EUROPEAN MARKETSCAN

Volume 49 / Issue 147 / August 1, 2017

European products ($/mt) West Africa products ($/mt)

Code Mid Change Code Mid Change Code Mid Change
Mediterranean cargoes (PGA page 1114)
West Africa cargoes (PGA page 1122)
FOB Med (Italy) CIF Med (Genova/Lavera)
Naphtha* PAAAI00 447.75–448.25 448.000 -3.250 PAAAH00 455.50–456.00 455.750 -3.500 FOB NWE
Prem Unl 10ppm AAWZA00 543.50–544.00 543.750 0.000 AAWZB00 549.25–549.75 549.500 -0.250 Gasoline AAKUV00 508.000 -8.000
Jet AAIDL00 504.50–505.00 504.750 -6.500 AAZBN00 514.75–515.25 515.000 -6.500 CIF West Africa
10ppm ULSD AAWYY00 483.50–484.00 483.750 -6.000 AAWYZ00 491.00–491.50 491.250 -6.000 Gasoline AGNWC00 523.250 -7.750
Gasoil 0.1% AAVJI00 463.25–463.75 463.500 -5.750 AAVJJ00 472.25–472.75 472.500 -6.000
Fuel Oil 1.0% PUAAK00 294.75–295.25 295.000 -6.250 PUAAJ00 301.25–301.75 301.500 -6.500
Fuel oil 3.5% PUAAZ00 289.25–289.75 289.500 -8.000 PUAAY00 296.25–296.75 296.500 -8.000
ICE futures
Straight run 0.5-0.7% AAJNT00 321.25–321.75 321.500 -6.500 Platts ICE 16:30 London assessments* (PGA page 703)
Northwest Europe cargoes (PGA page 1110) Low Sulfur Gasoil Brent
FOB NWE CIF NWE/Basis ARA Aug AARIN00 484.00 Oct AAYES00 51.25
Naphtha (Sep) PAAAJ00 453.25–453.75 453.500 -7.500 Sep AARIO00 482.00 Nov AAYET00 51.44
Naphtha PAAAL00 461.00–461.50 461.250 -3.500 Oct AARIP00 480.25 Dec AAXZY00 51.63
Gasoline 10ppm AAXFQ00 554.75–555.25 555.000 -7.000 Jan AAYAM00 51.80
Jet PJAAV00 507.50–508.00 507.750 -6.500 PJAAU00 516.25–516.75 516.500 -6.500 *Platts ICE assessments reflect the closing value of the ICE contracts at precisely
ULSD 10 ppm AAVBF00 477.50–478.00 477.750 -6.500 AAVBG00 486.50–487.00 486.750 -6.500 16:30 London time.
Diesel 10ppm NWE** AAWZD00 478.75–479.25 479.000 -6.500 AAWZC00 488.25–488.75 488.500 -6.500
Diesel 10 ppm UK AAVBH00 489.50–490.00 489.750 -6.500 ICE gasoil settlements (PGA page 702)
Gasoil 0.1% AAYWR00 458.25–458.75 458.500 -5.750 AAYWS00 471.00–471.50 471.250 -5.750
Low Sulfur Gasoil Low Sulfur Gasoil
Fuel oil 1.0% PUAAM00 294.50–295.00 294.750 -6.250 PUAAL00 300.75–301.25 301.000 -6.250
Aug AAQSG00 483.75 Nov AAQSJ00 477.00
Fuel oil 3.5% PUABB00 276.50–277.00 276.750 -6.500 PUABA00 285.25–285.75 285.500 -6.500
Sep AAQSH00 481.75 Dec AAQSK00 474.00
Straight run 0.5-0.7% PKABA00 331.25–332.25 331.750 -5.500
VGO 0.5-0.6% AAHMX00 365.00–366.00 365.500 -5.500 AAHMZ00 368.50–369.50 369.000 -2.500
Oct AAQSI00 480.25 Jan AAQSL00 474.00

VGO 2% max AAHNB00 358.25–359.25 358.750 -3.000 AAHND00 361.75–362.75 362.250 -0.250 Expiry AAQSM00 NA*
*Value at 12:00 London time will only appear on day of expiry
Northwest Europe barges (PGA page 1112)
FOB Rotterdam
ICE LS gasoil GWAVE (Previous day’s values) (PGA page 702)
Naphtha PAAAM00 457.00–457.50 457.250 -3.500 Naphtha crack swap ($)
Eurobob AAQZV00 539.75–540.25 540.000 -7.000 Aug PXAAJ00 490.75 Sep PXAAK00 488.75
98 RON gasoline 10 ppm AAKOD00 622.75–623.25 623.000 -7.000 0
Premium gasoline 10 ppm PGABM00 545.75–546.25 546.000 -10.000
Reformate AAXPM00 566.000 -7.000 NYMEX futures (16:30 London time)
Jet PJABA00 514.25–514.75 514.500 -6.500 -1 NYMEX WTI (PGA page 703)
Diesel 10 ppm*** AAJUS00 484.25–484.75 484.500 -5.750
$/barrel $/barrel
Gasoil 50 ppm AAUQC00 479.00–479.50 479.250 -8.750
-2 Sep AASCR00 48.69 Oct AASCS00 48.83
Gasoil 0.1%*** AAYWT00 467.50–468.00 467.750 -5.250
Fuel oil 1.0% PUAAP00 292.25–292.75 292.500 -6.500
Fuel oil 3.5% PUABC00 292.25–292.75 292.500 -6.500 NYMEX NY ULSD (PGA page 703)
-3
Fuel Oil 3.5% 500 CST PUAGN00 287.75–288.25 288.000 -6.500 ¢/gal ¢/gal
Rotterdam bunker 380 CST PUAYW00 298.50–299.50 299.000 -6.000 Sep AASCT00 163.52 Oct AASCU00 163.76
VGO 0.5-0.6% AAHNF00 360.75–361.75 361.250 +5.000 -4
VGO 2% max AAHNI00 353.75–354.75 354.250 +8.000 Oct Dec Feb Apr Jun Aug NYMEX RBOB (unleaded gasoline) (PGA page 703)
MTBE*** PHALA00 693.75–694.25 694.000 -18.250
¢/gal ¢/gal
*Naphtha FOB Med is basis East Med **Basis Le Havre ***FOB Amsterdam-Rotterdam-Antwerp Sep AASCV00 164.70 Oct AASCW00 153.14

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EUROPEAN MARKETSCAN August 1, 2017

Euro-denominated assessments 16:30 London (€/mt)

Market Update (PGA page 724)
Med cargoes (PGA page 1120) Northwest Europe barges (PGA page 1118)
Crude futures were around $1.50/b lower late in the FOB Med CIF Med FOB Rotterdam
European session Tuesday ahead of weekly US stocks data, (Italy) (Genova/Lavera) Naphtha ABWHF00 387.500
Naphtha* ABWHE00 379.661 ABWHD00 386.229 Eurobob ABWGT00 457.627
while being weighed on by an unplanned shutdown of most Prem Unl 10ppm ABWGV00 460.805 ABWGU00 465.678 98 RON gasoline 10 ppm ABWGX00 527.966
units at Europe’s largest refinery — Shell’s Pernis. ICE Jet ABWGZ00 427.754 AAZBO00 436.441 Premium gasoline 10 ppm AAQCH00 462.712
October Brent, on its first day as the front-month contract, 10ppm ULSD ABWHM00 409.958 ABWHH00 416.314 Reformate AAXPN00 479.661
Gasoil 0.1% ABWGQ00 392.797 ABWGO00 400.424 Jet ABWHC00 436.017
was down $1.47/b at $51.25/b at 4:30 pm London time (1530 Fuel Oil 1.0% ABWGH00 250.000 ABWGF00 255.508 Diesel 10 ppm* AAQCI00 410.593
GMT), while NYMEX September WTI was $1.48/b lower at Fuel oil 3.5% ABWGM00 245.339 ABWGK00 251.271 Gasoil 50 ppm AAUQF00 406.144
*Naphtha FOB Med is basis East Med Gasoil 0.1%* AAYWY00 396.398
$48.69/b. Attention was turning to weekly US inventory Fuel oil 1.0% ABWGI00 247.881
reports released Tuesday by American Petroleum Institute, Northwest Europe cargoes (PGA page 1116) Fuel oil 3.5% AAQCK00 247.881
followed Wednesday by data from the US Energy FOB NWE CIF NWE/ Fuel Oil 3.5% 500 CST PUAGO00 244.068
Basis ARA Rotterdam bunker 380 CST AAUHE00 253.390
Information Administration. Analysts surveyed Monday by Naphtha AAQCE00 390.890 *FOB Amsterdam-Rotterdam-Antwerp
S&P Global Platts were looking for crude stocks to have Gasoline 10ppm ABWGS00 470.339 New York Harbor cargoes 16:30 London (PGA pages 1350 & 1450)
declined 2.8 million barrels. Gasoline and distillate stocks Jet ABWHB00 430.297 AAQCF00 437.712 FOB NY Harbor(€ cent/gal)
ULSD 10 ppm ABWHO00 405.932 ABWHI00 413.983 Unleaded 87 AAPYV00 141.23
were expected to have drawn 1.3 million barrels and Diesel 10ppm NWE ABWHP00 404.873 ABWHK00 412.500 Unleaded 89 AAPYW00 145.13
900,000 barrels, respectively. “Energy futures are finally Diesel 10 ppm UK ABWHJ00 415.042 Unleaded 93 AAPYX00 150.98
Gasoil 0.1% ABWGR00 388.559 ABWGP00 399.364
taking a breath after a relentless six-day rally to end July Fuel oil 1.0% AAQCG00 249.788 ABWGG00 255.085
Euro/US$ forex rate: 1.1800. Platts Euro denominated European & US product
assessments are based on market values and a Euro/US$ forex rate at 4:30 PM
that added 11% to prices, while reaching their highest levels Fuel oil 3.5% ABWGN00 234.534 ABWGL00 241.949 local London time.
Straight run 0.5-0.7% ABWHG00 281.144
of the summer,” TAC Energy said in a note. Shell took a
number of units at the 404,000 b/d Pernis refinery offline at West Africa cargoes (PGA page 1116) European clean product barge freight rates
the weekend for safety reasons after a fire. The closure FOB NWE CIF WAF ARA ($/mt) (PGT page 1918)
Gasoline AGNWA00 430.508 AANWC00 443.432 Rotterdam — Rotterdam TCAEI00 2.95
flipped the structure for Northwest Europe’s low sulfur
Rotterdam — Flushing TCAEJ00 4.50
gasoil futures contract into backwardation Monday, and Rotterdam — Ghent TCAEK00 4.70
pushed diesel and jet physical cracks in Northwest Europe Foreign exchange rates (PGA page 1151) Rotterdam — Antwerp TCAEL00 4.15

to their highest levels since 2015. Most units remained Germany ($/mt) (PGT page 1918)
August 1, 2017 London 16:30
Rotterdam — Duisburg TCAEM00 8.55
offline Tuesday, and operations were expected to restart Dollar/Swiss franc BCADC00 0.9657 Rotterdam — Cologne TCAEN00 11.20
the second half of August at the earliest, a company GB pound/Dollar BCADB00 1.3209 Rotterdam — Karlsruhe TCAEO00 22.40
spokesman said. Meanwhile, the US Dollar Index continued Dollar/Yen BCACW00 110.2200 Antwerp — Duisburg TCAEP00 9.15
Euro/Dollar BCADD00 1.1800 Switzerland ($/mt) (PGT page 1918)
to fall — hitting a low going back to May 2016 — to provide
Dollar/Ruble AAUJO00 60.2120 Rotterdam — Basel TCAEQ00 26.90
some support for oil futures.

Gasoline
“out of order”, Shell said late Tuesday, adding that the industry update, planned maintenance was under way at
Market analysis: (PGA page 1399) The Northwest European power station where a fire started Saturday evening needed Phillips 66’s 221,000 b/d Humber refinery, east coast
gasoline complex was mixed Tuesday. The paper market to be repaired before “the refinery can be rebooted step by England. The company gave no details on the work being
strengthened further, while the physical market was step”. Earlier, a Shell spokesman said operations were carried out nor how long it would last. According to traders,
broadly stable. Market participants were awaiting weekly expected to restart “at the earliest in the second half of the maintenance started in July and involved the fluid
US inventories data, expected by analysts to show a further August”. The company declined to comment about the catalytic cracker. In the paper market, the September
supportive decline in gasoline stocks. In industry news, status of loadings from the site, but said it regretted the Eurobob gasoline crack swap rose 30 cents/b to $12.75/b at
Shell’s 404,000 b/d Pernis refinery in the Netherlands was impact “this may cause on our customers”. In other the close amid lower crude futures, while the August/

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EUROPEAN MARKETSCAN August 1, 2017

September Eurobob gasoline backwardation narrowed to the outage at Pernis should not affect exports to West mt premium over physical Eurobob gasoline barges, down
$7.25/mt from $7.50/mt and the September/October Africa as the oil major’s exports there were limited to a few from a $9/mt premium Monday, factoring in a trade on an
backwardation widened to $32.25/mt from $31/mt. In the cargoes per month. However, a change of sulfur cap for offer for midwindow dates at $546/mt in the Platts Market
physical market, a flurry of prompt Eurobob barges were gasoline and gasoil imports into Ghana would likely affect on Close assessment process.
heard trading at a $3.00-$5.25/mt premium to the exports prices for both products going there. The new The above commentary applies to the market data code: PGABM00
September Eurobob swap in the Amsterdam-Rotterdam- sulfur cap on both gasoil and gasoline is 50 ppm. It was
Antwerp hub. The August Med/North differential — the previously 0.3% (3,000 ppm) on gasoil and 0.1% (1,000 Gasoline Eurobob FOB ARA Barge assessment rationale:
spread between the August FOB Mediterranean 10 ppm ppm) on gasoline. (PGA page 1383) Eurobob gasoline barges were assessed at a
cargo swap and the equivalent FOB Rotterdam Eurobob $5.25/mt premium over the September Eurobob gasoline
barge swap — narrowed to minus $2/mt from minus $4.25/ Gasoline Prem Unleaded 10ppmS FOB Rdam Barge swap, factoring in a trade on an offer for midwindow dates at
mt. “The problem is that there are no prompt cargoes in the assessment rationale: (PGA page 1383) FOB AR 10 ppm $540/mt in the Platts Market on Close assessment process.
Med,” a gasoline trader said. According to another trader, premium unleaded gasoline barges were assessed at a $6/ The above commentary applies to the market data code: AAQZV00

