www.platts.
com
Global naphtha
price weakness
pushes European
barrels to the US
HoustonNaphtha cargoes
from Europe were offered on
April 29 into the US Atlantic
Coast and Gulf Coast markets
for the first time in the past
two months, causing some
traders to expect a steep fall
in domestic prices, sources
said.
The European volumes
are in addition to an already
long list of South American
offers, and in most cases are
likely to head to the New York
Harbor gasoline blending mar-
ket, according to sources.
There is a flotilla of
naphtha being offered, a
source said.
Naphtha can be used for
gasoline blending or fed into a
catalytic reformer to produce
a high octane, low RVP blend-
stock called reformate. The
USAC market is dominated by
gasoline blenders and the
USGC splits between the two
end uses.
The Platts USGC naphtha
assessment April 28 was
USGC waterborne 87 octane
unleaded minus 13 cents/gal.
Platts does not assess USAC
naphtha. The most recent
sale of naphtha in the USAC
was done April 27 for a partial
cargo at May RBOB minus 13
cents/gal, 4 cents/gal down
on the day, for equivalent
grades.
On April 24, barrels from
the same cargo went for
NYMEX RBOB minus 9.5
cents/gal.
As of April 29, market
sources said they have not
seen markedly lower offers.
I think the USGC could
(Continued on page 14)
The McGraw Hill Companies
Thursday, April 30, 2009
Prices effective April 29, 2009
Volume 87 / Number 82
Oilgram Price Report
Lower output, imports cut US gasoline stocks
NYMEX May/June RBOB backwardated for first time in almost 7 months
New YorkUS gasoline invento- year, and strong gains in equity els that made gasoline output
ries declined 4.695 million bar- markets boosted the entire petro- profitable. The NYMEX June RBOB
rels last week, as a combination leum complex. crack averaged $11.33/b the
of lower output and imports erod- June crude oil settled $1.05 week ending April 24.
ed the stock surplus against his- higher at $50.97/barrel while While output fell, imports
torical averages, an analysis of May heating oil settled 1.24 declined 276,000 b/d to
the weekly oil data from the US cents higher at $1.3291/gal. 841,000 b/d, exacerbating the
Energy Information Administration At 212.612 million barrels drop in inventories.
showed April 29. the week ending April 24, US Low refiner output has been a
In response, May RBOB set- gasoline stocks were 7.734 mil- response to slowing gasoline
tled 5.07 cents higher at lion barrels above the five-year demand. On a week-over-week
$1.4484/gal while the May/June average and 1.523 million barrels basis, implied gasoline demand
spread moved into backwardation above year-ago levels. edged up just 15,000 b/d to
for the first time since October 2, Refiners reduced output of 9.151 million b/d, the EIA data
2008. May/June RBOB settled at gasoline, with production falling showed. But on a four-week mov-
plus 21 points/gal. 298,000 b/d to 8.79 million b/d, ing average, implied gasoline
A combination of a stronger a sign there may have been prob- demand was 0.1 percentage
RBOB market, which usually lems with upgrading units since point lower than the previous
leads the complex at this time of the crack spread was still at lev- week, and at 9.064 million b/d
was down 0.5% from year-ago lev-
els.
East Chinas small refiners mull mergers While a decline in gasoline
inventories at this time of year is
SingaporeIndependent refineries in eastern Chinas Shandong fairly normal as product starts to
province, which comprise over 55% of the countrys independent move out of primary storage
refining capacity, are looking at mergingsome to avoid closure as through the distribution system
a result of a stimulus package for the petroleum and chemical ahead of the start of driving sea-
industryand others to gain additional crude supplies, local son, this weeks decrease
sources said this week. appeared related to refinery
Under the stimulus plan, which China is widely expected to issues.
release in late April or early May, refineries with processing capaci- As gasoline balances tight-
ties of less than 1 million mt/year (20,000 b/d) will be phased ened, crude fundamentals contin-
out, and those with capacities of 1 million to 2 million mt/year ued to deteriorate as stocks
would be restructured. Around 12 of Shandongs 37 private refiner- jumped another 4.053 million
ies process less than 1 million mt/year, according to industry barrels to 374.653 million bar-
sources. rels, the highest level since the
It [the stimulus package] would be a great challenge for those week ending August 31, 1990.
small teapot refiners, said a Qingdao-based trader. They will be Stocks along the Gulf Coast
forced to shut down given low processing capabilities. climbed 3.475 million barrels to
Separately, the Shandong Economic and Trade Committee has an all-time high of 198.689 mil-
released guidelines on the development of the local refining indus- lion barrels, the EIA data showed.
try, which suggested a consolidation of private refiners into a group Still, US commercial crude
called the Shandong Petroleum and Chemical Corporation. The stocks were 3.17 million barrels
move would be designed to secure steady crude oil supplies for below the American Petroleum
the group. Institutess inventory level of
Chinas independent refineries typically face problems caused 377.823 million barrels for the
by low domestic crude allocations, and are squeezed by high same week.
imported feedstock costs and artificially low refined oil product Crude imports stayed at suffi-
prices. ciently high levels while refinery
Despite having a total processing capacity of over 45 million inputs fell yet again, keeping the
mt/year (803,300 b/d), Shandongs independent refineries get stock-building trend intact. Crude
only 1.79 million mt/year of domestic crude from the state oil imports were down just 31,000
(Continued on page 14) (Continued on page 14)
 PRICES EFFECTIVE: APRIL 29, 2009 OILGRAM PRICE REPORT

Market by Market
International crude: Sellers withhold Urals, diffs firm said. [Forties] does seem to be landing at
competitive numbers versus other
Urals differentials in the Mediterranean and is not offering the stems for now, according to crudes...there is a good chance that barrels
Northwest Europe firmed again Wednesday as trading sources. The Azeri market was report- will head over there, he added.
sellers held back and buyers looked for bar- ed to be around Dated Brent plus $0.15/bar- Another source held that view that Forties
rels. Asian interest in Urals was also another rel supported by cracking refining margins could currently work as a direct replacement
factor affecting levels. But Asian refiners were close to plus $2/b. for LLS with another estimating the landed
reported to be at the end of their buying cycle Azeri was also supported by the arbitrage value of Forties at around $1.50/b below LLS.
as refining margins dropped and Urals differen- to Asia which was described by one trader as However, despite the possibility of another out-
tials increased, according to trading sources. reasonably open. Low freight, low differen- let for Forties, fundamentals remained weak.
In the Platts Market on Close assessment tials and high Brent/Dubai spread were A sharp rise in the Urals market failed to
process, BP bid for Urals in the Mediter- reported to be the main factors behind the push the majority of refining sources spoken
ranean up to Dated Brent minus $1.60/bar- arbitrage to the East. to by Platts toward Forties as a substitute. A
rel. BP was looking for 80,000 mt cargo The CPC blend market also saw good refining source explained that the value of
scheduled to load May 16-20 ex-Novorossiisk demand which helped differentials. In the Urals versus Forties was at breakeven when
or Yuzhny with Odessa stems being accept- Platts Market on Close assessment process, the former was priced at around Dated Brent
able at $0.25/b discount. Vitol bid for a CPC blend cargo but withdrew minus $1.50/b and Forties $1/b higher.
In NWE, Vitol offered Urals in the MOC at Dated Brent minus $0.30/b for scheduled But with a slide in the gasoline and naph-
process at Dated Brent minus $0.70/b load- loading May 19-23, 80,000 mt. Vitol did not tha crack spreads and a rise in the fuel oil
ing May 15-19, ex-Primorsk. Vitol did not change the bid price in the MOC process. crack spread, Urals was thought to potentially
change its price in the MOC process. Also in Siberian Light was also up as a result of have more upside before the same breakeven
NWE, Glencore bid for a Urals cargo but with- the strengthening Urals market and sweet point was reached.
drew at Dated Brent minus $1.60/b. grades in the Med. Hellenic Petroleum sold A few June loading Angolan cargoes were
Glencore was looking for a May 12-16 Glencore a 70,000 mt Siberian Light cargo for being offered to the market as most cargoes
stem ex-Primorsk or Gdansk. Croatias INA delivery May 10-25 in a tender that closed had now been placed or would be kept by
bought an 80,000 mt Urals cargo for delivery Tuesday, trading sources said. The price was their allocated lifters, trading sources said
into Omisalj, Croatia during May 15-20, in a kept P&C. Trading in Saharan was muted as Wednesday. While some traders viewed the
tender from Gunvor, according to market traders were waiting for the June program. market as having reached a peak, new trades
sources. The price was kept P&C. The tender In the North Sea, Vitol continued its buy- of June-loading cargoes were reportedly occur-
closed Tuesday, April 28. ing spree on Forties Wednesday, adding a fur- ring at higher levels than cargoes last traded.
Surgutneftegaz issued a tender to sell a ther three cargoes to the five bought so far Unipec were reported as buying the June
Urals Suezmax cargo for loading May 18-19 this week and moving the differential to plus 10-11 Hungo from BP at a number greater
ex-Novorossiisk, trading sources said. The $0.085/barrel to forward Dated Brent. than Dated Brent minus $2/barrel. However,
tender closes Thursday, April 30. Libyan In the Platts Market on Close assessment neither BP nor Unipec confirmed either the
grades in the Med were reported to be in process, two offers from BP for dates May 14- trade or level. Total sold its June 27-28 Dalia
short supply as few term customers are offer- 16 and May 10-12 and one from Shell for cargo and its June 25-26 Girassol cargoes to
ing their barrels in the spot market. One dates May 12-14 were all lifted by Vitol and undisclosed buyers, sources said.
industry source said that the high Libyan offi- Vitol continued to bid for dates May 9-13 to The Dalia cargo was reportedly sold
cial selling prices were making it difficult for Dated Brent plus $0.15/b. around Dated Brent minus $2.85/b. However
term lifters to offer their stems. The trader was bidding for two cargoes neither these trades nor the price level were
Sweet crude in the Mediterranean contin- available in that date period, the May 10-12 confirmed by Total. Glencore were reportedly
ued its upward trend Wednesday, supported and May 11-13 stems held by Mercuria and offering the June 29-30 Palanca cargo at
by the bullish reports as Socar cleared its Shell respectively. By the close, Vitol owned Dated Brent plus 50 cents/barrel.
Azeri Light crude for May. There is interest in seven of the 15 FOB-loading Forties stems in However, this offer was not confirmed by
Azeri due to refiners coming back and differ- the 10 to 21 day assessment period. Traders Glencore. Trading in June loading Nigerian car-
entials being too low, a trader said. Some continued to cite floating storage as the rea- goes was muted as traders awaited the
equity holders like StatoilHydro continued to son behind the steady buying seen this week results of Taiwans CPC tender which had
have barrels. by Vitol. tied up a number of June-loading WAF car-
The Norwegian company had May 26-27 However, the option to arbitrage barrels goes, sources said. The result of the tender
ex-Supsa and May 29-31 ex-Ceyhan also began to be cited by traders. I think the was not available at presstime.
600,000 barrelsavailable, but the company arbitrage is a possibility, one trading source Indias MRPL issued a tender for
650,000-barrel cargoes loading July 1-15 on
either an FOB or CFR basis. Part one closes
Marathon restarts crude pipeline into Kentucky refinery May 4, part 2 closes May 6, with validity up to
May 6.
HoustonMarathon Petroleum has restarted a 24-inch-diameter crude pipeline feeding its Sour Mideast benchmark Dubai suffered
226,000 b/d refinery in Catlettsburg, Kentucky, after repairing a leak detected April 17, the a modest change in sentiment Wednesday,
company said April 29. with talk swirling of arbitrage cargoes coming
The refinery, which had cut its crude throughput as a result of the shutdown, restarted to Asia, adding to supply in the region. The
the line on Tuesday and will begin returning to normal operations, according to a statement spread between Dubai cargoes loading in
posted on the companys web site. June and July flipped from backwardation to
A Marathon spokeswoman was not immediately available for comment. contango. June/July Dubai weakened to
Marathon has not disclosed the size of the rate cut on the line, which originates in minus 14 cents/barrel Wednesday, from 4
Owensboro, Kentucky.Jennifer Brumback cents/b Tuesday.

