A daily international oil/gas market report. Established in 1923.

Published by The Commodities Division of Standard & Poor's.

Oilgram Price Report

Volume 74, No. 219
Monday, November 11,1996
Prices Effective November 8,1996
Page 1

Jet Kerosene
142.071' 0.99

PLATT'S INDEX
Gasoline
131.601' 1.49

Gmil
149.251' 1.77

Naphtha
147.661' 1.99

Resid
193.241' 2.09

Atlantic Sweet Crude

143.38 1' 6.90

Med Sour Crude

146.051' 8.16

PGlAsia Crude
149.91 1' 2.02

US. Pi eline Crude

138.7211. 5.27

BP to close Lima, Ohio plant

Canadian ship pers seek
historic IPL no nination limits after "unacceptable"bids
N e w York--Canadian crude
shippers will seek National Energy Board approval for a return to historic nomination
limits for December apportionment on the Interprovincial
PipeLine, a slupper said November 8.
The move has earned support from between 80% and
90% of Canadian light crude
shippers, one source said. The
action was called for after November apportionment for
lights reached 39% on lines 2
and 13, he added. "Apportionment would blow up to over
50% if nothing is done," another shipper said.
Although contingent on a
final go-ahead from the NEB,
historic nomination limits
would require that shippers
nominate no more than the average amount of crude they
moved to the IPL for the past
four months, a shipper explained.
Originally, maximum nominations were to be based on the
shippers' throughput highs but
apportionment levels would
have remained in the doubledigits, he said. With nomination

1 Holiday Note: Asia

maximums kept to average

crude movement, apportionment was expected to be 7%
for light sweet and sour and
medium sweet crude, Traders
attributed current over-nomination to "game-playing" and
other market factors.
With typical seasonal decreases in product demand, less
crude throughput at Edmonton
refineries has led to an increase
in the amount of crude that shippers want to get out of Alberta, a
shipper said. More of those shippers havetumedtoIPLasTransmountain PipeLine is "full like
never before," a shipper said.
Transmountain ships crude
west, out of Alberta.
The return to historic nominations for December will
likely take place, a shipper
said. There was said to be little
industry opposition. At this
point, shippers said they do not
see aneed for the historic limits
beyond December.
Light crude apportionment
was originally issued at 33% for
November but was increased bv
a further 6% apportionment at
Superior on Lines 5 and 6a on
Continued on .page
- 4

Because of a public holiday November 1 1 (OPR November

12, 1996 issue), there will be no Platt's Asia-Pacific crude
assessmentsor products assessmentsfor Singapore,Japan, the

London/New York--BP received only three bids for its

Lima, Ohio refinery and all
were "unacceptable," a BP
spokesman said. "The sales
process ...y ielded only three
bids and all of them were unacceptable," he said.
The company said it would
take up to two years to close the
plant because it would take that
long to arrange new supply
sources. "The company
will...continue to refine crude oil
while it pursues other options for
supplying products to the marketplace,"BPsaid in a statement.
"Thisprocess is expected to take
about two years."
But while the company has
now said it will close Lima, this
did not mean that a new offer
for the plant would automatically be rejected, a source
close to the refinery said. "BP

will still entertain offers," the

source said. "They've not
closed the door. They've just
stopped the act of marketing."
BP plans to turn the Lima
refinery into an oil storage terminal when operations at the
plant are suspended in two
years' time, a spokesman said.
The suspension of refining
operations at Lima would not
affect BP's plans to upgrade its
other Ohio refinery at Toledo,
the spokesman said.
The closureof the Limaplant
is expected to have a positive
impact on the US Midwest market, Oppenheimer analyst Asit
San said. "It will have apositive
impact on operatorsin (the Midwest)," he said. "Whenever you
have conversion capacity coming out of the system it gives
such apsychologicalboost to the
Continued on page 4

NYMEX contracts gain on

technicals and heating oil
New York--Energy markets
made major gains on technicals and strong heating oil
prices in mostly thin volume
trade Friday on the New York
Mercantile Exchange. Late
short-covering and market talk
sent crude and product prices
even higher during the after-

noon, a trader said.

Friday marked the first time
in recent trade that December
crude was able to maintain
support above $23.00, a trader
said. Traders considered
$23.00 a "bellwether" of market strength, he said. Energy
Continued on page 4

Copyright 0 1996 The McCraw-Hill Companies, Inc. All rights reserved.

Page 2 Volume 74, No. 219

Platt's Oilgram Price Report Monday, November 11,1996

MARKET BY MARKET

Asia: Tight mogas upplies

Xghtness in November to early
December boosted prices in the
Singapore high RON unleaded
gasoline market. Sources said
some traders were short- covering into Taiwan, and some
refiners in Australia also were
sourcing barrels to meet firmer
demand.
In Singapore,a bid was seen
at $24.90/bbl FOB for 95 RON
unleaded loading December 37. There was no selling interest.
The open-spec naphtha
market was active for second
half January and forwardmonth spreads. Second half
January deals were done in
range of $213.50-214.50/mt.A
second half Decembedfirst
half January spread was done at
plus $2.00/mt. At the close,
second half January was talked
at $215.00-215.50/mt. with
first half January at $216.00217.00/mt. Second half December was assessed at
$218.00-219.00/mt.
The Singapore paper market
edged up with November trading at $22.05-22.10. December

1
'

waspeggedat$21.7@21.85/bbl.
The jet kerosene market
was active. A 35,000mt cargo
was heard sold into South Korea at close to a $1.50/bbl premium. A cargo was heard sold
into the Shanghai market at a
$1.55/bbl premium. A Japanese refiner was also heard

buying two January cargoes at

a mean plus $1.50/bbl.
In Singapore, a trader offered 130,000 bbl loading November 23-27 at $30.30 and
then at $30.40/bbl.Bidding for
100,000 bbl was heard at
$30.05/bbl.
A Singapore based trader
bought additional parcels of
gasoil in an active market. Initially, atrader offered 150,000
bbl loadingNovember 26-30 at
$30.40/bbl, with two traders
bidding at $30.30 and
30.40hbl for three 150,000 bbl
parcels. A parcel was sold at
$30.35/bbl loading November
26-30 and two Darcels loading
November 23-27 and Novemy
ber 30-December 4 were done
at $30.60/bbl.
Paper was moderately actlve at around $29.65/bbl for
December.
Singapore fuel oil prices
drewstrengthonstrongbuying
interest.Inthephysicalmarket,
a trader sold a 20,000mt 180
CST cargo at $119.25/mt for
November 26-30. A second
trader bid at $119.00/mt for
November 29-December 3.
The fuel oil swaps market
opened unchanged from late
Thursday, but later rose with
November trading at
$1 18.50/mt and $119.00/mt.
December
traded
at
$117.75/mt and 118.00/mt.

Europe: Gasoil strength

Gasoline barge markets ended
the week on a more subdued
note. The bulk of business on
premium unleaded was concluded at $218-219 FOB. One
deal was heard for Rotterdam
refinery material at $220 FOB
early in the day,while full ARA
material was talked at much
lower numbers.
On cargoes, further players
were heard trying to move barrels transatlantic as the arbitrage began to look more
attractive.
Naphtha price ideas edged
higher. In the north, pipeline
spec for delivery by November
20 was bid at $221 CIF NWE,
while a Greek cargo was indicated at $224 CIF.
November swaps climbed
steadily to close at around $221
CIF NWE. December moved

up more slowly, with trades

notedupto$212.50CIFNWE.
Jet barges were active with
trade reported at stable levels.
Ex-Antwerp, 2,300mt was done
at DecemberlPE gasoil plus $31
for loading next week, whileDtcember plus $32.25 was done
FOB Rotterdam for 5,200mt
loading November 12- 15.
Heitinrr oil values were bid
up, with 5ecember plus $8
heard bid CIF Hamburg, but
few offers were reported. Fuel
Oil Domestique was heard discussed at December plus $9.50
equivalent CIF Le Havre.
EN590 was done at December plus $15 CIF La Pallice for
November 22-28 delivery. Levels into ARA were notionally
pegged at December plus
$13.50 for prompt arrival.
The Mediterranean was

Prices Effective November 8,1996

quiet but steady buying interest

wasreportedintoGreece.
Barges were heard trading
at November flat for Rotterdam refinery and November
minus 50 cts or Amsterdam
storage material.
High sulfur cracked fuel oil
cargoes were marked unchanged in NWE as higher
swap values left physical players unimpressed. In the Med,
there were bits and pieces of
spot-related trade and the premiums achieved suggested that

I
i

the market was recovering.

