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CRUDE OIL MARKETWIRE
Volume 35 / Issue 112 / June 10, 2014

Key benchmarks ($/barrel) Brent/WTI spreads and EFPs (PGA page 218) Market Commentary
Mid Change Mid Change
Brent/WTI 1st 5.34/5.36 5.350
(PGA page 2210)
Brent/WTI 2nd
AALAT00
AALAU00 5.52/5.54 5.530
-0.680
-0.610
Middle East Sour
Dubai (Aug) PCAAT00 105.69–105.71 105.700 +0.640
Brent/WTI 3rd AALAV00 5.69/5.71 5.700 -0.550
Dubai (Sep) PCAAU00 105.05–105.07 105.060 +0.660 Market analysis: (PGA page 2298) The Middle East
Dubai (Oct) PCAAV00 104.45–104.47 104.460 +0.690
MEC (Aug) AAWSA00 105.69–105.71 105.700 +0.640
Brent EFP (Jul) AAGVW00 0.25/0.26 0.255 0.000 sour crude market remained subdued as refineries
Brent EFP (Aug) AAGVX00 0.28/0.30 0.290 -0.030
finalized their linear programing models to decide
MEC (Sep) AAWSB00 105.05–105.07 105.060 +0.660
Brent EFP (Sep) AAGVY00 0.13/0.15 0.140 -0.060
MEC (Oct) AAWSC00 104.45–104.47 104.460 +0.690 which crudes to buy for August-loading, said traders
Brent/Dubai (Aug) AAJMS00 3.75/3.77 3.760 +0.310
WTI EFP (Jul) AAGVT00 -0.01/0.01 0.000 0.000 Tuesday. Demand for August-loading crudes is likely to
(PGA page 1212) WTI EFP (Aug) AAGVU00 -0.01/0.01 0.000 0.000
suffer as a result of negative cracking margins, they
Brent (Dated) PCAAS00 109.07–109.08 109.075 -1.180 WTI EFP (Sep) AAGVV00 -0.01/0.01 0.000 0.000
Dated North Sea Light AAOFD00 109.07–109.08 109.075 -1.180 said. “Sentiment is getting weaker because of the poor
Brent (Jul) PCAAP00 109.77–109.79 109.780 -0.440 margins,” said a Singapore-based buyer. The cracking
Brent (Aug) PCAAQ00 109.09–109.11 109.100 -0.440 Middle East ($/barrel) (PGA page 2210)
margin for a refinery in Singapore processing Dubai
Brent (Sep) PCAAR00 108.22–108.24 108.230 -0.450
Mid Change crude remained negative at minus 2 cents/barrel on
Sulfur de-escalator AAUXL00 0.30 (PGA page 2210) Monday, though it was up from minus 3 cents/b on
Oseberg QP (Jun) AAXDW00 0.7383 Oman (Aug) PCABS00 105.74–105.76 105.750 +0.640
Oman (Sep) AAHZF00 105.05–105.07 105.060 +0.660
Friday, data showed. There were no offers heard for
Oseberg QP (Jul) AAXDX00 0.9131
Ekofisk QP (Jun) AAXDY00 0.6098 Oman (Oct) AAHZH00 104.45–104.47 104.460 +0.690 Persian Gulf grades, said traders. Sellers of Murban
Ekofisk QP (Jul) AAXDZ00 0.7482 Upper Zakum (Aug) AAOUQ00 105.68–105.72 105.700 +0.640 crude, which had no fixed destination, would likely try to
(PGA page 210) (PGA page 2658) maintain a premium to cover the 11 cents/b cost they
WTI (Jul) PCACG00 104.37–104.39 104.380 -0.030 Dubai Swap (Jul) AAHBM00 105.04–105.08 105.060 +0.660
are paying above the grade’s official selling price, said
WTI (Aug) PCACH00 103.50–103.52 103.510 -0.090 Dubai Swap (Aug) AAHBN00 104.44–104.48 104.460 +0.690
WTI (Sep) AAGIT00 102.50–102.52 102.510 -0.060 Dubai Swap (Sep) AAHBO00 103.94–103.98 103.960 +0.700 (continued on page 3)
Light Houston Sweet AAXEW00 105.230 -0.180
NEW Bakken AAXPP00 93.590 -0.130
Eagle Ford Marker AAYAJ00 106.770 -0.260
Brent/WTI cash spread (2nd month) Contents
ACM* (Jul) AAQHN00 101.47–101.49 101.480 -0.280
($/barrel) Asia Pacific Sweet 3
ACM* (Aug) AAQHO00 100.85–100.87 100.860 -0.440
8
ACM* (Sep) AAQHP00 100.05–100.07 100.060 -0.410 North Sea 4
*Americas Crude Marker. Mediterranean Light/Sweet 6
7 Mediterranean Sour 7
Forward Dated Brent ($/barrel) (PGA page 1250)
West Africa 9
Mid Change US MOC Commentary 10
North Sea Dated strip AAKWH00 109.06–109.07 109.065 -0.875 6
US Gulf Coast 10
Mediterranean Dated strip AALDF00 109.00–109.02 109.010 -0.830
Canada Dated strip AALDJ00 108.88–108.90 108.890 -0.580 US West Coast 11
BTC Dated strip AAUFI00 108.98–109.00 108.990 -0.795 5 Canada 12
27-May 29-May 02-Jun 04-Jun 06-Jun 10-Jun
Angola Dated strip AALGM00 108.93–108.95 108.940 -0.695 Latin America 14
West Africa Dated strip AALDH00 108.92–108.94 108.930 -0.645 Source: Platts
 Crude oil Marketwire june 10, 2014

Asia Pacific and Middle East crude assessments ($/barrel)

(Asia MOC) (Asia MOC) (Asia close) (London close)
API Diff to
Gravity Code Mid Change Code Mid Change Code Mid Change Code Mid Asia close
Condensate (PGA page 2212) (PGA page 2213)

Diff to Dubai Diff to Asian Dated Brent

NW Shelf 61.9 PCAGX00 106.03–106.07 106.050 +0.880 AAPAI00 -2.50 0.000 AAPAH00 105.650 -0.430
Ras Gas 57.0 AAPET00 107.34–107.38 107.360 +0.690 AAPEU00 2.85/2.95 2.900 0.000 AARAZ00 -1.190 -0.190 AARAY00 106.960 -0.620
Qatar LSC 56.9 AARBB00 106.24–106.28 106.260 +0.690 AARBD00 1.75/1.85 1.800 0.000 AARBC00 -2.290 -0.190 AARBA00 105.860 -0.620
South Pars 57.4 AARAV00 104.34–104.38 104.360 +0.690 AARAX00 -0.15/-0.05 -0.100 0.000 AARAW00 -4.190 -0.190 AARAU00 103.960 -0.620
Diff to ICP
Senipah 54.4 AAEOE00 108.53–108.57 108.550 +0.880 AAEOK00 1.75/1.85 1.800 0.000 AAPBE00 0.000 --- --- AAPBD00 108.150 -0.430
Light crude (PGA page 2214) (PGA page 2215)

Diff to ICP Diff to Asian Dated Brent

Cossack 47.7 PCAGZ00 108.58–108.62 108.600 +0.880 AAPAC00 0.050 0.000 AAPAB00 108.200 -0.430
Gippsland 48.7 PCACP00 106.93–106.97 106.950 +0.880 AAPAU00 -1.600 0.000 AAPAT00 106.550 -0.430
Tapis 45.2 PCACB00 112.48–112.52 112.500 +0.880 AAOZW00 3.950 0.000 AAOZV00 112.100 -0.430
Belida 45.1 PCAFL00 107.82–107.86 107.840 +0.830 PCAFM00 2.65/2.75 2.700 0.000 AAPBQ00 -0.710 -0.050 AAPBP00 107.440 -0.480
Kutubu 44.3 PCAFJ00 108.63–108.67 108.650 +0.880 AAPAE00 0.100 0.000 AAPAD00 108.250 -0.430
Handil Mix 43.9 PCABE00 107.57–107.61 107.590 +0.830 PCABF00 1.95/2.05 2.000 0.000 AAPBI00 -0.960 -0.050 AAPBH00 107.190 -0.480
Attaka 42.3 PCAAJ00 107.77–107.81 107.790 +0.830 PCAAK00 2.35/2.45 2.400 0.000 AAPBC00 -0.760 -0.050 AAPBB00 107.390 -0.480
Ardjuna 38.0 PCACQ00 105.02–105.06 105.040 +0.830 PCACR00 0.95/1.05 1.000 0.000 AAPBG00 -3.510 -0.050 AAPBF00 104.640 -0.480
Diff to Dubai
Vityaz 41.6 AARAN00 109.94–109.98 109.960 +0.690 AARAP00 5.45/5.55 5.500 0.000 AARAO00 1.410 -0.190 AARAM00 109.560 -0.620
ESPO M1 34.8 AARWF00 109.24–109.28 109.260 +0.710 AASEU00 4.15/4.25 4.200 +0.050
ESPO M2 34.8 AAWFE00 109.24–109.28 109.260 +0.790 AAWFG00 4.75/4.85 4.800 +0.100
Diff to Oman/Dubai
Sokol 39.7 AASCJ00 112.24–112.28 112.260 +0.690 AASCK00 7.75/7.85 7.800 0.000 AAPAO00 3.710 -0.190 AAPAN00 111.860 -0.620
Kikeh 34.9 AAWUH00 114.73–114.77 114.750 +0.880 AAOZY00 6.200 0.000 AAOZX00 114.350 -0.430
Miri Light 32.3 PCABQ00 114.63–114.67 114.650 +0.880 AAPAS00 6.100 0.000 AAPAR00 114.250 -0.430
Labuan 32.0 PCABL00 114.93–114.97 114.950 +0.880 AAPAQ00 6.400 0.000 AAPAP00 114.550 -0.430
Medium crude (PGA page 2216) (PGA page 2217)

Diff to OSP Diff to Asian Dated Brent

Su Tu Den 36.8 AARAR00 112.23–112.27 112.250 +0.880 AARAT00 0.15/0.25 0.200 0.000 AARAS00 3.700 0.000 AARAQ00 111.850 -0.430
Bach Ho 40.7 PCAHY00 113.03–113.07 113.050 +0.880 AAPAK00 4.500 0.000 AAPAJ00 112.650 -0.430
Nanhai 40.0 PCAFR00 106.73–106.77 106.750 +0.880 AAPAG00 -1.800 0.000 AAPAF00 106.350 -0.430
Diff to ICP
Minas 35.3 PCABO00 112.72–112.76 112.740 +0.330 PCABP00 2.55/2.65 2.600 0.000 AAPBA00 4.190 -0.550 AAPAZ00 112.340 -0.980
Nile Blend 33.9 AAPLC00 105.72–105.76 105.740 +0.330 AAPEX00 -4.45/-4.35 -4.400 0.000 AAPAM00 -2.810 -0.550 AAPAL00 105.340 -0.980
Widuri 33.2 PCAFE00 104.82–104.86 104.840 +0.830 PCAFF00 1.75/1.85 1.800 0.000 AAPBO00 -3.710 -0.050 AAPBN00 104.440 -0.480
Daqing 32.2 PCAAZ00 106.17–106.21 106.190 +0.580 AAPAW00 -2.360 -0.300 AAPAV00 105.790 -0.730
Cinta 31.1 PCAAX00 104.62–104.66 104.640 +0.830 PCAAY00 1.75/1.85 1.800 0.000 AAPBK00 -3.910 -0.050 AAPBJ00 104.240 -0.480
Heavy crude (PGA page 2218) (PGA page 2219)

Diff to ICP Diff to Asian Dated Brent

Dar Blend 25.0 AARAB00 100.73–100.77 100.750 + 0.680 AARAC00 -7.800 -0.200 AARAA00 100.350 -0.630
Shengli 24.2 PCABY00 104.12–104.16 104.140 + 0.830 AAPAY00 -4.410 -0.050 AAPAX00 103.740 -0.480
Duri 20.8 PCABA00 104.02–104.06 104.040 + 0.830 PCABB00 3.05/3.15 3.100 0.000 AAPBM00 -4.510 -0.050 AAPBL00 103.640 -0.480
Stybarrow 22.8 AARAH00 114.650 + 0.880 AARAI00 6.100 0.000 AARAG00 114.250 -0.430
Enfield 22.0 AARAE00 115.150 + 0.880 AARAF00 6.600 0.000 AARAD00 114.750 -0.430
Vincent 18.3 AARAK00 111.250 + 0.880 AARAL00 2.700 0.000 AARAJ00 110.850 -0.430

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 Crude oil Marketwire june 10, 2014

a buyer with a North Asian refinery. “There is a cost Middle East spot assessments ($/barrel) (PGA page 2220)
structure for the sellers which they want to maintain as Mid Change Spread vs OSP Mid Change
much as they can,” said the buyer. “So, psychologically Murban AAKNL00 108.38–108.42 108.400 +0.640 AAKUB00 0.00/0.10 0.050 0.000
Lower Zakum AAKNN00 108.03–108.07 108.050 +0.640 AAKUF00 0.00/0.10 0.050 0.000
that puts it above 11 cents/b.” But the buyer cautioned Umm Shaif AAOUO00 107.38–107.42 107.400 +0.640 AAOUP00 0.00/0.10 0.050 0.000
that premiums for Murban crude were likely to be as Das Blend AAXOF00 107.73–107.77 107.750 +0.640 AAXPF00 0.00/0.10 0.050 0.000
high as for the July-loading cargoes because of the Qatar Land AAKNP00 107.38–107.42 107.400 +0.640 AAKUJ00 0.00/0.10 0.050 0.000
Qatar Marine AAKNR00 105.48–105.52 105.500 +0.640 AAKUH00 -0.05/0.05 0.000 0.000
increase in OSP and the weak refinery margins. One Banoco Arab Medium AAKNT00 105.48–105.52 105.500 +0.640 AAKUD00 0.00/0.10 0.050 0.000
sign of support for the Persian Gulf crude grades Al Shaheen AAPEV00 105.84–105.88 105.860 +0.690 AAPEW00 1.35/1.45* 1.400 0.000
was the widening of the Brent-Dubai spread or the * Differential to Dubai

Exchange of Futures for Swaps. The front-month EFS

was assessed at $4.73/b on Monday, up 26 cents/b Asian Crude Indices ($/barrel) (PGA page 2206)
from Friday and the highest since May 15. “The EFS 16:30 Singapore Interim Asian Close Diff to Dated Brent Final London Close
is getting firmer, so that could be supportive for the Asian Dated Brent (ADB) AAXPG00 110.175
ADB Strip Asia AARBV00 108.550 AARBX00 108.150
Persian Gulf light grades,” said the Singapore-based ADB Strip Middle East AARBW00 108.550 AARBY00 108.150
buyer. “The South Koreans won’t take less Murban and Asian Crude Index (ACX) AAXIL00 108.334
Asian Heavy Sweet (AHS) AAXQC00 113.680 AAPDP00 5.130 AAPDO00 113.280
the Indians may stay in the Persian Gulf market.” In
For definitions see www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/crudeoilspecs.pdf
tenders, Surgutneftegas sold an ESPO crude cargo for
loading over August 1-6 at a premium of about $4.90/b
to Platts Dubai assessments, said traders. Details on August: 25kb: Unipec sells to Vitol at $105.65 Middle East Sour exclusions: (PGA page 2296) There was
the buyer were not available. (08:29:47); 3)Dubai: FOB Fateh: August: 25kb: Gunvor no market data excluded from the June 10 Middle East
buys from Unipec at $105.70 (08:29:58) sour crude assessment.
Dubai Mo01 assessment rationale: (PGA page 2295) ■■ME SOUR CRUDE MOC: OUTSTANDING INTEREST:
August cash Dubai was assessed at $105.70/barrel BIDS: Platts Dubai Partial Aug14: Gunvor no longer
Asia Pacific Sweet
Tuesday, in line with the two trades done at that level bids at $105.70/b for 25kb after trade with Unipec;
between Unipec and Vitol and Unipec and Gunvor. Platts Dubai Partial Aug14: Vitol bids on at $105.65/b Market analysis: (PGA page 2299) Activity in the Asian
The above commentary applies to the following market data for 25kb after trade with Unipec; Platts Dubai Partial sweet crude market picked up Tuesday with the outcome
code: PCAAT00 Aug14: Hetco bids at $105.30/b for 25kb; Platts of several tenders announced and several new tenders
Dubai Partial Aug14: Mercuria bids at $105.30/b issued. Initial market talk indicated that Rosneft has
Oman Blend Mo01 assessment rationale: (PGA page 2295) for 25kb; Platts Dubai Partial Aug14: Phibro bids at awarded one of its Sokol cargoes for August 9-18
August cash Oman was assessed at $105.75/barrel $105.20/b for 25kb loading to a trader at a premium in the low $8s/barrel
Tuesday, a premium of $1.29/b to the August Dubai ■■ME SOUR CRUDE MOC: OUTSTANDING INTEREST: to Platts front-month Dubai crude assessments, CFR
swap. There were no bids, offers or trades for Oman OFFERS: Platts Dubai Partial Aug14: Unipec no longer Yeosu. This could not be verified by time of publication.
Tuesday. offers on at $105.70/b for 25kb after trade with Trading sources said the second cargo offered in the
The above commentary applies to the following market data Gunvor; Platts Dubai Partial Aug14: Hetco offers at tender, for loading over August 25-September 3, was not
code: PCABS00 $105.80/b for 25kb; Platts Dubai Partial Aug14: awarded, and they expected it would be re-offered in a
Phibro offers at $105.80/b for 25kb; Platts Dubai new tender. The traded level heard was steady from the
Middle East Sour bids/offers/trades: (PGA page 2296) Partial Aug14: Gunvor offers at $106.30/b for last spot trade for July, which was done at a premium
■■CRUDE: Platts Asia deals summary: Three trades 1) 25kb; Platts Dubai Partial Aug14: Mercuria offers at of around $8.10- 8.20/b CFR Yeosu, but higher than
Dubai: FOB Fateh: August: 25kb: Vitol buys from $106.30/b for 25kb; Platts Dubai Partial Aug14: Vitol market expectations, trading sources said. Elsewhere,
Unipec at $105.70 (08:29:43); 2)Dubai: FOB Fateh: offers at $106.30/b for 25kb both China National Petroleum Corp. and India’s ONGC

