EUROPEAN MARKETSCAN

Volume 50 / Issue 43 / March 1, 2018

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)
FOB NWE
Naphtha* PAAAI00 532.25–532.75 532.500 -11.000 PAAAH00 543.00–543.50 543.250
-11.000 Gasoline AAKUV00 612.250 -7.250
Prem Unl 10ppm AAWZA00 598.75–599.25 599.000 -13.000 AAWZB00 606.75–607.25 607.000
-13.000
Jet AAIDL00 618.00–618.50 618.250 -11.000 AAZBN00 632.25–632.75 632.500
-11.000
CIF West Africa
10ppm ULSD AAWYY00 559.75–560.25 560.000 -15.250 AAWYZ00 569.75–570.25 570.000
-15.250 Gasoline AGNWC00 634.750 -7.750
Gasoil 0.1% AAVJI00 547.25–547.75 547.500 -15.500 AAVJJ00 559.50–560.00 559.750
-15.500
Fuel Oil 1.0% PUAAK00 343.75–344.25 344.000 -8.250 PUAAJ00 352.25–352.75 352.500 -8.250
Fuel oil 3.5% PUAAZ00 335.50–336.00 335.750 -3.750 PUAAY00 344.25–344.75 344.500 -3.750

Northwest Europe cargoes (PGA page 1110)

FOB NWE CIF NWE/Basis ARA
Naphtha (Apr) PAAAJ00 541.75–542.25 542.000
-16.250
EUROPEAN FEEDSTOCKS AND BLENDSTOCKS
Naphtha PAAAL00 551.00–551.50 551.250
-10.750 Change
Gasoline 10ppm AAXFQ00 603.25–603.75 603.500 -8.500 CIF Northwest Europe cargo ($/mt) (PGF page 1760)
Jet PJAAV00 622.50–623.00 622.750 -10.500 PJAAU00 633.75–634.25 634.000
-11.000 VGO 0.5-0.6% AAHMZ00 469.75–470.75 470.250 +0.750
ULSD 10 ppm AAVBF00 551.50–552.00 551.750 -15.500 AAVBG00 562.50–563.00 562.750
-16.000 VGO 2% AAHND00 459.50–460.50 460.000 +1.750
Diesel 10ppm NWE** AAWZD00 553.25–553.75 553.500 -15.500 AAWZC00 564.50–565.00 564.750
-16.250
Diesel 10 ppm UK AAVBH00 565.50–566.00 565.750
-16.250 FOB Northwest Europe cargo ($/mt)
Gasoil 0.1% AAYWR00 538.25–538.75 538.500 -15.000 AAYWS00 554.75–555.25 555.000
-15.750
VGO 0.5-0.6% AAHMX00 456.50–457.50 457.000 +1.000
Fuel oil 1.0% PUAAM00 341.25–341.75 341.500 -8.250 PUAAL00 350.75–351.25 351.000 -8.250
VGO 2% AAHNB00 446.25–447.25 446.750 +2.000
Fuel oil 3.5% PUABB00 316.25–316.75 316.500 -6.500 PUABA00 329.25–329.75 329.500 -6.500
Straight Run 0.5-0.7% PKABA00 412.50–413.50 413.000 -12.250
Northwest Europe barges (PGA page 1112)

FOB Rotterdam JET CRACK SWAP FOB Black Sea cargo ($/mt)

Naphtha PAAAM00 547.00–547.50 547.250 -10.750 ($) VGO 0.8% ABBAD00 460.000
-4.000
20
Eurobob AAQZV00 585.25–585.75 585.500 -8.500 VGO 2% ABBAC00 449.750
-2.250
98 RON gasoline 10 ppm AAKOD00 665.25–665.75 665.500 -8.500
Premium gasoline 10 ppm PGABM00 618.75–619.25 619.000 -8.000 CIF Mediterranean cargo ($/mt)
Reformate AAXPM00 614.500 -8.500 Straight Run 0.5-0.7% AAJNT00 379.250
-8.250
Jet PJABA00 633.25–633.75 633.500 -11.000
VGO 0.8% ABBAB00 470.250
-4.000
Diesel 10 ppm*** AAJUS00 560.25–560.75 560.500 -15.000 15
VGO 2% ABBAA00 460.000
-2.250
Gasoil 50 ppm AAUQC00 559.25–559.75 559.500 -14.750
Gasoil 0.1%*** AAYWT00 548.75–549.25 549.000 -14.750
FOB Rotterdam barge ($/mt)
Fuel oil 1.0% PUAAP00 335.75–336.25 336.000 -6.500
Fuel oil 3.5% PUABC00 335.75–336.25 336.000 -6.500 MTBE* PHALA00 720.50–721.00 720.750 -10.250
Fuel Oil 3.5% 500 CST PUAGN00 330.75–331.25 331.000 -6.500 10 VGO 0.5-0.6% AAHNF00 456.50–457.50 457.000 -7.750
Rotterdam bunker 380 CST PUAYW00 338.50–339.50 339.000 -5.000 May Jul Sep Nov Jan Mar VGO 2% AAHNI00 438.00–439.00 438.500 -7.750
*Naphtha FOB Med is basis East Med **Basis Le Havre ***FOB Amsterdam-Rotterdam-Antwerp Source: S&P Global Platts * FOB Amsterdam-Rotterdam-Antwerp

www.platts.com
EUROPEAN MARKETSCAN MARCH 1, 2018
Market Update (PGA page 724)
Crude futures were down around $1/b late in the European
session Thursday, hitting two-week lows amid dollar
strength and rising US production and as attention turned to
US Federal Reserve Chair Jerome Powell’s second day of
congressional testimony. ICE May Brent was down $1.03/b at
$63.70/b at 4:30 pm London time (1630 GMT), while NYMEX
April WTI was 84 cents/b lower at $60.80/b. The dollar has
strengthened since Tuesday when markets perceived
Powell’s remarks to lawmakers as more hawkish than
anticipated, raising the odds of an additional interest rate
rise this year. Powell’s testimony Thursday before the
Senate Banking Committee will be scrutinized for any signs
he might try to recalibrate his message in light of the market
reaction. “If Powell did not intend to signal that a fourth hike
ICE FUTURES
Platts ICE 16:30 London assessments* (PGA page 703)
Low Sulfur Gasoil Brent
Mar AARIN00 561.75 May AAYES00 63.70
Apr AARIO00 563.25 Jun AAYET00 63.42
May AARIP00 563.25 Jul AAXZY00 63.10
Aug AAYAM00 62.76
*Platts ICE assessments reflect the closing value of the ICE contracts at precisely
16:30 London time.
ICE gasoil settlements (PGA page 702)
Low Sulfur Gasoil Low Sulfur Gasoil
Mar AAQSG00 561.75 Jun AAQSJ00 561.50
Apr AAQSH00 563.25 Jul AAQSK00 560.50
May AAQSI00 563.25 Aug AAQSL00 560.00
Expiry AAQSM00 NA*
*Value at 12:00 London time will only appear on day of expiry
ICE LS gasoil GWAVE (Previous day’s values) (PGA page 702)
Mar PXAAJ00 583.50 Apr PXAAK00 585.00
NYMEX FUTURES (16:30 London time)
NYMEX WTI (PGA page 703)
$/barrel $/barrel
Apr AASCR00 60.80 May AASCS00 60.61
NYMEX NY ULSD (PGA page 703)
¢/gal ¢/gal
Apr AASCT00 187.47 May AASCU00 187.66
NYMEX RBOB (unleaded gasoline) (PGA page 703)
¢/gal ¢/gal
Apr AASCV00 189.33 May AASCW00 190.85
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
EURO-DENOMINATED ASSESSMENTS 16:30 LONDON
Med cargoes (€/mt) (PGA page 1120)
FOB Med CIF Med
(Italy) (Genova/Lavera)
Naphtha* ABWHE00 436.762 ABWHD00 445.579
Prem Unl 10ppm ABWGV00 491.306 ABWGU00 497.867
Jet ABWGZ00 507.095 AAZBO00 518.783
10ppm ULSD ABWHM00 459.318 ABWHH00 467.520
Gasoil 0.1% ABWGQ00 449.065 ABWGO00 459.113
Fuel Oil 1.0% ABWGH00 282.152 ABWGF00 289.124
Fuel oil 3.5% ABWGM00 275.385 ABWGK00 282.562
*Naphtha FOB Med is basis East Med
Northwest Europe cargoes (€/mt) (PGA page 1116)
FOB NWE CIF NWE/
Basis ARA
Naphtha AAQCE00 452.141
Gasoline 10ppm ABWGS00 494.997
Jet ABWHB00 510.786 AAQCF00 520.013
ULSD 10 ppm ABWHO00 453.986 ABWHI00 463.214
Diesel 10ppm NWE ABWHP00 452.551 ABWHK00 461.573
Diesel 10 ppm UK ABWHJ00 464.034
Gasoil 0.1% ABWGR00 441.683 ABWGP00 455.217
Fuel oil 1.0% AAQCG00 280.102 ABWGG00 287.894
Fuel oil 3.5% ABWGN00 259.596 ABWGL00 270.259
Straight run 0.5-0.7% ABWHG00 338.747
West Africa cargoes (€/mt) (PGA page 1116)
FOB NWE CIF WAF
Gasoline AGNWA00 502.174 AANWC00 520.628
Northwest Europe barges (€/mt) (PGA page 1118)
FOB Rotterdam
Naphtha ABWHF00 448.860
Eurobob ABWGT00 480.233
98 RON gasoline 10 ppm ABWGX00 545.850
Premium gasoline 10 ppm AAQCH00 507.710
Reformate AAXPN00 504.019
Jet ABWHC00 519.603
Diesel 10 ppm* AAQCI00 459.728
Gasoil 50 ppm AAUQF00 458.907
Gasoil 0.1%* AAYWY00 450.295
Fuel oil 1.0% ABWGI00 275.591
Fuel oil 3.5% AAQCK00 275.591
Fuel Oil 3.5% 500 CST PUAGO00 271.490
Rotterdam bunker 380 CST AAUHE00 278.051
*FOB Amsterdam-Rotterdam-Antwerp
New York Harbor cargoes 16:30 London (€ cent/gal) (PGA pages 1350 & 1450)
FOB NY Harbor
Unleaded 87 AAPYV00 143.25
Unleaded 89 AAPYW00 148.12
Unleaded 93 AAPYX00 155.43
Euro/US$ forex rate: 1.2192. 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.
2
EURO CENTS PER LITER ASSESSMENTS 16:30 LONDON
Med cargoes (€ cents/liter) (PGA page 1370)
FOB Med CIF Med
Prem Unl 10 ppm ABXGA00 37.080 ABXGB00 37.575
Jet ABXGH00 41.429 ABXGI00 42.384
10 ppm ULSD ABXGO00 37.526 ABXGP00 39.520
Gasoil 0.1% ABXGY00 37.960 ABXGZ00 38.809
Northwest Europe cargoes (€ cents/liter) (PGA page 1370)
FOB NWE CIF NWE/Basis ARA
Gasoline 10 ppm ABXGC00 37.358
Jet ABXGJ00 41.731 ABXGK00 42.485
ULSD 10 ppm ABXGQ00 38.255 ABXGR00 39.017
Diesel 10 ppm NWE ABXGS00 38.376 ABXGT00 39.156
Gasoil 0.1% ABXHA00 37.336 ABXHB00 38.480
Northwest Europe barges (€ cents/liter) (PGA page 1370)
FOB Rotterdam
Eurobob ABXGD00 36.244
98 RON Gasoline 10 ppm ABXGE00 41.196
Premium Gasoline 10 ppm ABXGF00 38.318
Jet ABXGL00 42.451
Diesel 10 ppm ABXGU00 38.861
Gasoil 50 ppm ABXHC00 38.792
Gasoil 0.1% ABXHD00 38.064
GB PENCE PER LITER ASSESSMENTS 16:30 LONDON
Northwest Europe cargoes (p/liter) (PGA page 1370)
FOB NWE CIF NWE/Basis ARA
Gasoline 10 ppm ABXGG00 33.176
Jet ABXGM00 37.059 ABXGN00 37.728
ULSD 10 ppm ABXGV00 33.972 ABXGW00 34.649
Diesel 10 ppm UK ABXGX00 34.834
Gasoil 0.1% ABXHE00 33.156 ABXHF00 34.172
FOREIGN EXCHANGE RATES (PGA page 1151)
March 1, 2018 London 16:30
Dollar/Swiss franc BCADC00 0.9476
GB pound/Dollar BCADB00 1.3729
Dollar/Yen BCACW00 106.9300
Euro/Dollar BCADD00 1.2192
Dollar/Ruble AAUJO00 56.7930
EUROPEAN CLEAN PRODUCT BARGE FREIGHT RATES
ARA ($/mt) (PGT page 1918)
Rotterdam — Rotterdam TCAEI00 2.05
Rotterdam — Flushing TCAEJ00 4.15
Rotterdam — Ghent TCAEK00 4.40
Rotterdam — Antwerp TCAEL00 3.30
Germany ($/mt) (PGT page 1918)
Rotterdam — Duisburg TCAEM00 6.10
Rotterdam — Cologne TCAEN00 8.25
Rotterdam — Karlsruhe TCAEO00 15.85
Antwerp — Duisburg TCAEP00 6.70
Switzerland ($/mt) (PGT page 1918)
Rotterdam — Basel TCAEQ00 17.15
EUROPEAN MARKETSCAN MARCH 1, 2018

is possible this year, look for him to make a point that
inflation remains under control despite economic strength,”
Confluence Investment Management said in a note. US
Energy Information Administration data Wednesday showed
US production averaged 10.283 million /d last week, an all-
time high, according to EIA weekly estimates that go back to
1983. Higher output helped push crude stocks 3.019 million
barrels higher to 423.498 million barrels in the week that
ended Friday, February 23. In addition, gasoline stocks saw
a build of 2.483 million barrels to 251.817 million barrels,
versus an expected draw of 200,000 barrels, which put
downward pressure on refined product futures.
Gasoline
Market analysis: (PGA page 1399) The Northwest European
gasoline complex started March on an active note, both in the
paper market and the physical barge market where firm
buying interest was seen at opening and before closing. “The
new month has triggered more liquidity,” a source said.
Gasoline inventories in the Amsterdam-Rotterdam-Antwerp
hub fell 19,000 mt, or 1.4%, to 1.323 million mt in the week to
Wednesday, data from PJK International showed. That was
17% higher year on year. Ample flow of gasoline left Europe in
February. Flows to the US and east coast of Canada from
Northwest Europe which landed in February amounted to
around 647,000 mt, up 20% from January, while flows to West
Africa from Europe -- mostly Northwest Europe, but also the
Baltics and Mediterranean -- totaled around 1.874 million mt,
up from 1.706 million mt in January. Looking forward, flows to
West Africa from Europe set to arrive in March amounted, so
far, to around 823,000 mt, Platts cFlow, trade flow software,
showed. Most were on their way to Lagos, Nigeria, or Lome,
Togo, while two cargoes were heading to Ghana and one to
Namibia. Moreover, the Long Range tanker BW Columbia
brought a 60,000 mt gasoline cargo from the Persian Gulf to
Lagos where she arrived Thursday and the MR Lefkara was