Calendar month averages for July 2017

Code Mid Code Mid
FOB Med cargo (Italy) (PGA page 1115) CIF NWE cargo (basis ARA) (PGA page 111)
Naphtha* PAAAI03 410.107–410.607 410.357 Naphtha physical PAAAL03 424.560–425.060 424.810
Prem Unl 10ppm AAWZA03 509.667–510.167 509.917 Gasoline 10ppm AAXFQ03 525.940–526.440 526.190
Jet AAIDM00 473.810–474.310 474.060 Jet PJAAU03 486.321–486.821 486.571
10ppm ULSD AAWYY03 453.786–454.286 454.036 ULSD 10 ppm AAVBG03 457.845–458.345 458.095
Gasoil 0.1% AAVJI03 434.762–435.262 435.012 Diesel 10ppm NWE AAWZC03 459.643–460.143 459.893
Fuel oil 1.0% PUAAK03 286.250–286.750 286.500 Diesel 10 ppm UK AAVBH03 460.952–461.452 461.202
Fuel oil 3.5% PUAAZ03 280.500–281.000 280.750 Gasoil 0.1% AAYWS03 444.500–445.000 444.750
CIF Med cargo (Genova/Lavera) (PGA page 1115) Fuel oil 1.0% PUAAL03 291.071–291.571 291.321
Fuel oil 3.5% PUABA03 275.286–275.786 275.536
Naphtha PAAAH03 418.583–419.083 418.833
VGO 0.5-0.6% AAHNA00 356.881–357.881 357.381
Prem Unl 10ppm AAWZB03 515.940–516.440 516.190
VGO 2% max AAHNE00 347.262–348.262 347.762
Jet AAZBN03 484.821–485.321 485.071
10ppm ULSD AAWYZ03 461.893–462.393 462.143 FOB Rotterdam barges (PGA page 1113)
Gasoil 0.1% AAVJJ03 444.607–445.107 444.857 Naphtha PAAAM03 420.560–421.060 420.810
Fuel oil 1.0% PUAAJ03 291.976–292.476 292.226 Eurobob AAQZV03 510.940–511.440 511.190
Fuel oil 3.5% PUAAY03 286.512–287.012 286.762 98 RON gasoline 10 ppm AAKOE00 593.940–594.440 594.190
FOB NWE cargo (PGA page 1111) Premium gasoline 10 ppm PGABM03 519.000–519.500 519.250
MTBE ** PHBFZ03 649.881–650.381 650.131
Jet PJAAV03 477.190–477.690 477.440
Jet PJABA03 480.833–481.333 481.083
ULSD 10 ppm AAVBF03 448.560–449.060 448.810
Diesel 10 ppm** AAJUW00 452.774–453.274 453.024
Diesel 10ppm NWE AAWZD03 449.857–450.357 450.107
Gasoil 50 ppm AAUQC03 450.679–451.179 450.929
Gasoil 0.1% AAYWR03 431.167–431.667 431.417
Gasoil 0.1%** AAYWT03 439.464–439.964 439.714
Fuel oil 1.0% PUAAM03 284.333–284.833 284.583
Fuel oil 1.0% PUAAP03 282.012–282.512 282.262
Fuel oil 3.5% PUABB03 265.893–266.393 266.143
Fuel oil 3.5% PUABC03 282.012–282.512 282.262
Straight run 0.5-0.7% PKABA03 317.929–318.929 318.429
Fuel Oil 3.5% 500 CST PUAGN03 277.464–277.964 277.714
VGO 0.5-0.6% AAHMY00 351.405–352.405 351.905
Rotterdam bunker 380 CST PUAYW03 285.310–286.310 285.810
VGO 2% max AAHNC00 341.786–342.786 342.286
VGO 0.5-0.6% AAHNG00 342.976–343.976 343.476
CIF West Africa cargo (PGA page 1111) VGO 2% max AAHNJ00 332.738–333.738 333.238
Gasoline AGNWC03 495.762 *Naphtha FOB is basis east Med. **FOB Amsterdam/Rotterdam/Antwerp
FOB NWE West Africa cargo (PGA page 1111)
Gasoline AAKUV03 479.286

© 2017 S&P Global Platts, a division of S&P Global. All rights reserved. 3
EUROPEAN MARKETSCAN August 1, 2017

Gasoline 10ppmS CIF NWE Cargo assessment rationale: Subscriber notes (PGA page 1500)
(PGA page 1389) The CIF NWE gasoline cargo market was
assessed at a $15/mt premium to the Eurobob gasoline General Terms and Conditions in European MOC process Platts opens consultation on West African gasoline
barges, steady on the day. S&P Global Platts considers in its European Market on Close oil assessments
products assessment process bids and offers that are executable S&P Global Platts is opening a formal consultation regarding
The above commentary applies to the market data code: AAXFQ00
under normal conditions and reflect typical trading practices. possible methodology changes to its West Africa Gasoline FOB
Companies’ general terms and conditions are normally recognized Northwest Europe assessment and associated West Africa Gasoline
Gasoline Prem Unleaded 10ppmS FOB Med Cargo
provided they are consistently applied and accepted as part of CIF West Africa netback in response to regulatory changes in
assessment rationale: (PGA page 1389) The FOB normal trading practice. Counterparties are expected to perform Nigeria and Ghana. Platts welcomes feedback from market
Mediterranean gasoline cargo market was assessed at a on trades reported in the MOC based on typical GT&Cs that have participants on whether and how to align these assessments to
$3.75/mt premium over the August Mediterranean swap, been applied and accepted by both counterparties in the open recent specification changes to West African import grades, as well
up from a $1.75/mt premium Monday. The FOB market. If an offer is lifted by a buyer during the Platts MOC as the timing of any such changes, to ensure that its relevant
Mediterranean gasoline cargo assessment was derived process, Platts would expect typical GT&Cs between both parties assessments reflect prevalent merchantable specifications in that
using the following inputs: August 13 was assessed at to be applicable, even where the GT&Cs stated in the originally region. This consultation also welcomes feedback on typical cargo
$546.56/mt, factoring in an outstanding bid for a 27,000 published offer may differ, if the companies have not sizes on the trade flow between Northwest Europe and West Africa.
mt cargo for August 11-15 loading in the Platts Market on conventionally performed on the published GT&Cs. At no time can Nigeria’s NNPC has stated that it is considering amending import
a company impose its own GT&Cs after taking out a bid or lifting specifications for gasoline as outlined in its Direct Sale Direct
Close assessment process. A 50 cents/day backwardation
an offer made under a different standard. Furthermore, a Purchase model. Specifically, it is considering lowering sulfur levels
was applied to the physical curve.
company’s GT&Cs regarding vetting are not applicable to a third from the current 1,000 ppm, as well as other specifications.
The above commentary applies to the market data code: AAWZA00 party terminal. Please send all comments, feedback and Meanwhile, Ghana’s National Petroleum Authority has stated that it
questions to europe_products@platts.com and will introduce a sulfur cap on gasoline imports of 50 ppm from July
Gasoline Prem Unleaded 10ppmS CIF Med Cargo pricegroup@platts.com. For written comments, please provide a 1. Platts West Africa Gasoline FOB Northwest Europe assessment
assessment rationale: (PGA page 1389) The CIF clear indication if comments are not intended for publication by and associated West Africa Gasoline CIF West Africa assessments
Mediterranean gasoline cargo assessment was derived as a Platts for public viewing. Platts will consider all comments currently reflect 1,000 ppm. Nigeria is the largest importer of
freight net-forward from the FOB Mediterranean gasoline received and will make comments not marked as confidential gasoline in the West African region, importing up to around 1 million
cargo assessment, using the following: FOB Mediterranean available upon request. mt of gasoline per month. The vast majority of the West African
gasoline cargo assessment plus the cost of transporting a grade gasoline originates from Northwest Europe. Throughout this
30,000 mt clean cargo from a basket of Mediterranean Platts to maintain European VGO barge assessments consultation, Platts also seeks feedback on the timing of this
Following a proposal suggesting the discontinuation of its FOB potential methodology change. Please send any comments or
ports to a basket of Mediterranean destinations.
Rotterdam VGO barge assessments published on June 2, S&P queries by July 31, 2017 to europe_products@spglobal.com with a cc
The above commentary applies to the market data code: AAWZB00
Global Platts has decided to retain its current suite of assessments to pricegroup@spglobal.com. For written comments, please provide
for this market. The proposal note can be found at this location: a clear indication if comments are not intended for publication by
Gasoline Barge bids/offers/trades: (PGA page 1384) www.platts.com/subscriber-notes-details/21916709. In addition to Platts for public viewing. Platts will consider all comments received
■■Gasoline Barges: DEAL SUMMARY:
continued liquidity seen in the FOB Rotterdam VGO barge market and will make comments not marked as confidential available upon
■■Gasoline Premium Unleaded 10ppm Barges: 1) STR-Totsa,
following the subscriber note, Platts also received strong market request.
$546/mt for 1kt MW; 2)STR-Totsa, $546/mt for 1kt MW. feedback in favor of maintaining these assessments. Platts
■■Gasoline Eurobob Barges: 1) Gunvor-STR, $542/mt for 1kt currently publishes two assessments of FOB Rotterdam VGO Platts plans liter equivalents for gasoil/gasoline/jet/ULSD
MW; 2) Gunvor-Varo, $542/mt for 1kt MW; 3) Gunvor-Vitol, barges: an HSVGO assessment of 2% max sulfur and a LSVGO assessments
$540/mt for 1kt MW. assessment of 0.5-0.6% max sulfur. Please send any feedback to Following industry feedback, S&P Global Platts proposes, with
■■Gasoline Barges: OUTSTANDING INTEREST: europe_products@spglobal.com, CC’ing pricegroup@spglobal.com. effect from October 2, 2017, to start publishing price assessments
■■Gasoline Premium Unleaded 10ppm Barges: For written comments, please provide a clear indication if per liter in local currencies as conversions from Platts existing
■■Bids: None.
comments are not intended for publication by Platts for public dollars per ton assessments in Northwest European barge and
viewing. Platts will consider all comments received and will make cargo and Mediterranean cargo markets for gasoil, gasoline, jet
■■Offers: None.
comments not marked as confidential available upon request. and ULSD. These new values are designed to meet demand to

© 2017 S&P Global Platts, a division of S&P Global. All rights reserved. 4
EUROPEAN MARKETSCAN August 1, 2017

■■Gasoline Eurobob Barges: SUBSCRIBER NOTES (continued) (PGA page 1500)

■■Bids: None.
■■Offers: None. better understand the value of these markets in local currencies code in the terms of any offer provided for publication. This follows a
within Europe, and to see these values expressed by volume, as decision published on July 7, 2017: https://www.platts.com/
well as mass. Volatility in foreign exchange rates, particularly in subscriber-notes-details/26760624 Platts European LSFO
Gasoline Barge exclusions: (PGA page 1384) No market data
sterling, has increased in the past year, supporting increased assessments did not previously specify a standard CN code. Buyers
was excluded from the August 1 assessment process.
interest in certain local currency values. Platts will use its existing and sellers providing data for Platts to publish during the MOC
assessments of GBP/USD and EUR/USD exchange rates to convert process were expected to fulfill resulting transactions with fuel
Gasoline Cargo bids/offers/trades: (PGA page 1390) its existing USD/mt assessments in to GBP/liter and EUR/liter meeting specification requirements, with no expectation defined for
■■Gasoline Cargo: Deal Summary:
values. The conversion factor from tons to liters for the new a CN code. CN codes, which Platts understands are designated by
■■CIF NWE: None.
assessments will be as follows: Gasoil/ULSD: 1,183 liters per ton and subject to the approval of customs authorities within each EU
■■FOB MED: None. using 0.845 kg/m3 reference density European grade gasoline: member country, are an important component of settling tariffs and
■■Gasoline Cargo: Outstanding Interest: 1,325 liters per ton using 0.755 kg/m3 reference density Jet: 1,224 taxes within the EU. Platts understands that LSFO of the identical
■■CIF NWE: None. liters per ton using 0.800 kg/m3 reference density Platts proposes specification may be classified using either of two, existing
■■FOB MED: 1) Totsa bids Platts Prem Unl FOB Med Crg FOB the current $/mt assessments below will be published in liters from Combined Nomenclature (CN) codes, and that choice of code may
bss Aspropyrgos 10-25, Aug 11- Aug 15 100% Flat Price October 2: MED Cargoes to Eur/liter: Prem Unl FOB (AAWZA00), vary between customs authorities in Europe. Market participants
Prem Unl CIF (AAWZB00), Jet FOB (AAIDL00), Jet CIF (AAZBN00), highlighted that while the fuels may be otherwise identical, the
$547/mt for 27,000mt. 0-6 kt at Platts Fob Med Mean
10 ppm FOB (AAWYY00), 10 ppm CIF (AAWYZ00), Gasoil 0.1% FOB attachment of a specific CN label may significantly influence
Prem Unl 10 ppm plus $3.50/mt (pricing 3 after where BL
(AAVJI00), Gasoil 0.1% CIF (AAVJJ00) NWE Cargoes to Eur/liter: merchantability within Europe and the Mediterranean. Feedback
= 0), of EN228, EU qualified, REACH compliant, 95/85
Gasoline 10 ppm CIF (AAXFQ00), Jet FOB NWE (PJAAV00), Jet CIF showed that a significant proportion of buyers in the European
Ron/MON min, 10 ppm S max, 60 kpa max, 0.755 esc/ NWE (PJAAU00), ULSD 10 ppm FOB (AAVBF00), ULSD 10 ppm CIF market, particularly in the Mediterranean, are currently unwilling to
desc, 27-33 kt at buyer’s option, loading Fob basis one (AAVBG00), Diesel 10 ppm NWE FOB (AAWZD00), Diesel 10 ppm receive LSFO labelled under CN code CN 2707 9999, resulting in it not
safe port/berth Aspropyrgos. C/P freight to be adjusted NWE CIF (AAWZC00), Gasoil 0.1% FOB (AAYWR00), Gasoil 0.1% CIF being fully merchantable within Europe. While code CN 2707 9999 is
by applicable freight differential if alternative loadport. (AAYWS00) Rotterdam Barges to Eur/liter: Eurobob (AAQZV00), 98 typically used as standard within the Netherlands, this practice has
RON gasoline (AAKOD00), Premium Gasoline 10 ppm (PGABM00), not yet been followed by the majority of other European countries
Gasoline Cargo exclusions: (PGA page 1390) No market data Jet (PJABA00), Diesel 10 ppm (AAJUS00), Gasoil 50ppm trading LSFO. Market feedback showed support for a rapid
was excluded from the August 1 assessment process. (AAUQC00), Gasoil 0.1% (AAYWT00) NWE Cargoes to GBP/liter: clarification of Platts standards around CN coding for LSFO. Buyers
Gasoline 10 ppm CIF (AAXFQ00), Jet FOB NWE (PJAAV00), Jet CIF providing bids for publication by Platts must be willing to accept fuel
NWE (PJAAU00), ULSD 10 ppm FOB (AAVBF00), ULSD 10 ppm CIF with the CN code 2710 1964. Platts will also publish bids in which the
Naphtha (AAVBG00), Diesel 10 ppm UK (AAVBH00), Gasoil 0.1% FOB buyer specifies that they will also accept CN code 2707 9999. Buyers
(AAYWR00), Gasoil 0.1% CIF (AAYWS00) FEEDBACK: Platts invites should not bid for fuel with a CN code 2707 9999 designation only, as
Market analysis: (PGA page 1398) Supply shortages in the
comments, questions and other feedback on these proposals by this may be unduly restrictive in nature. In instances where the CN
Northwest European naphtha complex continued to fire August 1, 2017. Please send all comments, feedback and questions code used has a material effect on LSFO value, Platts may normalize
strength in the market Tuesday, with sellers were hard to to oilgroup@spglobal.com and pricegroup@spglobal.com. For offers of fuel with CN code 2707 9999. In CIF Mediterranean LSFO
come by. In industry news, Europe’s largest refinery, written comments, please provide a clear indication if comments bids and offers, Platts will consider the CN classification of the
Shell’s Pernis and a major naphtha producer, said it was are not intended for publication by Platts for public viewing. Platts material as a relevant factor in determining merchantability. Platts
“out of order” and operations would not restart until the will consider all comments received and will make comments not understands that LSFO classified as 2710 1964 is currently seen as
second half of August at the earliest as a knock-on from marked as confidential available upon request. generally merchantable in the Mediterranean market. Platts will
having to close units at the weekend after a fire. “The continue to monitor LSFO activity and flows under both of these
Western market is strong on Pernis...market sentiment is Platts clarifies CN standards for European LSFO codes. Please send all comments to
bullish [as participants are] covering their shorts,” a Effective July 10, 2017, Platts has clarified that its European LSFO europe_products@spglobal.com and pricegroup@spglobal.com. For
assessments reflect material that has been assigned European written comments, please provide a clear indication if comments are
trader said. The paper market showed strength in early
Combined Nomenclature (CN) code 2710 1964. As a result, in all not intended for publication by Platts for public viewing. Platts will
trading, with intermonth spread swaps steady at the
instances where a seller intends to deliver a fuel with a CN code consider all comments received and will make comments not
prompt but stronger along the curve. “Pernis is one of the other than 2710 1964, Platts asks that the seller specifies this CN marked as confidential available upon request.

