Argus Base Oils

Daily Update
Issue 14-32B | Tuesday 5 August 2014
Asia SN 500 forward prices

$/t

Aug
Sep
Oct
4Q14
1Q15

Low

High

+/-

1,000.00
1,003.50
1,007.20
1,009.15
1,017.80

1,020.00
1,023.50
1,027.20
1,029.15
1,037.80

0.00
-0.05
0.00
0.00
0.00

The price shows the implied forward-curve base oil price required to maintain
its existing profit margin relative to Ice gasoil futures

European SN 150 forward prices

Aug
Sep
Oct
4Q14
1Q15

$/t
Low

High

+/-

957.50
961.00
964.70
966.65
975.30

977.50
981.00
984.70
986.65
995.30

0.00
-0.05
0.00
0.00
0.00

The price shows the implied forward-curve base oil price required to
maintain its existing profit margin relative to Ice gasoil futures

European SN 500 forward prices

Aug
Sep
Oct
4Q14
1Q15

$/t
Low

High

+/-

1,045.00
1,048.50
1,052.20
1,054.15
1,062.80

1,065.00
1,068.50
1,072.20
1,074.15
1,082.80

0.00
-0.05
0.00
0.00
0.00

The price shows the implied forward-curve base oil price required to
maintain its existing profit margin relative to Ice gasoil futures

US SN 500 forward prices

Sep
Oct
Nov
4Q14
1Q15

Asia SN 500 forward premium to gasoil

$/t
Midpoint

+/-

124.80
121.30
117.60
115.65
107.00

+0.75
+0.80
+0.75
+0.75
+0.75

Aug
Sep
Oct
4Q14
1Q15

The premium shows the implied forward-curve profitability of fob Asia SN

500 relative to Ice gasoil futures

European SN 150 forward premium to gasoil

$/t

Midpoint

+/-

82.30
78.80
75.10
73.15
64.50

+0.75
+0.80
+0.75
+0.75
+0.75

Aug
Sep
Oct
4Q14
1Q15

The premium shows the implied forward-curve profitability of fob Europe SN

150 relative to Ice gasoil futures

European SN 500 forward premium to gasoil

Aug
Sep
Oct
4Q14
1Q15

$/t

Midpoint

+/-

169.80
166.30
162.60
160.65
152.00

+0.75
+0.80
+0.75
+0.75
+0.75

The premium shows the implied forward-curve profitability of fob Europe SN

500 relative to Ice gasoil futures

US SN 500 forward premium to heating oil

Low

$/USG
High

+/-

3.86
3.87
3.88
3.88
3.89

3.91
3.92
3.93
3.93
3.94

0.00
0.00
0.00
0.00
0.00

Low

$/t
High

+/-

1,148.80
1,152.05
1,155.40
1,155.30
1,159.70

1,163.70
1,166.95
1,170.30
1,170.20
1,174.60

0.00
-0.05
-0.10
-0.10
-0.10

The price shows the implied forward-curve base oil price required to maintain
its existing profit margin relative to Nymex heating oil futures

$/USG
Midpoint
+/Sep
Oct
Nov
4Q14
1Q15

1.00
0.99
0.97
0.97
0.96

+0.01
+0.01
0.00
0.00
0.00

$/t
Midpoint
296.95
293.70
290.30
290.40
286.05

+/+0.55
+0.60
+0.60
+0.60
+0.65

The premium shows the implied forward-curve profitability of fob US SN 500

relative to Nymex heating oil futures

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