Copyright © 2014, McGraw Hill Financial 3

 Crude oil Marketwire june 10, 2014

were heard to have awarded their respective tenders North Sea spot crude assessments ($/barrel) (PGA page 1212)
for 600,000 barrels of June-loading Nile Blend cargoes. Mid Change Spread vs fwd Dated Brent Mid Change
Trading sources said CNPC sold its cargo to a Chinese Dated Brent Diff AAXEZ00 0.00/0.02 0.010 -0.305
BNB AAVJA00 109.62–109.64 109.630 -1.365 AAVJB00 0.56/0.57 0.565 -0.490
buyer at a discount of around minus $3.70-3.95/b to Forties PCADJ00 109.27–109.29 109.280 -1.175 AAGWZ00 0.21/0.22 0.215 -0.300
the Indonesian Crude Price for Minas, while ONGC was Oseberg PCAEU00 109.88–109.89 109.885 -1.305 AAGXF00 0.81/0.83 0.820 -0.430
heard to have placed its cargo with a Western trading Ekofisk PCADI00 109.92–109.94 109.930 -0.995 AAGXB00 0.86/0.87 0.865 -0.120
Statfjord PCAEE00 109.35–109.36 109.355 -1.075 AAGXD00 0.28/0.30 0.290 -0.200
house at a discount of around $4/b to ICP Minas. The Flotta PCACZ00 105.41–105.42 105.415 -0.875 AAGXH00 -3.66/-3.64 -3.650 0.000
Nile Blend cargoes offered were produced from oil fields Troll AAWEX00 112.36–112.37 112.365 -1.125 AAWEY00 3.29/3.31 3.300 -0.250
Duc AAWEZ00 110.26–110.27 110.265 -1.125 AAWFL00 1.19/1.21 1.200 -0.250
in Sudan as production in neighboring South Sudan
Statfjord (CIF) AASAS00 110.61–110.62 110.615 -1.075 AASAT00 1.54/1.56 1.550 -0.200
remains shut in, sources said. ONGC issued a tender Gullfaks (CIF) AASAU00 112.31–112.32 112.315 -1.075 AASAV00 3.24/3.26 3.250 -0.200
Tuesday offering 600,000 barrels of Azerbaijan’s Azeri North Sea basket AAGIZ00 109.67–109.69 109.680 -1.210

crude for loading July 5-7 from Ceyhan Marine Terminal

in Turkey. That tender closes June 12 and remains valid Dated Brent/BFOE swaps ($/barrel) (PGA page 1214)

until the next day. ONGC was last heard to have sold Week Week Date Brent CFD* Mid Change Dated Brent swap Mid Change
CFD Week 1 (Aug) Jun 09-13 PCAKA00 0.08/0.10 0.090 -0.630 AAJNV00 109.18/109.20 109.190 -1.070
a similar sized cargo of Azeri crude for loading over CFD Week 2 (Aug) Jun 16-20 PCAKC00 0.34/0.36 0.350 -0.440 AAJOS00 109.44/109.46 109.450 -0.880
March 12-14 to a Western trading house at a premium CFD Week 3 (Aug) Jun 23-27 PCAKE00 -0.09/-0.07 -0.080 -0.470 AAJOU00 109.01/109.03 109.020 -0.910
of around $3.80-4/barrel to the average of Platts Dated CFD Week 4 (Aug) Jun 30-04 PCAKG00 -0.11/-0.09 -0.100 -0.330 AAJOW00 108.99/109.01 109.000 -0.770
CFD Week 5 (Aug) Jul 07-11 AAGLU00 -0.16/-0.14 -0.150 -0.230 AAJPC00 108.94/108.96 108.950 -0.670
Brent assessments five days after the bill of lading date. CFD Week 6 (Aug) Jul 14-18 AAGLV00 -0.24/-0.22 -0.230 -0.180 AAJPE00 108.86/108.88 108.870 -0.620
Thailand’s PTT has also issued a tender, on behalf of CFD Week 7 (Aug) Jul 21-25 AALCZ00 -0.22/-0.20 -0.210 -0.030 AALAW00 108.88/108.90 108.890 -0.470
CFD Week 8 (Aug) Jul 28-01 AALDA00 -0.22/-0.20 -0.210 +0.090 AALAX00 108.88/108.90 108.890 -0.350
oil refiner and petrochemicals producer IRPC, seeking
Brent Swaps Week 1 to 8 are differentials to Brent Mo02 (Aug) PCAAQ00 found on page 1.
600,000-1 million barrels of either sweet or sour crude
for August 1-5 delivery to Rayong. That tender closed
Tuesday and is valid until the next day. result of Urals cheapening, and Forties strengthening
North Sea
on arbitrage fixtures was that the Urals margin was at
ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01 Market analysis: (PGA page 1299) Low sulfur crudes its best versus Forties in months, becoming $3.89/
assessment rationale: (PGA page 2292) The ESPO M1 continued to come under pressure from poor margins barrel more profitable to refine this week, according to
differential to Dubai was assessed at a premium of in the North Sea crude oil market Tuesday, undercut by Platts data (basis Amsterdam-Rotterdam-Antwerp). The
$4.20/barrel Tuesday, up cents from Monday. There were more competitive grades available on the sour side. “A arbitrage to move Forties east from Hound Point was
no bids or offers for ESPO Tuesday. big factor is margins. It looks, on paper, like the sour picking up steam after the terminal’s VLCC berth return
The above commentary applies to the following market data pool is much better than sweets,” said one trader. “Part from maintenance earlier than expected on June 16. In
code: AASEU00 of the weakness is due to much lower runs on the addition to the Grand Lady being reported on subjects
sour side.” The main problem was European product to Vitol for June 16 loading, the Maran Regulus VLCC
Asia Pacific Sweet bids/offers/trades: (PGA page 2293) demand, the trader said, adding: “Distillates are not was reported on subjects to Trafigura, heading to China.
■■ASIA LIGHT CRUDE MOC: DEAL SUMMARY: No deals. working”. Another trader said he was hearing many One shipping source said the fixture was a July stem,
■■ASIA LIGHT CRUDE MOC: OUTSTANDING INTEREST: European refiners had reduced runs, while others said between July 5-10 being most likely, but the ship was
None. it was merely under consideration. A trader who said open in Rotterdam from July 2. Another shipping source
runs had been cut because of margins added that said he thought Trafigura might be looking at an end-July
Asia Pacific Sweet exclusions: (PGA page 2293) No the reduction may have taken a month or so to filter fixture as well. In sweet crudes, Ekofisk was “looking
market data was excluded from the June 10 Asia Light through the system, after some of last month’s cargo cheap”, said one trader. With Norway back after a holiday
Crude assessment process. purchases went into storage instead of being run. The Monday, activity on sweet grades had been expected to

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 Crude oil Marketwire june 10, 2014

pick up. “The North Sea in general is probably starting showing a structure of minus $0.35/b between the two 24-26 Dtd +75 cts, Shell-Vitol Forties Jun 28-30 Dtd
to happen today,” said one trader. Statfjord and Gullfaks points. The offer was then lowered to $0.55/b before +30 cts.
are back to normal programs in July.” Price direction trading, and was taken as value. The same structure ■■NSEA CRUDE MOC: OUTSTANDING: BP offers Forties
was still unclear on Norwegian grades, traders said. “I was applied as shown earlier in the window, leaving Jun 26-28 Dtd +70 cts, Shell offers Brent Jun 25-27
have not seen anything from Norway. But I would think Ekofisk overall at $0.865/b. Dtd +60 cts, Shell offers Forties Jun 20-22 Dtd flat,
they want to get things moving in this environment,” said The above commentary applies to the following market data Statoil offers Oseberg Jul 1-3 Dtd +135 cts.
one trader. In futures, as the July ICE Brent contract code: PCAAS00 ■■NSEA CRUDE MOC: WITHDRAWN: Vitol bids Ekofisk
approached expiry on Friday, the July/August spread was June 27-29 Dtd +95 cts, Vitol bids Oseberg July 1-3
rangebound in the high 70s Tuesday afternoon, down BFOE assessment rationale: (PGA page 1297) July Dtd +110 cts, OCO: Shell offers Forties Jun 28-30 Dtd
from the previous day’s close at $0.83/b. Meanwhile was assessed at $109.78/barrel, using the frozen +70 cts OR offer Forties Jul 2-4 Dtd +70 cts.
neither of the two cargoes for which Tuesday was the $0.68/b July/August spread. August was assessed at ■■BFOE CFD: MOC DEAL SUMMARY: Jun 16-20 Aug
last day of entry into the 25-day nomination procedure $109.10/b on a traded offer, which showed the same +0.45 x100 Noble-Unipec; Jun 16-20 Aug +0.40 x100
were nominated. EFP of $0.29/b as heard earlier in the day. September Chevron-Unipec; Jun 30-Jul 4 Aug-0.05 x100 Statoil-
was assessed at $108.23/b, using a $0.15/b August/ Total; Jun 30-Jul 4 Aug-0.10 x100 Noble-Total; Jun
Dated Brent assessment rationale: (PGA page 1297) September EFP roll reported earlier in the day, and an 16-20 Aug +0.35 x100 Chevron-Unipec; Jun 30-Jul 4
All four BFOE grades were seen in the Platts Market ICE Brent futures spread of $0.72/b at the close. Aug-0.15 x100 BP-Total; Jun 30-Jul 4 Aug-0.15 x100
on Close assessment process Tuesday. Brent, Forties, The above commentary applies to the following market data BP-Vitol; Jun 30-Jul 4 Aug-0.15 x100 BP-Vitol; Jun
Oseberg and Ekofisk, and the latter two were the most codes: PCAAP00, PCAAQ00, PCAAR00 30-Jul 4 Aug-0.17 x100 BP-Vitol; Jun 30-Jul 4 Aug-0.15
competitive grades over various parts of the assessed x100 Noble-Vitol; Jun 30-Jul 4 Aug-0.15 x100 Statoil-
range, June 20-July 5. (All following differentials are CFD assessment rationale: (PGA page 1297) June 9-13 Vitol; Jun 30-Jul 4 Aug-0.15 x100 BP-Gunvor; Jun
versus Dated Brent). Brent was offered on Jun 25-27 was assessed at August plus $0.09/b using the day’s 23-27 Aug-0.10 x100 BP-Chevron; Jun 23-27 Aug-0.10
at $0.60/b; value was assessed five cents under the Dated Brent minus August Cash spread and implied x100 Statoil-Vitol; Jun 23-27 Aug-0.10 x100 Statoil-
offer and structure left unchanged at one cent contango structure to the following week. June 16-20 was Vitol; Jul 14-18 Sep +0.64 x100 Noble-Mercuria; Jun
per day, bringing the overall assessed Brent range to assessed at August plus $0.35/b on a traded bid, 30-Jul 4 Aug-0.07 x100 Noble-Vitol; Jun 23-27 Aug-
0.565/b. Forties was offered at $0.00/b on June 20-22 under an offer at $0.40/b. June 23-27 was assessed 0.07 x100 Statoil-Vitol; Jun 23-27 Aug-0.07 x100
showing value much lower on the prompt, while a bid at August minus $0.08/b, under an offer at minus Statoil-Chevron; Jul 21-25 Sep +0.73 x100 Noble-MS.
at $0.30/b on June 26-30 was sold into on the 28-30 $0.07/b, showing structure steeper than earlier in ■■CASH BFOE: MOC DEAL SUMMARY: Aug 109.10 x100
dates. Value was assessed 1 cent below the prompt the day. June 30-July 4 was assessed at August Trafigura-Mercuria.
offer and on the traded bid, leaving the overall Forties minus $0.10/b, above a bid at minus $0.12/b that ■■BFOE CFD: OUTSTANDING INTEREST: Jun 16-20 (Aug):
differential at $0.215/b. In Oseberg, a bid on July 1-3 superseded previous trades at minus $0.15/b. July Statoil offers 0.40; Jun 23-27 (Aug): Statoil offers
was withdrawn at $1.10/b, at a time when an offer on 7-11 was assessed at August minus $0.15/b under minus 0.07; Noble offers minus 0.06; BP offers minus
June 24-26 had reached $0.90/b, showing a steeper an offer at September plus $0.74/b (August minus 0.05; Jun 30-Jul 4 (Aug): Total bids minus 0.12; ENI
contango during the day. The offer was then lowered $0.13/b). offers 0.00; Jul 7-11 (Sep): Noble offers 0.74; Jul
to $0.75/b before trading, showing value lower on the The above commentary applies to the following market data 21-25 (Sep): Mercuria bids 0.65.
day, and used as the basis for the assessment. The codes: PCAKA00, PCAKC00, PCAKE00, PCAKG00, AAGLU00, ■■CASH BFOE MOC: OUTSTANDING INTEREST: Noble
same spread of minus $0.20/b was kept between the AAGLV00, AALCZ00, AALDA00 bids 109.02.
two points, and structure extended either side, leaving
Oseberg overall at $0.82/b. In Ekofisk, June 27-29 was North Sea bids/offers/trades: (PGA page 1290) North Sea exclusions: (PGA page 1290) No market
bid for at $0.95/b, before being withdrawn at a time ■■NSEA CRUDE MOC: DEAL SUMMARY: Trafigura-Total data was excluded from the June 10 North Sea crude
when an offer on June 22-24 had reached $0.60/b, Ekofisk Jun 22-24 Dtd +55 cts, BP-Shell Oseberg Jun assessment.

Copyright © 2014, McGraw Hill Financial 5

 Crude oil Marketwire june 10, 2014

Russian Urals/ESPO spot assessments ($/barrel) (PGA page 1220)

Mediterranean Light/Sweet (PGA page 1295)
Mid Change Spread vs fwd Dated Brent Mid Change
Trading activity was subdued across most Mediterranean Urals (Rotterdam) PCAFW00 105.50–105.54 105.520 -0.850 AAGXJ00 -3.50/-3.48 -3.490 -0.020
Urals (Mediterranean) PCACE00 106.21–106.25 106.230 -0.830 AAGXX00 -2.79/-2.77 -2.780 0.000
sweet markets Tuesday, with demand still under pressure Urals (Ex-Novorossiisk) AAGZS00 105.29–105.33 105.310 -0.800 AAHPH00 -3.71/-3.69 -3.700 +0.030
from weak refinery margins and market participants Urals (Ex-Novo) FOB 80kt AAOTH00 105.16–105.19 105.175 -0.830 AAOTI00 -3.84/-3.83 -3.835 0.000
still coming to terms with fresh information about July’s Urals (Ex-Baltic) AAGZT00 104.57–104.61 104.590 -0.850 AAHPI00 -4.43/-4.41 -4.420 -0.020
Urals (Primorsk) AAWVH00 104.53–104.57 104.550 -0.850 AAWVI00 -4.47/-4.45 -4.460 -0.020
loading programs. Exports of Azerbaijan’s Azeri Light Urals RCMB (Recombined) AALIN00 106.28–106.31 106.295 -1.180
were expected to tick up in July out of the Mediterranean ESPO (FOB Kozmino) AARWD00 108.86–108.88 108.870 -0.730 AARWE00 -0.08/-0.06 -0.070 -0.040
port of Ceyhan, which accounts for the majority of the
grade’s loading volume. Traders said the additional
barrels could prove bearish for the market moving
Urals Med/NWE CFD assessments ($/barrel)
forward with demand for most crudes still muted, though Mid Change Spread vs fwd Dated Brent Mid Change

differentials for first and second decade cargoes are still Mediterranean (PPE page 1616)
Urals Med CFD (Jun) AAMDR00 106.46–106.49 106.475 -1.380 AAMDU00 -2.61/-2.59 -2.600 -0.200
expected to exceed the levels seen late in June when Urals Med CFD (Jul) AAMDX00 107.26–107.29 107.275 -1.380 AAMEA00 -1.81/-1.79 -1.800 -0.200
the program struggled to clear. Traders said that while Urals Med CFD (Aug) UMSM003 107.56–107.59 107.575 -1.380 UMCM003 -1.51/-1.49 -1.500 -0.200
activity had yet to pick up fully in July, early indications Northwest Europe (PPE page 1618)

had put offers for the grade above Dated Brent plus Urals NWE CFD (Jun) UNSM001 105.86–105.89 105.875 -1.380 UNCM001 -3.21/-3.19 -3.200 -0.200
Urals NWE CFD (Jul) UNSM002 106.76–106.79 106.775 -1.330 UNCM002 -2.31/-2.29 -2.300 -0.150
$3/barrel in European trading Tuesday, though actual Urals NWE CFD (Aug) UNSM003 107.41–107.44 107.425 -1.300 UNCM003 -1.66/-1.64 -1.650 -0.120
value was thought to be slightly lower. “[The July Azeri
program] is slightly longer than in June,” a crude trader
said, pointing to the additional three Tengizchevroil Mediterranean spot crude assessments ($/barrel)
cargoes that were absent from last month’s program. Mid Change Spread vs fwd Dated Brent Mid Change
“I would say that this would put some pressure on Azeri and BTC (PGA page 1222)
Azeri, even though it will remain the preferred grade Azeri Lt CIF AAGZX00 111.67–111.71 111.690 -0.715 AAHPM00 2.69/2.71 2.700 +0.080
for Mediterranean refiners facing poor margins. It’s a Azeri Lt FOB Ceyhan AAUFM00 110.93–110.96 110.945 -0.690 AAUFN00 1.95/1.96 1.955 +0.105
Azeri Lt FOB Ceyhan 80KT AAUFK00 110.82–110.85 110.835 -0.715 AAUFL00 1.84/1.85 1.845 +0.080
very balanced grade.” Traders said that despite recent Azeri Lt FOB AALWD00 110.85–110.89 110.870 -0.685 AALWF00 1.87/1.89 1.880 +0.110
weakness in distillate cracks, distillate-rich Azeri is still Azeri Lt FOB 80KT AATHM00 110.73–110.76 110.745 -0.715 AATHN00 1.75/1.76 1.755 +0.080
BTC FOB Ceyhan AAUFH00 110.87–110.91 110.890 -0.700 AAUFJ00 1.89/1.91 1.900 +0.095
expected to prove more popular with end-users than
Black Sea (PGA page 1220)
more naphtha-rich grades like Algeria’s Saharan. Offers
Siberian Light CIF AAGZW00 109.17–109.21 109.190 -0.830 AAHPK00 0.17/0.19 0.180 0.000
for July Saharan cargoes — it trades further forward CPC Blend CIF AAGZU00 108.29–108.33 108.310 -0.810 AAHPL00 -0.71/-0.69 -0.700 +0.020
than most other regional sweets, but struggled to clear CPC Blend FOB AALVX00 107.49–107.53 107.510 -0.780 AALVZ00 -1.51/-1.49 -1.500 +0.050
CPC FOB 80KT AAOFV00 107.35–107.38 107.365 -0.810 AAOFW00 -1.65/-1.64 -1.645 +0.020
in June — were heard holding close to Dated Brent plus Kumkol AAHMP00 109.89–109.93 109.910 -0.750 AALOW00 0.89/0.91 0.900 +0.080
$0.80/b, but values were thought to be slightly lower. Middle East & North Africa (PGA page 1234)
“There was a wide gap between offers [in June] and the Suez Blend PCACA00 103.61–103.65 103.630 -0.830 AAGYD00 -5.39/-5.37 -5.380 0.000
market,” the first source said. “But now, with the first Es Sider PCACO00 107.84–107.88 107.860 -0.830 AAGYH00 -1.16/-1.14 -1.150 0.000
Kirkuk AAEJD00 104.94–104.98 104.960 -0.880 AAGYF00 -4.06/-4.04 -4.050 -0.050
decade [of July] trading, we are starting to get a better Iranian Light (Sidi Kerir) PCABI00 107.16–107.20 107.180 -0.640 AAGXZ00 -1.84/-1.82 -1.830 +0.190
[feel for the market.]” Market sources said the ongoing Iranian Heavy (Sidi Kerir) PCABH00 105.41–105.45 105.430 -0.640 AAGYB00 -3.59/-3.57 -3.580 +0.190
outage in Libya, with nearly all exports now halted, is Saharan Blend AAGZY00 109.44–109.48 109.460 -0.730 AAHPN00 0.44/0.46 0.450 +0.100
Zarzaitine AAHMO00 109.46–109.50 109.480 -0.710 AALOY00 0.46/0.48 0.470 +0.120
also expected to lend support to both Azeri and Saharan Syrian Light FOB AAHMM00 107.61–107.65 107.630 -0.830 AALOU00 -1.39/-1.37 -1.380 0.000
in July, despite lackluster demand. Syrian Heavy FOB AAHMN00 103.81–103.85 103.830 -0.830 AALOV00 -5.19/-5.17 -5.180 0.000

