OILGRAM PRICE REPORT
Volume 96 / Number 149 / August 6, 2018 / Prices effective August 3, 2018
OPEC output surges on Saudi crude boost
London—Saudi Arabia pumped close to its all-time high in July and several of its OPEC brethren posted
their largest output figures in more than a year and a half, as the bloc appears to be following through on its
agreement to unleash more barrels on the market.
■■Iran falls to 3.72 mil b/d as buyers unwind purchases
■■Venezuela continues freefall to 1.24 mil b/d
OPEC produced 32.66 million b/d in July, a 340,000 b/d
rise from June, including newest member the Republic of
Congo, according to the latest S&P Global Platts survey of
industry officials, analysts and shipping data.
Saudi Arabia, OPEC’s largest member, produced 10.63
million b/d, the kingdom’s highest since August 2016, when
it produced its record 10.66 million b/d, according to Platts
survey archives.
After the survey was published, however, a Saudi
Crude futures fall on higher OPEC supply, US-China trade spat
New York—Crude futures fell Friday on rising OPEC and
Russian output and concerns that a trade dispute between
the US and China will affect demand.
October ICE Brent settled 24 cents lower at $73.21/b,
while September NYMEX crude settled 47 cents lower
at $68.49/b.
OPEC produced 32.66 million b/d in July, up 340,000 b/d
from June, according to an S&P Global Platts survey Friday,
as increases from Saudi Arabia, Kuwait, Iraq, Algeria and
the UAE offset declines from Libya and Venezuela.
Russia’s crude output climbed nearly 150,000 b/d in
July, the energy minister said Thursday, largely in line with
Moscow’s late-June agreement with OPEC. Russian output
is now just 15,000 b/d below the record high of 11.23 million
www.platts.com
Inside this issue
Market analysis
International crude: Forties flip to discount vs Brent 2
Americas crude: CNR shuts in heavy oil output 4
Gasoline: US to weaken as supply grows 5
source said the kingdom produced less crude in July and Diesel: US Gulf Coast rallies to high 7
supplied 10.38 million b/d to the market. Gasoil: US backwardation deepens 7
Jet: Singapore regrade lower, exports brisk 8
The country produced 10.29 million b/d in July, the
Resid: Singapore stocks drop to nine-year low 16
source said, down from a self-reported figure of 10.49 Feedstocks: US sour VGO rallies to $13/b over crude 17
million b/d for June. The new figure indicates that Saudi Gas liquids: Asia propane more economic than naphtha 18
Tankers: Typhoon shuts eastern China ports 18
Arabia may have pulled barrels out of storage to supply the
market with more crude than it produced. News
OPEC is set to reveal its July production figures in its South Korea finds US crude cheaper than Russian grades 19
closely watched monthly oil market report August 13. China’s CAO to focus on core business amid trade tensions 31
Heatwave forces European refiners to cut runs 31
According to Platts’ survey, Saudi Arabia’s Gulf allies
Brazil’s Petrobras to install three new FPSOs in third quarter 32
Kuwait and the UAE pushed their output to their most Refinery updates 33
(continued on page 32)
b/d set in October 2016.
FORCADOS COULD GET BUMP FROM NARROWER EFS
($/b) Forcados Brent-Dubai EFS
“Rising Saudi Arabian and Russian oil supply, coupled
5
with concerns about demand due to the further escalating
trade conflict between the US and China, the two largest 4
oil consumer countries, is weighing on the [Brent] price,” 3
Commerzbank analysts said in a note Friday.
Weekly rig data reported by Baker Hughes Friday did 2
little to move the market. US rigs fell by four to 1,044 this 1
week, while the Permian oil rig count was unchanged at
0
479. The Permian count has lingered between 473 and
479 since the end of May, reflecting a slowdown in activity -1
Aug-16 Feb-17 Aug-17 Feb-18 Aug-18
on tight pipeline takeaway capacity, and suggesting
production growth will slow. Note: Platts Brent-Dubai at London MOC m1,
Forcados differential to Dated Brent Strip
(continued on page 33) Source: S&P Global Platts
Oilgram Price Report Prices effective August 3, 2018
Market analysis
International crude
Forties flip to discount vs Brent
New signs of an arbitrage east emerged in the North Sea
crude market Friday, with a VLCC reportedly booked for a late
August voyage east, as Forties sank to a discount to Brent.
Forties fell to a 16 cents/b discount to Brent, down 79
cents/b on the day.
Shipbrokers linked Totsa with the Athenian Freedom
VLCC for an August 23-26 voyage from the North Sea to
South Korea at a $4.2 million lump sum. Total could not be
reached for comment.
In the derivatives market, Brent Contracts for Difference
flattened over late August-early September dates.
August 20-24 to September 3-7 CFDs traded at parity,
compared with a 15 cents/b contango Thursday afternoon,
while the rest of the curve remained in a contango.
Market participants said North Sea’s sweet grades were
trading at a slow pace, while distillates rich grades were heard
to be faring better, in light of healthy distillates cracks.
“Sweet seems very slow to move so far,” a source said.
Another source reported healthy and steady appetite
for Norway’s Grane crude.
“Urals is not plentiful, Iranian sanctions kicking in and
the fuel oil and distillates cracks being excellent means that
Grane has value,” the trader said, reporting abundant
supplies of light crude, together with rising imports of US
crude and a meager gasoline crack relative to distillates. “
A source pegged September arrivals around one
Aframax per day.
“June exports were by far the highest, although most is
destined for Asia.”
An estimated 6.4 million barrels of Ekofisk crude loaded
out of the UK’s Tees terminal over the course of July,
according to S&P Global Platts trade flow software cFlow.
All barrels leaving Tees in July remained in Europe, with
increased volumes heading to the Mediterranean on the
back of Libyan export outages.
The force majeure on Libyan exports in June saw
Mediterranean refiners seek alternative sources of supplies
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
FORTIES DIFFERENTIAL TO DATED BRENT FALLS HARD
($/b)
1.0
0.5
0.0
-0.5
-1.0
Feb-18 Apr-18 Jun-18
Note: Forties differential to Dated Brent falls hard
Source: S&P Global Platts
from the North Sea.
Two Aframaxes left Tees for Italy and Spain, respectively
in early July, while a third Aframax followed mid-July and
was taken into an Italian short.
Only one Aframax – amounting to 9% of total July
loadings – was absorbed into the UK, compared with
30-50% of volumes in previous months.
However, a large portion of the July program is yet to
discharge, according to cFlow. Indeed, an estimated 53%
of July Ekofisk loadings remained on vessels anchored
off UK coasts Friday.
CPC Blend’s Aug loading program lower
Kazakhstan’s CPC Blend’s differential decreased just as the
grade’s loading program is set to decrease in August.
An August-loading Aframax of CPC Blend was heard at
minus $1.95-$1.75/b to Dated Brent.
Suezmaxes were heard to be 15 cents/b lower.
BP hit an OMV bid for an August 24-28 loading CPC
Blend cargo basis CIF Augusta in the Platts Market on Close
assessment process at Dated Brent minus $1.95/b.
The final August loading program for CPC Blend is
currently scheduled to be 4,624,550 mt, down 67,000 mt
from a preliminary schedule mid-July, according to a copy
of the schedule seen by S&P Global Platts Friday.
Average daily loadings in August are now set to come in
2
Data inside this issue
Product price assessments
Asia 9
China 9
Fujairah 9
Arab Gulf 9
Indonesia 9
Asia product premium/discount assessments 9
Platts Index 9
European bulk 10
West Africa products 10
European feedstocks and blendstocks 10
Aug-18
New York/Boston 11
USAC CPL Linden 11
U.S. Buckeye pipeline 12
Chicago pipeline 12
Group Three 12
Atlantic resid/contract cargoes posted prices 12
Shale Value Chain assessments 12
U.S. Gulf Coast 13
West Coast pipeline 14
West Coast waterborne 14
U.S. Gulf Coast Supplemental Summer 14
U.S. Gulf Coast pipeline cycles 14
U.S. Gulf Coast Pipeline Cycles Supplemental 14
Latin America 15
Caribbean cargoes 15
Caribbean product postings 15
Gas liquids 15
Weekly asphalt cement assessments 16
Crude price assessments
Asia Pacific/Middle East spot crude assessments 20
International 21
Asia 21
North Sea
West Africa
21
21
London 22
Mediterranean 22
Canada 22
Platts Euro denominated crude oil assessments 22
United States 23
US domestic crude assessments London close 23
US crude assessments Singapore close 23
Canadian spot crude assessments 24
Crude oil postings 24
Latin America crude 24
Daily OPEC basket price 24
Spot tanker rates 25
Platts futures assessments Singapore MOC 25
Platts futures assessments 25
Futures settlements 26
Five-Day Rolling Averages 27
US wholesale posted prices effective Aug 3 28
Commitments of traders as of Jul 31 30
Oilgram Price Report Prices effective August 3, 2018
at 1,163,596 b/d, down 16,859 b/d from the 1,180,455 b/d
expected in the provisional schedule.
The August program has 18 Suezmaxes scheduled,
down one cargo from the preliminary program, and 25
Aframaxes, an increase of one.
Looking at other grades in the Mediterranean light
crude complex, Libya’s Mellitah was heard to be in good
supply. “Libya’s just pumping oil at the moment,” one trader
said. The grade, which has an API of about 43, was being
marketed near its OSP value, around minus $1.65-$1.70/b to
Dated Brent basis FOB, putting it within range of CPC, the
same trader said.
Also in Libya, ships were heard to be loading
El-Sharara crude.
The grade is officially still under force majeure, but
unofficially vessels were said to have been successfully
taken into the port Friday.
The increase in Libyan output was not only putting
pressure on CPC but other grades in the region like Saharan
Blend, said sources, with levels heard around Dated Brent
minus 50 cents/b on an FOB basis.
From a refinery perspective, margins were heard to be
good around Europe, but sour grades were heard to be
popular among European refiners due to the strength in
fuel oil markets.
Urals weaker under competitive offers
Urals in Northwest Europe Russia’s Urals prices continued
to drop, sinking around 30-40 cents/b from trades seen in
earlier in the week.
Traders said refineries in the Mediterranean had a wide
selection of crudes being offered on the sour end of the
barrel, including unsold Aframaxes and Suezmaxes of Urals,
Iraq’s Basrah Light, as well as some US crudes like Mars.
With refinery margins favoring sour crudes, sellers had
originally anticipated increased demand and higher values,
but as a result of the more than ample availability, the market
had been relatively flat and trending weaker, said sources.
Levels for Basrah Light were heard trading at a discount
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
of 40-30 cents/b versus its August official selling prices.
Sources said additional Basrah volumes were expected
to be offered into the region during the month, as
production volumes had grown, while similarly the Urals
program loading out of Novorossiisk in August had seen
higher volumes, particularly among Suezmaxes, with nine
scheduled for the month.
These higher exports followed the lifting of the
production cap by OPEC and non-OPEC countries in June.
In Northwest Europe, the market was mainly traded
out to the third decade, although recent sales had
dropped from highs near Dated Brent minus $1.20/b seen
earlier in the week.
This came as major buyers such as Unipec and Total
had stepped back in recent sessions, with Total seen
offering a 100,000 mt cargo, basis CFR Rotterdam, loading
August 24-28 in the MOC Friday.
Gunvor bought the cargo from Total at Dated Brent
minus $1.60/b.
Litasco was also offering a 100,000 mt Urals cargo,
basis CFR Rotterdam, loading August 20-24, down to
Dated Brent minus $1.45/b, which was left outstanding at
the end of the MOC.
ESPO could fall after Aramco cuts OSPs
The market in Asia was digesting Saudi Aramco decreasing
its OSPs for September.
Aramco dropped the OSPs by 40-70 cents/b for all its
crude grades, according to a company notice seen by S&P
Global Platts.
“With Saudi OSPs [cuts], I would expect unsold ESPO to
be trading down to Dubai plus $1.50s/b to $1.70s/b level,” a
market source said.
Far East Russian ESPO crude barrels have been seeing
downward pressure on premiums due to a relatively
expensive underlying Dubai basis.
Dubai crude and the grades linked to it are perceived as
relatively expensive to Brent-linked barrels due to a
narrowing Brent/Dubai Exchange of Futures for Swaps
3
spread, traders said.
The September Brent/Dubai EFS value as of 4:30
pm Singapore time (0830 GMT) ended the month down
$2.45/b from $3.67/b on July 2 to $1.22/b as of July 31,
Platts data showed.
The first trading day of August saw October EFS
pegged at $1.99/b at the Singapore close of trading,
which then quickly whittled down to $1.62/b the same
time on August 2. As of 0700 GMT Friday, the October EFS
was pegged at $1.79/b.
China independents increase July imports
Crude oil imports by China’s independent refineries in
eastern Shandong province, as well as Hebei Xinhai
Chemical and Henan Fengli Petrochemical, rebounded
by 27.3% from a 20-month low in June to around 7.36
million mt in July, or 1.74 million b/d, according to a
monthly survey by S&P Global Platts.
Imports were also 5.6% higher year on year.
The rebound was broadly within market participants’
expectations, as imports in June were affected by restrictions
on port operations because of the Shanghai Summit.
Over January-July, total imports by the surveyed
refineries rose marginally by 1.7% to 57.23 million mt,
Platts data showed.
The total crude import volume in July included parcels
that arrived at and completed discharge operations at the
ports in Shandong and Tianjin in the month, as well as
cargoes that have arrived over the past months, but only
completed offloading in July.
Apart from those that have completed discharge
operations, another 1.94 million mt of crude onboard 19
vessels were still waiting outside port limits as of July 31. In
comparison, there is usually around 2 million mt of crude
waiting to be discharged towards the end of the month.
Cargoes waiting outside port limits as of July 31
included Qingyuan Petrochemical’s 258,000 mt of Cabinda
crude and 130,000 mt of Plutoino crude, which had arrived
at the ports in mid and end May. The 130,000 mt cargo of
Oilgram Price Report Prices effective August 3, 2018
Plutoino crude onboard Mercury Hope has since been
discharged on August 1.
Despite higher crude imports, feedstock inventories at
major ports in Shandong fell 13% from the record high in
June to 4.71 million mt as of July 26, data from Chinese
information provider JLC showed.
Major ports in Shandong refer to Qingdao, Dongjiakou,
Longkou, Laizhou, Rizhao, Dongying and Yantai.
Around 408,000 mt of crude was received by two
trading companies – Vitol and PetroChina’s trading arms
that supply to independent refineries – down from 466,000
mt imported by three trading companies in June.
The number of companies taking in crude last month
fell to 21, compared with 24 in June, for a total of 25 crude
grades compared with 23 grades in June.
In July, 19 independent refineries which hold crude
quotas – including Hebei Xinhai Chemical and Henan Fengli
Petrochemical – received 6.95 million mt of imported crude,
compared with 5.31 million mt by 21 independent refineries
in June, Platts data showed.
Some of this volume received by the refineries can
be resold to other independent refineries, including non-
quota holders.
Qirun, Chambroad run out of quotas
As of end-July, crude imports by Qirun Petrochemical and
Chambroad Petrochemicals have surpassed each of their
import quota allocations.
Qirun has imported around 2.25 million mt of crude over
January-July, about 47,000 mt above its allocation.
Chambroad has imported about 14,000 mt above its
allocation of 3.31 million mt, and its total imports over
January-July was about 107% higher year on year.
In addition to those that have already run out of quotas,
another two refineries are likely to run out of quotas soon,
based on their current monthly imports.
The two are Luqing Petrochemical and Hongrun
Petrochemical, with around 416,000 mt and 405,000 mt of
quotas left as of end-July, respectively.
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Malaysian premiums maintained
In Asia’s sweet market Friday Malaysia’s September
program began to clear at relatively firm premiums.
ConocoPhillips was heard to have sold via tender a
Kikeh crude cargo for loading over September to an oil
major at a premium of around $3.90/b to Platts Dated
Brent on an FOB basis.
Loading dates were unclear, though traders said the
cargo was a cross-month one and that the value for
September-loading Malaysian crude oil basket grades
should be around a premium of $3.50-$3.75/b to Dated
Brent crude assessments on an FOB basis.
Earlier trades of Malaysian basket crudes saw Labuan
being traded at a premium of around $4/b to Platts Dated
Brent assessments and Miri at a premium of around
$3.50/b to Platts Dated Brent, both on an FOB basis.
Premiums for MCOs have remained resilient despite
what several traders have said were aggressive offers for
US crudes delivered to Asia.
WTI Midland for delivery to Asia have been heard offered
at a premium of around $1/b to Platts Dated Brent crude
assessments on a delivered basis, with CPC Taiwan and
another Southeast Asian end-user among those who have
picked up cargoes recently.
Elsewhere, Malaysia’s Petronas was heard to have sold
its Bergading condensate cargo for loading over September
21-30 to a regional end-user at a discount of around $1.25/b
to Platts Dated Brent crude assessments on an FOB basis.
New Indonesia CP formula
Also, in the sweet market, traders were discussing the
recent changes to the Indonesian Crude Price formula.
Indonesia’s Ministry of Energy and Mineral Resources has
set the Indonesian Crude Price for Minas grade lifted in July
at $72.05/b, up $1.32/b from June, according to the monthly
selling price notice seen by S&P Global Platts Friday.
Indonesia’s Ministry of Energy and Mineral Resources
implemented a revision to its Indonesian Crude Price
formula from July 1, 2018 in a bid to better reflect the
4
market value of the country’s flagship crude oil grades, a
senior official said Thursday.
The formula, which will be implemented retroactively
from July for a year, has now been revised to reflect Platts
Dated Brent plus/minus an alpha, from Platts Dated Brent
plus an alpha previously, the official said.
According to the ministry’s regulation on the new ICP
formula issued July 30, 2018, Dated Brent is calculated based
on the monthly average of the Platts benchmark price.
The alpha is calculated based on the published
outright assessments of the Indonesian crude grades’
during the current month, or the average of published
prices for two months consisting of the previous month
and the current month.
The alpha will also consider the quality of the crude
grades, trends in international crude prices and national
energy security, according to the statement.
With Dated Brent in July at $74.35/b and the outright
ICP for Minas set at $72.05/b, the alpha for the month is
equivalent to minus $2.30/b.
Indonesia settles its monthly ICPs retroactively.
A day after Pertamina canceled its condensate tender, the
company issued a sweet crude tender for 10 million barrels
delivered in several cargoes over November and December.
Americas crude
CNR shuts in heavy oil output
Oil and gas producer Canadian Natural Resources has
shut in 2,900 b/d of heavy oil output in Alberta, as the
benchmark Western Canadian Select grade continues
to face deep discounts to WTI, company president Tim
McKay said Thursday.
A total of 7,450 b/d of output was curtailed in the
second quarter, but with the price margins improving for
the company in July, 4,550 b/d of output restarted, McKay
said in the company earnings call.
“We still continue to see a lot of volatility in the market
with differentials and those [2,900 b/d] shut-in barrels are
Oilgram Price Report Prices effective August 3, 2018
not likely to come back in the near future,” he said.
Early Thursday, CNR said in its earnings release that the
company took a proactive decision in Q2 to not sell
marginal production in the wider spot WCS differential
compared with the index WCS differential market that was
caused by pipeline apportionment issues.
The lack of pipeline takeaway capacity from Western
Canada has resulted in several producers actively
pursuing deals with railroads to move barrels on rail or
else hedging their output.
Fellow heavy oil producer Obsidian Energy said Thursday
it has secured 1,000 b/d of crude-by-rail capacity to move
its heavy barrels to markets in the second half of 2018, while
another producer, Athabasca Oil Corporation, said Wednesday
it has secured WCS differential hedges for 17,000 b/d of its oil
output in the third quarter of 2018 at $16.17/b.
CNR did not disclose any hedge positions. Rather, the
company is in talks with railroads to move barrels, McKay said.
“We have nothing on the plate now and are seeking
opportunities. Railroads are looking for three-year contracts,
but we are seeking short-term contracts,” he said.
CNR has typically not used rail to ship barrels because it
has the pipeline capacity, Executive Vice Chairman Steve
Laut said Thursday in the call.
“We did move 35,000 b/d in 2012. But now we have
nothing on our plate [in terms of new CBR contracts],”
Laut said.
WCS at Hardisty traded at WTI CMA minus $30.80/b
Thursday, the lowest in more than four years.
The differential has weakened on record inventories
and the prospect of plunging demand from Midwest
refiners as they enter turnarounds.
SCO shipment
While CNR has curtailed output for heavy oil, for its
synthetic crude oil (SCO) production the company has
identified 75,000 b/d to 90,000 b/d of new capacity,
McKay said.
“These are step-sized projects that will be carried out in
tranches of 35,000 b/d to 40,000 b/d that will start in 2020
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
and go 2021,” McKay said.
The flagship Horizon project that completed its Phase
3B expansion early in 2018, taking capacity to 250,000 b/d,
markets its SCO to refineries in the nearby Edmonton area
and to the US Midwest, Laut said.
“We will continue to focus on long-life, low decline
assets,” Laut said, adding that the first oil from the
company’s 40,000-b/d Kirby North project is targeted for
startup in Q4 2019, three months ahead of schedule.
CNR’s Q2 2018 output of SCO was 407,704 b/d, down
from 431,756 b/d in the same quarter in 2017.
The decrease was due to a major planned turnaround
last quarter, the company said.
Colombia to load 1.5 million barrels
Colombia was scheduled to load 1.5 million barrels of
Vasconia crude and 1.5 million barrels of Castilla Blend
out of the port of Covenas between Friday and Tuesday, a
loading program showed Friday.
Ecopetrol, Cepsa and Trafigura were lined up to load
one Aframax-sized vessel each of medium-sour Vasconia ,
according to the program.
Meanwhile, Ecopetrol the only producer of Castilla Blend
was expected to load one VLCC-sized cargo and one
Aframax with such grade next week.
The Colombian oil producer was also scheduled to load
500,000 barrels of Brazilian Lula crude this weekend.
So far this year, Colombia has also imported US crudes
such as Thunder Horse, Mars, LLS; Canada’s Hibernia;
Russia’s Varandey, among others.
Separately, Canada-based Parex Resources awarded
500,000 barrels of Vasconia for September delivery to an
undisclosed trading company, according to market sources.
According to multiple sources the deal was done at a
$5.50/b discount to ICE Brent.
Platts assessed the differential for Vasconia at that
level, which is up 35 cents/b to Platts Latin Brent Strip
from Thursday.
A narrower spread between ICE Brent and NYMEX WTI
5
was seen as supportive for higher Colombian crude prices
starting August.
The spread between both crude benchmark narrowed
to $4.76/ Friday, according to S&P Global Platts data.
The average spread has been $5.42 so far this year.
Gasoline
US to weaken as supply grows
Unplanned turnarounds in key production areas and
untenable arbitrages have tightened prompt US gasoline
markets this summer, a trend that should soon end
as output ramps up to capitalize on the final days of
summer margins.
US gasoline strength has been most evident this week
in the New York Harbor, where barge-delivered cash RBOB
climbed to NYMEX September RBOB plus 6.75 cents/gal in
Friday trading, up 1.25 cents/gal from the previous
assessment.
“It is ripping,” a market source said.
Regional traders have attributed the strength to poor
arbitrages keeping supply low.
While July gasoline imports into the US Atlantic
Coast reached a 2018 high of 15.37 million barrels,
market sources said shipments have slowed
considerably for August.
Sources also said barrels were being taken off Colonial
Pipeline in the US Southeast instead of making their way up
to the New York Harbor, further tightening supply.
The arbitrage up the line has been unappealing all
summer. Value of space on the gasoline-only Line 1 has
been below minus 1 cent/gal since July 19 and has not been
in positive territory since April.
“The Gulf Coast does not pay, Chicago is high and no
imports all adds to this,” a second source said.
The arbitrage to send CBOB from the Gulf Coast to
Chicago netted shippers about 1.8 cents/gal as of Thursday,
compared to losing 0.50 cent/gal for the same product
delivered to the New York Harbor.
Oilgram Price Report Prices effective August 3, 2018
End in sight
The current low supply situation likely won’t last long,
traders have said. Most US gasoline markets are
backwardated throughout August, as refinery production
is expected to ramp up after a string on unplanned outages
over the summer.
“[Tightness in the market] has really been a persistent
issue this summer,” a third source said. “There’s been a
lot of unplanned maintenance. It?s just been one thing
after another.”
Refineries from Utah to Texas experienced unplanned
upsets in June and July, frequently sending regional spot
prices higher.
US Energy Information Administration data showed US
refineries ran at an average of 95.2% of their total capacity,
up 0.67% from the same average last year and up 0.94%
from the prior three-year average.
In the week ended July 6, US refineries ran at 96.7% of
their total capacity, the highest July weekly figure since the
week ended July 24, 1998.
That strong output was mainly supported by the
Atlantic Coast, as Gulf Coast runs were down slightly from
last year, running at 94.6% of capacity, down from 96.3%
during the year-ago month.
“It seems everyone has their ducks in a row, so barring
any storm issues [the Gulf Coast] should crank out product
in August,” the third source said.
Backwardation takes hold
While US gasoline is always backwardated this time of year
because RVP levels switch in September to winter-grade
specifications, tight supply for prompt trading has made it
especially pronounced.
The balance-month August Gulf Coast gasoline swap as
of Friday morning was at 6.72-cent a backwardation to the
September swap.
This backwardation will likely increase as September
approaches, with the September swap differential falling if
the lack of tropical activity in the Gulf of Mexico continues.
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
The September swap typically trades at a positive to
NYMEX as a built-in hurricane premium.
In the cash market, Gulf Coast prompt CBOB traded
Friday 20 points stronger than the following cycle, while
prompt RBOB held a 50-point premium to its following cycle.
New York Harbor cash RBOB was backwardated by
about 15 points per day throughout August, according to
Friday trading.
Japan imports rare Singapore cargo
Japan has imported some gasoline from Singapore in
a rare move to tide over domestic market tightness
stemming from refinery turnarounds and outages, market
sources said this week.
The last time Japan, typically balanced on gasoline,
imported gasoline from Singapore was in June 2017, for a
40,007 kiloliter (251,540 barrels) clip, according to data from
Japan’s Ministry of Economy, Trade and Industry.
A Medium Range clean petroleum tanker carrying
up to 35,000 mt of gasoline loaded from Natural Fuels
Terminal Jetty 1 in Singapore and due to arrive in Chiba
on August 9, according to market sources and data from
S&P Global Platts cFlow.
Phillips 66 fixed the Nave Pyxis for a Singapore-Japan
voyage, loading a cargo of gasoline over July 29, at Worldscale
160 points basis 30,000 mt. Sources said that since the
tanker was expected to load up to 35,000 mt of cargo with
50% overage, the freight would equate to $13.88/mt using a
flat rate of $9.34/mt for Singapore to Chiba.
Phillips 66 declined to comment on the fixture.
This is an unusual move as Japan typically meets
its own gasoline demand with its domestic refineries,
market sources said.
Refinery turnarounds and outages have tightened the
gasoline market which bolstered domestic prices, and
encouraged imports.
“The domestic premium [in Japan] is very high, so it
makes sense to import,” a gasoline broker said.
Refiner Taiyo Oil is conducting a major turnaround at the
6
138,000 b/d Kikuma refinery in western Japan.
Both crude distillation units were shut over June 8-9,
and the maintenance is expected to last until end-August.
Cosmo Oil’s 100,000 b/d Sakai refinery also remained shut
and is due for an upgrade in 2019.
“[Any shortfall in Japanese gasoline] should be bought
from the international market, as some refineries have low
production rates or are shutting down so the domestic
market cannot cover a total loss from one refinery,” a
source with a Japanese refiner said.
Stocks of gasoline in Japan fell by 3.3% from the
previous week to stand at 9.33 million barrels in the week
ended July 28, data from the Petroleum Association of
Japan showed. This was down 15% from a year ago.
NWE supply tight
The European gasoline market remained strong, as
tightness in the Northwest kept prices elevated.
In the paper market, the September Eurobob crack
swap rose 30 cents/b to $10.40/b at the market close.
“Euro grade [gasoline] has been really tight for the past
few weeks,” a source said.
The heat in the region could affect refiners and this,
alongside an increase in West African demand Friday,
were the latest factors contributing to the higher gasoline
prices in NWE.
Refineries needed to cool their crude distillation
columns amid very high temperatures in the region and
some had reduced output in order to cope with the heat,
although the measures appeared to be temporary and had
not been widespread, said sources.
“Some refineries might have to reduce capacity by
1%-2%,” a source said, but that would have “very little
impact on refinery output.”
Gasoline inventories were up slightly in the Amsterdam-
Rotterdam-Antwerp hub, increasing by 3.1% to 970,000 mt
(8.2 million barrels) in the week to Thursday, according to
data from PJK International.
Northern European gasoline saw further demand Friday,
Oilgram Price Report Prices effective August 3, 2018
following some renewed buying interest from West Africa
after a slow week of demand from the region.
Three ships – the Vela, the UACC Eagle and the Mare
di Genova – were heard put on subjects Friday for trips to
West Africa.
The Vela, carrying 37,000 mt of gasoline and the UACC
Eagle, carrying 60,000 mt, were put on subjects by Vitol,
heading to West Africa from Ventspils, Latvia, and the
Baltic respectively.
The Mare di Genova was taken by Mercuria carrying
37,000 mt of gasoline going ARA-WAF.
Diesel
US Gulf Coast rallies to high
US Gulf Coast ultra low sulfur diesel has spiked this week to
its strongest point in months, fueled by strong oil prices and
export demand into Latin America, market sources said.
S&P Global Platts assessed the market Thursday
at the September NYMEX ULSD futures contract minus
3.70 cents/gal. It was traded as high as minus 3.60
cents/gal during the Platts Market on Close assessment
process, but an offer was left standing at minus 3.65
cents/gal.
The market was holding steady Friday morning, with bids
at minus 3.75 cents/gal and offers at minus 3.65 cents/gal.
The latest assessment is the strongest the market has
been since May 18. The market has shot up the past two
days, rising 75 points/gal.
That is the largest two-day spike since May 8 and the
third-highest two-day jump since January.
Both domestic and foreign demand are driving the rally,
market sources said.
Demand in the Gulf Coast and Midwest has been
bolstered by the strong price of oil, as diesel is used for
trucking, pumps and in hydraulic fracturing fluid. There were
480 Permian oil rigs and 80 Eagle Ford oil rigs the week
ending July 27, according to latest Baker Hughes rig count.
Compared with the previous year, those are up 101 rigs
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
and four rigs, respectively.
The oil boom has helped Midwest demand in the
Great Plains states, such as the Dakotas, Wyoming,
and Oklahoma.
Group 3 ULSD is at its second-highest point of the year
while Chicago ULSD is at a yearly high. The Gulf Coast
arbitrage into both regions is open, according to Platts data,
which has helped lift the USGC price and has led to a freeze
and allocation on the Explorer pipeline.
That domestic diesel hunger is displayed in low stockpiles.
ULSD stockpiles are down more than 20 million
barrels year on year, according to the latest US Energy
Information Administration data. There were 112.117
million barrels stockpiled for the week ending July 27,
according to the report released Wednesday. While
that is a weekly build of 2.936 million barrels, it is
down 20.154 million barrels from about the same
point last year.
Compounding the demand is renewed export appetite
from Latin America, source said.
Sources were split on whether a ULSD rally in Singapore
this week was helping to lift USGC differentials. FOB
Singapore 10 ppm sulfur gasoil differential jumped to a
premium of 21 cents/b to the Mean of Platts Singapore
Gasoil assessment at the close of Asian trade Thursday, its
highest point since June 1. Some market sources have said
the Singapore rally could cut off the flows of far east ULSD
into Latin America.
“The Far East sent some oil to Latin America that
backed some exports into the USGC last [third of] July and
first [third of] August, and now we are seeing some of that
demand come back,” a ULSD trader said.
Others said, due the transit time from the Far East into
Latin America, the Singapore rally should not impact
prompt prices.
“It’s more than a 30-day voyage [from the Far East] to
the closest part of Latin America,” a second ULSD source
said. “The Singapore rally [started] Monday, I don’t think
that’s why we rallied. It’s likely driven by ongoing strong
domestic demand.”
7
Singapore stocks lower
After eight weeks of builds in middle distillate inventories,
stocks in Singapore have finally begun to draw.
Onshore commercial stocks of middle distillates –
which include gasoil, jet fuel and kerosene – in the main
trading hub of Singapore fell 8.8% to 9.9 million barrels for
the week ending August 1, according to IE Singapore data.
In tenders, India’s Nayara Energy has sold up to
70,000 mt of 500 ppm sulfur gasoil at between a discount
of 20 cents/b to parity to the August average of the Mean
of Platts Arab Gulf Gasoil assessments, FOB.
Trade sources said that Aramco Trading Corp. was
awarded the tender, but this could not be confirmed.
The cargo is to load over August 27-31 from Vadinar and
is Nayara Energy’s last for August. The refiner has sold five
spot gasoil parcels, totaling up to 345,000 mt, for loading in
August via tenders.
Gasoil
US backwardation deepens
The Gulf Coast high sulfur heating oil market fell slightly
Friday on the move to the 44th Colonial Pipeline cycle
but remained unseasonably strong, and swap activity
deepened the backwardation.
S&P Global Platts assessed Gulf Coast high sulfur
heating oil at NYMEX September ULSD futures minus 14.50
cents/gal, down 25 points/gal. The market was quiet, with
an offer heard at minus 14 cents/gal.
Values weakened slightly on backwardation in
the market, but swap trading Friday showed the
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Oilgram Price Report Prices effective August 3, 2018

