oilgram price report · 2018-11-16 · volume 96 / number 149 / august 6, 2018 / prices effective...

Volume 96 / Number 149 / August 6, 2018 / Prices effective August 3, 2018

OILGRAM PRICE REPORT

www.platts.com

InsIde thIs Issue

Market analysis

International crude: Forties flip to discount vs Brent 2Americas crude: CNR shuts in heavy oil output 4Gasoline: US to weaken as supply grows 5Diesel: US Gulf Coast rallies to high 7Gasoil: US backwardation deepens 7Jet: Singapore regrade lower, exports brisk 8Resid: Singapore stocks drop to nine-year low 16Feedstocks: US sour VGO rallies to $13/b over crude 17Gas liquids: Asia propane more economic than naphtha 18Tankers: Typhoon shuts eastern China ports 18

News

South Korea finds US crude cheaper than Russian grades 19China’s CAO to focus on core business amid trade tensions 31Heatwave forces European refiners to cut runs 31Brazil’s Petrobras to install three new FPSOs in third quarter 32Refinery updates 33

FORCADOS COULD GET BUMP FROM NARROWER EFS

Source: S&P Global Platts

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■■ Iran falls to 3.72 mil b/d as buyers unwind purchases■■ Venezuela continues freefall to 1.24 mil b/d

OPEC produced 32.66 million b/d in July, a 340,000 b/d rise from June, including newest member the Republic of Congo, according to the latest S&P Global Platts survey of industry officials, analysts and shipping data.

Saudi Arabia, OPEC’s largest member, produced 10.63 million b/d, the kingdom’s highest since August 2016, when it produced its record 10.66 million b/d, according to Platts survey archives.

After the survey was published, however, a Saudi

OPEC output surges on Saudi crude boostLondon—Saudi Arabia pumped close to its all-time high in July and several of its OPEC brethren posted their largest output figures in more than a year and a half, as the bloc appears to be following through on its agreement to unleash more barrels on the market.

source said the kingdom produced less crude in July and supplied 10.38 million b/d to the market.

The country produced 10.29 million b/d in July, the source said, down from a self-reported figure of 10.49 million b/d for June. The new figure indicates that Saudi Arabia may have pulled barrels out of storage to supply the market with more crude than it produced.

OPEC is set to reveal its July production figures in its closely watched monthly oil market report August 13.

According to Platts’ survey, Saudi Arabia’s Gulf allies Kuwait and the UAE pushed their output to their most

(continued on page 32)

New York—Crude futures fell Friday on rising OPEC and Russian output and concerns that a trade dispute between the US and China will affect demand.

October ICE Brent settled 24 cents lower at $73.21/b, while September NYMEX crude settled 47 cents lower at $68.49/b.

OPEC produced 32.66 million b/d in July, up 340,000 b/d from June, according to an S&P Global Platts survey Friday, as increases from Saudi Arabia, Kuwait, Iraq, Algeria and the UAE offset declines from Libya and Venezuela.

Russia’s crude output climbed nearly 150,000 b/d in July, the energy minister said Thursday, largely in line with Moscow’s late-June agreement with OPEC. Russian output is now just 15,000 b/d below the record high of 11.23 million

Crude futures fall on higher OPEC supply, US-China trade spatb/d set in October 2016.

“Rising Saudi Arabian and Russian oil supply, coupled with concerns about demand due to the further escalating trade conflict between the US and China, the two largest oil consumer countries, is weighing on the [Brent] price,” Commerzbank analysts said in a note Friday.

Weekly rig data reported by Baker Hughes Friday did little to move the market. US rigs fell by four to 1,044 this week, while the Permian oil rig count was unchanged at 479. The Permian count has lingered between 473 and 479 since the end of May, reflecting a slowdown in activity on tight pipeline takeaway capacity, and suggesting production growth will slow.


Prices effective August 3, 2018OilgrAm Price rePOrt

2© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.

data InsIde thIs Issue

Product price assessmentsAsia 9China 9Fujairah 9Arab Gulf 9Indonesia 9Asia product premium/discount assessments 9Platts Index 9European bulk 10West Africa products 10European feedstocks and blendstocks 10New York/Boston 11USAC CPL Linden 11U.S. Buckeye pipeline 12Chicago pipeline 12Group Three 12Atlantic resid/contract cargoes posted prices 12Shale Value Chain assessments 12U.S. Gulf Coast 13West Coast pipeline 14West Coast waterborne 14U.S. Gulf Coast Supplemental Summer 14U.S. Gulf Coast pipeline cycles 14U.S. Gulf Coast Pipeline Cycles Supplemental 14Latin America 15Caribbean cargoes 15Caribbean product postings 15Gas liquids 15Weekly asphalt cement assessments 16

Crude price assessmentsAsia Pacific/Middle East spot crude assessments 20International 21Asia 21North Sea 21West Africa 21London 22Mediterranean 22Canada 22Platts Euro denominated crude oil assessments 22United States 23US domestic crude assessments London close 23US crude assessments Singapore close 23Canadian spot crude assessments 24Crude oil postings 24Latin America crude 24Daily OPEC basket price 24Spot tanker rates 25Platts futures assessments Singapore MOC 25Platts futures assessments 25Futures settlements 26Five-Day Rolling Averages 27US wholesale posted prices effective Aug 3 28Commitments of traders as of Jul 31 30

MArkEt ANAlySIS

INtErNAtIONAl CrUdE

Forties flip to discount vs BrentNew signs of an arbitrage east emerged in the North Sea crude market Friday, with a VLCC reportedly booked for a late August voyage east, as Forties sank to a discount to Brent.

Forties fell to a 16 cents/b discount to Brent, down 79 cents/b on the day.

Shipbrokers linked Totsa with the Athenian Freedom VLCC for an August 23-26 voyage from the North Sea to South Korea at a $4.2 million lump sum. Total could not be reached for comment.

In the derivatives market, Brent Contracts for Difference flattened over late August-early September dates.

August 20-24 to September 3-7 CFDs traded at parity, compared with a 15 cents/b contango Thursday afternoon, while the rest of the curve remained in a contango.

Market participants said North Sea’s sweet grades were trading at a slow pace, while distillates rich grades were heard to be faring better, in light of healthy distillates cracks.

“Sweet seems very slow to move so far,” a source said.Another source reported healthy and steady appetite

for Norway’s Grane crude.“Urals is not plentiful, Iranian sanctions kicking in and

the fuel oil and distillates cracks being excellent means that Grane has value,” the trader said, reporting abundant supplies of light crude, together with rising imports of US crude and a meager gasoline crack relative to distillates. “

A source pegged September arrivals around one Aframax per day.

“June exports were by far the highest, although most is destined for Asia.”

An estimated 6.4 million barrels of Ekofisk crude loaded out of the UK’s Tees terminal over the course of July, according to S&P Global Platts trade flow software cFlow.

All barrels leaving Tees in July remained in Europe, with increased volumes heading to the Mediterranean on the back of Libyan export outages.

The force majeure on Libyan exports in June saw Mediterranean refiners seek alternative sources of supplies

from the North Sea.Two Aframaxes left Tees for Italy and Spain, respectively

in early July, while a third Aframax followed mid-July and was taken into an Italian short.

Only one Aframax – amounting to 9% of total July loadings – was absorbed into the UK, compared with 30-50% of volumes in previous months.

However, a large portion of the July program is yet to discharge, according to cFlow. Indeed, an estimated 53% of July Ekofisk loadings remained on vessels anchored off UK coasts Friday.

CPC Blend’s Aug loading program lowerKazakhstan’s CPC Blend’s differential decreased just as the grade’s loading program is set to decrease in August.

An August-loading Aframax of CPC Blend was heard at minus $1.95-$1.75/b to Dated Brent.

Suezmaxes were heard to be 15 cents/b lower.BP hit an OMV bid for an August 24-28 loading CPC

Blend cargo basis CIF Augusta in the Platts Market on Close assessment process at Dated Brent minus $1.95/b.

The final August loading program for CPC Blend is currently scheduled to be 4,624,550 mt, down 67,000 mt from a preliminary schedule mid-July, according to a copy of the schedule seen by S&P Global Platts Friday.

Average daily loadings in August are now set to come in

FORTIES DIFFERENTIAL TO DATED BRENT FALLS HARD


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at 1,163,596 b/d, down 16,859 b/d from the 1,180,455 b/d expected in the provisional schedule.

The August program has 18 Suezmaxes scheduled, down one cargo from the preliminary program, and 25 Aframaxes, an increase of one.

Looking at other grades in the Mediterranean light crude complex, Libya’s Mellitah was heard to be in good supply. “Libya’s just pumping oil at the moment,” one trader said. The grade, which has an API of about 43, was being marketed near its OSP value, around minus $1.65-$1.70/b to Dated Brent basis FOB, putting it within range of CPC, the same trader said.

Also in Libya, ships were heard to be loading El-Sharara crude.

The grade is officially still under force majeure, but unofficially vessels were said to have been successfully taken into the port Friday.

The increase in Libyan output was not only putting pressure on CPC but other grades in the region like Saharan Blend, said sources, with levels heard around Dated Brent minus 50 cents/b on an FOB basis.

From a refinery perspective, margins were heard to be good around Europe, but sour grades were heard to be popular among European refiners due to the strength in fuel oil markets.

Urals weaker under competitive offersUrals in Northwest Europe Russia’s Urals prices continued to drop, sinking around 30-40 cents/b from trades seen in earlier in the week.

Traders said refineries in the Mediterranean had a wide selection of crudes being offered on the sour end of the barrel, including unsold Aframaxes and Suezmaxes of Urals, Iraq’s Basrah Light, as well as some US crudes like Mars.

With refinery margins favoring sour crudes, sellers had originally anticipated increased demand and higher values, but as a result of the more than ample availability, the market had been relatively flat and trending weaker, said sources.

Levels for Basrah Light were heard trading at a discount

of 40-30 cents/b versus its August official selling prices.Sources said additional Basrah volumes were expected

to be offered into the region during the month, as production volumes had grown, while similarly the Urals program loading out of Novorossiisk in August had seen higher volumes, particularly among Suezmaxes, with nine scheduled for the month.

These higher exports followed the lifting of the production cap by OPEC and non-OPEC countries in June.

In Northwest Europe, the market was mainly traded out to the third decade, although recent sales had dropped from highs near Dated Brent minus $1.20/b seen earlier in the week.

This came as major buyers such as Unipec and Total had stepped back in recent sessions, with Total seen offering a 100,000 mt cargo, basis CFR Rotterdam, loading August 24-28 in the MOC Friday.

Gunvor bought the cargo from Total at Dated Brent minus $1.60/b.

Litasco was also offering a 100,000 mt Urals cargo, basis CFR Rotterdam, loading August 20-24, down to Dated Brent minus $1.45/b, which was left outstanding at the end of the MOC.

ESPO could fall after Aramco cuts OSPsThe market in Asia was digesting Saudi Aramco decreasing its OSPs for September.

Aramco dropped the OSPs by 40-70 cents/b for all its crude grades, according to a company notice seen by S&P Global Platts.

“With Saudi OSPs [cuts], I would expect unsold ESPO to be trading down to Dubai plus $1.50s/b to $1.70s/b level,” a market source said.

Far East Russian ESPO crude barrels have been seeing downward pressure on premiums due to a relatively expensive underlying Dubai basis.

Dubai crude and the grades linked to it are perceived as relatively expensive to Brent-linked barrels due to a narrowing Brent/Dubai Exchange of Futures for Swaps

spread, traders said.The September Brent/Dubai EFS value as of 4:30

pm Singapore time (0830 GMT) ended the month down $2.45/b from $3.67/b on July 2 to $1.22/b as of July 31, Platts data showed.

The first trading day of August saw October EFS pegged at $1.99/b at the Singapore close of trading, which then quickly whittled down to $1.62/b the same time on August 2. As of 0700 GMT Friday, the October EFS was pegged at $1.79/b.

China independents increase July importsCrude oil imports by China’s independent refineries in eastern Shandong province, as well as Hebei Xinhai Chemical and Henan Fengli Petrochemical, rebounded by 27.3% from a 20-month low in June to around 7.36 million mt in July, or 1.74 million b/d, according to a monthly survey by S&P Global Platts.

Imports were also 5.6% higher year on year.The rebound was broadly within market participants’

expectations, as imports in June were affected by restrictions on port operations because of the Shanghai Summit.

Over January-July, total imports by the surveyed refineries rose marginally by 1.7% to 57.23 million mt, Platts data showed.

The total crude import volume in July included parcels that arrived at and completed discharge operations at the ports in Shandong and Tianjin in the month, as well as cargoes that have arrived over the past months, but only completed offloading in July.

Apart from those that have completed discharge operations, another 1.94 million mt of crude onboard 19 vessels were still waiting outside port limits as of July 31. In comparison, there is usually around 2 million mt of crude waiting to be discharged towards the end of the month.

Cargoes waiting outside port limits as of July 31 included Qingyuan Petrochemical’s 258,000 mt of Cabinda crude and 130,000 mt of Plutoino crude, which had arrived at the ports in mid and end May. The 130,000 mt cargo of



Plutoino crude onboard Mercury Hope has since been discharged on August 1.

Despite higher crude imports, feedstock inventories at major ports in Shandong fell 13% from the record high in June to 4.71 million mt as of July 26, data from Chinese information provider JLC showed.

Major ports in Shandong refer to Qingdao, Dongjiakou, Longkou, Laizhou, Rizhao, Dongying and Yantai.

Around 408,000 mt of crude was received by two trading companies – Vitol and PetroChina’s trading arms that supply to independent refineries – down from 466,000 mt imported by three trading companies in June.

The number of companies taking in crude last month fell to 21, compared with 24 in June, for a total of 25 crude grades compared with 23 grades in June.

In July, 19 independent refineries which hold crude quotas – including Hebei Xinhai Chemical and Henan Fengli Petrochemical – received 6.95 million mt of imported crude, compared with 5.31 million mt by 21 independent refineries in June, Platts data showed.

Some of this volume received by the refineries can be resold to other independent refineries, including non-quota holders.

Qirun, Chambroad run out of quotasAs of end-July, crude imports by Qirun Petrochemical and Chambroad Petrochemicals have surpassed each of their import quota allocations.

Qirun has imported around 2.25 million mt of crude over January-July, about 47,000 mt above its allocation.

Chambroad has imported about 14,000 mt above its allocation of 3.31 million mt, and its total imports over January-July was about 107% higher year on year.

In addition to those that have already run out of quotas, another two refineries are likely to run out of quotas soon, based on their current monthly imports.

The two are Luqing Petrochemical and Hongrun Petrochemical, with around 416,000 mt and 405,000 mt of quotas left as of end-July, respectively.

Malaysian premiums maintainedIn Asia’s sweet market Friday Malaysia’s September program began to clear at relatively firm premiums.

ConocoPhillips was heard to have sold via tender a Kikeh crude cargo for loading over September to an oil major at a premium of around $3.90/b to Platts Dated Brent on an FOB basis.

Loading dates were unclear, though traders said the cargo was a cross-month one and that the value for September-loading Malaysian crude oil basket grades should be around a premium of $3.50-$3.75/b to Dated Brent crude assessments on an FOB basis.

Earlier trades of Malaysian basket crudes saw Labuan being traded at a premium of around $4/b to Platts Dated Brent assessments and Miri at a premium of around $3.50/b to Platts Dated Brent, both on an FOB basis.

Premiums for MCOs have remained resilient despite what several traders have said were aggressive offers for US crudes delivered to Asia.

WTI Midland for delivery to Asia have been heard offered at a premium of around $1/b to Platts Dated Brent crude assessments on a delivered basis, with CPC Taiwan and another Southeast Asian end-user among those who have picked up cargoes recently.

Elsewhere, Malaysia’s Petronas was heard to have sold its Bergading condensate cargo for loading over September 21-30 to a regional end-user at a discount of around $1.25/b to Platts Dated Brent crude assessments on an FOB basis.

New Indonesia CP formulaAlso, in the sweet market, traders were discussing the recent changes to the Indonesian Crude Price formula.

Indonesia’s Ministry of Energy and Mineral Resources has set the Indonesian Crude Price for Minas grade lifted in July at $72.05/b, up $1.32/b from June, according to the monthly selling price notice seen by S&P Global Platts Friday.

Indonesia’s Ministry of Energy and Mineral Resources implemented a revision to its Indonesian Crude Price formula from July 1, 2018 in a bid to better reflect the

market value of the country’s flagship crude oil grades, a senior official said Thursday.

The formula, which will be implemented retroactively from July for a year, has now been revised to reflect Platts Dated Brent plus/minus an alpha, from Platts Dated Brent plus an alpha previously, the official said.

According to the ministry’s regulation on the new ICP formula issued July 30, 2018, Dated Brent is calculated based on the monthly average of the Platts benchmark price.

The alpha is calculated based on the published outright assessments of the Indonesian crude grades’ during the current month, or the average of published prices for two months consisting of the previous month and the current month.

The alpha will also consider the quality of the crude grades, trends in international crude prices and national energy security, according to the statement.

With Dated Brent in July at $74.35/b and the outright ICP for Minas set at $72.05/b, the alpha for the month is equivalent to minus $2.30/b.

Indonesia settles its monthly ICPs retroactively.A day after Pertamina canceled its condensate tender, the

company issued a sweet crude tender for 10 million barrels delivered in several cargoes over November and December.

AMErICAS CrUdE

CNr shuts in heavy oil outputOil and gas producer Canadian Natural Resources has shut in 2,900 b/d of heavy oil output in Alberta, as the benchmark Western Canadian Select grade continues to face deep discounts to WTI, company president Tim McKay said Thursday.

A total of 7,450 b/d of output was curtailed in the second quarter, but with the price margins improving for the company in July, 4,550 b/d of output restarted, McKay said in the company earnings call.

“We still continue to see a lot of volatility in the market with differentials and those [2,900 b/d] shut-in barrels are



not likely to come back in the near future,” he said.Early Thursday, CNR said in its earnings release that the

company took a proactive decision in Q2 to not sell marginal production in the wider spot WCS differential compared with the index WCS differential market that was caused by pipeline apportionment issues.

The lack of pipeline takeaway capacity from Western Canada has resulted in several producers actively pursuing deals with railroads to move barrels on rail or else hedging their output.

Fellow heavy oil producer Obsidian Energy said Thursday it has secured 1,000 b/d of crude-by-rail capacity to move its heavy barrels to markets in the second half of 2018, while another producer, Athabasca Oil Corporation, said Wednesday it has secured WCS differential hedges for 17,000 b/d of its oil output in the third quarter of 2018 at $16.17/b.

CNR did not disclose any hedge positions. Rather, the company is in talks with railroads to move barrels, McKay said.

“We have nothing on the plate now and are seeking opportunities. Railroads are looking for three-year contracts, but we are seeking short-term contracts,” he said.

CNR has typically not used rail to ship barrels because it has the pipeline capacity, Executive Vice Chairman Steve Laut said Thursday in the call.

“We did move 35,000 b/d in 2012. But now we have nothing on our plate [in terms of new CBR contracts],” Laut said.

WCS at Hardisty traded at WTI CMA minus $30.80/b Thursday, the lowest in more than four years.

The differential has weakened on record inventories and the prospect of plunging demand from Midwest refiners as they enter turnarounds.

sCO shipmentWhile CNR has curtailed output for heavy oil, for its

synthetic crude oil (SCO) production the company has identified 75,000 b/d to 90,000 b/d of new capacity, McKay said.

“These are step-sized projects that will be carried out in tranches of 35,000 b/d to 40,000 b/d that will start in 2020

and go 2021,” McKay said.The flagship Horizon project that completed its Phase

3B expansion early in 2018, taking capacity to 250,000 b/d, markets its SCO to refineries in the nearby Edmonton area and to the US Midwest, Laut said.

“We will continue to focus on long-life, low decline assets,” Laut said, adding that the first oil from the company’s 40,000-b/d Kirby North project is targeted for startup in Q4 2019, three months ahead of schedule.

CNR’s Q2 2018 output of SCO was 407,704 b/d, down from 431,756 b/d in the same quarter in 2017.

The decrease was due to a major planned turnaround last quarter, the company said.

Colombia to load 1.5 million barrelsColombia was scheduled to load 1.5 million barrels of Vasconia crude and 1.5 million barrels of Castilla Blend out of the port of Covenas between Friday and Tuesday, a loading program showed Friday.

Ecopetrol, Cepsa and Trafigura were lined up to load one Aframax-sized vessel each of medium-sour Vasconia , according to the program.

Meanwhile, Ecopetrol the only producer of Castilla Blend was expected to load one VLCC-sized cargo and one Aframax with such grade next week.

The Colombian oil producer was also scheduled to load 500,000 barrels of Brazilian Lula crude this weekend.

So far this year, Colombia has also imported US crudes such as Thunder Horse, Mars, LLS; Canada’s Hibernia; Russia’s Varandey, among others.

Separately, Canada-based Parex Resources awarded 500,000 barrels of Vasconia for September delivery to an undisclosed trading company, according to market sources.

According to multiple sources the deal was done at a $5.50/b discount to ICE Brent.

Platts assessed the differential for Vasconia at that level, which is up 35 cents/b to Platts Latin Brent Strip from Thursday.

A narrower spread between ICE Brent and NYMEX WTI

was seen as supportive for higher Colombian crude prices starting August.

The spread between both crude benchmark narrowed to $4.76/ Friday, according to S&P Global Platts data.

The average spread has been $5.42 so far this year.

GASOlINE

US to weaken as supply growsUnplanned turnarounds in key production areas and untenable arbitrages have tightened prompt US gasoline markets this summer, a trend that should soon end as output ramps up to capitalize on the final days of summer margins.

US gasoline strength has been most evident this week in the New York Harbor, where barge-delivered cash RBOB climbed to NYMEX September RBOB plus 6.75 cents/gal in Friday trading, up 1.25 cents/gal from the previous assessment.

“It is ripping,” a market source said.Regional traders have attributed the strength to poor

arbitrages keeping supply low.While July gasoline imports into the US Atlantic

Coast reached a 2018 high of 15.37 million barrels, market sources said shipments have slowed considerably for August.

Sources also said barrels were being taken off Colonial Pipeline in the US Southeast instead of making their way up to the New York Harbor, further tightening supply.

The arbitrage up the line has been unappealing all summer. Value of space on the gasoline-only Line 1 has been below minus 1 cent/gal since July 19 and has not been in positive territory since April.

“The Gulf Coast does not pay, Chicago is high and no imports all adds to this,” a second source said.

The arbitrage to send CBOB from the Gulf Coast to Chicago netted shippers about 1.8 cents/gal as of Thursday, compared to losing 0.50 cent/gal for the same product delivered to the New York Harbor.



End in sightThe current low supply situation likely won’t last long, traders have said. Most US gasoline markets are backwardated throughout August, as refinery production is expected to ramp up after a string on unplanned outages over the summer.

“[Tightness in the market] has really been a persistent issue this summer,” a third source said. “There’s been a lot of unplanned maintenance. It?s just been one thing after another.”

Refineries from Utah to Texas experienced unplanned upsets in June and July, frequently sending regional spot prices higher.

US Energy Information Administration data showed US refineries ran at an average of 95.2% of their total capacity, up 0.67% from the same average last year and up 0.94% from the prior three-year average.

In the week ended July 6, US refineries ran at 96.7% of their total capacity, the highest July weekly figure since the week ended July 24, 1998.

That strong output was mainly supported by the Atlantic Coast, as Gulf Coast runs were down slightly from last year, running at 94.6% of capacity, down from 96.3% during the year-ago month.

