OILGRAM PRICE REPORT
Volume 93 / Number 187 / September 29, 2015 / Prices effective September 28, 2015
Citgo, Aruba deal comes on the heels of Monarch’s Hovensa offer
New York—Low crude prices have rekindled interest in reviving two mothballed refineries in the Caribbean,
the massive Hovensa plant on the US Virgin Islands and Valero’s 235,000 b/d Aruba refinery.
A source familiar with the Aruba deal said Friday a
memorandum of understanding was inked between the
government of Aruba and Citgo, a unit of Venezuela’s state
oil company PDVSA, to restart the plant. “The memorandum
was signed on September 22 in Houston between Citgo
CEO Nelson Martinez and [the] minister of energy and
environment of Aruba, Mike de Meza,” the source said.
No further details were provided, though the source said
the possibility of leasing the refinery is being contemplated.
PDVSA has such an agreement with the government of
neighboring Curacao for the Isla refinery there.
A spokesman for PDVSA said only that Citgo had not
yet made any announcement about a possible deal for the
Aruba refinery.
A Valero spokesman declined comment on the deal,
adding Valero still owns the refinery equipment.
“We have been working with the government to
explore options, including a sale, for several years,” Valero
spokesman Bill Day said via email. He said Valero ceased
production in 2012 because of very high operating costs
compared with more competitive Gulf Coast refineries.
The Aruba refinery was shut in part because it used
fuel oil to run process units, making it difficult to compete
with the much cheaper natural gas used by US refiners.
However, the price of a cargo of fuel oil into the Caribbean
has come down in line with crude prices. In 2011, it averaged
$89.75/b. So far in 2015, it has averaged $37.08/b, Platts
(continued on page 35)
Market analysis
International crude: Oman exports up despite output dip
Americas crude: Future of Arctic oil in doubt
Gasoline: Turnarounds pulling CBOB from USGC
Diesel: More arb cargoes headed to long NWE
Gasoil: Reverse arb opens from Europe to US
Jet: CAO, CPC in buying mood
Resid: Freight weakens ARA-Singapore arb
Feedstocks: East arb supports NWE naphtha
Gas liquids: NWE propane weak ahead of winter
Tankers : Asian VLCC market slowing
2
4
6
7
7
8
17
18
18
33
Refining margins analysis
Midwest strong on Chicago gasoline, BP Toledo work
31
News
Iran to launch new contract model this year
Russia votes against raising upstream tax
Refinery updates
34
35
37
ESPO FOB KOZMINO VS DUBAI
Oil futures weaken on falling Chinese profits, US equities rout
New York—Oil futures settled lower Monday as concerns
about the global economy were exacerbated by weak
Chinese industrial data and tumbling US equities.
NYMEX November crude settled down $1.27 at $44.43/b.
ICE November Brent settled $1.26 lower at $47.34/b.
In refined product activity, NYMEX October ULSD settled
4.53 cents lower at $1.4772/gal, while NYMEX October RBOB
settled down 4.71 cents at $1.3488/gal.
China’s industrial profits fell 8.8% year-on-year in
August, the National Bureau of Statistics said Monday.
US equity indexes were in the red Monday, with the Dow
Jones Industrial Average down 290 points at 16,024 in the
afternoon.
Inside this issue
Traders may have been focusing Monday on the
Chinese economic news, but the decline was also typical of
the market’s recent sideways direction, said Gene McGillian,
senior analyst at Tradition Energy.
“Overall, the market is seesawing around,” he said.
Front-month ICE Brent has ranged from roughly
$46/b-$50/b since the second week in September, while
NYMEX crude has been approximately $43/b-$48/b.
Refined product futures are trading “within striking
distance of another test of downside support,” analysts at
TAC Energy said in a morning note.
“RBOB needs to break below $1.30 or above $1.50 to
(continued on page 36)
3.0
($/barrel)
m1
m2
2.5
2.0
1.5
1.0
0.5
0.0
02-Jun
22-Jun
10-Jul
30-Jul
19-Aug 08-Sep
28-Sep
Source: Platts
www.platts.com
OIL
oilgram price report
Prices effective September 28, 2015
Market analysis
International crude
„„Brent/Dubai EFS bullish for Russian sweets
„„KRG-Ceyhan pipeline back on stream
„„CPC, Saharan remain supported
„„Asian end-users buying sweets ahead of winter
„„Angolan cargoes clearing
Oman exports up despite output dip
Oman’s August crude exports averaged 861,446 b/d, up
8.1% from July even as output dipped, Oil and Gas Ministry
data released Monday showed.
The lion’s share of of the sultanate’s crude exports
continued to flow to China, as has been the case for at least
two years, with Chinese buyers accounting for 81% of
August exports. The next two biggest importers that month
were Taiwan with a 7.4% share and Singapore with 5.6%.
Omani crude exports to China rose by nearly a quarter
month on month in August, making up much of the ground
lost last month, when crude volumes dispatched to China
slid from a two-year peak in June.
August exports of Omani crude to Taiwan and
ESPO FOB KOZMINO VS DUBAI
3.0
($/barrel)
m1
m2
2.5
2.0
1.5
1.0
0.5
0.0
02-Jun
22-Jun
10-Jul
30-Jul
19-Aug 08-Sep
Source: Platts
Copyright © 2015 McGraw Hill Financial
2
28-Sep
Singapore were also up from July, offsetting marked
declines in exports to Japan and Thailand.
Japan accounted for only 1.64% of Omani crude exports
for the month, down from 15.15% in July. However, the July
volume of 120,745 b/d was exceptional, as it was nearly
quadruple the 30,518 b/d average for January-August.
In general this year,the flow of Omani crude to Japan,
which was once consistently among the biggest imports of
the sultanate’s oil, has fluctuated widely from month to
month.
Similarly, Oman’s exports to South Korea have dwindled
in recent years and in August accounted for less than 2% of
the country’s total crude exports.
However, the 16,092 b/d dispatched to South Korea
during the month represented Oman’s first exports to the
Asia-Pacific country since February.
The ministry reported total Omani crude and condensate
production of 988,826 b/d in August, slightly off the record
high hit in July, which was the first month in the sultanate’s
history for which oil output had averaged over 1 million b/d.
Of the August total output, 90% was crude.
ESPO diffs surging
Market focus was on November-loading cargoes of Russian
ESPO blend crude this week with spot premiums for the
grade jumping sharply from last month.
A mid-November loading cargo of ESPO crude was
heard traded at a premium of close to $2/b to front-month
cash Dubai assessments.
Gazprom was also said to have sold an early November
cargo of ESPO at a premium of about $2/b to front-month
Dubai to a Chinese buyer but the details could not be
immediately verified.
Surgut was due to close a tender Monday offering two
ESPO cargoes for loading over November 12-16 and
November 15-19. Spot premiums for Dubai-linked ESPO
cargoes have surged this month as benchmark Dubai’s
discount to Brent widens and rising freight rates
encouraged refiners to buy shorter-haul cargoes.
Data inside this issue
Product price assessments
Asia9
Indonesia9
China9
Arab Gulf
9
Asia product premium/discount assessments
10
Platts Euro denominated product assessments
10
European bulk
10
West Africa products 10
New York/Boston
11
U.S. Buckeye pipeline
11
USAC CPL Linden*
11
U.S. Gulf Coast
12
West Coast pipeline
13
U.S. Gulf Coast pipeline cycles
13
West Coast waterborne
13
Group Three
14
Shale Value Chain assessments
14
Chicago pipeline
14
Atlantic resid/contract cargoes posted prices
14
Latin America
15
Caribbean cargoes
15
Caribbean product postings 15
15
Gas liquids US crude pipeline averages 26Aug15 – 25Sep15
19
Crude price assessments
Asia Pacific/Middle East spot crude assessments 20
International21
Asia 21
North Sea
21
London21
West Africa
21
Canada22
Mediterranean22
Platts Euro denominated crude oil assessments 22
Daily OPEC basket price 22
United States 23
US domestic crude assessments London close 23
Canadian spot crude assessments
23
Crude oil postings
24
Platts Index
24
Latin America crude 24
Spot tanker rates
25
Platts futures assessments Singapore MOC
25
Platts futures assessments
25
Futures settlements
26
Five-Day Rolling Averages
27
28
US wholesale posted prices effective Sep 28
US wholesale posted prices effective Sep 26
30
US Atlantic Coast Refining Margin Averages 32
US Gulf Coast Refining Margin Averages 32
US Midwest Refining Margin Averages 32
oilgram price report
Prices effective September 28, 2015
In China, commercial crude oil inventories edged down
0.12% at the end of August from a month earlier, China
Petroleum Stockpile Statistics compiled by state-owned news
agency Xinhua showed late Friday. In comparison, crude
stocks as of end-July had risen by 1.05% month on month.
The commercial crude oil inventory data excludes the
national Strategic Petroleum Reserves stocks, Xinhua
noted.
Kurdistan resumes Ceyhan exports
Crude oil flows from Iraqi Kurdistan to the Mediterranean port
of Ceyhan resumed Saturday, after a two-day pipeline outage,
the Kurdistan Regional Government said over the weekend.
The pumping of crude restarted at 3 pm (1200 GMT)
Saturday. The export pipeline was closed early Thursday as oil
thieves had struck the pipeline on the Turkish side, KRG’s
Ministry of Natural Resources said in a statement Saturday.
There are currently four vessels waiting to load crude
from Ceyhan, with the first in the queue since September
24, according to cFlow, Platts trade flow software.
The Iraq-Turkey line carries crude from the Taq Taq and
Tawke fields, as well as from the Khormala dome of the
Kirkuk field.
It also carries crude from the annexed Avana dome and
the Bai Hassan field, which were operated by Iraq’s North Oil
Company until June last year, when the so-called Islamic
State of Iraq and Syria swept across northern Iraq.
In addition to this oil, the Ceyhan volume transported by
the pipeline includes oil from the Baba dome of the Kirkuk
oil field and the adjacent Jumboor oil field that continue to
be operated by NOC.
The KRG has been ramping up its independent crude
exports over the past month, reaching more than 700,000
b/d in September, from about 391,000 b/d in August, data
from the Ceyhan terminal status reports showed.
The KRG confirmed in August that it had stopped handing
over its crude to Iraq’s State Oil Marketing Organization, or
SOMO, at Ceyhan and was instead marketing all of its crude
itself to compensate for budget shortfalls from Baghdad.
Copyright © 2015 McGraw Hill Financial
3
Kurdistan’s independent exports from Ceyhan could increase
to as much as 900,000 b/d by the end of the year, Delshad
Shaban, deputy head of the Kurdish parliament’s oil and gas
committee, told Turkey’s Anadolu Agency on September 22.
Naptha-rich CPC, Saharan in demand
Mediterranean CPC Blend and Saharan Blend differentials
were firmer at the beginning of the week on continued
buying interest for naphtha-rich grades, although some
sources felt demand could begin to recede soon.
October cargoes for CPC Blend were heard at Dated
Brent plus $0.80-$1.10/barrel Monday, despite a record
provisional loading program scheduled to load in October. A
final version, which could see yet more volume injected,
was expected to be released later this week.
Kazakhstan’s CPC Blend has been reportedly trading at
around seven-month highs versus Dated Brent over the
past 10 days, in part due to a stubbornly strong European
gasoline market in spite of a winding down of the peak
season, and demand for lighter grades to blend with Basrah
from Iraq, both Heavy and Light.
“Yes [strong naphtha cracks and Basrah blending has
been the major price driver]. But there is quite a lot of CPC
left for the second half of October. Let’s see if the strength
remains,” a trader said.
Meanwhile, Algeria’s state-owned oil and gas company
Sonatrach released a fresh official selling price for its
Saharan Blend crude oil loading in October, increasing the
price by $0.20/b from September to Dated Brent plus
$0.95/b, the highest since March and third straight month
the company has raised the OSP.
November cargoes for Saharan Blend were heard at
Dated Brent plus $0.80-$1.10/b Monday.
Asian sweets bid in local markets
The Asia-Pacific sweet crudes market remained upbeat
Monday with Brent’s widening premium over Dubai crude,
coupled with healthy light and middle distillate crack values
ESPO FOB KOZMINO VS DUBAI
3.0
($/barrel)
m1
m2
2.5
2.0
1.5
1.0
0.5
0.0
02-Jun
22-Jun
10-Jul
30-Jul
19-Aug 08-Sep
28-Sep
Source: Platts
boosting cash differentials for Far East Russian grades.
Recent trade levels on November-loading light sweet
Russian crude cargoes beat market expectations as a good
number of Asian end-users searched for crudes that can
produce plenty of gasoil and kerosene on expectations of
stronger demand for heating oil during winter.
India’s ONGC Videsh Ltd. was heard to have sold via tender
a 700,000-barrel cargo of Russian Sokol crude for loading
November 27-December 3 to Itochu at a premium of around
$4.30/b to the November average of Platts first-line Dubai and
Oman assessments, sharply higher than the $2.60-$3/b
premiums it received for October-loading cargoes last month.
This was also stronger than the $3.35/b premium
received for the November 14-20 loading cargo it sold
earlier this month.
Trader sources also indicated that Japanese
consortium Sodeco could have sold a cargo of Sokol crude
for loading in November 17-23 at a premium of $4/b or more
to Platts front-month Dubai crude assessments, CFR. The
buyer of the cargo could not immediately be identified.
“Freight rates in Europe, West Africa and the Middle East
are broadly on the rise again,” so supply from nearby
Kozmino will be the favored option of China, South Korea
and Japan, said a North Asian trader, adding that “wider
oilgram price report
Prices effective September 28, 2015
[Brent-Dubai] EFS [Exchange of Futures for Swaps] certainly
makes [Dubai-linked] Russian more attractive too.”
Sakhalin blend cargoes were similarly uplifted by
improving product margins, with premiums on the rise
despite a larger November program.
Russia’s Sakhalin Energy was heard to have cleared its
entire November program comprising five stems of 730,000
barrels loading November 17-24, November 23-30, November
29-December 6, December 6-13, and December 12-19.
The first cargo was offered via tender while the remaining
four were sold through private negotiations, market sources
said. Market talk indicated that the tendered cargo was sold
to a Japanese buyer at a premium of around $2.70/b to Platts
Dubai crude assessments, while the rest of the cargoes
traded at slightly lower premiums.
Full details of the buyers were not immediately known.
Last month, Sakhalin Energy sold four cargoes of
730,000 barrels each as part of its October loading program,
slightly less than November. Those cargoes reportedly went
at a premium in the low to mid $2s/b to Platts Dubai crude.
A Japanese buyer and Korean buyer picked up one
cargo each, with two cargoes sold to Chinese buyers,
market sources said earlier.
WAF heating up
Spot trading was starting to pick up for November crude
cargoes in West Africa, traders said Monday.
Angola’s trading schedule is typically earlier in the
month compared to Nigeria – mainly as a result of more of
its barrels typically being sold to Eastern buyers – and spot
market activity has now picked up after a lull during the
previous week, according to trading sources.
Around half of the November program remains, said
traders, with state-owned Sonangol understood to have
moved their two remaining Saturno cargoes.
“I’m not hugely concerned about the remainder – [high]
freight rates might have slowed it down but it looks like
December [refinery] runs will be quite high – but let’s wait
and see,” said one crude trader.
Copyright © 2015 McGraw Hill Financial
4
He added that some support could potentially come
from some of the small Chinese teapot refineries that were
recently permitted to source and buy their own crude oil
from the international traded market.
Levels were heard for several Angolan grades, with
Pazflor heard offered in a range of Dated Brent minus
$2.40/barrel and Dated Brent minus $2.30/b, while Dalia
was heard offered in a range of Dated Brent minus $2.65/b
and Dated Brent minus $2.50/b.
Those levels represent an improvement over deals
heard in recent weeks. Differentials for Pazflor and Dalia
have Dated Brent minus $3.30/b over the past 30 days.
In Nigeria, spot trading has continued to be slowed by
the “letter of comfort” issue where tankers entering into
Nigerian oil facilities are required to have these letters.
Certain shipowners have refused to sign the letters,
citing the vague language and legal issues relating to
“indemnity” found in the letter template.
“Negotiations have been led by the terminal operators
[with state-owned NNPC] in order to find some common
ground and hopefully this week the negotiations will do
that,” said a source close to the matter.
Nigerian November differentials have not yet been
affected by this issue, said a couple of traders, with value
heard to have moved sideways for most Nigerian grades.
Americas crude
„„USGC crudes rally
„„Tartaruga Verde test approved
Future of Arctic oil in doubt
Shell’s decision to abandon its exploration efforts offshore
Alaska will likely prevent oil and gas development in US
Arctic waters for decades and may, ultimately, block any
future drilling there, analysts and experts said on Monday.
“At some point, you’ve got to realize that there aren’t
commercial quantities [offshore Alaska] to justify the
costs,” said David Pursell, a managing director with Tudor,
Pickering, Holt & Co. “This is going to put a damper on
development there for quite awhile.”
David Hayes, former deputy secretary and chief operating
office at the US Department of Interior, said it could be 20
years or more before a producer returns to US Arctic waters.
“It may be never,” Hayes added.
On Monday, Shell announced that while it had found
“indications” of oil and gas in the exploratory well it had
drilled in the Burger J prospect in the Chukchi Sea, the
results “are not sufficient to warrant further exploration.”
The company said it would “cease further exploration
activity in offshore Alaska for the foreseeable future.”
The announcement effectively ended Shell’s more than
seven-year, $7 billion effort to drill in the Arctic, an effort
that has been plagued by court battles, environmental
protests and a series of missteps which included the 2012
grounding of its drilling rig.
It is also expected to end possible plans by other
producers, including ConocoPhillips and Statoil, that have
put their own Arctic drilling plans on hold as they closely
watched Shell’s progress in the Chukchi this drilling season.
Hayes called Shell’s announcement Monday a
“remarkable development” considering the amount of time
and money the company has poured into its Arctic plans.
In its statement, Shell said it was abandoning the Arctic
due to the results of the Burger J well, the project’s overall
high costs and “the challenging and unpredictable federal
regulatory environment in offshore Alaska.”
The company did not mention declining oil prices and
Shell officials have long maintained that oil prices were not
affecting its path in the Arctic, since production would likely
come more than a decade after an initial discovery.
“It may well be that there’s just not a lot of oil there,”
Hayes said.
Senator Lisa Murkowski, an Alaska Republican and
chairman of the Senate Energy and Natural Resources
Committee, blamed Obama administration regulations for
Shell’s decision, including an unwillingness to extend lease
terms and threats of future regulations.
“What we have here is a case in which a company’s
oilgram price report
Prices effective September 28, 2015
commercial efforts could not overcome a burdensome and
often contradictory regulatory environment,” Murkowski
said in a statement.
In March, the Obama administration unveiled proposed
Arctic-specific drilling regulations with new requirements
for oil spill response plans, access to source control and
containment equipment and relief rigs.
US crudes rebound
US Gulf Coast offshore crude differentials were on the
rebound Monday while Permian-based crudes continued to
be discounted amid a looming pipeline maintenance, Platts
data showed.
Plains All American Basin pipeline, which carries crudes
from the Permian basin crudes to Cushing, Oklahoma, is
expected to be shut during a 10-day maintenance period in
November causing WTI and WTS Midland barrels to be
discounted, market sources said Monday.
WTI crude ex-Midland, Texas, shed 30 cents/b to be
assessed at WTI cash plus 45 cents/b, trading during the
day between the assessed level and plus 50 cents/b,
according to sources. Buying interest for WTI Midland crude
on at plus 50 cents/b before the Platts close.
November WTI cash at Cushing was $1.01/b lower to be
assessed at $44.58/b, following crude futures as concerns
about the global economy were exacerbated by weak
Chinese industrial data and tumbling US equities. The WTI
cash market contango steepened to 43 cents/b amid a
brand new cash trading month, while the November BrentWTI spread narrowed 12 cents/b to $2.82/b.
Midland quality WTI crude grade at Houston terminals
added 35 cents/b to be assessed at front-month WTI cash
plus $1.30/b, after trading a plus $1.25/b during the day
and buying interest being shown there by the Platts close.
The Midland-Houston spread widened by 65 cents/b to 85
cents/b.
Meanwhile, offshore grade Light Louisiana Sweet
added 17 cents/b to be assessed at WTI cash plus $3/b
after trading multiple times between the assessed level
Copyright © 2015 McGraw Hill Financial
5
at plus $2.95/b, with selling interest shown at plus
$3.05/b and buying interest left at plus $2.95/b,
sources said.
The LLS market structure flipped back to a
10-cent/b contango as LLS jumped back into a premium
to the nearby ICE Brent futures contract to plus 18
cents/b. The LLS-HLS spread narrowed by $1.18/b to
$1.30/b while the LLS-Mars spread narrowed by 33
cents/b to $6.20/b. The LLS-LHS spread narrowed by 18
cents/b to $1.70/b.
Heavy Louisiana Sweet jumped $1.35/b to be assessed at
WTI cash plus $1.70/b, where it traded. HLS was left bid at plus
$1.45/b and offered at plus $1.80/b before the Platts close.
Medium sour Mars added 50 cents/b to be assessed at
WTI cash minus $3.20/b with its backwardation widened by
10 cents/b to 20 cents/b. Mars traded five times between at
WTI cash minus $3.25/b and minus $3.15/b trading last at
minus $3.25/b. Mars was left bid at minus $3.25/b and
offered at minus $3.15/b before the Platts close.
Poseidon also added 50 cents/b to be assessed at WTI
cash minus $3.50/b, buoyed by Mars as the Poseidon-Mars
spread remained 30 cents/b. Poseidon was left bid at Mars
minus 50 cents/b and offered at minus 20 cents/b.
Thunder Horse jumped $1.45/b to be assessed at WTI
cash minus $1.05/b. The Thunder Horse-Mars spread
widened by 95 cents/b to $2.15/b.
Southern Green Canyon added 15 cents/b to be
assessed at WTI cash minus $2.40/b. The SGC-Mars spread
narrowed by 35 cents/b to 80 cents/b. SGC was left bid at
Mars plus 75 cents/b and offered at WTI cash minus $2.10/b.
WTS at Midland lost 85 cents/b to be assessed at WTI
cash plus $1/b. The WTS market backwardation narrowed
by 85 cents/b to 45 cents/b.
Brazil advances Tartaruga Verde
Brazil’s National Petroleum Agency (ANP) has approved an
early production test at the Tartaruga Verde Field,
according to minutes from the regulator’s September 10
board meeting.
Under terms of the test, Petrobras will be allowed to
produce crude oil and natural gas from the 9-BRSA-1099RJS well for up to 180 days, the ANP said.
The test will provide Petrobras data that will be used
to design the full production system at the field, which
is expected to start in 2017 under the company’s 20152019 investment plan. The development of Tartaruga the
projects maintained under the revised investment plan
that aims to boost oil output to 2.8 million b/d by 2020.
Tartaruga Verde is estimated to hold recoverable
reserves of 230 million barrels of oil equivalent, while
Tartaruga Mestica is pegged at 121 million boe, according to
Petrobras. Petrobras declared the fields commercially
viable for development in December 2012.
Modec and Schahin Group were hired to build and
operate the FPSO Cidade de Campos das Goytacazes MV29
floating production, storage and offloading vessel for the
field under a 20-year contract. The FPSO will have installed
capacity to produce 150,000 b/d of crude and 5 million cubic
meters/d of natural gas.
The two fields were also among the first to be covered
by Individual Production Agreements, or AIPs, after
Petrobras unitized the fields in negotiations with Pre-Sal
Petroleo SA, the government company created to manage
the Brazilian government’s stake in subsalt fields. The
agreement was signed in October 2014.
A portion of the Tartaruga Mestica Field sits in the
BM-C-36 block in Brazil’s offshore Campos Basin, but part
of the field extends beyond the borders of the block into
Brazil’s subsalt polygon, where development can occur only
under production-sharing agreements. Petrobras owns
100% of the block.
Latin cargoes loading
Mexico’s state-owned Pemex is scheduled to load two
Aframax-sized cargoes of Maya around October 1 to the US
Gulf Coast for Hunt Petroleum.
The calculated price for that 22 API, 3.3% sulfur crude
was $38.01/b, $1.31 lower than Friday.
oilgram price report
Prices effective September 28, 2015
Meanwhile, Castilla Blend from Colombia, a
competitor of Maya, rose in line with second-month Mars
and was assessed Monday at the Latin ICE strip minus
$11.25/b, or $37.065/b, up 5 cents in differential and
down $1.02 outright.
A $3.15 spread was maintained between Vasconia and
Castilla Blend, another Colombian crude.
Vasconia was assessed at the ICE Latin strip minus
$8.10/b, also 5 cents higher in differential. Clearlake,
Gunvor’s shipping arm, was set to load a Suezmax-sized
cargo of Colombian crude from Covenas for delivery to
Chiriqui Grande, Panama.
The crude will then be transported through the
Petroterminal de Panama pipeline for loading from the
Pacific port of Puerto Armuelles.
Gunvor maintains storage capacity at the termination
point of the pipeline. Colombian exports can move from
Covenas through the Panama Canal, or through the PTP
pipeline, which runs from Chiriqui Grande to a Pacific
terminal near the Carco Azul Bay, where crude can be
loaded on vessels.
Typically, cargoes of Vasconia crude are exported on
Aframax-sized ships, while Castilla Blend is usually loaded
on Suezmax-sized ships to Chiriqui Grande, Panama.
Gasoline
Turnarounds pulling CBOB from USGC
Increasingly more buyers are looking to the US Gulf Coast
gasoline market for CBOB resupply on the backdrop of an
already tight supply situation as many refineries enter
turnaround or struggle with problems.
The latest entrants to the crowded market of CBOB
buyers come from East Coast Canada.
The Irving Oil refinery in Saint John, New Brunswick,
traditionally supplies East Coast Canada with gasoline, but
the start of a turnaround September 16 has led market
participants to source barrels in both the US Gulf Coast and
Atlantic Coast markets.
Copyright © 2015 McGraw Hill Financial
6
“I think the strength of naphtha recently has been one
of the reasons [driving CBOB values higher], and I think the
demand into Canada is another as four cargoes at least
have moved from the US Gulf Coast to Canada – and that’s
all CBOB,” a Gulf Coast trading source said Monday.
