Bitumen Report Argus Asphalt

Argus Asphalt Report
Issue 14-31 | Friday 1 Aug 2014
Summary
Asphalt prices at key locations, 28 Jul-1 Aug

Low
Favorable paving conditions bolstered demand and prices at

racks in the US northeast, relieving some of the pressure on
distributor margins.
Export deals remained the focus at the US Gulf coast, but
prices failed to push higher, with an abundance of supply
putting a cap on the market.
Strong paving demand and a continued supply shortfall
pushed prices higher in the Midwest. Rail and barge prices
rose another $5-10/st as paving season kicked into full swing
while supplies remained tight.
High
US rack prices, fob $/st

Northern New Jersey/New York City Metro
545
570
Coastal Texas
550
575
-3
+5
Northern Illinois/eastern Iowa
580
595
Southern California
535
545
Western Washington/Oregon
635
650
+5
US waterborne, fob $/st

East Gulf coast barge fob
520
525
West Gulf coast barge fob
515
525
Midwest barge fob
520
530
+5
Quebec
633
637
+18
Ontario
592
617
-7
Canada rack prices, fob $/st
Europe rack prices, fob $/t
US Rockies rail prices edged higher this week, while

rack markets were more volatile, with low-high spreads
widening at some various locations. Asphalt distributors on
the West coast reported little trouble with availabilities
this week, as small cargoes began to arrive via rail and
barge.
Canadian paving demand slowed this week as mid-summer
provincial construction holidays halted activity on the
ground. A government tender in eastern Canada indicated a
rise in prices heading into August.
Rotterdam
581
601
-3
Southwest Spain
628
642
-3
South Africa
640
660
-25
Singapore
575
580
-5
Iran cargo fob
480
490
Singapore cargo fob
515
523
Taiwan cargo fob
513
518
South China cfr
560
578
Asia-Pacific and Africa rack prices, fob $/t
Asia waterborne, fob $/t
st - short ton, t - metric tonne
Prices in northwest Europe were steady to lower, tracing

parallel moves in the fuel oil markets.
Contents
Some monthly price negotiations had yet to be concluded

because of holidays, but prices were generally drifting lower
after recent losses in other markets.
Global bitumen wholesale prices
Negotiations for August supplies were still underway,

but rollovers were already agreed in some markets and
anticipated in others. Rack prices held at 425-440/t exrefinery in Rotterdam and Antwerp.
Germanys August prices were left unchanged in some cases
and lowered by 5-10/t in others
One buyer said its costs had dropped 5-10/t to 430-435/t
Copyright 2014 Argus Media Inc
Summary
US and Canada
1
2
3-7
East coast
Gulf coast
Midwest
Rocky Mountain and west coast
Canada
Europe, Mediterranean and Africa
Asia-Pacific and Middle East
13
Crude
18
Oil industry news
19
Argus Media contact information
21
Global wholesale bitumen prices, fob basis
$/t
Italy
$507/t
New Jersey
$595/t
Greece
South Korea
$527/t
$525/t
Netherlands
Thailand
$543/t
$518/t
West Gulf coast

$573/t
Spain
Iran
$512/t
$485/t
East Gulf coast
Japan
$528/t
Taiwan
Bahrain
$576/t
$516/t
$550/t
Singapore
Ivory Coast
$519/t
$599/t
Med and NWE HSFO prices on 31 Jul were used to calculate Europe and Africa wholesale bitumen prices
Summary
ex-refinery in the south, east and west of the country and to
425-430/t in the north and southwest.
Upcoming Argus
asphalt/bitumen conferences:
Hungarys MOL dropped its export prices by 5-15/t for

August volumes. Regional players reported Hungarian exports
into central/southeast European markets at 410-420/t exrefinery. MOL was set to raise its export prices to Romania by
15-20/t in the first week of August to 460-465/t ex-refinery.
Argus Asia-Pacific and Middle East Bitumen 2014

Singapore, 24-26 September
Egyptian refiner EGPC issued a fresh tender to import five

bulk cargoes of Pen 60/70 bitumen during September for
delivery into Alexandria. The first of the cargoes under
the new tender is to be delivered into onshore tanks at
Alexandria on 2-4 September
Blending issues continued to cut Malaysian bitumen

production, with refinery output slowing to a trickle this
week. Buyers are expected to feel the impact of the
slowdown when they start negotiating for August cargoes
next week.
Spanish price levels for standard penetration grades of

bitumen were agreed for August volumes at prices that were
unchanged from July. That meant price assessments stayed
at 480-490/t ex-refinery in the northeast of the country and
at 460-470/t in the southwest.
Singapore penetration grade (pen) 60/70 was steady at $515523/t fob, with trade slowing for Hari Raya Puasa holidays.
Participants were starting to look at September cargoes, with
most of August already placed.
Argus Africa Bitumen 2015

Accra, Ghana 4-5 February
Indonesias truck racks were closed for Hari Raya Puasa

holidays, but prices will likely be revised next week when
paving resumes next week.
South Korean pen 60/70 was stable at $522-528/t, although
refinery run cuts could support prices going forward. Vessels
plying the China-South Korea route were sheltering to avoid
typhoon-stricken areas, but the slowdown in vessel traffic
had yet to impact Korean prices.
Page 2 of 21
East coast
Favorable paving conditions bolstered demand and prices
at racks in the northeast, relieving some of the pressure on
distributor margins.
One refiner in the northeast reported low inventories,
supporting prices for railed shipments into the Midwest or
Atlantic coast. Western Pennsylvania rail prices were running
at around $540/st this week, with a price jump likely during
the first full week of August.
Barge trade was quieter than normal, with few distributors
looking for fresh supply at current prices. Tradeable levels
were discussed around $530-550/st fob, nearly $60/st higher
than at the same time last year. Midwest and Atlantic coast
refiners are receiving less asphalt-rich Canadian crude than
last year, and the light sweet Bakken many of them are now
processing yields little asphalt.
Vessel activity slowed, with imports and exports both scarce.
One vessel was anchored off Borco in in Freeport, Bahamas
having discharged in Norfolk, Virginia.
East coast asphalt prices
$/st
Low
Rack prices, fob, 28 Jul-1 Aug

Maine
MA/NH
Connecticut
Eastern and central NY
Western NY/Western PA
Northern NJ/NY C Metro
Delaware/SE PA/south NJ
Maryland/northern Virginia
Central and lower Virginia
Coastal Carolinas
Inland Carolinas
Inland Georgia
Coastal Georgia/northeast Florida
West coast of Florida
Southern Florida
Waterborne prices, 28 Jul-1 Aug
New Jersey barge fob
N New Jersey/New York City Metro cif cargoes
New England cif cargoes
High
610
620
570
540
515
545
540
535
555
570
550
585
565
545
550
625*
650*
600
580
585
570
560
565
570
590
600
605
590
580
595
0
0
0
0
-3
0
0
0
0
+15
0
+8
+15
+15
+20
530
545
560
550
565
575*
0
0
0
Asphaltic crude breakeven economics are for a topping refinery and represent
incremental barrels. * Represents PG 64-28; na = not applicable
Product prices
Western Pennsylvania/New York rack prices were running at
$515-540/st for contracts and $550-560/st for spot customers.
One distributor was selling PG 64-22as high as $585/st. The
Pennsylvania Department of Transportation put out another
letting last week, suggesting paving work could extend late
into the season. A gasoline tax in the state is providing
increased funds for asphalt purchases on state projects.
Mid-Atlantic racks were flat, but at least one distributor
expected to raise his prices by $20/st next week. The range
of prices available in Baltimore widened, with highs running
up to $600/st and lows offered at $540/st. That band was
expected to narrow as prices are adjusted next week.
Some Atlanta racks were quoted at $605/st on Friday, while
others were flat at $585/st. Charlotte and Jacksonville PG 6422 was running at $575-585/st. Savannah rack prices rose to
$570-580/st, and Wilmington moved to $570-590/st.
Heating oil /USG

3% HFSO $/bl
31 Jul
278.71
90.35
+1.62
-0.20
Economics
$/st
31 Jul
Asphaltic crude breakeven