backwardation steepening.
Three August 2018 Gulf Coast high sulfur heating
oil swaps traded at minus 16.25 cents/gal, indicating a
backwardation of about 75 points/gal per cycle through
the end of the month.
Prompt values have risen due to low supply, with US and
Gulf Coast supply of distillate fuel with more than 500 ppm
sulfur at all-time lows according to EIA data.
In the US Atlantic Coast, values for ultra low sulfur
heating oil rose Friday as the Renewable Volume Obligation
hovered near 3 cents/gal.
ULSHO delivered off the Colonial Pipeline in Linden, New
Jersey, was assessed at minus 2.75 cents/gal, up 75 points/
gal on the day. Barges moved up in tandem, assessed at
minus 3 cents/gal.
Values came in as RVO was assessed at 3.01 cents/
gal, down from 3.07 cents/gal. ULSHO is the same as
ULSD but has no renewable fuel blending obligation
associated with its value since it is not used as
transportation fuel, so its discount to ULSD tends to
track with RVO values.
In the Med, the cargo market was supported by healthy
demand in North Africa as spot buying interest remained
weak in the Amsterdam-Rotterdam-Antwerp hub amid
rising freight costs for barges.
CIF Mediterranean 0.1% gasoil cargoes were assessed
at a $2.50/mt premium over the front-month LSGO contract
Friday, down from $2.75/mt Thursday.
Despite the decrease, differentials were at a nearly two-
month high.
“It seems that for August the main demand for 0.1%
gasoil is into Algeria...Egypt and Libya are OK, taking some
volumes,” a trader said.
“The Med [gasoil market] is a little bit strong and since
the West African gasoil market is rather weak at the
moment, some gasoil is blended in the North of Europe for
sale on an “as-is” density basis in the Mediterranean
instead,” he added.
The arbitrage from Northwest Europe to the
Mediterranean is only open for heavier gasoil to be sold to
Egypt or Libya on a “as-is” basis, a trader said.
Jet
Singapore regrade lower, exports brisk
Jet fuel continued moving out of Asia and the Middle East,
helping to limit some of the downside risk in the region
where surplus barrels continued to weigh on the market.
The Singapore jet to gasoil regrade shed another 15
cents/b Friday to minus 35 cents/b, continuing a trend
lower that began in mid-May.
In the export market, Aramco Trading is moving 60,000
mt of jet fuel from the Persian Gulf to the UK Continent for
August 14 loading at a lumpsum freight rate of $1.5 million
onboard the Cielo Di Rotterdam, shipping data showed.
(continued on page 16)

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Oilgram Price Report Prices effective August 3, 2018
Product Price Assessments
Asia, Aug 3
Mid Change
Singapore (PGA page 2002)
($/barrel)
Naphtha PAAAP00 72.74–72.78 72.760 +0.300
Jet kerosene PJABF00 86.38–86.42 86.400 +0.930
Gasoil POABC00 86.73–86.77 86.750 +1.080
Gasoil 10 ppm AAOVC00 86.73–86.77 86.750 +1.080
Gasoil 50 ppm AAPPF00 86.17–86.21 86.190 +1.080
Gasoil 0.05% S AAFEX00 85.36–85.40 85.380 +1.180
Gasoil 0.25% S AACUE00 85.11–85.15 85.130 +1.150
Gasoil 50 ppm disc/prem AAPPH00 -0.38–-0.34 -0.360 -0.010
Mogas 92 unl PGAEY00 80.74–80.78 80.760 +0.740
Mogas 95 unl PGAEZ00 83.00–83.04 83.020 +1.020
Mogas 97 unl PGAMS00 84.66–84.70 84.680 +1.080
CFR Naphtha AAOVF00 71.540 +0.490
Naphtha pap. (bal month) AAPLD00 71.63–71.67 71.650 +0.500
Naphtha pap. (Sep) PAAAQ00 70.78–70.82 70.800 +0.550
Naphtha pap. (Oct) PAAAR00 70.33–70.37 70.350 +0.600
Kerosene pap. (bal month) AAPLE00 86.32–86.36 86.340 +0.940
Kerosene pap. (Sep) PJABS00 86.31–86.35 86.330 +1.000
Kerosene pap. (Oct) PJABT00 86.28–86.32 86.300 +1.000
Gasoil pap. (bal month) AAPLF00 86.58–86.62 86.600 +1.090
Gasoil pap. (Sep) POAFC00 86.43–86.47 86.450 +1.100
Gasoil pap. (Oct) POAFG00 86.23–86.27 86.250 +1.070
($/mt)
FO 180 CST 2% PUAXS00 463.83–463.87 463.850 -0.530
HSFO 180 CST PUADV00 453.62–453.66 453.640 -0.520
180 CST disc/premium AAGZF00 5.73–5.77 5.750 -0.250
China, Aug 3 (PGA page 2010)
($/mt) Mid Change
South China FOB
Unl 90 RON AAICU00 680.25–684.25 682.250 +6.250
Unl 93 RON AAICW00 688.75–692.75 690.750 +6.250
South China, C&F
Jet kerosene PJABQ00 686.50–690.50 688.500 +6.750
Gasoil 0.2% AALEK00 635.25–639.25 637.250 +9.000
Gasoil POAFA00 647.00–651.00 649.000 +8.500
Hong Kong
Fuel oil 180 CST PUACC00 477.00–478.00 477.500 -13.500
Fuel oil 380 CST PUAER00 469.00–470.00 469.500 -12.500
Fujairah, FOB, Aug 3 (PGA page 2018)
($/barrel) Mid Change
Gasoline 95 unleaded AFUJA00 83.810 +0.410
Kerosene AFUJF00 85.610 +0.940
Gasoil 10 ppm AFUJP00 85.740 +1.110
Gasoil AFUJK00 85.740 +1.110
($/mt)
HSFO 380 CST AFUJQ00 443.580
+0.530
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Mid Change
Singapore (continued)(PGA pages 2002 & 2655)
($/mt)
HSFO 380 CST PPXDK00 446.42–446.46 446.440 -0.630
HSFO 180 CST pap. (bal month) AAPML00 450.23–450.27 450.250 -0.250
HSFO 180 CST pap. (Sep) PUAXZ00 442.48–442.52 442.500 +0.250
HSFO 180 CST pap. (Oct) PUAYF00 437.83–437.87 437.850 +0.200
MTBE PHALF00 756.50–758.50 757.500 +7.000
C&F Japan (PGA page 2006)
($/barrel)
Jet kerosene PJAAN00 87.02–87.06 87.040 +0.820
Mogas unl PGACW00 82.59–82.63 82.610 +0.710
Gasoil POABF00 87.02–87.06 87.040 +1.120
($/mt)
Naphtha PAAAD00 656.25–661.75 659.000 +4.250
Nph 2nd 1/2 Sep PAAAE00 666.50–667.00 666.750 +3.750
Nph 1st 1/2 Oct PAAAF00 661.25–661.75 661.500 +4.000
Nph 2nd 1/2 Oct PAAAG00 656.25–656.75 656.500 +4.500
HSFO 180 CST PUACJ00 464.64–464.68 464.660 -0.160
FOB Japan
($/barrel)
Gasoil POJAP00 93.924 +0.346
C+F Australia (PGA page 2004)
($/barrel)
Mogas 92 unl AACZF00 84.84–84.88 84.860 +0.650
Mogas 95 unl AACZH00 87.10–87.14 87.120 +0.930
Jet kerosene AAFIY00 90.51–90.55 90.530 +0.840
Gasoil 10 ppm AAQUD00 91.11–91.15 91.130 +0.990
Arab Gulf, FOB, Aug 3 (PGA page 2004)
($/mt) Mid Change
Naphtha PAAAA00 633.63–639.13 636.380 +4.460
Naphtha LR2 AAIDA00 635.97–641.47 638.720 +4.350
HSFO 180 CST PUABE00 442.25–442.29 442.270 -0.520
HSFO 380 CST AAIDC00 435.05–435.09 435.070 -0.630
($/barrel)
95 RON unleaded AAICY00 80.46–80.50 80.480 +1.050
92 RON unleaded AAGJA00 78.220 +0.770
Kerosene PJAAA00 84.75–84.79 84.770 +0.940
Kerosene LR2 AAKNZ00 84.84–84.88 84.860 +0.940
Gasoil 10 ppm AAIDT00 85.00–85.04 85.020 +1.090
Gasoil 0.05% S AAFEZ00 83.95–83.99 83.970 +1.040
Gasoil 0.25% S AACUA00 83.20–83.24 83.220 +1.040
Gasoil POAAT00 85.00–85.04 85.020 +1.090
Gasoil LR2 AAKBT00 85.09–85.13 85.110 +1.080
Indonesia, Aug 3 (PGA page 2516)
($/barrel) FOB Indonesia Mid Change
LSWR mixed/cracked PPAPU00 74.56–74.60 74.580 -0.040
Spot prem/disc
LSWR mixed/cracked AAHXR00 8.69–8.73 8.710 0.000
9
Asia product premium/discount assessments
Aug 3 Mid Change
MOP* Singapore (PGA page 2002)
($/barrel)
Jet PJACU00 0.04/0.08 0.060 -0.030
Gasoil 0.25% S AACQI00 -1.44/-1.40 -1.420 +0.060
Gasoil POAIC00 0.18/0.22 0.200 -0.010
CFR Naphtha AAOVG00 0.150 0.000
($/mt)
380 CST PPXDL00 6.37/6.41 6.390 -0.190
MOP* Arab Gulf (PGA page 2004)
($/barrel)
Jet PJACV00 0.88/0.92 0.900 -0.050
Gasoil 10 ppm AAIDU00 0.93/0.97 0.950 0.000
Gasoil 0.25% S AACUC00 -0.87/-0.83 -0.850 -0.050
Gasoil POAID00 0.93/0.97 0.950 0.000
380 CST** PPXDM00 -7.22/-7.18 -7.200 -0.110
($/mt)
HSFO 180 CST AAXJA00 15.75/16.25 16.000 +0.500
HSFO 380 CST AAXJB00 15.75/16.25 16.000 +0.500
MOP* Japan (PGA page 2006)
($/barrel)
Naphtha PAADI00 11.25/11.75 11.500 +0.500
MOP* West India (PGA page 2012)
($/mt)
Gasoline (92 RON) AARBQ00 673.500 +6.430
Gasoline (95 RON) AAQWI00 684.410 +8.710
Naphtha AAQWK00 639.480 +4.530
Jet kero AAQWM00 669.600 +7.490
Gasoil (10 ppm) AAQWO00 648.080 +8.370
Gasoil (500 ppm) AAQWQ00 623.120 +8.930
Gasoil (2500 ppm) AAQWS00 621.260 +8.710
($/barrel)
Gasoline (92 RON) AARBP00 79.240
+0.760
Gasoline (95 RON) AAQWH00 81.480
+1.040
Naphtha AAQWJ00 71.050
+0.500
Jet kero AAQWL00 84.760
+0.950
Gasoil (10 ppm) AAQWN00 85.050
+1.100
Gasoil (500 ppm) AAQWP00 83.640
+1.200
Gasoil (2500 ppm) AAQWR00 83.390
+1.170
*Mean of Platts. **=Differential to FOB Arab Gulf HSFO 180 CST.
Platts Index, Aug 3 (PGA page 115)
Change
Platts Jet Fuel Index PJGLO00 240.73
+0.360
The Platts Jet Fuel Index is calculated using daily assessments of Jet fuel spot prices in
relevant regional centers. These values are compared with average spot prices in the base
period (Index value of year 2000 = 100%) to generate a percentage figure reflecting the
overall rise or fall in markets compared to the base period.
Oilgram Price Report Prices effective August 3, 2018
Product Price Assessments
European bulk, Aug 3
($/mt) Mid Change Mid Change
(PGA page 1114)
Cargoes FOB Med basis Italy Cargoes CIF Med basis Genoa/Lavera
Prem unl 10 ppm AAWZA00 718.25–718.75 718.500 +12.750 AAWZB00 725.00–725.50 725.250 +12.750
Naphtha physical PAAAI00 625.50–626.00 625.750 +0.500 PAAAH00 634.50–635.00 634.750 +0.500
Jet av. fuel AAIDL00 680.75–681.25 681.000 +3.500 AAZBN00 692.75–693.25 693.000 +3.500
ULSD 10 ppm AAWYY00 652.25–652.75 652.500 +4.750 AAWYZ00 660.75–661.25 661.000 +4.750
Gasoil 0.1% AAVJI00 642.50–643.00 642.750 +4.250 AAVJJ00 652.50–653.00 652.750 +4.250
1% fuel oil PUAAK00 425.50–426.00 425.750 +1.000 PUAAJ00 435.00–435.50 435.250 +1.000
3.5% fuel oil PUAAZ00 420.25–420.75 420.500 +0.250 PUAAY00 430.00–430.50 430.250 +0.250
(PGA page 1110)
Cargoes FOB NWE Cargoes CIF NWE basis ARA
Gasoline 10 ppm AAXFQ00 760.50–761.00 760.750 -2.000
Naphtha swaps PAAAJ00 638.75–639.25 639.000 +1.500
Naphtha physical PAAAL00 641.25–641.75 641.500 +0.500
Jet kerosene PJAAV00 686.00–686.50 686.250 +3.500 PJAAU00 694.25–694.75 694.500 +3.500
ULSD 10 ppm AAVBF00 647.00–647.50 647.250 +4.250 AAVBG00 656.25–656.75 656.500 +4.250
Diesel 10 ppm NWE AAWZD00 648.50–649.00 648.750 +4.250 AAWZC00 658.00–658.50 658.250 +4.250
Diesel 10 ppm UK AAVBH00 658.75–659.25 659.000 +4.250
Gasoil 0.1% AAYWR00 631.00–631.50 631.250 +4.750 AAYWS00 644.00–644.50 644.250 +4.750
1% fuel oil PUAAM00 422.00–422.50 422.250 -0.750 PUAAL00 431.50–432.00 431.750 -0.750
3.5% fuel oil PUABB00 401.50–402.00 401.750 +0.750 PUABA00 414.25–414.75 414.500 +0.500
(PGA pages 1112 & 1380)
Barges FOB Rotterdam
98 RON unl AAKOD00 813.50–814.00 813.750 -2.000
Prem unl PGABM00 728.50–729.00 728.750 -2.000
Reformate AAXPM00 760.750 -2.000
Eurobob AAQZV00 733.50–734.00 733.750 -2.000
Naphtha physical PAAAM00 637.25–637.75 637.500 +0.500
Jet kerosene PJABA00 689.75–690.25 690.000 +1.750
Diesel 10 ppm* AAJUS00 650.75–651.25 651.000 +4.750
Gasoil 50 ppm AAUQC00 639.25–639.75 639.500 +4.750
Gasoil 0.1%* AAYWT00 637.50–638.00 637.750 +4.750
1% fuel oil PUAAP00 420.00–420.50 420.250 +0.500
3.5% fuel oil PUABC00 420.00–420.50 420.250 +0.500
3.5% 500 CST fuel oil PUAGN00 415.00–415.50 415.250 +0.500
380 CST PUAYW00 421.50–422.50 422.000 -5.000
*FOB Amsterdam-Rotterdam-Antwerp
West Africa products ($/mt), Aug 3
Mid Change
West Africa cargoes (PGA page 1122)
FOB NWE
Gasoline AAKUV00 697.500
+1.750
CIF West Africa
Gasoline AGNWC00 712.000
+1.750
FOB STS West Africa
Gasoil 0.3% AGNWD00 639.500
+4.750
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 10
Platts Euro denominated product assessments
Aug 3 Mid Change
Cargoes CIF NWE/basis ARA (€/mt) (PGA page 1116)
Nap phy AAQCE00 552.85–553.28 553.065 +1.192
Jet AAQCF00 598.54–598.97 598.759 +3.839
Cargoes FOB NWE (PGA page 1116)
1% AAQCG00 363.82–364.26 364.040 -0.144
Barges FOB Rotterdam (€/mt) (PGA page 1118)
Prem unl AAQCH00 628.07–628.50 628.287 -0.856
10 ppm* AAQCI00 561.04–561.47 561.255 +4.862
Gasoil 0.1%* AAYWY00 549.62–550.05 549.832 +4.847
3.50% AAQCK00 362.10–362.53 362.316 +0.930
3.50% 500 CST PUAGO00 357.79–358.22 358.005 +0.924
Mid Change
Conventional cargoes NY harbor (€¢/gal) (PGA pages 1350 & 1450)
Unleaded 87 AAPYV00 181.13–181.21 181.171 +3.211
Unleaded 89 AAPYW00 186.71–186.80 186.757 +2.306
Unleaded 93 AAPYX00 195.09–195.18 195.138 +0.949
Cargoes CIF West Africa (€/mt) (PGA page 1116)
Gasoline AANWC00 613.846 +2.352
Cargoes FOB NWE West Africa (€/mt) (PGA page 1116)
Gasoline AGNWA00 601.345 +2.335
Cargoes FOB STS West Africa (€/mt) (PGA page 1116)
Gasoil 0.3% AGNWE00 551.341 +4.849
Euro/US$ forex rate: 1.1599. 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. *FOB
Amsterdam-Rotterdam-Antwerp.
European feedstocks and blendstocks
Change
CIF Northwest Europe cargo ($/mt) (PGF page 1760)
VGO 0.5-0.6% AAHMZ00 519.00–520.00 519.500 +1.500
VGO 2% AAHND00 510.50–511.50 511.000 +1.500
FOB Northwest Europe cargo ($/mt)
VGO 0.5-0.6% AAHMX00 506.00–507.00 506.500 +1.500
VGO 2% AAHNB00 497.50–498.50 498.000 +1.500
Straight Run 0.5-0.7% PKABA00 466.00–467.00 466.500 +1.500
FOB Black Sea cargo ($/mt)
VGO 0.8% ABBAD00 508.250
+1.500
VGO 2% ABBAC00 499.750
+1.500
CIF Mediterranean cargo ($/mt)
Straight Run 0.5-0.7% AAJNT00 466.000 +1.500
VGO 0.8% ABBAB00 519.500 +1.500
VGO 2% ABBAA00 511.000 +1.500
FOB Rotterdam barge ($/mt)
MTBE* PHALA00 818.75–819.25 819.000 -10.000
VGO 0.5-0.6% AAHNF00 499.25–500.25 499.750 +4.000
VGO 2% AAHNI00 490.50–491.50 491.000 +2.000
* FOB Amsterdam-Rotterdam-Antwerp
Oilgram Price Report Prices effective August 3, 2018

