Eum 20180301
Eum 20180301
Eum 20180301
Naphtha PAAAM00 547.00–547.50 547.250 -10.750 ($) VGO 0.8% ABBAD00 460.000
-4.000
20
Eurobob AAQZV00 585.25–585.75 585.500 -8.500 VGO 2% ABBAC00 449.750
-2.250
98 RON gasoline 10 ppm AAKOD00 665.25–665.75 665.500 -8.500
Premium gasoline 10 ppm PGABM00 618.75–619.25 619.000 -8.000 CIF Mediterranean cargo ($/mt)
Reformate AAXPM00 614.500 -8.500 Straight Run 0.5-0.7% AAJNT00 379.250
-8.250
Jet PJABA00 633.25–633.75 633.500 -11.000
VGO 0.8% ABBAB00 470.250
-4.000
Diesel 10 ppm*** AAJUS00 560.25–560.75 560.500 -15.000 15
VGO 2% ABBAA00 460.000
-2.250
Gasoil 50 ppm AAUQC00 559.25–559.75 559.500 -14.750
Gasoil 0.1%*** AAYWT00 548.75–549.25 549.000 -14.750
FOB Rotterdam barge ($/mt)
Fuel oil 1.0% PUAAP00 335.75–336.25 336.000 -6.500
Fuel oil 3.5% PUABC00 335.75–336.25 336.000 -6.500 MTBE* PHALA00 720.50–721.00 720.750 -10.250
Fuel Oil 3.5% 500 CST PUAGN00 330.75–331.25 331.000 -6.500 10 VGO 0.5-0.6% AAHNF00 456.50–457.50 457.000 -7.750
Rotterdam bunker 380 CST PUAYW00 338.50–339.50 339.000 -5.000 May Jul Sep Nov Jan Mar VGO 2% AAHNI00 438.00–439.00 438.500 -7.750
*Naphtha FOB Med is basis East Med **Basis Le Havre ***FOB Amsterdam-Rotterdam-Antwerp Source: S&P Global Platts * FOB Amsterdam-Rotterdam-Antwerp
www.platts.com
EUROPEAN MARKETSCAN MARCH 1, 2018
EURO-DENOMINATED ASSESSMENTS 16:30 LONDON EURO CENTS PER LITER ASSESSMENTS 16:30 LONDON
Market Update (PGA page 724) Med cargoes (€/mt) (PGA page 1120) Med cargoes (€ cents/liter) (PGA page 1370)
FOB Med CIF Med FOB Med CIF Med
Crude futures were down around $1/b late in the European (Italy) (Genova/Lavera) Prem Unl 10 ppm ABXGA00 37.080 ABXGB00 37.575
session Thursday, hitting two-week lows amid dollar Naphtha* ABWHE00 436.762 ABWHD00 445.579 Jet ABXGH00 41.429 ABXGI00 42.384
strength and rising US production and as attention turned to Prem Unl 10ppm ABWGV00 491.306 ABWGU00 497.867 10 ppm ULSD ABXGO00 37.526 ABXGP00 39.520
Jet ABWGZ00 507.095 AAZBO00 518.783 Gasoil 0.1% ABXGY00 37.960 ABXGZ00 38.809
US Federal Reserve Chair Jerome Powell’s second day of 10ppm ULSD ABWHM00 459.318 ABWHH00 467.520 Northwest Europe cargoes (€ cents/liter) (PGA page 1370)
congressional testimony. ICE May Brent was down $1.03/b at Gasoil 0.1% ABWGQ00 449.065 ABWGO00 459.113 FOB NWE CIF NWE/Basis ARA
Fuel Oil 1.0% ABWGH00 282.152 ABWGF00 289.124 Gasoline 10 ppm ABXGC00 37.358
$63.70/b at 4:30 pm London time (1630 GMT), while NYMEX Fuel oil 3.5% ABWGM00 275.385 ABWGK00 282.562 Jet ABXGJ00 41.731 ABXGK00 42.485
April WTI was 84 cents/b lower at $60.80/b. The dollar has *Naphtha FOB Med is basis East Med ULSD 10 ppm ABXGQ00 38.255 ABXGR00 39.017
strengthened since Tuesday when markets perceived Diesel 10 ppm NWE ABXGS00 38.376 ABXGT00 39.156
Northwest Europe cargoes (€/mt) (PGA page 1116) Gasoil 0.1% ABXHA00 37.336 ABXHB00 38.480
Powell’s remarks to lawmakers as more hawkish than
FOB NWE CIF NWE/ Northwest Europe barges (€ cents/liter) (PGA page 1370)
anticipated, raising the odds of an additional interest rate Basis ARA FOB Rotterdam
rise this year. Powell’s testimony Thursday before the Naphtha AAQCE00 452.141 Eurobob ABXGD00 36.244
Gasoline 10ppm ABWGS00 494.997 98 RON Gasoline 10 ppm ABXGE00 41.196
Senate Banking Committee will be scrutinized for any signs Jet ABWHB00 510.786 AAQCF00 520.013 Premium Gasoline 10 ppm ABXGF00 38.318
he might try to recalibrate his message in light of the market ULSD 10 ppm ABWHO00 453.986 ABWHI00 463.214 Jet ABXGL00 42.451
reaction. “If Powell did not intend to signal that a fourth hike Diesel 10ppm NWE ABWHP00 452.551 ABWHK00 461.573 Diesel 10 ppm ABXGU00 38.861
Diesel 10 ppm UK ABWHJ00 464.034 Gasoil 50 ppm ABXHC00 38.792
Gasoil 0.1% ABWGR00 441.683 ABWGP00 455.217 Gasoil 0.1% ABXHD00 38.064
ICE FUTURES Fuel oil 1.0% AAQCG00 280.102 ABWGG00 287.894
Fuel oil 3.5% ABWGN00 259.596 ABWGL00 270.259 GB PENCE PER LITER ASSESSMENTS 16:30 LONDON
Platts ICE 16:30 London assessments* (PGA page 703)
Straight run 0.5-0.7% ABWHG00 338.747
Low Sulfur Gasoil Brent Northwest Europe cargoes (p/liter) (PGA page 1370)
Mar AARIN00 561.75 May AAYES00 63.70 West Africa cargoes (€/mt) (PGA page 1116) FOB NWE CIF NWE/Basis ARA
Apr AARIO00 563.25 Jun AAYET00 63.42 FOB NWE CIF WAF Gasoline 10 ppm ABXGG00 33.176
May AARIP00 563.25 Jul AAXZY00 63.10 Gasoline AGNWA00 502.174 AANWC00 520.628 Jet ABXGM00 37.059 ABXGN00 37.728
Aug AAYAM00 62.76 ULSD 10 ppm ABXGV00 33.972 ABXGW00 34.649
*Platts ICE assessments reflect the closing value of the ICE contracts at precisely Northwest Europe barges (€/mt) (PGA page 1118) Diesel 10 ppm UK ABXGX00 34.834
16:30 London time. Gasoil 0.1% ABXHE00 33.156 ABXHF00 34.172
FOB Rotterdam
ICE gasoil settlements (PGA page 702) Naphtha ABWHF00 448.860
Low Sulfur Gasoil Low Sulfur Gasoil Eurobob ABWGT00 480.233 FOREIGN EXCHANGE RATES (PGA page 1151)
Mar AAQSG00 561.75 Jun AAQSJ00 561.50 98 RON gasoline 10 ppm ABWGX00 545.850 March 1, 2018 London 16:30
Apr AAQSH00 563.25 Jul AAQSK00 560.50 Premium gasoline 10 ppm AAQCH00 507.710 Dollar/Swiss franc BCADC00 0.9476
May AAQSI00 563.25 Aug AAQSL00 560.00 Reformate AAXPN00 504.019 GB pound/Dollar BCADB00 1.3729
Expiry AAQSM00 NA* Jet ABWHC00 519.603 Dollar/Yen BCACW00 106.9300
Diesel 10 ppm* AAQCI00 459.728 Euro/Dollar BCADD00 1.2192
*Value at 12:00 London time will only appear on day of expiry
Gasoil 50 ppm AAUQF00 458.907 Dollar/Ruble AAUJO00 56.7930
ICE LS gasoil GWAVE (Previous day’s values) (PGA page 702) Gasoil 0.1%* AAYWY00 450.295
Mar PXAAJ00 583.50 Apr PXAAK00 585.00 Fuel oil 1.0% ABWGI00 275.591 EUROPEAN CLEAN PRODUCT BARGE FREIGHT RATES
Fuel oil 3.5% AAQCK00 275.591 ARA ($/mt) (PGT page 1918)
NYMEX FUTURES (16:30 London time) Fuel Oil 3.5% 500 CST PUAGO00 271.490
Rotterdam — Rotterdam TCAEI00 2.05
Rotterdam bunker 380 CST AAUHE00 278.051
NYMEX WTI (PGA page 703) Rotterdam — Flushing TCAEJ00 4.15
*FOB Amsterdam-Rotterdam-Antwerp Rotterdam — Ghent TCAEK00 4.40
$/barrel $/barrel
Apr AASCR00 60.80 May AASCS00 60.61 Rotterdam — Antwerp TCAEL00 3.30
New York Harbor cargoes 16:30 London (€ cent/gal) (PGA pages 1350 & 1450)
NYMEX NY ULSD (PGA page 703) Germany ($/mt) (PGT page 1918)
FOB NY Harbor
Rotterdam — Duisburg TCAEM00 6.10
¢/gal ¢/gal Unleaded 87 AAPYV00 143.25
Rotterdam — Cologne TCAEN00 8.25
Apr AASCT00 187.47 May AASCU00 187.66 Unleaded 89 AAPYW00 148.12
Rotterdam — Karlsruhe TCAEO00 15.85
Unleaded 93 AAPYX00 155.43
NYMEX RBOB (unleaded gasoline) (PGA page 703) Antwerp — Duisburg TCAEP00 6.70
Euro/US$ forex rate: 1.2192. Platts Euro denominated European & US product
¢/gal ¢/gal assessments are based on market values and a Euro/US$ forex rate at 4:30 PM Switzerland ($/mt) (PGT page 1918)
Apr AASCV00 189.33 May AASCW00 190.85 local London time. Rotterdam — Basel TCAEQ00 17.15
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 2
EUROPEAN MARKETSCAN MARCH 1, 2018
is possible this year, look for him to make a point that Northwest Europe which landed in February amounted to
Gasoline
inflation remains under control despite economic strength,” around 647,000 mt, up 20% from January, while flows to West
Confluence Investment Management said in a note. US Market analysis: (PGA page 1399) The Northwest European Africa from Europe -- mostly Northwest Europe, but also the
Energy Information Administration data Wednesday showed gasoline complex started March on an active note, both in the Baltics and Mediterranean -- totaled around 1.874 million mt,
US production averaged 10.283 million /d last week, an all- paper market and the physical barge market where firm up from 1.706 million mt in January. Looking forward, flows to
time high, according to EIA weekly estimates that go back to buying interest was seen at opening and before closing. “The West Africa from Europe set to arrive in March amounted, so
1983. Higher output helped push crude stocks 3.019 million new month has triggered more liquidity,” a source said. far, to around 823,000 mt, Platts cFlow, trade flow software,
barrels higher to 423.498 million barrels in the week that Gasoline inventories in the Amsterdam-Rotterdam-Antwerp showed. Most were on their way to Lagos, Nigeria, or Lome,
ended Friday, February 23. In addition, gasoline stocks saw hub fell 19,000 mt, or 1.4%, to 1.323 million mt in the week to Togo, while two cargoes were heading to Ghana and one to
a build of 2.483 million barrels to 251.817 million barrels, Wednesday, data from PJK International showed. That was Namibia. Moreover, the Long Range tanker BW Columbia
versus an expected draw of 200,000 barrels, which put 17% higher year on year. Ample flow of gasoline left Europe in brought a 60,000 mt gasoline cargo from the Persian Gulf to
downward pressure on refined product futures. February. Flows to the US and east coast of Canada from Lagos where she arrived Thursday and the MR Lefkara was
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 3
EUROPEAN MARKETSCAN MARCH 1, 2018
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 4
EUROPEAN MARKETSCAN MARCH 1, 2018
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 5
EUROPEAN MARKETSCAN MARCH 1, 2018
bringing a 37,000 mt from Houston to Lagos and expected to SUBSCRIBER NOTES (continued) (PGA page 1500)
arrive March 16. “There are still a lot of exports to West Africa
published five-day laycan of the indication for the main volume. In line with its current methodology, Platts reflects bids, offers and trades