“It seems everyone has their ducks in a row, so barring any storm issues [the Gulf Coast] should crank out product in August,” the third source said.

Backwardation takes holdWhile US gasoline is always backwardated this time of year because RVP levels switch in September to winter-grade specifications, tight supply for prompt trading has made it especially pronounced.

The balance-month August Gulf Coast gasoline swap as of Friday morning was at 6.72-cent a backwardation to the September swap.

This backwardation will likely increase as September approaches, with the September swap differential falling if the lack of tropical activity in the Gulf of Mexico continues.

The September swap typically trades at a positive to NYMEX as a built-in hurricane premium.

In the cash market, Gulf Coast prompt CBOB traded Friday 20 points stronger than the following cycle, while prompt RBOB held a 50-point premium to its following cycle.

New York Harbor cash RBOB was backwardated by about 15 points per day throughout August, according to Friday trading.

Japan imports rare Singapore cargoJapan has imported some gasoline from Singapore in a rare move to tide over domestic market tightness stemming from refinery turnarounds and outages, market sources said this week.

The last time Japan, typically balanced on gasoline, imported gasoline from Singapore was in June 2017, for a 40,007 kiloliter (251,540 barrels) clip, according to data from Japan’s Ministry of Economy, Trade and Industry.

A Medium Range clean petroleum tanker carrying up to 35,000 mt of gasoline loaded from Natural Fuels Terminal Jetty 1 in Singapore and due to arrive in Chiba on August 9, according to market sources and data from S&P Global Platts cFlow.

Phillips 66 fixed the Nave Pyxis for a Singapore-Japan voyage, loading a cargo of gasoline over July 29, at Worldscale 160 points basis 30,000 mt. Sources said that since the tanker was expected to load up to 35,000 mt of cargo with 50% overage, the freight would equate to $13.88/mt using a flat rate of $9.34/mt for Singapore to Chiba.

Phillips 66 declined to comment on the fixture.This is an unusual move as Japan typically meets

its own gasoline demand with its domestic refineries, market sources said.

Refinery turnarounds and outages have tightened the gasoline market which bolstered domestic prices, and encouraged imports.

“The domestic premium [in Japan] is very high, so it makes sense to import,” a gasoline broker said.

Refiner Taiyo Oil is conducting a major turnaround at the

138,000 b/d Kikuma refinery in western Japan.Both crude distillation units were shut over June 8-9,

and the maintenance is expected to last until end-August. Cosmo Oil’s 100,000 b/d Sakai refinery also remained shut and is due for an upgrade in 2019.

“[Any shortfall in Japanese gasoline] should be bought from the international market, as some refineries have low production rates or are shutting down so the domestic market cannot cover a total loss from one refinery,” a source with a Japanese refiner said.

Stocks of gasoline in Japan fell by 3.3% from the previous week to stand at 9.33 million barrels in the week ended July 28, data from the Petroleum Association of Japan showed. This was down 15% from a year ago.

NWE supply tightThe European gasoline market remained strong, as tightness in the Northwest kept prices elevated.

In the paper market, the September Eurobob crack swap rose 30 cents/b to $10.40/b at the market close.

“Euro grade [gasoline] has been really tight for the past few weeks,” a source said.

The heat in the region could affect refiners and this, alongside an increase in West African demand Friday, were the latest factors contributing to the higher gasoline prices in NWE.

Refineries needed to cool their crude distillation columns amid very high temperatures in the region and some had reduced output in order to cope with the heat, although the measures appeared to be temporary and had not been widespread, said sources.

“Some refineries might have to reduce capacity by 1%-2%,” a source said, but that would have “very little impact on refinery output.”

Gasoline inventories were up slightly in the Amsterdam-Rotterdam-Antwerp hub, increasing by 3.1% to 970,000 mt (8.2 million barrels) in the week to Thursday, according to data from PJK International.

Northern European gasoline saw further demand Friday,



following some renewed buying interest from West Africa after a slow week of demand from the region.

Three ships – the Vela, the UACC Eagle and the Mare di Genova – were heard put on subjects Friday for trips to West Africa.

The Vela, carrying 37,000 mt of gasoline and the UACC Eagle, carrying 60,000 mt, were put on subjects by Vitol, heading to West Africa from Ventspils, Latvia, and the Baltic respectively.

The Mare di Genova was taken by Mercuria carrying 37,000 mt of gasoline going ARA-WAF.

dIESEl

US Gulf Coast rallies to highUS Gulf Coast ultra low sulfur diesel has spiked this week to its strongest point in months, fueled by strong oil prices and export demand into Latin America, market sources said.

S&P Global Platts assessed the market Thursday at the September NYMEX ULSD futures contract minus 3.70 cents/gal. It was traded as high as minus 3.60 cents/gal during the Platts Market on Close assessment process, but an offer was left standing at minus 3.65 cents/gal.

The market was holding steady Friday morning, with bids at minus 3.75 cents/gal and offers at minus 3.65 cents/gal.

The latest assessment is the strongest the market has been since May 18. The market has shot up the past two days, rising 75 points/gal.

That is the largest two-day spike since May 8 and the third-highest two-day jump since January.

Both domestic and foreign demand are driving the rally, market sources said.

Demand in the Gulf Coast and Midwest has been bolstered by the strong price of oil, as diesel is used for trucking, pumps and in hydraulic fracturing fluid. There were 480 Permian oil rigs and 80 Eagle Ford oil rigs the week ending July 27, according to latest Baker Hughes rig count.

Compared with the previous year, those are up 101 rigs

and four rigs, respectively.The oil boom has helped Midwest demand in the

Great Plains states, such as the Dakotas, Wyoming, and Oklahoma.

Group 3 ULSD is at its second-highest point of the year while Chicago ULSD is at a yearly high. The Gulf Coast arbitrage into both regions is open, according to Platts data, which has helped lift the USGC price and has led to a freeze and allocation on the Explorer pipeline.

That domestic diesel hunger is displayed in low stockpiles.ULSD stockpiles are down more than 20 million

barrels year on year, according to the latest US Energy Information Administration data. There were 112.117 million barrels stockpiled for the week ending July 27, according to the report released Wednesday. While that is a weekly build of 2.936 million barrels, it is down 20.154 million barrels from about the same point last year.

Compounding the demand is renewed export appetite from Latin America, source said.

Sources were split on whether a ULSD rally in Singapore this week was helping to lift USGC differentials. FOB Singapore 10 ppm sulfur gasoil differential jumped to a premium of 21 cents/b to the Mean of Platts Singapore Gasoil assessment at the close of Asian trade Thursday, its highest point since June 1. Some market sources have said the Singapore rally could cut off the flows of far east ULSD into Latin America.

“The Far East sent some oil to Latin America that backed some exports into the USGC last [third of] July and first [third of] August, and now we are seeing some of that demand come back,” a ULSD trader said.

Others said, due the transit time from the Far East into Latin America, the Singapore rally should not impact prompt prices.

“It’s more than a 30-day voyage [from the Far East] to the closest part of Latin America,” a second ULSD source said. “The Singapore rally [started] Monday, I don’t think that’s why we rallied. It’s likely driven by ongoing strong domestic demand.”

Singapore stocks lowerAfter eight weeks of builds in middle distillate inventories, stocks in Singapore have finally begun to draw.

Onshore commercial stocks of middle distillates – which include gasoil, jet fuel and kerosene – in the main trading hub of Singapore fell 8.8% to 9.9 million barrels for the week ending August 1, according to IE Singapore data.

In tenders, India’s Nayara Energy has sold up to 70,000 mt of 500 ppm sulfur gasoil at between a discount of 20 cents/b to parity to the August average of the Mean of Platts Arab Gulf Gasoil assessments, FOB.

Trade sources said that Aramco Trading Corp. was awarded the tender, but this could not be confirmed.

The cargo is to load over August 27-31 from Vadinar and is Nayara Energy’s last for August. The refiner has sold five spot gasoil parcels, totaling up to 345,000 mt, for loading in August via tenders.

GASOIl

US backwardation deepensThe Gulf Coast high sulfur heating oil market fell slightly Friday on the move to the 44th Colonial Pipeline cycle but remained unseasonably strong, and swap activity deepened the backwardation.

S&P Global Platts assessed Gulf Coast high sulfur heating oil at NYMEX September ULSD futures minus 14.50 cents/gal, down 25 points/gal. The market was quiet, with an offer heard at minus 14 cents/gal.

Values weakened slightly on backwardation in the market, but swap trading Friday showed the

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Volume 96 / Number 149 / August 6, 2018

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backwardation steepening.Three August 2018 Gulf Coast high sulfur heating

oil swaps traded at minus 16.25 cents/gal, indicating a backwardation of about 75 points/gal per cycle through the end of the month.

Prompt values have risen due to low supply, with US and Gulf Coast supply of distillate fuel with more than 500 ppm sulfur at all-time lows according to EIA data.

In the US Atlantic Coast, values for ultra low sulfur heating oil rose Friday as the Renewable Volume Obligation hovered near 3 cents/gal.

ULSHO delivered off the Colonial Pipeline in Linden, New Jersey, was assessed at minus 2.75 cents/gal, up 75 points/gal on the day. Barges moved up in tandem, assessed at minus 3 cents/gal.

Values came in as RVO was assessed at 3.01 cents/gal, down from 3.07 cents/gal. ULSHO is the same as ULSD but has no renewable fuel blending obligation associated with its value since it is not used as

transportation fuel, so its discount to ULSD tends to track with RVO values.

In the Med, the cargo market was supported by healthy demand in North Africa as spot buying interest remained weak in the Amsterdam-Rotterdam-Antwerp hub amid rising freight costs for barges.

CIF Mediterranean 0.1% gasoil cargoes were assessed at a $2.50/mt premium over the front-month LSGO contract Friday, down from $2.75/mt Thursday.

Despite the decrease, differentials were at a nearly two-month high.

“It seems that for August the main demand for 0.1% gasoil is into Algeria...Egypt and Libya are OK, taking some volumes,” a trader said.

“The Med [gasoil market] is a little bit strong and since the West African gasoil market is rather weak at the moment, some gasoil is blended in the North of Europe for sale on an “as-is” density basis in the Mediterranean instead,” he added.

The arbitrage from Northwest Europe to the Mediterranean is only open for heavier gasoil to be sold to Egypt or Libya on a “as-is” basis, a trader said.

JEt

Singapore regrade lower, exports briskJet fuel continued moving out of Asia and the Middle East, helping to limit some of the downside risk in the region where surplus barrels continued to weigh on the market.

The Singapore jet to gasoil regrade shed another 15 cents/b Friday to minus 35 cents/b, continuing a trend lower that began in mid-May.

In the export market, Aramco Trading is moving 60,000 mt of jet fuel from the Persian Gulf to the UK Continent for August 14 loading at a lumpsum freight rate of $1.5 million onboard the Cielo Di Rotterdam, shipping data showed.




Product Price Assessments

ASIA, AUG 3 Mid Change

Singapore (PGA page 2002)

($/barrel)Naphtha PAAAP00 72.74–72.78 72.760 +0.300Jet kerosene PJABF00 86.38–86.42 86.400 +0.930Gasoil POABC00 86.73–86.77 86.750 +1.080Gasoil 10 ppm AAOVC00 86.73–86.77 86.750 +1.080Gasoil 50 ppm AAPPF00 86.17–86.21 86.190 +1.080Gasoil 0.05% S AAFEX00 85.36–85.40 85.380 +1.180Gasoil 0.25% S AACUE00 85.11–85.15 85.130 +1.150Gasoil 50 ppm disc/prem AAPPH00 -0.38–-0.34 -0.360 -0.010Mogas 92 unl PGAEY00 80.74–80.78 80.760 +0.740Mogas 95 unl PGAEZ00 83.00–83.04 83.020 +1.020Mogas 97 unl PGAMS00 84.66–84.70 84.680 +1.080CFR Naphtha AAOVF00 71.540 +0.490Naphtha pap. (bal month) AAPLD00 71.63–71.67 71.650 +0.500Naphtha pap. (Sep) PAAAQ00 70.78–70.82 70.800 +0.550Naphtha pap. (Oct) PAAAR00 70.33–70.37 70.350 +0.600Kerosene pap. (bal month) AAPLE00 86.32–86.36 86.340 +0.940Kerosene pap. (Sep) PJABS00 86.31–86.35 86.330 +1.000Kerosene pap. (Oct) PJABT00 86.28–86.32 86.300 +1.000Gasoil pap. (bal month) AAPLF00 86.58–86.62 86.600 +1.090Gasoil pap. (Sep) POAFC00 86.43–86.47 86.450 +1.100Gasoil pap. (Oct) POAFG00 86.23–86.27 86.250 +1.070($/mt)FO 180 CST 2% PUAXS00 463.83–463.87 463.850 -0.530HSFO 180 CST PUADV00 453.62–453.66 453.640 -0.520180 CST disc/premium AAGZF00 5.73–5.77 5.750 -0.250

Mid Change

Singapore (continued)(PGA pages 2002 & 2655)

($/mt)HSFO 380 CST PPXDK00 446.42–446.46 446.440 -0.630HSFO 180 CST pap. (bal month) AAPML00 450.23–450.27 450.250 -0.250HSFO 180 CST pap. (Sep) PUAXZ00 442.48–442.52 442.500 +0.250HSFO 180 CST pap. (Oct) PUAYF00 437.83–437.87 437.850 +0.200MTBE PHALF00 756.50–758.50 757.500 +7.000

C&F Japan (PGA page 2006)

($/barrel)Jet kerosene PJAAN00 87.02–87.06 87.040 +0.820Mogas unl PGACW00 82.59–82.63 82.610 +0.710Gasoil POABF00 87.02–87.06 87.040 +1.120($/mt)Naphtha PAAAD00 656.25–661.75 659.000 +4.250Nph 2nd 1/2 Sep PAAAE00 666.50–667.00 666.750 +3.750Nph 1st 1/2 Oct PAAAF00 661.25–661.75 661.500 +4.000Nph 2nd 1/2 Oct PAAAG00 656.25–656.75 656.500 +4.500HSFO 180 CST PUACJ00 464.64–464.68 464.660 -0.160FOB Japan($/barrel)Gasoil POJAP00 93.924 +0.346

C+F Australia (PGA page 2004)

($/barrel)Mogas 92 unl AACZF00 84.84–84.88 84.860 +0.650Mogas 95 unl AACZH00 87.10–87.14 87.120 +0.930Jet kerosene AAFIY00 90.51–90.55 90.530 +0.840Gasoil 10 ppm AAQUD00 91.11–91.15 91.130 +0.990

INdONESIA, AUG 3 (PGA page 2516)

($/barrel) FOB Indonesia Mid ChangeLSWR mixed/cracked PPAPU00 74.56–74.60 74.580 -0.040

spot prem/discLSWR mixed/cracked AAHXR00 8.69–8.73 8.710 0.000

PlAttS INdEx, AUG 3 (PGA page 115)

ChangePlatts Jet Fuel Index PJGLO00 240.73 +0.360

The Platts Jet Fuel Index is calculated using daily assessments of Jet fuel spot prices in relevant regional centers. These values are compared with average spot prices in the base period (Index value of year 2000 = 100%) to generate a percentage figure reflecting the overall rise or fall in markets compared to the base period.

ChINA, AUG 3 (PGA page 2010)

($/mt) Mid Change

South China FOB

Unl 90 RON AAICU00 680.25–684.25 682.250 +6.250Unl 93 RON AAICW00 688.75–692.75 690.750 +6.250

South China, C&F

Jet kerosene PJABQ00 686.50–690.50 688.500 +6.750Gasoil 0.2% AALEK00 635.25–639.25 637.250 +9.000Gasoil POAFA00 647.00–651.00 649.000 +8.500

hong kong

Fuel oil 180 CST PUACC00 477.00–478.00 477.500 -13.500

Fuel oil 380 CST PUAER00 469.00–470.00 469.500 -12.500

ArAB GUlF, FOB, AUG 3 (PGA page 2004)

($/mt) Mid ChangeNaphtha PAAAA00 633.63–639.13 636.380 +4.460Naphtha LR2 AAIDA00 635.97–641.47 638.720 +4.350HSFO 180 CST PUABE00 442.25–442.29 442.270 -0.520HSFO 380 CST AAIDC00 435.05–435.09 435.070 -0.630

($/barrel)95 RON unleaded AAICY00 80.46–80.50 80.480 +1.05092 RON unleaded AAGJA00 78.220 +0.770Kerosene PJAAA00 84.75–84.79 84.770 +0.940Kerosene LR2 AAKNZ00 84.84–84.88 84.860 +0.940Gasoil 10 ppm AAIDT00 85.00–85.04 85.020 +1.090Gasoil 0.05% S AAFEZ00 83.95–83.99 83.970 +1.040Gasoil 0.25% S AACUA00 83.20–83.24 83.220 +1.040Gasoil POAAT00 85.00–85.04 85.020 +1.090Gasoil LR2 AAKBT00 85.09–85.13 85.110 +1.080

FUJAIrAh, FOB, AUG 3 (PGA page 2018)

($/barrel) Mid Change

Gasoline 95 unleaded AFUJA00 83.810 +0.410Kerosene AFUJF00 85.610 +0.940Gasoil 10 ppm AFUJP00 85.740 +1.110Gasoil AFUJK00 85.740 +1.110

($/mt)HSFO 380 CST AFUJQ00 443.580 +0.530

AsiA product premium/discount Assessmentsaug 3 Mid Change

MOP* singapore (PGA page 2002)

($/barrel)Jet PJACU00 0.04/0.08 0.060 -0.030Gasoil 0.25% S AACQI00 -1.44/-1.40 -1.420 +0.060Gasoil POAIC00 0.18/0.22 0.200 -0.010CFR Naphtha AAOVG00 0.150 0.000

($/mt)380 CST PPXDL00 6.37/6.41 6.390 -0.190

MOP* arab Gulf (PGA page 2004)

($/barrel)Jet PJACV00 0.88/0.92 0.900 -0.050Gasoil 10 ppm AAIDU00 0.93/0.97 0.950 0.000Gasoil 0.25% S AACUC00 -0.87/-0.83 -0.850 -0.050Gasoil POAID00 0.93/0.97 0.950 0.000380 CST** PPXDM00 -7.22/-7.18 -7.200 -0.110

($/mt)HSFO 180 CST AAXJA00 15.75/16.25 16.000 +0.500HSFO 380 CST AAXJB00 15.75/16.25 16.000 +0.500

MOP* Japan (PGA page 2006)

($/barrel)Naphtha PAADI00 11.25/11.75 11.500 +0.500

MOP* West India (PGA page 2012)

($/mt)Gasoline (92 RON) AARBQ00 673.500 +6.430Gasoline (95 RON) AAQWI00 684.410 +8.710Naphtha AAQWK00 639.480 +4.530Jet kero AAQWM00 669.600 +7.490Gasoil (10 ppm) AAQWO00 648.080 +8.370Gasoil (500 ppm) AAQWQ00 623.120 +8.930Gasoil (2500 ppm) AAQWS00 621.260 +8.710

($/barrel)Gasoline (92 RON) AARBP00 79.240 +0.760Gasoline (95 RON) AAQWH00 81.480 +1.040Naphtha AAQWJ00 71.050 +0.500Jet kero AAQWL00 84.760 +0.950Gasoil (10 ppm) AAQWN00 85.050 +1.100Gasoil (500 ppm) AAQWP00 83.640 +1.200Gasoil (2500 ppm) AAQWR00 83.390 +1.170

*Mean of Platts. **=Differential to FOB Arab Gulf HSFO 180 CST.




EUrOPEAN BUlk, AUG 3($/mt) Mid Change Mid Change

(PGA page 1114)

Cargoes FOB Med basis Italy Cargoes CIF Med basis Genoa/laveraPrem unl 10 ppm AAWZA00 718.25–718.75 718.500 +12.750 AAWZB00 725.00–725.50 725.250 +12.750Naphtha physical PAAAI00 625.50–626.00 625.750 +0.500 PAAAH00 634.50–635.00 634.750 +0.500Jet av. fuel AAIDL00 680.75–681.25 681.000 +3.500 AAZBN00 692.75–693.25 693.000 +3.500ULSD 10 ppm AAWYY00 652.25–652.75 652.500 +4.750 AAWYZ00 660.75–661.25 661.000 +4.750Gasoil 0.1% AAVJI00 642.50–643.00 642.750 +4.250 AAVJJ00 652.50–653.00 652.750 +4.2501% fuel oil PUAAK00 425.50–426.00 425.750 +1.000 PUAAJ00 435.00–435.50 435.250 +1.0003.5% fuel oil PUAAZ00 420.25–420.75 420.500 +0.250 PUAAY00 430.00–430.50 430.250 +0.250

(PGA page 1110)

Cargoes FOB NWE Cargoes CIF NWE basis ArAGasoline 10 ppm AAXFQ00 760.50–761.00 760.750 -2.000Naphtha swaps PAAAJ00 638.75–639.25 639.000 +1.500Naphtha physical PAAAL00 641.25–641.75 641.500 +0.500Jet kerosene PJAAV00 686.00–686.50 686.250 +3.500 PJAAU00 694.25–694.75 694.500 +3.500ULSD 10 ppm AAVBF00 647.00–647.50 647.250 +4.250 AAVBG00 656.25–656.75 656.500 +4.250Diesel 10 ppm NWE AAWZD00 648.50–649.00 648.750 +4.250 AAWZC00 658.00–658.50 658.250 +4.250Diesel 10 ppm UK AAVBH00 658.75–659.25 659.000 +4.250Gasoil 0.1% AAYWR00 631.00–631.50 631.250 +4.750 AAYWS00 644.00–644.50 644.250 +4.7501% fuel oil PUAAM00 422.00–422.50 422.250 -0.750 PUAAL00 431.50–432.00 431.750 -0.7503.5% fuel oil PUABB00 401.50–402.00 401.750 +0.750 PUABA00 414.25–414.75 414.500 +0.500

(PGA pages 1112 & 1380)

Barges FOB rotterdam98 RON unl AAKOD00 813.50–814.00 813.750 -2.000Prem unl PGABM00 728.50–729.00 728.750 -2.000Reformate AAXPM00 760.750 -2.000Eurobob AAQZV00 733.50–734.00 733.750 -2.000Naphtha physical PAAAM00 637.25–637.75 637.500 +0.500Jet kerosene PJABA00 689.75–690.25 690.000 +1.750Diesel 10 ppm* AAJUS00 650.75–651.25 651.000 +4.750Gasoil 50 ppm AAUQC00 639.25–639.75 639.500 +4.750Gasoil 0.1%* AAYWT00 637.50–638.00 637.750 +4.7501% fuel oil PUAAP00 420.00–420.50 420.250 +0.5003.5% fuel oil PUABC00 420.00–420.50 420.250 +0.5003.5% 500 CST fuel oil PUAGN00 415.00–415.50 415.250 +0.500380 CST PUAYW00 421.50–422.50 422.000 -5.000*FOB Amsterdam-Rotterdam-Antwerp

Platts eurO denOMInated PrOduCt assessMentsaug 3 Mid Change

Cargoes CIF nWe/basis ara (€/mt) (PGA page 1116)

Nap phy AAQCE00 552.85–553.28 553.065 +1.192Jet AAQCF00 598.54–598.97 598.759 +3.839

Cargoes FOB nWe (PGA page 1116)

1% AAQCG00 363.82–364.26 364.040 -0.144

Barges FOB rotterdam (€/mt) (PGA page 1118)

Prem unl AAQCH00 628.07–628.50 628.287 -0.85610 ppm* AAQCI00 561.04–561.47 561.255 +4.862Gasoil 0.1%* AAYWY00 549.62–550.05 549.832 +4.8473.50% AAQCK00 362.10–362.53 362.316 +0.9303.50% 500 CST PUAGO00 357.79–358.22 358.005 +0.924 Mid Change

Conventional cargoes nY harbor (€¢/gal) (PGA pages 1350 & 1450)

Unleaded 87 AAPYV00 181.13–181.21 181.171 +3.211Unleaded 89 AAPYW00 186.71–186.80 186.757 +2.306Unleaded 93 AAPYX00 195.09–195.18 195.138 +0.949

Cargoes CIF West africa (€/mt) (PGA page 1116)

Gasoline AANWC00 613.846 +2.352

Cargoes FOB nWe West africa (€/mt) (PGA page 1116)

Gasoline AGNWA00 601.345 +2.335

Cargoes FOB sts West africa (€/mt) (PGA page 1116)

Gasoil 0.3% AGNWE00 551.341 +4.849

Euro/US$ forex rate: 1.1599. Platts Euro denominated European & US product assessments are based on market values and a Euro/US$ forex rate at 4:30 PM local London time. *FOB Amsterdam-Rotterdam-Antwerp.