Copyright © 2014, McGraw Hill Financial 6

 Crude oil Marketwire june 10, 2014

country has further hampered repairs to the pipeline, assessment (AAGXX00). The above commentary applies
Mediterranean Sour
which has been out of commission since March to the following market data code: AALIN00
Market analysis: (PGA page 1296) Urals crude 2. Iraq’s oil minister Abdul-Karim al-Luaibi said the The above commentary applies to the following market data
differentials came under additional pressure Tuesday, country still hoped to resume flows of Kirkuk from its code: AALIN00
with market participants referencing weak refinery northern fields to the Mediterranean coast despite
margins in light of struggling products differentials and fresh violence in the region, adding that a timeline Urals CIF Rdam assessment rationale: (PGA page 1287)
strong outright crude prices. “It is a tough market,” had not been set for the grade’s return. The situation URALS NWE: CIF Rotterdam Urals cargoes fell $0.02/
a trader said, adding Urals has been hit by thin end- in northern Iraq has grown increasingly fraught in barrel from Monday’s close to Dated Brent minus
user demand more firmly than other crude markets recent months, and jihadists overran the northern city $3.49/b. In the Platts Market on Close assessment
because it trades much more promptly than other of Mosul and the surrounding province of Nineveh on process, Eni lifted a Trafigura offer for a 100,000 mt
European crude grades. “I think it is just margins and Tuesday. Urals cargo, ex-Primorsk/Ust-Luga, loading June 21-25
[refinery run] cuts. The promptest barrel is Urals — the CFR basis Rotterdam at Dated Brent minus $3.70/b.
Urals program is shorter, but I think that the margins Urals CIF Augusta differential assessment rationale: Also in the MOC, a Totsa bid for a similar cargo loading
[are the] real cause and effect.” In the Platts Market (PGA page 1287) URALS MED: CIF Augusta Urals cargoes July 1-5 CIF basis Rotterdam was left outstanding at the
On Close assessment process, Trafigura offered a were unchanged from Monday’s close at Dated Brent 16:30 London close at Dated Brent minus $3.50/b. An
100,000 mt Urals cargo, ex-Primorsk/Ust-Luga, loading minus $2.78/barrel. In the Platts Market on Close Eni offer for a cargo loading June 26-30 was withdrawn
June 21-25 CFR basis Rotterdam down to Dated assessment process, an Eni offer for an 80,000 mt before the close and was not used in the assessment.
Brent minus $3.70/barrel before being lifted by ENI. Urals cargo, ex-Novorossiisk, loading June 20-24 CIF Of the two remaining indications, the Trafigura-Eni trade
Differentials in the CIF Rotterdam market have been basis Augusta at Dated Brent minus $2.90/b was was seen to test the market once normalized back to
hovering near two-year lows, building on weakness seen withdrawn ahead of the 16:30 London close and was CIF conditions by adding $0.03/b. A value of minus
in May as end-user demand continued to struggle. “It not used in the assessment. Demand is still weak in $3.67/b was used on June 23, the mid-point of the
is still weak,” another trader said. “It keeps rolling the Mediterranean with June volume still available in laycan and a contango of $0.04 b/d was applied across
over and over and sliding to new levels, and it is all both Aframaxes and Suezes. However, sour crudes are the full 10-25 day assessment period.
really because of bad margins. Products have been likely to be tighter moving forward with arbitrage from the The above commentary applies to the following market data
suffering, refiners are not interested in increasing Persian Gulf and Latin America more difficult to work, code: PCAFW00
runs.” The combination of weak middle distillate cracks which will increase the pressure on Urals.
and a relatively strong ICE Brent futures complex has The above commentary applies to the following market data ESPO FOB Kozmino Mo01 London assessment rationale:
had a particularly significant impact on Urals in both code: AAGXX00 (PGA page 1286) The ESPO FOB Kozmino Mo01 London
Northwest Europe and the Mediterranean, traders said, time assessment was derived using the following
with product still available in June in both regions. Urals CIF Med assessment rationale: (PGA page 1287) assessments: Third month Cash BFOE London:
There were still a number of Urals cargoes available The Urals CIF Med assessment reflected the value of $108.23/barrel. Code PCAAR00. Third month Cash
in Northwest Europe and several full and part-cargoes the Mediterranean Dated Brent Strip (AALDF00) plus the BFOE Asia: $108.62/barrel. Code PCAJI00. Second
available out of Novorossiisk in the Black Sea, which Urals CIF Augusta differential assessment (AAGXX00). month Cash Dubai: $105.06/barrel. Code PCAAU00.
has only served to further tamp down on differentials, The above commentary applies to the following market data ESPO differential Asia Mo01: $4.2/barrel. Code
particularly in the prompt market, traders said. The code: PCACE00 AASEU00. Forward Dated Brent 15-45 days ahead (the
provisional loading program for the first five days of July Angolan Dated Strip) $108.94/barrel. Code AALGM00.
was expected early next week. In other news, market Urals RCMB (Recombined) assessment rationale: (PGA The ESPO FOB Kozmino Mo01 London time assessment
sources said Iraq’s Kirkuk crude was not expected to page 1287) The Urals RCMB (Recombined) assessment was derived using the following calculation: The
resume exports until August at the earliest because reflected the value of the Platts Dated Brent assessment difference between Third month Cash BFOE London:
the deteriorating security situation in the north of the (PCAAS00) plus the Urals CIF Augusta differential $108.23/barrel and Third month Cash BFOE Asia:

Copyright © 2014, McGraw Hill Financial 7

 Crude oil Marketwire june 10, 2014

$108.62/barrel equals: $-0.39/barrel. The difference West African spot crude assessments ($/barrel) (PGA page 1230)
between Second month Cash Dubai: $105.06/ Mid Change Spread vs fwd Dated Brent Mid Change
barrel and $-0.39/barrel equals: $104.67/barrel. The Bonny Light PCAIC00 111.26–111.30 111.280 -0.645 AAGXL00 2.34/2.36 2.350 0.000
Qua Iboe PCAID00 111.39–111.43 111.410 -0.645 AAGXN00 2.47/2.49 2.480 0.000
difference between ESPO differential Asia Mo01: $4.2/ Forcados PCABC00 111.88–111.92 111.900 -0.645 AAGXP00 2.96/2.98 2.970 0.000
barrel and $104.67/barrel equals the ESPO outright Agbami AAQZB00 109.40–109.44 109.420 -0.645 AAQZC00 0.48/0.50 0.490 0.000
price assessment of $108.87/barrel The difference Escravos AAEIZ00 111.50–111.54 111.520 -0.645 AAGXR00 2.58/2.60 2.590 0.000
Brass River AAEJB00 110.50–110.54 110.520 -0.645 AAGXV00 1.58/1.60 1.590 0.000
between the ESPO outright assessment and forward Akpo PCNGA00 109.40–109.44 109.420 -0.645 PCNGB00 0.48/0.50 0.490 0.000
Dated Brent 15-45 days ahead (the Angolan Dated Strip) Bonga PCNGC00 111.66–111.70 111.680 -0.645 PCNGD00 2.74/2.76 2.750 0.000
Djeno PCNGE00 105.51–105.55 105.530 -0.645 PCNGF00 -3.41/-3.39 -3.400 0.000
equals the ESPO London time differential.
The above commentary applies to the following market data Angola spot crude assessments ($/barrel) (PGA page 1232)
code: AARWD00
Mid Change Spread vs fwd Dated Brent Mid Change
Cabinda PCAFD00 107.64–107.68 107.660 -0.695 AAGXT00 -1.29/-1.27 -1.280 0.000
Med Dated Brent Strip 13-28 Day assessment rationale: Nemba AAQYZ00 106.61–106.65 106.630 -0.695 AAQZA00 -2.32/-2.30 -2.310 0.000
Dalia AAQYX00 106.62–106.66 106.640 -0.715 AAQYY00 -2.31/-2.29 -2.300 -0.020
(PGA page 1287) The Mediterranean Dated Brent Strip Girassol AASNL00 108.57–108.61 108.590 -0.695 AASJD00 -0.36/-0.34 -0.350 0.000
reflected the value of Forward Dated Brent 13-28 days Hungo AASLJ00 106.40–106.44 106.420 -0.715 AASJF00 -2.53/-2.51 -2.520 -0.020
Kissanje AASLK00 107.79–107.83 107.810 -0.695 AASJE00 -1.14/-1.12 -1.130 0.000
ahead of the day of publication. Forward Dated Brent
Pazflor PCNGG00 106.74–106.78 106.760 -0.695 PCNGH00 -2.19/-2.17 -2.180 0.000
is assessed as a function of Platts assessments of Plutonio PCNGI00 106.31–106.35 106.330 -0.695 PCNGJ00 -2.62/-2.60 -2.610 0.000
second-month Cash BFOE and BFOE CFD differentials.
The above commentary applies to the following market data
US spot crude assessments ($/barrel) (PGA pages 210 & 214)

code: AALDF00 Mid Change

Mars (Jul) AAMBR00 103.32–103.34 103.330 -0.280
Mars (Aug) AAMBU00 102.70–102.72 102.710 -0.440
Urals Mediterranean bids/offers/trades: (PGA page 1288) Mars (Sep) AAMBX00 101.90–101.92 101.910 -0.410
■■URALS MED MOC: DEAL SUMMARY: No deals. Mars/WTI (Jul) AAGWH00 -1.06/-1.04 -1.050 -0.250
Mars/WTI (Aug) AAKTH00 -0.81/-0.79 -0.800 -0.350
■■URALS MED MOC: OUTSTANDING INTEREST: None. Mars/WTI (Sep) AAMBO00 -0.61/-0.59 -0.600 -0.350
■■URALS MED MOC: WITHDRAWN: ENI WITHDRAWS WTI-Delta AAEJK00 1.19/1.21 1.200 +0.050
P-Plus WTI PCACI00 4.57/4.59 4.580 +0.050
OFFER Urals Med CIF Crg Novo - bss Augusta 10-25, P-5 WTI AAFEN00 100.820 -0.090
June 20-June 24 100% Dated Brent Dated Brent BL+3 P-5 WTI is a crude oil postings-based index as of 5:30 p.m. local New York time. Posted prices by the following companies are used in the index: Phillips66, Plains,
$-2.90 for 80000-80000 “Payment 30 days from B/L, Sunoco, Shell, and Valero.
Mid Change Spread vs 1st line WTI Mid Change
vessel Super Lady” WTI (Midland) PCACJ00 99.62–99.64 99.630 +0.670 AAGVZ00 -4.76/-4.74 -4.750 +0.700
■■URALS NWE MOC: DEAL SUMMARY: TRAFIGURA-ENI WTS (1st month) PCACK00 100.87–100.89 100.880 +1.220 AAGWB00 -3.51/-3.49 -3.500 +1.250
Eugene PCAFC00 105.07–105.09 105.080 -0.280 AAGWD00 0.69/0.71 0.700 -0.250
Urals NWE CFR Crg Primorsk/Ust-Luga - bss Rdam
Bonito PCAIE00 105.07–105.09 105.080 -0.280 AAGWF00 0.69/0.71 0.700 -0.250
10-25, June 21-June 25 100% Dated Brent Dated SGC AASOI00 101.47–101.49 101.480 -0.280 AASOJ00 -2.91/-2.89 -2.900 -0.250
Brent BL+5 $-3.70 for 100000-100000 “Payment 30 Poseidon AABHK00 102.12–102.14 102.130 -0.280 AAGWL00 -2.26/-2.24 -2.250 -0.250
LLS (1st month) PCABN00 107.27–107.29 107.280 -0.330 AAGWN00 2.89/2.91 2.900 -0.300
days after B/L” HLS (1st month) PCABD00 108.42–108.44 108.430 -0.330 AAGWP00 4.04/4.06 4.050 -0.300
■■URALS NWE MOC: OUTSTANDING INTEREST: TOTSA Wyoming Sweet PCACM00 93.27–93.29 93.280 -0.330 AAGWR00 -11.11/-11.09 -11.100 -0.300
BIDS Urals NWE CIF Crg Primorsk/Ust-Luga - bss Thunder Horse AAWZK00 105.12–105.14 105.130 -0.280 AAWZL00 0.74/0.76 0.750 -0.250
Spread vs 2nd line WTI
Rdam 10-25, TOTSA raises bid July 1-July 5 100%
WTS (2nd month) AAURG00 99.70–99.72 99.710 +1.110 AAURH00 -3.81/-3.79 -3.800 +1.200
Dated Brent Dated Brent BL+5 $-3.50 for 100000- LLS (2nd month) AAURC00 106.25–106.27 106.260 -0.290 AAURD00 2.74/2.76 2.750 -0.200
100000 “Payment 30 after B/L” HLS (2nd month) AAURE00 107.40–107.42 107.410 -0.240 AAURF00 3.89/3.91 3.900 -0.150
Basrah Light* AAEJH00 102.10–102.12 102.110 -0.140 AAGWV00 -1.41/-1.39 -1.400 -0.050
■■URALS NWE MOC: WITHDRAWN: ENI WITHDRAWS
* The assessment is for waterborne barrels of Iraqi Basrah light delivered into the US gulf.

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 Crude oil Marketwire june 10, 2014

OFFER Urals NWE CIF Crg Primorsk/Ust-Luga - bss US spot crude assessments ($/barrel) (PGA pages 210 & 214)
Rdam 10-25, June 26-June 30 100% Dated Brent Mid Change Mid Change
Dated Brent BL+3 $-3.25 for 100000-100000 Spread vs Eagle Ford Marker
Eagle Ford Postings Avg. AAYAH00 99.153 +0.375 AAYAI00 -7.615 +0.642
“Payment 30 days from B/L”
Eagle Ford Marker represents the gross product weight of a 47 API Eagle Ford crude barrel adjusted for spot values. The specific product assessments and yield
percentages used to calculate the Eagle Ford Marker can be found at http://www.platts.com/MethodologyAndSpecifications/Oil. Eagle Ford Postings Average is the daily
average of four posted prices for Eagle Ford crude from the following companies:Sunoco, Plains, Flint Hills, and Enterprise.
Urals Mediterranean exclusions: (PGA page 1288) No
Spread vs 1st line WTI CMA
market data was excluded from the June 10 assessment WCS ex-Cushing AAWTY00 96.89–96.99 96.940 +0.870 AAWTZ00 -6.30/-6.20 -6.250 +0.950
process. Bakken Blend Ex-Guernsey AASRR00 97.23–97.25 97.240 -0.380 AASRV00 -5.96/-5.94 -5.950 -0.300
Bakken Blend Ex-Clearbrook AASRU00 97.08–97.10 97.090 -0.380 AASRW00 -6.11/-6.09 -6.100 -0.300
Bakken Blend ex-Guernsey reflects 38-40 API and 0.2% sulfur. Bakken Blend ex-Clearbrook reflects 38-40 API and 0.2% sulfur. Both grades are assessed versus calendar
West Africa (PGA page 1294) month average of 1st month NYMEX WTI futures at 3:15 pm ET.