© 2017 S&P Global Platts, a division of S&P Global. All rights reserved. 5
EUROPEAN MARKETSCAN August 1, 2017

biggest naphtha-producing refineries in Europe. So, SUBSCRIBER NOTES (continued) (PGA page 1500)
depending on the duration of issues, the impact will be on
Platts opens formal review of global residuals and bunker such assessments and the process and timing of any changes.
naphtha production as well as paper,” a second trader
assessments Ahead of the previous implementation of reduced MARPOL sulfur
said, adding: “I am interested in where there are open limits, Platts announced that all of its existing 180 CST, 380 CST
Following an extended period of review, Platts is opening a formal
spec offers. I see none...there is no open spec on offer in consultation regarding all of its residual fuel, fuel oil and bunker and 500 CST bunker fuel assessments would reflect 3.5% sulfur
the Med.” The first trader said while the “naphtha yield is fuel assessments globally in light of the planned International after the implementation date. However, Platts is considering
naturally healthy, [I am] not sure how sustainable the Maritime Organization limitations on sulfur in marine fuels from feedback that the change would see most shipping fuel markets
backwardated structure will be going forward, especially 2020. Platts invites comments, questions and other feedback by change to the use of low sulfur distillate grades or other
after the summer.” A third source said sellers of open September 1, 2017. BACKGROUND: On October 27, 2016, the IMO alternative blends of low sulfur material. As a result, Platts may
specification naphtha were still available “all over”. End- confirmed its decision that it would move ahead with a proposed consider introducing a new suite of bunker assessments that
user demand for naphtha continued to be heard, driven reduction of sulfur limits in marine fuels to 0.5% from January 1, meet the MARPOL requirements ahead of the change, as well
by high LPG prices. “LPG is still high. Demand for naphtha 2020. The cap had first been proposed in 2008 but was subject to associated cargo assessments in key locations, while continuing
review ahead of the implementation date. Since January 3, 2012, existing assessments. Typically Platts gives significant lead time
will continue “as long as cracking demand is good [and
Platts has fully reflected revised bunker fuel specifications set out for any major changes to benchmark assessments, including
there is] a high cracking margin,” the first trader said.
by the International Convention for the Prevention of Pollution changes to specifications. In addition, Platts is seeking feedback
Furthermore, Shell stopped loading LPG from Pernis,
from Ships (MARPOL) in global bunker fuel assessments. Under on the most appropriate way in which to reflect historic and
according to market sources. Shell declined to comment amendments to Annex VI of the convention, high sulfur bunker future changes to ISO specifications.
on loadings. Meanwhile, several vessels carrying naphtha fuel supplied at major global bunkering locations from 2012
were heard on subjects, according to shipping sources. onwards can contain a maximum of 3.5% sulfur, down from the Platts to amend basis of FOB NWE VGO assessments,
The Alpine Melina was said to be loading a 37,000 mt previous maximum sulfur content of 4.5%. PLATTS retain names
naphtha cargo around Friday from Ust-Luga to the US ASSESSMENTS: Globally, Platts assesses 180 CST, 380 CST and In line with changing trade flows of high sulfur vacuum gasoil
Atlantic Coast or Northwest Europe. The Maersk Edgar 500 CST marine fuels at a range of locations on ex-wharf and (HSVGO) and low sulfur vacuum gasoil (LSVGO) in Europe, S&P
was said to be loading a 30,000 mt naphtha cargo around delivered bases. The worldwide market generally follows similar Global Platts confirms it will amend the basis of its FOB NWE VGO
August 8 from Ust-Luga to Northwest Europe. The Karen specifications for these grades in all locations. Platts reflects assessments to FOB Baltic, starting January 2, 2018. This follows
specifications defined by the International Organization for a proposal published on June 2, 2017: https://www.platts.com/
Maersk was heard to be loading a 30,000 mt naphtha
Standardization in document ISO 8217:2005 (E) - Petroleum subscriber-notes-details/21918272 Platts currently publishes
cargo around August 13 from Murmansk to Northwest
products - Fuels (class F) - Specifications of marine fuels. Platts HSVGO and LSVGO assessments for cargoes CIF NWE Basis ARA,
Europe. The paper market continued to show strength.
also assesses fuel oil cargoes in several key locations, including and cargoes FOB NWE. While the name FOB NWE will be retained,
The August CIF NEW naphtha crack swap rose 45 cents/ Houston, Rotterdam and Singapore, with specifications that this latter assessment will be re-based to the value of FOB
mt to 15 cents/b. The August/September naphtha generally allow deliverability of material into the local bunker fuel cargoes of VGO loading in the Baltic. Platts had originally
backwardation widened 50 cents/mt to $4.25/mt. The markets. In addition, Platts assesses Marine Gasoil and Marine proposed to rename the assessments as FOB Baltic. This is
September naphtha east/west spread — the premium of Diesel fuels in several locations, typically with sulfur limits of aligned with conventions for similar assessments for ULSD and
CFR Japan naphtha cargo swaps over the CIF NWE 1.5%, but also assesses lower sulfur MGO and MDO in some fuel oil, which are labelled as FOB NWE and are assessed basis
naphtha cargo swap — was steady at $8.75/mt. locations. Platts also publishes Bunkerworld average price FOB Baltic ports. The basket of Baltic Sea ports for both HSVGO
indications across a broader range of specifications, including and LSVGO is as follows: St Petersburg, Ust-Luga, Vysotsk,
Naphtha CIF NWE Cargo assessment rationale: (PGA page low and ultra low sulfur MGO and MDO fuels in some locations. Sillamae and Tallinn. Oil loading elsewhere in Northern Europe will
Platts bunker prices are published in Bunkerwire, Bunkerworld continue to be reflected in the FOB Baltic assessment, but will be
1386) The CIF NWE naphtha cargo assessment was based
and Platts Global Alert, among others. SCOPE OF REVIEW: Platts normalized back to the Platts basket of ports. Platts will consider
on the relationship between the physical and swaps
seeks to assess grades and locations that are most widely CIF NWE (basis Rotterdam) and FOB Baltic as related markets
markets in the absence of competitive indications seen in
tradeable and reflective of typical market practices. The MARPOL which are frequently linked by freight costs. Platts will continue to
the Platts Market on Close assessment process. This limits on sulfur are likely to create a significant shift in tradeable accept bids and offers for cargoes of VGO on both a CIF and FOB
represented a differential of $3.95/mt, broadly stable grades ahead of and through the implementation date. Platts is basis in northern Europe. The change is part of a suite of
versus Monday’s $4.03/mt. seeking feedback on the most relevant residual oil and bunker amendments to Platts assessments of VGO, which also includes
The above commentary applies to the market data code: PAAAL00 fuel grades to assess from 2020 onwards, as well as the form of the launch of FOB Black Sea and CIF Mediterranean assessments

© 2017 S&P Global Platts, a division of S&P Global. All rights reserved. 6
EUROPEAN MARKETSCAN August 1, 2017

Naphtha FOB Med Cargo assessment rationale: (PGA page SUBSCRIBER NOTES (continued) (PGA page 1500)
1376) The FOB Mediterranean naphtha cargo assessment for both LSVGO and HSVGO. Platts believes that the currently Cargoes CIF Med netback assessments with its Naphtha
was derived as a freight netback from the CIF NWE naphtha assessed VGO cargo sizes and specifications remain fully Cargoes CIF NWE assessment, which reflects open specification
cargo assessment, using the following assessments: CIF reflective of the market in NWE. Platts VGO cargo assessments material with a minimum of 65% paraffin content and a typical
NWE naphtha cargo assessment minus the cost of currently reflect a 15-35kt range, normalized to 30kt. FOB specific gravity of 0.69 to 0.735 kg/l. The Naphtha Cargoes FOB
transporting a 27,500 mt naphtha cargo from Alexandria in assessments also include cargoes up to 55kt in size when the Med assessment is established as a netback from the CIF
the Mediterranean to Rotterdam. arbitrage route to the US is open. Platts VGO cargoes CIF NWE Northwest Europe assessment, using the Med-UKC clean tanker
Basis ARA assessments will remain unaffected by these changes. rate for 27,500 mt naphtha cargoes. The Naphtha Cargoes CIF
The above commentary applies to the market data code: PAAAI00
Platts currently publishes all European feedstocks assessments Med assessment is established as a net-forward from the FOB
as outright price values in US dollars per metric ton, and this will Med naphtha assessment, using the cross-Med clean tanker
Naphtha Cargo bids/offers/trades: (PGA page 1387) also remain the case following the change. Platts had originally rate for 27,500 mt naphtha cargoes. This decision follows a
■■NAPHTHA CARGO CIF NWE MOC deals: No deals reported. proposed to also publish differentials to front month ICE Brent proposal published on May 24, 2017. The subscriber note is
■■NAPHTHA MOC: OUTSTANDING INTEREST:
Futures in US dollars per barrel. Please send all comments to available here: https://www.platts.com/subscriber-notes-
■■BIDS:
europe_products@spglobal.com and pricegroup@spglobal.com. details/26743096. Please send any comments and queries by
■■1) VILMA Bid CIF NWE Naphtha Cargo 12,500mt +/- 10%, at For written comments, please provide a clear indication if July 14, 2017, to europe_products@spglobal.com with a cc to
$459/mt for August 14 to August 18 delivery, TQC:-; comments are not intended for publication by Platts for public pricegroup@spglobal.com. For written comments, please
■■2) STASCO Bid CIF NWE Naphtha Cargo 12,500mt +/- 10%, viewing. Platts will consider all comments received and will make provide a clear indication if comments are not intended for
at $459/mt for August 15 to August 19 delivery, TQC: Indic 1; comments not marked as confidential available upon request. publication by Platts for public viewing. Platts will consider all
■■3) GLENCORE Bid CIF NWE Naphtha Cargo 12,500mt +/- comments received and will make comments not marked as
Platts to amend FOB, CIF naphtha Mediterranean netback confidential available upon request.
10%, at $459/mt for August 16 to August 20 delivery, TQC:
specifications
Indic 1;
S&P Global Platts will amend its Naphtha Cargoes FOB Med and Platts amends FOB NWE LSSR Cargoes density
■■4) BP Bid CIF NWE Naphtha Cargo 12,500mt +/- 10%, at
Naphtha Cargoes CIF Med netback assessments to reflect open Platts has amended the density specifications reflected in its
$459/mt for August 18 to August 22 delivery, TQC:-; specification, effective August 1, 2017. The assessments assessments of FOB NWE Low Sulfur Straight Run (LSSR) 0.5-
■■5) LITASCO Bid CIF NWE Naphtha Cargo 12,500mt +/- 10%,
currently include both full range and paraffinic grades, with 0.7% sulfur cargoes, in line with subscriber notes published on
at $458/mt for August 19 to August 23 delivery, TQC:-;. value normalized to reflect 65% minimum paraffin content. June 14 and July 22, 2016. The change has taken place starting
■■OFFERS: None. Platts will align its Naphtha Cargoes FOB Med and Naphtha (continued on page 10)

Restrictions on Use: You may use the prices, indexes, assessments and other related THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE DATA OR ANY
information (collectively, “Data”) in this publication only for your personal use or, if your COMPONENT THEREOF OR ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO
company has a license from Platts and you are an “Authorized User,” for your company’s ORAL OR WRITTEN COMMUNICATIONS (WHETHER IN ELECTRONIC OR OTHER FORMAT),
internal business. You may not publish, reproduce, distribute, retransmit, resell, create WITH RESPECT THERETO.
any derivative work from and/or otherwise provide access to Data or any portion thereof
to any person (either within or outside your company including, but not limited to, via or ACCORDINGLY, ANY USER OF THE DATA SHOULD NOT RELY ON ANY RATING OR OTHER
EUROPEAN MARKETSCAN as part of any internal electronic system or Internet site), firm or entity, other than as
authorized by a separate license from Platts, including without limitation any subsidiary,
OPINION CONTAINED THEREIN IN MAKING ANY INVESTMENT OR OTHER DECISION. PLATTS,
ITS AFFILIATES AND THEIR THIRD-PARTY LICENSORS SHALL NOT BE SUBJECT TO ANY
Volume 49 / Issue 147 / August 1, 2017 parent or other entity that is affiliated with your company, it being understood that any DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS IN THE DATA. THE
approved use or distribution of the Data beyond the express uses authorized in this DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN “AS IS” BASIS AND YOUR
Editorial: Naphtha: +44-20-7176-6122 | Gasoline: +44-20-7176-6205 | Jet: +44-20-7176- paragraph above is subject to the payment of additional fees to Platts. USE OF THE DATA IS AT YOUR OWN RISK.
6672 | Diesel: +44-20-7176-1294 | Gasoil: +44-20-7176-7813 | HS Fuel Oil: +44-20-7176-
6230 | LS Fuel Oil: +44-20-7176-6512 | North Sea crude: +44-20-7176-6059 | Urals and Med Disclaimer: DATA IN THIS PUBLICATION IS BASED ON MATERIALS COLLECTED FROM Limitation of Liability: IN NO EVENT WHATSOEVER SHALL PLATTS, ITS AFFILIATES OR
ACTUAL MARKET PARTICIPANTS. PLATTS, ITS AFFILIATES AND ALL OF THEIR THIRD- THEIR THIRD-PARTY LICENSORS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL,
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INVESTMENT PROVIDED IN THE DATA IS NOT A RECOMMENDATION TO BUY, SELL OR © 2017 S&P Global Platts, a division of S&P Global. All rights reserved. No portion of this
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through a variety of inputs whether counterparties in reported trades meet these criteria. NEITHER PLATTS, NOR ITS AFFILIATES OR THEIR THIRD-PARTY LICENSORS GUARANTEE or otherwise redistributed without prior written authorization from Platts.

© 2017 S&P Global Platts, a division of S&P Global. All rights reserved. 7
EUROPEAN MARKETSCAN August 1, 2017

Naphtha Cargo exclusions: (PGA page 1387) No market data Asia products
was excluded from the August 1 assessment process. Code Mid Change Code Mid Change
Singapore (PGA page 2002)
FOB Singpore ($/barrel)
Jet Naphtha PAAAP00 51.44–51.48 51.460 +1.120
Gasoline 92 unleaded PGAEY00 64.30–64.34 64.320 +0.780
Market analysis: (PGA page 1497) The European jet market Gasoline 95 unleaded PGAEZ00 67.13–67.17 67.150 +0.870
Gasoline 97 unleaded PGAMS00 68.21–68.25 68.230 +0.890
Tuesday remained dominated by talk of the possible impact Kerosene PJABF00 64.64–64.68 64.660 +0.380
of the incident at Shell’s Pernis refinery in Rotterdam over Gasoil 0.05% sulfur AAFEX00 65.75–65.79 65.770 +0.350
the weekend. Force majeure was declared on supplies of Gasoil 0.25% sulfur AACUE00 64.60–64.64 64.620 +0.340
Gasoil POABC00 65.75–65.79 65.770 +0.350
solvents, according to market sources and one distillates Fuel oil 180 CST 2% ($/mt) PUAXS00 322.17–322.21 322.190 +2.990
trader the same was true for diesel. Shell was not available HSFO 180 CST ($/mt) PUADV00 315.08–315.12 315.100 +2.920
to comment on the force majeure situation, but a company HSFO 380 CST ($/mt) PPXDK00 310.08–310.12 310.100 +2.660

