US MARKETSCAN
Volume 41 / Issue 213 / November 4, 2015
ATLANTIC COAST
Code
MidChange
Code
Code
Mid Change
Code
New York Harbor (PGA page 152)
Delivered cargo (¢/gal)
RVP
FOB barge
RVP
Unleaded 87
AAMHG00 146.81–146.91146.860 -3.440
AAMHGRV
15.0 AAMIT00
145.80–145.90145.850
-3.450
AAMITRV15.0
Unleaded 89
AAMIW00 151.47–151.57151.520 -3.550
AAMIWRV
15.0 AAMHJ00
150.46–150.56150.510
-3.550
AAMHJRV15.0
Unleaded 93
AAMIZ00 158.47–158.57158.520 -3.690
AAMIZRV
15.0 AAMHM00
157.45–157.55157.500
-3.700
AAMHMRV15.0
CBOB
AAWBK00 144.95–145.05145.000 -5.050
AAWBKRV
15.0 AAWBL00
143.95–144.05144.000
-5.050
AAWBLRV15.0
Prem CBOB
AAWLD00 154.82–154.92154.870 -4.090
AAWLDRV
15.0 AAWLC00
153.80–153.90153.850
-4.100
AAWLCRV15.0
Unleaded RBOB
AAVKS00 145.15–145.25145.200 -4.400
AAVKSRV
15.0 AAMGV00
144.15–144.25144.200
-4.400
AAMGVRV15.0
Premium RBOB
AAVKT00 154.82–154.92154.870 -4.090
AAVKTRV
15.0 AAMGY00
153.80–153.90153.850
-4.100
AAMGYRV15.0
ULS Kero
AAVTI00
185.53–185.63185.580
-5.540
Low sulfur jet
PJABJ00
157.03–157.13157.080
-5.540
Jet PJAAW00
145.78–145.88145.830
-5.540
ULSD AATGX00
148.53–148.63148.580
-6.290
No. 2
POAEG00
143.03–143.13143.080
-2.790
ULS Heating Oil
AAXPX00145.830
-5.790
FOB cargo ($/barrel) diff vs 1% strip
Fuel oil 1%
AAWLG0036.45–36.47 36.460
-1.280
AAWLG200.110
Fuel oil RMG 380
AAWLF0036.91–36.93 36.920
-1.640
AAWLF20 0.570
Delivered cargo ($/barrel)
diff vs 1% strip
PLATTS FUTURES ASSESSMENTS 3:15 PM ET*
No. 6 .3% HP
PUAAE0046.75–46.77 46.760
-1.280
AAUGA0010.410
No. 6 .3% LP
PUAAB0048.35–48.37 48.360
-1.280
AAUGB0012.010
2:30 PM ETPlatts 3:15 PM ET 2:30 PM vs
No. 6 .7%
PUAAH0039.80–39.82 39.810
-1.280
AAUGC003.460
Settlement
Futures Assessment3:15 PM Spread
No. 6 1%
PUAAO0037.20–37.22 37.210
-1.280
AAUGD000.860
No. 6 2.2%
PUAAU0035.98–36.00 35.990
-1.490
AAUGE00-0.360
NYMEX Light Sweet Crude ($/barrel) (PGA page 701)
No. 6 3.0%
PUAAX0035.16–35.18 35.170
-1.640
AAUGF00-1.180
No. 6 1% strip
AAUGG0036.34–36.36 36.350
-1.280
Dec
AAWS001 46.32 NYCRM0146.54
AAWD001-0.22
Swaps
Jan
AAWS002 47.21 NYCRM0247.43
AAWD002-0.22
No.6 1% BalMo (Nov)
AARZS0036.34–36.36 36.350
-1.250
Feb AAWS003 47.99 NYCRM03 48.21 AAWD003-0.22
No.6 1% M1 (Dec)
PUAXD0036.30–36.40 36.350
-1.450
Mar
AAWS004 48.69 NYCRM04 48.89 AAWD004-0.20
No.6 1% M2 (Jan)
PUAXF0036.65–36.75 36.700
-1.500
No.6 1% Q1 ( Q1 16)
PUAXG0037.05–37.15 37.100
-1.500
Cargo ex-duty* (¢/gal)
duty+RINS**
NYMEX RBOB (¢/gal) (PGA page 701)
Unl-87
AASAA00 140.95–141.05141.000 -3.500
AASAH005.860
Dec
AARS001 139.19 NYRBM01140.00
AARD001-0.81
Unl-89
AASAB00 145.61–145.71145.660 -3.600
AASAI005.860
Jan
AARS002 137.83 NYRBM02138.53
AARD002-0.70
Unl-93
AASAC00 152.60–152.70152.650 -3.750
AASAJ005.870
Feb AARS003 138.93 NYRBM03 139.64 AARD003-0.71
CBOB
AASAD00 139.10–139.20139.150 -5.100
AASAK005.850
Prem CBOB
AASAE00 148.95–149.05149.000 -4.150
AASAL005.870
Unl RBOB
AASAF00 139.30–139.40139.350 -4.450
AASAM005.850
NYMEX NY ULSD (¢/gal) (PGA page 701)
Prem RBOB
AASAG00 148.95–149.05149.000 -4.150
AASAN005.870
Dec
AAHS001150.35
NYHOM01151.08
AAHD001-0.73
120k barrel fuel oil barge rate ($/barrel)
Jan
AAHS002152.84
NYHOM02153.50
AAHD002-0.66
NYH-Boston
AASTV00 2.300
NYH-Philadelphia
AASTX00 2.200
Feb AAHS003 154.69
NYHOM03 155.28 AAHD003-0.59
NYH-Baltimore
AASTW00 1.950
* These assessments reflect prevailing futures value exactly at 3:15 pm
*These assessments reflect gasoline cargoes sold on a delivered, ex-duty basis New York, excluding import duty, import taxes/fees, and Renewable Identification Number
(RINS) credits. **These assessments reflect import duty, import fees, and the value of RINS credits for a gasoline cargo sold into New York Harbor. The RINS value is derived
from Platts assessments of 2013 calendar-year RINS.
www.platts.com
ET. However, on the business day preceding the following holidays, these
assessments reflect the value of futures at precisely 1:30 pm ET: Christmas Day,
New Years Day, Fourth of July, and Thanksgiving Day.
OIL
US MARKETSCAN
NOVEMBER 4, 2015
MARKET COMMENTARY
ATLANTIC COAST
Boston (PGA page 152)
US Gasoline
Market analysis: (PGA page 399) The Gulf Coast gasoline
market was very choppy Wednesday, with the market
changing directions at least twice during the day. Early
Wednesday trading saw downward pressure in the market,
with both CBOB and conventional gasoline values dropping.
“[It’s a] volatile morning, falling hard,” a Gulf Coast gasoline
brokering source said. The market appeared unfazed by a US
Energy Information Administration report showing Gulf Coast
gasoline stocks had dropped 2.31 million barrels to 73.64
million barrels in the previous week, which would generally
be interpreted as supportive for the market. Later in the
morning, the market reversed direction, shooting higher than
the early morning levels before losing steam in the afternoon.