Angolan crude values fell further Tuesday as the market California spot crude assessments ($/barrel) (PGA page 214)

continued to feel pressure under the current refining Mid Change Spread to cash WTI Mid Change
LIne 63/Hynes PCABM00 106.85–106.89 106.870 -0.040
margin environment. Sources said there had been a Thums/Long Beach PCACD00 103.96–103.98 103.970 +1.560
slight pick-up in trading activity in the last few days with Kern River PCABJ00 99.11–99.13 99.120 +1.460
some spot trades heard on grades like Cabinda and P-Plus Line 63 PCAFV00 -0.86/-0.84 -0.850 -0.050
ANS/Long Beach PCAAD00 107.45–107.49 107.470 -0.310 AAGWX00 4.13/4.15 4.140 -0.230
Girassol. Sources said Chinese refiners had picked up
a few cargoes in the last two to three days, and that
with values coming off some of the Angolan grades were US domestic crude assessments London close ($/barrel) (PGA page 1240)

looking a little more attractive. “10 Angolan cargoes Spread to

Mid Change NYMEX light sweet crude Mid Change
are unsold. I am hearing that July 18-19 Saxi has WTI (Jul) AAQAR00 104.42–104.44 104.430 +0.240 AAQAS00 --0.01/0.01 0.000 0.000
been sold,” a trader said. But product cracks remained WTI (Aug) AAQAT00 103.56–103.58 103.570 +0.170 AAQAU00 --0.01/0.01 0.000 0.000
weak resulting in soft refining margins, leading to thin WTI (Sep) AAQAV00 102.52–102.54 102.530 +0.100 AAQAW00 --0.01/0.01 0.000 0.000
Spread to
demand, which meant some crudes values could fall
same-month cash WTI Mid Change
further. Sources said there were now approximately LLS (Jul) AAQBB00 107.31–107.35 107.330 -0.060 AAQBC00 2.89/2.91 2.900 -0.300
10 stems still unsold for July and some offer levels LLS (Aug) AAQBD00 106.20–106.24 106.220 -0.130 AAQBE00 2.64/2.66 2.650 -0.300
MARS (Jul) AAQAX00 103.36–103.40 103.380 -0.010 AAQAY00 -1.06/-1.04 -1.050 -0.250
were beginning to fall sharply. Dalia was now being MARS (Aug) AAQAZ00 102.85–102.89 102.870 +0.020 AAQBA00 -0.71/-0.69 -0.700 -0.150
offered at Dated Brent minus $1.70/barrel compared
to minus $1.10 last week, while Kissanje was offered America closes ($/barrel) (PGA page 210)
at Dated Brent minus $1/b compared to plus $0.50/b
Mid Change
when the program first came out, sources said. Saxi Americas Dated Brent AAQBF00 109.18–109.20 109.190 -0.940
was offered at Dated Brent minus $0.80/b this week Americas Dated Brent reflects market value for Dated Brent at 3:15pm Eastern Time. Value of Brent futures contracts at US MOC close. *These assessments reflect the
value of futures at precisely 1:30 pm ET on the business day preceding the following holidays: Christmas Day, New Years Day, Fourth of July, and Thanksgiving Day.
compared with plus $0.10/b last week. “Some Cabinda
was sold last week, and there is still a Girassol left,”
said a trader. “There are approximately 10 cargoes still Canadian spot crude cargo assessments ($/barrel) (PGA page 230)

left. Some cargoes are being re-offered now.” Besides Mid Change Spread vs fwd Dated Brent Mid Change
Terra Nova AAJUH00 110.03–110.15 110.090 -0.600 AAJUJ00 1.15/1.25 1.200 -0.020
weak Chinese demand, buying interest from European
Hibernia AAJKK00 110.23–110.35 110.290 -0.600 AAJKM00 1.35/1.45 1.400 -0.020
refiners had also been low so far, and this was adding White Rose AAVJX00 111.08–111.20 111.140 -0.600 AAVJY00 2.20/2.30 2.250 -0.020
to the overhang of cargoes. Sources said that refining The published spreads for Canadian cargo assessments reflect the market value at which these grades are trading versus Dated Brent around loading time. The spreads
and fixed price assessments reflect a typical forward loading window of 42-56 days forward.
margins were very weak in Europe and with Urals crude
For further explanation see www.platts.com > Oil > Specifications > Crude oil specifications.

Copyright © 2014, McGraw Hill Financial 9

 Crude oil Marketwire june 10, 2014

at very low levels, Angolan crudes were finding it tough Canadian spot crude assessments ($/barrel) (PGA page 230)
to compete with other heavy grades. One of the reasons Mid Change Spread vs Canada basis Mid Change
for weak Asian demand for WAF grades was because of Lloyd Blend AALRK00 83.69–83.79 83.740 -0.030 AALRP00 -19.50/-19.40 -19.450 +0.050
Mixed Sweet AALRR00 95.89–95.99 95.940 -0.530 AALRV00 -7.30/-7.20 -7.250 -0.450
a wide Brent/Dubai EFS. The Brent/Dubai Exchange of Light Sour Blend AALRX00 94.39–94.49 94.440 -0.680 AALSD00 -8.80/-8.70 -8.750 -0.600
Futures for Swaps widened steadily this week because Midale AAUCC00 89.49–89.59 89.540 -0.680 AAUCE00 -13.70/-13.60 -13.650 -0.600
of a sharp rise in the ICE Brent futures contract earlier. Condensates AALSF00 99.59–99.69 99.640 -0.080 AALSJ00 -3.60/-3.50 -3.550 0.000
Syncrude Sweet AASOK00 100.79–100.89 100.840 -0.380 AASOM00 -2.40/-2.30 -2.350 -0.300
The July EFS was trading at $4.80/b Tuesday morning, WCS Hardisty AAPPN00 83.94–84.04 83.990 -0.030 AAPPP00 -19.25/-19.15 -19.200 +0.050
compared to Friday’s assessment of $4.46/b, Platts Cold Lake Hardisty AASZX00 81.44–81.54 81.490 -0.030 AASZZ00 -21.75/-21.65 -21.700 +0.050
data showed. On Nigeria, there were still 20 July cargoes
WTI CMA (1st mo) AAVSN00 103.190 -0.080
unsold with grades like Brass River and Forcados
particularly struggling. Sources said Qua Iboe continued
to be stable while the other grades were prone to further Daily Canadian crude posting averages (PGA page 253)

falls. Sources said results of the Pertamina and MRPL C$/cu m Mid Change $/barrel Mid Change
Bow River/Hardisty PCAEY00 582.000–584.000 583.000 +5.000 PCAFB00 84.777–85.069 84.923 +0.692
tender were due later this week which could provide
Light/Sour Cromer PCAII00 662.000–664.000 663.000 +3.000 PCAIK00 96.430–96.722 96.576 +0.395
some support to both Angolan and Nigerian grades.

US MOC Commentary (PGA pages 291 & 287) Latin American assessments ($/barrel) (PGA page 280)
Diff to Diff to Futures Diff to Dated
No trades reported Mid Change WTI strip Brent strip Brent strip
Escalante PCAGC00 101.18–101.23 101.205 -0.125 PCAGO00 -1.825 AAXBS00 -7.250 AAXAX00 -7.730
Roncador AAQTL00 100.08–100.13 100.105 -0.125 AAQTK00 -2.925 AAXBT00 -8.350 AAXAY00 -8.830
US Gulf Coast (PGA pages 290 & 292) Santa Barbara AAITD00 110.01–110.05 110.030 -0.310 AAITJ00 7.000 AAXBU00 1.575 AAXAZ00 1.095
Loreto PCAGH00 97.76–97.80 97.780 -0.210 PCAGQ00 -5.250 AAXBV00 -10.675 AAXBG00 -11.155
The differential for WTI in Midland, Texas, jumped again Oriente PCADE00 97.26–97.30 97.280 -0.210 PCAGU00 -5.750 AAXBW00 -11.175 AAXBH00 -11.655
Tuesday, moving in the opposite direction of the rest Napo AAMCA00 91.26–91.30 91.280 -0.210 AAMCD00 -11.750 AAXBX00 -17.175 AAXBI00 -17.655
Marlim AAITF00 100.58–100.63 100.605 -0.125 AAITL00 -2.425 AAXBY00 -7.850 AAXBJ00 -8.330
of the sweet crude market on the US Gulf Coast. With Castilla Blend AAVEQ00 96.83–96.88 96.855 -0.125 AAVEQ01 -6.175 AAXBZ00 -11.600 AAXBK00 -12.080
the 300,000 b/d BridgeTex pipeline expected to start Magdalena AAWFR00 96.48–96.53 96.505 -0.125 AAWFS00 -6.525 AAXCA00 -11.950 AAXBL00 -12.430
flowing soon, the cash markets for Permian Basin- Vasconia PCAGI00 101.83–101.88 101.855 -0.125 PCAGR00 -1.175 AAXCB00 -6.600 AAXBN00 -7.080
Mesa 30 AAITB00 105.33–105.38 105.355 -0.125 AAITH00 2.325 AAXCC00 -3.100 AAXBO00 -3.580
produced crudes have started to normalize with grades
on the USGC. The BridgeTex pipeline runs from Colorado Latin America WTI strip AAXBP00 103.030
City, Texas, to Houston. “I think it’s mainly BridgeTex Latin America Futures Brent strip AAXBQ00 108.455
Latin America Dated Brent strip AAXBR00 108.935
commercial [operations],” one analyst said. “Linefill
should start rather soon.” WTI-Midland increased 70 cents
to WTI minus $4.75/b on a deal. That is the highest it
Platts euro-denominated assessments (€/barrel) (PGA page 1252)

has been since being assessed at WTI minus $4.35/b Mid Change

on February 11. Other light grades fell in line with the European crude oil benchmarks
Dated Brent AAPYR00 80.520–80.530 80.525 -0.590
sour crude market and a report that Valero had restarted Urals (Mediterranean) AAPYS00 78.410–78.440 78.425 -0.340
a crude unit at its 290,000 b/d refinery in Port Arthur, US crude oil benchmarks
Texas. Light Louisiana Sweet, the benchmark for light WTI (Jul) AAPYT00 77.090–77.100 77.095 +0.440
USGC crudes, fell 30 cents to WTI plus $2.90/b, where Mars (Jul) AAPYU00 76.300–76.330 76.315 +0.250
Euro/US$ forex rate: 1.3546. Platts Euro denominated crude oil assessments are based on market values and a Euro/US$ forex rate at 4:30 PM local London time.
it traded. Bakken continued to weaken Tuesday, falling

Copyright © 2014, McGraw Hill Financial 10

 Crude oil Marketwire june 10, 2014

sharply over the past three days. One trader said Bakken Ruble-denominated Russian assessments (Rb/barrel) (PGA page 1224)
pipeline markets had largely quieted after a hectic start to Mid Change
the month. After a sharp jump Wednesday, limited activity Russian crude oil benchmarks
left price differentials falling in line with the weakening Urals FOB Novorossiysk AAUJP00 3611.130–3612.500 3611.815 -33.380
light crude market in Canada, bringing both assessments Urals FOB Ventspils AAUJQ00 3586.440–3587.810 3587.125 -35.055
Urals FOB Novorossiysk 80kt AAUJR00 3606.670–3607.700 3607.185 -34.405
to their lowest levels since the end of last year. The Urals CIF Mediterranean AAUJS00 3642.680–3644.060 3643.370 -34.465
differential for Bakken at Clearbrook was assessed down Urals CIF Rotterdam AAUJT00 3618.330–3619.710 3619.020 -35.110
US$/Ruble forex rate: 34.2970. Platts Ruble denominated crude oil assessments are based on market values and a US$/Ruble forex rate at 4:30 PM local London time.
30 cents at the calendar month average of NYMEX light
sweet crude (WTI CMA 1st month) minus $6.10/b based
on the Canadian markets, the largest discount since Platts CAD-denominated Canada spot crude assessments (C$/cu m) (PGA page 232)

hitting minus $9/b on December 31. Bakken at Guernsey Mid Change

Lloyd Blend AALRM00 574.54–575.22 574.879 +0.045
was similarly assessed down 30 cents at WTI CMA Mixed Sweet AALRT00 658.29–658.98 658.633 -3.349
minus $5.95/b, the lowest since hitting minus $7.10/b, Light Sour Blend AALRZ00 647.99–648.68 648.335 -4.384
also on December 31. Williston Basin Bakken crude Midale AAUCD00 614.35–615.04 614.697 -4.398
Condensates AALSH00 683.69–684.38 684.034 -0.250
was assessed down 13 cents at $93.59/b, based on a Syncrude Sweet AASOL00 691.93–692.62 692.272 -2.305
modest decline in the Brent/WTI spread and an 8-cent WCS Hardisty AAPPO00 576.25–576.94 576.596 +0.046
Cold Lake Hardisty AASZY00 559.09–559.78 559.433 +0.038
drop in WTI CMA. The Brent/WTI spread, which narrowed
26 cents/b, is used as a barometer for how competitive
Daily US$ vs EURO exchange rate (PGA page 1151)
WTI-based crudes are with Brent-based crudes.
Mid Change
June 10, 2014 AAFCW00 1.3546 -0.005
The cash market for sour crudes on the US Gulf Coast
fell Tuesday in response to the Mexican Gulf oil port of Asia close Brent and WTI spot assessments ($/barrel) (PGA page 2210)
Cayo Arcas reopening after being closed for three days.
Mid Change
Mars, the heavy sour Gulf crude benchmark, fell 25 Brent (Jul) PCAJE00 110.12–110.16 110.140 +0.950
cents to WTI minus $1.05/b on weaker bids and offers. Brent (Aug) PCAJG00 109.44–109.48 109.460 +0.950
Brent (Sep) PCAJI00 108.60–108.64 108.620 +0.990
“It was bid up last week with Mexican port closure,”
WTI (Jul) AAFFU00 104.69–104.73 104.710 +1.480
one trader said. West Texas Sour moved in the opposite WTI (Aug) AAFFW00 103.86–103.90 103.880 +1.410
direction of other sour grades, jumping $1.25 to WTI WTI (Sep) AAFFY00 102.80–102.84 102.820 +1.280

minus $3.50/b on a trade. That is the highest it has

Oman OSPs and derivatives ($/barrel) (PGA pages 2658 & 2210)
been since being assessed at the same level February
Mid Change
7. The anticipated start of the 300,000 b/d BridgeTex Oman/Dubai Swap (Jul) AAIHJ00 -0.02/0.02 0.000 0.000
pipeline, which will bring in Permian Basin-produced Oman/Dubai Swap (Aug) AAIHL00 -0.02/0.02 0.000 0.000
crudes to Houston, has normalized the cash market with Oman/Dubai Swap (Sep) AAIHN00 -0.02/0.02 0.000 0.000
Oman cash/OSP (Aug) PCABT00 0.11/0.15 0.130 +0.250
grades on the USGC. Oman Swap (Jul) AAHZP00 105.04–105.08 105.060 +0.660
Oman Swap (Aug) AAHZR00 104.44–104.48 104.460 +0.690
Oman Swap (Sep) AAHZT00 103.94–103.98 103.960 +0.700
US West Coast (PGA page 294)

The ANS crude differential was assessed 23 cents lower Daily OPEC Basket Price ($/barrel) (PGA page 207)
Tuesday at WTI CMA plus $4.14/b for delivery in July. Mid Change
Platts calculates the ANS differential to reflect that the June 9, 2014 AAEUQ00 105.720 +0.340

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 Crude oil Marketwire june 10, 2014

ANS market uses the calendar-month average of NYMEX Futures Settlements

crude at the underlying contract’s settlement as a basis Settlement Change Low High Volume Open interest PNT***
for trading, then normalizes the differential against the NYMEX Light Sweet crude ($/barrel) (PGA page 705)
Platts assessment of WTI CMA. While the ANS market is Jul 14 NMCL001 104.35 -0.06 103.98 105.06 246719 229052
Aug 14 NMCL002 103.49 -0.10 103.12 104.23 120090 215056
thinly traded, Platts weighs recent differentials against Sep 14 NMCL003 102.49 -0.11 102.11 103.18 77955 163863
changes in prices for competing grades. The differential Oct 14 NMCL004 101.42 -0.09 101.03 102.04 38691 101109
Total NMCL000 437503 XNCLP00 45588
at 2:30 pm EDT (1830 GMT) was calculated at plus ICE Brent ($/barrel) (PGA page 704)
$4.30/b. When adjusted to reflect the WTI CMA at 3:15 Jul 14 ICLL001 109.52 -0.47 109.10 110.32 210375 148110
pm EDT, the assessment was plus $4.14/b. Although Aug 14 ICLL002 108.86 -0.29 108.43 109.50 212723 280568
Sep 14 ICLL003 108.18 -0.23 107.75 108.76 110446 285872
the ANS differential at 2:30 pm EDT was down 20 Oct 14 ICLL004 107.61 -0.20 107.19 108.14 34513 98263
cents compared with the same point Monday, changes Total ICLL000 749910 XILLP00 39195

in the crude futures market between 2:30 and 3:15 ICE Brent NX ($/barrel) (PGA page 704)
Aug 14 ICBN001 108.91 -0.29 108.91 108.91 0 0
pm EDT caused the final value to be 23 cents lower. Sep 14 ICBN002 108.23 -0.23 108.23 108.23 0 0
There are 3 million barrels of crude scheduled to load Oct 14 ICBN003 107.66 -0.20 107.66 107.66 0 0
Nov 14 ICBN004 107.20 -0.18 107.20 107.20 0 0
from the Persian Gulf in late June for delivery to Hawaii, Total ICBN000 0
according to US West Coast crude market sources. A ICE WTI ($/barrel) (PGA page 704)
2-million barrel cargo of Iraqi Basrah was expected to Jul 14 ICIC001 104.35 -0.06 103.98 105.05 51600 71360
Aug 14 ICIC002 103.49 -0.10 103.15 104.21 30755 63426
load on the vessel Maersk Hayama around June 23. Sep 14 ICIC003 102.49 -0.11 102.13 103.14 17652 38043
That vessel is currently in the Bay of Bengal heading Oct 14 ICIC004 101.42 -0.09 101.05 101.92 8470 23967
Total ICIC000 148884 XIICP00 22752
east to the Persian Gulf, according to the vessel tracking
ICE Middle East Sour crude ($/barrel) (PGA page 704)
software Platts cFlow. A 1-million barrel cargo of crude, Aug 14 ICOQ001 105.95 -0.29 105.95 105.95 0 0
likely Murban crude, is set to load from the port of Jebel Sep 14 ICOQ002 105.33 -0.29 105.33 105.33 0 0
Oct 14 ICOQ003 104.73 -0.29 104.73 104.73 0 0
Dhanna in the United Arab Emirates around June 23 Nov 14 ICOQ004 104.20 -0.29 104.20 104.20 0 0
for delivery to Hawaii. Lukoil is the charterer of both Total Volume ICOQ000 0 XIOQP00

vessels. ICE BWAVE ($/barrel) (PGA page 704)

