Market Scan

EUROPEAN MARKETSCAN
Volume 51 / Issue 1 / January 2, 2019
EUROPEAN PRODUCTS ($/mt) AFRICA PRODUCTS

Code Mid Change Code Mid Change Code Mid Change
Mediterranean cargoes (PGA page 1114) West Africa cargoes (PGA pages 1122, 2342 and 2412)
FOB Med (Italy) CIF Med (Genova/Lavera) FOB NWE ($/mt)
Naphtha* PAAAI00 418.75–419.25 419.000
+24.750 PAAAH00 435.25–435.75 435.500
+24.750 Gasoline AAKUV00 489.250 +26.750
Prem Unl 10 ppm AAWZA00 473.00–473.50 473.250
+26.750 AAWZB00 485.25–485.75 485.500
+26.750
CIF West Africa ($/mt)
Jet AAIDL00 539.00–539.50 539.250
+24.000 AAZBN00 560.50–561.00 560.750
+23.750
10 ppm ULSD AAWYY00 505.75–506.25 506.000
+24.500 AAWYZ00 521.00–521.50 521.250
+24.500 Gasoline AGNWC00 510.250 +26.500
Gasoil 0.1% AAVJI00 496.00–496.50 496.250
+22.750 AAVJJ00 514.25–514.75 514.500
+23.000 FOB STS West Africa ($/mt)
Fuel Oil 1.0% PUAAK00 331.75–332.25 332.000
+27.250 PUAAJ00 348.25–348.75 348.500
+27.250 Gasoil 0.3% AGNWD00 534.250 +24.500
Fuel oil 3.5% PUAAZ00 304.75–305.25 305.000
+27.250 PUAAY00 321.00–321.50 321.250
+26.500
*Basis East Med. CFR South Africa ($/barrel)
Gasoline 95 unleaded AAQWW00 59.361 -1.096
Northwest Europe cargoes (PGA page 1110) Jet kero AAQWT00 68.124 -1.562
FOB NWE CIF NWE/Basis ARA Gasoil 10 ppm AAQWU00 66.970 -1.547
Gasoil 500 ppm AAQWV00 65.920 -1.497
Naphtha (Feb) PAAAJ00 442.25–442.75 442.500
+22.250
Naphtha PAAAL00 446.25–446.75 446.500
+24.250
Gasoline 10 ppm AAXFQ00 499.00–499.50 499.250
+32.250 EUROPEAN FEEDSTOCKS AND BLENDSTOCKS
Jet PJAAV00 551.50–552.00 551.750
+26.000 PJAAU00 562.00–562.50 562.250
+23.750
ULSD 10 ppm AAVBF00 505.50–506.00 505.750
+27.000 AAVBG00 517.50–518.00 517.750
+25.000
Code Mid Change
Diesel 10 ppm NWE** AAWZD00 507.50–508.00 507.750
+27.000 AAWZC00 519.75–520.25 520.000
+24.750 CIF Northwest Europe cargo ($/mt) (PGF page 1760)
Diesel 10 ppm UK AAVBH00 521.00–521.50 521.250
+24.500 VGO 0.5-0.6% AAHMZ00 403.50–404.50 404.000 +24.000
Gasoil 0.1% AAYWR00 495.00–495.50 495.250
+27.250 AAYWS00 511.75–512.25 512.000
+24.250 VGO 2% AAHND00 402.50–403.50 403.000 +24.000
Fuel oil 1.0% PUAAM00 319.00–319.50 319.250
+24.750 PUAAL00 334.50–335.00 334.750
+24.000
FOB Northwest Europe cargo ($/mt)
Fuel oil 3.5% PUABB00 283.00–283.50 283.250
+24.000 PUABA00 304.75–305.25 305.000
+24.250
**Basis Le Havre. VGO 0.5-0.6% AAHMX00 381.75–382.75 382.250
+23.750
VGO 2% AAHNB00 380.50–381.50 381.000
+23.500
Northwest Europe barges (PGA page 1112) ULSD 10PPM BARGE CRACK SWAP Straight Run 0.5-0.7% PKABA00 363.50–364.50 364.000
+23.500
FOB Rotterdam*** ($)
15.0 FOB Black Sea cargo ($/mt)
Naphtha PAAAM00 442.25–442.75 442.500
+24.250
VGO 0.8% ABBAD00 385.250
+23.000
Eurobob AAQZV00 474.75–475.25 475.000
+32.250
VGO 2% ABBAC00 384.250
+23.000
98 RON gasoline 10 ppm AAKOD00 549.75–550.25 550.000
+32.250 14.5
Premium gasoline 10 ppm PGABM00 500.50–501.00 500.750
+32.250 CIF Mediterranean cargo ($/mt)
Reformate AAXPM00 505.000 +32.250
Straight Run 0.5-0.7% AAJNT00 395.250
+27.250
Jet PJABA00 553.75–554.25 554.000
+20.250 14.0
VGO 0.8% ABBAB00 405.500
+23.750
Diesel 10 ppm AAJUS00 514.25–514.75 514.500
+24.250
VGO 2% ABBAA00 404.500
+23.750
Gasoil 50 ppm AAUQC00 512.75–513.25 513.000
+24.250
Gasoil 0.1%*** AAYWT00 500.25–500.75 500.500
+25.000 13.5
FOB Rotterdam barge ($/mt)
Fuel oil 1.0% PUAAP00 310.50–311.00 310.750
+24.250
MTBE* PHALA00 578.75–579.25 579.000
+39.250
Fuel oil 3.5% PUABC00 310.50–311.00 310.750
+24.250
13.0 VGO 0.5-0.6% AAHNF00 381.75–382.75 382.250
+23.750
Fuel Oil 3.5% 500 CST PUAGN00 306.50–307.00 306.750
+24.250 Mar May Jul Sep Nov Jan VGO 2% AAHNI00 353.25–354.25 353.750
+16.250
Rotterdam bunker 380 CST PUAYW00 317.50–318.50 318.000
+14.000
Source: S&P Global Platts *FOB Amsterdam-Rotterdam-Antwerp.
***See notes on delivery basis for this table. (see page 20)
www.platts.com
EUROPEAN MARKETSCAN JANUARY 2, 2019
EURO-DENOMINATED ASSESSMENTS 16:30 LONDON EURO CENTS PER LITER ASSESSMENTS 16:30 LONDON
Market Update (PGA page 724) Med cargoes (€/mt) (PGA page 1120) Med cargoes (€ cents/liter) (PGA page 1370)
Crude oil futures soared in London trading Wednesday FOB Med CIF Med FOB Med CIF Med
(Italy) (Genova/Lavera) Prem Unl 10 ppm ABXGA00 31.452 ABXGB00 32.266
afternoon following news that Saudi Arabian oil exports Naphtha* ABWHE00 368.968 ABWHD00 383.498 Jet ABXGH00 38.796 ABXGI00 40.342
plunged in December. Saudi Arabian crude export loadings Prem Unl 10ppm ABWGV00 416.740 ABWGU00 427.527 10 ppm ULSD ABXGO00 36.404 ABXGP00 38.800
Jet ABWGZ00 474.859 AAZBO00 493.792 Gasoil 0.1% ABXGY00 36.939 ABXGZ00 38.298
fell to 7.253 million b/d last month, according to media
10ppm ULSD ABWHM00 445.579 ABWHH00 459.008 Northwest Europe cargoes (€ cents/liter) (PGA page 1370)
reports. “Reports that Saudi oil exports were falling Gasoil 0.1% ABWGQ00 436.994 ABWGO00 453.064
FOB NWE CIF NWE/Basis ARA
dramatically changed the mood of the market,” Price Fuel Oil 1.0% ABWGH00 292.356 ABWGF00 306.886
Gasoline 10 ppm ABXGC00 33.180
Fuel oil 3.5% ABWGM00 268.580 ABWGK00 282.890
Jet ABXGJ00 39.695 ABXGK00 40.450
Futures Group senior market analyst Phil Flynn said. “Saudi *Naphtha FOB Med is basis East Med ULSD 10 ppm ABXGQ00 37.647 ABXGR00 38.540
Arabia is very serious about lowering the supply situation...It Northwest Europe cargoes (€/mt) (PGA page 1116) Diesel 10 ppm NWE ABXGS00 37.795 ABXGT00 38.707
really shows that cuts are going into effect today and will FOB NWE CIF NWE/
Gasoil 0.1% ABXHA00 36.865 ABXHB00 38.112
have an impact.” At the London close, March ICE Brent Northwest Europe barges (€ cents/liter) (PGA page 1370)
Basis ARA
jumped to $55.57/b, a $1.77/b increase from the settle of the Naphtha AAQCE00 393.184 FOB Rotterdam
Gasoline 10ppm ABWGS00 439.635 Eurobob ABXGD00 31.568
last trading day, while February NYMEX WTI also rose to Jet ABWHB00 485.867 AAQCF00 495.113 98 RON Gasoline 10 ppm ABXGE00 36.553
$47.13/b, a $1.72/b increase. The rise came after a volatile ULSD 10 ppm ABWHO00 447.120 ABWHI00 457.908 Premium Gasoline 10 ppm ABXGF00 33.280
Diesel 10ppm NWE ABWHP00 445.359 ABWHK00 455.926 Jet ABXGL00 39.857
morning in Asia which saw crude futures fall mid-afternoon Diesel 10 ppm UK ABWHJ00 459.008 Diesel 10 ppm ABXGU00 38.298
Gasoil 0.1% ABWGR00 436.113 ABWGP00 450.863 Gasoil 50 ppm ABXHC00 38.186
Gasoil 0.1% ABXHD00 37.256
ICE FUTURES Fuel oil 1.0% AAQCG00 281.129 ABWGG00 294.778
Fuel oil 3.5% ABWGN00 249.428 ABWGL00 268.580
Platts ICE 16:30 London assessments* (PGA page 703) Straight run 0.5-0.7% ABWHG00 320.535 GB PENCE PER LITER ASSESSMENTS 16:30 LONDON
Low Sulfur Gasoil Brent Northwest Europe cargoes (p/liter) (PGA page 1370)
West Africa cargoes (€/mt) (PGA page 1116)
Jan AARIN00 514.25 Mar AAYES00 55.57
FOB NWE CIF WAF FOB NWE CIF NWE/Basis ARA
Feb AARIO00 515.25 Apr AAYET00 55.82
Gasoline AGNWA00 430.830 AANWC00 449.322 Gasoline 10 ppm ABXGG00 29.933
Mar AARIP00 516.25 May AAXZY00 56.11
Jet ABXGM00 35.810 ABXGN00 36.491
Jun AAYAM00 56.38 FOB STS West Africa
ULSD 10 ppm ABXGV00 33.962 ABXGW00 34.768
*Platts ICE assessments reflect the closing value of the ICE contracts at precisely Gasoil 0.3% AGNWE00 470.456
Diesel 10 ppm UK ABXGX00 35.003
16:30 London time. Northwest Europe barges (€/mt) (PGA page 1118) Gasoil 0.1% ABXHE00 33.257 ABXHF00 34.382
ICE gasoil settlements (PGA page 702) FOB Rotterdam
Low Sulfur Gasoil Low Sulfur Gasoil Naphtha ABWHF00 389.662 FOREIGN EXCHANGE RATES (PGA page 1151)
Jan * ICLO001 517.00 Apr ICLO004 519.00 Eurobob ABWGT00 418.281 January 2, 2019 London 16:30
Feb ICLO002 518.00 May ICLO005 519.75 98 RON gasoline 10 ppm ABWGX00 484.325 Dollar/Swiss franc BCADC00 0.9886
Mar ICLO003 519.00 Jun ICLO006 522.50 Premium gasoline 10 ppm AAQCH00 440.956 GB pound/Dollar BCADB00 1.2588
*On day of ICE LS Gasoil midday expiry, M1 shows settlement value Reformate AAXPN00 444.699 Dollar/Yen BCACW00 109.2900
Jet ABWHC00 487.848 Euro/Dollar BCADD00 1.1356
ICE LS gasoil GWAVE (Previous day’s values) (PGA page 702)
Diesel 10 ppm* AAQCI00 453.064 Dollar/Ruble AAUJO00 68.7310
Jan PXAAJ00 506.25 Feb PXAAK00 505.00 Gasoil 50 ppm AAUQF00 451.744
Gasoil 0.1%* AAYWY00 440.736 EUROPEAN CLEAN PRODUCT BARGE FREIGHT RATES
Fuel oil 1.0% ABWGI00 273.644 ARA ($/mt) (PGT page 1918)
NYMEX FUTURES (16:30 London time) Fuel oil 3.5% AAQCK00 273.644
Rotterdam — Rotterdam TCAEI00 8.10
Fuel Oil 3.5% 500 CST PUAGO00 270.122
Rotterdam — Flushing TCAEJ00 9.00
NYMEX WTI (PGA page 703)
Rotterdam bunker 380 CST AAUHE00 280.028
Rotterdam — Ghent TCAEK00 9.50
$/barrel $/barrel
*FOB Amsterdam-Rotterdam-Antwerp Rotterdam — Antwerp TCAEL00 9.25
Feb AASCR00 47.13 Mar AASCS00 47.43
New York Harbor cargoes 16:30 London (€ cent/gal) (PGA pages 1350 & 1450) Germany ($/mt) (PGT page 1918)
NYMEX NY ULSD (PGA page 703)
FOB NY Harbor Rotterdam — Duisburg TCAEM00 17.20
¢/gal ¢/gal
Unleaded 87 AAPYV00 122.02 Rotterdam — Cologne TCAEN00 19.85
Feb AASCT00 172.32 Mar AASCU00 171.46
Unleaded 89 AAPYW00 127.48 Rotterdam — Karlsruhe TCAEO00 42.60
NYMEX RBOB (unleaded gasoline) (PGA page 703) Unleaded 93 AAPYX00 135.67 Antwerp — Duisburg TCAEP00 20.60
¢/gal ¢/gal Euro/US$ forex rate: 1.1356. Platts Euro denominated European & US product Switzerland ($/mt) (PGT page 1918)
Feb AASCV00 135.92 Mar AASCW00 136.62 assessments are based on market values and a Euro/US$ forex rate at 4:30 PM Rotterdam — Basel TCAEQ00 45.75
local London time.
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 2
EUROPEAN FINANCIAL DERIVATIVES: JANUARY 2, 2019 ($/mt) (PPE page 1600)