spokesman said that operations were expected to restart Indonesia (PGA page 2516)
FOB Indonesia ($/barrel)
“at the earliest in the second half of August”. The biggest
LSWR Mixed/Cracked PPAPU00 51.89–51.93 51.910 +0.480
price increase in two years seen Monday and significant
Gasoline components (PBF page 2010)
buying interest from Shell was to be expected, sources FOB Singapore ($/mt)
said. “When a refinery goes down, this is what happens. MTBE PHALF00 653.00–655.00 654.000 +8.000
Margins and cracks went through the roof yesterday,” a Singapore Swaps (PPA page 2654)
trader said. By the afternoon however, both paper and September ($/barrel) October ($/barrel)
physical markets had eased, with both the front-month and Naphtha Japan ($/mt) AAXFE00 473.50–474.00 473.750 +7.750 AAXFF00 472.25–472.75 472.500
+7.250
Naphtha PAAAQ00 50.98–51.02 51.000 +0.900 PAAAR00 50.83–50.87 50.850 +0.850
second-month CIF NWE cargo swaps falling 75 cents/mt Gasoline 92 unleaded AAXEL00 62.86–62.90 62.880 -0.100 AAXEM00 62.11–62.15 62.130 +0.080
day on day to $33/mt. The physical barge and cargo Reforming Spread AAXEO00 11.86/11.90 11.880 -1.000 AAXEP00 11.26/11.30 11.280 -0.770
Kerosene PJABS00 64.73–64.77 64.750 +0.400 PJABT00 64.73–64.77 64.750 +0.390
assessments also fell, with the Platts CIF NWE cargo
Gasoil POAFC00 65.26–65.30 65.280 -0.020 POAFG00 65.02–65.06 65.040 +0.070
differential to the front-month ICE LSGO futures contract HSFO 180 CST ($/mt) PUAXZ00 316.23–316.27 316.250 +3.350 PUAYF00 315.98–316.02 316.000
+3.000
falling $1.25/mt to $32.50/mt and barges following suit, Middle East (PGA page 2004)
down the same amount to $30.50/mt. FOB Arab Gulf ($/barrel)
Naphtha ($/mt) PAAAA00 454.00–455.00 454.500 +8.835
Naphtha LR2 ($/mt) AAIDA00 454.97–455.97 455.470 +8.515
Jet FOB Rdam Barge assessment rationale: (PGA page 1489) Kerosene PJAAA00 63.15–63.19 63.170 +0.350
FOB Rotterdam jet fuel barges were assessed using Gasoil 10 ppm AAIDT00 64.97–65.01 64.99 +0.320
Monday’s relationship with CIF Northwest European cargoes Gasoil 0.005% sulfur AASGJ00 64.87–64.91 64.890 +0.320
Gasoil 0.05% sulfur AAFEZ00 64.17–64.21 64.190 +0.320
of minus $2/mt in the absence of competitive indications in Gasoil 0.25% sulfur AACUA00 63.57–63.61 63.590 +0.320
the Platts Market on Close assessment process. Gasoil POAAT00 64.17–64.21 64.190 +0.320
HSFO 180 CST ($/mt) PUABE00 306.87–306.91 306.890 +2.920
The above commentary applies to the market data code: PJABA00
Japan (PGA page 2006)
C+F Japan ($/mt) Premium/Discount
Jet CIF NWE Cargo assessment rationale: (PGA page 1492) Naphtha PAAAD00 475.25–476.25 475.750 +9.375
CIF Northwest European jet fuel cargoes were assessed Naphtha MOPJ Strip AAXFH00 472.25–472.75 472.500 +7.750 AAXFI00 3.00/3.50 3.250
+1.620
using Tuesday’s relationship between the physical and Naphtha 2nd 1/2 Sep PAAAE00 476.50–477.00 476.750 +9.750
Naphtha 1st 1/2 Oct PAAAF00 475.75–476.25 476.000 +9.250
swaps curves. The relationship was assessed Tuesday at Naphtha 2nd 1/2 Oct PAAAG00 475.25–475.75 475.500 +9.500
plus $1.05/mt. Gasoline unleaded ($/barrel) PGACW00 65.88–65.92 65.900 +0.770
Kerosene ($/barrel) PJAAN00 65.42–65.46 65.440 +0.390
The above commentary applies to the market data code: PJAAU00
Gasoil ($/barrel) POABF00 67.91–67.95 67.930 +0.420
(continued on page 10) HSFO 180 CST PUACJ00 322.79–322.83 322.810 +2.920

© 2017 S&P Global Platts, a division of S&P Global. All rights reserved. 8
EUROPEAN MARKETSCAN August 1, 2017

US Products: July 31, 2017

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

CIF cargoes (¢/gal) RVP
Unleaded 87 0.3% AAMHG00 169.56–169.66 169.610 +3.000 AAMHGRV 9.0
Unleaded-89 0.3% AAMIW00 174.16–174.26 174.210 +3.000 AAMIWRV 9.0
Unleaded-93 0.3% AAMIZ00 181.06–181.16 181.110 +3.000 AAMIZRV 9.0

$/barrel 1% strip NYH cargo vs 1% strip
No. 6 0.3% HP PUAAE00 53.76–53.78 53.770 +0.420 AAUGA00 5.77/5.79 5.780 -0.010
No. 6 0.3% LP PUAAB00 53.76–53.78 53.770 +0.420 AAUGB00 5.77/5.79 5.780 -0.010
No. 6 0.7% PUAAH00 50.01–50.03 50.020 +0.420 AAUGC00 2.02/2.04 2.030 -0.010
No. 6 1.0%** PUAAO00 48.76–48.78 48.770 +0.420 AAUGG00 47.98–48.00 47.990 +0.430 AAUGD00 0.77/0.79 0.780 -0.010
No. 6 2.2% PUAAU00 48.36–48.38 48.370 +0.430 AAUGE00 0.37/0.39 0.380 0.000
No. 6 3.0% PUAAX00 48.09–48.11 48.100 +0.440 AAUGF00 0.10/0.12 0.110 +0.010

Residual swaps ($/barrel)
No. 6 1.0% paper Bal M AARZS00 NA–NA NA NANA
No. 6 1.0% paper 1st month PUAXD00 47.95–48.05 48.000 +0.450
No. 6 1.0% paper 2nd month PUAXF00 47.65–47.75 47.700 +0.450
No. 6 1.0% paper next quarter PUAXG00 47.40–47.50 47.450 +0.380
Boston cargoes (PGA pages 152)

$/barrel
No. 6 2.2% ($/barrel) PUAWN00 49.21–49.23 49.220 +0.430
NY/Boston numbers include duty. **This assessment reflects 150 max al+si
FOB Gulf Coast (PGA page 156 & 338)

¢/gal RVP
Unleaded 87 PGACT00 164.21–164.31 164.260 +3.180 PGACTRV 9.0
Unleaded 89 PGAAY00 171.09–171.19 171.140 +3.180 PGAAYRV 9.0
Unleaded 93 PGAJB00 181.41–181.51 181.460 +3.180 PGAJBRV 9.0
MTBE PHAKX00 200.45–200.55 200.500 +7.000
Alkylate* AAFIE00 17.30/17.40 17.350 +0.350
Jet 54 PJABM00 158.59–158.69 158.640 +2.800
Jet 55 PJABN00 159.09–159.19 159.140 +2.800
ULS Kero AAVTK00 165.09–165.19 165.140 +2.800
No. 2 POAEE00 149.44–149.54 149.490 +2.400

Cargo (¢/gal) Cargo ($/mt)
FOB Naphtha AAXJP00 134.910
+5.330 AAXJU00 472.210
+18.650
Export ULSD AAXRV00 156.170
+3.090 AAXRW00 488.670
+9.680
*Premium to US Gulf Coast pipeline gasoline

$/barrel USGC HSFO strip vs 1% strip
Slurry Oil PPAPW00 48.78–48.80 48.790 -0.320 AAUGS00 1.58/1.60 1.590 -0.770
No. 6 1.0% 6 API PUAAI00 48.33–48.35 48.340 -0.220 AAUGT00 1.13/1.15 1.140 -0.670
USGC HSFO PUAFZ00 46.78–46.80 46.790 -0.320 AAUGW00 47.19–47.21 47.200 +0.450 AAUGU00 -0.42/-0.40 -0.410 -0.770
RMG 380 PUBDM00 46.78–46.80 46.790 -0.320 AAUGV00 -0.42/-0.40 -0.410 -0.770

Residual swaps ($/barrel)
USGC HSFO swap M1(Aug) PUAXJ00 47.05–47.15 47.100 +0.500
USGC HSFO swap M2(Sep) PUAXL00 46.45–46.55 46.500 +0.500
USGC HSFO swap Q1( Q4 17) PUAXN00 45.95–46.05 46.000 +0.600

© 2017 S&P Global Platts, a division of S&P Global. All rights reserved. 9
EUROPEAN MARKETSCAN August 1, 2017

Jet FOB Med Cargo assessment rationale: (PGA page 1492) SUBSCRIBER NOTES (continued) (PGA page 1500)
The FOB Mediterranean jet cargo assessment was derived as
a freight netback to the CIF Northwest Europe jet cargo from January 3, 2017. Platts previously assessed FOB NWE LSSR These assessments appear in Platts European Marketscan, APAG
assessment, using the following calculation: CIF NWE jet meeting the specifications of 0.935-0.950 at 15 degrees scan, Oilgram Price Report, and impact the following pages:
cargo assessment minus the cost of transporting a 27,500 mt centigrade. This has now been amended to 0.920-0.950 at 15 MH0031 , MH0039, MH0108, MH0108, MH0117, MH1114, MH1120,
degrees centigrade. A conversion factor between barrels and MH1520, MH1522, MH1540, MH1890.
clean cargo from Augusta, Italy, to Rotterdam, Netherlands.
metric tonnes of 6.77 continues to be used following the
The above commentary applies to the market data code: AAIDL00
change, in line with prevailing market standards. Platts Corrections
analysed the density of a range of LSSR streams in the region
Jet Barge bids/offers/trades: (PGA page 1490) and concluded that the proposed density represents more fully Platts corrects July 31 ULSD 10ppm CIF Med cargo
■■JET: BARGE: MOC SUMMARY: No trades reported. the underlying physical market. Please send all comments to assessment rationale
■■JET: BARGE: MOC SUMMARY: Shell bid 1) 2-4kt Please note that Platts has corrected the July 31 ULSD 10ppm CIF
europe_products@platts.com and pricegroup@platts.com. For
Amsterdam/Rotterdam 06/08-10/08 loading / pxg BL+5 written comments, please provide a clear indication if Med cargo assessment rationale. The correction only affects the
(BL=0) @ PBH plus 0.50; LITASCO offers 1) 2-4kt Flushing/ comments are not intended for publication by Platts for public rationale, not the assessment. The rationale should read as follows:
Amsterdam 4-8/8 @ Aug+32; CCMA Offers 1) Aug + 32 viewing. Platts will consider all comments received and will The CIF Mediterranean cargo diesel market was assessed on the
make comments not marked as confidential available upon following inputs: Value on August 12-19 was taken at $8.00/mt
USD/MT, ARA, 04/08 - 08/08 , 2-3KT.
request. above front-month ICE low sulfur gasoil futures contract, 25 cents/
mt below a competitive offer live at the close. On August 20, value
Jet Barge exclusions: (PGA page 1490) No market data was was taken at $8.00/mt, in between a competitive bid and offer live
Platts corrects Jul 20 FOB, CIF Med HSFO cargo prices
excluded from the August 01 assessment process. at the close. On August 23, value was taken $7.88/mt, 25 cents/mt
Please note that Platts has corrected the Mediterranean high sulfur
fuel oil cargo assessments for July 20. The assessments should above a competitive bid. A four cents/day backwardated structure
Jet Cargo bids/offers/trades: (PGA page 1493) read as follows: CIF Med HSFO cargoes: $291.00-$291.50/mt. FOB was applied to all dates following August 20 on the assessment
■■JET FUEL: NWE CARGO DEAL SUMMARY: None. Med HSFO cargoes: $284.25-$284.75/mt. These assessments were curve. A flat structure was applied to all other dates on the
■■JET FUEL: NWE CARGO OUSTANDING INTEREST: OFFERS: assessment curve. The rationale is published on Platts Global Alert
published under codes PUAAY00 and PUAAZ00 respectively on the
None. relevant wire services, and appeared in European Marketscan. page 1456 and in Platts European Marketscan.
■■BIDS: BP bids Platts NWE Jet Crg - CIF bss Le Havre CIM

- 10-25, Main: 27 kt, 15/8 - 20/8 (wide laycan), Indication

number: 2 Laycan: seller to declare a 5 day window at 17 Optol: 0-6kt FULL EFP Aug 17, premium in line with DEFSTAN 091-91, meeting JFSCL latest issue (current at
the time of the trade Main volume pricing: 27kt pricing last differential indication Terminal/jetty: Rotts Spec: Jet bill of lading) with possible exception of electrical
Full EFP Aug 17 Optol: 0-6kt FULL EFP Aug 17, premium A1 DEFSTAN 91-91, meeting JFSCL latest issue (current conductivity (Stadis to be provided on board in drums),
in line with last differential indication Terminal/jetty: Le at bill of lading) with possible exception of electrical ISPS compliant CP Terminal- Rotterdam CP Options- Full
Havre CIM Spec: Jet A1 DEFSTAN 91-91, meeting JFSCL conductivity (Stadis to be provided on board in drums), NWE Options @ CP cost, terms and conditions Vessel-
latest issue (current at bill of lading) with possible ISPS compliant CP: Full NWE charter party options at Shell/BP/Total approvals , 100% of main volume at Jet
exception of electrical conductivity (Stadis to be charter party rate, terms and conditions Vessel: BP/ CIF NWE Crg Any Day See TQC $-2.00.
provided on board in drums), ISPS compliant CP: Full Totsa/ Shell, 100% of main volume at EFP ICE LS GO
NWE charter party options at charter party rate, terms Month Aug $29.00; Shell bids Platts NWE Jet Crg - CIF Jet Cargo exclusions: (PGA page 1493) No market data was
and conditions Vessel: BP/Totsa/ KPIAC, 100% of main bss Rotterdam - 10-25, Main: 27 kt, 16/8 - 20/8, excluded from the August 01 assessment process.
volume at EFP ICE LS GO Month Aug $29.00; Indication Number 1 Laycan- seller to narrow at time of
■■BP bids Platts NWE Jet Crg - CIF bss Rotterdam - 10-25, booking (if applicable) Main volume pricing : 27kt pxg Jet Index (PGA page 115)
July 31, 2017 Index $/mt
Main: 27 kt, 11/8 - 16/8 (wide laycan), Indication number: CCM-related balance August 2017 (starting tomorrow)
Europe & CIS PJECI00 178.48 PJECI09 522.00
1 Laycan: seller to declare a 5 day window at the time of Vol Tol - 0-6kt CCM-related average of 3 days after COD MidEast & Africa PJMEA00 190.71 PJMEA09 503.84
the trade Main volume pricing: 27kt pricing Full EFP Aug (COD = day zero) @ CCM minus $3/MT Spec- Jet A1 Global PJGLO00 181.72 PJGLO09 524.20

© 2017 S&P Global Platts, a division of S&P Global. All rights reserved. 10
EUROPEAN MARKETSCAN August 1, 2017

cents/mt below a competitive offer live at the close. Gasoil 0.1% Barge bids/offers/trades: (PGA page 1428)
Gasoil ■■~~Platts Gasoil 0.1 Brg: MOC summary: 3 trades reported:
The above commentary applies to the market data code: AAUQC00
Market analysis: (PGA page 1499) European gasoil markets ■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA FE done

remained weak Tuesday, despite the spike in cracks this Gasoil 0.1%S FOB NWE Cargo assessment rationale: (PGA page $-14.50 for 2 GUNVORSA STR*;
week. Issues at Shell’s Pernis refinery in Rotterdam was the 1443) The FOB Northwest Europe 0.1% gasoil cargo assessment ■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA MW done

key driver in the latest strength in distillate cracks, yet values was derived as a freight netback from the CIF NWE 0.1% gasoil $-15.00 for 2 GUNVORSA STR*;
for high sulfur gasoil remained weak on the back of low cargo assessment, using the following assessments: CIF NWE ■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA BE done

demand from key export markets, namely West Africa and 0.1% gasoil cargo assessment minus the cost of transporting a $-15.00 for 2 GUNVORSA STR*;
Argentina. The oversupply in Northwest Europe saw 0.1% 22,000 mt clean cargo from a basket of ports in the Baltic and ■■GASOIL 0.1% BARGE OUTSTANDING INTEREST: OFFERS:

gasoil hit a one-year low Monday. Strong distillate cracks Northwest Europe to Le Havre, France. ■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA BE BP Offer

may encourage higher refinery runs at other refineries in the The above commentary applies to the market data code: AAYWR00 $-15.50 for 3;
region, adding to the oversupply of high sulfur gasoil, sources ■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA FE BP Offer

said. “There is not much demand. Everyone is swimming in it Gasoil 0.1%S CIF NWE Cargo assessment rationale: (PGA $-15.75 for 3;
[HSGO],” a distillates trader said. Meanwhile, HSGO prices in page 1443) The CIF Northwest Europe 0.1% gasoil cargo ■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA FE LITASCO

offshore West African markets were lower on the back of assessment was based on the relationship between the Offer $-10.00 for 3;
reduced demand into Nigeria, sources said. The offshore physical and swaps markets in the absence of competitive ■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA MW BP Offer