and the arbitrage to the US has been open even if there is no
that limit a counterparty’s price exposure to operational tolerance. Operational tolerance is typically limited to plus or minus 5% of the
stock draw,” a Europe-based gasoline trader said. “Demand transacted size for barges. When pricing on a floating basis Platts reflects barges where the operational tolerance prices at the mean of
for cargoes is good overall but there is no lack of supply.” In the subsequent three assessments published by Platts after the bill of lading, at the same differential as the main volume. Feedback: The
the paper market, the April Eurobob crack swap shed 15 assessment is published in Platts European Marketscan and in Platts price database under the code: PJABA00. Please send any comments
cents/b to 11.55/b at the close amid lower crude futures, while or queries by March 19, 2018 to europe_products@spglobal.com with a cc to pricegroup@spglobal.com. For written comments, please
the March/April Eurobob gasoline contango narrowed to provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments
$43/mt from $50/mt and the April/May Eurobob swaps received and will make comments not marked as confidential available upon request.
spread widened to 50 cents/mt from zero. The March Med/
North gasoline differential -- the spread between the March CORRECTIONS
FOB Mediterranean 10 ppm cargo swap and the equivalent
2018 calendar for FOB ARA ULSD barge seasonality: intermediate-to-summer grade
FOB Rotterdam Eurobob barge swap -- narrowed to $19/mt
Effective April 3, 2018, S&P Global Platts will start reflecting German summer-grade specification for ultra low sulfur diesel on a pro-rated
from $24/mt and the April Med/North gasoline differential
basis in its FOB Amsterdam-Rotterdam-Antwerp (ARA) barge ULSD assessment. Salient dates are as follows: - April 3: First day of
moved to minus $10/mt from minus $8.75/mt. In the physical reflecting German summer-grade specification - April 4: First full five-day period reflecting German summer-grade specification - April 5:
market, a flurry of Eurobob barges traded Thursday morning Last full five-day period reflecting German intermediate-grade specification - April 10: Last day reflecting German intermediate-grade
in the Amsterdam-Rotterdam-Antwerp hub at discount of specification - April 11: Summer-grade specification fully reflected A spreadsheet detailing the change will be made available upon
$55/mt to the April Eurobob swap, while late in the afternoon request. Please send any comments or queries to pl_middisteurope@spglobal.com with a cc to pricegroup@spglobal.com. For written
two Eurobob gasoline barges loading March 9-13 in the area comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider
traded at a discount of around $48.50/mt to the swap. In all comments received and will make comments not marked as confidential available upon request.
tender news, Rosneft offered up to 60,000 mt of 92 RON
gasoline from Angarsk refinery in Russia for loading over 2018 Calendar for CIF diesel cargo winter to summer change
March, April, May FOB any Baltic sea port or CPT RW station. Effective March 7, 2018 S&P Global Platts will start reflecting French summer specification of ultra low sulfur diesel on a pro-rated basis in
its CIF ARA, CIF NWE (Le Havre), CIF UK and CIF Mediterranean diesel cargo assessments. Related netbacks will also be affected. The
The tender closes Friday.
following calendar of salient dates applies. A spreadsheet detailing the changes is available upon request. - March 7: First day reflecting
summer specification - March 21: Last day reflecting winter specification - March 22: Summer-spec fully reflected Please send any
Gasoline Prem Unleaded 10ppmS FOB Rdam Barge comments or questions to europe_products@spglobal.com and copy pricegroup@spglobal.com. For written comments, please provide a
assessment rationale: (PGA page 1383) FOB AR 10 ppm clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will
premium unleaded gasoline barges were assessed at a make comments not marked as confidential available upon request.
$33.50/mt premium over physical Eurobob gasoline barges,
up from a $33/mt premium Wednesday, factoring a trade on
a bid at $619/mt for midwindow dates in the Platts Market Gasoline 10ppmS CIF NWE Cargo assessment rationale: gasoline cargo assessment was based on the relationship
on Close assessment process. (PGA page 1389) The CIF NWE gasoline cargo market was between the physical market and the March Mediterranean
The above commentary applies to the market data code: PGABM00 assessed at an $18/mt premium over the Eurobob gasoline swap in the absence of competitive indications seen in the
barges, unchanged from Wednesday. Platts Market on Close assessment process.
Gasoline Eurobob FOB ARA Barge assessment rationale: The above commentary applies to the market data code: AAXFQ00 The above commentary applies to the market data code: AAWZA00
(PGA page 1383) Eurobob gasoline barges were assessed at a
$47.25/mt discount to April Eurobob gasoline swap, Gasoline Prem Unleaded 10ppmS FOB Med Cargo Gasoline Prem Unleaded 10ppmS CIF Med Cargo
factoring a trade on an offer at $584/mt for midwindow assessment rationale: (PGA page 1389) The FOB assessment rationale: (PGA page 1389) The CIF
dates and an outstanding bid at $588/mt for front-end Mediterranean gasoline cargo market was assessed at a Mediterranean gasoline cargo assessment was derived as a
dates in the Platts Market on Close assessment process. $9.75/mt discount to the March Mediterranean gasoline freight net-forward from the FOB Mediterranean gasoline
The above commentary applies to the market data code: AAQZV00 swap, unchanged from Wednesday. The FOB Mediterranean cargo assessment, using the following: FOB Mediterranean
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 6
EUROPEAN MARKETSCAN MARCH 1, 2018
gasoline cargo assessment plus the cost of transporting a ■■FOB MED: None. spec naphtha were pegged by one trader at $4-$6/mt,
30,000 mt clean cargo from a basket of Mediterranean ■■Gasoline Cargo: Outstanding Interest: while lighter material was being offered in the mid-teens.
ports to a basket of Mediterranean destinations. ■■CIF NWE: None. “The market looks tight. Buying interest is being shown
The above commentary applies to the market data code: AAWZB00 ■■FOB MED: None. but there are not that many cargoes on offer,” a source
said. Although Mediterranean barrels were said by sources
Gasoline Barge bids/offers/trades: (PGA page 1384) Gasoline Cargo exclusions: (PGA page 1390) No market data to be on offer in Northwest Europe, that indicated
■■Gasoline Barges: DEAL SUMMARY: was excluded from the March 1 assessment process. unfavorable conditions for moving cargoes east rather
■■Gasoline Premium Unleaded 10ppm Barges: 1) Statoil- than conditions of oversupply. “I do not see buyers or
Totsa, $619/mt for 1kt MW. sellers distressed, but I do see Med barrels offered in the
Russian Gasoline (PGA page 1396)
■■Gasoline Eurobob Barges: 1) Gunvor-Varo, $584/mt for 1kt North. This is one of the first signs of weakness in the arb,”
MW; 2) Gunvor-Trafi, $584/mt for 1kt MW. Gasoline retained an upside trend Thursday with prices a source said. While the east/west spread -- one of the
■■Gasoline Barges: OUTSTANDING INTEREST: recovering some of the December and January losses. Most barometers used by suppliers to calculate the profitability
■■Gasoline Premium Unleaded 10ppm Barges: refineries were selling around 1,000-3,000 mt of regular of shipping product east -- has narrowed in recent weeks,
■■Bids: None. gasoline, with lower volumes of RON 95, apart from the Kirishi one source pointed to cheaper freight and a higher cash
■■Offers: Statoil $628/mt for 1kt FE; Statoil $625/mt for 1kt refinery which sold 10,000 mt of premium unleaded. Volumes premium in Asia also determining the opportunity to send
MW; Statoil $625/mt for 1kt BE. were largely below the heights of January. According to data product east. “The arb from the Black Sea is open for LR2
■■Gasoline Eurobob Barges: from the St. Petersburg exchange, Rosneft, Lukoil, Gazprom loads,” the source said. “Freight has come off a long way
■■Bids: Vitol $588/mt for 1kt FE; Trafi $584/mt for 1kt FE. Neft and Gazprom sold more gasoline in January and and is very cheap if you look at it historically.” The April
■■Offers: None. February compared with the year-ago period. naphtha east/west spread -- the premium of CFR Japan
naphtha cargo swaps over the CIF NWE naphtha cargo
Gasoline Barge exclusions: (PGA page 1384) No market data swap -- narrowed 75 cents/mt to $7.50/mt, while the May
Naphtha
was excluded from the March 1 assessment process. spread also narrowed 75 cents/mt, to $8.25/mt. Elsewhere
Market analysis: (PGA page 1398) There was an uptick in in the paper market, the March CIF NWE naphtha crack
Gasoline Cargo bids/offers/trades: (PGA page 1390) buying interest in the Northwest European naphtha market swap rose 45 cents/b to minus $2.15/b at the close. The
■■Gasoline Cargo: Deal Summary: Thursday amid limited supply and a tighter market for open March/April spread widened $1.00 to $5.75/mt and the
■■CIF NWE: None. specification grades, sources said. Premiums for open April/May backwardation rose 50 cents/mt to $4.75/mt.
