Platts European Market Scan 040913

[OIL ]
EUROPEAN MARKETSCAN
www.platts.com
Volume 45 / Issue 171 / September 4, 2013

European products ($/mt)

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

FOB Med (Italy) CIF Med (Genova/Lavera)
PAAAI00 935.00935.50 935.250 -4.250
PAAAH00 951.25951.75 951.500
-4.750
Naphtha*
Prem Unl 10ppm
AAWZA00 995.75996.25 996.000 -7.250
AAWZB00 1006.001006.50 1006.250 -7.500
Jet
AAIDL00 1004.751005.25 1005.000 +1.000
AAZBN00 1024.501025.00 1024.750 +0.500
10ppm ULSD
AAWYY00 979.25979.75 979.500 -0.250
AAWYZ00 991.50992.00 991.750
-0.500
Gasoil 0.1%
AAVJI00 955.75956.25 956.000 0.000
AAVJJ00 969.75970.25 970.000
0.000
Fuel Oil 1.0%
PUAAK00 623.75624.25 624.000
+1.000
PUAAJ00 635.00635.50 635.250
+1.000
Fuel oil 3.5%
PUAAZ00 598.25598.75 598.500
+3.500
PUAAY00 609.50610.00 609.750
+3.500
Jet FOB Med premium
AAIDN00 14.75/15.25
15.000
0.000
*Naphtha FOB Med is basis East Med
Northwest Europe cargoes
(PGA page 1110)

FOB NWE
CIF NWE/Basis ARA
PAAAJ00 946.50947.00 946.750
-1.250
Naphtha (Oct)
Naphtha
PAAAL00 959.50960.00 959.750
-4.750
Gasoline 10ppm
AAXFQ00 1042.751043.25 1043.000 -9.250
Jet
PJAAV00 1014.251014.75 1014.500 +0.500
PJAAU00 1026.001026.50 1026.250 +0.500
ULSD 10 ppm
AAVBF00 976.50977.00 976.750
+1.250
AAVBG00 992.00992.50 992.250
+1.250
Diesel 10ppm NWE
AAWZD00 979.00979.50 979.250
+1.250
AAWZC00 994.75995.25 995.000
+1.250
Diesel 10 ppm UK
AAVBH00 996.50997.00 996.750
+1.250
Gasoil 0.1%
AAYWR00 946.50947.00 946.750 -1.000
AAYWS00 963.50964.00 963.750
-1.000
Fuel oil 1.0%
PUAAM00 618.00618.50 618.250
+1.000
PUAAL00 627.50628.00 627.750
+1.000
Fuel oil 3.5%
PUABB00 581.00581.50 581.250
+2.000
PUABA00 592.50593.00 592.750
+1.750
Straight run 0.5-0.7%
PKABA00 745.50746.50 746.000
+2.000
VGO 0.5-0.6%
AAHMX00 795.50796.50 796.000
+2.000
AAHMZ00 805.50806.50 806.000
+2.000
VGO 2% max
AAHNB00 786.00787.00 786.500
+1.500
AAHND00 796.00797.00 796.500
+1.500
Northwest Europe barges

Sep
Oct
Nov
Gasoil
AARIN00 961.75
AARIO00 962.25
AARIP00 959.25

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

AAGL001 982.25
AAGL002 983.25
AAGL003 978.00
Brent
AAYES00 115.33
AAYET00 113.52
AAXZY00 112.00
AAYAM00 110.71
Oct
Nov
Dec
Jan
Brent NX
AAXZL00 115.34
AAXZM00 113.53
AAXZN00 112.01
AAYAP00 110.72
*Platts ICE assessments reflect the closing value of the ICE contracts at
precisely 16:30 London time.
ICE gasoil settlements

Sep
Oct
Nov
Dec
Jan
Feb
Expiry
(PGA page 702)
Gasoil
AAQSG00 960.75
AAQSH00 961.50
AAQSI00 958.50
AAQSJ00 953.00
AAQSK00 949.00
AAQSL00 943.00
Sep
Oct
Nov
Dec
Jan
Feb
Low Sulfur Gasoil

AAGS001 979.75
AAGS002 981.25
AAGS003 976.25
AAGS004 970.50
AAGS005 966.75
AAGS006 960.75
AAQSM00 NA*
*Value at 12:00 London time will only appear on day of expiry
ICE gasoil GWAVE (Previous days values)

Sept
PXAAJ00
961.75
Oct
(PGA page 702)

PXAAK00 962.25
(PGA page 1112)

FOB Rotterdam
PAAAM00 955.50956.00 955.750 -4.750
Naphtha
Eurobob
AAQZV00 1025.751026.25 1026.000 -9.250
98 RON gasoline 10 ppm
AAKOD00 1071.501072.00 1071.750 -9.250
Premium gasoline 10 ppm
PGABM00 1024.751025.25 1025.000 -13.000
Jet
PJABA00 1022.751023.25 1023.000 -1.000
Diesel 10 ppm
AAJUS00 982.50983.00 982.750 -1.250
Gasoil 50 ppm
AAUQC00 979.50980.00 979.750
+1.000
Gasoil 0.1%
AAYWT00 959.50960.00 959.750 -0.250
Fuel oil 1.0%
PUAAP00 618.00618.50 618.250
+0.750
Fuel oil 3.5%
PUABC00 597.25597.75 597.500
+1.750
Rotterdam bunker 380 CST
PUAYW00 600.00601.00 600.500
+3.000
VGO 0.5-0.6%
AAHNF00 795.50796.50 796.000
+2.000
VGO 2% max
AAHNI00 786.00787.00 786.500
+1.500
MTBE*
PHALA00 1191.751192.25 1192.000 -31.000
*FOB Amsterdam-Rotterdam-Antwerp
Platts ICE 1630 London assessments*
ULSD 10ppm barge crack swap ($)
NYMEX futures (16:30 London time)

NYMEX WTI
25

Oct
(PGA page 703)
$/barrel
AASCR00 107.73
Nov
NYMEX heating oil
20

Oct
(PGA page 703)
/gal
AASCT00
314.33
Nov
NYMEX RBOB (unleaded gasoline)

15
Nov
Jan
Mar
May
Jul
Sep

Oct
286.75
/gal
AASCU00 314.46
(PGA page 703)
/gal
AASCV00
$/barrel
AASCS00 107.16
Nov
/gal
AASCW00 284.38
EUROPEAN MARKETSCAN
Market Update
(PGA page 724)
Crude futures were holding an earlier move to the

downside heading into the US trading day, with the
market continuing to keep a cautious eye on a possible
US-led attack on Syria, while also looking ahead to key
macroeconomic indicators heading into the end of the
week, as well as upcoming US stock data. The market
will remain rangebound in nervous choppy trading with
all attention on developments in Syria, said VTB Capital
commodities strategist Andrey Kryuchenkov. The highs
from last week will serve as short-term upside resistance
for now...we believe a limited US strike...would only
see a temporary spike provided no supply disruptions
elsewhere. At 1245 GMT, ICE October Brent was down
19 cents (0.16%) at $115.49/barrel, while the frontmonth NYMEX October crude contract had dropped
21 cents (0.19%) to $108.33/b. The two contracts,
meanwhile, have spent the day in the ranges $114.91116.09/b and $107.63-108.61/b, respectively, while
the October Brent premium to October NYMEX crude
had a day range of $5.91-$6.40/b. Overnight, members
of the Senate Foreign Relations Committee agreed on
the wording of a new resolution authorizing US military
force against the Syrian government that would permit
up to 60 days of military action against the government
of Syrian President Bashar al-Assad and give President
Barack Obama the option to extend military operations
by 30 days pending congressional notification. Speaker
of the House John Boehner is on board and [the] Senate
votes today as the noose tightens around Syrias neck,
said Price Futures Group senior market analyst Phil Flynn.
Even Vladamir Putin says he might be on board with an
attack on Syria if it could be proved conclusively that the
Assad regime actually used chemical weapons. Looking
ahead, outside of Syria the key event for all markets
today is the American Petroleum Institute weekly stock
data release scheduled for 2030 GMT, with analysts
polled by Platts forecasting a 2.5 million barrel crude
draw, a 1 million barrel drop in gasoline stocks and an
800,000 barrel increase in distillates. The US Energy
Information Administration releases its official and more
definitive data tomorrow at 1500 GMT. However, the
september 4, 2013
Euro-denominated assessments 16:30 London (/mt)

Med cargoes

Naphtha*
Prem Unl 10ppm
Jet
10ppm ULSD
Gasoil 0.1%
Fuel Oil 1.0%
Fuel oil 3.5%
Jet FOB Med premium
(PGA page 1120)
FOB Med
CIF Med
(Italy) (Genova/Lavera)
ABWHE00 707.986 ABWHD00 720.288
ABWGV00 753.974 ABWGU00 761.734
ABWGZ00 760.787 AAZBO00 775.738
ABWHM00 741.484 ABWHH00 750.757
ABWGQ00 723.694 ABWGO00 734.292
ABWGH00 472.369 ABWGF00 480.886
ABWGM00 453.066 ABWGK00 461.582
ABWHA00 11.355
*Naphtha FOB Med is basis East Med
Northwest Europe cargoes
Northwest Europe barges

FOB Rotterdam
Naphtha
ABWHF00 723.505
Eurobob
ABWGT00 776.684
98 RON gasoline 10 ppm ABWGX00 811.317
Premium gasoline 10 ppm AAQCH00 775.927
Jet
ABWHC00 774.413
Diesel 10 ppm
AAQCI00 743.944
Gasoil 50 ppm
AAUQF00 741.673
Gasoil 0.1%
AAYWY00 726.533
Fuel oil 1.0%
ABWGI00 468.017
Fuel oil 3.5%
AAQCK00 452.309
Rotterdam bunker 380 CST AAUHE00 454.580
(PGA page 1118)
(PGA page 1116)

FOB NWE
CIF NWE/

Basis ARA
Naphtha
AAQCE00 726.533
Gasoline 10ppm
ABWGS00 789.553
Jet
ABWHB00 767.979 AAQCF00 776.874
ULSD 10 ppm
ABWHO00 741.294 ABWHI00 753.217
Diesel 10ppm NWE
ABWHP00 739.402 ABWHK00 751.136
Diesel 10 ppm UK
ABWHJ00 754.542
Gasoil 0.1%
ABWGR00 716.692 ABWGP00 729.561
Fuel oil 1.0%
AAQCG00 468.017 ABWGG00 475.208
Fuel oil 3.5%
ABWGN00 440.008 ABWGL00 448.713
Straight run 0.5-0.7%
ABWHG00 564.724
Euro/US$ forex rate: 1.3210. Platts Euro denominated European & US product
assessments are based on market values and a Euro/US$ forex rate at 4:30 PM
local London time.
Foreign exchange rates
(PGA page 1151)
September 4, 2013
London 16:30
BCADC00 0.9352
Dollar/Swiss franc
BCADB00 1.5644
GB pound/Dollar
BCACW00 99.5200
Dollar/Yen
BCADD00 1.3210
Euro/Dollar
AAUJO00 33.3370
Dollar/Ruble
main focus for the week will be on the release of the US

employment data on Friday, including the important nonfarm payroll figures that will possibly give a clear direction
and better insight about the QE program, said Sucden
Financial senior research analyst Myrto Sokou. The
recent strong US economic data increased expectations
that the US Federal Reserve Bank will begin reducing
its stimulus soon. For products markets, front-month
NYMEX October ULSD was down 68 points (0.22%) at
$3.1415/gal, while NYMEX October RBOB had shed 36
points (0.13%) to $2.8610/gal. September ICE gasoil,
meanwhile, was $1.50 (0.16%) higher at $961.75/mt.
Copyright 2013, McGraw Hill Financial
New York Harbor cargoes 16:30 London

(PGA pages 1350 & 1450)

FOB NY Harbor

( cent/gal)
Unleaded 87
AAPYV00 222.93
Unleaded 89
AAPYW00 225.96
Unleaded 93
AAPYX00 230.51
No. 2
AAPYY00 228.49
European clean product barge freight rates