Nowhere was the volatility in the market more visible than in
the Platts Market on Close assessment process. CBOB with
13.5 RVP (A4) opened trading with a deal at the NYMEX
December RBOB futures contract plus 0.50 cent/gal, traded
up to plus 1.25 cents/gal before dropping back to trade at
plus 0.75 cent/gal. A final A4 trade at plus 1.50 cents/gal was
considered not to have tested market value incrementally,
and as such A4 was assessed Wednesday at plus 0.75 cents/
gal. This assessment reflected an offer by Rolympus at plus 1
cent/gal, which was left standing at the close. Atlantic Coast
RBOB prices fell 4.40 cents/gal to $1.4420/gal as the NYMEX
December RBOB contract fell abruptly. Differentials rose 30
points to plus 4.2 cents/gal, but that was not enough to
offset the decline in the NYMEX December RBOB contract.
The differential for CBOB on the Atlantic Coast fell 35 points
to NYMEX December RBOB plus 4 cents/gal. Differentials
slipped in part because the intense front-end buying interest
seen earlier this week eased on Wednesday. Imports of
gasoline into the US Atlantic Coast fell 299,000 b/d to
274,000 b/d for the week ended Friday, the EIA reported
Wednesday. Total imports of gasoline into the region was the
lowest since the week ended February 21, 2014. The decline
in regional imports has helped pull down gasoline stocks on
the Atlantic Coast, which slid 1.6 million barrels to 60.9 million
barrels. Despite the weekly decline, regional gasoline stocks
Copyright © 2015 McGraw Hill Financial
2
Code
Mid ChangeCode
Cargo (¢/gal)
Unleaded RBOB
AAVPV00147.40–147.50 147.450
-4.400
($/barrel)
No. 6 2.2%
PUAWN0036.83–36.85
36.840 -1.490
CPL Linden* (PGA page 410)
(¢/gal)
Cycle
Jet kero 54
AAXPV00 145.830
-5.540
AAXPVCY59
ULS Heating Oil
AAXPU00 147.080
-4.540
AAXPUCY58
ULSD AAXPW00 149.830
-5.040
AAXPWCY59
*Assessments reflect shipments on the next full pipeline cycle after the prompt cycle.
Buckeye Pipeline (PGA page 154)
(¢/gal)
RVP
CBOB
AAPSY00143.95–144.05 144.000 -5.050
AAPSYRV15.0
CBOB Prem
AAPSZ00153.80–153.90 153.850 -4.100
AAPSZRV15.0
Unleaded RBOB
AAMHB00144.15–144.25 144.200 -4.400
AAMHBRV15.0
Premium RBOB
AAMHZ00153.80–153.90 153.850 -4.100
AAMHZRV15.0
Jet fuel
AAJNL00145.78–145.88 145.830 -5.540
Low sulfur jet/kerosene
AAJNN00157.03–157.13 157.080 -5.540
ULSD
AATHF00148.53–148.63 148.580 -6.290
No.2
AAJNP00143.03–143.13 143.080 -2.790
Buckeye Pipeline Ratables (PGA page 310)
(¢/gal)
RVP
RBOB
AAVSS00139.78–139.88 139.830 -5.960
AAVSSRV15.0
CBOB
AAVSR00139.58–139.68 139.630 -6.610
AAVSRRV15.0
Laurel Pipeline (PGA page 154)
(¢/gal)
RVP
RBOB
AASSM00144.80–144.90 144.850 -4.400
AASSMRV15.0
Premium RBOB
AASSN00154.45–154.55 154.500 -4.100
AASSNRV15.0
CBOB
AAUAS00144.60–144.70 144.650 -5.050
AAUASRV15.0
Premium CBOB
AAUAT00154.45–154.55 154.500 -4.100
AAUATRV15.0
are 9.7 million barrels above last year and 8.1 million barrels
above the five-year average for this time of year, according
to EIA data. On the West Coast, Tesoro informed customers
late Tuesday that refined products were unavailable at its
Wilmington, California, rack. “Due to unplanned maintenance,
all products are unavailable at Wilmington until further
notice,” Tesoro said in a customer notice obtained by Platts.
The company’s Los Angeles complex consists of the 251,000
b/d Carson refinery and the 104,500 b/d Wilmington refinery,
operated in conjunction as the largest refinery on the West
Coast. Tesoro did not reply to a request for comment.
Wednesday’s Los Angeles CARBOB spot market did not seem
to be impacted by the news. Los Angeles CARBOB dropped
4.25 cents to NYMEX plus 32.50 cents/gal on the basis of a
trade heard late in an otherwise quiet trading day. “If it’s a
rack issue, no big deal,” a West Coast gasoline trader said of
the Tesoro problem. “If a unit went down, [it] could be a
bigger deal.” In the Midwest, gasoline prices remained mostly
steady Wednesday as the EIA reported gasoline inventories
in the region rose 664,000 barrels to 45.84 million barrels for
the week ending October 30. The EIA said RBOB stocks rose
477,000 barrels to 5.87 million barrels. RBOB was assessed at
NYMEX plus 19.50 cents/gal, down 1.75 cents from Tuesday.
(continued on page 3)
US MARKETSCAN
NOVEMBER 4, 2015
GULF COAST
Houston (PGA page 156)
Code
MidChange
Code
Code
Mid
Change Code Code
Waterborne (¢/gal)
RVP
Prompt Pipeline
Cycle
RVP
Unleaded 87
PGACU00138.45–138.55 138.500 -6.200
PGACURV13.5
PGACT00139.70–139.80 139.750 -6.200
PGACTCY63
PGACTRV13.5
Unleaded 89
PGAAZ00148.25–148.35 148.300 -6.200
PGAAZRV13.5
PGAAY00149.50–149.60149.550 -6.200
PGAAYCY63
PGAAYRV13.5
Unleaded 93
PGAIX00162.95–163.05 163.000 -6.200
PGAIXRV13.5
PGAJB00164.20–164.30164.250 -6.200
PGAJBCY63
PGAJBRV13.5
CBOB 87
AAWES00139.45–139.55 139.500 -4.950
AAWESRV13.5
AARQU00140.70–140.80140.750 -4.950
AARQUCY63
AARQURV13.5
CBOB 93 AARQV00164.20–164.30164.250 -4.950
AARQVCY63
AARQVRV13.5
RBOB 83.7
AAMFB00142.70–142.80 142.750 -5.450
AAMFBCY63
AAMFBRV13.5
RBOB 91.4
AAMNG00165.20–165.30165.250 -5.450
AAMNGCY63
AAMNGRV13.5
Jet 54
PJABM00144.03–144.13 144.080 -5.790
PJABO00142.28–142.38142.330 -5.790
PJABOCY62
Jet 55
PJABN00146.03–146.13 146.080 -5.790
PJABP00144.28–144.38144.330 -5.790
PJABPCY62
ULS Kero
AAVTK00154.03–154.13 154.080 -5.790
AAVTL00152.28–152.38152.330 -5.790
AAVTLCY62
Ultra low sulfur diesel
AATGZ00148.38–148.48 148.430 -8.940
AATGY00145.13–145.23 145.180 -8.440
AATGYCY62
No. 2
POAEE00142.53–142.63 142.580 -6.790
POAED00138.28–138.38138.330 -6.790
POAEDCY61
ULS Heating Oil
AAXFD00142.13–142.23 142.180 -8.440
AAXFDCY62
Colonial Pipeline Gasoline Line Space
Line 1
AAXTA00 -1.750
-0.500
AAXTACY63
Line 3
AAXTB00
0.000NANA
AAXTBCY63
Line 1+3
AAXTC00 -1.750
-0.500
AAXTCCY63
Colonial Pipeline Distillates Line Space
Line 2
AAXTD00 -1.250
-2.000
AAXTDCY62
Line 3
AAXTE00
0.000NANA
AAXTECY62
Line 2+3
AAXTG00 -1.250
-2.000
AAXTGCY62
($/barrel)diff vs 3% strip
Slurry Oil
PPAPW00
36.69–36.71 36.700
-1.340
AAUGS00
2.300
No. 6 1% 6ºAPI min
PUAAI0034.94–34.96
34.950 -1.340
AAUGT00
0.550
No. 6 3%
PUAFZ00
34.44–34.46 34.450
-1.340
AAUGU00
0.050
RMG 380
PUBDM00
35.79–35.81 35.800
-1.340
AAUGV00
1.400
No. 6 3% strip
AAUGW0034.39–34.41
34.400 -1.640
Swaps
No.6 3% BalMo (Nov)
AARZT0034.44–34.46
34.450 -1.650
No.6 3% M1 (Dec)
PUAXJ0035.10–35.20
35.150 -1.650
No.6 3% M2 (Jan)
PUAXL0035.25–35.35
35.300 -1.650
No.6 3% Q1 ( Q1 16)
PUAXN0035.82–35.92
35.870 -1.630
FOB Cargo (¢/gal)
FOB Cargo ($/mt)
Export ULSD
AAXRV00
141.510
-5.390
AAXRW00442.785
-16.855
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.