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EUROPEAN MARKETSCAN MARCH 1, 2018
Elsewhere, more naphtha was seen offered in the Asian RUSSIAN DOMESTIC REFINED PRODUCTS ASSESSMENTS (Rb/mt)
FCA Privolzhsky Federal District, Basis Ufa FCA Central Federal District, Basis Moscow
market, while buying interest was stable, sources said. Diesel (PGA page 1430)
Separately, Vietnam’s Nghi Son refinery has begun trial Diesel AAUDO00 41,000 +150 AAUDT00 42,750 +250
runs with a view to produce first oil products in May and Gasoline (PGA page 1330)
petrochemicals in April, a senior official at the refinery Gasoline Premium Unleaded AAUDL00 40,300 +150 AAUDQ00 42,150 +250
Gasoline Regular Unleaded AAUDM00 39,200 +50 AAUDR00 41,100 0
said. NSRP was expected to produce first commercial oil Fuel oil (PGA page 1530)
products early May and paraxylene in the middle of April, Low sulfur fuel oil 1% AAUDP00 9,950 +50 AAUDU00 11,500 -100
Dinh Van Ngoc, deputy director of Nghi Son Refinery and Fuel oil 3.5% M-100 AAUNU00 9,550 +50 AAUNV00 11,100 -100
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 8
EUROPEAN MARKETSCAN MARCH 1, 2018
March 20 delivery, TQC:-Indic 1, Optol plus $0.00; 5) TRAFI Singapore (PGA page 2002)
Bid CIF NWE Naphtha Cargo min 28,000mt, at $549/mt FOB Singpore ($/barrel)
Naphtha PAAAP00 61.58–61.62 61.600 -0.930
for March 19 to March 23 delivery, TQC:- Optol plus $1.50; Gasoline 92 unleaded PGAEY00 73.63–73.67 73.650 -1.360
6) BP Bid CIF NWE Naphtha Cargo 12,500mt +/- 10%, at Gasoline 95 unleaded PGAEZ00 76.24–76.28 76.260 -1.240
Gasoline 97 unleaded PGAMS00 77.29–77.33 77.310 -1.180
$550/mt for March 20 to March 24 delivery, TQC:-. Kerosene PJABF00 80.13–80.17 80.150 -1.690
OFFERS: 1) STASCO Offer CIF NWE Naphtha Cargo Gasoil 0.05% sulfur AAFEX00 75.86–75.90 75.880 -1.940
12,500mt +/- 10%, at $555/mt for March 19 to March 23 Gasoil 0.25% sulfur AACUE00 75.00–75.04 75.020 -1.950
Gasoil POABC00 76.39–76.43 76.410 -2.020
delivery, TQC:- Indic 1; 2) GUNVOR Offer CIF NWE Naphtha Fuel oil 180 CST 2% ($/mt) PUAXS00 370.52–370.56 370.540 -7.210
Cargo 12,500mt +/- 10%, at $557/mt for March 22 to HSFO 180 CST ($/mt) PUADV00 362.37–362.41 362.390 -7.050
March 26 delivery, TQC:-; 3) SKEE Offer CIF NWE Naphtha HSFO 380 CST ($/mt) PPXDK00 354.69–354.73 354.710 -7.100
Cargo 12,500mt +/- 10%, at $556/mt for March 22 to Indonesia (PGA page 2516)
FOB Indonesia ($/barrel)
March 26 delivery, TQC:-.
LSWR Mixed/Cracked PPAPU00 60.18–60.22 60.200 -1.060
Gasoline components (PBF page 2010)
Naphtha Cargo exclusions: (PGA page 1387) No market data FOB Singapore ($/mt)
was excluded from the March 1 assessment process. MTBE PHALF00 692.00–694.00 693.000 -12.000
Singapore Swaps (PPA page 2654)
Jet
Naphtha Japan ($/mt)
April ($/barrel)
AAXFE00 558.75–559.25 559.000 -14.000
May ($/barrel)
AAXFF00 554.75–555.25 555.000
-14.750
Naphtha PAAAQ00 60.48–60.52 60.500 -1.650 PAAAR00 60.03–60.07 60.050 -1.750
Market analysis: (PGA page 1497) Jet fuel in Northwest Gasoline 92 unleaded AAXEL00 73.88–73.92 73.900 -1.140 AAXEM00 73.90–73.94 73.920 -1.380
Europe firmed Friday, led by a jump in paper jet markets Reforming Spread AAXEO00 13.38/13.42 13.400 +0.510 AAXEP00 13.85/13.89 13.870 +0.370
Kerosene PJABS00 77.05–77.09 77.070 -3.000 PJABT00 76.50–76.54 76.520 -2.390
in Singapore. The March Singapore regrade swap rose 36
Gasoil POAFC00 76.27–76.31 76.290 -2.050 POAFG00 76.14–76.18 76.160 -2.070
cents/b to $2.09/mt during the Singapore window. This HSFO 180 CST ($/mt) PUAXZ00 361.23–361.27 361.250 -7.750 PUAYF00 360.48–360.52 360.500 -7.650
came despite a fall in physical Asian jet fuel prices which Middle East (PGA page 2004)
have been supporting European prices as the regions FOB Arab Gulf ($/barrel)
compete for arbitrage barrels from the Persian Gulf. This Naphtha ($/mt) PAAAA00 537.44–540.94 539.190 -11.850
Naphtha LR2 ($/mt) AAIDA00 538.54–542.04 540.290 -13.270
increase in Asian paper also pulled up European paper, Kerosene PJAAA00 78.39–78.43 78.410 -1.700
where the now balance-month March swap jumped Gasoil 10 ppm AAIDT00 74.55–74.59 74.57 -2.030
$5.25/mt to $69.50/mt. However, physical trading activity Gasoil 0.005% sulfur AASGJ00 74.45–74.49 74.470 -2.030
Gasoil 0.05% sulfur AAFEZ00 74.15–74.19 74.170 -2.030
on jet cargoes was on the quiet side in Europe, according Gasoil 0.25% sulfur AACUA00 73.20–73.24 73.220 -2.030
to sources. Large volumes of diesel and gasoline being Gasoil POAAT00 74.55–74.59 74.570 -2.030
HSFO 180 CST ($/mt) PUABE00 353.71–353.75 353.730 -6.780
delivered on to barges in the Amsterdam-Rotterdam-
Japan (PGA page 2006)
Antwerp region were causing loading delays of up to 15
C+F Japan ($/mt) Premium/Discount
days for gasoline barges, according to traders. This Naphtha PAAAD00 561.75–565.25 563.500 -11.750
pushed barge freight for clean products in Rotterdam to Naphtha MOPJ Strip AAXFH00 554.75–555.25 555.000 -13.130 AAXFI00 8.25/8.75 8.500
+1.370
three-month highs while Flushing and Ghent freight rates Naphtha 2nd 1/2 Apr PAAAE00 567.25–567.75 567.500 -10.250
Naphtha 1st 1/2 May PAAAF00 564.75–565.25 565.000 -11.000
reached six-month highs. In fixtures, the STI Exceed was Naphtha 2nd 1/2 May PAAAG00 561.75–562.25 562.000 -12.500
heard fixed to carry 65,000 mt jet from Sikka in India to Gasoline unleaded ($/barrel) PGACW00 75.36–75.40 75.380 -1.340
the UK Continent region. Kerosene ($/barrel) PJAAN00 79.95–79.99 79.970 -1.590
Gasoil ($/barrel) POABF00 77.32–77.36 77.340 -1.960
(continued on page 11) HSFO 180 CST PUACJ00 370.69–370.73 370.710 -7.260
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 9
EUROPEAN MARKETSCAN MARCH 1, 2018
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 10
EUROPEAN MARKETSCAN MARCH 1, 2018
Jet FOB Rdam Barge assessment rationale: (PGA page 1489) declare a 5 day window at the time of the trade Main lading) with possible exception of electrical conductivity
FOB Rotterdam jet fuel barges were assessed using volume: 27kt pricing Full EFP Apr 18 Optol: 0-6kt pricing 5 (Stadis to be provided on board in drums), ISPS
Wednesday’s relationship between the CIF NWE cargo quotes after COD (COD = 0) at CCM + 0$/mt Terminal/ compliant CP: Full NWE charter party options at charter
assessment and FOB Rotterdam barge assessment. The jetty: Rotterdam Spec: Jet A1 DEFSTAN 91-091, meeting party rate, terms and conditions Vessel: BP/Shell/Totsa,
relationship was assessed Thursday at minus 50 cents/mt. JFSCL latest issue (current at bill of lading) with possible 100% of main volume at Jet CIF NWE Crg Any Day See
The above commentary applies to the market data code: PJABA00 exception of electrical conductivity (Stadis to be provided TQC $-2.00 “ “BP Bid Platts NWE Jet Crg - CIF Basis
on board in drums), ISPS compliant CP: Full NWE charter Rotterdam - 10-25, Main: 27 kt, 16/3 - 20/3, Indication
Jet CIF NWE Cargo assessment rationale: (PGA page 1492) party options at charter party rate, terms and conditions number: 1 oco 2 Laycan: seller to declare a 5 day window
CIF Northwest European jet fuel cargoes were assessed on Vessel: BP/Shell/Totsa, 100% of main volume at EFP ICE at the time of the trade Main volume 27kt pricing Full
the following information: Value on February 23 was LS GO Month Apr $67.25 “ “Unipec Singapore Pte Ltd. Bid EFP Mar 18 Optol: 0-6kt pricing 5 quotes after COD (COD
assessed above an outstanding competitive bid with a Platts NWE Jet Crg - CIF Basis Rotterdam - 10-25, Main: = 0) at CCM + 0$/mt Terminal/jetty: Rotterdam Spec: Jet
laycan of March 15 to March 25. A backwardated structure 27 kt, 15/3 - 25/3 (wide laycan), Indication number 1, oco 2 A1 DEFSTAN 91-091, meeting JFSCL latest issue (current
of 31 cents/day was applied across the curve, as implied by Laycan: seller to declare a 5 day window at the time of at bill of lading) with possible exception of electrical
the forward swaps curve. the trade Main volume: 27kt pricing CCM during 16-23 conductivity (Stadis to be provided on board in drums),
The above commentary applies to the market data code: PJAAU00 March, prem as per latest indication Optol: 0-6kt pricing 5 ISPS compliant CP: Full NWE charter party options at
quotes after COD (COD = 0) at CCM + 0$/mt Terminal/ charter party rate, terms and conditions Vessel: BP/
Jet FOB Med Cargo assessment rationale: (PGA page 1492) jetty: Rotterdam Spec: Jet A1 DEFSTAN 91-091, meeting Shell/Totsa, 100% of main volume at EFP ICE LS GO