Product Price Assessments

New York/Boston, Aug 3 (PGA page 152)

Mid Change Mid Change Mid Change
New York
Cargo (¢/gal) RVP Barge (¢/gal) RVP Differentials to NYMEX
Unl 87 AAMHG00 207.00–207.10 207.050 +0.740 AAMHGRV 9.0 AAMIT00 207.00–207.10 207.050 +0.740 AAMITRV 9.0
Unl 89 AAMIW00 213.00–213.10 213.050 -0.400 AAMIWRV 9.0 AAMHJ00 213.00–213.10 213.050 -0.400 AAMHJRV 9.0
Unl 93 AAMIZ00 222.00–222.10 222.050 -2.110 AAMIZRV 9.0 AAMHM00 222.00–222.10 222.050 -2.110 AAMHMRV 9.0
CBOB AAWBK00 209.50–209.60 209.550 +0.990 AAWBKRV 9.0 AAWBL00 208.25–208.35 208.300 +0.990 AAWBLRV 9.0 AANYX14 1.750 +1.250
Prem CBOB AAWLD00 233.55–233.65 233.600 -0.260 AAWLDRV 9.0 AAWLC00 232.30–232.40 232.350 -0.260 AAWLCRV 9.0
Unl RBOB AAVKS00 214.50–214.60 214.550 +0.990 AAVKSRV 9.0 AAMGV00 213.25–213.35 213.300 +0.990 AAMGVRV 9.0 AANYX15 6.750 +1.250
Prem RBOB AAVKT00 227.75–227.85 227.800 -0.260 AAVKTRV 9.0 AAMGY00 226.50–226.60 226.550 -0.260 AAMGYRV 9.0
Jet fuel PJAAW00 215.64–215.74 215.690 -0.740 ADIGA00 3.000 -0.250
LS jet kero PJABJ00 224.39–224.49 224.440 -0.490
ULS kero AAVTI00 225.39–225.49 225.440 -0.490
No. 2 POAEG00 198.64–198.74 198.690 -0.490 ADIAO00 -14.000 0.000
ULSD AATGX00 212.24–212.34 212.290 -0.290 ADIZA00 -0.400 +0.200
LS heating oil AAXPY00 206.190 -0.490 ADIAP00 -6.500 0.000
ULS heating oil AAXPX00 209.690 +0.260 ADIAQ00 -3.000 +0.750
Cargo ex-duty (¢/gal)* RVP<
Unl 87 AASAA00 202.28–202.38 202.330 +0.800 AASAARV 9.0
Unl 89 AASAB00 208.27–208.37 208.320 -0.340 AASABRV 9.0
Unl 93 AASAC00 217.26–217.36 217.310 -2.050 AASACRV 9.0
CBOB AASAD00 204.77–204.87 204.820 +1.040 AASADRV 9.0
Prem CBOB AASAE00 228.79–228.89 228.840 -0.200 AASAERV 9.0
Unl RBOB AASAF00 209.77–209.87 209.820 +1.050 AASAFRV 9.0
Prem RBOB AASAG00 223.00–223.10 223.050 -0.200 AASAGRV 9.0
($/barrel) Differential vs 1s strip ($/barrel)
No. 6 0.3% S hi pr PUAAE00 77.18–77.20 77.190 -0.480 AAUGA00 10.16–10.18 10.170
No. 6 0.3% S lo pr PUAAB00 77.18–77.20 77.190 -0.480 AAUGB00 10.16–10.18 10.170
No. 6 0.7% S max PUAAH00 69.18–69.20 69.190 -0.480 AAUGC00 2.16–2.18 2.170
No. 6 1% S max PUAAO00 67.18–67.20 67.190 -0.480 AAUGD00 0.16–0.18 0.170
No. 6 1% S max 1s strip AAUGG00 67.01–67.03 67.020 -0.330
No. 6 2.2% S max PUAAU00 65.85–65.87 65.860 -0.590 AAUGE00 -1.17–-1.15 -1.160
No. 6 3.0% S max PUAAX00 64.96–64.98 64.970 -0.660 AAUGF00 -2.06–-2.04 -2.050
No. 6 1.0% S max FOB AAWLG00 66.43–66.45 66.440 -0.480 AAWLG20 -0.59–-0.57 -0.580
Fuel oil RMG 380 AAWLF00 66.71–66.73 66.720 -0.660 AAWLF20 -0.31–-0.29 -0.300
No. 6.1 S max pap bal M AARZS00 67.14–67.16 67.150 -0.300
No. 6 1.0% S pap 1st M PUAXD00 66.00–66.10 66.050 -0.400
No. 6 1.0% S pap 2nd M PUAXF00 65.45–65.55 65.500 -0.400
No. 6 1.0% S pap qtrly PUAXG00 64.97–65.07 65.020 -0.380
*These assessments reflect gasoline cargoes sold on a delivered, ex-duty basis New York, excluding import duty and import taxes/fees.
Boston
Cargo (¢/gal)
Unl RBOB (Boston) AAVPV00 215.25–215.35 215.300 +0.990
($/barrel)
No. 6 2.2% S max (Bstn) PUAWN00 66.70–66.72 66.710 -0.590

USAC CPL Linden*, Aug 3 (PGA page 410)

(¢/gal) Mid Change Differentials to NYMEX Change Cycle RVP
Unl 87 ACXPW00 207.800
-0.260 AANYX40 1.250 0.000 ACRQWCY 39 ACRQWRV 9.0
CBOB ABXPW00 203.800
-0.260 AANYX41 -2.750 0.000 ABRQWCY 39 ABRQWRV 9.0
RBOB ADXPW00 212.400
+0.240 AANYX42 5.850
+0.500 ADRQWCY 39 ADRQWRV 7.8
Jet kero 54 AAXPV00 215.440
-0.740 AAXPVCY 39
ULS heating oil AAXPU00 209.940
+0.260 AAXPUCY 39
ULSD AAXPW00 212.840
-0.490 ADLAA00 0.150 0.000 AAXPWCY 39
*Assessments reflect shipments on the next full pipeline cycle after the prompt cycle

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 11
Oilgram Price Report Prices effective August 3, 2018

Product Price Assessments

U.S. Buckeye pipeline, Aug 3 (PGA page 310)

(¢/gal) Mid Change RVP Differentials to NYMEX Change
Unl RBOB AAMHB00 212.95–213.05 213.000 +1.390 AAMHBRV 9.0 AANYX35 6.450
+1.650
Prem RBOB AAMHZ00 226.20–226.30 226.250 +0.140 AAMHZRV 9.0
CBOB AAPSY00 207.95–208.05 208.000 +1.390 AAPSYRV 9.0 AANYX33 1.450
+1.650
CBOB prem AAPSZ00 232.00–232.10 232.050 +0.140 AAPSZRV 9.0
CBOB-PA AAVYA00 203.00–203.10 203.050 +0.740 AAVYARV 10.0
CBOB-PA prem AAVYB00 227.25–227.35 227.300 -0.260 AAVYBRV 10.0
ULSD AATHF00 212.24–212.34 212.290 -0.290 ADIYA00 -0.400 +0.200
Jet fuel AAJNL00 215.64–215.74 215.690 -0.740 ADIEA00 3.000
-0.250
LS jet/kero AAJNN00 224.39–224.49 224.440 -0.490
RVP
Laurel
Unl CBOB AAUAS00 204.25–204.35 204.300 +0.740 AAUASRV 10.0
Prem CBOB AAUAT00 228.50–228.60 228.550 -0.260 AAUATRV 10.0
Unl RBOB AASSM00 212.95–213.05 213.000 +1.390 AASSMRV 10.0
Prem RBOB AASSN00 226.20–226.30 226.250 +0.140 AASSNRV 10.0
All RVP references are after ethanol

Chicago pipeline, Aug 3 (PGA page 160)

(¢/gal) Mid Change RVP Differentials to NYMEX Change
Unleaded 87 PGACR00 208.50–208.60 208.550 +0.490 PGACRRV 9.0
Unleaded 89 PGAAX00 219.10–219.20 219.150 +0.490 PGAAXRV 9.0
Prem. unl 91 PPASQ00 235.00–235.10 235.050 +0.490 PPASQRV 9.0
CBOB AAREL00 207.50–207.60 207.550 +0.490 AARELRV 9.0 AANY101 1.000
+0.750
PBOB AAUEU00 248.50–248.60 248.550 +0.490 AAUEURV 9.0
RBOB PPARH00 219.25–219.35 219.300 +0.490 PPARHRV 9.0 AANY102 12.750 +0.750
Jet fuel PJAAF00 221.39–221.49 221.440 -0.490 ADILA00 8.750 0.000
ULSD AATHA00 215.89–215.99 215.940 -0.490 ADLAI00 3.250 0.000

CHICAGO BUCKEYE COMPLEX, Aug 3 (PGA page 160)

(¢/gal) Mid Change RVP Differentials to NYMEX Change
CBOB BCX ACBAA00 207.550 -1.010 ACBAARV 9.0 ACBAB00 1.000
-0.750
RBOB BCX ACBAC00 219.300 -1.010 ACBACRV 9.0 ACBAD00 12.750 -0.750
ULSD BCX ACBAE00 215.940 -0.490 ACBAF00 3.250 0.000

Group Three, Aug 3 (PGA page 160)

(¢/gal) Mid Change RVP Differentials to NYMEX Change
Sub-octane AAXIX00 203.00–203.10 203.050 -1.010 AAXIXRV 9.0 AANYX01 -3.500 -0.750
Prem. unleaded PGABD00 224.25–224.35 224.300 -1.010 PGABDRV 9.0
ULSD AATHB00 214.84–214.94 214.890 -0.490 ADLAB00 2.200 0.000
Jet fuel PJAAI00 210.64–210.74 210.690 -0.490 ADIKA00 -2.000 0.000

Atlantic resid/contract cargoes posted prices, Aug 3 (PGA page 564) Shale Value Chain assessments, Aug 3 (PGN page 590)
($/barrel) No. 4 Fuel No. 6 Fuel ¢/gal Change $/MMBtu Change
Global Gulf Coast ethane fractionation spread SCAAJ00 19.532 +0.168 SCAAD00 2.937 +0.025
Boston 0.5% PRALB00 99.30 PRAMN00 86.70 Gulf Coast E/P mix fractionation spread SCAAG00 16.657 +0.168 SCAAA00 2.505 +0.025
Boston 1.0% PRALD00 96.30 PRAMD00 80.70 E/P mix Midcontinent to Rockies SCAAH00 -3.259 +0.100 SCAAB00 -0.490 +0.015
Boston 2.2% PRAMI00 74.70 fractionation spread
Portland 1.5% PRAKV00 96.60 PRALX00 78.60 E/P mix Midcontinent fractionation spread SCAAI00 -3.226 -0.366 SCAAC00 -0.485 -0.055
National raw NGL basket price SCAAL00 82.399 +0.461 SCAAF00 9.217 +0.057
National composite fractionation spread SCAAK00 63.180 +0.128 SCAAE00 6.327 +0.007
The methodology for these assessments is available at:
www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/shale-value-chain.pdf

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 12
Oilgram Price Report Prices effective August 3, 2018

Product Price Assessments

U.S. Gulf Coast, Aug 3

Mid
Change Mid
Change Mid
Change
Houston (PGA page 156)
Pipeline (¢/gal) Differential to NYMEX Cycle RVP Waterborne (¢/gal) RVP
Unl 87 PGACT00 203.75–203.85 203.800 -0.510 AANY105 -2.750 -0.250 PGACTCY 43 PGACTRV 9.0 PGACU00 205.75–205.85 205.800 -0.510 PGACURV 9.0
Unl 89 PGAAY00 209.25–209.35 209.300 -0.510 PGAAYCY 43 PGAAYRV 9.0 PGAAZ00 211.25–211.35 211.300 -0.510 PGAAZRV 9.0
Prem unl 93 PGAJB00 217.50–217.60 217.550 -0.510 PGAJBCY 43 PGAJBRV 9.0 PGAIX00 219.50–219.60 219.550 -0.510 PGAIXRV 9.0
CBOB 87 AARQU00 198.00–198.10 198.050 -1.060 AANYX77 -8.500 -0.800 AARQUCY 43 AARQURV 9.0 AAWES00 200.00–200.10 200.050 -1.060 AAWESRV 9.0
CBOB 93 AARQV00 212.25–212.35 212.300 +0.740 AARQVCY 43 AARQVRV 9.0
RBOB 83.7 AAMFB00 208.25–208.35 208.300 +0.740 AANYX79 1.750 +1.000 AAMFBCY 43 AAMFBRV 7.8
RBOB 91.4 AAMNG00 224.25–224.35 224.300 -1.260 AAMNGCY 43 AAMNGRV 7.8
Jet/kero 54 PJABO00 208.89–208.99 208.940 -1.470 ADIAS00 -3.750 -0.980 PJABOCY 44 PJABM00 210.64–210.74 210.690 -1.470
Jet/kero 55 PJABP00 209.14–209.24 209.190 -1.470 PJABPCY 44 PJABN00 210.89–210.99 210.940 -1.470
ULS Kero AAVTL00 212.14–212.24 212.190 -1.470 AAVTLCY 44 AAVTK00 213.89–213.99 213.940 -1.470
ULSD AATGY00 208.79–208.89 208.840 -0.640 ADIQA00 -3.850 -0.150 AATGYCY 44 AATGZ00 210.04–210.14 210.090 -0.840
No. 2 POAED00 198.14–198.24 198.190 -0.740 ADIAA00 -14.500 -0.250 POAEDCY 44 POAEE00 202.14–202.24 202.190 -0.990
ULS Heating Oil AAXFD00 205.94–206.04 205.990 -0.640 ADIAI00 -6.700 -0.150 AAXFDCY 44
FOB Cargo (¢/gal) FOB Cargo ($/mt)
Export ULSD AAXRV00 208.090 -0.320 AAXRW00 651.110 -1.000
Colonial Pipeline Gasoline Line Space (c/gal) Cycle
Line 1 AAXTA00 -0.800 +0.300 AAXTACY 43
Line 3 AAXTB00 0.000 0.000 AAXTBCY 43
Line 1+3 AAXTC00 -0.800 +0.300 AAXTCCY 43
Colonial Pipeline Distillates Line Space (c/gal)
Line 2 AAXTD00 -0.850 0.000 AAXTDCY 44
Line 3 AAXTE00 0.000 0.000 AAXTECY 44
Line 2+3 AAXTG00 -0.850 0.000 AAXTGCY 44
($/barrel) Differential vs USGC HSFO strip ($/barrel) USGC HSFO Strip ($/barrel)
Slurry Oil PPAPW00 66.81–66.83 66.820 -0.400 AAUGS00 2.48–2.50 2.490 0.000
No. 6 1.0% S 6 API PUAAI00 68.31–68.33 68.320 -0.400 AAUGT00 3.98–4.00 3.990 0.000
USGC HSFO PUAFZ00 63.81–63.83 63.820 -0.400 AAUGU00 -0.52–-0.50 -0.510 0.000 AAUGW00 64.32–64.340 64.330 -0.400
RMG 380 PUBDM00 63.81–63.83 63.820 -0.400 AAUGV00 -0.52–-0.50 -0.510 0.000
USGC HSFO swap BalMo(Aug) AARZT00 64.29–64.31 64.300 -0.400
USGC HSFO swap M1(Sep) PUAXJ00 63.95–64.05 64.000 -0.400
USGC HSFO swap M2(Oct) PUAXL00 63.45–63.55 63.500 -0.400
USGC HSFO swap Q1( Q4 18) PUAXN00 62.95–63.05 63.000 -0.400
(PGF page 760)
Waterborne (¢/gal) Diff vs USGC waterborne 87 (¢/gal)
FOB Naphha Cargo AAXJP00 188.75–188.85 188.800 -0.510
FOB Naphha Cargo ($/mt) AAXJU00 660.79–660.89 660.840 -1.780
FOB LSR Naphtha Parcel AAXQK00 161.750 0.000
FOB LSR Naphtha Parcel ($/mt) AAXQM00 648.620 0.000
FOB LSR Naphtha Parcel diff** AAXQN00 9.250 +0.250
Naphtha barge AALPG00 190.75–190.85 190.800 -0.510 AASGZ00 -15.000
Heavy naphtha barge AALPI00 194.00–194.10 194.050 -0.510 AASHD00 -11.750
MTBE PHAKX00 236.39–236.49 236.440 -2.820
Diff vs USGC pipeline 87 (¢/gal)
Alkylate* AAXBA00 237.250 -0.280 AAFIE00 31.500 0.000 AAXBD00 33.500 0.000
Raffinate* AAXBB00 189.750 -0.280 AAJMU00 -16.000 0.000 AAXBE00 -14.000 0.000
Reformate* AAXBC00 257.250 -0.280 AAJMV00 51.500 0.000 AAXBF00 53.500 0.000
LSR = Light Straight Run. *=FOB barge. **= Diff to Mont Belvieu non-Targa natural gasoline.
Note: Platts line space assessments reflect the physical trade of gasoline or distillates at two locations agreed upon by the parties along the Colonial Pipeline between Pasadena, Texas, and Linden, New Jersey. The assessments represent the premium or discount paid by a buyer while
taking refined product off the line at one location while giving product to the seller at another.

