EUROPEAN MARKETSCAN

Volume 50 / Issue 156 / August 13, 2018

European products ($/mt) Africa products

Code Mid Change Code Mid Change Code Mid Change
Mediterranean cargoes (PGA page 1114) West Africa cargoes (PGA pages 1122, 2342 and 2412)

FOB Med (Italy) CIF Med (Genova/Lavera) FOB NWE ($/mt)
Naphtha* PAAAI00 616.50–617.00 616.750 -4.000 PAAAH00 625.25–625.75 625.500 -4.000 Gasoline AAKUV00 672.250 -7.250
Prem Unl 10ppm AAWZA00 692.75–693.25 693.000 -6.500 AAWZB00 699.25–699.75 699.500 -6.500
CIF West Africa ($/mt)
Jet AAIDL00 677.00–677.50 677.250 -3.250 AAZBN00 688.75–689.25 689.000 -3.250
Gasoline AGNWC00 690.000 -7.000
10ppm ULSD AAWYY00 653.75–654.25 654.000 -1.500 AAWYZ00 662.00–662.50 662.250 -1.500
Gasoil 0.1% AAVJI00 642.00–642.50 642.250 -2.500 AAVJJ00 652.00–652.50 652.250 -2.500 FOB STS West Africa ($/mt)
Fuel Oil 1.0% PUAAK00 416.25–416.75 416.500 -4.750 PUAAJ00 425.00–425.50 425.250 -4.750 Gasoil 0.3% AGNWD00 642.500 -1.250
Fuel oil 3.5% PUAAZ00 410.00–410.50 410.250 -5.000 PUAAY00 419.00–419.50 419.250 -5.000
CFR South Africa ($/barrel)
Northwest Europe cargoes (PGA page 1110) Gasoline 95 unleaded AAQWW00 86.121 +0.941
Jet kero AAQWT00 88.116 +0.943

FOB NWE CIF NWE/Basis ARA
Gasoil 10 ppm AAQWU00 88.899 +0.914
Naphtha (Sep) PAAAJ00 628.50–629.00 628.750 -3.500 Gasoil 500 ppm AAQWV00 88.199 +1.104
Naphtha PAAAL00 632.00–632.50 632.250 -4.000
Gasoline 10ppm AAXFQ00 727.75–728.25 728.000 -4.000
Jet PJAAV00 682.50–683.00 682.750 -3.250 PJAAU00 690.25–690.75 690.500 -3.250 European feedstocks and blendstocks
ULSD 10 ppm AAVBF00 650.00–650.50 650.250 -1.250 AAVBG00 658.75–659.25 659.000 -1.250 Change
Diesel 10ppm NWE** AAWZD00 651.00–651.50 651.250 -1.250 AAWZC00 660.25–660.75 660.500 -1.250 CIF Northwest Europe cargo ($/mt) (PGF page 1760)
Diesel 10 ppm UK AAVBH00 661.25–661.75 661.500 -1.250 VGO 0.5-0.6% AAHMZ00 515.00–516.00 515.500 -1.250
Gasoil 0.1% AAYWR00 634.50–635.00 634.750 -1.250 AAYWS00 647.00–647.50 647.250 -1.250 VGO 2% AAHND00 507.00–508.00 507.500 -1.500
Fuel oil 1.0% PUAAM00 410.50–411.00 410.750 -5.500 PUAAL00 419.75–420.25 420.000 -5.500
Fuel oil 3.5% PUABB00 393.50–394.00 393.750 -4.000 PUABA00 406.25–406.75 406.500 -4.000 FOB Northwest Europe cargo ($/mt)
VGO 0.5-0.6% AAHMX00 502.25–503.25 502.750 -1.250
Northwest Europe barges (PGA page 1112) VGO 2% AAHNB00 494.25–495.25 494.750 -1.750

FOB Rotterdam FUEL OIL HILO DIFF Straight Run 0.5-0.7% PKABA00 463.25–464.25 463.750 -1.000
Naphtha PAAAM00 628.00–628.50 628.250 -4.000 ($/mt) FOB Black Sea cargo ($/mt)
10
Eurobob AAQZV00 700.75–701.25 701.000 -4.000
VGO 0.8% ABBAD00 505.250
-0.750
98 RON gasoline 10 ppm AAKOD00 780.75–781.25 781.000 -4.000 8 VGO 2% ABBAC00 497.250
-1.250
Premium gasoline 10 ppm PGABM00 725.50–726.00 725.750 -1.000
Reformate AAXPM00 728.000 -4.000 6 CIF Mediterranean cargo ($/mt)
Jet PJABA00 687.25–687.75 687.500 -5.000
Straight Run 0.5-0.7% AAJNT00 458.000
-3.750
Diesel 10 ppm*** AAJUS00 654.50–655.00 654.750 -1.250 4
VGO 0.8% ABBAB00 515.500
-1.250
Gasoil 50 ppm AAUQC00 646.00–646.50 646.250 -3.500 VGO 2% ABBAA00 507.500
-1.500
2
Gasoil 0.1%*** AAYWT00 640.50–641.00 640.750 -1.250
Fuel oil 1.0% PUAAP00 412.00–412.50 412.250 -4.000 FOB Rotterdam barge ($/mt)
0
Fuel oil 3.5% PUABC00 412.00–412.50 412.250 -4.000 MTBE* PHALA00 801.75–802.25 802.000 -4.500
Fuel Oil 3.5% 500 CST PUAGN00 407.00–407.50 407.250 -4.000 -2 VGO 0.5-0.6% AAHNF00 500.75–501.75 501.250 -2.000
Rotterdam bunker 380 CST PUAYW00 424.50–425.50 425.000 +3.000 12-Feb 19-Mar 25-Apr 01-Jun 06-Jul 10-Aug VGO 2% AAHNI00 493.25–494.25 493.750 -2.000
*Naphtha FOB Med is basis East Med **Basis Le Havre ***FOB Amsterdam-Rotterdam-Antwerp Source: S&P Global Platts * FOB Amsterdam-Rotterdam-Antwerp

