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Key benchmarks ($/bbl)


Data code

www.platts.com

Crude Oil Marketwire


Volume 32 / Issue 56 / March 21, 2011 Middle East
Change Assessment Change -1.61 108.76-108.78 -1.61 -1.65 108.61-108.63 -1.65 -1.64 108.48-108.50 -1.64 -1.61 108.76-108.78 -1.61 -1.65 108.61-108.63 -1.65 -1.64 108.48-108.50 -1.64 -0.01 6.37-6.39 -0.01
+1.04 115.09-115.10 +1.03 +1.04 115.09-115.10 +1.03 +1.18 115.15-115.17 +1.18 +1.23 115.62-115.64 +1.23 +1.34 115.54-115.56 +1.34
Data code

Forward Dated Brent


PCABS00 AAHZF00 AAHZH00 AAOUQ00 AAHZJ00 AAHZL00 AAHZN00

Dubai (MAY) Dubai (JUN) Dubai (JUL) MEC (MAY) MEC (JUN) MEC (JUL) Brent/Dubai Brent (Dated) Dated North Sea Light Brent (APR) Brent (MAY) Brent (JUN) Sulfur De-escalator WTI (APR) WTI (MAY) WTI (JUN) ACM (APR)* ACM (MAY)* ACM (JUN)*

PCAAT00 PCAAU00 PCAAV00 AAWSA00 AAWSB00 AAWSC00 AAJMS00 PCAAS00 AAOFD00 PCAAP00 PCAAQ00 PCAAR00 AAUXL00 PCACG00 PCACH00 AAGIT00 AAQHN00 AAQHO00 AAQHP00

Oman Oman Oman Upper

(MAY) (JUN) (JUL) Zakum (MAY)

Change Assessment Change -1.64 109.08-109.10 -1.64 -1.69 108.86-108.88 -1.69 -1.69 108.71-108.73 -1.69 -1.64 108.76-108.80 -1.64
-1.65 108.60-108.64 -1.65 -1.64 108.47-108.51 -1.64 -1.63 108.36-108.40 -1.63

Data code

Dubai Swap (APR) Dubai Swap (MAY) Dubai Swap (JUN)

North Sea Dated strip Mediteranean Dated strip Canada Dated strip BTC Dated strip Angola Dated strip West Africa Dated strip

AAKWH00 AALDF00 AALDJ00 AAUFI00 AALGM00 AALDH00

Change Assessment Change +1.17 115.19-115.21 +1.17 +1.17 115.18-115.19 +1.17 +1.21 115.13-115.14 +1.20 +1.17 115.17-115.19 +1.18 +1.19 115.15-115.17 +1.19 +1.19 115.14-115.16 +1.20

Brent/WTI spreads and EFPs


Brent/WTI 1st Brent/WTI 2nd Brent/WTI 3rd Brent EFP (APR) Brent EFP (MAY) Brent EFP (JUN) WTI EFP (APR) WTI EFP (MAY) WTI EFP (JUN)
AALAT00 AALAU00 AALAV00 AAGVW00 AAGVX00 AAGVY00 AAGVT00 AAGVU00 AAGVV00

Middle East spot assessments


Murban Lower Zakum Umm Shaif Qatar Land Qatar Marine Banoco Arab Medium Al Shaheen
* Differential to Dubai AAKNL00 112.08-112.12 AAKNN00111.98-112.02 AAOUO00111.63-111.67 AAKNP00111.15-111.19 AAKNR00108.90-108.94 AAKNT00 108.34-108.38 AAPEV00 108.97-109.01

-0.07 0.00 +0.01

0.30
+0.96 102.35-102.37 +0.96 +0.91 103.07-103.09 +0.91 +0.96 103.69-103.71 +0.96 +1.31 112.60-112.62 +1.31 +1.26 112.07-112.09 +1.26 +1.36 111.94-111.96 +1.36

Spread vs OSP AAKUB00 0.25/0.35 AAKUF00 0.25/0.35 AAOUP00 0.25/0.35 AAKUJ00 0.15/0.25 AAKUH00 0.05/0.15 AAKUD00 0.15/0.25 AAPEW00 0.45/0.55*

NANA
+0.03 +0.03 0.00 0.00 0.00

12.78/12.80 12.36/12.38 11.62/11.64 NA/NA 0.18/0.20 0.18/0.20 -0.01/0.01 -0.01/0.01 -0.01/0.01

-0.07 0.00 +0.01

NANA
+0.03 +0.03 0.00 0.00 0.00

Contents
PG/Asia Pacific Middle East Sour Asia Pacific Sweet North Sea MOC Commentary Key Data Physical Market West Africa Mediterranean Mediterranean Light/Sweet Mediterranean Sour North America US MOC Commentary US Gulf Coast US West Coast Canada Latin America 2 2 2 3 3 3 3 3 4 4 4 5 5 5 5 6 7

Dated Brent
($/barrel) 116 115 114 113 112 111 110 07-Mar 09-Mar 11-Mar 15-Mar 17-Mar 21-Mar

Russian Urals/ESPO spot assessments


Spread vs fwd $/bbl Dated Brent Urals (Rotterdam) PCAFW00111.21-111.26 AAGXJ00 -3.97/-3.93 Urals (Mediterranean) PCACE00 111.86-111.91 AAGXX00 -3.32/-3.28 Urals (Ex-Novorossiisk) AAGZS00 109.94-109.99 AAHPH00 -5.24/-5.20 Urals (Ex-Novo) FOB 80kt AAOTH00 110.24-110.29 AAOTI00 -4.94/-4.90 Urals (Ex-Baltic) AAGZT00 108.74-108.79 AAHPI00 -6.44/-6.40 Urals (Primorsk) AAWVH00108.63-108.68 AAWVI00 -6.55/-6.51 Urals RCMB (Recombined) AALIN00 111.77-111.82 ESPO (FOB Kozmino) AARWD00113.24-113.26 AARWE00 -1.92/-1.90 Urals Med CFD 1st mth (Apr) AAMDR00112.07-112.12 AAMDU00 -3.02/-2.98 Urals Med CFD 2nd mth (May) AAMDX00112.44-112.50 AAMEA00 -2.65/-2.60

Source: Platts

The McGraw Hill Companies

CRUDE OIL MARKETWIRE

MARCH 21, 2011

Spot market commentaries

Asia-Pacific / Middle East spot crude assessments ($/bbl)


API Gravity Condensate NW Shelf Ras Gas Qatar LSC South Pars Senipah Light Cossack Gippsland Tapis Belida Kutubu Handil Mix Attaka Vityaz Blend Ardjuna Sokol Kikeh ESPO Miri Light Labuan 61.9 57.0 56.9 57.4 54.4 47.7 48.7 45.2 45.1 44.3 43.9 42.3 41.6 38.0 39.7 34.9 34.8 32.3 32.0 Assessment (Asian MOC) 111.66-111.70 110.47-110.51 109.07-109.11 107.47-107.51 112.30-112.34 117.26-117.30 117.41-117.45 120.92-120.96 117.42-117.46 118.41-118.45 115.76-115.80 118.87-118.91 114.42-114.46 115.57-115.61 117.19-117.23 122.44-122.48 112.64-112.68 121.17-121.21 121.12-121.16 Diff to Dubai or ICP (Asian MOC) Diff to Dated Brent (Asian MOC) -3.13 -4.32 -5.72 -7.32 -2.49 2.47 2.62 6.13 2.63 3.62 0.97 4.08 -0.37 0.78 2.40 7.65 6.38 6.33 Assessment (London MOC) 111.97 110.78 109.38 107.78 112.61 117.57 117.72 121.23 117.73 118.72 116.07 119.18 114.73 115.88 117.50 122.75

PG/Asia Pacific
Middle East Sour
The Middle East crude benchmark Dubai opened the week $1.61/barrel lower at $108.77/b, largely tracking Brent crude. The market appeared to have bottomed out from the sharp collapse seen right after the quake in Japan. Tasweeqs seven Al-Shaheen cargoes for May traded at 30-70 cents/b premiums to Platts Dubai crude assessments to buyers including ExxonMobil, Shell and Chevron, steady to weaker from Maersks deals at 50-70 cents/b premiums. Cosmo Oil said it has put out the 10-day fire at its LPG tanks at the Chiba refinery as of Monday morning. The refiner raised capacities at its Yokkaichi refinery by 50,000 b/d to 175,000 b/d and its Sakaide refinery from 110,000 b/d to 140,000 b/d to help plug the product shortfall. Russia is slated to launch the second stage of the ESPO crude pipeline in December 2012, bringing forward a previous target that was set for 2013. The ESPO-2 pipeline, to run from Skovorodino to Kozmino, was initially meant to be completed in 2014. Saudi Aramco and Chinas CNPC have signed an agreement to build a 200,000 b/d grassroots refinery in Chinas Yunnan Province to run Saudi Arabian crude oil.

