LATIN AMERICAN WIRE

Volume 24 / Issue 71 / April 13, 2018

CRUDE ($/barrel) (PGA page 280) MARKET COMMENTARY

Diff to Diff to Futures Diff to Dated
FOB Crude Mid Change WTI strip Brent strip Brent strip
Escalante
Roncador
PCAGC00 67.72–67.77 67.745
AAQTL00 67.12–67.17 67.145
+0.375 PCAGO00 0.605 AAXBS00 -3.900
+0.475 AAQTK00 0.005 AAXBT00 -4.500
AAXAX00 -4.250
AAXAY00 -4.850
Crude Oil (PGA page 288)
Santa Barbara AAITD00 67.87–67.91 67.890 +0.295 AAITJ00 0.750 AAXBU00 -3.755 AAXAZ00 -4.105
Loreto PCAGH00 66.62–66.66 66.640 +0.445 PCAGQ00 -0.500 AAXBV00 -5.005 AAXBG00 -5.355 Latin American crude grades closed the week Friday with
Oriente PCADE00 66.87–66.91 66.890 +0.345 PCAGU00 -0.250 AAXBW00 -4.755 AAXBH00 -5.105 mixed fortunes, despite underlying ICE Brent and NYMEX
Napo AAMCA00 61.67–61.71 61.690 +0.345 AAMCD00 -5.450 AAXBX00 -9.955 AAXBI00 -10.305
Marlim AAITF00 67.22–67.27 67.245 +0.475 AAITL00 0.105 AAXBY00 -4.400 AAXBJ00 -4.750
WTI future prices continued climbing on the day. Trading
Castilla Blend AAVEQ00 63.77–63.82 63.795 +0.475 AAVEQ01 -3.345 AAXBZ00 -7.850 AAXBK00 -8.200 activity was thin as buyers remained on the sidelines due to
Magdalena AAWFR00 63.62–63.67 63.645 +0.475 AAWFS00 -3.495 AAXCA00 -8.000 AAXBL00 -8.350 a hike in the global benchmark crudes. Colombian crude
Vasconia PCAGI00 68.62–68.67 68.645 +0.475 PCAGR00 1.505 AAXCB00 -3.000 AAXBN00 -3.350
Mesa 30 AAITB00 67.27–67.32 67.295 +0.475 AAITH00 0.155 AAXCC00 -4.350 AAXBO00 -4.700 prices continued to move higher with similar US crude oil
Latin America WTI strip AAXBP00 67.140 grades. Vasconia and Castilla Blend were assessed 5 cents
Latin America Futures Brent strip AAXBQ00 71.645
Latin America Dated Brent strip AAXBR00 71.995
higher from Thursday to Platts Latin Brent Strip minus
$3.00 and minus $7.85, respectively, tracking a hike on
MEXICO CRUDE POSTINGS ($/barrel) (PGA page 1063) heavy crude US Mars. Meanwhile, a narrower spread
Formula Formula Value Constant (k) Posting Change between Dubai and WTI swaps pushed Ecuadorean heavy-
Americas
Maya 0.4(WTS + USGC HSFO) + 0.1(LLS + Dated Brent) AAVLO00 62.34 AAYCP00 -3.30 PDATS09 59.04 +0.39 sour Oriente 5 cents lower to Platts Latin WTI Strip minus
Isthmus 0.4(WTS + LLS) + 0.2(Dated Brent) AAVLP00 67.55 AAYCQ00 1.90 PDATO09 69.45 +0.48 25 cents. The spread narrowed 5 cents to $1.61 from
Olmeca 0.333(WTS + LLS + Dated Brent) AAVLQ00 68.34 AAYCR00 3.25 PDATT09 71.59 +0.61
Thursday. In the opposite direction, Venezuela’s light-sweet
Maya USWC 0.4(WTS + USGC No.6 3%) + 0.1(LLS + Dated Brent) AAUFV00 62.34 AAUWK00 -3.40 AAUPK00 58.94
+0.390
Isthmus USWC 0.4(WTS + LLS) + 0.2(Dated Brent) AAXLZ00 67.55 AAXLY00 1.90 AAXKJ00 69.45 +0.48 Santa Barbara was assessed down 10 cents to a 75 cents
Europe premium to Platts Latin WTI Strip, following a similar rise in
Maya 0.527(Brent) + 0.467(FO 3.5%) – 0.25(FO 1% – FO 3.5%) AAVLR00 64.46 AAYXA00 -6.60 AAYXE00 57.86 +1.05
Isthmus 0.887(Brent) + 0.113(FO 3.5%) – 0.16(FO 1% – FO 3.5%) AAVLS00 70.48 AAYXB00 -2.40 AAYXF00 68.08 +1.22
Light Louisiana Sweet crude. US refineries imported higher
Olmeca (Brent) AAXNE00 72.71 AAXND00 -1.50 AAXNC00 71.21 +1.25 volumes of Mexican, Venezuelan and Ecuadorean crudes
Asia week-on-week in the first week of April, the most recent US
Maya (Oman + Dubai)/2 AAVLU00 69.10 AAYXC00 -9.20 AAYXG00 59.90 +0.43
Isthmus (Oman + Dubai)/2 AAVLT00 69.10 AAYXD00 -1.75 AAYXH00 67.35 +0.43 Energy Information Agency data showed. Imports of
Mexican crude amounted 856,000 barrels through April 6,
SPOT REFINED PRODUCTS (PGA page 164) almost two times higher from what was recorded in the last
$/barrel Mid Change $/barrel Mid Change week of March. Meanwhile, US refiners imported 631,000
Colombia Argentina barrels of Venezuelan crude, which almost doubled the
FO 1.75%S FOB PPARO00 56.07–56.09 56.080 +0.110 ULSD CIF AAXWZ00 86.950
+0.690
358,000 barrels in the previous week. Ecuador ranked as
Diluent Naphtha Ex-Ship AAXYB00 67.720 -0.410 Peru
the third place with 255,000 barrels, only 30,000 higher
Ecuador Naphtha FOB PAAAS00 71.27–71.29 71.280 +0.730
FO 2.2% FOB PPASL00 56.24–56.26 56.250 +0.110 FO 1.6% FOB PPARK00 57.05–57.07 57.060 +0.110 from the previous week. In contrast, Colombian crude
RON 93 CIF AAXYC00 88.350 +1.090 Natural Gasoline CIF AAXWD00 62.090 +0.980 exports into the US dropped to 200,000 barrels which was
ULSD CIF AAXWF00 88.090 +0.580 ULSD CIF AAXWY00 88.210 +0.510
three times lower from the 604,000 barrels in the last week
of March, the EIA data showed.

