u ns g · last updated: october 2010 the most up-to-date argus crude methodology is available on ...
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Last Updated: OctOber 2010
The most up-to-date Argus Crude methodology is available on www.argusmedia.com
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Contents:Introduction 2Overview,pricingtables 2Futuresmarkets 3Forwardmarkets 3NorthSea 4CalculatingNorthSeaDated 4NorthSeaassessments 5Russian-Caspian 7Russian-Caspianassessments 7Mediterranean 10Mediterraneanassessments 10WestAfrica 11WestAfricaassessments 11MideastGulf 12MideastGulfassessments 12Asia-Pacific 14Asia-Pacificassessments 14Sudan 15SakhalinIsland 16Americas 18Americasassessments 18Updates 19
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Introduction
Argus Crudeisadailymarketreportthatcoverstheinternationalcrudeoilmarket.Itisoneoftheleadingreportsservingtheoilindustryandiswidelyusedasareferenceinthepricingofcrudeoil.
Argus Crudecontainspriceassessmentsfordifferentgradesofcrudeoil.Thereportalsocontainsmarketcommentaryforthevari-ousregionalmarkets.
Argus Crude providespricesthatareusedinthird-partycontracts,riskmanagementcontracts(suchasswaps),underlyingfuturessettlementprices,internalpricetransfer,internalbenchmarking,mark-to-marketassessmentandmarketanalysis.
Theassessedcrudepricesarebasedonpricesfromtheopenspotmarketwheneverpossible.Therearemanyregionalmarketsincrudeandtheyallhaveuniquecharacteristicsbasedoncon-tractualterms,scheduling,logistics,liquidityandtransparency.Asaresult,theArgusapproachtoreportingpricesineachmarketwillvaryaccordingtotheprevailingconditionsandthenatureofeachmarket.Ingeneral,Argusreflectspricesastradedinopenmarketsandconstructspriceseriesbasedonthestructureofthemarketasestablishedbyindustryparticipants.
Argususesavarietyofmethodologicalapproachestoidentifymarketprices.UsuallyArgusidentifiespricesthroughaprocessofintelligentinterpretationbasedonbids,offers,andtransactionalinformation.Argusreducesthepossibilityofpricereportmanipula-tion,orunintendeddistortion,byapplyingintelligentinterpretationtotheweightingofinformationitreceives.Insomemarkets,Arguswillproducetradeweightedaverageswhentheindustryrequeststhemandthereisenoughmarketliquiditytojustifythem.
Argus Cruderegularlyreviewsthemethodologicalapproachesthatareappliedtoeachmarketthroughextensiveconsultationwiththeindustry.Amendmentstothemethodologywillbemadewhennec-essarytoreflectthechangesinthestructureofcrudetradingandanychangesinthepricingorcontractualnormsofeachmarket.
ThepriceassessmentsinArgus Crudearebasedonmarketsurveysthatareconductedoverthetelephoneandthroughelectronicmailexchanges.Argususesallappropriateinformationalsourcestoidentifythepricesprevailinginamarketanddoesnotrestrictitselftoonesubsectionofthemarket,suchasasingletradingplatformoranysingleinformationalchannel.ThemarketsurveysarebalancedintheirapproachandareconductedbywelltrainedspecialistswhoarepartofadedicatedteamresponsiblefortheArgus Crudereport.
Themarketsurveysofeachregionwillinvolveupto30marketparticipantscontactedbytelephone,emailorinstantmessenger.Theinformationwegatherisanalysedandverified.Theapproachismethodical,standardisedandtestedagainsttheviewsofothermarketparticipants.
Informationfromthesurveyisverifiedasbestaspossibleandar-chivedindatabases.Themethodologiesaredetailedandtranspar-
ent.Aprofessionalapproachbytrainedstaffmonitoredbyexperi-encedmanagersisacharacteristicoftheArgustradition.
AllassessmentsandformulasrefertothepriceofthecrudeonthedayofthepublishedreportandareexpressedinUSdollarsperbarrelunlessotherwisestated.Thepricesareforcontractsunderwhatevergeneraltermsandconditionsareacceptedasthestand-ardprevailinginthatparticularmarket.Allchangesareonthelastreport(oneworkingdayprevious).
Overview (Argus Crude page 1)Argusprovidesanoverviewoftheday’scrudemarketactivity,highlightingchangesinkeycrudepricesandthepricedifferencesamongthevariousregionalcrudes.Thereportdiscussesthatday’smarketactivitywithparticularreferencetothemaincrudebench-markprices.Thesummaryhasaglobalscope,allowingreaderstoquicklyunderstandthekeymarketdrivers.
Pricing tables (Argus Crude page 1)
North Sea, Russia-Caspian, Mediterranean and West Africa ThefrontpageofArgus Crudecontainsduplicateassessmentsofthecrudepricesinthevariousregionalsections.FortheNorthSea,Russian-Caspian(includingfobnetbacks)Mediterranean,andWestAfrica,pricesarepublishedasfixedpriceassessmentsandalsoshownasdifferentialstothebenchmarks.TheprimarybenchmarkintheAtlanticBasinisDated,butDateditselfisshownasadifferen-tialtotheforward21-dayNorthSeaprice(the“flat”price).
Thepricemethodologyfortheseregionsisdescribedinthevariousregionalsectionsbelow.
Mideast GulfTheMideastGulftablecontainsthepriceassessmentsmadeat4:30pmSingaporetimeforfrontmonthDubai,frontmonthOman,andtheAbuDhabicrudeMurban.
TheDubaipriceispublishedasafixedpriceassessment.TheOmanpriceispublishedasafixedpriceassessmentandisalsoshownasadifferentialtoDubaiswaps.
TheMurbanpriceispublishedasafixedpriceassessmentandalsoshownasadifferentialtotheAbuDhabiNationalOilCompany(Adnoc)OSP.
Asia-PacificTheAsia-Pacifictablecontainsthepriceassessmentsmadeat4:30pmSingaporetimeforMinas,TapisandBachHocrudes.
TheIndonesianMinascrudepriceispublishedasafixedpriceas-sessmentandasadifferentialtotheIndonesianCrudePrice(ICP).
MalaysianTapiscrudeispublishedasafixedpriceassessmentandasadifferentialtotheTapisAsiaPetroleumPriceIndex(APPI).
AustralianNorthwestShelfcondensateispublishedasafixedprice
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assessmentandasadifferentialtoNorthSeaDated,andSubstituteDatedonUKholidays(seeAsia-Pacificsectionbelow).
ESPOBlendispublishedasafixedpriceassessmentandasadif-ferentialtotheDubaipriceforthemonthofloading.
SokolispublishedasafixedpriceassessmentandasadifferentialtoDubaiswapsforthemonthofloading.
US pipelineTheUSpipelinetablecontainsthepricesforLLS,MarsandtheArgus Sour Crude Index™ (ASCI™)benchmark,LLS,MarsandASCI pricesarepublishedasfixedpriceassessmentsandasdifferentialstothefrontmonthNymexWTIsettlementprice.
Canada pipelineTheCanadapipelinetablecontainsthepricesforCanadianSyn-theticandWCS,publishedasfixedpriceassessments.
Americas cargoesTheAmericascargoestablecontainsthepricesforNigerianQuaIboeandColombianVasconia,publishedasfixedpriceassess-ments.
Futures markets (Argus Crude page 2)
Argus Crudeshowsmarketinformationfromfourworldfuturesmar-ketswhichtradecrudeoil.ThesefuturesexchangesaretheLon-don-basedIntercontinentalExchange’sBrentcontract(IceBrent),theNewYorkMercantileExchange’sLightSweetCrudecontract(NymexWTI),theTokyo-basedTocomMideastGulfcrudecontractandtheDubaiMercantileExchange’sOmancontract.Argus Crudepublishesrepresentativepriceandmarketinforma-tionfromthefuturesexchangesincludingtheOpen,High,LowandSettlepricesandwherepossibletheestimatedvolumeoftrade.
Forward spreads (Argus Crude page 2)
Argus CrudeshowstheNorthSea/Dubaispreadsforthreemonthsforward,theWTI/NorthSeaspreadsforfourmonthsforwardandtheWTI/Dubaispreadsforthreemonthsforward,timestampedat4:30pmLondontime.ArgusalsoshowstheTapis/NorthSeaspreadforthreemonthsforwardandtheTapis/Dubaispreadforthreemonthsforward,timestampedat4:30Singaporetime.
Forward markets (Argus Crude page 3)
Theforwardmarketstablesshowpricesintheforwardmarketsandtheintermonthspreadsbetweenthedifferentmonthlyprices.Theyalsoshowvariousexchangeoffuturesforphysicalspricesandex-changesforswapsprices.Variousshort-termswappricetablesareshown.ThesectionalsocontainspricingcomponentsthatareusedtocalculateotherArguspriceassessments.
21-day North Sea London Singapore close The21-dayNorthSeatableforSingaporecloseshowspricesforfourmonthsforwardintheforwardNorthSeamarketat4:30pm
Singaporetime.Thismarketisthe21-dayBrentforwardmarket(withForties,OsebergorEkofisksubstitutionality).Itiscalled21-dayNorthSeainArgus Crudetodifferentiateitfromthe15-dayBrentforwardmarketthatitreplaced.Thisforwardmarkettradesinparal-leltotheIcefuturesmarketinBrentasanover-the-countermarketinBrent.
Thecontracttradesatfixedpricesandalsointheformofinter-monthspreads.ArgusassessesthepricesfortheforwardNorthSeamonthsbyapplyingtheintermonthspreadassessmentstothefirst-monthNorthSeaforwardprice.ArgususestheEFPdifferentialandthefront-monthIceBrentfuturestoassessfirst-monthforwardNorthSea,includingexpiryday,exceptforthelastthreesessionsinthelifeofthefront-monthfuturescontract.Onthesesessions,Argususessecond-monthIceBrentfuturesandthecorrespondingEFPdifferential(see Calculating North Sea Dated).
21-day North Sea London closeTheforward21-dayNorthSeaLondonclosetableduplicatestheDatedpriceandalsoshowspricesforfourmonthsforwardintheforward21-dayNorthSeamarketat4:30pmLondontime.Thismarketisthe21-dayBrentforwardmarket(withForties,OsebergorEkofisksubstitutionality).Itiscalled21-dayNorthSeainArgus Crudetodifferentiateitfromthe15-dayBrentforwardmarketthatitreplaced.ThisforwardmarkettradesinparalleltotheIcefuturesmarketinBrentasanover-the-countermarketinBrent.Aweightedaverageoftradeonthemostliquidforward21-dayNorthSeamonthisalsotheforward(orflatprice)usedinthecalculationoftheDatedassessment.
Theforward21-dayNorthSeamarkettradesatfixedpricesandalsointheformofintermonthspreads.Argusassessesthepricelevelsfortheseintermonthtradesintheforwardintermonthstableonpage4andusestheseintermonthassessmentstoconstructthefixedforwardpriceassessmentsinthe21-dayNorthSeatable.
Dubai Singapore closeArgusquotesforwardDubaiforfourmonthsforwardat4:30pmSingaporetime.AmoredetailedexplanationoftheArgusDubaimethodologycanbefoundintheMideastGulfsectionorintheArgusdocumentArgus’ Dubai Assessment Methodology(contactArgus formoredetails).
ThecomponentsusedinthecalculationoftheforwardDubaipricesaretheDubai/IceBrentEFSdifferentials,whichArgusquotesforthreemonthsforward,andtheDubaiIntermonths,whichArgusquotesforthreeperiodsforward.
Dubai London closeArgusquotestheforwardDubaipriceforfourmonthsforward.ThesepricesareassessedatLondon4:30pmandsodifferfromtheSinga-pore4:30pmassessments.
Dated to Ice Brent frontlineArgusquotespricesfortheDatedtoFrontline(DFL)marketwhichtradesthedifferencebetweentheDatedassessmentandthefrontlineIceassessment.Argusquotesthismarketforthreemonthsforward,twoquartersandoneyearforward.
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WTI CushingWTIisassessedonacashmarketbasisat2:15pmHoustontime.Thesepricesreflectanintelligentassessmentofthebid/askrangeatthetimestamp.CashWTIrollsonthefourthbusinessdayfollow-ingtheexpiryofthefront-monthNymexLightSweetcrudefuturescontract.
North Sea (Argus Crude page 4)
TheNorthSeacrudemarketisoneofthemostimportantoilmar-ketsintheworld.Formanyyears,themainNorthSeacrudepricewasthepriceofBrentBlend.Thiswasthemainpricebenchmarkagainstwhichothercrudeswerevalued.Inadditiontotradingphysicalcargoes,andhavingotherphysicalgradespriceagainstit,theBrentmarketdevelopedaforwardmarketandalsoaseriesofderivativemarkets,suchasshort-termcontractfordifferencesandlong-termswaps.TheBrentmarketisalsotheunderlyingmarkettoLondon-basedIntercontinentalExchange’sIceBrentfuturescontract.
