Methodology and Specifications Guide: Crude Oil
Methodology and Specifications Guide: Crude Oil
Crude Oil
Introduction
North Sea
Dated Brent and Brent/
Ninian Blend (BNB)
Platts cash BFOE
assessment methodology
Brent CFDs
Forties and the de-escalator
Other BFOE Grades
Other North Sea grades
Brent-related crudes,
and the forward curve
2
2
2
3
4
4
5
5
Persian Gulf
13
13
16
Asia-Pacific
16
18
United States
18
18
18
19
19
20
20
21
14
15
Market on Close
West Africa
Time cut-offs
Grades
8
8
Mediterranean
Latin America
21
Canada
22
Postings-based
Spot-based
Canadian crude oil postings
NYMEX, ICE and DME VALUES
22
23
23
23
Timing
Assessment Timestamp
Time Cut-offs
Incrementability
Nomination
Date range
Loading locations
Volume
Ship acceptability
9
9
9
10
10
10
10
10
10
24
Trading platforms
24
Code list
for Crude Oil Marketwire
25
Crude Oil
Introduction
The following crude specifications guide contains the primary specifications and
methodologies for Platts crude oil cargo and pipeline assessments throughout
the world. The various components of this guide are designed to give Platts
subscribers as much information as possible about a wide range of methodology
and specification issues.
Physical Brent crude oil represents commingled crude from the Brent and Ninian
systems, known in Platts processes since 2007 as Brent/Ninian Blend (BNB), slated
to load at the Sullom Voe terminal. Currently, the API gravity is estimated at 38
degrees and the sulfur content at 0.45% sulfur, but the qualities of all crude oils
tend to change over time.
This methodology is current at the time of publication. Platts may issue further
updates and enhancements to this methodology and will announce these to
subscribers through its usual publications of record. Such updates will be included
in the next version of the methodology. Platts editorial staff and managers will
usually be ready to provide guidance when assessment issues require clarification.
Platts no longer assesses a Brent-only price, due to problems resulting from the
decline in its production to a relatively low level. Beginning in mid-2002, Platts
substituted for straight Brent a combination of Brent/Forties/Oseberg known as
BFO. In 2007, Platts incorporated Ekofisk into the assessment price formation for
physical benchmark Dated Brent, giving rise to BFOE. However, the nomenclature
for Brent did not change, and Platts still refers to its key wet assessment as Dated
Brent, and its key paper assessments as Brent. Platts also launched a North Sea
Light assessment which is identical to the Brent price.
Should you need any additional editorial information please feel free to contact our
editorial or sales offices by phone or by using the free Ask Us editorial questions
email service that can be found on our web site at www.platts.com. You can also
reach our sales team by email at info@platts.com.
North Sea
The window of assessment for North Sea crude grades is typically 10-25 days
from date of publication (for dated Brent/Forties/Oseberg/Ekofisk, the window
reflected is 10-25 days Monday-Thursday, and 10-27 days on Friday). North
Sea crude grades are generally traded as a differential to dated Brent or as a
differential to cash BFOE.
All grades are assessed on a Market on Close basis, with assessment
values aligned to 16.30:00 London time precisely. In order to ensure proper
dissemination of market information and performance, new bids/offers published
by Platts on page 3 of its Platts Global Alert electronic screen service (PGA003)
must be received by Platts no later than the published cut-off periods. For
physical North Sea bids and offers, the cut-off is currently 16.10:00; for CFD
bids and offers (outright and rolls) the cut-off is currently 16.15:00; for outright
cash BFOE bids and offers, the cut-off is currently 16.25:00 London time, for
cash BFOE spread bids and offers, the cut-off is currently 16:28:00. For physical
North Sea bids and offers, prices may be changed incrementally until 16.25:00
London time, for CFD bids and offers (outright and rolls) prices may be changed
incrementally until 16:25:00, outright and spreads on cash BFOE bids and
offers may be changed incrementally up until the 16.30:00 close. The time
cut-off for offers of Brent Blend on a ship-to-ship (STS) Scapa Flow basis is
15.30:00 London time. Please go to http://www.platts.com/IM.Platts.Content/
MethodologyReferences/MethodologySpecs/timingincrementguidelines.pdf for
detailed guidelines on timings. Please note that the purpose of these time cutoffs and standards of incrementability and repeatability are primarily logistical,
and designed to ensure orderly price discovery. As such, they may be changed
at short notice if evolving market conditions require. Please note that up until
October 1, 2005, the North Sea assessments reflected a 17.30:00 London time
close and the time cut-offs for submission of new bids and offers were an hour
later than those currently applied.
March 2013
Platts makes three forward assessments for 25-day cash BFOE, which represent
Platts forward Brent assessments. 25-day cash BFOE is also commonly known as
cash BFOE or paper BFOE and the assessment reflects the value of a cargo with
physical delivery within the month specified in the contract. The name 25-day name
stems from the practice of notifying buyers of the loading dates for their cargoes 25
days in advance of the delivery. The assessed level reflects the tradable value for
full and partial cargoes on the 25-day BFOE market.
The front month 25-day BFOE contract expires on the fifth of a 30-day calendar
month, but the Platts assessment continues until the last business day of the
preceding calendar month for legacy reasons. For example, July 25-day BFOE
will expire on June 5 but Platts will assess until June 30. On July 1, August BFOE
becomes the first month, September BFOE becomes the second month, and October
BFOE is added as the third month. The process will repeat itself on July 31.
Platts publishes in effect synthetic 25-day BFOE assessments for the front month
between the fifth and the end of the preceding month. Platts assesses the front
month 25-day BFOE at a constant spread to the second month 25-day BFOE from
around the fifth of each calendar month to the end of the month.
For more information on the Market on Close methodology used to assess BFOE,
please see the section below.
Dated Brent is a rolling assessment that reflects the price of physical, wet BrentForties-Oseberg-Ekofisk cargoes loading no less than ten days forward. Specifically,
dated Brent cargoes loading 10-25 days forward will be taken into account Monday
through Thursday. On Friday, dated Brent cargoes loading 10-27 days forward will
be taken into account. Deals done, as well as bids and offers, may be taken into
account for assessment purposes. Changes in spread trade may also be considered.
The cargoes are loaded FOB terminal and may include stored material at each
location. Since January 2001, Platts considers ship-to-ship transfers at Scapa Flow
of Brent crude oil that has been recently loaded at Sullom Voe and remains in
its original condition, and provided the seller agrees to cover all additional costs
incurred by the buyer who agrees to lift the oil on a STS basis. In September 2006
the ex-ship offer mechanism was broadened to the evaluation of Forties and Oseberg
crude, which form part of the BFOE complex. Following the addition of Ekofisk to the
BFO complex, it was further added to the ex-ship mechanism in February 2008.
Crude Oil
March 2013
Methodology: The most competitive grade at the margin will under typical
circumstances be the grade reflected in the assessment. Under normal market
conditions, the most competitive grade has been Brent and the inclusion of Forties,
Oseberg and Ekofisk should not alter the prevailing price of Brent. However, the
inclusion of Buzzard into the Forties stream has meant Brent is often not the most
competitive grade. This methodology neither adds nor subtracts barrels from the overall
crude oil marketplace, but adds volume to the benchmark to ensure it continues to
reflect supply/demand fundamentals. Supply and demand remain unchanged.
Platts does not average the price of Brent, Oseberg, Forties and Ekofisk to set its
Dated Brent assessment. The most competitive grade at the margin will have the
greatest degree of influence in the assessment.
Timing: Backwardation and contango are factored in the assessment process.
If a company offers a cheap cargo loading 10 days forward, the offer would only
influence at the most the Platts assessment for cargoes loading 10 days forward.
Platts would still need to assess days 11 through 25 and publish an assessment
that is inclusive of market value from 10-25 days forward. The range stretches to 27
days for Friday assessments.
Platts previously had a 7-15 day range. But most other North Sea grades trade
with loading dates further into the future than Brent. Platts objective was to bring
its Dated Brent assessments more in line with market practice in the North Sea.
Hence, Platts implemented a change to reflect cargoes with loading dates 10-21
days forward, Monday to Thursday, and 10-23 days forward on Friday. A further
decline in production and a further shift forward in typically traded loading dates
led to another change in the dates reflected in the Platts Dated Brent assessments.
On January 6, 2012, Platts amended the date range reflected in the Dated Brent
assessment to 10-25 days forward from the date of publication.
An example:
In order to assess these transactions Platts would need to determine the value of
August Brent and the value of the underlying Brent swap, also known as the CFD,
covering the loading period for the Forties cargo. (For more information on CFDs,
see the section entitled Brent CFDs). If as an example, the value of August Brent is
$65.00, then the Brent loading July 16-18 would be assessed at $65.10/bbl. For the
Forties assessment Platts would then determine the flat price value of the dated
Brent CFD covering the loading/pricing. In this example, the dated Brent CFD for
the pricing period (week of July 15-19) was valued at August Brent minus 10 cts/
bbl to an equivalent of $64.90/bbl. Platts would then add/subtract the differential
at which the Forties cargo was sold. In this case Forties was sold at a positive
differential of $0.10/bbl, leading to a fixed price equivalent of $65.00/bbl. The most
competitive grade in this example is Forties and the assessed value for Platts dated
Brent could be $65.00/bbl for cargoes loading around July 17. Platts would still
need to assess all the other days in the 10-25 day range used for the assessment.
Operational tolerance:Platts reflects in its assessments cargoes loading within
1% plus or minus operational tolerance. Platts believes that cargoes trading with
pre-known tolerances ahead of the actual cargo loading include an option value
that distorts the true value of the assessed commodity.
Crude Oil
Normally, Forties cargoes are loaded under BPs terms and conditions,
Brent cargoes are loaded under Shells terms and conditions, Oseberg
cargoes are loaded under Statoils terms and conditions, and Ekofisk under
ConocoPhillips terms and conditions.
Any partials that are not fully and satisfactorily recombined into full
cargoes of 600,000 bbl would need to be booked out under normal terms
and conditions currently prevailing for a Brent book out. If a partial is not
commercially booked out, then the partial would need to be priced out on
the Brent assessments on the same basis as Brent partials are booked out.
The first weekly balance is on a forward week basis on Thursday and Friday, and
becomes a balance week quotation between Monday and Wednesday. It is rolled
forward every Thursday. Second week onward assessments are all forward week
assessments. Assessments are quoted as a differential to the second BFOE cash
contract month, e.g on July 23rd, the assessment would be against September cash
BFOE. The relevant cash month rolls on the first day of the month of each month
e.g. June will become the basis month on April 1.
CFDs are a means for holders of long or short BFOE cash positions to hedge against
or speculate in movements in the dated Brent market. The CFD swap is between
the uncertain or floating price of the dated Brent differential and a certain
or fixed differential price, which generally is Platts daily dated Brent crude
assessment. CFDs are priced using averages of a particular weeks worth of daily
price assessments as quoted by Platts.
Brent CFDs
Brent CFDs (Contract For Difference) are relatively shortterm swaps, quoted by
Platts for each of eight weeks ahead of the current date at any one time. They also
are traded for bi-monthly and monthly periods in the marketplace. They represent
the market differential in price between the Dated Brent (BFOE) assessment and a
forward month cash contract, i.e. forward month BFOE (Brent-Forties-OseburgEkofisk) cash contract, over the period of the swap.
Each trade is an exchange of a fixed for a floating risk in the Dated to BFOE cash
differential.
CFDs are generally traded in clips of 100 lots, i.e. 100,000 barrels. In addition
to Dated Brent (BFOE), CFDs are also used to price crudes which are sold at a
differential to Dated Brent.
March 2013
The de-escalator value applies to all Forties crude oil delivered after the date stated.
Prevailing rates are as published in the Platts Crude Oil Marketwire. When reviewing
the value of the deescalator, Platts studies evidence of significant and sustained
changes in the crude market, as affected by refined products and other relevant
factors that affect the economics of Forties. Between 2007 and late 2012, Platts
updated the value of the deescalator as and when such changes were observed.
Platts announced in November 2012 that it would state the sulfur de-escalator
applied to the North Seas Forties crude oil every month at 3 pm London time, on
the 25th of the month prior to the month of implementation. In cases where the 25th
Crude Oil
of the month is a non-working day in the UK, the de-escalator is announced on the
closest business day prior to the 25th. As an example, the de-escalator for December
2012 would be announced on the 23rd of November, at 3 pm London time.
Troll: Platts launched daily assessments for Troll on March 1, 2012. The
assessment reflects caroes loading FOB Mongstad, with a typical quality of 35.9
API degrees, a sulfur content of 0.14% and a Total Acid Number of 0.44.
Under this approach, Platts states the de-escalator for the month ahead, whether
or not the value of the de-escalator is being changed. Platts publishes the editorial
basis for the determination of the de-escalator level on its website platts.com.
Duc: Platts launched daily assessments for Duc on March 1, 2012. The assessment
reflects caroes loading FOB Fredericia, with a typical quality of 33.9 API degrees, a
sulfur content of 0.25% and a Total Acid Number of 0.36.
March 2013
Brent-related crudes,
and the forward curve
Before 2002, Platts assessed Brent-related crudes from the North Sea, Africa and the
Mediterranean at a differential to the assessment published for dated Brent on the
day. As an example, if Bonny Light was assessed at dated Brent plus $1.00/bbl on a
particular day, then the assessment for the grade that day would reflect that days
dated Brent assessment plus $1. If the dated price was $30, Bonny Light would have
been $31. However, this assessment system does not take into account the timing
structure of the market, i.e., the contango or backwardation in the market.
Crude cargoes are traded in the spot market for loading sometime in the near future.
