US MARKETSCAN

Volume 41 / Issue 213 / November 4, 2015

ATLANTIC COAST
Code Mid Change Code Code Mid Change Code
New York Harbor (PGA page 152)
Delivered cargo (/gal) RVP FOB barge RVP
Unleaded 87 AAMHG00 146.81146.91 146.860 -3.440 AAMHGRV 15.0 AAMIT00 145.80145.90 145.850 -3.450 AAMITRV 15.0
Unleaded 89 AAMIW00 151.47151.57 151.520 -3.550 AAMIWRV 15.0 AAMHJ00 150.46150.56 150.510 -3.550 AAMHJRV 15.0
Unleaded 93 AAMIZ00 158.47158.57 158.520 -3.690 AAMIZRV 15.0 AAMHM00 157.45157.55 157.500 -3.700 AAMHMRV 15.0
CBOB AAWBK00 144.95145.05 145.000 -5.050 AAWBKRV 15.0 AAWBL00 143.95144.05 144.000 -5.050 AAWBLRV 15.0
Prem CBOB AAWLD00 154.82154.92 154.870 -4.090 AAWLDRV 15.0 AAWLC00 153.80153.90 153.850 -4.100 AAWLCRV 15.0
Unleaded RBOB AAVKS00 145.15145.25 145.200 -4.400 AAVKSRV 15.0 AAMGV00 144.15144.25 144.200 -4.400 AAMGVRV 15.0
Premium RBOB AAVKT00 154.82154.92 154.870 -4.090 AAVKTRV 15.0 AAMGY00 153.80153.90 153.850 -4.100 AAMGYRV 15.0
ULS Kero AAVTI00 185.53185.63 185.580 -5.540
Low sulfur jet PJABJ00 157.03157.13 157.080 -5.540
Jet PJAAW00 145.78145.88 145.830 -5.540
ULSD AATGX00 148.53148.63 148.580 -6.290
No. 2 POAEG00 143.03143.13 143.080 -2.790
ULS Heating Oil AAXPX00 145.830 -5.790
FOB cargo ($/barrel) diff vs 1% strip
Fuel oil 1% AAWLG00 36.4536.47 36.460 -1.280 AAWLG20 0.110
Fuel oil RMG 380 AAWLF00 36.9136.93 36.920 -1.640 AAWLF20 0.570
Delivered cargo ($/barrel) diff vs 1% strip
No. 6 .3% HP PUAAE00 46.7546.77 46.760 -1.280 AAUGA00 10.410 PLATTS FUTURES ASSESSMENTS 3:15 PM ET*
No. 6 .3% LP PUAAB00 48.3548.37 48.360 -1.280 AAUGB00 12.010 2:30 PM ET Platts 3:15 PM ET 2:30 PM vs
No. 6 .7% PUAAH00 39.8039.82 39.810 -1.280 AAUGC00 3.460 Settlement Futures Assessment 3:15 PM Spread
No. 6 1% PUAAO00 37.2037.22 37.210 -1.280 AAUGD00 0.860
No. 6 2.2% PUAAU00 35.9836.00 35.990 -1.490 AAUGE00 -0.360
No. 6 3.0% PUAAX00 35.1635.18 35.170 -1.640 AAUGF00 -1.180 NYMEX Light Sweet Crude ($/barrel) (PGA page 701)
No. 6 1% strip AAUGG00 36.3436.36 36.350 -1.280 Dec AAWS001 46.32 NYCRM01 46.54 AAWD001 -0.22
Swaps Jan AAWS002 47.21 NYCRM02 47.43 AAWD002 -0.22
No.6 1% BalMo (Nov) AARZS00 36.3436.36 36.350 -1.250
Feb AAWS003 47.99 NYCRM03 48.21 AAWD003 -0.22
No.6 1% M1 (Dec) PUAXD00 36.3036.40 36.350 -1.450
No.6 1% M2 (Jan) PUAXF00 36.6536.75 36.700 -1.500 Mar AAWS004 48.69 NYCRM04 48.89 AAWD004 -0.20
No.6 1% Q1 ( Q1 16) PUAXG00 37.0537.15 37.100 -1.500
Cargo ex-duty* (/gal) duty+RINS** NYMEX RBOB (/gal) (PGA page 701)
Unl-87 AASAA00 140.95141.05 141.000 -3.500 AASAH00 5.860
Dec AARS001 139.19 NYRBM01 140.00 AARD001 -0.81
Unl-89 AASAB00 145.61145.71 145.660 -3.600 AASAI00 5.860
Unl-93 AASAC00 152.60152.70 152.650 -3.750 AASAJ00 5.870 Jan AARS002 137.83 NYRBM02 138.53 AARD002 -0.70
CBOB AASAD00 139.10139.20 139.150 -5.100 AASAK00 5.850 Feb AARS003 138.93 NYRBM03 139.64 AARD003 -0.71
Prem CBOB AASAE00 148.95149.05 149.000 -4.150 AASAL00 5.870
Unl RBOB AASAF00 139.30139.40 139.350 -4.450 AASAM00 5.850
NYMEX NY ULSD (/gal) (PGA page 701)
Prem RBOB AASAG00 148.95149.05 149.000 -4.150 AASAN00 5.870
120k barrel fuel oil barge rate ($/barrel) Dec AAHS001 150.35 NYHOM01 151.08 AAHD001 -0.73
NYH-Boston AASTV00 2.300 Jan AAHS002 152.84 NYHOM02 153.50 AAHD002 -0.66
NYH-Philadelphia AASTX00 2.200 Feb AAHS003 154.69 NYHOM03 155.28 AAHD003 -0.59
NYH-Baltimore AASTW00 1.950 * These assessments reflect prevailing futures value exactly at 3:15 pm
*These assessments reflect gasoline cargoes sold on a delivered, ex-duty basis New York, excluding import duty, import taxes/fees, and Renewable Identification Number ET. However, on the business day preceding the following holidays, these
(RINS) credits. **These assessments reflect import duty, import fees, and the value of RINS credits for a gasoline cargo sold into New York Harbor. The RINS value is derived assessments reflect the value of futures at precisely 1:30 pm ET: Christmas Day,
from Platts assessments of 2013 calendar-year RINS. New Years Day, Fourth of July, and Thanksgiving Day.

www.platts.com OIL
US MARKETSCAN NOVEMBER 4, 2015
MARKET COMMENTARY
US Gasoline
Market analysis: (PGA page 399) The Gulf Coast gasoline
market was very choppy Wednesday, with the market
changing directions at least twice during the day. Early
Wednesday trading saw downward pressure in the market,
with both CBOB and conventional gasoline values dropping.
[Its a] volatile morning, falling hard, a Gulf Coast gasoline
brokering source said. The market appeared unfazed by a US
Energy Information Administration report showing Gulf Coast
gasoline stocks had dropped 2.31 million barrels to 73.64
million barrels in the previous week, which would generally
be interpreted as supportive for the market. Later in the
morning, the market reversed direction, shooting higher than
the early morning levels before losing steam in the afternoon.
Nowhere was the volatility in the market more visible than in
the Platts Market on Close assessment process. CBOB with
13.5 RVP (A4) opened trading with a deal at the NYMEX
December RBOB futures contract plus 0.50 cent/gal, traded
up to plus 1.25 cents/gal before dropping back to trade at
plus 0.75 cent/gal. A final A4 trade at plus 1.50 cents/gal was
considered not to have tested market value incrementally,
and as such A4 was assessed Wednesday at plus 0.75 cents/
gal. This assessment reflected an offer by Rolympus at plus 1
cent/gal, which was left standing at the close. Atlantic Coast
RBOB prices fell 4.40 cents/gal to $1.4420/gal as the NYMEX
December RBOB contract fell abruptly. Differentials rose 30
points to plus 4.2 cents/gal, but that was not enough to
offset the decline in the NYMEX December RBOB contract.
The differential for CBOB on the Atlantic Coast fell 35 points
to NYMEX December RBOB plus 4 cents/gal. Differentials
slipped in part because the intense front-end buying interest
seen earlier this week eased on Wednesday. Imports of
gasoline into the US Atlantic Coast fell 299,000 b/d to
274,000 b/d for the week ended Friday, the EIA reported
Wednesday. Total imports of gasoline into the region was the
lowest since the week ended February 21, 2014. The decline
in regional imports has helped pull down gasoline stocks on
the Atlantic Coast, which slid 1.6 million barrels to 60.9 million
barrels. Despite the weekly decline, regional gasoline stocks
Copyright 2015 McGraw Hill Financial 2
ATLANTIC COAST
Code Mid Change Code
Boston (PGA page 152)
Cargo (/gal)
Unleaded RBOB AAVPV00 147.40147.50 147.450 -4.400
($/barrel)
No. 6 2.2% PUAWN00 36.8336.85 36.840 -1.490
CPL Linden* (PGA page 410)
(/gal) Cycle
Jet kero 54 AAXPV00 145.830 -5.540 AAXPVCY 59
ULS Heating Oil AAXPU00 147.080 -4.540 AAXPUCY 58
ULSD AAXPW00 149.830 -5.040 AAXPWCY 59
*Assessments reflect shipments on the next full pipeline cycle after the prompt cycle.
Buckeye Pipeline (PGA page 154)
(/gal) RVP
CBOB AAPSY00 143.95144.05 144.000 -5.050 AAPSYRV 15.0
CBOB Prem AAPSZ00 153.80153.90 153.850 -4.100 AAPSZRV 15.0
Unleaded RBOB AAMHB00 144.15144.25 144.200 -4.400 AAMHBRV 15.0
Premium RBOB AAMHZ00 153.80153.90 153.850 -4.100 AAMHZRV 15.0
Jet fuel AAJNL00 145.78145.88 145.830 -5.540
Low sulfur jet/kerosene AAJNN00 157.03157.13 157.080 -5.540
ULSD AATHF00 148.53148.63 148.580 -6.290
No.2 AAJNP00 143.03143.13 143.080 -2.790
Buckeye Pipeline Ratables (PGA page 310)
(/gal) RVP
RBOB AAVSS00 139.78139.88 139.830 -5.960 AAVSSRV 15.0
CBOB AAVSR00 139.58139.68 139.630 -6.610 AAVSRRV 15.0
Laurel Pipeline (PGA page 154)
(/gal) RVP
RBOB AASSM00 144.80144.90 144.850 -4.400 AASSMRV 15.0
Premium RBOB AASSN00 154.45154.55 154.500 -4.100 AASSNRV 15.0
CBOB AAUAS00 144.60144.70 144.650 -5.050 AAUASRV 15.0
Premium CBOB AAUAT00 154.45154.55 154.500 -4.100 AAUATRV 15.0
are 9.7 million barrels above last year and 8.1 million barrels to be impacted by the news. Los Angeles CARBOB dropped
above the five-year average for this time of year, according 4.25 cents to NYMEX plus 32.50 cents/gal on the basis of a
to EIA data. On the West Coast, Tesoro informed customers trade heard late in an otherwise quiet trading day. If its a
late Tuesday that refined products were unavailable at its rack issue, no big deal, a West Coast gasoline trader said of
Wilmington, California, rack. Due to unplanned maintenance, the Tesoro problem. If a unit went down, [it] could be a
all products are unavailable at Wilmington until further bigger deal. In the Midwest, gasoline prices remained mostly
notice, Tesoro said in a customer notice obtained by Platts. steady Wednesday as the EIA reported gasoline inventories
The companys Los Angeles complex consists of the 251,000 in the region rose 664,000 barrels to 45.84 million barrels for
b/d Carson refinery and the 104,500 b/d Wilmington refinery, the week ending October 30. The EIA said RBOB stocks rose
operated in conjunction as the largest refinery on the West 477,000 barrels to 5.87 million barrels. RBOB was assessed at
Coast. Tesoro did not reply to a request for comment. NYMEX plus 19.50 cents/gal, down 1.75 cents from Tuesday.
Wednesdays Los Angeles CARBOB spot market did not seem
(continued on page 3)
US MARKETSCAN NOVEMBER 4, 2015