ButtherewasaproblemwiththeBrentBlendbenchmark.Produc-tionofBrentcrudeisindeclineandthenumberoffreelyavailablecargoesfortradeisdecliningevenmorerapidly.Thismeansthatthebenchmarkdidnotalwaysreflecttheconsensusviewoftheprevailingmarket.Consequently,ArgusdevelopedtheconceptofagenericNorthSeabenchmarkwhichinvolvedbroadeningthebaseofliquiditythatunderpinsthebenchmark.ThegenericNorthSeabenchmarksinArgus Crudeevolvedovertime—fromtheArgusNorthSeaIndextotheArgusNorthSeaReferencePrice—buteventuallythegenericbenchmarkbecameArgusNorthSeaDated,apricederivedfromamethodologythatinvolvedfourgrades,Brent,Forties,OsebergandEkofisk.ThispricebecameknownasDatedorNorthSeaDated.
Calculating North Sea DatedArgusNorthSeaDatedisthemarket’simpliedvaluefortheNorthSeaDatedpricereferenceobtainedbycrossreferencingforwardtrade,CFDtradeandphysicaldifferentialsforthefourBFOEcrudeswithinthe10-21dayassessmentperiod.
ThebuildingblockfromwhichtheNorthSeaDatedassessmentisderivediscalledthe“flat”priceor“forward”price.ItisthepriceforBrentcrudeforloadinginone(orpossiblytwo)monthstime.
Theforwardpriceisthepricefora21-dayNorthSeacontract(BrentwithForties,OsebergorEkofisksubstitutionality),acontractthattradesforwardinmonthlydeliveryperiodsbutwhichwillmatureintoaphysicalobligation21daysinadvanceofthecargodatenomination.Argusidentifiesthe“flat”pricefromavolumeweightedaverageof21-dayNorthSeatrade(partialandfullcargo)reportedtoArgusashavingtransactedbetween4:29and4:30pmLondontime.Intheeventoftherebeinglessthan100,000blsof21-daytradedinthetimeperiodArguswillestablishtheflatpriceasafunctionofthevalueofanexchangeoffuturesforphysicalcontract(EFP)andtheprevailingIntercontinentalExchange’sBrentfuturesprice.
IfArgusassessestheflatpriceoftheforward21-daycontractsusinganexchangeoffuturesforphysical(EFP)differentialandarepre-sentativeIceBrentfuturesvaluethentheEFPisassessedthroughoutthedayandtheIcevaluewillusuallybetheIce1minutemarker.TheIce1minutemarkerbasedontradeat4:29-4:30pmLondontimeisassumedtobearepresentativevalueforthefuturescontractun-lessArgusdeemsotherwise.ArguswilldeemitotherwiseiftheIce1minutemarkerdoesnotappeartobearepresentativevalue.WhenArgususesthetheEFPtoassesstheflatpriceArgususestheEFPdifferentialandthefront-monthIceBrentfutures.Inthelastthreesessionsinthelifeofthefront-monthfuturescontractArgususessecond-monthIceBrentfuturesandthecorrespondingEFPdifferential.
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TheNorthSeacrudepricesusedintheDatedmethodologyareas-sessedeitheragainsttheanticipatedvalueofDatedoragainsttheflat(forward)pricedependingonwhichformulasareunderdiscus-sionbythemarket.ThemarketoftenusestheanticipatedDatedvalueasareferencebecauseitiscommonthatcrudegradeswillpriceagainstthevalueofDatedatthedateofloading.ThemarketanticipatesthevalueofDated,forriskmanagementpurposes,bytradingcontractsfordifference(CFDs)betweentheforwardpriceandtheanticipatedvalueofDated.Arguscanconstructthemarket’sperceivedvalueofDatedseveralweeksforwardfromtheseCFDprices.ArgususestheseCFDvaluestopublishanAnticipatedDatedvaluewhichisanaverageoftheprices10-21daysforwardasanticipatedbythemarketforDated.
PricesforthefourleadinggradesofNorthSeacrude,Brent,Forties,OsebergandEkofisk,arevaluedeitheragainsttheforward(orflat)priceofBrentoragainsttheanticipatedDatedvalueatthetimeofloading.ArguswilluseoneorbothofthesesetsofdifferentialstoconstructthepricesforBrent,Forties,OsebergandEkofiskinthe10-21daysforwardperiod.Anaverageofthepricesinthe10-21daysforwardperiodforeachofthesefourcrudesisusedtodeterminethevalueofDated.TheseaveragescomprisetheBrent,Forties,OsebergandEkofiskcomponentsintheArgusDatedmeth-odology.ThelowestofthesefourvaluessetstheDatedprice.The10-21dayaverageisdeterminedbyindustryconvention.
ThismethodologicalapproachusedbyArgusisalsoutilisedbyallactiveparticipantsintheNorthSeamarkettoidentifythevalueofDated.Argusidentifiesthedifferentials,suchastheprevailingEFPprice,theCFDvaluesandthedifferentialsforthevariousgradesofcrude,throughatelephoneandelectronicmailsurvey.Awidecross-sectionofcompaniesarecontacteddailyandArgusattemptstoestablishsomeformofcontactwithallmarketparticipants.
Argusassessesthephysicalgradedifferentialforeachdayofthe10-21dayassessmentperiodforBrent,Forties,OsebergandEkofisk.Argusidentifiesthephysicalpricedifferentialsat4:30pmforeachloadingdatewhichhasmarketdepthat4:30pmandwilluseinformationgatheredthroughoutthedaytomakeinferredpriceas-sessmentsforeveryotherloadingdayofthe10-21dayassessment
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period.ThelowestaverageofthedailyassessmentsforthefourcrudesintheNorthSeaDatedmethodologywillthensettheNorthSeaDatedvalue.
ArgususestheArgusDatedCalculationspreadsheet(seepageabove)toconstructtheNorthSeaDatedassessment.Thespread-sheetillustrateshowArgusassessespricesforeachoftheBrent,Forties,OsebergandEkofiskcrudegradesoneachindividualworkingdayinthe10-21dayassessmentperiod.Thespread-sheetshowshowArgustakesintoaccountmarketstructurewhentransactionsforloadingdatesinthe10-21assessmentperiodoccurinclosetimeproximity.AnillustrationofhowtheArgusNorthSeaDatedcalculationismadecanbefoundontheArguswebsiteatwww1.argusmedia.com/ArgusStaticContent//Meth/webbfo.pdf
ArguswillensurethatconfirmedmarketinformationwillbeplacedontheArgusCrudeOilBulletinBoardduringtheday,andguaran-teestodothisinatimelymannerbetween3:30pmand4:30pmLondontime.
Argususesinferredpriceassessmentsbasedoninformationgath-
eredthroughoutthedaybecausethereisinsufficientmarketactivityat4:30pmtoconstructabid/offerpriceforeverygradeforeachloadingdaywithinthepriceassessmentperiod.Argusdoesnotrigidlyusethehighestbidat4:30pmforasingleloadingdateinthe10-21assessmentperiodtosetthepricesforalldatesinthisassessmentperiod.Usinghighestbidsforasingleloadingdaymaylevertheentire10-21dayassessmentperiodinamannerthatisnotconsideredrepresentativebythemarket.NeitherdoesArgusweighttheassessmentaccordingtotransactionsatanyparticulartimeduringtheday,nordoesitaveragetransactionstoidentifyapricelevelforNorthSeaDated.TheNorthSeaDatedassessmentisthebenchmarkpriceagainstwhichothergradesofcrudeoilareassessedintheAtlanticbasin.
North Sea AssessmentsSee table below
Dated or North Sea Dated issetbythelowestoftheBrent,For-ties,OsebergandEkofiskcomponents.Consequentlyitisnotthepriceofagradeofcrudebutabenchmarkestablishedthroughamethodology.ThereforeithasnoAPIdensityorsulphurspecifica-tion.
North Sea AssessmentsGrade typical
°APItypical
Sulphur % Basis/Location Timing Cargo size
Dated fob Sullom Voe, Hound Point, Teesside, UK or Sture terminal Loading 10-�1 days ahead 600,000 bl
Brent �7.9 0.�� fob Sullom Voe Loading 10-�1 days ahead 600,000 bl
Forties �0.� 0.�6 fob Hound Point, UK Loading 10-�1 days ahead 600,000 bl
Oseberg �7.8 0.�7 fob Sture terminal Loading 10-�1 days ahead 600,000 bl
Ekofisk �7.� 0.�� fob Teesside, UK Loading 10-�1 days ahead 600,000 bl
Statfjord cif Rotterdam �9.1 0.�� cif Rotterdam Loading 10-�1 days ahead 8��,000 bl
Statfjord fob platform �9.1 0.�� fob platform Loading 10-�1 days ahead 8��,000 bl
Gullfaks cif Rotterdam �6.� 0.�6 cif Rotterdam Loading 10-�1 days ahead 8��,000 bl
Gullfaks fob platform �6.� 0.�6 fob platform Loading 10-�1 days ahead 8��,000 bl
Flotta �6 .9 0.8� fob Flotta terminal Loading 10-�1 days ahead 6�0,000 bl
Argus Dated Calculation
Today'sdate 14-May CFDs Day Date Days Brent Brent Brent Forties Forties Forties Oseberg Oseberg Oseberg Ekofisk Ekofisk Ekofisk
forward Dated Jul Dated Jul Dated Jul Dated Jul21-day Jul 67.28 related related related related related related related relatedNorth SeaCurrent CFD week
14-May 18-May 14-May 0.00 67.28 Mon 14-May 0
15-May 0.00 67.28 Tue 15-May 116-May 67.28 Wed 16-May 217-May 0.00 67.28 Thu 17-May 3 18-May 0.00 67.28 Fri 18-May 4
1st CFD week 5 21-May 25-May 6 21-May -0.80 66.48 Mon 21-May 722-May -0.80 66.48 Tue 22-May 823-May -0.80 66.48 Wed 23-May 924-May -0.80 66.48 66.48 Thu 24-May 10 -0.30 66.18 -1.45 65.83 1.25 67.73 0.50 66.9825-May -0.80 66.48 66.48 Fri 25-May 11 -0.30 66.18 -1.45 65.83 1.25 67.73 0.50 66.98
2nd CFD week 1228-May 01-Jun 1328-May -0.70 66.58 66.58 Mon 28-May 14 -0.30 66.28 -1.20 66.08 1.25 67.83 0.50 67.0829-May -0.70 66.58 66.58 Tue 29-May 15 -0.30 66.28 -1.20 66.08 1.25 67.83 0.50 67.0830-May -0.70 66.58 66.58 Wed 30-May 16 -0.30 66.28 -1.20 66.08 1.25 67.83 0.50 67.0831-May -0.70 66.58 66.58 Thu 31-May 17 -0.30 66.28 -1.20 66.08 1.25 67.83 0.85 67.4301-Jun -0.70 66.58 66.58 Fri 01-Jun 18 -0.30 66.28 -1.20 66.08 1.25 67.83 0.85 67.43
3rd CFD week 1904-Jun 08-Jun 2004-Jun -0.60 66.68 66.68 Mon 04-Jun 21 -0.30 66.38 -1.10 66.18 1.25 67.93 1.15 67.8305-Jun -0.60 66.68 Tue 05-Jun 2206-Jun -0.60 66.68 Wed 06-Jun 2307-Jun -0.60 66.68 Thu 07-Jun 2408-Jun -0.60 66.68 Fri 08-Jun 25
4th CFD week 2611-Jun 15-Jun 2711-Jun -0.50 66.78 Mon 11-Jun 28 12-Jun -0.50 66.78 Tue 12-Jun 2913-Jun -0.50 66.78 Wed 13-Jun 3014-Jun -0.50 66.78 Thu 14-Jun 3115-Jun -0.50 66.78 Fri 15-Jun 32
66.57 66.57 Dated Component 66.27 Dated Component 66.03 Dated Component 67.82 Dated Component 67.24Jul 21-day -0.71 Brent Forties Oseberg Ekofisk
Argus North Sea Dated 66.03
AnticipatedDated
Anticipated Dated average for 10 -21 days forward
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ThepricesforthevariousgradesofcrudeoilareestablishedbyaddingthecurrentDatedpricetothecurrentmarketdifferentialforthatgradeofcrude.Argusassessesthegradedifferentialsduringthecourseofthedaywithacutofftimeat4:30pmLondontime.For-mulasforDated-relatedcrudesareanindicationofthedifferentialtoDatedaroundbillofladingassessedasachievableonthedayofthereport.Argusdoesnotconsidership-to-shiptransferswhenassessingthegradedifferentials.