Some of the cargoes are traded using a benchmark as a reference for the base price
plus or minus a differential. The cargoes typically use Dated Brent as the benchmark
for the base pricing. The base is typically an average over specific dates related to
the time when the cargo will load in the future. For instance, a cargo of Urals can
trade on Jan 2 for loading Jan 15. The Urals cargo can be traded at dated Brent
around bill of lading time minus $1.00. Hence, to determine the correct price for
Urals it is key to determine the market value of the dated Brent assessments around
the bill of lading. As an example, Platts on Jan 2 would need to determine the value
of dated Brent, on a forward basis, around the future bill of lading dates. There is
a market for the forward Dated Brent assessments, informally known as the CFD
market. Platts regularly assesses the value of CFDs on a weekly basis for 8 weeks
ahead of the date of publication. This gives it a solid base for producing assessments
on Brent-basis cargoes by taking into account the forward pricing curve.
The assessment methodology used since late 2002 for North Sea grades, and early
2003 for West African and Mediterranean grades, takes into account the contango
or backwardation in the marketplace. As an example, if the Bonny Light traded at
dated Brent plus $1.00/bbl and the cargo was due to price on the assessments
published by Platts from April 3-April 14, the assessment would be calculated on
the following basis: current dated Brent prices, plus CFD differential for the Apr
3-14 time frame, plus the $1 premium.
Platts will use the future dated Brent value applicable to and typical for each grade.
In the case of Mediterranean grades, Platts reflects in its assessments cargoes
loading 10-25 days forward. The cargoes typically price 1-5 days after the cargo
loads. The average pricing time is therefore 3 days after bill of lading. In this case
therefore Platts will need to take into consideration the market value for the dated
Brent assessments for days 10-25 plus an additional 3 days. This results in a dated
Brent strip of 13-28 days forward.
For Angolan grades, the window of assessments is 15-45 days forward with
the cargoes pricing 5 days around bill of lading. Therefore the dated Brent strip
Platts needs to take into account is 15-45 days forward. For Nigerian grades, the
assessment window is 15-45 days forward, but typically cargoes price in the period
Crude Oil
1-5 days from date of loading. Thus the applicable dated strip for Nigerian grades
is 18-48 days forward. For Canadian cargo-grades, the assessment window is 28-42
days forward, but typically cargoes price in the period of 1-5 days from the date of
loading. Thus the applicable dated strip for Canadian cargo-grades is 31-45 days
forward.
Separately, the following editorial clarifications were published since the MarketOn-Close roll out:
North Sea cargo offers made with wide loading ranges where seller holds
the option on the actual loading dates are not used in the assessment
process. The standard for cargoes loading in the North Sea is a three day
loading range. Offers of dated cargoes made for wide loading date ranges
should specify clearly if option resides on seller. Bids on same basis are
typically presumed to grant the optionality to the seller.
Platts assesses three forward months of Brent/BFOE EFPs (exchange for physical).
The relevant assessment deltas refers to the corresponding month of Platts Brent/
BFOE spot price assessments.
Platts assesses three forward months of Brent/WTI cash spreads. The assessments
are based on the London market close at 4:30 PM. local London time.
Market on Close
In establishing its daily assessment for 25-day cash BFOE and cash West Texas
Intermediate (WTI), cash Mars and all other crude oil spot price assessments, Platts
utilizes a system commonly known as Market on Close (MOC).
The MOC system seeks to reflect transactable values prevailing at the respective
market close on a normal working day: 4:30 PM local London time for 25-day cash
BFOE, and 3:15 PM local NY time for cash WTI and Mars. Platts derives these
values by tracking market evolution during the respective assessment window and
by making assessments that reflect the value at which a deal could or did take
place at the close of the market.
To do this, Platts takes into account representative, arms-length, openly negotiated
transactions occurring during the assessment window and additionally taking into
account the evolution of the bid-offer spread during this period. Platts, prior to
January 2001, produced its assessment from an arithmetic weighted average of
deals done during this period. Instead it is using the deals, at whatever time they
occur within the window, as a basis for extrapolation to the market-on-close (MOC)
assessment.
In order to enhance further transparency and orderliness in the European crude oil
pricing window, Platts has established the following timing standards for North
Sea physical crude and associated derivatives, such as cash BFOE, dated Brent and
other crude oil instruments:
Initial physical North Sea cargo bid/offers should be submitted no later than
16:10:00 local London time. Platts will consider incremental price changes
made to physical bids and offers up to, but no later than, 16:25:00 local
London time. Changes to bid/offers should typically not exceed 5 cts/bbl per
adjustment.
Initial BFOE cash spread and CFD positions should be submitted no later
than 16:15:00 local London time. Platts will consider incremental price
changes made to BFOE cash spreads and CFDs up to 16:25:00 local London
time.
Initial outright BFOE positions should be submitted no later than 16:25:00
local London time. Platts will consider incremental price changes made to
BFOE cash positions up to 16:30:00 local London time.
March 2013
The minimum volume that Platts takes into consideration for cash BFOE
assessment is 100,000 bbl per transaction. For WTI the minimum is 25,000 bbl
with a maximum of 600,000 bbl per transaction. These minimums and maximums
are a reflection of standard market practices and may be subject to review if
market conditions change.
Platts will assess the market as per the respective London and New York close, and
would use in its assessments any information deemed reliable and provided on a
transparent basis. In the absence of trade, Platts can use several other indicators,
including bids and offers or spread relationships versus other crudes such as WTI.
Platts will use in its assessments any transaction concluded between parties that
have expressed their intention to buy or sell on a transparent basis. Typically, the
Crude Oil
later a player signals their intention to buy or sell, the greater is the possibility
that any eventual transaction they engage in is not open or transparent. Platts
confidence in trades evolving from buy-sell intentions signalled before the start
of the assessment window will be much greater than its confidence in trades
concluded abruptly from late arriving bids and offers, and late signals will therefore
be evaluated on a case-by-case basis.
players bids or offers would clearly be available for execution by any other
potential trading counter party.
A player can move its bids/offers by any increments it believes fits their
trading objectives. However, Platts can only take into consideration those
changes in bids and offers, which occur sequentially and with increments
that are in line with current market practices. In markets with low
volatility, players typically move prices at increments ranging from 1-5
cts/bbl per step, with the increments typically growing as the volatility
increases. A market participant can withdraw at any time. However, if a
market participant withdraws after a trading counter party has indicated
that it has interest to buy or sell into the bid/offer, it would become
evident that the original buyer/seller actually had no interest to trade.
Platts views spurious bids and offers of this kind with concern, and it
takes seriously its responsibility to publish information only from sources
deemed credible.
The philosophy behind MOC is that market values can change dramatically in a
span of 15 minutes. Platts came to the conclusion that an averaging system for
price determination could result in assessments that lag actual market levels, as
deals done early in an assessment period, at a level that is not repeatable, could
mathematically drag prices down or up.
With an MOC procedure, Platts can reflect market conditions up to the minute. A
methodology that works well in a period of low or high volatility, and in periods of
high or low contango or backwardation, is a good methodology. A market on close
methodology helps achieve those goals.
The prior practice in the Brent and WTI markets of averaging can lead to distortions
when the price of one commodity is compared with the price of another, or a price
for one month is compared with that for other months. In essence, averaging of
transactions results in a quotations that lags the actual market.
As an example, Brent/BFOE crude oil has a value, WTI has a value and the Brent/
BFOE versus WTI spread has a value, and all three make sense when measured on
a same-time basis. By contrast, a system of averages can lead to distortions in the
Brent/BFOE versus WTI spread if the distribution of deals done for WTI and Brent/
BFOE differs over the averaging period. Thus if WTI trades actively at the beginning
of the assessment window and Brent trades actively at the end of the window in a
rising market, the assessed spread value resulting from an averaging process will
not be reflective of actual market values.
In a falling market, the averaging would result in a widening of the apparent
spread. This distortion can arise even if the value of spread trades in their own
right has remained constant. The market on close approach drastically reduces the
possibility of such distortions.
Platts follows several other basic price-reporting principles in its MOC system:
Platts editors always seek direct verification from the principals to a bid/
offer/deal, and will not disintermediate the actual market-maker, whether a
deal is done on- or off-line.
If only one player is active in the market, Platts would only use information
from that player if the intention to bid or offer was made on a transparent
basis and within the timing guidelines. Under these circumstances, such a
March 2013
West Africa
Beginning in 2003, Platts began taking into account backwardation/contango in
the underlying Dated Brent market. Prior to the change, Platts West African and
Mediterranean grade price assessments were established by adding/subtracting
the prevailing market differential against the daily Dated Brent assessment
and did not take into account backwardation or contango. Platts incorporated
the market structure into all its Dated Brent related spot price assessments by
correlating respective loading dates with the corresponding Dated Brent value. The
corresponding Dated Brent value is established through trading activity in the Brent/
BFOE swap market.
West African grades are assessed for cargoes loading 15-45 days after date
of publication. While a cargo size of 950,000 bbl is the standard in the dailyassessed grades, part-cargoes are occasionally traded and may be factored
into the assessment process. Underlying market dynamics may also play a
role in determining the value of grades. Market backwardation and contango
within the 15-45 day window will be taken into account for assessment
purposes in Angolan grades and within a 18-48 day window for Nigerian
crude. All West African assessments are on an FOB basis, for loading at each
grades specific terminal.
Crude Oil
Time cut-offs
Forcados: Forcados is a Nigerian crude with a low sulphur and low metals
content. It is rich in distillates and has low fuel content. Average production:
420,000 bpd. Loading location is Forcados terminal. This crude has a larger
distillate refining profile. Its API gravity is 24.4 degrees and has a sulfur
content of 0.18% and it loads at the Shell-operated Forcados Terminal on
the Niger Delta. The current bbl/mt conversion factor for Forcados crude
oil is 7.223. Other specifications: Pour point <-36 C, TAN 0.57 mg KOH/g,
Nickel 1.9ppm, Vanadium 0.1ppm, Visc. (40C) 11.05 cSt.
Agbami: The grade is produced 70 miles offshore Nigeria and loads from
the Agbami FPSO. Cargoes typically are typically made up of 975,000 barrel
and peak production in 2010 is set for 250,000 b/d. Agbami is classified as
a light, sweet crude with low acid content. Specifications are: API 46.3,
Sulfur 0.03%, Pour point 9C, TAN <0.05 mg KOH/g, Visc. (40C) 1.8 cSt.
Production began in July 2008.
Girassol: The crude is produced from the Girassol and Jasmim offshore
fields in Angola. In 2007, production from the Rose field is expected to
be brought on stream to keep production at the same level. The operator
is Total and the loading port is Offshore Angola. Standard cargo size is 1
million barrels (with the option to increase/decrease) and crude production
is 250,000 bbl/day. Girassol is classiefied as a medium density, low sulphur
crude. Specifications are: API 30.8, S.G. 0.8718 (conversion rate 7.27),
Sulphur 0.34, Pour point -24C, TAN 0.30 mg KOH/g, Nickel 10.0 wppm,
Vanadium 5.0 wppm, Visc. (20C) 19.6 cSt.
Hungo: The crude is produced from the Hungo and Chocalho fields. The
operator is ExxonMobil and the loading port is Kizomba A FPSO offhore
Angola. Standard cargo size is 1 million bbl (with the option to increase/
decrease). Crude production is 210,000 bbl/day. Hungo Blend is classified
as a medium density, medium sulphur, medium TAN crude. Specifications
are: API 28.5, S.G. 0.8844 (conversion rate 7.06), Sulphur 0.71 mass%, Pour
point -36C, TAN 0.43 mg KOH/g, Nickel 19.0 wppm, Vanadium 17.0 wppm,
Visc. (40C) 12.9 cSt. Hungo Blend was formerly known as Kizomba A.
Kissanje: The grade is produced from the Kissanje and Dikanza fields and
the operator is ExxonMobil. The loading port is Kizomba B FPSO offhore
Angola. Standard cargo size is 1 million bbl. Production is 250,000 bbl/day.
Kissanje Blend is classified as a medium density, medium sulphur, medium
TAN crude. Specifications are: API 28.2, S.G. 0.8858 (conversion rate 7.06),
In its daily assessments of West African crude oil, Platts reflects cargo bids and
offers that are submitted in full to Platts before 15.45 London time. The prices of
these bids and offers may be adjusted at a rate of a maximum of 5 cents/barrel per
minute. The last price change must be submitted to Platts ahead of 16.25 London
time. Platts assessments reflect value at 16.30 London time precisely.
Grades
Bonny Light: This crude oil is produced in Nigeria from ChevronTexaco and
Shell concessions. ChevronTexacos exports are throughput and loaded from
the Shell-operated Bonny Terminal, which can accommodate Very Large
Crude Carrier (VLCC) loading. The typical cargo size is 950 thousand barrels.
The API gravity for Bonny Light is 35 degrees and the sulfur content is 0.2%.
The typical cargo size for this FOB assessment is 950,000 bbl and the grade
loads at the Shell-operated Bonny Terminal. The current bbl/mt conversion
factor for Bonny Light crude oil is 7.526 and typical output is around 540,000
barrels per day. Specifications are: API 32.9, S.G. 0.8607, Sulphur 0.16%,
Pour point 19F, TAN 0.28 mg KOH/g, Nickel 3.9 ppm, Vanadium 0.4 ppm,
Visc. (40C) 4.16 cSt.
Qua Iboe: The crude oil is produced from numerous offshore fields in the
Bight of Biafra in south-eastern Nigeria, east of the Oso field. The crude,
from fields, 20 to 40 miles offshore from Nigerias South Eastern region, are
brought to shore via a seabed pipeline system to the Qua Iboe terminal (QIT).
Production currently averages around 400kbd. ExxonMobil, as field operator,
holds 40% interest in the field production mix with the Nigerian National
Petroleum Corporation (NNPC) having the remaining 60%. The API gravity for
Qua Ibo is 36 degrees and the sulfur content is 0.1%. The Qua Iboe terminal
is operated by ExxonMobil and output is typically around 520,000 b/d.
The current bbl/mt conversion factor for Qua Iboe crude oil is 7.45. Other
specifications are: S.G. 0.8461, Sulphur 0.13%, Pour point 12C, TAN 0.40
mg KOH/g, Nickel 4.6 ppm, Vanadium 0.5 ppm, Visc. (40C) 3.92 cSt.