Maya
473.31
Arab Heavy
632.06
Asphalts HSFO alternative
East coast
463.23
Asphalts HSFO alternative arbitrage, economics to US east coast
From US Gulf coast
73.29
From the Mediterranean
7.66
New England cargoes diff New Jersey barge
-31.39
-5.40
-2.53
+1.06
+1.14
$/st
80
60
40
hhh
20
0
08 Nov 13
Page 3 of 21
14 Feb 14
09 May 14
01 Aug 14
Gulf coast
Export deals remained the focus at the Gulf coast, but prices
failed to push higher, with an abundance of supply putting a
cap on the market.
Multiple suppliers were aiming to sell at $530/st fob US Gulf,
but bids at that level were harder to come by, with deals
being made closer to $520/st and below. Gulf coast barge
prices are currently $60/st higher than this time last year,
while rack prices are on par with year-ago levels. Demand
from the US midcontinent may support Gulf coast prices,
with small volumes starting to leak up the river to substitute
volumes that are being processed in midcontinent cokers.
Vessel activity was slow. The Asphalt Eagle left New Orleans
partially laden on 28 July en route to Jamaica. Another
asphalt vessel was seen anchored off Willemstad, Curacao, a
storage point for Venezuelan product.
Rack movements were mixed. No changes were seen in
Alabama, but inland Mississippi jumped to $570-575/st.
Demand in the state was said to be especially strong heading
into August, leaving one distributor scouring the market for
extra volumes with which to refill his rack.
Houston was quoted flat at $550-575/st, putting pressure on
distributors, as the margin between bulk and rack remained
razor thin. At least one distributor said it would not likely be
buying new volumes at current prices.
Gulf coast asphalt prices
$/st
Low
High

Alabama (southern)
555
565
Alabama (inland)
580
590
Louisiana/Mississippi (southern)
549
579
0
+20
Louisiana/Mississippi (inland)
555
575
Arkansas/northeast Texas
555
575
Texas (coastal)
550
575
-3
Texas (inland)
555
575
New Mexico
520
550
East Gulf coast
520
525
West Gulf coast
515
525
Asphaltic crude breakeven economics are for a topping refinery and represent
incremental barrels
Product prices
31 Jul
275.49
+1.57
88.45
0.00
31 Jul
Maya $/st
463.88
-28.06
Arab Heavy $/st
645.64
-3.82
451.71
-1.06
3-2-1 crack spread $/bl
17.54
+6.85
2-1-1 crack spread $/bl
17.54
+7.26
Heating oil /USG

3% HFSO $/bl
Economics
Asphaltic crude breakeven

Gulf coast $/st
General refining economics, fob US Gulf coast
East Gulf coast barge-New Jersey barge fob
$/st
20
$/st
East Gulf coast barge vs HSFO alternative

550
New Jersey barge = 0

525
10
500
0
hhh
475
hhh
450
-10
425
-20
08 Nov 13
08 Nov 13
14 Feb 14
09 May 14
01 Aug 14
Page 4 of 21
14 Feb 14
East Gulf coast barges
09 May 14
01 Aug 14
HSFO alternative
Midwest
Strong paving demand and a continued supply shortfall
pushed prices higher in the Midwest.
Midwest asphalt prices
Rail and barge prices rose another $5-10/st as paving season

kicked into full swing while supplies remained tight. A number
of bulk Midwest suppliers were quoting prices at $530/st fob
rail. A supplier out of Pennsylvania was quoting delivered
prices into Ohio at $580/st and western Indiana at $605/st,
with prices expected to rise by as much as $20/st in August.
$/st
Low
A distributor in Tulsa, Oklahoma said it had seen an influx

of soft material suitable for roofing flux, mainly from Baton
Rouge and Oklahoma City. Another distributor of roofing
asphalt said availabilities in Oklahoma were plentiful, with
prices around $540-560/st.
High
West Oklahoma/Texas Panhandle
540
550
NE Oklahoma/Kansas/southwest Missouri
535
605
North Illinois/eastern Iowa (Chicago)
580
595
+5
South Illinois/eastern Missouri (St Louis)
560
590
Western Iowa/Nebraska
550
575
+18
North Dakota/South Dakota
530
550
Northern Minnesota/northern Wisconsin
545
560
Southern Minnesota/southern Wisconsin
585
620
+38
Northeast Indiana/north Ohio/Michigan
565
575
South Ohio/south Indiana/north Kentucky
575
585
+10
South Kentucky/Tennessee
580
590
+8
In Michigan, the Department of Transportation held a letting

on Friday, with offers heard between $580/st and over $600/
st. One supplier raised PG 64-22rack prices by $10/st to $585/
st. Another was at $580/st for the same grade. One large
contractor said supply was a problem in Northern Michigan as
reduced refinery output and heavy demand out of the west
coast were limiting supplies for locals.
Rack prices in Chicago climbed to $580-595/st this week as
contractors moved to finish paving jobs while the weather is
good. Indianapolis and Detroit-area racks also firmed, with
prices at $575-585/st for PG 64-22. Southern Kentucky and
Tennessee rack prices shot up to $585-620/st.
Omaha prices were flat, forcing distributors to reconsider plans
to buy in new supply. Midwest barge prices were approximately
$60-65/st higher than last year, while rack prices were largely
unchanged. Nebraska racks were running at $550-575/st,
compared to $575-585/st in the first week of August last year.
ND-SD, South MN-North WI, South MN-North WI
$/st
650
Midwest asphalt barge
520
530
+5
Midwest roofing flux barge
560
575
+3
$/st
East Gulf coast barge vs Midwest barge fob

550
500
450
hhh
400
350
08 Nov 13
14 Feb 14
East Gulf coast barge
09 May 14
01 Aug 14
Midwest barge
Illinois/E Iowa (Chicago) rack-Midwest
$/st
600
550
600
500
550
hhh
hhh
400
500
08 Nov 13
450
14 Feb 14
09 May 14
North/South Dakota
Northern Minnesota/northern Wisconsin
Southern Minnesota/southern Wisconsin
01 Aug 14
350
08 Nov 13
14 Feb 14
Chicago Rack
Page 5 of 21
09 May 14
Midwest barge
01 Aug 14
Rocky Mountains and west coast

Rockies rail prices edged higher this week, while rack
markets were more volatile, with low-high spreads widening
at some various locations.
Asphalt distributors on the West coast reported little trouble
with availabilities this week, as small cargoes began to arrive
via rail and barge. Rail prices out of the Rockies were in the
$500-520/st range for PG 64-22 and PG 58-28, and volumes
below $500/st were no longer available. Rockies rail prices
were $100/st higher than this time last year
Demand was said to be especially strong in parts of Montana
and Denver, surprising some market participants. One local
refiner said it was unable to put any volumes on the rail as it
was too busy meeting commitments at its rack. A distributor
in Denver raised its rack prices to $545/st for PG 64-22.
Demand from DoTs in the Pacific Northwest was very low,
according to distributors, with no public projects announced
in the last two months in Oregon or Washington. August
demand is expected to pick-up. Rack prices in Portland edged
upward to a range of $635-650/st.
The range of rack prices available in Californias Bay Area
widened to $65/st. One supplier quoted sales prices as high
as $615/st, while another was selling around $555/st. Rack
prices in Nevada and Arizona followed a similar pattern,
with spreads in the latter increasing drastically. One supplier
quoted sales prices at $615/st.
Prices in central and southern California were flat this week,
selling at $525-535/st for PG 64-10 and 64-16.
Rocky Mountain asphalt prices

Low
$/st
Montana
520
530
510
520
Colorado
530
545
+10
Utah
480
490
Idaho/east Washington
485
510
500
520
+5
31 Jul
295.99
+5.27
93.33
-0.40
Wholesale prices, 28 Jul-1 Aug

Rocky Mountain (rail) fob
Product prices (Los Angeles)

EPA diesel oil /USG
HSFO 380cst $/bl
$/st
West coast
31 Jul
475.95
-0.69
West coast asphalt prices
$/st
Low
High
Western Washington/Oregon
635
650
+5
Northern California
555
615
+8
Central California
535
545
Southern California
535
545
Arizona
520
625
-8
Nevada
535
615
+38
600
610
Roofing flux rack prices, 28 Jul-1 Aug
Rocky Mountain wholesale rail-Midwest barge

550
575
500
$/st
450
hhh
525
hhh
400
500
08 Nov 13
Wyoming
600
550
High
Southern California
California rack: North vs South
$/st
350
14 Feb 14
Northern
09 May 14
01 Aug 14
08 Nov 13
Southern
14 Feb 14
Rocky Mountain wholesale rail
Page 6 of 21
09 May 14
01 Aug 14
Midwest asphalt barge
Canada
Canadian paving demand slowed this week as mid-summer
provincial construction holidays halted activity on the
ground.
Eastern Canada posted prices for asphalt