ArgusalsopublishesthecomponentvaluesforBrent,Forties,OsebergandEkofiskthatareusedtocalculatethepriceofDated.ItisthelowestofthesefourcomponentsthatsetsthepriceofDated.Thecomponentvaluesforthesecrudesarenotnecessarilythesameasthepricesforthesecrudes,asthegradepricesarecal-culatedbyaddingthemarketpremiumforthegradetothecurrentDatedvalue.
TheBrent assessmentisthepriceofBrentBlend,aNorthSeacrude.ThevalueofBrentiscalculatedbyapplyingthemarketdif-ferentialofBrenttothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
TheFortiesassessmentisthepriceofFortiesBlend,aNorthSeacrude.ThevalueofFortiesiscalculatedbyapplyingthemarketdif-ferentialofFortiestothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
TheOsebergassessmentisthepriceofOseberg,aNorthSeacrude.ThevalueofOsebergiscalculatedbyaaplyingthemarketdifferentialofOsebergtothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
TheEkofiskassessmentisthepriceofEkofisk,aNorthSeacrude.ThevalueofEkofiskiscalculatedbyapplyingthemarketdifferentialofEkofisktothecurrentDatedvalue.Theprevailingmarketdifferen-tialisalsopublishedseparately.
TheStatfjord cif RotterdamassessmentisthepriceofStatfjord,aNorthSeacrude.ThevalueofStatfjordcifRotterdamiscalcu-latedbyapplyingthemarketdifferentialofStatfjordcifRotterdamtothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.Statfjordisanoffshorecrudeloadedattheplatformratherthanatanonshoreterminal.
TheStatfjord fob platform assessmentisthepriceofStatfjord,aNorthSeacrude.ThevalueofStatfjordfobplatformiscalculatedbyapplyingthemarketdifferentialofStatfjordfobplatformtothecur-rentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.Nomodificationsaremadetotheprevailingpremiumordiscountinrespectoffreightarrangements.
TheGullfaks cif RotterdamassessmentisthepriceofGullfaks,aNorthSeacrude.ThevalueofGullfakscifRotterdamiscalcu-latedbyapplyingthemarketdifferentialofGullfakscifRotterdamtothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.Gullfaksisanoffshorecrudeloadedattheplatformratherthanatanonshoreterminal.
TheGullfaks fob platform assessmentisthepriceofGullfaks,aNorthSeacrude.ThevalueofGullfaksfobplatformiscalculatedbyapplyingthemarketdifferentialofGullfaksfobplatformtothecur-rentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.Nomodificationsaremadetotheprevailingpremiumordiscountinrespectoffreightarrangements.
TheFlottaassessmentisthepriceofFlotta,aNorthSeacrude.ThevalueofFlottaiscalculatedbyapplyingthemarketdifferentialofFlottatothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
North Sea EFPArgusquotestheNorthSeaEFP,ortheexchangeoffuturesforphysi-calprice,whichisthetradeddifferentialbetweentheIceBrentfuturescontractandtheequivalentmonth21-dayNorthSeaforwardprice.
Ice BwaveArgusalsoshowstheBwavepriceforthreemonthsforward.ThisisaweightedaverageoftradeontheIceBrentcontractonthepreviousworkingdayascalculatedbytheIntercontinentalExchange.ItisusedasacomponentintheSaudiAramcoformulaforcrudesalesintoEurope.ArgusshowstheSaudiFormulaBasepricewhichisderivedfromtheBwavethatistheunderlyingpriceinitssalesformulatoEuropeancustomers.ThesameformulaisusedbyKuwaitandIraninsalestoEuropeancustomers.
Ice minute markersArgusshowstheIce1minutemarkerpricewhichisaweightedav-erageoftradeontheIceBrentcontractbetween4:29and4:30pmfortwomonthsforwardascalculatedbytheIntercontinentalEx-change.
Dated CFDsArgusquotespricesforNorthSeaDatedCFDs,timestampedat12:00pmandat4:30pmLondontime.Thesearecontractsfordiffer-ence(orshort-termswaps)forDatedagainstforward21-dayNorthSeacontracts.TheseNorthSeaDatedCFDpricesareexpressedasdifferentialstoforward21-dayNorthSeaforfourweeklyperiodsforward.
IntermonthsTheforward21-dayNorthSeamarketrarelytradesatfixedprices.In-stead,mosttradeisintheformofintermonthtrades.Argusassessesthepricelevelsfortheseintermonthtradesintheforwardinter-monthstableandusestheseintermonthassessmentstoconstructthefixedforwardpriceassessmentsinthe21-dayNorthSeatableonpage3.
North Sea calculationsTheNorthSeacalculationstableshowshowthecomponentpartsofDatedareusedtoderivethebenchmarkprice.
North Sea basis (flat price)isaweightedaverageofforward21-dayNorthSeatradeintheminuteleadingupto4:30pmLondontime.Intheabsenceofreportedtrade,theIceBrentminutemarkerandanEFPareused.
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Anticipated DatedwaspreviouslycalledArgusSyntheticBFO.Itisanaverageoftheprices10-21daysforwardthatareanticipatedbythemarketforDatedasderivedfromtheCFDmarket.
TheBrent, Forties, Oseberg and Ekofisk componentsaretheaverageprices10-21daysforwardusingtheArgusDatedmethodology.ThelowestofthesecomponentssetsArgusDated(see Calculating North Sea Dated).
Argus alternative Dated illustrationsArguspublishesanumberofalternativeDatedillustrations:Argus Dated Average(anaverageoftheBrent,Forties,OsebergandEkofiskcompenents),Argus Dated BFOE (currentlyequivalenttoArgusNorthSeaDated),(anaverageoftheBrent,Forties,OsebergandEkofiskcompenents),Argus Dated BFO (setbythelowestpricedoftheBrent,FortiesandOserbergcomponents),andArgus Dated FOE (setbythelowestpricedoftheForties,OsebergandEkofiskcomponents).
Argus North Sea Reference PriceArgusalsopublishesasecondNorthSeagenericpricecalledtheArgus North Sea Reference Price.ThiswasaprecursortoArgusDated.TheArgusNorthSeaReferencePriceusesaforwardcurvesimilartoAnticipatedDatedcalledSyntheticBrent.
TheArgusNorthSeaReferencePriceisbasedonaweightedaverageofadjustedNorthSeacrudeassessments.TheNorthSeacrudeassessmentsarestandardisedusingtheArgusSyntheticBrentassessment,whichiscalculatedfromthemarketrelevantArgus21-dayNorthSeapriceadjustedbytheaveragevalueofthesecondandthirdweekCFD(contractfordifferences)valueaspublishedinArgus Crude.Thisaverageisweightedbetweenthesecondandthirdweekaccordingtothenumberofworkingdaysinthesecondandthirdweeksthatfall15to19daysaheadofthecurrentdate.TheweightedaverageoftheNorthSeacrudeassess-ments(Forties,Flotta,Ekofisk,StatfjordandOsebergprices)usedintheArgusNorthSeaReferencePriceiscomposedofthefollow-ingratio:
TheassessmentsforthesecrudesarecalculatedbyappyingthedifferentialofthemarketvalueofthecrudeagainsttheArgusSyn-theticBrentprice.
TheArgusSynthetic Brentassessmentiscalculatedfromtherel-evantArgus21-dayNorthSeapriceadjustedbytheaveragevalueofthesecondandthirdweekCFD(contractfordifference)valueaspublishedinArgus Crude.ItisacomponentoftheArgusNorthSeaReferencePrice.
Russia-Caspian (Argus Crude page 6)ArgusassessesthepriceforavarietyofRussianandCaspiancrudestransportedbyshiptoRotterdamandAugusta,Italy,andbypipelinetocentralEurope.Argusalsocalculatesnetbackvaluestotheloadingterminalsforseveralcrudes.
Argususesanintelligentinterpretationofprevailingmarketconditionstoestablishtheassessmentvalues.
RussianandCaspiancrudepricesarecalculatedusingthedifferen-tialstothecurrentDatedprice.ThemethodologybehindtheDatedassessmentcanbefoundintheNorthSeasectionandonthewww.argusmedia.com.Thegradedifferentialsareassessedduringthecourseofthedaywithacutoffat5:30pmLondontime.ThecurrentdifferentialsandcurrentDatedassessmentsareaddedtogethertogeneratethegradeassessment.
TheRussianandCaspiancifpriceassessmentsaremadebyatelephoneandelectronicmailsurvey.Across-sectionofbuyersandsellersareconsultedandthemarketinformationcross-referencedwithactivemarketparticipants.Aconsensusvalueregardingthecrudegradedifferentialisthendeterminedandusedtogeneratethepriceofthecrude.Urals(RussianExportBlend)cifassessmentsassumeanEU-stand-arddouble-hulledvessel.
Thetimingofthepriceassessmentsvariesaccordingtoquotation.ChecktheAssessmentstableonpage8foreachassessment’stimingperiod.
TheDruzhbapricesareassessedforRussianexportblendatfirstpointofexportfordeliveryatvariouslocationsalongtheDruzhba(Friendship)pipeline.Thepricesarefor30,000tonnetranchesandforbalanceofthemonth.ThemarketsurveyisconductedamongRussianproducers,shippersandend-userrefineries.Intheeventthatthemarkettakesonretrospectivepricing,theassessmentpriceistheperceivedvalueofthedifferentialthatwilleventuallybeagreedbetweenthesellerandbuyerforthemonth’soil.
Russian-Caspian AssessmentsSee table on page 8
TheUrals NWEassessmentisthepriceofUrals,orRussianexportblendcrude.ThevalueofUralsNWEiscalculatedbyapplyingthemarketdifferentialofUralscifnorthwestEuropetotheDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
TheUrals fob PrimorsknetbackiscalculatedfromthepriceofUralsNWE,nettedbacktoPrimorsk.TheUralsPrimorskfobnet-backisderivedfromtheUralscifnorthwestEuropeassessmentnet-tedbackforfreight,insuranceandice/towagefees.Thefreightcostisfor100,000tvesselsandisassesseddailybasedonspotfreightratesfromtheArgus Freight report.Theice/towagefeesarecalcu-latedinroubles/GTandconvertedintodollars/bl.Insurancecostsarecalculatedasapercentageoftheoutrightcifprice.Thenetbackdoesnotincludetransportationlosses,ballast,portdemurrage,commissions,bankloanexpensesormarketstructure.Thenetback
Ratio Approx %Forties �� �6.��
Flotta � �.�6
Ekofisk 1� 1�.79
Oseberg 1� 1�.79
Statfjord �� �6.8�
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alsodoesnotincludetheadditionalfixedratedifferentialaddedforvoyageswithintheBalticandNorthSeaSulphurOxideEmis-sionsControlArea(SECA)asmentionedbyWorldscale.Thereisa“Rotterdamcharge”of$1.01/taddedtothefreightcost,assumingstandardcargosizesof100,000tandvesselswithgrosstonnageof60,000GT.Theconversionfactorfortonnesintobarrelsis7.26.
TheUrals Med 80,000t assessmentisthepriceofUrals,orRus-sianexportblendcrude.ThevalueofUralsMediscalculatedbyapplyingthemarketdifferentialofUralscifAugustatothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.TheUralscifAugustaassessmentreflectsthemarketpriceof80,000tcargoes.UralsMediterraneanpricesare“Novoros-siyskquality”,typically31.8°APIand1.3pcsulphur.
TheUrals 80,000t fob Novorossiysk netbackiscalculatedfromthepriceofUralsMed,nettedbacktoNovorossiysk.TheUralsNovorossiyskfobnetbackisderivedfromtheUralscifMediterraneanassessmentnettedbackforfreight,insuranceanddemurragecosts.Thefreightcostisfor80,000tvesselsandisassesseddailybasedonspotfreightratesfromtheArgus Freightreport.Insurancecostsarecalculatedasapercentageoftheoutrightcifprice.Demurragecostsareassesseddailyandmultipliedbythenumberofdaysdelayinbothdirections,northboundandsouthbound,intheTurkishStraitsabovetwodays.Thenetbackdoesnotincludetransportationlosses,ballast,portdemurrage,commissions,bankloanexpensesormarketstructure.Theconversionfactorfortonnesintobarrelsis7.26.
TheUrals Med 135,000tassessmentisthepriceofUrals,orRus-sianexportblendcrude.ThevalueofUralsMediscalculatedbyapplyingthemarketdifferentialofUralscifAugustatothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.TheUralscifAugustaassessmentreflectsthemarketpriceof135,000tcargoes.UralsMediterraneanpricesare“Novo-
rossiyskquality”,typically31.8°APIand1.3pcsulphur.
TheUrals 135,000t fob NovorossiysknetbackiscalculatedfromthepriceofUralsMed,nettedbacktoNovorossiysk.TheUralsNovorossiyskfobnetbackisderivedfromtheUralscifMediterra-neanassessmentnettedbackforfreight,insuranceanddemurragecosts.Thefreightcostisfor135,000tvesselsandisassesseddailybasedonspotfreightratesfromtheArgus Freightreport.Insur-ancecostsarecalculatedasapercentageoftheoutrightcifprice.Demurragecostsareassesseddailyandmultipliedbythenumberofdaysdelayinbothdirections,northboundandsouthbound,intheTurkishStraitsabovetwodays.Thenetbackdoesnotincludetransportationlosses,ballast,portdemurrage,commissions,bankloanexpensesormarketstructure.Theconversionfactorfortonnesintobarrelsis7.26.
