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www.platts.com EUROPEAN MARKETSCAN

[OIL ]

Volume 45 / Issue 22 / January 31, 2013

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European products ($/mt) ICE futures
Code Mid Change Code Mid Change
Platts ICE 1630 London assessments* (PGA page 703)
Mediterranean cargoes (PGA page 1114)
Gasoil Low Sulfur Gasoil
FOB Med (Italy) CIF Med (Genova/Lavera)

a
Feb AARIN00 993.75 Feb AAGL001 1000.00
Naphtha* PAAAI00 933.75–934.25 934.000 +6.000 PAAAH00 955.75–956.25 956.000 +5.750 Mar AARIO00 983.00 Mar AAGL002 1001.00
Prem Unl 10ppm AAWZA00 1093.50–1094.00 1093.750 -3.000 AAWZB00 1108.00–1108.50 1108.250 -3.250
Apr AARIP00 974.75 Apr AAGL003 997.00

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Jet AAIDL00 1044.75–1045.25 1045.000 +1.250 AAZBN00 1072.25–1072.75 1072.500 +1.000
10ppm ULSD AAWYY00 987.50–988.00 987.750 +3.000 AAWYZ00 1004.75–1005.25 1005.000 +2.750
Gasoil 0.1% AAVJI00 972.50–973.00 972.750 +3.750 AAVJJ00 992.50–993.00 992.750 +3.250
Fuel Oil 1.0% PUAAK00 658.00–658.50 658.250 -5.000 PUAAJ00 671.75–672.25 672.000 -5.000
Brent Brent NX
Mar AAYES00 115.20 Mar AAXZL00 115.26
Apr AAYET00 114.20 Apr AAXZM00 114.22

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Fuel oil 3.5% PUAAZ00 620.00–620.50 620.250 +7.250 PUAAY00 633.75–634.25 634.000 +7.250
May AAXZY00 113.35 May AAXZN00 113.37
Jet FOB Med premium AAIDN00 9.75/10.25 10.000 0.000
Jun AAYAM00 112.58 Jun AAYAP00 112.60

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*Naphtha FOB Med is basis East Med
*Platts ICE assessments reflect the closing value of the ICE contracts at
Northwest Europe cargoes (PGA page 1110) precisely 16:30 London time.

FOB NWE CIF NWE/Basis ARA
Naphtha (Feb) PAAAJ00 955.25–955.75 955.500 +1.500
Naphtha PAAAL00 967.50–968.00 967.750 +5.500
Gasoline 10ppm AAXFQ00 1071.75–1072.25 1072.000 -3.000
ICE gasoil settlements (PGA page 702)
Gasoil Low Sulfur Gasoil
Feb AAQSG00 993.00 Feb AAGS001 999.00

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Jet PJAAV00 1056.75–1057.25 1057.000 +1.000 PJAAU00 1073.75–1074.25 1074.000 +1.000
ULSD 10 ppm AAVBF00 984.25–984.75 984.500 +2.000 AAVBG00 1006.25–1006.75 1006.500 +2.000
Diesel 10ppm NWE AAWZD00 987.75–988.25 988.000 +2.000 AAWZC00 1010.25–1010.75 1010.500 +2.000
PD
Diesel 10 ppm UK AAVBH00 1012.50–1013.00 1012.750 +2.000
Gasoil 0.1% AAYWR00 973.50–974.00 973.750 +4.250 AAYWS00 997.75–998.25 998.000 +4.250
Fuel oil 1.0% PUAAM00 662.50–663.00 662.750 +9.500 PUAAL00 675.25–675.75 675.500 +10.000
Fuel oil 3.5% PUABB00 610.00–610.50 610.250 +7.500 PUABA00 625.25–625.75 625.500 +7.750
Straight run 0.5-0.7% PKABA00 759.50–760.50 760.000 +4.500
VGO 0.5-0.6% AAHMX00 816.50–817.50 817.000 +4.500 AAHMZ00 819.00–820.50 819.750 +4.250
VGO 2% max AAHNB00 808.50–809.50 809.000 +4.500 AAHND00 811.50–812.50 812.000 +4.500
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Mar AAQSH00 982.75 Mar AAGS002 1000.50
Apr AAQSI00 974.25 Apr AAGS003 996.75
May AAQSJ00 966.25 May AAGS004 992.25
Jun AAQSK00 959.50 Jun AAGS005 985.75
Jul AAQSL00 955.25 Jul AAGS006 981.75
Expiry AAQSM00 NA*
*Value at 12:00 London time will only appear on day of expiry
ICE gasoil GWAVE (Previous day’s values) (PGA page 702)
Feb PXAAJ00 990.50 Mar PXAAK00 980.25

Northwest Europe barges (PGA page 1112)

FOB Rotterdam Jet crack swap ($) NYMEX futures (16:30 London time)
Naphtha PAAAM00 963.50–964.00 963.750 +5.500
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Eurobob AAQZV00 1060.75–1061.25 1061.000 -3.000 23 NYMEX WTI (PGA page 703)
98 RON gasoline 10 ppm AAKOD00 1101.75–1102.25 1102.000 -3.000
Premium gasoline 10 ppm PGABM00 1081.75–1082.25 1082.000 -3.000 $/barrel $/barrel
Jet PJABA00 1070.25–1070.75 1070.500 +8.750 Mar AASCR00 97.31 Apr AASCS00 97.79
Diesel 10 ppm AAJUS00 1000.00–1000.50 1000.250 +3.750
NYMEX heating oil (PGA page 703)
Ex

Gasoil 50 ppm AAUQC00 995.25–995.75 995.500 +2.000 21

Gasoil 0.1% AAYWT00 992.00–992.50 992.250 +2.000 ¢/gal ¢/gal
Fuel oil 1.0% PUAAP00 660.50–661.00 660.750 +9.000 Feb AASCT00 312.50 Mar AASCU00 311.36
Fuel oil 3.5% PUABC00 629.50–630.00 629.750 +7.750
Rotterdam bunker 380 CST PUAYW00 629.00–630.00 629.500 +3.000 NYMEX RBOB (unleaded gasoline) (PGA page 703)
VGO 0.5-0.6% AAHNF00 816.50–817.50 817.000 +4.500 19 ¢/gal ¢/gal
VGO 2% max AAHNI00 808.50–809.50 809.000 +4.500 Mar May Jul Sep Nov Jan
MTBE* PHALA00 1255.75–1256.25 1256.000 -5.000 Feb AASCV00 300.89 Mar AASCW00 301.61