CBOB stocks fell 325,000 barrels to 26 million barrels. Platts
assessed CBOB at NYMEX plus 15 cents/gal, up 75 points
from Tuesday.. Chicago P91 held steady at NYMEX plus 44.25,
as did PBOB at NYMEX plus 74.25. The cash differential for
Group 3 suboctane, the region?s most liquid grade, remained
unchanged at NYMEX plus 5.75 cents/gal. Also unchanged
was Group 3 premium suboctane, at a 21.50 cents/gal
premium to suboctane.
Copyright © 2015 McGraw Hill Financial
3
Gasoline Unl 87 Chicago Pipe assessment rationale: (PGA
page 388) Platts assessed 13.5 RVP Chicago unleaded
gasoline at a 1-cent premium to Chicago CBOB Wednesday.
The Chicago CBOB assessment was based on a trade at the
NYMEX December RBOB futures contract plus 15 cents/gal
heard during the day.
The above commentary applies to the following market data code:
PGACR00
Gasoline Prem Unl 91 Group 3 Pipeline assessment rationale:
(PGA page 388) Platts assessed 13.5 RVP A-grade premium
gasoline for Group 3 based on a 21.50-cent premium to Group
3 V-grade suboctane Wednesday. Platts assessed 13.5 RVP
V-grade suboctane for Group 3 based on a trade at the NYMEX
December RBOB futures contract plus 5.50 cents/gal and a
subsequent bid of plus 5.50 cents/gal heard during the day.
The above commentary applies to the following market data code:
PGABD00
US MARKETSCAN
NOVEMBER 4, 2015
Gasoline Unl Sub Octane Group 3 Pipeline: (PGA page 388)
Platts on Wednesday assessed 13.5 RVP V-grade suboctane
for Group 3 based on a trade at the NYMEX December RBOB
futures contract plus 5.50 cents/gal and a subsequent bid
of plus 5.50 cents/gal heard during the day.
The above commentary applies to the following market data code:
AAXIX00
Gasoline Unl 87 USGC Prompt Pipeline assessment
rationale: (PGA page 384) Platts assessed Wednesday
pipeline-delivered 13.5 RVP conventional gasoline (M4)
based on Koch’s offer for 25,000 barrels of M4 at the same
level as the NYMEX December RBOB futures contract.
The above commentary applies to the following market data code:
PGACT00
Gasoline CBOB 87 USGC Houston Prompt Pipeline
assessment rationale: (PGA page 384) Platts assessed
Wednesday pipeline-delivered 13.5 RVP CBOB (A4) based on
three separate, 25,000-barrel trades for A4 at the NYMEX
December RBOB futures contract plus 0.75 cent/gal.
The above commentary applies to the following market data code:
AARQU00
NYMEX RBOB at Houston MOC Mo01 assessment
rationale: (PGA page 377) Platts assessed the NYMEX
December RBOB futures contract at 3:15 pm EST (2015
GMT) Wednesday based on the last trade at $1.4000/gal.
The above commentary applies to the following market data code:
NYRBM01
NYMEX RBOB at Houston MOC Mo02 assessment
rationale: (PGA page 377) Platts assessed the NYMEX
January RBOB futures contract at 3:15 pm EST (2015 GMT)
Wednesday based on the last bid at $1.3852/gal and offer at
$1.3854/gal.
The above commentary applies to the following market data code:
NYRBM02
Gasoline RBOB NY Barge assessment rationale: (PGA page
381) Platts on Wednesday assessed F5 RBOB for November
Copyright © 2015 McGraw Hill Financial
4
GULF COAST (continued)
Code
Houston extended pipeline cycle assessments (PGA page 156)
Mid
Code Code
Pipeline
Cycle RVP
Unleaded 87 Front Cycle 1
AAELC00139.70–139.80 139.750
AAELCCY63
AAELCRV13.5
Unleaded 87 Front Cycle 2
AAELD00137.20–137.30 137.250
AAELDCY64
AAELDRV13.5
Unleaded 87 Front Cycle 3
AAELE00134.70–134.80 134.750
AAELECY65
AAELERV13.5
Unleaded 87 Front Cycle 4
AAELF00132.20–132.30 132.250
AAELFCY66
AAELFRV13.5
Unleaded 87 Front Cycle 5
AAELG00131.45–131.55 131.500
AAELGCY67
AAELGRV13.5
Unleaded 87 Front Cycle 6
AAELH00130.70–130.80 130.750
AAELHCY68
AAELHRV13.5
Premium 93 Front Cycle 1
AAELI00164.20–164.30 164.250
AAELICY63
AAELIRV13.5
Premium 93 Front Cycle 2
AAELJ00161.70–161.80 161.750
AAELJCY64
AAELJRV13.5
Premium 93 Front Cycle 3
AAELK00159.20–159.30 159.250
AAELKCY65
AAELKRV13.5
Premium 93 Front Cycle 4
AAELL00156.70–156.80 156.750
AAELLCY66
AAELLRV13.5
Premium 93 Front Cycle 5
AAELM00155.95–156.05 156.000
AAELMCY67
AAELMRV13.5
Premium 93 Front Cycle 6
AAELN00155.20–155.30 155.250
AAELNCY68
AAELNRV13.5
Jet kerosene Front Cycle 1
AAELQ00142.28–142.38 142.330
AAELQCY62
Jet kerosene Front Cycle 2
AAELR00141.03–141.13 141.080
AAELRCY63
Jet kerosene Front Cycle 3
AAELS00139.78–139.88 139.830
AAELSCY64
Jet kerosene Front Cycle 4
AAELT00138.53–138.63 138.580
AAELTCY65
Jet kerosene Front Cycle 5
AAELU00137.28–137.38 137.330
AAELUCY66
Jet kerosene Front Cycle 6
AAELV00136.20–136.30 136.250
AAELVCY67
Ultra LS diesel Front Cycle 1
AAUJV00145.13–145.23 145.180
AAUJVCY62
Ultra LS diesel Front Cycle 2
AAUJW00144.38–144.48 144.430
AAUJWCY63
Ultra LS diesel Front Cycle 3
AAUJX00143.63–143.73 143.680
AAUJXCY64
Ultra LS diesel Front Cycle 4
AAUJY00142.88–142.98 142.930
AAUJYCY65
Ultra LS diesel Front Cycle 5
AAUJZ00142.13–142.23 142.180
AAUJZCY66
Ultra LS diesel Front Cycle 6
AAUKD00141.45–141.55 141.500
AAUKDCY67
