EUROPEAN MARKETSCAN

Volume 48 / Issue 211 / October 31, 2016

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

Code Mid Change Code Mid Change Code Mid Change
Mediterranean cargoes (PGA page 1114) West Africa cargoes (PGA page 1122)
FOB Med (Italy) CIF Med (Genova/Lavera) FOB NWE
Naphtha* PAAAI00 409.50410.00 409.750 -19.000 PAAAH00 419.00419.50 419.250
-19.250 Gasoline AAKUV00 463.000 -20.500
Prem Unl 10ppm AAWZA00 484.25484.75 484.500 -24.250 AAWZB00 491.25491.75 491.500
-24.500 CIF West Africa
Jet AAIDL00 451.25451.75 451.500 -21.500 AAZBN00 464.25464.75 464.500
-22.000 Gasoline AGNWC00 478.000 -20.500
10ppm ULSD AAWYY00 434.50435.00 434.750 -23.000 AAWYZ00 443.25443.75 443.500
-23.250
Gasoil 0.1% AAVJI00 425.00425.50 425.250 -21.250 AAVJJ00 435.50436.00 435.750
-21.750
Fuel Oil 1.0% PUAAK00 265.25265.75 265.500 -16.250 PUAAJ00 272.75273.25 273.000
-16.250 ICE futures
Fuel oil 3.5% PUAAZ00 246.00246.50 246.250 -11.000 PUAAY00 253.50254.00 253.750
-11.000 Platts ICE 16:30 London assessments* (PGA page 703)
*Naphtha FOB Med is basis East Med
Low Sulfur Gasoil Brent
Northwest Europe cargoes (PGA page 1110) Nov AARIN00 439.50 Dec AAYES00 48.00
FOB NWE CIF NWE/Basis ARA Dec AARIO00 440.50 Jan AAYET00 48.83
Naphtha (Nov) PAAAJ00 423.50424.00 423.750
-18.250 Jan AARIP00 443.75 Feb AAXZY00 49.54
Naphtha PAAAL00 426.25426.75 426.500
-19.750 Mar AAYAM00 50.16
Gasoline 10ppm AAXFQ00 487.75488.25 488.000
-17.250 *Platts ICE assessments reflect the closing value of the ICE contracts at precisely
Jet PJAAV00 458.00458.50 458.250 -21.750 PJAAU00 465.75466.25 466.000
-22.000 16:30 London time.
ULSD 10 ppm AAVBF00 434.25434.75 434.500 -21.250 AAVBG00 444.75445.25 445.000
-21.500
Diesel 10ppm NWE AAWZD00 436.00436.50 436.250 -21.250 AAWZC00 446.75447.25 447.000
-21.500 ICE gasoil settlements (PGA page 702)
Diesel 10 ppm UK AAVBH00 448.25448.75 448.500
-21.500
Low Sulfur Gasoil Low Sulfur Gasoil
Gasoil 0.1% AAYWR00 424.50425.00 424.750 -21.750 AAYWS00 436.25436.75 436.500
-21.750
Nov AAQSG00 440.25 Feb AAQSJ00 448.50
Fuel oil 1.0% PUAAM00 262.00262.50 262.250 -16.250 PUAAL00 269.00269.50 269.250
-16.250
Dec AAQSH00 441.25 Mar AAQSK00 452.00
Fuel oil 3.5% PUABB00 230.50231.00 230.750 -12.250 PUABA00 239.00239.50 239.250
-12.250
Jan AAQSI00 444.50 Apr AAQSL00 455.00
Straight run 0.5-0.7% PKABA00 299.50300.50 300.000 -13.750
Expiry AAQSM00 NA*
VGO 0.5-0.6% AAHMX00 337.00338.00 337.500 -15.250 AAHMZ00 337.00338.00 337.500
-15.250
VGO 2% max AAHNB00 330.50331.50 331.000 -15.250 AAHND00 330.50331.50 331.000
-15.250 *Value at 12:00 London time will only appear on day of expiry

Northwest Europe barges (PGA page 1112)
FOB Rotterdam
Naphtha PAAAM00 422.25422.75 422.500 -19.750
Eurobob AAQZV00 472.75473.25 473.000 -17.250
98 RON gasoline 10 ppm AAKOD00 555.75556.25 556.000 -17.250
Premium gasoline 10 ppm PGABM00 492.75493.25 493.000 -20.750
Reformate AAXPM00 515.000 -17.250
Jet PJABA00 463.50464.00 463.750 -23.500
Diesel 10 ppm* AAJUS00 438.50439.00 438.750 -22.000
Gasoil 50 ppm AAUQC00 434.25434.75 434.500 -21.750
Gasoil 0.1%* AAYWT00 430.50431.00 430.750 -20.000
Fuel oil 1.0% PUAAP00 246.00246.50 246.250 -12.250
Fuel oil 3.5% PUABC00 246.00246.50 246.250 -12.250
Fuel Oil 3.5% 500 CST PUAGN00 240.00240.50 240.250 -12.250
Rotterdam bunker 380 CST PUAYW00 250.50251.50 251.000 -10.000
VGO 0.5-0.6% AAHNF00 330.00331.00 330.500 -15.500
VGO 2% max AAHNI00 309.25310.25 309.750 -15.250
MTBE* PHALA00 568.75569.25 569.000 -24.000
*FOB Amsterdam-Rotterdam-Antwerp
ICE LS gasoil GWAVE (Previous days values) (PGA page 702)
Nov PXAAJ00 460.00 Dec PXAAK00 460.25
Fuel oil hi-lo diff ($mt)
NYMEX futures (16:30 London time)
30
NYMEX WTI (PGA page 703)
$/barrel $/barrel
20
Dec AASCR00 47.13 Jan AASCS00 47.73
10 NYMEX NY ULSD (PGA page 703)
/gal /gal
0 Nov AASCT00 149.16 Dec AASCU00 150.79
-10
NYMEX RBOB (unleaded gasoline) (PGA page 703)
04-May 09-Jun 14-Jul 18-Aug 23-Sep 28-Oct
/gal /gal
Nov AASCV00 143.08 Dec AASCW00 141.15