*FOB Amsterdam-Rotterdam-Antwerp

The McGraw Hill Companies


Market Update (PGA page 724)
NYMEX March RBOB rebounded to above $3/gal during
mid-morning US trade Thursday after sliding as low as
$2.9951/gal soon after US market open. At 11:20
a.m. EST (1620 GMT), the March NYMEX contract was
down 1.99 cents from Wednesday’s settle at $3.0133/
gal. The February contract, which expires at close of US
trading Thursday, was down 3.17 cents at $3.0070/gal.
NYMEX March crude was down 78 cents at $97.16/b,
after bouncing up from a session low of $96.84/b
shortly after the US market open. ICE March Brent was
26 cents higher at $115.16/b at 11:20 a.m., after
spending much of overnight trading in negative territory.
“The oil market is modestly lower in early dealings on
what looks like profit-taking off the recent rally ahead
of today’s expiration of February heating oil and RBOB
gasoline futures,” Tim Evans, commodities analyst at
Citi Futures Perspective, said in a note. NYMEX February
heating oil posted a mild increase, up 27 points at
$3.1200/gal, while March was 6 points higher at
$3.1093/gal. Equities markets were holding close to
Wednesday’s settles, as the market remained largely
undaunted by an increase in initial jobless claims,
analysts said. The US Department of Labor released
fresh data at 8:30 a.m. EST (1330 GMT) showing that
initial unemployment claims had climbed to 368,000
over the week ended Saturday, up 38,000 from the
previous week’s unrevised figure of 350,000.
Gasoline (PGA page 1399)
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The front-month Northwest Europe gasoline crack swap
slipped from Wednesday’s four-month high on losses in
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the NYMEX RBOB futures contract, despite heavy blending
activity in Amsterdam-Rotterdam-Antwerp, sources said
Thursday. The February FOB Rotterdam EBOB gasoline
crack swap was assessed at $13.40/barrel at Thursday’s
Ex
European close, up from Wednesday’s $13.95/b,
Platts data showed. The February-March FOB Rotterdam
swap spread was assessed at $4.50/mt, down from
Wednesday’s $5/mt, Platts data showed. However,
gasoline blending in ARA remained active due to sharp
EUROPEAN MARKETSCAN
Euro-denominated assessments 16:30 London (€/mt)
Med cargoes (PGA page 1120)
FOB Med CIF Med
(Italy) (Genova/Lavera)
Naphtha* ABWHE00 687.624 ABWHD00 703.821
Prem Unl 10ppm ABWGV00 805.234 ABWGU00 815.910
Jet ABWGZ00 769.344 AAZBO00 789.590
10ppm ULSD ABWHM00 727.196 ABWHH00 739.895
Gasoil 0.1% ABWGQ00 716.153 ABWGO00 730.877
Fuel Oil 1.0% ABWGH00 484.613 ABWGF00 494.736
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Fuel oil 3.5% ABWGM00 456.637 ABWGK00 466.760
Jet FOB Med premium ABWHA00 7.362
*Naphtha FOB Med is basis East Med
Northwest Europe cargoes (PGA page 1116)
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FOB NWE CIF NWE/
Basis ARA
Naphtha AAQCE00 712.471
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Gasoline 10ppm ABWGS00 789.222
Jet ABWHB00 778.179 AAQCF00 790.694
ULSD 10 ppm ABWHO00 727.380 ABWHI00 743.945
Diesel 10ppm NWE ABWHP00 724.803 ABWHK00 741.000
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Diesel 10 ppm UK ABWHJ00 745.601
Gasoil 0.1% ABWGR00 716.889 ABWGP00 734.742
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Fuel oil 1.0% AAQCG00 487.926 ABWGG00 497.313
Fuel oil 3.5% ABWGN00 449.275 ABWGL00 460.502
Straight run 0.5-0.7% ABWHG00 559.523
Euro/US$ forex rate: 1.3583. 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.
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Foreign exchange rates (PGA page 1151)
January 31, 2013 London 16:30
PD
Dollar/Swiss franc BCADC00 0.9101
GB pound/Dollar BCADB00 1.5850
Dollar/Yen BCACW00 91.1900
Euro/Dollar BCADD00 1.3583
Dollar/Ruble AAUJO00 30.0160
European naphtha discounts versus gasoline, a trade
source said. “All gasoline blenders in ARA are buying
naphtha feedstock and using every ton of naphtha they
can,” he said. “[The wider gasoline-naphtha spread]
is driving discounts down for WAF type material. A few
buyers came out for first quarter allocations already,” the
trade source said. Nigerian blends had been offered out
of NWE at a discount to Platts premium unleaded 10 ppm
gasoline barge assessment since mid-January, market
sources said, but they declined to say what the discounts
were. Premium unleaded barges were last assessed
at Thursday’s European close at $1082, at a $21/mt
Copyright © 2013, The McGraw-Hill Companies
january 31, 2013
Northwest Europe barges (PGA page 1118)
FOB Rotterdam
Naphtha ABWHF00 709.527
Eurobob ABWGT00 781.123
98 RON gasoline 10 ppm ABWGX00 811.308
Premium gasoline 10 ppm AAQCH00 796.584
Jet ABWHC00 788.117
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Diesel 10 ppm AAQCI00 736.398
Gasoil 50 ppm AAUQF00 732.901
Gasoil 0.1% AAYWY00 730.509
Fuel oil 1.0% ABWGI00 486.454
Fuel oil 3.5% AAQCK00 463.631
Rotterdam bunker 380 CST AAUHE00 463.447
New York Harbor cargoes 16:30 London (PGA pages 1350 & 1450)
FOB NY Harbor
(€ cent/gal)
Unleaded 87 AAPYV00 223.46
Unleaded 89 AAPYW00 231.69
Unleaded 93 AAPYX00 244.06
No. 2 AAPYY00 231.17
European clean product barge freight rates
ARA ($/mt) (PGT page 1918)
Rotterdam — Rotterdam TCAEI00 2.00
Rotterdam — Flushing TCAEJ00 3.00
Rotterdam — Ghent TCAEK00 3.50
Rotterdam — Antwerp TCAEL00 3.00
Germany ($/mt) (PGT page 1918)
Rotterdam — Duisburg TCAEM00 6.75
Rotterdam — Cologne TCAEN00 10.00
Rotterdam — Karlsruhe TCAEO00 15.25
Antwerp — Duisburg TCAEP00 7.25
Switzerland ($/mt) (PGT page 1918)
Rotterdam — Basel TCAEQ00 16.00
premium versus Eurobob, unchanged from Wednesday,
Platts data showed. Earlier this month, when Nigeria
were heard buying WAF blends from Europe, the
premium had risen as high as $42/mt, Platts data
shows. “WAF is not buying right now. We’re in a
situation where half a dozen sellers in ARA are looking
for buyers. If discounts fall low enough, there might be
a rush of buying.” In other news, the UK remained a key
importer of gasoline in Europe as its production of the
clean oil product had dropped by 38% from November
2011 to November 2012, the Department of Energy and
Climate Change said Thursday.
2