Lome, Togo, 0.3% Nigerian grade of gasoil was last heard at indications seen previously in the Platts Market on Close $-15.50 for 3;
discounts of $3-$7/mt to August ICE low sulfur gasoil assessment process. ■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA MW LITASCO

futures, down from a discount of around $2/mt two weeks The above commentary applies to the market data code: AAYWS00 Offer $-10.00 for 3;
ago. Demand in Nigeria is highly sensitive to the availability of ■■GASOIL 0.1% BARGE OUTSTANDING INTEREST: BIDS:

financing and, in the last month, access to credit has been Gasoil 0.1%S FOB Med Cargo assessment rationale: (PGA ■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA BE VITOL Bid

quite limited, local traders said. page 1392) The FOB Mediterranean 0.1% gasoil cargo $-16.50 for 3;
assessment was derived as a freight netback from the CIF ■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA MW VITOL Bid

Gasoil .1%S (1000ppm) FOB ARA Barge assessment Mediterranean 0.1% gasoil cargo assessment, using the $-17.00 for 3;
rationale: (PGA page 1427) The FOB ARA 0.1% gasoil barges following assessments: CIF Mediterranean 0.1% gasoil
assessment was made in line with the following inputs from cargo assessment minus the cost of transporting a 30,000 Gasoil 0.1% Barge exclusions: (PGA page 1428) No market
the Platts Market on Close assessment process: August 6 mt clean cargo from a basket of ports in the Mediterranean data was excluded from the August 01 assessment process.
was assessed at a discount of $16.00/mt to the front- to Genoa, Italy, and Lavera, France.
month ICE low sulfur gasoil futures contract, 25 cents/mt The above commentary applies to the market data code: AAVJI00 Gasoil Barge 50ppm bids/offers/trades: (PGA page 1409)
below a competitive offer live at the close. August 14 was ■■~~Platts Gasoil 50ppm Brg:?MOC summary: 1 trades
assessed at a discount of $16.25/mt, 25 cents/mt above a Gasoil .1%S (1000ppm) CIF Med Cargo assessment reported:
competitive bid live at the close. A backwardation structure rationale: (PGA page 1392) The CIF Mediterranean 0.1% gasoil ■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA FE done

of 3 cents/mt was applied across the assessment curve. cargo assessment was assessed in line with the following $-4.00 for 1.15 GUNVORSA GLENCOREUK*;
The above commentary applies to the market data code: AAYWT00 inputs from the Platts Market on Close assessment ■■GASOIL 50ppm BARGE OUTSTANDING INTEREST: OFFERS:

process: August 16 was assessed at a discount of $11.25/mt ■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA BE VITOL

Gasoil .005%S (50ppm) FOB ARA Barge assessment to the front-month ICE low sulfur gasoil futures contract, 25 Offer $-1.50 for 3;
rationale: (PGA page 1408) The FOB ARA 50 ppm gasoil barge cents/mt above a competitive bid live at the close. A ■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA FE

assessment was assessed in line with the following inputs backwardation structure of around 6 cents/mt, as implied BELGOM Offer $-4.50 for 3;
from the Platts Market on Close assessment process: with the swaps structure, was applied across the ■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA FE

August 6 was assessed at a discount of $4.75/mt to the assessment curve. LICOBV Offer $-3.00 for 3;
front-month ICE low sulfur gasoil futures contract, 25 The above commentary applies to the market data code: AAVJJ00 ■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA FE VITOL

© 2017 S&P Global Platts, a division of S&P Global. All rights reserved. 11
EUROPEAN MARKETSCAN August 1, 2017

Offer $-1.50 for 3; ULSD 10ppmS CIF NWE Basis UK Cargo assessment
Diesel
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA MW rationale: (PGA page 1467) The CIF UK diesel cargo
BELGOM Offer $-3.50 for 3; Market analysis: (PGA page 1498) Refinery uncertainty was still assessment was derived as a freight net forward from the
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA MW VITOL the name of the game in the European diesel market Tuesday CIF Northwest Europe (ARA) diesel cargo assessment,
Offer $-1.50 for 3; with the Shell’s Pernis refinery not expected to be back to using the following assessments: CIF NWE (ARA) diesel
■■GASOIL 50ppm BARGE OUTSTANDING INTEREST: BIDS: operations until the the second half of August at the earliest, cargo assessment plus the cost of transporting a 30,000
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA BE according to the company. What this means for lifters from the mt clean cargo from a basket of ports in the Baltic to a
MABADEUT Bid $-3.50 for 3; refinery was unclear as the facility needs the power station basket of UK ports.
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA MW where a fire started on Saturday evening to be repaired before The above commentary applies to the market data code: AAVBH00
MABADEUT Bid $-3.50 for 3; “the refinery can be rebooted step by step”, Shell said. The
effect off all this was to push the backwardation on August/ ULSD 10ppmS CIF NWE Basis Le Havre Cargo assessment
Gasoil Barge 50ppm exclusions: (PGA page 1409) No market September ICE low sulfur gasoil futures to around $2.00/mt for rationale: (PGA page 1467) The CIF Northwest Europe (Le
data was excluded from the Aug 01 assessment process. both the settlement and the Platts assessment, although the Havre) diesel cargo assessment was derived as a freight
spread was a little jittery. With physical markets now in net forward from the CIF NWE (ARA) diesel cargo
Gasoil NWE Cargo bids/offers/trades: (PGA page 1444) backwardation, selling from storage was very much a assessment, using the following assessments: CIF NWE
■■GASOIL: NWE CARGO DEAL SUMMARY: None. possibility. The backwardation was reigniting the possibility of (ARA) diesel cargo assessment plus the cost of
■■GASOIL: NWE CARGO OUSTANDING INTEREST: OFFERS: product moving from the Persian Gulf on a spot basis, with the transporting a 30,000 mt clean cargo from a basket of
None. exchange of futures for swaps falling sharply, as the European ports in the Baltic to Le Havre, France.
■■BIDS: None. leg of the instrument lurched higher. In the Baltics, Primorsk The above commentary applies to the market data code: AAWZC00
loadings were still unavailable, meaning the splits of cargoes
Gasoil NWE Cargo exclusions: (PGA page 1444) No market sizes was generally unknown as yet. Despite all the talk of ULSD 10ppmS CIF NWE Cargo assessment rationale: (PGA
data was excluded from the August 01 assessment process. refinery outages, values fell slightly across the board, with the page 1467) The CIF Northwest Europe (ARA) ultra low sulfur
Mediterranean seemingly running out of steam, although there diesel cargo assessment was based on the following
Gasoil Mediterranean bids/offers/trades: (PGA page 1393) were strong bids in the eastern side of that market, inputs: Value on August 17-19 was taken at $2.72/mt above
■■GASOIL: MED CARGO DEAL SUMMARY: None. suggesting a bifurcation in the region. front-month low sulfur gasoil futures, 25 cents/mt below a
■■GASOIL: MED CARGO OUSTANDING INTEREST: OFFERS: competitive offer live at the close. On August 20, value was
None. ULSD 10ppmS FOB ARA Barge assessment rationale: (PGA taken at $3.36/mt, on a competitive traded bid and a
■■BIDS: Glencore bids Platts Med 0.1% Gasoil Crg - CIF bss page 1478) The FOB ARA ultra low sulfur diesel barge competitive offer live at the close. On August 21, value was
Alexandria - 10-25, Main: 25 kt, 14/8 - 18/8, Indication 1 assessment was derived using the following inputs: The taken at $2.72/mt, 25 cents/mt below a competitive offer
Optol : 0-5 kt in s.o, price as per last main volume efp front-end laycan was assessed at a premium of 75 cents/mt live at the close. A backwardated structure of around five
indication Terminal : Alexandria Cargo : 25-30 kt s.o Spec: to front-month ICE low sulfur gasoil futures, between a cents/day, as implied by the swaps structure, was applied
gasoil 0.1 meeting Spanish B+C summer Cp : Euromed competitive bid and offer live at the close. The midwindow to all other dates on the assessment curve.
neobig + Slovenia +Croatia excluding y/fyugo/toc + laycan was assessed at a premium of 49 cents/mt, between The above commentary applies to the market data code: AAVBG00
Tunisia + Algeria + Egyptian Med+ Lebanon + Libya a competitive bid and offer live at the close. The back-end
(including Zawia, Misurata, Al Khoms, Tobruk) + others laycan was assessed at a premium of 36 cents/mt, in ULSD 10ppmS CIF Med Cargo assessment rationale: (PGA
obtainable. Vessel : TOTAL/SHELL/SARAS approved , between a bid and offer live at the close. A backwardated page 1456) The CIF Med cargo diesel market was assessed
100% of main volume at EFP ICE LS GO Month Sep $-9.00. structure of around 7 cents/d was applied to all dates before on the following inputs: Value on August 13 was taken at
the midpoint of the midwindow laycan. A backwardated $7.85/mt above the front-month ICE low sulfur gasoil
Gasoil Mediterranean exclusions: (PGA page 1393) No structure of around three cents/day was applied to all dates futures contract, in between a competitive bid and offer live
market data was excluded from the August 01 assessment after the midpoint of the midwindow laycan. at the close. On August 14-15, value was taken at $6.95/mt,
process. The above commentary applies to the market data code: AAJUS00 25 cents/mt below a competitive live at the close. On

© 2017 S&P Global Platts, a division of S&P Global. All rights reserved. 12
EUROPEAN MARKETSCAN August 1, 2017

■■BE: MERCURIASA sold to VITOL* 2kt 297/mt 15:10:31

August 16, value was taken $7.92/mt, on a competitive Deals Summary ■■BE: MERCURIASA sold to VITOL* 2kt 296.50/mt 15:14:45
traded bid and a competitive offer. On August 17-18, value ■■BE: LITASCO sold to VITOL* 2kt 296.50/mt 15:15:20
was taken $6.95/mt, 25 cents/mt below a competitive offer. HSFO barge trades (PGA page 1593)
■■BE: MERCURIASA sold to VITOL* 2kt 296/mt 15:15:47

On August 19, value was taken $8.35/mt, on a competitive ■■FE: LITASCO sold to VITOL* 2kt 297/mt 15:14:47 ■■BE: BPBV sold to VITOL* 2kt 296/mt 15:15:55

bid and offer. On August 20, value was taken $7.98/mt, on a ■■FE: LITASCO sold to VITOL* 2kt 297/mt 15:14:51 ■■BE: BPBV sold to VITOL* 2kt 296/mt 15:16:02
■■FE: TOTSA sold to GUNVORSA* 2kt 297/mt 15:14:54
■■BE: GUNVORSA sold to VITOL* 2kt 295.50/mt 15:17:22
competitive bid and offer. On August 21, value was taken
■■FE: TOTSA sold to VITOL* 2kt 297/mt 15:14:55
■■BE: MERCURIASA sold to VITOL* 2kt 295.50/mt 15:17:28
$6.95/mt, 25 cents/mt below a competitive offer. A ■■FE: LITASCO sold to MERCURIASA* 2kt 296.50/mt 15:15:30
■■BE: LITASCO sold to VITOL* 2kt 295.50/mt 15:17:29
backwardated structure of around 10 cents/day was applied ■■FE: LITASCO sold to VITOL* 2kt 296.50/mt 15:15:35
■■BE: TRAFI sold to VITOL* 2kt 294.50/mt 15:23:27
to all dates following August 21 on the assessment curve. A ■■FE: LITASCO sold to VITOL* 2kt 296.50/mt 15:15:42
■■BE: MERCURIASA sold to VITOL* 2kt 294/mt 15:23:52
flat structure was applied to all other dates. ■■FE: LITASCO sold to VITOL* 2kt 296.50/mt 15:15:47
■■BE: MERCURIASA sold to VITOL* 2kt 293.50/mt 15:26:30
■■FE: STR sold to GUNVORSA* 2kt 296/mt 15:15:57
The above commentary applies to the market data code: AAWYZ00 ■■BE: BPBV sold to VITOL* 2kt 292/mt 15:29:48
■■FE: STR sold to VITOL* 2kt 296/mt 15:16:49
* Denotes market maker. All times GMT
■■FE: TRAFI sold to VITOL* 2kt 296/mt 15:17:02
Diesel Barge bids/offers/trades: (PGA page 1479)
■■FE: TRAFI sold to VITOL* 2kt 296/mt 15:17:05 HSFO barge bids (PGA page 1595)
■■~~Platts ULSD Brg: MOC summary: 17 trades reported:
■■FE: STR sold to MERCURIASA* 2kt 295.50/mt 15:17:07
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done
■■No bids reported
■■FE: STR sold to VITOL* 2kt 295.50/mt 15:17:15

$0.75 for 3 VRDNV* BP; ■■FE: STR sold to VITOL* 2kt 295.50/mt 15:17:18
Withdrawals
■■FE: VITOL SA no longer bids 2kt 297/mt
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done ■■FE: LITASCO sold to VITOL* 2kt 295.50/mt 15:18:16
■■FE: VITOL SA no longer bids 2kt 297/mt
■■FE: LITASCO sold to MERCURIASA* 2kt 295.50/mt 15:18:22
$0.75 for 3 LICOBV* STR; ■■FE: VITOL SA no longer bids 2kt 297/mt
■■FE: LITASCO sold to VITOL* 2kt 295/mt 15:23:14
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done
■■FE: GUNVOR SA no longer bids 2kt 297/mt
■■FE: LITASCO sold to MERCURIASA* 2kt 295/mt 15:23:20
$1.00 for 3 PTT* GLENCOREUK; ■■FE: MERCURIA ENERGY TRADING SA no longer bids 2kt 296.50/mt
■■FE: LITASCO sold to MERCURIASA* 2kt 294.50/mt 15:23:41
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done ■■FE: VITOL SA no longer bids 2kt 296.50/mt
■■FE: LITASCO sold to VITOL* 2kt 294/mt 15:26:30
■■FE: VITOL SA no longer bids 2kt 296.50/mt
$0.75 for 3 VITOL STR*; ■■FE: LITASCO sold to AEGEAN* 6kt 293.75/mt 15:26:30
■■FE: VITOL SA no longer bids 2kt 296.50/mt
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done ■■FE: LITASCO sold to AEGEAN* 2kt 293.75/mt 15:26:40
■■FE: VITOL SA no longer bids 2kt 296/mt
$0.75 for 1.7 VITOL STR*; ■■FE: LITASCO sold to VITOL* 2kt 293.50/mt 15:26:45
■■FE: VITOL SA no longer bids 2kt 296/mt
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW done ■■FE: TRAFI sold to MERCURIASA* 2kt 293.50/mt 15:26:47
■■FE: GUNVOR SA no longer bids 2kt 296/mt
■■FE: LITASCO sold to VITOL* 2kt 293/mt 15:26:50
$0.75 for 3 VITOL* BP; ■■FE: VITOL SA no longer bids 2kt 296/mt
■■FE: TRAFI sold to VITOL* 2kt 293/mt 15:26:57
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done ■■FE: VITOL SA no longer bids 2kt 295.50/mt
■■FE: TRAFI sold to VITOL* 2kt 292.25/mt 15:29:48
$0.75 for 3 VITOL GLENCOREUK*; ■■MW: LITASCO sold to VITOL* 2kt 296.50/mt 15:15:03
■■FE: VITOL SA no longer bids 2kt 295.50/mt