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 13
Oilgram Price Report Prices effective August 3, 2018
Product Price Assessments
West Coast pipeline, Aug 3 (PGA page 158)
Mid Change RVP
California
(¢/gal) Los Angeles
Unl 84 AAUHA00 202.50–202.60 202.550 -0.260 AAUHARV 9.0
Prem unl 90 PGABG00 209.50–209.60 209.550 -0.260 PGABGRV 9.0
CARBOB unl AAKYJ00 207.50–207.60 207.550 -0.260 AAKYJRV 6.0
CARBOB prem AAKYL00 222.50–222.60 222.550 -0.260 AAKYLRV 6.0
Jet fuel PJAAP00 214.39–214.49 214.440 -1.240
ULS (EPA) diesel POAET00 217.39–217.49 217.440 -0.490
CARB diesel POAAK00 217.89–217.99 217.940 -0.490
(¢/gal) Differential to NYMEX
CARBOB AANVX00 0.95/1.05 1.000 0.000
Jet fuel AANVY00 1.70/1.80 1.750 -0.750
ULS (EPA) diesel AANVZ00 4.70/4.80 4.750 0.000
CARB diesel AANWA00 5.20/5.30 5.250 0.000
CARBOB paper 1-mo AAKYR00 13.95/14.05 14.000 0.000
CARBOB paper 2-mo AAKYS00 12.70/12.80 12.750 0.000
(¢/gal) San Francisco
Unl 84 PGADG00 203.00–203.10 203.050 -0.260 PGADGRV 7.8
Prem unl 90 PGABO00 215.00–215.10 215.050 -0.260 PGABORV 7.8
CARBOB unl AAKYN00 207.50–207.60 207.550 -0.260 AAKYNRV 6.0
CARBOB prem AAKYP00 227.50–227.60 227.550 -0.260 AAKYPRV 6.0
Jet Fuel PJABC00 214.39–214.49 214.440 -1.240
ULS (EPA) diesel POAEY00 216.14–216.24 216.190 -0.490
CARB diesel POAAL00 216.14–216.24 216.190 -0.490
Other West
(¢/gal) Phoenix
CBG/RBOB unl AADDP00 209.50–209.60(a) 209.550 -0.260 AADDPRV 5.7
CBG/RBOB prem PPXDJ00 224.50–224.60(b) 224.550 -0.260 PPXDJRV 5.7
Northwest
(¢/gal) Seattle
Unl 84 AAXJE00 205.50–205.60 205.550 -0.010 AAXJERV 9.0
Prem unl 90 AAXJF00 240.00–240.10 240.050 -0.010 AAXJFRV 9.0
Jet fuel PJABB00 214.39–214.49 214.440 -1.240
ULS (EPA) diesel AAUEX00 217.99–218.09 218.040 -0.490
(¢/gal) Portland
Unl 84 AAXJC00 207.50–207.60 207.550 -0.010 AAXJCRV 7.8
Prem unl 90 AAXJD00 242.00–242.10 242.050 -0.010 AAXJDRV 7.8
ULS (EPA) diesel AAUEY00 219.14–219.24 219.190 -0.490
(a)=84 octane; (b)=90 octane
West Coast waterborne, Aug 3 (PGA page 158)
(¢/gal) Mid Change
Unl 87 PGADI00 202.50–202.60 202.550 -0.260
Jet fuel PJABI00 213.39–213.49 213.440 -1.240
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 14
U.S. Gulf Coast Supplemental Summer, Aug 3 (PGA page 332)
Waterborne (¢/gal) Mid Change RVP
Unl 87 PGAAC00 211.25–211.35 211.300 -0.760 PGAACRV 7.8
U.S. Gulf Coast pipeline cycles, Aug 3 (PGA page 156)
(¢/gal) Pipeline Mid Cycle RVP
Gasoline
Unl-87 AAELC00 203.75–203.85 203.800 AAELCCY 43 AAELCRV 9.0
Unl-87 AAELD00 203.75–203.85 203.800 AAELDCY 44 AAELDRV 9.0
Unl-87 AAELE00 203.70–203.80 203.750 AAELECY 45 AAELERV 9.0
Unl-87 AAELF00 203.65–203.75 203.700 AAELFCY 47 AAELFRV 9.0
Unl-87 AAELG00 203.60–203.70 203.650 AAELGCY 48 AAELGRV 9.0
Unl-87 AAELH00 203.55–203.65 203.600 AAELHCY 49 AAELHRV 9.0
CBOB 87 AARQW00 197.950 AARQWCY 44 AARQWRV 9.0
CBOB 87 AARQX00 197.900 AARQXCY 45 AARQXRV 9.0
CBOB 87 AARQY00 197.850 AARQYCY 47 AARQYRV 9.0
CBOB 87 AARQZ00 197.800 AARQZCY 48 AARQZRV 9.0
CBOB 87 AARQA00 197.750 AARQACY 49 AARQARV 9.0
Distillates
Jet kero AAELQ00 208.89–208.99 208.940 AAELQCY 44
Jet kero AAELR00 208.89–208.99 208.940 AAELRCY 45
Jet kero AAELS00 208.94–209.04 208.990 AAELSCY 46
Jet kero AAELT00 208.94–209.04 208.990 AAELTCY 47
Jet kero AAELU00 208.99–209.09 209.040 AAELUCY 48
Jet kero AAELV00 208.89–208.99 208.940 AAELVCY 49
ULSD AAUJV00 208.79–208.89 208.840 AAUJVCY 44
ULSD AAUJW00 208.84–208.94 208.890 AAUJWCY 45
ULSD AAUJX00 208.89–208.99 208.940 AAUJXCY 46
ULSD AAUJY00 208.94–209.04 208.990 AAUJYCY 47
ULSD AAUJZ00 208.99–209.09 209.040 AAUJZCY 48
ULSD AAUKD00 209.14–209.24 209.190 AAUKDCY 49
No. 2 AAELW00 198.14–198.24 198.190 AAELWCY 44
No. 2 AAELX00 197.39–197.49 197.440 AAELXCY 45
No. 2 AAELZ00 196.64–196.74 196.690 AAELZCY 46
No. 2 AAEMA00 195.89–195.99 195.940 AAEMACY 47
No. 2 AAEMB00 195.14–195.24 195.190 AAEMBCY 48
No. 2 AAEMC00 194.39–194.49 194.440 AAEMCCY 49
ULS heating oil AAXFJ00 205.94–206.04 205.990 AAXFJCY 44
ULS heating oil AAXFK00 205.99–206.09 206.040 AAXFKCY 45
ULS heating oil AAXFL00 206.04–206.14 206.090 AAXFLCY 46
ULS heating oil AAXFM00 206.09–206.19 206.140 AAXFMCY 47
ULS heating oil AAXFN00 206.14–206.24 206.190 AAXFNCY 48
ULS heating oil AAXFP00 206.29–206.39 206.340 AAXFPCY 49
U.S. Gulf Coast Pipeline Cycles Supplemental, Aug 3 (PGA page 332)
(¢/gal) Pipeline Mid Cycle RVP
CBOB 87 AASOB00 203.50–203.60 203.550 AASOBCY 43 AASOBRV 7.8
CBOB 93 AASOC00 219.25–219.35 219.300 AASOCCY 43 AASOCRV 7.8
Oilgram Price Report Prices effective August 3, 2018

Product Price Assessments

Latin America, FOB, Aug 3 (PGA page 164) Gas liquids (¢/gal), Aug 3 (PGA page 780)
$/barrel Mid Change Mid Change
Argentina Mont Belvieu
Ethane/propane PMUDA05 35.825–35.925 35.875 +0.500
ULSD CIF AAXWZ00 91.770
-0.200
Ethane/propane Mo.2 AAWUB00 34.450–34.550 34.500 +0.875
Colombia
Ethane purity PMUDB05 38.700–38.800 38.750 +0.500
FO 1.75% S FOB PPARO00 62.33–62.35 62.340 -0.400 Ethane mo. 2 AAWUC00 37.325–37.425 37.375 +0.875
Diluent Naphtha Ex-Ship AAXYB00 67.850
-0.120 Propane PMAAY00 95.825–95.925 95.875 +0.625
Ecuador Propane LST PMABQ00 95.200–95.300 95.250 +0.875
FO 2.2% S FOB PPASL00 62.09–62.11 62.100 -0.400 Propane mo. 2 AAWUD00 95.325–95.425 95.375 +0.625
RON 93 CIF AAXYC00 91.680 -0.180 Propane mo. 2 LST AAWUE00 94.950–95.050 95.000 +0.875
ULSD CIF AAXWF00 91.320 -0.120 Normal butane non-LST PMAAI00 112.075–112.175 112.125 +0.625
Peru Butane LST PMABR00 96.825–96.925 96.875 +0.625
Naphtha FOB PAAAS00 73.76–73.78 73.770 -0.180 N-Butane mo. 2 AAWUF00 112.075–112.175 112.125 +0.875
FO 1.6% S FOB PPARK00 62.64–62.66 62.650 -0.400 Isobutane PMAAB00 111.950–112.050 112.000 +0.750
Natural Gasoline CIF AAXWD00 65.700 +0.240 Isobutane LST AAIVD00 110.700–110.800 110.750 +0.750
ULSD CIF AAXWY00 90.050 -0.040
Natural gasoline LST AAIVF00 151.450–151.550 151.500 0.000
Peso/liter Change Natural Targa PMABW05 151.700–151.800 151.750 0.000
Mexico cargo Natural non-Targa PMABY05 152.450–152.550 152.500 -0.250
Gasoline CIF Eastern Mexico AAXWA00 85.470
-0.160 AATFH00 9.980 -0.040 Nat gasoline mo. 2 non-Targa AAWUG00 152.575–152.675 152.625 -0.375
Gasoline CIF Rosarito AATFA00 84.700
-0.100 AATFK00 9.890 -0.040
Gasoline CIF Lazaro Cardenas AATFD00 85.170
-0.100 AATFN00 9.940 -0.040
Conway
ULSD CIF Eastern Mexico AAXWE00 87.850
-0.020 AATFI00 10.250 -0.040
Ethane/propane PMAAO00 12.950–13.050 13.000 0.000
ULSD CIF Rosarito AATFB00 90.290
-0.200 AATFL00 10.540 -0.050
Propane PMAAT00 74.450–74.550 74.500 +2.250
ULSD CIF Lazaro Cardenas AATFE00 90.250
-0.010 AATFO00 10.530 -0.040
Normal butane non-LST PMAAD00 79.450–79.550 79.500 -2.750
Jet CIF Eastern Mexico AATFG00 88.970
-0.230 AATFJ00 10.380 -0.060
Isobutane PMAAA00 95.700–95.800 95.750 -0.125
Jet CIF Rosarito AATFC00 90.790
-0.540 AATFM00 10.600 -0.090
Natural gasoline PMAAQ00 122.950–123.050 123.000 -4.000
Jet CIF Lazaro Cardenas AATFF00 91.110
-0.200 AATFP00 10.630 -0.060

Other hubs
Caribbean cargoes, FOB, Aug 3 (PGA page 162) Bushton propane AALBE00 74.450–74.550 74.500 +2.250
Mid Change Hattiesburg propane AALBC00 92.575–92.675 92.625 +0.625
$/mt River natural gasoline AALBG00 163.450–163.550 163.500 -0.250
Jet kerosene PJAAD00 708.49–708.55 708.520 -1.790
¢/gal
($/mt)
Jet kerosene PJAAD10 211.49–211.51 211.500 -0.530
Waterborne FOB USGC propane AAXIM00 523.750–523.770 523.760 +4.060
$/barrel
FOB USGC propane vs. Mt Belvieu AAXIO00 29.950–29.970 29.960 0.000
No. 6 2.0% S PUAAS00 65.31–65.33 65.320 -0.400
VLGC freight rates Houston to NWE AAXIQ00 37.990–38.010 38.000 0.000
VLGC freight rates Houston to Japan AAXIS00 69.990–70.010 70.000 0.000
Caribbean product postings (¢/gal), Aug 3 (PGA page 466)
Prices effective Jul 26 Petrotrin
(¢/gal)
Avgas 100/130 PTAHQ09 546.00
Waterborne FOB USGC propane AAXIN00 100.520–100.540 100.530 +0.780
95 Oct. unl PTADR00 246.00
FOB USGC propane vs. Mt Belvieu AAXIP00 5.700–5.800 5.750 0.000
92 Oct. unl AANTB00 237.00
83 Oct. unl AAOCF09 222.00 VLGC freight rates Houston to NWE AAXIR00 7.245–7.345 7.295 0.000
Dpk/jet PTAEP09 231.00 VLGC freight rates Houston to Japan AAXIT00 13.430–13.450 13.440 0.000

45 cet 0.5%S gasoil PTADQ09 220.00

Heavy fuel oil ($/barrel) PTAEM09 80.00

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 15
Oilgram Price Report Prices effective August 3, 2018

(continued from page 8) SINGAPORE JET TO GASOIL REGRADE

Award details could not be confirmed, but CAO last
KEEPS TRENDING LOWER
Oil major Shell was also moving 90,000 mt of jet fuel from bought a 25,000 mt cargo of jet A-1 fuel for August ($/b)
2
South Korea to the UK Continent at a lumpsum rate of $1.9 4-8 delivery to Huangpu at a premium of around 40-60
million on the Dong-A Thetis, for loading around August 10. cents/b to the MOPS jet fuel/kerosene assessments on
1
Northeast Asia flows to the US West Coast were also a CFR basis.
ongoing, as Valero Energy has fixed 35,000 mt jet fuel for 0
August 9 loading from South Korea to the US West Coast at
a lumpsum freight rate of $1.05 million, shipping data showed. Resid -1
“Physical flow still seems a little oversupplied [in Asia],”
a Singapore-based trader said. Singapore stocks drop to nine-year low -2
09-Apr 27-Apr 17-May 06-Jun 26-Jun 16-Jul 03-Aug
Data from International Enterprise Singapore showed Singapore’s commercial stockpile of residues plunged to FOB Singapore jet to 10 ppm Singapore gasoil
Source: S&P Global Platts
middle distillate stocks falling 9% week on week to 9.94 a nine-year low of 14.799 million barrels in the week ended
million barrels in the week ended August 1. August 1, IE Singapore data released late Thursday showed.
And in Europe, jet-kerosene inventories in the The stocks dropped 8.6% from a week earlier, the Singapore’s onshore storage tanks, as traders have given
Amsterdam-Rotterdam-Antwerp trading hub increased 3% data showed. up storage space due to high cost, which has also
week on week to 692,000 mt in the week ended August 1, Trade sources attributed the low stocks mainly to a low contributed to lower stocks, a trader said.
PJK data showed. influx of arbitrage cargoes. Singapore exported 449,001 mt of fuel oil in the
In tenders, China Aviation Oil was said to have Singapore imported 693,497 mt of fuel oil over July week, down 17.8% from a week earlier, according to IE
bought 39,000-41,000 mt of jet A-1 fuel for delivery over 26-August 1, down 60.9% week on week, the data showed. Singapore data.
September 7-9 to Tianjin at a premium of around 70 Sources added that Saudi Arabia has increased fuel oil Looking forward, “there are few factors which will ease
cents/b to the Mean of Platts Singapore jet fuel/kerosene imports from Europe since June, for its use as feedstock at the supply tightness,” a trader in Singapore said.
assessments on a CFR basis. the kingdom’s power plants. In tender news, Saudi Aramco Mobil Refinery, or
CAO also bought, through the same tender, 25,000 mt The narrow price spread between Singapore 380 CST Samref,sold 80,000 mt of 700 CST HSFO with maximum
for delivery over September 4-8 to Huangpu at a premium HSFO and 3.5% Rotterdam barge assessments also cut cargo 4% sulfur for loading over August 13-15 from Yanbu to
of between 70 cents/b and $1.50/b to MOPS jet fuel/ movements from the West to Asia, trade sources said. Chevron, at a discount of around $15/mt to Mean of Platts
kerosene assessments, CFR. At the same time, there is growing space availability at Singapore 380 CST HSFO assessments, FOB, market
sources said.
Taiwan’s Formosa Petrochemical Corp. offered 40,000
Weekly asphalt cement assessments, Aug 3 (PGA page 580) mt of 380 CST HSFO with maximum 2.5% sulfur for
Market $/ton Mid Change
Arkansas PPARP00 465.00–475.00 470.000 ++5.000
loading over August 16-18 from Mailiao. The tender will
Colorado PPARU00 440.00–450.00 445.000 ++5.000 close on August 6.
Montana PPASM00 440.00–450.00 445.000 ++5.000
California PPARW00 495.00–505.00 500.000 ++5.000
Illinois PPARX00 425.00–435.00 430.000 ++5.000
Georgia PPARQ00 440.00–450.00 445.000 ++5.000 ARA inventories set to tighten further
Minneapolis/St. Paul PPARR00 430.00–440.00 435.000 ++5.000
Ohio PPARY00 450.00–460.00 455.000 ++5.000 Fuel oil stocks in the Amsterdam-Rotterdam-Antwerp
Oklahoma AAUQO00 460.00–470.00 465.000 ++5.000 hub fell 10% in the seven days to Wednesday to 1.191
Kansas PPARZ00 465.00–475.00 470.000 ++5.000
Texas PPART00 445.00–455.00 450.000 ++5.000
million mt, and further draws in stocks are expected due
Louisiana PPALA00 445.00–455.00 450.000 ++5.000 to three upcoming VLCC loadings, according to data from
MidAtlantic AAWIC00 450.00–460.00 455.000 ++5.000
PJK Consulting.
Tampa AAWID00 465.00–475.00 470.000 ++5.000
The Rotterdam high sulfur fuel oil market has been

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 16
Oilgram Price Report Prices effective August 3, 2018
consistently strong in recent weeks and 3.5% FOB
Rotterdam barge intermonth spreads remain in
backwardation out until 2019, even through the typically
weaker winter months as refinery upgrade programs are
expected to tighten the fuel oil complex.
In the coming days three VLCCs, the Seeb, Sea Lion
and DHT Stallion, are expected to depart Rotterdam for
Singapore, and an Aframax, Albanel, for discharge in
the Red Sea.
The tighter RMG 380 CST bunker fuel market has begun
to bite on bunker suppliers’ books, and they have
approached trading houses to meet prompt requirements
this week, a fuel oil trader said.
A workable arbitrage for 3.5% fuel oil cargoes moving
from Northwest Europe to Singapore seems plausible
if the premium of Singapore cargoes over Rotterdam
widens further, as Singapore’s high sulfur fuel oil market
kept its strong momentum, underpinned by a low influx of
arbitrage supply.
The lack of fuel oil in Singapore is being compounded by
market participants’ concerns about recent quality issues
detected in some Singapore high sulfur fuel oil, aggravating
the tight availability in the region.
Some traders believe this could lend support to the
fixture list from Rotterdam as Singapore buyers attempt to
lock in delivery of on-spec RMG 380 CST volumes.
Marine fuel and lubricant sales at the port of Rotterdam,
Europe’s largest bunkering hub, slipped by 5.3% on the year
in the second quarter.
Total bunker sales dropped to 2.36 million cu m in
the second quarter, from 2.49 million cu m in the same
period a year earlier, data released by the port authority
Friday showed.
Fuel oil sales sank by 5.1% to 1.98 million cu m, while
sales of marine gasoil and marine diesel oil together
dropped by 6.8% to 359,261 cu m. Marine lubricant
consumption slipped by 4.4% to 25,269 cu m.
LNG bunker sales jumped to 1,297 mt, compared with
729 mt in the first quarter, and around 1,500 mt for the
whole of 2017.
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Feedstocks
US sour VGO rallies to $13/b over crude
Houston feedstocks differentials rebounded Friday, with
sour vacuum gasoil hitting a $13/b premium to crude for the
first time since late June on stout diesel cracks at US Gulf
Coast refiners.
High-sulfur VGO barges for early to mid-August traded
late Thursday at September WTI futures plus $13/b, up from
the assessment at $9.30/b over crude Thursday afternoon.
Low-sulfur VGO barges were talked stronger.
“High-sulfur VGO is where all the strength is,” a US
market source said.
The rise in diesel cracks has meant extra support for
sour feedstocks.
Since July 2, the diesel-WTI crack in the Gulf Coast
region has risen $4.24/b to $19.02/b through Thursday,
including a day-over-day $2.78/b jump on July 27.
Gulf Coast ULSD has been on a steep climb this week,
bolstered by strong domestic and export demand. S&P
Global Platts Thursday assessed the market at the NYMEX
September ULSD futures contract minus 3.70 cents/gal, up
from minus 4.50 cents/gal on Monday. Thursday marked
the strongest level the market has been since May.
The last time sour VGO was assessed higher than $13/b
over crude was June 22 at WTI plus $13.3/b, with a
reduction in imports from Africa, Europe and other sources
supporting the market at that time.
In Europe, the rally in Panamax freight rates has
weakened the potential of a VGO arbitrage to the US.
“The arb seems to have slammed shut overnight,” a
Europe feedstocks trader said.
Other market sources pointed to a workable arbitrage,
with two VGO cargoes heard fixed from Europe due for
discharge in the USGC, according to a market source.
“A paper arb maybe,” a second Europe feedstocks
source said, “but in reality it’s not really [open].”
Panamax United Kingdom-USGC rates for VGO, crude
and other dirty products have been assessed above $20/mt
for four consecutive days through Thursday.
17
Offers for USGC VGO cargoes have dipped below barge
values late this week.
“You’ve got to come in with the offer under the barges
or the barges will just block you out,” a second US market
source said. “Why not buy two or three barges as you need
them instead of 350,000 to 400,000 barrels on a ship that
you have to tank and tie up on inventory.”
ARA naphtha stocks dip on strong gasoline
Naphtha inventories in the Amsterdam-Rotterdam-Antwerp
hub fell 10.6% to 328,000 mt, in the week to Thursday, but
were 43.86% higher year on year, according to data from
PJK International.
The fall in stocks week on week reflects an uptick in
buying interest as major players in the European
petrochemical complex returned to the market to purchase
cracking grade product, while a stronger gasoline complex
saw renewed demand for naphtha purchased as a blending
component for finished-grade gasoline.
A widening spread along the east/west naphtha curve –
tracking the premium of Mean of Platts Japan swaps over
the CIF NWE cargo swap – has also implied a stronger draw
from the Asian naphtha complex over the week, with
sources in Europe optimistic that demand will remain
healthy throughout August before scheduled turnarounds
take place over September to November.
“The East has been strong and this has meant the
Mediterranean has not had much to spare for northern
Europe,” said one source.
Besides the draw in stocks, sustained strength in
Europe’s gasoline market and a firm pull from the Asian
naphtha complex has translated into appreciating values
across naphtha grades.
Cash premiums of open specification grade naphtha vs.
the front month swap were pegged by one source at $5.00/
mt Thursday, representing an appreciation against previous
week’s values, when differentials dipped into minus 50
cents/mt July 27.
In the ARA gasoline market, inventories rose by 3.07%
Oilgram Price Report Prices effective August 3, 2018
to 0.97 million mt (8.20 million barrels), in the week to
Thursday, with the year-on-year figure increasing by 6.33%,
PJK International data showed.
The current price of gasoline in Northwest Europe is the
fundamental driver of refineries continuing to produce
product, with global demand steady.
Despite the minimal increase in this week’s stocks,
sources have noted it is difficult for refineries to keep up with
the demand for gasoline in the region: “The gasoline price is
high, it’s a two-pronged attack – a lot has gone to West Africa
and the US has pulled. The high temperatures have caused
refineries to be down slightly,” one source said.
Components are well supplied in the region, this,
alongside a healthy Eurobob gasoline crack has provided
incentive for refiners to continue their supply of product.
“Components in the North are much more liquid,” one
trader said.
Gas liquids
Asia propane more economic than naphtha
Asian LPG prices recovered Friday, outpacing the $5.76/
mt increase in October ICE Brent crude futures from the
previous Asian close.
S&P Global Platts assessed H1 September CFR Japan
physical propane at $580.5/mt, up $3.50/mt day on day.
The premium for H1 September delivery propane over
the September CP swap dipped $1.5/mt day on day to
$20.5/mt Friday.
The September FEI propane swap discount to MOPJ
naphtha swap further widened to $63.25/mt, from $62.5/
mt in the previous session.
As the discount continues to widen, LPG remains more
economical than naphtha as a feedstock at steam crackers.
India’s IOC tendered to buy two evenly-split LPG
cargoes, each 44,000 mt, for October 5-10 and October
10-30 delivery into Haldia/Ennore.
The tender closes August 13 with next-day validity. In its
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
last tender, IOC bought LPG on a term basis of eight evenly
split VLGC cargoes of 45,000 mt each, and 12 evenly split
MGC cargoes of 20,000 mt each for delivery in 2018.
State allows Mariner East 2 construction
Energy Transfer Partners will be able to resume
construction of the Mariner East 2 and 2X NGL pipelines at
eight locations in Chester County, Pennsylvania, after state
regulators discontinued an injunction Thursday.
In a 3-2 vote, the Pennsylvania Public Utility
Commission approved a motion to remove the injunction
issued in June that had blocked construction of the
pipelines in Chester County due to public safety concerns.
The latest motion noted that Energy Transfer
Partners, which owns the pipelines that its Sunoco
Pipeline subsidiary operates, had satisfied the
requirements of the June injunction by providing
proof of construction permits from the Department
of Environmental Protection at eight locations in West
Whiteland Township, as well as inspection and testing
protocols, emergency response plans and safety
training curricula.
Construction will remain suspended at four locations
in West Whiteland Township until the company obtains
the necessary permits.
“We are pleased with the decision by Pennsylvania’s
PUC to allow our construction to resume in West
Whiteland Township where we have the necessary
permits,” said Vicki Granado, an Energy Transfer
spokeswoman.
“Our timeline on ME2 remains unchanged due to the
fact that we altered our plans last month to re-purpose
a section of an existing pipeline while we reevaluate
construction methods in Delaware and Chester counties.”
Expected to be completed in the second half of 2018,
the 345,000 b/d Mariner East 2 pipeline will transport LPG
from the Marcellus and Utica shale plays to Marcus Hook
for export.
18
Tankers
Typhoon shuts eastern China ports
Ports along China’s eastern peninsula were closed Friday
as Typhoon Jongdari made landfall at the coastal regions
of Jinshan, Shanghai at 0230 GMT Friday, the National
Meteorological Center said.
Zhoushan-Ningbo, Yangshan and Shanghai ports
were closed late Thursday, while the Rizhao port Maritime
Safety Administration sounded a gale warning Friday,
China-based sources said.
China’s Central Meteorological Observatory had issued a
blue warning Thursday. China has a four-tier warning
system for severe weather, with red representing the most
serious followed by orange, yellow and blue.
“Bunkering operations should resume by the
weekend, although some ports will resume later than
others,” a trader said.
Seven Saudi tankers go dark off Yemen
Seven Saudi tankers appear to have shut off their
transponders that make their position visible to the world
after last week’s Houthi attack on two VLCCs in the Red Sea,
according to S&P Global Platts trade flow software cFlow.
Two unnamed Saudi-owned VLCCs were attacked off
the west coast of Yemen last week, prompting state-owned
Saudi Aramco to halt all oil shipments through the Bab
al-Mandab strait at the bottom of the Red Sea.
A total of seven tankers owned by Saudi state shipping
company Bahri now appear to have shut off their transponders,
according to cFlow, keeping their location hidden.
The VLCCs Arsan and Abqaiq have not updated their
location since the mornings of July 23 and 25, respectively,
when they were heading towards Bab al-Mandab.
Three part-laden VLCCs, the Khuzama, the TI Hawtah
and the Marjan, were gathering at the southwest corner
of Oman off the port of Salalah, but have not updated
their location since July 30-31. Another, the Khafji, was
Oilgram Price Report Prices effective August 3, 2018
Capitol Crude
Venezuela’s new rock bottom for oil
production
The US EIA expects Venezuelan oil production to
sink below 1 million b/d by the end of this year and
fall further to 700,000 b/d by the end of 2019. EIA
analyst Lejla Villar, who developed those forecasts,
joins Capitol Crude to talk about the staggering
collapse of Venezuela’s oil sector.
Listen to the podcast here:
http://plts.co/CxtT30l4rh9
heading past Oman towards the Red Sea when it was last
heard from early on August 1.
And the chemicals tanker NCC Reem was in the Gulf of
Aden carrying a cargo towards the Red Sea when it last
News
South Korea finds US crude cheaper
than Russian grades
■■US crude a $4.75/b discount to Russia in June
■■Russian crude sensitive to Asian product cracks
■■Tax exception supporting US volumes
Singapore—South Korean refiners paid close to $5/b
less for delivered US crude compared to Russia blends
in June, a stern reminder that short-haul supplies do
not always come cheap and long-haul cargoes are not
necessarily expensive.
South Korea has imported a total of 2.17 million
barrels of crude and condensate from Russia in June
and paid on average $79.24/b, latest data from state-
run Korea National Oil Corp. showed. KNOC’s import
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
updated its location, on the morning of 1 August.
The operators of the tankers may have determined that
keeping their locations visible while operating near Yemen
presents a security risk. The rest of the Bahri fleet operating
elsewhere in the world appears to be updating its location as
normal, according to cFlow. Spokesmen for Saudi Aramco and
Bahri were not immediately available for comment.
East of Suez VLCC market heats up
A flurry of cargoes entering the market saw the East of
Suez VLCC rates firm Friday.
The Asia VLCC market was also getting ample support
from the activity boost being witnessed in West Africa.
“Around 84 vessels are open in the Persian Gulf for the
August 19-29 loading date range, which is not considered
tight in terms of tonnage supply. However, the market is still
showing strengthening,” a VLCC broker said.
The competition for tonnage from the West Africa
market was perking up sentiment to a large extent, a source
cost figures include freight, insurance, tax and other
administrative and port charges.
On the contrary, Asia’s fourth-biggest energy consumer
imported 3.01 million barrels from the US in June at an
average cost of $74.49/b, which was $4.75/b cheaper.
The latest data raised many eyebrows in the regional
market as the delivery distance from Far East Russia to
Northeast Asia is significantly shorter than the US-South
Korea route.
Industry sources noted that the voyage time from
Far East Russia’s Kozmino port, the DeKastri terminal
and Prigorodnoye export terminal to Northeast Asia is
less than a week versus up to 50-60 days from the US
Gulf Coast.
However, most of the light sweet Far East Russian
grades are highly sensitive to Asian refined oil product
19
with a VLCC owner said.
“As predicted, the rates have edged up but it is yet to
hit the ceiling at w55. There is good support from activities
across the Persian Gulf, West Africa and the USG-Caribbean
regions. It gives owners the confidence to push the rates up
by w1-w2 than the last done levels,” another VLCC broker said.
Fixture-wise, the Ellinis was placed on subjects by
Unipec to load 270,000 mt crude, basis August 22 laycan
from the Persian Gulf to China at w54.
In the Suez market, activity remained subdued due to
the lack of fresh cargoes.
The Aframax market gained strength on the back of a
few replacement jobs and from increasing demand for
tonnage from Australia.
“The short supply of tonnage in the Persian Gulf is still
persisting due to the Indonesia market getting more
balanced,” an Aframax broker said.
There were many outstanding cargoes in the market
besides the replacement jobs due to a few vessels failing the
vetting requirements, an Aframax shipowner source said.
SOUTH KOREA’S CRUDE IMPORT COSTS
80
($/b)
Russian crude
75
US crude
70
65
60
Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18
Note: Costs include freight, tax, insurance, port fees and others.
Costs show average value paid per month
Source: Korea Nationa Oil Corp.
cracking margins, with price differentials for ESPO
Blend, Sakhalin Blend and Sokol often rallying in
tandem with strong light and middle distillate cracks in
(continued on page 30)
Oilgram Price Report Prices effective August 3, 2018