Jul 14 XIBW001 109.62
Aug 14 XIBW002 108.80

Canada (PGA pages 296 & 298)

DME Oman crude ($/barrel)
Aug 14 XDOA001 105.71 +0.55 4112
(PGA pages 702 & 2710)

Aug 14 DMOQ001 105.50 -0.27 105.14 105.98 5350 7158

July crude cargoes from offshore Newfoundland and Sep 14 DMOQ002 105.05 -0.23 105.05 105.31 212 459
Labrador fell for the second straight day Tuesday as Oct 14 DMOQ003 104.49 -0.23 104.49 104.49 603 467
Nov 14 DMOQ004 104.00 -0.23 104.00 104.00 600 154
traders emphasized weakness in key competing markets Total Volume DMOQ000 10165 XDOQP00 3415
in advance of the August loadings schedule. “North Sea NYMEX ULSD ($/gal) (PGA page 705)
and East Coast Canada timing aren’t exactly aligned, so Jul 14 NMHO001 2.8841 -0.0071 2.8688 2.8974 48754 74209
Aug 14 NMHO002 2.8911 -0.0070 2.8760 2.9042 22951 43158
hard to tell [whether strength in the North Sea will carry Sep 14 NMHO003 2.8980 -0.0073 2.8836 2.9105 13651 35381
over],” one trader said. “Nobody is showing August yet, Oct 14 NMHO004 2.9043 -0.0074 2.8904 2.9158 6978 17736
Total NMHO000 109470 XNHOP00 6964
so not sure if prices will be up or down. We also track
NYMEX RBOB unleaded gasoline ($/gal) (PGA page 705)
West Africa pricing, which is down, down, down.” After Jul 14 NMRB001 2.9745 -0.0103 2.9545 2.9997 57674 100127
showing some resilience the past few days, competing Aug 14 NMRB002 2.9438 -0.0095 2.9250 2.9666 27558 57357
Sep 14 NMRB003 2.9026 -0.0078 2.8844 2.9231 18173 42196
North Sea crudes also weakened somewhat Tuesday, Oct 14 NMRB004 2.7352 -0.0080 2.7192 2.7536 10828 33120
adding to continuing declines for West African price Total Volume NMRB000 96504 XNRBP00 11157

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 Crude oil Marketwire june 10, 2014

differentials. All three Canadian grades fell only slightly, Futures Settlements
however, as traders anticipated the release of the August Settlement Change Low High Volume Open interest PNT***
loading schedule later in the week. White Rose was NYMEX Natural Gas ($/MMBtu) (PGA page 705)

assessed at Dated Brent plus $2.25/b, Terra Nova was Jul 14 NMNG001 4.530 -0.115 4.525 4.636 131645 178355
Aug 14 NMNG002 4.523 -0.112 4.518 4.626 58137 89932
assessed at Dated Brent plus $1.20/b, and Hibernia Sep 14 NMNG003 4.507 -0.109 4.502 4.607 48995 106846
was assessed at Dated Brent plus $1.40/b. Though no Oct 14 NMNG004 4.508 -0.103 4.501 4.603 29693 104417
Total Volume NMNG000 303543 XNNGP00 14548
new fixtures were reported, nine crude oil cargoes were ICE gasoil ($/mt) (PGA page 704)
seen en route to Canada, according to the Platts cFlow Jun 14 ICLO001 884.75 -7.50 884.25 892.25 34640 23847
vessel-tracking software. Five cargoes were heading for Jul 14 ICLO002 887.50 -7.50 886.75 895.00 67305 111978
Aug 14 ICLO003 890.00 -7.25 889.00 897.25 33612 85226
Newfoundland and Labrador, two to New Brunswick, and Sep 14 ICLO004 892.25 -7.00 891.00 899.50 16834 50457
one each to Quebec and Nova Scotia. Total Volume ICLO000 195761 XILOP00 4188
ICE low sulfur gasoil ($/mt) (PGA page 704)
Jun 14 ICLS001 894.50 -8.50 894.50 894.50 0 539
Canadian pipeline crude markets saw mixed movements Jul 14 ICLS002 897.00 -8.50 897.00 897.00 0 1186
Tuesday as heavy crudes continued to move within a Aug 14 ICLS003 899.00 -8.00 899.00 899.00 0 25
Sep 14 ICLS004 900.00 -7.50 900.00 900.00 0 497
fairly narrow range and light grades fell to multimonth Total Volume ICLS000 242 XILSP00 0
lows. Syncrude, the light Canadian crude benchmark, *Volume, open interest and PNT reflect prior trading day. PNT reflect volume for Privately Negotiated Trades or off-exchange. **Oman settlements are Post Close
settlements. ***Privately Negotiated Trade values found on PGA page 710
fell 30 cents to WTI CMA minus $2.35/b, its lowest
differential since hitting minus $2.75/b on March 10.
Futures at Platts’ Market on Close ($/barrel) (PGA page 703)
Light grades fell sharply with the start of July trading
Singapore* London* Houston* Singapore* London* Houston*
thanks to restarted Syncrude production facilities,
ICE Brent NYMEX WTI
but regained some of that decline later in the week.
Jul XILLA01 109.97 AAYES00 109.52 AAQBG00 109.63 M1 XNCLA01 104.71 AASCR00 104.43 NYCRM01 104.38
Through the first two days of this week, the differential Aug XILLA02 109.14 AAYET00 108.81 AAQBH00 108.97 M2 XNCLA02 103.88 AASCS00 103.57 NYCRM02 103.51
has fallen just below the level seen in the initial drop Sep AAXZY00 108.09 AAXZZ00 108.29 M3 NYCRM03 102.51
to start the month. Market sources said much of the Oct AAYAM00 107.51 AAYAL00 107.73 M4 NYCRM04 101.43

Canadian market appeared to be trading in a range ICE Brent NX Oman

much of this month, but lighter grades demonstrated Aug AAXZL00 108.81 Aug XDOA001 105.71

greater volatility than heavy crude. Western Canadian Sep AAXZM00 108.09 Volume XDOAV01 4112
Oct AAXZN00 107.51 *Singapore and London MOC close at precisely 16:30 local time while Houston
Select, the heavy Canadian crude benchmark, was MOC closes at precisely 14:15 local time. MOC times are usually earlier on the
Nov AAYAP00 107.04
assessed up 5 cents at WTI CMA minus $19.20/b. day preceding major local holidays.

WCS demonstrated much greater strength in Cushing,

Oklahoma, where the differential rose 95 cents to WTI
CMA minus $6.25/b, its sixth high point for the year CRUDE OIL MARKETWIRE Volume 35 / Issue 112 / June 10, 2014
since the start of June and the highest value since
Editorial: Esa Ramasamy, Editorial Director, Americas Oil: +1-713-658-3292; Sharmilpal Kaur, Associate Editorial Director, Americas PFC, Crude and Residual Fuel
reaching minus $6.05/b on October 2, 2012. Market +1-713-655-2270; Jonty Rushforth, Editorial Director, Asia & Middle East: +65-6530-6581; Christian Schmollinger, Senior Managing Editor, Asia & Middle East,
Oil Products, +65-6530-6429; Daniel Colover, Managing Editor, Asia & Middle East, Crude Oil, +65-6530-6501; Andrew Bonnington, Editorial Director, Europe,
sources said many of the factors pushing up prices +44-20-7176-6164; Benno Spencer, Managing Editor, Europe, Crude Oil, +44-20-7176-6299.
in Cushing remained the same, including increased 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: [email protected]
takeaway capacity toward the Gulf Coast, strong demand Copyright © 2014 McGraw Hill Financial. All rights reserved. No portion of this publication may be photocopied, reproduced, retransmitted, put into a computer system
from Midwest refiners, and limited throughput for WCS or otherwise redistributed without prior written authorization from Platts. Platts is a trademark of McGraw Hill Financial. Information has been obtained from sources
believed reliable. However, because of the possibility of human or mechanical error by sources, McGraw Hill Financial or others, McGraw Hill Financial does not
on Enbridge’s Canadian Mainline system. In addition, 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.
a Citi market research and analysis report indicated

Copyright © 2014, McGraw Hill Financial 13

 Crude oil Marketwire june 10, 2014

a crude distillation unit restarted at Valero’s 290,000 Reported spot cash transactions (PGA page 3)
b/d Port Arthur, Texas, refinery, though a company Trans. Cargo Spread Cargo CFD Crude Reported Outright Differential Diff. Barrels Seller Buyer
spokesman declined to comment. Date month month load range/ roll grade(s) Status Price grade/ Price (barrel)
CFD week week ($/barrel) month ($/barrel)
PG/Asia Pacific Rim deals
10-Jun Aug Dubai Partial Done 105.7 25000 Unipec Vitol
Latin America (PGA page 288) 10-Jun Aug Dubai Partial Done 105.65 25000 Unipec Vitol
10-Jun Aug Dubai Partial Done 105.7 25000 Unipec Gunvor
Latin American crude market participants were awaiting London crude window deals
Tuesday the results of a tender to buy two Panamax-sized 10-Jun Jun Jun 16 20 Brent CFD Done August 0.45 100000 Noble Unipec
10-Jun Jun Jun 16 20 Brent CFD Done August 0.4 100000 Chevron Unipec
vessels of crude. Peru’s state refiner, Petroperu, was set to 10-Jun Jun Jun 30 4 Brent CFD Done August -0.05 100000 Statoil Total
award Tuesday evening a tender to buy two 360,000-barrel 10-Jun Jun Jun 30 4 Brent CFD Done August -0.1 100000 Noble Total
cargoes of crude for July delivery. Petroperu is asking for 10-Jun Jun Jun 16 20 Brent CFD Done August 0.35 100000 Chevron Unipec
10-Jun Jun Jun 30 4 Brent CFD Done August -0.15 100000 BP Total
one cargo into the ports of Conchan and Talara between 10-Jun Jun Jun 30 4 Brent CFD Done August -0.15 100000 BP Vitol
July 10-14 and the second into the same ports between 10-Jun Jun Jun 30 4 Brent CFD Done August -0.15 100000 BP Vitol
10-Jun Jun Jun 30 4 Brent CFD Done August -0.17 100000 BP Vitol
July 23-27. The company May 7 bought two Panamax- 10-Jun Jun Jun 30 4 Brent CFD Done August -0.15 100000 Noble Vitol
sized cargoes of Ecuadorean Oriente for delivery in June. 10-Jun Jun Jun 30 4 Brent CFD Done August -0.15 100000 Statoil Vitol
Oriente was assessed at Platts Latin WTI strip minus 10-Jun Jun Jun 30 4 Brent CFD Done August -0.15 100000 BP Gunvor
10-Jun Jun Jun 23 27 Brent CFD Done August -0.1 100000 BP Chevron
$5.75/barrel, or $97.28/b, down 21 cents from Monday. 10-Jun Jun Jun 23 27 Brent CFD Done August -0.1 100000 Statoil Vitol
Colombian Vasconia was heard facing stiff competition 10-Jun Jun Jun 23 27 Brent CFD Done August -0.1 100000 Statoil Vitol
10-Jun Jul Jul 14 18 Brent CFD Done September 0.64 100000 Noble Mercuria
in Europe from Russian Urals and in the US Gulf Coast 10-Jun Jun Jun 30 4 Brent CFD Done August -0.07 100000 Noble Vitol
from Iraqi Basrah, said Latin American crude market 10-Jun Jun Jun 23 27 Brent CFD Done August -0.07 100000 Statoil Vitol
10-Jun Jun Jun 23 27 Brent CFD Done August -0.07 100000 Statoil Chevron
sources Tuesday. “As a matter of fact, I don’t see a lot (of
10-Jun Jul Jul 21 25 Brent CFD Done September 0.73 100000 Noble MS
Vasconia) coming in,” said one Mediterranean buyer of 10-Jun Aug Aug Cash BFOE Done 109.1 100000 Trafigura Mercuria
the South American mid-grade crude. Urals has a gravity North Sea, Mediterranean and West African deals
of 31-33 API and 1.3% sulfur, while Basrah has 30.5 API 10-Jun Jun Jun 22 24 Ekofisk Done Dated Brent 0.55 600000 Trafigura Total
10-Jun Jun 24 26 Oseberg Done Dated Brent 0.75 600000 BP Shell
and 2% sulfur. Iraqi Basrah was being offered in the Gulf 10-Jun Jun 28 30 Forties Done Dated Brent 0.3 600000 Shell Vitol
Coast at August ICE minus $6.50/b, market sources said 10-Jun Jun Jun 21 25 Urals Done Dated Brent -3.7 723000 Trafigura ENI
10-Jun Jun 16 20 Brent CFD Reported August 0.45 300000 Socar Unipec
Tuesday. Increased competition in the US and Europe 10-Jun Jun 16 20 Brent CFD Reported August 0.4 250000 Phibro Unipec
has led additional volumes of Vasconia to be sold to 10-Jun Jun 16 20 Brent CFD Reported August 0.4 50000 ENI Unipec
10-Jun Jun 16 20 Brent CFD Reported August 0.35 200000 Socar Unipec
Asian refiners. Colombia’s Ecopetrol was heard to have
10-Jun Jun 16 20 Brent CFD Reported August 0.35 100000 ENI Unipec
sold 1 million barrels of Vasconia through a tender last 10-Jun Jun 16 20 Brent CFD Reported August 0.35 100000 ENI Noble
week to a Chinese state oil company, but this could not 10-Jun Jun 23 27 Brent CFD Reported August 0.05 100000 Statoil Hess
10-Jun Jun 23 27 Brent CFD Reported August 0 100000 Statoil ChinaOil
be confirmed. That cargo was set to load from the port 10-Jun Jun 23 27 Brent CFD Reported August 0 200000 BP Socar
of Covenas between July 10-30, said market sources. 10-Jun Jun 23 27 Brent CFD Reported August 0 100000 Noble OMV
10-Jun Jun 23 27 Brent CFD Reported August -0.1 100000 BP Hess
Vasconia was assessed at Platts Latin ICE strip minus
10-Jun Jun 23 27 Brent CFD Reported August -0.1 100000 JP Morgan BG
$6.60/barrel, or $101.855/b, down 13 cents from 10-Jun Jun 23 27 Brent CFD Reported August 0.1 300000 Statoil Socar
Monday. Along with Vasconia, Ecuadorean Oriente also 10-Jun Jun 30 4 Brent CFD Reported August -0.15 200000 BP OMV
10-Jun Jun 30 4 Brent CFD Reported August -0.15 300000 BP Vitol
has been facing strong competition from Basrah on the 10-Jun Jun 30 4 Brent CFD Reported August -0.17 200000 Phillips66 Vitol
US West Coast as California refiners Valero and Chevron 10-Jun Jun 30 4 Brent CFD Reported August -0.15 200000 JP Morgan Hess
10-Jun Jun 30 4 Brent CFD Reported August -0.15 100000 Chevron Hess
continue to buy 2-million-sized cargoes of that Arab Gulf 10-Jun Jun 30 4 Brent CFD Reported August -0.1 200000 Chevron Vitol
grade. 10-Jun Jun 30 4 Brent CFD Reported August -0.15 100000 Hess BP

Copyright © 2014, McGraw Hill Financial 14

 Crude oil Marketwire june 10, 2014

News (PGA page 100) some trades heard done, albeit at much weaker levels. highest annual oil production average since 1972, EIA
There are up to 12 July cargoes still available, according said Tuesday in its June Short-Term Energy Outlook.
to sources, consisting of some Cabinda, Dalia, Plutonio EIA’s forecast for 2014 average prices was increased
OPEC May crude output up 250,000
and Hungo stems. Cabinda was assessed at Dated by $2.08 for WTI and $1.56 for Brent from May’s STEO
b/d from April to 29.69 million b/d Brent minus $1.28/b on Monday, the lowest since forecast. EIA forecasts prices to fall further in 2015,
OPEC crude output averaged 29.69 million b/d in May, April 21, 2011, while Dalia was assessed at Dated with WTI averaging $90.92/b and Brent averaging
up 250,000 b/d from a revised April figure of 29.44 Brent minus $2.28/b, the weakest since March 19, $101.92/b, the same estimates the agency released
million b/d, US Energy Information Administration according to Platts data. “We are still seeing so many in May. EIA said that because of high seasonal demand
data showed Tuesday. The increase was led by a offers, the market is still very much under pressure. and strong refinery runs, it expects the WTI discount
100,000 b/d rise in Saudi Arabian crude output to Values continue to fall,” said a trader. “The Chinese are to Brent will remain around $7/b this summer before
9.7 million b/d in May. OPEC production was higher buying a little more now as the market has dropped. widening to $12/b in December. “EIA expects the
in May because of a drop in supply disruptions, the It was expected that there would be more buying more discount to average of $9/b in 2014 and $11/b in
EIA said. “Unplanned crude oil supply disruptions from them at this stage,” he added. Sources said that 2015, reflecting the economics of transporting and
among OPEC producers averaged 2.6 million bbl/d demand in Asia — particularly China and Taiwan — had processing the growing production of high API gravity
in May, down from the 2.7-million-bbl/d average in been very slow in the past two weeks especially for (very light) sweet crude oil in the United States,” the
April,” the EIA said in its June Short Term Energy grades like Cabinda, Plutonio, Pazflor, Dalia, Kissanje agency said. Overall US liquid fuels demand is estimated
Outlook. “Libya continues to experience variation in and Girassol. As a result, values have been coming to be 18.93 million b/d in 2014, rising to 18.98 in
its production, contributing to changes in the OPEC off. On top of that, demand from European refiners has 2015, estimates which nearly match those EIA released
disruption estimate.” Libya produced 230,000 b/d also been lackluster as margins in Europe have been last month. While motor gasoline consumption grew by
in May, up from 210,000 b/d in April, the EIA data very low. But sources said the demand was looking a 90,000 b/d in 2013, a 1.1% increase from 2012 and
showed. Angolan and Nigerian production was also little bit better after some grades had traded at very low the largest increase since 2006, it is only expected to
a bit higher. Looking forward, the EIA forecast 2014 levels. “[The WAF] market is quiet this morning. [Indian climb by 30,000 b/d in 2014. Consumption of motor
OPEC production dropping to 29.8 million b/d, and company] MRPL’s tender is the next one to be awarded gasoline in the US also is expected to fall by 10,000
29.69 million b/d in 2015, down from 29.91 million on Wednesday,” a second trader added. “Difficult to b/d in 2015 because of improved vehicle fuel economy.
b/d in 2013. “EIA expects OPEC crude oil production say [how the market would fare this week] — there
to fall by 0.1 million bbl/d in 2014 and an additional has been some activity last week so I would expect the
NYMEX crude settles near flat, after
0.1 million bbl/d in 2015 to accommodate growing cargoes to continue moving slowly.”
production in non-OPEC countries,” the agency said.
touching 3-month high mid-session
NYMEX July crude settled near flat Tuesday, down 6
US crude output in 2014
cents at $104.35/barrel, after pulling back from a three-
Angolan crude values fall further on to average 8.42 million b/d month high on profit-taking ahead of Wednesday’s OPEC
weak demand, soft refining margins Near-historic-high US production will continue to put meeting. July crude reached the three-month high of
Angolan crude values remain under pressure amid downward pressure on crude oil prices this year, the $105.06/b during the session on expectations that US
weak refining margins, fragile product cracks and thin US Energy Information Administration said Tuesday, inventories fell last week. The price action narrowed the
Chinese demand, with all grades seeing their values forecasting that WTI will average $98.67/barrel and front-month Brent-WTI spread to an eight-week low of
fall sharply in the past two weeks, trading sources said Brent will average $107.26/b in 2014. Total US crude $5.07/b during the session. The Brent-WTI spread then
Tuesday. The trend is broadly expected to continue this oil production, which averaged 7.4 million b/d in 2013, settled at a two-month low of $5.17/b. That’s down from
week although some sources said that spot activity had is forecast to climb to 8.42 million b/d in 2014 and $5.58/b on Monday and $6.16/b a week ago. ICE July
picked up slightly towards the end of last week, with then 9.27 million b/d in 2015, which would be the Brent settled 47 cents lower at $109.52/b. In products,

