Platts European Market Scan 270813

[OIL ]
EUROPEAN MARKETSCAN
www.platts.com
Volume 45 / Issue 165 / August 27, 2013

European products ($/mt)

Code
ICE futures
Mid Change
Code
Mid Change
Mediterranean cargoes
(PGA page 1114)

FOB Med (Italy) CIF Med (Genova/Lavera)
PAAAI00 933.25933.75 933.500
+24.000
PAAAH00 950.00950.50 950.250
+23.750
Naphtha*
Prem Unl 10ppm
AAWZA00 1072.251072.75 1072.500
+32.250
AAWZB00 1082.751083.25 1083.000
+32.000
Jet
AAIDL00 1010.501011.00 1010.750
+22.000
AAZBN00 1030.751031.25 1031.000
+21.750
10ppm ULSD
AAWYY00 979.00979.50 979.250
+21.000
AAWYZ00 991.50992.00 991.750
+20.750
Gasoil 0.1%
AAVJI00 951.50952.00 951.750
+19.750
AAVJJ00 965.75966.25 966.000
+19.500
Fuel Oil 1.0%
PUAAK00 615.25615.75 615.500
+8.250
PUAAJ00 627.50628.00 627.750
+8.250
Fuel oil 3.5%
PUAAZ00 598.00598.50 598.250
+7.750
PUAAY00 610.25610.75 610.500
+7.750
Jet FOB Med premium
AAIDN00 14.75/15.25
15.000
0.000
*Naphtha FOB Med is basis East Med
Northwest Europe cargoes
(PGA page 1110)

FOB NWE
CIF NWE/Basis ARA
PAAAJ00 950.50951.00 950.750
+21.500
Naphtha (Sep)
Naphtha
PAAAL00 958.25958.75 958.500
+23.500
Gasoline 10ppm
AAXFQ00 1067.001067.50 1067.250
+15.000
Jet
PJAAV00 1020.251020.75 1020.500
+21.750
PJAAU00 1032.251032.75 1032.500
+21.750
ULSD 10 ppm
AAVBF00 976.75977.25 977.000
+22.250
AAVBG00 992.50993.00 992.750
+22.250
Diesel 10ppm NWE
AAWZD00 979.25979.75 979.500
+22.250
AAWZC00 995.50996.00 995.750
+22.250
Diesel 10 ppm UK
AAVBH00 997.00997.50 997.250
+22.250
Gasoil 0.1%
AAYWR00 946.50947.00 946.750
+20.250
AAYWS00 964.00964.50 964.250
+20.250
Fuel oil 1.0%
PUAAM00 616.25616.75 616.500
+7.250
PUAAL00 627.00627.50 627.250
+7.250
Fuel oil 3.5%
PUABB00 583.50584.00 583.750
+7.500
PUABA00 596.50597.00 596.750
+7.500
Straight run 0.5-0.7%
PKABA00 754.50755.50 755.000
+22.000
VGO 0.5-0.6%
AAHMX00 813.00814.00 813.500
+21.500
AAHMZ00 823.00824.00 823.500
+21.500
VGO 2% max
AAHNB00 803.00804.00 803.500
+22.000
AAHND00 813.00814.00 813.500
+22.000
Northwest Europe barges

Sep
Oct
Nov
Gasoil
AARIN00 961.50
AARIO00 963.00
AARIP00 960.00

Oct
Nov
Dec
Jan
Sep
Oct
Nov
(PGA page 703)
Low Sulfur Gasoil

AAGL001 981.25
AAGL002 981.25
AAGL003 977.50
Brent
AAYES00 114.00
AAYET00 112.64
AAXZY00 111.59
AAYAM00 110.69
Oct
Nov
Dec
Jan
Brent NX
AAXZL00 114.01
AAXZM00 112.65
AAXZN00 111.60
AAYAP00 110.70
*Platts ICE assessments reflect the closing value of the ICE contracts at
precisely 16:30 London time.
ICE gasoil settlements

Sep
Oct
Nov
Dec
Jan
Feb
Expiry
(PGA page 702)
Gasoil
AAQSG00 961.75
AAQSH00 963.00
AAQSI00 960.25
AAQSJ00 955.00
AAQSK00 951.50
AAQSL00 946.50
Sep
Oct
Nov
Dec
Jan
Feb
Low Sulfur Gasoil

AAGS001 981.75
AAGS002 981.75
AAGS003 977.50
AAGS004 972.00
AAGS005 968.50
AAGS006 963.50
AAQSM00 NA*
*Value at 12:00 London time will only appear on day of expiry
ICE gasoil GWAVE (Previous days values)

Sept
PXAAJ00
940.50
Oct
(PGA page 702)

PXAAK00 942.00
(PGA page 1112)

FOB Rotterdam
PAAAM00 954.25954.75 954.500
+23.500
Naphtha
Eurobob
AAQZV00 1049.501050.00 1049.750
+15.250
98 RON gasoline 10 ppm
AAKOD00 1081.501082.00 1081.750
+15.250
Premium gasoline 10 ppm
PGABM00 1063.751064.25 1064.000
+17.250
Jet
PJABA00 1031.751032.25 1032.000
+20.250
Diesel 10 ppm
AAJUS00 983.50984.00 983.750
+19.750
Gasoil 50 ppm
AAUQC00 978.75979.25 979.000
+19.750
Gasoil 0.1%
AAYWT00 958.50959.00 958.750
+20.250
Fuel oil 1.0%
PUAAP00 620.00620.50 620.250
+8.250
Fuel oil 3.5%
PUABC00 601.25601.75 601.500
+7.500
Rotterdam bunker 380 CST
PUAYW00 602.00603.00 602.500
+7.000
VGO 0.5-0.6%
AAHNF00 813.00814.00 813.500
+21.500
VGO 2% max
AAHNI00 803.00804.00 803.500
+22.000
MTBE*
PHALA00 1238.001238.50 1238.250
+18.000
*FOB Amsterdam-Rotterdam-Antwerp
Platts ICE 1630 London assessments*
Naphtha crack swap ($)
NYMEX futures (16:30 London time)

NYMEX WTI
-4

Oct
-6
(PGA page 703)
$/barrel
AASCR00 108.93
Nov
NYMEX heating oil

-8
Sep
(PGA page 703)
/gal
AASCT00
315.87
Oct
NYMEX RBOB (unleaded gasoline)

-10
Oct
Dec
Feb
Apr
Jun
Aug

Sep
303.14
/gal
AASCU00 316.37
(PGA page 703)
/gal
AASCV00
$/barrel
AASCS00 108.29
Oct
/gal
AASCW00 291.19
EUROPEAN MARKETSCAN
Market Update
(PGA page 724)
Crude futures surged further Tuesday heading into the

US day, with NYMEX crude climbing more than $2/b and
ICE Brent hitting six month highs on rising speculation
that Western countries are preparing military action
against the Syrian government. The political uncertainty
across the Middle East has dominated the oil market
in the last few months, providing upside momentum
as the political and economic conditions remain very
tentative, said Sucden Financial Research analyst Myrto
Sokou. At 1250 GMT, ICE October Brent was up $1.88
(1.70%) at $112.61/b, while the front-month NYMEX
October crude contract had gained $2.20 (2.08%) to
$108.12/b. The two contracts have traded in the ranges
$110.73/b-$113.03/b and $105.88/b-$108.56/b,
respectively, while the October Brent premium to October
NYMEX crude had a day range of $3.51/b-$4.33/b. At
$113.03/b the front-month ICE Brent contract traded
at its highest level since February 27. Brent Crude hits
the highest level since April as fears are growing about
the size of the potential conflict, said Price Futures
Group analyst Phil Flynn. All the major players in the
global market are at risk and taking sides. The United
States and Saudi Arabia are the power producers on
one side and Russia and Iran the power producers on
the other side. Right there the countries with majority
of the worlds proven reserves are on opposite sides,
Flynn added. Then you have Iraq, OPECs second
largest producer, seeing risk of spillover of violence in
a country that has seen a recent upswing in terrorist
attacks. Reports have emerged of Saudi Arabia trying
to push through a deal with Russia over crude crude oil
supplies and and prices in a bid to find common ground
on the Syrian crisis. Lebanons As-Safir newspaper
reported Saudi Arabia has offered cooperation in the
oil and gas sector in return for Russia backing down
over its support for the Syrian regime. Let us examine
how to put together a unified Russian-Saudi strategy
on the subject of oil. The aim is to agree on the price
of oil and production quantities that keep the price
stable in global oil markets, Saudi Arabias intelligence
chief Prince Bandar bin Sultan was reported to have
august 27, 2013
Euro-denominated assessments 16:30 London (/mt)

Med cargoes

Naphtha*
Prem Unl 10ppm
Jet
10ppm ULSD
Gasoil 0.1%
Fuel Oil 1.0%
Fuel oil 3.5%
Jet FOB Med premium
(PGA page 1120)
FOB Med
CIF Med
(Italy) (Genova/Lavera)
ABWHE00 697.162 ABWHD00 709.671
ABWGV00 800.971 ABWGU00 808.813
ABWGZ00 754.854 AAZBO00 769.978
ABWHM00 731.329 ABWHH00 740.665
ABWGQ00 710.792 ABWGO00 721.434
ABWGH00 459.671 ABWGF00 468.820
ABWGM00 446.789 ABWGK00 455.937
ABWHA00 11.202
*Naphtha FOB Med is basis East Med
Northwest Europe cargoes
Northwest Europe barges

FOB Rotterdam
Naphtha
ABWHF00 712.845
Eurobob
ABWGT00 783.981
98 RON gasoline 10 ppm ABWGX00 807.879
Premium gasoline 10 ppm AAQCH00 794.623
Jet
ABWHC00 770.724
Diesel 10 ppm
AAQCI00 734.690
Gasoil 50 ppm
AAUQF00 731.143
Gasoil 0.1%
AAYWY00 716.019
Fuel oil 1.0%
ABWGI00 463.219
Fuel oil 3.5%
AAQCK00 449.216
Rotterdam bunker 380 CST AAUHE00 449.963
(PGA page 1118)
(PGA page 1116)

FOB NWE
CIF NWE/

Basis ARA
Naphtha
AAQCE00 715.833
Gasoline 10ppm
ABWGS00 797.050
Jet
ABWHB00 762.136 AAQCF00 771.098
ULSD 10 ppm
ABWHO00 731.516 ABWHI00 743.652
Diesel 10ppm NWE
ABWHP00 729.649 ABWHK00 741.412
Diesel 10 ppm UK
ABWHJ00 744.772
Gasoil 0.1%
ABWGR00 707.058 ABWGP00 720.127
Fuel oil 1.0%
AAQCG00 460.418 ABWGG00 468.447
Fuel oil 3.5%
ABWGN00 435.960 ABWGL00 445.668
Straight run 0.5-0.7%
ABWHG00 563.854
Euro/US$ forex rate: 1.3390. Platts Euro denominated European & US product
assessments are based on market values and a Euro/US$ forex rate at 4:30 PM
local London time.
Foreign exchange rates
(PGA page 1151)
August 27, 2013