Crude Price Assessments

Asia Pacific/Middle East spot crude assessments ($/barrel), Aug 3

Assessment (Asian MOC) Diffs (Asian MOC) Diff to Dated Brent (Asian MOC) Assessment (London MOC)
Mid
Change Mid
Change Mid Change Mid Change
Condensate (PGA page 2212) (PGA page 2213)
Diff to Dubai
NW Shelf PCAGX00 72.06–72.10 72.080 +0.710 AAPAI00 -0.650 -0.050 AAPAH00 72.150 +0.050
DFC ADFCA00 74.89–74.93 74.910 +0.680 ADFCB00 3.40/3.50 3.450 -0.050 ADFCC00 2.020 -0.050 ADFCD00 75.060 +0.120
Qatar LSC AARBB00 73.64–73.68 73.660 +0.680 AARBD00 2.15/2.25 2.200 -0.050 AARBC00 0.770 -0.050 AARBA00 73.810 +0.120
South Pars AARAV00 73.24–73.28 73.260 +0.680 AARAX00 1.75/1.85 1.800 -0.050 AARAW00 0.370 -0.050 AARAU00 73.410 +0.120
Diff to ICP
Senipah AAEOE00 72.57–72.61 72.590 +0.710 AAEOK00 1.50/1.60 1.550 0.000 AAPBE00 -0.140 -0.050 AAPBD00 72.660 +0.050
Light (PGA page 2214) (PGA page 2215)
Diff to ICP
Cossack PCAGZ00 73.51–73.55 73.530 +0.760 AAPAC00 0.800 0.000 AAPAB00 73.600 +0.100
Gippsland PCACP00 71.56–71.60 71.580 +0.760 AAPAU00 -1.150 0.000 AAPAT00 71.650 +0.100
Tapis PCACB00 74.61–74.65 74.630 +0.760 AAOZW00 1.900 0.000 AAOZV00 74.700 +0.100
Belida PCAFL00 69.56–69.60 69.580 +0.880 PCAFM00 0.80/0.90 0.850 0.000 AAPBQ00 -3.150 +0.120 AAPBP00 69.650 +0.220
Kutubu PCAFJ00 73.21–73.25 73.230 +0.760 AAPAE00 0.500 0.000 AAPAD00 73.300 +0.100
Handil Mix PCABE00 72.41–72.45 72.430 +0.880 PCABF00 2.20/2.30 2.250 0.000 AAPBI00 -0.300 +0.120 AAPBH00 72.500 +0.220
Attaka PCAAJ00 69.36–69.40 69.380 +0.880 PCAAK00 0.15/0.25 0.200 0.000 AAPBC00 -3.350 +0.120 AAPBB00 69.450 +0.220
Ardjuna PCACQ00 67.36–67.40 67.380 +0.880 PCACR00 0.25/0.35 0.300 0.000 AAPBG00 -5.350 +0.120 AAPBF00 67.450 +0.220
Banyu Urip PCAFQ00 75.530 +0.760 PCAQQ00 2.300 0.000 AAPBU00 2.800 0.000 AAPBR00 75.600 +0.100
Diff to Dubai
Sakhalin Blend AARBN00 73.69–73.73 73.710 +0.730 AARCN00 2.20/2.30 2.250 0.000 AARDN00 0.820 0.000 AAREN00 73.860 +0.170
Diff to Oman/Dubai
Sokol AASCJ00 74.59–74.63 74.610 +0.750 AASCK00 3.05/3.15 3.100 0.000 AAPAO00 1.720 +0.020 AAPAN00 74.760 +0.190
Kikeh AAWUH00 76.41–76.45 76.430 +0.760 AAOZY00 3.700 0.000 AAOZX00 76.500 +0.100
Miri Light PCABQ00 76.46–76.50 76.480 +0.760 AAPAS00 3.750 0.000 AAPAR00 76.550 +0.100
Labuan PCABL00 76.46–76.50 76.480 +0.760 AAPAQ00 3.750 0.000 AAPAP00 76.550 +0.100
Kimanis AASCL00 76.180 +0.760 AASCM00 3.450 0.000 AASCN00 76.250 +0.100
Medium (PGA page 2216) (PGA page 2217)
Diff to ICP
Nanhai PCAFR00 68.86–68.90 68.880 +0.760 AAPAG00 -3.850 0.000 AAPAF00 68.950 +0.100
Minas PCABO00 67.91–67.95 67.930 +0.780 PCABP00 1.85/1.95 1.900 -0.050 AAPBA00 -4.800 +0.020 AAPAZ00 68.000 +0.120
Nile Blend AAPLC00 68.51–68.55 68.530 +0.730 AAPEX00 2.45/2.55 2.500 -0.100 AAPAM00 -4.200 -0.030 AAPAL00 68.600 +0.070
Widuri PCAFE00 65.91–65.95 65.930 +0.780 PCAFF00 0.20/0.30 0.250 -0.050 AAPBO00 -6.800 +0.020 AAPBN00 66.000 +0.120
Daqing PCAAZ00 65.06–65.10 65.080 +0.680 AAPAW00 -7.650 -0.080 AAPAV00 65.150 +0.020
Cinta PCAAX00 65.81–65.85 65.830 +0.780 PCAAY00 0.20/0.30 0.250 -0.050 AAPBK00 -6.900 +0.020 AAPBJ00 65.900 +0.120
Su Tu Den AARAR00 74.96–75.00 74.980 +0.660 AARAS00 2.250 -0.100 AARAQ00 75.050 0.000
Bach Ho PCAHY00 75.56–75.60 75.580 +0.660 AAPAK00 2.850 -0.100 AAPAJ00 75.650 0.000
Heavy (PGA page 2218) (PGA page 2219)
Diff to ICP
Dar Blend AARAB00 65.46–65.50 65.480 +0.660 AARAC00 -7.250 -0.100 AARAA00 65.550 0.000
Shengli PCABY00 64.86–64.90 64.880 +0.680 AAPAY00 -7.850 -0.080 AAPAX00 64.950 +0.020
Duri PCABA00 65.46–65.50 65.480 +0.780 PCABB00 2.30/2.40 2.350 -0.050 AAPBM00 -7.250 +0.020 AAPBL00 65.550 +0.120
Enfield AARAE00 75.030 +0.660 AARAF00 2.300 -0.100 AARAD00 75.100 0.000
Vincent AARAK00 72.930 +0.660 AARAL00 0.200 -0.100 AARAJ00 73.000 0.000
(PGA page 2220) (PGA page 2202)
Spread vs OSP Diff to Dubai
Murban AAKNL00 74.28–74.32 74.300 +0.700 AAKUB00 -0.30/-0.20 -0.250 0.000 AARBZ00 2.840 -0.030
Al Shaheen AAPEV00 71.88–71.92 71.900 +0.700 AAPEW00 0.39/0.49 0.440 -0.030
Upper Zakum AAOUQ00 71.88–71.92 71.900 +0.700 AAOUR00 -0.10/0.00 -0.050 +0.050 Assessment (Asian MOC)
Das Blend AAXOF00 73.63–73.67 73.650 +0.700 AAXPF00 -0.40/-0.30 -0.350 0.000 Dubai CFR North Asia PCAQA00 73.150 +0.760
Qatar Land AAKNP00 73.18–73.22 73.200 +0.700 AAKUJ00 -0.35/-0.25 -0.300 0.000 LOOP Sour CFR North Asia PCAQI00 71.030 +1.130
Qatar Marine AAKNR00 71.53–71.57 71.550 +0.700 AAKUH00 -0.10/0.00 -0.050 +0.050 Oman CFR North Asia PCAQJ00 73.240 +0.800
Banoco Arab Medium AAKNT00 71.03–71.07 71.050 +0.800 AAKUD00 -0.05/0.05 0.000 +0.300 Upper Zakum CFR North Asia PCAQB00 73.120 +0.750
Basrah Light M1 AALZA00 – 71.700 +0.700 AALZE00 0.050 +0.100 Qatar Marine CFR North Asia PCAQC00 72.780 +0.750
Basrah Light M2 AALZB00 – 71.550 +0.700 AALZF00 -0.050 +0.100 Murban CFR North Asia PCAQE00 75.480 +0.760
Basrah Heavy M1 AALZC00 – 68.650 +0.700 AALZJ00 0.350 +0.050 Basrah Light CFR North Asia PCAQK00 72.810 +0.760
Basrah Heavy M2 AALZD00 – 68.500 +0.700 AALZK00 0.250 +0.050 ESPO CFR North Asia PCAQD00 74.380 +0.780
Forties CFR North Asia PCAQF00 75.265 +0.890
Dalia CFR North Asia PCAQG00 73.930 +1.040
WTI MEH CFR North Asia PCAQH00 75.660 +0.760

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 20
Oilgram Price Report Prices effective August 3, 2018
Crude Price Assessments
International, Aug 3
($/barrel) Mid Change
(PGA page 2210)
Dubai (Oct) PCAAT00 71.89–71.91 71.900 +0.700
Dubai (Nov) PCAAU00 71.68–71.70 71.690 +0.770
Dubai (Dec) PCAAV00 71.45–71.47 71.460 +0.730
MEC (Oct) AAWSA00 71.89–71.91 71.900 +0.700
MEC (Nov) AAWSB00 71.68–71.70 71.690 +0.770
MEC (Dec) AAWSC00 71.45–71.47 71.460 +0.730
Oman (Oct) PCABS00 71.99–72.01 72.000 +0.750
Oman (Nov) AAHZF00 71.74–71.76 71.750 +0.800
Oman (Dec) AAHZH00 71.49–71.51 71.500 +0.750
Oman cash/OSP (Oct) PCABT00 -0.01–0.03 0.010 +0.140
(PGA page 1212)
Brent (DTD) PCAAS00 72.43–72.45 72.440 -0.735
DTD NSL AAOFD00 72.43–72.45 72.440 -0.735
Dated Brent (CIF) PCAKM00 73.280
-0.310
Brent (Oct) PCAAQ00 73.41–73.43 73.420 +0.195
Brent (Nov) PCAAR00 73.71–73.73 73.720 +0.235
Brent (Dec) PCARR00 73.840
+0.255
North Sea Basket AAGIZ00 73.04–73.06 73.050 -0.390
(PGA page 218)
Brent/WTI 1st AALAU00 5.97/5.99 5.980 +0.185
Brent/WTI 2nd AALAV00 6.70/6.72 6.710 +0.215
Brent/WTI 3rd AALAY00 7.180
+0.215
Brent EFP (Oct) AAGVX00 0.11/0.13 0.120 +0.075
Brent EFP (Nov) AAGVY00 0.12/0.14 0.130 +0.075
Brent EFP (Dec) AAMVY00 0.140
+0.075
Swaps(PGA page 2658)
Dubai (Sep) AAHBM00 71.67–71.71 71.690 +0.770
Dubai (Oct) AAHBN00 71.44–71.48 71.460 +0.730
Dubai (Nov) AAHBO00 71.23–71.27 71.250 +0.660
MOG (Sep) AAHZP00 71.77–71.81 71.790 +0.820
MOG (Oct) AAHZR00 71.54–71.58 71.560 +0.780
MOG (Nov) AAHZT00 71.33–71.37 71.350 +0.710
Oman/Dubai Swap (Sep) AAIHJ00 0.08/0.12 0.100 +0.050
Oman/Dubai Swap (Oct) AAIHL00 0.08/0.12 0.100 +0.050
Oman/Dubai Swap (Nov) AAIHN00 0.08/0.12 0.100 +0.050
Asia ($/barrel), Aug 3 (PGA page 2210)
Mid Change
Brent (Oct) PCAJG00 73.27–73.28 73.275 +0.745
Brent (Nov) PCAJI00 73.51–73.52 73.515 +0.675
Brent (Dec) PCAJ000 73.605 +0.615
Brent(DTD) AAXPG00 73.225 +0.940
Brent/Dubai AAJMS00 1.37/1.38 1.375 +0.045
WTI (Sept) AAFFU00 68.63–68.67 68.650 +1.070
WTI (Oct) AAFFW00 67.38–67.42 67.400 +0.940
WTI (Nov) AAFFY00 66.92–66.96 66.940 +0.850
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
North Sea, Aug 3 (PGA page 1212)
($/barrel) Mid Change Spread vs fwd Dated Brent Mid Change
Dated Brent Diff AAXEZ00 -0.16/-0.15 -0.155 -0.725
BNB AAVJA00 72.86–72.88 72.870 -0.310 AAVJB00 0.27/0.28 0.275 -0.300
Forties PCADJ00 72.43–72.45 72.440 -0.795 AAGWZ00 -0.16/-0.15 -0.155 -0.785
Oseberg PCAEU00 73.66–73.68 73.670 -0.210 AAGXF00 1.07/1.08 1.075 -0.200
Ekofisk PCADI00 73.20–73.22 73.210 -0.260 AAGXB00 0.61/0.62 0.615 -0.250
Troll AAWEX00 73.94–73.95 73.945 -0.210 AAWEY00 1.34/1.36 1.350 -0.200
Statfjord PCAEE00 72.38–72.39 72.385 -0.010 AAGXD00 -0.22/-0.20 -0.210 0.000
Flotta Gold PCACZ00 71.24–71.25 71.245 +0.140 AAGXH00 -1.36/-1.34 -1.350 +0.150
Duc AAWEZ00 73.34–73.35 73.345 -0.010 AAWFL00 0.74/0.76 0.750 0.000
Grane Blend PCALA00 71.345 -0.060 PCALB00 -1.250 -0.050
Statfjord (CIF) AASAS00 73.44–73.45 73.445 -0.010 AASAT00 0.84/0.86 0.850 0.000
Gullfaks (CIF) AASAU00 74.34–74.35 74.345 -0.110 AASAV00 1.74/1.76 1.750 -0.100
Alvheim (CIF) ALVHA00 76.195 -0.010 ALVHB00 3.600 0.000
Asgard (CIF) ASGCA00 72.445 -0.010 ASGCB00 -0.150 0.000
North Sea Dated Strip AAKWH00 72.59–72.60 72.595 -0.010
($/barrel) Spread vs fwd CIF Dated Brent
Dated Brent (CIF) AAVJG00 73.280 -0.310 AAVJF00 0.670 -0.290
BNB (CIF) PCAKP00 74.050 -0.345 AAVJC00 1.440 -0.325
Forties (CIF) PCAKR00 73.280 -0.825 AAHXC00 0.670 -0.805
Oseberg (CIF) PCAKT00 74.510 -0.235 AAHXD00 1.900 -0.215
Ekofisk (CIF) PCAKV00 73.920 +0.040 AAHXB00 1.310 +0.060
Troll (CIF) AAXJO00 74.795 -0.240 AAXJN00 2.185 -0.220
North Sea CIF Dated Strip AAHXE00 72.610 -0.020
West Africa, Aug 3 (PGA pages 1230 and 1232)
($/barrel) Mid Change
Spread vs fwd DTD Brent Mid Change
Nigeria
Bonny Light PCAIC00 74.24–74.27 74.255 +0.145 AAGXL00 1.44/1.46 1.450 +0.050
Qua Iboe PCAID00 74.29–74.32 74.305 +0.095 AAGXN00 1.49/1.51 1.500 0.000
Forcados PCABC00 74.24–74.27 74.255 +0.045 AAGXP00 1.44/1.46 1.450 -0.050
Agbami AAQZB00 72.49–72.52 72.505 -0.005 AAQZC00 -0.31/-0.29 -0.300 -0.100
Escravos AAEIZ00 74.29–74.32 74.305 +0.045 AAGXR00 1.49/1.51 1.500 -0.050
Brass River AAEJB00 73.99–74.02 74.005 +0.095 AAGXV00 1.19/1.21 1.200 0.000
Akpo PCNGA00 72.49–72.52 72.505 -0.005 PCNGB00 -0.31/-0.29 -0.300 -0.100
Bonga PCNGC00 74.14–74.17 74.155 +0.095 PCNGD00 1.34/1.36 1.350 0.000
Usan AAXUQ00 72.005 +0.195 AAXUR00 -0.800 +0.100
Erha AAXUO00 74.005 +0.095 AAXUP00 1.200 0.000
Angola
Cabinda PCAFD00 72.34–72.37 72.355 +0.095 AAGXT00 -0.46/-0.44 -0.450 0.000
Nemba AAQYZ00 72.39–72.42 72.405 +0.095 AAQZA00 -0.41/-0.39 -0.400 0.000
Dalia AAQYX00 71.89–71.92 71.905 +0.095 AAQYY00 -0.91/-0.89 -0.900 0.000
Girassol AASNL00 72.79–72.82 72.805 +0.095 AASJD00 -0.01/0.01 0.000 0.000
Hungo AASLJ00 71.84–71.87 71.855 +0.095 AASJF00 -0.96/-0.94 -0.950 0.000
Kissanje AASLK00 72.34–72.37 72.355 +0.095 AASJE00 -0.46/-0.44 -0.450 0.000
Pazflor PCNGG00 71.89–71.92 71.905 +0.095 PCNGH00 -0.91/-0.89 -0.900 0.000
Plutonio PCNGI00 71.89–71.92 71.905 +0.095 PCNGJ00 -0.91/-0.89 -0.900 0.000
Ghana
Jubilee AAXUS00 72.805 +0.095 AAXUT00 0.000 0.000
Republic of Congo
Djeno PCNGE00 70.69–70.72 70.705 +0.095 PCNGF00 -2.11/-2.09 -2.100 0.000
Chad
Doba AAXUU00 69.105 +0.095 AAXUV00 -3.700 0.000
30-60 Day Dtd strip AAXRK00 72.80–72.81 72.805 +0.095
21
Oilgram Price Report Prices effective August 3, 2018

Crude Price Assessments

London, Aug 3 (PGA page 1214)

($/barrel) Brent CFD Mid Change Dated Swap Mid Change
1wk (Nov) PCAKA00 -1.51/-1.49 -1.500 -0.230 AAJNV00 72.21/72.23 72.220 +0.005
2wk (Nov) PCAKC00 -1.29/-1.27 -1.280 -0.230 AAJOS00 72.43/72.45 72.440 +0.005
3wk (Nov) PCAKE00 -1.08/-1.06 -1.070 -0.240 AAJOU00 72.64/72.66 72.650 -0.005
4wk (Nov) PCAKG00 -1.08/-1.06 -1.070 -0.310 AAJOW00 72.64/72.66 72.650 -0.075
5wk (Nov) AAGLU00 -1.08/-1.06 -1.070 -0.390 AAJPC00 72.64/72.66 72.650 -0.155
6wk (Nov) AAGLV00 -1.02/-1.00 -1.010 -0.400 AAJPE00 72.70/72.72 72.710 -0.165
7wk (Nov) AALCZ00 -0.97/-0.95 -0.960 -0.410 AALAW00 72.75/72.77 72.760 -0.175
8wk (Nov) AALDA00 -0.93/-0.91 -0.920 -0.410 AALAX00 72.79/72.81 72.800 -0.175

Mediterranean, Aug 3 (PGA pages 1220, 1222, 1234)