www.platts.com
LATIN AMERICAN WIRE APRIL 13, 2018

SPOT REFINED PRODUCTS (continued) (PGA page 164) US BENCHMARKS

$/barrel Change Peso/liter Change Mid Change
Mexico cargo US Gulf Coast waterborne products (PGA page 156)
Gasoline CIF Eastern Mexico AAXWA00 82.410 +0.440 AATFH00 9.370 -0.010 ¢/gal
Gasoline CIF Rosarito AATFA00 85.660 +0.540 AATFK00 9.740 0.000 Unleaded 87 PGACU00 200.69–200.79 200.740 +1.580
Gasoline CIF Lazaro Cardenas AATFD00 85.190 +0.540 AATFN00 9.690 +0.010 No.2 Oil POAEE00 198.62–198.72 198.670 +1.390
ULSD CIF Eastern Mexico AAXWE00 85.690 +0.520 AATFI00 9.740 0.000
Jet 54 grade PJABM00 205.87–205.97 205.920 +1.290
ULSD CIF Rosarito AATFB00 88.720 +0.500 AATFL00 10.090 0.000

$/barrel
ULSD CIF Lazaro Cardenas AATFE00 88.190 +0.500 AATFO00 10.030 0.000
Jet CIF Eastern Mexico AATFG00 86.790 +0.520 AATFJ00 9.870 0.000 USGC HSFO PUAFZ00 58.09–58.11 58.100 +0.300
Jet CIF Rosarito AATFC00 89.740 +0.750 AATFM00 10.210 +0.030 US Gulf Coast FOB cargo products (PGA page 156)
Jet CIF Lazaro Cardenas AATFF00 89.240 +0.750 AATFP00 10.150 +0.030
¢/gal
Export ULSD AAXRV00 203.090
+1.220
domestic demand falls. “That is the reason for the lack of
Products (PGA page 495) Export ULSD ($/mt) AAXRW00 635.480
+3.840
fuel oil. If they don’t export it is not necessary to import,” New York products (PGA page 152)
Argentina’s YPF, acting as representative of Cammesa, is he said. However, as the season is changing in Argentina
$/barrel
seeking to buy 180,000 mt of fuel oil in four cargoes of to colder weather, fewer exports are expected, he added. Fuel oil 1%S PUAAO00 60.11–60.13 60.120 +0.100
45,000 mt each. The product should have a maximum Cammesa is Argentina’s wholesale power administrator. It Fuel oil 3%S PUAAX00 58.46–58.48 58.470 +0.140