The cash price for Platts-specification heavy naphtha – a
common grade used for gasoline blending – was assessed
Monday at waterborne USGC unleaded gasoline minus 14.45
cents/gal, up 38.95 cents after reaching a multi-year low July
8. A deal for high-octane reformate was last heard at gasoline
plus 60 cents/gal, its highest differential since August 24.
“With [catalytic crackers] and some reformers down,
[refineries] tend to hang on to what they have and don’t
offer as they blend gasoline with these products for their
own purposes,” one trader said.
But the recent rise in Gulf Coast CBOB values has led
Canadian buyers to source barrels more in the nearby New
York Harbor market, the trading source added.
Gulf Coast CBOB (A3) outright values have recovered
from the summer 2015 lows of $1.1890/gal, assessed
September 14, to close at $1.3559/gal Monday.
Significantly, the strength in CBOB also has collapsed the
spread between CBOB and conventional gasoline. In August,
conventional gasoline averaged around a 10 cent/gal
premium over CBOB, but conventional gasoline was assessed
at a 25-point discount to CBOB Monday afternoon.
The US Midwest also continues to pull CBOB from the
Gulf Coast. The following refineries are either undergoing
planned maintenance or experiencing production issues:
Wood River (336,000 b/d), Robinson (212,000 b/d),
Catlettsburg (242,000 b/d), Ponca City (190,000 b/d).
At the same time, Gulf Coast CBOB production has
slipped in recent weeks as many refineries enter planned
turnarounds or experience production blips.
ExxonMobil’s 345,000 b/d Beaumont refinery’s fluid
catalytic cracking unit restarted over the weekend following
an upset that lasted about four days.
“Operations at the Beaumont refinery are normal,”
ExxonMobil spokesman Todd Spitler said in a comment that
was emailed Monday.
NWE weakening as USAC arb closed
The Northwest European gasoline complex continued to
weaken Monday, under pressure from further drops in the
RBOB/Brent spread.
“The arbitrage to the US is closed,” said a trading source.
This was at the core of the fall in NWE Eurobob gasoline
barge prices, which were heard trading at around the $1/mt
premium mark compared to the October EBOB swap.
“In NWE and the US, there is weakness...it’s the effect of
winter-grade gasoline,” said a source as demand for this
spec appeared to weaken.
A slowdown in West African importers’ buying appetite
exacerbated the bearish feel, with the buying spree of the
last few weeks to supply Nigeria petered out.
“Everyone is waiting for the Q4 [import allocations],”
said a source, adding this was hitting values for blending
grades of naphtha and catgas, two principal components
for WAF-grade gasoline.
However, high-octane blending components continued
to be strong, with high-RON reformate heard pegged at a
$80/mt premium to October Eurobob gasoline pricing, on
the back of sustained Asian demand as the region’s refinery
maintenance continued.
In the Mediterranean, the market appeared balanced,
maintaining a premium to NWE EBOB barges. Relative
support continued to derive from the arbitrage to the
Persian Gulf. Also renewed demand into North Africa around
higher-Reid Vapor Pressure spec could be supporting the
Med complex, according to sources.
However, rising freight rates could hit the workability of
the arbitrage to the Persian Gulf, sources said.
“Freights are skyrocketing and arb economics are
affected,” said a source.
PetroSA looking to buy
South Africa’s PetroSA is seeking 15,000 mt of 102 RON
reformate for delivery into Mossel Bay over November 6-9.
The tender closes September 29 with validity till
October 1. Platts previously reported PetroSA’s tender to
oilgram price report
Prices effective September 28, 2015
buy 19,000 mt of the grade for May 18-22 delivery into the
same port. The result of that tender could not be
confirmed.
Kenya’s Oil Industry Pipeline Co-ordination Secretariat
bought 201,077 mt of 93 RON gasoline through a tender
won by Gapco. The first three cargoes – two 58,000 mt and
one 53,000 mt – will be delivered into Kipevu Oil Storage
Facility or Kenya Petroleum Refineries Limited over
November 9-11, 21-23 and December 1-3.
The fourth 32,077-mt cargo will be delivered into
Shimanzi oil terminals over November 5-8.
The cargoes changed hands at $27.12-$38.04/mt to
Mean of Platts Mediterranean Premium Unleaded 10 ppm
gasoline assessments, CFR basis.
Kenya last bought 201,800 mt of 93 RON gasoline for
delivery to the same terminals at Mombasa over September
and October at premiums ranging between $8.58/mt and
$23.65/mt to the same Platts assessments.
The sellers were Total and Gapco.
Correction
In the September 30, 2015 Oilgram Price Report, Volume 93,
Number 188 (prices effective September 29, 2015), under Crude
Price Assessments, Asia Pacific/Middle East spot crude
assessments Labuan should have read as follows: Assessment
(Asian MOC), 50.61-50.65; Mid, 50.630; Diff to Dated Brent (Asian
MOC), Mid, 3.100; and Assessment (London MOC), Mid, 51.230.
In the September 30, 2015 Oilgram Price Report, Volume 93,
Number 188 (prices effective September 29, 2015), under Crude
Price Assessments, International Crude, should have read as
follows: Brent (DTD), 47.58-47.59; Mid, 47.585; DTD NSL, 47.5847.59; Mid, 47.585; Oseberg, 48.62-48.63; Mid, 48.625; Ekofisk,
48.14-48.16; Mid, 48.150.
In the September 30, 2015 Oilgram Price Report, Volume 93, Number
188 (prices effective September 29, 2015), under Crude Price
Assessments, International Crude, Spread vs fwd DTD Brent should
have read as follows: Dated Brent Diff, -0.11–0.09; Mid, -0.100;
Oseberg, 0.93-0.95; Mid, 0.940; Ekofisk, 0.46-0.47; Mid, 0.465.
Copyright © 2015 McGraw Hill Financial
7
Taiwan’s Formosa closed a tender Friday to buy 15,000
mt of 100 RON reformate. The cargo will be delivered into
Mailiao over November 11-20.
An unknown seller offered the cargo at a premium of
around $19-$20/b to the Mean of Platts Singapore 92 RON
gasoline assessments on a CFR basis, market sources said.
The seller could be a Japanese player, a trading source said.
Closing date of this tender was extended from
September 24. Formosa’s previous tender for the grade
sought the same volume for delivery over September 16-25.
Diesel
More arb cargoes headed to long NWE
Values were still under pressure Monday in the European
diesel market, where heavy supplies remain to be cleared.
Large volumes on route from the US were giving no
sign of improvement as some 735,000 mt of distillates
arrival in Europe in October, according to cFlow, Platts
trade flow software.
This volume estimate – based on the vessels’ deadweight tonnage – is split onto 18 vessels, most of which are
likely to carry diesel.
“Last week, the arb was open and a lot of vessels were
fixed,” a market source said. “So [freight] rates shot up,
which prompted some to say the arb was shutting. But the
way we see it is, this means a lot of ships got booked and a
lot of oil is coming.”
Trading sources said as much as 1.4 million-1.6 million
mt of distillates – mostly diesel – could come from the
USGC to Europe in October, which compares with 1.53
million mt in September.
“Some don’t want to show [their arbitrage cargo]
because they are terrified by how long the market is,” the
source said. “But they end up showing it because they have
to [if they want to place it].”
The source added that the upcoming release of the
Primorsk loading program was spurring sellers to place
their barrels to avoid competing with new Russian volumes.
Refinery issues boost Chicago diffs
A falling underlying futures contract movement resulted in
diesel differentials getting stronger across the board,
however, much of the action was seen in Chicago.
The benchmark Chicago ULSD cash differential jumped
6.5 cents on the day to be assessed at a 10.25-cent
premium to the November futures contract. This is the
highest the cash differential has been since August 11.
Market talk on Monday focused on regional refinery
issues weighing on inventories. Phillips 66, the operator of
the 336,000 b/d Wood River refinery in Illinois, was heard to
be in the spot market for immediate spot supply.
Over the weekend, Phillips 66 shut a 49,000 b/d
hydrocracker, several market sources said Monday.
Additionally, barrels from the West Shore Pipeline were
heard to trade at parity to Buckeye Complex barrels, indicating
buyers are willing to accept any terminal available with barrels.
“More buyers than sellers is why,” a Chicago ULSD
trader said.
Gasoil
Reverse arb opens from Europe to US
An export avenue for high sulfur gasoil cargoes between
Europe and the US Atlantic Coast appeared workable
Friday, according to traders, with a number of cargoes
heard on subjects over the coming days.
With Asian gasoil barrels proving a competitive source for
West African short positions over the past couple of weeks,
exporting Northwest European gasoil barrels to the US may
provide some relief to the distillate stocks being accrued in
the Amsterdam-Rotterdam-Antwerp hub, sources said.
According to shipping sources, four vessels were
heard on subjects Friday for journeys between the
UK-Continent and the USAC: Vitol was heard to have the
Mt George Jacobs, Ploutos and Lorelei each for 60,000 mt
gasoil with ARA-TA options at Worldscale 80 Friday, while
Statoil was heard to have the 75,568 DWT Qi Lin Zuo
currently heading for New York Harbor, having departed
oilgram price report
Prices effective September 28, 2015
Zeeland, Flushing three days ago, Platts trade flow
software cFlow showed.
Vitol declined to comment on the matter, and Statoil
wasn’t available for comment.
Platts assessed clean freight rates for 60,000 mt
cargoes between UKC and the US Atlantic coast at year,
supporting the arbitrage window.
Platts assessed the US Atlantic Coast heating oil
differential down 1 cent/gal at NYMEX October ULSD futures
minus 10.25 cents/gal Monday.
Freight rates on the UKC-USAC route were primarily
impacted by the closure of the physical gasoline arbitrage
from Northwest Europe to the US Atlantic Coast, which has
been marginal for the last few weeks.
“LRs have been employed to load gasoil ex-UKC where
the expected destination is the US Atlantic Coast. While
that trade lane is normally reserved for MRs carrying
gasoline, we can only presume that these stems are
moving in anticipation of heating oil demand for the
upcoming winter season,” a shipbroker said Friday.
Hainan exports strong
State-owned China Petroleum and Chemical Corp. or
Sinopec’s 9.2 million mt/year Hainan refinery plans to
export around 100,000 mt of gasoil in September, up from
80,000 mt in August.
The refinery has been allocated a total oil products
export quota of 1.02 million mt for the fourth quarter of
2015, comprising 400,000 mt of jet fuel, 350,000 mt of
gasoil and 270,000 mt of gasoline, according to sources.
The vessel Chrysanthemum is at Ulsan, with 80,000 mt
of gasoil, and the Ocean Sunrise also at Ulsan, is to be
loaded with 30,000 mt of gasoil. Both vessels are headed
for Singapore, according to cFlow, Platts trade flow
software.
In tender news, Malaysia’s Petco was heard to have sold
10 ppm sulfur gasoil for loading over October 13-15 at a
premium of 60-70 cents/b to Mean of Platts Singapore
gasoil assessments, on a FOB basis.
Over in Kenya, the Oil Industry Pipeline Co-ordination
Secretariat bought 306,757 mt of 50 ppm sulfur gasoil for
Oilgram Price Report is published every business day in New York and Houston by
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Oilgram Price Report
Volume 93 / Number 187 / September 29, 2015
ISSN# 0163-1292
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delivery over October-December at premiums ranging
from $24.96/mt to $54/mt to Mean of Platts Arab Gulf
gasoil assessments on a CFR basis.
Jet
„„CAO doubling down on jet
„„Gulf Coast buyers come out
CAO, CPC in buying mood
Sentiment in the Asia-Pacific jet/kerosene market
continued to strengthen Monday as inter-month time
spreads suggested that a pick up in demand lay ahead.
October/November timespreads for jet/kero FOB weeks,
reaching a four-month peak of minus $0.47/barrel at last
Friday’s close.
Sources says the tightening stems from expectations of
winter stockpiling in North Asian countries.
(continued on page 16)
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Copyright © 2015 by Platts, McGraw Hill Financial
oilgram price report
Prices effective September 28, 2015
Product Price Assessments
Asia, Sep 28
China, Sep 28 (PGA page 2010)
MidChange
Singapore (PGA page 2002)
($/barrel)
Naphtha
PAAAP0047.38–47.42 47.400
+0.470
Jet kerosene
PJABF0058.57–58.61 58.590
-0.190
Gasoil POABC0058.75–58.79 58.770
-0.380
Gasoil 10 ppm
AAOVC0059.96–60.00 59.980
-0.430
Gasoil 50 ppm
AAPPF0059.79–59.83 59.810
-0.430
Gasoil 0.05% S
AAFEX0058.75–58.79 58.770
-0.380
Gasoil 0.25% S
AACUE0058.23–58.27 58.250
-0.390
Gasoil 50 ppm disc/prem
AAPPH000.80–0.84 0.820
-0.020
Mogas 92 unl
PGAEY0062.21–62.25 62.230
+0.310
Mogas 95 unl
PGAEZ0065.66–65.70 65.680
+0.310
Mogas 97 unl
PGAMS0068.25–68.29 68.270
+0.310
CFR Naphtha
AAOVF00 48.700
+0.460
Naphtha pap. (bal month)
AAPLD00
NA–NA
NANANA
Naphtha pap. (NA)
PAAAQ0046.88–46.92 46.900
+0.500
Naphtha pap. (NA)
PAAAR0046.58–46.62 46.600
+0.400
Kerosene pap. (bal month)
AAPLE00
NA–NA
NANANA
Kerosene pap. (NA)
PJABS0059.53–59.57 59.550
-0.250
Kerosene pap. (NA)
PJABT0059.99–60.03 60.010
-0.260
Gasoil pap. (bal month)
AAPLF00
NA–NA
NANANA
Gasoil pap. (NA)
POAFC0058.93–58.97 58.950
-0.430
Gasoil pap. (NA)
POAFG0059.20–59.24 59.220
-0.390
Singapore (PGA pages 2002 & 2655)
($/mt)
FO 180 CST 2%
PUAXS00 239.13–239.17239.150+0.010
HSFO 180 CST
PUADV00 233.87–233.91233.890+0.010
180 CST disc/premium
AAGZF00-4.78–-4.74 -4.760
-0.030
HSFO 380 CST
PPXDK00 227.04–227.08227.060 -0.460
HSFO 180 CST pap. (bal month)
AAPML00
NA–NA
NANANA
HSFO 180 CST pap. (NA)
PUAXZ00 237.73–237.77237.750 -0.500
HSFO 180 CST pap. (NA)
PUAYF00 243.23–243.27243.250 -0.450
MTBE
PHALF00 696.50–698.50697.500+3.500
C&F Japan (PGA page 2006)
($/barrel)
Jet kerosene
PJAAN0060.40–60.44 60.420
-0.220
Mogas unl
PGACW0064.76–64.80 64.780
+0.310
Gasoil POABF0061.29–61.33 61.310
-0.470
($/mt)
Naphtha
PAAAD00 443.50–446.25444.875+4.250
Nph 1st 1/2 Nov
PAAAE00 448.50–449.00448.750+4.250
Nph 2nd 1/2 Nov
PAAAF00 445.75–446.25446.000+4.250
Nph 1st 1/2 Dec
PAAAG00 443.50–444.00443.750+4.250
HSFO 180 CST
PUACJ00 248.26–248.30248.280+0.010
C+F Australia (PGA page 2004)
($/barrel)
Mogas 92 unl
AACZF0067.07–67.11 67.090
+0.310
Mogas 95 unl
AACZH0070.52–70.56 70.540
+0.310
Jet kerosene
AAFIY0063.80–63.84 63.820
-0.190
Gasoil 10 ppm
AAQUD0065.51–65.55 65.530
-0.430
($/mt)
Copyright © 2015 McGraw Hill Financial
9
MidChange
South China FOB
Unl 90 RON
Unl 93 RON
AAICU00 525.25–529.25527.250+2.750
AAICW00 533.75–537.75535.750+2.750
South China, C&F
Jet kerosene
Gasoil 0.2%
Gasoil
PJABQ00 474.25–478.25476.250 -1.500
AALEK00 437.00–441.00439.000 -3.250
POAFA00 440.50–444.50442.500 -3.250
Hong Kong
Fuel oil 180 CST
Fuel oil 380 CST
PUACC00 250.50–251.50251.000 -1.500
PUAER00 244.00–245.00244.500 -2.000
Arab Gulf, FOB, Sep 28 (PGA page 2004)
($/mt)
MidChange
Naphtha
Naphtha LR2
HSFO 180 CST
HSFO 380 CST
($/barrel)
PAAAA00 414.03–416.78415.405+4.250
95 RON unleaded
Kerosene
Kerosene LR2
Gasoil 10 ppm
Gasoil 0.05% S
Gasoil 0.25% S
Gasoil
Gasoil LR2
AAICY0062.86–62.90 62.880
+0.310
AAIDA00 419.07–421.82420.445+4.250
PUABE00 220.04–220.08220.060+0.010
AAIDC00 213.21–213.25213.230 -0.460
PJAAA0056.38–56.42 56.400
-0.190
AAKNZ0056.63–56.67 56.650
-0.190
AAIDT0057.73–57.77 57.750
-0.380
AAFEZ0056.43–56.47 56.450
-0.380
AACUA0055.58–55.62 55.600
-0.380
POAAT0056.43–56.47 56.450
-0.380
AAKBT0056.69–56.73 56.710
-0.380
Indonesia, Sep 28 (PGA page 2516)
($/barrel)
FOB Indonesia
MidChange
LSWR mixed/cracked
PPAPU0039.85–39.89 39.8700.000
Spot prem/disc
AAHXR004.76–4.80 4.780
0.000
LSWR mixed/cracked
oilgram price report
Prices effective September 28, 2015
Product Price Assessments
Asia product premium/discount assessments
European bulk, Sep 28
Sep 28
MOP* Singapore (PGA page 2002)
($/mt)
Mid
Change
($/barrel)
Jet
PJACU00-1.06/-1.02
Gasoil 0.25% S
AACQI00-0.76/-0.72
Gasoil
POAIC00-0.24/-0.20
Naphtha
PAADC000.35/0.45
CFR Naphtha
AAOVG00
($/mt)
380 CST
PPXDL00-4.97/-4.93
MOP* Arab Gulf (PGA page 2004)
($/barrel)
Jet
PJACV001.43/1.47
Gasoil 10 ppm AAIDU002.83/2.87
Gasoil 0.25% S
AACUC000.68/0.72
Gasoil
POAID001.53/1.57
380 CST**
PPXDM00-6.85/-6.81
($/mt)
HSFO 180 CST
AAXJA001.75/2.25
HSFO 380 CST
AAXJB001.75/2.25
MOP* Japan (PGA page 2006)
Cargoes FOB Med basis Italy
Cargoes CIF Med basis Genoa/Lavera
AAWZA00479.75–480.25
480.000-10.250
AAWZB00 491.75–492.25492.000 -9.750
Prem unl 10 ppm
Naphtha physical
PAAAI00380.00–380.50
380.250-10.000
PAAAH00 395.50–396.00395.750 -9.750
Jet av. fuel
AAIDL00444.00–444.50
444.250-11.750
AAZBN00 466.75–467.25467.000-11.000
ULSD 10 ppm
AAWYY00448.00–448.50
448.250-10.000
AAWYZ00 462.50–463.00462.750 -9.500
Gasoil 0.1%
AAVJI00435.50–436.00
435.750 -9.750
AAVJJ00 451.75–452.25452.000 -9.250
1% fuel oil
PUAAK00208.00–208.50
208.250 -6.000
PUAAJ00 218.00–218.50218.250 -6.000
3.5% fuel oil
PUAAZ00203.75–204.25
204.000 -6.000
PUAAY00 213.75–214.25214.000 -6.000
-4.950+1.090
(PGA page 1110)
1.450 0.000
2.850 0.000
0.700 0.000
1.550 0.000
-6.830 -0.470
2.000 0.000
2.000 0.000
AARBQ00513.750
+2.640
AAQWI00536.500
+2.600
AAQWK00419.490
+4.250
AAQWM00447.650
-1.500
AAQWO00441.990
-3.120
AAQWQ00422.400
-3.060
AAQWS00418.600
-3.060
AARBP00
AAQWH00
AAQWJ00
AAQWL00
AAQWN00
AAQWP00
AAQWR00
60.440
+0.310
63.870
+0.310
46.610
+0.470
56.660
-0.190
58.000
-0.410
56.700
-0.410
56.190
-0.410
*Mean of Platts. **=Differential to FOB Arab Gulf HSFO 180 CST.
West Africa products ($/mt), Sep 28
MidChange
West Africa cargoes (PGA page 1122)
FOB NWE
Gasoline
AAKUV00456.000
-11.750
CIF West Africa
Gasoline
AGNWC00479.000
-12.250
Copyright © 2015 McGraw Hill Financial
MidChange
-1.040+0.010
-0.740+0.020
-0.220+0.030
0.400+0.050
1.850
0.000
($/barrel)
Naphtha
PAADI002.25/2.75 2.500+0.500
MOP* West India (PGA page 2012)
($/mt)
Gasoline (92 RON)
Gasoline (95 RON)
Naphtha
Jet kero
Gasoil (10 ppm)
Gasoil (500 ppm)
Gasoil (2500 ppm)
($/barrel)
Gasoline (92 RON)
Gasoline (95 RON)
Naphtha
Jet kero
Gasoil (10 ppm)
Gasoil (500 ppm)
Gasoil (2500 ppm)
Mid Change
(PGA page 1114)
10
Cargoes FOB NWE
Cargoes CIF NWE basis ARA
AAXFQ00 489.25–489.75489.500-15.750
Gasoline 10 ppm
Naphtha swaps
PAAAJ00 410.25–410.75410.500 -6.500
Naphtha physical
PAAAL00 407.75–408.25408.000 -9.000
Jet kerosene
PJAAV00457.75–458.25
458.000-11.000
PJAAU00 468.25–468.75468.500-11.000
ULSD 10 ppm
AAVBF00448.25–448.75
448.500-10.250
AAVBG00 462.00–462.50462.250-10.250
Diesel 10 ppm NWE
AAWZD00450.50–451.00
450.750-10.250
AAWZC00 464.50–465.00464.750-10.250
Diesel 10 ppm UK
AAVBH00 466.00–466.50466.250-10.250
Gasoil 0.1%
AAYWR00436.75–437.25
437.000 -7.500
AAYWS00 452.00–452.50452.250 -7.500
1% fuel oil
PUAAM00201.50–202.00
201.750 -5.750
PUAAL00 210.50–211.00210.750 -6.000
3.5% fuel oil
PUABB00185.50–186.00
185.750 -4.250
PUABA00 196.25–196.75196.500 -4.500
0.5%-0.7% straight run PKABA00283.00–284.00
283.500 -7.500
(PGA pages 1112 & 1380)
Barges FOB Rotterdam
AAKOD00558.75–559.25
98 RON unl
Prem unl
PGABM00482.50–483.00
Reformate
AAXPM00
Eurobob
AAQZV00473.75–474.25
MTBE*
PHALA00694.75–695.25
Naphtha physical
PAAAM00403.75–404.25
Jet kerosene
PJABA00460.25–460.75
Diesel 10 ppm*
AAJUS00448.25–448.75
Gasoil 50 ppm
AAUQC00447.25–447.75
Gasoil 0.1%*
AAYWT00447.25–447.75
1% fuel oil
PUAAP00203.25–203.75
3.5% fuel oil
PUABC00203.25–203.75
3.5% 500 CST fuel oil
PUAGN00195.25–195.75
380 CST
PUAYW00210.00–211.00
559.000-18.000
482.750-18.000
541.000
-12.250
474.000-18.000
695.000+1.000
404.000 -9.000
460.500-16.500
448.500-13.250
447.500-11.250
447.500 -6.750
203.500 -4.500
203.500 -4.500
195.500 -4.500
210.500 -2.000
*FOB Amsterdam-Rotterdam-Antwerp
Platts Euro denominated product assessments, Sep 28
MidChange
Cargoes CIF NWE/basis ARA (€/mt) (PGA page 1116)
Nap phy
AAQCE00363.22–363.67 363.442 -8.813
Jet AAQCF00417.11–417.56 417.335 -10.714
Cargoes FOB NWE (PGA page 1116)
1%
AAQCG00179.49–179.94 179.717 -5.518
Barges FOB Rotterdam (€/mt) (PGA page 1118)
Prem unl
AAQCH00429.81–430.25 430.029 -16.989
10 ppm*
AAQCI00399.30–399.74 399.519 -12.684
Gasoil 0.1%*
AAYWY00398.41–398.85 398.628 -6.880
3.50%
AAQCK00181.05–181.50 181.276 -4.405
3.50% 500 CST
PUAGO00173.93–174.37 174.149 -4.391
MidChange
Conventional cargoes NY harbor (€¢/gal) (PGA pages 1350 & 1450)
Unleaded 87
AAPYV00 123.62–123.71123.668 -1.042
Unleaded 89
AAPYW00 131.81–131.90131.855 -1.344
Unleaded 93
AAPYX00 144.09–144.18144.139 -1.799
Cargoes CIF West Africa (€/mt) (PGA page 1116)
Gasoline
AANWC00426.688
-11.850
Cargoes FOB NWE West Africa (€/mt) (PGA page 1116)
Gasoline
AGNWA00406.200
-11.359
Euro/US$ forex rate: 1.1226 .Platts Euro denominated European & US product
assessments are based on market values and a Euro/US$ forex rate at 4:30 PM local
London time. *FOB Amsterdam-Rotterdam-Antwerp
oilgram price report
Prices effective September 28, 2015
Product Price Assessments
New York/Boston, Sep 28 (PGA page 152)
Mid Change Mid
Change
Mid
Change
New York
Cargo (¢/gal)
RVP Barge (¢/gal)
RVP
Cargo ex-duty (¢/gal)* RVP
AAMHG00138.46–138.56 138.510 -4.470 AAMHGRV13.5AAMIT00137.44–137.54 137.490-4.460 AAMITRV13.5 AASAA00133.19–133.29 133.240-4.460 AASAARV13.5
Unl 87
AAMIW00147.65–147.75 147.700 -4.470 AAMIWRV13.5AAMHJ00146.64–146.74 146.690-4.460 AAMHJRV13.5 AASAB00142.37–142.47 142.420-4.460 AASABRV13.5
Unl 89
AAMIZ00161.44–161.54 161.490 -4.470 AAMIZRV13.5AAMHM00160.44–160.54 160.490-4.460 AAMHMRV13.5 AASAC00156.14–156.24 156.190-4.460 AASACRV13.5
Unl 93
AAWBK00135.46–135.56 135.510 -4.560 AAWBKRV13.5AAWBL00134.44–134.54 134.490-4.560 AAWBLRV13.5 AASAD00130.19–130.29 130.240-4.560 AASADRV13.5
CBOB
AAWLD00160.94–161.04 160.990 -4.470 AAWLDRV13.5AAWLC00159.94–160.04 159.990-4.460 AAWLCRV13.5 AASAE00155.64–155.74 155.690-4.460 AASAERV13.5
Prem CBOB
AAVKS00135.46–135.56 135.510 -4.460 AAVKSRV13.5AAMGV00134.44–134.54 134.490-4.460 AAMGVRV13.5 AASAF00130.19–130.29 130.240-4.460 AASAFRV13.5
Unl RBOB
AAVKT00161.44–161.54 161.490 -4.470 AAVKTRV13.5AAMGY00160.44–160.54 160.490-4.460 AAMGYRV13.5 AASAG00156.14–156.24 156.190-4.460 AASAGRV13.5
Prem RBOB
Jet fuel PJAAW00143.31–143.41 143.360-3.710
LS jet kero PJABJ00155.40–155.50 155.450-1.970
ULS kero AAVTI00182.40–182.50 182.450-1.970
No. 2 POAEG00137.81–137.91 137.860-5.310
ULSDAATGX00144.06–144.16 144.110-4.810
ULS heating oil AAXPX00 142.860
-4.560
($/barrel)
1s strip ($/barrel)
Differential vs 1s strip ($/barrel)
PUAAE0039.09–39.11 39.100-1.200 AAUGA005.90–5.92
5.910
No. 6 0.3% S hi pr
PUAAB0040.59–40.61 40.600-1.200 AAUGB007.40–7.42
7.410
No. 6 0.3% S lo pr
PUAAH0033.44–33.46 33.450-1.200 AAUGC000.25–0.27
0.260
No. 6 0.7% S max
PUAAO0033.09–33.11 33.100-1.200AAUGG0033.18–33.20 33.190
-1.200
AAUGD00-0.10–-0.08 -0.090
No. 6 1% S max
PUAAU0033.04–33.06 33.050-1.220 AAUGE00-0.15–-0.13 -0.140
No. 6 2.2% S max
PUAAX0033.00–33.02 33.010-1.240 AAUGF00-0.19–-0.17 -0.180
No. 6 3.0% S max
AAWLG0032.34–32.36 32.350-1.200 AAWLG20-0.85–-0.83 -0.840
No. 6 1.0% S max FOB
AAWLF0034.75–34.77 34.760-1.240 AAWLF201.56–1.58
1.570
Fuel oil RMG 380
AARZS00 NA–NA
NANANA
No. 6.1 S max pap bal M
PUAXD0033.15–33.25 33.200-1.250
No. 6 1.0% S pap 1st M
No. 6 1.0% S pap 2nd M
PUAXF0033.60–33.70 33.650-1.300
No. 6 1.0% S pap qtrly
PUAXG0033.63–33.73 33.680-1.270
*These assessments reflect gasoline cargoes sold on a delivered, ex-duty basis New York, excluding import duty and import taxes/fees.