The FOB Mediterranean jet cargo assessment was derived JFSCL latest issue (current at bill of lading) with possible Month Mar $67.00 “ “Shell Bid Platts NWE Jet Crg - CIF
as a freight netback to the CIF Northwest Europe jet cargo exception of electrical conductivity (Stadis to be provided Basis Le Havre CIM Terminal - 10-25, Main: 27 kt, 15/3 -
assessment, using the following calculation: CIF NWE jet on board in drums), ISPS compliant CP: Full NWE charter 19/3, Indication Number 2 OCO 1 Laycan- seller to narrow
cargo assessment minus the cost of transporting a 27,500 party options at charter party rate, terms and conditions at time of booking (if applicable) Main
mt clean cargo from Augusta, Italy, to Rotterdam, Vessel: BP/Shell/Totsa, 100% of main volume at Jet CIF ■■volume- 27kt pricing CCM-related average of 15 - 31
Netherlands. NWE Crg Any Day See TQC $2.00 “ “Shell Bid Platts NWE March 2018 (both included) Vol Tol - 0-6kt CCM-related as
The above commentary applies to the market data code: AAIDL00 Jet Crg - CIF Basis Rotterdam - 10-25, Main: 27 kt, 11/3 - per last indication, average of 3 quotes after COD (COD =
15/3, Indication Number 3 Laycan- seller to narrow at time day zero) Spec : Jet A1 Defstan 91-091 latest issue, JFSCLI
Jet Barge bids/offers/trades: (PGA page 1490) of booking (if applicable) Main volume- 27kt pricing full latest issue (current at bill of lading) with possible
■■JET: BARGE: MOC SUMMARY: One trade reported: JET: EFP-related Vol Tol - 0-6kt EFP-related as per last exception of electrical conductivity (stadis to be provided
BARGE: BP wants TOTSA offers 3kt FARAG 11/03-15/03 at indication Spec : Jet A1 Defstan on board in drums) Terminal- Le Havre CIM CP Options-
MAR+71. ■■91-091 latest issue, JFSCLI latest issue (current at bill of Full CP Options @ CP cost, terms and conditions Vessel-
■■JET: BARGE: MOC SUMMARY: OUTSTANDING INTEREST: lading) with possible exception of electrical conductivity Shell/BP/Total approvals , 100% of main volume at Jet CIF
None. (stadis to be provided on board in drums) Terminal- NWE Crg Any Day See TQC $0.00 “ “Shell Bid Platts NWE
Rotterdam CP Options- Full CP Options @ CP cost, terms Jet Crg - CIF Basis Le Havre CIM Terminal - 10-25, Main:
Jet Barge exclusions: (PGA page 1490) No market data was and conditions Vessel- Shell/BP/Total approvals, 100% of 27 kt, 15/3 - 19/3, Indication Number 1 OCO 2 Laycan-
excluded from the March 01 assessment process. main volume at EFP ICE LS GO Month Mar $69.00 “ “BP seller to narrow at time of booking (if applicable) Main
Bid Platts NWE Jet Crg - CIF Basis Rotterdam - 10-25, volume- 27kt pricing full EFP-related Vol Tol - 0-6kt EFP-
Jet Cargo bids/offers/trades: (PGA page 1493) Main: 27 kt, 16/3 - 20/3, Indication number: 2 oco 1 related as per last indication Spec : Jet A1 Defstan 91-091
■■JET FUEL: NWE CARGO DEAL SUMMARY: None. JET FUEL: Laycan: seller to declare a 5 day window at the time of latest issue, JFSCLI latest issue (current at bill of lading)
NWE CARGO OUSTANDING INTEREST: OFFERS: None. the trade Main volume 27kt pricing 10-16 March Optol: with possible exception of electrical conductivity (stadis
BIDS: “Unipec Singapore Pte Ltd. Bid Platts NWE Jet Crg - 0-6kt pricing 5 quotes after COD (COD = 0) at CCM + 0$/ to be provided on board in drums) Terminal- Le Havre CIM
CIF Basis Rotterdam - 10-25, Main: 27 kt, 15/3 - 25/3 (wide mt Terminal/jetty: Rotterdam Spec: Jet A1 DEFSTAN CP Options- Full CP Options @ CP cost, terms and
laycan), Indication number 2 oco 1 Laycan: seller to 91-091, meeting JFSCL latest issue (current at bill of conditions Vessel- Shell/BP/Total approvals , 100% of
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 11
EUROPEAN MARKETSCAN MARCH 1, 2018
main volume at EFP ICE LS GO Month Mar $65.00 “ “Totsa $12.75/mt discount versus front-month ICE low sulfur to the front-month ICE low sulfur gasoil futures contract,
Bid Platts NWE Jet Crg - CIF Basis Rotterdam - 10-25, gasoil futures Thursday, up 75 cents/mt on the day. 25 cents/mt above a competitive bid live at the close. A
Main: 27 kt, 12/3 - 16/3, Indication number : 2 Laycan : European gasoil markets were being affected by several flat structure was applied across the rest of the
seller to declare a 5 day window at the time of the trade logistical issues at two ports and loading terminals. Gasoil assessment curve.
Main volume pricing : 27kt pxg 16-31 March Optol : 0-6 kt barge loadings in ARA are at present delayed by around The above commentary applies to the market data code: AAUQC00
(pricing basis 3 quotes after COD with COD =0) at CCM three or four days, according to sources. Similarly, after
flat $/t Spec : Jet A1 Defstan 91-091 latest issue, JFSCLI the port of Novorossiisk experienced delays at its IPP Gasoil 0.1%S FOB NWE Cargo assessment rationale: (PGA
latest issue (current at bill of lading) with possible terminal over the last few weeks, bunker operations at page 1443) The FOB Northwest Europe 0.1% gasoil cargo
exception of electrical conductivity (stadis to be provided several terminals at the Black Sea port are currently assessment was derived as a freight netback from the CIF
on board in drums) CP : full NWE C/P Options at CP rate, closed due to bad weather, likely delaying fixtures that NWE 0.1% gasoil cargo assessment, using the following
terms and conditions Vessel : TOTAL/BP/SHELL approved, supply gasoil into the Mediterranean. Several vessels -- assessments: CIF NWE 0.1% gasoil cargo assessment
ISPS compliant , 100% of main volume at Jet CIF NWE Crg Hafnia Adamello, Voge Dignity and Agios Nikolaos -- are minus the cost of transporting a 22,000 mt clean cargo
Half Mnth H2 Mar $-1.00 “ “Totsa scheduled to load out of the Black Sea in the next few from a basket of ports in the Baltic and Northwest Europe
■■Bid Platts NWE Jet Crg - CIF Basis Le Havre CIM Terminal days, but could be held up by this bunkering suspension. to Le Havre, France.
- 10-25, Main: 27 kt, 16/3 - 26/3 (wide laycan), Indication Meanwhile, Libyan Oil Supply DMCC bought seven 30,000 The above commentary applies to the market data code: AAYWR00
number : 1 Laycan : seller to declare a 5 day window at mt cargoes, awarding their March tender to four
the time of the trade Main volume pricing : 27kt pxg 16-31 companies trading in the Mediterranean. Libya typically Gasoil 0.1%S CIF NWE Cargo assessment rationale: (PGA
March Optol : 0-6 kt (pricing basis 3 quotes after COD takes between three and five cargoes a month, making page 1443) The CIF Northwest Europe 0.1% gasoil cargo
with COD =0) at CCM flat $/t Spec : Jet A1 Defstan 91-091 this tender more than usual. The higher volumes headed assessment was based on the relationship between the
latest issue, JFSCLI latest issue (current at bill of lading) into the North African country could further tighten physical and swaps markets in the absence of competitive
with possible exception of electrical conductivity (stadis availability of cargoes in the Mediterranean. The Libyan indications seen previously in the Platts Market on Close
to be provided on board in drums) CP : full NWE C/P tender for April is expected to be issued in the coming two assessment process.
Options at CP rate, terms and conditions Vessel : TOTAL/ weeks and will show if the country’s import volumes The above commentary applies to the market data code: AAYWS00
BP/SHELL approved, ISPS compliant , 100% of main remain at this level.
volume at Jet CIF NWE Crg Half Mnth H2 Mar $-1.00 “ Gasoil 0.1%S FOB Med Cargo assessment rationale: (PGA
Gasoil .1%S (1000ppm) FOB ARA Barge assessment page 1392) The FOB Mediterranean 0.1% gasoil cargo
Jet Cargo exclusions: (PGA page 1493) No market data was rationale: (PGA page 1427) The FOB ARA 0.1% gasoil barges assessment was derived as a freight netback from the CIF
excluded from the March 01 assessment process. assessment was made in line with the following inputs from Mediterranean 0.1% gasoil cargo assessment, using the
the Platts Market on Close assessment process: March 14 following assessments: CIF Mediterranean 0.1% gasoil
JET INDEX (PGA page 115) was assessed at a $12.75/mt discount to the front-month cargo assessment minus the cost of transporting a 30,000
February 28, 2018 Index $/mt
ICE low sulfur gasoil futures contract, 25 cents/mt above a mt clean cargo from a basket of ports in the Mediterranean
Europe & CIS PJECI00 220.45 PJECI09 644.75
MidEast & Africa PJMEA00 238.98 PJMEA09 631.42 competitive bid live at the close. A contango structure of to Genoa, Italy, and Lavera, France.