Brass River: The crude is a typical Nigerian high-quality West African
gasoline and gasoil - oriented crude. Its gravity has become heavier over the
past few years. Average production: 180,000 bpd. The loading terminal is
Brass River operated by ENI and has a storage capacity 400,000 bbl. The crude
has a low metal content and a high yield of gasoline and middle distillates
with acceptable cetane index. Naphtha With an N+2A > 70, the naphtha is
a good feedstock for gasoline production. Specifications are: API 36.3, S.G.
0.8434 conversion rate 7.46, Sulphur 0.13 %, Pour point -12 C, TAN 0.30 mg
KOH/g, Nickel 1.9 wppm, Vanadium 0.2ppm, Visc. (40C) 2.896 cSt.
Escravos: The crude is produced in Nigeria and loaded from the
ChevronTexaco-operated Escravos Terminal, which can accommodate Very
Large Crude Carrier (VLCC) loading. The typical cargo size is 950 thousand
barrels but alternate cargo sizes can be arranged with advance planning.
The production rate of the contributing fields is approximately 400 thousand
barrels per day. The Escravos terminal is operated by ChevronTexaco and
the standard output is 475,000 b/d. Other specifications are: API gravity 33,
S.G. 0.859 conversion rate 7.54, Sulphur 0.17 %, Pour point 3 C, TAN 0.61
mg KOH/g, Nickel 4.1 ppm, Vanadium 0.5 wppm, Visc. (40C) 5.46 cSt.
March 2013
Sulphur 0.44 mass%, Pour point -21C, TAN 0.64 mg KOH/g, Nickel 16.1
wppm, Vanadium 5.7 wppm, Visc. (40C) 15.62 cSt. First cargoes moved end
of July 2005.
Nemba: The grade is produced offshore Angola and loads at the Malongo
terminal, where Cabinda also loads. The typical cargo size is 950,000 and
production typically totals 140,000 b/d. Nemba is categorized as a low
density, low sulfur crude. Specifications are: API 38.6, Sulfur 0.22 mass%,
Pour point -6.7C, TAN 0.18 mg KOH/g, Visc. (40C) 4.15 cSt, Vanadium 3.83
ppm. Production began at South Nemba in June 1998, with North Nemba
following in August 2001.
Dalia: The grade is produced from Block 17 offshore Angola and the
operator is Total. The loading port is the FPSO Dalia offshore Angola.
Standard cargo size is 950,000 barrels. Production is 240,000 b/d.
Daila is classified as a medium density, low sulfur, medium TAN crude.
Specifications are: API 23.6, Sulfur 0.50 mass%, Pour point -45C, TAN
1.54 mg KOH/g, Nickel 24 wppm, Vanadium 11 wppm, Visc. (20C) 117.2
cSt. First cargoes moved December 2006.
March 2013
Crude Oil
quality distillates with very good cetane index. Naphtha With an N+2A of
about 56, the naphtha is a very good feedstock for gasoline production.
Specifications are: API 36.77, conversion rate 7.31, Sulphur 0.12 mass
%, Pour point 20 C, TAN 0.05 mg KOH/g, Nickel 10.0 wppm, Vanadium
1.2 wppm, Visc. (40C) 29 cSt.
Mediterranean
Timing
Beginning in 2003, Platts Mediterranean crude assessments began taking
into account backwardation/contango in the underlying Dated Brent market.
Platts incorporated the market structure into all its Dated Brent related
spot price assessments by correlating respective loading dates with the
corresponding Dated Brent value. The corresponding Dated Brent value
is established through trading activity in the Brent/BFOE swap market.
Mediterranean crude grades are assessed 10 to 25 days out, and the forward
pricing period applied for Mediterranean market by means of the forward
Med strip is 13 to 28 days out. Azeri Light and Azeri, the crude coming out
of the BTC pipeline, are assessed 10-30 days out, and the forward pricing
period applied by means of the forward BTC strip is 13-33 days out. (Please
refer to the section on Strips for detailed description of the strips for the
Mediterranean.) Prior to the change, Platts West African and Mediterranean
grade price assessments were established by adding/subtracting the
prevailing market differential against the daily Dated Brent assessment and
did not take into account backwardation or contango. Starting from June 1,
2006, Platts is assessing BTC crude FOB Ceyhan basis 10-30 days out and the
respective BTC strip is 13-33 days out.
Assessment Timestamp
Platts assessment methodologies for Urals and other crude oils traded in Europe
reflect the prevailing market price at 16.30 London time. Platts also takes into its
editorial consideration bids, offers and transactions seen during the assessment
day. These inputs are analyzed and normalized to reflect a market value at 1630
London time precisely.
Time Cut-offs
Entry for bids and offers on Urals: Bids and offers may be submitted at any time
during the day with a deadline of 15:45.00 London time. Platts synchronizes its
computer clocks every day precisely, and will compare the time of any submitted
bid/offer or communication by a market participant intending to transact, against
the computer time, in order to ensure that the cut-off points for new bids and
offers, price changes and the markets close are accurate. Please note that Platts
applies the timing deadlines strictly.
For the purposes of clock synchronization, market participants may find the
following internet link helpful: www.time.gov. Please note, however, that Platts
does not guarantee the accuracy of this clock. Platts takes steps to ensure its clocks
are in line with true time, and the assessments are synchronized exactly at 16.30
London time.
Crude Oil
Incrementability
Submitted bids or offers may be changed by market participants up to 16:25:00
London time. The bids/offers may be changed by small increments in line with
ongoing market practice. In markets trading in dollars per barrel, typical increments
are 5 cents/bbl for normal market conditions. Trading conditions such as market
volatility help determine normal increments.
Changes exceeding those parameters may result in the bids and offers not
being reflected in the assessment process. Where transactions are concluded at
levels that have not been fully tested by the market because price changes have
been non-incremental, assessors may determine that the actual market value is
somewhere within that price gap, rather that at the actual level of the transaction.
Nomination
Platts considers in its Urals assessment process cargo bids and offers loading 10-25
days from date of publication. Platts also considers bids made on a minimum five day
loading window where buyer grants the right to narrow the two day laycan to the
seller. Seller, however, must nominate the actual two day loading laycan at least 7
calendar days in advance of the first day of the five day loading range. Seller must
also specify at least 7 days in advance the name of the ship and the loading port.
If the buyer bids for more than five days loading range, the seller should specify a
five day laycan at the time of the trade.
Standards are still evolving and further clarifications may be needed if issues arise.
Date range
Platts will consider bids that specify a minimum five-day date range (eg. Jan
21-25), as the per subscriber note dated Nov 19, 2004. However, offers that specify
a maximum five- day date range will be considered for the assessment, based
on FOB loading dates but with CIF pricing terms. Platts had previously stated a
minimum five-day range for offers.
Loading locations
Platts reflects bids, offers and transactions in its Urals assessments using an
inclusive process. If for instance, there are bids or offers stating Novorossiisk as a
loading basis, Platts will also consider bids and offers from other ports including
Yuzhny and Odessa in the normalization process leading to the CIF Med Urals
assessment.
Volume
Platts assesses the Mediterranean crude oil market based on traded typical loading
sizes, which may vary from one grade to another. Typical loading sizes may also
change over time, and Platts may review and if necessary change the cargo sizes
reflected in its assessments when this occurs. In such cases, Platts will advise the
industry accordingly.
March 2013
Ship acceptability
Bids: For the cargo assessment processes bids may be expressed with a specific
location. Bids with excessive limitations whether expressed or implied may be
deemed atypical and not considered for assessment purposes.
The name of the buyer and location chosen set the condition for any potential
counterparty considering trading. The implied set conditions for a CIF bid include:Up front conditions Conditions to be met
Name of the buyer Ship must meet vetting conditions of a reasonable buyer.
Volume
Volume delivered must match volume requested +/
normal tolerances.
Port Ship must meet physical limitations of port, eg. Draft,
beam etc. Ship must also meet conditions set by
country of destination.
Offers: Offers may be made into a specific location or to meet a broad area. CIF
offers may be made with a named or unnamed ship.
Up front conditions Conditions to be met
Name of Ship
Buyer to determine if ship is acceptable to its vetting
department. For assessment purposes, editors will
review
quality of vessel to determine if it should be considered
in the assessment process.
Unnamed ship Seller has the responsibility to meet the reasonable
vetting requirements of a typical market participant in
that region. The seller is entitled to substitute the vessel
with another meeting the same vettings at any
reasonable time before delivery of the cargo.
If seller offers with named vessel, then buyer can buy subject to vetting approval and
if rejected then the deal is not finalized. For assessment purposes, editors will review
quality of vessel to determine if it should be considered in the assessment process.
Urals Med (CIF Augusta): This daily spot price assessment takes into account
cargoes loading from typical Black Sea ports with the assessment reflecting
normalization to the quality coming out of Novorossiisk. The most significant
volumes come out of Novorossiisk, Odessa and Yuzhny, though in the past
Urals has been exported out of Theodossia, Kavkaz and Kerch, for delivery
into the Mediterranean. The assessment basis is CIF Augusta, Sicily/
Italy. Cargoes delivered to other ports in the Mediterranean can also be
considered, with freight costs taken into account. Cargoes for delivery within
the Black Sea are not considered. Cargoes of approximately 80-140,000mt
are used for the assessment, however, Platts Urals CIF Med assessment
currently represents the value of 80,000 mt cargoes, with cargoes of
140,000 mt normalized. The typical pricing period for cargoes is either three
days after bill of lading or five days after bill of lading. Cargoes pricing on
a different basis can be included in the assessment after an adjustment.
Gravity is approximately 31-33 degrees although currently qualities typically
have been towards the heavier end of the scale, with a sulfur content of
1.3%. The current bbl/mt conversion factor for Urals crude oil is 7.23.
10
Crude Oil
Urals Recombined (RCMB) CIF Augusta: This daily spot price is an outright
price for Urals CIF Augusta and does not take into account backwardation
or contango. This price is produced by adding or subtracting the prevailing
market differential for CIF August Urals against the daily Dated Brent
assessment. No further adjustments are made. This assessment is published
as an outright price only. The differential is assessed according to the
methodology in the paragraph above. This quotation for Urals CIF Augusta
Recombined was first published March 1, 2003.
Urals ex-Novorossiisk (FOB): This daily spot assessment takes into account
cargoes traded FOB at the Black Sea port of Novorossiisk. Both small and
large cargoes are used for the assessment (approximately 80-140,000mt).
The typical pricing period for cargoes is either three or five days after bill of
lading. Cargoes pricing on a different basis can be included with the pricing
period taken into account. Delivered prices may be used in the assessment
once adjusted for freight costs. In periods of spot market illiquidity in
both the delivered and the FOB markets, Platts typically uses freight rates
of a 135,000mt-loader (standard 1-mil bbl ship) to provide a guide for
the FOB level, using Platts spot freight assessments in Dirty Tankerwire
report, as well as the relevant days of delays and demurrage cost for the
Turkish straits, which are also published in the Dirty Tankerwire. Gravity is
approximately 31-33 degrees although currently qualities typically have been
towards the heavier end of the scale, with a sulfur content of 1.3%. The
current bbl/mt conversion factor for Urals crude oil is 7.23. The assessment
is published as a high and a low.
Urals ex-Novo (FOB) 80 kt: This daily spot assessment takes into account
cargoes traded FOB at the Black Sea port of Novorossiisk. Both small and
large cargoes are used for the assessment (approximately 80-140,000mt).
The typical pricing period for cargoes is either three or five days after
bill of lading. Cargoes pricing on a different basis can be included with
the pricing period taken into account. Delivered prices may be used in
the assessment once adjusted for freight costs. In periods of spot market
illiquidity in both the delivered and the FOB markets, Platts uses freight
rates of an 80,000mt-loader (standard 600,000 bbl ship) to provide a guide
for the FOB level, using Platts spot freight assessments in Dirty Tankerwire
report, as well as the relevant days of delays and demurrage cost for the
Turkish straits, which are also published in the Dirty Tankerwire. Gravity is
approximately 31-33 degrees although currently qualities typically have been
towards the heavier end of the scale, with a sulfur content of 1.3%. The
current bbl/mt conversion factor for Urals crude oil is 7.23. The assessment
is published as a high and a low.
Urals Rdam (CIF Rotterdam): This daily spot assessment takes into account
cargoes loading from Baltic Sea ports of Butinge, Russias Primorsk and
Polands Gdansk. Cargoes loading in Russias Barents Sea port of Murmansk
are also taken into account, and on April 16, 2012 Platts began including
cargoes loading in Russias Baltic port of Ust-Luga. The assessment basis
is CIF Rotterdam/Netherlands. Typically 100,000 mt cargoes are taken into
account. Cargoes delivered into other ports in North-West Europe can be
considered with freight costs taken into account. The typical pricing period
for cargoes is either three or five days after bill of lading. Cargoes pricing on
a different basis can be included with the pricing period taken into account.
Gravity is approximately 31-33 degrees although currently qualities typically
have been towards the heavier end of the scale, with a sulfur content of
March 2013
1.3%. The current bbl/mt conversion factor for Urals crude oil is 7.23. The
assessment is expressed as a high and a low.
Urals ex-Baltic Sea (FOB): Effective December 16, 2002 Platts widened
the range of Baltic sea load ports reflected in its FOB assessment in the
north to include Ventpils, Butinge and Tallinn. Despite a sharp increase
of the number of cargoes loading from Primorsk, the steep climb of
Worldscale rates in the winter season for cargoes loading from Primorsk
has necessitated the exclusion of Primorsk in this context. Typical daily
assessment is based on the 100kt cargo size. The typical pricing period for
cargoes is either three or five days after bill of lading. Cargoes pricing on a
different basis can be included with the pricing period taken into account.
