at its Pernis refinery, a
company spokesman said. Premiums for open spec
naphtha were around $1/mt-$2/mt, according to sources.
Availability for light virgin naphtha was heard to be good
in Europe. “LVN is out of the open spec market...there
seems to be more around,” a third trader said. LVN was
heard to be used for blending rather than cracking at
present, according to sources; premiums over open spec
were heard around the high singles and low-to-mid
doubles according to grade quality. Positive sentiment in
the Asian market continued to hold steady. Robust
demand due to surging margins in the downstream
petrochemical sector and strong LPG prices, supported
this sentiment, according to sources. Sources also said
that supply was expected to ease off slightly in the
Middle East and India as summer comes to an end while
H2 September buying continued to be strong. In the
paper market, the September CIF NWE naphtha crack fell
50 cents/b to minus $1.35/b. The August/September
naphtha backwardation narrowed 75 cents/mt to $1/mt.
The paper market softened on Shell refinery Pernis not
having as much of an impact on naphtha production as
expected, according to sources. The September naphtha
east/west spread -- the premium of CFR Japan naphtha
cargo swaps over the CIF NWE naphtha cargo swap --
widened 50 cents/mt to $10.50/mt.
Naphtha CIF NWE Cargo assessment rationale: (PGA page
1386) The CIF NWE naphtha cargo assessment was derived
using the following input: August 24 was assessed at
$456.67/mt, factoring in an outstanding offer for a 28,000-
32,000 mt cargo for August 22-26 delivery in the Platts
Market on Close assessment process. A 4 cent/day
backwardation was applied to the physical curve.
The above commentary applies to the market data code: PAAAL00
(continued on page 9)
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
Asia products
Code Mid Change Code Mid Change
Singapore (PGA page 2002)
FOB Singpore ($/barrel)
Naphtha PAAAP00 50.43–50.47 50.450 -0.050
Gasoline 92 unleaded PGAEY00 64.74–64.78 64.760 +0.520
Gasoline 95 unleaded PGAEZ00 67.65–67.69 67.670 +0.810
Gasoline 97 unleaded PGAMS00 69.30–69.34 69.320 +0.960
Kerosene PJABF00 63.44–63.48 63.460 +0.100
Gasoil 0.05% sulfur AAFEX00 63.77–63.81 63.790 +0.300
Gasoil 0.25% sulfur AACUE00 62.50–62.54 62.520 +0.310
Gasoil POABC00 63.77–63.81 63.790 +0.300
Fuel oil 180 CST 2% ($/mt) PUAXS00 321.37–321.41 321.390 +3.970
HSFO 180 CST ($/mt) PUADV00 314.30–314.34 314.320 +3.880
HSFO 380 CST ($/mt) PPXDK00 311.07–311.11 311.090 +3.850
Indonesia (PGA page 2516)
FOB Indonesia ($/barrel)
LSWR Mixed/Cracked PPAPU00 51.70–51.74 51.720 +0.400
Gasoline components (PBF page 2010)
FOB Singapore ($/mt)
MTBE PHALF00 658.00–660.00 659.000 +6.000
Singapore Swaps (PPA page 2654)
September ($/barrel) October ($/barrel)
Naphtha Japan ($/mt) AAXFE00 467.75–468.25 468.000 +0.500 AAXFF00 467.75–468.25 468.000
+1.250
Naphtha PAAAQ00 50.28–50.32 50.300 +0.100 PAAAR00 50.28–50.32 50.300 +0.200
Gasoline 92 unleaded AAXEL00 63.30–63.34 63.320 +0.340 AAXEM00 62.22–62.26 62.240 +0.380
Reforming Spread AAXEO00 13.00/13.04 13.020 +0.240 AAXEP00 11.92/11.96 11.940 +0.180
Kerosene PJABS00 63.80–63.84 63.820 +0.170 PJABT00 63.83–63.87 63.850 +0.110
Gasoil POAFC00 64.04–64.08 64.060 +0.300 POAFG00 64.04–64.08 64.060 +0.290
HSFO 180 CST ($/mt) PUAXZ00 315.58–315.62 315.600 +3.050 PUAYF00 315.08–315.12 315.100
+2.550
Middle East (PGA page 2004)
FOB Arab Gulf ($/barrel)
Naphtha ($/mt) PAAAA00 443.89–444.89 444.390 +0.250
Naphtha LR2 ($/mt) AAIDA00 446.26–447.26 446.760 +0.250
Kerosene PJAAA00 61.78–61.82 61.800 +0.100
Gasoil 10 ppm AAIDT00 62.81–62.85 62.83 +0.300
Gasoil 0.005% sulfur AASGJ00 62.71–62.75 62.730 +0.300
Gasoil 0.05% sulfur AAFEZ00 62.01–62.05 62.030 +0.300
Gasoil 0.25% sulfur AACUA00 61.41–61.45 61.430 +0.300
Gasoil POAAT00 62.01–62.05 62.030 +0.300
HSFO 180 CST ($/mt) PUABE00 306.78–306.82 306.800 +3.880
Japan (PGA page 2006)
C+F Japan ($/mt) Premium/Discount
Naphtha PAAAD00 467.75–468.75 468.250 +0.250
Naphtha MOPJ Strip AAXFH00 467.75–468.25 468.000 +1.250 AAXFI00 0.00/0.50 0.250
-1.000
Naphtha 2nd 1/2 Sep PAAAE00 468.00–468.50 468.250 -0.250
Naphtha 1st 1/2 Oct PAAAF00 468.25–468.75 468.500 0.000
Naphtha 2nd 1/2 Oct PAAAG00 467.75–468.25 468.000 +0.500
Gasoline unleaded ($/barrel) PGACW00 66.35–66.39 66.370 +0.540
Kerosene ($/barrel) PJAAN00 64.41–64.45 64.430 +0.130
Gasoil ($/barrel) POABF00 66.79–66.83 66.810 +0.470
HSFO 180 CST PUACJ00 321.74–321.78 321.760 +3.880
7
EUROPEAN MARKETSCAN August 8, 2017

US Products: August 7, 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 166.04–166.14 166.090 -1.640 AAMHGRV 9.0
Unleaded-89 0.3% AAMIW00 169.98–170.08 170.030 -1.640 AAMIWRV 9.0
Unleaded-93 0.3% AAMIZ00 175.89–175.99 175.940 -1.640 AAMIZRV 9.0

$/barrel 1% strip NYH cargo vs 1% strip
No. 6 0.3% HP PUAAE00 53.55–53.57 53.560 +0.830 AAUGA00 5.93/5.95 5.940 +0.510
No. 6 0.3% LP PUAAB00 53.55–53.57 53.560 +0.830 AAUGB00 5.93/5.95 5.940 +0.510
No. 6 0.7% PUAAH00 49.80–49.82 49.810 +0.330 AAUGC00 2.18/2.20 2.190 +0.010
No. 6 1.0%** PUAAO00 48.55–48.57 48.560 +0.330 AAUGG00 47.61–47.63 47.620 +0.320 AAUGD00 0.93/0.95 0.940 +0.010
No. 6 2.2% PUAAU00 47.96–47.98 47.970 +0.420 AAUGE00 0.34/0.36 0.350 +0.100
No. 6 3.0% PUAAX00 47.56–47.58 47.570 +0.470 AAUGF00 -0.06/-0.04 -0.050 +0.150

Residual swaps ($/barrel)
No. 6 1.0% paper Bal M AARZS00 47.69–47.71 47.700 +0.350
No. 6 1.0% paper 1st month PUAXD00 47.25–47.35 47.300 +0.350
No. 6 1.0% paper 2nd month PUAXF00 47.10–47.20 47.150 +0.300
No. 6 1.0% paper next quarter PUAXG00 47.05–47.15 47.100 +0.300
Boston cargoes (PGA pages 152)

$/barrel
No. 6 2.2% ($/barrel) PUAWN00 48.81–48.83 48.820 +0.420
NY/Boston numbers include duty. **This assessment reflects 150 max al+si
FOB Gulf Coast (PGA page 156 & 338)

¢/gal RVP
Unleaded 87 PGACT00 160.94–161.04 160.990 -2.440 PGACTRV 9.0
Unleaded 89 PGAAY00 167.74–167.84 167.790 -2.440 PGAAYRV 9.0
Unleaded 93 PGAJB00 177.94–178.04 177.990 -2.440 PGAJBRV 9.0
MTBE PHAKX00 190.95–191.05 191.000 -1.500
Alkylate* AAFIE00 10.70/10.80 10.750 0.000
Jet 54 PJABM00 156.53–156.63 156.580 -1.080
Jet 55 PJABN00 157.03–157.13 157.080 -1.080
ULS Kero AAVTK00 163.03–163.13 163.080 -1.080
No. 2 POAEE00 145.43–145.53 145.480 -1.130

Cargo (¢/gal) Cargo ($/mt)
FOB Naphtha AAXJP00 132.490
-2.440 AAXJU00 463.740
-8.540
Export ULSD AAXRV00 153.350
-0.790 AAXRW00 479.840
-2.450
*Premium to US Gulf Coast pipeline gasoline

$/barrel USGC HSFO strip vs 1% strip
Slurry Oil PPAPW00 48.56–48.58 48.570 +0.430 AAUGS00 2.15/2.17 2.160 +0.200
No. 6 1.0% 6 API PUAAI00 48.16–48.18 48.170 +0.430 AAUGT00 1.75/1.77 1.760 +0.200
USGC HSFO PUAFZ00 46.56–46.58 46.570 +0.430 AAUGW00 46.40–46.42 46.410 +0.230 AAUGU00 0.15/0.17 0.160 +0.200
RMG 380 PUBDM00 46.56–46.58 46.570 +0.430 AAUGV00 0.15/0.17 0.160 +0.200

Residual swaps ($/barrel)
USGC HSFO swap M1(Sep) PUAXJ00 45.95–46.05 46.000 +0.250
USGC HSFO swap M2(Oct) PUAXL00 45.60–45.70 45.650 +0.200
USGC HSFO swap Q1( Q4 17) PUAXN00 45.32–45.42 45.370 +0.120

© 2017 S&P Global Platts, a division of S&P Global. All rights reserved. 8
EUROPEAN MARKETSCAN August 8, 2017
Naphtha FOB Med Cargo assessment rationale: (PGA page
1376) The FOB Mediterranean naphtha cargo assessment
was derived as a freight netback from the CIF NWE naphtha
cargo assessment, using the following assessments: CIF
NWE naphtha cargo assessment minus the cost of
transporting a 27,500 mt naphtha cargo from Alexandria in
the Mediterranean to Rotterdam.
