]
www.platts.com EUROPEAN MARKETSCAN
European products ($/mt)
Code Mid Change Code Mid Change
Mediterranean cargoes (PGA page 1114)
FOB Med (Italy) CIF Med (Genova/Lavera)
Naphtha* PAAAI00 912.00–912.50 912.250 -7.000 PAAAH00 933.75–934.25 934.000 -7.250
Prem Unl 10ppm AAWZA00 1002.00–1002.50 1002.250 +7.000 AAWZB00 1016.25–1016.75 1016.500 +6.750
Jet AAIDL00 988.50–989.00 988.750 -8.000 AAZBN00 1014.25–1014.75 1014.500 -8.750
10ppm ULSD AAWYY00 947.00–947.50 947.250 -6.500 AAWYZ00 964.00–964.50 964.250 -7.000
Gasoil 0.1% AAVJI00 928.00–928.50 928.250 -6.750 AAVJJ00 947.00–947.50 947.250 -7.000
Fuel Oil 1.0% PUAAK00 618.50–619.00 618.750 +8.500 PUAAJ00 633.50–634.00 633.750 +9.000
Fuel oil 3.5% PUAAZ00 592.50–593.00 592.750 +8.500 PUAAY00 607.50–608.00 607.750 +9.000
Jet FOB Med premium AAIDN00 10.25/10.75 10.500 +0.500
*Naphtha FOB Med is basis East Med
Northwest Europe cargoes (PGA page 1110)
FOB NWE CIF NWE/Basis ARA
Naphtha (Feb) PAAAJ00 929.00–929.50 929.250 -0.750
Naphtha PAAAL00 944.00–944.50 944.250 -7.750
Gasoline 10ppm AAXFQ00 996.00–996.50 996.250 +6.750
Jet PJAAV00 1000.00–1000.50 1000.250 -8.750 PJAAU00 1015.75–1016.25 1016.000 -8.750
ULSD 10 ppm AAVBF00 937.50–938.00 937.750 -9.500 AAVBG00 958.00–958.50 958.250 -9.500
Diesel 10ppm NWE AAWZD00 940.75–941.25 941.000 -9.500 AAWZC00 961.75–962.25 962.000 -9.500
Diesel 10 ppm UK AAVBH00 964.00–964.50 964.250 -9.500
Gasoil 0.1% AAYWR00 918.50–919.00 918.750 -7.500 AAYWS00 941.25–941.75 941.500 -7.500
Fuel oil 1.0% PUAAM00 621.50–622.00 621.750 +5.000 PUAAL00 627.50–628.00 627.750 -2.250
Fuel oil 3.5% PUABB00 582.25–582.75 582.500 +11.500 PUABA00 598.25–598.75 598.500 +11.500
Straight run 0.5-0.7% PKABA00 714.00–715.00 714.500 -2.000
VGO 0.5-0.6% AAHMX00 777.00–778.00 777.500 +2.500 AAHMZ00 780.00–781.00 780.500 +2.500
VGO 2% max AAHNB00 757.50–758.50 758.000 +2.500 AAHND00 760.50–761.50 761.000 +2.500
Northwest Europe barges (PGA page 1112)
FOB Rotterdam Jet crack swap ($)
Naphtha PAAAM00 940.00–940.50 940.250 -7.750
Eurobob AAQZV00 982.00–982.50 982.250 +6.750 25
98 RON gasoline 10 ppm AAKOD00 1027.50–1028.00 1027.750 -3.750
Premium gasoline 10 ppm PGABM00 1007.50–1008.00 1007.750 -3.750
Jet PJABA00 1013.00–1013.50 1013.250 -8.750
Diesel 10 ppm AAJUS00 957.25–957.75 957.500 -7.000
Gasoil 50 ppm AAUQC00 951.50–952.00 951.750 -10.750 20
Gasoil 0.1% AAYWT00 934.25–934.75 934.500 -7.750
Fuel oil 1.0% PUAAP00 619.50–620.00 619.750 +6.500
Fuel oil 3.5% PUABC00 603.00–603.50 603.250 +11.500
Rotterdam bunker 380 CST PUAYW00 602.00–603.00 602.500 +4.000
VGO 0.5-0.6% AAHNF00 777.00–778.00 777.500 +2.500 15
VGO 2% max AAHNI00 757.50–758.50 758.000 +2.500 Mar May Jul Sep Nov Jan
MTBE* PHALA00 1389.75–1390.25 1390.000 +29.750
*FOB Amsterdam-Rotterdam-Antwerp
The McGraw Hill Companies
[OIL ]
Volume 45 / Issue 2 / January 3, 2013
ICE futures
Platts ICE 1630 London assessments* (PGA page 703)
Gasoil Low Sulfur Gasoil
Jan AARIN00 935.25 Jan AAGL001 958.75
Feb AARIO00 937.00 Feb AAGL002 958.75
Mar AARIP00 936.00 Mar AAGL003 958.50
Brent Brent NX
Feb AAYES00 112.36 Feb AAXZL00 112.43
Mar AAYET00 111.07 Mar AAXZM00 111.11
Apr AAXZY00 110.13 Apr AAXZN00 110.17
May AAYAM00 109.41 May AAYAP00 109.45
*Platts ICE assessments reflect the closing value of the ICE contracts at
precisely 16:30 London time.
