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Mediterranean cargoes
Data code FOB Med (Italy) Data code CIF Med (Genova/Lavera)
Prem Unl 10ppm AAWZA00 +25.00 790.75 - 791.25 +25.00 AAWZB00 +24.75 800.25 - 800.75 +24.75
Naphtha (1) PAAAI00 +1.25 691.00 - 691.50 +1.25 PAAAH00 +1.00 706.75 - 707.25 +1.00
Jet AAIDL00 +14.25 721.00 - 721.50 +14.25
10ppm ULSD AAWYY00 +13.50 702.25 - 703.25 +13.50 AAWYZ00 +13.50 714.25 - 715.25 +13.50
Gasoil 0.1% AAVJI00 +12.50 684.50 - 685.50 +12.50 AAVJJ00 +12.25 698.00 - 699.00 +12.25
Fuel oil 1.0% PUAAK00 +9.50 486.00 - 486.50 +9.50 PUAAJ00 +9.50 495.50 - 496.00 +9.50
Fuel oil 3.5% PUAAZ00 -4.50 433.00 - 433.50 -4.50 PUAAY00 -4.50 442.50 - 443.00 -4.50
Jet FOB Med premium AAIDN00 1.50 - 2.00
um back above the cargo for the first time since March 16—the Diesel
day ICE gasoil contracts first showed backwardation.
Mediterranean ultra low sulfur cargo differentials continued to
Jet transactions weaken Thursday, as available cargoes continue to meet a lack-
Jet MOC cargo deals: JARON-Vitol Geneva at Apr ICEGO + $45: 40 KT luster demand market, traders said. Med cargo differentials
+/- 10 pct S/OPT EU Qualified Jet A1 DEFSTAN 91-91 Latest Issue F/P slipped back $1.50/mt Thursday, according to Platts data.
Cargo S/OPT 12-16 Apr CIF Bss Fawley with N.W.E C/P Options BP / During the Platts Market on Close assessment process,
EXXON / KPI Appvd Vessel with mv serengeti; Mercuria demonstrated availability of two Med cargoes without
TOTSA - BP May ICEGO + 44 :30 KT +/- 10 % seller option, F/P cargo attracting any buyers. “There is still some product on storage
seller option on M/T Summit Asia or acceptable sub, CIF basis Le and product coming from Greece and Italy, it is there to be had,”
Havre with full CP options, 13/17 april, EU Qualified JET A-1 MEETING one Med cargo trader said. “It has been an interesting week in
DEFENSE STANDARD 91-91 LATEST ISSUE PLUS JOINT FUELLING SYS- the Med, there is some tender material to come to the market
TEM CHECK LIST LATEST ISSUE (current at bill of lading) with possible and bits and pieces hanging over, but SARAS is still struggling
exception of electrical conductivity (Stadis to be provided on board in to produce diesel and it not clear when they will be back,”
drums), standard Platt’s nomination details, ISPS compliant, Totsa another trader said. In the Northwest European cargo market,
GTCs; Thames-based cargo interest was again the concentration of
Morgan Stanley - Vitol Apr ICEGO + 44 30kt +/- 10% S/O EU Qualified activity. Traders said that the Thames cargo market was current-
Jet A1 Defstan 91-91 Latest Issue, F/P Cargo S/O 11-15/4 CIF Basis ly one of the easiest locations to move out floating storage
Le Havre + NWE EXCL Scandi CP Options, Exxon/Shell/Statoil approved material. The diesel barge market activity was relatively sub-
vessel; dued Thursday, differentials were largely unchanged from
Jet MOC barge deal: KLM- Fina at Apr + $43/mt 2kt FARA 08-12/April Wednesday, however some buy interest manged to nudge levels
up on the close with two ARA barges trading at $12/mt over
Gasoil April ICE Gasoil futures. “Consumption in Germany is still not
good, in France I even have end users asking for delays on
“It’s very quiet on the end-consumer side,” one trader said of the there term deliveries, no one has high stocks, but no-one is ask-
Northwest European gasoil market Thursday, as a $15/mt ing for it immediately, so [there are] not many spot sales,
upward lurch on ICE gasoil contracts took the April contract at demand is just not that good,” a barge trader said.
the 1230 London time close to within cents of the $700/mt lev-
el. However the stronger tone was no incentive for end-users to Diesel transactions
buy. Otherwise, traders’ attention was turned towards the late
Diesel MOC cargo deal: Stasco - Vitol May + 29 for 20kt+/- 10% french
August return of German end-user buying, although opinion was
summer ULSD (csr402a) C&B 0.842 density max, cif basis havre 11-
divided on the extent of demand for 0.1% as the country turns
15/4, Repsol/Conoco/Exxon Approved vessel, CP options Hamburg -
towards lower sulfur, 50ppm gasoil. “It depends a little on
bord+ north spain + portugal , all else as per flexi.
