Академический Документы
Профессиональный Документы
Культура Документы
ZE/Ignite Partnership
Expands Reach in ETRM
FERC to Improve
Gas-Electric Coordination
Powered by
New products and
data sources
Delisting of products
and data sources
Potential impact
on data
Editorial 5
Crude Oil Transportation by Rail: More than the Industry Bargained For?
5
Power
Power 8
FERC Approves Final Rule to Improve Gas-Electric Coordination
8
EEX Publishes Data Enriched for Planned Power Production
9
Platts to Discontinue German and Czech Far Month Electricity Assessments
10
Argus Discontinues US Electricity Weekend Assessments
10
Deutsche Brse and Romanian SIBEX Sign MOU for Power Futures Exchange
11
Petroleum
Nat Gas
Petroleum 12
EIA Introduces Monthly Data on Crude Oil Rail Movements
12
Platts to Launch Gasoline FOB Mediterranean Crack Swap Assessments
12
Platts to Launch New Gulf Coast Petcoke Supramax Dry Bulk Assessments
13
Platts to Add East/West Naphtha Assessments
13
Platts to Launch Differential for Bakken Assessment vs. WTI CMA
13
Platts to Publish Basrah Heavy Crude OSP
14
Platts Adds New Daily High-Quality Coke FOB China Assessment
14
Platts Launches New Palm Oil/Gasoil Spread
15
Argus Adds Fuel Oil M-100 Assessments
15
Argus Launches New Basrah Heavy Crude Assessments
16
Argus Introduces West Africa Oil Publication
17
Argus Launches Numerous Daily Jet Fuel Assessments
18
Argus Adds Petroleum Rail Assessments
20
NYMEX Expands Listing Schedule for Two Low Sulfur Gasoil Futures Contracts
21
CME Launches Singapore Fuel Oil Brent Crack Spread Futures
22
Platts to Discontinue Weekly US Chemical Grade Propylene Spot Assessments
23
Platts to Stop Zarzaitine Crude Oil Assessments
23
Platts to Discontinue US DOP Assessment
24
Platts to Discontinue Current Palm Oil/Gasoil Spread
24
Platts Ends US Atlantic Coast Distillate CIF Cargo Assessments
24
Platts Ends No. 2 Gasoil NYH Cargos at London MOC
25
Platts Discontinues Acetone T1, MIBK Assessments
25
Platts Ends USGC CIF Naphtha Cargo Assessments
26
Platts Discontinues Q1, Q2 Benzene Assessments
26
Platts Discontinues Some Clean Tanker Assessments
26
Argus Stops Multiple Russian Fuel Oil Assessments
28
Argus Removes US Xylenes Assessment
29
Argus Removes Multiple US Petroleum Assessments
30
Coal
Softs and
Metals
Finance
Weather and
Emissions
Other
Data
Vendors
Market
Analysis
In Depth
April 2015
Editorial
Summary
Contents
Petroleum
35
35
36
37
37
Power
Natural Gas
Platts to Launch New European Gas Midpoints
Argus Introduces New European Natural Gas Assessments
ICE Endex Expands Dutch TTF Spot Market to Germany
ICE Endex Transitions UKs On-the-day Commodity Market to the ICE Trading Platform
Nat Gas
Coal 38
Argus Adjusts Asian LNG Assessments
38
Platts and Fenwei Launch CCI Met China Coal Assessments
39
Platts Discontinues 9500HR and 11000HR Coal Assessments
40
Coal
Softs and
Metals
Finance
Weather and
Emissions
METALS 44
Platts to Publish Iron Ore Phosphorus Differential
45
Platts Publishes Daily Settlement Value for India Gold Bullion
45
Argus to Introduce New European Terbium, Dysprosium, and Erbium Assessments
46
ICAP Energy Introduces Iron Ore Derivatives Contract
46
Platts to Discontinue Daily Tokyo Kerb Aluminum Assessments
47
Platts Discontinues New York Dealer Osmium Assessment
48
COMEX Delists Two Gold Volatility Index Futures and Option Contracts
48
Other
Data
Vendors
Finance 49
CBOE Debuts Options on the MSCI Emerging Markets and MSCI EAFE Indexes
49
ICE Futures Introduces MSCI ACWI ex Australia Index Future Contract
50
Thomson Reuters Introduces Price Challenge Tool for Fixed Income Market
50
Thomson Reuters Launches Market Tracker Solution at the Central Bank of Nigeria and FMDQ
51
Three New X-Trackers ETFs Tradable on Xetra Provide
Access to International Developed Markets and Japanese Stock Corporations
51
Market
Analysis
In Depth
April 2015
Editorial
31
32
32
32
33
34
Summary
Power
Petroleum
Weather 57
Weather Underground Launches Universal Weather App
57
NYMEX Delists Three Emissions Products
58
Nat Gas
Other 59
EPA Releases New Website Tracking Compliance Status of Public Water Systems
59
Dow Jones Features Sanctions Data
59
71
71
Other
In Depth
Price Reporting Agencies, Assessments, and Increased Asian Oil Consumption
Weather and
Emissions
67
67
68
69
70
Finance
Softs and
Metals
60
60
61
62
62
63
64
66
Coal
Editorial
Summary
SPDR Multi-Asset ETF Launched on Xetra Provides Access to Global Infrastructures Sector
53
Amundi ETF S&P 500 Buyback UCITS ETF Launched on Xetra
Offers Access to Stock Corporations with Buyback Programs
53
iShares MSCI China A UCITS ETF Launched on Xetra Offers Access to Chinese A-Shares
54
UBS Bond Index ETF Launched on Xetra Offers Access to US Corporate Bonds with
Currency Hedging
54
iShares ETF Launched on Xetra Offers Access to Japanese Stock Corporations with
Currency Hedging
55
ICAP and BATS Chi-X Introduce New Service to Provide Exchange for Physicals Trading and Clearing 55
ICAP ISS and i-Swap Launch i-Swap History Euro Swap Tick Data Product
56
Data
Vendors
Market
Analysis
In Depth
April 2015
Summary
Editorial
Editorial
Power
Petroleum
By Olga Gorstenko,
Editor-In-Chief, DataWatch
olga@ze.com
Nat Gas
Coal
An announcement by the US Energy Information Administration (EIA) about the new set of oil
statistics missed the spotlight. Really, whats so special about adding another data report
that only expands on the list of transportation options for the same commodity? Weve had
data on barges, tankers, and pipelines; now we also have information on railroads added to
the modes of transporting oil within the United States and across the Canadian border. There
seems to be nothing special about this, and the reason is that there has been a consistent
growth in the oil moved via train tracks over the last several years. However, there are some
submerged boulders here that are worth being dug out.
Softs and
Metals
Finance
The first datasets provided by EIA to the public communicate a straightforward message: more
oil travels by rail now. Over the last four years, the volume of crude moved via railroads
increased seven-fold for deliveries inside the country, and five-fold of those arriving
from Canada.
Weather and
Emissions
Other
Data
Vendors
Market
Analysis
In Depth
April 2015
Summary
Editorial
Power
Petroleum
Nat Gas
1. Shale oil production continues boosting deliveries, which, despite consistently dropping
market prices, have sustained at high levels.
2. With environmentalists focused strictly on blocking oil pipelines from being built and
expanded within North America, the industry turns to alternative transportation solutions.
Finance
Other
Data
Vendors
Now things get more complicated. An increased utilization of rail transportation means an
increased rate of accidents. Multiple derailments of oil-loaded trains throughout Canada and
the United States exposed the unpreparedness of the system to meet this demand. Aside
from many localized incidents, the major ones gained global coverage recently:
The July 2013 derailment in the heart of the Quebec town of Lac Megantic that burned
down more than 30 buildings and killed 47 people.
Market
Analysis
The April 30, 2014, derailed train that that caught fire in Lynchburg, VA, forcing an
evacuation of the community.
The derailment of 29 tank cars in Ontario, Canada, on February 14, 2015, which started a
fire that took several days to extinguish.
6
In Depth
April 2015
Softs and
Metals
Railroads now allow for oil to move from the Midwest to the East and West Coasts. Rail is also
considered a viable solution for landlocked Canadian oil. Oil movement in these regions is
restricted by pipeline capacity; proposed expansion solutions like the Keystone XL, Energy
East, and Trans Mountain pipelines have been delayed by public and political opposition.
Coal
Pipelines have been operating at their highest capacity as is. Any increase in production
makes it challenging for producers to decide on the midstream mode. Railroads have become
one of the options that absorb incremental supply increases. According to EIA, Bakken oilfield
production has increased by more than 1 million barrels per day since 2010, with 70% of it
being transported by rail. Rails actually have several benefits over pipelines. The rate at which
train loading terminals can be built (6-12 months) is much faster than pipeline construction.
There is also more flexibility in contract terms. As well, oil moves faster on rails, even though it
is in smaller volumes. Rail routes also offer more variety in destination points.
Contact DataWatch
E: datawatch@ze.com
Front Desk: 1-866-944-1469
Editorial Department: 778-296-4183
M: ZE PowerGroup Inc. 130-5920 No. 2 Road,
Richmond, BC V7C 4R9
To search our archives: www.datawatch.ze.com
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Subscribe on your iPad today
Other
Data
Vendors
Market
Analysis
In Depth
Weather and
Emissions
Finance
Softs and
Metals
April 2015
Coal
ZEMA Inquiries
Bruce Colquhoun. P: 604-790-3299. E: bruce.c@ze.com
Nat Gas
Email: olga@ze.com
Petroleum
Olga Gorstenko
Power
Editor-In-Chief
Summary
Editorial
Editorial
Summary
Power
Editorial
Petroleum
Nat Gas
Coal
Finance
Weather and
Emissions
The Final Rule adopts revisions to the interstate natural gas nomination timeline
and standards:
1. To move the Timely Nomination Cycle deadline for scheduling gas transportation from
11:30 a.m. Central Clock Time (CCT) to 1 p.m. CCT.
Other
2. To add a third intraday nomination cycle during the gas operating day to help shippers
adjust their scheduling to reflect changes in demand.
Data
Vendors
The Final Rule declines to adopt the proposal to move the 9 a.m. CCT start of the gas day to
4 a.m. CCT. The Commission concluded that, while certain efficiencies could be achieved
through a better alignment of the natural gas and electric operating days, it does not justify
changing the start time for the nationwide natural gas day.
Market
Analysis
The Final Rule takes effect 75 days after publication in the Federal Register.
See the original announcement.
In Depth
April 2015
Editorial
As of April 15, 2015, the European Energy Exchange (EEX) published data regarding
the planned power production for units smaller than 100 MW. This has resulted in an
extension of the available data, which was previously restricted to power production units
larger than or equal to 100 MW. The additional data will be integrated gradually within the
existing data.
Summary
Power
Power
Nat Gas
The ZEMA graph below displays the April 2015 Planned Day-Ahead Power Generation for both
Austria and Germany (EEX Data). Germany is shown as having much higher planned
day-ahead power generation, with Austrias power generation plans appearing as just a
fraction of Germanys output; however, a relatively high positive correlation exists between
Austrias and Germanys planned day-ahead power generation, hovering around the
0.678 mark. To learn more, book a complimentary ZEMA demonstration.
Petroleum
ZEMA collects a range of European power market data, including over 40 records from the EEX. These records include
futures price and trading data. To learn more, visit http://www.ze.com/the-zema-solutions/.
Coal
Softs and
Metals
Finance
Weather and
Emissions
Other
Data
Vendors
Market
Analysis
In Depth
April 2015
Summary
Power
Editorial
Power
Petroleum
Nat Gas
Effective August 1, 2015, Platts intends to discontinue some of its forward electricity
assessments in German and Czech markets.
In German electricity, Platts is proposing the following far month discontinuations:
Coal
Softs and
Metals
Finance
Data
Vendors
Other
The assessments are published on European Power Alert pages 58 (German power) and
210 (Czech power), in Platts Market Data categories EE and PE and in European Power Daily.
Weather and
Emissions
Market
Analysis
Effective May 1, 2015, Argus stops weekend assessments in the Argus US Electricity
data feed. For FTP subscribers, these changes apply to the dause files in the DAUSE folder of
ftp.argusmedia.com.
The assessments include off-peak and peak weekends for:
10
In Depth
April 2015
Summary
Power
Editorial
Power
Petroleum
Nat Gas
Coal
Softs and
Metals
Finance
Weather and
Emissions
Data
Vendors
Market
Analysis
Other
Effective April 23, 2015, Deutsche Brse Market Data + Services and the Sibiu Stock
Exchange S.A. (SIBEX), Romania, signed a Memorandum of Understanding (MOU). Under the
MOU Deutsche Brse will provide trading technology to SIBEX to facilitate its plans to operate
an exchange for trading electricity futures. This will include electronic systems and networks
for trading, clearing and settlement of commodity products.
In Depth
April 2015
Summary
Editorial
Petroleum
Power
Nat Gas
EIA is initiating the new series with monthly data from January 2010 through the current
reporting month, January 2015. CBR activity is tracked between pairs of Petroleum
Administration for Defense District (PADD) regions (inter-PADD), within each region
(intra-PADD), and across the US-Canada border.
Coal
Like all of EIAs monthly petroleum data, the new CBR data are subject to revision as new
information becomes available. Near-month CBR data are modeled estimates that will be
updated upon receipt of quarterly information from the STB. EIA and the Association of
American Railroads (AAR) are currently exploring opportunities for EIA to utilize monthly
AAR carload data to refine the near-month CBR data.
Softs and
Metals
Weather and
Emissions
Other
Data
Vendors
The new assessments will reflect the balance month, front month and second month
swaps values in US dollars per barrel with a conversion rate of 8.33.
Platts expects to publish these new assessments on PFC Europe, with a page and market
database symbols to be announced in due course.
