Crude Oil Methodology

Methodology and specifications guide
Crude oil
Latest update: July 2018
Introduction 2 Part V: Corrections 13

How this methodology statement is organized 2
Part VI: Requests for clarifications
Part I: Data quality and data submission 2 of data and complaints 13
What to report 3
How to report 3 Part VII: Definitions of the trading locations for which
MOC data publishing principles 3 Platts publishes daily indexes or assessments 14
North Sea 16
Part II: Security and confidentiality 8 West Africa 23
Urals and Mediterranean 27
Part III: Calculating indexes and making assessments 8 Persian Gulf 34
Asia Pacific 41
MOC price assessment principles 8
United States 48
Normalization price adjustment techniques 8
Canada 54
Prioritizing data 9
Latin America 56
Assessment Calculations 10
Futures Assessments 59
Part IV: Platts editorial standards 12

Revision History 61
www.platts.com
Methodology and specifications guide Crude oil: July 2018
Introduction comply with Platts standards.

How this methodology statement is organized
Platts methodologies are designed to produce price assessments This description of methodology for indexes and assessments ■■ Part V lays out the verification and correction process for
that are representative of market value, and of the particular is divided into seven major parts (I-VII) that parallel the entire revising published prices and the criteria Platts uses to
markets to which they relate. Methodology documents describe the process of producing the end-of-day price values. determine when it publishes a correction.
specifications for various products reflected by Platts assessments
and indexes, the processes and standards Platts adheres to in ■■ Part I describes what goes into Platts indexes and price ■■ Part VI explains how users of Platts assessments and indexes
collecting data, and the methods by which Platts arrives at final assessments, including details on what data market can contact Platts for clarification of data that has been
assessment values for publication. participants are expected to submit, the process for published, or to share a complaint. It also describes how to
submitting data and criteria for the timeliness of market data find out more about Platts complaint policies.
Platts discloses publicly the days of publication for its price submissions.
assessments and indexes, and the times during each trading ■■ Part VII is a list of detailed specifications for the trading
day in which Platts considers transactions in determining its ■■ Part II describes any security and confidentiality practices locations and products for which Platts publishes indexes or
assessments and index levels. This schedule of publication is that Platts uses in handling and treating data, including assessments in this commodity. This section describes why
available on Platts website, at the following link: https://www. the separation between Platts price reporting and its news specific units of measurement are used, and what conversion
platts.com/holiday. reporting. factors are used to move between units of measurement,
where relevant.
The dates of publication and the assessment periods are subject ■■ Part III is a detailed account of how Platts collects bids,
to change in the event of outside circumstances that affect offers, trades and other market data, and what Platts does
Platts ability to adhere to its normal publication schedule. Such with the data to formulate its indexes and assessments. It Part I: Data quality and data
circumstances include network outages, power failures, acts of includes descriptions of the methods that Platts uses for submission
terrorism and other situations that result in an interruption in reviewing data, and the methods used to convert raw data into
Platts operations at one or more of its worldwide offices. In the indexes and assessments. This also includes the procedures Platts objective is to ensure that the submission of transactional
event that any such circumstance occurs, Platts will endeavor, used to identify anomalous data. This section describes information and other data inputs that editors use as the basis
whenever feasible, to communicate publicly any changes to its how and when judgment is applied in this process, the basis for their price assessments is of the highest quality. Ensuring
publication schedule and assessment periods, with as much upon which transaction data may be excluded from a price that data used in Platts assessments is of high quality is crucial
advance notice as possible. assessment, and the relative importance assigned to each to maintaining the integrity of Platts various price assessment
criterion used in forming the price assessment. This section processes.
Platts methodologies have evolved to reflect changing market describes the minimum amount of transaction data required
conditions through time, and will continue to evolve as markets for a particular price assessment to be published, and the Platts encourages entities that submit any market data for
change. A revision history, a cumulative summary of changes criteria for determining which values are indexes, and which consideration in its assessment processes to submit all market
to this and previous updates, is included at the end of the are assessments. This is based on reported transactions data that they have which may be relevant to the assessment
methodology guide. and other market information. Finally, this section describes being made. Platts’ aim is to determine the full circumstances
how Platts addresses assessment periods where one or surrounding all reported transactional data, including details of
All Platts methodologies reflect Platts commitment to more reporting entities submit market data that constitute quality, specifications, order sizes, dimensions, lead times and
maintaining best practices in price reporting. a significant proportion of the total data upon which the any locational and loading/delivery information. Platts uses that
assessment is based. information to determine a typical and repeatable market level
for the product being assessed.
■■ Part IV explains the process for verifying that published prices
© 2017 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 2
As part of its standard editorial practise, Platts routinely reviews published, how data is prioritized by value, and ultimately how
How to report
the companies participating in its price assessment processes. data is analyzed in the course of completing Platts assessments.
These reviews ensure the suitability of data and information ■■ Platts accepts information provided for publication in real-
that are used to formulate Platts end-of-day price assessments. time across a wide variety of media. Reporting methods Transparency underpins Platts data publishing processes in
These reviews are conducted on a regular basis, and may take accepted by Platts editorial staff include: the oil markets. Under Platts MOC guidelines for collecting and
into consideration an array of issues including, but not limited publishing data, Platts publishes market information including,
to, adherence to editorial guidelines, operational and logistical ■■ Commonly used instant messaging software but not limited to, firm bids and offers from named companies,
issues, as well as counterparty acceptance. A guide outlining expressions of interest to trade and confirmed trades that are
this process can be found on the Platts website (https://www. ■■ eWindow received from market participants throughout the day.
platts.com/market-on-close).
■■ Telephone This information is published in real-time, as it is received, on
The reviews are not designed to impede a company’s ability to Platts information service, Platts Global Alert. Platts publishes
bilaterally engage in market transactions; the objective at all ■■ Email all information received so that it can be fully tested by the
times is to ensure the integrity of published price assessments. market at large. Information collected and published includes
Platts does not disclose the nature or scope of routine reviews of ■■ Fax the identities of buyers and sellers, confirmed prices, volumes,
companies participating in its price assessment activities. location, and stated trading terms.
Platts accepts any reasonable method of delivery/
communication for bids, offers and transactions. Platts editors Platts assessments are designed to reflect repeatable
What to report
typically communicate with trading companies through phone, market value at the close of the assessment process. Platts
■■ Firm bids that are open to the marketplace as a whole, with eWindow or online instant messaging systems. Platts tries to tracks market price evolution during the entire day, and
standard terms accommodate the communication needs of its customers and publishes a wide range of data relating to market value as
will endeavor to open any additional communication channels it does so. All data that has been published through the day
■■ Firm offers that are open to the marketplace as a whole, with required. Other means of communication, such as emails during is analyzed during the assessment process. Towards the
standard terms the assessment process, are acceptable but are considered to close of the day, Platts focuses its assessment process to
be atypical. If a market participant chooses to communicate with publish named firm bids and offers, expressions of interest
■■ Expressions of interest to trade with published bids and Platts using such atypical means, this needs to be highlighted to trade and confirmed trades, with all relevant details. This
offers, with standard terms well ahead of the assessment process. transparent data is prioritized in the assessment process,
because it is available to the entire market for testing.
■■ Confirmed trades Platts typically uses the ICE instant messenger tool for
communication within the oil, petrochemical, RIN, biofuel In order to ensure that all firm bids and firm offers that still
■■ Indicative values, clearly described as such markets and other adjacent spaces as needed. Platts remains stand at the close of the assessment process have been
open to accepting messages through other instant messenger fully tested in the market at large, Platts has established
■■ Reported transactional activity heard across the market, channels. clearly defined time cutoffs that apply when publishing firm
clearly described as such bids and firm offers in the MOC process. Time cutoffs for the
submission and subsequent publication of new bids and
MOC data publishing principles
■■ Other data that may be relevant to Platts assessments offers are applied so that MOC participants cannot bid or
Platts assesses the value of oil globally using its Market on offer late in the process, and to ensure that every bid and
Close (MOC) assessment process. The MOC assessment process offer published by Platts is logistically executable.
establishes core standards for how data is collected and
Bids and offers published by Platts are considered to be firm the MOC process and can be found at https://www.platts.com/ Submissions of bids, offers or transactions should not be
until Platts is informed otherwise, or until the close of the IM.Platts.Content/MethodologyReferences/MethodologySpecs/ considered as received by Platts unless acknowledged as
assessment process for the day, whichever comes first. Platts oil-timing-increment-guidelines.pdf. received by Platts. For communication initiated by phone Platts
expects all participants in the MOC process to be contactable at will consider the time when the trader actually communicated
all times. Platts may notify the market of any adjustment to the standard the bid/offer or transaction. Acknowledgment may take the form
increments in the event of market volatility or a disruptive of “yes,” “OK,” “y,” “k,” or any other reasonable form, including by
Platts will consider all firm bids and offers as open to the market event. A market participant can withdraw a bid or offer from the sending back the published information.
at large and executable unless informed otherwise by the entity MOC process at any time, so long as no other potential trading
submitting the market information. If no communication is made counterparty has indicated that it has interest to buy or sell into Bids and offers submitted on time but in an incomplete form,
to Platts to withdraw or change the parameters of the bid or the bid/offer. where the terms are only clarified after the cutoff deadline, will
offer it is assumed that it is available to the marketplace. Platts not be used in the assessment process.
seeks verification of any transaction originating from a bid or Platts expects that market participants bidding and offering in
offer submitted for inclusion in the MOC process. the MOC process should perform on their bid/offer with the first As a general recommendation Platts advises market participants
company of record to express interest to Platts for publication not to wait for the last possible minute before the cutoff
MOC publishing process during the MOC process. In the event of a dispute on the timing, deadlines for bids and offers, as the communication may not be
Detailed guidelines on MOC timings can be found at https:// Platts will review its records and determine which company completed on time.
www.platts.com/IM.Platts.Content/MethodologyReferences/ communicated to Platts first its intention to execute on a bid/
MethodologySpecs/oil-timing-increment-guidelines.pdf. The offer displayed on the Platts systems. All the Platts systems A buyer or seller can communicate with Platts directly to express
purpose of the time cutoffs is primarily to ensure logistical operate on a first come, first served basis. This sequence is buying or selling interest. Platts may also take into consideration
executability and standards of incrementability and repeatability critical for orderly price formation. bids and offers made via a broker, provided the buyer or seller
to ensure orderly price formation. As such, they may be changed have communicated to Platts that they have authorized the
at short notice if evolving market conditions require. Platts editorial guidelines governing its assessment process broker to act on their behalf.
require it must consider only those transactions, bids or offers
To ensure proper dissemination of market information, new bids where market participants perform under typical contractual Platts only considers for publication and assessment,
and offers for publication by Platts must be received by Platts no terms. Platts accepts that individual companies may have transactional interest that is expressed by participants for
later than stated cutoff periods. trading limits with counterparties and that national legislation bids or offers that have already been published by Platts.
may prevent companies from dealing in materials of certain Interest in bids or offers at prices that have not been published,
In order to ensure that all published data is fully tested in origins. Such counterparty issues are dealt with on a case-by- and therefore may not be fully available for testing in the
the market, Platts has established guidelines around how case basis. Platts cannot make any guarantee in advance about marketplace as a whole, may be disregarded. Should a buyer
quickly bids and offers may be improved when they have how and whether market information received and published lower its bid or a seller increase its offer, an expression to trade
been published, and by what amount. These incrementability but not fully adhering to its defined methodology will be at a previously published level will not be considered.
guidelines define the quantum and speed at which bids incorporated in its final assessments.
and offers may typically be improved in the MOC process. Platts processes require full clarity when communicating bids/
Incrementability does not apply to bids and offers that are All bids and offers are firm from the moment of submission. For offers and intentions to trade. When expressing an intention to
moving away from market value, though Platts analyzes bids and information communicated directly to a reporter, rather than hit a bid or lift an offer in the MOC process, any message should
offers that are moved lower, and higher, respectively, to ensure through the eWindow software, bids and offers for inclusion in typically include the specific price of the trade and the name of
reasonability. the assessment process are to be submitted prior to the cutoff the counterparty. Information may not be published if it is not
times as listed in the timings and increments guide. sufficiently clear when communicated to Platts.
Incrementability varies between each market assessed through
Wide laycan dates should also be narrowed by the buyer/seller In the event of the market maker rebidding or reoffering, the methodology, buyers or sellers can withdraw bids/offers at any
where applicable. In the case of North Sea Cargoes for example, queue of market takers expressing interest in that position will time, provided no prior interest to transact has been expressed
if a seller is hitting a bid with a wider laycan they must narrow reset. Platts will not consider any interest expressed in a rebid by any potential counterparty. All bids and offers are firm from
the laycan to three days at the time of sale. or reoffer before the position is published to be executable the moment they are submitted into the Platts eWindow to the
during the MOC process. moment they are traded, to the close of the MOC process or until
Platts recognizes the time of receiving a message of a company’s the bid/offer is withdrawn from the system by the trader or a
intent to buy/sell, as opposed to the time a message was sent by the After a bid or offer is published, only price or number of lots can Platts editor.
trading party. be changed. The quality or loading/delivery timing cannot be
changed. Platts is an information company and it aims to publish any
An intention to rebid or reoffer must be received by Platts as credible bid or offer reported to it. Platts makes no commitment
soon as is possible and within a reasonable time frame. Buyers or sellers can withdraw bids/offers at any time, to publish every bid or offer submitted to it, however. For
provided no prior interest to transact has been expressed instance, frivolous bids and offers may not be published. Terms
Unless sellers/buyers expressly inform Platts of their continued by any potential counterparty. If a market maker takes of trade such as quality, delivery port, timing of delivery/loading
interest to buy/sell after a deal, Platts will presume the original out another position during the MOC process, they must and price are fully up to the company issuing the bid or offer.
buyers or sellers are not there for additional volume. communicate to Platts if they wish to withdraw their existing
position following the trade. Otherwise, it is assumed the Atypical bids, offers, trades
A rebid or reoffer must match the initial position’s parameters, market maker’s own position remains active. Platts may publish bids, offers and trades with atypical
with the exception of price or number of lots. A rebid or reoffer pricing terms, including benchmark bases and timing. Market
can be made at the same level or inferior to the traded price. All participants that have reported bids and offers for publishing information with atypical pricing may differ in value from the
For example Company B hits Company A’s bid for $50/barrel in the MOC process are expected to promptly report any typical and commonly observable information in the market.
during the MOC process. Company A can rebid at $50/b or below transactions stemming from their available bids or offers
this level. If the MOC process for a particular market includes a reported to Platts as part of the MOC process. Bids and offers which are deemed atypical relative to the market
“freeze” period towards the close of the process, bids and offers may not be fully taken into consideration for the assessment
may only be repeated at the last published price. Platts synchronizes its computer clocks every day precisely, process. In the absence of an associated, liquid derivative
and will compare the time of any submitted bid, offer or instrument, atypical pricing bases may be difficult or impossible
When there are multiple bids or offers at the same level, the first transactional interest against this synchronized time. Please to evaluate on an outright price equivalent.
person to reach the market maker bid/offer level is the first person note that Platts applies the timing deadlines strictly.
to be filled. Subsequent deals will go to the second, third and Any unusual condition or request regarding a commodity should
fourth market maker. When a market maker is filled, any repeat For the purposes of clock synchronization, market participants be specified at the moment the initial bid or offer is made. Any
of its bid/offer will move to the back of the bid/offer queue. may find the following internet link to be helpful: www.time.gov/. unusual request that surfaces at the time a counterparty is
This link offers an atomic clock reading for US time zones. ready to trade and that impedes the normal flow of a transaction
In the event that more than one counterparty expresses his/ could be seen as an impediment to trade.
her intention to execute a transaction based on an existing bid In markets where Platts eWindow is in operation, the eWindow
or offer, the logical counterparty should be the first party that clock will be used to determine the correct sequence of events Information reported by market participants that may have legal
demonstrated its intention to trade. Platts will monitor time when a bid or offer is amended, withdrawn, or traded by an implications, including but not limited to potential libel, will not be
stamps or any other available time mechanism in the event of interested counterparty. Bids or offers submitted by phone, or published.
a dispute with the aim of determining who the first potential any other medium such as instant messaging software, shall be
counterparty of record was. clocked at the time the bid, offer or trade indication is actually Market participants are encouraged to inform Platts when they
transmitted through the Platts eWindow system. As per Platts cannot trade with another typical market participant due to
performance, credit or legal issues before the cutoff deadlines environments are a common ground for future MOC assessment trading, and should not be seen as an indication of Platts
for initial bids and offers. Platts may ask market participants to environments, and Platts regularly reviews its survey environments condoning lateness.
provide supporting documentation to ensure the integrity of its to determine which may be suited to an MOC approach. Similarly,
assessment process. MOC environments are underpinned by data collected by surveying Platts will review patterns of logistical performance, as
sources throughout the day, to ensure that Platts is aware of market adjustments due to late performance and/or quality issues
Survey assessment methodology value as the MOC process begins. should be extraordinary and not recurring events.
Platts applies a survey assessment methodology where market
conditions do not support an MOC assessment environment. For analysis of the data, Platts survey methodologies will Participants who are intending to sell should not offer when
Platts collects a wide variety of transactional and market typically give priority to data collected that is confirmed and there is a known and distinct possibility that loading/delivery
information through a survey of participants, which typically published, and which is most relevant to closing value in the may be delayed. If congestion or delays prevent performance
includes communicating with sources via phone, email, and markets covered. under the contractual terms, the seller should make reasonable
instant messaging, among other communication methods. and timely efforts to supply from an alternative source, or the
Although the survey assessment methodology is in many seller should engage in other measures to alleviate the buyer’s
Law
respects similar to the MOC assessment methodology there are exposure.
key distinctions between the assessment approaches. Contracts using English law are considered standard in the
assessment process. Equally, a buyer should not over-commit and then aggregate
In such environments, Platts collects as much data as possible, nominations in a way that makes it logistically impossible for the
including bids, offers, interest to trade, transactions that have seller to perform.
Embargoed products
been previously concluded, and indications of value from
participants in the market. Platts seeks to collect, confirm and Laws stating that nationals from specific countries may not Platts will take appropriate steps to ensure the integrity of its
analyze as much information as possible in survey markets, buy products from embargoed countries may prevent market assessments if issues of non-performance should arise.
and encourages market participants to provide all relevant participants from lawfully executing transactions. A seller therefore
information. Platts publishes credible information collected that may not assume that a buyer has the obligation to buy embargoed In summary, performance is paramount and all bids and offers
meets our methodological standards, typically through real- materials. Commodities supplied from countries or entities that must be firm and transactions should be performable within the
time information services and with as much transparency as are subject to trading embargoes and sanctions recognized under contractual parameters.
possible. This information is considered when determining and international law should not be delivered against transactions
completing a final assessment. concluded during the Platts MOC processes. Bids and offers that Platts only recognizes bids, offers and transactions where no
contain statements surrounding delivery of embargoed materials party claims a right to unilaterally cancel a transaction. If a
All Platts market reporters are trained to analyze the data they will be considered by Platts for publication, and if published after transaction becomes difficult the party causing the issue must
receive and to question sources to establish the fullest set of review may be subject to normalization in value. seek resolution including alternative loadings, qualities, dates or
information possible around price data. Reporters are trained to book outs.
seek a wide variety of information to test reported transactional Late performance
activity, including the specific price agreed, the counterparty Platts is aware that physical conditions regarding shipping, Compensation
to the trade, the point of origin and destination for delivery of terminals, tanks, or blending which are beyond the control of the Platts only publishes bids, offers and transactions on the basis
the commodity, the size of the transaction, any physical quality seller or buyer may result in lateness, quality issues or conditions that participants will fulfill the full value of the physical contract.
commitments agreed as part of the trade, the terms and conditions seen as a deviation from the original wording in the contract, for
of a trade and when a trade was agreed. example late delivery/loading. A party deemed to have underperformed or not performed under
the original contract is expected to compensate the affected
Survey and MOC environments are linked. Survey assessment These deviations will be seen in the larger context of physical party.
In almost all circumstances, the compensation is not, and parameters such as backwardation, shipping costs and the of their inputs. Platts may publish confirmation of trade
should not be due to a flat price change, but should include inconvenience for the buyer or seller expecting a normal performance information.
parameters such as backwardation, shipping costs, and transaction. Such adjustments should be fair and in line with
the inconvenience for the buyer in the case of a seller not market practice, and should be reciprocal in the event that the
Specification
performing, or contango, storage costs and the inconvenience inverse situation occurs in the future.
for the seller in the case of a buyer not performing. Platts assessments will reflect typically traded qualities of
Compensation should not include consequential costs. Furthermore, circle outs may occur when the original seller sells products. Specifications are available in Section VII of this
a cargo that is later sold into a third party that has a sale into document and on the Platts website at https://www.platts.com/
Such adjustments should be fair and in line with market the primary seller. Such “circle outs” are considered a normal methodology-specifications/oil.
practice, and should be reciprocal in the event that the inverse part of trading as sometimes chains originate and finish at the
situation occurs in the future. same point.
Testing of products
Compensation is subject to editorial review to ensure market Book outs and circle outs are subject to editorial review to Products traded are subject to standard testing
practices and overall fairness in the transaction have been ensure market practices and overall fairness in the transaction techniques and protocols to determine contractual
followed. Platts review may include proposals/arrangements to have been followed. Platts review may include proposals/ performance. Platts typically follows the standards
protect the integrity of its assessment process. arrangements to protect the integrity of its assessment process. already in place in the trading market, although it may
monitor these to ensure that the standards are adequate.
Force majeure Review of trades

Implied guarantees in specifications
Force majeure is part of trading and may be invoked under very Platts tracks all circumstances surrounding trades reported
special circumstances. Platts editors will monitor the application during its MOC assessment process, and any issues regarding Bids and offers submitted to Platts that include numerical
of it to ensure that force majeure is not invoked frivolously. performance. Platts not only focuses on the performance of specifications will be assumed to have a series of zeroes to the
the transaction at the time of trade, but also on any significant right of the decimal point or to the right of the last digit to the
issues stemming from such trades, including logistics and right of the decimal point.
Booking out trades
eventual delivery of the product. Trades executed through the
Booking out trades done during the MOC process is acceptable Platts MOC assessment process may be reviewed from time As an example, a fuel oil cargo with a maximum guarantee of
under exceptional circumstances. A stressed party may request to time for performance completion. Platts therefore may 0.1 Shell Hot Filtration will be considered as 0.1000 etc. If the
to book out a trade, but its counterparty is under no obligation to request documentary material to determine performance specification guarantees are otherwise, the buyer or seller
accept such request. and validity. Such material may include details of fuel quality, should specify it clearly to avoid potential disputes.
terminal, vessel and laycan nominations. MOC trades may
In those exceptional cases where both counterparties agree to be subject to editorial review to ensure market practices and
Merchantability
book out a trade, Platts expects the original spirit of the contract performance in the transaction have been followed. Platts
to be fulfilled where the non-performing party offers to buy/sell review may include arrangements to protect the integrity of its Platts only considers in its assessments products
back the position and compensates the affected party. assessment process. that are merchantable. Hence, buyers may assume
that offers or transactions are for a product that is
In almost all circumstances, the adjustment is not and should Post-deal tracking enables Platts to determine the actual merchantable. Sellers must ensure their offers or
not be due to a flat price change, but should be to include performance of the participants in the trade and the validity transactions are for merchantable products.
Part II: Security and confidentiality typical periods of greater market activity and liquidity provides between related parties are, for instance, not considered in the
a robust basis upon which to derive a reliable assessment of assessment process.
Data is stored in a secure network in accordance with Platts market value.
policies and procedures. Platts oil assessments are produced Deals done below the level of prevailing bids or above the level
in accordance with MOC assessment methodology. This means Platts has adopted the MOC methodology in order to provide of prevailing offers (i.e, selling through the bid or buying through
that all data for use in Platts oil assessments may be published complete clarity over the precise point in time reflected in its the offer) will not be reflected in Platts assessments. Platts
by Platts editorial staff while assessing the value of the markets. market assessments. Like the quality of oil, its delivery location, will only publish expressions of interest to trade with the most
delivery dates, contract terms, and the volume to be supplied, the competitive, tradeable bid or offer available.
Platts does not have confidentiality agreements in place for time of commercial activity is an important attribute considered
information that is sent for use in its oil assessments. in Platts price assessments. The time that a bid or offer is shown Platts does not specify a minimum amount of transaction data,
to the market, or a transaction concluded, is vitally important in or a transaction data threshold, for the publication of its price
understanding the market value of the respective commodity, assessments. Physical commodity markets vary in liquidity. Any
Part III: Calculating indexes and making in the same way that the quality of the oil as well as where particular market analyzed on its own will typically demonstrate
assessments and when it will be delivered are important factors. By clearly rising and falling levels of transactional activity through time.
reflecting value at a defined point in time Platts is able to Platts is committed to providing an assessment of value for
The following section describes how Platts uses the specific properly reflect outright and spread value. every market that it covers, equally well in times of heightened or
volume, reported and concluded transactions, bids, offers and reduced liquidity.
any other market information it has collected, in the manner The clarity established by providing a well-defined timestamp is
described in section one, to formulate its price assessments. also important for understanding the relationships between the Platts seeks to receive market information from as broad
Additionally, this section describes other information, markets that Platts assesses. By ensuring that all assessments a cross section of the market as possible. If a very limited
including the normalization of market data, assumptions within a region reflect market value at the same moment in number of market-makers are active in the market, or if a
and extrapolations that are considered when making a final time, spreads that exist between those products are also able limited number submit data that constitutes a significant
assessment. to be fully and properly reflected. For example, comparing the proportion of the total data upon which the assessment
value of gasoline to crude oil is possible when both values have is based, Platts will continue to seek fully transparent
been determined at the same moment in time. By contrast, and verifiable data from the market at large and to apply
MOC price assessment principles
comparing the price of gasoline in the morning, to crude oil in Platts methodology principles of transparency and time
Through the MOC assessment process, Platts considers market the afternoon, might deeply impair the relationship between the sensitivity. Platts considers data for assessment of any
information gathered throughout the normal trading day, and products – particularly when the respective market prices move market where a single company provides more than half of
publishes such information throughout the day. Platts analyzes independently during the intervening period. all available information to be one where such a company
all published information in determining its final published price provides a significant proportion of data. For consideration
assessments. By providing clear timestamps for assessments, the Platts MOC in the MOC process such a company’s bids or offers must
process is designed to provide assessments that properly reflect be clearly available for execution by any other potential
Platts seeks to establish and publish the value of markets outright and spread value during times of high volatility equally MOC trading counter party.
that prevail at the close of the assessment process. Platts has well as in times of modest volatility.
aligned the timestamps reflected in its assessments with what
Normalization price adjustment techniques
typically is a period of high activity in the markets that Platts MOC guidelines are designed to avoid distortion of the final price
observes. The typical period of high activity in oil markets tends assessments by eliminating inputs that are not fully verifiable, Platts seeks to align the standard specifications for the oil
to be in the afternoon in every major trading location around and by disregarding one-offs or unrepeatable transactions, markets it assesses and the timestamps reflected in its
the world. Platts believes that aligning its price assessments to or those that may distort the true market level. Transactions assessments with standard industry practice. However, physical
commodity markets are generally heterogeneous in nature. Key Platts after the fact.
Prioritizing data
attributes often vary from the base standard reflected in Platts
assessments as oil is supplied to market. Transparency underpins the Platts assessment process, just The level of each bid or offer must stand firm in the marketplace
as it does Platts data publishing processes. Platts assessment long enough for any counterparty to transact; otherwise the bid
The quality of fuel supplied, delivery location, and other specific process considers firm bids, firm offers and arms-length or offer may be deemed non-executable. Platts may not consider
terms of trade may vary in the physical commodity markets transactions that are transparent and open to sufficient, bids, offers or transactions that are the result of market gapping.
assessed by Platts. This is one reason among many why data credible counterparties. Bids, offers or transactions that are not Gapping occurs when a bid and an offer are more than one
collected from the physical oil markets may not be simply transparent may not be considered in the assessment process. increment apart and a trade occurs. Platts will analyse and
averaged to produce a representative assessment value. Bids above transparent offers or offers below transparent bids evaluate such trades for their representative value. They may not
are not considered in the assessment process. Platts considers be fully reflected in the final assessment.
Because of the complex nature of the physical oil markets, oil changes to bids or offers when those changes are made
market data typically must be aligned with standard definitions transparently and in adherence to Platts guidelines as they Platts MOC guidelines are designed to avoid any distortion of the
to allow for a fully representative final published assessment. relate to increments. final price assessment and so inputs that are not verifiable are
Platts aligns data collected through an analysis of the physical eliminated and “one-off” or unrepeatable transaction data may
oil markets with its standard assessment specifications through When determining a final market assessment, Platts gives be disregarded from the price assessment process.
a process called normalization. the greatest priority to fully verifiable and transparent market
information. A firm bid or offer that has been published by Platts Single transactions may be a reflection of market value. However
Normalization is an essential price adjustment technique used in accord with its data publishing standards, and which still single transactions need to be measured against the broad span
to align reported market information to the base standard stands open to the marketplace at the close of the assessment of similar transactions. If for instance a buyer decides to trade
reflected in Platts price assessments. process, will establish clear parameters for Platts final published an offer but is unwilling to buy more material when reoffered
assessments. Platts will typically assess market value between at the same level it would be determined that the trade did
Platts establishes the level of normalization by surveying markets the best bid and best offer open to the market at the end of the not demonstrate repeatability. Equally if the seller does not
and observing the economic impact of variance from the base MOC process. This ensures that Platts assessments reflect the reoffer, the offer does not demonstrate repeatability. As such the
standard. This is done by analyzing freight rates (for locational transactable value at the close. transaction may not be fully reflected in the price assessment.
differences), quality premiums (for quality differences), the
movements of all markets through time (for time differences) and Completed, transparent transactions that are fully published by Similarly, Platts may not publish bids or offers that are provided
other premiums associated with the size of trades and delivery Platts are important in helping establish where trading interest through untested levels of resistance or price support. When
terms. prevails in the market, and may help determine where, in a bid/ transactions are concluded at levels that have not been fully
offer spread, Platts may assess value for publication. tested by the market because price changes have been non-
Normalization for time may be done by analyzing movement in incremental, Platts may determine that actual market value
a related market observed through time, and that movement Firm bids and offers that are available to the entire market take is between the last incremental bid and the transaction at the
may provide a basis by which to align market value of an earlier precedence over trades that have been concluded earlier in the gapped level.
reported bid, offer or transaction to market value at the MOC assessment process when establishing the value of the market,
close. The alignment for time is essential to ensure that Platts particularly if bids are available at the close above previously When no bid, offer or transaction data exists, Platts may consider
price assessments reflect the prevailing value of a market at the traded levels, or offers are available to the market below other verifiable data reported and published through the day,
end of the MOC process. previously traded levels. Value is a function of time. including fully and partially confirmed trades, notional trading
values and other market information as provided for publication.
Similarly, firm bids and offers that are available to the entire
market take precedence over transactional activity reported to Platts may observe direct market activity as well as the effect of
movements in related markets through spread differentials or editors apply judgment when determining (1) whether Reporters are trained to identify potentially anomalous data.
blending and shipping economics, for example. information is suitable for publication, (2) when and how to Platts defines anomalous data as any information, including
normalize data and (3) where to assess final value. All such transactions, which is inconsistent with or deviates from our
Platts takes into account representative transactions executed at judgment is subject to review by Platts editorial management methodology or standard market conventions.
arms-length in the open market occurring during the MOC price for adherence to the standards published in Platts
assessment period and additionally taking into account bid and methodologies. As a publisher owned by S&P Global, independence and
offer information submitted during this period. Platts editors may impartiality are at the heart of what Platts does. Platts has no
require direct verification from the principals to a reported bid, Judgment may be applied when analyzing transactional data to financial interest in the price of the products or commodities on
offer or deal when communicated through a third party, including determine if it meets Platts standards for publication; judgment which it reports. Platts aim is to reflect where the actual market
a broker. may also be applied when normalizing values to reflect level is.
differences in time, location, and other trading terms when
comparing transactional data to the base standard reflected in Platts focuses primarily on assessing the value of oil trading
Assessment Calculations
Platts assessments. in the spot market. A spot price for a physical commodity
Units of measurement is the value at which a standard, repeatable transaction
Platts publishes its assessments reflecting the currencies and The following section illustrates how these guidelines work when for merchantable material takes place, or could take place
units of measurement in which the products typically trade. calculating indexes and making assessments. in the open market at arms’ length. In oil, Platts spot price
assessments reflect this value at precisely the end of the MOC
Oil is generally traded in US dollars, and Platts assessments are To ensure the assessments are as robust as possible, Platts process.
typically published in that currency as a result. Certain markets, editorial systems are backed by a strong corporate structure
such as regional markets, trade using local currency. Platts that includes managerial and compliance oversight. To ensure Platts overall objective is to reflect the transactable value of
assesses the value of such markets as appropriate in local reporters follow Platts methodological guidelines in a consistent the commodity assessed. In cases where the apparent value
currency. manner, Platts ensures that reporters are trained and regularly of the commodity includes extra optionalities, the intrinsic
assessed in their own and each other’s markets. value of the commodity may be masked. In such cases, Platts
Crude oil is typically traded in barrels or metric tons, and Platts may use its editorial judgment to factor out such extraneous
publishes its assessments using these units of measurement Professional judgment guidelines promote consistency and elements from the value of the commodity, or it may decide
as they prevail in practice. The minimum and maximum volume transparency and are systematically applied by Platts. Where not to use the bid, offer or transaction in its assessment
considered for each individual Platts assessment of a physical professional judgment is exercised, all information available process. Optionalities that may mask the value of the
market is described in section Vll of this document. is critically analyzed and fully evaluated to reach a judgment. commodity include but are not limited to loading or delivery
Platts manages and maintains internal training guides for each options held by the buyer or seller, size option tolerances
In certain cases Platts converts its assessments to other of the different products assessed which aim to ensure Platts exercisable by the buyer or seller or quality specifications.
currencies or units of measurement to allow for ease of price assessments are produced consistently. Platts price
comparison or analysis in regional markets. Such conversions assessments are reviewed prior to publication and exercise Outright, differential and spread prices
are done using exchange rates published regionally. Conversion of professional judgment is further discussed and verified Platts assesses the outright value of oil around the world,
factors are described in section VII alongside individual during this process. Finally, consistent with the concept of as well as differentials for oil when it trades with reference
assessment codes. proportionality, assessments that are referenced by derivatives to a benchmark. Platts analyzes all data collected and
contracts are supported by assessment rationales. These published by Platts throughout the day. Final assessments
Editorial judgment rationales explain the application of judgment, are published are above firm bids, and below firm offers, that stand at the
Platts reporters follow specific methodology when exercising together with the relevant price assessment offering full end of the MOC process. This is true for outright values and
editorial judgment during their assessment process. Platts transparency to the market. differentials.
Platts physical price assessments use a variety of inputs, an overall market condition but they would not be seen as exact Time gradient
including outright price bids/offers, floating price bids/ indicators of market price. Platts is very stringent in following timings for loading or delivery
offers, spread price bids/offers (including EFPs, EFSs etc) and due to the variability in market value across time. This variability
combinations of fixed and floating prices. Platts objective is to Timing increases as the backwardation or contango in the markets
assess the prevailing tradable outright price of the commodity Platts produces time-sensitive assessments that reflect increases.
at the end of the market assessment period. In the event of an the value of the markets it covers precisely at the end
observed conflict between outright values and differentials of the MOC price assessment process in Singapore, It is not uncommon in times of tight supply for the
or spreads, outright values prevail in Platts final published Tokyo, Dubai, London and Houston. By providing clear backwardation to be over $2/b per month. This means that
assessments. timestamps for every region the Platts assessment cargoes loading one week apart can vary in price, depending on
process is designed to provide price assessments that the steepness of the price curve. Thus it is extremely important
Outright price submissions take precedence in the editorial properly reflect outright and spread values. for Platts to follow pricing windows very methodically.
process at all times. For example, an outright price bid or offer
(i.e. $50/barrel) may invalidate a floating price basis bid or offer As an example, gasoline has a value, naphtha has a value and Platts factors in the backwardation/contango and reflects its
(i.e. OSP plus $0.20/barrel) during the assessment process if the the gasoline versus naphtha spread has a value, and all three impact on the published assessment. The assessment reflects
prices demonstrably co-exist in conflict at any moment in time. match when measured at the same time. By contrast, a system the value of the commodity normalized to the center of the
of averages can lead to distortions in the gasoline versus loading/delivery window. In a contango market, the excess of
Platts establishes the hedgable, outright value of floating and naphtha spread if the distribution of deals done for gasoline prompt barrels may cause the front-period to be significantly
spread price indications by applying them to the observable, and naphtha differs over the averaging period. Thus if gasoline cheaper than barrels available at the end of the window. In
prevailing value of underlying relevant derivatives instruments. trades actively at the beginning of the assessment period and a backwardated market the tightness of supply causes the
In the event of conflicts observed between the outright naphtha trades actively at the end of the assessment period in prompter barrels to be at a higher price than barrels available at
values derived from floating and spread prices with different a rising market, the assessed spread value resulting from an the end of the window.
underlying references, Platts takes into account considerations averaging process will not be reflective of actual market value.
that include the relative liquidity of each relevant derivatives This distortion can arise even if the value of spread trades in Platts methodology eliminates any arbitrary movement
market, and the typicality of a given spread or floating price, their own right has remained constant. The MOC approach in assessments caused simply by the different loading/
when exercising judgment around whether to prioritize one drastically reduces the possibility of such distortions. delivery ranges traded. By normalizing prices to the mid-
particular floating price or spread over another. point of a clearly defined date range, the consistency of
Assessments reflect typical loading and delivery schedules prices is maintained. The day-to-day changes in the price
Platts may publish bids, offers and trades with atypical for each market assessed. The standard loading and delivery assessments therefore reflect an actual price move in the
pricing terms, including benchmark bases and timing. Market windows are specified under each data code. value of the commodity, rather than an artificial change
information with atypical pricing inherently differs in value from because a cargo happens to be loading/delivering in the
the typical and commonly observable information in the market. Market structure such as backwardation and contango front period of the window rather than the back period, or
is also factored into the Platts assessment process. If a vice versa.
Bids and offers which are deemed as atypical relative to company offers a cargo loading 15 days forward, the offer
the market may not be fully taken into consideration for the may provide market information for the Platts assessment The date ranges reflected by Platts reflect the prevailing
assessment process. In the absence of an associated, liquid for cargoes loading 15 days forward. Platts would still need trading practices in the European region. By not taking very
derivative instrument atypical pricing bases may be difficult or to assess days 16 through 30 (in a 15-30 day market) and prompt days into consideration, transactions reflecting
impossible to evaluate on an outright price equivalent. publish an assessment that reflects market value 15-30 distressed prices are excluded. The definition of this period
days forward ahead of the day of assessment. varies according to specific markets.
Such bids/offers or transactions would be at best indicators of
Determination of backwardation or contango example, a bid for a cargo of Canadian Hibernia crude oat $10/b All charter party options should be passed from a seller to the
Platts assessments reflect fair market value and therefore above the Platts Dated Brent assessments published immediately buyer in the form that they exist in the original Charter Party
take into consideration backwardation and contango. Where before, during and after the loading of the cargo. contract. Charges incurred because of the deviation must be
indications are on differing date ranges, a calculation is made to transparent and be granted at cost and in line with normal
determine the value the market is assigning for the difference Premiums will usually rise when the market’s backwardation market practices. The seller should not impose a fee for
between loading dates. In calculating this time gradient, the steepens, and the steeper the curve, the greater the premium. In passing the Charter Party (CP) options.
prices of tradable instruments, including derivatives such as a contango situation, premiums will have a tendency to turn into
futures and swaps, may be used. discounts. Location
The location parameters for each assessment are published in
Typical calculations include a determination made for the Derivatives Section VII of this guide.
difference in price over a month, and a granular value is then Derivatives are a major determinant in price. Derivatives trade
calculated from this for each day. freely in an over the counter market and can trade at any
time. Paper markets are very reactive and may provide market Part IV: Platts editorial standards
The three main factors used in oil markets for price participants with timely information on market conditions.
determination are: Derivatives can react to arbitrage conditions or movements in All Platts employees must adhere to the S&P Global Code of
overseas markets as well as local conditions. Business Ethics (COBE), which has to be signed annually. The
■■ Outright price COBE reflects S&P Global’s commitment to integrity, honesty and
Derivatives are risk-management tools. Derivatives allow acting in good faith in all its dealings.
■■ Differentials companies to adapt their price exposure because they enable
market participants to transform floating prices to fixed or In addition, Platts requires that all employees attest annually
■■ Derivatives fixed to floating. Derivatives are also used as a speculative tool. that they do not have any personal relationships or personal
Derivative market values and indications are carried in real-time financial interests that may influence or be perceived to
Outright price on Platts Global Alert. influence or interfere with their ability to perform their jobs in an
The ultimate question in the mind of an end-user, producer, objective, impartial and effective manner.
refiner, trader or broker is price. Outright prices are the simple Buyers and sellers may show buying and selling interest for all
statement of a price at which something can be bought or sold, derivatives assessed by Platts through MOC processes in the Market reporters and editors are mandated to ensure
with the entire value stated – for example, an offer of a cargo of same way as is done in physical markets. adherence to published methodologies as well as internal
naphtha at $400/mt. Price in turns determines expense, refining standards that require accurate records are kept in order
margin, profit, loss, etc. The spot market trades actively on an The spot market to document their work.
outright price basis and a floating price basis. Platts takes both These three factors — outright price, differentials and
into account in its assessments. Platts will publish activity on derivatives – converge in a spot price. Platts may use all three in Platts has a compliance function that is independent of
both a fixed and floating basis. its assessments. the editorial group. The compliance team is responsible
for ensuring the quality and adherence to Platts policies,
DifferentialsMany transactions are carried out in relation to a CIF transactions standards, processes and procedures. The compliance
benchmark. In this case a differential, also known as premium/ A CIF buyer has the right to request a deviation of the ship to team conducts regular assessments of editorial
discount is generated. Premiums/discounts can arise if the quality, another port, provided the shipowner has granted, or has the operations, including checks for adherence to published
volumes or loading times for a given transaction differ from the ability to grant, the deviation to the charterer. Any incremental methodologies.
benchmark. In addition, floating price transactions are done in expenses associated with the deviation are borne by the buyer
relation to assessments that will be published in the future – for as he/she is initiating the request for the deviation. S&P Global’s internal auditor, an independent group that reports
directly to the parent company’s board of directors, reviews the