TheSiberian LightassessmentisthepriceofSiberianLight,aRussianexportblend.ThevalueofSiberianLightiscalculatedbyapplyingthemarketdifferentialofSiberianLightcifAugustatothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopub-lishedseparately.
TheCPC BlendassessmentisthepriceofCPCBlend,aKazakhexportblend.ThevalueofCPCBlendiscalculatedbyapplyingthemarketdifferentialofCPCBlendcifAugustatothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
TheCPC TerminalnetbackiscalculatedfromthepriceofCPCBlend,nettedbacktotheCPCterminalnearNovorossiysk,adjustedforothercosts.TheCPCTerminalfobnetbackisderivedfromtheCPCBlendcifAugustaassessmentnettedbackforfreight,insur-anceanddemurragecosts.Thefreightcostisfor135,000tvesselsandisassesseddailybasedonspotfreightratesfromtheArgus Freightreport.Insurancecostsarecalculatedasapercentageoftheoutrightcifprice.Demurragecostsareassesseddailyandmul-
Russian-Caspian AssessmentsGrade typical
°APItypical
Sulphur % Basis/Location Timing Cargo size
Urals NWE �1.8 1.�0 cif northwest Europe Loading 10-�1 days ahead 100,000t
Urals fob Primorsk �1.8 1.�0 fob Primorsk, Baltic 100,000t
Urals Med 80,000t �1.8 1.�0 cif Augusta, Italy Loading �-�0 days ahead 80,000t
Urals fob 80,000t Novorossiysk �1.8 1.�0 fob Novorossiysk, Black Sea 80,000t
Urals Med 1��,000t �1.8 1.�0 cif Augusta, Italy Loading �-�0 days ahead 1��,000t
Urals fob 1��,000t Novorossiysk �1.8 1.�0 fob Novorossiysk, Black Sea 1��,000t
Siberian Light ��.� 0.�8 cif Augusta, Italy Loading �-�0 days ahead 7�,000t
CPC Blend �� 0.�� cif Augusta, Italy Loading 10-�0 days ahead 80,000t -1��,000t
CPC Terminal �� 0.�� fob CPC terminal, near Novorossiysk 1��,000t
Kumkol �� 0.�0 cif Augusta, Italy Loading 10-�0 days ahead �0,000t - 100,000t
Azeri Light �� 0.16 cif Augusta, Italy Loading 10-�� days ahead 80,000t-1��,000t
Azeri Light �� 0.1� fob Supsa 80,000t
BTC �6 0.1� cif Augusta, Italy Loading 10-�� days ahead 80,000t-1��,000t
BTC �6 0.1� fob Ceyhan Loading 10-�� days ahead 80,000t
Tengiz �6.� 0.�� cif Augusta, Italy Loading 10-�0 days ahead 80,000t
Tengiz �6.� 0.�� fob Odessa 80,000t
Druzhba Czech Republic �1.7 1.�0 fit Budkovce, Slovakia (for Czech delivery) Delivered during balance of current month �0,000t tranche
Druzhba Slovakia �1.7 1.�0 fit Budkovce, Slovakia (for Slovak delivery) Delivered during balance of current month �0,000t tranche
Druzhba Hungary �1.7 1.�0 fit Fenyeslitke, Hungary (for Hungarian delivery) Delivered during balance of current month �0,000t tranche
Druzhba Poland �1.7 1.�0 fit Adamowo, Poland (for Polish delivery) Delivered during balance of current month �0,000t tranche
Druzhba Germany �1.7 1.�0 fit Adamowo, Poland (for German delivery) Delivered during balance of current month �0,000t tranche
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tipliedbythenumberofdaysdelayinbothdirections,northboundandsouthbound,intheTurkishStraitsabovetwodays.Thenetbackdoesnotincludetransportationlosses,ballast,portdemurrage,commissions,bankloanexpensesormarketstructure.ThereisaCPCTerminaldiscountof$1.42/tonthefreightcost,whichisregu-larlyadjusted.Theconversionfactorfortonnesintobarrelsis7.81.
TheKumkol assessmentisthepriceofKumkol,aKazakhcrude.ThevalueofKumkoliscalculatedbyapplyingthemarketdifferentialofKumkolcifAugustatothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
TheAzeri LightassessmentisthepriceofAzeriLight,acrudefromAzerbaijan.ThevalueofAzeriLightiscalculatedbyapplyingthemarketdifferentialofAzeriLightcifAugustatothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
TheAzeri LightnetbackiscalculatedfromthepriceofAzeriLight,nettedbacktoSupsa,adjustedforothercosts.TheAzeriLightfobnetbackisderivedfromtheAzeriLightcifAugustaassessmentnettedbackforfreight,insuranceanddemurragecosts.Thefreightcostisfor80,000tvesselsandisassesseddailybasedonspotfreightratesfromtheArgus Freightreport.Insurancecostsarecal-culatedasapercentageoftheoutrightcifprice.DemurragecostsareassesseddailyandmultipliedbythenumberofdaysdelayintheTurkishStraitsabovetwodays.Thenetbackdoesnotincludetransportationlosses,ballast,portdemurrage,commissions,bankloanexpensesormarketstructure.Theconversionfactorfortonnesintobarrelsis7.41.
TheBTCassessmentisthepriceofBTCorigincrude.BTCistheBaku-Tbilisi-CeyhanpipelinewhichhasitsterminalatCeyhan,Turkey.ThevalueoftheBTCcrudeiscalculatedbyapplyingthemarketdif-ferentialofBTCcifAugustatothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
TheBTC fob Ceyhan quotationisanassessmentbutintheabsenceofstrongtradingindicationswillbebasedonaBTCfobnetbackderivedfromtheBTCcifAugustaassessmentnettedbackforfreightandinsurancecosts.Thefreightcostwillbefor80,000tvesselsandwillbeassesseddailybasedonspotfreightratesfromtheArgus Freight report.Insurancecostsarecalculatedasapercentageoftheoutrightcifprice.Theconversionfactorfortonnesintobarrelsis7.45.
TheTengizassessmentisthepriceofTengiz,aKazakhcrude.ThevalueofTengiziscalculatedbyapplyingthemarketdifferentialofTengizcifAugustatothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
TheTengiznetbackiscalculatedfromthepriceofTengiz,nettedbacktoOdessa,adjustedforothercosts.TheOdessafobnetbackisderivedfromtheTengizcifAugustaassessmentnettedbackforfreight,insuranceanddemurragecosts.Thefreightcostisfor80,000tvesselsandisassesseddailybasedonspotfreightratesfromtheArgus Freightreport.Insurancecostsarecalculatedasapercentageoftheoutrightcifprice.Demurragecostsareassessed
dailyandmultipliedbythenumberofdaysdelayinbothdirections,northboundandsouthbound,intheTurkishStraitsabovetwodays.Thenetbackdoesnotincludetransportationlosses,ballast,portdemurrage,commissions,bankloanexpensesormarketstructure.Theconversionfactorfortonnesintobarrelsis7.98.
TheDruzhba Czech RepublicassessmentisthepriceofRussianExportBlendfitBudkovcefordeliverytotheCzechRepublicalongtheDruzhbapipelineatfirstpointofexport.ThevalueofDruzhbaCzechRepubliciscalculatedbyapplyingthemarketdifferentialofDruzhbaCzechRepublictothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
MonthlyDruzhbaprices:TermpricesforcrudeontheDruzhbapipelinearederivedretrospectivelyfrommonthlyformulapricesagreedbetweenbuyersandsellerstodeterminethedifferentialtoNorthSeaDated.Themonthlydifferentialsemergeatthebeginningofthefollowingmonth.SotheJulydifferentialstoDatedforDruzhbaappearatthebeginningofAugust.ArgusassessestheaveragemonthlydifferentialtoDatedfordifferentlocationsontheDruzhbapipeline.ThesearecombinedwithanaverageofDatedvaluesovertheappropriatemonthtogiveanoutrightprice.
TheDruzhba Slovakia assessmentisthepriceofRussianExportBlendfitBudkovcefordeliverytoSlovakiaalongtheDruzhbapipelineatfirstpointofexport.ThevalueofDruzhbaSlovakiaiscalculatedbyapplyingthemarketdifferentialofDruzhbaSlovakiatothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
MonthlyDruzhbaprices:TermpricesforcrudeontheDruzhbapipelinearederivedretrospectivelyfrommonthlyformulapricesagreedbetweenbuyersandsellerstodeterminethedifferentialtoNorthSeaDated.Themonthlydifferentialsemergeatthebeginningofthefollowingmonth.SotheJulydifferentialstoDatedforDruzhbaappearatthebeginningofAugust.ArgusassessestheaveragemonthlydifferentialtoDatedfordifferentlocationsontheDruzhbapipeline.ThesearecombinedwithanaverageofDatedvaluesovertheappropriatemonthtogiveanoutrightprice.
TheDruzhba Hungary assessmentisthepriceofRussianExportBlendfitFenyeslitkefordeliverytoHungaryalongtheDruzhbapipelineatfirstpointofexport.ThevalueofDruzhbaHungaryiscalculatedbyapplyingthemarketdifferentialofDruzhbaHungarytothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
MonthlyDruzhbaprices:TermpricesforcrudeontheDruzhbapipelinearederivedretrospectivelyfrommonthlyformulapricesagreedbetweenbuyersandsellerstodeterminethedifferentialtoNorthSeaDated.Themonthlydifferentialsemergeatthebeginningofthefollowingmonth.SotheJulydifferentialstoDatedforDruzhbaappearatthebeginningofAugust.ArgusassessestheaveragemonthlydifferentialtoDatedfordifferentlocationsontheDruzhbapipeline.ThesearecombinedwithanaverageofDatedvaluesovertheappropriatemonthtogiveanoutrightprice.
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TheDruzhba Poland assessmentisthepriceofRussianExportBlendfitAdamowofordeliverytoPolandalongtheDruzhbapipelineatfirstpointofexport.ThevalueofDruzhbaPolandiscalculatedbyapplyingthemarketdifferentialofDruzhbaPolandtothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
MonthlyDruzhbaprices:TermpricesforcrudeontheDruzhbapipelinearederivedretrospectivelyfrommonthlyformulapricesagreedbetweenbuyersandsellerstodeterminethedifferentialtoNorthSeaDated.Themonthlydifferentialsemergeatthebeginningofthefollowingmonth.SotheJulydifferentialstoDatedforDruzhbaappearatthebeginningofAugust.ArgusassessestheaveragemonthlydifferentialtoDatedfordifferentlocationsontheDruzhbapipeline.ThesearecombinedwithanaverageofDatedvaluesovertheappropriatemonthtogiveanoutrightprice.
TheDruzhba Germany assessmentisthepriceofRussianexportblendfitAdamowofordeliverytoGermanyalongtheDruzhbapipelineatfirstpointofexport.ThevalueofDruzhbaGermanyiscalculatedbyapplyingthemarketdifferentialofDruzhbaGermanytothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.MonthlyDruzhbaprices:TermpricesforcrudeontheDruzhbapipelinearederivedretrospectivelyfrommonthlyformulapricesagreedbetweenbuyersandsellerstodeterminethedifferentialtoNorthSeaDated.Themonthlydifferentialsemergeatthebeginningofthefollowingmonth.SotheJulydifferentialstoDatedforDruzhbaappearatthebeginningofAugust.ArgusassessestheaveragemonthlydifferentialtoDatedfordifferentlocationsontheDruzhbapipeline.ThesearecombinedwithanaverageofDatedvaluesovertheappropriatemonthtogiveanoutrightprice.
Russia-Caspian retrospective assessmentsTheseassessmentsarebasedonthepublicationdate’sNorthSeaDatedaddedtotheaverageofthefobdifferentialspublishedovertheretrospectiveperiodduringwhichcargoesforloadingthatdayarelikelytohavetraded.Theygivetheapproximatepricethatacargoloadingonthedayofpublicationcouldbeexpectedtoachieve.TheUrals fob Primorsk retrospectiveassessmentisbasedonthepublicationdate’sNorthSeaDatedaddedtotheaverageoftheUralsfobPrimorskdifferentialsforworkingdaysina10-21dayperiodbeforethepublicationdate.
TheUrals fob Novorossiysk (80kt) retrospectiveassessmentisbasedonthepublicationdate’sNorthSeaDatedaddedtotheaver-ageoftheUralsfobNovorossiyskdifferentialsforworkingdaysina5-20dayperiodbeforethepublicationdate.