ICE gasoil settlements (PGA page 702)
Gasoil Low Sulfur Gasoil
Jan AAQSG00 935.75 Jan AAGS001 958.75
Feb AAQSH00 937.25 Feb AAGS002 958.75
Mar AAQSI00 936.00 Mar AAGS003 957.75
Apr AAQSJ00 933.00 Apr AAGS004 954.00
May AAQSK00 929.25 May AAGS005 950.50
Jun AAQSL00 925.50 Jun AAGS006 946.75
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)
Jan PXAAJ00 943.50 Feb PXAAK00 944.25
NYMEX futures (16:30 London time)
NYMEX WTI (PGA page 703)
$/barrel $/barrel
Feb AASCR00 93.15 Mar AASCS00 93.57
NYMEX heating oil (PGA page 703)
¢/gal ¢/gal
Feb AASCT00 302.82 Mar AASCU00 301.76
NYMEX RBOB (unleaded gasoline) (PGA page 703)
¢/gal ¢/gal
Feb AASCV00 280.54 Mar AASCW00 279.71

Market Update (PGA page 724)
Crude futures continued to recover from session lows
during late-morning US trade Thursday, but remained
range-bound on a lack of news capable of pushing the
market out of a tight trading band, analysts said. NYMEX
February crude was trading 9 cents lower at $93.21/
barrel, having hit a high of $93.28/b at 11:25 a.m. EST
(1625 London time) and a low of $92.62/b at 9:04
a.m. EST. “The market is looking at how to deal with
the news we’ve already been presented with,” said Ole
Hansen, commodities analyst at Denmark’s Saxo Bank.
“There is delight that the US didn’t fall over the cliff...
But at the same time, elsewhere there aren’t any green
shoots - except maybe in China. It’s the beginning of the
year and expectations are fairly muted.” While NYMEX
February crude has made marginal gains Thursday, it
remains outside the narrow $6/b trading band that
characterized the majority of activity throughout much of
October, November and December. Similarly, ICE Brent
was also up from session lows, but largely constrained
within a narrow, 80 cent window. ICE February Brent
was down 12 cents to $112.35/b, after hitting a high of
$112.42/b at 11:29 a.m EST and a low of $111.63/b
at 5:14 a.m. EST. “It could break on either side of the
range,” Hansen added. The American Petroleum Institute
is scheduled to release its weekly estimates of US crude
and product stocks Thursday at 4:30 pm EST, and the US
Energy Information Administration will follow with official
stock data on Friday. Both releases were postponed two
days following the New Year’s holiday. Analysts polled
by Platts this week anticipate a 1 million barrel draw in
US commercial crude inventories for the week ending
December 28, in-line with historical data. According to
the EIA, the five-week rolling average predicts a stock
draw of 800,000 barrels. The NYMEX heating oil contract
was also weaker Thursday, with analysts expecting
builds in distillate stocks of 1.6 million barrels. NYMEX
February heating oil was 1.87 cents lower at $3.0276/
gal. By contrast NYMEX February RBOB edged upwards
during late-morning US trade, nudging upwards by 0.49
cent to $2.8000/gal. The front-month RBOB contract hit
a session high of $2.8073/gal at 11:32 a.m. EST. The
EUROPEAN MARKETSCAN
Euro-denominated assessments 16:30 London (€/mt)
Med cargoes (PGA page 1120)
FOB Med CIF Med
(Italy) (Genova/Lavera)
Naphtha* ABWHE00 695.843 ABWHD00 712.433
Prem Unl 10ppm ABWGV00 764.493 ABWGU00 775.362
Jet ABWGZ00 754.195 AAZBO00 773.837
10ppm ULSD ABWHM00 722.540 ABWHH00 735.507
Gasoil 0.1% ABWGQ00 708.047 ABWGO00 722.540
Fuel Oil 1.0% ABWGH00 471.968 ABWGF00 483.410
Fuel oil 3.5% ABWGM00 452.136 ABWGK00 463.577
Jet FOB Med premium ABWHA00 8.009
*Naphtha FOB Med is basis East Med
Northwest Europe cargoes (PGA page 1116)
FOB NWE CIF NWE/
Basis ARA
Naphtha AAQCE00 720.252
Gasoline 10ppm ABWGS00 759.916
Jet ABWHB00 762.967 AAQCF00 774.981
ULSD 10 ppm ABWHO00 717.773 ABWHI00 733.791
Diesel 10ppm NWE ABWHP00 715.294 ABWHK00 730.931
Diesel 10 ppm UK ABWHJ00 735.507
Gasoil 0.1% ABWGR00 700.801 ABWGP00 718.154
Fuel oil 1.0% AAQCG00 474.256 ABWGG00 478.833
Fuel oil 3.5% ABWGN00 444.317 ABWGL00 456.522
Straight run 0.5-0.7% ABWHG00 545.004
Euro/US$ forex rate: 1.3110. 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.
Foreign exchange rates (PGA page 1151)
January 3, 2013 London 16:30
Dollar/Swiss franc BCADC00 0.9220
GB pound/Dollar BCADB00 1.6159
Dollar/Yen BCACW00 86.8700
Euro/Dollar BCADD00 1.3110
Dollar/Ruble AAUJO00 30.1680
ICE January gasoil contract closed European trading done
$7.50/mt day-on-day at $935/mt. Equities markets were
mixed at the 1630 London close in Europe. The German
DAX was down 0.30%, while the FTSE 100 was up 0.37%.
down 1.2 points at 13,411.3, while the S&P 500 was up
1.67 points at 1,464.02.