London 16:30
BCADC00 0.9188
Dollar/Swiss franc
BCADB00 1.5543
GB pound/Dollar
BCACW00 97.3100
Dollar/Yen
BCADD00 1.3390
Euro/Dollar
AAUJO00 33.1880
Dollar/Ruble
told Russia president Vladimir Putin. We understand

Russias great interest in the oil and gas present in
the Mediterranean Sea from Israel to Cyprus through
Lebanon and Syria. And we understand the importance
of the Russian gas pipeline to Europe. We are not
interested in competing with that, he was reported as
saying by As-Safir. The kingdom can provide large multibillion-dollar investments in various fields in the Russian
market. Whats important is to conclude political
understandings on a number of issues, particularly Syria
and Iran. Separately, the market is also looking ahead
to this weeks US inventory data, with analysts polled
Copyright 2013, McGraw Hill Financial
New York Harbor cargoes 16:30 London

(PGA pages 1350 & 1450)

FOB NY Harbor

( cent/gal)
Unleaded 87
AAPYV00 225.84
Unleaded 89
AAPYW00 229.50
Unleaded 93
AAPYX00 235.00
No. 2
AAPYY00 226.94
European clean product barge freight rates

ARA ($/mt)
Rotterdam
Rotterdam
Rotterdam
Rotterdam
(PGT page 1918)
Rotterdam
Flushing
Ghent
Antwerp
TCAEI00 1.75
TCAEJ00 3.50
TCAEK00 3.75
TCAEL00 3.00
Germany ($/mt)
Rotterdam Duisburg
Rotterdam Cologne
Rotterdam Karlsruhe
Antwerp Duisburg
TCAEM00 8.00
TCAEN00 15.00
TCAEO00 23.75
TCAEP00 8.50
Switzerland ($/mt)
Rotterdam Basel
TCAEQ00 31.00
(PGT page 1918)
(PGT page 1918)
by Platts forecasting a 250,000 barrel crude draw,

a 1.5 million barrel draw in gasoline stocks and a 1
million increase in distillates. The American Petroleum
Institute releases its data Tuesday at 2030 GMT, while
the more definitive US Energy Information Administration
numbers are out Wednesday at 1430 GMT. Front-month
NYMEX September ULSD was up 4.20 cents (1.36%)
at $3.1210/gal, while NYMEX September RBOB had
gained 4.12 cents (1.40%) to $2.9929/gal. September
ICE gasoil, meanwhile, was $10.00 (1.06%) higher at
$950.25/mt.
(continued on page 4)
EUROPEAN MARKETSCAN
Subscriber notes
As part of its continued commitment to market
transparency, Platts has begun publishing assessment
rationales for certain key benchmark assessments (See
subnotes continued on page 4). These rationales
complement existing market analysis and commentaries by providing specific details regarding how Platts
editors arrived at these published assessments. The new
rationales appear in key Platts oil publications and on
new pages on Platts Global Alert. Platts began introducing these pages August 1, 2013, in Asia and the US, and
August 5 in Europe.
Platts is opening a consultation on the potential
impact on Europes jet fuel markets of the European
Unions new Generalized Scheme of Preferences
(GSP), announced last October and due to come
into effect from January 1, 2014. Platts reflects market conventions in its Jet CIF Northwest European
physical cargo assessment, and assessments currently
reflect EU-qualified jet fuel, free from import taxes.
Under the new GSP regime, imports from several
key suppliers of jet fuel to Europe will become non
EU-qualified, carrying a 4.7% duty from January 1.
Platts is studying whether and how its European jet
fuel assessment methodology should evolve to reflect
these changes in market environment, and welcomes
all comments to europe_products@platts.com, with
a cc to pricegroup@platts.com. Please send all comments by September 3, 2013. For written comments,
please provide a clear indication if comments are not
intended for publication by Platts for public viewing.
Platts will consider all comments received and will
make comments not marked as confidential available
upon request. Additionally, Platts intends to create a
repository on its jet fuel microsite -- platts.com/jetfuel -- for those wishing to submit written comments
for public view.
Effective January 2, 2014, and following industry
feedback to a previous subscriber note, Platts will
calculate the CIF Mediterranean naphtha assessment by only applying the freight value between
Alexandria and Lavera to the FOB Med naphtha
assessment. This freight value will be calculated
august 27, 2013
(PGA page 1500)
using the Platts cross Med clean tanker assessment

for 27,500 mt naphtha cargoes only. Currently the
CIF Med naphtha assessment is calculated by applying the freight value between Alexandria and Lavera
plus an allowance of $3/mt for port costs. Platts
proposes to remove the port costs from the calculation of this assessment. Please send feedback and
questions to europe_products@platts.com with a cc
to pricegroup@platts.com.
Calendar for 0.1% gasoil CIF Med cargo summer
to winter change. Effective August 27, Platts will
start reflecting Spanish B&C winter grades of 0.1%
gasoil on a pro-rated basis in its 0.1% gasoil CIF
Mediterranean assessment (basis Genoa). September
6 will be the last day on which summer 0.1% gasoil
can be bid or offered. Summer spec will be given a
progressively lighter weighting up to September 11.
A spreadsheet detailing the changes is available on
request. For further details regarding the pro-rating
system or any comments regarding the proposal
please contact europe_products@platts.com. The
following calendar applies:August 27 - First day of
reflecting Spanish B&C winter; September 2 - First
full five day period for winter indications; September
6 - Last full five day period for summer indications;
September 11 - Fully winter.
Autumn calendar for ULSD FOB Rotterdam barge
seasonality change. Effective September 2, Platts will
start reflecting the German intermediate specification
for 10 ppm sulfur diesel on a pro-rated basis in its 10
ppm FOB Rotterdam barge ULSD assessment, with
September 5 being the last day on which summer spec
ULSD can be bid or offered. On October 17, Platts will
then begin to reflect German winter spec for the same
assessment, with October 22 being the last day on
which intermediate spec ULSD can be bid or offered.
Spreadsheets detailing the changes are available on
system or any comments regarding the proposal please
contact europe_products@platts.com. The following
calendar applies: September 2 - First day of reflecting
German intermediate;September 4 - First full five day
period for intermediate indications; September 5 - Last

full five day period for summer indications; September
11 - Fully intermediate
October 17 - First day of reflecting German winter;
October 21 - First full five day period for winter indications; October 22 - Last full five day period for intermediate indications; October 29 - Fully winter.
Calendar for ULSD CIF ARA, Med cargo summer
to winter change. Effective August 27, Platts will
start reflecting French winter grades of 10 ppm sulfur
diesel on a pro-rated basis in its 10 ppm CIF NWE
ULSD assessment (basis Amsterdam) and 10 ppm CIF
Mediterranean assessment (basis Lavera). September
6 will be the last day on which summer ULSD can
be bid or offered. Summer spec will be given a progressively lighter weighting up to September 11. A
spreadsheet detailing the changes is available on
system or any comments regarding the proposal
please contact europe_products@platts.com. The
following calendar applies: August 27 - First day
of reflecting French winter; September 2 - First full
five day period for winter indications; September
6 - Last full five day period for summer indications;
September 11 - Fully winter.
Effective September 6, 2013 Platts will start reflecting winter grade gasoline on a pro-rated basis in the
Northwest Europe and Mediterranean cargo assessments,
with winter grade having an increasing weighting in the
assessment towards September 20. Summer grade will
continue to be taken into account until September 20
after which only winter grade will be reflected. Effective
September 16, 2013 Platts will start reflecting winter
grade gasoline on a pro-rated basis in the AR barge market, with winter grade becoming more representative of
the assessment towards September 25. Summer grade
will continue to be taken into account until September
25 after which only winter grade will be reflected. A
spreadsheet detailing the switch to winter grade gasoline
is available on request. Please forward any comments to
europe_products@platts.com.
EUROPEAN MARKETSCAN
Gasoline
Market analysis: (PGA page 1399) RBOB futures were
weaker Tuesday morning, with the September month
trading around $2.95/gallon. Meanwhile, the spread
between the October and November RBOB futures was
seen at 3.8 cents/gallon, down 1.15 cents/gallon
from Fridays close -- London was closed for a holiday
Monday. For a time, the US gasoline arbitrage swap
for September was heard lower, at minus 5.70 cents/
gallon as the European gasoline market did not follow
the weakness on RBOB futures, a source said. I do
not think the arbitrage is shut yet...again, it depends
on [blending economics] one source said early in
the day, referring to gasoline arbitrage to US for the
late September delivery. At the close, buoyed by a
stronger crude oil market, September RBOB futures
pared its losses to be seen at $3.03/gallon with the
spread between October and November at 4.34 cents/
gallon. Eurobob barges premiums were trading around
$8-12.50/mt, with the front-month crack around $11.6011.70/barrel at the close, sources said. On the CIF
NWE gasoline cargo market, sources some market
participants from the UK had already covered their
buying interest for the most of September. People
that had their requirements [for September] tried
to cover them in advance because of the tightness
expected a source said. The start of maintenance on
certain refineries in Northwest Europe was one of the
reasons given for the anticipated tightness. Sources
in the Mediterranean reported a selling tender by
Hellenic Petroleum for one cargo of 30,000mt of EN228
gasoline loading September 10-15 dates. A source at
Hellenic Petroleum would not comment. The second
half [of September] is more relaxed a source said.
However, the tightness remained for the first decade
of September, [I am] not sure that is true after that,
another source said. The situation in Egypt continued
to stabilize. Egypt seems calm, we hope to resume
deliveries as scheduled the source said. Abu Dhabiowned Spanish refiner Cepsa will deliver three gasoline
cargoes with a total capacity of 100,000 mt to Egypt
on behalf of the UAE, a company spokesman confirmed
august 27, 2013
Subscriber notes (cont.)