GULF COAST
Code Mid Change Code Code Mid Change Code Code
Houston (PGA page 156)
Waterborne (/gal) RVP Prompt Pipeline Cycle RVP
Unleaded 87 PGACU00 138.45138.55 138.500 -6.200 PGACURV 13.5 PGACT00 139.70139.80 139.750 -6.200 PGACTCY 63 PGACTRV 13.5
Unleaded 89 PGAAZ00 148.25148.35 148.300 -6.200 PGAAZRV 13.5 PGAAY00 149.50149.60 149.550 -6.200 PGAAYCY 63 PGAAYRV 13.5
Unleaded 93 PGAIX00 162.95163.05 163.000 -6.200 PGAIXRV 13.5 PGAJB00 164.20164.30 164.250 -6.200 PGAJBCY 63 PGAJBRV 13.5
CBOB 87 AAWES00 139.45139.55 139.500 -4.950 AAWESRV 13.5 AARQU00 140.70140.80 140.750 -4.950 AARQUCY 63 AARQURV 13.5
CBOB 93 AARQV00 164.20164.30 164.250 -4.950 AARQVCY 63 AARQVRV 13.5
RBOB 83.7 AAMFB00 142.70142.80 142.750 -5.450 AAMFBCY 63 AAMFBRV 13.5
RBOB 91.4 AAMNG00 165.20165.30 165.250 -5.450 AAMNGCY 63 AAMNGRV 13.5
Jet 54 PJABM00 144.03144.13 144.080 -5.790 PJABO00 142.28142.38 142.330 -5.790 PJABOCY 62
Jet 55 PJABN00 146.03146.13 146.080 -5.790 PJABP00 144.28144.38 144.330 -5.790 PJABPCY 62
ULS Kero AAVTK00 154.03154.13 154.080 -5.790 AAVTL00 152.28152.38 152.330 -5.790 AAVTLCY 62
Ultra low sulfur diesel AATGZ00 148.38148.48 148.430 -8.940 AATGY00 145.13145.23 145.180 -8.440 AATGYCY 62
No. 2 POAEE00 142.53142.63 142.580 -6.790 POAED00 138.28138.38 138.330 -6.790 POAEDCY 61
ULS Heating Oil AAXFD00 142.13142.23 142.180 -8.440 AAXFDCY 62
Colonial Pipeline Gasoline Line Space
Line 1 AAXTA00 -1.750 -0.500 AAXTACY 63
Line 3 AAXTB00 0.000 NANA AAXTBCY 63
Line 1+3 AAXTC00 -1.750 -0.500 AAXTCCY 63
Colonial Pipeline Distillates Line Space
Line 2 AAXTD00 -1.250 -2.000 AAXTDCY 62
Line 3 AAXTE00 0.000 NANA AAXTECY 62
Line 2+3 AAXTG00 -1.250 -2.000 AAXTGCY 62
($/barrel) diff vs 3% strip
Slurry Oil PPAPW00 36.6936.71 36.700 -1.340 AAUGS00 2.300
No. 6 1% 6API min PUAAI00 34.9434.96 34.950 -1.340 AAUGT00 0.550
No. 6 3% PUAFZ00 34.4434.46 34.450 -1.340 AAUGU00 0.050
RMG 380 PUBDM00 35.7935.81 35.800 -1.340 AAUGV00 1.400
No. 6 3% strip AAUGW00 34.3934.41 34.400 -1.640
Swaps
No.6 3% BalMo (Nov) AARZT00 34.4434.46 34.450 -1.650
No.6 3% M1 (Dec) PUAXJ00 35.1035.20 35.150 -1.650
No.6 3% M2 (Jan) PUAXL00 35.2535.35 35.300 -1.650
No.6 3% Q1 ( Q1 16) PUAXN00 35.8235.92 35.870 -1.630
FOB Cargo (/gal) FOB Cargo ($/mt)
Export ULSD AAXRV00 141.510
-5.390 AAXRW00 442.785 -16.855
Note: Platts line space assessments reflect the physical trade of gasoline or distillates at two locations agreed upon by the parties along the Colonial Pipeline between Pasadena, Texas, and Linden, New Jersey. The assessments represent the premium or
discount paid by a buyer while taking refined product off the line at one location while giving product to the seller at another.

CBOB stocks fell 325,000 barrels to 26 million barrels. Platts
assessed CBOB at NYMEX plus 15 cents/gal, up 75 points
from Tuesday.. Chicago P91 held steady at NYMEX plus 44.25,
as did PBOB at NYMEX plus 74.25. The cash differential for
Group 3 suboctane, the region?s most liquid grade, remained
unchanged at NYMEX plus 5.75 cents/gal. Also unchanged
was Group 3 premium suboctane, at a 21.50 cents/gal
premium to suboctane.
Gasoline Unl 87 Chicago Pipe assessment rationale: (PGA
page 388) Platts assessed 13.5 RVP Chicago unleaded
gasoline at a 1-cent premium to Chicago CBOB Wednesday.
The Chicago CBOB assessment was based on a trade at the
NYMEX December RBOB futures contract plus 15 cents/gal
heard during the day.
The above commentary applies to the following market data code:
PGACR00
Gasoline Prem Unl 91 Group 3 Pipeline assessment rationale:
(PGA page 388) Platts assessed 13.5 RVP A-grade premium
gasoline for Group 3 based on a 21.50-cent premium to Group
3 V-grade suboctane Wednesday. Platts assessed 13.5 RVP
V-grade suboctane for Group 3 based on a trade at the NYMEX
December RBOB futures contract plus 5.50 cents/gal and a
subsequent bid of plus 5.50 cents/gal heard during the day.
The above commentary applies to the following market data code:
PGABD00

Copyright 2015 McGraw Hill Financial 3

US MARKETSCAN NOVEMBER 4, 2015

Gasoline Unl Sub Octane Group 3 Pipeline: (PGA page 388)
Platts on Wednesday assessed 13.5 RVP V-grade suboctane
for Group 3 based on a trade at the NYMEX December RBOB
futures contract plus 5.50 cents/gal and a subsequent bid
of plus 5.50 cents/gal heard during the day.
The above commentary applies to the following market data code:
AAXIX00
Gasoline Unl 87 USGC Prompt Pipeline assessment
rationale: (PGA page 384) Platts assessed Wednesday
pipeline-delivered 13.5 RVP conventional gasoline (M4)
based on Kochs offer for 25,000 barrels of M4 at the same
level as the NYMEX December RBOB futures contract.
The above commentary applies to the following market data code:
PGACT00
Gasoline CBOB 87 USGC Houston Prompt Pipeline
assessment rationale: (PGA page 384) Platts assessed
Wednesday pipeline-delivered 13.5 RVP CBOB (A4) based on
three separate, 25,000-barrel trades for A4 at the NYMEX
December RBOB futures contract plus 0.75 cent/gal.
The above commentary applies to the following market data code:
AARQU00
NYMEX RBOB at Houston MOC Mo01 assessment
rationale: (PGA page 377) Platts assessed the NYMEX
December RBOB futures contract at 3:15 pm EST (2015
GMT) Wednesday based on the last trade at $1.4000/gal.
The above commentary applies to the following market data code:
GULF COAST (continued)
Code Mid Code Code
Houston extended pipeline cycle assessments (PGA page 156)
Pipeline Cycle RVP
Unleaded 87 Front Cycle 1 AAELC00 139.70139.80 139.750 AAELCCY 63 AAELCRV 13.5
Unleaded 87 Front Cycle 2 AAELD00 137.20137.30 137.250 AAELDCY 64 AAELDRV 13.5
Unleaded 87 Front Cycle 3 AAELE00 134.70134.80 134.750 AAELECY 65 AAELERV 13.5
Unleaded 87 Front Cycle 4 AAELF00 132.20132.30 132.250 AAELFCY 66 AAELFRV 13.5
Unleaded 87 Front Cycle 5 AAELG00 131.45131.55 131.500 AAELGCY 67 AAELGRV 13.5
Unleaded 87 Front Cycle 6 AAELH00 130.70130.80 130.750 AAELHCY 68 AAELHRV 13.5
Premium 93 Front Cycle 1 AAELI00 164.20164.30 164.250 AAELICY 63 AAELIRV 13.5
Premium 93 Front Cycle 2 AAELJ00 161.70161.80 161.750 AAELJCY 64 AAELJRV 13.5
Premium 93 Front Cycle 3 AAELK00 159.20159.30 159.250 AAELKCY 65 AAELKRV 13.5
Premium 93 Front Cycle 4 AAELL00 156.70156.80 156.750 AAELLCY 66 AAELLRV 13.5
Premium 93 Front Cycle 5 AAELM00 155.95156.05 156.000 AAELMCY 67 AAELMRV 13.5
Premium 93 Front Cycle 6 AAELN00 155.20155.30 155.250 AAELNCY 68 AAELNRV 13.5
Jet kerosene Front Cycle 1 AAELQ00 142.28142.38 142.330 AAELQCY 62
Jet kerosene Front Cycle 2 AAELR00 141.03141.13 141.080 AAELRCY 63
Jet kerosene Front Cycle 3 AAELS00 139.78139.88 139.830 AAELSCY 64
Jet kerosene Front Cycle 4 AAELT00 138.53138.63 138.580 AAELTCY 65
Jet kerosene Front Cycle 5 AAELU00 137.28137.38 137.330 AAELUCY 66
Jet kerosene Front Cycle 6 AAELV00 136.20136.30 136.250 AAELVCY 67
Ultra LS diesel Front Cycle 1 AAUJV00 145.13145.23 145.180 AAUJVCY 62
Ultra LS diesel Front Cycle 2 AAUJW00 144.38144.48 144.430 AAUJWCY 63
Ultra LS diesel Front Cycle 3 AAUJX00 143.63143.73 143.680 AAUJXCY 64
Ultra LS diesel Front Cycle 4 AAUJY00 142.88142.98 142.930 AAUJYCY 65
Ultra LS diesel Front Cycle 5 AAUJZ00 142.13142.23 142.180 AAUJZCY 66
Ultra LS diesel Front Cycle 6 AAUKD00 141.45141.55 141.500 AAUKDCY 67
No. 2 Front Cycle 1 AAELW00 138.28138.38 138.330 AAELWCY 61
No. 2 Front Cycle 2 AAELX00 137.03137.13 137.080 AAELXCY 62
No. 2 Front Cycle 3 AAELZ00 135.78135.88 135.830 AAELZCY 63
No. 2 Front Cycle 4 AAEMA00 134.53134.63 134.580 AAEMACY 64
No. 2 Front Cycle 5 AAEMB00 133.28133.38 133.330 AAEMBCY 65
No. 2 Front Cycle 6 AAEMC00 132.03132.13 132.080 AAEMCCY 66
ULS Heating Oil Front Cycle 1 AAXFJ00 142.13142.23 142.180 AAXFJCY 62
ULS Heating Oil Front Cycle 2 AAXFK00 141.63141.73 141.680 AAXFKCY 63
ULS Heating Oil Front Cycle 3 AAXFL00 141.13141.23 141.180 AAXFLCY 64
ULS Heating Oil Front Cycle 4 AAXFM00 140.63140.73 140.680 AAXFMCY 65
ULS Heating Oil Front Cycle 5 AAXFN00 140.13140.23 140.180 AAXFNCY 66
ULS Heating Oil Front Cycle 6 AAXFP00 139.65139.75 139.700 AAXFPCY 67

NYRBM01 Please note: Front Cycle 1 was formerly described as prompt front; Front Cycle 2 was formerly described as prompt back; Front Cycle 3 was formerly described as next
front; Front Cycle 4 was formerly described as next back; Front Cycle 5 was formerly described as after front; Front Cycle 6 was formerly described as after back

NYMEX RBOB at Houston MOC Mo02 assessment

rationale: (PGA page 377) Platts assessed the NYMEX
January RBOB futures contract at 3:15 pm EST (2015 GMT)
Wednesday based on the last bid at $1.3852/gal and offer at
$1.3854/gal.
The above commentary applies to the following market data code:
NYRBM02
Gasoline RBOB NY Barge assessment rationale: (PGA page
381) Platts on Wednesday assessed F5 RBOB for November
7-11 based on a prompt trade heard at NYMEX December
RBOB futures contract plus 4.50 cents/gal and a clear
backwardation in the market.
The above commentary applies to the following market data code:
AAMGV00
US Midwest Gasoline bids/offers/trades: (PGA page 389)
TRADES: No trades.
BIDS: Sub-Octane 13.5 RVP GRP 3 Standard, APEX bids $
+0.475 for 10kb; Sub-Octane 13.5 RVP GRP 3 Standard,
USO bids $ +0.475 for 10kb.
OFFERS: Sub-Octane 13.5 RVP GRP 3 Standard, KOCH
offers $ +0.0700 for 10kb.
US Midwest Gasoline exclusions: (PGA page 389)
There were no exclusions in the November 4 assessment
process.