Gasoline deals (PGA page 5)
GASOLINE: MOC SUMMARY: PREM UNL: Trafigura-Totsa
at $1093/mt MW; Nich-Litasco at $1095/mt MW;
EBOB: Gunvor-Trafigura at $1058/mt MW; Gunvor-
Trafigura at $1058/mt MW
Naphtha (PGA page 1398)
The naphtha market was mixed Thursday as the
gasoline-naphtha spread remained wide while naphtha
cracks weakened, according to traders. “The market
looks quite tight for physical naphtha because of the
demand for mogas blending, so the premiums are
starting to creep up,” said a market source. Platts data
shows that the premium of FOB Rotterdam Eurobob
barges versus CIF Northwest Europe naphtha cargoes
has lingered above $100/mt this week for the first
time since early October. According to trading sources,
demand has even moved to low grades of naphtha which
can be blended with WAF 91 RON gasoline to produce
WAF-specification gasoline. However, cracks edged lower
to minus $7.4/barrel from minus $6.9/b Wednesday
for the February NWE CIF crack and to minus $7.85/b
from minus $7.3/b for the March crack. The February/
March spread rose slightly to $12/mt from $11.25/
mt, while the March/April spread narrowed to $10/mt
from $10.50/mt. “Naphtha traders are looking at the
market from the petrochemical end-users side, but the
driving force will be mogas blending,” said a trader. Two
trades took place during the Platts Market on Close
assessment process with Vitol selling two naphtha
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cargoes for delivery between February 21 and 25, one
to Trafigura and one to Glencore. Platts assessed CIF
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Northwest European naphtha cargoes at $967.75/ mt,
up from $962.25/mt January 30. Meanwhile, the East/
West spread narrowed to around $10/mt according to
a petrochemical end-user. Earlier Thursday, some Asian
Ex
traders told Platts that the relentless drive up in naphtha
prices in Asia could see end-users shying away from
purchasing the feedstock and instead, switching over to
using LPG as an alternative.
EUROPEAN MARKETSCAN
Subscriber notes (PGA page 1500)
■■ Effective January 1, 2013, Platts has removed a range
of biofuel assessments from European Marketscan. The
Platts MTBE assessment (code PHALA00) will continue
to be published in European Marketscan. From 2013
forward, the only Platts publication to carry biofuels is
Platts Biofuelscan. The codes affected are: Fuel grade eth-
anol codes AAWUQ00, AAYDT00, AAVLD00, AAYDS00;
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Biodiesel FAME -10 codes AAWGY00, AAWGH00; FAME
0 codes AAXQL00, AAWGI00; Soy Methyl Ester (SME)
codes AAUCB00, AAWGJ00; Rapeseed Methyl Ester
(RME) codes AAUCA00, AAWGK00.
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■■ ICE has released a document covering Frequently
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Asked Questions regarding the transition from swaps
to futures effective October 15, 2012. The document is
available at www.theice.com/publicdocs/Platts_Swaps_
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to_Futures_FAQ.pdf. The move by ICE to convert swaps
into futures has raised questions over whether the
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change has also affected the nomenclature of Platts
assessments. The nomenclature of Platts assessments in
all its publications remains the same and there are no
changes envisioned as a result of the ICE move. Platts
methodologies are also unaffected by ICE changes. For
more information about our methodology please access
F
Platts.com or contact the various commodity sectors
including oil@platts.com and pricegroup@platts.com.
PD
■■ Effective January 2, 2014 and following industry
feedback to a previous subscriber note, Platts will cal-
culate the CIF Mediterranean naphtha assessment by
only applying the freight value between Alexandria and
Lavera to the FOB Med naphtha assessment. This freight
value will be calculated using the Platts cross Med clean
tanker assessment for 27,500 mt naphtha cargoes only.
Currently the CIF Med naphtha assessment is calculated
by applying the freight value between Alexandria and
Lavera plus an allowance of $3/mt for port costs. Platts
proposes to remove the port costs from the calculation
of this assessment. Please send feedback and questions to
europe_products@platts.com with a cc to
pricegroup@platts.com
■■ Following feedback to its proposal published on
June 27, 2012, Platts has discontinued its FOB NWE
Copyright © 2013, The McGraw-Hill Companies
january 31, 2013
Premium Gasoline Non-Oxy and Regular Unleaded
Non-Oxy assessments as planned. The assessments
will be suspended with effect from January 2, 2013.
Platts proposed to discontinue the assessment because
the quality reflected in the two assessments no longer
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reflects an actively traded or supplied grade in north-
west Europe. Please send questions and feedback to
europe_products@platts.com with a CC to
pricegroup@platts.com.
■■ Effective January 2, 2013, Platts is reflecting an
updated specification in all European cracked LSFO
cargoes in response to changes in supply and demand
patterns in the European low sulfur fuel oil market.
Under its revised specifications, Platts assessments
will reflect the following qualities: EU-qualified,
1.00% sulfur, 0.991 kg/l density, 380 CST viscos-
ity, 60 ppm aluminium/silicon, 7% asphaltenes, 30
degrees Celsius pour point, 65 degrees Celsius flash
point, 15% CCR, 0.1% ash, 0.5% water, 150 ppm
vanadium, 9650 kcal/kg NCV, 0.1% TSP. This repre-
sents a change from the previous Platts assessment
specifications of 0.995 kg/l density, 420 CST viscos-
ity, 80 ppm aluminium/silicon, 6% asphaltenes and
120 ppm vanadium. All other specifications remain
unchanged from the current specification reflected.
Platts will continue to consider other merchantable
LSFO specifications in its assessment process, and
normalize to the updated specifications. Please send
comments to europe_products@platts.com with a cc
to pricegroup@platts.com.
■■ In preparation for a change to the benchmark
Singapore FOB gasoil assessment, the Gasoil Reg 0.5%
assessment was renamed Gasoil on January 3, 2012.
The renamed Gasoil assessment will continue to reflect
the same underlying methodology and quality speci-
fications, including a sulfur content of 0.5% sulfur,
all through calendar year 2012. The specification will
change to 500 ppm sulfur on January 2, 2013. This
name change has now also been made in the Platts
European Marketscan.
3