Global PJGLO00 219.47 PJGLO09 633.08 around 2 cent/mt, as implied by the swaps structure, was The above commentary applies to the market data code: AAVJI00
applied across the assessment curve.
The above commentary applies to the market data code: AAYWT00 Gasoil .1%S (1000ppm) CIF Med Cargo assessment
Gasoil
rationale: (PGA page 1392) The CIF Mediterranean 0.1% gasoil
Market analysis: (PGA page 1499) Gasoil barge differentials Gasoil .005%S (50ppm) FOB ARA Barge assessment cargo assessment was based on the relationship between
in the Amsterdam-Rotterdam-Antwerp region rose rationale: (PGA page 1408) The FOB ARA 50 ppm gasoil the physical and swaps markets in the absence of
Thursday as the current cold spell on the continent barges assessment was made in line with the following competitive indications seen previously in the Platts Market
maintained buying interest for the heating fuel-grade. S&P inputs from the Platts Market on Close assessment on Close assessment process.
Global Platts assessed 0.1% gasoil FOB ARA barges at a process: March 8 was assessed at a $2.25/mt discount The above commentary applies to the market data code: AAVJJ00
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 12
EUROPEAN MARKETSCAN MARCH 1, 2018
Gasoil 0.1% Barge bids/offers/trades: (PGA page 1428) .840 min density CP: euromed neobig (excl yugo/former ULSD 10ppmS FOB ARA Barge assessment rationale: (PGA
■■~~Platts Gasoil 0.1 Brg: MOC summary: 0 trades reported: yugo/albania/syria but including croatia/ page 1478) The FOB ARA ultra low sulfur diesel barge
■■GASOIL 0.1% BARGE OUTSTANDING INTEREST: OFFERS: slovania)+Tunisia+Egypt Med+Algeria, other cp options assessment was derived using the following inputs
None. available/obtainable at cost Vessel: Shell/BP/Litasco, 100% expressed as a differential to the front-month ICE low sulfur
■■GASOIL 0.1% BARGE OUTSTANDING INTEREST: BIDS: of main volume at EFP ICE LS GO Month Mar $-3.50 “ gasoil futures contract: The front-end laycan was assessed
■■Platts Gasoil 0.1 Brg 1-3kt ICE LSGO M1 ARA BE Trafigura at a discount of $1.25/mt, 25 cents/mt above a competitive
Bid $-13.00 for 3; Gasoil Mediterranean exclusions: (PGA page 1393) No market bid live at the close. The midwindow laycan was assessed
data was excluded from the March 01 assessment process. at a discount of $1.50/mt, at the same level as traded
Gasoil 0.1% Barge exclusions: (PGA page 1428) No market competitive offers at the close. The back-end laycan was
data was excluded from the Mar 01 assessment process. assessed at a discount of $1.25/mt, 25 cents/mt above a
Diesel
competitive bid live at the close. A contango structure of
Gasoil Barge 50ppm bids/offers/trades: (PGA page 1409) Market analysis: (PGA page 1498) Fundamentals in the around eight cents/day, was applied to all dates after the
■■~~Platts Gasoil 50ppm Brg: MOC summary: 0 trades European diesel market saw little change Thursday, with the midpoint of the midwindow laycan. A backwardated
reported: north generally well supplied while the Mediterranean has structure of around 8 cents/day was applied to all other
■■GASOIL 50PPM BARGE OUTSTANDING INTEREST: OFFERS: been strong and stable for the past few weeks. The dates on the assessment curve.
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA MW Primorsk March program was released, totaling 1.4 million The above commentary applies to the market data code: AAJUS00
Glencore Offer $-1.50 for 3; mt and meaning the trend of bumper exports out of the
■■GASOIL 50PPM BARGE OUTSTANDING INTEREST: BIDS: region continued unabated. While there was the prospect ULSD 10ppmS CIF NWE Basis UK Cargo assessment
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA FE Totsa the April program may be affected by maintenance at some rationale: (PGA page 1467) The CIF UK diesel cargo
Bid $-2.50 for 3; Russian refineries, that may not make too much difference. assessment was derived as a freight net forward from the
■■Platts Gasoil 50ppm Brg 1-3kt ICE LSGO M1 ARA FE Shell While CIF demand was said to be steady, according to one CIF Northwest Europe (ARA) diesel cargo assessment,
Bid $-3.00 for 3; source, the ARA bare market was perhaps the more using the following assessments: CIF NWE (ARA) diesel
turbulent aspect of the Northwest European market. The cargo assessment plus the cost of transporting a 30,000
Gasoil Barge 50ppm exclusions: (PGA page 1409) No market market strengthened Thursday despite a generally mt clean cargo from a basket of ports in the Baltic to a
data was excluded from the Mar 01 assessment process. weakening structure at the prompt on ICE low sulfur gasoil basket of UK ports.
futures. That was replicated in the April/May spread which The above commentary applies to the market data code: AAVBH00
Gasoil NWE Cargo bids/offers/trades: (PGA page 1444) went into contango early in the morning after being
■■GASOIL: NWE CARGO DEAL SUMMARY: None. GASOIL: backwardation Wednesday as flat prices took a general ULSD 10ppmS CIF NWE Basis Le Havre Cargo assessment
NWE CARGO OUSTANDING INTEREST: OFFERS: None. tumble. Demand was said to have improved on the whole rationale: (PGA page 1467) The CIF Northwest Europe (Le
BIDS: None. but delays in loadings in Amsterdam-Rotterdam-Antwerp Havre) diesel cargo assessment was derived as a freight
were proving troublesome. Others, however, were seeing net forward from the CIF NWE (ARA) diesel cargo
Gasoil NWE Cargo exclusions: (PGA page 1444) No market the market was fundamentally oversupplied with tanks assessment, using the following assessments: CIF NWE
data was excluded from the March 01 assessment process. being supplied from eastern cargoes which were somewhat (ARA) diesel cargo assessment plus the cost of
heavy for February. While the mainstream press was abuzz transporting a 30,000 mt clean cargo from a basket of
Gasoil Mediterranean bids/offers/trades: (PGA page 1393) with news that Rome will seek to ban diesel cars in 2024 and ports in the Baltic to Le Havre, France.
■■GASOIL: MED CARGO DEAL SUMMARY: None. GASOIL: MED German cities now have the possibility of doing so legally, The above commentary applies to the market data code: AAWZC00
CARGO OUSTANDING INTEREST: OFFERS None. BIDS diesel demand in 2017 rose, for the most part, in Europe.
“Sahara Bid Platts Med 0.1% Gasoil Crg - CIF Basis Even January, a weak month for all in the market, saw signs ULSD 10ppmS CIF NWE Cargo assessment rationale: (PGA
Alexandria - 10-25, Main: 25 kt, 15/3 - 19/3, ndication that the fuel may still be in rude health despite the page 1467) The CIF Northwest Europe (ARA) ultra low sulfur
Number: 1 Main volume pricing: EFP Optol: 0-5kt pricing headlines. Diesel for auto use rose 6.1% month on month in diesel cargo assessment was based on the following inputs
and diff as per main Spec: spanish Winter spec B&C and Spain to 1.837 million mt, according to data from CORES. expressed as a differential to the front-month ICE low sulfur
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 13
EUROPEAN MARKETSCAN MARCH 1, 2018
The above commentary applies to the market data code: AAVBG00 ■■BE: LITASCO no longer bids 2kt 332/mt
■■FE: LITASCO* sold to VITOL 2kt 336/mt 16:25:49
page 1456) The CIF Med cargo diesel market was based on ■■FE: TRAFI sold to MERCURIASA* 2kt 336.25/mt 16:29:59 ■■FE: TRAFI offers 2kt 336.75/mt
■■FE: TRAFI sold to PENINSULA* 2kt 336.25/mt 16:30:05 ■■FE: STR offers 2kt 337/mt
the last tested relationship between the physical and swaps ■■FE: BPBV offers 2kt 337/mt
■■MW: LITASCO* sold to VITOL 2kt 336/mt 16:25:19
market. That represented a differential of 5 cents/mt. ■■FE: STR offers 2kt 337/mt
■■MW: LITASCO* sold to VITOL 2kt 336/mt 16:25:25
The above commentary applies to the market data code: AAWYZ00 ■■MW: LITASCO* sold to VITOL 2kt 336/mt 16:26:14 ■■FE: VITOL offers 2kt 338/mt
■■MW: STR* sold to PENINSULA 2kt 336.50/mt 16:27:27 ■■MW: BPBV offers 2kt 337/mt
Diesel Barge bids/offers/trades: (PGA page 1479) ■■MW: LITASCO* sold to VITOL 2kt 336.50/mt 16:27:29 ■■MW: STR offers 2kt 337/mt
■■BE: LITASCO* sold to KOCHSARL 2kt 336/mt 16:25:28 ■■MW: STR offers 2kt 337.50/mt
Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Intermediate FE
■■BE: GUNVORSA* sold to VITOL 2kt 336.50/mt 16:25:29 ■■MW: GUNVORSA offers 2kt 338/mt
done $-1.25 for 1.5 Glencore*Shell; Platts ULSD Brg 1-3kt ■■MW: VITOL offers 2kt 338/mt
■■BE: LITASCO* sold to MERCURIASA 2kt 336/mt 16:25:37
ICE LSGO M1 ARA Intermediate FE done $-1.50 for 1.5 ■■BE: MERCURIASA offers 2kt 337/mt
* Denotes market maker. All times GMT
Litasco*Shell; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA ■■BE: BPBV offers 2kt 337/mt