Gasoline (PGA page 1399)
The Northwest Europe front month EBOB crack rose
further following Wednesday’s “fiscal cliff” rally to a
two-and-a-half month high, Platts data showed. The
Copyright © 2013, The McGraw-Hill Companies
january 3, 2013
Northwest Europe barges (PGA page 1118)
FOB Rotterdam
Naphtha ABWHF00 717.201
Eurobob ABWGT00 749.237
98 RON gasoline 10 ppm ABWGX00 783.944
Premium gasoline 10 ppm AAQCH00 768.688
Jet ABWHC00 772.883
Diesel 10 ppm AAQCI00 730.359
Gasoil 50 ppm AAUQF00 725.973
Gasoil 0.1% AAYWY00 712.815
Fuel oil 1.0% ABWGI00 472.731
Fuel oil 3.5% AAQCK00 460.145
Rotterdam bunker 380 CST AAUHE00 459.573
New York Harbor cargoes 16:30 London (PGA pages 1350 & 1450)
FOB NY Harbor
(€ cent/gal)
Unleaded 87 AAPYV00 218.17
Unleaded 89 AAPYW00 227.64
Unleaded 93 AAPYX00 241.85
No. 2 AAPYY00 231.94
European clean product barge freight rates
ARA ($/mt) (PGT page 1918)
Rotterdam — Rotterdam TCAEI00 2.50
Rotterdam — Flushing TCAEJ00 3.50
Rotterdam — Ghent TCAEK00 4.00
Rotterdam — Antwerp TCAEL00 3.50
Germany ($/mt) (PGT page 1918)
Rotterdam — Duisburg TCAEM00 8.50
Rotterdam — Cologne TCAEN00 11.75
Rotterdam — Karlsruhe TCAEO00 19.00
Antwerp — Duisburg TCAEP00 9.00
Switzerland ($/mt) (PGT page 1918)
Rotterdam — Basel TCAEQ00 20.50
January FOB Rotterdam EBOB gasoline crack swap
was assessed at $6.20/barrel, up from Wednesday’s
$5.85/b, while February was assessed at $6.80/b,
up from Wednesday’s $6.50/b. This marked a fresh
two and half month high since Wednesday, with both
assessments failing to break through the level set
October 16 of $6.80/b, Platts data showed. NWE EBOB
gasoline barges were valued at a $5/mt premium to the
February FOB Rotterdam EBOB gasoline outright swap
at $982.25/mt. “It seems gasoline is strong again, I
don’t really know why. It must be a lack of production
again, as demand is normal to low,” a trader said. In
2

the Mediterranean, the market was expected to remain
boosted in January by additional demand for Red Sea
cargoes due to a 20-day shutdown at Saudi Arabia’s
PetroRabigh refining and petrochemicals complex.
The company started maintenance for 20 days after
a power cut last Saturday forced it to halt operations,
the company said in a filing to Saudi stock exchange
Tadawul. “Due to the relatively prompt timing, this
additional demand should come from the West rather
than the East as eastern barrels have already traded
and are committed,” a second trader said.
Gasoline deals (PGA page 5)
Gasoline MOC deals: PREM UNL: Statoil-Vitol at $1016/
mt MW; Statoil-Vitol at $1016/mt MW
Naphtha (PGA page 1398)
The European market remained under a degree of
pressure Thursday as low spot demand for naphtha
coupled with emerging petrochemical end-user interest
in LPG weighed down on the market, said traders.
Platts assessed CIF Northwest European cargoes at
$944.25/mt, $7.75/mt lower on the day, while the
physical premium to January CIF NWE naphtha was
pegged at just $2/mt--down $4/mt on the day. During
the Platts Market on Close assessment process, no
trades were concluded with the bid/offer spread at
the close at $945-947/mt for January 12-16 delivery.
The main topic of discussion in the market was
growing interest from end-users to crack propane.
With January and February propane now trading at
sustained, substantial discounts to naphtha, end-users
were stepping in to start buying physical propane, said
sources. Sabic was widely reported to have bought
20,000 mt of propane in to Tees for prompt delivery
dates while it was also rumored that a second end-
user had bought a propane cargo for second half of
January delivery. Sabic declined to comment on the
reports. “They [end-users] are buying propane and
butane now.” said one trader. “It’s quite compelling
EUROPEAN MARKETSCAN
Subscriber notes (PGA page 1500)
■■ As part of its commitment to maintaining open
dialog with the industry, Platts is hosting an Oil
Technical Workshop on January 23 in Rotterdam. This
workshop will focus on barge and cargo logistics in the
Amsterdam-Rotterdam-Antwerp region, including the
importance of performance in the Platts MOC process,
Platts nomination procedures, rights and obligations in
chains, compensation, alternate delivery solutions and
demurrage issues and is aimed at inviting feedback from
traders and operators as well as other market partici-
pants. The Platts panel will comprise of Simon Thorne,
Tim Worledge, Benno Spencer and Chris Vowden.
Register now to reserve your free place:
http://marketing2012.platts.com/content/OLEM201301_
RotterdamOilTechnicalWorkshop
■■ Effective January 2, 2013, the Worldscale flat rate
used to calculate the netback formulas for FOB Med 1%
and 3.5% fuel oil is $8.33/mt. Unless otherwise proved,
for the CIF NWE 1% fuel oil the Worldscale flat rate used
to calculate the netback formulas is $7.25/mt, and for
FOB NWE 3.5% fuel oil the Worldscale flat rate is $8.79/
mt. Comments please to europe_products@platts.com
with a CC to pricegroup@platts.com.
■■ Effective January 2, 2013, the Worldscale flat rate
used to calculate the netback formulas for FOB Med
0.1% gasoil is $10.69/mt. For FOB NWE 0.1% gasoil the
Worldscale flat rate net back is $9.56/mt. Comments
please to europe_products@platts.com with a CC to
pricegroup@platts.com.
■■ Effective January 2, 2013, the Worldscale flat rate
used to calculate the netback formula for FOB Med
10ppm diesel is $9.41/mt. The Worldscale flat rate used
to calculate the netback formula for FOB NWE 10ppm
diesel (Le Havre) is $8.89/mt. The Worldscale flat rate
used to calculate the netback formula for the FOB ULSD
10ppm diesel (ARA) is $8.66/mt. The Worldscale flat rate
used to calculate the netback formula for the CIF 10ppm
diesel UK is $2.51/mt.
■■ Effective January 2, 2013 the Worldscale flat rate used
to calculate the netback formula for FOB Med naphtha
cargoes is $15.39/mt. The Worldscale flat rate used to cal-
culate the netback formula for CIF Med naphtha is $9.62/
Copyright © 2013, The McGraw-Hill Companies
january 3, 2013
mt. An additional $0.97/mt is added to the NWE-Med
freight rate to calculated port fees in Rotterdam. An
additional $3/mt is added to the cross-Med Worldscale
rate used to cover additional costs. Comments please to
europe_products@platts.com, CC to pricegroup@platts.com.
■■ Effective January 2, 2013 the Worldscale flat rate
used to calculate the netback formula for CIF Med pre-
mium gasoline 10ppm is $8.02/mt. Comments please to
europe_products with a CC to pricegroup@platts.com
■■ Effective January 2, 2013, the Worldscale flat rate
used to calculate the netback formulas for FOB Med
jet is $13.32/mt. Rotterdam harbor dues are $1.17/mt.