VOLUME 87 / NUMBER 82/THURSDAY, APRIL 30, 2009 2


Distillates: Asian gasoil gets a lift
A combination of demand for high sulfur
gasoil and crimped supply due to turnarounds
lifted Asian gasoil Wednesday.
Asian gasoil closed the trading session at
$56.68/b, up $1.56/b from Tuesday. The
May/June gasoil intermonth spread continued
its rapid ascent, reaching a peak of minus 11
cents/barrel in Platts Market On Close
assessment process.
From the beginning of the week till now,
the spread has narrowed 38 cents/b to be
assessed at minus 11 cents/b at the close
of Asian trading Wednesday. Theres some
position clearing before May pricing, a trader
said.
If you have shorted May/June gasoil
swaps based on your (previous) assumption
of supply and demandand that has changed
slightlyyou may want to cover your position
and you just have to pay up now, he said.
Other traders said the change in the
demand-supply picture was due to a tightness
in the high sulfur gasoil pool, with basically
only 500 ppm and 10 ppm sulfur gasoil bar-
rels in ready supply.
I think early-May prompt demand is quite
strong and high sulfur gasoil looks quite
tight, said a source, adding that Malaysia
and Vietnam were drawing in cargoes, with
high sulfur gasoil barrels being blended down
to meet market standards.
The fickle differential for high sulfur gasoil
cargoes once again flipped into premium terri-
tory, assessed at MOPS plus 5 cents/b in a
reflection of the narrowing in the May/June
gasoil intermonth spread.
Supply and demand in European jet fuel
cargoes seemed balanced Wednesday, as
steady inflows from the East to NWE and the
Mediterranean for May were met by buying
interest, market sources said.
The arbitrage from the Persian Gulf and
Asia is not great but material still keeps com-
ing to Europe, with around 1.4 million mt on
the way for May, nothing out of the ordinary.
With demand steady, the market appears sta-
ble, a jet trader said.
The flat price for prompt jet was a reflec-
tion of the ICE gasoil contango, which makes
the arbitrage from Asia less profitable, said a
trader. As freight is still weak, a longer jour-
ney from Singapore will not make you any
money but you will break even, given the
weaker contango, he added.
Mediterranean jet sources also saw the
regional market as balanced to slightly over-
supplied, with demand until mid-May widely
satisfied. With constant re-supply coming to
the Med the market is saturated, however, by
the end of May, I see demand picking up, a
trader said.
Northwest European diesel premiums
came under further pressure Wednesday, as
the weight of available product continued to
exert steady influence, with traders seeing the
PRICES EFFECTIVE: APRIL 29, 2009 OILGRAM PRICE REPORT
looking constructive for 0.2%S. another trad-
er said.
combination of poor demand and investments A Colonial Pipeline scheduling deadline
in Europes refining capacity now rendering caused prompt jet fuel cash differentials in
arbitrage flows to Europe redundant. the US Gulf Coast to rally Wednesday while
This time last year, Europe was net short the rest of the distillate market moved lower.
on diesel and needed imports from Russia, Jet fuel was heard done at the May
and even with those Europe was still short. NYMEX minus 1.75 cents/gal early in the
That balance has changed dramatically. morning with the market quickly jumping to
Europe is now pretty much self-sufficient, minus 0.75 cent/gal.
one trader said. I had an offer at May minus 1.25
That aside, the fact that the US continued cents/gal and it got pulled pretty quick, one
to send product meant that Europe remained market source said.
awash, but the contango structure afforded The market then saw volume at May
some protection. Margins were still seen as minus 0.75 cents/gal with refiners heard on
relatively healthy for now, with the promise of the sell side. The jet/kero 55 was pegged at
any fresh reduction in runs preventing diesel 1.5 cents/gal vs the jet 54. Heating oil, which
values falling much lower. was trading versus the June NYMEX heating
Limited gasoil resupply, due to the closed oil contract slipped from minus 5 cents/gal to
arbitrage from the US and Asia and relatively minus 5.75 cents/gal with very little action
healthy Turkish demand, lent support to the heard.
0.1%S Mediterranean cargo market, sources The ultra low sulfur diesel traded at least
said Wednesday. That was despite the expec- four times in the morning at May plus 2.75
tation of increased volumes from the Black cents/gal but fell to plus 1.15 cents/gal dur-
Sea. ing the Platts Market on Close assessment
Demand is tailing off but a lot of people process. The market, while weaker, was
are going to want the oil with the current con- extremely liquid and stable during the MOC
tango structure, a trader said, cautioning that process with 325,000 barrels trading
remaining tank space would be filled fairly between May plus 1.1 cents/gal and plus
quickly. Turkey is the focus of the majority of 1.35 cents/gal.
consumption, with at least 12 cargoes likely The on-road low sulfur diesel was heard
to be imported in May, sources said. offered early at even to the May NYMEX but
West African demand has softened after a later heard offered at May minus 0.5 cent/gal
recent wave of buying but South America with no done deals. The off-road LSD market
attracted barrels from the Baltic. This is the was talked at May minus 4.5 to minus 3.5
start of their (South Americas) winter, so cents/gal in the morning with Northville even-
there is oil moving to that direction, a trader tually selling to Morgan Stanley at minus 4.75
said. Blenders still want to buy so its still cents/gal later in the day.
OPEC supplied 55.5% of US crude imports in 2008: EIA
LondonOil producer club OPECs share of US crude imports rose to 55.55% last year from
53.71% in 2007, official data show.
Figures published by the Energy Information Administration show that OPEC members
supplied 5.419 million b/d or 55.55% of the 9.756 million b/d of crude imported by the US
in 2008, slightly up from 2007s 5.388 million b/d which accounted for 53.71% of the
10.031 million b/d imported.
US Crude imports were last below 10 million b/d on an annual basis in 2003, when
they averaged 9.665 million b/d.
Canada, Saudi Arabia, Mexico, Venezuela and Nigeria remained the top five crude sup-
pliers in 2008 with a combined 6.586 million b/d, or 67.51% of the total crude import vol-
ume.
Both volume and share were down from 2007, when these five countries supplied a
combined average of 6.976 million b/d or 69.54% of total crude imports.
Excluding non-OPEC Canada and Mexico, OPEC members Saudi Arabia, Venezuela and
Nigeria together supplied an average 3.47 million b/d of crude in 2008, 35.57% of the
total. Again, both volume and share were down from 2007, when combined volumes from
these three averaged 3.679 million b/d, or 36.68% of total crude imports.
Within OPEC, Saudi Arabia, Angola, Ecuador, Iraq and Kuwait boosted their crude vol-
umes to the US last year, while supplies from Algeria, Libya, Nigeria and Venezuela dipped.
UAE volumes were negligible at around 4,000 b/d in 2008 and 9,000 b/d the previous
year. Qatar did not export any oil to the US in 2007. The US does not import oil from Iran.
In terms of both crude and products, OPECs share of total imports rose to 46.29% in
2008 from 44.4% in 2007 although volumes were slightly down in 2008 at 5.958 million
b/d from 5.98 million b/d in 2007. Total petroleum imports fell to 12.872 million b/d in
2008 from 13.468 million b/d the previous year.Margaret McQuaile
VOLUME 87 / NUMBER 82/THURSDAY, APRIL 30, 2009 3
 PRICES EFFECTIVE: APRIL 29, 2009 OILGRAM PRICE REPORT

Gasoline: Chicago rebounds on refiner buying Trades for May-delivery Los Angeles CAR-
BOB cash differentials traded up to the
Chicago 87-unleaded cash market differen- to capture high premiums before the next NYMEX June RBOB contract plus 16
tials rebounded 2.75 cents/gal Wednesday wave of imports hit the US. cents/gal, with ConocoPhillips seen in the
with traders pegging the bullish move to heavy The draw was expected because relatively market buying.
buying interest from refiners. few European cargoes imported into the US of Later, offers lowered to the June NYMEX
Platts assessed 87-unleaded at the June late. This was underscored by the EIA data for plus 15.5 cents/gal before end of the Platts
NYMEX RBOB contract minus 3.5 cents/gal, the reporting week ending April 24, as US Market on Close assessment process.
up from NYMEX minus 6.25 cents/gal on gasoline imports fell 276,000 b/d to Weekly statistics released by the US
Tuesday. 841,000 b/d. Energy Information Administration indicated
The thinly traded market jumped on news However, the affect of falling imports have that stocks along the PADD V region fell
that ConocoPhillips had shut a fluid catalytic already been felt by the market, strengthening it 300,000 barrels to 28.6 million barrels.
cracker late Tuesday at its 306,000 b/d joint from double-digit discounts at the start of the In San Francisco, offers for CARBOB sat
venture refinery in Wood River, Illinois, for month to an April peak at minus 3.25 cents/gal at a 5 cents/gal premium to the Los Angeles
unplanned work. Market sources said it ampli- against May NYMEX RBOB on April 22. cash market, however no bidders emerged.
fied buying interest, given ongoing spring US Gulf Coast conventional unleaded gaso- Asian gasoline rose $1.18/barrel
maintenance on a crude unit at BPs 410,000 line differentials remained mixed Wednesday. A Wednesday along with higher Western crudes,
b/d refinery in Whiting, Indiana. gasoline stock draw reported by the Energy while cracks were relatively steady amid thin
Youve got all these things kind of out Information Administration failed to improve trade. Gasoline premiums in the region were
there, said a source, who noted it was diffi- 9.0 RVP conventional unleaded gasoline, which steady to lower, reflecting low freight rates
cult to isolate the effect of any one of them was assessed at the NYMEX minus 8.25 and a lack of incremental demand.
on the markets jump Wednesday. cents/gal, down 0.25 cents/gal. But the 7.8 Indonesias Petral was to buy two
US Atlantic Coast prompt gasoline differ- RVP summer conventional rose 1 cent/gal, to 200,000 barrels of 92 RON for June delivery
entials Wednesday fell 0.75 cents/gal, be assessed by Platts at the June NYMEX into Cilacap and Balikpapan at premiums of
despite the Energy Information Administration RBOB contract minus 2 cents/gal. 70 cents to less than $1/b against MOPS 92
reporting a 4.6 million-barrel draw in US gaso- The strength on 7.8 RVP conventional was RON, CFR basis. This brings to date, 5.2 mil-
line inventories as traders with product in underscored as the backwardation widened to lion barrels of gasoline imports that Pertami-
storage sold into a backwardated market, 0.5 cents/gal, from the prompt to the next na has planned for June.
sources said. cycle barrel, sources said. During the Platts May-loading cargoes from Chinas Sinopec
Prompt conventional gasoline was Market on Close assessment process, consid- and PetroChina, at premiums of up to 30
assessed by Platts at June NYMEX RBOB erable trading interest was seen at the cents/b for 92 RON, have continued to add
minus 6.50 cents/gal, after wrapping up Tues- NYMEX minus 8.25 cents/gal, as 125,000 downward pressure on the market, leaving
day at minus 5.75 cent/gal. The June RBOB barrels exchanged hands in a space of few arbitrage opportunities to the US West Coast
contract settled at $1.4463/gal, up 4.68 minutes. and the Middle East wide open.
cents. A slight drawdown on US West Coast European gasoline regained strength
Everybody knew that it was going to hap- gasoline inventories spurred refiner buying Wednesday on the back of an expected growth
pen, if it didnt happen it would have been interest in the Los Angeles CARBOB cash in US demand, sources said. The physical
very bearish, a trader said, referring to the market Wednesday, causing differentials to gasoline crack improved by $1.25/barrel to
stock draw. He added that sellers were trying strengthen 1.25 cents/gal. $6.75/b at the close, according to Platts data.
US Energy Information Administration statistics
showed a 4.695 million-barrel draw on gasoline
Resids/bunkers: Finished 3% tight in US Gulf inventories and refinery runs at 82.7%.
RBOB futures flipped into backwardation,
US Gulf Coast 3% sulfur fuel oil was assessed up 90 cents Wednesday to $44.00- they [the US] are a short at the front, one
$41.00/b, nudged along by crudes rise and a slight tightening of finished product. June trader said. Cash differentials to New York
crude futures settled $1.05/barrel higher on the NYMEX Wednesday at $50.97/b. Harbor also showed signs of improvement.
High sulfur fuel oil, particularly that suitable for finished bunker product appeared to be The arbitrage is widening...I expect it to open
cleaning up, while components, vacuum tower bottoms in particular, seemed abundant, with soon and spreads to pick up strength unless
plenty on offer. In Platts Market On Close assessment process, Valero sold two barges of refineries start running, which may happen as
40,000-45,000 barrels of 3%S fuel oil, both for May 9-11, FOB HOFTI, the first at margins look OK, one trader said.
$43.95/b, the second at $44.00/b. In the Mediterranean there was little buy-
The window of the two transactions marked the back of the Platts assessment window, ing interest shown in the market while supply
and carried the bulk of the assessment. The curve for the window was slight, varying 16 remained tight due to refinery run cuts and
cents between May 3-May 11, which reflected the 65 cent difference between May and June maintenance across the region, market
3%S swaps sources said.
Other bids and offers remained, namely a bid from BP for May 5-7 at $43.30/b, FOB I see no cargoes on offer but there is no
HOFTI, and an offer from Shell at $44.30/b, also for the same May 5-7 period. Given the demand either; we know that some is needed
wide variation of the two positions and the curve of the backwardation, they were not con- but we dont see a bid today, one refiner said.
sidered for assessment purposes. Buyers in the Persian Gulf have eyed Asia
US Atlantic Coast spot physical residual fuels were assessed higher by Platts Wednes- to source material, market sources said.
day as NYMEX crude settled $1.05/barrel higher at $50.97/b. Crude again pulled up front- Singapore is a lot cheaper than it was, a
month 1% sulfur fuel swaps by 90 cents to $44.80/b. Mediterranean cargo trader said.
There was active bidding interest for high sulfur, as both ConocoPhillips and Chemoil With supply limited from India due to turn-
aggressively bid 3.0%S. Both companies bid to $43/b for 120,000 barrels delivered basis arounds, cheap freight and improved supply
New York Harbor. Chemoils delivery dates were for prompt May 9-13, while ConocoPhillips from China, Taiwan, Thailand and South Korea
was looking for May 12-16 delivery. The higher sulfur aimed at the bunker market and is the meant PG buyers looked to Asia to meet their
only grade attracting daily interest. gasoline requirements, sources said.