Intermediate MW done $-1.50 for 2 Glencore*Vitol; Platts HSFO barge bids (PGA page 1595) ■■BE: STR offers 2kt 337/mt
ULSD Brg 1-3kt ICE LSGO M1 ARA Intermediate FE done ■■FE: VITOL bids 2kt 335.50/mt ■■BE: TRAFI offers 2kt 337.50/mt
Glencore*Hartree; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA ■■BE: MERCURIASA bids 2kt 335.50/mt ■■FE: LITASCO no longer offers 2kt 336/mt
■■BE: VITOL bids 2kt 335/mt ■■FE: LITASCO no longer offers 2kt 336.75/mt
ULSD Brg 1-3kt ICE LSGO M1 ARA Intermediate FE done
■■BE: BPBV bids 2kt 332/mt ■■FE: TOTSA no longer offers 2kt 337/mt
$-1.25 for 1.5 Van Raak Distributie N.V.*Shell; Platts ULSD
■■BE: GUNVORSA bids 2kt 331.25/mt ■■FE: LITASCO no longer offers 2kt 337/mt
Brg 1-3kt ICE LSGO M1 ARA Intermediate FE done $-1.25 ■■FE: TOTSA no longer offers 2kt 337/mt
Withdrawals
for 1.78 Van Raak Distributie N.V.*Vitol; Platts ULSD Brg ■■FE: VITOL no longer offers 2kt 337.50/mt
■■FE: MERCURIASA no longer bids 2kt 336.25/mt
1-3kt ICE LSGO M1 ARA Intermediate FE done $-1.50 for ■■FE: PENINSULA no longer bids 2kt 336.25/mt ■■FE: GUNVORSA no longer offers 2kt 338/mt
2.5 Litasco*CCMA; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA ■■FE: AEGEAN no longer bids 2kt 336/mt ■■FE: LITASCO no longer offers 2kt 338/mt
Intermediate FE done $-1.50 for 2.3 Glencore*Vitol; Platts ■■FE: LITASCO no longer bids 2kt 333/mt ■■MW: LITASCO no longer offers 2kt 336/mt
■■FE: VMFBV no longer bids 2kt 330/mt ■■MW: LITASCO no longer offers 2kt 336/mt
$-1.50 for 1.5 Glencore*Shell; Platts ULSD Brg 1-3kt ICE
■■MW: PENINSULA no longer bids 2kt 335.25/mt ■■MW: STR no longer offers 2kt 336.50/mt
LSGO M1 ARA Intermediate FE done $-1.75 for 1.8 ■■MW: LITASCO no longer offers 2kt 336.50/mt
■■MW: LITASCO no longer bids 2kt 333/mt
Litasco*Hartree; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 14
EUROPEAN MARKETSCAN MARCH 1, 2018
Intermediate MW Chevron B.V. Offer $0.00 for 3; Platts ■■BE: LITASCO no longer offers 2kt 336.75/mt LSFO barge offers (PGA page 1594)
ULSD Brg 1-3kt ICE LSGO M1 ARA Intermediate FE ■■BE: TOTSA no longer offers 2kt 337/mt
■■No offers reported
■■BE: GUNVORSA no longer offers 2kt 337/mt
Chevron B.V. Offer $0.00 for 3; Platts ULSD Brg 1-3kt
■■BE: TOTSA no longer offers 2kt 337/mt
Withdrawals
ICE LSGO M1 ARA Intermediate BE Mabanaft Offer $0.00 ■■No offers reported
■■BE: LITASCO no longer offers 2kt 337.25/mt
for 3; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA
Intermediate MW Mabanaft Offer $-0.50 for 3; Platts
ULSD Brg 1-3kt ICE LSGO M1 ARA Intermediate FE Diesel NWE Cargo bids/offers/trades: (PGA page 1468) at ULSD CIFNWE Crg Any Day See TQC $-1.00 “ “Glencore
Mabanaft Offer $-1.00 for 3; Platts ULSD Brg 1-3kt ICE ■■ULSD: NWE CARGO DEAL SUMMARY: None. ULSD: NWE Offer Platts NWE ULSD Crg - CIF Basis Hamburg - 10-25,
LSGO M1 ARA Intermediate FE PetroIneos Offer $-1.00 CARGO OUSTANDING INTEREST: OFFERS: “Vitol Offer Main: 27 kt, 20/3 - 24/3, indication 1 Main Volume Pricing
for 3; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA Platts NWE ULSD Crg - CIF Basis Le Havre - 10-25, Main: 27kt 21-27 Mar Optol 0-6kt in s.o diff as per main pricing
Intermediate BE Litasco Offer $-0.50 for 3; Platts ULSD 27 kt, 11/3 - 17/3 (wide laycan), Indication 3 Buyer to COD +3 (COD =0) Spec: ULSD 10ppm meeting french
Brg 1-3kt ICE LSGO M1 ARA Intermediate BE Totsa Offer narrow Main Volume : 10-16 March Optol :Optol : 0-6 kt in winter spec (inc 0.842 max density) CP: Hamburg - Bdx,
$-0.50 for 3; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA s.o: efp , March +7.50 Spec: ULSD 10ppm meeting french ECUK, N Spain Vessel: scf anadyr GTC: BP 2015 , 100% of
Intermediate MW Totsa Offer $-0.75 for 3; Platts ULSD winter (inc 0.842 max density,) Cp : Hamburg, Bdx, ECUK main volume at ULSD CIFNWE Crg Any Day See TQC
Brg 1-3kt ICE LSGO M1 ARA Intermediate FE Totsa Offer + N Spain Vessel :p66/shell/BP GTC’s : Totsa latest , 100% $-0.50 “ “Vitol Offer Platts NWE ULSD Crg - CIF Basis Le
$-1.00 for 3;ULSD BARGE OUTSTANDING INTEREST: of main volume at ULSDCIFHavreCrg Any Day See TQC Havre - 10-25, Main: 27 kt, 14/3 - 26/3 (wide laycan),
BIDS: Platts ULSD Brg 1-3kt ICE LSGO M1 ARA $-3.00 “ “Glencore Offer Platts NWE ULSD Crg - CIF Basis Indication 2 Buyer to narrow Main Volume : 17-23 March
Intermediate FE Shell Bid $-1.50 for 3; Platts ULSD Brg Le Havre - 10-25, Main: 27 kt, 21/3 - 25/3, indication 3 Main Optol :Optol
1-3kt ICE LSGO M1 ARA Intermediate FE Hartree Bid Volume Pricing 27kt 21-27 Mar Optol 0-6kt in s.o diff as ■■: 0-6 kt in s.o: efp , April +6.00 Spec: ULSD 10ppm
$-1.75 for 3; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA per main pricing COD +3 (COD =0) Spec: ULSD 10ppm meeting french winter (inc 0.842 max density,) Cp :
Intermediate FE Vitol Bid $-1.75 for 3; Platts ULSD Brg meeting french winter spec (inc 0.842 max density) CP: Hamburg, Bdx, ECUK + N Spain Vessel :p66/shell/Totsa
1-3kt ICE LSGO M1 ARA Intermediate BE Shell Bid $-1.50 Hamburg - Bdx, ECUK, N Spain Vessel: BP/Exxon/Shell GTC’s : Totsa latest , 100% of main volume at
for 3; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA GTC: BP 2015 , 100% of main volume at ULSDCIFHavreCrg ULSDCIFHavreCrg Any Day See TQC $-1.00 “ “Vitol Offer
Intermediate MW Shell Bid $-1.75 for 3; Platts ULSD Brg Any Day See TQC $-0.50 “ “Glencore Offer Platts NWE Platts NWE ULSD Crg - CIF Basis Le Havre - 10-25, Main:
1-3kt ICE LSGO M1 ARA Intermediate BE Hartree Bid ULSD Crg - CIF Basis Hamburg - 10-25, Main: 27 kt, 22/3 - 27 kt, 11/3 - 19/3 (wide laycan), Indication 1 Buyer to
$-1.50 for 3; Platts ULSD Brg 1-3kt ICE LSGO M1 ARA 26/3, indication 2 Main Volume Pricing 27kt 19-23 Mar narrow Main Volume : 10-16 March Optol : 0-6 kt in s.o: efp
Intermediate MW Hartree Bid $-1.75 for 3; Optol 0-6kt in s.o diff as per main pricing COD +3 (COD , March +7.25 Spec: ULSD 10ppm meeting french winter
=0) Spec: ULSD 10ppm meeting french winter spec (inc (inc 0.842 max density,) Cp : Hamburg, Bdx, ECUK + N
Diesel Barge exclusions: (PGA page 1479) No market data 0.842 max density) CP: Hamburg - Bdx, ECUK, N Spain Spain Vessel :p66/shell/BP GTC’s : Totsa latest , 100% of
was excluded from the Mar 01 assessment process. Vessel: nave pulsar GTC: BP 2015 , 100% of main volume main volume at ULSDCIFHavreCrg Any Day See TQC
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 15
EUROPEAN MARKETSCAN MARCH 1, 2018
$-1.00 “ BIDS: “Gunvor Bid Platts NWE ULSD Crg - CIF FO 3.5%S FOB Rdam Barge assessment rationale: (PGA
Fuel Oil
Basis Amsterdam - 10-25, Main: 27 kt, 22/3 - 26/3, page 1592) The 3.5% FOB Rotterdam barges were assessed
indication 1 German winter 10ppm max density 0.842 Market analysis: (PGA page 1599) In the Mediterranean high on a last second competitive traded bid and traded bid in
clear and bright main volume Pricing 2-6 march inclusive sulfur fuel oil market buying interest has struggled to gain extension at the same level. The midwindow and back end
optol 0-6 kt price same as per last price traction during early 2018 and traders are not optimistic were assessed above competitive traded bids.
differential,pricing 5 quotes after cod (cod= day zero) BP/ about a change in the coming weeks. “The market is The above commentary applies to the market data code: PUABC00
totsa/lukoil approved hamburg/bordeaux + ukec + depressed. We have quite a lot of product around and
available + obtainable, 100% of main volume at ULSD buying interest is thin,” a trader said. Operations at the FO 3.5%S 500 CST FOB Rdam Barge assessment
CIFNWE Crg Any Day See TQC $-1.75 “ bunkering hub of Gibraltar have been suspended due to rationale: (PGA page 1592) FOB Rotterdam 500 CST high
rough weather, a spokesman for the port authority said sulfur fuel oil barges were assessed at unchanged at a
Diesel NWE Cargo exclusions: (PGA page 1468) No market Wednesday. “All operations are suspended due to severe differential of minus $5/mt to FOB Rotterdam high sulfur
data was excluded from the March 01 assessment process. weather which is expected to last until Friday,” the fuel oil barges.
spokesman said. This has caused some loading delays, The above commentary applies to the market data code: PUAGN00
Diesel Mediterranean bids/offers/trades: (PGA page 1457) bunker sources said. HSFO continues to shift to the east
■■ULSD: MED CARGO DEAL SUMMARY: None. ULSD: MED from the Mediterranean on the arbitrage, despite Fuel Oil Barge exclusions: (PGA page 1607) No data was
CARGO OUSTANDING INTEREST: OFFERS: None. BIDS: economics not being favorable sources said. This arbitrage excluded from the March 01 assessment process.