PCAGX00 AAPET00 AARBB00 AARAV00 AAEOE00

AAPEU00 AARBD00 AARAX00 AAEOK00

1.95/2.05** 0.55/0.65** -1.05/-0.95** 0.40/0.50*

AAPAI00 AARAZ00 AARBC00 AARAW00 AAPBE00

AAPAH00 AARAY00 AARBA00 AARAU00 AAPBD00

PCAGZ00 PCACP00 PCACB00 PCAFL00 PCAFJ00 PCABE00 PCAAJ00 AARAN00 PCACQ00 AASCJ00 AAWUH00 AARWF00 PCABQ00 PCABL00

PCAFM00 PCABF00 PCAAK00 AARAP00 PCACR00 AASCK00 AASEU00

4.48/4.58* 2.57/2.67* 4.73/4.83* 5.90/6.00 2.78/2.88* 8.55/8.65^ 3.99/4.09^^

AAPAC00 AAPAU00 AAOZW00 AAPBQ00 AAPAE00 AAPBI00 AAPBC00 AARAO00 AAPBG00 AAPAO00 AAOZY00 AAPAS00 AAPAQ00

AAPAB00 AAPAT00 AAOZV00 AAPBP00 AAPAD00 AAPBH00 AAPBB00 AARAM00 AAPBF00 AAPAN00 AAOZX00

AAPAR00 121.48 AAPAP00 121.43

* Differential to ICP, ** Differential to Dubai, ^ Differential to Oman/Dubai, ^^ Differential to Dubai (JUN)

Diff to ICP Medium Nanhai Su Tu Den Minas Nile Blend Bach Ho Widuri Daqing Cinta
* Differential to Bach Ho OSP

40.0 36.8 35.8 33.9 40.7 33.2 32.2 31.1

PCAFR00 AARAR00 PCABO00 AAPLC00 PCAHY00 PCAFE00 PCAAZ00 PCAAX00

115.19-115.23 113.28-113.32 114.68-114.72 108.93-108.97 114.53-114.57 111.04-111.08 110.66-110.70 111.04-111.08

AARAT00 PCABP00 AAPEX00 AAPEY00 PCAFF00 PCAAY00

2.15/2.25* 1.40/1.50 -3.85/-3.75 3.54/3.64* 1.05/1.15 1.20/1.30

AAPAG00 AARAS00 AAPBA00 AAPAM00 AAPAK00 AAPBO00 AAPAW00 AAPBK00

0.40 -1.52 -0.11 -5.86 -0.27 -3.75 -4.13 -3.75

AAPAF00 AARAQ00 AAPAZ00 AAPAL00 AAPAJ00 AAPBN00 AAPAV00 AAPBJ00

115.50 113.58 114.99 109.24 114.83 111.35 110.97 111.35

Asia Pacific Sweet


With the naphtha/Dubai and gasoil/Dubai cracks gaining momentum at the start of the week, the regional crude grades linked to those products improved slightly over the weekend. Russias Sakhalin Energy was heard to have sold 730,000 barrels of Vityaz Blend crude for loading around May 31 from Sinopec at a premium of about $6.10/barrel to the monthly average of Platts front-month Dubai assessments, similar to last done levels for another May-loading cargo. The buyer could not be confirmed. According to a Singapore-based trader, still strong middle distillate cracks and a slightly improving naphtha crack were keeping levels steady.

Heavy Dar Blend Shengli Stybarrow Enfield Duri Vincent

25.0 24.2 22.8 22.0 20.8 18.3

AARAB00 PCABY00 AARAH00 AARAE00 PCABA00 AARAK00

94.79-94.83 107.08-107.12 119.51 120.46 107.03-107.07 116.61

PCABB00

3.85/3.95

AARAC00 -20.00 AAPAY00 -7.71 AARAI00 4.70 AARAF00 5.65 AAPBM00 -7.76 AARAL00 1.80

AARAA00 AAPAX00 AARAG00 AARAD00 AAPBL00 AARAJ00

95.10 107.39 119.80 120.75 107.34 116.90

Asian Crude Indices


Asian Dated Brent (ADB) ADB Strip Asia ADB Strip Middle East Asian Crude Index (ACX) Asian Heavy Sweet (AHS
AAXPG00 AARBV00 AARBW00 AAXIL00 AAXPG00+AAPDP00

Interim Asian Close 114.81 114.53 114.53 112.38 118.86

Diff to Dated Brent

Final London Close


AARBX00 115.09 AARBY00 115.09

AAPDP00

4.05

AAPDO00 119.15

For definitions see www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/crudeoilspecs.pdf

Copyright 2011, The McGraw Hill Companies

CRUDE OIL MARKETWIRE

MARCH 21, 2011

Vityaz Blend has about 44% middle distillate yield and about 40% naphtha yield. Meanwhile, Malaysias Murphy Oil is heard to be offering 600,000 barrels of Kikeh crude for loading end-May. The tender closed Monday but award details could not be confirmed. In Vietnam, a source said that a tender for Song Doc crude was expected some time this week.

North Sea
MOC Commentary
May cash BFOE was assessed at $115.63/barrel Monday, following trades at this level during the Platts Market on Close assessment process. While 1 cent/barrel did trade lower and outstanding bid from Shell at that level saw the assessment higher. There was no June shown at the close, nor any trades. The March 28-April 1 week was assessed at May minus $0.41/b, following a final trade at this level. The week did trade higher in the process. The April 4-8 week was assessed at May minus $0.43/b. Trades occurred 1 cent/b either side of this level.

Key Data
Key data for Mondays BFOE/Brent assessment were derived as follows: May cash BFOE/Brent assessed at $115.63/barrel. North Sea CFD average for 10-21 days out: $115.20/barrel. BNB assessment 10-21 days out: NS Dated Strip plus $0.60= $115.8/barrel. Forties assessment 10-21 days out: NS Dated Strip $-0.105= $115.095/barrel. Oseberg assessment 10-21 days out: NS Dated Strip plus $2.10= $117.3/barrel. Ekofisk assessment 10-21 days out: NS Dated Strip plus $1.75= $116.95/barrel.

and sourer crudes available. Both Shell and Trafigura were offering Forties crude during the Platts Market on Close assessment process, with Shells prompter cargo at Dated Brent minus $0.20/b the most aggressive of the Dated Brent related offers. A bid for Forties crude from ConocoPhillips for April 8-10 dates and offer from Shell for April 2-4 dates set a sharply structured mid-toback end curve. The barrel that refiners want is sweetnot Forties qualityand Forties doesnt work relative to Urals because Urals is cheap, one North Sea crude trader said. Northwest European Urals crude was assessed Monday at a discount of minus $3.95/b, down $1.625/b since the beginning of the month, Platts data shows. Over the same time, Forties crude actually strengthened $0.045/b, Platts data showed. Other North Sea sweet crudes also strengthened, reacting to the support in the market from the shortfall in Libyan exports. While that shortfall saw imports from West Africa and the Mediterranean into the North Sea decrease this month, impacting North Sea sweet crudes, the current availability of Forties crude in the 10 to 21 day forward window was relatively heavy. There are definitely a few cargoes in the front-end, another North Sea crude trader said, referring to Forties cargoes currently held by Shell and Trafigura. Continuing strength in middle distillate cracks were supportive of the sweet North Sea crude complex, however, weakness in fuel oil, naphtha and gasoline was hampering any further surges, one North Sea crude trader said, while also pressurizing the Forties differential, reflecting a crude high in fuel oil and naphtha.