The above commentary applies to the market data code: PAAAI00
Naphtha Cargo bids/offers/trades: (PGA page 1387)
■■NAPHTHA CARGO CIF NWE MOC deals: No deals reported.
NAPHTHA MOC: OUTSTANDING INTEREST: BIDS: 1) SKEE
Bid CIF NWE Naphtha Cargo 12,500mt +/- 10%, at
$456.50/mt for August 21 to August 25 delivery, TQC:-; 2)
LITASCO Bid CIF NWE Naphtha Cargo 12,500mt +/- 10%,
at $456/mt for August 21 to August 25 delivery, TQC:-; 3)
BP Bid CIF NWE Naphtha Cargo 12,500mt +/- 10%, at
$456/mt for August 24 to August 28 delivery, TQC: Indic 1;
4) GLENCORE Bid CIF NWE Naphtha Cargo 12,500mt +/-
10%, at $457/mt for August 27 to August 31 delivery,
TQC:-; 5) VILMA Bid CIF NWE Naphtha Cargo 12,500mt +/-
10%, at $457/mt for August 27 to August 31 delivery,
TQC:-;. OFFERS: 1) VITOL Offer CIF NWE Naphtha Cargo
12,500mt +/- 10%, at $458/mt for August 18 to August 22
delivery, TQC:-; 2) VITOL Offer CIF NWE Naphtha Cargo
min 28,000mt, at $457/mt for August 22 to August 26
delivery, TQC: Optol at zero; 3) VITOL Offer CIF NWE
Naphtha Cargo min 32,000mt, at $458/mt for August 29
to September 2 delivery, TQC: Optol at zero; 4) TRAFI
Offer CIF NWE Naphtha Cargo min 32,000mt, at $459/mt
for August 29 to September 2 delivery, TQC: Optol flat;.
Naphtha Cargo exclusions: (PGA page 1387) No market data
was excluded from the August 8 assessment process.
Jet
Market analysis: (PGA page 1497) News in the afternoon
that Shell was restarting “a number of units” at its Pernis
refinery in Rotterdam left traders in the jet fuel market
anticipating a fall in differentials Tuesday. A company
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
spokesman at Shell said the announcement was “part of
the phased restart of the full complex” and would take
place “in a structured and controlled way.” Shell said
previously operations were not expected to restart before
the second half of August. High arrival levels were
expected to combine with the slowly restarting Pernis
plant and serve to put downward pressure on jet fuel
differentials, sources said. Despite freight rates climbing
since last week, volumes moving to Europe were being
slated in the 1.7 million-1.8 million mt range, according to
a trader. The expected pressure on prices was not having
an immediate impact on prices however. The August CIF
NWE cargo swap rose 25 cents on the day to $33.25/mt
while the September and October swaps held steady at
$32.75/mt. Although swaps held mostly steady, buying
interest was past its peak, according to one Northwest
European trader, who was seeing demand flat all the way
out to Q1 2018.
Jet FOB Rdam Barge assessment rationale: (PGA page 1489)
FOB Rotterdam jet fuel barges were assessed using the
previous day’s relationship with CIF Northwest European
cargoes of minus 50 cents in the absence of competitive
indications seen in the Platts Market on Close assessment
process.
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 the previous day’s relationship between the physical
and swaps curves of plus $1/mt.
The above commentary applies to the market data code: PJAAU00
Jet FOB Med Cargo assessment rationale: (PGA page 1492)
The FOB Mediterranean jet cargo assessment was derived
as a freight netback to the CIF Northwest Europe jet cargo
assessment, using the following calculation: CIF NWE jet
cargo assessment minus the cost of transporting a 27,500
mt clean cargo from Augusta, Italy, to Rotterdam,
Netherlands.
The above commentary applies to the market data code: AAIDL00
9
Jet Barge bids/offers/trades: (PGA page 1490)
■■JET: BARGE: MOC SUMMARY: No trades.
■■JET: BARGE: MOC SUMMARY: OUTSTANDING INTEREST:
LITASCO offers 1) 3-4kt Flushing/Amsterdam 19-23/8 @
Aug+35.
Jet Barge exclusions: (PGA page 1490) No market data was
excluded from the August 08 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, 24/8 - 29/8 (wide laycan), Indication
number: 2 Laycan: seller to declare a 5 day window at the
time of the trade Main volume pricing: 27kt pricing Full
EFP Aug 17 Optol: 0-6kt FULL EFP Aug 17, premium in line
with last differential indication Terminal/jetty: Le Havre
CIM Spec: Jet A1 DEFSTAN 91-91, meeting JFSCL latest
issue (current at bill of lading) with possible exception of
electrical conductivity (Stadis to be provided on board in
drums), ISPS compliant CP: Full NWE charter party
options at charter party rate, terms and conditions
Vessel: BP/Totsa/ KPIAC, 100% of main volume at EFP ICE
LS GO Month Aug $30.00; BP bids Platts NWE Jet Crg -
CIF bss Rotterdam - 10-25, Main: 27 kt, 28/8 - 2/9 (wide
laycan), Indication number: 3 Laycan: seller to declare a 5
day window at the time of the trade Main volume pricing:
27kt pricing Full EFP Aug 17 Optol: 0-6kt FULL EFP Aug 17,
premium in line with last differential indication Terminal/
jetty: Rotts Spec: Jet A1 DEFSTAN 91-91, meeting JFSCL
latest issue (current at bill of lading) with possible
exception of electrical conductivity (Stadis to be provided
on board in drums), ISPS compliant CP: Full NWE charter
party options at charter party rate, terms and conditions
Vessel: BP/Totsa/ Shell, 100% of main volume at EFP ICE
LS GO Month Aug $30.00;
■■BP bids Platts NWE Jet Crg - CIF bss Rotterdam - 10-25,
Main: 27 kt, 18/8 - 23/8 (wide laycan), Indication number: 1
Laycan: seller to declare a 5 day window at the time of the
EUROPEAN MARKETSCAN August 8, 2017
trade Main volume pricing: 27kt pricing Full EFP Aug 17
Optol: 0-6kt FULL EFP Aug 17, premium in line with last
differential indication Terminal/jetty: Rotts Spec: Jet A1
DEFSTAN 91-91, meeting JFSCL latest issue (current at bill
of lading) with possible exception of electrical conductivity
(Stadis to be provided on board in drums), ISPS compliant
CP: Full NWE charter party options at charter party rate,
terms and conditions Vessel: BP/Totsa/ Shell, 100% of
main volume at EFP ICE LS GO Month Aug $30.00.
Jet Cargo exclusions: (PGA page 1493) No market data was
excluded from the August 08 assessment process.