ARA ($/mt)
Rotterdam
Rotterdam
Rotterdam
Rotterdam
(PGT page 1918)
Rotterdam
Flushing
Ghent
Antwerp
TCAEI00 1.75
TCAEJ00 3.25
TCAEK00 3.50
TCAEL00 2.75
Germany ($/mt)
Rotterdam Duisburg
Rotterdam Cologne
Rotterdam Karlsruhe
Antwerp Duisburg
TCAEM00 8.00
TCAEN00 15.00
TCAEO00 23.75
TCAEP00 8.50
Switzerland ($/mt)
Rotterdam Basel
TCAEQ00 31.00
(PGT page 1918)
(PGT page 1918)
Gasoline
Market analysis: (PGA page 1399) The Northwest
Europe gasoline market retained its relative strength
Wednesday, with the main activity concentrated on the
barges market, a source said. The only trades that
take place are on barges...as I see it at least the
source said, adding activity on the gasoline blending
components market remained light. The gasoline
market in the Mediterranean weakened during the
trading day underlying weaker demand. On the supply
side, a source said: The middle of September seems
EUROPEAN MARKETSCAN
very long. Another source said a selling tender

issued by Hellenic Petroleum for a monthly cargo in
September, October and November had been canceled
due to low numbers, referring to the levels of bids.
A source at Hellenic Petroleum was not available to
comment. With the spread between September FOB
Mediterranean 10 ppm cargo and FOB Rotterdam EBOB
barge gasoline being weak, market participants saw
the arbitrage opportunity from the Mediterranean to
Northwest Europe widening. This, in turn, could provide
support for the Mediterranean gasoline market. I do
not think that the Mediterranean-NWE [spread] can go
much lower than we have it today, because cargoes
are moving to NWE, a source said. Some sources
said the arbitrage economics were hampered by the
current market structure and upcoming seasonality
changes. The arbitrage from Mediterranean to NWE
is open in principle, but you are sailing against the
backwardation, a source said. In the middle of
September, it is extra tricky due to summer-winter
conversion another source said. Production of summer
gasoline could continue in the Mediterranean longer
than initially expected, a source said. Mediterranean
refineries will need to stay on summer mogas
production for longer than they would like because,
when it is difficult to sell, you need to make the
better quality to cater for Algeria, etc. The situation
in Egypt remained difficult, a source said. Egypt is
not discharging any cargo after the last wave of free
cargoes from the [Middle East countries]. They first of
all wait for a new wave of free cargoes, a source said,
adding that while the political situation in Egypt was
calming down, financial risks remained.
Gasoline Prem Unleaded 10ppmS FOB Rdam Barge
assessment rationale: (PGA page 1383) The Premium
unleaded 10ppm market value was assessed at $1025/
mt, with a discount at $1/mt to Eurobob barges market
value. In the Platts Market On Close assessment
process there were four trades concluded, all of them
for mid-window dates. The last trade on mid-window
dates was Gunvor selling to Totsa at $1027/mt. At the
september 4, 2013
Subscriber notes
(PGA page 1500)
As part of its continued commitment to market

transparency, Platts has begun publishing assessment
rationales for certain key benchmark assessments (See
subnotes continued on page 4). These rationales
complement existing market analysis and commentaries by providing specific details regarding how Platts
editors arrived at these published assessments. The new
rationales appear in key Platts oil publications and on
new pages on Platts Global Alert. Platts began introducing these pages August 1, 2013, in Asia and the US, and
August 5 in Europe.
Platts is opening a consultation on the potential
impact on Europes jet fuel markets of the European
Unions new Generalized Scheme of Preferences (GSP),
announced last October and due to come into effect
from January 1, 2014. Platts reflects market conventions
in its Jet CIF Northwest European physical cargo assessment, and assessments currently reflect EU-qualified jet
fuel, free from import taxes. Under the new GSP regime,
imports from several key suppliers of jet fuel to Europe
will become non EU-qualified, carrying a 4.7% duty
from January 1. Platts is studying whether and how its
European jet fuel assessment methodology should evolve
to reflect these changes in market environment, and welcomes all comments to europe_products@platts.com, with
a cc to pricegroup@platts.com. Please send all comments
by September 3, 2013. For written comments, please
provide a clear indication if comments are not intended
for publication by Platts for public viewing. Platts will
consider all comments received and will make comments not marked as confidential available upon request.
Additionally, Platts intends to create a repository on its jet
close Gunvor remained offering at $1027/mt for midwindow dates, and at $1022/mt for back-end dates. The
Eurobob barges market value was assessed at $1026/
mt. The Eurobob barges premium to the front-month
swap was assessed at $39/mt, with the October swap
being at $987/mt on the Eurobob cracks reported by
sources at the close.
The above commentary applies to the following market data
code: PGABM00
fuel microsite -- platts.com/jetfuel -- for those wishing to

submit written comments for public view.
Effective January 2, 2014, and following industry feedback to a previous subscriber note, Platts will calculate the
CIF Mediterranean naphtha assessment by only applying
the freight value between Alexandria and Lavera to the FOB
Med naphtha assessment. This freight value will be calculated using the Platts cross Med clean tanker assessment for
27,500 mt naphtha cargoes only. Currently the CIF Med
naphtha assessment is calculated by applying the freight
value between Alexandria and Lavera plus an allowance of
$3/mt for port costs. Platts proposes to remove the port costs
from the calculation of this assessment. Please send feedback
and questions to europe_products@platts.com with a cc to
pricegroup@platts.com.
Effective September 6, 2013 Platts will start reflecting winter grade gasoline on a pro-rated basis in the
Northwest Europe and Mediterranean cargo assessments,
with winter grade having an increasinweighting in the
assessment towards September 20. Summer grade will
continue to be taken into account until September 20
after which only winter grade will be reflected. Effective
September 16, 2013 Platts will start reflecting winter
grade gasoline on a pro-rated basis in the AR barge market, with winter grade becoming more representative of
the assessment towards September 25. Summer grade
will continue to be taken into account until September
25 after which only winter grade will be reflected. A
spreadsheet detailing the switch to winter grade gasoline
is available on request. Please forward any comments to
europe_products@platts.com.
Gasoline 10ppmS CIF NWE Cargo assessment

rationale: (PGA page 1389) The CIF NWE gasoline
cargo market was assessed at $1043/mt, with
the premium to Eurobob barges steady at $17/mt.
There were no trades reported in the Platts Market
On Close assessment process. The Eurobob barges
market value was assessed at $1026/mt. The
Eurobob barges premium to the front-month swap was
assessed at $39/mt, with the October swap being at
EUROPEAN MARKETSCAN
$987/mt on the Eurobob cracks reported by sources

at the close.
code: AAXFQ00
Gasoline Prem Unleaded 10ppmS FOB Med Cargo

assessment rationale: (PGA page 1389) The FOB
Mediterranean gasoline cargo market was assessed
at $996/mt, lower by $7.25/mt on the day. The
FOB Mediterranean gasoline cargo market value
was assessed at $5.50/mt premium to September
Mediterranean gasoline swap. The September
Mediterranean gasoline swap was at $990.50/mt.
The discount to Eurobob barges was assessed at
$30/mt. In the Platts Market On Close assessment
process there were two trades concluded. Gunvor
lifted Totsas offer of a cargo loading September
15-19 FOB basis one safe port/berth Malta, for
27,000 mt at $996/mt with the balance pricing at
$16/mt premium to the three days of the Platts
FOB Mediterranean gasoline assessments after B/L.
The trade was normalized versus Platts basis port
of Santa Panagia Bay. Gunvor lifted Trafiguras offer
of a cargo loading September 14-18 FOB basis one
safe port/berth Santa Panagia Bay, for 27,000 mt at
$995/mt with the balance pricing at $15/mt premium
to the three quotes of the Platts FOB Mediterranean
gasoline assessments after B/L. For the assessment
for the mid-point of September 21-22 the flat structure
was used. The Eurobob barges market value was
assessed at $1026/mt. The Eurobob barges premium
to front month swap was assessed at $39/mt, with
the October swap being at $987/mt on the Eurobob
cracks reported by sources at the close.
code: AAWZA00
Gasoline Prem Unleaded 10ppmS CIF Med Cargo

assessment rationale: (PGA page 1389) The Premium
Unleaded CIF Mediterranean cargo assessment
was derived as a freight netback from the Premium
Unleaded FOB Mediterranean cargo assessment,
september 4, 2013
Subscriber notes (cont.)

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

ASIA/ME
2292

ESPO Crude

ASIA/ME
2388

Asia naphtha

ASIA/ME
1392

Singapore gasoline
ASIA/ME
2494

Singapore jet fuel
ASIA/ME
2490

Singapore gasoil

ASIA/ME
2593

Singapore fuel oil
ASIA/ME
2951

Asia clean tankers
US

384

USGC gasoline

US

381

USAC gasoline

US

388

Midwest gasoline

US

484

USGC jet fuel

US

192

USAC jet fuel

US

489

USWC jet fuel

US

456

USGC ULSD

US

477

USAC ULSD

US

463

Midwest ULSD

US

453

USGC heating oil

US

443

USAC heating oil

US

590

USGC fuel oil

US

593

USAC fuel oil
US

377

3:15 gasoline futures
US

447

3:15 HO futures

EUROPE
1297

North Sea crude oil

EUROPE
1287

Urals crude oil

EUROPE
1383

Gasoline barges

EUROPE
1389

Gasoline cargos

EUROPE
1386

Naphtha cargoes

EUROPE
1492

Jet cargos

EUROPE
1478

Diesel barges

EUROPE
1467

Diesel cargos (NWE)
EUROPE
1456

Diesel cargos (MED)
EUROPE
1427

Gasoil barges

EUROPE
1408

50ppm gasoil barges
EUROPE
1443

Gasoil cargos (NWE)
EUROPE
1392

Gasoil cargos (MED)
EUROPE
1592

Fuel oil barges

EUROPE
1588

Fuel oil cargos (NWE)
EUROPE
1580

Fuel oil cargos (MED)
EUROPE
1584

Straight run fuel oil
(PGA page 1500)

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

$1042.75-1043.25/mt. Code AAWZA00; MedMed 30,000 mt clean freight rate spot Worldscale
assessment W127.5 The average of the basket of
Worldscale flat-rates, calculated for 2013 at: $8.05/
mt; The Premium Unleaded CIF Mediterranean cargo
assessment was derived as a freight netback from
the Premium Unleaded FOB Mediterranean cargo
Mediterranean cargoes minus $10.25/mt (crossMediterranean freight).
code: AAWZB00
Gasoline Barge bids/offers/trades: (PGA page 1384)

10 ppm BARGE: DEAL SUMMARY: 1) Gunvor-MS for Midwindow dates at $1024/mt for 1kt, 2) Gunvor-MS for
Mid-window dates at $1025/mt for 1kt, 3) Gunvor-Totsa
for Mid-window dates at 1026/mt for 1kt, 4) GunvorTotsa for Mid-window dates at $1027/mt for 1kt,
10 ppm BARGE MOC: OUTSTANDING INTEREST:
Bids: None
Offers: 1) Gunvor offer for Mid-window dates at
$1027/mt for 1kt. 2) Kolmar offer for Mid-window
dates at $1030/mt for 1kt. 3) Gunvor offer for Backend dates at $1022/mt for 1kt.
EUROPEAN MARKETSCAN
Gasoline Barge exclusions: (PGA page 1384) No market

data was excluded from the September 4 10 ppm barge
assessment process.
Correction
Please note Platts August 6 FOB Singapore, FOB Arab Gulf, FOB Okinawa and FOB Korea HSFO 180 CST and 380 CST
physical assessments should read as follows:

$/mt Low
High
Midpoint
Code
603.59
-2.41
599.50
-2.19
602.63
-2.37
599.54
-2.15
602.61
-2.39
599.52
-2.17
PUADV00
AAGZF00
PPXDK00
PPXDL00
FOB Arab Gulf

HSFO 180 CST
HSFO 380 CST
380/180 spread
586.74
583.65
-3.11
586.78
583.69
-3.07
586.76
583.67
-3.09
PUABE00
AAIDC00
PPXDM00
C+F Japan
HSFO 180 CST
615.73
615.77
615.75
PUACJ00
FOB Korea
HSFO 380 CST 3.5%
606.49
606.53
606.51
PUBDY00
Gasoline Cargo bids/offers/trades: (PGA page 1390)

GASOLINE CARGO: DEAL SUMMARY:
CIF NWE: None
FOB Med: 1)TOTSA-Gunvor, $996 /mt fixed for 27
Kt and 0-6 Kt at Platts Fob Med Mean Prem Unl 10
ppm plus USD $16/mt, pricing 3 days after bl where
bl=0, of EN228 EU qualified min 95/85 Ron/Mon, 10
ppm S max, 60 Kpa rvp max, reach compliant, 0.755
escalate/de-escalate. 27-33 Kt at buyers option,
loading 15-19 Sep 2013 FOB basis one safe port/
berth Malta. 2)Trafigura-Gunvor, $995 /mt fixed for
27Kt and 0-6Kt buyers option at Platts Mean Fob Med
+ $15/mt, pricing 3 quotes after B/l date (where B/L
=0) of EN228 EU qualified min 95/85 Ron/Mon, 10
ppm S max,RVP 60 Kpa max, reach compliant, 0.755
escalate/de-escalate. Loading 14-18 SEPT FOB basis
one safe port/berth Santa Panagia Bay. There will
be a premium if port of sale means freight saving to
buyer, there will be a discount if port of sale means
freight cost to buyer.
GASOLINE CARGO: OUTSTANDING INTEREST:
CIF NWE: None
FOB Med: None
FOB Singapore
HSFO 180 CST
HSFO 180 CST
HSFO 380 CST
HSFO 380 CST
Gasoline Cargo exclusions: (PGA page 1390) No market

data was excluded from the September 4 Gasoline cargo
assessment process.
Naphtha
Market analysis: (PGA page 1398) The European naphtha
market weakened Wednesday on the back of a narrower
East/West spread, a smaller gasoline/naphtha spread
and a wider LPG discount to naphtha, trading sources
said. The October CIF NWE naphtha crack was heard
trading at minus $6.55/barrel during the day, to be
assessed at minus $6.35/b at market close, down
from minus $5.90/b Tuesday. The September crack
september 4, 2013

spot prem/disc

spot prem/disc
These assessments appear in Platts Asia-Pacific Arab Gulf Marketscan, Platts Global Alert pages 2502, 2510, 2520,
2540, 2004, 2002, 2008 and 0031, and in the Platts price database under the codes listed above.
Platts September 3 European low sulfur fuel oil barge and cargo assessments were not published in Platts European
Marketscan of the same day. The assessments were correctly published on Platts Global Alert pages 1510 and 1520 and
Platts price database. Below are correct assessments:

code
CIF NWE cargo basis ARA

Fuel oil 1%

PUAAL00
FOB NWE cargo

Fuel oil 1%

PUAAM00
FOB Rotterdam barge

Fuel oil 1%

FOB cargo Italy
Fuel oil 1%

CIF cargo Genoa/Lavera
Fuel oil 1%

$/mt low/high

mid
change
626.50-627.00
626.750
+6.000
617.00-617.50
617.250
+6.250
PUAAP00
617.25-617.75
617.500
+2.000
PUAAK00
622.75-623.25
623.000
+7.250
PUAAJ00
634.00-634.50
634.250
+7.250
fell to minus $6.68/b from minus $6.05/b and the