Delivered prices may be used in the assessment once adjusted for freight
costs. Gravity is approximately 31-33 degrees although currently qualities
typically have been towards the heavier end of the scale, with a sulfur
content of 1.3%. The current bbl/mt conversion factor for Urals crude oil is
7.23. The assessment is published as a high and a low.
ESPO (FOB Kozmino): Platts daily spot assessment of Eastern Siberian Pacific
Oil (ESPO) crude oil takes into account cargoes loaded from the Russias Far
East port of Kozmino. Prices are assessed on an FOB basis and reflect cargoes
from 80,000 mt to 140,000 mt normalized to 100,000 mt. Platts assessment
reflects cargoes loading 15 to 45 days ahead from date of publication. The
API gravity for ESPO is approximately 34-35 degrees with a sulfur content of
0.58-0.65%. The assessment is published as a high and a low and reflects the
transactable value at 430 pm London time. The published assessments reflect
flat price as well as a differentials versus Dated Brent. This assessment is
published in addition to Platts assessment at the Singapore close.
Kirkuk ex-Ceyhan (FOB): This daily spot assessment takes into account
Iraqi Kirkuk crude loading at Ceyhan in Turkey. Prices are assessed on an
FOB basis. The typical cargo size is 140,000mt, but both small and large
cargoes are used for the assessment (approximately 80-140,000mt). The
typical pricing period for cargoes is either three or five days after bill of
lading. Cargoes pricing on a different basis can be included with the pricing
period taken into account. In periods of spot market illiquidity, Kirkuk is
valued as a differential or occasionally a premium to Mediterranean sour
crude benchmark Urals CIF Augusta, netbacked from Augusta to Ceyhan
using the freight rates for the 135,000mt cargo size as published in Platts
Dirty Tankerwire. The API gravity for Kirkuk is 35-36 degrees and the sulfur
content is 2.0%. The bbl/mt conversion factor is 7.418-7.463.
Es Sider (FOB Es Sider): This daily spot assessment takes into account cargoes
loading from the Libyan port of Es Sider for delivery into the Mediterranean.
In periods of spot market illiquidity, Es Sider is valued as a premium to
11
Crude Oil
Iran Heavy (FOB Sidi Kerir: This daily spot assessment takes into account
cargoes loading from the Egyptian port of Sidi Kerir for delivery into the
Mediterranean. Since Mar 15, 2001, in the absence of any spot market
information, Platts has assessed Iranian crudes in relation to their Official
Selling Prices (OSPs). Iranian OSPs, set monthly by the National Iranian
Oil Company, NIOC, are related to the IPEs Brent weighted average
(BWAVE) and Platts uses dated to frontline (DFL) swaps in order to obtain
a conversion value between BWAVE and Dated Brent. The API is 31-32 and
the sulfur content is 1.8%. The bbl/mt conversion factor is 7.240-7.284.
Iran Light (FOB Sidi Kerir): This daily spot assessment is daily and takes into
account cargoes loading from the Egyptian port of Sidi Kerir for delivery
into the Mediterranean. Since Mar 15, 2001, in the absence of any spot
market information, Platts has assessed Iranian crudes in relation to their
Official Selling Prices (OSPs). Iranian OSPs, set monthly by the National
Iranian Oil Company, NIOC, are related to the IPEs Brent weighted average
(BWAVE) and Platts uses dated to frontline (DFL) swaps in order to obtain a
conversion value between BWAVE and dated Brent. The API is 33.5-34.0 and
the sulfur content is 1.4%. The bbl/mt conversion factor is 7.351-7.374.
Suez Blend (FOB Ras Sukheir): The spot assessment of this Egyptian crude is
made on a daily basis. Spot cargoes of Suez Blend may be sold Brent-related
FOB Ras Sukheir. The API is 32-33 degrees and the sulfur content is 1.7%.
In periods of spot market illiquidity the price assessment for Suez Blend will
be valued as a differential to Mediterranean sour crude benchmark Urals CIF
Med, taking into account the freight and quality difference between the two
crudes. The bbl/mt conversion factor is 7.284-7.329.
Siberian Light (CIF Augusta): This daily spot assessment takes into account
cargoes loading from Black Sea ports for delivery into the Mediterranean.
The assessment basis is CIF Augusta, Sicily/Italy. Both small and large
cargoes are used for the assessment (approximately 50-140,000mt). Cargoes
delivered to other ports in the Mediterranean can also be considered, with
freight costs taken into account. Cargoes for delivery within the Black Sea
are not taken into account, but may be considered as a guide in periods of
spot market illiquidity. The typical pricing period for cargoes is either three
or five days after bill of lading. Cargoes pricing on a different basis can
be included with the pricing period taken into account. The API gravity for
Siberian Light is 35-36 degrees and the sulfur content is 0.6%. The bbl/mt
conversion factor is 7.418-7.463.
CPC Blend (CIF Augusta): This daily spot assessment takes into account
cargoes loading from Black Sea port CPC Terminal for delivery into the
Mediterranean. The assessment basis is CIF Augusta, Sicily/Italy. Both
small and large cargoes are used for the assessment (approximately
80-140,000mt). Cargoes delivered to other ports in the Mediterranean
can also be considered with freight costs taken into account. Cargoes for
delivery within the Black Sea are not taken into account. The typical pricing
period for cargoes is either three or five days after bill of lading. Cargoes
March 2013
pricing on a different basis can be included with the pricing period taken
into account. The API gravity for CPC Blend is 43.5 degrees and the sulfur
content is approximately 0.5-0.6%. The bbl/mt conversion factor is 7.8.
CPC Blend FOB (CPC Terminal): This daily spot assessment takes into account
cargoes loading from the CPC terminal on the Black Sea. Both small and
large cargoes are used for the assessment (approximately 80-140,000mt).
The typical pricing period for cargoes is either three or five days after bill of
lading. Cargoes pricing on a different basis can be included with the pricing
period taken into account. Platts typically uses freight rates of a 135,000mt
cargo (standard Suezmax) to provide a guide for the FOB level, using Platts
spot freight assessments in the Dirty Tankerwire. After the introduction of the
so-called Bosporus clause in November, 2002, restricting passage for crude
oil tankers to the day hours and thereby creating occasional waiting time at
the Turkish Straits, the estimated demurrage is taken into consideration. The
port charges applicable to Novorossiisk are deducted and the CPC terminal
charges are added in freight calculations.
CPC Blend FOB (CPC Terminal) 80kt: This daily spot assessment takes into
account cargoes loading from the CPC terminal on the Black Sea. Both small
and large cargoes are used for the assessment (approximately 80-140,000mt).
The typical pricing period for cargoes is either three or five days after bill of
lading. Cargoes pricing on a different basis can be included with the pricing
period taken into account. Platts typically uses freight rates of a 80,000mt
cargo (standard Aframax) to provide a guide for the FOB level, using Platts
spot freight assessments in the Dirty Tankerwire. After the introduction of the
so-called Bosporus clause in November, 2002, restricting passage for crude
oil tankers to the day hours and thereby creating occasional waiting time at
the Turkish Straits, the estimated demurrage is taken into consideration. The
port charges applicable to Novorossiisk are deducted and the CPC terminal
charges are added in freight calculations.
Azeri Light (CIF Augusta): This daily spot assessment takes into account
cargoes of Azeri Light into the Mediterranean on a CIF August basis.
Cargoes delivered to other ports in the Mediterranean will also be
considered with freight costs taken into account. Cargoes for delivery within
the Black Sea are not taken into account. The typical pricing period for
cargoes is either three or five days after bill of lading. Cargoes pricing on a
different basis can be included with the pricing period taken into account.
The API for Azeri Light is 34-34.5 degrees and the sulfur content is 0.1430.15%, though gravity has been observed to be higher recently. The bbl/mt
conversion factor is 7.45. The assessment is expressed as a high and a low.
Azeri Light FOB Supsa: This daily spot assessment takes into account
cargoes loading from the Black Sea port of Supsa. The typical pricing period
for cargoes is either three or five days after bill of lading. Cargoes pricing on
a different basis can be included with the pricing period taken into account.
Delivered prices may be used in the assessment once adjusted for freight
costs. Platts uses freight rates of a 135,000mt cargo (standard Suezmax)
to provide a guide for the FOB level, using Platts spot freight assessments
in the Dirty Tankerwire report. After the introduction of the so-called
Bosporus clause in November, 2002, restricting passage for crude oil
tankers to the day hours and thereby creating occasional waiting time at the
Turkish Straits, the estimated demurrage is taken into consideration. The
assessment was first published August 1, 2003. The API for Azeri Light is
12
Crude Oil
34-34.5 degrees and the sulfur content is 0.143-0.15%, though gravity has
been observed to be higher recently. The bbl/mt conversion factor is 7.40.
The assessment is expressed as a high and a low.
Azeri Light FOB Supsa 80kt: This daily spot assessment takes into account
cargoes loading from the Black Sea port of Supsa. The typical pricing
period for cargoes is either three or five days after bill of lading. Cargoes
pricing on a different basis can be included with the pricing period taken
into account. Delivered prices may be used in the assessment once adjusted
for freight costs. Platts typically uses freight rates of a 80,000mt cargo
(standard Aframax) to provide a guide for the FOB level, using Platts spot
freight assessments in the Dirty Tankerwire report. After the introduction
of the so-called Bosporus clause in November, 2002, restricting passage
for crude oil tankers to the day hours and thereby creating occasional
waiting time at the Turkish Straits, the estimated demurrage is taken into
consideration. The assessment was first published July 1, 2010. The API for
Azeri Light is 34-34.5 degrees and the sulfur content is 0.143-0.15%, though
gravity has been observed to be higher recently. The bbl/mt conversion
factor is 7.40. The assessment is expressed as a high and a low.
BTC (Azeri) crude FOB Ceyhan basis: This daily spot assessment was
introduced on June 1, 2006 and reflects typical export grade from the BTC
pipeline at Ceyhan. Typical export grade currently reflects Azeri Light crude.
The typical volume is seen at 80,000 mt but export volumes may change
depending on market conditions. Assessments are based on spot trading
activity for cargoes loading 10-30 days ahead of date of publication. Delivered
prices may be used in the assessment once adjusted for freight costs. Platts
uses the average of freight rates of a 80,000 mt cargo (standard Aframax) and
a 135,000 mt cargo (standard Suezmax) to provide a guide for the FOB level,
using Platts spot freight assessments in the Dirty Tankerwire report. The bbl/
mt conversion factor is 7.45. The assessment is expressed as a high and a low.
Saharan Blend (FOB): This daily spot assessment takes into account cargoes
loading from Algerian ports Skikda and Arzew. Prices are assessed on
an FOB basis. Both small and large cargoes are used for the assessment
(approximately 80-140,000mt). The typical pricing period for cargoes is either
three of five days after bill of lading. Cargoes pricing on a different basis
can be included with the pricing period taken into account. The API gravity
for Saharan Blend is 45-46 degrees and the sulfur content is 0.1%. The bbl/
mt conversion factor is 7.864-7.909.
Syrian Light: This daily spot assessment takes into account cargoes loading
from Banias in Syria. Prices are assessed on an FOB basis. Both small and large
cargoes are used for the assessment (approximately 80-140,000mt). The typical
pricing period for cargoes is either three or five days after bill of lading. Cargoes
pricing on a different basis can be included with the pricing period taken into
account. . In April 2003, Syria cut exports by approximately 40 percent, which
has made the market less liquid. So in periods of spot market illiquidity the price
assessment for Syrian Light will be valued as a differential to Mediterranean
sour crude benchmark, Urals CIF Med, taking into account the quality difference
between the two crudes. As of February 2002 Syrias state oil company Sytrol
changed the API baseline from 35.70-36.30 to 37.40- 38.0 degrees, with sulfur
content of 0.8%. The bbl/mt conversion factor is 7.525-7.552.
Syrian Heavy (Souedie): This daily spot assessment takes into account
cargoes loading from Tartous in Syria. Prices are assessed on an FOB basis.
March 2013
Both small and large cargoes are used for the assessment (approximately
80-140,000mt). The typical pricing period for cargoes is either three of five
days after bill of lading. Cargoes pricing on a different basis can be included
with the pricing period taken into account. In April 2003, Syria cut exports
by approximately 40 percent, which has made the market less liquid. So in
periods of spot market illiquidity the price assessment for Syrian Heavy will
be valued as a differential to Mediterranean sour crude benchmark, Urals
CIF Med, taking into account the quality difference between the two crudes.
The API gravity for Souedie is 23-24 degrees and the sulfur content is 4.2%.
The bbl/mt conversion factor is 6.883-6.927.
Zarzaitine: This daily spot assessment takes into account cargoes loading
from La Skhirra in Tunisia, though the origin of the crude itself is Algerian.
Prices are assessed on an FOB basis. Both small and large cargoes are used for
the assessment (approximately 60-140,000mt). The pricing period for cargoes
is either three or five days after bill of lading. Cargoes pricing on a different
basis can be included with the pricing period taken into account. In periods of
spot market illiquidity the price assessment for Zarzaitine will be valued as a
premium to Algerias Saharan Blend, taking into account the quality difference
between the two crudes. The API gravity for this grade is 42-43 degrees and
the sulfur content is 0.1%. The bbl/mt conversion factor is 7.730-7.775.
Kumkol: This daily spot assessment takes into account cargoes of Kumkol
delivered into the Mediterranean on a CIF Augusta basis. Both small and
large cargoes are taken into account (approximately 30-100,000 mt). Cargoes
delivered to other ports in the Mediterranean will also be considered with
freight costs taken into account. Cargoes for delivery within the Black Sea are
not typically taken into account, but may be considered as a guide in periods
of spot market illiquidity. The typical pricing period for cargoes is either three
or five days after bill of lading. Cargoes pricing on a different basis can be
included with the pricing period taken into account. The API is 40-41 degrees
and the sulfur content is 0.1-0.2%. The bbl/mt conversion factor is 7.641-7.686.
Persian Gulf
Dubai and Oman
Dubai and Oman assessments, as well as all other Platts daily Persian Gulf crude
assessments, are established following the completion of a half-hour pricing window
conducted out of Singapore between 4 p.m. and 4:30 p.m. local Singapore time. For a
discussion document of how Platts assesses markets in a half-hour Market on Close
window, please see the section in this document entitled Market on Close.