VOLUME 87 / NUMBER 82/THURSDAY, APRIL 30, 2009 4


Americas crude: USG sweets knocked hard
In the USG cash sweet crude market
Wednesday, prices weakened sharply,
although inter-month price relationships were
not as affected as that seen in Mars Blend.
The declines were also tied to a positive
WTI/Brent spread, and continued rise in
crude inventories. The WTI/Brent spread was
last quoted at plus 34 cents/b, from minus
6 cents earlier in the day.
About two weeks, this spread was at
minus $2.15/b. A positive WTI/Brent spread
would mean Brent-linked sweet crudes such
as those from the North Sea and West African
would now compete head on and put pres-
sure on local supplies.
June delivery Light Louisiana Sweet
crude was last quoted at a $1.25-1.50/b
premium to cash WTI, after starting the day
at a $1.60-2.000/b premium. Trades were
heard done at a $1.75 premium and $1.80
premium.
June/July LLS spread was quoted at plus
30-50 cents/b. Heavy Lousiana Sweet crude
traded at a 50 cents premium and 75
cents/b premium. June HLS was last quoted
at parity to 45 cents/b premium to cash WTI.
June Midland traded at a 5 cents/b discount
to cash WTI.
In the USG cash sour crude market
Wednesday, prices were mostly weaker in
response to a return of the WTI/Brent spread
into positive territory, market sources said. A
positive WTI/Brent spread would mean brent-
linked sour crudes that are imported from
across the Atlantic would now prove more
attractive compared with local supplies and
put downward pressure on the latter.
Sources also said that rising inventory in
the US Gulf, as reported by the Department of
Energy, may have also contributed to the
weakness in the sour complex. June delivery
Mars was last quoted at a $2.50- 2.25/b dis-
count to cash WTI, after starting the day trad-
ing at a $2.30/b discount.
] Oilgram Price Report
Editor-in-Chief: Jeff Mower;
Global Director Oil: John Kingston;
Global Director Market Reporting: J. Montepeque;
Editorial Director, Asia: David Ernsberger; Oil Manag-
er, US: Esa Ramasamy; Oil Manager, Singapore: Paul
Young; Houston Bureau Chief: Annette Hugh; Oil Man-
ager, London: Simon Thorne;
Vice President, Editorial: Dan Tanz
Platts President: Larry Neal
Manager, Advertising Sales: Ann Forte
Telephone & e-mail:
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PRICES EFFECTIVE: APRIL 29, 2009 OILGRAM PRICE REPORT
lack of offers. June delivery Bonito was heard
to have traded at a 75 cents/b discount to
The crude inventory increases in turn cash WTI, and was last quoted at a $1.25-50
pushed the June Mars market in contango cents/b discount to cash WTI. West Texas
against July Mars. The June/July Mars Sour crude was heard done earlier in the day
spread was last quoted at a minus 25 at a $1.00/b discount, and was last seen at
cents/minus 10 cents after trading earlier in a 95-90 cents/b discount.
the day at minus 10 cents/b. Canadian crude differentials backed off
June Poseidon was last quoted at a Wednesday, though it was not immediately
$2.70-2.25/b discount after the close of the clear why. Market sources said Canadian
Platts Market On Close assessment crude consumer ConocoPhillips shut an FCC
process, this grade was heard done at a at its Wood River, Illinois, refinery. However,
$2.40/b discount. Thunder Horse for June sources said that event was too prompt to be
delivery was heard done at a 85 cents/b dis- to blame for the decline in prices Wednesday.
count, and was last quoted at a 80-45 Western Canadian Select was heard to trade
cents/b discount. at $8.75/b and $8.70/b discount to the
June delivery Southern Green Canyon was front-month NYMEX crude swaps, down about
last heard bid at a $3.00/b discount, amid a 60 cents from Tuesday.
Blendstocks/feedstocks: MTBE rises in the Gulf
MTBE prices were assessed 8 cents/gal higher Wednesday in the US Gulf, $1.83-1.84/gal,
up line with Europe; there were no bids or offers locally. Europe at the equivalent of about
$1.78/gal; is probably more competitive to PDVSA versus Houston. Still, the blend value of
MTBE is about $1.95/gal, suggesting that those who need it to blend into finished gaso-
line cargoes will find it attractive.
Spot ethanol prices pushed higher Wednesday, New York sold at $1.69/gal and
$1.70/gal, for any May barrels, bids still there at the end of the day. Chicago was up as
well, $1.59-1.60/gal talked at the end of the day.
The market was said to have been driven by corn; on the Chicago Board of Trade
futures market was up 18 cents/bushel, finishing in May at $3.93/bushel; ethanol finished
up $1.612/gal, up 5.3 cents/gal, also for May. With gasoline up hard and ethanol less so,
the blending economics are looking better; inventory figures for ethanol were essentially
flat, however, suggesting no impact on demand for ethanol.
Spot alkylate was rated 1 cent/gal higher Wednesday, 18-19 cents/gal over unleaded;
sellers are hoping that the most recent tender, or requirement, from PDVSA, for 320,000
barrels in mid May, will spur some bullishness in the alkylate market. There has been an
overhang of alkylate in the market, and exports have been thin, but some say that unlike
recent PDVSA requirements, this one will not be supplied by the Caribbean.
Corrections
In the April 29, 2009 Oilgram Price Report, Vol 87, Number 81 (prices effective April 28,
2009), under Product Price Assessments, Gas Liquids Mont Belvieu Natural Gasoline LDH,
Natural Non-Targa and Natural Targa all should have read 100.000-100.200
Volume 87 / Number 82/April 30, 2009
Oilgram Price Report is published every business day in New York and Houston by Platts, a division of
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VOLUME 87 / NUMBER 82/THURSDAY, APRIL 30, 2009 5
 PRICES EFFECTIVE: APRIL 29, 2009 OILGRAM PRICE REPORT

US Wholesale Posted Prices

Unleaded Midgrade Premium Kerosene Diesel No.2 Low Sulfur Diesel ULSD

PAD1
Albany, NY 142.75-147.90 152.25-157.74 156.50-168.80 165.00-172.90 136.75-139.40 142.00-147.25
Allentown 139.17-146.90 146.10-147.40 157.90-168.90 146.52-146.52 134.00-138.80 135.68-135.68 140.33-143.50
Atlanta 144.02-151.70 151.45-162.20 162.63-174.70 153.90-160.38 134.57-138.85 137.83-141.55
Baltimore (a) 145.00-152.16 150.00-159.43 160.00-174.00 152.45-163.00 132.70-136.00 139.00-141.27 139.84-147.03
Binghamton 142.14-150.00 147.30-155.00 157.80-170.00 154.50-168.20 136.00-146.03 - 143.40-148.90
Boston (a) 149.25-156.40 156.37-164.24 166.15-178.45 173.47-213.75 140.45-158.55 146.97-146.97 140.98-148.45
Charleston 144.19-149.65 151.20-159.09 164.70-178.38 158.35-158.35 142.53-147.42
Charlotte 135.75-142.05 142.74-150.90 154.89-172.22 134.91-139.15 138.05-141.85
Fairfax (a) 144.64-153.61 150.84-160.88 160.85-174.43 - 136.90-142.00
Greensboro 135.80-142.15 142.60-150.90 154.75-172.05 139.60-151.00 135.00-139.25 138.26-142.91
Miami 142.20-148.72 148.95-163.00 161.10-178.50 140.52-144.91
New Haven (a) 148.65-154.06 154.75-160.00 164.75-171.52 179.54-180.87 133.72-138.15 139.45-146.75
New York City (a) 153.95-156.30 160.45-165.61 170.95-174.19 169.04-169.04 139.09-140.33 144.24-144.24 144.37-154.11
Newark (a) 145.73-154.42 150.60-162.22 161.80-176.60 167.31-167.31 131.90-141.90 135.53-139.95 137.79-149.02
Norfolk (a) 140.00-157.05 148.00-166.50 160.00-176.55 149.89-149.89 135.57-141.03 137.98-146.19
Orlando 142.25-148.55 147.69-157.30 160.25-168.30 141.76-144.75
Philadelphia (a) 144.54-153.45 151.50-161.43 155.26-176.15 157.01-162.35 131.75-147.25 133.40-143.10 139.34-143.70
Pittsburgh 142.81-150.20 150.98-155.98 166.57-167.20 150.10-163.50 134.29-137.57 - 138.20-142.15
Providence 148.50-153.93 154.85-161.00 164.60-175.05 134.66-141.60 141.98-141.98 140.90-148.70
Portland 145.60-149.67 147.90-160.77 152.10-170.57 163.00-163.20 139.00-145.70 141.14-145.85
Raleigh 136.85-143.60 143.20-149.60 155.35-161.60 138.75-140.75
Richmond 141.00-156.65 149.00-166.10 160.90-176.15 183.00-183.00 135.45-140.15 137.86-143.34
Savannah 145.95-147.76 152.95-156.36 166.45-183.34 - 141.64-147.05
Spartanburg 136.27-142.00 143.06-150.75 157.30-161.75 160.64-160.64 134.96-139.10 138.22-142.46
Tampa 140.20-150.93 147.01-158.85 160.20-178.29 138.64-138.64 139.50-147.41

PAD2
Cape Girardeau 138.05-144.20 148.10-148.75 154.40-174.75 138.00-141.65 140.25-144.45
Chattanooga 135.60-141.95 142.60-150.65 154.75-163.95 134.85-139.00 137.61-141.70
Chicago (a) 155.00-162.86 161.25-169.29 172.45-177.71 163.25-163.25 132.50-149.60 135.80-141.68
Cleveland 145.95-154.44 153.95-160.88 167.40-171.28 162.75-162.75 140.48-149.00
Columbus 147.10-158.99 145.95-165.43 161.37-173.84 162.45-162.45 138.95-152.66
Duluth 141.77-146.30 143.25-147.30 152.00-161.90 141.65-146.00 140.75-142.90
Des Moines 137.91-144.00 - 154.00-175.69 - - 138.30-144.54
Detroit 142.50-152.66 146.01-162.56 160.75-172.46 157.65-157.65 135.78-139.94
Fargo 142.00-147.55 146.37-151.25 157.00-179.23 - 142.00-146.27
Green Bay 141.82-146.25 145.09-151.75 151.00-167.25 163.40-163.40 136.30-136.30 138.70-140.09
Indianapolis 139.10-145.95 145.23-149.54 156.80-168.95 161.10-161.10 135.95-141.82
Kansas City 136.47-143.95 150.17-152.95 153.37-174.83 - - 136.68-140.50
Knoxville 135.75-142.00 143.99-150.75 154.25-161.75 - 134.92-139.10 138.70-141.80
Milwaukee 155.50-156.50 162.28-163.00 173.50-176.00 164.20-164.20 137.75-141.15
Minneapolis/St.Paul 138.50-147.35 140.05-149.40 148.50-162.20 147.00-147.00 - 139.49-144.19
Oklahoma City 134.89-143.60 145.20-149.35 152.90-173.29 135.70-140.49
Omaha 137.66-143.92 150.85-150.85 153.67-175.61 - 137.63-141.05
Sioux Falls 138.60-145.78 - 154.40-175.59 - 138.65-144.54
St.Louis 149.90-161.37 159.90-168.30 171.90/181.17 138.01-141.80

PAD3
Albuquerque 152.50-156.00 162.61-165.71 171.75-179.90 139.09-145.00
Amarillo 147.70-147.70 157.70-157.70 167.70-167.70 140.25-142.15
Baton Rouge 137.30-143.15 148.15-151.90 154.45-162.90 153.90-153.90 136.30-141.90
Birmingham 135.72-141.50 142.59-150.25 155.80-161.25 276.92-276.92 135.35-137.30 137.41-141.25
Corpus Christi 138.90-140.51 145.70-148.60 158.90-162.51 133.55-133.55 137.00-141.20 139.60-139.80
Dallas/Ft.Worth (a) 145.75-153.89 150.85-160.24 159.75-170.54 140.67-146.65
Houston (a) 142.74-146.75 149.50-153.50 160.85-165.75 137.85-137.85 137.50-137.90 138.55-141.35
Little Rock 136.75-152.43 142.75-163.55 156.75-179.47 136.95-140.40 138.05-142.60
New Orleans 134.15-139.70 141.15-148.45 152.65-159.45 - 135.86-138.60
San Antonio 138.65-145.55 146.15-153.55 157.65-165.55 140.25-143.60

PAD4
Aberdeen 141.08-147.51 157.41-157.41 157.30-167.31 - 141.55-148.05
Billings (b) 154.44-156.12 171.27-172.90 157.66-159.88
Casper (b) 154.98-154.98 175.28-175.28 163.35-163.35
Denver 150.78-155.00 158.70-165.00 169.45-182.00 143.16-147.50
Salt Lake City 150.23-161.25 158.15-170.25 168.05-179.25 166.00-166.00 160.08-167.35

PAD5
Anacortes 161.00-162.00 169.00-171.00 177.00-180.00 154.33-154.33 149.45-153.84
Las Vegas (e) 153.95-175.50 161.87-190.50 169.79-205.50 140.90-155.00
Los Angeles(e) 161.50-167.00 172.50-180.00 183.00-193.00 137.70-142.25
Phoenix 156.00-163.00 167.00-175.00 178.00-187.00 136.80-146.50
Portland 163.25-172.00 172.25-183.75 176.50-195.75 149.25-149.25 150.25-162.00
SanFran-EBay (e) 164.00-170.00 176.00-182.00 187.00-194.00 140.20-144.75
Seattle/Tacoma 168.75-170.00 177.75-179.00 186.75-188.00 159.85-159.85 152.50-157.55
Spokane 171.22-172.00 179.24-181.00 190.00-190.23 160.50-177.21
All prices are provided by DTN. Discounts or temporary allowances offered by individual companies are not included in posted prices. Prices are unbranded unless noted. Prices are conventional gasoline unless
noted. All prices in cts/gal. (a)=RFG. (b)=Branded postings (e)=CARB gasoline/No.2 oil

VOLUME 87 / NUMBER 82/THURSDAY, APRIL 30, 2009 6

 PRICES EFFECTIVE: APRIL 29, 2009 OILGRAM PRICE REPORT

Five-Day Rolling Averages* *Five Days ending Apr 29

Naphtha $/Bbl c/Gal Crude Oil, FOB Source $/Bbl
Singapore 47.0747.11 112.08**112.18 West Texas Int 50.1350.15
$/MT c/Gal NYMEX Crude 50.02
Japan C/F 429.05430.90 113.51**113.99 Mars 47.7447.82
Arab Gulf 412.31414.16 109.08**109.57 Brent (DTD) 49.6849.69
CIF NWE Physical 410.35410.85 108.56**111.04 Brent (First Month) 49.6649.70
Rotterdam Barge 406.35406.85 107.50**109.96 Dubai (First Month) 48.6948.71
FOB Med 395.00395.50 104.50**106.89 Oman (First Month) 48.7448.76
CIF Genoa 406.30406.80 107.49**109.95 Urals CIF Med 48.1948.25
US Gulf W 449.32**450.92 126.57127.02 WTI Posting Plus 1.94 1.97
Carib Cargo 440.98442.57 121.48**121.92 Gasoil/Heating Oil $/Bbl c/Gal
Jet Kerosene $/MT c/Gal Singapore 55.8255.86 132.91**133.01
CIF NWE Cargo 464.90465.40 140.88**140.18 Arab Gulf 54.3454.38 129.39**129.49
Rotterdam Barge 460.65461.15 139.59**138.90 L.A. LS Diesel 57.42**57.63 136.71137.21
FOB Med 451.60452.10 136.85**136.17 S.F. LS Diesel 57.42**57.63 136.71137.21
US Gulf Water 437.70**438.93 131.84132.21 $/MT c/Gal
US Gulf Pipe 436.04**437.27 131.34131.71 0.1 CIF ARA 425.05426.05 135.80**136.12
Carib Cargo 454.39455.63 140.68**141.06 EN590 CIF ARA 392.20393.20 125.30**125.62
NY Cargo 440.71**442.00 133.55133.94 0.1 Rotterdam Barge 418.45418.95 133.69**133.85
LA Pipeline 437.05**438.64 137.01137.51 0.1 FOB NWE 414.15415.15 132.32**132.64
Group 3 454.34**456.00 136.85137.35 0.2 CIF MED 423.65424.65 135.35**135.67
Chicago 445.24**446.90 134.11134.61 0.1 CIF MED 428.50429.50 136.90**137.22
Low Sulfur Resid Fuel Oil $/Bbl $/Mt EN590 CIF MED 541.55542.55 173.02**173.34
Indonesia LSWR Mixed/Cracked 37.6537.69 252.26**252.52 NY Cargo 411.64**412.42 130.68130.93
CIF ARA 1% 43.99**44.07 285.95286.45 NY Barge 414.79**415.57 131.68131.93
Rot Bar 1% 43.70**43.11 279.70280.20 US Gulf Water 398.69**400.05 129.45129.89
NWE FOB 1% 43.63**43.03 279.20279.70 US Gulf Pipe 397.15**398.51 128.95129.39
Med FOB 1% 44.77**44.16 286.55287.05 Carib Cargo 403.35404.69 129.69**130.13
Rot Bar 1.5% 44.34**43.73 283.75284.25 NYMEX NO. 2 419.31 133.11
NY Cargo .3% HP 46.8047.00 313.56**314.90 Gasoline,Intl. Market c/Gal Prem $/Mt
NY Cargo .3% LP 48.7648.96 326.69**328.03 R dam Barge Prem Unl 134.56**134.70 472.30472.80
NY Cargo .7% Max 45.3745.57 294.91**296.21 Gasoline, U.S. Market Unleaded Premium
NY Cargo 1% Max 44.7344.93 290.75**292.05 NY Cargo 138.17138.97 153.57154.57
US Gulf 1% 48.3748.47 305.70**306.33 NY Barge 136.22136.82 152.57153.47
Hi Sulfur Resid Fuel Oil $/Bbl $/Mt US Gulf Water 139.57140.02 156.37156.82
Singapore 180 44.31**44.32 288.03288.07 US Gulf Pipe 138.32138.77 155.12155.57
Singapore 380 44.65**44.65 285.73285.77 Group 132.86133.41 150.86151.41
Arab Gulf 180 43.32**43.32 277.22277.26 LA Pipeline 150.11150.61 161.81162.31
CIF ARA 3.5% 41.94**41.69 264.25264.75 SF Pipeline 153.11153.61 164.81165.31
NWE FOB 3.5% 40.61**40.37 255.85256.35 Chicago 134.81135.31 155.81156.31
Med FOB 3.5% 42.26**42.01 266.25266.75 NYMEX Unl 158.13
CIF Med 3.5% 43.40**43.13 273.40273.90 Conversions either side of asterisks
NY Cargo 2.2% 41.9542.15 268.48**269.76
NY Cargo 3.0% 41.9542.15 268.48**269.76
US Gulf 3% 43.3743.47 277.57**278.21
Carib 2.0% 36.8037.00 235.52**236.80
Carib 2.8% 35.1035.30 224.64**225.92

