]

Key benchmarks ($/bbl)
Data code

www.platts.com

Crude Oil Marketwire
Volume 32 / Issue 134 / July 11, 2011 Middle East
Change Assessment Change -1.47 110.10-110.12 -1.47 -1.57 110.28-110.30 -1.57 -1.54 110.48-110.50 -1.54 -1.47 110.10-110.12 -1.47 -1.57 110.28-110.30 -1.57 -1.54 110.48-110.50 -1.54 -0.30 5.76-5.78 -0.30
-0.95 116.84-116.85 -0.95 -0.95 116.84-116.85 -0.95 -1.32 116.46-116.48 -1.32 -1.21 115.66-115.68 -1.21 -1.22 115.60-115.62 -1.22
Data code

Forward Dated Brent
PCABS00 AAHZF00 AAHZH00 AAOUQ00 AAHZJ00 AAHZL00 AAHZN00

Dubai (SEP) Dubai (OCT) Dubai (NOV) MEC (SEP) MEC (OCT) MEC (NOV) Brent/Dubai Brent (Dated) Dated North Sea Light Brent (AUG) Brent (SEP) Brent (OCT) Sulfur De-escalator WTI (AUG) WTI (SEP) WTI (OCT) ACM (AUG)* ACM (SEP)* ACM (OCT)*

PCAAT00 PCAAU00 PCAAV00 AAWSA00 AAWSB00 AAWSC00 AAJMS00 PCAAS00 AAOFD00 PCAAP00 PCAAQ00 PCAAR00 AAUXL00 PCACG00 PCACH00 AAGIT00 AAQHN00 AAQHO00 AAQHP00

Oman Oman Oman Upper

(SEP) (OCT) (NOV) Zakum (SEP)

Change Assessment Change -1.52 110.50-110.52 -1.52 -1.59 110.68-110.70 -1.59 -1.54 110.88-110.90 -1.54 -1.47 110.09-110.13 -1.47
-1.57 110.27-110.31 -1.57 -1.54 110.47-110.51 -1.54 -1.52 110.65-110.69 -1.52

Data code

Dubai Swap (AUG) Dubai Swap (SEP) Dubai Swap (OCT)

North Sea Dated strip Mediteranean Dated strip Canada Dated strip BTC Dated strip Angola Dated strip West Africa Dated strip

AAKWH00 AALDF00 AALDJ00 AAUFI00 AALGM00 AALDH00

Change Assessment Change -1.23 116.06-116.07 -1.23 -1.27 115.85-115.86 -1.28 -1.24 115.53-115.54 -1.24 -1.27 115.79-115.80 -1.27 -1.26 115.66-115.67 -1.26 -1.25 115.61-115.62 -1.25

Brent/WTI spreads and EFPs
Brent/WTI 1st Brent/WTI 2nd Brent/WTI 3rd Brent EFP (AUG) Brent EFP (SEP) Brent EFP (OCT) WTI EFP (AUG) WTI EFP (SEP) WTI EFP (OCT)
AALAT00 AALAU00 AALAV00 AAGVW00 AAGVX00 AAGVY00 AAGVT00 AAGVU00 AAGVV00

Middle East spot assessments
Murban Lower Zakum Umm Shaif Qatar Land Qatar Marine Banoco Arab Medium Al Shaheen
* Differential to Dubai AAKNL00 114.45-114.49 AAKNN00114.25-114.29 AAOUO00113.85-113.89 AAKNP00113.67-113.71 AAKNR00110.37-110.41 AAKNT00 110.07-110.11 AAPEV00 110.57-110.61

0.40 94.94-94.96 95.41-95.43 95.87-95.89 -1.10 107.59-107.61 -1.38 107.61-107.63 -1.40 107.87-107.89
-1.35 -1.38 -1.40 -1.35 -1.38 -1.40 -1.10 -1.38 -1.40

Spread vs OSP AAKUB00 -0.05/0.05 AAKUF00 -0.05/0.05 AAOUP00 -0.05/0.05 AAKUJ00 -0.40/-0.30 AAKUH00 -0.30/-0.20 AAKUD00 -0.05/0.05 AAPEW00 0.05/0.15*

-0.09 +0.02 +0.01 -0.12 +0.10 +0.10 0.00 0.00 0.00

21.78/21.80 20.49/20.51 19.95/19.97 0.13/0.15 0.10/0.12 0.10/0.12 -0.01/0.01 -0.01/0.01 -0.01/0.01

-0.09 +0.02 +0.01 -0.12 +0.10 +0.10 0.00 0.00 0.00

Contents
PG/Asia Pacific Middle East Sour Asia Pacific Sweet North Sea MOC Commentary Key Data Physical Market West Africa Mediterranean Mediterranean Light/Sweet Mediterranean Sour North America US MOC Commentary US Gulf Coast US West Coast Canada Latin America 2 2 3 3 3 4 4 4 4 4 5 5 5 5 6 7 7

Dated Brent
($/barrel) 120

Russian Urals/ESPO spot assessments
Spread vs fwd $/bbl Dated Brent Urals (Rotterdam) PCAFW00115.05-115.11 AAGXJ00 -0.80/-0.75 Urals (Mediterranean) PCACE00 114.78-114.83 AAGXX00 -1.07/-1.03 Urals (Ex-Novorossiisk) AAGZS00 113.87-113.92 AAHPH00 -1.98/-1.94 Urals (Ex-Novo) FOB 80kt AAOTH00 113.62-113.67 AAOTI00 -2.23/-2.19 Urals (Ex-Baltic) AAGZT00 113.96-114.02 AAHPI00 -1.89/-1.84 Urals (Primorsk) AAWVH00113.91-113.97 AAWVI00 -1.94/-1.89 Urals RCMB (Recombined) AALIN00 115.77-115.82 ESPO (FOB Kozmino) AARWD00114.44-114.46 AARWE00 -2.15/-2.12 Urals Med CFD 1st mth (Aug) AAMDR00115.08-115.13 AAMDU00 -1.76/-1.72 Urals Med CFD 2nd mth (Sep) AAMDX00114.68-114.73 AAMEA00 -2.16/-2.12