WESt AFrICA PrOdUCtS ($/mt), AUG 3 Mid Change

West Africa cargoes (PGA page 1122)

FOB NWEGasoline AAKUV00 697.500 +1.750

CIF West AfricaGasoline AGNWC00 712.000 +1.750

FOB StS West AfricaGasoil 0.3% AGNWD00 639.500 +4.750

EUrOPEAN FEEdStOCkS ANd BlENdStOCkS Change

CIF Northwest Europe cargo ($/mt) (PGF page 1760)

VGO 0.5-0.6% AAHMZ00 519.00–520.00 519.500 +1.500VGO 2% AAHND00 510.50–511.50 511.000 +1.500

FOB Northwest Europe cargo ($/mt)

VGO 0.5-0.6% AAHMX00 506.00–507.00 506.500 +1.500VGO 2% AAHNB00 497.50–498.50 498.000 +1.500Straight Run 0.5-0.7% PKABA00 466.00–467.00 466.500 +1.500

FOB Black Sea cargo ($/mt)

VGO 0.8% ABBAD00 508.250 +1.500VGO 2% ABBAC00 499.750 +1.500

CIF Mediterranean cargo ($/mt)

Straight Run 0.5-0.7% AAJNT00 466.000 +1.500VGO 0.8% ABBAB00 519.500 +1.500VGO 2% ABBAA00 511.000 +1.500FOB rotterdam barge ($/mt)MTBE* PHALA00 818.75–819.25 819.000 -10.000VGO 0.5-0.6% AAHNF00 499.25–500.25 499.750 +4.000VGO 2% AAHNI00 490.50–491.50 491.000 +2.000* FOB Amsterdam-Rotterdam-Antwerp




new York/Boston, Aug 3 (PGA page 152)

Mid Change Mid Change Mid Change

New york

Cargo (¢/gal) rVP Barge (¢/gal) rVP differentials to NyMExUnl 87 AAMHG00 207.00–207.10 207.050 +0.740 AAMHGRV 9.0 AAMIT00 207.00–207.10 207.050 +0.740 AAMITRV 9.0Unl 89 AAMIW00 213.00–213.10 213.050 -0.400 AAMIWRV 9.0 AAMHJ00 213.00–213.10 213.050 -0.400 AAMHJRV 9.0Unl 93 AAMIZ00 222.00–222.10 222.050 -2.110 AAMIZRV 9.0 AAMHM00 222.00–222.10 222.050 -2.110 AAMHMRV 9.0CBOB AAWBK00 209.50–209.60 209.550 +0.990 AAWBKRV 9.0 AAWBL00 208.25–208.35 208.300 +0.990 AAWBLRV 9.0 AANYX14 1.750 +1.250Prem CBOB AAWLD00 233.55–233.65 233.600 -0.260 AAWLDRV 9.0 AAWLC00 232.30–232.40 232.350 -0.260 AAWLCRV 9.0Unl RBOB AAVKS00 214.50–214.60 214.550 +0.990 AAVKSRV 9.0 AAMGV00 213.25–213.35 213.300 +0.990 AAMGVRV 9.0 AANYX15 6.750 +1.250Prem RBOB AAVKT00 227.75–227.85 227.800 -0.260 AAVKTRV 9.0 AAMGY00 226.50–226.60 226.550 -0.260 AAMGYRV 9.0Jet fuel PJAAW00 215.64–215.74 215.690 -0.740 ADIGA00 3.000 -0.250LS jet kero PJABJ00 224.39–224.49 224.440 -0.490ULS kero AAVTI00 225.39–225.49 225.440 -0.490No. 2 POAEG00 198.64–198.74 198.690 -0.490 ADIAO00 -14.000 0.000ULSD AATGX00 212.24–212.34 212.290 -0.290 ADIZA00 -0.400 +0.200LS heating oil AAXPY00 206.190 -0.490 ADIAP00 -6.500 0.000ULS heating oil AAXPX00 209.690 +0.260 ADIAQ00 -3.000 +0.750

Cargo ex-duty (¢/gal)* rVP<Unl 87 AASAA00 202.28–202.38 202.330 +0.800 AASAARV 9.0Unl 89 AASAB00 208.27–208.37 208.320 -0.340 AASABRV 9.0Unl 93 AASAC00 217.26–217.36 217.310 -2.050 AASACRV 9.0CBOB AASAD00 204.77–204.87 204.820 +1.040 AASADRV 9.0Prem CBOB AASAE00 228.79–228.89 228.840 -0.200 AASAERV 9.0Unl RBOB AASAF00 209.77–209.87 209.820 +1.050 AASAFRV 9.0Prem RBOB AASAG00 223.00–223.10 223.050 -0.200 AASAGRV 9.0

($/barrel) differential vs 1s strip ($/barrel)No. 6 0.3% S hi pr PUAAE00 77.18–77.20 77.190 -0.480 AAUGA00 10.16–10.18 10.170No. 6 0.3% S lo pr PUAAB00 77.18–77.20 77.190 -0.480 AAUGB00 10.16–10.18 10.170No. 6 0.7% S max PUAAH00 69.18–69.20 69.190 -0.480 AAUGC00 2.16–2.18 2.170No. 6 1% S max PUAAO00 67.18–67.20 67.190 -0.480 AAUGD00 0.16–0.18 0.170No. 6 1% S max 1s strip AAUGG00 67.01–67.03 67.020 -0.330No. 6 2.2% S max PUAAU00 65.85–65.87 65.860 -0.590 AAUGE00 -1.17–-1.15 -1.160No. 6 3.0% S max PUAAX00 64.96–64.98 64.970 -0.660 AAUGF00 -2.06–-2.04 -2.050No. 6 1.0% S max FOB AAWLG00 66.43–66.45 66.440 -0.480 AAWLG20 -0.59–-0.57 -0.580Fuel oil RMG 380 AAWLF00 66.71–66.73 66.720 -0.660 AAWLF20 -0.31–-0.29 -0.300No. 6.1 S max pap bal M AARZS00 67.14–67.16 67.150 -0.300No. 6 1.0% S pap 1st M PUAXD00 66.00–66.10 66.050 -0.400No. 6 1.0% S pap 2nd M PUAXF00 65.45–65.55 65.500 -0.400No. 6 1.0% S pap qtrly PUAXG00 64.97–65.07 65.020 -0.380

*These assessments reflect gasoline cargoes sold on a delivered, ex-duty basis New York, excluding import duty and import taxes/fees.

Boston

Cargo (¢/gal)Unl RBOB (Boston) AAVPV00 215.25–215.35 215.300 +0.990

($/barrel)No. 6 2.2% S max (Bstn) PUAWN00 66.70–66.72 66.710 -0.590

USAC CPl lINdEN*, AUG 3 (PGA page 410)

(¢/gal) Mid Change differentials to NyMEx Change Cycle rVPUnl 87 ACXPW00 207.800 -0.260 AANYX40 1.250 0.000 ACRQWCY 39 ACRQWRV 9.0CBOB ABXPW00 203.800 -0.260 AANYX41 -2.750 0.000 ABRQWCY 39 ABRQWRV 9.0RBOB ADXPW00 212.400 +0.240 AANYX42 5.850 +0.500 ADRQWCY 39 ADRQWRV 7.8Jet kero 54 AAXPV00 215.440 -0.740 AAXPVCY 39ULS heating oil AAXPU00 209.940 +0.260 AAXPUCY 39ULSD AAXPW00 212.840 -0.490 ADLAA00 0.150 0.000 AAXPWCY 39

*Assessments reflect shipments on the next full pipeline cycle after the prompt cycle




U.S. BUCkEyE PIPElINE, AUG 3 (PGA page 310)

(¢/gal) Mid Change rVP differentials to NyMEx ChangeUnl RBOB AAMHB00 212.95–213.05 213.000 +1.390 AAMHBRV 9.0 AANYX35 6.450 +1.650Prem RBOB AAMHZ00 226.20–226.30 226.250 +0.140 AAMHZRV 9.0CBOB AAPSY00 207.95–208.05 208.000 +1.390 AAPSYRV 9.0 AANYX33 1.450 +1.650CBOB prem AAPSZ00 232.00–232.10 232.050 +0.140 AAPSZRV 9.0CBOB-PA AAVYA00 203.00–203.10 203.050 +0.740 AAVYARV 10.0CBOB-PA prem AAVYB00 227.25–227.35 227.300 -0.260 AAVYBRV 10.0ULSD AATHF00 212.24–212.34 212.290 -0.290 ADIYA00 -0.400 +0.200Jet fuel AAJNL00 215.64–215.74 215.690 -0.740 ADIEA00 3.000 -0.250LS jet/kero AAJNN00 224.39–224.49 224.440 -0.490

rVP

laurelUnl CBOB AAUAS00 204.25–204.35 204.300 +0.740 AAUASRV 10.0Prem CBOB AAUAT00 228.50–228.60 228.550 -0.260 AAUATRV 10.0Unl RBOB AASSM00 212.95–213.05 213.000 +1.390 AASSMRV 10.0Prem RBOB AASSN00 226.20–226.30 226.250 +0.140 AASSNRV 10.0

All RVP references are after ethanol

GrOUP thrEE, AUG 3 (PGA page 160)

(¢/gal) Mid Change rVP differentials to NyMEx ChangeSub-octane AAXIX00 203.00–203.10 203.050 -1.010 AAXIXRV 9.0 AANYX01 -3.500 -0.750Prem. unleaded PGABD00 224.25–224.35 224.300 -1.010 PGABDRV 9.0ULSD AATHB00 214.84–214.94 214.890 -0.490 ADLAB00 2.200 0.000Jet fuel PJAAI00 210.64–210.74 210.690 -0.490 ADIKA00 -2.000 0.000

ChICAGO PIPElINE, AUG 3 (PGA page 160)

(¢/gal) Mid Change rVP differentials to NyMEx ChangeUnleaded 87 PGACR00 208.50–208.60 208.550 +0.490 PGACRRV 9.0Unleaded 89 PGAAX00 219.10–219.20 219.150 +0.490 PGAAXRV 9.0Prem. unl 91 PPASQ00 235.00–235.10 235.050 +0.490 PPASQRV 9.0CBOB AAREL00 207.50–207.60 207.550 +0.490 AARELRV 9.0 AANY101 1.000 +0.750PBOB AAUEU00 248.50–248.60 248.550 +0.490 AAUEURV 9.0RBOB PPARH00 219.25–219.35 219.300 +0.490 PPARHRV 9.0 AANY102 12.750 +0.750Jet fuel PJAAF00 221.39–221.49 221.440 -0.490 ADILA00 8.750 0.000ULSD AATHA00 215.89–215.99 215.940 -0.490 ADLAI00 3.250 0.000

ChICAGO BUCkEyE COMPlEx, AUG 3 (PGA page 160)

(¢/gal) Mid Change rVP differentials to NyMEx ChangeCBOB BCX ACBAA00 207.550 -1.010 ACBAARV 9.0 ACBAB00 1.000 -0.750RBOB BCX ACBAC00 219.300 -1.010 ACBACRV 9.0 ACBAD00 12.750 -0.750ULSD BCX ACBAE00 215.940 -0.490 ACBAF00 3.250 0.000

AtlAntic resid/contrAct cArgoes posted prices, Aug 3 (PGA page 564)

($/barrel) No. 4 Fuel No. 6 FuelGlobal

Boston 0.5% PRALB00 99.30 PRAMN00 86.70Boston 1.0% PRALD00 96.30 PRAMD00 80.70Boston 2.2% PRAMI00 74.70Portland 1.5% PRAKV00 96.60 PRALX00 78.60

ShAlE VAlUE ChAIN ASSESSMENtS, AUG 3 (PGN page 590)

¢/gal Change $/MMBtu ChangeGulf Coast ethane fractionation spread SCAAJ00 19.532 +0.168 SCAAD00 2.937 +0.025Gulf Coast E/P mix fractionation spread SCAAG00 16.657 +0.168 SCAAA00 2.505 +0.025E/P mix Midcontinent to Rockies SCAAH00 -3.259 +0.100 SCAAB00 -0.490 +0.015

fractionation spreadE/P mix Midcontinent fractionation spread SCAAI00 -3.226 -0.366 SCAAC00 -0.485 -0.055National raw NGL basket price SCAAL00 82.399 +0.461 SCAAF00 9.217 +0.057National composite fractionation spread SCAAK00 63.180 +0.128 SCAAE00 6.327 +0.007

The methodology for these assessments is available at:

www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/shale-value-chain.pdf




U.S. GUlF COASt, AUG 3 Mid Change Mid Change Mid Changehouston (PGA page 156)

Pipeline (¢/gal) differential to nYMeX Cycle rVP Waterborne (¢/gal) rVPUnl 87 PGACT00 203.75–203.85 203.800 -0.510 AANY105 -2.750 -0.250 PGACTCY 43 PGACTRV 9.0 PGACU00 205.75–205.85 205.800 -0.510 PGACURV 9.0Unl 89 PGAAY00 209.25–209.35 209.300 -0.510 PGAAYCY 43 PGAAYRV 9.0 PGAAZ00 211.25–211.35 211.300 -0.510 PGAAZRV 9.0Prem unl 93 PGAJB00 217.50–217.60 217.550 -0.510 PGAJBCY 43 PGAJBRV 9.0 PGAIX00 219.50–219.60 219.550 -0.510 PGAIXRV 9.0CBOB 87 AARQU00 198.00–198.10 198.050 -1.060 AANYX77 -8.500 -0.800 AARQUCY 43 AARQURV 9.0 AAWES00 200.00–200.10 200.050 -1.060 AAWESRV 9.0CBOB 93 AARQV00 212.25–212.35 212.300 +0.740 AARQVCY 43 AARQVRV 9.0RBOB 83.7 AAMFB00 208.25–208.35 208.300 +0.740 AANYX79 1.750 +1.000 AAMFBCY 43 AAMFBRV 7.8RBOB 91.4 AAMNG00 224.25–224.35 224.300 -1.260 AAMNGCY 43 AAMNGRV 7.8Jet/kero 54 PJABO00 208.89–208.99 208.940 -1.470 ADIAS00 -3.750 -0.980 PJABOCY 44 PJABM00 210.64–210.74 210.690 -1.470Jet/kero 55 PJABP00 209.14–209.24 209.190 -1.470 PJABPCY 44 PJABN00 210.89–210.99 210.940 -1.470ULS Kero AAVTL00 212.14–212.24 212.190 -1.470 AAVTLCY 44 AAVTK00 213.89–213.99 213.940 -1.470ULSD AATGY00 208.79–208.89 208.840 -0.640 ADIQA00 -3.850 -0.150 AATGYCY 44 AATGZ00 210.04–210.14 210.090 -0.840No. 2 POAED00 198.14–198.24 198.190 -0.740 ADIAA00 -14.500 -0.250 POAEDCY 44 POAEE00 202.14–202.24 202.190 -0.990ULS Heating Oil AAXFD00 205.94–206.04 205.990 -0.640 ADIAI00 -6.700 -0.150 AAXFDCY 44

FOB Cargo (¢/gal) FOB Cargo ($/mt)Export ULSD AAXRV00 208.090 -0.320 AAXRW00 651.110 -1.000

Colonial Pipeline Gasoline line space (c/gal) CycleLine 1 AAXTA00 -0.800 +0.300 AAXTACY 43Line 3 AAXTB00 0.000 0.000 AAXTBCY 43Line 1+3 AAXTC00 -0.800 +0.300 AAXTCCY 43

Colonial Pipeline distillates line space (c/gal)Line 2 AAXTD00 -0.850 0.000 AAXTDCY 44Line 3 AAXTE00 0.000 0.000 AAXTECY 44Line 2+3 AAXTG00 -0.850 0.000 AAXTGCY 44

($/barrel) differential vs usGC hsFO strip ($/barrel) usGC hsFO strip ($/barrel)Slurry Oil PPAPW00 66.81–66.83 66.820 -0.400 AAUGS00 2.48–2.50 2.490 0.000No. 6 1.0% S 6 API PUAAI00 68.31–68.33 68.320 -0.400 AAUGT00 3.98–4.00 3.990 0.000USGC HSFO PUAFZ00 63.81–63.83 63.820 -0.400 AAUGU00 -0.52–-0.50 -0.510 0.000 AAUGW00 64.32–64.340 64.330 -0.400RMG 380 PUBDM00 63.81–63.83 63.820 -0.400 AAUGV00 -0.52–-0.50 -0.510 0.000USGC HSFO swap BalMo(Aug) AARZT00 64.29–64.31 64.300 -0.400USGC HSFO swap M1(Sep) PUAXJ00 63.95–64.05 64.000 -0.400USGC HSFO swap M2(Oct) PUAXL00 63.45–63.55 63.500 -0.400USGC HSFO swap Q1( Q4 18) PUAXN00 62.95–63.05 63.000 -0.400(PGF page 760)

Waterborne (¢/gal) diff vs usGC waterborne 87 (¢/gal)FOB Naphha Cargo AAXJP00 188.75–188.85 188.800 -0.510FOB Naphha Cargo ($/mt) AAXJU00 660.79–660.89 660.840 -1.780FOB LSR Naphtha Parcel AAXQK00 161.750 0.000FOB LSR Naphtha Parcel ($/mt) AAXQM00 648.620 0.000FOB LSR Naphtha Parcel diff** AAXQN00 9.250 +0.250Naphtha barge AALPG00 190.75–190.85 190.800 -0.510 AASGZ00 -15.000Heavy naphtha barge AALPI00 194.00–194.10 194.050 -0.510 AASHD00 -11.750MTBE PHAKX00 236.39–236.49 236.440 -2.820

diff vs usGC pipeline 87 (¢/gal)Alkylate* AAXBA00 237.250 -0.280 AAFIE00 31.500 0.000 AAXBD00 33.500 0.000Raffinate* AAXBB00 189.750 -0.280 AAJMU00 -16.000 0.000 AAXBE00 -14.000 0.000Reformate* AAXBC00 257.250 -0.280 AAJMV00 51.500 0.000 AAXBF00 53.500 0.000

LSR = Light Straight Run. *=FOB barge. **= Diff to Mont Belvieu non-Targa natural gasoline.

Note: Platts line space assessments reflect the physical trade of gasoline or distillates at two locations agreed upon by the parties along the Colonial Pipeline between Pasadena, Texas, and Linden, New Jersey. The assessments represent the premium or discount paid by a buyer while taking refined product off the line at one location while giving product to the seller at another.




U.S. GUlF COASt PIPElINE CyClES, AUG 3 (PGA page 156)

(¢/gal) Pipeline Mid Cycle rVPGasoline

Unl-87 AAELC00 203.75–203.85 203.800 AAELCCY 43 AAELCRV 9.0Unl-87 AAELD00 203.75–203.85 203.800 AAELDCY 44 AAELDRV 9.0Unl-87 AAELE00 203.70–203.80 203.750 AAELECY 45 AAELERV 9.0Unl-87 AAELF00 203.65–203.75 203.700 AAELFCY 47 AAELFRV 9.0Unl-87 AAELG00 203.60–203.70 203.650 AAELGCY 48 AAELGRV 9.0Unl-87 AAELH00 203.55–203.65 203.600 AAELHCY 49 AAELHRV 9.0CBOB 87 AARQW00 197.950 AARQWCY 44 AARQWRV 9.0CBOB 87 AARQX00 197.900 AARQXCY 45 AARQXRV 9.0CBOB 87 AARQY00 197.850 AARQYCY 47 AARQYRV 9.0CBOB 87 AARQZ00 197.800 AARQZCY 48 AARQZRV 9.0CBOB 87 AARQA00 197.750 AARQACY 49 AARQARV 9.0

distillatesJet kero AAELQ00 208.89–208.99 208.940 AAELQCY 44Jet kero AAELR00 208.89–208.99 208.940 AAELRCY 45Jet kero AAELS00 208.94–209.04 208.990 AAELSCY 46Jet kero AAELT00 208.94–209.04 208.990 AAELTCY 47Jet kero AAELU00 208.99–209.09 209.040 AAELUCY 48Jet kero AAELV00 208.89–208.99 208.940 AAELVCY 49ULSD AAUJV00 208.79–208.89 208.840 AAUJVCY 44ULSD AAUJW00 208.84–208.94 208.890 AAUJWCY 45ULSD AAUJX00 208.89–208.99 208.940 AAUJXCY 46ULSD AAUJY00 208.94–209.04 208.990 AAUJYCY 47ULSD AAUJZ00 208.99–209.09 209.040 AAUJZCY 48ULSD AAUKD00 209.14–209.24 209.190 AAUKDCY 49No. 2 AAELW00 198.14–198.24 198.190 AAELWCY 44No. 2 AAELX00 197.39–197.49 197.440 AAELXCY 45No. 2 AAELZ00 196.64–196.74 196.690 AAELZCY 46No. 2 AAEMA00 195.89–195.99 195.940 AAEMACY 47No. 2 AAEMB00 195.14–195.24 195.190 AAEMBCY 48No. 2 AAEMC00 194.39–194.49 194.440 AAEMCCY 49ULS heating oil AAXFJ00 205.94–206.04 205.990 AAXFJCY 44ULS heating oil AAXFK00 205.99–206.09 206.040 AAXFKCY 45ULS heating oil AAXFL00 206.04–206.14 206.090 AAXFLCY 46ULS heating oil AAXFM00 206.09–206.19 206.140 AAXFMCY 47ULS heating oil AAXFN00 206.14–206.24 206.190 AAXFNCY 48

ULS heating oil AAXFP00 206.29–206.39 206.340 AAXFPCY 49

WESt COASt PIPElINE, AUG 3 (PGA page 158)

Mid Change rVPCalifornia

(¢/gal) los AngelesUnl 84 AAUHA00 202.50–202.60 202.550 -0.260 AAUHARV 9.0Prem unl 90 PGABG00 209.50–209.60 209.550 -0.260 PGABGRV 9.0CARBOB unl AAKYJ00 207.50–207.60 207.550 -0.260 AAKYJRV 6.0CARBOB prem AAKYL00 222.50–222.60 222.550 -0.260 AAKYLRV 6.0Jet fuel PJAAP00 214.39–214.49 214.440 -1.240ULS (EPA) diesel POAET00 217.39–217.49 217.440 -0.490CARB diesel POAAK00 217.89–217.99 217.940 -0.490