September/October backwardation softened to $10/
mt from $12.50/mt. In the meantime, the September
premium of the CFR Japan naphtha cargo swap over the
CIF NWE naphtha cargo swap -- the East/West spread
-- was pegged between $8/mt and $9.50/mt at 11:30
London time Wednesday, down from around $10/mt
Tuesday. The October East/West spread was also heard
slipping to $14.25/mt from $15/mt. Its a very murky
market, said a trader. People are more in favor of LPG

as it is the best alternative [to naphtha] and gasoline
is not pushing naphtha up, he added. Wednesday,
the Eurobob gasoline/CIF NWE naphtha front-month
spread was assessed at $40.25/mt, versus $38.25/
mt Tuesday and $44.50/mt Monday, while the October
propane discount to naphtha widened to $126.75/mt
from $124/mt. The weaker mogas/naphtha [spread]
certainly affects blending economics, said an industry
EUROPEAN MARKETSCAN
source. According to another market participant, a

weaker East/West spread is also one reason why the
Northwest Europe naphtha paper structure was seen
weakening Wednesday. However, some factors were
heard bringing support to naphtha, including geopolitical
uncertainty, refinery run cuts and a rather balanced
physical market. [Refineries] margins are at very low
levels and continue to decrease so run cuts are a real
risk, said a naphtha trader, adding that the physical
market was tight at the front. Meanwhile, the Egyptian
General Petroleum Corporation was reported to have
issued a tender for seven naphtha cargoes of 25,000 mt
each from the Egyptian port of Alexandria to load in the
fourth quarter of 2013. According to industry sources,
the tender submissions are due to end on September 6.
Naphtha CIF NWE Cargo assessment rationale: (PGA
page 1386) The CIF Northwest Europe naphtha cargo
value was assessed at $959.75/mt, down $4.75/
mt day on day, and assessed $13/mt over the front
month outright swap versus $16.50/mt Tuesday. Four
trades took place during the Platts Market on Close
assessment process, with Vitol selling to Stascos bid at
$957/mt for September 24-28 delivery, Morgan Stanley
selling to Stascos bid at $958/mt for September
24-28 delivery, Gunvor selling to Stascos bid at $959/
mt for September 24-28 delivery and Dow selling to
Stascos bid at $959/mt for September 22-26 delivery.
At the end of the MOC, BP was bidding $959/mt for
September 16-20 dates, Stasco was bidding $959/
mt for September 22-26 and four offers were still
outstanding: Glencores at $962/mt and Totsas at
$963/mt for September 17-21, Trafiguras at $960/
mt for September 19-23 and Vilmas at $962/mt for
September 25-29. The Trafiguras offer at $960/mt for
September 17-21 dates and the Stascos bid at $959/
mt for September 22-26 dates were seen to test the
market and a backwardation of around 16.67 cents
was applied to join these two points. The full 10-25 day
forward curve averaged out to $959.75/mt.
code: PAAAL00
Naphtha Cargo bids/offers/trades: (PGA page 1387)

NAPHTHA CARGO MOC deals: VITOL-STASCO 12,500
mt CIF NWE cargo delivery September 24-28 at $957/
mt; MORGAN STANLEY-STASCO 12,500 mt CIF NWE
cargo delivery September 24-28 at $958/mt; GUNVORSTASCO 12,500 mt CIF NWE cargo delivery September
24-28 at $959; DOW-STASCO 12,500 mt CIF NWE
cargo delivery September 22-26 at $959/mt.
NAPHTHA MOC: OUTSTANDING INTEREST:
BIDS: BP BIDS 12,500 mt CIF NWE Naphtha cargo
September 16-20 delivery $959/mt; STASCO BIDS
12,500 mt CIF NWE Naphtha cargo September 22-26
delivery $959/mt.
OFFERS: GLENCORE OFFERS 12,500 mt CIF NWE
naphtha cargo September 17-21 delivery $962/mt;
TOTSA OFFERS 12,500 mt CIF NWE naphtha cargo
September 17-21 delivery $963/mt; TRAFIGURA
OFFERS 12,500 mt CIF NWE naphtha cargo September
19-23 delivery $960/mt; VILMA OFFERS 12,500 mt
CIF NWE naphtha cargo September 25-29 delivery
$962/mt.
Naphtha Cargo exclusions: (PGA page 1387) No market
data was excluded from the September 4 Naphtha
assessment process.
Jet
Market analysis: (PGA page 1497) Balanced-to-long
fundamentals persisted in the European jet market
Wednesday. Lack of pronounced shorts, healthy crossregional re-supply volumes and adequate stock levels
september 4, 2013
in most European systems supported a buyers market.

The cargo market appeared saturated from the previous
arrivals. Volumes for September arrivals looked heavy
as well. Activity in the barge market remained muted on
a lack of keen buying interest, sources said. Everybody
seems to be covered in the barge market, it is
balanced...the demand is slow...there are no shortages,
a trader said. Given the amount of cargoes arriving, [I]
think demand is mostly being met there; so the barges
as the marginal molecule are seeing little activity,
a second trader said. The German market appeared
adequately supplied despite logistical constraints,
sources said. Rhine water levels hit their lowest level
of the year Wednesday as warm temperatures across
Europe continued, German Federal Waterways data
showed. They measured 2.44 meters at eight key
locations along the river. Elsewhere, the balance of the
September swap differential to front-month ICE 0.1%
gasoil futures held its value during intraday trading,
with 25,000 mt heard trading for $62.50/mt, ICE
data showed. Calendar 14 CIF NWE Jet differentials
were heard trading at their lowest levels since May,
Platts data showed, trading between $76.50/mt and
$77/mt. 2014 quarter swaps were also seen trading
through the ICE block at $72.50/mt for Q1, $77.50/
mt for Q2 and $77.50/mt for Q3. In downstream news,
volumes offtakes from airlines remained healthy, despite
subsiding seasonality. It was previously incorrectly
reported that Ashley Lady, set at a lump sum of $2.85
million to lift 90,000 mt from Sikka, West Coast
of India, on September 25, for delivery into the UK
Continent, was chartered by Cargill. The cargo was not
EUROPEAN MARKETSCAN
Volume 45 / Issue 171 / September 4, 2013
Editorial: Gasoil: +44-20-7176-6364 Diesel: +44-20-7176-3898 Gasoline: +44-20-7176-6161 Jet: +44-20-7176-3709 Naphtha: +44-20-7176-6205
Crude: +44-20-7176-6299 Fuel Oil: +44-20-7176-6278 Feedstocks: +44-20-7176-6104
Client services information: North America: 800-PLATTS8 (800-752-8878); direct: +1 212-904-3070, Europe & Middle East: +44-20-7176-6111,
Asian Pacific: +65-6530-6430 Latin America: +54-11-4121-4810, E-mail: support@platts.com
Copyright 2013 McGraw Hill Financial. All rights reserved. No portion of this publication may be photocopied, reproduced, retransmitted, put into a computer
system or otherwise redistributed without prior written authorization from Platts. Platts is a trademark of McGraw Hill Financial. Information has been obtained from
sources believed reliable. However, because of the possibility of human or mechanical error by sources, McGraw Hill Financial or others, McGraw Hill Financial does
not guarantee the accuracy, adequacy or completeness of any such information and is not responsible for any errors or omissions or for results obtained from use
of such information. See back of publication invoice for complete terms and conditions.
EUROPEAN MARKETSCAN
chartered by Cargill, a company source said Wednesday.

In downstream news, the International Airlines Group
-- parent of British Airways and Iberia -- said August
traffic rose 10.6% on the previous year, while contracting
capacity boosted its load factor. Diverging fortunes
remained visible between the two carriers: British
Airways revenue passenger kilometers -- a proxy for
passenger traffic -- was up 2.2%, while Spains Iberia
saw traffic fall 16.6%.
Jet FOB Rdam Barge assessment rationale: (PGA
page 1489) Platts assessed Jet FOB Rotterdam barges
$1,023/mt Wednesday, down $1/mt day on day.
That equated to a premium of $61.25/mt to frontmonth September ICE 0.1% gasoil futures, down $1/
mt. Sep 11 was assessed at 60.85/mt, factoring a
STRs second bid and KLMs offer. STR bid for 3,000mt
FOB basis FARAG for Sep 9-13 delivery dates at Platts
Cargoes CIF mean minus $2/mt. After normalization for
location that calculated to $62.20/mt premium. KLM
offered 2,000-2,500mt FOB basis FARAG for Sep 9-13
delivery dates at Sep gasoil plus $58/mt. After volume
and location normalization, that calculated to $59.50/
mt premium. Sep 14 was assessed at $61.46/mt, 25
cents bellow STRs first bid. STR bid for 4,000mt FOB
basis FARAG for Sep 12-16 delivery dates at CCM minus
$2/mt. After volume and location normalization, that
calculated to $61.21/mt premium. At 16:30 BST (1530
GMT), September gasoil was assessed at $961.75/mt,
stable day on day.
code: PJABA00
september 4, 2013
Asia products

Code
Mid Change
Code
Singapore
Mid Change
(PGA page 2002)

FOB Singpore ($/barrel)
Naphtha
PAAAP00 105.58105.62 105.600
+0.110
Gasoline 92 unleaded
PGAEY00 118.50118.54 118.520 -0.270
PGAEZ00 121.58121.62 121.600
+0.030
PGAMS00 124.44124.48 124.460
+0.090
Kerosene
PJABF00 126.71126.75 126.730
+0.740
Gasoil 0.05% sulfur
AAFEX00 126.30126.34 126.320
+0.670
Gasoil 0.25% sulfur
AACUE00 126.17126.21 126.190
+0.670
Gasoil
POABC00 126.30126.34 126.320
+0.670
Fuel oil 180 CST 2% ($/mt)
PUAXS00 636.82636.86 636.840
+4.840
HSFO 180 CST ($/mt)
PUADV00 614.77614.81 614.790
+6.410
HSFO 380 CST ($/mt)
PPXDK00 607.39607.43 607.410
+5.360
Indonesia
(PGA page 2516)

FOB Indonesia ($/barrel)
LSWR Mixed/Cracked
PPAPU00 100.00100.04 100.020
+0.890
Gasoline components
(PBF page 2010)

FOB Singapore ($/mt)
MTBE
PHALF00 1107.001109.00 1108.000 -3.000
Singapore Swaps
(PPA page 2654)

October ($/barrel)
November ($/barrel)
Naphtha Japan ($/mt)
AAXFE00 962.50963.00 962.750 -0.750
AAXFF00 955.00955.50 955.250
-1.250
Naphtha
PAAAQ00 104.63104.67 104.650
+0.150
PAAAR00 103.83103.87 103.850
+0.100
AAXEL00 116.88116.92 116.900 -0.300
AAXEM00 115.93115.97 115.950
-0.350
Reforming Spread
AAXEO00 12.23/12.27
12.250
-0.450
AAXEP00 12.08/12.12 12.100
-0.450
Kerosene
PJABS00 126.68126.72 126.700
+0.700
PJABT00 126.34126.38 126.360
+0.630
Gasoil
POAFC00 126.26126.30 126.280
+0.570
POAFG00 125.90125.94 125.920
+0.520
HSFO 180 CST ($/mt)
PUAXZ00 620.88620.92 620.900
+5.150
PUAYF00 622.88622.92 622.900
+5.000
Middle East
(PGA page 2004)

FOB Arab Gulf ($/barrel)
Naphtha ($/mt)
PAAAA00 927.66930.16 928.910
+1.340
Naphtha LR2 ($/mt)
AAIDA00 934.35936.85 935.600
+1.000
Kerosene
PJAAA00 123.82123.86 123.840
+0.760
Gasoil 0.005% sulfur
AASGJ00 124.83124.87 124.850
+0.690
Gasoil 0.05% sulfur
AAFEZ00 123.23123.27 123.250
+0.690
Gasoil 0.25% sulfur
AACUA00 122.73122.77 122.750
+0.690
Gasoil
POAAT00 123.23123.27 123.250
+0.690
HSFO 180 CST ($/mt)
PUABE00 599.74599.78 599.760
+6.410
Japan (PGA page 2006)
Jet CIF NWE Cargo assessment rationale: (PGA

page 1492) Platts assessed Jet CIF NWE Cargoes at
$1,026.25/mt Wednesday, 50 cents down day on day.
That equated to a premium of $64.50/mt to front-month
ICE 0.1% gasoil futures, up 50 cents day on day. Sep 16
was assessed at $66.29/mt, factoring STASCOs first
bid and Vitols first offer. STASCO bid at CIF basis Shell
Haven at Sep gasoil plus $70/mt for Sep 14-18 delivery
(continued on page 9)

C+F Japan ($/mt)
Premium/Discount
Naphtha
PAAAD00 968.25970.75 969.500
+1.000
Naphtha MOPJ Strip
AAXFH00 955.00955.50 955.250 -1.250
AAXFI00 14.00/14.50 14.250
+2.250
Naphtha 2nd 1/2 Oct
PAAAE00 971.50972.00 971.750
+1.000
Naphtha 1st 1/2 Nov
PAAAF00 970.25970.75 970.500
+1.000
Naphtha 2nd 1/2 Nov
PAAAG00 968.25968.75 968.500
+1.000
Gasoline unleaded ($/barrel)
PGACW00 120.95120.99 120.970 -0.270
Kerosene ($/barrel)
PJAAN00 127.95127.99 127.970
+0.640
Gasoil ($/barrel)
POABF00 131.32131.36 131.340
+0.730
HSFO 180 CST
PUACJ00 627.58627.62 627.600
+6.330
EUROPEAN MARKETSCAN
september 4, 2013
US Products: September 3, 2013