www.platts.com oIL
EUROPEAN MARKETSCAN october 31, 2016
Market Update (PGA page 724)
Crude futures were more than $1.50/b lower late in the
European session Monday, after meetings between OPEC
and non-OPEC members concluded over the weekend
without signs of progress toward finalizing a tentative
production agreement. ICE December Brent -- which
expires at the end of the session -- was down $1.71/b at
$48.00/b at 4:30 pm London time (1630 GMT), while NYMEX
December WTI was $1.57/b lower at $47.13/b. A two-day
technical meeting that began Friday in Vienna was intended
to lay the groundwork for OPECs November 30 meeting,
but significant policy differences appeared to keep the
sides apart. One issue complicating talks has been the
refusal by Iran and Iraq to curb their output, according to
several delegates. Iraq wants a higher quota or else receive
an exemption from any freeze as the country battles
Islamic State militants. Iran wants to regain market share
lost during years of sanctions. It seems all of the cartel
members agree that production should be cut, but they do
not want to cut their own, TAC Energy said in a note. A
preliminary deal to cap OPECs production at between 32.5
million b/d and 33 million b/d was reached September 28 in
Algiers. Another headwind for the oil complex has been the
dollar, which last week reached its highest level against a
basket of currencies since early February. A stronger dollar
makes crude and fuel imports more expensive for holders
of other currencies, putting downward pressure on oil
prices. Expectations the US Federal Reserve will raise
interest rates later this year, most likely in December, have
fueled the dollars rise
Gasoline
Market analysis: (PGA page 1399) Activity in the Northwest
European gasoline complex was thin Monday. The end of
the month coincided with the expiry of front-month NYMEX
RBOB futures, with low liquidity ahead of expiry associated
with a degree of volatility. The front-month Eurobob
gasoline crack swap rose 10 cents/b to $7.50/b, while the
backwardation on the November/December Eurobob swap
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
Euro-denominated assessments 16:30 London (/mt)
Med cargoes (PGA page 1120)
FOB Med CIF Med
(Italy) (Genova/Lavera)
Naphtha* ABWHE00 373.723 ABWHD00 382.388
Prem Unl 10ppm ABWGV00 441.901 ABWGU00 448.285
Jet ABWGZ00 411.802 AAZBO00 423.659
10ppm ULSD ABWHM00 396.525 ABWHH00 404.506
Gasoil 0.1% ABWGQ00 387.860 ABWGO00 397.437
Fuel Oil 1.0% ABWGH00 242.156 ABWGF00 248.997
Fuel oil 3.5% ABWGM00 224.599 ABWGK00 231.439
*Naphtha FOB Med is basis East Med
Northwest Europe cargoes (PGA page 1116)
FOB NWE CIF NWE/
Basis ARA
Naphtha AAQCE00 389.000
Gasoline 10ppm ABWGS00 445.093
Jet ABWHB00 417.959 AAQCF00 425.027
ULSD 10 ppm ABWHO00 397.893 ABWHI00 407.698
Diesel 10ppm NWE ABWHP00 396.297 ABWHK00 405.874
Diesel 10 ppm UK ABWHJ00 409.066
Gasoil 0.1% ABWGR00 387.404 ABWGP00 398.121
Fuel oil 1.0% AAQCG00 239.192 ABWGG00 245.576
Fuel oil 3.5% ABWGN00 210.462 ABWGL00 218.214
Straight run 0.5-0.7% ABWHG00 273.623
West Africa cargoes (PGA page 1116)
FOB NWE CIF WAF
Gasoline AGNWA00 422.291 AANWC00 435.972
Foreign exchange rates (PGA page 1151)
October 31, 2016 London 16:30
Dollar/Swiss franc BCADC00 0.9891
GB pound/Dollar BCADB00 1.2214
Dollar/Yen BCACW00 105.1300
Euro/Dollar BCADD00 1.0964
Dollar/Ruble AAUJO00 63.3890
spread was around $5.75/mt. Overall, fundamentals
continued to point to a relative seasonal bearishness in the
market as the arbitrage to the US Atlantic Coast became
increasingly marginal, but with some support from refinery
maintenance. In refinery news, the gasoline unit of the
240,000 b/d German Schwedt refinery was taken offline a
fire Saturday night. Looking at US fundamentals, analysts at
Citi Futures said US gasoline stocks may continue to
2
Northwest Europe barges (PGA page 1118)
FOB Rotterdam
Naphtha ABWHF00 385.352
Eurobob ABWGT00 431.412
98 RON gasoline 10 ppm ABWGX00 507.114
Premium gasoline 10 ppm AAQCH00 449.653
Reformate AAXPN00 469.719
Jet ABWHC00 422.975
Diesel 10 ppm* AAQCI00 400.173
Gasoil 50 ppm AAUQF00 396.297
Gasoil 0.1%* AAYWY00 392.877
Fuel oil 1.0% ABWGI00 224.599
Fuel oil 3.5% AAQCK00 224.599
Fuel Oil 3.5% 500 CST PUAGO00 219.126
Rotterdam bunker 380 CST AAUHE00 228.931
*FOB Amsterdam-Rotterdam-Antwerp
New York Harbor cargoes 16:30 London (PGA pages 1350 & 1450)
FOB NY Harbor( cent/gal)
Unleaded 87 AAPYV00 135.79
Unleaded 89 AAPYW00 139.44
Unleaded 93 AAPYX00 144.91
Euro/US$ forex rate: 1.0964. Platts Euro denominated European & US product
assessments are based on market values and a Euro/US$ forex rate at 4:30 PM
local London time.
European clean product barge freight rates
ARA ($/mt) (PGT page 1918)
Rotterdam Rotterdam TCAEI00 2.50
Rotterdam Flushing TCAEJ00 3.70
Rotterdam Ghent TCAEK00 4.10
Rotterdam Antwerp TCAEL00 3.85
Germany ($/mt) (PGT page 1918)
Rotterdam Duisburg TCAEM00 10.95
Rotterdam Cologne TCAEN00 15.90
Rotterdam Karlsruhe TCAEO00 32.90
Antwerp Duisburg TCAEP00 11.50
Switzerland ($/mt) (PGT page 1918)
Rotterdam Basel TCAEQ00 40.45
decline another few weeks as seasonal refinery
maintenance continues to limit supply, but the market is
nearing a turning point where gasoline production ramps
higher [as] more refinery units restart and demand takes a
seasonal step lower. The arbitrage to the US Atlantic Coast
remained marginal, with the November USAC-UK Continent
arbitrage swap seen around 6.70 cents/gal at the European
close. In the Mediterranean, refinery maintenance season
EUROPEAN MARKETSCAN october 31, 2016
continued to support the overall supply balance in the
market, with upticks of demand in North Africa. Clearly
now they [Mediterranean traders] are buying the winter
grade to cover demand...Gasoline is thus supported, a
trading source said, adding: We will have a new weak
mogas period in November and then again a strong period
in the first half of December with all the buying
concentrated in the pre-Christmas season.
Gasoline Prem Unleaded 10ppmS FOB Rdam Barge
assessment rationale: (PGA page 1383) FOB AR 10 ppm
premium unleaded gasoline barges were assessed at a
$20/mt premium to physical Eurobob gasoline barges, from
$23.50/mt previously. The assessment was made on the
following inputs: Two trades at $493/mt. An offer at $493/
mt, which triggered an extension period but was
subsequently withdrawn, was not deemed to have tested
value.
The above commentary applies to the market data code: PGABM00
Gasoline Eurobob FOB ARA Barge assessment rationale:
(PGA page 1383) Eurobob gasoline barges were assessed at a
$3.50/mt premium to the front-month swap on the
following inputs: An outstanding bid at $475/mt for front-
end dates and a trade on mid-window dates at $472/mt.
The two inputs outlined an implied structure of 81 cents/mt
per day, which was applied across front and mid-window
dates. The back end of the curve was assessed in line with
the 19 cents/mt per day backwardation implied by the time
spreads of Eurobob gasoline swaps.
The above commentary applies to the market data code: AAQZV00
Gasoline 10ppmS CIF NWE Cargo assessment rationale:
(PGA page 1389) The CIF NWE gasoline cargo market was
assessed at a $15/mt premium, stable on the day, to the
assessed gasoline barges.
The above commentary applies to the market data code: AAXFQ00
Gasoline Prem Unleaded 10ppmS FOB Med Cargo
assessment rationale: (PGA page 1389) The FOB Med
gasoline cargo market was assessed at a $5/mt premium
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
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
normal conditions and reflect typical trading practices. Companies general terms and conditions are normally recognized provided they
are 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 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 impose its own GT&Cs after taking out a bid or lifting an offer made under a different standard. Furthermore, a companys
GT&Cs regarding 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 public viewing. Platts will consider all comments received and will make comments not marked as
confidential available upon request.
Platts begins assessing CIF NWE LSFO as freight forward
Following industry feedback and a detailed review of the low sulfur market in Europe, Platts is amending the methodology for assessing
CIF Northwest Europe 1% sulfur fuel oil cargoes to reflect a freight forward calculation only. With effect from October 3, 2016, Platts is
assessing the value of CIF Northwest Europe 1% sulfur fuel oil cargoes by adding the daily Baltic-UKC dirty handysize freight rate as
published in Platts Dirty Tankerwire to Platts FOB Northwest Europe 1% sulfur fuel oil cargo assessment. CIF NWE LSFO cargo bids and
offers will no longer be accepted in the MOC process. This change follows a proposal note requesting feedback, published June 15, 2016,
and a decision note published August 25. Both can be viewed at the following location: http://www.platts.com/subscriber-notes The
methodology change follows the decline of LSFO bunker demand in Northwest Europe after the lowering of the sulfur cap in Emission
Control Area zones to 0.1% from January 1, 2015 (from 1% previously), and the long-term decline in fuel oil use for power generation in
Europe. These factors have greatly reduced the number of consumers of LSFO cargoes in the region, and reduced the size of the delivered,
CIF market. Platts invites feedback on this methodology change. Please send any comments and queries to
europe_products@spglobal.com, CCing 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.
PetroIneos Trading joins EMEA Naphtha Cargo MOC
PetroIneos Trading Limited has advised Platts that it would like to participate in the Platts EMEA Market on Close assessment process for
NW Europe - Naphtha Cargo (Physical). Platts has reviewed PetroIneos Trading Limited and will consider information from PetroIneos
Trading Limited in EMEA assessment process for NW Europe - Naphtha Cargo (Physical) MOC Segment, subject at all times to adherence to
Platts editorial standards. Platts welcomes all relevant feedback regarding MOC participation. Platts considers bids, offers and
transactions by all credible and credit-worthy parties in its assessment processes. For comments and feedback, please contact Platts
editors at Europe_Products@spglobal.com, Europe_Crude@spglobal and moc_review@spglobal.com.
Platts to raise reference size in CIF NWE diesel cargoes
Due to an observed change in market flows, in which larger cargoes and vessels are increasingly supplying the market, and following
supportive industry feedback, S&P Global Platts has decided to raise the basis size of its CIF Northwest European diesel cargo
assessments from 20,000 mt plus/minus 10% to 30,000 mt plus/minus 10%, effective January 3, 2017. Platts first proposed the change on
July 22, 2016. Typical cargo sizes in the range of 10,000-40,000 mt plus/minus 10% will continue to be reflected, with alternative cargo
sizes normalized back to the value of a 30,000 mt plus/minus 10% cargo. The following assessments will be affected: CIF ARA diesel
cargoes (AAVBG00), CIF NWE (Le Havre) diesel cargoes (AAWZC00), CIF UK diesel cargoes (AAVBH00), FOB ARA diesel cargoes (AAVBF00),
3
EUROPEAN MARKETSCAN october 31, 2016
to the November Mediterranean swap, from a $7/mt
premium previously, on the basis of an offer outstanding at
$484.50/mt for a cargo loading November 21-25, which
tested lower differentials to the swaps curve.
The above commentary applies to the market data code: AAWZA00
Gasoline Prem Unleaded 10ppmS CIF Med Cargo
assessment rationale: (PGA page 1389) The CIF
Mediterranean gasoline cargo assessment was derived as
a freight net-forward from the FOB Mediterranean
gasoline cargo assessment, using the following: FOB
Mediterranean gasoline cargo assessment plus the cost of
transporting a 30,000 mt clean cargo from a basket of
Mediterranean ports to a basket of Mediterranean
destinations.
The above commentary applies to the market data code: AAWZB00
Gasoline Barge bids/offers/trades: (PGA page 1384)
Gasoline Premium Unleaded 10ppm Barges: Deal
Summary: Gunvor-Totsa, MW, at $493/mt for 1 kt;
Rolympus-Totsa, MW, at $493/mt for 1 kt; Gasoline
Premium Unleaded 10ppm Barges: Outstanding Interest:
Bids: None. Offers: None. Gasoline Eurobob Barges: Deal
Summary: Gunvor-STR, MW, at $472/mt for 1 kt. Gasoline
Eurobob Barges: Outstanding Interest: Bids: Glencore, FE,
at $475/mt for 1 kt; Rolympus, MW, at $471/mt for 1 kt.
Offers: None.
Gasoline Barge exclusions: (PGA page 1384) No market data
was excluded from the October 31 assessment process.
Gasoline Cargo bids/offers/trades: (PGA page 1390)
Gasoline Cargo: Deal Summary: CIF NWE: None. FOB MED:
None. Gasoline Cargo: Outstanding Interest: CIF NWE:
None. FOB MED: 1) BP offers at $484.50/mt Platts Prem
Unl FOB Med Crg FOB bss SPB 10-25, November
21-November 25 for 25,000mt Indication number: 1 Optol:
0-5kt: pricing basis FOB Med, B/L plus 3 quotes plus $3/
mt. Spec: EN228 EU qualified min 95/85 ron/mon, 10ppm
S max, 80 kPa RVP max, REACH compliant, 0.755
escalate/de-escalate
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
SUBSCRIBER NOTES (continued) (PGA page 1500)
FOB NWE (Le Havre) diesel cargoes (AAWZD00). Global diesel cargo sizes have increased in recent years with larger diesel exports from
Russia and the US, and the commissioning of new refineries in the Middle East geared to diesel production. For example, the amount of
30,000 mt cargoes exported from Russias Primorsk terminal has gone from five per month at the start of 2015 to more than 15 now, while
20,000 mt cargoes have reduced from 20 to fewer than 10, data from Platts and trading sources showed. Please send any comments and
queries 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 public viewing. Platts will consider all comments received and will make comments not
marked as confidential available upon request.
Platts to change CIF, FOB NWE diesel netbacks
Due to an observed change in market flows, in which larger cargoes and vessels are increasingly supplying the market, and following
supportive industry feedback, Platts has decided to raise the freight cargo size used to calculate its CIF and FOB Northwest European
diesel netbacks. The change follows a proposal subscriber note published on July 26, 2016, and a separate note published today explaining
Platts decision to raise the volume used in Northwest European diesel cargo assessments from 20,000 mt plus/minus 10% to 30,000 mt
plus/minus 10%. With effect from January 3, 2017, Platts will use its Baltic-UK Continent 30,000 mt clean freight rate (Platts code: TCAFLSZ)
instead of the UK Continent-UK Continent 20,000 clean freight rate (Platts code: PFALYSZ), as published in the Platts Clean Tankerwire. The
following netbacks will be affected: CIF NWE (Le Havre) diesel cargoes (AAWZC00), CIF UK diesel cargoes (AAVBH00), FOB ARA diesel
cargoes (AAVBF00), FOB NWE (Le Havre) diesel cargoes (AAWZD00). Global diesel cargo sizes have increased in recent years with larger
diesel exports from Russia and the US, and the commissioning of new refineries in the Middle East geared to diesel production. For
example, the amount of 30,000 mt cargoes exported from Russias Primorsk terminal has gone from five per month at the start of 2015 to
more than 15 now, while 20,000 mt cargoes have reduced from 20 to fewer than 10, data from Platts and trading sources showed. Please
send any comments and queries 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 public viewing. Platts will consider all comments received and will
make comments not marked as confidential available upon request.
CLARIFICATION: LSFO cargo sediment limit, ULO in Platts Europe MOC
As noted in Platts published methodology guide for Europe and Africa refined products, Platts assessments represent the spot market
value for a physical commodity at which a standard, repeatable transaction for merchantable material may take place. In Low Sulfur Fuel
Oil (LSFO) cargoes, Platts understands that it is typical for suppliers to meet broadly shared end-user requirements around sediment,
namely a guarantee to meet 0.10 (mass %) maximum sediment under the three sediment tests covered within ISO:8217 standards: Total
Sediment Existent (TSE), Total Sediment Potential (TSP), and Total Sediment Accelerated (TSA). Platts therefore considers that
merchantable material should meet such a requirement. No addition of Used Lubricant Oil (ULO) is also a considered to be a typical
expectation for merchantable specification LSFO. Offers of LSFO cargoes submitted for publication and consideration during the Platts
Market on Close assessment process in Europe should clearly indicate if the material offered does not meet either, or both, of these
requirements. Such offers may be subject to normalization in value for assessment. Similarly, sellers expressing interest in hitting bids
published during the MOC process are also expected to supply material that meets merchantable standards, including the above
specification expectations, to the buyer, unless the buyer has expressly stated different specifications in a published bid. Please send any
comments or questions to europe_products@spglobal.com with a CC to pricegroup@spglobal.com
Platts launches Lome delivered bunker fuel assessments
Platts has launched delivered bunker fuel assessments for Togos Lome bunker fuel market, reflecting the value of 380 CST bunker fuel,
180 CST bunker fuel, and Marine Gasoil, sold basis Lome anchorage, effective October 3, 2016. This decision follows a proposal note
requesting feedback, published July 22, 2016, and a decision note published August 25, 2016. Both notes can be viewed at the following
location: http://www.platts.com/subscriber-notes Platts understands that Lome has grown as a bunkering location in West Africa, catering
4
EUROPEAN MARKETSCAN october 31, 2016