Comments please to europe_products@platts.com with a
CC to pricegroup@platts.com
■■ 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;
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.
■■ ICE has released a document covering Frequently
Asked Questions regarding the transition from swaps
to futures effective October 15, 2012. The document is
available at www.theice.com/publicdocs/Platts_Swaps_
to_Futures_FAQ.pdf. The move by ICE to convert swaps
into futures has raised questions over whether the
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
Platts.com or contact the various commodity sectors
including oil@platts.com and pricegroup@platts.com.
■■ Effective January 2, 2014 and following industry
feedback to a previous subscriber note, Platts will cal-
3

economics right now.” Though end-users did appear
to have started cracking propane, question marks
still remained over how sustained the demand would
be and also whether there was sufficient propane
quantities around to make a significant difference to
the naphtha complex. “I don’t think there are huge
amounts for them [end-users] to buy,” said one trader.
“At the same time end-user margins are pretty good so
feedstock demand itself should be pretty good.” The
potential for increasing volumes of material to move
from Europe to Asia was also providing some balance
to the market, said sources. Cracker run rates in Asia
increased in recent weeks on improving downstream
margins, and although the February East/West spread
narrowed slightly Thursday, sources still thought there
would be a pull of material into Asia from Europe.
“Cracker rates have been ramped up in Asia of late
so we should still see pretty good demand there,”
said one trader. Indonesia’s Chandra Asri hiked run
rates at its naphtha-fed steam cracker at Anyer, West
Java, from 90% to 95-100% of capacity in January, a
company source said Thursday. The operating rates
was cut during December to 90% on poor demand and
negative margins. The cracker has a design capacity
of 600,000 mt/year of ethylene and 306,000 mt/year
of propylene. Chandra Asri is the fourth end-user heard
increasing run rates in January.
Naphtha deals (PGA page 5)
No deals reported.
Jet (PGA page 1497)
Premiums in the Northwest Europe cargo and FOB
Rotterdam barge markets saw the slow trend of erosion
continuing Thursday, with a softer outlook on crude
contributing to the price falls. Platts assessed the FOB
Rotterdam market at $1,013.25/mt, or a premium
of plus $78/mt, with CIF NWE cargoes assessed at
$1,016/mt, or plus $80.75/mt to the front month
gasoil contract. On an outright price basis, the values
EUROPEAN MARKETSCAN
Subscriber notes (cont.) (PGA page 1500)
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
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
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
amounted to an $8.75/mt fall on overnight levels,
much of which was attributable to the moves seen in
the underlying crude complex. Of the market itself,
while premiums nudged down a slight 50 cents, the
same trends of mild oversupply, a lack of strong
buying interest and a market structure that stubbornly
refused to support storage economics meant that
a cap was likely to remain on premiums until either
structure or refinery economics offered some relief. For
the time being, the four cent advantage that jet had
held over diesel had been reversed, with diesel once
again the strongest performer in the clean oil product
complex. The Platts jet FOB Rotterdam barge outright
Copyright © 2013, The McGraw-Hill Companies
january 3, 2013
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 viscosity, 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 represents a change from the
previous Platts assessment specifications of 0.995 kg/l
density, 420 CST viscosity, 80 ppm aluminium/silicon,
6% asphaltenes and 120 ppm vanadium. All other spec-
ifications remain unchanged from the current specifi-
cation 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 specifications,
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.
price amounted to $128.42/barrel, versus diesel FOB
Rotterdam barge’s assessed value of $128.52/b,
according to Platts data. Despite the slim advantage
held by the road fuel, refiners were unlikely to make
the switch from maximizing their jet production at
this stage, although the expectation voiced by traders
seemed to point to an ongoing recovery in diesel values
while jet, directionally, seemed set to face further
pressure. With the underlying gasoils sinking deeper
into contango between the outgoing January front
month and the February contract, trades also looked
to some sign of weakness easing the backwardation
on CIF NWE differential swaps. Although the balance
4

month January swap held unchanged at $78.25/mt,
the front-month February indication moved up 75 cents
to $75.75/mt. With a contango of $1.75/mt between
the two front-month ICE gasoil contracts, the narrowing
in the backwardation to $2.50/mt edged the CIF NWE
jet market closer towards a flatter structure.
Jet deals (PGA page 5)
No deals reported.
Jet Index (PGA page 115)
January 2, 2013 Index $/mt
Europe & CIS PJECI00 349.91 PJECI09 1023.38
MidEast & Africa PJMEA00 373.70 PJMEA09 987.35
Global PJGLO00 352.04 PJGLO09 1014.97
Gasoil (PGA page 1499)
The 0.1% gasoil barge differential to the front-month
ICE 0.1% gasoil rose over Thursday, with sources
pointing to possible export demand rather than
regional demand as the reason. However, with the
January/February ICE 0.1% gasoil futures contango
structure steepening, and with only five working days
until the January contract expires, 0.1% gasoil barge
values below January looked more attractive versus
the February contract. The January/February futures
spread was in a $1.75/mt contango at 1630 London
time, down from a $0.75/mt contango at the same
time Wednesday. The level of contango was not
PLATTS OIL IS ON TWITTER
FOR UP-TO-THE-MINUTE OIL NEWS
AND INFORMATION FROM PLATTS
Follow us on twitter.com/PlattsOil
EUROPEAN MARKETSCAN
steep enough to encourage buying to store, but did
relieve some pressure on having more oil in tank for
logistical reasons. The FOB Rotterdam 0.1% gasoil
barge differential to the front month ICE 0.1% gasoil
futures was assessed at minus $0.75/mt, a day-on-
day increase of $0.50/mt, Platts data showed. In the
Platts Market on Close assessment process trading
activity began at January minus $2/mt, with an offer
by Gunvor at this level being lifted by Totsa and then
after being re-offered by Glencore. After this point
offers backed off and bids increased with an offer
by Gunvor at January minus $1.50/mt being lifted by
STR, Gunvor then re-offered at January minus $1/mt
before being lifted by Totsa. Totsa also lifted offers
by Argos Trading and Vitol at January minus $1/
mt. Vitol re-offered at the same level before being
lifted by Omneo. Vitol also hit a bid by Phillips66
at January minus $0.50/mt. Vitol re-offered at
January minus $1/mt, and was live at the close. The
0.1% gasoil market continued to see low demand
in the French, Benelux and Swiss regions. “Gasoil
demand is almost non-existent,” a supplier to the
Swiss market said. There is no big demand with
such temperatures,” a second trader said, referring
to warmer than typical winter temperatures across
Europe, which was impacting demand for gasoil
for heating. The 50 ppm barge differential fell,
widening its discount to the FOB 10 ppm barge value
by $3.75/mt to $5.75/mt, Platts data showed.
