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OILGRAM PRICE REPORT

Volume 96 / Number 149 / August 6, 2018 / Prices effective August 3, 2018

OPEC output surges on Saudi crude boost Inside this issue


London—Saudi Arabia pumped close to its all-time high in July and several of its OPEC brethren posted
Market analysis
their largest output figures in more than a year and a half, as the bloc appears to be following through on its
International crude: Forties flip to discount vs Brent 2
agreement to unleash more barrels on the market. Americas crude: CNR shuts in heavy oil output 4
Gasoline: US to weaken as supply grows 5
■■Iran falls to 3.72 mil b/d as buyers unwind purchases source said the kingdom produced less crude in July and Diesel: US Gulf Coast rallies to high 7
■■Venezuela continues freefall to 1.24 mil b/d 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
OPEC produced 32.66 million b/d in July, a 340,000 b/d source said, down from a self-reported figure of 10.49 Feedstocks: US sour VGO rallies to $13/b over crude 17
rise from June, including newest member the Republic of 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
Congo, according to the latest S&P Global Platts survey of Arabia may have pulled barrels out of storage to supply the
industry officials, analysts and shipping data. market with more crude than it produced. News
Saudi Arabia, OPEC’s largest member, produced 10.63 OPEC is set to reveal its July production figures in its South Korea finds US crude cheaper than Russian grades 19
million b/d, the kingdom’s highest since August 2016, when 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
it produced its record 10.66 million b/d, according to Platts According to Platts’ survey, Saudi Arabia’s Gulf allies
Brazil’s Petrobras to install three new FPSOs in third quarter 32
survey archives. Kuwait and the UAE pushed their output to their most Refinery updates 33
After the survey was published, however, a Saudi (continued on page 32)

Crude futures fall on higher OPEC supply, US-China trade spat


New York—Crude futures fell Friday on rising OPEC and b/d set in October 2016.
FORCADOS COULD GET BUMP FROM NARROWER EFS
($/b) Forcados Brent-Dubai EFS
Russian output and concerns that a trade dispute between “Rising Saudi Arabian and Russian oil supply, coupled
5
the US and China will affect demand. with concerns about demand due to the further escalating
October ICE Brent settled 24 cents lower at $73.21/b, trade conflict between the US and China, the two largest 4
while September NYMEX crude settled 47 cents lower oil consumer countries, is weighing on the [Brent] price,” 3
at $68.49/b. Commerzbank analysts said in a note Friday.
OPEC produced 32.66 million b/d in July, up 340,000 b/d Weekly rig data reported by Baker Hughes Friday did 2

from June, according to an S&P Global Platts survey Friday, little to move the market. US rigs fell by four to 1,044 this 1
as increases from Saudi Arabia, Kuwait, Iraq, Algeria and week, while the Permian oil rig count was unchanged at
0
the UAE offset declines from Libya and Venezuela. 479. The Permian count has lingered between 473 and
Russia’s crude output climbed nearly 150,000 b/d in 479 since the end of May, reflecting a slowdown in activity -1
Aug-16 Feb-17 Aug-17 Feb-18 Aug-18
July, the energy minister said Thursday, largely in line with on tight pipeline takeaway capacity, and suggesting
Moscow’s late-June agreement with OPEC. Russian output production growth will slow. Note: Platts Brent-Dubai at London MOC m1,
Forcados differential to Dated Brent Strip
is now just 15,000 b/d below the record high of 11.23 million (continued on page 33) Source: S&P Global Platts

www.platts.com
Oilgram Price Report Prices effective August 3, 2018

Market analysis

International crude FORTIES DIFFERENTIAL TO DATED BRENT FALLS HARD


($/b)
Data inside this issue
1.0
Forties flip to discount vs Brent Product price assessments
Asia 9
New signs of an arbitrage east emerged in the North Sea 0.5
China 9
crude market Friday, with a VLCC reportedly booked for a late Fujairah 9
Arab Gulf 9
August voyage east, as Forties sank to a discount to Brent. 0.0
Indonesia 9
Forties fell to a 16 cents/b discount to Brent, down 79 Asia product premium/discount assessments 9
cents/b on the day. -0.5 Platts Index 9
European bulk 10
Shipbrokers linked Totsa with the Athenian Freedom West Africa products 10
-1.0 European feedstocks and blendstocks 10
VLCC for an August 23-26 voyage from the North Sea to Feb-18 Apr-18 Jun-18 Aug-18
New York/Boston 11
South Korea at a $4.2 million lump sum. Total could not be Note: Forties differential to Dated Brent falls hard USAC CPL Linden 11
Source: S&P Global Platts
reached for comment. U.S. Buckeye pipeline 12
Chicago pipeline 12
In the derivatives market, Brent Contracts for Difference Group Three 12
flattened over late August-early September dates. from the North Sea. Atlantic resid/contract cargoes posted prices 12
Shale Value Chain assessments 12
August 20-24 to September 3-7 CFDs traded at parity, Two Aframaxes left Tees for Italy and Spain, respectively U.S. Gulf Coast 13
compared with a 15 cents/b contango Thursday afternoon, in early July, while a third Aframax followed mid-July and West Coast pipeline 14
West Coast waterborne 14
while the rest of the curve remained in a contango. was taken into an Italian short.
U.S. Gulf Coast Supplemental Summer 14
Market participants said North Sea’s sweet grades were Only one Aframax – amounting to 9% of total July U.S. Gulf Coast pipeline cycles 14
trading at a slow pace, while distillates rich grades were heard loadings – was absorbed into the UK, compared with U.S. Gulf Coast Pipeline Cycles Supplemental 14
Latin America 15
to be faring better, in light of healthy distillates cracks. 30-50% of volumes in previous months. Caribbean cargoes 15
“Sweet seems very slow to move so far,” a source said. However, a large portion of the July program is yet to Caribbean product postings 15
Gas liquids 15
Another source reported healthy and steady appetite discharge, according to cFlow. Indeed, an estimated 53% Weekly asphalt cement assessments 16
for Norway’s Grane crude. of July Ekofisk loadings remained on vessels anchored
Crude price assessments
“Urals is not plentiful, Iranian sanctions kicking in and off UK coasts Friday.
Asia Pacific/Middle East spot crude assessments 20
the fuel oil and distillates cracks being excellent means that International 21
Grane has value,” the trader said, reporting abundant Asia 21
supplies of light crude, together with rising imports of US CPC Blend’s Aug loading program lower North Sea
West Africa
21
21
crude and a meager gasoline crack relative to distillates. “ Kazakhstan’s CPC Blend’s differential decreased just as the London 22
Mediterranean 22
A source pegged September arrivals around one grade’s loading program is set to decrease in August. Canada 22
Aframax per day. An August-loading Aframax of CPC Blend was heard at Platts Euro denominated crude oil assessments 22
United States 23
“June exports were by far the highest, although most is minus $1.95-$1.75/b to Dated Brent.
US domestic crude assessments London close 23
destined for Asia.” Suezmaxes were heard to be 15 cents/b lower. US crude assessments Singapore close 23
An estimated 6.4 million barrels of Ekofisk crude loaded BP hit an OMV bid for an August 24-28 loading CPC Canadian spot crude assessments 24
Crude oil postings 24
out of the UK’s Tees terminal over the course of July, Blend cargo basis CIF Augusta in the Platts Market on Close Latin America crude 24
according to S&P Global Platts trade flow software cFlow. assessment process at Dated Brent minus $1.95/b. Daily OPEC basket price 24
Spot tanker rates 25
All barrels leaving Tees in July remained in Europe, with The final August loading program for CPC Blend is Platts futures assessments Singapore MOC 25
increased volumes heading to the Mediterranean on the currently scheduled to be 4,624,550 mt, down 67,000 mt Platts futures assessments 25
Futures settlements 26
back of Libyan export outages. from a preliminary schedule mid-July, according to a copy Five-Day Rolling Averages 27
The force majeure on Libyan exports in June saw of the schedule seen by S&P Global Platts Friday. US wholesale posted prices effective Aug 3 28
Commitments of traders as of Jul 31 30
Mediterranean refiners seek alternative sources of supplies Average daily loadings in August are now set to come in

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 2
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 of 40-30 cents/b versus its August official selling prices. spread, traders said.
expected in the provisional schedule. Sources said additional Basrah volumes were expected The September Brent/Dubai EFS value as of 4:30
The August program has 18 Suezmaxes scheduled, to be offered into the region during the month, as pm Singapore time (0830 GMT) ended the month down
down one cargo from the preliminary program, and 25 production volumes had grown, while similarly the Urals $2.45/b from $3.67/b on July 2 to $1.22/b as of July 31,
Aframaxes, an increase of one. program loading out of Novorossiisk in August had seen Platts data showed.
Looking at other grades in the Mediterranean light higher volumes, particularly among Suezmaxes, with nine The first trading day of August saw October EFS
crude complex, Libya’s Mellitah was heard to be in good scheduled for the month. pegged at $1.99/b at the Singapore close of trading,
supply. “Libya’s just pumping oil at the moment,” one trader These higher exports followed the lifting of the which then quickly whittled down to $1.62/b the same
said. The grade, which has an API of about 43, was being production cap by OPEC and non-OPEC countries in June. time on August 2. As of 0700 GMT Friday, the October EFS
marketed near its OSP value, around minus $1.65-$1.70/b to In Northwest Europe, the market was mainly traded was pegged at $1.79/b.
Dated Brent basis FOB, putting it within range of CPC, the out to the third decade, although recent sales had
same trader said. dropped from highs near Dated Brent minus $1.20/b seen
Also in Libya, ships were heard to be loading earlier in the week. China independents increase July imports
El-Sharara crude. This came as major buyers such as Unipec and Total Crude oil imports by China’s independent refineries in
The grade is officially still under force majeure, but had stepped back in recent sessions, with Total seen eastern Shandong province, as well as Hebei Xinhai
unofficially vessels were said to have been successfully offering a 100,000 mt cargo, basis CFR Rotterdam, loading Chemical and Henan Fengli Petrochemical, rebounded
taken into the port Friday. August 24-28 in the MOC Friday. by 27.3% from a 20-month low in June to around 7.36
The increase in Libyan output was not only putting Gunvor bought the cargo from Total at Dated Brent million mt in July, or 1.74 million b/d, according to a
pressure on CPC but other grades in the region like Saharan minus $1.60/b. monthly survey by S&P Global Platts.
Blend, said sources, with levels heard around Dated Brent Litasco was also offering a 100,000 mt Urals cargo, Imports were also 5.6% higher year on year.
minus 50 cents/b on an FOB basis. basis CFR Rotterdam, loading August 20-24, down to The rebound was broadly within market participants’
From a refinery perspective, margins were heard to be Dated Brent minus $1.45/b, which was left outstanding at expectations, as imports in June were affected by restrictions
good around Europe, but sour grades were heard to be the end of the MOC. on port operations because of the Shanghai Summit.
popular among European refiners due to the strength in Over January-July, total imports by the surveyed
fuel oil markets. refineries rose marginally by 1.7% to 57.23 million mt,
ESPO could fall after Aramco cuts OSPs Platts data showed.
The market in Asia was digesting Saudi Aramco decreasing The total crude import volume in July included parcels
Urals weaker under competitive offers its OSPs for September. that arrived at and completed discharge operations at the
Urals in Northwest Europe Russia’s Urals prices continued Aramco dropped the OSPs by 40-70 cents/b for all its ports in Shandong and Tianjin in the month, as well as
to drop, sinking around 30-40 cents/b from trades seen in crude grades, according to a company notice seen by S&P cargoes that have arrived over the past months, but only
earlier in the week. Global Platts. completed offloading in July.
Traders said refineries in the Mediterranean had a wide “With Saudi OSPs [cuts], I would expect unsold ESPO to Apart from those that have completed discharge
selection of crudes being offered on the sour end of the be trading down to Dubai plus $1.50s/b to $1.70s/b level,” a operations, another 1.94 million mt of crude onboard 19
barrel, including unsold Aframaxes and Suezmaxes of Urals, market source said. vessels were still waiting outside port limits as of July 31. In
Iraq’s Basrah Light, as well as some US crudes like Mars. Far East Russian ESPO crude barrels have been seeing comparison, there is usually around 2 million mt of crude
With refinery margins favoring sour crudes, sellers had downward pressure on premiums due to a relatively waiting to be discharged towards the end of the month.
originally anticipated increased demand and higher values, expensive underlying Dubai basis. Cargoes waiting outside port limits as of July 31
but as a result of the more than ample availability, the market Dubai crude and the grades linked to it are perceived as included Qingyuan Petrochemical’s 258,000 mt of Cabinda
had been relatively flat and trending weaker, said sources. relatively expensive to Brent-linked barrels due to a crude and 130,000 mt of Plutoino crude, which had arrived
Levels for Basrah Light were heard trading at a discount narrowing Brent/Dubai Exchange of Futures for Swaps at the ports in mid and end May. The 130,000 mt cargo of