No. 2 Front Cycle 1
AAELW00138.28–138.38 138.330
AAELWCY61
No. 2 Front Cycle 2
AAELX00137.03–137.13 137.080
AAELXCY62
No. 2 Front Cycle 3
AAELZ00135.78–135.88 135.830
AAELZCY63
No. 2 Front Cycle 4
AAEMA00134.53–134.63 134.580
AAEMACY64
No. 2 Front Cycle 5
AAEMB00133.28–133.38 133.330
AAEMBCY65
No. 2 Front Cycle 6
AAEMC00132.03–132.13 132.080
AAEMCCY66
ULS Heating Oil Front Cycle 1
AAXFJ00142.13–142.23 142.180
AAXFJCY62
ULS Heating Oil Front Cycle 2
AAXFK00141.63–141.73 141.680
AAXFKCY63
ULS Heating Oil Front Cycle 3
AAXFL00141.13–141.23 141.180
AAXFLCY64
ULS Heating Oil Front Cycle 4
AAXFM00140.63–140.73 140.680
AAXFMCY65
ULS Heating Oil Front Cycle 5
AAXFN00140.13–140.23 140.180
AAXFNCY66
ULS Heating Oil Front Cycle 6
AAXFP00139.65–139.75 139.700
AAXFPCY67
Please note: Front Cycle 1 was formerly described as prompt front; Front Cycle 2 was formerly described as prompt back; Front Cycle 3 was formerly described as next
front; Front Cycle 4 was formerly described as next back; Front Cycle 5 was formerly described as after front; Front Cycle 6 was formerly described as after back
7-11 based on a prompt trade heard at NYMEX December
RBOB futures contract plus 4.50 cents/gal and a clear
backwardation in the market.
The above commentary applies to the following market data code:
AAMGV00
US Midwest Gasoline bids/offers/trades: (PGA page 389)
■■TRADES: No trades.
■■BIDS: Sub-Octane 13.5 RVP GRP 3 Standard, APEX bids $
+0.475 for 10kb; Sub-Octane 13.5 RVP GRP 3 Standard,
USO bids $ +0.475 for 10kb.
■■OFFERS: Sub-Octane 13.5 RVP GRP 3 Standard, KOCH
offers $ +0.0700 for 10kb.
US Midwest Gasoline exclusions: (PGA page 389)
■■There were no exclusions in the November 4 assessment
process.
US MARKETSCAN
NOVEMBER 4, 2015
USGC Gasoline bids/offers/trades: (PGA page 385)
■■BIDS: No bids.
■■OFFERS (all c63, 25MB): A4: Rolympus offers +1.00; M4:
Koch offers flat to merc, Cargill offers +1.25, Gewar offers
+2.50; V4: Phillips 66 offers +40.00, Rolympus offers
+42.00; H4: Valero offers +33.00, Rolympus offers
+35.00; D4: Phillips 66 offers +40.00.
■■TRADES (all c63, 25MB): F4: USGC C63, CCIROLY SELLS
TO METI Dec $0.0200 for 25kb; F4: USGC C63, VALERO
SELLS TO METI Dec $0.0200 for 25kb; F4: USGC C63,
CCIROLY SELLS TO METI Dec $0.0250 for 25kb; F4: USGC
C63, VALERO SELLS TO METI Dec $0.0250 for 25kb; A4:
USGC C63, KOCH BUYS FROM ATMI Dec $0.0050 for 25kb;
F4: USGC C63, KOCH SELLS TO METI Dec $0.0275 for
25kb; A4: USGC C63, METI BUYS FROM ATMI Dec $0.0075
for 25kb; A4: USGC C63, METI BUYS FROM ATMI Dec
$0.0100 for 25kb; A4: USGC C63, METI BUYS FROM ATMI
Dec $0.0125 for 25kb; A4: USGC C63, NOBLEA SELLS TO
METI Dec $0.0075 for 25kb; A4: USGC C63, NOBLEA
SELLS TO KOCH Dec $0.0075 for 25kb; M4: USGC C63,
LUK SELLS TO METI Dec $0.0000 for 25kb; A4: USGC C63,
METI BUYS FROM CCIROLY Dec $0.0150 for 25kb; M4:
USGC C63, GEWAR SELLS TO VIT Dec $0.0000 for 25kb;
M4: USGC C63, CCIROLY SELLS TO VALERO Dec $-0.0025
for 25kb.
USGC Gasoline exclusions: (PGA page 385)
■■No data was excluded from the November 4 assessment
process.
USAC Gasoline bids/offers/trades: (PGA page 382)
■■There were no bids, offers or trades today, November 4.
GULF COAST (continued)
Atlanta (PGA page 156)
Code
Mid
Code Code
Prompt Pipeline (¢/gal)
Cycle RVP
Atl CBOB 87
AAWRV00140.70–140.80 140.750 -4.950
AAWRVCY63 AAWRVRV13.5
Atl CBOB 93
AAWRW00164.20–164.30 164.250 -4.950
AAWRWCY63 AAWRWRV13.5
Feedstocks and Blendstocks (PGF page 760)
FOB Cargo (¢/gal) FOB Cargo ($/mt)
Naphtha
AAXJP00138.20–138.30 138.250 -6.200
AAXJU00483.85–483.95 483.900 -21.700
vs Mont Belvieu
FOB Parcel 10-30 days (¢/gal)
non-Targa natural gasoline (¢/gal)
Light Straight Run Naphtha
AAXQK00 108.130
-2.620
AAXQN00
4.750
-0.250
FOB Parcel 10-30 days ($/mt)
Light Straight Run Naphtha
AAXQM00 433.580
-10.530
Barge 7-14 days (¢/gal)
Naphtha
AALPG00139.20–139.30 139.250 -6.200
Heavy Naphtha
AALPI00141.45–141.55 141.500 -6.200
Barge 5-15 days (¢/gal)
MTBE
PHAKX00183.00–183.10 183.050 +0.350
vs Mont Belvieu
Barge 5-15 days ($/mt) non-Targa natural gasoline (¢/gal)
Paraffinic Naphtha
AAYEU00412.17–412.27 412.220 -8.710
AAYEW009.000
FOB barge (¢/gal)vs waterborne 87 (¢/gal)
vs pipeline 87 (¢/gal)
Alkylate
AAXBA00 168.55
-5.830
AAFIE0035.25 AAXBD0034.000
Raffinate
AAXBB00 121.55
-5.830
AAJMU00-11.75 AAXBE00-13.000
Reformate
AAXBC00 199.55
-5.830
AAJMV0066.25 AAXBF0065.000
Gas Liquids (PGA page 780)
Non-LST Mt Belvieu (¢/gal)
Ethane/propane
PMUDA0517.325–17.425 17.375
Ethane purity
PMUDB0518.450–18.550 18.500
Propane
PMAAY0045.200–45.300 45.250
Normal butane
PMAAI0065.700–65.800 65.750
Isobutane
PMAAB0066.325–66.425 66.375
Natural gasoline Targa
PMABW05103.575–103.675 103.625
Natural gasoline non-Targa
PMABY05103.325–103.425 103.375
Natural gasoline non-Targa #2
AAWUG00102.950–103.050 103.000
0.000
+0.250
-0.625
-0.250
-0.375
-2.500
-2.375
-2.500
USAC Gasoline exclusions: (PGA page 382)
■■No market data was excluded from the November 4
assessment process.