Copyright © 2014, McGraw Hill Financial 15

 Crude oil Marketwire june 10, 2014

NYMEX July ULSD settled 71 points lower at $2.8841/ in May. EIA said that because of high seasonal demand
WTI to average $98.67/barrel,
gal and July RBOB ended 1.03 cents lower at $2.9745/ and strong refinery runs, it expects the WTI discount
gal. Petroleum futures retreated from session highs on
Brent $107.82/barrel in 2014 to Brent will remain around $7/b this summer before
what appeared to be light volume profit-taking ahead of Near-historic-high US production will continue to put widening to $12/b in December. “EIA expects the
Wednesday’s OPEC meeting, said Tim Evans, commodity downward pressure on crude oil prices this year, the discount to average of $9/b in 2014 and $11/b in
analyst at Citi Futures Perspective. Although, Evans said, US Energy Information Administration said Tuesday, 2015, reflecting the economics of transporting and
there seems to be near universal agreement that OPEC forecasting that WTI will average $98.67/barrel and processing the growing production of high API gravity
will leave the group’s 30 million b/d production target Brent will average $107.26/b in 2014. Total US crude (very light) sweet crude oil in the United States,”
unchanged. Analysts polled by Platts Monday expect oil production, which averaged 7.4 million b/d in 2013, the agency said. Overall US liquid fuels demand is
crude stocks to have declined 1.2 million barrels last is forecast to climb to 8.42 million b/d in 2014 and estimated to be 18.93 million b/d in 2014, rising
week. ICE front-month Brent had pushed near a two- then 9.27 million b/d in 2015, which would be the to 18.98 in 2015, estimates which nearly match
week high of $110.32/b, but easing geopolitical risks highest annual oil production average since 1972, EIA those EIA released last month. While motor gasoline
from ongoing peace talks between the Ukraine and said Tuesday in its June Short-Term Energy Outlook. consumption grew by 90,000 b/d in 2013, a 1.1%
Russia limited the upside, noted Gene McGillian, analyst EIA’s forecast for 2014 average prices was increased increase from 2012 and the largest increase since
at Tradition Energy. Geopolitical news was mixed, with a by $2.08 for WTI and $1.56 for Brent from May’s STEO 2006, it is only expected to climb by 30,000 b/d in
chance for a ceasefire in Ukraine, but fighting in Mosul, forecast. EIA forecasts prices to fall further in 2015, 2014. Consumption of motor gasoline in the US also
Iraq, putting oil pipeline exports via Turkey at risk, Evans with WTI averaging $90.92/b and Brent averaging is expected to fall by 10,000 b/d in 2015 because of
said. $101.92/b, the same estimates the agency released improved vehicle fuel economy.

Copyright © 2014, McGraw Hill Financial 16

 Crude oil Marketwire june 10, 2014

Subscriber notes (PGA page 1500)

Glencore to join Platts Asia crude has increased the ratio of the net price differences between include short option delivery. Platts continues to reflect
product paper, naphtha physical MOC these grades and the most competitive grade of crude CIF Rotterdam as the basis for the Northwest European
Glencore Singapore Pte Ltd has advised Platts it among Brent, Forties, Oseberg and Ekofisk. The ratio has Urals assessment, and may normalize bids, offers and
intends to take part in the Asian Platts Market on Close been increased to 60% of the net difference, up from trades including short-options back to this standard as
assessment process for the naphtha physical, naphtha, 50% in its previous calculation process. Platts believes appropriate. Please send any comments or questions to
crude oil, fuel oil, gasoil, jet fuel and mogas paper that increasing the ratio will increase the likelihood that [email protected] and [email protected]. For
markets. All expressions of interest to trade will be Oseberg and Ekofisk cargoes will be readily deliverable written comments, please provide a clear indication if
published as Glencore Singapore Pte Ltd. Platts welcomes into BFOE nominations, and further increase their comments are not intended for publication by Platts for
all feedback. Platts considers bids, offers and transactions relevance to the Dated Brent assessment process. public viewing. Platts will consider all comments received
by all credible and creditworthy parties in its assessment QP THRESHOLD: Platts has revised the thresholds applied and will make comments not marked as confidential
procedures. For comments and feedback, please contact for minimum QPs to ensure that the lowest QP for available upon request
Platts editors at [email protected] with a cc to Oseberg and Ekofisk can be 25 cents/barrel, or else a QP
[email protected] of zero is published. Under its revised calculations, a QP Platts adds new Bakken assessment to PGA page 260
of zero would be announced if 60% of the observed price Please note that Platts has added its new Bakken crude
Platts announces Oseberg, Ekofisk difference equates to less than a net 25 cents/b. This means oil assessment to Platts Global Alert page 260, “Platts US
crude QPs for June-loading cargoes that if 60% of the observed premium leads to a value of Shale Assessments,” with effect from May 22, 2014. This
Effective May 1, 2014, the North Sea Oseberg crude less than 25 cents/b, a QP of zero would be published. assessment, which was launched April 22, also appears on
Quality Premium for June-loading cargoes will be $0.7383/ ANNOUNCEMENT OF QPS: Platts will continue to PGA pages 210, “Platts Americas Key Crude Benchmark
barrel. The North Sea Ekofisk crude Quality Premium for announce QPs on the first publishing day of each month, Assessments,” and PGA page 214, “Platts US Crude
June-loading cargoes will be $0.6098/barrel. The month- a month prior to the escalators coming into effect. Platts Assessments.” It is databased with symbol AAXPP00.
ahead Ekofisk and Oseberg QPs can be found on Platts has made available a Question & Answer document in Please send comments and feedback to [email protected].
Global Alert pages 1210 and 1212, in the Crude Oil English, Russian and Mandarin that further elaborates
Marketwire and under codes AAXDZ00 and AAXDX00, on commonly raised questions from all respondents on Platts to change date range
respectively. The current-month QPs can be found on the its Dated Brent homepage at http://platts.com/price- for WAF crude assessments
same page and under codes AAXDY00 and AAXDW00, assessments/oil/dated-brent. Please send any comments Platts to change date range for WAF crude assessments
respectively. Under its updated methodology, effective and queries to [email protected] and pricegroup@ Effective July 1, 2014 and following an extensive review
May 1, Quality Premiums are calculated for Oseberg platts.com. For written comments, please provide a clear process, Platts confirms that it will adjust the range
and Ekofisk using one month of data, compared to indication if comments are not intended for publication of loading dates reflected in its West African crude
two months of data in the previous methodology. For by Platts for public viewing. Platts will consider all assessments to reflect the value of cargoes loading 25-55
example, the QP announced on May 1 reflects assessments comments received and will make comments not marked days forward from the date of publication, further forward
conducted from April 1 to April 30 inclusive. Platts as confidential available upon request. than the current 15-45 days forward currently reflected.
believes that this will make QPs more responsive to, and The decision to reflect 25-55 days forward and the
more reflective of, current price trends in the physical Clarification of short options implementation date of July 1 were both amended from
markets. Platts notes that a full month of assessment for Urals CIF Rotterdam cargoes the original proposal of 30-60 days forward, originally
data typically embraces more than 40 loading days in Platts considers bids and offers for Urals CIF Rotterdam planned to be effective April 1, in Platts initial proposals
the North Sea dated cargo crude oil market. A month of crude cargoes which can include provisions for short- published on June 11, 2013. At the same time, Platts will
data, coupled with a calculation ratio, should therefore options within the Platts Market On Close assessment assess all its West African crude assessments on a pricing
continue to appropriately mitigate the potential impact of process. Platts recognizes that a proportion of Urals strip reflecting five days after Bill of Lading pricing,
maintenance programs, while preserving Platts core aim cargoes loaded within the Baltic Sea are delivered to ports commensurate with Platts view of how the Nigerian,
of ensuring that QPs appropriately represent a prevailing within the Baltic area. These include, but are not limited Angolan and Congolese crude markets price. All Platts
value of crude for prompt physical delivery. to, Brofjorden, Butinge, Gdansk, Gothenburg, Porvoo West African crude differentials will be published as a
CALCULATION METHODOLOGY: In this update, Platts and Rostock. Platts will publish bids and offers that differential to this Strip, which will be called the “30-60

Copyright © 2014, McGraw Hill Financial 17

 Crude oil Marketwire june 10, 2014

Subscriber notes (PGA page 1500)

Day Dated Strip,” which will reflect forward Dated Brent be best practice. Platts reserves the right not to publish on PGA page 1287 — which will continue to carry
30-60 days ahead of the day of publication. All outright indications to trade that do not meet the above conditions. rationales for benchmark Urals assessments and the Med
West African crude assessments will be the sum of the Dated Brent Strip. Please send comments and feedback to
individual crude’s differential to Dated Brent loading 30-60 Platts to keep Forties de-escalator [email protected].
days ahead of the day of publication and the 30-60 Day for June unchanged at $0.30/barrel
Dated Strip. The West African Strip, on which Nigerian and Effective June 1, the sulfur de-escalator to be applied to Platts to discontinue Lower Zakum,
Congolese crudes are currently assessed, currently reflects Forties cargoes and related instruments in the Platts North Umm Shaif assessments from Aug 1
18-48 days ahead, in line with pricing reflecting three days Sea assessment process will be $0.30/barrel per 0.1% weight Following feedback on a proposal to discontinue
after Bill of Lading. The Angolan Strip, on which Angolan of sulfur over the 0.6% wt standard, unchanged from May assessments of Abu Dhabi’s Umm Shaif and Lower Zakum
are currently assessed, currently reflects 15-45 days ahead, 2014. The de-escalator should apply to cargoes loading crude grades announced on April 7, 2014, Platts confirms
in line with pricing reflecting 2-1-2 around Bill of Lading. from June 1, 2014. Platts has assessed this de-escalator level that it will discontinue assessments of these grades from
The West African Strip (AALDH00) will be discontinued after reviewing the differential between low and high-sulfur August 1, 2014. In addition, associated assessments
January 2, 2015, and the Angolan Strip (AALGM00) will products, as well as the difference in value between North for each of the grades will be discontinued, including
continue to be published under the new name of 15-45 Sea crudes and comparable heavy, sourer crudes such as yields, netbacks, margins and monthly averages. Both
Day Dated strip effective July 1. Please send further Urals. A rationale for this decision will be available shortly Umm Shaif and Lower Zakum will have been blended
comments and feedback to [email protected] and on the Platts website, www.platts.com. Platts guidelines together by Abu Dhabi National Oil Corp. to form the
[email protected]. For written comments, please for its sulfur de-escalator use three significant figures for new Das Blend crude, which Platts started assessing May
provide a clear indication if comments are not intended determination of sulfur-related payment. The test reflecting 2, 2014. The Umm Shaif and Lower Zakum assessments
for publication by Platts for public viewing. Platts will this figure should be the ASTM-D2622. Forties cargoes and are currently published on Platts Global Alert pages 2220,
consider all comments received and will make comments all related instruments, including BFOE cash forwards, 2222 and 1051, and in the Crude Oil Marketwire. The
not marked as confidential available upon request. bid or offered through the Platts system must adhere to Lower Zakum assessments are published in the Platts
this standard. In addition, Platts will publish the sulfur assessment database under codes AAKNN00 and AAKUF00,
Full clarity of indications in Europe MOC de-escalator, representing the dollar value per 0.1% weight and AAIOT00 and AAILA00 for the monthly OSP of the
Platts editorial processes require full clarity when of sulfur, in its crude oil publications. Please send comments grade. For Umm Shaif, the daily assessments of the grade
communicating bids/offers and intentions to trade. When to [email protected] and [email protected]. are published under the codes AAOUO00 and AAOUP00,
expressing an intention to hit a bid or lift an offer in with AAIOU00 and AAILB00 for the monthly OSP of the
the European Market On Close assessment processes any Platts to create ESPO crude rationale page on PGA grade. Please send feedback to [email protected] and
message should include the specific price of the trade and Platts plans to create a new page on Platts Global Alert [email protected]. For written comments, please
the name of the counterparty. Wide laycan dates should also to carry the assessment rationale describing its daily provide a clear indication if comments are not intended
be narrowed by the buyer/seller where applicable. In the case ESPO crude oil assessment from London with effect from for publication by Platts for public viewing. Platts will
of middle distillate barges, buyers should provide the volume June 2, 2014. Under this change, the existing rationale consider all comments received and will make comments
at the time of lifting an offer, e.g.: “Buyer 1 wants Seller 1 for ESPO FOB Kozmino Mo01 London (AARWD00) will not marked as confidential available to the public upon
ULSD barge offer at September +$25/mt for 2kt”, would appear on PGA page 1286. The rationale currently appears request.

Copyright © 2014, McGraw Hill Financial 18

 Crude oil Marketwire june 10, 2014

US and Caribbean Yields and Netbacks Effective June 10, 2014 ($/barrel)
Caribbean Winter Specifications (PGA page 802) Caribbean Winter Specifications (PGA page 804)

Crack Yield Freight Crack Netback Spot Price Crack Margin Coke Yield Freight Coke Netback Spot Price Coke Margin
Arab Berri TYAAH00 108.19 TDDAH00 1.37 TNAAH00 106.82 AAXCT00 108.230 TNAAHMR -1.410 Arab Berri TYAAF00 109.97 TDDAH00 1.37 TNAAF00 108.60 AAXCT00 108.230 TNAAFMR 0.370
Arab Heavy TYABB00 101.93 TDDAP00 1.46 TNABB00 100.47 AAXDI00 102.780 TNABBMR -2.310 Arab Heavy TYAAZ00 104.05 TDDAP00 1.46 TNAAZ00 102.59 AAXDI00 102.780 TNAAZMR -0.190
Arab Light TYABZ00 105.97 TDDAX00 1.40 TNABZ00 104.57 AAXCU00 106.580 TNABZMR -2.010 Arab Light TYABX00 106.76 TDDAX00 1.40 TNABX00 105.36 AAXCU00 106.580 TNABXMR -1.220
Arab Medium TYADF00 103.30 TDDBF00 1.43 TNADF00 101.87 AAXDN00 104.330 TNADFMR -2.460 Arab Medium TYADD00 104.86 TDDBF00 1.43 TNADD00 103.43 AAXDN00 104.330 TNADDMR -0.900
Basrah Light TYAFV00 105.59 TDDBV00 1.11 TNAFV00 104.48 AAXDO00 100.590 TNAFVMR 3.890 Basrah Light TYAFT00 106.72 TDDBV00 1.11 TNAFT00 105.61 AAXDO00 100.590 TNAFTMR 5.020
BCF 22 TYAET00 102.52 TDDBN00 0.34 TNAET00 102.18 BCF 22 TYAER00 105.57 TDDBN00 0.34 TNAER00 105.23
BCF 24 TYAFF00 102.29 TDDBQ00 0.34 TNAFF00 101.95 BCF 24 TYAFD00 107.60 TDDBQ00 0.34 TNAFD00 107.26
Bonny Light TYAGN00 113.29 TDDEV00 1.57 TNAGN00 111.72 PCAIC00 111.280 TNAGNMR 0.440
Brass River TYAGZ00 109.07 TDDEW00 1.72 TNAGZ00 107.35 AAEJB00 110.520 TNAGZMR -3.170
Brent TYAHL00 109.47 TDDCE00 0.86 TNAHL00 108.61 PCAAS00 109.075 TNAHLMR -0.465 Brent TYAHJ00 111.14 TDDCE00 0.86 TNAHJ00 110.28 PCAAS00 109.075 TNAHJMR 1.205
Cabinda TYAHX00 110.23 TDDCI00 1.66 TNAHX00 108.57 PCAFD00 107.660 TNAHXMR 0.910 Cabinda TYAHV00 110.78 TDDCI00 1.66 TNAHV00 109.12 PCAFD00 107.660 TNAHVMR 1.460
Escalante TYAKE00 105.62 TDDEY00 3.49 TNAKE00 102.13 PCAGC00 101.205 TNAKEMR 0.925 Escalante TYAKC00 109.07 TDDEY00 3.49 TNAKC00 105.58 PCAGC00 101.205 TNAKCMR 4.375
Forcados TYAKT00 113.29 TDDFA00 1.57 TNAKT00 111.72 PCABC00 111.900 TNAKTMR -0.180
Isthmus TYAMN00 108.01 TDDDK00 0.75 TNAMN00 107.26 PDATO09 106.180 TNAMNMR 1.080 Isthmus TYAML00 108.25 TDDDK00 0.75 TNAML00 107.50 PDATO09 106.180 TNAMLMR 1.320
Kuwait TYAND00 103.89 TDDDO00 1.42 TNAND00 102.47 AAXDQ00 104.725 TNANDMR -2.255 Kuwait TYANB00 105.53 TDDDO00 1.42 TNANB00 104.11 AAXDQ00 104.725 TNANBMR -0.615
Maya TYAOF00 95.94 TDDDR00 0.78 TNAOF00 95.16 PDATS09 97.930 TNAOFMR -2.770 Maya TYAOD00 101.04 TDDDR00 0.78 TNAOD00 100.26 PDATS09 97.930 TNAODMR 2.330
Merey TYAOV00 98.06 TDDDU00 0.36 TNAOV00 97.70 Merey TYAOT00 101.06 TDDDU00 0.36 TNAOT00 100.70
Mesa TYAPD00 108.08 TDDFB00 0.33 TNAPD00 107.75 AAITB00 105.355 TNAPDMR 2.395 Mesa TYAPB00 107.02 TDDFB00 0.33 TNAPB00 106.69 AAITB00 105.355 TNAPBMR 1.335
Olmeca TYAQB00 107.88 TDDEA00 0.74 TNAQB00 107.14 PDATT09 107.890 TNAQBMR -0.750 Olmeca TYAPZ00 108.76 TDDEA00 0.74 TNAPZ00 108.02 PDATT09 107.890 TNAPZMR 0.130
Statfjord TYASJ00 109.66 TDDEM00 1.27 TNASJ00 108.39 AASAS00 110.615 TNASJMR -2.225 Statfjord TYASH00 110.47 TDDEM00 1.27 TNASH00 109.20 AASAS00 110.615 TNASHMR -1.415
Troll TYATD00 112.28 TDDER00 1.33 TNATD00 110.95 AAWEX00 112.365 TNATDMR -1.415 Troll TYATB00 114.95 TDDER00 1.33 TNATB00 113.62 AAWEX00 112.365 TNATBMR 1.255