Gasoline Cargo exclusions: (PGA page 1390) No market data
was excluded from the October 31 assessment process.
Naphtha
Market analysis: (PGA page 1398) The Northwest European
naphtha market started the week on a mixed note. More
cargoes were reported on offer while the paper market
remained relatively strong and physical premiums broadly
stable for open specification material. That is what we see
when the market is balanced. People show offers but nothing
is distressed, everything is placed...the bidders do not show
themselves but volumes disappear, a trader said. I am not
the last bit nervous about placing length. In the paper
market, the November CIF NWE naphtha crack rose to minus
$1.25/b at the close from minus $1.70/b Friday amid sharply
lower crude futures, while November/December CIF NWE
naphtha backwardation widened to $2.75/mt from $2.50/mt.
The November east/west spread -- the premium of CFR
Japan naphtha cargo swaps over the CIF NWE naphtha cargo
swap -- increased 25 cents/mt to $5.75/mt. Asia is relatively
balanced but...the arb remains closed, another trader said,
regarding the arbitrage to Asia from the Mediterranean. The
Med market is quiet. There is not much demand. It looks like
Med tons will come to NWE, the trader said. According to a
third naphtha market participant, some Mediterranean
SUBSCRIBER NOTES (continued) (PGA page 1500)
to tanker traffic from Nigeria as well as many other types of vessels, and that the port plays a key role in bunker price formation across the
region. Please send comments and questions to 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.
WASA content in CIF NWE ULSD MOC trades
Platts wishes to clarify its existing methodology in relation to Wax Anti-Settling Additive (WASA) in its CIF Northwest Europe ULSD cargo
assessment process. Platts reflects French specification diesel fuel in the assessment. Bids, offers and transactions for other 10 ppm
grades, including German winter and German winter joint storage specifications, are considered in the assessment process and
normalized to the base assessment. For trades reported through the Platts Market on Close process for the assessment, bids and offers
for German winter and German winter joint storage are deemed to reflect material without the addition of WASA, unless otherwise stated.
Buyers should clearly state any requirement for WASA in bids for publication. Such bids are normalized accordingly. Please send any
comments, questions or feedback to europe_products@platts.com and copy pricegroup@platts.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.
the November Eurobob gasoline swap over the equivalent cargo assessment, using the following assessments: CIF
CIF NWE naphtha swap -- was heard narrowing to around NWE naphtha cargo assessment minus the cost of
$45.75/mt from $47.50/mt Friday. Price ideas for open spec transporting a 27,500 mt naphtha cargo from Alexandria in
naphtha were heard discussed between a $3-$5/mt the Mediterranean to Rotterdam.
premium over the November swap, unchanged from last The above commentary applies to the market data code: PAAAI00
week. In industry news, the Northwest European November
contract price for ethylene was fully settled Friday at Eur970/ Naphtha Cargo bids/offers/trades: (PGA page 1387)
mt ($1,062/mt) FD NWE, up Eur30/mt from October. The NWE NAPHTHA CARGO CIF NWE MOC deals: No deal.

barrels may come to Northwest Europe as the east/west propylene contract price for November has also settled at NAPHTHA MOC: OUTSTANDING INTEREST:

spread has been narrowing, but this will not necessarily Eur755/mt FD NWE, also an an increase of Eur30/mt. BIDS: 1) BP Bid CIF NWE Naphtha Cargo 12,500mt +/- 10%,

translate into oversupply in the north. The first trader said
that after months of people looking for the least worse
option, the arbitrage east could even become profitable
again. If you can get some decent freight rates, you can load
from Tuapse or Skikda to go to Asia and break-even...or
Naphtha CIF NWE Cargo assessment rationale: (PGA page
1386) The CIF NWE naphtha cargo assessment was derived
using the following inputs: November 16 was assessed at
$426.71/mt, factoring in an outstanding offer for a 32,000-
at $428/mt for November 11 to November 15 delivery,
TQC:-; 2) KOCH Bid CIF NWE Naphtha Cargo 12,500mt +/-
10%, at $424/mt for November 15 to November 19
delivery, TQC:-;
OFFERS: 1) STASCO Offer CIF NWE Naphtha Cargo

maybe even make a small profit, he said. Some market
participants said that, overall, they were surprised by the
strength of the Northwest European market. I am seeing
decent offers around on all grades and not too many bids, so
something does not add up, a fourth trading source said.
Sources also reported quiet gasoline blending demand,
although offers for light virgin naphtha were not seen falling.
The front-month mogas/naphtha spread -- --the premium of
36,000 mt cargo for November 14-18 delivery in the Platts
Market on Close assessment process. A nine cents/day
backwardation was applied to the physical curve.
The above commentary applies to the market data code: PAAAL00
Naphtha FOB Med Cargo assessment rationale: (PGA page
1376) The FOB Mediterranean naphtha cargo assessment
was derived as a freight netback from the CIF NWE naphtha
12,500mt +/- 10%, at $431/mt for November 10 to
November 14 delivery, TQC: indic 1; 2) VITOL Offer CIF NWE
Naphtha Cargo 32,000mt to 36,000mt, at $431/mt for
min qty 32 KT, November 10 to November 14 delivery,
TQC: optol zero. 3) PETROINEOS Offer CIF NWE Naphtha
Cargo 28,000mt to 32,000mt, at $430/mt for min qty 28
KT, November 11 to November 15 delivery, TQC: Optol:
0-4kt, pricing basis CIF NWE, 5 quotes after COD plus $3/

2016 S&P Global Platts, a division of S&P Global. All rights reserved. 5
EUROPEAN MARKETSCAN october 31, 2016
mt. 4) GUNVOR Offer CIF NWE Naphtha Cargo 32,000mt
to 36,000mt, at $427/mt for min qty 32 KT, November 14
to November 18 delivery, TQC: indic 1, optol + $3/mt. 5)
STASCO Offer CIF NWE Naphtha Cargo 12,500mt +/- 10%,
at $429/mt for November 20 November 24 delivery, TQC:
indic 2; 6) GLENCORE Offer CIF NWE Naphtha Cargo
12,500mt +/- 10%, at $427.50/mt for November 20 to
November 24 delivery, TQC: -;
Naphtha Cargo exclusions: (PGA page 1387) No market data
was excluded from the October 31 assessment process.
Jet
Market analysis: (PGA page 1497) There was more talk in
European jet fuel market Monday about the final quantity of
imports likely in November, with the expectation it will be a
tighter month than October. That will be something of a
change in the recent dynamics of the jet market over the
past year and a half. There is not much jet coming...slightly
more than 1.6 [million mt], a source said. To what extent
prices will move remained open, with November and
December differential swaps falling on the day. In other
news, Novateks condensate splitter was said to be in
maintenance from October through to December. That was
expected to result in less volume being exported from Ust-
EUROPEAN MARKETSCAN
Volume 48 / Issue 211 / October 31, 2016
Editorial: Naphtha: +44-20-7176-6122 | Gasoline: +44-20-7176-6205 | Jet: +44-20-7176-
6672 | Diesel: +44-20-7176-1294 | Gasoil: +44-20-7176-7813 | HS Fuel Oil: +44-20-7176-
6230 | LS Fuel Oil: +44-20-7176-6512 | North Sea crude: +44-20-7176-6059 | Urals and Med
crudes: +44-20-7176-6112 | WAF crudes: +44-20-7176-6230
Client services information: North America: 800-PLATTS8 (800-752-8878); direct:
+1-212-904-3070, Europe & Middle East: +44-20-7176-6111, Asia Pacific: +65-6530-6430,
Latin America: +54-11-4121-4810, E-mail: support@platts.com
Trade Data: Platts has defined standards for entities it considers to be related and verifies
through a variety of inputs whether counterparties in reported trades meet these criteria.
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
Luga, mainly to Scandinavian ports, sources said. However,
volumes loading over October were fairly close to the typical
100,000 mt/month, according to shipbroker reports. Around
95,000 mt has completed loading in October out of Ust-
Luga so far. However, given the length of the maintenance,
Scandinavian buyers may still be looking to supplement
November volumes with non-Baltic product. On the barge
front, the spread to cargoes widened, with a Litasco offer in
the Platts Market on Close assessment process failing to
find a buyer, despite interest from Trafigura.
Jet FOB Rdam Barge assessment rationale: (PGA page 1489)
The FOB Rotterdam jet fuel barge assessment was derived
using the following inputs from the Platts Market on Close
assessment process: November 5 was assessed at a
$23.75/mt premium to front-month ICE low sulfur gasoil
futures, 25 cents/mt below a competitive offer live at the
close. A contango structure of 10 cents/day, as implied by
the swaps structure, was applied to the remainder of the
assessment curve.
The above commentary applies to the market data code: PJABA00
Jet CIF NWE Cargo assessment rationale: (PGA page 1492)
The CIF Northwest Europe jet fuel cargo assessment was
based on the relationship between the physical and swaps
markets in the absence of competitive indications in the
Restrictions on Use: You may use the prices, indexes, assessments and other related
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company has a license from Platts and you are an Authorized User, for your companys
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approved use or distribution of the Data beyond the express uses authorized in this
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Disclaimer: DATA IN THIS PUBLICATION IS BASED ON MATERIALS COLLECTED FROM
ACTUAL MARKET PARTICIPANTS. PLATTS, ITS AFFILIATES AND ALL OF THEIR THIRD-
PARTY LICENSORS DISCLAIM ANY AND ALL WARRANTIES, EXPRESS OR IMPLIED,
INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE OR USE AS TO THE DATA, OR THE RESULTS OBTAINED BY
ITS USE OR AS TO THE PERFORMANCE THEREOF. A REFERENCE TO A PARTICULAR
INVESTMENT, SECURITY, RATING OR ANY OBSERVATION CONCERNING A SECURITY OR
INVESTMENT PROVIDED IN THE DATA IS NOT A RECOMMENDATION TO BUY, SELL OR
HOLD SUCH INVESTMENT OR SECURITY OR MAKE ANY OTHER INVESTMENT DECISIONS.
NEITHER PLATTS, NOR ITS AFFILIATES OR THEIR THIRD-PARTY LICENSORS GUARANTEE
6
Platts Market on Close assessment process. This
represented a differential of minus $1.72/mt after the curve
was adjusted up 25 cents/mt to more closely align the
relationship between physical and paper.
The above commentary applies to the market data code: PJAAU00
Jet FOB Med Cargo assessment rationale: (PGA page 1492)
The FOB Mediterranean jet cargo assessment was derived
as a freight netback to the CIF Northwest Europe jet cargo
assessment, using the following calculation: CIF NWE jet
cargo assessment minus the cost of transporting a 27,500
mt clean cargo from Augusta, Italy, to Rotterdam,
Netherlands.
The above commentary applies to the market data code: AAIDL00
Jet Barge bids/offers/trades: (PGA page 1490)
JET: BARGE: MOC SUMMARY: No trades reported.
JET: BARGE: Outstanding indications: Trafigura bid
Nov+22, 3kt, AR, Nov 03-07; Trafigura bid at Nov+22, 3kt,
AR, Nov 06-10; Litasco offers Nov+23, 3kt, FA, Nov 3-7.
Jet Barge exclusions: (PGA page 1490) No market data was
excluded from the October 31 assessment process.
Jet Cargo bids/offers/trades: (PGA page 1493)
JET FUEL: NWE CARGO DEAL SUMMARY: None
THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE DATA OR ANY
COMPONENT THEREOF OR ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO
ORAL OR WRITTEN COMMUNICATIONS (WHETHER IN ELECTRONIC OR OTHER FORMAT),
WITH RESPECT THERETO.
ACCORDINGLY, ANY USER OF THE DATA SHOULD NOT RELY ON ANY RATING OR OTHER
OPINION CONTAINED THEREIN IN MAKING ANY INVESTMENT OR OTHER DECISION. PLATTS,
ITS AFFILIATES AND THEIR THIRD-PARTY LICENSORS SHALL NOT BE SUBJECT TO ANY
DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS IN THE DATA. THE
DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN AS IS BASIS AND YOUR
USE OF THE DATA IS AT YOUR OWN RISK.
Limitation of Liability: IN NO EVENT WHATSOEVER SHALL PLATTS, ITS AFFILIATES OR
THEIR THIRD-PARTY LICENSORS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL,
PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO LOSS OF
PROFITS, TRADING LOSSES, OR LOST TIME OR GOODWILL , EVEN IF THEY HAVE BEEN
ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT
LIABILITY OR OTHERWISE.
2016 S&P Global Platts, a division of S&P Global. All rights reserved. No portion of this
publication may be photocopied, reproduced, retransmitted, put into a computer system
or otherwise redistributed without prior written authorization from Platts.
EUROPEAN MARKETSCAN october 31, 2016
JET FUEL: NWE CARGO OUSTANDING INTEREST:
OFFERS: None
BIDS: BP bids Platts NWE Jet Crg - CIF bss Rotterdam -
10-25, Main: 27 kt, 10/11 - 22/11 (wide laycan), Indication
number: 1 oco 2 Laycan: seller to declare a 5 day window at
the time of the trade Main volume pricing: 27kt pricing Full
EFP Nov 16 Optol: 0-6kt FULL EFP Nov 16, premium in line
with last differential indication Terminal/jetty: Rotts Spec:
Jet A1 DEFSTAN 91-91, meeting JFSCL latest issue (current
at bill of lading) with possible exception of electrical
conductivity (Stadis to be provided on board in drums), ISPS
compliant CP: Full NWE charter party options at charter
party rate, terms and conditions Vessel: BP/Totsa/ Shell,
100% of main volume at EFP ICE LS GO Month Nov $24; BP
bids Platts NWE Jet Crg - CIF bss Rotterdam - 10-25, Main:
27 kt, 10/11 - 22/11 (wide laycan), Indication number: 2 oco 1
Laycan : seller to declare a 5 day window at the time of the
trade Main volume pricing : 27kt pxg full month Nov16 Optol
: 0-6 kt (pricing basis 3 quotes after COD with COD =0) at
CCM-4.00$/t Terminal/jetty: Rotts Spec: Jet A1 DEFSTAN
91-91, meeting JFSCL latest issue (current at bill of lading)
with possible exception of electrical conductivity (Stadis to
be provided on board in drums), ISPS compliant CP: Full
NWE charter party options at charter party rate, terms and
conditions Vessel: BP/Totsa/ Shell, 100% of main volume at
Jet CIF NWE Crg Full Mnth Nov $-3.
Jet Cargo exclusions: (PGA page 1493) No market data was
excluded from the October 31 assessment process.
Jet Index (PGA page 115)
October 28, 2016 Index $/mt
Europe & CIS PJECI00 166.73 PJECI09 487.63
MidEast & Africa PJMEA00 178.33 PJMEA09 471.17
Global PJGLO00 167.59 PJGLO09 483.41
Gasoil
Market analysis: (PGA page 1499) The week started slowly in
the European high sulfur gasoil complex, with steady values
bar a $2/mt increase in FOB ARA barges to a $8.75/mt
(continued on page 9)
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
Asia products
Code Mid Change Code Mid Change
Singapore (PGA page 2002)
FOB Singpore ($/barrel)
Naphtha PAAAP00 47.5747.61 47.590 -0.690
Gasoline 92 unleaded PGAEY00 59.6859.72 59.700 -0.800
Gasoline 95 unleaded PGAEZ00 62.2562.29 62.270 -1.570
Gasoline 97 unleaded PGAMS00 63.5263.56 63.540 -1.720
Kerosene PJABF00 60.4960.53 60.510 -0.340
Gasoil 0.05% sulfur AAFEX00 60.9160.95 60.930 -0.370
Gasoil 0.25% sulfur AACUE00 60.3760.41 60.390 -0.370
Gasoil POABC00 60.9160.95 60.930 -0.370
Fuel oil 180 CST 2% ($/mt) PUAXS00 292.53292.57 292.550 -0.300
HSFO 180 CST ($/mt) PUADV00 286.09286.13 286.110 -0.300
HSFO 380 CST ($/mt) PPXDK00 276.64276.68 276.660 -1.300
Indonesia (PGA page 2516)
FOB Indonesia ($/barrel)
LSWR Mixed/Cracked PPAPU00 50.1050.14 50.120 -0.160
Gasoline components (PBF page 2010)
FOB Singapore ($/mt)
MTBE PHALF00 650.00652.00 651.000 -9.000
Singapore Swaps (PPA page 2654)
November ($/barrel) December ($/barrel)
Naphtha Japan ($/mt) AAXFE00 441.50442.00 441.750 -5.750 AAXFF00 442.25442.75 442.500 -5.000
Naphtha PAAAQ00 47.2847.32 47.300 -0.750 PAAAR00 47.3847.42 47.400 -0.650
Gasoline 92 unleaded AAXEL00 58.7558.79 58.770 -0.830 AAXEM00 58.0058.04 58.020 -0.880
Reforming Spread AAXEO00 11.45/11.49 11.470 -0.080 AAXEP00 10.60/10.64 10.620 -0.230
Kerosene PJABS00 60.6660.70 60.680 -0.450 PJABT00 61.1061.14 61.120 -0.410
Gasoil POAFC00 60.9260.96 60.940 -0.360 POAFG00 60.8160.85 60.830 -0.380
HSFO 180 CST ($/mt) PUAXZ00 283.73283.77 283.750 -0.750 PUAYF00 281.78281.82 281.800 -1.700
Middle East (PGA page 2004)
FOB Arab Gulf ($/barrel)
Naphtha ($/mt) PAAAA00 419.45420.70 420.075 -6.645
Naphtha LR2 ($/mt) AAIDA00 421.11422.36 421.735 -6.765
Kerosene PJAAA00 59.0159.05 59.030 -0.320
Gasoil 10 ppm AAIDT00 59.8459.88 59.86 -0.350
Gasoil 0.005% sulfur AASGJ00 59.7959.83 59.810 -0.300
Gasoil 0.05% sulfur AAFEZ00 59.3459.38 59.360 -0.350
Gasoil 0.25% sulfur AACUA00 58.5958.63 58.610 -0.300
Gasoil POAAT00 59.3459.38 59.360 -0.350
HSFO 180 CST ($/mt) PUABE00 274.92274.96 274.940 -0.300
Japan (PGA page 2006)
C+F Japan ($/mt) Premium/Discount
Naphtha PAAAD00 439.25440.50 439.875 -6.875
Naphtha MOPJ Strip
Naphtha 1st 1/2 Dec
AAXFH00 442.38442.88 442.630
PAAAE00 441.00441.50 441.250
-4.750
-6.250
AAXFI00 -3.00/-2.50 -2.750
-2.120
Naphtha 2nd 1/2 Dec PAAAF00 440.00440.50 440.250 -6.750
Naphtha 1st 1/2 Jan PAAAG00 439.25439.75 439.500 -7.000
Gasoline unleaded ($/barrel) PGACW00 61.1561.19 61.170 -0.800
Kerosene ($/barrel) PJAAN00 61.4661.50 61.480 -0.400
Gasoil ($/barrel) POABF00 61.9061.94 61.920 -0.500
HSFO 180 CST PUACJ00 296.27296.31 296.290 -0.530
7
EUROPEAN MARKETSCAN october 31, 2016