Trade was also heard on
straight run at a $3 premium to
the means formula.
Low sulfur cracked was
clearly stronger with negotiation heard inNWE at $123.50124.00 FOB and a growing
conviction among traders that
Med demand was kicking in.
High sulfur barges traded
very early at $107.50 FOB
ARA before swiftly moving up
to $1 10 FOB ARA and ending
the day some way above this.

MTBE: Limited interest

'

Despite gasoline's stronger prompt buyerindicating86cts.

showing on the NYMEX, ADecofferfor50,000bbl was
MTBE buying interest re- heard at 86.25 cts/gal FOB
mained flat.
USG.
Friday morning, a prompt
In New York Harbor,
10,ooO bbl parcel was sold at sources reported decreased
86.50 ctdgal FOB US Gulf.No I blender demand due to reother deal; were confirmed dox. duced gasoline supplies for
November offers were re- blending. An any November
ported at 86.25-86.50 cts/gal deal was done at 90 &gal
FOB USG with most bids be- FOB NYH for 10,000bbl, prolow 86 ctdgal, except for one ducer to blender.

,
I

'
~

US Crude: Sweets stay popular

Us Gulf Coast sweet crude
grades gained while sour
grades grdually slipped in otherwise quiet trade, sources said
Friday.
Sweet grades like LLS and
HLS remain popular and buying interest Is still steady, said a
trader. December LLS was
heard done at 65,67, and 68 cts
over Cushing WTI.
December HLS gained 2-3
cts withdealsheardat71,72,and
73 cts over Cushing WTI. December Midland was hearddone
at 1 and 2 cts over Cushing WTI.
Sales from the StrategicPetroleum Reserve, meanwhile,
may not create huge price
drops but the ongoing process
places pressure on markets,
said a trader. December WTS
was heard done at $1.60 and
$1.61 undercushing WTJ. December Eugene Island was
heard d o n e a t $1.25 under
Cushing WTI. December Pplus has been heard done at

1
I

$1.80,1.81,1.82, 1.90,and 1.92.

Rumors of a Cusiana and a
Vasconia deal were unconfirmed
in an otherwisequiet day of Latm
American trade. The last Vasconia deal was said to be done at
the $1.95-2.00 under Cushmg
WTI level. Mid December Can0
Limon was heard on offer at
$1.35-1.40 under Cushing WTI.
Can0 Limon is called tighter because it is a popular short-haul
crude and competition is limit4
said a seller.
On the US West Coast, the
main spot seller offered December A N S at $2.00 under
Cushing WTI-I0 cts tighter
than previous levels--but the
new offer i n not likely to
change weeks of a stalemate
between buyer and seller, said
a trader. The last deal was
nearly a month ago and since
then, A N S has steadilv talked
at $2.10-2.50 under Cushinrr
WTI. A new bid against th;
new offer was unavailable.

US West Coast: Focus on unl and jet

Strengthon theNew YorkMercantile Exchange produced a
busy market early but the pace
waned later in the day. "At least
there were some bids in the
market," said one trader. Unleaded was reported better bid
and the range was slightly
higher 58.25-59.25 cts. De-

cember unleaded was pegged

1.00 ct over November.
CARB unleaded rose and
fell with conventional unleaded. CARB unleaded prices
were again pegged 4.00 cts
over unleaded in Los Angeles.
Bay prices were a loose 2.75
cts under Los Angeles for both

Platt's Oilgram Price Report Monday, November 11,1996

Prices Effective November 8,1996

Page 3 Volume 74, No. 219

unleaded and CARB unleaded.

Portland unleaded remained
quiet at around 60.00 cts.
Higher prices were seen in
the jet market as NYMEX and
cargo talk favored the bulls.
Talk was around 67.50-68.50
cts in Los Angeles, up 0.50 cts
on the day. Some traders had it
pegged higher in the morning,

considering the number of individual transactions reported

in the market. By noon, 32
pieces of business were reported for various grades of
bunker fuel and for marine diesel oil in Los Angeles, Seattle,
and Portland. Values were
clearly defined within surprisingly tight ranges, considering

points under the print.

No.2 oil differentials remained steady in November

bulk buyer seen at $16.75/bbl,

but no sellers there.
High sulfur resid swaps

ct over low sulfur No. 2 oil in

Los Angeles.
There were a few buyers repoedly in the portland US
No. 2 oil market where the
range tightened slightly to
73.00-73.75 cts. CARB diesel

I Prompt November unleaded

the day.
Traders said prices were weakened in differential to
higher based on stronger crude 375-425 points over the Devalues and healthy demand. cember print. Cash values,
Los Angeles 380 CST traded however, managed to gain
within $118-$121 while 180 strengthon the backofabullish
futures market, up 75 points to
sold about $124 and $125.

Premium unleaded was 325

points over unleaded.
No.2 oil values were up 100
points in cash value to 71.0071.25 cts, or 200-225 points
over thepnnt. Low sulfur No.2
was talked 350-400 points

11

les after several inactive days, 1 the same levels as in Los Angeselling at 73.50 cts. Bay CARE3 I les for 380 CST and for 180. Chicago: Unleaded slips
was reported losing its grip on 1 Seattlepricesweremoreelusive, Unleaded differentials weak- ' strong spike in futures prices

US Gulf Coast: Weaker deltas

The 32nd cycle unleaded differentials started the day trading 325 points over the
December NYMEX print only
to weaken as buyers dropped
out of the market. Deals later
traded 300,275 and 175 points
over. In the afternoon, the market reversed and traded higher:
225, 250 and 275 points over
the print.
Front 33rd cycle weaker
with trade done 75, 50 and 25

1
,
,

Houston
E. Chicago
Linden
Los Angeles
Denver
Tulsa
Pt Everglades
San Antonio
Boston
Alaska
Effective November 8

i
~

1
I

Contract
74.25-78.50
-75.75-82.00
-75.75-81.25
79.25-84.25
83.00-83.75
-78.00-84.00
-76.25-78.50-

-73.00-79.50
8 1.50-84.00
83.25-88.25

cis, or 260-225 points over the

December screen. Low sulfur
No.2 was 350-400 points over.

Atlantic Coast: Backwardation

points under. Back 33rd cycle

unleaded was 150-125 points
under December, only to fall
back to 200- 175 points off.
'
RFG was quiet; pegged
125-150 points over unleaded. ,
LOWsulfur No.2 demand
this morning picked up in 1
value. The back 3 1st cycle was ,
125-110 points under December NYMEX No.2 contract. I
The back 32nd cycle was 160140 points under.
,

Jet Fuel Prices

ctslgal

cycle November fell 2.00 cts to

600-650cts over the December
contract. The news plus a

mal butane done 0.50 ct/gal

lower. Iso-butane for sale at
56.00 cts, but no deals confirmed done. Conway normal
butane moved at 54.00 cts,
while iso-butanesellerswere at
55.75 cts.
Non-Warren natural gasoline was done as high as 56.50
cts, with other trades at 55.75
cts, 56.00 cts and 56.375 cts.
Warren natural gasoline heard
done around 57.50 cts/gal.

TET propane was early at

50.75 cts, while late day trade
was done at 52.00 cts and
slightly higher. Offers in the
Group were pegged at 52.50
cts, with afternoon bbl trading
at 52.00 cts.
Purity ethane traded as high
as 31.25 cts, with offers 0.25 ct
higher. E/P mix was done at
30.25 cts.
Non-TET normal butane
sold at 54.50 cts, with TETnor-

spot
+68.25-68.75+
+72.00-72.2~+
+70.75-71.00+
+67.50-68.50+

+71.75-72.25+ '
+69.00-69.50+ ,

Tight avails for very prompt

product and reports that a large
amount of resupply is due to hit
the USAC near the end of November resulted in steep backwardation in the cash market.
Prompt RFG regular unleaded 87 barge trade was
heard at 350 points over the
December screen. Less prompt
values were pegged at 275-325
points over. Any-November
tall< was at 75-100 points over
the screen.
New York-sized cargoes
were valued at a steep discount
to barges as result of backwardation, Sources said.
Oxygenated RFG regular
unleaded 87 barge values were
pegged at 450-500 points over
the print, Front November
RFG Boston unleaded cargo
sellers wanted 450 points over.
Back November values were
pegged at 300-375 points over.
Conventional regular unleaded87bargeofferswereat300
points over the December print
for very prompt bbl. Less prompt
talk was at 225-250 points over
the screen. Trade was reportedfor
200,000 bbl at 50 points over the
December screen.
Despite forecasts for a cold
snap in the Northeast, No.2 oil

trade was thin. Prompt No.2 oil

barge offers weakened to 35
points under the December
print. Bids were located at 60
points under. Front November
Boston No.2 cargo values were
pegged around 45-75 points
over. Back November sellers
were at 90 points over with
bids at 55 points over.
Low sulfur No.2 oil trade
was reported earlier at 200
points over the December
print. Offers weakened to 180
points over later. Bids were at
155 points over. Off-line 54
grade talk was heard at 175200 points over the N0.2 print.
Bunkers were higher, with
IF0 380 at the end of the day
topping off at $125/mt, extremely strong.
High sulfur resupply was
bid at $17.75/bbl or higher for
good quality material, for
barge volumes.
The 2.2%S market was
quiet, bids seen as high as
$19/bbl, although a seller with
Caribbean barrel might have
done lower levels, for a barge
or cargo.
One percent was talked
markedly higher by some, a
buyer seen in the high $19/bbl
Continued on page 4

Note to readers: FOB Med Naphtha

Effective January 1, 1997 Plunk will amend its methodology
for the naphtha FOB Mediterranean assessments. FOB values
will be assessed as a differential to CIF Med assessments using
a freight value between Alexandria and Laveracalculatedusing
Plattk cross Med clean tanker assessments plus 10 worldscale
points for naphtha tonnage and a further $3/mt for port and
associated costs.
For historical analysis showing the possible impact of this
change, please fax Chris Judge/Sharon Young, Fax: +44 181
545 6172.
range, for end November barrels; another physical seller
was only able to get a floating
deal.