Code January*
Change Code February
Change Code March Change
London MOC
Propane CIF NWE Large Cargo Financial ABWFX00 404.000 -23.000 AAHIK00 397.000 -3.000 AAHIM00 384.000 -10.000
Naphtha CIF NWE Cargo Financial ABWFV00 443.750 -30.250 PAAAJ00 442.500 +22.250 AAECO00 441.000 +23.500
Gasoline Prem Unleaded 10 ppm FOB ARA Barge Financial ABWFT00 492.750 -25.500 AAEBW00 495.750 +29.250 AAEBY00 499.000 +30.500
Gasoline Eurobob 10 ppm FOB ARA Barge Financial ABWFB00 471.750 -22.500 ABWFC00 474.750 +30.250 ABWFD00 478.000 +31.500
Jet FOB Rdam Barge Financial AAXUH00 556.500 -43.750 AAXUM01 558.250 +25.500 AAXUM02 559.000 +24.500
Jet CIF NWE Cargo Financial ABWCI00 559.000 -43.500 ABWCJ00 560.250 +25.000 ABWCK00 561.250 +24.750
ULSD 10 ppmS FOB ARA Barge Financial ABWEA00 514.750 -44.000 ABWEB00 515.500 +25.250 ABWEC00 516.000 +24.500
ULSD 10 ppmS CIF NWE Cargo Financial ABWDM00 518.500 -41.750 ABWDN00 520.000 +26.000 ABWDO00 520.500 +24.750
ULSD 10 ppmS CIF Med Cargo Financial ABWCY00 521.250 -43.750 ABWCZ00 522.500 +25.500 ABWDA00 522.750 +24.500
LS Gasoil Frontline Financial ABWAO00 515.000 -40.250 AAPQS00 516.000 +25.250 AAPQT00 516.500 +24.750
Gasoil .1%S (1000 ppm) FOB ARA Barge Financial ABWBT00 504.500 -43.500 ABWBU00 505.500 +25.250 ABWBV00 506.250 +25.000
Gasoil 0.1%S CIF NWE Cargo Financial ABWBF00 511.250 -40.750 ABWBG00 512.500 +25.500 ABWBH00 513.500 +25.250
Gasoil .1%S (1000 ppm) CIF Med Cargo Financial ABWAS00 512.500 -45.000 ABWAT00 513.000 +23.750 ABWAU00 514.000 +24.750
FO 3.5%S FOB Rdam Barge Financial ABWAE00 311.250 -26.500 AAEHB00 310.000 +23.250 AAEHC00 308.500 +23.000
FO 3.5%S FOB Med Cargo Financial ABWAG00 305.500 -26.750 AAEHK00 304.750 +23.750 AAEHL00 305.250 +24.500
FO 3.5%S FOB Rdam Barge vs FO 3.5%S FOB Med Cargo Financial ABWAM00 5.750 +0.250 AAEHK01 5.250 -0.500 AAEHL01 3.250 -1.500
FO 1%S FOB Rdam Barge Financial ABWAA00 313.500 -23.000 AALTA00 313.250 +24.500 AALTC00 311.750 +23.250
FO 1%S FOB NWE Cargo Financial ABWAC00 318.750 -21.750 AAEGR00 319.000 +25.000 AAEGS00 317.500 +23.250
FO 1%S FOB NWE vs FO 3.5%S Barge (HiLo Diff) Financial ABWAI00 7.500 +4.750 AAEGR01 9.000 +1.750 AAEGS01 9.000 +0.250
*Balance-month swaps are assessed from the 1st to the 15th of the month.
Singapore at London MOC
FO 380 CST 3.5%S FOB Spore Cargo at London MOC Financial FPLSM01 337.000 +18.500 FPLSM02 334.750 +21.250
FO 380 3.5% FOB Spore Cargo vs FO 3.5% FOB Rdam Barge (E-W) FQLSM01 27.000 -4.750 FQLSM02 26.250 -1.750
at London MOC Financial
FO 180 CST 3.5%S FOB Spore Cargo at London MOC Financial FOLSM01 340.250 +18.250 FOLSM02 339.250 +22.250
FO 180 3.5% FOB Spore Cargo vs FO 3.5% FOB Rdam Barge (E-W) F1BDM01 30.250 -5.000 F1BDM02 30.750 -0.750
at London MOC Financial
after a bearish supply outlook kept a lid on prices. Brent the market had not responded by then. “We have to wait Alpine Meadow, was said by sources to be carrying 37,000
crude futures ended 2018 down 25%, the first annual decline until the end of the first quarter of 2019 to see the expected mt of gasoline across the Atlantic from UK Continent.
since 2015, with oversupply and slower global growth results of the new agreement on the reduction of Elsewhere, flows out of Northwest Europe into West Africa
prospects keeping sentiment bearish going into 2019. “It production,” the minister said. have slowed as much of the product being stockpiled
was a volatile year for oil prices in 2018, initially hitting multi- ahead of the February 16 election in Nigeria has arrived in
year highs in October, only to tumble subsequently due to the region. “WAF could drop off as they have prestocked in
Gasoline
concerns of a potential supply glut and weaker energy front of the election,” a second source said. The
demand from an expected global slowdown,” UOB analysts Market analysis: (PGA page 1399) The European gasoline Mediterranean market, meanwhile, has seen a lack of
said in a note. Prior to the Saudi export announcement, market saw sustained support Wednesday as the marginal arbitrage opportunities out of the region hitting values,
market participants remained unconvinced of OPEC’s ability recovery seen last week continued. Conditions in resulting in growing availability of product. “I still see length
to balance oil markets despite efforts from the cartel to Northwest Europe were the main factor, as potential trans- in the Med, and the arbitrage to the US is not doable in my
reduce production. Algeria’s energy minister Mustapha Atlantic arbitrage opportunities emerged, sources said. eyes,” the first source said. In other news in the region, the
Guitouni said Sunday in Algiers he was confident oil prices “The freight is relaxing a bit. Arb values are improving, so I 321,000 b/d ISAB refinery in southern Italy has completed
would return to between $65/b and $70/b by April, but guess [arbitrage] from NWE could work,” one source said. maintenance on its North plant that started on October 15,
stressed the OPEC alliance would cut production further if As a result, one ship put on subjects on the day, the the union sources said. Moreover, the 260,000 b/d
Wihelmshaven, Germany, refinery, owned by Hestya Energy, Gasoline Prem Unleaded 10ppmS FOB Rdam Barge MARINE FUEL (PGA page 30)
aimed to start operations at a unit at the currently closed assessment rationale: (PGA page 1306) FOB AR 10 ppm $/mt Change
0.5% FOB Singapore cargo AMFSA00 366.180 NANA
site “later this year”, it said. In the paper market, the premium unleaded gasoline barges were assessed at a
0.5% FOB Fujairah cargo AMFFA00 358.520 NANA
February Eurobob crack was assessed at $1.15/b. The $25.75/mt premium to physical Eurobob gasoline barges, 0.5% FOB Rotterdam barge PUMFD00 380.500 NANA
January/February spread widened to minus $3.00/mt, from steady on the day, in the absence of competitive indications $/barrel
minus $2.00/mt, while February/March narrowed to minus in the Platts Market on Close assessment process. 0.5% FOB US Gulf Coast barge AUGMA00 60.700 NANA
0.5% Dlvd US Atlantic Coast barge AUAMA00 61.860 NANA
$3.25/mt from minus $4.00/mt. Meanwhile, the January The above commentary applies to the market data code: PGABM00 vs FO 380 MOPS strip ($/mt)
Med/north gasoline differential — the spread between the 0.5% FOB Singapore cargo AMOPA00 44.500 NANA
January FOB Mediterranean 10 ppm cargo swap and the Gasoline Eurobob FOB ARA Barge assessment rationale:
equivalent FOB Rotterdam Eurobob barge — was assessed (PGA page 1306) Eurobob gasoline barges were assessed at a mt, adjusted for a significant crude move between the time
at $7.00/mt, down from $7.50/mt, while February was 25 cents/mt premium to the February swap, on the back of of the trade and the close.
steady at, $10.50/mt. a competitive trade off a bid over front-end dates at $479/ The above commentary applies to the market data code: AAQZV00
CALENDAR MONTH AVERAGES FOR DECEMBER 2018

Code Mid Code Mid
FOB Med cargo (Italy) (PGA page 1115) CIF West Africa cargo (PGA page 1111)
Naphtha* PAAAI03 434.912–435.412 435.162 Gasoline AGNWC03 535.353
Prem Unl 10ppm AAWZA03 493.912–494.412 494.162 FOB NWE West Africa cargo (PGA page 1111)
Jet AAIDM00 570.294–570.794 570.544
Gasoline AAKUV03 507.941
10ppm ULSD AAWYY03 539.309–539.809 539.559
Gasoil 0.1% AAVJI03 533.456–533.956 533.706 CIF NWE cargo (basis ARA) (PGA page 111)
Fuel oil 1.0% PUAAK03 346.765–347.265 347.015 Naphtha physical PAAAL03 462.618–463.118 462.868
Fuel oil 3.5% PUAAZ03 327.882–328.382 328.132 Gasoline 10ppm AAXFQ03 509.044–509.544 509.294
FOB Black Sea (PGF page 1761) Jet PJAAU03 593.309–593.809 593.559
ULSD 10 ppm AAVBG03 551.647–552.147 551.897
VGO 0.8% ABBAD03 405.779
Diesel 10ppm NWE AAWZC03 554.368–554.868 554.618
VGO 2% max ABBAC03 405.279
Diesel 10 ppm UK AAVBH03 555.941–556.441 556.191
CIF Med cargo (Genova/Lavera) (PGA page 1115) Gasoil 0.1% AAYWS03 544.279–544.779 544.529
Naphtha PAAAH03 451.338–451.838 451.588 Fuel oil 1.0% PUAAL03 352.338–352.838 352.588
Prem Unl 10ppm AAWZB03 506.074–506.574 506.324 Fuel oil 3.5% PUABA03 328.779–329.279 329.029
Jet AAZBN03 591.809–592.309 592.059 VGO 0.5-0.6% AAHNA00 422.412–423.412 422.912
10ppm ULSD AAWYZ03 554.515–555.015 554.765 VGO 2% max AAHNE00 422.000–423.000 422.500
Gasoil 0.1% AAVJJ03 551.706–552.206 551.956 FOB Rotterdam barges (PGA page 1113)
Fuel oil 1.0% PUAAJ03 362.103–362.603 362.353
Naphtha PAAAM03 458.618–459.118 458.868
Fuel oil 3.5% PUAAY03 343.721–344.221 343.971
Eurobob AAQZV03 485.147–485.647 485.397
VGO 0.8% ABBAB03 423.897
98 RON gasoline 10 ppm AAKOE00 560.147–560.647 560.397
VGO 2% max ABBAA03 423.382
Premium gasoline 10 ppm PGABM03 505.574–506.074 505.824
FOB NWE cargo (PGA page 1111) MTBE ** PHBFZ03 601.412–601.912 601.662
Jet PJAAV03 579.412–579.912 579.662 Jet PJABA03 587.544–588.044 587.794
ULSD 10 ppm AAVBF03 536.662–537.162 536.912 Diesel 10 ppm** AAJUW00 553.338–553.838 553.588
Diesel 10ppm NWE AAWZD03 538.868–539.368 539.118 Gasoil 50 ppm AAUQC03 550.441–550.941 550.691
Gasoil 0.1% AAYWR03 522.691–523.191 522.941 Gasoil 0.1%** AAYWT03 536.221–536.721 536.471
Fuel oil 1.0% PUAAM03 337.338–337.838 337.588 Fuel oil 1.0% PUAAP03 334.529–335.029 334.779
Fuel oil 3.5% PUABB03 308.765–309.265 309.015 Fuel oil 3.5% PUABC03 334.529–335.029 334.779
Straight run 0.5-0.7% PKABA03 385.088–386.088 385.588 Fuel Oil 3.5% 500 CST PUAGN03 330.647–331.147 330.897
VGO 0.5-0.6% AAHMY00 402.338–403.338 402.838 Rotterdam bunker 380 CST PUAYW03 344.500–345.500 345.000
VGO 2% max AAHNC00 401.941–402.941 402.441 VGO 0.5-0.6% AAHNG00 402.338–403.338 402.838
VGO 2% max AAHNJ00 393.544–394.544 394.044
*Naphtha FOB is basis east Med. **FOB Amsterdam/Rotterdam/Antwerp
SUBSCRIBER NOTES (PGA page 1500)