Copyright 2015 McGraw Hill Financial 4

US MARKETSCAN NOVEMBER 4, 2015
USGC Gasoline bids/offers/trades: (PGA page 385)
BIDS: No bids.
OFFERS (all c63, 25MB): A4: Rolympus offers +1.00; M4:
Koch offers flat to merc, Cargill offers +1.25, Gewar offers
+2.50; V4: Phillips 66 offers +40.00, Rolympus offers
+42.00; H4: Valero offers +33.00, Rolympus offers
+35.00; D4: Phillips 66 offers +40.00.
TRADES (all c63, 25MB): F4: USGC C63, CCIROLY SELLS
TO METI Dec $0.0200 for 25kb; F4: USGC C63, VALERO
SELLS TO METI Dec $0.0200 for 25kb; F4: USGC C63,
CCIROLY SELLS TO METI Dec $0.0250 for 25kb; F4: USGC
C63, VALERO SELLS TO METI Dec $0.0250 for 25kb; A4:
USGC C63, KOCH BUYS FROM ATMI Dec $0.0050 for 25kb;
F4: USGC C63, KOCH SELLS TO METI Dec $0.0275 for
25kb; A4: USGC C63, METI BUYS FROM ATMI Dec $0.0075
for 25kb; A4: USGC C63, METI BUYS FROM ATMI Dec
$0.0100 for 25kb; A4: USGC C63, METI BUYS FROM ATMI
Dec $0.0125 for 25kb; A4: USGC C63, NOBLEA SELLS TO
METI Dec $0.0075 for 25kb; A4: USGC C63, NOBLEA
SELLS TO KOCH Dec $0.0075 for 25kb; M4: USGC C63,
LUK SELLS TO METI Dec $0.0000 for 25kb; A4: USGC C63,
METI BUYS FROM CCIROLY Dec $0.0150 for 25kb; M4:
USGC C63, GEWAR SELLS TO VIT Dec $0.0000 for 25kb;
M4: USGC C63, CCIROLY SELLS TO VALERO Dec $-0.0025
for 25kb.
USGC Gasoline exclusions: (PGA page 385)
No data was excluded from the November 4 assessment
process.
USAC Gasoline bids/offers/trades: (PGA page 382)
There were no bids, offers or trades today, November 4.
USAC Gasoline exclusions: (PGA page 382)
No market data was excluded from the November 4
assessment process.
US Heating Oil
Market analysis: (PGA page 497) The US Gulf Coast high
sulfur heating oil cash differential fell 1.25 cents/gal on
Copyright 2015 McGraw Hill Financial 5
GULF COAST (continued)
Code Mid Code Code
Atlanta (PGA page 156)
Prompt Pipeline (/gal) Cycle RVP
Atl CBOB 87 AAWRV00 140.70140.80 140.750 -4.950 AAWRVCY 63 AAWRVRV 13.5
Atl CBOB 93 AAWRW00 164.20164.30 164.250 -4.950 AAWRWCY 63 AAWRWRV 13.5
Feedstocks and Blendstocks (PGF page 760)
FOB Cargo (/gal) FOB Cargo ($/mt)
Naphtha AAXJP00 138.20138.30 138.250 -6.200 AAXJU00 483.85483.95 483.900 -21.700
vs Mont Belvieu
FOB Parcel 10-30 days (/gal) non-Targa natural gasoline (/gal)
Light Straight Run Naphtha AAXQK00 108.130 -2.620 AAXQN00 4.750
-0.250
FOB Parcel 10-30 days ($/mt)
Light Straight Run Naphtha AAXQM00 433.580 -10.530
Barge 7-14 days (/gal)
Naphtha AALPG00 139.20139.30 139.250 -6.200
Heavy Naphtha AALPI00 141.45141.55 141.500 -6.200
Barge 5-15 days (/gal)
MTBE PHAKX00 183.00183.10 183.050 +0.350
vs Mont Belvieu
Barge 5-15 days ($/mt) non-Targa natural gasoline (/gal)
Paraffinic Naphtha AAYEU00 412.17412.27 412.220 -8.710 AAYEW00 9.000
FOB barge (/gal) vs waterborne 87 (/gal)
vs pipeline 87 (/gal)
Alkylate AAXBA00 168.55 -5.830 AAFIE00 35.25 AAXBD00 34.000
Raffinate AAXBB00 121.55 -5.830 AAJMU00 -11.75 AAXBE00 -13.000
Reformate AAXBC00 199.55 -5.830 AAJMV00 66.25 AAXBF00 65.000
Gas Liquids (PGA page 780)
Non-LST Mt Belvieu (/gal)
Ethane/propane PMUDA05 17.32517.425 17.375 0.000
Ethane purity PMUDB05 18.45018.550 18.500 +0.250
Propane PMAAY00 45.20045.300 45.250 -0.625
Normal butane PMAAI00 65.70065.800 65.750 -0.250
Isobutane PMAAB00 66.32566.425 66.375 -0.375
Natural gasoline Targa PMABW05 103.575103.675 103.625 -2.500
Natural gasoline non-Targa PMABY05 103.325103.425 103.375 -2.375
Natural gasoline non-Targa #2 AAWUG00 102.950103.050 103.000 -2.500
LST Mt Belvieu Conway, Kansas Mid Change
Ethane/Propane PMAAO00 15.32515.425 15.375 -0.500
Propane PMABQ00 46.07546.175 46.125 -0.500 PMAAT00 42.45042.550 42.500 -0.500
Normal butane PMABR00 66.20066.300 66.250 -0.375 PMAAD00 63.70063.800 63.750 -0.250
Isobutane AAIVD00 66.95067.050 67.000 -0.250 PMAAA00 68.95069.050 69.000 -0.375
Natural gasoline AAIVF00 104.075104.175 104.125 -2.375 PMAAQ00 100.950101.050 101.000 -1.500
Waterborne FOB Houston ($/mt) Waterborne FOB Houston (/gal)
Propane AAXIM00 294.510294.530 294.520 -8.230 AAXIN00 56.52056.540 56.530 -1.580
Propane vs. Mt Belvieu AAXIO00 58.21058.230 58.220 -4.770 AAXIP00 11.12511.225 11.175 -0.915
VLGC Freight Rates ($/mt) VLGC Freight Rates (/gal)
Houston to NWE AAXIQ00 60.000 AAXIR00 11.515
Houston to Japan AAXIS00 170.000 AAXIT00 32.630
US MARKETSCAN NOVEMBER 4, 2015
Wednesday after reaching its highest value in 13 months
earlier in the week, and line space fell to its lowest point all
year on the tightened regional spread for ULSD. Platts
assessed high sulfur heating oil at the NYMEX December
ULSD futures minus 12.75 cents/gal, down 1.25 cents/gal,
after prices reached their highest point since October 10,
2014, on Tuesday. Cash differentials have skyrocketed
since news broke on Tuesday morning that Colonial
Pipeline suspended originations and deliveries at its Cedar
Bayou facility due to flooding in the area and the site could
not be evaluated until waters recede. The facility is a
storage site from which companies can inject barrels into
Line 2, and the flooding has kept barrels stored in the
underground caverns from being able to be removed.
Market sources said there was no high sulfur heating oil
stored at the Cedar Bayou facility, but one Gulf Coast
broker said companies were looking into batch switching
because the ULSD stored there cannot be injected into the
pipeline. With ULSD stuck in storage at the facility, Gulf
Coast ULSD differentials reached as high as minus 3 cents/
gal on Tuesday for the 61st cycle and minus 5.90 cents/gal
on Wednesday on the 62nd cycle. The rising Gulf Coast
differential narrowed the spread between the Gulf and
Atlantic coast markets for ULSD. The regional spread on
Wednesday was 3.40 cents/gal. The spread has only been
narrower three times dating back to June. This in turn
affected line space values on Colonial Pipelines 1.16 million
b/d distillate-only Line 2. Platts assessed Line 2 space at
minus 1.25 cents/gal, down 2 cents/gal from Tuesday, and
even with the lowest Line 2 space has been assessed
dating back to the beginning of the assessment in
February. Line 2 space was assessed at minus 1.25 cents/
gal on May 5, and has only been assessed in the negative
PLATTS OIL IS ON TWITTER
FOR UP-TO-THE-MINUTE OIL NEWS
AND INFORMATION FROM PLATTS
Follow us on twitter.com/PlattsOil
Copyright 2015 McGraw Hill Financial 6
MIDWEST (/gal)
Code Pipeline Mid Change Code RVP
Chicago (PGA page 160)
Unleaded 87 PGACR00 155.95156.05 156.000 -3.950 PGACRRV 13.5
Unleaded 89 PGAAX00 167.25167.35 167.300 -4.250 PGAAXRV 13.5
Premium 91 PPASQ00 184.20184.30 184.250 -4.700 PPASQRV 13.5
CBOB AAREL00 154.95155.05 155.000 -3.950 AARELRV 13.5
PBOB AAUEU00 214.20214.30 214.250 -4.700 AAUEURV 13.5
RBOB PPARH00 159.45159.55 159.500 -6.450 PPARHRV 13.5
Jet PJAAF00 163.03163.13 163.080 -3.790
ULSD AATHA00 160.03160.13 160.080 -10.540
ULS No.1 PJACD00 199.03199.13 199.080 -10.540
Group 3 (PGA page 160)
Sub-octane AAXIX00 145.70145.80 145.750 -4.700 AAXIXRV 13.5
Premium 91 PGABD00 167.20167.30 167.250 -4.700 PGABDRV 13.5
Jet PJAAI00 156.28156.38 156.330 -5.540
ULSD AATHB00 151.03151.13 151.080 -4.540
ULS No.1 PJACB00 180.03180.13 180.080 -4.540
WEST COAST
Code Mid Change Code RVP
Los Angeles (PGA page 158)
Pipeline (/gal)
Unleaded 84 AAUHA00 168.45168.55 168.500 -8.950 AAUHARV 11.5
Unleaded 88.5 PGABG00 200.95201.05 201.000 +3.550 PGABGRV 11.5
CARBOB AAKYJ00 172.45172.55 172.500 -8.950 AAKYJRV 10.50
CARBOB Prem AAKYL00 204.95205.05 205.000 -8.950 AAKYLRV 10.50
Jet PJAAP00 147.28147.38 147.330 -5.540
ULS (EPA) Diesel POAET00 153.53153.63 153.580 -2.040
CARB Diesel POAAK00 153.53153.63 153.580 -2.040
vs NYMEX RBOB
CARBOB AANVX00 32.4532.55 32.500 -4.250
vs NYMEX Heating Oil
Jet Fuel AANVY00 -3.80-3.70 -3.750 0.000
ULS (EPA) Diesel AANVZ00 2.452.55 2.500 +3.500
CARB Diesel AANWA00 2.452.55 2.500 +3.500
Swaps
CARBOB paper 1st month AAKYR00 29.9530.05 30.000 0.000
CARBOB paper 2nd month AAKYS00 13.9514.05 14.000 +0.500
Waterborne ($/mt)
180 CST PUAWR00 240.45240.55 240.500 -3.500
380 CST PUAWX00 190.45190.55 190.500 -3.500
San Francisco (PGA page 158)
Pipeline (/gal)
Unleaded 84 PGADG00 161.95162.05 162.000 -4.700 PGADGRV 12.5
Unleaded 88.5 PGABO00 194.95195.05 195.000 +8.300 PGABORV 12.5
CARBOB AAKYN00 165.95166.05 166.000 -4.700 AAKYNRV 12.50
CARBOB Prem AAKYP00 198.95199.05 199.000 -4.700 AAKYPRV 12.50
Jet PJABC00 147.28147.38 147.330 -5.540
ULS (EPA) Diesel POAEY00 151.53151.63 151.580 -0.540
CARB Diesel POAAL00 151.53151.63 151.580 -0.540
US MARKETSCAN NOVEMBER 4, 2015

values nine times since February. Market sources said it
costs about 5 cents/gal to ship barrels up the Colonial
Pipeline, so line space values dipped into the negatives in
order to attempt to reopen the arbitrage. When line space
trades at a negative value, companies are paying to give
away space on the pipeline. If regular shippers do not use
the space that is allocated to them, then their future
allocations will be decreased. Line space is more a
function of the current up/down versus New York, as well
as general netbacks along Colonial Pipeline versus US Gulf
Coast spot markets, one source said.
Gasoil No.2 USGC Prompt Pipeline assessment rationale:
(PGA page 453) US Gulf Coast heating oil for Colonial
Pipelines prompt 61st cycle was assessed Wednesday
based on an offer left standing at the NYMEX December
ULSD futures contract minus 15.50 cents/gal.
The above commentary applies to the following market data code:
POAED00
WEST COAST
Code Mid Change Code RVP
San Francisco (PGA page 158)
Waterborne ($/mt)
180 CST PUBDA00 287.95288.05 288.000 -3.500
380 CST PUBCY00 247.95248.05 248.000 -3.500
Seattle (PGA page 158)
Pipeline (/gal)
Unleaded 84 AAXJE00 161.30161.40 161.350 -4.700 AAXJERV 13.5
Unleaded 90 AAXJF00 187.80187.90 187.850 -4.700 AAXJFRV 13.5
Jet PJABB00 147.28147.38 147.330 -5.540
ULS (EPA) Diesel AAUEX00 160.88160.98 160.930 -5.540
Waterborne ($/mt)
180 CST PUAWT00 299.95300.05 300.000 -1.000
380 CST PUAWZ00 249.95250.05 250.000 -1.000
Portland (PGA page 158)
Pipeline(/gal)
Unleaded 84 AAXJC00 162.45162.55 162.500 -4.700 AAXJCRV 13.5
Unleaded 90 AAXJD00 188.95189.05 189.000 -4.700 AAXJDRV 13.5
ULS (EPA) Diesel AAUEY00 162.03162.13 162.080 -5.540
Waterborne ($/mt)
180 CST PUAWV00 347.45347.55 347.500 -5.500
380 CST PUAXB00 312.45312.55 312.500 -5.500

Phoenix (PGA page 158)

ULS Heating Oil USGC Prompt Pipeline assessment
rationale: (PGA page 453) US Gulf Coast ultra low sulfur
heating oil for Colonial Pipelines prompt 62nd cycle was
assessed Wednesday based on a 3-cent/gal regrade to
ULSD.
The above commentary applies to the following market data code:
AAXFD00
Gasoil No.2 New York Harbor Barge assessment rationale:
(PGA page 443) New York heating oil barges were assessed
Pipeline (/gal)
AZRBOB 84 AADDP00 132.20132.30 132.250 -4.700 AADDPRV 8.00
AZRBOB 88.5 PPXDJ00 174.20174.30 174.250 -4.700 PPXDJRV 8.00
West Coast Waterborne (PGA page 158)
Waterborne (/gal)
Unleaded 87 PGADI00 168.45168.55 168.500 -8.950
Jet PJABI00 146.28146.38 146.330 -5.540
($/barrel)
Fuel oil 0.5% S PUAGD00 32.9933.01 33.000 -0.550
Fuel oil 1.0% S PUAAQ00 32.4932.51 32.500 -0.550
Fuel oil 2.0% S AABGP00 29.9930.01 30.000 -0.550

Wednesday based on two deals heard done at the NYMEX

December ULSD futures contract minus 8 cents/gal.
The above commentary applies to the following market data code:
POAEG00
NYMEX NY ULSD at Houston MOC Mo01 assessment
rationale: (PGA page 447) Platts assessed the NYMEX
December ULSD futures contract at 3:15 pm EST (2015 GMT)
Wednesday based on the last trade at $1.5108/gal.
The above commentary applies to the following market data code:
NYHOM01
NYMEX NY ULSD at Houston MOC Mo02 assessment
rationale: (PGA page 447) Platts assessed the NYMEX January
ULSD futures contract at 3:15 pm EST (2015 GMT) Wednesday
based on the last bid at $1.5349/gal and offer at $1.5351/gal.
The above commentary applies to the following market data code:
NYHOM02
USGC Gasoil bids/offers/trades: (PGA page 454)
DEALS: 77 USGC C61, BPP SELLS TO NOBLEA Dec
$-0.1250 for 25kb;
POSITIONS: BIDS: 77 USGC C61, BPP bids Dec $-0.1600 for
25kb; 77 USGC C61, KOCH bids Dec $-0.1700 for 25kb; 77
USGC C61, VIT bids Dec $-0.1800 for 25kb; 77 USGC C61,
NOBLEA no longer bids; 77 USGC C62, NOBLEA bids Dec
$-0.1525 for 25kb; 77 USGC C62, STUS bids Dec $-0.1700
for 25kb; 77 USGC C62, GLT bids Dec $-0.1700 for 25kb; 77
USGC C62, BPP bids Dec $-0.1700 for 25kb;
POSITIONS: OFFERS: 77 USGC C61, BPP offers Dec
$-0.1250 for 25kb; 77 USGC C61, NOBLEA offers Dec
$-0.1000 for 25kb; 77 USGC C61, KOCH offers Dec