www.platts.com
EUROPEAN MARKETSCAN August 13, 2018
Market Update (PGA page 724)
Crude futures were weak late in the European session
Monday, having falling earlier after the release of OPEC’s
Monthly Oil Market Report. ICE October Brent was down 31
cents/b at $72.50/b at 4:30 pm London time (1530 GMT),
while NYMEX September WTI was 40 cents/b lower at
$67.23/b. OPEC lowered its global oil demand projections
for 2019, while also expecting some tightness in the crude
market to emerge in the nearer term. OPEC revised its
world oil demand projections to average 98.83 million b/d,
revising its demand growth forecast lower by 20,000 b/d to
1.64 million b/d. “Weaker-than-expected data from the
Middle East and Latin America on the back of fuel
substitution, subsidy reduction policies as well as slower
overall industrial activities impacted oil demand data
ICE futures
Platts ICE 16:30 London assessments* (PGA page 703)
Low Sulfur Gasoil Brent
Sep AARIN00 654.50 Oct AAYES00 72.50
Oct AARIO00 655.75 Nov AAYET00 72.78
Nov AARIP00 652.50 Dec AAXZY00 72.93
Jan AAYAM00 72.97
*Platts ICE assessments reflect the closing value of the ICE contracts at precisely
16:30 London time.
ICE gasoil settlements (PGA page 702)
Low Sulfur Gasoil Low Sulfur Gasoil
Sep* ICLO001 655.00 Dec ICLO004 649.00
Oct ICLO002 656.25 Jan ICLO005 648.00
Nov ICLO003 653.00 Feb ICLO006 647.75
*On day of ICE LS Gasoil midday expiry, M1 shows settlement value
ICE LS gasoil GWAVE (Previous day’s values) (PGA page 702)
Sep PXAAJ00 646.00 Oct PXAAK00 651.25
NYMEX futures (16:30 London time)
NYMEX WTI (PGA page 703)
$/barrel $/barrel
Sep AASCR00 67.23 Oct AASCS00 66.53
NYMEX NY ULSD (PGA page 703)
¢/gal ¢/gal
Sep AASCT00 213.57 Oct AASCU00 213.95
NYMEX RBOB (unleaded gasoline) (PGA page 703)
¢/gal ¢/gal
Sep AASCV00 201.95 Oct AASCW00 191.14
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Euro-denominated assessments 16:30 London
Med cargoes (€/mt) (PGA page 1120)
FOB Med CIF Med
(Italy) (Genova/Lavera)
Naphtha* ABWHE00 540.393 ABWHD00 548.059
Prem Unl 10ppm ABWGV00 607.202 ABWGU00 612.898
Jet ABWGZ00 593.402 AAZBO00 603.698
10ppm ULSD ABWHM00 573.031 ABWHH00 580.259
Gasoil 0.1% ABWGQ00 562.735 ABWGO00 571.497
Fuel Oil 1.0% ABWGH00 364.935 ABWGF00 372.601
Fuel oil 3.5% ABWGM00 359.459 ABWGK00 367.344
*Naphtha FOB Med is basis East Med
Northwest Europe cargoes (€/mt) (PGA page 1116)
FOB NWE CIF NWE/
Basis ARA
Naphtha AAQCE00 553.974
Gasoline 10ppm ABWGS00 637.869
Jet ABWHB00 598.221 AAQCF00 605.012
ULSD 10 ppm ABWHO00 570.621 ABWHI00 578.726
Diesel 10ppm NWE ABWHP00 569.745 ABWHK00 577.412
Diesel 10 ppm UK ABWHJ00 579.602
Gasoil 0.1% ABWGR00 556.164 ABWGP00 567.116
Fuel oil 1.0% AAQCG00 359.897 ABWGG00 368.001
Fuel oil 3.5% ABWGN00 345.001 ABWGL00 356.173
Straight run 0.5-0.7% ABWHG00 406.335
West Africa cargoes (€/mt) (PGA page 1116)
FOB NWE CIF WAF
Gasoline AGNWA00 589.021 AANWC00 604.574
FOB STS West Africa
Gasoil 0.3% AGNWE00 562.955
Northwest Europe barges (€/mt) (PGA page 1118)
FOB Rotterdam
Naphtha ABWHF00 550.469
Eurobob ABWGT00 614.212
98 RON gasoline 10 ppm ABWGX00 684.307
Premium gasoline 10 ppm AAQCH00 635.898
Reformate AAXPN00 637.869
Jet ABWHC00 602.383
Diesel 10 ppm* AAQCI00 573.688
Gasoil 50 ppm AAUQF00 566.240
Gasoil 0.1%* AAYWY00 561.421
Fuel oil 1.0% ABWGI00 361.211
Fuel oil 3.5% AAQCK00 361.211
Fuel Oil 3.5% 500 CST PUAGO00 356.830
Rotterdam bunker 380 CST AAUHE00 372.382
*FOB Amsterdam-Rotterdam-Antwerp
New York Harbor cargoes 16:30 London (€ cent/gal) (PGA pages 1350 & 1450)
FOB NY Harbor
Unleaded 87 AAPYV00 180.45
Unleaded 89 AAPYW00 185.18
Unleaded 93 AAPYX00 192.28
Euro/US$ forex rate: 1.1413. Platts Euro denominated European & US product
assessments are based on market values and a Euro/US$ forex rate at 4:30 PM
local London time.
2
Euro cents per liter assessments 16:30 London
Med cargoes (€ cents/liter) (PGA page 1370)
FOB Med CIF Med
Prem Unl 10 ppm ABXGA00 45.827 ABXGB00 46.256
Jet ABXGH00 48.481 ABXGI00 49.322
10 ppm ULSD ABXGO00 46.816 ABXGP00 49.050
Gasoil 0.1% ABXGY00 47.569 ABXGZ00 48.309
Northwest Europe cargoes (€ cents/liter) (PGA page 1370)
FOB NWE CIF NWE/Basis ARA
Gasoline 10 ppm ABXGC00 48.141
Jet ABXGJ00 48.874 ABXGK00 49.429
ULSD 10 ppm ABXGQ00 48.161 ABXGR00 48.809
Diesel 10 ppm NWE ABXGS00 48.235 ABXGT00 48.920
Gasoil 0.1% ABXHA00 47.013 ABXHB00 47.939
Northwest Europe barges (€ cents/liter) (PGA page 1370)
FOB Rotterdam
Eurobob ABXGD00 46.356
98 RON Gasoline 10 ppm ABXGE00 51.646
Premium Gasoline 10 ppm ABXGF00 47.992
Jet ABXGL00 49.214
Diesel 10 ppm ABXGU00 48.494
Gasoil 50 ppm ABXHC00 47.865
Gasoil 0.1% ABXHD00 47.457
GB pence per liter assessments 16:30 London
Northwest Europe cargoes (p/liter) (PGA page 1370)
FOB NWE CIF NWE/Basis ARA
Gasoline 10 ppm ABXGG00 43.032
Jet ABXGM00 43.688 ABXGN00 44.183
ULSD 10 ppm ABXGV00 43.050 ABXGW00 43.629
Diesel 10 ppm UK ABXGX00 43.795
Gasoil 0.1% ABXHE00 42.024 ABXHF00 42.851
Foreign exchange rates (PGA page 1151)
August 13, 2018 London 16:30
Dollar/Swiss franc BCADC00 0.9933
GB pound/Dollar BCADB00 1.2768
Dollar/Yen BCACW00 110.7100
Euro/Dollar BCADD00 1.1413
Dollar/Ruble AAUJO00 67.8390
European clean product barge freight rates
ARA ($/mt) (PGT page 1918)
Rotterdam — Rotterdam TCAEI00 2.40
Rotterdam — Flushing TCAEJ00 4.35
Rotterdam — Ghent TCAEK00 4.55
Rotterdam — Antwerp TCAEL00 3.55
Germany ($/mt) (PGT page 1918)
Rotterdam — Duisburg TCAEM00 16.85
Rotterdam — Cologne TCAEN00 24.80
Rotterdam — Karlsruhe TCAEO00 45.65
Antwerp — Duisburg TCAEP00 17.40
Switzerland ($/mt) (PGT page 1918)
Rotterdam — Basel TCAEQ00 63.90
EUROPEAN MARKETSCAN August 13, 2018
negatively, mostly in 2Q18,” the OPEC report said. For 2019,
demand growth was expected to reach 1.43 million b/d,
20,000 b/d down from OPEC’s previous projections.
Specifically for OPEC crude, demand was pegged at 33.40
million b/d for both the third and fourth quarters of 2018,
which was 1.08 million b/d more than the bloc’s July
production level, as assessed by the independent
secondary sources used by OPEC to track member output.
However, any market tightness will ease in 2019, according
to OPEC forecasts, as growth in non-OPEC supplies will
outpace the projected increase in global demand, bringing
demand for OPEC crude back down to 32.05 million b/d for
the year. The report said, however, that “if any unexpected
supply outages should occur due to natural disasters/
technical shortcomings and these coincide with any
geopolitical supply disruption, it could bring the market into
an imbalanced situation”, adding industry investment had
yet to recover to levels seen before the 2014 price crash.
Gasoline
Market analysis: (PGA page 1399) The European gasoline
market remained supported Monday with demand
sustained out of Northwest Europe. Some eight ships, all
carrying 37,000 mt of gasoline, were said to have been put
on subjects on the day, set to head from Northwest
Europe to North America. Eurobob continued to be buoyed
by the demand for non-oxy grade gasoline from the US.
Gasoline cargoes heading from Northwest Europe to
Canada and the US in August so far amounted to around
962,000 mt as of Monday, data from Platts cFlow, trade
flow software, showed. Expected arrivals of gasoline for
the third week of August were at 370,000 mt, Monday. The
processing of barrels out of Northwest Europe continued
to be slow due to the current backwardation. That, in turn,
could weigh on gasoline cracks when refiners decide to
produce. “September-October is when these barrels may
be processed. Gasoline cracks could fall off a cliff” a
source said. The Mediterranean remained quiet with no
cargoes bid or offered in the Platts Market on Close
assessment process. The Med/North spread remained
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
negative, with opportunities on paper for an arbitrage out
of the Mediterranean evident. “The arb back to the US
looks like it could be slightly stronger,” a source said. The
Torm Helvig has been put on subjects by Litasco for a trip
from the Mediterranean to trans-Atlantic, carrying 37,000
mt of gasoline, at Worldscale 115. Exports into West Africa
edged higher once again, with two ships said to be to
heading for discharge there, one from the Amsterdam-
Rotterdam-Antwerp hub and one from Ghent. In the paper
market, the September Eurobob crack swap fell 30
cents/b to $9.55/b at the market close. The August/
September Eurobob structure fell to $15.00/mt from
$16.50/mt. The August Med/North gasoline differential —
the spread between the August FOB Mediterranean 10
ppm cargo swap and the equivalent FOB Rotterdam
Eurobob barge swap — was steady at minus $12.50, while
the September Med/North fell to minus $10.00/mt
from minus $9.00/mt.
Gasoline Prem Unleaded 10ppmS FOB Rdam Barge
assessment rationale: (PGA page 1306) FOB AR 10 ppm
premium unleaded gasoline barges were assessed at a
$24.75/mt premium to physical Eurobob gasoline barges,
up from a $21.75/mt premium, factoring in a competitive
outstanding offer over midwindow dates at $726/mt.
The above commentary applies to the market data code: PGABM00
Gasoline Eurobob FOB ARA Barge assessment rationale:
(PGA page 1306) Eurobob gasoline barges were assessed at a
$15.00/mt premium to the September Eurobob gasoline
swap, up from a $14.00/mt premium, in the absence of
competitive indications in the Platts Market on Close
assessment process and on the back of information heard
through the day.
The above commentary applies to the market data code: AAQZV00
Gasoline 10ppmS CIF NWE Cargo assessment rationale:
(PGA page 1389) The CIF NWE gasoline cargo market was
assessed at a $27/mt premium over the Eurobob gasoline
barges, unchanged from Friday.
The above commentary applies to the market data code: AAXFQ00
3
Gasoline Prem Unleaded 10ppmS FOB Med Cargo
assessment rationale: (PGA page 1389) The FOB
Mediterranean gasoline cargo market was assessed at a
$4.50/mt premium to the August Mediterranean gasoline
swap, unchanged on the day, in the absence of
competitive indications in the Platts Market on Close
assessment process.
The above commentary applies to the market data code:
AAWZA00
Gasoline Prem Unleaded 10ppmS CIF Med Cargo
assessment rationale: (PGA page 1389) The CIF
Mediterranean gasoline cargo assessment was derived as
a freight net-forward from the FOB Mediterranean gasoline
cargo assessment, using the following: FOB Mediterranean
gasoline cargo assessment plus the cost of transporting a
30,000 mt clean cargo from a basket of Mediterranean
ports to a basket of Mediterranean destinations.
The above commentary applies to the market data code:
AAWZB00
Gasoline Barge exclusions: (PGA page 1305) No market data
was excluded from the August 13 assessment process.
Gasoline Cargo bids/offers/trades: (PGA page 1390)
■■Gasoline Cargo: Deal Summary:
■■CIF NWE: None.
■■FOB MED: None.
■■Gasoline Cargo: Outstanding Interest:
■■CIF NWE: None.
■■FOB MED: None.
Gasoline Cargo exclusions: (PGA page 1390) No market data
was excluded from the August 13 assessment process.
Russian Gasoline (PGA page 1396)
Gasoline in the Russian domestic market showed little
movement Monday. Uncertainties on the geopolitical
stage made the ruble a crucial factor to watch and that
was the main market-related influence on the market, a
EUROPEAN MARKETSCAN August 13, 2018
source said. However, market-related dynamics were no
more relevant than the interest of regulators, the source
said. As such, the direction of prices was hard to guess,
sources said. Supply was satisfactory.
Naphtha
Market analysis: (PGA page 1398) Amid balanced
fundamentals overall, covered prompt petrochemical
demand in Northwest Europe and waning Asian interest
saw the spot naphtha market look towards gasoline for
short-term support Monday. Although a current uptick in
blending demand was enough to clear some volumes from
the open specification pool, there was talk about whether
that could be sustained. Eurobob prices continued to be
well supported, aided by demand for non-oxy grade
gasoline from the US, and gasoline cargoes heading from
Northwest Europe to Canada and the US in August so far
amounted to around 962,000 mt as of Monday, data from
Platts cFlow, trade flow software, showed. Exports into
West Africa were also edging higher, according to sources.
However, in Asia muted demand for naphtha was within
market participants’ expectations, as appetite for both
heavy full range naphtha and paraffinic naphtha grades
remained slow. Refiners, splitter users and paraffinic
naphtha end-users were still not seeking supplies at the
onset of the week, suggesting requirements at the prompt
were generally covered given the tail end of the trading
cycle was approaching, a market source said. Additionally,
Japan’s Mitsui Chemicals restarted its naphtha-fed steam
cracker at Osaka on Sunday. The cracker, able to produce
500,000 mt/year of ethylene and 300,000 mt/year of
propylene, was shut around the middle of June for
maintenance. The cracker was scheduled for restart
around the end of July but a fire at the utility plant delayed
the restart. In the petrochemicals market, the spread
between paraxylene and feedstock naphtha in Asia has
climbed as supply for downstream purified terephthalic
acid in the region has been tight. With the premium of
paraxylene over naphtha strengthening, petrochemical
producers could continue to keep run rates in aromatic
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Subscriber notes (PGA page 1500)
General Terms and Conditions in European MOC process
S&P Global Platts considers in its European Market on Close oil products assessment process bids and offers that are executable under
normal conditions and reflect typical trading practices. Companies’ general terms and conditions are normally recognized provided they are
consistently applied and accepted as part of normal trading practice. Counterparties are expected to perform on trades reported in the MOC
based on typical GT&Cs that have been applied and accepted by both counterparties in the open market. If an offer is lifted by a buyer during
the Platts MOC process, Platts would expect typical GT&Cs between both parties to be applicable, even where the GT&Cs stated in the
originally published offer may differ, if the companies have not conventionally performed on the published GT&Cs. At no time can a company
impose its own GT&Cs after taking out a bid or lifting an offer made under a different standard. Furthermore, a company’s GT&Cs regarding
vetting are not applicable to a third party terminal. Please send all comments, feedback and questions to europe_products@platts.com and
pricegroup@platts.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts for
public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.
Platts clarifies procedures for delivery of 3.5% CIF Med cargoes onto vessels
S&P Global Platts wishes to clarify that buyers in the 3.5% FO CIF Med cargoes market on close assessment process may request delivery
onto multiple vessels, and such requests should not be unreasonably refused by the seller. Platts understands that, in addition to delivery into
shore tanks or a single vessel, delivery into multiple vessels is a recognized, if occasional, feature of this market. In instances in which the
buyer nominates multiple vessels to receive a cargo, ship-to-ship transfer costs would be for the buyer’s account. Platts expects the buyer to
take delivery of the cargo during the original laycan period. Any demurrage costs due to late delivery of the cargo as a result of delivery onto
multiple vessels should be for the buyer’s account. Please send all feedback and questions to europe_products@spglobal.com, with a cc to
pricegroup@spglobal.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts for
public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.
Platts proposes to review US VGO, straight run pricing basis
S&P Global Platts is proposing to change the pricing basis for its US Gulf Coast and US Atlantic Coast VGO and straight run fuel oil differential
assessments to the prevailing WTI crude futures contract, from the current cash WTI basis, with effect from August 20, 2018. The proposed
change is designed to reflect market convention. Platts understands that most spot trade in these markets uses the prevailing WTI futures
contract as the pricing basis. As a result, from August 20, Platts will assess the differential and apply it to the relevant futures contract. The
differentials will be assessed versus the relevant WTI futures contract, and this will roll to the next month on the day the futures contract
expires. Platts would apply the front-month differential for the entire 5-15 day laycan. Platts may use market data priced off future months in
the assessment, but it will be normalized to this basis. There will no name change to the affected differential assessments as a result of this
change. The affected differential assessments are:
Assessment Name Code
VGO 0.5% USGC vs WTI AAJNY00
VGO 1.0% USGC vs WTI AAWLU00
VGO 2.0% USGC vs WTI AAWLV00
Straight run LS Dlvd USGC vs WTI Mo01 AALFS00
Straight run HS Dlvd USGC vs WTI Mo01 AALGC00
Straight run LS Dlvd USGC vs WTI Mo02 AALFT00
Straight run LS Dlvd USGC vs WTI Mo02 AALGE00
Straight run LS Dlvd USAC vs WTI Mo01 AALFU00
Straight run HS Dlvd USAC vs WTI Mo01 AALGG00
Straight run LS Dlvd USAC vs WTI Mo02 AALFV00
Straight run HS Dlvd USAC vs WTI Mo02 AALGI00
4
EUROPEAN MARKETSCAN August 13, 2018
units high, a source said. In the paper market, cracks
weakened marginally as the September CIF NWE naphtha
crack swap slipped 10 cents/b to minus $2.15/b at the
close. Meanwhile, the August/September spread narrowed
25 cents/mt to $3.50/mt and the September/October
backwardation narrowed 25 cents/mt to $3.00/mt. The
September naphtha east/west spread — the premium of
CFR Japan naphtha cargo swaps over the CIF NWE
naphtha cargo swap — was flat at $8.00/mt, while the
October spread widened 50 cents to $8.25/mt. “The
physical market seems settled and so paper is just
rangebound,” a source said.
Naphtha CIF NWE Cargo assessment rationale: (PGA page
1386) The CIF NWE naphtha cargo assessment was based
on the relationship between the physical and swaps
markets in the absence of competitive indications seen in
the Platts Market on Close assessment process. This
represented a differential of $1.32/mt, broadly stable versus
Friday’s differential of $1.37/mt.
The above commentary applies to the market data code:
PAAAL00
Naphtha FOB Med Cargo assessment rationale: (PGA page
1376) The FOB Mediterranean naphtha cargo assessment
was derived as a freight netback from the CIF NWE naphtha
cargo assessment, using the following assessments: CIF
NWE naphtha cargo assessment minus the cost of
transporting a 27,500 mt naphtha cargo from Alexandria in
the Mediterranean to Rotterdam.
The above commentary applies to the market data code: PAAAI00
Naphtha Cargo bids/offers/trades: (PGA page 1387)
■■NAPHTHA CARGO CIF NWE MOC deals: No trades
reported.
■■NAPHTHA MOC: OUTSTANDING INTEREST:
■■BIDS: None.
■■OFFERS:
■■1) GLENCORE Offers CIF NWE Naphtha Cargo 12,500mt +/-
10%, at $635/mt for August 23 to August 27 delivery,
TQC:- Indic 1.
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
SUBSCRIBER NOTES (continued) (PGA page 1500)
The assessments are published on Platts Global Alert page 764, in the Platts North American Crude and Products Scan and in the Platts price
database. Please send questions and comments by August 3, 2018, to americas_products@spglobal.com and pricegroup@spglobal.com. For
written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will
consider all comments received and will make comments not marked as confidential available upon request.
Platts to maintain current CIF NWE gasoline cargo assessment
Following a formal consultation on its CIF NWE gasoline cargo assessment, S&P Global Platts has decided to maintain its current methodology
for this assessment. The consultation note published November 7, 2017, can be found here: https://www.platts.com/subscriber-notes-
details/26835081. Market feedback indicated that gasoline import flows continue to be reflected by the current methodology. Specifically, both
the specification and cargo sizes reflected are representative of delivered gasoline volumes within Northwest Europe. The assessment will
continue to reflect 10,000 mt cargoes of 10ppm gasoline delivered CIF basis Thames with 95 RON, 60/90 kPa summer/winter and 0.9%
oxygenates by weight. As part of this decision the full specification reflected will be published in Platts Europe and Africa Refined Oil Products
Methodology and Specifications Guide as per the below: The CIF NWE cargo assessment reflects EN 228 material with a 95 RON, 85 MON and a
specific gravity of 0.755 kg/l. The maximum sulfur content is 10 ppm. The aromatics limit is a maximum of 35%. The assessment reflects
material with a maximum oxygenate content of 0.9% by mass, and a maximum evaporation (E70) of 43% in winter specification material and
41% in summer specification material. Offers with a higher evaporation (E70) level should state the maximum limit. The assessment reflects
cargoes of 10,000 mt. Larger cargo sizes may be considered in the Platts MOC assessment process but normalized back to the reference
cargo size. The assessment reflects cargoes delivered CIF basis Thames with normal charter-party options within Northwest Europe. The
assessment reflects the value of cargoes for delivery 10-25 days from the date of publication, with value normalized to reflect the mean of the
delivery period. In the absence of spot liquidity, Platts may consider differentials to other gasoline markets, such as Eurobob Gasoline Barges
FOB AR or Premium Gasoline 10PPM Barges FOB AR, as well as prevailing Cross UK Continent freight rates. The reference Reid Vapor Pressure
[RVP] for the Platts winter specification 10 ppm gasoline CIF NWE cargo assessment is a maximum RVP of 90 kKiloPascals (kPa). For summer
grade, Platts reflects a maximum of 60 kPa. Please send any comments or queries to europe_products@spglobal.com with a cc to
pricegroup@spglobal.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts for
public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.
Platts to begin publishing LPG assessments as percentages of naphtha
S&P Global Platts will begin publishing its daily suite of European LPG assessments as percentage of physical naphtha equivalents effective
July 9, 2018. The following assessments will be calculated as physical percentage equivalents versus Naphtha Cargoes CIF NWE which
appears under the assessment code PAAAL00, on Platts Global Alert page 1386, and in the Platts LPGaswire and European Marketscan.
The new assessments will appear alongside the current flat price assessments on Platts Global Alert page 1775 and in the Platts
LPGaswire. The new assessment codes will appear as follows:
Propane NWE
FOB NWE Seagoing PMABBPT
FOB ARA PMAASPT
FCA ARA PMABHPT
CIF NWE Large Cargo PMABAPT
Butane NWE
FOB NWE Seagoing PMAALPT
FOB ARA PMAACPT
FCA ARA PMABIPT
CIF 1-3k mt PMAAJPT
CIF NWE Large Cargo PMAAKPT
5
EUROPEAN MARKETSCAN August 13, 2018
Naphtha Cargo exclusions: (PGA page 1387) No market data
was excluded from the August 13 assessment process.
Jet
Market analysis: (PGA page 1497) The Northwest European
jet fuel market opened on a weak note Monday. The CIF
NWE cargo premium to ICE low sulfur gasoil futures fell
$2/mt to $36/mt, the lowest since October 30.
Northwest Europe has seen high arrivals over the past
few months during a period of high seasonal demand for
jet fuel in the region for the busy flying season. Large
volumes of jet fuel have arrived from the Persian Gulf
with some cargoes from Asia, despite the economics of
moving jet west of Suez being unviable for a number of
weeks. However, as the end of the peak season
approaches it appeared demand was no longer sufficient
to absorb the level of arrivals scheduled. There have also
been fewer diversions thus far in August compared with
July, which has also served to pressure values. However,
the STI Lauren, originally said to be carrying 90,000 mt
of jet fuel into Northwest Europe, appeared to be
heading into the Mediterranean port of Fiumicino, data
from Platts cFlow, trade flow software, showed. The jet
versus Brent crack has strengthened over August, with
the jet FOB Rotterdam versus Brent crack rising from
$13.68/b at the beginning of August to a three-month
high of $16.50/b Friday. That coincided with the diesel
crack increasing above that of jet, which could prompt
refineries to consider switching from maximum jet
production to diesel if the trend continued. Typically,
several weeks of low jet versus diesel yields would be
needed before any switching was done, with some
refiners able to respond faster to changes in yields than
others. In industry news, a total of 7.812 million
passengers traveled through London’s Heathrow airport
in July, up 3.7% from the same month last year, data
released by the operator showed. Air transport
movements, landings and take-offs of aircraft engaged
in commercial transport fell 0.2% to 41,772, while air
freight volume decreased 2.1% to 140,241 mt.
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
SUBSCRIBER NOTES (continued) (PGA page 1500)
Propane Western Med
FOB Ex-Ref PMABCPT
FCA Ex-Ref PMABJPT
CIF 7000+ mt PMABEPT
Butane Western Med
FOB West Med Coaster PMAAMPT
Alongside the launch of new LPG assessments, the nomenclature of the naphtha assessments published on page two of the Platts
LPGaswire will change to Naphtha Cargoes CIF NWE and Naphtha Cargoes CIF Med. Please send any comments or queries to
europe_products@spglobal.com with a cc to pricegroup@spglobal.com. For written comments, please provide a clear indication if
comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments
not marked as confidential available upon request.
Platts proposes 0.5% sulfur marine fuel assessments from Jan 2, 2019
Following an extended period of discussion, S&P Global Platts proposes to begin publishing daily cargo and barge assessments for residual
marine fuels reflecting a maximum sulfur limit of 0.5% across the globe starting January 2, 2019, as well as bunker assessments for the grade
from July 1, 2019. Platts has received feedback from shipowners that all specifications of the new 0.5% fuel type should adhere at least to RMG
2010 specifications on all parameters. It is therefore proposed that these new assessments would reflect specifications for RMG 380 CST as
defined by the International Organization for Standardization in document ISO 8217:2010 Petroleum products — Fuels (class F) — Specifications
of marine fuels, but additionally including a maximum sulfur limit of 0.5%. Platts invites feedback on whether additional parameters or different
limits should be reflected in these assessments. The launch of these assessments would come 12 months ahead of the planned introduction of
new sulfur limits in marine fuels by the International Maritime Organization from January 1, 2020. Platts proposes to begin publishing new price
assessments for RMG 380 CST marine fuel cargoes with a maximum sulfur limit of 0.5%, for loading in Singapore, Fujairah and Houston, and
barges in Rotterdam, starting January 2, 2019. In the absence of an active spot market, these assessments would initially reflect information on
blend economics from related fuels. This proposal follows extensive consultation with the industry after Platts opened a formal review of its
global residuals and bunker fuel assessments in a subscriber note published February 20, 2017. In addition, under the plan, Platts will begin
publishing prices assessments for 0.5% sulfur bunker fuel on delivered and ex-wharf basis at several ports across the world from July 1, 2019.
Platts continues to receive feedback that the change in marine fuel sulfur limits would see most shipping markets change to the use of low-
sulfur distillate and/or residual grades or other alternative blends of low-sulfur material. Platts aims to assess grades and locations of marine
fuel that are most widely tradeable and reflective of typical market practices. Global fuel standards could see further evolution ahead of the
planned introduction of new sulfur limits for marine fuels by the International Maritime Organization from January 1, 2020. Platts will continue to
regularly review market conditions, and will monitor for evidence that newer standards are being traded more broadly in the market.
BACKGROUND: On October 27, 2016, the IMO confirmed its decision that it would move ahead with a proposed reduction of sulfur limits in
marine fuels to 0.5% from January 1, 2020. The cap had first been proposed in 2008. Platts intends to continue publishing existing fuel oil and
marine fuel assessments following the IMO 2020 change. Please send comments to oilgroup@spglobal.com and pricegroup@spglobal.com by
December 29, 2017. For written comments, please provide a clear indication if comments are not intended for publication by Platts for public
viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.
Platts proposes to assess basis volume in FOB West Med butane assessment
S&P Global Platts proposes to assess a basis volume of 4,000 mt in its FOB West Mediterranean butane coaster assessment with effect
from September 3, 2018. The assessment currently reflects full or part-cargoes of at least 1,600 mt. In line with industry feedback, Platts
has observed a change of market flows in the Mediterranean where smaller pressurized coasters have been repositioned and larger
pressurized coasters are increasingly being utilized to load butane from West Mediterranean locations. Under this proposal, full or part-
cargoes of at least 1,600 mt would continue to be included in the assessment, with alternative cargo sizes normalized back to the basis
6
EUROPEAN MARKETSCAN August 13, 2018