The FOB Amsterdam-Rotterdam-Antwerp 50 ppm
barge premium to the front-month ICE 0.1% gasoil
futures was assessed at $16.50/mt, a softening
of $2.50/mt over the day. In the MOC process
Glencore offered to January plus $17/mt, while
Vitol bid to January plus $16/mt, both indications
were for front window loading. The Med 0.1% gasoil
market meanwhile maintained its strength, with the
steepening January/February 0.1% gasoil futures
structure also supporting the cargo differential. The
0.1% gasoil CIF Med cargo premium to the January
gasoil futures was assessed at $12/mt, up $1.25/
mt over the day, Platts data showed.
Copyright © 2013, The McGraw-Hill Companies
january 3, 2013
Gasoil deals (PGA page 5)
Gasoil 0.1% barge MOC deals: Gunvor-Totsa, 2KT, FOB
ARA loading 08-12Jan at Jan minus 2/MT (0.845);
Gunvor-Glencore, 2KT, FOB ARA loading 08-12Jan at
Jan minus 2/MT (0.845); Argos Trading-Totsa GO 0,1
Offer, 2 kt, fob ARA, 8-12 Jan, Jan minus 1; Gunvor-STR
offers 1.6KT, FOB ARA loading 08-12Jan at Jan minus
1.50/MT (0.845); VSA-Totsa offers gaosil 0.1 FOB ARA,
2kt lifting 8-12 at Jan minus 1; Gunvor-Totsa, 2KT,
FOB ARA loading 08-12Jan at Jan minus 1/MT(0.845);
VSA-Omneo, gaosil 0.1 FOB ARA, 2kt lifting 8-12 at Jan
minus 1; VSA- P66CSL bids 0.1% DIN FOB ARA 3kt 8-12
at Jan minus 0.50.
Diesel (PGA page 1498)
Fundamentals were largely unchanged in the
Northwest European diesel market Thursday.
Localized supply was tightening in the Amsterdam-
Rotterdam-Antwerp region. The differential for
diesel barges loading in Rotterdam was assessed
up $1.25/mt day-on-day at $22.25/mt over the
front-month ICE 0.1% gasoil futures contract, Platts
data shows. Margins for local refineries were under
pressure, sources said. There also remained a
absence of arbitrage flows from the US and Asia.
“No big change, still the US arbitrage fully shut,
same thing from India,” a trader said. Indian exports
remained at their base flows for ULSD and as
exports were otherwise focused on more jet, sources
said. Thursday, ULSD emerged as the most profitable
product in the distillates complex pricing 10 cents
more a barrel than jet. In the CIF NWE cargo
market an offer from STASCO demonstrated weaker
premiums, when reaching February ICE 0.1% gasoil
futures contract plus $25/mt, for delivery basis
Le Havre, attracting BP as a buyer. This saw the
spread between barge and cargoes narrow to $0.50/
mt, Platts data shows. In the Mediterranean there
was a climb in differentials with the premium rising
$1.25/mt to be assessed at $29/mt. Buying interest
continued to shown into Italy and Turkey.
5

Diesel deals (PGA page 5)
n Diesel MOC barge trade: Glencore-Vitol SA Jan + 21
ARA, 8-12 Jan, 2kt.
n Diesel MOC cargo trade: Stasco-BP 20 kt +/-10pct
SO French winter ulsd 10 ppm, max 0.842 dens, C+B,
CIF bss Le Havre for 13-17 Jan on vsl Apatura (imo
9258624) or sub, CP options: hburg / bdx + nspain, Feb
ICE + 25.
Fuel oil (PGA page 1599)
High sulfur fuel oil Rotterdam barges continued to
strengthen Thursday in tandem with Singapore amid
a 13-week low in Singapore fuel oil inventories. FOB
Rotterdam 3.5% barges were assessed at a $1.25/mt
premium to the January balance-month swap, up from
Wednesday’s $2.25/mt discount, and at a $0.25/
mt premium to the February swap, up from a previous
$4.25/mt discount. Singapore fuel oil stockpiles
dropped to 18.8 million barrels, the lowest since
October 3, 2012 when they were 17.9 million barrels,
according to the Ministry of Trade and Industry.
There were reports that some trading houses had
begun investigating arbitrage opportunities to Asia,
though as yet there were no confirmed VLCC fixtures,
according to shipping sources. There was also talk of
a potential arbitrage to the US--a rare destination of
Europe’s HSFO, sources said. In the Mediterranean,
Galaxy was reported to have fixed the Suezmax DHT
Trader on a Malta-Singapore route for early January
loading. Galaxy declined to comment. Given the
strength in barges, the Med/North physical spread
was assessed at minus $10.50/mt, down from
a previous minus $7.50/mt, Platts data shows.