Copyright 2015 McGraw Hill Financial 7

US MARKETSCAN NOVEMBER 4, 2015
$-0.1000 for 25kb; 77 USGC C61, GLT offers Dec $-0.0800
for 25kb; 77 USGC C61, TAG no longer offers; 77 USGC
C62, VIT offers Dec $-0.1350 for 25kb; 77 USGC C62,
NOBLEA offers Dec $-0.1200 for 25kb; 77 USGC C62, BPP
offers Dec $-0.1150 for 25kb;
USGC Gasoil exclusions: (PGA page 454)
No market data was excluded from the November 4
assessment process.
USAC Gasoil bids/offers/trades: (PGA page 444)
There were no bids, offers, or trades today, November 4.
USAC Gasoil exclusions: (PGA page 444)
No market data was excluded from the November 4
assessment process.
US Jet Fuel
Market analysis: (PGA page 498) The Chicago jet fuel
differential rose 1.75 cents/gal Wednesday, up as supply is
tight in the region, possibly due to maintenance on one of
WEEKLY DOE STATISTICS
10/30/15 10/23/15 Change
Crude Input 15.637 15.616 21.000
Pct Op 88.7% 87.6% 1.1
Mogas Prod 9.537 9.703 -166.000
Distillate Prod 4.882 4.877 5.000
Residual Prod 0.355 0.376 -21.000
Crude Stocks 482.810 479.963 2.847
Cushing Stocks 53.122 53.334 -0.212
Mogas Stocks 215.347 218.647 -3.300
Distillate Stocks 140.757 142.057 -1.300
Residual Stocks 42.457 41.908 0.549
Crude Imports 6.943 7.032 -89.000
Product Imports 1.212 1.819 -607.000
Stocks in million barrels, others million b/d
JET INDEX (PGA page 115)
Index /gal
North America PJNAM00 162.83 PJNAM07 145.83
Latin America & Caribbean PJLAC00 176.72 PJLAC07 151.89
Global PJGLO00 166.73 PJGLO07 145.22
Copyright 2015 McGraw Hill Financial 8
CARIBBEAN
Code Mid Change Code Mid Change
Cargoes (PGA page 162)
Cargoes ($/mt) (/gal)
Naphtha PAAAB00 477.69477.76 477.725 -21.950 PAAAB10 134.94134.96 134.950 -6.200
Jet kerosene PJAAD00 491.18491.24 491.210 -19.395 PJAAD10 146.62146.64 146.630 -5.790
Gasoil POAAU00 443.38443.44 443.410 -20.710 POAAU10 145.37145.39 145.380 -6.790
($/barrel)
Fuel oil 2% S PUAAS00 30.6930.71 30.700 -1.340
Fuel oil 2.8% S PUAAV00 25.6925.71 25.700 -1.340
EUROPEAN PRODUCTS
Code Mid Change Code Mid Change
Mediterranean cargoes (PGA page 1114)
FOB Med (Italy) ($/mt) CIF Med (Genova/Lavera)
Naphtha* PAAAI00 415.25415.75 415.500 -6.250 PAAAH00 425.75426.25 426.000 -6.000
Prem Unl 10ppm AAWZA00 491.50492.00 491.750 -9.000 AAWZB00 499.50500.00 499.750 -9.000
Jet aviation fuel AAIDL00 455.00455.50 455.250 -10.250
Gasoil 0.1% AAVJI00 424.25424.75 424.500 -9.500 AAVJJ00 436.00436.50 436.250 -9.500
1% PUAAK00 228.75229.25 229.000 -3.500 PUAAJ00 241.00241.50 241.250 -3.250
3.5% PUAAZ00 214.75215.25 215.000 -5.500 PUAAY00 227.00227.50 227.250 -5.250
*Naphtha FOB Med is basis East Med
Northwest Europe cargoes (PGA page 1110)
FOB NWE ($/mt) CIF basis ARA
Naphtha swap PAAAJ00 437.75438.25 438.000 -5.500
Naphtha Phy PAAAL00 434.50435.00 434.750 -5.750
Gasoline 10ppm AAXFQ00 514.00514.50 514.250 +0.500
Jet PJAAV00 463.00463.50 463.250 -10.000 PJAAU00 472.25472.75 472.500
-10.000
Ultra low sulfur diesel 10ppm AAWZD00 452.75453.25 472.500 -8.500 AAWZC00 465.50466.00 465.750 -8.500
Diesel 10ppm NWE AAVBF00 451.00451.50 451.250 -8.500 AAVBG00 463.25463.75 463.500 -8.500
Diesel 10 ppm UK AAVBH00 467.00467.50 467.250 -8.500
Gasoil 0.1% AAYWR00 432.75433.25 433.000 -9.000 AAYWS00 446.50447.00 446.750 -9.000
1% PUAAM00 224.50225.00 224.750 -3.500 PUAAL00 233.75234.25 234.000 0.000
3.5% PUABB00 193.50194.00 193.750 -4.000 PUABA00 204.50205.00 204.750 -3.750
0.509.7% straight run PKABA00 293.50294.50 294.000 -6.000
Low sulfur VGO AAHMX00 330.50331.50 331.000 -7.000 AAHMZ00 337.25338.25 337.750 -7.000
High sulfur VGO AAHNB00 327.00328.00 327.500 -7.000 AAHND00 333.75334.75 334.250 -7.000
Northwest Europe barges (PGA page 1112)
FOB Rotterdam ($/mt)
Naphtha Phy PAAAM00 430.50431.00 430.750 -5.750
Eurobob Gasoline AAQZV00 492.75493.25 493.000 +1.000
Unleaded 98 AAKOD00 572.75573.25 573.000 +1.000
Premium Unleaded PGABM00 499.00499.50 499.250 +0.500
Reformate AAXPM00 553.000 +1.000
MTBE** PHALA00 614.00614.50 614.250 +1.250
Jet PJABA00 470.00470.50 470.250 -8.750
Gasoil 0.1%** AAYWT00 435.75436.25 436.000 -9.500
10 ppm** AAJUS00 455.75456.25 456.000 -8.000
1% PUAAP00 211.50212.00 211.750 -3.750
3.5% PUABC00 211.50212.00 211.750 -3.750
Fuel Oil 3.5% 500 CST PUAGN00 204.50205.00 204.750 -3.750
Low sulfur VGO AAHNF00 330.50331.50 331.000 -7.000
High sulfur VGO AAHNI00 327.00328.00 327.500 -7.000
Rdam Bunker 380 CST PUAYW00 215.00216.00 215.500 -4.000
**FOB Amsterdam-Rotterdam-Antwerp
US MARKETSCAN NOVEMBER 4, 2015
the regions pipelines. Platts assessed the Chicago jet fuel
differential at NYMEX December ULSD futures plus 12 cents/
gal, up nearly 5 cents/gal from the end of last week. Market
sources said the supply tightness is partially due to
maintenance on the Westshore pipeline. Westshore Pipeline
did not respond immediately to an inquiry seeking
comment. Barrels have been hard to come by at the
regions largest airport, Chicago OHare, sources said. Jet
fuel stocks in the region dipped 197,000 barrels to 5.929
million barrels for the week ended October 30, according to
US Energy Information Administration data released
Wednesday. The only other region showing a change in jet
fuel differentials Wednesday was the US Gulf Coast, which
was down 25 points/gal to minus 8.75 cents/gal. Gulf Coast
jet fuel stocks dropped 1.681 million barrels to 12.487 million
barrels for the week ended October 30. Atlantic Coast jet
fuel for barges and Buckeye Pipeline was unchanged at
minus 5.25 cents/gal and Los Angeles jet fuel was
unchanged at minus 3.75 cents/gal.
Jet Kero 54 USGC Prompt Pipeline assessment rationale:
(PGA page 484) US Gulf Coast jet fuel for Colonial Pipeline
was assessed Wednesday based on the last two trades, at
the NYMEX December ULSD futures contract minus 8.75
cents/gal, with Shell selling 25,000 barrels to Trafigura and
25,000 barrels to Rolympus for the 62nd cycle on Colonial
Pipeline.
The above commentary applies to the following market data code:
PJABO00
Jet Kero Los Angeles CA Pipeline assessment rationale:
(PGA page 489) Los Angeles jet fuel was assessed
Wednesday based on a deal heard done at the NYMEX
December ULSD futures contract minus 3.75 cents/gal.
There was no Market on Close assessment process activity.
The above commentary applies to the following market data code:
PJAAP00
Jet Kero New York Harbor Barge assessment rationale:
(PGA page 492) New York jet fuel barges were assessed
Wednesday based on a flat spread to Buckeye Pipeline.
Copyright 2015 McGraw Hill Financial 9
EUROPEAN PRODUCTS
Code Mid Change
ICE LS gasoil GWAVE (PGA page 702)
Mid Date
Nov PXAAJ00 463.50 03-Nov-15
Dec PXAAK00 469.00 03-Nov-15
Euro denominated assessments at London MOC Close (PGA page 1116, 1118, 1350 & 1450)
CIF NWE cargoes (/mt)
Nap Phy AAQCE00 399.95400.41 400.175 -1.924
Jet AAQCF00 434.69435.15 434.923 -5.515
FOB NWE cargoes
1% AAQCG00 206.65207.11 206.876 -1.476
FOB Rotterdam barge
Prem Unl AAQCH00 459.32459.78 459.545 +4.273
Reformate AAXPN00 509.021 +5.141
10 ppm* AAQCI00 419.51419.97 419.735 -3.816
Gasoil 0.1%* AAYWY00 401.10401.56 401.325 -5.339
3.5% AAQCK00 194.68195.14 194.910 -1.804
Fuel Oil 3.5% 500 CST PUAGO00 188.24188.70 188.466 -1.858
*FOB Amsterdam-Rotterdam-Antwerp
NY harbor cargoes ( cents/gal)
Unleaded 87 AAPYV00 135.45135.54 135.493 +0.696
Unleaded 89 AAPYW00 139.35139.44 139.396 +0.218
Unleaded 93 AAPYX00 145.21145.31 145.260 -0.500
FUTURES SETTLEMENTS
Settlement Change Low High Volume Open interest PNT***
NYMEX Light Sweet crude ($/barrel) (PGA page 705)
Dec 15 NMCL001 46.32 -1.58 46.17 48.28 418473 485518
Jan 16 NMCL002 47.21 -1.59 47.06 49.18 89354 261088
Feb 16 NMCL003 47.99 -1.63 47.87 50.00 26910 101881
Mar 16 NMCL004 48.69 -1.65 48.58 50.67 27037 141666
Total NMCL000 654316 XNCLP00 11165
ICE Brent ($/barrel) (PGA page 704)
Dec 15 ICLL001 48.58 -1.96 48.49 50.87 308963 409704
Jan 16 ICLL002 49.36 -1.98 49.30 51.64 179464 397790
Feb 16 ICLL003 50.14 -2.01 50.10 52.40 58620 182280
Mar 16 ICLL004 50.74 -2.02 50.69 52.99 47748 230308
Total ICLL000 737825 XILLP00 19276
ICE WTI ($/barrel) (PGA page 704)
Dec 15 ICIC001 46.32 -1.58 46.16 48.26 47139 117428
Jan 16 ICIC002 47.21 -1.59 47.09 49.14 22449 58614
Feb 16 ICIC003 47.99 -1.63 47.93 49.96 8740 21871
Mar 16 ICIC004 48.69 -1.65 48.63 50.67 6203 37210
Total ICIC000 107606 XIICP00 5006
ICE Middle East Sour crude ($/barrel) (PGA page 704)
Jan 16 ICOQ001 45.86 -1.96 45.86 45.86 0 0
Feb 16 ICOQ002 46.66 -1.96 46.66 46.66 0 0
Mar 16 ICOQ003 47.31 -1.96 47.31 47.31 0 0
Apr 16 ICOQ004 47.91 -1.96 47.91 47.91 0 0
Total Volume ICOQ000 0 XIOQP00
ICE BWAVE ($/barrel) (PGA page 704)
Dec 15 XIBW001 49.75
Jan 16 XIBW002 50.53
US MARKETSCAN NOVEMBER 4, 2015

There was no Market on Close assessment process activity. FUTURES SETTLEMENTS

The above commentary applies to the following market data code:
PJAAW00
Jet Kero New Jersey Buckeye Pipeline assessment
rationale: (PGA page 492) New York jet fuel for Buckeye
Pipeline was assessed Wednesday based on a trade during
Tuesdays Market on Close assessment process and no new
information Wednesday to disprove that value. The most
competitive bid during the assessment process was at the
NYMEX December ULSD futures contract minus 6 cents/gal
from World Fuels for 25,000 barrels and the most
competitive offer was from BP at minus 4.55 cents/gal for
25,000 barrels.
The above commentary applies to the following market data code:
AAJNL00
USGC Jet bids/offers/trades: (PGA page 485)
DEALS: 54 USGC C62, ASTR BUYS FROM STUS Dec
$-0.0800 for 25kb; 54 USGC C62, ASTR BUYS FROM BPP
Settlement Change Low High Volume Open interest PNT***
DME Oman crude ($/barrel) (PGA page 2710)
Jan 16 XDOA001 46.89 +1.58 3077
Jan 16 DMOQ001 45.42 -1.82 45.42 47.23 3641 2832
Feb 16 DMOQ002 46.50 -1.80 46.50 46.50 1 5
Mar 16 DMOQ003 47.13 -1.80 47.13 47.13 0 0
Apr 16 DMOQ004 47.81 -1.80 47.81 47.81 0 0
Total Volume DMOQ000 3641 XDOQP00 0
NYMEX NY ULSD ($/gal) (PGA page 705)
Dec 15 NMHO001 1.5035 -0.0625 1.5019 1.5816 82223 86095
Jan 16 NMHO002 1.5284 -0.0592 1.5269 1.6008 44520 70010
Feb 16 NMHO003 1.5469 -0.0572 1.5455 1.6157 18260 39020
Mar 16 NMHO004 1.5556 -0.0553 1.5542 1.6202 13964 38170
Total NMHO000 178980 XNHOP00 13356
NYMEX RBOB unleaded gasoline ($/gal) (PGA page 705)
Dec 15 NMRB001 1.3919 -0.0536 1.3861 1.4714 77810 101784
Jan 16 NMRB002 1.3783 -0.0520 1.3740 1.4516 50250 72260
Feb 16 NMRB003 1.3893 -0.0485 1.3852 1.4560 23473 31406
Mar 16 NMRB004 1.4190 -0.0462 1.4134 1.4820 14412 32023
Total Volume NMRB000 188726 XNRBP00 15709
NYMEX Natural Gas ($/MMBtu) (PGA page 705)
Dec 15 NMNG001 2.262 +0.009 2.255 2.317 128360 288965
Jan 16 NMNG002 2.445 -0.018 2.440 2.508 61159 250836
Feb 16 NMNG003 2.469 -0.018 2.464 2.530 16916 61766
Mar 16 NMNG004 2.460 -0.017 2.455 2.519 22264 117050
Total Volume NMNG000 273734 XNNGP00 10021