region. Along the Rhine it’ll probably stay 0.1%, but in the north
Diesel MOC barge deals: NSP-AIC, Apr+ 12, 1-2 kt, ulsd 10 pppm, fob
and east, it’ll be 50ppm,” a source said. Selling interest looked
ARA, 11-15/4; TOTSA-BP Apr +$12, 10ppm, 1-2kt Fob ARA, 8-12/4.
hesitant through the Platts Market on Close assessment
process, with traders perhaps eyeing the upward move on ICE
gasoil contracts which continued to drive upwards into the late Biodiesel
afternoon, as the April gasoil punched through to $701.75/mt at
1400 London time. Mabanaft was the main buyer, picking up four Biodiesel premiums to gasoil continued to be under pressure
barges from BP, Shell and Petroplus at April minus $1/mt. Thursday, dragged down by a narrowing spread between raw
“Gasoil is completely dead now. With a few hundred tonnes in material soybean oil and gasoil futures contracts, trading
tank I will be able go through until the end of April. I’ll be waiting sources said. Summer-grade FAME 0 biodiesel, which was being
now to buy most of my product for the winter when the summer discussed at around a premium of $250/mt to gasoil
comes,” another trader said. “The high prices are not a great Wednesday morning, was Thursday being quoted at between
incentive to buy,” the first trader continued. The cargo market $220-235/mt. Winter biodiesel grade RME values also fell, with
saw very little action, although Gunvor returned to the sources pegging offers at premiums of under $290/mt to gasoil
Mediterranean as a seller, reaching to April plus $1/mt without Thursday, from $295-300/mt early Wednesday. Premiums started
finding any buying interest. falling Wednesday afternoon after the opening of the Chicago
Board of Trade, as soybean oil futures dropped and gasoil
Gasoil transactions gained. “BO/GO is crashing and [biodiesel] premiums are drop-
ping more,” a source told Platts Wednesday after the opening of
Gasoil MOC 0.1% barge deals: STR-Mabanaft BV, at Apr minus $1/mt, the Chicago Board of Trade. Soybean oil futures were dragged
GO0,1% 2kt fob ARA 8-12 april loading; Petroplus-Mabanaft BV, at Apr down by falling soybean values, after the US Department of
minus $1/mt, GO0,1% 2kt fob ARA 8-12 april loading; STR-Mabanaft BV, Agriculture pegged soybean stocks at 1.27 billion bushels March
at Apr minus $1/mt, GO0,1% 2kt fob ARA 8-12 april loading; BP- 1, above expectations of 1.12 billion bushels. “Providing some
Mabanaft BV, at Apr minus $1/mt, GO0,1% 2kt fob ARA 8-12 april loading additional weight on soybeans was news that the Argentine port
US products effective March 31 cts/gal HSFO barge deals: 3.5% Brg BPBV-CARGILL $443.5 2kt
FE;3.5% Brg KOCH-STR $443.75 2kt FE;3.5% Brg GLEN-
New York spot CIF cargoes CORE-CARGILL $444.5 2kt MW;3.5% Brg GLENCORE-
Unleaded-87 0.3% 15.0 RVP +219.57 - 219.67+ FRISOL $444.5 2kt MW;3.5% Brg KOCH-VERBEKE
Unleaded-89 0.3% 15.0 RVP +223.67 - 223.77+
$443.75 2kt FE;3.5% Brg GLENCORE-CARGILL $444.5
Unleaded-93 0.3% 15.0 RVP +229.82 - 229.92+
Jet +222.07 - 222.32+ 2kt MW;3.5% Brg KOCH-STR $443.75 2kt FE;3.5% Brg
Low sulfur jet +224.32 - 224.82+ MERCURIA-FRISOL $444 2kt FE;3.5% Brg KOCH-PNED
ULS Kero +232.57 - 233.07+ $443.75 2kt FE;3.5% Brg LITASCO-WPI $446 2kt
No. 2 +214.97 - 215.17+ BE;3.5% Brg KOCH-VERBEKE $443.75 2kt FE;3.5% Brg
Low sulfur No. 2 +220.57 - 221.07+ KOCH-WPI $446 2kt BE;3.5% Brg KOCH-PNED $443.75
No. 6 0.3% HP ($/bbl) +76.20 - 76.30+ 2kt FE;3.5% Brg KOCH-PNED $443.75 2kt FE;3.5% Brg
No. 6 0.3% LP ($/bbl) +78.05 - 78.15+