CALENDAR MONTH AVERAGES FOR FEBRUARY 2018

Code Mid
FOB Med cargo (Italy) (PGA page 1115)
Naphtha* PAAAI03 535.225–535.725 535.475
Prem Unl 10ppm AAWZA03 614.425–614.925 614.675
Jet AAIDM00 625.550–626.050 625.800
10ppm ULSD AAWYY03 575.850–576.350 576.100
Gasoil 0.1% AAVJI03 562.875–563.375 563.125
Fuel oil 1.0% PUAAK03 359.888–360.388 360.138
Fuel oil 3.5% PUAAZ03 345.275–345.775 345.525
FOB Black Sea (PGF page 1761)
VGO 0.8% ABBAD03 468.400
VGO 2% max ABBAC03 456.875
CIF Med cargo (Genova/Lavera) (PGA page 1115)
Naphtha PAAAH03 546.613–547.113 546.863
Prem Unl 10ppm AAWZB03 622.913–623.413 623.163
Jet AAZBN03 640.638–641.138 640.888
10ppm ULSD AAWYZ03 586.475–586.975 586.725
Gasoil 0.1% AAVJJ03 575.850–576.350 576.100
Fuel oil 1.0% PUAAJ03 368.563–369.063 368.813
Fuel oil 3.5% PUAAY03 354.200–354.700 354.450
VGO 0.8% ABBAB03 478.638
VGO 2% max ABBAA03 467.100
FOB NWE cargo (PGA page 1111)
Jet PJAAV03 627.988–628.488 628.238
ULSD 10 ppm AAVBF03 566.025–566.525 566.275
Diesel 10ppm NWE AAWZD03 568.200–568.700 568.450
Gasoil 0.1% AAYWR03 552.338–552.838 552.588
Fuel oil 1.0% PUAAM03 352.788–353.288 353.038
Fuel oil 3.5% PUABB03 328.225–328.725 328.475
Straight run 0.5-0.7% PKABA03 429.625–430.625 430.125
VGO 0.5-0.6% AAHMY00 460.350–461.350 460.850
VGO 2% max AAHNC00 448.975–449.975 449.475
Code Mid
CIF West Africa cargo (PGA page 1111)
Gasoline AGNWC03 632.925
FOB NWE West Africa cargo (PGA page 1111)
Gasoline AAKUV03 610.538
CIF NWE cargo (basis ARA) (PGA page 111)
Naphtha physical PAAAL03 554.900–555.400 555.150
Gasoline 10ppm AAXFQ03 625.713–626.213 625.963
Jet PJAAU03 642.138–642.638 642.388
ULSD 10 ppm AAVBG03 580.525–581.025 580.775
Diesel 10ppm NWE AAWZC03 583.163–583.663 583.413
Diesel 10 ppm UK AAVBH03 584.675–585.175 584.925
Gasoil 0.1% AAYWS03 572.950–573.450 573.200
Fuel oil 1.0% PUAAL03 362.563–363.063 362.813
Fuel oil 3.5% PUABA03 341.600–342.100 341.850
VGO 0.5-0.6% AAHNA00 473.875–474.875 474.375
VGO 2% max AAHNE00 462.538–463.538 463.038
FOB Rotterdam barges (PGA page 1113)
Naphtha PAAAM03 550.900–551.400 551.150
Eurobob AAQZV03 607.713–608.213 607.963
98 RON gasoline 10 ppm AAKOE00 687.713–688.213 687.963
Premium gasoline 10 ppm PGABM03 628.488–628.988 628.738
MTBE ** PHBFZ03 745.013–745.513 745.263
Jet PJABA03 640.775–641.275 641.025
Diesel 10 ppm** AAJUW00 575.913–576.413 576.163
Gasoil 50 ppm AAUQC03 573.550–574.050 573.800
Gasoil 0.1%** AAYWT03 565.475–565.975 565.725
Fuel oil 1.0% PUAAP03 348.100–348.600 348.350
Fuel oil 3.5% PUABC03 348.100–348.600 348.350
Fuel Oil 3.5% 500 CST PUAGN03 343.550–344.050 343.800
Rotterdam bunker 380 CST PUAYW03 351.500–352.500 352.000
VGO 0.5-0.6% AAHNG00 468.738–469.738 469.238
VGO 2% max AAHNJ00 450.838–451.838 451.338
*Naphtha FOB is basis east Med. **FOB Amsterdam/Rotterdam/Antwerp

