[OIL ]

ASIA-PACIFIC/ARAB GULF MARKETSCAN

www.platts.com

Volume 34 / Issue 165 / September 1, 2015

Asia products

Code Mid
Change Code Mid
Change

Code Mid
Change

Singapore

(PGA page 2002)

FOB Singapore ($/barrel) MOPS strip

NEW

Premium/Discount

Naphtha
PAAAP00 47.7447.78 47.760 +2.610
AAPKA00 47.5947.63 47.610 +2.660
Spot naphtha
AAOVE00 47.6447.68 47.660 +2.660
PAADC00 0.00/0.10 0.050
0.000
Gasoline 97 unleaded
PGAMS00 69.4369.47 69.450 +3.340
AAPKE00* 21.82/21.86 21.840
+0.680
Gasoline 95 unleaded
PGAEZ00 66.7266.76 66.740 +3.360
AAPKF00* 19.11/19.15 19.130
+0.700
Gasoline 92 unleaded
PGAEY00 62.6162.65 62.630 +3.460
AAPKG00* 15.00/15.04 15.020
+0.800
Gasoline 92 unleaded
AAXEQ00 61.5461.58 61.560 +3.420 AAXER00 1.05/1.09 1.070
+0.040
CFR Naphtha
AAOVF00
48.110 NANA
AAOVG00
0.500 NANA
Kerosene
PJABF00 60.8060.84 60.820 +2.640
AAPJZ00 62.1662.20 62.180 +2.830
PJACU00 -1.38/-1.34 -1.360
-0.190
Gasoil 10 ppm
AAOVC00 64.4864.52 64.500 +3.100
AAOVD00** 2.35/2.39 2.370
-0.050
Gasoil 50 ppm
AAPPF00 63.9764.01 63.990 +3.100
AAPPH00** 1.84/1.88 1.860
-0.050
Gasoil 0.05% sulfur
AAFEX00 61.6361.67 61.650 +3.110
AAFFB00** -0.50/-0.46 -0.480 -0.040
Gasoil 0.25% sulfur
AACUE00 61.1661.20 61.180 +3.120
AACQI00** -0.97/-0.93 -0.950 -0.030
Gasoil POABC00 61.6361.67 61.650 +3.110 AAPJY00 62.1162.15 62.130 +3.150
POAIC00** -0.50/-0.46 -0.480 -0.040
FO 180 CST 2% ($/mt)
PUAXS00 267.33267.37 267.350 +18.510
HSFO 180 CST ($/mt) PUADV00 261.45261.49 261.470 +18.110
AAPJX00 266.82266.86 266.840 +19.310
AAGZF00 -5.39/-5.35 -5.370
-1.200
HSFO 380 CST ($/mt) PPXDK00 257.49257.53 257.510 +19.920
AAPJW00 262.04262.08 262.060 +19.280
PPXDL00 -4.57/-4.53 -4.550
+0.640
Ex-Wharf 180 CST ($/mt)
AAFET00 264.00265.00 264.500 +20.000
Ex-Wharf 380 CST ($/mt)
AAFER00 259.00260.00 259.500 +20.000
Ex-Wharf 500 CST ($/mt)
AAVUP00 254.00255.00 254.500 +22.000
*Differential to FOB Singapore naphtha. **Differential to FOB Singapore gasoil. The Gasoil Reg 0.5% assessment was renamed Gasoil on January 3, 2012. The renamed
Gasoil assessment continued to reflect the same underlying methodology and quality specifications, including a sulfur content of 0.5% sulfur, through calendar year 2012.
The specification changed to 500 ppm sulfur on January 2, 2013.

Middle East physical oil assessments

FOB Arab Gulf ($/barrel)
Premium/Discount
Naphtha ($/mt)
PAAAA00 417.96418.46 418.210 +24.035
AAPKH00 6.75/7.25
Naphtha LR2 ($/mt)
AAIDA00 419.61420.11 419.860 +24.025
Gasoline 95 unleaded
AAICY00 63.5463.58 63.560 +3.360
AAWUJ00 3.88/3.92
Gasoline 95 unleaded CFR
AAWUK00 5.26/5.30
Kerosene
PJAAA00 58.1758.21 58.190 +2.650
PJACV00 1.28/1.32
Kerosene LR2
AAKNZ00 58.1758.21 58.190 +2.650
Gasoil 10 ppm
AAIDT00 60.2960.33 60.310 +3.120
AAIDU00* 2.83/2.87
Gasoil 0.005% sulfur
AASGJ00 60.2460.28 60.260 +3.120
AASGK00* 2.78/2.82
Gasoil 0.05% sulfur
AAFEZ00 58.8458.88 58.860 +3.120
AAFFD00* 1.38/1.42
Gasoil 0.25% sulfur
AACUA00 57.8457.88 57.860 +3.120
AACUC00* 0.38/0.42
Gasoil
POAAT00 58.8458.88 58.860 +3.120
POAID00* 1.38/1.42
Gasoil LR2
AAKBT00 58.8458.88 58.860 +3.120
HSFO 180 CST ($/mt)
PUABE00 245.99246.03 246.010 +18.110
AAXJA00 0.75/1.25
HSFO 380 CST ($/mt)
AAIDC00 242.03242.07 242.050 +19.920
AAXJB00 0.75/1.25
HSFO 180/380 spread ($/mt) PPXDM00 -3.98/-3.94 -3.960 +1.810
*premium to MOPAG Gasoil during loading.

Singapore paper

(PGA page 2004)

7.000 0.000
3.900 -0.080
5.280
1.300 0.000
2.850
2.800
1.400
0.400
1.400

0.000
0.000
0.000
0.000
0.000

1.000 -1.000
1.000 -1.000

Subscriber notes

(PGA page 1500)

Due to a change in Singapores gazetted public

holidays for 2015 following the announcement of a
general election, Platts Singapore office will no longer
be open Friday, September 11, 2015, as had been
previously announced. No oil or shipping publications
or assessments from Singapore will be carried out on
that date. Normal publishing schedules will resume
Monday, September 14, 2015. For full details of Platts
publishing schedule and services affected, refer to
http://www.platts.com/holiday Platts is proposing to
reflect deliveries from the Pulau Seraya Power Station
Terminal in Singapore in its benchmark FOB Singapore
assessments for gasoil. Under Platts methodology, certain
approved alternative locations may be used for offers
of oil published during the Market on Close assessment
(Subscriber notes continue on page 13)

Asia-Pacific/Arab Gulf Marketscan

September 1, 2015

Asia products

Code Mid
Change Code Mid
Change

Code Mid
Change

(PGA page 2655)

Balance September* ($/barrel) October ($/barrel) November ($/barrel)
Naphtha Japan ($/mt)
Naphtha
AAPLD00 47.5347.57
47.550
+0.250
Gasoline 92 unleaded
AAXEK00 61.7861.82
61.800
-2.850
Reforming Spread
AAXEN00 14.23/14.27
14.250
-3.100
Kerosene
AAPLE00 61.7661.80
61.780
+3.310
Gasoil
AAPLF00 61.8861.92
61.900
+3.520
HSFO 180 CST ($/mt)
AAPML00 265.43265.47 265.450
+3.950
HSFO 380 CST ($/mt)
AAPKB00 260.73260.77 260.750
+5.450
Gasoil EFS ($/mt)
AAQTX00
-33.100
+2.610

AAXFE00 454.25454.75 454.500

+24.000

AAXFF00 455.50456.00 455.750

+23.500

PAAAQ00 47.7347.77

PAAAR00 47.8847.92 47.900

+2.800

AAXEL00 60.9360.97
AAXEO00 13.18/13.22
PJABS00 63.2163.25
POAFC00 62.7062.74
PUAXZ00 270.43270.47
AAPKC00 265.43265.47
AAQTY00

47.750
+2.850
60.950
+2.600
13.200
-0.250
63.230
+4.150
62.720
+3.920
270.450
+24.200
265.450
+23.900
-32.240
-2.050

AAXEM00 60.0360.07 60.050

+2.550
AAXEP00 12.13/12.17 12.150
-0.250
PJABT00 64.1864.22 64.200
+4.040
POAFG00 63.3363.37 63.350
+3.820
PUAYF00 275.23275.27 275.250
+23.800
AAPKD00 269.68269.72 269.700
+23.150
AAQTZ00 -29.290
+0.710

*Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February; **Interim Gasoil swaps published ahead of the change in specification of FOB Singapore Gasoil January 2, 2013.

Gasoline components

(PBF page 2410)

FOB Singapore ($/mt)
MTBE

PHALF00 686.00688.00

Gasoline

687.000
+38.000

Singapore demurrage

(PGT pages 2910 & 2960)

$/day
Demurrage Clean
Demurrage Dirty

AALPY00 22000.000
-500.000
AALQA00 27000.000
+500.000

Indonesia physical oil assessments

(PGA page 2516)

FOB Indonesia ($/barrel)
Premium/Discount
LSWR Mixed/Cracked
LSWR

PPAPU00 47.0047.04
AAUGR00 44.8044.84

47.020
+2.920
44.820
+2.920

AAHXR00 7.76/7.80
AAWTX00 4.37/4.41

Japan physical oil assessments

7.780
+0.080
4.390
0.000
(PGA page 2006)

C+F Japan ($/mt)
Premium/Discount
Naphtha
Nph 2nd 1/2 Oct
Nph 1st 1/2 Nov
Nph 2nd 1/2 Nov
Naphtha MOPJ Strip

PAAAD00 454.25454.75
PAAAE00 454.25454.75
PAAAF00 454.25454.75
PAAAG00 454.25454.75
AAXFH00 455.50456.00

454.500
+23.875
454.500
+23.500
454.500
+23.750
454.500
+24.000
455.750
+22.750

PAADI00 -1.75/-1.25

-1.500
0.000

AAXFI00 -1.50/-1.00

-1.250
+1.130

C+F Japan ($/barrel)
Premium/Discount
Gasoline 91-92 unleaded
Gasoline 95 unleaded
Kerosene
Gasoil
HSFO 180 CST ($/mt)

PGACW00 65.4665.50
PGAQQ00 69.5769.61
PJAAN00 62.5162.55
POABF00 67.1167.15
PUACJ00 275.98276.02

65.480
+3.460
69.590
+3.360
62.530
+2.830
67.130
+3.050
276.000
+18.180

PAADK00 0.33/0.37
AAWVG00 2.61/2.65

0.350
0.000
2.630
-0.050

FOB Okinawa ($/barrel)
Premium/Discount
Gasoil

POAIW00 60.9160.95

60.930
+3.150

POAIY00 -1.22/-1.18

South Korea physical oil assessments

-1.200
0.000
(PGA page 2008)

C+F Korea ($/mt)
Premium/Discount
Naphtha

PAADE00 450.75451.25

451.000
+23.870

PAADG00 -3.75/-3.25

-3.500
0.000

Copyright 2015, McGraw Hill Financial

Market analysis: (PGA page 2396) Surging US RBOB

futures values and stable regional demand provided
support to the Asian gasoline market Tuesday, although
participants were not optimistic about the demand
outlook for the rest of the year. Retail gasoline demand
tails off after the peak summer demand season and
refineries with turnarounds planned for September and
October have largely secured the stocks they need,
making it increasingly difficult for supply in the region
to find outlets, trade sources said. One ray of hope is
Indonesia, where state-owned Pertamina is expected
to import around 10.44 million barrels of gasoline in
September, up from 10.11 million barrels in August, trade
sources said. The September estimate includes about 9.4
million barrels of 88 RON gasoline, up from 8.47 million
barrels in August, which could be due to the Eid al-Adha
holiday on September 24, when demand typically rises.
September imports of 92 RON finished grade gasoline
and high octane mogas component 92 RON gasoline
were estimated at 600,000 barrels and 400,000 barrels
respectively, down from 800,000 barrels for each grade
in August. Indonesia is expected to import slightly less
88 RON gasoline after it starts up a new gasoline-making
residue fluid catalytic cracker with 62,000 b/d throughput
at the 348,000 b/d Cilacap refinery in the fourth quarter.
In China, Guangxi Petrochemical, a unit of state-controlled