US Atlantic Coast Winter Specifications (PGA page 810) US Atlantic Coast Winter Specifications (PGA page 812)

Crack Yield Freight Crack Netback Spot Price Crack Margin Coke Yield Freight Coke Netback Spot Price Coke Margin
Arab Heavy TYABN00 106.54 TDDAM00 1.62 TNABN00 104.92 AAXDI00 102.780 TNABNMR 2.140 Arab Heavy TYABL00 109.06 TDDAM00 1.62 TNABL00 107.44 AAXDI00 102.780 TNABLMR 4.660
Arab Light TYACL00 109.87 TDDAU00 1.55 TNACL00 108.32 AAXCU00 106.580 TNACLMR 1.740 Arab Light TYACJ00 111.48 TDDAU00 1.55 TNACJ00 109.93 AAXCU00 106.580 TNACJMR 3.350
Arab Medium TYADR00 107.16 TDDBC00 1.58 TNADR00 105.58 AAXDN00 104.330 TNADRMR 1.250 Arab Medium TYADP00 109.72 TDDBC00 1.58 TNADP00 108.14 AAXDN00 104.330 TNADPMR 3.810
Bakken TYASE00 113.57 TDDRN00 14.00 TNASE00 99.57 AASRU00 97.090 TNASEMR 2.480
Bonny Light TYAGP00 117.44 TDDBZ00 1.89 TNAGP00 115.55 PCAIC00 111.280 TNAGPMR 4.270
Brass River TYAHB00 114.63 TDDEW00 1.72 TNAHB00 112.91 AAEJB00 110.520 TNAHBMR 2.390
Brent TYAHP00 112.80 TDDCC00 0.96 TNAHP00 111.84 PCAAS00 109.075 TNAHPMR 2.765 Brent TYAHN00 114.69 TDDCC00 0.96 TNAHN00 113.73 PCAAS00 109.075 TNAHNMR 4.655
Cabinda TYAIB00 113.67 TDDCH00 1.99 TNAIB00 111.68 PCAFD00 107.660 TNAIBMR 4.020 Cabinda TYAHZ00 115.74 TDDCH00 1.99 TNAHZ00 113.75 PCAFD00 107.660 TNAHZMR 6.090
Ekofisk TYAKB00 114.10 TDDCS00 0.97 TNAKB00 113.13 PCADI00 109.930 TNAKBMR 3.200 Ekofisk TYAJZ00 115.57 TDDCS00 0.97 TNAJZ00 114.60 PCADI00 109.930 TNAJZMR 4.670
Forcados TYAKV00 118.11 TDDDA00 1.81 TNAKV00 116.30 PCABC00 111.900 TNAKVMR 4.400
Gullfaks TYALP00 115.70 TDDDB00 0.98 TNALP00 114.72 AASAU00 112.315 TNALPMR 2.405 Gullfaks TYALN00 117.70 TDDDB00 0.98 TNALN00 116.72 AASAU00 112.315 TNALNMR 4.405
Hibernia TYALT00 113.02 TDDDE00 1.09 TNALT00 111.93 AAJKK00 110.290 TNALTMR 1.640 Hibernia TYALR00 115.33 TDDDE00 1.09 TNALR00 114.24 AAJKK00 110.290 TNALRMR 3.950
Oriente TYAQR00 108.45 TDDED00 2.09 TNAQR00 106.36 PCADE00 97.280 TNAQRMR 9.080 Oriente TYAQP00 109.64 TDDED00 2.09 TNAQP00 107.55 PCADE00 97.280 TNAQPMR 10.270
Statfjord TYASN00 114.13 TDDEL00 1.13 TNASN00 113.00 AASAS00 110.615 TNASNMR 2.385 Statfjord TYASL00 115.44 TDDEL00 1.13 TNASL00 114.31 AASAS00 110.615 TNASLMR 3.695
Troll TYATH00 117.65 TDDEQ00 1.01 TNATH00 116.64 AAWEX00 112.365 TNATHMR 4.275 Troll TYATF00 121.01 TDDEQ00 1.01 TNATF00 120.00 AAWEX00 112.365 TNATFMR 7.635

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 Crude oil Marketwire june 10, 2014

US Yields and Netbacks ($/barrel)

US Midwest Winter Specifications (PGA page 820) US Midwest Winter Specifications (PGA page 822)

Crack Yield Freight Crack Netback Spot Price Crack Margin Coke Yield Freight Coke Netback Spot Price Coke Margin
Arab Berri TYAAP00 122.21 TDDAD00 2.52 TNAAP00 119.69 AAXCT00 108.230 TNAAPMR 11.460 Arab Berri TYAAN00 125.25 TDDAD00 2.52 TNAAN00 122.73 AAXCT00 108.230 TNAANMR 14.500
Arab Light TYACT00 116.69 TDDAS00 2.55 TNACT00 114.14 AAXCU00 106.580 TNACTMR 7.560 Arab Light TYACR00 121.50 TDDAS00 2.55 TNACR00 118.95 AAXCU00 106.580 TNACRMR 12.370
Bakken TYASA00 122.77 TDDRO00 1.60 TNASA00 121.17 AASRU00 97.090 TNASAMR 24.080
Bow River TYAGV00 123.67 TDDRL00 4.03 TNAGV00 119.64
LLS TYANT00 126.00 TDDQV00 0.96 TNANT00 125.04 PCABN00 107.280 TNANTMR 17.760 LLS TYANR00 127.83 TDDQV00 0.96 TNANR00 126.87 PCABN00 107.280 TNANRMR 19.590
Mixed Lt Sour TYAPX00 118.24 TDDQZ00 3.86 TNAPX00 114.38 AALRX00 94.440 TNAPXMR 19.940 Mixed Lt Sour TYAPV00 121.04 TDDQZ00 3.86 TNAPV00 117.18 AALRX00 94.440 TNAPVMR 22.740
Mixed Lt Sweet TYAQZ00 124.12 TDDRA00 3.58 TNAQZ00 120.54 AALRR00 95.940 TNAQZMR 24.600 Mixed Lt Sweet TYAQX00 126.23 TDDRA00 3.58 TNAQX00 122.65 AALRR00 95.940 TNAQXMR 26.710
Syncrude TYAUR00 125.79 TDDFP00 3.58 TNAUR00 122.21 AASOK00 100.840 TNAURMR 21.370
WCS TYAVG00 114.45 TDDRL00 4.03 TNAVG00 110.42 AAPPN00 83.990 TNAVGMR 26.430
WTI TYAUB00 122.20 TDDRG00 1.44 TNAUB00 120.76 PCACG00 104.380 TNAUBMR 16.380 WTI TYATZ00 124.52 TDDRG00 1.44 TNATZ00 123.08 PCACG00 104.380 TNATZMR 18.700
WTS TYAUJ00 121.21 TDDRI00 2.16 TNAUJ00 119.05 PCACK00 100.880 TNAUJMR 18.170 WTS TYAUH00 124.62 TDDRI00 2.16 TNAUH00 122.46 PCACK00 100.880 TNAUHMR 21.580

US Gulf Coast Winter specifications (PGA page 830) US Gulf Coast Winter specifications (PGA page 832)

Crack Yield Freight Crack Netback Spot Price Crack Margin Coke Yield Freight Coke Netback Spot Price Coke Margin
Arab Berri TYAAL00 117.74 TDDAC00 1.25 TNAAL00 116.49 AAXCT00 108.230 TNAALMR 8.260 Arab Berri TYAAJ00 116.54 TDDAC00 1.25 TNAAJ00 115.29 AAXCT00 108.230 TNAAJMR 7.060
Arab Heavy TYABR00 109.08 TDDAJ00 1.34 TNABR00 107.74 AAXDI00 102.780 TNABRMR 4.960 Arab Heavy TYABP00 109.91 TDDAJ00 1.34 TNABP00 108.57 AAXDI00 102.780 TNABPMR 5.790
Arab Light TYACP00 113.52 TDDAR00 1.28 TNACP00 112.24 AAXCU00 106.580 TNACPMR 5.660 Arab Light TYACN00 113.06 TDDAR00 1.28 TNACN00 111.78 AAXCU00 106.580 TNACNMR 5.200
Arab Medium TYADV00 110.62 TDDAZ00 1.30 TNADV00 109.32 AAXDN00 104.330 TNADVMR 4.990 Arab Medium TYADT00 111.83 TDDAZ00 1.30 TNADT00 110.53 AAXDN00 104.330 TNADTMR 6.200
Bakken TYASG00 118.39 TDDRP00 13.00 TNASG00 105.39 AASRU00 97.090 TNASGMR 8.300
Basrah Light TYAGD00 113.33 TDDBS00 1.52 TNAGD00 111.81 AAXDO00 100.590 TNAGDMR 11.220 Basrah Light TYAGB00 113.53 TDDBS00 1.52 TNAGB00 112.01 AAXDO00 100.590 TNAGBMR 11.420
BCF 22 TYAFB00 109.65 TDDBL00 1.45 TNAFB00 108.20 BCF 22 TYAEZ00 111.90 TDDBL00 1.45 TNAEZ00 110.45
BCF 24 TYAFJ00 111.77 TDDBO00 1.44 TNAFJ00 110.33 BCF 24 TYAFH00 112.29 TDDBO00 1.44 TNAFH00 110.85
Bonny Light TYAGR00 120.45 TDDBX00 1.69 TNAGR00 118.76 PCAIC00 111.280 TNAGRMR 7.480
Brass River TYAHD00 115.63 TDDCA00 1.54 TNAHD00 114.09 AAEJB00 110.520 TNAHDMR 3.570
Brent TYAHT00 117.43 TDDCB00 1.34 TNAHT00 116.09 PCAAS00 109.075 TNAHTMR 7.015 Brent TYAHR00 116.38 TDDCB00 1.34 TNAHR00 115.04 PCAAS00 109.075 TNAHRMR 5.965
Cabinda TYAIF00 116.29 TDDCF00 2.25 TNAIF00 114.04 PCAFD00 107.660 TNAIFMR 6.380 Cabinda TYAID00 116.03 TDDCF00 2.25 TNAID00 113.78 PCAFD00 107.660 TNAIDMR 6.120
Eagle Ford TYASC00 114.28 TDDRQ00 1.31 TNASC00 112.97 AAYAJ00 106.770 TNASCMR 6.200
Escalante TYAKJ00 111.98 TDDCV00 4.48 TNAKJ00 107.50 PCAGC00 101.205 TNAKJMR 6.295 Escalante TYAKH00 112.51 TDDCV00 4.48 TNAKH00 108.03 PCAGC00 101.205 TNAKHMR 6.825
Forcados TYAKX00 121.18 TDDCY00 1.63 TNAKX00 119.55 PCABC00 111.900 TNAKXMR 7.650
Isthmus TYAMR00 116.18 TDDDJ00 0.72 TNAMR00 115.46 PDATO09 106.180 TNAMRMR 9.280 Isthmus TYAMP00 115.45 TDDDJ00 0.72 TNAMP00 114.73 PDATO09 106.180 TNAMPMR 8.550
Kuwait TYANL00 112.26 TDDDL00 1.30 TNANL00 110.96 AAXDQ00 104.725 TNANLMR 6.235 Kuwait TYANJ00 111.59 TDDDL00 1.30 TNANJ00 110.29 AAXDQ00 104.725 TNANJMR 5.565
LLS TYANP00 120.13 TDDQW00 0.99 TNANP00 119.14 PCABN00 107.280 TNANPMR 11.860 LLS TYANN00 118.55 TDDQW00 0.99 TNANN00 117.56 PCABN00 107.280 TNANNMR 10.280
Marlim TYAUG00 111.60 TDDGK00 1.48 TNAUG00 110.12 AAITF00 100.605 TNAUGMR 9.515 Marlim TYAUE00 112.73 TDDGK00 1.48 TNAUE00 111.25 AAITF00 100.605 TNAUEMR 10.645
Mars TYAOB00 112.11 TDDQY00 1.01 TNAOB00 111.10 AAMBR00 103.330 TNAOBMR 7.770 Mars TYANZ00 113.08 TDDQY00 1.01 TNANZ00 112.07 AAMBR00 103.330 TNANZMR 8.740
Maya TYAOJ00 102.27 TDDDP00 0.74 TNAOJ00 101.53 PDATS09 97.930 TNAOJMR 3.600 Maya TYAOH00 106.25 TDDDP00 0.74 TNAOH00 105.51 PDATS09 97.930 TNAOHMR 7.580
Merey TYAOZ00 105.54 TDDDT00 1.52 TNAOZ00 104.02 Merey TYAOX00 108.15 TDDDT00 1.52 TNAOX00 106.63
Mesa TYAPL00 115.52 TDDDV00 1.38 TNAPL00 114.14 AAITB00 105.355 TNAPLMR 8.785 Mesa TYAPJ00 114.37 TDDDV00 1.38 TNAPJ00 112.99 AAITB00 105.355 TNAPJMR 7.635
Olmeca TYAQF00 116.97 TDDDY00 0.72 TNAQF00 116.25 PDATT09 107.890 TNAQFMR 8.360 Olmeca TYAQD00 116.32 TDDDY00 0.72 TNAQD00 115.60 PDATT09 105.355 TNAQDMR 7.710
Saharan Blend TYAVB00 114.59 TDDRD00 1.75 TNAVB00 112.84 AAGZY00 109.460 TNAVBMR 3.380
Statfjord TYASR00 117.63 TDDEN00 1.35 TNASR00 116.28 AASAS00 110.615 TNASRMR 5.665 Statfjord TYASP00 116.27 TDDEN00 1.35 TNASP00 114.92 AASAS00 110.615 TNASPMR 4.305
Troll TYATL00 121.47 TDDEP00 1.42 TNATL00 120.05 AAWEX00 112.365 TNATLMR 7.685 Troll TYATJ00 120.83 TDDEP00 1.42 TNATJ00 119.41 AAWEX00 112.365 TNATJMR 7.045
Urals TYAUK00 114.75 TDDFM00 1.63 TNAUK00 113.12 AAWVH00 104.550 TNAUKMR 8.570 Urals TYAUI00 114.76 TDDFM00 1.63 TNAUI00 113.13 AAWVH00 104.550 TNAUIMR 8.580
WCS TYASI00 106.74 TDDRS00 10.80 TNASI00 95.94 AAPPN00 83.990 TNASIMR 11.950
WTI TYATX00 116.93 TDDRH00 4.00 TNATX00 112.93 PCACG00 104.380 TNATXMR 8.550 WTI TYATV00 115.84 TDDRH00 4.00 TNATV00 111.84 PCACG00 104.380 TNATVMR 7.460
WTS TYAUF00 116.74 TDDRJ00 4.72 TNAUF00 112.02 PCACK00 100.880 TNAUFMR 11.140 WTS TYAUD00 116.22 TDDRJ00 4.72 TNAUD00 111.50 PCACK00 100.880 TNAUDMR 10.620

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 Crude oil Marketwire june 10, 2014

US Yields and Netbacks ($/barrel)

US West Coast Winter specifications (PGA page 840) US West Coast Winter specifications (PGA page 842)