115

110

105

100

27-Jun

29-Jun

01-Jul

05-Jul

07-Jul

11-Jul

Source: Platts

The McGraw Hill Companies

It was unclear if Yemen will issue a tender for the PCAGX00 AAPET00 AARBB00 AARAV00 AAEOE00 AAPEU00 AARBD00 AARAX00 AAEOK00 1.7 48. unchanged from July.9 57.8 32. ^^ Differential to Dubai (OCT) Diff to ICP Medium Nanhai Su Tu Den Minas Nile Blend Bach Ho Widuri Daqing Cinta * Differential to Bach Ho OSP 40. the OPEC kingpin is further reducing supplies of Arab Heavy crude.34 115.43 119.61 -7.85/3. and making up for it with Arab Light to at least one Asian refiner.75 117.50^^ AAPAC00 AAPAU00 AAOZW00 AAPBQ00 AAPAE00 AAPBI00 AAPBC00 AARAO00 AAPBG00 AAPAO00 AAOZY00 AAPAS00 AAPAQ00 AAPAB00 AAPAT00 AAOZV00 AAPBP00 AAPAD00 AAPBH00 AAPBB00 AARAM00 AAPBF00 AAPAN00 AAOZX00 AAPAR00 122.45/7.76 121.75** -1.83 AAPAY00 -2.47/barrel Monday.3 43.8 18.0 Assessment (Asian MOC) 111. The differential for Kuwait’s August OSP is 25 cents/b lower than Saudi Aramco’s Arab Medium crude OSP for August.6 38.9 57.3 AARAB00 PCABY00 AARAH00 AARAE00 PCABA00 AARAK00 98.45-123.30 2.95 * Differential to ICP.21 109.74-119.85 2.11/b.37-113.92 Diff to Dubai or ICP (Asian MOC) Diff to Dated Brent (Asian MOC) -4.24 123.15 119.52 1.47/b.17-111.31 118.04 118.62 121.0 56.96-99.24 1.03 120.15/-1.08 1.06 118.55^ 3.4 54.0 24.40 1.9 42.59 121.41 -3.2 45. The McGraw Hill Companies 2 .69 4.62 121.09 118.07 122.41* 0. respectively.42 Heavy Dar Blend Shengli Stybarrow Enfield Duri Vincent 25.50 PCABB00 3.09 115.00 121.44 113.49 113. to discounts of 38 cents/b and 24 cents/b.41 111.69 AARAA00 AAPAX00 AARAG00 AARAD00 AAPBL00 AARAJ00 99.0 36.8 35.05-119.23 For definitions see www.79 4.60* 7.3 41.09 118.68-115.2 31.11* 2. with cash Dubai gaining strength over cash Brent.60/0.18-118.12 118.50/2. ** Differential to Dubai. differentials on September Middle East crude is likely to trade higher than August due to “more reasonable OSPs.95 AARAC00 -17. It is understood the kingdom needs more Arab Heavy crude for power generation at its domestic power plants during the summer months when air-conditioning demand peaks.18/1. and will also provide additional barrels to at least two Asian refiners — Chinese and Thai — at their request.41 119.54 121.59 117.75/4.32 115.07 AAPBM00 -2.81 115. But the differentials for Iranian Heavy and Forozan crudes were increased by 30 cents/b each.7 34.09-118.97 112.17-118.2 22. after Arcadia submitted the highest bid for 2.9 34. Added to that.65/0.58-120.06 118.Content/MethodologyReferences/MethodologySpecs/crudeoilspecs.61 -4.21 1.93-111. 2011 Spot market commentaries Asia-Pacific / Middle East spot crude assessments ($/bbl) API Gravity Condensate NW Shelf Ras Gas Qatar LSC South Pars Senipah Light Cossack Gippsland Tapis Belida Kutubu Handil Mix Attaka Vityaz Blend Ardjuna Sokol Kikeh ESPO Miri Light Labuan 61.53 115.07* 4.40/3.31/1.24* 2. Key oil exporter Saudi Aramco will continue to supply full contractual volumes of crude to Asian refiners in August.96-117. Kuwait has raised its August official selling price for Kuwait Export Crude to a 22-month high of 60 cents/b discount to the average of Platts’ Oman and Dubai crude assessments.7 33.47-118.95** 0.77 119.24 109.00 120.4 47.85 -4.33-114.46 AARAI00 6. up from an 85 cents/b discount on July cargoes.49 -1.74 119.02 AAPAP00 121.37-112.06* 1.53-121.25 118.23 AARBY00 115.51 121.27-115.08 AARAL00 2.57 AAPAF00 AARAQ00 AAPAZ00 AAPAL00 AAPAJ00 AAPBN00 AAPAV00 AAPBJ00 117.51 PG/Asia Pacific Middle East Sour Front-month cash Dubai fell $1.05** 0.33 118. Still on OSPs.0 39.8 33.41 113.74 0.53 114.9 40.pdf Copyright © 2011.13 119.3 32.36-117.00 114.88-121.52 121.40 AARAT00 PCABP00 AAPEX00 AAPEY00 PCAFF00 PCAAY00 -0.05/-3.39 6.24 123.02-121.28 AAPAG00 AARAS00 AAPBA00 AAPAM00 AAPAK00 AAPBO00 AAPAW00 AAPBK00 0.50 121.21 123.02 114.72 117. ^ Differential to Oman/Dubai.24 -1.80 115.54 Asian Crude Indices Asian Dated Brent (ADB) ADB Strip Asia ADB Strip Middle East Asian Crude Index (ACX) Asian Heavy Sweet (AHS AAXPG00 AARBV00 AARBW00 AAXIL00 AAXPG00+AAPDP00 Interim Asian Close 116.44 111.06 115.51/1.10 0.1 million barrels out of the 3 million barrels of Masila on offer. Fundamentally.14/2.55-118.2 32. a term lifter said Monday. to $110.01/3.96-122.” sources said.28-117.18 3.33 4.39 AARAF00 7. State-owned National Iranian Oil Company has cut the differential for its Iranian Light crude OSP for cargoes loading in August and bound for Asia by 10 cents/b to a premium of $1.Platts.23 AAPDP00 5.92 114.00 112.00-121.78 115.70* AAPAI00 AARAZ00 AARBC00 AARAW00 AAPBE00 AAPAH00 AARAY00 AARBA00 AARAU00 AAPBD00 PCAGZ00 PCACP00 PCACB00 PCAFL00 PCAFJ00 PCABE00 PCAAJ00 AARAN00 PCACQ00 AASCJ00 AAWUH00 AARWF00 PCABQ00 PCABL00 PCAFM00 PCABF00 PCAAK00 AARAP00 PCACR00 AASCK00 AASEU00 3.7 45.1 PCAFR00 AARAR00 PCABO00 AAPLC00 PCAHY00 PCAFE00 PCAAZ00 PCAAX00 116.37-109.8 22.66 5.46-115.37 123.61/b to Platts’ Oman and Dubai crude assessments.70-114.com/IM.10 Assessment (London MOC) 112.85/1.CRUDE OIL MARKETWIRE JULY 11.16/-0.platts.1 44.02-121.22 118.88 114.17 5.20 123.41 -5.39 123.27 1.97/3.95 1.57 117.95 -1.64 121.38 AAPDO00 122.0 20.42 2. and Soroosh and Norooz grades were also up by 45 cents/b each from the July OSPs. Yemen has set its September loading Masila crude differential at Platts Dated Brent minus $1.19 Diff to Dated Brent Final London Close AARBX00 115.98/1.72-113.77 4.