Asia-Pacific/Arab Gulf Marketscan

Asia products

Code

Mid Change

Code

South Korea physical oil assessments

Mid Change
(PGA page 2008)

FOB Korea ($/barrel) Premium/Discount
PGAQO00 66.5766.61 66.590
+3.410
Gasoline 95 unleaded
Jet
PJADG00 60.6160.65 60.630
+2.830
PJADI00 -1.57/-1.53
Gasoil
POAIE00 60.8660.90 60.880
+3.150
POAIG00 -1.27/-1.23
HSFO 180 CST 3.5% ($/mt)
PUBDP00 268.82268.86 268.840
+18.810
PUBDR00 1.75/2.25
HSFO 380 CST 3.5% sulfur ($/mt) PUBDY00 264.86264.90 264.880
+20.620
PUBEA00 1.75/2.25
Mean of Platts West India netbacks

-1.550
0.000
-1.250
0.000
2.000
-0.500
2.000
-0.500
(PGA page 2012)

FOB India ($/mt) FOB India ($/barrel)
AAQWK00 424.880
+23.870
AAQWJ00 47.210
+2.650
Naphtha
Gasoline (92 RON)
AARBQ00 515.120
+29.410
AARBP00 60.600
+3.460
Gasoline (95 RON)
AAQWI00 543.380
+28.230
AAQWH00 64.690
+3.360
Jet kero
AAQWM00 463.240
+20.860
AAQWL00 58.640
+2.640
Gasoil (10ppm)
AAQWO00 474.250
+23.620
AAQWN00 62.240
+3.100
Gasoil (500ppm)
AAQWQ00 442.050
+23.170
AAQWP00 59.340
+3.110
Gasoil (2500ppm)
AAQWS00 438.550
+23.240
AAQWR00
58.870
+3.120
Australia (PGA page 2014)

C+F Australia ($/barrel)
AACZF00 68.2068.24
Gasoline 92
Gasoline 95
AACZH00 72.3172.35
Jet
AAFIY00 66.8166.85
Gasoil 10ppm
AAQUD00 70.8670.90
Freight netbacks

68.220
+3.460
72.330
+3.360
66.830
+2.640
70.880
+3.100
(PGA pages PGT2910 & PGT2960)

AG-Spore
Spore-Japan AG-Japan
Spore-Australia
AAPOF00 24.20
AAPOG00 36.29*
Naphtha
AAPOH00 34.64*
Naphtha-LR2
AAPOC00 3.18 AAPOD00 2.85


AAPOE00 5.59
Gasoline
AAPOI00 2.63 AAPOJ00 6.01
Kerosene
AAPOK00 2.63
Kerosene-LR2
AAPOL00 2.79 AAPOM00 6.38
Gasoil
AAPON00 2.79
Gasoil-LR-2
AAPOO00 15.46* AAPOP00 14.53*
HSFO 180 CST
AAPOQ00 15.46*
HSFO 380 CST
All values in $/barrel, except * values in $/mt

South China/Hong Kong physical oil assessments

(PGA page 2010)

South China ($/mt) Premium/Discount to MOPS ($/barrel)
AAICU00 529.50533.50 531.500
+29.500
Gasoline 90 unleaded
Gasoline 93 unleaded
AAICW00 541.50545.50 543.500
+29.500
Jet/kero
PJABQ00 493.25497.25 495.250
+22.250
AAWTW00 0.50/0.54
0.520 0.000
Gasoil
POAFA00 463.75467.75 465.750
+23.500
AABJZ00 0.37/0.41
0.390 0.000
Gasoil 0.2%
AALEK00 460.75464.75 462.750
+23.500

Hong Kong bunker grades ($/mt)
PUACC00 275.00276.00 275.500
+22.500
HSFO 180 CST
HSFO 380 CST
PUAER00 269.50270.50 270.000
+22.500
*C+F Hong Kong, $/barrel premium/discount to Mean of Platts Singapore.

Copyright 2015, McGraw Hill Financial

September 1, 2015

PetroChina, will make its first gasoline direct export to

Australia in September, a 36,000 mt cargo that largely
conforms to Euro 5 standards, sources said. Guangxi
received a 370,000 mt gasoline export quota in the
latest round of allocations that covers Q4. China exported
136,826 mt of gasoline to Australia over January-July,
comprising 4.3% of Australias total import for the period.
This is expected to rise as China steps up export efforts
amid slowing domestic demand. The Singapore Platts
Market on Close assessment process saw 1.55 million
barrels, or 31 cargoes, of 95 RON gasoline traded in
August, the highest volume on record. Sietco, the trading
arm of oil major Shell, was the biggest buyer in August
at 1.35 million barrels, while BP, PetroChina, Unipec and
Petronas each bought one cargo of 50,000 barrels.
Thailands PTT was the biggest seller at 12 of the 31
cargoes traded, followed by PetroChina with seven.
Gasoline Unl 92 FOB Spore Cargo assessment
rationale: (PGA page 2392) FOB Singapore 92 RON
gasoline was assessed at $62.63/barrel Tuesday. The
assessment took into consideration PTTs offer of a
September 27-October 1 loading cargo at $62.40/b, as
well as the trades of September 16-20 loading cargoes
from PTT and Socar to PetroChina, both at $62.60/b.
The above commentary applies to the following market data
code: PGAEY00

Gasoline Unl 95 FOB Spore Cargo assessment

rationale: (PGA page 2392) FOB Singapore 95 RON
gasoline was assessed at $66.74/barrel Tuesday to
reflect a narrowed 95-92 inter-RON spread.
The above commentary applies to the following market data
code: PGAEZ00

Gasoline Unl 97 FOB Spore Cargo assessment

rationale: (PGA page 2392) FOB Singapore 97 RON
gasoline was assessed at $69.45/barrel Tuesday, taking
into account the inter-octane spreads in the absence of
bids or offers for 97 RON gasoline.
The above commentary applies to the following market data
code: PGAMS00

Asia-Pacific/Arab Gulf Marketscan

Singapore Gasoline bids/offers/trades: (PGA page 2393)

PLATTS ASIA MOGAS CARGO MOC: OUTSTANDING
INTEREST: BIDS: 92 RON: FOB Straits: Sep 16-20:
PetroChina no longer bids on at $62.60/b after trade
with PTT at $62.60/b and with Socar at $62.60/B for
50kb; 92 RON: FOB Straits: Sep 16-20: SK bids at
$62.10/b for 50kb; 92 RON: FOB Straits: Sep 22-26:
Total bids at $62.10/b for 50kb; 95 RON: FOB Straits:
Sep 16-20: Vitol no longer bids at $66.58/b or MOPS
95 plus $0.68/b after trade with P66 for 50kb; 95
RON: FOB Straits: Sep 16-20: Socar bids at MOPS 95
plus $1.10/b for 50kb
PLATTS ASIA MOGAS CARGO MOC: OUTSTANDING
INTEREST: OFFERS: 92 RON: FOB Straits: Sep 22-26:
Sietco offers at $63.10/b for 50kb; 92 RON: FOB
Straits: Sep 24-28: Unipec offers at $63.30/b or
MOPS 92 plus $1.80/b, or Sep 27-Oct 1 at $63.30/b
or MOPS 92 plus $1.80/b for 50kb; 92 RON: FOB
Straits: Sep 27-Oct 1: PTT offers at $62.40/b for
50kb
PLATTS ASIA MOGAS CARGO MOC: DEAL SUMMARY:
THREE TRADES: 95 RON: FOB Straits: Sep 16-20:
P66 sells to Vitol at $66.58/b for 50kb (4:24:10); 92
RON: FOB Straits: Sep 16-20: PTT sells to PetroChina
at $62.60/b for 50kb (4:24:29); 92 RON: FOB Straits:
Sep 16-20: Socar sells to PetroChina at $62.60/b for
50kb (4:28.29)
Singapore Gasoline exclusions: (PGA page 2393)
No market data was excluded from the gasoline
assessment process on September 1, 2015.

Foreign exchange rates

USD/Yen
Eur/USD
GBP/USD
USD/SGD
USD/MYR
USD/HK
AUD/USD
USD/CNY

(PGA page 2160)

AAWFX00 119.7400
-1.4400
AAWFU00 1.1287
+0.0074
AAWFV00 1.5324
-0.0080
AAWFZ00 1.4085
-0.0048
AAWGA00 4.1595
-0.0355
AAWFY00 7.7500
-0.0006
AAWFT00 0.7077
-0.0063
AAWFW00 6.3752
-0.0141

Source: Development Bank of Singapore

Naphtha
Market analysis: (PGA page 2398) The recent burst of
positive sentiment in global crude oil markets was still
filtering through to the Asian naphtha market Tuesday
despite signs it was fading in early day trade. The mood
is better now, a trader said, noting crude oil futures had
risen more than 20% week on week on expectations of
supply cuts. October ICE Brent futures stood at $52.74/
mt at 0653 GMT Tuesday, compared with $43.45/mt at
the 0830 GMT Asia close last Tuesday, Platts data showed.
Regional naphtha traders said demand for naphtha remain
stable. Prompt demand for naphtha in China and South
Korea is good, one trader said. South Koreas LG Chem
is seeking 22,500-27,500 mt cargoes of naphtha with a
minimum paraffin content of 70% for delivery to Daesan
over October 1-15 or October 8-15. The total volume
was not specified; LG Chem typically acquires one or
two cargoes in its tenders. The tender closes Tuesday
and has a pricing basis of Mean of Platts Japan naphtha
assessments 30 days prior to delivery, trade sources said.
LG Chem last sought 25,000 mt cargoes of open-spec
naphtha with a minimum paraffin content of 70% for H1
October delivery into Yeosu or Daesan, which trade sources
said it bought at a discount of $4/mt to MOPJ naphtha
assessments. Seller details could not be confirmed.
Naphtha C+F Japan Cargo assessment rationale:
(PGA page 2388) The CFR Japan naphtha marker was
assessed at $454.50/mt Tuesday. H2 October was
assessed at $454.50/mt, H1 November at $454.50/
mt and H2 November at $454.50/mt. The assessment
reflected offers for H2 October, H1 November and H2
November at $455/mt each, equivalent to a crack
spread of $89.75/mt versus October ICE Brent futures,
demonstrating value.
The above commentary applies to the following market data
code: PAAAD00

Naphtha FOB Spore Cargo assessment rationale:

(PGA page 2388) FOB Singapore naphtha was assessed

at $47.76/barrel Tuesday, based on an assessed

Copyright 2015, McGraw Hill Financial

September 1, 2015

freight rate of $24.2/mt for the Singapore-Japan route

for 30,000-mt cargoes. CFR Japan H2 October was
assessed at $454.50/mt, or $50.50/b.
The above commentary applies to the following market data
code: PAAAP00

Naphtha FOB Arab Gulf Cargo assessment rationale:

(PGA page 2388) FOB Arab Gulf naphtha was assessed

at $418.21/mt Tuesday, based on an assessed freight

rate of $36.29/mt for the Persian Gulf-Japan route for
55,000-mt cargoes. The CFR Japan naphtha marker was
assessed at $454.50/mt.
The above commentary applies to the following market data
code: PAAAA00

Naphtha Cargo bids/offers/trades: (PGA page 2389)

JAPAN NAPHTHA CARGO: DEAL SUMMARY: No Trades.
JAPAN NAPHTHA CARGO: OUTSTANDING INTEREST:
BIDS: Naphtha: CFR Japan: 25kt: Socar bid H1 Nov
452.00 or H2 Nov 451.00; WD Naphtha: CFR Japan:
25kt: Itochu withdraws bids H2 Oct 452.00 or H1 Nov
450.00 (4:28:55); WD Naphtha: CFR Japan: 25kt:
Vitol withdraws bid H1 Nov 451.00 or H2 Nov 451.00
(4:27:04).
JAPAN NAPHTHA CARGO: OUTSTANDING INTEREST:
OFFERS: Naphtha: CFR Japan: 25kt: BP offers H2 Oct
455.00; Naphtha: CFR Japan: 25kt: Idemitsu offers
H2 Oct 457.00; Naphtha: CFR Japan: 25kt: Shell
offers H1 Nov 455.00 or H2 Nov 455.00; Naphtha:
CFR Japan: 25kt: Lukoil offers H1 Nov 457.00 or H2
Nov 457.00; Naphtha: CFR Japan: 25kt: BP offers H1
Nov 467.00; Naphtha: CFR Japan: 25kt: Vitol offers
H1 Nov 461.00 or H2 Nov 461.00.
JAPAN NAPHTHA CARGO SPREADS: OUTSTANDING

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Asia-Pacific/Arab Gulf Marketscan

INTEREST: BIDS: Naphtha: CFR Japan: 25kt: Trafigura

bid H2 Oct/H2 Nov -1.50 or H2 Oct/H2 Dec -2.50 or
H2 Nov/H2 Jan -2.50.
JAPAN NAPHTHA CARGO SPREADS: OUTSTANDING
INTEREST: OFFERS: No Offers.
Naphtha Cargo exclusions: (PGA page 2389) No market
data was excluded from the September 1, 2015 Asian
Naphtha assessment

Jet
Market analysis: (PGA page 2499) While some seasonal
uptick is expected in the fourth quarter, demand for
aviation fuel currently remains bearish. When compared
to last year, demand is not as aggressive. We need
some fresh news, stimulus, said a North Asian refiner
Tuesday. The heavy supply situation in the region was
also bearish news for the market. Asia and the Middle
East has been flooded with cargoes as a number of new
refineries had come online in the Middle East, and the
Chinese have been increasing their jet exports. Chinas
Ministry of Commerce last week issued the fourth batch
of export quotas for 2015 totaling 9.9 million mt of oil
products -- triple the volume approved in the third batch
and taking the total volume allocated so far for 2015 to
28.65 million mt, up 47% year on year, industry sources
said. The products covered under the export quota
include gasoil, gasoline, jet/kerosene and naphtha. The
quota for jet fuel for 2015 is 13,320,000 mt. So far,
6,287,000 mt was exported between January and July,
leaving 7,033,000 mt of potential exports still to come.
And while, Chinas apparent demand for jet/kerosene
jumped 20% year on year in July to 753,000 b/d, and
was up 13.4% from June when demand fell 1.9% year
on year, there was a 6.1% year-on-year stock build to
2.23 million mt as of end-July, Platts calculations based
on recently released official government data showed.
In tender news, Sri Lankas Ceypetco bought 800,000
barrels of jet A-1 fuel at a premium of $1.62/b to MOPS
jet fuel/kerosene assessments, DES, for delivery over
September to April.

September 1, 2015

European products ($/mt)

Code

Mid Change

Code

Mid Change

Mediterranean

FOB (Italy)
Prem Unl 10ppm
Naphtha
Jet aviation fuel
Gasoil 0.1%
10ppm ULSD
1%
3.5%

AAWZA00 521.25521.75
PAAAI00 385.50386.00
AAIDL00 482.00482.50
AAVJI00 460.50461.00
AAWYY00 482.50483.00
PUAAK00 244.00244.50
PUAAZ00 234.50235.00

521.500
+3.000
385.750
-3.250
482.250
+5.000
460.750
+5.250
482.750
+4.750
244.250
+8.500
234.750
+6.250

(PGA page 1114)

CIF (Genova/Lavera)

AAWZB00 531.00531.50 531.250

+3.000
PAAAH00 398.00398.50 398.250
-3.250
AAVJJ00 474.75475.25 475.000
+5.250
AAWYZ00 494.25494.75 494.500
+4.750
PUAAJ00 254.75255.25 255.000
+8.500
PUAAY00 245.25245.75 245.500
+6.250

Northwest Europe cargoes

(PGA page 1110)

CIF (Basis ARA)
AAXFQ00 530.75531.25 531.000
-14.000
Gasoline 10ppm
Naphtha Swap
PAAAJ00 413.75414.25 414.000
+1.500
Naphtha Phy
PAAAL00 408.25408.75 408.500
-3.250
Jet
PJAAU00 502.00502.50 502.250
+5.000
Ultra low sulfur diesel 10ppm AAVBG00 487.75488.25 488.000
+1.750
Gasoil 0.1%
AAYWS00 476.25476.75 476.500
+4.500
Diesel 10ppm NWE
AAWZC00 490.50491.00 490.750
+1.750
Diesel 10 PPM UK
AAVBH00 492.00492.50 492.250
+1.750
1%
PUAAL00 246.50247.00 246.750
+8.000
3.5%
PUABA00 235.25235.75 235.500
+12.250
0.5-0.7% straight run
Low sulfur VGO
AAHMZ00 349.00350.00 349.500
+4.000
High sulfur VGO
AAHND00 343.50344.50 344.000
+4.000

Northwest Europe barges

FOB NWE

PJAAV00 491.00491.50 491.250

+5.000
AAVBF00 473.50474.00 473.750
+1.750
AAYWR00 460.50461.00 460.750
+4.500
AAWZD00 475.75476.25 476.000
+1.750
PUAAM00 236.75237.25 237.000
+8.000
PUABB00 223.50224.00 223.750
+12.000
PKABA00 304.00305.00 304.500
+4.500
AAHMX00 345.50346.50 346.000
+4.000
AAHNB00 340.00341.00 340.500
+4.000
(PGA pages 1112 & 1380)

FOB Rotterdam
Eurobob
Unleaded 98
Premium Unleaded
Reformate
MTBE*
Naphtha Phy
Jet
Gasoil 50 ppm
Gasoil 0.1%*
10 ppm*
1%
3.5%
Fuel Oil 3.5% 500 CST
Low sulfur VGO
High sulfur VGO

AAQZV00 515.25515.75
AAKOD00 600.25600.75
PGABM00 534.75535.25
AAXPM00
PHALA00 670.75671.25
PAAAM00 404.25404.75
PJABA00 500.50501.00
AAUQC00 473.50474.00
AAYWT00 466.25466.75
AAJUS00 477.25477.75
PUAAP00 242.25242.75
PUABC00 242.25242.75
PUAGN00 234.25234.75
AAHNF00 346.00347.00
AAHNI00 340.50341.50

515.500
-14.000
600.500
-14.000
535.000
-15.500
555.500
-14.000
671.000
+3.250
404.500
-3.250
500.750
+7.000
473.750
+3.000
466.500
+5.000
477.500
+3.750
242.500
+12.250
242.500
+12.250
234.500
+12.250
346.500
+4.500
341.000
+4.500

*FOB Amsterdam-Rotterdam-Antwerp

ICE LS gasoil GWAVE (Previous days values)

Sep
Oct

(PGA page 702)

PXAAJ00 482.750 31-Aug-15

PXAAK00 491.750 31-Aug-15

Rotterdam bunker
380 CST

PUAFN00 245.00246.00

(PGA page 1112)

245.500
+13.000

Copyright 2015, McGraw Hill Financial

Asia-Pacific/Arab Gulf Marketscan

Jet Kero FOB Spore Cargo assessment rationale:

(PGA page 2494) The FOB Singapore jet fuel/kerosene
cash differential was assessed at minus $1.36/
barrel Tuesday, down 19 cents/b day on day, based
on structure in the absence of bids and offers proving
value. The September/October swap spread was down
37 cents/b over the period at minus $1.45/b. The cash
differential for the front-loading period of September
16-20, middle-loading period of September 21-25 and
back-loading period of September 26-October 1 were
assessed at minus $1.41/b, minus $1.34/b and minus
$1.33/b, respectively. With MOPS strip at $62.18/b and
the cash differential at minus $1.36/b, the outright price
of jet fuel was $60.82/b.
The above commentary applies to the following market data
code: PJABF00

Singapore Jet bids/offers/trades: (PGA page 2495)

ASIA JET CARGO MOC: DEAL SUMMARY: No trades
reported
ASIA JET CARGO MOC: OUTSTANDING INTEREST:
BUDS: No bids reported
ASIA JET CARGO MOC: OUTSTANDING INTEREST:
OFFERS: Jet: FOB Straits: Vitol offers MOPS -0.50 Sep
16-20 100kb (Deemed pricing Sep 16-22) INCO; Jet:
FOB Straits: Hin Leong offers MOPS -0.30 Sep 16-20
100kb INCO; Jet: FOB Straits: BP offers MOPS -0.50
Sep 16-20 100kb (Deemed pricing Sep 15-21) BP
GTC; Jet: FOB Straits: Sietco offers MOPS -0.30 Sep
16-20 100kb (Deemed pricing Sep 16-22); Jet: FOB
Straits: Winson offers MOPS -0.50 Sep 21-25 100kb
INCO; Jet: FOB Straits: Hin Leong offers MOPS -0.30
Sep 21-25 100kb INCO; Jet: FOB Straits: BP offers
MOPS -0.50 Sep 21-25 100kb (Deemed pricing Sep
21-28) BP GTC; Jet: FOB Straits: Petrochina offers
MOPS -0.50 Sep 24-28 100kb INCO; Jet: FOB Straits:
BP offers MOPS -0.30 Sep 26-30 100kb (Deemed
pricing Sep 25 - Oct 1) BP GTC; Jet: FOB Straits: Hin
Leong offers MOPS -0.30 Sep 26-30 100kb INCO; Jet:
FOB Straits: Noble offers MOPS -0.40 Sep 27-Oct 1
100kb (Deemed pricing Sep 25 - Oct 1)
(continued on page 8)

September 1, 2015

US products (/gal)

US West Coast pipeline

(PGA page 158)

Code Mid
Change

Code Mid
Change

Los Angeles San Francisco
AAUHA00 176.32176.42 176.370 -9.180
Unleaded 84
Unleaded 84
PGADG00 176.52176.62 176.570 -9.180
Premium 88.5
PGABG00 196.32196.42 196.370 -9.180
PGABO00 196.52196.62 196.570 -9.180
CARBOB
AAKYJ00 192.32192.42 192.370 -3.180
AAKYN00 176.57176.67 176.620 -9.180
CARBOB PREM
AAKYL00 202.32202.42 202.370 -3.180
AAKYP00 196.57196.67 196.620 -9.180
Jet
PJAAP00 149.20149.30 149.250 -12.390
PJABC00 149.20149.30 149.250 -12.390
ULS (EPA) Diesel
POAET00 152.20152.30 152.250 -11.140
POAEY00 153.20153.30 153.250 -11.640
CARB diesel
POAAK00 153.45153.55 153.500 -11.140
POAAL00 154.45154.55 154.500 -11.640