“Vitol Bid Platts Med ULSD Crg - CIF basis Iskenderun is likely to remain active in the coming weeks as traders
(PO Terminal) - 10-25, Main: 25 kt, 11/3 - 18/3 (wide expect the volumes of Russian M100 from the Black Sea FO 1%S CIF NWE Cargo assessment rationale: (PGA page
laycan), indication4 10ppm French Winter C&B main and the Baltic to continue moving into the Mediterranean 1588) The CIF Northwest European low sulfur fuel oil cargo
volume Pricing 12-18 MArch optol 0-5 kt price same as for blending. In fixture news New Trust, a Suezmax, is assessment was derived as a freight net-forward to the
per last price differential,pricing 5 quotes after cod currently loading fuel oil at Agioi Theodoroi in Greece to FOB Northwest European low sulfur fuel oil cargo
(cod= day zero) BP/totsa/shell approved euromed take east. In NWE Gener8 Hercules, a VLCC, was heard on assessment using the following input: the FOB Northwest
neobig + adriatic + turkey+som + others available / subjects to load fuel in Rotterdam and discharge in European low sulfur fuel oil cargo assessment plus the cost
obtainable at cost , 100% of main volume at ULSD Singapore March 20. Looking east the volumes arriving in of transporting a 30,000 mt fuel oil cargo from a basket of
CIFMed Crg Any Day See TQC $1.00 “ Singapore for February were heavy and March appears NWE ports to the assessment basis port of Antwerp.
similar following an active fixture list from Rotterdam and The above commentary applies to the market data code: PUAAL00
Diesel Mediterranean exclusions: (PGA page 1457) No market the Mediterranean to the East. At the Baltic ports of St.
data was excluded from the March 01 assessment process. Petersburg and Ust Luga, vessels without ice class will be FO 1%S FOB NWE Cargo assessment rationale: (PGA page
permitted to navigate with icebreaker assistance until 1588) In 1% FOB NWE cargoes, value was assessed using
March 6 or 7, but those who wish to navigate the region Wednesday’s physical/swaps differential.
Russian Diesel (PGA page 1495)
must operate an ice class vessel after March 7. The Port The above commentary applies to the market data code: PUAAM00
Winter diesel rebounded Thursday most likely as demand Authorities could not be reached for comment. In the low
was boosted by the prolonged cold spell. However it was sulfur fuel oil market product continued to be available for FO 1%S CIF Med Cargo assessment rationale: (PGA page
summer diesel that was recording more substantial loading in both NWE and the Mediterranean. The Fos 1580) 1% CIF Mediterranean cargoes were assessed below an
increases, although for the moment railcar volumes were Handysize cargo for February was heard by traders to be outstanding competitive midwindow offer, and 2 cents/mt
rare with predominantly pipeline volumes offered and unsold and open to the market. per day contango was applied to the remainder of the curve.
changing hands. According to data from the St. Petersburg The above commentary applies to the market data code: PUAAJ00
exchange, most oil majors have increased their diesel sales FO 1%S FOB Rdam Barge assessment rationale: (PGA page
in the first two months of the year compared with last year. 1592) 1% FOB Rotterdam barges were assessed at parity with FO 1%S FOB Med Cargo assessment rationale: (PGA page
With the exception of Gazprom Neft, however, jet sales 3.5% FOB Rotterdam barges in the absence of any indications. 1580) The FOB Mediterranean low sulfur fuel oil cargo
were down on the year. The above commentary applies to the market data code: PUAAP00 assessment was derived as a freight netback to the CIF
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 16
EUROPEAN MARKETSCAN MARCH 1, 2018
Mediterranean low sulfur fuel oil cargo assessment, using Fuel Oil NWE Cargo exclusions: (PGA page 1589) No market Med (Exc. Israel/Libya/Albania/yugo/former yugo and
the following assessments: the CIF Mediterranean low data was excluded from the March 01 cargo assessment TOC).
sulfur fuel oil cargo assessment minus the cost of process. ■■LSFO MED CARGO MOC: DEAL SUMMARY: None.
transporting a 30,000 mt fuel oil cargo between a basket of ■■LSFO MED CARGO MOC: OUTSTANDING INTEREST: BIDS:
Mediterranean ports. Fuel Oil Mediterranean bids/offers/trades: (PGA page 1581) None.
The above commentary applies to the market data code: PUAAK00 ■■HSFO MED CARGO MOC: DEAL SUMMARY: None. ■■LSFO MED CARGO MOC: OUTSTANDING INTEREST:
1580) 3.5% CIF Mediterranean cargoes were assessed above Mar 19-Mar 23 100% 3.5% CIF Med cargoes Any Day See 13-Mar 17 100% 1% FOB NWE cargoes BalMnth Next Day
a competitive back-end bid, and a 4 cents/mt a day TQC $-3.00 for 25000-25000 “Main Volume pricing 2-9 $10.00 for 27000-27000 “Optol: 0-6 kt: 3 quotes after
backwardation was applied to the remainder of the curve. March (25kt) Optol: 0-5kt pricing 3 quotes after COD at COD pricing same differential as main volume FULL
The other outstanding indications did not test value. same differential to main volume RMG380 as per ISO CARGO Spec: 1.00% sulf/0.991 dens/380cst visco /30c
The above commentary applies to the market data code: PUAAY00 8217:2010, 3.5pct Sulphur max, H2S 2ppm max in liquid, pour/65c flash/9650 NCV/30 alu+sil/150 vanadium/0.5
Vessel acceptable to Repsol / ENI / CEPSA CP: Full Med water/15 ccr/7 asph/0.10 TSP&TSE&TSA/0.10 ash/2 H2S.
FO 3.5%S FOB Med Cargo assessment rationale: (PGA page (Exc. Israel/Libya/Albania/yugo/former yugo and TOC). Oil to contain no ULO. EU Qualified. CP: Full med C/P
1580) The FOB Mediterranean high sulfur fuel oil cargo ■■2)Platts HSFO Med Crg CIF bss Malta 10-25, TRAFI bids options with normal exclusions
assessment was derived as a freight netback to the CIF Mar 22-Mar 26 100% 3.5% CIF Med cargoes Any Day See ■■yugo/former yugo/ Albania /TOC/Libia/Syria Vessel
Mediterranean high sulfur fuel oil cargo assessment, using TQC $-1.75 for 25000-25000 “Main Volume pricing 2-9 acceptable to:
the following assessments: CIF Mediterranean high sulfur fuel March (25kt) Optol: 0-5kt pricing 3 quotes after COD at ■■Shell, Cepsa, BP.
oil cargo assessment minus the cost of transporting a 30,000 same differential to main volume RMG380 as per ISO
mt fuel oil cargo between a basket of Mediterranean ports. 8217:2010, 3.5pct Sulphur max, H2S 2ppm max in liquid, Fuel Oil Mediterranean exclusions: (PGA page 1581)
The above commentary applies to the market data code: PUAAZ00 Vessel acceptable to Repsol / ENI / CEPSA CP: Full Med
(Exc. Israel/Libya/Albania/yugo/former yugo and TOC).
Russian Fuel Oil (PGA page 1596)
Fuel Oil Barge bids/offers/trades: (PGA page 1605) ■■HSFO MED CARGO MOC: OUTSTANDING INTEREST:
■■HSFO: RMK 500 CST BARGE MOC: OUTSTANDING OFFERS: The freezing temperatures in Russia did not appear to be
INTEREST: Bids: None. ■■1)Platts HSFO Med Crg CIF bss Ceuta 10-25, TRAFI offers boosting heating demand. Buying for power generation
■■HSFO: RMK 500 CST BARGE MOC: OUTSTANDING Mar 17-Mar 21 100% 3.5% CIF Med cargoes Any Day See was perceived to be at normal levels with export
INTEREST: Offers: None. TQC $2.25 for 25000-25000 “FULL CARGO Main Volume netbacks remaining the main driver of the market. The
■■HSFO: RMK 500 CST BARGE MOC: DEAL SUMMARY: None. pricing 17-31 Mar (25kt) Optol: 0-5kt pricing 3 quotes lower export netbacks due to international benchmarks
after COD at same differential to main volume RMG380 as well as a stronger ruble exchange rate had put
Fuel Oil NWE Cargo bids/offers/trades: (PGA page 1589) as per ISO 8217:2010, 3.5pct Sulphur max, H2S 2ppm pressure on prices at refineries recently. At some plants
■■LSFO NWE CARGO MOC: DEAL SUMMARY: None. max in liquid, Vessel acceptable to Repsol / ENI / CEPSA that drop was offset slightly by a quality premium.
■■LSFO NWE CARGO MOC: OUTSTANDING INTEREST: BIDS: CP: Full Med (Exc. Israel/Libya/Albania/yugo/former yugo Meanwhile all restrictions for railcar deliveries to ports
None. and TOC)”. were heard lifted, but inclement weather was causing
■■LSFO NWE CARGO MOC: OUTSTANDING INTEREST: ■■2)Platts HSFO Med Crg CIF bss Ceuta 10-25, TRAFI offers occasional disruptions. Bunkering operations at the
OFFERS: None. Mar 21-Mar 25 100% 3.5% CIF Med cargoes Any Day See Russian Black Sea port of Novorossiisk were halted due to
■■HSFO NWE CARGO MOC: DEAL SUMMARY: None. TQC $2.50 for 27000-27000 “FULL CARGO Main Volume strong winds and rough seas this week. According to
■■HSFO NWE CARGO MOC: OUTSTANDING INTEREST: BIDS: pricing 17-31 Mar (27kt) Optol: 0-6kt pricing 3 quotes after data from the St. Petersburg exchange, most oil majors
None. COD at same differential to main volume RMG380 as per had reduced their sales of fuel oil in January-February
■■HSFO NWE CARGO MOC: OUTSTANDING INTEREST: ISO 8217:2010, 3.5pct Sulphur max, H2S 2ppm max in compared with the year-ago period further underpinning
OFFERS: None. liquid, Vessel acceptable to Repsol / ENI / CEPSA CP: Full the trend of a gradual drop of fuel oil output.