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

Plutoino crude onboard Mercury Hope has since been Malaysian premiums maintained market value of the country’s flagship crude oil grades, a
discharged on August 1. In Asia’s sweet market Friday Malaysia’s September senior official said Thursday.
Despite higher crude imports, feedstock inventories at program began to clear at relatively firm premiums. The formula, which will be implemented retroactively
major ports in Shandong fell 13% from the record high in ConocoPhillips was heard to have sold via tender a from July for a year, has now been revised to reflect Platts
June to 4.71 million mt as of July 26, data from Chinese Kikeh crude cargo for loading over September to an oil Dated Brent plus/minus an alpha, from Platts Dated Brent
information provider JLC showed. major at a premium of around $3.90/b to Platts Dated plus an alpha previously, the official said.
Major ports in Shandong refer to Qingdao, Dongjiakou, Brent on an FOB basis. According to the ministry’s regulation on the new ICP
Longkou, Laizhou, Rizhao, Dongying and Yantai. Loading dates were unclear, though traders said the formula issued July 30, 2018, Dated Brent is calculated based
Around 408,000 mt of crude was received by two cargo was a cross-month one and that the value for on the monthly average of the Platts benchmark price.
trading companies – Vitol and PetroChina’s trading arms September-loading Malaysian crude oil basket grades The alpha is calculated based on the published
that supply to independent refineries – down from 466,000 should be around a premium of $3.50-$3.75/b to Dated outright assessments of the Indonesian crude grades’
mt imported by three trading companies in June. Brent crude assessments on an FOB basis. during the current month, or the average of published
The number of companies taking in crude last month Earlier trades of Malaysian basket crudes saw Labuan prices for two months consisting of the previous month
fell to 21, compared with 24 in June, for a total of 25 crude being traded at a premium of around $4/b to Platts Dated and the current month.
grades compared with 23 grades in June. Brent assessments and Miri at a premium of around The alpha will also consider the quality of the crude
In July, 19 independent refineries which hold crude $3.50/b to Platts Dated Brent, both on an FOB basis. grades, trends in international crude prices and national
quotas – including Hebei Xinhai Chemical and Henan Fengli Premiums for MCOs have remained resilient despite energy security, according to the statement.
Petrochemical – received 6.95 million mt of imported crude, what several traders have said were aggressive offers for With Dated Brent in July at $74.35/b and the outright
compared with 5.31 million mt by 21 independent refineries US crudes delivered to Asia. ICP for Minas set at $72.05/b, the alpha for the month is
in June, Platts data showed. WTI Midland for delivery to Asia have been heard offered equivalent to minus $2.30/b.
Some of this volume received by the refineries can at a premium of around $1/b to Platts Dated Brent crude Indonesia settles its monthly ICPs retroactively.
be resold to other independent refineries, including non- assessments on a delivered basis, with CPC Taiwan and A day after Pertamina canceled its condensate tender, the
quota holders. another Southeast Asian end-user among those who have company issued a sweet crude tender for 10 million barrels
picked up cargoes recently. delivered in several cargoes over November and December.
Elsewhere, Malaysia’s Petronas was heard to have sold
Qirun, Chambroad run out of quotas its Bergading condensate cargo for loading over September
As of end-July, crude imports by Qirun Petrochemical and 21-30 to a regional end-user at a discount of around $1.25/b Americas crude
Chambroad Petrochemicals have surpassed each of their to Platts Dated Brent crude assessments on an FOB basis.
import quota allocations. CNR shuts in heavy oil output
Qirun has imported around 2.25 million mt of crude over Oil and gas producer Canadian Natural Resources has
January-July, about 47,000 mt above its allocation. New Indonesia CP formula shut in 2,900 b/d of heavy oil output in Alberta, as the
Chambroad has imported about 14,000 mt above its Also, in the sweet market, traders were discussing the benchmark Western Canadian Select grade continues
allocation of 3.31 million mt, and its total imports over recent changes to the Indonesian Crude Price formula. to face deep discounts to WTI, company president Tim
January-July was about 107% higher year on year. Indonesia’s Ministry of Energy and Mineral Resources has McKay said Thursday.
In addition to those that have already run out of quotas, set the Indonesian Crude Price for Minas grade lifted in July A total of 7,450 b/d of output was curtailed in the
another two refineries are likely to run out of quotas soon, at $72.05/b, up $1.32/b from June, according to the monthly second quarter, but with the price margins improving for
based on their current monthly imports. selling price notice seen by S&P Global Platts Friday. the company in July, 4,550 b/d of output restarted, McKay
The two are Luqing Petrochemical and Hongrun Indonesia’s Ministry of Energy and Mineral Resources said in the company earnings call.
Petrochemical, with around 416,000 mt and 405,000 mt of implemented a revision to its Indonesian Crude Price “We still continue to see a lot of volatility in the market
quotas left as of end-July, respectively. formula from July 1, 2018 in a bid to better reflect the with differentials and those [2,900 b/d] shut-in barrels are

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 4
Oilgram Price Report Prices effective August 3, 2018

not likely to come back in the near future,” he said. and go 2021,” McKay said. was seen as supportive for higher Colombian crude prices
Early Thursday, CNR said in its earnings release that the The flagship Horizon project that completed its Phase starting August.
company took a proactive decision in Q2 to not sell 3B expansion early in 2018, taking capacity to 250,000 b/d, The spread between both crude benchmark narrowed
marginal production in the wider spot WCS differential markets its SCO to refineries in the nearby Edmonton area to $4.76/ Friday, according to S&P Global Platts data.
compared with the index WCS differential market that was and to the US Midwest, Laut said. The average spread has been $5.42 so far this year.
caused by pipeline apportionment issues. “We will continue to focus on long-life, low decline
The lack of pipeline takeaway capacity from Western assets,” Laut said, adding that the first oil from the
Canada has resulted in several producers actively company’s 40,000-b/d Kirby North project is targeted for Gasoline
pursuing deals with railroads to move barrels on rail or startup in Q4 2019, three months ahead of schedule.
else hedging their output. CNR’s Q2 2018 output of SCO was 407,704 b/d, down US to weaken as supply grows
Fellow heavy oil producer Obsidian Energy said Thursday from 431,756 b/d in the same quarter in 2017. Unplanned turnarounds in key production areas and
it has secured 1,000 b/d of crude-by-rail capacity to move The decrease was due to a major planned turnaround untenable arbitrages have tightened prompt US gasoline
its heavy barrels to markets in the second half of 2018, while last quarter, the company said. markets this summer, a trend that should soon end
another producer, Athabasca Oil Corporation, said Wednesday as output ramps up to capitalize on the final days of
it has secured WCS differential hedges for 17,000 b/d of its oil summer margins.
output in the third quarter of 2018 at $16.17/b. Colombia to load 1.5 million barrels US gasoline strength has been most evident this week
CNR did not disclose any hedge positions. Rather, the Colombia was scheduled to load 1.5 million barrels of in the New York Harbor, where barge-delivered cash RBOB
company is in talks with railroads to move barrels, McKay said. Vasconia crude and 1.5 million barrels of Castilla Blend climbed to NYMEX September RBOB plus 6.75 cents/gal in
“We have nothing on the plate now and are seeking out of the port of Covenas between Friday and Tuesday, a Friday trading, up 1.25 cents/gal from the previous
opportunities. Railroads are looking for three-year contracts, loading program showed Friday. assessment.
but we are seeking short-term contracts,” he said. Ecopetrol, Cepsa and Trafigura were lined up to load “It is ripping,” a market source said.
CNR has typically not used rail to ship barrels because it one Aframax-sized vessel each of medium-sour Vasconia , Regional traders have attributed the strength to poor
has the pipeline capacity, Executive Vice Chairman Steve according to the program. arbitrages keeping supply low.
Laut said Thursday in the call. Meanwhile, Ecopetrol the only producer of Castilla Blend While July gasoline imports into the US Atlantic
“We did move 35,000 b/d in 2012. But now we have was expected to load one VLCC-sized cargo and one Coast reached a 2018 high of 15.37 million barrels,
nothing on our plate [in terms of new CBR contracts],” Aframax with such grade next week. market sources said shipments have slowed
Laut said. The Colombian oil producer was also scheduled to load considerably for August.
WCS at Hardisty traded at WTI CMA minus $30.80/b 500,000 barrels of Brazilian Lula crude this weekend. Sources also said barrels were being taken off Colonial
Thursday, the lowest in more than four years. So far this year, Colombia has also imported US crudes Pipeline in the US Southeast instead of making their way up
The differential has weakened on record inventories such as Thunder Horse, Mars, LLS; Canada’s Hibernia; to the New York Harbor, further tightening supply.
and the prospect of plunging demand from Midwest Russia’s Varandey, among others. The arbitrage up the line has been unappealing all
refiners as they enter turnarounds. Separately, Canada-based Parex Resources awarded summer. Value of space on the gasoline-only Line 1 has
500,000 barrels of Vasconia for September delivery to an been below minus 1 cent/gal since July 19 and has not been
SCO shipment undisclosed trading company, according to market sources. in positive territory since April.
While CNR has curtailed output for heavy oil, for its According to multiple sources the deal was done at a “The Gulf Coast does not pay, Chicago is high and no
synthetic crude oil (SCO) production the company has $5.50/b discount to ICE Brent. imports all adds to this,” a second source said.
identified 75,000 b/d to 90,000 b/d of new capacity, Platts assessed the differential for Vasconia at that The arbitrage to send CBOB from the Gulf Coast to
McKay said. level, which is up 35 cents/b to Platts Latin Brent Strip Chicago netted shippers about 1.8 cents/gal as of Thursday,
“These are step-sized projects that will be carried out in from Thursday. compared to losing 0.50 cent/gal for the same product
tranches of 35,000 b/d to 40,000 b/d that will start in 2020 A narrower spread between ICE Brent and NYMEX WTI delivered to the New York Harbor.