(¢/gal) differential to NyMExCARBOB AANVX00 0.95/1.05 1.000 0.000Jet fuel AANVY00 1.70/1.80 1.750 -0.750ULS (EPA) diesel AANVZ00 4.70/4.80 4.750 0.000CARB diesel AANWA00 5.20/5.30 5.250 0.000CARBOB paper 1-mo AAKYR00 13.95/14.05 14.000 0.000CARBOB paper 2-mo AAKYS00 12.70/12.80 12.750 0.000

(¢/gal) San FranciscoUnl 84 PGADG00 203.00–203.10 203.050 -0.260 PGADGRV 7.8Prem unl 90 PGABO00 215.00–215.10 215.050 -0.260 PGABORV 7.8CARBOB unl AAKYN00 207.50–207.60 207.550 -0.260 AAKYNRV 6.0CARBOB prem AAKYP00 227.50–227.60 227.550 -0.260 AAKYPRV 6.0Jet Fuel PJABC00 214.39–214.49 214.440 -1.240ULS (EPA) diesel POAEY00 216.14–216.24 216.190 -0.490CARB diesel POAAL00 216.14–216.24 216.190 -0.490

Other West

(¢/gal) PhoenixCBG/RBOB unl AADDP00 209.50–209.60(a) 209.550 -0.260 AADDPRV 5.7CBG/RBOB prem PPXDJ00 224.50–224.60(b) 224.550 -0.260 PPXDJRV 5.7

northwest

(¢/gal) SeattleUnl 84 AAXJE00 205.50–205.60 205.550 -0.010 AAXJERV 9.0Prem unl 90 AAXJF00 240.00–240.10 240.050 -0.010 AAXJFRV 9.0Jet fuel PJABB00 214.39–214.49 214.440 -1.240ULS (EPA) diesel AAUEX00 217.99–218.09 218.040 -0.490

(¢/gal) PortlandUnl 84 AAXJC00 207.50–207.60 207.550 -0.010 AAXJCRV 7.8Prem unl 90 AAXJD00 242.00–242.10 242.050 -0.010 AAXJDRV 7.8ULS (EPA) diesel AAUEY00 219.14–219.24 219.190 -0.490(a)=84 octane; (b)=90 octane

WESt COASt WAtErBOrNE, AUG 3 (PGA page 158)

(¢/gal) Mid ChangeUnl 87 PGADI00 202.50–202.60 202.550 -0.260Jet fuel PJABI00 213.39–213.49 213.440 -1.240

U.S. GUlF COASt SUPPlEMENtAl SUMMEr, AUG 3 (PGA page 332)

Waterborne (¢/gal) Mid Change rVPUnl 87 PGAAC00 211.25–211.35 211.300 -0.760 PGAACRV 7.8

U.S. GUlF COASt PIPElINE CyClES SUPPlEMENtAl, AUG 3 (PGA page 332)

(¢/gal) Pipeline Mid Cycle rVPCBOB 87 AASOB00 203.50–203.60 203.550 AASOBCY 43 AASOBRV 7.8

CBOB 93 AASOC00 219.25–219.35 219.300 AASOCCY 43 AASOCRV 7.8




lAtIN AMErICA, FOB, AUG 3 (PGA page 164) $/barrel Mid Change

Argentina

ULSD CIF AAXWZ00 91.770 -0.200

Colombia

FO 1.75% S FOB PPARO00 62.33–62.35 62.340 -0.400

Diluent Naphtha Ex-Ship AAXYB00 67.850 -0.120

Ecuador

FO 2.2% S FOB PPASL00 62.09–62.11 62.100 -0.400

RON 93 CIF AAXYC00 91.680 -0.180

ULSD CIF AAXWF00 91.320 -0.120

PeruNaphtha FOB PAAAS00 73.76–73.78 73.770 -0.180

FO 1.6% S FOB PPARK00 62.64–62.66 62.650 -0.400

Natural Gasoline CIF AAXWD00 65.700 +0.240

ULSD CIF AAXWY00 90.050 -0.040

Peso/liter Change

Mexico cargo

Gasoline CIF Eastern Mexico AAXWA00 85.470 -0.160 AATFH00 9.980 -0.040

Gasoline CIF Rosarito AATFA00 84.700 -0.100 AATFK00 9.890 -0.040

Gasoline CIF Lazaro Cardenas AATFD00 85.170 -0.100 AATFN00 9.940 -0.040

ULSD CIF Eastern Mexico AAXWE00 87.850 -0.020 AATFI00 10.250 -0.040

ULSD CIF Rosarito AATFB00 90.290 -0.200 AATFL00 10.540 -0.050

ULSD CIF Lazaro Cardenas AATFE00 90.250 -0.010 AATFO00 10.530 -0.040

Jet CIF Eastern Mexico AATFG00 88.970 -0.230 AATFJ00 10.380 -0.060

Jet CIF Rosarito AATFC00 90.790 -0.540 AATFM00 10.600 -0.090

Jet CIF Lazaro Cardenas AATFF00 91.110 -0.200 AATFP00 10.630 -0.060

CArIBBEAN CArGOES, FOB, AUG 3 (PGA page 162) Mid Change

$/mtJet kerosene PJAAD00 708.49–708.55 708.520 -1.790

¢/galJet kerosene PJAAD10 211.49–211.51 211.500 -0.530

$/barrelNo. 6 2.0% S PUAAS00 65.31–65.33 65.320 -0.400

CArIBBEAN PrOdUCt POStINGS (¢/gal), AUG 3 (PGA page 466)Prices effective Jul 26 PetrotrinAvgas 100/130 PTAHQ09 546.0095 Oct. unl PTADR00 246.0092 Oct. unl AANTB00 237.0083 Oct. unl AAOCF09 222.00Dpk/jet PTAEP09 231.0045 cet 0.5%S gasoil PTADQ09 220.00Heavy fuel oil ($/barrel) PTAEM09 80.00

GAS lIQUIdS (¢/gal), AUG 3 (PGA page 780)

Mid Change Mont Belvieu

Ethane/propane PMUDA05 35.825–35.925 35.875 +0.500

Ethane/propane Mo.2 AAWUB00 34.450–34.550 34.500 +0.875

Ethane purity PMUDB05 38.700–38.800 38.750 +0.500

Ethane mo. 2 AAWUC00 37.325–37.425 37.375 +0.875

Propane PMAAY00 95.825–95.925 95.875 +0.625

Propane LST PMABQ00 95.200–95.300 95.250 +0.875

Propane mo. 2 AAWUD00 95.325–95.425 95.375 +0.625

Propane mo. 2 LST AAWUE00 94.950–95.050 95.000 +0.875

Normal butane non-LST PMAAI00 112.075–112.175 112.125 +0.625

Butane LST PMABR00 96.825–96.925 96.875 +0.625

N-Butane mo. 2 AAWUF00 112.075–112.175 112.125 +0.875

Isobutane PMAAB00 111.950–112.050 112.000 +0.750

Isobutane LST AAIVD00 110.700–110.800 110.750 +0.750

Natural gasoline LST AAIVF00 151.450–151.550 151.500 0.000

Natural Targa PMABW05 151.700–151.800 151.750 0.000

Natural non-Targa PMABY05 152.450–152.550 152.500 -0.250

Nat gasoline mo. 2 non-Targa AAWUG00 152.575–152.675 152.625 -0.375

Conway

Ethane/propane PMAAO00 12.950–13.050 13.000 0.000

Propane PMAAT00 74.450–74.550 74.500 +2.250

Normal butane non-LST PMAAD00 79.450–79.550 79.500 -2.750

Isobutane PMAAA00 95.700–95.800 95.750 -0.125

Natural gasoline PMAAQ00 122.950–123.050 123.000 -4.000

Other hubs

Bushton propane AALBE00 74.450–74.550 74.500 +2.250

Hattiesburg propane AALBC00 92.575–92.675 92.625 +0.625

River natural gasoline AALBG00 163.450–163.550 163.500 -0.250

($/mt)

Waterborne FOB USGC propane AAXIM00 523.750–523.770 523.760 +4.060

FOB USGC propane vs. Mt Belvieu AAXIO00 29.950–29.970 29.960 0.000

VLGC freight rates Houston to NWE AAXIQ00 37.990–38.010 38.000 0.000

VLGC freight rates Houston to Japan AAXIS00 69.990–70.010 70.000 0.000

(¢/gal)

Waterborne FOB USGC propane AAXIN00 100.520–100.540 100.530 +0.780

FOB USGC propane vs. Mt Belvieu AAXIP00 5.700–5.800 5.750 0.000

VLGC freight rates Houston to NWE AAXIR00 7.245–7.345 7.295 0.000

VLGC freight rates Houston to Japan AAXIT00 13.430–13.450 13.440 0.000



WeeklY asPhalt CeMent assessMents, auG 3 (PGA page 580)

Market $/ton Mid ChangeArkansas PPARP00 465.00–475.00 470.000 ++5.000Colorado PPARU00 440.00–450.00 445.000 ++5.000Montana PPASM00 440.00–450.00 445.000 ++5.000California PPARW00 495.00–505.00 500.000 ++5.000Illinois PPARX00 425.00–435.00 430.000 ++5.000Georgia PPARQ00 440.00–450.00 445.000 ++5.000Minneapolis/St. Paul PPARR00 430.00–440.00 435.000 ++5.000Ohio PPARY00 450.00–460.00 455.000 ++5.000Oklahoma AAUQO00 460.00–470.00 465.000 ++5.000Kansas PPARZ00 465.00–475.00 470.000 ++5.000Texas PPART00 445.00–455.00 450.000 ++5.000Louisiana PPALA00 445.00–455.00 450.000 ++5.000MidAtlantic AAWIC00 450.00–460.00 455.000 ++5.000Tampa AAWID00 465.00–475.00 470.000 ++5.000

Oil major Shell was also moving 90,000 mt of jet fuel from South Korea to the UK Continent at a lumpsum rate of $1.9 million on the Dong-A Thetis, for loading around August 10.

Northeast Asia flows to the US West Coast were also ongoing, as Valero Energy has fixed 35,000 mt jet fuel for August 9 loading from South Korea to the US West Coast at a lumpsum freight rate of $1.05 million, shipping data showed.

“Physical flow still seems a little oversupplied [in Asia],” a Singapore-based trader said.

Data from International Enterprise Singapore showed middle distillate stocks falling 9% week on week to 9.94 million barrels in the week ended August 1.

And in Europe, jet-kerosene inventories in the Amsterdam-Rotterdam-Antwerp trading hub increased 3% week on week to 692,000 mt in the week ended August 1, PJK data showed.

In tenders, China Aviation Oil was said to have bought 39,000-41,000 mt of jet A-1 fuel for delivery over September 7-9 to Tianjin at a premium of around 70 cents/b to the Mean of Platts Singapore jet fuel/kerosene assessments on a CFR basis.

CAO also bought, through the same tender, 25,000 mt for delivery over September 4-8 to Huangpu at a premium of between 70 cents/b and $1.50/b to MOPS jet fuel/kerosene assessments, CFR.

Award details could not be confirmed, but CAO last bought a 25,000 mt cargo of jet A-1 fuel for August 4-8 delivery to Huangpu at a premium of around 40-60 cents/b to the MOPS jet fuel/kerosene assessments on a CFR basis.

rESId

Singapore stocks drop to nine-year lowSingapore’s commercial stockpile of residues plunged to a nine-year low of 14.799 million barrels in the week ended August 1, IE Singapore data released late Thursday showed.

The stocks dropped 8.6% from a week earlier, the data showed.

Trade sources attributed the low stocks mainly to a low influx of arbitrage cargoes.

Singapore imported 693,497 mt of fuel oil over July 26-August 1, down 60.9% week on week, the data showed.

Sources added that Saudi Arabia has increased fuel oil imports from Europe since June, for its use as feedstock at the kingdom’s power plants.

The narrow price spread between Singapore 380 CST HSFO and 3.5% Rotterdam barge assessments also cut cargo movements from the West to Asia, trade sources said.

At the same time, there is growing space availability at

Singapore’s onshore storage tanks, as traders have given up storage space due to high cost, which has also contributed to lower stocks, a trader said.

Singapore exported 449,001 mt of fuel oil in the week, down 17.8% from a week earlier, according to IE Singapore data.

Looking forward, “there are few factors which will ease the supply tightness,” a trader in Singapore said.

In tender news, Saudi Aramco Mobil Refinery, or Samref,sold 80,000 mt of 700 CST HSFO with maximum 4% sulfur for loading over August 13-15 from Yanbu to Chevron, at a discount of around $15/mt to Mean of Platts Singapore 380 CST HSFO assessments, FOB, market sources said.

Taiwan’s Formosa Petrochemical Corp. offered 40,000 mt of 380 CST HSFO with maximum 2.5% sulfur for loading over August 16-18 from Mailiao. The tender will close on August 6.

ArA inventories set to tighten furtherFuel oil stocks in the Amsterdam-Rotterdam-Antwerp hub fell 10% in the seven days to Wednesday to 1.191 million mt, and further draws in stocks are expected due to three upcoming VLCC loadings, according to data from PJK Consulting.

The Rotterdam high sulfur fuel oil market has been

SINGAPORE JET TO GASOIL REGRADE KEEPS TRENDING LOWER

Source: S&P Global PlattsFOB Singapore jet to 10 ppm Singapore gasoil

-2

-1

0

1

2

03-Aug16-Jul26-Jun06-Jun17-May27-Apr09-Apr

($/b)

(continued from page 8)



consistently strong in recent weeks and 3.5% FOB Rotterdam barge intermonth spreads remain in backwardation out until 2019, even through the typically weaker winter months as refinery upgrade programs are expected to tighten the fuel oil complex.

In the coming days three VLCCs, the Seeb, Sea Lion and DHT Stallion, are expected to depart Rotterdam for Singapore, and an Aframax, Albanel, for discharge in the Red Sea.

The tighter RMG 380 CST bunker fuel market has begun to bite on bunker suppliers’ books, and they have approached trading houses to meet prompt requirements this week, a fuel oil trader said.

A workable arbitrage for 3.5% fuel oil cargoes moving from Northwest Europe to Singapore seems plausible if the premium of Singapore cargoes over Rotterdam widens further, as Singapore’s high sulfur fuel oil market kept its strong momentum, underpinned by a low influx of arbitrage supply.

The lack of fuel oil in Singapore is being compounded by market participants’ concerns about recent quality issues detected in some Singapore high sulfur fuel oil, aggravating the tight availability in the region.

Some traders believe this could lend support to the fixture list from Rotterdam as Singapore buyers attempt to lock in delivery of on-spec RMG 380 CST volumes.

Marine fuel and lubricant sales at the port of Rotterdam, Europe’s largest bunkering hub, slipped by 5.3% on the year in the second quarter.

Total bunker sales dropped to 2.36 million cu m in the second quarter, from 2.49 million cu m in the same period a year earlier, data released by the port authority Friday showed.

Fuel oil sales sank by 5.1% to 1.98 million cu m, while sales of marine gasoil and marine diesel oil together dropped by 6.8% to 359,261 cu m. Marine lubricant consumption slipped by 4.4% to 25,269 cu m.

LNG bunker sales jumped to 1,297 mt, compared with 729 mt in the first quarter, and around 1,500 mt for the whole of 2017.

FEEdStOCkS

US sour VGO rallies to $13/b over crudeHouston feedstocks differentials rebounded Friday, with sour vacuum gasoil hitting a $13/b premium to crude for the first time since late June on stout diesel cracks at US Gulf Coast refiners.

High-sulfur VGO barges for early to mid-August traded late Thursday at September WTI futures plus $13/b, up from the assessment at $9.30/b over crude Thursday afternoon. Low-sulfur VGO barges were talked stronger.

“High-sulfur VGO is where all the strength is,” a US market source said.

The rise in diesel cracks has meant extra support for sour feedstocks.

Since July 2, the diesel-WTI crack in the Gulf Coast region has risen $4.24/b to $19.02/b through Thursday, including a day-over-day $2.78/b jump on July 27.

Gulf Coast ULSD has been on a steep climb this week, bolstered by strong domestic and export demand. S&P Global Platts Thursday assessed the market at the NYMEX September ULSD futures contract minus 3.70 cents/gal, up from minus 4.50 cents/gal on Monday. Thursday marked the strongest level the market has been since May.

The last time sour VGO was assessed higher than $13/b over crude was June 22 at WTI plus $13.3/b, with a reduction in imports from Africa, Europe and other sources supporting the market at that time.

In Europe, the rally in Panamax freight rates has weakened the potential of a VGO arbitrage to the US.

“The arb seems to have slammed shut overnight,” a Europe feedstocks trader said.

Other market sources pointed to a workable arbitrage, with two VGO cargoes heard fixed from Europe due for discharge in the USGC, according to a market source.

“A paper arb maybe,” a second Europe feedstocks source said, “but in reality it’s not really [open].”

Panamax United Kingdom-USGC rates for VGO, crude and other dirty products have been assessed above $20/mt for four consecutive days through Thursday.

Offers for USGC VGO cargoes have dipped below barge values late this week.

“You’ve got to come in with the offer under the barges or the barges will just block you out,” a second US market source said. “Why not buy two or three barges as you need them instead of 350,000 to 400,000 barrels on a ship that you have to tank and tie up on inventory.”

ArA naphtha stocks dip on strong gasolineNaphtha inventories in the Amsterdam-Rotterdam-Antwerp hub fell 10.6% to 328,000 mt, in the week to Thursday, but were 43.86% higher year on year, according to data from PJK International.

The fall in stocks week on week reflects an uptick in buying interest as major players in the European petrochemical complex returned to the market to purchase cracking grade product, while a stronger gasoline complex saw renewed demand for naphtha purchased as a blending component for finished-grade gasoline.

A widening spread along the east/west naphtha curve – tracking the premium of Mean of Platts Japan swaps over the CIF NWE cargo swap – has also implied a stronger draw from the Asian naphtha complex over the week, with sources in Europe optimistic that demand will remain healthy throughout August before scheduled turnarounds take place over September to November.

“The East has been strong and this has meant the Mediterranean has not had much to spare for northern Europe,” said one source.

Besides the draw in stocks, sustained strength in Europe’s gasoline market and a firm pull from the Asian naphtha complex has translated into appreciating values across naphtha grades.

Cash premiums of open specification grade naphtha vs. the front month swap were pegged by one source at $5.00/mt Thursday, representing an appreciation against previous week’s values, when differentials dipped into minus 50 cents/mt July 27.

In the ARA gasoline market, inventories rose by 3.07%



to 0.97 million mt (8.20 million barrels), in the week to Thursday, with the year-on-year figure increasing by 6.33%, PJK International data showed.

The current price of gasoline in Northwest Europe is the fundamental driver of refineries continuing to produce product, with global demand steady.

Despite the minimal increase in this week’s stocks, sources have noted it is difficult for refineries to keep up with the demand for gasoline in the region: “The gasoline price is high, it’s a two-pronged attack – a lot has gone to West Africa and the US has pulled. The high temperatures have caused refineries to be down slightly,” one source said.

Components are well supplied in the region, this, alongside a healthy Eurobob gasoline crack has provided incentive for refiners to continue their supply of product. “Components in the North are much more liquid,” one trader said.

GAS lIQUIdS

Asia propane more economic than naphthaAsian LPG prices recovered Friday, outpacing the $5.76/mt increase in October ICE Brent crude futures from the previous Asian close.

S&P Global Platts assessed H1 September CFR Japan physical propane at $580.5/mt, up $3.50/mt day on day.

The premium for H1 September delivery propane over the September CP swap dipped $1.5/mt day on day to $20.5/mt Friday.

The September FEI propane swap discount to MOPJ naphtha swap further widened to $63.25/mt, from $62.5/mt in the previous session.

As the discount continues to widen, LPG remains more economical than naphtha as a feedstock at steam crackers.

India’s IOC tendered to buy two evenly-split LPG cargoes, each 44,000 mt, for October 5-10 and October 10-30 delivery into Haldia/Ennore.

The tender closes August 13 with next-day validity. In its

last tender, IOC bought LPG on a term basis of eight evenly split VLGC cargoes of 45,000 mt each, and 12 evenly split MGC cargoes of 20,000 mt each for delivery in 2018.

State allows Mariner East 2 constructionEnergy Transfer Partners will be able to resume construction of the Mariner East 2 and 2X NGL pipelines at eight locations in Chester County, Pennsylvania, after state regulators discontinued an injunction Thursday.

In a 3-2 vote, the Pennsylvania Public Utility Commission approved a motion to remove the injunction issued in June that had blocked construction of the pipelines in Chester County due to public safety concerns.

The latest motion noted that Energy Transfer Partners, which owns the pipelines that its Sunoco Pipeline subsidiary operates, had satisfied the requirements of the June injunction by providing proof of construction permits from the Department of Environmental Protection at eight locations in West Whiteland Township, as well as inspection and testing protocols, emergency response plans and safety training curricula.

Construction will remain suspended at four locations in West Whiteland Township until the company obtains the necessary permits.

“We are pleased with the decision by Pennsylvania’s PUC to allow our construction to resume in West Whiteland Township where we have the necessary permits,” said Vicki Granado, an Energy Transfer spokeswoman.

“Our timeline on ME2 remains unchanged due to the fact that we altered our plans last month to re-purpose a section of an existing pipeline while we reevaluate construction methods in Delaware and Chester counties.”

Expected to be completed in the second half of 2018, the 345,000 b/d Mariner East 2 pipeline will transport LPG from the Marcellus and Utica shale plays to Marcus Hook for export.

tANkErS

typhoon shuts eastern China portsPorts along China’s eastern peninsula were closed Friday as Typhoon Jongdari made landfall at the coastal regions of Jinshan, Shanghai at 0230 GMT Friday, the National Meteorological Center said.

Zhoushan-Ningbo, Yangshan and Shanghai ports were closed late Thursday, while the Rizhao port Maritime Safety Administration sounded a gale warning Friday, China-based sources said.

China’s Central Meteorological Observatory had issued a blue warning Thursday. China has a four-tier warning system for severe weather, with red representing the most serious followed by orange, yellow and blue.

“Bunkering operations should resume by the weekend, although some ports will resume later than others,” a trader said.

Seven Saudi tankers go dark off yemenSeven Saudi tankers appear to have shut off their transponders that make their position visible to the world after last week’s Houthi attack on two VLCCs in the Red Sea, according to S&P Global Platts trade flow software cFlow.

Two unnamed Saudi-owned VLCCs were attacked off the west coast of Yemen last week, prompting state-owned Saudi Aramco to halt all oil shipments through the Bab al-Mandab strait at the bottom of the Red Sea.

A total of seven tankers owned by Saudi state shipping company Bahri now appear to have shut off their transponders, according to cFlow, keeping their location hidden.

The VLCCs Arsan and Abqaiq have not updated their location since the mornings of July 23 and 25, respectively, when they were heading towards Bab al-Mandab.

Three part-laden VLCCs, the Khuzama, the TI Hawtah and the Marjan, were gathering at the southwest corner of Oman off the port of Salalah, but have not updated their location since July 30-31. Another, the Khafji, was



NEWS

heading past Oman towards the Red Sea when it was last heard from early on August 1.

And the chemicals tanker NCC Reem was in the Gulf of Aden carrying a cargo towards the Red Sea when it last

updated its location, on the morning of 1 August.The operators of the tankers may have determined that

keeping their locations visible while operating near Yemen presents a security risk. The rest of the Bahri fleet operating elsewhere in the world appears to be updating its location as normal, according to cFlow. Spokesmen for Saudi Aramco and Bahri were not immediately available for comment.