Market
Analysis
12
In Depth
April 2015
Finance
ZEMA collects hundreds of data reports from the EIA, many of which are on petroleum and other liquids. To find out more
about how ZEMA can collect data from any source, visit http://www.ze.com/the-zema-solutions/data/.
Both assessments would be published on a dollar per metric ton basis. The following two
routes are under consideration for assessment:
Cargo type
Origin
Destination
50,000 mt
Petcoke
Houston
50,000 mt
Petcoke
Houston
Nat Gas
Size
Softs and
Metals
Finance
Platts will add these assessments to its existing naphtha derivative suite in order to enhance
its coverage of the naphtha market and better represent the key arbitrage route between
Europe and Asia.
Coal
Effective June 1, 2015, Platts will publish assessments of the East/West naphtha
swap spreads at 16:30 London time. The East/West naphtha swap spread will represent the
difference between the comparable months Mean of Platts Japan naphtha and the naphtha
Northwest Europe CIF cargo swaps. Platts initially proposed these assessments in a note
published on March 12, 2015.
Weather and
Emissions
The new price assessments will cover three calendar months forward from the date of
publication. Platts will publish bids, offers, and interest to trade the East/West naphtha
spread in the Platts Market on Close assessment process.
Platts will publish these assessments in US dollars per metric ton. Platts expects to publish
these new assessments on PFC Europe, with page number and market database symbols to
be announced in due course.
Other
Data
Vendors
ZEMA collects Platts petroleum data from all over the world, including 26 regular Platts reports from Europe. To learn
more about ZEMAs extensive data reach, book a complimentary demo at http://www.ze.com/book-a-demo/.
In Depth
13
Market
Analysis
On May 15, 2015, Platts will publish a price differential vs. WTI CMA to its assessment for
Bakken crude assessed near the wellhead in the Williston Basin. The new assessment reflects
April 2015
Power
These new assessments would reflect strong market interest in these routes and will be based
on modern Supramax dry bulk tonnage.
Editorial
Effective June 1, 2015, Platts intends to launch two new dry bulk Supramax freight
assessments, reflecting established trade routes of petcoke from the US Gulf Coast.
Summary
Petroleum
Editorial
Power
The assessment and commentary also appear in the Crude Oil Marketwire, North American
Crude and Products Scan, and Oilgram Price Report.
Summary
Platts will continue to publish the existing Bakken flat price assessment. The crudes
assessment methodology and specifications will not change. The new assessment appears
on Platts Global Alert page 214 and 260, while the monthly average appears on Platts Global
Alert page 215 and commentary for the market appears on Platts Global Alert page 295.
Petroleum
the way Bakken crude trades in the market, where more than 95% of trades occur against the
calendar-month average of NYMEX light sweet crude (WTI CMA) during the month of delivery.
SOMO said in March it would issue the OSP starting with May loadings. The new grade, with an
API gravity of 25-26 degrees, has an OSP for loadings to Asia, Europe, and the United States.
Coal
The new OSP is a differential to the average of Oman and Dubai published by Platts for the
month of loading for Asian loadings, a differential to Dated Brent for Europe, and a differential
to the Argus Sour Crude Index for US loadings.
Nat Gas
On April 23, 2015, Platts announced that it intends to publish the official
selling price for the new Basrah Heavy crude grade marketed by Iraqs State Oil
Marketing Organization.
Softs and
Metals
The assessment will be published on Platts Global Alert page 1059 and in the Platts
assessment database.
See the original announcement.
The assessment will be published in SBB Steel Markets Daily, Coal Trader International,
Metals Market Data category MC, Platts Metals Alert, and Global Coal Alert.
14
In Depth
April 2015
Market
Analysis
Data
Vendors
The new series complements Platts existing daily 62% CSR Met Coke FOB China assessment.
The launch comes in response to market demand for such an assessment, amid growing
prevalence of higher-CSR coke in the seaborne market.
Other
Weather and
Emissions
Finance
With ZEMA, you can access over 300 Platts reports on petroleum and other liquids, more than 100 on crude products
specifically. To find out ZEMA lets you visualize this data and use it to create powerful analytics, visit http://www.ze.com/
the-zema-solutions/analytics.
Summary
Editorial
Petroleum
Power
Nat Gas
The spread reflects the value of the first-month crude palm oil futures contract on the Bursa
Malaysia (BMD) minus the value of the front-month InterContinental Exchange (ICE) gasoil
futures at 4:30 p.m. Singapore time (0830 GMT).
The assessment under the code POVGO00 was launched to reflect market practice of
measuring the spread of palm oil against gasoil, and is published in the Platts Biofuelscan,
and under the code POVGO00 in the Platts database.
Softs and
Metals
GO-PO measures the spread as gasoil minus Palm oil, while in the general market the spread
is typically expressed as Palm oil minus gasoil.
Coal
The assessment is expressed in US dollars per metric ton. The current GO-PO spread, which
reflects the value of first-month gasoil futures against first-month crude palm oil futures will be
discontinued from May 15, 2015.
ZEMA is used by the front-, mid-, and back-office professionals in the petroleum market. To learn how ZEMA can
be tailored to your specific needs and give you access to the right information, book a complimentary ZEMA demo
at http://www.ze.com/book-a-demo.
PA-code
Time Continuous
stamp forward
PA0016289 26
PA0016290 26
>Products>Fuel oil>
Russia-Caspian
>Products>Fuel oil>
Russia-Caspian
>Products>Fuel oil>
Russia-Caspian
15
In Depth
April 2015
Market
Analysis
Category
Data
Vendors
PA0016288 26
Description
Other
Effective April 30, 2015, Argus added daily fuel oil M-100 delivered to ports
price indexes in RUB/t. The following series will appear in DARM data module in /DARM folder
of ftp.argusmedia.com:
Weather and
Emissions
PA0016293 26
PA0016294 26
PA0016295 26
PA0016296 26
PA0016297 26
PA0016298 26
PA0016299 26
PA0016300 26
Coal
>Products>Fuel oil>
Russia-Caspian
>Products>Fuel oil>
Russia-Caspian
>Products>Fuel oil>
Russia-Caspian
>Products>Fuel oil>
Russia-Caspian
>Products>Fuel oil>
Russia-Caspian
>Products>Fuel oil>
Russia-Caspian
>Products>Fuel oil>
Russia-Caspian
>Products>Fuel oil>
Russia-Caspian
>Products>Fuel oil>
Russia-Caspian
>Products>Fuel oil>
Fuel oil M-100 Ufa del Vladivostok
Russia-Caspian
Nat Gas
PA0016292 26
Power
Category
Softs and
Metals
Continuous
Description
forward
0
PA0016326 0
PA0016327 0
Basrah Heavy
ASCI
US formula
>Crude>Official/Formula
Price>Mideast Gulf formula
>Crude>Official/Formula
Price>Mideast Gulf formula
Data
Vendors
Other
PA0016325 0
Basrah Heavy
Asia-Pacific
formula
Basrah Heavy
Europe
formula
Differential
Category
basis
Weather and
Emissions
Time Price
stamp type
Finance
Effective April 24, 2015, Argus added the following new daily codes
in USD/bl to the DLC data module in the DCRDEEU folder of the ftp.argusmedia.com server.
PA-code
Market
Analysis
ZEMA collects over 100 Argus reports regularly, more than 40 of which pertain to petroleum products. To find out how
ZEMA can convert this data into sophisticated analyses, visit http://www.ze.com/the-zema-solutions/analytics/.
16
In Depth
April 2015
Editorial
PA0016291 26
Description
Summary
Time Continuous
stamp forward
Petroleum
PA-code
Summary
Editorial
Petroleum
Power
Nat Gas
The publication includes numerous daily assessments, differential with North Sea Dated and
North Sea Forward:
Rabi Light
Girassol
Ima
Okwori
Saturno
Jubilee
Okwuiborne
Saxi-Batuque
Abo Blend
Kole Marine
Oyo
Ukpokiti
Akpo
Mondo
Palanca
Usan
Antan Blend
NKossa
Pazflor
Yoho Light
Djeno
Obe
Pennington Light
EA Blend
Okono Blend
Plutonio
Weather and
Emissions
Okoro
Finance
Ebok
Softs and
Metals
Qua Iboe
Coal
On April 13, 2015, Argus introduced the Argus West Africa Oil publication.
Argus data subscribers using FTP may now have access to the new module DWAFO
in the \DWAFO folder on the ftp.argusmedia.com server.
Data
Vendors
Market
Analysis
Other
Gasoline Eurobob delivered west Africa $/t Gasoil diesel 10ppm delivered west Africa
NGN/litre
Gasoline Eurobob delivered west Africa
NGN/litre
Gasoil heating oil 50ppm delivered
west Africa $/t
Gasoil diesel 10ppm delivered
Gasoil heating oil 50ppm delivered
west Africa $/t
west Africa NGN/litre
Gasoil diesel 10ppm delivered
See the original announcement.
17
In Depth
April 2015
Power
Applicable changes will also be reflected Argus US Products data module, Argus Russian
Motor Fuels data module, Argus Asia Products data module, Argus US West Coast Products
data module, and Argus European Products data module.
Editorial
Effective April 13, 2015, Argus made changes to the Argus Jet Fuel data
module. These changes apply to the djetfuel .csv file in the DJETFUEL folder of
ftp.argusmedia.com.
Summary
Petroleum
Midpoints and differential midpoints have been distributed for the following codes:
PA-code
PA0001011
3, 8
3, 8
Continuous
Description
forward
0
Nymex
USC/
Heating Oil USG
>Products
>Jet>US east
coast
>Products
>Jet>US east
coast
>Products
>Jet>US east
coast
>Products>Jet>
Asia-Pacific
PA0001012
3, 8
PA0001016
Jet/kerosine
Japan c+f
3, 8
Jet/kerosine
Mideast Gulf
fob
Mopag
>Products
USD/bl >Jet>Mideast
Gulf
>Products
Ice Gasoil
USD/t >Jet>Northwest
Settlement
Europe
3, 8
PA0001019
3, 8
Jet/kerosine
Singapore
Mops
USD/bl
>Products>Jet
>Asia-Pacific
PA0001021
Jet/kerosine
W Med fob
USD/t
>Products>Jet
>Mediterranean
Jet fuel LA
pipe fob
month
Nymex
USC/
Heating Oil USG
Jet/kerosine
NWE barge
>Products
Ice Gasoil
USD/t >Jet>Northwest
Settlement
Europe
PA0001024
3, 8
18
In Depth
April 2015
3, 8
>Products
>Jet>US west
coast
Market
Analysis
PA0001025
Data
Vendors
Other
PA0001018
Jet/kerosine
NWE cif
Weather and
Emissions
USD/bl
Finance
PA0001017
Softs and
Metals
Category
Coal
Differential
Unit
basis
Nat Gas
PA0001010
Time
Price
stamp type
PA0002760
PA0003945
3, 8
3, 8
3, 8
1, 2, 3, 4
Jet fuel
Nymex
USC/
Colonial 54
Heating Oil USG
pipe fob cycle
>Products
>Jet>US Colonial
pipeline
1, 2, 3
Jet/kerosine
swap NWE
month
>Products
Ice Gasoil
USD/t >Jet>Northwest
Settlement
Europe
1, 2, 3
Jet/kerosine
swap Singapore month
USD/bl
>Products>Jet
>Asia-Pacific
1, 2, 3
Jet/kerosine
swap Singapore quarter
USD/bl
>Products>Jet
>Asia-Pacific
1, 2
Jet/kerosine
swap NWE
quarter
>Products
Ice Gasoil
USD/t >Jet>Northwest
Settlement
Europe
>Products
>Jet>US Group 3
>Products
>Jet>US Gulf
coast
>Products
>Jet>US Group 3
>Products
>Jet>US east
coast
>Products
>Jet>US east
coast
19
In Depth
April 2015
3, 8
>Products
>Jet>US east
coast
Market
Analysis
PA0003953
3, 8
Data
Vendors
PA0003951
>Products
>Jet>US west
coast
Other
PA0003948
Nymex
USC/
Heating Oil USG
Weather and
Emissions
PA0002901
Jet fuel SF
pipe fob
month
Finance
PA0002780
Softs and
Metals
PA0002775
3, 8
Coal
PA0002774
3, 8
>Products
USD/t >Jet>Northwest
Europe
Jet/kerosine
NWE fob
Nat Gas
PA0002773
3, 8
Category
Power
PA0002147
Differential
Unit
basis
Editorial
PA0001027
Continuous
Description
forward
Summary
PA0001026
Time
Price
stamp type
Petroleum
PA-code
Continuous
Description
forward
Nymex
USC/
Heating Oil USG
>Products
>Jet>US east
coast
Mops
USD/bl
>Products>
Jet>Asia-Pacific
>Products
>Jet>RussiaCaspian
3, 8
PA0005336
3, 8
Jet/kerosine
S Korea
Jet/Kerosine
fit Moscow
spot incl. VAT
RUB/t
Jet/Kerosine
fit Moscow
spot ex. VAT
>Products
USD/t >Jet>RussiaCaspian
Jet/kerosine
W Med cif
PA0009048
PA0009049
PA0009545
26
3, 8
3, 8
Jet fob W
Med
>Products
USD/t >Jet>
Mediterranean
Nymex
USC/
Heating Oil USG
>Products
>Jet>US east
coast
Finance
Jet/kerosine
W Med cif diff
to Jet fob W
Med
Jet fuel NYH
offline
Colonial 54
pipe del cycle
>Products>
Ice Gasoil
USD/t Jet>
Settlement
Mediterranean
Softs and
Metals
PA0014711
Coal
PA0009549
26
Nat Gas
PA0005171
Power
Category
ZEMA collects numerous jet fuel data reports from all over the world. To learn more about ZEMAs extensive data
coverage, visit http://www.ze.com/the-zema-solutions/data.