North Sea spot crude assessments


$/bbl 115.78-115.82 115.08-115.11 117.28-117.32 116.93-116.97 116.77-116.81 112.18-112.22 117.78-117.82 119.28-119.32 116.27-116.31 Spread vs fwd Dated Brent AAVJB00 0.59/0.61 AAGWZ00 -0.11/-0.10 AAGXF00 2.09/2.11 AAGXB00 1.74/1.76 AAGXD00 1.58/1.60 AAGXH00 -3.01/-2.99 AASAT00 2.59/2.61 AASAV00 4.09/4.11

BNB Forties Oseberg Ekofisk Statfjord Flotta Statfjord (CIF) Gullfaks (CIF) North Sea basket

AAVJA00 PCADJ00 PCAEU00 PCADI00 PCAEE00 PCACZ00 AASAS00 AASAU00 AAGIZ00

Dated Brent/BFOE swaps


Dtd Brent swap CFD week (MAY) CFD week (MAY) CFD week (MAY) CFD week (MAY) CFD week (MAY) CFD week (MAY) CFD week (MAY) CFD week (MAY) 1
PCAKA00

2
PCAKC00

3
PCAKE00

4
PCAKG00

5
AAGLU00

6
AAGLV00

7
AALCZ00

8
AALDA00

Mar 21/25 -0.54/-0.52 Mar 28/01 -0.42/-0.40 Apr 04/08 -0.44/-0.42 Apr 11/15 -0.46/-0.44 Apr 18/22 -0.48/-0.46 Apr 25/29 -0.50/-0.48 May 02/06 -0.52/-0.50 May 09/13 -0.54/-0.52

AAJNV00 115.08/115.12 AAJOS00 115.20/115.24 AAJOU00 115.18/115.22 AAJOW00115.16/115.20 AAJPC00 115.14/115.18 AAJPE00 115.12/115.16 AALAW00115.10/115.14 AALAX00 115.08/115.12

West African spot crude assessments


$/bbl 118.94-119.01 119.14-119.21 119.29-119.36 117.14-117.21 118.09-118.16 118.04-118.11 Spread vs fwd Dated Brent AAGXL00 3.80/3.85 AAGXN00 4.00/4.05 AAGXP00 4.15/4.20 AAQZC00 2.00/2.05 AAGXR00 2.95/3.00 AAGXV00 2.90/2.95

West Africa
As Nigerian crude programs began to trickle into the public domain Monday, talk of a narrowing between the countrys grades and those of Angola emerged. The loading programs for Bonny Light and Forcados were heard as having similar volumes as the last schedules and contained no surprises, according to one trading source. Light sweet grades remained strong, with unconfirmed reports of Qua Iboe offered as high as
Copyright 2011, The McGraw Hill Companies

Bonny Light Qua Iboe Forcados Agbami Escravos Brass River

PCAIC00 PCAID00 PCABC00 AAQZB00 AAEIZ00 AAEJB00

Angola spot crude assessments


$/bbl 114.10-114.17 115.55-115.62 113.15-113.22 116.20-116.27 113.55-113.62 115.10-115.17 Spread vs fwd Dated Brent AAGXT00 -1.05/-1.00 AAQZA00 0.40/0.45 AAQYY00 -2.00/-1.95 AASJD00 1.05/1.10 AASJF00 -1.60/-1.55 AASJE00 -0.05/0.00

Physical Market
The Forties differential to Dated Brent was assessed at a discount of $0.105/barrel Monday, the first time it was assessed in negative territory since March 9, Platts data showed, as market participants noted the unattractiveness of the grade versus both the sweeter

Cabinda Nemba Dalia Girassol Hungo Kissanje

PCAFD00 AAQYZ00 AAQYX00 AASNL00 AASLJ00 AASLK00

CRUDE OIL MARKETWIRE

MARCH 21, 2011

Dated Brent plus $4.50/barrel in some quarters, but the lighter Angolan grades were outstripping any rises see in Nigerian values. Availability remained fairly good in Nigeria, sources agreed, with what one trader described as an overhang at the front. There are still cargoes left in Nigeria. There is a fair overhang, if anything, he said. A trader of the regions grades said the high values of Nigerian grades had forced refiners to reconsider and go for something else to run. Its decision time for a lot of refiners, as Nigerian differentials have gone so high so people need to work out what else they can run, he said. With [middle] distillates still looking good the choice is medium sours or heavier sweets and I think Angola will benefit, he added. There was a chance that the Nigerian differentials could top out at these levels, sources agreed, although one urged caution. At these kinds of levels its hard to see it going too much higher but we have said that before, said a regular buyer of WAF crude. Early demand for Angolan crude looked to be healthy, sources said, with enquiries and early trades already visible. Angolan [crude] is looking pretty good already right now, said a trading source at a European major. As yet unproven talk that Japanese power producers might be eyeing Angolan medium sweets to overcome electricity shortages in light of the recent earthquake continued, with Cabinda and Nemba the likely beneficiaries to the upside.

differentials. It was heard some CPC Blend cargoes had been taken to Northwest Europe, and the recent trades were done at around Dated Brent plus $0.30-0.50/b levels, but this information was not confirmed. Med crude traders said they doubted the likelihood that a cargo of crude may have loaded from Libya over the weekend, despite the countrys top oil official having said Saturday that a 700,000 barrel cargo of Melitta crude was scheduled to load later that day. Nobody is loading, a source with a refiner said. How can you imagine loading something in [a] war area? a source with a regular lifter of Libyan crude said. According to the shipping report, the last cargo of Mellitah arrived [at] Fos March 14, he said. Sources said that Libyas breakaway Arabian Gulf Oil Company, a subsidiary of the National Oil Corporation and which had allied itself to the Benghazi-headquartered rebels, was offering Sarir crude directly to European buyers. However, European oil companies declined Agocos offers, sources said. I think Arabian Gulf Oil is putting oil into the market as they want money to be returned to Libyan people. But how can you take crude from [a] company which is not registered as your counter party? I would not take crude from third-party hands, one source said. Agoco tried to offer me [Sarir] crude, but we are not taking any oil from them because the whole situation is so complicated in Libya at the moment, another said.

Mediterranean spot crude assessments


$/bbl Siberian Light CIF AAGZW00 115.58-115.64 Azeri Lt CIF AAGZX00 119.22-119.29 Azeri Lt FOB AALWD00 117.59-117.66 Azeri Lt FOB 80KT AATHM00 117.80-117.87 BTC FOB Ceyhan AAUFH00 117.99-118.06 CPC Blend CIF AAGZU00 115.53-115.59 CPC Blend FOB AALVX00 113.78-113.84 CPC FOB 80KT AAOFV00 114.07-114.13 Suez Blend PCACA00 108.85-108.90 Es Sider PCACO00 112.94-112.99 Kirkuk AAEJD00 111.34-111.39 Iranian Light PCABI00 112.30-112.37 (Sidi Kerir) Iranian Heavy PCABH00 108.30-108.37 (Sidi Kerir) Saharan Blend AAGZY00 117.18-117.24 Zarzaitine AAHMO00 117.28-117.34 Kumkol AAHMP00 117.78-117.84 Syrian Light FOB AAHMM00 113.26-113.31 Syrian Heavy FOB AAHMN00 109.46-109.51 Spread vs fwd Dated Brent AAHPK00 0.40/0.45 AAHPM00 4.05/4.10 AALWF00 2.42/2.47 AATHN00 2.63/2.68 AAUFJ00 2.82/2.87 AAHPL00 0.35/0.40 AALVZ00 -1.40/-1.35 AAOFW00 -1.11/-1.06 AAGYD00 -6.33/-6.29 AAGYH00 -2.24/-2.20 AAGYF00 -3.84/-3.80 AAGXZ00 -2.88/-2.82
AAGYB00

-6.88/-6.82

AAHPN00 2.00/2.05 AALOY00 2.10/2.15 AALOW00 2.60/2.65 AALOU00 -1.92/-1.88 AALOV00 -5.72/-5.68

Mediterranean
Mediterranean Light/Sweet
The Mediterranean light crude market remained supported Monday by firm distillate cracks, increased demand from refineries returning online after maintenance, and the halt in Libyan crude exports, sources said. Azeri Light barrels continued to trade well through the second decade of March, sources said, with around 9-10 million barrels placed for March in total, and trades done above Dated Brent plus $4.00/barrel. Sources said the increase in naphtha cracks should provide some support to CPC Blend and Saharan Blend

Mediterranean Sour
Urals differentials dropped by $0.325/barrel in Northwest Europe and $0.55/b in the Mediterranean Monday, despite healthy refining margins and refineries restarting their operations after a heavy turnaround period, sources said. In the Platts Market on Close assessment process, Glencore bid for a 100,000 mt Urals cargo loading March 31-April 4 ex-Primorsk, and was hit by Shell at Dated Brent minus $4.10/b. Shell had also offered a 100,000 mt Urals March 31-April 4 load down to Dated Brent minus $3.95/b, but the cargo was not traded. Sources cited the delays Urals cargoes were experiencing around Primorsk due to thick ice in the region as the reason behind low demand for prompt
Copyright 2011, The McGraw Hill Companies

cargoes, and thus the main factor pressurizing the grades differentials and bringing heavy contango into the market. There are still ships stuck, but I guess it will slowly get better, but it depends on the wind, too. So there is concern for at least the first half of April cargoes. Another Urals trader added: If the ice melts in a day, then we will have tonnes and tonnes of oil hitting refineries. I assume it would slow down appetite for prompt cargoes. The market is in deep contango. In the Med, Urals differentials moved in the same direction as in Northwest Europe as unsold prompt cargoes put pressure on the front of the curve, sources said, and arbitrage opportunities to the US were not possible due to expensive freight rates. In the MOC process, Gunvor offered an 80,000 mt Urals crude cargo down to Dated Brent minus $3.30/b, loading ex-Novorossiisk April 2-6, while Vitol offered two loads in the Med, April 9-13 for 80,000 mt of Urals crude and March 31-April 4 for 140,000 mt of Urals crude, CIF Augusta, at Dated Brent minus $2.75/b and $3.25/b respectively. Vitol also offered a 100,000 mt cargo of Urals at Dated Brent minus $3.45/b, loading ex-Primorsk March 31-April 4. All four cargoes remained unsold as no buying interest