Seattle
Portland
AAXJE00 162.17162.27 162.220 -9.180
AAXJC00 163.32163.42 163.370 -9.180
Unleaded 84
Premium 90
AAXJF00 192.17192.27 192.220 -9.180
AAXJD00 193.32193.42 193.370 -9.180
Jet
PJABB00 149.20149.30 149.250 -12.390
ULS (EPA) Diesel
AAUEX00 156.30156.40 156.350 -9.390
AAUEY00 157.45157.55 157.500 -9.390
180 CST
PUAWT00 352.95353.05 353.000 -1.000
PUAWV00 387.95388.05 388.000 -7.000
380 CST
PUAWZ00 302.95303.05 303.000 -1.000
PUAXB00 352.95353.05 353.000 -7.000

Phoenix
AADDP00 187.32187.42 187.370 -3.180
RBOB unleaded 84
RBOB premium 89.5
PPXDJ00 197.32197.42 197.370 -3.180
Differential to NYMEX
CARBOB
CARBOB paper 1st month*
CARBOB paper 2nd month*
Jet Fuel
ULS (EPA) Diesel
CARB Diesel

AANVX00 52.95/53.05 53.000

+6.000
AAKYR00 25.95/26.05 26.000
-19.000
AAKYS00 18.45/18.55 18.500 -6.500
AANVY00 -8.30/-8.20 -8.250
-1.250
AANVZ00 -5.30/-5.20 -5.250
0.000
AANWA00 -4.05/-3.95 -4.000
0.000

* Premium to NYMEX gasoline settlement

US West Coast waterborne

Los Angeles San Francisco
Unleaded 87
PGADI00 176.32176.42 176.370 -9.180
Jet
PJABI00 148.20148.30 148.250 -12.390
0.5% S
PUAGD00 40.3940.41 40.400 -2.440
1.0% S
PUAAQ00 39.8939.91 39.900 -2.440
2.0% S
AABGP00 37.3937.41 37.400 -2.440
180 CST
PUAWR00 287.45287.55 287.500 -15.500
PUBDA00 300.95301.05 301.000 -7.000
380 CST
PUAWX00 237.45237.55 237.500 -15.500
PUBCY00 260.95261.05 261.000 -7.000

ASIA-PACIFIC/ARAB GULF
MARKETSCAN

Volume 34 / Issue 165 / September 1, 2015

Editorial: Dave Ernsberger, Tel +44 20 7176 6116, Global Oil Director; Jonty Rushforth, Tel +65-6530-6581, Editorial Director, Asia & Middle East Oil Markets.
Client services information: North America: 800-PLATTS8 (800-752-8878); direct: +1 212-904-3070 Europe & Middle East: +44-20-7176-6111 Asian Pacific:
+65-6530-6430 Latin America: +54-11-4121-4810, E-mail: support@platts.com
Copyright 2015 McGraw Hill Financial. All rights reserved. No portion of this publication may be photocopied, reproduced, retransmitted, put into a computer
system or otherwise redistributed without prior written authorization from Platts. Platts is a trademark of McGraw Hill Financial. Information has been obtained
from sources believed reliable. However, because of the possibility of human or mechanical error by sources, McGraw Hill Financial or others, McGraw Hill Financial
does not guarantee the accuracy, adequacy or completeness of any such information and is not responsible for any errors or omissions or for results obtained
from use of such information. See back of publication invoice for complete terms and conditions.

Copyright 2015, McGraw Hill Financial

Asia-Pacific/Arab Gulf Marketscan

September 1, 2015

Asia Pacific and Middle East crude assessments ($/barrel)

(Asia MOC)
API

Gravity Code

Mid Change

(Asia MOC) (Asia close)

Code

Mid Change

Code

Condensate

Mid Change

Diff to Dubai Diff to Asian Dated Brent
NW Shelf
61.9 PCAGX00 49.7849.82 49.800
+3.140 AAPAI00 -2.05
-0.050
Ras Gas
57.0 AAPET00 52.0352.07 52.050
+3.530
AAPEU00
0.65/0.75
0.700
-0.050
AARAZ00 -0.560
-0.420
DFC 56.82
ADFCA00 52.0352.07 52.050
+3.530
ADFCB00
0.65/0.75
0.700
-0.050
ADFCC00 -0.560
-0.420
Qatar LSC
56.9 AARBB00 51.1851.22 51.200
+3.530
AARBD00 -0.20/-0.10 -0.150 -0.050
AARBC00 -1.410
-0.420
South Pars
57.4 AARAV00 49.0349.07 49.050
+3.530
AARAX00 -2.35/-2.25 -2.300 -0.050
AARAW00 -3.560
-0.420

Diff to ICP
Senipah
54.4 AAEOE00 50.8350.87 50.850
+3.140
AAEOK00 -3.10/-3.00 -3.050 -0.050
AAPBE00 -1.000
-0.050
Light crude

Heavy crude

Copyright 2015, McGraw Hill Financial

AAPBD00 49.250 +0.680

(PGA page 2215)
AAPAB00 48.750 +0.780
AAPAT00 47.450 +0.780
AAOZV00 50.850 +0.730
AAPBP00 46.060 +0.790
AAPAD00 48.850 +0.780
AAPBH00 47.510 +0.840
AAPBB00 45.860 +0.790
AAPBF00 43.560 +0.990
AARAM00 51.950 +0.530
AAREN00 51.950 +0.530
AARWD00 49.370 +0.300

AAPAN00 52.710 +0.490

AAOZX00 52.250 +0.730
AAPAR00 53.000 +0.730
AAPAP00 52.950 +0.730

(PGA page 2217)

AARAQ00 50.500 +0.780

AAPAJ00 51.000 +0.780
AAPAF00 45.950 +0.930
AAPAZ00 44.360 +0.840
AAPAL00 43.510 +0.840
AAPBN00 42.610 +0.840
AAPAV00 41.630 +0.840
AAPBJ00 42.410 +0.840

(PGA page 2218)

Diff to ICP Diff to Asian Dated Brent
Dar Blend
25.0 AARAB00
43.8343.87
43.850 + 3.190 AARAC00 -8.000
0.000
Shengli
24.2 PCABY00
43.5943.63
43.610 + 3.190 AAPAY00 -8.240
0.000
Duri
20.8 PCABA00
43.6943.73
43.710 + 3.190
PCABB00
-0.05/0.05
0.000
0.000
AAPBM00 -8.140
0.000
Stybarrow 22.8
AARAH00 50.350
+ 3.290 AARAI00 -1.500
+ 0.100
Enfield
22.0 AARAE00 51.350
+ 3.240 AARAF00 -0.500
+ 0.050
Vincent
18.3 AARAK00 49.050
+ 3.290 AARAL00 -2.800
+ 0.100

Change

AAPAH00 48.200 +0.680

AARAY00 50.400 +0.430
ADFCD00 50.400 +0.430
AARBA00 49.550 +0.430
AARAU00 47.400 +0.430

(PGA page 2216)

Diff to OSP Diff to Asian Dated Brent
Su Tu Den
36.8 AARAR00 52.0852.12 52.100
+3.190
AARAT00 -1.80/-1.70 -1.750 0.000
AARAS00 0.250
0.000
Bach Ho
40.7 PCAHY00 52.5852.62 52.600
+3.190 AAPAK00 0.750
0.000
Nanhai
40.0 PCAFR00 47.5347.57 47.550
+3.290 AAPAG00 -4.300
+0.100

Diff to ICP
Minas
35.3 PCABO00 45.9445.98 45.960
+3.190
PCABP00 -0.20/-0.10 -0.150 0.000
AAPBA00 -5.890
0.000
Nile Blend
33.9 AAPLC00 45.0945.13 45.110
+3.190
AAPEX00 -1.05/-0.95 -1.000 0.000
AAPAM00 -6.740
0.000
Widuri
33.2 PCAFE00 44.1944.23 44.210
+3.190
PCAFF00 -0.75/-0.65 -0.700 0.000
AAPBO00 -7.640
0.000
Daqing
32.2 PCAAZ00 43.2243.26 43.240
+3.190



AAPAW00 -8.620
0.000
Cinta
31.1 PCAAX00 43.9944.03 44.010
+3.190
PCAAY00 -0.75/-0.65 -0.700 0.000
AAPBK00 -7.840
0.000

Mid
(PGA page 2213)

(PGA page 2214)

Diff to ICP Diff to Asian Dated Brent
Cossack
47.7 PCAGZ00 50.3350.37 50.350
+3.190 AAPAC00 -1.500
0.000
Gippsland 48.7
PCACP00 49.0349.07 49.050
+3.190 AAPAU00 -2.800
0.000
Tapis
45.2 PCACB00 52.4352.47 52.450
+3.190 AAOZW00 0.600
0.000
Belida
45.1 PCAFL00 47.6447.68 47.660
+3.190
PCAFM00 -0.15/-0.05 -0.100 0.000
AAPBQ00 -4.190
0.000
Kutubu
44.3 PCAFJ00 50.4350.47 50.450
+3.190 AAPAE00 -1.400
0.000
Handil Mix
43.9 PCABE00 49.0949.13 49.110
+3.190
PCABF00
0.75/0.85
0.800
0.000
AAPBI00 -2.740
0.000
Attaka
42.3 PCAAJ00 47.4447.48 47.460
+3.190
PCAAK00 -0.35/-0.25 -0.300 0.000
AAPBC00 -4.390
0.000
Ardjuna
38.0 PCACQ00 45.1445.18 45.160
+3.290
PCACR00 -0.10/0.00 -0.050 0.000
AAPBG00 -6.690
+0.100

Diff to Dubai
+3.580
AARAP00
2.20/2.30
2.250
0.000
AARAO00 0.990
-0.370
Vityaz
41.6 AARAN00 53.5853.62 53.600
Sakhalin Blend 45.5 AARBN00 53.5853.62 53.600
+3.580
AARCN00
2.20/2.30
2.250
0.000
AARDN00 0.990
-0.370
ESPO M1
34.8 AARWF00 51.0051.04 51.020
+3.310
AASEU00
0.40/0.50
0.450
0.000
AARWE00 -0.330
-0.400
ESPO M2
34.8 AAWFE00 52.0852.12 52.100
+3.580
AAWFG00
0.70/0.80
0.750
0.000

Diff to Oman/Dubai
Sokol
39.7 AASCJ00 54.3454.38 54.360
+3.590
AASCK00
2.95/3.05
3.000
0.000
AAPAO00 1.750
-0.360
Kikeh
34.9 AAWUH00 53.8353.87 53.850
+3.190 AAOZY00 2.000
0.000
Miri Light
32.3 PCABQ00 54.5854.62 54.600
+3.190 AAPAS00 2.750
0.000
Labuan
32.0 PCABL00 54.5354.57 54.550
+3.190 AAPAQ00 2.700
0.000
Medium crude

Code

(PGA page 2212)

(London close)

(PGA page 2219)

AARAA00 42.250
+ 0.780
AAPAX00 42.010
+ 0.840
AAPBL00 42.110
+ 0.840
AARAG00 48.750
+ 0.930
AARAD00 49.750
+ 0.830
AARAJ00 47.450
+ 0.930

Asia-Pacific/Arab Gulf Marketscan

Singapore Jet exclusions: (PGA page 2495) No market

data was excluded from the September 1, 2015
assessment process

Jet Index

(PGA page 115)

Index
$/barrel
PJASO00 175.63 PJASO08 61.47
Asia & Oceania
Mid East & Africa PJMEA00 178.26 PJMEA08 59.69
PJGLO00 169.52 PJGLO08 62.01
Global

September 1, 2015

Platts assessment of futures markets at MOC close

(PGA page 703)

Singapore 16:30

ICE gasoil futures ($/mt)
Balance Sep *
AAQYM01
494.25
Oct
Oct
AAQYM02
499.50
Nov
Nov
AAQYM03
501.25
Dec

NYMEX RBOB (/gal)

XNRBA01
144.36
XNRBA02
141.81
XNRBA03
140.30

Oct
Nov
Dec

NYMEX NY ULSD (/gal)

XNHOA01 164.11
XNHOA02 165.72
XNHOA03 167.34

NYMEX RBOB (/gal)

NYRBM01 139.37
NYRBM02 136.79
NYRBM03 134.82

Oct
Nov
Dec

NYMEX NY ULSD (/gal)

NYHOM01 157.50
NYHOM02 159.37
NYHOM03 161.20

New York 15:15

Oct
Nov
Dec

NYMEX light sweet crude ($/barrel)

NYCRM01 45.25
Oct
NYCRM02 45.89
Nov
NYCRM03 46.55
Dec

*Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February.