Naphtha deals (PGA page 5)
Naphtha MOC deals: Vitol-Trafigura 12,500 mt February
21-25 $960/mt; Vitol-Glencore 12,500 mt February
21-25 $966/mt.
Jet (PGA page 1497)
UK jet fuel production declined and was substituted
by record-high product imports into the UK in the
latter months of 2012, according to data published by
the UK’s Department of Energy and Climate Change
Thursday. Aviation fuel output in November 2012 fell
29% year-on-year to 329,000 mt. The closure of Coryton
refinery and maintenance which severely curtailed
output at several other plants across the UK was
to blame, with similar trends seen for gasoline and
diesel. It saw imports of products climb to 1,161,000
mt -- the highest volume since 1995, when DECC
started collecting. The data was not broken down into
individual product imports. As one of the world’s, let
alone Europe’s, largest importers of aviation fuel, the
UK’s growing dependence on imports to meet its supply
needs offered some explanation for the current strength
in the European jet complex. In the short-term, trading
sources said Europe faced increased competition
for a squeezed pool of arbitrage barrels expected to
be available for export from Indian refiner Reliance’s
behemoth Jamnagar complex on the West Coast of India
later in the first quarter. Reliance will shut CDU 4, which
accounts for half of the 580,000 b/d capacity at the
newer of its two facilities at Jamnagar, for 25 days from
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February 8, an industry source said. Europe imported
some 300,000 mt, or 2.35 million barrels, from the
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newer, export-oriented refinery in January, down from
a peak of 400,000 mt in December as Asia competed
for barrels. Traders said Europe will also face increased
competition for barrels from the Persian Gulf, as
Ex
Japanese kerosene demand picks up, and maintenance
in South Africa draws molecules south. Since the
start of the year, the March CIF NWE cargo swap has
climbed from a premium of $76.25/mt to $84.75/
mt to the benchmark ICE 0.1% gasoil futures. The April
EUROPEAN MARKETSCAN
value has risen from $76.50/mt to $85.25/mt, Platts
data showed. An easing in prompt tightness saw the
physical CIF NWE jet cargo premium fall $2.50/mt on
the day to $80.25/mt. In the longer-term, increased
jet fuel demand from the Middle East could also put
pressure on supply. Middle East carriers’ air passenger
traffic grew by 15.4%, year-on-year, in 2012, accounting
for almost a third of the total international passenger
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growth, IATA said Thursday. European demand rose
5.3%, the same as overall global air passenger demand.
Freight demand fell 1.5%. In Europe, despite less-
than-stellar demand, and local refiners maximizing jet
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production on the lightest distillate’s relative profitably
over diesel, the barge market rallied $5.25/mt to
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$76.65/mt, Platts data showed. It countered bearish
sentiment spoken by sources during the day. Morgan
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Stanley was an aggressive bidder in the Platts Market
On Close assessment process, with BP and Vitol also
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in the market to buy. MS bought a prompt 2,000 mt
barge from KLM, at February gasoil plus $78/mt. Vitol
also showed three offers aggressively on Platts related
pricing on prompt dates.
F
Jet deals (PGA page 5)
PD
Jet Cargo MOC Deals: None reported. Jet Barge MOC
Deals: KLM-MS 2kt FOB FARAG 5-9/02 at Feb plus 78.
Jet Index (PGA page 115)
January 30, 2013 Index $/mt
Europe & CIS PJECI00 364.95 PJECI09 1067.38
MidEast & Africa PJMEA00 389.84 PJMEA09 1029.96
Global PJGLO00 367.28 PJGLO09 1058.90
Gasoil (PGA page 1499)
The Mediterranean 0.1% gasoil market remained
under pressure Thursday as supply weighed on the
differentials. “0.1 gasoil in the Med is weak, as demand
in the Med is supplied by [cargoes from] the Amsterdam-
Rotterdam-Antwerp region. There are a couple of cargoes
that have been unsold for a few days,” a trader said
Copyright © 2013, The McGraw-Hill Companies
january 31, 2013
Thursday. The Med 0.1% gasoil CIF cargo differential
was assessed at $1/mt under the front month ICE
0.1% gasoil futures contract, a day-on-day fall of $0.25/
mt, Platts data showed. The 0.1% gasoil barge market
in the ARA region weakened over the day as the
prompt backwardation in the ICE 0.1% gasoil futures
n
discouraged holding on to oil. At 1630 London time the
February ICE 0.1% gasoil futures contract was trading
around a $10.50/mt premium to the March contract.
“You need to get rid of the oil in a backwardated
market,” a trader said, referring to structural losses due
to backwardation that can result in market participants
drawing down stock levels. Sources added that exports
from the ARA and the Baltic had gone to the Med as
well as the US. “It is all the same, exports out of ARA
equals backwardation in ARA. Exports equals Med
getting longer, all the same no?,” a trader asked. In the
Platts Market on Close assessment process, a bid by
Vitol at February ICE 0.1% gasoil futures contract minus
$2/mt traded five times, hit three times by JP Morgan
Commodities and twice by Gunvor. A bid by Morgan
Stanley at the same level also traded. Meanwhile an
offer by Shell Trading Rotterdam at February minus $1/
mt was lifted by Trafigura. The FOB Rotterdam 0.1%
gasoil barge value was assessed at a discount of
$1.50/mt to the front month ICE 0.1% gasoil futures
contract. Warming weather added to the bleak 50 ppm
gasoil demand picture as suppliers to the German
heating oil market continued to describe low activity.
In the MOC process, JP Morgan Commodities offered
to February plus $2/mt before being lifted by Vitol. The
FOB ARA 50 ppm barge premium to the front month ICE
0.1% gasoil futures was assessed at $1.75/mt, a fall of
$1.50/mt over the day and the lowest assessed value
since Platts started assessing the heating oil grade on
January 4 2011, Platts data showed.
Gasoil deals (PGA page 5)
n Gasoil 0.1% MOC barge deal summary: JPMC - VSA
bids 0.1 FOB ARA, 2kt lifting 5-9 Feb at Feb minus 2;
JMPC - MS bids 1.3 kt fob ARA 5-9 Feb at Feb minus
4