Boston
Cargo (¢/gal)
Unl RBOB (Boston)
AAVPV00136.16–136.26 136.210 -4.460
($/barrel)
No. 6 2.2% S max (Bstn)
PUAWN0033.89–33.91 33.900-1.220
U.S. Buckeye pipeline, Sep 28 (PGA page 310)
(¢/gal)
MidChangeCycle
AAXPV00 143.360
-3.710 AAXPVCY51
Jet kero 54
AAXPU00 143.110
-4.560 AAXPUCY51
ULS heating oil
AAXPW00 148.950
-1.970 AAXPWCY51
ULSD
(¢/gal)
MidChange RVP
AAMHB00134.44–134.54 134.490-4.460 AAMHBRV13.5
Unl RBOB
AAMHZ00160.44–160.54 160.490-4.460 AAMHZRV13.5
Prem RBOB
AAPSY00134.44–134.54 134.490-4.560 AAPSYRV13.5
CBOB
AAPSZ00159.94–160.04 159.990-4.460 AAPSZRV13.5
CBOB prem
AAJNP00137.81–137.91 137.860-5.310
No. 2
ULSD
AATHF00147.15–147.25 147.200-2.720
Jet fuel
AAJNL00143.31–143.41 143.360-3.710
LS jet/kero
AAJNN00155.40–155.50 155.450-1.970
Laurel
Unl CBOB
AAUAS00135.59–135.69 135.640-4.560 AAUASRV13.5
AAUAT00161.09–161.19 161.140-4.460 AAUATRV13.5
Prem CBOB
AASSM00135.59–135.69 135.640-4.460 AASSMRV13.5
Unl RBOB
AASSN00161.59–161.69 161.640-4.460 AASSNRV13.5
Prem RBOB
*Assessments reflect shipments on the next full pipeline cycle after the prompt cycle
All RVP references are after ethanol
USAC CPL Linden*, Sep 28 (PGA page 410)
Copyright © 2015 McGraw Hill Financial
11
oilgram price report
Prices effective September 28, 2015
Product Price Assessments
U.S. Gulf Coast, Sep 28
Mid Change
Mid
Change
(PGA page 156)
Waterborne (¢/gal)RVP
Pipeline (¢/gal)
Cycle
RVP
PGACU00136.69–136.79136.740 -9.380
PGACURV11.5
PGACT00135.29–135.39 135.340
-9.380
PGACTCY56 PGACTRV11.5
Unl 87
PGAAZ00144.07–144.17144.120 -9.380
PGAAZRV11.5
PGAAY00142.67–142.77 142.720
-9.380
PGAAYCY56 PGAAYRV11.5
Unl 89
PGAIX00155.14–155.24155.190 -9.380
PGAIXRV11.5
PGAJB00153.74–153.84 153.790
-9.380
PGAJBCY56 PGAJBRV11.5
Prem unl 93
AAWES00136.94–137.04136.990 -4.130
AAWESRV11.5
AARQU00135.54–135.64 135.590
-4.130
AARQUCY56 AARQURV11.5
CBOB 87
CBOB 93
PJABM00136.26–136.36136.310 -4.010PJABO00134.51–134.61 134.560
-4.010
PJABOCY54
Jet/kero 54
PJABN00136.76–136.86136.810 -4.010PJABP00135.01–135.11 135.060
-4.010
PJABPCY54
Jet/kero 55
AAVTK00140.76–140.86140.810 -4.010AAVTL00139.01–139.11 139.060
-4.010
AAVTLCY54
ULS kero
AATGZ00141.76–141.86141.810 -3.760AATGY00138.76–138.86 138.810
-3.760
AATGYCY54
ULSD
POAEE00134.06–134.16134.110 -4.310POAED00129.31–129.41 129.360
-4.310
POAEDCY54
No. 2
AAXFD00136.26–136.36 136.310
-4.010
AAXFDCY54
ULS heating oil
AAMFB00135.79–135.89 135.840
-3.380
AAMFBCY56 AAMFBRV13.5
RBOB 83.7
AAMNG00162.79–162.89 162.840
-3.380
AAMNGCY56 AAMNGRV13.5
RBOB 91.4
AAWRV00135.54–135.64 135.590
-4.130
AAWRVCY56 AAWRVRV11.5
Atl. CBOB 87
AAWRW00160.29–160.39 160.340
-4.130
AAWRWCY56 AAWRWRV11.5
Atl. CBOB 93
Colonial Pipeline Gasoline Line Space (c/gal)
AAXTA00
-1.250
-0.500
AAXTACY56
Line 1
AAXTB00
0.000NANA
AAXTBCY56
Line 3
AAXTC00
-1.250
-0.500
AAXTCCY56
Line 1+3
Colonial Pipeline Distillates Line Space (c/gal)
AAXTD00
2.750
+1.750
AAXTDCY54
Line 2
AAXTE00
0.000+NA
AAXTECY54
Line 3
AAXTG00
2.750
+1.750
AAXTGCY54
Line 2+3
($/barrel)
Differential vs 3S strip ($/barrel)
3S strip ($/barrel)Mid Change
PPAPW0034.79–34.81 34.800
-1.100AAUGS002.25–2.27
2.260 +0.100
Slurry oil
No. 6 1.0% S 6 API
PUAAI0033.04–33.06 33.050
-1.100AAUGT000.50–0.52
0.510 +0.100
No. 6 3.0% S
PUAFZ0032.54–32.56 32.550
-1.100AAUGU000.00–0.02
0.010 +0.100
AAUGW0032.53–32.55 32.540 -1.200
RMG 380
PUBDM0033.89–33.91 33.900
-1.100AAUGV001.35–1.37
1.360 +0.100
No. 6 3.0% S pap bal M
AARZT00
NA–NA
NANANA
PUAXJ0032.60–32.70 32.650
-1.250
No. 6 3.0% S pap. 1st M
No. 6 3.0% S pap. 2nd M
PUAXL0033.10–33.20 33.150
-1.250
No. 6 3.0% S pap. qtrly
PUAXN0033.12–33.22 33.170
-1.230
FOB Cargo (¢/gal) FOB Cargo ($/mt)
AAXRV00139.320
-3.130AAXRW00 435.920
-9.800
Export ULSD
(PGF page 760)
Waterborne (¢/gal)
Diff vs USGC waterbourne 87 (¢/gal)Diff vs USGC pipeline 87 (¢/gal)
PHAKX00190.70–190.80190.750 -5.000
MTBE
Alkylate*
AAXBA00162.320
-6.120AAFIE00
28.100
0.000
AAXBD00 29.500
0.000
Raffinate*
AAXBB00112.820
-6.120AAJMU00 -21.400
0.000
AAXBE00 -20.000
0.000
Reformate*
AAXBC00192.820
-6.120AAJMV00
58.600
0.000
AAXBF00 60.000
0.000
FOB Naphha Cargo
AAXJP00118.99–119.09119.040 -8.080
FOB Naphha Cargo ($/mt)
AAXJU00416.61–416.71416.660
-28.290
Naphtha barge
AALPG00119.99–120.09120.040 -8.080AASGZ00 -16.700
AALPI00122.24–122.34122.290 -8.080AASHD00 -14.450
Heavy naphtha barge
AAYEU00377.78–377.88377.830
-11.550
Paraffinic naphtha (barge) ($/mt)
Paraffinic naphtha diff.**
AAYEW00 11.000
0.000
FOB LSR Naphtha Parcel
AAXQK00101.000
-3.150
FOB LSR Naphtha Parcel ($/mt)
AAXQM00405.010
-12.630
FOB LSR Naphtha Parcel diff**
AAXQN00 9.000
0.000
LSR = Light Straight Run. *=FOB barge. **= Diff to Mont Belvieu non-Targa natural gasoline.
Note: Platts line space assessments reflect the physical trade of gasoline or distillates at two locations agreed upon by the parties along the Colonial Pipeline between Pasadena, Texas, and Linden, New Jersey. The assessments represent the premium or discount paid by a buyer
while taking refined product off the line at one location while giving product to the seller at another.
Copyright © 2015 McGraw Hill Financial
12
oilgram price report
Prices effective September 28, 2015
Product Price Assessments
West Coast pipeline, Sep 28 (PGA page 158)
Mid Change
RVP
California
(¢/gal)
Los Angeles
AAUHA00 148.29–148.39148.340-5.380
AAUHARV9.0
Unl 84
Prem unl 88.5
PGABG00 168.29–168.39168.340-5.380
PGABGRV9.0
CARBOB unl
AAKYJ00 164.29–164.39164.340-5.380
AAKYJRV6.0
CARBOB prem AAKYL00 206.29–206.39206.340-5.380
AAKYLRV6.0
Jet fuel
PJAAP00 145.15–145.25145.200-4.670
ULS (EPA) diesel
POAET00 147.40–147.50147.450-4.170
CARB diesel
POAAK00 148.40–148.50148.450-4.170
($/mt)
180 CST
PUAWR00 263.95–264.05264.000-1.000
380 CST
PUAWX00 213.95–214.05214.000-1.000
(¢/gal)
Differential to NYMEX
CARBOB
AANVX0030.95/31.0531.000
-1.000
Jet fuel
AANVY00-5.30/-5.20 -5.250
-0.500
ULS (EPA) diesel
AANVZ00-3.05/-2.95 -3.000
0.000
CARB diesel
AANWA00-2.05/-1.95 -2.000
0.000
CARBOB paper 1-mo
AAKYR0029.70/29.8029.750
-0.250
CARBOB paper 2-mo
AAKYS0021.95/22.0522.000
0.000
(¢/gal)
San Francisco
Unl 84
PGADG00 158.34–158.44158.390-5.380
PGADGRV9.0
Prem unl 88.5
PGABO00 178.34–178.44178.390-5.380
PGABORV9.0
CARBOB unl
AAKYN00 163.29–163.39163.340-5.380
AAKYNRV6.0
CARBOB prem AAKYP00 178.29–178.39178.340-5.380
AAKYPRV6.0
Jet Fuel
PJABC00 145.15–145.25145.200-4.670
ULS (EPA) diesel
POAEY00 154.40–154.50154.450-4.170
CARB diesel
POAAL00 155.40–155.50155.450-4.170
($/mt)
180 CST
PUBDA00 277.95–278.05278.000-2.000
380 CST
PUBCY00 237.95–238.05238.000-2.000
Other West
(¢/gal)
Phoenix
CBG/RBOB unl
AADDP00 156.29–156.39(a)156.340 -5.380
AADDPRV5.7
CBG/RBOB prem
PPXDJ00 198.29–198.39(b)198.340 -5.380
PPXDJRV5.7
Northwest
(¢/gal)
Seattle
Unl 84
AAXJE00 134.79–134.89134.840-5.460
AAXJERV11.5
Prem unl 90
AAXJF00 164.79–164.89164.840-5.460
AAXJFRV11.5
Jet fuel
PJABB00 145.15–145.25145.200-4.670
ULS (EPA) diesel
AAUEX00 156.91–157.01156.960-4.310
($/mt)
180 CST
PUAWT00 310.95–311.05311.000-2.500
380 CST
PUAWZ00 260.95–261.05261.000-2.500
(¢/gal)
Portland
Unl 84
AAXJC00 135.94–136.04135.990-5.460
AAXJCRV11.5
Prem unl 90
AAXJD00 165.94–166.04165.990-5.460
AAXJDRV11.5
ULS (EPA) diesel
AAUEY00 158.06–158.16158.110-4.310
($/mt)
180 CST
PUAWV00 372.45–372.55372.500-2.000
380 CST
PUAXB00 337.45–337.55337.500-2.000
(a)=84 octane; (b)=88.5 octane
Copyright © 2015 McGraw Hill Financial
13
U.S. Gulf Coast pipeline cycles, Sep 28 (PGA page 156)
PipelineMid
Cycle
RVP
(¢/gal)
Gasoline
AAELC00 135.29–135.39135.340 AAELCCY56AAELCRV11.5
Unl-87
AAELD00 133.29–133.39133.340 AAELDCY57AAELDRV11.5
Unl-87
AAELE00 132.54–132.64132.590 AAELECY58AAELERV11.5
Unl-87
AAELF00 131.89–131.99131.940 AAELFCY59AAELFRV11.5
Unl-87
AAELG00 128.89–128.99128.940 AAELGCY60AAELGRV13.5
Unl-87
AAELH00 127.89–127.99127.940 AAELHCY61AAELHRV13.5
Unl-87
AAELI00 153.74–153.84153.790 AAELICY56AAELIRV11.5
Prem 93
AAELJ00 151.74–151.84151.790 AAELJCY57AAELJRV11.5
Prem 93
AAELK00 150.99–151.09151.040 AAELKCY58AAELKRV11.5
Prem 93
AAELL00 150.34–150.44150.390 AAELLCY59AAELLRV11.5
Prem 93
AAELM00 149.34–149.44149.390 AAELMCY60AAELMRV11.5
Prem 93
AAELN00 146.34–146.44146.390 AAELNCY61AAELNRV13.5
Prem 93
Distillates
AAELQ00 134.51–134.61134.560 AAELQCY54
Jet kero
AAELR00 134.75–134.85134.800 AAELRCY55
Jet kero
AAELS00 135.20–135.30135.250 AAELSCY56
Jet kero
AAELT00 135.60–135.70135.650 AAELTCY57
Jet kero
AAELU00 136.00–136.10136.050 AAELUCY58
Jet kero
AAELV00 136.45–136.55136.500 AAELVCY59
Jet kero
AAUJV00 138.76–138.86138.810 AAUJVCY54
ULSD
AAUJW00 140.40–140.50140.450 AAUJWCY55
ULSD
AAUJX00 140.65–140.75140.700 AAUJXCY56
ULSD
AAUJY00 140.90–141.00140.950 AAUJYCY57
ULSD
AAUJZ00 141.15–141.25141.200 AAUJZCY58
ULSD
AAUKD00 141.40–141.50141.450 AAUKDCY59
ULSD
AAELW00 129.31–129.41129.360 AAELWCY54
No. 2
AAELX00 129.30–129.40129.350 AAELXCY55
No. 2
AAELZ00 129.30–129.40129.350 AAELZCY56
No. 2
AAEMA00 129.30–129.40129.350 AAEMACY57
No. 2
AAEMB00 129.30–129.40129.350 AAEMBCY58
No. 2
AAEMC00 129.30–129.40129.350 AAEMCCY59
No. 2
AAXFJ00 136.26–136.36136.310 AAXFJCY54
ULS heating oil
AAXFK00 136.25–136.35136.300 AAXFKCY55
ULS heating oil
AAXFL00 136.25–136.35136.300 AAXFLCY56
ULS heating oil
AAXFM00 136.25–136.35136.300 AAXFMCY57
ULS heating oil
AAXFN00 136.25–136.35136.300 AAXFNCY58
ULS heating oil
West Coast waterborne, Sep 28 (PGA page 158)
(¢/gal)
Unl 87
Jet fuel
($/barrel)
No. 6 0.5% S
No. 6 1.0% S
No. 6 2.0% S
PGADI00148.29–148.39
PJABI00144.15–144.25
PUAGD0036.69–36.71
PUAAQ0036.19–36.21
AABGP0033.69–33.71
MidChange
148.340
144.200
-5.380
-4.670
36.700 -0.160
36.200 -0.160
33.700 -0.160
oilgram price report
Prices effective September 28, 2015
Product Price Assessments
Group Three, Sep 28 (PGA page 160)
Atlantic resid/contract cargoes posted prices, Sep 28 (PGA page 564)
(¢/gal)
Mid Change RVP
Sub-octane
AAXIX00 148.44–148.54148.490-2.710
AAXIXRV10.0
PGABD00 203.44–203.54203.490-2.710
PGABDRV10.0
Prem. unleaded AATHB00 149.36–149.46149.410-3.460
ULSD
Jet fuel
PJAAI00 139.56–139.66139.610-4.310
No. 4 Fuel
No. 6 Fuel
($/barrel)
Global
PRALB00
78.40
PRAMN00
68.30
Boston 0.5%
PRALD00
77.40
PRAMD00
64.40
Boston 1.0%
PRAMI00
50.65
Boston 2.2%
PRAKV00
77.60
PRALX00
54.60
Portland 1.5%
Chicago pipeline, Sep 28 (PGA page 160)
Shale Value Chain assessments, Sep 28 (PGN page 590)
(¢/gal)
Mid Change RVP
Unleaded 87
PGACR00 167.29–167.39167.340-4.380
PGACRRV13.5
PGAAX00 184.89–184.99184.940+2.020
PGAAXRV13.5
Unleaded 89
PPASQ00 211.29–211.39211.340
+11.620
PPASQRV13.5
Prem. unl 91
AAREL00 166.29–166.39166.340-4.380
AARELRV13.5
CBOB
AAUEU00 254.29–254.39254.340
+38.620
AAUEURV13.5
PBOB
PPARH00 179.29–179.39179.340-4.380
PPARHRV13.5
RBOB
PJAAF00 150.40–150.50150.450-1.920
Jet fuel
ULSD
AATHA00 160.65–160.75160.700+2.330
¢/galChange $/MMBtuChange
SCAAJ003.117+0.250 SCAAD000.469+0.038
Gulf Coast ethane fractionation spread
Gulf Coast E/P mix fractionation spread
SCAAG003.117+0.625 SCAAA000.469+0.094
E/P mix Midcontinent to Rockies
SCAAH000.624+0.275 SCAAB000.094+0.042
fractionation spread
SCAAI00-0.307 -0.323 SCAAC00-0.046 -0.048
E/P mix Midcontinent fractionation spread
National raw NGL basket price
SCAAL0044.281 -0.491 SCAAF004.921-0.046
National composite fractionation spread
SCAAK0027.523 -0.491 SCAAE002.401-0.046
The methodology for these assessments is available at:
www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/shale-value-chain.pdf
Copyright © 2015 McGraw Hill Financial
14
oilgram price report
Prices effective September 28, 2015
Product Price Assessments
Latin America, FOB , Sep 28 (PGA page 164)
($/barrel)
Gas liquids (¢/gal), Sep 28
MidChange
Argentina
Gasoline84
Gasoil*
FO 0.7% S
PPASJ0057.380–57.4057.390
-3.940
POAFH0062.20–62.2262.210
-1.810
PPARI0035.12–35.1435.130
-1.200
Brazil
FO 0.5-0.6% S
PPARJ0037.37–37.3937.380
-1.200
Colombia
FO 1.75% S
PPARO0030.58–30.6030.590
-1.100
Ecuador
Naphtha
FO 2.2% S
AAWVW0044.71–44.7344.720
-3.940
PPASL0029.04–29.0629.050
-1.200
Peru
Naphtha
FO 2.0% S
FO 1.6% S
PAAAS0048.71–48.7348.720
-3.940
PPARL0029.54–29.5629.550
-1.200
PPARK0031.44–31.4631.450
-1.200
*Argentina gasoil is assessed CIF Buenos Aires
(PGA page 780)
MidChange
Mont Belvieu
Ethane/propane
PMUDA0519.825–19.925 19.875+0.625
Ethane/propane Mo.2
AAWUB0019.825–19.925 19.875+0.500
Ethane purity
PMUDB0519.825–19.925 19.875+0.250
Ethane mo. 2
AAWUC0019.825–19.925 19.875+0.250
Propane
PMAAY0046.950–47.050 47.000-0.750
Propane LST
PMABQ00 47.075–47.175 47.125 -0.875
Propane mo. 2
AAWUD0047.075–47.175 47.125-0.875
Propane mo. 2 LST
AAWUE0047.200–47.300 47.250-1.000
Normal butane non-LST
PMAAI0061.575–61.675 61.625-0.375
Butane LST
PMABR0060.575–60.675 60.625-0.375
N-Butane mo. 2
AAWUF0061.825–61.925 61.875-0.125
Isobutane
PMAAB0061.950–62.050 62.000+0.125
Isobutane LST
AAIVD0061.950–62.050 62.000+0.125
Natural gasoline LST
AAIVF0092.950–93.050 93.000-2.650
Natural Targa
PMABW0593.575–93.675 93.625-2.150
Natural non-Targa
PMABY0591.950–92.050 92.000-2.650
Nat gasoline mo. 2 non-Targa
AAWUG0092.450–92.550 92.500-2.650
Conway
Caribbean cargoes, FOB, Sep 28 (PGA page 162)
MidChange
($/mt)
PAAAB00 409.68–409.76409.720
-28.605
Naphtha
Jet kerosene
PJAAD00 465.15–465.21465.180
-13.435
Gasoil
POAAU00 417.55–417.61417.580
-13.140
(¢/gal)
PAAAB10 115.73–115.75115.740-8.080
Naphtha
Jet kerosene
PJAAD10 138.85–138.87138.860-4.010
Gasoil
POAAU10 136.90–136.92136.910-4.310
($/barrel)
PUAAS0028.79–28.8128.800
-1.100
No. 6 2.0% S
No. 6 2.8% S
PUAAV0023.79–23.8123.800
-1.100
Caribbean product postings (¢/gal), Sep 28 (PGA page 466)
Prices effective Sep 9 PTAHQ09
Avgas 100/130
PTADR00
95 Oct. unl
AANTB00
92 Oct. unl
AAOCF09
83 Oct. unl
PTAEP09
Dpk/jet
PTADQ09
45 cet 0.5%S gasoil
PTAEM09
Heavy fuel oil ($/barrel)
Copyright © 2015 McGraw Hill Financial
Petrotrin
469.00
169.00
160.00
145.00
160.00
158.00
49.00
15
Ethane/propane
Propane
Normal butane non-LST
Isobutane
Natural gasoline
PMAAO0016.700–16.800 16.750+0.375
PMAAT0045.700–45.800 45.750 0.000
PMAAD0058.700–58.800 58.750-1.375
PMAAA0069.450–69.550 69.500+0.500
PMAAQ0095.450–95.550 95.500-2.500
Other hubs
Bushton propane
Hattiesburg propane
River natural gasoline
AALBE0045.700–45.800 45.750 0.000
AALBC0047.450–47.550 47.500-0.750
AALBG0096.950–97.050 97.000-2.650
($/mt)
Waterborne FOB Houston propane
FOB Houston propane vs. Mt Belvieu
VLGC freight rates Houston to NWE
VLGC freight rates Houston to Japan
AAXIM00 260.490–260.510260.500 -5.840
AAXIO0015.460–15.480 15.470-0.410
AAXIQ0064.990–65.010 65.000 0.000
AAXIS00 159.990–160.010160.000
0.000
(¢/gal)
Waterborne FOB Houston propane
FOB Houston propane vs. Mt Belvieu
VLGC freight rates Houston to NWE
VLGC freight rates Houston to Japan
AAXIN0049.990–50.010 50.000-1.120
AAXIP002.919–3.019
2.969
-0.079
AAXIR0012.470–12.480 12.475 0.000
AAXIT0030.700–30.720 30.710 0.000
oilgram price report
Prices effective September 28, 2015
(continued from page 8)
“The market is slowing running into winter demand
coming out of North Asia,” a trader said, though he added
that it was “nothing more than speculation at this point.”