US Products: October 28, 2016

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

CIF cargoes (/gal) RVP
Unleaded 87 0.3% AAMHG00 151.01151.11 151.060 -3.900 AAMHGRV 13.5
Unleaded-89 0.3% AAMIW00 155.01155.11 155.060 -3.800 AAMIWRV 13.5
Unleaded-93 0.3% AAMIZ00 161.01161.11 161.060 -3.650 AAMIZRV 13.5

$/barrel 1% strip NYH cargo vs 1% strip
No. 6 0.3% HP PUAAE00 50.6350.65 50.640 -0.650 AAUGA00 8.48/8.50 8.490 -0.010
No. 6 0.3% LP PUAAB00 50.8850.90 50.890 -0.650 AAUGB00 8.73/8.75 8.740 -0.010
No. 6 0.7% PUAAH00 44.1344.15 44.140 -0.650 AAUGC00 1.98/2.00 1.990 -0.010
No. 6 1.0%** PUAAO00 42.1342.15 42.140 -0.650 AAUGG00 42.1442.16 42.150 -0.640 AAUGD00 -0.02/0.00 -0.010 -0.010
No. 6 2.2% PUAAU00 41.2741.29 41.280 -0.650 AAUGE00 -0.88/-0.86 -0.870 -0.010
No. 6 3.0% PUAAX00 40.7040.72 40.710 -0.650 AAUGF00 -1.45/-1.43 -1.440 -0.010

Residual swaps ($/barrel)
No. 6 1.0% paper Bal M AARZS00 NANA NA NANA
No. 6 1.0% paper 1st month PUAXD00 42.1042.20 42.150 -0.650
No. 6 1.0% paper 2nd month PUAXF00 42.2542.35 42.300 -0.650
No. 6 1.0% paper next quarter PUAXG00 42.7742.87 42.820 -0.730
Boston cargoes (PGA pages 152)

$/barrel
No. 6 2.2% ($/barrel) PUAWN00 42.1242.14 42.130 -0.650
NY/Boston numbers include duty. **This assessment reflects 150 max al+si
FOB Gulf Coast (PGA page 156 & 338)

/gal RVP
Unleaded 87 PGACT00 142.81142.91 142.860 -1.600 PGACTRV 13.5
Unleaded 89 PGAAY00 148.41148.51 148.460 -1.600 PGAAYRV 13.5
Unleaded 93 PGAJB00 156.81156.91 156.860 -1.600 PGAJBRV 13.5
MTBE PHAKX00 177.00177.10 177.050 +0.850
Alkylate* AAFIE00 19.05/19.15 19.100 -0.400
Jet 54 PJABM00 143.46143.56 143.510 -2.670
Jet 55 PJABN00 143.96144.06 144.010 -2.670
ULS Kero AAVTK00 148.96149.06 149.010 -2.670
No. 2 POAEE00 141.17141.27 141.220 -3.040

Cargo (/gal) Cargo ($/mt)
FOB Naphtha AAXJP00 124.260
-0.450 AAXJU00 434.930
-1.580
Export ULSD AAXRV00 143.860
-2.610 AAXRW00 450.140
-8.160
*Premium to US Gulf Coast pipeline gasoline

$/barrel 3% strip vs 1% strip
Slurry Oil PPAPW00 41.4441.46 41.450 -0.700 AAUGS00 2.09/2.11 2.100 -0.060
No. 6 1.0% 6 API PUAAI00 43.1943.21 43.200 -0.700 AAUGT00 3.84/3.86 3.850 -0.060
No. 6 3.0% PUAFZ00 39.1939.21 39.200 -0.700 AAUGW00 39.3439.36 39.350 -0.640 AAUGU00 -0.16/-0.14 -0.150 -0.060
RMG 380 PUBDM00 40.0940.11 40.100 -0.700 AAUGV00 0.74/0.76 0.750 -0.060

Residual swaps ($/barrel)
No. 6 3.0% paper 1st month PUAXJ00 39.3039.40 39.350 -0.650
No. 6 3.0% paper 2nd month PUAXL00 39.3039.40 39.350 -0.700
No. 6 3.0% paper next quarter PUAXN00 40.0540.15 40.100 -0.700