There was a sale made of

0.3%SHP, 100,000 bbl at
21.50/bbl, and 0.3%SHF' was
bid at $22.50/bbl.

The dated Brent market appared to rebound Friday, with a

November 22-24 cargo sold at

In
Dubai,
January
Brent/Dubai ended at $1.931.95.A bid appearedinlate trade

cargoholders quickly adjusted

their offers to reflect the new
level. Dated Brent was sold
down to Decemberminus 57 cts
this week, as the North Seamarket struggled to place severalend
November grades. Separately, a
November 21-23 Brent was
head sold dated-related.
There were still signs of
pressure on some markets. One
million barrels of November
20 Ekofisk was sold at dated
plus 5 cts Friday, with rumors
of another Ekofisk sold at dated
plus 2 cts Thursday.
Flotta also appeared
weaker, with a November 2426 cargo moved at dated minus
80 cts, following a deal the day
before at dated minus 78 cts.
November 20-22 Statfjord was
heard traded at dated plus 7 cts.
Fifteen-day Brent outright
levels moved higher, with December Brent cargoes sold al
$23.20, $23.30 in the US aftermarket. DecembedJanuary
traded at plus 40 cts. NovembedDecember became very
notional, with value pegged
anywhere between minus 1.5
cts to flat.

cts, but disappeared ;he; an offer came in at that level.

Urds prices in the Mediterranean were again marked
higher as a 135,000mtNovember 15-17 cargo moved between traders at datedminus 74
cts and end-November 6080,OOOmt piece was sold to a
refiner at the same level. Some
end-users expressed surprise at
these prices, but anotherpotential seller indicated his offer
Monday would come in at
above dated minus 70 cts.
Iranian grades moved up in
sympathy, but no other deals
were reported.
UralsinNWEwasalsoquiet,
with some traders arguing that
prices theE should move up after bad weather in the Baltic region delayed some loadings, but
this was hard to square with the
weakness shown in alternatives
such as Flotta.
West African markets were
quiet, with traders focusing on
a possible recovery by
Cabinda. There were rumors
that a late December Cabinda
was sold at dated minus $1.40
Friday. But most players said

that earlier cargoes were Val- 1 spite thin buying interest. Buyued at cheaper levels.
i ers viewed both light and meOne trader noted that, while dium crude under downside
Far East demand had in- pressure and adopted a "wait
creased, USG demand re- andsee'lattitude.
mained lethargic. There are
Two Japanese trading
severalcargoes of West African houses still targeted to sell Decrude said to be on offer in the cember Minas at ICP plus 41USG, including Brass River 45 cts. In the light crude
and Qua Ibo.
market, a Japanese trading
The Far East crude market house was seeking to sell close
was reported quiet Friday. Sell- to 500,000 bbl of the second
ers were generally not willing half of December Tapis with no
to move down their offers de- firm indication yet.
~

BP...Continued from page 1

market."
BP's announcement was
"no surpriseto the market,"San
said. "Refining margins are so
depressed so they couldn't find
a buyer willing to pay a price
acceptable to them."
The decision was part of
"longer term trend," San suggested. "We predict more consolidation i n the longer
term...more capacity will be

taken out of the system and

there will a drive towards more
efficiency."
Low refining margins have
forcedrefiners to either aggressively cut costs, make acquisitions at "rock bottom prices,"
or follow BP, Elf, Chevron's
example and consolidate, he
said. "More refiners will attempt to reduce exposure to the
refining business."

levels indicated crude would

maintain support above
$23.00, the same trader added.
Market talk of apossible oil
workers' strike in Venezuela
has been supportive, a trader
said. Reports that an Illinois
state circuit court judge had refused to order the closing of a
Clark refinery following a
court order were somewhat
bearish, he said. But with December crude at such supportive levels, products did not
come off on the reports on

this weekend, a trader said. Unleaded, which had been the

weakest of the complex in recent trade, retraced upward as
part of a "buy-back''or correction, he said.
Although trading activity
picked up during the afternoon,
volume was said to have remained thin. December crude
closed up 85 cts at $23.59. December unleaded closed up
1.47cts at 65.27cts. December
heating oil closed up 2.04 cts at
68.93 cts.

Closing Commodity Levels

$/Bbl

c/Gal

$/MT

NYMEXCrude
NYMEX Sr. Crude
IPE Crude
NYMEX No. 2
NYMEX NY Unl
NYMEXGC Unl
IPE Unl
IPE Gasoil

Dec
Dec
Dec
Dec
Dec
Dec
Nov
Nov

23.59
n.a.

22.98
68.93
65.27
n.a.
n.a.
219.75

Change
+0.85
n.a.
+0.77
+2.04
+1.47
n.a.
n.a.
+1.00

Jan
Jan
Jan
Jan
Jan
Jan
Dec
Dec

23.39
n.a.
22.60
68.68
63.56
n.a.
n.a.
21 1.06

Change
+0.76
n.a.
+0.71
+2.06
+IS7
n.a.
n.a.
+1.25

Feb
Fe b
Feb
Feb
Feb
Feb
Jan
Jan

23.06
n.a.
22.10
67.08
63.16
n.a.
n.a.
206.75

Change
+0.70
n.a.
+OS9
+1.96
+IS7
n.a.
n.a.
+1.25

Total Volume
105,277
n.a.
37,738
30,453
30,445
n.a.
n.a.
23,628

Prices Effective November 8, 1996

Platt's Oilgram Price Report Monday, November 11, 1996

- - - Car
- _ _ _ Truck
_ - _ _ _ _ TransDotl
U.S. Tank
-

PAD1
ConvenJionaiMetroNY *
N New Jersey*
Albany(d)
Atlanta(d)
Baltimore*

Unleaded

Regular
~

~~-~

~-~
-

Midgrade

Premium
Unleaded

+69 25-71 75
+68 20-69 85+

+71 75-75 25
+7 I 00-72 IS+

+73 85-81 40
-73 70-80 35+

+69.50-70.70+
+69.20-70.85+
+69.80-72.05+

+72.05-73.50+
+72.00-73.20+
+72.80-75.05+

+77.00-78.20+
+76.15-81.35+
+76.30-80.30+

+68.90-71.60

+7 1.62-75.75

+76.70-81.60

+69.44-71.4570.70-70.90
+70.65-70.90+
+68.90-71.35+
+68.85-72.15+
+69.50-69.50+

+72.30-75.4574.10-74.40
+73.29-73.60+
+7 1.65-72.25+
+7 1.40-75.15+
+72.75-72.75+

+77.61-80.4580.70-80.90
+78.20-78.60+
74. 15-81 .35+
+76.35-79.65+
+76.50-76.50+

74.75-74.75
74.15-76.75+
-72.75-75.70
-73.15-77.35+
-73.45-78.75-70.25-72.25
+7 2.80-74.75+

77.95-77.95
77.30-79.75+

82.75-82.75
82.15-86.10+
-79.75-82.95
-80.65-86.70+
+83.10-83.75+77.75-79.25
+80.55-82.70+

~-~

---."..