TheCPC Blend fob CPC Terminal retrospective assessmentisbasedonthepublicationdate’sNorthSeaDatedaddedtotheaverageoftheCPCBlendfobCPCTerminaldifferentialsforworkingdaysina10-30dayperiodbeforethepublicationdate.
Cif basis Singapore assessments TheUrals Black Sea cif basis Singaporeassessmentiscal-culatedbyaddingafreightcomponenttotheUralsfob(135kt)
Novorossiysknetback.Thefreightcostisfor135,000tvesselsandisassesseddailybasedonspotMed/BlackSea–EastfreightratesfromtheArgus Freight report.
TheBTC Blend cif basis SingaporeassessmentiscalculatedbyaddingafreightcomponenttotheBTCfobCeyhanassessment.Thefreightcostisfor135,000tvesselsandisassesseddailybasedonspotMed/BlackSea–EastfreightratesfromtheArgus Freight report.
Mediterranean (Argus Crude page 8)
ArgusassessesavarietyofsweetandsourgradesofcrudeintheMediterranean.Thecrudeschosenarenotonlythoseforwhichthereisopenspotmarketactivitybutalsothosethatallowpricecomparisonsonsulphurandotherspecifications.Themethodolo-giesforeachassessmentarekeptunderregularreview.Intheabsenceofopenmarketactivity,Arguswilluseacomparativevalueapproach,estimatingthemarketvalueofthecrudeinlinewithothercrudesthatdohavemorepricevisibility.Thepublishedpricesarenotmeanttobeofficialsellingprices.Officialsellingpriceswillalsobepublishedin Argus Crudeandclearlylabelledassuch.MediterraneancrudepricesarecalculatedusingthedifferentialstothecurrentNorthSeaDatedprice.ThemethodologybehindtheDatedassessmentcanbefoundintheNorthSeasectionandonwww.argusmedia.com.Thegradedifferentialsareassessedduringthecourseofthedaywithacutofftimeat5:30pmLondontime.ThecurrentdifferentialsandcurrentDatedassessmentsareaddedtogethertogeneratethegradeassessment.
Thetimingofthepriceassessmentsisforanaveragepriceintheperiod10–25daysaheadexceptforKirkukwhichisforanaverageof5-15daysahead.
TheMediterraneanfobpriceassessmentsaremadebyatelephoneandelectronicmailsurvey.Across-sectionofbuyersandsellersareconsultedandthemarketinformationcross-referencedwithactivemar-ketparticipants.Aconsensusvalueregardingthecrudegradedifferen-tialisthendeterminedandusedtogeneratethepriceofthecrude.
Mediterranean AssessmentsSee table below
Mediterranean Assessments
Grade typical °API
typical Sulphur
%
Basis/Location Timing Cargo size
Es Sider �6.� 0.�9 fob Libya Loading 10-�� days ahead 80,000t - 1�0,000t
Syrian Light �8.0 0.76 fob Syria Loading 10-�� days ahead 80,000t - 1�0,000t
Iran Heavy �0.7 1.80 fob Sidi Kerir Loading 10-�� days ahead 80,000t - 1�0,000t
Iran Light ��.7 1.�0 fob Sidi Kerir Loading 10-�� days ahead 80,000t - 1�0,000t
Suez Blend �0.� 1.6� fob Ras Shukeir Loading 10-�� days ahead 80,000t - 1�0,000t
Saharan Blend �6.0 0.10 fob Arzew Loading 1�-�� days ahead 80,000t - 1�0,000t
Zarzaitine ��.8 0.06 fob La Skhirra Loading 10-�� days ahead 80,000t - 1�0,000t
Basrah Light �0.0 �.00 fob Sidi Kerir Loading 10-�� days ahead 80,000t - 1�0,000t
Kirkuk �6 �.00 fob Ceyhan Loading �-1� days ahead 80,000t - 1�0,000t
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ThevalueofEs Sider,aLibyancrude,fobLibya,iscalculatedbyapplyingthemarketdifferentialofEsSidertothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
ThevalueofSyrian Light,aSyriancrude,fobSyria,iscalculatedbyapplyingthemarketdifferentialofSyrianLighttothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
ThevalueofIran Heavy,Iraniancrude,fobSidiKerir,,iscalculatedbyapplyingthemarketdifferentialofEsSidertothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
Thevalueof Iran Light,anIraniancrude,fobSidiKerir,isassessedinrelationtootherquotedcrudepricesintheMediterranean.TheprevailingmarketdifferentialtotheDatedvalueisalsopublishedseparately.
ThevalueofSuez Blend,anEgyptiancrude,fobRasShukeir,isassessedinrelationtootherquotedcrudepricesintheMediter-ranean.TheprevailingmarketdifferentialtotheDatedvalueisalsopublishedseparately.
ThevalueofSaharan Blend,anAlgeriancrude,fobArzew,iscalculatedbyapplyingthemarketdifferentialofSaharanBlendtothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
Thevalueof Zarzaitine,anAlgeriancrude,fobTunisia,iscalculatedbyapplyingthemarketdifferentialofZarzaitinetothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
ThevalueofBasrah Light,anIraqicrude,fobSidiKerir,iscalcu-latedbyapplyingthemarketdifferentialofBasrahLighttothecur-rentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
ThevalueofKirkuk,anIraqicrude,fobCeyhan,isassessedinrelationtootherquotedcrudepricesintheMediterranean.TheprevailingmarketdifferentialtotheDatedvalueisalsopublishedseparately.
Official formula pricesArgusalsopublishesofficialformulapricesforcrudefromAlgeria,Syria,LibyaandEgypt.TheseareexpressedasdifferentialstoDatedorUralsintheMediterraneanforagivenloadingmonthandaresetbynationaloilcompanies.
West Africa (Argus Crude page 9)
ArgusassessesavarietyofwestAfricancrudes.Thecrudeschosenarenotonlythoseforwhichthereisopenspotmarketactivitybutalsothosethatallowpricecomparisonsamongthevariousgrades.Themethodologiesforeachassessmentarekeptunderregularreview.Intheabsenceofopenmarketactivity,Arguswilluseacom-parativevalueapproach,estimatingthemarketvalueofthecrudeinlinewithothercrudesthathavemorepricevisibility.Thepublished
pricesarenotmeanttobeofficialsellingprices.Officialsellingpriceswillalsobepublishedin Argus Crudeandclearlylabelledassuch.
WestAfricancrudepricesarecalculatedusingthedifferentialstothecurrentNorthSeaDatedprice.ThemethodologybehindtheDatedassessmentcanbefoundintheNorthSeasectionandonwww.argusmedia.com.Thegradedifferentialsareassessedduringthecourseofthedaywithacutofftimeat5:30pmLondontime.ThecurrentdifferentialsandcurrentDatedassessmentsareaddedtogethertogeneratethegradeassessment.Thetimingofthepriceassessmentsisforanaveragepriceintheperiod20-45daysahead.
ThewestAfricanpriceassessmentsaremadebyatelephoneandelectronicmailsurvey.Across-sectionofbuyersandsellersareconsultedandthemarketinformationcross-referencedwithactivemarketparticipants.Aconsensusvalueregardingthecrudegradedifferentialisthendeterminedandusedtogeneratethepriceofthecrude.
TheformulapricepublishedrepresentsthepremiumordiscounttoDatedaroundbillofladingassessedasachievableinthecurrentmarketandusedwhenestablishingthequotation,exceptforNigeriancargoeswhichareassessedfivedaysafterthebilloflad-ing(thesamepricingbasisusedbyNNPC).
West Africa AssessmentsSee table below
ThevalueofBonny Light,aNigeriancrude,iscalculatedbyapply-ingthemarketdifferentialofBonnyLighttothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
ThevalueofQua Iboe,aNigeriancrude,iscalculatedbyapplyingthemarketdifferentialofQuaIboetothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
West Africa Assessments
Grade typical °API
typicalSulphur
%Basis/Location Timing Cargo size
Bonny Light ��.� 0.1� fob Nigeria Loading �0-�� days ahead 9�0,000 bl
Qua Iboe �6.6 0.1� fob Nigeria Loading �0-�� days ahead 9�0,000 bl
Brass River �6.� 0.1� fob Nigeria Loading �0-�� days ahead 9�0,000 bl
Forcados �0 0.1� fob Nigeria Loading �0-�� days ahead 9�0,000 bl
Escravos �� 0.1� fob Nigeria Loading �0-�� days ahead 9�0,000 bl
Agbami �7.� 0.0� fob Nigeria Loading �0-�� days ahead 9�0,000 bl
Amenam �0.8 0.9� fob Nigeria Loading �0-�� days ahead 9�0,000 bl
Bonga �9.11 0.�9� fob Nigeria Loading �0-�� days ahead 9�0,000 bl
Erha ��.7 0.1798 fob Nigeria Loading �0-�� days ahead 9�0,000 bl
Cabinda ��.� 0.1� fob Angola Loading �0-�� days ahead 9�0,000 bl
Girassol �1 0.�� fob Angola Loading �0-�� days ahead 9�0,000 bl
Hungo �7.� 0.6� fob Angola Loading �0-�� days ahead 9�0,000 bl
Nemba �8.7 0.19 fob Angola Loading �0-�� days ahead 9�0,000 bl
Dalia ��.7 0.�9 fob Angola Loading �0-�� days ahead 9�0,000 bl
Kissanje �0.7 0.�6 fob Angola Loading �0-�� days ahead 9�0,000 bl
Zafiro �9.� 0.�6fob offshore Equatorial
GuineaLoading �0-�� days ahead 9�0,000 bl
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ThevalueofBrass River,aNigeriancrude,iscalculatedbyapply-ingthemarketdifferentialofBrassRivertothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
ThevalueofForcados, aNigeriancrude, iscalculatedbyapplyingthemarketdifferentialofForcadostothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
ThevalueofEscravos,aNigeriancrude,iscalculatedbyapplyingthemarketdifferentialofEscravostotheDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
ThevalueofAgbami,aNigeriancrude,iscalculatedbyapplyingthemarketdifferentialofAgbamitothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
ThevalueofAmenam,aNigeriancrude,iscalculatedbyapplyingthemarketdifferentialofAmenamtothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
ThevalueofBonga,aNigeriancrude,iscalculatedbyapplyingthemarketdifferentialofBongatothecurrentDatedvalue.Theprevail-ingmarketdifferentialisalsopublishedseparately.ThevalueofErha,aNigeriancrude,iscalculatedbyapplyingthemarketdifferentialofErhatothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
ThevalueofCabinda,anAngolancrude,iscalculatedbyapplyingthemarketdifferentialofCabindatothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
ThevalueofGirassol,anAngolancrude,iscalculatedbyapplyingthemarketdifferentialofGirassoltothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
ThevalueofHungo,anAngolancrude,iscalculatedbyapplyingthemarketdifferentialofHungotothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
ThevalueofNemba,anAngolancrude,iscalculatedbyapplyingthemarketdifferentialofNembatothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
ThevalueofDalia,anAngolancrude,iscalculatedbyapplyingthemarketdifferentialofDaliatothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
ThevalueofKissanje,anAngolancrude,iscalculatedbyapply-ingthemarketdifferentialofDaliatothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
ThevalueofZafiro,acrudefromEquatorialGuinea,iscalculatedbyapplyingthemarketdifferentialofZafirotothecurrentDatedvalue.Theprevailingmarketdifferentialisalsopublishedseparately.
Nigerian official formula pricesArgusalsopublishesofficialformulapricesforcrudefromNigeria.
TheseareexpressedasdifferentialstoDatedforagivenloadingmonthandaresetbyNigeria’snationaloilcompanyNNPC.
Mideast Gulf (Argus Crude page 10)
TheDubaipriceisaleadingbenchmarkforcrudepricing.ItisthebenchmarkformostofthesourcrudeexportedfromtheGulftotheeastofSuezmarkets.MiddleEastcrudeoilsoldtotheeasternmar-ketsistraditionallyvaluedagainstthepriceofDubaioranaverageofthepricesofDubaiandOman.ThisisbecauseDubaiisoneofthefewMiddleEasterncrudestobesoldwithoutextensivedestina-tionclausesandisavailabletoafreelytradedopenspotmarket.Dubai’sproduction,andthereforeitsmarketliquidity,hasbeenindeclineformanyyears.FewfullcargoesofDubaicrudearenowtradedontheopenspotmarketwhichmeanspricediscoveryofthecrudeneedstoreflectothertransparentandliquidmarketindica-tors.ArgusDubaipricesareidentifiedthroughaswapsandspreadsmethodology.
Mideast Gulf AssessmentsSee table below
DubaiArgusassessesthepriceofDubaiinthesamewaythatthemarketassessesthevalueofDubai.CompaniesthattradetheDubaimarketconverttheirDubaipriceexposureintoaBrentpriceexposure.TheydothisbecauseBrentpriceexposureismoreeasytomanage.TheunderlyingtradedvolumesofDubaiswapsandtheassociatedIceBrentcontractprovideamorereliableandtransparentbasisforas-sessingthepriceofDubaithananyothermethodologicalapproach.