Dec $-0.0800 for 25kb; 54 USGC C62, VALERO SELLS TO
CCIROLY Dec $-0.0850 for 25kb; 54 USGC C62, VALERO
SELLS TO CCIROLY Dec $-0.0825 for 25kb; 54 USGC C62,
VALERO SELLS TO CHEV Dec $-0.0825 for 25kb; 54 USGC
C62, VALERO SELLS TO CCIROLY Dec $-0.0850 for 25kb;
ICE low sulfur gasoil ($/mt) (PGA page 704)
Nov 15 ICLO001 456.50 -9.00 454.75 475.75 43536 83707
Dec 15 ICLO002 460.25 -9.25 458.25 479.25 116578 149409
Jan 16 ICLO003 465.50 -9.25 463.75 484.00 45701 81505
Feb 16 ICLO004 470.00 -9.00 468.25 488.25 15990 51366
Total Volume ICLO000 285504 XILOP00 17881
*Volume, open interest and PNT reflect prior trading day. PNT reflect volume for Privately Negotiated Trades or off-exchange. **Oman settlements are Post Close
settlements. ***Privately Negotiated Trade values found on PGA page 710.

US MARKETSCAN
Volume 41 / Issue 213 / November 4, 2015
Editorial: Richard Swann, Editorial Director, Americas Oil: +1-713-658-3273, Matt Kohlman,
Senior Managing Editor, Americas Clean Products +1-713-658-3266.
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
Restrictions on Use: You may use the prices, indexes, assessments and other
related information (collectively, Data) in this publication only for your personal
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Disclaimer: DATA IN THIS PUBLICATION IS BASED ON MATERIALS COLLECTED FROM
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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
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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.
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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
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Copyright 2015 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.

Copyright 2015 McGraw Hill Financial 10

US MARKETSCAN NOVEMBER 4, 2015

54 USGC C62, VALERO SELLS TO CHEV Dec $-0.0850 for
25kb; 54 USGC C62, STUS SELLS TO TAG Dec $-0.0875 for
25kb; 54 USGC C62, STUS SELLS TO CCIROLY Dec
$-0.0875 for 25kb
POSITIONS:BIDS: 54 USGC C62, TAG bids Dec $-0.0925 for
25kb; 54 USGC C62, TAG bids Dec $-0.0975 for 25kb; 54
USGC C62, NOBLEA bids Dec $-0.0975 for 25kb; 54 USGC
C62, WFSI bids Dec $-0.1000 for 25kb; 54 USGC C62,
ASTR bids Dec $-0.1075 for 25kb; 54 USGC C62, ASTR
bids Dec $-0.1125 for 25kb; 54 USGC C62, VIT bids Dec
$-0.1150 for 25kb; 54 USGC C62, ASTR bids Dec $-0.1150
for 25kb; 54 USGC C62, CCIROLY no longer bids; 54 USGC
C62, CHEV no longer bids; 54 USGC C62, VALERO no
longer bids
POSITIONS: OFFERS: 54 USGC C62, STUS offers Dec
$-0.0800 for 25kb; 54 USGC C62, BPP offers Dec
$-0.0750 for 25kb; 54 USGC C62, BPP offers Dec $-0.0750
for 25kb; 54 USGC C62, BPP offers Dec $-0.0800 for
25kb; Jet USAC BPL NOV 8-10, WFSI bids Dec $-0.0600
for 25kb; Jet USAC BPL NOV 8-10, NOBLEA bids Dec
$-0.0625 for 25kb; Jet USAC BPL NOV 8-10, STUS no
longer bids;
USGC Jet exclusions: (PGA page 485)
No market data was excluded from the November 4
assessment process.
USWC Jet bids/offers/trades: (PGA page 490)
There were no bids, offers, or trades today, November 4.
FIVE-DAY ROLLING AVERAGES* *FIVE DAYS ENDING NOVEMBER 4
Naphtha $/mt /gal
US Gulf FOB LSR Parcel 430.81 107.44
US Gulf FOB cargo 485.42 **485.52 138.65 138.75
Carib Cargo 479.27479.34 132.03**132.05
Jet Kerosene $/MT /gal
US Gulf Water 479.83**480.16 144.53144.63
US Gulf Pipe 474.02**474.35 142.78142.88
Carib Cargo 492.84492.91 152.58**152.60
NY Barge 61.59**61.63 146.64146.74
LA Pipeline 473.33**473.64 148.38148.48
Group 3 509.24**509.57 153.39153.49
Chicago 535.61**535.94 161.33161.43
Low Sulfur Resid Fuel Oil $/barrel $/mt
NY Cargo .3% HP 46.7746.79 313.36**313.49
NY Cargo .3% LP 48.3748.39 324.08**324.21
NY Cargo .7% Max 39.8239.84 258.83**258.96
NY Cargo 1% Max 37.2237.24 241.93**242.06
US Gulf 1% 35.3135.33 223.15**223.27
Hi Sulfur Resid Fuel Oil $/barrel $/mt
NY Cargo 2.2% 36.3836.40 232.84**232.97
NY Cargo 3.0% 35.8235.84 229.26**229.39
US Gulf 3% 34.8134.83 222.77**222.90
Carib 2.0% 31.0631.08 198.77**198.90
Carib 2.8% 26.0626.08 166.77**166.90
Crude Oil, FOB Source $/barrel
West Texas Int 46.5546.57
NYMEX Crude 46.53
Crude Oil, FOB Source $/barrel
Mars 42.9042.92
WTI Posting Plus 2.23 2.25
Gasoil/Heating Oil $/barrel /gal
L.A. LS Diesel 63.83**63.87 151.98152.08
S.F. LS Diesel 63.07**63.12 150.18150.28
$/mt /gal
NY Barge 446.13**446.44 141.63141.73
US Gulf Water 438.86**439.16 142.49142.59
US Gulf Pipe 425.77**426.07 138.24138.34
Group 3 553.35**554.40 179.66180.00
Carib Cargo 443.24443.31 142.52**142.54
NYMEX NO. 2 474.45 150.62
Gasoline, US Market Unleaded Premium
NY Cargo 144.66144.76 155.96156.06
NY Barge 143.66143.76 154.95155.05
US Gulf Water 138.90139.00 159.55159.65
US Gulf Pipe 138.20138.30 158.85158.95
Group 3 168.40168.50
LA Pipeline 190.50190.60
SF Pipeline 157.55157.65 180.15180.25
Chicago 153.95154.05 189.15189.25
NYMEX Unl 138.51
Conversions either side of asterisks

USWC Jet exclusions: (PGA page 490)
No market data was excluded from the November 4
assessment process.
USAC Jet bids/offers/trades: (PGA page 493)
DEALS: No deals
POSITIONS: BIDS: Jet USAC BPL NOV 8-10, WFSI bids Dec
$-0.0600 for 25kb; Jet USAC BPL NOV 8-10, NOBLEA bids
Dec $-0.0625 for 25kb; Jet USAC BPL NOV 8-10, STUS no
longer bids
PLATTS US RENEWABLE VOLUME OBLIGATION CALCULATED VALUES (PBF page 302)
/gal %/gal
Advanced
Change Biodiesel Ethanol Biofuel Cellulosic
2014 RVO (Jan 1, 2014 Jan 31, 2015) RVOY014 4.2184 +0.0609 1.1300 8.1200 0.4860 0.0040
2015 RVO (Jan 1, 2014 Jan 31, 2016) RVOY015 4.2400 +0.0609 1.1300 8.1200 0.4860 0.0040
2016 RVO (Jul 1, 2015 Jan 31, 2016) RVOY016 4.3466 +0.0406 1.1300 8.1200 0.4860 NA
RVOs are Renewable Volume Obligation values. RVO is the aggregate cost of the Renewable Identification Number percentages per gallon of transportation fuel for
biodiesel, ethanol, advanced biofuel, and cellulosic ethanol as mandated by US Environmental Protection Agency in Renewable Fuel Standard Program (RFS2). Platts
calculates these RVO values factoring the value of biodiesel, ethanol, advanced biofuel and cellulosic biofuel RIN credits as assessed by Platts for the respective RVO years;
RINs are assessed as cents/RIN.
Platts will make these RVO calculations available in US Marketscan for only a limited period of time. Platts reserves the right to remove the RVO calculations from US
Marketscan at any time without notice. However, you may access the RVO calculations by acquiring a license to Platts Biofuelscan or Platts Biofuels Alert. For any related
questions, please contact support@platts.com

Copyright 2015 McGraw Hill Financial 11

US MARKETSCAN NOVEMBER 4, 2015

POSITIONS: OFFERS: Jet USAC BPL NOV 8-10, BPP offers US WHOLESALE POSTED PRICES
Dec $-0.0455 for 25kb; Jet USAC BPL NOV 8-10, PHCO Unleaded Midgrade Premium Kerosene Diesel No.2 Low Sulfur Diesel ULSD
PADD 1
offers Dec $-0.0450 for 25kb Albany, NY 152.00-159.41 156.75-175.70 164.25-209.70 188.00-220.40 - 160.25-168.65
Allentown, PA 152.36-155.28 158.65-170.40 165.07-209.90 - 151.91-156.15 - 157.58-159.20
USAC Jet exclusions: (PGA page 493) Atlanta 152.40-170.55 159.94-204.55 190.45-233.05 215.50-215.50 - 156.75-161.88
No market data was excluded from the November 4 Baltimore (a) 149.00-168.65 163.75-195.38 182.53-221.44 179.95-182.50 151.50-191.40 - 157.45-169.90
Binghamton, NY 161.25-164.60 177.25-177.27 202.43-215.43 - - - 161.87-166.35
assessment process.
Boston (a) 151.60-155.66 156.25-174.60 162.50-204.60 210.50-210.50 - - 161.32-164.05
Charleston, SC 159.95-161.00 179.32-181.00 207.12-211.00 - 162.95-178.51
US Diesel Charlotte 151.17-163.85 168.62-186.65 201.40-224.05 - 156.50-159.99
Fairfax (a) 153.72-166.45 163.92-191.85 184.59-219.75 - 156.00-161.50
Market analysis: (PGA page 499) US Gulf Coast ULSD values Greensboro 149.21-152.96 166.12-178.36 199.45-215.36 187.50-187.50 - 156.00-163.70
Miami 155.45-162.62 171.95-201.87 198.50-231.65 164.05-170.12
for the 62nd cycle of the Colonial Pipeline rose 35 points
New Haven (a) 151.91-156.29 155.47-174.50 162.52-208.35 215.00-215.00 - 161.15-167.15
Wednesday as the Cedar Bayou facility continued to New York City (a) 152.68-152.68 156.09-156.09 161.50-161.50 - - - 161.37-162.16
suspend service. On Tuesday, Colonial Pipeline suspended Newark, NJ (a) 149.25-154.10 153.55-171.15 159.25-206.42 209.88-209.88 - - 156.45-159.45
service at its Cedar Bayou facility close to Pasadena, Norfolk (a) 149.00-178.95 169.00-194.95 199.00-218.49 - - 157.00-161.00
Texas, halting deliveries and origination there, the pipeline Orlando 154.95-169.45 170.70-197.87 199.95-222.90 165.95-172.93
Philadelphia (a) 150.55-160.75 154.70-172.25 165.90-208.48 - 144.30-151.65 - 151.40-161.69
said in a notice to shippers. Traders who store in the salt
Pittsburgh 156.00-177.10 166.07-212.65 181.67-231.95 209.39-209.39 153.00-178.25 - 161.65-189.85
cavern at Cedar Bayou are unable to get their barrels out. Providence 152.50-158.15 155.95-175.42 161.50-208.15 - - 162.60-165.80
Platts assessed Gulf Coast ULSD at the NYMEX December Portland,ME 160.00-160.27 164.15-165.50 168.96-171.00 - 157.11-157.11 163.70-165.92
futures contract minus 5.90 cents/gal. The Group 3 X-grade Raleigh 153.01-157.85 173.01-175.85 212.01-215.85 160.06-161.40
cash differential continued to follow Gulf Coast ULSD and Richmond 150.00-164.00 168.65-191.20 198.15-218.90 192.00-192.00 - 156.25-161.00
Savannah 155.00-158.95 175.00-178.95 205.00-208.95 - 159.00-173.50
was assessed flat to the underlying futures contract,
Spartanburg 149.29-167.21 166.85-182.35 197.10-221.50 - - 158.58-166.35
where it traded twice during the Platts Market on Close Tampa 151.60-165.25 168.10-175.49 198.20-213.30 - 161.00-170.34
assessment process. The West Coast continued to be one PADD 2
of the more volatile markets in the country. The Los Aberdeen 157.67-171.07 168.84-188.69 176.64-212.45 - 161.84-167.14
Angeles CARB diesel cash differential spiked 3.50 cents Cape Girardeau 163.70-170.54 - 213.70-246.17 - 176.25-177.72
after Tesoro reportedly informed customers late Tuesday Chattanooga 152.22-164.50 159.79-182.04 191.62-220.45 - 158.00-162.86
that refined products were unavailable at its Wilmington, Chicago (a) 160.95-169.98 186.95-187.88 234.55-255.52 243.30-243.30 - 169.15-180.16
Cleveland 160.41-168.30 182.50-188.60 216.60-232.10 242.70-242.70 172.56-190.30
California, rack. Overnight, CARB diesel at the rack rose
Columbus 159.20-180.02 184.20-205.02 227.00-244.02 240.10-240.10 183.30-211.28
3.33 cents to $1.7522/gal. A Tesoro spokeswoman was not Duluth 159.62-163.85 168.12-179.69 174.12-188.60 - 173.50-176.90
immediately available for comment Wednesday. Platts Des Moines 151.15-161.50 160.51-191.43 168.62-233.80 - - 160.46-169.88
assessed LA CARB diesel at plus 2.50 cents/gal, where it Detroit 166.70-187.60 188.70-209.60 228.90-256.20 247.50-247.50 200.70-230.05
was last heard talked. Fargo 159.35-165.58 168.21-177.80 175.95-189.68 - 165.15-175.48
Green Bay 167.98-172.07 192.48-195.48 230.00-240.98 245.00-246.00 - 182.50-186.00
Indianapolis 160.95-182.32 184.28-203.40 230.95-240.40 245.60-245.60 176.95-182.90
ULSD USGC Prompt Pipeline assessment rationale: (PGA Kansas City, KS 150.33-165.55 160.45-189.69 181.37-247.41 - - 158.44-168.37
page 456) Gulf Coast ULSD was assessed Wednesday based Knoxville 151.91-164.90 160.37-185.70 192.70-218.16 212.45-212.45 - 157.75-166.40
on five trades totaling 125,000 barrels at the NYMEX Milwaukee 175.90-179.74 199.23-204.24 238.00-249.74 248.85-248.85 181.30-186.00
December ULSD futures contract minus 5.90 cents/gal Minneapolis/St.Paul 157.55-164.00 165.89-176.22 173.99-200.04 207.75-207.75 - 164.45-172.65
Oklahoma City 148.74-162.18 159.94-179.24 167.10-198.75 155.98-166.14
during the Platts Market on Close assessment process.
Omaha 151.70-161.25 161.28-173.68 168.48-184.57 - 160.15-169.59
The above commentary applies to the following market data code: Sioux Falls 151.45-165.66 161.85-191.47 169.03-191.66 - 159.07-170.16
AATGY00 St.Louis 181.00-181.08 201.00-205.68 229.08/241.00 168.83-177.00