Jet FOB Rdam Barge assessment rationale: (PGA page 1484)
The FOB Rotterdam barges market assessment was
derived on the basis of the following inputs, expressed at a
differential to the front-month ICE LSGO futures contract:
August 18 was assessed between an outstanding bid
valued at $32.43/mt and an outstanding offer valued at
$32/mt. August 22 was assessed above an outstanding bid
valued at $32.84/mt. The contango proven by those two
inputs was applied for August 18-22. A contango of around
11 cents/mt per day, proven by the paper market, was
applied to the remainder of the assessment period.
The above commentary applies to the market data code: PJABA00
Jet CIF NWE Cargo assessment rationale: (PGA page 1489)
CIF Northwest European jet fuel cargoes were assessed
on the following inputs, expressed at a differential to the
front-month ICE LSGO futures contract: For August 30,
value was assessed below an outstanding offer valued at
$36.05/mt. For September 2 value was assessed above
an outstanding bid valued at $37.02/mt. The contango
proven by those two inputs was applied for August 30 to
September 2. September 3-5 was assessed between an
outstanding bid valued at $37.02/mt and an outstanding
offer valued at $36.19/mt.
The above commentary applies to the market data code: PJAAU00
SUBSCRIBER NOTES (continued) (PGA page 1500)
volume of 4,000 mt. Please send any comments or queries by August 6, 2018, to europe_products@spglobal.com with a cc: to
pricegroup@spglobal.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts
for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.
Platts discontinues publication of duplicate ICE gasoil futures prices
Platts discontinues publication of duplicate ICE gasoil futures prices Platts has discontinued publishing duplicates of the ICE low-sulfur
gasoil futures settlement prices effective August 1, 2018. This follows on from a decision published May 11 and available here: https://
www.spglobal.com/platts/en/our-methodology/subscriber-notes/051118-platts-to-discontinue-publication-of-duplicate-ice-gasoil-
futures-prices-oil. The discontinued codes are as follows.
Assessment Code
ICE Gasoil M1 AAQSG00
ICE Gasoil M2 AAQSH00
ICE Gasoil M3 AAQSI00
ICE Gasoil M4 AAQSJ00
ICE Gasoil M5 AAQSK00
ICE Gasoil M6 AAQSL00
ICE Gasoil Mid-day expiry AAQSM00
Platts will continue the publication of the ICE gasoil futures settlement prices out of New York and has replaced the above codes with
these in Platts Crude Oil Marketwire, Platts Oilgram Price report and on PGA page 704.
Assessment Code
ICE Gasoil M1 ICLO001
ICE Gasoil M2 ICLO002
ICE Gasoil M3 ICLO003
ICE Gasoil M4 ICLO004
ICE Gasoil M5 ICLO005
ICE Gasoil M6 ICLO006

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EUROPEAN MARKETSCAN information, graphs, tables and images (“Data”) in this publication only for your personal use
or, if you or your company has a license for the Data from S&P Global Platts and you are an
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damages (including but not limited to, loss of profits, trading losses and loss of goodwill).