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Oilgram Price Report Prices effective August 3, 2018

End in sight The September swap typically trades at a positive to 138,000 b/d Kikuma refinery in western Japan.
The current low supply situation likely won’t last long, NYMEX as a built-in hurricane premium. Both crude distillation units were shut over June 8-9,
traders have said. Most US gasoline markets are In the cash market, Gulf Coast prompt CBOB traded and the maintenance is expected to last until end-August.
backwardated throughout August, as refinery production Friday 20 points stronger than the following cycle, while Cosmo Oil’s 100,000 b/d Sakai refinery also remained shut
is expected to ramp up after a string on unplanned outages prompt RBOB held a 50-point premium to its following cycle. and is due for an upgrade in 2019.
over the summer. New York Harbor cash RBOB was backwardated by “[Any shortfall in Japanese gasoline] should be bought
“[Tightness in the market] has really been a persistent about 15 points per day throughout August, according to from the international market, as some refineries have low
issue this summer,” a third source said. “There’s been a Friday trading. production rates or are shutting down so the domestic
lot of unplanned maintenance. It?s just been one thing market cannot cover a total loss from one refinery,” a
after another.” source with a Japanese refiner said.
Refineries from Utah to Texas experienced unplanned Japan imports rare Singapore cargo Stocks of gasoline in Japan fell by 3.3% from the
upsets in June and July, frequently sending regional spot Japan has imported some gasoline from Singapore in previous week to stand at 9.33 million barrels in the week
prices higher. a rare move to tide over domestic market tightness ended July 28, data from the Petroleum Association of
US Energy Information Administration data showed US stemming from refinery turnarounds and outages, market Japan showed. This was down 15% from a year ago.
refineries ran at an average of 95.2% of their total capacity, sources said this week.
up 0.67% from the same average last year and up 0.94% The last time Japan, typically balanced on gasoline,
from the prior three-year average. imported gasoline from Singapore was in June 2017, for a NWE supply tight
In the week ended July 6, US refineries ran at 96.7% of 40,007 kiloliter (251,540 barrels) clip, according to data from The European gasoline market remained strong, as
their total capacity, the highest July weekly figure since the Japan’s Ministry of Economy, Trade and Industry. tightness in the Northwest kept prices elevated.
week ended July 24, 1998. A Medium Range clean petroleum tanker carrying In the paper market, the September Eurobob crack
That strong output was mainly supported by the up to 35,000 mt of gasoline loaded from Natural Fuels swap rose 30 cents/b to $10.40/b at the market close.
Atlantic Coast, as Gulf Coast runs were down slightly from Terminal Jetty 1 in Singapore and due to arrive in Chiba “Euro grade [gasoline] has been really tight for the past
last year, running at 94.6% of capacity, down from 96.3% on August 9, according to market sources and data from few weeks,” a source said.
during the year-ago month. S&P Global Platts cFlow. The heat in the region could affect refiners and this,
“It seems everyone has their ducks in a row, so barring Phillips 66 fixed the Nave Pyxis for a Singapore-Japan alongside an increase in West African demand Friday,
any storm issues [the Gulf Coast] should crank out product voyage, loading a cargo of gasoline over July 29, at Worldscale were the latest factors contributing to the higher gasoline
in August,” the third source said. 160 points basis 30,000 mt. Sources said that since the prices in NWE.
tanker was expected to load up to 35,000 mt of cargo with Refineries needed to cool their crude distillation
50% overage, the freight would equate to $13.88/mt using a columns amid very high temperatures in the region and
Backwardation takes hold flat rate of $9.34/mt for Singapore to Chiba. some had reduced output in order to cope with the heat,
While US gasoline is always backwardated this time of year Phillips 66 declined to comment on the fixture. although the measures appeared to be temporary and had
because RVP levels switch in September to winter-grade This is an unusual move as Japan typically meets not been widespread, said sources.
specifications, tight supply for prompt trading has made it its own gasoline demand with its domestic refineries, “Some refineries might have to reduce capacity by
especially pronounced. market sources said. 1%-2%,” a source said, but that would have “very little
The balance-month August Gulf Coast gasoline swap as Refinery turnarounds and outages have tightened the impact on refinery output.”
of Friday morning was at 6.72-cent a backwardation to the gasoline market which bolstered domestic prices, and Gasoline inventories were up slightly in the Amsterdam-
September swap. encouraged imports. Rotterdam-Antwerp hub, increasing by 3.1% to 970,000 mt
This backwardation will likely increase as September “The domestic premium [in Japan] is very high, so it (8.2 million barrels) in the week to Thursday, according to
approaches, with the September swap differential falling if makes sense to import,” a gasoline broker said. data from PJK International.
the lack of tropical activity in the Gulf of Mexico continues. Refiner Taiyo Oil is conducting a major turnaround at the Northern European gasoline saw further demand Friday,

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Oilgram Price Report Prices effective August 3, 2018

following some renewed buying interest from West Africa and four rigs, respectively. Singapore stocks lower
after a slow week of demand from the region. The oil boom has helped Midwest demand in the After eight weeks of builds in middle distillate inventories,
Three ships – the Vela, the UACC Eagle and the Mare Great Plains states, such as the Dakotas, Wyoming, stocks in Singapore have finally begun to draw.
di Genova – were heard put on subjects Friday for trips to and Oklahoma. Onshore commercial stocks of middle distillates –
West Africa. Group 3 ULSD is at its second-highest point of the year which include gasoil, jet fuel and kerosene – in the main
The Vela, carrying 37,000 mt of gasoline and the UACC while Chicago ULSD is at a yearly high. The Gulf Coast trading hub of Singapore fell 8.8% to 9.9 million barrels for
Eagle, carrying 60,000 mt, were put on subjects by Vitol, arbitrage into both regions is open, according to Platts data, the week ending August 1, according to IE Singapore data.
heading to West Africa from Ventspils, Latvia, and the which has helped lift the USGC price and has led to a freeze In tenders, India’s Nayara Energy has sold up to
Baltic respectively. and allocation on the Explorer pipeline. 70,000 mt of 500 ppm sulfur gasoil at between a discount
The Mare di Genova was taken by Mercuria carrying That domestic diesel hunger is displayed in low stockpiles. of 20 cents/b to parity to the August average of the Mean
37,000 mt of gasoline going ARA-WAF. ULSD stockpiles are down more than 20 million of Platts Arab Gulf Gasoil assessments, FOB.
barrels year on year, according to the latest US Energy Trade sources said that Aramco Trading Corp. was
Information Administration data. There were 112.117 awarded the tender, but this could not be confirmed.
Diesel million barrels stockpiled for the week ending July 27, The cargo is to load over August 27-31 from Vadinar and
according to the report released Wednesday. While is Nayara Energy’s last for August. The refiner has sold five
US Gulf Coast rallies to high that is a weekly build of 2.936 million barrels, it is spot gasoil parcels, totaling up to 345,000 mt, for loading in
US Gulf Coast ultra low sulfur diesel has spiked this week to down 20.154 million barrels from about the same August via tenders.
its strongest point in months, fueled by strong oil prices and point last year.
export demand into Latin America, market sources said. Compounding the demand is renewed export appetite
S&P Global Platts assessed the market Thursday from Latin America, source said. Gasoil
at the September NYMEX ULSD futures contract minus Sources were split on whether a ULSD rally in Singapore
3.70 cents/gal. It was traded as high as minus 3.60 this week was helping to lift USGC differentials. FOB US backwardation deepens
cents/gal during the Platts Market on Close assessment Singapore 10 ppm sulfur gasoil differential jumped to a The Gulf Coast high sulfur heating oil market fell slightly
process, but an offer was left standing at minus 3.65 premium of 21 cents/b to the Mean of Platts Singapore Friday on the move to the 44th Colonial Pipeline cycle
cents/gal. Gasoil assessment at the close of Asian trade Thursday, its but remained unseasonably strong, and swap activity
The market was holding steady Friday morning, with bids highest point since June 1. Some market sources have said deepened the backwardation.
at minus 3.75 cents/gal and offers at minus 3.65 cents/gal. the Singapore rally could cut off the flows of far east ULSD S&P Global Platts assessed Gulf Coast high sulfur
The latest assessment is the strongest the market has into Latin America. heating oil at NYMEX September ULSD futures minus 14.50
been since May 18. The market has shot up the past two “The Far East sent some oil to Latin America that cents/gal, down 25 points/gal. The market was quiet, with
days, rising 75 points/gal. backed some exports into the USGC last [third of] July and an offer heard at minus 14 cents/gal.
That is the largest two-day spike since May 8 and the first [third of] August, and now we are seeing some of that Values weakened slightly on backwardation in
third-highest two-day jump since January. demand come back,” a ULSD trader said. the market, but swap trading Friday showed the
Both domestic and foreign demand are driving the rally, Others said, due the transit time from the Far East into
market sources said. Latin America, the Singapore rally should not impact
Demand in the Gulf Coast and Midwest has been prompt prices. PLATTS OIL IS ON LINKEDIN
bolstered by the strong price of oil, as diesel is used for “It’s more than a 30-day voyage [from the Far East] to Follow Platts OIL to get the latest industry
trucking, pumps and in hydraulic fracturing fluid. There were the closest part of Latin America,” a second ULSD source news and exclusive content
480 Permian oil rigs and 80 Eagle Ford oil rigs the week said. “The Singapore rally [started] Monday, I don’t think
that’s why we rallied. It’s likely driven by ongoing strong www.linkedin.com/company/platts-oil
ending July 27, according to latest Baker Hughes rig count.
Compared with the previous year, those are up 101 rigs domestic demand.”

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 7
Oilgram Price Report Prices effective August 3, 2018

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

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© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 8
Oilgram Price Report Prices effective August 3, 2018