Copyright 2015 McGraw Hill Financial 12

US MARKETSCAN NOVEMBER 4, 2015

ULSD FOB Chicago Pipe assessment rationale: (PGA page US WHOLESALE POSTED PRICES
463) Chicago ULSD was assessed Wednesday based on Unleaded Midgrade Premium Kerosene Diesel No.2 Low Sulfur Diesel ULSD

market indications. No Platts Market on Close assessment

PADD 3
process activity was observed Wednesday. Albuquerque 154.50-161.50 169.50-178.50 186.50-195.50 163.00-169.00
The above commentary applies to the following market data code: Amarillo 149.90-150.30 170.30-179.90 189.30-204.90 158.25-159.55
AATHA00 Baton Rouge 147.11-151.90 156.08-170.15 175.91-193.40 - 156.80-160.95
Birmingham 146.45-160.15 163.45-181.10 195.20-212.12 215.85-215.85 - 157.45-164.65
Corpus Christi 156.22-156.80 169.88-170.30 193.35-194.30 - - 154.70-159.25
ULSD Group 3 Pipeline assessment rationale: (PGA page
Dallas/Ft.Worth (a) 149.40-164.15 160.93-179.65 181.99-206.65 155.10-164.59
463) Group 3s X-grade ULSD was assessed Wednesday
Houston (a) 148.50-156.23 157.48-171.23 175.54-202.73 192.05-192.05 - 152.90-161.60
based on two trades totaling 20,000 barrels flat to the Little Rock 165.01-176.84 179.45-194.84 204.29-231.84 - 176.00-191.70
NYMEX December ULSD futures contract during the Platts New Orleans 147.75-148.77 164.50-176.60 191.50-206.32 - 155.67-156.41
Market on Close assessment process. San Antonio 152.30-157.85 159.19-173.85 187.30-205.10 157.20-160.80

The above commentary applies to the following market data code:
AATHB00
ULSD New York Harbor Barge assessment rationale: (PGA
page 477) New York Harbor barge ULSD was assessed
Wednesday based on market indications. No Platts Market
on Close assessment process activity was observed
Wednesday.
The above commentary applies to the following market data code:
AATGX00
USGC Diesel bids/offers/trades: (PGA page 457)
TRADES:62 USGC C62, TAG BUYS FROM STUS Dec
$-0.0625 for 25kb; 62 USGC C62, TAG BUYS FROM STUS
Dec $-0.0625 for 25kb; 62 USGC C62, GLT BUYS FROM
STUS Dec $-0.0625 for 25kb; 62 USGC C62, TAG BUYS
FROM VIT Dec $-0.0600 for 25kb; 62 USGC C62, TAG BUYS
FROM NOBLEA Dec $-0.0600 for 25kb; 62 USGC C62, TAG
BUYS FROM STUS Dec $-0.0600 for 25kb; 62 USGC C62,
TAG BUYS FROM ASTR Dec $-0.0600 for 25kb; 62 USGC
C62, TAG BUYS FROM STUS Dec $-0.0600 for 25kb; 62
USGC C62, TAG BUYS FROM HARTREE Dec $-0.0580 for
25kb; 62 USGC C62, TAG BUYS FROM PHCO Dec $-0.0580
for 25kb; 62 USGC C62, TAG BUYS FROM NOBLEA Dec
$-0.0590 for 25kb; 62 USGC C62, TAG BUYS FROM
CCIROLY Dec $-0.0585 for 25kb; 62 USGC C62, PHCO
SELLS TO TAG Dec $-0.0590 for 25kb; 62 USGC C62, STUS
SELLS TO TAG Dec $-0.0590 for 25kb; 62 USGC C62, STUS
SELLS TO TAG Dec $-0.0590 for 25kb; 62 USGC C62, STUS
PADD 4
Billings (b) 164.64-175.97 192.80-205.67 172.66-181.12
Casper (b) 143.35-143.35 178.00-178.00 177.00-177.21
Denver 140.50-151.80 155.50-165.30 175.50-188.35 161.11-182.45
Salt Lake City 141.75-146.27 152.71-160.00 161.75-174.00 - 169.79-183.00
PADD 5
Anacortes 166.00-166.50 185.50-191.00 199.50-201.00 - 159.00-163.88
Las Vegas (e) 172.50-197.00 188.50-215.00 197.50-237.50 176.00-196.25
Los Angeles(e) 202.75-206.61 221.33-227.75 237.75-244.57 173.50-177.50
Phoenix 149.00-164.00 179.00-185.00 194.00-211.25 168.25-177.25
Portland,OR 171.00-178.50 196.00-202.00 206.00-220.50 - 165.50-176.00
SanFran-EBay (e) 177.50-183.36 199.83-202.50 212.50-219.32 169.50-254.00
Seattle/Tacoma 166.50-172.00 191.50-196.00 201.50-207.90 - 161.50-171.50
Spokane 151.37-156.17 160.28-160.28 172.16-172.16 177.40-177.40
All prices are provided by DTN. Discounts or temporary allowances offered by individual companies are not included in posted prices. Prices are unbranded unless noted.
Prices are conventional gasoline unless noted. All prices in cts/gal. (a)=RFG. (b)=Branded postings (e)=CARB gasoline/No.2 oil.endfragment
SUBSCRIBER NOTES (PGA page 1500)
Rolympus US Commodities Group LLC has advised Platts it would contact Platts editors at americas_products@platts.com and
like to participate in the Platts Americas Market on Close counterparty_review@platts.com.
assessment processes for US Gulf Coast physical gasoline, US Gulf
Los Angeles suboctane and premium suboctane gasoline
Coast physical middle distillates and US physical natural gas
assessments will reflect 11.5 RVP effective November 1. San
liquids. Platts has editorially reviewed Rolympus US Commodities
Francisco unleaded and premium unleaded gasoline assessments
Group LLC and will consider information from Rolympus US
will reflect 12.5 RVP effective November 1. San Francisco suboctane
Commodities Group LLC in the Americas assessment processes
and premium suboctane gasoline assessments will reflect 12.5 RVP
subject at all times to adherence to Platts editorial standards.
effective November 1. The changes are due to seasonal
Platts will publish all relevant information from Rolympus US
adjustments to RVP levels as required by Kinder Morgans pipeline
Commodities Group LLC accordingly. Platts welcomes all relevant
system and the Olympic Pipeline system. For questions or
feedback regarding MOC participation. Platts considers bids, offers
comments, please contact americas_products@platts.com.
and transactions by all credible and credit-worthy parties in its
assessment processes. For comments and feedback, please (continued on page 14)