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 3
EUROPEAN MARKETSCAN MARCH 1, 2018
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 amends 2018 freight netbacks for FOB Med 0.1% gasoil
Effective February 1, 2018, S&P Global Platts will amend the
Worldscale rates used to calculate the freight netbacks for its FOB
Mediterranean 0.1% gasoil assessment. This amendment follows the
release of Worldscale Association circular number 4 on January 9,
2018, which revises the $/mt flat rates for all cargoes loading or
discharging at the Russian port of Novorossiysk. Worldscale
Association stated that it was resolving the flat rates to and from the
port of Novorossiysk “in light of recent information received regarding
a revised port tariff structure.” Platts published a subscriber note
detailing the effect of the changes on Platts’ freight assessments on
December 20, 2017. This note is available here: https://www.platts.
com/subscriber-notes-details/26859959. In light of the changes
highlighted in the circular, Platts is revising its annual WS flat rates for
the following assessments and voyages. The flat rate used to
calculate the netback formulas for FOB Mediterranean 0.1% gasoil
cargoes (assessment code: AAVJI00) becomes $7.46/mt. The new
flat rate takes into account the 18 cents/mt deduction applicable to
the published Novorossiysk-Genoa and Novorossiysk-Lavera routes
which are contemplated by the basket of rates. The remaining routes
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
-- Malta-Genoa; Malta-Lavera; Batumi-Genoa; Batumi-Lavera --
remain unaffected. Please send all comments or questions to
Europe_Products@spglobal.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.
2018 calendar for FOB gasoline barge winter to summer change
Effective March 19, 2018, S&P Global Platts will start reflecting
summer grades of gasoline on a pro-rated basis in the Amsterdam-
Rotterdam barge markets. March 21 will be the first day on which
summer gasoline can be bid or offered. March 22 will be the last day
on which winter can be bid or offered. The last day on which winter
will be reflected in the assessment will be March 26. A spreadsheet
detailing the change will be made available upon request. Platts
welcomes all feedback and questions to
pl_lightendseurope@spglobal.com, with a cc to
pricegroup@spglobal.com. For written comments, please provide a
clear indication if they 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.
2018 calendar for gasoline cargo winter to summer change
Effective March 7, 2018, S&P Global Platts will start reflecting
summer grades of gasoline on a pro-rated basis in the Northwest
Europe and Mediterranean cargo markets. March 12 will be the first
day on which summer gasoline can be bid or offered. March 16 will
be the last day on which winter can be bid or offered. The last day
on which winter will be reflected in the assessment will be March 21.
A spreadsheet detailing the change will be made available upon
request. Platts welcomes all feedback and questions to
pl_lightendseurope@spglobal.com, with a cc to
pricegroup@platts.com. For written comments, please provide a
clear indication if they 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 invites feedback on European and African oil assessments
As part of its commitment to an open and transparent pricing
methodology, S&P Global Platts would like to invite feedback on
any of its European and African crude and products assessments
to be discussed at its annual London Oil and Energy forum, to be
4
held February 19, 2018. Platts reviews all methodologies annually to
ensure they continue to reflect the physical markets under
assessment. Platts regularly assesses the relevance of
methodologies through continuous contact with the market.
Feedback on methodologies is always welcomed by Platts. Platts is
committed to providing advance notice in a clear time frame that
gives users sufficient opportunity to analyze and comment on the
impact of such proposed changes. Time frames vary depending on
Platts analysis of the overall circumstances of a particular change.
Methodology changes that materially alter an assessment and
require an update to the methodology specification are preceded
by extensive bilateral discussions with market stakeholders and
open public forums. Routine changes, such as seasonal quality or
pipeline cycle changes, time-rolling assessments, or clarifications,
generally do not materially alter an assessment. Platts holds annual
open public forums in which material methodology changes and
feedback are presented, and at which further feedback may be
given. Platts is holding its annual London Oil & Energy Forum for
2018 on February 19, 2018 at the London Hilton on Park Lane.
Further details can be found here: http://events.platts.com/london-
oil-energy-forum-2018?mvr=evlist Please send all comments,
feedback and questions to oilgroup@spglobal.com and
pricegroup@spglobal.com by February 16, 2018. 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 proposes 0.5% sulfur marine
fuel assessments from Jan 2, 2019
Following an extended period of discussion, S&P Global Platts
proposes to begin publishing daily cargo and barge assessments for
residual marine fuels reflecting a maximum sulfur limit of 0.5%
across the globe starting January 2, 2019, as well as bunker
assessments for the grade from July 1, 2019. Platts has received
feedback from shipowners that all specifications of the new 0.5%
fuel type should adhere at least to RMG 2010 specifications on all
parameters. It is therefore proposed that these new assessments
would reflect specifications for RMG 380 CST as defined by the
International Organization for Standardization in document ISO
8217:2010 Petroleum products -- Fuels (class F) -- Specifications of
marine fuels, but additionally including a maximum sulfur limit of
0.5%. Platts invites feedback on whether additional parameters or
EUROPEAN MARKETSCAN MARCH 1, 2018
SUBSCRIBER NOTES (continued) (PGA page 1500)
different limits should be reflected in these assessments. The
launch of these assessments would come 12 months ahead of the
planned introduction of new sulfur limits in marine fuels by the
International Maritime Organization from January 1, 2020. Platts
proposes to begin publishing new price assessments for RMG 380
CST marine fuel cargoes with a maximum sulfur limit of 0.5%, for
loading in Singapore, Fujairah and Houston, and barges in
Rotterdam, starting January 2, 2019. In the absence of an active
spot market, these assessments would initially reflect information
on blend economics from related fuels. This proposal follows
extensive consultation with the industry after Platts opened a
formal review of its global residuals and bunker fuel assessments in
a subscriber note published February 20, 2017. In addition, under the
plan, Platts will begin publishing prices assessments for 0.5% sulfur
bunker fuel on delivered and ex-wharf basis at several ports across
the world from July 1, 2019. Platts continues to receive feedback
that the change in marine fuel sulfur limits would see most shipping
markets change to the use of low-sulfur distillate and/or residual
grades or other alternative blends of low-sulfur material. Platts aims
to assess grades and locations of marine fuel that are most widely
tradeable and reflective of typical market practices. Global fuel
standards could see further evolution ahead of the planned
introduction of new sulfur limits for marine fuels by the International
Maritime Organization from January 1, 2020. Platts will continue to
regularly review market conditions, and will monitor for evidence
that newer standards are being traded more broadly in the market.
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. Platts intends to continue publishing existing
fuel oil and marine fuel assessments following the IMO 2020
change. Please send comments to oilgroup@spglobal.com and
pricegroup@spglobal.com by December 29, 2017. 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.
2018 Calendar for CIF Med Gasoil winter-to-summer change
Effective March 7, 2018, S&P Global Platts will start reflecting
summer specification gasoil on a pro-rated basis in its CIF
Mediterranean gasoil cargo assessments. Related netbacks, such
as the gasoil FOB Med, will also be affected by the change. A
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
spreadsheet detailing the changes is available upon request. The
following calendar of salient dates applies: - March 7: First day
reflecting summer specification - March 21: Last day reflecting
winter specification - March 22: Summer-spec fully reflected
Please send any comments or questions to
europe_products@spglobal.com and copy
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 proposes new assessment of West African grade gasoil
S&P Global Platts proposes to launch a daily assessment of West
African grade gasoil loading STS basis offshore Lome, Togo, with
effect from April 3, 2018. The assessment will be timestamped at
16:30 London time. The proposal follows research into the
growing West African refined products markets and the evolving
landscape of specification requirements in the region.
SPECIFICATION The specification assessed will reflect gasoil
with the following characteristics: - Sulfur: max 0.3% - of FOB Rotterdam Jet barge methodology
Flash point: min 66 degrees Celsius with a reference flash point
of 70 degrees Celsius - Specific gravity: 0.820 kg/l-0.870 kg/l
with a reference gravity of 0.860 kg/l Platts may also take into
account indications for other merchantable gasoil grades
appropriate for West African delivery, and normalize them back
to the reference specification. BASIS The West African grade
gasoil assessment will be STS basis offshore Lome, Togo.
Indications from other locations in West Africa may be taken into
account and normalized back to offshore Lome. SIZE The West
African grade gasoil assessment will represent parcels of 5,000-
10,000 mt. Other cargo sizes may also be considered for
assessment purposes but normalized back to the reference
cargo size. LOADING PERIOD The assessment will reflect
material for STS loading in the offshore Lome, three to 10 days
forward from the date of publication. QUESTIONS AND
FEEDBACK S&P Global Platts welcomes all feedback and
questions to europe_products@spglobal.com, and copy
pricegroup@spglobal.com. Please send any feedback by
February 12, 2018. For written comments, please provide a clear
indication if comments are not intended for publication. S&P
Global Platts will consider all comments received and will make
comments not marked as confidential available upon request.
5
Spring 2018 calendar for FOB ARA diesel barge seasonality
Effective February 14, 2018, S&P Global Platts will start reflecting
German intermediate specification for ultra low sulfur diesel on a
pro-rated basis in its FOB Amsterdam-Rotterdam-Antwerp (ARA)
barge ULSD assessment. Salient dates are as follows: - February
14: First day of reflecting German intermediate specification -
February 19: First full five-day period of reflecting German
intermediate specification - February 20: Last full five-day period of
reflecting German winter-grade specification - February 23: Last
day reflecting German winter-grade specification - February 26:
Intermediate-grade specification fully reflected A spreadsheet
detailing the change will be made available upon request. Please
send any comments or queries to pl_middisteurope@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 proposes standardization
Following a consultation period announced ended on October 31,
2017 -- announced through a subscriber note published on August
24, 2017 (https://www.platts.com/subscriber-notes-
details/26792922 ) -- S&P Global Platts proposes the following
standardisation to its current methodology underpinning its
Northwest European FOB Rotterdam Jet barges assessment with
effect from July 2, 2018. Basis Ports: - Platts proposes to
standardize the basis port from Rotterdam to the Flushing-
Amsterdam-Rotterdam-Antwerp-Ghent range (FARAG) - Bids and
offers in the Platts Market on Close assessment process will be
published basis FARAG - Indications for alternative loadports may
be considered for publication and normalized accordingly Barges
Sizes: - The assessment will continue to reflect a basis of 2,000-
3,000 mt, with volume nomination in the buyer’s option at time of
trade - Platts will publish bids and offers for the following ranges:
2,000-3,000 mt; 2,000-4,000 mt Laycans - Platts proposes to
standardize the way in which bids and offers are published in its
MOC assessment process to any fixed five-day period within the
3-15 or 5-15 days forward assessment window. Pricing bases: -
Platts will continue to reflect bids and offers expressed in outright
terms as well as on floating and EFP bases - For floating
indications, Platts proposes to standardize the pricing period to the
EUROPEAN MARKETSCAN MARCH 1, 2018
bringing a 37,000 mt from Houston to Lagos and expected to
arrive March 16. “There are still a lot of exports to West Africa
and the arbitrage to the US has been open even if there is no
stock draw,” a Europe-based gasoline trader said. “Demand
for cargoes is good overall but there is no lack of supply.” In
the paper market, the April Eurobob crack swap shed 15
cents/b to 11.55/b at the close amid lower crude futures, while
the March/April Eurobob gasoline contango narrowed to
$43/mt from $50/mt and the April/May Eurobob swaps
spread widened to 50 cents/mt from zero. The March Med/
North gasoline differential -- the spread between the March
FOB Mediterranean 10 ppm cargo swap and the equivalent
FOB Rotterdam Eurobob barge swap -- narrowed to $19/mt
from $24/mt and the April Med/North gasoline differential
moved to minus $10/mt from minus $8.75/mt. In the physical
market, a flurry of Eurobob barges traded Thursday morning
in the Amsterdam-Rotterdam-Antwerp hub at discount of
$55/mt to the April Eurobob swap, while late in the afternoon
two Eurobob gasoline barges loading March 9-13 in the area
traded at a discount of around $48.50/mt to the swap. In
tender news, Rosneft offered up to 60,000 mt of 92 RON
gasoline from Angarsk refinery in Russia for loading over
March, April, May FOB any Baltic sea port or CPT RW station.
The tender closes Friday.
Gasoline Prem Unleaded 10ppmS FOB Rdam Barge
assessment rationale: (PGA page 1383) FOB AR 10 ppm
premium unleaded gasoline barges were assessed at a
$33.50/mt premium over physical Eurobob gasoline barges,
up from a $33/mt premium Wednesday, factoring a trade on
a bid at $619/mt for midwindow dates 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
$47.25/mt discount to April Eurobob gasoline swap,
factoring a trade on an offer at $584/mt for midwindow
dates and an outstanding bid at $588/mt for front-end
dates in the Platts Market on Close assessment process.
The above commentary applies to the market data code: AAQZV00
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
SUBSCRIBER NOTES (continued) (PGA page 1500)
published five-day laycan of the indication for the main volume. In line with its current methodology, Platts reflects bids, offers and trades
that limit a counterparty’s price exposure to operational tolerance. Operational tolerance is typically limited to plus or minus 5% of the
transacted size for barges. When pricing on a floating basis Platts reflects barges where the operational tolerance prices at the mean of
the subsequent three assessments published by Platts after the bill of lading, at the same differential as the main volume. Feedback: The
assessment is published in Platts European Marketscan and in Platts price database under the code: PJABA00. Please send any comments
or queries by March 19, 2018 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.
CORRECTIONS
2018 calendar for FOB ARA ULSD barge seasonality: intermediate-to-summer grade
Effective April 3, 2018, S&P Global Platts will start reflecting German summer-grade specification for ultra low sulfur diesel on a pro-rated
basis in its FOB Amsterdam-Rotterdam-Antwerp (ARA) barge ULSD assessment. Salient dates are as follows: - April 3: First day of
reflecting German summer-grade specification - April 4: First full five-day period reflecting German summer-grade specification - April 5:
Last full five-day period reflecting German intermediate-grade specification - April 10: Last day reflecting German intermediate-grade
specification - April 11: Summer-grade specification fully reflected A spreadsheet detailing the change will be made available upon
request. Please send any comments or queries to pl_middisteurope@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.
2018 Calendar for CIF diesel cargo winter to summer change
Effective March 7, 2018 S&P Global Platts will start reflecting French summer specification of ultra low sulfur diesel on a pro-rated basis in
its CIF ARA, CIF NWE (Le Havre), CIF UK and CIF Mediterranean diesel cargo assessments. Related netbacks will also be affected. The
following calendar of salient dates applies. A spreadsheet detailing the changes is available upon request. - March 7: First day reflecting
summer specification - March 21: Last day reflecting winter specification - March 22: Summer-spec fully reflected Please send any
comments or questions to europe_products@spglobal.com and copy 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 10ppmS CIF NWE Cargo assessment rationale: gasoline cargo assessment was based on the relationship
(PGA page 1389) The CIF NWE gasoline cargo market was between the physical market and the March Mediterranean
assessed at an $18/mt premium over the Eurobob gasoline swap in the absence of competitive indications seen in the
barges, unchanged from Wednesday. Platts Market on Close assessment process.
The above commentary applies to the market data code: AAXFQ00 The above commentary applies to the market data code: AAWZA00
Gasoline Prem Unleaded 10ppmS FOB Med Cargo Gasoline Prem Unleaded 10ppmS CIF Med Cargo
assessment rationale: (PGA page 1389) The FOB assessment rationale: (PGA page 1389) The CIF
Mediterranean gasoline cargo market was assessed at a Mediterranean gasoline cargo assessment was derived as a
$9.75/mt discount to the March Mediterranean gasoline freight net-forward from the FOB Mediterranean gasoline
swap, unchanged from Wednesday. The FOB Mediterranean cargo assessment, using the following: FOB Mediterranean
6
EUROPEAN MARKETSCAN MARCH 1, 2018
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) Statoil-
Totsa, $619/mt for 1kt MW.
■■Gasoline Eurobob Barges: 1) Gunvor-Varo, $584/mt for 1kt
MW; 2) Gunvor-Trafi, $584/mt for 1kt MW.
■■Gasoline Barges: OUTSTANDING INTEREST:
■■Gasoline Premium Unleaded 10ppm Barges:
■■Bids: None.
■■Offers: Statoil $628/mt for 1kt FE; Statoil $625/mt for 1kt
MW; Statoil $625/mt for 1kt BE.
■■Gasoline Eurobob Barges:
■■Bids: Vitol $588/mt for 1kt FE; Trafi $584/mt for 1kt FE.
■■Offers: None.
Gasoline Barge exclusions: (PGA page 1384) No market data
was excluded from the March 1 assessment process.
Gasoline Cargo bids/offers/trades: (PGA page 1390)
■■Gasoline Cargo: Deal Summary:
■■CIF NWE: None.
EUROPEAN MARKETSCAN
Volume 50 / Issue 43 / March 1, 2018
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.
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
■■FOB MED: None.
■■Gasoline Cargo: Outstanding Interest:
■■CIF NWE: None.
■■FOB MED: None.
Gasoline Cargo exclusions: (PGA page 1390) No market data
was excluded from the March 1 assessment process.
Russian Gasoline (PGA page 1396)
Gasoline retained an upside trend Thursday with prices
recovering some of the December and January losses. Most
refineries were selling around 1,000-3,000 mt of regular
gasoline, with lower volumes of RON 95, apart from the Kirishi
refinery which sold 10,000 mt of premium unleaded. Volumes
were largely below the heights of January. According to data
from the St. Petersburg exchange, Rosneft, Lukoil, Gazprom
Neft and Gazprom sold more gasoline in January and
February compared with the year-ago period.
Naphtha
Market analysis: (PGA page 1398) There was an uptick in
buying interest in the Northwest European naphtha market
Thursday amid limited supply and a tighter market for open
specification grades, sources said. Premiums for open
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
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7
spec naphtha were pegged by one trader at $4-$6/mt,
while lighter material was being offered in the mid-teens.
“The market looks tight. Buying interest is being shown
but there are not that many cargoes on offer,” a source
said. Although Mediterranean barrels were said by sources
to be on offer in Northwest Europe, that indicated
unfavorable conditions for moving cargoes east rather
than conditions of oversupply. “I do not see buyers or
sellers distressed, but I do see Med barrels offered in the
North. This is one of the first signs of weakness in the arb,”
a source said. While the east/west spread -- one of the
barometers used by suppliers to calculate the profitability
of shipping product east -- has narrowed in recent weeks,
one source pointed to cheaper freight and a higher cash
premium in Asia also determining the opportunity to send
product east. “The arb from the Black Sea is open for LR2
loads,” the source said. “Freight has come off a long way
and is very cheap if you look at it historically.” The April
naphtha east/west spread -- the premium of CFR Japan
naphtha cargo swaps over the CIF NWE naphtha cargo
swap -- narrowed 75 cents/mt to $7.50/mt, while the May
spread also narrowed 75 cents/mt, to $8.25/mt. Elsewhere
in the paper market, the March CIF NWE naphtha crack
swap rose 45 cents/b to minus $2.15/b at the close. The
March/April spread widened $1.00 to $5.75/mt and the
April/May backwardation rose 50 cents/mt to $4.75/mt.
information and/or assessment contained therein in making any investment, trading, risk
management or other decision. S&P Global Platts, its affiliates and their third-party
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EUROPEAN MARKETSCAN MARCH 1, 2018
Elsewhere, more naphtha was seen offered in the Asian
market, while buying interest was stable, sources said.
Separately, Vietnam’s Nghi Son refinery has begun trial
runs with a view to produce first oil products in May and
petrochemicals in April, a senior official at the refinery
said. NSRP was expected to produce first commercial oil
products early May and paraxylene in the middle of April,
Dinh Van Ngoc, deputy director of Nghi Son Refinery and
Petrochemical, said. Petrochemical products such as
benzene, polyethylene and polypropylene from the
petrochemical complex will be available for export, a
source at parent company PetroVietnam said.
Naphtha CIF NWE Cargo assessment rationale: (PGA page
1386) The CIF NWE naphtha cargo assessment was derived
using the following input: the CIF NWE naphtha cargo
assessment was based on the relationship between the
physical and swaps markets in the absence of competitive
indications seen in the Platts Market on Close assessment
process. This represented a differential of $4.11/mt, broadly
stable versus the previous day’s differential of $4.10/mt.
The above commentary applies to the market data code: PAAAL00
Naphtha FOB Med Cargo assessment rationale: (PGA page
1376) The FOB Mediterranean naphtha cargo assessment
was derived as a freight netback from the CIF NWE naphtha
cargo assessment, using the following assessments: CIF
NWE naphtha cargo assessment minus the cost of
transporting a 27,500 mt naphtha cargo from Alexandria in
the Mediterranean to Rotterdam.
The above commentary applies to the market data code: PAAAI00
Naphtha Cargo bids/offers/trades: (PGA page 1387)
■■NAPHTHA CARGO CIF NWE MOC deals: No trades
reported. NAPHTHA MOC: OUTSTANDING INTEREST: BIDS:
1) GLENCORE Bid CIF NWE Naphtha Cargo 12,500mt +/-
10%, at $551.50/mt for March 12 to March 16 delivery,
TQC:- Indic 2; 2) STASCO Bid CIF NWE Naphtha Cargo
12,500mt +/- 10%, at $550/mt for March 16 to March 20
delivery, TQC:- Indic 2; 3) PETROINEOS Bid CIF NWE
Naphtha Cargo 12,500mt +/- 10%, at $551/mt for March 16
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
RUSSIAN DOMESTIC REFINED PRODUCTS ASSESSMENTS (Rb/mt)
FCA Privolzhsky Federal District, Basis Ufa FCA Central Federal District, Basis Moscow
Diesel (PGA page 1430)
Diesel AAUDO00 41,000 +150 AAUDT00 42,750 +250
Gasoline (PGA page 1330)
Gasoline Premium Unleaded AAUDL00 40,300 +150 AAUDQ00 42,150 +250
Gasoline Regular Unleaded AAUDM00 39,200 +50 AAUDR00 41,100 0
Fuel oil (PGA page 1530)
Low sulfur fuel oil 1% AAUDP00 9,950 +50 AAUDU00 11,500 -100
Fuel oil 3.5% M-100 AAUNU00 9,550 +50 AAUNV00 11,100 -100
RUSSIAN DOMESTIC REFINED PRODUCTS NETBACKS
Refinery Port Code Rb/mt Change Code $/mt Change Underlying marker
Middle Distillates (PGA page 1440)
Gasoil and Diesel 10 ppm
Moscow St Peter AAWRP00 39,904.708 -586.371 AAWRO00 707.854 -19.465 ULSD CIF NWE Crg
Moscow Ventspils AAWRR00 39,453.368 -605.460 AAWRQ00 699.848 -19.707 ULSD CIF NWE Crg
Yaroslavl St Peter AAXKP00 40,358.312 -586.371 AAXKO00 715.900 -19.567 ULSD CIF NWE Crg
Yaroslavl Ventspils AAXKR00 39,875.360 -605.460 AAXKQ00 707.333 -19.802 ULSD CIF NWE Crg
NORSI Novorossiysk AAXKA00 37,951.406 -609.878 AAWRU00 673.205 -19.450 GO 0.1% Med Crg
Syzran Novorossiysk AAXKI00 38,615.239 -609.878 AAXKH00 684.981 -19.598 GO 0.1% Med Crg
Syzran Ventspils AAWJQ00 39,095.994 -668.047 AAWJP00 693.509 -20.751 ULSD CIF NWE Crg
Komsomolsk Nakhodka AAWRJ00 39,823.990 -555.802 AAWRI00 706.422 -18.898 GO 0.05% SporeCrg
Khabarovsk Nakhodka AAWRD00 40,423.878 -555.802 AAWRC00 717.063 -19.032 GO 0.05% SporeCrg
Ufa Ventspils AAWJT00 38,591.131 -691.175 AAWJR00 684.553 -21.053 ULSD CIF NWE Crg
Ufa Primorsk AAXYF00 39,292.434 -698.271 AAXYJ00 696.993 -21.338 ULSD CIF NWE Crg
Omsk Ventspils AAWJO00 37,373.512 -605.460 AAWJN00 662.954 -19.241 ULSD CIF NWE Crg
Omsk Novorossiysk AAWKQ00 36,216.582 -609.878 AAWKP00 642.432 -19.061 GO 0.1% Med Crg
Yaroslavl Primorsk AAWJZ00 40,998.714 -580.542 AAWJY00 727.260 -19.605 ULSD CIF NWE Crg
NORSI Primorsk AAWJX00 41,043.743 -580.271 AAWJW00 728.059 -19.610 ULSD CIF NWE Crg
Kirishi Primorsk AAWJV00 41,890.653 -580.270 AAWJU00 743.082 -19.800 ULSD CIF NWE Crg
Jet fuel
Moscow Ventspils AAWKB00 35,786.373 -212.267 AAWKA00 634.801 -11.823 Jet fuel ARA Brg
Gasoline (PGA page 1340)
Moscow Vysotsk AAWRT00 44,873.538 -78.157 AAWRS00 795.994 -11.448 Eurobob ARA Brg
Yaroslavl Vysotsk AAXKT00 45,280.756 -78.157 AAXKS00 803.218 -11.539 Eurobob ARA Brg
NORSI Novorossiysk AAXKE00 44,749.017 -413.110 AAXKD00 793.785 -17.437 Prem Unl Med Crg
NORSI Vysotsk AAWIN00 44,519.373 -78.157 AAWIO00 789.712 -11.369 Eurobob ARA Brg
Syzran Novorossiysk AAXKL00 45,412.850 -413.110 AAXKK00 805.561 -17.585 Prem Unl Med Crg
Komsomolsk Nakhodka AAWRL00 48,049.752 -315.421 AAWRK00 852.336 -16.421 Unl 92 Spore Crg
Khabarovsk Nakhodka AAWRF00 48,649.641 -315.420 AAWRE00 862.977 -16.555 Unl 92 Spore Crg
Kirishi Vysotsk AAWIW00 46,455.623 -78.157 AAWIP00 824.058 -11.803 Eurobob ARA Brg
Ufa Vysotsk AAWJE00 43,189.891 -78.157 AAWJD00 766.129 -11.071 Eurobob ARA Brg
Omsk Vysotsk AAWJC00 42,488.617 -78.157 AAWIX00 753.689 -10.914 Eurobob ARA Brg
Fuel oil (PGA page 1540)
Moscow St Peter AAWRN00 9,972.239 -270.538 AAWRM00 176.894 -7.091 FO 3.5% ARA Brg
Yaroslavl St Peter AAXKN00 10,425.843 -270.538 AAXKM00 184.940 -7.193 FO 3.5% ARA Brg
NORSI Novorossiysk AAXKC00 8,460.640 -92.776 AAXKB00 150.080 -3.560 FO 3.5% Med Crg
Syzran Novorossiysk AAXKG00 9,124.473 -92.776 AAXKF00 161.855 -3.709 FO 3.5% Med Crg
Komsomolsk Nakhodka AAWRH00 11,034.702 -316.721 AAWRG00 195.740 -8.159 380 CST Spore Crg
Khabarovsk Nakhodka AAWRB00 11,634.591 -316.720 AAWRA00 206.381 -8.294 380 CST Spore Crg
Kirishi Vysotsk AAWJG00 11,173.053 -272.800 AAWJF00 198.194 -7.402 FO 3.5% ARA Brg
Ufa Vysotsk AAWJK00 7,907.320 -272.801 AAWJJ00 140.265 -6.670 FO 3.5% ARA Brg
Omsk Vysotsk AAWJI00 7,206.046 -272.801 AAWJH00 127.825 -6.513 FO 3.5% ARA Brg
Spot prices assessed by Platts in key markets are used as underlying markers for netback calculations.
8
EUROPEAN MARKETSCAN MARCH 1, 2018
to March 20 delivery, TQC:-; 4) LITASCO Bid CIF NWE
Naphtha Cargo min 28,000mt, at $548/mt for March 16 to
March 20 delivery, TQC:-Indic 1, Optol plus $0.00; 5) TRAFI
Bid CIF NWE Naphtha Cargo min 28,000mt, at $549/mt
for March 19 to March 23 delivery, TQC:- Optol plus $1.50;
6) BP Bid CIF NWE Naphtha Cargo 12,500mt +/- 10%, at
$550/mt for March 20 to March 24 delivery, TQC:-.
OFFERS: 1) STASCO Offer CIF NWE Naphtha Cargo
12,500mt +/- 10%, at $555/mt for March 19 to March 23
delivery, TQC:- Indic 1; 2) GUNVOR Offer CIF NWE Naphtha
Cargo 12,500mt +/- 10%, at $557/mt for March 22 to
March 26 delivery, TQC:-; 3) SKEE Offer CIF NWE Naphtha
Cargo 12,500mt +/- 10%, at $556/mt for March 22 to
March 26 delivery, TQC:-.
Naphtha Cargo exclusions: (PGA page 1387) No market data
was excluded from the March 1 assessment process.
Jet
Market analysis: (PGA page 1497) Jet fuel in Northwest
Europe firmed Friday, led by a jump in paper jet markets
in Singapore. The March Singapore regrade swap rose 36
cents/b to $2.09/mt during the Singapore window. This
came despite a fall in physical Asian jet fuel prices which
have been supporting European prices as the regions
compete for arbitrage barrels from the Persian Gulf. This
increase in Asian paper also pulled up European paper,
where the now balance-month March swap jumped
$5.25/mt to $69.50/mt. However, physical trading activity
on jet cargoes was on the quiet side in Europe, according
to sources. Large volumes of diesel and gasoline being
delivered on to barges in the Amsterdam-Rotterdam-
Antwerp region were causing loading delays of up to 15
days for gasoline barges, according to traders. This
pushed barge freight for clean products in Rotterdam to
three-month highs while Flushing and Ghent freight rates
reached six-month highs. In fixtures, the STI Exceed was
heard fixed to carry 65,000 mt jet from Sikka in India to
the UK Continent region.
(continued on page 11)
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
ASIA PRODUCTS
Code Mid Change Code Mid Change
Singapore (PGA page 2002)
FOB Singpore ($/barrel)
Naphtha PAAAP00 61.58–61.62 61.600 -0.930
Gasoline 92 unleaded PGAEY00 73.63–73.67 73.650 -1.360
Gasoline 95 unleaded PGAEZ00 76.24–76.28 76.260 -1.240
Gasoline 97 unleaded PGAMS00 77.29–77.33 77.310 -1.180
Kerosene PJABF00 80.13–80.17 80.150 -1.690
Gasoil 0.05% sulfur AAFEX00 75.86–75.90 75.880 -1.940
Gasoil 0.25% sulfur AACUE00 75.00–75.04 75.020 -1.950
Gasoil POABC00 76.39–76.43 76.410 -2.020
Fuel oil 180 CST 2% ($/mt) PUAXS00 370.52–370.56 370.540 -7.210
HSFO 180 CST ($/mt) PUADV00 362.37–362.41 362.390 -7.050
HSFO 380 CST ($/mt) PPXDK00 354.69–354.73 354.710 -7.100
Indonesia (PGA page 2516)
FOB Indonesia ($/barrel)
LSWR Mixed/Cracked PPAPU00 60.18–60.22 60.200 -1.060
Gasoline components (PBF page 2010)
FOB Singapore ($/mt)
MTBE PHALF00 692.00–694.00 693.000 -12.000
Singapore Swaps (PPA page 2654)
Naphtha Japan ($/mt)
April ($/barrel)
AAXFE00 558.75–559.25 559.000 -14.000
May ($/barrel)
AAXFF00 554.75–555.25 555.000
-14.750
Naphtha PAAAQ00 60.48–60.52 60.500 -1.650 PAAAR00 60.03–60.07 60.050 -1.750
Gasoline 92 unleaded AAXEL00 73.88–73.92 73.900 -1.140 AAXEM00 73.90–73.94 73.920 -1.380
Reforming Spread AAXEO00 13.38/13.42 13.400 +0.510 AAXEP00 13.85/13.89 13.870 +0.370
Kerosene PJABS00 77.05–77.09 77.070 -3.000 PJABT00 76.50–76.54 76.520 -2.390
Gasoil POAFC00 76.27–76.31 76.290 -2.050 POAFG00 76.14–76.18 76.160 -2.070
HSFO 180 CST ($/mt) PUAXZ00 361.23–361.27 361.250 -7.750 PUAYF00 360.48–360.52 360.500 -7.650
Middle East (PGA page 2004)
FOB Arab Gulf ($/barrel)
Naphtha ($/mt) PAAAA00 537.44–540.94 539.190 -11.850
Naphtha LR2 ($/mt) AAIDA00 538.54–542.04 540.290 -13.270
Kerosene PJAAA00 78.39–78.43 78.410 -1.700
Gasoil 10 ppm AAIDT00 74.55–74.59 74.57 -2.030
Gasoil 0.005% sulfur AASGJ00 74.45–74.49 74.470 -2.030
Gasoil 0.05% sulfur AAFEZ00 74.15–74.19 74.170 -2.030
Gasoil 0.25% sulfur AACUA00 73.20–73.24 73.220 -2.030
Gasoil POAAT00 74.55–74.59 74.570 -2.030
HSFO 180 CST ($/mt) PUABE00 353.71–353.75 353.730 -6.780
Japan (PGA page 2006)
C+F Japan ($/mt) Premium/Discount
Naphtha PAAAD00 561.75–565.25 563.500 -11.750
Naphtha MOPJ Strip AAXFH00 554.75–555.25 555.000 -13.130 AAXFI00 8.25/8.75 8.500
+1.370
Naphtha 2nd 1/2 Apr PAAAE00 567.25–567.75 567.500 -10.250
Naphtha 1st 1/2 May PAAAF00 564.75–565.25 565.000 -11.000
Naphtha 2nd 1/2 May PAAAG00 561.75–562.25 562.000 -12.500
Gasoline unleaded ($/barrel) PGACW00 75.36–75.40 75.380 -1.340
Kerosene ($/barrel) PJAAN00 79.95–79.99 79.970 -1.590
Gasoil ($/barrel) POABF00 77.32–77.36 77.340 -1.960
HSFO 180 CST PUACJ00 370.69–370.73 370.710 -7.260
9
EUROPEAN MARKETSCAN MARCH 1, 2018