Code
Mid Change
Code
Mid Change
Code
Mid
New York harbor

CIF cargoes (/gal)
RVP
Unleaded 87 0.3%
AAMHG00 294.38294.48 294.430 -3.530
AAMHGRV 9.0
Unleaded-89 0.3%
AAMIW00 298.38298.48 298.430 -3.130
AAMIWRV 9.0
Unleaded-93 0.3%
AAMIZ00 304.39304.49 304.440 -2.530
AAMIZRV 9.0
Jet
PJAAX00 311.29311.39 311.340 -0.510
Low sulfur jet
PJABK00 320.04320.14 320.090
+0.490
ULS Kero
AAVTH00 348.04348.14 348.090
+0.490
No. 2
POAEH00 302.54302.64 302.590
+1.640
Change
(PGA page 152)

$/barrel
1% strip NYH
No. 6 0.3% HP
PUAAE00 103.74103.76 103.750
+0.900
AAUGA00
No. 6 0.3% LP
PUAAB00 108.04108.06 108.050
+1.000
AAUGB00
No. 6 0.7%
PUAAH00 100.84100.86 100.850
+0.850
AAUGC00
No. 6 1.0%**
PUAAO00 98.3498.36
98.350
+0.900
AAUGG00 98.1298.14 98.130
+0.980
AAUGD00
No. 6 2.2%
PUAAU00 96.3796.39
96.380
+0.890
AAUGE00
No. 6 3.0%
PUAAX00 95.2995.31
95.300
+0.950
AAUGF00
cargo vs 1% strip
5.61/5.63 5.620
9.91/9.93 9.920
2.71/2.73 2.720
0.21/0.23 0.220
-1.76/-1.74 -1.750
-2.84/-2.82 -2.830
-0.080
+0.020
-0.130
-0.080
-0.090
-0.030

Residual swaps ($/barrel)
No. 6 1.0% paper Bal M
AARZS00 98.1498.16
98.150
+2.600
No. 6 1.0% paper 1st month
PUAXD00 97.9598.05
98.000
+0.850
No. 6 1.0% paper 2nd month
PUAXF00 97.6597.75
97.700
+0.700
No. 6 1.0% paper next quarter
PUAXG00 97.6397.73
97.680
+0.900
Boston cargoes

/gal
Low sulfur jet
PJABL00 322.04322.14 322.090
+0.490
ULS Kero
AAVTJ00 350.04350.14 350.090
+0.490
No. 2
POAEA00 306.04306.14 306.090
+1.640
No. 6 2.2% ($/barrel)
PUAWN00 97.2297.24
97.230
+0.890
(PGA pages 152)
NY/Boston numbers include duty. **This assessment reflects 150 max al+si
FOB Gulf Coast

/gal
RVP
Unleaded 87
PGACT00 288.89288.99 288.940 -7.020
PGACTRV 7.8
Unleaded 89
PGAAY00 302.19302.29 302.240 -4.120
PGAAYRV 7.8
Unleaded 93
PGAJB00 322.14322.24 322.190
+0.230
PGAJBRV 7.8
MTBE
PHAKX00 348.45348.55 348.500 -6.650
Alkylate*
AAFIE00 18.70/18.80
18.750
-1.750
Naphtha
PAAAC00 261.14261.24 261.190 -8.270
Jet 54
PJABM00 303.54303.64 303.590 -4.510
Jet 55
PJABN00 303.79303.89 303.840 -4.510
ULS Kero
AAVTK00 306.79306.89 306.840 -4.510
No. 2
POAEE00 303.44303.54 303.490
+0.490
Low sulfur No. 2
POAES00 308.54308.64 308.590
+0.620
(PGA page 156 & 338)
*Premium to US Gulf Coast pipeline gasoline

$/barrel
3% strip
Slurry Oil
PPAPW00 96.0196.03
96.020
+0.790
AAUGS00
No. 6 1.0% 6 API
PUAAI00 102.57102.59 102.580
+0.790
AAUGT00
No. 6 3.0%
PUAFZ00 95.5695.58
95.570
+0.790
AAUGW00 94.5894.60 94.590
+0.540
AAUGU00
RMG 380
PUBDM00 97.0697.08
97.070
+0.790
AAUGV00

Residual swaps ($/barrel)
No. 6 3.0% paper 1st month
PUAXJ00 93.9094.00
93.950
0.000
No. 6 3.0% paper 2nd month
PUAXL00 93.6593.75
93.700
+0.350
No. 6 3.0% paper next quarter
PUAXN00 93.5793.67
93.620
+0.500
vs 1% strip
1.42/1.44 1.430
7.98/8.00 7.990
0.97/0.99 0.980
2.47/2.49 2.480
+0.250
+0.250
+0.250
+0.250
EUROPEAN MARKETSCAN
dates. After normalization for location, that calculated to

$66.91/mt premium. Vitol offered CIF basis Rotterdam
on Anatoly Kolodkin for Sep 14-20 delivery dates at
Platts Cargoes CIF mean plus $2/mt. That calculated
to premium of $65.67/mt. Sep 17 was assessed at
$65.42/mt, 25 cents below Vitols offer. Sep 20 was
assessed at $64.78/mt, factoring in the last leg of
STASCOs order-cancels-order bid. BP offered CIF basis
Rotterdam on Alburaq for Sep 18-23 delivery dates. BPs
offer was published at CCM plus $1/mt. That calculated
to $64.63/mt premium. STASCO bid CIF basis Ghent
for Sep 18-22 delivery dates at Sep gasoil plus $68/
mt, after normalization for location, that calculated
to $64.92/mt. Sep 26-27 period was assessed at
$64.085/mt, factoring in BPs third offer and STASCOs
fourth bid. BP offered CIF basis Rotterdam on Torm
Marie for Sep 22-29 delivery dates at CCM flat. That
calculated to a premium of $63.64/mt. STASCO bid CIF
basis Rotterdam for Sep 24-29 delivery dates at Sep
gasoil plus $65/mt. That calculated to a premium of
$64.53.
code: PJAAU00
Jet FOB Med Cargo assessment rationale: (PGA page

1492) The Jet Aviation Fuel FOB Med cargo assessed
was derived as a freight net-back to the Jet CIF NWE
cargo assessment, using the following assessments: Jet
CIF NWE cargoes: $1,026-1,026.50/mt. Code PJAAU00;
Med-UKC 30,000 mt clean freight rate spot Worldscale
assessment W152.5 The Worldscale flat-rate, calculated
for 2013 at: $13.42/mt and Rotterdam Harbor dues of
$1.15/mt; The Jet Aviation FOB Med cargo assessment
was derived as a freight net-back to the CIF NWE cargo
assessment, using the following calculation: Jet CIF NWE
cargoes minus $21.25/mt (Med-UKC freight).
code: AAIDL00
Jet Barge bids/offers/trades: (PGA page 1490)

Jet Barge: Deal Summary: No deals reported.
Jet Barge MOC: Outstanding Interest:
BIDS: (1) STR1 bids 4kt FOB FARAG 12-16/09, ccm
minus $2/mt, 95% pxg 15-30 sep, 5% 1 after BL; (2)

STR2 bids 3kt FOB FARAG 09-13/09, ccm minus $2/
mt, 95% pxg 15-30 sep, 5% 1 after BL.
OFFERS: (1) KLM offers 2-2.5kt FOB FARAG 9-13/09
at SEP plus $58/mt; (2) BP1 offers 2-3kt Rotterdam
09-19 Sep (buyer to narrow to 5 day window at time
of trade) at CCM $0.00/mt, 95% pxg 01-03 Oct bal 1
day after BL (BL=0); (2) BP2 offers 2-3kt Rotterdam
09-13 Sep at CCM $0.00/mt, 95% pxg 01-03 Oct bal
1 day after BL (BL=0).
Jet Barge exclusions: (PGA page 1490) No market data
was excluded from the Northwest European jet barge
assessment.
Jet Cargo bids/offers/trades: (PGA page 1493)
Jet Cargo: Deal Summary: No deals reported.
Jet Cargo MOC: Outstanding Interest:
BIDS: (1) Morgan Stanley 1 bids 30KT +/-10% s/
option, 27kt @ CCM +3 prx 5-13 September and
balance prx 3 days after COD (COD = 0), EU Qualified
Jet A1 Defstan 91-91 latest issue, 16-29 Sep 2013
(seller to narrow to 5 day window at time of trade),
CIF Basis Oiltanking Ghent + full NWE C/P options on
vessel to be BP/Shell/Totsa approved; (2) STASCO 1
bids 30kt +/-10% s/option, 27kt at SEP IPE+70 usd/
mt, the balance at CCM+6 over 3 quote days after
COD (COD=0), EU Qualified Jet A1 Defstan 91- 91
latest issue, with minimum Shell/BP/Exxon approvals,
ISPS compliant, f/p cargo s/option, 14-18 Sep , CIF
Shell Haven + full NWE C/P options; (3) STASCO 2
OCO STASCO 3 bids 30kt +/-10% s/option, 27kt at
CCM plus 4 usd/mt pricing 05-16 Sep, the Balance 3
days after COD (COD = 0), EU Qualified Jet A1 Defstan
91- 91 latest issue, with minimum Shell/BP/Exxon
approvals, ISPS compliant, f/p cargo s/option, 18-22
Sep, CIF Ghent + full NWE C/P options; (4) STASCO
3 OCO STASCO 2 bids 30kt +/-10% s/option, 27kt
at SEP IPE+68 usd/mt, the balance at CCM+4 over
3 quote days after COD (COD=0), EU Qualified Jet A1
Defstan 91- 91 latest issue, with minimum Shell/BP/
september 4, 2013
Exxon approvals, ISPS compliant, f/p cargo s/option,

18-22 Sep, CIF Ghent + full NWE C/P options; ... (5)
STASCO 4 bids 30kt +/-10% s/option, 27kt at SEP
IPE+65usd/mt, the balance at CCM-3 over 3 quote
days after COD (COD=0), EU Qualified Jet A1 Defstan
91- 91 latest issue, with minimum Shell/BP/Exxon
approvals, ISPS compliant, f/p cargo s/option, 24-29
Sep (seller to narrow to 5 day window at time of trade)
Sep, CIF Rotterdam + full NWE C/P options.
OFFERS: (1) VITOL GENEVA1 OFFER 30 KT +/- 10
PCT S/OPT, 27KT AT CCM PLUS $2.00 PRICING
01-31 OCT, BALANCE AT OCT +$64, EU QUALIFIED
JET A1 DEFSTAN 91-91 LATEST ISSUE F/P CARGO S/
OPT, 14?20/09, CIF BSS ROTTERDAM, MT ANATOLY
KOLODKIN, BUYER TO NOM 5 DAY WINDOW AT TIME
OF DEAL; (2) VITOL GENEVA2 OFFER 30 KT +/- 10
PCT S/OPT, 27KT AT CCM PLUS $2.00 PRICING
01-31 OCT, BALANCE AT OCT +$64, EU QUALIFIED
JET A1 DEFSTAN 91-91 LATEST ISSUE F/P CARGO
S/OPT, 17 ? 29/09, CIF BSS ROTTERDAM, SHELL,
BP, EXXON ACCEPTABLE VESSEL, BUYER TO NOM 5
DAY WINDOW AT TIME OF DEAL; (3) VITOL GENEVA3
OFFER 30 KT +/- 10 PCT S/OPT, 27KT AT CCM PLUS
$1.00 PRICING 01-31 OCT, BALANCE AT OCT +$63.
EU QUALIFIED JET A1 DEFSTAN 91-91 LATEST ISSUE
F/P CARGO S/OPT, 14 ? 22/09, CIF BSS LE HAVRE,
SHELL, BP, EXXON ACCEPTABLE VESSEL, BUYER
TO NOM 5 DAY WINDOW AT TIME OF DEAL; (4) BP
1 offers CCM + $1/mt, 27kt pricing 01-31 Oct, the
Balance 3 days after COD (COD=0), 30kt +/- 10%
s/option, EU qualified Jet A1 Defstan 91-91 latest
issue, BP GT&C apply, ISPS compliant, f/p cargo s/
option, 18-23 Sept (Buyer to nom 5 day window at
time of booking) CIF Basis Rotterdam + NWE C/P
options, on Alburaq or acceptable sub; ... (5) BP 2
offers CCM $0.00/mt, 27kt pricing 01-31 Oct, the
Balance 3 days after COD (COD=0), 30kt +/- 10% s/
option, EU qualified Jet A1 Defstan 91-91 latest issue,
19-25 Sept (Buyer to nom 5 day window at time of
booking) CIF Basis Rotterdam + NWE C/P options,
on BP/ KPI/ Totsa approved vessel; (6) BP 3 offers
CCM $0.00/mt, 27kt pricing 01-31 Oct, the Balance
EUROPEAN MARKETSCAN
3 days after COD (COD=0), 30kt +/- 10% s/option, EU