Gasoil
Market analysis: (PGA page 2498) The Asian gasoil
market remained in the doldrums Tuesday, as supply
continued to flow into the market from North Asia, while
demand from Southeast Asia and regional importers
languished, traders said. Demand from West Africa was
said to be robust, providing a pillar of support to the
500 ppm sulfur grade. The gasoil Exchange of Futures
for Swaps for balance September fell slightly, to minus
$31/mt Tuesday afternoon, from minus $30.19/mt at
the Asian close Monday. At this level, the arbitrage to
send cargoes from the Persian Gulf and India to Europe
was workable for refiners and producers, but may not
be workable for traders. China could potentially export
more gasoil for the rest of the year, as the country has
only exported 2.516 million mt of gasoil over January to
July. Chinas gasoil export quota awarded so far this year
is 8.83 million mt, leaving 6.314 million mt of unused
export quota. In the spot market, Taiwans Formosa
Petrochemical issued a tender offering 720,000 barrels
of 500 ppm sulfur gasoil for October 1-5 loading
from Mailiao in a tender closing September 2, market
sources said. For September loading, Formosa sold
a total of eight cargoes of 500 ppm sulfur gasoil on
a spot basis, three to PetroChina and five to Winson
Oil, at a discount of $1.20/b and $1.68-$1.70/b to
Mean of Platts Singapore Gasoil assessment on a
FOB basis. In Sri Lanka, Ceypetco has signed a term
contract to buy 743,000 barrels of 500 ppm sulfur
gasoil in combination with 800,000 barrels of jet A-1
fuel for delivery into Dolphin Tanker berth in Colombo

China tanker fixtures

Vessel

Volume

Grade

Route

Arrival date

Bitumen
Bitumen
Crude
Bitumen
M100
Bitumen
Bitumen
SR380
Bitumen
Bitumen
M100
M100
Crude
Bitumen
Bitumen
Crude
Bitumen
Bitumen
Bitumen

Malaysia-Qingdao
Malaysia-Longkou
Venezuela-Rizhao
Malaysia-Qingdao
Russia-Tianjin
Malaysia-Qingdao
Malaysia-Qingdao
Venezuela-Qingdao
Malaysia-Qingdao
Malaysia-Rizhao
Russia-Longkou
Russia-Laizhou
Australia-Rizhao
Malaysia-Qingdao
Malaysia-Longkou
Oman-Rizhao
Malaysia-Rizhao
Malaysia-Longkou
Malaysia-Longkou Se

Importer

East China
TBA
TBA
Mulan
Fuwei
TBA
TBA
TBA
TBA
TBA
TBA
Daqing 453
Daqing 454
TBA
TBA
TBA
TBA
TBA
TBA
TBA

100kt
93kt
260kt
150kt
40kt
150kt
146kt
126kt
150kt
98kt
40kt
42kt
90kt
150kt
97kt
260kt
100kt
98kt
100kt

August 1
August 3
August 3
August 4
August 4
August 5
August 5
August 6
August 7
August 10
August 8
August 12
August 14
August 15
August 22
August 25
August 26
September
ptember 7

Jingbo
Qirun
Dongming
Yijia
Hengyuan
Yijia
Qirun
Chinaoil
Yijia
Yuhuang
ChemChina
Changyi
Dongming
Yijia
Hualong
Dongming
Yuhuang
2 Qirun
Tianhong

International tanker fixtures

(PGA pages PGT2904 and PGT2950)

Ship name

Size

Rate

New Solution
Silver Glory
Desh Ujaala o/o
Montestena
Jag Lyall
Teekay tbn
Aries Sun
Jag Laxmi
Yang Mei Hu
Brightoil League

265
CR
265
CR
242
CR
140 CR
100
CR
100
CR
100
CR
80
CR
80
FO
80
CR

Type

Date

Route

12-Sep
8-Sep
20-Sep
17-Sep
10-Sep
18-Sep
11-Sep
9-Sep
9-Sep
11-Sep

PG-China
PG-China
Ras Tanura-Paradip
Basrah-UKC
Kozmino-Yingkou
Kozmino-Sriracha
Kozmino-NChina
Senipah-Thailand
Spore-NAsia
Su Tu Den-SChina

Copyright 2015, McGraw Hill Financial

coa
coa
w33
w37.5
rnr
coa
$750k
rnr
w97.5
w102.5

Charterer
Unipec
Unipec
IOC
Petco
NPI
ExxonMob
Glasford
PTT
Cargill
Unipec

Asia-Pacific/Arab Gulf Marketscan

over September 1, 2015 to April 30, 2016. PetroChina

is the supplier at a premium of $1.72/b to the Mean of
Platts Singapore Gasoil assessments, DES basis, and
a premium of $1.62/b to the MOPS jet fuel/kerosene
assessments, DES basis. Ceypetco is taking delivery of
five combination cargoes over the eight-month period.
Each cargo will comprise 148,600 barrels of gasoil and
160,000 barrels of jet A-1 fuel.
Gasoil .001%S (10ppm) FOB Spore Cargo assessment
rationale: (PGA page 2490) The 10 ppm sulfur gasoil
cash differential was assessed at plus $2.37/b
Tuesday, down 5 cents/b, based on structure. The
balance September/October Singapore gasoil swap
fell 9 cents/b to be assessed at minus 82 cents/b.
The cash differential on the front-loading period of
September 16-20 was assessed at plus $2.21/b, midloading period of September 21-25 at plus $2.36/b and
back-loading period of September 26-October 1 at plus
$2.51/b. With the MOPS strip at $62.13/b and the
cash differential at plus $2.37/b, the outright price of
10 ppm sulfur gasoil was $64.50/b.
The above commentary applies to the following market data
code: AAOVC00

Gasoil .05%S (500ppm) FOB Spore Cargo assessment

rationale: (PGA page 2490) The 500 ppm sulfur gasoil
cash differential was assessed at minus 48 cents/b
Tuesday. The cash differential for the front-loading
period of September 16-20 was assessed at minus 55
cents/b, down 8 cents/b, reflecting Winsons offer for
a cargo loading over September 16-20 at MOPS Gasoil
minus 50 cents/b after deemed pricing. The mid-loading
period of September 21-25 and back-loading period of
September 26-October 1 were assessed at minus 46
cents/b and minus 44 cents/b respectively, reflecting
losses on the front-loading period. With the MOPS strip
at $62.13/b and the cash differential at minus 48
cents/b, the outright price of 500 ppm sulfur gasoil was
$61.65/b.
The above commentary applies to the following market data
code: AAFEX00

September 1, 2015

International tanker fixtures (cont.)

(PGA pages PGT2904 and PGT2950)

Ship name

Size

Rate

Trident Star
Olympic Spirit II
Northern Pearl
Torm Anne
Yiangos
New Dream
New Courage
Nordic Saturn
Al Mahfoza
Pacific Sunrise
Shah Deniz
Iblea
Teekay tbn
Brightoil tbn
Ratna Puja
Vermillion Energy
Densa Orca
Minerva Vera
Glorycrown
Patroclus
Istanbul
Ithaki
Archangel
Pelagos
Sovcomflot tbn
Stena Arctica
Solviken
Cardiff tbn
Mastera
Olympic Light
Cap Victor
Sea Falcon
Stena Superior
Leni P
Stealth Skyros
Krasnodar
Minerva Zenia
Minerva Libra
Commander
Jill Jacob
Maersk Penguin
SCF Plymouth
Gulf Pearl
Oriental Emerald
Tbn
Dai Nam
Tbn
Pro Alliance

80
COND
76
CR
50
FO
30
DY
265 CR
265
CR
265
CR
130
DY
80
CR
80
FO
80
FO
75 DY
100
CR
80
CR
80
FO
80
CR
130
CR
130
CR
130 CR
130 CR
130 CR
260 CR
140 CR
100 CR
100
CR
100
CR
100
CR
100
CR
100
CR
260
DY
130
CR
70
CR
130
HC
130
DY
70
CR
70 DY
70
CR
70
DY
50 DY
50
DY
80
GO
65
JT
55
NA
40
JT
35 NA
35
NA
90 JT
75
NA

Type

Date

Route

14-Sep
4-Sep
30-Sep
14-Sep
11-Sep
11-Sep
9-Sep
18-Sep
12-Sep
4-Sep
9-Sep
8-Sep
11-Sep
10-Sep
mSep
4-Sep
17-Sep
18-Sep
20-Sep
21-Sep
24-Sep
30-Sep
14-Sep
10-Sep
11-Sep
11-Sep
11-Sep
12-Sep
9-Sep
27-Sep
10-Sep
1-Sep
19-Sep
10-Sep
3-Sep
6-Sep
5-Sep
7-Sep
eSep
eSep
16-Sep
12-Sep
9-Sep
2-Sep
17-Sep
4-Sep
13-Sep
5-Sep

Dampier-Malacca
Seria-Chennai
Spore-Ulsan
Balikpapan-Spore
PG-China
Basrah-China
PG-China
Bashayer-China
Ras Gharib-Sikka
Ruwais-opts
PG-Red Sea
Vadinar-USGC
Kozmino-Japan
Su Tu Den-China
Spore-Far East
Vietnam-Spore
WAF-UKCM
WAF-UKCM
WAF-UKCM
Akpo-UKCM
WAF-UKCM
WAF-WCIndia
Novo-UKCM
Primorsk-UKC
Primorsk-UKC
Primorsk-UKC
Ust Luga-UKC
Ust Luga-UKC
Ust Luga-UKC
Brazil-China
Brazil-opts
USGC Lighter
Bullen Bay-Kemaman
Brazil-USGC
ECMexico-USGC
Caribs-USGC
ECMexico-USGC
USGC-ECCanada
USGC-WCMexico
USGC-Med
Sikka-EAfrica
PG-Mombasa
Rabigh-Japan
Sikka-USWC
Mumbai-Japan
PG-Japan
PG-West
PG-S Korea