Platts assesses physical Dubai and Oman for three forward months. For instance, in
April, Platts will assess June, July and August liftings for both Dubai and Oman. In
May, Platts assessed July, August and September Dubai and Oman. The rollover of
the assessment coverage occurs on the first working day of the month. For example,
13
Platts would assess June Dubai and Oman on April 30, but would roll the coverage
of Dubai and Oman from June to July on May 1. (Please see details of partials
convergence further down)
Oman and Upper Zakum can be nominated for delivery against Dubai on physical
convergence ie, on the completion of 19 partials of 25,000 bbl with a single
counterparty): Platts Dubai assessments reflect market activity in which the Dubai
buyer will accept alternative delivery of an Upper Zakum or Oman cargo. Hence,
the activity of any Dubai market player will be taken into account only if such
trader is willing to accept an Upper Zakum or Oman cargo delivery in lieu of Dubai.
The activity of any Dubai/Oman seller will be taken into account only if the seller
is willing to declare the grade (Dubai or Upper Zakum or Oman) to be lifted by
the buyer. Such declaration of grade must be made at the point of executing the
transaction (on physical convergence).
Size: Dubai/Oman assessments reflect 25,000 bbl parcels. Spot premiums for
500,000 bbl cargoes may be considered or factored into the assessment, particularly
in the event of a wide bid/offer range.
Oman specifications: Platts will evaluate all market relevant data to arrive at its
Oman assessments. Oman may trade at a differential versus Dubai or more commonly
versus its official selling price set by the Ministry of Oil and Gas (MOG). Platts
assesses spot Oman two months forward. For example, during March, Oman loading
in May will be assessed through March 31. On April 1, Oman loading in June will be
assessed. The spot price differential versus the MOG official price and its relationship
to Dubai may be taken into account to determine the spot price of Oman. Oman
can be assessed by tracking Brent/Oman spreads, MOG swaps plus the spot MOG
premium or discount. The API gravity is 33.0 degrees and the sulfur content is 1.14%.
The assessment for Oman MOG represents a differential to Omans retroactive monthly
official selling price. Cargoes will sell on a differential to the expected assessment two
to three months before the price is actually released. Platts Oman MOG assessment
represents the differential as quoted in the spot market. Deals may take place MOGrelated (Ministry of Oil & Gas official selling price), fixed price, or related to any other
basis. All these deals will be related to a fixed price equivalent. Omans value reflects
the market on close value at 1630 Singapore local time or 0830 GMT.
Example: In trade on March 1, the front-month spot Oman trading month was for
barrels loading in May. Spot Oman was trading at around flat to the May MOG
official selling price. The spot fixed price front-month Oman assessment is derived
as follows: MAY DUBAI SWAPS + MAY MOG/DUBAI SWAPS SPREAD + MAY SPOT
MOG DIFFERENTIAL
MOG/Dubai spread: The MOG/Dubai spread is a derivative instrument and is
settled by measuring the differential between Omans official selling price and
Dubai for the month concerned. This spread is traded in the over-the-counter
market and has no physical delivery.
Derivatives/swaps: Platts assesses three forward months for Dubai swaps. The
swaps price out on the Platts Dubai front-month cash assessments. Dubai swaps
typically trade on a monthly calendar basis, but unlike physical assessments, the
swaps are assessed from one month forward. In January, for example, the first
month swap assessed is February, followed by March and April. The rollover date
for the Dubai swaps is the 1st of every calendar month. These swaps are used
for hedging and speculative purposes. The Dubai swaps contract has no physical
delivery. The Dubai swap typically prices out against Platts Dubai assessments.
March 2013
Crude Oil
14
both parties mutually agree otherwise. This is to avoid B/L slippage (the risk that
end-month loading dates of a cargo will spill over into the next month with different
pricing implications.) Dubai and Oman partials contracts leading to a full cargo
delivery should contain an assurance of delivery for the month originally specified.
Buyers of nineteen partials retain the flexibility to negotiate with a seller for
differing volumes for loading in part-cargoes, or to request a book-out of some or
the entire volume, subject to mutual agreement.
Trading counterparties: Affiliates or closely-related trading parties will be
deemed part of the same parent company for partials trading considerations. Platts
will apply its editorial judgment to determine whether a transaction is suitably
arms-length. If subsidiaries/offshore entities of parent company A trade with
company B, those partials will be added and considered as part of the total
partials trading position of parent company A.
Price assessment: To arrive at its Dubai and Oman assessments, Platts will take
into account fixed-price bid/offers for partial and full cargoes where applicable;
inter-month Dubai or Oman spreads; Dubai or Oman swaps; MOG/Dubai spreads
(differentials to the retroactive monthly official selling price set by Omans Ministry
of Oil and Gas); spot Dubai and MOG premia/discounts; EFPs or spreads to crude
grades such as Brent; and spreads to published benchmarks. In the event of a wide
bid/offer spread, Platts will not average the bid and offer. Platts will evaluate market
conditions and establish an assessment that in its editorial judgment reflects the
transactable level of Dubai and Oman. Unusually high or low price deals will be
scrutinized by Platts to discern whether the deal is fit for assessment purposes.
In the event of partials trading activity in the market for Upper Zakum, the same
terms and conditions will apply as for Dubai and Oman. Dubai cannot be nominated
against Upper Zakum.
Editorial guidelines for assessments of partials in the Singapore Market on Close
assessment process: Platts assessments take into consideration bids and offers
made up to no later than 16:00:00:59 hours Singapore time (08:00:00:59 GMT).
Bids and offers with unusual terms and conditions will typically not be taken
into account. Platts should be informed prior to the assessment window of any
counterparty with which a principal cannot trade for financial or legal reasons.
Bids and offers made by counterparties unable to trade with each other may cross,
allowing other traders to arbitrage the difference. Platts should be informed by the
principal prior to the assessment window if a broking house is submitting a bid
or offer on the principals behalf. Representative broking houses will have similar
execution responsibilities and bear similar exposures as their principals for nonperformance of trading instruments, whether cash settled or physically delivered.
Platts will take into account changes in price, but not changes to volume/date/
terms & conditions, made to bids and offers up to 16:29 hours Singapore time
(08:29 GMT). Platts assessment guidelines governing the incrementability of price
changes for bids and offers, and the repeatability of deals, will continue to apply as
for all market-on-close assessments (see <www.platts.com>oil>specifications> for
more details on MOC methodology). Platts does not take into consideration deals
done between company affiliates or between companies with close working trading
relationships.
Platts will typically consider for assessment purposes bids and offers that are firm
until 16:30:00:59 hours Singapore time (08:30:00:59 GMT) and that are executable
by any creditworthy counterparty. Participants can withdraw their bid/offer at any
time, provided no prior interest has been expressed for this bid or offer. Any such
March 2013
Crude Oil
15
on a spot basis but Banoco Arab Medium can trade spot, priced as a differential
to Saudi Aramcos Arabian Medium official selling price. Aramcos OSP is
announced one month forward and is based on the average of front-month Dubai/
Oman assessments plus a differential. Therefore, the July OSP is announced early
June. The equation used to derive Banoco Arab Mediums assessment for barrels
loading in May is as follows: Average of May Oman & Dubai swaps + existing OSP
differential + spot differentials + expected OSP adjustments.
Dar Blend: Platts has been assessing the value of Dar Blend crude oil since
February 16, 2009. Sudans sweet, acidic Dar Blend crude from the Melut basin
is exported in cargoes of 600,000 up to 1-million barrels, typically marketed at a
differential to Dated Brent by state oil firms Sudapet, China National Petroleum
Corp (CNPC) and Malaysias Petronas. Export volumes of Dar Blend are projected
to climb toward 260,000 b/d. Dar Blend has gravity of 26.4 API, a sulphur content
of 0.12%, and TAN of 2.4 mgKOH/g. This crude is evaluated at Asian close (0830
GMT) as a fixed price and as a differential to Dated Brent, which is assessed at
London close (1630 hours local time).
Ras Gas condensate & Al Shaheen crude: Platts has been publishing a daily
assessment of Qatars Ras Gas condensate and Al Shaheen crude since January
3, 2005. Spot assessments reflect barrels loading two calendar months from
the date of publication. For example, on January 3, barrels loading in March are
assessed. These assessments roll over on the first working day of the month. Spot
assessments of Ras Gas and Al Shaheen consist of a fixed-price assessment and
an assessment of the spot market differential against Platts Dubai assessments.
Assessments take into consideration Ras Gas traded in typical 500,000 bbl cargoes,
and Al Shaheen traded in typical 600,000 bbl cargoes.
South Pars condensate: Platts has been publishing a daily assessment of
South Pars condensate since February 16, 2009. Irans South Pars condensate is
produced from gas fields and exported from the Persian Gulf port of Assaluyeh.
After several new fields come online, production by end-2009 is estimated at
around 412,000 b/d. South Pars has gravity of 54.4 API and a sulfur content of
0.22%. South Pars condensate is evaluated at Asian close (0830 GMT) as a fixed
price, as a differential to Platts Middle Eastern crude oil benchmark Dubai, and as
a differential to Dated Brent which is assessed at London close (1630 hours local
time).
Qatar LSC condensate: Platts has been publishing a daily assessment of the
value of Qatar Low Sulphur Condensate (LSC) since February 16, 2009. Qatar LSC
(previously known as Dolphin condensate) is exported from Ras Laffan port in
cargoes of 500,000 barrels, and typically marketed at a differential to Platts Middle
Eastern crude oil benchmark Dubai, or as a differential to a basket of Platts FOB
AG naphtha, kerosene and gasoil assessments. Four cargoes of Dolphin condensate
are typically sold each month by Tasweeq (The Qatar International Petroleum
Marketing Co.). Dolphin condensate has gravity of 56.9 API, and a sulphur content
of 0.19%. This condensate is assessed at Asian close (0830 GMT) as a fixed price,
as a differential to Platts Middle Eastern crude oil benchmark Dubai, and as a
differential to Dated Brent which is assessed at London close (1630 hours local
time).
Platts launched effective October 2, 2008 an Asian Dated Brent (ADB) assessment
published on a daily basis, reflecting the value of Dated Brent at Asian market close
(0830 GMT). The ADB reflects the price prevailing during the close of market in Asia
taking into account the rise or fall in the movement in the cash BFOE instrument,
from the time of assessment of Dated Brent at the prior trading days European
March 2013
Crude Oil
market close at 1630 hours London time, until Asian close. This movement is
determined by valuation of Brent cash and futures markets by the close in Asia.
Dated Brent reflects loading for cargoes 10-25 days from day of publication. The
Asian Dated Brent is therefore a dated instrument. The price is underpinned by
instruments such as BFOE and futures which are cyclical in nature and therefore roll
either at the end of the calendar month for BFOE or mid month for futures.
Asia-Pacific
Platts considers partial cargo trades of 25,000 bbl in its assessment process for
Minas crude oil. Platts also assesses all of its regional crude oil assessments on
a monthly basis, two months ahead, with a roll-over date of on the 9th day of the
month, or the first business day after. For example, on June 8, Platts would assess
cargoes loading in July, but on June 9, the assessments would roll to crude loading
in August. The specific crudes covered are: Tapis, Minas, Labuan, Miri, Gippsland,
Daqing, Shengli, Cossack, Kutubu, Nanhai, Bach Ho, Nile Blend, Ardjuna, Handil
Mix, Senipah, NW Shelf, Cinta, Duri, Widuri and Belida.
Assessments also consider bids/offers, and differentials to other actively traded
crudes, related paper markets and, in the case of Indonesian crudes, official crude
prices (ICPs). Crude markets are assessed at 1630 Singapore time. The following
are details of the specifications for the crudes reported including loading ports.
Sulfur content and API gravity may vary over time.
Methodology: Platts assesses crude grades on a fixed price basis, and also where
appropriate, the spread to the crude grades respective benchmarks. Most trade
in the Asia Pacific region is conducted on a floating rather than fixed price basis.
The fixed price assessment reflects the equivalent in fixed price terms of a floating
price transaction. Platts will determine the relevant benchmark and determine the
underlying value of the benchmark for the loading dates. In a typical example, a
Tapis physical cargo may trade at a premium of 25 cts/bbl over its own benchmark.
Platts will then add the premium transacted to the fixed price.
The same approach is used for Indonesian crude grades where they trade in relation
to their own ICP, which is only released after the cargo has loaded. Amid dwindling
liquidity, these cargoes are now commonly traded against prevailing Brent futures
16
Crude Oil
Asia-Pacific crudes
values. Therefore, the fixed price equivalent of the transaction can be determined
through values relative to the more liquid crude grades. In a typical example, a
Minas cargo loading in April may trade at Brent futures plus $2.00/bbl. If the
prevailing Brent futures value is at $90/b, then the fixed price equivalent of Minas
is $92.00/bbl. Platts will also take all bids, offers and trades that occur during its
MOC process for Minas into account when assessing the value,
Spreads versus ICP: Platts assesses differentials to the Indonesian Contractual
Prices (ICPs) for the following crudes: Minas, Attaka, Ardjuna, Handil, Cinta, Duri,
Widuri and Belida. The premium/discounts versus the ICP reflect cargoes loading 2
months forward from the date of publication.
Spreads versus Asia Dated Brent: Platts presently assesses market premiums or
discounts for several Asian and Australian crudes against Asia Dated Brent. . The
premiums/discounts assessed are for the following crudes: Cossack, Kutubu and
Nanhai. The premium/discounts reflect cargoes loading two months forward from
the date of publication. On March 31, 2010, Platts discontinued its assessments of
all price differentials to published APPI Tapis crude oil values. The discontinuation
affected published APPI-related differentials for Tapis, Kikeh, Cossack, Kutubu, and
Nanhai Light crude oil grades. Platts has also discontinued assessments of price
differentials to APPI Northwest Shelf (NWS) condensate, but launched assessments
of price differentials to Platts Asia Dated Brent prices. Platts will continue to
publish fixed price assessments and Asia Dated Brent-related differentials for
Tapis, Kikeh, Cossack, Kutubu, Nanhai Light and NWS grades. Please email
comments or questions to asia_crude@platts.com and pricegroup@platts.com.