Product Price Assessments

Asia, Aug 3 Asia product premium/discount assessments


Mid Change Mid Change Aug 3 Mid Change
Singapore (PGA page 2002) Singapore (continued)(PGA pages 2002 & 2655) MOP* Singapore (PGA page 2002)
($/barrel) ($/mt) ($/barrel)
Naphtha PAAAP00 72.74–72.78 72.760 +0.300 HSFO 380 CST PPXDK00 446.42–446.46 446.440 -0.630 Jet PJACU00 0.04/0.08 0.060 -0.030
Jet kerosene PJABF00 86.38–86.42 86.400 +0.930 HSFO 180 CST pap. (bal month) AAPML00 450.23–450.27 450.250 -0.250 Gasoil 0.25% S AACQI00 -1.44/-1.40 -1.420 +0.060
Gasoil POABC00 86.73–86.77 86.750 +1.080 HSFO 180 CST pap. (Sep) PUAXZ00 442.48–442.52 442.500 +0.250
Gasoil POAIC00 0.18/0.22 0.200 -0.010
Gasoil 10 ppm AAOVC00 86.73–86.77 86.750 +1.080 HSFO 180 CST pap. (Oct) PUAYF00 437.83–437.87 437.850 +0.200
CFR Naphtha AAOVG00 0.150 0.000
Gasoil 50 ppm AAPPF00 86.17–86.21 86.190 +1.080 MTBE PHALF00 756.50–758.50 757.500 +7.000
Gasoil 0.05% S AAFEX00 85.36–85.40 85.380 +1.180 ($/mt)
C&F Japan (PGA page 2006)
Gasoil 0.25% S AACUE00 85.11–85.15 85.130 +1.150 380 CST PPXDL00 6.37/6.41 6.390 -0.190
($/barrel)
Gasoil 50 ppm disc/prem AAPPH00 -0.38–-0.34 -0.360 -0.010 MOP* Arab Gulf (PGA page 2004)
Jet kerosene PJAAN00 87.02–87.06 87.040 +0.820
Mogas 92 unl PGAEY00 80.74–80.78 80.760 +0.740 ($/barrel)
Mogas unl PGACW00 82.59–82.63 82.610 +0.710
Mogas 95 unl PGAEZ00 83.00–83.04 83.020 +1.020
Jet PJACV00 0.88/0.92 0.900 -0.050
Gasoil POABF00 87.02–87.06 87.040 +1.120
Mogas 97 unl PGAMS00 84.66–84.70 84.680 +1.080
($/mt) Gasoil 10 ppm AAIDU00 0.93/0.97 0.950 0.000
CFR Naphtha AAOVF00 71.540 +0.490
Naphtha PAAAD00 656.25–661.75 659.000 +4.250 Gasoil 0.25% S AACUC00 -0.87/-0.83 -0.850 -0.050
Naphtha pap. (bal month) AAPLD00 71.63–71.67 71.650 +0.500
Nph 2nd 1/2 Sep PAAAE00 666.50–667.00 666.750 +3.750 Gasoil POAID00 0.93/0.97 0.950 0.000
Naphtha pap. (Sep) PAAAQ00 70.78–70.82 70.800 +0.550
Nph 1st 1/2 Oct PAAAF00 661.25–661.75 661.500 +4.000 380 CST** PPXDM00 -7.22/-7.18 -7.200 -0.110
Naphtha pap. (Oct) PAAAR00 70.33–70.37 70.350 +0.600
Nph 2nd 1/2 Oct PAAAG00 656.25–656.75 656.500 +4.500 ($/mt)
Kerosene pap. (bal month) AAPLE00 86.32–86.36 86.340 +0.940
HSFO 180 CST PUACJ00 464.64–464.68 464.660 -0.160 HSFO 180 CST AAXJA00 15.75/16.25 16.000 +0.500
Kerosene pap. (Sep) PJABS00 86.31–86.35 86.330 +1.000
FOB Japan HSFO 380 CST AAXJB00 15.75/16.25 16.000 +0.500
Kerosene pap. (Oct) PJABT00 86.28–86.32 86.300 +1.000
($/barrel)
Gasoil pap. (bal month) AAPLF00 86.58–86.62 86.600 +1.090 MOP* Japan (PGA page 2006)
Gasoil POJAP00 93.924 +0.346
Gasoil pap. (Sep) POAFC00 86.43–86.47 86.450 +1.100
C+F Australia (PGA page 2004) ($/barrel)
Gasoil pap. (Oct) POAFG00 86.23–86.27 86.250 +1.070
Naphtha PAADI00 11.25/11.75 11.500 +0.500
($/mt) ($/barrel)
FO 180 CST 2% PUAXS00 463.83–463.87 463.850 -0.530 Mogas 92 unl AACZF00 84.84–84.88 84.860 +0.650 MOP* West India (PGA page 2012)
HSFO 180 CST PUADV00 453.62–453.66 453.640 -0.520 Mogas 95 unl AACZH00 87.10–87.14 87.120 +0.930 ($/mt)
180 CST disc/premium AAGZF00 5.73–5.77 5.750 -0.250 Jet kerosene AAFIY00 90.51–90.55 90.530 +0.840 Gasoline (92 RON) AARBQ00 673.500 +6.430
Gasoil 10 ppm AAQUD00 91.11–91.15 91.130 +0.990 Gasoline (95 RON) AAQWI00 684.410 +8.710
Naphtha AAQWK00 639.480 +4.530
China, Aug 3 (PGA page 2010) Arab Gulf, FOB, Aug 3 (PGA page 2004) Jet kero AAQWM00 669.600 +7.490
($/mt) Mid Change ($/mt) Mid Change Gasoil (10 ppm) AAQWO00 648.080 +8.370
South China FOB Naphtha PAAAA00 633.63–639.13 636.380 +4.460 Gasoil (500 ppm) AAQWQ00 623.120 +8.930
Unl 90 RON AAICU00 680.25–684.25 682.250 +6.250 Naphtha LR2 AAIDA00 635.97–641.47 638.720 +4.350 Gasoil (2500 ppm) AAQWS00 621.260 +8.710
Unl 93 RON AAICW00 688.75–692.75 690.750 +6.250 HSFO 180 CST PUABE00 442.25–442.29 442.270 -0.520 ($/barrel)
South China, C&F HSFO 380 CST AAIDC00 435.05–435.09 435.070 -0.630 Gasoline (92 RON) AARBP00 79.240
+0.760
Jet kerosene PJABQ00 686.50–690.50 688.500 +6.750 ($/barrel) Gasoline (95 RON) AAQWH00 81.480
+1.040
Gasoil 0.2% AALEK00 635.25–639.25 637.250 +9.000 95 RON unleaded AAICY00 80.46–80.50 80.480 +1.050 Naphtha AAQWJ00 71.050
+0.500
Gasoil POAFA00 647.00–651.00 649.000 +8.500 92 RON unleaded AAGJA00 78.220 +0.770 Jet kero AAQWL00 84.760
+0.950
Kerosene PJAAA00 84.75–84.79 84.770 +0.940 Gasoil (10 ppm) AAQWN00 85.050
+1.100
Hong Kong
Kerosene LR2 AAKNZ00 84.84–84.88 84.860 +0.940 Gasoil (500 ppm) AAQWP00 83.640
+1.200
Fuel oil 180 CST PUACC00 477.00–478.00 477.500 -13.500 Gasoil (2500 ppm) AAQWR00 83.390
+1.170
Gasoil 10 ppm AAIDT00 85.00–85.04 85.020 +1.090
Fuel oil 380 CST PUAER00 469.00–470.00 469.500 -12.500 Gasoil 0.05% S AAFEZ00 83.95–83.99 83.970 +1.040 *Mean of Platts. **=Differential to FOB Arab Gulf HSFO 180 CST.
Gasoil 0.25% S AACUA00 83.20–83.24 83.220 +1.040
Fujairah, FOB, Aug 3 (PGA page 2018) Gasoil POAAT00 85.00–85.04 85.020 +1.090
($/barrel) Mid Change Gasoil LR2 AAKBT00 85.09–85.13 85.110 +1.080
Gasoline 95 unleaded AFUJA00 83.810 +0.410 Platts Index, Aug 3 (PGA page 115)
Kerosene AFUJF00 85.610 +0.940 Indonesia, Aug 3 (PGA page 2516) Change
Gasoil 10 ppm AFUJP00 85.740 +1.110 ($/barrel) FOB Indonesia Mid Change Platts Jet Fuel Index PJGLO00 240.73
+0.360
Gasoil AFUJK00 85.740 +1.110 LSWR mixed/cracked PPAPU00 74.56–74.60 74.580 -0.040 The Platts Jet Fuel Index is calculated using daily assessments of Jet fuel spot prices in
Spot prem/disc relevant regional centers. These values are compared with average spot prices in the base
($/mt)
period (Index value of year 2000 = 100%) to generate a percentage figure reflecting the
HSFO 380 CST AFUJQ00 443.580
+0.530 LSWR mixed/cracked AAHXR00 8.69–8.73 8.710 0.000 overall rise or fall in markets compared to the base period.

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 9
Oilgram Price Report Prices effective August 3, 2018

Product Price Assessments

European bulk, Aug 3 Platts Euro denominated product assessments


($/mt) Mid Change Mid Change Aug 3 Mid Change
(PGA page 1114) Cargoes CIF NWE/basis ARA (€/mt) (PGA page 1116)
Cargoes FOB Med basis Italy Cargoes CIF Med basis Genoa/Lavera Nap phy AAQCE00 552.85–553.28 553.065 +1.192
Prem unl 10 ppm AAWZA00 718.25–718.75 718.500 +12.750 AAWZB00 725.00–725.50 725.250 +12.750 Jet AAQCF00 598.54–598.97 598.759 +3.839
Naphtha physical PAAAI00 625.50–626.00 625.750 +0.500 PAAAH00 634.50–635.00 634.750 +0.500 Cargoes FOB NWE (PGA page 1116)
Jet av. fuel AAIDL00 680.75–681.25 681.000 +3.500 AAZBN00 692.75–693.25 693.000 +3.500 1% AAQCG00 363.82–364.26 364.040 -0.144
ULSD 10 ppm AAWYY00 652.25–652.75 652.500 +4.750 AAWYZ00 660.75–661.25 661.000 +4.750 Barges FOB Rotterdam (€/mt) (PGA page 1118)
Gasoil 0.1% AAVJI00 642.50–643.00 642.750 +4.250 AAVJJ00 652.50–653.00 652.750 +4.250
Prem unl AAQCH00 628.07–628.50 628.287 -0.856
1% fuel oil PUAAK00 425.50–426.00 425.750 +1.000 PUAAJ00 435.00–435.50 435.250 +1.000
10 ppm* AAQCI00 561.04–561.47 561.255 +4.862
3.5% fuel oil PUAAZ00 420.25–420.75 420.500 +0.250 PUAAY00 430.00–430.50 430.250 +0.250 Gasoil 0.1%* AAYWY00 549.62–550.05 549.832 +4.847
(PGA page 1110) 3.50% AAQCK00 362.10–362.53 362.316 +0.930
Cargoes FOB NWE Cargoes CIF NWE basis ARA 3.50% 500 CST PUAGO00 357.79–358.22 358.005 +0.924
Gasoline 10 ppm AAXFQ00 760.50–761.00 760.750 -2.000 Mid Change
Naphtha swaps PAAAJ00 638.75–639.25 639.000 +1.500 Conventional cargoes NY harbor (€¢/gal) (PGA pages 1350 & 1450)
Naphtha physical PAAAL00 641.25–641.75 641.500 +0.500 Unleaded 87 AAPYV00 181.13–181.21 181.171 +3.211
Jet kerosene PJAAV00 686.00–686.50 686.250 +3.500 PJAAU00 694.25–694.75 694.500 +3.500 Unleaded 89 AAPYW00 186.71–186.80 186.757 +2.306
ULSD 10 ppm AAVBF00 647.00–647.50 647.250 +4.250 AAVBG00 656.25–656.75 656.500 +4.250 Unleaded 93 AAPYX00 195.09–195.18 195.138 +0.949
Diesel 10 ppm NWE AAWZD00 648.50–649.00 648.750 +4.250 AAWZC00 658.00–658.50 658.250 +4.250 Cargoes CIF West Africa (€/mt) (PGA page 1116)
Diesel 10 ppm UK AAVBH00 658.75–659.25 659.000 +4.250 Gasoline AANWC00 613.846 +2.352
Gasoil 0.1% AAYWR00 631.00–631.50 631.250 +4.750 AAYWS00 644.00–644.50 644.250 +4.750
Cargoes FOB NWE West Africa (€/mt) (PGA page 1116)
1% fuel oil PUAAM00 422.00–422.50 422.250 -0.750 PUAAL00 431.50–432.00 431.750 -0.750
Gasoline AGNWA00 601.345 +2.335
3.5% fuel oil PUABB00 401.50–402.00 401.750 +0.750 PUABA00 414.25–414.75 414.500 +0.500
Cargoes FOB STS West Africa (€/mt) (PGA page 1116)
(PGA pages 1112 & 1380)
Gasoil 0.3% AGNWE00 551.341 +4.849
Barges FOB Rotterdam
Euro/US$ forex rate: 1.1599. Platts Euro denominated European & US product assessments
98 RON unl AAKOD00 813.50–814.00 813.750 -2.000 are based on market values and a Euro/US$ forex rate at 4:30 PM local London time. *FOB
Prem unl PGABM00 728.50–729.00 728.750 -2.000 Amsterdam-Rotterdam-Antwerp.
Reformate AAXPM00 760.750 -2.000
Eurobob AAQZV00 733.50–734.00 733.750 -2.000 European feedstocks and blendstocks
Naphtha physical PAAAM00 637.25–637.75 637.500 +0.500 Change
Jet kerosene PJABA00 689.75–690.25 690.000 +1.750
CIF Northwest Europe cargo ($/mt) (PGF page 1760)
Diesel 10 ppm* AAJUS00 650.75–651.25 651.000 +4.750
VGO 0.5-0.6% AAHMZ00 519.00–520.00 519.500 +1.500
Gasoil 50 ppm AAUQC00 639.25–639.75 639.500 +4.750
VGO 2% AAHND00 510.50–511.50 511.000 +1.500
Gasoil 0.1%* AAYWT00 637.50–638.00 637.750 +4.750
1% fuel oil PUAAP00 420.00–420.50 420.250 +0.500 FOB Northwest Europe cargo ($/mt)
3.5% fuel oil PUABC00 420.00–420.50 420.250 +0.500 VGO 0.5-0.6% AAHMX00 506.00–507.00 506.500 +1.500
3.5% 500 CST fuel oil PUAGN00 415.00–415.50 415.250 +0.500 VGO 2% AAHNB00 497.50–498.50 498.000 +1.500
380 CST PUAYW00 421.50–422.50 422.000 -5.000 Straight Run 0.5-0.7% PKABA00 466.00–467.00 466.500 +1.500
*FOB Amsterdam-Rotterdam-Antwerp FOB Black Sea cargo ($/mt)
VGO 0.8% ABBAD00 508.250
+1.500
VGO 2% ABBAC00 499.750
+1.500
West Africa products ($/mt), Aug 3
CIF Mediterranean cargo ($/mt)
Mid Change
Straight Run 0.5-0.7% AAJNT00 466.000 +1.500
West Africa cargoes (PGA page 1122) VGO 0.8% ABBAB00 519.500 +1.500
FOB NWE VGO 2% ABBAA00 511.000 +1.500
Gasoline AAKUV00 697.500
+1.750 FOB Rotterdam barge ($/mt)
CIF West Africa MTBE* PHALA00 818.75–819.25 819.000 -10.000
Gasoline AGNWC00 712.000
+1.750 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 STS West Africa
* FOB Amsterdam-Rotterdam-Antwerp
Gasoil 0.3% AGNWD00 639.500
+4.750

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 10
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) U.S. Gulf Coast Supplemental Summer, Aug 3 (PGA page 332)
Mid Change RVP Waterborne (¢/gal) Mid Change RVP
California Unl 87 PGAAC00 211.25–211.35 211.300 -0.760 PGAACRV 7.8