CRUDE OIL MARKETWIRE

MARCH 21, 2011

emerged during the MOC process. Russias Surgutneftegaz sold two prompt April Urals cargoes exPrimorsk, 100,000 mt each, to Neste (April 1-2) and Gunvor (April 3-4), sources said, however the levels were not revealed. The tender closed March 18. Following this, Surgut offered a 100,000 mt Urals cargo, loading April 8-9 ex-Primorsk in a tender closing March 22, sources said. Polands PKN Orlen bought from Shell Urals 100,000 mt cargo for delivery into the Lithuanian port of Butinge, April 1-3, trading sources reported. The tender closed March 18 and the price remained unconfirmed. In addition, PKN issued another tender seeking an 100,000 mt Urals cargo for April 6-8 delivery CIF Butinge. Greeces Hellenic issued a tender to buy an 80,000 mt Urals cargo for delivery April 1-15 ex-ship at Pachi Megara or Thessaloniki, sources said. Offers from potential sellers are due Tuesday, March 22.

US spot crude assessments


Mars (APR) Mars (MAY) Mars (JUN) P-Plus WTI WTI-Delta P-5 WTI WTI (Midland) WTS (1st month) WTS (2nd month) Eugene Bonito SGC Poseidon LLS (1st month) LLS (2nd month) HLS (1st month) HLS (2nd month) Wyoming Sweet Thunder Horse Mars/WTI (APR) Mars/WTI (MAY) Mars/WTI (JUN)
AAMBR00 112.85-112.87 AAMBU00 112.32-112.34 AAMBX00 112.19-112.21 PCACI00 AAEJK00 AAFEN00

California spot crude assessments


Lyne 63/Hynes PCABM00 114.62-114.66 Thums/Long Beach PCACD00 107.99-108.01 Kern River PCABJ00 107.19-107.21 P-Plus Line 63 PCAFV00 1.45/1.55 $/bbl ANS/Long Beach
AAGVZ00 AAGWB00 AAURH00 AAGWD00 AAGWF00 AASOJ00 AAGWL00 AAGWN00 AAURD00 AAGWP00 AAURF00 AAGWR00 AAWZL00

2.44/2.46 -0.94/-0.92 98.87 $/bbl spread vs 1st line WTI -0.41/-0.39 -3.76/-3.74 -3.96/-3.94 13.89/13.91 12.99/13.01 10.24/10.26 10.84/10.86 15.19/15.21 14.49/14.51 15.04/15.06 14.34/14.36 -2.96/-2.94 12.29/12.31

spread to cash WTI

PCAAD00 114.44-114.48 AAGWX00 11.25/11.27

ANS is assessed versus calendar month average of 1st month cash WTI assessments.

North America
US MOC Commentary
No trades reported.

PCACJ00 101.95-101.97 PCACK00 98.60-98.62 AAURG00 99.12-99.14 PCAFC00 116.25-116.27 PCAIE00 115.35-115.37 AASOI00 112.60-112.62 AABHK00 113.20-113.22 PCABN00 117.55-117.57 AAURC00 117.57-117.59 PCABD00 117.40-117.42 AAURE00 117.42-117.44 PCACM00 99.40-99.42 AAWZK00 114.65-114.67 AAGWH00 10.49/10.51 AAKTH00 9.24/9.26 AAMBO00 8.49/8.51

US domestic crude assessments London close


WTI (APR) WTI (MAY) WTI (JUN) LLS (APR) LLS (MAY) MARS (APR) MARS (MAY)
AAQAR00 AAQAT00 AAQAV00 AAQBB00 AAQBD00 AAQAX00 AAQAZ00

102.36-102.38 103.25-103.27 103.91-103.93 117.75-117.79 117.79-117.83 112.55-112.59 112.44-112.48

AAQAS00 AAQAU00 AAQAW00 AAQBC00 AAQBE00 AAQAY00 AAQBA00

Spread -0.01/0.01* -0.01/0.01* -0.01/0.01* 15.39/15.41** 14.54/14.56** 10.19/10.21** 9.19/9.21**

WTI, LLS, and Mars assessments reflect value at 16:30 London Close. *=Differential value at 16:30 London close. WTI EFP versus NYMEX light sweet crude futures. **=LLS and Mars differenials versus same-month cash WTI.

$/bbl Bakken Blend* Ex-Guernsey Ex-Clearbrook

spread vs 1st line WTI CMA 0.09/0.11 3.59/3.61

America closes
Americas Dated Brent ICE Brent (May) US Close ICE Brent (June) US Close NYMEX light sweet crude* APR MAY JUN
NYCRM01 NYCRM02 NYCRM03 AAQBF00 114.51/114.53 AAQBG00 114.86 AAQBH00 114.84

AASRR00 103.95-103.97 AASRV00 AASRU00 107.45-107.47 AASRW00

US Gulf Coast
Light Louisiana Sweet crude differentials weakened Monday as the Brent/WTI spread narrowed by about 15 cents/b. Platts assessed April LLS at plus $15.20/b, down 30 cents/b from Friday. LLS was heard to trade at cash WTI plus $15.40/b early, and was later offered at cash WTI plus $15.25/b. The April/May LLS box was seen at 70 cents/b. Heavy Louisiana Sweet crude was assessed at cash WTI plus $15.05/b, down 15 cents from Friday. Bids were heard at cash WTI plus $15/b. Bakken Blend crude cash differentials for May injection were assessed 45 cents/b lower from the April injection on Friday. The differentials weakened as Canadian Mixed sweet differentials fell from Friday. Bakken Blend exClearbrook differentials were assessed at the NYMEX front calendar month average plus $3.60/b and Bakken Blend ex-Guernsey differentials were pegged at plus 10 cents/b.

P-5 WTI is a crude oil postings based index as of 5:30 PM local New York time. Posted prices by the following companies are used in the index: Conoco, Sunoco, PlainsScurlock, Link, Equiva. *Bakken Blend ex-Guernsey reflects 38-40 API and 0.2% sulfur. Bakken Blend exClearbrook reflects 38-40 API and 0.5% sulfur. Both grades are assessed versus calendar month average of 1st month NYMEX WTI futures at 3:15 pm ET.

102.36 103.08 103.70

Delivered US Gulf Coast spot price assessment


$/bbl Basrah Light
AAEJH00 112.32-112.34 AAGWV00

Americas Dated Brent reflects market value for Dated Brent at 3:15pm Eastern Time. Value of Brent futures contracts at US MOC close. *These assessments reflect prevailing futures value exactly at 3:15 pm ET

spread vs 2nd line WTI 9.24/9.26

Sour crude differentials were slightly stronger Monday, led by Mars. April Mars differentials gained 35 cents/b to cash WTI plus $10.50/b. That put the Mars/LLS spread at minus $4.70/b. Mars sour production decreased in February, which may be contributing to the tighter sweet/sour spread. The April/May Mars box was seen at $1.25/b, putting May mars at cash WTI plus $9.25/b. Poseidon was heard at 35 cents/b over Mars, putting it at cash WTI plus

$10.85/b. West Texas Sour slipped 5 cents/b to an assessment of cash WTI minus $3.75/b, down 5 cents/b from Friday.

US West Coast
The US West Coast crude market was quiet Monday as one refiner noted the adverse impact of higher crude prices on refining margins. Sources said higher crude prices have been eating away at refining

Copyright 2011, The McGraw Hill Companies

CRUDE OIL MARKETWIRE

MARCH 21, 2011

margins as high raw material costs translates to less profit for refined products. San Joaquin Valley Heavy crude was still talked about $1.00/b above MidwaySunset postings, said US West Coast market sources. San Joaquin Valley Light was sold late last week at about 25 cents/b above Bunea Vista postings at the lease. The last Alaska North Slope crude trade was done at front month average plus $12.35/b for delivery in April but the narrower WTI/Brent spread has brought the ANS premium down slightly, said market sources.

Canadian spot crude cargo assessments


Terra Nova Hibernia White Rose
AAJUH00 AAJKK00 AAVJX00

$/bbl 116.03-116.14 116.28-116.34 116.38-116.49

spread vs fwd Dated Brent 0.90/1.00 AAJKM00 1.15/1.20 AAVJY00 1.25/1.35


AAJUJ00

The published spreads for Canadian cargo assessments reflect the market value at which these grades are trading versus Dated Brent around loading time. The spreads and fixed price assessments reflect a typical forward loading window of 42-56 days forward. For further explanation see www.platts.com > Oil > Specifications > Crude oil specifications.