0.7% sulfur content, minimum 9 API gravity, 212-594 CST is mostly privately owned, by participants in the wholesale Crudes 2:30pm Eastern (PGA page 210 & 214)

viscosity and minimum 60 degrees Celsius flashpoint. electricity market, although the Energy Ministry owns a
$/barrel

Offers are due Monday. The first cargo is to be delivered
May 14-16; the second cargo May 21-23; the third May
28-30 and the fourth June 4-6, on a DAP basis. Each cargo
shall be delivered at one lightering area — either Alpha,
Delta, or Bahia Blanca — plus one safe port, either Bahia
Blanca or Buenos Aires or two safe ports in case Bahia
Blanca is the first port. Price basis for this tender is a
differential to Platts Fuel Oil No. 6 1.0% NYH Delivered
Cargo, expressed in US$/barrel. The pricing period for the
first cargo will be the average of quotations from April 30
to May 4, for the second cargo, May 7-11; for the third
cargo, May 14-18; and for the fourth cargo, May 21-25. This
tender follows a previous one issued by Cammesa/YPF
seeking to buy 270,000 mt of fuel oil to be delivered March
29-30, April 9-13, April 23-27, April 30-May 4, May 7-11, May
14-18. According to market sources, that tender was
canceled. Price basis was also a differential to Platts Fuel
Oil No. 6 1.0% NYH delivered cargo. Reasons for the
cancellation are not known. Shell, owner of Refineria
Buenos Aires, as well as PAE (formerly Axion), which owns
the Campana refinery, have been exporting fuel oil, a
source familiar with the South American market said,
explaining that during the warm months in Argentina
minority stake in it. In Ecuador, Petroecuador bought from
Glencore 10 240,000-barrels cargoes of high sulfur diesel
each. Specifications include 0.5% (5,000 ppm) maximum
sulfur, minimum 60 degrees Celsius flashpoint, a minimum
cetane index of 46 and a kinematic viscosity at 40 C of
between 2 and 5 mm sq/second. The price agreed was a
$3.64/b premium to S&P Global Platts US Gulf Coast No. 2
heating oil waterborne assessments for the two days prior
to the bill of lading date, the bill of lading date and two
days after. The first cargo is to be delivered May 1-3.
Petroecuador will provide notification at least 20 calendar
days in advance of the other delivery window dates.
Delivery ports are Esmeraldas and/or La Libertad and/or
Punta Arenas and/or Tres Bocas, on a DAT basis. Other
participants in the tender were BB Energy, Phillips 66, Vitol
and Trafigura, according to sources. In December,
Petroecuador purchased from Glencore four 240,000
barrels of high sulfur diesel. The price paid was a $4.28/b
premium to the Platts USGC No. 2 heating oil waterborne
assessments for the two days prior to the bill of lading
date, the bill of lading date and the two days after. Two
other companies participated in that tender — Trafigura
and Vitol.
WTI 1st month PCACG00 67.42–67.44 67.430 +0.360
WTI 2nd month PCACH00 67.32–67.34 67.330 +0.380
Mars 1st month AAMBR00 67.77–67.79 67.780 +0.310
Mars 2nd month AAMBU00 67.77–67.79 67.780 +0.530
LLS PCABN00 70.57–70.59 70.580 +0.260
ANS PCAAD00 71.70–71.74 71.720 +0.480
Basrah AAEJH00 69.84–69.86 69.850 +0.520
Crudes at 16:30 London (PGA page 1210)
Bonny Light PCAIC00 72.73–72.77 72.750 +0.990
CARIBBEAN FOB CARGOES (PGA page 162)
¢/gal Mid Change
Jet Kero PJAAD10 206.04–206.06 206.050 +1.24
$/barrel
Fuel oil 2.0% PUAAS00 58.72–58.74 58.730 +0.30
Bunkers (PGB page 899)
Marine fuel prices in Latin America closed the week Friday
higher after mixed pricing Thursday on firm pricing and
upticks in the NYMEX front-month ULSD, ICE Brent futures
and US Gulf Coast fuel oil assessments. S&P Global Platts
assessed ICE June Brent as of 2:30 pm EDT (1830 GMT) at
$72.53/b, up 48 cents. In the Platts Market on Close
assessment process, Peninsula Petroleum Panama posted

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 2
LATIN AMERICAN WIRE APRIL 13, 2018

LATIN AMERICAN BUNKERS ($/mt) (PGB page 870)