($/barrel) Mid Change Spread vs fwd DTD Brent Mid Change
Med Dtd Strip AALDF00 72.60–72.62 72.610 -0.015
BTC Dtd Strip AAUFI00 72.61–72.63 72.620 -0.040
15-45 Day Dtd Strip AALGM00 72.65–72.67 72.660 -0.090
Urals (Rdam) PCAFW00 71.10–71.14 71.120 -0.135 AAGXJ00 -1.50/-1.48 -1.490 -0.120
Urals (Med) PCACE00 71.19–71.23 71.210 -0.015 AAGXX00 -1.41/-1.39 -1.400 0.000
Urals FOB Ven AAGZT00 70.23–70.27 70.250 -0.110 AAHPI00 -2.37/-2.35 -2.360 -0.095
Urals FOB Novo AAGZS00 70.20–70.24 70.220 +0.015 AAHPH00 -2.40/-2.38 -2.390 +0.030
Urals FOB Novo 80KT AAOTH00 69.88–69.91 69.895 -0.015 AAOTI00 -2.72/-2.71 -2.715 0.000
Urals (Primorsk) AAWVH00 70.20–70.24 70.220 -0.110 AAWVI00 -2.40/-2.38 -2.390 -0.095
Urals (RCMB) AALIN00 71.02–71.06 71.040 -0.735
Iran Lt (Sidi) PCABI00 70.95–70.99 70.970 +0.195 AAGXZ00 -1.65/-1.63 -1.640 +0.210
Iran Hvy (Sidi) PCABH00 68.70–68.74 68.720 +0.195 AAGYB00 -3.90/-3.88 -3.890 +0.210
Es Sider PCACO00 70.54–70.58 70.560 -0.065 AAGYH00 -2.06/-2.04 -2.050 -0.050
Siberian Lt AAGZW00 72.44–72.48 72.460 -0.065 AAHPK00 -0.16/-0.14 -0.150 -0.050
Saharan Bld AAGZY00 72.09–72.13 72.110 -0.015 AAHPN00 -0.51/-0.49 -0.500 0.000
Azeri Lt AAGZX00 74.50–74.54 74.520 -0.040 AAHPM00 1.89/1.91 1.900 0.000
Azeri Lt FOB Cey AAUFM00 73.83–73.87 73.850 -0.020 AAUFN00 1.22/1.24 1.230 +0.020
Azeri Lt FOB Cey 80KT AAUFK00 73.57–73.61 73.590 -0.040 AAUFL00 0.96/0.98 0.970 0.000
Azeri Lt FOB 80KT AATHM00 73.32–73.35 73.335 -0.040 AATHN00 0.71/0.72 0.715 0.000
BTC FOB Ceyhan AAUFH00 73.70–73.74 73.720 -0.030 AAUFJ00 1.09/1.11 1.100 +0.010
Suez Blend PCACA00 68.27–68.31 68.290 -0.015 AAGYD00 -4.33/-4.31 -4.320 0.000
Kirkuk AAEJD00 68.74–68.78 68.760 -0.015 AAGYF00 -3.86/-3.84 -3.850 0.000
Syrian Lt AAHMM00 73.11–73.14 73.125 -0.015 AALOU00 0.51/0.52 0.515 0.000
Syrian Hvy AAHMN00 67.63–67.66 67.645 -0.015 AALOV00 -4.97/-4.96 -4.965 0.000
CPC Blend CIF AAGZU00 70.69–70.73 70.710 -0.015 AAHPL00 -1.91/-1.89 -1.900 0.000
CPC Blend FOB AALVX00 69.82–69.86 69.840 +0.010 AALVZ00 -2.78/-2.76 -2.770 +0.025
CPC FOB 80KT AAOFV00 69.50–69.54 69.520 -0.015 AAOFW00 -3.10/-3.08 -3.090 0.000
(PPE page 1616)
Urals Med CFD (Aug) AAMDU00 -1.56/-1.54 -1.550 +0.050 CPC Blend CFD (Aug) AAOFX00 -1.750 -0.170
Urals Med CFD (Sep) AAMEA00 -1.56/-1.54 -1.550 -0.200 CPC Blend CFD (Sep) AAOFY00 -1.600 -0.300
Urals Med CFD (Oct) UMCM003 -1.46/-1.44 -1.450 -0.100 CPC Blend CFD (Oct) AAOFZ00 -1.500 -0.300
Urals NWE CFD (Aug) UNCM001 -1.61/-1.59 -1.600 0.000
Urals NWE CFD (Sep) UNCM002 -2.01/-1.99 -2.000 0.000
Urals NWE CFD (Oct) UNCM003 -2.11/-2.09 -2.100 0.000

Canada, Aug 3 (PGA page 230)
($/barrel) Mid Change
33-63 Day Dated Strip AALEJ00 72.83–72.84 72.835 +0.110
Terra Nova AAJUH00 71.92–71.95 71.935 +0.060
Hibernia AAJKK00 71.97–72.00 71.985 +0.060
White Rose AAVJX00 72.72–72.75 72.735 +0.060
Spread vs fwd DTD Brent Mid Change
Terra Nova AAJUJ00 -0.91/-0.89 -0.900 -0.050
Hibernia AAJKM00 -0.86/-0.84 -0.850 -0.050
White Rose AAVJY00 -0.11/-0.09 -0.100 -0.050
Platts Euro denominated crude oil assessments (€/barrel) (PGA page 1252)
Aug 3 Mid Change
Dated Brent AAPYR00 62.45–62.46 62.455 -0.545
Dated Brent (CIF) PCAKN00 63.178 -0.180
Urals (Mediterranean) AAPYS00 61.38–61.41 61.395 +0.075
WTI (Sept) AAPYT00 59.21–59.23 59.220 +0.080
WTI MEH (Sept) AAYSA00 61.290 +0.171
Mars (Sept) AAPYU00 59.17–59.19 59.180 0.000
Euro/US$ forex rate: 1.159. Platts Euro denominated crude oil assessments are based on market values and a Euro/US$ forex rate at 4:30 PM
local London time.

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 22
Oilgram Price Report Prices effective August 3, 2018
Crude Price Assessments
United States ($/barrel), Aug 3 (PGA pages 210, 214 & 230)
Mid Change
WTI (Sept) PCACG00 68.48–68.50 68.490
-0.470
WTI (Oct) PCACH00 67.34–67.36 67.350
-0.310
WTI (Nov) AAGIT00 66.92–66.94 66.930
-0.250
WTI EFP (Sept) AAGVT00 -0.01/0.01 0.000 0.000
WTI EFP (Oct) AAGVU00 -0.01/0.01 0.000 0.000
WTI EFP (Nov) AAGVV00 -0.01/0.01 0.000 0.000
Light Houston Sweet AAXEW00 70.890 -0.470
Light Houston Sweet M2 AAYRY00 71.050 -0.310
LOOP Sour (Sept) AALSM01 68.190 -0.470
LOOP Sour (Oct) AALSM02 68.200 -0.060
LOOP Sour (Nov) AALSM03 68.280 0.000
Eagle Ford Marker AAYAJ00 71.000 -0.350
Mars (Sept) AAMBR00 68.48–68.50 68.490
-0.470
Mars (Oct) AAMBU00 68.49–68.51 68.500
-0.060
Mars (Nov) AAMBX00 68.57–68.59 68.580 0.000
Mars/WTI (Sept) AAGWH00 -0.01/0.01 0.000 0.000
Mars/WTI (Oct) AAKTH00 1.14/1.16 1.150 +0.250
Mars/WTI (Nov) AAMBO00 1.64/1.66 1.650 +0.250
LOOP/WTI (Sep) AALOM01 -0.300 0.000
LOOP/WTI (Oct) AALOM02 0.850 +0.250
LOOP/WTI (Nov) AALOM03 1.350 +0.250
LOOP/Mars (Sep) AALPM01 -0.300 0.000
LOOP/Mars (Oct) AALPM02 -0.300 0.000
LOOP/Mars (Nov) AALPM03 -0.300 0.000
Dated Brent AAQBF00 72.37–72.39 72.380
-1.150
P-Plus WTI PCACI00 4.64/4.66 4.650 -0.180
P-5 WTI AAFEN00 65.040 -0.450
WTI-Delta AAEJK00 1.26/1.28 1.270 -0.180
Kern River PCABJ00 71.23–71.25 71.240
+1.170
US domestic crude assessments London close
(PGA page 1240) $/barrel Mid Change
WTI (Sept) AAQAR00 68.68–68.70 68.690 0.000
WTI (Oct) AAQAT00 67.43–67.45 67.440 +0.010
WTI (Nov) AAQAV00 67.00–67.02 67.010 +0.020
WTI MEH (Sept) AAYRZ00 71.090 +0.100
WTI MEH (Oct) AAXYD00 71.140 +0.110
LLS (Sept) AAQBB00 71.58–71.60 71.590 0.000
LLS (Oct) AAQBD00 71.68–71.70 71.690 +0.010
Mars (Sept) AAQAX00 68.63–68.65 68.640 -0.100
Mars (Oct) AAQAZ00 68.53–68.55 68.540 +0.160
Spread Mid Change
WTI (Sept) AAQAS00 -0.01/0.01 0.000 0.000
WTI (Oct) AAQAU00 -0.01/0.01 0.000 0.000
WTI (Nov) AAQAW00 -0.01/0.01 0.000 0.000
WTI MEH (Sept) AAYTA00 2.400 +0.100
WTI MEH (Oct) AAYWA00 3.700 +0.100
LLS (Sept) AAQBC00 2.89/2.91 2.900 0.000
LLS (Oct) AAQBE00 4.24/4.26 4.250 4.250
Mars (Sept) AAQAY00 -0.06/-0.04 -0.050 -0.100
Mars (Oct) AAQBA00 1.09/1.11 1.100 +0.150
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Mid Change Spread vs WTI Mid Change
WTI Midland PCACJ00 51.48–51.50 51.490 -0.970 AAGVZ00 -17.01/-16.99 -17.000 -0.500
WTI Midland (2nd month) AAYZA00 50.050 -0.810 AAXXF00 -17.300 -0.500
LLS (1st month) PCABN00 71.58–71.60 71.590 -0.270 AAGWN00 3.09/3.11 3.100 +0.200
LLS (2nd month) AAURC00 71.79–71.81 71.800 -0.110 AAURD00 4.44/4.46 4.450 +0.200
HLS (1st month) PCABD00 70.93–70.95 70.940 +0.030 AAGWP00 2.44/2.46 2.450 +0.500
HLS (2nd month) AAURE00 71.14–71.16 71.150 +0.190 AAURF00 3.79/3.81 3.800 +0.500
WTS (1st month) PCACK00 51.48–51.50 51.490 -0.520 AAGWB00 -17.01/-16.99 -17.000 -0.050
WTS (2nd month) AAURG00 50.04–50.06 50.050 -0.360 AAURH00 -17.31/-17.29 -17.300 -0.050
WTI MEH AAYRG00 70.890 -0.470 AAYRH00 2.400 0.000
WTI MEH (2nd month) AAXXE00 71.050 -0.310 AAYYA00 3.700 0.000
Poseidon AABHK00 67.63–67.65 67.640 -0.520 AAGWL00 -0.86/-0.84 -0.850 -0.050
Eugene Island PCAFC00 69.33–69.35 69.340 -0.470 AAGWD00 0.84/0.86 0.850 0.000
Thunder Horse Blend AAWZK00 69.83–69.85 69.840 -0.470 AAWZL00 1.34/1.36 1.350 0.000
Wyoming Sweet PCACM00 65.88–65.90 65.890 -0.320 AAGWR00 -2.61/-2.59 -2.600 +0.150
Basrah Light AAEJH00 72.96–72.98 72.970 -0.150 AAGWV00 5.61/5.63 5.620 +0.160
Bonito PCAIE00 69.33–69.35 69.340 -0.470 AAGWF00 0.84/0.86 0.850 0.000
SGC AASOI00 68.73–68.75 68.740 -0.470 AASOJ00 0.24/0.26 0.250 0.000
Spread vs NYMEX WTI CMA
ANS (Cal) PCAAD00 73.30–73.34 73.320 -1.090 AAGWX00 6.09/6.11 6.100 -0.800
WCS ex-Cushing AAWTY00 62.36–62.38 62.370 -0.290 AAWTZ00 -4.86/-4.84 -4.850 0.000
WCS ex-Nederland AAYAY00 64.570 -0.290 AAYAX00 -2.650 0.000
Bakken Williston AAXPP00 64.520 -0.690 AASRX00 -2.700 -0.400
Bakken Guernsey AASRR00 65.86–65.88 65.870 -0.340 AASRV00 -1.36/-1.34 -1.350 -0.050
Bakken Clearbrook AASRU00 66.81–66.83 66.820 -0.440 AASRW00 -0.41/-0.39 -0.400 -0.150
Bakken USGC Pipe ABAKA00 70.490 -0.620 ABAKB00 3.270 -0.330
Americas Crude Marker (Sept) AAQHN00 67.63–67.65 67.640 -0.520
Americas Crude Marker (Oct) AAQHO00 67.64–67.66 67.650 -0.110
Americas Crude Marker (Nov) AAQHP00 67.72–67.74 67.730 -0.050
Thums PCACD00 72.85–72.87 72.860 +1.170
Line 63 PCABM00 77.10–77.14 77.120 -0.240
P-Plus Line 63 PCAFV00 4.39/4.41 4.400 0.000
Spread vs Eagle Ford Yield
Eagle Ford postings avg. AAYAH00 63.650 -0.420 AAYAI00 -7.350 -0.070
FOB USGC Spread vs NYMEX WTI strip
Bakken ABAKC00 71.240 -0.620 ABAKD00 3.630 -0.240
Eagle Ford Crude AAYAT00 71.390 -0.470 AAYAU00 3.780 -0.090
Eagle Ford Condensate AAYAR00 71.190 -0.470 AAYAS00 3.580 -0.090
WTI AAYBA00 71.390 -0.470 AAYAZ00 3.780 -0.090
FOB Houston Spread vs NYMEX WTI CMA
Eagle Ford Crude AAYAV00 71.390 -0.470 AAYAW00 3.780 -0.090
Eagle Ford Condensate AAYBB00 71.190 -0.470 AAYBC00 3.580 -0.090
US crude assessments Singapore close
($/barrel) Mid Change
(PGA page 2208)
LOOP Sour (Sep) AAZDA00 68.350
+0.870
LOOP Sour (Oct) AAZDB00 68.000
+0.740
LLS (Sep) AAZDC00 71.550
+0.820
LLS (Oct) AAZDD00 71.650
+0.690
Southern Green Canyon AAZDE00 68.900
+0.770
WTI MEH (Sep) AAZDF00 71.050
+0.520
WTI MEH (Oct) AAZDG00 71.100
+0.390
23
Oilgram Price Report Prices effective August 3, 2018

Crude Price Assessments

Canadian spot crude assessments, Aug 3
(PGA pages 230 & 232) C$/cu m Mid Change
Lloyd Blend AALRM00 301.461–301.624 301.543 -6.764
Mixed Sweet AALRT00 505.647–505.811 505.729 +0.944
Light Sour Blend AALRZ00 497.888–498.052 497.970 -1.494
Midale AAUCD00 493.805–493.968 493.886 -1.485
Condensates AALSH00 545.260–545.423 545.341 -2.015
Syncrude Sweet Prem. AASOL00 573.437–573.601 573.519 +0.376
WCS AAPPO00 293.702–293.865 293.783 -6.747
Cold Lake AASZY00 288.393–288.556 288.475 -6.734
$/barrel
Lloyd Blend AALRK00 36.910–36.930 36.920 -0.740
Mixed Sweet AALRR00 61.910–61.930 61.920 +0.260
Light Sour Blend AALRX00 60.960–60.980 60.970 -0.040
Midale AAUCC00 60.460–60.480 60.470 -0.040
Condensates AALSF00 66.760–66.780 66.770 -0.090
Syncrude Sweet Prem. AASOK00 70.210–70.230 70.220 +0.210
WCS AAPPN00 35.960–35.980 35.970 -0.740
Cold Lake AASZX00 35.310–35.330 35.320 -0.740
Spread vs Canada Basis
Lloyd Blend AALRP00 -30.310/-30.290 -30.300 -0.450
Mixed Sweet AALRV00 -5.310/-5.290 -5.300 +0.550
Light Sour Blend AALSD00 -6.260/-6.240 -6.250 +0.250
Midale AAUCE00 -6.760/-6.740 -6.750 +0.250
Condensates AALSJ00 -0.460/-0.440 -0.450 +0.200
Syncrude Sweet Prem. AASOM00 2.990/3.010 3.000 +0.500
WCS AAPPP00 -31.260/-31.240 -31.250 -0.450
Cold Lake AASZZ00 -31.910/-31.890 -31.900 -0.450
*Canada Basis: See explanation at http://www.platts.com/
Latin America crude ($/barrel), Aug 3 (PGA page 280)
Mid Change Diff to Diff to Futures Diff to Dated
FOB Crude WTI strip Brent strip Brent strip
Oriente PCADE00 67.53–67.58 67.555 -0.260 PCAGU00 0.300 AAXBW00 -6.020 AAXBH00 -5.230
Vasconia PCAGI00 68.05–68.10 68.075 +0.175 PCAGR00 0.820 AAXCB00 -5.500 AAXBN00 -4.710
Roncador AAQTL00 68.25–68.30 68.275 -0.125 AAQTK00 1.020 AAXBT00 -5.300 AAXAY00 -4.510
Escalante PCAGC00 69.35–69.40 69.375 -0.125 PCAGO00 2.120 AAXBS00 -4.200 AAXAX00 -3.410
Loreto PCAGH00 66.53–66.58 66.555 -0.260 PCAGQ00 -0.700 AAXBV00 -7.020 AAXBG00 -6.230
Mesa 30 AAITB00 67.70–67.75 67.725 +0.175 AAITH00 0.470 AAXCC00 -5.850 AAXBO00 -5.060
Santa Barbara AAITD00 68.58–68.63 68.605 -0.110 AAITJ00 1.350 AAXBU00 -4.970 AAXAZ00 -4.180
Marlim AAITF00 68.20–68.25 68.225 -0.125 AAITL00 0.970 AAXBY00 -5.350 AAXBJ00 -4.560
Napo AAMCA00 63.53–63.58 63.555 -0.260 AAMCD00 -3.700 AAXBX00 -10.020 AAXBI00 -9.230
Castilla Blend AAVEQ00 64.75–64.80 64.775 -0.125 AAVEQ01 -2.480 AAXBZ00 -8.800 AAXBK00 -8.010
Magdalena AAWFR00 64.85–64.90 64.875 -0.125 AAWFS00 -2.380 AAXCA00 -8.700 AAXBL00 -7.910
Latin America WTI strip AAXBP00 67.255 -0.310
Latin America Futures Brent strip AAXBQ00 73.575 -0.175
Latin America Dated Brent strip AAXBR00 72.785 -0.240
Daily OPEC basket price ($/barrel) (PGA page 207)
Change
02Aug AAEUQ00 71.610 -0.490
The daily OPEC basket price represents an index of the following 11 grades: Algeria’s Saharan Blend, Indonesia’s Minas, Iranian Heavy, Iraq’s Basra Light, Kuwait’s Export, Libya’s Es Sider,
Nigeria’s Bonny Light,Qatar’s Marine, Saudi Arabia’s Arab Light, Murban of the UAE and Venezuela’s BCF 17.

Crude oil postings

Effective date Effective date Effective date Effective date
US ($/barrel) (PGA page 250)
Plains Shell Sunoco Valero
WTI PSADF09 65.00* 03AUG18 PSADI09 65.10* 03AUG18 PSADG09 65.00* 03AUG18 PSACS09 65.00* 03AUG18
WTS PSAED09 51.95 03AUG18 PSAEG09 65.44 03AUG18 PSAEE09 60.00 03AUG18
LLS PSAMO09 63.50 03AUG18 PSAMQ09 63.50 03AUG18 PSAMP09 63.50 03AUG18 PSATF09 66.89 03AUG18
Ok. Swt. PSUS191 65.00 03AUG18 PSANX09 64.85 03AUG18 PSANW09 65.00 03AUG18
Kansas PSAPL09 55.35 03AUG18 PSUS112 57.58 03AUG18 PSAPE09 64.00 03AUG18
Wyo. Swt PSAQZ09 62.10 03AUG18
Eugene Island AALBB00 60.50 03AUG18
Eagle Ford PSUS100 65.00 03AUG18
Eagle Fd Cond PSUS110 64.00 03AUG18
Phillips66 FlintHls Coffey
WTI PSACP09 65.11* 03AUG18 AAUQN00 65.00 03AUG18 PSUS066 65.00 03AUG18
WTS PSADO09 52.92 03AUG18
LLS PSAMC09 63.86 03AUG18
Ok. Swt PSASL09 64.91 03AUG18 PSUS064 65.00 03AUG18
Kansas PSUS060 58.75 03AUG18
Wyo. Swt. PSUS264 64.75 03AUG18 PSUS067 50.00 03AUG18
Wyo. Sr. PSUS261 46.00 03AUG18
Eagle Ford PSUS068 58.20 03AUG18
Eagle Fd Cond PSUS070 51.70 03AUG18
*P-5 WTI is a crude oil postings-based index as of 5:30 p.m. local New York time. Posted prices by the following companies are used in the index: Phillips66, Plains, Sunoco, Shell, and Valero. Postings available at presstime. Companies listed are representative of key crude oil purchasers.

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 24
Oilgram Price Report Prices effective August 3, 2018

Spot tanker rates, Aug 3 Platts futures assessments, Aug 3

Route NYMEX light sweet crude ($/barrel) (PGA page 701)
From To Size (mt) WS Rate ($/mt)
CME 2:30 PM ET settlement
Clean Sep AAWS001 68.490
Oct AAWS002 67.350
(PGT page 1910) Nov AAWS003 66.930
Med UKC PFADCSZ 30k PFADC10 132.50 TCABA00 12.99 Dec AAWS004 66.590
Med USAC PFACWSZ 37k PFACW10 100.00 TCABC00 13.99 Platts 2:30 PM ET futures assessment
Med Med PFADBSZ 30k PFADB10 122.50 TCAAY00 5.94 Sep NYCRM01 68.480
UKC UKC PFALYSZ 22k PFALY00 163.75 TCABV00 8.38 Oct NYCRM02 67.360
UKC USAC PFAMASZ 37k PFAMA00 100.00 TCABX00 12.74 Nov NYCRM03 66.940
UKC USGC PFAMBSZ 37k PFAMB00 100.00 TCACA00 16.62 Dec NYCRM04 66.600
BSea Med PFABXSZ 30k PFABX00 130.00 TCAAP00 12.12 CME 2:30 PM vs Platts 2:30 PM spread
(PGT page 2920) Sep AAWD001 0.010

AG India PFABMSZ 35k PFABM10 198.00 TCAAF00 12.14

Oct AAWD002 -0.010

AG Japan PFABNSZ 35k PFABN10 136.00 TCAAH00 24.59

Nov AAWD003 -0.010

Sing Japan PFAEBSZ 30k PFAEB10 137.00 TCABP00 12.34

Dec AAWD004 -0.010

Sing HK PFAKWSZ 30k PFAKW10 295.00* TCADI00 9.83 NYMEX RBOB (¢/gal) (PGA page 701)
(PGT page 2922) CME 2:30 PM ET settlement
AG Japan PFAEYSZ 55k PFAEY10 107.00 TCAAI00 19.35 Sep AARS001 206.550
AG Japan PFAMTSZ 75k PFAMT00 100.50 TCAAJ00 18.17 Oct AARS002 194.510
Nov AARS003 191.720
Dirty Platts 2:30 PM ET futures assessment
Sep NYRBM01 206.560
(PGT page 1962) Oct NYRBM02 194.480
Carib USGC PFANZSZ 50k PFANZ00 117.50 TDABA00 9.12 Nov NYRBM03 191.730
Carib USAC PFALTSZ 70k PFALT10 122.50 TDAAY00 10.12 CME 2:30 PM vs Platts 2:30 PM spread
(PGT page 1960) Sep AARD001 -0.010

Med Med PFAJPSZ 80k PFAJP10 117.50 TDABL00 5.44

Oct AARD002 0.030

Med USGC PFAJOSZ 80k PFAJO10 97.50 TDABU00 16.37

Nov AARD003 -0.010

UKC UKC PFAKDSZ 80k PFAKD10 102.50 TDACD00 6.95
UKC USAC PFAKESZ 80k PFAKE10 90.00 TDACG00 11.88
(PGT page 1970)
WAF USGC PFAIASZ 130k PFAIA10 65.00 TDACV00 11.30
UKC USGC PFAHNSZ 135k PFAHN10 52.50 TDACH00 8.94
Med USGC PFAHGSZ 135k PFAHG10 55.00 TDABS00 9.23
(PGT page 2970)
AG Asia PFAJDSZ 80k PFAJD10 105.00 TDAAC00 15.41
(PGT page 2980)
AG Asia PFAOCSZ 270k PFAOC00 53.00 TDAAB00 9.00
AG USGC PFAOGSZ 280k PFAOG00 26.00 TDAAN00 8.26
*values are in lumpsum
Platts futures assessments Singapore MOC, Aug 3 (PGA page 703)
NYMEX RBOB (¢/gal)
Sep XNRBA01 206.510
Oct XNRBA02 194.400
Nov XNRBA03 191.540
NYMEX NY ULSD (¢/gal)
Sep XNHOA01 212.730
Oct XNHOA02 213.260
Nov XNHOA03 213.550
NYMEX NY ULSD (¢/gal) (PGA page 701)
CME 2:30 PM ET settlement
Sep AAHS001 212.690
Oct AAHS002 213.240
Nov AAHS003 213.630
Platts 2:30 PM ET futures assessment
Sep NYHOM01 213.000
Oct NYHOM02 213.560
Nov NYHOM03 213.970
CME 2:30 PM vs Platts 2:30 PM spread
Sep AAHD001 -0.310
Oct AAHD002 -0.320
Nov AAHD003 -0.340
ICE Brent crude ($/barrel) (PGA page 703)
Platts 2:30 PM ET futures assessment
Oct AAQBG00 73.240
Nov AAQBH00 73.560
Dec AAXZZ00 73.670
Jan AAYALOO 73.660