US PRODUCTS: FEBRUARY 28, 2018

Code Mid Change Code Mid Change Code Mid Change
New York harbor (PGA page 152)

CIF cargoes (¢/gal) RVP
Unleaded 87 0.3% AAMHG00 176.66–176.76 176.710 -6.630 AAMHGRV 15.0
Unleaded-89 0.3% AAMIW00 182.96–183.06 183.010 -5.970 AAMIWRV 15.0
Unleaded-93 0.3% AAMIZ00 192.41–192.51 192.460 -4.980 AAMIZRV 15.0

$/barrel 1% strip NYH cargo vs 1% strip
No. 6 0.3% HP PUAAE00 64.80–64.82 64.810 -1.410 AAUGA00 10.75/10.77 10.760 +0.040
No. 6 0.3% LP PUAAB00 64.80–64.82 64.810 -1.410 AAUGB00 10.75/10.77 10.760 +0.040
No. 6 0.7% PUAAH00 55.85–55.87 55.860 -1.410 AAUGC00 1.80/1.82 1.810 +0.040
No. 6 1.0%** PUAAO00 53.85–53.87 53.860 -1.410 AAUGG00 54.04–54.06 54.050 -1.450 AAUGD00 -0.20/-0.18 -0.190 +0.040
No. 6 2.2% PUAAU00 53.82–53.84 53.830 -1.280 AAUGE00 -0.23/-0.21 -0.220 +0.170
No. 6 3.0% PUAAX00 53.80–53.82 53.810 -1.200 AAUGF00 -0.25/-0.23 -0.240 +0.250

Residual swaps ($/barrel)
No. 6 1.0% paper Bal M AARZS00 NA–NA NA NANA
No. 6 1.0% paper 1st month PUAXD00 54.00–54.10 54.050 -1.450
No. 6 1.0% paper 2nd month PUAXF00 54.05–54.15 54.100 -1.450
No. 6 1.0% paper next quarter PUAXG00 54.03–54.13 54.080 -1.420
Boston cargoes (PGA pages 152)

$/barrel
No. 6 2.2% ($/barrel) PUAWN00 54.67–54.69 54.680 -1.280
NY/Boston numbers include duty. **This assessment reflects 150 max al+si
FOB Gulf Coast (PGA page 156 & 338)