Northwest Shelf Condensate: The Northwest Shelf condensate spread is
assessed against its own assessment. The spreads (premium or discounts) are
assessments based on spot transactions and market information on cargoes and
part cargoes loading two months forward from date of publication.
Sokol crude: Platts assessment of Sokol crude oil reflects cargoes loading
out of the DeKastri terminal on eastern Russias Sakhalin island. The value
published reflects the value of cargoes loading in the month that falls two
months from the date of assessment. So on April 1, Platts would assess cargoes
for loading in the month of June. In accordance with typical market practice, the
price assessed is a CFR value, for cargoes being delivered to main ports in Japan
and South Korea. Cargoes being delivered elsewhere, including eastern China,
are included in the assessment process through price normalization. Sokol crude
oil is produced at Russias Sakhalin I oil field, and currently has an API gravity of
39.7 degrees; a sulfur content of 0.18% and a TAN rating of 0.12. The standard
cargo size for Sokol is 700,000 barrels. Platts has been assessing Sokol crude oil
since April 1, 2008.
Vityaz Blend: Platts launched daily assessments of Vityaz Blend crude oil on
April 15, 2009. The crude has evolved since the original Vityaz crude started to
be blended with condensate in early 2009. Vityaz is produced from the Molikpaq
production platform off the northeast of Sakhalin Island in Russias Far East and
sold by Sakhalin Energy in cargoes of up to 750,000 barrels. In accordance with
typical market practice, the price assessed is a CFR value, for cargoes being
delivered to main ports in Japan and South Korea. Cargoes being delivered
elsewhere, including eastern China, are included in the assessment process through
price normalization. Medium sweet crude grade Vityaz alone has gravity of 34.4 API
and a sulfur content of 0.22%. Production is slated to rise to 150,000 b/d by 2010.
Vityaz Blend is to be assessed at the Asian close (0830 GMT) as a fixed price, as
March 2013
49
48
55
60
32.7
39.5
24
35.1
53.9
44.7
46.2
32.7
21.5
33.8
36
33.3
31.5
31.9
46
44
38.6
17
have a fixed-price assessment. Both these assessments are for barrels lifting two
months forward from date of publication and take into account typical cargo sizes
Bach Ho (600,000- 650,000 bbl) and Nile Blend (600,000-650,000 bbl).
Su Tu Den: Platts has been assessing the value of Su Tu Den crude oil since
February 16, 2009. Vietnams Su Tu Den (Black Lion) crude is blended with Su Tu
Vang (Golden Lion) and exported in cargoes of 450,000 to 600,000 barrels from a
floating, production and storage terminal in the South China Sea. Export volumes of
Su Tu Den blend are about 130,000 b/d as of end-2008 and will be 140,000 b/d in
2009. Su Tu Den has gravity of 36 API and a sulfur content of 0.04%. This crude is
evaluated at Asian close (0830 GMT) as a fixed price, as a differential to Su Tu Den
OSP, and as a differential to Dated Brent which is assessed at London close (1630
hours local time).
Australia Basin: Platts has been assessing the value of heavy sweet crude
grades Enfield, Stybarrow and Vincent, which are all produced from fields in the
Australian Basin, since February 16, 2009. These three grades are evaluated at
Asian close (0830 GMT) as fixed prices and as differentials to Dated Brent, which
is assessed at London close (1630 hours local time). Enfield has gravity of 22 API, a
sulfur content of 0.12% and TAN of 0.43 mgKOH/g. Stybarrow has gravity of 22.8
API, a sulfur content of 0.12% and TAN of 0.67 mgKOH/g. Vincent has gravity of
18.3 API, a sulfur content of 0.55% and TAN of 1.53 mgKOH/g.
Crude Oil
For US domestic pipeline barrels, the roll-over date coincides with the date US
crude oil pipelines require scheduling to be completed for deliveries in the following
month. For instance, from Jan 26 through Feb 25, the front-month out for all US
domestic pipeline barrels is March.
On Feb 26, the front-month out for all US domestic pipeline barrels switches to
April. If the 26th falls on a weekend or holiday, the next business day marks the
beginning of the new scheduling month. But if the 25th is a Saturday or Sunday,
scheduling is not extended; it closes on the last business day prior to the 25th. This
practice also is followed for California pipeline crudes. The roll date for ANS crude
is the 1st of the month. In February, the assessment reflects March values. On
March 1, the assessment will roll to April barrels.
The minimum volume for US domestic pipeline grades is 25,000 bbl. All US crude
oil assessments reflect market-on-close (MOC) values at 3:15 PM Eastern Time (ET)
An explanation of the MOC methodology can be found elsewhere in this document.
Please check the table of contents (also see related specifications document titled
Americas crude oil specifications guidelines).
United States
The spot month for all US domestic pipeline barrels changes on the first business
day after the 25th of the calendar month except for Alaska North Slope, a US West
Coast cargo market, and except for WTI Calendar Delta. It does not roll with the
expiration of the front month of light sweet crude on the New York Mercantile
Exchange. Rather, it continues for the three trading days in which the just-expired
month continues to trade in the cash WTI market.
March 2013
18
Platts is publishing the prompt month and next forward month for LLS and
Mars, and the three most prompt months for WTI in the set of assessments.
Platts is publishing an outright price as well as a differential for each of
the three crudes an EFP in the case of cash WTI relative to NYMEX light
sweet crude futures, and a differential to same-month cash WTI in the case
of Mars and LLS.
The underlying methodology and specifications for London close Mars, LLS, and
cash WTI assessments reflect the underlying methodology for the US close cash
WTI, Mars and LLS assessments, with the exception of the assessment timestamp.
Sulfur (%)
Gravity (API)
1.82
0.73
1.81
1.71
28.96
33.75
28.7
30.00
March 2013
Crude Oil
19
For example, starting March 16, Platts will publish the ACM for April, May and
June. On March 26, Platts will roll the ACM along with the rest of the US domestic
market to May as the prompt month.
Basis and Location: The basis for the ACM is comprised of the basis and
location for the four grades:
Mars: The assessment reflects barrels for delivery into Clovelly, Louisiana.
Volume: The minimum volume for ACM basket grades (Mars, Poseidon, SGC, and
Thunder Horse) is 25,000 bbl, the same minimum for all US domestic grades.
Quality: The API and sulfur content for Mars, Poseidon, SGC, and Thunder Horse
changes on a monthly basis. These changes will be reported in the relevant
publication on a retroactive basis. (see above chart for latest assays on the four
crudes).
Participation in Market on Close Assessment Process: Any credible market
participant willing to participate in the ACM assessment process could submit
information at any time during the day and/or request publication of transparent
bids and offers in Platts US crude oil market assessment processes for any of the
four grades that comprise the ACM.
Platts will consider bids and offers expressed as flat price or as a differential to
an underlying basis in its assessment process for ACM. Any market information
reported to Platts on a differential basis will be normalized to a fixed price basis
for use in the ACM assessment process. Note that the ACM assessment will be
published on a fixed and flat price basis.
Crude Oil
Grades
West Texas Intermediate (WTI): Platts has two separate WTI assessments: one at
Cushing, Oklahoma, and the other at Midland, Texas. Platts assesses three months
of WTI-Cushing barrels; Cushing assessments note the delivery month, such as WTI
(Dec). Midland prices are noted as WTI (Mid). The delivery month assessed for WTIMidland is the same as the first month assessed for WTI- Cushing. API gravity is
typically 38-40 degrees with sulfur content approximately 0.3%.
Mars: Platts assesses Mars quotes based on the market-on-close methodology,
reflecting the value of the grade at 3:15 PM ET, taking into account information
received/observed during the day including Platts 30-minute assessment process.
The assessment reflects barrels for delivery into Clovelly, Louisiana, for three
months forward. API gravity is 28.96 and sulfur content is 1.82% as of March 2012.
The minimum trading volume recognized for assessment purposes is 25,000 bbl.
Both flat-priced and differential-based positions are considered for assessment
purposes, as the latter can be converted into a fixed and flat price equivalent.
P-Plus WTI: The assessment reflects the price of WTI sold into Cushing on the
basis of postings plus. P-plus deals are invoiced at a later date on the basis of
a differential to an average of one or more crude oil postings. For example, a deal
done at P-plus 75 cts would be invoiced at 75 cts more than the previously agreedupon postings basis.
WTI Calendar Delta: The assessment reflects the price of WTI crude oil sold
into Cushing/Oklahoma on the basis of a delta versus a monthly WTI average. WTI
Calendar Delta deals are invoiced at a later date: For instance, March WTI calendar
delta transactions would be based on the average of the NYMEX WTI front-month
during March, plus or minus a delta, and then versus cash front-month WTI after
the NYMEX WTI front-month expiry. The delta fluctuates with first/second and
first/third month WTI spreads, and with bids/offers in the market. The Platts WTI
Calendar Delta assessment reflects where the delta is traded and/or talked in the
market. The WTI calendar delta rolls to the next month after the 25th of the month,
like other pipeline grades.
Effective May 26, 2006, Platts began considering market activity for its WTI P-Plus
crude oil spot price assessment that is based on any of the following standard
company WTI crude oil postings: Plains, Sunoco, Shell, Murphy and ConocoPhillips.
In addition, Platts will consider transactions based on the Platts P-5 WTI postings
index which incorporates postings data from Plains, Sunoco, Shell, Murphy and
ConocoPhillips. Previously, WTI P-Plus deals were based on Koch WTI crude
oil postings, but Koch announced recently that the respective posting will be
discontinued effective July 1, 2006.
West Texas Sour (WTS): The assessment is for barrels delivered to Midland, Texas,
with an API gravity of 32.8 degrees and a sulfur content of 1.98%.
Light Louisiana Sweet (LLS): The assessment is for barrels delivered to St. James,
Louisiana. API gravity is 34-41 and sulfur content is 0.4%.
Heavy Louisiana Sweet (HLS): The assessment is for barrels delivered to Empire,
Louisiana. API gravity is 32-33 and sulfur content is 0.3%.
Eugene Island: The assessment is for barrels delivered to St. James, Louisiana.
The API gravity is 34-36 and the sulfur content is 0.90-1.20%.
March 2013
20
Southern Green Canyon: The assessment is for barrels delivered into Nederland,
Texas. The API gravity is 28.7 API and sulfur content at 1.81%. (Southern Green
Canyons API & sulfur content changes on a monthly basis. These changes will be
reported in the relevant publication on a retroactive basis).
Wyoming Sweet: The assessment is for barrels delivered to Guernsey, Wyoming,
with an API gravity of 32 and a sulfur content of 0.9%.
Bonito: The assessment is for barrels delivered to St James, Louisiana. API gravity
is 35-37 and sulfur content is 0.7-0.9%.
Mars: The assessment is for barrels delivered to Clovelly, Louisiana. API gravity is
28.96 and sulfur content is 1.82% as of March 2012. (Mars API & sulfur content
changes on a monthly basis. These changes will be reported in the relevant
publication on a retroactive basis).
Poseidon: The assessment is for barrels delivered to Houma, Louisiana. API gravity
is 30 and sulfur content is 1.71%. (Poseidons API & sulfur content changes on
a monthly basis. These changes will be reported in the relevant publication on a
retroactive basis).
Thunder Horse: The assessment is for barrels delivered to Clovelly, Louisiana.
API gravity is 33.75 and sulfur content is 0.73%. (Thunder Horses API & sulfur
content changes on a monthly basis. These changes will be reported in the relevant
publication on a retroactive basis).
Basrah Light: The assessment is for waterborne barrels of Iraqi Basrah Light
delivered into the US Gulf. The minimum volume is 500,000 bbl. API gravity is
31-35.5 and sulfur content is 2%. Basrah Light barrels are priced off the second
month cash WTI assessment.
Crude Oil
Bakken Blend: Platts launched daily spot assessments for Bakken Blend crude
injected at Guernsey, Wyoming and Clearbrook, Minnesota on May 3, 2010. Trades
with a minimum 1,000 b/d quantity will be taken into account for both assessment,
and smaller volumes will be normalized to this volume basis. Effective June 20, 2011,
Platts has been rolling its Canadian and Bakken pipeline assessments to the next front
month on the date pipeline nominations are due. Platts follows the nomination due
dates published by Crude oil Logistics Committee on its web. These assessments will
be published as a differential to the calendar month average of front-month NYMEX
crude futures for the month of injection at 3:15 pm Eastern Time.
The two Bakken Blend assessments reflect Bakken crude injected at Guernsey,
Wyoming (basis ex-Guernsey) and at Clearbrook, Minnesota (basis ex-Clearbook).
Bakken Blend ex-Guernsey reflects sulphur content of 0.2% and API gravity of 38-40
degrees, while Bakken Blend ex-Clearbrook reflects sulphur content of 0.5% and
API gravity of 38-40 degrees. Effective July 19, 2011, Bakken Blend ex-Clearbrook
will reflect sulphur content of 0.2%
WTI CMA: Effective July 1, 2011, Platts will begin publishing the calendar month
average of NYMEX light sweet crude. This CMA is currently used as the basis for
Platts Canadian pipeline crude assessments, Bakken Blend crude assessments,
WCS ex-Cushing crude assessments, and Alaska North Slope crude assessments.
This calculation will be labeled WTI CMA (1st month), and reflects the average of
the front-month NYMEX light crude values (at 3:15 pm Eastern Time) for the month
of injection.
WCS ex-Cushing: Effective June 1, 2012, Platts will launch a Western Canadian
Select crude assessment on a FOB Cushing, Oklahoma basis. Platts will publish WCS
ex-Cushing assessment as an outright price, and as a differential to the calendar
month average (CMA) of the NYMEX WTI contract and reflect barrels to be lifted/
injected about a one month out and would rollover using the Canadian rollover
schedule. WCS has an API gravity of 19-22 and a sulfur content of 2.8-3.5%.