Copyright 2015, McGraw Hill Financial

rnr
rnr
o/p
$485k
coa
coa
coa
rnr
w80
rnr
$820k
$2.45m
$750k
rnr
w100
$400k
w55
w55
w55
w55
w56.75
$3.3m
w62.5
w75
rnr
w75
o/p
w75
coa
w41
w60
$16k/d
$3.6m
w52
w90
w95
w100
w80
rnr
rnr
w135
o/p
w117.5
$2.1m
rnr
w135
rnr
rnr

Charterer
Petco
IOC
Mercuria
JX
Unipec
Unipec
Unipec
Unipec
Reliance
Vitol
ATC
Chevron
NGT
cnr
Mitsui
Shell
Valero
Valero
Shell
Shell
ExxonMob
BPCL
Unipec
Litasco
Shell
Clearlake
Total
ST
Shell
Petrobras
Shell
AET
Tipco
Petrobras
Marathon
Chevron
Hou Ref
BP
cnr
BBNaft
Sahara
CSSA
Marubeni
Reliance
BP
Marubeni
Shell
cnr

Asia-Pacific/Arab Gulf Marketscan

Gasoil FOB Spore Cargo assessment rationale: (PGA

page 2490) The 500 ppm sulfur gasoil cash differential
was assessed at minus 48 cents/b Tuesday. The cash
differential for the front-loading period of September
16-20 was assessed at minus 55 cents/b, down 8
cents/b, reflecting Winsons offer for a cargo loading
over September 16-20 at MOPS Gasoil minus 50
cents/b after deemed pricing. The mid-loading period of
September 21-25 and back-loading period of September
26-October 1 were assessed at minus 46 cents/b and
minus 44 cents/b respectively, reflecting losses on the
front-loading period. With the MOPS strip at $62.13/b
and the cash differential at minus 48 cents/b, the
outright price of 500 ppm sulfur gasoil was $61.65/b.
The above commentary applies to the following market data
code: POABC00

Gasoil .25%S (2500ppm) FOB Spore Cargo assessment

rationale: (PGA page 2489) The 2,500 ppm sulfur gasoil
cash differential was assessed at minus 95 cents/b
Tuesday, down 3 cents/b, as the 500 ppm sulfur gasoil
cash differential fell 4 cents/b. With the MOPS strip at
$62.13/b and the cash differential at minus 95 cents/b,
the outright price of 2,500 ppm sulfur gasoil was
$61.18/b.
The above commentary applies to the following market data
code: AACUE00

Gasoil .05% (500ppm) FOB Arab Gulf Cargo assessment

rationale: (PGA page 2489) FOB Arab Gulf 500 ppm sulfur
gasoil was assessed at $58.86/b Tuesday, based on an
assessed freight rate of $2.79/b for the Persian GulfSingapore route for 55,000-mt cargoes. Singapore 500
ppm sulfur gasoil was assessed at $61.65/b.
The above commentary applies to the following market data
code: AAFEZ00

Gasoil FOB Arab Gulf Cargo assessment rationale: (PGA

page 2489) FOB Arab Gulf 500 ppm sulfur gasoil was
assessed at $58.86/b Tuesday, based on an assessed
freight rate of $2.79/b for the Persian Gulf-Singapore
route for 55,000-mt cargoes. Singapore 500 ppm sulfur

September 1, 2015

International tanker fixtures (cont.)

(PGA pages PGT2904 and PGT2950)

Ship name

Rate

Pro Triumph
Maersk Progress
Hong Ze Hu
Bow Pioneer
Spruce 2
Red Eagle
Front Panther
Seriana
Tbn
BW Merlin
Torm Cecilie
Chang Hang Bi Yu
M/R tbn
Challenge Point
Front Arrow o/o
Ami
Histria Crown
Aldebaran
Yukon Star
STI Onyx
BW Puma
Cartagena
Kouros
Atlantic Aquarius
Torm Lotte
Seapride
High Saturn
FSL Spore
New Century
Torm Alexandra
Elka Angelique
Atlantic Leo
Teesta Sirit
Super Star
BLS Liwa
BW Zambesi
Torm Ragnhild
Ardmore Seaventure
Ardmore Seatrader
Vendome Street
STI Bronx
Vukovar
Maersk Murotsu
Silver Houston
STI Garnet
Resolve
Ridgebury Cindy A
Valle Azzurra

Size

Type

75
NA
60
GO
60
UN
60
GO
60
UN
55
NA
90
GO
80
GO
35
UN
35
CL
35
NA
35
GO
35
CL
35
UN
37
UN
30 NA
30
CL
30 CL
30
CL
37
UN
37
UN
37 UN
37 UN
37
UN
37
UN
37 UN
40
ULSD
37
CL
60
CL
38
CL
38
CL
38
NA
38
CL
38
UN
38
CL
60
CL
38
CL
38
CL
38
CL
38
CL
38
CL
38 UN
38
UN
38
CL
38
CL
38 CL
38
CL
38
CL

Date

Route

8-Sep
9-Sep
7-Sep
19-Sep
10-Sep
17-Sep
eSep
10-Sep
18-Sep
10-Sep
9-Sep
5-Sep
mSep
11-Sep
9-Sep
3-Sep
9-Sep
3-Sep
8-Sep
dnr
5-Sep
7-Sep
8-Sep
8-Sep
9-Sep
7-Sep
7-Sep
dnr
1-Sep
6-Sep
10-Sep
4-Sep
5-Sep
3-Sep
eSep
5-Sep
5-Sep
6-Sep
6-Sep
5-Sep
5-Sep
1-Sep
6-Sep
9-Sep
2-Sep
5-Sep
5-Sep
1-Sep

PG-Japan
Cross PG
Yasref-PG
Sikka-UKC
PG-EAfrica
PG-Japan
Nakhodka-WAfrica
S Korea-WAfrica
S Korea-Philippines
S Korea-Spore
Onsan-Japan
Dalian-Spore
Dalian-Spore
Mailiao-Subic Bay
Sarroch-Chile
Milazzo-Med
Black Sea-Med
Tarragona-Med
Algeciras-Med
ARA-WAF
Mongstad-USAC
Pembroke-USAC
Fawley-USAC
UKC-ECMexico
Porvoo-UKC
ARA-TA
Primorsk-UKC
UKC-opts
USGC-UKCM
USGC-opts
USGC-opts
Pisco-USGC
USGC-Brazil
USGC-opts
USGC-TA
USGC-UKCM
USGC-UKCM
USGC-UKCM
USGC-TA
Caribs-USAC
USGC-UKCM
USGC-ECMex
USGC-ECMex
USWC-Chile
USGC-opts
USGC-opts
USGC-Caribs
USGC-UKCM

Copyright 2015, McGraw Hill Financial

10

rnr
$390k
rnr
$2.2m
w140
Platts
$3.5m
o/p
rnr
$575k
$450k
rnr
$600k
$390k
w150
rnr
w135
w130
w130
rnr
rnr
w125
w122.5
rnr
w140
w125
w125
rnr
w60
rnr
rnr
$475k
w130
o/p
w67.5
w60
w67.5
w65
w70
w115
w70
$230k
$240k
$975k
rnr
rnr
rnr
w70

Charterer
Marubeni
cnr
ATC
Reliance
CSSA
Chevron
Lukoil
Trafigura
cnr
cnr
ATC
Lukoil
Vitol
CSSA
Valero
Clearlake
cnr
Repsol
Total
Mercuria
Statoil
Valero
ExxonMob
PMI
Neste
Total
Vitol
cnr
cnr
cnr
cnr
Repsol
Petrobras
Cargill
BP
ATMI
ST
ATMI
ATMI
Trafigura
Shell
PMI
PMI
Repsol
cnr
cnr
Ecopet
P66

Asia-Pacific/Arab Gulf Marketscan

gasoil was assessed at $61.65/b.

The above commentary applies to the following market data
code: POAAT00

Asia & Middle East Gasoil bids/offers/trades: (PGA page 2491)

ASIA GO CARGO MOC: DEAL SUMMARY: No trades
reported
ASIA GO CARGO MOC: OUTSTANDING INTEREST:
BIDS: Gasoil 10ppm: FOB Straits: Vitol bids MOPS
+1.50 Sep 16-20 150kb (Deemed pricing Sep 15-21)
INCO; Gasoil 10ppm: FOB Straits: BP bids MOPS
+1.40 Sep 20-24 250kb (Deemed pricing Sep 18-25);
Gasoil 500ppm: FOB Straits: Sietco bids MOPS -0.30
Sep 16-20 250kb (Deemed pricing Sep 1-7); Gasoil
500ppm: FOB Straits: Trafigura bids MOPS -0.70
Sep 22-26 250kb (Deemed pricing Sep 21-28) INCO;
Gasoil 500ppm: FOB Straits: Trafigura bids MOPS
-0.80 Sep 23-27 250kb INCO; Gasoil 500ppm: FOB
Straits: Total bids MOPS -0.80 Sep 27-Oct 1 250kb
(Deemed pricing Sep 1-11)
ASIA GO CARGO MOC: OUTSTANDING INTEREST:
OFFERS: Gasoil 500ppm: FOB Straits: Winson offers
MOPS -0.50 Sep 16-20 150kb (Deemed pricing Sep
15-21) INCO; Gasoil 500ppm: FOB Straits: Unipec
offers MOPS -0.40 Sep 16-20 150kb (Deemed pricing
Sep 15-21) INCO; Gasoil 500ppm: FOB Straits: Lukoil
offers MOPS -0.28 Sep 16-20 150kb (Deemed pricing
Sep 16-22); Gasoil 500ppm: FOB Straits: Glencore
offers MOPS -0.20 Sep 16-20 150kb (Deemed pricing
Sep 14-18) INCO;
5) Gasoil 500ppm: FOB Straits: Winson offers MOPS
-0.30 Sep 21-25 150kb (Deemed pricing Sep 18-25)
INCO; Gasoil 500ppm: FOB Straits: BP offers MOPS
-0.10 Sep 21-25 150kb (Deemed pricing Sep 21-28) BP
GTC; Gasoil 500ppm: FOB Straits: Noble offers MOPS
-0.20 Sep 27-Oct 1 150kb (Deemed pricing Sep 25 Oct 1); Gasoil 500ppm: FOB Straits: BP offers MOPS
-0.10 Sep 27-Oct 1 150kb (Deemed pricing Sep 25 Oct 1) BP GTC
Asia & Middle East Gasoil exclusions: (PGA page 2491)
No market data was excluded from the September

September 1, 2015

International tanker fixtures (cont.)