LST Mt Belvieu Conway, Kansas
Mid
Ethane/Propane
PMAAO0015.325–15.425 15.375
Propane
PMABQ0046.075–46.175 46.125 -0.500
PMAAT0042.450–42.550 42.500
Normal butane
PMABR0066.200–66.300 66.250 -0.375
PMAAD0063.700–63.800 63.750
Isobutane
AAIVD0066.950–67.050 67.000 -0.250
PMAAA0068.950–69.050 69.000
Natural gasoline
AAIVF00104.075–104.175 104.125
-2.375
PMAAQ00100.950–101.050 101.000
US Heating Oil
Waterborne FOB Houston ($/mt)Waterborne FOB Houston (¢/gal)
Propane
AAXIM00294.510–294.530 294.520
-8.230
AAXIN0056.520–56.540 56.530 -1.580
Propane vs. Mt Belvieu
AAXIO0058.210–58.230 58.220 -4.770
AAXIP0011.125–11.225 11.175 -0.915
Market analysis: (PGA page 497) The US Gulf Coast high
sulfur heating oil cash differential fell 1.25 cents/gal on
VLGC Freight Rates ($/mt)VLGC Freight Rates (¢/gal)
Houston to NWE
AAXIQ0060.000 AAXIR0011.515
Houston to Japan
AAXIS00170.000 AAXIT0032.630
Copyright © 2015 McGraw Hill Financial
5
Change
-0.500
-0.500
-0.250
-0.375
-1.500
US MARKETSCAN
NOVEMBER 4, 2015
Wednesday after reaching its highest value in 13 months
earlier in the week, and line space fell to its lowest point all
year on the tightened regional spread for ULSD. Platts
assessed high sulfur heating oil at the NYMEX December
ULSD futures minus 12.75 cents/gal, down 1.25 cents/gal,
after prices reached their highest point since October 10,
2014, on Tuesday. Cash differentials have skyrocketed
since news broke on Tuesday morning that Colonial
Pipeline suspended originations and deliveries at its Cedar
Bayou facility due to flooding in the area and the site could
not be evaluated until waters recede. The facility is a
storage site from which companies can inject barrels into
Line 2, and the flooding has kept barrels stored in the
underground caverns from being able to be removed.
Market sources said there was no high sulfur heating oil
stored at the Cedar Bayou facility, but one Gulf Coast
broker said companies were looking into “batch switching”
because the ULSD stored there cannot be injected into the
pipeline. With ULSD stuck in storage at the facility, Gulf
Coast ULSD differentials reached as high as minus 3 cents/
gal on Tuesday for the 61st cycle and minus 5.90 cents/gal
on Wednesday on the 62nd cycle. The rising Gulf Coast
differential narrowed the spread between the Gulf and
Atlantic coast markets for ULSD. The regional spread on
Wednesday was 3.40 cents/gal. The spread has only been
narrower three times dating back to June. This in turn
affected line space values on Colonial Pipeline’s 1.16 million
b/d distillate-only Line 2. Platts assessed Line 2 space at
minus 1.25 cents/gal, down 2 cents/gal from Tuesday, and
even with the lowest Line 2 space has been assessed
dating back to the beginning of the assessment in
February. Line 2 space was assessed at minus 1.25 cents/
gal on May 5, and has only been assessed in the negative
MIDWEST (¢/gal)
Code
Chicago (PGA page 160)
Unleaded 87
Unleaded 89
Premium 91
CBOB
PBOB
RBOB
Jet
ULSD
ULS No.1
Pipeline
Mid
Change
PGACR00155.95–156.05
PGAAX00167.25–167.35
PPASQ00184.20–184.30
AAREL00154.95–155.05
AAUEU00214.20–214.30
PPARH00159.45–159.55
PJAAF00163.03–163.13
AATHA00160.03–160.13
PJACD00199.03–199.13
156.000 -3.950
167.300 -4.250
184.250 -4.700
155.000 -3.950
214.250 -4.700
159.500 -6.450
163.080 -3.790
160.080 -10.540
199.080 -10.540
PGACRRV13.5
PGAAXRV13.5
PPASQRV13.5
AARELRV13.5
AAUEURV13.5
PPARHRV13.5
Group 3 (PGA page 160)
Sub-octane
Premium 91
Jet
ULSD
ULS No.1
AAXIX00145.70–145.80
PGABD00167.20–167.30
PJAAI00156.28–156.38
AATHB00151.03–151.13
PJACB00180.03–180.13
145.750
167.250
156.330
151.080
180.080
AAXIXRV13.5
PGABDRV13.5
-4.700
-4.700
-5.540
-4.540
-4.540
CodeRVP
WEST COAST
Code
Mid
Change
Los Angeles (PGA page 158)
Unleaded 84
AAUHA00
Unleaded 88.5
PGABG00
CARBOB
AAKYJ00
CARBOB Prem
AAKYL00
Jet
PJAAP00
ULS (EPA) Diesel
POAET00
CARB Diesel
POAAK00
Pipeline (¢/gal)
168.45–168.55
200.95–201.05
172.45–172.55
204.95–205.05
147.28–147.38
153.53–153.63
153.53–153.63
168.500 201.000 172.500 205.000 147.330 153.580 153.580 -8.950
+3.550
-8.950
-8.950
-5.540
-2.040
-2.040
CARBOB
AANVX00
vs NYMEX RBOB
32.45–32.55
32.500 -4.250
-3.750 2.500 2.500 0.000
+3.500
+3.500
30.000 14.000 0.000
+0.500
Waterborne ($/mt)
240.45–240.55
190.45–190.55
240.500 190.500 -3.500
-3.500
Pipeline (¢/gal)
161.95–162.05
194.95–195.05
165.95–166.05
198.95–199.05
147.28–147.38
151.53–151.63
151.53–151.63
162.000 195.000 166.000 199.000 147.330 151.580 151.580 -4.700
+8.300
-4.700
-4.700
-5.540
-0.540
-0.540
vs NYMEX Heating Oil
Jet Fuel
AANVY00
-3.80–-3.70
ULS (EPA) Diesel
AANVZ00
2.45–2.55
CARB Diesel
AANWA00
2.45–2.55
Swaps
CARBOB paper 1st month
AAKYR00
29.95–30.05
CARBOB paper 2nd month
AAKYS00
13.95–14.05
180 CST
PUAWR00
380 CST
PUAWX00
CodeRVP
AAUHARV11.5
PGABGRV11.5
AAKYJRV10.50
AAKYLRV10.50
San Francisco (PGA page 158)
PLATTS OIL IS ON TWITTER
FOR UP-TO-THE-MINUTE OIL NEWS
AND INFORMATION FROM PLATTS
Follow us on twitter.com/PlattsOil
Copyright © 2015 McGraw Hill Financial
6
Unleaded 84
PGADG00
Unleaded 88.5
PGABO00
CARBOB
AAKYN00
CARBOB Prem
AAKYP00
Jet
PJABC00
ULS (EPA) Diesel
POAEY00
CARB Diesel
POAAL00
PGADGRV12.5
PGABORV12.5
AAKYNRV12.50
AAKYPRV12.50
US MARKETSCAN
NOVEMBER 4, 2015
values nine times since February. Market sources said it
costs about 5 cents/gal to ship barrels up the Colonial
Pipeline, so line space values dipped into the negatives in
order to attempt to reopen the arbitrage. When line space
trades at a negative value, companies are paying to give
away space on the pipeline. If regular shippers do not use
the space that is allocated to them, then their future
allocations will be decreased. “Line space is more a
function of the current up/down versus New York, as well
as general netbacks along Colonial Pipeline versus US Gulf
Coast spot markets,” one source said.