PA0016249 2
>Freight>Rail>Lease rate
20
In Depth
April 2015
>Freight>Rail>Lease rate
Market
Analysis
Category
Data
Vendors
PA0016248 2
Other
Weather and
Emissions
PA-code
Editorial
Differential
Unit
basis
Summary
Time
Price
stamp type
Petroleum
PA-code
Category
>Freight>Rail>Lease rate
PA0016251 2
PA0016252 2
PA0016253 2
PA0016254 2
PA0016255 2
>Freight>Rail>Lease rate
>Freight>Rail>Lease rate
>Freight>Rail>Lease rate
Nat Gas
>Freight>Rail>Dirty
Coal
Finance
539
21
In Depth
April 2015
Market
Analysis
Data
Vendors
CME ClearPort
CME
Proposed
and NYMEX
Globex
Listing Schedule Trading Floor
code
code
The current year
plus the next
MGN
MGN
two calendar
years
The current year
plus the next
TP
ATP
two calendar
years
Other
Current Listing
Schedule
Weather and
Emissions
Effective May 4, 2015, the New York Mercantile Exchange (NYMEX) expanded the listing
schedule for the ULSD 10ppm Cargoes CIF NWE (Platts) vs. Low Sulfur Gasoil and the Mini
ULSD 10ppm Cargos CIF NWE (Platts) vs. Low Sulfur Gasoil Futures contracts for trading on
CME Globex and the NYMEX trading floor and for submission for clearing through CME
ClearPort. The product title, symbol, rule chapters, current listing schedule, and amended
listing schedule are set forth below.
Contract Title
Softs and
Metals
ZEMA collects dozens of data reports on freight movements. To find out how ZEMA can increase your companys market
intelligence, book a complimentary demo at http://www.ze.com/book-a-demo/.
NYMEX
Rulebook
Chapter
Power
PA0016250 2
Editorial
Summary
Petroleum
PA-code
Summary
Editorial
Petroleum
The ZEMA graph below shows the Gulf Coast Oil Sulfur Futures vs. NY Ultra Low Sulfur Diesel
prices(published by NYMEX) for the last four months. The difference in price between the two
commodities is represented by the graph below, which can be easily applied as one of Market
Analyzers many visualization options, and graphs can be viewed instantly as the analytics are
built. To learn more,book a complimentary ZEMA demonstration.
Power
SPAN Combined
Commodity Code
SF1
SF1
SF1
NY- SF1
SF3
SF3
SF3
NY- SF3
Other
Weather and
Emissions
Clearing/
Floor Code
Finance
Name
Softs and
Metals
Effective April 13, 2015, CME Group introduced new Singapore Fuel
Oil 180 cst (Platts) Brent Crack Spread Futures (1000 MT) and Singapore Fuel Oil
380 cst (Platts) Brent Crack Spread (1000mt) Futures contracts. Product names and codes
are detailed below:
Data
Vendors
Using ZEMAs advanced data collection and analytic capabilities, market participants can easily keep track
of the new data that will be generated by the Chicago Mercantile Exchange. To learn more, visit
http://www.ze.com/the-zema-solution.
22
In Depth
April 2015
Market
Analysis
The ZEMA graph below is an estimate of the spread between Singapore 180cst and 380cst
Fuel Oil Swap Futures (April 2015 - December 2019) (CME data). Leverage ZEMAs
sophisticated forward curve management functionalities to make more informed
trading decisions about crude oil prices and petroleum products. To learn more, book a
complimentary ZEMA demonstration.
Summary
Editorial
Petroleum
Power
Petroleum
Nat Gas
Coal
Softs and
Metals
Data
Vendors
Market
Analysis
Zarzaitine, which is produced in Algeria, is delivered via pipeline to the Tunisian port of La
Skhirra in the Mediterranean where it is then loaded for export. Loadings of the grade currently
stand at around 30,000 b/d, equivalent to around a single cargo per month. The grade is
currently traded via tender approximately a full month in advance of loading and is not
regularly traded on a spot basis.
Other
Platts currently assesses FOB La Skhirra Zarzaitine on a daily basis, reflecting cargoes of
60,000-140,000 mt loading out of the Mediterranean port of La Skhirra, in Tunisia. Currently,
Platts publishes both a FOB La Skhirra Zarzaitine differential assessment (AALOY00) and an
outright assessment (AAHMO00). These assessments currently appear on Platts Global Alert
page MH1234, and in the Platts Crude Oil Marketwire, and Platts Oilgram Price Report.
Finance
23
In Depth
April 2015
Liquidity in the US market for DOP has dropped significantly as substitute plasticizers have
become more commonplace.
Power
These assessments are listed under the following codes in the Platts price database: DOP FD
US Domestic Weekly, PHARA00; Monthly Average, PHARB03.
Editorial
Effective July 29, 2015, Platts will discontinue its weekly US dioctyl phthalate
assessment due to a change in market dynamics.
Summary
Petroleum
These assessments are also published in the Platts Petrochemical Alert on page 161.
See the original announcement.
As of May 15, 2015, the current GO-PO spread, which reflects the value of
first-month ICE gasoil futures as listed by the InterContinental Exchange against
first-month crude palm oil futures as listed on Bursa Malaysia, at 4:30 p.m. Singapore time
will be discontinued. GO-PO measures the spread as gasoil minus palm oil, while in the
general market the spread is typically expressed as palm oil minus gasoil.
Coal
Finance
Weather and
Emissions
Boston low sulfur jet kerosene cargo (PJABL00) and ultra low sulfur jet kerosene
cargo (AAVTJ00)
New York jet fuel cargo (PJAAX00), New York low sulfur jet kerosene cargo (PJABK00)
New York ultra low sulfur jet kerosene cargo (AAVTH00)
New York ULSD cargo (AATGW00)
Boston ULSD cargo (AATHD00)
New York gasoil No. 2 cargo (POAEH00)
Boston gasoil No. 2 cargo (POAEA00)
Other
Data
Vendors
These changes in coverage were in response to evolving market conditions as the Northeast
distillates markets are increasingly export, rather than import, markets.
As a result, the following monthly averages were also discontinued:
24
In Depth
April 2015
Market
Analysis
Summary
Editorial
Petroleum
Power
These assessments can be found on Platts Global Alert pages 480, 481, 482, 410, as well as
US Marketscan and Platts Oilgram Price Report. USAC distillate barge and pipeline
assessments were not affected by this change.
See the original announcement.
Nat Gas
Coal
Softs and
Metals
The proposed change is a result of evolving market conditions and state regulations in the
US Northeast distillate markets and a lack of an Atlantic Coast No. 2 cargo assessment after
March 2015.
As a result of this change, Platts will no longer publish assessments under database codes
AAPYY10 (No. 2 at London 16:30 in cents/gal) and AAPYY00 (No. 2 at London 16:30 in
Euro cents/gal).
Finance
These assessments can also be found on Platts Global Alert page 1450.
See the original announcement.
Weather and
Emissions
Other
These assessments were previously found in the Solventswire on PC0447 and PC0378 and in
the Platts price database under the following codes:
Acetone T1 FOB Rotterdam PHADK00 Monthly average: PHAYM03
Data
Vendors
Market
Analysis
25
In Depth
April 2015
Summary
Editorial
Petroleum
Power
Coal
Softs and
Metals
The discontinued CIF import assessments were published on Platts Global Alert pages 26,
34 and 338; Platts BioFuels Alert page 760; in US Marketscan, North American Crude and
Products Scan, and Platts Oilgram Price Report; and in the Platts assessment database
under codes AAKWL00 for US Gulf Coast heavy naphtha cargo, and PAAAC00 for
US Gulf Coast full range naphtha cargo.
Nat Gas
Finance
Weather and
Emissions
Effective April 1, 2015, Platts discontinued its Q1 and Q2 CIF ARA benzene
assessments with. These benzene assessments were previously published
on page PCA60 and found under the following codes in the Platts price database:
Other
Data
Vendors
Market
Analysis
In Depth
April 2015
TCACD00
TCACD03
PFAMWSZ
PFAMN00
PFARP03
TCABW00
TCABW03
PFAMNSZ
PFAMO00
PFARQ03
TCABU00
TCABU03
PFAMOSZ
Weather and
Emissions
Finance
PFARU03
Softs and
Metals
Coal
PFAMW00
Nat Gas
Assessment
Power
Code
AAAUS00
TCACH00
TCACH03
PFALASZ
PFALB10
27
In Depth
April 2015
Market
Analysis
PFALA10
Data
Vendors
Assessment
Other
Code
Editorial
Summary
Petroleum
These proposed discontinuations reflect the fact that clean petroleum products flows have
changed significantly in the market at large, and these routes no longer reflect most typical
trading patterns.
TCACJ00
TCACJ03
PFALBSZ
Power
Editorial
AAAUO00
Summary
Assessment
Petroleum
Code
PFAMY00
PFAQJ03
TCACN00
TCACN03
PFAMYSZ
Nat Gas
Code
Coal
PA0004493
26
>Products>Fuel oil>
Russia-Caspian
PA0004497
26
>Products>Fuel oil>
Russia-Caspian
PA0004500
26
>Products>Fuel oil>
Russia-Caspian
PA0005026
26
>Products>Fuel oil>
Russia-Caspian
PA0005027
26
PA0005030
26
PA0005033
26
>Products>Fuel oil>
Russia-Caspian
PA0005036
26
>Products>Fuel oil>
Russia-Caspian
Category
Weather and
Emissions
Other
Data
Vendors
Market
Analysis
28
In Depth
April 2015
Finance
PA-code
Softs and
Metals
Effective April 29, 2015, Argus stopped daily fuel oil M-100 delivered to ports
price indexes in RUB/t in Argus Russian Fuel Oil. The following series will be
stopped in DARM data module in /DARM folder of ftp.argusmedia.com:
26
PA0005039
26
PA0005042
26
>Products>Fuel oil>
Russia-Caspian
PA0005045
26
>Products>Fuel oil>
Russia-Caspian
PA0005050
26
>Products>Fuel oil>
Russia-Caspian
>Products>Fuel oil>
Russia-Caspian
Editorial
PA0005038
Category
Summary
Petroleum
PA-code
Power
Coal
On April 17, 2015, Argus made changes to Argus DeWitt Toluene and
Xylenes Daily. These changes apply to the dtxdaily data files in the \DTXDaily folder on
ftp.argusmedia.com.
The following code has been stopped:
Mixed xylenes
US contract
month
USC/
USG
Category
>Petrochemicals>
Xylenes>Americas
Finance
PA0012132
Softs and
Metals
PA-code
Weather and
Emissions
Other
Data
Vendors
Market
Analysis
29
In Depth
April 2015
Editorial
Effective April 10, 2015, Argus made changes to the Argus US Products
data module. These changes apply to the dhp and dhps .csv files in the DUSPR folder
of ftp.argusmedia.com.
Summary
Petroleum
The following daily codes have been stopped, with final publication date September 2014:
Time Price Continuous
Description
stamp type forward
PA0012122 2
1, 2,
0
6, 7,
PA0013513 2
1, 2,
0
6, 7
PA0013514 2
1, 2,
0
6, 7
PA0013515 2
1, 2,
0
6, 7
1, 2 0
USC/ >Products>VGO>
USG US Gulf coast
USC/ >Products>VGO>
USG US Gulf coast
USC/ >Products>VGO>
USG US Gulf coast
USC/ >Products>VGO>
USG US Gulf coast
USC/ >Products>VGO>
USG US Gulf coast
USC/ >Products>VGO>
USG US Gulf coast
Market
Analysis
PA0013516 2
USC/ >Products>VGO>
USG US Gulf coast
Data
Vendors
1, 2,
0
6, 7
VGO 70:30
9 RVP/
ULSD USGC
fob
VGO 70:30
9 RVP/
ULSD USGC
fob
VGO 70:30
9 RVP/
ULSD USGC
fob
VGO 70:30
9 RVP/
ULSD USGC
fob
VGO 70:30
9 RVP/
ULSD USGC
fob
VGO 70:30
9 RVP/
ULSD USGC
fob
Other
PA0013512 2
>Products>
USC/
Naphtha>US Gulf
USG
coast
Weather and
Emissions
1, 2,
0
6, 7
Gasoline
87 USGC
9.0RVP
Finance
PA0013510 2
>Products>
USC/
Naphtha>US Gulf
USG
coast
Softs and
Metals
1, 2,
0
6, 7
Gasoline
87 USGC
9.0RVP
Category
Coal
PA0013509 2
Unit
Nat Gas
PA0012121 2
1, 2
0
6, 7
Naphtha full-range
USGC (9.0 RVP
supp) waterborne
del
Naphtha heavy 40
N+A USGC waterborne del (9.0 RVP
supp)
VGO 0.5% USGC
cargo del vs 70:30
(9.0 RVP supp/
ULSD)
VGO 0.5% USGC
barge del vs 70:30
(9.0 RVP supp/
ULSD)
VGO 1% USGC
barge del vs 70:30
(9.0 RVP supp/
ULSD)
VGO 1% USGC
cargo del vs 70:30
(9.0 RVP supp/
ULSD)
VGO 2% USGC
cargo del vs 70:30
(9.0 RVP supp/
ULSD)
VGO 2% USGC
barge del vs 70:30
(9.0 RVP supp/
ULSD)
Differential
basis
Power
PA-code
In Depth
April 2015
Editorial
Power
This contract was delisted from CME Globex and the NYMEX trading floor, and from
submission for clearing via CME ClearPort. The product rule chapter and terms and conditions
contained in the Position Limit, Position Accountability, and Reportable Level Table located in
the Interpretations and Special Notices Section of Chapter 5 (Trading Qualifications and
Practices) of the NYMEX Rulebook were removed from the Exchange Rulebook.