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

West Coast waterborne, Aug 3 (PGA page 158) U.S. Gulf Coast Pipeline Cycles Supplemental, Aug 3 (PGA page 332)
(¢/gal) Mid Change (¢/gal) Pipeline Mid Cycle RVP
Unl 87 PGADI00 202.50–202.60 202.550 -0.260 CBOB 87 AASOB00 203.50–203.60 203.550 AASOBCY 43 AASOBRV 7.8
Jet fuel PJABI00 213.39–213.49 213.440 -1.240 CBOB 93 AASOC00 219.25–219.35 219.300 AASOCCY 43 AASOCRV 7.8

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 14
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 Feedstocks Offers for USGC VGO cargoes have dipped below barge
Rotterdam barge intermonth spreads remain in values late this week.
backwardation out until 2019, even through the typically US sour VGO rallies to $13/b over crude “You’ve got to come in with the offer under the barges
weaker winter months as refinery upgrade programs are Houston feedstocks differentials rebounded Friday, with or the barges will just block you out,” a second US market
expected to tighten the fuel oil complex. sour vacuum gasoil hitting a $13/b premium to crude for the source said. “Why not buy two or three barges as you need
In the coming days three VLCCs, the Seeb, Sea Lion first time since late June on stout diesel cracks at US Gulf them instead of 350,000 to 400,000 barrels on a ship that
and DHT Stallion, are expected to depart Rotterdam for Coast refiners. you have to tank and tie up on inventory.”
Singapore, and an Aframax, Albanel, for discharge in High-sulfur VGO barges for early to mid-August traded
the Red Sea. late Thursday at September WTI futures plus $13/b, up from
The tighter RMG 380 CST bunker fuel market has begun the assessment at $9.30/b over crude Thursday afternoon. ARA naphtha stocks dip on strong gasoline
to bite on bunker suppliers’ books, and they have Low-sulfur VGO barges were talked stronger. Naphtha inventories in the Amsterdam-Rotterdam-Antwerp
approached trading houses to meet prompt requirements “High-sulfur VGO is where all the strength is,” a US hub fell 10.6% to 328,000 mt, in the week to Thursday, but
this week, a fuel oil trader said. market source said. were 43.86% higher year on year, according to data from
A workable arbitrage for 3.5% fuel oil cargoes moving The rise in diesel cracks has meant extra support for PJK International.
from Northwest Europe to Singapore seems plausible sour feedstocks. The fall in stocks week on week reflects an uptick in
if the premium of Singapore cargoes over Rotterdam Since July 2, the diesel-WTI crack in the Gulf Coast buying interest as major players in the European
widens further, as Singapore’s high sulfur fuel oil market region has risen $4.24/b to $19.02/b through Thursday, petrochemical complex returned to the market to purchase
kept its strong momentum, underpinned by a low influx of including a day-over-day $2.78/b jump on July 27. cracking grade product, while a stronger gasoline complex
arbitrage supply. Gulf Coast ULSD has been on a steep climb this week, saw renewed demand for naphtha purchased as a blending
The lack of fuel oil in Singapore is being compounded by bolstered by strong domestic and export demand. S&P component for finished-grade gasoline.
market participants’ concerns about recent quality issues Global Platts Thursday assessed the market at the NYMEX A widening spread along the east/west naphtha curve –
detected in some Singapore high sulfur fuel oil, aggravating September ULSD futures contract minus 3.70 cents/gal, up tracking the premium of Mean of Platts Japan swaps over
the tight availability in the region. from minus 4.50 cents/gal on Monday. Thursday marked the CIF NWE cargo swap – has also implied a stronger draw
Some traders believe this could lend support to the the strongest level the market has been since May. from the Asian naphtha complex over the week, with
fixture list from Rotterdam as Singapore buyers attempt to The last time sour VGO was assessed higher than $13/b sources in Europe optimistic that demand will remain
lock in delivery of on-spec RMG 380 CST volumes. over crude was June 22 at WTI plus $13.3/b, with a healthy throughout August before scheduled turnarounds
Marine fuel and lubricant sales at the port of Rotterdam, reduction in imports from Africa, Europe and other sources take place over September to November.
Europe’s largest bunkering hub, slipped by 5.3% on the year supporting the market at that time. “The East has been strong and this has meant the
in the second quarter. In Europe, the rally in Panamax freight rates has Mediterranean has not had much to spare for northern
Total bunker sales dropped to 2.36 million cu m in weakened the potential of a VGO arbitrage to the US. Europe,” said one source.
the second quarter, from 2.49 million cu m in the same “The arb seems to have slammed shut overnight,” a Besides the draw in stocks, sustained strength in
period a year earlier, data released by the port authority Europe feedstocks trader said. Europe’s gasoline market and a firm pull from the Asian
Friday showed. Other market sources pointed to a workable arbitrage, naphtha complex has translated into appreciating values
Fuel oil sales sank by 5.1% to 1.98 million cu m, while with two VGO cargoes heard fixed from Europe due for across naphtha grades.
sales of marine gasoil and marine diesel oil together discharge in the USGC, according to a market source. Cash premiums of open specification grade naphtha vs.
dropped by 6.8% to 359,261 cu m. Marine lubricant “A paper arb maybe,” a second Europe feedstocks the front month swap were pegged by one source at $5.00/
consumption slipped by 4.4% to 25,269 cu m. source said, “but in reality it’s not really [open].” mt Thursday, representing an appreciation against previous
LNG bunker sales jumped to 1,297 mt, compared with Panamax United Kingdom-USGC rates for VGO, crude week’s values, when differentials dipped into minus 50
729 mt in the first quarter, and around 1,500 mt for the and other dirty products have been assessed above $20/mt cents/mt July 27.
whole of 2017. for four consecutive days through Thursday. In the ARA gasoline market, inventories rose by 3.07%

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 17
Oilgram Price Report Prices effective August 3, 2018

to 0.97 million mt (8.20 million barrels), in the week to last tender, IOC bought LPG on a term basis of eight evenly Tankers
Thursday, with the year-on-year figure increasing by 6.33%, split VLGC cargoes of 45,000 mt each, and 12 evenly split
PJK International data showed. MGC cargoes of 20,000 mt each for delivery in 2018. Typhoon shuts eastern China ports
The current price of gasoline in Northwest Europe is the Ports along China’s eastern peninsula were closed Friday
fundamental driver of refineries continuing to produce as Typhoon Jongdari made landfall at the coastal regions
product, with global demand steady. State allows Mariner East 2 construction of Jinshan, Shanghai at 0230 GMT Friday, the National
Despite the minimal increase in this week’s stocks, Energy Transfer Partners will be able to resume Meteorological Center said.
sources have noted it is difficult for refineries to keep up with construction of the Mariner East 2 and 2X NGL pipelines at Zhoushan-Ningbo, Yangshan and Shanghai ports
the demand for gasoline in the region: “The gasoline price is eight locations in Chester County, Pennsylvania, after state were closed late Thursday, while the Rizhao port Maritime
high, it’s a two-pronged attack – a lot has gone to West Africa regulators discontinued an injunction Thursday. Safety Administration sounded a gale warning Friday,
and the US has pulled. The high temperatures have caused In a 3-2 vote, the Pennsylvania Public Utility China-based sources said.
refineries to be down slightly,” one source said. Commission approved a motion to remove the injunction China’s Central Meteorological Observatory had issued a
Components are well supplied in the region, this, issued in June that had blocked construction of the blue warning Thursday. China has a four-tier warning
alongside a healthy Eurobob gasoline crack has provided pipelines in Chester County due to public safety concerns. system for severe weather, with red representing the most
incentive for refiners to continue their supply of product. The latest motion noted that Energy Transfer serious followed by orange, yellow and blue.
“Components in the North are much more liquid,” one Partners, which owns the pipelines that its Sunoco “Bunkering operations should resume by the
trader said. Pipeline subsidiary operates, had satisfied the weekend, although some ports will resume later than
requirements of the June injunction by providing others,” a trader said.
proof of construction permits from the Department
Gas liquids of Environmental Protection at eight locations in West
Whiteland Township, as well as inspection and testing Seven Saudi tankers go dark off Yemen
Asia propane more economic than naphtha protocols, emergency response plans and safety Seven Saudi tankers appear to have shut off their
Asian LPG prices recovered Friday, outpacing the $5.76/ training curricula. transponders that make their position visible to the world
mt increase in October ICE Brent crude futures from the Construction will remain suspended at four locations after last week’s Houthi attack on two VLCCs in the Red Sea,
previous Asian close. in West Whiteland Township until the company obtains according to S&P Global Platts trade flow software cFlow.
S&P Global Platts assessed H1 September CFR Japan the necessary permits. Two unnamed Saudi-owned VLCCs were attacked off
physical propane at $580.5/mt, up $3.50/mt day on day. “We are pleased with the decision by Pennsylvania’s the west coast of Yemen last week, prompting state-owned
The premium for H1 September delivery propane over PUC to allow our construction to resume in West Saudi Aramco to halt all oil shipments through the Bab
the September CP swap dipped $1.5/mt day on day to Whiteland Township where we have the necessary al-Mandab strait at the bottom of the Red Sea.
$20.5/mt Friday. permits,” said Vicki Granado, an Energy Transfer A total of seven tankers owned by Saudi state shipping
The September FEI propane swap discount to MOPJ spokeswoman. company Bahri now appear to have shut off their transponders,
naphtha swap further widened to $63.25/mt, from $62.5/ “Our timeline on ME2 remains unchanged due to the according to cFlow, keeping their location hidden.
mt in the previous session. fact that we altered our plans last month to re-purpose The VLCCs Arsan and Abqaiq have not updated their
As the discount continues to widen, LPG remains more a section of an existing pipeline while we reevaluate location since the mornings of July 23 and 25, respectively,
economical than naphtha as a feedstock at steam crackers. construction methods in Delaware and Chester counties.” when they were heading towards Bab al-Mandab.
India’s IOC tendered to buy two evenly-split LPG Expected to be completed in the second half of 2018, Three part-laden VLCCs, the Khuzama, the TI Hawtah
cargoes, each 44,000 mt, for October 5-10 and October the 345,000 b/d Mariner East 2 pipeline will transport LPG and the Marjan, were gathering at the southwest corner
10-30 delivery into Haldia/Ennore. from the Marcellus and Utica shale plays to Marcus Hook of Oman off the port of Salalah, but have not updated
The tender closes August 13 with next-day validity. In its for export. their location since July 30-31. Another, the Khafji, was

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 18
Oilgram Price Report Prices effective August 3, 2018

updated its location, on the morning of 1 August. with a VLCC owner said.
The operators of the tankers may have determined that “As predicted, the rates have edged up but it is yet to
keeping their locations visible while operating near Yemen hit the ceiling at w55. There is good support from activities
Capitol Crude presents a security risk. The rest of the Bahri fleet operating across the Persian Gulf, West Africa and the USG-Caribbean
elsewhere in the world appears to be updating its location as regions. It gives owners the confidence to push the rates up
Venezuela’s new rock bottom for oil normal, according to cFlow. Spokesmen for Saudi Aramco and by w1-w2 than the last done levels,” another VLCC broker said.
production Bahri were not immediately available for comment. Fixture-wise, the Ellinis was placed on subjects by
The US EIA expects Venezuelan oil production to Unipec to load 270,000 mt crude, basis August 22 laycan
sink below 1 million b/d by the end of this year and from the Persian Gulf to China at w54.
fall further to 700,000 b/d by the end of 2019. EIA East of Suez VLCC market heats up
analyst Lejla Villar, who developed those forecasts, In the Suez market, activity remained subdued due to
joins Capitol Crude to talk about the staggering A flurry of cargoes entering the market saw the East of the lack of fresh cargoes.
collapse of Venezuela’s oil sector. Suez VLCC rates firm Friday. The Aframax market gained strength on the back of a
The Asia VLCC market was also getting ample support few replacement jobs and from increasing demand for
Listen to the podcast here: from the activity boost being witnessed in West Africa. tonnage from Australia.
http://plts.co/CxtT30l4rh9
“Around 84 vessels are open in the Persian Gulf for the “The short supply of tonnage in the Persian Gulf is still
August 19-29 loading date range, which is not considered persisting due to the Indonesia market getting more
heading past Oman towards the Red Sea when it was last tight in terms of tonnage supply. However, the market is still balanced,” an Aframax broker said.
heard from early on August 1. showing strengthening,” a VLCC broker said. There were many outstanding cargoes in the market
And the chemicals tanker NCC Reem was in the Gulf of The competition for tonnage from the West Africa besides the replacement jobs due to a few vessels failing the
Aden carrying a cargo towards the Red Sea when it last market was perking up sentiment to a large extent, a source vetting requirements, an Aframax shipowner source said.