Platts risk assessment programs.
Part V: Corrections
Platts is committed to promptly correcting any material errors.
When corrections are made, they are limited to corrections to
data that was available when the index or assessment was
calculated.
Part VI: Requests for clarifications

of data and complaints
Platts strives to provide critical information of the highest
standards, to facilitate greater transparency and efficiency in
physical commodity markets.
Platts customers raise questions about our methodologies

and the approach we take in our price assessments, proposed
methodology changes and other editorial decisions in relation to
our price assessments. These interactions are strongly valued
by Platts and we encourage dialog concerning any questions a
customer or market stakeholder may have.
However, Platts recognizes that occasionally customers may not

be satisfied with responses received or the services provided by
Platts and wish to escalate matters. Full information about how
to contact Platts to request clarification around an assessment,
or make a complaint, is available on our website, at: https://
www.platts.com/contact/complaints.
Part VII: Definitions of the trading locations for which Platts publishes daily indexes or assessments
The following crude specifications guide contains the primary specifications and methodologies for Platts crude oil cargo and pipeline assessments around the world. The various components of this guide
are designed to give Platts subscribers as much information as possible about a wide range of methodology and specification questions.
This methodology is current at the time of publication. Platts may issue further updates and enhancements to this methodology and will announce these to subscribers through its usual publications of
record. Such updates will be included in the next version of this guide. Platts editorial staff and managers are available to provide guidance when assessment issues require clarification.
North Sea
Assessment CODE Mavg Pavg Wavg CONTRACT BASIS LOCATION DELIVERY PERIOD MIN SIZE MAX SIZE CURRENCY UOM CONV
DATED BRENT
Dated Brent PCAAS00 PCAAS03 FOB North Sea 10-M+1 600,000 600,000 US $ Barrels
Dated North Sea Light AAOFD00 AAOFD03 FOB North Sea 10-M+1 600,000 600,000 US $ Barrels
Brent/Ninian Blend (BNB) AAVJA00 AAVJA03 FOB Sullom Voe 10-M+1 600,000 600,000 US $ Barrels
BNB vs North Sea Dated Brent Strip AAVJB00 AAVJB03 AAVJA04 FOB North Sea 10-M+1 600,000 600,000 US $ Barrels
Dated Brent (Euro) AAPYR00 AAPYR03 FOB North Sea 10-M+1 600,000 600,000 Euro Barrels
Dated Brent 5 Day Rolling Average AAIVI00 FOB North Sea 10-M+1 600,000 600,000 US $ Barrels
Dated Brent Differential AAXEZ00 AAXEZ03 FOB North Sea 10-M+1 600,000 600,000 US $ Barrels
BFOE
Brent M1 (London close) PCAAQ00 PCAAQ03 FOB North Sea M+2 100,000 600,000 US $ Barrels
Brent M1 (Asia close) PCAJG00 PCAJH03 FOB North Sea M+2 100,000 600,000 US $ Barrels
Brent M2 (London close) PCAAR00 PCAAR03 FOB North Sea M+3 100,000 600,000 US $ Barrels
Brent M2 (Asia close) PCAJI00 PCAJJ03 FOB North Sea M+3 100,000 600,000 US $ Barrels
Brent M3 (London close) PCARR00 PCARR03 FOB North Sea M+3 100,000 600,000 US $ Barrels
Brent M3 (Asia close) PCAJ000 PCAJ003 FOB North Sea M+3 100,000 600,000 US $ Barrels
Brent EFP M1 AAGVX00 AAGVX03 FOB North Sea M+2 100,000 600,000 US $ Barrels
Brent EFP M2 AAGVY00 AAGVY03 FOB North Sea M+3 100,000 600,000 US $ Barrels
Brent EFP M3 AAMVY00 AAMVY03 FOB North Sea M+4 100,000 600,000 US $ Barrels
Brent M1 vs WTI M2 AALAU00 AALAU03 US $ Barrels
Brent M2 vs WTI M3 AALAV00 AALAV03 US $ Barrels
Brent M3 vs WTI M4 AALAY00 AALAY03 US $ Barrels
FORTIES AND THE DEESCALATOR

Forties Blend PCADJ00 PCADJ03 FOB Hound Point 10-M+1 600,000 600,000 US $ Barrels
Forties Blend vs North Sea Dated Brent Strip\ AAGWZ00 AAGXA00 FOB Hound Point 10-M+1 600,000 600,000 US $ Barrels
Sulfur de-escalator AAUXL00 US $ Barrels
OSEBERG, EKOFISK AND OTHER NORTH SEA GRADES

Oseberg PCAEU00 PCAEU03 FOB Sture 10-M+1 600,000 600,000 US $ Barrels
Oseberg vs North Sea Dated Brent Strip AAGXF00 AAGXG00 FOB Sture 10-M+1 600,000 600,000 US $ Barrels
North Sea
Oseberg FOB North Sea QP Current Month AAXDW00
Oseberg FOB North Sea QP Mo01 AAXDX00
Ekofisk PCADI00 PCADI03 FOB Teesside 10-M+1 600,000 600,000 US $ Barrels
Ekofisk vs North Sea Dated Brent Strip AAGXB00 AAGXC00 FOB Teesside 10-M+1 600,000 600,000 US $ Barrels
Ekofisk FOB North Sea QP Current Month AAXDY00
Ekofisk FOB North Sea QP Mo01 AAXDZ00
Flotta Gold PCACZ00 PCACZ03 FOB Flotta 10-M+1 600,000 600,000 US $ Barrels
Flotta Gold vs North Sea Dated Brent Strip AAGXH00 AAGXI00 FOB Flotta 10-M+1 600,000 600,000 US $ Barrels
Duc AAWEZ00 AAWEZ03 FOB Fredericia 10-M+1 600,000 600,000 US $ Barrels
Duc vs North Sea Dated Brent Strip AAWFL00 AAWFL03 FOB Fredericia 10-M+1 600,000 600,000 US $ Barrels
Troll AAWEX00 AAWEX03 FOB North Sea 10-M+1 600,000 600,000 US $ Barrels
Troll vs North Sea Dated Brent Strip AAWEY00 AAWEY03 FOB North Sea 10-M+1 600,000 600,000 US $ Barrels
Grane Blend PCALA00 PCALA03 FOB North Sea 10-M+1 600,000 600,000 US $ Barrels
Grane Blend vs North Sea Dated Brent Strip PCALA00 PCALA03 FOB North Sea 10-M+1 600,000 600,000 US $ Barrels
Statfjord (FOB North Sea) PCAEE00 PCAEE03 FOB North Sea 10-M+1 600,000 600,000 US $ Barrels
Statfjord FOB vs North Sea Dated Brent Strip AAGXD00 AAGXE00 FOB North Sea 10-M+1 600,000 600,000 US $ Barrels
North Sea CIF Rotterdam Dated Strip AAHXE00 AAHXE03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels
Dated North Sea Light (CIF Rotterdam) AAVJG00 AAVJG03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels
Dated Brent (CIF Rotterdam) PCAKM00 PCAKM03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels
Dated Brent CIF Rotterdam vs Fwd Dtd Brent AAVJF00 AAVJF03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels
BNB (CIF Rotterdam) PCAKP00 PCAKP03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels
BNB CIF Rotterdam vs Fwd Dated Brent AAVJC00 AAVJC03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels
Forties (CIF Rotterdam) PCAKR00 PCAKR03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels
Forties CIF Rotterdam vs Fwd Dated Brent AAHXC00 AAHXC03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels
Oseberg (CIF Rotterdam) PCAKT00 PCAKT03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels
Oseberg CIF Rotterdam vs Fwd Dated Brent AAHXD00 AAHXD03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels
Ekofisk (CIF Rotterdam) PCAKV00 PCAKV03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels
Ekofisk CIF Rotterdam vs Fwd Dated Brent AAHXB00 AAHXB03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels
Statfjord (CIF Rotterdam) AASAS00 AASAS03 CIF Rotterdam 10-M+1 600,000 600,000 US $ Barrels
Statfjord CIF vs North Sea Dated Brent Strip AASAT00 AASAT03 CIF Rotterdam 10-M+1 600,000 600,000 US $ Barrels
Gullfaks CIF Rotterdam AASAU00 AASAU03 CIF Rotterdam 10-M+1 600,000 600,000 US $ Barrels
Gullfaks CIF vs North Sea Dated Brent Strip AASAV00 AASAV03 CIF Rotterdam 10-M+1 600,000 600,000 US $ Barrels
Asgard ASGCA00 ASGCA03 CIF Rotterdam 10-M+1 600,000 600,000 US $ Barrels
Asgard CIF Rotterdam vs North Sea Dated Strip ALVHB00 ALVHB03 CIF Rotterdam 10-M+1 600,000 600,000 US $ Barrels
Alvheim ALVHA00 ALVHA03 CIF Rotterdam 10-M+1 600,000 600,000 US $ Barrels
Alvheim CIF Rotterdam vs North Sea Dated Strip CIF Rotterdam 10-M+1 600,000 600,000 US $ Barrels
North Sea Basket AAGIZ00 AAGIY00 FOB North Sea 10-M+1 600,000 600,000 US $ Barrels
North Sea
BRENT CFDS
Brent CFD (Week 1) PCAKA00 PCAKB03 100,000 100,000 US $ Barrels
Brent CFD (Week 2) PCAKC00 PCAKD03 100,000 100,000 US $ Barrels
Brent CFD (Week 3) PCAKE00 PCAKF03 100,000 100,000 US $ Barrels
Brent CFD (Week 4) PCAKG00 PCAKH03 100,000 100,000 US $ Barrels
Brent CFD (Week 5) AAGLU00 100,000 100,000 US $ Barrels
Brent CFD (Week 6) AAGLV00 100,000 100,000 US $ Barrels
Brent CFD (Week 7) AALCZ00 AALCZ03 100,000 100,000 US $ Barrels
Brent CFD (Week 8) AALDA00 AALDA03 100,000 100,000 US $ Barrels
BRENT-RELATED CRUDES AND THE FORWARD CURVE

North Sea Dated Brent Strip AAKWH00 AAKWI00 10-25 days US $ Barrels
Mediterranean Dated Brent Strip AALDF00 AALDG00 13-28 days US $ Barrels
BTC Dated Brent Strip AAUFI00 AAUFI03 13-33 days US $ Barrels
15-45 Day Dated Strip AALGM00 AALGN00 15-45 days US $ Barrels
30-60 Day Dated Brent Strip AAXRK00 AAXRK03 30-60 days US $ Barrels
Canada Dated Brent Strip (31-45 days) AALDJ00 AALDK00 31-45 days US $ Barrels
Latin America Brent Futures Strip AAXBQ00 AAXBQ03 US $ Barrels
Latin America Dated Brent Strip AAXBR00 AAXBR03 US $ Barrels
Latin America WTI Futures Strip AAXBP00 AAXBP03 US $ Barrels
ADB Strip Middle East (Asia close) AARBW00 AARBW03 US $ Barrels
ADB Strip Middle East (London close) AARBY00 AARBY03 US $ Barrels
ADB Strip Asia (Asia close) AARBV00 AARBV03 US $ Barrels
ADB Strip Asia (London close) AARBX00 AARBX03 US $ Barrels
WTI CMA M1 AAVSN00 AAVSN03 AAVSN02 US $ Barrels
North Sea the Dated Brent assessment will vary depending on the length absolute values of both Oseberg and Ekofisk adjusted by the
of the pricing month. North Sea crude grades are generally Quality Premium. In this way, Dated Brent can reflect any one,
traded either as a differential to Dated Brent or as a differential or more, of the five grades in the total BFOE basket across the
Dated Brent
to the Cash Brent-Forties-Oseberg-Ekofisk-Troll (Cash BFOE) assessment period.
Platts North Sea crude oil assessments reflect the value of derivatives contract.
physical crude oil loading 10 days forward from the date of Example: For an assessment range of April 17 to May 7, Forties
publication to one full month ahead. The assessed date range Platts publishes both an outright Dated Brent assessment is the lowest assessed crude grade of the five BFOE grades from
will typically stretch to the equivalent date of the following and a differential assessment to forward Dated Brent. Platts April 17 to April 23, but Brent/Ninian Blend (BNB) is lower than
month. In practice this means, for example, that on June 1, 2018, Dated Brent assessments reflect the most competitive value Forties from April 23 to May 7. Dated Brent would thus reflect
the assessment range for North Sea crude assessments will of physical Brent, Forties, Oseberg, Ekofisk and Troll (physical the value of Forties April 17-23, but the value of BNB for the
be June 11-July 1. As a result, the precise number of days in BFOE) on every single date of the assessment range, with the balance of the assessed period.
The Dated Brent assessment reflects volume loaded FOB at each
10 E
0
Sulfur content Asgard respective loading terminal. Platts considers bids and offers
Sour Sweet Gravity 53.7 API | Sulfur 0.09% that specify a minimum three-day loading laycan. If a buyer
Gravity >= 0.5% < 0.5%
bids for a loading date range of more than three days, the seller
Heavy 0 to 22.3
must specify a three-day laycan at the time of trade. Conversely,
Medium 22.4 to 31.1
if a seller offers a loading date range of more than three days,
Light 31.2 and higher
the buyer must also specify the three-day laycan at the time of
FAEROE IS. trade.
Platts also considers offers for, and any resulting transactions