East of Suez VlCC market heats upA flurry of cargoes entering the market saw the East of Suez VLCC rates firm Friday.

The Asia VLCC market was also getting ample support from the activity boost being witnessed in West Africa.

“Around 84 vessels are open in the Persian Gulf for the August 19-29 loading date range, which is not considered tight in terms of tonnage supply. However, the market is still showing strengthening,” a VLCC broker said.

The competition for tonnage from the West Africa market was perking up sentiment to a large extent, a source

with a VLCC owner said.“As predicted, the rates have edged up but it is yet to

hit the ceiling at w55. There is good support from activities across the Persian Gulf, West Africa and the USG-Caribbean regions. It gives owners the confidence to push the rates up by w1-w2 than the last done levels,” another VLCC broker said.

Fixture-wise, the Ellinis was placed on subjects by Unipec to load 270,000 mt crude, basis August 22 laycan from the Persian Gulf to China at w54.

In the Suez market, activity remained subdued due to the lack of fresh cargoes.

The Aframax market gained strength on the back of a few replacement jobs and from increasing demand for tonnage from Australia.

“The short supply of tonnage in the Persian Gulf is still persisting due to the Indonesia market getting more balanced,” an Aframax broker said.

There were many outstanding cargoes in the market besides the replacement jobs due to a few vessels failing the vetting requirements, an Aframax shipowner source said.

CAPItOl CrUdEVenezuela’s new rock bottom for oil productionThe US EIA expects Venezuelan oil production to sink below 1 million b/d by the end of this year and fall further to 700,000 b/d by the end of 2019. EIA analyst Lejla Villar, who developed those forecasts, joins Capitol Crude to talk about the staggering collapse of Venezuela’s oil sector.

listen to the podcast here:http://plts.co/Cxtt30l4rh9

South korea finds US crude cheaper than russian grades

■■ US crude a $4.75/b discount to russia in June■■ russian crude sensitive to Asian product cracks■■ tax exception supporting US volumes

Singapore—South Korean refiners paid close to $5/b less for delivered US crude compared to Russia blends in June, a stern reminder that short-haul supplies do not always come cheap and long-haul cargoes are not necessarily expensive.

South Korea has imported a total of 2.17 million barrels of crude and condensate from Russia in June and paid on average $79.24/b, latest data from state-run Korea National Oil Corp. showed. KNOC’s import

cost figures include freight, insurance, tax and other administrative and port charges.

On the contrary, Asia’s fourth-biggest energy consumer imported 3.01 million barrels from the US in June at an average cost of $74.49/b, which was $4.75/b cheaper.

The latest data raised many eyebrows in the regional market as the delivery distance from Far East Russia to Northeast Asia is significantly shorter than the US-South Korea route.

Industry sources noted that the voyage time from Far East Russia’s Kozmino port, the DeKastri terminal and Prigorodnoye export terminal to Northeast Asia is less than a week versus up to 50-60 days from the US Gulf Coast.

However, most of the light sweet Far East Russian grades are highly sensitive to Asian refined oil product

cracking margins, with price differentials for ESPO Blend, Sakhalin Blend and Sokol often rallying in tandem with strong light and middle distillate cracks in

SOUTH KOREA’S CRUDE IMPORT COSTS

Note: Costs include freight, tax, insurance, port fees and others. Costs show average value paid per monthSource: Korea Nationa Oil Corp.

($/b)

US crude

Russian crude

60

65

70

75

80

Jun-18May-18Apr-18Mar-18Feb-18Jan-18


http://plts.co/CxtT30l4rh9



Crude PriCe Assessments

AsiA pAcific/middle eAst spot crude Assessments ($/barrel), AUG 3 Assessment (Asian MOC) diffs (Asian MOC) diff to dated Brent (Asian MOC) Assessment (london MOC) Mid Change Mid Change Mid Change Mid Change

Condensate (PGA page 2212) (PGA page 2213)

diff to dubaiNW Shelf PCAGX00 72.06–72.10 72.080 +0.710 AAPAI00 -0.650 -0.050 AAPAH00 72.150 +0.050DFC ADFCA00 74.89–74.93 74.910 +0.680 ADFCB00 3.40/3.50 3.450 -0.050 ADFCC00 2.020 -0.050 ADFCD00 75.060 +0.120Qatar LSC AARBB00 73.64–73.68 73.660 +0.680 AARBD00 2.15/2.25 2.200 -0.050 AARBC00 0.770 -0.050 AARBA00 73.810 +0.120South Pars AARAV00 73.24–73.28 73.260 +0.680 AARAX00 1.75/1.85 1.800 -0.050 AARAW00 0.370 -0.050 AARAU00 73.410 +0.120

diff to ICPSenipah AAEOE00 72.57–72.61 72.590 +0.710 AAEOK00 1.50/1.60 1.550 0.000 AAPBE00 -0.140 -0.050 AAPBD00 72.660 +0.050

light (PGA page 2214) (PGA page 2215)

diff to ICPCossack PCAGZ00 73.51–73.55 73.530 +0.760 AAPAC00 0.800 0.000 AAPAB00 73.600 +0.100Gippsland PCACP00 71.56–71.60 71.580 +0.760 AAPAU00 -1.150 0.000 AAPAT00 71.650 +0.100Tapis PCACB00 74.61–74.65 74.630 +0.760 AAOZW00 1.900 0.000 AAOZV00 74.700 +0.100Belida PCAFL00 69.56–69.60 69.580 +0.880 PCAFM00 0.80/0.90 0.850 0.000 AAPBQ00 -3.150 +0.120 AAPBP00 69.650 +0.220Kutubu PCAFJ00 73.21–73.25 73.230 +0.760 AAPAE00 0.500 0.000 AAPAD00 73.300 +0.100Handil Mix PCABE00 72.41–72.45 72.430 +0.880 PCABF00 2.20/2.30 2.250 0.000 AAPBI00 -0.300 +0.120 AAPBH00 72.500 +0.220Attaka PCAAJ00 69.36–69.40 69.380 +0.880 PCAAK00 0.15/0.25 0.200 0.000 AAPBC00 -3.350 +0.120 AAPBB00 69.450 +0.220Ardjuna PCACQ00 67.36–67.40 67.380 +0.880 PCACR00 0.25/0.35 0.300 0.000 AAPBG00 -5.350 +0.120 AAPBF00 67.450 +0.220Banyu Urip PCAFQ00 75.530 +0.760 PCAQQ00 2.300 0.000 AAPBU00 2.800 0.000 AAPBR00 75.600 +0.100

diff to dubaiSakhalin Blend AARBN00 73.69–73.73 73.710 +0.730 AARCN00 2.20/2.30 2.250 0.000 AARDN00 0.820 0.000 AAREN00 73.860 +0.170

diff to Oman/dubaiSokol AASCJ00 74.59–74.63 74.610 +0.750 AASCK00 3.05/3.15 3.100 0.000 AAPAO00 1.720 +0.020 AAPAN00 74.760 +0.190Kikeh AAWUH00 76.41–76.45 76.430 +0.760 AAOZY00 3.700 0.000 AAOZX00 76.500 +0.100Miri Light PCABQ00 76.46–76.50 76.480 +0.760 AAPAS00 3.750 0.000 AAPAR00 76.550 +0.100Labuan PCABL00 76.46–76.50 76.480 +0.760 AAPAQ00 3.750 0.000 AAPAP00 76.550 +0.100Kimanis AASCL00 76.180 +0.760 AASCM00 3.450 0.000 AASCN00 76.250 +0.100

Medium (PGA page 2216) (PGA page 2217)

diff to ICPNanhai PCAFR00 68.86–68.90 68.880 +0.760 AAPAG00 -3.850 0.000 AAPAF00 68.950 +0.100Minas PCABO00 67.91–67.95 67.930 +0.780 PCABP00 1.85/1.95 1.900 -0.050 AAPBA00 -4.800 +0.020 AAPAZ00 68.000 +0.120Nile Blend AAPLC00 68.51–68.55 68.530 +0.730 AAPEX00 2.45/2.55 2.500 -0.100 AAPAM00 -4.200 -0.030 AAPAL00 68.600 +0.070Widuri PCAFE00 65.91–65.95 65.930 +0.780 PCAFF00 0.20/0.30 0.250 -0.050 AAPBO00 -6.800 +0.020 AAPBN00 66.000 +0.120Daqing PCAAZ00 65.06–65.10 65.080 +0.680 AAPAW00 -7.650 -0.080 AAPAV00 65.150 +0.020Cinta PCAAX00 65.81–65.85 65.830 +0.780 PCAAY00 0.20/0.30 0.250 -0.050 AAPBK00 -6.900 +0.020 AAPBJ00 65.900 +0.120Su Tu Den AARAR00 74.96–75.00 74.980 +0.660 AARAS00 2.250 -0.100 AARAQ00 75.050 0.000Bach Ho PCAHY00 75.56–75.60 75.580 +0.660 AAPAK00 2.850 -0.100 AAPAJ00 75.650 0.000

heavy (PGA page 2218) (PGA page 2219)

diff to ICPDar Blend AARAB00 65.46–65.50 65.480 +0.660 AARAC00 -7.250 -0.100 AARAA00 65.550 0.000Shengli PCABY00 64.86–64.90 64.880 +0.680 AAPAY00 -7.850 -0.080 AAPAX00 64.950 +0.020Duri PCABA00 65.46–65.50 65.480 +0.780 PCABB00 2.30/2.40 2.350 -0.050 AAPBM00 -7.250 +0.020 AAPBL00 65.550 +0.120Enfield AARAE00 75.030 +0.660 AARAF00 2.300 -0.100 AARAD00 75.100 0.000Vincent AARAK00 72.930 +0.660 AARAL00 0.200 -0.100 AARAJ00 73.000 0.000

(PGA page 2220) (PGA page 2202)

Spread vs OSP diff to dubaiMurban AAKNL00 74.28–74.32 74.300 +0.700 AAKUB00 -0.30/-0.20 -0.250 0.000 AARBZ00 2.840 -0.030Al Shaheen AAPEV00 71.88–71.92 71.900 +0.700 AAPEW00 0.39/0.49 0.440 -0.030Upper Zakum AAOUQ00 71.88–71.92 71.900 +0.700 AAOUR00 -0.10/0.00 -0.050 +0.050 Assessment (Asian MOC)Das Blend AAXOF00 73.63–73.67 73.650 +0.700 AAXPF00 -0.40/-0.30 -0.350 0.000 Dubai CFR North Asia PCAQA00 73.150 +0.760Qatar Land AAKNP00 73.18–73.22 73.200 +0.700 AAKUJ00 -0.35/-0.25 -0.300 0.000 LOOP Sour CFR North Asia PCAQI00 71.030 +1.130Qatar Marine AAKNR00 71.53–71.57 71.550 +0.700 AAKUH00 -0.10/0.00 -0.050 +0.050 Oman CFR North Asia PCAQJ00 73.240 +0.800Banoco Arab Medium AAKNT00 71.03–71.07 71.050 +0.800 AAKUD00 -0.05/0.05 0.000 +0.300 Upper Zakum CFR North Asia PCAQB00 73.120 +0.750Basrah Light M1 AALZA00 – 71.700 +0.700 AALZE00 0.050 +0.100 Qatar Marine CFR North Asia PCAQC00 72.780 +0.750Basrah Light M2 AALZB00 – 71.550 +0.700 AALZF00 -0.050 +0.100 Murban CFR North Asia PCAQE00 75.480 +0.760Basrah Heavy M1 AALZC00 – 68.650 +0.700 AALZJ00 0.350 +0.050 Basrah Light CFR North Asia PCAQK00 72.810 +0.760Basrah Heavy M2 AALZD00 – 68.500 +0.700 AALZK00 0.250 +0.050 ESPO CFR North Asia PCAQD00 74.380 +0.780 Forties CFR North Asia PCAQF00 75.265 +0.890 Dalia CFR North Asia PCAQG00 73.930 +1.040 WTI MEH CFR North Asia PCAQH00 75.660 +0.760




INtErNAtIONAl, AUG 3($/barrel) Mid Change(PGA page 2210)

Dubai (Oct) PCAAT00 71.89–71.91 71.900 +0.700

Dubai (Nov) PCAAU00 71.68–71.70 71.690 +0.770

Dubai (Dec) PCAAV00 71.45–71.47 71.460 +0.730

MEC (Oct) AAWSA00 71.89–71.91 71.900 +0.700

MEC (Nov) AAWSB00 71.68–71.70 71.690 +0.770

MEC (Dec) AAWSC00 71.45–71.47 71.460 +0.730

Oman (Oct) PCABS00 71.99–72.01 72.000 +0.750

Oman (Nov) AAHZF00 71.74–71.76 71.750 +0.800

Oman (Dec) AAHZH00 71.49–71.51 71.500 +0.750

Oman cash/OSP (Oct) PCABT00 -0.01–0.03 0.010 +0.140(PGA page 1212)

Brent (DTD) PCAAS00 72.43–72.45 72.440 -0.735

DTD NSL AAOFD00 72.43–72.45 72.440 -0.735

Dated Brent (CIF) PCAKM00 73.280 -0.310

Brent (Oct) PCAAQ00 73.41–73.43 73.420 +0.195

Brent (Nov) PCAAR00 73.71–73.73 73.720 +0.235

Brent (Dec) PCARR00 73.840 +0.255

North Sea Basket AAGIZ00 73.04–73.06 73.050 -0.390(PGA page 218)

Brent/WTI 1st AALAU00 5.97/5.99 5.980 +0.185

Brent/WTI 2nd AALAV00 6.70/6.72 6.710 +0.215

Brent/WTI 3rd AALAY00 7.180 +0.215

Brent EFP (Oct) AAGVX00 0.11/0.13 0.120 +0.075

Brent EFP (Nov) AAGVY00 0.12/0.14 0.130 +0.075

Brent EFP (Dec) AAMVY00 0.140 +0.075Swaps(PGA page 2658)

Dubai (Sep) AAHBM00 71.67–71.71 71.690 +0.770

Dubai (Oct) AAHBN00 71.44–71.48 71.460 +0.730

Dubai (Nov) AAHBO00 71.23–71.27 71.250 +0.660

MOG (Sep) AAHZP00 71.77–71.81 71.790 +0.820

MOG (Oct) AAHZR00 71.54–71.58 71.560 +0.780

MOG (Nov) AAHZT00 71.33–71.37 71.350 +0.710

Oman/Dubai Swap (Sep) AAIHJ00 0.08/0.12 0.100 +0.050

Oman/Dubai Swap (Oct) AAIHL00 0.08/0.12 0.100 +0.050

Oman/Dubai Swap (Nov) AAIHN00 0.08/0.12 0.100 +0.050

NOrth SEA, AUG 3 (PGA page 1212)

($/barrel) Mid Change Spread vs fwd dated Brent Mid ChangeDated Brent Diff AAXEZ00 -0.16/-0.15 -0.155 -0.725BNB AAVJA00 72.86–72.88 72.870 -0.310 AAVJB00 0.27/0.28 0.275 -0.300Forties PCADJ00 72.43–72.45 72.440 -0.795 AAGWZ00 -0.16/-0.15 -0.155 -0.785Oseberg PCAEU00 73.66–73.68 73.670 -0.210 AAGXF00 1.07/1.08 1.075 -0.200Ekofisk PCADI00 73.20–73.22 73.210 -0.260 AAGXB00 0.61/0.62 0.615 -0.250Troll AAWEX00 73.94–73.95 73.945 -0.210 AAWEY00 1.34/1.36 1.350 -0.200Statfjord PCAEE00 72.38–72.39 72.385 -0.010 AAGXD00 -0.22/-0.20 -0.210 0.000Flotta Gold PCACZ00 71.24–71.25 71.245 +0.140 AAGXH00 -1.36/-1.34 -1.350 +0.150Duc AAWEZ00 73.34–73.35 73.345 -0.010 AAWFL00 0.74/0.76 0.750 0.000Grane Blend PCALA00 71.345 -0.060 PCALB00 -1.250 -0.050Statfjord (CIF) AASAS00 73.44–73.45 73.445 -0.010 AASAT00 0.84/0.86 0.850 0.000Gullfaks (CIF) AASAU00 74.34–74.35 74.345 -0.110 AASAV00 1.74/1.76 1.750 -0.100Alvheim (CIF) ALVHA00 76.195 -0.010 ALVHB00 3.600 0.000Asgard (CIF) ASGCA00 72.445 -0.010 ASGCB00 -0.150 0.000North Sea Dated Strip AAKWH00 72.59–72.60 72.595 -0.010($/barrel) Spread vs fwd CIF dated BrentDated Brent (CIF) AAVJG00 73.280 -0.310 AAVJF00 0.670 -0.290BNB (CIF) PCAKP00 74.050 -0.345 AAVJC00 1.440 -0.325Forties (CIF) PCAKR00 73.280 -0.825 AAHXC00 0.670 -0.805Oseberg (CIF) PCAKT00 74.510 -0.235 AAHXD00 1.900 -0.215Ekofisk (CIF) PCAKV00 73.920 +0.040 AAHXB00 1.310 +0.060Troll (CIF) AAXJO00 74.795 -0.240 AAXJN00 2.185 -0.220North Sea CIF Dated Strip AAHXE00 72.610 -0.020

WESt AFrICA, AUG 3 (PGA pages 1230 and 1232)($/barrel) Mid Change Spread vs fwd dtd Brent Mid ChangeNigeriaBonny Light PCAIC00 74.24–74.27 74.255 +0.145 AAGXL00 1.44/1.46 1.450 +0.050Qua Iboe PCAID00 74.29–74.32 74.305 +0.095 AAGXN00 1.49/1.51 1.500 0.000Forcados PCABC00 74.24–74.27 74.255 +0.045 AAGXP00 1.44/1.46 1.450 -0.050Agbami AAQZB00 72.49–72.52 72.505 -0.005 AAQZC00 -0.31/-0.29 -0.300 -0.100Escravos AAEIZ00 74.29–74.32 74.305 +0.045 AAGXR00 1.49/1.51 1.500 -0.050Brass River AAEJB00 73.99–74.02 74.005 +0.095 AAGXV00 1.19/1.21 1.200 0.000Akpo PCNGA00 72.49–72.52 72.505 -0.005 PCNGB00 -0.31/-0.29 -0.300 -0.100Bonga PCNGC00 74.14–74.17 74.155 +0.095 PCNGD00 1.34/1.36 1.350 0.000Usan AAXUQ00 72.005 +0.195 AAXUR00 -0.800 +0.100Erha AAXUO00 74.005 +0.095 AAXUP00 1.200 0.000AngolaCabinda PCAFD00 72.34–72.37 72.355 +0.095 AAGXT00 -0.46/-0.44 -0.450 0.000Nemba AAQYZ00 72.39–72.42 72.405 +0.095 AAQZA00 -0.41/-0.39 -0.400 0.000Dalia AAQYX00 71.89–71.92 71.905 +0.095 AAQYY00 -0.91/-0.89 -0.900 0.000Girassol AASNL00 72.79–72.82 72.805 +0.095 AASJD00 -0.01/0.01 0.000 0.000Hungo AASLJ00 71.84–71.87 71.855 +0.095 AASJF00 -0.96/-0.94 -0.950 0.000Kissanje AASLK00 72.34–72.37 72.355 +0.095 AASJE00 -0.46/-0.44 -0.450 0.000Pazflor PCNGG00 71.89–71.92 71.905 +0.095 PCNGH00 -0.91/-0.89 -0.900 0.000Plutonio PCNGI00 71.89–71.92 71.905 +0.095 PCNGJ00 -0.91/-0.89 -0.900 0.000GhanaJubilee AAXUS00 72.805 +0.095 AAXUT00 0.000 0.000republic of CongoDjeno PCNGE00 70.69–70.72 70.705 +0.095 PCNGF00 -2.11/-2.09 -2.100 0.000ChadDoba AAXUU00 69.105 +0.095 AAXUV00 -3.700 0.00030-60 Day Dtd strip AAXRK00 72.80–72.81 72.805 +0.095

ASIA ($/barrel), AUG 3 (PGA page 2210)

Mid ChangeBrent (Oct) PCAJG00 73.27–73.28 73.275 +0.745

Brent (Nov) PCAJI00 73.51–73.52 73.515 +0.675

Brent (Dec) PCAJ000 73.605 +0.615

Brent(DTD) AAXPG00 73.225 +0.940

Brent/Dubai AAJMS00 1.37/1.38 1.375 +0.045

WTI (Sept) AAFFU00 68.63–68.67 68.650 +1.070

WTI (Oct) AAFFW00 67.38–67.42 67.400 +0.940

WTI (Nov) AAFFY00 66.92–66.96 66.940 +0.850




lONdON, AUG 3 (PGA page 1214)

($/barrel) Brent CFd Mid Change dated Swap Mid Change1wk (Nov) PCAKA00 -1.51/-1.49 -1.500 -0.230 AAJNV00 72.21/72.23 72.220 +0.0052wk (Nov) PCAKC00 -1.29/-1.27 -1.280 -0.230 AAJOS00 72.43/72.45 72.440 +0.0053wk (Nov) PCAKE00 -1.08/-1.06 -1.070 -0.240 AAJOU00 72.64/72.66 72.650 -0.0054wk (Nov) PCAKG00 -1.08/-1.06 -1.070 -0.310 AAJOW00 72.64/72.66 72.650 -0.0755wk (Nov) AAGLU00 -1.08/-1.06 -1.070 -0.390 AAJPC00 72.64/72.66 72.650 -0.1556wk (Nov) AAGLV00 -1.02/-1.00 -1.010 -0.400 AAJPE00 72.70/72.72 72.710 -0.1657wk (Nov) AALCZ00 -0.97/-0.95 -0.960 -0.410 AALAW00 72.75/72.77 72.760 -0.1758wk (Nov) AALDA00 -0.93/-0.91 -0.920 -0.410 AALAX00 72.79/72.81 72.800 -0.175

CANAdA, AUG 3 (PGA page 230)

($/barrel) Mid Change33-63 Day Dated Strip AALEJ00 72.83–72.84 72.835 +0.110Terra Nova AAJUH00 71.92–71.95 71.935 +0.060Hibernia AAJKK00 71.97–72.00 71.985 +0.060White Rose AAVJX00 72.72–72.75 72.735 +0.060 Spread vs fwd dtd Brent Mid ChangeTerra Nova AAJUJ00 -0.91/-0.89 -0.900 -0.050Hibernia AAJKM00 -0.86/-0.84 -0.850 -0.050White Rose AAVJY00 -0.11/-0.09 -0.100 -0.050

MEdItErrANEAN, AUG 3 (PGA pages 1220, 1222, 1234)