2; JPMC - VSA bids 0.1 FOB ARA, 2kt lifting 5-9 Feb at
Feb minus 2; Gunvor - VSA bids 0.1 FOB ARA, 2kt lifting
5-9 Feb at Feb minus 2; JPMC - VSA bids 0.1 FOB ARA,
2kt lifting 5-9 Feb at Feb minus 2; Gunvor - VSA bids 0.1
FOB ARA, 2kt lifting 5-9 Feb at Feb minus 2; STR-Trafi,
FOB ARA, 5-9 Feb, 2 kt at Feb minus1;
n Gasoil 50 ppm MOC barge deal summary: JPMC -MS
bids 2.4kt GO 50ppm fob ARA, FW at Feb plus 3; JPMC
- VSA bids FOB ARA, 1.2 kt lifting 5-9 [FW] at Feb plus 2;
JPMC-VSA, 1.2 kt FOB ARA FW [5-9] at Feb plus $2;
n Gasoil 0.1% MOC cargo deal summary: No trades
reported.
Diesel (PGA page 1498)
Ultra low sulfur diesel prices remained under pressure
Thursday as traders said current production levels and
scheduled imports from outside Europe were more
than enough to meet consumption, and with mild
temperatures across Europe cut any support from the
heating oil pool. Barges were assessed at February ICE
0.1% gasoil plus $6.50/mt FOB Rotterdam, up a mere
25 cents from Wednesday’s one-year low. In the Platts
Market on Close assessment process, JP Morgan, STR
and Glencore offered barges and Vitol bought all the
volumes at similar premiums to Wednesday. Traders
said consumption of middle distillates was expected
to remain low over February, with only a small increase
from January. Statistics for the UK and Spain released
rt
Thursday showed that diesel demand in the two
countries over November-December remained 4% and
pe
8% respectively below 2011 levels. “The market isn’t
busy with not too many buyers...I don’t see demand
picking up for February,” said one trader. A second
trader said: “weather has been good and there’s plenty
Ex
of stuff out there... surpluses will take time to work
their way through the system.” Rhine water levels have
gone up significantly in the last few days as the weather
has turned milder over Europe, but they remain below
December’s high point, when rising waters created
EUROPEAN MARKETSCAN
logistical issues for barges. At Basle in Switzerland,
they were 6.42 meters, up more than one meter from
the end of last week but still a meter below the highs
of December, according to German Federal Waterways.
Temperatures across Europe are forecast to remain
mild until the end of the week and will be 4 degrees
above the seasonal norm in Frankfurt Friday, according
to data from CustomWeather. In the cargo market,
tio
Gunvor continued to offer a vessel discharging in the
Mediterranean on February 10-14 while Shell offered two
Northwest European cargoes at lower prices. Gunvor’s
offer came down to February ICE 0.1% gasoil plus $12/
a
mt, showing the assessment to be 75 cents lower on
the day, at February ICE 0.1% gasoil plus $11.25/mt.
lu
Meanwhile, Shell’s offer also proved the Northwest
European cargo premium to be lower than Wednesday,
a
at February ICE 0.1% gasoil plus $12.75/mt. BP bought
from Shell a cargo discharging February 13-17 basis
Ev
Amsterdam at February ICE 0.1% gasoil plus $9/mt, but
that was normalized by $4.50/mt in Platts assessments
for the vessel’s larger volume of 30,000 mt.
Diesel deals (PGA page 5)
F
n ULSD MOC barge deal summary: JP Morgan
PD
Commodities-Vitol SA, Feb +$7/mt, 1.2kt 10ppm
5-9/02 FOB ARA; Glencore-Vitol SA at Feb +$7/mt, 3kt
10ppm german winter, FOB ARA, 5-9/2; Glencore-Vitol
SA at Feb +$7/MT, 3kt 10ppm german winter, FOB ARA,
7-11/2; JP Morgan Commodities-Vitol SA, Feb +$7/mt,
2kt 10ppm 5-9/02 FOB ARA; Glencore-Vitol SA at Feb
+$7/mt, 2kt 10ppm german winter, FOB ARA, 5-9/2;
Glencore-Vitol SA at Feb +$7/MT, 2kt 10ppm german
winter, FOB ARA, 7-11/2; STR-Vitol SA at Feb +$7/mt,
1.2kt Fob AR 5-9/02; STR-Vitol sA at Feb +$7/mt, 1.2kt
Fob AR 7-11/02; JP Morgan Commodities-Vitol SA, Feb
+$7/mt, 1.2kt 10ppm 5-9/02 FOB ARA; Glencore-Vitol
SA, at Feb +$7/mt 1.2kt 10ppm german winter, FOB
ARA, 5-9/2; JP Morgan Commodities-Vitol SA, Feb +$7/
mt, 1.2kt 10ppm 5-9/02 FOB ARA; Glencore-Vitol SA, at
Feb +$7/mt 1kt 10ppm german winter, FOB ARA, 5-9/2;
JP Morgan Commodities-Totsa Feb +$6/mt, 10 ppm
Copyright © 2013, The McGraw-Hill Companies
january 31, 2013
barges fob ara 6-10th 1.4kt; STR-Vitol SA at Feb +$7/
mt, 1kt Fob AR 5-9/02; Glencore-Totsa Feb +$6/mt, 10
ppm barges fob ara 6-10th 2kt.
n ULSD MOC cargo deal summary: Stasco-BP 30
kt +/-10pct SO UK winter ulsd 10 ppm, max 842
n
dens, CIF bss Amsterdam for 13-17 feb, CP options:
hburg+bdx+nspain+ecuk. vessel to be Totsa/Shell/BP
acceptable. FEB plus 9.00.
Fuel oil (PGA page 1599)
The European high sulfur fuel oil market continued
to show signs of strength Thursday following reports
of a new VLCC fixture to Asia, while Singapore also
shrugged off a large build in inventories, with cash
differentials recovering for both 180 and 380 CST
grades. FOB Rotterdam 3.5% sulfur barges were
assessed at $2.25/mt premium to the comparable
February swap, up from a $1.50/mt premium
Wednesday and at a $4.50/mt premium to the March
swap, up from a previous $2.50/mt premium. Market
sources said that Cargill had fixed the VLCC Front
Page on the Rotterdam-Singapore route to carry fuel
oil, loading February 4 at a lump sum of $3.65 million.
Cargill was not immediately available for comment.
“It’s 100% fuel oil. We know because we saw them
buying oil for it,” a trader said. Freight rates for VLCCs
traveling on the NWE-Asia route began the year at $4.5
million, but had fallen to about $4 million by month-
end on the back of ample VLCC tonnage availability
and reduced cargo activity, sources said. Traders
generally saw the arbitrage to Asia shut earlier in the
week, but a lump sum of $3.65 million for the Cargill
voyage may have made it more appealing. Meanwhile,
Singapore fuel oil inventories rose to their highest
level since early December, at 20 million barrels, up
about 17% week-on-week from a previous 17.6 million
barrels, the Ministry of Trade and Industry data showed
Thursday. “It was simply overdone on the downside in
Singapore, stocks are up, but the straight run margins
are good,” another trader said. In the Mediterranean,
5
 EUROPEAN MARKETSCAN january 31, 2013

sources said the market was looking increasingly better
supplied, despite the recent bad weather in the region.
“The Med is looking very long on HSFO,” a trader
said. “Tarragona is puking fuel. They are exporting a
cargo every 5 days. I guess refinery margins must be
quite good now.” A trader at the refinery’s operator
n HSFO barge MOC deal summary: 1) OWnv-Vitol $629/
mt, 2kt, FOB Rdam, FE; 2) Gunvor-Oilchart $629.75/mt,
2kt, FOB Rdam, FE; 3) OWnv-Gunvor $629.75/mt, 2kt,
FOB Rdam, BE; 4) Gunvor-Aegean $629.75/mt, 2kt, FOB
Rdam, FE; 5) BP-Gunvor $630/mt, 2kt, FOB Rdam, BE;
6) Gunvor-Aegean $629.75/mt, 2kt, FOB Rdam, FE; 7)
April Brent to reach a $4.10/b premium. Traders said the
arbitrage to the US had reopened, boosting premiums for
VGO in Europe. “Bids versus offers are on the wide side
at times, but the USA is the preferred destination now,”
said one market source. However, some saw the surge
as a temporary phenomenon, given improving European

n
Repsol was unavailable for comment. In the Northwest BP-Gunvor $630/mt, 2kt, FOB Rdam, BE. Crude Distillation Unit margins. “I think we are not far off
European low sulfur fuel oil market Thursday, FOB NWE the tipping point, especially if the CDU’s look good both

1% cargoes stayed unchanged at minus $1/mt against
front-month swaps, although up $9.50/mt on flat
price following crude gains. In the Platts Market on
Close assessment process, one of TOTSA’s two FOB
tio
n LSFO cargo MOC deal summary: 1) Totsa-Vitol,
Platts LSFO NWE Crg FOB bss Antwerp 10-25,
February 12-February 16 100% 1% FOB NWE cargoes
Full Mnth Feb at $-5.00 for 25000 “Optol: 0-5kt as
sides of the water,” said the market source. Improving
CDU margins at some point tend to put feedstocks under
pressure, said traders, because crude use will displace
some demand for LSSR as a feedstock, and also as

a
Antwerp cargoes on offer was snapped up by Vitol at per differential on main volume with pricing 3 quotes higher runs will produce more feedstocks.
February FOB NWE 1% assessments minus $5/mt, after b/l Spec: EU Qual 1% with 995 dens max / 80

lu
while the other went untraded. Gunvor’s offer of a max al+sil / rest as per RMG 2010 2) Gunvor-Eni, VGO deals (PGA page 5)
FOB Slagen cargo with 30ppm metals again found no Platts LSFO Med Crg CIF bss Malta 10-25, February

a
buyer, but its CIF Malta cargo of close to Greek-type 10-February 14 100% 1% FOB NWE cargoes Full Mnth No deals
specification with 15ppm metals was bought by ENI, Feb at $10.00 for 27000 “EU qualified lsfo cargo