2016 S&P Global Platts, a division of S&P Global. All rights reserved. 8
EUROPEAN MARKETSCAN october 31, 2016
discount to ICE low sulfur gasoil futures. Demand was said
to be tepid overall with limited appetite from the bunkering
industry, a weak pull from West Africa, and little interest for
heating oil. Glencore was seen offering a 15,000 mt cargo of
French FOD in the Platts Market on Close assessment
process for delivery November 10-14 into Le Havre on the
Harbour Fountain. Gasoil availability was said to be decent
across Europe, and traders expected to see additional
volume arriving from the US Gulf Coast. So far, 11 distillates
cargoes have been spotted en route from the US Gulf Coast
bound for delivery in Europe in November and totaling an
estimated 420,000 mt, according to data from cFlow, S&P
Global Platts trade flow software. US Gulf Coast flows to
Europe typically comprise mostly ultra low sulfur diesel or
gasoil, though jet or other refined products also make the
voyage at times. European distillate traders said the
arbitrage economics remained barely workable in spite of
cheap freight rates. Of the 11 cargoes expected in
November, six were heading towards Northwest Europe
with the remainder sailing towards the Mediterranean
basin. This includes the 35,089 DWT SW Julia I expected in
Arzew around November 13. Meanwhile, Mediterranean
sources said there were reported improved logistics for
product originating from the Black Sea, after a few days of
bad weather had restrained flows to the Mediterranean.
Gasoil .1%S (1000ppm) FOB ARA Barge assessment
rationale: (PGA page 1427) The FOB ARA 0.1% gasoil barges
assessment was derived using the following inputs from
the Platts Market on Close assessment process: November
5 was assessed at a $9/mt discount to the front-month ICE
low sulfur gasoil futures contract, on a competitive offer
which traded. November 13 was assessed at an $8.50/mt
discount, on a competitive bid which traded. The physical
structure was interpolated across the assessment.
The above commentary applies to the market data code: AAYWT00
Gasoil .005%S (50ppm) FOB ARA Barge assessment
rationale: (PGA page 1408) The FOB ARA 50 ppm gasoil barge
assessment was derived using the following inputs from
the Platts Market on Close assessment process: November
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
5 was assessed at a $5/mt discount to the front-month ICE
low sulfur gasoil futures contract on a competitive traded
offer. This value was applied across the assessment curve,
resulting in a flat structure.
The above commentary applies to the market data code: AAUQC00
Gasoil 0.1%S FOB NWE Cargo assessment rationale: (PGA
page 1443) The FOB Northwest Europe 0.1% gas oil cargo
assessment was derived as a freight netback from the CIF
NWE 0.1% gasoil cargo assessment, using the following
assessments: CIF NWE 0.1% gasoil cargo assessment
minus the cost of transporting a 22,000 mt clean cargo
from a basket of ports in the Baltic and Northwest Europe
to Le Havre, France.
The above commentary applies to the market data code: AAYWR00
Gasoil 0.1%S CIF NWE Cargo assessment rationale: (PGA
page 1443) The CIF Northwest Europe 0.1% gasoil cargo
assessment was based on the relationship between the
physical and swaps markets in the absence of competitive
indications in the Platts Market on Close assessment
process. This represented a differential of 25 cents/mt.
The above commentary applies to the market data code: AAYWS00
Gasoil 0.1%S FOB Med Cargo assessment rationale: (PGA
page 1392) The FOB Mediterranean 0.1% gasoil cargo
assessment was derived as a freight netback from the CIF
Mediterranean 0.1% gasoil cargo assessment, using the
following assessments: CIF Mediterranean 0.1% gasoil
cargo assessment minus the cost of transporting a 30,000
mt clean cargo from a basket of ports in the Mediterranean
to Genoa, Italy, and Lavera, France.
The above commentary applies to the market data code: AAVJI00
Gasoil .1%S (1000ppm) CIF Med Cargo assessment
rationale: (PGA page 1392) The CIF Mediterranean 0.1% gasoil
gasoil cargo assessment was based on the relationship
between the physical and swaps markets in the absence of
indications in the Platts Market on Close assessment
process.
The above commentary applies to the market data code: AAVJJ00
9
Gasoil 0.1% Barge bids/offers/trades: (PGA page 1428)
Platts Gasoil 0.1 Brg: MOC summary: 3 trades reported:
Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA FE done
$-9.00 for 3 GLENCOREUK* BP; Platts Gasoil 0.1 Brg 1-3kt
ICE LSGO M1 ARA BE done $-8.50 for 3 VITOL BP*; Platts
Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA BE done $-8.50 for 2
VITOL BP*.
GASOIL 0.1% BARGE OUTSTANDING INTEREST: OFFERS:
Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA BE GUNVORSA
Offer $-6.00 for 3; Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1
ARA FE GUNVORSA Offer $-6.00 for 3; Platts Gasoil 0.1 Brg
1-3kt ICE LSGO M1 ARA MW GUNVORSA Offer $-6.00 for 3.
GASOIL 0.1% BARGE OUTSTANDING INTEREST: BIDS:
None.
Gasoil 0.1% Barge exclusions: (PGA page 1428) No market
data was excluded from the October 31 assessment process.
Gasoil Barge 50ppm bids/offers/trades: (PGA page 1409)
Platts Gasoil 50ppm Brg: MOC summary: 2 trades
reported: Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA
FE done $-5.00 for 2 GLENCOREUK* BP; Platts Gasoil
50ppm Brg 1-3kt ICE LSGO M1 ARA FE done $-5.00 for 2
GLENCOREUK* BP.
GASOIL 50ppm BARGE OUTSTANDING INTEREST: OFFERS:
None.
GASOIL 50ppm BARGE OUTSTANDING INTEREST: BIDS:
Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA BE BP Bid
$-5.50 for 3; Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1
ARA BE BELGOM Bid $-9.00 for 3; Platts Gasoil 50ppm
Brg 1-3kt ICE LSGO M1 ARA FE BP Bid $-5.50 for 3; Platts
Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA FE WHKG Bid
$-6.00 for 3; Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1
ARA MW BP Bid $-5.50 for 3.
Gasoil Barge 50ppm exclusions: (PGA page 1409) No market
data was excluded from the Oct 31 assessment process.
Gasoil NWE Cargo bids/offers/trades: (PGA page 1444)
GASOIL: NWE CARGO DEAL SUMMARY: None
GASOIL: NWE CARGO OUSTANDING INTEREST: OFFERS
EUROPEAN MARKETSCAN october 31, 2016
Glencore offers Platts NWE 0.1% Gasoil Crg - CIF bss Le
Havre - 10-25, Main: 13.5 kt, 10/11 - 14/11, Indication 3 Main
volume pricing: 13.5kt pricing 5 quotes after COD (COD=0)
Optiol: 0-3kt pricing 10 quotes after COD (COD=0) as per
last differential indication on main volume Spec: French
Fod CP: Hamburg-Bordeaux range Vessel: Harbour
Fountain (IMO 9473107) , 100% of main volume at
Gsl0.1CIFNWECrg Any Day See TQC $1
BIDS: None
Gasoil NWE Cargo exclusions: (PGA page 1444) No market
data was excluded from the October 31 assessment
process.
Gasoil Mediterranean bids/offers/trades: (PGA page 1393)
GASOIL: MED CARGO DEAL SUMMARY: None
GASOIL: MED CARGO OUSTANDING INTEREST: OFFERS:
None
BIDS: None
Gasoil Mediterranean exclusions: (PGA page 1393) No
market data was excluded from the October 31 assessment
process.
Diesel
Market analysis: (PGA page 1498) The new trading week in
the European ultra low sulfur diesel market saw the recent
supply pressure continue to ease, particularly in the
Mediterranean. There have been delays in loading due to
bad weather and people were asking for product. But now
those cargoes which were locked are coming out so I see
diesel weak, the entire market is offering, one source said.
That being said, none of the relief on the supply side came
from any improvement in US flows. Exports of distillates
from the US Gulf Coast to Europe will total around 1.16
million mt in October, data from cFlow, S&P Global Platts
trade flow software, showed. No new October fixtures were
reported in the latest week and the clean products will
arrive in European ports in 27 cargoes, with six, comprising
260,000 mt, heading to Mediterranean destinations, the
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
data showed. Exports from the US Gulf Coast to Europe in
September came in at 1.07 million mt, the lowest monthly
total since March 2015. Closed arbitrage economics have
limited trans-Atlantic distillate flows, supporting the ultra
low sulfur diesel complex across Northwest Europe and the
Mediterranean over the past few weeks. November volumes
stand at 420,000 mt in the first two weeks of the month,
split into 11 cargoes. In Spanish demand data, consumers
used 2.30 million mt of fuel for autos in September, an
increase of 5.7% year on year, amid a general demand gain
for all product groups, the countrys strategic reserve
corporation CORES said. For diesel specifically, demand in
the month was 5.8% higher year on year at 1.887 million mt.
ULSD 10ppmS FOB ARA Barge assessment rationale: (PGA
page 1478) The FOB ARA ultra low sulfur diesel barge
assessment was derived using the following inputs: The
front window was assessed 75 cents/mt below front-month
low sulfur gasoil futures, on competitive trades at that level.
The mid-window was assessed 75 cents/mt below front-
month low sulfur gasoil futures, between competitive
outstanding bids and offers. The back end was assessed 75
cents/mt below front-month low sulfur gasoil futures,
between competitive outstanding bids and offers. The
physical structure was applied across the assessment.
The above commentary applies to the market data code: AAJUS00
ULSD 10ppmS CIF NWE Basis UK Cargo assessment
rationale: (PGA page 1467) The CIF UK diesel cargo
assessment was derived as a freight net forward from the
CIF Northwest Europe (ARA) diesel cargo assessment,
using the following assessments: CIF NWE (ARA) diesel
cargo assessment plus the cost of transporting a 22,000
mt clean cargo from a basket of ports in the Baltic to a
basket of UK ports.
The above commentary applies to the market data code: AAVBH00
ULSD 10ppmS CIF NWE Basis Le Havre Cargo assessment
rationale: (PGA page 1467) The CIF Northwest Europe (Le
Havre) diesel cargo assessment was derived as a freight
net forward from the CIF NWE (ARA) diesel cargo
10
assessment, using the following assessments: CIF NWE
(ARA) diesel cargo assessment plus the cost of
transporting a 22,000 mt clean cargo from a basket of
ports in the Baltic to Le Havre, France.
The above commentary applies to the market data code: AAWZC00
ULSD 10ppmS CIF NWE Cargo assessment rationale: (PGA
page 1467) The CIF Northwest Europe (ARA) ultra low sulfur
diesel cargo assessment was based on the following
inputs: Value on November 12 was taken above a
competitive outstanding bid at a $5.25/mt premium to
front-month low sulfur gasoil futures. A flat structure was
applied across the assessment.
The above commentary applies to the market data code: AAVBG00
ULSD 10ppmS CIF Med Cargo assessment rationale: (PGA