Product Price Assessments ($/MT)

Cargoes Cargoes CIF Cargoes Barges Cargoes
FOB Med Basis Italy Med Basis Genoa/Lavera CIF NWE Basis ARA FOB Rotterdam FOB NWE
European Bulk
98 RON Unl +514.50-515.00+
Prem Unl +479.50-480.00+
Prem Unl Non Oxy +487.00-487.50+
Gasoline 10ppm +491.50-492.00+
Prem Unl 10 ppm +487.50-488.00+ +493.50-494.00+
Reg Unl Non Oxy +473.75-474.25+
MTBE +631.00-631.50+
Naphtha Physical +394.75-395.25+ +406.25-406.75+ +410.50-411.00+ +406.50-407.00+
Naphtha Swaps +413.50-414.00+
Jet Kerosene +467.25-467.75+ +458.75-459.25+ +460.00-460.50+
Jet Av. Fuel +453.75-454.25+
ULSD 10ppm +439.25-440.25+ +446.75-447.75+ +445.25-446.25+ +435.75-436.75+
Diesel 10ppm NWE +445.50-446.50+ +435.50-436.50+
Diesel 10ppm UK +447.75-448.75+
Diesel 10ppm +445.25-446.25+ +437.50-438.00+ +437.00-438.00+
Gasoil 0.2% +415.50-416.50+ +426.00-427.00+
Gasoil 0.1% +422.25-423.25+ +430.75-431.75+ +428.75-429.75+ +421.50-422.00+ +418.25-419.25+
Biodiesel +865.00-870.00+
Russian Gasoil 0.2% +419.00-420.00+
1% Fuel Oil +288.75-289.25+ +296.00-296.50+ +288.25-288.75+ +282.25-282.75+ +281.50-282.00+
1.5% Fuel Oil +289.75-290.25+
3.5% Fuel Oil +270.75-271.25+ +278.00-278.50+ +270.00-270.50+ +272.00-272.50+ +261.50-262.00+
380 CST +278.00-281.00+
0.5%-0.7% Straight Run +320.50-321.50+
0.2 PCT Gasoil does not include -5 -15 spec. IPE gasoil GWAVE* (May ) 419.50. IPE gasoil GWAVE* (June) 426.50. *The IPE gasoil average data refer to the previous days business

VOLUME 87 / NUMBER 82 /THURSDAY, APRIL 30, 2009 7

 PRICES EFFECTIVE: APRIL 29, 2009 OILGRAM PRICE REPORT

Product Price Assessments

New York/Boston Cargo Barge U.S. Gulf Coast Waterborne Pipeline
9.0 RVP Unl 87 +140.63-141.63+ +137.63-138.63+ 9.0 RVPSupplemental Summer
Unl 89 +147.43-148.43+ +145.23-146.23+ Unl 87 +137.58-137.68+ +136.33-136.43+
Unl 93 +157.63-158.63+ +156.63-157.63+ Unl Midgrade 89 +144.58-144.68+ +143.33-143.43+
CBOB +138.63-139.63+ +137.63-138.63+ Prem Unl 93 +155.08-155.18+ +153.83-153.93+
Prem CBOB +157.88-158.88+ +156.88-157.88+ 7.8 RVP
5.9 RVP Unl RBOB +145.38-145.88+ +144.63-145.13+ c/Gal Unl 87 +143.63-144.13+ +142.38-142.88+
Prem RBOB +162.13-163.13+ +161.13-162.13+ Unl 89 +150.03-150.53+ +148.78-149.28+
Unl RBOB (Boston) +145.13-145.63+ Prem Unl 93 +159.63-160.13+ +158.38-158.88+
Ethanol NYH 5-15 +169.50-170.00+ 7.0 RVP RBOB 83.7 +141.63-142.13+
Jet Fuel +133.16-133.41+ +134.16-134.41+ 7.0 RVP RBOB 91.4 +156.63-157.13+
LS Jet/Kero +138.66-139.66+ +139.66-140.66+ 7.8 RVP Unl 87 ULS 30 Atlanta +142.38-142.88+
ULS Kero +152.91-153.91+ +153.91-154.91+ 7.8 RVP Prem Unl 93 ULS 30 Atlanta +158.38-158.88+
LS Jet/Kero(Boston) +140.66-141.66+ 7.0 RVP CBOB 87 +141.88-142.38+
ULS Kero (Boston) +154.91-155.91+ 7.0 RVP CBOB 93 +159.38-159.88+
No. 2 +130.66-130.91+ +131.66-131.91+ Ethanol*** 165.00-166.00
LS Diesel +131.16-131.66+ +132.41-132.91+ MTBE +183.00-184.00+
LS Diesel Off-road +131.16-131.66+ +132.41-132.91+ Alkylate** +18.00-19.00+
ULSD +134.91-135.16+ +136.16-136.41+ Naphtha +130.63-131.13+
No. 2 (Boston) +132.66-133.41+ Naphtha Barge +131.63-132.13+
LS Diesel (Boston) +134.16-134.66+ Hvy Naphtha +131.63-132.13+
LS Diesel Off-road (Boston) +134.16-134.66+ Hvy Naphtha Barge +132.63-133.13+
ULSD (Boston) +137.91-138.16+ Paraffinic Naphtha (barge)($/mt)+377.42-377.79+
$/Bbl No. 6 0.3%S HiPr +47.20-47.40+ +47.20-47.40+ Paraffinic Naphtha diff.(a) 3.00
No. 6 0.3%S LoPr +49.15-49.35+ +49.15-49.35+ Naphtha differential** -13.00
No. 6 0.7%S Max +46.00-46.20+ +46.00-46.20+ Naphtha Barge differential** -12.00
No. 6 1%S Max +45.55-45.75+ +45.55-45.75+ Heavy Naphtha differential** -12.00
No. 6 2.2%S Max +43.05-43.25+ +43.05-43.25+ Heavy Naphtha Barge diff** -11.00
No. 6 2.2%S Max (Bstn) +43.30-43.50+ Jet/Kero 54 +132.41-132.91+ +131.91-132.41+
No. 6 3.0%S Max +43.05-43.25+ +43.05-43.25+ Jet/Kero 55 +133.91-134.41+ +133.41-133.91+
No. 6 1.0%S Pap. 1st M +44.75-44.85+ ULS Kero +134.91-135.41+ +134.41-134.91+
No. 6 1.0%S Pap. 2nd M +44.75-44.85+ No. 2 +129.25-129.75+ +128.75-129.25+
No. 6 1.0%S Pap. Qtrly +45.15-45.25+ LS Diesel +132.41-132.91+ +131.91-132.41+
LS Diesel off-road -128.41-128.91- -127.91-128.41-
ULSD +134.56-134.76+ +134.06-134.26+
Biodiesel (99.9%)**** +170.00-171.00+
$/Bbl Slurry Oil +40.95-41.05+
U.S. Buckeye Pipeline Laurel Pipeline No. 6 1.0%S 6 API +49.00-49.10+
9.0 RVP 9.0 RVP RMG 380 +45.40-45.50+
Unl 87 +137.63-138.63+ UNL 87 +138.38-139.38+ No. 6 3.0%S +44.00-44.10+
No. 6 3.0%S Pap. 1st M +43.65-43.75+
Unl 89 +145.23-146.23+ UNL 89 +145.98-146.98+ No. 6 3.0%S Pap. 2nd M +43.00-43.10+
Unl 93 +156.63-157.63+ UNL 93 +157.38-158.38+ No. 6 3.0%S Pap. Qtrly +43.05-43.15+
5.9 RVP Laurel pipeline 7.8 RVP **=Premium to Gulf Coast waterborne Unl 87. ***=FOB Tank Houston 3-15 days. ****=Truck or rail
Unl RBOB +144.63-145.13+ Unl 87 +145.88-146.88+ delivered Houston.
Prem RBOB +161.13-162.13+ Unl 89 +154.48-155.48+
CBOB +137.63-138.63+ Unl 93 +167.38-168.38+
U.S. Gulf Coast Pipeline Cycles
Gasoline 7.8 RVP Cycle Cycle
CBOB Prem +156.88-157.88+
Unl-87 25 +142.38-142.88+ 28 +140.88-141.38+
No.2 +131.66-131.91+ Unl-87 26 +141.88-142.38+ 29 +140.63-141.13+
ULSD +136.16-136.41+ Unl-87 27 +141.38-141.88+ 30 +140.38-140.88+
Jet fuel +134.16-134.41+ Prem 93 25 +158.38-158.88+ 28 +156.88-157.38+
LS Jet/kero +139.66-140.66+ Prem 93 26 +157.88-158.38+ 29 +156.63-157.13+
CBOB is 7.8 RVP Prem 93 27 +157.38-157.88+ 30 +156.38-156.88+
Supplemental 9.0 RVP Cycle Cycle
Unl-87 25 +136.33-136.43+ 28 +134.73-135.23+
Unl-87 26 +135.63-136.13+ 29 +134.38-134.88+
Chicago Pipeline Unl-87 27 +135.23-136.03+ 30 +134.28-134.78+
9.0 RVP Prem 93 25 +153.83-153.93+ 28 +152.23-152.73+
c/Gal Unleaded 87 +140.88-141.38+ Prem 93 26 +153.13-153.63+ 29 +151.88-152.38+
Unleaded 89 +149.28-149.78+ Prem 93 27 +152.73-153.53+ 30 +151.78-152.28+
Prem. Unl 93 +161.88-162.38+ Distillates
*PBOB +172.38-172.88+ No. 2 25 +128.75-129.25+ 28 +129.50-130.00+
*RBOB +155.88-156.38+ No. 2 26 +129.00-129.50+ 29 +129.75-130.25+
Jet Fuel +135.50-136.00+ No. 2 27 +129.25-129.75+ 30 +130.00-130.50+
LS Diesel +128.50-129.00+ Jet Kero 24 +131.91-132.41+ 27 +132.50-133.00+
LS DIesel Off-road +128.00-128.50+ Jet Kero 25 +132.00-132.50+ 28 +132.75-133.25+
ULSD +133.50-134.00+
Ethanol (terminal) +159.00-160.00+ Jet Kero 26 +132.25-132.75+ 29 +133.00-133.50+
Biodiesel (99.9%) (truck/rail) +178.00-179.00+ LS Diesel 24 +131.91-132.41+ 27 +132.75-133.00+
*RVP is 8.5 LS Diesel 25 +132.25-132.50+ 28 +133.00-133.25+
LS Diesel 26 +132.50-132.75+ 29 +133.25-133.50+
ULSD 24 +134.06-134.26+ 27 -134.75-135.00-
Group Three ULSD 25 -134.25-134.50- 28 -135.00-135.25-
8.5 RVP ULSD 26 -134.50-134.75- 29 -135.25-135.50-
c/Gal Unleaded +137.84-138.34+
Prem. Unleaded +155.84-156.34+
LS Diesel +133.66-134.16+
LS Diesel Off-road +133.66 -134.16+
ULSD +133.66 -134.16+
Jet Fuel +136.66-137.16+ Latin America, FOB
$/Bbl
Argentina Ecuador
Gasoline84 +59.06-59.27+ Naphtha +39.46-39.67+
Gasoil +56.91-57.08+ FO2.2%S +44.80-45.00+
Caribbean Cargoes, FOB $/MT c/Gal
Naphtha +455.35-457.12+ +128.63-129.13+ FO0.7%S +42.80-43.00+ Peru
Jet Kerosene +455.30-456.97+ +135.91-136.41+ Brazil Naphtha +38.93-39.43+
Gasoil +399.55-401.08+ +131.00-131.50+ FO0.5-0.6%S +44.55-45.45+ FO2.0%S +39.40-39.65+
$/Bbl No.6 2.0%S +37.90-38.10+ Ethanol (cts/gal) +138.00-139.00+ FO1.6%S +41.40-41.65+
No.6 2.8%S +36.20-36.40+ Colombia
FO1.6%S +41.10-41.20+