- 1

Wholesale prices, FOB refineries,

pipeline terminals and inland waterway barge terminals. At most points
bulk consumer prices are slightly

Kerosene
lFuel-~
87 65-87 65
+77 85-77 85+
+77 00-80 95
No

+81 15-88 50

Rnctnn*

Charleston
Greensboro,NC
Miami
New Haven*
Norfolk
Philadelphia*
Pittsburgh
Portl and,ME
Savannah
Spartanburg
Tampa
Wilmington,NC

-77.45-77.45+73.55-78.25
+77.15-82.15+
74.00-74.80+
-79.15-79.15+81.35-81.35+

Volume 74, No. 219 Page 5

- -.

above reseller postings. Discounts or

temporary allowances which may be
offered by individual companies are
not included in posted prices.
Diesel
No.2 Fuel
-69.90-71.65+
+7 1. 15-71.65+
+70.25-70.65+
+66.85-67.95
+67.60-69.30+
+70.50-75.00

Low Sulfur

No. 2 Diesel

.~

+67.05-68.90+
+69.90-72.05
+70.30-71.00+67.25-69.25+
+67.75-69.05+
+69.35-69.60+
+69.75-75.20
7 1.10-71.IO
+66.85-68.90+
+67.75-68.70+
-71.25-71.25-

+72.35-73.25+
+73.00-73.85
-71.80-73.25
-68.90-70.95
69.85-71.00
+73.40-78.75
-70.45-71.55
-69.10-71.25
+7 1.20-73.00+
+72.90-73.20+
+69.60-7 I .2.5
-69.75-?1.20+
+73.20-74.3177.75-77.75
-7 I. 10-72.10
-69.00-71. 10
-69.10-72.35+
-71.00-71.00-

+71.75-71.75+
+7 I.S0-73.15+
75.00-76.50+
+70.75-70.75
-73.95-77.20+
+72.35 -72.68+70.90-73.35+

+73.40-73.55
+73.90-77.80+76.50-78.30+
+72.90-76. 15
-75.95-79.20+
+74.17-75.5071.85-76.80+

+68.90-68.90+
+66.95-70.75+
+65.40-66.30
+68.65-68.65+
+65.70-68.00
+66.30-66.45

81.05-82.00
+76.35-76.35+
+72.60-76.25
-68.60-69.5066.30-69.00
+67.55-70.6067.15-71.40
-67.55-69.90+

+76.05-76.05+
-79.75-79.75-

87.75-88.95
85.75-86.15+
+76.75-77.75+
-84.00-84.25-

No.6 Fuel

PAD2
Chicago
Columbus
Des Moines(d)
Detroit
Mpls/St.Paul(a,d)
Oklahoma
St.Louis

-76.30-80.35+
+74.25-74.45

35.00-42.00

38.00-40.OO

PAD3
-74.40-82.0071.40-71.40
+72.55-75.10
+67.90-70. 10
+66.70-67.60+
7 I . 10-72.50
69.10-69.10
+67.80-68.85

AI buquerque(a,d)
Amarillo
Arkansas
Binningham
Corpus Christi(d)
Dallas/Ft.Worth(d)
Houston(d)
N .Orleans Area(d)

-83.90-90.5079.40-79.40
+80.00-81.80-73.85-81.10
+74.70-77.IO+
80.50-80.60
78.60-78.60
+74.55-78.35

75.40-75.40
+75.45-77.85
+7 1.60-73.90
+70.00-71. I O +
72.60-72.60
+70.35-72.85

PAD4
-8 I .S0-8 I.SO8 1.75-82.10+72.45-73.50
73.75-74.20

Billings
Casper
Denver
Salt Lake

-93.00-93S O
90.25-9 I . 85+81.20-82.00
83.75-83.95

7.5.45-76.50

PAD5
Los Angeles(a,e)
Phoenix(a)
Portl and, OR (a)
S anFran -EBay ( e )
Seattle/Tacoma(a)
Spokane(a)

65.50-66.25+
68.25-77.00

6 1.50-62.25+
64.25-73.00
6 I.SO-69.2S
60.00-60.75+
60.50-60.50
-7 I .70-77.60

64.00-6475+
-76.20-76.20-

70.50-72.25+
75.25-83.00
73.50-81.25
70.00-70.75+
72.50-72.50
-83.45-88.60

-80.50-81.00-

-73.25-75.OO
82.50-82.50

+78.00-78.50+
74.00-75.00-71.75-71.7s73.00-73.00
83.00-84.20

(a)=Includes oxygenated gasoline. (b)=lncludes low sulfur kero. (c)=Includes 7.8 RVP. *Conventional gasoline no longer at the location. (d)=Includes branded
gasoline. (c)=CARB gasoline.

Reformulated Gasoline
Unleaded

Midgrade

Premium
Unleaded~_~MetroNY(a,d)
72.90-74.7577.10-77.25-82.75-82.90N.New Jersey(a,d) 72.05-75.41+
75.10-78.91+
79.05-81.91+
Albany
+7 1.25-7I .25+
+73.80-73.80+
+76.55-76.55+
R al ti more
-68.60-71.10-7 1.60-73.55-74.25-77.80Boston
+70.25-72. 15
+72.20-75.55
+75.65-82.15
New Haven(a)
71.00-72.3074.50-75.7s-79.30-81.25+73.00-77.85
Norfolk
+70.25-73.80+
-75.90-83.70
Philadelphia
+70.05-70.70
+72.65-74.80
+76.70-79.70
Pottland,ME(d)
7 1.70-71.70
74.90-75.20
80.80-81.70
Chicago
+8 1.05-82.75
+83.86-83.86+
+88.55-90.75
Dallas/Ft.Worth(d)t69.00-70.40+
+72.25-73.40+
+77 .00-79.90+
+72. IO-72.45+
+76.40-78.20+
Houston
+68.80-69.20+
(a)lncludes oxygenated gasoline. (d)=Includes branded gar;oline.
~

~~

Qatar issues October crude prices

Singupore--QatarGeneral Petroleum Corp has raised its official crude prices for October by $1.36-1.37/bbl from the previous month, traders said.
QGPC set the retroactive price for Qatar Land (Dukhan)
crude at $23.l l h b l , up from $21.75/bbl for September, while
Qatar Marine was set at $23.03hbl, up from $21.66/bbl in
September.
The retroactive price for Qatar Land crude marks a 6 1ctshbl
premium above the Oman MPM price, while Qatar Marine
reflects a 53 ctshbl premium above Oman MPM. In September, the premiums over Oman MPM had been 55 cts/bbl and
46 ctshbl for Qatar Land and Marine, respectively.

Volume 74, No. 219 Page 6

Platt's Oilgram Price Report Monday, November 1 1 , 1 9 1

Prices Effective November 8,1996

Five-Day Rolling Averages *

GasoilIHeating Oil
Singapore
Arab Gulf
W.C. cargo
L.A. LS.2
S.F. LS.2

$lBbl
30.06--30.18
28.59-28.67
27.48--27.88
27.93 **28.35
27.95 *'28.37
$IMT
21 3.00--214.80
224.10--226.00
21 1.80--212.50
204.00--205.80
21 1.00--213.00
223.40--227.40
206.80**207.59
207.59**208.37
194.81**195.73
193.73**194.96
212.98**213.91
196.85-197.78
208.73

clGal
7 I .57**71.86
68.07**68.26
65.43**66.38
66.50-67.50
66.55-67.55
clGal
68.05 **67.76
7 1.60**72.20
67.67**67.89
65.18**65.75
67.41 **67.19
71.37**72.65
65.65-65.90
65.90--66.15
63.25-63.55
62.90-63.30
69.15--69.45
63.30**63.60
66.26

Japan c/F
Arab Gulf
CIF NWE Physical
Rotterdam Barge
FOB Med
CIF Genoa
US Gulf W
Carib Cargo

$/Bbl
22.06--22.16
QMT
212.40--214.20
187.87--189.67
218.20--220.20
215.20--217.20
197.60--199.60
214.60--216.60
238.65**240.69
223.97--225.97

cIGal
52.52**52.76
clGal
56.19**56.67
49.70**50.18
57.72**59.51
56.93 **58.70
52.28**53.95
56.77**58.54
64.50--65.05
61.70**62.25

Jet Kerosene
ClF NWE Carzo
Rotterdam Barge
FOB Med
US Gulf Water
US Gulf Pipe
Carib Cargo
NY Cargo
LA Pipeline
Group 3
Chicago

$IMT
237.30- 239.30
24 1.50--242.50
219.30--221.30
21 9.29**220.28
21 9.29**220.28
216.29--217.26
223.41**224.24
21 2.77**216.28
228.25**229.25
227.92**228.9I

c1Gal
71.91**72.08
73.18**73.04
66.45 * * 66.66
66.05--66.35
66.05--66.35
66.96**67.26
67.70--67.95
66.70--67.80
68.75--69.05
68.65--68.95

c/Gal
66.04**66.89
64.10**64.90
63.19**64.05
63.70**64.56
66.55**67.41

Prem $/Mt
23 1.80--234.80
225.00--227.80
22 1.80--224.80
223.60--226.60
233.60-236.60