81-115. market sources said. Traders expressed surprise at the levels achieved for this tender as it was constant from the August loading Vityaz cargo.93 115.5 million mt/year.76/-0.74/0.7 million mt.03 117.87 113. They are closely watching the situation following the formal declaration of independence by South Sudan. it is stronger than traders’ expectations as demand for the crude grade has been relatively low. similar to an earlier ONGC tender.86 AAGXH00 -0. Sakhalin Energy sold 730.93/1.06-117.77/0.08/-0.12 111.000 barrels of Duri crude a month for loading from Dumai over August-November to Kernel Oil at a premium of about $4/b to the Indonesian Crude Price for Duri. levels for Sokol held steady with Rosneft selling 100.55 AALAW00115.10/b and $110. The uncertainty surrounding the situation in Sudan and relatively sluggish demand for direct-burning crudes until recently has seen weak interest from Japan in the Nile Blend grade.20 AASJD00 0.12 116. According to one source. but has been consistently running at 14 million mt/year.94/1.62 AAJPE00 115.15-120.15/0.000 barrels of Nile Blend crude to Petrobras for loading from Marsa Bashayar Marine Terminal in Sudan.04 AAJOW00115. it’s not affordable at this price.98 AAQZC00 0.74 AASAT00 2.50/barrel. The premium for June was set at $6.16-113.50 AAGXV00 0.25/-4.08/0.88 Cabinda Nemba Dalia Girassol Hungo Kissanje PCAFD00 AAQYZ00 AAQYX00 AASNL00 AASLJ00 AASLK00 3 .5% year on year to 19.53 AALAX00 115. While the levels done are weaker than the previous mini-term tender.58/115.18/-0.17/-0.44 AAJOU00 116.36-117. interest from Japanese buyers continued to be low. sources said.30-115.93/-0.40/116.73 AAGXN00 1.79 Spread vs fwd Dated Brent AAGXT00 -0. North Sea spot crude assessments $/bbl 116. 2011 remaining barrels.90-118.17/1. Qatar’s Tasweeq is offering six cargoes of Al-Shaheen crude for September loading in a tender closing Wednesday. Meanwhile.04/0.49/115.96 AAGXB00 1. The buyer was heard to be Sinochem..47/barrel at the end of the Platts Market on Close assessment process Monday.83/116. even as they have seen delays in exports from Sudan in recent months.83-116.20 AASJF00 -2. or an average of 4.18 117..84/2.87 AAJOS00 116. a company source said. BPMigas sold 200.60/-0.” said a source with a refiner. But according to market sources. trading sources said.34/0. dropping for the first time in six months.81 million b/d. Tasweeq’s Al-Shaheen export volumes in September remained steady from August.02 115.47 115. while welcoming the formal declaration of independence as a step forward. Asia Pacific Sweet Malaysia’s national oil company Petronas has lowered the premium used to calculate the official selling price for Tapis crude lifting in July to $6. India’s ONGC recently sold 600.000 barrels of Vityaz Blend crude for loading September 1926 at a premium of about $5/b to Platts’ front-month Dubai crude assessments.90-117.19 Jul 18/22 0. China’s June crude oil imports fell 11.79 AAGXF00 1. industry sources said.96-115.42 117. but this could not be confirmed.70/b.42 Spread vs fwd Dated Brent AAVJB00 0.13 Aug 22/26 -0.95 Bonny Light Qua Iboe Forcados Agbami Escravos Brass River PCAIC00 PCAID00 PCABC00 AAQZB00 AAEIZ00 AAEJB00 North Sea MOC Commentary August cash BFOE was assessed at $116.16 AAJNV00 116.52 West African spot crude assessments $/bbl 117.84/1.22 114.06 Aug 08/12 -0.000 b/d).75 117. In Indonesia.76 Jul 25/29 0. The McGraw Hill Companies Angola spot crude assessments $/bbl 114. but [middle] distillates [cracks] are relatively lower than last time when the tender for August was closed .86 AAGXD00 2.55 AAQYY00 -4.86 118. Sakhalin Energy sold 730. The buyer for that tender is not known. $0. down 40 cents/b from June.06 Aug 15/19 -0.90/0.09/4.73-114.00/116.86 116.90-118.41-111.80 AAGXP00 1.11 BNB Forties Oseberg Ekofisk Statfjord Flotta Statfjord (CIF) Gullfaks (CIF) North Sea basket AAVJA00 PCADJ00 PCAEU00 PCADI00 PCAEE00 PCACZ00 AASAS00 AASAU00 AAGIZ00 Dated Brent/BFOE swaps Dtd Brent swap CFD week (SEP) CFD week (SEP) CFD week (SEP) CFD week (SEP) CFD week (SEP) CFD week (SEP) CFD week (SEP) CFD week (SEP) 1 PCAKA00 2 PCAKC00 3 PCAKE00 4 PCAKG00 5 AAGLU00 6 AAGLV00 7 AALCZ00 8 AALDA00 Jul 11/15 1. but the price was not known.90/b to Dated Brent. with no bids or offers remaining.86 AASAV00 4.39-117. in Gujarat on the country’s west coast from September 18 for 35 days for a tie-in of new units.06-115. During the Platts market on close assessment process. which the source added was too high for buyers.51/115.83-116.000 mt to BP at a premium of about $7.35 117. “Naphtha has recovered.33 118. preliminary data released Sunday by the country’s General Administration of Customs showed.60/b to the monthly average of Platts’ front-month Dubai crude assessments.15 Aug 29/02 -0. Japanese buyers of Sudan’s Nile Blend crude are waiting to see if there are any changes in their supplies of Sudanese low sulfur crude as a result of the split up of the largest country in Africa.93 118. Chevron was heard to be offering a Duri cargo at a premium of more than $6/b.70/115.50/-2. September Dubai partials were best bid and offered at $110. Morgan Stanley bought a September Oman partial from Shell at $110.13 AAGXR00 1.79 AAGWZ00 0. In Russia.36 Aug 01/05 0.45 AASJE00 -0.93 120.65 AAQZA00 -0. India’s Essar Oil said it will start the planned shutdown of its Vadinar refinery.57 Spread vs fwd Dated Brent AAGXL00 1. The Vadinar refinery has a nameplate capacity of 10.77/0.75/1.68/1. It Copyright © 2011. The capacity is being expanded to 18 million mt/year (375.48/115.74 AAJPC00 115.70/-0.69-115.51-116.54-117.15/-0.13/b lower than a trade between Hetco and Arcadia.000 barrels of Vityaz Blend crude for loading August 4-11 from Prigorodnoye at a premium of about $5/b to the monthly average of Platts’ front-month Dubai assessments.CRUDE OIL MARKETWIRE JULY 11.29-117.60 115.45/1. added that the company expected to see some confusion over supplies for a while.000-400.30/b between Mercuria and Shell.00-118.84/2. A Japanese buyer.

43 Spread vs fwd Dated Brent AAHPK00 0.10/barrel.” he said.10/b from Friday. down from a small premium on Friday..85= $117.70/barrel. In the CFD market.35/b and $0.60/b.915/barrel. up $0.58/-4. “Sweet grades have been in freefall. Oseberg assessment 10-21 days out: NS Dated Strip plus $1.13/-0. when the impact of the Forties pipeline shutdown would begin to wane.23-116.61-118. adding: “Azeri Light has seen a bit of benefit [versus WAF].85 AAGXZ00 -2.78= $116. at September cash plus $0.01 Iranian Light PCABI00 113.90/b.42-119. Forties assessment 10-21 days out: NS Dated Strip plus $0. North Sea CFD average for 10-21 days out: $116.” said a seller of such oil in the region.95= $118.78 AAUFJ00 2.08 Zarzaitine AAHMO00 116. as the volume of the US’s obligation in the International Energy Agency’s stock release weighed heavy on crude values.85-117. as it was judged that the Brent oil field would not face the same logistical constrains than Forties during August.38/0.CRUDE OIL MARKETWIRE JULY 11.77 Azeri Lt FOB 80KT AATHM00 118.18/0. Key Data Key data for Monday’s BFOE/Brent assessment were derived as follows: September cash BFOE/Brent assessed at $115.18-116. with parcel F0714 the only Forties shipment expected to load in the first week of August.67/b.32-113. and Ekofisk at Dated plus $1.37 AALOV00 -3.38-112.00/b. Morgan Stanley also bid the July 29-August 1 laycan at Dated Brent plus $0.35/0.68/-0.72-118.58 BTC FOB Ceyhan AAUFH00 118. The Angolan market saw limited levels of activity.52-118. but Mercuria bid both July 23-26 and July 26-29 at Dated Brent plus $0. Straight-run refining margins were back in negative territory. values for sweet grades remained 4 .” A second trader said: “I’d imagine [refining] margins this Monday don’t look as good as last Monday.28 Kumkol AAHMP00 117.63/3.96-115. replacement for Forties and Ekofisk crude. BNB assessment 1021 days out: NS Dated Strip plus $0.28/b from Friday and at its highest level since August 5.42 AALOW00 2.97 AATHN00 2.” a source said. The Forties pipeline system would be closed August 1-5 to remove an unexploded mine from World War Two. July 25-29 and August 1-5 were all assessed in line with the last trades seen in the process. as both would see lower production in next month. up $0. Ekofisk assessment 10-21 days out: NS Dated Strip plus $1.34 (Sidi Kerir) Saharan Blend AAGZY00 116.78= $116.03-116.10-116.39 (Sidi Kerir) Iranian Heavy PCABH00 111.52 AAHPN00 0.05/b.40 AALVZ00 -0. the bigger the fall next week.93/2. with some grades now reaching levels that buyers saw as reasonable.47 AAGYB00 -4. traders said Monday. $0.20-116.98 Es Sider PCACO00 115.065/barrel. but the higher it goes.30 AAHPM00 3.23 Syrian Heavy FOB AAHMN00 112.00/2. prompt delivery and there is less structural risk with the backwardation.82/2. with Oseberg at Dated plus $2. adding: “I guess in the short term Forties can become incredibly strong. 2010. but it might be as low as flat to Dated Brent.” Western African crude was the most likely West Africa In the West African crude market Monday. Brent Ninian Blend was assessed at parity with Forties.015/barrel. margins are OK and Urals is strong.63 AAGYD00 -3.93-111.22 AALOY00 0.75/b.09 AAGYF00 -0. adding: “I heard Agbami at around Dated Brent plus $0.67 AALWF00 2. In the Platts Market on Close assessment process.91 Syrian Light FOB AAHMM00 116. Platts data showed.26 CPC Blend FOB AALVX00 115. However. a source said.” said a trader. The number of tradeable cargoes would fall further over the next few days.70/b.40 AAOFW00 -0. as it is a prompt market.Forties could continue to rise in the short-term. down from 10 last Friday.. curbing output of the grade to zero in that week.14/b heard during the day.16 Azeri Lt CIF AAGZX00 119. However.77 Kirkuk AAEJD00 114.845/barrel.89/-0.25/0. sources said.78/b. with some sources reporting that could well be the floor for differentials. 2011 was judged that the trade was made on a high offer and did not reflect the EFP of $0.92/-3. Sources said Azeri Light and Saharan Blend had borne the brunt of the weakening US pull arising from the release of 30 million barrels of US crude of the Strategic Petroleum Reserve. respectively.40-115. “I heard that Petrobras might have taken some Agbami cargoes but I heard really low prices. Other grades were also assessed higher.86 AAHPL00 0. other sources felt that differentials could fall further.845/barrel.73/2. Physical Market The North Sea crude market was likely to remain well supported until next week.46 CPC FOB 80KT AAOFV00 115.” said a trader. The September cash BFOE contract was assessed at $115. July 18-22. but at lower differentials.88 AAGYH00 -0. although West African crude differentials struggled more.45/-0. Vitol sold Forties parcel F0718 loading July 24-26 at Dated Brent plus $0. “The [North Sea] grades have cleared well. according to the loading programs released Friday.67/barrel. There were eight cargoes tradeable in the Platts Market on Close assessment window Monday.” Qua Iboe offers were heard at around Dated Brent plus $1. “Cargoes are moving.17-115.47/-3.47 Azeri Lt FOB AALWD00 118. sources reported that differentials were continuing to fall.43 August programs were done and buyers were waiting for September-loading programs which would be released at the end of the week.02/b from an outstanding bid from Trafigura.53/-2.75/b.” a second trader said.23 Suez Blend PCACA00 111. with it dependent on the amount of cargoes Mediterranean refiners may take. The Forties differential was assessed at Dated Brent plus $0. suggesting higher value than the trade.72-115. Mediterranean spot crude assessments $/bbl Siberian Light CIF AAGZW00 116. sources said.66 CPC Blend CIF AAGZU00 116. “The WAF grades are seeing very bad times. while complex margins were looking more stable. also up $0.05 AALOU00 0. in line with the last trade seen in the process and up $0.33/0. with sources reporting that Copyright © 2011. I heard the Agbami August program has cleared and two Akpo cargoes have moved.10/b from Friday. The McGraw Hill Companies Mediterranean Mediterranean Light/Sweet Sweet grades in the Mediterranean started the week Monday in similar style to that of the previous week.27-111.