IFO 380 CST Mid Change IFO 180 CST Mid Change Marine gasoil Mid Change
Delivered
Buenos Aires PUAYH00 465.95–466.05 466.000 +1.000 PUAYG00 515.95–516.05 516.000 +1.000 PBABR00 751.95–752.05 752.000 +2.000
El Callao PUAYP00 457.95–458.05 458.000 +1.000 PUAYO00 507.95–508.05 508.000 +1.000 PBABW00 838.95–839.05 839.000 +9.000
Valparaiso PUAYR00 473.95–474.05 474.000 +1.000 PUAYQ00 516.95–517.05 517.000 +1.000 PBABX00 806.95–807.05 807.000 0.000
Guayaquil AAJOC00 425.95–426.05 426.000 +1.000 AAJOE00 445.95–446.05 446.000 +1.000 AAJOG00 731.95–732.05 732.000 +2.000
Libertad PUAYT00 424.95–425.05 425.000 +1.000 PUAYS00 447.45–447.55 447.500 +1.000 PBABY00 730.95–731.05 731.000 +2.000
Cartagena AAJOA00 418.95–419.05 419.000 +1.000 PUBAE00 448.95–449.05 449.000 +1.000 PBACW00 704.95–705.05 705.000 +2.000
Montevideo PUBAQ00 460.95–461.05 461.000 +1.000 PUBAR00 483.95–484.05 484.000 +1.000 PBADA00 795.95–796.05 796.000 +2.000
Santos AAXWJ00 415.000 +3.000 AAXWP00 446.500 +3.000 AAXWO00 754.000 +14.000

Ex-wharf
Balboa PUBAD00 396.95–397.05 397.000 +16.000 PUBAC00 433.95–434.05 434.000 +16.000 PBACU00 649.95–650.05 650.000 +5.000
Cristobal PUAEF00 396.95–397.05 397.000 +16.000 PUABJ00 433.95–434.05 434.000 +16.000 POABJ00 649.95–650.05 650.000 +5.000
Panama Canal AAXWG00 397.000 +16.000 AAXWL00 434.000 +16.000 AAXWI00 650.000 +5.000

PETROBRAS BUNKER POSTINGS ($/mt) (PGB page 876)

IFO 380 CST Mid Change IFO 180 CST Mid Change Marine gasoil Mid Change
Paranagua PUAYU00 428.00-429.00 428.500 +3.000 PUAYI00 459.50-460.50 460.000 +3.000 PBABS00 785.00-786.00 785.500 +14.000
Santos PUAYK00 413.00-414.00 413.500 +3.000 PUAYJ00 444.50-445.50 445.000 +3.000 PBABT00 752.00-753.00 752.500 +14.000
Rio de Janeiro PUAYV00 418.00-419.00 418.500 +3.000 PUAYL00 449.50-450.50 450.000 +3.000 PBABU00 739.00-740.00 739.500 +14.000
Salvador PUAYN00 451.00-452.00 451.500 +3.000 PUAYM00 482.50-483.50 483.000 +3.000 PBABV00 767.00-768.00 767.500 +14.000

an initial bid at the peg of $386/mt ex-wharf Balboa,
Panama, for 500 mt for April 16-23. Peninsula gradually
raised its position to $397/mt and Glencore sold to it at that
level. Platts assessed the price at the deal level of $397/mt
ex-wharf, up $16. Pricing indications were talked as high as
$395/mt in the morning and deals were talked at $395-
$397/mt ex-wharf basis for volumes ranging from 400-650
mt in the morning. The increase tracked a 30-cent increase
in USGC high sulfur fuel oil to an assessment at $58.10/b,
equivalent to a $1.91/mt hike. Along the Pacific Coast of
Valparaiso market was stable at $807/mt on flat pricing. In
Balboa, MGO rose $5 to $650/mt ex-wharf, tracking a 1.64-
cent increase for NYMEX May ULSD to $2.1002/gal. Pricing
indications were talked as high as $660/mt ex-wharf Balboa
in the morning. A deal was talked at $661/mt ex-wharf basis
in Cristobal, Panama for 45 mt.
NYMEX (PGA page 1000)
The oil complex strengthened further Friday, capping a
CARIBBEAN PRODUCT POSTINGS (PGA page 466)
Petrotrin (¢/gal) Effective Date
83 Mogas AAOCF09 210.00 10-Apr-18
92 Mogas Unl AANTB00 225.00 10-Apr-18
95 Mogas Unl PTADR00 234.00 10-Apr-18
Avgas 100/130 PTAHQ09 534.00 10-Apr-18
Dual Purpose Kero PTAEP09 220.00 10-Apr-18
Gasoil 0.5%S PTADQ09 211.00 10-Apr-18
($/barrel)
Bunker fuel oil PTAEM09 68.00 10-Apr-18
Source: Petrotrin