Recent buying interest for the fuel has also stoked
demand, sources said.
CAO has issued a tender seeking more than 1 million barrels
of jet A-1 for loading in Japan/South Korea/Taiwan/Malaysia/
Singapore/ Thailand and delivery to Huangpu, China, over
November that closes September 29 with next day validity.
CAO last sought around 1 million barrels of jet A-1 fuel
for loading from and delivery to the same locations for
October, with award details not known.
CAO’s tender comes on the back of another tender from
Taiwan’s CPC seeking 40,000 kiloliters of jet A-1 for delivery
in November that closed last week.
Malaysia’s Petco has issued a tender offering 225,000
barrels of jet A-1 for loading at Kertih over October 16-17 that
closes September 29 with same day validity.
Further pressure on jet sentiment could come from
China, where state-owned China Petroleum and Chemical
Corp. or Sinopec’s 9.2 million mt/year Hainan refinery plans
to export 260,000 mt of oil products in September, up
ESPO FOB KOZMINO VS DUBAI
3.0
($/barrel)
m1
m2
2.5
2.0
1.5
1.0
0.5
0.0
02-Jun
22-Jun
10-Jul
30-Jul
19-Aug 08-Sep
Source: Platts
Copyright © 2015 McGraw Hill Financial
16
28-Sep
around 63% from 160,000 mt in August, a source at the
refinery said last Wednesday.
The refinery’s September exports would include around
100,000 mt of jet fuel, up from 80,000 mt last month, the
source noted.
In other news, latest jet/kerosene stock numbers in China
ticked up slightly in August, rising 2.9% year on year to 2.17
million mt, China Petroleum Stockpile Statistics compiled by
state-owned news agency Xinhua showed last Friday.
CAO refocusing on jet
China Aviation Oil is going back to basics – its core aviation
fuel business – after pursuing an aggressive diversification
strategy over the last two years.
Economic uncertainty in China and low commodity
prices forced the company to rethink its strategy and it has
concluded that focusing on expanding its jet fuel business
is what will generate stable returns, CEO Meng Fanqiu said
recently.
CAO is currently the largest physical jet fuel trader in
the Asia Pacific region and the sole importer of the aviation
fuel into China.
The company in 2012 launched a diversification strategy
to cut its over-reliance on jet fuel and entered into gasoil, fuel
oil and petrochemical trading, which contributed to its profits
when the market was bullish and Chinese demand robust.
But trading margins have been thin or even negative at
times since last year due to low prices and a slowdown in
China’s economy.
The company recently suspended petrochemical
trading and is now planning to focus on jet fuel and
globalize its jet fuel business, Meng said at the company’s
corporate briefing in Singapore last week.
CAO plans to grow its international presence as an
important aviation fuel service provider at international
airports, Chief Operating Officer Jean Teo said at the briefing.
Meng said CAO will develop an integrated jet fuel supply
chain. “The supply chain from procurement, transportation,
marketing to fueling will bring synergy, while trading
generates added value,” he said.
The value chain works well at Shanghai Pudong Airport
and CAO is developing the chain at the Hong Kong
International Airport, Meng said.
CAO’s associated company CNAF Hong Kong Refuelling
Ltd. recently became one of three companies to get a
refueling license at HKIA. The other two companies are
Sinopec and PetroChina.
Winning the license for HKIA is proof of CAO’s ability to
provide refueling services at international airports, Meng
said, adding that this will help the company to expand its
refuelling business at more international airports.
The company is to globalize the model and extend its
international supply network to more than 30 airports
across the Asia Pacific, Europe and Americas in the next
four years, Teo said.
CAO last year joined the Los Angeles-based LAXFUEL,
the largest jet fuel consortium in the US, designed to create
an open market and enable the sharing of fuel storage
facilities at airports. The company sent its first jet fuel
cargo to Los Angeles this year.
CAO supplied around 4 million mt of jet fuel in airports
outside China in 2014, accounting for 40% of its total
supply, Chief Financial Officer Wang Chunyan said.
The company will also invest more on infrastructure
related to jet fuel supply, “which will bring more stable and
long term returns” than trading, Meng said.
Sees growth from China business
To secure refueling contracts in the international markets,
CAO plans to leverage its strategic alliances with major
Chinese airlines, which are expected to add to their fleet
and boost overseas refueling volumes, Teo said.
As the largest physical jet fuel trader in Asia Pacific and
the sole importer of the fuel into China, CAO sees great
potential in jet fuel demand growth from the civil aviation
sector, driven by robust tourism, trading and logistics in the
Asia Pacific region.
China’s ‘One Belt, One Road’ scheme, which aims to
oilgram price report
Prices effective September 28, 2015
connect the country with Europe, Central and Southeast
Asia as well as Africa, will boost air traffic and eventually
demand for jet fuel.
Total turnover of China’s civil aviation industry is
projected to reach 170 billion mt kilometer in 2020, at an
average annual growth of 12.2%, Meng said, citing the Civil
Aviation Administration of China, adding that air passenger
traffic volume is expected to nearly double from 392 million
in 2014 to 700 million.
China is expected to replace the US to become the top
aviation market by 2030, Meng said.
Meng also expects to see a significant increase in jet fuel
imports into China from 2020, when China’s jet fuel demand
growth outpaces the country’s production capacity
expansion.
It will result in higher importing profit for the fuel, Meng
said.
NWE bearish despite uptick
Heavy selling interest on the prompt Northwest European
jet barge market was seen to be outpacing demand at the
onset of the new week, pushing the discount of barges to
cargoes back out to $8/mt after narrowing to $2.50/mt
Friday.
Vitol, Shell and Glencore were all seen offering material
during the Platts Market on Close assessment process as
FOB barrels struggled to find homes in a low ullage, high
barge freight environment.
“Not sure why [there is an uptick in spot selling
interest]...People are creating ullage [perhaps],” one
source said. Last week, sources noted that some jet
vessels were sitting on demurrage outside ports in
Northwest Europe as a contango structure on the
forward curve had kept storage levels elevated across
the European continent.
Additionally, water levels on the Rhine – though up from
critical lows seen several weeks ago – have resulted in
persistently elevated barge freight rates, hampering
demand for barge volumes.
Cross-Rotterdam rates were assessed at $5.60/mt
Monday, while the Rotterdam-Antwerp trip was at
$7.85/mt.
Meanwhile, weakness in the Far East jet market
coupled with falling LR freight rates could serve to
push more volumes for export to Europe, sources
said.
“I think the fact that margins are quite good in Asia
will keep the refiners in the region running. They’re
doing quite well for themselves compared to
Europeans and Americans. So as long as they keep the
runs up, the seasonal lull in demand should keep them
long in the market and all extras should be heading
westward,” one source said of the Asian flow.
The 104,535 DWT tanker Zaliv Baikal – offered by BP into
Le Havre during the Platts Market on Close assessment
process Monday – loaded in Ulsan, South Korea, August 12
and is estimated to arrive in Rotterdam October 15, Platts
cFlow trade flow software showed.
Similarly, Shell offered the Ulsan loader LR2 Viktor
Bakaev in the Market on Close process Friday. The vessel
was seen sailing off the coast of Senegal Monday evening
with an estimated arrival date of October 7 to Shellhaven
Terminal in the Thames.
Adnoc’s Ruwais refinery – a significant contributor to
the build in length in the European market since mid-March
– was heard to have sold 60,000 mt of jet fuel to Shell for
loading over October 11-13 at a premium of around $1.50/
barrel to Mean of Platts Arab Gulf jet fuel/kerosene
assessments, FOB.
Gulf Coast bid
The Gulf Coast jet fuel market found some strength again
Monday as additional buying interest outpaced increased
refiner selling.
“If you listen and read market reports everything is
weak but if you look at what is being done it keeps going
stronger and there are buyers at big numbers for FOB
cargoes,” one market source said.
Throughout last week the jet fuel market rose steadily
on additional buying interest for waterborne barrels as
some participants looked to fill cargoes.
Platts assessed the USGC differential up 30 points at
NYMEX October ULSD futures contract minus 13.55 cents/
gal, or an outright $1.3456/gal.
During the Platts Market on Close assessment process
400,000 barrels of USGC jet fuel traded for the second-tolast day of the prompt 54th cycle, bringing the total traded
during the cycle to 1.325 million barrels. The six-day cycle
schedules Tuesday. Cycles typically last three to four
business days.
Shell and Valero provided the majority of the Gulf Coast
jet fuel barrels during the MOC process, with 275,000
barrels and 100,000 barrels, respectively. Astra and
Trafigura were the largest buyers with 175,000 barrels and
150,000 barrels, respectively.
Resid
Freight weakens ARA-Singapore arb
Steady interest in fixing Rotterdam-Singapore VLCCs
carrying high sulfur fuel oil drove freight rates higher
ESPO FOB KOZMINO VS DUBAI
3.0
($/barrel)
m1
m2
2.5
2.0
1.5
1.0
0.5
0.0
02-Jun
Source: Platts
Copyright © 2015 McGraw Hill Financial
17
22-Jun
10-Jul
30-Jul
19-Aug 08-Sep
28-Sep
oilgram price report
Prices effective September 28, 2015
Monday, cutting into the arbitrage’s profitability.
VLCC loadings had failed to give any significant support
to the market in recent weeks, although sources said
Monday there was some potential for it to strengthen on
the back of lower flows into Northwest Europe due to
refinery turnarounds in Russia.
“Russian maintenance is kicking in now, we are starting
to see lower loadings out of the Baltics,” one trader said,
adding that the market might move to a more balanced
picture in October, also on the back of pull from the
Mediterranean.
“Rotterdam will improve” a second trader said, adding
that the arbitrage was “close to working” and there were
“lots of ships loading.”
Meanwhile, the Mediterranean looked stronger in October
due to less output from Turkey and Israel, a trader said.
There was “limited availability of finished grades,”
therefore the market was looking more balanced, a trader
in the Mediterranean sai
d. Moreover, the low sulfur market, which had been very
subdued in recent months, saw some interest on the demand
side in the Mediterranean, sources had said previously.
Northwest Europe remained “very long,” a trader said.
Feedstocks
East arb supports NWE naphtha
The Northwest European naphtha paper market
strengthened Monday, in part due to,while physical
fundamentals remained stable amid balanced supply and
lackluster spot buying interest, trading sources said Monday.
“The front has cleared,” a trader said, adding it was
partly thanks to the arbitrage to the East.
However, others indicated that bearish indicators still
existed in the market.
“I think there is no demand for the first half of October
from petrochemical end-users,” another trading source
said.
In the naphtha paper market, the October CIF NWE
Copyright © 2015 McGraw Hill Financial
18
crack swap rose to minus $1.55/barrel from Friday’s close
of minus $1.90/b amid lower crude futures, and the
October/November CIF NWE naphtha backwardation
widened to $1.25/mt from $0.75/mt.
Meanwhile the October east/west spread – the premium
of CFR Japan naphtha cargo swaps over the CIF NWE
naphtha cargo swap – narrowed marginally to $24/mt from
$24.25/mt, while cash differentials improved in Asia
Monday, edging up further in positive territory.
However, sentiment was mixed in the Asian naphtha
market due to uncertainty on both the demand from
regional end-users and the volume of Western arbitrage
flow into Asia for November.
Some Asian traders said the market was likely to remain
firm in October amid tight supply and a healthy cracking
margin, but the outlook for November was uncertain as low
freight rates may encourage more vessel movements to the
East.
“The [naphtha] arbitrage from NWE to Asia is open,
especially for LR1,” a Europe-based end-user said.
“I think the arbitrage is more open from the
Mediterranean than from NWE,” another Europe-based enduser said. “Freight rates are a bit lower, [refinery]
maintenance in the Middle-East and Asia is bigger than in
Europe, so exports keep the NWE naphtha market balanced...
The market has been pretty quiet on the petchem side.”
In addition to the arbitrage to Asia, some sources
identified blending as another possible support for the NWE
naphtha complex in the coming weeks.
“There is optimism from some that the blending
demand will go up, but it’s not something we’ve seen so far
today,” a source said.
Asian crackers running strong
Despite an overhang in the ethylene market, run rates at
regional steam crackers remain high, at 90-95% of
capacity, as plants were reluctant to cut rates amid
profitable cracking margins.
The Northeast Asia naphtha cracking margin rose
$13.75/mt day on day to $89.375/mt Friday. In market news,
Taiwanese refiner CPC canceled a tender to buy Novemberloading sour crudes after an accident at its 300,000 b/d
Talin refinery, which could lead to a cut in run rates,
reducing its crude requirement, sources familiar with the
matter said Friday.
Market sources said there will be some impact on CPC’s
naphtha output and there will likely be run rate cuts at its
No. 4 and No. 6 steam crackers.
CPC was unavailable to comment.
The two crackers have a combined production capacity
of 980,000 mt/year for ethylene and 493,000 mt/year for
propylene.
Refinery issues support USGC naphtha
Outright naphtha prices in the US Gulf Coast fell Monday on
weaker gasoline values, though differentials did strengthen
in Platts Market on Close assessment process.
Shell sold Trafigura 100,000 barrels of Plattsspecification standard naphtha at waterborne Gulf Coast
unleaded gasoline minus 16.50 cents/gal.
After normalizing the deal to the gasoline pipeline
structure, standard naphtha was assessed 1.3 cents/gal
stronger at waterborne gasoline minus 16.70 cents/gal, or
$1.2004/gal.
Overall blendstock cash prices in the USGC have been
gaining strength the last several trading days on the heels of
refinery issues. With plants running at lower rates during the
maintenance season, refiners are keeping their own supply of
gasoline components, leaving less spot supply in the market.
Cash assessments for alkylate, raffinate and reformate
were all left unchanged day on day.
Gas liquids
NWE propane weak ahead of winter
Demand for spot propane in the Amsterdam-RotterdamAntwerp trading hub was weak Monday with few firm
oilgram price report
Prices effective September 28, 2015
requirements heard from buyers.
The general lack of liquidity that characterized the FOB
barge market throughout the summer was ongoing,
according to sources.
“There is not a lot of demand for propane at all,” one
barge source said. Another felt that the market is not likely
to strengthen before winter.
“There is no real demand yet. Temperatures have to be
reaching zero; that is when the tanks get drawn down and
you see it shifting. It is just too early,” he said.
Questions marks remained on larger cargo sizes about
the extent of potentially thinner Tees and US supplies
available in October.
However, without a significant draw from end-users for
the gas as a heating fuel and with propane/naphtha
spreads approaching the petrochemical switch back to
naphtha territory, sources said this may be overstated.
There were no TOT cargo indications reported in the
US crude pipeline averages 26Aug15 – 25Sep15
($/barrel)
MidChange
Spread vs WTI MidChange
North Sea window and no public trades were reported. The
market was assessed at $337/mt, $5/mt lower and stable
at flat to the October swap. The October propane/naphtha
swaps spread was assessed $1.50/mt narrower to minus
$73.50/mt.
The Northwest European October propylene contract
fully settled Monday at Eur710/mt ($795/mt) FD NWE, down
Eur110/mt month on month, sources said.
The bearishness in propylene was attributed to easier
supply in the first half of September, apparent by a 32% fall
in spot prices. Ethylene had fully settled for October at
Eur905/mt FD NWE, down Eur40/mt month on month.
(PGA pages 212 & 216)
WTI (Oct)
WTI (Nov)
WTI (Dec)
Mars (1st mth)
Mars (2nd mth)
Mars (3rd mth)
P-Plus WTI
WTI-Delta
Kern River
THUMS
Line 63
P-Plus Line 63
WTI Midland
LLS (1st mth)
LLS (2nd mth)
HLS (1st mth)
HLS (2nd mth)
WTS (1st mth)
WTS (2nd mth)
Poseidon
Eugene Island
Thunder Horse Bld
Wyoming Sweet
Bonito
SGC
ACM (Oct)*
ACM (Nov)*
ACM (Dec)*
AAFCV00 45.19–45.2145.203 +1.455
AAFCX00 45.66–45.6845.673 +1.474
AAGIU00 46.29–46.3146.295 +1.300
AAMBS02 43.33–43.3543.339 +0.077
AAMBV02 43.74–43.7643.754 +0.227
AAMBY02 44.16–44.17444.174 +0.087
AAFCT00 2.69/2.712.702
+0.039
AAEJK03 -0.69/-0.67-0.678+0.039
AAFCL00 41.34–41.3641.346 -0.296
AAFCR00 43.18–43.2043.189 -0.205
AAFCM00 49.31–49.3549.329 +0.382
AAFCN00 2.00–2.022.007
+0.009
AAFCY00 46.70–46.7246.708 +1.323
AAFCO00 48.57–48.5948.575 +0.700
AAURC03 48.88–48.9048.885 +0.868
AAFCK00 47.65–47.6747.658 +0.644
AAURE03 47.87–47.8947.884 +0.728
AAFCS00 46.97–46.9946.977 +1.293
AAURG03 46.97–46.9946.980 +1.195
AAFCQ00 42.86–42.8842.868 +0.250
AAFCJ00 44.81–44.8344.815 +0.560
AAWZK02 45.57–45.5945.584 +0.597
PCACL03 44.59–44.6144.601 +2.203
AAFCI00 44.81–44.8344.815 +0.560
AASOI02 43.58–43.6043.585 +0.727
AAQHN03 42.77–42.7942.780 +0.621
AAQHO03 43.19–43.2143.195 +0.771
AAQHP03 43.61–43.6343.615 +0.632
London close ($/barrel) (PGA page 1242)
WTI (Oct)
AAQAR03
WTI (Nov)
AAQAT03
WTI (Dec)
AAQAV03
LLS (Oct)
AAQBB03
LLS (Nov)
AAQBD03
MARS (Oct)
AAQAX03
MARS (Nov)
AAQAZ03
45.02–45.0445.026 +1.026
45.48–45.5045.494 +1.042
46.09–46.1146.098 +0.853
48.32–48.3448.330 +0.180
48.64–48.6648.651 +0.349
43.15–43.1743.157 -0.346
43.55–43.5743.556 -0.212
*=Americas Crude Marker assessed at the Americas market close at 3:15pm Eastern Time.
Petchems continue to prop NWE butane
AAGWK02-1.88/-1.86 -1.865
AAKTI02-1.93/-1.91 -1.919
AAMBP02-2.13/-2.11 -2.121
-1.380
-1.247
-1.213
AAGWA02
1.50/1.52 AAGWO023.36/3.38
AAURD033.20/3.22
AAGWQ022.45/2.47
AAURF032.20/2.22
AAGWC021.76/1.78
AAURH031.30/1.32
AAGWM02-2.35/-2.33
AAGWE02-0.40/-0.38
AAWZL020.37/0.39
AAGWS02-0.61/-0.59
AAGWG02-0.40/-0.38
AASOJ02-1.63/-1.61
1.505
3.372
3.211
2.455
2.210
1.774
1.307
-2.335
-0.389
0.381
-0.602
-0.389
-1.618
-0.132
-0.755
-0.607
-0.811
-0.747
-0.162
-0.279
-1.205
-0.897
-0.859
+0.748
-0.897
-0.728
AAQBC033.29/3.31 3.304
AAQBE033.15/3.17 3.157
AAQAY03-1.88/-1.82 -1.869
AAQBA03-1.95/-1.90 -1.938
-0.846
-0.693
-1.371
-1.254
The Northwest Europe spot mixed butane complex was
little changed Monday as blending demand cooled while
petrochemical buying was still robust enough to absorb
volumes.
Blenders were most active on the barges, which saw
several refinery stems placed into the gasoline blending
pool at marginally more competitive values than their
ex-terminal counterparts.
Trading was heard between 97-99.5% of the value of
naphtha on a CIF basis.
“Blenders are buying and are prepared to pay up, parity
[to naphtha] and above does not matter to them. Supply is
tighter. There is the odd refinery barge but not tons and
tons out there,” a source said.
Other sources said the market was not that short, and
attributed the high price environment to the combined push
from blenders and petchems alike.
The coasters were not quite as well supported as barges
as olefin producers comprised the majority of interest.
“It seems to be calming down a touch now, hearing
numbers in the high 90s% rather than at or above parity for
reasonable quality,” a source said.