Volume 50 / Issue 156 / August 13, 2018
Editorial: Naphtha: +44-20-7176-6122 | Gasoline: +44-20-7176-6205 | Jet: +44-20-7176-
6672 | Diesel: +44-20-7176-1294 | Gasoil: +44-20-7176-7813 | HS Fuel Oil: +44-20-7176-
6230 | LS Fuel Oil: +44-20-7176-6512 | North Sea crude: +44-20-7176-6059 | Urals and Med
crudes: +44-20-7176-6112 | WAF crudes: +44-20-7176-6230
Client services information: North America: 800-PLATTS8 (800-752-8878); direct:
+1-212-904-3070, Europe & Middle East: +44-20-7176-6111, Asia Pacific: +65-6530-6430,
Latin America: +54-11-4121-4810, E-mail: support@platts.com
Trade Data: Platts has defined standards for entities it considers to be related and verifies
through a variety of inputs whether counterparties in reported trades meet these criteria.
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© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 7
EUROPEAN MARKETSCAN August 13, 2018
Jet FOB Med Cargo assessment rationale: (PGA page 1489)
The FOB Mediterranean jet cargo assessment was derived as
a freight netback to the CIF Northwest Europe jet cargo
assessment, using the following calculation: CIF NWE jet
cargo assessment minus the cost of transporting a 27,500 mt
clean cargo from Augusta, Italy, to Rotterdam, Netherlands.
The above commentary applies to the market data code: AAIDL00
Jet Barge trades: (PGA page 1482)
■■None
Jet Barge bids: (PGA page 1480)
■■1) STR Bid, 2-4 kt, FARAG, FE1 (16/8 - 20/8), ICE LSGO M1
$32.00;
■■2) UNIPECSG Bid, 2-3 kt, FARAG, FE1 (16/8 - 20/8), CCM
$-4.00;
■■3) UNIPECSG Bid, 2-3 kt, FARAG, MW2 (20/8 - 24/8), CCM
$-4.00;
■■4) UNIPECSG Bid, 2-3 kt, FARAG, BE2 (23/8 - 27/8), CCM
$-4.00;
Jet Barge offers: (PGA page 1481)
■■1) UNIPECSG Offer, 2-3 kt, FARAG, FE3 (18/8 - 22/8), CCM
$-1.00;
■■2) UNIPECSG Offer, 2-3 kt, FARAG, MW2 (20/8 - 24/8),
CCM $-1.00;
■■3) UNIPECSG Offer, 2-3 kt, FARAG, BE2 (23/8 - 27/8), CCM
$-1.00;
■■4) CCMA Offer, 2-3 kt, FARAG, FE1 (16/8 - 20/8), ICE LSGO
M1 $32.00;
■■5) CCMA Offer, 2-3 kt, FARAG, BE3 (24/8 - 28/8), ICE LSGO
M1 $35.50;
■■6) CCMA Offer, 2-3 kt, FARAG, MW2 (20/8 - 24/8), ICE
LSGO M1 $35.50;
Jet Barge exclusions: (PGA page 1483) No market data was
excluded from the August 13 assessment process.
Jet Cargo trades: (PGA page 1487)
■■“1) UNIPECSG-STR Trade on Offer [15:29:56], CIF Basis
Rotterdam, Main: 27 kt, 23/8 - 27/8, Laycan: buyer to
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Russian domestic refined products assessments (Rb/mt)
FCA Privolzhsky Federal District, Basis Ufa FCA Central Federal District, Basis Moscow
Diesel (PGA page 1430)
Diesel AAUDO00 44,500 +200 AAUDT00 46,100 +100
Gasoline (PGA page 1330)
Gasoline Premium Unleaded AAUDL00 45,500 +350 AAUDQ00 47,050 +300
Gasoline Regular Unleaded AAUDM00 42,600 +150 AAUDR00 44,400 +250
Fuel oil (PGA page 1530)
Low sulfur fuel oil 1% AAUDP00 16,350 +200 AAUDU00 17,500 +150
Fuel oil 3.5% M-100 AAUNU00 16,300 +200 AAUNV00 17,450 +150
Russian domestic refined products netbacks
Refinery Port Code Rb/mt Change Code $/mt Change Underlying marker
Middle Distillates (PGA page 1440)
Gasoil and Diesel 10 ppm
Moscow St Peter AAWRP00 51,109.121 +339.165 AAWRO00 763.877 -2.050 ULSD CIF NWE Crg
Moscow Ventspils AAWRR00 50,499.731 +326.889 AAWRQ00 754.769 -2.150 ULSD CIF NWE Crg
Yaroslavl St Peter AAXKP00 51,562.725 +339.166 AAXKO00 770.657 -2.114 ULSD CIF NWE Crg
NORSI Novorossiysk AAXKA00 49,289.659 +314.592 AAWRU00 736.684 -2.165 ULSD FOB Med Crg
Syzran Novorossiysk AAXKI00 49,953.491 +314.591 AAXKH00 746.605 -2.259 ULSD FOB Med Crg
Syzran Ventspils AAWJQ00 50,142.356 +326.888 AAWJP00 749.428 -2.100 ULSD CIF NWE Crg
Komsomolsk Nakhodka AAWRJ00 49,965.074 +1185.988 AAWRI00 746.778 +10.885 GO 0.05% SporeCrg
Khabarovsk Nakhodka AAWRD00 50,564.963 +1185.988 AAWRC00 755.744 +10.801 GO 0.05% SporeCrg
Ufa Ventspils AAWJT00 49,637.493 +326.888 AAWJR00 741.882 -2.029 ULSD CIF NWE Crg
Ufa Primorsk AAXYF00 50,664.120 +345.271 AAXYJ00 757.226 -1.896 ULSD CIF NWE Crg
Omsk Ventspils AAWJO00 48,419.875 +326.889 AAWJN00 723.684 -1.858 ULSD CIF NWE Crg
Omsk Novorossiysk AAWKQ00 47,554.835 +314.592 AAWKP00 710.755 -1.922 GO 0.1% Med Crg
Yaroslavl Primorsk AAWJZ00 52,370.400 +345.271 AAWJY00 782.728 -2.135 ULSD CIF NWE Crg
NORSI Primorsk AAWJX00 52,415.429 +345.271 AAWJW00 783.401 -2.142 ULSD CIF NWE Crg
Kirishi Primorsk AAWJV00 53,368.538 +345.271 AAWJU00 797.647 -2.274 ULSD CIF NWE Crg
Volgograd Novorossiysk ABXKR00 51,382.802 +314.592 ABXKQ00 767.968 -2.459 ULSD FOB Med Crg
Jet fuel
Moscow Ventspils AAWKB00 46,958.280 +61.578 AAWKA00 701.839 -5.656 Jet fuel ARA Brg
Gasoline (PGA page 1340)
Moscow Vysotsk AAWRT00 56,834.117 +151.192 AAWRS00 849.443 -5.689 Eurobob ARA Brg
Yaroslavl Vysotsk AAXKT00 57,241.335 +151.192 AAXKS00 855.529 -5.746 Eurobob ARA Brg
NORSI Novorossiysk AAXKE00 55,375.382 -47.873 AAXKD00 827.641 -8.487 Prem Unl Med Crg
NORSI Vysotsk AAWIN00 56,479.952 +151.192 AAWIO00 844.150 -5.639 Eurobob ARA Brg
Syzran Novorossiysk AAXKL00 56,039.215 -47.873 AAXKK00 837.563 -8.580 Prem Unl Med Crg
Komsomolsk Nakhodka AAWRL00 56,806.989 +1254.488 AAWRK00 849.038 +10.960 Unl 92 Spore Crg
Khabarovsk Nakhodka AAWRF00 57,406.877 +1254.487 AAWRE00 858.004 +10.876 Unl 92 Spore Crg
Kirishi Vysotsk AAWIW00 58,416.202 +151.192 AAWIP00 873.089 -5.911 Eurobob ARA Brg
Ufa Vysotsk AAWJE00 55,150.469 +151.191 AAWJD00 824.279 -5.453 Eurobob ARA Brg
Omsk Vysotsk AAWJC00 54,449.195 +151.191 AAWIX00 813.798 -5.354 Eurobob ARA Brg
Fuel oil (PGA page 1540)
Moscow St Peter AAWRN00 17,112.164 -129.797 AAWRM00 255.759 -4.357 FO 3.5% ARA Brg
Yaroslavl St Peter AAXKN00 17,565.768 -129.796 AAXKM00 262.538 -4.421 FO 3.5% ARA Brg
NORSI Novorossiysk AAXKC00 15,389.811 -179.279 AAXKB00 230.016 -4.863 FO 3.5% Med Crg
Syzran Novorossiysk AAXKG00 16,053.644 -179.279 AAXKF00 239.938 -4.956 FO 3.5% Med Crg
Komsomolsk Nakhodka AAWRH00 19,410.427 +257.812 AAWRG00 290.108 +1.167 380 CST Spore Crg
Khabarovsk Nakhodka AAWRB00 20,010.315 +257.812 AAWRA00 299.074 +1.083 380 CST Spore Crg
Kirishi Vysotsk AAWJG00 18,280.625 -131.785 AAWJF00 273.222 -4.552 FO 3.5% ARA Brg
Ufa Vysotsk AAWJK00 15,014.892 -131.785 AAWJJ00 224.413 -4.093 FO 3.5% ARA Brg
Omsk Vysotsk AAWJI00 14,313.618 -131.785 AAWJH00 213.931 -3.996 FO 3.5% ARA Brg
Spot prices assessed by Platts in key markets are used as underlying markers for netback calculations.
8
EUROPEAN MARKETSCAN August 13, 2018
declare a 5 day window at the time of the trade, if
applicable Main volume: 27kt pricing as per latest
indication Optol: 0-6kt pricing,Sep EFP+42.00 Terminal/
jetty: Rotterdam Spec: Jet A1 DEFSTAN 91-091, meeting
JFSCL latest issue (current at bill of lading) with possible
exception of electrical conductivity (Stadis to be provided
on board in drums), ISPS compliant CP: Full NWE charter
party options at charter party rate, terms and conditions
Vessel: Dubai Brilliance , 100% of main at Jet CIF NWE Crg
$-1.75, BalMnth, Next Day”
Jet Cargo bids: (PGA page 1485)
■■“1) TOTSA Bid, CIF Basis Le Havre CIM Terminal, Main: 27
kt, 3/9 - 7/9, Laycan : seller to declare a 5 day window at
the time of the trade Main volume pricing : 27kt pxg 14/08-
31/08 Optol : 0-6 kt (pricing basis 3 quotes after COD with
COD =0) at CCM-3.00$/t Spec : Jet A1 Defstan 91-091
latest issue, JFSCLI latest issue (current at bill of lading)
with possible exception of electrical conductivity (stadis
to be provided on board in drums) CP : full NWE C/P
Options at CP rate, terms and conditions Vessel : TOTAL/
SHELL/KPIAC approved, ISPS compliant , 100% of main at
Jet CIF NWE Crg $-3.00, Any Day, See TQC” “2) STR Bid,
CIF Basis Rotterdam, Main: 27 kt, 31/8 - 7/9 (wide laycan),
Indication 4 OCO 3 Laycan- seller to narrow at time of
booking (if applicable) Main volume- 27kt EFP related Vol
Tol - 0-6kt CCM-flat average of 3 quotes after COD (COD =
day zero) Spec- Jet A1 DEFSTAN 91-091, meeting JFSCL
latest issue (current at bill of lading) with possible
exception of electrical conductivity (Stadis to be provided
on board in drums), ISPS compliant CP Terminal-
Rotterdam CP Options- Full CP Options @ CP cost, terms
and conditions Vessel- Shell/Total/BP approvals , 100% of
main at EFP ICE LS GO $34.00, Month, Sep” “3) STR Bid,
CIF Basis Rotterdam, Main: 27 kt, 31/8 - 7/9 (wide laycan),
Indication 3 OCO 4 Laycan- seller to narrow at time of
booking (if applicable) Main volume- 27kt full month Sept
18 Vol Tol - 0-6kt CCM-flat average of 3 quotes after COD
(COD = day zero) Spec- Jet A1 DEFSTAN 91-091, meeting
JFSCL latest issue (current at bill of lading) with possible
(continued on page 11)
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Asia products
Code Mid Change Code Mid Change
Singapore (PGA page 2002)
FOB Singpore ($/barrel)
Naphtha PAAAP00 70.14–70.18 70.160 +0.890
Gasoline 92 unleaded PGAEY00 81.65–81.69 81.670 +1.180
Gasoline 95 unleaded PGAEZ00 84.19–84.23 84.210 +1.100
Gasoline 97 unleaded PGAMS00 85.91–85.95 85.930 +1.080
Kerosene PJABF00 86.30–86.34 86.320 +1.000
Gasoil 0.05% sulfur AAFEX00 86.64–86.68 86.660 +1.290
Gasoil 0.25% sulfur AACUE00 86.29–86.33 86.310 +1.260
Gasoil POABC00 87.65–87.69 87.670 +1.200
Fuel oil 180 CST 2% ($/mt) PUAXS00 456.97–457.01 456.990 +1.060
HSFO 180 CST ($/mt) PUADV00 446.91–446.95 446.930 +1.030
HSFO 380 CST ($/mt) PPXDK00 440.18–440.22 440.200 +0.560
Indonesia (PGA page 2516)
FOB Indonesia ($/barrel)
LSWR Mixed/Cracked PPAPU00 73.74–73.78 73.760 +0.240
Gasoline components (PBF page 2010)
FOB Singapore ($/mt)
MTBE PHALF00 763.00–765.00 764.000
+11.000
Singapore Swaps (PPA page 2654)
September ($/barrel) October ($/barrel)
Naphtha Japan ($/mt) AAXFE00 637.75–638.25 638.000 +8.000 AAXFF00 634.50–635.00 634.750
+7.500
Naphtha PAAAQ00 69.23–69.27 69.250 +0.800 PAAAR00 68.88–68.92 68.900 +0.750
Gasoline 92 unleaded AAXEL00 80.54–80.58 80.560 +1.260 AAXEM00 79.74–79.78 79.760 +1.090
Reforming Spread AAXEO00 11.29/11.33 11.310 +0.460 AAXEP00 10.84/10.88 10.860 +0.340
Kerosene PJABS00 86.62–86.66 86.640 +1.020 PJABT00 86.62–86.66 86.640 +1.060
Gasoil POAFC00 87.33–87.37 87.350 +1.150 POAFG00 86.98–87.02 87.000 +1.170
HSFO 180 CST ($/mt) PUAXZ00 438.53–438.57 438.550 +2.050 PUAYF00 434.03–434.07 434.050
+1.800
Middle East (PGA page 2004)
FOB Arab Gulf ($/barrel)
Naphtha ($/mt) PAAAA00 621.17–624.67 622.920 +7.500
Naphtha LR2 ($/mt) AAIDA00 620.97–624.47 622.720 +7.700
Kerosene PJAAA00 84.83–84.87 84.850 +1.000
Gasoil 10 ppm AAIDT00 86.09–86.13 86.11 +1.200
Gasoil 0.005% sulfur AASGJ00 85.89–85.93 85.910 +1.200
Gasoil 0.05% sulfur AAFEZ00 85.39–85.43 85.410 +1.390
Gasoil 0.25% sulfur AACUA00 84.49–84.53 84.510 +1.350
Gasoil POAAT00 86.09–86.13 86.110 +1.200
HSFO 180 CST ($/mt) PUABE00 435.48–435.52 435.500 +0.970
Japan (PGA page 2006)
C+F Japan ($/mt) Premium/Discount
Naphtha PAAAD00 641.25–644.75 643.000 +7.500
Naphtha MOPJ Strip AAXFH00 634.50–635.00 634.750 +7.500 AAXFI00 8.00/8.50 8.250
0.000
Naphtha 2nd 1/2 Sep PAAAE00 645.50–646.00 645.750 +8.000
Naphtha 1st 1/2 Oct PAAAF00 644.25–644.75 644.500 +7.750
Naphtha 2nd 1/2 Oct PAAAG00 641.25–641.75 641.500 +7.250
Gasoline unleaded ($/barrel) PGACW00 83.28–83.32 83.300 +1.180
Kerosene ($/barrel) PJAAN00 87.31–87.35 87.330 +1.060
Gasoil ($/barrel) POABF00 87.95–87.99 87.970 +1.170
HSFO 180 CST PUACJ00 457.57–457.61 457.590 +1.030
9
EUROPEAN MARKETSCAN August 13, 2018

US Products: August 10, 2018

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

CIF cargoes (¢/gal) RVP
Unleaded 87 0.3% AAMHG00 202.62–202.72 202.670 +3.930 AAMHGRV 9.0
Unleaded-89 0.3% AAMIW00 208.02–208.12 208.070 +3.930 AAMIWRV 9.0
Unleaded-93 0.3% AAMIZ00 216.12–216.22 216.170 +3.930 AAMIZRV 9.0

$/barrel 1% strip NYH cargo vs 1% strip
No. 6 0.3% HP PUAAE00 75.72–75.74 75.730 +0.630 AAUGA00 9.36/9.38 9.370 0.000
No. 6 0.3% LP PUAAB00 75.72–75.74 75.730 +0.630 AAUGB00 9.36/9.38 9.370 0.000
No. 6 0.7% PUAAH00 67.72–67.74 67.730 +0.630 AAUGC00 1.36/1.38 1.370 0.000
No. 6 1.0%** PUAAO00 65.72–65.74 65.730 +0.630 AAUGG00 66.35–66.37 66.360 +0.630 AAUGD00 -0.64/-0.62 -0.630 0.000
No. 6 2.2% PUAAU00 65.07–65.09 65.080 +0.660 AAUGE00 -1.29/-1.27 -1.280 +0.030
No. 6 3.0% PUAAX00 64.64–64.66 64.650 +0.680 AAUGF00 -1.72/-1.70 -1.710 +0.050

Residual swaps ($/barrel)
No. 6 1.0% paper Bal M AARZS00 66.59–66.61 66.600 +0.650
No. 6 1.0% paper 1st month PUAXD00 65.65–65.75 65.700 +0.650
No. 6 1.0% paper 2nd month PUAXF00 65.15–65.25 65.200 +0.650
No. 6 1.0% paper next quarter PUAXG00 64.67–64.77 64.720 +0.640
Boston cargoes (PGA pages 152)

$/barrel
No. 6 2.2% ($/barrel) PUAWN00 65.92–65.94 65.930 +0.660
NY/Boston numbers include duty. **This assessment reflects 150 max al+si
FOB Gulf Coast (PGA page 156 & 338)

¢/gal RVP
Unleaded 87 PGACT00 202.37–202.47 202.420 +4.080 PGACTRV 9.0
Unleaded 89 PGAAY00 207.87–207.97 207.920 +4.080 PGAAYRV 9.0
Unleaded 93 PGAJB00 216.12–216.22 216.170 +4.080 PGAJBRV 9.0
MTBE PHAKX00 232.88–232.98 232.930 +3.520
Alkylate* AAFIE00 26.95/27.05 27.000 +0.250
Jet 54 PJABM00 210.92–211.02 210.970 +3.030
Jet 55 PJABN00 211.17–211.27 211.220 +3.030
ULS Kero AAVTK00 216.17–216.27 216.220 +3.030
No. 2 POAEE00 203.92–204.02 203.970 +2.280

Cargo (¢/gal) Cargo ($/mt)
FOB Naphtha AAXJP00 188.670
+3.830 AAXJU00 660.380
+13.400
Export ULSD AAXRV00 208.990
+2.670 AAXRW00 653.940
+8.370
*Premium to US Gulf Coast pipeline gasoline

$/barrel USGC HSFO strip vs 1% strip
Slurry Oil PPAPW00 66.47–66.49 66.480 +0.700 AAUGS00 2.47/2.49 2.480 0.000
No. 6 1.0% 6 API PUAAI00 67.97–67.99 67.980 +0.700 AAUGT00 3.97/3.99 3.980 0.000
USGC HSFO PUAFZ00 63.47–63.49 63.480 +0.700 AAUGW00 63.99–64.01 64.000 +0.700 AAUGU00 -0.53/-0.51 -0.520 0.000
RMG 380 PUBDM00 63.47–63.49 63.480 +0.700 AAUGV00 -0.53/-0.51 -0.520 0.000

Residual swaps ($/barrel)
USGC HSFO swap M1(Sep) PUAXJ00 63.70–63.80 63.750 +0.650
USGC HSFO swap M2(Oct) PUAXL00 63.10–63.20 63.150 +0.600
USGC HSFO swap Q1( Q4 18) PUAXN00 62.57–62.67 62.620 +0.570