VOLUME 87 / NUMBER 82 /THURSDAY, APRIL 30, 2009 8

 PRICES EFFECTIVE: APRIL 29, 2009 OILGRAM PRICE REPORT

Product Price Assessments

West Coast Pipeline Arab Gulf, FOB
California Los Angeles(a) San Francisco(b) $/M T $/Bbl
c/Gal Unl 87 +150.13-150.63+ +152.63-153.13+ Naphtha +405.34-406.09+ Kerosene +56.00-56.04+
Prem Unl 91 +161.13-161.63+ +163.63-164.13+ Naphtha LR2 +407.20-407.95+ Kerosene LR2 +56.07-56.11+
CARBOB Unl +159.63-160.13+ +162.13-162.63+ HSFO 180 cst +281.13-281.17+ Gasoil 0.05%S +57.27-57.31+
CARBOB Prem +170.63-171.13+ +173.13-173.63+
Jet Fuel +136.50-137.00+ +136.50-137.00+ HSFO 380 cst +278.37-278.41+ Gasoil 0.25%S +55.92-55.96+
ULS (EPA) Diesel +136.00-136.50+ +136.00-136.50+ 95 RON Unleaded +54.34-54.38+ Gasoil +55.17-55.21+
CARB Diesel +137.50-138.00+ +138.50-139.00+ Gasoil LR2 +55.24-55.28+
$/MT 180 cst 320.00-325.00 +325.00-330.00+ Asia C&F Japan Singapore* C+F Australia
380 cst +304.00-305.00 +315.00-320.00+
Differential to NYMEX $/Bbl Mogas Unl +54.71-54.75+
CARBOB 15.00-15.50 Mogas 92 Unl +53.70-53.74+ +55.92-55.96+
CARBOB Paper 1-mo 12.75-13.75 Mogas 95 Unl +55.95-55.99+ +58.17-58.21+
CARBOB Paper 2-mo 10.25-11.25 Mogas 97 Unl +59.85-59.89+
Jet Fuel 1.75-2.25 $/MT MTBE +594.00-596.00+
ULS (EPA) Diesel 1.25-1.75 Naphtha +422.25-423.00+ -45.97-46.01-
CARB Diesel 2.75-3.25
Naphtha 30-45 -422.75-423.25-
Other West Naphtha 45-60 422.25-422.75
Phoenix(k) Naphtha 60-75 +422.50-423.00+
CBG/RBOB Unl +156.13-156.63+(e) $/Bbl Jet Kerosene +58.31-58.35+ +57.41-57.45+ +59.80-59.84+
CBG/RBOB Prem +167.13-167.63+(g) Gasoil +59.31-59.35+
Southern California Rail Car Assessments Gasoil 0.05%S +58.46-58.50+ +61.00-61.04+
Ethanol Prompt 7-14 days +167.00-168.00+ Gasoil 0.25%S +57.56-57.60+ +60.10-60.14+
Ethanol Forward 15-30 days +168.00-169.00+ Gasoil 0.5%S +56.66-56.70+ +59.20-59.24+
Gasoil 10ppm +59.71-59.75+
North California Rail Car Assessments
Ethanol Prompt 7-14 days +167.00-168.00+ Gasoil 50ppm +59.41-59.45+ +61.95-61.99+
Ethanol Forward 15-30 days +168.00-169.00+ Gasoil 50ppm 0.5% +2.78-2.82+
LSWR Mixed/Cracked +38.38-38.42+**
Northwest Portland(c) Seattle(d) Naphtha Pap. (Bal Month) NA-NA
c/Gal Unl 87 +161.13-161.63+ +159.98-160.48+
Naphtha Pap.(MAY ) -45.58-45.62-
Prem Unl 92 +171.13-171.63+ +169.98-170.48+
Jet Fuel +136.50-137.00+ Naphtha Pap.(JUN ) +45.63-45.67+
HS (EPA) Diesel 143.00-143.50 141.85-142.35 Kerosene Pap.(Bal Month) NA-NA
LS (EPA) Diesel +149.00-149.50+ +147.85-148.35+ Kerosene Pap.(MAY ) +57.44-57.48+
ULS (EPA) Diesel 149.00-149.50 147.85-148.35 Kerosene Pap.(JUN ) +57.95-57.99+
$/MT 180 cst 330.00-335.00 324.00-325.00 Gasoil 0.5% Pap.(Bal Month) NA-NA
380 cst +321.00-323.00 +288.00-291.00
WEST COAST PIPELINE NOTES:(a)=RVP is 11.5; CARBOB RVP is 5.99;Clear reflects Arizona/Las Vegas
Gasoil Pap.(MAY ) +56.59-56.63+
specs. (b)=RVP is 7.8; CARBOB RVP is 12.5; Clear reflects Nevada specs.(c)=RVP is 7.8; (d)=RVP is Gasoil Pap.(JUN ) +56.70-56.74+
9.0; (e)=87 octane;.(f)=84 octane.(g)=91 octane; (h)=92 octane; (j)=RVP is 7.00; (k)=RVP 7.8. $/MT FO 180 cst 2% +299.58-299.62+
HSFO 180cst +300.08-300.12+ +291.58-291.62+
West Coast Waterborne 180cst Disc/Premium +-0.320.28+
c/Gal Unl 87 +149.13-149.63+
Jet Fuel +135.50-136.00+ HSFO 380cst +288.82-288.86+
$/Bbl Gasoil 0.05%S +56.75-56.85+ HSFO 180cst Pap (Bal Month) NA-NA
No. 6 0.5%S +50.90-51.00+ HSFO 180cst Pap.(MAY ) +292.08-292.12+
No. 6 1.0%S +50.40-50.50+ HSFO 180cst Pap.(JUN ) +291.08-291.12+
No. 6 2.0%S +47.90-48.00+ Biodiesel FOB Southeast Asia***+702.75-703.25+
*Singapore Naphtha priced in $/Bbl;**Assessment is FOB Indonesia; ***Loadings in Southeast Asia
Gas Liquids (c/Gal) (x)=see correction on page 5 normalized to Singapore, Pasir Gudang and Dumai
Mont Belvieu Conway Other Hubs
Ethane/Propane +37.250-37.750+ +25.250-25.750+
Asia Product Premium/Discount Assessments
MOP* MOP* MOP*
Ethane Purity +38.000-38.500+
Singapore Arab Gulf Japan
Propane +64.000-64.500+ +64.000-64.600+
Jet 0.15-0.11- -1.68-1.72-
Propane LDH +63.750-64.250+
Gasoil 0.25%S +0.930.97+ 2.63- 2.67
Normal Butane +81.250-81.750+ +61.000-61.500+
Gasoil Reg 0.5% +0.03-0.07+ +1.88-1.92+
Butane LDH +78.750-79.250+
380 CST 0.140.10- 2.78-2.74-**
Isobutane +98.250-98.750+ +89.750-90.250+
Naphtha -0.00-0.10- 1.00-0.00-
Isobutane LDH +98.250-98.750+
LSWR -2.021.98
Natural Gasoline +102.000-102.500+
HSFO 180 CST 3.75- 4.25
Natural Gasoline LDH (x)+101.800-101.900+
HSFO 380 CST 3.75- 4.25
Natural Non-Targa (x)+101.800-101.900+
*Mean of Platts. **=Differential to FOB Arab Gulf HSFO 180 CST.
Natural Targa (x)+101.800-101.900+
Bushton Propane +64.000-64.500+ China
Hattiesburg Propane +63.750-64.250+ $/MT South China FOB South China, C&F Hong Kong
River Natural Gasoline +103.000-103.600+ Unl 90 RON +453.75-457.75+
Unl 93 RON +460.50-464.50+
US Renewable Identification Number Jet Kerosene +458.50-460.50+
Calendar-Year 2008 -3.50-4.00- Gasoil 0.2% +426.75-428.75+
RIN Calendar-Year 2009 12.00-12.50 Gasoil L/P 0.5%S +419.75-421.75+
Fuel Oil 180 cst +306.00-307.00+
Fuel Oil 380 cst +298.21-298.41+ +302.00-303.00+
Platts Euro denominated product assessments Marine Diesel +468.00-469.00+
Cargoes CIF NWE/Basis ARA (Euro/mt) Barges FOB Rotterdam (Euro/mt)
Nap Phy 308.48 - 308.86 Prem Unl 360.34 - 360.71 Atlantic Resid/Contract Cargoes
Jet 351.13 - 351.51 10 PPM 328.77 - 329.15
Gasoil 0.1% 316.75 - 317.13 No. 2 Barge No. 4 Fuel No. 6 Fuel
3.5% 204.40 - 204.78 New York 0.2%S -156.85-156.85-
Cargoes FOB NWE(Euro/mt) New York 0.3% -64.10-64.10- -60.65-60.65-
1% 211.54 - 211.92 Albany 1.5% 70.20-70.20 65.05-65.05
Conventional cargoes NY harbor (Euro/gallon) Boston 0.5% 74.05-74.30- -70.10-70.55
Unleaded 87 105.43 - 106.18 Boston 1.0% 70.50-71.50- 66.05-66.60-
Unleaded 89 109.49 - 110.24 Boston 2.2% -54.85-54.85-
Unleaded 93 115.58 - 116.33 Portland 1.5% -71.50-71.50- -58.60-58.60-
No. 2 101.23 - 101.98 Providence 1.0% 70.50-71.50- 66.05-66.60-
Euro/US$ forex rate: 1.3307 .Platts Euro denominated European & US product assessments are
based on market values and a Euro/US$ forex rate at 4:30 PM local London time.

VOLUME 87 / NUMBER 82 /THURSDAY, APRIL 30, 2009 9

 PRICES EFFECTIVE: APRIL 29, 2009 OILGRAM PRICE REPORT

Crude price assessments ($/bbl)

International *Swaps
Brent (MAY) +50.35-50.39+ Dubai (JUN) +49.24-49.26+ Brent EFP (MAY) NA- NA BRENT/WTI 1st NANA Oman (JUN) +49.29-49.31+
Brent (JUN) +50.91-50.93+ Dubai (JUL) +49.38-49.40+ Brent EFP (JUN) 0.09-0.11- BRENT/WTI 2nd -0.030.05- Oman (JUL) +49.70-49.72+
Brent (JUL) +51.91-51.95+ Dubai (AUG) +49.52-49.54+ Brent EFP (JUL) 0.11-0.13- BRENT/WTI 3rd 0.13-0.11- Oman (AUG) +49.93-49.95+
Brent (DTD) +50.53-50.55+ MEC (JUN) +49.24-49.26+ Dubai (MAY)* +49.37-49.41+ MOG Diff (APR)* 0.03- 0.07 MOG (MAY)* +49.69-49.73+
NS Basket +50.71-50.74+ MEC (JUL) +49.38-49.40+ Dubai (JUN)* +49.51-49.55+ MOG Diff (MAY)* +0.30-0.34+ MOG (JUN)* +49.92-49.96+
DTD NSL +50.53-50.55+ MEC (AUG) +49.52-49.54+ Dubai (JUL)* +49.95-49.99+ MOG Diff (JUN)* -0.39-0.43- MOG (JUL)* +50.41-50.45+
MOG Diff (JUL)* 0.44- 0.48
Oman MOG (JUN)+-0.790.75+ West Africa Spread vs fwd DTD Brent Mediterranean Spread vs fwd DTD Brent
Oman MOG (JUL) 0.08- 0.12 WAF DTD Strip +50.86-50.88+ MED DTD Strip +50.54-50.55+
Oman MOG (AUG) 0.13- 0.17 Brass River +51.31-51.38+ 0.45 -0.50 BTC DTD Strip +50.60-50.62+
Forcados +51.46-51.53+ 0.60 -0.65 Urals (Rdam) +49.44-49.50+ -1.10-1.05
North Sea Spread vs fwd DTD Brent Escravos +51.31-51.38+ 0.45 -0.50 Urals (Med) +49.09-49.15+ -1.45-1.40
NS DTD Strip +50.45-50.46+ Qua Ibo +51.71-51.78+ 0.85 -0.90 Urals FOB Ven +48.73-48.79+ -1.81-1.76+
BNB +50.69-50.72+ 0.24 -0.26 Bonny Light +51.71-51.78+ 0.85 -0.90 Urals FOB Novo +48.21-48.27+ 2.33-2.28-
Forties +50.53-50.55+ 0.08-0.09 Girassol +49.98-50.05+ +-0.80-0.75+ UralsFOBNovo80Kt +48.21-48.27+ 2.33-2.28-
Ekofisk +50.74-50.77+ 0.29-0.31 Hungo +48.73-48.80+ +-2.05-2.00+ Urals (Primorsk) +48.68-48.74+ -1.86-1.81+
Kissanje +49.38-49.45+ +-1.40-1.35+
Statfjord +50.69-50.72+ 0.24-0.26 Urals (RCMB) +49.08-49.15+
Angola DTD Strip +50.78-50.80+
Oseberg +50.89-50.92+ 0.44-0.46 Iran Lt (Sidi) +49.13-49.20+ -1.41-1.35
Cabinda +49.58-49.65+ -1.20-1.15
Flotta +48.69-48.72+ -1.76-1.74 Iran Hvy(Sidi) +48.33-48.40+ -2.21-2.15
Canada Spread vs fwd DTD Brent Es Sider +49.84-49.90+ -0.70-0.65
London Brent CFD Dated Swap Can DTD Strip +51.00-51.01+ Siberian Lt +49.99-50.05+ +-0.550.50+
1wk (JUN) -0.410.39+ 50.50-50.54 Terra Nova +50.35-50.46+ -0.650.55 Saharan Bld +50.44-50.50+ +-0.10-0.05+
2wk (JUN) -0.560.54+ 50.35-50.39 Hibernia +51.20-51.31+ 0.20- 0.30 Azeri Lt +50.75-50.82+ +0.15-0.20+
3wk (JUN) -0.500.48- 50.41-50.45 Azeri Lt FOB +50.09-50.16+ +-0.51-0.46+
White Rose +50.35-50.46+ -0.650.55
4wk (JUN) -0.400.38- 50.51-50.55 BTC FOB Ceyhan +50.03-50.10+ +-0.57-0.52+
Mediterranean Urals CFD Dtd Brent Swap Suez Blend +46.37-46.43+ -4.17-4.12
5wk (JUN) -0.210.19 50.70-50.74
1mo(May) +48.93/49.00+ 1.60/-1.55- Kirkuk +49.33-49.39+ -1.21-1.16
6wk (JUN) -0.01- 0.01 50.90-50.94 Kumkol +50.54-50.60+ +0.00-0.05+
7wk (JUN) 0.19-0.21 51.10-51.14 2mo(Jun) +48.91/48.97+ 1.62/-1.58-
Zarzaitaine +50.59-50.65+ +0.05-0.10+
8wk (JUN) 0.390.41 51.30-51.34 Syrian Hvy +40.79-40.85+ +-9.75-9.70+
Asia $/Bbl Syrian Lt +50.29-50.35+ +-0.25-0.20+
Brent (MAY) +49.82-49.86+ Brent/Dubai +1.18-1.20+ CPC Blend CIF +50.39-50.45+ +-0.15-0.10+
Brent (JUN) +50.42-50.46+ WTI(JUN) +50.24-50.28+ CPC Blend FOB +49.68-49.74+ 0.86-0.81-
CPC FOB 80KT +49.73-49.79+ 0.81-0.76-
Brent (JUL) +51.47-51.51+ WTI(JUL) +51.38-51.42+
Brent(DTD) +49.99 WTI(AUG) +52.49-52.53+