REGION
NEW PAGE
ASSESSMENT GROUP
ASIA/ME
2295
Middle East crude

ASIA/ME
2292

ESPO Crude

ASIA/ME
2388

Asia naphtha

ASIA/ME
1392

Singapore gasoline
ASIA/ME
2494

Singapore jet fuel
ASIA/ME
2490

Singapore gasoil

ASIA/ME
2593

Singapore fuel oil
ASIA/ME
2951

Asia clean tankers
US

384

USGC gasoline

US

381

USAC gasoline

US

388

Midwest gasoline

US

484

USGC jet fuel

US

192

USAC jet fuel

US

489

USWC jet fuel

US

456

USGC ULSD

US

477

USAC ULSD

US

463

Midwest ULSD

US

453

USGC heating oil

US

443

USAC heating oil

US

590

USGC fuel oil

US

593

USAC fuel oil
US

377

3:15 gasoline futures
US

447

3:15 HO futures

EUROPE
1297

North Sea crude oil

EUROPE
1287

Urals crude oil

EUROPE
1383

Gasoline barges

EUROPE
1389

Gasoline cargos

EUROPE
1386

Naphtha cargoes

EUROPE
1492

Jet cargos

EUROPE
1478

Diesel barges

EUROPE
1467

Diesel cargos (NWE)
EUROPE
1456

Diesel cargos (MED)
EUROPE
1427

Gasoil barges

EUROPE
1408

50ppm gasoil barges
EUROPE
1443

Gasoil cargos (NWE)
EUROPE
1392

Gasoil cargos (MED)
EUROPE
1592

Fuel oil barges

EUROPE
1588

Fuel oil cargos (NWE)
EUROPE
1580

Fuel oil cargos (MED)
EUROPE
1584

Straight run fuel oil
(PGA page 1500)

AFFECTED MARKET DATA SYMBOLS
PCAAT00, PCABS00
AASEU00
PAAAD00, PAAAP00
PGAEY00, PGAEZ00, PGAMS00
PJABF00
AAFEX00, AAOVC00, POABC00
PUAXS00, PUADV00, PPXDK00
TCAAI00, TCABP00
PGACT00, PGAAB00, AARQU00, AASOB00
AAMGV00
PGACR00, PGACS00, PGABD00
PJABO00
PJAAW00
PJAAP00
AATGY00
AATGX00
AATHA00, AATHB00
POAED00
POAEG00
PUAFZ00
PUAAO00, PUAAE00, PUAAH00, PUAAU00, PUAAX00
NYRBM02, NYRBM01
NYHOM01, NYHOM02
PCAAS00,PCAKA00,PCAKC00, PCAKE00, PCAKG00,
AAGLU00, AAGLV00, AALCZ00, AALDA00, PCAAP00,
PCAAQ00, PCAAR00
PCACE00, PCAFW00, AARWD00, AALDF00
PGABM00
AAXFQ00, AAWZB00, AAWZA00
PAAAL00
AAIDL00, PJAAU00
AAJUS00
AAVBH00, AAWZC00, AAVBG00
AAWYZ00
AAYWT00
AAUQC00
AAYWR00, AAYWS00
AAVJI00, AAVJJ00
PUAAP00, PUABC00
PUAAM00, PUAAL00
PUAAJ00, PUAAK00, PUAAY00, PUAAZ00
PKABA00
Monday. The first gasoline cargo has already been

delivered to Alexandria oil terminal and the rest are due
to be sent before the end of the month, the spokesman
said, adding: The gasoline was sourced from the
international market.
Gasoline Prem Unleaded 10ppmS FOB Rdam Barge
assessment rationale: (PGA page 1383) The Premium
unleaded 10ppm market value was assessed at $1064/
mt, a premium of $14.25/mt to Eurobob barges market
value. In the Platts Market On Close assessment
process there were two trades concluded. Trafigura sold
to Totsa at $1055/mt for Mid-window dates 1,000mt.

Gunvor lifted Vitol offer at $1069/mt for Mid-window
dates for 1,000 mt. At the close, Totsa remained bid
at $1063/mt and Vitol remained offer at $1070/mt,
both for Mid-window dates. The Eurobob barges market
value was assessed at $1049.75/mt, up $15.25/mt.
The Eurobob barges premium to front month swap was
assessed at $9.50/mt, with the September swap being
at $1040.25/mt on the Eurobob cracks reported by
sources at the close.
The above commentary applies to the following market data
code: PGABM00
EUROPEAN MARKETSCAN
Gasoline 10ppmS CIF NWE Cargo assessment

rationale: (PGA page 1389) The CIF NWE gasoline
cargo market was assessed at $1067.25/mt, with
the premium to Eurobob barges at $17.50/mt. There
were no trades reported in the Platts Market On Close
assessment process. The Eurobob barges market value
was assessed at $1049.75/mt, higher by $15.25/mt
on the day. The Eurobob barges premium to front month
swap was assessed at $9.50/mt, with the September
swap being at $1040.25/mt on the Eurobob cracks
reported by sources at the close.
FOB Mediterranean cargo assessment, using the

following assessments; FOB MED Cargoes: $10671067.5/mt. Code AAWZA00; Med-Med 30,000 mt clean
freight rate spot Worldscale assessment W130. The
average of the basket of Worldscale flat-rates, calculated
for 2013 at: $8.05/mt; The Premium Unleaded CIF
Mediterranean cargo assessment was derived as
a freight net-back from the Premium Unleaded FOB
Mediterranean cargo assessment, using the following
calculation; Premium Unleaded CIF Mediterranean
cargoes minus $10.5/mt (cross-Mediterranean freight).

code: AAXFQ00

code: AAWZB00
Gasoline Prem Unleaded 10ppmS FOB Med Cargo

assessment rationale: (PGA page 1389) The FOB
Mediterranean gasoline cargo market was assessed at
$1072.50/mt, up $32.25/mt. The FOB Mediterranean
gasoline cargo market value was assessed at $51.50/
mt premium to September Mediterranean gasoline
swap. The September Mediterranean gasoline swap
was at $1021/mt. The premium to Eurobob barges
was assessed at $22.75/mt. In the Platts Market On
Close assessment process Trafigura remained bid a
cargo loading September 6-10 for 25,000 mt at $1084/
mt with the balance pricing at $39/mt premium to
three quotes of the Platts FOB Mediterranean gasoline
assessment after B/L. The assessment for the midpoint of the 13-14 September the daily backwardation
of Eurobob of $1.51/mt was used. The Eurobob barges
market value was assessed at $1049.75/mt, higher by
$15.25/mt on the day. The Eurobob barges premium to
front month swap was assessed at $9.50/mt, with the
September swap being at $1040.25/mt on the Eurobob
cracks reported by sources at the close.
code: AAWZA00
Gasoline Prem Unleaded 10ppmS CIF Med Cargo

assessment rationale: (PGA page 1389) The Premium
Unleaded CIF Mediterranean cargo assessment was
derived as a freight net-back from the Premium Unleaded
Gasoline deals
(PGA page 5)
Eurobob gasoline barge MOC deals: Chevron-Vitol for
Mid-window dates at $1050/mt for 1kt, Chevron-Vitol

for Back-end-window dates at $1049/mt for 1kt.
Premium 10 ppm gasoline barge MOC deals: Trafigura-
Totsa for Mid-window dates at $1055/mt for 1kt, VitolGunvor for Mid-window dates at $1069/mt for 1kt.
Gasoline cargo MOC deals: No trades reported.
Naphtha
Market analysis: (PGA page 1398) The front month
CIF Northwest Europe Naphtha crack swap softened
Tuesday, as the October ICE Brent Crude future surged
amid growing tensions over Syria. The September CIF
NWE naphtha crack swap was heard at minus $6.40/
barrel, down from minus $5.70/b on Friday when it was
last assessed. The CIF NWE September/October spread
was assessed $9/mt backwardated, from $9.25/
mt backwardated Friday. The September propane/
naphtha spread was heard at minus $107.75/mt at the
market close, from minus $109.25/mt. The ongoing
wide discount of propane to naphtha has resulted in
the former being the preferred cracker feedstock for
august 27, 2013
petrochemical end-users. Cracking high volumes of

propane as an alternative to naphtha would give you less
propylene. So, the cheaper cracker feedstock gives you
less of the cheaper sale price product..the crackers that
are running should be on max propane, a source said.
The September east/west -- the premium of the CFR
Japan naphtha cargo swap over CIF Northwest Europe
naphtha cargo swap -- was heard trading at $10.50/mt,
up from $10/mt Friday. We have placed two cargoes
into Europe, though the vessels have option on them, a
trading source said, referring to Tuapse export cargoes.
On the refining margins side, opinions were mixed. One
Mediterranean refinery said: Run cuts are more true on
Naphtha [than gasoline], as when a refinery cuts runs
they cut the crude distillation unit [run rate] which has a
linear relationship to naphtha.
Naphtha CIF NWE Cargo assessment rationale: (PGA
page 1386) The CIF Northwest European naphtha cargo
value was assessed at $958.50/mt, up $23.50/
mt from when last assessed Friday, tracking climbing
outright Brent futures values. In the Platts Market on
Close assessment process Glencore bid to $958/mt
for September 16-20 delivery before being hit by BP
at around 16:29:26 (15:29:26 GMT). Other bids by
Glencore were withdrawn before this trade. At the end
of the MOC assessment process, Trafigura was bidding
$946/mt for September 9-13 delivery and Stasco was
bidding $942.75/mt for September 17-21 delivery.
On the offer side, Trafigura was offering $960/mt for
both 6-10 and 17-21 September delivery. The CIF NWE
naphtha cargo value was assessed $957.50/mt on
September 18, slightly below the 16-20 September
BP-Glencore trade taking into account falling ICE
Brent crude futures values. Meanwhile, the 6-10
September offer by Trafigura at $960/mt suggested a
softer backwardation in the physical market then the
September/October swaps structure suggested, with the
physical assessment curve drawn under this live at the
close offer.
code: PAAAL00
EUROPEAN MARKETSCAN
Naphtha deals
(PGA page 5)
NAPHTHA CARGO MOC deals: BP-GLENCORE 12,500
mt CIF NWE cargo delivery September 16-20 $958/mt.
Jet
Market analysis: (PGA page 1497) European jet outright
values for cargoes and barges hit a fresh five-month high
Tuesday on the back of broader support of the energy
complex, and prompt buying interest was sustained
by localized demand pockets. Crude oil futures were
boosted by tensions in the Middle East. The jet cargo
market remained well offered despite widespread lower
utilization rates at European refineries. Thin refinery
margins caused a scaling back of production in most
geographies, sources said. The upcoming maintenance
season was expected to provide further support to the
market, sources said. Margins are poor. There are run
cuts everywhere...stocks are low, a trader said. Despite
reduced production, Europe remained well supplied.
This was particularly the case in the cargo market.
While some pockets were seen stockpiling volumes
ahead of refinery maintenance, broad-based storage
incentives continued to be lacking. Modest underlying
demand has so far mitigated the impact of the reduced
domestic supply -- prompt buying remained visible for
smaller prompt clips only, sources said. Stocks are
reasonably heavy in Rotterdam and Le Havre areas, a
second trader said. [While] margins are not great, the
market is not necessarily short...there is still a lot of
oil on water, he said. Attractive arbitrage economics
encouraged a pronounced flow of product into Europe
from the Persian Gulf, India and South Korea in August.
However, recent rises in European outright values have
dented the arbitrage economics. Traders still eyed
arbitrage possibilities to the US, with Florida in particular
still mooted as a potential destination for ex-Persian Gulf
volumes. Some sources said it offered better net-backs
than the UK. The Florida arbitrage still works on paper
but there is not much room left to take extra volume
there, despite the US still being strong...the arbitrage
is not easy to work now, the second trader said. We
have already committed oil into Florida, he said. Jet