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 10
EUROPEAN MARKETSCAN August 13, 2018
exception of electrical conductivity (Stadis to be provided
on board in drums), ISPS compliant CP Terminal-
Rotterdam CP Options- Full CP Options @ CP cost, terms
and conditions Vessel- Shell/Total/BP approvals , 100% of
main at Jet CIF NWE Crg $-2.25, Any Day, See TQC” “4)
STR Bid, CIF Basis Le Havre CIM Terminal, Main: 27 kt, 3/9
- 7/9, Indication 1 OCO 2 Laycan- seller to narrow at time of
booking (if applicable) Main volume- 27kt full month Sept
18 Vol Tol - 0-6kt CCM-flat average of 3 quotes after COD
(COD = day zero) Spec- Jet A1 DEFSTAN 91-091, meeting
JFSCL latest issue (current at bill of lading) with possible
exception of electrical conductivity (Stadis to be provided
on board in drums), ISPS compliant CP Terminal- CIM Le
Havre CP Options- Full CP Options @ CP cost, terms and
conditions Vessel- Shell/Total/BP approvals , 100% of main
at Jet CIF NWE Crg $-3.00, Any Day, See TQC” “5) STR Bid,
CIF Basis Le Havre CIM Terminal, Main: 27 kt, 3/9 - 7/9,
Indication 2 OCO 1 Laycan- seller to narrow at time of
booking (if applicable) Main volume- 27kt EFP related Vol
Tol - 0-6kt CCM-flat average of 3 quotes after COD (COD =
day zero) Spec- Jet A1 DEFSTAN 91-091, meeting JFSCL
latest issue (current at bill of lading) with possible
exception of electrical conductivity (Stadis to be provided
on board in drums), ISPS compliant CP Terminal- Le Havre
CIM CP Options- Full CP Options @ CP cost, terms and
conditions Vessel- Shell/Total/BP approvals , 100% of main
at EFP ICE LS GO $33.50, Month, Sep”
Jet Cargo offers: (PGA page 1486)
■■“1) BP Offer, CIF Basis Rotterdam, Main: 27 kt, 24/8 - 1/9
(wide laycan), Indication number: 1 Laycan: buyer to
declare a 5 day window at the time of the trade Main
volume pricing: 27kt, full EFP Sep Optol: 0-6 kt pricing
basis 3 quotes after COD (COD=0) at CCM-1.50$/t Spec:
Jet A1 DEFSTAN 91-091, meeting JFSCL latest issue
(current at bill of lading) with possible exception of
electrical conductivity (Stadis to be provided on board in
drums), ISPS compliant CP: Full NWE charter party
options at charter party rate, terms and conditions
Vessel: Maersk Princess GT&Cs: BP 2015, 100% of main at
EFP ICE LS GO $36.00, Month, Sep” “2) BP Offer, CIF Basis
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
SUBSCRIBER NOTES (continued) (PGA page 1500)
The midday expiration will no longer be published as a separate code, but will instead be noted as the expiration price in the daily
publications. Please send any further comments and feedback to europe_crude@spglobal.com and pricegroup@spglobal.com. For written
comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider
all comments received and will make comments not marked as confidential available upon request.
2018 Calendar for CIF Mediterranean gasoil summer-to-winter change
Effective August 28, 2018, S&P Global Platts will start reflecting winter-specification gasoil on a pro-rated basis in its CIF Mediterranean
gasoil cargo assessments. The FOB Mediterranean gasoil assessment also will be affected by the change. A spreadsheet detailing the
changes is available on request. The following calendar applies:
- August 28: First day of reflecting winter grade
- August 31: First full five-day period reflecting winter grade
- September 6: Last full five-day period reflecting summer grade
- September 10: Last day reflecting summer grade
- September 11: Winter grade fully reflected
Please send any comments or questions to europe_products@spglobal.com and copy pricegroup@spglobal.com. For written comments,
please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all
comments received and will make comments not marked as confidential available upon request.
Guidelines for European jet fuel barges in eWindow from July 13
Effective July 13, 2018, S&P Global Platts intends to launch jet fuel barges loading FOB basis Flushing-Amsterdam-Rotterdam-Antwerp-
Ghent barges in the eWindow communication tool for its Market on Close assessment process. From that date, Platts will publish bids,
offers and intentions to trade in its MOC process for jet fuel barges on the eWindow platform. Indications from market participants
received by Platts via instant messenger, telephone or other acceptable means will also be published on eWindow. Headlines
automatically generated by eWindow will appear on Platts Global Alert page 5, using new short-form language. Here is a typical example
of an automatically generated headline: “Platts Jet Brg 2-3kt ICE LSGO M1 ARA FARAG FE2, Company A bids $30.00 for 1 lot of 2-3.”
Company short-form names may appear differently. Certain guidelines that are applied to publishing bids, offers and intentions to trade
during the MOC process will be updated to reflect efficiencies associated with the addition of eWindow as a communication tool, which
are summarized below:
TIMING: The cut-off for placing bids or offers each day in eWindow will be 16:05:00 London time. For entities that choose to
communicate bids and offers for publication to a Platts editor, the cut-off will remain 16:00:000 London time to ensure sufficient time to
analyze information before publication.
INCREMENTABILITY: Bids and offers may be improved by up to $1/mt every 20 seconds. Repeat bids and offers should be communicated
through eWindow within 45 seconds of a transaction being reported. For entities that choose to communicate bids and offers for
publication to a Platts editor, the manual incrementability rule of up to $1/mt per 60 seconds will apply.
BID/OFFER FREEZE: Platts maintains a brief freeze on published bids and offers at the close of the MOC process, during which changes
in price may not be published, but any bid or offer may be withdrawn so long as no interest to trade the indication has been expressed.
For bids and offers published using the eWindow communication tool, this freeze will be applied for one minute after 16:29:00 London
time. For entities that choose to send bids and offers for publication to a Platts editor through other communication tools, a freeze of two
minutes after 16:28:00 London time will remain.
LAYCANS: Platts has standardized the way in which bids and offers are published in its MOC process to any fixed five-day period within
the 3-15 (Monday-Tuesday) or 5-15 (Wednesday-Friday) days forward assessment period. In the eWindow environment, these will be
labeled progressively as: FE1; FE2; FE3; MW1; MW2; MW3; BE1; BE2; BE3. On Wednesdays, Thursdays and Fridays, Platts will not publish
11
EUROPEAN MARKETSCAN August 13, 2018
Le Havre CIM Terminal, Main: 27 kt, 1/9 - 7/9 (wide laycan),
Indication number: 2 Laycan: buyer to declare a 5 day
window at the time of the trade Main volume pricing:
27kt, full EFP Sep Optol: 0-6 kt pricing basis 3 quotes
after COD (COD=0) at CCM-1.50$/t Spec: Jet A1 DEFSTAN
91-091, meeting JFSCL latest issue (current at bill of
lading) with possible exception of electrical conductivity
(Stadis to be provided on board in drums), ISPS compliant
CP: Full NWE charter party options at charter party rate,
terms and conditions Vessel: Lady Henrietta GT&Cs: BP
2015, 100% of main at EFP ICE LS GO $36.00, Month, Sep”
Jet Cargo exclusions: (PGA page 1488) No market data was
excluded from the August 13 assessment process.
Jet Index (PGA page 115)
August 10, 2018 Index $/mt
Europe & CIS PJECI00 236.99 PJECI09 693.13
MidEast & Africa PJMEA00 254.01 PJMEA09 671.10
Global PJGLO00 240.45 PJGLO09 693.56
Gasoil
Market analysis: (PGA page 1499) The Northwest European
gasoil complex remained under pressure Monday from
seasonal lack of heating demand, weighing on 0.1% FOB
ARA barges. With low Rhine water levels still keeping barge
freight costs high, there remained some pressure on FOB
values which was potentially inducing some storage
demand for gasoil traders in the Amsterdam-Rotterdam-
Antwerp area, though backwardation on the October/
November ICE low sulfur gasoil futures spread meant that
may prove to be short-lived. In addition, the weaker euro
was keeping some of the more flat-price sensitive end-user
markets, such as Germany, more cautious. Meanwhile, the
differential of 0.1% CIF Med gasoil to front-month ICE LSGO
futures was testing the downside, also triggered by the
change in the underlying futures basis to the September
contract, which has been higher overall than the now-
expired August contract. There remained strong demand
into Algeria, with the whole North African complex
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
SUBSCRIBER NOTES (continued) (PGA page 1500)
BE2 and BE3 indications, as these would fall outside of the loading period reflected in the assessment. For example: on Friday, July 13,
the laycans reflected will be: FE1 (July 18-22); FE2 (July 19-23); FE3 (July 20-24); MW1 (July 21-25); MW2 (July 22-26) MW3 (July 23-27);
and BE1 (July 24-28). On Monday, July 16, the laycans reflected will be: FE1 (July 19-23); FE2 (July 20-24); FE3 (July 21-25); MW1 (July
22-26); MW2 (July 23-27); MW3 (July 24-28); BE1 (July 25-29); BE2 (July 26-30); and BE3 (July 27-31).
PRICING: Five typical pricing structures will be considered for bids and offers submitted for publication in the MOC process through the
eWindow software. These are: (1) bids and offers expressed on an outright price basis; (2) bids and offers expressed as a Platts-related
floating price to the Jet FOB Barge assessment; (3) bids and offers expressed as a Platts-related floating price to the CIF NWE Jet
Cargoes assessment; (4) bids or offers expressed on an EFP basis versus the front-month (M1) ICE low sulfur gasoil futures contract; (5)
bids or offers expressed on an EFP basis versus the second-month (M2) ICE low sulfur gasoil futures contract.
VOLUME NOMINATION: Buyers may continue to nominate volume upon confirmation of a trade, and will have 30 seconds to do so,
whether their bid is hit by a seller or they lift an offer, in the eWindow communication environment. If a volume is not nominated by the
buyer within 30 seconds, a default quantity of 2,000 mt (2.0 kt) will apply. Volume nominations can be specified to the nearest 10 mt, for
example 2,750 mt (2.75 kt). Nominations should be confirmed using the eWindow volume nomination box or via instant messenger,
telephone and other communication means for offline buyers.
Please send any comments or questions to europe_products@spglobal.com and copy pricegroup@spglobal.com. For written comments,
please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all
comments received and will make comments not marked as confidential available upon request.
Europe barge MOC dates ahead of 2018 Summer Bank holiday
Effective August 22, 23 and 24, 2018, and in line with the UK holiday calendar, S&P Global Platts will publish in its Market on Close
assessment process bids, offers and trades for refined product barges that load 6-15 days forward. The assessment will continue to reflect
the usual 3-15 or 5-15 days forward. From Tuesday, August 28, typical loading dates will be published. Please note that August 27 is a public
holiday in the UK and Platts will not publish any European oil assessments on that day.
The full details for each day can be seen below:
- On August 22, full barge MOC dates will be: August 28-September 6 (Front End: August 28-September 1; Mid Window: August
30-September 3; Back End: September 2-September 6)
- On August 23, full barge MOC dates will be: August 29-September 7 (Front End: August 29-September 2; Mid Window: August
31-September 4; Back End: September 3-September 7)
- On August 24, full barge MOC dates will be August 30-September 8 (Front End: August 30-September 3; Mid Window: September
1-September 5; Back End: September 4-September 8)
Please send any comments or questions to europe_products@spglobal.com with a copy to pricegroup@spglobal.com
2018 calendar for FOB AR gasoline barge summer to winter change
Effective September 17, 2018, S&P Global Platts will start reflecting winter grades of gasoline on a pro-rated basis in the Amsterdam-
Rotterdam barge markets. The following calendar applies: September 20: First day on which winter gasoline can be bid or offered
September 21: Last day on which summer can be bid or offered September 25: Last day on which summer will be reflected in the
assessment September 26: Fully winter A spreadsheet detailing the changes is available on request. Platts welcomes all feedback and
questions to europe_products@spglobal.com, with a cc to pricegroup@spglobal.com. For written comments, please provide a clear
indication if they are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make
comments not marked as confidential available upon request.
12
EUROPEAN MARKETSCAN August 13, 2018
maintaining the relative strength of gasoil in the
Mediterranean, with particular emphasis on the higher-
density end of the gasoil spectrum. The volume of
distillates scheduled to arrive in the Mediterranean and
Northwest Europe from the US Gulf Coast in August was
around 1.02 million mt as of Monday, with 600,000 mt
bound for the latter region and 420,000 mt for the former,
Platts cFlow trade flow software, showed. The total volume
for July was 1.7 million mt, the highest since August 2017,
the data showed. Speculative net long positions on ICE low
sulfur gasoil futures in the week to August 7 were up 554
contracts to 144,065 contracts, according to ICE data. That
compared with the previous week’s 6,113 contracts rise in
the net speculative length on ICE low sulfur gasoil futures.
In the latest reporting week, open interest in futures
contracts fell 23,869 contracts to 997,180.
Gasoil 0.1%S (1000ppm) FOB ARA Barge assessment
rationale: (PGA page 1428) The FOB ARA 0.1% gasoil
barges assessment was assessed on the basis of the
previously established relationship between the physical
and swaps markets.
The above commentary applies to the market data code: AAYWT00
Gasoil 0.005%S (50ppm) FOB ARA Barge assessment
rationale: (PGA page 1419) The FOB ARA 50 ppm gasoil barge
assessment was based on the following inputs, expressed
at a differential to the front-month ICE low sulfur gasoil
futures: The front end was assessed at minus $8.25/mt on
the back of an outstanding offer.
The above commentary applies to the market data code: AAUQC00
Gasoil 0.1%S FOB NWE Cargo assessment rationale: (PGA
page 1443) The FOB Northwest Europe 0.1% gasoil cargo
assessment was derived as a freight netback from the CIF
NWE 0.1% gasoil cargo assessment, using the following
assessments: CIF NWE 0.1% gasoil cargo assessment
minus the cost of transporting a 22,000 mt clean cargo
from a basket of ports in the Baltic and Northwest Europe
to Le Havre, France.
The above commentary applies to the market data code: AAYWR00
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
SUBSCRIBER NOTES (continued) (PGA page 1500)
2018 calendar for gasoline cargo summer to winter change
Effective September 6, 2018, S&P Global Platts will start reflecting winter grades of gasoline on a pro-rated basis in its Northwest Europe
and Mediterranean cargo assessments. The following calendar applies: September 10: First day on which winter gasoline can be bid or
offered September 14: Last day on which summer can be bid or offered September 20: Last day on which summer will be reflected in the
assessment September 21: Fully winter A spreadsheet detailing the changes is available on request. Platts welcomes all feedback and
questions to europe_products@spglobal.com, with a cc to pricegroup@spglobal.com. For written comments, please provide a clear
indication if they are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make
comments not marked as confidential available upon request.
2018 Autumn calendar for FOB ARA diesel barge seasonality
Effective August 31, 2018, Platts will start reflecting German intermediate specification for ultra low sulfur diesel on a pro-rated basis in its
FOB Amsterdam-Rotterdam-Antwerp (ARA) barge ULSD assessment. Subsequently, effective October 17, Platts will start reflecting
German winter-grade specification for ultra low sulfur diesel on a pro-rated basis in its FOB Amsterdam-Rotterdam- Antwerp (ARA) barge
ULSD assessment. The following calendar applies:
Summer-to-intermediate grade transition:
- August 31: First day reflecting German intermediate grade
- September 4: First full five-day period reflecting intermediate grade
- September 5: Last full-five day period reflecting summer grade
- September 11: Last day reflecting summer grade
- September 12: Intermediate grade fully reflected
Intermediate to winter-grade transition:
- October 17: First day reflecting German winter grade
- October 22: First full five-day period reflecting winter grade
- October 23: Last full five-day period reflecting intermediate grade
- October 26: Last day reflecting intermediate grade
- October 29: Winter grade full reflected
A spreadsheet detailing the changes is available on request. Please send any comments or questions to europe_products@spglobal.com
and copy pricegroup@spglobal.com. For written comments, please provide a clear indication if comments are not intended for
publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential
available upon request.
2018 Calendar for CIF Med, NWE diesel cargo summer-to-winter change
Effective August 28, 2018, Platts will start reflecting French winter specification of ultra-low sulfur diesel on a pro-rated basis in its CIF
ARA, CIF NWE (Le Havre), CIF UK and CIF Mediterranean diesel cargo assessments. Other diesel cargo assessments including FOB ARA,
FOB NWE (Le Havre) and FOB Med will also be affected by the change. A spreadsheet detailing the changes is available on request.
The following calendar applies:
- August 28: First day of reflecting winter grade
- August 31: First full five-day period reflecting winter grade
- September 6: Last full five-day period reflecting summer grade
- September 10: Last day reflecting summer grade
- September 11: Winter grade fully reflected
Please send any comments or questions to europe_products@spglobal.com and copy pricegroup@spglobal.com.
13
EUROPEAN MARKETSCAN August 13, 2018