People are struggling as cannot handle high sulfur cargoes. “Iran and Iraq OSPs seem reasonable and at expected levels.15/b.60/barrel.51 4.67-94.69/18.59-107.” a trader in the Med said.01/0. August Light Louisiana Sweet crude was heard to trade from cash WTI plus $18. **=LLS and Mars differenials versus same-month cash WTI.05/b.” a trader said. while Europe.93 PCABD00 113. in the afternoon.46 AAGWH00 14.96-108.96/-0.64-113.16-114.18 PCACM00 90.25-108.59/16.61 Americas Dated Brent reflects market value for Dated Brent at 3:15pm Eastern Time.04/14.39/13.01 AAMBU00 109.46-94.” a trader said.95 95.16-94.98 Thums/Long Beach PCACD00 103.41 AAQBG00 116.CRUDE OIL MARKETWIRE JULY 11. WTI EFP versus NYMEX light sweet crude futures.37 AASRW00 P-5 WTI is a crude oil postings based index as of 5:30 PM local New York time.96/b.5% sulfur.54-111.” The Iranian and Iraqi August OSPs remained the main talking point in the market following their release in the morning.06 AAKTH00 13.10/b up to nearly $22.56 PCAIE00 111.51 spread to cash WTI PCAAD00 111.66 $/bbl spread vs 1st line WTI -0.35-100.59/13.” said a trader.56 AASOI00 107. “Sulfur is a problem.79/4. “It was expected of the Saudis. and Mars assessments reflect value at 16:30 London Close.71 18.51 $/bbl ANS/Long Beach AAGVZ00 AAGWB00 AAURH00 AAGWD00 AAGWF00 AASOJ00 AAGWL00 AAGWN00 AAURD00 AAGWP00 AAURF00 AAGWR00 AAWZL00 2.11** WTI.44-90. from a previous $21.29 PCACI00 AAEJK00 AAFEN00 California spot crude assessments Lyne 63/Hynes PCABM00 107. US spot crude assessments Mars (AUG) Mars (SEP) Mars (OCT) P-Plus WTI WTI-Delta P-5 WTI WTI (Midland) WTS (1st month) WTS (2nd month) Eugene Bonito SGC Poseidon LLS (1st month) LLS (2nd month) HLS (1st month) HLS (2nd month) Wyoming Sweet Thunder Horse Mars/WTI (AUG) Mars/WTI (SEP) Mars/WTI (OCT) AAMBR00 108.39/117.27-109.44-114. Link. as Saudi Aramco continued to send most of its volumes East.42 95.99-109.47 -0. however.59/16. adding.96 18.08 P-Plus Line 63 PCAFV00 1.63 Kern River PCABJ00 102.35/b against North America US MOC Commentary No trades reported.59/13. *Bakken Blend ex-Guernsey reflects 38-40 API and 0.000 mt stem of Urals CIF Augusta to Dated Brent minus $1.74/18.75/2. Traders spoke of a desire from the company to keep Asian OSPs lower in order to service the sheer volume of clients. after fluctuating from about $21. However.96-113.49 19.31** 13.39 107.71/15.48 PCACK00 93.91 AAURE00 114.04/14.10/b up to plus $19.69 95.49/1. The August Kirkuk OSP for Europe rose 80 cents/b. Bakken Blend exClearbrook reflects 38-40 API and 0.73 ANS is assessed versus calendar month average of 1st month cash WTI assessments.99-94.64-95.94 -1.94-107. calling buying demand “far from fantastic”. although traders had generally expected the price movements.54-111.01* -0.31** 18.49/-0. 94.29 AAQAS00 AAQAU00 AAQAW00 AAQBC00 AAQBE00 AAQAY00 AAQBA00 Spread -0. 2011 mixed.49/18.09/13. PlainsScurlock.06-102. “but if they [the OSPs] are rising then some people will just look at Urals even more. sources said.24 AAGWX00 15.88 Delivered US Gulf Coast spot price assessment $/bbl Basrah Light spread vs 2nd line WTI AAEJH00 109.16-95.89-113.51 18.29/18. some traders also pointed out that Iraq’s State Oil Marketing Organization raised the August Basrah Light OSP for Europe by 70 cents/barrel over the July OSP a rise that one trader called “really .29/13.66 14. The Brent/WTI spread was assessed at $21. Crude values in the Med remained strong Monday. Copyright © 2011.51/-4.01/0. Eni bid an 80.21** 13.64/12.66 AAURC00 113.01-109. triggering a decrease in demand and run cuts.75/b throughout the day.20-111. A return for Azeri crude oil deals was heard.88 AAQBH00 116. some market participants pointed out some problems with sulfur content in Basrah crude oil heading to Northwest Europe. The August OSP for Basrah Light reflected an increase compared with that of July.01/0. The Mediterranean refineries were heard to be affected by higher Iran and Iraq official selling prices for sweet grades.10 AASRR00 98.49/2. *These assessments reflect prevailing futures value exactly at 3:15 pm ET Close assessment process.81 America closes Americas Dated Brent ICE Brent (Aug) US Close ICE Brent (Sep) US Close NYMEX light sweet crude* Aug Sep Oct NYCRM01 NYCRM02 NYCRM03 AAQBF00 117. and there was little surprise to see values rise. and found Lukoil to be in selling mood. “I heard Azeri at Dated Brent about plus $3.01-109.61 16. US Gulf Coast US Gulf Coast crude differentials were mixed Monday on volatility in the Brent/WTI spread. Posted prices by the following companies are used in the index: Conoco. Sunoco. *=Differential value at 16:30 London close. However. The McGraw Hill Companies 5 . In the Platts Market on PCACJ00 94. saw relatively stronger prices.41 US domestic crude assessments London close WTI (AUG) WTI (SEP) WTI (OCT) LLS (AUG) LLS (SEP) MARS (AUG) MARS (SEP) AAQAR00 AAQAT00 AAQAV00 AAQBB00 AAQBD00 AAQAX00 AAQAZ00 94.01 PCABN00 113.63/-0.91-113.19/18. $/bbl Bakken Blend* Ex-Guernsey Ex-Clearbrook spread vs 1st line WTI CMA 2.06 18.88/b.07 AASRV00 AASRU00 100.01* -0. Equiva.94/18.” a trader said.66 112.05-98.61 AABHK00 108.61 12.2% sulfur.61 91. with its smaller share of the OPEC kingpin’s oil.01 AAURG00 94.18 PCAFC00 111.00 113. All sweet grades went under pressure with poor sweet margins and oversupply issues during the last few weeks.61-103.76 -4.” another trader said. Mediterranean Sour Urals values in the Mediterranean bounced back Monday after the release of the Iranian and Iraqi official selling prices showed higher prices for customers.01* 18.03 AAMBX00 109..99-109.26/-1.46 AAWZK00 114.00 108. expensive”. “There is still a lot of Iraqi Basrah in Europe.49/19.77 -0.18 95. bids were talked at plus $18. Both grades are assessed versus calendar month average of 1st month NYMEX WTI futures at 3:15 pm ET. loading July 25-29. but with lowering demand for sweet grades from European refineries. “Higher OSPs will affect the Med refiners margins.35-113.03 AAGWV00 13.24 16. Value of Brent futures contracts at US MOC close. LLS.61 AAMBO00 13..at least the direction.