Specification variations and their perceived values were
becoming a big consideration for buyers, sources said, with
(continued on page 33)
Copyright © 2015 McGraw Hill Financial
19
oilgram price report
Prices effective September 28, 2015
Crude Price Assessments ($/barrel)
Asia Pacific/Middle East spot crude assessments ($/barrel), Sep 28
Assessment (Asian MOC)
Diffs (Asian MOC)
Diff to Dated Brent (Asian MOC)Assessment (London MOC)
Mid
Change
Mid
Change
Mid
ChangeMid
Change
Condensate
(PGA page 2212)
(PGA page 2213)
Diff to Dubai
NW Shelf PCAGX0046.27–46.31 46.290 +0.050AAPAI00-1.800 0.000
AAPAH0045.350-1.030
Ras Gas
AAPET0047.20–47.24 47.220 +0.230
AAPEU000.55/0.65 0.600 0.000
AARAZ00-0.870 +0.180
AARAY0046.280-0.850
DFC
ADFCA0047.20–47.24 47.220 +0.230
ADFCB00
0.55/0.65
0.600 0.000
ADFCC00-0.870 +0.180
ADFCD0046.280-0.850
Qatar LSC
AARBB0046.40–46.44 46.420 +0.230
AARBD00-0.25/-0.15 -0.200 0.000
AARBC00-1.670 +0.180
AARBA0045.480-0.850
South Pars
AARAV0044.25–44.29 44.270 +0.230
AARAX00-2.40/-2.30 -2.350 0.000
AARAW00-3.820 +0.180
AARAU0043.330-0.850
Diff to ICP
Senipah
AAEOE0047.12–47.16 47.140 +0.050
AAEOK00-2.90/-2.80 -2.850 0.000
AAPBE00-0.950 0.000
AAPBD0046.200-1.030
Light (PGA page 2214)
(PGA page 2215)
Diff to ICP
Cossack
PCAGZ0047.07–47.11 47.090 +0.050AAPAC00-1.000 0.000
AAPAB0046.150-1.030
Gippsland
PCACP0045.77–45.81 45.790 +0.050AAPAU00-2.300 0.000
AAPAT0044.850-1.030
Tapis
PCACB0049.02–49.06 49.040 +0.100AAOZW000.950 +0.050
AAOZV0048.100-0.980
Belida
PCAFL0044.37–44.41 44.390 +0.150
PCAFM00-0.05/0.05 0.000 NANA
AAPBQ00-3.700 +0.100
AAPBP0043.450-0.930
Kutubu
PCAFJ0047.17–47.21 47.190 +0.050AAPAE00-0.900 0.000
AAPAD0046.250-1.030
Handil Mix
PCABE0045.82–45.86 45.840 +0.100
PCABF000.75/0.85 0.800 0.000
AAPBI00-2.250 +0.050
AAPBH0044.900-0.980
Attaka
PCAAJ0044.17–44.21 44.190 +0.150
PCAAK00-0.25/-0.15 -0.200 0.000
AAPBC00-3.900 +0.100
AAPBB0043.250-0.930
Ardjuna
PCACQ0041.72–41.76 41.740 +0.100
PCACR000.00/0.10 0.050 0.000
AAPBG00-6.350 +0.050
AAPBF0040.800-0.980
Diff to Dubai
Vityaz Blend AARAN0049.25–49.29 49.270 +0.330
AARAP002.60/2.70 2.650
+0.100
AARAO001.180 +0.280
AARAM0048.330-0.750
Sakhalin Blend
AARBN0049.25–49.29 49.270 +0.330
AARCN00
2.60/2.70
2.650 + 0.100
AARDN001.180 +0.280
AAREN0048.330-0.750
Diff to Oman/Dubai
Sokol
AASCJ0050.42–50.46 50.440 +0.320
AASCK003.65/3.75 3.700
+0.100
AAPAO002.350 +0.270
AAPAN0049.500-0.760
Kikeh
AAWUH0050.37–50.41 50.390 +0.100AAOZY002.300 +0.050
AAOZX0049.450-0.980
Miri Light
PCABQ0051.12–51.16 51.140 +0.100AAPAS003.050 +0.050
AAPAR0050.200-0.980
Labuan
PCABL0051.07–51.11 51.090 +0.100AAPAQ003.000 +0.050
AAPAP0050.150-0.980
Medium (PGA page 2216)
(PGA page 2217)
Diff to ICP
Nanhai
PCAFR0043.97–44.01 43.990 +0.050AAPAG00-4.100 0.000
AAPAF0043.050-1.030
Minas
PCABO0040.97–41.01 40.990 +0.100
PCABP00-0.35/-0.25 -0.300 0.000
AAPBA00-7.100 +0.050
AAPAZ0040.050-0.980
Nile Blend
AAPLC0040.27–40.31 40.290 +0.100
AAPEX00-1.05/-0.95 -1.000 0.000
AAPAM00-7.800 +0.050
AAPAL0039.350-0.980
Widuri
PCAFE0040.17–40.21 40.190 +0.100
PCAFF00-0.95/-0.85 -0.900 0.000
AAPBO00-7.900 +0.050
AAPBN0039.250-0.980
Daqing
PCAAZ0038.82–38.86 38.840 +0.100AAPAW00-9.250 +0.050
AAPAV0037.900-0.980
Cinta
PCAAX0039.97–40.01 39.990 +0.100
PCAAY00-0.95/-0.85 -0.900 0.000
AAPBK00-8.100 +0.050
AAPBJ0039.050-0.980
Diff to OSP
Su Tu Den
AARAR0048.47–48.51 48.490 +0.050
AARAT00-1.65/-1.55 -1.600 0.000
AARAS000.400 0.000
AARAQ0047.550-1.030
Bach Ho
PCAHY0048.97–49.01 48.990 +0.050AAPAK000.900 0.000
AAPAJ0048.050-1.030
Heavy (PGA page 2218)
(PGA page 2219)
Diff to ICP
Dar Blend
AARAB0039.92–39.96 39.940 +0.050AARAC00-8.150 0.000
AARAA0039.000-1.030
Shengli PCABY0037.42–37.46 37.440 +0.100AAPAY00-10.650 +0.050
AAPAX0036.500-1.030
Duri
PCABA0037.32–37.36 37.340 +0.100
PCABB00-0.85/-0.75 -0.800 0.000
AAPBM00-10.750 +0.050
AAPBL0036.400-0.980
Stybarrow
AARAH00 46.890
+0.050AARAI00-1.200 0.000
AARAG0045.950-1.030
Enfield AARAE00 47.790
+0.050AARAF00-0.300 0.000
AARAD0046.850-1.030
Vincent AARAK00 45.590
+0.050AARAL00-2.500 0.000
AARAJ0044.650-1.030
(PGA page 2220)
Spread vs OSP
Murban
AAKNL0048.23–48.27 48.250 +0.200
AAKUB000.15/0.25 0.200 0.000
Upper Zakum
AAOUQ0043.87–43.91 43.890 +0.100
AAOUR00-0.85/-0.75 -0.800 0.000
Das Blend
AAXOF0047.73–47.77 47.750 +0.200
AAXPF000.10/0.20 0.150 0.000
Qatar Land
AAKNP0047.08–47.12 47.100 +0.200
AAKUJ00-0.15/-0.05 -0.100 0.000
Qatar Marine
AAKNR0044.08–44.12 44.100 +0.050
AAKUH00-1.05/-0.95 -1.000 -0.050
Banoco Arab Medium
AAKNT0043.92–43.96 43.940 +0.040
AAKUD00-0.95/-0.85 -0.900 -0.050
Al Shaheen
AAPEV0043.95–43.99 43.970 +0.130
AAPEW00-2.70/-2.60 -2.650 -0.100
Copyright © 2015 McGraw Hill Financial
20
oilgram price report
Prices effective September 28, 2015
Crude Price Assessments ($/barrel)
International, Sep 28
North Sea, Sep 28 (PGA page 1212)
($/barrel)
MidChange
(PGA page 2210)
Dubai (Nov)
Dubai (Dec)
Dubai (Jan)
MEC (Nov)
MEC (Dec)
MEC (Jan)
Oman (Nov)
Oman (Dec)
Oman (Jan)
Oman cash/OSP (Nov)
PCAAT00 43.88–43.9043.890 +0.100
PCAAU00 45.73–45.7545.740 +0.230
PCAAV00 46.61–46.6346.620 +0.230
AAWSA00 43.88–43.9043.890 +0.100
AAWSB00 45.73–45.7545.740 +0.230
AAWSC00 46.61–46.6346.620 +0.230
PCABS00 44.39–44.4144.400 +0.100
AAHZF00 46.09–46.1146.100 +0.250
AAHZH00 46.84–46.8646.850 +0.200
PCABT00-1.36–-1.32-1.340 +0.080
(PGA page 1212)
Brent (DTD)
DTD NSL
Brent (Oct)
Brent (Nov)
Brent (Dec)
Brent (Jan)
NS Basket
PCAAS00 46.47–46.4846.475 -0.760
AAOFD00 46.47–46.4846.475 -0.760
PCAAP00 46.16–46.1846.170 -0.990
PCAAQ00 47.04–47.0647.050 -0.990
PCAAR00 47.66–47.6847.670 -0.880
PCARR0048.380
-0.890
AAGIZ00 46.91–46.9246.915 -0.855
(PGA page 218)
Brent/WTI 1st
Brent/WTI 2nd
Brent/WTI 3rd
Brent/WTI 4th
Brent EFP (Oct)
Brent EFP (Nov)
Brent EFP (Dec)
Brent EFP (Jan)
Swaps (PGA page 2658)
Dubai (Oct)
Dubai (Nov)
Dubai (Dec)
MOG (Oct)
MOG (Nov)
MOG (Dec)
Oman/Dubai Swap (Oct)
Oman/Dubai Swap (Nov)
Oman/Dubai Swap (Dec)
AALAT00 NA/NA
NANANA
AALAU002.54/2.56 2.550
+0.180
AALAV002.73/2.75 2.740
+0.340
AALAY00 2.880
+0.360
AAGVW00 NA/NA
NANANA
AAGVX00-0.27/-0.25-0.260+0.070
AAGVY00-0.33/-0.31-0.320+0.170
AAMVY00-0.320
+0.170
AAHBM00 45.72–45.7645.740 +0.230
AAHBN00 46.60–46.6446.620 +0.230
AAHBO00 47.16–47.2047.180 +0.190
AAHZP00 46.08–46.1246.100 +0.250
AAHZR00 46.83–46.8746.850 +0.200
AAHZT00 47.39–47.4347.410 +0.160
AAIHJ000.34/0.38 0.360
+0.020
AAIHL000.21/0.25 0.230-0.030
AAIHN000.21/0.25 0.230-0.030
Asia ($/barrel), Sep 28 (PGA page 2210)
MidChange
Brent (Oct)
PCAJE00 47.06–47.1047.080 +0.080
Brent (Nov)
PCAJG00 47.94–47.9847.960 +0.080
Brent (Dec)
PCAJI00 48.43–48.4748.450 +0.020
Brent (Jan)
PCAJ00049.160
+0.010
Brent(DTD)
AAXPG0047.155
-0.185
Brent/Dubai
AAJMS004.06/4.08 4.070-0.020
WTI (Nov)
AAFFU00 45.30–45.3445.320 +0.420
WTI (Dec)
AAFFW00 45.37–45.4145.390 +0.250
WTI (Jan)
AAFFY00 45.85–45.8945.870 +0.180
Copyright © 2015 McGraw Hill Financial
21
($/barrel)
MidChange
Spread vs fwd DTD BrentMid
AAXEZ00-0.14/-0.12
-0.130
Dated Brent Diff
BNB
AAVJA0046.49–46.50 46.495 -0.740
AAVJB00-0.12/-0.10
-0.110
Forties
PCADJ0046.67–46.68 46.675 -0.780
AAGWZ000.06/0.08
0.070
Oseberg
PCAEU0047.47–47.49 47.480 -0.880
AAGXF000.87/0.88
0.875
Ekofisk
PCADI0047.00–47.01 47.005 -1.030
AAGXB000.39/0.41
0.400
Statfjord
PCAEE0046.63–46.64 46.635 -0.830
AAGXD000.02/0.04
0.030
Flotta Gold
PCACZ0045.88–45.89 45.885 -0.830
AAGXH00-0.73/-0.71
-0.720
Troll
AAWEX0048.79–48.80 48.795 -0.830
AAWEY002.18/2.20
2.190
Duc
AAWEZ0047.45–47.46 47.455 -0.830
AAWFL000.84/0.86
0.850
Statfjord (CIF)
AASAS0047.89–47.90 47.895 -0.830
AASAT001.28/1.30
1.290
Gullfaks (CIF)
AASAU0048.69–48.70 48.695 -0.830
AASAV002.08/2.10
2.090
NS DTD Strip
AAKWH0046.60–46.61 46.605 -0.830
Change
+0.070
+0.090
+0.050
-0.050
-0.200
0.000
0.000
0.000
0.000
0.000
0.000
London, Sep 28 (PGA page 1214)
($/barrel)
Brent CFD MidChange
Dated Swap MidChange
PCAKA00-0.59/-0.57 -0.580+0.140
AAJNV0046.46/46.48
46.470
-0.850
1wk (Nov)
2wk (Nov)
PCAKC00-0.48/-0.46 -0.470+0.210
AAJOS0046.57/46.59
46.580
-0.780
3wk (Nov)
PCAKE00-0.52/-0.50 -0.510+0.150
AAJOU0046.53/46.55
46.540
-0.840
4wk (Nov)
PCAKG00-0.46/-0.44 -0.450+0.110
AAJOW0046.59/46.61
46.600
-0.880
5wk (Nov)
AAGLU00-0.32/-0.30 -0.310+0.130
AAJPC0046.73/46.75
46.740
-0.860
6wk (Nov)
AAGLV00-0.17/-0.15 -0.160+0.140
AAJPE0046.88/46.90
46.890
-0.850
7wk (Nov)
AALCZ00-0.01/0.01 0.000 NANA AALAW0047.04/47.06
47.050
-0.850
8wk (Nov)
AALDA000.15/0.17 0.160+0.130
AALAX0047.20/47.22
47.210
-0.860
West Africa, Sep 28 (PGA pages 1230 and 1232)
($/barrel)
Nigeria
PCAIC0048.19–48.23
Bonny Light
Qua Iboe
PCAID0048.34–48.38
Forcados
PCABC0048.24–48.28
Agbami
AAQZB0046.49–46.53
Escravos
AAEIZ0047.54–47.58
Brass River
AAEJB0046.69–46.73
Akpo
PCNGA0046.49–46.53
Bonga
PCNGC0048.04–48.08
Usan
AAXUQ00
Erha
AAXUO00
Angola
PCAFD0045.69–45.73
Cabinda
Nemba
AAQYZ0045.24–45.28
Dalia
AAQYX0043.89–43.93
Girassol
AASNL0046.54–46.58
Hungo
AASLJ0043.24–43.28
Kissanje
AASLK0045.69–45.73
Pazflor
PCNGG0043.89–43.93
Plutonio
PCNGI0044.94–44.98
Ghana
AAXUS00
Jubilee
Republic of Congo
PCNGE0042.89–42.93
Djeno
Chad
AAXUU00
Doba
30-60 Day Dtd strip AAXRK0047.10–47.12
MidChange
Spread vs fwd DTD BrentMid
Change
48.210 -0.980
48.360 -0.980
48.260 -0.980
46.510 -0.980
47.560 -0.980
46.710 -0.980
46.510 -0.980
48.060 -0.880
45.110
-0.980
48.260
-0.980
AAGXL001.09/1.11
AAGXN001.24/1.26
AAGXP001.14/1.16
AAQZC00-0.61/-0.59
AAGXR000.44/0.46
AAGXV00-0.41/-0.39
PCNGB00-0.61/-0.59
PCNGD000.94/0.96
AAXUR00
AAXUP00
1.100
0.000
1.250
0.000
1.150
0.000
-0.600
0.000
0.450
0.000
-0.400
0.000
-0.600
0.000
0.950 +0.100
-2.000
0.000
1.150
0.000
45.710
45.260
43.910
46.560
43.260
45.710
43.910
44.960
-0.980
-0.980
-0.930
-0.980
-0.980
-0.980
-0.930
-0.980
AAGXT00-1.41/-1.39
AAQZA00-1.86/-1.84
AAQYY00-3.21/-3.19
AASJD00-0.56/-0.54
AASJF00-3.86/-3.84
AASJE00-1.41/-1.39
PCNGH00-3.21/-3.19
PCNGJ00-2.16/-2.14
-1.400
-1.850
-3.200
-0.550
-3.850
-1.400
-3.200
-2.150
46.810
-0.980
AAXUT00
-0.300
0.000
42.910 -0.980
PCNGF00-4.21/-4.19
-4.200
39.760
-0.980
47.110 -0.980
AAXUV00
-7.350
0.000
0.000
0.000
+0.050
0.000
0.000
0.000
+0.050
0.000
0.000
oilgram price report
Prices effective September 28, 2015
Crude Price Assessments ($/barrel)
Mediterranean, Sep 28 (PGA pages 1220, 1222, 1234)
($/barrel)
Med Dtd Strip
AALDF0046.59–46.60
BTC Dtd Strip
AAUFI0046.63–46.64
15-45 Day Dtd Strip
AALGM0046.75–46.77
Urals (Rdam)
PCAFW0044.93–44.96
Urals (Med)
PCACE0045.33–45.36
Urals FOB Ven
AAGZT0044.12–44.14
Urals FOB Novo
AAGZS0043.99–44.02
Urals FOB Novo 80KT
AAOTH0044.36–44.38
Urals (Primorsk)
AAWVH0044.08–44.11
Urals (RCMB)
AALIN0045.21–45.24
Iran Lt (Sidi)
PCABI0045.20–45.23
Iran Hvy (Sidi)
PCABH0043.80–43.83
Es Sider
PCACO0044.73–44.76
Siberian Lt
AAGZW0046.73–46.76
Saharan Bld
AAGZY0047.38–47.41
Azeri Lt
AAGZX0048.92–48.95
Azeri Lt FOB Cey
AAUFM0047.90–47.93
Azeri Lt FOB Cey 80KT
AAUFK0048.18–48.20
Azeri Lt FOB
AALWD0047.72–47.74
Azeri Lt FOB 80KT
AATHM0048.05–48.07
BTC FOB Ceyhan
AAUFH0048.04–48.07
Suez Blend
PCACA0042.71–42.74
Kirkuk
AAEJD0041.28–41.31
Kumkol
AAHMP0046.98–47.01
Zarzaitine
AAHMO0047.38–47.41
Syrian Lt
AAHMM0046.73–46.76
Syrian Hvy
AAHMN0042.93–42.96
CPC Blend CIF
AAGZU0047.38–47.41
CPC Blend FOB
AALVX0046.19–46.22
CPC FOB 80KT
AAOFV0046.51–46.54
MidChange Spread vs fwd DTD BrentMid
46.595
-0.820
46.635
-0.815
46.760
-0.805
44.945
-0.820
AAGXJ00
-1.66/-1.64-1.650
45.345
-0.855
AAGXX00
-1.26/-1.24-1.250
44.130
-0.790
AAHPI00
-2.47/-2.46-2.465
44.005
-0.855
AAHPH00
-2.60/-2.58-2.590
44.370
-0.855
AAOTI00
-2.23/-2.22-2.225
44.095
-0.790
AAWVI00
-2.51/-2.49-2.500
45.225
-0.795
45.215
-0.830
AAGXZ00
-1.39/-1.37-1.380
43.815
-0.830
AAGYB00
-2.79/-2.77-2.780
44.745
-0.820
AAGYH00
-1.86/-1.84-1.850
46.745
-0.920
AAHPK00 0.14/0.160.150
47.395
-0.770
AAHPN00 0.79/0.810.800
48.935
-0.815
AAHPM00 2.29/2.312.300
47.915
-0.790
AAUFN00 1.27/1.291.280
48.190
-0.815
AAUFL00 1.55/1.561.555
47.730
-0.815
AALWF00 1.09/1.101.095
48.060
-0.815
AATHN00 1.42/1.431.425
48.055
-0.800
AAUFJ00 1.41/1.431.420
42.725
-0.855
AAGYD00
-3.88/-3.86-3.870
41.295
-0.820
AAGYF00
-5.31/-5.29-5.300
46.995
-0.820
AALOW00 0.39/0.410.400
47.395
-0.770
AALOY00 0.79/0.810.800
46.745
-0.855
AALOU00 0.14/0.160.150
42.945
-0.855
AALOV00
-3.66/-3.64-3.650
47.395
-0.770
AAHPL00 0.79/0.810.800
46.205
-0.770
AALVZ00
-0.40/-0.38-0.390
46.525
-0.770
AAOFW00
-0.08/-0.06-0.070
Change
0.000
-0.035
+0.030
-0.035
-0.035
+0.030
-0.010
-0.010
0.000
-0.100
+0.050
0.000
+0.025
0.000
0.000
0.000
+0.015
-0.035
0.000
0.000
+0.050
-0.035
-0.035
+0.050
+0.050
+0.050
(PPE page 1616)
Urals CFD
1 mo (Oct)
AAMDU00-1.11/-1.09 -1.100
0.000
2 mo (Nov)
AAMEA00-0.96/-0.94 -0.950
0.000
Canada, Sep 28 (PGA page 230)
Platts Euro denominated crude oil assessments (€/barrel)
($/barrel)
Can Dtd Strip
AALDJ00 46.91–46.92
Terra Nova
AAJUH00 46.91–47.02
Hibernia
AAJKK00 47.01–47.12
White Rose
AAVJX00 47.71–47.82
Spread vs fwd DTD Brent
Terra Nova
AAJUJ00
0.00/0.10
Hibernia
AAJKM00
0.10/0.20
White Rose
AAVJY00
0.80/0.90
MidChange
46.915-0.790
46.965-0.840
47.065-0.840
47.765-0.840
Mid
Change
0.050-0.050
0.150-0.050
0.850-0.050
Sep 28
Mid
Dated Brent
AAPYR00 41.39–41.4041.395
Urals (Mediterranean) AAPYS00 40.38–40.4140.395
WTI (Nov)
AAPYT00 39.63–39.6539.640
Mars (Nov)
AAPYU00 36.60–36.6236.610
(PGA page 1252)
Change
-0.770
-0.845
-1.070
-0.795
Euro/US$ forex rate: 1.122. Platts Euro denominated crude oil assessments are based on market values and a Euro/US$ forex rate at 4:30
PM local London time.
Daily OPEC basket price ($/barrel) (PGA page 207)
Change
25Sep AAEUQ00
43.760 -0.720
The daily OPEC basket price represents an index of the following 11 grades: Algeria’s Saharan Blend, Indonesia’s Minas, Iranian Heavy,
Iraq’s Basra Light, Kuwait’s Export, Libya’s Es Sider, Nigeria’s Bonny Light,Qatar’s Marine, Saudi Arabia’s Arab Light, Murban of the UAE and
Venezuela’s BCF 17.
Copyright © 2015 McGraw Hill Financial
22
oilgram price report
Prices effective September 28, 2015
Crude Price Assessments ($/barrel)
United States ($/barrel), Sep 28 (PGA pages 210, 214 & 230)
US domestic crude assessments London close
MidChange
WTI (Nov)
PCACG0044.57–44.59 44.580
-0.940
WTI (Dec)
PCACH0045.00–45.02 45.010
-0.580
WTI (Jan)
AAGIT0045.57–45.59 45.580
-0.490
WTI EFP (Nov)
AAGVT00-0.01/0.01 0.000
0.000
WTI EFP (Dec)
AAGVU00-0.01/0.01 0.000
0.000
WTI EFP (Jan)
AAGVV00-0.01/0.01 0.000
0.000
Light Houston Sweet
AAXEW00 45.880
-0.590
Eagle Ford Marker
AAYAJ00 47.050
-0.950
Mars (Nov)
AAMBR0041.37–41.39 41.380
-0.440
Mars (Dec)
AAMBU0042.00–42.02 42.010
-0.180
Mars (Jan)
AAMBX0042.67–42.69 42.680
+0.110
Mars/WTI (Nov)
AAGWH00-3.21/-3.19 -3.200
+0.500
Mars/WTI (Dec)
AAKTH00-3.01/-2.99 -3.000
+0.400
Mars/WTI (Jan)
AAMBO00-2.91/-2.89 -2.900
+0.600
Dated Brent
AAQBF0046.56–46.58 46.570
-0.830
P-Plus WTI
PCACI002.75/2.77 2.760
-0.390
P-5 WTI
AAFEN00 41.490
-0.800
WTI-Delta
AAEJK00-0.63/-0.61 -0.620
-0.390
Kern River
PCABJ0040.15–40.17 40.160
+0.580
Thums
PCACD0042.45–42.47 42.460
+0.580
Line 63
PCABM0046.99–47.03 47.010
-1.020
P-Plus Line 63
PCAFV001.64/1.66 1.650
0.000
MidChange Spread vs WTI
MidChange
WTI Midland
PCACJ0045.02–45.04 45.030
-1.240
AAGVZ000.44/0.46
0.450-0.300
LLS (1st month)
PCABN0047.57–47.59 47.580
-0.770
AAGWN002.99/3.01
3.000
+0.170
LLS (2nd month)
AAURC0048.10–48.12 48.110
-0.330
AAURD003.09/3.11
3.100
+0.250
HLS (1st month)
PCABD0046.27–46.29 46.280
+0.410
AAGWP001.69/1.71
1.700
+1.350
HLS (2nd month)
AAURE0046.80–46.82 46.810
+0.890
AAURF001.79/1.81
1.800
+1.470
WTS (1st month)
PCACK0045.57–45.59 45.580
-1.790
AAGWB000.99/1.01
1.000-0.850
WTS (2nd month)
AAURG0046.45–46.47 46.460
-0.580
AAURH001.44/1.46
1.4500.000
WTI MEH
AAYRG00 45.880
-0.590
AAYRH00
1.300 +0.350
Poseidon AABHK0041.07–41.09 41.080
-0.440
AAGWL00-3.51/-3.49 -3.500+0.500
Eugene Island
PCAFC0042.52–42.54 42.530
-0.340
AAGWD00-2.06/-2.04 -2.050+0.600
Thunder Horse Bld
AAWZK0043.52–43.54 43.530
+0.510
AAWZL00-1.06/-1.04 -1.050+1.450
Wyo. Sweet
PCACM0043.67–43.69 43.680
-0.940
AAGWR00-0.91/-0.89 -0.900 0.000
ANS (Cal)
PCAAD0046.47–46.51 46.490
-1.290
AAGWX001.80/1.82
1.810-0.270
Basrah Lt
AAEJH0039.04–39.06 39.050
-1.080
AAGWV00-5.97/-5.95 -5.960 -0.500
Bonito
PCAIE0042.52–42.54 42.530
-0.340
AAGWF00-2.06/-2.04 -2.050+0.600
SGC
AASOI0042.17–42.19 42.180
-0.790
AASOJ00-2.41/-2.39 -2.400+0.150
Spread vs 1st Eagle Ford Yield
Eagle Ford postings avg.
AAYAH00 40.775
-0.125
AAYAI00 -6.273
+0.823
Spread vs 1st line WTI CMA
WCS ex-Cushing
AAWTY0034.33–34.43 34.380
-1.070
AAWTZ00-10.80/-10.70 -10.750 0.000
Bakken
AAXPP00 42.080
-1.070
AASRX00
-3.050 0.000
Bakken ex-Guernsey
AASRR0044.67–44.69 44.680
-1.070
AASRV00-0.46/-0.44 -0.450 0.000
Bakken ex-Clearbrook
AASRU0043.62–43.64 43.630
-1.070
AASRW00-1.51/-1.49 -1.500 0.000
Americas Crude Marker (Nov)
AAQHN0041.07–41.09 41.080
-0.440
ACM (Dec)
AAQHO0041.70–41.72 41.710
-0.180
ACM (Jan)
AAQHP0042.37–42.39 42.380
+0.110
Sep 28 Americas Crude Marker assessed at the Americas market close at 3:15pm Eastern Time.
23
Change
($/barrel)
WTI (Nov)
AAQAR0044.49–44.51 44.500
-1.100
WTI (Dec)
AAQAT0044.92–44.94 44.930
-0.740
WTI (Jan)
AAQAV0045.49–45.51 45.500
-0.650
LLS (Nov)
AAQBB0047.34–47.36 47.350
-0.250
LLS (Dec)
AAQBD0047.82–47.84 47.830
-0.740
Mars (Nov)
AAQAX0041.09–41.11 41.100
-0.800
Mars (Dec)
AAQAZ0041.62–41.64 41.630
-1.040
Spread
WTI (Nov)
AAQAS00-0.01/0.01* 0.000
0.000
WTI (Dec)
AAQAU00-0.01/0.01* 0.000
0.000
WTI (Jan)
AAQAW00-0.01/0.01* 0.000
0.000
LLS (Nov)
AAQBC002.84/2.86** 2.850
+0.850
LLS (Dec)
AAQBE002.89/2.91** 2.900
2.900
Mars (Nov)
AAQAY00-3.41/-3.39** -3.400
+0.300
Mars (Dec)
AAQBA00-3.31/-3.29** -3.300
-0.300
WTI, LLS, and Mars assessments reflect value at 16:30 London Close. *=Differential value
at 16:30 London close. WTI EFP versus NYMEX light sweet crude futures. **=LLS and Mars
differentials versus same-month cash WTI.
Canadian spot crude assessments, Sep 28
MidChange
(PGA pages 230 & 232)
CD$/cu m
Lloyd Blend
AALRM00 260.78–261.63261.205
-8.236
Mixed Sweet
AALRT00 353.65–354.49354.072
-7.977
Light Sour Blend
AALRZ00 341.47–342.31341.886
-8.011
Midale
AAUCD00 313.73–314.57314.152
-8.088
Condensates
AALSH00 372.14–372.98372.562
-7.924
Syncrude Sweet Prem.
AASOL00 375.08–375.92375.503
-7.917
WCS
AAPPO00 261.63–262.47262.045
-8.234
Cold Lake
AASZY00 251.12–251.96251.540
-8.264
$/barrel
Lloyd Blend
AALRK0031.03–31.13 31.080
-1.070
Mixed Sweet
AALRR0042.08–42.18 42.130
-1.070
Light Sour Blend
AALRX0040.63–40.73 40.680
-1.070
Midale
AAUCC0037.33–37.43 37.380
-1.070
Condensates
AALSF0044.28–44.38 44.330
-1.070
Syncrude Sweet Prem.
AASOK0044.63–44.73 44.680
-1.070
WCS
AAPPN0031.13–31.23 31.180
-1.070
Cold Lake
AASZX0029.88–29.98 29.930
-1.070
Spread vs Canada Basis
Lloyd Blend
AALRP00 -14.10/-14.00-14.050
0.000
Mixed Sweet
AALRV00-3.05/-2.95 -3.000
0.000
Light Sour Blend
AALSD00-4.50/-4.40 -4.450
0.000
Midale
AAUCE00-7.80/-7.70 -7.750
0.000
Condensates
AALSJ00-0.85/-0.75 -0.800
0.000
Syncrude Sweet Prem.