General Terms and Conditions in European MOC process
S&P Global Platts considers in its European Market on Close oil products assessment process bids and offers that are executable under
12th Annual normal conditions and reflect typical trading practices. Companies’ general terms and conditions are normally recognized provided they are
EUROPEAN OIL STORAGE consistently applied and accepted as part of normal trading practice. Counterparties are expected to perform on trades reported in the MOC
based on typical GT&Cs that have been applied and accepted by both counterparties in the open market. If an offer is lifted by a buyer during
CONFERENCE the Platts MOC process, Platts would expect typical GT&Cs between both parties to be applicable, even where the GT&Cs stated in the
originally published offer may differ, if the companies have not conventionally performed on the published GT&Cs. At no time can a company
January 24-25, 2019 impose its own GT&Cs after taking out a bid or lifting an offer made under a different standard. Furthermore, a company’s GT&Cs regarding
Amsterdam, Netherlands | Amsterdam Marriott Hotel vetting are not applicable to a third party terminal. Please send all comments, feedback and questions to europe_products@platts.com and
pricegroup@platts.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts for
#PlattsOilStorage public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.
The essential gathering place for the worlds’ leading
storage owners, operators, oil majors, financiers, Platts to amend port baskets for LSFO Med netback calculations
solution providers and industry experts. In line with changes in the most commonly-seen low sulfur fuel oil trade routes, S&P Global Platts will amend the basket of ports used to
Register today > calculate the netback formulas for CIF and FOB Med 1% fuel oil cargoes. Platts will use the flat rate for Antwerp-Agioi Theodoroi to calculate
CIF Med 1% fuel oil cargoes from 1% FOB NWE cargoes, after a drop in liquidity was observed on the Antwerp-Milazzo route. Platts will also
change the basket of routes used to calculate FOB Med LSFO cargoes as a freight netback from CIF Med LSFO cargoes to the following:
Ashdod-Agioi Theodoroi Lavera-Aspropyrgos Leixoes-Aliaga Fos-Milazzo Tarragona-Malta Please send any comments and feedback to
Gasoline 10ppmS CIF NWE Cargo assessment rationale:
europe_products@spglobal.com and pricegroup@spglobal.com. For written comments, please provide a clear indication if comments are
(PGA page 1389) The CIF NWE gasoline cargo market was not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as
assessed at a $24.25/mt premium over Eurobob gasoline confidential available upon request.
barges, steady on the day, in the absence of competitive
indications in the Platts Market on Close assessment Platts proposes to review US VGO, straight run pricing basis
process. S&P Global Platts is proposing to change the pricing basis for its US Gulf Coast and US Atlantic Coast VGO and straight run fuel oil
differential assessments to the prevailing WTI crude futures contract, from the current cash WTI basis, with effect from August 20, 2018.
The above commentary applies to the market data code: AAXFQ00
The proposed change is designed to reflect market convention. Platts understands that most spot trade in these markets uses the
prevailing WTI futures contract as the pricing basis. As a result, from August 20, Platts will assess the differential and apply it to the
Gasoline Prem Unleaded 10ppmS FOB Med Cargo
relevant futures contract. The differentials will be assessed versus the relevant WTI futures contract, and this will roll to the next month on
assessment rationale: (PGA page 1389) The FOB the day the futures contract expires. Platts would apply the front-month differential for the entire 5-15 day laycan. Platts may use market
Mediterranean gasoline cargo market was assessed at a data priced off future months in the assessment, but it will be normalized to this basis. There will no name change to the affected
$5.50/mt discount to the January Mediterranean gasoline differential assessments as a result of this change. The affected differential assessments are:
swap, steady on the day, in the absence of competitive
Assessment name Code Assessment name Code
indications in the Platts Market on Close assessment
VGO 0.5% USGC vs WTI AAJNY00 Straight run LS Dlvd USGC vs WTI Mo02 AALGE00
process.
VGO 1.0% USGC vs WTI AAWLU00 Straight run LS Dlvd USAC vs WTI Mo01 AALFU00
The above commentary applies to the market data code: AAWZA00 VGO 2.0% USGC vs WTI AAWLV00 Straight run HS Dlvd USAC vs WTI Mo01 AALGG00
Straight run LS Dlvd USGC vs WTI Mo01 AALFS00 Straight run LS Dlvd USAC vs WTI Mo02 AALFV00
Gasoline Prem Unleaded 10ppmS CIF Med Cargo Straight run HS Dlvd USGC vs WTI Mo01 AALGC00 Straight run HS Dlvd USAC vs WTI Mo02 AALGI00
assessment rationale: (PGA page 1389) The CIF Straight run LS Dlvd USGC vs WTI Mo02 AALFT00
Mediterranean gasoline cargo assessment was derived as a
The assessments are published on Platts Global Alert page 764, in the Platts North American Crude and Products Scan and in the Platts
freight net-forward from the FOB Mediterranean gasoline price database. Please send questions and comments by August 3, 2018, to americas_products@spglobal.com and
cargo assessment, using the following: FOB Mediterranean pricegroup@spglobal.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts
gasoline cargo assessment plus the cost of transporting a for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.
30,000 mt clean cargo from a basket of Mediterranean SUBSCRIBER NOTES (continued) (PGA page 1500)
ports to a basket of Mediterranean destinations.
The above commentary applies to the market data code: AAWZB00 Platts to begin publishing LPG assessments as percentages of naphtha
S&P Global Platts will begin publishing its daily suite of European LPG assessments as percentage of physical naphtha equivalents effective
Gasoline Barge exclusions: (PGA page 1305) No market data July 9, 2018. The following assessments will be calculated as physical percentage equivalents versus Naphtha Cargoes CIF NWE which
appears under the assessment code PAAAL00, on Platts Global Alert page 1386, and in the Platts LPGaswire and European Marketscan.
was excluded from the January 02 assessment process.
The new assessments will appear alongside the current flat price assessments on Platts Global Alert page 1775 and in the Platts
LPGaswire. The new assessment codes will appear as follows:
Gasoline Cargo bids/offers/trades: (PGA page 1390)
■■Gasoline Cargo: Deal Summary: Propane NWE Propane Western Med
■■CIF NWE: None.
FOB NWE Seagoing PMABBPT FOB Ex-Ref PMABCPT
FOB ARA PMAASPT FCA Ex-Ref PMABJPT
■■FOB MED: None.
FCA ARA PMABHPT CIF 7000+ mt PMABEPT
■■Gasoline Cargo: Outstanding Interest:
CIF NWE Large Cargo PMABAPT
■■CIF NWE: None.
Butane NWE Butane Western Med
■■FOB MED: None.
FOB NWE Seagoing PMAALPT FOB West Med Coaster PMAAMPT
FOB ARA PMAACPT
Gasoline Cargo exclusions: (PGA page 1390) No market data FCA ARA PMABIPT
was excluded from the January 02 assessment process. CIF 1-3k mt PMAAJPT
CIF NWE Large Cargo PMAAKPT
Alongside the launch of new LPG assessments, the nomenclature of the naphtha assessments published on page two of the Platts
Russian Gasoline (PGA page 1396)
LPGaswire will change to Naphtha Cargoes CIF NWE and Naphtha Cargoes CIF Med. Please send any comments or queries to
NA europe_products@spglobal.com with a cc to pricegroup@spglobal.com. 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.
Naphtha
Platts clarifies methodology for 0.5% sulfur marine fuel assessments
Market analysis: (PGA page 1398) The European naphtha
S&P Global Platts will begin publishing daily cargo and barge assessments for marine fuels with a maximum sulfur limit of 0.5% across key ports
market continued to see some petrochemical demand on
globally from January 2, 2019, using the same assessment methodology it currently uses to assess high sulfur fuel oil barrels in each region. The
the first trading day of the new year, but the tone on the new assessments would be named “Marine Fuel 0.5%,” and would be published initially for cargoes or barges loading from the key bunkering
product generally remained bearish, with demand for hubs of Singapore, Fujairah, Rotterdam and Houston. This follows an announcement by Platts March 26, 2018, that it will begin publishing these
naphtha as a gasoline blending component failing to offer assessments from January 2, 2019, following extensive consultation with the industry and a formal review of its global residual and bunker fuel
much additional momentum. “The buying for storage has assessments in February 2017. The announcement can be viewed at: https://www.spglobal.com/platts/en/our-methodology/subscriber-
hindered naphtha. You put gasoline in the tank and don’t notes/032618-platts-to-publish-05-sulfur-marine-fuel-assessments. The launch of these “Marine Fuel 0.5%” assessments would come 12
buy naphtha, especially when the naphtha front spread is months ahead of the planned introduction of new sulfur limits in marine fuels by the International Maritime Organization from January 1, 2020.
backwards,” one source said. Demand for the product for NEW ASSESSMENT SPECIFICATIONS: As previously announced, these new assessments would reflect specifications for RMG fuels as
petchem use had been supported of late, however, defined by the International Organization for Standardization in document ISO 8217:2010 Petroleum products - Fuels (class F) -
Specifications of marine fuels, but with a sulfur cap of 0.5%. Feedback received so far also suggests that new 0.5% sulfur marine fuel
although a source noted that interest could quickly wane.
blends are likely to be of comparatively lower viscosity than prevailing fuels. The new assessments will reflect existing parameters for
“The petchem buying has been good, but everyone is
volume, delivery period, size, and pricing basis for HSFO cargoes in Singapore and Fujairah, and HSFO barges in Houston and Rotterdam.
stuffed full now,” the source added. However, signs of
ASIA: The “FOB Singapore Marine Fuel 0.5%” assessment would reflect FOB Straits bids, offers and trades for 20,000-40,000 mt cargoes
longer conditions had surfaced, according to a source, with loading 15 to 30 days from the date of assessment. Market participants should specify loading for a five-day date range when submitting
product heard to be still outstanding. “There are barges bids and offers for publication.
floating that are not being sold, and a lot of oil offered,” a MIDDLE EAST: The “FOB Fujairah Marine Fuel 0.5%” assessment would reflect bids, offers and trades for cargoes typically 20,000 to
source said. Light virgin naphtha premiums remained weak, 40,000 mt each, for loading 20 to 40 days from the date of assessment. Market participants should specify loading for a five-day date
continuing to trade around all-time lows. “Light virgin SUBSCRIBER NOTES (continued) (PGA page 1500)
naphtha premiums are [at] some of the lowest points ever.
range at the time of submitting a bid or offer for publication. Cargoes loading from any safe and sound port within the region would be
It’s a bad market, they are reflecting the underlying
considered for the assessment and normalized for loading FOB Fujairah.
weakness in the market,” the source said. On the paper EUROPE: The “FOB Rotterdam Marine Fuel 0.5% Barge” assessment will reflect parcels of 2,000 to 5,000 mt each. Barges are typically
market, the January CIF NWE naphtha crack swap moved traded in 2,000 mt lots. In all cases, the smallest tradeable size is considered to be the strongest indication of value, and in this case the
down 80 cents/b from December 28, the previous trading smallest size applicable is 2,000 mt. The assessment will reflect the value of barges loading FOB basis Rotterdam, for loading 3-15 (Monday
day, to minus $6.10/b at the close. The January/February to Tuesday) or 5-15 (Wednesday through Friday) days forward, with value normalized to reflect the mean value of these loading ranges.
backwardation narrowed to $1.25/mt, while February/March Barges typically trade for the front five days, middle five days or the back five days. The Platts 0.5% barge assessment will be based on
shrunk to $1.50/mt. Elsewhere, the February naphtha east/ bids/offers and trades for 5-day loading windows.
west spread — the premium of CFR Japan naphtha cargo AMERICAS: The “USGC Marine Fuel 0.5%” assessment will reflect barges loading seven to 15 days forward from date of publication, with a
swaps over the CIF NWE naphtha cargo swap — narrowed minimum volume of 45,000 barrels. It will reflect marine fuel loading basis FOB Houston from the following terminals: Intercontinental Deer
slightly to $16.25/mt, down 25 cents/mt on the day. No new Park Terminal, Magellan Galena Park Terminal, Bayport Container Terminal (LBC), Houston Fuel Oil Terminal (HOFTI) and Battleground Oil
Specialty Terminal (BOSTCO). Bids, offers and trades published on any basis other than FOB Houston, including FOB New Orleans and FOB
naphtha fixtures were heard Wednesday. In other market
Galveston Bay, may be normalized for reflection in the assessment. Timing laycans are standardized as front window (seven to nine days
news, the 321,000 b/d Lukoil ISAB refinery in southern Italy
forward), middle window (10-12 days forward), back window (13-15 days forward), and full window (seven to 15 days forward). In any full
had successfully completed maintenance on its North plant
window bid or offer, the buyer must declare a three-day delivery window upon lifting during the MOC process. Product reflected in all Platts
that started on October 15 and had been scheduled for marine fuel assessments shall not contain petrochemical wastes, residues from acid-catalyzed refining process, spent chemicals, waste
some 53 working days, union sources told S&P Global Platts lubricants, tar bottoms or hazardous waste.
Wednesday. The company was not immediately available to MOC PUBLICATION GUIDELINES: Platts would consider for publication in its Market on Close assessment process information from
confirm that the work had been completed. The companies that are able to participate in the fuel oil MOCs in the respective markets. Participants may submit bids, offers and trades on a
maintenance had been originally scheduled to take place fixed- or floating-price basis. In addition, all Platts MOC and operational guidelines for the existing HSFO assessments in the respective
between March and April last year but had been postponed markets would apply to the new assessments.
until the autumn. Elsewhere, Hestya Energy aimed to start
operations at a unit at the currently closed 260,000 b/d Platts to assess basis volume in its FOB West Med butane coaster assessment
Wilhelmshaven refinery in Germany “later this year,” it said S&P Global Platts will assess a basis volume of 4,000 mt in its FOB West Mediterranean butane coaster assessment with effect from
Wednesday. The refinery has been idle since 2009 when it September 3, 2018. The assessment currently reflects full or part-cargoes of at least 1,600 mt. In line with industry feedback, Platts has
was mothballed on poor margins. observed a change of market flows in the Mediterranean where smaller pressurized coasters have been repositioned and larger
pressurized coasters are increasingly being utilized to load butane from West Mediterranean locations. Full or part-cargoes of at least 1,600
mt will continue to be included in the assessment, with alternative cargo sizes normalized back to the basis volume of 4,000 mt. This
Naphtha CIF NWE Cargo assessment rationale: (PGA page
decision follows a proposal published on July 24, 2018. The subscriber note is available here: www.spglobal.com/platts/en/our-
1386) The CIF NWE naphtha cargo assessment was derived
methodology/subscriber-notes/072418-platts-proposes-to-assess-basis-volume-in-fob-west-med-butane-coaster-assessment. Please
using the following input: January 23 was assessed at send any comments or queries to: europe_products@spglobal.com with a cc to pricegroup@spglobal.com. For written comments, please
$446.25/mt, factoring in an outstanding bid for a 12,500 mt provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments
cargo, for January 21-25 delivery in the Platts Market on received and will make comments not marked as confidential available upon request.
Close assessment process. A 4 cents/day backwardation
was applied to the physical curve. Platts updates clean refined products netbacks for 2019
The above commentary applies to the market data code: PAAAL00 The following changes will be made on January 2 across clean refined products price assessments by S&P Global Platts for the Europe and
Africa region to reflect Worldscale freight rates for 2019:
Naphtha FOB Med Cargo assessment rationale: (PGA page DIESEL Effective January 2, Platts will update all its Worldscale flat rates for ultra low sulfur diesel cargoes in Northwest Europe and the
Mediterranean. The flat rate used to calculate the netback formula for ULSD 10 ppmS FOB Mediterranean cargoes becomes $7.59/mt. The
1376) The FOB Mediterranean naphtha cargo assessment
flat rate used to calculate the netback formula for ULSD 10 ppmS FOB NWE cargoes becomes $7.92/mt. The flat rate used to calculate the
was derived as a freight netback from the CIF NWE naphtha
netback formula for ULSD 10 ppmS FOB NWE basis Le Havre cargoes becomes $8.16/mt. The flat rate used to calculate the net-forward
cargo assessment, using the following assessments: CIF
formula for ULSD 10 ppmS CIF NWE basis UK cargoes becomes $2.29/mt. The flat rate used to calculate the net-forward formula for ULSD
NWE naphtha cargo assessment minus the cost of 10 ppmS CIF NWE basis Le Havre cargoes becomes $1.49/mt.
transporting a 27,500 mt naphtha cargo from Alexandria in SUBSCRIBER NOTES (continued) (PGA page 1500)
the Mediterranean to Rotterdam.
GASOIL Effective January 2, Platts will update all its Worldscale flat rates for 0.1% gasoil cargoes in Northwest Europe and the
The above commentary applies to the market data code: PAAAI00
Mediterranean. The flat rate used to calculate the netback formula for FOB Mediterranean 0.1% gasoil cargoes will be $8.52/mt. For FOB
Northwest Europe 0.1% gasoil cargoes, the flat rate will be $8.88/mt.
Naphtha Cargo bids/offers/trades: (PGA page 1387) GASOLINE Effective January 2, the Worldscale flat rate used to calculate the net-forward formula for the CIF Mediterranean premium
■■NAPHTHA CARGO CIF NWE MOC deals: No trades gasoline 10 ppm cargo is $6.25/mt. The 2019 Worldscale flat rate used to calculate the net-forward formula for the CIF West Africa
reported. NAPHTHA MOC: OUTSTANDING INTEREST: BIDS: assessment is $15.45/mt.
1) STASCO Bids CIF NWE Naphtha Cargo 28,000 mt +/- NAPHTHA Effective January 2, the Worldscale flat rate used to calculate the netback formula for FOB Mediterranean naphtha cargoes
10%, at $446/mt for January 12 to January 16 delivery, becomes $12.72/mt, including the additional 91 cents/mt, reflecting calculated port fees in Rotterdam. The Worldscale flat rate used to
TQC:-; Indic 1, optol at flat. 2) GLENCORE Bids CIF NWE calculate the net-forward formula for CIF Mediterranean naphtha becomes $7.72/mt. JET FUEL Effective January 2, the Worldscale flat rate
Naphtha Cargo 24,000 mt +/- 10%, at $446/mt for used to calculate the netback formula for FOB Mediterranean jet will be $10.17/mt. An additional $1/mt will be added for Rotterdam port
January 21 to January 25 delivery, TQC:- Indic 1: optol at fees. Please send any questions or comments to Europe_products@spglobal.com with a cc to pricegroup@spglobal.com.
plus $1.50/mt 3) LITASCO Bids CIF NWE Naphtha Cargo
12,500 mt +/- 10%, at $446/mt for January 21 to January Platts clarifies jet density reference in in GBP, EUR per liter assessments
25 delivery, TQC:- Indic 1 OFFERS: 1) GUNVOR Offers CIF S&P Global Platts wishes to clarify the reference density adopted in the calculation of its Euro/liter and GB pence/liter denominated
NWE Naphtha Cargo min 32,000 mt, at $450/mt for assessments of jet fuel. The reference density is 0.817 kg/m3, with a liter/tonne conversion factor of 1224. In previous subscriber notes,
January 12 to January 16 delivery, TQC:- Indication 1, optol Platts had erroneously reported a reference density of 0.800 kg/m3. Platts assessments of jet fuel reflect standard commercial Jet-A1
flat. 2) GUNVOR Offers CIF NWE Naphtha Cargo 12,500 mt specifications, as defined by UK Ministry of Defence in DEFSTAN 91-091, which outlines a density range of 0.775-0.840 kg/l. The
assessments appear on Platts Global Alert pages 1370 and 1371; in Platts’ European Marketscan and Oilgram Price Report; and in the Platts
+/- 10%, at $450/mt for January 16 to January 20 delivery,
price database under the following codes:
TQC:- Indication 2 3) STASCO Offers CIF NWE Naphtha
Euro cents per liter assessments codes:
Cargo 12,500 mt +/- 10%, at $450/mt for January 23 to
FOB Med Cargoes: ABXGH00
January 27 delivery, TQC:- Indication 2 CIF Mediterranean cargoes: ABXGI00
FOB NWE Cargoes: ABXGJ00
Naphtha Cargo exclusions: (PGA page 1387) No market data CIF NWE cargoes: ABXGK00
was excluded from the January 2 assessment process. NWE barges FOB Rotterdam: ABXGL00
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RUSSIAN DOMESTIC REFINED PRODUCTS ASSESSMENTS (Rb/mt)