Asia-Pacific / Middle East spot crude assessments ($/barrel)

Diff to Diff to Diff to Diff to
Assessment APPI Tapis Dated Brent Assessment Assessment ICP Dated Brent Assessment
(Asian MOC) (Asian MOC) (Asian MOC) (London MOC) (Asian MOC) (Asian MOC) (Asian MOC) (London MOC)
Condensate Medium (cont.)
NW Shelf 45.78-45.82 -1.75/-1.65* -4.20 46.34 Nile Blend 48.11-48.15 -4.75/-4.65 -1.86 48.68
Ras Gas 48.21-48.25 -1.35/-1.25*** -1.76 48.78 Bach Ho 51.58-51.62 0.15/0.25** 1.61 52.15
Qatar LSC 46.21-46.25 -3.35/-3.25*** -3.76 46.78 Widuri 49.65-49.69 -0.45/-0.35 -0.32 50.22
South Pars +45.51-45.55+ -4.05/-3.95*** -4.46 46.08 Daqing 47.74-47.78 -2.23 48.31
Senipah 46.73-46.77 0.05/0.15** -3.24 47.30 Cinta 51.40-51.42 -1.05/-0.95 1.42 51.96
Light
Tapis Paper swaps (MAY) 49.31-49.35
Griffin 52.71-52.75 0.35/0.45 2.74 53.28 Tapis Paper swaps (JUN) 52.31-52.35
Cossack 51.21-51.25 -1.15/-1.05 1.24 51.78
Gippsland 51.31-51.35 1.34 51.88 Heavy
Tapis 52.81-52.85 0.45/0.55 2.84 53.38 Dar Blend +40.07-40.11+ -9.90 40.64
Belida 50.62-50.66 -0.05/0.05** 0.65 51.19 Shengli 39.91-39.95 -10.06 40.48
Kutubu 52.11-52.15 -0.25/-0.15 2.14 52.68 Stybarrow +50.99 1.00 51.54
Handil Mix 50.49-50.53 0.05/0.15** 0.52 51.06 Enfield +51.99 2.00 52.54
Attaka 51.45-51.49 -0.05/0.05** 1.48 52.02 Duri 40.21-40.25 2.85/2.95 -9.76 40.78
Vityaz Blend 39.38-39.42 1.80/1.90 1.11 51.65 Vincent +47.99 -2.00 48.54
Ardjuna 49.72-49.76 0.35/0.45** -0.25 50.29 * Differential to APPI Tapis, ** Differential to Bach Ho OSP
Sokol 53.52-53.56 3.75/3.85^ 3.54 54.08 Spread vs OSP
Kikeh 52.71-52.75 0.35/0.45 2.74 53.28 Murban 51.32-51.36 0.10/0.20
Miri Light 53.31-53.35 3.34 53.88 Lower Zakum 50.97-51.01 0.05/0.15
Labuan 53.36-53.40 3.39 53.93 Upper Zakum 49.25-49.29 0.10/0.20
* Differential to APPI NWS, ** Differential to ICP, *** Differential to Dubai, ^ Differential to Oman/Dubai Umm Shaif 50.92-50.96 0.05/0.15
Diff to ICP Qatar Land 50.29-50.33 0.05/0.15
Medium Qatar Marine 49.82-49.86 0.10/0.20
Nanhai 50.11-50.15 -2.25/-2.15* 0.14 50.68 Banoco Arab Medium 49.47-49.51 0.10/0.20
Su Tu Den +51.22-51.26+ 3.65/3.75 ** 1.25 51.79 Al Shaheen 49.06-49.10 -0.50/-0.40*
Minas 53.20-53.22 0.35/0.45 3.22 53.76 * Differential to Dubai

United States $/Bbl

WTI (JUN) +50.97-50.99+ WTI EFP (JUN) -0.01/ 0.01 Mars (JUN) +48.54-48.62+ Mars/WTI (JUN)-2.412.39 P-Plus WTI -1.82-1.86- Kern River -41.45-41.47-
WTI (JUL) +52.20-52.24+ WTI EFP (JUL) -0.01/ 0.01 Mars (JUL) +49.94-50.00+ Mars/WTI (JUL)-2.262.24 P-5 WTI 47.56 Thums -41.70-41.72-
WTI (AUG) +53.31-53.33+ WTI EFP (AUG) -0.01/ 0.01 Mars (AUG) +50.95-50.99+ Mars/WTI (AUG)-2.362.34 WTI-Delta 1.561.52- Line 63 +52.38-52.42+
Dated Brent 50.53/50.55 P-Plus Line 63 1.85-1.90
Spread vs WTI Spread vs WTI Spread vs WTI
WTI Midland +50.88-50.94+ -0.090.05 WTS(1st month) +50.02-50.09+ -0.95-0.90 Wyo.Sweet +46.71-46.75+ -4.26-4.24
LLS (1st month) +52.41-52.45+ 1.441.46 WTS(2nd month) +51.15-51.24+ -1.05-1.00 ANS (Cal) +48.63-48.67+ -2.58-2.56
LLS (2nd month) +53.19-53.25+ 0.99 1.01 Poseidon +48.41-48.45+ -2.56-2.54 Basrah Lt +49.99-50.05+ -2.21-2.19
HLS(1st month) +51.38-51.44+ 0.410.45 Eugene Island +50.11-50.15+ -0.86-0.84 Bonito +50.11-50.15+ -0.86-0.84
HLS(2nd month) +52.16-52.24+ -0.040.00 Thunder Horse Bld +50.21-50.25+ -0.76-0.74 SGC +48.11-48.15+ -2.86-2.84

VOLUME 87 / NUMBER 82 / THURSDAY, APRIL 30, 2009 10

 PRICES EFFECTIVE: APRIL 29, 2009 OILGRAM PRICE REPORT

Crude price assessments cont. ($/bbl) Futures Settlements

Americas Crude Marker (JUN) 48.12-48.14 Settlement Low High Change Volume* Open Interest
ACM (JUL) 49.51-49.53 NYMEX Light Sweet Crude ($/Bbl)
ACM (AUG) 50.51-50.53
JUN 50.97 49.12 51.42 1.05 215084 313282
Americas Crude Marker assessed at the Americas market close at 3:15pm Eastern Time.
JUL 52.21 50.37 52.80 1.12 91878 189089
US domestic crude assessments London close ($/bbl) AUG 53.31 51.51 53.68 1.13 27898 58162
spread SEP 54.32 53.56 54.74 1.13 13751 41789
WTI (JUN) 50.87-50.89 -0.01/0.01*
NYMEX No.2 Oil (cts/gal)
WTI (JUL) 52.04-52.06 -0.01/0.01*
WTI (AUG) 53.23-53.25 -0.01/0.01* MAY 132.91 131.00 136.14 1.24 11005 10900
LLS (JUN) 52.66-52.70 1.79/1.81** JUN 134.75 132.46 137.80 1.45 36264 67447
LLS (JUL) 53.38-53.42 1.34/1.36** JUL 137.88 135.35 140.66 1.76 10346 34591
MARS (JUN) 48.51-48.55 -2.36/-2.34** AUG 141.18 139.44 142.63 1.98 5456 19830
MARS (JUL) 49.78-49.82 -2.26/-2.24**
NYMEX RBOB unleaded gasoline (cts/gal)
WTI, LLS, and Mars assessments reflect value at 16:30 London Close.
*=Differential value at 16:30 London close. WTI EFP versus NYMEX light sweet crude futures. MAY 144.84 140.24 145.28 5.07 19599 10027
**=LLS and Mars differentials versus same-month cash WTI. JUN 144.63 139.05 145.90 4.68 30915 79761
JUL 145.30 140.40 146.46 4.42 11212 34251
Latin America Crude ($/bbl) AUG 145.87 140.96 147.00 4.08 3663 22580
Spread vs WTI
Oriente +43.10-43.24+ +-9.10/-9.00+
NYMEX Natural Gas ($/MMBtu)
Vasconia +47.00-47.09+ +-5.20/-5.15+ JUN 3.403 3.339 3.525 -0.04 52990 111382
Escalante +48.70-48.84+ +-3.50/-3.40+ JUL 3.542 3.479 3.661 -0.04 14012 77371
Loreto +42.10-42.24+ +-10.10/-10.00+ AUG 3.666 3.603 3.775 -0.05 7100 44779
CanoLimon +52.60-52.74+ +0.40/0.50+ SEP 3.744 3.684 3.852 -0.05 1764 30628
Mesa30 +52.35-52.49+ 0.15/0.25+
SantaBarbara +53.65-53.79+ +1.45/1.55+ DME Oman Crude ($/bbl), **
Marlim +43.95-44.09+ +-8.25/-8.15+ JUN Asia 49.32 1.06 555
Napo +41.10-41.24+ +-11.10/-11.00+ JUN 50.05 48.99 49.60 1.15 555 8851
Castilla Blend +45.60-45.69+ +-6.60/-6.55+ JUL 50.35 50.35 50.35 1.20 0 259
AUG 50.70 50.70 50.70 1.25 0 10
Canadian Spot Crude Assessments SEP 51.15 51.15 51.15 1.28 0 15
CD$/CM US$/bbl Spread vs Canada Basis
Lloyd Blend -327.86-328.61- +43.41-43.51+ 9.109.00- Total volumes: Crude, 397981; DME Oman 1355; Heating Oil, 73680 ; RBOB Gasoline, 2864 ; Natur-
Mixed Sweet -365.24-366.00- +48.36-48.46+ 4.154.05- al gas, 640806; ** Oman settlements are Post Close settlements
Light Sour Blend -361.46-362.22- +47.86-47.96+ 4.654.55-
Condensates -369.77-370.53- +48.96-49.06+ 3.553.45- ICE/IPE Brent ($/Bbl)
Syncrude Sweet Blend -373.55-374.30- +49.46-49.56+ 3.052.95- JUN 50.78 49.25 51.28 0.79 107933 139003
WCS -330.12-330.88- +43.71-43.81+ 8.80/-8.70- JUL 51.80 50.28 52.30 0.80 60786 127179
Cold Lake -322.95-323.70- +42.76-42.86+ 9.75/-9.65- AUG 52.85 52.02 53.26 0.77 24148 52164
*Canada Basis: See explanation at http://www.platts.com/
SEP 53.78 53.21 54.14 0.76 8836 35169
Canadian Postings Derived Crude Assessments
CD$/CM US$/bbl ICE/IPE BWAVE (Brent Weighted Futures Average) ($/Bbl)
Par Crude -375.60-377.60- +49.73-50.00+ JUN (1) 49.38
Mixed Lt. Sr -299.50-301.50- -39.66-39.92- JUL (1) 50.40
Bow River/Hardisty +342.00-344.00+ +45.28-45.55+
Lt/Sr Cromer -344.60-346.60- +45.63-45.89+ BWAVE data refer to the previous business day.
Sr. Edmonton -328.33-330.33- -43.47-43.74-
Middale Cromer 343.33-345.33 +45.46-45.72+ ICE/IPE WTI ($/Bbl)
JUN 50.97 49.15 51.63 1.05 74333 101116
Daily OPEC basket price ($/Bbl) JUL 52.21 50.55 52.80 1.12 36528 58965
28Apr 48.70 -0.51 AUG 53.31 52.25 53.66 1.13 11166 29245
Effective June 16, 2005, the daily OPEC basket price represents an index of the following 11 grades: Algerias Saha-
ran Blend, Indonesias Minas, Iranian Heavy, Iraqs Basra Light, Kuwaits Export, Libyas Es Sider, Nigerias Bonny SEP 54.32 53.52 54.64 1.13 3926 27037
Light,Qatars Marine, Saudi Arabias Arab Light, Murban of the UAE and Venezuelas BCF 17.
ICE/IPE Gasoil ($/Mt)
MAY 427.50 423.00 437.00 7.75 28984 56402
Platts Euro denominated crude oil assessments (Euro/bbl)
JUN 434.50 426.00 443.50 8.25 29532 92479
Dated Brent 37.97-37.99 WTI (JUN) 38.23-38.24
Urals (Mediterranean) 36.89-36.94 Mars (JUN) 36.45-36.48 JUL 443.25 439.50 451.50 8.50 5265 42532
Euro/US$ forex rate: 1.3307 .Platts Euro denominated crude oil assessments are based on AUG 452.75 449.50 460.75 8.50 1628 31361

Total volumes: Brent, 234446; Mideast 0; WTI 142986; Gasoil, 99516 * ICE Volumes are current
Caribbean Product Postings (cts/Gal) days figures.

Exxon Shell
Curacao Bahamas* West Petrotrin Chevron
Effective Date -04/28 04/24 04/24 04/27
Avgas 100/130 255.00 W 253.00 265.00 262.50
PLATTS Index
99 Oct. Unl 166.50 Jet Kerosene 273.03 4.59
98 Oct. Unl -155.00 W 169.00 Gasoline 237.35 6.58
95 Oct. Gasoil 292.60 3.44
95 Oct. Unl -149.00 W 158.00 152.00 159.00 Naphtha 283.38 6.59
92 Oct Unl 150.50 Resid 335.18 9.26
87 Oct. Unl -138.00 W 147.00 149.00 Atlantic Sweet Crude 316.53 9.74
83 Oct Unl 146.50 Mediterranean Sour Crude 328.39 10.19
Dpk/Jet -138.00 W 146.00 145.00 142.00 PG/Asia Crude 344.84 8.02
45 Cet 0.5%S Gasoil -136.00 W 145.00 142.00 144.00 U.S.Pipeline Crude 301.36 5.56
LS Gasoil 154.00
ULS Gasoil 155.00 Platts Indexes reflect the value of baskets of various grades of crude and oil products with reference
Heavy Fuel Oil ($/BBL) 49.00 W 50.00 48.00 47.00 to a base period equal to 100, using average prices for the period Jul 1987-Dec 1988. Indexes have
*Exxon Bahamas is ex-ship.W=withdrawn effective May 1, 2007 been published since July 1990. No adjustment is made for inflation.