page 1456) The CIF Mediterranean ultra low sulfur diesel
cargo assessment was based on the following inputs: Value
on November 23 was assessed below a competitive
outstanding offer at a $4.42/mt premium to front-month
low sulfur gasoil futures. The implied paper structure was
applied across the assessment.
The above commentary applies to the market data code: AAWYZ00
Diesel Barge bids/offers/trades: (PGA page 1479)
Platts ULSD Brg: MOC summary: 12 trades reported: Platts
ULSD Brg 1-3kt ICE LSGO M1 ARA Wnt FE done $-0.75 for
2 VITOL* BP; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Wnt
FE done $-0.75 for 1.6 LICOBV* BP; Platts ULSD Brg 1-3kt
ICE LSGO M1 FG Wnt FE done $-1.00 for 3 LITASCO* BP;
Platts ULSD Brg 1-3kt ICE LSGO M1 FG Wnt FE done $-1.00
for 3 LITASCO* BP; Platts ULSD Brg 1-3kt ICE LSGO M1 FG
Wnt MW done $-1.00 for 3 LITASCO* BP; Platts ULSD Brg
1-3kt ICE LSGO M1 ARA Wnt MW done $-0.75 for 2.5 VITOL*
BP; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Wnt FE done
$-0.75 for 2.5 VITOL* BP; Platts ULSD Brg 1-3kt ICE LSGO
M1 ARA Wnt MW done $-0.75 for 2 VITOL* BP; Platts ULSD
Brg 1-3kt ICE LSGO M1 ARA Wnt FE done $-0.75 for 2
VITOL* BP; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Wnt FE
done $-0.75 for 2.5 VITOL* BP; Platts ULSD Brg 1-3kt ICE
LSGO M1 ARA Wnt MW done $-0.50 for 2.5 LITASCO*
EUROPEAN MARKETSCAN october 31, 2016
FSTBV; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Wnt MW
done $-1.00 for 2.5 GUNVORSA FSTBV*.
ULSD BARGE OUTSTANDING INTEREST: OFFERS: Platts
ULSD Brg 1-3kt ICE LSGO M1 ARA Wnt BE LITASCO Offer
$-0.25 for 3; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Wnt
BE TRAFI Offer $-0.25 for 3; Platts ULSD Brg 1-3kt ICE
LSGO M1 ARA Wnt BE VITOL Offer $-0.50 for 3; Platts
ULSD Brg 1-3kt ICE LSGO M1 ARA Wnt FE AOT Offer $-0.50
for 3; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Wnt FE
LITASCO Offer $-0.50 for 3; Platts ULSD Brg 1-3kt ICE
LSGO M1 ARA Wnt FE TRAFI Offer $-0.50 for 3; Platts
ULSD Brg 1-3kt ICE LSGO M1 ARA Wnt MW AOT Offer
$-0.50 for 3; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Wnt
MW LITASCO Offer $-0.50 for 3; Platts ULSD Brg 1-3kt ICE
LSGO M1 ARA Wnt MW TRAFI Offer $-0.25 for 3; Platts
ULSD Brg 1-3kt ICE LSGO M1 ARA Wnt MW VITOL Offer
$-0.50 for 3; Platts ULSD Brg 1-3kt ICE LSGO M1 FG Wnt
BE LITASCO Offer $-0.50 for 3; Platts ULSD Brg 1-3kt ICE
LSGO M1 FG Wnt FE LITASCO Offer $-0.75 for 3; Platts
ULSD Brg 1-3kt ICE LSGO M1 FG Wnt MW LITASCO Offer
$-0.75 for 3.
ULSD BARGE OUTSTANDING INTEREST: BIDS: Platts ULSD
Brg 1-3kt ICE LSGO M1 ARA Wnt BE BP Bid $-1.00 for 3;
Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Wnt BE BELGOM
Bid $-4.00 for 3; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA
Wnt BE FSTBV Bid $-1.00 for 3; Platts ULSD Brg 1-3kt ICE
LSGO M1 ARA Wnt FE BP Bid $-1.00 for 3; Platts ULSD Brg
1-3kt ICE LSGO M1 ARA Wnt FE FSTBV Bid $-1.00 for 3;
Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Wnt FE CCIROLY
Bid $-2.50 for 3; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA
Wnt FE WHKG Bid $-1.50 for 3; Platts ULSD Brg 1-3kt ICE
LSGO M1 ARA Wnt MW BP Bid $-1.00 for 3; Platts ULSD Brg
1-3kt ICE LSGO M1 ARA Wnt MW PTRIN Bid $-2.75 for 3;
Platts ULSD Brg 1-3kt ICE LSGO M1 FG Wnt FE PTRIN Bid
$-3.00 for 3.
Diesel Barge exclusions: (PGA page 1479) No market data
was excluded from the October 31 assessment process.
Diesel NWE Cargo bids/offers/trades: (PGA page 1468)
ULSD: NWE CARGO DEAL SUMMARY: None
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
ULSD: NWE CARGO OUSTANDING INTEREST: OFFERS:
Vitol offers Platts NWE ULSD Crg - CIF bss La Pallice -
10-25, Main: 27 kt, 18/11 - 25/11 (wide laycan), Indication
Number 2 oco 1 Window : buyer to narrow to 5 days at
time of booking Main Volume Pricing 27kt : efp Optol : 0-6
kt in s.o: efp as per main Spec: 10ppm meeting French
winter spec (inc 0.842 max density, C&B) Cp : Hamburg,
Bdx, ECUK + N Spain Vessel : BP / P66 / Exxon GTC: Totsa
latest edition , 100% of main volume at EFP ICE LS GO
Month Dec $5.5; Vitol offers Platts NWE ULSD Crg - CIF
bss La Pallice - 10-25, Main: 27 kt, 14/11 - 21/11 (wide
laycan), Indication Number 1 oco 2 Window : buyer to
narrow to 5 days at time of booking Main Volume Pricing
27kt : efp Optol : 0-6 kt in s.o: efp as per main Spec:
10ppm meeting French winter spec (inc 0.842 max
density, C&B) Cp : Hamburg, Bdx, ECUK + N Spain Vessel :
Exxonl / P66 / BP GTC: Totsa latest edition , 100% of main
volume at EFP ICE LS GO Month Dec $5.5
BIDS: Totsa bids Platts NWE ULSD Crg - CIF bss Bordeaux
- 10-25, Main: 27 kt, 12/11 - 16/11, indication 1 : Optol : 0-6 kt
same as main EFP pricing Spec : ULSD 10ppm french
winter,0.842 max density, c&b CP : hbg-bdx range +
others obtainable at cost Vessel : TOTAL/BP/SHELL
approved, 100% of main volume at EFP ICE LS GO Month
Nov $4; BP bids Platts NWE ULSD Crg - CIF bss Hamburg -
10-25, Main: 18 kt, 10/11 - 16/11 (wide laycan), Indication
number : 1 Seller to narrow to 5 day laycan at time of
trade Optol : 0-4 kt same as main EFP pricing Spec :
ULSD 10ppm French Winter, c&b CP : hbg-bdx range +
others obtainable at cost Vessel : TOTAL/BP/SHELL
approved, 100% of main volume at EFP ICE LS GO Month
Nov $4.5; BP bids Platts NWE ULSD Crg - CIF bss
Hamburg - 10-25, Main: 18 kt, 18/11 - 25/11 (wide laycan),
Indication number : 3 Seller to narrow to 5 day laycan at
time of trade Optol : 0-4 kt same as main EFP pricing
Spec : ULSD 10ppm German Winter, c&b CP : hbg-bdx
range + others obtainable at cost Vessel : TOTAL/BP/Shell
approved , 100% of main volume at EFP ICE LS GO Month
Dec $5; BP bids Platts NWE ULSD Crg - CIF bss Hamburg -
10-25, Main: 18 kt, 14/11 - 20/11 (wide laycan), Indication
number : 2 Seller to narrow to 5 day laycan at time of
11
trade Optol : 0-4 kt same as main EFP pricing Spec :
ULSD 10ppm French Winter, c&b CP : hbg-bdx range +
others obtainable at cost Vessel : TOTAL/BP/SHELL
approved, 100% of main volume at EFP ICE LS GO Month
Nov $4
Diesel NWE Cargo exclusions: (PGA page 1468) No market
data was excluded from the October 31 assessment
process.
Diesel Mediterranean bids/offers/trades: (PGA page 1457)
ULSD: MED CARGO DEAL SUMMARY: None
ULSD: MED CARGO OUSTANDING INTEREST: OFFERS
Vitol offers Platts Med ULSD Crg - CIF bss Lavera - 10-25,
Main: 27 kt, 10/11 - 20/11 (wide laycan), Indication 3
Laycan: Buyer to narrow Main Volume: 27kt pricing 1-15
Nov 2016, inclusive Optol: 0-6kt s.o, pricing 3 quotes after
cod (COD = 0) , diff as per main Spec: ulsd 10ppm
meeting french winter spec including C&B, max 842 CP:
Euromed neobig + Slovenia + Croatia exc luding y/fyugo/
toc+Turkish med + SOM + others Obtainable Vessel: ENI/
BP/Litasco GTC: Total latest, 100% of main volume at
ULSD CIFMed Crg Any Day See TQC $-1; Vitol offers Platts
Med ULSD Crg - CIF bss Lavera - 10-25, Main: 27 kt, 19/11 -
25/11 (wide laycan), Indication 4 Laycan: Buyer to narrow
Main Volume: 27kt pricing 1-25 Nov 2016, inclusive Optol:
0-6kt s.o, pricing 3 quotes after cod (COD = 0) , diff as per
main Spec: ulsd 10ppm meeting french winter spec
including C&B, max 842 CP: Euromed neobig + Slovenia +
Croatia exc luding y/fyugo/toc+Turkish med + SOM +
others Obtainable Vessel: ENI/BP/Litasco GTC: Total
latest, 100% of main volume at ULSD CIFMed Crg Any Day
See TQC $-1.75
BIDS: Totsa bids Platts Med ULSD Crg - CIF bss Aliaga (PO
Terminal) - 10-25, Main: 25 kt, 20/11 - 24/11, indication
3OCO2 Optol: 0-5 kt prx average of 3 platts mean cif med
quotes after COD (COD=0) as per last main price
differential Spec: ulsd 10ppm meeting french winter spec
including C&B, CP: Euromed neobig + Slovenia + Croatia
exc luding y/fyugo/toc + Turkish med + SOM +Tunisia +
others obtainable Vessel: OMV / TOTAL / LUKOIL , 100% of
EUROPEAN MARKETSCAN october 31, 2016
main volume at ULSD CIFMed Crg Laycan As Per Laycan
$-4
Totsa bids Platts Med ULSD Crg - CIF bss Aliaga (PO
Terminal) - 10-25, Main: 25 kt, 16/11 - 20/11, indication
2OCO3 Main Volume Pricing: full EFP Optol: 0-5 kt prx as
per last EFP price differential Spec: ulsd 10ppm meeting
french winter spec including C&B, CP: Euromed neobig +
Slovenia + Croatia exc luding y/fyugo/toc + Turkish med +
SOM +Tunisia + others obtainable Vessel: OMV / TOTAL /
LUKOIL , 100% of main volume at EFP ICE LS GO Month
Nov $2
Diesel Mediterranean exclusions: (PGA page 1457) No market
data was excluded from the October 31 assessment
process.
Fuel Oil
Market analysis: (PGA page 1599) The high sulfur fuel oil
complex in Northwest Europe was little changed Monday
as the market remained tight at the prompt amid low
supply in the Amsterdam-Rotterdam-Antwerp region.
Inventories where shown to be 41.1% lower year on year,
according to a BNP Paribas report. The spread of 3.5% FOB
Rotterdam barges to the front-month swap narrowed to 75
cents/mt, its narrowest since October 11, S&P Global Platts
data showed. FOB Rotterdam barge trading in the Platts
Market on Close assessment process showed strong
liquidity, with 48,000 mt exchanged in 24 trades. In the
Mediterranean, the prompt continued to be described as
tight by traders and more balanced in the medium term. As
a lot of on-specification fuel oil is obtained by blending in
the region, the lack of supply could be due to low cutter
stock availability, which typically tends to be scarce at this
time of year, one source said. Further out, I do not see it
that tight, he said. Outside of the Platts MOC, the source
said he did not have difficulty finding supply. No trades
were recorded in Mondays MOC. Elsewhere, [Saudi
Aramco] has been buying a lot from Greek refiners, one
source said, adding the kingdom had become an importer
of fuel oil all year round. The HSFO market in Singapore
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
Deals Summary
HSFO barge trades (PGA page 1593)
FE: GUNVORSA sold to VITOL* 2kt 248/mt 16:23:02
FE: LITASCO sold to VITOL* 2kt 247/mt 16:24:41
FE: LITASCO sold to AEGEAN* 2kt 247/mt 16:24:47
FE: LITASCO* sold to VITOL 2kt 247/mt 16:28:37
FE: LITASCO* sold to STR 2kt 247/mt 16:28:51
FE: LITASCO* sold to STR 2kt 247/mt 16:29:02
FE: LITASCO* sold to AEGEAN 2kt 247/mt 16:29:08
FE: LITASCO sold to VITOL* 2kt 246.75/mt 16:29:18
FE: LITASCO sold to STR* 2kt 246.75/mt 16:29:21
FE: LITASCO sold to VITOL* 2kt 246/mt 16:29:22
FE: LITASCO sold to VITOL* 2kt 246.75/mt 16:29:39
FE: LITASCO* sold to VITOL 2kt 246.25/mt 16:29:56
FE: LITASCO sold to VITOL* 2kt 246.25/mt 16:30:02
MW: LITASCO* sold to VITOL 2kt 246.75/mt 16:29:02
MW: LITASCO sold to VITOL* 2kt 246.75/mt 16:29:25
MW: GUNVORSA sold to VITOL* 2kt 246.75/mt 16:29:46
MW: LITASCO* sold to VITOL 2kt 246.25/mt 16:30:01
BE: GUNVORSA sold to VITOL* 2kt 247.50/mt 16:22:09
BE: GUNVORSA sold to PENINSULA* 2kt 247/mt 16:22:36
BE: GUNVORSA* sold to TRAFI 2kt 246/mt 16:26:52