fuel imports into Europe will be made permanently
duty free under plans being drawn up by the European
Commission to scrap the 4.7% levy from January 1,
2014, according to a document seen by Platts. The tariff
suspension proposals, which cite economic, legal and
practical reasons for abolishing the duty, were outlined
in a note to members of the Economic Tariff Questions
Group (ETQG), a working group made up of government
representatives from each of the 28 member states that
advises the EC. A spokeswoman for the Commission
told Platts it is examining the situation with regard to
tariffs, including within the framework of the EQTG. She
said the next ETQG meeting will take place November
11-12.
Jet FOB Rdam Barge assessment rationale: (PGA
page 1489) Platts assessed Jet FOB Rotterdam
Barges at $1,032/mt Tuesday, up $20.25/mt since
Fridays assessment. That equated to a premium
of $70.50/mt to front-month September ICE 0.1%
gasoil futures, unchanged on the day. Platts assessed
the period August 30-September 11. September
5 was assessed at $70.25/mt, 25 cents below
KLMs offer. KLM offered 2,000-2,500mt FOB basis
FARAG at September gasoil plus $69/mt for Sep
3-7 delivery dates. After normalization for volume
and location, that calculated to $70.50. September
7 was assessed at $71/mt, 25 cents above TPRs
bid. TPR bid 2,000mt FOB basis FARA for Sep 5-9
delivery dates at September gasoil plus $70/mt. After
normalization for location and volume, that calculated
august 27, 2013
to a premium of $70.75/mt. There was a lack of clear

structural definition, with no offers nor competitive
bids on prompter dates. Platts assessed the curve
flat for Aug 30-Sep 5 period at $70.25/mt. Sep
7-11 period was assessed flat at $71/mt. At 16:30
BST (1530 GMT), September gasoil was assessed
at $961.50/mt, up $20.25/mt since Fridays
assessment.
code: PJABA00
Jet CIF NWE Cargo assessment rationale: (PGA

page 1492) Platts assessed Jet CIF NWE Cargoes at
$1,032.50/mt Tuesday, an increase of $21.75/mt
since Fridays assessment. That equated to a premium
of $71/mt to front-month ICE 0.1% gasoil futures,
up $1.50/mt on Fridays value. Sep 8-9 period was
assessed at $70.535/mt, factoring BPs bid and
Vitols first offer. BPs last leg of the first order-cancelsorder (OCO) bid, CIF basis Ghent for Sep 6-11 dates,
ended at Platts Cargoes CIF Mean (CCM) plus $5/
mt. After normalization for location that calculated to
$71.91/mt. Vitol offered CIF basis Le Havre for Sep
6-12 dates at CCM flat. That calculated to a premium
of $69.16/mt. Sep 10 was assessed at $70.72/mt
factoring Vitols first offer and a bid from BP. The last
leg of BPs second OCO bid CIF basis Hamble for Sep
8-17 dates ended at CCM plus $6/mt. That calculated
to $72.28/mt premium. Aug 11 was assessed at
$72.53/mt, 25 cents above the same bid from BP.
Sep 12-15 was assessed at $70.465/mt, factoring
in the same CIF Hamble bid from BP and the second
EUROPEAN MARKETSCAN
Volume 45 / Issue 165 / August 27, 2013
Editorial: Gasoil: +44-20-7176-6364 Diesel: +44-20-7176-3898 Gasoline: +44-20-7176-6161 Jet: +44-20-7176-3709 Naphtha: +44-20-7176-6205
Crude: +44-20-7176-6299 Fuel Oil: +44-20-7176-6278 Feedstocks: +44-20-7176-6104
Client services information: North America: 800-PLATTS8 (800-752-8878); direct: +1 212-904-3070, Europe & Middle East: +44-20-7176-6111,
Asian Pacific: +65-6530-6430 Latin America: +54-11-4121-4810, E-mail: support@platts.com
Copyright 2013 McGraw Hill Financial. All rights reserved. No portion of this publication may be photocopied, reproduced, retransmitted, put into a computer
system or otherwise redistributed without prior written authorization from Platts. Platts is a trademark of McGraw Hill Financial. Information has been obtained from
sources believed reliable. However, because of the possibility of human or mechanical error by sources, McGraw Hill Financial or others, McGraw Hill Financial does
not guarantee the accuracy, adequacy or completeness of any such information and is not responsible for any errors or omissions or for results obtained from use
of such information. See back of publication invoice for complete terms and conditions.
EUROPEAN MARKETSCAN
offer from Vitol. Vitol offered CIF basis Rotterdam for

Sep 10-18 dates at CCM plus $1/mt. This calculated
to $68.65/mt premium. Sep 16 was assessed at
$69.95/mt, factoring Morgan Stanleys first bid and
the same offer from Vitol. Morgan Stanley bid CIF basis
Oiltanking Antwerp for Sep 6-21 delivery dates at Sep
gasoil plus $72/mt. After normalization for location,
that equated to $71.25/mt premium. Sep 17-19 period
was assessed $71.5/mt, 25 cents above Morgan
Stanleys bid.
code: PJAAU00
august 27, 2013
Asia products

Code
Mid Change
Code
Singapore

FOB Singpore ($/barrel)
Naphtha
PAAAP00 102.00102.04 102.020 -0.610
Gasoline 92 unleaded
PGAEY00 114.64114.68 114.660 -0.220
PGAEZ00 117.06117.10 117.080 -0.220
PGAMS00 119.80119.84 119.820 -0.220
Kerosene
PJABF00 124.66124.70 124.680
+0.090
Gasoil 0.05% sulfur
AAFEX00 123.51123.55 123.530
+0.130
Gasoil 0.25% sulfur
AACUE00 123.38123.42 123.400
+0.030
Gasoil
POABC00 123.51123.55 123.530
+0.130
Fuel oil 180 CST 2% ($/mt)
PUAXS00 637.13637.17 637.150
+0.820
HSFO 180 CST ($/mt)
PUADV00 605.61605.65 605.630
+0.760
HSFO 380 CST ($/mt)
PPXDK00 603.63603.67 603.650 -0.090
Indonesia
Jet FOB Med Cargo assessment rationale: (PGA page

1492) The Jet Aviation Fuel FOB Med cargo assessed
was derived as a freight netback to the Jet CIF NWE
cargo assessment, using the following assessments:
Jet CIF NWE cargoes: $995-995.5/mt. Code PJAAU00;
Med-UKC 30,000 mt clean freight rate spot Worldscale
assessment W152.5 The Worldscale flat-rate,
calculated for 2013 at: $13.42/mt and Rotterdam
Harbor dues of $1.15/mt; The Jet Aviation FOB Med
cargo assessment was derived as a freight netback
to the CIF NWE cargo assessment, using the following
calculation: Jet CIF NWE cargoes minus $23.5/mt
(Med-UKC freight).
code: AAIDL00
Jet deals
(PGA page 5)
Jet Cargo MOC Deals: No deals reported.

Jet Barge MOC Deals: No deals reported.
Jet Index
August 26, 2013
Europe & CIS
MidEast & Africa
Global
(PGA page 115)

Index
$/mt
PJECI00 345.76 PJECI09 1011.25
PJMEA00 369.54 PJMEA09 976.35
PJGLO00 347.50 PJGLO09 1001.85
Mid Change
(PGA page 2002)
(PGA page 2516)

FOB Indonesia ($/barrel)
LSWR Mixed/Cracked
PPAPU00 98.8398.87
98.850
+0.120
Gasoline components
(PBF page 2010)

FOB Singapore ($/mt)
MTBE
PHALF00 1077.001079.00 1078.000 -1.000
Singapore Swaps
(PPA page 2654)

September ($/barrel)
October ($/barrel)
Naphtha Japan ($/mt)
AAXFE00 936.75937.25 937.000 -3.000
AAXFF00 932.25932.75 932.500
-2.500
Naphtha
PAAAQ00 101.73101.77 101.750 -0.500
PAAAR00 101.18101.22 101.200
-0.450
AAXEL00 114.98115.02 115.000
+0.200
AAXEM00 114.38114.42 114.400
+0.200
Reforming Spread
AAXEO00 13.23/13.27
13.250
+0.700
AAXEP00 13.18/13.22 13.200
+0.650
Kerosene
PJABS00 124.39124.43 124.410
+0.060
PJABT00 124.21124.25 124.230
+0.130
Gasoil
POAFC00 123.47123.51 123.490 -0.030
POAFG00 123.52123.56 123.540
-0.030
HSFO 180 CST ($/mt)
PUAXZ00 610.73610.77 610.750
+0.750
PUAYF00 614.23614.27 614.250
+0.250
Middle East
(PGA page 2004)

FOB Arab Gulf ($/barrel)
Naphtha ($/mt)
PAAAA00 895.66897.91 896.785 -4.250
Naphtha LR2 ($/mt)
AAIDA00 902.35904.60 903.475 -4.250
Kerosene
PJAAA00 121.77121.81 121.790
+0.090
Gasoil 0.005% sulfur
AASGJ00 121.24121.28 121.260
+0.380
Gasoil 0.05% sulfur
AAFEZ00 120.44120.48 120.460
+0.130
Gasoil 0.25% sulfur
AACUA00 119.94119.98 119.960
+0.130
Gasoil
POAAT00 120.44120.48 120.460
+0.130
HSFO 180 CST ($/mt)
PUABE00 590.37590.41 590.390
+0.810
Japan (PGA page 2006)

C+F Japan ($/mt)
Premium/Discount
Naphtha
PAAAD00 936.25938.50 937.375 -4.250
Naphtha MOPJ Strip
AAXFH00 929.25929.75 929.500 -2.380
AAXFI00 7.63/8.13
Naphtha 2nd 1/2 Oct
PAAAE00 938.50939.00 938.750 -5.500
Naphtha 1st 1/2 Oct
PAAAF00 938.00938.50 938.250 -4.250
Naphtha 2nd 1/2 Nov
PAAAG00 936.25936.75 936.500 -4.250
Gasoline unleaded ($/barrel)
PGACW00 117.00117.04 117.020 -0.220
Kerosene ($/barrel)
PJAAN00 125.68125.72 125.700
+0.010
Gasoil ($/barrel)
POABF00 128.24128.28 128.260 -0.020
HSFO 180 CST
PUACJ00 618.66618.70 618.680
+0.670
(continued on page 9)
7.880
-1.870
EUROPEAN MARKETSCAN
august 27, 2013
US Products: August 26, 2013