¢/gal RVP
Unleaded 87 PGACT00 177.41–177.51 177.460 -6.620 PGACTRV 11.5
Unleaded 89 PGAAY00 183.61–183.71 183.660 -6.620 PGAAYRV 11.5
Unleaded 93 PGAJB00 192.91–193.01 192.960 -6.620 PGAJBRV 11.5
MTBE PHAKX00 215.63–215.73 215.680 -7.390
Alkylate* AAFIE00 22.70/22.80 22.750 +0.150
Jet 54 PJABM00 185.05–185.15 185.100 -7.170
Jet 55 PJABN00 187.80–187.90 187.850 -7.170
ULS Kero AAVTK00 199.55–199.65 199.600 -7.170
No. 2 POAEE00 175.80–175.90 175.850 -4.270

Cargo (¢/gal) Cargo ($/mt)
FOB Naphtha AAXJP00 156.460
-6.770 AAXJU00 547.640
-23.700
Export ULSD AAXRV00 180.560
-6.540 AAXRW00 564.980
-20.450
*Premium to US Gulf Coast pipeline gasoline

$/barrel USGC HSFO strip vs 1% strip
Slurry Oil PPAPW00 54.95–54.97 54.960 -1.390 AAUGS00 2.06/2.08 2.070 +0.060
No. 6 1.0% 6 API PUAAI00 55.70–55.72 55.710 -1.390 AAUGT00 2.81/2.83 2.820 +0.060
USGC HSFO PUAFZ00 52.95–52.97 52.960 -1.390 AAUGW00 52.88–52.90 52.890 -1.450 AAUGU00 0.06/0.08 0.070 +0.060
RMG 380 PUBDM00 52.95–52.97 52.960 -1.390 AAUGV00 0.06/0.08 0.070 +0.060

Residual swaps ($/barrel)
USGC HSFO swap M1(Mar) PUAXJ00 52.85–52.95 52.900 -1.450
USGC HSFO swap M2(Apr) PUAXL00 52.90–53.00 52.950 -1.450
USGC HSFO swap Q1( Q2 18) PUAXN00 52.83–52.93 52.880 -1.450