News

South Korea finds US crude cheaper cost figures include freight, insurance, tax and other SOUTH KOREA’S CRUDE IMPORT COSTS
than Russian grades administrative and port charges. 80
($/b)

On the contrary, Asia’s fourth-biggest energy consumer Russian crude


■■US crude a $4.75/b discount to Russia in June imported 3.01 million barrels from the US in June at an 75
US crude
■■Russian crude sensitive to Asian product cracks average cost of $74.49/b, which was $4.75/b cheaper.
■■Tax exception supporting US volumes 70
The latest data raised many eyebrows in the regional
market as the delivery distance from Far East Russia to
65
Singapore—South Korean refiners paid close to $5/b Northeast Asia is significantly shorter than the US-South
less for delivered US crude compared to Russia blends Korea route. 60
Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18
in June, a stern reminder that short-haul supplies do Industry sources noted that the voyage time from Note: Costs include freight, tax, insurance, port fees and others.
not always come cheap and long-haul cargoes are not Far East Russia’s Kozmino port, the DeKastri terminal Costs show average value paid per month
Source: Korea Nationa Oil Corp.
necessarily expensive. and Prigorodnoye export terminal to Northeast Asia is
South Korea has imported a total of 2.17 million less than a week versus up to 50-60 days from the US cracking margins, with price differentials for ESPO
barrels of crude and condensate from Russia in June Gulf Coast. Blend, Sakhalin Blend and Sokol often rallying in
and paid on average $79.24/b, latest data from state- However, most of the light sweet Far East Russian tandem with strong light and middle distillate cracks in
run Korea National Oil Corp. showed. KNOC’s import grades are highly sensitive to Asian refined oil product (continued on page 30)

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 19
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 North Sea, Aug 3 (PGA page 1212)


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

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 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) Platts Euro denominated crude oil assessments (€/barrel) (PGA page 1252)
($/barrel) Mid Change Aug 3 Mid Change
33-63 Day Dated Strip AALEJ00 72.83–72.84 72.835 +0.110 Dated Brent AAPYR00 62.45–62.46 62.455 -0.545
Terra Nova AAJUH00 71.92–71.95 71.935 +0.060 Dated Brent (CIF) PCAKN00 63.178 -0.180
Hibernia AAJKK00 71.97–72.00 71.985 +0.060 Urals (Mediterranean) AAPYS00 61.38–61.41 61.395 +0.075
White Rose AAVJX00 72.72–72.75 72.735 +0.060 WTI (Sept) AAPYT00 59.21–59.23 59.220 +0.080
Spread vs fwd DTD Brent Mid Change WTI MEH (Sept) AAYSA00 61.290 +0.171
Terra Nova AAJUJ00 -0.91/-0.89 -0.900 -0.050 Mars (Sept) AAPYU00 59.17–59.19 59.180 0.000
Hibernia AAJKM00 -0.86/-0.84 -0.850 -0.050 Euro/US$ 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
White Rose AAVJY00 -0.11/-0.09 -0.100 -0.050 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 Mid Change Spread vs WTI Mid Change
WTI (Sept) PCACG00 68.48–68.50 68.490
-0.470 WTI Midland PCACJ00 51.48–51.50 51.490 -0.970 AAGVZ00 -17.01/-16.99 -17.000 -0.500
WTI (Oct) PCACH00 67.34–67.36 67.350
-0.310 WTI Midland (2nd month) AAYZA00 50.050 -0.810 AAXXF00 -17.300 -0.500
WTI (Nov) AAGIT00 66.92–66.94 66.930
-0.250 LLS (1st month) PCABN00 71.58–71.60 71.590 -0.270 AAGWN00 3.09/3.11 3.100 +0.200
WTI EFP (Sept) AAGVT00 -0.01/0.01 0.000 0.000 LLS (2nd month) AAURC00 71.79–71.81 71.800 -0.110 AAURD00 4.44/4.46 4.450 +0.200
WTI EFP (Oct) AAGVU00 -0.01/0.01 0.000 0.000 HLS (1st month) PCABD00 70.93–70.95 70.940 +0.030 AAGWP00 2.44/2.46 2.450 +0.500
WTI EFP (Nov) AAGVV00 -0.01/0.01 0.000 0.000 HLS (2nd month) AAURE00 71.14–71.16 71.150 +0.190 AAURF00 3.79/3.81 3.800 +0.500
Light Houston Sweet AAXEW00 70.890 -0.470 WTS (1st month) PCACK00 51.48–51.50 51.490 -0.520 AAGWB00 -17.01/-16.99 -17.000 -0.050
Light Houston Sweet M2 AAYRY00 71.050 -0.310 WTS (2nd month) AAURG00 50.04–50.06 50.050 -0.360 AAURH00 -17.31/-17.29 -17.300 -0.050
LOOP Sour (Sept) AALSM01 68.190 -0.470 WTI MEH AAYRG00 70.890 -0.470 AAYRH00 2.400 0.000
LOOP Sour (Oct) AALSM02 68.200 -0.060 WTI MEH (2nd month) AAXXE00 71.050 -0.310 AAYYA00 3.700 0.000
LOOP Sour (Nov) AALSM03 68.280 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
Eagle Ford Marker AAYAJ00 71.000 -0.350
Thunder Horse Blend AAWZK00 69.83–69.85 69.840 -0.470 AAWZL00 1.34/1.36 1.350 0.000
Mars (Sept) AAMBR00 68.48–68.50 68.490
-0.470
Wyoming Sweet PCACM00 65.88–65.90 65.890 -0.320 AAGWR00 -2.61/-2.59 -2.600 +0.150
Mars (Oct) AAMBU00 68.49–68.51 68.500
-0.060
Basrah Light AAEJH00 72.96–72.98 72.970 -0.150 AAGWV00 5.61/5.63 5.620 +0.160
Mars (Nov) AAMBX00 68.57–68.59 68.580 0.000
Bonito PCAIE00 69.33–69.35 69.340 -0.470 AAGWF00 0.84/0.86 0.850 0.000
Mars/WTI (Sept) AAGWH00 -0.01/0.01 0.000 0.000
SGC AASOI00 68.73–68.75 68.740 -0.470 AASOJ00 0.24/0.26 0.250 0.000
Mars/WTI (Oct) AAKTH00 1.14/1.16 1.150 +0.250
Spread vs NYMEX WTI CMA
Mars/WTI (Nov) AAMBO00 1.64/1.66 1.650 +0.250 ANS (Cal) PCAAD00 73.30–73.34 73.320 -1.090 AAGWX00 6.09/6.11 6.100 -0.800
LOOP/WTI (Sep) AALOM01 -0.300 0.000 WCS ex-Cushing AAWTY00 62.36–62.38 62.370 -0.290 AAWTZ00 -4.86/-4.84 -4.850 0.000
LOOP/WTI (Oct) AALOM02 0.850 +0.250 WCS ex-Nederland AAYAY00 64.570 -0.290 AAYAX00 -2.650 0.000
LOOP/WTI (Nov) AALOM03 1.350 +0.250 Bakken Williston AAXPP00 64.520 -0.690 AASRX00 -2.700 -0.400
LOOP/Mars (Sep) AALPM01 -0.300 0.000 Bakken Guernsey AASRR00 65.86–65.88 65.870 -0.340 AASRV00 -1.36/-1.34 -1.350 -0.050
LOOP/Mars (Oct) AALPM02 -0.300 0.000 Bakken Clearbrook AASRU00 66.81–66.83 66.820 -0.440 AASRW00 -0.41/-0.39 -0.400 -0.150
LOOP/Mars (Nov) AALPM03 -0.300 0.000 Bakken USGC Pipe ABAKA00 70.490 -0.620 ABAKB00 3.270 -0.330
Dated Brent AAQBF00 72.37–72.39 72.380
-1.150 Americas Crude Marker (Sept) AAQHN00 67.63–67.65 67.640 -0.520
P-Plus WTI PCACI00 4.64/4.66 4.650 -0.180 Americas Crude Marker (Oct) AAQHO00 67.64–67.66 67.650 -0.110
P-5 WTI AAFEN00 65.040 -0.450 Americas Crude Marker (Nov) AAQHP00 67.72–67.74 67.730 -0.050
WTI-Delta AAEJK00 1.26/1.28 1.270 -0.180 Thums PCACD00 72.85–72.87 72.860 +1.170
Kern River PCABJ00 71.23–71.25 71.240
+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
US domestic crude assessments London close Eagle Ford postings avg. AAYAH00 63.650 -0.420 AAYAI00 -7.350 -0.070
(PGA page 1240) $/barrel Mid Change FOB USGC Spread vs NYMEX WTI strip
WTI (Sept) AAQAR00 68.68–68.70 68.690 0.000 Bakken ABAKC00 71.240 -0.620 ABAKD00 3.630 -0.240
WTI (Oct) AAQAT00 67.43–67.45 67.440 +0.010 Eagle Ford Crude AAYAT00 71.390 -0.470 AAYAU00 3.780 -0.090
WTI (Nov) AAQAV00 67.00–67.02 67.010 +0.020 Eagle Ford Condensate AAYAR00 71.190 -0.470 AAYAS00 3.580 -0.090
WTI MEH (Sept) AAYRZ00 71.090 +0.100 WTI AAYBA00 71.390 -0.470 AAYAZ00 3.780 -0.090
WTI MEH (Oct) AAXYD00 71.140 +0.110 FOB Houston Spread vs NYMEX WTI CMA
LLS (Sept) AAQBB00 71.58–71.60 71.590 0.000
Eagle Ford Crude AAYAV00 71.390 -0.470 AAYAW00 3.780 -0.090
Eagle Ford Condensate AAYBB00 71.190 -0.470 AAYBC00 3.580 -0.090
LLS (Oct) AAQBD00 71.68–71.70 71.690 +0.010
Mars (Sept) AAQAX00 68.63–68.65 68.640 -0.100
Mars (Oct) AAQAZ00 68.53–68.55 68.540 +0.160 US crude assessments Singapore close
Spread Mid Change ($/barrel) Mid Change
WTI (Sept) AAQAS00 -0.01/0.01 0.000 0.000 (PGA page 2208)
WTI (Oct) AAQAU00 -0.01/0.01 0.000 0.000 LOOP Sour (Sep) AAZDA00 68.350
+0.870
WTI (Nov) AAQAW00 -0.01/0.01 0.000 0.000 LOOP Sour (Oct) AAZDB00 68.000
+0.740
WTI MEH (Sept) AAYTA00 2.400 +0.100
LLS (Sep) AAZDC00 71.550
+0.820
WTI MEH (Oct) AAYWA00 3.700 +0.100
LLS (Oct) AAZDD00 71.650
+0.690
LLS (Sept) AAQBC00 2.89/2.91 2.900 0.000
LLS (Oct) AAQBE00 4.24/4.26 4.250 4.250 Southern Green Canyon AAZDE00 68.900
+0.770
Mars (Sept) AAQAY00 -0.06/-0.04 -0.050 -0.100 WTI MEH (Sep) AAZDF00 71.050
+0.520
Mars (Oct) AAQBA00 1.09/1.11 1.100 +0.150 WTI MEH (Oct) AAZDG00 71.100
+0.390

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 23
Oilgram Price Report Prices effective August 3, 2018