Summary
Effective April 20, 2015, the New York Mercantile Exchange, Inc. (NYMEX)
delisted the Freight Route TC4 (Platts) Futures contract (Clearing Code: TJ;
CME Globex Code: TJ; NYMEX Rule Chapter: 681). There was no open interest in this contract.
Petroleum
Nat Gas
Coal
The following ZEMA graph represents three alternative tanker routes: TC2 Europe to the US
Atlantic coast, TC 5 Ras Tanura to Yokohama, and TD3 Middle Easterm Gulf to Japan. Also
included is the Average RBOB for gasoline within the same time periods. From the graph it is
easy to see that the shipping lines steadily increased their rates from 2010 onwards. In 2011,
we can see rates becoming increasingly competitive, creating a price war, as container lines
sought to fill their new ships and defend their market share. From the graph, we can also see
the price of gasoline having an impact, likely adding to the shippers running costs. To learn
more about the ZEMA solution, book a complimentary ZEMA demonstration.
Softs and
Metals
Finance
Weather and
Emissions
Other
Data
Vendors
Market
Analysis
31
In Depth
April 2015
Contract Name
Rulebook Chapter
CVF
982
CVP
983
Nat Gas
Commodity Code
Coal
Softs and
Metals
Effective March 27, 2015, Oil Price Information Service (OPIS), a global
provider of oil industry pricing, news, analysis, and software, has acquired NAVX,
a European and South American provider of retail fuel pricing, parking, and Electric Vehicle
(EV) charging location information.
Finance
The deal combines OPIS extensive North American database of real-time retail fuel prices
with NAVXs database for 30 countries in Europe and South America. The deal enables OPIS
to further expand its pricing and software services into Europe and South America.
See the original announcement.
Weather and
Emissions
Time Price
stamp type
Continuous
forward
PA0011018
32
In Depth
April 2015
New Description
Market
Analysis
Old Description
Data
Vendors
PA0011017
Other
Power
The respective product rule chapters, as well as the terms and conditions contained in Rule
588.H and in the Position Limit, Position Accountability and Reportable Level Table located in
the Interpretations and Special Notices Section of Chapter 5 (Trading Qualifications and
Practices) of the NYMEX Rulebook were removed from the Exchange Rulebook.
Editorial
On April 6, 2015, NYMEX delisted two products identified in the Exhibit below.
These contracts were listed for trading on CME Globex and the NYMEX trading floor.
There was no open interest in any contract subject to this action.
Summary
Petroleum
Continuous
forward
PA0011623
PA0011626
PA0011627
Nat Gas
NYMEX
Rulebook Chapter
506
Finance
Softs and
Metals
Commodity Code
Coal
Effective May 11, 2015, NYMEX will implement a clarification amendment to the
LOOP Gulf Coast Sour Crude Oil Futures contract. Specifically, the rule amendment will
provide clarity about the buyers current responsibility to pay any additional fees incurred
related to the buyers selection of a delivery option.
Name
Power
New Description
Editorial
PA0011622
Old Description
Summary
Time Price
stamp type
Petroleum
PA-code
Chapter 506
LOOP Gulf Coast Sour Crude Oil Futures
506104. DELIVERY
Market
Analysis
33
In Depth
April 2015
Data
Vendors
Other
Delivery shall be made free-on-board (F.O.B.) LOOP LLCs storage cavern designated for
LOOP Sour Storage, or any other storage facility designated by LOOP LLC, at Clovelly,
Louisiana. Delivery shall be made in accordance with LOOPs Port Complex Terms and
Conditions of Service and/or Clovelly Hub Terminalling Services Connecting Carrier Receipts
Terms and Conditions of Service, as published and revised from time to time and available at
www.loopllc.com or upon request.
Summary
Editorial
Petroleum
Power
Nat Gas
Finance
Crude Oil Index Prices and Crude Index Price Details will be based on existing Index
Prices, and Index Price Details reports.
Crude Oil Index Prices, and Crude Oil Index Price Details reports will be listed under
Market Data Tab.
Only crude markets will be listed under Indexes filter on Crude Oil reports.
Softs and
Metals
Coal
On May 1, 2015, in order to improve the usability of the NGX reports, NGX
has made changes to the NGX Index Prices and Index Price Details reports. The Crude Oil
information from the Index Prices and Index Price Details reports has been separated into
the Crude Oil Index Prices and Crude Oil Index Price Details reports. The Crude Oil
information will be removed from the existing Index Prices and Index Price Details reports.
Weather and
Emissions
Other
Crude Oil will be removed as an option in the drop down Commodity filter.
Crude information will be removed from the Indexes and Component filter.
See the original announcement.
Data
Vendors
Market
Analysis
34
In Depth
April 2015
Summary
Editorial
Natural Gas
Power
Petroleum
Market
Analysis
In Depth
April 2015
Data
Vendors
Other
Weather and
Emissions
Under this proposal, Platts would continue to publish a high-low range around its midpoint
assessments for all European gas symbols in Market Data categories EG and GF. Ranges for
all contracts would be standardized as follows:
Finance
Platts seeks to publish the most relevant price data in its daily newsletters and real-time
services. Accordingly, Platts proposes to publish price assessments in its European Gas Daily
newsletter and European Power Alert and Natural Gas Alert real-time services that reflect the
midpoint values only, effective July 1, 2015, and to no longer display the high and low range.
Softs and
Metals
In addition, Platts proposes to database and publish all European natural gas assessments to
three decimal places, also from July 1, 2015, in European Gas Daily, European Power Alert,
Natural Gas Alert and Platts Market Data.
Summary
Editorial
Natural Gas
Power
Petroleum
The ZEMA graph below shows an April 2015 to April 2017 European Arbitrage Free Natural
Gas Forward Blended Curve (EEX data). Here we see one of ZEMAs many formulas on display,
seamlessly allowing for the blending of multiple forward contracts monthly, quarterly, and
annual into one, single Arbitrage Free Blend (All) curve. From a data standpoint, the
monthly arbitrage-free blended curve begins at around the 22 Euro mark, moving to upwards
of 23 Euro by the end of 2016 before finally settling at 21.46 Euro in June. On a quarterly
basis, the arbitrage-free blended curve follows suit, dipping even further to 21.04 Euro from
July to September of 2016, before rebounding to 22.77 Euro In October. The combined
arbitrage-free blended curve accounts for all high and low points, adjusting to inefficiencies
that occur due to the nature of specific contract durations. To learn more, book a complimentary ZEMA demonstration.
Coal
Category
Euro/MWh
>Natural gas>
Europe>Austria VTP
>Natural gas>
Euro/MWh Europe>
Czech Republic VTP
Data
Vendors
Differential
Unit
basis
Other
Weather and
Emissions
With ZEMA, you can access more than 700 natural gas data reports, many of which are from Argus specifically. To learn
more about ZEMAs extensive data collection capabilities, visit http://www.ze.com/the-zema-solutions/data.
36
In Depth
April 2015
Market
Analysis
Petroleum
As well as operating the spot and balancing markets in the Netherlands, ICE Endex offers
identical services to the UK and Belgian transmission system operators. All markets are
hosted on the ICE trading platform.
Power
Operated by ICE Endex, the Dutch TTF gas spot market was previously used by Gasunie
Transport Services (GTS) to balance the Dutch gas transmission system. Since April 13, NCG
has further diversified the tools it uses to procure balancing gas and services by extending its
exchange trading activities to ICE Endex for the procurement of balancing gas for their market
areas low calorific value gas system.
Editorial
Effective April 13, 2015, the Intercontinental Exchange (ICE) announced that
ICE Endex has added NetConnect Germany GmbH & Co. KG (NCG), the German
market area operator, as a trading participant for the Dutch TTF gas spot market.
Summary
Natural Gas
Coal
Softs and
Metals
Other
Including the OCM transition, ICE Endex successfully transferred all of its markets to the ICE
trading platform in three tranches. The derivatives markets, which includes the flagship TTF
and ZTP futures contracts, were transitioned first in October 2013 and the continental spot
and balancing markets were migrated to the ICE trading platform in April 2014.
Weather and
Emissions
The ICE Endex OCM Indexes are used by National Grid Gas in the UK as the official price for the
settlement of imbalances. Market enhancements on WebICE include the real time publication
of these indexes, which will support the trading experience of market users.
Finance
Following the transition of the OCM balancing and spot markets, all ICE Endex markets,
including derivatives, continental balancing and spot, are available on WebICE, ICEs
front-end trading screen. All National Balancing Point (NBP) products offered by ICE Futures
Europe and ICE Endex are listed on the ICE platform.
Data
Vendors
The OCM, TTF, and ZTP spot and balancing markets were previously hosted on the APX trading
platform. All markets will continue to be cleared by APX Clearing and this service is expected
to be migrated to ICE Clear Europe during 2015.
See the original announcement.
Market
Analysis
ZEMA collects 130 ICE records. To learn more about how ZEMA can collect, aggregate, and analyze data, book a
complimentary ZEMA demonstration now at http://www.ze.com/book-a-demo.
37
In Depth
April 2015
Summary
Editorial
Natural Gas
Power
Price
type
Continuous
Description
forward
PA0009978 0
20
PA0009979 0
20
PA0010603 0
1, 2, 8 1, 2, 3
>Natural gas>
LNG>Asia-Pacific
1, 2, 8 1, 2, 3
>Natural gas>
LNG>Asia-Pacific
PA-code
Time
stamp
Finance
Weather and
Emissions
USD/
mnBtu
Category
Softs and
Metals
PA0016241 0
Unit
Coal
Petroleum
Other
Data
Vendors
Market
Analysis
38
In Depth
April 2015
Summary
Coal
Editorial
Power
Petroleum
Coal
Nat Gas
The new series includes five spot metallurgical coal assessments in the domestic
Chinese spot market.
Finance
The assessments are designed to reflect the daily tradable values of a range of coal
specifications in the Chinese domestic spot market. The assessments are:
Weather and
Emissions
The assessments are published in SBB Steel Markets Daily, Coal Trader International, Metals
Market Data category MC, Platts Metals Alert page 1050 and Global Coal Alert page 1050.
Market
Analysis
In Depth
April 2015
Data
Vendors
Platts and Fenwei also assess four domestic logistic routes, including both rail and truck
freight from Shanxi to Tangshan and Shandong.
Other
The assessments are assessed in Yuan per metric ton on either an Ex Washplant, Free on Rail,
or Delivered Duty Paid Tangshan basis, wherever applicable.
Summary
Coal
The ZEMA graph below shows API 8 CFR South China Coal Futures prompt analysis
(September 2012-June 2015) and forward curves (April 2015-January 2016), with a monthly
shaping average and annualized historical volatility (NYMEX data).
Editorial
Keep track of US coal industry updates using ZEMAs data collection and validation tools. To
learn more, book acomplimentary ZEMA demonstration.
Power
Petroleum
Nat Gas
Softs and
Metals
Finance
Weather and
Emissions
Other
Data
Vendors
Market
Analysis
40
In Depth
April 2015
Summary
Editorial
Power
Petroleum
Nat Gas
SOFTS
EEX to Introduce Agricultural Index Futures
ISIN code
FAHG
Hog Future
41
In Depth
April 2015
Market
Analysis
Piglet Future
25 metric tons
Data
Vendors
FAPG
Tradable maturities
Other
FAPP
European
Processing Potato DE000A13RUL7
Future
Contract volume
Weather and
Emissions
Exchange
Name
code
Finance
The following Agricultural Index Futures will be offered for order book trading and
Trade Registration on EEX from May 11, 2015, onwards:
Coal
On May 11, 2015, the European Energy Exchange (EEX) will expand its
product offering with Agricultural Index Futures. Within the framework of the
parallel delisting of the corresponding contracts at Eurex Exchange, open positions will be
migrated from the Eurex Clearing AG clearing house to the European Commodity Clearing
(ECC) after the end of trading on May 8, 2015, subject to the approval of the supervisory
authority. From that date, financially settled futures on butter, piglets, potatoes, skimmed milk
powder, whey powder, and hogs will be available for trading on EEX.
Butter Future
DE000A13RUN3
5 metric tons
DE000A13RUP8
5 metric tons
Petroleum
Commodity Code
D45
D55
Listing Schedule
Contract Size
Minimum Price
Fluctuation
First Listed Contract
50,000 RINs
50,000 RINs
50,000 RINs
0.0001
0.0001
0.0001
May 2015
May 2015
May 2015
$5.00
$5.00
$5.00
5 contracts
5 contracts
5 contracts
Termination of Trading
Weather and
Emissions
Other
Data
Vendors
Market
Analysis
42
In Depth
April 2015
Finance
Coal
Rule Chapter
D5 Advanced
D4 Biodiesel RINs (Argus)
Biofuel RINs (Argus)
2015 Futures
2015 Futures
1300
1301
Nat Gas
Effective April 20, 2015, the New York Mercantile Exchange, Inc. (NYMEX)
listed three new cash-settled Renewable Identification Number (RIN) futures contracts for
vintage year 2015 for trading on CME Globex and the NYMEX trading floor, and for submission
for clearing via CME ClearPort. Also concurrent with the launch of these contracts, the
Exchange permits block trading pursuant to Rule 526 (Block Trades) in these contracts.
Contract specifications are as follows:
Contract Title
Power
ZEMA collects dozens of data reports from the European Energy Exchange, spanning the electricity, natural gas, coal, and
financial markets. To find out how ZEMA can add any data feed not already in its library, visit
http://www.ze.com/the-zema-solutions/data.
Editorial
FABT
Summary
FAWH
Skimmed Milk
Powder Future
European Whey
Powder Future
FASM
Power
Petroleum
Nat Gas
Coal
The AgriCharts Grain Offer System has many features designed for both buyers and
sellers of grain.
Editorial
Summary
Finance
Weather and
Emissions
Other
For Farmers:
Register, subscribe and login to your own version of the Grain Offer System to begin
creating and managing offers with your elevator.