Jet FCA Privolzhsky Federal District, Basis Ufa FCA Central Federal District, Basis Moscow
Diesel (PGA page 1430)
Market analysis: (PGA page 1497) The Northwest European Diesel AAUDO00 NA NANA AAUDT00 NA NANA
jet fuel market looked weak at the start of the year, with the Gasoline (PGA page 1330)
volume scheduled for arrival in January continuing to weigh Gasoline Premium Unleaded AAUDL00 NA NANA AAUDQ00 NA NANA
Gasoline Regular Unleaded AAUDM00 NA NANA AAUDR00 NA NANA
on values. Around 1.6 million mt was expected in the region Fuel oil (PGA page 1530)
this month, according to Platts cFlow, trade flow software, Low sulfur fuel oil 1% AAUDP00 NA NANA AAUDU00 NA NANA
during a seasonally low demand period. “There are decent Fuel oil 3.5% M-100 AAUNU00 NA NANA AAUNV00 NA NANA
levels, and quite a few cargoes coming out of the

woodwork,” one trader said. The Mediterranean continued
RUSSIAN DOMESTIC REFINED PRODUCTS NETBACKS
Refinery Port Code Rb/mt Change Code $/mt Change Underlying marker
to look long, continuing the trend seen towards the end of
Middle Distillates (PGA page 1440)
last year. “All I am hearing is that the Mediterranean is Gasoil and Diesel 10 ppm
weak,” one trader said. However, another market Moscow St Peter AAWRP00 46,345.183 +6602.324 AAWRO00 667.119 +90.100 ULSD CIF NWE Crg
participant said the outlook may change around the second Moscow Ventspils AAWRR00 45,714.289 +6651.382 AAWRQ00 658.038 +90.891 ULSD CIF NWE Crg
Yaroslavl St Peter AAXKP00 46,822.627 +6626.164 AAXKO00 673.992 +90.387 ULSD CIF NWE Crg
half of the month, noting that there was some demand but NORSI Novorossiysk AAXKA00 43,302.059 +6276.374 AAWRU00 623.315 +85.746 ULSD FOB Med Crg
cargoes may move away from the Mediterranean if buying Syzran Novorossiysk AAXKI00 44,000.771 +6311.254 AAXKH00 633.373 +86.166 ULSD FOB Med Crg
Syzran Ventspils AAWJQ00 45,350.857 +6645.325 AAWJP00 652.806 +90.848 ULSD CIF NWE Crg
in the region does not pick up soon. “The Med is still Komsomolsk Nakhodka AAWRJ00 40,630.601 +3521.852 AAWRI00 584.860 +46.085 GO 0.05% SporeCrg
showing some length. Some demand is there but the bulk Khabarovsk Nakhodka AAWRD00 41,262.005 +3553.368 AAWRC00 593.949 +46.465 GO 0.05% SporeCrg
has not shown up yet,” the source said. “If mainstream Ufa Ventspils AAWJT00 44,763.793 +6563.124 AAWJR00 644.356 +89.728 ULSD CIF NWE Crg
Ufa Primorsk AAXYF00 46,021.035 +6721.730 AAXYJ00 662.453 +91.874 ULSD CIF NWE Crg
demand does not come out soon, they may perhaps find Omsk Ventspils AAWJO00 43,470.181 +6487.131 AAWJN00 625.735 +88.785 ULSD CIF NWE Crg
themselves out of oil and things could quickly move around Omsk Novorossiysk AAWKQ00 41,476.079 +6185.219 AAWKP00 597.031 +84.650 GO 0.1% Med Crg
Yaroslavl Primorsk AAWJZ00 47,756.511 +6750.926 AAWJY00 687.435 +92.083 ULSD CIF NWE Crg
and see a short market,” he said. In the near term, few NORSI Primorsk AAWJX00 47,776.743 +6750.992 AAWJW00 687.726 +92.081 ULSD CIF NWE Crg
arbitrage cargoes have diverted into the Mediterranean, Kirishi Primorsk AAWJV00 49,038.171 +6772.015 AAWJU00 705.884 +92.230 ULSD CIF NWE Crg
Volgograd Novorossiysk ABXKR00 45,568.175 +6449.347 ABXKQ00 655.935 +87.976 ULSD FOB Med Crg
with the “local market long enough to secure better deals”,
Jet fuel
according to the source. While the jet CIF NWE cargo Moscow Ventspils AAWKB00 39,295.542 +2778.421 AAWKA00 565.643 +35.458 Jet fuel ARA Brg
market structure has softened amid weaker fundamentals Gasoline (PGA page 1340)
and a contango in the prompt spread on ICE low sulfur Moscow Vysotsk AAWRT00 46,510.231 +8672.662 AAWRS00 669.495 +120.139 Eurobob ARA Brg
Yaroslavl Vysotsk AAXKT00 46,938.847 +8694.060 AAXKS00 675.665 +120.396 Eurobob ARA Brg
gasoil futures, one trader said the contango was unlikely to NORSI Novorossiysk AAXKE00 45,182.829 +7913.818 AAXKD00 650.388 +109.287 Prem Unl Med Crg
cover storage costs. NORSI Vysotsk AAWIN00 46,137.463 +8654.059 AAWIO00 664.129 +119.915 Eurobob ARA Brg
Syzran Novorossiysk AAXKL00 45,881.541 +7948.697 AAXKK00 660.445 +109.705 Prem Unl Med Crg
Komsomolsk Nakhodka AAWRL00 44,328.722 +4970.400 AAWRK00 638.093 +66.657 Unl 92 Spore Crg
Jet FOB Rdam Barge assessment rationale: (PGA page 1484) Khabarovsk Nakhodka AAWRF00 44,960.126 +5001.916 AAWRE00 647.182 +67.037 Unl 92 Spore Crg
The FOB Rotterdam barges market assessment was Kirishi Vysotsk AAWIW00 48,175.447 +8755.793 AAWIP00 693.465 +121.139 Eurobob ARA Brg
Ufa Vysotsk AAWJE00 44,738.119 +8584.197 AAWJD00 643.986 +119.074 Eurobob ARA Brg
derived on the basis of the following inputs, expressed at a Omsk Vysotsk AAWJC00 43,999.999 +8547.351 AAWIX00 633.361 +118.631 Eurobob ARA Brg
differential to the front-month ICE LSGO futures contract: Fuel oil (PGA page 1540)
January 14 was assessed at $39.75/mt on an outstanding Moscow St Peter AAWRN00 12,666.329 +2208.008 AAWRM00 182.326 +30.484 FO 3.5% ARA Brg
Yaroslavl St Peter AAXKN00 13,143.773 +2231.848 AAXKM00 189.199 +30.771 FO 3.5% ARA Brg
offer. A contango structure of 6 cents/day, implied by the
NORSI Novorossiysk AAXKC00 10,602.740 +2459.287 AAXKB00 152.622 +34.389 FO 3.5% Med Crg
paper, was applied to the assessment curve. Syzran Novorossiysk AAXKG00 11,301.452 +2494.167 AAXKF00 162.680 +34.809 FO 3.5% Med Crg
The above commentary applies to the market data code: PJABA00 Komsomolsk Nakhodka AAWRH00 13,887.505 -524.227 AAWRG00 199.905 -9.336 380 CST Spore Crg
Khabarovsk Nakhodka AAWRB00 14,518.909 -492.712 AAWRA00 208.994 -8.957 380 CST Spore Crg
Kirishi Vysotsk AAWJG00 13,951.325 +2292.640 AAWJF00 200.823 +31.553 FO 3.5% ARA Brg
Jet CIF NWE Cargo assessment rationale: (PGA page 1489) Ufa Vysotsk AAWJK00 10,513.997 +2121.045 AAWJJ00 151.345 +29.489 FO 3.5% ARA Brg
Omsk Vysotsk AAWJI00 9,775.877 +2084.199 AAWJH00 140.720 +29.046 FO 3.5% ARA Brg
The CIF NWE Jet fuel cargo assessment was derived on the
Spot prices assessed by Platts in key markets are used as underlying markers for netback calculations.
basis of the following inputs, expressed at a differential to ASIA PRODUCTS

the front-month ICE LSGO futures contract: January 14 was Code Mid Change Code Mid Change
assessed at $48.74/mt on an outstanding bid. January Singapore (PGA page 2002)
24-25 was assessed at $47.34/mt on outstanding offers. FOB Singpore ($/barrel)

Naphtha PAAAP00 46.84–46.88 46.860 -2.420
The implied structure was applied between an outstanding Gasoline 92 unleaded PGAEY00 52.80–52.84 52.820 -0.960
offer and bid, and a flat structure applied to the tails of the Gasoline 95 unleaded PGAEZ00 54.94–54.98 54.960 -0.960
Gasoline 97 unleaded PGAMS00 56.58–56.62 56.600 -0.960
assessment curve. Kerosene PJABF00 64.51–64.55 64.530 -1.210
The above commentary applies to the market data code: PJAAU00 Gasoil 0.05% sulfur AAFEX00 61.58–61.62 61.600 -1.010
Gasoil 0.25% sulfur AACUE00 61.07–61.11 61.090 -0.890
Gasoil POABC00 63.58–63.62 63.600 -0.990
Jet FOB Med Cargo assessment rationale: (PGA page 1489) Fuel oil 180 CST 2% ($/mt) PUAXS00 334.60–334.64 334.620 -10.290
The FOB Mediterranean jet cargo assessment was derived HSFO 180 CST ($/mt) PUADV00 327.24–327.28 327.260 -10.060
as a freight netback to the CIF Northwest Europe jet cargo HSFO 380 CST ($/mt) PPXDK00 325.91–325.95 325.930 -7.860
assessment, using the following calculation: CIF NWE jet Indonesia (PGA page 2516)
FOB Indonesia ($/barrel)
cargo assessment minus the cost of transporting a 27,500
LSWR Mixed/Cracked PPAPU00 58.64–58.68 58.660 -1.650
mt clean cargo from Augusta, Italy, to Rotterdam,
Gasoline components (PBF page 2010)
Netherlands. FOB Singapore ($/mt)
The above commentary applies to the market data code: AAIDL00 MTBE PHALF00 507.00–509.00 508.000 -10.000
Singapore Swaps (PPA page 2654)
Jet Barge trades: (PGA page 1482) February ($/barrel) March ($/barrel)
■■Trades: None. Naphtha Japan ($/mt) AAXFE00 435.75–436.25 436.000 -23.250 AAXFF00 432.75–433.25 433.000
-21.250
Naphtha PAAAQ00 45.63–45.67 45.650 -3.150 PAAAR00 45.28–45.32 45.300 -2.950
Gasoline 92 unleaded AAXEL00 53.38–53.42 53.400 -0.610 AAXEM00 54.06–54.10 54.080 -0.590
Jet Barge bids: (PGA page 1480) Reforming Spread AAXEO00 7.73/7.77 7.750 +2.540 AAXEP00 8.76/8.80 8.780 +2.360
■■Bids: None. Kerosene PJABS00 66.30–66.34 66.320 -0.580 PJABT00 66.58–66.62 66.600 -0.770
Gasoil POAFC00 64.81–64.85 64.830 -0.370 POAFG00 65.39–65.43 65.410 -0.550
HSFO 180 CST ($/mt) PUAXZ00 321.13–321.17 321.150 -13.200 PUAYF00 318.63–318.67 318.650
-11.400
Jet Barge offers: (PGA page 1481) Middle East (PGA page 2004)
■■1) STR Offer, 2-3 kt, FARAG, MW3 (12/1 - 16/1), ICE LSGO M1
FOB Arab Gulf ($/barrel)
$40.00; Naphtha ($/mt) PAAAA00 398.67–401.67 400.170 -23.570
Naphtha LR2 ($/mt) AAIDA00 411.53–414.53 413.030 -20.440
Kerosene PJAAA00 61.67–61.71 61.690 -1.260
Jet Barge exclusions: (PGA page 1483) No market data was Gasoil 10 ppm AAIDT00 60.57–60.61 60.59 -1.040
excluded from the January 02 assessment process. Gasoil 0.005% sulfur AASGJ00 60.32–60.36 60.340 -1.040
Gasoil 0.05% sulfur AAFEZ00 59.52–59.56 59.540 -0.990
Gasoil 0.25% sulfur AACUA00 58.52–58.56 58.540 -0.990
Jet Cargo trades: (PGA page 1487) Gasoil POAAT00 60.57–60.61 60.590 -1.040
■■Trades: None.
HSFO 180 CST ($/mt) PUABE00 310.60–310.64 310.620 -10.460
Japan (PGA page 2006)
C+F Japan ($/mt) Premium/Discount
Jet Cargo bids: (PGA page 1485) Naphtha PAAAD00 439.50–442.50 441.000 -23.750
■■“1) TOTSA Bid, CIF Basis Le Havre CIM Terminal, Main: 27 Naphtha MOPJ Strip AAXFH00 432.75–433.25 433.000 -19.500 AAXFI00 7.75/8.25 8.000
-4.250
kt, 12/1 - 16/1, Indication: 1 Laycan : seller to declare a 5 Naphtha 2nd 1/2 Feb PAAAE00 444.50–445.00 444.750 -23.750
Naphtha 1st 1/2 Mar PAAAF00 442.00–442.50 442.250 -23.750
day window at the time of the trade if applicable Main Naphtha 2nd 1/2 Mar PAAAG00 439.50–440.00 439.750 -23.750
volume pricing : 27kt ccm related pxg full feb Optol : 0-6 Gasoline unleaded ($/barrel) PGACW00 55.69–55.73 55.710 -0.960
kt (pricing basis 3 quotes after COD with COD =0) at CCM Kerosene ($/barrel) PJAAN00 67.07–67.11 67.090 -1.150
HSFO 180 CST PUACJ00 341.13–341.17 341.150 -10.110
(continued on page 12)
US PRODUCTS: JANUARY 1, 2019

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

CIF cargoes (¢/gal) RVP
Unleaded 87 0.3% AAMHG00 NA–NA NA NANA AAMHGRV NA
Unleaded-89 0.3% AAMIW00 NA–NA NA NANA AAMIWRV NA
Unleaded-93 0.3% AAMIZ00 NA–NA NA NANA AAMIZRV NA

$/barrel 1% strip NYH cargo vs 1% strip
No. 6 0.3% HP PUAAE00 NA–NA NA NANA AAUGA00 NA/NA NA NANA
No. 6 0.3% LP PUAAB00 NA–NA NA NANA AAUGB00 NA/NA NA NANA
No. 6 0.7% PUAAH00 NA–NA NA NANA AAUGC00 NA/NA NA NANA
No. 6 1.0%** PUAAO00 NA–NA NA NANA AAUGG00 NA–NA NA NANA AAUGD00 NA/NA NA NANA
No. 6 2.2% PUAAU00 NA–NA NA NANA AAUGE00 NA/NA NA NANA
No. 6 3.0% PUAAX00 NA–NA NA NANA AAUGF00 NA/NA NA NANA