Code
Mid Change
Code
Mid Change
Code
Mid
New York harbor

CIF cargoes (/gal)
RVP
Unleaded 87 0.3%
AAMHG00 294.50294.60 294.550 -5.868
AAMHGRV 9.0
Unleaded-89 0.3%
AAMIW00 299.30299.40 299.350 -5.774
AAMIWRV 9.0
Unleaded-93 0.3%
AAMIZ00 306.51306.61 306.560 -5.623
AAMIZRV 9.0
Jet
PJAAX00 302.85302.95 302.900 -1.860
Low sulfur jet
PJABK00 311.60311.70 311.650 -1.360
ULS Kero
AAVTH00 342.60342.70 342.650 -1.360
No. 2
POAEH00 295.60295.70 295.650 -1.360
Change
(PGA page 152)

$/barrel
1% strip NYH
No. 6 0.3% HP
PUAAE00 101.59101.61 101.600 -0.400
AAUGA00
No. 6 0.3% LP
PUAAB00 105.74105.76 105.750 -0.300
AAUGB00
No. 6 0.7%
PUAAH00 98.7998.81
98.800
-0.600
AAUGC00
No. 6 1.0%**
PUAAO00 96.1996.21
96.200
-0.400
AAUGG00 95.9996.01 96.000
-0.490
AAUGD00
No. 6 2.2%
PUAAU00 94.3194.33
94.320
-0.410
AAUGE00
No. 6 3.0%
PUAAX00 93.2493.26
93.250
-0.310
AAUGF00
cargo vs 1% strip
5.59/5.61 5.600
9.74/9.76 9.750
2.79/2.81 2.800
0.19/0.21 0.200
-1.69/-1.67 -1.680
-2.76/-2.74 -2.750
+0.090
+0.190
-0.110
+0.090
+0.080
+0.180

Residual swaps ($/barrel)
No. 6 1.0% paper Bal M
AARZS00
NANA
NA NANA
No. 6 1.0% paper 1st month
PUAXD00 95.9596.05
96.000
-0.500
No. 6 1.0% paper 2nd month
PUAXF00 96.0096.10
96.050
-0.500
No. 6 1.0% paper next quarter
PUAXG00 95.8595.95
95.900
-0.470
Boston cargoes

/gal
Low sulfur jet
PJABL00 313.60313.70 313.650 -1.360
ULS Kero
AAVTJ00 344.60344.70 344.650 -1.360
No. 2
POAEA00 299.10299.20 299.150 -1.360
No. 6 2.2% ($/barrel)
PUAWN00 95.1695.18
95.170
-0.410
(PGA pages 152)
NY/Boston numbers include duty. **This assessment reflects 150 max al+si
FOB Gulf Coast

/gal
RVP
Unleaded 87
PGACT00 289.92290.02 289.970 -6.920
PGACTRV 7.8
Unleaded 89
PGAAY00 300.02300.12 300.070 -6.320
PGAAYRV 7.8
Unleaded 93
PGAJB00 315.17315.27 315.220 -5.420
PGAJBRV 7.8
MTBE
PHAKX00 347.70347.80 347.750 0.000
Alkylate*
AAFIE00 31.20/31.30
31.250
+2.200
Naphtha
PAAAC00 261.42261.52 261.470
-13.720
Jet 54
PJABM00 303.78303.88 303.830 -2.060
Jet 55
PJABN00 304.03304.13 304.080 -2.060
ULS Kero
AAVTK00 307.03307.13 307.080 -2.060
No. 2
POAEE00 299.28299.38 299.330 -1.060
Low sulfur No. 2
POAES00 302.10302.20 302.150 -0.610
(PGA page 156 & 338)
*Premium to US Gulf Coast pipeline gasoline

$/barrel
3% strip
Slurry Oil
PPAPW00 93.7193.73
93.720
-0.080
AAUGS00
No. 6 1.0% 6 API
PUAAI00 98.7698.78
98.770
-0.080
AAUGT00
No. 6 3.0%
PUAFZ00 93.3193.33
93.320
-0.080
AAUGW00 93.0193.03 93.020
-0.260
AAUGU00
RMG 380
PUBDM00 94.7694.78
94.770
-0.030
AAUGV00

PUAXJ00 92.8092.90
92.850
-0.250
PUAXL00 92.2592.35
92.300
-0.350
PUAXN00 91.9892.08
92.030
-0.340
vs 1% strip
0.69/0.71 0.700
5.74/5.76 5.750
0.29/0.31 0.300
1.74/1.76 1.750
+0.180
+0.180
+0.180
+0.230
EUROPEAN MARKETSCAN
Gasoil
Market analysis: (PGA page 1499) Gasoil differentials
were flat across the European market, as strength
in ICE gasoil futures, coupled with a weak market in
general weighed on activity, traders said. In the ARA
barge market, there were small signs of improved
buying interest despite outright prices spiking on
strength in ICE gasoil futures, with fear of a war on
Syria a cause for concern among traders. September
ICE gasoil rose to settle at $961.75/mt, with the frontsecond month spread at $1.25/mt, ICE data showed.
Venezuela was said to be looking for prompt gasoil
cargoes to cover shorts for its Isla refinery, with some
of the barrels likely to be sourced from Northwest
Europe on continued weakness in the European gasoil
market, traders said. Argentina issued a buy tender
for a 37,000 mt cargo for 0.15% gasoil and another
37,000 mt cargo for ULSD for September 1-6 and
September 10-14 delivery, respectively, adding some
appetite for spot volumes. Argentinas YPF was not
available for comment.
Gasoil .1%S (1000ppm) FOB ARA Barge assessment
rationale: (PGA page 1427) 0.1% barges were assessed
at September ICE gasoil minus $2.75/mt, for loading
from August 30 to September 11. For September 3-7
loading (mid-window) the market was assessed at
September ICE Gasoil minus $2.75/mt on the back
of Glencores untraded bid at September ICE Gasoil
minus $3.00/mt. RA options were normalized by
$0.50/mt as were bids for higher volumes of 1-3kt.
For other dates, a daily contango structure of $0.08/
mt was applied.
code: AAYWT00
Gasoil .005%S (50ppm) FOB ARA Barge assessment

rationale: (PGA page 1408) 50 ppm barges was assessed
at September ICE gasoil plus $17.50/mt, for loading
from September 1 to 11. For September 1-5 loading
(front window) the market was assessed at September
ICE Gasoil plus $17.25/mt on the back Morgan Stanleys
august 27, 2013
untraded bid at September ICE plus $17.00/mt. For more

deferred dates, a daily contango structure of $0.12/mt
was applied.
cargo assessment, using the following calculation;

Gasoil 0.1% CIF Mediterranean cargo minus $14.25/mt.
(Black Sea-Med freight plus $0.25/mt insurance).

code: AAUQC00

code: AAVJI00
Gasoil 0.1%S FOB NWE Cargo assessment rationale:

(PGA page 1443) The Gasoil 0.1% Cargo FOB NWE cargo
assessment was derived as a freight net-back from the
Gasoil 0.1% Cargo CIF NWE cargo assessment, using
the following assessments: UKC-UKC 22,000 mt clean
freight spot Worldscale assessment W180; The average
of the basket of Worldscale flat-rates, calculated for
2013 at: $9.56/mt; The Gasoil 0.1% FOB NWE cargo
assessment was derived as a freight net-back from
the Gasoil 0.1% CIF NWE cargo assessment, using the
following calculation; Gasoil 0.1% CIF NWE cargo minus
$17.5/mt. (UKC-UKC freight plus $0.25/mt insurance).
Gasoil .1%S (1000ppm) CIF Med Cargo assessment

rationale: (PGA page 1392) 0.1% CIF Med cargoes was
assessed at September ICE gasoil plus $4.50/mt, for
loading from September 6 to 21. Glencores offer for
September 13-20 delivery of CCM minus $0.50 which
was the most competitive out of the offers across the
10-25 day window, was still deemed high relative to the
Mean of Platts London strip which was at September
ICE plus $4.43 for the same dates. The strip had a daily
contango structure of $0.02/mt.

code: AAYWR00
Gasoil 0.1%S CIF NWE Cargo assessment rationale:

(PGA page 1443) 0.1% CIF NWE cargoes was assessed at
September ICE gasoil plus $2.75/mt, for loading from
September 6 to 21. With no bids/offers in the Market
on Close assessment process, the relationship between
the physical assessment and the Mean of Platts London
strip was maintained.
code: AAYWS00
Gasoil 0.1%S FOB Med Cargo assessment

rationale: (PGA page 1392) The Gasoil 0.1% Cargo
FOB Mediterranean cargo assessment was derived
as a freight net-back from the Gasoil 0.1% Cargo CIF
Mediterranean cargo assessment, using the following
assessments: Black Sea-Mediterranean 30,000 mt
clean freight rate spot Worldscale assessment W130;
The average of the basket of Worldscale flat-rates,
calculated for 2013 at: $10.74/mt; The Gasoil 0.1%
FOB Mediterranean cargo assessment was derived as a
freight net-back from the Gasoil 0.1% CIF Mediterranean

code: AAVJJ00
Gasoil deals
(PGA page 5)
Gasoil 0.1% Barge MOC deals: 2 trades reported: 1)
Gunvor SA-Mocoh at Sep minus 3 Sep 1-5, ARA, 1.5kt;