of, recently loaded physical BFOE crude oil via ship-to-ship
(STS) transfers at Scapa Flow in Scotland, provided the seller
NORWAY
SWEDEN
agrees to cover all additional costs incurred by the buyer lifting
60 N Gullfaks oil on an STS basis. Platts also considers any STS offers and
BNB Gravity 37.5 API | Sulfur 0.26%
Gravity 37.5 API | Sulfur 0.4% Troll resulting transactions wherein a seller commits to deliver
Gravity 35.9 API | Sulfur 0.14% crude oil from a vessel that has itself loaded via STS transfer
Oseberg (a daughter vessel loaded from a mother vessel). Any daughter
Gravity 37.8 API | Sulfur 0.25% vessel named by the seller in this scenario must have loaded
E U R O P E via STS transfer directly from a mother vessel that has itself
Flotta Gold
Gravity 36.2 API | Sulfur 0.98% Grane Blend originally loaded from one of the five terminals supplying
Gravity 23.9 API | Sulfur 0.73%
Alvheim physical BFOE crude oil. Offers on an STS basis at Scapa Flow
Gravity 34.9 API | Sulfur 0.17% must be submitted before 15:30:00 London time for inclusion in
the Platts MOC assessment process and must include a named
North Sea
vessel. In all STS deliveries, the quality of the supplied crude oil
must be congruent with the quality recorded at the time of its
original FOB loading.
Statfjord
Cash BFOE
Forties
Gravity 38.7 API | Sulfur 0.79% Platts assessments comprise three forward Cash BFOE
derivatives contracts, down from four prior to October 2016.
DENMARK Each BFOE assessment reflects the outright price of a cargo
U.K. with physical delivery during the specified contract month.
DUC
Gravity 33.5 API | Sulfur 0.25% The daily assessment reflects the tradeable value for both full
Ekofisk
Gravity 38.5 API | Sulfur 0.19% (600,000 barrel) and partial (100,000 barrel) cargoes in the
month-ahead Cash BFOE market. The minimum volume Platts
UNITED KINGDOM
considers in its daily Cash BFOE assessments is 100,000 barrels
0 100 mi per transaction, reflecting standard market practice. All aspects
of the BFOE assessment methodology were developed by Platts
Source: Platts
and are proprietary to Platts. operational tolerance of plus or minus 1% in line with market
Brent CFDs
standards. In the event a cargo trades as a result of a Cash BFOE
Offers, bids and transactions for Cash BFOE may be used obligation through the chaining process, Platts understands Brent CFDs (Contract For Difference) derivatives are relatively
for assessment purposes provided they meet the following that the final buyer in this market has the obligation to declare short–term swaps, assessed by Platts for each of eight weeks
conditions: tolerance. In the event the final holder of a chained Cash cargo ahead of the current date. They represent the market differential
declares tolerance, Platts would then expect this cargo to be between the Dated Brent assessment and a forward month
■■ Cargo date nominations are declared at least one month in sold fixed volume. BFOE cash assessment, over the stated period of the swap.
advance.
Between Monday and Wednesday each week, Platts assesses the
Cash BFOE and derivatives
■■ Cargoes load under normal terms and conditions. Typically, balance of the same week as the first CFD contract. On Thursday,
Forties cargoes are loaded under BP’s terms and conditions, Platts assesses three forward months of Brent/BFOE EFPs the balance-week CFD is no longer deemed sufficiently liquid
Brent cargoes are loaded under Shell’s terms and conditions, (exchange for physical). The relevant assessment deltas refer for the assessment, and the curve rolls forward to the following
Oseberg cargoes are loaded under Statoil’s terms and to the corresponding month of Platts Brent/BFOE spot price week. For example, on Monday March 4, 2019, the first CFD week
conditions, Ekofisk under ConocoPhillips’ terms and conditions assessments. assessed by Platts would be the balance week, or March 4-8. On
and Troll under Statoil’s terms and conditions. In the event a Thursday, March 7 this rolls and the first week assessed would be
cargo is loaded STS, the terms and conditions from the original Platts assesses three forward months of Brent/WTI cash March 11-15. Assessments are expressed as a differential to the
loading should apply. spreads. The assessments reflect market value at 16:30 London second Cash BFOE contract month (ie M2). For example: Brent
time. CFD assessments on July 3 would be assessed relative to the M2
Bids and offers for Cash BFOE published during the Platts MOC contract or October Cash BFOE. The referenced cash contract
reflect transactions of 100,000 barrel partials. If a single buyer In addition to the North Sea assessments produced at 16:30 rolls forward on the first pricing day of each month. Prior to July
and a single seller transact six partials of 100,000 barrels with London time, Platts also assesses Cash BFOE for other 1, 2017 S&P Global Platts assessments were expressed as a
each other, the transactions may converge into one physical timestamps in assessments known as intradays. Platts will differential to the first Cash BFOE contract month (ie M1).
Cash BFOE cargo of 600,000 barrels. If, after all convergences publish bids, offers and intentions to trade for cash BFOE
have been completed, any two counterparties have outstanding partials or cargoes for each intraday assessment timestamp. Platts reflects CFD bids, offers and trades of 100 lot (100,000
partial transactions that do not add up to a full 600,000-barrel The assessments reflect the prevailing value for Cash BFOE barrel) clips, in line with standard market practice.
cargo, those partials must be financially settled using the Platts at 10:30, 12:30 and 14:30 London time every publishing day.
assessment published on the final working day of the calendar On settlement day for the ICE Brent futures contract, Platts The assessment reflects the observed contango or
month for the relevant contract month—the M1 assessment. additionally publishes an assessment at 19:30 London time. backwardation in both the differential and the forward CFD
markets.
Example: If a single buyer and a single seller trade six July Platts publishes these assessments for outright values of Cash
partials with each other in the Platts MOC process prior to BFOE Month 1, Month 2, and Month 3. Platts also publishes
Forward Dated Brent Strips
16:30 London time on May 31, 2018, the partials may converge differential values for Cash BFOE Month 1/Month 2 and Month
into a full physical cargo of 600,000 barrels for loading any day 2/Month 3 spreads. Physical cargoes of crude oil typically trade as a differential
in the month of July. However, if in the same example, the two to a benchmark, with pricing calculated at or near the time of
counterparties trade only five July partials, then the financial Since all partial cargoes will have converged and settled by loading.
settlement of the 500,000 barrels is based on the Platts 16:30 London time on expiry day, the 19:30 assessment reflects
assessment for July Cash BFOE published on May 31, 2018. the value of full, 600,000 barrel cash BFOE cargoes trading in In the physical North Sea, Urals, Mediterranean and West
the period after the market close in London. African crude oil markets, Platts calculates outright values
Operational tolerance: Platts assessments reflect cargoes with by applying an assessed differential versus the forward Dated
Brent market. Platts uses a variety of different forward Dated changes, geopolitical and macroeconomic events, and other ■■ 0.900% Seller pays 60 cents/ barrel to buyer (*3.0)
Brent strips to determine the outright value of different crudes relevant factors that may influence the refinery economics of
pricing relative to the forward Dated Brent market. These strips processing Forties.
Quality Premiums
vary in length and pricing period depending on the crude market
being assessed. Platts determines forward Dated Brent values Platts updates the de-escalator at 15:00 London time on the Quality Premiums (QPs) are to be paid by a buyer to a seller for
by looking at forward swaps contracts such as BFOE CFDs and 25th of the month prior to the month of implementation. In cases the nomination and delivery of Oseberg or Ekofisk into a Cash
BFOE DFLs in order to derive the forward Dated Brent curve. where the 25th of the month is a non-working day in the UK, the BFOE transaction concluded during the Platts MOC assessment
de-escalator is announced on the closest business day prior to process. These escalators are also considered in the Platts
For example, the Platts Northwest European Urals assessment the 25th. For example, the de-escalator for December 2018 will assessment process for Dated Brent, and related instruments.
reflects cargoes loading 10-25 days forward, with cargoes be announced on the 23rd of November, at 15:00 London time.
typically pricing on an average of Platts Dated Brent Platts publishes QPs for Oseberg and Ekofisk crude oil. QPs
assessments over five publication days after loading. In order Platts publishes the value of the de-escalator for the month are currently published for two months ahead: the month of
to assess the outright value of a cargo of Urals loading in the ahead whether or not the value of the de-escalator has changed. publication and the following month. Physical Oseberg and
future, Platts uses an average of the forward Dated Brent curve Platts publishes the editorial basis for the determination of Ekofisk cargoes use the relevant QP to the month in which the
13-28 days forward. The outright price assessment for Urals in the de-escalator level on its website. (https://www.platts.com/ cargo loads. For example, July QPs apply to cargoes which load
Northwest Europe is therefore that day’s assessed differential subscriber-notes) in July.
to Dated Brent plus the value of the forward Dated Brent curve
13-28 days after the date of publication. The sulfur level in any sulfur-related payment should be Platts does not reflect any QP for Brent, Forties or Troll crude
established to three significant figures, and the test used to oil in its assessment process. QPs are intended to increase the
determine this should be the ASTM-D2622. Forties cargoes and relevance of higher valued crudes to Brent, the basis crude,
Forties and the de-escalator
all related instruments, including Cash BFOE - bid or offered while instruments like de-escalators are intended to heighten
The assessment for Forties Blend is FOB Hound Point, UK. through the Platts system must adhere to this standard. the relevance of lower quality (i.e. sourer) crudes to Brent.
Since the start-up of the heavier and more sulphurous
Buzzard field in January 2007, the quality of Forties can vary Platts will consider in its assessments bids, offers and deals Platts announces QPs on the first publishing day of each
substantially depending on the percentage of Buzzard crude where a de-escalator for every 0.1% of sulfur is specified. For month, one full month in advance of the escalators coming
in the blend at any given time. Platts Forties assessments example: under a de-escalator of 20 cents/barrel the seller into effect. For example: Platts would announce Oseberg and
reflect a crude blend with a minimum API of 37 degrees would pay the buyer this compensatory amount for every 0.1% of Ekofisk escalators for June-loading cargoes on the first business
and a maximum of 0.6% sulfur content. Because of the sulfur over 0.6% on a pro-rata basis, as follows: day of May. This calendar is closely aligned with existing trading
variability of the Forties Blend, Platts also utilizes a quality practices. For example: the QP announced on May 1 will reflect
de-escalator, published monthly, to be applied to any cargo ■■ 0.600% No payment to buyer assessments conducted between April 1 and April 30. The
deliveries exceeding the base standard of 0.6% sulfur. ability to adjust QPs around each trading cycle makes them
■■ 0.625% Seller pays 5 cents/barrel to buyer (*0.25) more reflective of current price trends in the broader physical oil
The de-escalator value applies to all Forties crude oil delivered markets.
after its introduction July 2, 2007. Prevailing rates are as ■■ 0.650% Seller pays 10 cents/ barrel to buyer (*0.5)
published in the Platts Crude Oil Marketwire. When reviewing the QPs are published at 60% of the net price differences between
value of the de-escalator, Platts studies evidence of significant ■■ 0.700% Seller pays 20 cents/ barrel to buyer (1) Oseberg and Ekofisk and the most competitive grade of crude
and sustained changes in the oil markets including, but not among Brent, Forties, Oseberg and Ekofisk for the full month
limited to, shifts in the refined product markets, the relative ■■ 0.800% Seller pays 40 cents/ barrel to buyer (*2.0) prior to announcement.
value of sweet/sour and light/heavy crude grades, outright price
Effective January 1, 2018, the 25 cent/barrel threshold a five-day delivery range, and for a longer range in which the relevant to the first day of the originally bid delivery date range.
previously employed in QPs is no longer be in effect. Before this counterpart narrows the five-day delivery range at the time of Buyers requesting deviation should not be harmed by higher
time a QP of zero was announced if 60% of the observed price trade. freight rates stemming from vessels chartered earlier than this
difference between the grades is less than 25 cents/barrel. window for a given delivery range. If no mutual agreement is
Platts has published a Question & Answer document that further Pricing: Platts publishes bids and offers pricing five days around reached for freight deviation costs, Platts expects counterparties
elaborates on commonly raised questions regarding QPs on its Completion of Discharge (COD) as standard, with the middle to use the average of the cross-North Sea 100,000 mt Aframax
website: http://platts.com/price-assessments/oil/dated-brent. date of the five-day laycan typically assumed as the date of COD. assessment as published in Platts Dirty Tankerwire 10 to 12
Platts also understands that a deemed date of bill of lading is publishing days prior to the first day of the original delivery
frequently used in the pricing of North Sea CIF Rotterdam crude window. The lower of either the charterparty or the natural fixing
Dated Brent CIF Rotterdam
cargoes. As such, Platts will publish bids and offers using this window should be used to determine any reasonable cost of
Platts also publishes assessments for Dated Brent and the five and other reasonable pricing terms. The deemed B/L date must deviation.
physical BFOE grades on a CIF Rotterdam basis, reflecting the be explicitly stated in the CIF Rotterdam bid or offer.
value of North Sea crude oil delivered at Rotterdam between Vessel acceptance: Offers may be made with a named or
12 days and one month ahead. Platts currently publishes Nomination: The seller must nominate the three-day delivery unnamed ship. If a seller offers with a named vessel, then a
Dated Brent CIF Rotterdam as both an outright price and a window and performing vessel name at least seven clear buyer can buy subject to vetting approval and if rejected, the
differential based on the lowest-priced grade of Brent, Forties, calendar days ahead of the first day of the originally-traded five- deal will not be finalized. For assessment purposes, Platts will
Oseberg, Ekofisk and Troll delivered to Rotterdam for each day day delivery range. For example, where the original traded range review the quality of the vessel to determine if it should be
in the assessment period. The CIF Rotterdam assessments is March 11-15, the seller must nominate the three-day delivery considered in the assessment process. For an unnamed ship,
for both Dated Brent and each individual BFOE grade reflect laycan and vessel by close of business on March 3. If March 3 is the seller has the responsibility to meet the reasonable vetting
delivery dates rather than loading dates, and include any not a working day, then nomination should take place by close of requirements of a typical market participant in that region. The
relevant freight costs and quality premiums. Platts also business on the previous working day. seller is entitled to substitute the vessel with another meeting
publishes individual outright and differential assessments or exceeding the same approvals at any reasonable time before
for each of the five crude grades reflected in Dated Brent CIF Operational Tolerance: Platts reflect bids, offers and trades delivery of the cargo. The buyer should not be financially harmed
Rotterdam. for 600,000-barrel CIF basis Rotterdam BFOE cargoes with an by the seller’s choice to substitute a vessel.
operational tolerance of 1% in the seller’s option, as well as
Incoterms: Platts reflects North Sea cargo bids and offers using fixed-volume cargoes of between 594,000 and 606,000 barrels. Stored Oil: Oil sourced from land-based storage, other than the
CIF, or other relevant incoterms such as DES and CFR where Operational tolerance will be determined by volume at the original loading terminal, should not be offered or delivered into
this is a recognised part of a company’s regular trading activity. loading port, rather than at the delivery port. Platts expects that the CIF basis Rotterdam Dated Brent MOC.
Platts does not reflect North Sea cargo bids and offers using any disputes arising from volume loss, such as evaporation or
Notice Of Readiness (NOR). Platts understands that North Sea “clingage,” in the transfer of crude from the loading terminal to Quality Premiums and De-escalator: Any delivered cargoes of
trading typically uses Dated Brent as a pricing basis, but also discharge port, would be settled according to accepted market Oseberg and Ekofisk should reflect the quality premiums at time
reflects outright price bids and offers, as well as bids and offers practice. of original loading. Similarly, any delivered cargoes of Forties
based on Cash BFOE and ICE Brent Futures. should reflect the de-escalator at time of original loading, rather
Freight and Deviation: Platts has determined that the “natural than time of delivery.
Assessment Range: The CIF Rotterdam Dated Brent assessment fixing window” for Aframax vessels in the North Sea market is
reflects delivery dates between 12 days and one month from between 7 and 21 days prior to the first date of delivery. Buyers Delivery into ports other than Rotterdam: Other reasonable
the date of publication. Platts will accept bids and offers for should not be harmed by demurrage costs incurred by the delivery ports within NWE may be nominated, with the buyer
publication where the first date of the indication falls on any vessel charterer outside of typical market rates and practices covering all reasonable incremental delivery costs. Platts may
date within this period. Platts publishes bids and offers for prevailing at the time of this window. Demurrage should be normalize bids and offers for ports other than Rotterdam.
Vessel Options: Platts will not publish CIF Rotterdam bids Asgard: Platts assesses Asgard on a CIF Rotterdam basis.
containing STS options. All available charterparty options,
including STS options, should be passed on to the buyer. All Alvheim: Platts assesses Alvheim on a CIF Rotterdam basis.
requests beyond these should be passed on by the seller to
the shipowner. The performing vessel must meet the vetting Flotta Gold: Platts assesses Flotta Gold, formerly known as
conditions of a reasonable buyer and the physical limitations of Flotta, loading FOB Flotta terminal.
port, e.g. draft, beam, etc.
Grane Blend: Platts assesses Grane Blend on a FOB basis at the
Sture Terminal. DUC : Platts assesses DUC (Dansk Underground
Other North Sea grades
Consortium ) loading FOB Fredericia.
Statfjord: Platts assesses Statfjord crude oil on an FOB-
platform and a CIF Rotterdam basis. North Sea Basket: This is a straight average of the assessed
value of Dated Brent/Ninian Blend, Forties, Oseberg, Ekofisk and
Gullfaks: Platts assesses Gullfaks on a CIF Rotterdam basis. Troll.
West Africa
CONTRACT DELIVERY
Assessment CODE Mavg Pavg Wavg LOCATION MIN SIZE MAX SIZE CURRENCY UOM CONV
BASIS PERIOD
Bonny Light PCAIC00 PCAIF03 FOB Bonny Terminal 25-55 days Part cargo 950,000 US $ Barrels
Bonny Light vs WAF Dated Brent Strip AAGXL00 AAGXM00 FOB Bonny Terminal 25-55 days Part cargo 950,000 US $ Barrels
Qua Iboe PCAID00 PCAIG03 FOB Qua Iboe Terminal 25-55 days Part cargo 950,000 US $ Barrels
Qua Iboe vs WAF Dated Brent Strip AAGXN00 AAGXO00 FOB Qua Iboe Terminal 25-55 days Part cargo 950,000 US $ Barrels
Brass River AAEJB00 AAEJC00 FOB Brass River Terminal 25-55 days Part cargo 950,000 US $ Barrels
Brass River vs WAF Dated Brent Strip AAGXV00 AAGXW00 FOB Brass River Terminal 25-55 days Part cargo 950,000 US $ Barrels
Escravos AAEIZ00 AAEJA00 FOB Escravos Terminal 25-55 days Part cargo 950,000 US $ Barrels
Escravos vs WAF Dated Brent Strip AAGXR00 AAGXS00 FOB Escravos Terminal 25-55 days Part cargo 950,000 US $ Barrels
Forcados PCABC00 PCABC03 FOB Forcados Terminal 25-55 days Part cargo 950,000 US $ Barrels
Forcados vs WAF Dated Brent Strip AAGXP00 AAGXQ00 FOB Forcados Terminal 25-55 days Part cargo 950,000 US $ Barrels
Agbami AAQZB00 AAQZB03 FOB FPSO Agbami 25-55 days Part cargo 975,000 US $ Barrels
Agbami vs WAF Dated Brent Strip AAQZC00 AAQZC03 FOB FPSO Agbami 25-55 days Part cargo 975,000 US $ Barrels
Akpo PCNGA00 PCNGA03 FOB FPSO Akpo 25-55 days Part cargo 975,000 US $ Barrels
Akpo vs WAF Dated Brent Strip PCNGB00 PCNGB03 FOB FPSO Akpo 25-55 days Part cargo 975,000 US $ Barrels
Bonga PCNGC00 PCNGC03 FOB FPSO Bonga 25-55 days Part cargo 975,000 US $ Barrels
Bonga vs WAF Dated Brent Strip PCNGD00 PCNGD03 FOB FPSO Bonga 25-55 days Part cargo 975,000 US $ Barrels
Cabinda PCAFD00 PCAFD03 FOB Malongo Terminal 25-55 days Part cargo 950,000 US $ Barrels
Cabinda vs Angola Dated Brent Strip AAGXT00 AAGXU00 FOB Malongo Terminal 25-55 days Part cargo 950,000 US $ Barrels
Nemba AAQYZ00 AAQYZ03 FOB Malongo Terminal 25-55 days Part cargo 950,000 US $ Barrels
Nemba vs Angola Dated Brent Strip AAQZA00 AAQZA03 FOB Malongo Terminal 25-55 days Part cargo 950,000 US $ Barrels
Girassol AASNL00 AASNL03 FOB Offshore Angola 25-55 days Part cargo 1,000,000 US $ Barrels
Girassol vs Angola Dated Brent Strip AASJD00 AASJD03 FOB Offshore Angola 25-55 days Part cargo 1,000,000 US $ Barrels
Hungo AASLJ00 AASLJ03 FOB FPSO Kizomba A 25-55 days Part cargo 1,000,000 US $ Barrels
Hungo vs Angola Dated Brent Strip AASJF00 AASJF03 FOB FPSO Kizomba A 25-55 days Part cargo 1,000,000 US $ Barrels
Kissanje AASLK00 AASLK03 FOB FPSO Kizomba B 25-55 days Part cargo 1,000,000 US $ Barrels
Kissanje vs Angola Dated Brent Strip AASJE00 AASJE03 FOB FPSO Kizomba B 25-55 days Part cargo 1,000,000 US $ Barrels
Dalia AAQYX00 AAQYX03 FOB FPSO Dalia 25-55 days Part cargo 950,000 US $ Barrels
Dalia vs Angola Dated Brent Strip AAQYY00 AAQYY03 FOB FPSO Dalia 25-55 days Part cargo 950,000 US $ Barrels
Pazflor PCNGG00 PCNGG03 FOB FPSO Pazflor 25-55 days Part cargo 950,000 US $ Barrels
Pazflor vs Angola Dated Brent Strip PCNGH00 PCNGH03 FOB FPSO Pazflor 25-55 days Part cargo 950,000 US $ Barrels
Plutonio PCNGI00 PCNGI03 FOB FPSO Greater Plutonio 25-55 days Part cargo 950,000 US $ Barrels
Plutonio vs Angola Dated Brent Strip PCNGJ00 PCNGJ03 FOB FPSO Greater Plutonio 25-55 days Part cargo 950,000 US $ Barrels
Djeno PCNGE00 PCNGE03 FOB Djeno Terminal 25-55 days Part cargo 950,000 US $ Barrels
Djeno vs WAF Dated Brent Strip PCNGF00 PCNGF03 FOB Djeno Terminal 25-55 days Part cargo 950,000 US $ Barrels
Usan AAXUQ00 AAXUQ03 FOB FPSO Usan 25-55 days Part cargo 950,000 US $ Barrels
Usan vs WAF Dated Brent Strip AAXUR00 AAXUR03 FOB FPSO Usan 25-55 days Part cargo 950,000 US $ Barrels
Erha AAXUO00 AAXUO03 FOB FPSO Erha 25-55 days Part cargo 950,000 US $ Barrels
Erha vs WAF Dated Brent Strip AAXUP00 AAXUP03 FOB FPSO Erha 25-55 days Part cargo 950,000 US $ Barrels
Jubilee AAXUS00 AAXUS03 FOB FPSO Kwame Nkrumah 25-55 days Part cargo 950,000 US $ Barrels
Jubilee vs Ghana Dated Brent Strip AAXUT00 AAXUT03 FOB FPSO Kwame Nkrumah 25-55 days Part cargo 950,000 US $ Barrels
Doba AAXUU00 AAXUU03 FOB FSO Kome Kribi 25-55 days Part cargo 950,000 US $ Barrels
Doba vs Cameroon Dated Brent Strip AAXUV00 AAXUV03 FOB FSO Kome Kribi 25-55 days Part cargo 950,000 US $ Barrels
West Africa NIGERIA

TOGO BENIN
Brass River
Forcados Gravity 40.1 API | Sulfur 0.18%
Platts assesses West African crude grades loading 25-55 GHANA Gravity 31.5 API | Sulfur 0.22%
days after date of publication. Platts assessments reflect Escravos Bonny Light
Gravity 32.4 API | Sulfur 0.17% Gravity 32.9 API | Sulfur 0.16%
standard Suezmax cargoes of each individual grade. Both CENTRAL
Erha AFRICAN REP.
part cargoes and combined cargoes may also be taken into Gravity 35.4 API | Sulfur 0.17% Qua Iboe
0
Jubilee Gravity 37.6 API | Sulfur 0.11%
account in the assessment process, but will be normalized Gravity 36.8 API | Sulfur 0.29% Bonga CAMEROON
back to a standard Suezmax size. Gravity 29.4 API | Sulfur 0.25%
IVORY COAST
Usan
Agbami Gravity 29.9 API | Sulfur 0.27%
Nigerian Assessments Doba
Akpo Gravity 25.8 API | Sulfur 0.09%
Qua Iboe: Platts assesses Qua Iboe cargoes loading FOB the Qua Gravity 45.8 API | Sulfur 0.07%
Iboe Terminal. The standard cargo size is 950,000 barrels.
EQ. GUINEA
Bonny Light: Platts assesses Bonny Light cargoes loading FOB
the Bonny Terminal. The standard cargo size is 950,000 barrels. SÃO TOMÉ AND PRINCIPE A F R I C A
EQUATOR
Brass River: Platts assesses Brass River loading FOB from the
GABON
Brass River Terminal. Cargo sizes vary, but Platts assessments
reflect a standard Suezmax cargo size of 950,000 barrels.
Escravos: Platts assesses Escravos loading FOB from the

Escravos Terminal. The standard cargo size is 950,000 barrels. ATLANTIC
OCEAN
Forcados: Platts assesses Forcados loading FOB from the CONGO
Forcados Terminal. The standard cargo size is 950,000 barrels.

Cabinda Djeno
Gravity 32.2 API | Sulfur 0.15% Gravity 27.6 API | Sulfur 0.34%
Agbami: Platts assesses Agbami loading FOB from the Agbami
Nemba
FPSO. The standard cargo size is 975,000 barrels. Gravity 37 API | Sulfur 0.28%
DEM. REP. CONGO
Hungo
Akpo: Platts assesses Akpo loading FOB from the Akpo FPSO. Sulfur content Gravity 29.4 API | Sulfur 0.59%
Sour Sweet Kissanje
The standard cargo size is 1 million barrels. Gravity >= 0.5% < 0.5% Gravity 30.3 API | Sulfur 0.36%
Heavy Pazflor
0 to 22.3
Girassol
Bonga: Platts assesses Bonga loading FOB from the Bonga Medium 22.4 to 31.1 Gravity 30.2 API | Sulfur 0.34%
Terminal. The standard cargo size is 950,000 barrels. Light 31.2 and higher
Dalia Plutonio
Gravity 23 API | Sulfur 0.51% Gravity 33.2 API | Sulfur 0.37%
Usan: Platts assesses Usan loading FOB from the Usan FPSO.
0 100 mi ANGOLA
The standard cargo size is 1 million barrels.
10 E
Source: Platts
Erha: Platts assesses Erha loading FOB from the Erha FPSO. The Hungo: Platts assesses Hungo loading FOB from the Kizomba A
WAF Regional Assessments
standard cargo size is 950,000 barrels. FPSO. The standard cargo size is 950,000 barrels.
Djeno: Platts assesses Djeno loading FOB from the Djeno
Kissanje: Platts assesses Kissanje loading FOB from the Terminal in the Republic of the Congo. The standard cargo size is
Angolan Assessments
Kizomba B FPSO. The standard cargo size is 950,000 barrels. 920,000 barrels.
Cabinda: Platts assesses Cabinda loading FOB from the
Malongo Terminal. The standard cargo size is 950,000 barrels. Dalia: Platts assesses Dalia loading FOB from the Dalia FPSO Doba: Platts assesses Doba loading FOB from the Kome-Kribi
The standard cargo size is 950,000 barrels. FSO in Cameroon, though the crude is produced in Chad. The
Nemba: Platts assesses Nemba loading FOB from the Malongo standard cargo size is 950,000 barrels.
Terminal. Cargo sizes vary, but Platts assessments reflect a Pazflor: Platts assesses Pazflor loading FOB from the Pazflor
standard Suezmax cargo size of 950,000 barrels. FPSO. The standard cargo size is 950,000 barrels. Jubilee: Platts assesses Jubilee loading FOB from the Kwame
Nkrumah FPSO in Ghana. The standard cargo size is 950,000
Girassol: Platts assesses Girassol loading FOB from the Plutonio: Platts assesses Plutonio loading FOB from the Greater barrels.
Girassol FPSO. The standard cargo size is 1 million barrels. Plutonio FPSO. The standard cargo size is 1 million barrels.
Urals and Mediterranean

CONTRACT DELIVERY
BASIS PERIOD
Urals (Rotterdam) PCAFW00 PCAFW03 CIF Rotterdam 10-25 days 100 kt 100 kt US $ Barrels
Urals (Rotterdam) vs Med Dated Brent Strip AAGXJ00 AAGXK00 CIF Rotterdam 10-25 days 100 kt 100 kt US $ Barrels
Urals (Mediterranean) PCACE00 PCACE03 CIF Augusta 10-25 days 80 kt 140 kt US $ Barrels
Urals (Mediterranean) vs Med Dated Brent Strip AAGXX00 CIF Augusta 10-25 days 80 kt 140 kt US $ Barrels
Urals (ex-Novorossiysk) AAGZS00 AAJHV00 FOB Novorossiysk 10-25 days 80 kt 140 kt US $ Barrels
Urals (ex-Novorossiysk) vs Med Dated Brent Strip AAHPH00 AAJIC00 FOB Novorossiysk 10-25 days 80 kt 140 kt US $ Barrels
Urals (ex-Novo) FOB 80kt AAOTH00 AAOTH03 FOB Novorossiysk 10-25 days 80 kt 140 kt US $ Barrels
Urals (ex-Novo) FOB 80kt vs Med Dated Brent Strip AAOTI00 AAOTI03 FOB Novorossiysk 10-25 days 80 kt 140 kt US $ Barrels
Urals (ex-Baltic) Baltic Ports (not
AAGZT00 AAJHX00 FOB 10-25 days 100 kt 100 kt US $ Barrels
Primorsk)
Urals (ex-Baltic) vs Med Dated Brent Strip Baltic Ports (not
AAHPI00 AAJID00 FOB 10-25 days 100 kt 100 kt US $ Barrels
Primorsk)
Urals (Primorsk) AAWVH00 AAWVH03 FOB Primorsk 10-25 days 100 kt 100 kt US $ Barrels
Urals (Primorsk) vs Med Dated Brent Strip AAWVI00 AAWVI03 FOB Primorsk 10-25 days 100 kt 100 kt US $ Barrels
Urals RCMB (Recombined) AALIN00 AALIO00 CIF Augusta 10-25 days 80 kt 140 kt US $ Barrels
Urals CIF Augusta (Euro/barrel) AAPYS00 AAPYS03 CIF Augusta 10-25 days 80 kt 140 kt Euro Barrels
ESPO (FOB Kozmino) London Close AARWD00 AARWD03 FOB Kozmino 15-45 days 80 kt 140 kt US $ Barrels
ESPO (FOB Kozmino) London Close vs Dated Brent Strip AARWE00 AARWE03 FOB Kozmino 15-45 days 80 kt 140 kt US $ Barrels
ESPO (FOB Kozmino) London Close (Euro/barrel) ABWGE00 ABWGE03 FOB Kozmino 15-45 days 80 kt 140 kt US $ Barrels
Sweet/Sour Diff Med AAGZZ00 FOB Med Basket 10-25 days US $ Barrels
Sweet/Sour Diff NWE AAGZV00 CIF Rotterdam 10-25 days US $ Barrels
Siberian Light CIF AAGZW00 AAJHZ00 CIF Augusta 10-25 days 50 kt 140 kt US $ Barrels
Siberian Light CIF vs Med Dated Brent Strip AAHPK00 AAJIE00 CIF Augusta 10-25 days 50 kt 140 kt US $ Barrels
Azeri Light CIF AAGZX00 AAJIA00 CIF Augusta 10-30 days 135 kt 135 kt US $ Barrels
Azeri Light CIF vs BTC Dated Brent Strip AAHPM00 AAJIG00 CIF Augusta 10-30 days 135 kt 135 kt US $ Barrels
Azeri Light FOB 80KT AATHM00 AATHM03 FOB Supsa 10-30 days 80 kt 80 kt US $ Barrels
Azeri Light FOB 80KT vs BTC Dated Brent Strip AATHN00 AATHN03 FOB Supsa 10-30 days 80 kt 80 kt US $ Barrels
Azeri Light BTC FOB Ceyhan AAUFM00 AAUFM03 FOB Ceyhan 10-30 days 1,000,000 1,000,000 US $ Barrels
Azeri Light BTC FOB Ceyhan vs BTC Dated Brent Strip AAUFN00 AAUFN03 FOB Ceyhan 10-30 days 1,000,000 1,000,000 US $ Barrels
Azeri Light BTC FOB Ceyhan 80KT AAUFK00 AAUFK03 FOB Ceyhan 10-30 days 600,000 600,000 US $ Barrels
Azeri Light BTC FOB Ceyhan 80KT vs BTC Dated Brent
AAUFL00 AAUFL03 FOB Ceyhan 10-30 days 600,000 600,000 US $ Barrels
Strip
BTC FOB Ceyhan AAUFH00 AAUFH03 FOB Ceyhan 10-30 days 80 kt 135 kt US $ Barrels
BTC FOB Ceyhan vs BTC Dated Brent Strip AAUFJ00 AAUFJ03 FOB Ceyhan 10-30 days 80 kt 135 kt US $ Barrels
CPC Blend CIF AAGZU00 AAJHY00 CIF Augusta 10-25 days 80 kt 140 kt US $ Barrels
CPC Blend CIF vs Med Dated Brent Strip AAHPL00 AAJIF00 CIF Augusta 10-25 days 80 kt 140 kt US $ Barrels
CPC Blend FOB AALVX00 AALVY00 FOB CPC Terminal 10-25 days 80 kt 140 kt US $ Barrels
CPC Blend FOB vs Med Dated Brent Strip AALVZ00 AALWC00 FOB CPC Terminal 10-25 days 80 kt 140 kt US $ Barrels

CONTRACT DELIVERY
BASIS PERIOD
CPC FOB 80kt AAOFV00 AAOFV03 FOB CPC Terminal 10-25 days 80 kt 140 kt US $ Barrels
CPC FOB 80kt vs Med Dated Brent Strip AAOFW00 AAOFW03 FOB CPC Terminal 10-25 days 80 kt 140 kt US $ Barrels
Suez Blend PCACA00 PCACA03 FOB Ras Sukheir 10-25 days 600,000 600,000 US $ Barrels
Suez Blend vs Med Dated Brent Strip AAGYD00 AAGYE00 FOB Ras Sukheir 10-25 days 600,000 600,000 US $ Barrels
Es Sider PCACO00 PCACO03 FOB Es Sider 10-25 days 80 kt 80 kt US $ Barrels
Es Sider vs Med Dated Brent Strip AAGYH00 AAGYI00 FOB Es Sider 10-25 days 80 kt 80 kt US $ Barrels
Kirkuk AAEJD00 AAEJG00 AAIIX00 FOB Ceyhan 10-25 days 80 kt 140 kt US $ Barrels
Kirkuk vs Med Dated Brent Strip AAGYF00 AAGYG00 FOB Ceyhan 10-25 days 80 kt 140 kt US $ Barrels
Iranian Light (Sidi Kerir) PCABI00 PCABI03 FOB Sidi Kerir 10-25 days 600,000 600,000 US $ Barrels
Iranian Light (Sidi Kerir) vs Med Dated Brent Strip AAGXZ00 AAGYA00 FOB Sidi Kerir 10-25 days 600,000 600,000 US $ Barrels
Iranian Heavy (Sidi Kerir) PCABH00 PCABH03 FOB Sidi Kerir 10-25 days 600,000 600,000 US $ Barrels
Iranian Heavy (Sidi Kerir) vs Med Dated Brent Strip AAGYB00 AAGYC00 FOB Sidi Kerir 10-25 days 600,000 600,000 US $ Barrels
Saharan Blend AAGZY00 AAJIB00 FOB Algeria 10-25 days 80 kt 140 kt US $ Barrels
Saharan Blend vs Med Dated Brent Strip AAHPN00 AAJIH00 FOB Algeria 10-25 days 80 kt 140 kt US $ Barrels
Syrian Light FOB AAHMM00 AAJJK00 FOB Banias 10-25 days 600,000 1,000,000 US $ Barrels
Syrian Light FOB vs Med Dated Brent Strip AALOU00 AAJJG00 FOB Banias 10-25 days 600,000 1,000,000 US $ Barrels
Syrian Heavy FOB AAHMN00 AAJJJ00 FOB Tartous 10-25 days 600,000 1,000,000 US $ Barrels
Syrian Heavy FOB vs Med Dated Brent Strip AALOV00 AAJJF00 FOB Tartous 10-25 days 600,000 1,000,000 US $ Barrels
Urals Med CFD 1st Mth AAMDU00 100,000 100,000 US $ Barrels
Urals Med CFD 2nd Mth AAMEA00 100,000 100,000 US $ Barrels
Urals Med CFD 3rd Mth UMCM003 100,000 100,000 US $ Barrels
Urals Med Swap 1st Mth AAMDR00 100,000 100,000 US $ Barrels
Urals Med Swap 2nd Mth AAMDX00 100,000 100,000 US $ Barrels
Urals Med Swap 3rd Mth UMSM003 100,000 100,000 US $ Barrels
Urals NWE CFD 1st Mth UNCM001 100,000 100,000 US $ Barrels
Urals NWE CFD 2nd Mth UNCM002 100,000 100,000 US $ Barrels
Urals NWE CFD 3rd Mth UNCM003 100,000 100,000 US $ Barrels
Urals NWE Swap 1st Mth UNSM001 100,000 100,000 US $ Barrels
Urals NWE Swap 2nd Mth UNSM002 100,000 100,000 US $ Barrels
Urals NWE Swap 3rd Mth UNSM003 100,000 100,000 US $ Barrels
CPC Blend CFD 1st Mth AAOFX00 100,000 100,000 US $ Barrels
10 E
0
FINLAND Urals (Primorsk)
Platts assesses Urals cargoes loading 10-25 days forward from Urals (Ust Luga)
NORWAY
the date of publication and will consider bids, offers and trades 60 N EST.
RUSSIA KAZAKHSTAN
for cargoes scheduled to load within this range. While Urals and SWEDEN
some Mediterranean cargoes trade on a CIF-delivered basis, LAT.

market participants generally reference loading dates rather LITH.
than delivery dates. Platts considers any bids or offers for a DEN. A S I A UZB.
Urals (Gdansk) BELARUS
minimum five-day laycan. For longer laycans, the counterpart Gravity 31.5 API | Sulfur 1.44% CPC
must narrow the laycan to five days at the time of trade. Seven Urals (FOB Novorossiysk) Ca
NETH. POLAND Gravity 31.3 API | Sulfur 1.36% s p i a
clear calendar days prior to the first day of the five-day range, UKRAINE
U.K. Siberian Light S
n
the seller must nominate the two-day loading laycan and specify Gravity 35.1 API | Sulfur 0.57% ea
TURKM.
both a load port and vessel. MDA. GEO.
BELG. GERMANY CZECH REP.
50 N
In the Urals, Siberian Light, CPC Blend, Azeri Light, Saharan, E U R O P E