■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE done ■■FE: MERCURIA ENERGY TRADING SA no longer bids 2kt 295.50/mt
■■MW: LITASCO sold to VITOL* 2kt 296.50/mt 15:15:13
■■FE: VITOL SA no longer bids 2kt 295.50/mt
$0.75 for 3 VITOL* BP; ■■MW: LITASCO sold to VITOL* 2kt 296/mt 15:17:01
■■FE: MERCURIA ENERGY TRADING SA no longer bids 2kt 295.50/mt
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW done ■■MW: TOTSA sold to MERCURIASA* 2kt 296/mt 15:17:03
■■FE: TRAFIGURA PTE LTD. no longer bids 2kt 295/mt
■■MW: TOTSA sold to VITOL* 2kt 296/mt 15:17:05
$0.75 for 3 VITOL* BP; ■■FE: MERCURIA ENERGY TRADING SA no longer bids 2kt 295/mt
■■MW: LITASCO sold to VITOL* 2kt 296/mt 15:17:10
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done
■■FE: VITOL SA no longer bids 2kt 295/mt
■■MW: GUNVORSA sold to PENINSULA* 2kt 294.25/mt 15:23:35
$0.75 for 2 VITOL STR*; ■■FE: MERCURIA ENERGY TRADING SA no longer bids 2kt 294.50/mt
■■MW: GUNVORSA sold to VITOL* 2kt 294/mt 15:24:13
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW done ■■FE: TOTSA TOTAL OIL TRADING SA no longer bids 2kt 294.50/mt
■■MW: GUNVORSA sold to VITOL* 2kt 294/mt 15:24:16
■■FE: VITOL SA no longer bids 2kt 294/mt
$0.50 for 2 BELGOM STR*; ■■MW: TRAFI sold to VITOL* 2kt 293.50/mt 15:26:34
■■FE: TOTSA TOTAL OIL TRADING SA no longer bids 2kt 294/mt
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE done ■■MW: TRAFI sold to VITOL* 2kt 293.50/mt 15:26:35
■■FE: PENINSULA PETROLEUM LTD no longer bids 2kt 294/mt
$0.75 for 3 VITOL* BP; ■■MW: TRAFI* sold to MERCURIASA 2kt 292.75/mt 15:28:42
■■FE: AEGEAN NWE NV. no longer bids 2kt 293.75/mt
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done ■■MW: TRAFI* sold to MERCURIASA 2kt 292.75/mt 15:28:48
■■FE: AEGEAN NWE NV. no longer bids 6kt 293.75/mt
■■MW: TRAFI* sold to MERCURIASA 2kt 292.75/mt 15:28:54
$1.00 for 3 TOTSA* GLENCOREUK; ■■FE: VITOL SA no longer bids 2kt 293.50/mt
■■MW: TRAFI sold to VITOL* 2kt 292.25/mt 15:29:51
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW done

© 2017 S&P Global Platts, a division of S&P Global. All rights reserved. 13
EUROPEAN MARKETSCAN August 1, 2017

$0.75 for 3 VITOL* BP; Deals summary (continued)

■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done ■■FE: MERCURIA ENERGY TRADING SA no longer bids 2kt 293.50/mt ■■BE: TOTSA TOTAL OIL TRADING SA no longer bids 2kt 292/mt
$0.75 for 3 VITOL STR*; ■■FE: VITOL SA no longer bids 2kt 293/mt ■■BE: VITOL SA no longer bids 2kt 292/mt
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE done
■■FE: VITOL SA no longer bids 2kt 293/mt

$0.75 for 3 VITOL* BP; ■■FE: AEGEAN NWE NV. no longer bids 2kt 293/mt HSFO barge offers (PGA page 1594)
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE done ■■FE: BP EUROPA SE - BP NEDERLAND no longer bids 2kt 293/mt ■■FE: SHELL TRADING ROTTERDAM B.V. offers 2kt 293.50/mt
■■FE: VITOL SA no longer bids 2kt 292.25/mt FE: TRAFIGURA PTE LTD. offers 2kt 293.75/mt
$0.75 for 1.7 VITOL STR*; ■■

■■MW: VITOL SA no longer bids 2kt 296.50/mt ■■FE: SHELL TRADING ROTTERDAM B.V. offers 2kt 295/mt
■■ULSD BARGE OUTSTANDING INTEREST: OFFERS:
■■MW: VITOL SA no longer bids 2kt 296.50/mt ■■FE: BP EUROPA SE - BP NEDERLAND offers 2kt 296/mt
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE VITOL
■■MW: VITOL SA no longer bids 2kt 296/mt ■■FE: GUNVOR SA offers 2kt 301/mt
Offer $0.75 for 3; ■■MW: MERCURIA ENERGY TRADING SA no longer bids 2kt 296/mt ■■MW: BP EUROPA SE - BP NEDERLAND offers 2kt 293/mt
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE TOTSA
■■MW: VITOL SA no longer bids 2kt 296/mt ■■MW: SHELL TRADING ROTTERDAM B.V. offers 2kt 293.25/mt

Offer $1.00 for 3; ■■MW: VITOL SA no longer bids 2kt 296/mt ■■MW: TRAFIGURA PTE LTD. offers 2kt 293.25/mt

■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE VITOL ■■MW: TOTSA TOTAL OIL TRADING SA no longer bids 2kt 295.25/mt ■■MW: SHELL TRADING ROTTERDAM B.V. offers 2kt 295.25/mt
■■MW: GUNVOR SA no longer bids 2kt 295/mt ■■MW: GUNVOR SA offers 2kt 297/mt
Offer $1.00 for 3;
■■MW: TRAFIGURA PTE LTD. no longer bids 2kt 295/mt ■■BE: BP EUROPA SE - BP NEDERLAND offers 2kt 292.50/mt
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW VITOL
■■MW: PENINSULA PETROLEUM LTD no longer bids 2kt 294.25/mt ■■BE: TRAFIGURA PTE LTD. offers 2kt 293/mt
Offer $0.75 for 3; ■■MW: VITOL SA no longer bids 2kt 294/mt ■■BE: KOCH COMMODITIES EUROPE LIMITED offers 2kt 295/mt
■■Platts ULSD Brg 1-3kt ICE LSGO M1 FG Smr FE TOTSA
■■MW: VITOL SA no longer bids 2kt 294/mt ■■BE: GUNVOR SA offers 2kt 295.75/mt
Offer $-0.75 for 3; ■■MW: TOTSA TOTAL OIL TRADING SA no longer bids 2kt 294/mt
Withdrawals
■■Platts ULSD Brg 1-3kt ULSD FOB Brg ARA Smr BE VITOL ■■MW: VITOL SA no longer bids 2kt 293.50/mt
■■FE: TOTSA TOTAL OIL TRADING SA no longer offers 2kt 301/mt
Offer $0.25 for 3; ■■MW: VITOL SA no longer bids 2kt 293.50/mt
■■MW: TRAFIGURA PTE LTD. no longer offers 2kt 292.75/mt
■■Platts ULSD Brg 1-3kt ULSD FOB Brg ARA Smr MW VITOL ■■MW: BP EUROPA SE - BP NEDERLAND no longer bids 2kt 293/mt
■■MW: TRAFIGURA PTE LTD. no longer offers 2kt 292.75/mt
■■MW: VITOL SA no longer bids 2kt 292.25/mt
Offer $0.25 for 3; ■■MW: TRAFIGURA PTE LTD. no longer offers 2kt 292.75/mt
■■BE: VITOL SA no longer bids 2kt 297/mt
■■ULSD BARGE OUTSTANDING INTEREST: BIDS: ■■MW: TOTSA TOTAL OIL TRADING SA no longer offers 2kt 303/mt
■■BE: VITOL SA no longer bids 2kt 296.50/mt
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE BP Bid ■■BE: TOTSA TOTAL OIL TRADING SA no longer offers 2kt 304/mt
■■BE: VITOL SA no longer bids 2kt 296.50/mt
$0.50 for 3; ■■BE: VITOL SA no longer bids 2kt 296/mt
LSFO barge trades (PGA page 1593)
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE ■■BE: VITOL SA no longer bids 2kt 296/mt
■■No trades reported
CHEVRONBV Bid $0.50 for 3; ■■BE: VITOL SA no longer bids 2kt 296/mt
* Denotes market maker. All times GMT
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE ■■BE: VITOL SA no longer bids 2kt 295.50/mt

■■BE: VITOL SA no longer bids 2kt 295.50/mt

GLENCOREUK Bid $0.00 for 3; LSFO barge bids (PGA page 1595)
■■BE: VITOL SA no longer bids 2kt 295.50/mt
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE ■■No bids reported
■■BE: TRAFIGURA PTE LTD. no longer bids 2kt 295/mt
MABADEUT Bid $0.50 for 3; ■■BE: GUNVOR SA no longer bids 2kt 295/mt Withdrawals
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr BE STR Bid ■■No bids reported
■■BE: VITOL SA no longer bids 2kt 294.50/mt

$0.50 for 3; ■■BE: PENINSULA PETROLEUM LTD no longer bids 2kt 294/mt
LSFO barge offers (PGA page 1594)
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE BP Bid ■■BE: VITOL SA no longer bids 2kt 294/mt

■■BE: VITOL SA no longer bids 2kt 293.50/mt

■■No offers reported
$0.50 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE
■■BE: BP EUROPA SE - BP NEDERLAND no longer bids 2kt 293/mt Withdrawals
■■BE: TOTSA TOTAL OIL TRADING SA no longer bids 2kt 293/mt ■■No offers reported
GLENCOREUK Bid $0.50 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr FE

MABADEUT Bid $0.50 for 3; ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW GLENCOREUK Bid $0.25 for 3;
■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW BP Bid CHEVRONBV Bid $0.50 for 3; ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW
$0.50 for 3; ■■Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Smr MW MABADEUT Bid $0.50 for 3;

© 2017 S&P Global Platts, a division of S&P Global. All rights reserved. 14
EUROPEAN MARKETSCAN August 1, 2017

Diesel Barge exclusions: (PGA page 1479) No market data SPEC: ULSD 10PPM MEETING FRENCH SUMMER SPEC (INC obtainable at cost Vessel: Shell/BP/ Lukoil 100% of main
was excluded from the August 01 assessment process. 0.842 MAX) CP: HAMBURG-BDX + NORTH SPAIN + ECUK at ULSD CIFMed Crg Any Day See TQC $1.00.
OPTION VESSEL :SHELL /BP / LITASCO GTC: TOTSA ■■ULSD: MED CARGO OUSTANDING INTEREST: OFFERS:

Diesel NWE Cargo bids/offers/trades: (PGA page 1468) LATEST EDITION, 100% of main volume at EFP ICE LS GO Mercuria offers Platts Med ULSD Crg - CIF bss Lavera -
■■ULSD: NWE CARGO DEAL SUMMARY: VITOL-BP trade on Month Aug $5.00; Vitol offers Platts NWE ULSD Crg - CIF 10-25, Main: 27 kt, 17/8 - 21/8, Indication Number: 1
bid, Platts NWE ULSD Crg - CIF bss Hamburg - 10-25, Main: bss Le Havre - 10-25, Main: 27 kt, 11/8 - 19/8 (wide laycan), Laycan: 17/21 Aug Main Vol Pricing: Full EFP OpTol: 0-6kt,
27kt, 18/8 - 22/8, Indication number: 1 Seller to narrow at indication number: 3oco4 Laycan: buyer to narrow Main full EFP as per last differential indication Spec: 10ppm
time of trade Main Volume: 27kt pricing EFP Optol : 0-6 kt volume: efp Optol: 0-6kt efp as per main Spec: ULSD ulsd French Summer specs, max 0.842, C&B CP:
pricing as per Main EFP Spec : ULSD 10ppm French 10ppm meeting French summer spec (inc 0.842 max) CP: Euromed neobig + Slovenia + Croatia excluding y/fyugo/
Summer C&B CP : hbg-bdx range + Nspain +ECUK others hamburg-bdx + north spain + ecuk option Vessel :Mt NS toc +Turkish med + SOM + others obtainable Vessel:
obtainable at cost Vessel : TOTAL/BP/SHELL approved Pride GTC: totsa latest edition , 100% of main volume at Litasco/Shell/BP approved , 100% of main volume at EFP
100% of main at EFP ICE LS GO Month Aug $3.50. EFP ICE LS GO Month Aug $6.00; ICE LS GO Month Aug $10.00; Vitol offers Platts Med ULSD
■■ULSD: NWE CARGO OUSTANDING INTEREST: OFFERS: ■■Vitol offers Platts NWE ULSD Crg - CIF bss Le Havre - Crg - CIF bss Lavera - 10-25, Main: 27 kt, 11/8 - 26/8 (wide
Vitol offers Platts NWE ULSD Crg - CIF bss Amsterdam - 10-25, Main: 27 kt, 11/8 - 19/8 (wide laycan), indication laycan), Indication 7 oco 8 Optol: 0-6kt s.o, efp Aug +9
10-25, Main: 27 kt, 15/8 - 26/8 (wide laycan), indication number: 4oco3 Laycan: buyer to narrow Main volume: Spec: ulsd 10ppm french summer spec including C&B CP:
number: 2oco1 Laycan: buyer to narrow Main volume: pricing 10 - 15 Aug Optol: 0-6kt efp Aug +6.75 Spec: ULSD Euromed neobig + Slovenia + Croatia exc ludingy/fyugo/
pricing 14-20 Aug Optol: 0-6kt efp Aug+4.5 Spec: ULSD 10ppm meeting French summer spec (inc 0.842 max) CP: toc+Turkish med + SOM + others Obtainable Vessel:
10ppm meeting French summer spec (inc 0.842 max) CP: hamburg-bdx + north spain + ecuk option Vessel : Mt NS Shell/Litasco/Eni GTC: Total latest , 100% of main volume
hamburg-bdx + north spain + ecuk option Vessel :Shell / Pride GTC: totsa latest edition , 100% of main volume at at EFP ICE LS GO Month Aug $7.00; Vitol offers Platts Med
Totsa / litasco GTC: totsa latest edition , 100% of main ULSDCIFHavreCrg Any Day See TQC $1.00. ULSD Crg - CIF bss Lavera - 10-25, Main: 27 kt, 13/8 - 26/8
volume at ULSD CIF UK Crg Any Day See TQC $-4.00; Vitol ■■BIDS: Glencore bids Platts NWE ULSD Crg - CIF bss (wide laycan), Indication 7 oco 8 main vol : Pricing 2 - 6
offers Platts NWE ULSD Crg - CIF bss Amsterdam - 10-25, Thames - 10-25, Main: 27 kt, 18/8 - 22/8, indincation 4 August Optol: 0-6kt s.o efp Aug +9 Spec: ulsd 10ppm
Main: 27 kt, 15/8 - 26/8 (wide laycan), indication number: Main volume Pricing 27kt: 18-22 Aug Optol : 0-6 kt in s.o: french summer spec including C&B CP: Euromed neobig
1oco2 Laycan: buyer to narrow Main volume: efp Optol: price as per last price differential pricing COD +3 (COD + Slovenia + Croatia exc ludingy/fyugo/toc+Turkish med +
0-6kt efp Aug+4.5 Spec: ULSD 10ppm meeting French =0), Terminal : Thames Spec: ULSD 10ppm meeting SOM + others Obtainable Vessel: Shell/Litasco/Eni GTC:
summer spec (inc 0.842 max) CP: hamburg-bdx + north french summer spec (inc , C&B) Cp : Hamburg, Bdx, ECUK Total latest, 100% of main volume at ULSD CIFMed Crg
spain + ecuk option Vessel :Shell / litasco /totsa GTC: + N Spain Vessel : Total/BP/Shell , 100% of main volume at Any Day See TQC $1.25.
totsa latest edition , 100% of main volume at EFP ICE LS ULSD CIF UK Crg Any Day See TQC $-4.00. ■■BIDS: Glencore bids Platts Med ULSD Crg - CIF bss Elefsis