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 10
EUROPEAN MARKETSCAN MARCH 1, 2018
Jet FOB Rdam Barge assessment rationale: (PGA page 1489)
FOB Rotterdam jet fuel barges were assessed using
Wednesday’s relationship between the CIF NWE cargo
assessment and FOB Rotterdam barge assessment. The
relationship was assessed Thursday at minus 50 cents/mt.
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 on
the following information: Value on February 23 was
assessed above an outstanding competitive bid with a
laycan of March 15 to March 25. A backwardated structure
of 31 cents/day was applied across the curve, as implied by
the forward swaps curve.
The above commentary applies to the market data code: PJAAU00
Jet FOB Med Cargo assessment rationale: (PGA page 1492)
The FOB Mediterranean jet cargo assessment was derived
as a freight netback to the CIF Northwest Europe jet cargo
assessment, using the following calculation: CIF NWE jet
cargo assessment minus the cost of transporting a 27,500
mt clean cargo from Augusta, Italy, to Rotterdam,
Netherlands.
The above commentary applies to the market data code: AAIDL00
Jet Barge bids/offers/trades: (PGA page 1490)
■■JET: BARGE: MOC SUMMARY: One trade reported: JET:
BARGE: BP wants TOTSA offers 3kt FARAG 11/03-15/03 at
MAR+71.
■■JET: BARGE: MOC SUMMARY: OUTSTANDING INTEREST:
None.
Jet Barge exclusions: (PGA page 1490) No market data was
excluded from the March 01 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: “Unipec Singapore Pte Ltd. Bid Platts NWE Jet Crg -
CIF Basis Rotterdam - 10-25, Main: 27 kt, 15/3 - 25/3 (wide
laycan), Indication number 2 oco 1 Laycan: seller to
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
declare a 5 day window at the time of the trade Main
volume: 27kt pricing Full EFP Apr 18 Optol: 0-6kt pricing 5
quotes after COD (COD = 0) at CCM + 0$/mt Terminal/
jetty: Rotterdam Spec: Jet A1 DEFSTAN 91-091, meeting
JFSCL latest issue (current at bill of lading) with possible
exception of electrical conductivity (Stadis to be provided
on board in drums), ISPS compliant CP: Full NWE charter
party options at charter party rate, terms and conditions
Vessel: BP/Shell/Totsa, 100% of main volume at EFP ICE
LS GO Month Apr $67.25 “ “Unipec Singapore Pte Ltd. Bid
Platts NWE Jet Crg - CIF Basis Rotterdam - 10-25, Main:
27 kt, 15/3 - 25/3 (wide laycan), Indication number 1, oco 2
Laycan: seller to declare a 5 day window at the time of
the trade Main volume: 27kt pricing CCM during 16-23
March, prem as per latest indication Optol: 0-6kt pricing 5
quotes after COD (COD = 0) at CCM + 0$/mt Terminal/
jetty: Rotterdam Spec: Jet A1 DEFSTAN 91-091, meeting
JFSCL latest issue (current at bill of lading) with possible
exception of electrical conductivity (Stadis to be provided
on board in drums), ISPS compliant CP: Full NWE charter
party options at charter party rate, terms and conditions
Vessel: BP/Shell/Totsa, 100% of main volume at Jet CIF
NWE Crg Any Day See TQC $2.00 “ “Shell Bid Platts NWE
Jet Crg - CIF Basis Rotterdam - 10-25, Main: 27 kt, 11/3 -
15/3, Indication Number 3 Laycan- seller to narrow at time
of booking (if applicable) Main volume- 27kt pricing full
EFP-related Vol Tol - 0-6kt EFP-related as per last
indication Spec : Jet A1 Defstan
■■91-091 latest issue, JFSCLI latest issue (current at bill of
lading) with possible exception of electrical conductivity
(stadis to be provided on board in drums) Terminal-
Rotterdam CP Options- Full CP Options @ CP cost, terms
and conditions Vessel- Shell/BP/Total approvals, 100% of
main volume at EFP ICE LS GO Month Mar $69.00 “ “BP
Bid Platts NWE Jet Crg - CIF Basis Rotterdam - 10-25,
Main: 27 kt, 16/3 - 20/3, Indication number: 2 oco 1
Laycan: seller to declare a 5 day window at the time of
the trade Main volume 27kt pricing 10-16 March Optol:
0-6kt pricing 5 quotes after COD (COD = 0) at CCM + 0$/
mt Terminal/jetty: Rotterdam Spec: Jet A1 DEFSTAN
91-091, meeting JFSCL latest issue (current at bill of
11
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/Shell/Totsa,
100% of main volume at Jet CIF NWE Crg Any Day See
TQC $-2.00 “ “BP Bid Platts NWE Jet Crg - CIF Basis
Rotterdam - 10-25, Main: 27 kt, 16/3 - 20/3, Indication
number: 1 oco 2 Laycan: seller to declare a 5 day window
at the time of the trade Main volume 27kt pricing Full
EFP Mar 18 Optol: 0-6kt pricing 5 quotes after COD (COD
= 0) at CCM + 0$/mt Terminal/jetty: Rotterdam Spec: Jet
A1 DEFSTAN 91-091, meeting JFSCL latest issue (current
at bill of lading) with possible exception of electrical
conductivity (Stadis to be provided on board in drums),
ISPS compliant CP: Full NWE charter party options at
charter party rate, terms and conditions Vessel: BP/
Shell/Totsa, 100% of main volume at EFP ICE LS GO
Month Mar $67.00 “ “Shell Bid Platts NWE Jet Crg - CIF
Basis Le Havre CIM Terminal - 10-25, Main: 27 kt, 15/3 -
19/3, Indication Number 2 OCO 1 Laycan- seller to narrow
at time of booking (if applicable) Main
■■volume- 27kt pricing CCM-related average of 15 - 31
March 2018 (both included) Vol Tol - 0-6kt CCM-related as
per last indication, average of 3 quotes after COD (COD =
day zero) Spec : Jet A1 Defstan 91-091 latest issue, JFSCLI
latest issue (current at bill of lading) with possible
exception of electrical conductivity (stadis to be provided
on board in drums) Terminal- Le Havre CIM CP Options-
Full CP Options @ CP cost, terms and conditions Vessel-
Shell/BP/Total approvals , 100% of main volume at Jet CIF
NWE Crg Any Day See TQC $0.00 “ “Shell Bid Platts NWE
Jet Crg - CIF Basis Le Havre CIM Terminal - 10-25, Main:
27 kt, 15/3 - 19/3, Indication Number 1 OCO 2 Laycan-
seller to narrow at time of booking (if applicable) Main
volume- 27kt pricing full EFP-related Vol Tol - 0-6kt EFP-
related as per last indication Spec : Jet A1 Defstan 91-091
latest issue, JFSCLI latest issue (current at bill of lading)
with possible exception of electrical conductivity (stadis
to be provided on board in drums) Terminal- Le Havre CIM
CP Options- Full CP Options @ CP cost, terms and
conditions Vessel- Shell/BP/Total approvals , 100% of
EUROPEAN MARKETSCAN MARCH 1, 2018
main volume at EFP ICE LS GO Month Mar $65.00 “ “Totsa
Bid Platts NWE Jet Crg - CIF Basis Rotterdam - 10-25,
Main: 27 kt, 12/3 - 16/3, Indication number : 2 Laycan :
seller to declare a 5 day window at the time of the trade
Main volume pricing : 27kt pxg 16-31 March Optol : 0-6 kt
(pricing basis 3 quotes after COD with COD =0) at CCM
flat $/t Spec : Jet A1 Defstan 91-091 latest issue, JFSCLI
latest issue (current at bill of lading) with possible
exception of electrical conductivity (stadis to be provided
on board in drums) CP : full NWE C/P Options at CP rate,
terms and conditions Vessel : TOTAL/BP/SHELL approved,
ISPS compliant , 100% of main volume at Jet CIF NWE Crg
Half Mnth H2 Mar $-1.00 “ “Totsa
■■Bid Platts NWE Jet Crg - CIF Basis Le Havre CIM Terminal
- 10-25, Main: 27 kt, 16/3 - 26/3 (wide laycan), Indication
number : 1 Laycan : seller to declare a 5 day window at
the time of the trade Main volume pricing : 27kt pxg 16-31
March Optol : 0-6 kt (pricing basis 3 quotes after COD
with COD =0) at CCM flat $/t Spec : Jet A1 Defstan 91-091
latest issue, JFSCLI latest issue (current at bill of lading)
with possible exception of electrical conductivity (stadis
to be provided on board in drums) CP : full NWE C/P
Options at CP rate, terms and conditions Vessel : TOTAL/
BP/SHELL approved, ISPS compliant , 100% of main
volume at Jet CIF NWE Crg Half Mnth H2 Mar $-1.00 “
Jet Cargo exclusions: (PGA page 1493) No market data was
excluded from the March 01 assessment process.
JET INDEX (PGA page 115)
February 28, 2018 Index $/mt
Europe & CIS PJECI00 220.45 PJECI09 644.75
MidEast & Africa PJMEA00 238.98 PJMEA09 631.42
Global PJGLO00 219.47 PJGLO09 633.08
Gasoil
Market analysis: (PGA page 1499) Gasoil barge differentials
in the Amsterdam-Rotterdam-Antwerp region rose
Thursday as the current cold spell on the continent
maintained buying interest for the heating fuel-grade. S&P
Global Platts assessed 0.1% gasoil FOB ARA barges at a
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
$12.75/mt discount versus front-month ICE low sulfur
gasoil futures Thursday, up 75 cents/mt on the day.
European gasoil markets were being affected by several
logistical issues at two ports and loading terminals. Gasoil
barge loadings in ARA are at present delayed by around
three or four days, according to sources. Similarly, after
the port of Novorossiisk experienced delays at its IPP
terminal over the last few weeks, bunker operations at
several terminals at the Black Sea port are currently
closed due to bad weather, likely delaying fixtures that
supply gasoil into the Mediterranean. Several vessels --
Hafnia Adamello, Voge Dignity and Agios Nikolaos -- are
scheduled to load out of the Black Sea in the next few
days, but could be held up by this bunkering suspension.
Meanwhile, Libyan Oil Supply DMCC bought seven 30,000
mt cargoes, awarding their March tender to four
companies trading in the Mediterranean. Libya typically
takes between three and five cargoes a month, making
this tender more than usual. The higher volumes headed
into the North African country could further tighten
availability of cargoes in the Mediterranean. The Libyan
tender for April is expected to be issued in the coming two
weeks and will show if the country’s import volumes
remain at this level.
Gasoil .1%S (1000ppm) FOB ARA Barge assessment
rationale: (PGA page 1427) The FOB ARA 0.1% gasoil barges
assessment was made in line with the following inputs from
the Platts Market on Close assessment process: March 14
was assessed at a $12.75/mt discount to the front-month
ICE low sulfur gasoil futures contract, 25 cents/mt above a
competitive bid live at the close. A contango structure of
around 2 cent/mt, as implied by the swaps structure, was
applied across the assessment curve.
The above commentary applies to the market data code: AAYWT00
Gasoil .005%S (50ppm) FOB ARA Barge assessment
rationale: (PGA page 1408) The FOB ARA 50 ppm gasoil
barges assessment was made in line with the following
inputs from the Platts Market on Close assessment
process: March 8 was assessed at a $2.25/mt discount
12
to the front-month ICE low sulfur gasoil futures contract,
25 cents/mt above a competitive bid live at the close. A
flat structure was applied across the rest of the
assessment curve.
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
Mediterranean 0.1% gasoil cargo assessment, using the
following assessments: CIF Mediterranean 0.1% gasoil
cargo assessment minus the cost of transporting a 30,000
mt clean cargo from a basket of ports in the Mediterranean
to Genoa, Italy, and Lavera, France.
The above commentary applies to the market data code: AAVJI00
Gasoil .1%S (1000ppm) CIF Med Cargo assessment
rationale: (PGA page 1392) The CIF Mediterranean 0.1% gasoil
cargo assessment was based on the relationship between
the physical and swaps markets in the absence of
competitive indications seen previously in the Platts Market
on Close assessment process.
The above commentary applies to the market data code: AAVJJ00
EUROPEAN MARKETSCAN MARCH 1, 2018
Gasoil 0.1% Barge bids/offers/trades: (PGA page 1428)
■■~~Platts Gasoil 0.1 Brg: MOC summary: 0 trades reported:
■■GASOIL 0.1% BARGE OUTSTANDING INTEREST: OFFERS:
None.
■■GASOIL 0.1% BARGE OUTSTANDING INTEREST: BIDS:
■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA BE Trafigura
Bid $-13.00 for 3;
Gasoil 0.1% Barge exclusions: (PGA page 1428) No market
data was excluded from the Mar 01 assessment process.
Gasoil Barge 50ppm bids/offers/trades: (PGA page 1409)
■■~~Platts Gasoil 50ppm Brg: MOC summary: 0 trades
reported:
■■GASOIL 50PPM BARGE OUTSTANDING INTEREST: OFFERS:
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA MW
Glencore Offer $-1.50 for 3;
■■GASOIL 50PPM BARGE OUTSTANDING INTEREST: BIDS:
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA FE Totsa
Bid $-2.50 for 3;
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA FE Shell
Bid $-3.00 for 3;
Gasoil Barge 50ppm exclusions: (PGA page 1409) No market
data was excluded from the Mar 01 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 March 01 assessment process.
Gasoil Mediterranean bids/offers/trades: (PGA page 1393)
■■GASOIL: MED CARGO DEAL SUMMARY: None. GASOIL: MED
CARGO OUSTANDING INTEREST: OFFERS None. BIDS
“Sahara Bid Platts Med 0.1% Gasoil Crg - CIF Basis
Alexandria - 10-25, Main: 25 kt, 15/3 - 19/3, ndication
Number: 1 Main volume pricing: EFP Optol: 0-5kt pricing
and diff as per main Spec: spanish Winter spec B&C and
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
.840 min density CP: euromed neobig (excl yugo/former
yugo/albania/syria but including croatia/
slovania)+Tunisia+Egypt Med+Algeria, other cp options
available/obtainable at cost Vessel: Shell/BP/Litasco, 100%
of main volume at EFP ICE LS GO Month Mar $-3.50 “
Gasoil Mediterranean exclusions: (PGA page 1393) No market
data was excluded from the March 01 assessment process.
Diesel
Market analysis: (PGA page 1498) Fundamentals in the
European diesel market saw little change Thursday, with the
north generally well supplied while the Mediterranean has
been strong and stable for the past few weeks. The
Primorsk March program was released, totaling 1.4 million
mt and meaning the trend of bumper exports out of the
region continued unabated. While there was the prospect
the April program may be affected by maintenance at some
Russian refineries, that may not make too much difference.
While CIF demand was said to be steady, according to one
source, the ARA bare market was perhaps the more
turbulent aspect of the Northwest European market. The
market strengthened Thursday despite a generally
weakening structure at the prompt on ICE low sulfur gasoil
futures. That was replicated in the April/May spread which
went into contango early in the morning after being
backwardation Wednesday as flat prices took a general
tumble. Demand was said to have improved on the whole
but delays in loadings in Amsterdam-Rotterdam-Antwerp
were proving troublesome. Others, however, were seeing
the market was fundamentally oversupplied with tanks
being supplied from eastern cargoes which were somewhat
heavy for February. While the mainstream press was abuzz
with news that Rome will seek to ban diesel cars in 2024 and
German cities now have the possibility of doing so legally,
diesel demand in 2017 rose, for the most part, in Europe.
Even January, a weak month for all in the market, saw signs
that the fuel may still be in rude health despite the
headlines. Diesel for auto use rose 6.1% month on month in
Spain to 1.837 million mt, according to data from CORES.
13
ULSD 10ppmS FOB ARA Barge assessment rationale: (PGA
page 1478) The FOB ARA ultra low sulfur diesel barge
assessment was derived using the following inputs
expressed as a differential to the front-month ICE low sulfur
gasoil futures contract: The front-end laycan was assessed
at a discount of $1.25/mt, 25 cents/mt above a competitive
bid live at the close. The midwindow laycan was assessed
at a discount of $1.50/mt, at the same level as traded
competitive offers at the close. The back-end laycan was
assessed at a discount of $1.25/mt, 25 cents/mt above a
competitive bid live at the close. A contango structure of
around eight cents/day, was applied to all dates after the
midpoint of the midwindow laycan. A backwardated
structure of around 8 cents/day was applied to all other
dates on the assessment curve.
The above commentary applies to the market data code: AAJUS00
ULSD 10ppmS CIF NWE Basis UK Cargo assessment
rationale: (PGA page 1467) The CIF UK diesel cargo
assessment was derived as a freight net forward from the
CIF Northwest Europe (ARA) diesel cargo assessment,
using the following assessments: CIF NWE (ARA) diesel
cargo assessment plus the cost of transporting a 30,000
mt clean cargo from a basket of ports in the Baltic to a
basket of UK ports.
The above commentary applies to the market data code: AAVBH00