11-108.00/-21. Canadian spot crude cargo assessments Terra Nova Hibernia White Rose AAJUH00 AAJKK00 AAVJX00 $/bbl 116.21-99.10 6.60/-0.51-107.06 460.95/b.00/-19.65/12.70/12.75/-19.04 spread vs fwd Dated Brent 1. The Bakken Blend ex-Guernsey differential continued to be talked at plus $2.06 91.10 12.platts.20-447.53 101.07-83.53 97. up 25 cents/b.00 PCAEJ00 PCAEL00 PCAFB00 PCAIK00 PCAIO00 PCAIS00 $/bbl 99.m.80 11. The Bakken Blend ex-Clearbrook differential was assessed 5 cents/b higher at the NYMEX front calendar month average plus $4.50 4.35 6.00/2.70 AALSJ00 11.84 116.00 472.65 AASZZ00 -22. Canadian spot crude assessments Lloyd Blend Mixed Sweet Light Sour Blend Midale Condensates Syncrude Sweet WCS Hardisty Cold Lake Hardisty WTI CMA (1st mo) AALRM00 AALRT00 AALRZ00 AAUCD00 AALSH00 AASOL00 AAPPO00 AASZY00 C$/CM 459. unchanged from Friday.41-99. Indications for competing grades from Latin America were pegged at September WTI plus $6.43 108. West Texas Sour was quiet Monday with bids heard at cash WTI minus $1/b.36-459.65/3.56 AALRK00 AALRR00 AALRX00 AAUCC00 AALSF00 AASOK00 AAPPN00 AASZX00 $/bbl 75.40 77.70 17.86 107.21 634. unchanged from Friday.20/1.73 PCAGO00 AAQTK00 AAITJ00 PCAGQ00 PCAGU00 AAMCD00 AAITL00 AAVEQ01 PCAGV00 PCAGR00 AAITH00 Differential 8.Edmonton Midale Cromer PCAEZ00 PCAFA00 PCAEY00 PCAII00 PCAIM00 PCAIQ00 US West Coast There were no new price indications heard for California’s San Joaquin Valley Light and San Joaquin Valley Heavy crudes on Monday. 2011 offers at plus $18.81-75. August WTS was assessed at cash WTI minus $0. where it was last heard to trade Monday.80 12. on an FOB basis from Ecuador. with no offers.75/b.61-107. Mars differentials gained on Monday as bids moved higher in the afternoon and offers appeared to dry up.45/17.10 AAJKM00 1.93-117.35-91.11-107.45-635.00/b for Napo.40/1.25/5.88-461.00 578.91 73.30 AAVJY00 1.50 AAUCE00 -3.80/-3.00/6.33 565.10-99.98 100.65/b then was heard bid up to plus $14/b looking for an offer. Market sources said the trading of Bakken was expected to wrap up in the next few days.31 94.56-73.36-104.00/1.00/4. PDT Monday and end Tuesday evening.50/b Monday and was assessed at that level.66 99.95/9.61 104. The August-September Mars box was talked at 45 cents/b.90 AALRP00 AAVSN00 Daily Canadian crude posting averages Par Crude Mixed Light Sour Bow River/Hardisty Light/Sour Cromer Sour .23 107.27 Latin American Assessments Crude Escalante Roncador Santa Barbara Loreto Oriente Napo Marlim Castilla Blend Cano Limon Vasconia Mesa 30 Marker WTI (SEP) WTI (SEP) WTI (SEP) WTI (SEP) WTI (SEP) WTI (SEP) WTI (SEP) WTI (SEP) WTI (SEP) WTI (SEP) WTI (SEP) PCAGC00 AAQTL00 AAITD00 PCAGH00 PCADE00 AAMCA00 AAITF00 AAVEQ00 PCADM00 PCAGI00 AAITB00 $/bbl 104. refinery starting at 6:01 p.90 AALRV00 3.40/6.05/b.53 91.76-91.41-101.CRUDE OIL MARKETWIRE JULY 11.60-654.49 447. LLS was assessed at cash WTI plus $18.81 USD/BBL 95.75 577.06-108.20/12. The McGraw Hill Companies 6 .36-104.45 653.20-95.com > Oil > Specifications > Crude oil specifications.97 603. August Mars was assessed at cash WTI plus $14.00-567.73-116.13 112.66-100.50 AAJUJ00 The published spreads for Canadian cargo assessments reflect the market value at which these grades are trading versus Dated Brent around loading time.55 5.50 505.78 101. Heavy Louisiana Sweet was talked at a 25-cent/b premium to LLS. No breakdown was indicated and a company spokesman was not immediately available for comment.10 2. putting September Mars at cash WTI plus $13.66 spread vs Canada basis -20.75 555.70/b.23 107.93 99.46 75. and August HLS was assessed at cash WTI plus $18.50-602.97 95.85-558.70/11.75 AALSD00 -0. The spreads and fixed price assessments reflect a typical forward loading window of 42-56 days forward.53 108.95/b.43 83.05 AASOM00 8.33-557.96-95.86-112. No new trade for 28 API and 13 API grades of crude were heard.00-474.53-116.000 b/d Wilmington.91 557.56-75.81-101.00/b for Oriente and plus $2.94-93.00-507.00 12.14-603. Tesoro said in a filing with the South Coast Air Quality Management District Monday it may flare its 97. down 5 cents/b. up 5 cents/b.95/12.90 AAPPP00 -19. C$/CM 602.80/8.30 Copyright © 2011.64-77. For further explanation see www.41-97.80/b. Tesoro consumes volumes of California grades and imports crudes from South America and other regions for its Wilmington refinery.75-580. August Mars was heard to trade up to cash WTI plus $13. California.60/b. down 30 cents/b.64 116.30-577.68 92.