AUST. HUNGARY ROMANIA ea
Kirkuk and Es Sider markets, Platts reflects bids, offers and k S Azeri Light (FOB Supsa/Batumi)
ac Gravity 34.75 API | Sulfur 0.16%
SWITZ. Bl
trades that can be supplied with cargoes where all days of the FRANCE
loading laycan, or all but one of these days, fit fully into the five- B.H. SERB. BULGARIA
ITALY IRAN
day loading window. Should a seller opt to offer or sell any cargo KOS. TURKEY
not loading fully within the five-day laycan, they must cover any MKD. Kirkuk
additional costs incurred by the buyer resulting from the earlier GR. Azeri Light (FOB Ceyhan)
Gravity 36.55 API | Sulfur 0.15% SYRIA IRAQ
or later loading. These earlier or later loading days are known as
Syrian Light
“slippage days”. SPAIN Gravity 38 API | Sulfur 0.68%
Syrian Heavy
Mediterr
In the Urals CIF Augusta, Urals CIF Rotterdam, CPC Blend CIF an
ea Iranian Heavy
JORD.
n
Augusta, and Azeri Light CIF Augusta markets, Platts reflects Gravity 29.5 API | Sulfur 1.99%
Saharan Blend Iranian Light
bids where buyers are willing to receive pre-loaded oil, meaning Gravity 45 API | Sulfur 0.1%
TUN.
Sea Gravity 33.4 API | Sulfur 1.36%
a cargo which has loaded before the dates being bid. Platts does
SAUDI ARABIA
not reflect offers of pre-loaded oil. Sellers may supply a cargo Suez Blend
that has loaded prior to the specific dates being bid, provided ALGERIA
Es Sider
it meets all other Platts guidelines and the seller covers any
additional costs incurred by the buyer. However, this specifically Sulfur content EGYPT
Sour Sweet
excludes oil sourced via STS or from any land-based storage Gravity >= 0.5% < 0.5%
LIBYA
other than the original loading terminal. All deals done on Heavy 0 to 22.3
this basis price as if the Bill of Lading were the first day of the Medium 22.4 to 31.1 A F R I C A
originally bid five-day loading range. Slippage days do not apply Light 31.2 and higher
to pre-loaded oil sales. SUDAN
0 200 mi
ERITREA
If a seller is delivering a pre-loaded cargo, title and risk pass to MALI Platts CHAD
Source: NIGER
the buyer at 00.01 Moscow time on the first day of the originally Primorsk and Ust-Luga are delivered to ports within the Baltic The implied set conditions for a CIF offer include:
bid five-day laycan. region including, but not limited to, Brofjorden, Butinge, Gdansk,
Gothenberg, Porvoo and Rostock. These options, while common, Up front conditions Conditions to be met
Platts guidelines maintain that buyers should not be harmed are not considered as standard in the Urals market in NWE. Name of Ship Buyer to determine if ship is acceptable
to its vetting department. For assessment
by higher freight and demurrage rates stemming from vessels Platts may normalize any indications including non-standard purposes, editors will review quality of vessel
chartered earlier than the “natural fixing window” for a given options. to determine if it should be considered in the
laycan. Using feedback gathered from the industry, Platts has As of January 3 2017, Platts only reflects loadings from Primorsk, assessment process.
determined that the “natural fixing window” is between 14 and Ust-Luga and Gdansk in the Baltic Sea, and Novorossiisk in the Unnamed ship Seller has the responsibility to meet the
reasonable vetting requirements of a typical
16 days prior to the first day of the originally bid five-day loading Black Sea in its CIF Urals assessments. market participant in that region. The seller is
range. entitled to substitute the vessel with another
Platts considers offers that include a named vessel, which meeting the same vetting requirement at any
reasonable time before delivery of the cargo.
If no mutual agreement is reached between counterparties for may be lifted by buyers “subject to vessel approval”. In the
freight deviation costs, Platts expects them to use the three-day event a named vessel is rejected by ship vetting, then the deal
average of the Black Sea-Mediterranean 80,000 mt Aframax will not be finalized. For assessment purposes, in the event a Urals Rotterdam (CIF Rotterdam): The Platts CIF Rotterdam
assessment published in Platts Dirty Tankerwire 14 to 16 days vessel is rejected by a buyer, Platts may reconsider whether Urals assessment reflects cargoes of typical Primorsk quality
prior to the first day of the original five-day loading range for all the indication should be subsequently included in the Platts loading from the Baltic Sea ports of Primorsk and Ust-Luga for
CIF Augusta markets and the three-day average of the Baltic Sea assessment process. delivery into Rotterdam/Netherlands. Ust-Luga cargoes may be
Northwest Europe 100,000 mt Aframax assessment for Urals CIF subject to normalization in the event of any substantial deviation
Rotterdam trades. Platts reflects typical loading sizes in its Urals and in quality from Urals loading out of Primorsk. Cargoes loading
Mediterranean crude oil assessments, which may vary from from the Baltic Sea port of Gdansk are also taken in to account
As such, the lower of either the charterparty or the “natural fixing one grade and one loading port to another. Typical loading on a CIF Rotterdam/Netherlands basis, but may also be subject
window” for each crude should be used to determine the cost of sizes may also be subject to change over time, and Platts will to normalization to Primorsk quality. Bids and offers specifying
deviation. Similarly, buyers should not be harmed by demurrage review and, if necessary, revise the cargo sizes reflected in its exclusive Baltic Sea-delivery are not considered. Most Urals
incurred by the vessel charterer due to the earlier shipment date assessments. In the event of any change of this nature, Platts cargoes loading out of the Baltic Sea are 100,000 mt, which is
in pre-loaded oil transactions. Demurrage should be relevant to will consult with and advise the industry accordingly. the standard Platts reflects. However, variable cargoes may be
the first day of the originally bid five-day loading range. considered in the assessment process, but will be normalized
The implied set conditions for a CIF bid include: back to the standard 100,000 mt. Cargoes delivered into other
If a seller is delivering a pre-loaded cargo, then seven days ports in Northwest Europe can be considered in the assessment
prior to the first day of the laycan, the seller must declare this Up front conditions Conditions to be met process, with any additional freight costs taken into account.
and the laycan will be deemed the first two days of the original Name of the buyer Ship must meet vetting conditions of a The standard pricing period for Baltic Sea Urals cargoes is either
reasonable buyer.
five-day bid. The seller must also specify at least seven days in Volume Volume delivered must match volume
three or five days after bill of lading, though cargoes pricing on
advance the name of the ship, the loading port and when the requested plus/minus normal tolerances. a non-standard basis may be included and normalized back to
cargo loaded. Slippage days do not apply in the event a seller is Port Ship must meet physical limitations of port, market standard.
electing to deliver a previously-loaded cargo. eg. Draft, beam etc. Ship must also meet
conditions set by country of destination.
Urals Mediterranean (CIF Augusta): The Platts CIF Augusta
In the Urals CIF Rotterdam market, Platts considers bids, Urals assessment reflects cargoes of typical Novorossiysk
offers and trades for any crude cargoes including provisions quality, though any Urals cargoes loading out of other Black Sea
for short-options within the Baltic Sea. Platts recognizes that Offers may be made into a specific location or to meet a broad ports may be considered in the assessment and normalized
a proportion of Urals cargoes loaded at the Baltic Sea ports of area. CIF offers may be made with a named or unnamed ship. back to Novorossiysk quality. The assessment is basis CIF
Augusta/Sicily/Italy, though cargoes delivered into other ports Urals ex-Primorsk (FOB): The Urals ex-Primorsk FOB included but may be adjusted back to market standard.
in the Mediterranean may also be considered with freight assessment reflects Urals cargoes of 100,000 mt loading
costs taken in to account. Bids and offers specifying exclusive exclusively out of the Baltic Sea port of Primorsk. This Azeri Light (BTC CIF Augusta): The assessment reflects 650,000
Black Sea delivery are not considered. The Platts Urals CIF Med assessment is a freight calculation derived from the CIF barrel cargoes of Azeri Light loading at the Turkish port of
assessment reflects cargoes of 80,000 mt, though cargoes of up Rotterdam Urals assessment using Platts spot freight Ceyhan for delivery into the Mediterranean. Azeri Light cargoes
to 140,000 mt can be included in the Platts assessment process, assessments published daily in the Dirty Tankerwire. The Ice loading from both Ceyhan and the Black Sea port of Supsa may
but will be normalized back to 80,000 mt. The standard pricing class premium added to vessel costs throughout the winter be included in this assessment, with Supsa volume adjusted
period for Urals CIF Augusta cargoes is either three or five days season is reflected in the daily Worldscale rate. back to Ceyhan quality. While the basis is CIF Augusta/Sicily/
after bill of lading. Cargoes pricing on a non-standard basis may Italy, cargoes delivered to other ports in the Mediterranean
be included in the assessment, but subject to normalization Urals “Recombined” (RCMB) CIF Augusta: This daily assessment will also be considered with freight costs taken into account.
back to market standard. is an outright price for Urals CIF Augusta which does not take Cargoes for exclusive delivery within the Black Sea are not taken
into account backwardation or contango. This price is produced into account. The typical pricing period for cargoes is either
Urals ex-Novorossiisk FOB: The Urals ex-Novorossiisk FOB by adding or subtracting the prevailing market differential for three or five days after bill of lading, though cargoes pricing on
assessment represents 140,000 mt cargoes trading FOB at the CIF Augusta Urals relative to the daily Dated Brent assessment. a different basis may be included with an adjustment back to
Black Sea port of Novorossiysk. This assessment is a freight No further adjustments are made. This assessment is published market standard pricing.
calculation derived from the CIF Augusta Urals assessment as an outright price only. The differential is assessed according
using Platts spot freight assessments as published in the Dirty to the methodology highlighted in the Urals CIF Augusta Azeri Light FOB Supsa 80,000 mt: The assessment reflects
Tankerwire, in addition to calculated delay and demurrage costs assessment above. 650,000 barrel cargoes loading from the Black Sea port of
through the Turkish Straits. These demurrage costs are also Supsa. This assessment is a freight calculation derived from the
available in the Platts Dirty Tankerwire. ESPO (FOB Kozmino): The assessment of Eastern Siberian CIF Augusta Azeri Light assessment using Platts spot freight
Pacific Oil (ESPO) crude oil reflects cargoes loaded from Russia’s assessments published daily in the Dirty Tankerwire. It also
Urals ex-Novo (FOB) 80 kt: The Urals ex-Novo FOB 80,000 mt Far East port of Kozmino. Prices are assessed on an FOB basis takes into account any delay and demurrage costs through
assessment represents 80,000 mt cargoes trading FOB at the and reflect cargoes from 80,000 mt to 140,000 mt, normalized the Turkish Straits, which are also published daily in the Dirty
Black Sea port of Novorossiysk. This assessment is a freight to a standard 100,000 mt. The Platts assessment reflects Tankerwire.
calculation derived from the CIF Augusta Urals assessment cargoes loading 15 to 45 days ahead from date of publication,
using Platts spot freight assessments published daily in the and is adjusted to the 16:30 London close using the assessment Azeri Light BTC FOB Ceyhan: The assessment reflects 1 million
Dirty Tankerwire. It also takes into account any delay and published at the 16:30 Singapore close, normalized for changes barrel cargoes of Azeri Light loading from the Turkish port of
demurrage costs through the Turkish Straits, which are also in outright prices over time. Ceyhan. This assessment is a freight calculation derived from
published daily in the Dirty Tankerwire. the CIF Augusta Azeri Light assessment Platts’ spot freight
Siberian Light (CIF Augusta): The assessment reflects 80,000 assessments published daily in the Dirty Tankerwire.
Urals ex-Baltic Sea FOB: The Urals ex-Baltic Sea FOB mt cargoes of Siberian Light loading from the Black Sea port
assessment reflects 100,000 mt cargoes of Urals loading out of Novorossiysk for delivery into the Mediterranean. The Azeri Light BTC FOB Ceyhan 80,000 mt: The assessment
of the Baltic Sea ports of Primorsk, Ust-Luga and Gdansk. assessment basis is CIF Augusta/Sicily/Italy. Cargoes delivered reflects 650,000 barrel cargoes loading from the Turkish port of
This assessment is a freight calculation derived from the to other ports in the Mediterranean may also be considered, Ceyhan.. This assessment is a freight calculation derived from
CIF Rotterdam Urals assessment using Platts spot freight with freight costs taken into account. Cargoes for delivery the CIF Augusta Azeri Light assessment using Platts spot freight
assessments published daily in the Dirty Tankerwire. The Ice within the Black Sea are not taken into account, but may be assessments published daily in the Dirty Tankerwire.
class premium added to vessel costs throughout the winter considered as a guide in periods of spot market illiquidity. The
season is reflected in the daily Worldscale rate. typical pricing period for cargoes is either three or five days BTC (Azeri) crude FOB Ceyhan basis: The assessment reflects
after bill of lading. Cargoes pricing on a different basis may be typical export grade crude from the BTC pipeline at Ceyhan -
which is currently classified as Azeri Light – independent of million barrel cargoes of Egypt’s Suez Blend crude sold Brent- market information, Platts may assess Iranian crudes in
cargo size. This assessment is a freight calculation derived from related FOB from Ras Sukheir. In periods of spot-market relation to the monthly OSP released by NIOC. Because these
the CIF Augusta Azeri Light assessment. Platts uses the average illiquidity, this grade is assessed relative to the CIF Augusta OSPs are published relative to ICE’s BWAVE, Platts uses
of freight rates of a 650,000 barrel cargo (standard Aframax) and Urals assessment with relevant freight and pipeline costs taken Dated to Frontline (DFL) swaps to bring the assessment back
a 1 million barrel cargo (standard Suezmax) to provide a guide into account. in line with Dated Brent.
for the FOB level, using Platts spot freight assessments in the
Dirty Tankerwire report. Es Sider (FOB Es Sider): The assessment reflects 600,000 Saharan Blend (FOB): The assessment reflects 600,000 barrel
barrel cargoes of Es Sider crude oil loading FOB from the Libyan cargoes of Saharan Blend loading FOB from the Algerian ports
CPC Blend (CIF Augusta): The assessment reflects 85,000 port of the same name for delivery into the Mediterranean. In Skikda and Arzew. Larger cargoes may be considered in the
mt cargoes loading from the Black Sea CPC Terminal north periods of spot market illiquidity, Es Sider is assessed relative assessment, but will be normalized back to 600,000 barrels. The
of Novorossiysk for delivery into the Mediterranean. The to CIF Augusta Azeri Light, with relevant freight costs taken into typical pricing period for cargoes is either three of five days after
assessment basis is CIF Augusta/ Sicily/Italy, though cargoes account. bill of lading, though cargoes pricing on a different basis may be
delivered to other ports in the Mediterranean may also be included with the pricing period taken into account.
considered with freight costs taken into account. Cargoes Kirkuk ex-Ceyhan (FOB): This assessment reflects Iraqi Kirkuk
for exclusive delivery within the Black Sea are not taken into crude loading at Ceyhan in Turkey. Prices are assessed on an Syrian Light: The assessment reflects cargoes of between
account. The typical pricing period for cargoes is either three or FOB basis. The typical cargo size is 600,000 barrels but both 600,000 barrels and 1 million barrels loading FOB out of the
five days after bill of lading. Cargoes pricing on a different basis small and large cargoes are used for the assessment. The Syrian port of Banias. In periods of spot market illiquidity, the
can be included with the pricing period adjusted back to market typical pricing period for cargoes is either three or five days price of Syrian Light will be valued as a differential to the CIF
standard. after bill of lading. Cargoes pricing on a different basis can Augusta Azeri Light assessment with relevant freight costs taken
be included with the pricing period taken into account. This into account.
CPC Blend FOB (CPC Terminal): The assessment reflects 140,000 assessment only includes cargoes of Iraqi Kirkuk crude, and
mt cargoes of CPC Blend crude oil loading from the CPC Blend does not factor in cargoes of KBT also loading from the Botas Syrian Heavy (Souedie): The assessment reflects cargoes
export terminal north of Novorossiysk in the Black Sea. This terminal at Ceyhan. of between 600,000 barrels and 1 million barrels loading FOB
assessment is a freight calculation derived from the CIF Augusta out of the Syrian port of Tartous. In periods of spot-market
CPC Blend assessment using Platts spot freight assessments Iran Light (FOB Sidi Kerir): The assessment reflects illiquidity, the price of Syrian Heavy will be valued as a
published daily in the Dirty Tankerwire. It also takes into account 600,000 barrel cargoes loading FOB from the Egyptian differential to the CIF Augusta Urals assessment with relevant
any delay and demurrage costs through the Turkish Straits, also port of Sidi Kerir, via the SUMED pipeline, for delivery into freight costs taken into account.
available daily in the Dirty Tankerwire. the Mediterranean. In the absence of any spot market
information, Platts may assess Iranian crudes in relation
Urals and Mediterranean Crude Netback Calculations
CPC Blend FOB (CPC Terminal) 80,000 mt: The assessment to their monthly Official Selling Prices (OSPs), as released
reflects 85,000 mt cargoes of CPC Blend crude oil loading from by the National Iranian Oil Company (NIOC). Because these Effective January 2, 2018, Platts will use the following
the CPC Blend export terminal north of Novorossiysk in the Black OSPs are published relative the ICE’s Brent weighted average Worldscale flat rates per metric ton for its crude oil FOB
Sea. This assessment is a freight calculation derived from the (BWAVE), Platts uses Dated to Frontline (DFL) swaps to bring Mediterranean and Northwest Europe spot assessments. Rates
CIF Augusta CPC Blend assessment using Platts spot freight the assessment back in line with Dated Brent. to Augusta from: Novorossiisk CPC terminal $7.02, Novorossiisk
assessments published daily in the Dirty Tankerwire. It also takes $7.02, Supsa $6.41, Es Sider $3.71, Skikda $5.15, Ceyhan $5.89,
into account any delay and demurrage costs through the Turkish Iran Heavy (FOB Sidi Kerir): The assessment reflects Banias$5.03, Tartous $5.05, Sidi Kerir $4.23. Rotterdam from
Straits, which are also available daily in the Dirty Tankerwire. 600,000 barrel cargoes of Iranian Heavy loading FOB from Primorsk $7.50. Rotterdam from Baltics ports (basket of Ust-
the Egyptian port of Sidi Kerir via the SUMED pipeline, for Luga $7.55, Primorsk $7.50 and Gdansk $6.60) $7.22. Rotterdam
Suez Blend (FOB Ras Sukheir): The assessment reflects 1 delivery into the Mediterranean. In the absence of spot port charge used will be $0.12/b.
Platts assesses three full calendar months ahead of the date of

Urals and CPC Blend CFDs
publication for the CPC Blend CFD market. The CFD measures
Urals CFDs (Contract for Difference) are a derivatives the differential in price between the Mediterranean Dated
contract that trades both via exchange and the brokered Strip assessment and the CPC Blend CIF Augusta outright
market. These contracts trade primarily on a monthly basis, assessment across the contractual duration of the swap.
but also on a bespoke or quarterly basis. Platts assesses
three full calendar months ahead of the current date of Assessments are expressed as a differential.
publication for both the Urals Northwest Europe and Urals
Mediterranean CFD markets. In Northwest Europe, the CFD
Med Sweet/Sour Index:
measures the differential in price between the Mediterranean
Dated Strip assessment and the Urals CIF Rotterdam As an addition to Platts daily crude oil assessments in the
outright assessment across the contractual duration of the Mediterranean, Platts calculates and publishes a Mediterranean
swap. In the Mediterranean, the CFD represents the market crude sweet/sour index. In the calculation, Platts uses the
differential in price between the Dated Brent assessment and following formula: the mean of CPC Blend FOB CPC Terminal vs
Urals Recombined (RCMB) assessment over the contractual Med Dtd strip, BTC FOB Ceyhan vs BTC Dtd strip, Saharan Blend
duration of the swap. FOB Algeria vs Med Dtd strip and Es Sider FOB Es Sider vs Med
Dtd strip minus Urals FOB Novorossiysk vs Med Dtd strip.
Europe
Conversion Factor
Sulfur (%) API Production (b/d) Country Location Operator
(barrels to mt)
North Sea Crude
Brent 0.40 37.5 86,000 7.52 UK Sullom Voe Enquest
Forties 0.79 38.7 370,000 7.57 UK Hound Point INEOS
Oseberg 0.25 37.8 96,500 7.53 Norway Sture Statoil
Ekofisk 0.19 38.5 250,000 7.56 UK/Norway Teesside ConocoPhillips
Statfjord 0.25 39.3 130,000 7.60 Norway Statfjord FPSO Statoil
Gullfaks 0.26 37.5 150,000 7.52 Norway Gullfaks FPSO Statoil
Flotta 0.98 36.2 60,000 7.46 Norway Flotta Talsiman
Troll 0.14 35.9 200,000 7.44 Norway Mongstad Statoil
DUC 0.25 33.5 50,000 7.34 Denmark Fredericia Maersk
Grane Blend 0.64 27.5 260,000 7.07 Norway Sture Statoil
Alvheim 0.17 34.9 75,000 7.40 Norway Alvheim FPSO Statoil
Asgard 0.14 52 90,000 8.16 Norway Asgard FPSO Statoil
West African Crude
Bonny Light 0.16 32.9 176,000 7.31 Nigeria Bonny Terminal Shell
Qua Iboe 0.11 37.6 232,000 7.52 Nigeria Qua Iboe Terminal ExxonMobil
Forcados 0.22 31.5 250,000 7.25 Nigeria Forcados Terminal Shell
Escravos 0.17 32.4 175,000 7.29 Nigeria Escravos Terminal Chevron
Brass River 0.18 40.1 105,500 7.63 Nigeria Brass River Terminal ENI
Agbami 0.04 47.88 230,000 7.98 Nigeria Agbami FPSO Chevron
Akpo 0.07 45.8 111,000 7.89 Nigeria Akpo FPSO Total
Bonga 0.25 29.4 170,000 7.16 Nigeria Bonga FPSO Shell
Erha 0.17 35.4 120,000 7.42 Nigeria Erha FPSO ExxonMobil
Usan 0.27 29.9 85,500 7.18 Nigeria Usan FPSO ExxonMobil
Cabinda 0.15 32.2 180,000 7.28 Angola Malongo Terminal Chevron
Girassol 0.34 30.2 129,000 7.19 Angola Girassol FPSO Total
Kissanje 0.36 30.3 92,500 7.20 Angola Kizomba B FPSO ExxonMobil
Hungo 0.59 29.4 75,500 7.16 Angola Kizomba A FPSO ExxonMobil
Nemba 0.28 37 163,000 7.49 Angola Malongo Terminal Chevron
Dalia 0.51 23 200,000 6.87 Angola Dalia FPSO Total
Pazflor 0.43 25.6 97,500 6.99 Angola Pazflor FPSO Total
Plutonio 0.37 33.2 86,000 7.32 Angola Greater Plutonio FPSO BP
Djeno 0.34 27.6 250,000 7.08 Republic of Congo Djeno Terminal Total
Jubilee 0.29 36.8 75,000 7.48 Ghana Kwame Nkrumah FPSO Tullow
Doba 0.09 25.8 105,000 7.00 Chad Kome Kribi FSO COTCO
Urals/Mediterranean Crude
Urals (ex-Novo) 1.36 31.3 420,000 7.23 Russia Russia (Novorssiisk terminal) Transneft
Urals (ex-Baltics) 1.44 31.5 1,350,000 7.23 Russia Russia (Primorsk, Ust-Luga) Transneft
Kirkuk 2.26 33.9 - 7.36 Iraq Turkey Botas
CPC 0.56 45.3 830,000 7.80 Kazakhstan Russia (CPC terminal) TCO/KPO/KMG
Azeri Light (FOB Supsa/Batumi) 0.16 34.75 85,000 7.40 Azerbaijan Georgia SOCAR (Downstream)
Azeri Light (FOB Ceyhan) 0.15 36.55 700,000 7.45 Azerbaijan Turkey SOCAR (Downstream)
Saharan Blend 0.10 45 450,000 7.85 Algeria Algeria Sonatrach
Siberian Light 0.57 35.1 120,000 7.45 Russia Russia (Novorssiisk terminal) Transneft
Es Sider 0.37 36.71 250,000 7.48 Libya Libya NOC Libya
Syrian Heavy 4.19 23.12 - 6.88 Syria Syria SNOC
Syrian Light 0.68 38 - 7.54 Syria Syria SNOC
Suez Blend 1.41 31.3 - 7.24 Egypt Egypt BP/EGPC
Iranian Heavy 1.99 29.5 - 7.16 Iran Egypt NIOC
Iranian Light 1.36 33.4 - 7.33 Iran Egypt NIOC
ESPO 0.50 34.7 500,000 7.39 Russia Russia (Kozmino terminal) Transneft
Persian Gulf
CONTRACT DELIVERY
BASIS PERIOD
DUBAI, OMAN AND UPPER ZAKUM

Dubai M1 PCAAT00 PCAAT03 FOB Fateh M+2 25,000 500,000 US $ Barrels
Dubai M2 PCAAU00 PCAAU03 FOB Fateh M+3 25,000 500,000 US $ Barrels
Dubai M3 PCAAV00 PCAAV03 FOB Fateh M+4 25,000 500,000 US $ Barrels
MEC M1 AAWSA00 AAWSA03 FOB Fateh M+2 25,000 500,000 US $ Barrels
MEC M2 AAWSB00 AAWSB03 FOB Fateh M+3 25,000 500,000 US $ Barrels
MEC M3 AAWSC00 AAWSC03 FOB Fateh M+4 25,000 500,000 US $ Barrels
Upper Zakum AAOUQ00 AAOUQ03 FOB M+2 25,000 500,000 US $ Barrels
Upper Zakum vs OSP AAOUR00 AAOUR03 FOB M+2 25,000 500,000 US $ Barrels
Brent/Dubai AAJMS00 US $ Barrels
Oman M1 PCABS00 FOB Mina Al Fahal M+2 25,000 500,000 US $ Barrels
Oman M2 AAHZF00 FOB Mina Al Fahal M+3 25,000 500,000 US $ Barrels
Oman M3 AAHZH00 FOB Mina Al Fahal M+4 25,000 500,000 US $ Barrels
Oman M1 vs OSP PCABT00 FOB Mina Al Fahal M+2 25,000 500,000 US $ Barrels
Murban AAKNL00 AAKNM00 FOB Abu Dhabi M+2 25,000 500,000 US $ Barrels
Murban vs OSP AAKUB00 AAKUC00 FOB Abu Dhabi M+2 25,000 500,000 US $ Barrels
Murban vs Dubai AARBZ00 AARBZ03 FOB Abu Dhabi M+2 25,000 500,000 US $ Barrels
Murban QP AAISV00 M+2 US $ Barrels
Al Shaheen AAPEV00 AAPEV03 FOB Qatar M+2 25,000 500,000 US $ Barrels
Al Shaheen vs Dubai AAPEW00 AAPEW03 FOB Qatar M+2 25,000 500,000 US $ Barrels
OTHER PERSIAN GULF CRUDES