Jet Index (PGA page 115)
August 7, 2017 Index $/mt
Europe & CIS PJECI00 175.15 PJECI09 512.25
MidEast & Africa PJMEA00 187.14 PJMEA09 494.45
Global PJGLO00 178.29 PJGLO09 514.28
Gasoil
Market analysis: (PGA page 1499) There was still no respite
Monday for gasoil markets amid low demand and high
supply continuing to put downward pressure on the market,
as has been the case for several weeks. News of a restart
at Shell’s Pernis refinery may have put further downward
pressure on prices, although any effect on supply would not
be felt immediately. Shell was restarting “a number of
units” at Pernis “as part of the phased restart of the full
complex,” a company spokesman said Tuesday. “Complete
restart will take place in a structured and controlled way,”
the spokesman said. The fundamentals in gasoil remained
a low demand and high supply picture as seen the previous
week, sources said. “There is a low seasonal demand,
Argentina pulled 30%-40% less than previous years, Ghana
switched [to 50 ppm] and Nigeria lacks financing,” said one
source Tuesday, describing the same bearish fundamentals
that have been putting downward pressure on the market
in recent weeks. In the Mediterranean, these same drivers
were putting pressure on the market, with the addition of a
lack of tenders from Sonatrach and an increase in
production of gasoil. Sonatrach typically issues its tender
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
for gasoil two weeks prior to the month of delivery, usually
seeking three cargoes of gasoil each month. Sources in the
region have not received any tenders or spot interest for
August. Meanwhile, Mediterranean diesel has been
particularly strong in recent weeks, generating good
margins for refiners producing distillates as healthy Turkish
demand and an outage at Hellenic’s Elefsis refinery pushed
CIF Mediterranean diesel cargoes upwards. This
maximization of distillate production and high refinery run
rates has led to an increase in production of gasoil in the
Mediterranean, despite low demand for the higher sulfur
product, sources said. This is due to a cap on the amount of
diesel that can be produced compared to gasoil as a result
of hydrotreater capacity which limits the amount of lower
sulfur distillates which can be produced. “I still don’t see
the light at the end of the tunnel with no reason for gasoil
production to slow, everyone prefers diesel but
hydrotreating puts restrictions so refiners will push and
demand is not there,” one trader said. “I don’t see it
changing before October.”
Gasoil .1%S (1000ppm) FOB ARA Barge assessment
rationale: (PGA page 1427) FOB ARA 0.1% gasoil barges were
assessed in line with the following input from the Platts
Market on Close assessment process: August 13 was
assessed at a discount of $20/mt to the front month ICE
low sulfur gasoil futures contract, in line with a traded bid
during the MOC; August 17 was assessed at a discount of
$21.25/mt to the front month ICE low sulfur gasoil futures
contract, below an outstanding offer. A backwardated
structure was outlined between August 13 and August 17.
August 21 was assessed at a discount of $21/mt to the front
month ICE low sulfur gasoil futures contract, on a traded
bid. A contango structure was outlined between August 17
and August 21.
The above commentary applies to the market data code: AAYWT00
Gasoil .005%S (50ppm) FOB ARA Barge assessment
rationale: (PGA page 1408) FOB ARA 50 ppm gasoil barges
were assessed in line with the following input from the
Platts Market on Close assessment process: August 13 and
10
August 21 were assessed at a discount of $5.75/mt to the
front month ICE low sulfur gasoil futures contract, 25 cents/
mt above bids live at the close and maintaining the
previously established relationship between 50 ppm barges
and ultra low sulfur diesel barges.
The above commentary applies to the market data code: AAUQC00
Gasoil 0.1%S FOB NWE Cargo assessment rationale: (PGA
page 1443) The FOB Northwest Europe 0.1% gasoil cargo
assessment was derived as a freight netback from the CIF
NWE 0.1% gasoil cargo assessment, using the following
assessments: CIF NWE 0.1% gasoil cargo assessment
minus the cost of transporting a 22,000 mt clean cargo
from a basket of ports in the Baltic and Northwest Europe
to Le Havre, France.
The above commentary applies to the market data code: AAYWR00
Gasoil 0.1%S CIF NWE Cargo assessment rationale: (PGA
page 1443) The CIF Northwest Europe 0.1% gasoil cargo
assessment was based on the relationship between the
physical and swaps markets in the absence of competitive
indications seen previously in the Platts Market on Close
assessment process.
The above commentary applies to the market data code: AAYWS00
Gasoil 0.1%S FOB Med Cargo assessment rationale: (PGA
page 1392) The FOB Mediterranean 0.1% gasoil cargo
assessment was derived as a freight netback from the CIF
Med 0.1% gasoil cargo assessment, using the following
assessments: CIF Med 0.1% gasoil cargo assessment minus
the cost of transporting a 30,000 mt clean cargo from a
basket of ports in the Med to Genoa, Italy, and Lavera, France.
The above commentary applies to the market data code: AAVJI00
Gasoil .1%S (1000ppm) CIF Med Cargo assessment
rationale: (PGA page 1392) The CIF Mediterranean 0.1% gasoil
cargo assessment was based on the relationship between
the physical and swaps markets in the absence of
competitive indications seen previously in the Platts Market
on Close assessment process.
The above commentary applies to the market data code: AAVJJ00
EUROPEAN MARKETSCAN August 8, 2017
Gasoil 0.1% Barge bids/offers/trades: (PGA page 1428)
■■~~Platts Gasoil 0.1 Brg: MOC summary: 3 trades reported:
■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA FE done
$-20.00 for 1.9 GUNVORSA FMAG*;
■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA MW done
$-21.00 for 3 BP VITOL*;
■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA BE done
$-21.00 for 3 BP VITOL*;
■■GASOIL 0.1% BARGE OUTSTANDING INTEREST: OFFERS:
■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA BE BP Offer
$-20.50 for 3;
■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA BE GUNVORSA
Offer $-17.00 for 3;
■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA FE BP Offer
$-21.00 for 3;
■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA MW BP Offer
$-21.00 for 3;
■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA MW
GUNVORSA Offer $-17.00 for 3;
■■GASOIL 0.1% BARGE OUTSTANDING INTEREST: BIDS:
■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA BE VITOL Bid
$-21.50 for 3;
■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA MW VITOL Bid
$-21.50 for 3;
Gasoil 0.1% Barge exclusions: (PGA page 1428) No market
data was excluded from the August 08 assessment
process.
Gasoil Barge 50ppm bids/offers/trades: (PGA page 1409)
■■~~Platts Gasoil 50ppm Brg:?MOC summary: 3 trades
reported:
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA BE done
$-6.00 for 2 GUNVORSA MABADEUT*;
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA MW done
$-6.00 for 2 GUNVORSA MABADEUT*;
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA BE done
$-6.00 for 1 GUNVORSA CHEVRONBV*;
■■GASOIL 50ppm BARGE OUTSTANDING INTEREST: OFFERS:
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA BE
BELGOM Offer $-5.00 for 3;
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA BE
GUNVORSA Offer $-4.00 for 3;
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA FE VITOL
Offer $-4.00 for 3;
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA MW
GUNVORSA Offer $-4.00 for 3;
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA MW VITOL
Offer $-3.00 for 3;
■■GASOIL 50ppm BARGE OUTSTANDING INTEREST: BIDS:
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA BE
MABADEUT Bid $-6.00 for 3;
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA FE
GLENCOREUK Bid $-6.00 for 3;
Gasoil Barge 50ppm exclusions: (PGA page 1409) No market
data was excluded from the Aug 08 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 08 assessment
process.
Gasoil Mediterranean bids/offers/trades: (PGA page 1393)
■■GASOIL: MED CARGO DEAL SUMMARY: None GASOIL: MED
CARGO OUSTANDING INTEREST: OFFERS: None. BIDS:None.
Gasoil Mediterranean exclusions: (PGA page 1393)
Diesel
Market analysis: (PGA page 1498) The European diesel
market nestled back into contango Tuesday as news
Shell’s Pernis refinery in Rotterdam was restarting earlier
than planned weakened an already deteriorating futures
structure. News that some units were about to restart
weakened structure in the afternoon, but the market had
already flipped back into a shallow contango during
11
morning trade as there was no shift in fundamentals to
maintain the backwardation. The September/October
spread was trading at around a 50 cent/mt contango from
a 50 cent/mt backwardation Monday. Some were seeing
the recent change in structure as mostly overblown, with a
move back to flat or contango something of an
inevitability. “I’m not at all surprised it has moved back to
contango, it was overdone, it had to correct. It was just a
bit too much too fast,” a source said. While the EFS has
crumbled in the last week or so, and freight rates have
risen on an apparent increase in business to Europe, many
were unconvinced of its viability for diesel. “[The arb] is
still not workable from the AG, we are still probably a
couple of bucks away and that is with the Med at plus $8/
mt,” a source said. In the North the differential has eased
of late, with some seeing the market as largely balanced
and others noting an excess of cargoes. The
Mediterranean, meanwhile, was still seeing a fair degree of
strength, although some said demand in the east of the
region was not that strong. There was a tender from
Tupras for at least one 30 kt cargo over August 19-23.