Crude Price Assessments

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

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 NYMEX NY ULSD (¢/gal) (PGA page 701)
UKC USAC PFAKESZ 80k PFAKE10 90.00 TDACG00 11.88 CME 2:30 PM ET settlement
(PGT page 1970) Sep AAHS001 212.690
WAF USGC PFAIASZ 130k PFAIA10 65.00 TDACV00 11.30 Oct AAHS002 213.240
UKC USGC PFAHNSZ 135k PFAHN10 52.50 TDACH00 8.94 Nov AAHS003 213.630
Med USGC PFAHGSZ 135k PFAHG10 55.00 TDABS00 9.23 Platts 2:30 PM ET futures assessment
(PGT page 2970) Sep NYHOM01 213.000
Oct NYHOM02 213.560
AG Asia PFAJDSZ 80k PFAJD10 105.00 TDAAC00 15.41
Nov NYHOM03 213.970
(PGT page 2980)
CME 2:30 PM vs Platts 2:30 PM spread
AG Asia PFAOCSZ 270k PFAOC00 53.00 TDAAB00 9.00 Sep AAHD001 -0.310
AG USGC PFAOGSZ 280k PFAOG00 26.00 TDAAN00 8.26 Oct AAHD002 -0.320
*values are in lumpsum Nov AAHD003 -0.340
ICE Brent crude ($/barrel) (PGA page 703)
Platts futures assessments Singapore MOC, Aug 3 (PGA page 703)
Platts 2:30 PM ET futures assessment
NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal) Oct AAQBG00 73.240
Sep XNRBA01 206.510 Sep XNHOA01 212.730 Nov AAQBH00 73.560
Oct XNRBA02 194.400 Oct XNHOA02 213.260 Dec AAXZZ00 73.670
Nov XNRBA03 191.540 Nov XNHOA03 213.550 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 ($/barrel) (PGA page 705) ICE BWAVE (Brent weighted futures average)($/barrel) (PGA page 704)
Sep 18 NMCL001 68.49 -0.47 67.87 69.24 444379 403537 Oct 18 XIBW001 72.76
Oct 18 NMCL002 67.35 -0.31 66.68 67.94 66600 262673 Nov 18 XIBW002 73.08
Nov 18 NMCL003 66.93 -0.25 66.27 67.45 21506 140608 BWAVE data refer to previous day.
Dec 18 NMCL004 66.59 -0.20 65.93 67.05 39525 289265
Total NMCL000 642637 XNCLP00 7723 ICE WTI ($/barrel) (PGA page 704)
Sep 18 ICIC001 68.49 -0.47 67.88 69.24 22892 76957
NYMEX NY ULSD ($/gal) (PGA page 705) Oct 18 ICIC002 67.35 -0.31 66.68 67.95 40926 66587
Sep 18 NMHO001 2.1269 -0.0049 2.1130 2.1444 45819 119535 Nov 18 ICIC003 66.93 -0.25 66.35 67.47 21601 28898
Oct 18 NMHO002 2.1324 -0.0041 2.1184 2.1486 23787 57140 Dec 18 ICIC004 66.59 -0.20 66.00 67.07 32829 137130
Nov 18 NMHO003 2.1363 -0.0033 2.1220 2.1517 12329 42863 Total ICIC000 113257 XIICP00 2599
Dec 18 NMHO004 2.1395 -0.0025 2.1244 2.1541 15743 58853
Total NMHO000 108532 XNHOP00 7610 ICE low sulfur Gasoil ($/mt) (PGA page 704)
Aug 18 ICLO001 650.00 +4.25 644.00 653.00 41856 71017
NYMEX RBOB unleaded gasoline ($/gal) (PGA page 705) Sep 18 ICLO002 652.00 +4.25 646.00 655.00 79710 203195
Sep 18 NMRB001 2.0655 -0.0026 2.0547 2.0906 68822 159292 Oct 18 ICLO003 654.25 +4.00 648.00 657.00 46906 158656
Oct 18 NMRB002 1.9451 -0.0036 1.9304 1.9636 58984 98038 Nov 18 ICLO004 651.75 +3.75 645.75 654.50 16590 65125
Nov 18 NMRB003 1.9172 -0.0033 1.9019 1.9335 18714 69965 Total ICLO000 260604 XILOP00 9485
Dec 18 NMRB004 1.8979 -0.0033 1.8821 1.9132 17129 50403 *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
Total NMRB000 174679 XNRBP00 13888
Source: CQG
NYMEX Natural Gas ($/MMBtu) (PGA page 705)
Sep 18 NMNG001 2.853 +0.04 2.814 2.862 123981 294075 WTI DISCOUNT TO BRENT NARROWS
Oct 18 NMNG002 2.862 +0.04 2.821 2.870 47802 177035
($/b)
Nov 18 NMNG003 2.898 +0.04 2.858 2.906 26259 148118
-2
Dec 18 NMNG004 2.998 +0.04 2.960 3.004 20919 98196
Total NMNG000 327419 XNNGP00 2255
-3
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 -4
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 -5
Total DMOQ000 4404 XDOQP00 1075

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

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 27
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 distillate-rich Sokol crude commanded an average


Commodity Net Change Commodity Net Change
premium of $5/b to the average of first-line Dubai and
Futures only (PGA 707) Futures and options
Total non-commercial contracts Total non-commercial contracts
Oman assessments on a CFR North Asia basis during
Crude Oil C017086 613400 +2929 Crude Oil C017048 649698 +940 Q2. It was the highest quarterly premium since Q3
RBOB C029086 110958 +11316 RBOB C029048 112191 +11289
2014, when the differential averaged $5.20/b, Platts
NYMEX NY ULSD C060086 42017 +305 NYMEX NY ULSD C060048 41431 +288
Natural Gas C059086 -126427 +1684 Natural Gas C059048 -128579 +1073 data showed.
Total non-reportable contracts Total non-reportable contracts Furthermore, the April-June period saw the spread
Crude Oil C017090 38197 -2988 Crude Oil C017052 41687 -2312
RBOB C029090 8081 -1062 RBOB C029052 8137 -1083 between WTI and Dubai crude price benchmarks
NYMEX NY ULSD C060090 14962 +688 NYMEX NY ULSD C060052 15525 +934 widen to a steep discount, making various North
Natural Gas C059090 22809 -84 Natural Gas C059052 22916 -363
Total commercials contracts Total commercials contracts
American export grades loaded during the quarter
Crude Oil C017083 -651597 +59 Crude Oil C017045 -691385 +1373 extremely competitive.
RBOB C029083 -119039 -10254 RBOB C029045 -120327 -10205 Platts data showed the spread between the front-
NYMEX NY ULSD C060083 -56979 -993 NYMEX NY ULSD C060045 -56955 -1221
Natural Gas C059083 103618 -1600 Natural Gas C059045 105664 -710
month WTI swap and same-month Dubai crude swap has
averaged at minus $3.91/b in Q2, the biggest discount since
Source: Commodity Futures Trading Commission
averaging minus $5.13/b in Q3 2014.

Tax exemption
(continued from page 19)
over the same period at an average cost of $70.77/b. South Korea levies a 3% tariff on crude imports including
the region. Average cost comparison between Russian and Russia, but domestic refiners are exempted from the tax on
In addition, the free trade agreement between South US crude purchased in 2017 could not be made due imports from the US thanks to the FTA, industry officials
Korea and the US, which took effect from March 2012, has mainly to the big difference in import volumes from based in Seoul said.
completely removed import duties on energy products the two producers. South Korea has only actively “No tariff on imports of US crude is the main
coming from the North American supplier. started to buy US crude since second half of the third reason to get more cargoes from the US because
South Korea has imported 14.1 million barrels from quarter last year. prices differences among grades are very small,” said
the US in the first half of this year at an average cost of an official at SK Innovation, South Korea’s biggest
$69.08/b, while 21.57 million barrels arrived from Russia Russian spot premiums importer of US crude.
Far East Russian crude grades are highly sensitive “This is the same reason to import more Forties on
SOKOL’S CORRELATION WITH ASIAN CRACKS to Asian refining margins as majority of ESPO Blend, which no tariffs are imposed thanks to the FTA with the
Sokol Premium* ($/b) Gasoil Crack** ($/b) Sakhalin Blend and Sokol spot supplies feed into the EU,” the official said. “We will continue looking for US
6 18
big three Northeast Asian demand centers namely grades to take advantages of the FTA with the US.”
China, South Korea and Japan. Spot differentials for the SK Innovation has imported 8.2 million barrels of US
5 16
distillate-rich Russian grades typically outperform rival crude over January-June this year, compared with none
Southeast Asian and Oceania light sweet crude when purchased during the same period a year earlier.
4 14 cracking margins trend up in the region. Officials from GS Caltex, the country’s second-
The second-month Singapore gasoil to Dubai swap biggest refiner, also said the company has been
3 12 crack rallied in Q2, averaging $16.23/b during the month encouraged to buy more cargoes from the US to take
Jan-18 Mar-18 May-18 Jul-18 of May, the highest level since May 2014 when it averaged full advantage of the import duty exemption. GS Caltex
* Sokol’s premium reflects differential to Platts Oman/Dubai average $16.66/b, S&P Global Platts data showed. has imported 5.91 million barrels of US crude in H1,
** Gasoil crack represents spread between Singapore physical gasoil
assessment and M2 Dubai Swap Demonstrating Far East Russian grades’ strong compared with just 525,000 barrels bought a year earlier.
Source: S&P Global Platts correlation to regional product margins, middle — Gawoon Philip Vahn, Charles Lee

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 30
Oilgram Price Report Prices effective August 3, 2018

China’s CAO to focus on core business CAO did not send any jet fuel cargoes from Asia H1, the company said.
amid trade tensions to Europe in the first seven months of this year as the CAO launched its crude oil trading business in the
arbitrage window was closed. second half of 2016 with trading volumes amounting to 6
■■China jet fuel cargoes to US unlikely In the first half of 2018, the company’s jet fuel trade million mt in the year, rising to 6 million-7 million mt in 2017.
■■Acquisitions to lift European opportunities volumes were 6.74 million mt, down 14.4% on the year and It set up the crude business after crude oil import quotas
■■Jet fuel trading volumes to climb in Q3 18.3% below H2 2017, the company said. were awarded to independent Chinese refineries in 2015.
Despite the reduction in volumes, gross profit grew The company mainly sources crude cargoes from the
Singapore—China Aviation Oil warned Friday that business 13.7% year on year as the company optimized its jet fuel Middle East and supplies to Asian countries.
conditions are likely to remain tough because of geopolitical supply and trading activities. China Aviation Oil (Singapore) Corporation is listed on
tensions and trade protection measures, but said it would Trading profit was strong in Q1 due to market tightness the Singapore Stock Exchange and is a subsidiary of China
aim for growth by pushing its core businesses. as buyers in Europe, Africa and Asia were often competing National Aviation Fuel Group Corporation. — Oceana Zhou,
The company is also eyeing opportunities to send for the same cargoes. Sambit Mohanty
arbitrage jet fuel cargoes to Europe amid concerns that the Meng expects trading volumes to rise in Q3 as the
escalating US-China trade war will prevent Chinese jet fuel July-September period is the peak season for jet fuel
cargoes moving to the US. trading globally. Heatwave forces European refiners to cut
CAO’s jet fuel trading volumes in H1 fell nearly 14% on runs, but impact seen marginal
the year, the company said. Its gasoil and crude oil volumes Trade tensions
picked up sharply in the period, helping the company’s overall “If the China-US trade war further escalates, it is unlikely London—Some refineries in Europe have been opting to
trading volumes to post robust growth of more than 12%. that jet fuel cargoes from China will move to the US. reduce crude runs as cooling facilities struggle dealing with
CAO, which is the largest physical jet fuel trader in But some other trading opportunities would arise,” vice the current heatwave, sources told S&P Global Platts Friday.
the Asia Pacific region, added that its latest acquisition, president Zhang Xinbo said. Northwest Europe especially has been hit by unusually
Navires Aviation Limited, would help to grow its business CAO supplied less than 2 million mt of jet fuel to airports high temperatures, up to 40C, and the heatwave set to last
in Europe and expand its presence in international in the US last year, 60% of which were cargoes shipped for a while longer.
markets. Navires Aviation has been renamed China from North Asian countries – China, South Korea and “The high temperatures are causing refineries to be
Aviation Fuel (Europe) Limited. Japan. The rest were cargoes supplied by US refiners. down slightly [on runs],” one trading source said.
“CAFEU provides CAO with a springboard to further “We have talked to South Korean refineries and they are Refineries need to cool the crude distillation columns
grow our jet fuel supply and trading portfolio as well as very happy to send more cargoes to the US amid intensive and some have been reducing rates to cope with the heat,
aviation marketing business in Europe and strengthen our competition within Asia,” Zhang said. although the measures appear to be temporary and have
global presence,” CEO Meng Fanqiu said in a statement. not been widespread, sources said.
The acquisition, which was completed at the end of Independents’ issues Some refineries might have to reduce capacity by “one
June, is expected to enable CAO to secure jet fuel outlets and Company officials said that financial issues faced by China’s or two percent,” said a source with the German mineral oil
cater to local and international airlines at Schiphol, Frankfurt, independent refiners would limit business opportunities for association, but that would have “very little impact on refinery
Brussels and Stuttgart airports in Northwest Europe. crude trading over the course of the rest of the year. output.” While in the past high temperatures could have
“China’s independent refineries may encounter many affected refineries’ cooling abilities, currently their “efficiency
Arbitrage to Europe difficulties this year, and we expect their crude demand to is so so high,” they can cope well, the source said.
“We are looking for opportunity to send cargoes to Europe fall in H2. But the country’s crude demand will rise,” Meng A number of refineries in the past weeks have had
during the rest of 2018, with volumes expected to be around said, adding that CAO had expanded its customer profile to problems with electricity glitches although those were not
100,000-200,000 mt,” said Meng. He added that those include state-owned refineries. attributed to the heatwave and have since been fixed.
volumes would be much lower than total 2017 arbitrage Crude oil pushed up the company’s non-middle The reduced run rates were seen as partly lending
volumes to Europe of 600,000 mt. distillates volumes 42.6% on the year to 8.74 million mt in support to Northwest Europe’s gasoline market which