“The med seems still longish [on HSFO}, but I have
seen better high sulfur straight demand with the
Jan crack at over $18/bbl now,” a trader said. In
the Northwest European low sulfur fuel oil market
Thursday, Physical FOB NWE LSFO cargoes softened
against equivalent front-month swaps to a discount
of $4.00/mt, down from Wednesday’s one-month
EUROPEAN MARKETSCAN january 3, 2013
high of minus $3.00/mt. This was based on activity n HSFO barge MOC deals: 1) Aegean-Totsa $598/
in the Platts Market on Close assessment process mt, 2kt, FOB Rdam, MW; 2) Chemoil-Totsa $601/
in which both of BP’s FOB Antwerp LSFO cargo bids mt, 2kt, FOB Rdam, MW; 3) Litasco-Totsa $601/mt,
were hit by Vitol. Vitol’s two FOB Antwerp LSFO 2kt, FOB Rdam, MW; 4) Litasco-Gunvor $601/mt, 2kt,
cargo offers failed to find buying interest, as did FOB Rdam, BE; 5) Chemoil-Gunvor $602/mt, 2kt, FOB
OW’s CIF NWE cargo offer. Despite the day-on-day Rdam, BE; 6) Litasco-Vitol $601/mt, 2kt, FOB Rdam,
weakening, some traders saw reasons to be bullish FE; 7) Aegean-Totsa $602.5/mt, 2kt, FOB Rdam,
over a longer time frame, including refinery run cuts. MW; 8) Chemoil-Vitol $602/mt, 2kt, FOB Rdam, FE;
“Sweet straight run margins are at lows last reached 9) Mercuria-Vitol $602/mt, 2kt, FOB Rdam, FE; 10)
in April, we are seeing run cuts in the Mediterranean Koch-Vitol $602/mt, 2kt, FOB Rdam, FE; 11) OWnv-
and North,” said one trader. “Even in complex Totsa $602.75/mt, 2kt, FOB Rdam, MW; 12) Mercuria-
refineries, the CDU will run less, and feedstocks will ArgosBunk $602.5/mt, 2kt, FOB Rdam, FE; 13) Koch-
make the difference, so we’re seeing more LSSR Vitol $602.5/mt, 2kt, FOB Rdam, FE; 14) Aegean-Vitol
demand”. Also potential arbitrage opportunities $603/mt, 2kt, FOB Rdam, MW; 15) Koch-Aegean
were opening up for the well-supplied NWE market, $603/mt, 2kt, FOB Rdam, FE; 16) Koch-Vitol $602.75/
according to some. With New York Harbor delivered mt, 2kt, FOB Rdam, FE.
1% Fuel Oil No. 6 cargoes pricing over $3.00/b
above FOB NWE 1% cargoes, traders were starting n LSFO cargo MOC deal summary: 1) LSFO: CARGO:
to look at a possible arbitrage West. “The arbitrage VITOL-BP Crg FOB bss Antwerp, January 13-January
should work East, and I think it’s open West as 17, 1% FOB NWE cargoes BalMnth Next Day $-3.00
well,” said one trader. for 25000 mt “Optol: 0-5kt: (pricing 3 quotes after BL)
differential as per main volume. Spec: 1.00% sulf/0.995
Fuel Oil deals (PGA page 5)
dens/420cst visco /30c pour/65c flash/9650 NCV/80
alu+sil/150 vanadium/0.5 water/15 ccr/7 asph/0.10
n LSFO barge MOC deals: 1) Chemoil-Wiljo $619/mt, 1kt, TSP&TSE&TSA/0.10 ash/2 H2S.Oil to contain no
FOB Rdam, FE; 2) Chemoil-Wiljo $619/mt, 1kt, FOB Rdam, ULO. 2) LSFO: CARGO: VITOL-BP Crg FOB bss Antwerp,
MW; 3) Chemoil-Phillips 66 $619/mt, 1kt, FOB Rdam, January 18-January 22, 1% FOB NWE cargoes BalMnth
MW; 4) Chemoil-Phillips 66 $619/mt, 1kt, FOB Rdam, MW; Next Day $-1.00 for 27000 mt, Optol: 0-6kt: (pricing 3
5) OWgt-Wiljo $619/mt, 1kt, FOB Rdam, FE; 6) Chemoil- quotes after BL) differential as per main volume Spec:
Phillips 66 $620/mt, 1kt, FOB Rdam, MW; 7) Chemoil- EU Qual 1.00% RMG 2010.
Phillips 66 $620/mt, 1kt, FOB Rdam, BE; 8) BP-Phillips 66
$621/mt, 1kt, FOB Rdam, MW. n HSFO cargo MOC deal summary: none
] EUROPEAN MARKETSCAN Volume 45 / Issue 2 / January 3, 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
Crude: +44-20-7176-6114 Fuel Oil: +44-20-7176-6104 Feedstocks: +44-20-7176-6112
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

VGO (PGA page 1597)
High and low sulfur vacuum gasoil differentials rose
31 cents Thursday on increased buying interest.
Platts assessed HSVGO for cargoes and for barges
at March ICE Brent futures minus $0.25/barrel, and
LSVGO for cargoes and for barges at March plus
$2.60/b. Despite weak cracks, with crude remaining
strong, refineries were heard seeking feedstock,
including several operations in the Mediterranean.
Such demand was heard among US refiners as well.
Yet sellers have been reluctant to offer, sources
said, as they were awaiting what was perceived be an
inevitable jump in values this month. “Everybody is
waiting for higher prices, in LSSR and VGO,” a market
source said. Offers of LSVGO were heard as high as
March plus $4.00/b. “I think those are the numbers
they’re expecting,” though market levels were well
below that, a market source said.
VGO deals (PGA page 5)
No trades reported.