ULSD 10ppmS FOB ARA Barge assessment rationale: (PGA
page 1478) The FOB ARA ultra low sulfur diesel barge
assessment was derived using the following input: the
front-end laycan was assessed at a discount of 75 cents/
mt to the front month ICE low sulfur gasoil futures, on a
competitive bid and offer live at the close. The mid-window
laycan was assessed at 75 cents/mt below the front month
ICE low sulfur gasoil futures, in between a competitive bid
and offer live at the close. A contango structure of around
3 cents/day was applied to all dates following the mid-
point of the mid-window laycan. A flat structure was
applied to all other dates.
The above commentary applies to the market data code: AAJUS00
ULSD 10ppmS CIF NWE Basis UK Cargo assessment
rationale: (PGA page 1467) The CIF UK diesel cargo
assessment was derived as a freight net forward from the
CIF Northwest Europe (ARA) diesel cargo assessment,
using the following assessments: CIF NWE (ARA) diesel
EUROPEAN MARKETSCAN August 8, 2017
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 input:
on August 31, value was taken at $3.34/mt above the front
month low sulfur gasoil futures, 25 cents below a
competitive offer live at the close. A contango structure of
around 3 cents/day, as implied by the swaps structure, was
applied to the assessment curve.
The above commentary applies to the market data code: AAVBG00
ULSD 10ppmS CIF Med Cargo assessment rationale: (PGA
page 1456) The CIF Med cargo diesel market was assessed
on the following input: on August 20 value was taken at
$7.23/mt above the front month ICE low sulfur gasoil
futures contract, in between a competitive bid and offer live
at the close. On August 24 value was taken at $7/mt above
the front month ICE low sulfur gasoil futures contract,
25 cents below a competitive offer live at the close. A
backwardated structure of around 6 cents/day was applied
between August 20 and August 24. On August 25-28 value
was taken at $8.10/mt in between a competitive bid and
offer live at the close. On August 29 value was taken at
$7.20/mt 25 cents below a competitive offer live at the
close. On August 30 value was taken at $7.23/mt in
between a competitive bid and offer live at the close. On
August 31, value was taken at $7.20/mt, 25 cents below a
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
Deals Summary
HSFO barge trades (PGA page 1593)
■■FE: LITASCO* sold to GUNVORSA 2kt 300/mt 15:25:22
■■FE: TOTSA* sold to GUNVORSA 2kt 300/mt 15:25:24
■■FE: TOTSA sold to VITOL* 2kt 299.50/mt 15:29:25
■■FE: TOTSA sold to VITOL* 2kt 299.50/mt 15:29:42
■■FE: BPBV* sold to GUNVORSA 2kt 301/mt 15:30:01
■■MW: TRAFI* sold to GUNVORSA 2kt 299/mt 15:26:26
■■MW: TRAFI* sold to GUNVORSA 2kt 299/mt 15:26:34
■■MW: TRAFI* sold to GUNVORSA 2kt 299/mt 15:26:41
■■MW: BPBV sold to VITOL* 2kt 298.75/mt 15:28:46
■■MW: TRAFI sold to VITOL* 2kt 298.75/mt 15:29:20
■■MW: TRAFI sold to GUNVORSA* 2kt 298.75/mt 15:29:22
■■MW: TRAFI sold to GUNVORSA* 2kt 298.75/mt 15:29:33
■■MW: BPBV sold to VITOL* 2kt 298.75/mt 15:29:36
■■MW: TRAFI sold to GUNVORSA* 2kt 298.50/mt 15:29:52
■■BE: BPBV sold to VITOL* 2kt 298.50/mt 15:28:32
■■BE: TRAFI sold to VITOL* 2kt 298.50/mt 15:29:25
■■BE: TRAFI sold to VITOL* 2kt 298.50/mt 15:29:54
* Denotes market maker. All times GMT
HSFO barge bids (PGA page 1595)
■■FE: GUNVOR SA bids 2kt 299.75/mt
■■FE: VITOL SA bids 2kt 299.50/mt
■■FE: AEGEAN NWE NV. bids 10kt 299/mt
■■FE: VITOL SA bids 2kt 299/mt
■■FE: GUNVOR SA bids 2kt 298/mt
■■FE: PENINSULA PETROLEUM LTD bids 2kt 297.75/mt
■■MW: GUNVOR SA bids 2kt 298.50/mt
■■MW: VITOL SA bids 2kt 298.25/mt
■■MW: PENINSULA PETROLEUM LTD bids 2kt 297.75/mt
■■BE: VITOL SA bids 2kt 298/mt
■■BE: PENINSULA PETROLEUM LTD bids 2kt 297.75/mt
■■BE: GUNVOR SA bids 2kt 295/mt
■■BE: GUNVOR SA bids 2kt 293/mt
Withdrawals
■■FE: VITOL SA no longer bids 2kt 299.50/mt
■■FE: VITOL SA no longer bids 2kt 299.50/mt
■■FE: LITASCO SA no longer bids 2kt 294/mt
■■FE: V MARINE FUELS B.V. no longer bids 2kt 292/mt
■■FE: TRAFIGURA PTE LTD. no longer bids 2kt 292/mt
■■MW: VITOL SA no longer bids 2kt 298.75/mt
■■MW: GUNVOR SA no longer bids 2kt 298.75/mt
■■MW: VITOL SA no longer bids 2kt 298.75/mt
■■MW: VITOL SA no longer bids 2kt 298.75/mt
■■MW: GUNVOR SA no longer bids 2kt 298.75/mt
■■MW: GUNVOR SA no longer bids 2kt 298.50/mt
■■MW: LITASCO SA no longer bids 2kt 294/mt
12
■■MW: SHELL TRADING ROTTERDAM B.V. no longer bids 2kt 292/mt
■■MW: TRAFIGURA PTE LTD. no longer bids 2kt 292/mt
■■MW: V MARINE FUELS B.V. no longer bids 2kt 292/mt
■■BE: VITOL SA no longer bids 2kt 298.50/mt
■■BE: VITOL SA no longer bids 2kt 298.50/mt
■■BE: VITOL SA no longer bids 2kt 298.50/mt
■■BE: LITASCO SA no longer bids 2kt 294/mt
■■BE: TRAFIGURA PTE LTD. no longer bids 2kt 292/mt
HSFO barge offers (PGA page 1594)
■■FE: BP EUROPA SE - BP NEDERLAND offers 2kt 301/mt
■■FE: GUNVOR SA offers 2kt 302/mt
■■FE: GUNVOR SA offers 2kt 302/mt
■■FE: TRAFIGURA PTE LTD. offers 2kt 302/mt
■■MW: TRAFIGURA PTE LTD. offers 2kt 299/mt
■■MW: BP EUROPA SE - BP NEDERLAND offers 2kt 299/mt
■■MW: TRAFIGURA PTE LTD. offers 2kt 299/mt
■■MW: GUNVOR SA offers 2kt 300/mt
■■MW: TOTSA TOTAL OIL TRADING SA offers 2kt 300/mt
■■MW: GUNVOR SA offers 2kt 301/mt
■■BE: TRAFIGURA PTE LTD. offers 2kt 298.75/mt
■■BE: BP EUROPA SE - BP NEDERLAND offers 2kt 299/mt
■■BE: GUNVOR SA offers 2kt 299.75/mt
■■BE: GUNVOR SA offers 2kt 300/mt
■■BE: TOTSA TOTAL OIL TRADING SA offers 2kt 300/mt
■■BE: SHELL TRADING ROTTERDAM B.V. offers 2kt 300/mt
■■BE: TRAFIGURA PTE LTD. offers 2kt 300/mt
Withdrawals
■■FE: TOTSA TOTAL OIL TRADING SA no longer offers 2kt 300/mt
■■FE: LITASCO SA no longer offers 2kt 300/mt
■■MW: TRAFIGURA PTE LTD. no longer offers 2kt 299/mt
■■MW: TRAFIGURA PTE LTD. no longer offers 2kt 299/mt
■■MW: TRAFIGURA PTE LTD. no longer offers 2kt 299/mt
■■MW: LITASCO SA no longer offers 2kt 300/mt
■■BE: LITASCO SA no longer offers 2kt 299/mt
LSFO barge trades (PGA page 1593)
■■No trades reported
* Denotes market maker. All times GMT
LSFO barge bids (PGA page 1595)
■■No bids reported
Withdrawals
■■No bids reported
LSFO barge offers (PGA page 1594)
■■No offers reported
Withdrawals
■■No offers reported
EUROPEAN MARKETSCAN August 8, 2017
competitive offer live at the close. A backwardated
structure of around 2 cents/day, as implied by the swaps
structure, was applied to all days after August 31 on the
assessment curve. A flat structure was applied to all days
prior to August 20 in the assessment curve.