Gasoil 0.1%S CIF NWE Cargo assessment rationale: (PGA Deals Summary
page 1443) The CIF Northwest Europe 0.1% gasoil cargo
Premium gasoline 10 ppm barges ** Denotes OCO order.
market was assessed on the basis of the relationship
between the physical and swaps markets. Trades (PGA page 1304) Offers (PGA page 1303)
The above commentary applies to the market data code: AAYWS00 ■■10PPM: NWE Brg Smr 10ppm: MW: EQUINOR sold to GUNVORSA* ■■No offers reported
1kt: kt $726.00/mt 15:27:11 Withdrawals
Gasoil 0.1%S FOB Med Cargo assessment rationale: (PGA ■■10PPM: NWE Brg Smr 10ppm: MW: EQUINOR sold to TOTSA* 1kt: kt ■■No offers reported

page 1392) The FOB Mediterranean 0.1% gasoil cargo $726.00/mt 15:27:37 ** Denotes OCO order.
■■10PPM: NWE Brg Smr 10ppm: MW: EQUINOR sold to BP* 1kt: kt
assessment was derived as a freight netback from the CIF
Mediterranean 0.1% gasoil cargo assessment, using the $726.00/mt 15:27:56 Gasoil 50ppm barges
■■10PPM: NWE Brg Smr 10ppm: MW: EQUINOR sold to BP* 1kt: kt
following assessments: CIF Mediterranean 0.1% gasoil
$726.00/mt 15:28:22 Trades (PGA page 1417)
cargo assessment minus the cost of transporting a 30,000 ■■10PPM: NWE Brg Smr 10ppm: MW: EQUINOR* sold to STR 1kt: kt
mt clean cargo from a basket of ports in the Mediterranean
■■PLATTS GASOIL 50PPM BARGE 1-3KT ICE LSGO M1: ARA: MW:
$726.00/mt 15:29:51 GLENCOREUK* sold to BP 3kt: kt $-7/mt 15:29:57
to Genoa, Italy, and Lavera, France. * Denotes market maker. All times GMT * Denotes market maker. All times GMT
The above commentary applies to the market data code: AAVJI00
Bids (PGA page 1302) Bids (PGA page 1415)
Gasoil 0.1%S (1000ppm) CIF Med Cargo assessment ■■10PPM: NWE Brg Smr 10ppm: MW: STR bids 1kt: $724.00/mt ■■No bids reported
rationale: (PGA page 1392) The CIF Mediterranean 0.1% gasoil Withdrawals Withdrawals
■■10PPM: NWE Brg Smr 10ppm: MW: GUNVORSA no longer bids 1kt:
cargo assessment was based on the following inputs, ■■No bids reported

expressed at a differential to the front-month ICE low sulfur $726.00/mt ** Denotes OCO order.
■■10PPM: NWE Brg Smr 10ppm: MW: TOTSA no longer bids 1kt:
gasoil futures: August 27 was at minus $2/mt on a
$726.00/mt Offers (PGA page 1416)
competitive offer. A backwardated structure of around 4 ■■10PPM: NWE Brg Smr 10ppm: MW: BP no longer bids 1kt: ■■PLATTS GASOIL 50PPM BARGE 1-3KT ICE LSGO M1: ARA: FE:
cents/mt per day was applied to the assessment curve.
$726.00/mt GLENCOREUK offers 1-3kt: $-8/mt
The above commentary applies to the market data code: AAVJJ00 ** Denotes OCO order.
Withdrawals
■■PLATTS GASOIL 50PPM BARGE 1-3KT ICE LSGO M1: ARA: MW:
Gasoil 0.1% Barge exclusions: (PGA page 1427) No market Offers (PGA page 1303)
GLENCOREUK no longer offers 1-3kt: $-7/mt
data was excluded from the August 13 assessment process. ■■10PPM: NWE Brg Smr 10ppm: MW: EQUINOR offers 1kt: $726.00/ ** Denotes OCO order.
mt
Gasoil Barge 50ppm exclusions: (PGA page 1418) No market Withdrawals Gasoil 0.1% Barges
■■No offers reported
data was excluded from the August 13 assessment process.
** Denotes OCO order. Trades (PGA page 1426)
Gasoil NWE Cargo bids/offers/trades: (PGA page 1444) ■■No trades reported
■■Bids: None. Offers: None. Trades: None. EBOB Barges * Denotes market maker. All times GMT

Trades (PGA page 1304) Bids (PGA page 1424)

Gasoil NWE Cargo exclusions: (PGA page 1444) No market ■■No trades reported ■■PLATTS GASOIL 0.1 BARGE 1-3KT ICE LSGO M1: ARA: MW: BP bids
data was excluded from the August 13 assessment process. * Denotes market maker. All times GMT 1-3kt: $-16/mt
■■PLATTS GASOIL 0.1 BARGE 1-3KT ICE LSGO M1: ARA: BE: BP bids

Gasoil Mediterranean bids/offers/trades: (PGA page 1393) Bids (PGA page 1302) 1-3kt: $-16/mt
■■Bids: None. Offers: “1) BP Offer, CIF Basis Genoa, Main: 25 ■■No bids reported Withdrawals
kt, 25/8 - 7/9 (wide laycan), Indication number :1 Buyer to Withdrawals ■■No bids reported

narrow 5 day window at time of trade Main volume pricing: ■■No bids reported ** Denotes OCO order.

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 14
EUROPEAN MARKETSCAN August 13, 2018

EFP Optol: 0-5kt EFP pricing as per last differential on Deals summary (continued)
main volume Spec: 0.1% gasoil Spanish summer b+c CP:
Offers (PGA page 1425) HSFO barges
Euromed, Neobig (exc yugo/former yugo/Albania/Syria but
■■PLATTS GASOIL 0.1 BARGE 1-3KT ICE LSGO M1: ARA: MW:
inc Croatia/Slovenia), Tunisia, El dekhelia (not alex), Trades (PGA page 1505)
GLENCOREUK offers 1-3kt: $-13/mt
Algeria Vessel: BP/Shell/Litasco, 100% of main at EFP ICE ■■PLATTS GASOIL 0.1 BARGE 1-3KT ICE LSGO M1: ARA: BE: VITOL ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: MERCURIASA* sold to
LS GO $-2.50, Month, Sep”. Trades: None. offers 1-3kt: $-13/mt PENINSULA 2kt: kt $413.00/mt 15:29:27
■■PLATTS GASOIL 0.1 BARGE 1-3KT ICE LSGO M1: ARA: BE: ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: MERCURIASA* sold to

Gasoil Mediterranean exclusions: (PGA page 1393) No market GLENCOREUK offers 1-3kt: $-13/mt
data was excluded from the August 13 assessment process. Withdrawals
■■No offers reported
** Denotes OCO order.
Diesel
Market analysis: (PGA page 1498) DIESEL: The European Diesel barges
diesel complex started the week on a mixed note. Some
Trades (PGA page 1476)
strength continued to be seen in cargo markets, while little
■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: MW:
fresh trading activity was reported in the barge market.
GLENCOREUK sold to BP* 2.8kt: kt $0/mt 15:27:20
According to a trader, an increase in demand for storage ■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: MW:
was unlikely due to the upcoming seasonal change of GLENCOREUK sold to BP* 3kt: kt $0/mt 15:29:02
specification and the backwardation in low sulfur gasoil * Denotes market maker. All times GMT
futures from October onwards. “It is pretty quiet in the barge
Bids (PGA page 1474)
market...the euro is weak, so prices levels are not
interesting for us,” he said. “Rhine water levels have ■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: FE: BP bids
stabilized, but looking at the coming three weeks, the water 1-3kt: $0/mt
■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: MW: BP bids
levels might be stagnating or even get a bit lower,” he said.
1-3kt: $0/mt
The volume of distillates scheduled to arrive in the ■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: BE: BP bids
PENINSULA 2kt: kt $413.00/mt 15:29:32
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: LITASCO sold to
GUNVORSA* 2kt: kt $412.00/mt 15:30:30
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: LITASCO sold to
GUNVORSA* 2kt: kt $412.00/mt 15:30:34
■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: LITASCO* sold to
PENINSULA 2kt: kt $413.50/mt 15:29:23
■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: LITASCO* sold to
PENINSULA 2kt: kt $412.75/mt 15:29:57
■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: TRAFI sold to VITOL*
2kt: kt $412.00/mt 15:30:00
■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: LITASCO* sold to
GUNVORSA 2kt: kt $412.75/mt 15:30:13
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: LITASCO* sold to
PENINSULA 2kt: kt $413.00/mt 15:29:20
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: LITASCO sold to
MERCURIASA* 2kt: kt $412.50/mt 15:29:46
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: LITASCO* sold to
MERCURIASA 2kt: kt $412.50/mt 15:29:49
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: LITASCO* sold to

Mediterranean and Northwest Europe from the US Gulf MERCURIASA 2kt: kt $412.50/mt 15:30:00
1-3kt: $0/mt
* Denotes market maker. All times GMT
Coast in August was around 1.02 million mt as of Monday,
Withdrawals
with 600,000 mt bound for the latter region and 420,000 mt ■■No bids reported Bids (PGA page 1503)
for the former, according to data from Platts cFlow, trade ** Denotes OCO order. ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: GUNVORSA bids 2kt:
flow software. Six vessels said to be carrying diesel left the $412.00/mt
US Gulf Coast to head to Europe in the past seven days, Offers (PGA page 1475) ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: GUNVORSA bids 2kt:

according to Platts cFlow, following a week of slower activity ■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: FE: PTRIN
on the route. All were Medium Range tankers, with one offers 1-3kt: $0.50/mt
■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: FE: VITOL
sailing to Fos-sur-Mer, France, one to Gibraltar, and the four
offers 1-3kt: $0.75/mt
others going to the Amsterdam-Rotterdam-Antwerp hub. ■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: FE: LICOBV
The Northwest European and Mediterranean diesel cargo offers 1-3kt: $1.00/mt
markets have been well supported as of late, attracting ■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: BE: BELGOM
supply not only from the US Gulf Coast but also from Asia. In offers 1-3kt: $1.00/mt
the Mediterranean, demand was not exceptional, but firm Withdrawals
enough to absorb the incoming supply. Not only were the ■■No offers reported
$412.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: VITOL bids 2kt:
$412.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: STR bids 2kt:
$411.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: VITOL bids 2kt:
$411.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: PENINSULA bids 2kt:
$410.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: LITASCO bids 2kt:

Long Range 1 tanker Jo Provel and the MR STI Osceola ** Denotes OCO order. $410.00/mt

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 15
EUROPEAN MARKETSCAN August 13, 2018

bringing diesel from the US, but the LR2 Southern Spirit was
on its way to Turkey, having loaded diesel in Vadinar, India,
while another LR2, the Amarthea, has just brought a diesel
cargo from the same Indian port to Barcelona, Spain. “There
Deals summary (continued)
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: TOTSA bids 2kt: ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GUNVORSA
$410.00/mt Withdraws bid 2kt: $410.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: TRAFI bids 2kt: ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: AOTEB Withdraws

is a bit more diesel supply coming in the Mediterranean but $409.00/mt bid 2kt: $409.00/mt
a lot of these [incoming vessels] are large vessels, so the ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: VITOL bids 2kt: ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: LITASCO Withdraws

Handy market is still relatively tight,” a second trader said. $412.00/mt bid 2kt: $409.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GUNVORSA bids 2kt: ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: MERCURIASA no
“There is adequate demand and I do not see a lot of 30,000
$411.00/mt longer bids 2kt: $412.50/mt
mt clips available,” he said. In tender news, India’s Nayara
■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: VITOL bids 2kt: ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: GUNVORSA
Energy sold up to 70,000 mt of high speed 10 ppm diesel for
$411.00/mt Withdraws bid 2kt: $410.00/mt
September 3-7 loading from Vadinar at a premium of 50-90 ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: STR bids 2kt: ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: LITASCO Withdraws
cents/b to the September average of Mean of Platts Arab $410.00/mt bid 2kt: $409.00/mt
Gulf FOB Gasoil assessments, according to market sources. ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: PENINSULA bids 2kt: ** Denotes OCO order.
Trafigura was said by sources to have been awarded the $410.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: LITASCO bids 2kt: Offers (PGA page 1504)
tender. Platts assessed FOB ARA 10 ppm diesel barges at a
$410.00/mt ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: LITASCO offers 2kt:
25 cents/mt premium over front-month ICE LSGO futures,
■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: TOTSA bids 2kt: $414.00/mt
unchanged from Friday. Platts CIF NWE ULSD cargoes were ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: LITASCO offers 2kt:
$410.00/mt
assessed at a $4.50/mt premium over the front-month ICE ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: TRAFI bids 2kt: $414.50/mt
LSGO, also steady day on day. CIF Mediterranean ULSD $410.00/mt ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: TRAFI offers 2kt:

cargoes were assessed at a $7.75/mt premium over the ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: VITOL bids 2kt:
$412.00/mt
front-month LSGO contract, down from an $8/mt premium.
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: GUNVORSA bids 2kt:
$411.00/mt
ULSD 10ppmS FOB ARA Barge assessment rationale: (PGA
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: VITOL bids 2kt:
page 1478) The FOB ARA 10ppm ULSD barges assessment
$411.00/mt
was based on the following input, expressed as differential ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: TRAFI bids 2kt:
to the front-month ICE LSGO futures contract: Value on $410.75/mt
$416.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: TRAFI offers 2kt:
$413.50/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: MERCURIASA offers
2kt: $414.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: LITASCO offers 2kt:
$414.50/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: LITASCO offers 2kt:

August 18 was assessed at 25 cents/mt, factoring an ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: STR bids 2kt:
$410.00/mt
outstanding bid and an outstanding offer for front-end
dates in the Platts Market on Close assessment process. A 1 ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: PENINSULA bids 2kt:
$410.00/mt
cent/day contango was applied to the physical curve.
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: LITASCO bids 2kt:
The above commentary applies to the market data code: AAJUS00
$410.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: TOTSA bids 2kt:
ULSD 10ppmS CIF NWE Basis UK Cargo assessment $410.00/mt
$412.50/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: LITASCO offers 2kt:
$414.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: MERCURIASA offers
2kt: $415.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: TRAFI offers 2kt:
$415.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: GUNVORSA offers

rationale: (PGA page 1472) The CIF UK diesel cargo Withdrawals 2kt: $419.75/mt
assessment was derived as a freight net forward from the ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: MERCURIASA Withdrawals
CIF Northwest Europe (ARA) diesel cargo assessment, Withdraws bid 2kt: $410.00/mt ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: MERCURIASA no

using the following assessments: CIF NWE (ARA) diesel
cargo assessment plus the cost of transporting a 30,000
mt clean cargo from a basket of ports in the Baltic to a
basket of UK ports.
The above commentary applies to the market data code: AAVBH00
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: VMFBV Withdraws bid
2kt: $409.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: LITASCO Withdraws
bid 2kt: $409.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: MERCURIASA
Withdraws bid 2kt: $410.00/mt
longer offers 2kt: $413.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: LITASCO Withdraws
offer 2kt: $416.50/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: TOTSA Withdraws
offer 2kt: $418.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: LITASCO Withdraws

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 16
EUROPEAN MARKETSCAN August 13, 2018

ULSD 10ppmS CIF NWE Basis Le Havre Cargo assessment Deals summary (continued)
rationale: (PGA page 1472) The CIF Northwest Europe (Le
offer 2kt: $419.00/mt LSFO barges
Havre) diesel cargo assessment was derived as a freight ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: GUNVORSA
net forward from the CIF NWE (ARA) diesel cargo Trades (PGA page 1505)
Withdraws offer 2kt: $419.75/mt
assessment, using the following assessments: CIF NWE ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: VITOL-VITOLBRK
■■No trades reported
(ARA) diesel cargo assessment plus the cost of Withdraws offer 2kt: $420.00/mt
* Denotes market maker. All times GMT

transporting a 30,000 mt clean cargo from a basket of ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: GUNVORSA Bids (PGA page 1503)
ports in the Baltic to Le Havre, France. Withdraws offer 2kt: $420.00/mt ■■No bids reported
The above commentary applies to the market data code: ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: LITASCO Withdraws
Withdrawals
AAWZC00 offer 2kt: $416.00/mt ■■No bids reported
■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: TOTSA Withdraws ** Denotes OCO order.
ULSD 10ppmS CIF NWE Cargo assessment rationale: (PGA offer 2kt: $418.00/mt
Offers (PGA page 1504)
page 1472) The CIF NWE Cargo market was based on the ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: LITASCO Withdraws
■■No offers reported
relationship between the physical and swaps markets, in offer 2kt: $418.50/mt
the absence of competitive indications seen in the Platts ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GUNVORSA Withdrawals
■■No offers reported
Market on Close assessment process. Withdraws offer 2kt: $419.75/mt
** Denotes OCO order.
■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: VITOL-VITOLBRK
The above commentary applies to the market data code:
AAVBG00 Withdraws offer 2kt: $420.00/mt
HSFO RMK 500 barges
■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GUNVORSA

Withdraws offer 2kt: $420.00/mt Trades (PGA page 1505)