GLENCORE-PNED $444.25 2kt MW.3.5% Brg BPBV-
No. 6 0.7% ($/bbl) +75.70 - 75.80+
No. 6 1.0%** ($/bbl) +74.00 - 74.10+ PNED $443.75 2kt FE;3.5% Brg BPBV-VERBEKE
No. 6 2.2% ($/bbl) +72.50 - 72.60+ $443.75 2kt FE;3.5% Brg KOCH-WPI $446 2kt BE;3.5%
No. 6 3.0% ($/bbl) +72.50 - 72.60+ Brg BPBV-PNED $443.75 2kt FE;3.5% Brg KOCH-WPI
No. 6 1.0% paper Bal M NA - NA $446 2kt BE;3.5% Brg KOCH-PNED $443.75 2kt
No. 6 1.0% paper 1st month ($/bbl) +73.95 - 74.05+ FE;3.5% Brg GLENCORE-WILJO $444 2kt FE;3.5% Brg
No. 6 1.0% paper 2nd month ($/bbl) +74.45 - 74.55+ TOTSA-PNED $443.75 2kt FE;3.5% Brg BPBV-VERBEKE
No. 6 1.0% paper next quarter ($/bbl) +74.45 - 74.55+
$444 2kt FE; 3.5% Brg BPBV-STR $444 2kt FE;3.5% Brg
Boston cargoes BPBV-PNED $443.75 2kt FE;3.5% Brg TOTSA-PNED
Low sulfur jet +226.32 - 226.82+
$443.75 2kt FE;3.5% Brg GLENCORE-STR $444 2kt
ULS Kero +234.57 - 235.07+
No. 2 +216.97 - 217.67+ FE;3.5% Brg KOCH-WPI $446 2kt BE;3.5% Brg BPBV-WPI
Low sulfur No. 2 +223.32 - 223.82+ $445 2kt BE;3.5% Brg BPBV-ARGOS $444 2kt FE; 3.5%
No. 6 2.2% ($/bbl) +72.75 - 72.85+ Brg GLENCORE-VERBEKE $444 2kt FE;3.5% Brg BPBV-
NY/Boston numbers include duty. **This assessment reflects 150 max al+si. PNED $443.75 2kt FE.
US products cts/gal
against recent market trends the high sulfur markets in the Med Total bid for dates April 11-14 and April 23-27 with the latter
were well offered, with both Lia and Galaxy showing cargo avail- dates bid to Dated Brent minus $0.35/b while Shell bid for
ability. Galaxy offered on a CIF basis to $443/mt, but failed to dates April 11-17 to Dated Brent minus $0.40/b. An offer from
attract any buying interest. The hi-lo differential climbed $4/mt BP for dates April 15-17 at Dated Brent minus $0.35/b was with-
since Monday, with April assessed at $27.5/mt on the close. drawn. The market in Europe was seen as steady with refining
Traders believed it was now entering a wide enough range to sup- margins and demand largely unchanged. But there was talk of a
port renewed blend margins in the LSFO pool. “When the hi-lo is potential rise in flows to the US, despite some trading sources
so high, refineries that produce naturally low sulfur product now describing the market there as being over-supplied. “The US Gulf
has a value as you can blend it into nice RMG,” a trader said. is seeing a lot of offers but in theory earlier in the week [the
arbitrage] did work,” a source said. Nevertheless, of Vitol’s VLCC
and Suezmax loading at Hound Point in early April, the latter was
VGO sailing to the US Gulf Coast sources said. Further offers of
Forties in the US Gulf Coast were also said to have been shown
VGO: Vacuum gasoil cracks in Northwest Europe continued their earlier in the week, despite slow demand. “The expectation is
downward trend with lower values in the US Gulf Coast continu- that as refiners start to come out of turnaround, margins are
ing to have a knock-on effect in the NWE market, sources said looking good and the gasoline crack spread is holding up we will
Thursday. “NWE is softer on the back of the US...A lot of cargoes see those barrels clear pretty quickly,” one trading source said.
arrived in the US,” a trader said. Low sulfur VGO cracks were On other grades, differentials appeared to remain steady.
also under pressure with the wide spread between the two ConocoPhillips sold a cross-month Ekofisk cargo at Dated Brent
grades narrowing, another trader said. “Sweets will follow shortly, plus $0.60/b.