The above commentary applies to the market data code: AAWYZ00
Diesel Barge bids/offers/trades: (PGA page 1479)
■■~~Platts ULSD Brg: MOC summary: 7 trades reported:
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done
$-0.50 for 3 VRDNV* STR;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done
$-0.50 for 1.4 TOTSA* STR;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done
$-0.50 for 2.7 TOTSA* GLENCOREUK;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done
$-0.50 for 1.4 VITOL* STR;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 FG Smr FE done
$-1.50 for 3 TOTSA* GUNVORSA;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 FG Smr MW done
$-1.50 for 3 TOTSA* GUNVORSA;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done
$-0.50 for 1.4 VITOL* STR;
■■ULSD BARGE OUTSTANDING INTEREST: OFFERS:
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE TOTSA
Offer $0.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE VITOL
Offer $0.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE LICOBV
Offer $-0.25 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE PSXCS
Offer $0.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW TOTSA
Offer $-0.50 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW VITOL
Offer $-0.25 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 FG Smr BE TOTSA
Offer $-1.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 FG Smr MW TOTSA
Offer $-1.50 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M2 ARA Smr FE
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
UNIPECSG Offer $-0.75 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M2 ARA Smr MW
UNIPECSG Offer $-0.50 for 3;
■■ULSD BARGE OUTSTANDING INTEREST: BIDS:
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE BP Bid
$-1.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE BELGOM
Bid $-2.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE
CHEVRONBV Bid $-1.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE FSTBV Bid
$-1.50 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE
GLENCOREUK Bid $-1.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE
MABADEUT Bid $-1.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE STR Bid
$-1.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE BP Bid
$-1.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE
CHEVRONBV Bid $-1.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE FSTBV Bid
$-2.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE
GLENCOREUK Bid $-0.75 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE
KOCHSARL Bid $-0.75 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE
MABADEUT Bid $-1.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE STR Bid
$-0.75 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW BP Bid
$-1.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW
CHEVRONBV Bid $-1.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW FSTBV
Bid $-1.75 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW
GLENCOREUK Bid $-1.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW
13
MABADEUT Bid $-1.00 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW STR Bid
$-1.00 for 3;
Diesel Barge exclusions: (PGA page 1479) No market data
was excluded from the August 08 assessment process.
Diesel NWE Cargo bids/offers/trades: (PGA page 1468)
■■ULSD: NWE CARGO DEAL SUMMARY: “VITOL-
GLENCOREUK trade on offer, Platts NWE ULSD Crg - CIF
bss Amsterdam - 10-25, Main: 27kt, 23/8 - 27/8, indication
number: 2oco1 Laycan: buyer to narrow Main volume:
pricing 14-20 Aug Optol: 0-6kt efp Aug+5 Spec: ULSD
10ppm meeting French summer spec (inc 0.842 max) CP:
hamburg-bdx + north spain + ecuk option Vessel :Shell /
Totsa / litasco GTC: totsa latest edition 100% of main at
ULSD CIF UK Crg Any Day See TQC -$3.75 “
■■ULSD: NWE CARGO OUSTANDING INTEREST: OFFERS
“Vitol offers Platts NWE ULSD Crg - CIF bss Amsterdam -
10-25, Main: 27 kt, 18/8 - 23/8 (wide laycan), “”indication
number: 3oco4 Laycan: buyer to narrow Main volume: efp
Optol: 0-6kt efp as per main Spec: ULSD 10ppm meeting
French summer spec (inc 0.842 max) CP: hamburg-bdx +
north spain + ecuk option Vessel :Handytankers Spirit
GTC: totsa latest edition “” , 100% of main volume at EFP
ICE LS GO Month Aug $5.00 “ “Vitol offers Platts NWE
ULSD Crg - CIF bss Amsterdam - 10-25, Main: 27 kt, 18/8 -
23/8 (wide laycan), “”indication number: 4oco3 Laycan:
buyer to narrow Main volume: pricing 10 - 18 Aug Optol:
0-6kt efp Aug +5.00 Spec: ULSD 10ppm meeting French
summer spec (inc 0.842 max) CP: hamburg-bdx + north
spain + ecuk option Vessel : Handytankers Spirit GTC:
totsa latest edition “” , 100% of main volume at ULSD CIF
UK Crg Any Day See TQC $-2.50 “ “Vitol offers Platts NWE
ULSD Crg - CIF bss Le Havre - 10-25, Main: 27 kt, 25/8 -
2/9 (wide laycan), “”INDICATION NUMBER: 5 OCO 6
LAYCAN: BUYER TO NARROW MAIN VOLUME: 21-28 Aug
pxg OPTOL: 0-6K efp Sep +7 SPEC: ULSD 10PPM MEETING
FRENCH SUMMER SPEC (INC 0.842 MAX) CP: HAMBURG-
BDX + NORTH SPAIN + ECUK OPTION VESSEL :SHELL /
TOTSA / LITASCO GTC: TOTSA LATEST EDITION”” , 100%
EUROPEAN MARKETSCAN August 8, 2017
of main volume at ULSDCIFHavreCrg Any Day See TQC
$-1.00 “ “Vitol offers Platts NWE ULSD Crg - CIF bss Le
Havre - 10-25, Main: 27 kt, 25/8 - 2/9 (wide laycan),
“”INDICATION NUMBER: 6 OCO 5 LAYCAN: BUYER TO
NARROW MAIN VOLUME: efp OPTOL: 0-6K efp Sep +7.50
SPEC: ULSD 10PPM MEETING FRENCH SUMMER SPEC (INC
0.842 MAX) CP: HAMBURG-BDX + NORTH SPAIN + ECUK
OPTION VESSEL :SHELL /BP / LITASCO GTC: TOTSA
LATEST EDITION”” , 100% of main volume at EFP ICE LS
GO Month Aug $7.00 “
■■BIDS “Glencore bids Platts NWE ULSD Crg - CIF bss
Amsterdam - 10-25, Main: 27 kt, 23/8 - 27/8, Indication 1
OCO 2 Main volume Pricing 27kt: 23-29 Aug Optol : 0-6 kt
in s.o: price as per last price differential pricing COD +3
(COD =0), Terminal : 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
$-2.00 “ “Glencore bids Platts NWE ULSD Crg - CIF bss
Thames - 10-25, Main: 27 kt, 22/8 - 26/8, Indication 2 OCO
1 Main volume Pricing 27kt: 23-29 Aug Optol : 0-6 kt in
s.o: price as per last price differential pricing COD +3
(COD =0), Terminal : Thames Spec: ULSD 10ppm meeting
french summer spec (inc , C&B) Cp : Hamburg, Bdx, ECUK
+ N Spain Vessel : Total/BP/Shell , 100% of main volume at
ULSD CIF UK Crg Any Day See TQC $-4.00 “
Diesel NWE Cargo exclusions: (PGA page 1468) No market
data was excluded from the August 08 assessment
process.