BE: LITASCO* sold to VITOL 2kt 246/mt 16:26:54
BE: LITASCO sold to VITOL* 2kt 246/mt 16:29:28
BE: LITASCO sold to BPBV* 2kt 245.50/mt 16:29:36
BE: GUNVORSA* sold to TRAFI 2kt 246.25/mt 16:29:58
* Denotes market maker. All times GMT
HSFO barge bids (PGA page 1595)
FE: VITOL bids 2kt 246.25/mt
FE: VITOL bids 2kt 246/mt
FE: VITOL bids 2kt 245/mt
MW: BPBV bids 2kt 245.50/mt
MW: VITOL bids 2kt 245/mt
MW: KCEL bids 2kt 245/mt
BE: VITOL bids 2kt 246/mt
BE: KCEL bids 2kt 245/mt
BE: BPBV bids 2kt 245/mt
BE: VITOL bids 2kt 244.50/mt
Withdrawals
FE: VITOL no longer bids 2kt 258.50/mt
FE: PENINSULA no longer bids 2kt 247/mt
FE: VITOL no longer bids 2kt 247/mt
FE: AEGEAN no longer bids 2kt 247/mt
FE: BPBV no longer bids 2kt 247/mt
12
FE: VITOL no longer bids 2kt 246.75/mt
FE: STR no longer bids 2kt 246.75/mt
FE: AEGEAN no longer bids 2kt 246.75/mt
FE: VITOL no longer bids 2kt 246.75/mt
FE: VITOL no longer bids 2kt 246/mt
FE: LITASCO no longer bids 2kt 246/mt
FE: VMFBV no longer bids 2kt 245.50/mt
MW: VITOL no longer bids 2kt 257.50/mt
MW: PENINSULA no longer bids 2kt 247/mt
MW: VITOL no longer bids 2kt 246.75/mt
MW: VITOL no longer bids 2kt 246.75/mt
MW: LITASCO no longer bids 2kt 245/mt
MW: VITOL no longer bids 2kt 244/mt
BE: BPBV no longer bids 2kt 257/mt
BE: VITOL no longer bids 2kt 256.50/mt
BE: VITOL no longer bids 2kt 247.50/mt
BE: PENINSULA no longer bids 2kt 247/mt
BE: VITOL no longer bids 2kt 246/mt
BE: BPBV no longer bids 2kt 245.50/mt
BE: LITASCO no longer bids 2kt 245/mt
BE: VITOL no longer bids 2kt 243.50/mt
HSFO barge offers (PGA page 1594)
FE: GUNVORSA offers 2kt 247/mt
FE: GUNVORSA offers 2kt 247.25/mt
FE: BPBV offers 2kt 249/mt
MW: LITASCO offers 2kt 246.25/mt
MW: GUNVORSA offers 2kt 247.50/mt
MW: TOTSA offers 2kt 247.50/mt
MW: GUNVORSA offers 2kt 248/mt
MW: BPBV offers 2kt 249/mt
BE: GUNVORSA offers 2kt 246.50/mt
BE: TOTSA offers 2kt 247.50/mt
Withdrawals
FE: LITASCO no longer offers 2kt 246.25/mt
FE: LITASCO no longer offers 2kt 247/mt
FE: LITASCO no longer offers 2kt 247/mt
FE: LITASCO no longer offers 2kt 247/mt
FE: LITASCO no longer offers 2kt 247/mt
FE: LITASCO no longer offers 2kt 247.25/mt
FE: LITASCO no longer offers 2kt 249.50/mt
FE: LITASCO no longer offers 2kt 262/mt
FE: LITASCO no longer offers 2kt 263/mt
FE: TOTSA no longer offers 2kt 521/mt
EUROPEAN MARKETSCAN october 31, 2016
was steady, traders said, adding the outlook for November
was still fairly supportive. The low sulfur fuel oil market
ended the month on a well-supplied Mediterranean region,
and a relatively balanced Northwest European market.
European demand for the product has remained stable,
with a peak earlier in the month. I am seeing stable
demand and interest for my cargoes right now, one
producer said. Additionally, traders are now looking to
what November will hold for the market. Trying to see
what November will be like for LSFO demand. It wont be as
strong as we saw in October, especially early October, a
second trader said.
FO 1%S FOB Rdam Barge assessment rationale: (PGA page
1592) With no bids or offers in the Platts Market on Close
assessment process, FOB Rotterdam low sulfur fuel oil
barges were assessed at parity with high sulfur fuel oil
barges, due to the absence of uses for 1% barges beyond
the 3.5% bunker pool.
The above commentary applies to the market data code: PUAAP00
FO 3.5%S FOB Rdam Barge assessment rationale: (PGA
page 1592) In 3.5% FOB Rotterdam barges, frond-end value
was derived from a converged traded offer and a traded bid
in the extension. Mid-window value was assessed on an
aggressive offer which traded in the extension, while back-
end value was also assessed on an aggressive offer which
traded in the extension. A flat structure was shown
throughout the entire assessed range.
The above commentary applies to the market data code: PUABC00
FO 3.5%S 500 CST FOB Rdam Barge assessment
rationale: (PGA page 1592) FOB Rotterdam 500 CST high
sulfur fuel oil barges were assessed unchanged versus FOB
Rotterdam 380 CST barges at a discount of $6.00/mt,
based on reported levels from the market. No bids or offers
were shown in the Platts MOC.
The above commentary applies to the market data code: PUAGN00
Fuel Oil Barge exclusions: (PGA page 1607) No market data
was excluded from the October 31 assessment process.
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
FO 1%S CIF NWE Cargo assessment rationale: (PGA page
1588) The CIF Northwest European low sulfur fuel oil cargo
assessment was derived as a freight net-forward to the
FOB Northwest European low sulfur fuel oil cargo
assessment using the following assessments: The FOB
Northwest European low sulfur fuel oil cargo assessment
plus the cost of transporting a 30,000 mt fuel oil cargo
from a basket of NWE ports to the assessment basis port of
Antwerp.
The above commentary applies to the market data code: PUAAL00
FO 1%S FOB NWE Cargo assessment rationale: (PGA page
1588) FOB NWE low sulfur fuel oil cargoes were assessed
below a competitive back-end offer, to which a
backwardated structure of four cents/day was applied,
derived from the relevant swaps curve.
The above commentary applies to the market data code: PUAAM00
FO 1%S CIF Med Cargo assessment rationale: (PGA page
1580) The CIF Mediterranean low sulfur fuel oil cargo
assessment was derived as a freight net-forward to the
FOB Northwest European LSFO cargo assessment, using
the following assessments: The FOB Northwest European
low sulfur fuel cargo plus the cost of transporting a 30,000
mt fuel oil cargo from Antwerp to assessment basis port of
Milazzo. The bid posted in the Platts MOC did not prove
competitive.
The above commentary applies to the market data code: PUAAJ00
FO 1%S FOB Med Cargo assessment rationale: (PGA page
1580) The FOB Mediterranean low sulfur fuel oil cargo
assessment was derived as a freight netback to the CIF
Mediterranean low sulfur fuel oil cargo assessment, using
the following assessments: The CIF Mediterranean low
sulfur fuel oil cargo assessment minus the cost of
transporting a 30,000 mt fuel oil cargo between a basket of
Mediterranean ports.
The above commentary applies to the market data code: PUAAK00
FO 3.5%S CIF Med Cargo assessment rationale: (PGA page
1580) In CIF Mediterranean HSFO cargoes, assessment was
13
Deals summary (continued)
MW: LITASCO no longer offers 2kt 246.75/mt
MW: LITASCO no longer offers 2kt 250/mt
MW: LITASCO no longer offers 2kt 260/mt
MW: BPBV no longer offers 2kt 261/mt
MW: LITASCO no longer offers 2kt 262/mt
BE: GUNVORSA no longer offers 2kt 246/mt
BE: LITASCO no longer offers 2kt 246/mt
BE: LITASCO no longer offers 2kt 246.25/mt
BE: GUNVORSA no longer offers 2kt 246.25/mt
BE: LITASCO no longer offers 2kt 248/mt
BE: BPBV no longer offers 2kt 251/mt
BE: LITASCO no longer offers 2kt 259/mt
BE: BPBV no longer offers 2kt 261/mt
LSFO barge trades (PGA page 1593)
No trades reported
* Denotes market maker. All times GMT
LSFO barge bids (PGA page 1595)
No bids reported
Withdrawals
No bids reported
LSFO barge offers (PGA page 1594)
No offers reported
Withdrawals
No offers reported
derived using Fridays physical/swaps differential as no bids
or offers challenged these values.
The above commentary applies to the market data code: PUAAY00
FO 3.5%S FOB Med Cargo assessment rationale: (PGA
page 1580) The FOB Mediterranean high sulfur fuel oil cargo
assessment was derived as a freight netback to the CIF
Mediterranean high sulfur fuel oil cargo assessment, using
the following assessments: CIF Mediterranean high sulfur
fuel oil cargo assessment minus the cost of transporting a
30,000 mt fuel oil cargo between a basket of
Mediterranean ports.
The above commentary applies to the market data code: PUAAZ00
EUROPEAN MARKETSCAN october 31, 2016
Fuel Oil Barge bids/offers/trades: (PGA page 1605)
HSFO: RMK 500 CST BARGE: MOC DEAL SUMMARY: No
deals.
HSFO: RMK 500 CST BARGE: MOC OUTSTANDING
INTEREST: Bids: None
HSFO: RMK 500 CST BARGE: MOC OUTSTANDING
INTEREST: Offers: None
Fuel Oil NWE Cargo bids/offers/trades: (PGA page 1589)
LSFO NWE CARGO MOC: DEAL SUMMARY: None
LSFO NWE CARGO MOC: OUTSTANDING INTEREST: 1)Platts
LSFO NWE Crg FOB bss Antwerp 10-25, STRoffers
November 19-November 23 100% 1% FOB NWE cargoes
Any Day See TQC $2.00 for 25000-25000 25KT pricing
1-30 Nov Optol 0-5 KT Pricing 3 quotes after BL same
differential as main Spec: 1.00% sulf/0.991 dens/380cst
visco /30c pour/65c flash/9650 NCV/60 alu+sil/150
vanadium/0.5 water/15 ccr/7 asph/0.10
TSP&TSE&TSA/0.10 ash/2 H2S. Oil to contain no ULO. EU
Qualified.
HSFO NWE CARGO MOC: DEAL SUMMARY: No deals.
HSFO NWE CARGO MOC: OUTSTANDING INTEREST: None.
Fuel Oil NWE Cargo exclusions: (PGA page 1589) No market
data was excluded from the October 31 assessment
process.
Fuel Oil Mediterranean bids/offers/trades: (PGA page 1581)
LSFO MED CARGO MOC: DEAL SUMMARY: None
LSFO MED CARGO MOC: OUTSTANDING INTEREST: None
HSFO MED CARGO MOC: DEAL SUMMARY: None
HSFO MED CARGO MOC: OUTSTANDING INTEREST: 1)
Platts HSFO Med Crg CIF bss Ceuta 10-25, VILMAOSL bids
November 10-November 14 100% 3.5% FOB Med cargoes
Half Mnth H2 Nov $10.00 for 25000-25000 Optol :0-5 kt
pricing from 15 till 20 calendr days after cod both
included ,at mean fob med 3,5 % diferential as per main
volume Spec: RMG 380 ISO 8217/2010 with 3,5 % sulphur
and 2ppm h2s max in liquid CP: full med C/P options and
normal exclusions yugo/former yugo/Albania /Israel/TOC/
Libia/Siria. Vessel acceptable to : Cepsa, Repsol, Bp 2)
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
Platts HSFO Med Crg CIF bss Barcelona 10-25,
CADOILTRAD bids November 16-November 20 100% 3.5%
CIF Med cargoes Any Day See TQC $0.00 for 25000-
25000 CIF basis Barcelona (Decal terminal) 3.5% CIF
Med Cargoes Main volume pricing 01-04 Nov, both ends
included Optol: 0-5kt pricing 3 quotes after COD, same as
main volume differential Spec: RMG 380, ISO 2010 RMG
bunker fuel plus 3.50%S max and 2.00 ppm H2S max in
liquid phase, EU Qualified CP: Full med (Excl. israel/syria/
libia/albania/yugo, former yugo and TOC) Vessel
acceptable to: CEPSA/ENI/BP. 3) Platts HSFO Med Crg CIF
bss Algeciras 10-25, TRAFI bids November 14-November
18 100% 3.5% CIF Med cargoes Any Day See TQC $-1.25
for 25000-25000 Main Volume pricing Full November
(25kt); 0-5kt pricing 3 quotes after COD RMG380 as per
ISO 8217:2010, 3.5pct Sulphur max, H2S 2ppm max in
liquid, EU Qualified Vessel acceptable to Repsol / ENI /
CEPSA CP: Full Med (Exc. Israel/Sibya/Albania/yugo/
former yugo and TOC). 4) Platts HSFO Med Crg CIF bss
Algeciras 10-25, CADOILTRAD bids November
21-November 25 100% 3.5% CIF Med cargoes Any Day
See TQC $0.75 for 25000-25000 CIF Bss Algeciras
(vopak) 3.5% CIF Med Cargoes Main volume pricing 01-04
Nov, both ends included Optol: 0-5kt pricing 3 quotes
after COD, same as main volume differential, Spec: RMG