Meanwhile.78-116.00/b to cash WTI FOB loading July 28-August 8.4029.54/0. the OPEC kingpin is further reducing supplies of Arab Heavy 7 . Kuwaits Export. Added to that.94-3221.81 3219.94-95. 1. Saudi Arabias Arab Light.71 110. 0. Murban of the UAE and Venezuelas Merey.75 3243.38/0. Iranian Heavy. Pembina said it has restarted its 50. Canadian pipeline crude differentials rose slightly Monday with several trades heard.85 AAFCW00 US crude oil benchmarks (Euro/bbl) WTI (AUG) Mars (AUG) AAPYT00 AAPYU00 Asia close Brent and WTI spot assessments 67.80/b.43 Oman OSPs and derivatives $/bbl Oman/Dubai Swap (AUG) Oman/Dubai Swap (SEP) Oman/Dubai Swap (OCT) Oman cash/OSP (SEP) AAIHJ00 AAIHL00 AAIHN00 PCABT00 AAHZP00 AAHZR00 AAHZT00 US$/Ruble forex rate: 28. The McGraw Hill Companies seized Perenco assets resulted in annulments as buyers were reluctant to purchase the barrels. with a buyer to be chosen July 15.70/b. Ruble-denominated Russian assessments Russian crude oil benchmarks (Rubles/bbl) Urals Urals Urals Urals Urals FOB Novorossiysk FOB Ventspils FOB Novorossiysk 80kt CIF Mediterranean CIF Rotterdam AAUJP00 AAUJQ00 AAUJR00 AAUJS00 AAUJT00 3217. Platts Ruble denominated crude oil assessments are based on market values and a US$/Ruble forex rate at 4:30 PM local London time. 2011 Canada As the Canadian East Coast crude market awaits the announcement of the September loading program.44 0. Qatars Marine.50 76.52 3250. Pluspetrol will load a Panamaxsized cargo of 18 API gravity.82-81. Platts euro-denominated assessments European crude oil benchmarks (Euro/bbl) Dated Brent Urals (Mediterranean) AAPYR00 AAPYS00 Daily US$ vs EURO exchange rate Forex rate at 4:30 PM local London time July 11 1. steady from Jul Key oil exporter Saudi Aramco will continue to supply full contractual volumes of crude to Asian refiners in August.11 Daily OPEC Basket Price July 8 AAEUQ00 112.93-94. Terra Nova at Dated Brent plus $1. These Napo barrels are production from the seized assets of French independent oil producer Perenco.68 +1.05/b and White Rose at Dated Brent plus $1. The WCS differential was last heard to trade at minus $19.74-3252.98 Euro/US$ forex rate: 1. The Midale differential was assessed unchanged at minus $3. In other news.500 b/d crude from Taylor to Kamloops.67-110. Canadian pipeline crude differentials were heard to be trading at higher levels.2550. +/. Ecuador took offers through Friday for a tender to sell 636.86-115.25/b.85/b. industry sources said Monday. News Saudi Aramco to supply full crude volumes to Asia in Aug.87-110.58 110. It was not known when the winner would be announced.29 81. the results of an auction to sell over 600.000 barrels. Bids are due July 14. Libyas Es Sider. Prior attempts by Petroecuador to offer production from the Copyright © 2011.10%. The Light Sour Blend differential was assessed 10 cents/b higher at minus 55 cents/b on higher heard bids and offers.11-3244.36% sulfur from the port of Bayovar between September 5-15.75/b. Nigerias Bonny Light.000 b/d Western crude pipeline system in British Columbia. 2009 the daily OPEC basket price represents an index of the following 12 grades: Algerias Saharan Blend.46 95.CRUDE OIL MARKETWIRE JULY 11.38/0. The 510-mile line ships an average of 18. on an FOB basis.041 barrels of Napo. Hibernia was assessed unchanged at Dated Brent plus $1. The August program has cleared. The Syncrude differential was assessed 10 cents/b higher at plus $8. Pluspetrol sold a similar cargo on June 2 to Petrobras at a premium between $1. At the time.91 111. The loading window for this cargo is August 15-17 and offering companies were able to submit a bid by July 8. sources said Monday. Effective January.82 115.40-3218.90 115.92 Values are retroactively published to reflect the previous business day.33-3211.84 94. but was then heard bid at that level. and will also provide additional barrels to at least two Asian refiners at their request. It was last heard to trade at plus $8. but was later heard bid at that level.64 3210. prices were unchanged Monday. based on higher heard bids and offers.80-115. The Mixed Sweet differential was assessed 5 cents/b higher at plus $3.000 barrels of Ecuadorean Napo were not heard Monday.98 Brent (AUG) Brent (SEP) Brent (OCT) WTI (AUG) WTI (SEP) WTI (OCT) PCAJE00 PCAJG00 PCAJI00 AAFFU00 AAFFW00 AAFFY00 $/bbl 116. Oman Swap (AUG) Oman Swap (SEP) Oman Swap (OCT) Latin America Pluspetrol will take bids through Thursday for a tender to sell 360. Iraqs Basra Light. Angolas Girassol. the company said.97 95.28-83.75/b.42-95. Perenco was threatening to take legal action against anyone that purchased those barrels.4029 83. which was shut due to wet weather exposing the pipeline. of Peruvian Loreto.42 0. unchanged from July.70/b.07-111. Platts Euro denominated crude oil assessments are based on market values and a Euro/US$ forex rate at 4:30 PM local London time.48-67. The Condensates differential was assessed 50 cents/b higher at plus $12/b. After the Platts Market on Close assessment process. The cargo will be based on a differential to the NYMEX WTI front-month and/or a differential to the mean of Platts Dated Brent assessments during the bill of lading date.95-76. said market sources.42 0. The Western Canadian Select differential was assessed 40 cents/b higher at the NYMEX front calendar month average minus $19.45/b. which were taken by the Ecuadorean government in 2009. Ecuadors Oriente.40/0. where it was last heard to trade.

91 -2.09 -1.89 -0. Platts is a trademark of The McGraw-Hill Companies Inc.28 111.21 111.50 109.41 111. Aramco started offering additional barrels to Asian refiners last month for cargoes loading from July onward as the top oil exporter plans to hike oil production from 8. direct: +1 212-904-3070 Europe & Middle East: +44 20 7176 6111 Asian Pacific: +65 6530 6430 Latin America: + 54 11 4804 1890.” said a North Asian refiner. Indian Oil Corp. The refiners are likely gunning to offtake extra volumes of Arab Extra Light grade as that is cheaper than UAE ADNOC’s Murban crude. BWAVE data refer to the previous business day. “[Our] total volume is unchanged.38/b.00 -6. BWAVE = trade-weighted average of all electronic trades from 1:00 AM to 11:00 PM local London time.75 964. except for the ICE Brent.93 117. up from 95% over April to June.82 -3.08 -1. It is understood the kingdom needs more Arab Heavy crude for power generation at its domestic power plants during the summer months when air-conditioning demand peaks. McGraw-Hill or others.21 -2.08 -1.288 4.64 692799 -1.08 -1.62 96. put into a computer system or otherwise redistributed without prior written authorization from Platts. E-mail: support@platts. Two Asian refiners — Chinese and Thai — have accepted Saudi Aramco’s offer to lift additional crude in August.000 barrels of July loading crude from Saudi Aramco.07 0.08 PNT ICE/IPE WTI AUG SEP OCT NOV Volume ICE/IPE Brent AUG SEP OCT NOV Volume ICE/IPE Mideast Crude SEP OCT NOV DEC Volume ICE/IPE BWAVE AUG SEP 117. while ADNOC set the June OSP for Murban crude at $112.09 -1. All rights reserved.19 PNT 307.24 -1. +65-6530-6575.277 4. which is similar in quality.75 -6.302 4.61 111.11 -1. and slightly less Arab Heavy [this month].05 -1.00 -2.11 96. because of the possibility of human or mechanical error by sources.05 117.06 312. Platts reported earlier quoting Saudi-owned newspaper al-Hayat.67 -1. London/Simon Thorne +44 20 7176 6115/ Joel Hanley +44 20 7176 6142. 2011 crude.05 -1.08 38244 21792 4380 Products futures settlements Nymex RBOB unleaded gasoline AUG SEP OCT NOV Volume Nymex No.75 960.08 0.447 238817 0.15 95.05 -1.05 302. reproduced. See back of publication invoice for complete terms and conditions. 2011 Editorial: Global/Dave Ernsberger +44 20 7176 6116. state-owned MRPL has agreed to offtake an extra 600. Saudi set the OSP for Arab Extra Light for August at Platts Oman/Dubai average plus $2. heard is also lifting 1 million barrels of additional oil from Saudi in July but this could not be confirmed. but [we have] slightly more Arab Light.75 256285 -4.11 96.64 213730 -1.10 -1.Information has been obtained from sources believed reliable.53 597504 -1.49 289. followed by Iran.00 -5. Platts reported earlier. No portion of this publication may be photocopied.15 109. For July loading cargoes.21 PNT Nymex Natural Gas AUG SEP OCT NOV Volume ICE/IPE Gasoil JUL AUG SEP OCT Volume 958.15 285.15/b.75 962. PNT reflect volume for Privately Negotiated Trades or off-exchange. and making up for it with Arab Light to at least one Asian refiner. which equates to Platts Dubai plus $4.06 -1.56 0 -1. Apart from Aramco who is offering more.com Copyright © 2011 The McGraw-Hill Companies.8 million b/d in May to 10 million b/d in July.07 0.35 109. Saudi Arabia is India’s biggest supplier of crude.62 128391 -0.77 5574 -1. However. Client services information: North America: 800PLATTS8 (800-752-8878). Crude futures settlements Nymex Light Sweet AUG SEP OCT NOV Volume Nymex USG Sour AUG SEP OCT NOV Volume DME Oman SEP OCT NOV DEC Volume DME Oman Asian Settle SEP Volume Volume AUG 217548 SEP 159515 110.82 311. 2 AUG SEP OCT NOV Volume 308.55 NA -1.27 111.42 116. Natalia Beales +44 20 7176 6683. extra Saudi barrels could be in demand from India as refiners look around for alternative suppliers in the wake of payment problems with National Iranian Oil Co.08 -1. Gasoil and Mideast Crude.99 -1.05 -1. McGraw-Hill does not guarantee the accuracy.37 111.15 95. The McGraw Hill Companies 8 .03 PNT 109. and privatelyowned Essar Oil is likely to lift 1 million barrels of extra oil from Aramco.05 95.36 111. ] Crude Oil Marketwire Volume 32 / Issue 134 / July 11.61 9383 -2.43 111.75 309.17 PNT 95. Richard Capuchino +1 713 658 3208.10 -3. Matt Cook +1 713 658 3236. Copyright © 2011. Meanwhile.06 13775 13635 11120 Please note that all total volumes reflect prior day’s data.CRUDE OIL MARKETWIRE JULY 11.62 96.86 1181 -1.24 116. Dubai/Paul Young +971 4391 3170.00 PNT 4.95/b. Ellie Weir +44 20 7176 6112.46 116. adequacy or completeness of any such information and is not responsible for any errors or omissions or for results obtained from use of such information. A poll of five Asian refiners showed all have received 100% of contractual volumes from Aramco for August. Kuwait has also raised its July to September crude volumes to 100% of contractual volumes. Wendy Cheong +65-6530-6573. Houston/Esa Ramasamy +1 713 658 3292. and is in line with what they have nominated. One North Asian refiner is also considering lifting extra barrels from Aramco in August chiefly because the kingdom has set the official selling price for Extra Light loading in August at a lower price than other competing crudes.21 -1.05 -1. Benno Spencer +44 20 7176 6114. Jessica Jaganathan +65 6530 6504/01. Singapore/Sharmilpal Kaur. retransmitted.