pricing on FOB NWE 1% for February plus $10/mt.
This proved a dramatically lower CIF Mediterranean
premium over FOB NWE at plus $9.25/mt, down
from $23.75/mt the previous day. “The market got
a bit long lately, and the North flooding is spreading
Ev
30kt +/-10% On vessel appr. by Eni/Cepsa/Exxon - Full
med excluding Turkey, TOC, Syria, Israel. Optol 0-6kt 3
days after COD pricing same premium as main volume
specs: 0.95% / 990 / 420 / 70fp / 30pp / 0.05sed
/ 0.05ash / 0.5wat / 15ccr / 6asph / 60V / 40ni /
North Sea crude (PGA page 1299)
Forties differentials to Dated Brent weakened for a
second consecutive day Thursday as buying interest fell
away further. Total and Chevron returned to the Platts

to the Med, which even prior to that was not going
well either,” said one cargo trader. Traders said
Gunvor’s offer of a FOB Slagen LSFO cargo this month
suggested that the firm had won at least part of the
Slagen tender for 2013, despite no confirmation from
Gunvor itself. “Gunvor is the only name tied to it,”
said one trader. A spokesman for the Geneva-based
firm declined to comment. Meanwhile in the barge
rt
F
30Na / 9650ncv / 15a+s / pp15
PD
VGO (PGA page 1597)
In Thursday’s Northwest European vacuum gasoil market,
FOB NWE low sulfur VGO cargoes and barges were
assessed up $0.12/barrel against April ICE Brent crude
futures at plus $5.25/b, while FOB NWE high sulfur VGO
Market on Close assessment process. Total was bidding
for a cargo of Forties loading February 17-23 at Dated
Brent plus $0.40/b, while Chevron bid at the same
level for a narrower range of dates. No selling interest
had emerged by the end of the process. Strengthening
margins continued to provide some support for Forties,
with improvements in the gasoline crack in recent days
cited as a particular factor. “Looking at the fundamentals

market, FOB Rotterdam 1% sulfur fuel oil barges sank barges and cargoes rebounded $0.17/barrel against the market is as strong as it’s been for a while,” a
$0.50/mt against FOB NWE 1% cargoes to minus
pe

$2.00/mt.

Fuel Oil deals (PGA page 5)

] EUROPEAN MARKETSCAN Volume 45 / Issue 22 / January 31, 2013
Editorial: Gasoil: +44-20-7176-6166 Diesel: +44-20-7176-6684 Gasoline: +44-20-7176-6120 Jet: +44-20-7176-6206 Naphtha: +44-20-7176-3144
Ex

Crude: +44-20-7176-6114 Fuel Oil: +44-20-7176-6104 Feedstocks: +44-20-7176-6112

n LSFO barge MOC deal summary: 1) Chemoil-BP $660/
mt, 1kt, FOB Rdam, FE; 2) Chemoil-Mercuria $661/
mt, 1kt, FOB Rdam, MW; 3) Chemoil-BP $660/mt, 1kt,
FOB Rdam, FE; 4) Chemoil-Mercuria $662/mt, 1kt, FOB
Rdam, BE.
Client services information: North America: 800-PLATTS8 (800-752-8878); direct: +1 212-904-3070, Europe & Middle East: +44-20-7176-6111,
Asian Pacific: +65-6530-6430 Latin America: +54-11-4121-4810, E-mail: support@platts.com
Copyright © 2013 The McGraw-Hill Companies. All rights reserved. No portion of this publication may be photocopied, reproduced, retransmitted, put into a compu-
ter system or otherwise redistributed without prior written authorization from Platts. Platts is a trademark of The McGraw-Hill Companies Inc.Information has been
obtained from sources believed reliable. However, because of the possibility of human or mechanical error by sources, McGraw-Hill or others, McGraw-Hill does not
guarantee the accuracy, adequacy or completeness of any such information and is not responsible for any errors or omissions or for results obtained from use of
such information. See back of publication invoice for complete terms and conditions.

Copyright © 2013, The McGraw-Hill Companies 6


trader said. “Margins are good, and the Mediterranean
and West African grades have already move. One big
question [however] is whether WAF is coming to Europe
to displace North Sea grades.” With demand from South
Korea now having dropped due to the impending start of
refining maintenance in East Asia, Forties was becoming
increasingly reliant upon European demand. “It’s obviously
been supported by the South Korean demand,” a trader
said, “but recently with cracks improving and margins
improving, particularly gasoline cracks for Forties, the
economics compared to Urals have improved significantly.”
Several traders said that sections of the market were
awaiting the North Sea loading schedules the following
week, with trading in the grades slow ahead of the release.
“I guess most of the North Sea cargoes have traded
through,” a trader said, “so a few are now waiting for
next week’s programs. There are only really the final bits
and pieces of Forties to trade.” Other traders agreed that
activity had been slower than usual. Meanwhile, nothing
was seen in the 10-25 day nomination procedure.
LSSR (PGA page 1598)
In Thursday’s Northwest European low sulfur straight run
market, FOB NWE LSSR cargoes were assessed up $0.12/
barrel against the April ICE Brent crude futures contract
at a minus $1.95/barrel differential, with continued good
feedstocks demand from European refineries reported,
even while the threat of improving CDU margins loomed
over LSSR demand. The arbitrage to the US looked shut
for North Sea grades of LSSR, said some traders, although
rt
other grades were still finding their way West. The 135,000
mt Yasa Orion was fixed by Clearlake, the shipping arm of
pe
Gunvor, for the Ereglisi to US Atlantic Coast route, loading
February 5, said shipping sources. The vessel probably
would carry Tuapse LSSR of 1% maximum sulfur, also
called medium sulfur straight run by some, said traders. A
Ex
trader at Gunvor could not comment.
LSSR deals (PGA page 5)
No deals
EUROPEAN MARKETSCAN january 31, 2013
Asia products
Code Mid Change Code Mid Change
Singapore (PGA page 2002)
FOB Singpore ($/barrel)
Naphtha PAAAP00 108.58–108.62 108.600 +0.270
Gasoline 92 unleaded PGAEY00 126.05–126.09 126.070 +0.990
Gasoline 95 unleaded PGAEZ00 129.35–129.39 129.370 +1.140
n
Gasoline 97 unleaded PGAMS00 131.05–131.09 131.070 +1.180
Kerosene PJABF00 130.93–130.97 130.950 +0.280
Gasoil 0.05% sulfur AAFEX00 129.42–129.46 129.440 +0.240
tio
Gasoil 0.25% sulfur AACUE00 128.47–128.51 128.490 +0.260
Gasoil POABC00 129.42–129.46 129.440 +0.240
Fuel oil 180 CST 2% ($/mt) PUAXS00 656.77–656.81 656.790 +4.450
HSFO 180 CST ($/mt) PUADV00 644.64–644.68 644.660 +5.030
HSFO 380 CST ($/mt) PPXDK00 644.28–644.32 644.300 +4.750
a
Indonesia (PGA page 2516)
FOB Indonesia ($/barrel)
lu
LSWR Mixed/Cracked PPAPU00 116.74–116.78 116.760 +4.150
Gasoline components (PBF page 2010)
FOB Singapore ($/mt)
a
MTBE PHALF00 1186.00–1188.00 1187.000 +1.000
Singapore Swaps (PPA page 2654)
Ev
February ($/barrel) March ($/barrel)
Naphtha Japan ($/mt) AAXFE00 965.75–966.25 966.000 -2.500 AAXFF00 951.00–951.50 951.250 -3.250
Naphtha PAAAQ00 107.08–107.12 107.100 +0.200 PAAAR00 105.43–105.47 105.450 +0.100
Gasoline 92 unleaded AAXEL00 125.48–125.52 125.500 +0.900 AAXEM00 123.68–123.72 123.700 +0.600
Reforming Spread
Kerosene
AAXEO00
PJABS00
18.38/18.42
130.63–130.67
18.400 +0.700
130.650 +0.300
AAXEP00
PJABT00
18.23/18.27
129.88–129.92
18.250
129.900
+0.500
+0.250
F
Gasoil POAFC00 129.58–129.62 129.600 +0.250 POAFG00 129.43–129.47 129.450 +0.220
HSFO 180 CST ($/mt) PUAXZ00 647.78–647.82 647.800 +4.300 PUAYF00 651.23–651.27 651.250 +4.450
Middle East (PGA page 2004)
PD
FOB Arab Gulf ($/barrel)
Naphtha ($/mt) PAAAA00 944.70–956.95 950.825 +1.465
Naphtha LR2 ($/mt) AAIDA00 950.67–962.92 956.795 +1.125
Kerosene PJAAA00 128.59–128.63 128.610 +0.300
Gasoil 0.005% sulfur AASGJ00 127.44–127.48 127.460 +0.260
Gasoil 0.05% sulfur AAFEZ00 126.94–126.98 126.960 +0.260
Gasoil 0.25% sulfur AACUA00 125.54–125.58 125.560 +0.260
Gasoil POAAT00 126.94–126.98 126.960 +0.260
HSFO 180 CST ($/mt) PUABE00 629.96–630.00 629.980 +4.940
Japan (PGA page 2006)
C+F Japan ($/mt) Premium/Discount
Naphtha PAAAD00 976.50–988.75 982.625 +1.125
Naphtha MOPJ Strip AAXFH00 944.88–945.38 945.130 -3.500 AAXFI00 37.25/37.75 37.500 +4.620
Naphtha 2nd 1/2 Mar PAAAE00 1000.00–1000.50 1000.250 +2.250
Naphtha 1st 1/2 Mar PAAAF00 988.25–988.75 988.500 +1.500
Naphtha 2nd 1/2 Apr PAAAG00 976.50–977.00 976.750 +0.750
Gasoline unleaded ($/barrel) PGACW00 128.68–128.72 128.700 +0.960
Kerosene ($/barrel) PJAAN00 132.63–132.67 132.650 +0.180
Gasoil ($/barrel) POABF00 132.58–132.62 132.600 +0.360
HSFO 180 CST PUACJ00 657.61–657.65 657.630 +5.190
Copyright © 2013, The McGraw-Hill Companies 7
 EUROPEAN MARKETSCAN january 31, 2013