AASOM00-0.50/-0.40 -0.450
0.000
WCS
AAPPP00 -14.00/-13.90-13.950
0.000
Cold Lake
AASZZ00 -15.25/-15.15-15.200
0.000
*Canada Basis: See explanation at http://www.platts.com/
Copyright © 2015 McGraw Hill Financial
Mid
(PGA page 1240)
oilgram price report
Prices effective September 28, 2015
Crude Price Assessments ($/barrel)
Crude oil postings
Effective dateEffective dateEffective dateEffective date
US ($/barrel) (PGA page 250)
PlainsShell
Sunoco
PSADF0942.25* 25SEP15
PSADI09
41.10*28SEP15
PSADG09 42.25*25SEP15
WTI
PSAED0941.40 25SEP15
PSAEG09
41.4428SEP15
PSAEE09 37.2525SEP15
WTS PSAMO0940.75 25SEP15
PSAMQ09
39.2528SEP15
PSAMP09 40.7525SEP15
LLS PSUS19142.25 25SEP15
PSANX09
40.8528SEP15
PSANW09 42.2525SEP15
Ok. Swt. PSAPL0932.60 25SEP15
PSUS112
33.5828SEP15
Kansas PSAQZ0939.35 25SEP15
PSARA09
35.4328SEP15
Wyo. Swt PSAQD09
16.7528SEP15
Wyo. Sr. AALBB0037.75 25SEP15
Eugene Island PSUS100 42.2525SEP15
Eagle Ford PSUS110 41.2525SEP15
Eagle Fd Cond
41.00*28SEP15
36.0028SEP15
45.1328SEP15
PSAPE09
40.0028SEP15
Phillips66FlintHls
RoseRock
PSACP0941.05* 28SEP15
AAUQN00
41.0028SEP15
AAOPS00 37.2928SEP15
WTI
PSADO0941.09 28SEP15
WTS PSAMC0939.80 28SEP15
LLS PSASL09 40.85
28SEP15
AAOPR00 36.3428SEP15
Ok. Swt AAOPT00 29.9628SEP15
Kansas PSUS264
39.2528SEP15
Wyo. Swt.
PSUS261
16.7528SEP15
Wyo. Sr. PSUS068
36.5028SEP15
Eagle Ford
PSUS070
30.0028SEP15
Eagle Fd Cond
Valero
PSACS09
AAFHJ00
PSATF09
Coffey
PSUS066
40.7528SEP15
PSUS064
PSUS060
PSUS067
40.7528SEP15
34.5028SEP15
26.0028SEP15
*P-5 WTI is a crude oil postings-based index as of 5:30 p.m. local New York time. Posted prices by the following companies are used in the index: Phillips66, Plains, Sunoco, Shell, and Valero. Postings available at presstime. Companies listed are representative of key crude oil
purchasers.
Platts Index, Sep 28 (PGA pages 111 & 112)
Latin America crude ($/barrel), Sep 28 (PGA page 280)
Change
Jet kerosene*
Gasoline
Gasoil*
Naphtha
Resid
Atlantic sweet crude
Mediterranean sour crude PG/Asia crude
U.S. pipeline crude
PJGLO00161.04
PXAAC00253.54
PGGIV00171.21
PXAAG00280.15
PXAAD00254.64
PXAAA00292.85
PXAAF00300.36
PXAAH00291.35
PXAAI00268.18
-3.650
-6.240
-2.830
-6.190
-5.360
-5.220
-5.780
+0.670
-5.970
Platts indexes reflect the value of baskets of various grades of crude and oil products with
reference to a base period equal to 100, using average prices for the period Jul 1987-Dec
1988. Indexes have been published since July 1990. No adjustment is made for inflation.
*=Jet fuel and Gasoil indexes based on index value 2000 = 100%.
Copyright © 2015 McGraw Hill Financial
24
Mid
Change
Diff to
Diff to Futures
Diff to Dated
FOB Crude
WTI stripBrent strip Brent strip
Oriente
PCADE0037.97–38.02 37.995-1.015
PCAGU00-7.000
AAXBW00-10.320AAXBH00-9.095
PCAGI0040.19–40.24 40.215-1.020
PCAGR00-4.780
AAXCB00-8.100
AAXBN00-6.875
Vasconia
AAQTL0040.54–40.59 40.565-1.020
AAQTK00-4.430
AAXBT00-7.750
AAXAY00-6.525
Roncador
PCAGC0039.59–39.64 39.615-1.070
PCAGO00-5.380
AAXBS00-8.700
AAXAX00-7.475
Escalante
PCAGH0038.22–38.27 38.245-1.015
PCAGQ00-6.750
AAXBV00-10.070AAXBG00-8.845
Loreto
AAITB0045.69–45.74 45.715-1.020
AAITH000.720
AAXCC00-2.600
AAXBO00-1.375
Mesa 30
AAITD0052.07–52.12 52.095-0.815
AAITJ007.100
AAXBU003.780
AAXAZ005.005
Santa Barbara
AAITF0041.04–41.09 41.065-1.020
AAITL00-3.930
AAXBY00-7.250
AAXBJ00-6.025
Marlim
AAMCA0033.22–33.27 33.245-1.015
AAMCD00-11.750 AAXBX00-15.070AAXBI00-13.845
Napo
AAVEQ0037.04–37.09 37.065-1.020
AAVEQ01-7.930
AAXBZ00-11.250AAXBK00-10.025
Castilla Blend
AAWFR0036.69–36.74 36.715-1.020
AAWFS00-8.280
AAXCA00-11.600AAXBL00-10.375
Magdalena
AAXBP00 44.995
-1.015
Latin America WTI strip
Latin America Futures Brent strip
AAXBQ00 48.315
-1.070
Latin America Dated Brent strip
AAXBR00 47.090
-1.070
oilgram price report
Prices effective September 28, 2015
Spot tanker rates, Sep 28
Route
From
Platts futures assessments, Sep 28
To
Size (mt)
WS
Rate ($/mt)
Clean
(PGT page 1910)
MedUKC
PFADCSZ30k PFADC10165.00
PFACWSZ37k PFACW10105.00
MedUSAC
PFADBSZ30k PFADB10155.00
MedMed
PFALYSZ22k PFALY00157.50
UKCUKC
PFAMASZ37k PFAMA00100.00
UKCUSAC
PFAMBSZ37k PFAMB00100.00
UKCUSGC
PFABXSZ30k PFABX00155.00
BSeaMed
(PGT page 2920)
TCABA0022.47
TCABC0020.28
TCAAY009.92
TCABV0010.63
TCABX0016.35
TCACA0022.81
TCAAP0019.47
AGIndia
PFABMSZ35k PFABM10165.00
PFABNSZ35k PFABN10120.00
AGJapan
PFAEBSZ30k PFAEB10139.00
SingJapan
PFAKWSZ30k PFAKW10405.00*
SingHK
(PGT page 2922)
TCAAF0013.56
TCAAH0032.57
TCABP0018.40
TCADI0013.50
AGJapan
PFAEYSZ55k PFAEY1095.00 TCAAI0025.78
PFAMTSZ75k PFAMT0082.50 TCAAJ0022.39
AGJapan
Dirty
(PGT page 1962)
CaribUSGC
PFANZSZ50k PFANZ00112.50 TDABA0010.72
PFALTSZ70k PFALT10125.00 TDAAY0012.50
CaribUSAC
(PGT page 1960)
MedMed
PFAJPSZ80k PFAJP1067.50 TDABL004.40
PFAJOSZ80k PFAJO1057.50 TDABU0013.95
MedUSGC
PFAKDSZ80k PFAKD1082.50 TDACD006.50
UKCUKC
PFAKESZ80k PFAKE1077.50 TDACG0012.73
UKCUSAC
(PGT page 1970)
WAFUSGC
PFAIASZ130k PFAIA1087.50 TDACV0022.16
PFAHNSZ135k PFAHN1065.00 TDACH0014.35
UKCUSGC
PFAHGSZ135k PFAHG1065.00 TDABS0015.77
MedUSGC
(PGT page 2970)
AGAsia
PFAJDSZ80k PFAJD1085.00 TDAAC0018.90
(PGT page 2980)
AGAsia
PFAOCSZ270k PFAOC0061.00 TDAAB0013.56
PFAOGSZ280k PFAOG0037.00 TDAAN0017.93
AGUSGC
*values are in lumpsum
Platts futures assessments Singapore MOC, Sep 28 (PGA page 703)
NYMEX RBOB (¢/gal)
Oct Nov Dec Copyright © 2015 McGraw Hill Financial
XNRBA01138.620
XNRBA02136.860
XNRBA03134.340
25
NYMEX NY ULSD (¢/gal)
Oct Nov Dec XNHOA01151.480
XNHOA02153.610
XNHOA03155.540
NYMEX light sweet crude ($/barrel)* (PGA page 701)
Nov
Dec
Jan Feb Nov
Dec
Jan Feb Nov
Dec
Jan Feb CME 2:30 PM ET settlement
AAWS00144.430
AAWS00244.870
AAWS00345.450
AAWS00446.050
Platts 3:15 PM ET futures assessment
NYCRM0144.580
NYCRM0245.010
NYCRM0345.580
NYCRM0446.160
2:30 PM vs 3:15 PM spread
AAWD001-0.150
AAWD002-0.140
AAWD003-0.130
AAWD004-0.110
NYMEX RBOB (¢/gal)* (PGA page 701)
Oct
Nov
Dec Oct
Nov
Dec Oct
Nov
Dec CME 2:30 PM ET settlement
AARS001134.880
AARS002133.260
AARS003130.970
Platts 3:15 PM ET futures assessment
NYRBM01134.990
NYRBM02133.340
NYRBM03131.070
2:30 PM vs 3:15 PM spread
AARD001-0.110
AARD002-0.080
AARD003-0.100
NYMEX NY ULSD (¢/gal)* (PGA page 701)
Oct
Nov
Dec Oct
Nov
Dec Oct
Nov
Dec CME 2:30 PM ET settlement
AAHS001147.720
AAHS002150.170
AAHS003152.380
Platts 3:15 PM ET futures assessment
NYHOM01148.110
NYHOM02150.450
NYHOM03152.650
2:30 PM vs 3:15 PM spread
AAHD001-0.390
AAHD002-0.280
AAHD003-0.270
ICE Brent crude ($/barrel)* (PGA page 703)
Nov
Dec
Jan
Feb
Platts 3:15 PM ET futures assessment
AAQBG0047.400
AAQBH0048.070
AAXZZ0048.770
AAYALOO49.460
*These assessments reflect prevailing futures value exactly at 3:15 pm ET. However, on
the business day preceding the following holidays, theand se assessments reflect the
value of futures at precisely 1:30 pm ET: Christmas Day, New Years Day, Fourth of July,
and Thanksgiving Day.
oilgram price report
Prices effective September 28, 2015
Futures settlements, Sep 28
Settlement
Change
Low
High
Volume* Open interest
PNT***
Settlement
Change
Low
High
NYMEX Light sweet crude ($/barrel) (PGA page 705)
ICE BWAVE (Brent weighted futures average)($/barrel) (PGA page 704)
Nov 15
Dec 15
Jan 16
Feb 16
Total
Nov 15
Dec 15
NMCL001
44.43 -1.27
44.30 45.50 250334 456297
44.87 -1.32
44.75 45.96 80855 261900
NMCL003
45.45 -1.35
45.35 46.51 40080 110470
NMCL004
46.05 -1.39
45.93 47.15 20014 76185
NMCL000
461711
XNCLP0023504
NMCL002
NYMEX NY ULSD ($/gal) (PGA page 705)
Oct 15
Nov 15
Dec 15
Jan 15
Total
NMHO001
1.4772 -0.0453 1.4742
1.5168
27739 19273
1.5017 -0.0439 1.4990
1.5431
48788 91188
NMHO003
1.5238 -0.0411 1.5211
1.5606
19285 65861
NMHO004
1.5457 -0.0392 1.5429
1.5776
12418 39331
NMHO000
122786
XNHOP0012925
NMHO002
NYMEX RBOB unleaded gasoline ($/gal) (PGA page 705)
Oct 15
Nov 15
Dec 15
Jan 15
Total
NMRB001
1.3488 -0.0471 1.3425
1.3957
25033 21626
1.3326 -0.0467 1.3274
1.3778
48020 131433
NMRB003
1.3097 -0.0444 1.3045
1.3499
19759 70242
NMRB004
1.3127 -0.0431 1.3075
1.3479
8573 35413
NMRB000
118124
XNRBP0013202
NMRB002
Volume* Open interest
PNT***
XIBW00148.42
XIBW00249.10
BWAVE data refer to previous day.
ICE WTI ($/barrel) (PGA page 704)
Nov 15
Dec 15
Jan 16
Feb 16
Total
ICIC001
44.43 -1.27
44.30 45.47 47977 85815
44.87 -1.32
44.76 45.93 44475 92209
ICIC003
45.45 -1.35
45.39 46.52 22918 24832
ICIC004
46.05 -1.39
46.02 46.83 6701 8395
ICIC000
136983
XIICP006478
ICIC002
ICE low sulfur Gasoil ($/mt) (PGA page 704)
Oct 15
Nov 15
Dec 15
Jan 16
Total
ICLO001
456.50
-10.50 456.00
466.25
73928 121437
459.50
-10.25 459.00
469.25
90793 158211
ICLO003
462.25
-9.50 461.75
471.00
30709 120820
ICLO004
466.50
-9.25 466.00
474.50
1416 52111
ICLO000
226955
XILOP005031
ICLO002
*Volume, open interest and PNT reflect prior trading day. PNT reflect volume for Privately Negotiated Trades or off-exchange. **Oman
settlements are Post Close settlements. ***Privately Negotiated Trade values found on PGA page 710
Source: CQG
NYMEX Natural Gas ($/MMBtu) (PGA page 705)
Oct 15
Nov 15
Dec 15
Jan 16
Total
NMNG001
2.563 +0.00 2.549 2.640 63285 5525
2.670 +0.04 2.647 2.720 131042 300572
NMNG003
2.837 +0.04 2.813 2.875 36666 112788
NMNG004
2.951 +0.03 2.926 2.987 27323 125327
NMNG000
305592
XNNGP0017956
NMNG002
DME Oman crude ($/barrel)** (PGA pages 702 & 2710)
Nov 15 Asia
Nov 15
Dec 15
Jan 15
Feb 15
Total
XDOA001
44.48 +0.16
DMOQ001
43.40
-1.12
43.40 44.72 DMOQ002
44.70
-0.87
44.70 45.41 DMOQ003
45.63
-0.85
45.63 45.63 DMOQ004
46.25
-0.85
46.25 46.25 DMOQ000
ICLL001
47.34 -1.26
47.25 48.44 210271 249459
ICLL002
48.01 -1.26
47.93 49.06 120204 361314
ICLL003
48.70 -1.29
48.62 49.77 37828 204379
ICLL004
49.40 -1.31
49.34 50.50 24644 126296
ICLL000
509286
XILLP0011728
Copyright © 2015 McGraw Hill Financial
26
53
($/barrel)
07-Sep
14-Sep
21-Sep
28-Sep
51
2684
4308 21991
87 247
44 0
27 10
4484 XDOQP00650
ICE Brent ($/barrel) (PGA page 704)
Nov 15
Dec 15
Jan 16
Feb 16
Total
NYMEX CRUDE 12-MONTH STRIP
49
47
45
43
1
Source: CME Group
2
3
4
5
6
7
8
9
10
11
12
oilgram price report
Prices effective September 28, 2015
Five-Day Rolling Averages, five days ending September 28
Conversion
Naphtha (PGA page 34)
$/barrel ¢/gal
Singapore
PAAAP00
47.46–47.50
(/.42)113.00–113.10
$/mt ¢/gal
Japan C/F
PAAAD00
444.60–447.10
(/3.78)117.62–118.28
Arab Gulf
PAAAA00
414.82–417.32
(/3.78)109.74–110.40
CIF NWE physical
PAAAL00
414.80–415.30
(/3.78)109.74–109.87
PAAAM00
410.80–411.30
(/3.78)108.68–108.81
Rotterdam barge
FOB Med
PAAAI00
388.45–388.95
(/3.78)102.76–102.90
CIF Genoa
PAAAH00
403.25–403.75
(/3.78)106.68–106.81
Carib cargo
PAAAB00
418.73–418.80 (/3.633)115.35–115.37
¢/gal $/mt
US Gulf FOB cargo
AAXJP00
121.54 –121.64 (*3.54669)
425.55 –425.65
AAXQK00
103.13 (*4.0083)
413.38
US Gulf FOB LSR parcel
Jet Kerosene (PGA page 35)
CIF NWE cargo
PJAAU00
Rotterdam barge
PJABA00
FOB Med
AAIDL00
CIF Genoa
AAZBN00
Carib cargo
PJAAD00
US Gulf water
PJABM00
US Gulf pipe
PJABO00
NY barge
PJAAW00
LA pipeline
PJAAP00
Group 3
PJAAI00
Chicago
PJAAF00
$/mt ¢/gal
478.75–479.25
(/7.89)144.47–144.62
470.95–471.45
(/7.89)142.12–142.27
455.65–456.15
(/7.89)137.50–137.65
477.25–477.75
(/7.89)144.02–144.17
475.65–475.72
(/7.7)147.26–147.28
¢/gal $/mt
139.40–139.50
(*.42)461.93–462.26
137.65–137.75
(*.42)456.13–456.46
146.05–146.15
(*.42)481.95–482.28
148.74–148.84
(*.42)474.47–474.79
142.77–142.87
(*.42)473.10–473.43
151.82–151.92
(*.42)503.11–503.45
Crude Oil, FOB Source
$/barrel
PCACG0045.12–45.14
West Texas Int
XNCL00145.52
NYMEX Crude
Mars
AAMBR0041.48–41.50
Brent (DTD)
PCAAS0047.17–47.19
Brent (First Month)
PCAAP0046.99–47.01
Dubai (First Month)
PCAAT0044.19–44.21
PCABS0044.66–44.68
Oman (First Month)
Urals CIF med
PCACE0046.37–46.40
WTI Posting Plus
PCACI00
2.99 –3.01
Gasoline, U.S. Market (PGA page 36)
(¢/gal)
Unleaded
Premium
NY barge
AAMIT00140.46–140.56AAMHM00163.76–163.86
PGACU00139.61–139.71PGAIX00158.07–158.17
US Gulf water
US Gulf pipe
PGACT00138.21–138.31PGAJB00156.67–156.77
Group 3
PGABD00203.01–203.11
LA Pipeline
PGABG00171.69–171.79
PGADG00162.04–162.14PGABO00182.04–182.14
SF Pipeline
Chicago
PGACR00166.58–166.68PPASQ00204.78–204.88
NYMEX Unl
XNRB001139.24
Copyright © 2015 McGraw Hill Financial
27
Conversion
Gasoline, Intl. Market
Prem ($/mt) ¢/gal
PGABM00
504.75–505.25
(/3.51)143.80–143.95
R’dam Barge Prem unl
Gasoil/Heating Oil (PGA page 32)
Singapore
POABC00
Arab Gulf
POAAT00
0.1 CIF ARA AAYWS00
50 ppm Rotterdam barge
AAUQC00
0.1 Rotterdam barge
AAYWT00
0.1 FOB NWE
AAYWR00
0.1 CIF Med
AAVJJ00
Carib cargo
POAAU00
$/barrel ¢/gal
59.02–59.06
(/.42)140.53–140.63
56.68–56.72
(/.42)134.96–135.05
$/mt ¢/gal
457.90–458.40 (/3.133)146.29–146.45
455.15–455.65 (/3.133)145.42–145.58
446.75–447.25 (/3.133)142.73–142.89
442.65–443.15 (/3.133)141.42–141.58
458.35–458.85 (/3.133)146.44–146.60
429.19–429.25 (*.32175)138.00–138.02
(PGA page 33)
L.A. LS diesel
POAET00
S.F. LS diesel
POAEY00
NY barge
POAEG00
US Gulf water
POAEE00
US Gulf pipe
POAED00
NYMEX NY ULSD
XNHO001
¢/gal $/barrel
149.62–149.72
(*3.07)459.33–459.63
157.33–157.43
(*3.07)483.00–483.30
¢/gal $/mt
141.27–141.37
(*3.15)444.99–445.30
137.88–137.98
(*3.08)424.66–424.97
133.13–133.23
(*3.08)410.03–410.34
151.96 (*3.08)
478.66
Low Sulfur Resid Fuel Oil (PGA page 38)
CIF ARA 1%
PUAAL00
Rot bar 1%
PUAAP00
NWE FOB 1%
PUAAM00
Med FOB 1%
PUAAK00
Indonesia LSWR Mixed/Cracked
PPAPU00
PUAAE00
NY Cargo .3% HP
NY Cargo .3% LP
PUAAB00
NY Cargo .7% Max
PUAAH00
NY Cargo 1% Max PUAAO00
US Gulf 1%
PUAAI00
$/mt $/barrel
214.55–215.05 (/6.35)33.79–33.87
207.10–207.60 (/6.35)32.61–32.69
205.30–205.80 (/6.35)32.33–32.41
212.10–212.60 (/6.35)33.40–33.48
$/barrel $/mt
39.76–39.80
(*6.8)266.37–266.63
40.08–40.10
(*6.7)268.54–268.67
41.58–41.60
(*6.7)278.59–278.72
34.43–34.45
(*6.5)223.80–223.93
34.08–34.10
(*6.5)221.52–221.65
33.80–33.82
(*6.11)213.64–213.77
Hi Sulfur Resid Fuel Oil (PGA page 39)
Singapore 180
PUADV00
Singapore 380
PPXDK00
Arab Gulf 180
PUABE00
CIF ARA 3.5%
PUABA00
NWE FOB 3.5%
PUABB00
Med FOB 3.5%
PUAAZ00
CIF Med 3.5%
PUAAY00
NY cargo 2.2%
PUAAU00
NY cargo 3.0%
PUAAX00
US Gulf 3%
PUAFZ00
Carib 2.0%
PUAAS00
Carib 2.8%
PUAAV00
$/mt $/barrel
231.36–231.40 (/6.35)36.43–36.44
227.40–227.44 (/6.35)35.81–35.82
217.39–217.43 (/6.35)34.23–34.24
200.10–200.60 (/6.35)31.51–31.59
189.10–189.60 (/6.35)29.78–29.86
208.20–208.70 (/6.35)32.79–32.87
218.20–218.70 (/6.35)34.36–34.44
$/barrel $/mt
34.00–34.02
(*6.4)217.57–217.70
33.94–33.96
(*6.4)217.19–217.32
33.30–33.32
(*6.4)213.15–213.27
29.55–29.57
(*6.4)189.15–189.27
24.55–24.57
(*6.4)157.15–157.27
oilgram price report
Prices effective September 28, 2015
US wholesale posted prices effective Sep 28
Unleaded
Midgrade
Premium
Kerosene
Diesel No.2
ULSD
PADD 1
Albany, NY
DR198ZY 143.75–148.22 DM198ZY 152.75–165.40 DP198ZY 168.50–199.40 DK198ZY 179.00–241.40 DR235ZY 142.07–156.31 DM235ZY 152.71–174.22 DP235ZY 167.82–204.20 DH235ZY 146.92–153.25 Allentown
DR048ZY 152.45–165.35 DM048ZY 160.75–197.65 DP048ZY 196.10–223.15 Atlanta
DR123ZY 151.12–167.64 DM123ZY 167.69–194.37 DP123ZY 195.90–215.60 DK123ZY 174.50–174.70 DH123ZY 142.10–179.90 Baltimore (a)
DR200ZY 151.45–154.02 DM200ZY 167.45–173.67 DP200ZY 204.40–211.95 Binghamton
DR121ZY 142.75–146.22 DM121ZY 151.99–165.75 DP121ZY 167.25–195.75 DK121ZY 207.00–207.00 Boston (a)
DR250ZY 156.15–157.00 DM250ZY 176.15–177.00 DP250ZY 206.15–207.00 Charleston
DR169ZY 149.68–158.85 DM169ZY 169.59–184.85 DP169ZY 201.99–210.78 Charlotte
DR299ZY 148.70–157.51 DM299ZY 163.02–182.75 DP299ZY 195.31–211.40 Fairfax (a)
DK171ZY 178.00–178.00 Greensboro
DU039ZY 153.05–159.17
Miami
DR034ZY 142.70–146.24 DM034ZY 151.15–165.75 DP034ZY 166.45–198.75 DK034ZY 211.25–211.25 DH034ZY – New Haven (a)
DR204ZY 141.94–141.94 DM204ZY 150.53–150.53 DP204ZY 165.32–165.32 New York City (a)
DR189ZY 139.35–142.30 DM189ZY 148.80–162.45 DP189ZY 164.30–199.88 DK189ZY 215.42–215.42 Newark (a)
DR300ZY 154.56–171.15 DM300ZY 175.92–188.25 DP300ZY 201.56–219.44 Norfolk (a)
DR041ZY 151.10–160.37 DM041ZY 166.25–191.56 DP041ZY 192.25–212.10 Orlando
DR242ZY 139.60–151.55 DM242ZY 151.00–168.15 DP242ZY 171.00–205.01 DH242ZY 142.50–147.47 Philadelphia (a)
DR243ZY 150.23–168.90 DM243ZY 161.87–209.55 DP243ZY 185.13–238.35 DK243ZY 197.51–197.51 DH243ZY 149.00–175.35 Pittsburgh
DR248ZY 143.50–153.30 DM248ZY 151.65–169.30 DP248ZY 167.25–203.30 Providence (a)
DR126ZY 148.90–149.98 DM126ZY 159.70–164.12 DP126ZY 175.30–176.43 DH126ZY 151.20–151.20 Portland
Raleigh
DR301ZY 145.70–151.80 DM301ZY 162.90–171.24 DP301ZY 191.60–210.24 DK301ZY 187.00–187.00 Richmond
DR054ZY 155.00–162.50 DM054ZY 175.00–182.50 DP054ZY 205.00–212.50 Savannah
DR252ZY 149.63–163.99 DM252ZY 169.63–184.88 DP252ZY 200.90–213.90 Spartanburg
DU045ZY 151.71–159.14
Tampa
PADD 2
Aberdeen
DR253ZY 160.25–171.16 DM253ZY 182.75–189.93 DP253ZY 198.50–213.82 DR144ZY 165.00–168.44 DP144ZY 212.00–265.59 Cape Girardeau
DR260ZY 147.10–156.69 DM260ZY 159.79–179.55 DP260ZY 179.08–203.90 Chattanooga
DR075ZY 179.50–185.43 DM075ZY 205.08–205.50 DP075ZY 251.75–270.96 DK075ZY 225.75–225.75 Chicago (a)
DR212ZY 168.30–179.40 DM212ZY 191.63–204.40 DP212ZY 238.30–245.00 DK212ZY 233.15–233.15 Cleveland
DR213ZY 168.70–191.70 DM213ZY 192.03–216.70 DP213ZY 235.68–251.70 DK213ZY 230.25–230.25 Columbus
DR138ZY 166.32–167.12 DM138ZY 185.59–189.09 DP138ZY 199.34–210.87 Duluth
DR059ZY 153.30–161.75 DM059ZY 171.75–194.61 DP059ZY 189.70–239.61 Des Moines