($/barrel) Mid Change Spread vs fwd dtd Brent Mid ChangeMed Dtd Strip AALDF00 72.60–72.62 72.610 -0.015BTC Dtd Strip AAUFI00 72.61–72.63 72.620 -0.04015-45 Day Dtd Strip AALGM00 72.65–72.67 72.660 -0.090Urals (Rdam) PCAFW00 71.10–71.14 71.120 -0.135 AAGXJ00 -1.50/-1.48 -1.490 -0.120Urals (Med) PCACE00 71.19–71.23 71.210 -0.015 AAGXX00 -1.41/-1.39 -1.400 0.000Urals FOB Ven AAGZT00 70.23–70.27 70.250 -0.110 AAHPI00 -2.37/-2.35 -2.360 -0.095Urals FOB Novo AAGZS00 70.20–70.24 70.220 +0.015 AAHPH00 -2.40/-2.38 -2.390 +0.030Urals FOB Novo 80KT AAOTH00 69.88–69.91 69.895 -0.015 AAOTI00 -2.72/-2.71 -2.715 0.000Urals (Primorsk) AAWVH00 70.20–70.24 70.220 -0.110 AAWVI00 -2.40/-2.38 -2.390 -0.095Urals (RCMB) AALIN00 71.02–71.06 71.040 -0.735Iran Lt (Sidi) PCABI00 70.95–70.99 70.970 +0.195 AAGXZ00 -1.65/-1.63 -1.640 +0.210Iran Hvy (Sidi) PCABH00 68.70–68.74 68.720 +0.195 AAGYB00 -3.90/-3.88 -3.890 +0.210Es Sider PCACO00 70.54–70.58 70.560 -0.065 AAGYH00 -2.06/-2.04 -2.050 -0.050Siberian Lt AAGZW00 72.44–72.48 72.460 -0.065 AAHPK00 -0.16/-0.14 -0.150 -0.050Saharan Bld AAGZY00 72.09–72.13 72.110 -0.015 AAHPN00 -0.51/-0.49 -0.500 0.000Azeri Lt AAGZX00 74.50–74.54 74.520 -0.040 AAHPM00 1.89/1.91 1.900 0.000Azeri Lt FOB Cey AAUFM00 73.83–73.87 73.850 -0.020 AAUFN00 1.22/1.24 1.230 +0.020Azeri Lt FOB Cey 80KT AAUFK00 73.57–73.61 73.590 -0.040 AAUFL00 0.96/0.98 0.970 0.000Azeri Lt FOB 80KT AATHM00 73.32–73.35 73.335 -0.040 AATHN00 0.71/0.72 0.715 0.000BTC FOB Ceyhan AAUFH00 73.70–73.74 73.720 -0.030 AAUFJ00 1.09/1.11 1.100 +0.010Suez Blend PCACA00 68.27–68.31 68.290 -0.015 AAGYD00 -4.33/-4.31 -4.320 0.000Kirkuk AAEJD00 68.74–68.78 68.760 -0.015 AAGYF00 -3.86/-3.84 -3.850 0.000Syrian Lt AAHMM00 73.11–73.14 73.125 -0.015 AALOU00 0.51/0.52 0.515 0.000Syrian Hvy AAHMN00 67.63–67.66 67.645 -0.015 AALOV00 -4.97/-4.96 -4.965 0.000CPC Blend CIF AAGZU00 70.69–70.73 70.710 -0.015 AAHPL00 -1.91/-1.89 -1.900 0.000CPC Blend FOB AALVX00 69.82–69.86 69.840 +0.010 AALVZ00 -2.78/-2.76 -2.770 +0.025CPC FOB 80KT AAOFV00 69.50–69.54 69.520 -0.015 AAOFW00 -3.10/-3.08 -3.090 0.000(PPE page 1616)

Urals Med CFD (Aug) AAMDU00 -1.56/-1.54 -1.550 +0.050 CPC Blend CFD (Aug) AAOFX00 -1.750 -0.170Urals Med CFD (Sep) AAMEA00 -1.56/-1.54 -1.550 -0.200 CPC Blend CFD (Sep) AAOFY00 -1.600 -0.300Urals Med CFD (Oct) UMCM003 -1.46/-1.44 -1.450 -0.100 CPC Blend CFD (Oct) AAOFZ00 -1.500 -0.300Urals NWE CFD (Aug) UNCM001 -1.61/-1.59 -1.600 0.000Urals NWE CFD (Sep) UNCM002 -2.01/-1.99 -2.000 0.000Urals NWE CFD (Oct) UNCM003 -2.11/-2.09 -2.100 0.000

plAtts euro denominAted crude oil Assessments (€/barrel) (PGA page 1252)

Aug 3 Mid ChangeDated Brent AAPYR00 62.45–62.46 62.455 -0.545Dated Brent (CIF) PCAKN00 63.178 -0.180Urals (Mediterranean) AAPYS00 61.38–61.41 61.395 +0.075WTI (Sept) AAPYT00 59.21–59.23 59.220 +0.080WTI MEH (Sept) AAYSA00 61.290 +0.171Mars (Sept) AAPYU00 59.17–59.19 59.180 0.000

Euro/US$ forex rate: 1.159. Platts Euro denominated crude oil assessments are based on market values and a Euro/US$ forex rate at 4:30 PM local London time.




UNItEd StAtES ($/barrel), AUG 3 (PGA pages 210, 214 & 230)

Mid ChangeWTI (Sept) PCACG00 68.48–68.50 68.490 -0.470WTI (Oct) PCACH00 67.34–67.36 67.350 -0.310WTI (Nov) AAGIT00 66.92–66.94 66.930 -0.250WTI EFP (Sept) AAGVT00 -0.01/0.01 0.000 0.000WTI EFP (Oct) AAGVU00 -0.01/0.01 0.000 0.000WTI EFP (Nov) AAGVV00 -0.01/0.01 0.000 0.000Light Houston Sweet AAXEW00 70.890 -0.470Light Houston Sweet M2 AAYRY00 71.050 -0.310LOOP Sour (Sept) AALSM01 68.190 -0.470LOOP Sour (Oct) AALSM02 68.200 -0.060LOOP Sour (Nov) AALSM03 68.280 0.000Eagle Ford Marker AAYAJ00 71.000 -0.350Mars (Sept) AAMBR00 68.48–68.50 68.490 -0.470Mars (Oct) AAMBU00 68.49–68.51 68.500 -0.060Mars (Nov) AAMBX00 68.57–68.59 68.580 0.000Mars/WTI (Sept) AAGWH00 -0.01/0.01 0.000 0.000Mars/WTI (Oct) AAKTH00 1.14/1.16 1.150 +0.250Mars/WTI (Nov) AAMBO00 1.64/1.66 1.650 +0.250LOOP/WTI (Sep) AALOM01 -0.300 0.000LOOP/WTI (Oct) AALOM02 0.850 +0.250LOOP/WTI (Nov) AALOM03 1.350 +0.250LOOP/Mars (Sep) AALPM01 -0.300 0.000LOOP/Mars (Oct) AALPM02 -0.300 0.000LOOP/Mars (Nov) AALPM03 -0.300 0.000Dated Brent AAQBF00 72.37–72.39 72.380 -1.150P-Plus WTI PCACI00 4.64/4.66 4.650 -0.180P-5 WTI AAFEN00 65.040 -0.450WTI-Delta AAEJK00 1.26/1.28 1.270 -0.180Kern River PCABJ00 71.23–71.25 71.240 +1.170

Mid Change Spread vs WtI Mid ChangeWTI Midland PCACJ00 51.48–51.50 51.490 -0.970 AAGVZ00 -17.01/-16.99 -17.000 -0.500WTI Midland (2nd month) AAYZA00 50.050 -0.810 AAXXF00 -17.300 -0.500LLS (1st month) PCABN00 71.58–71.60 71.590 -0.270 AAGWN00 3.09/3.11 3.100 +0.200LLS (2nd month) AAURC00 71.79–71.81 71.800 -0.110 AAURD00 4.44/4.46 4.450 +0.200HLS (1st month) PCABD00 70.93–70.95 70.940 +0.030 AAGWP00 2.44/2.46 2.450 +0.500HLS (2nd month) AAURE00 71.14–71.16 71.150 +0.190 AAURF00 3.79/3.81 3.800 +0.500WTS (1st month) PCACK00 51.48–51.50 51.490 -0.520 AAGWB00 -17.01/-16.99 -17.000 -0.050WTS (2nd month) AAURG00 50.04–50.06 50.050 -0.360 AAURH00 -17.31/-17.29 -17.300 -0.050WTI MEH AAYRG00 70.890 -0.470 AAYRH00 2.400 0.000WTI MEH (2nd month) AAXXE00 71.050 -0.310 AAYYA00 3.700 0.000Poseidon AABHK00 67.63–67.65 67.640 -0.520 AAGWL00 -0.86/-0.84 -0.850 -0.050Eugene Island PCAFC00 69.33–69.35 69.340 -0.470 AAGWD00 0.84/0.86 0.850 0.000Thunder Horse Blend AAWZK00 69.83–69.85 69.840 -0.470 AAWZL00 1.34/1.36 1.350 0.000Wyoming Sweet PCACM00 65.88–65.90 65.890 -0.320 AAGWR00 -2.61/-2.59 -2.600 +0.150Basrah Light AAEJH00 72.96–72.98 72.970 -0.150 AAGWV00 5.61/5.63 5.620 +0.160Bonito PCAIE00 69.33–69.35 69.340 -0.470 AAGWF00 0.84/0.86 0.850 0.000SGC AASOI00 68.73–68.75 68.740 -0.470 AASOJ00 0.24/0.26 0.250 0.000

Spread vs NyMEx WtI CMAANS (Cal) PCAAD00 73.30–73.34 73.320 -1.090 AAGWX00 6.09/6.11 6.100 -0.800WCS ex-Cushing AAWTY00 62.36–62.38 62.370 -0.290 AAWTZ00 -4.86/-4.84 -4.850 0.000WCS ex-Nederland AAYAY00 64.570 -0.290 AAYAX00 -2.650 0.000Bakken Williston AAXPP00 64.520 -0.690 AASRX00 -2.700 -0.400Bakken Guernsey AASRR00 65.86–65.88 65.870 -0.340 AASRV00 -1.36/-1.34 -1.350 -0.050Bakken Clearbrook AASRU00 66.81–66.83 66.820 -0.440 AASRW00 -0.41/-0.39 -0.400 -0.150Bakken USGC Pipe ABAKA00 70.490 -0.620 ABAKB00 3.270 -0.330Americas Crude Marker (Sept) AAQHN00 67.63–67.65 67.640 -0.520Americas Crude Marker (Oct) AAQHO00 67.64–67.66 67.650 -0.110Americas Crude Marker (Nov) AAQHP00 67.72–67.74 67.730 -0.050Thums PCACD00 72.85–72.87 72.860 +1.170Line 63 PCABM00 77.10–77.14 77.120 -0.240P-Plus Line 63 PCAFV00 4.39/4.41 4.400 0.000

Spread vs Eagle Ford yieldEagle Ford postings avg. AAYAH00 63.650 -0.420 AAYAI00 -7.350 -0.070

FOB USGC Spread vs NyMEx WtI stripBakken ABAKC00 71.240 -0.620 ABAKD00 3.630 -0.240Eagle Ford Crude AAYAT00 71.390 -0.470 AAYAU00 3.780 -0.090Eagle Ford Condensate AAYAR00 71.190 -0.470 AAYAS00 3.580 -0.090WTI AAYBA00 71.390 -0.470 AAYAZ00 3.780 -0.090

FOB houston Spread vs NyMEx WtI CMAEagle Ford Crude AAYAV00 71.390 -0.470 AAYAW00 3.780 -0.090Eagle Ford Condensate AAYBB00 71.190 -0.470 AAYBC00 3.580 -0.090

US dOMEStIC CrUdE ASSESSMENtS lONdON ClOSE(PGA page 1240) $/barrel Mid ChangeWTI (Sept) AAQAR00 68.68–68.70 68.690 0.000WTI (Oct) AAQAT00 67.43–67.45 67.440 +0.010WTI (Nov) AAQAV00 67.00–67.02 67.010 +0.020WTI MEH (Sept) AAYRZ00 71.090 +0.100WTI MEH (Oct) AAXYD00 71.140 +0.110LLS (Sept) AAQBB00 71.58–71.60 71.590 0.000LLS (Oct) AAQBD00 71.68–71.70 71.690 +0.010Mars (Sept) AAQAX00 68.63–68.65 68.640 -0.100Mars (Oct) AAQAZ00 68.53–68.55 68.540 +0.160 Spread Mid ChangeWTI (Sept) AAQAS00 -0.01/0.01 0.000 0.000WTI (Oct) AAQAU00 -0.01/0.01 0.000 0.000WTI (Nov) AAQAW00 -0.01/0.01 0.000 0.000WTI MEH (Sept) AAYTA00 2.400 +0.100WTI MEH (Oct) AAYWA00 3.700 +0.100LLS (Sept) AAQBC00 2.89/2.91 2.900 0.000LLS (Oct) AAQBE00 4.24/4.26 4.250 4.250Mars (Sept) AAQAY00 -0.06/-0.04 -0.050 -0.100Mars (Oct) AAQBA00 1.09/1.11 1.100 +0.150

US CrUdE ASSESSMENtS SINGAPOrE ClOSE($/barrel) Mid Change(PGA page 2208)

LOOP Sour (Sep) AAZDA00 68.350 +0.870

LOOP Sour (Oct) AAZDB00 68.000 +0.740

LLS (Sep) AAZDC00 71.550 +0.820

LLS (Oct) AAZDD00 71.650 +0.690

Southern Green Canyon AAZDE00 68.900 +0.770

WTI MEH (Sep) AAZDF00 71.050 +0.520

WTI MEH (Oct) AAZDG00 71.100 +0.390




dAIly OPEC BASkEt PrICE ($/barrel) (PGA page 207)

Change

02Aug AAEUQ00 71.610 -0.490

The daily OPEC basket price represents an index of the following 11 grades: Algeria’s Saharan Blend, Indonesia’s Minas, Iranian Heavy, Iraq’s Basra Light, Kuwait’s Export, Libya’s Es Sider, Nigeria’s Bonny Light,Qatar’s Marine, Saudi Arabia’s Arab Light, Murban of the UAE and Venezuela’s BCF 17.

CANAdIAN SPOt CrUdE ASSESSMENtS, AUG 3(PGA pages 230 & 232) C$/cu m Mid ChangeLloyd Blend AALRM00 301.461–301.624 301.543 -6.764Mixed Sweet AALRT00 505.647–505.811 505.729 +0.944Light Sour Blend AALRZ00 497.888–498.052 497.970 -1.494Midale AAUCD00 493.805–493.968 493.886 -1.485Condensates AALSH00 545.260–545.423 545.341 -2.015Syncrude Sweet Prem. AASOL00 573.437–573.601 573.519 +0.376WCS AAPPO00 293.702–293.865 293.783 -6.747Cold Lake AASZY00 288.393–288.556 288.475 -6.734 $/barrelLloyd Blend AALRK00 36.910–36.930 36.920 -0.740Mixed Sweet AALRR00 61.910–61.930 61.920 +0.260Light Sour Blend AALRX00 60.960–60.980 60.970 -0.040Midale AAUCC00 60.460–60.480 60.470 -0.040Condensates AALSF00 66.760–66.780 66.770 -0.090Syncrude Sweet Prem. AASOK00 70.210–70.230 70.220 +0.210WCS AAPPN00 35.960–35.980 35.970 -0.740Cold Lake AASZX00 35.310–35.330 35.320 -0.740 Spread vs Canada BasisLloyd Blend AALRP00 -30.310/-30.290 -30.300 -0.450Mixed Sweet AALRV00 -5.310/-5.290 -5.300 +0.550Light Sour Blend AALSD00 -6.260/-6.240 -6.250 +0.250Midale AAUCE00 -6.760/-6.740 -6.750 +0.250Condensates AALSJ00 -0.460/-0.440 -0.450 +0.200Syncrude Sweet Prem. AASOM00 2.990/3.010 3.000 +0.500WCS AAPPP00 -31.260/-31.240 -31.250 -0.450Cold Lake AASZZ00 -31.910/-31.890 -31.900 -0.450

*Canada Basis: See explanation at http://www.platts.com/

CrUdE OIl POStINGS Effective date Effective date Effective date Effective date

US ($/barrel) (PGA page 250)

Plains Shell Sunoco ValeroWTI PSADF09 65.00* 03AUG18 PSADI09 65.10* 03AUG18 PSADG09 65.00* 03AUG18 PSACS09 65.00* 03AUG18WTS PSAED09 51.95 03AUG18 PSAEG09 65.44 03AUG18 PSAEE09 60.00 03AUG18LLS PSAMO09 63.50 03AUG18 PSAMQ09 63.50 03AUG18 PSAMP09 63.50 03AUG18 PSATF09 66.89 03AUG18Ok. Swt. PSUS191 65.00 03AUG18 PSANX09 64.85 03AUG18 PSANW09 65.00 03AUG18Kansas PSAPL09 55.35 03AUG18 PSUS112 57.58 03AUG18 PSAPE09 64.00 03AUG18Wyo. Swt PSAQZ09 62.10 03AUG18Eugene Island AALBB00 60.50 03AUG18Eagle Ford PSUS100 65.00 03AUG18Eagle Fd Cond PSUS110 64.00 03AUG18

Phillips66 Flinthls CoffeyWTI PSACP09 65.11* 03AUG18 AAUQN00 65.00 03AUG18 PSUS066 65.00 03AUG18WTS PSADO09 52.92 03AUG18LLS PSAMC09 63.86 03AUG18Ok. Swt PSASL09 64.91 03AUG18 PSUS064 65.00 03AUG18Kansas PSUS060 58.75 03AUG18Wyo. Swt. PSUS264 64.75 03AUG18 PSUS067 50.00 03AUG18Wyo. Sr. PSUS261 46.00 03AUG18Eagle Ford PSUS068 58.20 03AUG18Eagle Fd Cond PSUS070 51.70 03AUG18

*P-5 WTI is a crude oil postings-based index as of 5:30 p.m. local New York time. Posted prices by the following companies are used in the index: Phillips66, Plains, Sunoco, Shell, and Valero. Postings available at presstime. Companies listed are representative of key crude oil purchasers.

lAtIN AMErICA CrUdE ($/barrel), AUG 3 (PGA page 280)

Mid Change diff to diff to Futures diff to dated FOB Crude WtI strip Brent strip Brent strip

Oriente PCADE00 67.53–67.58 67.555 -0.260 PCAGU00 0.300 AAXBW00 -6.020 AAXBH00 -5.230

Vasconia PCAGI00 68.05–68.10 68.075 +0.175 PCAGR00 0.820 AAXCB00 -5.500 AAXBN00 -4.710

Roncador AAQTL00 68.25–68.30 68.275 -0.125 AAQTK00 1.020 AAXBT00 -5.300 AAXAY00 -4.510

Escalante PCAGC00 69.35–69.40 69.375 -0.125 PCAGO00 2.120 AAXBS00 -4.200 AAXAX00 -3.410

Loreto PCAGH00 66.53–66.58 66.555 -0.260 PCAGQ00 -0.700 AAXBV00 -7.020 AAXBG00 -6.230

Mesa 30 AAITB00 67.70–67.75 67.725 +0.175 AAITH00 0.470 AAXCC00 -5.850 AAXBO00 -5.060

Santa Barbara AAITD00 68.58–68.63 68.605 -0.110 AAITJ00 1.350 AAXBU00 -4.970 AAXAZ00 -4.180

Marlim AAITF00 68.20–68.25 68.225 -0.125 AAITL00 0.970 AAXBY00 -5.350 AAXBJ00 -4.560

Napo AAMCA00 63.53–63.58 63.555 -0.260 AAMCD00 -3.700 AAXBX00 -10.020 AAXBI00 -9.230

Castilla Blend AAVEQ00 64.75–64.80 64.775 -0.125 AAVEQ01 -2.480 AAXBZ00 -8.800 AAXBK00 -8.010

Magdalena AAWFR00 64.85–64.90 64.875 -0.125 AAWFS00 -2.380 AAXCA00 -8.700 AAXBL00 -7.910

Latin America WTI strip AAXBP00 67.255 -0.310

Latin America Futures Brent strip AAXBQ00 73.575 -0.175

Latin America Dated Brent strip AAXBR00 72.785 -0.240



SPOt tANkEr rAtES, AUG 3 route

From to Size (mt) WS rate ($/mt)

Clean

(PGT page 1910)

Med UKC PFADCSZ 30k PFADC10 132.50 TCABA00 12.99Med USAC PFACWSZ 37k PFACW10 100.00 TCABC00 13.99Med Med PFADBSZ 30k PFADB10 122.50 TCAAY00 5.94UKC UKC PFALYSZ 22k PFALY00 163.75 TCABV00 8.38UKC USAC PFAMASZ 37k PFAMA00 100.00 TCABX00 12.74UKC USGC PFAMBSZ 37k PFAMB00 100.00 TCACA00 16.62BSea Med PFABXSZ 30k PFABX00 130.00 TCAAP00 12.12

(PGT page 2920)

AG India PFABMSZ 35k PFABM10 198.00 TCAAF00 12.14AG Japan PFABNSZ 35k PFABN10 136.00 TCAAH00 24.59Sing Japan PFAEBSZ 30k PFAEB10 137.00 TCABP00 12.34Sing HK PFAKWSZ 30k PFAKW10 295.00* TCADI00 9.83

(PGT page 2922)

AG Japan PFAEYSZ 55k PFAEY10 107.00 TCAAI00 19.35AG Japan PFAMTSZ 75k PFAMT00 100.50 TCAAJ00 18.17

dirty

(PGT page 1962)

Carib USGC PFANZSZ 50k PFANZ00 117.50 TDABA00 9.12Carib USAC PFALTSZ 70k PFALT10 122.50 TDAAY00 10.12

(PGT page 1960)

Med Med PFAJPSZ 80k PFAJP10 117.50 TDABL00 5.44Med USGC PFAJOSZ 80k PFAJO10 97.50 TDABU00 16.37UKC UKC PFAKDSZ 80k PFAKD10 102.50 TDACD00 6.95UKC USAC PFAKESZ 80k PFAKE10 90.00 TDACG00 11.88

(PGT page 1970)

WAF USGC PFAIASZ 130k PFAIA10 65.00 TDACV00 11.30UKC USGC PFAHNSZ 135k PFAHN10 52.50 TDACH00 8.94Med USGC PFAHGSZ 135k PFAHG10 55.00 TDABS00 9.23

(PGT page 2970)

AG Asia PFAJDSZ 80k PFAJD10 105.00 TDAAC00 15.41

(PGT page 2980)

AG Asia PFAOCSZ 270k PFAOC00 53.00 TDAAB00 9.00AG USGC PFAOGSZ 280k PFAOG00 26.00 TDAAN00 8.26

*values are in lumpsum

PlAttS FUtUrES ASSESSMENtS, AUG 3NyMEx light sweet crude ($/barrel) (PGA page 701)

CME 2:30 PM Et settlementSep AAWS001 68.490Oct AAWS002 67.350Nov AAWS003 66.930Dec AAWS004 66.590

Platts 2:30 PM Et futures assessmentSep NYCRM01 68.480Oct NYCRM02 67.360Nov NYCRM03 66.940Dec NYCRM04 66.600

CME 2:30 PM vs Platts 2:30 PM spreadSep AAWD001 0.010Oct AAWD002 -0.010Nov AAWD003 -0.010Dec AAWD004 -0.010

NyMEx rBOB (¢/gal) (PGA page 701)

CME 2:30 PM Et settlementSep AARS001 206.550Oct AARS002 194.510Nov AARS003 191.720

Platts 2:30 PM Et futures assessmentSep NYRBM01 206.560Oct NYRBM02 194.480Nov NYRBM03 191.730

CME 2:30 PM vs Platts 2:30 PM spreadSep AARD001 -0.010Oct AARD002 0.030Nov AARD003 -0.010

NyMEx Ny UlSd (¢/gal) (PGA page 701)

CME 2:30 PM Et settlementSep AAHS001 212.690Oct AAHS002 213.240Nov AAHS003 213.630

Platts 2:30 PM Et futures assessmentSep NYHOM01 213.000Oct NYHOM02 213.560Nov NYHOM03 213.970