Asphalt grade
Posted prices
C$/t
Differential to
PG 58-28
Effective date
Kildair (Sorel-Tracy, Quebec)
A government tender in eastern Canada indicated a rise

in prices heading into August. The winning offer was at
C$770.25/t for PG 58-28. Although one asphalt distributor
said this months volumes were the highest of the year,
volumes are not nearly as high as in the past, when
government tenders were large and more frequent.
PG 58-28
790
01 Aug
PG 64-28
830
40
01 Aug
PG 58-34 polymer
880
90
01 Aug
PG 64-34 polymer
930
140
01 Aug
PG 70-28 polymer
930
140
01 Aug
Suncor Energy (Montreal, Quebec)
One major asphalt distributor was said to be especially tight

at the moment and was having trouble supplying customers.
In Ontario, prices were said to be firming to a C$715-745/t
range, as cheap winter block volumes that were offsetting
higher prices came off the market.
PG 58-28
755
03 Jul
PG 64-28
03 Jul
PG 58-34 polymer
03 Jul
PG 64-34 polymer
Eastern Canada asphalt prices

C$/t
$/st
Low
High
Low
High
Quebec
765
770
Ontario
715
745
+33
633
637
+18
+3
592
617
-7
760
780
629
646
-9
Activity in central Canada remained quiet this week, with

one supplier preferring to focus on roofing flux markets,
which were said to be trading C$75-100/t higher than paving
grades.
Roofing BUR* liquid prices

Ontario
st - short ton, t - metric. *BUR = Built-up roofing
Western Canada posted spot prices for asphalt

Current posted spot
price
Company (location) Asphalt grade
C$/t
C$/t
Quebec/Ontario
800
750
$/st
Husky
Edmonton, AB
150/200A
665
550
18 Mar
Vancouver, BC
PG 64-25 (80/100A)
710
588
18 Mar
Prince George, BC
150/200A
730
604
18 Mar
Kamloops, BC
150/200A
720
596
18 Mar
Winnipeg, Manitoba
150/200A
710
588
18 Mar
Western Canada asphalt prices
700
hhh
650
600
08 Nov 13
Effective
date
14 Feb 14
Quebec
09 May 14
Ontario
01 Aug 14
Retail prices, fob, Base asphalt

28 Jul-1 Aug
grade
C$/t
$/st
Low
High
Low
High
600
480
497
-7
British Columbia
150/200A or PG
64-25(80/100A)
580
Alberta
150/200A
590
615
488
509
-8
Saskatchewan
150/200A
620
640
513
530
-8
Manitoba
150/200A
680
690
563
571
-9
Canada methodology
Eastern Canada posted prices for asphalt: These are posted prices announced by suppliers and refiners in the Quebec market for asphalt grades they supply
(conventional and polymer). The prices are listed by company, location and grades supplied, along with differentials for premium grades. The posted prices are
reported in C$/t with effective dates.
Eastern Canada asphalt prices for Quebec: This is actual selling prices in the Quebec market for grade PG 58-28.
Eastern Canada asphalt prices for Ontario: This is actual selling prices in the Ontario market for grade PG 58-28. Roofing BUR liquid prices: This is built-up
roofing pricing in the Ontario market.
Western Canada posted spot prices for asphalt: These prices are also known as rack postings in western Canada. They represent pricing to stationary asphalt
plants at various locations. Grades represented are Pen 150/200A for Edmonton, Price George, Kamloops and Winnipeg. The grade for Vancouver is PG 64-25
(Pen 80/100A).
Western Canada asphalt prices for British Columbia, Alberta, Saskatchewan and Manitoba: These prices represent the current market and include winning
quotes at highway tenders. Winning quotes are fob the closest supplier. Grade represented is Pen 150/200A.
Page 7 of 21
Europe and Africa bitumen

European bitumen prices
Prices in northwest Europe were steady to lower, tracing

parallel moves in the fuel oil markets.
28 Jul-1 Aug $/t
28 Jul-1 Aug /t
Some monthly price negotiations had yet to be concluded

because of holidays, but prices were generally drifting lower
after recent losses in other markets.
Negotiations in France, the UK, and the Benelux countries
resulted in agreements to keep domestic prices unchanged,
although small discounts were still thought possible. German
prices were revised lower by 5-10/t.
A slowdown in construction activity and a drop in fuel oil
prices stymied 1 August price hikes. But some expected
suppliers to raise their prices on 1 September as the holiday
season ends and demand improves. High-sulphur fuel oil
prices stood at $569.75/t fob Rotterdam on 31 July, down
from $572/t a week earlier and $590.25/t on 30 June. July
averaged $572/t, down from $587.50/t in June.
Bitumen supplies were plentiful, and production glitches had
little impact on pricing given the lacklustre state of demand.
The shipping market was quiet, with tanker fleets fully employed
under normal contractual commitments. A Spanish oil refiner
renewed its time charter on the 7,917 dwt Lagan until the end
of August. The tanker was taking a cargo from Cepsas Huelva
refinery to Dublin, where it was scheduled to arrive on 2 August for
a part discharge, with the remainder to be placed into Belfast.
Low
High
Low
High
Netherlands-Rotterdam
425
440
581
601
-3
Belgium-Antwerp
425
440
581
601
-3
Brussels
430
445
587
608
-2
Germany north
430
440
-8
587
601
-13
Germany northeast
430
440
-8
587
601
-13
Germany south
430
445
-5
587
608
-9
Germany southwest
425
440
-5
581
601
-9
Rack prices, fob*
Germany west
430
445
-5
587
608
-9
France north
465
475
635
649
-3
France central
470
480
642
656
-3
France south
475
485
649
663
-3
-4
UK south^
435
450
730
755
Italy
440
460
601
628
-3
Spain northeast
480
490
656
669
-2
Spain southwest
South Africa rand
460
470
628
642
-3
6,852
7,066
-130
640
660
-25
Nfc
Nfc
635
655
Cargo prices, cfr

West Africa#
*truck prices, fob refinery or terminal delivered price

price includes 31/t tax ^UK prices in /t #not freely convertible
fob Mediterranean
$/t
31 Jul
Straight-run fuel oil 3.5% sul.
566.75
-3.25
Vacuum gasoil 0.5% sul.
744.00
-13.25
Bitumens HSFO alternative
UK
UK rack prices held at 435-450/t ex-refinery, as losses in
the crude and fuel oil markets stopped sellers from pushing
through planned price hikes.
$/t
Europe/Africa wholesale differentials to HSFO

100
Mediterranean
516.04
+1.56
cif northwest Europe
$/t
31 Jul
Straight-run fuel oil 3.5% sul.
585.25
-4.25
Vacuum gasoil 0.5 % sul.
749.50
-11.25
Market
hhh
-100
16 Aug 13
$/t
31 Jul
Europe and Africa wholesale differentials to HSFO
08 Nov 13
14 Feb 14
Netherlands (Rotterdam)
Italy
Ivory Coast
09 May 14
01 Aug 14
Spain
Greece
$/t
Bitumens differential to HSFO
The Netherlands (Rotterdam)
-15 to 0
Spain
-40 to -35
Italy
-45 to -40
Greece
Ivory Coast
Grade represented Pen 60/70 or equivalent grade
Page 8 of 21
-25 to -20
+45 to +55

Demand continued to hold up well relative to the rest of
Europe, but market participants reported at least some
slowdown for summer holidays.
according to one participant. Competition for market share

amongst local producers and importers remained fierce, with
discounts being offered on many accounts in a bid to keep
business.
France-Benelux
Negotiations for August supplies were still underway,
but rollovers were already agreed in some markets and
anticipated in others.
Hungarian refiner MOL was reported to have increased

its export prices by 5-15/t into Germany and central and
southeast Europe. One of the main Polish exporters into
Germany was heard keeping its August prices unchanged.
Rack prices held at 425-440/t ex-refinery in Rotterdam

and Antwerp. French prices were also unchanged, but
northeastern markets could be weighed down by a 5-10/t
price drop in western Germany that took effect on 1 August.
French demand remained poor, and the slowdown was
exacerbated by summer holidays.
Demand was expected to remain weak until mid-August,

before a recovery in construction activity after summer
holidays end.
Many Dutch and Belgian asphalt plants closed in the last week of
July for a construction sector holiday period that will last until
mid-August. Repair and maintenance work will subsequently
resume on a number of major Dutch highways and intersections.
Bitumen production at the PCK refinery in Schwedt, eastern

Germany was reported to have encountered problems.
Issues affecting bitumen output at Shells Godorf refinery
were believed to have been resolved, adding to domestic
and regional supplies after recent refinery restarts at
Gelsenkirchen, Leuna and Lingen after turnarounds.
Germany
Central Europe-Balkans
August prices were left unchanged in some cases and

lowered by 5-10/t in others
Hungarys MOL dropped its export prices by 5-15/t for

August volumes.
One buyer said its costs had dropped 5-10/t to 430435/t ex-refinery in the south, east and west of the country
and to 425-430/t in the north and southwest. Another
market player indicated prices in the west of the country
were lowered to the 430-440/t ex-refinery range, while
a domestic producer said it had dropped prices to 455/t
ex-refinery in the south and west, and to 445/t in the
southwest, east and northeast of Germany.
Regional players reported Hungarian exports into central/

southeast European markets at 410-420/t ex-refinery. MOL
was set to raise its export prices to Romania by 15-20/t in
the first week of August to 460-465/t ex-refinery.
July demand was poor, with volumes approximately halved
$/t
Italy rack diff HSFO Med
Export prices for standard penetration grades from Bosnias