Residual swaps ($/barrel)
No. 6 1.0% paper Bal M AARZS00 NA–NA NA NANA
No. 6 1.0% paper 1st month PUAXD00 NA–NA NA NANA
No. 6 1.0% paper 2nd month PUAXF00 NA–NA NA NANA
No. 6 1.0% paper next quarter PUAXG00 NA–NA NA NANA
Boston cargoes (PGA pages 152)

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

¢/gal RVP
Unleaded 87 PGACT00 NA–NA NA NANA PGACTRV NA
Unleaded 89 PGAAY00 NA–NA NA NANA PGAAYRV NA
Unleaded 93 PGAJB00 NA–NA NA NANA PGAJBRV NA
MTBE PHAKX00 NA–NA NA NANA
Alkylate* AAFIE00 NA/NA NA NANA
Jet 54 PJABM00 NA–NA NA NANA
Jet 55 PJABN00 NA–NA NA NANA
ULS Kero AAVTK00 NA–NA NA NANA
No. 2 POAEE00 NA–NA NA NANA
Cargo (¢/gal)
Cargo ($/mt)
FOB Naphtha AAXJP00 NA NANA AAXJU00 NA NANA
Export ULSD AAXRV00 NA NANA AAXRW00 NA NANA
*Premium to US Gulf Coast pipeline gasoline

$/barrel USGC HSFO strip vs 1% strip
Slurry Oil PPAPW00 NA–NA NA NANA AAUGS00 NA/NA NA NANA
No. 6 1.0% 6 API PUAAI00 NA–NA NA NANA AAUGT00 NA/NA NA NANA
USGC HSFO PUAFZ00 NA–NA NA NANA AAUGW00 NA–NA NA NANA AAUGU00 NA/NA NA NANA
RMG 380 PUBDM00 NA–NA NA NANA AAUGV00 NA/NA NA NANA

Residual swaps ($/barrel)
USGC HSFO swap M1(Feb) PUAXJ00 NA–NA NA NANA
USGC HSFO swap M2(Mar) PUAXL00 NA–NA NA NANA
USGC HSFO swap Q1( Q2 19) PUAXN00 NA–NA NA NANA
flat Spec: Jet A1 DEFSTAN 91-091, meeting JFSCL latest SUBSCRIBER NOTES (continued) (PGA page 1500)
issue (current at bill of lading) with possible exception of
electrical conductivity (Stadis to be provided on board in GB pence per liter assessments codes:
drums), ISPS compliant CP: Full NWE charter party FOB NWE Cargoes: ABXGM00
CIF NWE cargoes: ABXGN00
options at charter party rate, terms and conditions
The assessments were launched on October 2, 2017 with a decision note published August 29, 2017 and available at www.platts.com.
Vessel: BP/Totsa/KPIAC, 100% of main at Jet CIF NWE Crg
Please send all comments to europe_crude@spglobal.com, Europe_products@spglobal.com and pricegroup@spglobal.com For written
$3.00, Full Mnth, Feb” “2) TOTSA Bid, CIF Basis Le Havre
comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing.
CIM Terminal, Main: 27 kt, 12/1 - 27/1 (wide laycan),
Indication: 2 Laycan : seller to declare a 5 day window at
the time of the trade if applicable Main volume pricing : Shell/BP/Total approvals, 100% of main at EFP ICE LS GO December, a total of 1.842 million mt of oil products arrived
27kt ccm related pxg full feb Optol : 0-6 kt (pricing basis 3 $47.00, Month, Feb” “2) UNIPECSG Offer, CIF Basis in the region with 137,000 mt thought to be gasoil,
quotes after COD with COD =0) at CCM flat Spec: Jet A1 Rotterdam, Main: 27 kt, 22/1 - 27/1 (wide laycan), according to data from S&P Global Platts trade flow
DEFSTAN 91-091, meeting JFSCL latest issue (current at indication 2, oco indication 1 Laycan: buyer to narrow at software cFlow. “Prices ex-rack are still on a downward
bill of lading) with possible exception of electrical time of booking (if applicable) Main volume: 27kt pricing trend due to oversupply,” the trader added. As of
conductivity (Stadis to be provided on board in drums), CCM related, 16-31 January 2019 Vol Tol: 0-6kt EFP- Wednesday, 722,000 mt of oil products are scheduled to
ISPS compliant CP: Full NWE charter party options at related at Feb19 ICELS + $47 Spec: Jet A1 DEFSTAN arrive in West Africa in the month of January. Based on
charter party rate, terms and conditions Vessel: BP/ 91-091, meeting JFSCL latest issue (current at bill of fixtures seen by Platts, of these arrivals 685,000 mt were
Totsa/KPIAC, 100% of main at Jet CIF NWE Crg $1.00, Full lading) with possible exception of electrical conductivity thought to be gasoline and 37,000 mt gasoil. The Nigerian
Mnth, Feb” “3) TOTSA Bid, CIF Basis Rotterdam, Main: 27 (Stadis to be provided on board in drums) CP Options: National Petroleum Corporation remained the central
kt, 12/1 - 27/1 (wide laycan), Indication: 2 Laycan : seller to NWE CP Options @ CP cost, terms and conditions Vessel: demand center in the region as it continued to import and
declare a 5 day window at the time of the trade if Shell/BP/Total approvals, 100% of main at Jet CIF NWE supply gasoline and gasoil to the local market ahead of the
applicable Main volume pricing : 27kt ccm related pxg full Crg $2.50, Any Day, See TQC” country’s February general election, traders said.
feb Optol : 0-6 kt (pricing basis 3 quotes after COD with Meanwhile, the holiday season also affected activity in the
COD =0) at CCM flat Spec: Jet A1 DEFSTAN 91-091, Jet Cargo exclusions: (PGA page 1488) No market data was Northwest European gasoil complex. “At the moment most
meeting JFSCL latest issue (current at bill of lading) with excluded from the January 02 assessment process. [end-consumers] seem to be still [on holiday],” one trader
possible exception of electrical conductivity (Stadis to be active in the region said Wednesday. The reduced buying
provided on board in drums), ISPS compliant CP: Full NWE JET INDEX (PGA page 115) activity from end-consumers comes despite continuously
December 28, 2018 Index $/mt
charter party options at charter party rate, terms and higher Rhine water levels and lower associated barge
Europe & CIS PJECI00 183.31 PJECI09 536.13
conditions Vessel: BP/Totsa/KPIAC, 100% of main at Jet MidEast & Africa PJMEA00 192.40 PJMEA09 508.33 freight rates along the Rhine. WSV, the German waterways
CIF NWE Crg $-1.00, Full Mnth, Feb” Global PJGLO00 184.50 PJGLO09 532.20 authority, pegged water levels at key choke-point Kaub at
around 184 cm at 1200 GMT Wednesday. However, while
Jet Cargo offers: (PGA page 1486) freight rates along the Rhine had fallen since the beginning
Gasoil
■■“1) UNIPECSG Offer, CIF Basis Rotterdam, Main: 27 kt, 22/1 of December, they remained comparatively high on a year-
- 27/1 (wide laycan), indication 1, oco indication 2 Laycan: Market analysis: (PGA page 1499) Market activity in the West on-year basis which in turn dampened demand for 50 ppm
buyer to narrow at time of booking (if applicable) Main African gasoil market remained subdued as a result of the and 0.1% gasoil barges, traders said. Clean barge freight
volume: 27kt pricing EFP-related Vol Tol: 0-6kt EFP- holiday season. “[The market is] still in holiday mode,” one rates from Rotterdam to Duisburg, Germany, were assessed
related at Feb19 ICELS + $47 Spec: Jet A1 DEFSTAN trader active in the region said Wednesday. “I expect at $17.20/mt Wednesday, compared with $6.30/mt on
91-091, meeting JFSCL latest issue (current at bill of activity to pick up as from next week.” Meanwhile, the January 2 last year. Similarly, freight rates for clean barges
lading) with possible exception of electrical conductivity trader said price differentials for FOB STS cargoes of 0.3% from Rotterdam to Basel, Switzerland, were assessed at
(Stadis to be provided on board in drums) CP Options: gasoil offshore Lome came under pressure as a result of $45.75/mt Wednesday, compared with $15.95/mt on
NWE CP Options @ CP cost, terms and conditions Vessel: ample supply of gasoil in the region. In the month of January 2, 2018.
Gasoil 0.1%S (1000ppm) FOB ARA Barge assessment Med 0.1% gasoil cargo assessment, using the following Gasoil Mediterranean exclusions: (PGA page 1393) No
rationale: (PGA page 1428) The FOB ARA 0.1% gasoil barges assessments: CIF Med 0.1% gasoil cargo assessment minus market data was excluded from the January 02
assessment was based on the following input expressed at the cost of transporting a 30,000 mt clean cargo from a assessment process.
a differential to the front-month ICE LSGO futures contract: basket of ports in the Mediterranean to Genoa, Italy, and
A competitive bid of minus $14/mt in the back end of the Lavera, France.
Diesel
assessment curve. A contango structure of around 3 cents/ The above commentary applies to the market data code: AAVJI00
mt per day was applied throughout the rest of the Market analysis: (PGA page 1498) The European diesel
assessment curve. Gasoil 0.1%S (1000ppm) CIF Med Cargo assessment complex started the year on a steady note amid mixed
The above commentary applies to the market data code: AAYWT00 rationale: (PGA page 1392) The CIF Mediterranean 0.1% gasoil fundamentals, as stocks were generally low and the
cargo assessment was based on the previously established arbitrage from the US Gulf Coast was closed but the
Gasoil 0.005%S (50ppm) FOB ARA Barge assessment relationship between the physical and swaps markets, arbitrage from the East of Suez region still looked open and
rationale: (PGA page 1419) The FOB ARA 50 ppm gasoil barge adjusted 50 cents/mt lower, in the absence of competitive supply of cargoes was reported as healthy. The volume of
assessment was based on the previously established indications in the Platts Market on Close assessment middle distillates scheduled to arrive in Europe from the US
relationship with 10 ppm FOB ARA ULSD barges, in the process. Gulf Coast in January so far amounted to around 700,000
absence of competitive indications in the Platts Market on The above commentary applies to the market data code: AAVJJ00 mt, including 500,000 mt on its way to Northwest Europe
Close assessment process. and 200,000 mt to the Mediterranean, data from S&P Global
The above commentary applies to the market data code: AAUQC00 Gasoil 0.1% Barge exclusions: (PGA page 1427) No market Platts trade flow software cFlow showed Wednesday.
data was excluded from the January 02 assessment Around 1.39 million mt of middle distillates from the USGC
Gasoil 0.1%S FOB NWE Cargo assessment rationale: (PGA process. arrived in December into Europe, but now the arbitrage
page 1443) The FOB Northwest Europe 0.1% gasoil cargo looks firmly shut with the HOGO spread firming in the latter
assessment was derived as a freight netback from the CIF Gasoil Barge 50ppm exclusions: (PGA page 1418) No market half of December. The HOGO — the spread between NYMEX
NWE 0.1% gasoil cargo assessment, using the following data was excluded from the January 02 assessment diesel and ICE low sulfur gasoil futures — reached an
assessments: CIF NWE 0.1% gasoil cargo assessment process. 11-month high on December 20 of 9.91 cents/gal according
minus the cost of transporting a 22,000 mt clean cargo to Platts assessments of the contracts at the London close.
from a basket of ports in the Baltic and Northwest Europe Gasoil NWE Cargo bids/offers/trades: (PGA page 1444) The spread had narrowed back to around 7 cents/gal
to Le Havre, France. ■■Bids: “1) BP Bid, CIF Basis Amsterdam, Main: 18 kt, 12/1 - Wednesday afternoon, but remained higher than the
The above commentary applies to the market data code: AAYWR00 16/1, INDICATION NUMBER 1 MAIN VOLUME PRICING: 18KT majority of assessed values over 2018. According to a
PRICING EFP OPTOL: 0-4 KT PRICING EFP AS PER LAST couple of industry sources, January ULSD export program
Gasoil 0.1%S CIF NWE Cargo assessment rationale: (PGA DIFFERNTIAL ON MAIN VOLUME INDICATION SPEC: from the Russian Baltic Sea port of Primorsk is scheduled
page 1443) The CIF Northwest Europe 0.1% gasoil cargo FRENCH FOD CP: HAMBURG-BORDEAUX RANGE, ALL to be around 1.48 million mt, broadly in line with December’s
assessment was based on the previously established OTHER CP OPTIONS AVAILABLE/OBTAINABLE AT COST. 1.455 million mt and January 2018’s 1.462 million mt. In the
relationship between the physical and swaps markets, VESSEL: ESSO/BP/TOTSA , 100% of main at EFP ICE LS GO paper market, the ICE low sulfur gasoil futures started the
adjusted 25 cents/mt lower, in the absence of competitive $-7.00, Month, Jan” Offers: None. Trades: None. year with further volatility in flat prices. The front-month,
indications in the Platts Market on Close assessment now January, ICE low sulfur gasoil futures contract rose
process. Gasoil NWE Cargo exclusions: (PGA page 1444) No market $24.50/mt Wednesday to be assessed at $514.25/mt at the
The above commentary applies to the market data code: AAYWS00 data was excluded from the January 02 assessment London close. This was up from a 16-month low when the
process. contract was last assessed on Friday. Aside from the flat
Gasoil 0.1%S FOB Med Cargo assessment rationale: (PGA price moves, activity in middle distillates paper markets
page 1392) The FOB Mediterranean 0.1% gasoil cargo Gasoil Mediterranean bids/offers/trades: (PGA page 1393) was largely muted, with the January/February ICE LSGO
assessment was derived as a freight netback from the CIF ■■Bids: None. Offers: None. Trades: None. contango narrowing to $1/mt from $1.25/mt Friday. Platts
assessed CIF NWE cargoes of ULSD at a $3.50/mt premium transporting a 30,000 mt clean cargo from a basket of Diesel NWE Cargo trades: (PGA page 1470)
over the front-month ICE low-sulfur gasoil future ports in the Baltic to Le Havre, France. ■■Trades: None.
Wednesday, up from a $3/mt premium Friday. CIF The above commentary applies to the market data code: AAWZC00
Mediterranean ULSD cargoes were assessed at a $7/mt Diesel NWE Cargo bids: (PGA page 1468)
premium over the front-month ICE LSGO future, unchanged ULSD 10ppmS CIF NWE Cargo assessment rationale: (PGA ■■“1) GUNVORSA Bid, CIF Basis Thames, Main: 27 kt, 12/1 -
from the previous trading day. Finally, FOB ARA ULSD page 1472) The CIF NWE diesel Cargo market was based on 18/1 (wide laycan), Seller to narrow at time of booking
barges were assessed at a 25 cent/mt premium, down from the following inputs, expressed as differentials to the front- Main Volume: 27kt pricing EFP Optol : 0-6 kt as per last
a 50 cent/mt premium Friday. month ICE LSGO futures contract: Value on January 16 was price differential pricing Spec : ULSD UK winter specs,
assessed at $3.75/mt, factoring an outstanding bid for 0.842 max, C&B CP : hbg-bdx range + Nspain +ECUK +
ULSD 10ppmS FOB ARA Barge assessment rationale: (PGA January 14-18 delivery in the Platts Market on Close others obtainable at cost Vessel : BP/Shell/Exxon
page 1478) The FOB ARA 10 ppm ULSD barges assessment assessment process. Value on January 14 was assessed at approved , 100% of main at EFP ICE LS GO $3.75, Month,
was based on the following inputs, expressed as $2.65/mt, factoring an outstanding offer for January 12-16 Jan” “2) BP Bid, CIF Basis Hamburg, Main: 27 kt, 12/1 -
differentials to the front-month ICE LSGO futures contract: delivery in the Platts MOC. A 55 cents/day contango was 16/1, Indication: 1 Seller to narrow at time of trade Main
Value on January 15 was assessed at 50 cents/mt, factoring implied between January 14 and January 16 and extended Volume: 27kt pricing EFP Optol : 0-6 kt as per last price
an outstanding offer for back-end dates in the Platts Market to the front of the physical curve. A contango of around 5 differential pricing Spec : ULSD 10ppm German Winter
on Close assessment process. Value on January 12 was cents/day was applied to the back of the physical curve. C&B CP : hbg-bdx range + Nspain +ECUK others
assessed at 50 cents/mt, factoring an outstanding bid for The above commentary applies to the market data code: AAVBG00 obtainable at cost Vessel : Totsa/BP/Shell approved ,
midwindow dates in the Platts MOC. Value on January 9 100% of main at EFP ICE LS GO $1.50, Month, Jan” “3)
was assessed at 50 cents/mt, factoring an outstanding bid ULSD 10ppmS CIF Med Cargo assessment rationale: (PGA UNIPECSG Bid, CIF Basis Amsterdam, Main: 27 kt, 14/1 -
for front-end dates in the Platts MOC. A flat structure was page 1456) The CIF Med diesel cargo market was based on 18/1, Main Vol: pricing 14-18 Jan Optol: 0-6kt pricing
implied between the three points and extended to the front the following input, expressed as differential to the front- average of 3 mean quotes after COD, as per last
and the back of the physical curve. month ICE LSGO futures contract: Value on January 25 was differential on main volume indication Quality: French
The above commentary applies to the market data code: AAJUS00 assessed at $7.12/mt, factoring an outstanding offer for winter 10ppm ULSD max density 0.842 c&b cp: hamburg/
January 23-27 delivery in the Platts Market on Close bordeaux range + N.Spain + ECUK + options obtainable
ULSD 10ppmS CIF NWE Basis UK Cargo assessment assessment process. A backwardation of around 4 cents/ and available at cost Vessel: BP/TOTAL/SHELL acceptable
rationale: (PGA page 1472) The CIF UK diesel cargo day was applied to the physical curve. , 100% of main at ULSD CIFNWE Crg $-0.50, Any Day, See
assessment was derived as a freight net forward from the The above commentary applies to the market data code: AAWYZ00 TQC” “4) UNIPECSG Bid, CIF Basis Amsterdam, Main: 27
CIF Northwest Europe (ARA) diesel cargo assessment, kt, 23/1 - 27/1, Main Vol: pricing 21-25 Jan Optol: 0-6kt
using the following assessments: CIF NWE (ARA) diesel ULSD 10ppmS FOB Med Cargo assessment rationale: (PGA pricing average of 3 mean quotes after COD, as per last
cargo assessment plus the cost of transporting a 30,000 page 1494) The FOB Mediterranean 10ppm ULSD cargo differential on main volume indication Quality: French
mt clean cargo from a basket of ports in the Baltic to assessment was derived as a freight netback from the CIF winter 10ppm ULSD max density 0.842 c&b cp: hamburg/
abasket of UK ports. Med 10ppm ULSD cargo assessment, using the following bordeaux range + N.Spain + ECUK + options obtainable
The above commentary applies to the market data code: AAVBH00 assessments: CIF Med 10ppm ULSD diesel cargo and available at cost Vessel: BP/TOTAL/SHELL acceptable
assessment minus the cost of transporting a 30,000 mt , 100% of main at ULSD CIFNWE Crg $-0.50, Any Day, See
ULSD 10ppmS CIF NWE Basis Le Havre Cargo assessment clean cargo from a basket of ports in the Med to Genoa, TQC” “5) UNIPECSG Bid, CIF Basis Thames, Main: 27 kt,
rationale: (PGA page 1472) The CIF Northwest Europe (Le Italy, and Lavera, France. 23/1 - 27/1, Main Volume: pricing 21-25 Jan Optol : 0-6kt
Havre) diesel cargo assessment was derived as a freight The above commentary applies to the market data code: AAWYY00 pricing average of 3 mean quotes after COD, as per last
net forward from the CIF NWE (ARA) diesel cargo differential on main volume indication Quality : UK Winter
assessment, using the following assessments: CIF NWE Diesel Barge exclusions: (PGA page 1477) No market data ULSD 842 max density, 56 min flash, 100 min cond, 0 bio,
(ARA) diesel cargo assessment plus the cost of was excluded from the January 02 assessment process. non Belarus origin, FBT 2.52 max, C&B, CP : hbg-bdx
range + Nspain +ECUK others obtainable at cost Vessel : DEALS SUMMARY