380, ISO 2010 RMG bunker fuel plus 3.50%S max and 2.00
ppm H2S max in liquid phase CP: Full med (Excl. israel/
syria/libia/albania/yugo, former yugo and TOC) Vessel
acceptable to: CEPSA/ENI/BP 5) Platts HSFO Med Crg CIF
bss Malta 10-25, AOT bids November 10-November 14
100% 3.5% CIF Med cargoes Any Day See TQC $-2.00 for
25000-25000 Main volume pricing 10-23 November both
ends included Optol 0-5kt pricing 3 quotes after COD
same differential as main volume. Spec: RMG 380, ISO
2010 RMG Bunker Fuel plus 3.5% sulphur max and 2.00
ppm H2S max in liquid phase CP : Full med (Excl. israel/
syria/libya/albania/yugo/former yugo and TOC) vessel
acceptable to: cepsa/repsol/eni. 6) Platts HSFO Med Crg
CIF bss Malta 10-25, GLTD offers November 17-November
21 100% 3.5% CIF Med cargoes Half Mnth H1 Dec $0.50
for 27000-27000 FULL CARGO Optol 0-6kt 3 quotes after
14
COD same as main volume differential. Specs: RMG 380
ISO 2010 bunker fuel oil with 3.5% sulphur max and 2 ppm
H2S max in liquid phase. CP: full Med excluding Syria,
Israel, Lybia, Yugo, former Yugo, Albania and TOC.
Acceptable vessels: Cepsa, Repsol, Shell.
Fuel Oil Mediterranean exclusions: (PGA page 1581) No
market data was excluded from the October 31 assessment
process.
VGO (PGA page 1597)
The European vacuum gasoil market was little moved at the
beginning of the week, though some traders saw a hint of
upside potential. I think the low sulfur VGO is doing better
than its high sulfur counterpart, one feeds trader said,
adding: The market is not strong but there is less and less
VGO available in Europe, so we are seeing a slight pick up in
demand.
VGO deals (PGA page 5)
No deals reported.
North Sea crude
Market analysis: (PGA page 1299) The North Sea crude
complex moved higher Monday, with traders tentatively
constructive ahead of Brent, Forties and Ekofisk December
program releases expected Tuesday. Sentiment for the next
trading cycle was more positive, broadly. The rise in
Northwest European Urals values saw slate switching define
the inflection point for Brent and Forties, both by far the
cheapest in the BFOE complex in recent weeks. Slate
switching had already seen Exxon and Total pick up Brent
and Forties cargoes last week, with refining margins on
BFOE grades attractive for refiners capable of switching to
North Sea light-sweets or medium sours from a sourer
crude diet of Urals. Gunvor once again supported back-end
valuations for both Brent and Forties in the Platts Market on
EUROPEAN MARKETSCAN october 31, 2016
Close assessment process, bidding Dated Brent minus 65
cents/b and minus 60 cents/b for Brent loading November
22-30 and Forties loading November 26-30, on an order-
cancels-order basis. Neither leg was hit, demonstrating, at
least for third decade of November cargoes of the two
grades, that the previous Dated Brent minus 80 cents/b to
minus 70 cents/b has been breached. Prompt values
remained pressured, however, with Shell offering a Forties
loading November 13-15 for Dated Brent minus 65 cents/b
without finding a buyer. Despite the slight uptick in values
over the past two sessions amid signs of renewed demand,
nearly seven million barrels of North Sea crude continued to
float in the UK Continent. Nonetheless, cargoes are being
placed, with the KWK Excelcius, floating last week, open for
chartering from Immingham on November 4, shipping
sources said. While structure on North Sea CFDs barely
shifted, the Platts MOC saw liquid trade of the weekly swaps
contract, with 42 trades, concentrated predominantly on the
November 21-25 and November 28-December 2 weeks. The
expiry of December ICE Brent futures drove EFP and cash
BFOE liquidity, with BP and Statoil the main sellers and
Petroineos and Shell the main buyers. Shell lifted three
December/January cash BFOE spreads, three December
cash BFOE and three January cash BFOE cargoes. BP sold
three December/January Cash BFOE spreads, two
December and four January cash cargoes, later reducing its
January short position by lifting a January cash BFOE from
Trafigura. Meanwhile, Statoil sold three January EFPs, all to
Petroineos, which also lifted a January EFP from Eni, all for
plus seven cents/b. Prior to expiry, Vitol was said to have
built a sizeable December BFOE position of over 10 cargoes,
with Glencore said to have reduced its last week following
several EFP roll trades with Shell. Meanwhile, December
loading programs were released for Asgard, Statfjord and
Troll. Statfjord loadings were down two cargoes at five. Troll
and Asgard loadings were unchanged at 13 cargoes and four
cargoes, respectively.
Dated Brent assessment rationale: (PGA page 1297) Of the
four BFOE grades, Brent, Forties and Ekofisk were seen in
the Platts Market on Close assessment process Monday.
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
Brent blend was assessed higher, in a flat differential
structure. November 23 was assessed above an
outstanding bid. Forties was assessed higher. A flat
differential structure was applied November 10-25, below
an outstanding offer. A 5.5 cents/b per day contango was
applied November 25-27. November 27 was assessed just
above an outstanding bid. Oseberg was assessed
unchanged in a flat differential structure. Ekofisk was
assessed unchanged in a flat differential structure. Forties
was the most competitive grade November 7-29. Dated
Brent was, therefore, assessed higher.
The above commentary applies to the market data code: PCAAS00
BFOE assessment rationale: (PGA page 1297) December was
assessed on a reported December/January cash BFOE
spread trade in the brokered market. January was
assessed on traded bids and offers. February was assessed
on a January/February EFP roll heard during the day.
The above commentary applies to the market data codes:
PCAAQ00, PCAAR00, PCARR00
CFD assessment rationale: (PGA page 1297) November 7-11
was assessed above an outstanding bid which disproved a
traded offer. November 14-18 was assessed on four traded
offers. November 21-25 was assessed on three traded
offers. November 28-December 2 was assessed on 10
traded offers.
The above commentary applies to the market data codes:
PCAKA00, PCAKC00, PCAKE00, PCAKG00, AAGLU00, AAGLV00,
AALCZ00, AALDA00
North Sea bids/offers/trades: (PGA page 1290)
North Sea: MOC: DEAL SUMMARY: None.
North Sea: MOC: OUTSTANDING: Total bids Ekofisk Nov
21-25 Dtd -20 cts; OCO Gunvor bids Forties Nov 26-30 Dtd
-60 cts OR bids Brent Nov 22-30 Dtd -65 cts; Petroineos
offers Brent Nov 16-26 STS Scapa Flow ex-Stena Arctica
Dtd -40 cts; OCO Shell offers Forties Nov 15-20 STS Scapa
Flow ex-Calida Cash BFOE Jan -225 cts OR offers Forties
Nov 21-26 STS Scapa Flow ex-Calida Cash BFOE Jan -210
cts; Statoil offers Forties Nov 20-22 Dtd -45 cts; Shell
15
offers Forties Nov 13-15 Dtd -65 cts.
North Sea: MOC: WITHDRAWN: None.
BFOE CFD: MOC DEAL SUMMARY: Nov 28-Dec2 Feb-2.05
x100 Shell-OMV; Nov 28-Dec2 Feb-2.05 x100 Shell-
Mercuria; Nov 28-Dec2 Feb-2.05 x100 Shell-Gunvor; Nov
28-Dec2 Feb-2.05 x100 Shell-Phillips66; Nov 21-Nov25 Jan-
1.5 x100 Petroineos-Vitol; Nov 21-Nov25 Jan-1.5 x100
BP-Vitol; Nov 21-Nov25 Jan-1.5 x100 Petroineos-Vitol; Nov
21-Nov25 Jan-1.5 x100 BP-Vitol; Nov 21-Nov25 Jan-1.5 x100
Shell-Gunvor; Nov 28-Dec2 Feb-2 x100 Shell-Rolympus;
Nov 14-Nov18 Jan-1.72 x100 BP-Onyx; Nov 28-Dec2 Feb-2
x100 Shell-Hartree; Nov 28-Dec2 Feb-2 x100 Shell-
Rolympus; Nov 14-Nov18 Jan-1.7 x100 Petroineos-Vitol; Nov
28-Dec2 Feb-2 x100 Shell-Hartree; Nov 28-Dec2 Feb-2
x100 Shell-Hartree; Nov 28-Dec2 Feb-2 x100 Shell-
Phillips66; Nov 14-Nov18 Jan-1.7 x100 Shell-Trafigura; Nov
28-Dec2 Feb-2.02 x100 Shell-Gunvor; Nov 28-Dec2 Feb-
2.02 x100 Shell-Gunvor; Nov 21-Nov25 Jan-1.48 x100
Petroineos-Mandara; Nov 28-Dec2 Feb-2.02 x100 ENI-OMV;
Nov 28-Dec2 Feb-2.02 x100 Shell-Gunvor; Nov 28-Dec2
Feb-2.01 x100 Shell-Mercuria; Nov 28-Dec2 Feb-2.01 x100
Shell-Mercuria; Nov 7-Nov 11 Jan-1.9 x100 BP-Mandara; Nov
14-Nov18 Jan-1.68 x100 BP-Onyx; Nov 14-Nov18 Jan-1.68
x100 Shell-Rolympus; Nov 21-Nov25 Jan-1.48 x100 Shell-
Rolympus; Nov 28-Dec2 Feb-2 x100 Shell-Rolympus; Nov
14-Nov18 Jan-1.68 x100 BP-Noble; Nov 14-Nov18 Jan-1.68
x100 Shell-Trafigura; Nov 21-Nov25 Jan-1.48 x100 Shell-
Mandara; Nov 28-Dec2 Feb-2 x100 ENI-Gunvor; Nov
28-Dec2 Feb-2 x100 Shell-Gunvor; Nov 28-Dec2 Feb-2 x100
Shell-Trafigura; Nov 28-Dec2 Feb-2 x100 Shell-Mercuria;
Nov 28-Dec2 Feb-2 x100 Shell-Mercuria; Nov 28-Dec2 Feb-
2 x100 Shell-Mercuria; Nov 28-Dec2 Feb-2 x100 Shell-
Hartree; Nov 28-Dec2 Feb-2 x100 Shell-OMV; Nov 28-Dec2
Feb-2 x100 Shell-Hartree.
BFOE CFD: OUTSTANDING: Nov 7-11 (Jan): Mercuria bids
-1.90; Mandara bids -1.90; Chevron bids -1.90; Gunvor bids
-1.91; Trafigura bids -1.94; Onyx bids -1.95; Trafigura offers
-1.82; Mandara offers -1.81; OMV offers -1.75; Nov 14-18
(Jan): Mercuria bids -1.70; Chevron bids -1.70; Gunvor bids
-1.71; Trafigura bids -1.73; Mandara bids -1.75; Trafigura
offers -1.60; Mandara offers -1.58; OMV offers -1.55; Nov
EUROPEAN MARKETSCAN october 31, 2016
21-25 (Jan): OMV bids -1.50; Mercuria bids -1.51; Gunvor
bids -1.52; Chevron bids -1.53; Mandara bids -1.59; Nov
28-Dec 2 (Feb): Mercuria bids -2.01; Gunvor bids -2.01;
OMV bids -2.01; Phillips 66 bids -2.02.
CASH BFOE: MOC DEAL SUMMARY: Jan 48.88 x100
Trafigura-Total; Jan 48.88 x100 Trafigura-Gunvor; Jan
48.88 x100 Trafigura-Gunvor; Jan 48.88 x100 Trafigura-
Total; Jan 48.88 x100 Trafigura-Gunvor; Jan 48.88 x100
Trafigura-Shell; Jan 48.88 x100 Trafigura-Mercuria.
CASH BFOE: OUTSTANDING: Jan: Phillips 66 bids 48.86.
North Sea exclusions: (PGA page 1290) No market data was
excluded from the October 31 North Sea crude assessment.
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
LSSR
Market analysis: (PGA page 1598) The European low sulfur
straight run market remained long to balanced at the
beginning of the week, with availability keeping relatively
high. Traders said floating cargoes in the European market
were still yet to locate any buyers, and would have to lower
their offers for any prospect of purchase.
Straight Run 0.5-0.7%S FOB NWE cargo assessment
rationale: (PGA page 1584) The FOB Northwest European low
sulfur straight run cargo assessment was assessed using
the following inputs: The LSSR FOB NWE differential was
16
unchanged at a $4.50/b discount to January Brent crude
futures. The outright LSSR price was derived using the
dollars per barrel to metric ton conversion factor of 6.77 for
LSSR. No bids or offers were reported in the Platts Market
on Close assessment process.
The above commentary applies to the market data code: PKABA00
LSSR Cargo bids/offers/trades: (PGA page 1585)
LSSR CARGO MOC: DEAL SUMMARY: No deals.
LSSR CARGO MOC: OUTSTANDING INTEREST:None
LSSR Cargo exclusions: (PGA page 1585) No market data was
excluded from the October 31 assessment process.