Bosanski Brod refinery were reported to have risen by around
$10/t in late July to reach the $550-560/t ex-refinery on 1
August. Discounts to fob Mediterranean high-sulphur fuel
oil were in the $10-20/t range on an ex-refinery basis. Total
West Africa cargo cfr vs Med HSFO fob barge
125
750
100
700
$/t
650
75
hhh
50
600
hhh
550
25
500
08 Nov 13
0
08 Nov 13
14 Feb 14
09 May 14
01 Aug 14
Page 9 of 21
14 Feb 14
West Africa cargo
09 May 14
Med HSFO
01 Aug 14

monthly bitumen sales from the refinery were reported at
24,000-25,000t for July.
Bitumen imports into Romania from one of the Polish refiner/
exporters were reported at 440/t on a delivered basis,
broadly equivalent to a Polish ex-refinery price of 360-365/t.
Serbian export sales into regional neighbours like Bulgaria
and Romania were indicated at $10-15/t discounts to fob
Mediterranean high-sulphur fuel oil on an ex-refinery basis.
Strong demand in Turkey, Egypt, Lebanon and Tunisia were
supporting prices in southeast Europe.
The 3,500 DWT Katerina L was fixed to move a cargo from

Livorno, Italy, to Rades, Tunisia, with the voyage taking
place at the very start of August. The 3,000 DWT Sofia was
en route to Lebanon, following a previous cargo shipment
into Beirut on board the Katerina L. The Sofia was believed
to have been used to make a shipment into the northern
Greek port of Thessaloniki where a Greek trading firm runs a
bitumen terminal.
Egypt provided a fresh boost to the regional market as EGPC
issues a new tender to import five cargoes of bitumen during
September.
Poland
Egypt
Bitumen demand in Poland was 2.23mn t in 2009, slipping

to just over 2mn t in 2011 and falling sharply thereafter to
1.48mn t in 2013. Expectations are of a steady 2014, with
fresh EU funds not expected to have a significant impact
yet on the bitumen until 2016 onwards, a year after the
anticipated start in 2015 of implementation of new road
contracts helped by the fresh EU funds.
Egyptian refiner EGPC issued a fresh tender to import five

bulk cargoes of Pen 60/70 bitumen during September for
delivery into Alexandria. While 5,000-6,000t cargo sizes were
again specified under the tender, the actual deliveries are
likely to be as with the current late July/August tender
volumes in 4,000-4,500t cargo sizes given the bitumen
tanker availability in the Mediterranean. The first of the
cargoes under the new tender is to be delivered into onshore
tanks at Alexandria on 2-4 September, to be followed by
a cargo delivery every 3-4 days thereafter. The tender is
scheduled to close on 5 August, traders said, although EGPC
sources were unavailable for comment during the Eid alFitr holiday in late July after the Muslim fasting month of
Ramadan.
Mediterranean
The Eid-Al Fitr holiday period after the Muslim fasting month
of Ramadan kept many market participants out of the market
for all or part of the last week of July. Turkish holidays ran
for the whole of that week, keeping discussions for bitumen
shipments into that market extremely thin.
Nevertheless, Turkey along with Egypt and Tunisia were
still regarded as the main markets drawing bitumen surpluses
from regional suppliers, while the renewed flare up of
violence in Libya meant a halt to bitumen cargo flows to that
market was expected for at least the month of August.
$/t
UK south
760
The first of two cargoes won by European oil trading firm Nimex
under the existing tender awarded in recent weeks was set to
arrive at Alexandria on 31 July on board the 5,000 DWT bitumen
tanker Sunpower that shipped the 4,100t cargo from the Motor
Oil Hellas refinery in Agio Theodori, Corinth, in Greece. The
cargo will not be discharged until letters of credit have been
$/t
South Africa
680
750
660
740
hhh
730
hhh
640
720
710
08 Nov 13
620
14 Feb 14
09 May 14
01 Aug 14
08 Nov 13
Page 10 of 21
14 Feb 14
09 May 14
01 Aug 14

issued by EGPC for receipt of the volume. The first of four
cargoes to be supplied by Switzerland-based trading firm Proton
Energy under the same tender arrived at Alexandria on 31 July-1
August. That cargo (4,300t) was shipped on board Bituma 1 from
Mohammedia to be followed by three subsequent shipments
from the Hellenic Petroleum refinery in Aspropyrgos, Greece.
unchanged from July. That meant price assessments stayed

at 480-490/t ex-refinery in the northeast of the country and
at 460-470/t in the southwest.
Italy
Fresh data released by the countrys constructors federation

Seopan showed a continued rise in construction tenders
offered by state controlled construction bodies and regional
authorities. This was seen by the industry as offering some
support to Spanish asphalt demand that has been hit hard by
the financial crisis in Spain. (for full story, please refer to the
asphalt and bitumen industry briefs section)
Domestic price levels were generally indicated steady,

although weak demand for the time of year caused in
part by adverse weather conditions has resulted in some
selling in the 430-450/t ex-refinery range, inclusive of a
31/t government tax. One market player reported delivered
price levels in northern Italy at 460-465/t. Another seller
by contrast indicated average price in the north and centre
at 455/t, with prices in the south of the country indicated
around 15/t higher than that level. Price assessments edged
down to the 440-455/t range.
Heavy rainfall was affecting much of northern Italy after
adverse weather conditions in the second half of July that
stymied construction work that is anyway still restricted by
lack of government funding for road and other projects. Total
July bitumen consumption on the domestic market is now
unlikely to surpass levels in the same month of last year.
The heavy rain in late July had a direct impact on bitumen
loadings on trucks at the Eni refinery in Livorno, temporarily
restricting such loadings, a factor that coincided with the oneday strike on 29 July that halted refinery production at Enis
Livorno and Taranto refineries. Eni was reportedly seeking to
maximise its domestic sales in northern Italy from the Livorno
refinery, although that effort was hampered by weak regional
demand. In the south, the Taranto refinery was mainly focused
on seeking export outlets, market participants said.
Talks were being held on 30 July between Eni management
and unions representing refinery workers after a 24hour strike on the previous day halted production at the
companies refineries and other plants across Italy. The strike
action, in protest against Enis plans to close a number of
its refineries for economic reasons, was expected to be
repeated during the course of August. The Livorno and
Taranto refineries, both key bitumen-producing facilities, are
under threat of closure.
Spain
Domestic price levels for standard penetration grades of
bitumen were agreed for August volumes at prices that were
Activity levels continued to improve during the peak summer

season.
Mixed asphalt production in Spain stood at 13.4mn t in 2013,

the lowest domestic volume for 25 years and confirming
a 70pc decline since 2007, the Spanish Association of
Manufacturers of Asphalt Mixtures (ASEFMA) said in a 23 July
statement. ASEFMA said the number of companies involved
in the sector had declined, with just seven companies now
dedicated solely to production of hot mix asphalt. Across the
EU27 countries, the decline in mixed asphalt production has
amounted to 15pc since 2007, according to partial data so
far released, ASEFMA said, adding that Spain in the partner
country that has the highest relative and absolute decline.
The Spanish association estimates that the need for
investment to replace and strengthen road surfaces across
the country has reached 5.83mn, including 1.88mn in
the state run highway network and 3.95mn in other roads,
whether private, local or regional.
West Africa
Heavy and non-stop rain at the end of July through to the
start of August in the Lagos area and other parts of southern
Nigeria was severely hampering road and other construction
activity and thereby limiting any fresh requirements for
mixed asphalt and for bitumen.
Recent bitumen cargo arrivals included a 6,400t shipment on
board the Biskra, owned and operated by a global bitumen
shipping and trading firm. The vessel was discharging around
25 July into a Warri terminal operated by a European oil
major, coinciding with another late July delivery of a 4,000t
cargo - into the terminal on board the Iver Accord.
No fresh cargo bookings were reported, although a number
of trading firms were requesting freight rate quotes for
Page 11 of 21

shipments from Europe, mainly the Spanish Mediterranean
export terminals, to Port Harcourt in Nigeria and Takoradi
in Ghana. Freight rate indications for Tarragona to Port
Harcourt were reported at around $125/t and for Tarragona
to Takoradi at around $120/t.
Import prices into Nigerian ports were pegged at $635-655/t
on a cost and freight basis.
The Nigerian National Petroleum Corporation (NNPC)
announced that it planned to resume bitumen production at
its Kaduna refinery in a bid to reduce, or even end, imports
of the product into the country. NNPC said that, in the initial
phase of ramping up Kaduna operations, it planned to supply
to the market around 5,000t of bitumen from storage tanks
at the refinery and to produce a further 14,500t of bitumen
from available residue in the August/September period.
followed by 3000km in 2015/2016 made up of 80pct small