Canadian spot crude assessments


Lloyd Blend Mixed Sweet Light Sour Blend Midale Condensates Syncrude Sweet WCS Hardisty Cold Lake Hardisty
AALRM00 AALRT00 AALRZ00 AAUCD00 AALSH00 AASOL00 AAPPO00 AASZY00

Canada
Canadian East Coast Terra Nova and Hibernia crude differentials were lower Monday based on offers heard throughout the day. Platts assessed Hibernia 2.5 cents/b lower at Dated Brent plus $1.175/b, Terra Nova 15 cents/b lower at Dated Brent plus 95 cents/b and White Rose flat at Dated Brent plus $1.30/b. Hibernia cargoes loading in May were heard offered at Dated Brent plus $1.25/b while Terra Nova was talked at a 2030 cents/b discount to Hibernia. No delays were seen for Hibernia cargoes Monday despite recent repairs to Hibernia tankers, while the loading schedule may remain the same, sources said. The Canadian pipeline crude market was quiet Monday with many traders out of town for an industry event, market sources said. Platts began assessing crude cash differentials for May injection Monday. Western Canadian Select differentials were assessed at the NYMEX front calendar month average minus $17.95/b, a $1.45/b increase from Aprils market Friday. Syncrude differentials were assessed at plus $11.95/b, a decrease of 10 cents/b from Friday, based on April. Mixed Sweet differentials were pegged 90 cents/b lower at plus $3.95/b. Condensates were pegged $2.05/b lower at plus $9.07/b. Light Sour Blend and Midale differentials were pegged 10 cents/b lower at minus $1.90/b and minus $7.50/b, respectively. In other news, Shell Canada said 100,000 b/d of bitumen production will be added in northern Alberta by end-June, a top company official said Monday.

C$/CM 526.31-526.92 662.48-663.10 626.52-627.13 592.09-592.70 697.83-698.45 711.66-712.28 527.85-528.46 515.55-516.16

AALRK00 AALRR00 AALRX00 AAUCC00 AALSF00 AASOK00 AAPPN00 AASZX00

$/bbl 85.61-85.71 107.76-107.86 101.91-102.01 96.31-96.41 113.51-113.61 115.76-115.86 85.86-85.96 83.86-83.96

spread vs Canada basis -18.25/-18.15 AALRV00 3.90/4.00 AALSD00 -1.95/-1.85 AAUCE00 -7.55/-7.45 AALSJ00 9.65/9.75 AASOM00 11.90/12.00 AAPPP00 -18.00/-17.90 AASZZ00 -20.00/-19.90
AALRP00

Daily Canadian crude posting averages


Par Crude Mixed Light Sour Bow River/Hardisty Light/Sour Cromer Sour - Edmonton Midale Cromer
PCAEZ00 PCAFA00 PCAEY00 PCAII00 PCAIM00 PCAIQ00

C$/CM 594.25-594.25 375.00-377.00 484.00-486.00 579.75-581.75 535.00-537.00 546.33-548.33

PCAEJ00 PCAEL00 PCAFB00 PCAIK00 PCAIO00 PCAIS00

$/bbl 96.66-96.99 61.00-61.32 78.73-79.05 94.30-94.63 87.02-87.35 88.87-89.19

Latin American Assessments


Crude Escalante Roncador Santa Barbara Loreto Oriente Napo Marlim Castilla Blend Cano Limon Vasconia Mesa 30 Marker WTI (MAY) WTI (MAY) WTI (MAY) WTI (MAY) WTI (MAY) WTI (MAY) WTI (MAY) WTI (MAY) WTI (MAY) WTI (MAY) WTI (MAY)
PCAGC00 AAQTL00 AAITD00 PCAGH00 PCADE00 AAMCA00 AAITF00 AAVEQ00 PCADM00 PCAGI00 AAITB00

$/bbl 111.27-111.39 111.52-111.64 116.52-116.64 105.17-105.24 105.02-105.14 101.52-101.64 102.32-102.44 103.37-103.49 113.52-113.64 110.77-110.89 111.67-111.79

PCAGO00 AAQTK00 AAITJ00 PCAGQ00 PCAGU00 AAMCD00 AAITL00 AAVEQ01 PCAGV00 PCAGR00 AAITH00

Differential 8.20/8.30 8.45/8.55 13.45/13.55 2.10/2.15 1.95/2.05 -1.55/-1.45 -0.75/-0.65 0.30/0.40 10.45/10.55 7.70/7.80 8.60/8.70

Copyright 2011, The McGraw Hill Companies

CRUDE OIL MARKETWIRE

MARCH 21, 2011

The new bitumen output will come from the Athabasca Oil Sands Project, with the commissioning on the Jackpine mine.

Platts euro-denominated assessments


European crude oil benchmarks (Euro/bbl) Dated Brent Urals (Mediterranean)
AAPYR00 AAPYS00

Daily US$ vs EURO exchange rate


Forex rate at 4:30 PM local London time March 21 1.4213

80.98-80.98 78.70-78.74

AAFCW00

Latin America
A Very Large Crude Carrier of Venezuelan crude was heard loading around April 10 from the Caribbean for delivery to Indian refiner Reliance, sources said Monday. The cargo is likely a contract volume. The VLCC was initially thought to be a cargo of Castilla Blend, but market sources said it was a Venezuelan grade, possibly Merey 16. The arbitrage is currently open for South American grades of crude to Asia due to a widening spread between WTI and Dubai. On Friday, WTI was $8.98/b below Dubai. The previous day, WTI was at a $4.45/b discount to Dubai. Venezuelan state-owned oil company PDVSA Monday said it is restarting operations at its El Palito refinery after the plant was forced to shut earlier in the day because of a power failure. The company in a statement said operations at the 146,000 b/d refinery were halted at 3:15 a.m. local time after the power loss shut the facilitys water cooling system. The company said power has since been restored and it is in the process of resuming operation. PDVSA earlier this year signed a memorandum of understanding with Japanese companies, Mitsubishi and Itochu, for upgrade and expansion work at the refinery in the Carabobo state. State-owned Petroecuador has restarted the Amazonas 1 refinery at Shushufindi after completing repairs, the company said Monday. A new furnace was installed last week and the refinery went online following testing, taking the two Amazonas refineries back to their combined 20,000 b/d capacity, it added in a statement. The previous furnace had exploded when residual gas was ignited as electrical power resumed after a power outage on January 16 at the Amazonas 1 refinery, while the other refinery remained undamaged. Amazonas at Shushufindi supplies Ecuadors oil-producing Amazon region with low-octane gasoline, diesel, and jet fuel. Petroecuadors aging refineries are prone to accidents and emergency shutdowns, with its main, 110,000 b/d

US crude oil benchmarks (Euro/bbl) WTI (APR) Mars (APR)


AAPYT00 AAPYU00

Asia close Brent and WTI spot assessments


72.02-72.03 79.19-79.22 Brent (APR) Brent (MAY) Brent (JUN) WTI (APR) WTI (MAY) WTI (JUN)
PCAJE00 PCAJG00 PCAJI00 AAFFU00 AAFFW00 AAFFY00

$/bbl 114.71-114.75 115.13-115.17 114.94-114.98 102.45-102.49 103.32-103.36 103.90-103.94

Euro/US$ forex rate: 1.4213. Platts Euro denominated crude oil assessments are based on market values and a Euro/US$ forex rate at 4:30 PM local London time.

Ruble-denominated Russian assessments


Russian crude oil benchmarks (Rubles/bbl) Urals Urals Urals Urals Urals FOB Novorossiysk FOB Ventspils FOB Novorossiysk 80kt CIF Mediterranean CIF Rotterdam
AAUJP00 AAUJQ00 AAUJR00 AAUJS00 AAUJT00

3111.30-3112.72 3077.34-3078.76 3119.79-3121.21 3165.64-3167.05 3147.24-3148.66

Oman OSPs and derivatives


$/bbl Oman/Dubai Swap (APR) Oman/Dubai Swap (MAY) Oman/Dubai Swap (JUN) Oman cash/OSP (MAY)
AAIHJ00 AAIHL00 AAIHN00 PCABT00 AAHZP00 AAHZR00 AAHZT00

US$/Ruble forex rate: 28.3000. Platts Ruble denominated crude oil assessments are based on market values and a US$/Ruble forex rate at 4:30 PM local London time.