Easily create and cancel your own offers.
Receive text and/or email notifications of offer status changes.
Download and sort reports of your current offer activity and history.
Data
Vendors
43
In Depth
April 2015
Market
Analysis
ZEMA collects data on softs from over 100 reports on softs from dozens of different sources including ICE, NYSE Liffe,
and the USDA. ZEMA can then push this data to downstream systems throughout your organization. To find out how, visit
http://www.ze.com/the-zema-solutions/integration.
Finance
The assessment would be published in Platts Metals Alert, Platts Metals Daily, and Market
Data category MM.
See the original announcement.
Weather and
Emissions
ZEMA collects 12 different Platts reports on metals from Asia alone. To find out how ZEMAs data library can be
customized to your specific needs, visit http://www.ze.com/the-zema-solutions/data.
Other
Effective May 25, 2015, Platts intends to increase the frequency of assessment
for the hot-rolled coil steel FOB China price assessment (STHRZ02) to daily. The
assessment is currently published weekly on Thursdays.
In Depth
44
Market
Analysis
Platts also intends to publish a new assessment reflecting the premium that SAE1006 or
equivalent coil 2 mm thick commands over SS400 coil of the specifications clarified above.
The premium will be derived from Platts assessment of SAE1006 coil, normalized to the same
Data
Vendors
At the same time, Platts is proposing to clarify the assessments specifications to SS400 or
equivalent coil of 3 mm thickness and 1,200-1,500 mm width. The location basis specified
will be FOB Tianjin, and the cargo size will be 5,000 mt. Payment terms will be L/C at sight.
Cargoes for shipment between one to two months forward from the date of publication would
be considered for assessment.
April 2015
Coal
Platts would monitor the market throughout the week and consider in its assessments all of
the information provided regarding deals, bids, and offers in the market, but the value
reflected in the assessment would be the tradable value at the close of 4:30 pm Singapore
time (0830 GMT).
Nat Gas
Trades CIF Incheon will be normalized to CIF Busan, and other domestic and regional
transactions may be considered for trend purposes. Assessed once per week, on Fridays or
closest business day, through a survey of producers, traders and consumers of P1020A active
in the spot market.
Petroleum
The specifications of the metal will be P1020A to meet LME specification, 99.7% Al min,
max 0.1% Si, 0.2% Fe, 0.03% zinc, 0.04% gallium, 0.03% vanadium. The assessment would
be basis CIF Busan, duty-unpaid, VAT not included, delivery in next 30 days from date of
transaction, payment terms LC at sight and cash against documents.
Power
The spot assessment would reflect the premium or discount to the LME cash price for P1020A
basis CIF Busan, duty-unpaid, for P1020 ingots of any origin, with a typical trade volume of
500-1,000 mt.
Editorial
On June 4, 2015, Platts intends to add a weekly spot CIF South Korea aluminum
premium assessment.
Summary
METALS
Editorial
Power
Platts will consider for assessment deals, bids and offers for cargoes of other qualities and
sizes, and loading from other Chinese ports, and normalize them to the
standard specifications.
Summary
The premium will be derived from Platts assessment of SAE1006 coil, normalized to the same
location, quantity, cargo size and payment terms specified for the SS400 assessment. It will
be published daily.
location, quantity, cargo size, and payment terms specified for the SS400 assessment. It will
be published daily.
By collecting more than 200 regular reports about metals, ZEMA lets you stay up to date on the latest developments in
the metals market. To learn more, visit http://www.ze.com/the-zema-solution/.
Nat Gas
Coal
This differential will be reflective of ores within the 60-63.5%-Fe range, in line with the current
per 1% Fe differential. The differential will be monitored and updated to reflect spot market
value.
This differential adjustment used in normalization will be expressed in dollars per dry
metric ton for every 0.01 percentage point of phosphorus, for the range of
0.09%-0.12% phosphorus.
Finance
Platts will continue to monitor penalties and premiums for phosphorus above this level and
outside of the Fe range and continue to publish this information on a case-by-case basis in
market commentaries and news stories.
Other
Market
Analysis
In Depth
45
Data
Vendors
Platts Gold Settlement India is intended to reflect a settlement value for gold in kilo bars
delivered to a secure vault in India normalized to Ahmedabad in Indian rupees per troy ounce.
The value comprises an assessment of the prevailing international spot value for gold, Platts
existing Gold Premium India (GPI) assessment, and an Indian Rupee exchange rate, also
using prevailing market rates assessed at 18:00 India local time. For example,
the composite value on March 30, 2015, would be US$1186.10 + US$1.50 x 62.611 =
INR 74,350.56/tr oz.
April 2015
Weather and
Emissions
Platts will publish this value in the daily iron ore assessment table in SBB Steel Markets Daily
on page 3 and on page MW1105 of PMA and will database the value, making it available in
data products under the category SI.
Petroleum
Platts will also consider including Indian Tariff and Customs duty in the calculated value, to
make Gold Settlement India (GSI) a delivered duty paid value. Platts will also consider
publishing the settlement value in Rupee per kilogram and Rupee per 10 grams.
Power
Editorial
Platts would also publish a monthly average of the daily settlement value in the
same publications.
Summary
The settlement value would be published daily following the India business calendar on
Platts Metals Alert page 313 and in the newsletter Metals Daily.
Nat Gas
ZEMA collects more than 90 metals records from Platts alone. To gain a wider perspective on the metals market
and find out how the ZEMA solution can enhance your companys business processes, visit
http://www.ze.com/the-zema-solution.
Coal
Continuous
forward
Description
Terbium oxide min
99% cif Europe
PA0016337 0
1, 2
PA0016338 0
1, 2
Other
1, 2
Category
Weather and
Emissions
PA0016336 0
Unit
Finance
Time
Price
stamp type
Data
Vendors
46
In Depth
April 2015
Market
Analysis
Effective March 25, 2015, ICAP Energy, the energy business of ICAP plc,
announced that it has successfully traded a newly launched lower-grade iron ore
derivatives contract on the Singapore Exchange (SGX). The SGX 58% FE Metal Bulletin index
was launched on March 9 and ICAP Energy was one of the first brokers to execute a trade on
the launch day.
Power
Petroleum
This ZEMA graph below illustrates Iron Ore Futures Settlement Pricing from April 2015, with a
forecast date of December 2017. Pricing ranges from just below 57 USD/t in April 2015 to
51 USD/t in December 2017. This data is collected from forward curve analyses from
a NYMEX data report. To learn more, book acomplimentary ZEMA demonstration.
Editorial
Summary
The SGX offers clearing services for two 58% FE iron ore derivatives contracts. The swaps and
futures contracts are cash-settled against either Metal Bulletins 58% FE Premium Index or
TSIs 58% FE iron ore index.
The trade occurred between one of ICAP Energys international commodity trading house
clients and a Chinese steel mill. The April contract was traded at $49 per ton cfr for
20,000 ton, with a spread of $8 per ton against the TSI 62% FE index.
Nat Gas
Coal
Finance
Weather and
Emissions
Data
Vendors
With the discontinuation of these prices, Platts will also cease to publish the daily Tokyo Kerb
Aluminum Cash price in yen/kg (MMATK00), and the Tokyo Kerb 3-Month price in yen/kg,
which are automated prices with the yen conversion.
Other
Since the launch of LME Select, which provides live electronic LME trading prices 24 hours a
day, the relevance of Kerb has diminished significantly.
Market
Analysis
47
In Depth
April 2015
Summary
Editorial
Power
Petroleum
Nat Gas
Coal
Finance
Effective April 6, 2015, Commodity Exchange, Inc. (COMEX) delisted two products identified
in the Exhibit below. These contracts were listed for trading on CME Globex and the COMEX
trading floor. There was no open interest in any contract subject to this action.
Contract Name
Rulebook Chapter
GVF
984
GVP
985
Other
Commodity Code
Weather and
Emissions
The respective product rule chapters, as well as the terms and conditions contained in Rule
588.H and in the Position Limit, Position Accountability, and Reportable Level Table located
in the Interpretations and Special Notices Section of Chapter 5 (Trading Qualifications and
Practices) of the COMEX Rulebook were removed from the Exchange Rulebook.
48
In Depth
April 2015
Summary
Editorial
Finance
Power
Petroleum
Options on the MSCI Emerging Markets Index and the MSCI EAFE Index are designed to
enable investors to efficiently hedge their non-US equity portfolio exposures or to diversify
their portfolios.
Other
The MSCI EAFE Index comprises MSCI country indexes that represent developed markets
outside of North America: Europe, Australasia and the Far East. The MSCI EAFE Index is
calculated in US dollars on a real-time basis, and its values are disseminated every
60 seconds during market trading hours.
Weather and
Emissions
The MSCI Emerging Markets Index captures large- and mid-cap representation across
23 emerging-market countries. With over 800 constituents, the index covers approximately
85 percent of the free-float-adjusted market capitalization in each country.
Softs and
Metals
Under an agreement with MSCI Inc., options on the MSCI Indexes have been listed for trading
in the United States solely on the Chicago Board Options Exchange (CBOE). IMC Financial
Markets will serve as the Electronic Designated Primary Market-Maker (E-DPM) for the new
MSCI options contracts.
Coal
On April 21, 2015, CBOE Holdings, Inc. launched options on the MSCI Emerging Markets and
MSCI EAFE Indexes. The CBOE ticker symbols are MXEF for options on the MSCI Emerging
Markets Index and MXEA for options on the MSCI EAFE Index.
Nat Gas
Data
Vendors
Options on the MSCI Emerging Markets and EAFE Indexes are the first of six MSCI Indexes
expected to launch in 2015. Later this year, CBOE also plans to offer options on the
MSCI ACWI Index, MSCI USA Index, MSCI World Index, and the MSCI ACWI ex-USA Index,
subject to regulatory approval.
See the original announcement.
49
In Depth
April 2015
Market
Analysis
ZEMA collects many records from the Chicago Mercantile Exchange regarding Chicago Board of Trade financial
information, including the CBOT Futures daily price record. To learn more about how to transform this collected data into
useful market intelligence, visit http://www.ze.com/the-zema-suite/market-analyzer.
Editorial
Power
Petroleum
Effective April 13, 2015, the Intercontinental Exchange (ICE) announced that ICE Futures
Europe began trading the MSCI ACWI ex Australia Index Future and proposed amendments to
the contract rules governing ICE Futures Equity Index Futures Contracts.
Nat Gas
Coal
The Contract will be available on ICE Block only and will be cleared by ICE Clear Europe, who
will act as a central counterparty to all trades.
Softs and
Metals
In Depth
50
Market
Analysis
Data
Vendors
The AskTRPS mechanism allows DataScope Select users and TRPS evaluators to add
comments to an assigned or resolved challenge within 36 hours of submission. They also can
upload relevant information with each challenge, such as trade data or market color.
Additionally, clients are alerted via email when a price challenge has been resolved. These
features improve the communication between clients and evaluators.
Other
AskTRPS enhances the ability to meet new Public Company Accounting Oversight Board,
SEC and other current reporting requirements for fixed income pricing. Utilizing the tool,
DataScope Select clients can create customized reports for boards and auditors on their price
challenges including the number of challenges, asset class breakdowns, percentage changes
and directional movement. AskTRPS also offers simplified client reporting on price challenge
metrics and improved communication features. This new tool will also help to streamline
communications and better address clients regulatory reporting needs.
Weather and
Emissions
April 2015
Summary
Finance
Softs and
Metals
Asset class:
ISIN:
IE00BK1PV551
Ongoing charges:
0.19%
Distribution policy:
distributing
Reference index:
Other
ETF name:
Market
Analysis
In Depth
51
Data
Vendors
The db x-trackers MSCI World Index UCITS ETF (DR) tracks the performance of stock
corporations from 23 developed countries: Australia, Austria, Belgium, Canada, Denmark,
Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, the Netherlands, New
Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK, and the USA. The
index is weighted according to free float market capitalization.
April 2015
Coal
ZEMA, ZEs best-in-class data management solution, collects numerous records from Thomson Reuters on a daily basis.
ZEMA can collect, display, and analyze these records and then push them to downstream systems. For further
information, visit http://www.ze.com/the-zema-solutions/.
Nat Gas
Petroleum
Thomson Reuters Market Tracker is automating the tracking of foreign exchange market
volumes and activity in real time. The Central Bank of Nigeria is the fifth central bank in Africa
using this solution. Operational efficiency in the trading space is becoming a necessity given
the fragmented nature of trading coupled with the increased regulatory requirements.
Power
The solution is enhancing the supervisory role of Nigerias regulators over the foreign exchange
market and helping automate the regulatory reporting requirements of market stakeholders.
Editorial
On April 8, 2015, Thomson Reuters announced that it has launched its foreign exchange
trade reporting solution for the Central Bank of Nigeria and FMDQ OTC PLC (FMDQ),
a securities exchange and self-regulatory organization registered by the Securities and
Exchange Commission (SEC), Nigeria.
Summary
Finance
0.25%
Distribution policy:
accumulating
Reference index:
ETF name:
Asset class:
ISIN:
IE00BRB36B93
Ongoing charges:
0.45%
Distribution policy:
distributing
Reference index:
Coal
Ongoing charges:
Nat Gas
IE00BPVLQD13
Petroleum
ISIN:
Power
Editorial
Asset class:
Summary
Finance
ETF name:
Softs and
Metals
Weather and
Emissions
The db x-trackers JPX-Nikkei 400 UCITS ETF (DR) provides investors with access to
400 selected Japanese companies listed on the Tokyo Stock Exchange from the large and
medium-sized company and high-growth sectors. The companies are selected based on
quantitative criteria (return on equity, operating profit) and qualitative criteria (reporting and
disclosure standards), and weighted by their respective market capitalization. Investors can
choose between the asset class with euro currency hedging (ISIN: IE00BPVLQD13) and with
no currency hedging at all (ISIN: IE00BRB36B93).