ArgusbeginsitsassessmentoftheDubaipricebyreportingtheactivemarketinDubaiswapsbasedinSingapore.Dubaiswapsaretradedasanexchangeoffuturesforswaps(EFS).ArgusidentifiesandreportstheprevailingEFSprice,expressedasadifferentialtotheIceBrentprice.ThisEFSvalueissubtractedfromtheprevailingpriceofBrentontheIceat4:30pmSingaporetimetoestablishafixedpriceforDubaiswaps.
ArgusidentifiestheEFSvalueforthefirstthreemonthsforward.ApplyingthesedifferentialstothefirstthreemonthsoftheIceBrentpriceprovidesArguswithabsolutevaluesforthefirstthreemonthsoftheDubaiswapsmarket.
Dubaicrudethatistradedtodayisnotloadedorpricedfortwomonths,sothefirst-monthswappriceisthemarket’svalueofDubai
Mideast Gulf AssessmentsGrade typical
°APItypical
Sulphur %Basis/Loca-
tion Timing Cargo size
Dubai �1 �.0� fob Dubai Month of loading �00,000 bl
Murban �0.� 0.79 fob UAE Month of loading �00,000 bl
Lower Zakum �9.� 1.10 fob UAE Month of loading �00,000 bl
Oman ��.� 1.06 fob Oman Month of loading �00,000 bl
Qatar Land �1.1 1.�� fob Qatar Month of loading �00,000 bl
Qatar Marine �6.� 1.60 fob Qatar Month of loading �00,000 bl
Al-Shaheen �0.� 1.9 fob Qatar Month of loading 600,000 bl
Banoco A M �1.8 �.�� fob Bahrain Month of loading �00,000 bl
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inthreemonthstime.Thefirst-monthDubaiswappriceisthereforethesameasthethird-monthDubaiforwardprice.Thisthird-monthforwardpriceisthenusedtoderivethephysicalDubaiprice.ToderivethephysicalDubaiprice,ArgusassessestheDubaiinter-monthspreads.ThereisanactiveintermonthDubaispreadmarketbasedinSingaporeandLondon.Identifyingthespreadvaluebe-tweenthethirdandthesecondmonthandalsothesecondandthefirstmonthallowsArgustocalculatethevalueoffirst-monthDubai.
Intheeventthatthefirsttosecondmonthspreadissoilliquidthatapricecannotbeestablished,Arguswilluseothermarketinforma-tion,suchaspriceindicationsforphysicalDubai.TheseindicationswouldnormallybeforsouthAsiandestinationsandexpressedasapremiumtotheanticipatedpublishedDubaiprice.Arguswillmakeanintelligentassessmentbasedonsuchmarketinformationasisavailabletoestablishavalueforfirst-monthDubai.
ArguscanverifythemarketperceptionofthevalueofDubaibyana-lysingotherkeymarketdifferentialssuchastheBrent-Dubaispread,forwardBrentpricesandthemarketforexchangeforphysical(EFP)contractsinBrent.
ArgusdoesnotusepartialDubaitosetitsDubaipriceassess-ments.OmansubstitutionalityintoDubaiisnotrelevantinaswapsandspreadsapproachtopricediscovery.ThefollowingtableprovidesanexampleoftheArgus assessmentprocessforDubaiforwardmonths:
Dubai forward month calculatorIce Brent month 1 Dec 87.��
Dubai EFS month 1 Dec - �.9�
Dubai swap month 1* Dec = 8�.�9
Dubai forward month �* Feb = 8�.�9
Dubai intermonth Jan/Feb + -1.��
Dubai forward month � Jan = 81.9�
Dubai intermonth Dec/Jan + -0.9�
Dubai forward month 1 Dec = 80.99
*Dubai swap month 1 = Dubai forward month 3
OmanArgusassessesthepriceofOmaninthesamewaythatmostofthemarketassessesthevalueofOman,byinterpretingthevalueofOmancomparedwithDubai.SincetheOmangovernmentbegansettingtheOSPforOmancrudeinlinewiththemonthlyaverageofOmanfuturestradedontheDubaiMercantileExchange(DME)theover-the-counterspottradeofOmanhasbeenpricedinavarietyofways.ArgususesmarketpremiumsforfullcargoesofspotOmanonaDubaioraMOGbasistocalculateitsphysicalOmanpriceassessment.
For example: InthefirsthalfofOctober,Arguswillassessfront-monthOmanasfollows:DecemberOmanequalstheanticipatedpriceofDubaiphysicalcargoesinDecemberplusthemarketpremiumordiscountofOman.
ArgususestheopenlytradedswapsandspreadsintheDubaimar-kettoassessthepriceofDubai.Asaresult,ArgusdoesnothavetouseOmansubstitutionalityintoDubai.
ThefollowingtableprovidesexamplesoftheinputsArgus usestocalculateOmanforwardmonths:
Oman forward month calculator
MOGformula
Dubai-Oman spread
Diff toDubaiswaps
Dubaiswaps
outright
Omanforwardmidpoint
Dec +0.07 -�.�7 -�.�0 8�.�9 80.99
Jan +0.07 -0.07 +0.00 8�.6� 8�.6�
Feb +0.07 -0.07 +0.00 8�.61 8�.61
Murban and Lower Zakum ArgusassessesthepriceofMurbanandLowerZakuminthesamewaythatmostofthemarketassessesthevaluesofMurbanandLowerZakum,byinterpretingthevaluesofMurbanandLowerZakumcomparedwithDubai.
ArgusassessesthepricesofMurbanandLowerZakumusingthepriceofDubaimodifiedbythemarket’sdifferencesbetweenDubaiandtheMurbanandLowerZakumofficialpricesplustheprevailingpremium(ordiscount)forMurbanandLowerZakumascurrentlytraded.Inmoredetail,Arguswillassessfront-monthMurbanandLowerZa-kumasfollows:Front-monthDubaiswappricesplusthedifferencebetweenlastmonth’sOSPandlastmonth’saverageDubaiplustheArgusassessmentofthespotpremium(ordiscount)forMurbanandLowerZakumversustheOSP.
Forthelastthreedaysinanymonth,Arguswillnotusethediffer-encebetweenlastmonth’sOSPandlastmonth’saverageDubaibutwillsubstitutethedifferencebetweenaforecastforthenextOSPandcurrentfront-monthDubaiswaps.
For example: OctoberMurbanequalsOctoberDubaiswapsplus(SeptemberOSPlessSeptemberDubaifront-monthswapsaver-age)plusthemarketpremiumordiscountofthegrade.
Theseassessmentsreflectcargoesloadingtwomonthsfromthedateofpublication.
Qatar Land and Qatar MarineArgusassessesthepriceofQatarLandandQatarMarineinthesamewaythatmostofthemarketassessesthevaluesofQatarLandandQatarMarine,byinterpretingthevaluesofQatarLandandQatarMarinecomparedwithDubai.
ArgusassessesthepricesofQatarLandandQatarMarineusingthepriceofDubaimodifiedbythemarket’sdifferencesbetweenDubaiandtheQatarLandandQatarMarineofficialpricesplustheprevailingpremium(ordiscount)forQatarLandandQatarMarineascurrentlytraded.
Inmoredetail,Arguswillassessfront-monthQatarLandandQatarMarineasfollows:Front-monthDubaiswappricesplusthediffer-encebetweenlastmonth’sOSPandlastmonth’sDubaiOSPplustheArgusassessmentofthespotpremium(ordiscount)forQatarLandandQatarMarineversustheOSP.
For example:OctoberQatarLandequalsOctoberDubaiswaps
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plusexpectedOSPadjustment(SeptemberOSPlessSeptemberDubaiOSP)plusmarketdifferential.
Theseassessmentsreflectcargoesloadingtwomonthsfromthedateofpublication.
Al-ShaheenTheAl-ShaheenassessmentisthepriceofAl-Shaheen,acrudefromQatar.ThevalueofAl-ShaheeniscalculatedbyapplyingthemarketdifferentialofAl-ShaheenfobQatartoDubaiswapsforthemonthofloading.Theprevailingmarketdifferentialisalsopublishedseparately.
Thisassessmentreflectscargoesloadingtwomonthsfromthedateofpublication.
Banoco Arab MediumArgusassessesthepriceofBanocoArabMediuminthesamewaythatmostofthemarketassessesthevalueofBanocoArabMe-dium,byinterpretingthevalueofBanocoArabMediumcomparedwiththeaverageofDubaiandOman.ArgusassessesthepriceofBanocoArabMediumusingtheaver-agepriceofDubaiandOmanmodifiedbythemarket’sdifferencesbetweentheaverageofDubaiandOmanwiththeanticipatedBanocoArabMediumofficialprice(basedonthepreviousOSPsetbySaudiAramcoforArabMedium)plustheprevailingpremium(ordiscount)forBanocoArabMediumascurrentlytraded.
Inmoredetail,Arguswillassessfront-monthBanocoArabMediumasfollows:Theaverageoffront-monthDubaiswapsplusthediffer-encebetweentheDubaiOmanaveragewiththemostrecentSaudiAramcoOSPforArabMediumplustheArgusassessmentofthespotpremium(ordiscount)forBanocoArabMediumversustheSaudiOSPforArabMedium.
For example: OctoberBanocoArabMediumequalstheaverageofOctoberDubaiswapsplusthedifferencebetweentheDubaiOmanaverageandtheSaudiOSP,plusthemarketdifferentialforthegrade.Thisassessmentreflectscargoesloadingtwomonthsfromthedateofpublication.
Dubai forwardArgusassessesphysicalDubaifourmonthsforwardincludingthefrontmonth.Front-monthphysicalDubaiisforcargoesloadingtwomonthsfromdateofpublication.Forexample,on15August,thefrontmonthisOctober.TheforwardmonthsassessedareNovem-ber,DecemberandJanuary.On1September,thefrontmonthwillbeNovemberwithforwardassessmentsforDecember,JanuaryandFebruary.
ArgusassessesthepricesofMiddleEastcrudeat4:30pmSinga-poretime.ArgusassessmentsofMiddleEastcrudereflectcargovolumesof400,000blforDubaiand500,000blforothergrades.ArgusassessesphysicalOmanthreemonthsforward.Forexample,on15August,ArguswillassessOctober,NovemberandDecemberOman.
TherolloverofMiddleEastcrudeassessmentstothenextforwardmonthwilltakeplaceonthefirstcalendardayofthemonthunlessitfallsonaweekendorholiday,whenitwillshifttothefirstbusinessdayofthemonth.
Argusassessesthebid/askrangeonDubaiEFSat4:30pmSingaporetimeforthreecalendarmonths.Forexample,on15August,ArguswillassesstheOctober,NovemberandDecemberDubaiEFS.TherolloverofDubaiswapstothenextforwardmonthwilltakeplaceonthefirstcalendardayofthemonthor,incaseofweekendorholiday,onthefirstbusinessdayofthemonth.
Asia-Pacific (Argus Crude page 11)
ArgusassessesthepriceforavarietyofAsia-Pacificcrudegrades.Argususesanintelligentinterpretationofprevailingmarketcondi-tionstoestablishtheassessmentvalues.
ArgusassessmentsofAsia-Pacificcrudesconsistofafixed-priceorformulaassessmentandadifferentialassessment.Allofthesepriceassessmentsaremadewithacutoffof4:30pmSingaporetime,withtheexceptionofthosegradesassessedonaNorthSeaDatedbasis.
ForthosegradesassessedrelativetoNorthSeaDated,thedifferen-tialsareassessedwithacutoffof4.30pmSingaporetime,whiletheunderlyingNorthSeaDatedpriceisassessedat4.30pmLondontime.ThemethodologybehindtheDatedassessmentcanbefoundintheNorthSeasectionandonwww.argusmedia.com.