qualified Jet A1 Defstan 91-91 latest issue, BP GT&C
apply, ISPS compliant, f/p cargo s/option, 22-29 Sept
(Buyer to nom 5 day window at time of booking) CIF
Basis Rotterdam + NWE C/P options, on Torm Marie
or acceptable sub.
Jet Cargo exclusions: (PGA page 1493) No market data
was excluded from the Northwest European jet cargo
assessment.
Jet Index
(PGA page 115)
September 3, 2013
Index
$/mt
PJECI00 350.42 PJECI09 1024.88
Europe & CIS
PJMEA00 374.52 PJMEA09 989.51
MidEast & Africa
PJGLO00 351.67 PJGLO09 1013.89
Global
Gasoil
Market analysis: (PGA page 1499) Physical gasoil
premiums in the ARA barge market were mixed
Wednesday, with 0.1% gasoil weakening despite
improved buying interest, while 50ppm was supported
amid a better offered market. Low Rhine water levels
hit barge sizes transacted in Germany, sources said.
With around 1,300-1,400 mt now seen prevalent,
traders were cautious about the ability to meet minimal
operational tolerances in their transactions. Meanwhile,
in the NWE cargo market a few cargoes were heard
fixed for flows to West Africa despite arbitrage out of the
European region being closed. BP was reported to have
the Seabreeze fixed for a 42,000 mt cargo loading from
Amsterdam to West Africa, while Addax was reported to
have fixed the Georgia for a 36,300 mt cargo loading
from Fawley and also destined for the West African
region. In Asia, refinery woes in Malaysia and Taiwan put
a floor on bearish sentiment in the gasoil market and
provided support to the market. However, a weak Asian
gasoil market on ample supplies of 500ppm gasoil,
compared with Europe, had led to traders sending clips
from the West coast of India, South Korea, Singapore
and Taiwan to the UK Continent and West Africa.
Gasoil .1%S (1000ppm) FOB ARA Barge assessment

rationale: (PGA page 1427) 0.1% barges were assessed at
September ICE gasoil minus $2.00/mt, for September
9-19 loading. For September 9-13 loading (front window)
the market was assessed at September ICE Gasoil
minus $2.13/mt on the back of ASTs untraded bid
at September ICE gasoil minus $2.50/mt, and Vitols
untraded offer at September ICE gasoil minus $2.25/mt.
ARA options were normalized by $0.50/mt as were bids
for higher volumes of 2-3kt. For deferred dates, a daily
contango structure of $0.03/mt, was applied.
code: AAYWT00
Gasoil .005%S (50ppm) FOB ARA Barge assessment

rationale: (PGA page 1408) 50 ppm barges was assessed
at September ICE gasoil plus $18.00/mt, for September
9-19 loading. For September 9-13 loading (front window)
the market was assessed at September ICE Gasoil plus
$17.75/mt on the back of Morgan Stanleys untraded
bid at September ICE Gasoil plus $17.50/mt. For
September 12-16 loading (mid window) the market was
assessed at September ICE Gasoil plus $17.75/mt on
the back of Trafiguras untraded offer at September ICE
Gasoil plus $18.00/mt. For September 15-19 loading
(back window) the market was assessed at September
ICE Gasoil plus $18.25/mt on the back of STRs
untraded bid at September ICE Gasoil plus $18.00/mt.
code: AAUQC00
Gasoil 0.1%S FOB NWE Cargo assessment rationale:

(PGA page 1443) The Gasoil 0.1% Cargo FOB NWE cargo
assessment was derived as a freight netback from the
Gasoil 0.1% Cargo CIF NWE cargo assessment, using
the following assessments: UKC-UKC 22,000 mt clean
freight spot Worldscale assessment W175. The average
of the basket of Worldscale flat-rates, calculated for
2013 at: $9.56/mt. The Gasoil 0.1% FOB NWE cargo
assessment was derived as a freight netback from the
Gasoil 0.1% CIF NWE cargo assessment, using the
following calculation; Gasoil 0.1% CIF NWE cargo minus
september 4, 2013
$17/mt. (UKC-UKC freight plus $0.25/mt insurance).

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

1443) 0.1% CIF NWE cargoes was assessed at September ICE
gasoil plus $2.00/mt, for loading September 14-29. With no
bids/offers in the Market on Close assessment process, the
relationship between the physical assessment and the Mean of
Platts London strip was maintained.
code: AAYWS00
Gasoil 0.1%S FOB Med Cargo assessment

rationale: (PGA page 1392) The Gasoil 0.1% Cargo
FOB Mediterranean cargo assessment was derived
as a freight netback from the Gasoil 0.1% Cargo CIF
Mediterranean cargo assessment, using the following
assessments: Black Sea-Mediterranean 30,000 mt
clean freight rate spot Worldscale assessment W127.5.
The average of the basket of Worldscale flat-rates,
calculated for 2013 at: $10.74/mt. The Gasoil 0.1%
FOB Mediterranean cargo assessment was derived as a
freight netback from the Gasoil 0.1% CIF Mediterranean
cargo assessment, using the following calculation;
Gasoil 0.1% CIF Mediterranean cargo minus $14/mt.
(Black Sea-Med freight plus $0.25/mt insurance).
code: AAVJI00
Gasoil .1%S (1000ppm) CIF Med Cargo assessment

rationale: (PGA page 1392) 0.1% CIF Med cargoes was
assessed at September ICE gasoil plus $8.25/mt, for
loading September 14-29. For September 24-28 loading the
market was assessed at September ICE gasoil plus $8.00/
mt (rounded) on the back of the Mean of Platts London strip
as Glencores untraded bid at CCM minus $1.50/mt, was
deemed uncompetitive, relatively. For more prompt dates,
a daily backwardated structure of $0.08/mt was applied.
September 21-29 reflected winter specification gasoil.
code: AAVJJ00
10
EUROPEAN MARKETSCAN
Gasoil 0.1% Barge bids/offers/trades: (PGA page 1428)

GASOIL: DEAL SUMMARY: 9 trades reported: 1)GunvorBP at Sept minus 2.25, Sept 9-13, ARA, 3kt; 2)VSA-BP
at Sept minus 2.25, Sept 9-13, ARA, 3kt; 3)VSA-AST
at Sept minus 2.25, Sept 9-13, ARA, 3kt; 4)VSA-BP at
Sept minus 2.50, Sept 9-13, AR, 2kt; 5)VSA-Van Raak
at Sept minus 2.50, Sept 9-13, ARA, 2kt; 6)VSA-BP at
Sept minus 2.25, Sept 9-13, ARA, 2kt; 7)VSA-AST at
Sept minus 2.25, Sept 9-13, ARA, 3kt; 8)VSA-BP at
Sept minus 2.25, Sept 9-13, ARA, 2kt; 9)VSA-AST at
Sept minus 2.25, Sept 9-13, ARA, 3kt.
GASOIL MOC: OUTSTANDING INTEREST:
BIDS: MS bids at Sept -3, Any 5 days, ARA, 1-3kt 1)
AST bids at Sept -2.50, Sept 9-13, ARA, 1-2kt 2) AST
bids at Sept -3, Sept 12-16, ARA, 1-2kt; Belgomine
bids at Sept -5, Sept 9-13, ARA, 1-2kt
OFFERS: STR offers at Sept -2, Sept 10-14, ARA,
1-2kt; Gunvor offers at Sept -2, Sept 9-13, ARA, 1-3kt;
VSA offers at Sept -2.25, Sept 9-13, ARA, 1-2kt
Gasoil 0.1% Barge exclusions: (PGA page 1428) No
market data was excluded from the Rotterdam 0.1%
gasoil barge assessment.
Gasoil Barge 50ppm bids/offers/trades: (PGA page 1409)
GASOIL: DEAL SUMMARY: 2 trades reported: 1) VSAMS at Sept +18, Sept 9-13, ARA, 1.3kt; 2)VSA-MS at
Sept +18, Sept 9-13, ARA, 1.5kt.
BIDS: MS bids at Sep +17.50, Sept 9-13, ARA, 1-3kt;
STR bids at Sep +18, Sept 15-19, ARA, 1-3kt;
OFFERS: 1) Trafigura offers at Sep +18, Sept 9-13,
ARA, 1-3kt 2) Trafigura offers at Sep +18, Sept 12-16,
ARA, 1-3kt; VSA offers at Sep +19, Sept 9-13, ARA,
1-3kt
Gasoil Barge 50ppm exclusions: (PGA page 1409) No
market data was excluded from the Rotterdam 50 ppm
gasoil barge assessment.
Gasoil NWE Cargo bids/offers/trades: (PGA page 1444)
GASOIL: DEAL SUMMARY: No Deals.

BIDS: No Bids.
OFFERS: No Offer.
Gasoil NWE Cargo exclusions: (PGA page 1444) No

market data was excluded from the Northwest European
0.1% gasoil cargo assessment.
Gasoil Mediterranean bids/offers/trades: (PGA page 1393)
GASOIL: DEAL SUMMARY: No Deals.
BIDS: Glencore bids CCM -$1.50, on 0.845 density,
for 25-30kt (s.o), 0.1% Gasoil Spanish B+C Summer
spec, CIF basis Genoa for delivery Sept 24-28. Vessel
Approvals: Erg/ Eni/Total. CP Options: Euromed,
Neobig + Croatia + Slovenia + Egyptian med + Algeria
+ Tunisia + Libya but excluding y/fyugo/toc + other
options as available. Pricing: 25kt over Sept 6-10,
Balance 5 quotes after COD.
OFFERS: No Offers.
Gasoil Mediterranean exclusions: (PGA page 1393) No
market data was excluded from the Mediterranean gasoil
cargo assessment.
Diesel
Market analysis: (PGA page 1498) Ultra low sulfur diesel
barge prices came under renewed pressure Wednesday
as water levels on the river Rhine continued to fall,
hampering the flow of diesel from the ARA refining hub
to Germany, France, Switzerland and other countries
in central Europe, traders said. Water levels were
measured 2.44 meters at eight key locations along
the river, the lowest seen all year. The Rhine is open
but there is less and less water...we are forced to
underlift and freight is moving up, a trader said. A
second source said: We have had to take 650 tonnes
less than originally anticipated on my barge loading
in early September...we have come to an agreement
with the company selling us the products. In cargo
markets, demand was more robust and premiums rose,
september 4, 2013
with traders citing the refinery maintenance season

in Europe. CIF ARA cargoes were assessed $9.50/
mt above FOB Rotterdam barges, one of the widest
spreads this year, according to Platts data. The diesel
premium could go up with the turnaround season and
low stocks...and I am not even including geopolitical
concerns and the possibility of war, a trader said.
ULSD 10ppmS FOB Rdam Barge assessment rationale:
(PGA page 1478) Rotterdam barges were assessed at
$982.75/mt FOB Wednesday, down $1.25/mt, in line
with a lower physical premium. Morgan Stanleys bids
number one and two, Shells bid number one, as well as
BPs offers one, two and four all figured prominently in
the assessment. BPs offer number four, in particular,
showed intermediate specification diesel to have little
difference with the summer specification.
code: AAJUS00
ULSD 10ppmS CIF NWE Basis UK Cargo assessment

rationale: (PGA page 1467) The Diesel 10ppm (UK) CIF
NWE cargo assessment was derived as a freight netforward from the ULSD 10ppm ARA cargo assessment,
using the following assessments: ULSD 10ppm
ARA Cargo: $992-992.5/mt. Code AAVBG00; UKCUKC 22,000 mt clean freight rate spot Worldscale
assessment W175 The average of the basket of
Worldscale flat-rates, calculated for 2013 at: $2.51/mt;
The Diesel 10ppm (UK) CIF NWE cargo assessment was
derived as a freight net-forward from the ULSD 10ppm
ARA cargo assessment, using the following calculation:
ULSD 10ppm ARA cargoes plus $4.5/mt.
code: AAVBH00
ULSD 10ppmS CIF NWE Basis Le Havre Cargo

assessment rationale: (PGA page 1467) The Diesel 10ppm
CIF NWE (Le Havre) cargo assessment was derived as
a freight net-forward from the ULSD 10ppm ARA cargo
assessment, using the following assessments: ULSD
10ppm ARA Cargo: $992-992.5/mt. Code AAVBG00;
11
EUROPEAN MARKETSCAN
UKC-UKC 22,000 mt clean freight rate spot Worldscale

assessment W175 The average of the basket of
Worldscale flat-rates, calculated for 2013 at: $1.64/mt;
The Diesel 10ppm CIF NWE (Le Havre) cargo assessment
was derived as a freight net-forward from the ULSD
10ppm ARA cargo assessment, using the following
calculation: ULSD 10ppm ARA cargoes plus $2.75/mt.
code: AAWZC00
ULSD 10ppmS CIF NWE Cargo assessment rationale:

(PGA page 1467) Northwest European cargoes rose
Wednesday for a second straight day to $992.25/mt CIF
ARA, buoyed by a higher physical premium rather than a
take-up in outright ICE gasoil future prices, which were
stable on-day. The premium was assessed at September
ICE gasoil future prices plus $30.50/mt, up $1.25/
mt from Tuesday, with a higher bid from Glencore into
the UKs Grangemouth in the Platts Market on Close
assessment process. An offer from Vitol into Frances Le
Havre towards the end of the assessment curve showed
winter specification diesel to be almost in line with
summer specification.
code: AAVBG00
ULSD 10ppmS CIF Med Cargo assessment rationale:

(PGA page 1456) Mediterranean cargoes were assessed at
$991.75/mt CIF Lavera Wednesday, down 50 cents/mt
with the lower physical premium. A sole offer from OMV in
the Platts Market on Close assessment process did not
prove challenging against the Mean of Platts strip.
code: AAWYZ00
Diesel Barge bids/offers/trades: (PGA page 1479)