ULSD 10ppmS CIF NWE Basis Le Havre Cargo assessment
rationale: (PGA page 1467) The CIF Northwest Europe (Le
Havre) diesel cargo assessment was derived as a freight
net forward from the CIF NWE (ARA) diesel cargo
assessment, using the following assessments: CIF NWE
(ARA) diesel cargo assessment plus the cost of
transporting a 30,000 mt clean cargo from a basket of
ports in the Baltic to Le Havre, France.
The above commentary applies to the market data code: AAWZC00
ULSD 10ppmS CIF NWE Cargo assessment rationale: (PGA
page 1467) The CIF Northwest Europe (ARA) ultra low sulfur
diesel cargo assessment was based on the following inputs
expressed as a differential to the front-month ICE low sulfur
EUROPEAN MARKETSCAN MARCH 1, 2018
gasoil futures: Value on March 15 was taken at a premium of
94 cents/mt, 25 cents/mt below a competitive offer live at
the close. A contango structure of around two cents/day, as
implied by the swaps structure, was applied to all days prior
to March 12 on the assessment.
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 based on
the last tested relationship between the physical and swaps
market. That represented a differential of 5 cents/mt.
The above commentary applies to the market data code: AAWYZ00
Diesel Barge bids/offers/trades: (PGA page 1479)
■■~~Platts ULSD Brg: MOC summary: 17 trades reported:
Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Intermediate FE
done $-1.25 for 1.5 Glencore*Shell; Platts ULSD Brg 1-3kt
ICE LSGO M1 ARA Intermediate FE done $-1.50 for 1.5
Litasco*Shell; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA
Intermediate MW done $-1.50 for 2 Glencore*Vitol; Platts
ULSD Brg 1-3kt ICE LSGO M1 ARA Intermediate FE done
$-1.25 for 1.5 Glencore*Shell; Platts ULSD Brg 1-3kt ICE
LSGO M1 ARA Intermediate FE done $-1.25 for 2.5
Glencore*CCMA; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA
Intermediate MW done $-1.50 for 2 Glencore*Hartree;
Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Intermediate FE
done $-1.25 for 1.5 Glencore*Shell; Platts ULSD Brg 1-3kt
ICE LSGO M1 ARA Intermediate MW done $-1.50 for 2
Glencore*Hartree; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA
Intermediate FE done $-1.50 for 1.5 Litasco*Shell; Platts
ULSD Brg 1-3kt ICE LSGO M1 ARA Intermediate FE done
$-1.25 for 1.5 Van Raak Distributie N.V.*Shell; Platts ULSD
Brg 1-3kt ICE LSGO M1 ARA Intermediate FE done $-1.25
for 1.78 Van Raak Distributie N.V.*Vitol; Platts ULSD Brg
1-3kt ICE LSGO M1 ARA Intermediate FE done $-1.50 for
2.5 Litasco*CCMA; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA
Intermediate FE done $-1.50 for 2.3 Glencore*Vitol; Platts
ULSD Brg 1-3kt ICE LSGO M1 ARA Intermediate FE done
$-1.50 for 1.5 Glencore*Shell; Platts ULSD Brg 1-3kt ICE
LSGO M1 ARA Intermediate FE done $-1.75 for 1.8
Litasco*Hartree; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
DEALS SUMMARY
HSFO barge trades (PGA page 1593)
■■FE: LITASCO* sold to VITOL 2kt 336/mt 16:25:18
■■FE: LITASCO* sold to VITOL 2kt 336/mt 16:25:33
■■FE: LITASCO* sold to VITOL 2kt 336/mt 16:25:40
■■FE: LITASCO* sold to VITOL 2kt 336/mt 16:25:49
■■FE: LITASCO* sold to VITOL 2kt 336/mt 16:25:55
■■FE: LITASCO* sold to VITOL 2kt 336/mt 16:26:02
■■FE: TRAFI sold to MERCURIASA* 2kt 336.25/mt 16:29:59
■■FE: TRAFI sold to PENINSULA* 2kt 336.25/mt 16:30:05
■■MW: LITASCO* sold to VITOL 2kt 336/mt 16:25:19
■■MW: LITASCO* sold to VITOL 2kt 336/mt 16:25:25
■■MW: LITASCO* sold to VITOL 2kt 336/mt 16:26:14
■■MW: STR* sold to PENINSULA 2kt 336.50/mt 16:27:27
■■MW: LITASCO* sold to VITOL 2kt 336.50/mt 16:27:29
■■BE: LITASCO* sold to VITOL 2kt 336/mt 16:25:21
■■BE: LITASCO* sold to KOCHSARL 2kt 336/mt 16:25:28
■■BE: GUNVORSA* sold to VITOL 2kt 336.50/mt 16:25:29
■■BE: LITASCO* sold to MERCURIASA 2kt 336/mt 16:25:37
* Denotes market maker. All times GMT
HSFO barge bids (PGA page 1595)
■■FE: VITOL bids 2kt 335.50/mt
■■FE: VITOL bids 2kt 334/mt
■■FE: BPBV bids 2kt 332/mt
■■FE: TRAFI bids 2kt 331/mt
■■MW: VITOL bids 2kt 335.50/mt
■■MW: TRAFI bids 2kt 335/mt
■■MW: VITOL bids 2kt 335/mt
■■MW: BPBV bids 2kt 332/mt
■■BE: VITOL bids 2kt 335.50/mt
■■BE: MERCURIASA bids 2kt 335.50/mt
■■BE: TRAFI bids 2kt 335/mt
■■BE: VITOL bids 2kt 335/mt
■■BE: BPBV bids 2kt 332/mt
■■BE: GUNVORSA bids 2kt 331.25/mt
Withdrawals
■■FE: MERCURIASA no longer bids 2kt 336.25/mt
■■FE: PENINSULA no longer bids 2kt 336.25/mt
■■FE: AEGEAN no longer bids 2kt 336/mt
■■FE: LITASCO no longer bids 2kt 333/mt
■■FE: LITASCO no longer bids 2kt 332/mt
■■FE: VMFBV no longer bids 2kt 330/mt
■■MW: PENINSULA no longer bids 2kt 335.25/mt
■■MW: LITASCO no longer bids 2kt 333/mt
14
■■MW: LITASCO no longer bids 2kt 332/mt
■■MW: MERCURIASA no longer bids 2kt 330/mt
■■BE: PENINSULA no longer bids 2kt 335.25/mt
■■BE: LITASCO no longer bids 2kt 333/mt
■■BE: LITASCO no longer bids 2kt 332/mt
HSFO barge offers (PGA page 1594)
■■FE: TRAFI offers 2kt 336.75/mt
■■FE: STR offers 2kt 337/mt
■■FE: BPBV offers 2kt 337/mt
■■FE: STR offers 2kt 337/mt
■■FE: VITOL offers 2kt 338/mt
■■MW: BPBV offers 2kt 337/mt
■■MW: STR offers 2kt 337/mt
■■MW: TRAFI offers 2kt 337.50/mt
■■MW: STR offers 2kt 337.50/mt
■■MW: GUNVORSA offers 2kt 338/mt
■■MW: VITOL offers 2kt 338/mt
■■BE: MERCURIASA offers 2kt 337/mt
■■BE: BPBV offers 2kt 337/mt
■■BE: STR offers 2kt 337/mt
■■BE: TRAFI offers 2kt 337.50/mt
■■BE: STR offers 2kt 337.50/mt
■■BE: VITOL offers 2kt 338/mt
■■BE: GUNVORSA offers 2kt 338/mt
Withdrawals
■■FE: LITASCO no longer offers 2kt 336/mt
■■FE: LITASCO no longer offers 2kt 336/mt
■■FE: LITASCO no longer offers 2kt 336/mt
■■FE: LITASCO no longer offers 2kt 336/mt
■■FE: LITASCO no longer offers 2kt 336/mt
■■FE: LITASCO no longer offers 2kt 336/mt
■■FE: LITASCO no longer offers 2kt 336.75/mt
■■FE: TOTSA no longer offers 2kt 337/mt
■■FE: LITASCO no longer offers 2kt 337/mt
■■FE: TOTSA no longer offers 2kt 337/mt
■■FE: VITOL no longer offers 2kt 337.50/mt
■■FE: GUNVORSA no longer offers 2kt 338/mt
■■FE: LITASCO no longer offers 2kt 338/mt
■■MW: LITASCO no longer offers 2kt 336/mt
■■MW: LITASCO no longer offers 2kt 336/mt
■■MW: LITASCO no longer offers 2kt 336/mt
■■MW: STR no longer offers 2kt 336.50/mt
■■MW: LITASCO no longer offers 2kt 336.50/mt
EUROPEAN MARKETSCAN MARCH 1, 2018
Intermediate FE done $-1.50 for 2.5 Glencore*CCMA;
Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Intermediate FE
done $-1.50 for 1.5 Glencore*Shell;ULSD BARGE
OUTSTANDING INTEREST: OFFERS: Platts ULSD Brg 1-3kt
ICE LSGO M1 ARA Intermediate MW Glencore Offer $-1.50
for 3; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA
Intermediate BE Glencore Offer $-1.00 for 3;
■■ Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Intermediate
MW Litasco Offer $-1.00 for 3; Platts ULSD Brg 1-3kt ICE
LSGO M1 ARA Intermediate BE Chevron B.V. Offer $0.00
for 3; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA
Intermediate MW Chevron B.V. Offer $0.00 for 3; Platts
ULSD Brg 1-3kt ICE LSGO M1 ARA Intermediate FE
Chevron B.V. Offer $0.00 for 3; Platts ULSD Brg 1-3kt
ICE LSGO M1 ARA Intermediate BE Mabanaft Offer $0.00
for 3; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA
Intermediate MW Mabanaft Offer $-0.50 for 3; Platts
ULSD Brg 1-3kt ICE LSGO M1 ARA Intermediate FE
Mabanaft Offer $-1.00 for 3; Platts ULSD Brg 1-3kt ICE
LSGO M1 ARA Intermediate FE PetroIneos Offer $-1.00
for 3; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA
Intermediate BE Litasco Offer $-0.50 for 3; Platts ULSD
Brg 1-3kt ICE LSGO M1 ARA Intermediate BE Totsa Offer
$-0.50 for 3; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA
Intermediate MW Totsa Offer $-0.75 for 3; Platts ULSD
Brg 1-3kt ICE LSGO M1 ARA Intermediate FE Totsa Offer
$-1.00 for 3;ULSD BARGE OUTSTANDING INTEREST:
BIDS: Platts ULSD Brg 1-3kt ICE LSGO M1 ARA
Intermediate FE Shell Bid $-1.50 for 3; Platts ULSD Brg
1-3kt ICE LSGO M1 ARA Intermediate FE Hartree Bid
$-1.75 for 3; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA
Intermediate FE Vitol Bid $-1.75 for 3; Platts ULSD Brg
1-3kt ICE LSGO M1 ARA Intermediate BE Shell Bid $-1.50
for 3; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA
Intermediate MW Shell Bid $-1.75 for 3; Platts ULSD Brg
1-3kt ICE LSGO M1 ARA Intermediate BE Hartree Bid
$-1.50 for 3; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA
Intermediate MW Hartree Bid $-1.75 for 3;
Diesel Barge exclusions: (PGA page 1479) No market data
was excluded from the Mar 01 assessment process.
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
DEALS SUMMARY (continued)
■■MW: LITASCO no longer offers 2kt 336.75/mt
■■MW: LITASCO no longer offers 2kt 337/mt
■■MW: TOTSA no longer offers 2kt 337/mt
■■MW: TOTSA no longer offers 2kt 337/mt
■■MW: VITOL no longer offers 2kt 337.50/mt
■■MW: GUNVORSA no longer offers 2kt 338/mt
■■MW: LITASCO no longer offers 2kt 338/mt
■■BE: LITASCO no longer offers 2kt 336/mt
■■BE: LITASCO no longer offers 2kt 336/mt
■■BE: LITASCO no longer offers 2kt 336/mt
■■BE: GUNVORSA no longer offers 2kt 336.50/mt
■■BE: LITASCO no longer offers 2kt 336.75/mt
■■BE: TOTSA no longer offers 2kt 337/mt
■■BE: GUNVORSA no longer offers 2kt 337/mt
■■BE: TOTSA no longer offers 2kt 337/mt
■■BE: LITASCO no longer offers 2kt 337.25/mt
Diesel NWE Cargo bids/offers/trades: (PGA page 1468)
■■ULSD: NWE CARGO DEAL SUMMARY: None. ULSD: NWE
CARGO OUSTANDING INTEREST: OFFERS: “Vitol Offer
Platts NWE ULSD Crg - CIF Basis Le Havre - 10-25, Main:
27 kt, 11/3 - 17/3 (wide laycan), Indication 3 Buyer to
narrow Main Volume : 10-16 March Optol :Optol : 0-6 kt in
s.o: efp , March +7.50 Spec: ULSD 10ppm meeting french
winter (inc 0.842 max density,) Cp : Hamburg, Bdx, ECUK
+ N Spain Vessel :p66/shell/BP GTC’s : Totsa latest , 100%
of main volume at ULSDCIFHavreCrg Any Day See TQC
$-3.00 “ “Glencore Offer Platts NWE ULSD Crg - CIF Basis
Le Havre - 10-25, Main: 27 kt, 21/3 - 25/3, indication 3 Main
Volume Pricing 27kt 21-27 Mar Optol 0-6kt in s.o diff as
per main pricing COD +3 (COD =0) Spec: ULSD 10ppm
meeting french winter spec (inc 0.842 max density) CP:
Hamburg - Bdx, ECUK, N Spain Vessel: BP/Exxon/Shell
GTC: BP 2015 , 100% of main volume at ULSDCIFHavreCrg
Any Day See TQC $-0.50 “ “Glencore Offer Platts NWE
ULSD Crg - CIF Basis Hamburg - 10-25, Main: 27 kt, 22/3 -
26/3, indication 2 Main Volume Pricing 27kt 19-23 Mar
Optol 0-6kt in s.o diff as per main pricing COD +3 (COD
=0) Spec: ULSD 10ppm meeting french winter spec (inc
0.842 max density) CP: Hamburg - Bdx, ECUK, N Spain
Vessel: nave pulsar GTC: BP 2015 , 100% of main volume
15
■■BE: VITOL no longer offers 2kt 337.50/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
at ULSD CIFNWE Crg Any Day See TQC $-1.00 “ “Glencore
Offer Platts NWE ULSD Crg - CIF Basis Hamburg - 10-25,
Main: 27 kt, 20/3 - 24/3, indication 1 Main Volume Pricing
27kt 21-27 Mar Optol 0-6kt in s.o diff as per main pricing
COD +3 (COD =0) Spec: ULSD 10ppm meeting french
winter spec (inc 0.842 max density) CP: Hamburg - Bdx,
ECUK, N Spain Vessel: scf anadyr GTC: BP 2015 , 100% of
main volume at ULSD CIFNWE Crg Any Day See TQC
$-0.50 “ “Vitol Offer Platts NWE ULSD Crg - CIF Basis Le
Havre - 10-25, Main: 27 kt, 14/3 - 26/3 (wide laycan),
Indication 2 Buyer to narrow Main Volume : 17-23 March
Optol :Optol
■■: 0-6 kt in s.o: efp , April +6.00 Spec: ULSD 10ppm
meeting french winter (inc 0.842 max density,) Cp :
Hamburg, Bdx, ECUK + N Spain Vessel :p66/shell/Totsa
GTC’s : Totsa latest , 100% of main volume at
ULSDCIFHavreCrg Any Day See TQC $-1.00 “ “Vitol Offer
Platts NWE ULSD Crg - CIF Basis Le Havre - 10-25, Main:
27 kt, 11/3 - 19/3 (wide laycan), Indication 1 Buyer to
narrow Main Volume : 10-16 March Optol : 0-6 kt in s.o: efp
, March +7.25 Spec: ULSD 10ppm meeting french winter
(inc 0.842 max density,) Cp : Hamburg, Bdx, ECUK + N
Spain Vessel :p66/shell/BP GTC’s : Totsa latest , 100% of
main volume at ULSDCIFHavreCrg Any Day See TQC
EUROPEAN MARKETSCAN MARCH 1, 2018
$-1.00 “ BIDS: “Gunvor Bid Platts NWE ULSD Crg - CIF
Basis Amsterdam - 10-25, Main: 27 kt, 22/3 - 26/3,
indication 1 German winter 10ppm max density 0.842
clear and bright main volume Pricing 2-6 march inclusive
optol 0-6 kt price same as per last price
differential,pricing 5 quotes after cod (cod= day zero) BP/
totsa/lukoil approved hamburg/bordeaux + ukec +
available + obtainable, 100% of main volume at ULSD
CIFNWE Crg Any Day See TQC $-1.75 “
Diesel NWE Cargo exclusions: (PGA page 1468) No market
data was excluded from the March 01 assessment process.
Diesel Mediterranean bids/offers/trades: (PGA page 1457)
■■ULSD: MED CARGO DEAL SUMMARY: None. ULSD: MED
CARGO OUSTANDING INTEREST: OFFERS: None. BIDS:
“Vitol Bid Platts Med ULSD Crg - CIF basis Iskenderun
(PO Terminal) - 10-25, Main: 25 kt, 11/3 - 18/3 (wide
laycan), indication4 10ppm French Winter C&B main
volume Pricing 12-18 MArch optol 0-5 kt price same as
per last price differential,pricing 5 quotes after cod
(cod= day zero) BP/totsa/shell approved euromed
neobig + adriatic + turkey+som + others available /
obtainable at cost , 100% of main volume at ULSD
CIFMed Crg Any Day See TQC $1.00 “
Diesel Mediterranean exclusions: (PGA page 1457) No market
data was excluded from the March 01 assessment process.
Russian Diesel (PGA page 1495)
Winter diesel rebounded Thursday most likely as demand
was boosted by the prolonged cold spell. However it was
summer diesel that was recording more substantial
increases, although for the moment railcar volumes were
rare with predominantly pipeline volumes offered and
changing hands. According to data from the St. Petersburg
exchange, most oil majors have increased their diesel sales
in the first two months of the year compared with last year.
With the exception of Gazprom Neft, however, jet sales
were down on the year.
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Fuel Oil
Market analysis: (PGA page 1599) In the Mediterranean high
sulfur fuel oil market buying interest has struggled to gain
traction during early 2018 and traders are not optimistic
about a change in the coming weeks. “The market is
depressed. We have quite a lot of product around and
buying interest is thin,” a trader said. Operations at the
bunkering hub of Gibraltar have been suspended due to
rough weather, a spokesman for the port authority said
Wednesday. “All operations are suspended due to severe
weather which is expected to last until Friday,” the
spokesman said. This has caused some loading delays,
bunker sources said. HSFO continues to shift to the east
from the Mediterranean on the arbitrage, despite
economics not being favorable sources said. This arbitrage
is likely to remain active in the coming weeks as traders
expect the volumes of Russian M100 from the Black Sea
and the Baltic to continue moving into the Mediterranean
for blending. In fixture news New Trust, a Suezmax, is
currently loading fuel oil at Agioi Theodoroi in Greece to
take east. In NWE Gener8 Hercules, a VLCC, was heard on
subjects to load fuel in Rotterdam and discharge in
Singapore March 20. Looking east the volumes arriving in
Singapore for February were heavy and March appears
similar following an active fixture list from Rotterdam and
the Mediterranean to the East. At the Baltic ports of St.
Petersburg and Ust Luga, vessels without ice class will be
permitted to navigate with icebreaker assistance until
March 6 or 7, but those who wish to navigate the region
must operate an ice class vessel after March 7. The Port
Authorities could not be reached for comment. In the low
sulfur fuel oil market product continued to be available for
loading in both NWE and the Mediterranean. The Fos
Handysize cargo for February was heard by traders to be
unsold and open to the market.
FO 1%S FOB Rdam Barge assessment rationale: (PGA page
1592) 1% FOB Rotterdam barges were assessed at parity with
3.5% FOB Rotterdam barges in the absence of any indications.
The above commentary applies to the market data code: PUAAP00
16
FO 3.5%S FOB Rdam Barge assessment rationale: (PGA
page 1592) The 3.5% FOB Rotterdam barges were assessed
on a last second competitive traded bid and traded bid in