Asia-Pacific AssessmentsSee table below
Asia-Pacific, Sudan, ESPO Blend and Sakhalin Island Assessments
Grade typical °API
typical Sulphur
%
Basis/Location Timing Cargo size
Minas �� 0.08 fob Indonesia Loading 1�-�� days ahead 100,000 - �00,000 bl Duri �1.� 0.�0 fob Indonesia Loading 1�-�� days ahead 100,000 - �00,000 bl Cinta ��.7 0.1� fob Indonesia Loading 1�-�� days ahead 100,000 - �00,000 bl Widuri ��.� 0.07 fob Indonesia Loading 1�-�� days ahead 100,000 - �00,000 bl Senipah �1 0.0� fob Indonesia Loading 1�-�� days ahead ��0,000 bl Attaka �� 0.09 fob Indonesia Loading 1�-�� days ahead 100,000 - �00,000 bl Ardjuna �7 0.09 fob Indonesia Loading 1�-�� days ahead 100,000 - �00,000 bl Belida �� 0.0� fob Indonesia Loading 1�-�� days ahead 100,000 - �00,000 bl Bach Ho �9 0.0� fob Vietnam Loading 1�-�� days ahead ��0,000 - 600,000 bl Sutu Den ��.8 0.0�1 fob Vietnam Loading 1�-�� days ahead ��0,000 - 600,000 blTapis �6 0.0� fob Malaysia Loading 1�-�� days ahead ��0,000 - 600,000 bl Labuan �9.9� 0.0�8 fob Malaysia Loading 1�-�� days ahead �00,000 - 600,000 blKikeh �6.7� 0.06 fob Malaysia Loading 1�-�� days ahead 600,000 blKutubu Light �� 0.0� fob Papua New
Guinea Loading �0-60 days ahead �00,000 - 6�0,000 bl
Cossack �8 0.0� fob Australia Loading �0-60 days ahead �00,000 - 6�0,000 bl
NW Shelf 60 0.01 fob Australia Loading �0-60 days ahead �00,000 - 6�0,000 bl
Enfield �� 0.1� fob Australia Loading �0-60 days ahead �00,000 - 6�0,000 bl
Stybarrow ��.7 0.117 fob Australia Loading �0-60 days ahead �00,000 - 6�0,000 bl
Vincent 18.� 0.�� fob Australia Loading �0-60 days ahead �00,000 - 6�0,000 bl
Pyrenees 19 0.�1 fob Australia Loading �0-60 days ahead �00,000 - ��0,000 bl
Van Gogh 17 0.�7 fob Australia Loading �0-60 days ahead �00,000 - 6�0,000 bl
Nile Blend ��.76 0.0�� fob Bashayer, Sudan Loading 1�-�� days ahead 600,000 - 1mn bl
Dar Blend �6.� 0.116 fob Bashayer,Sudan Loading 1�-�� days ahead 600,000 - 1mn bl
ESPO Blend �� 0.6 fob Kozmino Loading �0-7� days ahead 700,000 bl
Sokol �7.9 0.�� cif northeast Asia Month of loading 700,000 bl
Vityaz �8 0.18 cif Yosu Month of loading 700,000 bl
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IndonesiaArguspublishesassessmentsforIndonesiangradesbasedonspotdealsandmarketinformationforcargoesloading15-45daysfromthepublicationdate.
ThefinalpriceofMinasisassessedbytakingthemarketconsen-susviewoftheMinasspreadtoIceBrentfuturesortoNorthSeaDated.Inadditiontothisfinalprice,Argusalsoshowsthecurrentmarketpremium/discountforMinastotheIndonesianCrudePrice(ICP).TheMinasbasepriceisthepriceleftwhenthismarketpre-mium/discountisremovedfromthefinalMinasprice.
TheDuri assessmentisbasedonthemarketconsensusofthespreadbetweenthegradeandMinas.Intheabsenceofspecificmarketdiscussion,ArguswilltakeintoaccountthespreadbetweentheMinasandDuriICPandactivityongradesofsimilarquality.
TheCintaassessmentisbasedonthemarketconsensusofthespreadbetweenthegradeandMinas.Intheabsenceofspecificmarketdiscussion,ArguswilltakeintoaccountthespreadbetweentheMinasandCintaICPandactivityongradesofsimilarquality.
TheWiduriassessmentisbasedonthemarketconsensusofthespreadbetweenthegradeandMinas.Intheabsenceofspecificmarketdiscussion,ArguswilltakeintoaccountthespreadbetweentheMinasandWiduriICPandactivityongradesofsimilarquality.
TheSenipahassessmentisbasedonthemarketconsensusofthespreadbetweenthegradeandMinas.Intheabsenceofspecificmarketdiscussion,ArguswilltakeintoaccountthespreadbetweentheMinasandSenipahICPandactivityongradesofsimilarquality.
TheAttakaassessmentisbasedonthemarketconsensusofthespreadbetweenthegradeandMinas.Intheabsenceofspecificmarketdiscussion,ArguswilltakeintoaccountthespreadbetweentheMinasandAttakaICPandactivityongradesofsimilarquality.
TheArdjunaassessmentisbasedonthemarketconsensusofthespreadbetweenthegradeandMinas.Intheabsenceofspecificmarketdiscussion,ArguswilltakeintoaccountthespreadbetweentheMinasandArdjunaICPandactivityongradesofsimilarquality.
TheBelidaassessmentisbasedonthemarketconsensusofthespreadbetweenthegradeandMinas.Intheabsenceofspecificmarketdiscussion,ArguswilltakeintoaccountthespreadbetweentheMinasandBelidaICPandactivityongradesofsimilarquality.
MalaysiaArguspublishesassessmentsforMalaysiangradesbasedonspotdealsandmarketinformationforcargoesloading15-45daysfromthepublicationdate.
TheTapisassessmentisthesumofthegrade’scurrentspotpre-miumtoTapisAPPIandtotheforwardpriceforTapisderivedfromArgus’Tapisforwardcurve.
Argusmakesuseofeitherfixed-pricediscussionortheIceBrentto
TapisEFS(exchangeoffuturesforswaps)market,withIceBrentpricesassessedat4:30pmSingaporetime,toderiveaforwardpriceforTapis.
TheTapisforwardmarketisquotedforfourcalendarmonthsandfortwoconsecutivecalendarquarters.Themonthlyandquarterlyassessmentswillrollonthefirstworkingdayofeachmonth.Theforwardpricesareassessedafteratelephone,instantmessengerandelectronicmailsurveyofmarketparticipants.
TheKikehassessmentisthesumofthegrade’scurrentspotpremiumstoTapisAPPIandtheprices30daysforwardforTapisderivedfromArgus’Tapisforwardcurve.
TheLabuanassessmentisthesumofthegrade’scurrentspotpremiumstoTapisAPPIandtheprices30daysforwardforTapisderivedfromArgus’Tapisforwardcurve.
VietnamArguspublishesassessmentsforVietnamesegradesbasedonspotdealsandmarketinformationforcargoesloading15-45daysfromthepublicationdate.
ForBach Ho,Vietnamsetsanofficialsellingprice(OSP),whichsetsoutthepremiumthatBachHolifterswillpaytotheanticipatedpriceofMinascrude.ArgusassessesBachHobyapplyingthisVietnameseOSPtothecurrentMinasbaseprice(seeIndonesiasectionabove)andthenapplyingthegrade’scurrentspotmarketdifferential,asheardinthemarket.
For example:iftheVietnameseBachHoOSPis+$4.00/bl;theMinasbasepriceis$50/bl;andthespotmarketpremiumforBachHois-$2.00/bl,thenArguswouldassessBachHoat$52/bl.
TheSutu DenassessmentisthesumoftheMinasbasepriceandthegrade’scurrentspotmarketpremium/discounttoMinas.
Australia and PNGArguspublishesassessmentsforAustralianandPNGgradesbasedonspotdealsandmarketinformationforcargoesloading30-60daysfromthepublicationdate.
PNG’sKutubu Light isassessedbyaddingthegrade’scurrentspotpremium/discounttoTapisAPPItotheprevailingTapisprice45daysforwardasderivedfromArgus’Tapisforwardcurve(seeMalaysiasectionaboveforfurtherdetails).
For example:ifaKutubuLightcargoloading30-60daysfrompublicationdateistraded,bidorofferedata10¢/bldiscounttoTapis,ArguswillapplythediscounttothevalueofpaperTapiscor-respondingtothepricingperiod(45daysforward)inordertocal-culatetheKutubuLightprice.IfthevalueofthepaperTapismarketaroundthepricingperiodis$70/bl,thenthefixedpriceassessmentforKutubuLightonthatdaywillbe$69.90/bl.
TheCossackassessmentiscalculatedbyapplyingthegrade’sdifferentialrelativetoNorthSeaDatedbasedonamarketconsen-sustothesameday’sNorthSeaDatedvalue.Thedifferentialis
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assessedwithacutoffof4:30pmSingaporetimeandappliedtoNorthSeaDated,whichbecomesavailableafter4:30pmLondontime.OndayswhenNorthSeaDatedisunavailableduetoaUKpublicholiday,ArguswilluseasubstituteNorthSeaDatedprice(seebelowfortherelevantmethodology).Intheabsenceofspecificmarketdiscussion,ArguswillalsotakeintoaccountthespreadbetweentheTapisAPPI-linkedCossackpriceandNorthSeaDated.
TheNorthwest Shelfcondensateassessmentiscalculatedbyap-plyingthegrade’sdifferentialrelativetoNorthSeaDatedbasedonamarketconsensustothesameday’sNorthSeaDatedvalue.Thediffer-entialisassessedwithacutoffof4:30pmSingaporetimeandappliedtoNorthSeaDated,whichbecomesavailableafter4:30pmLondontime.OndayswhenNorthSeaDatedisunavailableduetoaUKpublicholiday,ArguswilluseasubstituteNorthSeaDatedprice(seebelowfortherelevantmethodology).
TheEnfieldassessmentiscalculatedbyapplyingthegrade’sdif-ferentialrelativetoNorthSeaDatedbasedonamarketconsensustothesameday’sNorthSeaDatedvalue.Thedifferentialisassessedwithacutoffof4:30pmSingaporetimeandappliedtoNorthSeaDated,whichbecomesavailableafter4:30pmLondontime.OndayswhenNorthSeaDatedisunavailableduetoaUKpublicholiday,ArguswilluseasubstituteNorthSeaDatedprice(seebelowfortherelevantmethodology).
TheStybarrowassessmentiscalculatedbyapplyingthegrade’sdifferentialrelativetoNorthSeaDatedbasedonamarketconsensustothesameday’sNorthSeaDatedvalue.Thedifferentialisassessedwithacutoffof4:30pmSingaporetimeandappliedtoNorthSeaDated,whichbecomesavailableafter4:30pmLondontime.OndayswhenNorthSeaDatedisunavailableduetoaUKpublicholiday,ArguswilluseasubstituteNorthSeaDatedprice(seebelowfortherelevantmethodology).
TheVincentassessmentiscalculatedbyapplyingthegrade’sdif-ferentialrelativetoNorthSeaDatedbasedonamarketconsensustothesameday’sNorthSeaDatedvalue.Thedifferentialisassessedwithacutoffof4:30pmSingaporetimeandappliedtoNorthSeaDated,whichbecomesavailableafter4:30pmLondontime.OndayswhenNorthSeaDatedisunavailableduetoaUKpublicholiday,ArguswilluseasubstituteNorthSeaDatedprice(seebelowfortherelevantmethodology).
TheVanGoghassessmentiscalculatedbyapplyingthegrade’sdifferentialrelativetoNorthSeaDatedbasedonamarketconsensustothesameday’sNorthSeaDatedvalue.Thedifferentialisassessedwithacutoffof4:30pmSingaporetimeandappliedtoNorthSeaDated,whichbecomesavailableafter4:30pmLondontime.OndayswhenNorthSeaDatedisunavailableduetoaUKpublicholiday,ArguswilluseasubstituteNorthSeaDatedprice(seebelowfortherelevantmethodology).
ThePyreneesassessmentiscalculatedbyapplyingthegrade’sdiffer-entialrelativetoNorthSeaDatedbasedonamarketconsensustothesameday’sNorthSeaDatedvalue.Thedifferentialisassessedwithacutoffof4:30pmSingaporetimeandappliedtoNorthSeaDated,
whichbecomesavailableafter4:30pmLondontime.OndayswhenNorthSeaDatedisunavailableduetoaUKpublicholiday,ArguswilluseasubstituteNorthSeaDatedprice(seebelowfortherelevantmethodology).
SudanArgusassessmentsofSudanesecrudesconsistofamarketdif-ferentialtoNorthSeaDatedandanoutrightpricecalculatedbyapplyingthedifferentialtoNorthSeaDated.
ArguswillpublishassessmentsforSudanesegradesbasedonspotdealsandmarketinformationfor600,000-1mnblcargoesloading15-45daysfromthepublicationdate.ThecutofftimeforSudaneseassessmentsis4:30pmSingaporetime.
The Nile Blendassessmentiscalculatedbyapplyingthedif-ferentialofNileBlendrelativetoNorthSeaDatedbasedonamarketconsensustothesameday’sNorthSeaDatedvalue.Thedifferentialisassessedwithacutoffof4:30pmSingaporetimeandappliedtoNorthSeaDated,whichbecomesavailableafter4:30pmLondontime.
OndayswhenNorthSeaDatedisunavailableduetoaUKpublicholiday,ArguswilluseasubstituteNorthSeaDatedprice(seebelowfortherelevantmethodology).
TheDar Blendassessmentiscalculatedbyapplyingthedif-ferentialofDarBlendrelativetoNorthSeaDatedbasedonamarketconsensustothesameday’sNorthSeaDatedvalue.Thedifferentialisassessedwithacutoffof4:30pmSingaporetimeandappliedtoNorthSeaDated,whichbecomesavailableafter4:30pmLondontime.