Alaska North Slope (ANS): This assessment reflects a minimum volume of 300,000
bbl basis delivered Long Beach, California, for the prompt month. API gravity is
29-31 and sulfur content is 1.1%
The pricing basis for ANS is a calendar month average of front month Platts
cash WTI assessments in the delivery month. For example, on October 15, Platts
assessments reflect November as the delivery month, and the ANS basis is an
average of all front-month cash WTI assessments published in calendar November.
Line 63: The assessment is for a blend of crude at 28 degrees API gravity and sulfur
content of 1.02%, delivered at Hynes station, California on Four Corners pipeline
line 63.
P-Plus Line 63: The assessment reflects the price of Line 63 sold into Hynes Station
on Four Corners pipeline on the basis of Posting Plus. P-Plus deals are invoiced
at a later date on the basis of a differential to an average of one or more crude
postings for Buena Vista crude.
Thums: The assessment is for barrels delivered to Long Beach, California at 17
degrees API and a sulfur content of 1.5%.
Kern River: The assessment is for barrels delivered commonly to Texacos station
31 in Kern County, California, at 13 degrees API gravity with sulfur content of 1.1%
The crude is synonymous with San Joaquin Valley (SJV) heavy.
March 2013
Latin America
Platts assesses Latin American crude grades and publishes the differentials to their
benchmark. Most transactions are concluded on a differential to WTI, Dated Brent,
or Brent futures.
Starting January 2, 2013, Platts has moved the timing forward for its Latin
American crude assessments to reflect bids, offers, and deals 30-60 days from date
of publication. Previously, Platts Latin American crude assessments reflected crude
21
Crude Oil
loading 15-45 days forward from date of publication. This move reflects a trend in
the market towards trading Latin crudes further forward in time. Platts has also
shifted the basis for its Latin American assessments from second month WTI to
the average of the prevailing contract month at the time of loading. For example,
on June 1, the basis for Platts Latin American crude assessments would be August
WTI. Therefore, the basis for Platts Latin American crude assessments on June 1
reflects the average of prevailing front month WTI for July 1-31, August WTI for
July 1-25, and September WTI for July 26-31. Platts publishes this Latin American
WTI strip on a daily basis.
In addition, Platts has launched ICE Brent and Dated Brent-related differentials for
all Latin American crudes assessed by Platts and a Latin American ICE Brent strip
and a Latin American Dated Brent strip, reflective of the prevailing front-month
Brent values for 30-60 days forward from the date of publication. These Brentrelated differentials and strips run alongside the existing WTI-based outright price
and differential assessments for Latin American grades.
All Latin crude oil assessments reflect Market-on-Close (MOC) values at 3:15 PM
Eastern Time . An explanation of the MOC methodology can be found elsewhere in
this document. Please check the table of contents (also see related specifications
document titled Americas crude oil specifications guidelines).
Price assessments for Latin crudes are basis FOB the loading terminal, and do
not include top-off charges. The minimum cargo volume is 350,000 bbl, unless
otherwise specified below. The assessment window for all Latin American crudes is
30-60 days forward from date of publication.
Castilla Blend: The assessment reflects FOB Covenas, Colombia, minimum volume
of 500,000 bbls, and has an API gravity of 18.8 and sulfur content of 1.96%.
Roncador: Platts launched a new assessment for Brazils Roncador crude oil on
May 1, 2009. The assessment is for barrels commonly sold basis FOB Angra dos
Reis, with sulfur content of 0.58% and API gravity of 28.3.
Mesa 30: The assessment is for barrels commonly sold FOB Venezuela, with API
gravity of 30 and sulfur content of 0.9% sulfur.
Mexican Crude Assessments: Mexican crude oil term prices to Western
destinations are FOB and based on the following formulas:
To US Gulf Coast:
Maya: 0.4(WTS + USGC No. 6 3%S) + 0.1(LLS+Dated
Brent) +/- constant
Isthmus: 0.4(WTS+LLS) + 0.2(Dated Brent) +/- constant
Olmeca: 0.333(WTS+LLS + Dated Brent) +/- constant
To Europe:
Maya:
constant
Escalante: The assessment is for barrels commonly sold FOB Caleta Cordoba,
Argentina with API gravity of 24.1 and sulfur content of 0.25% .
Loreto: The assessment is for barrels commonly sold FOB Puerto Bayovar, Peru
with API gravity of 19.5 and sulfur content of 1.3%.
Maya: The assessment is for barrels commonly sold FOB Dos Bocas and FOB Cayo
Arcas with API gravity of 22 and sulfur content of 3.3%.
Isthmus: The assessment is for barrels commonly sold FOB Dos Bocas with API
gravity of 33.6 and sulfur content of 1.3%.
Oriente: The assessment is for barrels commonly sold FOB Esmeraldas, Ecuador
with API gravity of 24.0 and sulfur content of 1.4%
Vasconia: The assessment is for barrels commonly sold FOB Covenas, Colombia
with API gravity of 26.5 and sulfur content of 0.9%.
Olmeca: The assessment is for barrels commonly sold FOB Dos Bocas and FOB
Pajaritos with API gravity of 39.3 and sulfur content of 0.8%.
A calculation of each days prices can be found on Platts Global Alert and in Platts
Latin American Wire
Canada
Santa Barbara: The assessment is for barrels commonly sold FOB Venezuela with
API gravity of 36 and sulfur content of 0.95%.
Napo: The assessment is for barrels commonly sold FOB Esmeraldas, Ecuador with
API gravity of 19 and sulfur content of 2.01%.
Marlim: The assessment is for barrels commonly sold FOB Sao Sabastiao, Brazil
with API gravity of 19.2 and sulfur content of 0.78%.
March 2013
Postings-based
The following Canadian postings assessments are based on an average of two
or more posted prices. These assessments are quoted in both Canadian dollars
per cubic meters, and an equivalent price in US dollars per barrel.
22
Par Crude: The assessment is for sweet crude delivered at Edmonton, Alberta with
40.02 API gravity and 0.3% sulfur. Posted prices from Esso (Imperial), Suncor, and
Shell are totaled and averaged for the assessed value of Par crude. Effective August
7, 2009, Platts removed PetroCanadas crude posted price from Platts Canadian
Postings Derived Crude Assessments for Par Crude (Edmonton Light Sweet). This
price is being removed from the average because Suncor and PetroCanada, having
recently merged, will be posting the exact same price.
Mixed Light Sour: The assessment is for mixed light sour delivered at Edmonton,
Alberta. The posted price for Suncor-with 29.3 API gravity and 1.6% sulfur and
the posted price for Petrocanada-with 31.0 API gravity and 1.0% sulfur are
totaled and averaged for the assessed value of Mixed Light Sour.
Bow River/Hardisty: The assessment is for medium sour crude delivered at Hardisty,
Alberta. The posted prices for Petrocanada, Esso, and Flint Hills (formerly Koch) are
averaged for the value of Bow River/Hardisty.
Cromer Light Sour: The assessment is for light sour delivered at Cromer. The
posted prices for Sunoco, Petrocanada, Esso, Koch and Shell with an average
posted API gravity of 35.05 and an average sulfur content of 1.2% are averaged
for the assessed value of Cromer Light Sour.
Sour at Edmonton: The assessment is for Koch light sour delivered at Edmonton,
Alberta. The posted prices for Petrocanada, Esso, Koch and Shell with an average
posted API gravity of 32.51 and an average sulfur content of 1.0% are averaged
for the assessed value of Sour at Edmonton.
Cromer Midale: The assessment is for medium, sour delivered at Cromer. The
posted price for Sunoco, Esso, Koch and Shell with an average posted API gravity
of 29.30 and an average sulfur content of 2.0% are averaged for the assessed
value of Cromer Midale.
Spot-based
The following spot assessments are calculated on a NYMEX crude oil calendarmonth average (CMA) basis. Crudes will be assessed for injection in the first
forward month. The WTI CMA is the average of the front-month NYMEX light
crude values (at 3:15 pm Eastern Time) for the month of injection. Platts outright
assessments are made up of the prevailing spot differentials plus or minus the WTI
CMA.
All Canadian crude oil assessments reflects market-on-close (MOC) values at 3:15
PM Eastern Time. An explanation of the MOC methodology can be found elsewhere
in this document. Please check the table of contents (also see related specifications
document titled Americas crude oil and oil products editorial guidelines and
methodologies). Trades with a minimum 1,000 b/d quantity will be taken into
account for assessment of Canadian pipeline crudes. Smaller volumes will be
normalized to this volume basis.
Effective June 20, 2011, Platts will roll its Canadian pipeline assessments to the
next front month on the date pipeline nominations are due. Platts will follow the
nomination due dates published by Crude Oil Logistics Committee on its website.
Lloyd Blend: The assessment is for barrels injected at Hardisty, Alberta. API
gravity is 21.8 and sulfur content is 3.36%.
March 2013
Crude Oil
Mixed Sweet: Injection at Edmonton. Gravity is 38.8 and sulfur content is 0.47%.
Light Sour Blend: Injection at Cromer. API gravity is 34-36 and sulfur content is
1.2-1.4%
Condensates: Injection at Edmonton. API gravity is 50.0 and sulfur content is
0.20%.
Syncrude Sweet Blend: Injection at Edmonton. API gravity is 31-33 and sulfur
content is 0.1-0.2%.
Western Canadian Select (WCS): Injection at Hardisty. API gravity is 19-22 and
sulfur content is 2.8-3.2%.
Cold Lake: Injection at Hardisty. API gravity is 19.9 and sulfur content is 3.25%.
Midale: Platts launched daily spot assessments for Midale Blend medium sour
crude injected at Cromer, Manitoba on September 1, 2010. API gravity is 30 and
sulfur content is maximum 2.35%.
The following Canadian cargo assessments are based on spot transactions for
cargoes loading 6 to 8 weeks forward from the date of publication. The outright
price is derived from the forward value of Dated Brent with pricing typically 1-5
days after loading. The typical cargo size is about 675,000 bbl for Hibernia and
Terra Nova, and 900,000 bbl for White Rose.The Canadian cargo markets are
assessed up to 11:30 a.m. Eastern Time.
Hibernia: The assessment is for barrels loading FOB terminal basis Whiffenhead,
Newfoundland, Canada. The API gravity is 36.0 and the sulfur content is 0.4%.
Terra Nova: The assessment is for barrels loading FOB terminal basis
Whiffenhead, Newfoundland, Canada. The API gravity is 32.9-33.4 and the sulfur
content is 0.48%
White Rose: This assessment reflects barrels loading FOB terminal b Sea Rose,
Newfoundland, Canada. The API gravity is 30.56 degrees and sulfur content of 0.28%.
23
Singapore time and 15:15 ET are published. A third month is assessed for NYMEX
WTI at 15:15 ET and for NYMEX heating oil and unloading gasoline at 15:15 ET and
1630 Singapore time.
Assessments for the front three months for the ICE gasoil futures contract listed on
ICE Futures reflecting prevailing values at 1630 London time and 1630 Singapore
time are published.
Assessments for the front three months of the ICE low sulfur (10ppm) gasoil futures
contract and the front four months for the ICE Brent NX contract are published
reflecting prevailing value at 1630 London time only.
Assessments for the front two months of the DME-listed Oman contract are
published reflecting prevailing value at 1630 Singapore time only.
Crude Oil
Trading platforms
March 2013
Platts treats firm trading positions and deals from Internet platforms exactly as it
does any other information from principals or from intermediaries such as voice
brokers. Platts cannot make any guarantee in advance about how and whether
the information will be incorporated in its final assessments. All trading positions
and deals submitted to Platts need to meet general requirements on openness
and transparency. Platts market specialists then make an assessment based on
published assessment parameters using all the information available.