DR130ZY 174.89–196.00 DM130ZY 198.09–221.00 DP130ZY 231.01–257.25 DK130ZY 228.55–228.55 Detroit
DR174ZY 159.85–168.11 DM174ZY 175.50–197.34 DP174ZY 192.50–219.84 Fargo
DR313ZY 169.30–173.80 DM313ZY 192.78–194.80 DP313ZY 233.80–240.30 DK313ZY 229.90–230.90 Green Bay
DR088ZY 165.30–187.60 DM088ZY 188.98–212.60 DP088ZY 235.65–247.60 DK088ZY 228.05–228.05 Indianapolis
DR099ZY 152.95–160.97 DM099ZY 175.20–192.47 DP099ZY 199.09–249.61 Kansas City
DR261ZY 147.56–165.45 DM261ZY 160.87–181.20 DP261ZY 179.67–208.38 DK261ZY 210.75–210.75 Knoxville
DR316ZY 183.74–188.00 DM316ZY 208.14–210.63 DP316ZY 248.00–257.30 DK316ZY 229.30–229.30 Milwaukee
DR141ZY 160.95–168.95 DM141ZY 174.00–195.73 DP141ZY 194.90–221.86 DK141ZY 189.50–189.50 Minneapolis/St.Paul
DR226ZY 151.15–163.52 DM226ZY 173.77–187.70 DP226ZY 187.33–245.60 Oklahoma City
DR185ZY 153.25–162.25 DM185ZY 172.25–193.31 DP185ZY 189.25–223.31 Omaha
DR256ZY 153.92–163.00 DM256ZY 173.00–194.51 DP256ZY 189.40–224.51 Sioux Falls
DR154ZY 187.80–188.00 DM154ZY 212.40–212.40 DP154ZY 235.80–235.80 St. Louis (a)
PADD 3
Albuquerque
DR192ZY 161.00–169.50 DM192ZY 176.00–186.50 DP192ZY 191.00–219.75 DR265ZY 152.15–153.63 DM265ZY 184.15–185.63 DP265ZY 209.15–210.63 Amarillo
DR115ZY 142.54–144.11 DM115ZY 149.60–165.95 DP115ZY 179.00–186.05 Baton Rouge
DR003ZY 146.30–154.95 DM003ZY 163.30–175.40 DP003ZY 193.00–205.82 DK003ZY 202.95–202.95 Birmingham
DR275ZY 154.94–155.30 DM275ZY 168.60–168.80 DP275ZY 192.06–193.30 Corpus Christi
DR276ZY 145.15–154.65 DM276ZY 157.05–170.15 DP276ZY 178.42–197.15 Dallas/Ft.Worth (a)
DR416ZY 143.72–145.63 DM416ZY 151.58–160.63 DP416ZY 170.97–192.13 DK416ZY 184.05–184.05 Houston (a)
DR009ZY 152.63–178.10 DM009ZY 168.60–185.39 DP009ZY 196.50–216.07 Little Rock
DR119ZY 144.42–146.00 DM119ZY 150.82–169.91 DP119ZY 166.10–197.42 New Orleans
DR289ZY 150.91–156.12 DM289ZY 153.83–172.00 DP289ZY 175.12–203.25 San Antonio
Copyright © 2015 McGraw Hill Financial
28
DU198ZY
DU235ZY
DU048ZY
DU123ZY
DU200ZY
DU121ZY
DU250ZY
DU169ZY
DU299ZY
DU171ZY
154.44–162.95
152.25–153.80
146.61–150.55
149.13–159.55
157.49–162.90
155.62–157.80
157.13–160.55
146.51–149.85
147.60–153.00
146.51–151.40
DU034ZY
DU204ZY
DU189ZY
DU300ZY
DU041ZY
DU242ZY
DU243ZY
DU248ZY
DU126ZY
DU168ZY
DU301ZY
DU054ZY
DU252ZY
154.40–162.02
157.11–157.16
150.11–159.20
147.83–153.60
155.40–161.75
149.00–156.44
151.53–171.10
155.13–171.40
155.44–166.10
148.29–149.65
147.01–150.86
159.95–160.00
146.11–151.17
DU253ZY
DU144ZY
DU260ZY
DU075ZY
DU212ZY
DU213ZY
DU138ZY
DU059ZY
DU130ZY
DU174ZY
DU313ZY
DU088ZY
DU099ZY
DU261ZY
DU316ZY
DU141ZY
DU226ZY
DU185ZY
DU256ZY
DU154ZY
159.74–167.81
155.41–161.45
146.11–149.30
156.00–165.50
155.35–160.92
164.51–183.60
171.65–173.65
156.50–177.65
163.84–186.70
162.63–171.15
163.00–168.50
159.82–181.50
155.77–161.58
146.81–154.15
166.00–167.00
161.00–167.40
152.80–159.23
156.74–163.61
156.68–164.23
160.82–166.75
DU192ZY
DU265ZY
DU115ZY
DU003ZY
DU275ZY
DU276ZY
DU416ZY
DU009ZY
DU119ZY
DU289ZY
153.00–161.00
158.45–160.05
145.75–150.20
147.51–150.75
144.45–147.50
148.90–157.55
146.70–150.75
153.47–163.79
144.69–146.65
148.95–152.25
oilgram price report
Prices effective September 28, 2015
US wholesale posted prices (continued)
Unleaded
Midgrade
Premium
Kerosene
Diesel No.2
ULSD
PADD 4
Billings (b)
Casper (b)
Denver
Salt Lake City
PADD 5
Anacortes
Las Vegas (e)
Los Angeles(e)
Phoenix
Portland
SanFranEBay (e)
Seattle/Tacoma
Spokane
DR162ZY
DR321ZY
DR028ZY
DR298ZY
171.57–175.97 171.57–171.57 146.35–153.65 DM028ZY 163.00–176.72 176.00–180.92 DM298ZY 186.00–194.00 DP162ZY
DP321ZY
DP028ZY
DP298ZY
199.73–207.17 207.21–207.21 DU321ZY* 166.82–170.00
183.00–208.40 198.25–208.00 DU162ZY 163.60–168.25
DR305ZY
DR196ZY
DR022ZY
DR012ZY
DR233ZY
DR025ZY
DR308ZY
DR309ZY
140.00–142.00 168.00–210.00 182.21–219.00 175.50–198.00 138.00–156.25 175.21–176.96 140.00–141.65 154.50–160.13 DP305ZY
DP196ZY
DP022ZY
DP012ZY
DP233ZY
DP025ZY
DP308ZY
DP309ZY
175.00–177.00 209.00–236.00 216.18–251.00 205.50–239.00 173.00–196.25 195.18–206.93 175.00–177.65 180.08–189.50 DU305ZY
DU196ZY
DU022ZY
DU012ZY
DU233ZY
DU025ZY
DU308ZY
DU309ZY
DM305ZY
DM196ZY
DM022ZY
DM012ZY
DM233ZY
DM025ZY
DM308ZY
DM309ZY
165.00–167.00 193.00–223.00 197.69–236.00 190.50–210.00 163.00–176.25 185.19–191.94 164.00–165.00 157.66–171.50 DU028ZY 159.26–180.45
DU298ZY 151.97–162.00
154.70–161.00
156.75–169.25
165.97–170.00
154.75–174.75
161.25–180.30
172.22–254.00
163.25–169.50
168.15–168.15
All prices are provided by DTN. Discounts or temporary allowances offered by individual companies are not included in posted prices. Prices are unbranded unless noted. Prices are conventional gasoline unless noted. All prices in cts/gal. (a)=RFG. (b)=Branded postings (e)=CARB
gasoline/No.2 oil *=Low Sulfur Diesel
US WEEKLY AVERAGE CRACKING MARGINS
25
US WEEKLY AVERAGE CRACKING MARGINS
($/barrel)
A
B
20.03
20
C
D
25
A
B
20.03
20
16.93
15
15
($/barrel)
6.50
8.87 8.66
7.97 7.88
20
USAC Bonny Light
10
13.68 13.81
11.30
USWC ANS
0
8.73
8.21 8.60
5
Midwest WTI
C
D
16.93
6.50
5.93 5.51
5.35
USGC LLS
A
B
20.03
11.30
8.73
8.21 8.60
Midwest WTI
25
15
13.68 13.81
11.30
10
0
C
D
16.93
13.68 13.81
5
US WEEKLY AVERAGE CRACKING MARGINS
($/barrel)
8.87 8.66
7.97 7.88
USGC LLS
USAC Bonny Light
5
USWC ANS
0
8.73
8.21 8.60
6.50
5.93 5.51
5.35
10
Midwest WTI
8.87 8.66
7.97 7.88
5.93 5.51
5.35
USGC LLS
USAC Bonny Light
USWC ANS
Source: Platts, Turner Mason
Source: Platts, Turner Mason
Source: Platts, Turner Mason
US COKING MARGINS 30-DAY ROLLING AVERAGE
US COKING MARGINS 30-DAY ROLLING AVERAGE
US COKING MARGINS 30-DAY ROLLING AVERAGE
35
($/barrel)
Midwest WTS
USGC Mars
30
USAC Cabinda
USWC ANS
35
($/barrel)
Midwest WTS
USGC Mars
30
USAC Cabinda
USWC ANS
35
25
25
20
20
20
15
15
15
10
10
10
5
5
5
0
Sep-14
0
Sep-14
Jan-15
Mar-15
May-15
Source: Platts, Turner Mason
Copyright © 2015 McGraw Hill Financial
Jul-15
Sep-15
Nov-14
Jan-15
Source: Platts, Turner Mason
29
Mar-15
May-15
Jul-15
Sep-15
Midwest WTS
USGC Mars
30
25
Nov-14
($/barrel)
0
Sep-14
Nov-14
Jan-15
Source: Platts, Turner Mason
Mar-15
May-15
USAC Cabinda
USWC ANS
Jul-15
Sep-15
oilgram price report
Prices effective September 28, 2015
US wholesale posted prices effective Sep 26
Unleaded
Midgrade
Premium
Kerosene
Diesel No.2
ULSD
PADD 1
Albany, NY
DR198ZY 143.75–148.22 DM198ZY 152.75–165.40 DP198ZY 168.50–199.40 DK198ZY 179.00–241.40 DR235ZY 142.07–156.31 DM235ZY 152.71–174.22 DP235ZY 167.82–204.20 DH235ZY 146.92–153.25 Allentown
DR048ZY 152.45–165.35 DM048ZY 160.75–197.65 DP048ZY 196.10–223.15 Atlanta
DR123ZY 151.12–167.64 DM123ZY 167.69–194.37 DP123ZY 195.90–215.60 DK123ZY 174.50–174.70 DH123ZY 142.10–179.90 Baltimore (a)
DR200ZY 151.45–154.02 DM200ZY 167.45–173.67 DP200ZY 204.40–211.95 Binghamton
DR121ZY 142.75–146.22 DM121ZY 151.99–165.75 DP121ZY 167.25–195.75 DK121ZY 207.00–207.00 Boston (a)
DR250ZY 156.15–157.00 DM250ZY 176.15–177.00 DP250ZY 206.15–207.00 Charleston
DR169ZY 149.68–158.85 DM169ZY 169.59–184.85 DP169ZY 201.99–210.78 Charlotte
DR299ZY 148.70–157.51 DM299ZY 163.02–182.75 DP299ZY 195.31–211.40 Fairfax (a)
DK171ZY 178.00–178.00 Greensboro
DU039ZY 153.05–159.17
Miami
DR034ZY 142.70–146.24 DM034ZY 151.15–165.75 DP034ZY 166.45–198.75 DK034ZY 211.25–211.25 DH034ZY – New Haven (a)
DR204ZY 141.94–141.94 DM204ZY 150.53–150.53 DP204ZY 165.32–165.32 New York City (a)
DR189ZY 139.35–142.30 DM189ZY 148.80–162.45 DP189ZY 164.30–199.88 DK189ZY 215.42–215.42 Newark (a)
DR300ZY 154.56–171.15 DM300ZY 175.92–188.25 DP300ZY 201.56–219.44 Norfolk (a)
DR041ZY 151.10–160.37 DM041ZY 166.25–191.56 DP041ZY 192.25–212.10 Orlando
DR242ZY 139.60–151.55 DM242ZY 151.00–168.15 DP242ZY 171.00–205.01 DH242ZY 144.35–147.47 Philadelphia (a)
DR243ZY 150.23–168.90 DM243ZY 161.87–209.55 DP243ZY 185.13–238.35 DK243ZY 197.51–197.51 DH243ZY 149.00–175.35 Pittsburgh
DR248ZY 143.50–153.30 DM248ZY 151.65–169.30 DP248ZY 167.25–203.30 Providence (a)
DR126ZY 148.90–149.98 DM126ZY 159.70–164.12 DP126ZY 175.30–176.43 DH126ZY 151.20–151.20 Portland
Raleigh
DR301ZY 145.70–151.80 DM301ZY 162.90–171.24 DP301ZY 191.60–210.24 DK301ZY 187.00–187.00 Richmond
DR054ZY 155.00–162.50 DM054ZY 175.00–182.50 DP054ZY 205.00–212.50 Savannah
DR252ZY 149.63–163.99 DM252ZY 169.63–184.88 DP252ZY 200.90–213.90 Spartanburg
DU045ZY 151.71–159.14
Tampa
PADD 2
Aberdeen
DR253ZY 161.38–171.16 DM253ZY 183.73–189.93 DP253ZY 199.69–213.82 DR144ZY 165.00–168.44 DP144ZY 212.00–265.59 Cape Girardeau
DR260ZY 147.10–156.69 DM260ZY 159.79–179.55 DP260ZY 179.08–203.90 Chattanooga
DR075ZY 181.75–185.43 DM075ZY 205.08–208.75 DP075ZY 251.75–270.96 DK075ZY 225.75–225.75 Chicago (a)
DR212ZY 168.30–179.40 DM212ZY 191.63–204.40 DP212ZY 238.30–245.00 DK212ZY 233.15–233.15 Cleveland
DR213ZY 168.70–191.70 DM213ZY 192.03–216.70 DP213ZY 235.68–251.70 DK213ZY 230.25–230.25 Columbus
DR138ZY 166.32–167.12 DM138ZY 185.59–189.09 DP138ZY 199.34–210.87 Duluth
DR059ZY 154.60–163.75 DM059ZY 173.75–194.61 DP059ZY 190.43–239.61 Des Moines
DR130ZY 174.89–196.00 DM130ZY 198.09–221.00 DP130ZY 231.01–257.25 DK130ZY 228.55–228.55 Detroit
DR174ZY 161.14–168.11 DM174ZY 177.50–197.34 DP174ZY 194.50–219.84 Fargo
DR313ZY 169.30–173.80 DM313ZY 192.78–194.80 DP313ZY 233.80–240.30 DK313ZY 229.90–230.90 Green Bay
DR088ZY 165.30–187.60 DM088ZY 188.98–212.60 DP088ZY 235.65–247.60 DK088ZY 228.05–228.05 Indianapolis
DR099ZY 153.67–160.97 DM099ZY 175.20–192.47 DP099ZY 199.09–249.61 Kansas City
DR261ZY 147.56–165.45 DM261ZY 160.87–181.20 DP261ZY 179.67–208.38 DK261ZY 210.75–210.75 Knoxville
DR316ZY 183.74–188.00 DM316ZY 208.14–210.63 DP316ZY 248.00–257.30 DK316ZY 229.30–229.30 Milwaukee
DR141ZY 162.70–169.95 DM141ZY 176.26–195.73 DP141ZY 196.65–221.86 DK141ZY 192.50–192.50 Minneapolis/St.Paul
DR226ZY 152.63–163.52 DM226ZY 173.98–187.70 DP226ZY 189.23–245.60 Oklahoma City
DR185ZY 153.79–164.25 DM185ZY 174.25–193.31 DP185ZY 190.62–223.31 Omaha
DR256ZY 154.78–165.00 DM256ZY 175.00–194.51 DP256ZY 191.15–224.51 Sioux Falls
DR154ZY 187.80–188.00 DM154ZY 212.40–212.40 DP154ZY 235.80–235.80 St. Louis (a)
PADD 3
Albuquerque
DR192ZY 161.00–169.50 DM192ZY 176.00–186.50 DP192ZY 191.00–219.75 DR265ZY 152.15–153.63 DM265ZY 184.15–185.63 DP265ZY 209.15–210.63 Amarillo
DR115ZY 142.54–144.11 DM115ZY 149.60–165.95 DP115ZY 179.00–186.05 Baton Rouge
DR003ZY 146.30–154.95 DM003ZY 163.30–175.40 DP003ZY 193.00–205.82 DK003ZY 202.95–202.95 Birmingham
DR275ZY 154.94–155.30 DM275ZY 168.60–168.80 DP275ZY 192.06–193.30 Corpus Christi
DR276ZY 145.15–154.65 DM276ZY 157.05–170.15 DP276ZY 178.42–197.15 Dallas/Ft.Worth (a)
DR416ZY 143.72–145.63 DM416ZY 151.58–160.63 DP416ZY 170.97–192.13 DK416ZY 184.05–184.05 Houston (a)
DR009ZY 152.63–178.10 DM009ZY 168.60–185.39 DP009ZY 196.50–216.07 Little Rock
DR119ZY 144.42–146.00 DM119ZY 150.82–169.91 DP119ZY 166.10–197.42 New Orleans
DR289ZY 150.91–156.12 DM289ZY 153.83–172.00 DP289ZY 175.12–203.25 San Antonio
Copyright © 2015 McGraw Hill Financial
30
DU198ZY
DU235ZY
DU048ZY
DU123ZY
DU200ZY
DU121ZY
DU250ZY
DU169ZY
DU299ZY
DU171ZY
154.44–162.95
152.25–153.80
146.64–150.55
149.13–159.55
157.49–162.90
155.62–157.80
157.13–160.55
146.62–149.85
147.60–153.00
147.03–151.40
DU034ZY
DU204ZY
DU189ZY
DU300ZY
DU041ZY
DU242ZY
DU243ZY
DU248ZY
DU126ZY
DU168ZY
DU301ZY
DU054ZY
DU252ZY
154.40–162.02
157.11–157.16
150.11–159.20
147.83–153.60
155.40–161.75
149.00–156.44
151.53–171.10
155.13–171.40
155.44–166.10
148.29–149.65
147.30–150.86
159.95–160.00
146.62–151.17
DU253ZY
DU144ZY
DU260ZY
DU075ZY
DU212ZY
DU213ZY
DU138ZY
DU059ZY
DU130ZY
DU174ZY
DU313ZY
DU088ZY
DU099ZY
DU261ZY
DU316ZY
DU141ZY
DU226ZY
DU185ZY
DU256ZY
DU154ZY
162.41–167.81
155.41–161.45
146.80–149.30
156.00–165.50
155.35–175.97
164.51–183.60
171.65–173.65
159.50–177.65
163.84–186.70
165.29–171.15
163.00–168.50
159.50–181.50
158.46–162.50
147.03–154.15
166.00–167.00
163.35–169.40
155.77–160.25
159.40–166.50
159.80–167.40
160.82–166.75
DU192ZY
DU265ZY
DU115ZY
DU003ZY
DU275ZY
DU276ZY
DU416ZY
DU009ZY
DU119ZY
DU289ZY
153.00–161.00
158.45–160.05
145.75–150.20
148.09–150.75
144.45–147.50
148.90–157.55
146.78–150.75
153.47–165.04
144.69–146.65
148.95–152.25
oilgram price report
Prices effective September 28, 2015
US wholesale posted prices (continued)
Unleaded
Midgrade
Premium
Kerosene
Diesel No.2
ULSD
PADD 4
Billings (b)
Casper (b)
Denver
Salt Lake City
PADD 5
Anacortes
Las Vegas (e)
Los Angeles(e)
Phoenix
Portland
SanFranEBay (e)
Seattle/Tacoma
Spokane
DR162ZY
DR321ZY
DR028ZY
DR298ZY
171.57–175.97 171.57–171.57 146.35–153.65 DM028ZY 163.00–176.72 176.00–180.92 DM298ZY 186.00–194.00 DP162ZY
DP321ZY
DP028ZY
DP298ZY
199.73–207.17 207.21–207.21 DU321ZY* 166.82–170.00
183.00–208.40 198.25–208.00 DU162ZY 163.60–168.25
DR305ZY
DR196ZY
DR022ZY
DR012ZY
DR233ZY
DR025ZY
DR308ZY
DR309ZY
142.50–144.00 171.00–210.00 184.21–219.00 175.50–198.00 140.00–158.25 178.75–179.21 143.00–144.75 154.50–160.13 DP305ZY
DP196ZY
DP022ZY
DP012ZY
DP233ZY
DP025ZY
DP308ZY
DP309ZY
177.50–179.00 209.00–236.00 219.18–251.00 205.50–239.00 175.00–198.25 199.18–208.93 178.00–179.75 180.08–189.50 DU305ZY
DU196ZY
DU022ZY
DU012ZY
DU233ZY
DU025ZY
DU308ZY
DU309ZY
DM305ZY
DM196ZY
DM022ZY
DM012ZY
DM233ZY
DM025ZY
DM308ZY
DM309ZY
167.50–169.00 196.00–223.00 199.69–236.00 190.50–210.00 165.00–178.25 189.19–193.94 166.65–169.75 157.66–171.50 DU028ZY 159.54–180.45
DU298ZY 150.98–162.00
156.70–161.00
158.75–169.25
167.97–170.00
157.07–174.75
161.81–180.30
174.22–254.00
164.42–169.50
170.15–170.15
All prices are provided by DTN. Discounts or temporary allowances offered by individual companies are not included in posted prices. Prices are unbranded unless noted. Prices are conventional gasoline unless noted. All prices in cts/gal. (a)=RFG. (b)=Branded postings (e)=CARB
gasoline/No.2 oil *=Low Sulfur Diesel
Refining margins analysis
Midwest strong on Chicago gasoline, BP Toledo work
New York—Refining margins in the US Midwest continued
to outpace those in nearly every other region last week on
strong Chicago gasoline prices, as inventories remain tight
and multiple refineries continue to deal with planned and
unplanned work.
The gasoline-led yields more than made up for crude
prices that have largely resisted further falls. Bakken
ex-Clearbrook, Minnesota, was assessed at $44.70/b Friday,
up from a 30-day average of $42.14/b.
West Texas Sour and Western Canadian Select coking
margins jumped $3.38/b and $3.26/b last week to average
$18.84/b and $25.12/b, respectively, in line with the thirdquarter average to date.
Platts margin data reflects the difference between a crude’s
netback and its spot price. Netbacks are based on crude
yields, which are calculated by applying Platts product price
assessments to yield formulas designed by Turner, Mason & Co.
BP shut a coking unit at its 152,000 b/d Toledo, Ohio,
refinery for planned maintenance on September 14. This
comes amid work at Phillips 66/Cenovus’ 314,000 b/d Wood
Copyright © 2015 McGraw Hill Financial
31
River and Marathon’s 212,000 b/d Robinson refineries, both
in Illinois.
Gasoline has driven refining yields higher, more so than
either jet or ULSD, Platts data shows. Chicago spot RBOB
jumped 12 cents to $1.7072/gal Friday, putting it well-above
the 30-day moving average of just $1.5507/gal.
The most recent US Energy Information Administration
oil data shows Midwest gasoline stocks at just 47.53 million
barrels for the week ended September 18 are nearly 2%
below the five-year average. By comparison, combined low
and ultra low sulfur diesel stocks at nearly 32 million barrels
are almost 7.4% above the EIA five-year average.
Spot Chicago diesel prices reflect this, closing Friday at
$1.5837/gal, in line with the 30-day moving average. Spot jet
prices – and supply – shows a similar pattern.
Margins for refiners on the US Gulf Coast – which
account for a substantial portion of Midwest supply – also
jumped last week. Mexico’s Maya coking margins averaged
$13.44/b, up from just $10.97/b the week prior. Coking
margins for Mars rose nearly $4 to average $12.97/b.
LLS cracking margins averaged $8.21/b last week, up
from just $5.35 the week before, which had been more
than half of the Q3 average to date of over $10.50/b. Both
LLS coking and cracking yields have risen over the past
MIDWEST GASOLINE STOCKS
(million barrels)
60
55
50
45
Five-year range
Current
40
Sep-14 Nov-14
Jan-15
Prior year
Five-year average
Mar-15 May-15
Source: US Energy Information Administration
Jul-15
Sep-15
oilgram price report
Prices effective September 28, 2015
Refining margins analysis
two weeks, driven by a steady distillate ULSD market and
rebound in gasoline.
Platts data shows spot ULSD, gasoil and jet prices all
consistent with the 30-day moving average, while prompt
87 octane pipeline gasoline jumped nearly 10 cents to close
at $1.4472/gal Friday.
USGC coking margins likely got a boost from the outage
of a coker at Total’s 225,000 b/d Port Arthur, Texas, refinery
earlier in September. The unit is expected to return by the
end of the month.
Bakken cracking margins on the US Atlantic Coast
arrested their slide last week, averaging 92 cents/b. While
well-below the $6.35/b seen over Q3, margins are up from
just 78 cent/b the week prior.
Arab Light cracking margins improved also, averaging
$8.07/b last week, up from $7.10/b the week before. That
said, Arab Light margins are well-off the $10.39/b Q3-todate average. Margins for Bonny Light fell slightly to
average $7.97/b from $8.73/b the week prior.