Gasoil No.2 USGC Prompt Pipeline assessment rationale:
(PGA page 453) US Gulf Coast heating oil for Colonial
Pipeline’s prompt 61st cycle was assessed Wednesday
based on an offer left standing at the NYMEX December
ULSD futures contract minus 15.50 cents/gal.
WEST COAST
Code
Mid
Change
180 CST
PUBDA00
380 CST
PUBCY00
Waterborne ($/mt)
287.95–288.05
247.95–248.05
288.000 248.000 -3.500
-3.500
161.350
187.850
147.330
160.930
-4.700
-4.700
-5.540
-5.540
Waterborne ($/mt)
180 CST
PUAWT00299.95–300.05 300.000
380 CST
PUAWZ00249.95–250.05 250.000
-1.000
-1.000
Seattle (PGA page 158)
Pipeline (¢/gal)
Unleaded 84
AAXJE00161.30–161.40
Unleaded 90
AAXJF00187.80–187.90
Jet
PJABB00147.28–147.38
ULS (EPA) Diesel
AAUEX00160.88–160.98
162.500 189.000 162.080 -4.700
-4.700
-5.540
The above commentary applies to the following market data code:
POAED00
180 CST
PUAWV00
380 CST
PUAXB00
Waterborne ($/mt)
347.45–347.55
312.45–312.55
347.500 312.500 -5.500
-5.500
ULS Heating Oil USGC Prompt Pipeline assessment
rationale: (PGA page 453) US Gulf Coast ultra low sulfur
heating oil for Colonial Pipeline’s prompt 62nd cycle was
assessed Wednesday based on a 3-cent/gal regrade to
ULSD.
Phoenix (PGA page 158)
Pipeline (¢/gal)
132.20–132.30
174.20–174.30
132.250 174.250 -4.700
-4.700
Waterborne (¢/gal)
168.45–168.55
146.28–146.38
168.500 146.330 -8.950
-5.540
33.000 32.500 30.000 -0.550
-0.550
-0.550
Gasoil No.2 New York Harbor Barge assessment rationale:
(PGA page 443) New York heating oil barges were assessed
Wednesday based on two deals heard done at the NYMEX
December ULSD futures contract minus 8 cents/gal.
The above commentary applies to the following market data code:
POAEG00
NYMEX NY ULSD at Houston MOC Mo01 assessment
rationale: (PGA page 447) Platts assessed the NYMEX
December ULSD futures contract at 3:15 pm EST (2015 GMT)
Wednesday based on the last trade at $1.5108/gal.
The above commentary applies to the following market data code:
NYHOM01
Copyright © 2015 McGraw Hill Financial
7
AAXJERV13.5
AAXJFRV13.5
Portland (PGA page 158)
Pipeline(¢/gal)
Unleaded 84
AAXJC00
162.45–162.55
Unleaded 90
AAXJD00
188.95–189.05
ULS (EPA) Diesel
AAUEY00
162.03–162.13
The above commentary applies to the following market data code:
AAXFD00
CodeRVP
San Francisco (PGA page 158)
AZRBOB 84
AADDP00
AZRBOB 88.5
PPXDJ00
AAXJCRV13.5
AAXJDRV13.5
AADDPRV8.00
PPXDJRV8.00
West Coast Waterborne (PGA page 158)
Unleaded 87
PGADI00
Jet
PJABI00
($/barrel)
Fuel oil 0.5% S
PUAGD00
32.99–33.01
Fuel oil 1.0% S
PUAAQ00
32.49–32.51
Fuel oil 2.0% S
AABGP00
29.99–30.01
NYMEX NY ULSD at Houston MOC Mo02 assessment
rationale: (PGA page 447) Platts assessed the NYMEX January
ULSD futures contract at 3:15 pm EST (2015 GMT) Wednesday
based on the last bid at $1.5349/gal and offer at $1.5351/gal.
The above commentary applies to the following market data code:
NYHOM02
USGC Gasoil bids/offers/trades: (PGA page 454)
■■DEALS: 77 USGC C61, BPP SELLS TO NOBLEA Dec
$-0.1250 for 25kb;
■■POSITIONS: BIDS: 77 USGC C61, BPP bids Dec $-0.1600 for
25kb; 77 USGC C61, KOCH bids Dec $-0.1700 for 25kb; 77
USGC C61, VIT bids Dec $-0.1800 for 25kb; 77 USGC C61,
NOBLEA no longer bids; 77 USGC C62, NOBLEA bids Dec
$-0.1525 for 25kb; 77 USGC C62, STUS bids Dec $-0.1700
for 25kb; 77 USGC C62, GLT bids Dec $-0.1700 for 25kb; 77
USGC C62, BPP bids Dec $-0.1700 for 25kb;
■■POSITIONS: OFFERS: 77 USGC C61, BPP offers Dec
$-0.1250 for 25kb; 77 USGC C61, NOBLEA offers Dec
$-0.1000 for 25kb; 77 USGC C61, KOCH offers Dec
US MARKETSCAN
NOVEMBER 4, 2015
$-0.1000 for 25kb; 77 USGC C61, GLT offers Dec $-0.0800
for 25kb; 77 USGC C61, TAG no longer offers; 77 USGC
C62, VIT offers Dec $-0.1350 for 25kb; 77 USGC C62,
NOBLEA offers Dec $-0.1200 for 25kb; 77 USGC C62, BPP
offers Dec $-0.1150 for 25kb;
USGC Gasoil exclusions: (PGA page 454)
■■No market data was excluded from the November 4
assessment process.
USAC Gasoil bids/offers/trades: (PGA page 444)
■■There were no bids, offers, or trades today, November 4.
USAC Gasoil exclusions: (PGA page 444)
■■No market data was excluded from the November 4
assessment process.