Das Blend AAXOF00 AAXOF03 FOB Abu Dhabi M+2 500,000 500,000 US $ Barrels
Das Blend vs OSP AAXPF00 AAXPF03 FOB Abu Dhabi M+2 500,000 500,000 US $ Barrels
Qatar Land AAKNP00 AAKNQ00 FOB Qatar M+2 500,000 500,000 US $ Barrels
Qatar Land vs OSP AAKUJ00 AAKUK00 FOB Qatar M+2 500,000 500,000 US $ Barrels
Qatar Marine AAKNR00 AAKNS00 FOB Qatar M+2 500,000 500,000 US $ Barrels
Qatar Marine vs OSP AAKUH00 AAKUI00 FOB Qatar M+2 500,000 500,000 US $ Barrels
Banoco AAKNT00 AAKNU00 FOB Bahrain M+2 500,000 500,000 US $ Barrels
Banoco vs OSP AAKUD00 AAKUE00 FOB Bahrain M+2 500,000 500,000 US $ Barrels
DFC (Asia close) ADFCA00 ADFCA03 FOB Qatar M+2 500,000 500,000 US $ Barrels
DFC (London close) ADFCD00 ADFCD03 FOB Qatar M+2 500,000 500,000 US $ Barrels
DFC vs. Dated Brent ADFCC00 ADFCC03 FOB Qatar M+2 500,000 500,000 US $ Barrels
DFC vs. Dubai ADFCB00 ADFCB03 FOB Qatar M+2 500,000 500,000 US $ Barrels
Qatar LSC (Asia close) AARBB00 AARBB03 FOB Ras Laffan M+2 500,000 500,000 US $ Barrels
Qatar LSC (London close) AARBA00 AARBA03 FOB Ras Laffan M+2 500,000 500,000 US $ Barrels
Qatar LSC vs Dated Brent AARBC00 AARBC03 FOB Ras Laffan M+2 500,000 500,000 US $ Barrels
Persian Gulf
CONTRACT DELIVERY
BASIS PERIOD
Qatar LSC vs Dubai AARBD00 AARBD03 FOB Ras Laffan M+2 500,000 500,000 US $ Barrels
South Pars (Asia close) AARAV00 AARAV03 FOB Assaluyeh M+2 500,000 500,000 US $ Barrels
South Pars (London close) AARAU00 AARAU03 FOB Assaluyeh M+2 500,000 500,000 US $ Barrels
South Pars vs Dated Brent AARAW00 AARAW03 FOB Assaluyeh M+2 500,000 500,000 US $ Barrels
South Pars vs Dubai AARAX00 AARAX03 FOB Assaluyeh M+2 500,000 500,000 US $ Barrels
Basrah Light M1 AALZA00 AALZA03 FOB BOT/KOT M+1 1,000,000 1,000,000 US $ Barrels
Basrah Light M1 vs OSP AALZE00 AALZE03 FOB BOT/KOT M+1 1,000,000 1,000,000 US $ Barrels
Basrah Light M2 AALZB00 AALZB03 FOB BOT/KOT M+2 1,000,000 1,000,000 US $ Barrels
Basrah Light M2 vs OSP AALZF00 AALZF03 FOB BOT/KOT M+2 1,000,000 1,000,000 US $ Barrels
Basrah Heavy M1 AALZC00 AALZC03 FOB BOT/KOT M+1 1,000,000 1,000,000 US $ Barrels
Basrah Heavy M1 vs OSP AALZJ00 AALZJ03 FOB BOT/KOT M+1 1,000,000 1,000,000 US $ Barrels
Basrah Heavy M2 AALZD00 AALZD03 FOB BOT/KOT M+2 1,000,000 1,000,000 US $ Barrels
Basrah Heavy M2 vs OSP AALZK00 AALZK03 FOB BOT/KOT M+2 1,000,000 1,000,000 US $ Barrels
Persian Gulf considered and factored into the assessment. is willing to accept a Murban cargo delivery in lieu of Oman.
Likewise, activity reported by any Oman crude seller will be
Dubai: Platts Dubai assessments reflect market activity in which taken into account only if the seller is willing to declare the
Dubai, Oman, Upper Zakum, Al Shaheen and Murban
the Dubai buyer will accept delivery of Dubai crude oil itself, grade Oman or Murban to be lifted by the buyer at the time a
Platts assesses destination-free physical Dubai, Oman, Upper or alternative delivery of Upper Zakum, Oman, Al Shaheen or cargo is traded. Such declaration of grade must be made at the
Zakum, Al Shaheen and Murban in its Middle East Crude Murban with a Quality Premium. Activity reported from any Dubai point of executing the transaction upon physical convergence.
benchmark basket (MEC). The assessments for Dubai (MEC) and crude oil market participant will be taken into account only if Platts will evaluate all market relevant data to arrive at its
Oman reflects loadings for three forward months, starting two the participant is willing to accept an Upper Zakum, Oman, Al Oman assessments. Oman may trade on a flat price basis, at
months forward from the date of assessment. For example, in Shaheen or Murban cargo with a Quality Premium delivery in a differential versus Dubai, or versus its Official Selling Price
April, Platts assesses June, July and August for liftings of these lieu of Dubai. Likewise, activity reported by any Dubai crude set by the Ministry of Oil and Gas (MOG). The spot market value
crudes. The rollover of assessment coverage occurs on the first seller will be taken into account only if the seller is willing to for Oman may be assessed using any of these inputs, or by
working day of the month. Platts would assess June as front- declare the grade (Dubai or Upper Zakum or Oman or Al Shaheen tracking Brent/Oman spreads. A value shown relative to Oman’s
month on April 30, and roll the coverage of front-month from or Murban with a Quality Premium) to be lifted by the buyer at OSP may be measured in reference to Oman swaps or futures.
June to July on May 1. In May, Platts publishes assessments for the time a cargo is traded. Such declaration of grade must be The assessment for Oman Cash/OSP represents a differential
July, August and September. Platts Dubai assessment will reflect made at the point of executing the transaction upon physical between the spot value of Oman crude oil and the anticipated
the most competitive crude in the group. convergence). Oman Official Selling Price.
Platts reflects the value of these crudes, as expressed through Oman: Platts Oman assessments reflect market activity in MOG/Dubai spread: The MOG/Dubai spread is a derivative
bids, offers and trading activity in partial cargo sizes of which the Oman buyer will accept delivery of Oman crude instrument and is settled by measuring the differential
25,000 barrels each, with a full cargo of 500,000 barrels to oil itself, or alternative delivery of Murban with a Quality between Oman’s official selling price and Dubai for the month
be delivered when the same buyer and seller have traded 20 Premium. Activity reported from any Oman crude oil market concerned. This spread is traded in the “over-the-counter”
partials. Spot premiums for full 500,000 barrel cargoes are participant will be taken into account only if the participant market and has no physical delivery.
Upper Zakum: Platts Upper Zakum assessments reflect market where the buyer is willing to take delivery of destination-free offer for Dubai is equal to or higher than any offers for Murban,
activity in which the Upper Zakum buyer will accept delivery of Murban crude oil. Bids, offers and expressions of interest Oman, Al Shaheen or Upper Zakum, the offers for Murban,
Upper Zakum crude oil itself or alternative delivery of Murban to trade for all other partials in the MOC - Dubai, Upper Oman, Al Shaheen or Upper Zakum must be taken out first under
with a Quality Premium. Activity reported from any Upper Zakum Zakum, and Murban itself - would all also be considered for current Platts guidelines. When a Murban offer is equal to or
crude oil market participant will be taken into account only if the publication only where the buyer is willing to take delivery of lower than offers for Dubai, Oman, Al Shaheen or Upper Zakum,
participant is willing to accept a Murban cargo delivery in lieu of destination-free Murban crude oil upon convergence. then the Murban offer must be taken out first under current
Upper Zakum. Likewise, activity reported by any Upper Zakum Platts guidelines. When a Murban bid is equal to or lower than
crude seller will be taken into account only if the seller is willing Quality Premium for Murban: Platts introduced a Quality any bids for Dubai, Oman, Al Shaheen or Upper Zakum, the bids
to declare the grade Upper Zakum or Murban to be lifted by the Premium (QP) for Murban crude oil delivered into its Middle for Dubai, Oman, Al Shaheen or Upper Zakum must be taken out
buyer at the time a cargo is traded. Such declaration of grade East crude oil assessment processes for cargoes nominated first under current Platts guidelines.
must be made at the point of executing the transaction upon from September 2016 onwards. The Quality Premiums will be
physical convergence. In the event of partials trading activity in paid by a buyer to a seller for the nomination and delivery of Derivatives/swaps: Platts assesses three forward months for
the market for Upper Zakum, the same terms and conditions a cargo of Murban crude oil into a physical convergence of Dubai swaps. The swaps price out on the Platts Dubai front-
will apply as for Dubai and Oman. Dubai cannot be nominated Dubai, Al Shaheen, Upper Zakum or Oman during the Platts month cash assessments. Dubai swaps typically trade on a
against Upper Zakum. In May 2006, a spot market for Upper MOC assessment process. Platts announces the Murban monthly calendar basis, but unlike physical assessments, the
Zakum started up with ExxonMobil taking a 28% stake in Upper QP on the first publishing day of each month, two months swaps are assessed from one month forward. In January, for
Zakum production and selling non destination restricted cargoes prior to the QPs coming into effect. As an example, Platts example, the first month swap assessed is February, followed
on a term basis. Destination restricted cargoes cannot be would announce Murban QP on the first business day of by March and April. The rollover date for the Dubai swaps is
nominated in the event of physical convergence in the partials July, for cargoes loading in September. This calendar aligns the 1st of every calendar month. These swaps are used for
market. with typical trading practices, where September cargoes hedging and speculative purposes. The Dubai swaps contract
are primarily traded in the month of July. Platts will publish has no physical delivery. Effective December 1, 2015, Platts
Al Shaheen: Platts Al Shaheen assessments reflect market a Murban QP at 60% of the net price differences between started assessing Dubai and Oman derivatives independently
activity in which the Al Shaheen buyer will accept delivery of Platts front-month cash Murban assessment and Platts of physical assessments. From December 1, 2015, Platts
Al Shaheen crude oil itself, or alternative delivery of Murban front-month cash Oman assessment during the full month gives clear priority in those assessments to the value of Dubai
with a Quality Premium. Activity reported from any Al Shaheen prior to announcement. For example, the QP for September- derivatives that are fully demonstrated in the derivatives
crude oil market participant will be taken into account only if loading cargoes will be calculated on data from the full market.
the participant is willing to accept a Murban cargo delivery in month of June and announced on the first publishing day of
lieu of Al Shaheen. Likewise, activity reported by any Al Shaheen July. A QP of zero will be announced if 60% of the observed Platts will take into consideration transparently reported
crude seller will be taken into account only if the seller is willing price difference between the grades is less than 25 cents/b. bids, offers and trades in flat price Dubai derivatives, time
to declare the grade Al Shaheen or Murban to be lifted by the spreads from the Dubai derivatives market, and other financial
buyer at the time a cargo is traded. Such declaration of grade Persian Gulf Market on Close publishing principles: Offers for instruments, including the Brent-Dubai EFS, or Exchange of
must be made at the point of executing the transaction upon Al Shaheen, Murban, Oman and Upper Zakum crudes submitted Futures for Swaps. Platts will collect this information from all
physical convergence. Sellers of cargoes of Al Shaheen in the for publication in the MOC assessment process should not be participants during the MOC assessment process, and through
MOC process should inform buyers of the dates of the specific lower than an existing bid for Dubai crude. Similarly, bids for observation of derivatives trading in electronic exchanges and
nominated cargo as soon as possible, and at the latest before Dubai, Oman, Upper Zakum and Al Shaheen crude oils should over-the-counter markets.
the end of the last trading day of the month of trade execution. not be higher than an existing offer for Murban crude in the MOC
process. When a bid for Dubai is equal to or higher than any bids Convergence of partials to a full cargo: Trading volumes
Murban: Platts Murban assessments reflect bids, offers for Murban, Oman, Al Shaheen or Upper Zakum, the Dubai bid assessed: Platts assessments for Dubai, Oman, Upper Zakum,
and expressions of interest to trade in Murban partials must be taken out first under current Platts guidelines. When an Al Shaheen and Murban are based on a minimum of 25,000
barrel partial cargo bid/offered or traded, with the market price standard practice in the physical cargo market. ConocoPhillips’ assessments, Platts will take into account fixed-price bid/
derived from increments of 25,000 barrels. The value of 25,000 GT&C are required for Dubai cargoes. For Al Shaheen cargoes, offers for partial and full cargoes where applicable; inter-month
barrel parcels will take precedence over larger parcel sizes in standard GT&C are required while ADNOC’s GT&C may be spreads; Dubai or Oman swaps; differentials to the monthly
the assessment process. In addition, a trader bidding/offering, declared for Murban crude. Any of these terms and conditions, official selling prices set by producers of a grade; spot premia/
for example, 100,000 barrels must be willing to trade in 25,000 however, should not allow for further optionality over cargo discounts; EFPs or spreads to crude grades such as Brent; and
barrel clips with any counterparty. size. A physical cargo created by 20 partial cargoes would be spreads to published benchmarks. In the event of a wide bid/
500,000 barrel min/max (excluding 1,000 barrel in operational offer spread, Platts will not average the bid and offer. Platts will
Once a principal acquires 20, 25,000 barrel parcels of the same tolerance). evaluate market conditions and establish an assessment that
grade (Dubai, Oman, Upper Zakum, Al Shaheen or Murban) in its editorial judgment reflects the transactable level of crude.
from a single seller within the calendar month, the partials Loading date nominations: Buyers and sellers should not Unusually high or low price deals will be scrutinized by Platts to
automatically converge into a physical cargo of 500,000 barrel. nominate cargoes with loading dates commencing in the last discern whether the deal is fit for assessment purposes.
Neither the seller nor the buyer has the right to deny delivery three calendar days of a month. This is to avoid slippage risk -
or to refuse lifting. However, both parties may mutually agree the risk that end-month loading dates of a cargo will spill over Bids and offers with unusual terms and conditions will
to book out of the contract on the basis of the Dubai, Oman, into the next month with different pricing implications. For typically not be taken into account. Platts should be informed
Upper Zakum, Al Shaheen or Murban assessment published on example a cargo loading in August which has 31 days should prior to the assessment process of any counterparty with
the last working day of the calendar month. have its nominated laycan no later than ending on August 29, e.g which a principal cannot trade for financial or legal reasons.
a 28-29 August loading cargo. Bids and offers made by counterparties unable to trade with
Cash settlement: Any position amounting to less than 500,000 each other may cross, allowing other traders to arbitrage the
barrel by the calendar month’s end is understood to be cash Partials contracts leading to a full cargo delivery should contain difference. Platts should be informed by the principal prior
settled, unless both counterparties mutually agree to deliver/take an assurance of delivery for the month originally specified. to the assessment window if a broking house is submitting
delivery of a smaller top-up cargo. Partial contracts will be settled Buyers of 20 partials retain the flexibility to negotiate with a a bid or offer on the principal’s behalf. The principal remains
based on Platts assessments published on the last working day of seller for differing volumes for loading in part-cargoes, or to responsible for performance even when a representative
each calendar month. request a book-out of some or the entire volume, subject to broker has acted on their behalf. Representative broking
mutual agreement. houses will have similar execution responsibilities and bear
Pricing of terminal operational tolerance: The deviation of similar exposures as their principals for non-performance
up to 1,000 barrel in operational tolerance, which is subject to For Al-Shaheen cargoes, sellers should pass loading dates to of trading instruments, whether cash settled or physically
terminal performance for cargoes delivered FOB Fateh terminal, buyers as soon as possible and at the latest before the end of delivered.
Dubai will be priced on Dubai assessments published on the the last trading day of the month of trade execution. For other
last working day of each calendar month. For example, the grades, buyers typically nominate loading dates in the month
Other Persian Gulf crudes
operational tolerance for cargoes loading in July will be priced after trade execution.
off the assessment of May 31. The deviation of up to 1,000 barrel Platts publishes spot assessments for other Persian Gulf crudes in
in operational tolerance for cargoes delivered FOB Mina Al Fahal Trading counterparties: Affiliates or closely-related trading addition to Dubai, Upper Zakum, Al Shaheen, Oman and Murban: Das
terminal, Oman will be priced on Oman assessments published parties will be deemed part of the same parent company for Blend, Qatar Land, Qatar Marine and Banoco Arab Medium crudes.
on the last working day of each calendar month. partials trading considerations. If subsidiaries/offshore entities
of parent company “A” trade with company “B”, those partials will Front-month assessments for the Persian/Arab Gulf grades
Terms and conditions: Terms and conditions must be be added and considered as part of the total partials trading reflect cargoes loading two calendar months from date
declared at seller’s option upon transaction of the twentieth position of parent company “A”. of publication. For example, in March, the front-month
partial. Only Oman’s MOG GT&C or Shell’s General Terms and assessments reflect barrels loading in May. On the first working
Conditions (GT&C) may be declared for Oman cargoes, as is Price assessment: To arrive at its Persian Gulf crude day of April, the front-month assessments will rollover to reflect
barrels loading in June. Saudi Aramco’s Arabian Medium official selling price for Asia. Platts began publishing a DFC assessment alongside the
Aramco’s OSP is announced one month forward and is based existing Ras Gas condensate to ensure Platts assessments
The assessments in the Persian/Arab Gulf reflect 500,000 barrel on the average of front-month Dubai/Oman assessments plus and terminology conformed to current market conventions.
parcels. Spot premiums for partial cargoes may be considered a differential. Therefore, the July OSP is announced early June. Platts understands Qatar no longer sells condensate under
or factored into the assessment concerned. Platts assessments The equation used to derive Banoco Arab Medium’s assessment the Ras Gas name. The DFC assessment is identical to the
for all Persian/Arab Gulf grades are based on a MOC principle at for barrels loading in May is as follows: Average of May Oman & (now discontinued) Ras Gas assessment and carries the
16:30 Singapore time or 08:30 GMT. Dubai swaps + existing OSP differential + spot differentials + historical data for Ras Gas since Platts discontinued the
expected OSP adjustments. Ras Gas assessment on January 2, 2016. DFC is assessed
Das Blend: This is a crude from Abu Dhabi of the United Arab at Asian close 16:30 Singapore time as a fixed price, and as
Emirates. The grade typically trades at a differential to Abu Basrah Light and Basrah Heavy: Platts publishes assessments a differential to Platts Middle Eastern crude oil benchmark
Dhabi National Oil Co’s official selling price for the month for both grades for two consecutive months from the month of Dubai, and as a differential to Dated Brent, which is assessed
concerned. May loading cargoes would trade at a differential publication. For each grade, Platts publishes a differential to at London close 16:30 hours local time.
to ADNOC’s May OSP, which is calculated as a differential to Iraq’s Asia official selling price for the month of loading as well
Dubai. The equation used to arrive at a Das Blend assessment as an outright price. For example, in November Platts would South Pars condensate: Iran’s South Pars condensate is
for May barrels is as follows: May Dubai swaps + Existing Das publish outright prices and differentials to the OSP for Basrah produced from gas fields and exported from the Persian Gulf
Blend OSP/Dubai spread + May spot Das Blend differentials Light and Basrah Heavy cargoes loading in December (M+1) and port of Assaluyeh. South Pars has gravity of 54.4 API and a sulfur
+ expected ADNOC adjustments. Platts began assessing Das January (M+2). The prices are assessed on a FOB basis from Al content of 0.22%. South Pars condensate is assessed at Asian
Blend on May 2, 2014, to reflect ADNOC’s blending together Basrah Oil Terminal (BOT) or Khor al-Amaya Oil Terminal (KOT) close (08:30 GMT) as a fixed price, and as a differential to Platts
of the Lower Zakum and Umm Shaif crude streams into Das and reflect cargoes of 1 million barrels traded on a destination- Middle Eastern crude oil benchmark Dubai, and as a differential
Blend. Platts discontinued the Lower Zakum and Umm Shaif free basis. Spot market trades for crudes with regional to Dated Brent which is assessed at London close 16:30 hours
assessments on August 1, 2014. restrictions in place would be normalized in value to reflect open local time.
destination. Platts outright assessments for Basrah Light and
Qatar Land and Qatar Marine: These crudes typically trade at a Basrah Heavy reflect traded values for the grades, without any Qatar LSC condensate: Qatar LSC (previously known as
differential to Qatar Petroleum’s OSP. Qatar’s OSP is announced adjustment due to compensation via a de-escalator that a buyer Dolphin condensate) is exported from Ras Laffan port in
on a retroactive basis and is based on a differential to Oman’s may receive subsequent to loading due to quality differences. cargoes of 500,000 barrels, and typically marketed at a
OSP. For example, the June OSP would be published early differential to Platts Middle Eastern crude oil benchmark
July. The equation to derive Qatar Land and Qatar Marine’s Deodorized Field Condensate (Ras Gas condensate) crude: Dubai, or as a differential to a basket of Platts FOB AG
assessment for barrels lifting in May is as follows: May Oman Spot assessments reflect barrels loading two calendar naphtha, kerosene and gasoil assessments. Qatar LSC
swaps + existing OSP/Oman OSP spread + spot differentials + months from the date of publication. For example, on January has gravity of 56.9 API, and a sulfur content of 0.19%. This
expected OSP adjustments. 3, barrels loading in March are assessed. These assessments condensate is assessed at Asian close (0830 GMT) as a
roll over on the first working day of the month. Spot fixed price, as a differential to Platts Middle Eastern crude
Banoco (Bahrain National Oil Co) Arab Medium: This crude assessments of DFC consist of a fixed-price assessment and oil benchmark Dubai, and as a differential to Dated Brent
comes from Bahrain and is similar in quality to Saudi Arab an assessment of the spot market differential against Platts which is assessed at London close (1630 hours local time).
Medium. Saudi crudes typically do not trade on a spot basis but Dubai assessments. Assessments take into consideration
Banoco Arab Medium can trade spot, priced as a differential to DFC traded in typical 500,000 barrel cargoes. On May 4, 2016
Asia Pacific
Asian Dated Brent AAXPG00 AAXPG03 FOB North Sea 10-25 days 600,000 600,000 US $ Barrels
Ardjuna (Asia close) PCACQ00 AAFZM00 FOB Ardjuna Terminal M+2 (roll on the 9th) US $ Barrels
Ardjuna (London close) AAPBF00 AAPBF03 FOB Ardjuna Terminal M+2 (roll on the 9th) US $ Barrels
Ardjuna vs Dated Brent AAPBG00 AAPBG03 FOB Ardjuna Terminal M+2 (roll on the 9th) US $ Barrels
Ardjuna vs ICP PCACR00 PCACR03 FOB Ardjuna Terminal M+2 (roll on the 9th) US $ Barrels
Attaka (Asia close) PCAAJ00 AAFZB00 FOB Santan (Balikpapan) M+2 (roll on the 9th) US $ Barrels
Attaka (London close) AAPBB00 AAPBB03 FOB Santan (Balikpapan) M+2 (roll on the 9th) US $ Barrels
Attaka vs Dated Brent AAPBC00 AAPBC03 FOB Santan (Balikpapan) M+2 (roll on the 9th) US $ Barrels
Attaka vs ICP PCAAK00 PCAAK03 FOB Santan (Balikpapan) M+2 (roll on the 9th) US $ Barrels
Bach Ho (Asia close) PCAHY00 PCAHZ03 FOB Bach Ho Terminal M+2 (roll on the 9th) 600,000 650,000 US $ Barrels
Bach Ho (London close) AAPAJ00 AAPAJ03 FOB Bach Ho Terminal M+2 (roll on the 9th) 600,000 650,000 US $ Barrels
Bach Ho vs Dated Brent AAPAK00 AAPAK03 FOB Bach Ho Terminal M+2 (roll on the 9th) 600,000 650,000 US $ Barrels
Bach Ho vs OSP AAPEY00 AAPEY03 FOB Bach Ho Terminal M+2 (roll on the 9th) 600,000 650,000 US $ Barrels
Belida (Asia close) PCAFL00 PCAFL03 FOB Belida Terminal M+2 (roll on the 9th) US $ Barrels
Belida (London close) AAPBP00 AAPBP03 FOB Belida Terminal M+2 (roll on the 9th) US $ Barrels
Belida vs Dated Brent AAPBQ00 AAPBQ03 FOB Belida Terminal M+2 (roll on the 9th) US $ Barrels
Belida vs ICP PCAFM00 PCAFM03 FOB Belida Terminal M+2 (roll on the 9th) US $ Barrels
Cinta (Asia close) PCAAX00 AAFZC00 FOB Cinta Terminal M+2 (roll on the 9th) US $ Barrels
Cinta (London close) AAPBJ00 AAPBJ03 FOB Cinta Terminal M+2 (roll on the 9th) US $ Barrels
Cinta vs Dated Brent AAPBK00 AAPBK03 FOB Cinta Terminal M+2 (roll on the 9th) US $ Barrels
Cinta vs ICP PCAAY00 PCAAY03 FOB Cinta Terminal M+2 (roll on the 9th) US $ Barrels
Cossack (Asia close) PCAGZ00 PCAGZ03 FOB NW Australia M+2 (roll on the 9th) US $ Barrels
Cossack (London close) AAPAB00 AAPAB03 FOB NW Australia M+2 (roll on the 9th) US $ Barrels
Cossack vs Dated Brent AAPAC00 AAPAC03 FOB NW Australia M+2 (roll on the 9th) US $ Barrels
Daqing (Asia close) PCAAZ00 AAFZD00 FOB Luda/Dalian M+2 (roll on the 9th) US $ Barrels
Daqing (London close) AAPAV00 AAPAV03 FOB Luda/Dalian M+2 (roll on the 9th) US $ Barrels
Daqing vs Dated Brent AAPAW00 AAPAW03 FOB Luda/Dalian M+2 (roll on the 9th) US $ Barrels
Dar Blend (Asia close) AARAB00 AARAB03 FOB Sudan M+2 (roll on the 9th) 600,000 1,000,000 US $ Barrels
Dar Blend (London close) AARAA00 AARAA03 FOB Sudan M+2 (roll on the 9th) 600,000 1,000,000 US $ Barrels
Dar Blend vs Dated Brent AARAC00 AARAC03 FOB Sudan M+2 (roll on the 9th) 600,000 1,000,000 US $ Barrels
Duri (Asia close) PCABA00 AAFZE00 FOB Dumai M+2 (roll on the 9th) US $ Barrels
Duri (London close) AAPBL00 AAPBL03 FOB Dumai M+2 (roll on the 9th) US $ Barrels
Duri vs Dated Brent AAPBM00 AAPBM03 FOB Dumai M+2 (roll on the 9th) US $ Barrels
Duri vs ICP PCABB00 PCABB03 FOB Dumai M+2 (roll on the 9th) US $ Barrels
Enfield (Asia close) AARAE00 AARAE03 FOB Australia M+2 (roll on the 9th) US $ Barrels
Enfield vs Dated Brent AARAF00 AARAF03 FOB Australia M+2 (roll on the 9th) US $ Barrels
ESPO M1 AARWF00 AARWF03 FOB Kozmino 15-45 days 80 kt 140 kt US $ Barrels
ESPO M1 vs Dubai AASEU00 AASEU03 FOB Kozmino 15-45 days 80 kt 140 kt US $ Barrels
Asia Pacific
ESPO M2 AAWFE00 AAWFE03 FOB Kozmino 45-75 days 80 kt 140 kt US $ Barrels
ESPO M2 vs Dubai AAWFG00 AAWFG03 FOB Kozmino 45-75 days 80 kt 140 kt US $ Barrels
Gippsland (Asia close) PCACP00 AAFZL00 FOB Westernport M+2 (roll on the 9th) US $ Barrels
Gippsland (London close) AAPAT00 AAPAT03 FOB Westernport M+2 (roll on the 9th) US $ Barrels
Gippsland vs Dated Brent AAPAU00 AAPAU03 FOB Westernport M+2 (roll on the 9th) US $ Barrels
Handil Mix (Asia close) PCABE00 AAFZF00 FOB Senipah (Balikpapan) M+2 (roll on the 9th) US $ Barrels
Handil Mix (London close) AAPBH00 AAPBH03 FOB Senipah (Balikpapan) M+2 (roll on the 9th) US $ Barrels
Handil Mix vs Dated Brent AAPBI00 AAPBI03 FOB Senipah (Balikpapan) M+2 (roll on the 9th) US $ Barrels
Handil Mix vs ICP PCABF00 PCABF03 FOB Senipah (Balikpapan) M+2 (roll on the 9th) US $ Barrels
Kikeh (Asia close) AAWUH00 AAWUH03 FOB Sabah M+2 (roll on the 9th) 300,000 600,000 US $ Barrels
Kikeh (London close) AAOZX00 AAOZX03 FOB Sabah M+2 (roll on the 9th) 300,000 600,000 US $ Barrels
Kikeh vs Dated Brent AAOZY00 AAOZY03 FOB Sabah M+2 (roll on the 9th) 300,000 600,000 US $ Barrels
Kimanis (Asia close) AASCL00 AASCL03 FOB Sabah M+2 (roll on the 9th) 300,000 600,000 US $ Barrels
Kimanis (London close) AASCN00 AASCN03 FOB Sabah M+2 (roll on the 9th) 300,000 600,000 US $ Barrels
Kimanis vs Dated Brent AASCM00 AASCM03 FOB Sabah M+2 (roll on the 9th) 300,000 600,000 US $ Barrels
Kutubu (Asia close) PCAFJ00 PCAFJ03 FOB Kumul Terminal M+2 (roll on the 9th) US $ Barrels
Kutubu (London close) AAPAD00 AAPAD03 FOB Kumul Terminal M+2 (roll on the 9th) US $ Barrels
Kutubu vs Dated Brent AAPAE00 AAPAE03 FOB Kumul Terminal M+2 (roll on the 9th) US $ Barrels
Labuan (Asia close) PCABL00 AAFZG00 FOB Sabah M+2 (roll on the 9th) US $ Barrels
Labuan (London close) AAPAP00 AAPAP03 FOB Sabah M+2 (roll on the 9th) US $ Barrels
Labuan vs Dated Brent AAPAQ00 AAPAQ03 FOB Sabah M+2 (roll on the 9th) US $ Barrels
Minas (Asia close) PCABO00 AAFZH00 FOB Dumai M+2 (roll on the 9th) 100,000 US $ Barrels
Minas (London close) AAPAZ00 AAPAZ03 FOB Dumai M+2 (roll on the 9th) 100,000 US $ Barrels
Minas vs Dated Brent AAPBA00 AAPBA03 FOB Dumai M+2 (roll on the 9th) 100,000 US $ Barrels
Minas vs ICP PCABP00 PCABP03 FOB Dumai M+2 (roll on the 9th) 100,000 US $ Barrels
Miri Light (Asia close) PCABQ00 AAFZI00 FOB Lutong M+2 (roll on the 9th) US $ Barrels
Miri Light (London close) AAPAR00 AAPAR03 FOB Lutong M+2 (roll on the 9th) US $ Barrels
Miri Light vs Dated Brent AAPAS00 AAPAS03 FOB Lutong M+2 (roll on the 9th) US $ Barrels
Nanhai (Asia close) PCAFR00 PCAFR03 FOB Huizhou M+2 (roll on the 9th) US $ Barrels
Nanhai (London close) AAPAF00 AAPAF03 FOB Huizhou M+2 (roll on the 9th) US $ Barrels
Nanhai vs Dated Brent AAPAG00 AAPAG03 FOB Huizhou M+2 (roll on the 9th) US $ Barrels
Nile Blend (Asia close) AAPLC00 AAPLC03 FOB Sudan M+2 (roll on the 9th) 600,000 650,000 US $ Barrels
Nile Blend (London close) AAPAL00 AAPAL03 FOB Sudan M+2 (roll on the 9th) 600,000 650,000 US $ Barrels
Nile Blend vs Dated Brent AAPAM00 AAPAM03 FOB Sudan M+2 (roll on the 9th) 600,000 650,000 US $ Barrels
Nile Blend vs ICP AAPEX00 AAPEX03 FOB Sudan M+2 (roll on the 9th) 600,000 650,000 US $ Barrels
NW Shelf (Asia close) PCAGX00 PCAGX03 FOB Dampier M+2 (roll on the 9th) US $ Barrels
NW Shelf (London close) AAPAH00 AAPAH03 FOB Dampier M+2 (roll on the 9th) US $ Barrels
Asia Pacific
NW Shelf vs Dated Brent AAPAI00 AAPAI03 FOB Dampier M+2 (roll on the 9th) US $ Barrels
Senipah (Asia close) AAEOE00 AAEOF00 FOB Senipah Terminal M+2 (roll on the 9th) US $ Barrels
Senipah (London close) AAPBD00 AAPBD03 FOB Senipah Terminal M+2 (roll on the 9th) US $ Barrels
Senipah vs Dated Brent AAPBE00 AAPBE03 FOB Senipah Terminal M+2 (roll on the 9th) US $ Barrels
Senipah vs ICP AAEOK00 AAEOL00 FOB Senipah Terminal M+2 (roll on the 9th) US $ Barrels
Shengli (Asia close) PCABY00 AAFZJ00 FOB Qingdao M+2 (roll on the 9th) US $ Barrels
Shengli (London close) AAPAX00 AAPAX03 FOB Qingdao M+2 (roll on the 9th) US $ Barrels
Shengli vs Dated Brent AAPAY00 AAPAY03 FOB Qingdao M+2 (roll on the 9th) US $ Barrels
Sakhalin Blend (Asia Close) AARBN00 AARBN03 CFR Japan/Korea M+2 700,000 750,000 US $ Barrels
Sakhalin Blend (London Close) AAREN00 AAREN03 CFR Japan/Korea M+2 700,000 750,000 US $ Barrels
Sakhalin Blend vs Dated Brent AARDN00 AARDN03 CFR Japan/Korea M+2 700,000 750,000 US $ Barrels
Sakhalin Blend vs Dubai AARCN00 AARCN03 CFR Japan/Korea M+2 700,000 750,000 US $ Barrels
Sokol (Asia close) AASCJ00 AASCJ03 CFR Japan/Korea M+2 700,000 750,000 US $ Barrels
Sokol (London close) AAPAN00 AAPAN03 CFR Japan/Korea M+2 700,000 750,000 US $ Barrels
Sokol vs Dated Brent AAPAO00 AAPAO03 CFR Japan/Korea M+2 700,000 750,000 US $ Barrels
Sokol vs Dubai/Oman AASCK00 AASCK03 CFR Japan/Korea M+2 700,000 750,000 US $ Barrels
Su Tu Den (Asia close) AARAR00 AARAR03 FOB Vietnam M+2 (roll on the 9th) 450,000 600,000 US $ Barrels
Su Tu Den (London close) AARAQ00 AARAQ03 FOB Vietnam M+2 (roll on the 9th) 450,000 600,000 US $ Barrels
Su Tu Den vs Dated Brent AARAS00 AARAS03 FOB Vietnam M+2 (roll on the 9th) 450,000 600,000 US $ Barrels
Su Tu Den vs OSP AARAT00 AARAT03 FOB Vietnam M+2 (roll on the 9th) 450,000 600,000 US $ Barrels
Tapis (Asia close) PCACB00 AAFZK00 FOB Kerteh (Trengganu) M+2 (roll on the 9th) 300,000 US $ Barrels
Tapis (London close) AAOZV00 AAOZV03 FOB Kerteh (Trengganu) M+2 (roll on the 9th) 300,000 US $ Barrels
Tapis vs Dated Brent AAOZW00 AAOZW03 FOB Kerteh (Trengganu) M+2 (roll on the 9th) 300,000 US $ Barrels
Vincent (Asia close) AARAK00 AARAK03 FOB Australia M+2 (roll on the 9th) US $ Barrels
Vincent (London close) AARAJ00 AARAJ03 FOB Australia M+2 (roll on the 9th) US $ Barrels
Vincent vs Dated Brent AARAL00 AARAL03 FOB Australia M+2 (roll on the 9th) US $ Barrels
Widuri (Asia close) PCAFE00 PCAFE03 FOB Indonesia M+2 (roll on the 9th) US $ Barrels
Widuri (London close) AAPBN00 AAPBN03 FOB Indonesia M+2 (roll on the 9th) US $ Barrels
Widuri vs Dated Brent AAPBO00 AAPBO03 FOB Indonesia M+2 (roll on the 9th) US $ Barrels
Widuri vs ICP PCAFF00 PCAFF03 FOB Indonesia M+2 (roll on the 9th) US $ Barrels
THE PLATTS ASIAN CRUDE OIL INDEX