GO Month Aug $4.50; - 10-25, Main: 27 kt, 18/8 - 22/8, Indication 2 oco 3 Optol:
■■Vitol offers Platts NWE ULSD Crg - CIF bss Amsterdam - Diesel NWE Cargo exclusions: (PGA page 1468) No market 0-6kt s.o, as per main EFP indication Terminal/jetty:
10-25, Main: 27 kt, 19/8 - 26/8 (wide laycan), INDICATION data was excluded from the August 01 assessment process. Eleusis Spec: ulsd 10ppm meeting french summer spec
NUMBER: 5 OCO 6 LAYCAN: BUYER TO NARROW MAIN including C&B CP: Euromed neobig + Slovenia + Croatia
VOLUME: 21-27 Aug pxg OPTOL: 0-6K efp Aug +5 SPEC: Diesel Mediterranean bids/offers/trades: (PGA page 1457) exc luding y/fyugo/toc + Turkish med + Tunisia +SOM +
ULSD 10PPM MEETING FRENCH SUMMER SPEC (INC 0.842 ■■ULSD: MED CARGO DEAL SUMMARY: KOCHSARL-STR Morocco + others obtainable Vessel: Total/Lukoil/ENI ,
MAX) CP: HAMBURG-BDX + NORTH SPAIN + ECUK OPTION trade on bid, Platts Med ULSD Crg - CIF bss Koper - 10-25, 100% of main volume at EFP ICE LS GO Month Sep $7.50;
VESSEL :SHELL /TOTSA / LITASCO GTC: TOTSA LATEST Main: 27kt, 14/8 - 18/8, Indication 2 OCO 1 Main volume Glencore bids Platts Med ULSD Crg - CIF bss Elefsis -
EDITION , 100% of main volume at ULSDCIFHavreCrg Any pricing: 5 quotes after COD Optol: 0-6kt, pricing and diff 10-25, Main: 27 kt, 18/8 - 22/8, Indication 3 oco 2 Main
Day See TQC $-1.00; Vitol offers Platts NWE ULSD Crg - as per main volume Spec: French summer spec ulsd with volume pricing: 17-23 August Optol: 0-6kt s.o, pricing COD
CIF bss Amsterdam - 10-25, Main: 27 kt, 19/8 - 26/8 (wide C+B CP: Euromed, Neobig (exl yugo/former yugo/Albania/ +3 quotations (COD = 0), price as per last main volume
laycan), INDICATION NUMBER: 6 OCO 5 LAYCAN: BUYER Syria but inc Croatia/Slovenia)+Turkey incl Sea of indication Spec: ulsd 10ppm meeting french summer
TO NARROW MAIN VOLUME: efp OPTOL: 0-6K efp Aug +5 Marmara + Morocco, other cp options available/ spec including C&B CP: Euromed neobig + Slovenia +

© 2017 S&P Global Platts, a division of S&P Global. All rights reserved. 15
EUROPEAN MARKETSCAN August 1, 2017

Croatia exc luding y/fyugo/toc +Turkish med + Tunisia Slovenia)+Turkey incl Sea of Marmara, other cp options economics. They would make even less sense [for an
+SOM +Morocco + others obtainable Vessel: Total/Lukoil/ available/obtainable at cost Vessel: Shell/BP/ Lukoil , arbitrage] now. Despite an ongoing weak east-west spread
ENI , 100% of main volume at ULSD CIFMed Crg Any Day 100% of main volume at EFP ICE LS GO Month Sep $11.50; which was limiting fuel oil flows from the West into
See TQC $-1.00; Litasco bids Platts Med ULSD Crg - CIF Shell bids Platts Med ULSD Crg - CIF bss Mersin - 10-25, Singapore in July and August, traders pointed to a 3% year-
bss Koper - 10-25, Main: 25 kt, 11/8 - 15/8, indication 2 Main: 27 kt, 17/8 - 21/8, Indication 4 OCO 3 Main volume on-year increase in demand in Singapore, returning buying
Optol: 0-5kt s.o, as per main EFP indication Spec: ulsd pricing: 5 quotes after COD Optol: 0-6kt, pricing and diff interest from China, and lower exports from Iran. Meanwhile
10ppm meeting french summer spec including C&B CP: as per main volume Spec: French summer spec ulsd with in the low sulfur fuel oil market, demand for August
Euromed neobig + Slovenia + Croatia exc luding y/fyugo/ C+B CP: Euromed, Neobig (exl yugo/former yugo/Albania/ remained to be seen by most traders. However, Sahara
toc + Turkish med + Tunisia + SOM + Morocco +others Syria but inc Croatia/Slovenia)+Turkey incl Sea of Energy bid in the Platts Market on Close assessment
obtainable Vessel: OMV/Lukoil/Total , 100% of main Marmara + Morocco, other cp options available/ process for a delivered cargo of 1% sulfur RMG bunker
volume at EFP ICE LS GO Month Sep $9.00; obtainable at cost Vessel: Shell/BP/ Lukoil , 100% of main grade fuel oil with a minimum flash limit of 70 degrees into
■■PetroIneos bids Platts Med ULSD Crg - CIF bss Koper - volume at ULSD CIFMed Crg Any Day See TQC $1.00; Ceuta, but failed to attract any selling interest despite the
10-25, Main: 25 kt, 11/8 - 15/8, Indication: 1 Optol: 0-5kt s.o, Saras bids Platts Med ULSD Crg - CIF bss Venice - 10-25, soft appetite for LSFO seen in the market recently. With
as per main EFP indication Spec: ULSD 10ppm meeting Main: 27 kt, 11/8 - 15/8, Indication 3 Optol: 0-6kt as per regards to the Shell Pernis refinery incident, “the high-low
french summer spec including C&B CP: Euromed neobig main EFP indication Spec: french summer spec ulsd with spread will come under pressure as there will be less HSFO
+ Slovenia + Croatia excluding y/fyugo/toc + Turkish med C+B CP: Euromed, Neobig (exl Yugo/former Yugo/Albania/ in ARA,” one trader said. On ICE, the 1% August Med-North
+ Tunisia + SOM + Morocco +others obtainable Vessel: Syria but inc Croatia/Slovenia) + Tunisia + Turkish Med + spread traded lower at $2.75/mt.
OMV/Lukoil/Total, 100% of main volume at EFP ICE LS GO SOM + Marocco, other cp options at cost Vessel: OMV/
Month Aug $8.00; Saras bids Platts Med ULSD Crg - CIF Saras/Lukoil, 100% of main volume at EFP ICE LS GO FO 1%S FOB Rdam Barge assessment rationale: (PGA page
bss Koper - 10-25, Main: 27 kt, 18/8 - 22/8, Indication Month Aug $8.00. 1592) In 1% FOB Rotterdam barges, the differential to 3.5%
2oco1 Optol: 0-6kt as per main EFP indication Spec: FOB Rotterdam barges was assessed unchanged at flat, in
French summer spec ulsd with C+B CP: Euromed, Neobig Diesel Mediterranean exclusions: (PGA page 1457) No market the absence of any indication to prove otherwise.
(exl Yugo/former Yugo/Albania/Syria but inc Croatia/ data was excluded from the August 01 assessment process. The above commentary applies to the market data code: PUAAP00
Slovenia) + Tunisia + Turkish Med + SOM + Marocco, other
cp options at cost Vessel: OMV/Saras/Lukoil, 100% of FO 3.5%S FOB Rdam Barge assessment rationale: (PGA
Fuel Oil
main volume at EFP ICE LS GO Month Aug $8.25; Saras page 1592) In FOB Rotterdam HSFO barges, front-end,
bids Platts Med ULSD Crg - CIF bss Koper - 10-25, Main: Market analysis: (PGA page 1599) The European high sulfur midwindow and back-end values were all assessed below
27 kt, 18/8 - 22/8, Indication 1oco2 Main volume pricing: 5 fuel oil complex saw stronger cracks Tuesday. The August competitive offers at the close. Value moved lower
quotes after COD Optol: 0-6kt, pricing and diff as per 3.5% barge crack was trading around the minus $5.15/b relatively fast in line with a crude price fall.
main volume Spec: French summer spec ulsd with C+B mark, according to the ICE, as the crude complex fell The above commentary applies to the market data code: PUABC00
CP: Euromed, Neobig (exl Yugo/former Yugo/Albania/Syria sharply. While the HSFO barge market saw premiums over
but inc Croatia/Slovenia) + Tunisia + Turkish Med + SOM + the paper market steepen further down the curve, there FO 3.5%S 500 CST FOB Rdam Barge assessment
Marocco, other cp options at cost Vessel: OMV/Saras/ was talk about the future direction of the market as the rationale: (PGA page 1592) FOB Rotterdam 500 CST high
Lukoil, 100% of main volume at ULSD CIFMed Crg Any Day arbitrage to Singapore was uneconomical and stocks sulfur fuel oil barges was assessed unchanged at a
See TQC $-1.75; continued to rise. Fuel oil inventories in the Amsterdam- differential of minus $4.50/mt to FOB Rotterdam high sulfur
■■Shell bids Platts Med ULSD Crg - CIF bss Mersin - 10-25, Rotterdam-Antwerp region rose 84,000 mt to a four-month fuel oil barges.
Main: 27 kt, 17/8 - 21/8, Indication 3 OCO 4 Main volume high of 1.171 million mt in the week to Thursday, data from The above commentary applies to the market data code: PUAGN00
pricing: Full EFP Optol: 0-6kt Full EFP, as per last PJK International showed. It was the third weekly rise in a
differential on main volume indication Spec: French row. Meanwhile looking east, “the arbitrage [for VLCCs] is Fuel Oil Barge exclusions: (PGA page 1607) No market data
summer spec ulsd with C+B CP: Euromed, Neobig (exl closed by $3/mt” despite lower freight costs, a source said. was excluded from the August 01 barge assessment
yugo/former yugo/Albania/Syria but inc Croatia/ “Suezmax economics are even worse then VLCC process.

© 2017 S&P Global Platts, a division of S&P Global. All rights reserved. 16
EUROPEAN MARKETSCAN August 1, 2017

FO 1%S CIF NWE Cargo assessment rationale: (PGA page assessment was derived as a freight netback to the CIF \P offers Aug 11-Aug 15 100% 3.5% CIF Med cargoes Full
1588) The CIF Northwest European low sulfur fuel oil cargo Mediterranean high sulfur fuel oil cargo assessment, using Mnth Aug $1.50 for 27000-27000 “Terminal: Berth B
assessment was derived as a freight net-forward to the the following assessments: CIF Mediterranean high sulfur 3.5%S High CIF Med cargoes Optol : 0-6kt pricing 10
FOB Northwest European low sulfur fuel oil cargo fuel oil cargo assessment minus the cost of transporting a quotes after COD, same as main volume differential Spec
assessment using the following input: the FOB Northwest 30,000 mt fuel oil cargo between a basket of : Full Cargo, RMG 380, ISO 2010 RMG bunker fuel plus
European low sulfur fuel oil cargo assessment plus the cost Mediterranean ports. 3.50%S max and 2.00 ppm H2S max in liquid phase (EU
of transporting a 30,000 mt fuel oil cargo from a basket of The above commentary applies to the market data code: PUAAZ00 Qualified) CP : Full med (Excl. israel/syria/libia/albania/
NWE ports to the assessment basis port of Antwerp. yugo, former yugo and TOC) Vessel acceptable to :
The above commentary applies to the market data code: PUAAL00 Fuel Oil Barge bids/offers/trades: (PGA page 1605) CEPSA/REPSOL/BP
■■HSFO: RMK 500 CST BARGE: MOC DEAL SUMMARY: No ■■Platts HSFO Med Crg CIF bss Malta 10-25, GLTD offers Aug

FO 1%S FOB NWE Cargo assessment rationale: (PGA page deals. 11-Aug 15 100% 3.5% CIF Med cargoes Any Day See TQC
1588) In 1% FOB NWE cargoes, value was assessed using ■■HSFO: RMK 500 CST BARGE: MOC OUTSTANDING $1.75 for 27000-27000 “full cargo main volume pricing:
Monday’s physical/swap’s differential in the absence of any INTEREST: Bids: None 7-18 August both ends included on 3.5% cif med cargoes
public indications to suggest otherwise. ■■HSFO: RMK 500 CST BARGE: MOC OUTSTANDING optol: 0-6 kt 3 quotes after COD differential as per main
The above commentary applies to the market data code: PUAAM00 INTEREST: Offers: None volume spec: rmg 380 iso 2010 bunker fuel oil with 3.5%
sulphur max and 2ppm h2s max in liquid phase cp:full
FO 1%S CIF Med Cargo assessment rationale: (PGA page Fuel Oil NWE Cargo bids/offers/trades: (PGA page 1589) med options excluding syria israel libya yugo former yugo
1580) In 1% CIF Mediterranean cargoes, value was assessed ■■LSFO NWE CARGO MOC: DEAL SUMMARY: None albania and toc acceptable vessels: cepsa repsol exxon
using Monday’s physical/swap’s differential in the absence ■■LSFO NWE CARGO MOC: OUTSTANDING INTEREST: None ■■Platts HSFO Med Crg CIF bss Malta 10-25, GLTD offers Aug

of any public indications to suggest otherwise. ■■HSFO NWE CARGO MOC: DEAL SUMMARY: No deals. 19-Aug 23 100% 3.5% CIF Med cargoes Any Day See TQC
The above commentary applies to the market data code: PUAAJ00 ■■HSFO NWE CARGO MOC: OUTSTANDING INTEREST: None $1.50 for 27000-27000 “full cargo main volume pricing: 14
- 24 Aug both ends included on 3.5% cif med cargoes
FO 1%S FOB Med Cargo assessment rationale: (PGA page Fuel Oil NWE Cargo exclusions: (PGA page 1589) No market optol: 0-6 kt 3 quotes after COD differential as per main
1580) The FOB Mediterranean low sulfur fuel oil cargo data was excluded from the August 01 assessment process. volume spec: rmg 380 iso 2010 bunker fuel oil with 3.5%
assessment was derived as a freight netback to the CIF sulphur max and 2ppm h2s max in liquid phase cp: full
Mediterranean low sulfur fuel oil cargo assessment, using Fuel Oil Mediterranean bids/offers/trades: (PGA page 1581) med options excluding syria israel libya yugo former yugo
the following assessments: the CIF Mediterranean low ■■LSFO MED CARGO MOC: DEAL SUMMARY: None albania and toc acceptable vessels: cepsa repsol eni
sulfur fuel oil cargo assessment minus the cost of ■■LSFO MED CARGO MOC: OUTSTANDING INTEREST: ■■Platts HSFO Med Crg CIF bss Gibraltar 10-25, VILMAOSL

transporting a 30,000 mt fuel oil cargo between a basket of ■■SERL bids LSFO Med Crg CIF bss Ceuta 10-25, Aug bids Aug 22-Aug 26 100% 3.5% CIF Med cargoes Any Day
Mediterranean ports. 16-Aug 20 100% 1% FOB NWE cargoes Any Day See TQC See TQC $-4.00 for 25000-25000 “Main volume pricing
The above commentary applies to the market data code: PUAAK00 $2.50 for 27000-27000 “CIF bss Ceuta main volume: 1-3 28 - 31 Aug mean cif med Optol :0-5 kt pricing ten days
Aug 2017 both ends included Optol: 0-6kt pricing 3 after cod, same differential as per main volumen ,Spec:
FO 3.5%S CIF Med Cargo assessment rationale: (PGA page quotes after COD, same premium as main volume RMG 380 ISO 8217/2010 with 3,5 % sulphur and 2ppm h2s
1580) In CIF Med HSFO cargoes, value was assessed below a differential, Spec: RMG 380, ISO 8217:2010 RMG bunker max in liquid CP: full med C/P options and normal
competitive offer at the front end and above a near- fuel plus 1.00%S max and 2.00 ppm H2S max in liquid exclusions yugo/former yugo/ Albania /Israel/TOC/Libia/
competitive bid at the back end. A contango structure of 3 phase with 70c min flash CP: Full med (Excl. israel/syria/ Siria. Vessel acceptable to : Cepsa, Repsol, Bp
cents/d was shown throughout the loading range. libia/albania/yugo, former yugo and TOC) Vessel ■■Platts HSFO Med Crg CIF bss Malta 10-25, CADOILTRAD

The above commentary applies to the market data code: PUAAY00 acceptable to: TOTAL/ENI/BP bids Aug 15-Aug 19 100% 3.5% CIF Med cargoes Any Day
■■HSFO MED CARGO MOC: DEAL SUMMARY: None See TQC $-1.50 for 25000-25000 “CIF bss Malta 3.5% CIF
FO 3.5%S FOB Med Cargo assessment rationale: (PGA ■■HSFO MED CARGO MOC: OUTSTANDING INTEREST: Med Cargoes Main volume: 1-7 Aug 2017 both ends
page 1580) The FOB Mediterranean high sulfur fuel oil cargo ■■Platts HSFO Med Crg CIF bss Algeciras 10-25, CEPSASAU included Optol: 0-5kt pricing 3 quotes after COD, same as