000 733. but has been consistently running at 14 million mt/year.62 Sep 116.35 0.000 100. The McGraw Hill Companies 9 .75 0.000 100.000 600.000 100. Comments please to europe_products@platts.32 Sep Sep Sep Sep 0 0 0.05 0.33 0.000 100. The Vadinar refinery has a nameplate capacity of 10.000 200.32 Sep Sep Sep Sep Dated Brent 0. Regarding oil payments to Iran.69 billion ($105 million) for the April-June quarter.000 100.35 Barrels (bbl) Seller Buyer Brent CFD Cash BFOE Forties Cash BFOE Brent CFD Brent CFD Cash BFOE Brent CFD Cash BFOE Brent CFD done done done done done done done done done done heard heard heard heard heard done heard heard heard heard heard 100. Refinery throughput in the first quarter was 3. indicating capacity utilization of North Sea.CRUDE OIL MARKETWIRE JULY 11.6 5 4 733. bouncing back from a loss of Rupees 700 million in the same period last year as refining margins showed significant gains.33 0 0.000 400.000 100.7 0. or oil that has financial ties to Libyan owned companies.000 730. Meanwhile. please contact pricegroup@platts. Nayyar added that a team was currently in Latin America to finalize crude import deals for the refinery post-expansion.” India and Iran have been in discussions to find ways to resolve the payment issue ever since India’s central bank. the Reserve Bank of India. located in Gujarat on the country’s west from September 18 for 35 days for tie-in of new units to expand the plant’s capacity.000 100.000 138.000 b/d).6 Sep 0.9 7. For questions and comments. The capacity is being expanded to 18 million mt/year (375.com with a CC to pricegroup@platts.34 0 -1.000 TNK-BP BP TNK-BP BP TNK-BP Unipec Shell Morgan Stanley Rosneft BP Sakhalin Energy Sinochem ONGC Petrobras ExxonMobil BPCL 135%.7 Dubai Dubai ICP Minas 3. Platts will respect the internal policies of these companies in regards deals within all European crude oil and refined products markets.78 billion. The company’s AprilJune quarter revenue rose 37% year on year to Rupees 164. Essar Oil CEO Naresh Nayyar in a conference call said that the refinery was expected to run at its expanded capacity of 18 million mt/year from the January-March quarter of 2012. Embargoed products in commodity markets: Under Platts Market on Close assessment guidelines.000 100.67 Dated Brent 115. Reported spot cash transactions Transaction Cargo Spread Date month month London crude window deals 11-Jul Jul 11-Jul Sep 11-Jul Jul 11-Jul Sep 11-Jul Jul 11-Jul Jul 11-Jul Sep 11-Jul Aug 11-Jul Sep 11-Jul Jul Cargo load range 25 29 24 26 18 22 25 29 1 5 25 29 Crude grade(s) Reported Status Outright Price ($/bbl) Differential Diff. Nayyar said that the company owed Iran $2 billion in total outstanding oil payments. Essar Oil said it will start the planned shutdown of its Vadinar refinery.000 733. Monday posted a net profit of Rupees 4.62 million mt.33 0. Copyright © 2011.5 million mt/year. He added that $800 million would be remitted soon as a resolution to the payment dispute was just “around the corner. In an earnings release the company said quarterly gross refining margin jumped 27% year on year to $7.000 100. the oil and gas arm of Londonlisted Essar Energy. stopped payment through the Asian Clearing Union in December. commodities supplied from countries that are subject to trading embargoes recognized under international law should not be delivered against transactions done during the Platts MOC assessment processes.79/b in April-June last year.62 Sep Sep 115.com. grade/ Price month ($/bbl) Sep 115.000 162.com.000 600.000 100.000 600.000 100.000 100.000 Hetco Mercuria Mercuria Phibro Vitol Shell Shell Trafigura Shell Mercuria Vitol Mercuria ConocoPhillips Trafigura Morgan Stanley Mercuria Hetco Arcadia ConocoPhillips Mercuria OMV Hetco ConocoPhillips Morgan Stanley ConocoPhillips Trafigura Phibro Morgan Stanley Hetco Nexen Lukoil Eni OMV Shell Shell Trafigura Hetco Chevron Vitol Trafigura Hetco Trafigura Essar finalizing Latin American crudes for refinery post-expansion: CEO India’s Essar Oil.05 0. 2011 Subscriber notes Platts has become aware that many oil companies are not trading Libyan origin oil.000 100.35 0.38/barrel from $5.000 25.000 733.7 3. Mediterranean and West African deals 11-Jul Jul Aug 25 29 Brent CFD 11-Jul Jul 25 29 Brent CFD 11-Jul Jul 25 29 Brent CFD 11-Jul Jul 25 29 Brent CFD 11-Jul Aug 1 5 Brent CFD 11-Jul Jul Aug 25 29 Urals Med 11-Jul Jul Aug 25 29 Brent CFD 11-Jul Aug 1 5 Brent CFD 11-Jul Aug 1 5 Brent CFD 11-Jul Jul 25 29 Brent CFD 11-Jul Aug 1 5 Brent CFD PG/Asia Pacific Rim deals 8-Jul 8-Jul 8-Jul 11-Jul 11-Jul 11-Jul 11-Jul 11-Jul Aug Aug Aug Sep Sep Sep Aug Sep 15 18 6 9 26 29 19 28 19 26 1 31 ESPO ESPO ESPO Oman Sokol Vityaz Blend Nile Blend Qua Iboe heard heard heard done heard heard heard heard Dubai Dubai Dubai 110.000 100.45 3. of which $800 million was due immediately.

03 2.63 115.27 121. However.16 Yield 113.93 115. Platts Crude Oil Marketwire will run daily yields and netbacks for Singapore.05 109.22 110.49 1.07 US EAST COAST Yield 118.78 2.32) Cracking Brass (Most recent FOB spot: 116. and the US Gulf Coast.14 US GULF COAST Yield 122.29 1.17 Freight 2.86 118.47 128.03 2.69 119.23 124.07 119.85 0.14 1. a joint venture between Platts and the consulting engineering firm of Turner.90 107.87 Netback 113.15 1.19 Freight 1.15 1.45 1.36 116.60 119. Wednesday.98 1.06 124.17 122.09 112. US Midcontinent.16 119.85 0.33 117. please go to www.11 112.46 126. For further questions.14 1.24 116.com.20 2.18 120.06 2.88 110.32 112.14 117.24 119.platts.85 114.94 1.33 114.98 2.44 1.93 116.83 0.79 116.99 2. 2011 ARA Yield 117.76 1.12 119.56 115.10 Netback 120. US West Coast.98 1.90 114.94 1.37 123.49 118.14 1.53 112.] Yields & Netbacks Daily Yield Arab Light (Most recent FOB spot: NA) Cracking Coking Visbreaking Arab Medium (Most recent FOB spot: NA) Cracking Coking Visbreaking Arab Heavy (Most recent FOB spot: NA) Cracking Coking Visbreaking Arab Berri (Most recent FOB spot: NA) Cracking Coking Attaka (Most recent FOB spot:119.98 2.76) Cracking Visbreaking Azeri Light (Most recent FOB spot: 116.99 124.68 117. 2002.32 120.54) Cracking Platts publishes yields and netbacks produced by Platts Daily Yield. US East Coast.91 122.42 119.70 1.61 119. A fourth refining center will be available on the following schedule: Monday.96 118. and Friday.66 120.21 120.20 116. Yields and Netbacks = Effective July 11.01 SINGAPORE Freight 0. Caribbean.09 115.60 110.10 2.03 Netback 115.75 108.38 1.40 121.09 1.37 113.70 121.60 119.09 117.15 2.62 1.12 118.66 1. ARA (Amsterdam-Rotterdam-Antwerp).94 Netback 116.32 1.32 111.98 113. configured to represent actual processing capabilities in specific regional centers based on a survey of operating refineries to be updated annually. All yields and netbacks in Platts Crude Oil Marketwire will be produced using Platts product assessments and Turner. Italy.66) Cracking Visbreaking Basrah Light (Most recent CIF Gulf Coast spot: 109.40 117.15 118.89 127. yields and netbacks produced for all those cities are available daily through Platts Global Alert and Platts Dispatch.40 Copyright © 2011.19 1.37 116.76 117.19 1.73 109.01 108. Mason’s TMMS refinery modeling platform.45 111.14 107.84 120.76 111.11 119. Tuesday.21 122. The McGraw Hill Companies 10 .54 1.72 1.57 116.87 0.05 114.97 113. Beginning January 2.38 1.02) Cracking Coking Visbreaking BCF 17 (Most recent FOB spot: NA) Cracking Coking BCF 22 (Most recent FOB spot: NA) Cracking Coking BCF 24 (Most recent FOB spot: NA) Cracking Coking Bonny Light (Most recent FOB spot: 117. Thursday.96 125.12 Freight 1.78 114.61 130.15 2.83 0.77 118. Mason & Co.44 1.20 112.94 1.96 112.49 110.11 110.80 120.96 126.95 123.94 115.03 112.