0.2 CIF ARA

ENS90 CIF ARA
0.2 Rotterdam Barge
0.2 FOB NWE
0.2 CIF MED
EN590 CIF MED
NY Cargo
NY Barge
US Gulf Water
US Gulf Pipe
Grouo 3
Carid cargo
NYMEX NO. 2
Naphtha
Singapore

Gasoline,lntl. Market
CIF ARA 0.15
Rotterdam Barge 0.15
FOB NWE 0.15
FOB Med 0.15
CIF Med 0.15

Atlantic & Gulf Coast Resid

New York
Albany
Baltimore
Boston
Charleston
Jacksonville
Mobile
New Haven
Norfolk
Philadelphia
Portland
Providence
Tampa
Wilmington

0.3%
1.5
1.7
I .o
0.5
1.o
2.2
I .7
I .7
1.o
1.7
0.5
1.s
1.o

0.5
1.7

No. 4 Fuel
29.90-30.30
-27.65-28.95
28.15
-27.25-29.00
32.25-34.50
31.00-33.25
-26.60-26.60-26.85
-27.85-3 1.25
-26.60-31.25
25.25-28.3532.25-33.20
29 .OO-33.25
21 .oo
-26.60-28.00

0.3%
I .5
1.o

0.5
1.o

2.2
2.1
1.7
2.5
2.2
I .o
2.1
0.5
2.5
1.O
2.5
2. I

No. 6 Fuel
27.20-27.8525.95-28.55
-24.35-25S O
26.50-29.95
25.00-28.00
22.75-25.00
2 3 . 5 2 3 .I 5
23.05
22.55-22.55
16.50
-24.80-26.00
24.95-26.50
22.75-26.0524.00-27.25
25.00-28.00
18.40
23.15-24.15

Gasoline, U.S.Market
NY Cargo
NY Barge
US
US Gulf
Gulf Water
Water
US Gulf Pipe
Group
3
Group 3
LA Pipeline
SF Pipeline
Chicago
NYMEX Unl

Unleaded
65.20--65.60
65.9.5-66.40
65.50--66.90
65. IO--66.50
68.55--68.90
S 8.80--59.80
56.3.5-57.40
70.25--70.55
64 35

Premium
70.40--70
75
70.40--70.75
70.90--71:21
70.90-71.25
67.7569.15
67.35--68.75
72.35-72.70
63.25.-64.25
61 60.42 64
72 go--% iS

Low Sulfur Resid Fuel Oil

Singapore LSWR Mixedcracked
CIF ARA 1%
Rot Bar 1%
NWE FOB 1%
MedFOB 1%
NY Cargo .3% HP
NY Cargo .3% LP
NY Cargo .7% Max
NY Cargo I% MU
US Gulf .7%
US Gulf 1%

$IBbl
18.08--18.19
19.75**19.91
19.03**19.05
18.66**18.52
18.64**18.66
21.01--21.26
22.55 -22.80
19.43-19.68
19.27--19.52
18.25--18.50
17.80--18.05

$IM t
121.14**121.87
126.40- 127.40
12 1.80--123.80
119.40--120.40
119.30--121.30
140.77** 142.44
151.09**152.76
126.30**127.92
125.26**126.88
116.62**118.22
113.74**115.34

Hi Sulfur Resid Fuel Oil

Singapore 180
Singapore 380
Arab Gulf 180
CIF ARA 3.5%
NWE FOB 3.5%
Med FOB 3.5%
CIF Med 3.5%
NY Cargo 2.2%
NY Cargo 3.0%
US Gulf 3%;
Carib 2.0%
Carib 2.8%

$/Bbl
17.85**17.98
17.34**17.48
16.77**16.91
17.52**17.64
16.25**16.38
16.87**17.06
18.52**18.69
18.61-- 18.86
17.05--17.40
I 6.22-- 16.47
17.51-17.76
16.20- 16.53

$lMt
116.00--116.90
111.00--111.90
107.35--108.25
110.40--112.00
102.40--104.00
106.30--108.30
116.70--118.70
119.10**120.70
109.12**111.36
103.81** 105.41
112.06**113.66
103.68**105.79

Crude Oil, FOB Source

West Texas Int
NYMEX Crude
Brent (DTD)
Brent (First Month)
Dubai
Iran (Sidi)
ANS (California)
WTI Posting Plus

$lBbl
22.77--22.80
22.78
21.81--21.85
22.20-22.25
20.36-20.45
19.93--20.03
20.45--20.52
1.94 -1.96

*Five Days ending November 7

Conversions either side of asterisks

Contract Cargo Prices

No. 2 Fuel Barge
clGal

77.50-78.75(a)

No. 6 Fuel Cargoes

$/Bbl Company
EffDate 0.3pct O.5pct I.0pct
2.2pct
Coastal
10/08 27.25
26.75 25.25
22.00
Global
09/20 29.00
28.00 27.00
21.75
Hess
05/10 25.00
23.50 23.00
Apex
06/18
18.50
Sprague
06/24
26.50 25.50
Northeast
11\04 28.00
27.25 25.50
28.25
Ranges(b)
0.3pct
27.25-28.OO
0.Spct
26.50-27.25
I .Opct
25.25-25.50
2.2pct
21.75-22.00
2.8pct
20.55-20.55
All prices delivered, N.Y. Harbor. Residual fuels are low pour.
(a)Barge prices, FOB Terminal. Some suppliers grant TVAs.
(b)Ranges excluded low and high for each grade.

2.8pct
20.75
20.55
17.50

Platt's Oilgram Price Report Monday, November 11,1996

Prices Effective November 8,1996

Volume 74, No. 219 Page 7

Spot Crude Price Assessments

~~

~~

~~

International
$/Bbl Brent(N0V)
Brent(DEC)
Brent(JAN)
Brent(DTD)
Forties
Ekofisk
Statfjord
Oseberg
Flotta
Forcados
BQ
Cabinda
Canada
Par Crude
Mixed Lt. Sr
Bow River/
Hardisty

+23.14-23.25+
+23.26-23.28+
+22.86-22.88+
+22.90-22.94+
+22.95-23.04+
+22.95-23.04+
+22.97-23.04+
+23.12-23.18+
+22.09-22. IS+
+23.41-23.47+
+23.30-23.39+
+21.18-21.24+

Dubai(DEC)
Dubai(JAN)
Dubai(FEB)
Oman(DEC)
Oman "MPM"
Ural (Med)
Ural (Rdam)
Es Sider
Iran Lt(Sidi)
Iran Hvy(Sidi)
Suez Blend

CD$/CM
18.5.75-187.75
170.00-172.00
154.00-156.00

+2 I. 16-21.23+
+20.91-20.95+
+20.49-20.57+
+2 I .7S-21.EO+
0.10-0.1 1
+22.15-22.21+
+22.30-22.39+
+22.95-23.04+
+2 1.67-21.77+
+21.17-21.27+
+20.75-20.84+

US$/BBL

+22.18-22.42+
+20.30-20.54+
+ I 8.39-18.63+

Spot Price Assessments

Latin America, FOB
$/Bbl
Argentina
Gasoline 84
+30.77-30.87+
Gasoil +
29.40-29.82+
FO 0.6%S
+17.96-i8.16+
Brazil
FO 0.4%S
+20.05-20.15+
Colombia
FO I.S%S
17.88-17.98
Group Three
13.5 RVP
c/Gal
Unleaded
Prern. Unleaded
No. 2
LS No. 2
Jet Fuel
Chicago Pipeline
13.5 RVP
clGal
Unleaded 87
Unleaded 89
Prem. Unl 92
RBOB
Jet Fuel
No. 2
LS No. 2

Ecuador
FO 1S%S
FO 1.7%S

-18.16-18.31-17.86-18.06-

Peru
Naphtha
FO 0.9%S
FO 1.4%S

+27.00-27. IO+
+16.98- l7.13+
+16.13-16.18+

-7 1.25-71.75
-72.25-72.75
-73.75-74.25-72.25-72.75
+72.00-72.25+
+71.00-71.25+
+72.50-73.00+
Mont Belvieu

South China,C&F

South China

Conway
+28.15-29.25+

29.75-30.25+
31.00-31.50+
+s 1.50-52.00+ -52.00-s2.50+5 1.75-52.25+
+54.50-54.75+ 53.75-54.25
+54.00-54.25
+SS.S0-56.00+ 55.25-55.75
57.00-57.50
+56.00-56.50+
+57.00-57.50+
Hong Kong