CARIBBEAN
Code
Mid Change Code
MidChange
Cargoes (PGA page 162)
Cargoes ($/mt)
(¢/gal)
Naphtha
PAAAB00477.69–477.76 477.725
-21.950
PAAAB10
134.94–134.96
134.950 -6.200
Jet kerosene
PJAAD00
491.18–491.24
491.210 -19.395
PJAAD10
146.62–146.64
146.630 -5.790
Gasoil
POAAU00
443.38–443.44
443.410 -20.710
POAAU10
145.37–145.39
145.380 -6.790
($/barrel)
Fuel oil 2% S
PUAAS00
30.69–30.71
30.700 -1.340
Fuel oil 2.8% S
PUAAV00
25.69–25.71
25.700 -1.340
EUROPEAN PRODUCTS
Code
Mid Change Code
MidChange
Mediterranean cargoes (PGA page 1114)
FOB Med (Italy) ($/mt)
CIF Med (Genova/Lavera)
Naphtha*
PAAAI00415.25–415.75 415.500
-6.250
PAAAH00425.75–426.25 426.000
-6.000
Prem Unl 10ppm
AAWZA00491.50–492.00 491.750
-9.000
AAWZB00499.50–500.00 499.750
-9.000
Jet aviation fuel
AAIDL00455.00–455.50 455.250
-10.250
Gasoil 0.1%
AAVJI00424.25–424.75 424.500
-9.500
AAVJJ00436.00–436.50 436.250
-9.500
1%
PUAAK00228.75–229.25 229.000
-3.500
PUAAJ00241.00–241.50 241.250
-3.250
3.5%
PUAAZ00214.75–215.25 215.000
-5.500
PUAAY00227.00–227.50 227.250
-5.250
*Naphtha FOB Med is basis East Med
US Jet Fuel
Market analysis: (PGA page 498) The Chicago jet fuel
differential rose 1.75 cents/gal Wednesday, up as supply is
tight in the region, possibly due to maintenance on one of
WEEKLY DOE STATISTICS
10/30/1510/23/15
Crude Input
Pct Op
Mogas Prod
Distillate Prod
Residual Prod
Crude Stocks
Cushing Stocks
Mogas Stocks
Distillate Stocks
Residual Stocks
Crude Imports
Product Imports
15.637
88.7%
9.537
4.882
0.355
482.810
53.122
215.347
140.757
42.457
6.943
1.212
15.616
87.6%
9.703
4.877
0.376
479.963
53.334
218.647
142.057
41.908
7.032
1.819
Change
21.000
1.1
-166.000
5.000
-21.000
2.847
-0.212
-3.300
-1.300
0.549
-89.000
-607.000
Stocks in million barrels, others million b/d
JET INDEX (PGA page 115)
Index ¢/gal
North America
PJNAM00 162.83 PJNAM07145.83
Latin America & Caribbean
PJLAC00 176.72 PJLAC07151.89
Global
PJGLO00 166.73 PJGLO07145.22
Copyright © 2015 McGraw Hill Financial
8
Northwest Europe cargoes (PGA page 1110)
FOB NWE ($/mt)
CIF basis ARA
Naphtha swap
PAAAJ00437.75–438.25 438.000
-5.500
Naphtha Phy
PAAAL00434.50–435.00 434.750
-5.750
Gasoline 10ppm
AAXFQ00514.00–514.50 514.250
+0.500
Jet
PJAAV00463.00–463.50 463.250
-10.000
PJAAU00472.25–472.75 472.500
-10.000
Ultra low sulfur diesel 10ppm
AAWZD00452.75–453.25 472.500
-8.500
AAWZC00465.50–466.00 465.750
-8.500
Diesel 10ppm NWE
AAVBF00451.00–451.50 451.250
-8.500
AAVBG00463.25–463.75 463.500
-8.500
Diesel 10 ppm UK
AAVBH00467.00–467.50 467.250
-8.500
Gasoil 0.1%
AAYWR00432.75–433.25 433.000
-9.000
AAYWS00446.50–447.00 446.750
-9.000
1%
PUAAM00224.50–225.00 224.750
-3.500
PUAAL00233.75–234.25 234.000
0.000
3.5%
PUABB00193.50–194.00 193.750
-4.000
PUABA00204.50–205.00 204.750
-3.750
0.509.7% straight run
PKABA00293.50–294.50 294.000
-6.000
Low sulfur VGO
AAHMX00330.50–331.50 331.000
-7.000
AAHMZ00337.25–338.25 337.750
-7.000
High sulfur VGO
AAHNB00327.00–328.00 327.500
-7.000
AAHND00333.75–334.75 334.250
-7.000
Northwest Europe barges (PGA page 1112)
FOB Rotterdam ($/mt)
Naphtha Phy
PAAAM00430.50–431.00
Eurobob Gasoline
AAQZV00492.75–493.25
Unleaded 98
AAKOD00572.75–573.25
Premium Unleaded
PGABM00499.00–499.50
Reformate
AAXPM00
MTBE**
PHALA00614.00–614.50
Jet
PJABA00470.00–470.50
Gasoil 0.1%**
AAYWT00435.75–436.25
10 ppm**
AAJUS00455.75–456.25
1%
PUAAP00211.50–212.00
3.5%
PUABC00211.50–212.00
Fuel Oil 3.5% 500 CST
PUAGN00204.50–205.00
Low sulfur VGO
AAHNF00330.50–331.50
High sulfur VGO
AAHNI00327.00–328.00
R’dam Bunker 380 CST
PUAYW00215.00–216.00
**FOB Amsterdam-Rotterdam-Antwerp
430.750-5.750
493.000
+1.000
573.000
+1.000
499.250
+0.500
553.000
+1.000
614.250
+1.250
470.250-8.750
436.000-9.500
456.000-8.000
211.750-3.750
211.750-3.750
204.750-3.750
331.000-7.000
327.500-7.000
215.500-4.000
US MARKETSCAN
NOVEMBER 4, 2015
the region’s pipelines. Platts assessed the Chicago jet fuel
differential at NYMEX December ULSD futures plus 12 cents/
gal, up nearly 5 cents/gal from the end of last week. Market
sources said the supply tightness is partially due to
maintenance on the Westshore pipeline. Westshore Pipeline
did not respond immediately to an inquiry seeking
comment. Barrels have been hard to come by at the
region’s largest airport, Chicago O’Hare, sources said. Jet
fuel stocks in the region dipped 197,000 barrels to 5.929
million barrels for the week ended October 30, according to
US Energy Information Administration data released
Wednesday. The only other region showing a change in jet
fuel differentials Wednesday was the US Gulf Coast, which
was down 25 points/gal to minus 8.75 cents/gal. Gulf Coast
jet fuel stocks dropped 1.681 million barrels to 12.487 million
barrels for the week ended October 30. Atlantic Coast jet
fuel for barges and Buckeye Pipeline was unchanged at
minus 5.25 cents/gal and Los Angeles jet fuel was
unchanged at minus 3.75 cents/gal.
Jet Kero 54 USGC Prompt Pipeline assessment rationale:
(PGA page 484) US Gulf Coast jet fuel for Colonial Pipeline
was assessed Wednesday based on the last two trades, at
the NYMEX December ULSD futures contract minus 8.75
cents/gal, with Shell selling 25,000 barrels to Trafigura and
25,000 barrels to Rolympus for the 62nd cycle on Colonial
Pipeline.
The above commentary applies to the following market data code:
PJABO00
Jet Kero Los Angeles CA Pipeline assessment rationale:
(PGA page 489) Los Angeles jet fuel was assessed
Wednesday based on a deal heard done at the NYMEX
December ULSD futures contract minus 3.75 cents/gal.
There was no Market on Close assessment process activity.
The above commentary applies to the following market data code:
PJAAP00
Jet Kero New York Harbor Barge assessment rationale:
(PGA page 492) New York jet fuel barges were assessed
Wednesday based on a flat spread to Buckeye Pipeline.