US Products: January 30, 2013

Code Mid Change Code Mid Change Code Mid Change
New York harbor (PGA page 152)
CIF cargoes (¢/gal) RVP
Unleaded 87 0.3% AAMHG00 306.70–306.80 306.750 +7.691 AAMHGRV 15.0
Unleaded-89 0.3% AAMIW00 317.89–317.99 317.940 +7.466 AAMIWRV 15.0
Unleaded-93 0.3% AAMIZ00 334.68–334.78 334.730 +7.135 AAMIZRV 15.0

n
Jet PJAAX00 321.58–321.68 321.630 -1.800
Low sulfur jet PJABK00 337.58–337.68 337.630 +0.200
ULS Kero AAVTH00 351.58–351.68 351.630 +6.200

tio
No. 2 POAEH00 312.73–312.83 312.780 +2.200
$/barrel 1% strip NYH cargo vs 1% strip
No. 6 0.3% HP PUAAE00 120.85–120.95 120.900 +2.800 AAUGA00 15.58/15.68 15.630 +1.570
No. 6 0.3% LP PUAAB00 127.15–127.25 127.200 +2.870 AAUGB00 21.88/21.98 21.930 +1.640

a
No. 6 0.7% PUAAH00 112.41–112.51 112.460 +1.930 AAUGC00 7.14/7.24 7.190 +0.700
No. 6 1.0%** PUAAO00 105.51–105.61 105.560 +1.230 AAUGG00 105.26–105.28 105.270 +1.230 AAUGD00 0.24/0.34 0.290 0.000
No. 6 2.2% PUAAU00 101.81–101.91 101.860 +1.200 AAUGE00 -3.46/-3.36 -3.410 -0.030

lu
No. 6 3.0% PUAAX00 99.12–99.22 99.170 +1.130 AAUGF00 -6.15/-6.05 -6.100 -0.100
Residual swaps ($/barrel)
No. 6 1.0% paper Bal M AARZS00 NA–NA NA NANA

a
No. 6 1.0% paper 1st month PUAXD00 105.25–105.35 105.300 +1.250
No. 6 1.0% paper 2nd month PUAXF00 104.60–104.70 104.650 +1.250
No. 6 1.0% paper next quarter PUAXG00 103.52–103.62 103.570 +1.250

Ev
Boston cargoes (PGA pages 152)
¢/gal
Low sulfur jet PJABL00 339.58–339.68 339.630 +0.200
ULS Kero AAVTJ00 353.58–353.68 353.630 +6.200
No. 2 POAEA00 315.08–315.18 315.130 +2.200
No. 6 2.2% ($/barrel) PUAWN00 104.00–104.10 104.050 +1.200

F
NY/Boston numbers include duty. **This assessment reflects 150 max al+si
FOB Gulf Coast (PGA page 156 & 338)
PD
¢/gal RVP
Unleaded 87 PGACT00 284.95–285.05 285.000 +7.540 PGACTRV 13.5
Unleaded 89 PGAAY00 300.95–301.05 301.000 +7.540 PGAAYRV 13.5
Unleaded 93 PGAJB00 324.95–325.05 325.000 +7.540 PGAJBRV 13.5
MTBE PHAKX00 359.15–359.25 359.200 +0.550
Alkylate* AAFIE00 52.70/52.80 52.750 +1.250
Naphtha PAAAC00 297.20–297.30 297.250 +6.290
Jet 54 PJABM00 318.71–318.81 318.760 +1.010
rt

Jet 55 PJABN00 323.71–323.81 323.760 +1.010

ULS Kero AAVTK00 333.71–333.81 333.760 +1.010
No. 2 POAEE00 309.16–309.26 309.210 +1.710
pe

Low sulfur No. 2 POAES00 312.21–312.31 312.260 +2.830

*Premium to US Gulf Coast pipeline gasoline
$/barrel 3% strip vs 1% strip
Slurry Oil PPAPW00 98.97–98.99 98.980 +1.050 AAUGS00 0.27/0.29 0.280 0.000
No. 6 1.0% 6 API PUAAI00 105.92–105.94 105.930 +1.050 AAUGT00 7.22/7.24 7.230 0.000
Ex