See the original announcement.
Other
Data
Vendors
Market
Analysis
52
In Depth
April 2015
ISIN:
IE00BQWJFQ70
0.40 percent
Distribution policy:
distributing
Benchmark:
Nat Gas
Asset class:
Petroleum
ETF name:
Editorial
Effective April 15, 2015, a new exchange-listed multi-asset index fund issued
by SPDR (State Street Global Advisors) has been tradable in Deutsche Brses XTF segment.
Summary
Finance
Coal
The SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF provides investors with
access to the performance of selected equities and fixed-income securities from the
Morningstar Global Multi-Asset Infrastructure reference index. The reference index currently
tracks 18 industries relating to the infrastructure sector, including midstream oil and gas,
energy providers, logistics and land transport, shipping and communication systems. It
comprises equal proportions of equities and fixed-income securities.
Softs and
Metals
Weather and
Emissions
equity ETF
ISIN:
FR0012395473
0.15 percent
Distribution policy:
accumulating
Benchmark:
53
In Depth
April 2015
Market
Analysis
Asset class:
Data
Vendors
ETF name:
Power
ISIN:
IE00BQT3WG13
0.65 percent
Distribution policy:
accumulating
Benchmark:
Coal
Asset class:
Nat Gas
Petroleum
ETF name:
Softs and
Metals
The iShares MSCI China A UCITS ETF enables ETF investors to track the performance of
Chinese A-shares. The MSCI China A International Index currently comprises 221 Chinese
A-shares from the MSCI China All Shares Index. The constituent large and mid-cap stock
companies are incorporated in the Peoples Republic of China. Their shares are traded in
Renminbi on the Shanghai and Shenzhen Stock Exchanges. BlackRock Asset Management
Ireland Limited is qualified to use its allocation of RQFII quota to invest in China A shares.
ZEMA lets users stay up to date on a wide range of financial developments. ZEMA enables users to easily visualize data,
news, and analytics in one screen, ensuring that users gain a global market snapshot. To learn more,
visit http://www.ze.com/the-zema-suite/dashboard/.
Other
LU1048315243
54
In Depth
April 2015
Market
Analysis
ISIN:
Data
Vendors
As of April 8, 2015, a new bond index ETF on liquid US investment grade corporate bonds
from UBS Global Asset Management has been tradable on Xetra in Deutsche Brses
XTF segment.
UBS ETF-Barclays US Liquid Corporates 1-5 UCITS ETF (hedged to EUR)
Asset class: bond index ETF
Weather and
Emissions
ETF name:
Editorial
Summary
Finance
The Amundi ETF S&P 500 Buyback UCITS ETF enables investors to participate in the
performance of 100 stock corporations in the S&P 500 index which use share buyback
programs. The selection is based on the highest buyback ratio of the past twelve months.
accumulating
Benchmark:
Nat Gas
ISIN:
IE00BQT3W831
0.45 percent
Distribution policy:
accumulating
Benchmark:
Softs and
Metals
Coal
ETF name:
Petroleum
Power
The new UBS ETF enables investors to participate in the performance of liquid
USD-denominated bonds issued by companies domiciled in the United States. It also
provides a hedge against EUR currency risk. The corporate bonds in the index have an investment grade rating and a residual maturity of between one and five years.
Editorial
Distribution policy:
Summary
0.23 percent
Finance
Ongoing charges:
Weather and
Emissions
The iShares JPX-Nikkei 400 EUR Hedged UCITS ETF enables investors to participate in the
performance of the JPX-Nikkei 400 Index while hedged against EUR exchange-rate risks. The
reference index comprises small to large cap stock corporations along with growth and
innovation stocks. In addition to market capitalization, instruments are selected based on
fundamental data such as return on equity, operating income and corporate governance.
See the original announcement.
Other
ZEMA collects more than 300 financial records from many different sources including Deutsche Brse.
To stay informed on the latest financial developments, try ZEMA now by booking a free demonstration at
http://www.ze.com/book-a-demo/.
Data
Vendors
55
In Depth
April 2015
Market
Analysis
On April 13, 2015, BATS Chi-X Europe (BATS) and ICAP announced new services
which, when combined, will enable market participants to trade fully cleared equity index
Exchange for Physical (EFP) transactions anonymously.
Editorial
Power
Due to the evolving regulatory landscape, market participants in all asset classes are
working to reduce counterparty risk, which can be a particular issue with bilaterally OTC
trades. To enable firms to address these issues, BATS and ICAP have developed services that,
taken together, provide the first fully cleared equities EFP trading solution.
Summary
Finance
An EFP involves the simultaneous exchange between two parties of a futures position for a
position in the underlying asset. EFPs are currently traded over-the-counter (OTC) with the
futures leg of the transaction being exchange-traded and cleared, and the cash/physical leg
settled on an OTC, bilateral basis.
As part of this solution, BATS has enhanced BXTR, its market-leading trade reporting facility,
by expanding its Exchange Trade Reporting (ETR) services to enable the cash basket of the EFP
to be traded on-exchange. ICAP will be the first broker to use the enhanced service, which is
available to all participants, with transactions facilitated via ICAP Fusion the firms
e-commerce portal for trading venues.
Petroleum
ICAP will make available fully cleared equity index EFPs on its ISL MTF and will also facilitate
traditional voice broking in these products via its Global Broking division.
Nat Gas
Coal
Once trades are accepted by BATS, they will be published in real time as on-exchange,
off-book trades. All trades will be codified using Market Model Typology (MMT).
See the original announcement.
Softs and
Metals
ZEMA regularly collects more than 50 data reports from ICAP which can be incorporated into powerful analyses
and forward curves before being pushed to downstream systems. For further information,
visit http://www.ze.com/the-zema-suite/.
Other
Available directly from IIS, customers will be able to access the historical i-Swap order and
trade activity on more than 140 Euro swap, spread, butterfly, futures-cross, and basis
instruments for the past four years. Customers will receive either a premium or standard
package, with a choice of single or multiple year history in a complete data set. Both
packages can be downloaded via a secure FTP site.
Weather and
Emissions
Effective April 22, 2015, ICAP announced that ICAP Information Services (IIS), the market
data business of ICAP, has partnered with i-Swap, its electronic trading platform for
over-the-counter (OTC) interest rate swaps (IRS) to launch i-Swap History, a full historical Euro
swap tick data product.
Data
Vendors
Market
Analysis
56
In Depth
April 2015
Summary
Editorial
Power
Petroleum
Nat Gas
Coal
Softs and
Metals
Finance
Effective April 24, 2015, Weather Underground announced that their app
is now available across Apple Watch, iPad, iPhone, and iPod touch. App users now have
access to the relevant weather data including current conditions, 10-day forecasts, severe
weather alerts, radar imagery, and more on their Apple devices.
Features of the Apple Watch app include:
Other
Saved locations from Weather Undergrounds Network of over 100,000 weather stations
Hourly, ten-day forecasts and saved locations
Notifications on the latest NWS severe weather alerts
Real-time radar and satellite imagery
Current conditions, hourly, and ten-day forecasts
Data
Vendors
Market
Analysis
In Depth
April 2015
REU
1258
ERO
1259
RUE
1267
Nat Gas
Coal
As a result of the delisting, the product rule chapters and terms and conditions contained in
Rule 588.H. (for the contracts listed on CME Globex only) and in the Position Limit, Position
Accountability and Reportable Level Table located in the Interpretations and Special Notices
Section of Chapter 5 (Trading Qualifications and Practices) of the NYMEX Rulebook were
removed from the Exchange Rulebook.
Petroleum
Rulebook Chapter
Power
Clearing Code
Editorial
Contract Name
Summary
Effective April 13, 2015, the New York Mercantile Exchange, Inc. (NYMEX)
delisted three emissions products as set out in the table below. These contracts were listed for
trading on CME Globex and for submission for clearing via CME ClearPort. There was no open
interest in the contracts.
The ZEMA graph below shows the 2015 forecast for Coal, Natural Gas, and Petroleum Carbon
Dioxide (CO2) Emissions (EIA Data). Through 2015, the forecast shows higher, yet consistent
levels of Petroleum CO2 emissions, peaking in August and dipping in February. For the most
part, Natural Gas CO2 emissions appear like they will be greater in the winter than in the
summer, with Coal CO2 emissions shown to be the highest at the beginning, mid-point, and
end of year. Total carbon dioxide emissions from fossil fuels are also displayed for relative
comparisons. To learn more, book a complimentary ZEMA demonstration.
Other
58
In Depth
April 2015
Summary
Other
Editorial
Power
Petroleum
Coal
Softs and
Metals
The SDWA dashboard is connected to EPAs Enforcement and Compliance History Online
(ECHO) website, which allows users to assess the compliance status of regulated facilities in
their communities. Key features of the SDWA dashboard include:
Nat Gas
Annual statistics and five-year trends for public water systems across the United States,
individual states, Native American country, and territories.
Finance
Various sets of data, including violation history, site visits, and enforcement actions.
See the original announcement.
Weather and
Emissions
ZEMA regularly collects data from the Environmental Protection Agency, including reports on security prices, treasury bill
auction results, and emissions. To learn more about how ZEMAs powerful data collection engine can be configured to
your specific business needs, book a free demo at http://www.ze.com/book-a-demo.
Data
Vendors
Global data available within the Dow Jones Watchlist portfolio includes Politically Exposed
Persons and their close associates, government sanctions and other official lists, and
negative news profiles.
Market
Analysis
April 2015
59
In Depth
Power
Petroleum
Nat Gas
Coal
Softs and
Metals
Finance
The EIA report covers oil movements by pipeline, tanker, barge, and rail. The Genscape
reports include electricity output and transmission data. The SPP reports cover wind and
power market data. The National Bank of Canada report provides data on natural gas liquid
futures. The USAC reports provide water data including discharge from power generation and
tailwater elevation. All of these reports, along with other expansions of ZEs data collection
within the last month, have been implemented in response to a need for greater data
coverage in strategic areas of electricity, oil, natural gas, wind, water, and emissions.
Editorial
Since the last issue of DataWatch, ZE has added many data reports, including reports
published by AESO, MISO, CAISO, NYISO, SPP, the BPA, FortisAlberta, Markedskraft, the
Central Eastern European Gas Exchange, ENMAX Energy Corporation, China Oil Gas &
Petrochemicals, MPA, Genscape, the US Army Corps of Engineers, EIA, the EPA, the National
Research Council Canada, NGX, Spectron, EDB, CIMD, Traditional Finance Services, the
National Bank of Canada, and the World Bank.
Summary
For 20 years, ZE PowerGroup Inc. (ZE) has consistently kept up to date on the latest in energy
and commodity data changes. ZE collects data spanning oil, natural gas, electricity, weather,
agriculture, emissions, and finance. ZE then provides its clients with access to both public
(free subscription) and private data reports, including reports that are collected based on
clients specific needs.
ZEMA Adds Power, Oil, Natural Gas, Emissions, Wind, and Water Data
Sources in April
60
In Depth
April 2015
Other
https://www.bpa.gov/Pages/home.aspx
http://www.caiso.com/Pages/default.aspx
https://www.ceegex.hu/en/piaci_adatok/Pages/default.aspx
http://en.xinhua08.com/a/20130609/1191086.shtml
http://www.grupocimd.com/en
http://www.eia.gov/petroleum/supply/monthly
https://www.edb.gov.sg/content/edb/en/about-edb.html
https://www.enmax.com/home
http://www.epa.gov/epahome/index2.html?m_rd=false
http://www.fortisalberta.com/residential/Pages/default.aspx
http://www.genscape.com
http://www.marexspectron.com/intelligence/market-data
https://www.markedskraft.com/Home
https://www.misoenergy.org/MarketsOperations/RealTimeMarketData/Pages/
RealTimeMarketData.aspx
Finance
Weather and
Emissions
Other
Market
Analysis
61
In Depth
April 2015
Softs and
Metals
For more information about Ignite ETRM and the companys services, see
www.ignite-etrm.com. For further information about partnering with ZE,
visit www.ze.com/partners. To learn more about the ZEMA solution, visit
www.ze.com/the-zema-solution/.
Coal
The ZE-Ignite ETRM partnership simplifies the process of providing clients with the market data
they need at the highest efficiency and at the lowest cost. The partnership leverages ZEMAs
Curve Manager application, which augments ZEMAs abilities to collect, validate, analyze, and
integrate market data by interfacing with third-party applications like Ignite ETRM, ensuring
instant data availability. Curve Manager, ZEMAs automated workflow engine, handles
market data information from all exchanges, price reporting agencies, and brokers covering
spot, future, forward, and option prices. Curve Manager also contains the business logic
required to map contract expirations, delivery periods, holiday calendars, currencies, and
units for each data set collected. Ultimately, the ZEMA solution ensures that clients trading
models are populated with up-to-the-minute validated prices, thus mitigating operational risk.
Nat Gas
For clients with smaller profiles, it is challenging to manage multiple data sources with data
arriving at different times and in different formats. The integration of Ignite ETRM with ZEMA
solves these challenges. ZEMA collects and stores data from more than 4,000 market data
reports from over 400 unique data providers, while ensuring the consistency and timely
delivery of diverse data sources. ZEMA combines an extensive data catalog, robust analytical
tools, and the ability to seamlessly integrate with third-party downstream systems. It enables
the automatic capture of data in real time and offers a simple and transparent curve
development process.
Petroleum
ZE announced that it has partnered with Ignite ETRM (formerly CarbonTrade). Ignite ETRM
specializes in energy trading and risk management (ETRM) software and services for small- to
mid-sized oil and gas marketing businesses.