roads, and 20pc highways. In the 2016/2017 financial year, we
will complete 5000km, 80pc of which will be small roads and
20pc highways, Kenyatta said.
He added that wastage of public funds would be minimised
when private firms are contracted to build roads and other
infrastructure projects.
South Africa
Domestic prices for standard penetration grades of bitumen
Pen 35/50, 50/70 and 70/100 were cut by around R100/t
by the countrys suppliers with effect from 1 August to an
average price level of R7,000/t ($650/t).
Nigeria has produced little or no bitumen for at least the

past five years, relying on imports of the product to meet
domestic demand that stands anywhere between 500,000t/yr
and 1mn t/yr
The Kaduna Refining and Petrochemical Company (KRPC) says
it has the capacity to produce 1,796 tonnes of bitumen per
day, which amounts to 655,000t in a full year of production.
Actual annual production capacity is estimated at just
590,000-600,000t/yr, although no supply has been seen from
the refinery for several years.
East Africa
Export activity and market discussions were very thin in the
last week of July when large numbers of market participants,
including Iranian producers and trading firms, were enjoying
the Eid-Al Fitr holidays at the end of the Muslim fasting
month of Ramadan.
The price range for Iranian drummed bitumen exports stayed
at $520-545/t fob Bandar Abbas. Freight rates for drummed
cargo shipments from Jebel Ali to Mombasa were pegged at
$70-75/t for shipments moved in 182kg drums and at around
$95/t for volumes shipped in 200kg drum consignments.
On 30 July, Kenyan President Uhuru Kenyatta launched a
programme to increase the number of tarmacked roads in the
country from 14,000km to 24,000km over the coming years.
Under this Annuity Programme, we will complete 2000km
of small roads within 2014/2015 financial year. This will be
Page 12 of 21
Asia-Pacific and Middle East bitumen

Asia bitumen prices, 28 Jul-1 Aug
Local currency/t
Low
High
$/t
Low
High
Rack prices, fob

South Korea won
740,408
768,454
718
745
-1
Mumbai, India rupees
40,605
42,604
+250
669
702
-3
Mumbai, India drums rupees
43,704
45,704
+250
720
753
-3
Thailand baht
17,687
17,880
+109
550
556
-2
6,635,340
6,635,340
-8977
573
573
717
723
-2
575
580
-5
652
658
+3
523
528
73,000
80,000
710
778
-8
Indonesia rupiah
Singapore $S
Singapore ex-refinery to Malaysia $S
Japan
Export cargo/drum prices, fob
Iran
480
490
Iran drums
520
545
Bahrain dinar
207
207
550
550
Thailand baht
16,561
16,722
+162
515
520
Singapore $S
642
652
+3
515
523
Singapore drums $S
786
798
+4
630
640
Japan
53,987
54,501
+587
525
530
Taiwan NT$
15,421
15,572
+40
513
518
538,311
544,498
+538
522
528
South Korea won

Cargo prices, cfr
China - north coast yuan
3,366
3,428
-11
545
555
China - east central yuan
3,428
3,644
-11
555
590
China - south coast yuan
3,459
3,570
-11
560
578
North Vietnam drums
Nfc*
Nfc*
680
710
South Vietnam drums
Nfc*
Nfc*
680
700
*not freely convertible Note: All cargo prices are for heated tankers unless otherwise specified. Exchange rates used effective for Thursday of week reported
Singapore
Asia-Pacific products
Singapore penetration grade (pen) 60/70 was steady at $515523/t fob, with trade slowing for Hari Raya Puasa holidays.
Participants were starting to look at September cargoes, with
most of August already placed. A 4,000t September cargo
was heard selling at around $517/t t. A 3,000t cargo was also
being negotiated, with the deal expected to conclude next
week. September availabilities were expected to be tighter
than August.
Singapore marine terminals continued to experience some
loading delays, but conditions were improving in line with the
weather.
Rack markets were quiet. Sales of pen 80/100 to Malaysian
buyers were expected to slow in August, and prices were
stable at $523-528/t.
31 Jul
fob Singapore HSFO 180cst $/t
599.75
+0.50
fob Singapore HSFO 380cst $/t
597.75
-0.25
fob Singapore gasoil, high pour $/bl
117.55
-0.35
Economics
$/t
Bitumens HSFO alternative Singapore
31 Jul
548.23
+1.25
Bitumen freight rates, 28 Jul-1 Aug
$/t
Low
High
0.00
Singapore-south China
48.00
56.00
Singapore-east China
58.00
67.00
0.00
Thailand-south China
48.00
56.00
0.00
0.00
Thailand-east China
58.00
67.00
Taiwan-east China/south China
28.00
35.00
0.00
South Korea-east China
27.00
34.00
0.00
east China and south China both refer to coastal ports in the region
Bitumen market participants
Page 13 of 21

Prices at China main refineries, 28 Jul-1 Aug
Posted
price
yuan/t
AH-70, AH-90, AH-110, AH-130
4,600
AH-100, AH-140, AH-180
4,550
90-A
90-B
Area
Province
Refinery
Grade
Nothwest
Xinjiang
Petrochina Karamay
Sinopec Tahe
Northeast
North
4,550
745
737
4,500
737
729
4,500
4,400
729
712
4,500
4,400
729
712
Posted
price $/t
Contract
price $/t
Petrochina Lanzhou
AH-90
No sale
No sale
Shannxi
Sinopec Xian
AH-90
4,400
4,350
712
704
704
Liaoning
Hebei
Petrochina Liaohe
AH-70, AH-90, AH-110, AH-100, AH-140
4,450
4,350
720
Panjin Northern
AH-90, AH-110, AH-100, AH-140
4,450
4,380
720
709
Petrochina Qinhuangdao
AH-70, AH-90
4,450
4,350
720
704
704
Central
Henan
Sinopec Luoyang
AH-90
Shandong
CNOOC asphalt
AH-70, AH-90
Sinopec Qilu
Zhejiang
4,400
4,350
712
No sale
No sale
70 -A
4,450
4,400
720
712
90 -A, 70-B
4,400
4,350
712
704
90-B
4,350
4,300
704
696
No sale
No sale
4,400
4,350
712
704
696
Sinopec Jinan
AH-100
Sinopec Zhenhai
70-A, 90-A
4,350
4,300
704
CNOOC Daxie
AH-70, AH-90
No sale
No sale
Petrochina Wenzhou
AH-70, AH-90
4,200
4,100
680
664
696
70-B, 90-B
Southwest
Gansu
East
South
Contract
price
yuan/t
Shanghai
Sinopec Shanghai
AH-70
4,350
4,300
704
Jiangsu
CNOOC Taizhou
AH-70, AH-90
4,550
4,400
737
712
Sinopec Jinling
70-A, 90-A
4,350
4,350
704
704
Guangdong
Sichuan
Sinopec Maoming
70-A, 90-A
4,350
4,280
704
693
Sinopec Guangzhou
70-A, 90-A
4,350
4,230
704
685
Petrochina Gaofu
AH-70, AH-90
4,350
4,230
704
685
CNOOC Sichuan
AH-70, AH-90
5,080
5,070
822
821
China refiners and bitumen market participants
Malaysia
Australia import cargo prices
Blending issues continued to cut Malaysian bitumen

production, with refinery output slowing to a trickle this
week.
Low
High
Thailand fob (Class 170)
533
543
Thailand fob (Class 320)
545
550
Singapore fob (Class 170)
535
540
Singapore fob (Class 320)
550
555
Buyers are expected to feel the impact of the slowdown

when they start negotiating for August cargoes next week.
Tank trucks were off the road for most of the week because
of Hari Raya Puasa holidays, but a few small maintenance
jobs remained underway in parts of the country. Tank trucks
will be off the road for the weekend because of heavy traffic
after the holidays.
Thailand
$/t
will most likely offer one spot cargo, with all other material
allocated to term buyers and rack customers. Chinese
companies are the most likely buyers for the September spot
cargo.
Indonesia
Thai rack prices fell $2/t to $550-556/t as heavy rainfall

slowed paving.
Indonesias truck racks were closed for Hari Raya Puasa

holidays, but prices will likely be revised next week when
paving resumes next week.
Thailands refiner and petrochemical producer was expected

to announce September availabilities next week. The refiner
Market participants expect to have a better indication

of September demand next week. Indonesian bitumen
Page 14 of 21

consumption has softened this year because of elections and
budget cuts.
Freight costs for imports into Gresik from Singapore were
running at $33-35/t for a 3,000-5,000t capacity vessel.
Cargoes were being sold into the Chinese market as a lack