2)Gunvor SA-Omneo at Sep minus 3 Sep 1-5, ARA,
1.6kt.
Gasoil 50 ppm Barge MOC deals: No trades reported.
Gasoil 0.1% Cargo MOC deals: No trades reported.
Diesel
Market analysis: (PGA page 1498) More cargoes of ultra
low sulfur diesel were seen making their way to Northwest
Europe Tuesday, further signs of a well-supplied market
for the first half of September. I am seeing at least 3
cargoes for September 1-15 dates from the US, with one
LR from a major, a trader said. While US volumes were
anticipated to continue reaching Northwest Europe at a
steady rate, traders were a little more ambivalent about
September Baltic exports to Europe. It is still not quite
EUROPEAN MARKETSCAN
clear for the Baltic volumes but they will clearly drop for
several reasons. Refinery turnarounds, but also refineries
that are not undergoing maintenance will probably satisfy
the local Russian market... it is difficult to put a precise
number for September at the moment, a second trader
said. Elsewhere, Vitols cargo on-board the Mt Ayrton II
which was sold to Shell basis Thames but rejected on
the basis of its freeboard, was seen heading to Gibraltar,
according to Platts vessel-tracking software cFlow. In
the Mediterranean, traders talked of a more balanced
market, with pockets of demand. Arbitrage cargoes seen
discharging in the Mediterranean this month, such as
Valeros Horizon Theano, never made it farther than the
west Mediterranean, traders said. A few ULSD cargoes
were making their way to Morocco, which typically buys
50 ppm but, because of a lack of supply, has been
buying higher quality 10 ppm ULSD, traders said. In the
Northwest European barge market, strikes by German
lock workers are halted this week. Rhine water levels
have risen over the past four days but are still at levels
affecting the loading of products, traders said.
ULSD 10ppmS FOB Rdam Barge assessment rationale:
(PGA page 1478) The outright price in the Rotterdam barge
market closed at $983.75/mt FOB, up $19.75/mt from
Friday amid a strengthening of the September 0.1%
ICE gasoil price. A total of 12 trades occurred in the
Platts Market on Close assessment process, with Shell,
Total and Mocoh on purchasing barges while BP, Vitol,
Litasco, and Noble were selling material. In the end,
Shells live bids for barges loading August 30-September
3 and September 7-11 as well as Vitols offer for a
barge to load on September 5-10 proved the physical
structure of the curve. The premium to September 0.1%
ICE gasoil was assessed at $22.25/mt on Tuesday,
down 50 cents/mt from Friday.
code: AAJUS00
ULSD 10ppmS CIF NWE Basis UK Cargo assessment

rationale: (PGA page 1467) The Diesel 10ppm (UK) CIF
NWE cargo assessment was derived as a freight net-
forward from the ULSD 10ppm ARA cargo assessment,

using the following assessments: ULSD 10ppm
ARA Cargo: $992.5-993/mt. Code AAVBG00; UKCUKC 22,000 mt clean freight rate spot Worldscale
assessment W180 The average of the basket of
Worldscale flat-rates, calculated for 2013 at: $2.51/mt;
The Diesel 10ppm (UK) CIF NWE cargo assessment was
derived as a freight net-forward from the ULSD 10ppm
ARA cargo assessment, using the following calculation:
ULSD 10ppm ARA cargoes plus $4.5/mt.
code: AAVBH00
ULSD 10ppmS CIF NWE Basis Le Havre Cargo

assessment rationale: (PGA page 1467) The Diesel
10ppm CIF NWE (Le Havre) cargo assessment was
derived as a freight net-forward from the ULSD
10ppm ARA cargo assessment, using the following
assessments: ULSD 10ppm ARA Cargo: $992.5-993/
mt. Code AAVBG00; UKC-UKC 22,000 mt clean freight
rate spot Worldscale assessment W180 The average of
the basket of Worldscale flat-rates, calculated for 2013
at: $1.64/mt; The Diesel 10ppm CIF NWE (Le Havre)
cargo assessment was derived as a freight net-forward
from the ULSD 10ppm ARA cargo assessment, using
the following calculation: ULSD 10ppm ARA cargoes
plus $3/mt.
code: AAWZC00
ULSD 10ppmS CIF NWE Cargo assessment rationale:

(PGA page 1467) Northwest European cargoes closed
at $979.50/mt CIF ARA Tuesday, up $22.25/mt, in
line with much higher outright ICE gasoil futures (plus
20.25/mt) and a higher diesel cargo premium (plus
$2/mt). Shells bid number one figured prominently
in the assessment as did a trade between Vitol and
Glencore for September 14-18 dates. Shells two other
bids received in the Platts Market on Close assessment
process were not estimated to be as competitive.
code: AAVBG00
august 27, 2013
ULSD 10ppmS CIF Med Cargo assessment rationale:

(PGA page 1456) Mediterranean cargoes closed at
$991.75/mt CIF Lavera Tuesday, up from Fridays

$971/mt assessment. A $20.25/mt rise in outright
ICE gasoil futures and a 50 cents/mt increase in the
physical Mediterranean premium helped explain the
assessment. In the Platts Market on Close assessment
process, ERGs bid at an equivalent of $30.05/mt over
the September ICE gasoil futures contract was deemed
the most competitive and showed the assessment to be
higher than the Mean of Platts London curve. Bids from
Total and Glencore were lower than ERGs.
code: AAWYZ00
Diesel deals
(PGA page 5)
ULSD MOC barge deal summary: BP-STR at Sept
+23, 30 Aug-3 Sep, ARA, 2kt; VSA-STR at Sept +23,

31 Aug-3 Sept, ARA, 2kt; BP-Mocoh at Sept +23, 30
Aug-3 Sep, ARA, 1.6kt; Noble-STR at Sept +23, 30
Aug-3 Sept, AR, 3kt; VSA-STR at Sept +23, 31 Aug-4
Aug, ARA, 2kt; VSA-STR at Sept +22, 31 Aug-4 Aug,
ARA, 2kt; BP-Totsa at Sept +22, 30 Aug-3 Sep, ARA,
2kt; AST-STR at Sept +22, 30 Aug-3 Sept, AR, 1.2kt;
BP-STR at Sept +22, 30 Aug-3 Sep, ARA, 2kt; VSASTR at Sept +22, 31 Aug-4 Sept, ARA, 2kt; LitascoTotsa at Sept +21.50, 30 Aug-3 Sept, FARA,2kt;
BP-STR at Sept +22, 30 Aug-3 Sep, ARA, 2kt.
ULSD MOC cargo deal summary: Vitol-Glencore, Vitol 1
offer for 20KT +/- 10% ULSD FRENCH SUMMER C&B

CIF BASIS Amsterdam, 0.842 density max, 14-18 Sept
bp/lukoil/p66 acceptable, hamb-bdx +n.spain+ecuk,
BP 2007 GT&CS, efp Sept +27.00.
Fuel oil
Market analysis: (PGA page 1599) In the Northwest
European high sulfur fuel oil market Tuesday cracks
widened sharply past Fridays six-month lows, as the
10
EUROPEAN MARKETSCAN
product failed to keep pace with the jump in crude oil

futures on fears of US and European military attacks
on Syria. In the short term at least, most traders saw
the market as oversupplied. Fuel oil is very weak
said one trader. People were very keen on buying last
month and Rotterdam became the most expensive
port, but now some reality has returned. Although the
arbitrage from Rotterdam to Singapore was still closed
on paper, there were three VLCCs fixed for September
loading already, said traders; Litascos Yangtze Crown,
BPs Front Commerce, and Totals Olympia. For the
rest of the year, some market observers saw current
fuel oil cracks as a bargain buy. BNP Paribas said in a
research note that September and October NWE fuel oil
cracks stand to gain when FSU exports begin to taper.
We thus favor a long crack position on these months...
Preliminary surveys suggest that seasonal maintenance
in September in the FSU will hit historical highs. Last
year Russian fuel oil exports fell from 1.53 million
b/d in August to a low of 1.2 million b/d in October,
said the bank. Although NWE HSFO swaps exited the
backwardation seen for the last eight months and went
flat for September/October Tuesday, the physical market
would prove to be more resilient, said one trader. I wish
we were headed for contango, but refinery maintenance
should give some support, he said. Other traders were
more sanguine on the impact of Russian maintenance,
noting that while some CDUs were going down, some
secondary units were also going down which would
mitigate the reduction in fuel oil output to perhaps
4-5%. The Northwest European low sulfur fuel oil market
remained subdued Tuesday, with no major price direction
envisaged by traders. Low sulfur seems very weak,
theres not good demand, said one trader. Most
movement is in the window from E.ON at the moment.
They must have some niche that other blenders dont
have. Another trader said that summers seasonal
spike from Mediterranean utility buyers had now passed.
LSFO had a very good June, July and a bit of the
second and third week in August, but going forward I
dont know, he said. Peak demand has already passed
for LSFO.
FO 1%S FOB Rdam Barge assessment rationale: (PGA

page 1592) Wiljo were best bid at the close, reaching
$619.50/mt at the front end without finding selling
interest. This disproved the previous trading sessions
physical differential to swaps of minus $0.84/mt, and
so value was assessed $0.25/mt higher than this bid
at the front end, at $619.75/mt. Applying the $0.12/
mt per day contango from the swaps structure brought
the overall 5-15 day barge window assessment to
$620.25/mt, a $0.75/mt discount to the front-month
barge swap.
code: PUAAP00
FO 3.5%S FOB Rdam Barge assessment rationale:

(PGA page 1592) At the front end, repeated buying at
$602/mt ceased 30 seconds before the close, leaving

the best bid at $601.50/mt. Given the subsequent
mid-window offers trading at $601.50/mt, value was
assessed just above the outstanding bid at the front
end, at $601.75/mt. At the back end, an offer was
lowered to $601/mt, trading early in the last minute
but didnt come back, leading to an assessment 25
cents higher at $601.25/mt. The overall 5-15 day
forward barge assessment came to $601.50/mt, a
$2.25/mt premium to the front-month barge swap.
code: PUABC00
FO 1%S CIF NWE Cargo assessment rationale: (PGA

page 1588) The 1% CIF Northwest European cargo
assessment was derived as a freight net-forward to
the 1% FOB Northwest European cargo assessment,
using the following assessments: 1% FOB Northwest
European cargoes: $616.25-616.75/mt. Code
PUAAM00; Cross-UKC 30,000 mt dirty freight rate
spot Worldscale assessment W147.5. Code TDADY00;
calculated for 2013 at: $7.25/mt. The 1% CIF
Northwest European cargo assessment was derived as
a freight net-forward to the 1% FOB Northwest European
cargo assessment, using the following calculation:
august 27, 2013
1% FOB Northwest European cargoes plus $10.75/

mt (cross-UKC freight). 1% CIF Northwest European
cargoes: $627-627.5/mt. Code PUAAL00.
code: PUAAL00
FO 1%S FOB NWE Cargo assessment rationale: (PGA

page 1588) Total offered a FOB Antwerp LSFO cargo of
RMG 2010 specification with 1% max sulfur, reaching
September FOB NWE 1% assessments minus $2.00/mt
without trading. The specification was normalized by plus
$0.75/mt, reflecting the lack of a maximum asphaltenes
guarantee as well as higher CCR in the marine fuel
grade compared to Platts standard, ruling out many
utility buyers. This came to $618.05/mt on flat price,
leaving the MOPs suggested value (the previous
sessions physical/swaps differential of minus $2.65/
mt, applied to Tuesdays swaps curve) unchallenged
at $616.50/mt, which was taken as value. This was a
$2.75/mt discount to the front-month swap.
code: PUAAM00
FO 1%S CIF Med Cargo assessment rationale: (PGA

page 1580) The CIF Med/FOB NWE 1% cargo spread was
assessed up $1.00/mt at $11.25/mt, based on the
reported need for the Mediterranean to return towards
freight netback levels from the North to attract import
cargoes. There were no LSFO Mediterranean bids or
offers in the MOC.
code: PUAAJ00
FO 1%S FOB Med Cargo assessment rationale:

(PGA page 1580) The 1% FOB Mediterranean cargo
assessment was derived as a freight net-back to

the 1% CIF Mediterranean cargo assessment, using
the following assessments: 1% CIF Mediterranean
cargoes: $627.5-628/mt. Code PUAAJ00; CrossMediterranean 30,000 mt dirty freight rate spot
Worldscale assessment W145. Code TDAEA00;
11
EUROPEAN MARKETSCAN
calculated for 2013 at: $8.41/mt. The 1% FOB

Mediterranean cargo assessment was derived as a
freight net-back to the 1% CIF Mediterranean cargo
assessment, using the following calculation: 1% CIF
Mediterranean cargoes minus $12.25/mt (crossMediterranean freight). 1% FOB Mediterranean
cargoes: $615.25-615.75/mt. Code PUAAK00.
code: PUAAK00
FO 3.5%S CIF Med Cargo assessment rationale: (PGA

page 1580) There were no HSFO cargo bids or offers
in the Platts Market on Close assessment process
Tuesday, leaving the previous trading sessions $2.75/
mt physical-to-swaps premium to be used for the
assessment. Applied to Tuesdays Med/north swap, this
narrowed the Med/north differential to minus $3.25/mt,
up from minus $3.50/mt on Friday.
code: PUAAY00
FO 3.5%S FOB Med Cargo assessment rationale:
HSFO barge MOC deal summary: 1)LITASCO-KCEL
, $601.25/mt , 2kt , FOB Rdam , MW 2)LITASCOGUNVORSA , $601.5/mt , 2kt , FOB Rdam , MW 3)

LITASCO-GUNVORSA , $601/mt , 2kt , FOB Rdam ,
MW 4)MERCURIASA-KCEL , $601.25/mt , 2kt , FOB
Rdam , MW 5)LITASCO-GUNVORSA , $602/mt , 2kt
, FOB Rdam , FE 6)LITASCO-GUNVORSA , $602/mt ,
2kt , FOB Rdam , FE 7)LITASCO-AEGEAN , $602.25/
mt , 2kt , FOB Rdam , FE 8)VITOL-ARGBUNK , $602/
mt , 2kt , FOB Rdam , FE 9)MERCURIASA-OWBNL ,
$601/mt , 2kt , FOB Rdam , BE 10)MERCURIASAKCEL , $601.25/mt , 2kt , FOB Rdam , MW 11)VITOLGUNVORSA , $602/mt , 2kt , FOB Rdam , FE 12)
VITOL-ARGBUNK , $602/mt , 2kt , FOB Rdam , FE 13)
VITOL-GUNVORSA , $602/mt , 2kt , FOB Rdam , FE
14)VITOL-ARGBUNK , $602/mt , 2kt , FOB Rdam , FE
15)LITASCO-GUNVORSA , $601.5/mt , 2kt , FOB Rdam
, MW 16)LITASCO-KCEL , $601.5/mt , 2kt , FOB Rdam
, MW 17)MERCURIASA-GUNVORSA , $600.75/mt , 2kt
, FOB Rdam , BE.
LSFO cargo MOC deal summary: No deals.
(PGA page 1580) The 3.5% FOB Mediterranean cargo
assessment was derived as a freight net-back to the

3.5% CIF Mediterranean cargo assessment, using
the following assessments: 3.5% CIF Mediterranean
cargoes: $610.25-610.75/mt. Code PUAAY00; Med-Med
30,000 mt dirty freight rate spot Worldscale assessment
W145. The average of the basket of Worldscale flatrates, calculated for 2013 at: $8.41/mt; The 3.5%
FOB Mediterranean cargo assessment was derived as
a freight net-back to the 3.5% CIF Mediterranean cargo
assessment, using the following calculation: 3.5%
CIF Mediterranean cargoes minus $12.25/mt (crossMediterranean freight).
code: PUAAZ00
Fuel Oil deals

LSFO barge MOC deal summary: No deals.
(PGA page 5)
HSFO cargo MOC deal summary: No deals.

LSFO swaps MOC deal summary: 1)TOTSA-
MERCURIASA , $20.5/mt , 5kt , hi-lo , Sep13 2)

TOTSA-MERCURIASA , $20.5/mt , 5kt , hi-lo , Sep13
3)TOTSA-MERCURIASA , $20/mt , 5kt , hi-lo , Sep13
4)TOTSA-MERCURIASA , $20/mt , 5kt , hi-lo , Sep13
5)TOTSA-MERCURIASA , $20/mt , 5kt , hi-lo , Sep13.
HSFO swaps MOC deal summary: No deals.
VGO
(PGA page 1597)
In the Northwest European vacuum gasoil market

Tuesday, low sulfur VGO cargoes were assessed against
October Brent crude futures at plus $4.95/barrel, down
by $0.05/b from Friday. The week got off to a slow start
with no new trades heard reported. Sources said it had
been more than a week since a cargo had been traded in
august 27, 2013
the NWE market, though some activity had been seen on

barges. Sources said a refiner out of Lavera now had two
LSVGO cargoes on offer compared to only one last week.
Sources said this was adding to the oversupply in the
region with the arbitrage to the US still looking closed.
If the US doesnt start buying I think Europe will have
to take another big leg down. I can see HSVGO trading
below ICE Brent very soon, said a source.
VGO deals
(PGA page 5)
No deals reported
North Sea crude

Market analysis: (PGA page 1299) Lighter, sweeter North
Sea crudes maintained last weeks support Tuesday,
with ongoing concerns about Libyan supply and good
demand keeping values relatively high. Forties and Urals,
representing sourer grades in the region, continued
to reflect relatively wide sweet/sour spreads, as a
falling fuel oil crack and the healthy supply of Urals
contributed to a more bearish picture. The sweet
market remains tight because of Libya -- and even if it
comes back people will prefer other barrels for security
-- so sweet will continue to trade at a premium for the
reliability factor, one North Sea crude trader said. Its
a relatively tight market despite turn-arounds and Urals
being weaker. Sweet remains tight and will do until
Libya is resolved. September-loading North Sea crude
was also heard to have traded well, with much of the
September-loading programs already finding homes,
further supporting values. It seems as if the September
[programs are] basically done. There might an odd cargo
here and there, but mostly everything has cleared. Some
of the cargoes were re-shown in the market...differentials
have been firming up slightly, another North Sea crude
trader said. The Forties Pipeline System was heard to
have offered multiple deferral options to Forties equity
holders Tuesday, though it was not clear what the
underlying reason was. A spokesman for FPS operations
was not available to comment. It was not clear how many
12
EUROPEAN MARKETSCAN
cargoes had seen deferrals by the close of business

Tuesday, though Suncors equity, F0906, was heard to
have been deferred to September 14-16. Meanwhile,
no cargoes were heard to have been entered into the
25-day nomination procedure Tuesday. ConocoPhillips
Ekofisk parcel 11424, Statoils Oseberg parcel 0903
and BPs Forties parcel 0912 were all scheduled to load
September 21-23 and saw their last day of eligibility for
nomination pass Tuesday.
Dated Brent assessment rationale: (PGA page 1297)
Just one cargo was seen Tuesday, with Shell bidding
for Forties loading September 9-13. The company bid
to Dated Brent plus $0.65/b, but did not attract selling
interest. Forties was assessed $0.01/b above this
level for September 9 loading crude and a $0.01/b
contango was drawn through the remainder of the 10-25
day assessment range. Forties crude was the most
competitive of BFOE for all days in the assessment
range.
code: PCAAS00
BFOE assessment rationale: (PGA page 1297) October

Cash BFOE was assessed at $114.14/b, $0.01/b above
an outstanding bid. The bid level had tested the EFP of
$0.12/b heard during the day and no selling interest was
seen at lower levels. An EFP of $0.14/b was assessed.
November Cash BFOE was assessed at $112.78/b. The
first of two trades for the contract seen was at a relative

EFP of $0.14/b. A subsequent trade at the same level
did not test the previous EFP and the relationship seen
between November and October -- a flat EFP roll -- was
maintained.
codes: PCAAP00, PCAAQ00, PCAAR00
CFD assessment rationale: (PGA page 1297) The

September 2-6 week was assessed at October plus
$0.88/b, or November plus $2.24/b, between the
outstanding interest live at the close. The September
9-13 week was assessed at October plus $0.43/b,
or November plus $1.79/b, $0.01/b below the level
at which 500,000 barrels traded. The September
16-20 week was assessed at October plus $0.08/b,
or November plus $1.44/b, between the outstanding
interest live at the close.
codes: PCAKA00, PCAKC00, PCAKE00, PCAKG00, AAGLU00,
AAGLV00, AALCZ00, AALDA00
august 27, 2013
stayed slow, with not many trades seen. Sources

however said that with the VGO market falling steadily
in Europe, refiners could looks towards VGO instead of
LSSR. This could further weigh down on the LSSR market
for the weeks to come, they added. Supplies from
Tunisia, Antwerp and even from Gabon were keeping the
European market well supplied despite there being still
no signs of exports from Libyas Ras Lanuf.
Straight Run 0.5-0.7%S FOB NWE cargo assessment
rationale: (PGA page 1584) In the Northwest Europe low
sulfur straight run market Tuesday, FOB NWE cargoes were
assessed at $755/mt, up $22.00/mt from Friday tracking
crude gains. The flat price was derived from the sharp
increase seen on the ICE Brent Futures contract. October
16:30 ICE Brent crude was assessed at $114/barrel
Tuesday, up from 110.78/b on Friday. But there was no
change seen on the differentials which remained unchanged
at minus $2.50/b against the October Brent crude futures
contract. There were no public deals reported. The outright
LSSR price was derived using the dollars per barrel to metric
per tonne conversion factor of 6.77 for LSSR.
code: PKABA00
LSSR
Market analysis: (PGA page 1598) In the Northwest
Europe low sulfur straight run market Tuesday,
differentials against the ICE October Brent futures
contract remained stable. Sources said the market
LSSR deals
No trades reported
13
(PGA page 5)
EUROPEAN MARKETSCAN
august 27, 2013
US Products: August 23, 2013

Code
Mid Change
Code
Mid Change
Code
Mid
New York harbor

CIF cargoes (/gal)
RVP
Unleaded 87 0.3%
AAMHG00 300.37300.47 300.418
+3.418
AAMHGRV 9.0
Unleaded-89 0.3%
AAMIW00 305.07305.17 305.124
+4.024
AAMIWRV 9.0
Unleaded-93 0.3%
AAMIZ00 312.13312.23 312.183
+4.923
AAMIZRV 9.0
Jet
PJAAX00 304.71304.81 304.760
+2.160
Low sulfur jet
PJABK00 312.96313.06 313.010
+1.910
ULS Kero
AAVTH00 343.96344.06 344.010
+1.910
No. 2
POAEH00 296.96297.06 297.010
+1.910
Change
(PGA page 152)