$/MT

Mogas 90 0.4 G/L

Mogas 83 0.4 G/L
Mogas 70 0.4 G/L
Jet Kerosene
Gasoil U P 0.510s
Fuel Oil 180 cst
Fuel Oil 380 cst
Marine Diesel

+23.63-23.65+
+23.43-23.47+
+23.64-23.67+
+22.02-22.06+
+24.30-24.33+
+24.34-24.38+
+23.56-23.62+
-1.84-1.86-

Eugene Island
Line 63
THUMS
Kern River
ANS(Cal)
P-Plus Line 63

+223.00-230.00+
+215 0G-220.00+
+208.00-2!5.00+
-24 1.00-245.00+234.00-236.00+
+!25.00-125.50
132.00-135.00
+ 120.00-120.50 - 128.00-130.00
-220.00-223.00

+22.36-22.42+
+20.57-20.61+
17.56-17.60
16.23-16.27
+21.31-21.37+
1.00-1.05

Pacific Rim $/Bbl

Spread
Pap. Tapis(DEC ) +23.05-23.15+ Tapis
+24.25-24.30
1.00-1.20
Pap. Tapis(JAN ) 22.70-22.80
Thevenard+24.70-24.75
1.50-1.60
Labuan
+24.35-24.40
Griffin
+23.25-23.30
0.0.5-0.15
Miri
+24.25-24.30
Cossack
23.40-23.50+
0.20-0.25
Gippsland
t22.95-23.00
Kutubu
23.45-23.55+
0.25-0.30
Jabiru
+24.40-24.45
Nanhai +23.25-23.30
0.05-0.15
Daqing
+22.70-22.80+ NW Shelf +23.10-23.20+
0.50-0.60
Shengli
+21.30-21.40+
Spread Vs. ICP
Spread Vs. ICP
Cinta
+21.75-21.85+ 0.35-0.45
Minas
+22.50-22.60+ 0.35-0.45
+2 1.05-21.15+ 0.50-0.60
Attaka
+23.70-23.80+ 0.50-0.60 Duri
Widuri +21.70-21.EO+ 0.35-0.45
+22.55-22.65+ 0.35-0.45
Arun
Belida +23.75-23.85+ 0.60-0.70
Ardjuna +22.65-22.75+ 0.35-0.45
Lalang +22.40-22.50+ 0.30-0.40
Handil
+22.15-22.25+ 0.25-0.35
Latin America Crude $/Bbl
Canadon Seco
+21.18-21.25+
+22.18-22.25+
Medanito
Oriente
+ I 8.72- 18.8 I +
Vasconia
+21.48-21.55+

Escalante
Loreto
Cano Limon
Cusiana

Arab Gulf, FOB

$/MT
Naphtha
HSFO 180cst
$Bbl
Kerosene
Gasoil

+69.00-69.50+
+7 2.25-72.75+
+7 1.00-71.25+
+72.50-73.00+
+7 1.75-72.25+

Gas Liquids
clGal
Ethane
EthandPropane
Ethane Purity
Propane
Propane ' E T
Normal Butane
Butane TET
Isobutane
Natural Gasoline
Natural Non-Warren
Natural Warren

U.S.
$/Bbl WTI(DEC)
WTI(JAN)
WTI Midland
WTS
LLS
HLS
Wyo. Sweet
P-PIUSWTI

+ 190.40-I92.40+

+ I 10.35-110.85
28.75-28.80
-28.95-29.05

SingaporelJapan Cargoes
C&F Japan
Mogas
Unl
+26.00-26.
IO+
$/Bbl
Mogas 92 Unl
Mogas 95 Unl
Mogas 95 Unl Pap.(DEC )
Mogas 95 Unl Pap.(JAN )
Mogas 97 Unl
$IMT
MTBE
Naphtha
+215.00-217.00+
Naphtha 30-45
+218.00-219.00+
Naphtha 45-60
+216.00-217.00+
Naphtha 60-75
+215.00-215.50+
$/Bbl
Kerosene
31.55-31.65
Gasoil "Cracked"
-31.60-31.70
Gasoil "Pure"
-32.10-32.25
Gasoil O.S%S
Gasoil l.O%S
Gasoil LoPr
LSWR Mixedcracked
Naphtha Pap.(DEC )
Naphtha Pap.(JAN )
Kerosene Pap.(DEC )
Kerosene Pap.(JAN )
Gasoil Pap.(DEC )
Gasoil Pap.(JAN )
$/MT
FO I80 cst 2%
HSFO 180cst
+128.25-128.75
HSFO 380cst
HSFO 180cst Pap.(DEC )
HSFO l80cst Pap.(JAN )

Caribbean Cargoes, FOB

Naohtha
Jet 'Kerosene
Gasoil
$/Bbl
No.6 2.0%S
No.6 2.8%S

+20.53-20.59+
+ I 9.33- 19.SO+
+22.13-22.20+
+23.53-23.60+

Singapore
~24.15-24.20+
+25.00-25. IO+
+24.80-2S.00+
+24.50-24.80+
+25.75-25.85+
270.00-275.00+22.40-22.50+

-30.05-30.30+

-30.35-30.70+
-30.15-30.50+
-30.35-30.70+
+18.40- 18.50+
+21.70-21 .85+
+21 .SO-21.60+
-30.10-30.20-30.05-30.15-29.60-29.70-29.00-29. IO+124.00-124.50
+1!9.00-1 19.50
+ 114.00-I 14.50
+ I I 7 .SO- 1 1 8.OO
+116.00-116.50

WMT
c/Gal
+228.69-231.41+ +63.0n-A?
75s
"
+224.25-225.88+ +69.00-69.50+
+204.60-206.15+ +66.00-66.50+
17.6.5-17.90
+16.65-17.15+
<,.I.
I J

Volume 74, No. 219 Page 8

Platts Oilgram Price Report Monday, November 11,1996

Spot Price Assessments

An assessment of cargo and barge

prices made by the Oilgram staff based
on transactions and market information from sources deemed reliable and

Prices Effective November 8,1996

active in the marketplace All U S
gasoline quotes represent nonoxygenated product unless otherwise-idcated.
~