ULSD: BARGE DEAL SUMMARY: BP-STR summer spec
at Sep +22, Sep 10-14, Rott, 1kt; BP-STR summer
spec at Sep +22, Sep 10-14, Rott, 1.2kt; JPM-STR
summer spec at Sep +22, Sep 9-13, AR, 1.2kt;
BP-MS summer spec at Barges mean -0.50, 95%
pricing 05-09 Sep, balance 3 quotes after b/l, Sep
9-13, ARA, 2kt; Trafigura-STR inter spec at Sep +22,

Sep 9-13, ARA, 1.5kt; BP-STR summer spec at Sep
+21.50, Sep 10-14, Rott, 1.5kt; VSA-STR summer
spec at Sep +21, Sep 9-13, FARAG, 2kt; BP-MS
summer spec at Barges mean -1.00, 95% pricing
05-09 Sep, balance 3 quotes after b/l, Sep 9-13,
ARA, 2kt; BP-MS summer spec at Sep +22, Sep 9-13,
ARA, 1.9kt; BP-STR inter spec at Sep +22, Sep 15-19,
ARA, 2kt; BP-MS summer spec at Barges mean -1.00,
95% pricing 05-09 Sep, balance 3 quotes after b/l,
Sep 9-13, ARA, 2kt; BP-STR summer spec at Sep +21,
Sep 10-14, Rott, 1kt; BP-STR inter spec at Sep +22,
Sep 15-19, ARA, 1.5kt; BP-STR summer spec at Sep
+21, Sep 10-14, Rott, 1.2kt; BP-STR inter spec at Sep
+22, Sep 15-19, ARA, 1.2kt; Noble-MS summer spec
at Sep +22, Sep 9-13, ARA, 1.2kt
ULSD: BARGE OUSTANDING INTEREST:
OFFERS: Litasco offers summer spec at Sep +22,
Sep 11-15, FARA, 1-2kt; Litasco offers summer spec
at Sep +21, Sep 9-13, FARA, 1-2kt; Litasco offers
summer spec at Sep +21, Sep 9-13, FARA, 1-2kt; 5)
VSA offers at barges mean flat, ULSD Summer fob
ARA 1-2kt lifting 9 ? 14 Sept (buyer to declare 5 day
window at time of booking) , 95% pricing 5-9 Sept,
balance 3 quotes after b/l; 3) VSA offers at Sep +23,
ULSD Inter FOB ARA 1-2KT, 14? 19 Sept (BO) ; 2) VSA
offers at Sep +23, ULSD Summer fob ARA 2-3kt, 9-14
Sept (BO) ; 1) VSA offers at Sep +23, ULSD Summer
fob ARA 1-2kt, 9-14 Sept (BO) ; 4) BP offers inter
spec at Barges mean -1.00, 95% pricing 05-09 Sep,
balance 3 quotes after b/l, load 15-19, ARA, 1-2kt.
BIDS: 2) MS bids inter spec at Sep +22, Sep 15-19,
ARA, 1-3kt; 1) STR bids summer spec at Sep +21.50,
Sep 10-14, AR, 1-3kt; 2) STR bids summer spec at
Sep +20, Sep 13-17, ARA, 1-3kt; 3) STR bids inter
spec at Sep +22, Sep 15-19, ARA, 1-3kt; 4) STR bids
inter spec at Barges flat, Sep 15-19, ARA, 1-3kt, 95%
pricing 15-19/09 balance 3 quotations after BL.
Diesel Barge exclusions: (PGA page 1479) No market
data was excluded from the Rotterdam diesel barge
assessment.
september 4, 2013
Diesel NWE Cargo bids/offers/trades: (PGA page 1468)

ULSD: NWE CARGO DEAL SUMMARY: None
ULSD: NWE CARGO OUSTANDING INTEREST:
OFFERS: 1) Oco 2) oco 3) Vitol OFFERS 10ppm cif
new high (havre quote) +3.00,
20KT +/- 10%
ULSD FRENCH SUMMER C&B CIF BASIS havre , 0.842
density max, 15-20 Sept (buyer to declare 5 days
window at time of booking) bp/lukoil/p66 acceptable,
hamb-bdx +n.spain+ecuk, BP 2007 GT&CS , 18kt
pricing as per 5 day window , bal 3 quotes after final
cod date; 2) Oco 1) and 3) Vitol OFFERS 10ppm cif
new high (harve quote) +1.50,
20KT +/- 10%
ULSD FRENCH winter C&B CIF BASIS havre , 0.842
density max, 23-29 (buyer to declare 5 days window
at time of booking) Sept bp/lukoil/p66 acceptable,
hamb-bdx +n.spain+ecuk, BP 2007 GT&CS , 18kt
pricing as per 5 day window , bal 3 quotes after final
cod date; 3) Oco 1) and 2) Vitol OFFERS 10ppm cif
new high (harve quote) +3.00,
20KT +/- 10% ULSD
FRENCH winter C&B CIF BASIS havre , 0.842 density
max, 21-26 Sept (buyer to declare 5 days window at
time of booking) stasco/lukoil/p66 acceptable, hambbdx +n.spain+ecuk, BP 2007 GT&CS, 18kt pricing as
per 5 day window , bal 3 quotes after final cod date;
BIDS: Stasco1 bids HCIF ARA -1.00,
for 20 kt +/10pct SO UK Summer spec 10 ppm ulsd,C+B, max
842 dens, cif bss Thames (Vopak Thames Terminal
Thurrock Jetty2 ? 45kt dwt max ? 10.3m draft max)
for 19-29 sep (seller to nom 5d laycan at time of
booking). Cp options to include hburg ? bdx + nspain
+ ecuk. Vsl to be shell/totsa/p66 acceptable. with
18 kt pricing as per nominated 5d laycan and bal
cargo 3 quotes after cod.; Stasco2 bids SEP ipe +
28.00, for 20 kt +/- 10pct SO French Summer spec
10 ppm ulsd,C+B, max 842 dens, cif bss Thames
(Vopak Thames Terminal Thurrock Jetty2 - 45kt dwt
max ? 10.3m draft) for 19-29sep (seller to nom 5d
laycan at time of booking). Cp options to include hburg
? bdx + nspain + ecuk. Vsl to be shell/totsa/p66
acceptable. ; 1) OCO 2) Glencore bids at Sep +32.00,
for 20kt+/-10% ULSD10 UK summer spec (0.842
max density, clear and bright) CIF basis Grangemouth
12
EUROPEAN MARKETSCAN
14 - 18/9 hamb-bdx+n.spain+ecuk+belfast and other

cp options as available on total/bp/shell approved
vessel ; 2) OCO 1) Glencore bids at ULSD CIF (BASIS
ARA QUOTE) +$1.00, for 20kt+/-10% ULSD10 UK
summer spec (0.842 max density, clear and bright)
CIF basis Grangemouth 14 - 18/9 hamb-bdx+n.
spain+ecuk+belfast and other cp options as available
on total/bp/shell approved vessel, 18kt pricing
12-16/9, balance pricing 3 quotes after final COD; BP
bids at sep +30.00 for 10-12kt ULSD10 UK summer
spec (0.842 max density, clear and bright) CIF basis
Thames 14-18/9 hamb-bdx+n.spain+ecuk+belfast
and other cp options as available on total/bp/shell
approved; Gunvor bids HCIF ARA -$1.00,
for 20 kt
+/- 10pct SO French Summer spec 10 ppm ulsd,C+B,
max 842 dens, cif bss Thames (Vopak Thames
Terminal Thurrock Jetty 2 45kt dwt max 10.3m draft
max) for 16-20 sep Cp options to include hburg bdx +
nspain + ecuk. Vsl to be shell/totsa/p66 acceptable.
with 18 kt pricing as per nominated 5d laycan and bal
cargo 3 quotes after cod;
Diesel NWE Cargo exclusions: (PGA page 1468) No
market data was excluded from the Northwest European
diesel cargo assessment.
Diesel Mediterranean bids/offers/trades: (PGA page 1457)
ULSD: MED CARGO DEAL SUMMARY: None
ULSD: MED CARGO OUSTANDING INTEREST:
OFFERS: 1) OMV OFFERS AT CIF MED 10PPM
CARGOES HIGH QUOTE PLUS $1.00,
25-30KT
IN S.O ULSD 10 PPM MEETING FRENCH WINTER
SPEC (C+B) , CIF BASIS ALIAGA, (POAS TERMINAL)
23 SEPT TO 27 SEPT ARRIVAL, VESSEL TO BE
ENI / OMV / LUKOIL APPROVED, WITH OPTIONS
EUROMED, NEOBIG, EXCL , Y,FY, ALB, SYRIA
AND TOC BUT INCLUDING CROATIA + SLOVENIA
+ TURKISH MED + SOM + OTHER OPTIONS AS
AVAILABLE, PRICE : 25KT PRICING 20 TO 27 SEPT,
WITH BALANCE PRICING 3 CONSECUTIVE QUOTES
AFTER FINAL COD (COD=0);
BIDS: None
Diesel Mediterranean exclusions: (PGA page 1457) No

market data was excluded from the Mediterranean diesel
cargo assessment.
Fuel Oil
Market analysis: (PGA page 1599) The European high
sulfur fuel oil market was stronger in the Mediterranean
than in the North Wednesday with the continued
softness of Rotterdam prices, traders said. The
Rotterdam barges continued to trade at a low differential
to the front-month swap despite talk of fresh VLCCs for
arbitrage East. Maersk Sara and Gulf Sheba were two
vessels heard this week put on subjects for the key
Rotterdam-Singapore route, but the charterer was not
confirmed by the end of day Wednesday. The Singapore
market -- the major demand hub for European HSFO
-- has also been relatively weak in the past weeks with
some traders saying the arbitrage was not entirely
open. Singapore doesnt need oil, if you look at the
arb it doesnt make that much sense [economically],
maybe on a VLCC, but oil has to go somewhere [from
Rotterdam where local demand is weak], one trader
said. The relative weakness of the Rotterdam market
has been prompting opportunities for flows to the
West Mediterranean, traders said. In the low sulfur
fuel oil market Wednesday, bunker demand for 1% in
Northwest Europe was reported to be a bit higher, with
shipowners trying to get ahead of the rising physical
hi-lo spread seen over the last few weeks, according to
one buyer and several bunker suppliers. However LSFO
cargo demand was still far from exciting, and the swaps
structure remained in contango. Shells purchase of an
LSFO cargo from Total Tuesday at unexpectedly high
levels (flat to Platts floating prices for the rest of this
month) could have been due to the ongoing maintenance
at the secondary units of its 400,000 b/d Pernis refinery
in Rotterdam, said a trader. A Shell trader declined
to comment on what the purchase was for. On the
derivatives side the hi-lo swap was being supported by
utility hedging, according to one trader, as opposed to
actual demand. The hi-lo is only strong because people
september 4, 2013
are buying against gas contracts, he said. After they

stop buying the hi-lo will go to $15/mt where the Cal 15
hi-lo is. If I look at my own plants they are not burning
anything and peak season is over. So there is more
supply than demand. Despite large scale de-linking of
European utilities long-term gas import contracts from oil
prices over the last two years, significant chunks of these
contracts are still priced on LSFO, hence several utilities
entered the physical LSFO market last year to get a
handle on this exposure. In the Mediterranean, low sulfur
bunker demand was weak according to most bunker
suppliers surveyed Wednesday, but there were pockets
of buying out there. LSFO demand at Gibraltar has risen
during the past few weeks, with good volumes either
alone or combined with HSFO, said one bunker trader.
FO 1%S FOB Rdam Barge assessment rationale: (PGA
page 1592) LSFO BARGE RATIONALE: Shell bought seven
of BPs front and mid-window offers at $619/mt, while
Vitol bought two. However, these offers did not appear
aggressive versus the previous days physical/swaps
differential, and BPs back-end offer at $619/mt did not
trade, suggesting a lower value for more prompt dates
in a contango market. Value was assessed $0.25/mt
below this at $618.75/mt at the back end. Using a 13
cents/day contango from the swaps structure from this
point was disproven by a mid-window bid from Vattenfall
at $618/mt, showing a flatter contango. The overall
barge window came to $618.25/mt, up $0.75/mt day
on day.
code: PUAAP00
FO 3.5%S FOB Rdam Barge assessment rationale: (PGA

page 1592) The front-end window was offered at $598/
mt Wednesday and Platts assessed the dates $0.25/mt
below the offer. The mid-window as also assessed just
below the offer and just above a bid at $597.50/mt.
The implied backwardated structure was drawn between
the two dates. The structure between the mid- and backwindow as assessed in a steeper backwardation, with
the back-end trading off an offer just at the close at
13
EUROPEAN MARKETSCAN
$597/mt. That meant that barges were assessed in a

$1.25/mt discount to the front-month swap, down from
previous $0.50/mt discount.
code: PUABC00
FO 1%S CIF NWE Cargo assessment rationale: (PGA

page 1588) The 1% CIF Northwest European cargo
assessment was derived as a freight net-forward to the
1% FOB Northwest European cargo assessment, using
the following assessments: 1% FOB Northwest European
cargoes: $618-618.5/mt. Code PUAAM00; Cross-UKC
30,000 mt dirty freight rate spot Worldscale assessment
W130. Code TDADY00; The average of the basket of
Worldscale flat-rates, calculated for 2013 at: $7.25/mt.
The 1% CIF Northwest European cargo assessment was
derived as a freight net-forward to the 1% FOB Northwest
European cargo assessment, using the following
calculation: 1% FOB Northwest European cargoes plus
$9.5/mt (cross-UKC freight). 1% CIF Northwest European
cargoes: $627.5-628/mt. Code PUAAL00.
code: PUAAL00
FO 1%S FOB NWE Cargo assessment rationale: (PGA page