CME 2:30 PM vs Platts 2:30 PM spreadSep AAHD001 -0.310Oct AAHD002 -0.320Nov AAHD003 -0.340

ICE Brent crude ($/barrel) (PGA page 703)

Platts 2:30 PM Et futures assessmentOct AAQBG00 73.240Nov AAQBH00 73.560Dec AAXZZ00 73.670Jan AAYALOO 73.660

Platts Futures assessMents sInGaPOre MOC, auG 3 (PGA page 703)

NyMEx rBOB (¢/gal)

Sep XNRBA01 206.510Oct XNRBA02 194.400Nov XNRBA03 191.540

NyMEx Ny UlSd (¢/gal)

Sep XNHOA01 212.730Oct XNHOA02 213.260Nov XNHOA03 213.550



FUtUrES SEttlEMENtS, AUG 3 Settlement Change low high Volume* Open interest PNt***

NyMEx light sweet crude ($/barrel) (PGA page 705)

Sep 18 NMCL001 68.49 -0.47 67.87 69.24 444379 403537

Oct 18 NMCL002 67.35 -0.31 66.68 67.94 66600 262673

Nov 18 NMCL003 66.93 -0.25 66.27 67.45 21506 140608

Dec 18 NMCL004 66.59 -0.20 65.93 67.05 39525 289265

Total NMCL000 642637 XNCLP00 7723

NyMEx Ny UlSd ($/gal) (PGA page 705)

Sep 18 NMHO001 2.1269 -0.0049 2.1130 2.1444 45819 119535

Oct 18 NMHO002 2.1324 -0.0041 2.1184 2.1486 23787 57140

Nov 18 NMHO003 2.1363 -0.0033 2.1220 2.1517 12329 42863

Dec 18 NMHO004 2.1395 -0.0025 2.1244 2.1541 15743 58853

Total NMHO000 108532 XNHOP00 7610

NyMEx rBOB unleaded gasoline ($/gal) (PGA page 705)

Sep 18 NMRB001 2.0655 -0.0026 2.0547 2.0906 68822 159292

Oct 18 NMRB002 1.9451 -0.0036 1.9304 1.9636 58984 98038

Nov 18 NMRB003 1.9172 -0.0033 1.9019 1.9335 18714 69965

Dec 18 NMRB004 1.8979 -0.0033 1.8821 1.9132 17129 50403

Total NMRB000 174679 XNRBP00 13888

NyMEx Natural Gas ($/MMBtu) (PGA page 705)

Sep 18 NMNG001 2.853 +0.04 2.814 2.862 123981 294075

Oct 18 NMNG002 2.862 +0.04 2.821 2.870 47802 177035

Nov 18 NMNG003 2.898 +0.04 2.858 2.906 26259 148118

Dec 18 NMNG004 2.998 +0.04 2.960 3.004 20919 98196

Total NMNG000 327419 XNNGP00 2255

dME Oman crude ($/barrel)** (PGA pages 702 & 2710)

Oct 18 Asia XDOA001 72.00 +0.67 2795

Oct 18 DMOQ001 71.88 -0.44 71.88 72.30 2789 2030

Nov 18 DMOQ002 71.83 -0.44 71.83 71.83 70 0

Dec 18 DMOQ003 71.61 -0.44 71.61 71.61 190 30

Jan 19 DMOQ004 71.46 -0.44 71.46 71.46 320 20

Total DMOQ000 4404 XDOQP00 1075

ICE Brent ($/barrel) (PGA page 704)

Oct 18 ICLL001 73.21 -0.24 72.48 73.73 251896 435142

Nov 18 ICLL002 73.53 -0.15 72.79 73.98 113915 287366

Dec 18 ICLL003 73.63 -0.11 72.91 74.04 118482 302479

Jan 19 ICLL004 73.62 -0.07 72.91 73.99 37627 134352

Total ICLL000 487461 XILLP00 6337

Settlement Change low high Volume* Open interest PNt***

ICE BWAVE (Brent weighted futures average)($/barrel) (PGA page 704)

Oct 18 XIBW001 72.76

Nov 18 XIBW002 73.08

BWAVE data refer to previous day.

ICE WtI ($/barrel) (PGA page 704)

Sep 18 ICIC001 68.49 -0.47 67.88 69.24 22892 76957

Oct 18 ICIC002 67.35 -0.31 66.68 67.95 40926 66587

Nov 18 ICIC003 66.93 -0.25 66.35 67.47 21601 28898

Dec 18 ICIC004 66.59 -0.20 66.00 67.07 32829 137130

Total ICIC000 113257 XIICP00 2599

ICE low sulfur Gasoil ($/mt) (PGA page 704)

Aug 18 ICLO001 650.00 +4.25 644.00 653.00 41856 71017

Sep 18 ICLO002 652.00 +4.25 646.00 655.00 79710 203195

Oct 18 ICLO003 654.25 +4.00 648.00 657.00 46906 158656

Nov 18 ICLO004 651.75 +3.75 645.75 654.50 16590 65125

Total ICLO000 260604 XILOP00 9485

*Volume, open interest and PNT reflect prior trading day. PNT reflect volume for Privately Negotiated Trades or off-exchange. **Oman settlements are Post Close settlements. ***Privately Negotiated Trade values found on PGA page 710

Source: CQG

WTI DISCOUNT TO BRENT NARROWS

Platts WTI m1 vs Brent m1Source: S&P Global

-7

-6

-5

-4

-3

-2

02-Aug25-Jul17-Jul09-Jul29-Jun

($/b)



five-dAY rolling AverAges, five dAYs ending August 3 ConversionNaphtha (PGA page 34)

$/barrel ¢/galSingapore PAAAP00 73.29–73.33 (/.42) 174.51–174.60 $/mt ¢/galJapan C/F PAAAD00 662.05–667.70 (/3.78) 175.15–176.64Arab Gulf PAAAA00 639.03–644.68 (/3.78) 169.06–170.55CIF NWE physical PAAAL00 646.85–647.35 (/3.78) 171.12–171.26Rotterdam barge PAAAM00 642.85–643.35 (/3.78) 170.07–170.20FOB Med PAAAI00 631.00–631.50 (/3.78) 166.93–167.06CIF Genoa PAAAH00 640.10–640.60 (/3.78) 169.34–169.47 ¢/gal $/mtUS Gulf FOB cargo AAXJP00 188.86 –188.96 (*3.54669) 661.17 –661.27US Gulf FOB LSR parcel AAXQK00 162.43 (*4.0083) 651.05

Jet kerosene (PGA page 35)

$/mt ¢/galCIF NWE cargo PJAAU00 696.95–697.45 (/7.89) 210.32–210.47Rotterdam barge PJABA00 692.10–692.60 (/7.89) 208.85–209.00FOB Med AAIDL00 683.35–683.85 (/7.89) 206.21–206.36CIF Genoa AAZBN00 695.45–695.95 (/7.89) 209.86–210.02Carib cargo PJAAD00 710.48–710.54 (/7.7) 219.96–219.98 ¢/gal $/mtUS Gulf water PJABM00 212.17–212.27 (*.42) 703.10–703.43US Gulf pipe PJABO00 210.42–210.52 (*.42) 697.30–697.63NY barge PJAAW00 216.27–216.37 (*.42) 713.69–714.02LA pipeline PJAAP00 216.25–216.35 (*.42) 689.84–690.16Group 3 PJAAI00 214.39–214.49 (*.42) 710.45–710.78Chicago PJAAF00 221.35–221.45 (*.42) 733.51–733.84

Crude Oil, FOB Source $/barrelWest Texas Int PCACG00 68.79–68.81NYMEX Crude XNCL001 68.84Mars AAMBR00 68.93–68.95Brent (DTD) PCAAS00 73.53–73.54Brent (First month) PCAAQ00 73.76–73.78Dubai (First Month) PCAAT00 72.49–72.51Oman (First Month) PCABS00 72.59–72.61Urals CIF med PCACE00 71.73–71.76WTI Posting Plus PCACI00 4.68 –4.70

Gasoline, U.S. Market (PGA page 36)

(¢/gal) Unleaded PremiumNY barge AAMIT00 207.47–207.57 AAMHM00 226.19–226.29US Gulf water PGACU00 207.40–207.50 PGAIX00 221.22–221.32US Gulf pipe PGACT00 205.34–205.44 PGAJB00 219.16–219.26Group 3 PGABD00 226.54–226.64LA Pipeline PGABG00 211.20–211.30SF Pipeline PGADG00 203.90–204.00 PGABO00 215.90–216.00Chicago PGACR00 208.95–209.05 PPASQ00 235.45–235.55NYMEX Unl XNRB001 211.29

ConversionGasoline, Intl. Market Prem ($/mt) ¢/galR’dam Barge Prem unl PGABM00 741.65–742.15 (/3.51) 211.30–211.44

Gasoil/heating Oil (PGA page 32)

$/barrel ¢/galSingapore POABC00 87.05–87.09 (/.42) 207.26–207.36Arab Gulf POAAT00 85.29–85.33 (/.42) 203.08–203.18 $/mt ¢/gal0.1 CIF ARA AAYWS00 643.20–643.70 (/3.133) 205.50–205.6550 ppm Rotterdam barge AAUQC00 638.70–639.20 (/3.133) 204.06–204.220.1 Rotterdam barge AAYWT00 635.05–635.55 (/3.133) 202.89–203.050.1 FOB NWE AAYWR00 629.90–630.40 (/3.133) 201.25–201.410.1 CIF Med AAVJJ00 651.90–652.40 (/3.133) 208.27–208.43

(PGA page 33)

¢/gal $/barrelL.A. LS diesel POAET00 218.10–218.20 (*3.07) 669.57–669.87S.F. LS diesel POAEY00 216.85–216.95 (*3.07) 665.73–666.04 ¢/gal $/mtNY barge POAEG00 199.39–199.49 (*3.15) 628.08–628.39US Gulf water POAEE00 203.30–203.40 (*3.08) 626.16–626.47US Gulf pipe POAED00 198.80–198.90 (*3.08) 612.30–612.61NYMEX NY ULSD XNHO001 213.75 (*3.08) 673.30

low Sulfur resid Fuel Oil (PGA page 38)

$/mt $/barrelCIF ARA 1% PUAAL00 437.10–437.60 (/6.35) 68.83–68.91Rot bar 1% PUAAP00 424.85–425.35 (/6.35) 66.91–66.98NWE FOB 1% PUAAM00 427.55–428.05 (/6.35) 67.33–67.41Med FOB 1% PUAAK00 428.95–429.45 (/6.35) 67.55–67.63 $/barrel $/mtIndonesia LSWR Mixed/Cracked PPAPU00 75.59–75.63 (*6.8) 506.47–506.73NY Cargo .3% HP PUAAE00 78.31–78.33 (*6.7) 524.68–524.81NY Cargo .3% LP PUAAB00 78.31–78.33 (*6.7) 524.68–524.81NY Cargo .7% Max PUAAH00 70.31–70.33 (*6.5) 457.02–457.15NY Cargo 1% Max PUAAO00 68.31–68.33 (*6.5) 444.02–444.15US Gulf 1% PUAAI00 69.46–69.48 (*6.11) 438.96–439.09

hi Sulfur resid Fuel Oil (PGA page 39)

$/mt $/barrelSingapore 180 PUADV00 460.28–460.32 (/6.35) 72.49–72.49Singapore 380 PPXDK00 454.21–454.25 (/6.35) 71.53–71.54Arab Gulf 180 PUABE00 448.93–448.97 (/6.35) 70.70–70.70CIF ARA 3.5% PUABA00 419.10–419.60 (/6.35) 66.00–66.08NWE FOB 3.5% PUABB00 406.10–406.60 (/6.35) 63.95–64.03Med FOB 3.5% PUAAZ00 423.90–424.40 (/6.35) 66.76–66.83CIF Med 3.5% PUAAY00 433.80–434.30 (/6.35) 68.31–68.39 $/barrel $/mtNY cargo 2.2% PUAAU00 67.08–67.10 (*6.4) 429.29–429.41NY cargo 3.0% PUAAX00 66.25–66.27 (*6.4) 424.01–424.14USGC HSFO PUAFZ00 64.96–64.98 (*6.4) 415.72–415.85Carib 2.0% PUAAS00 66.46–66.48 (*6.4) 425.32–425.45



US WhOlESAlE POStEd PrICES EFFECtIVE AUG 3 Unleaded Midgrade Premium kerosene diesel No.2 UlSdPAdd 1

Albany, NY DR198ZY 201.72–209.82 DM198ZY 209.22–217.55 DP198ZY 219.72–235.55 DK198ZY 233.87–255.80 DU198ZY 214.25–223.59Allentown DR235ZY 200.60–205.61 DM235ZY 210.00–224.33 DP235ZY 228.25–252.41 DH235ZY – DU235ZY 214.55–219.50Atlanta DR048ZY 195.95–205.35 DM048ZY 215.95–234.65 DP048ZY 234.05–254.68 DU048ZY 212.11–219.50Baltimore (a) DR123ZY 203.45–213.65 DM123ZY 212.32–232.71 DP123ZY 224.17–255.91 DK123ZY 239.00–239.00 DH123ZY – DU123ZY 212.00–223.13Binghamton DR200ZY 207.90–214.88 DM200ZY 219.79–230.20 DP200ZY 232.35–253.17 DU200ZY 219.20–221.50Boston (a) DR121ZY 204.45–217.00 DM121ZY 211.45–227.00 DP121ZY 221.45–243.00 DK121ZY – DU121ZY 214.08–223.70Charleston DR250ZY 202.40–203.75 DM250ZY 218.70–236.10 DP250ZY 248.70–268.78 DU250ZY 217.50–231.71Charlotte DR169ZY 194.50–202.58 DM169ZY 205.95–222.02 DP169ZY 209.95–264.75 DU169ZY 211.70–214.51Fairfax (a) DR299ZY 202.85–208.75 DM299ZY 218.93–233.37 DP299ZY 238.70–264.37 DU299ZY 212.24–222.56Greensboro DK171ZY 248.50–248.50 DU171ZY 212.51–215.10Miami DU039ZY 218.35–224.08New Haven (a) DR034ZY 206.10–214.10 DM034ZY 212.30–228.10 DP034ZY 221.25–254.33 DK034ZY – DH034ZY – DU034ZY 214.49–217.75New York City (a) DR204ZY 209.95–209.95 DM204ZY 220.62–220.62 DP204ZY 230.95–230.95 DU204ZY 216.22–225.32Newark (a) DR189ZY 202.90–210.36 DM189ZY 209.57–223.30 DP189ZY 218.15–250.85 DK189ZY 244.83–244.83 DU189ZY 211.80–216.45Norfolk (a) DR300ZY 204.00–232.95 DM300ZY 217.58–255.97 DP300ZY 238.00–275.97 DU300ZY 213.10–226.51Orlando DR041ZY 204.30–206.00 DM041ZY 218.30–224.65 DP041ZY 241.00–256.04 DU041ZY 220.55–221.64Philadelphia (a) DR242ZY 204.87–210.85 DM242ZY 210.02–220.19 DP242ZY 218.43–239.99 DH242ZY – DU242ZY 212.70–219.03Pittsburgh DR243ZY 210.00–214.16 DM243ZY 228.06–233.96 DP243ZY 256.04–256.73 DK243ZY 257.50–257.50 DH243ZY – DU243ZY 215.85–223.95Providence (a) DR248ZY 205.50–210.35 DM248ZY 213.00–223.35 DP248ZY 222.25–253.69 DU248ZY 214.50–217.06Portland DR126ZY 214.75–216.15 DM126ZY 220.28–220.95 DP126ZY 228.97–242.21 DH126ZY – DU126ZY 220.65–229.86Raleigh DU168ZY 215.30–215.50Richmond DR301ZY 202.70–215.30 DM301ZY 216.70–231.30 DP301ZY 244.50–275.84 DK301ZY – DU301ZY 212.90–224.27Savannah DR054ZY 200.45–205.94 DM054ZY 215.45–222.94 DP054ZY 245.45–250.94 DU054ZY 223.90–223.97Spartanburg DR252ZY 194.35–211.55 DM252ZY 205.30–225.22 DP252ZY 210.30–248.72 DU252ZY 212.20–218.49Tampa DU045ZY 217.50–219.10PAdd 2Aberdeen DR253ZY 202.75–206.13 DM253ZY 212.89–221.13 DP253ZY 219.20–226.13 DU253ZY 223.99–226.86Cape Girardeau DR144ZY 199.14–205.40 DP144ZY 248.25–254.14 DU144ZY 216.95–219.58Chattanooga DR260ZY 194.05–199.28 DM260ZY 202.60–222.91 DP260ZY 208.20–249.28 DU260ZY 212.21–215.37Chicago (a) DR075ZY 210.25–227.36 DM075ZY 228.58–238.45 DP075ZY 265.25–281.45 DK075ZY 230.05–271.05 DU075ZY 216.60–220.05Cleveland DR212ZY 202.94–206.75 DM212ZY 228.56–237.52 DP212ZY 265.92–289.53 DK212ZY 274.70–274.70 DU212ZY 217.20–224.55Columbus DR213ZY 203.95–212.60 DM213ZY 223.95–240.87 DP213ZY 263.95–289.84 DK213ZY 271.35–271.35 DU213ZY 216.70–230.00Duluth DR138ZY 219.93–224.00 DM138ZY 230.81–235.58 DP138ZY 240.71–258.25 DU138ZY 233.35–237.25Des Moines DR059ZY 199.93–212.04 DM059ZY 207.43–224.04 DP059ZY 216.76–234.04 DU059ZY 220.60–231.26Detroit DR130ZY 207.64–209.80 DM130ZY 231.47–239.35 DP130ZY 266.08–275.79 DK130ZY 271.45–271.45 DU130ZY 217.65–221.06Fargo DR174ZY 206.50–210.61 DM174ZY 215.02–219.31 DP174ZY 221.33–228.55 DU174ZY 223.98–232.24Green Bay DR313ZY 212.50–212.50 DM313ZY – DP313ZY 247.50–247.50 DK313ZY – DU313ZY 231.25–231.25Indianapolis DR088ZY 199.03–209.53 DM088ZY 213.73–241.12 DP088ZY 229.63–290.54 DK088ZY 274.10–274.23 DU088ZY 217.35–225.25Kansas City DR099ZY 211.88–215.84 DM099ZY 222.99–228.36 DP099ZY 217.45–235.09 DU099ZY 220.77–224.50Knoxville DR261ZY 193.65–209.71 DM261ZY 206.72–230.91 DP261ZY 213.37–262.70 DK261ZY – DU261ZY 211.91–218.16Milwaukee DR316ZY 210.09–214.00 DM316ZY 222.34–233.00 DP316ZY 245.09–273.00 DK316ZY 273.50–273.50 DU316ZY 220.40–223.50Minneapolis/St.Paul DR141ZY 204.57–212.44 DM141ZY 210.29–221.64 DP141ZY 220.72–239.75 DK141ZY 244.25–244.25 DU141ZY 224.92–232.20Oklahoma City DR226ZY 199.89–204.88 DM226ZY 208.29–218.05 DP226ZY 214.29–223.05 DU226ZY 217.86–223.41Omaha DR185ZY 199.95–214.25 DM185ZY 207.25–226.25 DP185ZY 213.55–229.25 DU185ZY 220.82–229.53Sioux Falls DR256ZY 200.05–203.95 DM256ZY 208.63–218.95 DP256ZY 214.93–233.77 DU256ZY 220.95–228.23St. Louis (a) DR154ZY 207.75–215.99 DM154ZY 220.25–240.59 DP154ZY 232.75–263.99 DU154ZY 216.50–224.45PAdd 3Albuquerque DR192ZY 208.30–216.00 DM192ZY 226.30–235.55 DP192ZY 247.00–253.90 DU192ZY 223.40–234.00Amarillo DR265ZY 201.40–202.05 DM265ZY 220.40–262.55 DP265ZY 244.90–272.55 DU265ZY 219.10–219.25Baton Rouge DR115ZY 202.90–203.85 DM115ZY 216.85–220.60 DP115ZY 241.70–253.85 DU115ZY 212.95–218.95Birmingham DR003ZY 193.75–206.93 DM003ZY 208.80–223.01 DP003ZY 223.75–264.01 DK003ZY 234.29–234.29 DU003ZY 212.31–220.30Corpus Christi DR275ZY 205.37–206.10 DM275ZY 220.37–222.10 DP275ZY 250.37–252.10 DU275ZY 211.65–212.85Dallas/Ft.Worth (a) DR276ZY 205.15–211.00 DM276ZY 215.35–232.88 DP276ZY 235.15–255.65 DU276ZY 216.00–232.00Houston (a) DR416ZY 203.00–207.05 DM416ZY 210.33–222.60 DP416ZY 242.05–251.75 DK416ZY 266.73–266.73 DU416ZY 213.00–217.50Little Rock DR009ZY 197.14–207.99 DM009ZY 207.55–227.99 DP009ZY 224.80–257.34 DU009ZY 217.20–230.13New Orleans DR119ZY 195.60–200.52 DM119ZY 210.98–225.03 DP119ZY 248.20–257.50 DU119ZY 211.89–215.24San Antonio DR289ZY 199.35–205.55 DM289ZY 210.35–219.95 DP289ZY 230.35–251.22 DU289ZY 215.80–220.69



US wholeSale poSted priceS (continUed) Unleaded Midgrade premium Kerosene diesel no.2 UlSd

refining MarginS

US WEEKLY AVERAGE CRACKING MARGINS

Source: S&P Global Platts, Turner Mason

0

5

10

15

USWC ANSUSAC Bonny LightUSGC LLSMidwest WTI

($/b) 06-Jul 13-Jul 20-Jul 27-Jul

US WEEKLY AVERAGE COKING MARGINS


0

10

20

30

USWC ANSUSAC CabindaUSGC MarsMidwest WTS

($/b) 06-Jul 13-Jul 20-Jul 27-Jul

0

5

10

15

20

Jul-18May-18Mar-18Jan-18Nov-17Sep-17Jul-17

US CRACKING MARGINS 30�DAY ROLLING AVERAGE


($/b) Midwest WTI USGC LLS USAC Bonny Light USWC ANS

5

10

15

20

25


US COKING MARGINS 30�DAY ROLLING AVERAGE


($/b) Midwest WTS USGC Mars USAC Cabinda USWC ANS

INTERNATIONAL WEEKLY AVERAGE CRACKING MARGINS


0

2

4

6

8

10

Singapore DubaiItaly UralsARA Brent

($/b) 06-Jul 13-Jul 20-Jul 27-Jul

4

6

8

10


INTERNATIONAL CRACKING MARGINS 30�DAY AVERAGE


($/b) ARA Brent Italy Urals Singapore Dubai

PAdd 4Billings (b) DR162ZY 217.16–223.25 DP162ZY 252.15–252.95 DU162ZY 236.91–251.21Casper (b) DR321ZY 223.69–223.69 DP321ZY 258.69–258.69 DU321ZY* 254.03–256.50Denver DR028ZY 218.50–239.40 DM028ZY 235.50–244.80 DP028ZY 260.50–282.40 DU028ZY 222.55–231.01Salt Lake City DR298ZY 242.24–254.00 DM298ZY 267.00–267.00 DP298ZY 266.00–284.00 DU298ZY 278.09–284.00PAdd 5Anacortes DR305ZY 217.00–217.69 DM305ZY 239.00–242.19 DP305ZY 249.84–253.00 DU305ZY 219.40–222.50Las Vegas (e) DR196ZY 226.00–234.25 DM196ZY 233.92–244.25 DP196ZY 243.82–255.00 DU196ZY 237.01–251.45Los Angeles(e) DR022ZY 236.78–243.10 DM022ZY 246.75–254.06 DP022ZY 256.74–264.06 DU022ZY 245.00–249.86Phoenix DR012ZY 218.00–231.00 DM012ZY 225.00–251.00 DP012ZY 232.00–271.00 DU012ZY 220.00–229.50Portland DR233ZY 211.90–218.00 DM233ZY 235.00–238.36 DP233ZY 246.40–247.86 DU233ZY 222.50–237.00SanFranEBay (e) DR025ZY 237.43–240.66 DM025ZY 252.40–262.66 DP025ZY 267.39–272.66 DU025ZY 243.00–297.00Seattle/Tacoma DR308ZY 212.40–214.00 DM308ZY 235.53–236.40 DP308ZY 245.71–248.00 DU308ZY 221.40–226.00Spokane DR309ZY 231.41–235.18 DM309ZY 246.61–256.50 DP309ZY 256.16–268.00 DU309ZY 235.42–242.90

All prices are provided by DTN. Discounts or temporary allowances offered by individual companies are not included in posted prices. Prices are unbranded unless noted. Prices are conventional gasoline unless noted. All prices in cts/gal. (a)=RFG. (b)=Branded postings (e)=CARB gasoline/No.2 oil *=Low Sulfur Diesel



CFTC COMMITMENTS OF TRADERS

Commodity net ChangeCOMMItMENtS OF trAdErS AS OF JUl 31Commodity net Change

Futures only (PGA 707) total non-commercial contractsCrude Oil C017086 613400 +2929RBOB C029086 110958 +11316NYMEX NY ULSD C060086 42017 +305Natural Gas C059086 -126427 +1684 total non-reportable contractsCrude Oil C017090 38197 -2988RBOB C029090 8081 -1062NYMEX NY ULSD C060090 14962 +688Natural Gas C059090 22809 -84 total commercials contractsCrude Oil C017083 -651597 +59RBOB C029083 -119039 -10254NYMEX NY ULSD C060083 -56979 -993Natural Gas C059083 103618 -1600

Futures and options total non-commercial contractsCrude Oil C017048 649698 +940RBOB C029048 112191 +11289NYMEX NY ULSD C060048 41431 +288Natural Gas C059048 -128579 +1073 total non-reportable contractsCrude Oil C017052 41687 -2312RBOB C029052 8137 -1083NYMEX NY ULSD C060052 15525 +934Natural Gas C059052 22916 -363 total commercials contractsCrude Oil C017045 -691385 +1373RBOB C029045 -120327 -10205NYMEX NY ULSD C060045 -56955 -1221

Natural Gas C059045 105664 -710

Source: Commodity Futures Trading Commission

the region.In addition, the free trade agreement between South

Korea and the US, which took effect from March 2012, has completely removed import duties on energy products coming from the North American supplier.