Diesel Mediterranean bids/offers/trades: (PGA page 1457)
■■ULSD: MED CARGO DEAL SUMMARY: None ULSD: MED
CARGO OUSTANDING INTEREST: OFFERS “Mercuria offers
Platts Med ULSD Crg - CIF bss Koper - 10-25, Main: 27 kt,
22/8 - 26/8, Indication Number: 1 Laycan: 22/26 Aug Main
Vol Pricing: Full EFp OpTol: 0-6kT, full EFP as per last
differential indication Spec: 10ppm ulsd French summer
specs, max 0.845, C&B CP: Euromed neobig + Slovenia +
Croatia excluding y/fyugo/toc + Turkish med + Morocco +
SOM + others obtainable Vessel : MT Zagara (IMO 9231171)
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
, 100% of main volume at EFP ICE LS GO Month Sep $8.50
“ “Vitol offers Platts Med ULSD Crg - CIF bss Lavera -
10-25, Main: 27 kt, 18/8 - 2/9 (wide laycan), Indication
2oco 1 Optol: 0-6kt s.o, efp Aug +8 Spec: ulsd 10ppm
french summer spec including C&B CP: Euromed neobig
+ Slovenia + Croatia exc ludingy/fyugo/toc+Turkish med +
SOM + others Obtainable Vessel: Shell/Litasco/Eni GTC:
Total latest , 100% of main volume at EFP ICE LS GO
Month Sep $8.00 “
■■“Vitol offers Platts Med ULSD Crg - CIF bss Lavera - 10-25,
Main: 27 kt, 18/8 - 26/8 (wide laycan), Indication 1 oco 2
main vol : Pricing 28 Aug - 3 Sep 2017, inclusive Optol:
0-6kt s.o efp Sep +8 Spec: ulsd 10ppm french summer
spec including C&B CP: Euromed neobig + Slovenia +
Croatia exc ludingy/fyugo/toc+Turkish med + SOM +
others Obtainable Vessel: Shell/Litasco/Eni GTC: Total
latest, 100% of main volume at ULSD CIFMed Crg Any Day
See TQC $0.00 “ “Vitol offers Platts Med ULSD Crg - CIF
bss Lavera - 10-25, Main: 27 kt, 18/8 - 2/9 (wide laycan),
Indication 3 Main volume: 27kt Pricing 4-6 Sep 2017 Optol:
0-6kt s.o, price per main volume, pricing 5 quotes after
COD (cod=0) Spec: ulsd 10ppm french summer spec
including C&B CP: Euromed neobig + Slovenia + Croatia
exc ludingy/fyugo/toc+Turkish med + SOM + others
Obtainable Vessel: Shell/Litasco/Eni GTC: Total latest ,
100% of main volume at ULSD CIFMed Crg Any Day See
TQC $0.00 “ “ENI offers Platts Med ULSD Crg - CIF bss
Venice - 10-25, Main: 27 kt, 18/8 - 22/8, 27000-27000
OPTOL: 0-6KT S.O, PRICE AND DIFF AS PER MAIN SPEC:
ULSD 10PPM FRENCH SUMMER SPEC INCLUDING C&B CP:
EUROMED NEOBIG + SLOVENIA + CROATIA EXC LUDINGY/
FYUGO/TOC+TURKISH MED + SOM + OTHERS
OBTAINABLE VESSEL: ENI/LITASCO/BP GTC: BP LATEST ,
100% of main volume at EFP ICE LS GO Month Sep $9.50
■■BIDS “Shell bids Platts Med ULSD Crg - CIF bss Aliaga -
10-25, Main: 27 kt, 23/8 - 30/8 (wide laycan), Indication 1
OCO 2 Main volume pricing: Full EFP Optol: 0-6kt Full EFP,
as per last differential on main volume indication Spec:
French summer spec ulsd with C+B CP: Euromed, Neobig
(exl yugo/former yugo/Albania/Syria but inc Croatia/
Slovenia)+Turkey incl Sea of Marmara + Morocco, other
14
cp options available/obtainable at cost Vessel: Shell/BP/
Lukoil , 100% of main volume at EFP ICE LS GO Month Sep
$8.00 “ “Shell bids Platts Med ULSD Crg - CIF bss Aliaga -
10-25, Main: 27 kt, 23/8 - 30/8 (wide laycan), Indication 2
OCO 1 Main volume pricing: 5 quotes after COD Optol:
0-6kt, pricing and diff as per main volume Spec: French
summer spec ulsd with C+B CP: Euromed, Neobig (exl
yugo/former yugo/Albania/Syria but inc Croatia/
Slovenia)+Turkey incl Sea of Marmara + Morocco, other
cp options available/obtainable at cost Vessel: Shell/BP/
Lukoil , 100% of main volume at ULSD CIFMed Crg Any
Day See TQC $-1.00 “ “Glencore bids Platts Med ULSD Crg
- CIF bss Elefsis - 10-25, Main: 25 kt, 21/8 - 25/8,
Indication 3 Main volume Pricing 25kt: 21-25 Aug Optol :
0-5 kt in s.o: price as per last price differential pricing
COD +3 (COD =0), Spec: ULSD 10ppm meeting french
summer spec (inc , C&B) Cp : Euromed neobig + Slovenia
+ Croatia exc luding y/fyugo/toc + Turkish med + Tunisia
+ SOM +morocco + others obtainable Vessel : Total/
Lukoil/Shell , 100% of main volume at ULSD CIFMed Crg
Any Day See TQC $-2.00 “
■■“Saras bids Platts Med ULSD Crg - CIF bss Koper - 10-25,
Main: 27 kt, 19/8 - 23/8, Indication 3oco4 Optol: 0-6kt as
per main EFP indication Spec: French summer spec ulsd
with C+B CP: Euromed, Neobig (exl Yugo/former Yugo/
Albania/Syria but inc Croatia/Slovenia) + Tunisia + Turkish
Med + SOM + Marocco, other cp options at cost Vessel:
OMV/Saras/Lukoil, 100% of main volume at EFP ICE LS GO
Month Sep $6.00 “ “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 $-3.00 “
“Litasco bids Platts Med ULSD Crg - CIF bss La Nouvelle -
10-25, Main: 25 kt, 18/8 - 22/8, indication 6 Optol: 0-5kt
s.o, as per main EFP indication Spec: ulsd 10ppm meeting
french summer spec including C&B CP: Euromed neobig
EUROPEAN MARKETSCAN August 8, 2017
+ Slovenia + Croatia exc luding y/fyugo/toc + Turkish med
+ Tunisia + SOM + Morocco +others obtainable Vessel:
BP/Lukoil/Total , 100% of main volume at EFP ICE LS GO
Month Sep $7.50 “
■■“Litasco bids Platts Med ULSD Crg - CIF bss Mersin -
10-25, Main: 25 kt, 28/8 - 1/9, indication 4 Terminal: lukoil
akpet Optol: 0-5kt s.o, as per main EFP indication Spec:
ulsd 10ppm meeting french summer spec including C&B
CP: Euromed neobig + Slovenia + Croatia exc luding y/
fyugo/toc + Turkish med + Tunisia + SOM + Morocco
+others obtainable Vessel: OMV/Lukoil/Shell , 100% of
main volume at EFP ICE LS GO Month Sep $8.00 “ “BP
bids Platts Med ULSD Crg - CIF bss Sete - 10-25, Main: 27
kt, 29/8 - 2/9, Indication number: 2 Main Volume: 27kt
pricing EFP Optol : 0-6 kt pricing as per Main EFP Spec :
ULSD 10ppm French Summer C&B CP : Euromed neobig +
Slovenia + Croatia excluding y/fyugo/toc + Turkish med +
SOM + Morocco +others obtainable Vessel : SHELL/BP/
LITASCO approved , 100% of main volume at EFP ICE LS
GO Month Aug $6.50 “
Diesel Mediterranean exclusions: (PGA page 1457) No market
data was excluded from the August 08 assessment
process.
Fuel Oil
Market analysis: (PGA page 1599) The high sulfur fuel oil
complex was weaker Tuesday, with the crack trading lower
at minus $5.95/b. This compared with higher levels seen
Monday around minus $5.69/b, according to
InterContinental Ice Exchange. Meanwhile, the East-West
spread widened, with the August and September swaps
rebounding to $9.18/mt and 13.50/mt respectively. “East-
West is widening because the arbitrage was shut, and oil
needs to go somewhere,” a source said. “Northwest Europe
cannot absorb all oil locally, so either the structure [to
enable storage] or the East-West had to give.” However,
other sources said Singapore would have plenty of cargo
availability for all of August. They added that demand and
supply fundamentals remained weak while bunker demand
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
was yet to see an increase. There was plenty of supply as
Singapore was expected to receive about 6 million mt of
cargo in August. Meanwhile, the low sulfur fuel oil complex
was said to remain extremely quiet, according to sources.
“Lately it is very quiet, no activity,” said an LSFO trader. “It is
tough for sellers to place cargoes, especially in the
Mediterranean.” The same trader added: “There is good
production from refineries since sweet margins are doing
well, we are seeing a larger proportion of LSFO in the fuel oil
pool.” A second trader said: “Demand in the Mediterranean
hasn’t really picked up, even with summer temperatures.”
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 indications proving otherwise.
The above commentary applies to the market data code: PUAAP00
FO 3.5%S FOB Rdam Barge assessment rationale: (PGA
page 1592) In HSFO FOB Rotterdam barges, front-end, mid-
window and back-end values were assessed above
competitive bids, on traded levels.
The above commentary applies to the market data code: PUABC00
FO 3.5%S 500 CST FOB Rdam Barge assessment
rationale: (PGA page 1592) FOB Rotterdam 500 CST high
sulfur fuel oil barges were assessed unchanged at a
differential of minus $4.50/mt to FOB Rotterdam high sulfur
fuel oil 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 08 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
15
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) 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: PUAAM00
FO 1%S CIF Med Cargo assessment rationale: (PGA page
1580) In 1% FOB NWE cargoes, value was assessed by using
the previous day’s physical/swaps differential of minus $2/
mt, in the absence of indications suggesting otherwise.
The above commentary applies to the market data code: PUAAJ00
FO 1%S FOB Med Cargo assessment rationale: (PGA page
1580) The FOB Mediterranean low sulfur fuel oil cargo
assessment was derived as a freight netback to the CIF
Mediterranean low sulfur fuel oil cargo assessment, using
the following assessments: the CIF Mediterranean low
sulfur fuel oil cargo assessment minus the cost of
transporting a 30,000 mt fuel oil cargo between a basket of
Mediterranean ports.
The above commentary applies to the market data code: PUAAK00
FO 3.5%S CIF Med Cargo assessment rationale: (PGA page
1580) In CIF Med HSFO cargoes, value was assessed on the
average of a cross-over between a mid-window bid and
offer, and below another mid-window offer and above a
back-end bid. A contango structure was shown in the
middle of the loading-range, with a backwardated structure
on the tails.