Crack Yield Freight Crack Netback Spot Price Crack Margin Coke Yield Freight Coke Netback Spot Price Coke Margin
ANS TYAAD00 111.89 TDDGL00 0.00 TNAAD00 111.89 PCAAD00 107.470 TNAADMR 4.420 ANS TYAAB00 117.19 TDDGL00 0.00 TNAAB00 117.19 PCAAD00 107.470 TNAABMR 9.720
Arab Berri TYAAT00 115.77 TDDAE00 2.06 TNAAT00 113.71 AAXCT00 108.230 TNAATMR 5.480 Arab Berri TYAAR00 118.70 TDDAE00 2.06 TNAAR00 116.64 AAXCT00 108.230 TNAARMR 8.410
Arab Light TYACX00 110.90 TDDAT00 2.10 TNACX00 108.80 AAXCU00 106.580 TNACXMR 2.220 Arab Light TYACV00 116.63 TDDAT00 2.10 TNACV00 114.53 AAXCU00 106.580 TNACVMR 7.950
Arab Medium TYADY00 107.35 TDDBB00 2.14 TNADY00 105.21 AAXDN00 104.330 TNADYMR 0.880 Arab Medium TYADY00 107.35 TDDBB00 2.14 TNADW00 105.21 AAXDN00 104.330 TNADWMR 0.880
Bakken TYASK00 116.05 TDDRT00 13.00 TNASK00 103.05 AASRU00 97.090 TNASKMR 5.960
Basrah Light TYAGL00 111.04 TDDBW00 2.08 TNAGL00 108.96 AAXDO00 100.590 TNAGLMR 8.370 Basrah Light TYAGJ00 115.90 TDDBW00 2.08 TNAGJ00 113.82 AAXDO00 100.590 TNAGJMR 13.230
Escalante TYAKN00 106.57 TDDCW00 6.90 TNAKN00 99.67 PCAGC00 101.205 TNAKNMR -1.535 Escalante TYAKL00 115.99 TDDCW00 6.90 TNAKL00 109.09 PCAGC00 101.205 TNAKLMR 7.885
Kern River TYAMV00 110.89 TDDGM00 1.38 TNAMV00 109.51 PCABJ00 99.120 TNAMVMR 10.390 Kern River TYAMT00 119.70 TDDGM00 1.38 TNAMT00 118.32 PCABJ00 99.120 TNAMTMR 19.200
Line 63 TYANX00 111.66 TDDGN00 0.14 TNANX00 111.52 PCABM00 106.870 TNANXMR 4.650 Line 63 TYANV00 119.57 TDDGN00 0.14 TNANV00 119.43 PCABM00 106.870 TNANVMR 12.560
Marlim TYAVC00 110.45 TDDQX00 8.28 TNAVC00 102.17 AAITF00 100.605 TNAVCMR 1.565 Marlim TYAVC00 110.45 TDDQX00 8.28 TNAVD00 102.17 AAITF00 100.605 TNAVDMR 1.565
Minas TYATC00 116.35 TDDGO00 4.15 TNATC00 112.20 PCABO00 112.740 TNATCMR -0.540 Minas TYATA00 122.32 TDDGO00 4.15 TNATA00 118.17 PCABO00 112.740 TNATAMR 5.430
Mixed Lt Sweet TYARD00 122.44 TDDGP00 2.64 TNARD00 119.80 AALRR00 95.940 TNARDMR 23.860 Mixed Lt Sweet TYARB00 123.86 TDDGP00 2.64 TNARB00 121.22 AALRR00 95.940 TNARBMR 25.280
Oriente TYAQV00 112.86 TDDEC00 3.02 TNAQV00 109.84 PCADE00 97.280 TNAQVMR 12.560 Oriente TYAQT00 117.14 TDDEC00 3.02 TNAQT00 114.12 PCADE00 97.280 TNAQTMR 16.840
Thums TYASZ00 110.75 TDDGQ00 0.00 TNASZ00 110.75 PCACD00 103.970 TNASZMR 6.780 Thums TYASX00 117.08 TDDGQ00 0.00 TNASX00 117.08 PCACD00 103.970 TNASXMR 13.110

European Yields and Netbacks Effective June 10, 2014 ($/barrel)

Northwest Europe Winter Specifications (PGA page 1810) Northwest Europe Winter Specifications (PGA page 1812)

Crack Yield Freight Crack Netback Spot Price Crack Margin Visbreak Yield Freight Visbreak Netback Spot Price Visbreak Margin
Arab Heavy** TYAAV00 105.30 TDDAN00 1.03 TNAAV00 104.27 AAXDH00 103.470 TNAAVMR 1.370 Arab Heavy** TYAAX00 102.68 TDDAN00 1.03 TNAAX00 101.65 AAXDH00 103.470 TNAAXMR -1.280
Arab Light** TYABT00 109.03 TDDAV00 0.98 TNABT00 108.05 AAXDK00 107.170 TNABTMR 1.440 Arab Light** TYABV00 106.63 TDDAV00 0.98 TNABV00 105.65 AAXDK00 107.170 TNABVMR -0.940
Arab Medium** TYACZ00 106.10 TDDBD00 1.00 TNACZ00 105.10 AAXDM00 105.220 TNACZMR 0.450 Arab Medium** TYADB00 103.88 TDDBD00 1.00 TNADB00 102.88 AAXDM00 105.220 TNADBMR -1.770
Azeri Light TYAEB00 113.78 TDDBI00 1.51 TNAEB00 112.27 AAGZX00 111.690 TNAEBMR 0.580 Azeri Light TYAED00 110.17 TDDBI00 1.51 TNAED00 108.66 AAGZX00 111.690 TNAEDMR -3.030
Basrah Light TYAFP00 109.02 TDDBU00 1.44 TNAFP00 107.58 AAXDO00 100.590 TNAFPMR 6.990 Basrah Light TYAFR00 106.15 TDDBU00 1.44 TNAFR00 104.71 AAXDO00 100.590 TNAFRMR 4.120
Brass River TYATS00 113.09 TDDRE00 1.65 TNATS00 111.44 AAEJB00 110.520 TNATSMR 0.920
Brent TYAHF00 111.82 TDDCD00 0.94 TNAHF00 110.88 PCAAS00 109.075 TNAHFMR 1.805 Brent TYAHH00 108.91 TDDCD00 0.94 TNAHH00 107.97 PCAAS00 109.075 TNAHHMR -1.105
Cabinda TYAVK00 111.08 TDDQR00 1.94 TNAVK00 109.14 PCAFD00 107.660 TNAVKMR 1.480
Ekofisk TYAJV00 112.38 TDDCT00 0.65 TNAJV00 111.73 PCADI00 109.930 TNAJVMR 1.800 Ekofisk TYAJX00 108.81 TDDCT00 0.65 TNAJX00 108.16 PCADI00 109.930 TNAJXMR -1.770
Flotta TYAKP00 109.76 TDDCX00 0.80 TNAKP00 108.96 PCACZ00 105.415 TNAKPMR 3.545 Flotta TYAKR00 106.66 TDDCX00 0.80 TNAKR00 105.86 PCACZ00 105.415 TNAKRMR 0.445
Forties TYALB00 109.95 TDDEZ00 0.95 TNALB00 109.00 PCADJ00 109.280 TNALBMR -0.280 Forties TYALD00 107.04 TDDEZ00 0.95 TNALD00 106.09 PCADJ00 109.280 TNALDMR -3.190
Gullfaks TYALF00 113.42 TDDDC00 0.82 TNALF00 112.60 AASAU00 112.315 TNALFMR 0.285 Gullfaks TYALH00 109.99 TDDDC00 0.82 TNALH00 109.17 AASAU00 112.315 TNALHMR -3.145
Hungo TYAVI00 105.94 TDDQU00 1.96 TNAVI00 103.98 AASLJ00 106.420 TNAVIMR -2.440
Iran Heavy TYALV00 108.56 TDDDG00 1.37 TNALV00 107.19 PCABH00 105.430 TNALVMR 1.760 Iran Heavy TYALX00 105.65 TDDDG00 1.37 TNALX00 104.28 PCABH00 105.430 TNALXMR -1.150
Iran Light TYAMD00 110.49 TDDDI00 1.34 TNAMD00 109.15 PCABI00 107.180 TNAMDMR 1.970 Iran Light TYAMF00 107.34 TDDDI00 1.34 TNAMF00 106.00 PCABI00 107.180 TNAMFMR -1.180
Kirkuk TYATU00 109.35 TDDGH00 1.61 TNATU00 107.74 AAEJD00 104.960 TNATUMR 2.780
Kuwait TYAMX00 106.84 TDDDM00 1.02 TNAMX00 105.82 AAXDQ00 104.725 TNAMXMR 1.095 Kuwait TYAMZ00 104.00 TDDDM00 1.02 TNAMZ00 102.98 AAXDQ00 104.725 TNAMZMR -1.745
Murban TYATQ00 111.83 TDDRB00 0.94 TNATQ00 110.89 AAKNL00 108.400 TNATQMR 2.490
Oseberg TYAVJ00 113.77 TDDRC00 0.82 TNAVJ00 112.95 PCAEU00 109.885 TNAVJMR 3.065
Saharan Blend TYATY00 111.06 TDDGI00 1.03 TNATY00 110.03 AAGZY00 109.460 TNATYMR 0.570
Statfjord TYASD00 112.21 TDDEK00 0.68 TNASD00 111.53 AASAS00 110.615 TNASDMR 0.915 Statfjord TYASF00 108.84 TDDEK00 0.68 TNASF00 108.16 AASAS00 110.615 TNASFMR -2.455
Urals TYATN00 109.92 TDDET00 1.07 TNATN00 108.85 PCAFW00 105.520 TNATNMR 3.330 Urals TYATP00 106.51 TDDET00 1.07 TNATP00 105.44 PCAFW00 105.520 TNATPMR -0.080
Zuetina TYAUC00 113.12 TDDGJ00 1.18 TNAUC00 111.94 AAXDT00 109.375 TNAUCMR 2.565

Copyright © 2014, McGraw Hill Financial 21

 Crude oil Marketwire june 10, 2014

European Yields and Netbacks ($/barrel)

Italy Winter Specifications (PGA page 1820) Italy Winter Specifications (PGA page 1822)

Crack Yield Freight Crack Netback Spot Price Crack Margin Visbreak Yield Freight Visbreak Netback Spot Price Visbreak Margin
Arab Heavy** TYABD00 104.50 TDDAI00 1.67 TNABD00 102.83 AAXDH00 103.470 TNABDMR 0.170 Arab Heavy** TYABF00 101.75 TDDAI00 1.67 TNABF00 100.08 AAXDH00 103.470 TNABFMR -2.650
Arab Light** TYACB00 108.80 TDDAQ00 1.59 TNACB00 107.21 AAXDK00 107.170 TNACBMR 0.740 Arab Light** TYACD00 105.73 TDDAQ00 1.59 TNACD00 104.14 AAXDK00 107.170 TNACDMR -2.380
Arab Medium** TYADH00 105.90 TDDAY00 1.62 TNADH00 104.28 AAXDM00 105.220 TNADHMR -0.160 Arab Medium** TYADJ00 103.00 TDDAY00 1.62 TNADJ00 101.38 AAXDM00 105.220 TNADJMR -3.110
Azeri Light TYAEF00 113.43 TDDBH00 1.02 TNAEF00 112.41 AAGZX00 111.690 TNAEFMR 0.720 Azeri Light TYAEH00 109.71 TDDBH00 1.02 TNAEH00 108.69 AAGZX00 111.690 TNAEHMR -3.000
Basrah Light TYAFX00 108.35 TDDBR00 0.97 TNAFX00 107.38 AAXDO00 100.590 TNAFXMR 6.790 Basrah Light TYAFZ00 105.30 TDDBR00 0.97 TNAFZ00 104.33 AAXDO00 100.590 TNAFZMR 3.740
CPC Blend TYAVN00 109.91 TDDQT00 0.99 TNAVN00 108.92 AAGZU00 108.310 TNAVNMR 0.610
Es Sider TYAKD00 111.46 TDDCU00 0.63 TNAKD00 110.83 PCACO00 107.860 TNAKDMR 2.970 Es Sider TYAKF00 108.19 TDDCU00 0.63 TNAKF00 107.56 PCACO00 107.860 TNAKFMR -0.300
Iran Heavy TYALZ00 107.72 TDDDF00 0.76 TNALZ00 106.96 PCABH00 105.430 TNALZMR 1.530 Iran Heavy TYAMB00 104.77 TDDDF00 0.76 TNAMB00 104.01 PCABH00 105.430 TNAMBMR -1.420
Iran Light TYAMH00 109.59 TDDDH00 0.74 TNAMH00 108.85 PCABI00 107.180 TNAMHMR 1.670 Iran Light TYAMJ00 106.30 TDDDH00 0.74 TNAMJ00 105.56 PCABI00 107.180 TNAMJMR -1.620
Kirkuk TYAMU00 108.13 TDDFF00 0.93 TNAMU00 107.20 AAEJD00 104.960 TNAMUMR 2.240 Kirkuk TYAMW00 105.86 TDDFF00 0.93 TNAMW00 104.93 AAEJD00 104.960 TNAMWMR -0.030
Saharan Blend TYARO00 109.85 TDDFG00 0.52 TNARO00 109.33 AAGZY00 109.460 TNAROMR -0.130 Saharan Blend TYARQ00 107.88 TDDFG00 0.52 TNARQ00 107.36 AAGZY00 109.460 TNARQMR -2.100
Suez Blend TYAUO00 107.08 TDDRF00 0.76 TNAUO00 106.32 PCACA00 103.630 TNAUOMR 2.690 Suez Blend TYAUP00 103.86 TDDRF00 0.76 TNAUP00 103.10 PCACA00 103.630 TNAUPMR -0.530
Urals TYATR00 108.63 TDDES00 1.11 TNATR00 107.52 PCACE00 106.230 TNATRMR 1.290 Urals TYATT00 105.32 TDDES00 1.11 TNATT00 104.21 PCACE00 106.230 TNATTMR -2.020
Zuetina TYAUL00 112.20 TDDEU00 0.70 TNAUL00 111.50 AAXDT00 109.375 TNAULMR 2.125 Zuetina TYAUN00 109.22 TDDEU00 0.70 TNAUN00 108.52 AAXDT00 109.375 TNAUNMR -0.855
**Arab proxy spot values are calculated by adding monthly Saudi OSP differentials to daily numbers: ICE BWAVE for European OSPs (PGA1069), Mars for US OSPs (PGA1070) and Oman/Dubai average Asian OSPs (PGA1068). ICE BWAVE is published after current
day yields & netbacks are calculated. Therefore, Arab proxy spot prices and margins in Northwest Europe and Italy are effective the previous business day.

Asian Yields and Netbacks Effective June 10, 2014 ($/barrel)

Singapore Winter Specifications (PGA page 2810) Singapore Winter Specifications (PGA page 2812)

Crack Yield Freight Crack Netback Spot Price Crack Margin Visbreak Yield Freight Visbreak Netback Spot Price Visbreak Margin
Arab Heavy TYABH00 102.30 TDDAO00 0.85 TNABH00 101.45 AAXDG00 102.175 TNABHMR -0.725 Arab Heavy TYABJ00 98.86 TDDAO00 0.85 TNABJ00 98.01 AAXDG00 102.175 TNABJMR -4.165
Arab Light TYACF00 105.20 TDDAW00 0.81 TNACF00 104.39 AAXDJ00 107.375 TNACFMR -2.985 Arab Light TYACH00 101.27 TDDAW00 0.81 TNACH00 100.46 AAXDJ00 107.375 TNACHMR -6.915
Arab Medium TYADL00 103.25 TDDBE00 0.83 TNADL00 102.42 AAXDL00 105.175 TNADLMR -2.755 Arab Medium TYADN00 99.43 TDDBE00 0.83 TNADN00 98.60 AAXDL00 105.175 TNADNMR -6.575
Attaka TYADX00 110.21 TDDBG00 2.92 TNADX00 107.29 PCAAJ00 107.790 TNADXMR -0.500 Attaka TYADZ00 108.73 TDDBG00 2.92 TNADZ00 105.81 PCAAJ00 107.790 TNADZMR -1.980
Cabinda TYAVF00 106.09 TDDQS00 3.03 TNAVF00 103.06 PCAFD00 107.660 TNAVFMR -4.600
Dubai TYAJN00 106.29 TDDCQ00 0.77 TNAJN00 105.52 PCAAT00 105.700 TNAJNMR -0.180 Dubai TYAJP00 101.43 TDDCQ00 0.77 TNAJP00 100.66 PCAAT00 105.700 TNAJPMR -5.040
Duri TYAJR00 102.37 TDDCR00 1.48 TNAJR00 100.89 PCABA00 104.040 TNAJRMR -3.150 Duri TYAJT00 96.91 TDDCR00 1.48 TNAJT00 95.43 PCABA00 104.040 TNAJTMR -8.610
Kuwait TYANF00 103.67 TDDDN00 0.86 TNANF00 102.81 AAXDQ00 104.725 TNANFMR -1.915 Kuwait TYANH00 99.73 TDDDN00 0.86 TNANH00 98.87 AAXDQ00 104.725 TNANHMR -5.855
Lower Zakum TYANS00 106.52 TDDCQ00 0.77 TNANS00 105.75 AAKNN00 108.050 TNANSMR -2.300 Lower Zakum TYANU00 102.72 TDDCQ00 0.77 TNANU00 101.95 AAKNN00 108.050 TNANUMR -6.100
Minas TYAPR00 106.96 TDDDX00 1.35 TNAPR00 105.61 PCABO00 112.740 TNAPRMR -7.130 Minas TYAPT00 101.36 TDDDX00 1.35 TNAPT00 100.01 PCABO00 112.740 TNAPTMR -12.730
Murban TYAPY00 107.27 TDDCQ00 0.77 TNAPY00 106.50 AAKNL00 108.400 TNAPYMR -1.900 Murban TYAQA00 103.38 TDDCQ00 0.77 TNAQA00 102.61 AAKNL00 108.400 TNAQAMR -5.790
Oman TYAQL00 105.60 TDDEB00 0.71 TNAQL00 104.89 PCABS00 105.750 TNAQLMR -0.860 Oman TYAQN00 101.36 TDDEB00 0.71 TNAQN00 100.65 PCABS00 105.750 TNAQNMR -5.100
Qatar Land TYARA00 106.95 TDDBE00 0.83 TNARA00 106.12 AAKNP00 107.400 TNARAMR -1.280 Qatar Land TYARC00 102.80 TDDBE00 0.83 TNARC00 101.97 AAKNP00 107.400 TNARCMR -5.430
Qatar Marine TYARE00 106.82 TDDBE00 0.83 TNARE00 105.99 AAKNR00 105.500 TNAREMR 0.490 Qatar Marine TYARG00 102.73 TDDBE00 0.83 TNARG00 101.90 AAKNR00 105.500 TNARGMR -3.600
Tapis TYAST00 109.51 TDDEO00 1.30 TNAST00 108.21 PCACB00 112.500 TNASTMR -4.290 Tapis TYASV00 106.12 TDDEO00 1.30 TNASV00 104.82 PCACB00 112.500 TNASVMR -7.680
Umm Shaif TYATK00 105.33 TDDCQ00 0.77 TNATK00 104.56 AAOUO00 107.400 TNATKMR -2.840 Umm Shaif TYATM00 101.41 TDDCQ00 0.77 TNATM00 100.64 AAOUO00 107.400 TNATMMR -6.760

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