South Korea has imported 14.1 million barrels from the US in the first half of this year at an average cost of $69.08/b, while 21.57 million barrels arrived from Russia

over the same period at an average cost of $70.77/b.Average cost comparison between Russian and

US crude purchased in 2017 could not be made due mainly to the big difference in import volumes from the two producers. South Korea has only actively started to buy US crude since second half of the third quarter last year.

russian spot premiumsFar East Russian crude grades are highly sensitive to Asian refining margins as majority of ESPO Blend, Sakhalin Blend and Sokol spot supplies feed into the big three Northeast Asian demand centers namely China, South Korea and Japan. Spot differentials for the distillate-rich Russian grades typically outperform rival Southeast Asian and Oceania light sweet crude when cracking margins trend up in the region.

The second-month Singapore gasoil to Dubai swap crack rallied in Q2, averaging $16.23/b during the month of May, the highest level since May 2014 when it averaged $16.66/b, S&P Global Platts data showed.

Demonstrating Far East Russian grades’ strong correlation to regional product margins, middle

distillate-rich Sokol crude commanded an average premium of $5/b to the average of first-line Dubai and Oman assessments on a CFR North Asia basis during Q2. It was the highest quarterly premium since Q3 2014, when the differential averaged $5.20/b, Platts data showed.

Furthermore, the April-June period saw the spread between WTI and Dubai crude price benchmarks widen to a steep discount, making various North American export grades loaded during the quarter extremely competitive.

Platts data showed the spread between the front-month WTI swap and same-month Dubai crude swap has averaged at minus $3.91/b in Q2, the biggest discount since averaging minus $5.13/b in Q3 2014.

tax exemptionSouth Korea levies a 3% tariff on crude imports including Russia, but domestic refiners are exempted from the tax on imports from the US thanks to the FTA, industry officials based in Seoul said.

“No tariff on imports of US crude is the main reason to get more cargoes from the US because prices differences among grades are very small,” said an official at SK Innovation, South Korea’s biggest importer of US crude.

“This is the same reason to import more Forties on which no tariffs are imposed thanks to the FTA with the EU,” the official said. “We will continue looking for US grades to take advantages of the FTA with the US.”

SK Innovation has imported 8.2 million barrels of US crude over January-June this year, compared with none purchased during the same period a year earlier.

Officials from GS Caltex, the country’s second-biggest refiner, also said the company has been encouraged to buy more cargoes from the US to take full advantage of the import duty exemption. GS Caltex has imported 5.91 million barrels of US crude in H1, compared with just 525,000 barrels bought a year earlier. — Gawoon Philip Vahn, Charles Lee

SOKOL’S CORRELATION WITH ASIAN CRACKS

* Sokol’s premium re�ects di erential to Platts Oman/Dubai average** Gasoil crack represents spread between Singapore physical gasoil assessment and M2 Dubai SwapSource: S&P Global Platts

Sokol Premium* ($/b) Gasoil Crack** ($/b)

12

14

16

18

Jul-18May-18Mar-18Jan-183

4

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(continued from page 19)

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China’s CAO to focus on core business amid trade tensions

■■ China jet fuel cargoes to US unlikely■■ Acquisitions to lift European opportunities■■ Jet fuel trading volumes to climb in Q3

Singapore—China Aviation Oil warned Friday that business conditions are likely to remain tough because of geopolitical tensions and trade protection measures, but said it would aim for growth by pushing its core businesses.

The company is also eyeing opportunities to send arbitrage jet fuel cargoes to Europe amid concerns that the escalating US-China trade war will prevent Chinese jet fuel cargoes moving to the US.

CAO’s jet fuel trading volumes in H1 fell nearly 14% on the year, the company said. Its gasoil and crude oil volumes picked up sharply in the period, helping the company’s overall trading volumes to post robust growth of more than 12%.

CAO, which is the largest physical jet fuel trader in the Asia Pacific region, added that its latest acquisition, Navires Aviation Limited, would help to grow its business in Europe and expand its presence in international markets. Navires Aviation has been renamed China Aviation Fuel (Europe) Limited.

“CAFEU provides CAO with a springboard to further grow our jet fuel supply and trading portfolio as well as aviation marketing business in Europe and strengthen our global presence,” CEO Meng Fanqiu said in a statement.

The acquisition, which was completed at the end of June, is expected to enable CAO to secure jet fuel outlets and cater to local and international airlines at Schiphol, Frankfurt, Brussels and Stuttgart airports in Northwest Europe.

arbitrage to europe“We are looking for opportunity to send cargoes to Europe during the rest of 2018, with volumes expected to be around 100,000-200,000 mt,” said Meng. He added that those volumes would be much lower than total 2017 arbitrage volumes to Europe of 600,000 mt.

CAO did not send any jet fuel cargoes from Asia to Europe in the first seven months of this year as the arbitrage window was closed.

In the first half of 2018, the company’s jet fuel trade volumes were 6.74 million mt, down 14.4% on the year and 18.3% below H2 2017, the company said.

Despite the reduction in volumes, gross profit grew 13.7% year on year as the company optimized its jet fuel supply and trading activities.

Trading profit was strong in Q1 due to market tightness as buyers in Europe, Africa and Asia were often competing for the same cargoes.

Meng expects trading volumes to rise in Q3 as the July-September period is the peak season for jet fuel trading globally.

trade tensions“If the China-US trade war further escalates, it is unlikely that jet fuel cargoes from China will move to the US. But some other trading opportunities would arise,” vice president Zhang Xinbo said.

CAO supplied less than 2 million mt of jet fuel to airports in the US last year, 60% of which were cargoes shipped from North Asian countries – China, South Korea and Japan. The rest were cargoes supplied by US refiners.

“We have talked to South Korean refineries and they are very happy to send more cargoes to the US amid intensive competition within Asia,” Zhang said.

Independents’ issuesCompany officials said that financial issues faced by China’s independent refiners would limit business opportunities for crude trading over the course of the rest of the year.

“China’s independent refineries may encounter many difficulties this year, and we expect their crude demand to fall in H2. But the country’s crude demand will rise,” Meng said, adding that CAO had expanded its customer profile to include state-owned refineries.

Crude oil pushed up the company’s non-middle distillates volumes 42.6% on the year to 8.74 million mt in

H1, the company said.CAO launched its crude oil trading business in the

second half of 2016 with trading volumes amounting to 6 million mt in the year, rising to 6 million-7 million mt in 2017. It set up the crude business after crude oil import quotas were awarded to independent Chinese refineries in 2015.

The company mainly sources crude cargoes from the Middle East and supplies to Asian countries.

China Aviation Oil (Singapore) Corporation is listed on the Singapore Stock Exchange and is a subsidiary of China National Aviation Fuel Group Corporation. — Oceana Zhou,

Sambit Mohanty

heatwave forces European refiners to cut runs, but impact seen marginal

London—Some refineries in Europe have been opting to reduce crude runs as cooling facilities struggle dealing with the current heatwave, sources told S&P Global Platts Friday.

Northwest Europe especially has been hit by unusually high temperatures, up to 40C, and the heatwave set to last for a while longer.

“The high temperatures are causing refineries to be down slightly [on runs],” one trading source said.

Refineries need to cool the crude distillation columns and some have been reducing rates to cope with the heat, although the measures appear to be temporary and have not been widespread, sources said.

Some refineries might have to reduce capacity by “one or two percent,” said a source with the German mineral oil association, but that would have “very little impact on refinery output.” While in the past high temperatures could have affected refineries’ cooling abilities, currently their “efficiency is so so high,” they can cope well, the source said.

A number of refineries in the past weeks have had problems with electricity glitches although those were not attributed to the heatwave and have since been fixed.

The reduced run rates were seen as partly lending support to Northwest Europe’s gasoline market which

mailto:_




has been very tight on seasonally higher demand and shipments to North America and West Africa, according to sources. — Solomon Lanitis, with Elza Turner

Brazil’s Petrobras to install three new FPSOs in third quarter

Rio de Janeiro—Brazilian state-led oil producer Petrobras will install three new floating production units at offshore subsalt fields in the third quarter that will lead to a jump in crude output, starting in the fourth quarter, company officials said Friday.

“We expect relevant production growth in the second half of 2018,” Solange Guedes, the company’s director for exploration and production, said during a press conference to discuss second-quarter earnings. “The expectation is for strong production growth, notably in the fourth quarter.”

The upswing would reverse the current downward trend in output seen since late 2017, when Petrobras embarked on a heavy schedule of maintenance shutdowns at floating production, storage and offloading vessels, or FPSOs, installed at subsalt fields. Petrobras’ first-half 2018 output was undermined by the completion of several asset sales, including the sale of a stake in the Lapa Field to France’s Total and a 25% stake in the mature Roncador Field to Norway’s Equinor.

Petrobras expects the new FPSOs to help the company meet its 2018 production targets of 2.7 million b/d of oil equivalent globally and 2.1 million boe/d in Brazil, Guedes said. That would be down from the 2.154 million boe/d produced domestically in 2017, but in line with first-half average output of 2.0174 million boe/d.

The company is still ramping up two new FPSOs that pumped first oil earlier this year and should see ramp-up work continue in the third quarter, according to Hugo Repsold, Petrobras’ director for production development and technology.

The FPSO P-74, which pumped first oil from the Buzios Field on April 20, is currently producing 30,000 boe/d from

a single well, Repsold said. The vessel’s reinjection system, which will allow additional wells to be connected to the vessel, is still undergoing commissioning, Repsold said.

Buzios is the first of the transfer-of-rights fields to start production. Petrobras was granted the right to pump 5 billion barrels of crude from the fields as part of a 2010 oil-for-shares swap with the government. Petrobras also discovered an additional 5 billion-15 billion barrels of recoverable crude in the fields, according to Brazil’s National Petroleum Agency, or ANP. Rights to develop the additional oil volumes are expected to be sold at a production-sharing auction on November 29.

Petrobras owns 100% of Buzios.First oil was also achieved at the Tartaruga Verde

Field on June 22, where the FPSO Cidade de Campos dos Goytacazes handles output, Repsold said. The field is currently producing about 25,000 boe/d from two wells, with a third well currently being connected, Repsold said. Petrobras owns 100% of Tartaruga Verde and the sister Tartaruga Mestica fields.

The productivity of the wells at the fields “already gives you an idea about the difference in the order of magnitude these units give in the subsalt,” Repsold said.

The three new FPSOs will likely have a bigger impact on output later in the year, Repsold said.

The FPSO P-67 is currently undergoing commissioning by Brazil’s Navy in Guanabara Bay, but should head out to sea for installation at the Lula Norte area of the Lula Field in August, Repsold said. The FPSO P-69, meanwhile, should also leave a shipyard in Angra dos Reis, south of Rio de Janeiro, for the Lula Extremo Sul area of the Lula Field toward the end of August, he said.

Both FPSOs have installed capacity to produce 150,000 b/d, Repsold said. Petrobras owns a 65% operating stake in Lula, while Shell holds a 25% minority share and Portugal’s Galp Energia the remaining 10%.

The FPSO P-75 left a Chinese shipyard in July and is about halfway to Brazil, Repsold said. The FPSO will be installed at the Buzios Field later in the third quarter. The FPSO P-75 also has installed capacity to pump 150,000 b/d.

The FPSO P-76, meanwhile, is expected to leave the Pontal do Parana shipyard in the fourth quarter, Repsold said, adding the FPSO, which can pump up to 150,000 b/d, is expected to enter operation before the end of the year. — Jeff Fick

since December 2016 — the last month before OPEC and 10 non-OPEC allies agreed to implement supply cuts that are now being eased — as did Iraq and Algeria, the survey found.

Those gains were more than enough to offset output declines in sanctions-hit Iran, crisis-wracked Venezuela and conflict-torn Libya.

OPEC on June 23 agreed with its partners to end overcompliance with their production cuts and boost output by a collective 1 million b/d to replace barrels expected to be shut in by the reimplementation of US sanctions on Iran and Venezuela’s economic quagmire.

OPEC’s July compliance among the 12 members with specified quotas stands at 105%, down from 131% in June, according to Platts calculations.

Gainers and strugglersIran, which has warned other members against encroaching on its market share, saw its production fall to 3.72 million b/d in July — lowest since January 2017 — as European buyers began winding down their purchases in advance of US sanctions snapping back in November.

Venezuela, suffering from crushing debt, crumbling infrastructure, worker unrest, hyperinflation and US sanctions, continued its output slide to 1.24 million b/d, a 670,000 b/d drop in a year and the lowest in the 30-year history of the Platts OPEC survey, except a debilitating worker strike in late 2002 and early 2003.

Libya’s output dropped 30,000 b/d month-on-month to 670,000 b/d, its lowest since April 2017, the survey found, as

OPeC output surges on saudi crude boost...from page 1





US crude exports have slowed in recent weeks, likely because the US-China trade war has reduced flows to China, the single largest buyer of US crude in May. US Energy Information Administration data shows that on a four-week average basis US crude exports have slowed to 1.87 million b/d during the week that ended July 27 from 2.43 million b/d July 27.

With refinery maintenance season around the corner, US crude inventories could start to rise, especially if exports do not pick up again.

West African crude market sources Friday warned that reduced refinery runs would lead to higher US crude exports into Europe, competing with Nigerian light sweet crudes.

The crude bears should keep in mind looming US sanctions on Iran, which are expected to remove up to 1

Crude futures fall on higher OPeC supply, us-China trade spat ...from page 1

it dealt with a militia blockade of its eastern ports that was resolved July 11 and a kidnapping at the Sharara field in the country’s southwest.

Angola’s production remained steady at 1.45 million b/d in July, a 190,000 b/d year-on-year decline, according to the survey, as its mature fields continued to deplete. But the African country should see its production rebound in the coming months with the offshore Kaombo field beginning first production in late July.

Major gainers besides Saudi Arabia include Nigeria, which boosted its output to 1.80 million b/d as the force majeure on key export grade Bonny Light was lifted mid-month, and the UAE and Kuwait, both of whom had signaled their intent to loosen their taps.

UAE output rose to 2.97 million b/d, while Kuwait produced 2.78 million b/d in July, the survey found.

Iraq also raised crude exports from its southern terminals to a record high in July, with its production coming in at 4.57 million b/d, according to the survey.

Newest member Congo produced 310,000 b/d in July, a drop from 330,000 b/d in June.

The Platts OPEC figures were compiled by surveying

OPEC JULY OUTPUT CHANGE


-0.1 0.0 0.1 0.2 0.3

Iran

Venezuela

Libya

Rep of Congo

Equatorial Guinea

Gabon

Angola

Qatar

Ecuador

Algeria

Iraq

Kuwait

Nigeria

UAE

Saudi Arabia

(million b/d)

OPEC and oil industry officials, traders and analysts, as well as reviewing proprietary shipping data. — Herman Wang,

Eklavya Gupte

recent opec production (million b/d)Country July Change June May April March

Algeria 1.07 0.01 1.06 1.05 1.01 1.05

Angola 1.45 0.00 1.45 1.52 1.53 1.61

Congo-Brazzaville 0.31 -0.02 0.33 N/A N/A N/A

Ecuador 0.53 0.01 0.52 0.52 0.52 0.52

Equatorial Guinea 0.12 -0.01 0.13 0.13 0.13 0.13

Gabon 0.18 0.00 0.18 0.16 0.18 0.19

Iran 3.72 -0.08 3.80 3.83 3.83 3.83

Iraq 4.57 0.03 4.54 4.47 4.42 4.43

Kuwait 2.78 0.07 2.71 2.70 2.71 2.7

Libya 0.67 -0.03 0.70 0.95 0.97 1.03

Nigeria 1.80 0.08 1.72 1.73 1.88 1.95

Qatar 0.62 0.01 0.61 0.60 0.59 0.6

Saudi Arabia 10.63 0.24 10.39 10.01 9.95 9.98

UAE 2.97 0.09 2.88 2.87 2.87 2.8

Venezuela 1.24 -0.06 1.30 1.36 1.41 1.57

total 32.66 0.34 32.32 31.90 32.00 32.39

Notes: The estimate for Iraq includes volumes from semi-autonomous region of Iraqi Kurdistan


million b/d of crude from the market when they go into effect November 4.

Also, refined products remain relatively tight, as demand has been strong for gasoline and diesel.

Some refineries in Europe have reduced runs because of the current heat wave, lending support to gasoline prices, sources said Friday.

In NYMEX products, September RBOB settled 26 points lower at $2.0655/gal Friday, while September ULSD settled 49 points lower at $2.1269/gal. — Jeff Mower

rEFINEry UPdAtES

star, aliaga, turkey■■ Owner: Socar turkey Enerji AS (StEAS)■■ Overall capacity: 214,000 b/d

notes: Turkey’s 214,000 b/d STAR refinery – being developed by Socar Turkey Enerji, a Turkish subsidiary of Azeri state oil company Socar – Friday began receiving its first cargo of crude, Socar confirmed in a statement.

According to the statement the tanker, Asheron arrived Friday morning carrying 80,000 mt of Azeri light from the Georgian port of Supsa.

The cargo of Azerbaijan’s Azeri Light crude grade, loaded from the Georgian port of Supsa on July 28-29 and headed to Turkey’s new STAR refinery, a source at Azerbaijan’s Socar Trading confirmed earlier this week, S&P Global Platts reported previously. The cargo of around 661,000 barrels was loaded onto the Aframax MT Absheron for arrival August 2-3.

Trading sources said previously that they expected a sourer grade such as Russia’s medium sour Urals crude to be the more typical feedstock instead of the lighter, distillate-rich Azeri Light.

A Socar official confirmed to Platts Friday that with the delivery of the first crude cargo the refinery will now be able to start test production with the aim of moving to commercial production in October. According to previous






statements by Socar officials the start of commercial production will be followed by a steady ramp up of output expected to reach full capacity by January 2019.

Previously the start of commercial production was slated for September although this was changed due to changes in the order in which some units were being completed.

Expected to cost in the region of $5.5 billion, the STAR refinery has been designed to produce 4.95 million mt/year of diesel, 1.3 million mt/year of naphtha, 698,000 mt/year of petroleum coke, 1.695 million mt/year of jet fuel, 525,000 mt/year of reformate, 455,000 mt/year of mixed xylenes, 261,000 mt/year of LPG and 157,000 mt/year of sulfur.Source: Company

duna (danube) in szazhalombatta, near Budapest, hungary

■■ Owner: MOl■■ Overall capacity: 165,000 b/d

slovnaft, Bratislava, slovakia■■ Owner: MOl Group’s Slovnaft unit■■ Capacity: 122,000 b/d

sisak, Croatia■■ Owner: INA■■ Overall capacity: 44,000 b/d

rijeka, Croatia■■ Owner: INA■■ Overall capacity: 90,000 b/d

Olefin-2, tiszaujvaros, hungary■■ Owner: MOl■■ Capacity: 290,000 mt/year■■ Units affected: various■■ duration: 2018

notes: MOL confirmed Friday it is planning maintenance at its Steam Cracker-2 olefin plant at its petrochemical plant complex in Tiszaujvaros in late Q3 and early Q4. The company is also planning a turnaround at the Rijeka refinery in Q4.

MOL said an unplanned shutdown at its Bratislava refinery earlier in Q3 will affect diesel production volumes for the quarter; the company did not specify the extent or duration of the shutdown.

MOL’s group-wide refinery margin narrowed 13.5% on the year to $5.52/b in the second quarter of 2018, owing to

rising oil prices, the company said in its earnings report. But the group-wide margin increased on the quarter, by 3.9%. The combined refinery margin of the Duna and Bratislava refineries was $6.48/b in Q2, down 7.5% on the year but up 5.3% on the quarter.

MOL said that despite rising oil prices, motor fuel crack spreads remained relatively strong due to high demand and low inventories. As a result, the company said it is raising its group-wide refinery margin forecast by $1/b to $5-$6/b for this year.

The Brent-Urals price spread (beneficial for MOL as it mainly processes cheaper Urals crude) was $1.95/b in Q2, rising 46% from a year earlier and reaching its highest in almost two years.

Total throughput across MOL’s refineries was 4.91 million mt in Q2, up 5.6% on the year. Throughput in H1, 2018 was 9.03 million mt, up 2.1% on the year.

Diesel made up 43.1% of total throughput in Q2, up from 42.9% a year earlier, while the gasoline yield also increased, from 17.8% to 18.9%. The share of naphtha was little changed at 8.0%; that of kerosene rose from 2.6% to 3.2%; while the combined share of fuel oil, bitumen and other products fell from 16.1% to 15.4%.Source: MOL

oilgram price report · 2018-11-16 · volume 96 / number 149 / august 6, 2018 / prices effective...

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