1588) LSFO CARGO RATIONALE: Total had one FOB Antwerp
cargo of RMG 2010, 1% sulfur on offer for September
18-22 loading, priced on H2 September FOB NWE 1%
assessments minus $0.50/mt, which did not trade. BP
offered a FOB Antwerp cargo at balance month minus
$2.00/mt, of the standard specification reflected in Platts
assessments (1.00% sulfur, 0.991 density, 30c pour point,
65c flash point, 9650 NCV, 60 aluminum and silicon,
150 vanadium, 0.5 water, 15 CCR, 7 asphaltenes) except
with higher viscosity, at 500 CST. This was normalized
by $3.50/mt based on figures given from blenders on
the relative value of the two grades. Neither offer was
aggressive versus the previous days physical/swaps
differential, leaving that as the basis for the assessment of
$618.25/mt, up $1.00/mt day on day.
code: PUAAM00
FO 1%S CIF Med Cargo assessment rationale: (PGA page

1580) The 1% CIF Med/FOB NWE spread was assessed
unchanged at $17/mt, based on reports from bunker
suppliers of weak low sulfur demand in Algeciras,
Gibraltar and Piraeus, implying less need for the
Mediterranean to draw in cargoes from the North.
code: PUAAJ00
FO 1%S FOB Med Cargo assessment rationale:

(PGA page 1580) The 1% FOB Mediterranean cargo
assessment was derived as a freight netback to the
1% CIF Mediterranean cargo assessment, using the
following assessments: 1% CIF Mediterranean cargoes:
$635-635.5/mt. Code PUAAJ00; Cross-Mediterranean
W135. Code TDAEA00; The average of the basket of
Worldscale flat-rates, calculated for 2013 at: $8.41/
mt. The 1% FOB Mediterranean cargo assessment was
derived as a freight netback to the 1% CIF Mediterranean
cargo assessment, using the following calculation: 1%
CIF Mediterranean cargoes minus $11.25/mt (crossMediterranean freight). 1% FOB Mediterranean cargoes:
$623.75-624.25/mt. Code PUAAK00.
code: PUAAK00
FO 3.5%S CIF Med Cargo assessment rationale: (PGA

page 1580) There were no HSFO cargo bids or offers
in the Platts Market on Close assessment process
Wednesday, leaving the previous trading sessions
$2.84/mt physical-to-swaps premium to be used for
the assessment. This flipped the Mediterranean/north
differential to a $1/mt premium from a previous minus
$0.75/mt. The narrower Med/north spread comes with a
relative weakening of the with FOB Rotterdam barges.
code: PUAAY00
FO 3.5%S FOB Med Cargo assessment rationale:

(PGA page 1580) The 3.5% FOB Mediterranean cargo
assessment was derived as a freight net-back to the

september 4, 2013
3.5% CIF Mediterranean cargo assessment, using

the following assessments: 3.5% CIF Mediterranean
cargoes: $609.5-610/mt. Code PUAAY00; Med-Med
W135 The average of the basket of Worldscale flatrates, calculated for 2013 at: $8.41/mt; The 3.5%
FOB Mediterranean cargo assessment was derived as
a freight net-back to the 3.5% CIF Mediterranean cargo
assessment, using the following calculation: 3.5%
CIF Mediterranean cargoes minus $11.25/mt (crossMediterranean freight).
code: PUAAZ00
Fuel Oil Barge bids/offers/trades: (PGA page 1593)

HSFO BARGE MOC: OUTSTANDING INTEREST:
OFFERS: BPBV Offer $597.50/mt for 2kt BE, KCEL
Offer $597.75/mt for 2kt BE, KCEL Offer $597.75/
mt for 2kt BE; LITASCO Offer $600.00/mt for 2kt
BE, LITASCO Offer $601.00/mt for 2kt BE; OWBNL
Offer $600.50/mt for 2kt BE, TOTSA Offer $599.00/
mt for 2kt BE; VITOL Offer $598.00/mt for 2kt BE,
KOCHSARL Offer $601.50/mt for 2kt FE; LITASCO
Offer $598.50/mt for 2kt FE, LITASCO Offer $598.25/
mt for 2kt FE; OWBNL Offer $601.50/mt for 2kt
FE, VITOL Offer $598.50/mt for 2kt FE; BPBV Offer
$599.00/mt for 2kt MW, KOCHSARL Offer $599.00/
mt for 2kt MW; KOCHSARL Offer $597.75/mt for
2kt MW, LITASCO Offer $599.00/mt for 2kt MW;
LITASCO Offer $600.00/mt for 2kt MW, OWBNL Offer
$600.50/mt for 2kt MW; VITOL Offer $598.00/mt for
2kt MW.
HSFO BARGE MOC: OUTSTANDING INTEREST: BIDS:
ARGBUNK Bid $595.00/mt for 2kt BE; BPBV Bid
$595.00/mt for 2kt BE, GUNVORSA Bid $596.00/
mt for 2kt BE, GUNVORSA Bid $596.75/mt for 2kt
BE, LITASCO Bid $595.00/mt for 2kt BE, LITASCO
Bid $596.00/mt for 2kt BE, OWBNL Bid $595.25/
mt for 2kt BE, WILJO Bid $595.00/mt for 2kt BE,
ARGBUNK Bid $597.50/mt for 2kt FE, GUNVORSA Bid
$595.00/mt for 2kt FE, GUNVORSA Bid $597.75/
mt for 2kt FE, KOCHSARL Bid $595.50/mt for 2kt
14
EUROPEAN MARKETSCAN
FE, LITASCO Bid $595.50/mt for 2kt FE, LITASCO Bid

$594.00/mt for 2kt FE, OWBNL Bid $595.75/mt for
2kt FE, WILJO Bid $595.00/mt for 2kt FE, ARGBUNK
Bid $596.00/mt for 2kt MW, BPBV Bid $595.00/mt
for 2kt MW, GUNVORSA Bid $597.25/mt for 2kt MW,
GUNVORSA Bid $596.00/mt for 2kt MW, KOCHSARL
Bid $595.00/mt for 2kt MW, LITASCO Bid $594.00/
mt for 2kt MW, LITASCO Bid $595.50/mt for 2kt
MW, OWBNL Bid $595.25/mt for 2kt MW, WILJO Bid
$595.00/mt for 2kt MW.
HSFO barge MOC deal summary: HSFO barge MOC
deal summary: 1)LITASCO-GUNVORSA, $597.75/mt,
2kt, FOB Rdam, FE, 2)OWBNL-GUNVORSA, $597.75/
mt, 2kt, FOB Rdam, FE 3)LITASCO-GUNVORSA,
$597.75/mt, 2kt, FOB Rdam, FE 4)LITASCOGUNVORSA, $597.75/mt, 2kt, FOB Rdam, FE 5)
LITASCO-GUNVORSA, $597.75/mt, 2kt, FOB Rdam, FE
6)LITASCO-KCEL, $597.75/mt, 2kt, FOB Rdam, FE 7)
LITASCO-KCEL, $597.75/mt, 2kt, FOB Rdam, FE 8)
LITASCO-GUNVORSA, $597.75/mt, 2kt, FOB Rdam, FE
9)LITASCO-GUNVORSA, $597.75/mt, 2kt, FOB Rdam,
FE 10)LITASCO-GUNVORSA, $597.75/mt, 2kt, FOB
Rdam, FE 11)LITASCO-GUNVORSA, $597.75/mt, 2kt,
FOB Rdam, FE 12)VITOL-GUNVORSA, $598/mt, 2kt,
FOB Rdam, FE 13)VITOL-MERCURIASA, $598/mt, 2kt,
FOB Rdam, FE 14)BPBV-GUNVORSA, $597.25/mt, 2kt,
FOB Rdam, MW 15)VITOL-KOCHSARL, $598/mt, 2kt,
FOB Rdam, FE 16)VITOL-KOCHSARL, $598/mt, 2kt,
FOB Rdam, FE 17)LITASCO-KCEL, $597.75/mt, 2kt,
FOB Rdam, FE 18)LITASCO-KCEL, $597.75/mt, 2kt,
FOB Rdam, FE 19)LITASCO-GUNVORSA, $597.75/mt,
2kt, FOB Rdam, FE 20)TOTSA-GUNVORSA, $597.75/
mt, 2kt, FOB Rdam, FE 21)VITOL-BPBV, $598/mt, 2kt,
FOB Rdam, FE 22)LITASCO-GUNVORSA, $597.75/mt,
2kt, FOB Rdam, FE 23)VITOL-GUNVORSA, $597.5/mt,
2kt, FOB Rdam, MW 24)KCEL-GUNVORSA, $597.25/
mt, 2kt, FOB Rdam, BE 25)VITOL-MERCURIASA, $598/
mt, 2kt, FOB Rdam, FE 26)VITOL-BPBV, $598/mt,
2kt, FOB Rdam, FE 27)VITOL-BPBV, $598/mt, 2kt,
FOB Rdam, FE, 28)KOCHSARL-MERCURIASA, $597/
mt, 2kt, FOB Rdam, BE 29)KOCHSARL-GUNVORSA,
$597.25/mt, 2kt, FOB Rdam, BE 30)KOCHSARL-
GUNVORSA, $597/mt, 2kt, FOB Rdam, BE 31)VITOLGUNVORSA, $597.5/mt, 2kt, FOB Rdam, MW 32)
BPBV-MERCURIASA, $597/mt, 2kt, FOB Rdam, BE 33)
KOCHSARL-GUNVORSA, $597.25/mt, 2kt, FOB Rdam,
BE 34)VITOL-ARGBUNK, $597.5/mt, 2kt, FOB Rdam,
MW 35)KOCHSARL-MERCURIASA, $597/mt, 2kt, FOB
Rdam, BE 36)KCEL-GUNVORSA, $597.5/mt, 2kt,
FOB Rdam, BE 37)VITOL-ARGBUNK, $598/mt, 2kt,
FOB Rdam, FE 38)KCEL-GUNVORSA, $597.5/mt, 2kt,
FOB Rdam, BE 39)LITASCO-BPBV, $598/mt, 2kt, FOB
Rdam, FE 40)LITASCO-GUNVORSA, $598.25/mt, 2kt,
FOB Rdam, FE 41)VITOL-GUNVORSA, $598/mt, 2kt,
FOB Rdam, FE 42)KOCHSARL-GUNVORSA, $597/mt,
2kt, FOB Rdam, BE.
LSFO BARGE MOC: OUTSTANDING INTEREST: OFFERS:
BPBV Offer $619.00/mt for 1kt BE.
LSFO BARGE MOC: OUTSTANDING INTEREST:
BIDS: OWBNL Bid $611.00/mt for 1kt BE; NUO Bid
$618.00/mt for 1kt BE, NUO Bid $616.00/mt for
2kt BE, WILJO Bid $616.00/mt for 2kt BE, AEGEAN
Bid $613.25/mt for 3kt FE, OWBNL Bid $611.00/mt
for 1kt FE, NUO Bid $610.00/mt for 1kt FE, NUO Bid
$611.00/mt for 2kt FE, WILJO Bid $616.00/mt for
2kt FE, OWBNL Bid $611.00/mt for 1kt MW, NUO Bid
$618.00/mt for 2kt MW, NUO Bid $616.00/mt for 1kt
MW, WILJO Bid $616.00/mt for 2kt MW.
LSFO barge MOC deal summary: LSFO barge MOC deal
summary: 1)BPBV-STR, $619/mt, 1kt, FOB Rdam,
FE, 2)BPBV-STR, $619/mt, 1kt, FOB Rdam, MW, 3)
BPBV-STR, $619/mt, 1kt, FOB Rdam, FE, 4)BPBVVITOL, $619/mt, 1kt, FOB Rdam, MW, 5)BPBV-VITOL,
$619/mt, 1kt, FOB Rdam, FE 6)BPBV-STR, $619/mt,
1kt, FOB Rdam, FE, 7)BPBV-STR, $619/mt, 1kt, FOB
Rdam, MW, 8)BPBV-STR, $619/mt, 1kt, FOB Rdam,
FE, 9)BPBV-STR, $619/mt, 1kt, FOB Rdam, MW.
Fuel Oil Barge exclusions: (PGA page 1593) There were
no exclusions in the September 4 Northwest European
fuel oil barge assessment process.
Fuel Oil NWE Cargo bids/offers/trades: (PGA page 1589)
LSFO NWE CARGO MOC: OUTSTANDING INTEREST:
september 4, 2013
TOTSA offer Platts LSFO NWE Crg FOB bss Antwerp

September 18-22; 1% FOB NWE cargoes Half Mnth
H2 Sep $-0.50 for 25000-25000.; Optol: 0-5kt in
buyers options pricing as per main volume differential
with 3 quotes after b/l. EU Qualified, RMG 2010 with
1% sulphur max.; BP offer Platts LSFO NWE Crg FOB
bss Antwerp September 20-24; 1% FOB NWE cargoes
BalMnth Next Day $-2.00 for 25000-25000.; Optol:
0-5kt: (pricing 3 quotes after BL) differential as per
main volume. Spec: 1.00% sulf/0.991 dens/500cst
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.
LSFO NWE CARGO MOC: DEAL SUMMARY: none
Fuel Oil NWE Cargo exclusions: (PGA page 1589) No
market data was excluded from the September 4
Northwest European LSFO cargo assessment process.
Fuel Oil Mediterranean bids/offers/trades: (PGA page 1581)
HSFO MED CARGO MOC: DEAL SUMMARY: No deals.
HSFO MED CARGO MOC: OUTSTANDING INTEREST:
None.
LSFO MED CARGO MOC: DEAL SUMMARY: No deals.
LSFO MED CARGO MOC: OUTSTANDING INTEREST:
None.
Fuel Oil Mediterranean exclusions: (PGA page 1581)
No market data was excluded from the September 04
Mediterranean fuel oil cargo assessment process.
VGO
(PGA page 1597)
In the Northwest European vacuum gasoil market