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 31
Oilgram Price Report Prices effective August 3, 2018

has been very tight on seasonally higher demand and a single well, Repsold said. The vessel’s reinjection system, The FPSO P-76, meanwhile, is expected to leave the
shipments to North America and West Africa, according to which will allow additional wells to be connected to the Pontal do Parana shipyard in the fourth quarter, Repsold
sources. — Solomon Lanitis, with Elza Turner vessel, is still undergoing commissioning, Repsold said. said, adding the FPSO, which can pump up to 150,000 b/d,
Buzios is the first of the transfer-of-rights fields to is expected to enter operation before the end of the year.
start production. Petrobras was granted the right to — Jeff Fick
Brazil’s Petrobras to install three new pump 5 billion barrels of crude from the fields as part of a
FPSOs in third quarter 2010 oil-for-shares swap with the government. Petrobras OPEC output surges on Saudi crude boost
also discovered an additional 5 billion-15 billion barrels ...from page 1
Rio de Janeiro—Brazilian state-led oil producer Petrobras of recoverable crude in the fields, according to Brazil’s
will install three new floating production units at offshore National Petroleum Agency, or ANP. Rights to develop since December 2016 — the last month before OPEC
subsalt fields in the third quarter that will lead to a jump the additional oil volumes are expected to be sold at a and 10 non-OPEC allies agreed to implement supply cuts
in crude output, starting in the fourth quarter, company production-sharing auction on November 29. that are now being eased — as did Iraq and Algeria, the
officials said Friday. Petrobras owns 100% of Buzios. survey found.
“We expect relevant production growth in the second First oil was also achieved at the Tartaruga Verde Those gains were more than enough to offset output
half of 2018,” Solange Guedes, the company’s director for Field on June 22, where the FPSO Cidade de Campos dos declines in sanctions-hit Iran, crisis-wracked Venezuela and
exploration and production, said during a press conference Goytacazes handles output, Repsold said. The field is conflict-torn Libya.
to discuss second-quarter earnings. “The expectation is for currently producing about 25,000 boe/d from two wells, OPEC on June 23 agreed with its partners to end
strong production growth, notably in the fourth quarter.” with a third well currently being connected, Repsold said. overcompliance with their production cuts and boost
The upswing would reverse the current downward trend Petrobras owns 100% of Tartaruga Verde and the sister output by a collective 1 million b/d to replace barrels
in output seen since late 2017, when Petrobras embarked Tartaruga Mestica fields. expected to be shut in by the reimplementation of US
on a heavy schedule of maintenance shutdowns at floating The productivity of the wells at the fields “already gives sanctions on Iran and Venezuela’s economic quagmire.
production, storage and offloading vessels, or FPSOs, you an idea about the difference in the order of magnitude OPEC’s July compliance among the 12 members with
installed at subsalt fields. Petrobras’ first-half 2018 output these units give in the subsalt,” Repsold said. specified quotas stands at 105%, down from 131% in June,
was undermined by the completion of several asset sales, The three new FPSOs will likely have a bigger impact on according to Platts calculations.
including the sale of a stake in the Lapa Field to France’s output later in the year, Repsold said.
Total and a 25% stake in the mature Roncador Field to The FPSO P-67 is currently undergoing commissioning Gainers and strugglers
Norway’s Equinor. by Brazil’s Navy in Guanabara Bay, but should head out Iran, which has warned other members against
Petrobras expects the new FPSOs to help the company to sea for installation at the Lula Norte area of the Lula encroaching on its market share, saw its production
meet its 2018 production targets of 2.7 million b/d of oil Field in August, Repsold said. The FPSO P-69, meanwhile, fall to 3.72 million b/d in July — lowest since January
equivalent globally and 2.1 million boe/d in Brazil, Guedes should also leave a shipyard in Angra dos Reis, south of Rio 2017 — as European buyers began winding down their
said. That would be down from the 2.154 million boe/d de Janeiro, for the Lula Extremo Sul area of the Lula Field purchases in advance of US sanctions snapping back
produced domestically in 2017, but in line with first-half toward the end of August, he said. in November.
average output of 2.0174 million boe/d. Both FPSOs have installed capacity to produce 150,000 Venezuela, suffering from crushing debt, crumbling
The company is still ramping up two new FPSOs that b/d, Repsold said. Petrobras owns a 65% operating stake in infrastructure, worker unrest, hyperinflation and US
pumped first oil earlier this year and should see ramp- Lula, while Shell holds a 25% minority share and Portugal’s sanctions, continued its output slide to 1.24 million b/d, a
up work continue in the third quarter, according to Hugo Galp Energia the remaining 10%. 670,000 b/d drop in a year and the lowest in the 30-year
Repsold, Petrobras’ director for production development The FPSO P-75 left a Chinese shipyard in July and is history of the Platts OPEC survey, except a debilitating
and technology. about halfway to Brazil, Repsold said. The FPSO will be worker strike in late 2002 and early 2003.
The FPSO P-74, which pumped first oil from the Buzios installed at the Buzios Field later in the third quarter. The Libya’s output dropped 30,000 b/d month-on-month to
Field on April 20, is currently producing 30,000 boe/d from FPSO P-75 also has installed capacity to pump 150,000 b/d. 670,000 b/d, its lowest since April 2017, the survey found, as

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 32
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 OPEC and oil industry officials, traders and analysts, as well Notes: Turkey’s 214,000 b/d STAR refinery – being
resolved July 11 and a kidnapping at the Sharara field in the as reviewing proprietary shipping data. — Herman Wang, developed by Socar Turkey Enerji, a Turkish subsidiary of
country’s southwest. Eklavya Gupte Azeri state oil company Socar – Friday began receiving its
Angola’s production remained steady at 1.45 million first cargo of crude, Socar confirmed in a statement.
b/d in July, a 190,000 b/d year-on-year decline, according Crude futures fall on higher OPEC supply, US- According to the statement the tanker, Asheron arrived
to the survey, as its mature fields continued to deplete. Friday morning carrying 80,000 mt of Azeri light from the
China trade spat ...from page 1
But the African country should see its production rebound Georgian port of Supsa.
in the coming months with the offshore Kaombo field US crude exports have slowed in recent weeks, likely The cargo of Azerbaijan’s Azeri Light crude grade,
beginning first production in late July. because the US-China trade war has reduced flows to loaded from the Georgian port of Supsa on July 28-29
Major gainers besides Saudi Arabia include Nigeria, China, the single largest buyer of US crude in May. US and headed to Turkey’s new STAR refinery, a source at
which boosted its output to 1.80 million b/d as the force Energy Information Administration data shows that on a Azerbaijan’s Socar Trading confirmed earlier this week,
majeure on key export grade Bonny Light was lifted four-week average basis US crude exports have slowed to S&P Global Platts reported previously. The cargo of around
mid-month, and the UAE and Kuwait, both of whom had 1.87 million b/d during the week that ended July 27 from 661,000 barrels was loaded onto the Aframax MT Absheron
signaled their intent to loosen their taps. 2.43 million b/d July 27. for arrival August 2-3.
UAE output rose to 2.97 million b/d, while Kuwait With refinery maintenance season around the corner, Trading sources said previously that they expected a
produced 2.78 million b/d in July, the survey found. US crude inventories could start to rise, especially if exports sourer grade such as Russia’s medium sour Urals crude
Iraq also raised crude exports from its southern do not pick up again. to be the more typical feedstock instead of the lighter,
terminals to a record high in July, with its production West African crude market sources Friday warned that distillate-rich Azeri Light.
coming in at 4.57 million b/d, according to the survey. reduced refinery runs would lead to higher US crude exports A Socar official confirmed to Platts Friday that with
Newest member Congo produced 310,000 b/d in July, a into Europe, competing with Nigerian light sweet crudes. the delivery of the first crude cargo the refinery will now
drop from 330,000 b/d in June. The crude bears should keep in mind looming US be able to start test production with the aim of moving to
The Platts OPEC figures were compiled by surveying sanctions on Iran, which are expected to remove up to 1 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 Sisak, Croatia rising oil prices, the company said in its earnings report. But
production will be followed by a steady ramp up of output ■■Owner: INA the group-wide margin increased on the quarter, by 3.9%.
expected to reach full capacity by January 2019. ■■Overall capacity: 44,000 b/d The combined refinery margin of the Duna and Bratislava
Previously the start of commercial production was refineries was $6.48/b in Q2, down 7.5% on the year but up
slated for September although this was changed due to Rijeka, Croatia 5.3% on the quarter.
changes in the order in which some units were ■■Owner: INA MOL said that despite rising oil prices, motor fuel
being completed. ■■Overall capacity: 90,000 b/d crack spreads remained relatively strong due to high
Expected to cost in the region of $5.5 billion, the demand and low inventories. As a result, the company
STAR refinery has been designed to produce 4.95 million Olefin-2, Tiszaujvaros, Hungary said it is raising its group-wide refinery margin forecast by
mt/year of diesel, 1.3 million mt/year of naphtha, 698,000 ■■Owner: MOL $1/b to $5-$6/b for this year.
mt/year of petroleum coke, 1.695 million mt/year of jet ■■Capacity: 290,000 mt/year The Brent-Urals price spread (beneficial for MOL as it
fuel, 525,000 mt/year of reformate, 455,000 mt/year of ■■Units affected: various mainly processes cheaper Urals crude) was $1.95/b in Q2,
mixed xylenes, 261,000 mt/year of LPG and 157,000 mt/ ■■Duration: 2018 rising 46% from a year earlier and reaching its highest in
year of sulfur. almost two years.
Source: Company 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
Duna (Danube) in Szazhalombatta, near Budapest, complex in Tiszaujvaros in late Q3 and early Q4. The company 9.03 million mt, up 2.1% on the year.
Hungary is also planning a turnaround at the Rijeka refinery in Q4. Diesel made up 43.1% of total throughput in Q2, up from
■■ Owner: MOL MOL said an unplanned shutdown at its Bratislava 42.9% a year earlier, while the gasoline yield also increased,
■■ Overall capacity: 165,000 b/d 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%;
Slovnaft, Bratislava, Slovakia duration of the shutdown. while the combined share of fuel oil, bitumen and other
■■ Owner: MOL Group’s Slovnaft unit MOL’s group-wide refinery margin narrowed 13.5% on products fell from 16.1% to 15.4%.
■■ Capacity: 122,000 b/d the year to $5.52/b in the second quarter of 2018, owing to Source: MOL

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 34

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