South America, IFO 380 pricing was higher amid higher
price indications. The assessment in Callao and in the
competing port of Guayaquil rose $1 to $458/mt and $426/
mt, respectively. On the East Coast of South America,
pricing was $1-$3 higher, with Santos, Brazil, IFO 380
assessed $3 higher at $415/mt on rising supplier pricing,
while the Buenos Aires market was up $1 at $466/mt. The
market in Buenos Aires closed the week firm as talk of
limited availability has pressured the market upwards.
Marine gasoil in Santos increased $14 to an assessment of
$754/mt on higher fresh supplier pricing, while the
week-long rally sparked by Middle East geopolitical
tension, lifting NYMEX crude and ICE Brent to highs last
seen in late 2014. NYMEX May crude rose 32 cents to settle
at $67.39/b. ICE June Brent settled 56 cents higher at
$72.58/b. With the White House threatening to bomb the
Syrian regime, traders remain weary over the potential for
a broadening conflict pitting Washington against President
Bashar Assad’s allies in Moscow. Any supply disruptions
would occur against a backdrop of tightening global
inventories, highlighted Friday by the International Energy
Agency’s latest monthly oil market report. OECD oil stocks
fell by 25.6 million barrels to 2.84 billion barrels in
February, the lowest level since April 2015, the IEA said.
Moreover, OECD inventories now sit 30 million barrels
above the five-year average. That surplus could be erased
soon, achieving an objective OPEC identified when the
group agreed to an output cut. “It is not for us to declare
on behalf of the Vienna agreement countries that it is
‘mission accomplished’, but if our outlook is accurate, it
certainly looks very much like it,” the IEA said. Geopolitical
threats have been escalating in Yemen, Syria and Iran,