Wednesday, low sulfur VGO cargoes were assessed
against November Brent crude futures at plus $2.85/b,
down $0.05/b from Tuesday. Sources said the picture
in Europe was getting weaker as soft US demand was
pressuring on LSVGO differentials, and Europe was
already oversupplied. Both [LSVGO and HSVGO] are
pretty under pressure right now...US demand is very very
slow...I have the impression that with this [US] shale oil
15
EUROPEAN MARKETSCAN
local supply, feeds have to be even more competitive

versus crude processing, a source said. In tender
news, Ivory Coasts Societe Ivoirienne de Raffinage
issued a LSVGO sell tender for 30,000 mt of low sulfur
vacuum gasoil with metals content of 2ppm FOB Abidjan
Terminal for late-September loading. Sources said the
tender closed Wednesday with results expected by the
end of the week. In fixtures, sources said the Panamax
Cape Troy was placed on subjects on a Northwest
Europe to the US Gulf Coast route for September 11
loading, while the Anichkov Bridge carrying a 44,000 mt
VGO cargo was fixed on a Malmo to Northwest Europe
route at Worldscale 120 for September 7 loading.
VGO deals
(PGA page 5)
No trades reported.
North Sea crude

Market analysis: (PGA page 1299) The North Sea crude
oil market remained close to selling out completely
Wednesday, with the fresh North Sea programs due out
Friday. Traders said that attention was now focused
on Forties, with most other grades now having traded
for September. The sweet market is obviously doing
very well, one trader said. Forties is now the last
half-sweet barrel left to trade. Another trader said:
The Forties market has remained active with Shell
selling Forties cargoes. The loss of cargoes from
the end of the month has definitely had an impact.
Ongoing deferrals are starting to become a recurring
issue. Traders in the North Sea were discussing the
possibility of refiners switching from more expensive
sweet grades to sourer crude such as Urals. However,
this was constrained by individual refining systems and
planning crude purchases. The sweet to sour switch
is not really something you can do on a single cargo
basis, a refiner said. You really need to plan ahead
quite a bit, and the feasibility will vary from refiner to
refiner. Its certainly something that people are talking
about though. Despite an unusually wide spread
between sweet and sour differentials in Europe, traders

also said that margins were poor for both sweet and
sour grades. Certainly sweet margins have fallen away
a bit, a trader said. Its all due to the strength in
Dated Brent and in the grades. You cant replace these
grades with crude from outside the region either, as it
is all quite expensive. Another trader said: Refining
margins for both sweet and sour crudes are both poor.
Sour is even worse than sweet, as naphtha is holding
up while the fuel oil crack has dropped sharply. With
refinery maintenance now fast approaching, traders said
that some refiners could continue to run at high levels.
Margins are not great, one trader said. However,
we are currently in a low stock environment, [even
though it is also] a low crude supply environment, and
turnarounds are coming up soon. A second trader said
that the effect of refinery turnaround season was so far
limited in NWE. Most European refinery maintenance
will be starting only in the second half of September,
he said. It is coming up but not here yet. Traders were
also debating the impact of refinery turnarounds across
Europe on crude oil supply. Urals is currently cheap
because of Russian refinery turnarounds, a refiner said.
The question is whether it will change once the refinery
maintenance is over. Urals exports have been down a lot
recently, so value is currently all about what European
refinery turnarounds will do. Meanwhile, there was one
cargo for which Wednesday was the final day of eligibility
for nomination into the 25-day nomination procedure.
However, no cargoes were heard entered over the course
of the day.
Dated Brent assessment rationale: (PGA page 1297) Two
of the four BFOE grades were seen in the Platts Market
on Close assessment process Wednesday. Forties
was the most competitive grade for September 14-27,
while Brent/Ninian Blend was the most competitive for
September 29. The two grades were jointly the most
competitive for September 28. In the Forties market,
Shell was offering a cargo loading September 17-19
at November Cash BFOE plus $2.00/barrel without
attracting buying interest. The midpoint of the offer was
september 4, 2013
equivalent to Dated Brent plus $0.305/b and average

value for the three days was assessed $0.005/b below
this level. The assessment for each of the three days
was also below the equivalent offer level for each day.
Gunvor was bidding for a cargo loading September
23-27 at Dated Brent plus $0.75/b without attracting
selling interest. Value for September 23 was assessed
immediately above this bid at Dated Brent plus $0.76/b.
In the BNB market, Mercuria was bidding for a cargo
loading September 28-30 at Dated Brent plus $1.05/b.
Value for September 28 was assessed immediately
above this, at Dated Brent plus $1.06/b, with the
market assessed in a mild differential contango.
code: PCAAS00
BFOE assessment rationale: (PGA page 1297) November

Cash BFOE was assessed at $113.69/barrel, in line
with the only trade seen in the MOC, from a bid which
traded five seconds from the close. There were no
outstanding bids or offers. Despite a subsequent rise in
November ICE Brent Futures, no repeat buying interest
was seen for the November contract, suggesting value
had not risen by the close. October was assessed at
$115.49/b, in line with an October/November EFP
roll of minus $0.01/b and an October/November ICE
Brent spread of $1.81/b. This was also above an
outstanding bid at $115.29/b. December was assessed
at $112.17/b, in line with a November/December ICE
Brent spread of $1.52/b and a flat November/December
EFP roll.
codes: PCAAP00, PCAAQ00, PCAAR00
CFD assessment rationale: (PGA page 1297) The

September 23-27 CFD was assessed at November
plus $1.35/b, in line with four trades, the last three
of which were from offers, demonstrating convergence.
Before the three trades from offers at $1.35/b, the
contract was offered at that level while September 16-20
was trading at November plus $1.50/b. With value for
September 23-27 judged to have strengthened again
16
EUROPEAN MARKETSCAN
at the close to November plus $1.35/b, September

16-20 was assessed at November plus $1.51/
barrel, above four trades seen in the MOC from offers
but below an outstanding offer at November plus
$1.60/b. These two assessments implied a CFD roll of
$0.16/b, below an outstanding offer for the same roll
of $0.25/b. September 30-October 4 was assessed
at November plus $1.07/b, in line with a September
23-27/September 30-October 4 CFD roll heard during
the day at $0.28/b. This was also below an outstanding
offer for September 30-October 4 at November plus
$1.10/b. September 9-13 was assessed at November
plus $1.94/b, in line with a September 9-13/September
16-20 CFD roll trade of $0.43/b from a bid, and
above an outstanding bid for the roll of $0.40/b. An
outstanding September 19-25 CFD bid of November plus
$1.50/b was normalized due to being a non-standard
instrument.
codes: PCAKA00, PCAKC00, PCAKE00, PCAKG00, AAGLU00,
AAGLV00, AALCZ00, AALDA00
North Sea bids/offers/trades: (PGA page 1290)

NSEA CRUDE MOC: DEAL SUMMARY: No deals.
NSEA CRUDE MOC: OUTSTANDING INTEREST: Shell
offers Forties Sep 17-19 Nov Cash BFOE +200 cts;
Mercuria bids BNB Sep 28-30 Dtd +105 cts; Mercuria
bids Forties Sep 23-25 Dtd +70 cts; Gunvor bids
Forties Sep 23-27 Dtd +75 cts.
NSEA CRUDE MOC: WITHDRAWN: None.
BFOE CFD MOC: DEAL SUMMARY: Shell-Mercuria
Sep 19-25 CFD Nov +145 cts; Sep 23-27 Nov +1.35
x100 Hetco-Phillips66; Sep 16-20 Nov +1.5 x100
Shell-Mercuria; Sep 16-20 Nov +1.5 x100 Shell-BP;
Sep 16-20 Nov +1.5 x100 Shell-BP; Sep 16-20 Nov

+1.5 x100 Shell-Phillips66; Sep 23-27 Nov +1.35
x100 Shell-Gunvor; Sep 23-27 Nov +1.35 x100 ShellMercuria; Sep 23-27 Nov +1.35 x100 Shell-Gunvor;
Sep 9-13/Sep 16-20 +0.43 x100 Total-Mercuria.
BFOE CFD MOC: OUTSTANDING INTEREST: Sep 16-20
(Nov): Total offers 1.60; Standard Chartered offers
1.65; Sep 23-27 (Nov): Gunvor bids 1.30; Mercuria
bids 1.30; Phillips66 bids 1.30; Standard Chartered
bids 1.25; ENI offers 1.40; Total offers 1.45; Sep
30-Oct 4 (Nov): Standard Chartered offers 1.10; Total
offers 1.15; Sep 9-13/Sep 16-20: Mercuria bids 0.40;
Sep 16-20/Sep 23-27: Mercuria offers 0.25; Sep
19-25 (Nov): Mercuria bids +1.50.
CASH BFOE: MOC DEAL SUMMARY: Nov 113.69 x100
Shell-Total.
CASH BFOE MOC: OUTSTANDING INTEREST: Oct:
Hetco bids 115.27.
North Sea exclusions: (PGA page 1290) No market
data was excluded from the Sep 4 North Sea crude
assessment process.
LSSR
Market analysis: (PGA page 1598) In the Northwest
Europe low sulfur straight run market, differentials
against ICE November Brent futures fell $0.05/b to
minus $3.35/barrel Wednesday as activity stayed on the
low side. LSSR differentials against Brent crude futures
have fallen sharply this week as fundamentals remained
very weak. While sources had said a lack of LSSR from
Libyas Ras Lanuf could support the market, supplies
have stayed on the high side because of weak demand.
september 4, 2013
Some support was provided by a stronger picture on

LSSR, with Libya missing. But I think an offer this week
proved that there was no real tightness on that front.
Also weighing on the market were reports that refiners
were looking to buy more VGO instead of LSSR as the
latters values have weakened considerably in the past
month.
Straight Run 0.5-0.7%S FOB NWE cargo assessment
rationale: (PGA page 1584) The outright FOB NWE LSSR
0.5-0.7% barge value was assessed at $746 mt
Wednesday, up from $744 mt the previous day. The
outright price rose despite a fall in the FOB NWE LSSR
differentials against the November ICE Brent crude
contract, as crude futures rose slightly. The FOB NWE
LSSR cargoes were assessed down $0.05/barrel day
on day against the November ICE Brent crude contract
at a minus $3.35/b differential as demand continued to
be very weak, and a declining LSVGO complex was also
putting pressure on values. November 16:30 ICE Brent
crude was assessed at $113.52/b Wednesday, from
$113.20/b on Tuesday. The outright LSSR price was
derived using the dollars per barrel to metric per tonne
conversion factor of 6.77 for LSSR.
code: PKABA00
LSSR 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 September 4 Northwest European
LSSR cargo assessment process.
17
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and network codes
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Platts European Market Scan 040913

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[OIL ]

Volume 45 / Issue 171 / September 4, 2013

(PGA page 1114)

Northwest Europe cargoes

(PGA page 1110)

(PGA page 703)

Low Sulfur Gasoil

ICE gasoil settlements

(PGA page 702)

Low Sulfur Gasoil

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

ICE gasoil GWAVE (Previous days values)

(PGA page 702)

(PGA page 1112)

Platts ICE 1630 London assessments*

ULSD 10ppm barge crack swap ($)

NYMEX futures (16:30 London time)

(PGA page 703)

NYMEX heating oil

(PGA page 703)

NYMEX RBOB (unleaded gasoline)

(PGA page 724)

Crude futures were holding an earlier move to the

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

(PGA page 1120)

*Naphtha FOB Med is basis East Med

Northwest Europe cargoes

Northwest Europe barges

(PGA page 1118)

(PGA page 1116)

Foreign exchange rates

(PGA page 1151)

main focus for the week will be on the release of the US

New York Harbor cargoes 16:30 London

European clean product barge freight rates

(PGT page 1918)

(PGT page 1918)

(PGT page 1918)

very long. Another source said a selling tender

(PGA page 1500)

As part of its continued commitment to market

Copyright 2013, McGraw Hill Financial

fuel microsite -- platts.com/jetfuel -- for those wishing to

Gasoline 10ppmS CIF NWE Cargo assessment

$987/mt on the Eurobob cracks reported by sources

Gasoline Prem Unleaded 10ppmS FOB Med Cargo

Gasoline Prem Unleaded 10ppmS CIF Med Cargo

Subscriber notes (cont.)

(PGA page 1500)

using the following assessments; FOB MED Cargoes:

Copyright 2013, McGraw Hill Financial

Gasoline Barge bids/offers/trades: (PGA page 1384)

Gasoline Barge exclusions: (PGA page 1384) No market

FOB Arab Gulf

Gasoline Cargo bids/offers/trades: (PGA page 1390)

Gasoline Cargo exclusions: (PGA page 1390) No market

CIF NWE cargo basis ARA

FOB NWE cargo

FOB Rotterdam barge

fell to minus $6.68/b from minus $6.05/b and the

market, said a trader. People are more in favor of LPG

source. According to another market participant, a

Naphtha Cargo bids/offers/trades: (PGA page 1387)

in most European systems supported a buyers market.