European Bulk

~~~

Cargoes
FOB Med
Basis Italy

Cargoes CIF
Cargoes
Barges
Cargoes
Med Basis
CIF NWE
FOB
FOB
GenodLavera
Basis ARA
Rotterdam
NWE
$/MT
Prem 0.15 G/L ................ -219.00-222.00-............... -229.00-232.00-............. -228.00-231.00-.................... .-234.00-237.00219.00-222.00- ........... -218.00-221.00....................................
.............................................................................................................................
216.00-219.00215.00-218.00Prem Unl ......................... -216.00-219.00-............... -226.00-229.00-............. -225.00-228.00Reg Unl ............................................................................................................. -214.00-217.00-................... 208.00-209.00204.00-207.00MTBE ............................................................................................................................................................ .-289.00-292.00- ....................................
Naphtha Physical ........... +199.00-202.00+............. +216.00-219.0O+........... +219.00.222.00+ .................+ 216.00-219.00+ ..................................
Naphtha Swaps ................................................................................................
+2L 1.00-212.50+.................................................................................
Jet Kerosene ..................... 222.00-224.00 ........................................................ 240.00-242.00 ................... 242.00-243.00 ............ 23 1.00-233.00
215.00-217.00
Gasoil EN590 ................... 216.00-219.00 ................ 225.50-229.50 ............. -224.00-226.00 .................. +23 1.50-233.50+
Gasoil 0.2 ....................... +207.50-209.00+............. +216.50-218.50+........... +218.00-220.00+.................+219.00-22O.OO+ ......... +209.00-21 1.00+
1% Fuel Oil ....................
+122.50-124.00+.............+132.50.134.00+ ........... +129.50.130.50+ .................. 121.00-123.00 ...........+ 122.50-123.50+
3% FuelOil ........................................................................................................
109.00-111.00 .........................................................
101.00-103.00
3.5% Fuel Oil ................. +106.00-108.00+............. + I 16.00- 118.00+............. 109.00-111.00 .................. + 109.50-110.50+ .......... 101.00-103.00
380 CST ......................................................................................................................................................... + 11 1.00-112.00+ ...................................
E4 Feedstock .........................................................................................................
19.00-20.00 ....................................................................................
M-40 Feedstock .........................................................
+15.00-16.00+ ...........................................................................................................................
0.5%-0.7% Straight Run ...................................................................................................................................................................... +141.00-143.00+
0.2 PCT Gasoil does not include -5 -15 spec.lPE Average (Nov) +220.00. IPE Average (Dec) 21 1.00+.

NewYorklBoston
Cargo
15.0 RVP
Unl 87
+66.25-66.75+
Unl87 RFG
+66.75-67.50+
Unl 87 RFG OXY
+69.00-69.50+
+67.75-68.50+
Unl 87 (Boston)
Unl 87 (Boston RFG)
+68.25-69.75+
+69.25-69.75+
Unl89
Unl89 RFG
+68.75-69.50+
Unl 89 RFG OXY
+71.25-71.75+
+72.75-73.00+
Super Uni 93
Super Unl 93 RFG
+73.00-73.50+
Super Unl 93 RFG OXY +74.50-74.75+
Jet Fuel
+70.25-70.50+
LS Jet/Kero
+7 1.50-71.75+
LS Jet/Kero(Boston)
+72.00-72.25+
No. 2
+68.00-68.25+
LS No. 2
+70.25-70.50+
No. 2 (Boston)
+69.50-69.75+
+71.50-71.75+
LS No. 2 (Boston)
No. 6 0.3%S HiPr
$/Bbl
+21.00-21.25+
No. 6 0.3%S LoPr
+22.50-22.75+
No. 6 0.7%S Max
+ 19.50-19.75+
No. 6 1%S Max
+ I 9.25-19.50+
No. 6 2.2%S Max
18.75-19.W
No. 6 2.2%S Max (Bstn) 18.85-19.10
No. 6 3.0%S Max
+17.50- R O O +
No. 6 I.O%S Pap. 1st M +21.00-21.25+
No. 6 I.O%S Pap. 2nd M +22.00-22.25+
No. 6 I.O%S Pap. Qtrly +20.00-20.50+

West Coast Waterborne

c/Gal
Unleaded 87
Jet Fuel
$/Bbl
Gasoil
No. 6 O S % S
No. 6 I.O%S

Barge
+67.50-68.25+
+68.00-68.75+
+69.75-70.25+

US. Gulf Coast

13.5 RVP
c/Gal

+69.75-70.25+
+70.00-70.75+
+71.75-72.25+
+73.25-73.50+
+73.50-74.00+
+75.00-75.25+
+70.75-71.OO+
+72.00-72.25+
+68.25-68.50+
+70.50-70.75+
+21.25-21.50+
+22.50-22.75+
+ 19.50-19.75+
+19.25-19.50+
18.50-18.75

+ 17.75-18.00+

$/B bl

15.0 RVP
c/Gal

Waterborne

Unl87
+68.25-68.50+
Unl87 RFG
+69.75-70.00+
Unl89
+69.25-69.50+
Unl89 RFG
+70.75-71.00+
Prem UnlY2
+7 0.25-70.50+
Prem Unl92 RFG
+71.75-72.00+
Prem Unl93
+70.75-71.00+
Prem Unl93 RFG
+72.25-72.50+
MTBE
85.50-86.50
Naphtha
+66.00-66.75+
JetIKero 54
+68.25-68.75+
+68.75-69.25+
Jet/Kero 55
No. 2
+65.75-66.25+
LS No. 2
+67.75-68.25+
No. 6 0.7%S
17.75-18.00
No. 6 I.O%S 8 API
17.30-17.55
17.50-17.75
No. 6 1.08s 10.5 APJ
No. 6 3.0%S
+16.40- l6.90+
No. 6 3.O%S Pap. 1st M 17.00-17.25
No. 6 3.O%S Pap. 2nd M 17.15-17.40
No. 6 3.O%S Pap. Qtrly 17.00-17.25
Supplemental--Northern Grade Gasoline
Unl 87 RFG
+69.25-69.50+

Pipeline
+67.75-68.00+
+69.25-69.50+
+68.75-69.OO+
+70.25-70.50+
+69.75-70.00+
+71.2S-71.50+
+70.25-70.50+
+71.75-72.00+

Conventional gasoline assessments reflect the 32nd cycle. RFG assessments reflect the 32nd c cle US No.2 assessments reflect the 31st
cycle. No.2 assessments refLct ;he 31st cycle. Jet assessments reflect
the 32nd cycle.

+56.50-57.50+
+66.25-67.25+
28.00-28.40
18.50-19.00
17.25-17.75

West Coast Pipeline

California
Unl87
c/Gal
CARB Unl
Prem Unl92
CARB Prem
Jet Fuel
LS No. 2
CARB Diesel
$/MT
180 cst
380 cst
Northwest
clGal

I Autliorization
Superfund tax in 1996
for the Superfund tax of 9.7 ctshbl expired as of
December 31, 1995. Therefore, as of January 2, 1996 Platts
US spot market assessment for refined products and Platts
wholesale rack prices no longer include the Superfund tax.

$/MT

Unl 87
Prem Unl92
Jet Fuel
LS No. 2
180 cst
380 cst

Los Angeles(a)
+58.25-59.25+
+62.25-63.25+
+62.75-63.75+
+66.25-67.25+
+67.50-68.50+
+66.50-67.50+
-73.25-74.25123.00-126.00
+ I 18.00-121.00+

San Francisco(b)
55.50-56.50
59.50-60.50
+60.00-61.00+
+63.50-@.SO+
+67.25-68.25+
+66.50-67.50+
-69 .OO-70.00-

Po rtland(c)
59.50-60.50
66.00-67.00

Seattl e(d)
58.50-59.50
65.00-66.00
72.00-73.00
73.00-73.7572.00-73.00
+ 122.00-125.00+ 1 l8.oO-l2l.00
- I 1 8.00- 12 1.00 + I 16.00-119.00t

(a)=RVP is 7.8, CARB is 11.5. (b)=RVP is 12.5, CARB is 13.5. (c)=RVP

is 15.5. (d)=RVP is 15.5.

Prices Effective November 8,1996

Volume 74, No. 21 9 Page 9

Platts Oilgram Price Report Monday, November 11,1996

Feeder crude prices effective November 1 November 7

NETBACKS

YIELDS
OPEC
at
at
CRUDES
USGlf
Rdam
27.03
25.33
Arun
26.34
26.75
Saharan Blend
27.15
27.43
Brass River
25.10
25.88
Es Sider
26.39
26.67
Zueitina
25.93
26.45
Zarzaitine
25.85
25.16
L. Zakum
25.86
26.33
Brega
26.14
26.23
Qatar Dukhan
26.40
26.37
Murban
25.94
25.47
Arab Bern
25.59
26.15
Sirtica
26.22
26.63
Bonny Light
25.69
25.07
Umm Shaif
24.86
25.29
Sarir
25.55
25.14
Qatar Marine
24.57
24.88
Amna
24.25
22.36
Kirkuk
24.78
24.42
Minas
24.48
23.65
Basrah Light
24.76
24.24
Iran Light
24.74
24.07
Arab Light
24.15
23.71
Hout
23.68
24.00
Cinta
23.29
20.93
Kuwait
23.94
24.59
T-J-Light
24.14
23.92
Iran Heavy
24.58
22.82
Dubai
23.33
2 1.99
Arab Medium
22.34
24.22
Forcados
23.65
24.15
Mandji
23.14
24.16
Oriente
21.88
20.59
Khafji
21.22
20.47
Arab Heavy
2 1.58
23.95
Bonny Medium
23.37
22.72
T-J-Medium
Duri
22.11
20.92
NON-OPEC
.. -. _ _ - - CRI
_ _ _JDES-FOREIGN
_ ___ - -~~
26.94
26.40
Gippsland
24.48
Oman Blend
24.76
25.76
Ekofisk
25.46
25.86
Brent
26.10
25.28
Isthmus
24.40
25.98
25.49
Forties
25.12
Flotta Blend
25.07
23.48
23.60
Daqing
23.73
23.87
Suez Blend