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 3
LATIN AMERICAN WIRE APRIL 13, 2018
driving a large part of the $5/b increase in oil prices since
last week, Goldman Sachs commodity analysts said in
note. “As we have argued in the past, with low and
declining inventories the market remains vulnerable to
even small disruptions,” the note said. Front-month ICE
Brent closed Friday $5.47 higher than a week ago,
marking the largest weekly increase this year. NYMEX
crude rose $5.33/b week on week. One bearish factor
weighing on NYMEX crude has been US production, which
continues to climb higher. Output averaged 10.525 million
b/d the week that ended April 6, Energy Information
Administration estimates show. That equaled a year-on-
year increase of 1.29 million b/d. And with US drillers
adding more rigs in this higher-priced oil environment, the
outlook for production points even higher. The weekly US
oil rig count rose by seven to 815 Friday, the most since
March 2015, according to Baker Hughes. Crude
differentials have adjusted, with Brent at a bigger
premium to WTI to encourage more US crude exports. The
Brent/WTI spread was 18 cents wider at $5.25/b Friday
afternoon. From late 2015 until August 2017, that spread
was around parity to $3/b. A key upcoming event for the
oil market will be the May 12 deadline by which President
Donald Trump must decide whether or not to renew US
sanctions relief against Iran under the Joint
Comprehensive Plan of Action. A unilateral move to
reimpose sanctions wouldn’t have a big impact on Iranian
exports right away, but would be the start of a process
placing “low-intensity stress” on oil markets, JP Morgan
analysts said Friday. The result could be higher oil prices
and above-average volatility, similar in magnitude to the
period during the 2011 Arab Spring, the note said. Realized
volatility for NYMEX crude has been modest since 2017
compared with 2011 as well as 2015-16 when oil prices
crashed because of a global oversupply led by US shale
production. That figure averaged 24% in 2017 and 20% in
the year to date. Realized volatility averaged 31% in 2011,
43% in 2015 and 42% in 2016, according to data supplier
GlobalView. NYMEX May ULSD settled 1.64 cents higher
Friday at $2.1002/gal. NYMEX May RBOB rose 1.08 cents to
$2.0654/gal.
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
NYMEX 2:30PM EASTERN SETTLEMENT (PGA page 701)
Crude oil ($/barrel) Heating oil (¢/gal) RBOB Unleaded (¢/gal)
May AAWS001 67.39 +0.32 May AAHS001 210.02 +1.64 May AARS001 206.54 +1.08
Jun AAWS002 67.33 +0.38 Jun AAHS002 209.05 +1.49 Jun AARS002 206.86 +1.15
Jul AAWS003 67.00 +0.42 Jul AAHS003 208.42 +1.55 Jul AARS003 206.33 +1.31
US WEST COAST REFINERY YIELDS AND NETBACKS (Summer) EFFECTIVE APRIL 13, 2018
US West Coast Crack Yield & Netback (PGA page 840)
Crack Yield
Freight Crack Netback Spot Price Crack Margin
ANS TYAAD00 82.63 TDDGL00 0.00 TNAAD00 82.63 PCAAD00 71.720 TNAADMR 10.910
Arab Berri TYAAT00 86.25 TDDAE00 1.29 TNAAT00 84.96 AAXCT00 70.680 TNAATMR 14.280
Arab Light TYACX00 81.75 TDDAT00 1.31 TNACX00 80.44 AAXCU00 68.480 TNACXMR 11.960
Bakken TYASK00 86.74 TDDRT00 6.50 TNASK00 80.24 AASRU00 65.690 TNASKMR 15.500
Basrah Light TYAGL00 82.23 TDDBW00 1.67 TNAGL00 80.56 AAEJH00 69.850 TNAGLMR 12.930
Escalante TYAKN00 77.34 TDDCW00 3.36 TNAKN00 73.98 PCAGC00 67.745 TNAKNMR 6.235
Kern River TYAMV00 81.84 TDDGM00 1.71 TNAMV00 80.13 PCABJ00 69.970 TNAMVMR 10.160
Line 63 TYANX00 83.36 TDDGN00 0.15 TNANX00 83.21 PCABM00 76.670 TNANXMR 6.540
Minas TYATC00 87.04 TDDGO00 2.40 TNATC00 84.64 PCABO00 67.200 TNATCMR 17.440
Oriente TYAQV00 78.44 TDDEC00 1.44 TNAQV00 77.00 PCADE00 66.890 TNAQVMR 10.110
Mixed Light Sweet TYARD00 91.37 TDDGP00 2.07 TNARD00 89.30 AALRR00 60.240 TNARDMR 29.060
Thums TYASZ00 81.50 TDDGQ00 0.00 TNASZ00 81.50 PCACD00 71.170 TNASZMR 10.330
US West Coast Coke Yield & Netback (PGA page 842)
Coke Yield Freight Coke Netback Spot Price Coke Margin
ANS TYAAB00 87.21 TDDGL00 0.00 TNAAB00 87.21 PCAAD00 71.720 TNAABMR 15.490
Arab Berri TYAAR00 87.29 TDDAE00 1.29 TNAAR00 86.00 AAXCT00 70.680 TNAARMR 15.320
Arab Light TYACV00 85.08 TDDAT00 1.31 TNACV00 83.77 AAXCU00 68.480 TNACVMR 15.290
Basrah Light TYAGJ00 85.05 TDDBW00 1.67 TNAGJ00 83.38 AAEJH00 69.850 TNAGJMR 15.750
Escalante TYAKL00 87.13 TDDCW00 3.36 TNAKL00 83.77 PCAGC00 67.745 TNAKLMR 16.025
Kern River TYAMT00 90.45 TDDGM00 1.71 TNAMT00 88.74 PCABJ00 69.970 TNAMTMR 18.770
Line 63 TYANV00 87.97 TDDGN00 0.15 TNANV00 87.82 PCABM00 76.670 TNANVMR 11.150
Minas TYATA00 90.31 TDDGO00 2.40 TNATA00 87.91 PCABO00 67.200 TNATAMR 20.710
Oriente TYAQT00 85.07 TDDEC00 1.44 TNAQT00 83.63 PCADE00 66.890 TNAQTMR 16.740
Mixed Light Sweet TYARB00 91.71 TDDGP00 2.07 TNARB00 89.64 AALRR00 60.240 TNARBMR 29.400
Thums TYASX00 88.00 TDDGQ00 0.00 TNASX00 88.00 PCACD00 71.170 TNASXMR 16.830
Source: S&P Global Platts, Turner, Mason & Co.
NEWS AND INTERESTS (PGA page 100) March, down from 7,797 b/d in February, the company said
Exploration & Production in a filing with local stock regulators after markets closed
late Thursday. That was the first production decline in six
months at Tubarao Martelo, according to Dommo. Dommo’s
Brazil concern registers
prospects have improved in recent months after the
decline at Tubarao Martelo company emerged from bankruptcy protection last year.
Brazilian independent oil producer Dommo Energia, Crude oil production has trended higher at Tubarao Martelo
formerly known as OGX and OGPar, registered a 3.8% to stabilize at about 7,500 b/d, despite the shutdown of one
month-on-month decline in crude oil output from the of the field’s four production wells for about six months.
Tubarao Martelo Field in March. Tubarao Martelo, Dommo’s Additional output could be squeezed from Tubarao Martelo,
sole production asset, pumped an average of 7,501 b/d in where the company has said that it will seek financing for a
4
LATIN AMERICAN WIRE APRIL 13, 2018