Asian Crude Index (ACX) AAXIL00 US $ Barrels
WTI M1 (Asia close) AAFFU00 AAFFV00 ex-tank Cushing M+1 25,000 25,000 US $ Barrels
WTI M2 (Asia close) AAFFW00 AAFFX00 ex-tank Cushing M+2 25,000 25,000 US $ Barrels
WTI M3 (Asia close) AAFFY00 AAFFZ00 ex-tank Cushing M+3 25,000 25,000 US $ Barrels
Dubai CFR North Asia PCAQA00 PCAQA03 CFR North Asia Loading M+2 500,000 500,000 US $ Barrels
Oman CFR North Asia PCAQJ00 PCAQJ03 CFR North Asia Loading M+2 500,000 500,000 US $ Barrels
Upper Zakum CFR North Asia PCAQB00 PCAQB03 CFR North Asia Loading M+2 500,000 500,000 US $ Barrels
Asia Pacific
Qatar Marine CFR North Asia PCAQC00 PCAQC03 CFR North Asia Loading M+2 500,000 500,000 US $ Barrels
Murban CFR North Asia PCAQE00 PCAQE03 CFR North Asia Loading M+2 500,000 500,000 US $ Barrels
Basrah Light CFR North Asia PCAQK00 PCAQK03 CFR North Asia Loading M+2 1,000,000 1,000,000 US $ Barrels
ESPO CFR North Asia PCAQD00 PCAQD03 CFR North Asia Loading M+2 500,000 500,000 US $ Barrels
Forties CFR North Asia PCAQF00 PCAQF03 CFR North Asia Loading M+2 500,000 500,000 US $ Barrels
Dalia CFR North Asia PCAQG00 PCAQG03 CFR North Asia Loading M+2 500,000 500,000 US $ Barrels
WTI MEH CFR North Asia PCAQH00 PCAQH03 CFR North Asia Loading M+2 2,000,000 2,000,000 US $ Barrels
LOOP Sour CFR North Asia PCAQI00 PCAQI03 CFR North Asia Loading M+2 2,000,000 2,000,000 US $ Barrels
Asia Pacific Brent is effective from September 2, 2013. Prior to this date, the its own benchmark. Platts will then add the premium transacted
differential was measured against the prevailing Asian Dated to the forward value of the benchmark.
Brent.
Asian Dated Brent
The same approach is used for Indonesian crude grades where
Platts launched effective October 2, 2008 an Asian Dated Brent they trade in relation to their own ICP, which is only released
Asia Pacific crudes
(ADB) assessment published on a daily basis, reflecting the after the cargo has loaded. Amid dwindling liquidity, these
value of Dated Brent at Asian market close (08:30 GMT). The ADB Platts assesses all of its regional crude oil assessments on cargoes are now commonly traded against prevailing Brent
reflects the price prevailing during the close of market in Asia a monthly basis, two months ahead, with a roll-over date of values. Therefore, the fixed price equivalent of the transaction
taking into account the rise or fall in the movement in the cash the 9th day of the month, or the first business day after. For can be determined through values relative to the more liquid
BFOE instrument, from the time of assessment of Dated Brent example, on June 8, Platts would assess cargoes loading in July, crude grades.
at the prior trading day’s European market close at 16:30 hours but on June 9, the assessments would roll to crude loading in
London time, until Asian close. This movement is determined August. In a typical example, a Minas cargo loading in April may trade at
by valuation of Brent cash and futures markets by the close Brent futures plus $2.00/barrel. If the prevailing Brent futures
in Asia. Dated Brent reflects loading for cargoes 10 days to a Assessments also consider bids/offers, and differentials to other value is at $60/barrel, then the fixed price equivalent of Minas
month-ahead of the day of publication. The Asian Dated Brent actively traded crudes, related paper markets and, in the case is $62.00/barrel. Platts will also take all bids, offers and trades
is therefore a dated instrument. The price is underpinned by of Indonesian crudes, official crude prices (ICPs). Crude markets that occur during its MOC process for Minas into account when
instruments such as BFOE and futures which are cyclical in are assessed at 1630 Singapore time. The following are details assessing the value.
nature and therefore roll at the end of the calendar month. of the specifications for the crudes reported including loading
ports. Sulfur content and API gravity may vary over time. Differentials to ICP: Platts assesses differentials to the ICPs for
Published differentials to Dated Brent for Asia Pacific grades the following crudes: Minas, Attaka, Ardjuna, Handil, Cinta, Duri,
are measured against the underlying Dated Brent price for Methodology: Platts assesses crude grades on a fixed price Widuri, Senipah and Belida. The premium/discounts versus the
the corresponding month, or the Asian Dated Brent Strip. The basis, and also where appropriate, the spread to the crude ICP reflect cargoes loading two months forward from the date of
underlying Dated Brent Strip is calculated using the Brent grades’ respective benchmarks. Most trade in the Asia Pacific publication.
Frontline Swap minus the Brent Dated to Frontline Swaps, or region is conducted on a floating rather than fixed price basis.
DFL. The fixed price assessment reflects the equivalent in fixed price Minas and Tapis: Since December 1, 2014 Platts has based
terms of a floating price transaction. Platts will determine the its assessments for Malaysia’s Tapis crude oil and Indonesia’s
In line with the Asian Dated Brent (ADB) assessment, the value relevant benchmark and determine the underlying value of the Minas crude oil on full cargoes. Platts had previously reflected
of the strip is time adjusted to reflect 16:30 hours Singapore benchmark for the loading dates. In a typical example, a Tapis partial cargoes. At the same time, Platts updated the size of
time. This methodology for calculating differentials against physical cargo may trade at a premium of 25 cents/barrel over full cargoes to 100,000 barrels for Minas (down from 200,000
barrels previously) and 300,000 barrels for Tapis (down from
180
RUSSIA
450,000 barrels previously), in line with existing trade in these
E
150 E
grades.
KAZAKHSTAN
MONGOLIA
Differentials to Asia Dated Brent: Platts presently assesses
market premiums or discounts for several Asian and Australian A S I A Daqing
Gravity 32.7 API | Sulfur 0.1% JAPAN
crudes against Asia Dated Brent. Northwest Shelf Condensate: Sulfur content
Northwest Shelf condensate is assessed on a flat price basis, CHINA
Shengli Sour Sweet
Gravity 24 API | Sulfur 0.9% Gravity >= 0.5% < 0.5%
and as a differential against Dated Brent. Spreads (premium or
Heavy 0 to 22.3 30 N
discounts) are assessments based on spot transactions and
NEPAL Medium 22.4 to 31.1
market information on cargoes and part cargoes loading two
months forward from date of publication. Su Tu Den FOB Vietnam Spore Nanhai Light
INDIA
Gravity 36 API | Sulfur 0.04% Gravity 39.5 API | Sulfur 0.05%
Bach Ho
Sokol: Platts’ assessment of Sokol crude oil reflects cargoes Gravity 38.6 API | Sulfur 0.04%
South
China Sea
loading out of the DeKastri terminal on eastern Russia’s THAI. VIET. Miri
PHIL.
Sakhalin Island. The value published reflects the value of Gravity 31.9 API | Sulfur 0.08%
CAMB.
cargoes loading in the month that falls two months from the Kikeh
Gravity 37.61 API | Sulfur 0.058% Kimanis
date of assessment. So on April 1, Platts would assess cargoes Belida Gravity 38.61 API | Sulfur 0.06%
for loading in the month of June. In accordance with typical Tapis
Labuan
market practice, the price assessed is a CFR value, for cargoes Gravity 46 API | Sulfur 0.03%
MALAY. Attaka
Duri Gravity 44.7 API | Sulfur 0.04% 0
being delivered to main ports in Japan and South Korea. Cargoes Gravity 21.5 API | Sulfur 0.14% Senipah
Minas INDO.
being delivered elsewhere, including eastern China, are included Gravity 36 API | Sulfur 0.08%
INDO. Gravity 53.9 API | Sulfur 0.02%
Java Handil Mix INDO.
in the assessment process through price normalization. Sokol Cinta Sea Gravity 33.8 API | Sulfur 0.07% P.N.G.
crude oil is produced at Russia’s Sakhalin I oil field, and currently Widuri
Ardjuna Kutubu
Gravity 35.1 API | Sulfur 0.13% Gravity 44 API | Sulfur 0.04%
has an API gravity of 39.7 degrees; a sulfur content of 0.18% and Gravity 33.3 API | Sulfur 0.07% ea
or S
Tim
a TAN rating of 0.12. The standard cargo size for Sokol is 700,000
Cossack
barrels. Sokol is assessed at 16:30 Singapore time as a fixed Gravity 49 API | Sulfur 0.04%
INDIAN
price, as a differential to the average of Platts Middle Eastern OCEAN Enfield North West Shelf
crude oil benchmarks Dubai and Oman, and as a differential to Gravity 22 API | Sulfur 0.12% Gravity 60 API | Sulfur 0.01%
Dated Brent.
A U S T R A L I A
Sakhalin Blend (Vityaz Blend): On May 4, 2016 Platts 30 S
began publishing a Sakhalin Blend assessment which

subsequently replaced the Vityaz Blend assessment
Vincent FOB Australia Spore Gippsland
to conform to market conventions. The Sakhalin Blend Gravity 18.3 API | Sulfur 0.55% Gravity 48 API | Sulfur 0.1%
assessment is identical to the previous Vityaz assessment
and carries the historical data for Vityaz since the Vityaz
0 500 mi
assessment was discontinued on January 2, 2016. Sakhalin
Blend is a mixture of low-sulfur crude and gas condensate Source: Platts
from the Kirinskoye field. Sakhalin Blend is produced from Number of 0.08. The standard cargo size for Kikeh is 300,000-
Asia-Pacific crudes
the Molikpaq production platform off the northeast of 600,000 barrels.
Crude API Sulfur Country Location
Sakhalin Island in Russia’s Far East and sold by Sakhalin (%)
Energy in cargoes of up to 750,000 barrels. In accordance Kimanis: The assessment reflects Kimanis cargoes for lifting on North West Shelf 63.00 0.00 Australia Dampier
with typical market practice, the price assessed is a CFR a FOB basis from Sabah, Malaysia. The loading dates reflected Senipah 50.00 0.03 Indonesia Blanglancang
Sakhalin Blend 45.50 0.16 Russia Sakhalin Island
value, for cargoes being delivered to main ports in Japan by the Kimanis assessment follow the current methodology for Handil 39.50 0.06 Indonesia Senipah, off
and South Korea. Cargoes being delivered elsewhere, other Asia Pacific crudes. Cargoes are therefore typically for Balikpapan
including eastern China, are included in the assessment loading two months ahead, with a roll-over date on the 9th day Cossack 48.80 0.03 Australia North West Australia
Kutubu 51.40 0.02 New Guinea Kumul terminal
process through price normalization. Sakhalin Blend is of the month, or the first business day after. Kimanis crude oil is
Gippsland 55.40 0.04 Australia Westernport
assessed at 16:30 Singapore time as a fixed price, as a produced at the Gumusut-Kakap oil project off East Malaysia’s Sokol 39.70 0.17 Russia Off De-Kastri,
differential to Platts Middle Eastern crude oil benchmark state of Sabah. It currently has an API gravity rating of 38.61 with Khabarovsk Krai
Dubai and as a differential to Dated Brent. a sulfur content of 0.06% and pour point of 12 degrees Celsius. Belida 46.60 0.02 Indonesia Belida
Tapis 42.70 0.04 Malaysia Kerteh, off
Kimanis is typically sold in 300,000 or 600,000 barrel cargoes.
Terengganu
ESPO (Asia): Platts publishes two assessments for East Siberian Attaka 40.66 0.07 Indonesia Santan, off
Pacific Oil (ESPO) crude oil exported from the Russian Far East Banyu Urip: The assessments reflect Banyu Urip cargoes for Balikpapan
port of Kozmino at the Singapore close: ESPO M1 and ESPO M2. lifting on a FOB basis from FSO Gagak Rimang offshore Central Miri 30.79 0.14 Malaysia Lutong in Sarawak,
near Miri
ESPO M1 reflects cargoes loading 15 to 45 days ahead from the Java, Indonesia. The loading dates reflected in the Banyu Urip Kikeh 37.61 0.06 Malaysia off Labuan Island,
date of publication. The second assessment, ESPO M2, reflects assessment follow the methodology for other Asia Pacific crude. Sabah
the value of cargoes loading 45 to 75 days ahead from the date Cargoes are therefore typically for loading two months ahead, Kimanis 38.61 0.06 Malaysia Sabah
Labuan 29.92 0.08 Malaysia Labuan Island,
of publication. In both cases, prices are assessed on a FOB basis with a rollover date on the 9th day of the month, or the first
Sabah
and reflect cargoes from 80,000 mt to 140,000 mt normalized following business day. Banyu Urip crude oil is produced at the Enfield 22.00 0.12 Australia off Exmouth,
to 100,000 mt. The API gravity for ESPO is approximately 34-35 Cepu field in Central Java, Indonesia. It currently has an API Western Australia
degrees with a sulfur content of 0.58-0.65%. The published gravity of 32 degrees with a sulfur content of 0.305% weight Vincent 17.40 0.37 Australia off Exmouth,
Western Australia
assessments reflect flat price as well as a differential versus and pour point of 27 degrees Celsius. Banyu Urip is typically Ardjuna 36.20 0.10 Indonesia Ardjuna
Dubai. These assessments are published in addition to Platts’ sold in cargoes of 650,000 barrels and 900,000 barrels with an Banyu Urip 32.00 0.31 Indonesia offshore Central
European ESPO assessment, which is published at the London operational tolerance of plus/minus 5%. Java, Indonesia
Nanhai Light 39.50 0.06 China Hui Zhou
close.
Bach Ho 38.50 0.05 Vietnam Bach Ho terminal
Dar Blend and Nile Blend: The assessments reflect Dar Blend Su Tu Den 39.50 0.06 Vietnam Su Tu Den terminal
Kikeh crude: The assessment reflects cargoes for lifting on a and Nile Blend cargoes for lifting on a FOB basis from Marsa Minas 33.94 0.09 Indonesia Dumai, Sumatra
FOB basis from Sabah, Malaysia. The loading dates reflected by Bashayer Export Terminal in Sudan. South Sudan’s sweet, acidic Nile Blend 32.76 0.05 Sudan/South Sudan Marsha Bashayer,
Sudan
the Kikeh assessment follow the typical methodology for Asia Dar Blend crude from the Melut basin is exported in cargoes of
Daqing 31.93 0.13 China Luda/Dalian in
Pacific crudes. Cargoes are therefore typically for loading two 600,000 up to 1 million barrels by state oil firms Sudapet, China Yellow Sea
months ahead, with a roll-over date on the 9th day of the month, National Petroleum Corp (CNPC) and Malaysia’s Petronas. Dar Cinta 31.10 0.09 Indonesia Cinta
or the first business day after. So on July 9, Platts would assess Blend has gravity of 26.4 API, a sulfur content of 0.12%, and Widuri 32.50 0.09 Indonesia Widuri
Shengli 24.20 0.84 China Qingdao on Yellow
cargoes for loading in September. From August 9, Platts would TAN of 2.4 mgKOH/g. Dar Blend is assessed at 16:30 Singapore Sea
roll the assessment forward to reflect cargoes for loading in time as a fixed price and as a differential to Dated Brent. Nile Duri 20.29 0.21 Indonesia Dumai, Sumatra
October. Kikeh crude oil is produced at the Kikeh oil field off East Blend crude, which is exported in cargoes of 600,000-650,000 Dar Blend 25.00 0.11 South Sudan Marsha Bashayer,
Sudan
Malaysia’s state of Sabah, and currently has an API gravity rating barrel, is assessed as a differential to ICP Minas and as a fixed-
of 34.91 degrees; a sulfur content of 0.105% and a Total Acid price assessment. Assessments for both grades are for cargoes
loading two months from date of publication. (16%), Oman (16%), Upper Zakum (16%) and Murban (6%); Asia- crude slate consumption. Platts will give subscribers due notice
Pacific sweet crude represented by Tapis (10%), Minas (8%) of such changes.
Su Tu Den and Bach Ho: Vietnam’s Su Tu Den (Black Lion) and Duri (2%); West African sweet crude represented by Bonny
crude is blended with Su Tu Vang (Golden Lion) and exported Light (5%), Forcados (4%) and Cabinda (3%); Russian crude US crude assessments at Singapore close: The assessments
in cargoes of 450,000 to 600,000 barrels from a floating, represented by ESPO M2 (3%) as well as Asian Dated Brent reflect the outright price in US dollars per barrel of WTI MEH,
production and storage terminal in the South China Sea. Su Tu (11%). Light Louisiana Sweet, Southern Green Canyon and LOOP Sour
Den has gravity of 36 API and a sulfur content of 0.04%. Bach at the close of the Asian Market on Close assessment process
Ho crude assessments reflect typical cargo sizes of 600,000 to Time-zone normalization: Regional and ESPO crude market at 4:30 pm Singapore time (0830 GMT). Platts is publishing
650,000 barrels. Both crudes are evaluated at 16:30 Singapore assessment time (08:30 GMT, equivalent to 16:30 local the prompt month and next forward month for WTI MEH, LOOP
time as a fixed price, and as a differential to Dated Brent. Singapore time). West African crude oil grades assessed at Sour and LLS, and the prompt month for SGC. The assessments
Platts discontinued publication of Vietnam’s Su Tu Den crude European market close at 16:30 hours London time on the reflect the price prevailing at the close of the market in Asia,
differential to OSP effective December 1, 2017. The loading dates previous trading day are adjusted to Asian close timing using taking into account the rise or fall in the cash WTI market from
reflected by the assessments follow the current methodology Platts Asian Dated Brent (ADB) assessment. the time of the assessment at US market close at 2:30 pm
for other Asia Pacific crude. Cargoes are therefore typically for Eastern standard Time until the Asian close.
loading two months ahead, with a rollover date on the 9th day of Accuracy of publication: Rounded to three decimal places.
the month, or the first following business day. CFR North Asia assessments at Singapore close: The
Index availability: The ACX will be available on every Platts Asian assessments reflect the outright price in US dollars per barrel
Australia Basin: Platts assesses the value of heavy sweet crude publishing day. On scheduled European holidays when Platts of Dubai, Oman, Upper Zakum, Qatar Marine, Murban, ESPO,
grades Enfield, and Vincent, which are all produced from fields does not publish West African assessments, the ACX index will Basrah Light, Dalia, Forties, LOOP sour and WTI MEH delivered
in the Australian Basin. These two grades are assessed at 16:30 normalize West African assessments from the previous London into North Asia at 4:30 pm Singapore time (0830 GMT), including
Singapore time as fixed prices and as differentials to Dated publishing day using Asian Dated Brent equivalent values on the freight and any other relevant costs into North Asia. These
Brent. Enfield has gravity of 22 API, a sulfur content of 0.12% day of index publication in Asia. assessments are published in addition to Platts existing
and TAN of 0.43 mgKOH/g. Vincent has gravity of 18.3 API, a assessments for all these grades. For the freight calculation,
sulfur content of 0.55% and TAN of 1.53 mgKOH/g. Annual index composition adjustment: The overall index the conversion factor for barrel to metric tonnes applied for the
composition is reviewed at least once every calendar year. In grades will be in line with prevailing qualities of the respective
the event of any adjustment, Platts will re-weigh the index grades. The grades’ qualities and respective conversion factors
The Platts Asian Crude Oil Index
components to ensure that an addition or deletion is price- will be reviewed periodically.
The Platts Asian Crude Oil Index (ACX) represents the pricing neutral and only reflective of a daily change in the overall price.
exposure of a typical Asian refiner. The ACX is an independently Platts will give subscribers due notice of any adjustment on Crude grade Conversion factor API gravity (degrees)
calculated index, used for settlement purposes of futures and Platts Global Alert (PGA) and in Platts Crude Oil Marketwire. Dubai 7.20 30.40
Oman 7.24 31.30
options contracts. The ACX uses data generated by Platts and Upper Zakum 7.35 33.90
meeting Platts’ strict standards for transparency, accuracy, Annual review of crude oil benchmarks for inclusion/exclusion: Qatar Marine 7.30 32.65
precision and verifiability. The ACX is published on real-time Each crude oil benchmark will be considered for retention or Murban 7.64 40.50
news service Platts Global Alert (PGA), in Platts Crude Oil exclusion from the index, on at least an annual basis. Reasons ESPO 7.39 34.70
Basrah Light 7.17 29.90
Marketwire and other related Platts publications. for exclusion of a particular crude grade include a decline in Dalia 6.87 23.00
production below a given threshold, or the absence of verifiable Forties 7.57 38.70
Index composition of represented crude oil benchmarks as spot cargo data. Other crude grades may be considered for LOOP sour 7.18 30.14
WTI MEH 7.77 43.40
of July 2, 2012: Middle East sour crude represented by Dubai inclusion, based on new production and/or changes in Asian
United States
Assessment CODE Mavg Pavg Wavg CONTRACT BASIS LOCATION DELIVERY PERIOD MIN SIZE MAX SIZE TYPICAL SIZE CURRENCY UOM
WTI M1 (US close) PCACG00 PCACG03 AAFCV00 ex-tank Cushing M+1 25,000 - - US $ Barrels
WTI M2 (US close) PCACH00 PCACH03 AAFCX00 ex-tank Cushing M+2 25,000 - - US $ Barrels
WTI M3 (US close) AAGIT00 AAGIT03 AAGIU00 ex-tank Cushing M+3 25,000 - - US $ Barrels
WTI EFP M1 (US close) AAGVT00 AAGVT03 AAGVT02 ex-tank Cushing M+1 25,000 - - US $ Barrels
WTI EFP M2 (US close) AAGVU00 AAGVU03 AAGVU02 ex-tank Cushing M+2 25,000 - - US $ Barrels
WTI EFP M3 (US close) AAGVV00 AAGVV03 AAGVV02 ex-tank Cushing M+3 25,000 - - US $ Barrels
Light Houston Sweet (LHS) AAXEW00 AAXEW03 FIP Houston M+1 25,000 - - US $ Barrels
Light Houston Sweet (LHS) M2 AAYRY00 AAYRY02 FIP Houston M+2 25,000 - - US $ Barrels
WTI MEH AAYRG00 AAYRG03 FIP Houston M+1 25,000 - - US $ Barrels
WTI MEH (Asia close) AAZDF00 AAZDF03 FIP Houston M+1 25,000 - - US $ Barrels
WTI MEH vs 1st Line WTI AAYRH00 AAYRH03 FIP Houston M+1 25,000 - - US $ Barrels
WTI MEH M2 AAXXE00 AAXXE03 FIP Houston M+2 25,000 - - US $ Barrels
WTI MEH M2 (Asia close) AAZDG00 AAZDG03 FIP Houston M+2 25,000 - - US $ Barrels
WTI MEH M2 vs 2nd Line WTI AAYYA00 AAYYA03 FIP Houston M+2 25,000 - - US $ Barrels
WTI Houston AAYBA00 AAYBA03 FOB Houston M+1 - - 600,000 US $ Barrels
WTI Houston vs forward WTI AAYAZ00 AAYAZ03 FOB Houston M+1 - - 600,000 US $ Barrels
Mars M1 (US close) AAMBR00 AAMBS00 AAMBS02 AAIIM00 Delivered Clovelly, Louisiana M+1 25,000 - - US $ Barrels
Mars M1 vs WTI (US close) AAGWH00 AAGWK00 AAGWK02 Delivered Clovelly, Louisiana M+1 25,000 - - US $ Barrels
Mars M2 (US close) AAMBU00 AAMBV00 AAMBV02 Delivered Clovelly, Louisiana M+2 25,000 - - US $ Barrels
Mars M2 vs WTI (US close) AAKTH00 AAKTI00 AAKTI02 Delivered Clovelly, Louisiana M+2 25,000 - - US $ Barrels
Mars M3 AAMBX00 AAMBY00 AAMBY02 Delivered Clovelly, Louisiana M+3 25,000 - - US $ Barrels
Mars M3 vs WTI (US close) AAMBO00 AAMBP00 AAMBP02 Delivered Clovelly, Louisiana M+3 25,000 - - US $ Barrels
Mars M2 vs Dubai M1 MVDM021 Delivered Clovelly, Louisiana M+2 25,000 - - US $ Barrels
Mars M3 vs Dubai M2 MVDM032 Delivered Clovelly, Louisiana M+3 25,000 - - US $ Barrels
Mars M1 vs Mars M2 Spread AAWFC00 Delivered Clovelly, Louisiana M+1 25,000 - - US $ Barrels
Mars M2 vs Mars M3 Spread AAWFD00 Delivered Clovelly, Louisiana M+2 25,000 - - US $ Barrels
P-Plus WTI PCACI00 PCACI03 AAFCT00 ex-tank Cushing M+1 25,000 - - US $ Barrels
WTI-Delta AAEJK00 AAEJL00 AAEJK03 ex-tank Cushing M+1 25,000 - - US $ Barrels
P-5 WTI AAFEN00 AAFEO00 AAFEO02 ex-tank Cushing M+1 25,000 - - US $ Barrels
WTI (Midland) PCACJ00 PCACJ03 AAFCY00 Delivered Midland, Texas M+1 25,000 - - US $ Barrels
WTI (Midland) vs 1st Line WTI AAGVZ00 AAGWA00 AAGWA02 Delivered Midland, Texas M+1 25,000 - - US $ Barrels
WTI (Midland) M2 AAYZA00 AAYZA03 AAYZA02 Delivered Midland, Texas M+2 25,000 - - US $ Barrels
WTI (Midland) M2 vs 2nd Line WTI AAXXF00 AAXXF03 AAXXF02 Delivered Midland, Texas M+2 25,000 - - US $ Barrels
WTS Midland M1 PCACK00 PCACK03 AAFCS00 Delivered Midland, Texas M+1 25,000 - - US $ Barrels
WTS Midland M1 vs 1st Line WTI AAGWB00 AAGWC00 AAGWC02 Delivered Midland, Texas M+1 25,000 - - US $ Barrels
WTS Midland M2 AAURG00 AAURG13 AAURG03 Delivered Midland, Texas M+2 25,000 - - US $ Barrels
WTS Midland M2 vs 2nd Line WTI AAURH00 AAURH13 AAURH03 Delivered Midland, Texas M+2 25,000 - - US $ Barrels
Eugene Island PCAFC00 PCAFC03 AAFCJ00 Delivered St. James, Louisiana M+1 25,000 - - US $ Barrels
Eugene Island vs 1st Line WTI AAGWD00 AAGWE00 AAGWE02 Delivered St. James, Louisiana M+1 25,000 - - US $ Barrels
Bonito PCAIE00 PCAIH03 AAFCI00 Delivered St. James, Louisiana M+1 25,000 - - US $ Barrels
Bonito vs 1st Line WTI AAGWF00 AAGWG00 AAGWG02 Delivered St. James, Louisiana M+1 25,000 - - US $ Barrels
SGC AASOI00 AASOI03 AASOI02 Delivered Nederland, Texas M+1 25,000 - - US $ Barrels
SGC (Asia close) AAZDE00 AAZDE03 Delivered Nederland, Texas M+1 25,000 - - US $ Barrels
United States
SGC vs 1st Line WTI AASOJ00 AASOJ03 AASOJ02 Delivered Nederland, Texas M+1 25,000 - - US $ Barrels
Poseidon AABHK00 AABHL00 AAFCQ00 Delivered Houma, Louisiana M+1 25,000 - - US $ Barrels
Poseidon vs 1st Line WTI AAGWL00 AAGWM00 AAGWM02 Delivered Houma, Louisiana M+1 25,000 - - US $ Barrels
LLS (1st month) (US close) PCABN00 PCABN03 AAFCO00 AAIIQ00 Delivered St. James, Louisiana M+1 25,000 - - US $ Barrels
LLS (1st month) (Asia close) AAZDC00 AAZDC03 Delivered St. James, Louisiana M+1 25,000 - - US $ Barrels
LLS (1st month) vs 1st Line WTI (US close) AAGWN00 AAGWO00 AAGWO02 Delivered St. James, Louisiana M+1 25,000 - - US $ Barrels
LLS (2nd month) (US close) AAURC00 AAURC13 AAURC03 Delivered St. James, Louisiana M+2 25,000 - - US $ Barrels
LLS (2nd month) (Asia close) AAZDD00 AAZDD03 AAURC03 Delivered St. James, Louisiana M+2 25,000 - - US $ Barrels
LLS (2nd month) vs 2nd Line WTI (US close) AAURD00 AAURD13 AAURD03 Delivered St. James, Louisiana M+2 25,000 - - US $ Barrels
HLS (1st month) PCABD00 PCABD03 AAFCK00 Delivered Empire, Louisiana M+1 25,000 - - US $ Barrels
HLS (1st month) vs 1st Line WTI AAGWP00 AAGWQ00 AAGWQ02 Delivered Empire, Louisiana M+1 25,000 - - US $ Barrels
HLS (2nd month) AAURE00 AAURE13 AAURE03 Delivered Empire, Louisiana M+2 25,000 - - US $ Barrels
HLS (2nd month) vs 2nd Line WTI AAURF00 AAURF13 AAURF03 Delivered Empire, Louisiana M+2 25,000 - - US $ Barrels
Wyoming Sweet PCACM00 PCACM03 PCACL03 Delivered Guernsey, Wyoming M+1 25,000 - - US $ Barrels
Wyoming Sweet vs 1st Line WTI AAGWR00 AAGWS00 AAGWS02 Delivered Guernsey, Wyoming M+1 25,000 - - US $ Barrels
Thunder Horse AAWZK00 AAWZK03 AAWZK02 Delivered Clovelly, Louisiana M+1 25,000 - - US $ Barrels
Thunder Horse vs 1st Line WTI AAWZL00 AAWZL03 AAWZL02 Delivered Clovelly, Louisiana M+1 25,000 - - US $ Barrels
WCS Ex-Cushing AAWTY00 AAWTY03 ex-tank Cushing M+1 25,000 - - US $ Barrels
WCS Ex-Cushing (C$/CM) AAWUA00 AAWUA03 ex-tank Cushing M+1 25,000 - - C$ cm
WCS Ex-Cushing vs WTI CMA AAWTZ00 AAWTZ03 ex-tank Cushing M+1 25,000 - - US $ Barrels
WCS Ex-Nederland AAYAY00 AAYAY03 FIP Nederland, Texas M+1 25,000 - - US $ Barrels
WCS Ex-Nederland vs WTI CMA AAYAX00 AAYAX03 FIP Nederland, Texas M+1 25,000 - - US $ Barrels
Basrah Light AAEJH00 AAEJI00 AAEJI02 Delivered US Gulf Coast M+1 500,000 - - US $ Barrels
Basrah Light vs 2nd Line WTI AAGWV00 AAGWW00 AAGWW02 Delivered US Gulf Coast M+1 500,000 - - US $ Barrels
Line 63/Hynes PCABM00 PCABM03 AAFCM00 Delivered Hynes Station, California M+1 25,000 - - US $ Barrels
Thums/Long Beach PCACD00 PCACD03 AAFCR00 AAIIU00 Delivered Long Beach, California M+1 25,000 - - US $ Barrels
Kern River PCABJ00 PCABJ03 AAFCL00 AAIIR00 Delivered Kern County, California M+1 25,000 - - US $ Barrels
P-Plus Line 63 PCAFV00 PCAFV03 AAFCN00 Delivered Hynes Station, California M+1 25,000 - - US $ Barrels
ANS/Long Beach PCAAD00 PCAAD03 AAFFL02 Delivered Long Beach, California M+1 300,000 - - US $ Barrels
ANS/Long Beach vs cash WTI CMA AAGWX00 AAGWY00 AAGWY02 Delivered Long Beach, California M+1 300,000 - - US $ Barrels
US SHALE CRUDE OILS

Bakken AAXPP00 AAXPP03 AAXPP02 Delivered N Dakota Terminal M+1 25,000 - - US $ Barrels
Bakken vs WTI CMA AASRX00 AASRX03 Delivered N Dakota Terminal M+1 25,000 - - US $ Barrels
Bakken Blend (ex-Clearbrook) AASRU00 AASRU13 AASRU03 Delivered Clearbrook, Minnesota M+1 25,000 - - US $ Barrels
Bakken Blend (ex-Clearbrook) vs WTI CMA AASRW00 AASRW13 AASRW03 Delivered Clearbrook, Minnesota M+1 25,000 - - US $ Barrels
Bakken Blend (ex-Guernsey) AASRR00 AASRR13 AASRR03 Delivered Guernsey, Wyoming M+1 25,000 - - US $ Barrels
Bakken Blend (ex-Guernsey) vs WTI CMA AASRV00 AASRV13 AASRV03 Delivered Guernsey, Wyoming M+1 25,000 - - US $ Barrels
Eagle Ford Crude (ex-Corpus Christi) AAYAT00 AAYAT03 FOB Corpus Christi, Texas M+1 - - 600,000 US $ Barrels
Eagle Ford Crude (ex-Corpus Christi) vs forward WTIAAYAU00 AAYAU03 FOB Corpus Christi, Texas M+1 - - 600,000 US $ Barrels
Eagle Ford Condensate (ex-Corpus Christi) AAYAR00 AAYAR03 FOB Corpus Christi, Texas M+1 - - 600,000 US $ Barrels
Eagle Ford Condensate (ex-Corpus Christi) vs forward WTI AAYAS00 AAYAS03 FOB Corpus Christi, Texas M+1 - - 600,000 US $ Barrels
Eagle Ford Crude (ex-Houston) AAYAV00 AAYAV03 FOB Houston M+1 - - 600,000 US $ Barrels
United States
Eagle Ford Crude (ex-Houston) vs forward WTI AAYAW00 AAYAW03 FOB Houston M+1 - - 600,000 US $ Barrels
Eagle Ford Condensate (ex-Houston) AAYBB00 AAYBB03 FOB Houston M+1 - - 600,000 US $ Barrels
Eagle Ford Condensate (ex-Houston) vs forward WTI AAYBC00 AAYBC03 FOB Houston M+1 - - 600,000 US $ Barrels
Eagle Ford Marker AAYAJ00 AAYAJ03 AAYAJ02 M+1 - - - US $ Barrels
Eagle Ford Postings Average AAYAH00 AAYAH03 AAYAH02 - - - US $ Barrels
Eagle Ford Postings Average vs Eagle Ford Marker AAYAI00 AAYAI03 AAYAI02 - - - US $ Barrels
AMERICAS DATED BRENT