of new road projects left the country awash in supply. There
was talk of a 3,000t cargo being sold to a buyer in Ningbo at
an undisclosed price.
South Korea
Rack prices were stable, but there was talk of some buyers
receiving discounts.
South Korean pen 60/70 was stable at $522-528/t, although

refinery run cuts could support prices going forward.
Australia
Vessels plying the China-South Korea route were sheltering to

avoid typhoon-stricken areas, but the slowdown in vessel traffic
had yet to impact Korean prices. Reduced refinery throughput
could start to support Korean cargo prices going forward.
New data put Koreas June bitumen production down 18.7pc
month-on-month at 431,138t, but production was up 4.2pc
year-on-year. Bitumen exports dropped to 291,734t in June
from at 330,794t in May, but were up 21.8pc year-on-year.
Vietnam
Vietnamese bitumen inventories remained high as demand
slowed through much of the country.
The slowdown appeared to be deterring Singapore and
Taiwanese marketers, with Vietnamese distributors saying
they had yet to receive offers for September cargoes.
Distributors expected to see new road project tenders

announced soon.
There was little interest in spot September material, but
some buyers said they may could pick up one or two cargoes.
Taiwan
Taiwanese material was stable at $513-518/t fob, with four or
five cargoes likely to be up for sale in September.
Taiwans privately-owned supplier will likely have 4-5
September loading cargoes, with price negotiations expected
to begin next week. Taiwan cargoes normally move to
Vietnam and the Philippines.
China
Demand is expected to remain weak in August, as the

country is currently in its typhoon and rainy season.
Chinese import and rack prices held steady, in line with

unchanged Korean and Singapore markets.
Japan
Reduced paving demand continued to force Japanese
bitumen onto the export market this week.
Singapore cargo vs Thailand cargo
Australian demand remained weak amid wintry conditions,

but demand is expected to pick up in October as the country
enters summer.
Run cuts at Korean refineries could support Chinese import

prices in the weeks ahead, but fob Korea pricing was still
$/t
600
$/t
Singapore drums - Singapore fob

750
700
575
650
550
hhh
525
hhh
550
500
08 Nov 13
600
500
14 Feb 14
Singapore cargo
09 May 14
01 Aug 14
08 Nov 13
Thailand cargo
14 Feb 14
Singapore drum
Page 15 of 21
09 May 14
Singapore cargo
01 Aug 14

Report of Iran export sale 26-31 July 2014
Bitumen
grade
Producers
60/70
Pasargad Oil
Settled price $/t
Destination
Export by ship from Bandar Abbas
Export By ship from Imam Khomeini port
Supply ex-Tehran
Supply ex-Arak
Supply ex-Tabriz
540
Bulk
1,000
Tandis International (MTA)
612
Drum
1,500
Esfahan Ghir
575
Drum
400
No supply
Drum
No supply
Bulk
No supply
Drum
Export by ship or truck, supply ex-Esfahan
Jey Oil
522
Bulk
100
Export by ship or truck, supply ex-Esfahan
Azar Davam Yol
520
Bulk
2,000
Export by ship and truck, supply ex-Tabriz
Azar Bam Ayegh Kar
530
Bulk
1,500
Arka Energy & Refining
540
Bulk
50
Mehr Parsian
535
Bulk
400
Export by truck or ship, supply ex-Tehran
Pasargad Oil
No supply
Bulk
Export by truck ex-Tabriz factory
Drum
Export by truck ex-Tabriz factory
Bulk/Drum
Export by ship and truck, supply ex-Esfahan
Export by ship and truck, supply ex-Esfahan
Export by ship from Bandar Abbas port
Jey Oil
MC-30
Bulk/Drum/
Bituplast
Volume
t
Corus Energy Development
Jey Oil
85/100
No supply
Packing
No supply
Esfahan Ghir
575
Drum
300
West Bitumen & Asphalt
835
Bulk
195
Exchange rate 1$ = 26,253 rials, t= Metric tonne
Report of Iran domestic sale 26-31 July 2014

unaffected as of this week. A Ningbo buyer was heard picking
up 3,000t of Japanese material at an unknown price.
On the export side, Chinas state-controlled refiner sold a
rare 3,000t cargo of into Thailand via a trader. The cargo
loaded in mid-July.
Bitumen grade
Volume t
Settled price rials/kg
60/70
21,601
13,443-14,372
85/100
2,438
13,443
MC-250
112
18,744-21,042
9,400
No supply
Emulsion Rapid
Emulsion Slow
Exchange rate 1$ = 26,253 rials, t= Metric tonne
India
Indian refiners raised their prices this week despite a slump
in demand for bitumen.
quarter, as work commences on several delayed road

projects following the end of the monsoon season.
Refiners upped their prices by 250 rupees ($4.10/t) effective

1 August despite a slump in rack demand. They were offering
1,000-2,000 rupees/t discounts depending on volume.
Iran
Demand for bitumen was expected to remain weak for

the next six-eight weeks as the entire country is engulfed
in heavy rains. Indian refiners produce fuel oil instead of
bitumen in July-September because of slow paving work.
Tandis International sold 1,500t of drummed pen 60/70 at

$612/t fob Bandar Abbas ($518/t in free market currency).
The buyer will pay 30pc in advance and in cash.
But consumption was expected to pick up in the fourth
Iranian markets were quiet, but export prices were expected

to fall next week in the wake of Eid-Al Fitr holidays.
Traders were offering regular cargoes at $475-490/t fob

Bandar Abbas for payment in cash, in advance. They were
Page 16 of 21

offering drummed material at $515-535/t fob Bandar Abbas
for cash payment, and at $535-550/t fob Bandar Abbas with
letter of credit. Jey Oil sold 100t of pen 60/70 at $522/t
($437/t in free market currency).
Azar Davam Yol sold 2,000t of pen 60/70 at $520/t ex-Tabriz
($440/t in free market currency).
Iran local market
National Iranian Oil Company (NIOC) dropped its vacuum
bottom (VB) prices by 2pc this week.
Around 23,000t of vacuum bottoms changed hands at 11,157
rials/kg ex-Tehran and 5,000t sold at 11,688 rials/kg exTabriz. NIOC sold 11,000t from its Bandar Abbas refinery and
6,060t from its Shiraz refinery, both at 11,157 rials/kg.
With vacuum bottoms falling, rack prices also moved lower.
Jey Oil dropped its prices by 306 rials/kg for pen 60/70 and
pen 85/100. It also sold a domestic cargo at 13,443 rials/kg
ex-Esfahan.
Pasargad Oil was selling pen 60/70 at 13,433 rials/kg ex-Arak,
14,372 rials/kg ex-Tehran, 14,190 rials/kg ex-Bandar Abbas,
and at 14,115 rials/kg ex-Tabriz. Akam Bitumen sold 1,500t of
pen 60/70 at 13,739 rials/kg ex-Qom.
Shiraz Oil was offering pen 60/70 and 85/100 at 12,831 rials/
kg ex-Shiraz, but no deal was concluded.
Total trade for the week came in at 24,151t, with 48,190t
offered and 24,196t of demand.
$/t
Iran drum vs cargo
North and South China cargo cfr prices
550
625
525
600
500
575
hhh
475
hhh
550
450
08 Nov 13
$/t
525
14 Feb 14
Drum
09 May 14
01 Aug 14
08 Nov 13
Cargo
14 Feb 14
North China
Page 17 of 21
09 May 14
South China
01 Aug 14
Asphalt and bitumen industry briefs
Crude
Suriname close to completing refinery expansion