© 2017 S&P Global Platts, a division of S&P Global. All rights reserved. 17
EUROPEAN MARKETSCAN August 1, 2017

main volume differential, Spec: RMG 380, ISO 2010 RMG yugo, former yugo and TOC) Forties loading August 16-18 from Shell, an STS cargo of
bunker fuel plus 3.50%S max and 2.00 ppm H2S max in ■■ Vessel acceptable to: CEPSA/ENI/BP Forties loading August 13-15 from Shell, a Forties FOB cargo
liquid phase, EU Qualified CP: Full med (Excl.israel/syria/ loading August 11-13 from Shell, an STS Brent Blend cargo
libia/albania/yugo, former yugo and TOC) Vessel Fuel Oil Mediterranean exclusions: (PGA page 1581) No loading August 13-15 from Shell, and an Oseberg cargo
acceptable to: CEPSA/ENI/BP market data was excluded from the August 01 assessment loading August 15-17 from Shell. A trader at Statoil declined
■■Platts HSFO Med Crg CIF bss Malta 10-25, CADOILTRAD process. to comment on the reason for the increase in the
bid Aug 14-Aug 18 100% 3.5% CIF Med cargoes Any Day company’s demand. According to other traders, the
See TQC $-1.50 for 25000-25000 “CIF bss Malta 3.5% CIF demand Statoil has received for its own equity cargoes may
VGO (PGA page 1597)
Med Cargoes Main volume: 1-4 Aug 2017 both ends have prompted the upsurge in its demand in the Platts
included Optol: 0-5kt pricing 3 quotes after COD, same as NWE VGO: Litasco was seen bidding in the European MOC. “The market is quite strong. I think Statoil have been
main volume differential, Spec: RMG 380, ISO 2010 RMG vacuum gasoil market Tuesday for both and an HSVGO seeing very good demand for their own barrels, so they are
bunker fuel plus 3.50%S max and 2.00 ppm H2S max in barge and an HSVGO cargo delivered into Rotterdam. Both happy to own some more,” a trader said. Demand has been
liquid phase, EU Qualified CP: Full med (Excl. israel/syria/ bids, priced against October ICE Brent futures, were left strong for a large variety of Atlantic Basin grades in recent
libia/albania/yugo, former yugo and TOC) Vessel outstanding despite being competitive against levels weeks, with Northwest European refiners maximizing runs
acceptable to: CEPSA/ENI/BP assessed Monday by S&P Global Platts. The bids reached prior to autumn maintenance, and BFOE barrels being
■■Platts HSFO Med Crg CIF bss Algeciras 10-25, ENITASHIP $1.65/b and 50 cents/b, respectively. The indications pulled outside the region as well. “It seems Statoil have
bids Aug 11-Aug 15 100% 3.5% CIF Med cargoes BalMnth contrasted bearish sentiment which has plagued the VGO demand. The market is really tight. They seem to have
Today $0.00 for 25000-25000 “Optional Volume: 0-5kt market on both sides of the Atlantic Ocean. In the cleared a lot of their barrels. There is also an ANCAP tender
pricing 5 quotes after COD, same as main volume Mediterranean, KPC was said to have some VGO for sale out and they can take one million barrels of Brent or
differential. Spec:ISO 2010 RMG bunker fuel with 3.50%S ex-Milazzo while Repsol was said to have a cargo loading in Ekofisk. The tender is for any grade, but the other areas are
max and 2.00 ppm H2S max in Cartagena that was not attracting buyers. Neither KPC nor cleared out. North Sea is the last alternative,” said a trader.
■■liquid phase CP : Full med (Excl. israel/syria/libia/albania/ Repsol were available for comment. The Shell Pernis Elsewhere in the Platts MOC, Shell sold a cargo of Brent
yugo, former yugo and TOC) Vessel acceptable to : refinery outage, which has already had a significant impact Blend loading August 23-25 to BP, while Glencore sold a
CEPSA/REPSOL/ENI on the diesel and gasoline markets, could ricochet onto the cargo of Brent Blend loading August 15-17, also to BP. Shell
■■Platts HSFO Med Crg CIF bss Malta 10-25, TRAFI bids Aug feedstocks market, a trader said. Shell said operations had offered STS barrels of four different vessels: Brent off
22-Aug 26 100% 3.5% CIF Med cargoes Any Day See TQC would not restart until at least the second half of August. the Gener8 Neptune, and Forties off the Boston, the Gener8
$-1.50 for 25000-25000 “Main Volume pricing 10-14 Supreme and the Olympic Leopard. All four were observed
August (25kt) Optol: 0-5kt pricing 3 quotes after COD at at the STS area at Southwold Tuesday. The Gener8
same differential to main volume RMG380 as per ISO VGO deals (PGA page 5) Supreme was seen performing an STS operation with the
8217:2010, 3.5pct Sulphur max, H2S 2ppm max in liquid, ■■ No deals. Aframax Hildegaard which had previously loaded at Hound
Vessel acceptable to Repsol / ENI / CEPSA CP: Full Med Point. Similarly, the Gener8 Neptune was seen doing an STS
(Exc. Israel/Libya/Albania/yugo/former yugo and TOC) with the Aframax Alfa Italia which came from the Tees
North Sea crude
■■Platts HSFO Med Crg CIF bss Gibraltar 10-25, CADOILTRAD terminal. In other news, the September program for Brent
bids Aug 20-Aug 24 100% 3.5% CIF Med cargoes Any Day Market analysis: (PGA page 1299) There was a flurry of Blend was published, showing four cargoes scheduled to
See TQC $1.00 for 27000-27000 “CIF bss Gibraltar 3.5% physical transactions in the Platts Market on Close load. That was down one cargo from August’s revised total
CIF Med Cargoes Main volume: 1-7 Aug 2017 both ends assessment process Tuesday. Seven cargoes changed of five and brings average loadings to 80,000 b/d. Total
included Optol: 0-6kt pricing 3 quotes after COD, same as hands across the four BFOE grades, from an initial 18 bids loadings will be 2.4 million barrels, down 600,000 barrels
main volume and offers. That was the highest number of physical trades from August.
■■differential, Spec: RMG 380, ISO 2010 RMG bunker fuel in one day in 2017. Much of the activity centered around
plus 3.50%S max and 2.00 ppm H2S max in liquid phase, shell and Statoil, with the latter buying five cargoes and Dated Brent assessment rationale: (PGA page 1297) Brent
EU Qualified CP: Full med (Excl. israel/syria/libia/albania/ Shell selling six. Statoil bought a ship-to-transfer cargo of Blend was assessed higher. August 11-16 was assessed in a

© 2017 S&P Global Platts, a division of S&P Global. All rights reserved. 18
EUROPEAN MARKETSCAN August 1, 2017

2.5 cents/day contango. August 14 was assessed above the offer converted to November pricing. August 14-18 was 100% Dtd $0.30
level of an early traded offer, with the market seen to have assessed in line with six traded bids converted to November ■■~~BFOE CFD: MOC DEAL SUMMARY: Aug7-Aug11 Oct-
moved on ahead of the close. August 16 was assessed on pricing. August 21-25 was assessed in line with seven 0.55 x100 OMV-Vitol; Aug7-Aug11 Oct-0.55 x100
the level of a traded bid. August 16-28 was assessed in a traded bids converted to November pricing. August ChinaOil-Vitol; Aug7-Aug11 Oct-0.55 x100 Shell-BP;
contango of 1.25 cents/day, with August 24 assessed on the 28-September 1 was assessed below an outstanding offer Aug14-Aug18 Oct-0.56 x100 Mandara-Statoil; Aug14-
level of a traded bid and August 28 assessed above an which disproved an August 21-25 versus August Aug18 Oct-0.58 x100 ChinaOil-BP; Aug21-Aug25 Oct-0.6
outstanding bid. A flat structure was applied August 28 to 28-September 1 roll heard during the day. September 4-8 x100 ChinaOil-Litasco; Aug21-Aug25 Oct-0.6 x100 Shell-
September 1. Forties was assessed higher. A flat structure was assessed in line with an August 28-September 1 versus BP; Aug21-Aug25 Oct-0.6 x100 Shell-BP; Aug21-Aug25
was assessed August 11-12. August 12 was assessed on the September 4-8 roll heard during the day. Oct-0.62 x100 Shell-Litasco; Aug21-Aug25 Oct-0.62 x100
level of a traded offer. August 14 was assessed immediately The above commentary applies to the market data codes: Shell-BP; Aug14-Aug18 Oct-0.6 x100 ChinaOil-Vitol;
above of an outstanding bid which disproved an earlier PCAKA00, PCAKC00, PCAKE00, PCAKG00, AAGLU00, AAGLV00, Aug28-Sep1 Nov-0.82 x100 Mercuria-Gunvor; Aug21-
traded offer, with structure drawn between August 12-14. AALCZ00, AALDA00 Aug25 Oct-0.62 x100 Shell-Litasco; Aug21-Aug25 Oct-
August 17 was assessed above the level of an early traded 0.62 x100 Shell-BP; Aug21-Aug25 Oct-0.65 x300 Shell-
offer, with the market seen to have moved on ahead of the North Sea bids/offers/trades: (PGA page 1290) DV Trading; Aug14-Aug18 Oct-0.6 x100 Glencore-Litasco;
close, and structure was drawn from August 14-17. August ■■~~NORTH SEA: MOC DEAL SUMMARY: STASCO SELLS TO Aug14-Aug18 Oct-0.6 x100 Glencore-BP; Aug21-Aug25
20 was assessed above an outstanding bid, and structure BP Brent Blend Aug 23, 2017-Aug 25, 2017 100% Dtd Oct-0.62 x100 Shell-BP; Aug14-Aug18 Oct-0.6 x100
was drawn from August 17-20. A flat structure was drawn $0.35; GLENCOREUK SELLS TO BP Brent Blend Aug 15, Glencore-BP; Aug21-Aug25 Oct-0.62 x100 Shell-BP;
August 20 to September 1. Oseberg was assessed lower. 2017-Aug 17, 2017 100% Dtd $0.25; STATOIL BUYS FROM Aug14-Aug18 Oct-0.6 x100 Glencore-BP; Aug14-Aug18
August 11-16 was assessed in a flat structure. August 16 was STASCO Brent Blend Aug 13, 2017-Aug 15, 2017 STS Scapa Oct-0.6 x100 Glencore-BP; Aug21-Aug25 Oct-0.62 x100
assessed in line with a traded offer. August 21 was Flow “vessel Gener8 Neptune” 100% Dtd $0.15; STATOIL Shell-BP
assessed above an outstanding bid. A flat structure was BUYS FROM STASCO Forties Aug 11, 2017-Aug 13, 2017 ■■~~BFOE CFD: MOC OUTSTANDING INTEREST: Aug 7-11

applied over the back end of the curve. Ekofisk was 100% Dtd $-0.40; STATOIL BUYS FROM STASCO Forties (Oct): Mandara bids -0.63; Socar offers -0.55; Aug 14-18
assessed higher. August 11-24 was assessed in a 1.5 cents/d STS Scapa Flow “vessel Gener8 Supreme” Aug 16, 2017- (Oct): Gunvor offers -0.57; OMV offers -0.56; Stasco offers
contango. August 24 was assessed above an outstanding Aug 18, 2017 100% Dtd $0.15 for 600000; STATOIL BUYS -0.55; DV Trading offers -0.55; Unipec offers -0.54;
bid. A flat structure was applied August 24-30. Forties was FROM STASCO Forties STS Scapa Flow “vessel Olympic Mandara offers -0.54; Aug 21-25 (Oct): DV Trading bids
the most competitive grade August 11-13, with Oseberg the Leopard” Aug 13, 2017-Aug 15, 2017 100% Dtd $0.10; -0.65; OMV offers -0.58; Mandara offers -0.56; Stasco
most competitive grade for the balance. STATOIL BUYS FROM STASCO Oseberg Aug 15, 2017-Aug offers -0.55; DV Trading offers -0.55; Onyx offers -0.55;
The above commentary applies to the market data code: PCAAS00 17, 2017 100% Dtd $0.65 Unipec offers -0.54; Aug 28-Sep 1 (Nov): Mandara bids
■■~~NORTH SEA: MOC OUTSTANDING INTEREST: VITOL bids -1.15; Mercuria offers -0.78; Mandara offers -0.77; Unipec
BFOE assessment rationale: (PGA page 1297) October Cash Brent Blend Aug 27-Aug 29 100% Dtd $0.35; STATOIL bids offers -0.75
BFOE was assessed above an outstanding bid which Forties Aug 26-Aug 29 100% Dtd $0.20; BP bids Forties ■■~~CASH BFOE: MOC DEAL SUMMARY: Oct 51.25 x100

disproved an EFP heard during the day. November Cash Aug 19-Aug 23 100% Dtd $0.35; VITOL bids Forties Aug Petroineos-Gunvor; Oct 51.34 x100 Mercuria-Vitol; Nov
BFOE was assessed in line with a traded offer which 25-Sep 3 100% Dtd $0.35; STATOIL bids Oseberg Aug 51.39 x100 Shell-Mercuria; Oct 51.37 x100 Mercuria-Vitol;
disproved an EFP and an October/November EFP roll heard 20-Aug 22 100% Dtd $0.70; STATOIL bids Ekofisk Aug Nov 51.37 x100 Hartree-Socar; Nov 51.39 x100 Shell-
during the day. December Cash BFOE was assessed in line 23-Aug 30 100% Dtd $0.35; GUNVORSA bids Forties Aug Trafigura; Nov 51.39 x100 Shell-Socar
with an October/November roll heard during the day. 22-Aug 31 100% Dtd $0.15; BP bids Forties Aug 13-Aug 15 ■■~~CASH BFOE: MOC OUTSTANDING INTEREST: Oct17: Vitol

The above commentary applies to the market data codes: 100% Dtd $0.25 bids 51.37; Glencore bids 51.23; Nov17: Stasco offers 51.39
PCAAQ00, PCAAR00, PCARR00 ■■~~NORTH SEA: MOC WITHDRAWN: GLENCOREUK offers

Brent Blend Aug 15-Aug 17 100% Dtd $0.30; STASCO North Sea exclusions: (PGA page 1290) ~~CASH BFOE:
CFD assessment rationale: (PGA page 1297) CFD assessment offers Forties STS Scapa Flow “vessel Boston” Aug 11-Aug EXCLUSIONS: Vitol bids Oct17 at $51.40/b; Trafigura-
rationale: August 7-11 was assessed below an outstanding 15 100% Dtd $0.20; STASCO offers Ekofisk Aug 14-Aug 16 Glencore Oct17 at $51.24/b

© 2017 S&P Global Platts, a division of S&P Global. All rights reserved. 19
EUROPEAN MARKETSCAN August 1, 2017

0.5%-0.7% FOB NWE LSSR cargoes was assessed LSSR. No bids or offers were reported in the Platts Market
LSSR
unchanged at a $2.25/b discount to October ICE Brent on Close assessment process.
Market analysis: (PGA page 1598) Spot low sulfur straight run futures. The above commentary applies to the market data code: PKABA00
cargo demand in the European complex and elsewhere
Tuesday remained subdued amid a lack of interest from Straight Run 0.5-0.7%S FOB NWE cargo assessment LSSR Cargo bids/offers/trades: (PGA page 1585)
refineries. “Margins are too good to have any feedstock rationale: (PGA page 1584) The FOB Northwest European low ■■LSSR CARGO MOC: DEAL SUMMARY: No deals.

demand,” one trader said. In the absence of refinery sulfur straight run cargo assessment was based on the ■■LSSR CARGO MOC: OUTSTANDING INTEREST: None.

demand, traders with a view of the market would be the following input: The LSSR FOB NWE differential was
only way to market these barrels. Such traders, however, assessed at a $2.25/b discount to ICE October Brent crude LSSR Cargo exclusions: (PGA page 1585) No market data was
were expecting premiums over front-month NYMEX WTI futures. The outright LSSR price was derived using the excluded from the August 1 cargo assessment process.
futures to fall heading through August. The market for dollars per barrel to metric ton conversion factor of 6.77 for

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