extension at the same level. The midwindow and back end
were assessed above competitive traded bids.
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 at unchanged at a
differential of minus $5/mt to FOB Rotterdam high sulfur
fuel oil barges.
The above commentary applies to the market data code: PUAGN00
Fuel Oil Barge exclusions: (PGA page 1607) No data was
excluded from the March 01 assessment process.
FO 1%S CIF NWE Cargo assessment rationale: (PGA page
1588) The CIF Northwest European low sulfur fuel oil cargo
assessment was derived as a freight net-forward to the
FOB Northwest European low sulfur fuel oil cargo
assessment using the following input: the FOB Northwest
European low sulfur fuel oil cargo assessment plus the cost
of transporting a 30,000 mt fuel oil cargo from a basket of
NWE ports to the assessment basis port of Antwerp.
The above commentary applies to the market data code: PUAAL00
FO 1%S FOB NWE Cargo assessment rationale: (PGA page
1588) In 1% FOB NWE cargoes, value was assessed using
Wednesday’s physical/swaps differential.
The above commentary applies to the market data code: PUAAM00
FO 1%S CIF Med Cargo assessment rationale: (PGA page
1580) 1% CIF Mediterranean cargoes were assessed below an
outstanding competitive midwindow offer, and 2 cents/mt
per day contango was applied to the remainder of the curve.
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
EUROPEAN MARKETSCAN MARCH 1, 2018
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) 3.5% CIF Mediterranean cargoes were assessed above
a competitive back-end bid, and a 4 cents/mt a day
backwardation was applied to the remainder of the curve.
The other outstanding indications did not test value.
The above commentary applies to the market data code: PUAAY00
FO 3.5%S FOB Med Cargo assessment rationale: (PGA page
1580) The FOB Mediterranean high sulfur fuel oil cargo
assessment was derived as a freight netback to the CIF
Mediterranean high sulfur fuel oil cargo assessment, using
the following assessments: CIF Mediterranean high sulfur fuel
oil cargo assessment minus the cost of transporting a 30,000
mt fuel oil cargo between a basket of Mediterranean ports.
The above commentary applies to the market data code: PUAAZ00
Fuel Oil Barge bids/offers/trades: (PGA page 1605)
■■HSFO: RMK 500 CST BARGE MOC: OUTSTANDING
INTEREST: Bids: None.
■■HSFO: RMK 500 CST BARGE MOC: OUTSTANDING
INTEREST: Offers: None.
■■HSFO: RMK 500 CST BARGE MOC: DEAL SUMMARY: None.
Fuel Oil NWE Cargo bids/offers/trades: (PGA page 1589)
■■LSFO NWE CARGO MOC: DEAL SUMMARY: None.
■■LSFO NWE CARGO MOC: OUTSTANDING INTEREST: BIDS:
None.
■■LSFO NWE CARGO MOC: OUTSTANDING INTEREST:
OFFERS: None.
■■HSFO NWE CARGO MOC: DEAL SUMMARY: None.
■■HSFO NWE CARGO MOC: OUTSTANDING INTEREST: BIDS:
None.
■■HSFO NWE CARGO MOC: OUTSTANDING INTEREST:
OFFERS: None.
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Fuel Oil NWE Cargo exclusions: (PGA page 1589) No market
data was excluded from the March 01 cargo assessment
process.
Fuel Oil Mediterranean bids/offers/trades: (PGA page 1581)
■■HSFO MED CARGO MOC: DEAL SUMMARY: None.
■■HSFO MED CARGO MOC: OUTSTANDING INTEREST: BIDS:
■■1)Platts HSFO Med Crg CIF bss Malta 10-25, TRAFI bids
Mar 19-Mar 23 100% 3.5% CIF Med cargoes Any Day See
TQC $-3.00 for 25000-25000 “Main Volume pricing 2-9
March (25kt) Optol: 0-5kt 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).
■■2)Platts HSFO Med Crg CIF bss Malta 10-25, TRAFI bids
Mar 22-Mar 26 100% 3.5% CIF Med cargoes Any Day See
TQC $-1.75 for 25000-25000 “Main Volume pricing 2-9
March (25kt) Optol: 0-5kt 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).
■■HSFO MED CARGO MOC: OUTSTANDING INTEREST:
OFFERS:
■■1)Platts HSFO Med Crg CIF bss Ceuta 10-25, TRAFI offers
Mar 17-Mar 21 100% 3.5% CIF Med cargoes Any Day See
TQC $2.25 for 25000-25000 “FULL CARGO Main Volume
pricing 17-31 Mar (25kt) Optol: 0-5kt 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)”.
■■2)Platts HSFO Med Crg CIF bss Ceuta 10-25, TRAFI offers
Mar 21-Mar 25 100% 3.5% CIF Med cargoes Any Day See
TQC $2.50 for 27000-27000 “FULL CARGO Main Volume
pricing 17-31 Mar (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
17
Med (Exc. Israel/Libya/Albania/yugo/former yugo and
TOC).
■■LSFO MED CARGO MOC: DEAL SUMMARY: None.
■■LSFO MED CARGO MOC: OUTSTANDING INTEREST: BIDS:
None.
■■LSFO MED CARGO MOC: OUTSTANDING INTEREST:
OFFERS:
■■1)Platts LSFO Med Crg CIF bss Malta 10-25, BP offers Mar
13-Mar 17 100% 1% FOB NWE cargoes BalMnth Next Day
$10.00 for 27000-27000 “Optol: 0-6 kt: 3 quotes after
COD pricing same differential as main volume FULL
CARGO Spec: 1.00% sulf/0.991 dens/380cst visco /30c
pour/65c flash/9650 NCV/30 alu+sil/150 vanadium/0.5
water/15 ccr/7 asph/0.10 TSP&TSE&TSA/0.10 ash/2 H2S.
Oil to contain no ULO. EU Qualified. CP: Full med C/P
options with normal exclusions
■■yugo/former yugo/ Albania /TOC/Libia/Syria Vessel
acceptable to:
■■Shell, Cepsa, BP.
Fuel Oil Mediterranean exclusions: (PGA page 1581)
Russian Fuel Oil (PGA page 1596)
The freezing temperatures in Russia did not appear to be
boosting heating demand. Buying for power generation
was perceived to be at normal levels with export
netbacks remaining the main driver of the market. The
lower export netbacks due to international benchmarks
as well as a stronger ruble exchange rate had put
pressure on prices at refineries recently. At some plants
that drop was offset slightly by a quality premium.
Meanwhile all restrictions for railcar deliveries to ports
were heard lifted, but inclement weather was causing
occasional disruptions. Bunkering operations at the
Russian Black Sea port of Novorossiisk were halted due to
strong winds and rough seas this week. According to
data from the St. Petersburg exchange, most oil majors
had reduced their sales of fuel oil in January-February
compared with the year-ago period further underpinning
the trend of a gradual drop of fuel oil output.
EUROPEAN MARKETSCAN MARCH 1, 2018
VGO (PGA page 1597)
In the European feedstocks market Thursday, value for
delivered vacuum gasoil was proven significantly higher
than levels reported earlier in the week, based on an
aggressive HSVGO bid in the Platts Market on Close
assessment process by Litasco that was outstanding at
$3.50/b above ICE May Brent futures. In the Mediterranean,
three sources said a refiner was bidding for a cargo of
HSVGO at ICE Brent plus $3/b for mid-March delivery.
Adding to the bullish price direction were heards
suggesting the Mediterranean market was being valued at a
premium of about $1.50/b to Northwest Europe. Similarly,
low sulfur VGO was said to be valued $1.50/b above HSVGO
cargoes. Looking at fundamentals, however, the price
direction countered a predominantly bearish news feed.
High inventories of distillates in Europe and lower Urals
differentials suggested that refinery demand for spot VGO
cargoes could slim.
VGO DEALS (PGA page 5)
■■ No deals.
North Sea crude
Market analysis: (PGA page 1299) The BFOE crude market
was driven Thursday by the prospect of a wave of Forties
barrels migrating east this month. Forties value surged
throughout the first half of the week before stabilizing
somewhat, and Brent followed a similar pattern, jumping
over the course of the week. Market and shipping sources
talked about four potential VLCCs scheduled to move
Forties east in March. The first VLCC -- the Seaking -- was
scheduled to load this week. The Seaking was stationed
outside the Forties loading terminal Thursday, according to
data from Platts cFlow, trade flow software. The vessel had
previously been linked to Gunvor and expected to sail to
South Korea. Three other VLCC names were mentioned on
shipping lists this week, all linked with Total. Reports
showed the DHT Amazon could load Forties around March
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
10-15 and be followed by the DHT Condor for a further
voyage east March 15-20. The VLCC Gener8 Hercules was
later said to have been placed on subjects for a March
20-25 voyage but reportedly failed Thursday. Sources then
talked of the VLCC Hakone for a Hound Point-East voyage
around March 14 with Total, prompting doubts as to
whether the vessel would replace another fixture. A source
at Total was not available for comment. In the Platts Market
on Close assessment process, bids continued to
outnumber offers. Mercuria and Totsa were seen bidding
for Forties barrels while Glencore was on the offer side with
barrels to lift on a ship-to-ship basis off the Aframax
Paramount Helsinki. Additionally, Mercuria and Petroineos
showed interest for Ekofisk crude. In other news, April
loadings of Brent Blend are scheduled at 100,000 b/d, up
22,581 b/d from March’s revised program, according to a
copy of the loading program seen by S&P Global Platts. The
April program was revised to a total of five cargoes, after
parcel B0304 was deferred from March 26-28 loading to
April 1-3. As a result, loadings are set to rise 600,000
barrels in April to 3 million barrels. Along with parcel B0304,
parcels B0301, B0302 and B0303 were all deferred by one
or two days, Thursday. B0301 was now scheduled to load on
March 10-12, B0302 on March 19-21 and B0303 on March
25-27. Elsewhere, Forties parcel F0320 of Chevron equity
was said to have been deferred to March 31 to April 2.
Dated Brent assessment rationale: (PGA page 1297) Of the
five BFOE grades, Forties and Ekofisk were seen in the
Platts Market on Close assessment process Thursday. Brent
Blend was assessed in line with Wednesday in the absence
of indications challenging Wednesday’s assessment.
Forties was assessed lower. March 11-19 was assessed
below two outstanding offers in a flat structure. March 20
was assessed as the average between an outstanding bid
and an outstanding offer which crossed. March 21, March 23
and March 24 were assessed above an outstanding bid. A
flat structure was applied March 21-April 1. Oseberg was
assessed in line with Wednesday in the absence of
indications challenging Wednesday’s assessment. Ekofisk
was assessed higher. A 1.5 cents/day contango was applied
18
March 11-17. March 17-24 was assessed above an
outstanding bid in a flat structure. The flat structure was
extended until April 1. Troll was assessed in line with
Wednesday in the absence of indications challenging
Wednesday’s assessment. Forties was the most
competitive grade March 11-20. Brent was the most
competitive grade March 21-31. Ekofisk was the most
competitive grade April 1.
The above commentary applies to the market data code: PCAAS00
BFOE assessment rationale: (PGA page 1297) May Cash BFOE
was assessed in line with three traded bids, in line with an
EFP heard during the day. June Cash BFOE was assessed in
line with a May/June EFP roll heard during the day. July
Cash BFOE was assessed in line with a June/July EFP roll
heard during the day.
The above commentary applies to the market data codes:
PCAAQ00, PCAAR00, PCARR00
CFD assessment rationale: (PGA page 1297) March 5-9 was
assessed in line with a March 5-9 to March 12-16 CFD roll
heard during the day. March 12-16 was assessed in line with
a March 12-16 to March 19-23 CFD roll heard during the day.
March 19-23 was assessed in line with a March 19-23 to
March 26-30 CFD roll heard during the day. March 26-30
was assessed in line with a March 19-23 to March 26-30
CFD roll heard during the day. April 2-6 was assessed in line
with a traded bid.
The above commentary applies to the market data codes:
PCAKA00, PCAKC00, PCAKE00, PCAKG00, AAGLU00, AAGLV00,
AALCZ00, AALDA00
North Sea bids/offers/trades: (PGA page 1290)
■■~~NORTH SEA: MOC DEAL SUMMARY: None
■■~~NORTH SEA: MOC OUTSTANDING INTEREST:
PETROINEOS bids Ekofisk Mar 15-Mar 25 Dtd $1.05;
MERCURIASA bids Ekofisk Mar 22-Mar 25 Dtd $0.95;
GLENCOREUK offers Forties OCO Mar 17-Mar 21 Dtd $0.40
STS Scapa Flow “The Vessel is the Paramount Helsinki “;
GLENCOREUK offers Forties OCO Mar 11-Mar 16 Dtd $0.40
STS Scapa Flow “The Vessel is the Paramount Helsinki”;
EUROPEAN MARKETSCAN MARCH 1, 2018
MERCURIASA bids Forties Mar 19-Mar 25 Dtd $0.70;
TOTSA bids Forties Mar 16-Mar 26 Dtd $0.65
■■~~NORTH SEA: MOC WITHDRAWN: None
■■~~BFOE CFD: MOC OUTSTANDING INTEREST: Mar 5-9
(May): Mercuria bids 0.00; DV Trading bids -0.15; DV Trading
offers 0.15; Mandara offers 0.20; Mar 12-16 (May): Mercuria
bids -0.30; Gunvor bids -0.32; Petraco bids -0.32; Statoil
bids -0.33; Petrobras bids -0.33; Chinaoil bids -0.37; DV
Trading offers -0.25; Mandara offers -0.20; Mar 19-23
(May): Statoil bids -0.29; Mercuria bids -0.30; Petrobras
bids -0.30; Chinaoil bids -0.33; Petraco bids -0.35; DV
Trading offers -0.20; Stasco offers -0.20; Mar 26-30 (May):
Gunvor bids -0.28; Mercuria bids -0.28; Petrobras bids
-0.30; DV Trading offers -0.20; Stasco offers -0.20
■■~~BFOE CFD: MOC DEAL SUMMARY: Apr2-Apr6 Jun +0.05
x100 Mandara-Mercuria; Mar19-Mar23 May-0.24 x100
Mandara-Gunvor; Apr2-Apr6 Jun +0 x100 DV Trading-Gunvor
■■~~CASH BFOE: MOC OUTSTANDING INTEREST: None
■■~~CASH BFOE: MOC DEAL SUMMARY: May 63.76 x100
Glencore-Shell; May 63.72 x100 Glencore-Mercuria; May
63.76 x100 Glencore-Shell; ; May 63.76 x100 Glencore-
Shell; May 63.76 x100 Glencore-Total; May 63.76 x100
Socar-Shell; May 63.77 x100 Glencore-Petroineos; May
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
63.76 x100 Castleton-Shell; May 63.77 x100 Gunvor-
Mercuria; May 63.77 x100 Socar-Total
North Sea exclusions: (PGA page 1290) ~~NORTH SEA:
EXCLUSION: MERCURIASA bids Brent Blend Mar 24-Mar 26
Dtd $0.50
LSSR
Market analysis: (PGA page 1598) In the European low sulfur
straight run market, differentials were coming under
pressure after a trade was reported for a 30,000 mt cargo
FOB Antwerp of non-fluid catalytic cracking quality LSSR
around a discount of $3.00-$3.50/b to May ICE Brent
futures. Since the start of the year, light sweet crude
margins, from a refinery perspective, were more attractive
than sour ones. That led to a greater supply of low sulfur
vacuum gasoil and low sulfur straight run in the market,
forcing sellers of low sulfur oil feedstocks to revise their
offers lower. Refiners have already been seen switching
their slate in favor of sour crude amid changed crude
margins. Running sour crudes could create more demand
for low sulfur feedstocks. Looking at the FOB Rotterdam
19
gasoline crack for sentiment in margins, the product
differential to Brent has been recovering after being
assessed near a 1-1/2 year low, S&P Global Platts data
showed. The gasoline crack, however, remained the
weakest performer out of the middle distillate group.
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 inputs: The LSSR FOB NWE differential was
assessed at a $2.70/b discount to ICE May 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 March 1st assessment process.
 ARA

“Moving Forwards ...”

12th – 16th March 2018
Century City Conference Centre, Cape Town, South Africa

Africa is moving forwards on so many fronts: GDP growth, improving fuel specifications,
developing clean air policies, investing in refineries, improving distribution infrastructure,
setting safety standards, improving financial capacity and building on human capital.

• Join us in solving the challenges for the future of the African downstream oil industry.
• Meet with more than 500 key players of the North and Sub-Saharan African and
International downstream oil industry all in one place
• Join representatives from African refineries, government ministries, banks, regulators,
importers, distributors, traders, storage companies, marketing companies and refinery
equipment & technology suppliers
• Listen to industry professionals talk about the latest trends and innovations in the industry
• Share experiences with pan-African and international companies
• Review new technology developments and services
• 15th – 16th March 2018 African Downstream Workshops by: CITAC

To learn more about how to attend ARA WEEK 2018 and information on ARA membership
and sponsorship opportunities: info@afrra.org // www.afrra.org

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