The $900mn expansion of Surinamese state-run Staatsolies
7,000 b/d Tout Lui Faut refinery will be completed by
September, bringing processing capacity to 15,000 b/d, the
company says.
The existing crude units will be shut down, but will be
restarted if there is need for more processing, Staatsolie says.
The expansion will allow the refinery to produce low sulfur
diesel, gasoline, fuel oil and asphalt for the local market and
sulfuric acid for export to the Caribbean, Staatsolie says.
The upgraded refinery will have a 15,000 bl vacuum tower
and produce 8,000 b/d of diesel and 3,000 b/d of gasoline.
The expanded refinery will meet the countrys demand for
diesel and asphalt, and just over two-thirds of its gasoline, the
company says.
Staatsolie is looking to export some of the EU-quality
diesel in French-controlled Martinique, Guadeloupe and French
Guiana.
Italian engineering firm Saipem is carrying out the
expansion under a $424mn contract.
Staatsolie is seeking to increase crude reserves by 80pc
to 144mn bl while maintaining current production of 17,000
b/d for the next three years, the company says. Suriname
produces oil from the onshore Tambaredjo and Calcutta fields.
Staatsolie recently awarded a contract to Trinidads WSPC
to drill nine exploration wells in shallow water Block 4, off the
coast of Saramacca district.
Companies that have leased offshore blocks from
Staatsolie include the UKs Tullow Oil, US Kosmos, Chevron, US
independent Apache and Malaysias state-controlled Petronas.
Surinames acreage is part of the Guianas Shield that runs
from Venezuela to French Guiana, and which the US Geological
Survey estimates could contain recoverable oil reserves over
13.6bn bl and gas reserves of 39 trillion ft3.
US end-of-week asphalt and road oil stocks
mn bl
Americas prices
31 Jul
on week
98.17
87.72
90.67
105.97
87.83
75.20
75.45
91.90
-7.83
-3.02
-3.29
-0.90
-3.00
-1.14
-1.14
-2.02
31 Jul
on week
107.76
104.46
104.67
-1.32
-1.32
-1.25
Oman/Dubai
Ice Bwave
ASCI
-2.80
-8.40
-0.15
0.00
0.00
0.00
Oman/Dubai
-0.40
103.46
104.56
0.00
-0.87
-0.32
WTI Cushing
WTI Midland
WTS Midland
ANS USWC
Mixed Sweet (MSW)
Lloyd Blend (pipeline)
Western Canadian Select (WCS)
Maya del USGC
Non-Americas prices
$/bl
Basis
Tapis
North Sea Dated
Dubai
Arab Heavy, fob Ras Tanura
Differential to Asia
Differential to Europe
Differential to US
Kuwait fob
Differential to Asia
Urals NWE
Urals Med
$/bl
WTI - Lloyd Blend

110
100
90
hhh
80
70
10 Jun 14
26 Jun 14
WTI
16 Jul 14
01 Aug 14
Lloyd Blend
$/bl
Brent-WTI
15
28
10
$/bl
25
22
19
16
Jul 13
$/bl
hhh
Oct 13
Jan 14
Apr 14
Jul 14
EIA
-5
28 Apr 14
Page 18 of 21
30 May 14
01 Jul 14
01 Aug 14
Higher Spanish construction tenders boost asphalt

Spanish asphalt demand is set to rise as increases in
construction tenders offered by state-controlled construction
bodies and regional authorities help to offset the impact of
the financial crisis.
Spain offered 1.54bn ($2bn) in tenders in May, a rise of
63pc on the same month a year previously when 944mn of
tenders were released, according to data released by the
countrys constructors federation Seopan.
Tenders offered by regional authorities were flat on the
same month last year at around 171mn. But the countrys
interior ministry boosted tenders to 891mn, up by 116pc from
412mn in the same month a year ago. Regional authorities
have looked for bids for 893mn worth of construction
contracts over the year to the end of May, up by 61pc from the
first five months of 2013.
While Spanish construction tenders have risen in 2014
from the lows of 2012 and 2013, they are yet to get back to
levels seen since the financial crisis hit the country. Some
tenders offered by state-controlled construction firms and
regional governments have also failed to be implemented
after bids for contracts were accepted. The cash strapped
authorities in the southern region of Andalusia recently
cancelled a 307mn investment programme for two out
of three planned motorway renovation and construction
projects. The Andalusian constructors federation Ceacop
called the decision by the regional government a
disaster.
Strabag signs for Polish espressway

Austrian construction giant Strabag has signed a contract to
build a stretch of the planned S7 expressway.
The Trasa Nowohucka stretch will run between Rybitwy
and Igolomska. The new section will form part of the
expressway that is planned to link Gdansk in the north and
Rabka-Zdrj in the south of Poland. In three years time, the
new section is intended to absorb traffic from national road
79 and funnel it to the A4 motorway between Katowice and
Rzeszow.
The construction site is scheduled to be handed over this
month, and constructions are planned to start in August/
September. Under the contract, which is worth PLN 529mn
(around 130mn), the consortium agreed to perform the
following tasks: construction and renovation of the traffic
infrastructure with a total length of 18.6km, including the
4.5km long expressway with two carriageways consisting
of three lane each. The national road 79 with a length of
1.6km, the construction of on-and-off ramps as well as six
flyovers and five bridges. Furthermore, the tram lines will
be modernised.
Oil industry briefs

Signs of spending revival in Nigeria
Investment uncertainty in Nigeria caused by the governments
failure to pass its long-delayed petroleum industry bill and
increased oil theft and insecurity in the Niger delta has deterred
upstream spending by the countrys main foreign partners. But
some projects are progressing, despite the sharp slowdown.
Shell, Total, Chevron, Italys Eni and US company ConocoPhillips
have sold upstream assets as onshore and shallow-water fields
become uneconomic. Exploration and development in Africas
largest oil exporter has been declining since 2006.
But Shell is aiming to make a final investment decision on its
225,000 b/d Bonga Southwest offshore project by the end of this
year. First production from the project in block 118 is expected in
2020 and estimated development costs are put in excess of $12bn.
Bonga Southwest was discovered in 2001 but initial engineering
and design only began last year. The project is expected to include
Chevrons undeveloped Aparo field.
Shell plans to bring the 45,000 b/d Bonga Northwest field into
production at the end of this year. The 100,000 b/d Bonga North
project is under evaluation for development. Other projects
being carried out by Shell include the 90,000 b/d of oil equivalent
(boe/d) Forcados Yokri and the 85,000 boe/d Southern Swamp
Associated Gas Solutions schemes.
These last two projects are focused on increasing gas supply
to the Nigerian market. A final investment decision was made last
year on the $2.4bn, 215,000 boe/d Gbaran-Ubie phase 2 project,
which will increase gas supply to the 22mn t/yr Nigeria LNG plant
on Bonny island. And Shell is working on the $1.1bn Trans Niger
loop line project to remedy pipeline losses caused by vandalism.
ExxonMobil awarded the main contracts for the 60,000 boe/d
offshore Erha North phase 2 project last year. And the firm is
carrying out development drilling at the 80,000 b/d Satellite
project. But uncertainty over future fiscal and other operating
terms have held up investment decisions on the key 140,000 b/d
Bosi and 110,000 b/d Uge field developments.
Total aims to bring the 200,000 b/d offshore Egina field in block
130 on stream at the end of 2017 after it took a final investment
decision last year. The second phase of Totals Ofon project is
scheduled to start up this year, lifting output to 90,000 boe/d from
30,000 boe/d. And Total plans to boost capacity at the 180,000 b/d
Usan field by 50,000 b/d from 2016, although it has recently tried
to sell its 20pc stake in Usan.
Venezuela swims against the tide

Venezuela is moving away from the downstream. Growing
trade links with Asia-Pacific buyers, particularly China, are
prompting the change as state-owned oil firm PdV struggles to
maintain crude production. But Caracas is swimming against
Page 19 of 21
the tide of other Opec members in the Mideast Gulf that

are building up their products export capacity. The shift has
implications for Opec output policy.
PdV is trying to sell its US refineries, around 25 years
after acquiring them. The firm has 850,000 b/d of operational
capacity in the US, which it mostly controls through its Citgo
subsidiary, as well as through a joint venture with ExxonMobil.
PdV began stripping away its downstream assets when it sold
its 50pc stake in German refiner Ruhr Oel 234,000 b/d of
net capacity to Russias Rosneft in 2010. But a new round
of trade deals between Caracas and Beijing has left PdV with
more commitments to supply crude to China.
Venezuela already supplies 600,000 b/d to China under
oil-backed loan deals. Roughly half of this reaches China as
crude, 100,000 b/d as straight-run fuel oil for upgrading in
independent Chinese refineries or to use as bunker fuel,
and the rest is resold by Chinese firms. PdV has pledged to
increase oil sales to China to 1mn b/d in 2016.
The firm has been diverting crude from the US to supply
Asia-Pacific markets for a number of years. It has cut runs of
Venezuelan crude at its US refineries by 160,000 b/d since
2010, matching the increase in Chinese imports over the same
period. It would have to cut all its remaining US crude exports
and stop the roughly 200,000 b/d of subsidised sales in the
Americas under the PetroCaribe scheme to fully meet its 2016
export target to China.
In contrast to PdVs strategy, Saudi Aramco is adding
900,000 b/d of net refining capacity over the next three years
through stakes in new refineries at Jubail, Yanbu and Jizan.
The UAE will have another 600,000 b/d of refining capacity
at Ruwais and Fujairah over the next two years. Kuwaits
KPC plans to build 680,000 b/d of capacity by 2019, although
its commitment to Sinopecs 300,000 b/d Zhanjiang refinery
project in southern China appears to have waned.
Venezuela is a founding member of Opec. But for many
years, especially before the Bolivarian revolution of the late
Hugo Chavez, it was less than enthusiastic about curbing
production. Caracas was keen that it should not be thought
of as similar to Mideast Gulf Opec members. It kept supplying
oil to the US during the Arab oil embargo in 1973. And PdVs
policy in the 1990s of refining more crude than it produced
helped maintain its perverse attitude towards Opec. Its short
crude position discouraged it from actions to prop up prices.
Ultimately, when crude fell to $10/bl in the late 1990s,
Caracas realised that its perspective was flawed lower
crude prices meant lower product revenues. It reversed policy
when it joined long-haul exporter Saudi Arabia and non-Opec
Mexico, another short-haul supplier of heavy sour crude to the
US, in the Riyadh pact of March 1998. But the elements that
made the Riyadh pact logical are no longer in place. Saudi
Arabia, Kuwait and the UAE are building bigger downstream
profiles. Venezuela is retreating from its advantaged position

as a short-haul supplier to the US, turning instead to long-haul
exports to China under soft financial terms. The outlook for
Opec output policy has fundamentally changed.
Concerns over Rosneft sanctions