OndayswhenNorthSeaDatedisunavailableduetoaUKpublicholiday,ArguswilluseasubstituteNorthSeaDatedprice(seebelowfortherelevantmethodology).
ESPO BlendSee table on page 14
TheESPO BlendassessmentisthepriceofcrudefromtheEastSiberia-PacificOcean(ESPO)pipeline,loadingatKozminointheRussiaFarEast.TheoutrightpriceofESPOBlendiscalculatedbyapplyingtherollingaveragemarketdifferentialofESPOBlendfobKozminototheDubaipriceassessmentforthemonthofloading,adjustedforinter-monthDubaispreadsaccordingtothepublishedDubaibasismonth.
Therollingaveragemarketdifferentialiscalculatedonthebasisofpricesforcargoestradedwithinoneloadingprogrammeupuntilthelastcargooftheloadingprogrammeistraded.
TheArgusassessmentofESPOBlendreflectsthemarketpriceof700,000blcargoesloading30-75daysaheadofthepubli-cationdate.ThecutofftimeforESPOBlendassessmentsis4:30pmSingaporetime.Theprevailingaveragevolume-weightedmarketdifferentialispublishedseparately.
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Sakhalin IslandArgusassessmentsofcrudesfromSakhalinIslandinRussiaconsistofamarketdifferentialtoDubaiswapsforthemonthofloadingandanoutrightpricecalculatedbyapplyingthedifferentialtoDubaiswapsforthemonthofloading.ArguswillpublishassessmentsforSakhalingradesbasedonspotdealsandmarketinformationfor700,000blcargoesloadingtwomonthsaheadofthepublicationdate.ThecutofftimeforSakhalinIslandassessmentsis4:30pmSingaporetime.
Sakhalin Island AssessmentsSee table on page 14
TheSokol assessmentisthepriceofSokol,acrudefromSakhalinIslandinRussia.ThevalueofSokoliscalculatedbyapplyingthemarketdifferentialofSokolcifnortheastAsiatoDubaiswapsforthemonthofloading.Theprevailingmarketdifferentialisalsopublishedseparately.
TheVityazassessmentisthepriceofVityaz,acrudefromSakhalinIslandinRussia.ThevalueofVityaziscalculatedbyapplyingthemarketdifferentialofVityazcifYosutoDubaiswapsforthemonthofloading.Theprevailingmarketdifferentialisalsopublishedsepa-rately.
ThecutofftimefortheSakhalinIslandassessmentsis4:30pmSingaporetime.
Substitute DatedSubstituteDatedreplacesNorthSeaDatedasthebasepriceforCossack,NorthwestShelfcondensate,Stybarrow,Enfield,Vincent,NileBlendandDarBlendonthefewdayseachyearwhentheAsiancrudeoilmarketsareoperating,butapublicholidayintheUKmeansthatLondonwillnotproduceaNorthSeaDatedprice.
SubstituteDatediscalculatedat4.30pmSingaporetime.SubstituteDatedcomprisestheIceBrent4.30pmSingaporeone-minutemark-erplusorminusadifferentialrepresentingthedifferencebetweentheBrentfuturesmarketandthephysicalNorthSeamarket.
Thisdifferentialiscalculatedinthefollowingmanner:ArgustakesthemostrecentlyavailableNorthSeaDatedpriceassessedinLondon,thenitsubtractstheLondonIceBrentone-minutemarkerfromthatsameday.
For example:Datedon24Decemberwas$72/blandtheIceBrent4.30pmLondonone-minutemarkerwas$70/bl–adifferenceof$2/bl.TocalculateSubstituteDatedon26December,whenSingaporeisworkingbutLondonisnot,Argus willaddthis$2/bldifferencetotheIceBrent4.30pmSingaporeone-minutemarker($69/bl)togiveaSubstituteDatedpriceof$71/bl.
ThemarketdifferentialsforNorthwestShelfcondensate,Stybarrow,Enfield,NileBlendandDarBlendwillthenbeaddedtothisSubsti-tuteDatedpriceinlinewiththeirrespectivemethodologies.
Official formula prices (Argus Crude page 12)
ArguspublishesofficialformulapricesforcrudefromSaudiArabia,Iran,Yemen,Kuwait,IraqandDubai.Theseareexpressedasdif-ferentialstovariousbenchmarksforagivenloadingmonthandaresetbynationaloilcompanies.
Official selling prices (Argus Crude page 12)
ArguspublishesofficialsellingpricesforcrudefromAbuDhabi,Qatar,Oman,Indonesia,MalaysiaandBrunei.Theseareexpressedasoutrightpricesforagivenloadingmonthandaresetbynationaloilcompanies.
Reference prices (Argus Crude page 12)
Argus publishestheOpecReferenceBasketmonthlyaveragepriceandalsotheJapaneseCrudeCocktailimportbasketprice.
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Americas assessments
PricesforthefollowingcrudegradesarelistedinArgus Crude,alongwithdailymarketcommentary.CoverageincludesUSGulfcoastandmidcontinent,USwestcoast,Canada,andLatinAmer-ica.AcompletemethodologyforeachofthesecrudepricescanbefoundinthemethodologydocumentforArgus Americas Crude whichcanbelocatedhere.
West Texas Intermediate (WTI)
Grade API Gravity
% Sulphur Basis
Low/High Minimum Volume
VWA Aggregate
VolumeMinimum
WTI Cash Cushing �9.0 0.�0 Cushing, OK 1,000 b/d 1,000 b/d
WTI CMA �9.0 0.�0 Cushing, OK 1,000 b/d 1,000 b/d
WTI Midland �9.0 0.�0 Midland, TX 1,000 b/d 1,000 b/d
WTI P-Plus �9.0 0.�0 Cushing, OK �00 b/d 1,000 b/d
US Gulf Coast
Grade API Gravity
% Sulphur Basis
Low/High Minimum Volume
VWA Aggregate
VolumeMinimum
Bonito ��.7 1.0� fob St. James, LA �00 b/d 1,000 b/d
Eugene Island ��.1 1.�� fob St.
James, LA �00 b/d 1,000 b/d
HLS ��.0 0.�� fobEmpire, LA 1,000 b/d 1,000 b/d
LLS (Month One) �7.0 0.�8
fob Capline St. James
LA1,000 b/d 1,000 b/d
LLS (Month Two) �7.0 0.�8
fob Capline St. James
LA�00 b/d 1,000 b/d
Mars (Month One) �8.7 1.8 fob
Clovelly, LA 1,000 b/d 1,000 b/d
Mars (Month Two) �8.7 1.8 fob
Clovelly, LA �00 b/d 1,000 b/d
Poseidon �1 1.7 fob Houma, LA �00 b/d 1,000 b/d
Southern Green Canyon
�8.7 �.�8
fob Nederland, TX or Texas
City, TX
�00 b/d 1,000 b/d
Thunder Horse ��.7 0.6� fob
Clovelly, LA 1,000 b/d 1,000 b/d
US Midcontinent
Grade API Gravity
% Sulphur Basis
Low/High Minimum Volume
VWA Aggregate
VolumeMinimum
WTI CMA �9.0 0.�0 Cushing, OK 1,000 b/d 1,000 b/d
WTI Midland �9.0 0.�0 Midland, TX 1,000 b/d 1,000 b/d
WTI P-Plus �9.0 0.�0 Cushing, OK �00 b/d 1,000 b/d
WTS (Month One) ��.� 1.90 Midland, TX 1,000 b/d 1,000 b/d
WTS (Month Two) ��.� 1.90 Midland, TX �00 b/d 1,000 b/d
US West Coast
Grade API Gravity
% Sulphur Basis
Low/High Minimum Volume
San Joaquin Light Blend �8.� 1.10 Belridge Station, CA 1,000 b/d
Line 6� �8.� 1.10 Hynes Station, CA 1,000 b/d
Midway Sunset 1�.0 1.�0 Station �6, CA 1,000 b/d
Midcontinent DeliveredEquivalent Assessments
Grade API Gravity
% Sulphur Origin Freight
($/bl)Delivered Location
LLS �7.0 0.�8 fob Capline St. James LA $0.�� Chicago area
LSB �7.0 0.�8 fob Cromer, Manitoba $1.7� Chicago area
Mars �8.7� 1.81 fob Clovelly, LA $0.67 Chicago area
WCS �0.7 �.�1 fob Hardisty, Alberta $�.99 Chicago area
LLB �0.9 �.�7 fob Hardisty, Alberta $�.99 Chicago area
Crudes assessed according to volume-weighted average method:
Grade Density(kg/m3)
APIGravity
%Sulphur
Pricing Basis
VWA Aggregate
VolumeMinimum
Low/High Minimum Volume
Syncrude (SYN) 860 �1-�� 0.1-0.�
Pembina AOSP at
Edmonton
1,000 b/d; 1�9m�
�00 b/d; 80m�
Western Canadian Select (WCS)
9�� �0-�1 �.�-�.7 Husky at Hardisty
1,000 b/d; 1�9m�
�00 b/d; 80m�
Americas (Argus Crude pages 13-19)
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US Gulf CoastGrade API
Gravity%
Sulphur Basis Timing Minimum Volume
Basrah Light �0.0 �.00 cif US Gulf coast
10-�� Days Forward �00,000 bl
Escravos ��.0 0.1� cif US Gulf coast
10-�� Days Forward �00,000 bl
Forties �0.� 0.�6 cif US Gulf coast
10-�� Days Forward �00,000 bl
Kissanje �9.8 0.�8 cif US Gulf coast
10-�� Days Forward �00,000 bl
Nemba �8.7 0.19 cif US Gulf coast
10-�� Days Forward �00,000 bl
Qua Iboe �6.6 0.1� cif US Gulf coast
10-�� Days Forward �00,000 bl
Saharan Blend �6.0 0.10 cif US
Gulf coast10-�� Days
Forward �00,000 bl
US West CoastGrade API
Gravity%
Sulphur Basis Minimum Volume
ANS ��.� 0.89 cif US west coast �00,000 bl
Oriente ��.0 1.�0 cif US west coast �60,000 bl
CanadaGrade API
Gravity%
SulphurPricing Basis Timing Minimum
Volume
Hibernia ��.0 0.�� fob Whiffen Head, Newf.
10-�� Days Forward �00,000 bl
Terra Nova ��.� 0.�8 fob Whiffen Head, Newf.
10-�� Days Forward �00,000 bl
Canada
Grade API Gravity
%Sulphur
Pricing Basis
Low/HighMinimum Volume
Condensate 61-6� 0.08-0.�0Enbridge
CRW pool at Edmonton
�00 b/d; 80m�
Mixed Sweet (MSW) �9-�0 0.�� Enbridge
at Edmonton1,000 b/d;
1�9m�
Lloyd Blend (LLB) �0-�1 �.�7 Hardisty �00 b/d
Light Sour Blend (LSB) �8.0 0.88
Enbridge or Westspur at
Cromer�00 b/d
Latin AmericaGrade API
Gravity%
Sulphur Basis Timing Minimum Volume
Cano Limon �9.� 0.�0 fobColombia
10-�� Days Forward �00,000 bl
Castilla Blend 18.8 1.97 fob
Colombia10-�� Days
Forward �00,000 bl
Cusiana ��.6 0.1� fob Colombia
10-�� Days Forward �00,000 bl
Escalante ��.1 0.19 fob Argentina
10-�� Days Forward �00,000 bl
Isthmus Formula ��.6 1.�0 fob Mexico
Current calendar month
�00,000 bl
Maya Formula ��.0 �.�0 fob Mexico Current ca-
lendar month �00,000 bl
Napo 18.� �.00 fob Ecuador
10-�� Days Forward �60,000 bl
Olmeca Formula �9.� 0.80 fob Mexico
Current calendar month
�00,000 bl
Oriente ��.0 1.�0 fob Ecuador
10-�� Days Forward �60,000 bl
Vasconia ��.� 0.8� fob Colombia
10-�� Days Forward �00,000 bl
Argus Sour Crude Index (ASCI)ArguspublishesadailypriceseriesthatrepresentsthevalueofUSGulfcoastmediumsourcrudebyincludingtransactionsfromthreeseparatecrudestreams:Mars,PoseidonandSouthernGreenCanyon.TheArgusSourCrudeIndex(ASCI)isapricingtoolthatprovidesabroaderindexofUSGulfcoastmediumsourcrudevalueforuseincontracts.AfulldescriptionofthemethodologyfortheASCIpriceisavailablebyclickinghere.
Updates
Forthepublicationschedulecheckwww.argusmedia.com.TheArgus Americas Crudemethodologyisconstantlyupdatedandrevised.Thelatestavailablemethodology(whichmaysupersedetheoneyouarereading)isavailableatwww.argusmedia.com.