VOLUME 87 / NUMBER 82 /THURSDAY, APRIL 30, 2009 11

 PRICES EFFECTIVE: APRIL 29, 2009 OILGRAM PRICE REPORT

DOE Weekly Summary

24APR09 17APR09 25APR08 27APR07 Refinery updates:
District 1 Stocks (million barrels) ConocoPhillips shut a fluid catalytic cracker late April 28 at its joint-
Crude 14.738 14.595 14.711 14.557
Total Mogas 55.615 56.836 56.326 53.247 venture 306,000 b/d Wood River, Illinois, refinery for unplanned work,
Conventional Mogas 17.065 17.186 26.535 25.006 trading sources said April 29. The outage followed technical problems
Blending Components 38.394 39.530 29.729 28.104 that began earlier this week, the sources said. The duration of the
Kero Jet 10.486 10.148 8.935 9.754
outage and the capacity of the affected unit were not immediately
Dist <15 ppm 17.514 17.663 13.338 11.954
Dist >15<500 ppm 8.054 8.506 4.901 5.337 known. One source said the outage was likely to affect prompt gaso-
Dist >500 ppm 27.687 26.827 13.300 21.645 line supply in the market. But the Canadian crude market was little
Dist >500 ppm New England 6.281 6.284 2.780 4.532 affected, even though the refinery does use Canadian grades. Cono-
Distillate 53.255 52.996 31.539 38.936
coPhillips co-owns the refinery with EnCana. Repeated calls seeking
Resid 14.793 14.659 13.481 15.295
comment from a ConocoPhillips spokesman were not returned.
District 2 Stocks (million barrels)
Crude 85.448 85.235 65.481 73.966
Crude Cushing, Oklahoma 29.763 29.542 19.297 27.114 ExxonMobil will shut the fluid catalytic cracker unit No. 3 boiler at
Total Mogas 52.215 52.632 49.632 46.351 its 562,000 b/d refinery in Baytown, Texas, for planned maintenance
Conventional Mogas 29.665 30.657 31.900 30.528 beginning April 29, the company said in a filing with state regulators.
Blending Components 22.550 21.975 17.727 15.820 In a notification filed with the Texas Commission on Environmental
Kero Jet 7.361 6.884 7.298 7.845
Dist <15 ppm 27.381 28.352 22.636 20.028 Quality, the company indicated that the shutdown would begin on
Dist >15<500 ppm 3.807 3.843 3.718 5.970 April 29, with associated emissions continuing through May 1. Exxon-
Dist >500 pp 2.298 2.136 2.347 3.370 Mobil said that the boiler shutdown, should have no impact on sup-
Distillate 33.486 34.331 28.701 29.368 plies and all customer needs should be met.
Resid 1.235 1.135 1.359 1.286
District 3 Stocks (million barrels) Finlands Neste Oil shut down its new diesel production line at
Crude 198.689 195.214 168.499 177.561
Total Mogas 70.754 73.350 70.495 61.766 the 200,000 b/d Porvoo refinery earlier this month for planned
Conventional Mogas 29.265 30.372 37.275 35.981 maintenance, the company said April 28. The line was shut in mid-
Blending Components 40.695 42.239 32.540 25.218 April and is expected to be down for around four weeks, CEO Matti
Kero Jet 13.150 12.733 12.332 12.553 Lievonen told a conference call. The new diesel line, line 4, has a
Dist <15 ppm 28.331 27.170 18.805 15.940
Dist >15<500 ppm 6.775 7.000 6.911 9.914 capacity to produce 1 million mt/year of diesel, out of the Porvoo
Dist >500 pp 6.402 6.088 4.207 7.329 refinerys total capacity of around 5 million mt/year. Line 4 was a
Distillate 41.508 40.258 29.923 33.183 major investment by Neste, and came on stream in May 2007.
Resid 15.355 15.579 17.967 17.920 Since then it has suffered a series of glitches, and was also hit by
District 4 Stocks (million barrels) a fire in April 2008. Lievonen said the company believed that the
Crude 17.293 16.854 13.773 14.194 new line, which is more complex than Nestes other diesel produc-
Total Mogas 5.413 5.617 5.873 5.406
Conventional Mogas 3.339 3.623 4.059 3.815
tion facilities, needed more regular maintenance work than stan-
Blending Components 2.074 1.994 1.814 1.591 dard units. It needs more shutdowns than a normal line, we need
Kero Jet 0.559 0.580 0.562 0.547 to take it down for maintenance more frequently, he said.
Dist <15 ppm 2.711 2.286 2.527 2.467
Dist >15<500 ppm 0.353 0.265 0.495 0.401
Dist >500 pp 0.150 0.135 0.160 0.212
A desulfurization unit at KPIs Europoort refinery in Rotterdam is
Distillate 3.214 2.686 3.182 3.080 shut down after a fire during the night, a company spokesman said
Resid 0.220 0.217 0.252 0.339 April 28. The unit is not operational and we are investigating the
District 5 Stocks (million barrels) reasons for the incident, the spokesman said. The fire, which
Crude 58.485 58.702 57.465 55.370 started around midnight and lasted about an hour, did not result in
Total Mogas 28.615 28.872 28.763 26.329 any injuries, the spokesman said. The rest of the 81,300 b/d refin-
Conventional Mogas 4.581 4.697 6.171 6.549
Blending Components 23.021 23.253 21.341 18.621
ery is operational, the spokesman said. The capacity of the unit
Kero Jet 8.632 9.359 9.611 8.958 has not been identified, though the spokesman referred to it as a
Dist <15 ppm 10.023 9.646 9.452 9.123 small desulfurization unit. Another desulfurization unit at the
Dist >15<500 ppm 1.459 1.354 1.449 1.197 refinery is believed to have recently restarted after being shut
Dist >500 pp 1.160 1.040 1.585 2.247
Distillate 12.642 12.040 12.486 12.567
down on February 13 due to a fire.
Resid 4.679 4.742 6.463 6.010
Total US Stocks (million barrels) TNK-BPs 340,000 b/d Ryazan refinery in Russias Central Feder-
Crude 374.653 370.600 319.929 335.648 al District is to continue a scheduled maintenance through the
Total Mogas 212.612 217.307 211.089 193.099 month of May, a company source said April 29. The turnaround
Conventional Mogas 83.915 86.535 105.940 101.879 started April 6 and was initially expected to continue for 45 days.
Blending Components 126.734 128.991 103.151 89.354
Kero Jet 40.188 39.704 38.738 39.657
The source also said the company planned to load 0.1% sulfur
Dist <15 ppm 85.960 85.117 66.758 59.512 gasoil for export destinations at the end of May, when the turn-
Dist >15<500 ppm 20.448 20.968 17.474 22.819 around will be completed. TNK-BP is a 50:50 joint venture between
Dist >500 ppm 37.697 36.226 21.599 34.803 BP and a group of Russian shareholders. It operates refineries in
Distillate 144.105 142.311 105.831 117.134
Resid 36.282 36.332 39.522 40.850
the cities of Ryazan, Saratov, Nizhnevartovsk, Nyagan and Yaroslavl
(part of the Slavneft business, which is half-owned by TNK-BP), as
Total US Inputs, Imports, Production (million b/d) well as in Lisichansk in Ukraine.
Crude Inputs 14.334 14.516 14.748 15.132
Crude Imports 9.824 9.855 10.215 10.264
Mogas Imports 0.841 1.117 1.385 1.152 Chinese state oil major Sinopec is to shut its 3 million mt/year
Distilate Imports 0.123 0.192 0.273 0.337 (60,250 b/d) Qingdao Petrochemical refinery in eastern Chinas
Mogas Production 8.790 9.088 8.964 8.777
Distilate Production 4.153 4.136 4.238 4.090
Shandong province during June 1-September 30 to upgrade the
crude distillation unit, a refinery source said April 29. All the refin-
ing units will be shut over the period, the source said.

VOLUME 87 / NUMBER 82 /THURSDAY, APRIL 30, 2009 12

 PRICES EFFECTIVE: APRIL 29, 2009 OILGRAM PRICE REPORT

Tankers: Med Aframaxes seen surpassing Worldscale 70

Volatility in Mediterranean Aframax rates continued Wednesday, with
sources split on the state of the market and its future. After the close
of assessments, however, there were again signs that the market was
set to push back above W70.
Prior to 1630 London time, however, sources widely reported that
KMG placed an Aframax on subs in the Black Sea at Worldscale 72.5,
although unconfirmed. Owners seized on a feeling that Tuesdays bear-
ish talk was now proved incorrect.
If the market were weak, spot ships would have a timid approach
and be happy to get a cargo. But when they raise rate levels it shows
their confidence is high and I expect that, said one owner, explaining,
thin tonnage lists mean that rates are holding or strengthening.
Indeed, one tonnage list showed there was poor prompt availability
for Aframaxes in the Mediterranean, with only six tankers free up to
May 7. This lack of tonnage in the prompt would support more loading
dates, sources said.
The only question was on demand, with some brokers feeling there
would be few cargoes coming into the market. That, too, was heavily
disputed by owners. There is plenty of demand, said one.
Meanwhile in the Suezmax market, rates increased after the close
of assessments.
135kt at w80 has definitely been done in the Mediterranean,
said one source, although details were not available. Also after close
of assessment, sources said Total and Clearlake fixed Centrofin Suez-
maxes loading May 14 and May 23-24 at Libya and Novorossiisk,
respectively, both at W75, sources said.
In the North Sea, according to Platts data, trading house Vitol has
been buying with the aim of securing barrels for floating storage.
Market participants said last week that the trader has fixed the
VLCC the Abqaiq to load from the Forties terminal Hound Point around
May 9 and there was the possibility of a second tanker being fixed
later in the month.
The East of Suez VLCC market was flat Wednesday as owners
were unable to push the Persian Gulf-East route rate above Worldscale
30. With Japan closed for a national holiday and Golden Week around
the corner, it is going side-ways with W30 holing fast but tonnage for
the second decade is a bit tight, an owner said, adding that conse-
quently charterers with cargoes in the second decade cannot get
cheap rates. Middle of second-decade tonnage is looking better, an
owner said.
Clean Caribbean-Gulf tanker rates rise
It was heard that Chinese charterer Glasford placed the Hamoon
on subjects for a Persian Gulf-China voyage loading May 15-16 at
W30. There was also a Western voyage taken by Koch, that placed the
Front Commander on subjects for the PG to US Gulf loading May 6, at
W26.
On the day, the benchmark PG-Japan route on double-hulled VLCCs
was assessed unchanged at W30, confirmed by an owner saying,
W30 seems to be the rate that everybody wants fixed now.
One Far Eastern source said he wants to see which charterer will
break the W30 level. I believe that is a comfort zone for the charter-
ers, a broker said, but added that some charterer will break W30 for
second-decade loadings.
Meanwhile, the East Aframax market out the PG was heard to be
steady. There were reports that KPC was in the market for an Aframax.
KPC came into the market last night off the May 24. I hear there are
several offers, one at W90 which is way too high, a charterer said.
An Indian broker said the Persian Gulf looked busy. Charterers are
struggling to get the right vessels. The May cargoes have popped up
and there is a lack of vessels, an Aframax broker said.
In the Indonesian region the market was mostly quiet but some
fuel oil cargoes have been fixed, an Aframax owner said. Last week,
the market was a bit aggressive but now charterers were waiting and
seeing, said a source. The key Indonesia-Japan/South Korea route
was assessed at W62, up 1 point from Tuesday.
LR1 avails put lid on rates
The East of Suez LR1 rate stayed flat as the market heard about
the availability of prompt tankers. It was heard that Shell had an Argyll
TBN on subjects for a Persian Gulf-Japan voyage to move a naphtha
cargo loading May 11-13 at Worldscale 59. Also, it was heard that
Morgan Stanley fully-fixed the Cancale Star or the Salamina for a West
Coast India-UK/Continent trip loading May 19-20 at a lump sum of
$1.2 million and with a Japan rate of W62.
Where is the market? I still cant see why you should pay more
than W55 East, a charterer said.
It was heard that Samsung Total, after failing the Chrisopigi Lady,
took the ship back and fully fixed it at W59. If the market is really
firm, the owner will want W65, a charterer said.
Owners are aiming for higher numbers on everything now, a char-
terer said while a broker said LR1 owners were calling the market high-
er than W60. I think low W60s is the maximum, if there is no further
cargo, the broker said. There are still ships around if you look at the
list, another source said. On the day, the benchmark PG-Japan route
on an LR1 was assessed unchanged at W59.