$28 million investment project that would lift output to SPOT TANKER RATES
10,000 b/d. In addition, Dommo should gain new production From To Cargo size (kt) Worldscale $/mt
from its share of output from the Atlanta Field in a matter Clean Medium Range Tankers West of Suez (PGT page 1910)
of weeks. The Atlanta Field, where Dommo owns a 40% Mediterranean UK Continent PFADCSZ 30 PFADC10 145.00 TCABA00 14.21

stake in the QGEP Participacoes-operated project, is Mediterranean US Atlantic Coast PFACWSZ 37 PFACW10 130.00 TCABC00 18.19
Mediterranean Mediterranean PFADBSZ 30 PFADB10 135.00 TCAAY00 6.55
expected to pump first oil soon. The Petrojarl I floating UK Continent UK Continent PFALYSZ 22 PFALY00 185.00 TCABV00 10.16
production, storage and offloading vessel, or FPSO, arrived UK Continent US Atlantic Coast PFAMASZ 37 PFAMA00 135.00 TCABX00 17.20

at the field late last year and is currently being connected to UK Continent US Gulf Coast PFAMBSZ 37 PFAMB00 135.00 TCACA00 14.13
Black Sea Mediterranean PFABXSZ 30 PFABX00 145.00 TCAAP00 13.51
two production wells.
Clean Medium Range Tankers East of Suez (PGT page 2920)
Worldscale
Argentina refineries run more imported crude Arab Gulf India PFABMSZ 35 PFABM10 182.50 TCAAF00 11.19
Arab Gulf Japan PFABNSZ 35 PFABN10 132.50 TCAAH00 23.96

Argentina’s refineries ran more imported crude oil in Singapore Japan PFAEBSZ 30 PFAEB10 146.00 TCABP00 13.15
Lumpsum
February to compensate for a drop in domestic supplies as Singapore Hong Kong PFAKWSZ 30 PFAKW10 325 TCADI00 10.83
the upstream industry struggles to turn around a 19-year Clean Long Range Tankers East of Suez (PGT page 2922)
production decline, according to data released Friday by an Worldscale
Arab Gulf Japan PFAEYSZ 55 PFAEY10 109.00 TCAAI00 19.71
Arab Gulf Japan PFAMTSZ 75 PFAMT00 89.00 TCAAJ00 16.09
PERUVIAN NAPHTHA EXPORTS Dirty Panamax Tankers Americas (PGT page 1962)
Worldscale
New York Caribbean US Gulf Coast PFANZSZ 50 PFANZ00 110.00 TDABA00 8.54
U NI TE D S T AT ES Washington
Dirty Aframax Tankers West of Suez and Americas (PGT pages 1960 and 1962)
3
Worldscale
Los Angeles
Atlanta Caribbean US Atlantic Coast PFALTSZ 70 PFALT10 97.50 TDAAY00 8.05
Houston Atlantic Ocean Mediterranean Mediterranean PFAJPSZ 80 PFAJP10 75.00 TDABL00 3.47
Mediterranean US Gulf Coast PFAJOSZ 80 PFAJO10 67.50 TDABU00 11.33
2 Miami UK Continent UK Continent PFAKDSZ 80 PFAKD10 95.00 TDACD00 6.44
BAHAMAS
MEX I CO UK Continent US Atlantic Coast PFAKESZ 80 PFAKE10 82.50 TDACG00 10.89
Havana
Guadalajara CUBA Dirty Suezmax Tankers West of Suez (PGT page 1970)
DOM. REP.
JAMAICA
Mexico City BEL IZE HAI TI Worldscale
G UATEMALA HONDURA S West Africa US Gulf Coast PFAIASZ 130 PFAIA10 47.50 TDACV00 8.26
EL S AL V ADOR NICARAG U A UK Continent US Gulf Coast PFAHNSZ 135 PFAHN10 45.00 TDACH00 7.66
Caracas Mediterranean US Gulf Coast PFAHGSZ 135 PFAHG10 42.50 TDABS00 7.14
1 COSTA RICA

PA NAM A VENEZUEL A Dirty VLCC Tankers Americas (PGT page 1972)

Bogota Lumpsum
Pacific Ocean COL OM BI A Caribbean China TDAFLSZ 270 TDAFL00 4.30 TDAFK00 15.93
Quito Caribbean Singapore TDAFNSZ 270 TDAFN00 3.30 TDAFM00 12.22
ECUADOR Caribbean West Coast India TDAFPSZ 270 TDAFP00 2.90 TDAFO00 10.74
BRAZ I L Dirty Aframax Tankers East of Suez (PGT page 2970)
PERU
Worldscale
1 West Coast of Arab Gulf East PFAJDSZ 80 PFAJD10 84.00 TDAAC00 12.33
Central America Lima
2 La Paz Dirty VLCC Tankers East of Suez (PGT page 2980)
US Gulf Coast
3 US Atlantic Coast BOL IV I A Worldscale
Arab Gulf Far East PFAOCSZ 270 PFAOC00 35.00 TDAAB00 5.95
CHI LE
Arab Gulf US Gulf Coast PFAOGSZ 280 PFAOG00 16.50 TDAAN00 5.24