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 25
Oilgram Price Report Prices effective August 3, 2018

Futures settlements, Aug 3

Settlement Change Low High Volume* Open interest PNT*** Settlement Change Low High Volume* Open interest PNT***

NYMEX Light sweet crude ($/barrel) (PGA page 705)
Sep 18 NMCL001 68.49 -0.47 67.87 69.24 444379 403537
Oct 18 NMCL002 67.35 -0.31 66.68 67.94 66600 262673
Nov 18 NMCL003 66.93 -0.25 66.27 67.45 21506 140608
Dec 18 NMCL004 66.59 -0.20 65.93 67.05 39525 289265
Total NMCL000 642637 XNCLP00 7723
NYMEX NY ULSD ($/gal) (PGA page 705)
Sep 18 NMHO001 2.1269 -0.0049 2.1130 2.1444 45819 119535
Oct 18 NMHO002 2.1324 -0.0041 2.1184 2.1486 23787 57140
Nov 18 NMHO003 2.1363 -0.0033 2.1220 2.1517 12329 42863
Dec 18 NMHO004 2.1395 -0.0025 2.1244 2.1541 15743 58853
Total NMHO000 108532 XNHOP00 7610
NYMEX RBOB unleaded gasoline ($/gal) (PGA page 705)
Sep 18 NMRB001 2.0655 -0.0026 2.0547 2.0906 68822 159292
Oct 18 NMRB002 1.9451 -0.0036 1.9304 1.9636 58984 98038
Nov 18 NMRB003 1.9172 -0.0033 1.9019 1.9335 18714 69965
Dec 18 NMRB004 1.8979 -0.0033 1.8821 1.9132 17129 50403
Total NMRB000 174679 XNRBP00 13888
NYMEX Natural Gas ($/MMBtu) (PGA page 705)
Sep 18 NMNG001 2.853 +0.04 2.814 2.862 123981 294075
Oct 18 NMNG002 2.862 +0.04 2.821 2.870 47802 177035
Nov 18 NMNG003 2.898 +0.04 2.858 2.906 26259 148118
Dec 18 NMNG004 2.998 +0.04 2.960 3.004 20919 98196
Total NMNG000 327419 XNNGP00 2255
DME Oman crude ($/barrel)** (PGA pages 702 & 2710)
Oct 18 Asia XDOA001 72.00 +0.67 2795
Oct 18 DMOQ001 71.88 -0.44 71.88 72.30 2789 2030
Nov 18 DMOQ002 71.83 -0.44 71.83 71.83 70 0
Dec 18 DMOQ003 71.61 -0.44 71.61 71.61 190 30
Jan 19 DMOQ004 71.46 -0.44 71.46 71.46 320 20
Total DMOQ000 4404 XDOQP00 1075
ICE BWAVE (Brent weighted futures average)($/barrel) (PGA page 704)
Oct 18 XIBW001 72.76
Nov 18 XIBW002 73.08
BWAVE data refer to previous day.
ICE WTI ($/barrel) (PGA page 704)
Sep 18 ICIC001 68.49 -0.47 67.88 69.24 22892 76957
Oct 18 ICIC002 67.35 -0.31 66.68 67.95 40926 66587
Nov 18 ICIC003 66.93 -0.25 66.35 67.47 21601 28898
Dec 18 ICIC004 66.59 -0.20 66.00 67.07 32829 137130
Total ICIC000 113257 XIICP00 2599
ICE low sulfur Gasoil ($/mt) (PGA page 704)
Aug 18 ICLO001 650.00 +4.25 644.00 653.00 41856 71017
Sep 18 ICLO002 652.00 +4.25 646.00 655.00 79710 203195
Oct 18 ICLO003 654.25 +4.00 648.00 657.00 46906 158656
Nov 18 ICLO004 651.75 +3.75 645.75 654.50 16590 65125
Total ICLO000 260604 XILOP00 9485
*Volume, open interest and PNT reflect prior trading day. PNT reflect volume for Privately Negotiated Trades or off-exchange. **Oman
settlements are Post Close settlements. ***Privately Negotiated Trade values found on PGA page 710
Source: CQG
WTI DISCOUNT TO BRENT NARROWS
($/b)
-2
-3
-4
-5

ICE Brent ($/barrel) (PGA page 704) -6

Oct 18 ICLL001 73.21 -0.24 72.48 73.73 251896 435142
Nov 18 ICLL002 73.53 -0.15 72.79 73.98 113915 287366
-7
Dec 18 ICLL003 73.63 -0.11 72.91 74.04 118482 302479 29-Jun 09-Jul 17-Jul 25-Jul 02-Aug
Jan 19 ICLL004 73.62 -0.07 72.91 73.99 37627 134352
Total ICLL000 487461 XILLP00 6337 Platts WTI m1 vs Brent m1
Source: S&P Global

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 26
Oilgram Price Report Prices effective August 3, 2018
Five-Day Rolling Averages, five days ending August 3
Conversion
Naphtha (PGA page 34)
$/barrel ¢/gal
Singapore PAAAP00 73.29–73.33 (/.42) 174.51–174.60
$/mt ¢/gal
Japan C/F PAAAD00 662.05–667.70 (/3.78) 175.15–176.64
Arab Gulf PAAAA00 639.03–644.68 (/3.78) 169.06–170.55
CIF NWE physical PAAAL00 646.85–647.35 (/3.78) 171.12–171.26
Rotterdam barge PAAAM00 642.85–643.35 (/3.78) 170.07–170.20
FOB Med PAAAI00 631.00–631.50 (/3.78) 166.93–167.06
CIF Genoa PAAAH00 640.10–640.60 (/3.78) 169.34–169.47
¢/gal $/mt
US Gulf FOB cargo AAXJP00 188.86 –188.96 (*3.54669) 661.17 –661.27
US Gulf FOB LSR parcel AAXQK00 162.43 (*4.0083) 651.05
Jet Kerosene (PGA page 35)
$/mt ¢/gal
CIF NWE cargo PJAAU00 696.95–697.45 (/7.89) 210.32–210.47
Rotterdam barge PJABA00 692.10–692.60 (/7.89) 208.85–209.00
FOB Med AAIDL00 683.35–683.85 (/7.89) 206.21–206.36
CIF Genoa AAZBN00 695.45–695.95 (/7.89) 209.86–210.02
Carib cargo PJAAD00 710.48–710.54 (/7.7) 219.96–219.98
¢/gal $/mt
US Gulf water PJABM00 212.17–212.27 (*.42) 703.10–703.43
US Gulf pipe PJABO00 210.42–210.52 (*.42) 697.30–697.63
NY barge PJAAW00 216.27–216.37 (*.42) 713.69–714.02
LA pipeline PJAAP00 216.25–216.35 (*.42) 689.84–690.16
Group 3 PJAAI00 214.39–214.49 (*.42) 710.45–710.78
Chicago PJAAF00 221.35–221.45 (*.42) 733.51–733.84
Crude Oil, FOB Source
$/barrel
West Texas Int PCACG00 68.79–68.81
NYMEX Crude XNCL001 68.84
Mars AAMBR00 68.93–68.95
Brent (DTD) PCAAS00 73.53–73.54
Brent (First month) PCAAQ00 73.76–73.78
Dubai (First Month) PCAAT00 72.49–72.51
Oman (First Month) PCABS00 72.59–72.61
Urals CIF med PCACE00 71.73–71.76
WTI Posting Plus PCACI00 4.68 –4.70
Gasoline, U.S. Market (PGA page 36)
(¢/gal) Unleaded Premium
NY barge AAMIT00 207.47–207.57 AAMHM00 226.19–226.29
US Gulf water PGACU00 207.40–207.50 PGAIX00 221.22–221.32
US Gulf pipe PGACT00 205.34–205.44 PGAJB00 219.16–219.26
Group 3 PGABD00 226.54–226.64
LA Pipeline PGABG00 211.20–211.30
SF Pipeline PGADG00 203.90–204.00 PGABO00 215.90–216.00
Chicago PGACR00 208.95–209.05 PPASQ00 235.45–235.55
NYMEX Unl XNRB001 211.29
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 27
Conversion
Gasoline, Intl. Market
Prem ($/mt) ¢/gal
R’dam Barge Prem unl PGABM00 741.65–742.15 (/3.51) 211.30–211.44
Gasoil/Heating Oil (PGA page 32)
$/barrel ¢/gal
Singapore POABC00 87.05–87.09 (/.42) 207.26–207.36
Arab Gulf POAAT00 85.29–85.33 (/.42) 203.08–203.18
$/mt ¢/gal
0.1 CIF ARA AAYWS00 643.20–643.70 (/3.133) 205.50–205.65
50 ppm Rotterdam barge AAUQC00 638.70–639.20 (/3.133) 204.06–204.22
0.1 Rotterdam barge AAYWT00 635.05–635.55 (/3.133) 202.89–203.05
0.1 FOB NWE AAYWR00 629.90–630.40 (/3.133) 201.25–201.41
0.1 CIF Med AAVJJ00 651.90–652.40 (/3.133) 208.27–208.43
(PGA page 33)
¢/gal $/barrel
L.A. LS diesel POAET00 218.10–218.20 (*3.07) 669.57–669.87
S.F. LS diesel POAEY00 216.85–216.95 (*3.07) 665.73–666.04
¢/gal $/mt
NY barge POAEG00 199.39–199.49 (*3.15) 628.08–628.39
US Gulf water POAEE00 203.30–203.40 (*3.08) 626.16–626.47
US Gulf pipe POAED00 198.80–198.90 (*3.08) 612.30–612.61
NYMEX NY ULSD XNHO001 213.75 (*3.08) 673.30
Low Sulfur Resid Fuel Oil (PGA page 38)
$/mt $/barrel
CIF ARA 1% PUAAL00 437.10–437.60 (/6.35) 68.83–68.91
Rot bar 1% PUAAP00 424.85–425.35 (/6.35) 66.91–66.98
NWE FOB 1% PUAAM00 427.55–428.05 (/6.35) 67.33–67.41
Med FOB 1% PUAAK00 428.95–429.45 (/6.35) 67.55–67.63
$/barrel $/mt
Indonesia LSWR Mixed/Cracked PPAPU00 75.59–75.63 (*6.8) 506.47–506.73
NY Cargo .3% HP PUAAE00 78.31–78.33 (*6.7) 524.68–524.81
NY Cargo .3% LP PUAAB00 78.31–78.33 (*6.7) 524.68–524.81
NY Cargo .7% Max PUAAH00 70.31–70.33 (*6.5) 457.02–457.15
NY Cargo 1% Max PUAAO00 68.31–68.33 (*6.5) 444.02–444.15
US Gulf 1% PUAAI00 69.46–69.48 (*6.11) 438.96–439.09
Hi Sulfur Resid Fuel Oil (PGA page 39)
$/mt $/barrel
Singapore 180 PUADV00 460.28–460.32 (/6.35) 72.49–72.49
Singapore 380 PPXDK00 454.21–454.25 (/6.35) 71.53–71.54
Arab Gulf 180 PUABE00 448.93–448.97 (/6.35) 70.70–70.70
CIF ARA 3.5% PUABA00 419.10–419.60 (/6.35) 66.00–66.08
NWE FOB 3.5% PUABB00 406.10–406.60 (/6.35) 63.95–64.03
Med FOB 3.5% PUAAZ00 423.90–424.40 (/6.35) 66.76–66.83
CIF Med 3.5% PUAAY00 433.80–434.30 (/6.35) 68.31–68.39
$/barrel $/mt
NY cargo 2.2% PUAAU00 67.08–67.10 (*6.4) 429.29–429.41
NY cargo 3.0% PUAAX00 66.25–66.27 (*6.4) 424.01–424.14
USGC HSFO PUAFZ00 64.96–64.98 (*6.4) 415.72–415.85
Carib 2.0% PUAAS00 66.46–66.48 (*6.4) 425.32–425.45
Oilgram Price Report Prices effective August 3, 2018

US wholesale posted prices effective Aug 3

Unleaded Midgrade Premium Kerosene Diesel No.2 ULSD
PADD 1
Albany, NY DR198ZY 201.72–209.82 DM198ZY 209.22–217.55 DP198ZY 219.72–235.55 DK198ZY 233.87–255.80 DU198ZY 214.25–223.59
Allentown DR235ZY 200.60–205.61 DM235ZY 210.00–224.33 DP235ZY 228.25–252.41 DH235ZY – DU235ZY 214.55–219.50
Atlanta DR048ZY 195.95–205.35 DM048ZY 215.95–234.65 DP048ZY 234.05–254.68 DU048ZY 212.11–219.50
Baltimore (a) DR123ZY 203.45–213.65 DM123ZY 212.32–232.71 DP123ZY 224.17–255.91 DK123ZY 239.00–239.00 DH123ZY – DU123ZY 212.00–223.13
Binghamton DR200ZY 207.90–214.88 DM200ZY 219.79–230.20 DP200ZY 232.35–253.17 DU200ZY 219.20–221.50
Boston (a) DR121ZY 204.45–217.00 DM121ZY 211.45–227.00 DP121ZY 221.45–243.00 DK121ZY – DU121ZY 214.08–223.70
Charleston DR250ZY 202.40–203.75 DM250ZY 218.70–236.10 DP250ZY 248.70–268.78 DU250ZY 217.50–231.71
Charlotte DR169ZY 194.50–202.58 DM169ZY 205.95–222.02 DP169ZY 209.95–264.75 DU169ZY 211.70–214.51
Fairfax (a) DR299ZY 202.85–208.75 DM299ZY 218.93–233.37 DP299ZY 238.70–264.37 DU299ZY 212.24–222.56
Greensboro DK171ZY 248.50–248.50 DU171ZY 212.51–215.10
Miami DU039ZY 218.35–224.08
New Haven (a) DR034ZY 206.10–214.10 DM034ZY 212.30–228.10 DP034ZY 221.25–254.33 DK034ZY – DH034ZY – DU034ZY 214.49–217.75
New York City (a) DR204ZY 209.95–209.95 DM204ZY 220.62–220.62 DP204ZY 230.95–230.95 DU204ZY 216.22–225.32
Newark (a) DR189ZY 202.90–210.36 DM189ZY 209.57–223.30 DP189ZY 218.15–250.85 DK189ZY 244.83–244.83 DU189ZY 211.80–216.45
Norfolk (a) DR300ZY 204.00–232.95 DM300ZY 217.58–255.97 DP300ZY 238.00–275.97 DU300ZY 213.10–226.51
Orlando DR041ZY 204.30–206.00 DM041ZY 218.30–224.65 DP041ZY 241.00–256.04 DU041ZY 220.55–221.64
Philadelphia (a) DR242ZY 204.87–210.85 DM242ZY 210.02–220.19 DP242ZY 218.43–239.99 DH242ZY – DU242ZY 212.70–219.03
Pittsburgh DR243ZY 210.00–214.16 DM243ZY 228.06–233.96 DP243ZY 256.04–256.73 DK243ZY 257.50–257.50 DH243ZY – DU243ZY 215.85–223.95
Providence (a) DR248ZY 205.50–210.35 DM248ZY 213.00–223.35 DP248ZY 222.25–253.69 DU248ZY 214.50–217.06
Portland DR126ZY 214.75–216.15 DM126ZY 220.28–220.95 DP126ZY 228.97–242.21 DH126ZY – DU126ZY 220.65–229.86
Raleigh DU168ZY 215.30–215.50
Richmond DR301ZY 202.70–215.30 DM301ZY 216.70–231.30 DP301ZY 244.50–275.84 DK301ZY – DU301ZY 212.90–224.27
Savannah DR054ZY 200.45–205.94 DM054ZY 215.45–222.94 DP054ZY 245.45–250.94 DU054ZY 223.90–223.97
Spartanburg DR252ZY 194.35–211.55 DM252ZY 205.30–225.22 DP252ZY 210.30–248.72 DU252ZY 212.20–218.49
Tampa DU045ZY 217.50–219.10
PADD 2
Aberdeen DR253ZY 202.75–206.13 DM253ZY 212.89–221.13 DP253ZY 219.20–226.13 DU253ZY 223.99–226.86
Cape Girardeau DR144ZY 199.14–205.40 DP144ZY 248.25–254.14 DU144ZY 216.95–219.58
Chattanooga DR260ZY 194.05–199.28 DM260ZY 202.60–222.91 DP260ZY 208.20–249.28 DU260ZY 212.21–215.37
Chicago (a) DR075ZY 210.25–227.36 DM075ZY 228.58–238.45 DP075ZY 265.25–281.45 DK075ZY 230.05–271.05 DU075ZY 216.60–220.05
Cleveland DR212ZY 202.94–206.75 DM212ZY 228.56–237.52 DP212ZY 265.92–289.53 DK212ZY 274.70–274.70 DU212ZY 217.20–224.55
Columbus DR213ZY 203.95–212.60 DM213ZY 223.95–240.87 DP213ZY 263.95–289.84 DK213ZY 271.35–271.35 DU213ZY 216.70–230.00
Duluth DR138ZY 219.93–224.00 DM138ZY 230.81–235.58 DP138ZY 240.71–258.25 DU138ZY 233.35–237.25
Des Moines DR059ZY 199.93–212.04 DM059ZY 207.43–224.04 DP059ZY 216.76–234.04 DU059ZY 220.60–231.26
Detroit DR130ZY 207.64–209.80 DM130ZY 231.47–239.35 DP130ZY 266.08–275.79 DK130ZY 271.45–271.45 DU130ZY 217.65–221.06
Fargo DR174ZY 206.50–210.61 DM174ZY 215.02–219.31 DP174ZY 221.33–228.55 DU174ZY 223.98–232.24
Green Bay DR313ZY 212.50–212.50 DM313ZY – DP313ZY 247.50–247.50 DK313ZY – DU313ZY 231.25–231.25
Indianapolis DR088ZY 199.03–209.53 DM088ZY 213.73–241.12 DP088ZY 229.63–290.54 DK088ZY 274.10–274.23 DU088ZY 217.35–225.25
Kansas City DR099ZY 211.88–215.84 DM099ZY 222.99–228.36 DP099ZY 217.45–235.09 DU099ZY 220.77–224.50
Knoxville DR261ZY 193.65–209.71 DM261ZY 206.72–230.91 DP261ZY 213.37–262.70 DK261ZY – DU261ZY 211.91–218.16
Milwaukee DR316ZY 210.09–214.00 DM316ZY 222.34–233.00 DP316ZY 245.09–273.00 DK316ZY 273.50–273.50 DU316ZY 220.40–223.50
Minneapolis/St.Paul DR141ZY 204.57–212.44 DM141ZY 210.29–221.64 DP141ZY 220.72–239.75 DK141ZY 244.25–244.25 DU141ZY 224.92–232.20
Oklahoma City DR226ZY 199.89–204.88 DM226ZY 208.29–218.05 DP226ZY 214.29–223.05 DU226ZY 217.86–223.41
Omaha DR185ZY 199.95–214.25 DM185ZY 207.25–226.25 DP185ZY 213.55–229.25 DU185ZY 220.82–229.53
Sioux Falls DR256ZY 200.05–203.95 DM256ZY 208.63–218.95 DP256ZY 214.93–233.77 DU256ZY 220.95–228.23
St. Louis (a) DR154ZY 207.75–215.99 DM154ZY 220.25–240.59 DP154ZY 232.75–263.99 DU154ZY 216.50–224.45
PADD 3
Albuquerque DR192ZY 208.30–216.00 DM192ZY 226.30–235.55 DP192ZY 247.00–253.90 DU192ZY 223.40–234.00
Amarillo DR265ZY 201.40–202.05 DM265ZY 220.40–262.55 DP265ZY 244.90–272.55 DU265ZY 219.10–219.25
Baton Rouge DR115ZY 202.90–203.85 DM115ZY 216.85–220.60 DP115ZY 241.70–253.85 DU115ZY 212.95–218.95
Birmingham DR003ZY 193.75–206.93 DM003ZY 208.80–223.01 DP003ZY 223.75–264.01 DK003ZY 234.29–234.29 DU003ZY 212.31–220.30
Corpus Christi DR275ZY 205.37–206.10 DM275ZY 220.37–222.10 DP275ZY 250.37–252.10 DU275ZY 211.65–212.85
Dallas/Ft.Worth (a) DR276ZY 205.15–211.00 DM276ZY 215.35–232.88 DP276ZY 235.15–255.65 DU276ZY 216.00–232.00
Houston (a) DR416ZY 203.00–207.05 DM416ZY 210.33–222.60 DP416ZY 242.05–251.75 DK416ZY 266.73–266.73 DU416ZY 213.00–217.50
Little Rock DR009ZY 197.14–207.99 DM009ZY 207.55–227.99 DP009ZY 224.80–257.34 DU009ZY 217.20–230.13
New Orleans DR119ZY 195.60–200.52 DM119ZY 210.98–225.03 DP119ZY 248.20–257.50 DU119ZY 211.89–215.24
San Antonio DR289ZY 199.35–205.55 DM289ZY 210.35–219.95 DP289ZY 230.35–251.22 DU289ZY 215.80–220.69

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 28
Oilgram Price Report Prices effective August 3, 2018

US wholesale posted prices (continued)

Unleaded Midgrade Premium Kerosene Diesel No.2 ULSD
PADD 4
Billings (b) DR162ZY 217.16–223.25 DP162ZY 252.15–252.95 DU162ZY 236.91–251.21
Casper (b) DR321ZY 223.69–223.69 DP321ZY 258.69–258.69 DU321ZY* 254.03–256.50
Denver DR028ZY 218.50–239.40 DM028ZY 235.50–244.80 DP028ZY 260.50–282.40 DU028ZY 222.55–231.01
Salt Lake City DR298ZY 242.24–254.00 DM298ZY 267.00–267.00 DP298ZY 266.00–284.00 DU298ZY 278.09–284.00
PADD 5
Anacortes DR305ZY 217.00–217.69 DM305ZY 239.00–242.19 DP305ZY 249.84–253.00 DU305ZY 219.40–222.50
Las Vegas (e) DR196ZY 226.00–234.25 DM196ZY 233.92–244.25 DP196ZY 243.82–255.00 DU196ZY 237.01–251.45
Los Angeles(e) DR022ZY 236.78–243.10 DM022ZY 246.75–254.06 DP022ZY 256.74–264.06 DU022ZY 245.00–249.86
Phoenix DR012ZY 218.00–231.00 DM012ZY 225.00–251.00 DP012ZY 232.00–271.00 DU012ZY 220.00–229.50
Portland DR233ZY 211.90–218.00 DM233ZY 235.00–238.36 DP233ZY 246.40–247.86 DU233ZY 222.50–237.00
SanFranEBay (e) DR025ZY 237.43–240.66 DM025ZY 252.40–262.66 DP025ZY 267.39–272.66 DU025ZY 243.00–297.00
Seattle/Tacoma DR308ZY 212.40–214.00 DM308ZY 235.53–236.40 DP308ZY 245.71–248.00 DU308ZY 221.40–226.00
Spokane DR309ZY 231.41–235.18 DM309ZY 246.61–256.50 DP309ZY 256.16–268.00 DU309ZY 235.42–242.90
All prices are provided by DTN. Discounts or temporary allowances offered by individual companies are not included in posted prices. Prices are unbranded unless noted. Prices are conventional gasoline unless noted. All prices in cts/gal. (a)=RFG. (b)=Branded postings (e)=CARB
gasoline/No.2 oil *=Low Sulfur Diesel

Refining Margins

US WEEKLY AVERAGE CRACKING MARGINS US WEEKLY AVERAGE COKING MARGINS INTERNATIONAL WEEKLY AVERAGE CRACKING MARGINS
($/b) 06-Jul 13-Jul 20-Jul 27-Jul ($/b) 06-Jul 13-Jul 20-Jul 27-Jul ($/b) 06-Jul 13-Jul 20-Jul 27-Jul
15 30 10