Totsa/BP/Shell approved, 100% of main at ULSD CIF UK
Premium gasoline 10 ppm barges Gasoil 50ppm barges
Crg $-2.00, Any Day, See TQC” “6) STR Bid, CIF Basis
Bordeaux, Main: 27 kt, 18/1 - 22/1, Indication number: Trades (PGA page 1304) Trades (PGA page 1417)
1oco2 Optol : 0-6 kt pricing as per last price differential No trades reported
■■No trades reported ■■
pricing COD +5 (COD =0) Spec: ULSD 10ppm meeting * Denotes market maker. All times GMT * Denotes market maker. All times GMT
french winter spec CP : hbg-bdx range + Nspain + ECUK
others obtainable at cost Vessel : TOTAL/BP/SHELL , Bids (PGA page 1302) Bids (PGA page 1415)
100% of main at ULSDCIFHavreCrg $1.50, COD, +5 ■■No bids reported
■■PLATTS GASOIL 50PPM BARGE 1-3KT ICE LSGO M1: ARA: FE:
quotes” “7) STR Bid, CIF Basis Bordeaux, Main: 27 kt, 18/1 TOTSA bids 1-3kt: $-3/mt
Withdrawals ■■PLATTS GASOIL 50PPM BARGE 1-3KT ICE LSGO M1: ARA: MW:
- 22/1, Indication number: 2oco1 Main Volume: 27kt ■■No bids reported
TOTSA bids 1-3kt: $-4/mt
pricing Full EFP Optol : 0-6 kt pricing as per main Spec: ** Denotes OCO order.
Withdrawals
ULSD 10ppm meeting french winter spec CP : hbg-bdx
■■No bids reported
range + Nspain + ECUK others obtainable at cost Vessel : Offers (PGA page 1303)
** Denotes OCO order.
TOTAL/BP/SHELL , 100% of main at EFP ICE LS GO $8.00, ■■10PPM: NWE Brg Wnt 10ppm: FE: EQUINOR offers 1kt: $515.00/mt
■■10PPM: NWE Brg Wnt 10ppm: MW: VEMAG offers 1kt: $511.00/mt
Month, Jan” Offers (PGA page 1416)
■■10PPM: NWE Brg Wnt 10ppm: MW: EQUINOR offers 1kt: $515.00/
■■PLATTS GASOIL 50PPM BARGE 1-3KT ICE LSGO M1: ARA: MW:
Diesel NWE Cargo offers: (PGA page 1469) mt GLENCOREUK offers 1-3kt: $-1/mt
■■10PPM: NWE Brg Wnt 10ppm: BE: EQUINOR offers 1kt: $515.00/mt ■■PLATTS GASOIL 50PPM BARGE 1-3KT ICE LSGO M1: ARA: BE:
■■“1) GLENCOREUK Offer, CIF Basis Le Havre, Main: 27 kt,
14/1 - 18/1, Indication 2 Optol 0-6 kt: diff as per main, Withdrawals GLENCOREUK offers 1-3kt: $-0.5/mt
■■No offers reported ■■PLATTS GASOIL 50PPM BARGE 1-3KT ICE LSGO M1: ARA: BE: STR
pricing COD +3 quotations (COD =0) spec: ulsd 10ppm
** Denotes OCO order. offers 1-3kt: $1.00/mt
french winter (inc 0.842 min density) CP: Hamburg-bdx, ■■PLATTS GASOIL 50PPM BARGE 1-3KT ICE LSGO M1: ARA: BE:
ECUK + N Spain Vessel: Total/Exxon/lukoil, 100% of main VITOL offers 1-3kt: $0/mt
at ULSDCIFHavreCrg $0.00, Laycan, As Per Laycan” “2) EBOB Barges
Withdrawals
GLENCOREUK Offer, CIF Basis Le Havre, Main: 27 kt, 12/1 - Trades (PGA page 1304) ■■No offers reported
16/1, Indication 1 Optol 0-6 kt: diff as per main, pricing ** Denotes OCO order.
■■EBOB: FE: GUNVORSA sold to STR* 1kt: kt $479.00/mt 16:26:14
COD +3 quotations (COD =0) spec: ulsd 10ppm french ■■EBOB: FE: GUNVORSA sold to STR* 1kt: kt $476.00/mt 16:28:22
winter (inc 0.842 min density) CP: Hamburg-bdx, ECUK + * Denotes market maker. All times GMT Gasoil 0.1% Barges
N Spain Vessel: Maersk Edgar (IMO 9276430), 100% of
main at ULSDCIFHavreCrg $-1.25, Laycan, As Per Laycan” Bids (PGA page 1302) Trades (PGA page 1426)
“3) GLENCOREUK Offer, CIF Basis Amsterdam, Main: 27 ■■No bids reported
■■PLATTS GASOIL 0.1 BARGE 1-3KT ICE LSGO M1: ARA: MW:
kt, 23/1 - 27/1, Indication 3 Optol 0-6 kt: diff as per main, GUNVORSA sold to VITOL* 3kt: kt $-14/mt 16:29:52
Withdrawals * Denotes market maker. All times GMT
pricing COD +3 quotations (COD =0) spec: ulsd 10ppm ■■EBOB: FE: STR no longer bids 1kt: $476.00/mt
french winter (inc 0.842 min density) CP: Hamburg-bdx, ** Denotes OCO order. Bids (PGA page 1424)
ECUK + N Spain Vessel: Total/Exxon/Lukoil, 100% of main ■■PLATTS GASOIL 0.1 BARGE 1-3KT ICE LSGO M1: ARA: BE: VITOL
at ULSD CIFNWE Crg $2.00, Laycan, As Per Laycan” Offers (PGA page 1303)
bids 1-3kt: $-14/mt
■■No offers reported
Withdrawals
Diesel NWE Cargo exclusions: (PGA page 1471) No market Withdrawals ■■PLATTS GASOIL 0.1 BARGE 1-3KT ICE LSGO M1: ARA: MW: VITOL
data was excluded from the January 02 assessment ■■EBOB: FE: TRAFI Withdraws offer 1kt: $482.00/mt no longer bids 1-3kt: $-14/mt
process. ** Denotes OCO order. ** Denotes OCO order.
Diesel Mediterranean bids/offers/trades: (PGA page 1457) DEALS SUMMARY (continued)

■■Bids: None. Offers: “1) VITOL Offer, CIF Basis Lavera, Main:
Offers (PGA page 1425) ■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: FE:
27 kt, 23/1 - 27/1, Indication 1 Optol 0-6kt s.o pricing COD MABADEUT no longer bids 1-3kt: $0/mt
■■PLATTS GASOIL 0.1 BARGE 1-3KT ICE LSGO M1: ARA: FE:
+3 quotations (COD = 0) Spec: Ulsd 10ppm meeting french ** Denotes OCO order.
GUNVORSA offers 1-3kt: $-12/mt
winter CP: Euromed neobig + Slovenia + Croatia exc luding ■■PLATTS GASOIL 0.1 BARGE 1-3KT ICE LSGO M1: ARA: MW:
y/fyugo/toc + Turkish med + Tunisia +SOM Vessel: Lukoil/ Offers (PGA page 1475)
GUNVORSA offers 1-3kt: $-12/mt
Shell/ENI , 100% of main at ULSD CIFMed Crg $0.00, ■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: FE:
Withdrawals
Laycan, As Per Laycan” Trades: “1) LITASCO-STR Trade on GLENCOREUK offers 1-3kt: $0.50/mt
■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: FE: PTRIN
Bid [16:29:06], CIF Basis Koper, Main: 27 kt, 12/1 - 16/1, ** Denotes OCO order.
offers 1-3kt: $0.50/mt
indication 2 OCO 1 Main volume: 27kt pricing 5 quotes after ■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: FE:
cod (COD = 0) Optol: 0-6kt s.o, pricing 5 quotes after cod Diesel barges UNIPECSG offers 1-3kt: $0.50/mt
(COD = 0) , diff as per main Spec: ULSD Italian Winter spec, ■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: FE: STR
Trades (PGA page 1476)
max -20C CFPP CP: Euromed/Neobig excluding Y/FY but offers 1-3kt: $1.00/mt
including Slovenia Vessels: Shell/Total/BP , 100% of main
■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: FE: ■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: MW:
GLENCOREUK sold to MABADEUT* 2kt: kt $0/mt 16:27:01 GLENCOREUK offers 1-3kt: $0.50/mt
at ULSD CIFMed Crg $0.00, Any Day, See TQC” ■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: FE: ■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: MW: PTRIN
GLENCOREUK sold to BP* 2.8kt: kt $0/mt 16:27:03 offers 1-3kt: $0.50/mt

Diesel Mediterranean exclusions: (PGA page 1457) No market ■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: FE: ■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: MW:
data was excluded from the January 02 assessment GLENCOREUK sold to VITOL* 3kt: kt $0/mt 16:27:13 UNIPECSG offers 1-3kt: $0.50/mt
process. ■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: FE: ■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: MW: STR
GLENCOREUK sold to MABADEUT* 2kt: kt $0/mt 16:27:50 offers 1-3kt: $1.00/mt

■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: FE: ■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: BE:
Russian Diesel (PGA page 1495) GLENCOREUK sold to BP* 3kt: kt $0/mt 16:27:53 GLENCOREUK offers 1-3kt: $0.50/mt
■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: FE: ■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: BE: STR
NA UNIPECSG sold to MABADEUT* 2.9kt: kt $0/mt 16:29:06 offers 1-3kt: $1.00/mt
■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: FE:
Withdrawals
GLENCOREUK sold to BP* 3kt: kt $0/mt 16:29:08
Fuel Oil ■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: FE:

Market analysis: (PGA page 1599) The Northwest European GLENCOREUK sold to MABADEUT* 3kt: kt $0/mt 16:29:58
■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: MW:
high sulfur fuel oil market was backwardated to kick off 2019
UNIPECSG sold to BP* 2.8kt: kt $0/mt 16:29:28 HSFO barges
trading but also drastically softer than the beginning of
* Denotes market maker. All times GMT
December. The January-February 3.5% FOB Rotterdam barge Trades (PGA page 1505)
intermonth spread last traded on ICE Wednesday afternoon at Bids (PGA page 1474)
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: LITASCO* sold to
$1/mt, as availability of fuel oil improved over the course of ■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: FE: BP bids MERCURIASA 2kt: kt $316.00/mt 16:20:19
December as stocks were released due to end-of-year 1-3kt: $0/mt ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: LITASCO sold to
■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: MW: BP bids
accounting. Despite less favorable freight economics to the GUNVORSA* 2kt: kt $313.00/mt 16:28:05
East, vessels continued to depart from Rotterdam. Suez Hans 1-3kt: $0/mt ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: LITASCO* sold to
■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: BE: BP bids
sailed from the Dutch port Tuesday laden with around 130,000 MERCURIASA 2kt: kt $313.00/mt 16:28:37
1-3kt: $0/mt ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: VITOL sold to
mt of fuel oil. The destination of the vessel is currently Port
Withdrawals GUNVORSA* 2kt: kt $311.50/mt 16:29:27
Said, Egypt, according to S&P Global Platts trade flow ■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: FE: VITOL no ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: LITASCO sold to
software cFlow, although the vessel will likely continue on to longer bids 1-3kt: $0/mt GUNVORSA* 2kt: kt $311.00/mt 16:29:36
Singapore. The Mediterranean market started 2019 typically ■■PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: FE: BP no ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: VITOL sold to BPBV*
quiet, with the region well supplied, a trader said. In other longer bids 1-3kt: $0/mt 2kt: kt $311.00/mt 16:29:38
news, traded volumes in the Platts European 3.5% FOB DEALS SUMMARY (continued)
Rotterdam barge Market on Close assessment process for
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: VITOL sold to 2kt: $307.00/mt
2018 plunged 1.068 million mt compared with 2017, as more
GUNVORSA* 2kt: kt $310.00/mt 16:29:55 ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: TOTSA Withdraws bid
cargoes were shifted directly from the Baltic to the East to ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: VITOL sold to BPBV* 2kt: $306.00/mt
avoid the high backwardation dominating NWE, particularly 2kt: kt $310.00/mt 16:29:58 ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: VITOL-VITOLBRK
during the second half of 2018 — 7.036 million mt was traded ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: LITASCO sold to Withdraws bid 2kt: $304.00/mt
during 2018 versus 8.104 million mt in 2017. Further afield, GUNVORSA* 2kt: kt $311.50/mt 16:29:32 ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: LITASCO Withdraws
■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: LITASCO sold to bid 2kt: $302.00/mt
0.5% sulfur marine fuel cargoes were bid and offered on an
GUNVORSA* 2kt: kt $311.00/mt 16:29:42 ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: LITASCO Withdraws
FOB Singapore basis in the S&P Global Platts Market on Close
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: MERCURIASA* sold to bid 2kt: $299.00/mt
assessment process Wednesday, the day that Platts launched
STR 2kt: kt $312.00/mt 16:12:33 ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GUNVORSA no
its assessments for this product globally. BP submitted a bid ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: MERCURIASA sold to longer bids 2kt: $311.50/mt
for 20,000 mt of Marine Fuel 0.5% on an FOB Singapore basis GUNVORSA* 2kt: kt $311.50/mt 16:29:41 ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GUNVORSA no
for January 22-26 loading at $335/mt before lowering its bid * Denotes market maker. All times GMT longer bids 2kt: $311.00/mt
to $332/mt. BP also offered a similar volume of Marine Fuel ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: VITOL-VITOLBRK
Bids (PGA page 1503) Withdraws bid 2kt: $308.00/mt
0.5% for January 22-26 ship-to-ship loading from its floating
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: STR bids 2kt: ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: TRAFI Withdraws bid
storage unit Grace Star at $395/mt. Mitsui Energy Trading
$308.00/mt 2kt: $307.00/mt
Singapore also offered 20,000 mt of Marine Fuel 0.5% for ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GUNVORSA bids 2kt: ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: TOTSA Withdraws
January 27-31 ship-to-ship loading from its floating storage $310.50/mt bid 2kt: $306.00/mt
unit Energy Star at a premium of $75/mt to the average of ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: BPBV bids 2kt: ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: MERCURIASA
Mean of Platts Singapore 180 CST high sulfur fuel oil $310.50/mt Withdraws bid 2kt: $304.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GUNVORSA bids 2kt: ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: VITOL-VITOLBRK
assessments. S&P Global Platts assessed FOB Singapore
Marine Fuel 0.5% at $366.18/mt Wednesday. This was $40.25/ $310.00/mt Withdraws bid 2kt: $304.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: STR bids 2kt: ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: LITASCO Withdraws
mt higher than 380 CST HSFO, currently the dominant fuel
$308.00/mt bid 2kt: $301.50/mt
used by ships around the globe. ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: GUNVORSA bids 2kt: ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: LITASCO Withdraws
$311.00/mt bid 2kt: $299.00/mt

FOB Rotterdam 0.5% Marine Fuel barge assessment ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: BPBV bids 2kt: ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: GUNVORSA no longer
rationale: (PGA page 1564) 0.5% Marine Fuel FOB Rotterdam $311.00/mt bids 2kt: $311.50/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: GUNVORSA bids 2kt: ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: VITOL-VITOLBRK
barges were assessed at $380.50/mt, a $69.75/mt premium
to high sulfur fuel oil. There were no bids or offers in the $310.00/mt Withdraws bid 2kt: $308.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: STR bids 2kt: ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: TRAFI Withdraws bid
Platts Market on Close assessment process so the price
$308.00/mt 2kt: $307.00/mt
was informed by movements observed in other related ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: TOTSA Withdraws bid
Withdrawals
markets such as high sulfur fuel oil, low sulfur fuel oil and 2kt: $305.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: MERCURIASA
vacuum gasoil. As there was little demand for 0.5% marine ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: MERCURIASA
Withdraws bid 2kt: $312.00/mt
fuel observed in Rotterdam, price movements of distillate ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: GUNVORSA no longer Withdraws bid 2kt: $304.00/mt
products were judged to be of lower relevance. ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: VITOL-VITOLBRK
bids 2kt: $311.50/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: GUNVORSA no longer Withdraws bid 2kt: $304.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: LITASCO Withdraws
FOB Rotterdam 0.5% Marine Fuel barge bids/offers/ bids 2kt: $310.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: BPBV no longer bids bid 2kt: $301.00/mt
trades/exclusions: ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: LITASCO Withdraws
2kt: $310.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: VITOL-VITOLBRK bid 2kt: $297.50/mt
Bids (PGA page 1560) ** Denotes OCO order.
Withdraws bid 2kt: $308.00/mt
■■None.
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: TRAFI Withdraws bid
Offers (PGA page 1561) DEALS SUMMARY (continued)

■■None.
Offers (PGA page 1504) ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: VITOL offers 2kt:
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: LITASCO offers 2kt: $318.00/mt
Trades (PGA page 1562)
$311.50/mt Withdrawals
■■None.
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: VITOL offers 2kt: ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: LITASCO no longer
$311.75/mt offers 2kt: $316.00/mt

Exclusions (PGA page 1563) ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: TOTSA offers 2kt: ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: STR Withdraws offer
■■No market data was excluded from the January 02 $313.00/mt 2kt: $316.50/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: LITASCO offers 2kt: ■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: TRAFI Withdraws
assessment process.
The above bids, offers, trades, exclusions and rationale apply to the $314.50/mt offer 2kt: $319.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: VITOL offers 2kt: ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: TRAFI Withdraws
market data code: PUMFD00
$314.50/mt offer 2kt: $319.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: FE: BPBV offers 2kt: ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: LITASCO Withdraws
FO 1%S FOB Rdam Barge assessment rationale: (PGA page $318.00/mt offer 2kt: $319.00/mt
1507) 1% FOB Rotterdam barges were assessed at parity to ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: LITASCO offers 2kt: ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: TRAFI Withdraws
3.5% FOB Rotterdam barges in the absence of any $311.00/mt offer 2kt: $319.25/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: STR offers 2kt:
indications. ** Denotes OCO order.
The above commentary applies to the market data code: PUAAP00 $313.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: TOTSA offers 2kt:
$314.00/mt LSFO barges

FO 3.5%S FOB Rdam Barge assessment rationale: (PGA ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: LITASCO offers 2kt:
page 1507) 3.5% FOB Rotterdam barges were assessed on $315.50/mt Trades (PGA page 1505)
the mid-window in a narrow bid/offer spread. The back-end ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: VITOL offers 2kt: ■■No trades reported
was assessed above a competitive outstanding bid, in a $316.00/mt * Denotes market maker. All times GMT
■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: MERCURIASA offers
narrow bid/offer spread. Structure was drawn to the front-
2kt: $317.00/mt Bids (PGA page 1503)
end where the outstanding indications and late traded
■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: BPBV offers 2kt:
offers did not test value.
$318.00/mt Withdrawals
The above commentary applies to the market data code: PUABC00 ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: VITOL offers 2kt:
$318.00/mt ** Denotes OCO order.
FO 3.5%S 500 CST FOB Rdam Barge assessment ■■PLATTS FUEL OIL 3.5% RDAM BARGES: MW: LITASCO offers 2kt:
rationale: (PGA page 1507) 500 CST FOB Rotterdam barges $318.00/mt Offers (PGA page 1504)
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: MERCURIASA offers
were assessed at $4/mt below 3.5% FOB Rotterdam ■■No offers reported
barges. 2kt: $311.50/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: TOTSA offers 2kt: Withdrawals
The above commentary applies to the market data code: PUAGN00 ■■No offers reported
$312.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: STR offers 2kt:
Fuel Oil Barge exclusions: (PGA page 1506) No market data $313.00/mt
was excluded from the January 02 assessment process. ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: VITOL offers 2kt: HSFO RMK 500 barges
$317.00/mt
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: LITASCO offers 2kt: Trades (PGA page 1505)
FO 1%S CIF NWE Cargo assessment rationale: (PGA page
1588) The CIF Northwest European low sulfur fuel oil cargo $317.00/mt ■■No trades reported
■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: LITASCO offers 2kt: * Denotes market maker. All times GMT
assessment was derived as a freight net forward to the FOB
$318.00/mt
Northwest European low sulfur fuel oil cargo assessment ■■PLATTS FUEL OIL 3.5% RDAM BARGES: BE: BPBV offers 2kt: Bids (PGA page 1503)
using the following input: the FOB Northwest European low $318.00/mt ■■No bids reported
sulfur fuel oil cargo assessment plus the cost of DEALS SUMMARY (continued)
transporting a 30,000 mt fuel oil cargo from a basket of
Withdrawals Offers (PGA page 1504)
NWE ports to the assessment basis port of Antwerp. ■■No bids reported ■■No offers reported
The above commentary applies to the market data code: PUAAL00 ** Denotes OCO order.
Withdrawals
FO 1%S FOB NWE Cargo assessment rationale: (PGA page
1588) 1% FOB NWE cargoes were assessed on the previous
trading day’s swaps differential in the absence of
indications. Mediterranean ports. former yugo/Syria and TOC)
The above commentary applies to the market data code: PUAAM00 The above commentary applies to the market data code: PUAAZ00 ■■2)Platts HSFO Med Crg CIF bss Malta 10-25, TRAFI offers
Jan 20-Jan 24 100% 3.5% CIF Med cargoes Any Day See
FO 1%S CIF Med Cargo assessment rationale: (PGA page Fuel Oil NWE Cargo bids/offers/trades: (PGA page 1589) TQC $2.50 for 27000-27000 “FULL CARGO Main Volume
1580) 1% CIF Med cargoes were assessed on the previous ■■LSFO NWE CARGO MOC: DEAL SUMMARY: None. pricing 21-27 Jan (27kt) Optol: 0-6kt pricing 3 quotes after
trading day’s swaps differential as the outstanding bid did ■■LSFO NWE CARGO MOC: OUTSTANDING INTEREST: BIDS: COD at same differential to main volume RMG380 as per
not test value. None. ISO 8217:2010, 3.5pct Sulphur max, H2S 2ppm max in
The above commentary applies to the market data code: PUAAJ00 ■■LSFO NWE CARGO MOC: OUTSTANDING INTEREST: liquid, EU QUALIFIED Vessel acceptable to Repsol / ENI /
OFFERS: None. CEPSA CP: Full Med (Exc. Israel/Libya/Albania/yugo/
FO 1%S FOB Med Cargo assessment rationale: (PGA page ■■HSFO NWE CARGO MOC: DEAL SUMMARY: None. former yugo/Syria and TOC
1580) The FOB Mediterranean low sulfur fuel oil cargo ■■HSFO NWE CARGO MOC: OUTSTANDING INTEREST: BIDS: ■■HSFO MED CARGO MOC: EXCLUDED INTEREST: OFFERS:
assessment was derived as a freight netback to the CIF None. None.

Mediterranean low sulfur fuel oil cargo assessment, using ■■HSFO NWE CARGO MOC: OUTSTANDING INTEREST: ■■LSFO MED CARGO MOC: DEAL SUMMARY: None.
the following assessments: the CIF Mediterranean low OFFERS: None. ■■LSFO MED CARGO MOC: OUTSTANDING INTEREST: BIDS:
sulfur fuel oil cargo assessment minus the cost of ■■1)Platts LSFO Med Crg CIF bss Port - See TQC 10-25, TOTSA
transporting a 30,000 mt fuel oil cargo between a basket of Fuel Oil NWE Cargo exclusions: (PGA page 1589) No market bids Jan 23-Jan 27 100% 1% FOB NWE cargoes Half Mnth
Mediterranean ports. data was excluded from the January 02 assessment process. H2 Jan $26.00 for 27000-27000 “CIF Basis Agioi Theodoroi
The above commentary applies to the market data code: PUAAK00 Optol: 0-6kt , pricing 3 quotes after COD, same premium as
Fuel Oil Mediterranean bids/offers/trades: (PGA page 1581) main. Spec: RMG 380 as per ISO 8217:2010 with sulphur
FO 3.5%S CIF Med Cargo assessment rationale: (PGA page ■■HSFO MED CARGO MOC: DEAL SUMMARY: None. max 1.00%. EU Qualified. No Israeli Origin. CP: Full Med C/P
1580) 3.5% CIF Med cargoes were assessed on the previous ■■HSFO MED CARGO MOC: OUTSTANDING INTEREST: BIDS: options excl Yugo/Former Yugo/Albania/TOC/Lybia/Syria.
trading day’s swaps differential as the outstanding offers None. Vessel acceptable to Total/Repsol/BP
did not test value. ■■HSFO MED CARGO MOC: OUTSTANDING INTEREST: ■■LSFO MED CARGO MOC: OUTSTANDING INTEREST:
The above commentary applies to the market data code: PUAAY00 OFFERS: OFFERS: None.
■■1)Platts HSFO Med Crg CIF bss Malta 10-25, TRAFI offers
FO 3.5%S FOB Med Cargo assessment rationale: (PGA Jan 23-Jan 27 100% 3.5% CIF Med cargoes Any Day See Fuel Oil Mediterranean exclusions: (PGA page 1581) No
page 1580) The FOB Mediterranean high sulfur fuel oil cargo TQC $2.50 for 27000-27000 “FULL CARGO Main Volume market data was excluded from the January 02
assessment was derived as a freight netback to the CIF pricing 26-31 Jan (27kt) Optol: 0-6kt pricing 3 quotes assessment process.
Mediterranean high sulfur fuel oil cargo assessment, using after COD at same differential to main volume RMG380 as
the following assessments: CIF Mediterranean high sulfur per ISO 8217:2010, 3.5pct Sulphur max, H2S 2ppm max in
Russian Fuel Oil (PGA page 1596)
fuel oil cargo assessment minus the cost of transporting a liquid, EU QUALIFIED Vessel acceptable to Repsol / ENI /
30,000 mt fuel oil cargo between a basket of CEPSA CP: Full Med (Exc. Israel/Libya/Albania/yugo/ NA
VGO (PGA page 1597) DELIVERY BASIS