No. 6 3.0% PUAFZ00 98.82–98.84 98.830 +1.050 AAUGW00 98.69–98.71 98.700 +1.050 AAUGU00 0.12/0.14 0.130 0.000
RMG 380 PUBDM00 100.52–100.54 100.530 +1.050 AAUGV00 1.82/1.84 1.830 0.000
Residual swaps ($/barrel)
No. 6 3.0% paper 1st month PUAXJ00 98.55–98.65 98.600 +1.050
No. 6 3.0% paper 2nd month PUAXL00 97.95–98.05 98.000 +0.950
No. 6 3.0% paper next quarter PUAXN00 97.40–97.50 97.450 +1.000

Copyright © 2013, The McGraw-Hill Companies 8

]
EUROPEAN MARKETSCAN CONTENT CHANGES WITH EFFECT FROM JANUARY 1 2013
Platts will remove all biofuels assessment data and market commentaries from Platts European Marketscan with effect from January 1, 2013. These assessments and commentaries are currently published in Platts
Biofuelscan, following its launch on June 1, 2012.

n
Below is a list of the assessments which can be found in Platts Biofuelscan. The assessments which currently appear in European Marketscan are highlighted and will be removed on January 1, 2013. The European

tio
Marketscan will no longer carry market commentaries for ethanol. Current subscribers who would like to continue to receive this information, or who want to know more about the Platts Biofuelscan, should contact Platts
at support@platts.com, biofuels@platts.com or contact an account representative. This note supersedes all previous notes regarding the move of Platts‘ biofuel assessment data and commentary from Platts European
Marketscan to the Platts Biofuelscan.

a
Ethanol description Oracle Codes Ethanol Key Rack Prices (cents/gal) Oracle Codes Renewable Identification Number (cents/RIN) Oracle Codes

lu
United States (cents/gal) DTN Ethanol Chippewa Falls WI Centex Unb DE312FX Ethanol
Ethanol Chicago (terminal) AALRI00 DTN Ethanol Des Moines IA Cenex Unb DE059FX RIN Calendar-Year (Y-1) RINCY01
Ethanol Chicago (Rule 11) AAVWD00 DTN Ethanol Des Moines IA Flint Hills Unb DE059IF RIN Calendar-Year (Y) RINCY02
Ethanol swap Chicago (M+1) ESCM001 DTN Ethanol Des Moines IA MinnIowa Unb DE059CW Biodiesel

a
Ethanol swap Chicago (M+2) ESCM002 DTN Ethanol Des Moines IA Western Pet Unb DE059FN RIN Calendar-Year (Y-1) BDRCY01
Ethanol NYH Barge (M1) AAMPF00 DTN Ethanol Grand Forks ND Cenex Unb DE175FX RIN Calendar-Year (Y) BDRCY02

Ev
Ethanol NYH Barge (M2) AAUEG00 DTN Ethanol Grand Forks ND Dale Unb DE175AT Advanced biofuel
Ethanol Houston 5-15 Tank AATGJ00 DTN Ethanol Grand Forks ND Flint Hills Unb DE175IF RIN Calendar-Year (Y-1) ABRCY01
Southern California Rail Car (cents/gal) DTN Ethanol Grand Forks ND Western Pet Unb DE175FN RIN Calendar-Year (Y) ABRCY02
Ethanol prompt 7-14 AAMNK00 DTN Ethanol Kansas City KS Flint Hills Unb DE099IF Cellulosic biofuel
Ethanol forward 15-30 AAMNN00 DTN Ethanol Kansas City KS Western Pet Unb DE099FN RIN Calendar-Year (Y-1) CBRCY01
Northern California Rail Car (cents/gal) DTN Ethanol Minn/StPaul MN Flint Hills Unb DE141IF RIN Calendar-Year (Y) CBRCY02
Ethanol Prompt 7-14 AAMFT00 DTN Ethanol Minn/StPaul MN MinnIowa Unb DE141CW

F
Ethanol Forward 15-30 AAMFZ00 DTN Ethanol Minn/StPaul MN Western Pet Unb DE141FN Notes: M1 = Current month; M2 = Next month; M+1 = Current month +
Brazil Cargo DTN Ethanol Omaha NE Flint Hills Unb DE185IF number of forward days (see methodology guide); M+2 = Current month
Ethanol FOB Santos (cents/gal) AATAE00 DTN Ethanol Omaha NE MinnIowa Unb DE185CW + number of forward days (see methodology guide); Y = Current year ;
PD
Ethanol FOB Santos ($/cu m) AAWFO00 DTN Ethanol Omaha NE Sapp Bros Unb DE185EA Y-1 = Last year
Ethanol FOB Santos (Real/cu m) AAWFP00 DTN Ethanol Omaha NE Western Pet Unb DE185FN
Northwest Europe DTN Ethanol Sioux Falls SD Cenex Unb DE256FX
Ethanol T1 FOB Rdam ($/cu m) AAWUQ00 DTN Ethanol Sioux Falls SD Flint Hills Unb DE256IF
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Ethanol T2 FOB Rdam (Eur/cu m) AAYDT00 DTN Ethanol Sioux Falls SD MinnIowa Unb DE256CW Check out our product page at:
Ethanol T2 FOB Rdam German Spec (Eur/cu m) AAVLD00 DTN Ethanol Sioux Falls SD Western Pet Unb DE256FN http://www.platts.com/Products/biofuelscan/Petrochemicals/ALL/NewsLetterReports
Ethanol T1 CIF NWE Cargo ($/cu m) AAYDS00
Asia Pacific ($/cu m)
Biodiesel description Oracle Codes
rt

Bioethanol FOB Singapore AAWAD00

Bioethanol CIF Philippines AAWAA00 Northwest Europe ($/mt) [BIOFUELS ]
Bioethanol CIF Philippines H1 (M+1) AAWAB00 FAME -10 FOB ARA AAWGY00
pe

Bioethanol CIF Philippines H2 (M+1) AAWAC00 FAME 0 FOB ARA AAXQL00

Bioethanol CIF Philippines H1 (M+2) AAWAE00 Soy Methyl Ester (SME) FOB ARA
Rapeseed Methyl Ester (RME) FOB ARA
AAUCB00
AAUCA00
BIOFUELSCAN
EU Renewable Energy Directive ($/mt)
ETBE description Oracle Codes FAME -10 FOB ARA AAWGH00
Volume 1 / Issue 126 / November 23, 2012

AssessmeNts
Northwest Europe FAME 0 FOB ARA AAWGI00
Ex

2
ethanol
2

ETBE FOB AR ($/mt) AASLQ00 Soy Methyl Ester (SME) FOB ARA AAWGJ00 etBe
Renewable Identification Number (RIN)
3
4

Rapeseed Methyl Ester (RME)FOB ARA AAWGK00 Biodiesel

ethANol
Asia ($/mt) United states
3
3
Northwest europe
Biodiesel FOB Southeast Asia AAVSV00 Asia
3

United States (cents/gal) etBe

Northwest europe
4

Biodiesel B99.9 SME Chicago AAURR00 BIodIesel

5
Biodiesel B99.9 SME Houston AAURS00 United states
Northwest europe
5
5
Asia

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