North Sea crude (PGA page 1299)
Thursday saw Brent crude become the weakest of the
four BFOE grades as it was assessed at a premium
of $1.35/barrel to Dated Brent, $0.07/b weaker than
the Forties crude differential. During the Platts Market
on Close assessment process Vitol continued to show
interest for Forties crude, ultimately bidding as high as
Dated Brent plus $1.35/b for any cargo loading in the
January 21-26 range. Shell currently holds all cargoes
in the range but did not sell. The only bid seen for Brent
crude was from Shell--indeed the major was initially
bidding for the only Brent cargo they do not own in
the 10-25 day assessment window. Trafigura currently
holds the January 21-23 cargo, parcel B0104. However,
shortly into the MOC process the major withdrew its
interest to buy at Dated Brent plus $0.90/b. Given
the current strength of Forties crude, surging up in the
(continued on page 9)
EUROPEAN MARKETSCAN january 3, 2013
Asia products
Code Mid Change Code Mid Change
Singapore (PGA page 2002)
FOB Singpore ($/barrel)
Naphtha PAAAP00 105.36–105.40 105.380 -0.310
Gasoline 92 unleaded PGAEY00 120.77–120.81 120.790 -0.130
Gasoline 95 unleaded PGAEZ00 122.97–123.01 122.990 -0.700
Gasoline 97 unleaded PGAMS00 125.48–125.52 125.500 -0.130
Kerosene PJABF00 126.48–126.52 126.500 +0.400
Gasoil 0.05% sulfur AAFEX00 126.19–126.23 126.210 +0.300
Gasoil 0.25% sulfur AACUE00 125.12–125.16 125.140 +0.210
Gasoil POABC00 126.19–126.23 126.210 +0.300
Fuel oil 180 CST 2% ($/mt) PUAXS00 638.36–638.40 638.380 +4.740
HSFO 180 CST ($/mt) PUADV00 622.78–622.82 622.800 +4.580
HSFO 380 CST ($/mt) PPXDK00 618.24–618.28 618.260 +4.950
Indonesia (PGA page 2516)
FOB Indonesia ($/barrel)
LSWR Mixed/Cracked PPAPU00 109.21–109.25 109.230 +1.480
Gasoline components (PBF page 2010)
FOB Singapore ($/mt)
MTBE PHALF00 1183.00–1185.00 1184.000 -1.000
Singapore Swaps (PPA page 2654)
February ($/barrel) March ($/barrel)
Naphtha Japan ($/mt) AAXFE00 938.75–939.25 939.000 -4.000 AAXFF00 925.25–925.75 925.500 -4.000
Naphtha PAAAQ00 102.38–102.42 102.400 +0.100 PAAAR00 101.03–101.07 101.050 +0.100
Gasoline 92 unleaded AAXEL00 118.13–118.17 118.150 -0.250 AAXEM00 116.93–116.97 116.950 -0.250
Reforming Spread AAXEO00 15.73/15.77 15.750 -0.350 AAXEP00 15.88/15.92 15.900 -0.350
Kerosene PJABS00 125.69–125.73 125.710 +0.110 PJABT00 125.29–125.33 125.310 +0.040
Gasoil POAFC00 125.81–125.85 125.830 +0.030 POAFG00 125.48–125.52 125.500 -0.030
HSFO 180 CST ($/mt) PUAXZ00 629.23–629.27 629.250 +4.250 PUAYF00 631.23–631.27 631.250 +3.250
Middle East (PGA page 2004)
FOB Arab Gulf ($/barrel)
Naphtha ($/mt) PAAAA00 912.30–920.30 916.300 -0.365
Naphtha LR2 ($/mt) AAIDA00 923.90–931.90 927.900 -1.375
Kerosene PJAAA00 123.50–123.54 123.520 +0.440
Gasoil 0.005% sulfur AASGJ00 123.63–123.67 123.650 +0.340
Gasoil 0.05% sulfur AAFEZ00 123.03–123.07 123.050 +0.340
Gasoil 0.25% sulfur AACUA00 122.03–122.07 122.050 +0.340
Gasoil POAAT00 123.03–123.07 123.050 +0.340
HSFO 180 CST ($/mt) PUABE00 607.67–607.71 607.690 +4.580
Japan (PGA page 2006)
C+F Japan ($/mt) Premium/Discount
Naphtha PAAAD00 954.25–962.25 958.250 -1.375
Naphtha MOPJ Strip AAXFH00 925.25–925.75 925.500 -4.000 AAXFI00 32.50/33.00 32.750 +2.620
Naphtha 2nd 1/2 Feb PAAAE00 970.25–970.75 970.500 -1.750
Naphtha 1st 1/2 Mar PAAAF00 961.75–962.25 962.000 -1.500
Naphtha 2nd 1/2 Mar PAAAG00 954.25–954.75 954.500 -1.250
Gasoline unleaded ($/barrel) PGACW00 123.65–123.69 123.670 -0.150
Kerosene ($/barrel) PJAAN00 128.26–128.30 128.280 +0.230
Gasoil ($/barrel) POABF00 128.38–128.42 128.400 +0.350
HSFO 180 CST PUACJ00 636.24–636.28 636.260 +4.410
Copyright © 2013, The McGraw-Hill Companies 7
 EUROPEAN MARKETSCAN january 3, 2013

US Products: January 2, 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 285.33–285.43 285.380 +2.100 AAMHGRV 15.0
Unleaded-89 0.3% AAMIW00 297.75–297.85 297.800 +2.310 AAMIWRV 15.0
Unleaded-93 0.3% AAMIZ00 316.37–316.47 316.420 +2.600 AAMIZRV 15.0
Jet PJAAX00 310.48–310.58 310.530 +0.160
Low sulfur jet PJABK00 316.73–316.83 316.780 -1.090
ULS Kero AAVTH00 330.73–330.83 330.780 -6.090
No. 2 POAEH00 304.23–304.33 304.280 +0.160
$/barrel 1% strip NYH cargo vs 1% strip
No. 6 0.3% HP PUAAE00 108.59–108.69 108.640 +2.040 AAUGA00 10.00/10.10 10.050 +1.700
No. 6 0.3% LP PUAAB00 114.64–114.74 114.690 +1.940 AAUGB00 16.05/16.15 16.100 +1.600
No. 6 0.7% PUAAH00 103.97–104.07 104.020 +2.020 AAUGC00 5.38/5.48 5.430 +1.680
No. 6 1.0%** PUAAO00 100.19–100.29 100.240 +1.990 AAUGG00 98.58–98.60 98.590 +0.340 AAUGD00 1.60/1.70 1.650 +1.650
No. 6 2.2% PUAAU00 96.52–96.62 96.570 +2.865 AAUGE00 -2.07/-1.97 -2.020 +2.525
No. 6 3.0% PUAAX00 95.87–95.97 95.920 +2.965 AAUGF00 -2.72/-2.62 -2.670 +2.625
Residual swaps ($/barrel)
No. 6 1.0% paper Bal M AARZS00 98.59–98.61 98.600 +98.600
No. 6 1.0% paper 1st month PUAXD00 98.45–98.55 98.500 +0.250
No. 6 1.0% paper 2nd month PUAXF00 98.40–98.50 98.450 +0.200