Copyright 2015 McGraw Hill Financial 13

US MARKETSCAN NOVEMBER 4, 2015
SUBSCRIBER NOTES (PGA page 1500)
Following a review and formal proposal, Platts will update the
specifications reflected in its benchmark US Gulf Coast 3%S
physical residual fuel oil assessment to reflect RMG 380 3.5%S
quality fuel oil, as per ISO 8217 specifications, with effect from
January 3, 2017. At the same time, Platts will rename the
assessment as USGC HSFO and standardize its name across all
publications. The name change will also take effect January 3,
2017. These changes follow a review of the existing specifications
announced May 27, 2015, and a formal proposal announced July 14,
2015. This assessment will continue to be published under the
product code PUAFZ00.
SPECIFICATION UPDATE: Once implemented, the USGC HSFO
assessment will reflect residual fuel oil intended for end-use by the
bunker sector to meet maritime fuel demands. The specifications
include the following parameters: Sulfur max 3.5% Gravity Min 11.2
API Viscosity max 380 CST at 50 C Vanadium max 300 ppm Al+Si
max 80 ppm Flash point min 60 C Pour point max 30 C Water max
0.5% Ash max 0.1%
NAME UPDATE: Platts will rename this assessment USGC HSFO
and standardize the name of the assessment across all
publications. This assessment is currently published in the Platts
price database under the data code PUAFZ00, in Platts US
Marketscan as No. 6 3% in its Gulf Coast table, in Oilgram Price
Report as Gulf Coast No. 6 3.0%S (Waterborne) Fuel Oil, in Latin
American Wire as Fuel Oil 3%S, and in North American Crude and
Products Scan as Resid 3%.
TIMING UPDATE: The January 2017 implementation date is the
result of extensive feedback, and marks a delay of three months
from the original proposal date of October 2016. For questions or
comments, please email americas_products@platts.com and
pricegroup@platts.com. 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 recommends a one-time differential of $1.45/b that may be
used in amending US Gulf Coast 3%S fuel oil derivatives and other
contracts that will settle against Platts physical 3%S fuel oil
benchmark assessment from January 2017 onwards. The
recommendation follows a decision announced October 6, 2015, by
Platts to update the specification of its US Gulf Coast 3%S fuel oil
assessment with effect from January 3, 2017. The differential is
based on an extensive analysis of the difference between the
existing US Gulf Coast 3%S fuel oil (PUAFZ00) and FO RMG 380
USGC Waterborne (Platts code PUBDM00) assessments from 2010
to 2015. For questions or comments, please email
americas_products@platts.com and pricegroup@platts.com.
Please provide a clear indication if comments are not intended for
Copyright 2015 McGraw Hill Financial 14
publication by Platts for public viewing. Platts will consider all
comments received and will make comments not marked as
confidential available upon request.
Following industry feedback, Platts will discontinue its
assessments for Atlanta CBOB 87 and Atlanta Premium CBOB 93
with effect from March 31, 2016. The last day for publication of
these assessments will be March 31, 2016. The decision to
discontinue these assessments was taken following the US
Environmental Protection Agencys approval of Georgias plans to
remove the requirement to sell low sulfur, 7.0 RVP gasoline in the
45-county Georgia Fuel Area during the high ozone season with
effect from October 1, 2015. Platts proposed this discontinuation in
a subscriber note published September 18. From October, Atlanta
CBOB (S grade) gasoline is expected to be replaced by A grade
CBOB, which already trades on the US Gulf Coast and is assessed
by Platts under the database code AARQU00. The Atlanta Premium
CBOB (T grade) is expected to be replaced by D grade CBOB, for
which Platts will relaunch an assessment from October 1, 2015. In
addition, from October 1, Platts proposes to amend its
methodology for the Atlanta Premium CBOB (T grade) by assessing
this value at parity to D grade CBOB. Platts also proposes to amend
its methodology for Atlanta CBOB (S grade) by assessing it at parity
to the existing A grade CBOB assessment. For a complete list of all
affected assessments and their database codes, please see the
table below. These assessments are also published on Platts
Global Alert page 330 and in the US Marketscan and Oilgram Price
Report. ASSESSMENT CODE Atlanta prompt pipeline CBOB 87
AAWRV00 Atlanta prompt pipeline CBOB 87 RVP AAWRVRV Atlanta
prompt pipeline CBOB 87 Cycle AAWRVCY Atlanta prompt pipeline
CBOB 93 AAWRW00 Atlanta prompt pipeline CBOB 93 RVP
AAWRWRV Atlanta prompt pipeline CBOB 93 Cycle AAWRWCY
Gasoline CBOB 87 Prompt Pipeline Month Average AAWRV03
Gasoline CBOB 93 Prompt Pipeline Month Average AAWRW03
Please send all further comments or questions to
Americas_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 reminds market participants that trades executed through
the Platts Market On Close assessment process may be reviewed
from time to time for performance completion. Platts therefore
may request documentary material to determine performance and
validity. Such material may include details of terminal, vessel and
laycan nominations. MOC trades may be subject to editorial review
to ensure market practices and performance in the transaction
have been followed. Platts review may include arrangements to
protect the integrity of its assessment process. Please send all
queries and feedback to europe_products@platts.com and
pricegroup@platts.com. For written comments, please provide a
clear indication if the 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.
Please note that the Platts assessment for US Gulf Coast Export
ULSD reflects the French Winter specification of EN590 ULSD for
the entire year, with a maximum sulfur content of 10 ppm and SG in
the range 0.82-0.845. The reference density is 0.845 g/l. This
assessment was launched on December 1, 2014. This reflects the
fact that US diesel exports will move to both the Northern and
Southern hemispheres, to both European and Latin American
destinations. Bids, offers and transactions for other 10 ppm grades,
such as UK or German specifications, or summer grades, for USGC
export, will be considered in the assessment process and
normalized to the base assessment. Bids and offers for ULSD that
are not for French Winter specification of EN590 ULSD must be
clearly stated as such at the time of submission to Platts for
publication. This assessment is found on PGA Page 481 and in
Platts US Marketscan under the code AAXRV00 for cents/gal and
AAXRW00 for $/mt. Please email comments and questions to
americas_products@platts.com with a cc to
pricegroup@platts.com. 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 is proposing to publish outright price values for its four US
Gulf Coast and Atlantic Coast straight run fuel oil assessments, with
effect from December 1, 2015. These outright price assessments
would be published in US dollars per barrel, and complement
existing assessments of straight run fuel oil, which are published as
differentials versus front-month cash WTI for low and high sulfur on
the Gulf and Atlantic Coasts. These assessments appear in US
Marketscan and North American Crude and Products Scan. Please
send feedback, questions and comments by November 1 by email to
americas_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.
As part of the seasonal RVP shift, Platts will begin US Atlantic
Coast gasoline market supplemental assessments of 15 RVP
(continued on page 15)
US MARKETSCAN NOVEMBER 4, 2015
SUBSCRIBER NOTES (PGA page 1500)
gasoline on October 26, 2015, while the main assessment will
continue to be 13.5 RVP. On November 2, 2015, the US Atlantic
Coast main gasoline assessment will reflect 15 RVP, while 13.5 RVP
supplemental assessments will be suspended. For questions or
comments, contact americas_products@platts.com with a CC to
pricegroup@platts.com.
Platts is reviewing the continued viability of its US Gulf Coast
conventional unleaded 87 gasoline M1 pipeline assessments and
invites feedback from interested parties to the review process. The
goal of the review is to determine whether or not Platts
conventional unleaded 87 USGC pipeline assessments should
continue to reflect 7.8 RVP gasoline, known as M1 on the Colonial
Pipeline, in the summer months. Platts currently assesses the
lowest fungible grade of USGC conventional unleaded, meaning
that it reflects M4 (13.5 RVP) gasoline in the winter, transitioning
through M3 (11.5 RVP) and M2 (9.0 RVP) in the spring and then
SELLS TO TAG Dec $-0.0590 for 25kb; 62 USGC C62, ATMI
SELLS TO TAG Dec $-0.0590 for 25kb
POSITIONS: BIDS: 62 USGC C62, TAG bids Dec $-0.0600
for 100kb; 62 USGC C62, TAG bids Dec $-0.0625 for
100kb; 62 USGC C62, ATMI bids Dec $-0.0650 for 25kb;
62 USGC C62, GLT bids Dec $-0.0675 for 25kb; 62 USGC
C62, CGI bids Dec $-0.0675 for 25kb; 62 USGC C62,
CHEV bids Dec $-0.0700 for 25kb; 62 USGC C62,
CCIROLY bids Dec $-0.0700 for 25kb; 62 USGC C62,
PHCO bids Dec $-0.0725 for 25kb; 62 USGC C62,
HARTREE bids Dec $-0.0725 for 25kb; 62 USGC C62,
PETCOM bids Dec $-0.0750 for 25kb; 62 USGC C62,
MUSKET bids Dec $-0.0750 for 25kb; 62 USGC C62,
NOBLEA bids Dec $-0.0750 for 25kb; 62 USGC C62, VIT
bids Dec $-0.0775 for 25kb; 62 USGC C62, BPP bids Dec
$-0.0800 for 25kb; 62 USGC C62, STUS bids Dec
$-0.0800 for 25kb; 62 USGC C62, RELIANCE bids Dec
$-0.0800 for 25kb; 62 USGC C62, KOCH bids Dec
$-0.0800 for 25kb; 62 USGC C62, USO bids Dec
$-0.0825 for 25kb; 62 USGC C62, LUK bids Dec
$-0.0850 for 25kb; 62 USGC C62, ASTR bids Dec
$-0.0860 for 25kb; 62 USGC C62, ASTR no longer bids;
Copyright 2015 McGraw Hill Financial 15
assessing M1 (7.8 RVP) through the summer. During the summer
period when the main assessment reflects M1, Platts also publishes
a supplemental assessment for M2. In July, Colonial Pipeline gave
notice that it would no longer ship M1 because of limited demand
from shippers. Although this decision was very swiftly reversed for
2015, at this point it is not clear whether or not M1 will be shipped
on the pipeline in summer 2016. In addition, Platts has noted a
marked decline in liquidity for M1 pipeline barrels through the
Market On Close process in recent years. In summer 2015, pipeline
trades amounting to a total volume of 550,000 barrels were
recorded for M1 during the MOC process, similar to the volume of
575,000 barrels in 2014. These last two summers show how
volumes have fallen from 2.25 million barrels in 2013 and 1.575
million barrels in 2012. As a result, Platts is particularly interested in
feedback on whether the conventional unleaded 87 assessment
should no longer shift to M1 during the summer, but instead remain
62 USGC C62, NOBLEA no longer bids; 62 USGC C62,
TAG no longer bids
POSITIONS: OFFERS: 62 USGC C62, CCIROLY offers Dec
$-0.0585 for 25kb; 62 USGC C62, PHCO offers Dec
$-0.0580 for 25kb; 62 USGC C62, ASTR offers Dec
$-0.058 for 25kb; 62 USGC C62, STUS offers Dec
$-0.0575 for 25kb; 62 USGC C62, KOCH offers Dec
$-0.0575 for 25kb; 62 USGC C62, BPP offers Dec $-0.0575
for 25kb; 62 USGC C62, STUS offers Dec $-0.0575 for
25kb; 62 USGC C62, HARTREE offers Dec $-0.0575 for
25kb; 62 USGC C62, GLT offers Dec $-0.0550 for 25kb; 62
USGC C62, VIT offers Dec $-0.0550 for 25kb; 62 USGC
C62, CCIROLY offers Dec $-0.0525 for 25kb; 62 USGC C62,
VALERO offers Dec $-0.0525 for 25kb; 62 USGC C62, ATMI
offers Dec $-0.0525 for 25kb; 62 USGC C62, BPP offers
Dec $-0.0525 for 25kb; 62 USGC C62, VALERO offers Dec
$-0.0525 for 25kb; 62 USGC C62, TAG offers Dec $-0.0475
for 25kb
62 USGC C62, TAG offers Dec $-0.0475 for 25kb; 62 USGC
C62, NOBLEA offers D62 USGC C62, LUK offers Dec
$-0.0350 for 25kb; 62 USGC C62, ASTR no longer offers;
62 USGC C62, ASTR no longer offers; 62 USGC C62, ATMI
on an M2 (9.0 RVP) basis. This change would not necessarily apply
to the USGC waterborne gasoline assessment for 50,000-barrel
barges, where more liquidity for M1 in the summer has been
evident in 2014 and 2015 than on the pipeline. Platts assesses the
first six forward cycles of conventional unleaded 87, with the
assessments published on Platts Global Alert, in the US Marketscan
and Oilgram Price Report and in the Platts price database under the
data codes AAELC00, AAELD00, AAELE00, AAELF00, AAELG00 and
AAELH00. The prompt cycle is also databased under the price code
PGACT00. Please send any feedback by October 30, 2015, to
americas_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.
no longer offers; 62 USGC C62, BPP no longer offers; 62
USGC C62, CHEV no longer offers; 62 USGC C62, NOBLEA
no longer offers; 62 USGC C62, TAG no longer offers
USGC Diesel exclusions: (PGA page 457)
No market data was excluded from the November 4
assessment process.
Group 3 Diesel bids/offers/trades: (PGA page 464)
TRADES: X Grade GRP 3 STANDARD, MUSKET SELLS TO
FREEPCOM $0.0000 for 10kb; X Grade GRP 3 STANDARD,
MUSKET SELLS TO USO $0.0000 for 10kb
POSITIONS: BIDS: X Grade GRP 3 STANDARD, NOBLEA
bids $-0.0050 for 10kb; X Grade GRP 3 STANDARD,
APEXINC bids $-0.0100 for kb; X Grade GRP 3 STANDARD,
TAG bids $-0.0150 for 10kb; X Grade GRP 3 STANDARD,
KOCH bids $-0.0300 for 10kb; X Grade GRP 3 STANDARD,
FREEPCOM no longer bids; X Grade GRP 3 STANDARD,
USO no longer bids
POSITIONS: OFFERS: X Grade GRP 3 STANDARD, KOCH
offers $0.0100 for 10kb; X Grade GRP 3 STANDARD,
APEXINC offers $0.0150 for 10kb; X Grade GRP 3
US MARKETSCAN NOVEMBER 4, 2015
STANDARD, NOBLEA offers $0.0200 for 10kb; X Grade
GRP 3 STANDARD, FREEPCOM no longer offers; X Grade
GRP 3 STANDARD, MUSKET no longer offers
Group 3 Diesel exclusions: (PGA page 464)
No market data was excluded from the November 4
assessment process.
Chicago Diesel bids/offers/trades: (PGA page 465)
There were no bids, offers, or trades today, November 4.
Chicago Diesel exclusions: (PGA page 465)
No market data was excluded from the November 4
assessment process.
USAC Diesel bids/offers/trades: (PGA page 478)
There were no bids, offers, or trades today, November 4.
USAC Diesel exclusions: (PGA page 478)
No market data was excluded from the November 4
assessment process.
US Residual Oil
Market analysis: (PGA page 599) US fuel oil stocks climbed to
a five-year high last week, according to data published by
the Energy Information Administration Wednesday.
Inventories stood at 42.5 million barrels October 30, the
highest since 42.6 million barrels was reported in July 2010.
Implied demand for fuel oil, reported by the EIA as product
supplied, averaged 104,000 b/d for the week ended October
30, a tie for the record low first reported by the EIA for the
week ended August 21. Fuel oil imports averaged 129,000
b/d last week, down from 142,000 b/d the previous week.
US Gulf Coast fuel values fell Wednesday, moving lower with
crude and the swaps market, though physical fuel was
stronger relative to the swap. Gulf Coast 3%S fuel oil was
assessed at $34.45/b, putting it at parity to the November
Bal-Month swap, following buying interest from ATMI. In
New York Harbor, 1%S fuel oil was assessed at $1.28/b
lower, in-line with declines in the 1%S swap market.
Copyright 2015 McGraw Hill Financial 16
FO No6 3.0%S USGC Waterborne assessment rationale:
(PGA page 590) Platts assessed US Gulf Coast 3%S fuel oil
Wednesday based two trades in the Platts Market on Close
assessment process. Glencore sold a barge loading
November 14-16 to ATMI at $34.45/b and Valero sold a
November 17-19 barge, also to ATMI, at $34.40/b. ATMIs FO No.6 3.0% New York Harbor Delivered Cargo
bids were above the relative notional value derived from the
underlying swaps market.
The above commentary applies to the following market data code:
PUAFZ00
FO No.6 1.0% New York Harbor Delivered Cargo assessment
rationale: (PGA page 593) Platts assessed US Atlantic Coast
1%S fuel oil Wednesday based on movement in the underlying
1%S fuel oil swaps market. There were no trades during the
Platts Market on Close assessment process.
The above commentary applies to the following market data code:
PUAAO00
FO No.6 0.3% HP New York Harbor Delivered Cargo
assessment rationale: (PGA page 593) Platts assessed US
Atlantic Coast 0.3%S HP fuel oil Wednesday based on
movements in the underlying US Atlantic Coast 1%S
physical fuel oil market. There were no trades during the
Platts Market on Close assessment process.