(PGA pages PGT2904 and PGT2950)

Ship name

Rate

Sea Helios
Ainazi
Mount Everest
Astir Lady
Pomer
Rbury Rosemary Z
Ardmore Seamaster
Dong-A Krios

Size

Type

38
CL
38 NA
38
NA
38
CL
38 UN
38
CL
38
UN
38
GO

Date

Route

5-Sep
4-Sep
4-Sep
2-Sep
3-Sep
9-Sep
5-Sep
10-Sep

Come by Chance-UKCM
Peru-USGC
Caribs-USAC
USGC-ECMex
USGC-ECMex
USGC-Caribs
Bahamas-USGC
Anacortes-opts

w60
$475k
w115
rnr
$230k
$450k
rnr
rnr

Charterer
BP
Repsol
AOT
PMI
PMI
Ecopet
Noble
ST

CL: Clean, F: Failed, UL: Unleaded, NA: Naphtha, GO: Gasoil, DY: Dirty, CR: Crude, FO: Fuel Oil, CO: Condensate, +:Update, pt: prompt, cnr: charterer not reported, rnr: rate
not reported

Deals summaries

(PGA page 190)

Naphtha paper
REPORTED DURING AND OUTSIDE WINDOW:
Platts Naphtha Japan swap: Oct heard done 457
Platts Naphtha Japan swap: Oct heard done 454.50 x2
Platts Naphtha Japan swap: Sep/Oct heard done -1.75 x2
REPORTED AFTER CLOSE:
Platts Naphtha Japan swap: Oct heard done 456.00
Jet paper
Platts Asia deals summary: Jet paper Sep 01, 2015: Jet: Bal
September done 61.8 Hartree buys from Vitol (08:29:36); Jet:
Bal September done 61.8 Hartree buys from Shell (08:29:45);
Jet: Bal September done 61.8 Oak Futures buys from Noble
(08:29:58); Jet: Bal September done 61.8 MCE buys from BP
(08:30:04); Jet: Bal September done 61.8 Oak Futures buys
from Shell (08:30:08)
Platts Asia deals summary: Regrade paper Sep 01, 2015: No
trades reported
Gasoil paper
Platts Asia deals summary: Gasoil paper Sep 01, 2015
Gasoil: Bal September done 61.9 Litasco buys from Chevron
(08:29:52)
Gasoil: Bal September done 61.9 MCE buys from Glencore
(08:30:01)
Fuel oil paper
Platts Asia deals summary: 180 CST paper Sep 01,2015
180 CST: Bal September/October done -5 Mercuria sells to
Vitol (08:14:59)
Platts Asia deals summary: 380 CST paper Sep 01, 2015
380 CST: Bal September/October done -4.5 Vitol buys from BP
(08:19:14)
Copyright 2015, McGraw Hill Financial

380 CST: Bal September/October done -4.75 Oak Futures

sells to Mercuria (08:28:27)
380 CST: Bal September/October done -4.75 Oak Futures
sells to Vitol (08:28:28)
380 CST: Bal September done 261 Oak Futures buys from BP
(08:29:14)
380 CST: Bal September done 261 Oak Futures buys from BP
(08:29:20)
380 CST: Bal September done 260.75 Gunvor sells to Litasco
(08:29:21)
380 CST: Bal September done 261 Glencore buys from BP
(08:29:28)
380 CST: Bal September done 260.5 Hin Leong sells to
Mercuria (08:29:29)
380 CST: Bal September done 260.75 Gunvor sells to Litasco
(08:29:31)
380 CST: Bal September done 261 Oak Futures buys from BP
(08:29:33)
380 CST: Bal September done 260.75 Gunvor sells to
Glencore (08:29:35)
380 CST: Bal September/October done -4.75 Oak Futures
sells to Vitol (08:29:36)
380 CST: Bal September done 261 Oak Futures buys from
Vitol (08:29:37)
380 CST: Bal September done 261 Oak Futures buys from BP
(08:29:40)
380 CST: Bal September/October done -4.75 Oak Futures
sells to Mercuria (08:29:43)x2
380 CST: Bal September done 260.75 Gunvor sells to MCE
(08:29:43)
380 CST: Oct15 done 265.5 Oak Futures buys from Unipec

11

Asia-Pacific/Arab Gulf Marketscan

1, 2015 Asian gasoil market on close assessment

process.

Fuel Oil
Market analysis: (PGA page 2599) The Singapore high
sulfur fuel oil market early on Tuesday saw market
sentiment on the paper market improve a touch, as
balance September/October spreads for 180 CST
and 380 CST swaps gained traction from stronger
buying interest seen on the Rotterdam barge market.
The higher day-on-day value for crude, after sharply
higher settlements the previous day, was also boosting
sentiment, according to a Singapore-based broker. On
the bunker fuel front, sellers were relieved that they had
gone long on supplies, with crude prices up so much day
on day, and also being able to sell on their supplies at a
higher value. In tenders, Indias HPCL sold to PetroChina
up to 60,000 mt of 180 CST HSFO, with maximum 3.5%
sulfur content, for loading from Visakhapatnam over
September 1-3 and/or September 3-10, at a discount
of around $30/mt to the Mean of Platts Singapore 180
CST high sulfur fuel oil assessments, FOB.
FO 180 CST 3.5%S FOB Spore Cargo assessment
rationale: (PGA page 2593) FOB Singapore 180 CST high
sulfur fuel oil was assessed at $261.47/mt Tuesday.
The cash differential was assessed at minus $5.37/
mt. The assessment reflected two trades: Gunvor
bought from Mercuria a September 25-29 loading
cargo at $262.00/mt and Vitol bought from Mercuria a
September 18-22 loading cargo at $260.00/mt.
The above commentary applies to the following market data
code: PUADV00

FO 380 CST 3.5%S FOB Spore Cargo assessment

rationale: (PGA page 2593) FOB Singapore 380 CST
HSFO was assessed at $257.51/mt Tuesday, with the
cash differential at minus $4.55/mt. The assessment
reflected two bids from Vitol at MOPS minus $4.50/
mt for a September 27-October 1 loading cargo and a
September 22-26 loading cargo.

September 1, 2015

Deals summaries (cont.)

(08:29:49)
380 CST: Bal September done 260.75 BP sells to MCE
(08:29:49)
380 CST: Bal September done 260.5 BP sells to Mercuria
(08:29:49)
380 CST: Bal September done 260.75 BP sells to Litasco
(08:29:49)
380 CST: Bal September done 260.5 BP sells to MCE
(08:29:51)
380 CST: Bal September done 260.5 BP sells to Glencore
(08:29:51)
380 CST: Oct15 done 265.5 Oak Futures buys from Unipec
(08:29:54)
380 CST: Bal September done 260.75 BP sells to Litasco
(08:29:54)
380 CST: Bal September done 260.5 Hin Leong sells to
Mercuria (08:29:57)
The above commentary applies to the following market data
code: PPXDK00

FO 180 CST FOB Arab Gulf Cargo assessment

rationale: (PGA page 2593) FOB Arab Gulf 180 CST high
sulfur fuel oil was assessed at $246.01/mt Tuesday
based on an assessed freight rate of $15.46/mt for the
Persian Gulf-East route for 80,000-mt cargoes.
The above commentary applies to the following market data
code: PUABE00

FO 380 CST 3.5% FOB Arab Gulf Cargo assessment

rationale: (PGA page 2593) FOB Arab Gulf 380 CST high
sulfur fuel oil was assessed at $242.05/mt Tuesday
based on an assessed freight rate of $15.46/mt for the
Persian Gulf-East route for 80,000-mt cargoes.
The above commentary applies to the following market data
code: AAIDC00

Singapore Fuel Oil bids/offers/trades: (PGA page 2594)

ASIA 180 CST HSFO CARGO: DEAL SUMMARY:
1) Platts HSFO 180CST: FOB Straits: 20kt: Sep
25-29: Gunvor buys from Mercuria at $262.00/mt
INCO (4:25:19.374); 2) Platts HSFO 180CST: FOB
Copyright 2015, McGraw Hill Financial

(PGA page 190)

380 CST: Bal September done 261 Mercuria buys from Vitol
(08:29:57)x2
380 CST: Oct15 done 265.5 Itochu buys from Unipec
(08:29:58)
380 CST: Bal September done 260.75 MCE buys from BP
(08:29:59)
380 CST: Bal September done 260.75 Oak Futures buys from
BP (08:30:02)
380 CST: Bal September done 261 Litasco buys from Vitol
(08:30:05)
380 CST: Bal September done 261 Litasco buys from Vitol
(08:30:10)
Platts Asia deals summary: Viscosity paper Sep 01, 2015
No trades reported.
Mogas paper
ASIA MOGAS SWAPS MOC: DEAL SUMMARY: NO TRADE

Straits: 20kt: Sep 18-22: Vitol buys from Mercuria at

$260.00/mt INCO (4:25:32.468).
ASIA 180 CST HSFO CARGO: OUTSTANDING INTEREST:
Platts HSFO 180CST: FOB Straits: Vitol bids MOPS
-6.00 Sep 22-26 40kt INCO OR; Platts HSFO 180CST:
FOB Straits: Vitol bids MOPS -6.00 Sep 27-Oct 1
40kt INCO; Platts HSFO 180CST: FOB Straits: Unipec
bids Bal Sep -7.00 Sep 27-Oct 1 20kt INCO; Platts
HSFO 180CST: FOB Straits: CCMA offers MOPS -2.00
Sep 17-21 20kt INCOTERMS; Platts HSFO 180CST:
FOB Straits: P66 offers MOPS -3.50 Sep 17-21 20kt
INCOTERMS; Platts HSFO 180CST: FOB Straits:
Mercuria no longer offers on 260.00 Sep 18-22 20kt,
after trade with Vitol OR; WD Platts HSFO 180CST:
FOB Straits: Mercuria no longer offers MOPS -4.00
Sep 18-22 20kt; WD Platts HSFO 180CST: FOB
Straits: Mercuria no longer offers MOPS -4.00 Sep
25-29 20kt OR; Platts HSFO 180CST: FOB Straits:
Mercuria no longer offers on 262.00 Sep 25-29 20kt,
after trade with Gunvor; Platts HSFO 180CST: FOB
Straits: BP offers MOPS -2.00 Sep 16-20 20kt.
ASIA 380 CST HSFO CARGO: DEAL SUMMARY: No
trades.

12

Asia-Pacific/Arab Gulf Marketscan

ASIA 380 CST HSFO CARGO: OUTSTANDING INTEREST:

Platts HSFO 380CST: FOB Straits: BP bids MOPS

-8.00 Sep 22-26 40kt INCO; Platts HSFO 380CST:
FOB Straits: Lukoil bids MOPS -8.00 Sep 27-Oct 1
20kt INCO; Platts HSFO 380CST: FOB Straits: Vitol
bids MOPS -4.50 Sep 22-26 40kt INCO OR; Platts
HSFO 380CST: FOB Straits: Vitol bids MOPS -4.50
Sep 27-Oct 1 40kt INCO; Platts HSFO 380CST: FOB
Straits: Unipec bids Bal Sep -7.50 Sep 27-Oct 1 20kt;
Platts HSFO 380CST: FOB Straits: Cargill bids Bal Sep
-6.00 Sep 27-Oct 1 40kt INCO 2000; Platts HSFO
380CST: FOB Straits: Cargill bids Bal Sep -6.00 Sep
25-29 40kt INCO 2000; Platts HSFO 380CST: FOB
Straits: SK bids Bal Sep -6.00 Sep 27-Oct 1 40kt;
Platts HSFO 380CST: FOB Straits: SK bids Bal Sep
-6.00 Sep 16-20 40kt; Platts HSFO 380CST: FOB
Straits: Mercuria bids MOPS -5.00 Sep 27-Oct 1 20kt
OR; Platts HSFO 380CST: FOB Straits: Mercuria bids
MOPS -5.00 Sep 22-26 20kt; Platts HSFO 380CST:
FOB Straits: HL bids MOPS -5.00 Sep 27-Oct 1 20kt
INCOTERMS2000; Platts HSFO 380CST: FOB Straits:
Glencore bids Bal Sep -3.50 Sep 27-Oct 1 40kt INCO
OR; Platts HSFO 380CST: FOB Straits: Glencore bids
Bal Sep -3.50 Sep 25-29 40kt INCO; Platts HSFO
380CST: FOB Straits: KIB bids MOPS -9.00 Sep 16-20
40kt INCO; Platts HSFO 380CST: FOB Straits: Brightoil
bids Bal Sep -5.00 Sep 21-25 40kt INCO; Platts HSFO
380CST: FOB Straits: Coastal bids 256.00 Sep 22-26
20kt OR; Platts HSFO 380CST: FOB Straits: Coastal
bids MOPS -6.50 Sep 22-26 20kt; WD Platts HSFO
380CST: FOB Straits: P66 no longer offers MOPS
-3.00 Sep 27-Oct 1 20kt INCOTERMS; Platts HSFO
380CST: FOB Straits: Unipec offers MOPS -1.00 Sep
21-25 20kt INCO; Platts HSFO 380CST: FOB Straits:
CCMA offers Oct Avg -5.00 Sep 27-Oct 1 20kt INCO;
Platts HSFO 380CST: FOB Straits: PetroChina offers
MOPS +1.00 Sep 20-24 20kt INCO; Platts HSFO
380CST: FOB Straits: PetroChina offers MOPS +1.00
Sep 23-27 20kt INCO; Platts HSFO 380CST: FOB
Straits: PetroChina offers MOPS +1.00 Sep 27-Oct
1 20kt INCO; Platts HSFO 380CST: FOB Straits: HL
offers 257.00 Sep 16-20 20kt INCOTERMS 2000;