No. 6 1.0% paper next quarter PUAXG00 98.18–98.28 98.230 -0.020
Boston cargoes (PGA pages 152)
¢/gal
Low sulfur jet PJABL00 318.73–318.83 318.780 -1.090
ULS Kero AAVTJ00 332.73–332.83 332.780 -6.090
No. 2 POAEA00 306.98–307.08 307.030 +0.160
No. 6 2.2% ($/barrel) PUAWN00 97.07–97.17 97.120 +2.815
NY/Boston numbers include duty. **This assessment reflects 150 max al+si
FOB Gulf Coast (PGA page 156 & 338)
¢/gal RVP
Unleaded 87 PGACT00 266.65–266.75 266.700 +4.870 PGACTRV 13.5
Unleaded 89 PGAAY00 279.83–279.93 279.880 +4.050 PGAAYRV 13.5
Unleaded 93 PGAJB00 299.60–299.70 299.650 +2.820 PGAJBRV 13.5
MTBE PHAKX00 387.10–387.20 387.150 +8.150
Alkylate* AAFIE00 34.45/34.55 34.500 -0.500
Naphtha PAAAC00 284.40–284.50 284.450 -1.380
Jet 54 PJABM00 304.23–304.33 304.280 +2.110
Jet 55 PJABN00 309.23–309.33 309.280 +2.110
ULS Kero AAVTK00 319.23–319.33 319.280 +2.110
No. 2 POAEE00 299.73–299.83 299.780 +0.160
Low sulfur No. 2 POAES00 301.78–301.88 301.830 +0.960
*Premium to US Gulf Coast pipeline gasoline
$/barrel 3% strip vs 1% strip
Slurry Oil PPAPW00 96.77–96.79 96.780 +1.630 AAUGS00 1.50/1.52 1.510 +1.185
No. 6 1.0% 6 API PUAAI00 100.32–100.34 100.330 +1.630 AAUGT00 5.05/5.07 5.060 +1.185
No. 6 3.0% PUAFZ00 96.62–96.64 96.630 +1.630 AAUGW00 95.26–95.28 95.270 +0.440 AAUGU00 1.35/1.37 1.360 +1.185
RMG 380 PUBDM00 98.22–98.24 98.230 +1.530 AAUGV00 2.95/2.97 2.960 +1.085
Residual swaps ($/barrel)
No. 6 3.0% paper 1st month PUAXJ00 94.45–94.55 94.500 -0.200
No. 6 3.0% paper 2nd month PUAXL00 94.15–94.25 94.200 +0.250
No. 6 3.0% paper next quarter PUAXN00 93.82–93.92 93.870 -0.250

Copyright © 2013, The McGraw-Hill Companies 8


face of depressed margins and talk of stagnant trade,
Brent crude was assessed marginally weaker than
Forties, ultimately becoming the weakest grade in the
BFOE complex. Other North Sea crude differentials were
described as moving sideways Thursday, with refiners
largely absent from the market, North Sea crude sources
said. A source at Statoil confirmed the company had
offered three grades Thursday: Gullfaks at Dated Brent
plus $4/b, Statfjord at plus $2.80/barrel and Oseberg
at $2/b, all for loading in January’s third decade.
However, no deals were heard to have occurred. Other
sources noted that simple refining margins were largely
negative and complex margins were in the region of
$1-3/b--the lowest since around April 2012. However,
EUROPEAN MARKETSCAN
while most sources expected run-cuts to become a
feature of the market in the near future--with one trader
suspecting an average complex cut-rate of about 3-5%
and with an average simple cut-rate of about 15-20%--it
would very much depend on how reactive refiners were.
Following Wednesday’s $0.40/b rise in the Forties crude
differential to Dated Brent and subsequent rise in CFD
differentials and structure, the CFD curve was supported
again Thursday, reflecting the continued strong interest
for BFOE crude.
LSSR (PGA page 1598)
Persistently weak demand halted the rising trajectory of
Copyright © 2013, The McGraw-Hill Companies
january 3, 2013
low sulfur straight run, with differentials falling 29 cents
Thursday, the first drop in nearly three weeks. Platts
assessed LSSR cargoes at March Brent ICE futures
minus $5.50/barrel, the first drop since December 19.
“Offers are fewer, but there are still offers, and there’s
no problem in buying straight run,” a market source
said. The buying interest seen towards the end of 2012
had since disappeared in the new year on both sides of
the Atlantic, as the anticipated January uptick in LSSR
demand had failed to materialized so far.
LSSR deals (PGA page 5)
No trades reported.
9
]
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.

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
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.

Ethanol description Oracle Codes Ethanol Key Rack Prices (cents/gal) Oracle Codes Renewable Identification Number (cents/RIN) Oracle Codes
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
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
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
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 ;
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
Interested to find out more about the Biofuelscan?
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
Bioethanol FOB Singapore AAWAD00
Bioethanol CIF Philippines AAWAA00 Northwest Europe ($/mt) [BIOFUELS ]
Bioethanol CIF Philippines H1 (M+1) AAWAB00 FAME -10 FOB ARA AAWGY00
Bioethanol CIF Philippines H2 (M+1) AAWAC00 FAME 0 FOB ARA AAXQL00
Bioethanol CIF Philippines H1 (M+2) AAWAE00 Soy Methyl Ester (SME) FOB ARA
Rapeseed Methyl Ester (RME) FOB ARA
AAUCB00
AAUCA00
BIOFUELSCAN
EU Renewable Energy Directive ($/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 ethanol
2
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

www.platts.com/petrochemicals

The McGraw-Hill Companies