The above commentary applies to the following market data code:
PUAAE00
FO No.6 0.7% New York Harbor Delivered Cargo
assessment rationale: (PGA page 593) Platts assessed New
York 0.7%S fuel oil Wednesday based on movements in the
underlying US Atlantic Coast 1%S physical fuel oil market.
There were no trades during the Platts Market on Close
assessment process.
The above commentary applies to the following market data code:
PUAAH00
FO No.6 2.2% New York Harbor Delivered Cargo
assessment rationale: (PGA page 593) Platts assessed New
York 2.2%S fuel oil Wednesday based on movements in the
underlying USAC 1%S and 3%S physical fuel oil markets.
There were no trades during the Platts Market on Close
assessment process.
The above commentary applies to the following market data code:
PUAAU00
assessment rationale: (PGA page 593) Platts assessed US
Atlantic Coast 3%S fuel oil Wednesday based on
movements in the underlying US Gulf Coast 3%S and
up-down swaps markets. There were no trades during the
Platts Market on Close assessment process.
The above commentary applies to the following market data code:
PUAAX00
USGC Fuel Oil bids/offers/trades: (PGA page 591)
Trades: Platts FO 3.0%S: FOB Houston MW GLT sells to
ATMI $34.45/b loading November 14-November 16 for
45 kb; Platts FO 3.0%S: FOB Houston BE VALERO sells
to ATMI $34.40/b loading November 17-November 19 for
45 kb.
Bids: Platts FO 3.0%S: FOB Houston FE GLT bids
$34.10/b loading November 11-November 13 for 45kb;
Platts FO 3.0%S: FOB Houston MW GLT bids $34.15/b
loading November 14-November 16 for 45kb; Platts FO
3.0%S: FOB Houston MW TAG bids $34.05/b loading
November 14-November 16 for 45kb; Platts FO Diff Basis
1st Month Avg: FOB Houston MW TAG bids -$0.90/b
loading November 14-November 16 for 45kb; Platts FO
3.0%S: FOB Houston BE GLT bids $34.25/b loading
November 17-November 19 for 45kb; Platts FO 3.0%S:
FOB Houston BE METI bids $34.20/b loading November
17-November 19 for 45kb; Platts FO 3.0%S: FOB Houston
BE TAG bids $34.00/b loading November 17-November
19 for 45kb; Platts FO Diff Basis 1st Month Avg: FOB
Houston BE TAG bids -$0.90/b loading November
17-November 19 for 45kb.
Offers: Platts FO 3.0%S: FOB Houston FE GLT offers
$34.55/b loading November 11-November 13 for 45kb;
Platts FO 3.0%S: FOB Houston FE VALERO offers $34.55/b
loading November 11-November 13 for 45kb; Platts FO
3.0%S: FOB Houston FE ATMI offers $35.20/b loading
US MARKETSCAN NOVEMBER 4, 2015
November 11-November 13 for 45kb; Platts FO 3.0%S: FOB
Houston FE GLT offers $35.30/b loading November
11-November 13 for 45kb; Platts FO 3.0%S: FOB Houston
MW GLT offers $34.60/b loading November 14-November
16 for 45kb; Platts FO 3.0%S: FOB Houston MW GLT offers
$35.30/b loading November 14-November 16 for 45kb;
Platts FO 3.0%S: FOB Houston BE GLT offers $34.75/b
loading November 17-November 19 for 45kb; Platts FO
3.0%S: FOB Houston BE GLT offers $35.35/b loading
November 17-November 19 for 45kb.
USGC Fuel Oil exclusions: (PGA page 591)
No market data was excluded from the November 4
assessment process.
USAC Fuel Oil bids/offers/trades: (PGA page 594)
There were no bids, offers or trades reported in the
November 4 Market on Close assessment process.
USAC Fuel Oil exclusions: (PGA page 594)
No market data was excluded from the November 4
assessment process.
Energy Risk readers rank Platts data #1
See why at: www.platts.com/risk
Copyright 2015 McGraw Hill Financial 17
US Blendstocks (PGA page 394)
Cash prices for blending components remained unchanged
Wednesday as high prompt cycle gasoline values kept the
spot market at bay. Unleaded 87 gasoline the US Gulf Coast
was assessed at $1.3975/gal, down slightly from Tuesdays
price of $1.4595/gal, its highest level since September.
Those high gasoline prices, which often act as the basis for
blendstocks values, have pressured trading for
components. Furthermore, strong outright prices for
grades like reformate have largely kept export arbitrages
out of the USGC closed. Platts-specification standard
naphtha was assessed at waterborne gasoline plus 0.75
cent/gal, or $1.3925/gal. Platts-specification straight-run
naphtha was the only differential to change, falling 0.25
cent/gal on a weaker offer to be assessed at C5 plus 4.75
cents/gal, or $1.0813/gal.
Gulf Coast LPG (PGA page 799)
US Gulf Coast propane prices weakened Wednesday on a
drop in the crude and gasoline futures complex and news of
yet another record high US stocks build. Platts assessed
Non-LST propane at 45.25 cents/gal, down 62.5 points.
Conway propane fell 50 points to 42.50 cents/gal. Both had
traded higher before the Energy Information Administration
released its weekly data showing an 848,000-barrel
increase in US propane and propylene stocks to 102.4
million barrels for the week ending October 30. Last weeks
inventory topped the 102.1 million-barrel record set during
the week of October 9. A market source expecting stocks
to remain steady said the build was likely due to weather in
the Gulf Coast. Ship channel activity was sluggish with the
rain and Hurricane Patricia dregs, a source said. And
theres no heating demand to speak of. Crop-drying
demand for propane is known to pick up during harvest
season, but warm and dry conditions have allowed many
corn farmers to let the warm weather naturally dry their
crops this year. Normal butane in the Gulf Coast fell 25
points to 65.75 cents/gal Wednesday but strengthened
relative to the December NYMEX WTI futures contract,
which was assessed at $46.54/b, down 1.32 cents. Non-LST
butane strengthened by almost 1.5% to 59.34% of the
NYMEX WTI contract, indicating demand spikes. The last
time butane value was higher was on March 17, when it was
59.58% of the crude futures contract. Gasoline blending
demand for butane tends to increase in the winter as RVP
requirements relax. The market structure for Non-LST
butane also turned backward by 62.5 points, from 12.5
points backward on Tuesday. The structure had been flat or
contango, barring three days in October, since April. In fact,
the market had not been as backward since February 9,
when March barrels were valued 75 points less than
February. A market source said the normal butane
November/December roll is rarely backward, suggesting
that someone was short barrels. Platts assessed Non-Targa
natural gasoline at 103.375 cents/gal based on Vitols
standing offer at 103.50 cents/gal following three trades at
that level during the Market on Close process. Despite the
2.375-cent price drop, natural gasoline continued to
strengthen relative to crude futures. It was assessed
Wednesday at 93.3% of the NYMEX WTI contract, up from
92.8% the day before.
GULF COAST LPG Deals
DEALS: Non-Targa Nov15, ATMI SELLS TO GLT-HACIENDA
$1.0350 for 25kb; Non-Targa Nov15, VIT SELLS TO GLT-
HACIENDA $1.0350 for 25kb; Non-Targa Nov15, TAG-
HACIENDA BUYS FROM VIT $1.0350 for 25kb.
POSITIONS: BIDS: Non-Targa Nov15, PHCO bids $1.0255
for 25kb; Non-Targa Nov15, VIT bids $1.0250 for 25kb;
Non-Targa Nov15, KOCH bids $1.0230 for 25kb; Non-Targa
Nov15, MUSKET bids $1.0225 for 25kb; Non-Targa Nov15,
TOC bids $1.0175 for 25kb; Non-Targa Nov15, TAG bids
$1.0175 for 25kb; Non-Targa Nov15, GLT-HACIENDA no
longer bids.
POSITIONS: OFFERS: Non-Targa Nov15, VIT offers $1.0350
for 25kb; Non-Targa Nov15, PHCO offers $1.0400 for
25kb; Non-Targa Nov15, KOCH offers $1.0425 for 25kb;
US MARKETSCAN NOVEMBER 4, 2015
Non-Targa Nov15, TAG offers $1.0450 for 25kb; Non-Targa
Nov15, TOC offers $1.0475 for 25kb; Non-Targa Nov15,
MUSKET offers $1.0475 for 25kb; Non-Targa Nov15, GLT-
HACIENDA offers $1.0500 for 25kb.
NEWS (PGA page 100)
Latin American, Caribbean airlines in Sep
carry 2.3% more passengers on yea
Latin American and Caribbean airlines carried 2.3% more
passengers in September compared with the same month
in 2014, data from the Latin American & Caribbean Air
Transportation Association showed Wednesday. The
airlines carried 14.8 million passengers in September, for a
total of 22.58 billion revenue passenger kilometers, defined
as the number of passengers carried multiplied by distance
traveled. The RPK rose 5.9%, at parity with capacity growth,
which also added 5.9% year on year to reach 28.52 billion
available seat kilometers, according to the industry group,
known as ALTA. The load factor the percentage of
available seat kilometers filled with passengers was
largely steady, increasing 0.1 percentage point to 79.2%.
The number of passengers traveling within Latin American
grew 1.2% in September to 13.30 million, which was below
the percentage growth of passengers traveling to and
from Latin America. September passenger rates on flights
leaving or entering Latin America were up 13.4% from
September 2014 at 1.50 million passengers, but the rise had
a smaller impact on the overall statistic because it makes
up a relatively small portion of total commercial air travel in
the region.
Tesoro restarts sales of gasoline,ULSD at
Wilmington, California, rack: trade
Tesoro is back to supplying customers at its Wilmington,
California, rack, multiple trade sources said late Wednesday.
Platts earlier reported that Tesoro, the operator of the
363,000 b/d Los Angeles-area refinery complex, had
Copyright 2015 McGraw Hill Financial 18
informed customers late Tuesday that refined products
were unavailable at its Wilmington (See story, 1724 GMT).
They came back up, but they are pricing so high and out
of the market ... and its allocated, one West Coast trader
said. And thats just telling me that theyre tight. Traders near as fast as shale resources, but they do deplete if
explained that Tesoros off-market offers for gasoline and
diesel would deter any potential customer from coming to
their rack, and that they were expecting that Tesoro would
continue allocating oil products. The Los Angeles gasoline
basis [cash differential] fell today, so Im not as bullish on
LA [gasoline], a second West Coast source said. The Los
Angeles CARBOB cash differential dropped 4.25 cents on
Wednesday, to be assessed at the NYMEX RBOB futures
contract plus 32.5 cents/gal. However, ULSD saw some
gains, as the LA CARB diesel cash differential strengthened
3.5 cents to be assessed at a 2.5-cent premium to the
NYMEX ULSD futures contract. The second source added he
was puzzled by Tesoros decision to shut off it Wilmington
racks. Tesoros just puttering along, he added. A Tesoro
spokesman did not return repeated requests for comment.
EIA sees under-investment in conventional
oil projects
The world risks under-investing in conventional oil and gas
projects in response to low prices and the perceived impact
of shale, the US Energy Information Administrations deputy
administrator, Howard Gruenspecht, said Wednesday.
Speaking in London, Gruenspecht noted US shale oil
production amounted to roughly 4 million b/d, a level that
has been in decline recently, compared with a far greater
global crude requirement of 80 million b/d, discounting
natural gas and other liquids. The current change in
investment is not affecting production in conventionals
right now, but it will affect production in conventionals and
at the same time you have global demand thats growing
1.3 million-1.4 million b/d, he told the Economists Energy
Summit. While the US has a significant conveyer belt of
conventional projects in the Gulf of Mexico that will bolster
production, the upward trend is unlikely to last on the basis
of current investment, he said. Its a mistake to think
that everything hinges on shale, Gruenspecht said. At
some point, this downturn in investment in the industry,
in a world where you have a depleting resource the
conventional resources typically dont deplete anywhere
you find your depletion under 76 million b/d of non-shale
production, I dont know if its 2017, 2018, or 2019, but
whats happening with investment today is going to have
an impact on this decrease of supply, he said. Many of
the big conventional oil developments are five or seven
years in the making, so when investment gets pulled out of
those projects, you dont see an impact immediately in
the US Gulf of Mexico production [for example], we have
big projects coming on all the way through next year that
are completely committed; investments were made in
2012-13. Asked about the current downturn in US shale oil
production, Gruenspecht said costs in the industry were
by and large following prices downwards, but the opposite
appeared to be true in regards to access to credit for shale
drillers. Finance is the area where were not seeing cost
reduction. Banks are driving harder deals and maybe will
not extend the same amount of credit, he said. If you look
at energy bonds versus other risky bond indices, energy
has broken away from some of the other industries, which
is a more concrete indication of the perceived higher risk
of energy.
Citgo says Lemont unit shut, flared
Citgo said a flare gas recovery compressor at its 138,000
b/d Lemont, Illinois, refinery shut Wednesday, leading to
emissions releases, before restarting operations over
four hours later. In an email, spokesman Fernando Garay
said there were no process upsets or safety issues. With
this mornings heavy fog and weather conditions, odors
normally dispersed at high levels into the atmosphere
remained at lower levels the compressor returned to
service at approximately 5:20 am CST (1120 GMT), Garay
said. CITGO is conducting an investigation to determine
the cause of the compressor shut-down. Garay said the
shutdown and flaring took place at about 12:40 am CST.
US MARKETSCAN NOVEMBER 4, 2015
IATA panelists on jet fuel trade flow: All roads
lead to Europe
Global jet fuel trade flows will grow even more complex
over time, but the main cargo destination is unlikely to
change as Europe remains the markets largest draw.
Half of worlds oil demand is met through imports and
exports, the other half through local production, Nancy
Carlson, vice president of ExxonMobils aviation and marine
unit, said Wednesday at a jet fuel forum panel in Cancun,
Mexico. That percentage is expected to remain roughly
the same [through] 2040. She added that for jet fuel
specifically, everybody is chasing the Europe short. Skip
York, president of integrated energy at analyst group Wood
Mackenzie, also spoke before hundreds of airline, supply
and other members of the International Air Transport
Association. He said Europes jet deficit only gets worse if
Copyright 2015 McGraw Hill Financial 19
gasoline demand doesnt strengthen. European refineries
can run profitably if margins on gasoline which Europe
exports run high, as they have been in 2015. If not,
either European refinery runs come down or European
refineries close, he told the panel. He added later that he
expected 1.5 million b/d of refinery output would eventually
leave the system, giving even more reason to import
from around the world. What 2015 has done is push that
pressure away for a time, he said. All jet fuel trade roads
lead to Europe. But York said other trade flows will become
more complex. The US Gulf Coast is becoming a bigger
portion of that push out, especially to Latin America, he
said. You wonder when they saturate the Latin American
markets and where it goes next. US crude and global
product prices, however, may be indicating that refinery
margins in the US are falling while European refinery
markets remain quite strong, according to Chris Midgley,
chief economist at Shell, in a presentation later Wednesday.
This could disrupt conventional flows, he said, since many
in the industry typically expect European refineries to be
the first to struggle. For US jet fuel movements, Midgley
noted that there is not quite as much length in the US Gulf
Coast as typically discussed. Jet fuel exports in the Gulf
Coast have not been rising like diesel exports. He agreed,
however, that most of the jet moved to Latin America. At
the same time, the typical short in Latin America, which
makes up 5% of global aviation jet fuel demand, has also
been changing with more competition from non-US origin
barrels, according to Midgley. On the demand side, IATA
chief economist Brian Pearce noted global air traffic growth
is in its seventh year of expansion and should end 7%
higher in 2015, with Mideast demand the highest. Cargo
flight demand, however, is much weaker, reflecting trends
in international trade in general.