Power
Editorial
Summary
http://www.mpa.gov.sg
https://www.nbc.ca/en/about-us.html
http://www.ngx.com/?page_id=94
http://www.nrc-cnrc.gc.ca/eng
http://www.nyiso.com/public/markets_operations/market_data/pricing_data/index.jsp
http://www.spp.org
http://tfsenergy.com/products.html
http://www.usace.army.mil
http://data.worldbank.org
Coal
Softs and
Metals
Finance
Other
The first transaction was completed on the first trading day at 08:49 AM CET on ZEE
May 2015 contract at 45.025 pence per therm with a volume of 25,000 therms. This
represented the first cleared Futures trade ever made on the Zeebrugge hub. 14 trading
members are set up for trading of the new products, with more members currently in the
process of being admitted.
Weather and
Emissions
Leipzig, Paris, April 20, 2015. PEGAS has successfully launched physically settled Spot and
Futures contracts, quoted in pence per therms, for the Belgian Zeebrugge Beach (ZEE) gas
hub on April 17, 2015. On the same day, a Daily Average Price index for the Zeebrugge
Trading Point (ZTP) in Euros per Megawatt-Hour was introduced.
62
In Depth
Moreover, PEGAS is now providing a new ZTP Daily Average Price (DAP) index which is the
weighted average of all transactions during a trading day.
Market
Analysis
With the addition of the new ZEE contracts and with the ZTP and ZTPL (ZTP L-gas) products
launched in July 2014, PEGAS is offering new trading opportunities through the widest range
of products in two of the most important European hubs, comments Dr. Egbert Laege, CEO
of Powernext.
April 2015
Nat Gas
PEGAS Successfully Launches ZEE Gas Spot and Futures New PEGAS
Spot Index on ZTP
Petroleum
PSV Financial Futures were launched on PEGAS on March 26. Spot market products for the
PSV market area are planned to be introduced in Q4 2015. Clearing and physical delivery of
all products are managed by ECC, the central clearing house for energy and related products
in Europe.
Power
Richard Katz, Powernexts Director of Sales & Communications, mentions: Powernext has
been working in close relationship with its clearing house European Commodity Clearing (ECC)
as well as the Italian Transmission System Operators AEEG and SNAM Rete Gas. The launch of
the new products follows the request from market participants and will support the
development of PSV as one of the most important gas hubs in Europe.
Editorial
The range of products will include trading for the next 3 Months, the next 3 Quarters, the next
2 Seasons and the next Calendar Year. Furthermore, PEGAS will introduce a location spread
between PSV and TTF as well as a spread between the existing financial product and the new
physical product for PSV on all Futures maturities.
Summary
Leipzig, Paris, April, 21, 2015. PEGAS, the pan-European gas trading platform operated
by Powernext, will launch new physical natural gas Futures contracts on the Italian Punto di
Scambio Virtuale (PSV) on June 17, 2015, to complete the existing offer.
Power
Petroleum
Nat Gas
Spot Markets
Weather and
Emissions
Other
Market
Analysis
In Depth
63
Finance
In March, trading volumes on the PEGAS Derivatives Markets reached a new record of
50.7 TWh (March 2014: 26.6 TWh). This represents an increase of 19% compared to
previous record of 42.5 TWh set in February 2015. The volume on the German Futures
markets amounted to 9.6 TWh (March 2014: 12.4 TWh). A volume of 7.3 TWh was traded in
the French market areas (March 2014: 4.1 TWh). The Dutch TTF Futures market registered the
highest trading volume so far with 33.7 TWh (March 2014: 10.0 TWh), which represents an
increase of 14% compared to the previous record (February 2015: 29.6 TWh). The new
financial products for the Italian PSV market area which were launched on 26 March
registered a total volume of 145,440 MWh. In March, the total amount of spread transactions
reached 3.7 TWh. The volume from Trade Registration attained 5.8 TWh which includes
1.6 TWh which were registered for clearing through the new Straight-Through Processing service.
Details on the natural gas volumes and prices are available in the enclosed monthly report.
Softs and
Metals
Derivatives Markets
Coal
Trading volumes on the Spot Markets results in 41.2 TWh in March (March 2014: 18.9 TWh).
The volume on the German spot markets (GASPOOL and NCG market areas) amounted to
21.2 TWh (March 2014: 8.5 TWh) with a record on the NCG delivery zone at 14.1 TWh
(previous record: 12.0 TWh in January 2015). The total volume on the German spot market
includes 5.5 TWh traded in quality-specific gas products. 10.1 TWh were traded on the French
spot market areas PEG Nord, PEG Sud, PEG TIGF and TRS (March 2014: 7.6 TWh). The new
TRS hub has replaced PEG Sud and PEG TIGF since 31 March 2015. The volume on the Dutch
TTF spot market reached 9.5 TWh (March 2014: 2.8 TWh). The Belgian ZTP spot market
registered a record volume of 441,524 MWh (previous record: 333,564 MWh in
February 2015). The new NBP market area which was launched on 26 March registered a
total volume of 7,327 MWh. The total volume of spread transactions amounted to 2.6 TWh.
April 2015
Editorial
Leipzig, Paris, April 8, 2015. PEGAS announced that a total volume of 91.9 TWh was traded
in March 2015. This represents the highest monthly volume traded so far on the PEGAS
markets. This accounts for an increase of 15% compared to the previous record of 79.9 TWh
in February 2015. Compared to the previous year, volumes almost doubled (March 2014:
45.5 TWh).
Summary
PEGAS Reports New Record Volumes in March 2015 on the Spot and the
Derivatives Market
Fluxys supports this new launch that makes the Belgian market even more visible, says
Fluxys Belgium spokesman Laurent Remy. The availability of both hubs on one platform ZEE in pence/th and ZTP in Euro/MWh - makes the offer really complete. The launch of a
transparent PEGAS index in /MWh on the ZTP is also an important step. We are confident
that it will foster further development of indexed contracts for Belgium.
Petroleum
Nat Gas
Coal
About Powernext:
Power
EEX Group provides the central market platform for energy, energy related and commodity
products and enables access to a network of over 350 trading participants. The offering of the
group comprises contracts for Energy, Environmentals, Freight, Metals and Agriculturals listed
at the European Energy Exchange, EPEX SPOT, Powernext, Cleartrade and Gaspoint Nordic.
Clearing and settlement of transactions concluded or registered on the exchanges is provided
by the central clearing house European Commodity Clearing. EEX is part of Deutsche Brse
Group. For more information: www.eex.com
Editorial
About EEX:
Summary
PEGAS is the central gas trading platform of EEX Group operated by Powernext. PEGAS
provides its members with access to all products on one single platform and allows them to
trade natural gas contracts in the Belgian, Dutch, French, German, Italian and UK market
areas. The product range of PEGAS covers spot and derivatives contracts for the major
European gas hubs as well as trading in location spread products between these market areas. This setup enables market harmonisation and forms the leading pan-European natural
gas market. For more information: www.pegas-trading.com
About PEGAS:
Softs and
Metals
Powernext is a regulated market operating under AMF supervision. Powernext manages the
natural gas activities of the EEX Group under the PEGAS brand throughout Europe, and
operates the National Registry for electricity guarantees of origin in France. Powernext owns
50% in EPEX SPOT, 20% in EEX Power Derivatives and 1.5% in ECC. For more information:
www.powernext.com
Finance
Weather and
Emissions
Other
Amsterdam, Paris, April 17, 2015. The Power Exchanges EPEX SPOT and APX Group,
including Belpex, intend to integrate their businesses in order to form a Power Exchange
for Central Western Europe (CWE) and the UK. Both companies have signed
respective agreements.
Both companies have been working together since many years in the framework of market
coupling. Market coupling started in 2006 with the successful Trilateral Market Coupling,
64
In Depth
April 2015
Market
Analysis
It is not only a logical step in the course of the history of both APX Group and EPEX SPOT. This
is a leap forward for power trading in CWE and facilitates the creation of the European
power market, says Jean-Franois Conil-Lacoste, Chairman of the Management Board of
EPEX SPOT.
Editorial
Power
Petroleum
Nat Gas
Coal
After the integration of the businesses of APX Group and EPEX SPOT, Elia, Rte and TenneT
together through HGRT, the holding of power Transmission System Operators will own
49% of the new EPEX SPOT capital. The three TSOs consider this operation as a crucial step
towards the creation of the European electricity market.
Summary
The integration of EPEX SPOT and APX Group will further reduce barriers in power trading in the
CWE and UK region. Market participants will benefit from harmonized trading systems, one
single rulebook and one admission process for the entire region, therefore reducing trading
costs and lowering entry barriers for new participants. Moreover, they will have access to a
wider range of products and benefit from best-of-both standards and reliable customer
support. Overall, the integration will lead to a more effective governance and further facilitate
the creation of a single European power market fully in line with the objectives of the European
electricity regulatory framework.
integrating the French, Belgium and Dutch day-ahead markets. A major step was achieved
in 2010, with the launch of market coupling in Central Western Europe, covering Benelux,
France and Germany/Austria. In 2014, Price Coupling was extended to North Western Europe
(covering CWE, Great Britain, the Nordics and the Baltics) and South Western Europe,
coupling the Iberian Peninsula. The latest step in European market integration took place in
February 2015, when Italy and Slovenia joined Price Coupling. Switzerland got technically
ready for market coupling in the past months.
Softs and
Metals
The creation of a Power Exchange for Central Western Europe and the UK is first and foremost
for the benefit of the market participants. It will increase liquidity and render the CWE power
market even more attractive, says Ren Kerkmeester, CEO of APX Group.
Finance
Weather and
Emissions
Other
Market
Analysis
65
In Depth
April 2015
Summary
Editorial
Power
Petroleum
Nat Gas
Coal
Paris, March 31, 2014. The French Secretary of State for European Affairs, Harlem Dsir,
visited the European Power Exchange EPEX SPOT. The visit took place on 30 March in Paris,
the day before the Franco-German Ministerial Council treating among others the
Franco-German energy cooperation. Jean-Franois Conil-Lacoste, Chairman of the
Management Board of EPEX SPOT, explained the functioning of the Power Exchange and the
relevance of price formation on Europes wholesale power markets. Furthermore, Dsir
discussed with the team of EPEX SPOT the lessons learned from this fruitful Franco-German
cooperation in the energy sector.
Softs and
Metals
Weather and
Emissions
Jean-Franois Conil-Lacoste adds: The spirit of EPEX SPOT illustrates how European
cooperation in the energy sector functions. The Energy Union will benefit from such best
practice cases and we are more than happy to share some insights.
Finance
The Energy Union constitutes a new chapter in the European integration, says Harlem Dsir.
The creation of this Energy Union is partly achieved thanks to EPEX SPOT.
Other
The European Power Exchange EPEX SPOT SE operates the power spot markets for
Germany, France, Austria and Switzerland (Day-Ahead and Intraday). Together these countries
account for more than one third of the European power consumption. EPEX SPOT also acts as
market operating service provider for the Hungarian Power Exchange HUPX and operates the
coupling between the Czech, the Slovak, the Hungarian and the Romanian markets on behalf
of the local Exchanges. It is a European company (Societas Europaea) based in Paris with
branches in Leipzig, Bern and Vienna. Over 220 companies from Europe are active on EPEX
SPOT. 382 TWh have been traded on EPEX SPOTs markets in 2014.
Market
Analysis
66
In Depth
April 2015
Coal
Softs and
Metals
Finance
Weather and
Emissions
Oil has staged a timid recovery and is currently traded at around 63 USD/Bbl, up 36% since
reaching its year low in early January 2015. A glut in the global supply of oil, alongside
decreased global demand, pushed oil as low as 45 USD/Bbl in January 2015, down from
around 106 USD/Bbl in June 2014.
Nat Gas
The spread between WTI and Brent (represented by the purple area in the graph above) has
narrowed slightly since March 2015. Even though the spread has slightly declined in the past
several weeks, it is still up from the very low levels it reached earlier this year, and sat at
6 USD/Bbl in April 2015, which is the same as the last 12-month average.
Petroleum
The prompt-month contract for Texas light sweet increased by 10% from the previous month
to 53 USD/Bbl, while Brent prices increased by 3% to settle at 59 USD/Bbl. The past
twelve-month averages for WTI and Brent are 78 USD/Bbl and 84 USD/Bbl respectively.
Power
Monthly
Market
According to data from NYMEX, crude oil prices for NYMEX prompt-month contracts for Brent
and WTI declined during April 2015. The prices of WTI and Brent had both increased by
10% and 3%, respectively, since March 2015 after a drop in stockpiles at the delivery point
for US crude on April 20, 2015 outweighed pressure from near record-high production in
Saudi Arabia. (Reuters)
Editorial
Summary
Other
Data
Vendors
67
In Depth
April 2015
Petroleum
Nat Gas
Coal
Softs and
Metals
Data from NYMEX suggests the spread between April 2015 and May 2016 contracts
(represented by the purple bar) averages at 0.02 USD/MMbtu for the next 12 months.
Power
On NYMEX, the average price of Henry Hub natural gas contracts in the first three weeks of
April 2015 for delivery in the next 12 months (represented above by the orange line) went
down by 1% as temperatures were moderate to average at 3.16 USD/MMbtu when compared
to the same contracts period in March 2015 (represented by the blue line). However, starting
May 2015, the expectations for the natural gas prices were more optimistic during the April
trades compared to the previous months results. As the purple bars show, the spread has a
trend of slowly burgeoning for the next two years.
Editorial
Summary
Finance
Weather and
Emissions
Other
Data
Vendors
68
In Depth
April 2015
Editorial
Power
Summary
Petroleum
Nat Gas
Finance
Weather and
Emissions
Softs and
Metals
In comparison to the past two-year average of April temperatures, this years April felt
warmer by 2C in San Diego and in San Antonio. Chicago was 4C above the two-year average,
and New York remained unchanged. Chicago and New York experienced the largest
weather fluctuations among all observed cities this month, as temperatures in Chicago
started off tepid at 12C on April 1, before dipping to 2C on April 7, and reaching 18C during
the middle of the month, and ending at 6C on April 20. Similarly, New York started off the
month at a cool 5C before climbing to 22C on April 17, before dropping to 8C on April 20.