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
EUROPEAN MARKETSCAN August 8, 2017
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)
■■AEGEAN BIDS $285/MT FOR 2KT FE
Fuel Oil NWE Cargo bids/offers/trades: (PGA page 1589)
■■LSFO NWE CARGO MOC: DEAL SUMMARY: None
■■LSFO NWE CARGO MOC: OUTSTANDING INTEREST: None
■■HSFO NWE CARGO MOC: DEAL SUMMARY: No deals.
■■HSFO NWE CARGO MOC: OUTSTANDING INTEREST: None
Fuel Oil NWE Cargo exclusions: (PGA page 1589) No market
data was excluded from the August 08 assessment process.
Fuel Oil Mediterranean bids/offers/trades: (PGA page 1581)
■■LSFO MED CARGO MOC: DEAL SUMMARY: None
■■LSFO MED CARGO MOC: OUTSTANDING INTEREST:
■■Platts LSFO Med Crg CIF bss Algeciras 10-25, SERL bids
Aug 27-Aug 31 100% 1% FOB NWE cargoes Any Day See
TQC $3.00 for 27000-27000 “ Main volume: 8-10 August
2017 both ends included
■■Optol: 0-6kt pricing 3 quotes after COD, same premium
as main volume differential,
■■Spec: RMG 380, ISO 8217:2010 RMG bunker fuel plus
1.00%S max and 2.00 ppm H2S max in liquid phase
■■CP: Full med (Excl. israel/syria/libia/albania/yugo, former
yugo and TOC) Vessel acceptable to: TOTAL/ENI/BP
■■HSFO MED CARGO MOC: DEAL SUMMARY: None
■■HSFO MED CARGO MOC: OUTSTANDING INTEREST:
■■Platts HSFO Med Crg CIF bss Algeciras 10-25, CEPSASAU
bids Aug 22-Aug 26 100% 3.5% CIF Med cargoes Full
Mnth Sep $1.00 for 27000-27000 “Terminal : Berth B Main
volume pricing : 01-30 September 2017, both dates
included,3.5%S High CIF Med cargoes Optol : 0-6kt
pricing 10 quotes after COD, same as main volume
differential Spec : RMG 380, ISO 2010 RMG bunker fuel
plus 3.50%S max and 2.00 ppm H2S max in liquid phase
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
CP : 1/2 ports full med (Excl. israel/syria/libia/albania/yugo,
former yugo and TOC) and the Canary Islands Vessel
acceptable to : CEPSA/REPSOL/BP
■■Platts HSFO Med Crg CIF bss Barcelona 10-25, CEPSASAU
bids Aug 21-Aug 25 100% 3.5% CIF Med cargoes Full Mnth
Sep $-2.00 for 25000-25000 “Terminal:DECAL Main
volume pricing:01-30 September 2017, both dates
included,3.5%S High CIF Med cargoes 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 (EU Qualified)
CP:1/2 ports full med (Excl. israel/syria/libia/albania/yugo,
former yugo and TOC) and the Canary Islands, Vessel
acceptable to:CEPSA/REPSOL/BP
■■Platts HSFO Med Crg CIF bss Ceuta 10-25, VILMAOSL bids
Aug 29-Sep 2 100% 3.5% CIF Med cargoes Any Day See
TQC $0.00 for 25000-25000 “main volume pricing mean
cif med from 1-8 sept both included Optol :0-5 kt pricing
3 days after cod, same differential as per main volumen
,Spec: RMG 380 ISO 8217/2010 with 3,5 % sulphur and
2ppm h2s max in liquid CP: full med C/P options and
normal exclusions yugo/former yugo/ Albania /Israel/TOC/
Libia/Siria. Vessel acceptable to : Cepsa, Repsol, Bp
■■Platts HSFO Med Crg CIF bss Ceuta 10-25, VILMAOSL
offers Aug 24-Aug 28 100% 3.5% CIF Med cargoes Any
Day See TQC $1.00 for 25000-25000 “main volume pricing
mean cif med from 8-11 aug both included Optol :0-5 kt
pricing 3 days after cod, same differential as per main
volumen ,Spec: RMG 380 ISO 8217/2010 with 3,5 % sulphur
and 2ppm h2s max in liquid CP: full med C/P options and
normal exclusions yugo/former yugo/ Albania /Israel/TOC/
Libia/Siria. Vessel acceptable to : Cepsa, Repsol, Bp
■■Platts HSFO Med Crg CIF bss Ceuta 10-25, TRAFI offers
Aug 22-Aug 26 100% 3.5% CIF Med cargoes Any Day See
TQC $2.00 for 27000-27000 “FULL CARGO Main Volume
pricing 26-31 Aug (27kt) Optol: 0-6kt pricing 3 quotes
after COD at same differential to main volume RMG380 as
per ISO 8217:2010, 3.5pct Sulphur max, H2S 2ppm max in
liquid, Vessel acceptable to Repsol / ENI / CEPSA
■■CP: Full Med (Exc. Israel/Libya/Albania/yugo/former yugo
and TOC
16
■■Platts HSFO Med Crg CIF bss Barcelona 10-25, TRAFI
offers Aug 25-Aug 29 100% 3.5% CIF Med cargoes Any
Day See TQC $2.00 for 27000-27000 “FULL CARGO Main
Volume pricing 26-31 Aug (27kt) Optol: 0-6kt pricing 3
quotes after COD at same differential to main volume
RMG380 as per ISO 8217:2010, 3.5pct Sulphur max, H2S
2ppm max in liquid, Vessel acceptable to Repsol / ENI /
CEPSA
■■CP: Full Med (Exc. Israel/Libya/Albania/yugo/former yugo
and TOC)
■■Platts HSFO Med Crg CIF bss Malta 10-25, GLTD offers Aug
25-Aug 29 100% 3.5% CIF Med cargoes Any Day See TQC
$1.75 for 27000-27000 “full cargo main volume pricing: 21
- 31 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
■■Platts HSFO Med Crg CIF bss Gibraltar 10-25, CADOILTRAD
bids Aug 22-Aug 26 100% 3.5% CIF Med cargoes Any Day
See TQC $0.50 for 25000-25000 “CIF bss Gibraltar 3.5%
CIF Med Cargoes Main volume: 11-15 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 CP: Full med (Excl. israel/syria/
libia/albania/yugo, former yugo
■■and TOC) Vessel acceptable to: CEPSA/ENI/BP
■■Platts HSFO Med Crg CIF bss Malta 10-25, CADOILTRAD
bids Aug 28-Sep 1 100% 3.5% CIF Med cargoes Any Day
See TQC $-2.00 for 25000-25000 “CIF bss Malta 3.5% CIF
Med Cargoes
■■Main volume: 10-16 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 CP: Full med (Excl. israel/
syria/libia/albania/yugo, former yugo
■■and TOC) Vessel acceptable to: CEPSA/ENI/BP
EUROPEAN MARKETSCAN August 8, 2017
Fuel Oil Mediterranean exclusions: (PGA page 1581) No
market data was excluded from the August 08
assessment process.
VGO (PGA page 1597)
NWE VGO: The Northwest European HSVGO market was
supported by firm demand and a rise in FOB NWE HSVGO
cargo differentials to a $1.20/b premium versus ICE October
Brent, up 20 cents. BP continued to show interest in a CIF
NWE HSVGO cargo in the Platts Market on Close
assessment process for August 28-September 1 delivery
assessed above the bid at $2.43/b to ICE October Brent.
According to many, the arbitrage was economical for
moving barrels trans-Atlantic. However, one source
remained bearish on the arbitrage, saying imminent
specification changes could ruin current economics. “If
buying now you may be processing for the winter spec, so
you don’t want to pay up,” the source said. There was weak
local buying interest in the North and Mediterranean.
Hellenic’s refinery was seen selling VGO, adding length to
the long market, traders said. FOB NWE LSVGO cargoes
were assessed at $2.10/b tracking higher US values and in
line with freight netbacks. In refinery news, Shell was
restarting “a number of units” at its Pernis refinery in
Rotterdam “as part of the phased restart of the full
complex,” a company spokesman said Tuesday. “Complete
restart will take place in a structured and controlled way.”
Shell said previously operations were not expected to
resume before the second half of August.
VGO deals (PGA page 5)
■■ None
North Sea crude
Market analysis: (PGA page 1299) NORTH SEA: The North Sea
market pulled back slightly in European trading Tuesday,
with some of the recent buying interest receding, even as
floating barrels remained relatively well-offered, particularly
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
Forties and Brent. Trading sources said arbitrage
opportunities for Forties -- particularly to China -- have
been thinner as the trading cycle has rolled into the
second-half of August, even as local refining demand has
switched more conclusively to sweeter barrels like Ekofisk.