New YorkShipping rates for moving clean petroleum products Spot

EastTanker Rates
of Suez MRs were reported to be soft to steady. There are
from the Caribbean to the US Gulf firmed Wednesday partly due to too many prompt boats. We have a relet open and nothing for her until
DIRTY
the recent weather delays in the Houston Ship Channel. May 7. Thats hardly a bullish sign. If we cant move our boats, we cer-
Route Size WS Rate Route Size WS Rate
Ships are tight due to the bad weather, a source said. We tainly wont be paying owners($/MT)
(MT)
to move theirs, a charterer
(MT)
said.
($/MT)
had 15 to 16 centimeters of rain. Another charterer
Carib/USAC 70k said, Some
+63 +5.67 owners are not80k
AG/Asia a willing70to keep
14.40
The waterway was never actually closed, but pilots suspended ships moving,50k
Carib/USGC but we cant
80 go any
7.02 lower [on rates]270k
AG/USGC so we +26
can +11.59
only go
activity because of the downpours, causing shipping delays and higher.
Med/Med On the 80kday, the+67benchmark
+3.92 Singapore-Japan
AG/Asia 260kroute30 on an MR
6.17
flooding throughout much of the Houston area. Med/USGC
was assessed80k at W60,+66 +14.65 of UKC/UKC
an increase 2 points from80k Tuesday.
-65 -4.20
The pilots that navigate the channel suspended operations Med/USGC 130k rates
Trans-Atlantic +57 +12.65to be
were seen UKC/USGC 130k strength,
gaining more +56 +10.89
as
WAF/USGC 130k +56 +12.82 UKC/USAC
due to the weather on [April] 27th at 22:00 hours at Houston and long-haul destinations were taking tonnage out of 80k -75 -10.61
the market, sources
Galveston City, said Coast Guard Lieutenant J.G. Robert Cole. said. Ships are tighter and there CLEAN
is a lot of activity, a source said.
Operations resumed within eight hours. RouteSeychelles
The Size
PreludeWSwas reported
Rate Route
on subs outSize WS with
of Porvoo Ratethe
The Caribbean freight for 38,000 mt vessels was assessed at rate rumored (MT)
between W92.5-97.5,($/MT) albeit unconfirmed.
(MT) ($/MT)
Carib/USAC 30k
Worldscale 92 Wednesday, up from W88 Tuesday and W70 a week But sources noted+117 +9.71
the fixture AG/India
carried a premium 30k +110 +8.32
since it was done
Carib/USGC 30k +117 +10.37 AG/Japan 30k +80 +20.13
ago. on an ice-class
Carib/UKC 30k
tanker. Rumors
+110
of
+19.09
fixtures as
AG/Japan
high as
55k
W100 59
were
14.84
circu-
Likewise, the US Gulf-to-Europe rate, which typically reflects the lating
Med/UKC in the market,
30k but
+99not confirmed.
+12.37 AG/Japan 75k 55 13.84
movement of diesel, is currently being talked at W90, up from last Market sources,
Med/USAC 33k however,
+98 anticipated
+17.14 rates to 25k
UKC/UKC rise, with
-122the-7.36
firmer
done at W75 earlier this week. tone
Med/Medon paper30k
swaps also+89 seen as a positive
+5.06 UKC/USACsign. W108
33k +95has+13.94
been
I dont know anyone talking below W90, a second source Sing/HK on [May]
traded 30kpaper,175 5.83said UKC/USGC
a source adding that 33k +95 +16.08
this compares to
said.Tom Sosnowski, Elza Turner Sing/Japan
W90 30k day.+60
the previous +7.35 BSea/Med 30k +89 +10.17

VOLUME 87 / NUMBER 82 /THURSDAY, APRIL 30, 2009 13

 PRICES EFFECTIVE: APRIL 29, 2009
Naphtha...from p. 1
go to much lower, a trader said.
European prices fell recently with lower levels in Asia, which cut off
an export outlet. Refiners in Europe then looked to sell to what has
been a traditional outlet, the USAC.
Two cargoes in particular, 320,000 barrels from Norway, and
250,000 barrels from Rotterdam, have been offered into the New York
Harbor gasoline blending market for mid-May arrival. New York Harbor
has been already received several South American volumes in recent
weeks.
Other volumes that were offered to the USAC and USGC markets
include 200,000 barrels of Amuay Bay material from PDVSA lifting May
5-10, two 300,000-barrel cargoes of Amuay lifting May 17-30;
180,000 barrels of Curacao naphtha from PDVSA loading May 4-9.
Additional cargoes that could arrive in May include a 275,000-barrel
cargo from Russia, a 250,000-barrel offer from Nigeria and 300,000
barrels from Libya.
Also lifting in May are 300,000 barrels from Peru and 180,000
barrels from Ecuador.
All I see are cargo offers, commented one USAC gasoline
blender. It is going to get ugly.
Another trader said he has been trying to peddle stuff in New
York Harbor and found it about as frustrating as being a Mets fan.
Many of these cargoes, especially those from South America, in
the past would have been sold into the USGC reforming market. But
the gasoline blending market for high octane reformate has been hurt
by lower prices for petrochemical alternatives, such as toluene, xylene,
benzene, cumene.
Platts April 28 assessed USGC reformate at unleaded gasoline
plus 38 cents/gal, 15 cents lower than April 15.
Asia flips into contango
Physical and paper naphtha markets in Asia both flipped into con-
tango April 29 for the first time since November, pressured by
increased supplies from the Middle East, India and ongoing arbitrage
inflows from the West, industry sources said.
During the Platts Market on Close assessment process, Switzer-
land-based trading house Gunvor took out a bid from BP for H2
June/H1 July at minus 25 cents/mt. On Tuesday, H2 June/H1 July was
still assessed at plus $1/mt.
Japan naphtha swaps for May/June were done progressively weak-
er through the day. A deal was heard at minus 75 cents/mt in the
morning. After market close, May/June was heard done at minus
$1.75/mt and minus $2/mt thereafter.
The downward pressure started last week after Kuwait Petroleum
Corp. sold more than 200,000 mt of spot naphtha for loading in May
in an unexpected move, and gained momentum this week with more
export tenders seen out from India. Kuwait is not expected to have
anymore spot barrels for H1 June loading but may have some to sell
for H2 June.
Additionally, India has sold 523,000 mt of May naphtha to date,
and is expected to have at least another 105,000 mt to export for
May. The country exported 550,000 mt in April.
To top it off, Western naphtha has been flowing eastwards, with a
record volume of 1 million mt expected for May, and more fixtures
being done for June arrival.
South Koreas petrochemical producer Yeochun Naphtha Cracking
Center late Wednesday bought 50,000 mt of open spec naphtha for
delivery in the first half of June at a $2/mt discount to the Mean of
Platts Japan naphtha assessments, the first time YNCC has bought at
a discount in four or five months.
European contango widens
The contango structure in European naphtha widened April 29 with
the spread between May and June closing the day at minus $4/mt, a
fall of $4.25/mt from Monday when the spread was backwardated
$0.50/mt, according to Platts data.
Gunvor during the Platts Market on Close assessment process
was offering open spec naphtha for May 9-13 dates at $412/mt, but
VOLUME 87 / NUMBER 82 /THURSDAY, APRIL 30, 2009
OILGRAM PRICE REPORT
was unable to attract a buyer. We need this contango spread to widen
out to wake the buyers up, said one source.
Whilst storing product was not yet being talked, traders were
expecting Europe to get longer in physical naphtha.
Naphthas most recent flat price spike occurred April 17 when
Platts assessed CIF NWE cargoes at $440/mt. Since then, the price
of naphtha has steadily fallen, according to Platts data.
The slowing naphtha market, responding to minimal spot buying
from the petrochemicals sector and faltering demand for barrels in
Asia has created an illiquid market with sellers no longer able to com-
mand strong premiums on open specification naphtha, sources said.
Open spec naphtha premiums were last heard bid flat to Mean of
Platts CIF NWE, with the market expecting differentials to drift towards
discounted levels.
The most recent KPI sell-tender from their refinery in Milazzo, Italy,
was awarded at a lower than expected premium, according to sources
close to the company.
Whereas previous tenders have gone East, I think this one might
stay in Europe, a source said.
The arb may work but there is no great incentive at the moment,
making the European market drift south until the arbitrage moves it
again, said one trader.Robert Sharp, with Wendy Cheong in Singa-
pore and Richard Turner in London
China...from p. 1
majors, barely 4% of their total capacity, according to the data from the
committee.
Once they form an oil group they could have a stronger voice
to push for more crude oil from the government, a trading source
said.
According to the guidelines, the Shandong independents as a
group could push for increased domestic crude oil supply quotas,
an import license for 10 million mt/year, and to establish an oil
products sales network to sell to private pump stations.
Since the start of this year, private refineries have also found
themselves facing losses following a hike in the fuel oil consump-
tion tax. The central government raised the fuel oil consumption
tax to Yuan 812 ($118.90)/mt from the beginning of 2009, an
eightfold rise compared with the original Yuan 101.50/mt.
Meanwhile, some private refiners have started cooperating
with state giants such as China National Chemical Corporation
and China National Offshore Oil Corporation, to address their feed-
stock issues.
As of 2008, six private refineries, including Jinan Petrochemi-
cal, Jinan Changcheng Refining, Zhenghe and Huangxing, had been
acquired or restructured by China National Chemical Corporation,
or ChemChina. But ChemChina itself is also short of oil
resources, and could not bring enough feedstock crude oil to the
refineries.
In a related development, CNOOC, the third-biggest state oil
company, stepped into Shandong looking to expand its down-
stream presence. Haihua and Zhonghai, the two refineries
acquired by CNOOC, are fed with crude supplies from the compa-
nys Bohai field. Separately, CNOOC is in talks with other refiners
for consolidation.Staff reports
Gasoline stocks...from p. 1
b/d at 9.824 million b/d, but with inputs at 14.334 million b/d,
stocks had to increase. Crude inputs edged down 182,000 b/d to
14.334 million b/d with declines occurring in several regions.
Adding to overall bearish bias in the crude data was the sec-
ond consecutive stock build at the NYMEX delivery point in Cush-
ing, Oklahoma. Stocks at Cushing rose 221,000 barrels to
29.763 million barrels, 10.466 million barrels above year-ago lev-
els.Linda Rafield
14
 PRICES EFFECTIVE: APRIL 29, 2009 OILGRAM PRICE REPORT

Enterprise, TEPPCO eye midstream combination

Multi-billion-dollar deal rebuffed, but talks continue
New YorkA more than $2 billion offer from to its web site. Given this mornings price action for TEP-
big US midstream company Enterprise Prod- The companys onshore pipelines gather PCO, the enterprise value is now almost $5.5
ucts Partners to acquire fellow transporter and transmit gas in Alabama, Colorado, billion, which results in an EV/EBITDA multiple
TEPPCO has been declined, but the door is Louisiana, Mississippi, New Mexico, Texas of 10.4x, said Cusick. This seems expen-
open to further negotiation, the companies and Wyoming. They are linked to onshore sive to us, given that we see very little growth
said April 29. developments such as the San Juan, Barnett in the distribution at (TEPPCO) over the next,
The combination would significantly Shale, Permian, Piceance and Greater Green several years.
increase Enterprises asset base and earn- River supply basins in the western US, and to Cusick said he did not see how the deal
ings scale, analysts at Moodys Investors offshore developments in the Gulf of Mexico moves the needle for cash flow or distribu-
Service said in a report. through connections with offshore pipelines, tion increases at the new Enterprise, but
While the two midstream companies hold according to Enterprise. added: Enterprise could sell some (TEPPCO)
similar types of assets, the current relation- Enterprises original offer, made in assets that do not fit with its operational
ship they have lessens antitrust concerns, March, was to acquire outstanding partner- focus.
said the ratings agency. ship stakes of TEPPCO for 1.043 Enterprise TEPPCO and Enterprise declined to com-
Enterprise and TEPPCO are both con- common units, plus $1 in cash, for each ment beyond their official statements.Beth
trolled by Enterprise GP Holdings LP and oper- TEPPCO unit. Evans
ate under a shared services agreement with Enterprise said its deal represented
EPCO Incorporated, something that signifi- $21.89/unit, or a premium of about 4.8%,
cantly reduces the integration risk for this based on the 10-day average closing price of
merger, said Moodys. TEPPCO and Enterprise common units on
ANS output to dip in June
TEPPCO assets link supply regions in the March 6, the day prior to when Enterprise AnchorageAlaska North Slope oil produc-
US Gulf Coast, Rocky Mountains, Midwest and made the proposal. tion is expected to dip to an average of
Northeast, according to a presentation on its While TEPPCO management said the price 562,000 b/d during June and possibly
web site. The company is involved in crude oil was too low, the company said it remains part of July due to maintenance projects
and natural gas gathering; storage of refined willing to consider a revised proposal that on production facilities, a state Depart-
products, LPG and crude oil; pipeline trans- appropriately recognizes the value of TEPPCO, ment of Revenue official who tracks oil
portation of refined products, LPG, crude oil including the significant benefits that would production said April 29.
and NGL; and marine services via tow boats accrue to Enterprise as a result of a merger The estimate is based on information
and tank barges. Among its holdings are with TEPPCO. provided to the revenue department by
stakes in Seaway Crude Pipeline Company, The Enterprise offer actually appears too producing companies, according to Dudley
Centennial Pipeline LLC and Jonah Gas Gath- high, especially when taking into account a Platt, a petroleum engineer who monitors
ering Company. jump in share prices April 28, said Oppen- production for the state.
Enterprise focuses mostly on natural gas, heimer analyst John Cusick, in a report. TEPP- The North Slope is currently producing
with more than 80% of its assets related to CO ended the day up 6.2% at $27.74/share, a little over 670,000 b/d, according to rev-
NGL pipelines and services, along with while Enterprise was down 2.1% at enue department data.
onshore gas pipelines and services, according $24.24/share. BP Exploration Alaska spokesman
Steve Rinehart said summer maintenance
projects are routine in the North Slope
Plan to build port offshore Texas still on: Oiltanking fields and production usually dips during
the period. He did not have specific infor-
New YorkOiltankings project to build the Texas Offshore Port System will proceed as mation on which facilities will be taken out
planned because of customer support for it, despite the exit of partners Enterprise Offshore of service, however.
Port System and TEPPCO O/S Port System from the venture, Carlin Conner, president of Oil- Platt said BP has told him that this
tanking North America, said late April 28. summers maintenance will be more intense
Our customers are supportive and calling for the project to be built, Conner said in an than usual and that the production drop will
interview. be more substantial than in previous years.
The fundamental drivers of the project have not changed. TOPS allows the cost to be The bulk of the reduction will come in the
reduced for long-haul crude imports, Conner said. Prudhoe Bay field, he said, which is expect-
Asked if Oiltanking was preparing to proceed solo on the project, Conner said the com- ed to produce an average of 195,000 b/d
pany was keeping its options open. But Oiltanking would most likely bring in financial and during June, down from 339,000 b/d cur-
strategic partners for the project, and has since begun talks with many companies, both rently. By comparison, during last years
international and US firms, for potential partnerships, he added. summer maintenance Prudhoe production
Conner also said the project remains on target for a second-half 2012 startup, and is was maintained at an average of 285,000
still expected to cost around $1.8 billion. b/d through June, Platt said.
In separate statements last week, TEPPCO and Enterprise said their exits had taken In another development, Rinehart
effect April 16 and were in connection with a disagreement with Oiltanking Holdings Ameri- said a gas-lift line serving the western
ca (ON 4/22). Asked to provide details of this dispute, Connor said: We can only speculate part of the Prudhoe Bay field is back in
what this dispute is about. operation after being taken out of serv-
Spokesmen for Enterprise and TEPPCO could not be immediately reached for comment. ice for maintenance when corrosion was
The TOPS project includes an offshore port, two onshore storage facilities with about discovered. Gas delivered through the
5.1 million barrels of total crude oil storage capacity, and an associated 160 mile pipeline line supports oil production pads on the
system with the capacity to deliver up to 1.8 million b/d. western side of the field, Rinehart
Oiltanking is a subsidiary of Germanys Marquard & Bahls.Sheela Tobben said.Tim Bradner

VOLUME 87 / NUMBER 82 /THURSDAY, APRIL 30, 2009 15