09) Cracking Coking Visbreaking Cabinda (Most recent FOB spot: 114.PLATTS DAILY YIELD JULY 11.51 125.89 0.03 116.43 1.83 0.55 113. The McGraw Hill Companies 11 .81 1.61) Cracking Visbreaking Ekofisk (Most recent FOB spot: 117.31) Cracking Visbreaking 116.18 110.27 121.54 125.96 0.32) Cracking Visbreaking Foinhaven (Most recent FOB spot: NA) Cracking Coking Forcados (Most recent FOB spot: 117.93 125.57) Cracking Forties (Most recent FOB spot: 113.76 127.77 116.91 106.96 122.90 0.84 123.18 113.88 121.73 Copyright © 2011.86 117.72 124.68 112.25 117.71 123.95 0.24 124. 2011 Yields and Netbacks ARA Yield Brent (Most recent FOB spot: 113.01 106.14 118.32 114.92) Cracking Coking Visbreaking Escalante (Most recent FOB spot: 104.84 0.90 114.78 128.61 0.45 1.82 118.13 113.16 122.79 116.74 129.47 124.09 0.99) Cracking Coking Cano Limon (Most recent FOB spot: 108.88 0.70 1.79 0.91 0.09) Cracking Visbreaking Gullfaks (Most recent FOB spot: NA) Cracking Coking Visbreaking Hibernia (Most recent FOB spot: NA) Cracking Coking Iran Heavy (Most recent FOB spot.82 1.04 0.42 129.47 125.76 126.96 0.83 119.44 125.01 123.57 125.43 0.39 0.41 4.79 0.13 1.91 0.91 123.80 125.81 123.65 111.05 125.94 125.40 117.57 123.88 0.86 117.77 0.59 124.84 126.51 124.40) Cracking Coking Flotta (Most recent FOB spot: 115.80 126.01 126.66 120.58 0.93 118.65 130.82 120.16 124.30 115.41 113.03 124.94 127.88 121.24 1.38) Cracking Visbreaking Duri (Most recent FOB spot: 111.64 116.86 1. Sidi Kerir: 111.96 1.61 119.18 Freight Netback Yield SINGAPORE Freight Netback US GULF COAST Yield Freight Netback US EAST COAST Yield Freight Netback 119.10 123.71 4.85 124.97 1.59 0.86 111.93 0.70) Cracking Coking Dubai (Most recent FOB spot: 106.45 114.41 117.84 0.97 0.39 109.32 120.61 0.70 123.89 122.79 0.02 114.

36 115.21 112.27 115.86) Cracking Coking Kirkuk (Most recent FOB spot: 111.41 122.79 115.49) Cracking Kuwait (Most recent FOB spot: 105.38 117.67) Cracking Coking Minas (most recent FOB spot: 121.12 113.32 122.72 112.59 0.37 121.76) Cracking Visbreaking Umm Shaif (most recent FOB spot: 110.10 128.47 115.12 2.04 119.71 110.65) Cracking Coking Marlim (Most resent FOB spot: (101.04) Cracking Coking Merey (Most recent FOB spot: NA) Cracking Coking Mesa (most recent FOB spot: 107.83 0.22 124.89 0. 2011 Yields and Netbacks ARA Yield Iran Light (Most recent FOB spot.42 116.02 123.99) Cracking Visbreaking Qatar Marine (most recent FOB spot: 106.68 Freight Netback Yield SINGAPORE Freight Netback US GULF COAST Yield Freight Netback US EAST COAST Yield Freight Netback 118.63 0.15 1.18 108.17 1.11 120.77 114.20 1.50 119.58 128.85 0.75 120.57 124.05 124.43 110.83 0.80 2.PLATTS DAILY YIELD JULY 11.11 114.69 113.47 1. The McGraw Hill Companies 12 .59 1.28 117.79 0.67 109.80 116.22 121.42 1.10 112.83 112.26 111.04 1.65 1.85 114.79 0.17 0.53 115.62 115.65 0.10 1.00) Cracking Coking Maya (Most recent FOB spot: 101.01 2.85 0.04) Cracking Visbreaking Murban (most recent FOB spot: 111.01 116.87 117.96 0.24 122.53 113.81 123.72 129.89 111.15 112.86 120.57 111.61 0.60 115.92 121.91 121.07 0.57 0.28 120.63 116.85 0.29 107.87) Cracking Coking Mars (Most recent FOB spot: 109.68 114.78 1.47 112.64 2.20 120.46 112.45 0.02) Cracking Visbreaking Qatar Dukhan (most recent FOB spot: 109.12 118.36) Cracking Visbreaking Isthmus (Most recent FOB spot: 105.16 0.63 0.88 Copyright © 2011.06 113.42 ) Cracking Visbreaking 119.09 113.54) Cracking Coking Visbreaking LLS (Most recent FOB spot: 113.99 111.91 116.04 111.72 110.46 110.85 0.37 120. Sidi Kerir: 113.20 1.79 0.93 127.28 117.84 112.

01 124.56 0.78 1.79 0.63 1.34 1.51 120.47 117.53 118.54 124.74 113.38 Freight Netback Yield SINGAPORE Freight Netback US GULF COAST Yield Freight Netback US EAST COAST Yield Freight Netback 114.34 0.49 2.35 0.24 1.84 0.45 127.08 ) Cracking Coking Visbreaking WTI (most recent FOB spot: 94.68 115.76 1.04) Cracking Visbreaking Troll (most recent FOB spot: NA) Cracking Coking Urals (Most recent CIF ARA spot: 115.56 114.94 122.63 0.94 125.94 117.98 ) Cracking Coking Rabi (most recent FOB spot: NA) Cracking Coking Saharan Blend (Most recent FOB spot: 113.96 114.22 1. The McGraw Hill Companies 13 .53 0.28 123.20 1.49 1.99 ) Cracking 121. 2011 Yields and Netbacks ARA Yield Zakum (Lower) (most recent FOB spot: 110.82 110.32 126.24 129.26 124.97 114.13 129.59 0.39 129.06 124.43 128.45 124.24 125.43 1.47 127.12 123.76 126.38 1.88 129.15 110.30 1.08 130.47 1.63 124.96 125.46 0.89 126.76 117.95 117.94 0.71 117.51) Cracking Visbreaking Oriente (most recent FOB spot: 99.56 0.81) Cracking Coking Oman (most recent FOB spot: 110.41 126.41 122.68 0.74 0.65 1.92) Cracking Coking Visbreaking Soyo/Palanca (most recent FOB spot: NA) Cracking Coking Tapis (Most recent FOB spot: 121.00 1.09 1.05 0.PLATTS DAILY YIELD JULY 11.38 128.79 130.65 129.35 125.10 116.09 119.65 118.01 120.92 127.99 1.96 0.92 130.94 111.61 130.00 116.65 114.56 110.56 113.29 123.80) Cracking Visbreaking Olmeca (most recent FOB spot: 112.94 129.71 0.18) Cracking Statfjord (most recent FOB spot: 118.77 0.66 119.47 127.56 125.00 Copyright © 2011.84 125.95 ) Cracking Coking Zuetina (Most recent FOB spot: 114.72 124.96 125.03 125.03 2.61 126.45 128.09 123.27 115.88 0.67 126.79 114.

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