it will come off,” the trader said. “Supply has increased dramati-
cally,” he added. In the Platts Market on Close assessment
process Total offered a 15,000 mt high sulfur VGO maximum LSSR
2.3% sulfur cargo on a CIF Antwerp basis, for delivery April 12-
16. The offer started at May ICE Brent futures plus $1/barrel Low sulfur straight run cargoes in Northwest Europe were
and fell to May ICE Brent futures plus $0.80/b. assessed at $556/mt Thursday. Overall availabilities in NWE
remained limited, trading sources said. “There is not much
VGO transactions around...There is no Libyan [being] offered into Europe,” a trader
said. BP reportedly sold a 30,000 mt maximum 0.7% sulfur car-
No deals reported.
go with a maximum density of 0.940 and a maximum viscosity of
300 CST at 50 degrees C to Total, around May ICE Brent futures
North Sea crude minus $1.55/barrel. BP was reportedly offering a 0.6% maximum
sulfur, 15,000 mt cargo to the market.
The Forties differential to forward Dated Brent increased to
minus $0.35/barrel Thursday as bidding interest across a large LSSR transactions
part of the 10-25 day assessment period failed to attract sellers. No deals reported.
Subscriber notes
DIESEL SUBSCRIBER NOTE: Following industry consultation, Platts is planning to incorporate clear and bright specification standards into
its Market on Close assessment process for ultra low sulfur diesel CIF Northwest Europe and CIF Mediterranean with effect from April 1,
2010. Comments please to pricegroup@platts.com and Europe_products@platts.com.
SUBSCRIBER NOTE: Effective July 1, 2010 Platts proposes to discontinue the publication of refined product arbitrage calculations on the
following Platts Global Alert pages: PGA 539 Gasoline Arbs; PGA 540—Naphtha Arbs; PGA 541—Jet Arbs; PGA 542—Gasoil Arbs; PGA
543—Fuel oil Arbs. Comments please to dave_ernsberger@platts.com with a CC to europe_products@platts.com
SUBSCRIBER NOTE: Platts reminds subscribers that there will be no EMEA crude oil, refined products, petrochemical or shipping assess-
ments on Friday, April 2 and Monday April 5, 2010 due to the Easter holiday weekend. Subscribers are also reminded that the Platts
Market on Close assessment process will close at 1230 London time on Thursday, April 1, 2010, with all window cut-offs and timings con-
gruent to a close at this time. For more information on Platts holidays, please visit www.platts.com/HolidayHome.aspx
SUBSCRIBER NOTE: Effective April 1, 2010, Platts will display monthly averages for European refined oil products assessments in a new
format. Under the revised layout, PGA pages 270 and 271 will be reorganized to mirror the presentation of daily assessments on PGA
pages 259 and 8 respectively. The monthly averages found on PGA 413 will be moved to PGA 269. The monthly averages found on 269
will mirror the daily assessments from PGA 9. New page PGA 272 will be introduced to mirror assessments from PGA 10. For questions
and comments please contact teresa_reveley@platts.com.
DIESEL BARGE SUBSCRIBER NOTE: Effective February 15, Platts started reflecting intermediate grades of 10ppm sulfur diesel on a pro-
rated basis in its 10ppm barge FOB ARA assessments. Effective March 31, Platts proposes to start reflecting summer grades of 10ppm sulfur
diesel on a pro-rated basis in its 10ppm barge FOB ARA assessments. Intermediate spec will be given a progressively lighter weighting up to
April 9. A spreadsheet detailing the changes is available on request. Any comments please to europe_products@platts.com
FUEL OIL SUBSCRIBER NOTE: Effective July 1, 2010 and in line with changing requirements for the content of sulfur in fuel oil consumed
by ships in European waters, Platts will discontinue the fuel oil 1.5% FOB Rotterdam barge assessment. Platts introduced the 1.5% assess-
ment on April 1, 2006 in response to new regulations by the International Convention for the Prevention of Pollution from ships
(Marpol). As of July 1, 2010 the Marpol regulations limit sulfur in fuel oil used in bunkers to a maximum of 1% in designated areas includ-
ing the Baltic Sea. Accordingly, Platts will continue to assess fuel oil 1% barges in the ARA region, but from January 4, 2010, Platts will
amend the location basis of the 1.0% assessment from Antwerp to Rotterdam in line with bunker fuel consumption patterns. Comments
should be directed to europe_products@platts.com and pricegroup@platts.
Platts are hosting their annual Africa Oil Forum Wednesday 7th April 2010,
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