0.23/0.27 0.21/0.25 0.20/0.24 0.24/0.28 108.85-108.89 108.70-108.74 108.58-108.62

Daily OPEC Basket Price


March 18
AAFAE00

110.54

+2.46

Values are retroactively published to reflect the previous business day. Effective January, 2009 the daily OPEC basket price represents an index of the following 12 grades: Algerias Saharan Blend, Angolas Girassol, Ecuadors Oriente, Iranian Heavy, Iraqs Basra Light, Kuwaits Export, Libyas Es Sider, Nigerias Bonny Light, Qatars Marine, Saudi Arabias Arab Light, Murban of the UAE and Venezuelas Merey.

Oman Swap (APR) Oman Swap (MAY) Oman Swap (JUN)

refinery at Esmeraldas undergoing a $855 million overhaul. Petroecuador is also planning to build a 300,000 b/d refinery near Manta, south of Esmeraldas, to end the smallest OPEC producers reliance on imported refined fuels.

News

Crude traders say doubt Libyan claim oil was to have loaded Sat
Mediterranean crude traders said Monday they doubted a cargo of crude was to have loaded from Libya over the weekend despite the countrys top oil official saying Saturday that a 700,000 barrel cargo of Mellitah crude was scheduled to load later that day.
Copyright 2011, The McGraw Hill Companies

Shokri Ghanem, head of Libyas National Oil Corporation, told a news conference in Tripoli that although crude production had fallen below 400,000 b/d from 1.7 million b/d, exports had not entirely stopped. It [crude exports] did not come to zero. As a matter of fact, yesterday or the day before they filled 700,000 barrels, four, five, six days ago, 1 million barrels. Now today one of the ships will be coming for 700,000 barrels from Mellitah, Ghanem said just hours before international powers launched air strikes against the forces of Moammar Qadhafi. But traders were skeptical. Nobody is loading, a source with a refiner said. How can you imagine loading something in [a] war zone? a source with a regular lifter of Libyan crude said. According to the shipping report, the last cargo of Mellitah arrived [at] Fos on March 14, he

CRUDE OIL MARKETWIRE

MARCH 21, 2011

said, referring to the port on the French Mediterranean coast. Mellitah was the only grade still loading last week, but now I dont know. I have not heard anything about this new cargo, another source said. Market sources, said, meanwhile, that Libyas breakaway Arabian Gulf Oil Company, a subsidiary of the National Oil Corporation which has allied itself with the Benghazi-based rebels, had been offering Sarir crude directly to European buyers. However, European oil companies have declined the offers from Agoco, the sources said. I think Arabian Gulf Oil is putting oil into the market as they want money to be returned to the Libyan people. But how can you take crude from [a] company which is not registered as your counter party? I would not take crude from third-party hands, one source said. Agoco tried to offer me [Sarir] crude, but we are not taking any oil from them because the whole situation is so complicated in Libya at the moment, another said. A third trader said: We are a major. We are not going to send our vessel to be bombed in Libya. The UN Security Council late Thursday agreed to establish a no-fly zone over Libya and to take all necessary measures to protect civilians and civilianpopulated areas. Resolution 1973 also froze the assets of the NOC. Air strikes began Saturday. The resolution [excludes] a foreign occupation force of any form on any part of Libyan territory.

Crude futures settlements


Nymex Light Sweet APR MAY JUN JUL Volume Nymex USG Sour APR MAY JUN JUL Volume DME Oman MAY JUN JUL AUG Volume DME Oman Asian Settle MAY Volume Volume MAY 227420 JUN 124338 108.97 823 -1.50 108.80 108.69 108.50 108.34 852 1.30 1.22 1.22 1.22 PNT 112.93 112.07 111.82 111.75 NA 3.38 3.78 3.58 3.24 102.33 103.09 103.72 104.28 675773 1.26 1.24 1.28 1.33 PNT ICE/IPE WTI APR MAY JUN JUL Volume ICE/IPE Brent MAY JUN JUL AUG Volume ICE/IPE Mideast Crude MAY JUN JUL AUG Volume ICE/IPE BWAVE MAY JUN 114.73 114.56 108.53 108.50 108.31 108.15 0 -0.16 0.26 0.25 0.23 114.96 114.91 114.74 114.47 484832 1.03 1.14 1.23 1.27 PNT 102.33 103.09 103.72 104.28 149234 1.26 1.24 1.28 1.33

35421

11350

Products futures settlements


Nymex RBOB unleaded gasoline APR MAY JUN JUL Volume Nymex No. 2 APR MAY JUN JUL Volume 299.74 300.60 299.56 298.04 3286 305.25 306.72 308.18 309.59 127735 4.80 5.16 5.06 5.06 PNT 2.82 3.08 3.36 3.59 PNT Nymex Natural Gas APR MAY JUN JUL Volume ICE/IPE Gasoil APR MAY JUN JUL Volume 978.25 977.50 977.00 978.50 286211 6.00 7.00 7.75 8.50 PNT 4.161 4.241 4.313 4.383 322738 -0.01 -0.01 0.00 -0.01

6995

Germanys Merkel favors Libyan oil embargo


Chancellor Angela Merkel said Monday she was in favor of a Libyan oil embargo and that Berlin would help the international mission there by offering more assistance in another operation, Afghanistan. I have said that an oil embargo could be very helpful in conjunction with measures against Libya, Merkel told reporters in Berlin. I hope that the [German] foreign minister can make clear again in Brussels today when it comes to sanctions that this is what we want. The EU on Monday agreed new economic sanctions against Moammar Qadhafis regime, targeting both individuals and economic

15394

2668

Please note that all total volumes reflect prior days data, except for the ICE Brent, Gasoil and Mideast Crude. PNT reflect volume for Privately Negotiated Trades or off-exchange; BWAVE = trade-weighted average of all electronic trades from 1:00 AM to 11:00 PM local London time. BWAVE data refer to the previous business day.

Crude Oil Marketwire

Volume 32 / Issue 56 / March 21, 2011

Editorial: Global/Dave Ernsberger +44 20 7176 6116; London/Joel Hanley +44 20 7176 6142, Walid Kurdi +44 20 7176 6683, Elzbieta Rabalska +44 20 7176 6114, Ellie Weir +44 20 7176 6112, Verena Peternell +44 20 7176 6059 ; Singapore/Sharmilpal Kaur, +65-6530-6575; May Tham +65 6530 6504/01; Wendy Cheong +65-6530-6573; Houston/Esa Ramasamy +1 713 658 3292, David Ruisard +1 713 658 3224, Richard Capuchino +1 713 658 3208. Client services information: North America: 800-PLATTS8 (800-752-8878); direct: +1 212-904-3070 Europe & Middle East: +44-20-7176-6111 Asian Pacific: +65-6530-6430 Latin America: + 54-11-4804-1890, E-mail: support@platts.com Copyright 2011 The McGraw-Hill Companies. All rights reserved. No portion of this publication may be photocopied, reproduced, retransmitted, put into a computer system or otherwise redistributed without prior written authorization from Platts. Platts is a trademark of The McGraw-Hill Companies Inc.Information has been obtained from sources believed reliable. However, because of the possibility of human or mechanical error by sources, McGraw-Hill or others, McGrawHill does not guarantee the accuracy, adequacy or completeness of any such information and is not responsible for any errors or omissions or for results obtained from use of such information. See back of publication invoice for complete terms and conditions.

Copyright 2011, The McGraw Hill Companies

CRUDE OIL MARKETWIRE

MARCH 21, 2011

entities, diplomatic sources said. The major new sanctions, the third wave of restrictive EU measures slapped on the Libyan strongman, apply to 11 Qadhafi associates and nine economic entities and are expected to be enforced some time this week. A fourth series of sanctions will also be discussed next week in Brussels, a diplomat said. Germany, a non-permanent member of the UN Security Council, abstained in a vote on Thursday to permit all necessary measures to establish a no-fly zone, protect civilian areas and impose a ceasefire on Qadhafis military. Merkel again defended the German stance, saying that despite the abstention, Berlin wanted the military mission spearheaded by the US, UK and France to be successful in stopping Qadhafis forces. We want the resolution to be applied successfully. Germany is contributing in that the government is of course...allowing the current operation to be coordinated in Stuttgart, Germany, Merkel said. She also said that Berlin would help the mission by putting German crew members on board AWACS radar aircraft in Afghanistan, where her country has around 5,300 troops. In my view the AWACS decision could be made this week in the German parliament, she said. German government sources said that NATO had made a request to Germany to this end. Merkel stressed that Germany had in the past taken part in international missions that the US and UK had not participated in, for example in Lebanon and the Democratic Republic of Congo.