Platts HSFO 380CST: FOB Straits: CAO offers H2 Sep

+2.00 Sep 21-25 40kt INCO; Platts HSFO 380CST:
FOB Straits: CAO offers H2 Sep +3.00 Sep 27-Oct
1 40kt INCO; Platts HSFO 380CST: FOB Straits: BP
offers MOPS -2.00 Sep 16-20 20kt INCO
ASIA 380 CST HSFO CARGO: WITHDRAWN: Platts
HSFO 180CST: FOB Straits: Mercuria no longer offers
on 260.00 Sep 18-22 20kt, after trade with Vitol
OR; WD Platts HSFO 180CST: FOB Straits: Mercuria
no longer offers MOPS -4.00 Sep 18-22 20kt; WD
Platts HSFO 180CST: FOB Straits: Mercuria no longer
offers MOPS -4.00 Sep 25-29 20kt OR; Platts HSFO
180CST: FOB Straits: Mercuria no longer offers on
262.00 Sep 25-29 20kt, after trade with Gunvor;
WD Platts HSFO 380CST: FOB Straits: P66 no longer
offers MOPS -3.00 Sep 27-Oct 1 20kt INCOTERMS.
Singapore Fuel Oil exclusions: (PGA page 2594) No
market data was excluded from the September 1, 2015,
assessment process.

US West Coast Gasoline

(PGA page 397)

West Coast gasoline differentials were mostly unchanged

Tuesday, though the benchmark grade in Los Angeles
climbed on a stronger deal. Los Angeles CARBOB jumped
6 cents/gal to NYMEX October RBOB plus 53 cents/
gal, based on a deal at that level. The spot price for
San Francisco CARBOB remained flat at NYMEX October
RBOB plus 37.25 cents/gal. A public meeting to discuss
increasing processing rates at ExxonMobils Torrance,
California, refinery scheduled for Wednesday was canceled,
further delaying the restart of its gasoline-making FCC unit,
a spokeswoman for a California regulatory agency said
Tuesday. The South Coast Air Quality Management District
spokeswoman said she had no further information about
when the meeting would be held or why it was canceled.
ExxonMobil is looking to use refurbished parts on the FCC
to replace the electrostatic precipitators damaged by a fire
on February 18. The company needs the environmental
regulators approval because the older parts do not meet
current environmental air pollution standards.
Copyright 2015, McGraw Hill Financial

September 1, 2015

Subscriber notes (cont.)

(PGApage 1500)

process. The terminal has four berths and an overall total

storage capacity of 835,000 cu m, of which 180,000 cu
m is dedicated to clean product storage. At 1.0 m tide,
the approach draft is approximately 12.6 m and able
to accommodate Aframax and partially laden Suezmax
size vessels. The largest of the four berths, berth 1, is
able to accommodate a partially laden Suezmax vessel,
while berth 2 is able to accommodate Aframax size
vessels. Please send initial comments or questions by
7 September 2015 to asia_oilproducts@platts.com and
pricegroup@platts.com. For written comments, please
provide a clear indication if comments are not intended
for publication by Platts for public viewing. Platts will
consider all comments received and will make comments
not marked as confidential available upon request.

Sour Crude
Market analysis: (PGA page 2298) Sentiment in the Asian
sour crude market was mixed moving into the new trading
cycle for November-loading sour crude barrels Tuesday.
While the market was still awaiting announcement of
official selling prices by Middle East producers before
assessing their crude requirements, traders said regional
fundamentals may be little changed from last month. While
the market is coming out of the seasonal maintenance
season, refinery margins still remain close to the lows for
the year. Margins are quite stable, but the market has
been transitioning from a higher margin to a low margin
environment over the last two months, said a Singaporebased trader. Meanwhile, rival barrels from West Africa
and the North Sea may continue to compete for homes in
the East amid a narrow Brent/Dubai spread, traders said.
Korean refiners may raise run rates a bit, but not really
100%, and for Japanese refiners, while the international
market is OK, domestic demand is not good, said a trader
with a North Asian refiner. Several traders surveyed by
Platts expect Saudi Aramco to roll over or reduce its Arab
Light OSP differential for October-loading crude to Asian
refiners. I expect [Saudi Aramco] to maintain or decrease
[the Arab Light OSP] though the Dubai structure suggests

13

Asia-Pacific/Arab Gulf Marketscan

to increase, said another trader with a North Asian refiner.

But [I] dont think the market is supportive enough to
increase. In South Korea, crude oil imports rose 1% year
on year in August, slowing from an average growth of 13%
seen over January-July. The country imported 86.6 million
barrels of crude oil in August, compared with 85.7 million
barrels in the same month last year, preliminary data from
the Ministry of Trade, Industry and Energy showed Tuesday.
But the August volume was down 7.4% from the 93.5
million barrels imported in July.
Dubai Mo01 assessment rationale: (PGA page 2295)
November cash Dubai was assessed at $49.50/b
Tuesday. The assessment took into consideration
Gunvors sale of two cash Dubai partials to Vitol at that
price.
The above commentary applies to the following market data
code: PCAAT00

Oman Blend Mo01 assessment rationale: (PGA page

2295) November cash Oman was assessed at $49.55/b
Tuesday. The assessment reflected a discount of
$1.80/b to front-month November Dubai swaps.
The above commentary applies to the following market data
code: PCABS00

Sour Crude bids/offers/trades: (PGA page 2296)

ME SOUR CRUDE MOC: OUTSTANDING INTEREST:
BIDS:
Platts Dubai Partial Nov15: Vitol no longer bids at
$49.50/b for 25kb after trade with Gunvor; Platts
Dubai Partial Nov15: ChinaOil bids at $49.40/b for
25kb; Platts Dubai Partial Nov15: Trafigura bids at
$49.30/b for 25kb.
ME SOUR CRUDE MOC: OUTSTANDING INTEREST:
OFFERS:
Platts Dubai Partial Nov15: ChinaOil offers at
$49.60/b for 25kb; Platts Dubai Partial Nov15:
Gunvor offers at $49.70/b for 25kb; Platts Dubai
Partial Nov15: Trafigura offers at $49.80/b for 25kb;
Platts Dubai Partial Nov15: Vitol offers at $50.70/b
for 25kb; Platts Dubai Partial Jan15: Gunvor offers

at $51.80/b for 25kb; Platts Dubai Partial Jan15:

Hartree offers at $52.00/b for 25kb.
ME SOUR CRUDE: DEALS SUMMARY:1) Dubai: FOB
Fateh: Nov15: 25kb: Gunvor sells to Vitol at $49.50/b
(08:29:49); 2) Dubai: FOB Fateh: Nov15: 25kb: Gunvor
sells to Vitol at $49.50/b (08:29:59).
Sour Crude exclusions: (PGA page 2296) No market data
was excluded from the September 01, 2015, Middle
East sour crude assessment process.

Sweet Crude
Market analysis: (PGA page 2299) Activity in the Asia
Pacific sweet crudes market remained robust Tuesday
as regional suppliers continued to clear their remaining
October-loading cargoes, though sentiment remained
poor for ultra-light grades amid oversupply and dismal
end-user demand. In Australia, trade sources said
Woodside Petroleum sold its 550,000-barrel cargo of
Vincent crude to a Chinese end-user at a discount of
around $2.7-$2.8/b to Dated Brent. When the regular
Chinese end-users return to buy [Australian heavy
sweet grades], thats normally a positive sign, said
a Singapore-based sweet crudes trader. Last month,
Woodside sold a similar-sized cargo for Septemberloading to US-based Valero Energy at a discount of
around $3/b to Platts Dated Brent crude assessments.
Mitsui also sold a similar cargo for loading in September
at a discount of $3.20/b to Dated Brent to an Indian
end-user. Trade sources also indicated that Quandrant
Energy has sold both its October-loading Van Gogh
crude cargoes to an unidentified trading house at
discounts of around $3.5-$3.8/b to Dated Brent. On
ultra-light grades, a handful of October-loading cargoes
changed hands with latest market talk indicating that
ConocoPhillips managed to sell 600,000 barrels of Bayu
Undan condensate to an unidentified trading house at
a discount of around $2.9/b to Dated Brent, weaker
than the $1.7/b discount fetched for its September
cargo in July. Woodside was heard to have successfully
placed a 300,000-barrel cargo of Pluto condensate at
Copyright 2015, McGraw Hill Financial

September 1, 2015

around Dated Brent minus $1.5/b, though trade sources

said the Australian producer was still struggling to sell
its North West Shelf condensate cargo for loading in
October 22-26. Offers must come down if you want to
sell ... the market is simply oversupplied this time, said
a condensate trader based in Southeast Asia, adding
that there were traders still offering September-loading
condensate cargoes in the secondary market. Traded
levels for Malaysian sweet condensate cargoes further
dampened sentiment. Petronas was heard to have
sold its 300,000-barrel cargo of Muda condensate to
Vitol at a discount of around $1/b to Dated Brent. The
Cakerawala condensate cargo of 350,000 barrels fared
slightly better, with South Korean end-user Hanwha Total
taking the cargo at a slight premium of around 5 cents/b
to Dated Brent assessments, sources said. There were
no Muda and Cakerawala condensate cargoes available
for September, but cash differentials were sharply lower
from August. Petronas sold the two grades for loading
over August at premiums of around $1.20-$1.30/b
and $2/b to Platts Dated Brent. Traders said that the
Cakerawala traded levels were slightly firmer due to the
absence of end-users participating in the tender for
Muda. Petronas Tuesday lowered the Malaysian Crude
Oil official selling price for a basket of crudes loading in
August by $11/b from July to $50.54/b.
ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01
assessment rationale: (PGA page 2292) The ESPO M1
differential to Dubai was assessed at a premium of $0.45/
barrel Tuesday. There were no bids or offers for ESPO.
The above commentary applies to the following market data
code: AASEU00

Sweet Crude bids/offers/trades: (PGA page 2293)

ASIA LIGHT CRUDE MOC: DEAL SUMMARY: No deals.
ASIA LIGHT CRUDE MOC: OUTSTANDING INTEREST:
None.
Sweet Crude exclusions: (PGA page 2293) No market
data was excluded from the September 01 Asia Light
Crude assessment process.

14