Urds
24.41
24.57
Kole
26.01
25.45
Can0 Limon
24.98
24.05
20.92
Maya
19.90
UNITED STATES
WTI
26.02
N.A.
WTS
24.89
N.A.
ANS
24.37
N.A.

at
Spor
26.44
26.42
27.32
24.94
26.63
25.67
25.77
26.07
26.38
25.89
25.17
2.5.63
27.00
26.05
25.29
25.21
24.79
24.00
24.34
25.01
25.31
24.52
24.52
23.20
22.73
25.10
24.76
25.10
21.56
27.47
23.90
23.75
21.53
21.37
27. I 1
23.21
21.10

at
Italy
25.96
25.66
25.97
24.22
25.18
25.01
24.69
24.88
24.98
25.12
24.78
24.66
25.18
24.54
24.1 1
24.63
23.85
23.15
23.87
23.47
23.90
23.67
23.13
23.10
22.32
23.13
23.09
23.84
22.24
23.80
22.74
22.39
21.22
20.45
23.30
22.06
21.20

OSP
23.22
N.A.
22.44
21.91
22.26
N.A.
23.85
22.26
21.75
23.80
22.27
21.96
22.44
23.55
21.31
21.66
21.26
N.A.
23.12
N.A.
20.85
21.27
N.A.
19.01
20.32
23.92
20.40
N.A.
20.42
22.5 1
N.A.
N.A.
N.A.
19.67
22.44
N.A.
21.54

from
USGlf
22.70
25.23
25.75
24.32
25.07
24.92
22.89
24.74
23.33
23.78
23.16
24.55
24.70
22.75
23.65
22.80
23.20
20.60
21.27
21.12
21.82
21.71
20.16
21.16
18.52
23.33
2 1.47
20.29
19.60
22.48
22.26
22.50
18.15
18.05
22.03
22.08
19.0 1

from
Rdam
25.26
25.68
26.17
24.34
25.65
25.26
24.65
25.13
24.29
24.53
24.72
24.85
25.01
24.46
24.08
24.30
23.75
23.35
23.17
22.32
23.44
23.48
21.86
22.10
20.71
23.03
22.80
23.33
22.05
21.32
22.48
21.77
20.56
19.92
20.28
21.77
19.29

26.33
25.14
25.7 1
26.35
24.43
25.92
25.85
23.69
24.26
25.60
25.80
25.30
21.24

25.42
23.56
24.87
25.05
24.32
24.67
24.14
23.20
23.01
23.77
24.49
23.41
20.34

N.A.
22.50
N.A.
N.A.
21.25
N.A.
N.A.
22.61
11.83
N.A.
N.A.
N.A.
18.02

24.35
23. I I
23.92
24.59
23.45
24.43
23.54
20.63
21.54
22.24
24.14
23.52
18.92

N.A.
N.A.
N.A.

N.A.
N.A.
N.A.

21.25
19.00
N.A.

25.82
24.29
24.37

SPOT

from

F.O.B.

26.21
24.82
26.06
23.49
25.13
24.32
25.33
24.57
25.92
25.17
24.72
24.01
25.53
25.60
23.66
24.75
23.25
22.47
24.08
24.14
24.79
24.06
23.72
22.87
22.24
23-59
24.23
24.67
21.09
26.12
21.63
22.35
21.03
20.89
25.53
21.64
20.81

from
Italy
23.79
25.29
25.08
23.92
24.85
24.64
22.60
24.56
22.86
22.98
23.59
24.33
24.05
22.40
23.76
22.46
23.46
22.68
21.69
22.7 1
22.62
22.45
20.92
20.96
2 1.06
22.24
21.79
22.25
21.00
22.86
2 1.52
21.04
19.94
19.19
22.09
21.14
19.55

24.05
23.48
25.30
25.24
24.32
25.01
24.61
2 1.60
22.67
23.25
24.30
23. I I
19.89.

25.18
24.75
23.41
23.61
21.82
23.53
23.54
22.79
22.92
23.51
24.37
23.90
19.48

23.20
22.56
24.17
24.32
23.35
23.94
23.40
21.03
22.26
22.89
23.43
22.34
19.30

23.30
20.95
22.00
21.85
2 1.25
21.90
21.15
22.65
19.65
20.90
21.55
22.18
18.02

N.A.
N.A.
N.A.

N.A.
N.A.
N.A.

N A.
N.A.
N.A.

22.80
21.25
20.50

Spor

(a)

22.60
22.57
22.45
2 1.90
22.27
22.52
22.49
22.27
21.56
22.44
22.23
21.90
22.30
22.19
2 1.30
21.48
2 I .28
N.A.
22.50
N.A.
20.83
21.28
20.68
21.75
20.28
21.36
20.37
20.40
20.38
22.40
19.90
19.95
21.28
19.63
22.55
N.A.
21.05

~~

(a)ANS del USWC; Urds del Med;Can0 Limon del USG.

Spot Tanker Rates

CLEAN

30.000 MT

55.066MT

Route
MED/UKC
MEDIUSAC
MEDIMED
UKUUSAC
UKUUKC
BSEAhIED
AG/INDIA
AG/JAP
SING/JAP
CARIBIUSAC
CARIB/USG
CARIB/UKC
AG/JAPAN

.. .

WS Assess.
I90
185
185
I70
I 50
175
250
275
270
225
225
1 85
187

RateBMT
I O 37
13 76
6 92
1 I 49
5 46
I1 99
13 07
25 66
13 27
8.26
17.75
6.68
20.16

20.00 MT
80,OOO MT

I30.000 MT

250.000 MT

Route
CARIB/USAC
MEDMED
AG/FE
MEDAJSG
UKC/UKC
MEDAJSG
WAFIUSG
UKC/USG
AG/MED
AGlUSG
AG/FE

WS Assess.
125
105
135
95
100

Rate/$MT
5.33
4.47
9.87
9.08
4.09

83
-.

X- -M..

95
87
87
50
56

8.92
7.26
12.57
8.82
4.59

Volume 74, No. 219 Page 10

Platt's Oilgram Price Report Monday, November 11,1996

VLCC rates look bullish

London--VLCCrates looked to be on the point of a major upward
move, as a couple of ships fixed into Taiwan in the w64-65 range,
several points higher than last done.
Brokers predicted that if a couple more charterers needed to
find quality modem tonnage in the late November period, and
were unable to look at older vessels, there could be worldscale
point moves higher earlier than predicted. South Korean refiners however, who were the main charterers left in the November
market, were able to exercise some flexibility on vessel type,
and fixed ships still around the mid-high w50s.
Afiamaxdemand in the Persian Gulfremainedfm,and quality
vessels have become hardex to find The November 2G30 period is
said to be particularly tight on good modemtonnage, and rata have
stayed around w135 and even higher for Persian Gulfeast voyages.
Brokers now predict that the rash of vessels due to come open
in the Far East will find few cargoes to fix in that region, and so
owners will ballast back to the Persian Gulf. The tightness in
tonnage could therefore ease by the beginning of December, but
in the meantime rates are likely to remain strong.
West Africa activity has fallen quiet, and VLCC interest in
particular has been very slow. A couple of VLCCs were heard
due to come open in the area over the next couple of weeks,
while one was reported lying open spot in the prompt period.
Charterers were said to have little interest in the larger ships, despite Suezmax rates still in the mid w90s into the US.
The only clear effect so far of a slowing in demand has been
a widening of the spread between modern and older tonnage,

PLAT-TIS API 19%

7

Grand Hyatt
Washington D.C.
November 10-12,1996
During this year's conference, Platt's electronic services
wiU be available for demonstration in the hospitality
suites of the following network information providers:

Please drop by to saa our family of Alert products for the Petroleum.
Petrochemical, Electricity, Natural Gas and Shipping markets.

Prices Effective November 8,1996

with some bargain rates fiied into Europe as a function of an increase in availability of quality ships.
In the clean market, players said product prices in Asia appeared still to be such that importing from the US was viable.
The Tikhoretsk and the Plumeria were among those fixed USFar East off first half November dates. The ships arriving in Asia
from the US were expected to ballast back to the US, with charterers saying it was unlikely the usually US-based vessels would
find cargoes moving Asia-US. Rates US-west were being fixed
in the range $950,000-1.2-milfor 30,000-40,000mt cargoes.
Owners ideas for Singapore-Japanstems were said to be
around w235 for 30,000mt cargoes, with players saying they believed w230 was achievable. Brokers in Japan said December
cargoes were beginning to be fixed in the Persian Gulf, with the
Petrobulk Mars, the Pacific Ruby, the Lucy and the Venture o/o
Loyalty all said fixed into South Korea/Japan off late Novembedearly December dates. Rates at around wl87.5 into Japan
were expected to hold despite the onslaught of December demand. "Worldscale 187.5 is already high enough," a broker said.

Shell sees 25,000 b/d rise in Norway

Draugen 1997 output to 165,000 b/d
London--Shell is expecting to raise average production from its
Draugen field in Norway to around 165,500 b/d next year, an
official with Norske Shell said Friday.
Output so far this year has averaged around 140,000 b/d, but
the company is in the middle of an upgrade of the Norwegian
Sea field's production facilities, the official said.
Upgrading of the platform's processing capacity has already
been finished, he said, and work on Draugen's water injection
wells should be completed "by the end of the year." Production
has also been boosted by the return at the start of October of a
subsea well shut in since the beginning of last year, he added.
Shell operates Draugen with a 16.2% stake, with partners BP
10.8%) and Statoil (73%).

Note to readers: US Gulf Coast

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sulfur N0.2 oil, and jet/kero 54 grade effective November 25.
The first forward cycle assessment will be the 34th cycle. The
new assessments will run separately and be distinct from
current spot assessments.
Comments should be sent to Robert Sharp, Houston by November 15. Tel: 7131658-3215. Fax: 713/658-0515.

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