Please note that the assessments which appear in the FOB Rotterdam barge section have varying delivery bases as noted below:
The European vacuum gasoil market saw little change
Code Delivery basis
Wednesday. That was amid limited selling activity and with
Naphtha PAAAM00 FOB Amsterdam-Rotterdam-Antwerp
Panamax freight rates from UK Continent to the US Gulf Eurobob AAQZV00 FOB Amsterdam-Rotterdam
Coast remaining high, sources said, leaving USGC 98 RON gasoline 10 ppm AAKOD00 FOB Amsterdam-Rotterdam
premiums unchanged as a result. FOB Baltic high and low Premium gasoline 10 ppm PGABM00 FOB Amsterdam-Rotterdam
sulfur VGO netbacks to the USGC — a key indication of Reformate AAXPM00 FOB Amsterdam-Rotterdam
Jet PJABA00 FOB Flushing-Amsterdam-Rotterdam-Antwerp-Ghent
value considering that Europe is the largest VGO-exporting
Diesel 10 ppm AAJUS00 FOB Amsterdam-Rotterdam-Antwerp
region while the USGC is the largest consumer — surged Gasoil 50 ppm AAUQC00 FOB Amsterdam-Rotterdam-Antwerp
last Friday, to be pegged, respectively, at premiums of 67 Gasoil 0.1% AAYWT00 FOB Amsterdam-Rotterdam-Antwerp
cents/b and $1.17/b to March ICE Brent crude futures, Fuel oil 1.0% PUAAP00 FOB Rotterdam
dropping about 25 cents/b due to a wider Brent-WTI spread. Fuel oil 3.5% PUABC00 FOB Rotterdam
Fuel Oil 3.5% 500 CST PUAGN00 FOB Rotterdam
A wider Brent-WTI spread makes the economics to send
Rotterdam bunker 380 CST PUAYW00 Rotterdam Delivered bunkers
product from Europe to the US less attractive. In addition, a
contango in the underlying Brent crude structure was
encouraging traders to keep barrels in storage in Europe or
the Black Sea as they wait for an uptick in spot demand. In for Urals despite the high prices. “There are still some
North Sea crude
refinery news, Repsol CEO Josu Jon Imaz outlined [refiners] who can place Forties with Urals, but there is a
preliminary refinery maintenance plans for 2019. The plans Market analysis: (PGA page 1299) The Brent CFD market huge uncertainty about what is going into it from one week
include works on the FCC and VDU at A Coruna, the FCC at flattened further in European trading Wednesday, even to the next,” a trader said. “Is Buzzard in the blend this
Petronor, Bilbao, the hydrotreatment unit and hydrocracker moving into a slight backwardation in the afternoon week or not? That alone makes it pretty unpopular with
at Cartagena, and the cracker at Tarragona. Meanwhile, between the January 14-18 and January 21-25 pricing refiners. Refiners like consistency.” Loadings of both
VGO arrived at US ports from December 19-31 at an average weeks according to indications heard in the brokered Statfjord and Gullfaks are set to decline on an average
rate of 344,874 b/d, according to customs data compiled by market. However, even as the CFD curve has remained basis in February to 143,393 b/d and 114,286 b/d
S&P Global Platts Analytics. largely flat across the last three weeks of January pricing, respectively, while average daily loadings of Grane are set
the physical market has remained well-offered — to tick up marginally to 257,143 b/d. In other news, Vitol
particularly on Forties — with Total, Vitol, BP and Gunvor bought a cargo of Brent Blend loading January 29-31 from
all offering cargoes in the Platts Market on Close PetroIneos in the Platts Market on Close assessment
VGO DEALS (PGA page 5) assessment process, albeit not as competitively as in process at Dated Brent minus 10 cents/b.
■■ TOTSA - PTRIN Jan 7, 2019-Jan 11, 2019 FOB bss Antwerp 3/5 previous trading cycles. There has been chatter that some
- 15 Platts HSVGO NWE Barge bbl dif 100% ICE Brent Futures Full
market participants have moved to take Forties Blend to Dated Brent assessment rationale: (PGA page 1297) Of the
Mnth Mar $-3.85 for 950 “Optol: 0-100mt in buyer’s option, main
volume and optol pricing 1 quote after b/l Specification: Sulfur:
the Far East. However, there has been little additional five BFOE grades, Brent and Forties were seen in the Platts
2% max; Density: 0.92 kg/l max; Metals: Iron 2 ppm max, Sodium evidence of a pick-up in Forties demand in the Northwest Market on Close assessment process Wednesday. Brent
2 ppm max, Nickel 1 ppm max, Copper 1 ppm max, Vanadium European market, even though differentials for Urals Blend was assessed unchanged after a traded offer failed
1ppm max; CCR: 0.5% max; Nitrogen: 1700 ppm max; Pour point: delivered CIF basis Rotterdam continue to be reported at to challenge the previous trading day’s assessment. An
45 degrees celsius max; Flashpoint: 100 degrees celsius min; double-digit premiums to Dated Brent. Traders said the outstanding offer was also not seen to test the market and
Aniline: 75 degrees celsius min; Asphaltenes: 700ppm max; Tan: continued strength in fuel oil, stronger distillate cracks and was not used in the assessment. Forties was assessed
0.5 mg KOH/g max”
consistent quality continues to show good refining returns higher. January 23 was assessed on the level of a
withdrawn offer which challenged the previous trading BNB FOB Jan 22-24 at Dtd $0.00 for 600000 “OCO” OCO (Mar): Onyx bids -1.18; Vercer bids -1.20; Vitol offers -1.14;
day’s assessment. A contango of 5 cents/day was applied w/ BP Forties offer; BP OFFERS Forties FOB Jan 24-26 at Equinor offers -1.12; Glencore offers -1.10; ChinaOil offers
across the full 10-day forward to month ahead assessment Dtd $0.10 for 600000 “OCO” OCO w BP Brent offer -1.10; Mercuria offers -1.10; Jan 28-Feb 1 (Apr): Vercer bids
period. Oseberg was assessed higher in line with a stronger ■■NORTH SEA: MOC WITHDRAWN: TOTSA WITHDRAWS -1.45; Onyx bids -1.45; Glencore offers -1.35; Mercuria
Ekofisk market and in the absence of fresh indications. OFFER Forties FOB Jan 21-24 at Dtd $-0.65 for 600000 offers -1.35; Equinor offers -1.33; ChinaOil offers -1.30; DV
Ekofisk was assessed higher with the previous day’s curve (WD-16:23:35.621); GUNVOR WITHDRAWS OFFER Forties Trading offers -1.28; Vitol offers -1.25; PetroIneos offers
rolled forward in line with the previous day’s assessment. FOB Jan 25-27 at Dtd $0.00 for 600000-600000 (WD- -1.25; Feb 4-8 (Apr): Gunvor offers -1.35; PetroIneos offers
Troll was assessed unchanged in the absence of fresh 16:23:12.174); VITOL WITHDRAWS OFFER Forties FOB Jan -1.20; ChinaOil offers -1.20
indications. 17-19 at Dtd $-0.50 for 600000 (WD-16:22:29.247)
The above commentary applies to the market data code: PCAAS00 ■■CASH BFOE: MOC DEAL SUMMARY: Mar 55.76 x100 North Sea exclusions: (PGA page 1290) The following
Mercuria-Shell; Glencore b. Apr19 55.98 x100 (Mar19: indications were excluded from the January 2 North Sea
BFOE assessment rationale: (PGA page 1297) March Cash Mercuria-BP 55.37; Mar19/Apr19: BP b. -0.25 x100) Platts Market on Close assessment process (too late):
BFOE was assessed below an outstanding offer on the level ■■CASH BFOE: MOC OUTSTANDING INTEREST: Mar19: ■■Hartree offer Mar19 $55.67/b
of the EFP seen during the day. April Cash BFOE was Hartree offers 55.70; Mercuria offers 55.73 Glencore ■■Mercuria offer Mar19 $55.70/b AND $55.71/b
assessed between an outstanding bid and an outstanding offers 55.83; Apr19: Glencore offers 56.08 ■■DV Trading rebid Jan 21-25 (Mar) -$1.17/b
offer for the March/April Cash BFOE roll. The outstanding ■■CASH BFOE: CASH SPREADS: MOC DEAL SUMMARY:
March/April BFOE roll bid disproved an earlier traded bid. None.

LSSR
May Cash BFOE was assessed using the April/May EFP roll ■■CASH BFOE: CASH SPREADS: MOC OUTSTANDING
heard seen during the day. INTEREST: Mar19/Apr19: BP bids -0.24; Hartree offers Market analysis: (PGA page 1598) The European low sulfur
The above commentary applies to the market data codes: -0.22 straight run market saw little change Wednesday as the fuel
PCAAQ00, PCAAR00, PCARR00 ■■BFOE CFD: MOC DEAL SUMMARY: Jan21-Jan25 Mar-1.15 oil crack remained rangebound despite volatile activity in
x100 Mercuria-DV Trading; Jan21-Jan25 Mar-1.15 x100 crude futures. News of buying activity in the US Gulf was
CFD assessment rationale: (PGA page 1297) January 7-11 was Glencore-DV Trading; Jan21-Jan25 Mar-1.15 x100 Vitol- muted as a wider Brent-WTI spread made the economics to
assessed below an outstanding offer, converted to April Onyx; Jan21-Jan25 Mar-1.15 x100 Petroineos-Onyx; Jan14- send product from Europe less attractive. Meanwhile, the
pricing. January 14-18 was assessed on the level of several Jan18 Mar-1.15 x100 Glencore-Onyx; Jan14-Jan18 Mar-1.15 steady performance in Urals crude values provided
traded offers, converted to April pricing. January 21-25 was x100 Mercuria-Onyx; Jan14-Jan18 Mar-1.15 x100 Vitol- marginal support to the feedstocks market, given that LSSR
assessed below an outstanding offer, which challenged Onyx; Jan21-Jan25 Mar-1.1 x100 ChinaOil-Onyx; Jan21- typically prices at a discount to Brent futures, making it a
several earlier trades, converted to April pricing. January Jan25 Mar-1.1 x100 Petroineos-Onyx; Jan21-Jan25 Mar-1.1 cheaper alternative to crude when prices rise. In other
28-February 1 was assessed using a flat roll between the x100 Mercuria-Onyx; Jan21-Jan25 Mar-1.1 x100 Vitol- news, the 35,000 b/d fluid catalytic cracker at the Sines,
January 21-25 and January 28-February 1 pricing weeks Vercer; Jan21-Jan25 Mar-1.1 x100 Glencore-Onyx; Jan21- Portugal, refinery was running again after concluding
after the rest of the curve was proved to be stronger. Jan25 Mar-1.1 x100 Petroineos-Onyx; Jan28-Feb1 Apr-1.4 maintenance that started in the third week of October, a
February 4-8 was assessed below an outstanding offer. x100 Gunvor-Vercer; Jan21-Jan25 Mar-1.14 x500 Vitol-DV spokesman for Galp Energia said. According to the
The above commentary applies to the market data codes: Trading; Jan14-Jan18 Mar-1.15 x100 Vitol-Shell; Jan21- company, the works lasted 54 days and the restart was in
PCAKA00, PCAKC00, PCAKE00, PCAKG00, AAGLU00, AAGLV00, Jan25 Mar-1.15 x100 Glencore-Onyx; Jan21-Jan25 Mar-1.13 line with schedule. The halt was used to change the
AALCZ00, AALDA00 x100 Petroineos-Vercer; Jan21-Jan25 Mar-1.16 x100 catalyst in the unit but Galp also used the outage to adapt
Gunvor-DV Trading units for lower sulfur marine fuel regulations being
North Sea bids/offers/trades: (PGA page 1290) ■■BFOE CFD: MOC OUTSTANDING INTEREST: Jan 7-11 (Mar): introduced next year by the International Maritime
■■NORTH SEA: MOC DEAL SUMMARY: PETROINEOS-VITOL Vercer bids -1.30; ChinaOil bids -1.35; Mercuria offers -1.15; Organization and also to prepare the plant for a new cycle
BNB FOB bss Jan 29-31 at Dtd $-0.10 for 600000 (MM; Jan 14-18 (Mar): ChinaOil bids -1.16; Onyx bids -1.20; of other projects. During the halt, the company installed a
PetroIneos; TD-16:25:21.77) Glencore offers -1.10; Mercuria offers -1.10; Vitol offers catalyst cooler which allows the processing of heavier raw
■■NORTH SEA: MOC OUTSTANDING INTEREST: BP OFFERS -1.10; BP offers -1.05; ChinaOil offers -1.05; Jan 21-25 material, thereby increasing the flexibility of the refining
complex. Meanwhile, from December 19-31, LSSR arrived at following inputs: The LSSR FOB NWE differential was LSSR Cargo bids/offers/trades: (PGA page 1585)
US ports at an average rate of 120,335 b/d, according to assessed at a $1.80/b discount to ICE March Brent crude ■■LSSR CARGO MOC: DEAL SUMMARY: No deals.
customs data compiled by S&P Global Platts Analytics. futures. The outright LSSR price was derived using the ■■LSSR CARGO MOC: OUTSTANDING INTEREST: None.
dollars per barrel to metric ton conversion factor of 6.77 for

Straight Run 0.5-0.7%S FOB NWE cargo assessment LSSR. No bids or offers were reported in the Platts Market LSSR Cargo exclusions: (PGA page 1585) No market data
rationale: (PGA page 1584) The FOB Northwest European low on Close assessment process. was excluded from the January 2 assessment
sulfur straight run cargo assessment was based on the The above commentary applies to the market data code: PKABA00 process.
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EUROPEAN MARKETSCAN

Volume 51 / Issue 1 / January 2, 2019

EUROPEAN PRODUCTS ($/mt) AFRICA PRODUCTS

EUROPEAN FINANCIAL DERIVATIVES: JANUARY 2, 2019 ($/mt) (PPE page 1600)

CALENDAR MONTH AVERAGES FOR DECEMBER 2018

SUBSCRIBER NOTES (PGA page 1500)

RUSSIAN DOMESTIC REFINED PRODUCTS ASSESSMENTS (Rb/mt)

levels, and quite a few cargoes coming out of the

basis of the following inputs, expressed at a differential to ASIA PRODUCTS

assessed at $48.74/mt on an outstanding bid. January Singapore (PGA page 2002)

24-25 was assessed at $47.34/mt on outstanding offers. FOB Singpore ($/barrel)

US PRODUCTS: JANUARY 1, 2019

range + Nspain +ECUK others obtainable at cost Vessel : DEALS SUMMARY

Diesel Mediterranean bids/offers/trades: (PGA page 1457) DEALS SUMMARY (continued)

GLENCOREUK sold to BP* 2.8kt: kt $0/mt 16:27:03 offers 1-3kt: $0.50/mt

GLENCOREUK sold to MABADEUT* 2kt: kt $0/mt 16:27:50 offers 1-3kt: $1.00/mt

** Denotes OCO order.

$311.00/mt bid 2kt: $299.00/mt

Offers (PGA page 1561) DEALS SUMMARY (continued)

$311.75/mt offers 2kt: $316.00/mt

$314.00/mt LSFO barges

assessment was derived as a freight netback to the CIF None. None.

VGO (PGA page 1597) DELIVERY BASIS

March/April BFOE roll bid disproved an earlier traded bid. None.

dollars per barrel to metric ton conversion factor of 6.77 for

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