New US and EU sanctions against Russian state-controlled
producer Rosneft are beginning to make counterparties and
trade financiers nervous.
Japanese buyers of Russian ESPO Blend have pulled out of
a Rosneft tender, apparently because of uncertainty over the
implications of US and EU sanctions against the company. A trading
firm confirms that it was unable to participate in the Rosneft tender
for up to 125,000 b/d of September-loading ESPO Blend after Credit
Agricole, Sumitomo Banking and Bank of Tokyo-Mitsubishi UFJ
turned down its requests for letters of credit. And other market
participants say they have struggled to secure letters of credit with
Frances BNP Paribas and HSBC when looking to buy Rosneft crude.
The US and EU imposed new sanctions over Russias involvement
in Ukraine after the shooting down of Malaysian Airlines flight MH17.
These include measures that seek to limit Rosnefts access to loans
of more than 90 days duration. The restrictions do not extend to
buyers of Russian crude. But uncertainty surrounding current and
future sanctions is prompting precautionary reactions by trade
financing banks, as well as by Rosneft itself.
Market participants say Rosneft is instructing customers to
keep the validity period for any letters of credit at no more
than 89 days, one day short of the limit under sanctions. BNP
Paribas has issued its own guidance to customers buying from
Rosneft and Russias leading independent gas producer Novatek,
market participants say, although this could not be confirmed.
If Japanese companies shun future tenders, it could signal
a major change to the ESPO Blend landscape. Over 170,000 b/d
of the nearly 500,000 b/d of ESPO Blend that loaded in July
went to Japanese buyers. JX Nippon alone took 125,000 b/d.
The company was the main buyer of the Russian crude in the
first half of this year, taking cargoes for its 127,000 b/d Marifu
and 180,000 b/d Muroran refineries.
Refiners have become more active participants in ESPO
Blend sale tenders over the past year, as the market has
become more transparent. But if some refiners shy away from
spot tenders because of sanctions, trading companies such as
Glencore and Vitol could try to take on larger positions.
Uncertainty over financing could prove to be a stumbling
block for Rosneft in the near future. The company is expected to
announce a six-month tender to sell Urals cargoes loading from
Baltic and Black Sea ports for October 2014-March 2015. Term
pre-financing deals with Rosneft, which require billions of dollars
upfront, are no longer possible as the lines of credit required for
such deals breach the current 89-day limit, market participants say.
Page 20 of 21
The EU agreed on 29 July to restrict Russian access to

EU capital markets and oil sector technology for shale oil,
deepwater and Arctic projects. The US announced similar
sanctions the same day. Rosneft has reiterated plans to start
exploration drilling in the Kara Sea with partner ExxonMobil in
August. A vessel that will be used to conduct a seismic survey
to identify promising areas is in Russian waters and heading
towards the Kara Sea blocks, the firm said on 25 July.
Rosneft may have to delay some projects because of the
new sanctions. The measures seem designed primarily to
target its offshore and shale activities. The firm dominates
Arctic exploration in Russia and is active in onshore tight oil
exploration. We do work in various conditions and we are
ready to face volatility associated with these sanctions, chief
executive Igor Sechin says. Rosneft will keep working, but
some projects will be moved, he says.
WTI tumbles below $100/bl

Oil prices are down, as geopolitical concerns recede and US
inventories rise.
Atlantic basin benchmark North Sea Dated fell by $1.32/ bl
to $104.46/bl in the week to 31 July, while US marker September
WTI dropped by $3.90/bl to $98.17/bl, its lowest since March, as
refinery shutdowns hit midcontinent demand. WTI was down by
$7.83/bl on a front-month basis, after August expired.
Sour crudes firmed relative to sweeter grades, especially
in the Mediterranean market. Russian medium sour Urals was
supported by expectations of lower exports, while reduced

Iraqi Basrah Light sales and the absence of Iraqs Kirkuk
further underpinned values.
A growing proportion of US Gulf coast product exports are
heading to Latin America rather than Europe. The Colonial
pipeline is running at capacity and shipping costs from Europe
are significantly lower than the price of chartering a Jones Actcompliant vessel to bring cargoes from the Gulf coast, leaving the
way open for European shipments to move to the Atlantic coast.
High Gulf coast refinery run rates depressed local product
prices relative to the rest of the country, creating trading
opportunities. The cost of capacity on the Colonial pipeline
rose to its highest since May. Increased amounts of products are
heading to the midcontinent, after a fire and shutdown at CVR
Energys 115,000 b/d Coffeyville refinery in Kansas and the start of
maintenance at Phillips 66s 356,000 b/d Wood River, Illinois, plant.
Heavy falls in US midcontinent crude prices reflect the
regions fragile supply-demand balance. Front-month WTI
has lost over $6.50/bl against North Sea Dated since 24 July,
turning a small premium into a hefty discount. This weeks WTI
falls are partly the result of the Coffeyville refinery fire, which
is likely to keep the plant shut for four weeks, cutting demand
for midcontinent crude.
But WTI remains in backwardation amid low stocks at the
pricing hub of Cushing, Oklahoma, as increased pipeline capacity
to the Gulf coast has drained crude tanks in the midcontinent. This
backwardation should continue to ease as stocks build, refineries
go into turnaround and new pipelines bring more crude to Cushing.
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Bitumen Report Argus Asphalt

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Bitumen Report Argus Asphalt

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Argus Asphalt Report

Issue 14-31 | Friday 1 Aug 2014

Asphalt prices at key locations, 28 Jul-1 Aug

Favorable paving conditions bolstered demand and prices at

US rack prices, fob $/st

Northern Illinois/eastern Iowa

US waterborne, fob $/st

West Gulf coast barge fob

Midwest barge fob

Canada rack prices, fob $/st

Europe rack prices, fob $/t

US Rockies rail prices edged higher this week, while

Iran cargo fob

Singapore cargo fob

Taiwan cargo fob

South China cfr

Asia-Pacific and Africa rack prices, fob $/t

Asia waterborne, fob $/t

st - short ton, t - metric tonne

Prices in northwest Europe were steady to lower, tracing

Some monthly price negotiations had yet to be concluded

Global bitumen wholesale prices

Negotiations for August supplies were still underway,

Copyright 2014 Argus Media Inc

Rocky Mountain and west coast

Europe, Mediterranean and Africa

Asia-Pacific and Middle East

Oil industry news

Argus Media contact information

Argus Asphalt Report

Issue 14-31 | Friday 1 Aug 2014

Global wholesale bitumen prices, fob basis

West Gulf coast

East Gulf coast

Hungarys MOL dropped its export prices by 5-15/t for

Argus Asia-Pacific and Middle East Bitumen 2014

Egyptian refiner EGPC issued a fresh tender to import five

Blending issues continued to cut Malaysian bitumen

Spanish price levels for standard penetration grades of

Copyright 2014 Argus Media Inc

Argus Africa Bitumen 2015

Indonesias truck racks were closed for Hari Raya Puasa

Argus Asphalt Report

Issue 14-31 | Friday 1 Aug 2014

East coast asphalt prices

Rack prices, fob, 28 Jul-1 Aug

Heating oil /USG

Asphaltic crude breakeven

New England cargoes diff New Jersey barge

Copyright 2014 Argus Media Inc

Argus Asphalt Report

Issue 14-31 | Friday 1 Aug 2014

Gulf coast asphalt prices

Rack prices, fob, 28 Jul-1 Aug

East Gulf coast

West Gulf coast

Waterborne prices, 28 Jul-1 Aug

Arab Heavy $/st

3-2-1 crack spread $/bl

2-1-1 crack spread $/bl

Heating oil /USG

Asphalts HSFO alternative

East Gulf coast barge-New Jersey barge fob

East Gulf coast barge vs HSFO alternative