ULSD 10ppmS CIF Med Cargo assessment rationale: (PGA
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: LITASCO no longer ■■No trades reported
page 1456) The CIF Med cargo diesel market was based on
offers 2kt: $413.00/mt * Denotes market maker. All times GMT
the relationship between the physical and swaps markets,
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: LITASCO Withdraws
in the absence of competitive indications seen in the Platts Bids (PGA page 1503)
offer 2kt: $415.50/mt
Market on Close assessment process. ■■No bids reported
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: LITASCO Withdraws
The above commentary applies to the market data code: AAWYZ00 Withdrawals
offer 2kt: $418.00/mt
■■No bids reported
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: TOTSA Withdraws
ULSD 10ppmS FOB Med Cargo assessment rationale: (PGA ** Denotes OCO order.
offer 2kt: $418.00/mt
page 1494) The FOB Mediterranean 10ppm ULSD cargo ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: VITOL-VITOLBRK Offers (PGA page 1504)
assessment was derived as a freight netback from the CIF Withdraws offer 2kt: $420.00/mt ■■No offers reported
Med 10ppm ULSD cargo assessment, using the following ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: GUNVORSA
Withdrawals
assessments: CIF Med 10ppm ULSD diesel cargo Withdraws offer 2kt: $420.00/mt ■■No offers reported

assessment minus the cost of transporting a 30,000 mt
clean cargo from a basket of ports in the Med to Genoa,
Italy, and Lavera, France.
The above commentary applies to the market data code: AAWYY00
Diesel Barge exclusions: (PGA page 1477) No market data
was excluded from the August 13 assessment process.
Diesel NWE Cargo trades: (PGA page 1470)
■■Trades: None.
** Denotes OCO order.
Diesel NWE Cargo bids: (PGA page 1468)
■■“1) TOTSA Bid, CIF Basis Bordeaux, Main: 27 kt, 27/8 - 31/8,
Main Volume: 27kt pricing EFP Optol : 0-6 kt EFP as per last
price differential pricing Spec : ULSD 10ppm French
Summer C&B 0.842 max CP : hbg-bdx range + Nspain
+ECUK others obtainable at cost Vessel : TOTAL/Litasco/
Exxon approved , 100% of main at EFP ICE LS GO $8.50,
** Denotes OCO order.
Month, Sep” “2) BP Bid, CIF Basis Thames, Main: 27 kt, 29/8
- 7/9 (wide laycan), Indication number: 1 Seller to narrow at
time of trade Main Volume: 27kt pricing EFP Optol : 0-6 kt
as per last price differential pricing Spec : ULSD 10ppm
French Summer C&B CP : hbg-bdx range + Nspain +ECUK
others obtainable at cost Vessel : Totsa/BP/Exxon approved
, 100% of main at EFP ICE LS GO $3.00, Month, Oct”