8
10 20
6

4
5 10
2

0 0 0
Midwest WTI USGC LLS USAC Bonny Light USWC ANS Midwest WTS USGC Mars USAC Cabinda USWC ANS ARA Brent Italy Urals Singapore Dubai
Source: S&P Global Platts, Turner Mason Source: S&P Global Platts, Turner Mason Source: S&P Global Platts, Turner Mason

US CRACKING MARGINS 30DAY ROLLING AVERAGE US COKING MARGINS 30DAY ROLLING AVERAGE INTERNATIONAL CRACKING MARGINS 30DAY AVERAGE
($/b) Midwest WTI USGC LLS USAC Bonny Light USWC ANS ($/b) Midwest WTS USGC Mars USAC Cabinda USWC ANS ($/b) ARA Brent Italy Urals Singapore Dubai
20 25 10

15 20
8

10 15

6
5 10

0 5 4
Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18
Source: S&P Global Platts, Turner Mason Source: S&P Global Platts, Turner Mason Source: S&P Global Platts, Turner Mason

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 29
Oilgram Price Report Prices effective August 3, 2018
CFTC COMMITMENTS OF TRADERS
Commitments of traders as of Jul 31
Commodity Net Change
Futures only (PGA 707)
Total non-commercial contracts
Crude Oil C017086 613400 +2929
RBOB C029086 110958 +11316
NYMEX NY ULSD C060086 42017 +305
Natural Gas C059086 -126427 +1684
Total non-reportable contracts
Crude Oil C017090 38197 -2988
RBOB C029090 8081 -1062
NYMEX NY ULSD C060090 14962 +688
Natural Gas C059090 22809 -84
Total commercials contracts
Crude Oil C017083 -651597 +59
RBOB C029083 -119039 -10254
NYMEX NY ULSD C060083 -56979 -993
Natural Gas C059083 103618 -1600
(continued from page 19)
the region.
In addition, the free trade agreement between South
Korea and the US, which took effect from March 2012, has
completely removed import duties on energy products
coming from the North American supplier.
South Korea has imported 14.1 million barrels from
the US in the first half of this year at an average cost of
$69.08/b, while 21.57 million barrels arrived from Russia
SOKOL’S CORRELATION WITH ASIAN CRACKS
Sokol Premium* ($/b) Gasoil Crack** ($/b)
6 18
5 16
4 14
3 12
Jan-18 Mar-18 May-18 Jul-18
* Sokol’s premium reflects differential to Platts Oman/Dubai average
** Gasoil crack represents spread between Singapore physical gasoil
assessment and M2 Dubai Swap
Source: S&P Global Platts
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Commodity Net Change
Futures and options
Total non-commercial contracts
Crude Oil C017048 649698 +940
RBOB C029048 112191 +11289
NYMEX NY ULSD C060048 41431 +288
Natural Gas C059048 -128579 +1073
Total non-reportable contracts
Crude Oil C017052 41687 -2312
RBOB C029052 8137 -1083
NYMEX NY ULSD C060052 15525 +934
Natural Gas C059052 22916 -363
Total commercials contracts
Crude Oil C017045 -691385 +1373
RBOB C029045 -120327 -10205
NYMEX NY ULSD C060045 -56955 -1221
Natural Gas C059045 105664 -710
Source: Commodity Futures Trading Commission
over the same period at an average cost of $70.77/b.
Average cost comparison between Russian and
US crude purchased in 2017 could not be made due
mainly to the big difference in import volumes from
the two producers. South Korea has only actively
started to buy US crude since second half of the third
quarter last year.
Russian spot premiums
Far East Russian crude grades are highly sensitive
to Asian refining margins as majority of ESPO Blend,
Sakhalin Blend and Sokol spot supplies feed into the
big three Northeast Asian demand centers namely
China, South Korea and Japan. Spot differentials for the
distillate-rich Russian grades typically outperform rival
Southeast Asian and Oceania light sweet crude when
cracking margins trend up in the region.
The second-month Singapore gasoil to Dubai swap
crack rallied in Q2, averaging $16.23/b during the month
of May, the highest level since May 2014 when it averaged
$16.66/b, S&P Global Platts data showed.
Demonstrating Far East Russian grades’ strong
correlation to regional product margins, middle
30
distillate-rich Sokol crude commanded an average
premium of $5/b to the average of first-line Dubai and
Oman assessments on a CFR North Asia basis during
Q2. It was the highest quarterly premium since Q3
2014, when the differential averaged $5.20/b, Platts
data showed.
Furthermore, the April-June period saw the spread
between WTI and Dubai crude price benchmarks
widen to a steep discount, making various North
American export grades loaded during the quarter
extremely competitive.
Platts data showed the spread between the front-
month WTI swap and same-month Dubai crude swap has
averaged at minus $3.91/b in Q2, the biggest discount since
averaging minus $5.13/b in Q3 2014.
Tax exemption
South Korea levies a 3% tariff on crude imports including
Russia, but domestic refiners are exempted from the tax on
imports from the US thanks to the FTA, industry officials
based in Seoul said.
“No tariff on imports of US crude is the main
reason to get more cargoes from the US because
prices differences among grades are very small,” said
an official at SK Innovation, South Korea’s biggest
importer of US crude.
“This is the same reason to import more Forties on
which no tariffs are imposed thanks to the FTA with the
EU,” the official said. “We will continue looking for US
grades to take advantages of the FTA with the US.”
SK Innovation has imported 8.2 million barrels of US
crude over January-June this year, compared with none
purchased during the same period a year earlier.
Officials from GS Caltex, the country’s second-
biggest refiner, also said the company has been
encouraged to buy more cargoes from the US to take
full advantage of the import duty exemption. GS Caltex
has imported 5.91 million barrels of US crude in H1,
compared with just 525,000 barrels bought a year earlier.
— Gawoon Philip Vahn, Charles Lee
Oilgram Price Report Prices effective August 3, 2018
China’s CAO to focus on core business
amid trade tensions
■■China jet fuel cargoes to US unlikely
■■Acquisitions to lift European opportunities
■■Jet fuel trading volumes to climb in Q3
Singapore—China Aviation Oil warned Friday that business
conditions are likely to remain tough because of geopolitical
tensions and trade protection measures, but said it would
aim for growth by pushing its core businesses.
The company is also eyeing opportunities to send
arbitrage jet fuel cargoes to Europe amid concerns that the
escalating US-China trade war will prevent Chinese jet fuel
cargoes moving to the US.
CAO’s jet fuel trading volumes in H1 fell nearly 14% on
the year, the company said. Its gasoil and crude oil volumes
picked up sharply in the period, helping the company’s overall
trading volumes to post robust growth of more than 12%.
CAO, which is the largest physical jet fuel trader in
the Asia Pacific region, added that its latest acquisition,
Navires Aviation Limited, would help to grow its business
in Europe and expand its presence in international
markets. Navires Aviation has been renamed China
Aviation Fuel (Europe) Limited.
“CAFEU provides CAO with a springboard to further
grow our jet fuel supply and trading portfolio as well as
aviation marketing business in Europe and strengthen our
global presence,” CEO Meng Fanqiu said in a statement.
The acquisition, which was completed at the end of
June, is expected to enable CAO to secure jet fuel outlets and
cater to local and international airlines at Schiphol, Frankfurt,
Brussels and Stuttgart airports in Northwest Europe.
Arbitrage to Europe
“We are looking for opportunity to send cargoes to Europe
during the rest of 2018, with volumes expected to be around
100,000-200,000 mt,” said Meng. He added that those
volumes would be much lower than total 2017 arbitrage
volumes to Europe of 600,000 mt.
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
CAO did not send any jet fuel cargoes from Asia
to Europe in the first seven months of this year as the
arbitrage window was closed.
In the first half of 2018, the company’s jet fuel trade
volumes were 6.74 million mt, down 14.4% on the year and
18.3% below H2 2017, the company said.
Despite the reduction in volumes, gross profit grew
13.7% year on year as the company optimized its jet fuel
supply and trading activities.
Trading profit was strong in Q1 due to market tightness
as buyers in Europe, Africa and Asia were often competing
for the same cargoes.
Meng expects trading volumes to rise in Q3 as the
July-September period is the peak season for jet fuel
trading globally.
Trade tensions
“If the China-US trade war further escalates, it is unlikely
that jet fuel cargoes from China will move to the US.
But some other trading opportunities would arise,” vice
president Zhang Xinbo said.
CAO supplied less than 2 million mt of jet fuel to airports
in the US last year, 60% of which were cargoes shipped
from North Asian countries – China, South Korea and
Japan. The rest were cargoes supplied by US refiners.
“We have talked to South Korean refineries and they are
very happy to send more cargoes to the US amid intensive
competition within Asia,” Zhang said.
Independents’ issues
Company officials said that financial issues faced by China’s
independent refiners would limit business opportunities for
crude trading over the course of the rest of the year.
“China’s independent refineries may encounter many
difficulties this year, and we expect their crude demand to
fall in H2. But the country’s crude demand will rise,” Meng
said, adding that CAO had expanded its customer profile to
include state-owned refineries.
Crude oil pushed up the company’s non-middle
distillates volumes 42.6% on the year to 8.74 million mt in
31
H1, the company said.
CAO launched its crude oil trading business in the
second half of 2016 with trading volumes amounting to 6
million mt in the year, rising to 6 million-7 million mt in 2017.
It set up the crude business after crude oil import quotas
were awarded to independent Chinese refineries in 2015.
The company mainly sources crude cargoes from the
Middle East and supplies to Asian countries.
China Aviation Oil (Singapore) Corporation is listed on
the Singapore Stock Exchange and is a subsidiary of China
National Aviation Fuel Group Corporation. — Oceana Zhou,
Sambit Mohanty
Heatwave forces European refiners to cut
runs, but impact seen marginal
London—Some refineries in Europe have been opting to
reduce crude runs as cooling facilities struggle dealing with
the current heatwave, sources told S&P Global Platts Friday.
Northwest Europe especially has been hit by unusually
high temperatures, up to 40C, and the heatwave set to last
for a while longer.
“The high temperatures are causing refineries to be
down slightly [on runs],” one trading source said.
Refineries need to cool the crude distillation columns
and some have been reducing rates to cope with the heat,
although the measures appear to be temporary and have
not been widespread, sources said.
Some refineries might have to reduce capacity by “one
or two percent,” said a source with the German mineral oil
association, but that would have “very little impact on refinery
output.” While in the past high temperatures could have
affected refineries’ cooling abilities, currently their “efficiency
is so so high,” they can cope well, the source said.
A number of refineries in the past weeks have had
problems with electricity glitches although those were not
attributed to the heatwave and have since been fixed.
The reduced run rates were seen as partly lending
support to Northwest Europe’s gasoline market which
Oilgram Price Report Prices effective August 3, 2018
has been very tight on seasonally higher demand and
shipments to North America and West Africa, according to
sources. — Solomon Lanitis, with Elza Turner
Brazil’s Petrobras to install three new
FPSOs in third quarter
Rio de Janeiro—Brazilian state-led oil producer Petrobras
will install three new floating production units at offshore
subsalt fields in the third quarter that will lead to a jump
in crude output, starting in the fourth quarter, company
officials said Friday.
“We expect relevant production growth in the second
half of 2018,” Solange Guedes, the company’s director for
exploration and production, said during a press conference
to discuss second-quarter earnings. “The expectation is for
strong production growth, notably in the fourth quarter.”
The upswing would reverse the current downward trend
in output seen since late 2017, when Petrobras embarked
on a heavy schedule of maintenance shutdowns at floating
production, storage and offloading vessels, or FPSOs,
installed at subsalt fields. Petrobras’ first-half 2018 output
was undermined by the completion of several asset sales,
including the sale of a stake in the Lapa Field to France’s
Total and a 25% stake in the mature Roncador Field to
Norway’s Equinor.
Petrobras expects the new FPSOs to help the company
meet its 2018 production targets of 2.7 million b/d of oil
equivalent globally and 2.1 million boe/d in Brazil, Guedes
said. That would be down from the 2.154 million boe/d
produced domestically in 2017, but in line with first-half
average output of 2.0174 million boe/d.
The company is still ramping up two new FPSOs that
pumped first oil earlier this year and should see ramp-
up work continue in the third quarter, according to Hugo
Repsold, Petrobras’ director for production development
and technology.
The FPSO P-74, which pumped first oil from the Buzios
Field on April 20, is currently producing 30,000 boe/d from
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
a single well, Repsold said. The vessel’s reinjection system,
which will allow additional wells to be connected to the
vessel, is still undergoing commissioning, Repsold said.
Buzios is the first of the transfer-of-rights fields to
start production. Petrobras was granted the right to
pump 5 billion barrels of crude from the fields as part of a
2010 oil-for-shares swap with the government. Petrobras
also discovered an additional 5 billion-15 billion barrels
of recoverable crude in the fields, according to Brazil’s
National Petroleum Agency, or ANP. Rights to develop
the additional oil volumes are expected to be sold at a
production-sharing auction on November 29.
Petrobras owns 100% of Buzios.
First oil was also achieved at the Tartaruga Verde
Field on June 22, where the FPSO Cidade de Campos dos
Goytacazes handles output, Repsold said. The field is
currently producing about 25,000 boe/d from two wells,
with a third well currently being connected, Repsold said.
Petrobras owns 100% of Tartaruga Verde and the sister
Tartaruga Mestica fields.
The productivity of the wells at the fields “already gives
you an idea about the difference in the order of magnitude
these units give in the subsalt,” Repsold said.
The three new FPSOs will likely have a bigger impact on
output later in the year, Repsold said.
The FPSO P-67 is currently undergoing commissioning
by Brazil’s Navy in Guanabara Bay, but should head out
to sea for installation at the Lula Norte area of the Lula
Field in August, Repsold said. The FPSO P-69, meanwhile,
should also leave a shipyard in Angra dos Reis, south of Rio
de Janeiro, for the Lula Extremo Sul area of the Lula Field
toward the end of August, he said.
Both FPSOs have installed capacity to produce 150,000
b/d, Repsold said. Petrobras owns a 65% operating stake in
Lula, while Shell holds a 25% minority share and Portugal’s
Galp Energia the remaining 10%.
The FPSO P-75 left a Chinese shipyard in July and is
about halfway to Brazil, Repsold said. The FPSO will be
installed at the Buzios Field later in the third quarter. The
FPSO P-75 also has installed capacity to pump 150,000 b/d.
32
The FPSO P-76, meanwhile, is expected to leave the
Pontal do Parana shipyard in the fourth quarter, Repsold
said, adding the FPSO, which can pump up to 150,000 b/d,
is expected to enter operation before the end of the year.
— Jeff Fick
OPEC output surges on Saudi crude boost
...from page 1
since December 2016 — the last month before OPEC
and 10 non-OPEC allies agreed to implement supply cuts
that are now being eased — as did Iraq and Algeria, the
survey found.
Those gains were more than enough to offset output
declines in sanctions-hit Iran, crisis-wracked Venezuela and
conflict-torn Libya.
OPEC on June 23 agreed with its partners to end
overcompliance with their production cuts and boost
output by a collective 1 million b/d to replace barrels
expected to be shut in by the reimplementation of US
sanctions on Iran and Venezuela’s economic quagmire.
OPEC’s July compliance among the 12 members with
specified quotas stands at 105%, down from 131% in June,
according to Platts calculations.
Gainers and strugglers
Iran, which has warned other members against
encroaching on its market share, saw its production
fall to 3.72 million b/d in July — lowest since January
2017 — as European buyers began winding down their
purchases in advance of US sanctions snapping back
in November.
Venezuela, suffering from crushing debt, crumbling
infrastructure, worker unrest, hyperinflation and US
sanctions, continued its output slide to 1.24 million b/d, a
670,000 b/d drop in a year and the lowest in the 30-year
history of the Platts OPEC survey, except a debilitating
worker strike in late 2002 and early 2003.
Libya’s output dropped 30,000 b/d month-on-month to
670,000 b/d, its lowest since April 2017, the survey found, as
Oilgram Price Report Prices effective August 3, 2018

OPEC JULY OUTPUT CHANGE Recent OPEC production (million b/d) million b/d of crude from the market when they go into
(million b/d) Country July Change June May April March effect November 4.
Saudi Arabia
Algeria 1.07 0.01 1.06 1.05 1.01 1.05 Also, refined products remain relatively tight, as
UAE Angola 1.45 0.00 1.45 1.52 1.53 1.61
Nigeria
demand has been strong for gasoline and diesel.
Congo-Brazzaville 0.31 -0.02 0.33 N/A N/A N/A
Kuwait Ecuador 0.53 0.01 0.52 0.52 0.52 0.52
Some refineries in Europe have reduced runs because
Iraq Equatorial Guinea 0.12 -0.01 0.13 0.13 0.13 0.13 of the current heat wave, lending support to gasoline
Algeria Gabon 0.18 0.00 0.18 0.16 0.18 0.19 prices, sources said Friday.
Ecuador Iran 3.72 -0.08 3.80 3.83 3.83 3.83 In NYMEX products, September RBOB settled 26 points
Iraq 4.57 0.03 4.54 4.47 4.42 4.43
Qatar lower at $2.0655/gal Friday, while September ULSD settled
Kuwait 2.78 0.07 2.71 2.70 2.71 2.7
Angola
Libya 0.67 -0.03 0.70 0.95 0.97 1.03
49 points lower at $2.1269/gal. — Jeff Mower
Gabon
Nigeria 1.80 0.08 1.72 1.73 1.88 1.95
Equatorial Guinea Qatar 0.62 0.01 0.61 0.60 0.59 0.6
Rep of Congo Saudi Arabia 10.63 0.24 10.39 10.01 9.95 9.98 Refinery updates
Libya UAE 2.97 0.09 2.88 2.87 2.87 2.8
Venezuela Venezuela 1.24 -0.06 1.30 1.36 1.41 1.57
Total 32.66 0.34 32.32 31.90 32.00 32.39
STAR, Aliaga, Turkey
Iran
Notes: The estimate for Iraq includes volumes from semi-autonomous region
■■Owner: Socar Turkey Enerji AS (STEAS)
-0.1 0.0 0.1 0.2 0.3
of Iraqi Kurdistan ■■Overall capacity: 214,000 b/d
Source: S&P Global Platts
Source: S&P Global Platts

it dealt with a militia blockade of its eastern ports that was
resolved July 11 and a kidnapping at the Sharara field in the
country’s southwest.
Angola’s production remained steady at 1.45 million
b/d in July, a 190,000 b/d year-on-year decline, according
to the survey, as its mature fields continued to deplete.
But the African country should see its production rebound
in the coming months with the offshore Kaombo field
beginning first production in late July.
Major gainers besides Saudi Arabia include Nigeria,
which boosted its output to 1.80 million b/d as the force
majeure on key export grade Bonny Light was lifted
mid-month, and the UAE and Kuwait, both of whom had
signaled their intent to loosen their taps.
UAE output rose to 2.97 million b/d, while Kuwait
produced 2.78 million b/d in July, the survey found.
Iraq also raised crude exports from its southern
terminals to a record high in July, with its production
coming in at 4.57 million b/d, according to the survey.
Newest member Congo produced 310,000 b/d in July, a
drop from 330,000 b/d in June.
The Platts OPEC figures were compiled by surveying
OPEC and oil industry officials, traders and analysts, as well
as reviewing proprietary shipping data. — Herman Wang,
Eklavya Gupte
Crude futures fall on higher OPEC supply, US-
China trade spat ...from page 1
US crude exports have slowed in recent weeks, likely
because the US-China trade war has reduced flows to
China, the single largest buyer of US crude in May. US
Energy Information Administration data shows that on a
four-week average basis US crude exports have slowed to
1.87 million b/d during the week that ended July 27 from
2.43 million b/d July 27.
With refinery maintenance season around the corner,
US crude inventories could start to rise, especially if exports
do not pick up again.
West African crude market sources Friday warned that
reduced refinery runs would lead to higher US crude exports
into Europe, competing with Nigerian light sweet crudes.
The crude bears should keep in mind looming US
sanctions on Iran, which are expected to remove up to 1
Notes: Turkey’s 214,000 b/d STAR refinery – being
developed by Socar Turkey Enerji, a Turkish subsidiary of
Azeri state oil company Socar – Friday began receiving its
first cargo of crude, Socar confirmed in a statement.
According to the statement the tanker, Asheron arrived
Friday morning carrying 80,000 mt of Azeri light from the
Georgian port of Supsa.
The cargo of Azerbaijan’s Azeri Light crude grade,
loaded from the Georgian port of Supsa on July 28-29
and headed to Turkey’s new STAR refinery, a source at
Azerbaijan’s Socar Trading confirmed earlier this week,
S&P Global Platts reported previously. The cargo of around
661,000 barrels was loaded onto the Aframax MT Absheron
for arrival August 2-3.
Trading sources said previously that they expected a
sourer grade such as Russia’s medium sour Urals crude
to be the more typical feedstock instead of the lighter,
distillate-rich Azeri Light.
A Socar official confirmed to Platts Friday that with
the delivery of the first crude cargo the refinery will now
be able to start test production with the aim of moving to
commercial production in October. According to previous

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 33
Oilgram Price Report Prices effective August 3, 2018
statements by Socar officials the start of commercial
production will be followed by a steady ramp up of output
expected to reach full capacity by January 2019.
Previously the start of commercial production was
slated for September although this was changed due to
changes in the order in which some units were
being completed.
Expected to cost in the region of $5.5 billion, the
STAR refinery has been designed to produce 4.95 million
mt/year of diesel, 1.3 million mt/year of naphtha, 698,000
mt/year of petroleum coke, 1.695 million mt/year of jet
fuel, 525,000 mt/year of reformate, 455,000 mt/year of
mixed xylenes, 261,000 mt/year of LPG and 157,000 mt/
year of sulfur.
Source: Company
Duna (Danube) in Szazhalombatta, near Budapest,
Hungary
■■ Owner: MOL
■■ Overall capacity: 165,000 b/d
Slovnaft, Bratislava, Slovakia
■■ Owner: MOL Group’s Slovnaft unit
■■ Capacity: 122,000 b/d
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Sisak, Croatia rising oil prices, the company said in its earnings report. But
■■Owner: INA the group-wide margin increased on the quarter, by 3.9%.
■■Overall capacity: 44,000 b/d The combined refinery margin of the Duna and Bratislava
refineries was $6.48/b in Q2, down 7.5% on the year but up
Rijeka, Croatia 5.3% on the quarter.
■■Owner: INA MOL said that despite rising oil prices, motor fuel
■■Overall capacity: 90,000 b/d crack spreads remained relatively strong due to high
demand and low inventories. As a result, the company
Olefin-2, Tiszaujvaros, Hungary said it is raising its group-wide refinery margin forecast by
■■Owner: MOL $1/b to $5-$6/b for this year.
■■Capacity: 290,000 mt/year The Brent-Urals price spread (beneficial for MOL as it
■■Units affected: various mainly processes cheaper Urals crude) was $1.95/b in Q2,
■■Duration: 2018 rising 46% from a year earlier and reaching its highest in
almost two years.
Notes: MOL confirmed Friday it is planning maintenance at Total throughput across MOL’s refineries was 4.91 million
its Steam Cracker-2 olefin plant at its petrochemical plant mt in Q2, up 5.6% on the year. Throughput in H1, 2018 was
complex in Tiszaujvaros in late Q3 and early Q4. The company 9.03 million mt, up 2.1% on the year.
is also planning a turnaround at the Rijeka refinery in Q4. Diesel made up 43.1% of total throughput in Q2, up from
MOL said an unplanned shutdown at its Bratislava 42.9% a year earlier, while the gasoline yield also increased,
refinery earlier in Q3 will affect diesel production volumes from 17.8% to 18.9%. The share of naphtha was little
for the quarter; the company did not specify the extent or changed at 8.0%; that of kerosene rose from 2.6% to 3.2%;
duration of the shutdown. while the combined share of fuel oil, bitumen and other
MOL’s group-wide refinery margin narrowed 13.5% on products fell from 16.1% to 15.4%.
the year to $5.52/b in the second quarter of 2018, owing to Source: MOL
34