Coal
In April 2015, springs arrival was marked by continued temperature increases in all observed
cities. The monthly temperature rose in San Antonio by 7 degrees Celsius (C) to 22C, in
New York by 9 degrees to 11C, and in Chicago by 10 degrees to 10C. Meanwhile, San Diego
experienced a minor decrease of 0.3 degrees to 19.10C from last month.
Other
Data
Vendors
69
In Depth
April 2015
Petroleum
Nat Gas
Coal
Softs and
Metals
Finance
Prices at NYISO Zone A averaged at 33 USD/MWh throughout the month. Similarly, CAISO
prices remained relatively flat throughout the month, ranging between at 28 USD/MWh and
30 USD/MWh and. On the other hand, prices slightly decreased in ERCOT North 345KV from
31 USD/MWh on March 8 to 27 USD/MWh on March 9, while levelling off at to 27 USD/MWh
for the rest of the month. Warmer weather in all observed regions put downward pressure on
prices this month.
Power
On the ICE, April day-ahead peak electricity prices in eastern United States began to abate in
April in PJM, as represented by APS Zone and NYISO, as represented by Zone A prices. PJM
APS Zone prices started the month high at 44 USD/MWh on March 1 before levelling off at
36 USD/MWh on March 9, with prices averaging at 38 USD/MWh across the month of March.
Editorial
Summary
Weather and
Emissions
Other
Data
Vendors
70
In Depth
April 2015
Summary
Editorial
In Depth
Power
Petroleum
Nat Gas
Coal
Softs and
Metals
Finance
Weather and
Emissions
Other
71
Market
Analysis
April 2015
Data
Vendors
Sales and purchases of varied commodities affect each country in the world, but few
commodities have a global impact greater than that of oil. Price reporting agencies (PRAs)
monitor the global oil industry carefully, producing price assessments which are meant to be
reflective of the real value of oil resources. An examination of oil price assessments and the
methodologies used to create them can reveal much about new trends in the global energy
industry. Currently, countries from the Asia-Pacific region, especially China, dominate global
oil consumption and are poised to play an increasingly prominent role in the oil sector, which
will have an impact on PRA product offerings.
Dubai-Oman, the Middle Eastern benchmark, which reflects the spot value of Middle East
sour crude oil.
Coal
Softs and
Metals
Figure 1 shows NYMEX prompt-month calendar swaps from 2009 to 2013 for three major
international benchmarks: Dated Brent, WTI, and Dubai-Oman. Prior to 2011, prompt-month
swaps for these benchmarks were closely linked in price. Following 2011, these international
benchmarks have varied from one another significantly. As the graph demonstrates, crude oil
benchmark prices do not necessarily follow the same pattern; in 2011, a new set of
influences and drivers caused price variations.
Nat Gas
EPSO Blend, the Russian benchmark, which is composed of Russian crude streams from
the East Siberia-Pacific Ocean pipeline.
Petroleum
Dated Brent, the European benchmark, which is comprised of four crude streams from the
North Sea: Brent Ninian blend, Forties blend, Oseberg, and Ekofisk (Platts).
Power
Editorial
Benchmarks are prices for certain oils traded on the spot market that are taken to be
representative of the real value of most oil in a particular region. Four major benchmarks in
the global oil industry are:
Summary
In Depth
Finance
Weather and
Emissions
Other
April 2015
72
Power
Petroleum
Softs and
Metals
Finance
Each PRA has unique methodologies and algorithms that they use to generate oil
assessments. Platts and Argus, two large PRAs that have been chosen as samples for this
report, release the reference points their reporters use to generate assessments on a daily
basis. Both organizations publish assessments primarily for physical oil markets.
Coal
Nat Gas
The value of commodities like oil is assessed by several PRAs, the most recognizable of which
are Platts and Argus Media. Other key publishers of assessments include the Asia Petroleum
Price Index (APPI) and ICIS London Oil Report. ICIS provides price assessments and market
coverage for seven global regions: Asia-Pacific, Arab Gulf, North Sea, CIS, Mediterranean,
West Africa, and the Americas (ICIS Energy). C1 Energy, an energy pricing agency established
in China in 2000, also provides assessments for Chinas oil and gas markets (About C1
Energy). Other noteworthy PRAs include RIM Intelligence Co. and the Oil Price Information
Service (OPIS). OPIS primarily provides assessments for US wholesale petroleum prices
(About OPIS).
Data
Vendors
Market
Analysis
73
Other
Market participants submit relevant information to Platts and Argus prior to a strict time
cut-off. These time cut-offs differ depending on the organizations unique assessment
calculation methodologies and the product itself. Platts and Argus reporters then analyze
Weather and
Emissions
Central to the oil assessments generated by both Argus and Platts are references to real-time
market trades and information received from a variety of market participants within limited
time periods (usually one trading day in a particular time zone). Trading days are defined
differently for each product and are based on times when markets contain fair numbers of
buyers and sellersthat is, when markets are liquid. Both Platts and Argus collect market
information from a range of participants, including oil refiners, producers, traders, and
brokers. These market participants voluntarily submit lists of oil transactions, including prices,
volumes, bids, offers, and counterparties, as well as information on spread values between oil
grades, locations, and timings. Argus and Platts accept this information via telephone, instant
messenger, emails, and faxes. Platts lists eWindow as an additional software they use to
accept relevant market information (Platts Methodology and Specifications Guide).
April 2015
Editorial
For example, assessments are used by upstream oil sector organizations when pricing crude
oil that is transferred from upstream production departments to downstream refineries.
Assessments are also used by banks, energy companies, governments, and regulators
as reference prices in physical supply and derivatives contracts, for mark-to-market
purposes, and as an indication of value for tax assessments; they are also used by risk
managers for strategic analysis and planning.
Summary
In Depth
Price assessments of benchmark crudes are published by many PRAs on a daily basis.
Assessments are taken to be representative of the real value of physical commodities;
they are used by global oil market participants to make trading, investment, and
business decisions.
Editorial
Power
Softs and
Metals
Finance
Weather and
Emissions
Other
Data
Vendors
Market
Analysis
74
Coal
Nat Gas
Although the procedures Platts and Argus follow to produce oil price assessments are
somewhat similar, their resulting outputs are often quite different, largely due to the fact that
their sources of market information are not the same. Another key difference between the two
organizations is the way in which their reporters create oil assessments when faced with a lack
of deal evidence. According to a report prepared by the International Energy Agency (IEA ),
International Energy Forum (IEF), Organization of the Petroleum Exporting Countries (OPEC),
and the International Organization of Securities Commissions (IOSCO) for the G20 Finance
Ministers in October 2011, Argus reporters will consider grade differentials of deals done
throughout a day, placing them in the context of absolute market price levels and time
differentials at their assessment cut-off points (Oil Price Reporting Agencies). By contrast,
Platts reporters will consider information collected throughout the day, with a particular focus
on the half hour prior to 1630 PM London time (Oil Price Reporting Agencies).
Petroleum
April 2015
Summary
In Depth
all data submitted and apply tests to determine if transactional data should be subjected
to further scrutiny. Some assessments must be subjected to an internal review process that
requires both organizations to inquire further within a data sources company to assess the
datas relevance. In some instances, if data is missing or an illiquid market makes it difficult
for a reporter to generate an assessment, reporters create assessments based on their own
judgment. Both organizations then produce assessments that are time-stampedthat is,
representative of trade values at particularly liquid points in the trade day. Platts terms their
time-stamping procedure a Market on Close (MOC) system.
Summary
Editorial
In Depth
illiquid markets. Some of the IOSCOs recommendations for PRAs included an increased
emphasis upon concluded transactions when creating methodologies, enhanced audit trails,
an avoidance of conflicts of interest, cooperation with regulatory authorities, and external
auditing (Principles for Oil Reporting Agencies). Despite these concerns, many participants in
the global oil industry continue to rely upon the assessments produced by Platts, Argus, and
their contemporaries, as the assessments produced by these organizations are very closely
aligned with real market trends.
Power
Nat Gas
Coal
As the graph below demonstrates, Chinas oil consumption has been increasing since 1991.
By contrast, its domestic production of all oil products has only increased ever so slightly.
Because Chinese demand continues to outstrip domestic supply, China has historically
imported large quantities of oil (EIA China).
Petroleum
Many Asian countriesspecifically China and Japanlack the domestic crude oil supplies
necessary to sustain their populations daily demands. As such, China and Japan, along with
many other countries on the Asian continent, consistently have high rates of oil consumption
compared to other countries. In September 2013, China became the worlds largest importer
of crude oil, eclipsing the United States (EIA STEO). With Chinas growing transportation
sector, the countrys liquid fuel consumption is expected to double by 2040 and to surpass
that of the United States by 2035 (EIA).
Softs and
Metals
Finance
Weather and
Emissions
Other
Data
Vendors
April 2015
75
Power
Petroleum
Nat Gas
Coal
Softs and
Metals
Finance
Weather and
Emissions
Editorial
The expanding Asian oil market also necessitates new oil assessments that are more reflective
of trades, bids, and offers made in this region. ZEs DataWatch magazine makes frequent
reference to a high volume of modified or new oil assessments that attempt to take into
account the price of crude imported and exported in this region. For example, from
May 1, 2014, Platts will relocate many of their Asia crude assessments from RI (London-close
crude assessments) to RP (Singapore-close crude assessments) in the Platts Market
Summary
Despite the high volume of crude oil being transported to countries such as China and Japan,
no Asian oil benchmark exists as of yet. Most oil consumed in the Asia-Pacific region is
supplied by Middle Eastern downstream providers and is assessed according to the
Dubai-Oman benchmark. As such, some market participants have argued that the Asian
benchmark should officially be made Dubai-Oman, as this benchmark accurately reflects the
price of the product consumed in many Asian countries. Other market participants feel that
Brent crude should be used as the Asian benchmark, as Brent crude is a mature, very liquid
international benchmark.
In Depth
Amongst all countries in the Asia-Pacific region, China in particular is poised to expand into
the global oil market. In November 2012, the State Council of Chinas cabinet announced that
they were revising administrative regulations on futures trading, which included clauses to allow overseas institutions to enter the market (China Revises Regulations on Futures
Trading). At the time, the Chinese State Council claimed that these revised clauses left room
for overseas investors to participate in futures trading of crude oil, which the government plans
to introduce soon (China Revises Regulations on Futures Trading). Increased futures trading of
crude oil will no doubt be facilitated by platforms such as the China Financial
Futures Exchange (CFFEX), a platform founded by Shanghai Futures Exchange, Zhengzhou
Commodity Exchange, Dalian Commodity Exchange, Shanghai Stock Exchange, and
Shenzhen Stock Exchange in 2006 (China Financial Futures Exchange and NASDAQ OMX
Sign MOU).
Other
Data
Vendors
Market
Analysis
April 2015
76
Petroleum
Nat Gas
Coal
Softs and
Metals
Finance
Weather and
Emissions
ZE is an experienced software and strategic consulting firm that combines energy industry expertise with advanced
software development capabilities. ZE is the developer of ZEMA, a sophisticated enterprise data management and
analysis solution built to meet the challenges of participants in energy and commodities markets.
About ZEMA:
Other
ZEMA is an enterprise data management software designed for collecting data and performing complex analysis.
ZEMA replaces fragmented data management processes with a sophisticated, unified, and automated system. Each
ZEMA component is modular and scalable, giving clients greater flexibility when integrating it into their organizations.
The solution is easy to use and backed by ZEs support team around the clock. It has been ranked first in the Energy
Risk Awards Data Management House of the Year category for five years in a row. In Energy Risks annual software
survey and rankings, it is also consistently rated by end users as first in the Preferred System, Ease of System
Disclaimer:
Information in this report is not intended to provide financial, legal, accounting, or tax advice and should not be relied
upon in that regard. ZE PowerGroup is not responsible in any manner whatsoever for direct, indirect, special, or
consequential damages, howsoever caused, arising out of the use of this report.
77
Market
Analysis
ZE DataWatch is a report comprised of data updates and expectations for energy and commodities markets, powered
by ZEMA. The news contained in ZE DataWatch is for information purposes only. Although ZE PowerGroup believes
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Data
Vendors
April 2015
Power
The worlds most highly populated countries are located in the Asia-Pacific region. Many of
these countries are rapidly industrializing; the volumes of energy they require to sustain their
demands and to support burgeoning infrastructure are enormous. Assessments providers will
continue to develop new assessments and modify existing assessments if their assessment
prices are to be accurate reflections of the real value of physical oil. Moreover, it is likely that
an Asian benchmark will soon be established, given the high consumption of global oil
resources in this region. C
Editorial
Conclusion
Summary
Further, on October 1, 2013, Platts requested feedback on a proposal to discontinue its entire
range of domestic and China fuel oil and dirty tanker assessments as a result of the declining
Chinese domestic fuel oil market (Platts to End China Fuel Oil Assessments). Organizations
like Platts and Argus continue to increase assessments of imported Asian oil, as Asian
domestic supply is certainly in decline. More assessments will likely continue to be developed
for the Asian oil market to reflect this regions increasing industrial growth and subsequent
need for imported oil.
In Depth
Assessment database to reflect the fact that those assessments represent the value of
crudes at the close of trading in Asia (Platts Proposes Relocation of Certain Asia Crude Data).
In other words, Platts has updated its assessment calculation methodology for a variety of
Asian crude assessments to reflect the high volume of trades conducted during the Singapore
trading day as opposed to Londons trading day.