24
Crude Oil
March 2013
25
Crude Oil
$/bbl
Bonny Light
PCAIC00 AAGXL00
Qua Iboe
PCAID00 AAGXN00
Forcados
PCABC00 AAGXP00
Escravos AAEIZ00 AAGXR00
Brass River AAEJB00 AAGXV00
cabinda
PCAFD00 AAGXT00
Girassol AASNL00 AASJD00
Hungo AASLJ00 AASJF00
Kissanje AASLK00 AASJE00
$/bbl
Urals (Rotterdam)
PCAFW00 AAGXJ00
Urals (Mediterranean)
PCACE00 AAGXX00
Urals (Ex-Novorossiisk) AAGZS00 AAHPH00
Urals (Ex-Novo) FOB 80kt AAOTH00 AAOTI00
Urals (Ex-Baltic) AAGZT00 AAHPI00
Urals (Primorsk) AAWVH00 AAWVI00
Urals RCMB (Recombined) AALIN00
Siberian Light CIF AAGZW00 AAHPK00
CPC Blend CIF AAGZU00 AAHPL00
Azeri Light CIF AAGZX00 AAHPM00
BTC FOB Ceyhan AAUFH00 AAUFJ00
Suez Blend
PCACA00 AAGYD00
Es Sider
PCACO00 AAGYH00
Kirkuk AAEJD00 AAGYF00
Iranian Light (Sidi Kerir)
PCABI00 AAGXZ00
Iranian Heavy (Sidi Kerir)
PCABH00 AAGYB00
Saharan Blend AAGZY00 AAHPN00
Zarzaitine AAHMO00 AALOY00
Kumkol AAHMP00 AALOW00
Syrian Light FOB AAHMM00 AALOU00
Syrian Heavy FOB AAHMN00 AALOV00
$/bbl
26
Crude Oil
$/bbl
WTI (Midland)
PCACJ00 AAGVZ00
WTS (M1)
PCACK00 AAGWB00
WTS (M2) AAURG00 AAURH00
Eugene
PCAFC00 AAGWD00
Bonito
PCAIE00 AAGWF00
SGC AASOI00 AASOJ00
Poseidon AABHK00 AAGWL00
LLS (M1)
PCABN00 AAGWN00
LLS (M2) AAURC00 AAURD00
HLS (M1)
PCABD00 AAGWP00
HLS (M2) AAURE00 AAURF00
Wyoming Sweet
PCACM00 AAGWR00
Thunder Horse AAWZK00 AAWZL00
Mars/WTI (M1) AAGWH00
Mars/WTI (M2) AAKTH00
Mars/WTI (M3) AAMBO00
$/bbl
$/bbl
PCADM00
ANS/Long Beach
PCABM00
PCACD00
PCABJ00
PCAFV00
$/bbl
PCAAD00 AAGWX00
spread vs Canada
PCAEZ00
PCAFA00
PCAEY00
PCAII00
PCAIM00
PCAIQ00
PCAEJ00
PCAEL00
PCAFB00
PCAIK00
PCAIO00
PCAIS00
March 2013
27
Crude Oil
$/bbl
sprea vs WTI
Canadon Seco
PCAGN00
PCAGB00
Escalante
PCAGO00
PCAGC00
Cusiana
PCAGT00
PCAGL00
Santa Barbara AAITJ00 AAITD00
Loreto
PCAGQ00
PCAGH00
Oriente
PCAGU00
PCADE00
Napo AAMCD00 AAMCA00
Marlim AAITL00 AAITF00
Castilla Blend AAVEQ01 AAVEQ00
Cano Limon
PCAGV00
PCADM00
Vasconia
PCAGR00
PCAGI00
Mesa 30 AAITH00 AAITB00
$/bbl
spread vs Tapis
Tapis
PCACB00
PCAHA00
Kikeh AAWUH00 AAWUI00
Cossack
PCAGZ00
PCAHC00
Griffin
PCAGW00
PCAHE00
Kutubu
PCAFJ00
PCAHB00
Nanhai
PCAFR00
PCAHG00
Paper Tapis (M1)
PCAFG00
Paper Tapis (M2)
PCAFH00
Labuan
PCABL00
Miri
PCABQ00
Gippsland
PCACP00
NW Shelf
spread vs NW Shelf
PCAGX00
PCAIA00
spread vs ICP
Minas
PCABO00
PCABP00
Sokol AASCJ00 AASCK00
Attaka
PCAAJ00
PCAAK00
Ardjuna
PCACQ00
PCACR00
Handil Mix
PCABE00
PCABF00
Cinta
PCAAX00
PCAAY00
Duri
PCABA00
PCABB00
Widuri
PCAFE00
PCAFF00
Belida
PCAFL00
PCAFM00
Senipah AAEOE00 AAEOK00
spread vs OSP
PCAJE00
PCAJG00
PCAJI00
28
Crude Oil
DME Oman
M1 M2 M3 M4
DUM2629
DUM2630
DUM2631
DUM2632
Volume
DUM0126
ICE/IPE WTI
M1 M2 M3 M4
DUM3489
DUM3490
DUM3491
DUM3492
Volume
DUM0014
ICE/IPE Brent
M1 M2 M3 M4
Volume
AACNF00 AACNG00 AACNQ00 AADWV00 AADUV00
ICE/IPE
Mideast Crude
M1 M2 M3 M4
DUM2610
DUM2611
DUM2612
DUM2613
ICE/IPE
Volume
DUM2628
BWAVE
M1 M2
AADRP00 AADRM00
Volume AAEFS00 AAEFT00
Volume
DUMRB05
Nymex No. 2
M1 M2 M3 M4
Volume
AACMK00 AACMO00 AACMP00 AADWH00 AADUW00
ICE/IPE Gasoil
M1 M2 M3 M4
Volume
AACNX00 AACNZ00 AACOA00 AADXE00 AADUW00
March 2013
29
Crude Oil
ARA
Yield
Freight Netback
Yield
Cracking
TYABT00
TDDAV00
Yield-Freight
TYACF00
TDDAW00
Yield-Freight
Coking
Visbreaking
TYABV00
TDDAV00
Yield-Freight
TYACH00
TDDAW00
Yield-Freight
Cracking
TYACZ00
TDDBD00
Yield-Freight
TYADL00
TDDBE00
Yield-Freight
Coking
Visbreaking
TYADB00
TDDBD00
Yield-Freight
TYADN00
TDDBE00
Yield-Freight
Cracking
TYAAV00
TDDAN00
Yield-Freight
TYABH00
TDDAO00
Yield-Freight
Coking
Visbreaking
TYAAX00
TDDAN00
Yield-Freight
TYABJ00
TDDAO00
Yield-Freight
Cracking
Coking
Cracking
Visbreaking
TYADX00
TYADZ00
TDDBG00
TDDBG00
Yield
Freight Netback
TYACP00
TYACN00
TDDAR00
TDDAR00
Yield-Freight
Yield-Freight
TYADV00
TYADT00
TDDAZ00
TDDAZ00
Yield-Freight
Yield-Freight
TYABR00
TYABP00
TDDAJ00
TDDAJ00
Yield-Freight
Yield-Freight
TYAAL00
TYAAJ00
TDDAC00
TDDAC00
TYAGD00
TYAGB00
Yield
Freight Netback
TYACT00
TYACR00
TDDAS00+1.19
TDDAS00+1.19
Yield-Freight
Yield-Freight
Yield-Freight
Yield-Freight
TYAAP00
TYAAN00
TDDAD00+1.19
TDDAD00+1.19
Yield-Freight
Yield-Freight
TDDBS00
TDDBS00
Yield-Freight
Yield-Freight
TYAGH00
TYAGF00
TDDBT00+1.19
TDDBT00+1.19
Yield-Freight
Yield-Freight
TYAEP00
TYAEN00
TDDBJ00
TDDBJ00
Yield-Freight
Yield-Freight
TYAFB00
TYAEZ00
TDDBL00
TDDBL00
Yield-Freight
Yield-Freight
TYAFJ00
TYAFH00
TDDBO00
TDDBO00
Yield-Freight
Yield-Freight
TYAFL00
TDDBP00+1.13
Yield-Freight
TYAGR00
TDDBX00
Yield-Freight
TYAGT00
TDDBY00+1.19
Yield-Freight
TYAGV00
DUM0665
Yield-Freight
Yield-Freight
Yield-Freight
Cracking
TYAEB00
TDDBI00
Yield-Freight
Visbreaking
TYAED00
TDDBI00
Yield-Freight
Basrah Light (Most recent CIF Gulf Coast spot: N.A.)
Cracking
TYAFP00
TDDBU00
Yield-Freight
Coking
Visbreaking
TYAFR00
TDDBU00
Yield-Freight
Cracking
Coking
Cracking
Coking
Cracking
Coking
Cracking
Coking
Cracking
TYATS00
DUM0957
Yield-Freight
Brent (Most recent FOB spot: N.A.)
Cracking
TYAHF00
TDDCD00
Yield-Freight
Coking
Visbreaking
TYAHH00
TDDCD00
Yield-Freight
Cracking
Coking
Cracking
Coking
Cracking
Coking
Cracking
Visbreaking
Cracking
Visbreaking
Cracking
Visbreaking
TYAJV00
TYAJX00
TDDCT00
TDDCT00
TYAJN00
TYAJP00
TDDCQ00
TDDCQ00
Yield-Freight
Yield-Freight
TYAJR00
TYAJT00
TDDCR00
TDDCR00
Yield-Freight
Yield-Freight
TYAHD00
TDDCA00
Yield-Freight
TYAHT00
TYAHR00
TDDCB00
TDDCB00
Yield-Freight
Yield-Freight
TYAIF00
TYAID00
TDDCF00
TDDCF00
Yield-Freight
Yield-Freight
TYAIJ00
TYAIH00
TDDCG00+1.19
TDDCG00+1.19
Yield-Freight
Yield-Freight
TYAIR00
TYAIP00
TDDCJ00
TDDCJ00
Yield-Freight
Yield-Freight
TYAIV00
TYAIT00
TDDCK00+1.19
TDDCK00+1.19
Yield-Freight
Yield-Freight
TYAJH00
TYAJF00
TDDCM00
TDDCM00
Yield-Freight
Yield-Freight
TYAJL00
TYAJJ00
TDDCN00+1.19
TDDCN00+1.19
Yield-Freight
Yield-Freight
Yield-Freight
Yield-Freight
March 2013
30
Crude Oil
ARA
Yield
Freight Netback
Yield
Cracking
Coking
Cracking
Visbreaking
TYAKP00
TYAKR00
TDDCX00
TDDCX00
TDDEZ00
TDDEZ00
Cracking
Visbreaking
TYALF00
TYALH00
TDDDC00
TDDDC00
Freight Netback
TYAKJ00
TYAKH00
TDDCV00
TDDCV00
Yield-Freight
Yield-Freight
TYAKX00
TDDCY00
Yield-Freight
TYAMR00
TYAMP00
TDDDJ00
TDDDJ00
Yield-Freight
Yield-Freight
TYANL00
TYANJ00
TDDDL00
TDDDL00
Yield-Freight
Yield-Freight
TYANP00
TYANN00
DUM0663
DUM0663
Yield-Freight
Yield-Freight
TYAUG00
TYAUE00
TDDGK00
TDDGK00
Yield-Freight
Yield-Freight
TYAOB00
TYANZ00
DUM0664
DUM0665
Yield-Freight
Yield-Freight
TYAOJ00
TYAOH00
TDDDP00
TDDDP00
Yield-Freight
Yield-Freight
TYAOZ00
TYAOX00
TDDDT00
TDDDT00
Yield-Freight
Yield-Freight
TYAPL00
TYAPJ00
TDDDV00
TDDDV00
Yield-Freight
Yield-Freight
Yield
Freight Netback
Yield-Freight
Yield-Freight
Cracking
Cracking
Visbreaking
Yield
TYAKZ00
TDDCZ00+1.19
Yield-Freight
TYANT00
TYANR00
DUM0666
DUM0666
Yield-Freight
Yield-Freight
TYAOL00
TDDDQ00+1.19
Yield-Freight
TYAPP00
TYAPN00
TDDFC00+1.13
TDDFC00+1.13
Yield-Freight
Yield-Freight
TYAPX00
TYAPV00
DUM0668
DUM0668
Yield-Freight
Yield-Freight
TYAQZ00
TYAQX00
DUM0669
DUM0669
Yield-Freight
Yield-Freight
Yield-Freight
Yield-Freight
Yield-Freight
Yield-Freight
Cracking
Visbreaking
TYALV00
TYALX00
TDDDG00
TDDDG00
Yield-Freight
Yield-Freight
Cracking
Visbreaking
TYAMD00
TYAMF00
TDDDI00
TDDDI00
Yield-Freight
Yield-Freight
Cracking
Coking
Cracking
TYATU00
TDDGH00
Yield-Freight
Cracking
TYAMX00 TDDDM00
Yield-Freight
TYANF00
TDDDN00
Yield-Freight
Coking
Visbreaking
TYAMZ00 TDDDM00
Yield-Freight
TYANH00
TDDDN00
Yield-Freight
Cracking
Coking
Cracking
Coking
Cracking
Coking
Cracking
Coking
Cracking
Coking
Cracking
Coking
Cracking
Visbreaking
TYAPR00
TYAPT00
TDDDX00
TDDDX00
Yield-Freight
Yield-Freight
Cracking
Coking
Cracking
Coking
March 2013
31
Crude Oil
ARA
Yield
Freight Netback
Cracking
TYATQ00
DUM0956
Yield-Freight
Visbreaking
Cracking
Visbreaking
Cracking
Visbreaking
Cracking
Visbreaking
Cracking
Visbreaking
Yield
TYAPY00
TYAQA00
TDDCQ00
TDDCQ00
Yield-Freight
Yield-Freight
TYARA00
TYARC00
TDDBE00
TDDBE00
Yield-Freight
Yield-Freight
TYARE00
TYARG00
TDDBE00
TDDBE00
Yield-Freight
Yield-Freight
TYATK00
TYATM00
TDDCQ00
TDDCQ00
Yield-Freight
Yield-Freight
TYANS00
TYANU00
TDDCQ00
TDDCQ00
Yield-Freight
Yield-Freight
Cracking
Coking
Cracking
Visbreaking
TYAQL00
TYAQN00
TDDEB00
TDDEB00
Yield
Freight Netback
TYAQF00
TYAQD00
TDDDY00
TDDDY00
Yield-Freight
Yield-Freight
TYARP00
TYARN00
TDDEE00
TDDEE01
Yield-Freight
Yield-Freight
TYASR00
TYASP00
TDDEN00
TDDEN00
Yield-Freight
Yield-Freight
TYASB00
TYARZ00
TDDEH00
TDDEH00
Yield-Freight
Yield-Freight
Yield
Freight Netback
TYAQJ00
TYAQH00
TDDDZ00+1.19
TDDDZ00+1.19
Yield-Freight
Yield-Freight
TYAUR00
1.53
Yield-Freight
TYAUB00
TYATZ00
DUM0670
DUM0670
Yield-Freight
Yield-Freight
TYAUJ00
TYAUH00
DUM0671
DUM0671
Yield-Freight
Yield-Freight
Yield-Freight
Yield-Freight
Cracking
Coking
Cracking
TYATY00
TDDGI00
Yield-Freight
Cracking
TYASD00 DUM0658
Yield-Freight
Coking
Visbreaking
TYASF00
DUM0658
Yield-Freight
Cracking
Coking
Cracking
Tapis (Most recent FOB spot: N.A.)
Cracking
TYAST00
TDDEO00
Yield-Freight
Visbreaking
TYASV00
TDDEO00
Yield-Freight
Cracking
Coking
Cracking
TYATN00
TDDET00
Yield-Freight
Coking
Visbreaking
TYATP00
TDDET00
Yield-Freight
Cracking
Coking
TYATL00
TYATJ00
TDDEP00
TDDEP00
Yield-Freight
Yield-Freight
TYAUK00
TYAUI00
DUM1679
DUM1679
Yield-Freight
Yield-Freight
TYATX00
TYATV00
DUM0713
DUM0713
Yield-Freight
Yield-Freight
Cracking
Coking
Cracking
TYAUC00
TDDGJ00
Yield-Freight
March 2013
32