Americas Dated Brent AAQBF00 AAQBF03 AAQBF02 600,000 600,000 - US $ Barrels
US CRUDE ASSESSMENTS AT LONDON CLOSE

WTI M1 (London close) AAQAR00 AAQAR13 AAQAR03 ex-tank Cushing M+1 25,000 - - US $ Barrels
WTI M1 (London close) (Euro) AAPYT00 AAPYT03 ex-tank Cushing M+1 25,000 - - Euro Barrels
WTI M2 (London close) AAQAT00 AAQAT13 AAQAT03 ex-tank Cushing M+2 25,000 - - US $ Barrels
WTI M2 (London close) (Euro) AAWFJ00 AAWFJ03 ex-tank Cushing M+2 25,000 - - Euro Barrels
WTI M3 (London close) AAQAV00 AAQAV13 AAQAV03 ex-tank Cushing M+3 25,000 - - US $ Barrels
WTI M3 (London close) (Euro) AAWFK00 AAWFK03 ex-tank Cushing M+3 25,000 - - Euro Barrels
WTI EFP M1 (London close) AAQAS00 AAQAS13 AAQAS03 ex-tank Cushing M+1 25,000 - - US $ Barrels
WTI EFP M2 (London close) AAQAU00 AAQAU13 AAQAU03 ex-tank Cushing M+2 25,000 - - US $ Barrels
WTI EFP M3 (London close) AAQAW00 AAQAW13 AAQAW03 ex-tank Cushing M+3 25,000 - - US $ Barrels
WTI MEH M1 (London close) AAYRZ00 AAYRZ03 FIP Houston M+1 25,000 - - US $ Barrels
WTI MEH M1 (London close) (Euro) AAYSA00 AAYSA03 FIP Houston M+1 25,000 - - Euro Barrels
WTI MEH M2 (London close) AAXYD00 AAXYD03 FIP Houston M+1 25,000 - - US $ Barrels
WTI MEH M2 (London close) (Euro) AAYVA00 AAYVA03 FIP Houston M+1 25,000 - - Euro Barrels
Mars M1 (London close) AAQAX00 AAQAX13 AAQAX03 Delivered Clovelly, Louisiana M+1 25,000 - - US $ Barrels
Mars M1 vs WTI (London close) AAQAY00 AAQAY13 AAQAY03 Delivered Clovelly, Louisiana M+1 25,000 - - US $ Barrels
Mars M1 (London close) (Euro) AAPYU00 AAPYU03 Delivered Clovelly, Louisiana M+1 25,000 - - Euro Barrels
Mars M2 (London close) AAQAZ00 AAQAZ13 AAQAZ03 Delivered Clovelly, Louisiana M+2 25,000 - - US $ Barrels
Mars M2 vs WTI (London close) AAQBA00 AAQBA13 AAQBA03 Delivered Clovelly, Louisiana M+2 25,000 - - US $ Barrels
Mars M2 (London close) (Euro) AAWFI00 AAWFI03 Delivered Clovelly, Louisiana M+2 25,000 - - Euro Barrels
LLS (1st month) (London close) AAQBB00 AAQBB13 AAQBB03 Delivered St. James, Louisiana M+1 25,000 - - US $ Barrels
LLS (1st month) (London close) (Euro) AAWEP00 AAWEP03 Delivered St. James, Louisiana M+1 25,000 - - Euro Barrels
LLS (2nd month) (London close) AAQBD00 AAQBD13 AAQBD03 Delivered St. James, Louisiana M+2 25,000 - - US $ Barrels
LLS (2nd month) (London close) (Euro) AAWFH00 AAWFH03 Delivered St. James, Louisiana M+2 25,000 - - Euro Barrels
LLS (1st month) vs 1st Line WTI (London close) AAQBC00 AAQBC13 AAQBC03 Delivered St. James, Louisiana M+1 25,000 - - US $ Barrels
LLS (2nd month) vs 2nd Line WTI (London close) AAQBE00 AAQBE13 AAQBE03 Delivered St. James, Louisiana M+2 25,000 - - US $ Barrels
AMERICAS CRUDE MARKER

ACM M1 AAQHN00 AAQHN13 AAQHN03 Delivered US Gulf Coast M+1 25,000 - - US $ Barrels
ACM M2 AAQHO00 AAQHO13 AAQHO03 Delivered US Gulf Coast M+2 25,000 - - US $ Barrels
ACM M3 AAQHP00 AAQHP13 AAQHP03 Delivered US Gulf Coast M+3 25,000 - - US $ Barrels
LOOP SOUR
United States
LOOP Sour M1 In-cavern title LOOP Clovelly Hub,
AALSM01 AALSR03 M+1 25,000 - - US $ Barrels
transfer Louisiana
LOOP Sour M1 (Asia close) In-cavern title LOOP Clovelly Hub,
AAZDA00 AAZDA03 M+1 25,000 - - US $ Barrels
transfer Louisiana
LOOP Sour M2 (Asia close) In-cavern title LOOP Clovelly Hub,
AAZDB00 AAZDB03 M+2 25,000 - - US $ Barrels
transfer Louisiana
AALSM02 AALSS03 M+2 25,000 - - US $ Barrels
transfer Louisiana
AALSM03 AALSV03 M+3 25,000 - - US $ Barrels
transfer Louisiana
United States prices are used in the assessment process. Market participants first/second and first/third month WTI spreads, and with bids/
submitting bids and offers on a differential exchange for offers in the market. The WTI Calendar Delta rolls to the next
physical (EFP) basis to futures contracts during the Platts month on the first business day after the 25th of the month, like
US pipeline crude assessments
MOC assessment process should be explicit in their positions, other pipeline grades.
Platts assesses the value of a variety of crudes in the US, on both including the month of reference for the EFP. The minimum
a flat price basis and as a differential against futures contracts, volume for US domestic pipeline grades reflects 1,000 b/d of P-Plus WTI: The assessment reflects the price of WTI sold into
including NYMEX light sweet crude futures. Market participants ratable crude, for a minimum of 25,000 barrels in total, delivered Cushing on the basis of “postings plus.” P-plus deals are invoiced
can also express positions on a flat price basis, and Platts will over the course of the pipeline month. at a later date on the basis of a differential to an average of one
consider both flat prices and EFP differential positions in its or more crude oil postings. For example, a deal done at P-plus
assessment processes. West Texas Intermediate (WTI): Platts assesses WTI at Cushing, 75 cents would be invoiced at 75 cents more than the previously
Oklahoma, and at Midland, Texas. Platts assesses WTI-Cushing agreed-upon postings basis.
The spot month for all US domestic pipeline barrels, with the barrels three months forward, and WTI-Midland barrels two
exception of Bakken, changes on the first business day after months forward. The quality specification for WTI crude at WCS ex-Cushing: This assessment reflects Western Canadian
the 25th of the calendar month unless otherwise specified. The Cushing based on the latest available assay is: API gravity of Select crude trading at Cushing, Oklahoma. Platts publishes
spot month does not roll with the expiration of the front month 41.0 degrees, sulfur content of 0.40%, Micro Carbon Residue of WCS ex-Nederland as an outright price, and as a differential to
NYMEX light sweet crude futures contract. After the expiry of 1.58%, Total Acid Number (TAN) of 0.10 mg KOH/g, nickel content the calendar month average (CMA) of NYMEX light sweet crude
the related front-month crude futures contract, Platts continues of 5.4 mg/kg and vanadium content of 15.6 mg/kg. futures. The assessment reflects barrels to be lifted/injected about
to assess the prompt cash month in relation to WTI values one month out and follows the Canadian pipeline rollover schedule.
that factor in intermonth spreads in the cash WTI market. For WTI Calendar Delta: This assessment reflects transactions
instance, from January 26 through February 25, the front month for oil sold into to Cushing on the basis of a delta between the WCS ex-Nederland: This assessment reflects crude on a Free
for US domestic pipeline barrels is March. On February 26, the NYMEX light sweet crude calendar month average and the cash In Pipe (FIP) Port Arthur/Nederland, Texas area basis. Platts
front month switches to April. If the 26th falls on a weekend or WTI prompt value. WTI Calendar Delta deals are invoiced at a publishes WCS ex-Nederland as an outright price, and as a
holiday, the next business day marks the beginning of the new later date: For instance, March WTI calendar delta transactions differential to the calendar month average (CMA) of NYMEX
scheduling month. would be based on the average of the NYMEX light crude front light sweet crude futures. The assessment reflects barrels
month contract during March, plus or minus a delta, and then to be lifted/injected about one month out and follows the
In those markets where commodities trade at differentials to versus cash front-month WTI after the expiry of the front month Canadian pipeline rollover schedule. The quality reflects typical
futures contracts, the official prevailing futures settlement NYMEX light sweet crude contract. The delta fluctuates with specifications for WCS.
60 W
90 W
Light Houston Sweet (LHS): This assessment reflects the value YT
of light sweet crude flowing into Houston, Texas, from the Permian NT
Basin, Eagle Ford and Cushing, Oklahoma. The assessment is for
NU
crude delivered on a Free In Pipe (FIP) basis out of three Houston
terminals: Magellan East Houston Terminal, Enterprise Houston Mixed Sweet
Gravity 41.1 API | Sulfur 0.45% Lloyd Blend
Crude Oil (EHCO) Terminal and the Oil Tanking Houston Terminal. Gravity 22.1 API | Sulfur 3.49%
Condensates (Edmonton)
As Houston crude transportation infrastructure develops, Gravity 50 API | Sulfur 0.2% Western Canadian Select (Hardisty)
Gravity 21.7 API | Sulfur 3.66% White Rose
Platts may consider additional terminals for inclusion in its LHS Syncrude Sweet Premium NL Gravity 31 API | Sulfur 0.31%
Gravity 31.7 API | Sulfur 0.19% Cold Lake MB
assessment basis. Platts reflects WTI Midland specifications in Gravity 22.7 API | Sulfur 4.06%
Houston in its LHS assessment, and may normalize Domestic 50 N BC

AB
CANADA
SK Light Sour Blend
Light Sweet and Eagle Ford bids, offers and transactions at Gravity 39.4 API | Sulfur 1.02%
Midale QC Hibernia
Houston to a WTI Midland specification basis. Gravity 31.7 API | Sulfur 2.12% ON Gravity 34.4 API | Sulfur 0.406%
N O RT H NB Terra Nova
WA Gravity 34.2 API | Sulfur 0.52%
WTI MEH: This assessment reflects WTI Midland crude delivered A M E R I C A
out of the Magellan East Houston Terminal on a Free In Pipe (FIP) Bakken
ND NS
basis. ME
OR MT MN V T NH
ID
WI NY MA
WY SD MI
Mars: This assessment reflects barrels for delivery to LOOP UNITED STATES CT RI
Wyoming Sweet
Clovelly Hub in Louisiana, three months forward. West Texas Gravity 32 API | Sulfur 0.9% PA NJ
Kern River/San Joaquin Valley IA IL IN OH
Sour (WTS): This assessment reflects barrels delivered to Gravity 13 API | Sulfur 1.19% NE Western Canadian Select (Cushing/Nederland) MD DE
ATLANTIC
NV UT OCEAN
Midland, Texas. Light Louisiana Sweet (LLS): This assessment CO KS
WV
CA West Texas Iintermediate (Cushing) VA
reflects barrels delivered to St. James, Louisiana. Line 63 Gravity 41 API | Sulfur 0.4%
Gravity 28 API | Sulfur 1.02% KY
MO
Alaska North Slope (delivered Long Beach) NC
TN
Heavy Louisiana Sweet (HLS): This assessment reflects barrels Gravity 32 API | Sulfur 0.962%
OK
AR
Thums N M Basrah Light (delivered USGC) SC
delivered to Empire, Louisiana. 30 N Gravity 17 API | Sulfur 1.5% Gravity 29.7 API | Sulfur 2.85%
AZ MS AL GA Sulfur content
Southern Green Canyon
West Texas Sour Gravity 28.2 API | Sulfur 2.3% Sour Sweet
Eugene Island: This assessment reflects barrels delivered to St. Gravity 30.2 API | Sulfur 1.5% TX
LA
Gravity >= 0.5% < 0.5%
James, Louisiana. EagleFord Condensate Heavy 0 to 22.3
Gravity 58.8 API | Sulfur 0.041% FL Medium 22.4 to 31.1
PACIFIC Eagle Ford Crude
Southern Green Canyon (SGC): This assessment reflects barrels OCEAN Gravity 45.7 API | Sulfur 0.242% Gulf of Mexico
Thunder Horse
delivered to Nederland, Texas. Wyoming Sweet: This assessment Eugene Island Gravity 30.1 API | Sulfur 1.46%
MEXICO Gravity 32.3 API | Sulfur 1.16% Mars
reflects barrels delivered to Guernsey, Wyoming. Bonito: This Gravity 29.6 API | Sulfur 1.81%
Bonito
assessment reflects barrels delivered to St James, Louisiana. Gravity 34 API | Sulfur 1.58% Poseidon
Poseidon: This assessment reflects barrels delivered to Houma, Light Louisiana Sweet
Louisiana. Heavy Louisiana Sweet
Thunder Horse: This assessment reflects barrels delivered to SERRANILLA BANK

0 200 mi BELIZE
LOOP Clovelly Hub in Louisiana.
Source: Platts
Line 63: This assessment reflects a blend of crudes delivered to of WTI crude loading over the course of a full calendar month. Bakken Blend Ex-Clearbrook: This assessment reflects crude
Hynes Station, California, on Plains All American Pipeline’s Line During the first 14 days of any calendar month, the assessment from the Bakken shale formation in North Dakota/Montana/
63. reflects the next month. This rolls with effect from the 15th Saskatchewan/Manitoba , injected at Clearbrook, Minnesota.
of the month to the second month forward, For example, from
P-Plus Line 63: This assessment reflects the price of Line 63 March 1-14, the assessment will reflect cargoes loading in April, Eagle Ford Crude and Condensate: Platts assesses the value of
crude sold into Hynes Station on Plains All American Pipeline’s while from March 15-April 14, the assessment will reflect May- crude oil and condensate produced in the Eagle Ford formation in
Line 63 on the basis of “Posting Plus.” P-Plus deals are invoiced at loading cargoes. southern Texas for loading at two locations. These assessments
a later date on the basis of a differential to an average of one or reflect the value of crude and condensate loading over the course
more crude postings for Buena Vista crude. of a full calendar month. During the first 14 days of a calendar
US shale oils
month, the assessment reflects crude loading for the next month.
Thums: This assessment reflects barrels delivered to Long Bakken Blend: Platts assesses the value of Bakken Blend at This rolls with effect from the 15th of the month to the second
Beach, California. three locations: close to the wellhead at North Dakota terminals month forward. For example, from March 1-14, the assessment
with the operational capability to move crude by rail or pipeline; will reflect cargoes loading in April, while from March 15-April
Kern River: This assessment reflects barrels delivered to Station injected at Guernsey, Wyoming; and injected at Clearbrook, 14 the assessment reflect May-loading cargoes. The typical
31 in Kern County, California. This crude is synonymous with San Minnesota. Platts rolls these assessments to the next front volume assessed for Eagle Ford crude and condensate is 600,000
Joaquin Valley (SJV) heavy. month on the date pipeline nominations are due. Platts follows barrels. Due to the variability inherent to Eagle Ford crude and
the nomination schedule published by the Crude Oil Logistics condensate barrels, Platts assessments reflect the following
Committee on its website. Platts Bakken assessments are specifications.
US cargo assessments
published as a flat price and as a differential to the calendar
Basrah Light: The assessment reflects waterborne barrels of Iraqi month average of the NYMEX light sweet crude futures contract. Eagle Ford Crude Houston (FOB): This assessment reflects
Basrah Light crude delivered to the US Gulf Coast. The minimum The volumes assessed reflect 1,000 b/d of ratable crude, for a Eagle Ford crude barrels loading at greater Houston-area
volume is 500,000 barrels. Basrah Light barrels are priced off the minimum of 25,000 barrels in total, delivered over the course of terminals, with a typical API gravity of 45 degrees and a
second month cash WTI assessment. the pipeline month. maximum sulfur content of 0.2%.
Alaska North Slope (ANS): This assessment reflects a minimum Bakken: This assessment reflects crude from the Bakken Eagle Ford Condensate Houston (FOB): This assessment
volume of 300,000 barrels basis delivered to Long Beach, shale, close to the wellhead at North Dakota terminals with reflects Eagle Ford condensate barrels loading at greater
California. The pricing basis for ANS is a calendar month average the operational capability to move crude by rail or pipeline. The Houston-area terminals, with a typical API gravity of 55 degrees
of front month Platts cash WTI assessments in the delivery assessment reflects the value of crude oil on a delivered North and maximum sulfur content of 0.1%.
month. Platts rolls its assessment forward to reflect deliveries in Dakota terminal basis in a delivery month. Title for the oil is
the second calendar month forward from the first publishing day transferred at the manifold flange into the terminal. The delivery Eagle Ford Crude Corpus Christi (FOB): This assessment
on or after the 10th of each month. For example, from April 10 to method for this oil can be either by truck or via a pipeline reflects Eagle Ford crude barrels loading at Corpus Christi
May 9, the Platts ANS assessment will reflect crude delivered in gathering system. In this process, the buyer nominates the terminals, with a typical API gravity of 45 degrees and a
June; from May 10, the assessment will reflect crude delivered terminal, and the seller determines when the barrels will flow maximum sulfur content of 0.2%.
in July. during the specified delivery month.
Eagle Ford Condensate Corpus Christi (FOB): This assessment
WTI Houston (FOB): This assessment reflects a typical volume Bakken Blend Ex-Guernsey: This assessment reflects crude reflects Eagle Ford condensate barrels loading at Corpus Christi
of 600,000 barrels loading from terminals in the greater Houston from the Bakken shale formation in North Dakota/Montana/ terminals, with a typical API gravity of 55 degrees and a maximum
area in Texas. The quality reflects the typical specifications of Saskatchewan/Manitoba, injected at Guernsey, Wyoming. sulfur content of 0.1%.
WTI crude at Midland, Texas. This assessment reflects the value
Eagle Ford Marker: Due to variability inherent to Eagle Ford, Platts selected LLS, the local US Gulf Coast sweet crude
US crude assessments at London close
the Platts Eagle Ford Marker (EFM) represents the value of a 47 benchmark, as the comparative variable tor the Eagle Ford Marker.
degree API barrel of Eagle Ford crude oil, based on its product The spot price of LLS provides a better reflection of US Gulf Coast These assessments are aligned with the 4:30 pm London market
yield. To determine these yields, Platts has gathered a variety supply and demand fundamentals for light, sweet crude. LLS’ close and are an addition to the existing set of assessments
of Eagle Ford crude assays ranging from 40 degrees API to 62 gross product worth is calculated using the same product prices published at the Americas market close.
degrees API from many sources. Platts analyzed the relative as the Eagle Ford Yield. This LLS yield calculation is subtracted
yields to extrapolate median yield percentages by volume for from the Eagle Ford Yield value to establish a price relationship. Platts publishes the prompt month and next forward month for
LPGs, light naphtha, heavy naphtha, kerosene, middle distillates, This relationship is applied to the spot price of LLS to arrive at the LLS, Mars and WTI MEH, and the three most prompt months
gasoil, and residual fuel oil. Eagle Ford Marker assessment. for WTI Cushing. Platts publishes an outright price as well as a
differential for each of the three crudes — an EFP in the case
The base of the Eagle Ford Marker, called Eagle Ford Yield, is For example, the Eagle Ford Yield is $100/b and the LLS Yield of cash WTI relative to NYMEX light sweet crude futures, and a
calculated by applying these median yields for a 47 degree is $105/b. The relationship between Eagle Ford and LLS based differential to same-month cash WTI in the case of Mars and
API crude to Platts US Gulf Coast LPG and refined product on these yield calculations is -$5/b. The LLS front-month price LLS. These assessments are published in US dollars per barrel
assessments. This yield is calculated using Platts assessments is assessed at $100/b. Based on this spot price for LLS and the as well as euros per barrel.
for propane, isobutane, normal butane, non-Targa natural -$5/b relationship between the yield calculations of Eagle Ford
gasoline, standard naphtha barge, jet fuel, ULSD, VGO 0.5% S and LLS, the Eagle Ford Marker would be $95/b.
Americas Crude Marker
and high sulfur fuel oil.
Eagle Ford Postings Average: In addition to the Eagle Ford The Americas Crude Marker (ACM) reflects tradable sour crude
Platts uses its prompt refined oil product price assessments Marker, Platts also publishes a daily average of the available values on the US Gulf Coast. The ACM assessment is composed
as the basis for the Eagle Ford Yield, with exceptions being Eagle Ford postings from the following four companies: of Mars, Southern Green Canyon (SGC), Poseidon and Thunder
the diesel (ULSD Colonial Pipeline) and jet fuel (Jet 54 Colonial Energy Transfer Partners, Plains All American Pipeline, Flint Horse. These four sour grades are produced off the US Gulf Coast
Pipeline). Due to the prompt nature of the front pipeline cycle Hills Resources and Enterprise Products Partners. Platts also and are transported via pipeline to US Gulf Coast refineries,
product assessments into the Colonial Pipeline as they approach publishes the differential between the Eagle Ford Postings where the streams can be delivered to Texas/Louisiana refineries.
scheduling day, Platts uses the second cycle assessments for Average and the Eagle Ford Marker.
the Eagle Ford Yield and the LLS Yield. The ACM reflects the most competitive grade (i.e. price at the
margin). This methodology enables each of the four grades
Americas Dated Brent
A simple yield approach may result in relatively high calculated to operate as relief valves, with those crude oils forming the
values in times of healthy refining margins, and the opposite in This assessment reflects the value of Dated Brent at the assessment at times when any particular grade is tight or
times of relative weakness in the value of refined products. To Americas market close of 2:30 pm Eastern Time, taking into subject to supply constraints. Thunder Horse crude oil is of lower
account for this, Platts compares the relative value of the Eagle account the rise or fall in the movement of Brent futures from sulfur content than the other grades, and is therefore most likely
Ford gross product worth to the gross product worth of Light the time of assessment of Dated Brent at the European market to play a significant role in times of supply distress. This grade
Louisiana Sweet, and applies this relationship to the actual spot close of 4:30 pm London time until the Americas market close. acts in a similar manner to the potential check that Ekofisk plays
price of LLS. This approach creates a “safety net” for the Eagle Dated Brent reflects cargoes loading 10 days forward from the as a component of the Brent-Forties-Oseberg-Ekofisk (BFOE)
Ford Marker value, to ensure that the published value is not date of publication to one full month ahead. mechanism.
overstated in times of strong refining margins, nor understated
in times of weak refining margins.
The latest assays* for the four grades are as follows: Horse, are produced offshore Louisiana and arrive onshore amount of the five crudes delivered into the blend, but will be
via pipeline. Mars and Thunder Horse are delivered into LOOP within the range of the five component crude grades.
Crude grade API gravity (degrees) Sulfur content (%) Clovelly Hub, Louisiana. Poseidon is delivered into Houma,
Mars: 29.6 1.81 Louisiana. SGC is produced offshore Texas, and arrives onshore The latest assays* for the LOOP Sour component grades reflect
Thunder Horse: 30.1 1.46
SGC: 28.2 2.3
via pipeline at Nederland, Texas. The diversity of the producing the following:
Poseidon: 30.2 1.72 locations in the ACM prevents local supply disruptions from
* Latest available assays as of May 2017 distorting the price of the ACM. At the same time, the majority Crude grade API gravity (degrees) Sulfur content (%)
of US Gulf Coast refiners have access to all four of the grades Mars 29.6 1.81
Poseidon 30.2 1.72
This relief valve concept is a critical component of pricing as it either via pipeline or via barge. The likelihood of weather Arab Medium 30.9 2.54
prevents unusual conditions from creating a distorting impact conditions such as a hurricane impacting or simultaneously Basrah Light 29.7 2.85
on broader economics on the US Gulf Coast. For example, SGC shutting down all the platforms and all the pipelines for an Kuwait Export Crude 30.1 2.80
traded at a premium to Mars in September 2006 on declining extended period of time appears remote. *Latest available assays as of May 2017
production volumes, which were attributed to field maintenance

and supply from SGC-producing fields delivering into the Platts publishes an outright price in US dollars per barrel
LOOP Sour
Poseidon blend pool via the Caesar Pipeline’s link to the Poseidon for LOOP Sour one, two and three calendar months forward.
pipeline. As heavier crude was diverted into the Poseidon pool This assessment reflects the value of LOOP Sour crude traded The front-month LOOP Sour price reflects barrels trading one
at this time, the quality for SGC improved, also supporting the in cavern via title transfer at the Louisiana Offshore Oil Port calendar month forward, with trading shifting to the next month
grade’s value relative to other US pipeline sour crudes. Had the terminal near Galliano, Louisiana on the US Gulf Coast. LOOP on the first business day after the 25th day of the calendar
ACM assessment mechanism been in place at that time, the ACM Sour is a medium sour crude blend comprised of two domestic month. The minimum volume reflected for the LOOP Sour
assessment would have been set by Mars rather than SGC. US crudes -- Mars and Poseidon -- and three Middle Eastern assessments is 25,000 barrels.
crude grades -- Arab Medium, Kuwait Export Crude and Basrah
Three grades in the ACM basket – Mars, Poseidon and Thunder Light. The quality of LOOP Sour crude changes depending on the
Canada
SPOT MARKET ASSESSMENTS

Terra Nova AAJUH00 AAJUI00 FOB Whiffenhead - - 675,000 US $ Barrels
Terra Nova vs Canada Dated Brent Strip AAJUJ00 AAJUK00 FOB Whiffenhead - - 675,000 US $ Barrels
Terra Nova (C$/CM) AALSP00 AALSQ00 FOB Whiffenhead - - 675,000 C$ cu m
Hibernia AAJKK00 AAJKL00 FOB Whiffenhead - - 675,000 US $ Barrels
Hibernia vs Canada Dated Brent Strip AAJKM00 AAJKN00 FOB Whiffenhead - - 675,000 US $ Barrels
Hibernia (C$/CM) AALSN00 AALSO00 FOB Whiffenhead - - 675,000 C$ cu m
White Rose AAVJX00 AAVJX03 FOB Sea Rose Terminal - - 900,000 US $ Barrels
White Rose vs Canada Dated Brent Strip AAVJY00 AAVJY03 FOB Sea Rose Terminal - - 900,000 US $ Barrels
White Rose (C$/CM) AAVPI00 AAVPI03 FOB Sea Rose Terminal - - 900,000 C$ cu m
Lloyd Blend AALRK00 AALRL00 Delivered Hardisty, Alberta M+1 25,000 - - US $ Barrels
Lloyd Blend vs WTI CMA AALRP00 AALRQ00 Delivered Hardisty, Alberta M+1 25,000 - - US $ Barrels
Lloyd Blend (C$/CM) AALRM00 AALRO00 Delivered Hardisty, Alberta M+1 25,000 - - C$ cu m
Mixed Sweet AALRR00 AALRS00 Delivered Edmonton, Alberta M+1 25,000 - - US $ Barrels
Mixed Sweet vs WTI CMA AALRV00 AALRW00 Delivered Edmonton, Alberta M+1 25,000 - - US $ Barrels
Mixed Sweet (C$/CM) AALRT00 AALRU00 Delivered Edmonton, Alberta M+1 25,000 - - C$ cu m
Light Sour Blend AALRX00 AALRY00 Delivered Cromer, Manitoba M+1 25,000 - - US $ Barrels
Light Sour Blend vs WTI CMA AALSD00 AALSE00 Delivered Cromer, Manitoba M+1 25,000 - - US $ Barrels
Light Sour Blend (C$/CM) AALRZ00 AALSA00 Delivered Cromer, Manitoba M+1 25,000 - - C$ cu m
Midale AAUCC00 AAUCC03 Delivered Cromer, Manitoba M+1 25,000 - - US $ Barrels
Midale vs WTI CMA AAUCE00 AAUCE03 Delivered Cromer, Manitoba M+1 25,000 - - US $ Barrels
Midale (C$/CM) AAUCD00 AAUCD03 Delivered Cromer, Manitoba M+1 25,000 - - C$ cu m
Condensates AALSF00 AALSG00 Delivered Edmonton, Alberta M+1 25,000 - - US $ Barrels
Condensates vs WTI CMA AALSJ00 AALSK00 Delivered Edmonton, Alberta M+1 25,000 - - US $ Barrels
Condensates (C$/CM) AALSH00 AALSI00 Delivered Edmonton, Alberta M+1 25,000 - - C$ cu m
Syncrude Sweet Premium AASOK00 AASOK03 Delivered Edmonton, Alberta M+1 25,000 - - US $ Barrels
Syncrude Sweet Premium vs WTI CMA AASOM00 AASOM03 Delivered Edmonton, Alberta M+1 25,000 - - US $ Barrels
Syncrude Sweet Premium (C$/CM) AASOL00 AASOL03 Delivered Edmonton, Alberta M+1 25,000 - - C$ cu m
WCS Hardisty AAPPN00 AAPPN03 Delivered Hardisty, Alberta M+1 25,000 - - US $ Barrels
WCS Hardisty vs WTI CMA AAPPP00 AAPPP03 Delivered Hardisty, Alberta M+1 25,000 - - US $ Barrels
WCS Hardisty (C$/CM) AAPPO00 AAPPO03 Delivered Hardisty, Alberta M+1 25,000 - - C$ cu m
Cold Lake Hardisty AASZX00 AASZX03 Delivered Hardisty, Alberta M+1 25,000 - - US $ Barrels
Cold Lake Hardisty vs WTI CMA AASZZ00 AASZZ03 Delivered Hardisty, Alberta M+1 25,000 - - US $ Barrels
Cold Lake Hardisty (C$/CM) AASZY00 AASZY03 Delivered Hardisty, Alberta M+1 25,000 - - C$ cu m
Canada Lloyd Blend: This assessment reflects barrels injected at