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 17
EUROPEAN MARKETSCAN August 13, 2018
Diesel NWE Cargo offers: (PGA page 1469)
■■“1) VITOL Offer, CIF Basis Amsterdam, Main: 27 kt, 23/8 -
4/9 (wide laycan), indication 1 Laycan: buyer to narrow to 5
day at time of deal Optol: 0-6kt at last efp price Spec:
French summer specs, 0.842 max, C&B CP: hamburg-bdx
+ north spain + ecuk option Vessel: Shelll/BP/Total
approved GT&C’s: totsa latest edition , 100% of main at
EFP ICE LS GO $4.75, Month, Sep” “2) HARTREEUK Offer,
CIF Basis Amsterdam, Main: 27 kt, 24/8 - 29/8 (wide
laycan), indic 1 27kt pricing as per efp optol 0-6kt, efp as
per main french summer 10 ppm ulsd, max 842 dens,
biofree, c+b cp: hburg-bdx + nspain + ecuk bp 2015 gtc
vsl: STI Wembley (imo 9691735) , 100% of main at EFP ICE
LS GO $5.00, Month, Sep” “3) PTRIN Offer, CIF Basis
Amsterdam, Main: 27 kt, 28/8 - 1/9, Optol: 0-6kt at last efp
price Spec: French summer specs, 0.842 max, C&B CP:
hamburg-bdx + north spain + ecuk option Vessel: MT AMI
(IMO 9631383) GT&C’s:Bp latest edition , 100% of main at
EFP ICE LS GO $5.00, Month, Sep” “4) GLENCOREUK Offer,
CIF Basis Le Havre, Main: 27 kt, 2/9 - 6/9, Indication 1 Main
Volume Pricing 27 kt : 3-7 Sep Optol : 0-6 kt in s.o: price as
per last price differential pricing COD +3 quotations (COD
=0), Spec: ULSD 10ppm meeting french summer spec (inc
0.842 max density) Cp : Hamburg, Bdx, ECUK + N Spain
Vessel : BP/Total/Exxon , 100% of main at
ULSDCIFHavreCrg $1.00, Any Day, See TQC”
Diesel NWE Cargo exclusions: (PGA page 1471) No market
data was excluded from the August 13 assessment process.
Diesel Mediterranean bids/offers/trades: (PGA page 1457)
■■Bids: “1) LITASCO Bid, CIF Basis Koper, Main: 25 kt, 31/8 -
4/9, Indication: 4 Seller to narrow the window to 5 days at
the moment of booking Optol: 0-5kt: Same as main
pricing as per last EFP indication Spec: French Summer,
C+B CP: Euromed/Neobig excluding Y/FY but including
Slovenia and Croatia, Turkish Med, Sea of Marmara,
Morocco and Other as available Vessel: BP/OMV/Lukoil,
100% of main at EFP ICE LS GO $6.50, Month, Sep” “2)
TOTSA Bid, CIF Basis Aliaga (PO Terminal), Main: 25 kt, 3/9
- 7/9, Indication number : 1 Optol: 0-5kt efp at same price
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
level than main Spec: French Summer, C+B CP:EUROMED
NEOBIG + SLOVENIA + CROATIA + TURKISH MED + SOM +
MOROCCO NSOBI JORF LASFAR EXC Y/FYUGO/TOC.
OTHERS AS AVAILABLE AS PER CP/OBTAINABLE AT COST
Vessel: BP/TOTAL/LITASCO , 100% of main at EFP ICE LS
GO $5.75, Month, Sep” “3) VITOL Bid, CIF Basis Aliaga (PO
Terminal), Main: 25 kt, 3/9 - 7/9, Indication: 1 Optol: 0-6kt:
Same as main pricing as per last EFP indication Spec:
French Summer, C+B CP: Euromed/Neobig excluding Y/
FY but including Slovenia and Croatia, Turkish Med, Sea of
Marmara and Other as available Vessel: Lukoil/BP/Shell ,
100% of main at EFP ICE LS GO $5.00, Month, Sep”.
Offers: None. Trades: None.
Diesel Mediterranean exclusions: (PGA page 1457) No market
data was excluded from the August 13 assessment process.
Russian Diesel (PGA page 1495)
Diesel in the Russian domestic market was rangebound
Monday. Volumes remained plentiful, despite a decrease in
production levels, as reported by the energy ministry last
week. However, as in the gasoline market, diesel was
subject to the uncertainties of the ruble and of regulators’
decisions, a source said. Looking forward, maintenance in
September may limit availability, sources said.
Fuel Oil
Market analysis: (PGA page 1599) The European high sulfur
fuel oil market remained relatively strong Monday, with the
continuing flow of product to the East supporting the
physical and paper markets. The market has been
supported throughout the summer by the movement of fuel
to Saudi Arabia for power generation demand, and while
this demand could decline entering the autumn, the volume
of HSFO moving to Singapore looked set to increase in
August versus recent months. The DHT Stallion departed
Rotterdam Monday laden with around 270,000 mt of fuel oil
for the Singapore bunker market, according to Platts cFlow,
trade flow software, to be the third VLCC on the route in
18
August. Two Suezmaxes were expected to load fuel at
Rotterdam later this month. The movement to the Middle
East and Saudi Arabia had been the main reason behind the
generally strong recent market, according to OPEC. “The
European fuel oil market strengthened significantly [in the
past month], further extending growth, supported by solid
volume requirements from the Middle East and Asia,” it said
in its August report. Meanwhile, global container shipper
Hapag-Lloyd made a net loss of $122.3 million in the first
half compared with a loss of $44.6 million a year ago as its
bunker fuel expenses, charter rates and intermodal cost
increases were more than originally expected, it said.
Bunker prices rose as much as 23% year on year to $385/
mt in the first half, the group said. Hapag-Lloyd has been
gearing up for the International Maritime Organization’s
global sulfur limit rule for marine fuels. The IMO rule will cap
sulfur in marine fuels at 0.5% worldwide from January 1,
2020, from 3.5% currently. From the beginning of next year,
Hapag-Lloyd will trial scrubbers on some of its vessels.
“Today, only very few large container ships have scrubbers
installed and because of that we would like to try it on a
couple of vessels and after that possibly roll it out to two
more ships,” CEO Rolf Habben Jansen said. The company
was also looking at the possibility of converting one of the
LNG-ready ships that was bought by UASC. “Depending on
the outcome, we may decide to convert the other 16,”
Habben Jansen said.
FO 1%S FOB Rdam Barge assessment rationale: (PGA
page 1507) 1% FOB Rotterdam barges were assessed at
parity with 3.5% FOB Rotterdam barges in the absence of
any indications.
The above commentary applies to the market data code: PUAAP00
FO 3.5%S FOB Rdam Barge assessment rationale: (PGA
page 1507) 3.5% FOB Rotterdam barges were assessed
above a competitive bid which was outstanding at the end
of the extension period. The midwindow was assessed in
line with a competitive traded bid. The back end was
assessed above a competitive bid.
The above commentary applies to the market data code: PUABC00
EUROPEAN MARKETSCAN August 13, 2018
FO 3.5%S 500 CST FOB Rdam Barge assessment
rationale: (PGA page 1507) FOB Rotterdam 500 CST high
sulfur fuel oil barges were assessed unchanged at a
differential of minus $5.00/mt to FOB Rotterdam high
sulfur fuel oil barges.
The above commentary applies to the market data code:
PUAGN00
Fuel Oil Barge exclusions: (PGA page 1506) No data was
excluded from the August 13 assessment process.
FO 1%S CIF NWE Cargo assessment rationale: (PGA
page 1588) The CIF Northwest European low sulfur fuel oil
cargo assessment was derived as a freight net forward
to the FOB Northwest European low sulfur fuel oil cargo
assessment using the following input: the FOB
Northwest European low sulfur fuel oil cargo
assessment plus the cost of transporting a 30,000 mt
fuel oil cargo from a basket of NWE ports to the
assessment basis port of Antwerp.
The above commentary applies to the market data code:
PUAAL00
FO 1%S FOB NWE Cargo assessment rationale: (PGA page
1588) 1% FOB NWE cargoes were assessed below a
competitive outstanding offer on August 28, with the rest
of the curve assessed in a 13 cents/day backwardation.
The above commentary applies to the market data code: PUAAM00
FO 1%S CIF Med Cargo assessment rationale: (PGA page
1580) 1% CIF Mediterranean cargoes were assessed above
an outstanding bid on August 26 and below an
outstanding offer on August 29, with structure drawn
between the two points. The rest of the curve was
assessed in a 13 cents/day backwardation.
The above commentary applies to the market data code: PUAAJ00
FO 1%S FOB Med Cargo assessment rationale: (PGA page
1580) The FOB Mediterranean low sulfur fuel oil cargo
assessment was derived as a freight netback to the CIF
Mediterranean low sulfur fuel oil cargo assessment, using
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
the following assessments: the CIF Mediterranean low
sulfur fuel oil cargo assessment minus the cost of
transporting a 30,000 mt fuel oil cargo between a basket of
Mediterranean ports.
The above commentary applies to the market data code: PUAAK00
FO 3.5%S CIF Med Cargo assessment rationale: (PGA page
1580) 3.5% CIF Mediterranean cargoes were assessed on
Friday’s swaps differential as the outstanding offers did not
test value.
The above commentary applies to the market data code: PUAAY00
FO 3.5%S FOB Med Cargo assessment rationale: (PGA
page 1580) The FOB Mediterranean high sulfur fuel oil cargo
assessment was derived as a freight netback to the CIF
Mediterranean high sulfur fuel oil cargo assessment, using
the following assessments: CIF Mediterranean high sulfur
fuel oil cargo assessment minus the cost of transporting a
30,000 mt fuel oil cargo between a basket of
Mediterranean ports.
The above commentary applies to the market data code: PUAAZ00
Fuel Oil NWE Cargo bids/offers/trades: (PGA page 1589)
■■HSFO NWE CARGO MOC: DEAL SUMMARY: None.
■■HSFO NWE CARGO MOC: OUTSTANDING INTEREST:
BIDS: None.
■■HSFO NWE CARGO MOC: OUTSTANDING INTEREST:
OFFERS: None.
■■HSFO NWE CARGO MOC: OUTSTANDING INTEREST:
WITHDRAWN: None.
■■LSFO NWE CARGO MOC: DEAL SUMMARY: None.
■■LSFO NWE CARGO MOC: OUTSTANDING INTEREST: BIDS:
■■LSFO NWE CARGO MOC: OUTSTANDING INTEREST:
OFFERS:
■■1) Platts LSFO NWE Crg FOB bss Antwerp 10-25, BP
offers Aug 26-Aug 30 100% 1% FOB NWE cargoes Full
Mnth Sep $0.00 for 27000-27000 “Optol 0-6 KT Pricing
3 quotes after BL same differential as main Spec: 1.00%
sulf/0.991 dens/380cst visco /30c pour/65c flash/9650
NCV/60 alu+sil/150 vanadium/0.5 water/15 ccr/7
asph/0.10 TSP&TSE&TSA/0.10 ash/2 H2S. Oil to contain
19
no ULO. EU Qualified.
■■HSFO NWE CARGO MOC: OUTSTANDING INTEREST:
WITHDRAWN: None.
Fuel Oil NWE Cargo exclusions: (PGA page 1589) No
market data was excluded from the August 13 cargo
assessment process.
Fuel Oil Mediterranean bids/offers/trades: (PGA page 1581)
■■HSFO MED CARGO MOC: DEAL SUMMARY:None.
■■HSFO MED CARGO MOC: OUTSTANDING INTEREST: BIDS:
None.
■■HSFO MED CARGO MOC: OUTSTANDING INTEREST:
OFFERS:
■■1) Platts HSFO Med Crg CIF bss Algeciras 10-25, TRAFI offers
Aug 31-Sep 4 100% 3.5% CIF Med cargoes Any Day See TQC
$6.00 for 27000-27000 “FULL CARGO Main Volume pricing
28 Aug - 2 Sep (27kt) Optol: 0-6kt pricing 3 quotes after
COD at same differential to main volume RMG380 as per
ISO 8217:2010, 3.5pct Sulphur max, H2S 2ppm max in liquid,
Vessel acceptable to Repsol / ENI / CEPSA
■■CP: Full Med (Exc. Israel/Libya/Albania/yugo/former yugo/
Syria and TOC)”
■■2) Platts HSFO Med Crg CIF bss Algeciras 10-25, TRAFI
offers Sep 3-Sep 7 100% 3.5% CIF Med cargoes Any Day
See TQC $6.00 for 27000-27000 “FULL CARGO Main
Volume pricing 28 Aug - 9 Sep (27kt) Optol: 0-6kt pricing
3 quotes after COD at same differential to main volume
RMG380 as per ISO 8217:2010, 3.5pct Sulphur max, H2S
2ppm max in liquid, Vessel acceptable to Repsol / ENI /
CEPSACP: Full Med (Exc. Israel/Libya/Albania/yugo/former
yugo/Syria and TOC)
■■HSFO MED CARGO MOC: OUTSTANDING INTEREST: OFFERS:
■■3) Platts HSFO Med Crg CIF bss Algeciras 10-25, GLTD
offers Aug 29-Sep 2 100% 3.5% CIF Med cargoes Any Day
See TQC $4.00 for 27000-27000 “full cargo main volume
pricing 16-28 Aug both ends included on 3.5% cif med
cargoes optol: 0-6 kt 3 quotes after COD differential as
per main volume spec: rmg 380 iso 2010 bunker fuel oil
with 3.5% sulphur max and 2ppm h2s max in liquid phase
cp rates and conditions to apply with full med options
EUROPEAN MARKETSCAN August 13, 2018
with usual exclusions: syria israel libya yugo former yugo
albania and toc acceptable vessels: cepsa repsol exxon
■■4) Platts HSFO Med Crg CIF bss Algeciras 10-25, GLTD
offers Aug 31-Sep 4 100% 3.5% CIF Med cargoes Any Day
See TQC $4.75 for 27000-27000 “full cargo main volume
pricing 22 Aug ? 8 Sep both ends included on 3.5% cif
med cargoes optol: 0-6 kt 3 quotes after COD differential
as per main volume spec: rmg 380 iso 2010 bunker fuel
oil with 3.5% sulphur max and 2ppm h2s max in liquid
phase cp rates and conditions to apply with full med
options with usual exclusions: syria israel libya yugo
former yugo albania and toc acceptable vessels: cepsa
repsol exxon
■■HSFO MED CARGO MOC: OUTSTANDING INTEREST:
WITHDRAWN: None.
■■LSFO MED CARGO MOC: DEAL SUMMARY:None.
■■LSFO MED CARGO MOC: OUTSTANDING INTEREST: BIDS:
■■Platts LSFO Med Crg CIF bss Port - See TQC 10-25, PTRIN
bids Aug 24-Aug 28 100% 1% FOB NWE cargoes Any Day
See TQC $18.00 for 25000-25000 “?Basis: Lavrion Optol:
0-5 kt: 3 quotes after COD pricing, same premium as
main. Main volume pricing 15th to 24st Aug both dates
inclusive. Spec: 1.00% sulf/0.991 dens/380cst visco /30c
pour/65c flash/9650 NCV/30 alu+sil/150 vanadium/0.5
water/15 ccr/7 asph/0.10 TSP&TSE&TSA/0.10 ash/2 H2S.Oil
to contain no ULO. EU Qualified. CP: Full med C/P options
with exclusions incl yugo/former yugo/Albania//TOC/
Libya//Syria Vessel acceptable to PetroIneos/Total/BP”
■■LSFO MED CARGO MOC: OUTSTANDING INTEREST: OFFERS:
■■Platts LSFO Med Crg CIF bss Algeciras 10-25, BP offers
Aug 27-Aug 31 100% 1% FOB Med cargoes Full Mnth Sep
$7.00 for 27000-27000 “Optol: 0-6 kt: 3 quotes after COD
pricing, same premium as main. Spec: 1.00% sulf/0.991
dens/380cst visco /30c pour/65c flash/9650 NCV/60
alu+sil/150 vanadium/0.5 water/15 ccr/7 asph/0.10
TSP&TSE&TSA/0.10 ash/2 H2S.Oil to contain no ULO. EU
Qualified. Full cargo. CP: Full med C/P options with normal
exclusions yugo/former yugo/ Albania /Lebanon/TOC/
Libia/Syria Vessel acceptable to : PetroIneos, Repsol, BP.
■■HSFO MED CARGO MOC: OUTSTANDING INTEREST:
WITHDRAWN: None.
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Fuel Oil Mediterranean exclusions: (PGA page 1581) No
market data was excluded from the August 13 cargo
assessment process.
Russian Fuel Oil (PGA page 1596)
Fuel oil in the Russian domestic market showed little change
from the previous assessment Monday. A weakening ruble
was already expected to raise export netbacks, which
focused attention on the currency. Uncertainties in
geopolitics emphasized the role of the ruble Monday. In the
bunker market, disruptions to railway deliveries of product
to the Black Sea port of Novorossiisk were limiting
availability there, sources said. The market was operating
smoothly at the Baltic port of St. Petersburg, sources said.
VGO (PGA page 1597)
European feedstocks traders are opting to hold product in
floating storage in the Black Sea as they wait for
Mediterranean demand to start pulling barrels in, rather than
sending their cargoes trans-Atlantic because wariness that
currently strong US Gulf Coast premiums might not hold.
With ample VGO available in the structurally long European,
sellers would usually send material to the USGC, which is
about a 20-25 days voyage, but many are currently holding
back despite high storage costs. Low and high sulfur VGO
barges on the US Gulf Coast have had a volatile summer with
premiums dropping to single-digit figures for 15 consecutive
days in July. LSVGO and HSVGO barges increased by $2.65/b
and $4.35/b, respectively, on July 26 on high refiner demand
and on a barge trade at September WTI plus $11/b for HSVGO.
Traders attributed the increase in the USGC premiums to a
distressed refinery buying that did not reflect the state of the
feedstocks complex in its entirety. “The US is not [always] an
indicative market,” a trader said. “A refinery that is distressed
buying is pushing prices higher... you have other buyers not
willing to pay at that price.” While other argued that there
were “more buyers than sellers”, and “[there is] a reasonable
looking arb to the US,” a second trader said. “Sellers are
pulling back offers as they want to keep [the product] or they
20
think the market is already higher.” LSVGO, with 0.5%-0.6%
sulfur content, and HSVGO, with 2% sulfur content, are
largely dependent on the export market to the US, so an
increase in US barges would typically lead to increased
European demand, however, the latter region seems to be
lagging behind. Despite the clearing of Aframaxes, Indigo Sun
and Sea Voyager, into ExxonMobil’s Baytown and Baton
Rouge refineries which were floating off the coast of the
USGC since mid-July, according to S&P Global Platts trade
flow software cFlow, traders pointed towards plenty of VGO
availability in the Borco terminal in the Bahamas, saying that
there were no trades heard to support a strong market as
indicated by the premiums. In addition, a contango in the
underlying Brent crude structure is encouraging traders to
keep their barrels in storage in Europe, or in the Black Sea as
they wait for spot demand from the Med, rather than sending
them over the the US — a market which prices against WTI
instead, which is currently in a backwardated structure. “Yes,
this is what I’m doing,” a third trader said in regards to
floating storage in the Black Sea. “A lot of vessels are doing
this.” Floating storage costs are currently “very high” at
about $17,000/day for a 30,000 mt vessel, according to a
trader. Traders pegged the Mediterranean and Northwest
Europe at parity, with some saying Europe was generally
oversupplied when taking cargoes in storage facilities into
consideration and with no buyers to clear the product. Others
said the Mediterranean was more oversupplied than
Northwest Europe. “NWE is more balanced since the storage
barrels are not being actively offered into the market,” the
first trader said.
VGO deals (PGA page 5)
■■No deals.
North Sea crude
Market analysis: (PGA page 1299) In the North Sea crude
market Monday, there was industrial action on Monday at
Total’s core North Sea platforms, led by the Unite union. Total
confirmed the 12-hour strike on Monday at the Alwyn, Dunbar
EUROPEAN MARKETSCAN August 13, 2018
and Elgin-Franklin complexes, marking the fourth day of
strikes carried out by the union. The strike took place despite
deals made elsewhere. Unions claimed success in winning
better terms at a separate project, Equinor’s Mariner, in the
second such deal in a week. Mariner, a heavy oil project with
no current production was due on stream this year. That deal
came three days after another between Total and workers at
the Shetland Gas Plant on Friday. Total “confirms that a
12-hour stoppage has gone ahead on its Northern North Sea
and Central Graben Area platforms. Total is continuing to
engage with its offshore workforce about changing working
patterns to three weeks on/three weeks off,” it said. Total said
the deal with workers at the Shetland Gas Plant would help
lower costs through the introduction of three-week shift
patterns, despite it conceding higher pay. In other news, no
fresh loadings of Forties crude were reported over August
6-12 at the UK’s Hound Point terminal, according to Platts
cFlow, trade flow software, Monday. The next vessel set to
call at Hound Point was the VLCC Basra, anchored offshore
the terminal, according to Platts cFlow. The VLCC Olympic
Target, the last cargo to load at the terminal, was en route to
Ningbo, China, and expected to arrive on September 27, Platts
cFlow showed. Elsewhere, approximately 2.4 million barrels of
Ekofisk crude loaded at UK Tees terminal over the August
6-12 reporting week. This is an average of 342,857 b/d of
Ekofisk, which is 114,286 b/d higher on the previous reporting
week. Loadings consisted of four Aframaxes — the Aegean
Power, Alfa Baltica, Alicante and NS Laguna, — compared
with one Suezmax and one Aframax the previous week.
Among these loaders, the NS Laguna was on its ways to the
US Atlantic Coast, Platts cFlow showed, making it the first
vessel carrying Ekofisk since February that has headed to the
US. In the latest BFOE loadings, Ekofisk parcel C12309 of
Equinor equity was said to have been deferred to September
15-17, from September 13-15, and Forties parcel F0902 to
September 8-10, from September 4-6.
Dated Brent assessment rationale: (PGA page 1297) Of the
five BFOE grades, Forties and Ekofisk were seen in the Platts
Market on Close assessment process Monday. Brent Blend,
Forties, Oseberg, Ekofisk and Troll were all assessed in line
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
with Friday in the absence of indications testing Friday’s
assessment. Forties was the most competitive grade across
the entire assessment curve August 23 to September 13.
The above commentary applies to the market data code: PCAAS00
BFOE assessment rationale: (PGA page 1297) October Cash
BFOE was assessed in line with a traded offer. November
Cash BFOE was assessed in line with a traded offer.
November was assessed in line with a November/December
EFP roll heard during the day.
The above commentary applies to the market data codes:
PCAAQ00, PCAAR00, PCARR00
CFD assessment rationale: (PGA page 1297) August 20-24
was assessed in line with an August 20-24 to August 27-31
CFD roll heard during the day. August 27-31 was assessed in
a slightly narrowed backwardation structure in sympathy
with a narrowing structure further along the curve.
September 3-7 was assessed in line with two traded bids.
September 10-14 was assessed below an outstanding offer.
September 17-21 was assessed in line with a September
10-14 to September 17-21 CFD roll heard during the day.
The above commentary applies to the market data codes:
PCAKA00, PCAKC00, PCAKE00, PCAKG00, AAGLU00, AAGLV00,
AALCZ00, AALDA00
North Sea bids/offers/trades: (PGA page 1290)
■■NORTH SEA: MOC DEAL SUMMARY: None
■■NORTH SEA: MOC OUTSTANDING INTEREST: VITOL
Offer, Forties STS Scapa Flow, 28/8 - 30/8, vessel
Drepranos, Dtd $-0.20; VITOL Offer Forties STS Scapa
Flow, 28/8 - 31/8, vessel Front Endurance, Dtd $0.10;
GUNVORSA Offer OCO 1, Forties STS Scapa Flow, 23/8 -
29/8, Vessel Rivera, Dtd $-0.40; GUNVORSA Offer OCO
2, Forties STS Scapa Flow, 28/8 - 31/8, Vessel Rivera,
Dtd $-0.25; GUNVORSA Offer OCO 3, Forties STS Scapa
Flow, 31/8 - 4/9, Vessel Rivera, Dtd $-0.15;
GLENCOREUK Offer Forties STS Scapa Flow, 23/8 -
31/8, Vessel Marbat, Dtd $-0.10; GUNVORSA Bid
Ekofisk, 4/9 - 15/9, Dtd $0.10;
■■NORTH SEA: MOC WITHDRAWN: None
21
■■BFOE CFD: MOC DEAL SUMMARY: Sep3-Sep7 Nov-1.23
x100 Vitol-Onyx; Sep3-Sep7 Nov-1.2 x100 Vitol-ChinaOil;
Sep3-Sep7 Nov-1.23 x100 Vitol-Onyx;
■■BFOE CFD: MOC OUTSTANDING INTEREST: Sep3-Sep7
(Nov) DV Trading Bid $-1.30; Sep10-Sep14 (Nov) Onyx
Commodities Limited Bid $-1.15; Sep3-Sep7 (Nov)
Mandara Bid $-1.30; Aug27-Aug31 (Oct) Gunvor Bid
$-1.00; Sep10-Sep14 (Nov) DV Trading Bid $-1.25; Sep10-
Sep14 (Nov) Mandara Bid $-1.25; Sep3-Sep7 (Nov) Vitol
Offer $-1.18; Sep10-Sep14 (Nov) Gunvor Offer $-1.10;
Sep10-Sep14 (Nov) Mandara Offer $-1.03; Sep3-Sep7
(Nov) Gunvor Offer $-1.18; Aug27-Aug31 (Oct) Gunvor
Offer $-0.75; Sep3-Sep7 (Nov) Mandara Offer $-1.15;
■■CASH BFOE: MOC DEAL SUMMARY: Oct 72.69 x100 Shell-
Glencore; Oct 72.67 x100 Gunvor-Glencore; Oct 72.69 x100
Gunvor-Glencore; Nov 72.87 x100 Glencore-Shell; Nov 72.8
x100 Vitol-Shell; ; Oct 72.63 x100 Gunvor-Glencore;
■■CASH BFOE: MOC OUTSTANDING INTEREST: Nov18
Hartree Offer $72.86;
North Sea exclusions: (PGA page 1290) No market
information was excluded from the August 13 North Sea
Market on Close assessment process.
LSSR
Market analysis: (PGA page 1598) The European low sulfur
straight run market remained well supported, traders said
Monday. “[There is] decent interest for LSSR,” one trader
said, adding there was “not too much good specification
around”. Most of the supply was coming from Italy and
Libya, with the FOB NWE differential as high as $3.75/b.
Traders also said that because refineries were seen
reducing their runs by 5%-10%, which added support to
product cracks, and with refineries switching to sweet
crude slates, demand for feedstocks for secondary units
has picked up. Looking further ahead, trader expected
demand from the US Gulf Coast for LSSR and low sulfur
vacuum gasoil to drop as gasoline cracks come off. “In
September and October, when these barrels might be
processed, gasoline cracks fall off a cliff,” a second trader
EUROPEAN MARKETSCAN August 13, 2018
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said, when discussing barrels being pulled trans-Atlantic
from Europe. Meanwhile, gasoline cargoes heading from
Northwest Europe to Canada and the US in August so far
amounted to 962,000 mt as of Monday, according to
Platts cFlow, trade flow software, with expected arrivals
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
in the third week of the month at 370,000 mt. The current
flows were evidence of the narrowing arbitrage out of
Northwest Europe to North America, sources said.
Demand for Northwest European gasoline could ease
because “the arbitrage from the Med to the US and NWE
both seem open and with freight rates low at the
moment, on paper it works”, a source said.
Straight Run 0.5-0.7%S FOB NWE cargo assessment
rationale: (PGA page 1584) The FOB Northwest European
low sulfur straight run cargo assessment was based on
the following inputs: The LSSR FOB NWE differential was
assessed at a $4.00/b discount to ICE October Brent
22
crude futures. The outright LSSR price was derived using
the dollars per barrel to metric ton conversion factor of
6.77 for LSSR. No bids or offers were reported in the
Platts Market on Close assessment process.
The above commentary applies to the market data code:
PKABA00
LSSR Cargo bids/offers/trades: (PGA page 1585)
■■LSSR CARGO MOC: DEAL SUMMARY: No deals.
■■LSSR CARGO MOC: OUTSTANDING INTEREST: None.
LSSR Cargo exclusions: (PGA page 1585) No market data was
excluded from the August 13 assessment process.