OMV, DNO pull expatriate workers from violence-hit Yemen


(adds DNO, Yemen LNG comment) International oil companies operating in Yemen said Monday they have responded to the increased violence in the country by pulling out expatriate staff, though production for the most part has been unaffected. Austrias OMV said Monday it is in the process of cutting its staff numbers in Yemen, while Norways DNO International also said it had moved all its expatriate workers out of Yemen following advice from western embassies. OMV has also shut in production in Yemen because of

the damage caused to the Safer export pipeline last week. The company usually produces some 7,000 b/d of oil from the Haban field in central Yemen. We are currently reducing staff in Yemen and have travel restrictions in place, the spokesman said. He added that the Safer pipeline, which exports OMVs Yemeni crude output, was attacked on March 14 and that until it is put in operation again, OMVs production is shut in. However, the spokesman stressed that other than the pipeline incident, the current situation does not have any impact on overall OMV production in Yemen in the short term. DNO, meanwhile, said it operations in Yemen were unaffected. The Yemen operations are now managed from our Dubai office, a DNO spokesman said. Local employees are still manning the Sanaa office and the operations. Our first priority is of course the safety of our employees and so far we have been able to combine safety with stable operations and production, he said. In the fourth quarter of 2010, DNOs working interest oil production was 6,156 b/d. The Total-led Yemen LNG project also continues to operate at its usual rates despite the unrest. To date our business has continued normally, Francois Rafin, the general manager of Yemen LNG, told Platts. Total is the biggest shareholder in the Yemen LNG project, which has two liquefaction trains with combined capacity of 6.7 million mt/year. Anti-government protests began in Yemen at the end of January following the ouster of the Tunisian President Zine El Abidine Ben Ali.

Subscriber notes
Platts has become aware that many oil companies are not trading Libyan origin oil, or oil that has financial ties to Libyan owned companies. Platts will respect the internal policies of these companies in regards deals within all European crude oil and refined products markets. Comments please to europe_products@platts.com with a CC to pricegroup@platts.com Crude oil buyers and sellers may contact Platts to communicate their public expressions of interest to buy or sell to the marketplace at large. Platts will review the requirements of these bids or offers to ensure they meet its standards of transparency and are in line with market practice. Due to the great variety of crude grades and the particularities of trade in each purchasing or producing country, Platts may set earlier cutoff timelines for the entry of bids/offers and later times for validity of bids/offers, to facilitate price discovery. Platts may also from time to time set particular requirements to ensure greater transparency in the marketplace. Please send questions and comments to asia_crude@platts.com, pl_crude_editor@platts.com and pricegroup@platts.com.

Arab Gulf cannot rely on oil wealth to achieve security: Saudi prince
Arab Gulf states face vast challenges in the wake of the political earthquake that has brought regime change in Tunisia and Egypt and international military action in Libya, and cannot rely on their wealth to secure stability, a senior member of the Saudi Arabian royal family said Monday. In the GCC, we are facing vast challenges which we must overcome in order to lead, said former Saudi intelligence chief
Copyright 2011, The McGraw Hill Companies

Prince Turki al-Saud at a conference in Abu Dhabi organized by the Emirates Center for Strategic Studies. An analysis of the current situation shows that we are vulnerable politically, economically, culturally and in terms of security, and we cannot afford to assume that the stability and growth we have enjoyed so far will continue unabated, said Prince Saud, a former ambassador to Washington. The Arab states of the Gulf Cooperation Council Saudi Arabia, Kuwait, the UAE, Qatar, Oman and Bahrain must rethink many of the axioms that were appropriate in the past and which allowed them to face the challenges of the past such as the Iranian revolution, the Iran-Iraq war, the invasion of Kuwait and the occupation of Iraq, he said. The Arab world has been hit by a political earthquake; Sudan was divided, regimes collapsed in Tunisia and Egypt, Libya is in turmoil and Bahrain has been on the verge of chaos, Prince Turki said. But he made no reference to the role of Saudi troops dispatched to Bahrain recently to

CRUDE OIL MARKETWIRE

MARCH 21, 2011

help restore order after weeks of protests by the mainly Shiite Muslim population against the countrys Sunni Muslim rulers. The wealth of the region alone is not enough to secure its stability, said Prince Saud. We should seek to unite and unify our political and security-related decisions, he said, suggesting that GCC members set aside differences and establish monetary union and a central bank, turning the GCC into a grouping like the European Union. GCC Secretary General Abdul Rahman al-Attiyah, speaking at the same conference, likened the current wave of political unrest in the Arab world to the collapse of communism in Eastern Europe in the late 1980s, when protests moved from country to country.

Reported spot cash transactions


Transaction Cargo Spread Date month month London crude window deals 21-Mar May 21-Mar May 21-Mar May 21-Mar Mar Apr 21-Mar Mar Apr 21-Mar Apr 21-Mar Apr 21-Mar Apr 21-Mar Apr 21-Mar Apr Cargo load range Crude grade(s) Reported Status Outright Price ($/bbl) 115.63 115.63 115.62 May May May May May May May Dated Dated Dated May May May May Dated May Jun 0 Apr -3.75 Brent Brent Brent -0.39 -0.41 -0.42 -0.42 -0.42 -0.42 -0.44 -4.1 Differential Diff. grade/ Price month ($/bbl) Barrels (bbl) Seller Buyer

28 28 4 4 4 4 4

1 1 8 8 8 8 8

Cash BFOE Cash BFOE Cash BFOE Brent CFD Brent CFD Brent CFD Brent CFD Brent CFD Brent CFD Brent CFD

done done done done done done done done done done done heard reported reported reported reported reported reported reported reported reported heard

200,000 100,000 100,000 100,000 100,000 100,000 100,000 200,000 100,000 100,000 730,000 730,000 730,000 200,000 100,000 100,000 150,000 730,000 100,000 200,000 250,000

Hetco Total Mercuria Total Arcadia Shell Shell Total Mercuria Total Shell ConocoPhillips Shell Chevron Morgan Stanley Total Shell Mercuria Shell Total Shell Glencore Surgutneft Neste Surgutneft Gunvor Statoil Lukoil Morgan Stanley Itochu Phibro PMA Morgan Stanley PMA Shell PKN Orlen Morgan Stanley PMA Phibro ConocoPhillips Shell Mercuria

North Sea, Mediterranean and West African deals 21-Mar Mar Apr 31 4 Urals NWE 21-Mar Apr 1 2 Urals NWE 21-Mar Apr 3 4 Urals NWE 21-Mar Mar 21 25 Brent CFD 21-Mar Apr 4 8 Brent CFD 21-Mar Apr 4 8 Brent CFD 21-Mar Apr 4 8 Brent CFD 21-Mar Apr 1 3 Urals NWE 21-Mar Apr 4 8 Brent CFD 21-Mar Apr 18 21 Brent CFD 21-Mar Mar Apr 28 1 Brent CFD Americas 21-Mar Apr West Texas Sour

-0.45 -0.4 -0.41 -0.4 Brent -0.44 -0.27

300,000 ConocoPhillips Valero

Copyright 2011, The McGraw Hill Companies

10

Yields & Netbacks

Daily Yield
Arab Light (Most recent FOB spot: NA) Cracking Coking Visbreaking Arab Medium (Most recent FOB spot: NA) Cracking Coking Visbreaking Arab Heavy (Most recent FOB spot: NA) Cracking Coking Visbreaking Arab Berri (Most recent FOB spot: NA) Cracking Coking Attaka (Most recent FOB spot:118.89) Cracking Visbreaking Azeri Light (Most recent FOB spot: 116.22) Cracking Visbreaking Basrah Light (Most recent CIF Gulf Coast spot: 112.33) Cracking Coking Visbreaking BCF 17 (Most recent FOB spot: NA) Cracking Coking BCF 22 (Most recent FOB spot: NA) Cracking Coking BCF 24 (Most recent FOB spot: NA) Cracking Coking Bonny Light (Most recent FOB spot: 118.98) Cracking Brass (Most recent FOB spot: 118.08) Cracking

Platts publishes yields and netbacks produced by Platts Daily Yield, a joint venture between Platts and the consulting engineering firm of Turner, Mason & Co. All yields and netbacks in Platts Crude Oil Marketwire will be produced using Platts product assessments and Turner, Masons TMMS refinery modeling platform, configured to represent actual processing capabilities in specific regional centers based on a survey of operating refineries to be updated annually. Beginning January 2, 2002, Platts Crude Oil Marketwire will run daily yields and netbacks for Singapore, ARA (Amsterdam-Rotterdam-Antwerp), and the US Gulf Coast. A fourth refining center will be available on the following schedule: Monday, US East Coast; Tuesday, Caribbean; Wednesday, US Midcontinent; Thursday, Italy; and Friday, US West Coast. However, yields and netbacks produced for all those cities are available daily through Platts Global Alert and Platts Dispatch. For further questions, please go to www.platts.com.