Canadian cargo assessments
Hardisty, Alberta.
The following Canadian cargo assessments are based on spot
Canadian pipeline assessments
Mixed Sweet: This assessment reflects barrels injected at transactions for cargoes loading six to eight weeks forward from
The following spot assessments are published on a NYMEX Edmonton, Alberta. the date of publication. The outright price is derived from the
crude oil calendar month average (CMA) basis. Crudes are forward value of Dated Brent with pricing typically 1-5 days after
assessed for injection in the first forward month. Platts outright Light Sour Blend: This assessment reflects barrels injected at loading. The Canadian cargo markets are assessed at 4:30 pm
assessments reflect the WTI CMA plus or minus prevailing spot Cromer, Manitoba. London time. These assessments are published in US dollars per
differentials in the physical markets. These assessments are barrel as well as Canadian dollars per cubic meter.
published in US dollars per barrel as well as Canadian dollars Midale: This assessment reflects barrels injected at Cromer,
per cubic meter. Manitoba. Hibernia: This assessment reflects barrels loading FOB terminal
basis Whiffenhead, Newfoundland, Canada. The typical cargo size
WTI CMA: This assessment is the average of the front month Condensates: This assessment reflects condensates injected at is 675,000 barrels.
NYMEX light crude settlement values over the course of the Edmonton, Alberta.
month of injection. Terra Nova: This assessment reflects barrels loading FOB terminal
Syncrude Sweet Premium: This assessment reflects barrels basis Whiffenhead, Newfoundland, Canada. The typical cargo size is
The volume for Canadian pipeline grades reflects 1,000 b/d injected at Edmonton, Alberta. 675,000 barrels.
of ratable crude, for a minimum of 25,000 barrels in total,
delivered over the course of the pipeline month. Platts rolls Western Canadian Select (WCS): This assessment reflects White Rose: This assessment reflects barrels loading FOB basis
its Canadian pipeline assessments to the next front month barrels injected at Hardisty, Alberta. Sea Rose, Newfoundland, Canada. The typical cargo size is 900,000
on the date pipeline nominations are due. Platts follows barrels.
the nomination schedule published by Crude Oil Logistics Cold Lake: This assessment reflects barrels injected at Hardisty,
Committee on its website. Alberta.
Latin America
Assessment CODE Mavg Pavg Wavg CONTRACT BASIS LOCATION DELIVERY PERIOD TYPICAL SIZE CURRENCY UOM
Escalante PCAGC00 PCAGC03 AAIIN00 FOB Caleta Cordoba 30-60 days 1 million US $ Barrels
Escalante vs Latin America Dated Brent Strip AAXAX00 AAXAX03 FOB Caleta Cordoba 30-60 days 1 million US $ Barrels
Escalante vs Latin America Brent Futures Strip AAXBS00 AAXBS03 FOB Caleta Cordoba 30-60 days 1 million US $ Barrels
Escalante vs Latin America WTI Strip PCAGO00 AAJJN00 FOB Caleta Cordoba 30-60 days 1 million US $ Barrels
Roncador AAQTL00 AAQTL03 FOB Angra dos Reis 30-60 days 750,000 US $ Barrels
Roncador vs Latin America Dated Brent Strip AAXAY00 AAXAY03 FOB Angra dos Reis 30-60 days 750,000 US $ Barrels
Roncador vs Latin America Brent Futures Strip AAXBT00 AAXBT03 FOB Angra dos Reis 30-60 days 750,000 US $ Barrels
Roncador vs Latin America WTI Strip AAQTK00 AAQTK03 FOB Angra dos Reis 30-60 days 750,000 US $ Barrels
Santa Barbara AAITD00 AAITE00 FOB Venezuela 30-60 days 350,000 US $ Barrels
Santa Barbara vs Latin America Dated Brent Strip AAXAZ00 AAXAZ03 FOB Venezuela 30-60 days 350,000 US $ Barrels
Santa Barbara vs Latin America Brent Futures Strip AAXBU00 AAXBU03 FOB Venezuela 30-60 days 350,000 US $ Barrels
Santa Barbara vs Latin America WTI Strip AAITJ00 AAITK00 FOB Venezuela 30-60 days 350,000 US $ Barrels
Loreto PCAGH00 PCAGH03 FOB Puerto Bayovar 30-60 days 400,000 US $ Barrels
Loreto vs Latin America Dated Brent Strip AAXBG00 AAXBG03 FOB Puerto Bayovar 30-60 days 400,000 US $ Barrels
Loreto vs Latin America Brent Futures Strip AAXBV00 AAXBV03 FOB Puerto Bayovar 30-60 days 400,000 US $ Barrels
Loreto vs Latin America WTI Strip PCAGQ00 AAJJR00 FOB Puerto Bayovar 30-60 days 400,000 US $ Barrels
Oriente PCADE00 PCADE03 FOB Esmeraldas 30-60 days 360,000 US $ Barrels
Oriente vs Latin America Dated Brent Strip AAXBH00 AAXBH03 FOB Esmeraldas 30-60 days 360,000 US $ Barrels
Oriente vs Latin America Brent Futures Strip AAXBW00 AAXBW03 FOB Esmeraldas 30-60 days 360,000 US $ Barrels
Oriente vs Latin America WTI Strip PCAGU00 AAJJP00 FOB Esmeraldas 30-60 days 360,000 US $ Barrels
Napo AAMCA00 AAMCC00 FOB Esmeraldas 30-60 days 720,000 US $ Barrels
Napo vs Latin America Dated Brent Strip AAXBI00 AAXBI03 FOB Esmeraldas 30-60 days 720,000 US $ Barrels
Napo vs Latin America Brent Futures Strip AAXBX00 AAXBX03 FOB Esmeraldas 30-60 days 720,000 US $ Barrels
Napo vs Latin America WTI Strip AAMCD00 AAMCE00 FOB Esmeraldas 30-60 days 720,000 US $ Barrels
Marlim AAITF00 AAITG00 FOB Sao Sabastiao 30-60 days 750,000 US $ Barrels
Marlim vs Latin America Dated Brent Strip AAXBJ00 AAXBJ03 FOB Sao Sabastiao 30-60 days 750,000 US $ Barrels
Marlim vs Latin America Brent Futures Strip AAXBY00 AAXBY03 FOB Sao Sabastiao 30-60 days 750,000 US $ Barrels
Marlim vs Latin America WTI Strip AAITL00 AAITM00 FOB Sao Sabastiao 30-60 days 750,000 US $ Barrels
Castilla Blend AAVEQ00 AAVEQ03 FOB Covenas 30-60 days 1 million US $ Barrels
Castilla Blend vs Latin America Dated Brent Strip AAXBK00 AAXBK03 FOB Covenas 30-60 days 1 million US $ Barrels
Castilla Blend vs Latin America Brent Futures Strip AAXBZ00 AAXBZ03 FOB Covenas 30-60 days 1 million US $ Barrels
Castilla Blend vs Latin America WTI Strip AAVEQ01 AAVEQ05 FOB Covenas 30-60 days 1 million US $ Barrels
Magdalena AAWFR00 AAWFR03 FOB Covenas 30-60 days 300,000 US $ Barrels
Magdalena vs Latin America Dated Brent Strip AAXBL00 AAXBL03 FOB Covenas 30-60 days 300,000 US $ Barrels
Magdalena vs Latin America Brent Futures Strip AAXCA00 AAXCA03 FOB Covenas 30-60 days 300,000 US $ Barrels
Magdalena vs Latin America WTI Strip AAWFS00 AAWFS03 FOB Covenas 30-60 days 300,000 US $ Barrels
Mesa 30 AAITB00 AAITC00 AAIZY00 FOB Venezuela 30-60 days 350,000 US $ Barrels
Mesa 30 vs Latin America Dated Brent Strip AAXBO00 AAXBO03 FOB Venezuela 30-60 days 350,000 US $ Barrels
Latin America
Assessment CODE Mavg Pavg Wavg CONTRACT BASIS LOCATION DELIVERY PERIOD TYPICAL SIZE CURRENCY UOM
Mesa 30 vs Latin America Brent Futures Strip AAXCC00 AAXCC03 FOB Venezuela 30-60 days 350,000 US $ Barrels
Mesa 30 vs Latin America WTI Strip AAITH00 AAITI00 FOB Venezuela 30-60 days 350,000 US $ Barrels
Vasconia PCAGI00 PCAGI03 FOB Covenas 30-60 days 500,000 US $ Barrels
Vasconia vs Latin America Brent Futures Strip AAXCB00 AAXCB03 FOB Covenas 30-60 days 500,000 US $ Barrels
Vasconia vs Latin America Dated Brent Strip AAXBN00 AAXBN03 FOB Covenas 30-60 days 500,000 US $ Barrels
Vasconia vs Latin America WTI Strip PCAGR00 AAJJO00 FOB Covenas 30-60 days 500,000 US $ Barrels
Latin America Dated Brent Strip AAXBR00 AAXBR03 US $ Barrels
Latin America Brent Futures Strip AAXBQ00 AAXBQ03 US $ Barrels
Latin America WTI Futures Strip AAXBP00 AAXBP03 US $ Barrels
WTI CMA M1 AAVSN00 AAVSN03 AAVSN02 US $ Barrels
Latin America American crudes loading in the month of July. Therefore, the Santa Barbara: This assessment reflects barrels commonly sold
Brent futures-related basis for Platts Latin American crude FOB Venezuela, with a typical volume of 350,000 barrels.
assessments on June 1 reflects the average of prevailing front
Assessments
month Brent futures for July 1-31, which would be September Loreto: This assessment reflects barrels commonly sold FOB
Platts assesses Latin American crude grades on a flat price Brent futures during the month of July, excluding the last Puerto Bayovar, Peru, with a typical volume of 400,000 barrels.
basis, and publishes the differentials to their benchmarks. Most business day of July which would be October Brent futures.
transactions are concluded on a differential to WTI, Dated Brent Platts publishes this Latin America Futures Brent strip on a daily Oriente: This assessment reflects barrels commonly sold FOB
or Brent futures. basis. Esmeraldas, Ecuador, with a typical volume of 360,000 barrels.
Platts Latin American crude assessments reflect bids, offers and Latin America Dated Brent strip: This assessment reflects Napo: This assessment reflects barrels commonly sold FOB
trades 30-60 days forward from the date of publication. the value of Dated Brent at the US close for the loading period Esmeraldas, Ecuador, with a typical volume of 720,000 barrels.
reflected in the Latin American crude market. Dated Brent-
Latin America WTI strip: WTI-related assessments reflect values related differentials for all Latin American crudes reflect values Marlim: This assessment reflects barrels commonly sold FOB
relative to the prevailing contract month at the time of loading. For relative to the value of Dated Brent that prevails at the time Sao Sabastiao, Brazil, with a typical volume of 750,000 barrels.
example, on June 1, Platts would typically be assessing the value of loading. As an example, on June 1, Platts would typically be
of Latin American crudes loading in the month of July. Therefore, assessing the value of Latin American crudes loading in the Castilla Blend: This assessment reflects barrels commonly
the WTI-related basis for Platts Latin American crude assessments month of July. Therefore, the Dated Brent-related basis for sold FOB Covenas, Colombia, with a typical volume of 1 million
on June 1 reflects the average of prevailing front month cash WTI Platts Latin American crude assessments on June 1 reflects the barrels.
values for July 1-31, which would be August cash WTI for July 1-25 average of prevailing Dated Brent swaps for July 1-31.
and September cash WTI for July 26-31. Platts publishes this Latin Magdalena: This assessment reflects barrels commonly sold
America WTI strip on a daily basis. Escalante: This assessment reflects barrels sold FOB Caleta FOB Covenas, Colombia, with a typical volume of 300,000
Cordova, Argentina, with a typical volume of 1 million barrels. barrels.
Latin America Brent Futures strip: Brent futures-related
assessments reflect values relative to the prevailing contract Roncador: This assessment reflects barrels sold basis FOB Mesa 30: This assessment reflects barrels commonly sold FOB
month at the time of loading. As with the example above, on Angra dos Reis, Brazil, with a typical volume of 750,000 barrels. Venezuela, with a typical volume of 350,000 barrels.
June 1, Platts would typically be assessing the value of Latin
Vasconia: This assessment reflects barrels commonly sold FOB To US West Coast: To Asia:
Covenas, Colombia, with a typical volume of 500,000 barrels.
Maya: 0.4(WTS + USGC HSFO) + 0.1(LLS+Dated Brent) +/- Maya: (Oman+Dubai)/2 +/- constant k-factor
constant k-factor
Mexican Crude OSP Calculations
Isthmus: (Oman+Dubai)/2 +/- constant k-factor
Platts publishes calculated Mexican crude OSP values daily, Isthmus: 0.4(WTS+LLS) + 0.2(Dated Brent) +/- constant k-factor
based on the following FOB-based OSP formulas from Mexico’s Maya: This crude is sold FOB Cayo Arcas, FOB Dos Bocas and
PMI: To Europe: FOB Salina Cruz, with a typical API gravity of 21-22 degrees and
sulfur content of 3.4%, according to PMI’s website.
To US Gulf Coast: Maya: 0.527(Dated Brent+0.467(No.6 3.5%)-0.25(No.6.1%-No.6
3.5%) +/- constant k-factor Isthmus: This crude is sold FOB Dos Bocas, FOB Salina Cruz and
Maya: 0.4(WTS + USGC HSFO) + 0.1(LLS+Dated Brent) +/- FOB Pajaritos, with a typical API gravity of 32-33 degrees and
constant k-factor Isthmus: 0.887(Dated Brent+0.113(No.6 3.5%)-0.16(No.6.1%- sulfur content of 1.8%, according to PMI’s website.
No.6 3.5%) +/- constant k-factor
Isthmus: 0.4(WTS+LLS) + 0.2(Dated Brent) +/- constant k-factor Olmeca: This crude is sold FOB Pajaritos, with a typical API
Olmeca: Dated Brent +/- constant k-factor gravity of 38-39 degrees and sulfur content of 0.73%-0.95%,
Olmeca: 0.333(WTS+LLS + Dated Brent) +/- constant k-factor according to PMI’s website.
AMERICAS CRUDE QUALITY AMERICAS CRUDE QUALITY

API gravity Sulfur content API gravity Sulfur content
(degrees) (%) (degrees) (%)
US pipeline crude assessments Canada crude cargo assessments

Bonito 34.0 1.580 Hibernia 34.4 0.406
Eugene Island 32.3 1.160 Terra Nova 34.2 0.520
Heavy Lousiana Sweet 33.4 0.416 White Rose 31.0 0.310
Kern River/San Joaquin Valley 13.0 1.190
Latin America crude assessments
Light Lousiana Sweet 38.4 0.388
Castilla Blend 19.1 1.811
Line 63 28.0 1.020
Escalante 24.1 0.190
Mars 29.6 1.810
Isthmus 32.9 1.400
Poseidon 30.2 1.720
Loreto 18.1 1.300
Southern Green Canyon 28.2 2.300
Magdalena 19.4 1.650
Thums 17.0 1.500
Marlim 20.1 0.750
Thunder Horse 30.1 1.460
Maya 21.8 3.300
West Texas Intermediate (Cushing) 41.0 0.400
Mesa 30 30.1 1.090
West Texas Sour 30.2 1.500
Napo 19.2 1.980
Western Canadian Select (Cushing/
21.7 3.660 Olmeca 40.1 0.737
Nederland)
Oriente 24.1 1.510
Wyoming Sweet 32.0 0.900
Roncador 19.8 0.935
US crude cargo assessments Santa Barbara 40.4 0.452
Alaska North Slope (Long Beach) 32.0 0.962 Vasconia 24.3 0.833
Basrah Light (delivered USGC) 29.7 2.850
Note: Crude specifications can vary over time. These are based on latest
US shale oil assessments
available assays as of May 2017.
Bakken 43.3 0.070
Eagle Ford Crude 45.7 0.242
Eagle Ford Condensate 58.8 0.041
Canada pipeline crude assessments

Cold Lake 22.7 4.060
Condensates (Edmonton) 50.0 0.200
Light Sour Blend 39.4 1.020
Lloyd Blend 22.1 3.490
Midale 31.7 2.120
Mixed Sweet 41.1 0.450
Syncrude Sweet Premium 31.7 0.190
Western Canadian Select (Hardisty) 21.7 3.660
Futures assessments
Assessment CODE CURRENCY UOM
ICE Brent M1 (US close) AAQBG00 US $ Barrels
ICE Brent M2 (US close) AAQBH00 US $ Barrels
ICE Brent M3 (US close) AAXZZ00 US $ Barrels
ICE Brent M4 (US close) AAYAL00 US $ Barrels
NYMEX WTI M1 (US close) NYCRM01 US $ Barrels
ICE Brent M1 (London close) AAYES00 US $ Barrels
ICE Brent M2 (London close) AAYET00 US $ Barrels
ICE Brent M3 (London close) AAXZY00 US $ Barrels
ICE Brent M4 (London close) AAYAM00 US $ Barrels
NYMEX WTI M1 (London close) AASCR00 US $ Barrels
NYMEX WTI M2 (London close) AASCS00 US $ Barrels
ICE Brent M1 (Asia close) XILLA01 US $ Barrels
ICE Brent M2 (Asia close) XILLA02 US $ Barrels
NYMEX WTI M1 (Asia close) XNCLA01 US $ Barrels
NYMEX WTI M2 (Asia close) XNCLA02 US $ Barrels
Futures Assessments Critically, high values where there are no relevant bids or low to be inferred from a spread relationship in the absence of
values when there are no relevant offers are excluded from the representative outright traded values. The values published are
assessments. The objective is to determine the level at which a editorial assessments of what the market value is at the close.
Assessments
typical market participant would be able execute transactions at The assessment may not be a specific transaction as it may
Platts assesses the prevailing market value for several futures the close. The close futures value is not a snapshot at the close, have been an unusual and not representative event.
contracts on CME/NYMEX, ICE and DME. These assessments reflect but reflects demonstrable, repeatable and representative value
the value of these contracts at the close of Platts assessment at that moment in time. Here is an example of the assessment process for front-month
processes around the world. NYMEX crude futures at the US close.
Furthermore, Platts analyzes the price trends leading up to
Platts examines traded levels, bid and offer levels prior to the the close, and considers only normal market activity in the Time (ET) Trades Bid Ask
close of regional MOCs, and employs the same methodological assessment process. This is to ensure that the Platts assessment 2:29 80.00 80.00 80.05
80.00 80.01 80.04
principles used in its physical assessments - repeatability and reflects a prevailing and representative value at the close, rather 80.01 80.01 80.03
incrementability - when assessing the prevailing value of futures than an unusual trade occurring at that time, earlier or later. 80.01 80.01 80.03
at the close in each region. Platts tracks the movements in the 80.01 80.01 80.03
bids and the offers, the spread between the bids and the offers, For example, there may be a situation where liquidity in the 80.01 80.02 80.03
80.02 80.01 80.03
and the execution of those trades. third forward month is poor. In that situation, due to lack of 80.01 80.00 80.03
trade in the time leading to the close, the value then may need 2:30 80.03
In this example, repeatable value for NYMEX crude was

$80.01, and that was the most recent and representative deal
immediately prior to the close. The $80.03 deal at 2:30 pm ET
came in right after the 2:30:00 pm ET MOC timestamp, and
would not be considered in the assessment process.
The Platts assessment for front-month NYMEX crude futures

value would be $80.01.
Here is another example of the assessment process for front-

month NYMEX crude futures at the US close.
Time (ET) Trades Bid Ask

2:29 80.00 80.00 80.05
80.00 80.01 80.04
80.04 80.01 80.05
80.05 80.01 80.05
80.01 80.01 80.04
80.01 80.02 80.03
80.02 80.01 80.03
80.01 80.00 80.03
2:30 80.03
In this example, the repeatable value for NYMEX crude again was
$80.01, and that was the most recent deal immediately prior to
2:30 pm ET. The two deals at $80.04 and $80.05 created gaps
and did not meet the repeatability standard.
The Platts assessment for front-month NYMEX crude futures

value would be $80.01.
Revision History alongside text on the Forward Dated Brent strips. Platts edited close including: WTI MEH M2, WTI Midland M2, Light Houston
and updated the text for Persian Gulf and Asia Pacific sections, Sweet M2, WTI MEH M1 (London), and WTI MEH M2 (London).
July 2018: Platts updated its guide to reflect 2018 Worldscale and in table corrected the loading period for ESPO and Sakhalin
rates, the addition of several maps, the revision and clarification Blend and loading point for Senipah crude. Maps relevant to key April 2016: Platts updated the Crude Oil Methodology Guide to
of text and the revision of cargo sizes in West Africa. Platts crude oil assessments were also added. reflect typical volumes for Latin American crude oil cargoes to:
updated the Asia and Persian Gulf sections to reflect the Escalante (1 million barrels), Roncador (750,000 barrels), Loreto
addition of crude assessments at Singapore close for the April 2017: Platts updated the Crude Oil Methodology Guide to (400,000 barrels), Oriente (360,000 barrels), Napo (720,000
following: Indonesia’s Banyu Urip crude, Iraq’s Basrah Light reflect the addition of the LOOP Sour crude assessments traded barrels), Marlim (750,000 barrels), Castilla Blend (1 million
and Basrah Heavy crudes, US crude assessments and CFR in cavern at the Louisiana Offshore Oil Port terminal on the US barrels), and Vasconia (500,000 barrels). Prior to April 2016,
North Asia crude assessments. The guide was also updated to Gulf Coast. Platts reflected typical volume sizes of 350,000 barrels with the
reflect the discontinuation of Su Tu Den crude differential to exception of Santa Barbara (350,000 barrels), Mesa 30 (350,000
OSP effective December 1, 2017. Platts edited and updated the January 2017: Platts completed an annual update to the barrels), Castilla Blend (500,000 barrels) and Magdalena
text for Asia Pacific sections as well as quality chart for Asia- Crude Oil Methodology Guide, published in January 2017. This (300,000 barrels). Additionally, Platts has updated the
Pacific crudes as per latest available assays. Platts updated the update moved the location of certain passages in Sections I assessment period for Alaska North Slope (ANS) crude delivered
guide to reflect the addition of Troll to BFOE and the inclusion of to VI for enhanced clarity, and removed redundant references into the US West Coast. Under the updated ANS methodology,
previously-loaded oil in the delivered Urals and Mediterranean to STS and barge practices. Platts also updated Worldscale Platts will roll its assessments forward to reflect deliveries in
MOC markets. Additionally, Platts edited and updated the text rates to reflect changes from 2016 to 2017. Platts updated the second calendar month forward from the first publishing
and tables for the EMEA crude sections. the Crude Oil Methodology Guide to clarify around nomination day on or after the 10th of each month. Platts also updated the
procedure for Middle Eastern sour crude cargo deliveries, Crude Oil Methodology Guide to reflect updated specifications
September 2017: Platts updated its guide to reflect additional and remove reference to the use of the Aframax Abu Dhabi- of Basrah Light delivered into the US Gulf Coast. The updated
methodology on its Dated Brent CIF Rotterdam assessment. III as an alternative delivery point in the assessment process specifications reflect a typical API gravity 29.5 and a maximum
Platts also completed an annual review of the Crude Oil for loading of Upper Zakum cargoes. Platts updated the sulfur content of 3%. Prior to March 2016, Platts Basrah Light
methodology and specifications guide. Platts reviewed all Crude Oil Methodology Guide to include the Kimanis crude reflected an API gravity of 31-35.5 and sulfur content of 2%.
content and made minor edits to language. Guidance on assessment and Murban Quality Premium. Removed references Platts also corrected minor typographical errors.
outright, differential and spread price was clarified in reference to discontinued Canadian crude postings, updated the new
to increments. In the Americas, Platts clarified calculation MOC timestamps and general review and update of Americas February 2016: Platts updated the Crude Oil Methodology Guide
and loading details of Mexican crude prices and added in the methodology. Platts also updated the European section to reflect the addition of US crude export cargo assessments
OSP formula for Maya crude heading to the US West Coast. throughout, including procedures around pre-loaded oil for Urals for Eagle Ford crude and condensate from Houston and
In addition, Platts has removed most Americas crude quality Mediterranean, changes to Cash BFOE contract months and Corpus Christi, Texas terminals as well as WTI Houston.
specifications from the text and compiled them into an the discontinuation of Azeri FOB Supsa. Platts made a variety Platts also added a new crude oil pipeline assessment for
Americas crude quality table, updated with details from latest of edits to its North Sea methodology section for further clarity Western Canadian Select (WCS) ex-Nederland. Platts also
assays. In the assessment tables, Platts added in a column around descriptions for BFOE, convergence practices, a note removed references to Canadian crude oil postings that were
for typical volume sizes, and deleted extraneous columns. that Platts now published assessments for the value of three discontinued effective July 31, 2015.
Platts also clarified the rollover dates for ANS cargoes and the forward months of BFOE (instead of as four, previously). Platts
Latin America Brent Futures Strip calculations, and removed also added information relating to its updated intraday BFOE January 2016: Platts updated the Crude Oil Methodology Guide
redundant language for the Eagle Ford Marker. In the EMEA assessments. to reflect the inclusion of Al Shaheen and Murban in its Dubai
region, Platts updated the guide to include the Asgard and and Oman crude oil benchmarks. Platts removed references to
Alvheim condensate grades in the North Sea. Also, text on May 2016: Platts updated the Crude Oil Methodology Guide to Stybarrow crude, which is no longer assessed. Platts started to
the delivery and loading dates on Dated Brent was clarified, include new assessments for WTI 2nd month and at the London assess Dubai and Oman derivatives independently of physical
assessments with effect from December 1, 2015. replaced them with a table format. Previously, the crude oil December 2014. As part of the change, Platts discontinued the
specifications had appeared next to the crude oil’s description. use of the partials mechanism to assess Minas and Tapis. Platts
November 2015: Platts updated the Crude Oil Methodology Now, the specifications appear separately in one table and are updated the tables for Asia-Pacific crude to amend the cargo
Guide to reflect Brazilian Roncador crude oil with a typical gravity designed as a reference. Platts updated the description of its size of Minas to 100,000 barrels and Tapis to 300,000 barrels.
of 19.8 API, sulfur content of 0.935%. Platts assessments for Dated Brent and North Sea crude assessment methodology Platts also updated the description of Angolan Dated Brent
Roncador have reflected crude of this general quality since 2013, to reflect North Sea cargoes loading a full month-ahead. This Strip codes AALGM00 and AALGN00 to their new description,
when Roncador exports began to reflect a heavier, more sulfurous change to Platts Dated Brent and North Sea crude methodology the “15-45 Day Dated Strip”. In North Sea crude, Platts added
specification than had previously been typical for the crude. Prior also incorporated changes to Platts Cash BFOE; under Platts assessment codes for M4 cash BFOE at the London and Asia
to 2013, Roncador exports and Platts Roncador assessments had new methodology, full cargo date nominations are declared closes, M4 BFOE EFPs, and spreads with WTI.
reflected crude with a lighter gravity of approximately 28.3 API, and one month in advance. This change also impacted Platts Asian
a lower sulfur of generally 0.58%. Platts removed references to and American Dated Brent assessments, which also reflect July 2014: Platts completed an annual update to the Crude Oil
Kumkol crude, which is no longer assessed. loadings 10 days to a month-ahead. Platts further clarified the Methodology Guide in July 2014. In this update, Platts reviewed
convergence and settlement expectations for BFOE partials all content. Platts consolidated guidelines around publishing
August 2015: Platts completed an annual update to the Crude published for assessment under its methodology. Platts updated information during the MOC assessment process into the
Oil Methodology Guide in July 2015. In this update, Platts the description of its West African assessment range to reflect MOC Data Publishing Principles section, and incorporated
reviewed all content. Platts updated guidance around how to the value of all West African crude assessments loading 25-55 clarification guidance about how to express interest in bids
report information and expectations for contactability. Platts days forward. Platts noted the addition of the Deodorized Field and offers that were published in January 2014 and May 2014.
also consolidated guidance regarding review of reported Condensate assessment and the Sakhalin Blend assessment. Platts also incorporated clarifications around book-outs,
trades and incorporated information regarding how Platts DFC will run alongside the existing Ras Gas assessment and circle-outs, and editorial review of reported trades. The guide
accounts for market structure in its crude oil assessments. will carry the historical data for Ras Gas when the Ras Gas was updated to add details regarding new assessments for Das
In the specifications section of the guide, Platts reflected the assessment is discontinued on January 2, 2016. The Sakhalin Blend crude; correct the implementation date for valuing Asian
renaming of Flotta Gold assessment, in line with the change Blend assessment will run alongside the existing Vityaz Blend crudes versus the ADB Strip to September 2013; remove a
in name by the terminal operator, Talisman Sinopec Energy UK assessment and will carry the historical data for Vityaz when the reference to Oman quality specifications; add details regarding
Ltd (TSEUK). Platts added the planned discontinuation dates Vityaz assessment is discontinued on January 2, 2016. Platts Minas and Tapis partials; update Platts QP calculations
of its existing Kumkol and Zarzaitine assessments. Platts removed references to discontinued assessments for Lower formula; remove references to Palanca/Soyo, Kole, and Rabi
incorporated netback calculations for Urals and Mediterranean Zakum and Umm Shaif following the launch of the Das Blend Light, which are no longer assessed; update descriptions of
assessments. Platts added its Baltic Urals crude short option assessment and the removal of the codes associated with those Urals CIF Rotterdam and CIF Augusta; incorporate additional
methodology. Language has been clarified in the US pipeline assessments. Platts added information about its new WTI MEH Azeri Light descriptions; revise Urals CFD descriptions; clarify
crude assessments, US shale crude oils and Americas dated assessment reflecting Midland grade WTI crude oil trading at language describing the US and Canadian pipeline rolls;
Brent and US crude assessments at London close. Latin America the Magellean East Houston terminal. Platts also amended the update latest available API and sulfur specifications for SGC
crude has added clarification around the monthly cash WTI guide to reflect the renaming of its Canadian Syncrude Sweet and Poseidon; create separate sections for US and Canada
assessments along with language to the Mexican crude contract assessment to Syncrude Sweet Premium. This methodology cargo assessments for more clarity; include descriptions of its
pricing formulas. Language around Latin America assessments guide was also updated to include further description of Platts’ new Bakken basin assessment; remove certain background
FOB has also been clarified. Platts updated this guide to include processes and practices in survey assessment environments. commentary around US shale markets that was not strictly
guidance regarding the inclusion of STS as a delivery option for Platts made other minor edits throughout. relevant to methodology itself; remove references to Canadian
Upper Zakum. crude postings that are no longer published; add explanations
December 2014: Platts updated this guide making some minor of Latin strips; add definitions for Isthmus to USWC and
May 2015: Platts removed a number of European, Russian edits. Platts also updated the methodology to reflect the use of Olmeca to Europe; and incorporate descriptions of Platts’ 3:15
and West African crude oil specifications from the guide and full cargoes to assess Tapis and Minas crude oil markets from futures assessments. Platts also made minor typographical
edits throughout the text for clarity.
November 2013: Platts updated this guide, making minor

edits through the text. Platts also updated its methodology
for Middle Eastern crude oil, noting a change where full
cargos converge on the 20th partial between a buyer and
seller, forming cargos of 500,000 barrels each. Platts added
information regarding its new Light Houston Sweet (LHS)
assessment, which had previously been published in a
separate document. Platts also added details regarding
assessments for Akpo, Bonga, Pazflor, Plutonio and Djeno
crude oils.
August 2013: Platts revamped all Oil Methodology and

Specifications Guides, including its Crude Oil guide, in August
2013. This revamp was completed to enhance the clarity and
usefulness of all guides, and to introduce greater consistency of
layout and structure across all published methodology guides.
Methodologies for market coverage were not changed through
this revamp, unless specifically noted in the methodology guide
itself.

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Methodology and specifications guide

Introduction 2 Part V: Corrections 13

Part IV: Platts editorial standards 12

Introduction comply with Platts standards.

Force majeure Review of trades

directly to the parent company’s board of directors, reviews the

Part VI: Requests for clarifications

Platts customers raise questions about our methodologies

However, Platts recognizes that occasionally customers may not

FORTIES AND THE DEESCALATOR

OSEBERG, EKOFISK AND OTHER NORTH SEA GRADES

BRENT-RELATED CRUDES AND THE FORWARD CURVE

The Dated Brent assessment reflects volume loaded FOB at each

Platts also considers offers for, and any resulting transactions

West Africa NIGERIA

Escravos: Platts assesses Escravos loading FOB from the

Forcados Terminal. The standard cargo size is 950,000 barrels.

Urals and Mediterranean

Urals and Mediterranean

Urals and Mediterranean

some Mediterranean cargoes trade on a CIF-delivered basis, LAT.

In the Urals, Siberian Light, CPC Blend, Azeri Light, Saharan, E U R O P E

Platts assesses three full calendar months ahead of the date of

DUBAI, OMAN AND UPPER ZAKUM

OTHER PERSIAN GULF CRUDES

THE PLATTS ASIAN CRUDE OIL INDEX

barrels previously) and 300,000 barrels for Tapis (down from

began publishing a Sakhalin Blend assessment which

US SHALE CRUDE OILS

AMERICAS DATED BRENT

US CRUDE ASSESSMENTS AT LONDON CLOSE

AMERICAS CRUDE MARKER

Houston in its LHS assessment, and may normalize Domestic 50 N BC

Thunder Horse: This assessment reflects barrels delivered to SERRANILLA BANK

production volumes, which were attributed to field maintenance

SPOT MARKET ASSESSMENTS

Canada Lloyd Blend: This assessment reflects barrels injected at

AMERICAS CRUDE QUALITY AMERICAS CRUDE QUALITY

US pipeline crude assessments Canada crude cargo assessments

Canada pipeline crude assessments

In this example, repeatable value for NYMEX crude was

The Platts assessment for front-month NYMEX crude futures

Here is another example of the assessment process for front-

Time (ET) Trades Bid Ask

The Platts assessment for front-month NYMEX crude futures

edits throughout the text for clarity.

November 2013: Platts updated this guide, making minor

August 2013: Platts revamped all Oil Methodology and

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