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 17
EUROPEAN MARKETSCAN MARCH 1, 2018
10-15 and be followed by the DHT Condor for a further March 11-17. March 17-24 was assessed above an
VGO (PGA page 1597)
voyage east March 15-20. The VLCC Gener8 Hercules was outstanding bid in a flat structure. The flat structure was
In the European feedstocks market Thursday, value for later said to have been placed on subjects for a March extended until April 1. Troll was assessed in line with
delivered vacuum gasoil was proven significantly higher 20-25 voyage but reportedly failed Thursday. Sources then Wednesday in the absence of indications challenging
than levels reported earlier in the week, based on an talked of the VLCC Hakone for a Hound Point-East voyage Wednesday’s assessment. Forties was the most
aggressive HSVGO bid in the Platts Market on Close around March 14 with Total, prompting doubts as to competitive grade March 11-20. Brent was the most
assessment process by Litasco that was outstanding at whether the vessel would replace another fixture. A source competitive grade March 21-31. Ekofisk was the most
$3.50/b above ICE May Brent futures. In the Mediterranean, at Total was not available for comment. In the Platts Market competitive grade April 1.
three sources said a refiner was bidding for a cargo of on Close assessment process, bids continued to The above commentary applies to the market data code: PCAAS00
HSVGO at ICE Brent plus $3/b for mid-March delivery. outnumber offers. Mercuria and Totsa were seen bidding
Adding to the bullish price direction were heards for Forties barrels while Glencore was on the offer side with BFOE assessment rationale: (PGA page 1297) May Cash BFOE
suggesting the Mediterranean market was being valued at a barrels to lift on a ship-to-ship basis off the Aframax was assessed in line with three traded bids, in line with an
premium of about $1.50/b to Northwest Europe. Similarly, Paramount Helsinki. Additionally, Mercuria and Petroineos EFP heard during the day. June Cash BFOE was assessed in
low sulfur VGO was said to be valued $1.50/b above HSVGO showed interest for Ekofisk crude. In other news, April line with a May/June EFP roll heard during the day. July
cargoes. Looking at fundamentals, however, the price loadings of Brent Blend are scheduled at 100,000 b/d, up Cash BFOE was assessed in line with a June/July EFP roll
direction countered a predominantly bearish news feed. 22,581 b/d from March’s revised program, according to a heard during the day.
High inventories of distillates in Europe and lower Urals copy of the loading program seen by S&P Global Platts. The The above commentary applies to the market data codes:
differentials suggested that refinery demand for spot VGO April program was revised to a total of five cargoes, after PCAAQ00, PCAAR00, PCARR00
cargoes could slim. parcel B0304 was deferred from March 26-28 loading to
April 1-3. As a result, loadings are set to rise 600,000 CFD assessment rationale: (PGA page 1297) March 5-9 was
barrels in April to 3 million barrels. Along with parcel B0304, assessed in line with a March 5-9 to March 12-16 CFD roll
VGO DEALS (PGA page 5) parcels B0301, B0302 and B0303 were all deferred by one heard during the day. March 12-16 was assessed in line with
■■ No deals. or two days, Thursday. B0301 was now scheduled to load on a March 12-16 to March 19-23 CFD roll heard during the day.
March 10-12, B0302 on March 19-21 and B0303 on March March 19-23 was assessed in line with a March 19-23 to
25-27. Elsewhere, Forties parcel F0320 of Chevron equity March 26-30 CFD roll heard during the day. March 26-30
North Sea crude
was said to have been deferred to March 31 to April 2. was assessed in line with a March 19-23 to March 26-30
Market analysis: (PGA page 1299) The BFOE crude market CFD roll heard during the day. April 2-6 was assessed in line
was driven Thursday by the prospect of a wave of Forties Dated Brent assessment rationale: (PGA page 1297) Of the with a traded bid.
barrels migrating east this month. Forties value surged five BFOE grades, Forties and Ekofisk were seen in the The above commentary applies to the market data codes:
throughout the first half of the week before stabilizing Platts Market on Close assessment process Thursday. Brent PCAKA00, PCAKC00, PCAKE00, PCAKG00, AAGLU00, AAGLV00,
somewhat, and Brent followed a similar pattern, jumping Blend was assessed in line with Wednesday in the absence AALCZ00, AALDA00
over the course of the week. Market and shipping sources of indications challenging Wednesday’s assessment.
talked about four potential VLCCs scheduled to move Forties was assessed lower. March 11-19 was assessed North Sea bids/offers/trades: (PGA page 1290)
Forties east in March. The first VLCC -- the Seaking -- was below two outstanding offers in a flat structure. March 20 ■■~~NORTH SEA: MOC DEAL SUMMARY: None
scheduled to load this week. The Seaking was stationed was assessed as the average between an outstanding bid ■■~~NORTH SEA: MOC OUTSTANDING INTEREST:
outside the Forties loading terminal Thursday, according to and an outstanding offer which crossed. March 21, March 23 PETROINEOS bids Ekofisk Mar 15-Mar 25 Dtd $1.05;
data from Platts cFlow, trade flow software. The vessel had and March 24 were assessed above an outstanding bid. A MERCURIASA bids Ekofisk Mar 22-Mar 25 Dtd $0.95;
previously been linked to Gunvor and expected to sail to flat structure was applied March 21-April 1. Oseberg was GLENCOREUK offers Forties OCO Mar 17-Mar 21 Dtd $0.40
South Korea. Three other VLCC names were mentioned on assessed in line with Wednesday in the absence of STS Scapa Flow “The Vessel is the Paramount Helsinki “;
shipping lists this week, all linked with Total. Reports indications challenging Wednesday’s assessment. Ekofisk GLENCOREUK offers Forties OCO Mar 11-Mar 16 Dtd $0.40
showed the DHT Amazon could load Forties around March was assessed higher. A 1.5 cents/day contango was applied STS Scapa Flow “The Vessel is the Paramount Helsinki”;
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 18
EUROPEAN MARKETSCAN MARCH 1, 2018
MERCURIASA bids Forties Mar 19-Mar 25 Dtd $0.70; 63.76 x100 Castleton-Shell; May 63.77 x100 Gunvor- gasoline crack for sentiment in margins, the product
TOTSA bids Forties Mar 16-Mar 26 Dtd $0.65 Mercuria; May 63.77 x100 Socar-Total differential to Brent has been recovering after being
■■~~NORTH SEA: MOC WITHDRAWN: None assessed near a 1-1/2 year low, S&P Global Platts data
■■~~BFOE CFD: MOC OUTSTANDING INTEREST: Mar 5-9 North Sea exclusions: (PGA page 1290) ~~NORTH SEA: showed. The gasoline crack, however, remained the
(May): Mercuria bids 0.00; DV Trading bids -0.15; DV Trading EXCLUSION: MERCURIASA bids Brent Blend Mar 24-Mar 26 weakest performer out of the middle distillate group.
offers 0.15; Mandara offers 0.20; Mar 12-16 (May): Mercuria Dtd $0.50
bids -0.30; Gunvor bids -0.32; Petraco bids -0.32; Statoil Straight Run 0.5-0.7%S FOB NWE cargo assessment
bids -0.33; Petrobras bids -0.33; Chinaoil bids -0.37; DV rationale: (PGA page 1584) The FOB Northwest European low
LSSR
Trading offers -0.25; Mandara offers -0.20; Mar 19-23 sulfur straight run cargo assessment was based on the
(May): Statoil bids -0.29; Mercuria bids -0.30; Petrobras Market analysis: (PGA page 1598) In the European low sulfur following inputs: The LSSR FOB NWE differential was
bids -0.30; Chinaoil bids -0.33; Petraco bids -0.35; DV straight run market, differentials were coming under assessed at a $2.70/b discount to ICE May Brent crude
Trading offers -0.20; Stasco offers -0.20; Mar 26-30 (May): pressure after a trade was reported for a 30,000 mt cargo futures. The outright LSSR price was derived using the
Gunvor bids -0.28; Mercuria bids -0.28; Petrobras bids FOB Antwerp of non-fluid catalytic cracking quality LSSR dollars per barrel to metric ton conversion factor of 6.77 for
-0.30; DV Trading offers -0.20; Stasco offers -0.20 around a discount of $3.00-$3.50/b to May ICE Brent LSSR. No bids or offers were reported in the Platts Market
■■~~BFOE CFD: MOC DEAL SUMMARY: Apr2-Apr6 Jun +0.05 futures. Since the start of the year, light sweet crude on Close assessment process.
x100 Mandara-Mercuria; Mar19-Mar23 May-0.24 x100 margins, from a refinery perspective, were more attractive The above commentary applies to the market data code: PKABA00
Mandara-Gunvor; Apr2-Apr6 Jun +0 x100 DV Trading-Gunvor than sour ones. That led to a greater supply of low sulfur
■■~~CASH BFOE: MOC OUTSTANDING INTEREST: None vacuum gasoil and low sulfur straight run in the market, LSSR Cargo bids/offers/trades: (PGA page 1585)
■■~~CASH BFOE: MOC DEAL SUMMARY: May 63.76 x100 forcing sellers of low sulfur oil feedstocks to revise their ■■LSSR CARGO MOC: DEAL SUMMARY: No deals.
Glencore-Shell; May 63.72 x100 Glencore-Mercuria; May offers lower. Refiners have already been seen switching ■■LSSR CARGO MOC: OUTSTANDING INTEREST: None.
63.76 x100 Glencore-Shell; ; May 63.76 x100 Glencore- their slate in favor of sour crude amid changed crude
Shell; May 63.76 x100 Glencore-Total; May 63.76 x100 margins. Running sour crudes could create more demand LSSR Cargo exclusions: (PGA page 1585) No market data was
Socar-Shell; May 63.77 x100 Glencore-Petroineos; May for low sulfur feedstocks. Looking at the FOB Rotterdam excluded from the March 1st assessment process.
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 19
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