Yields and Netbacks = Effective March 21, 2011


ARA
Yield 114.48 112.98 111.06 109.77 109.02 108.29 Freight 2.19 2.19 2.23 2.23 2.29 2.29 Netback 112.29 110.79 108.83 107.54 106.73 106.00 Yield 113.56 109.21 110.84 106.91 109.55 106.08

SINGAPORE
Freight 1.08 1.08 1.10 1.10 1.13 1.13 Netback 112.48 108.13 109.74 105.81 108.42 104.95

US GULF COAST
Yield 117.69 117.20 Freight 2.38 2.38 Netback 115.31 114.82

US EAST COAST
Yield 116.01 118.37 Freight 2.19 2.19 Netback 113.82 116.18

114.40 115.73

2.43 2.43

111.97 113.30

112.59 117.00

2.24 2.24

110.35 114.76

112.80 114.11

2.49 2.49

110.31 111.62

110.60 116.15

2.30 2.30

108.30 113.85

121.71 120.46 118.96 117.21 119.87 117.82 114.08 112.22 2.87 2.87 2.62 2.62 117.00 114.95 111.46 109.60 107.30 111.09 112.63 115.52 114.65 116.63 126.57 119.34 2.40 116.94 121.76 117.08 117.23 2.29 2.29 116.67 114.92

2.33 2.33

119.38 118.13

2.49 2.49

114.59 114.74

1.43 1.43 1.37 1.37 1.36 1.36 2.30 2.09

105.87 109.66 111.26 114.15 113.29 115.27 124.27 119.67 125.45 122.61 2.73 2.46 122.72 120.15 112.15 116.25 1.30 1.30 110.85 114.95

Copyright 2011, The McGraw Hill Companies

11

PLATTS DAILY YIELD

MARCH 21, 2011

Yields and Netbacks


ARA
Yield Brent (Most recent FOB spot: 112.64) Cracking Coking Visbreaking Cabinda (Most recent FOB spot: 114.14) Cracking Coking Cano Limon (Most recent FOB spot: 110.92) Cracking Coking Dubai (Most recent FOB spot: 106.31) Cracking Visbreaking Duri (Most recent FOB spot: 104.24) Cracking Visbreaking Ekofisk (Most recent FOB spot: 116.95) Cracking Coking Visbreaking Escalante (Most recent FOB spot: 111.33) Cracking Coking Flotta (Most recent FOB spot: 112.20) Cracking Visbreaking Foinhaven (Most recent FOB spot: NA) Cracking Coking Forcados (Most recent FOB spot: 119.33) Cracking Forties (Most recent FOB spot: 112.64) Cracking Visbreaking Gullfaks (Most recent FOB spot: NA) Cracking Coking Visbreaking Hibernia (Most recent FOB spot: NA) Cracking Coking Iran Heavy (Most recent FOB spot, Sidi Kerir: 108.34) Cracking Visbreaking 113.30 111.58 1.91 1.91 111.39 109.67 115.27 113.32 118.94 117.43 1.08 1.08 1.01 1.01 114.19 112.24 117.93 116.42 119.43 122.00 1.02 1.02 118.41 120.98 122.81 125.00 1.38 1.38 121.43 123.62 126.31 2.24 124.07 114.98 113.01 0.98 0.98 114.00 112.03 122.29 125.34 123.82 1.42 1.42 2.64 120.87 123.92 121.18 117.96 115.88 0.79 0.79 117.17 115.09 113.96 117.82 4.41 4.41 109.55 113.41 114.41 109.32 108.68 103.03 1.02 1.02 1.17 1.17 113.39 108.30 107.51 101.86 120.61 121.38 1.35 1.35 119.26 120.03 Freight Netback Yield

SINGAPORE
Freight Netback

US GULF COAST
Yield Freight Netback

US EAST COAST
Yield Freight Netback

117.59 116.11

1.06 1.06

116.53 115.05

122.26 121.14

1.86 1.86

120.40 119.28

120.38 121.97

1.31 1.31

119.07 120.66

120.43 121.17 121.50 122.10

3.33 3.33 1.15 1.15

117.10 117.84 120.35 120.95

120.29 121.32

2.85 2.85

117.44 118.47

Copyright 2011, The McGraw Hill Companies

12

PLATTS DAILY YIELD

MARCH 21, 2011

Yields and Netbacks


ARA
Yield Iran Light (Most recent FOB spot, Sidi Kerir: 112.34) Cracking Visbreaking Isthmus (Most recent FOB spot: 105.12) Cracking Coking Kirkuk (Most recent FOB spot: 108.81) Cracking Kuwait (Most recent FOB spot: 105.08) Cracking Coking Visbreaking LLS (Most recent FOB spot: 117.56) Cracking Coking Marlim (Most resent FOB spot: (102.38) Cracking Coking Mars (Most recent FOB spot: 112.86) Cracking Coking Maya (Most recent FOB spot: 96.43 ) Cracking Coking Merey (Most recent FOB spot: NA) Cracking Coking Mesa (most recent FOB spot: 111.73) Cracking Coking Minas (most recent FOB spot: 114.70) Cracking Visbreaking Murban (most recent FOB spot: 109.58) Cracking Visbreaking Qatar Dukhan (most recent FOB spot: 108.64) Cracking Visbreaking Qatar Marine (most recent FOB spot: 106.45) Cracking Visbreaking Umm Shaif (most recent FOB spot: 109.13 ) Cracking Visbreaking 117.80 2.10 115.70 115.48 109.30 115.96 111.47 115.53 111.02 115.58 111.05 113.27 109.21 1.07 1.07 1.02 1.02 1.10 1.10 1.10 1.10 1.02 1.02 114.41 108.23 114.94 110.45 114.43 109.92 114.48 109.95 112.25 108.19 114.65 111.76 109.77 1.27 2.26 2.26 113.38 109.50 107.51 111.30 107.18 1.14 1.14 110.16 106.04 125.79 124.64 113.36 116.92 115.52 117.04 105.45 109.87 107.30 111.94 119.24 119.01 0.65 0.65 1.39 1.39 0.63 0.63 0.70 0.70 1.43 1.43 1.31 1.31 125.14 123.99 111.97 115.53 114.89 116.41 104.75 109.17 105.87 110.51 117.93 117.70 116.36 119.89 1.24 1.24 115.12 118.65 114.63 115.89 2.39 2.39 112.24 113.50 Freight Netback Yield

SINGAPORE
Freight Netback

US GULF COAST
Yield Freight Netback

US EAST COAST
Yield Freight Netback

115.77 113.55

1.88 1.88

113.89 111.67 120.08 119.34 0.68 0.68 119.40 118.66

Copyright 2011, The McGraw Hill Companies

13

PLATTS DAILY YIELD

MARCH 21, 2011

Yields and Netbacks


ARA
Yield Zakum (Lower) (most recent FOB spot: 109.48) Cracking Visbreaking Olmeca (most recent FOB spot: 112.11) Cracking Coking Oman (most recent FOB spot: 109.09) Cracking Visbreaking Oriente (most recent FOB spot: 102.14) Cracking Coking Rabi (most recent FOB spot: NA) Cracking Coking Saharan Blend (Most recent FOB spot: 114.24) Cracking Statfjord (most recent FOB spot: 116.79) Cracking Coking Visbreaking Soyo/Palanca (most recent FOB spot: NA) Cracking Coking Tapis (Most recent FOB spot: 120.94) Cracking Visbreaking Troll (most recent FOB spot: NA) Cracking Coking Urals (Most recent CIF ARA spot: 111.24 ) Cracking Coking Visbreaking WTI (most recent FOB spot: 102.36 ) Cracking Coking Zuetina (Most recent FOB spot: 113.04 ) Cracking 119.37 0.81 118.56 115.14 112.86 1.28 1.28 113.86 111.58 121.79 120.56 0.94 0.94 120.85 119.62 119.32 115.57 0.92 0.92 118.40 114.65 126.47 125.62 118.42 119.21 2.00 2.00 1.31 1.31 124.47 123.62 117.11 117.90 122.77 126.46 1.42 1.42 121.35 125.04 117.25 118.32 116.30 0.55 0.53 0.53 116.70 117.79 115.77 124.55 123.04 2.18 2.18 122.37 120.86 122.60 124.20 2.75 2.75 119.85 121.45 123.17 121.86 1.86 1.86 121.31 120.00 121.35 123.21 1.85 1.85 119.50 121.36 125.55 125.33 2.33 2.33 123.22 123.00 113.89 109.02 0.95 0.95 112.94 108.07 112.18 115.62 124.57 125.78 2.73 2.73 2.77 2.77 109.45 112.89 121.80 123.01 Freight Netback Yield

SINGAPORE
Freight Netback

US GULF COAST
Yield Freight Netback

US EAST COAST
Yield Freight Netback

114.82 110.57

1.02 1.02

113.80 109.55 121.77 120.49 0.67 0.67 121.10 119.82

Copyright 2011, The McGraw Hill Companies

14