The relative weakness in prompt USAC margins comes
as gasoline loses steam heading into the fall. Prompt NY
Harbor barges averaged just $1.3856/gal last week, down
from over $1.62/gal at the end of August.
At that time, gasoline was making up for a lackluster
distillates market, and in turn supporting refining margins.
The current spread between USAC gasoline and gasoil, ULSD
and jet remains tight, suggesting little upside for margins until
colder weather begins to boost heating demand.
On Friday spot NYH RBOB closed at a 10 cent/gal discount
to spot ULSD, and a 18.5 cent/gal discount to spot jet. Last
November, ULSD and jet barges averaged a 33 cent/gal and
43 cent/gal premium to RBOB. — James Bambino
MIDWEST GASOLINE STOCKS
US Atlantic Coast Refining Margin Averages ($/b)
US Midwest Refining Margin Averages ($/b)
Week ending Sep 25
Week ending Sep 18
2Q 2015
3Q 2015 (to date)
3Q 2014
Week ending Sep 25
Week ending Sep 18
2Q 2015
3Q 2015 (to date)
3Q 2014
(million barrels)
60
55
50
45
Five-year range
Current
40
Sep-14 Nov-14
Jan-15
Prior year
Five-year average
Mar-15 May-15
Sep-15
32
Bakken
WTI WTSWCS
Cracking Cracking CokingCoking
20.94
16.93
18.84
25.12
18.01
13.81
15.47
21.86
14.12
12.45
13.38
15.53
21.62
17.35
18.54
27.18
23.83
14.99
25.52
24.55
Source: Platts; Turner, Mason & Co.
Source: Platts; Turner, Mason & Co.
US Gulf Coast Refining Margin Averages ($/b)
US West Coast Refining Margin Averages ($/b)
Week ending Sep 25
Week ending Sep 18
2Q 2015
3Q 2015 (to date)
3Q 2014
Week ending Sep 25
Week ending Sep 18
2Q 2015
3Q 2015 (to date)
3Q 2014
LLS
Mars MayaWCS
Cracking
Coking CokingCoking
8.21
12.97
13.44
10.41
5.35
9.07
10.97
7.83
10.70
11.51
12.56
8.77
10.54
13.84
13.94
14.79
15.07
10.89
11.82
14.61
Source: Platts; Turner, Mason & Co.
Source: US Energy Information Administration
Copyright © 2015 McGraw Hill Financial
Jul-15
Bakken Bonny Light Arab Light Hibernia
Cracking
Cracking CrackingCracking
0.92
7.97
8.07
6.50
0.78
8.73
7.10
6.73
4.20
10.72
7.36
8.35
6.35
11.54
10.39
9.41
7.98
9.39
5.74
6.90
ANS
Mixed LightEscalante
Cracking Swt Cracking
Coking
8.87
15.46
17.25
5.51
13.11
13.93
13.04
22.19
17.80
13.16
24.85
19.97
6.55
25.56
9.44
Source: Platts; Turner, Mason & Co.
Oriente
Coking
20.12
16.02
21.93
24.28
19.68
oilgram price report
Prices effective September 28, 2015
(continued from page 19)
certain grades in more demand than others.
“We have been through a period with pretty high prices
through blending...There is a big difference between
specs...Petchems will still take butane and prefer as high
normal butane as possible,” a source said.
Elsewhere in the market, good quality mixed grade was
pegged more towards the 95% area on a CIF basis, with offspec and high isobutane cargoes in the low 90s% and high
normal butane in the high 90s%.
There was one public bid in the large refrigerated cargo
market. Gunvor bid at 90% naphtha or $366/mt in sellers
option for a 4,000-10,000 mt North Sea field grade or US
origin cargo, basis Flushing, delivered October 5-15 with
disport options. No public trade was reported.
Tightness in the West Mediterranean spot mixed
butane market was being driven by a combination of
supply shortage and extra demand, sources said
Monday.
Local blending demand in the Lavera refining and
petrochemical hub had been stronger than some participants
had expected, leaving less volume available for spot export.
“It is tight yes and [Northwest] Europe prices are still
MIDWEST GASOLINE STOCKS
(million barrels)
60
55
50
high enough to keep barrels there,” a source said. No public
price indications were heard on the day.
Tankers
Asian VLCC market slowing
Worldscale rates for VLCCs on the East of Suez routes were
lower Monday, reflecting limited inquiries and ample supply.
The key PG-Japan rate was assessed w1 point lower at
w61.5.
“Market is softening a little due to a lack of chartering
activity,” said a source with a VLCC owner.
There are not many charterers actively seeking tonnage
in the market at the moment, the source said.
Among the fixtures heard, the 2003-built C Champion was
placed on subjects by S-Oil at w59 for October 14 loading on the
Persian Gulf to Onsan route, basis 270,000 mt, brokers said.
In another fixture, the C Freedom was placed on
subjects by Unipec at w59 for October 11 loading on the
Persian Gulf to China route, also basis 270,000 mt.
The loadings are expected to be higher again in October
but demand has tapered off in the last few days, market
participants said. Close to 70 cargoes for loading next
month have already been covered with tonnage.
At current rates, owners can earn close to $61,000/day,
up from about $20,000 around four weeks ago when they
were at the lowest level for the year, brokers said.
The four-week supply of ships decreased by six to 73, a
derivatives broker tracking the VLCC markets said. There
are still 56 ships available until the end of the second
decade of October, the broker said.
“With tonnage well supplied, rates didn’t skyrocket and
just maintained their current levels,” he said.
45
Five-year range
Current
40
Sep-14 Nov-14
Jan-15
Prior year
Five-year average
Mar-15 May-15
Source: US Energy Information Administration
Copyright © 2015 McGraw Hill Financial
33
Jul-15
Sep-15
Djeno Worldscale rates set to rise
Worldscale rates for voyages involving the Republic of
Congo’s flagship Djeno crude are set to rise, the Worldscale
Association said Monday.
Amended rates for voyages involving Djeno were
obtainable by adding $1.60/mt to the flat rate for all voyages
involving Djeno, the association said.
The higher rates were due to “confirmed information
received regarding the introduction of a new COPREMAR (Ex
SOCOTRAM) towage service and the restructuring of TOTAL
E&P Congo Connection and Reconnection tariffs”, it said.
The association said the change will be effective on all
voyages on which loading commences or after Thursday,
October 1, 2015.
Separately, loadings of Djeno in November are set
to decrease 25,720 b/d month on month to 122,667 b/d,
according to a copy of the grade’s loading program
seen by Platts.
In October, the grade loaded 148,387 b/d.
Four cargoes of 920,000 barrels will load in November,
totaling 3.68 million barrels. The October total was 4.6
million barrels in five cargoes.
Loadings of Djeno – a popular grade among Chinese
refiners, especially Sinochem and Unipec – have averaged
4.928 million barrels/month over the past year, with five or
six cargoes typically loading each month.
Italy’s Eni will load the first and penultimate cargoes,
while terminal operator and oil major Total will load the
second and last cargoes.
Djeno is a heavy medium-sweet crude grade with an API
gravity of 27.3 and a sulfur content of 0.42%. Total operates
the Djeno terminal.
Carib Suezmax rates edge up
Freight rates for Suezmax tankers in the Americas edged
upward Monday as market activity was brisk to open the
week.
The Caribbean-US Gulf Coast route came in at w100, while
the Caribbean-Mediterranean journey ended at w67.5. Both of
the 130,000 mt basis voyages were up w2.5 on the day.
No relevant fixtures were reported, but six cargoes were
heard working on the American side of the Atlantic. Valero,
Tesoro and Chevron were seeking tankers for Caribbean-
oilgram price report
Prices effective September 28, 2015
USGC trips with laycans ranging from October 10-13. Unipec
was looking for a ship to make a cross-Caribbean run with
an October 12 lifting.
The Suezmax position list remained shortened, with 10
ships naturally positioned in the Caribbean or Gulf of Mexico
through October 24.
Americas clean MR rates softening
While freight rates remained relatively stable, the Medium
Range clean tanker market in the Americas was decidedly
bearish Monday, with few fresh cargo inquiries heard working
and at least five vessels sitting prompt on the US Gulf Coast.
“Limited inquiry [last week] has created an influx of
available tonnage opening and ballasting towards the US
Gulf,” one shipbroker said. While there are a handful of
prompt vessels still available seeking earliest employment,
we have yet to see much in terms of October program,
where several vessels await natural dates to begin
working.”
The US Gulf Coast-UK Continent and USGC-Mediterranean
routes, basis 38,000 mt, were assessed unchanged at
Worldscale 100 Monday, while the USGC-Brazil and USGCArgentina routes were assessed 5 points lower at w145 Monday.
Among cargoes working, CCI was heard to have a US
Gulf Coast-Argentina requirement for loading around
October 8-10, with the charterer heard to be aiming to get a
vessel for under w130.
“I think charterers just might be waiting for things to
drop further ... it’s quiet all around ... as for the owners, as
the day rolls on, they’re probably going to start panicking,”
a market source said.
On the short-haul lump-sum routes, freight rates were
steady, with USGC-East Coast Mexico assessed at
$350,000 and USGC-Caribbean assessed at $550,000.
Among fixtures heard, ST Shipping was heard to have
placed a Stena vessel on subjects for a USGC-Caribbean
voyage loading early October at $550,000. Freight rates on
the long-haul lump-sum routes, however, were heard lower
Monday.
The USGC-Ecuador route, basis 38,000, was assessed
at $1 million, while the USGC-Peru route was assessed at
$1.2 million, both down $50,000 from last Friday.
“This market is very soft,” a source said. “The rates are
going to go down.”
Tehran hopes to attract some $40 billion in foreign
investment into its underdeveloped oil and gas sector with
its new contract, once nuclear sanctions that have prevented
Western oil companies from working in Iran are lifted.
The London event has been planned since 2014, but has
been rescheduled several times as nuclear negotiations
with the six world powers dragged on.
After the two sides reached a deal in mid-July, Iran said
it would launch the new contract at a December 14-16
conference in London. The International Atomic Energy
Agency expects to issue its final report on Iranian compliance
with the nuclear agreement by December 15, one of the final
milestones on the path to lifting of sanctions.
But news of the postponement came last week, when
the conference organizers announced that the London
event would now take place on February 22-24, 2016.
Iran has redesigned its previous upstream contracting
model, known as buyback contracts, which came in
for much criticism from international oil companies, in
particular over its low rates of return and short-term
involvement of contractors in projects.
The new design is said to have modified the
shortcomings of the buyback contracts by offering
integrated exploration, development and production
packages.
Separately, Zanganeh was reported as saying that Iran
is ready to sell oil, and in the future LNG, to Poland.
“The first step to start a new round of relations between the
two countries will be signing an oil sales contract,” Zanganeh
was quoted as saying by oil ministry news service Shana.
“Poland has expressed readiness to cooperate with Iran
in different energy sectors and given the fact that the Polish
refineries have been renovated, they can use Iran’s crude
oil,” Zanganeh said Saturday after a meeting with visiting
Polish economy minister Janusz Piechocinski.
The ministers also discussed potential Iranian gas exports.
“Poland has built LNG import terminals and it was agreed
that Iran exports LNG to this country,” Zanganeh said.
The talks also touched on underground gas storage and
optimization of energy consumption.
News
Iran to launch new contract model this year
Tehran—Iran will introduce its new, closely-watched
upstream oil and gas contract model in Tehran in the next two
months, oil minister Bijan Zanganeh said Saturday, after news
emerged that a London launch has been postponed until
February.
“The conference to introduce the new Integrated
Petroleum Contract, or IPC, will be held in Tehran instead of
London,” oil ministry news service Shana quoted Zanganeh
as saying.
The Iranian cabinet will approve the new contract
within two weeks, Zanganeh said, and the new model
will be revealed in the Iranian month of Aban, which
begins on October 23.
“In a conference that will be held in Tehran, the projects
that are due to be developed within the framework of this
model will be introduced to investors,” he said, adding that
companies which are unable to participate in the Tehran
event could attend the conference to be held in London in
February.
Copyright © 2015 McGraw Hill Financial
34
oilgram price report
Prices effective September 28, 2015
Iran has been receiving delegations from Europe and
Asia since mid-July, after it struck a nuclear deal with six
world powers that could lead to the removal of international
sanctions on foreign investment in its energy sector.
Poland was in talks with Iran on the Lavan gas field in
the Persian Gulf between 2008 and 2011. — Aresu Eqbali
Russia votes against raising upstream tax
Moscow—The Russian government has decided against
raising the mineral extraction tax for crude oil and will
look at other ways to boost revenue for the state budget
following fierce criticism over the proposal from key oil
producers and government officials.
Following a government meeting Monday, Prime
Minister Dmitry Medvedev decided not to change the
country’s mineral extraction tax (MET) for crude oil, and will
instead consider reducing the export duty for crude at a
slower pace than previously envisaged, as well as changing
the export duty for gas, among other measures, according
to local media reports, citing Medvedev’s spokeswoman.
Earlier this month, the finance ministry proposed an
increase to MET for crude to redirect the windfall from
the ruble’s devaluation against the dollar away from oil
producers and into state coffers.
The move was seen as necessary in order to secure earnings
for the state budget, which has been severely hit by falling oil
prices, as Russia’s flexible taxation system sees taxes on oil
production fall in line with the decline in oil prices.
The finance ministry’s idea, however, was slammed by
Russia’s main oil market players.
In a letter to President Vladimir Putin, the heads of the
major oil companies warned last week that any increase in
MET could result in Russia’s oil production dropping by around
100 million mt—or 730 million barrels—over the next three
years, with combined investment falling by around Rb2 trillion
($23 billion) over the period, according to local media reports.
Deputy Prime Minister Arkady Dvorkovich, who supervises
the energy sector, as well as the energy and natural resources
ministers all opposed the finance ministry’s plan, as it would
Copyright © 2015 McGraw Hill Financial
35
severely undermine the economics of the oil sector, the main
source of earnings for the state budget.
Another proposal by the finance ministry, however—to
delay planned reductions in crude oil export duty rates—
seemed to win the support by the government.
The most recent tax changes to come in force in Russia,
the so-called tax maneuver that was carried out in January,
envisaged the marginal export duty for crude being reduced
to 36% in 2016, from 42% now. The finance ministry initially
offered to delay the cut for a year, in a move that could
lead to a 7% drop in oil majors’ combined EBITDA in 2016,
analysts at VTB Capital calculated last week.
This proposal, though, is likely to be modified as the
government is now discussing the precise rate to which the
crude export duty should be amended.
“The discussion is under way at what [level the export
duty could be cut, whether it will be] 2%, 0% or 3%, but
generally the discussion is moving in this direction,”
economy minister Alexei Ulyukayev was quoted as saying
by Tass news agency after the governmental meeting.
The government is also considering possible changes
to the export duty for gas, Ulyukayev said, although the
initial finance ministry proposal did not consider such an
option.
The government is also discussing other ways to
resolve the 2016 budget deficit issue and believes there are
options for major state-run producers, including in the oil
sector, to reduce expenditure and increase the efficiency
of their operations in the current challenging economic
environment. — Nadia Rodova
Citgo, Aruba deal ...from page 1
data shows. US Gulf refiners also pay less to power their
plants. Henry Hub natural gas, on a per barrel basis, has
averaged $16.17/b so far this year, down from $23.21/b in
2011 and $51.57/b in 2008.
“If the gap between the price of fuel oil and natural
gas is small enough it becomes less of a hurdle,” Chris
Barber, oil market analyst at Massachusetts-based
ESAI Energy, said about the economics of fueling the
refinery’s process units.
Barber also noted that when Aruba was up and running,
it made feedstock for Valero’s Gulf Coast refineries, notably
its Port Arthur, Texas, refinery.
Shut before the boom
Hovensa and Aruba were shut in 2012 and became storage
terminals just as the fracking boom was taking off in the
US, missing out on the surge of cheap crude from the
horizontal drilling in the shale oil formations which other US
and Canadian refiners enjoyed.
In the US, crude oil production grew from 5.35
million b/d in 2009 to peak at 9.61 b/d in April before
dropping to 9.3 million b/d in June as the effect of the
drilling slowdown was felt, according to US Energy
Information Administration data.
Prices reflect the easy crude availability. So far in
the third quarter the price of Dated Brent has averaged
$50.63/b, compared with $98.94/b in 2014, Platts
assessment data shows. The price of US benchmark
West Texas Intermediate has averaged $46.53/b in Q3
compared with $92.28/b in 2014.
The Caribbean cracking margin for Brent has
averaged $9.52/b so far in Q3, up from $5.07/b in Q3
2014 and 87 cents/b in Q3 2013, Platts data shows. The
coking margin for Maya has averaged $14.18/b so far
Q3, up from $2.54/b in Q3 2013.
Platts margin data reflects the difference between
a crude’s netback and its spot price. Netbacks are
based on crude yields, which are calculated by
oilgram price report
Prices effective September 28, 2015
applying Platts product price assessments to yield
formulas designed by Turner, Mason & Co.
The cheaper crude price gave US refiners an economic
entry into the refined product export market, particularly
refiners along the US Gulf Coast which now can satisfy
domestic US demand as well as demand in Latin America
and Europe.
Exports of gasoline and diesel were 4.7 million in June, up
4.2 million b/d for 2014, the latest data available from the EIA.
New bid for Hovensa
Monarch Energy Partners said earlier this week it is looking
to buy and restart the idled Hovensa refinery, offering
terms that a source familiar with the situation said are likely
to satisfy the government of the US Virgin Islands. Previous
bids by others failed because they did not address those
concerns, the source said.
“Monarch Energy Partners stands ready, willing
and capable to acquire, clean and operate the St.
Croix Refinery,” the company said in a statement last
week.
Hovensa’s St. Croix refinery was once the largest in the
Western Hemisphere, able to process 650,000 b/d of crude,
both light sweet and heavier sour. It was a joint venture of
Hess and PDVSA.
Monarch said it plans to only run light sweet crude
because of air emissions regulations.
Restarting a mothballed refinery, particularly in
a humid, tropical climate, is not as easy as flipping a
switch. Monarch expects 9-12 months for a restart,
assuming the timely replacement of equipment that
had been removed, Monarch Energy Partners CEO Bill
Shrader said in an email.
Given refining is a cyclical business, it might be too
late for refiners to get up and running to capture strong
economics, particularly if the price of crude begins to rise
as production tapers.
Barber noted the restarts could occur “at the end of the
cycle,” assuming a rise in the price of crude will occur in the
next year or so.
Copyright © 2015 McGraw Hill Financial
36
Energy economist Phil Verleger listed several reasons
for the interest in reviving Hovensa, including the fact that
the refinery can run US crudes without paying for more
expensive Jones Act tankers required by law to move crude
and products between US ports.
“First, there was the perceived surplus of light sweet
crude. Second, there is the Jones Act exemption. Third, the
facility is very inexpensive,” he said in an email. — Janet
McGurty, with Mery Mogollon in Caracas
Oil futures weaken on falling
Chinese profits ...from page 1
find a new trend, while ULSD needs to either drop below
$1.48 or above $1.68.”
US crude stocks likely unchanged
US commercial crude stocks are expected to have been
unchanged in the week ended last Friday, a survey of
analysts showed Monday.
The US Energy Information Administration is scheduled
to release its weekly data at 10:30 am EDT (1430 GMT)
Wednesday.
The EIA five-year (2010-14) average shows inventories
rose 1 million barrels for the same reporting period, marking
the start of a seasonal accumulation as demand drops with
refiners easing operations.
Refiners perform planned repairs, typically from late
September through November, which depresses crude
demand and results in stockpiles building.
Analysts will be keeping a close eye on the refinery
utilization rate for signs of whether the autumn turnaround
season has indeed begun.
The refinery utilization rate is rate is expected to fall 0.6
percentage point to 90.3%, compared with 89.8% for the
same reporting period a year ago.
A utilization rate above 90% might still be described
as robust, however, further declines are likely. In 2014,
the refinery utilization rate dipped as low as 86.6% in late
October before recovering slightly.
Another factor exerting upward pressure on crude
stocks has emerged in the form of rising imports.
A tightening of the Brent/WTI spread has raised
expectations more cargoes will be headed to the US, as more
refiners turn to supplies from Nigeria and Angola, for example.
The front-month ICE Brent/WTI has mostly been in a
band of $2-$3/b since mid-September, its tightest range
since January. Brent’s premium to WTI had exceeded
$7/b in mid-August before beginning to erode steadily.
Cracking margins on the Atlantic Coast using Nigerian
Bonny Light averaged $7.97/b last week, versus only 92
cents/b for North Dakota Bakken.
Platts margin data reflects the difference between a
crude’s netback and its spot price. Netbacks are based
on crude yields, which are calculated by applying Platts
product price assessments to yield formulas designed by
Turner, Mason & Co.
A narrower Brent/WTI spread is needed to draw surplus
global barrels into US storage, analysts at Citi Research said
in a Monday note. The world’s remaining spare crude storage
capacity is concentrated on the Gulf Coast, they said.
One issue helping draw US crude stocks lower, despite
the reduction in refinery demand, could be falling US crude
production, which has been edging lower in response to
cheaper oil prices.
For the week ended September 18, output in the Lower
48 States was estimated at 8.648 million b/d, down from a
peak of 9.187 million b/d the week ended June 19.
In refinery news, Husky Energy’s 155,000 b/d Lima, Ohio
refinery operated at reduced rates last week following a fire
at its isocracker unit, it said.
Distillate stocks seen down
US distillate stocks are expected to have decreased 1.2
million barrels over the latest reporting week.
The EIA five-year average for the same reporting
period shows inventories decreasing 1.9 million barrels.
US gasoline stocks are expected to have decreased
500,000 barrels last week, the analysts surveyed said.
oilgram price report
Prices effective September 28, 2015
The EIA five-year average shows gasoline
inventories decreasing 181,000 barrels in the
comparable reporting week.
In refinery news, ExxonMobil shut the fluid catalytic
cracking unit last week at its 345,000 b/d refinery in
Beaumont, Texas.
Shell restarted a FCC unit and an alkylation unit last
week at its 620,000 b/d Motiva joint venture with Saudi
Aramco in Port Arthur, Texas, a source familiar with refinery
operations said.
The refinery, the largest in the US, had earlier filed an
air emission event with state environmental regulators,
according to the Texas Commission on Environmental Quality.
A company spokesman was not immediately available
to comment.
The fluid catalytic cracker at PBF’s 182,200 b/d capacity
Delaware City, Delaware, refinery returned to full rates
last week after having been shut since an August 21 fire,
according to a source familiar with operations. A company
spokesman was not immediately available for comment.
— Geoffrey Craig
Borger, Texas
Big Spring, Texas
Owners: Phillips 66 (operator), Cenovus Energy
■■Overall capacity (b/d): 146,000
■■Unit affected: FCC
■■Unit capacity: 56,000 b/d
■■Duration: 4.5 hours
■■
Notes: A process upset related to the fluid catalytic cracker
at Phillips 66’s joint venture 146,000 b/d refinery in Borger,
Texas, caused flaring over the weekend, according to a
company regulatory filing.
The emissions started Sunday at 12:30 am CDT and
ended at 4:52 am CDT, according to a filing with the Texas
Commission on Environmental Quality.
A Phillips 66 spokesman did not immediately return a
request for comment.
Unplanned maintenance was performed on the
refinery’s FCC in mid-July.
Notes: Alon USA said it briefly cut rates at the gasolinemaking FCC unit at its Big Spring, Texas, refinery as it
performed planned maintenance on a component of the
unit, but normal operations have resumed at the plant, the
company said in a filing with state regulators.
In a filing with the Texas Commission on Environmental
Quality made Monday, Alon said opacity was observed
when work was being done on the burner box of the unit’s
boiler.
Alon said the maintenance was complete and that
normal operations were resumed.
Source: Texas Commission on Environmental Quality
Source: Alon USA, EIA
Beaumont, Texas
Rhineland (Rheinland refinery), Germany
Owner: ExxonMobil
■■Overall capacity (b/d): 345,000
■■Unit affected: fluid catalytic cracker
■■
■■
■■
Refinery updates
Wood River in Roxana, Illinois
Owners: Phillips 66, Cenovus (50:50 joint venture)
■■Overall capacity (b/d): 314,000
■■
Notes: Phillips 66 reported a process unit upset and flaring
of hydrogen sulfide and sulfur dioxide from an unidentified
unit on Friday night at its joint-venture Wood River, Illinois,
refinery, according to a filing made with Illinois Emergency
Management Agency.
“I can confirm there is planned maintenance work
currently underway at the Wood River refinery,” Phillips 66
spokesman Dennis Nuss said.
Market sources said Phillips 66 is currently working on
the FCC and hydrocracker at the 314,000 b/d refinery.
Source: company
Copyright © 2015 McGraw Hill Financial
37
Notes: ExxonMobil restarted a fluid catalytic
cracking unit at its 345,000 b/d refinery in
Beaumont, Texas, over the weekend following an
outage lasting approximately four days, a company
spokesman said Monday.
“Operations at the Beaumont refinery are normal,”
ExxonMobil spokesman Todd Spitler said in an email.
This fluid catalytic cracking unit is scheduled to
be taken offline again in a few weeks for planned
maintenance, one trading source said.
“There’s maintenance in October on [the] same unit,” a
Gulf Coast trading source said Monday.
Source: company, trading source
Owner: Alon
Overall capacity: 70,000 b/d
■■Units affected: FCC unit
■■Capacity: 25,000
■■Duration: Monday 7:58 am CST – Monday 9:25 am CST
■■
Owner: Shell
Overall capacity: 16 million mt/year (327,000 b/d)
■■Units affected: Godorf site
■■Duration: October
■■
Notes: The Godorf site has a planned maintenance starting
in October.
Separately, one unit at the Wesseling site is undergoing
maintenance in September.
The refinery consists of the Wesseling and Godorf sites.
Source: company
Mongstad, Norway
Owner: Statoil
Overall capacity: 12 million mt/year: crude distillation
capacity 10 million mt/year (around 190,000 b/d), gas
condensate splitter capacity 2 million mt/year (around
30,000 b/d)
■■
■■