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 5
LATIN AMERICAN WIRE APRIL 13, 2018
industry group. Refiners processed 34,014 b/d of imported
supplies in February, up from 2,981 b/d in the year-earlier
month, the Argentina Oil and Gas Institute, or IAPG, said in a
monthly report. The imported crude helped offset a decline
in the processing of domestic supplies, which fell to 469,622
b/d from 495,889 b/d over the same period. Total crude
processing rose to 503,636 b/d in February from 498,870 b/d
in February 2017, the data showed. The increase in runs of
imported crude comes after a decline in local production
from a peak of 847,000 b/d in 1998. Argentina produced an
average of 481,000 b/d in the first two months of this year,
or 43% less than the record, according to IAPG.
Financial News
Mexico energy chief slams Obrador pricing
Mexico’s Energy Secretary Pedro Joaquin Coldwell said
Friday the plan to freeze energy prices espoused by leading
LATIN AMERICAN WIRE
Volume 24 / Issue 71 / April 13, 2018
Editorial: Richard Swann, Editorial Director, Americas Oil: +1-713-658-3273,
Matt Kohlman, Senior Managing Editor, Americas Clean Products +1-713-658-3266.
Client services information: North America: 800-PLATTS8 (800-752-8878); direct:
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presidential candidate Andres Manuel Lopez Obrador would
be a mistake. “It is easy to freeze, but difficult to unfreeze
prices. Buckle up your seatbelts because prices will go
straight up later,” Coldwell said at a media briefing at an
event hosted by the Norwegian embassy in Mexico City. On
Wednesday, Lopez Obrador pledged to freeze energy prices
during the first three years of his administration. Coldwell
said the only way to decrease energy prices is by
technological improvements and competition — improving
logistics and decreasing transportation costs. “Mexico is
seeking to transport more fuel using trains, which is much
lower than using trucks,” Coldwell said. The energy
secretary said the best way to soften the volatility of fuel
prices is to maintain the current fiscal stimulus by changing
the tax charged to fuels according to fluctuations in
international fuel prices. “You can absorb volatility without
having to manipulate the market or incur in expensive
subsidies,” Coldwell said. Lopez Obrador said he would
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6
build and complete two new refineries on Mexico’s Gulf
Coast in three years at a total cost of $8 billion.
NEWS BRIEFS
■■Pemex missed by 16% its projection for additional oil
production from wells drilled in the first quarter of 2018,
according to data released Thursday by Mexico’s National
Hydrocarbon Commissions (CNH). The state energy
company gave CNH drilling notice for 51 wells in Q1, of
which it drilled and completed 39 development wells. These
well do not require approval from CNH as they are under
production assignment titles. The new development wells
resulted in additional production of 91,500 b/d of oil
equivalent, according to CNH data, compared with a
projection of 109,00 b/d. Pemex’s overall oil output during
the quarter slid to 1.837 million b/d in March from 1.938
million b/d in January.
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21st Annual

Central American
Energy Conference
June 7-8, 2018 | Sheraton Grand Panama | Panama City, Panama

On Issues of Critical Importance to the Region’s Energy Sector, Including: Hear Leading Private Sector Developers and Government Executives, Including:
–– Development Outlook—Expected demand; government tenders; impact of
auctions and falling tariffs
– Consolidation—Motivation, effect of economic cycles, role of regional and
local players?
–– Financing—How the investment environment has evolved; mitigating current
risks; new PPP laws; what to watch from government oversight Abraham Bichara, Esteban Piedrahita Juan Carlos Alden Kitson,
AES El Salvador Montoya, Mendez, Cuestamoras
–– Fuel Demand/Availability—Impact of the regulatory environment, renewable Celsia S.A. Corporacion Multi Energia
Inversiones
energy, and storage technology on choice; how will LNG be distributed throughout
the region?
– Development Opportunities—Renewable, inside-the-fence, and Mexico;
commercial and regulatory challenges
–– The Grid and Regional Market—Current capacity; congestion points; expansion
plans; status of commercial transactions; transfer capacity; and microgrids Jose Mejia, Gilberto Ferrari, Rene Gonzalez Karla Lorena
Empresa de Empresa de Castellon, Ente Hernández
Energia Electrica Transmission Operador Regional Sauceda, Empresa
Electrica, S. A. Propietaria
de la Red
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