$/barrel
1% strip NYH
No. 6 0.3% HP
PUAAE00 101.99102.01 102.000
+0.450
AAUGA00
No. 6 0.3% LP
PUAAB00 106.04106.06 106.050
+0.500
AAUGB00
No. 6 0.7%
PUAAH00 99.3999.41
99.400
+0.250
AAUGC00
No. 6 1.0%**
PUAAO00 96.5996.61
96.600
+0.450
AAUGG00 96.4896.50 96.490
+0.200
AAUGD00
No. 6 2.2%
PUAAU00 94.7294.74
94.730
+0.520
AAUGE00
No. 6 3.0%
PUAAX00 93.5593.57
93.560
+0.560
AAUGF00
cargo vs 1% strip
5.50/5.52 5.510
9.55/9.57 9.560
2.90/2.92 2.910
0.10/0.12 0.110
-1.77/-1.75 -1.760
-2.94/-2.92 -2.930
+0.250
+0.300
+0.050
+0.250
+0.320
+0.360

No. 6 1.0% paper Bal M
AARZS00
NANA
NA NANA
PUAXD00 96.4596.55
96.500
+0.200
PUAXF00 96.5096.60
96.550
+0.200
PUAXG00 96.3296.42
96.370
+0.200
Boston cargoes

/gal
Low sulfur jet
PJABL00 314.96315.06 315.010
+1.910
ULS Kero
AAVTJ00 345.96346.06 346.010
+1.910
No. 2
POAEA00 300.46300.56 300.510
+1.910
No. 6 2.2% ($/barrel)
PUAWN00 95.5795.59
95.580
+0.520
(PGA pages 152)
NY/Boston numbers include duty. **This assessment reflects 150 max al+si
FOB Gulf Coast

/gal
RVP
Unleaded 87
PGACT00 296.84296.94 296.890
+0.620
PGACTRV 7.8
Unleaded 89
PGAAY00 306.34306.44 306.390
+1.920
PGAAYRV 7.8
Unleaded 93
PGAJB00 320.59320.69 320.640
+3.870
PGAJBRV 7.8
MTBE
PHAKX00 347.70347.80 347.750
+2.900
Alkylate*
AAFIE00 29.00/29.10
29.050
+2.600
Naphtha
PAAAC00 275.14275.24 275.190 -0.330
Jet 54
PJABM00 305.84305.94 305.890
+1.920
Jet 55
PJABN00 306.09306.19 306.140
+1.920
ULS Kero
AAVTK00 309.09309.19 309.140
+1.920
No. 2
POAEE00 300.34300.44 300.390
+2.420
Low sulfur No. 2
POAES00 302.71302.81 302.760
+1.910
(PGA page 156 & 338)
*Premium to US Gulf Coast pipeline gasoline

$/barrel
3% strip
Slurry Oil
PPAPW00 93.7993.81
93.800
+0.270
AAUGS00
No. 6 1.0% 6 API
PUAAI00 98.8498.86
98.850
+0.320
AAUGT00
No. 6 3.0%
PUAFZ00 93.3993.41
93.400
+0.320
AAUGW00 93.2793.29 93.280
+0.510
AAUGU00
RMG 380
PUBDM00 94.7994.81
94.800
+0.320
AAUGV00

PUAXJ00 93.0593.15
93.100
+0.500
PUAXL00 92.6092.70
92.650
+0.450
PUAXN00 92.3292.42
92.370
+0.400
14
vs 1% strip
0.51/0.53 0.520
5.56/5.58 5.570
0.11/0.13 0.120
1.51/1.53 1.520
-0.240
-0.190
-0.190
-0.190
EUROPEAN MARKETSCAN
Asia products - Effective August 26, 2013

Code
august 27, 2013
Jet Index
Mid Change
Code
Singapore
Mid Change
(PGA page 2002)

FOB Singpore ($/barrel)
Naphtha
PAAAP00 102.61102.65 102.630
+0.940
PGAEY00 114.86114.90 114.880
+1.280
PGAEZ00 117.28117.32 117.300
+1.280
PGAMS00 120.02120.06 120.040
+1.280
Kerosene
PJABF00 124.57124.61 124.590
+0.380
Gasoil 0.05% sulfur
AAFEX00 123.38123.42 123.400
+0.260
Gasoil 0.25% sulfur
AACUE00 123.35123.39 123.370
+0.260
Gasoil
POABC00 123.38123.42 123.400
+0.260
Fuel oil 180 CST 2% ($/mt)
PUAXS00 636.31636.35 636.330 -2.620
HSFO 180 CST ($/mt)
PUADV00 604.85604.89 604.870 -2.850
HSFO 380 CST ($/mt)
PPXDK00 603.72603.76 603.740 -3.110
Indonesia
August 23, 2013

Europe & CIS
MidEast & Africa
Global
(PGA page 2516)

FOB Indonesia ($/barrel)
LSWR Mixed/Cracked
PPAPU00 98.7198.75
98.730
-0.400
Gasoline components
(PBF page 2010)

FOB Singapore ($/mt)
MTBE
PHALF00 1078.001080.00 1079.000
+12.000
Singapore Swaps
(PPA page 2654)

September ($/barrel)
October ($/barrel)
Naphtha Japan ($/mt)
AAXFE00 939.75940.25 940.000
+7.000
AAXFF00 934.75935.25 935.000
+6.750
Naphtha
PAAAQ00 102.23102.27 102.250
+0.950
PAAAR00 101.63101.67 101.650
+0.950
AAXEL00 114.78114.82 114.800
+1.000
AAXEM00 114.18114.22 114.200
+1.000
Reforming Spread
AAXEO00 12.53/12.57
12.550
+0.050
AAXEP00 12.53/12.57 12.550
+0.050
Kerosene
PJABS00 124.33124.37 124.350
+0.370
PJABT00 124.08124.12 124.100
+0.310
Gasoil
POAFC00 123.50123.54 123.520
+0.290
POAFG00 123.55123.59 123.570
+0.340
HSFO 180 CST ($/mt)
PUAXZ00 609.98610.02 610.000 -3.000
PUAYF00 613.98614.02 614.000
-2.250
Middle East
(PGA page 2004)

FOB Arab Gulf ($/barrel)
Naphtha ($/mt)
PAAAA00 899.91902.16 901.035
+8.500
Naphtha LR2 ($/mt)
AAIDA00 906.60908.85 907.725
+7.700
Kerosene
PJAAA00 121.68121.72 121.700
+0.380
Gasoil 0.005% sulfur
AASGJ00 120.86120.90 120.880
+0.250
Gasoil 0.05% sulfur
AAFEZ00 120.31120.35 120.330
+0.260
Gasoil 0.25% sulfur
AACUA00 119.81119.85 119.830
+0.250
Gasoil
POAAT00 120.31120.35 120.330
+0.260
HSFO 180 CST ($/mt)
PUABE00 589.56589.60 589.580 -2.770
Japan (PGA page 2006)

C+F Japan ($/mt)
Premium/Discount
Naphtha
PAAAD00 940.50942.75 941.625
+8.500
Naphtha MOPJ Strip
AAXFH00 931.63932.13 931.880
+6.500
AAXFI00 9.50/10.00
Naphtha 2nd 1/2 Oct
PAAAE00 944.00944.50 944.250
+8.500
Naphtha 1st 1/2 Oct
PAAAF00 942.25942.75 942.500
+8.500
Naphtha 2nd 1/2 Nov
PAAAG00 940.50941.00 940.750
+8.500
Gasoline unleaded ($/barrel)
PGACW00 117.22117.26 117.240
+1.280
Kerosene ($/barrel)
PJAAN00 125.67125.71 125.690
+0.320
Gasoil ($/barrel)
POABF00 128.26128.30 128.280
+0.250
HSFO 180 CST
PUACJ00 617.99618.03 618.010 -2.850
9.750
+2.000
15
(PGA page 115)

Index
$/mt
PJECI00 345.76 PJECI09 1011.25
PJMEA00 369.05 PJMEA09 975.05
PJGLO00 348.09 PJGLO09 1003.56

Platts European Market Scan 270813

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Platts European Market Scan 270813

Uploaded by

Copyright:

Available Formats

[OIL ]

Volume 45 / Issue 165 / August 27, 2013

(PGA page 1114)

Northwest Europe cargoes

(PGA page 1110)

(PGA page 703)

Low Sulfur Gasoil

ICE gasoil settlements

(PGA page 702)

Low Sulfur Gasoil

*Value at 12:00 London time will only appear on day of expiry

ICE gasoil GWAVE (Previous days values)

(PGA page 702)

(PGA page 1112)

Platts ICE 1630 London assessments*

Naphtha crack swap ($)

NYMEX futures (16:30 London time)

(PGA page 703)

NYMEX heating oil

(PGA page 703)

NYMEX RBOB (unleaded gasoline)

(PGA page 724)

Crude futures surged further Tuesday heading into the

august 27, 2013

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

(PGA page 1120)

*Naphtha FOB Med is basis East Med

Northwest Europe cargoes

Northwest Europe barges

(PGA page 1118)

(PGA page 1116)

Foreign exchange rates

(PGA page 1151)

August 27, 2013

told Russia president Vladimir Putin. We understand

New York Harbor cargoes 16:30 London

European clean product barge freight rates

(PGT page 1918)

(PGT page 1918)

(PGT page 1918)

by Platts forecasting a 250,000 barrel crude draw,

august 27, 2013

(PGA page 1500)

using the Platts cross Med clean tanker assessment

Copyright 2013, McGraw Hill Financial

period for intermediate indications; September 5 - Last

august 27, 2013

Subscriber notes (cont.)

(PGA page 1500)

Monday. The first gasoline cargo has already been

to Totsa at $1055/mt for Mid-window dates 1,000mt.

Gasoline 10ppmS CIF NWE Cargo assessment

FOB Mediterranean cargo assessment, using the

The above commentary applies to the following market data

The above commentary applies to the following market data

Gasoline Prem Unleaded 10ppmS FOB Med Cargo

Gasoline Prem Unleaded 10ppmS CIF Med Cargo

Eurobob gasoline barge MOC deals: Chevron-Vitol for

Mid-window dates at $1050/mt for 1kt, Chevron-Vitol

august 27, 2013

petrochemical end-users. Cracking high volumes of

NAPHTHA CARGO MOC deals: BP-GLENCORE 12,500

mt CIF NWE cargo delivery September 16-20 $958/mt.

have already committed oil into Florida, he said. Jet