Consequently, market sources said that while demand in
Northwest Europe is likely to remain supported in the near
term, the odd Forties cargo has struggled to clear with the
same degree of alacrity seen in previous months. “Forties
doesn’t make sense [in some refinery configurations],” a
European refining source said. “I think Forties just got so
expensive because Urals did too and VLCC freight to Asia
has been cheap. But local demand is a bit harder to find.”
Market sources said the heavy arbitrage demand for Forties
over much of the last year, which has continued to support
differentials relative to the balance of the BFOE basket, has
pushed it out of the main refinery pool for a number of
European refiners, particularly as the boom in sour crude
prices has pushed them towards a sweeter refinery slate
where possible. “There was quite a lot of arbitrage in
August, so that meant that there has been very little
hangover into September,” a trading source said. “But we
have yet to see that real genuine interest roll over into
September. The strength in the market should roll through,
but there really is a risk that the odd Forties or Brent cargo
will get left behind and prevent Dated Brent from
strengthening.” In the Platts Market on Close assessment
process Tuesday, Shell offered two cargoes OCO off of
Gener8 Supreme before trading at Dated Brent plus 10
cents/b. The backwardation in the August 7-11 versus
August 29 to September 1 weeks also dipped Tuesday
according to indications seen in the brokered market,
falling from 35 cents/b in European trading Monday to 26
cents/b in European trading Tuesday. In other news,
shipping sources said BP fixed Speedway for an August 25
voyage from Sullom Voe to Uruguay. Uruguay’s national oil
company ANCAP issued a tender for 1 million barrels worth
of crude for September 8-12 delivery last week.
Dated Brent assessment rationale: (PGA page 1297) Of the
four BFOE grades, Brent, Forties and Ekofisk were seen in
17
the Platts Market on Close assessment process Tuesday.
Brent Blend was assessed lower. August 18-21 was
assessed in a flat structure below an outstanding offer.
August 21 to September 8 was assessed in a 1 cent/day
contango, with August 26 also assessed below an
outstanding offer. Forties was assessed lower. August
18-23 was assessed on the level of a withdrawn OCO offer
which conclusively tested the previous day’s assessment.
August 23-27 was assessed in a 1.25 cent/day contango,
with August 27 assessed on the value of the traded OCO
offer. September 2 was assessed on the level of a
withdrawn bid, with a linear structure drawn between
August 27 and September 2. Oseberg was assessed lower
in a flat structure, after the rest of the Dated Brent basket
was proved lower Tuesday. Ekofisk was assessed lower.
August 19 was assessed on the level of a traded offer which
conclusively tested the previous day’s assessment. A
contango of 2 cents/day was applied across the balance of
the assessment period. Forties was the most competitive
grade across the full 10 day to month ahead assessment
period. Dated Brent was, therefore, assessed lower.
The above commentary applies to the market data code: PCAAS00
BFOE assessment rationale: (PGA page 1297) October Cash
BFOE was assessed on the level of one traded bid and two
traded offers which disproved both an EFP heard during the
day, as well as an October/November EFP roll heard during
the day. November Cash BFOE was assessed on the level of
four traded offers which disproved both an EFP heard
during the day, as well as an October/November EFP roll
heard during the day. December Cash BFOE was assessed
using 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 14-18
was assessed using an August 14-18 versus August 21-25
CFD roll heard during the day. August 21-25 was assessed
on the level of several traded bids and above an
outstanding bid, converted to November pricing. August 28
to September 1 was assessed on the level of three traded
EUROPEAN MARKETSCAN August 8, 2017
bids. September 4-8 was assessed using an August 28 to
September 1 versus September 4-8 CFD roll heard during
the day. September 11-15 was assessed using a September
4-8 versus September 11-15 CFD roll heard during the day.
September 18-22 was assessed using a September 11-15
versus September 18-22 CFD 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 TRADE SUMMARY: STASCO-
GLENCORE Ekofisk FOB Aug 18-Aug 20 Dtd $0.35 for
600000; STASCO-STATOIL Forties STS Scapa Flow Aug
26-28 Dtd $0.10 for 600000 “vessel Gener8 Supreme”
OCO Forties offer 20-24
■■~~NORTH SEA: MOC OUTSTANDING INTEREST: GLENCORE
OFFERS Forties STS Aug 19-23 Dtd $0.20 for 600000
“Vessel is Desimi”; STASCO OFFERS BNB STS Aug 18-22
Dtd $0.35 for 600000 “vessel Gener8 Neptune” OCO with
Brent offer 23-27; STASCO OFFERS BNB STS Aug 23-27
Dtd $0.40 for 600000 “vessel Gener8 Neptune” OCO with
Brent offer 18-22
■■~~NORTH SEA: MOC WITHDRAWN: STATOIL WITHDRAWS
BID Forties FOB Sep 1-8 Dtd $0.35 for 600000; STASCO
WITHDRAWS OFFER Forties STS Scapa Flow Aug 20-24 Dtd
$0.05 for 600000 “vessel Gener8 Supreme” OCO Forties
offer 24-28; BP BID IS WITHDRAWN Forties FOB Aug 25-27
Dtd $0.10 for 600000 OCO Forties bid 27-29; STATOIL
WITHDRAWS BID BNB FOB Aug 27-29 Dtd $0.25 for 600000
© 2017 S&P Global Platts, a division of S&P Global. All rights reserved.
■■~~BFOE CFD: MOC DEAL SUMMARY: Aug28-Sep1 Nov-0.6
x100 Gunvor-Statoil; Aug28-Sep1 Nov-0.6 x100 Gunvor-
BP; Aug28-Sep1 Nov-0.61 x100 Hartree-Socar; Aug28-
Sep1 Nov-0.6 x100 Gunvor-Statoil; Aug21-Aug25 Oct-0.51
x100 Socar-Statoil; Aug21-Aug25 Oct-0.51 x100 Socar-
Statoil; Aug21-Aug25 Oct-0.51 x100 Socar-Statoil
■■~~BFOE CFD: MOC OUTSTANDING INTEREST: Aug 14-18
(Oct): Statoil bids -0.48; DV Trading bids -0.48; BP bids
-0.49; Mandara offers -0.42; Aug 21-25 (Oct): BP bids
-0.52; Litasco bids -0.55; Socar offers -0.47; Mandara
offers -0.46; DV Trading offers -0.45; Aug 28-Sep 1 (Nov):
Litasco bids -0.62; BP bids -0.62; Mandara offers -0.57; DV
Trading offers -0.56; Petraco offers -0.52; Sep 4-8 (Nov):
BP bids -0.64; Mandara bids -0.65; Petraco offers -0.60;
DV Trading offers -0.60; Mandara offers -0.57; Sep 11-15
(Nov): Mercuria bids -0.69; Mandara bids -0.70; DV Trading
bids -0.70; DV Trading offers -0.55; Mandara offers -0.52;
Sep 18-22 (Nov): Mandara bids -0.70; DV Trading bids
-0.70; DV Trading offers -0.55; Mandara offers -0.52
■■~~CASH BFOE: MOC DEAL SUMMARY: Nov 52.52 x100
Shell-Trafigura; Oct 52.51 x100 BP-Shell; Nov 52.52 x100
Shell-Socar; Nov 52.52 x100 Shell-Trafigura; Oct 52.51
x100 BP-Gunvor; Nov 52.52 x100 Shell-Socar; Oct 52.51
x100 Total-Socar; Nov 52.52 x100 Shell-Hartree
■■~~CASH BFOE: MOC OUTSTANDING INTEREST: Oct17:
Glencore offers 52.57
North Sea exclusions: (PGA page 1290) The following
information was excluded from the August 8 Platts Market
on Close assessment process:
18
BP BID IS WITHDRAWN Forties FOB Aug 27-29 Dtd $0.10 for
600000 OCO with Forties bid 25-27
LSSR
Market analysis: (PGA page 1598) FOB NWE LSSR cargoes
were assessed at a $2.35/b discount against ICE October
Brent futures, steady day on day, amid little activity in the
spot market Tuesday. Some traders pointed to slack buying
interest for LSSR barrels due to strong refinery runs and
sufficient output of LSSR. Demand was healthy for 1%
straight run cargoes in the Mediterranean, one trader said.
Straight Run 0.5-0.7%S FOB NWE cargo assessment
rationale: (PGA page 1584) The FOB Northwest European low
sulfur straight run cargo assessment was based on the
following input: the LSSR FOB NWE differential was
assessed at a $2.35/b discount to ICE October Brent crude
futures. The outright LSSR price was derived using the
dollars per barrel to metric ton conversion factor of 6.77 for
LSSR. No bids or offers were reported in the Platts Market
on Close assessment process.
The above commentary applies to the market data code: PKABA00
LSSR Cargo bids/offers/trades: (PGA page 1585)
■■LSSR CARGO MOC: DEAL SUMMARY: No deals.
■■LSSR CARGO MOC: OUTSTANDING INTEREST: None.
LSSR Cargo exclusions: (PGA page 1585) No market data was
excluded from the August 08 assessment process.