Copyright © 2015 McGraw Hill Financial
9
EUROPEAN PRODUCTS
ICE LS gasoil GWAVE (PGA page 702)
Code
MidChange
MidDate
Nov
PXAAJ00463.5003-Nov-15
Dec
PXAAK00469.0003-Nov-15
Euro denominated assessments at London MOC Close (PGA page 1116, 1118, 1350 & 1450)
CIF NWE cargoes (€/mt)
Nap Phy
AAQCE00399.95–400.41
Jet
AAQCF00434.69–435.15
FOB NWE cargoes
1%
AAQCG00206.65–207.11
FOB Rotterdam barge
Prem Unl
AAQCH00459.32–459.78
Reformate
AAXPN00
10 ppm*
AAQCI00419.51–419.97
Gasoil 0.1%*
AAYWY00401.10–401.56
3.5%
AAQCK00194.68–195.14
Fuel Oil 3.5% 500 CST
PUAGO00188.24–188.70
400.175-1.924
434.923-5.515
206.876-1.476
459.545
+4.273
509.021
+5.141
419.735-3.816
401.325-5.339
194.910-1.804
188.466-1.858
*FOB Amsterdam-Rotterdam-Antwerp
NY harbor cargoes (€ cents/gal)
Unleaded 87
AAPYV00135.45–135.54 135.493
+0.696
Unleaded 89
AAPYW00139.35–139.44 139.396
+0.218
Unleaded 93
AAPYX00145.21–145.31 145.260
-0.500
FUTURES SETTLEMENTS
Settlement
Change
Low
High
Volume
Open interest
PNT***
NYMEX Light Sweet crude ($/barrel) (PGA page 705)
Dec 15
NMCL001
46.32 -1.58
46.17 48.28 418473
485518
Jan 16
NMCL002
47.21 -1.59
47.06 49.18 89354 261088
Feb 16
NMCL003
47.99 -1.63
47.87 50.00 26910 101881
Mar 16
NMCL004
48.69 -1.65
48.58 50.67 27037 141666
Total
NMCL000654316XNCLP0011165
ICE Brent ($/barrel) (PGA page 704)
Dec 15
ICLL001
48.58 -1.96
48.49 50.87 308963
409704
Jan 16
ICLL002
49.36 -1.98
49.30 51.64 179464
397790
Feb 16
ICLL003
50.14 -2.01
50.10 52.40 58620 182280
Mar 16
ICLL004
50.74 -2.02
50.69 52.99 47748 230308
Total
ICLL000737825XILLP0019276
ICE WTI ($/barrel) (PGA page 704)
Dec 15
ICIC001
46.32 -1.58
46.16 48.26 47139 117428
Jan 16
ICIC002
47.21 -1.59
47.09 49.14 22449 58614
Feb 16
ICIC003
47.99 -1.63
47.93 49.96 8740 21871
Mar 16
ICIC004
48.69 -1.65
48.63 50.67 6203 37210
Total
ICIC000107606XIICP005006
ICE Middle East Sour crude ($/barrel) (PGA page 704)
Jan 16
ICOQ001
45.86 -1.96
45.86 45.86 Feb 16
ICOQ002
46.66 -1.96
46.66 46.66 Mar 16
ICOQ003
47.31 -1.96
47.31 47.31 Apr 16
ICOQ004
47.91 -1.96
47.91 47.91 Total Volume
ICOQ000
ICE BWAVE ($/barrel) (PGA page 704)
Dec 15
XIBW00149.75
Jan 16
XIBW00250.53
0
0
0
0
0
0
0
0
0
XIOQP00
US MARKETSCAN
NOVEMBER 4, 2015
There was no Market on Close assessment process activity.
The above commentary applies to the following market data code:
PJAAW00
Jet Kero New Jersey Buckeye Pipeline assessment
rationale: (PGA page 492) New York jet fuel for Buckeye
Pipeline was assessed Wednesday based on a trade during
Tuesday’s Market on Close assessment process and no new
information Wednesday to disprove that value. The most
competitive bid during the assessment process was at the
NYMEX December ULSD futures contract minus 6 cents/gal
from World Fuels for 25,000 barrels and the most
competitive offer was from BP at minus 4.55 cents/gal for
25,000 barrels.
The above commentary applies to the following market data code:
AAJNL00
USGC Jet bids/offers/trades: (PGA page 485)
■■DEALS: 54 USGC C62, ASTR BUYS FROM STUS Dec
$-0.0800 for 25kb; 54 USGC C62, ASTR BUYS FROM BPP
Dec $-0.0800 for 25kb; 54 USGC C62, VALERO SELLS TO
CCIROLY Dec $-0.0850 for 25kb; 54 USGC C62, VALERO
SELLS TO CCIROLY Dec $-0.0825 for 25kb; 54 USGC C62,
VALERO SELLS TO CHEV Dec $-0.0825 for 25kb; 54 USGC
C62, VALERO SELLS TO CCIROLY Dec $-0.0850 for 25kb;
Settlement
Change
Low
Volume 41 / Issue 213 / November 4, 2015
Editorial: Richard Swann, Editorial Director, Americas Oil: +1-713-658-3273, Matt Kohlman,
Senior Managing Editor, Americas Clean Products +1-713-658-3266.
Client services information: North America: 800-PLATTS8 (800-752-8878); direct:
+1-212-904-3070, Europe & Middle East: +44-20-7176-6111, Asia Pacific: +65-6530-6430,
Latin America: +54-11-4121-4810, E-mail: [email protected]
Restrictions on Use: You may use the prices, indexes, assessments and other
related information (collectively, “Data”) in this publication only for your personal
use or, if your company has a license from Platts and you are an “Authorized User,”
for your company’s internal business. You may not publish, reproduce, distribute,
10
High
DME Oman crude ($/barrel) (PGA page 2710)
Jan 16
XDOA001
46.89 +1.58
Jan 16
DMOQ001
45.42
-1.82
45.42 47.23 Feb 16
DMOQ002
46.50
-1.80
46.50 46.50 Mar 16
DMOQ003
47.13
-1.80
47.13 47.13 Apr 16
DMOQ004
47.81
-1.80
47.81 47.81 Total Volume
DMOQ000
Volume
Open interest
3077
3641 2832
1 5
0 0
0 0
3641 PNT***
XDOQP000
NYMEX NY ULSD ($/gal) (PGA page 705)
Dec 15
NMHO001
1.5035
-0.0625
1.5019
1.5816
82223 86095
Jan 16
NMHO002
1.5284
-0.0592
1.5269
1.6008
44520 70010
Feb 16
NMHO003
1.5469
-0.0572
1.5455
1.6157
18260 39020
Mar 16
NMHO004
1.5556
-0.0553
1.5542
1.6202
13964 38170
Total
NMHO000178980XNHOP0013356
NYMEX RBOB unleaded gasoline ($/gal) (PGA page 705)
Dec 15
NMRB001
1.3919
-0.0536
1.3861
1.4714
77810 101784
Jan 16
NMRB002
1.3783
-0.0520
1.3740
1.4516
50250 72260
Feb 16
NMRB003
1.3893
-0.0485
1.3852
1.4560
23473 31406
Mar 16
NMRB004
1.4190
-0.0462
1.4134
1.4820
14412 32023
Total Volume
NMRB000188726XNRBP0015709
NYMEX Natural Gas ($/MMBtu) (PGA page 705)
Dec 15
NMNG001
2.262 +0.009
2.255 2.317 128360
288965
Jan 16
NMNG002
2.445 -0.018
2.440 2.508 61159 250836
Feb 16
NMNG003
2.469 -0.018
2.464 2.530 16916 61766
Mar 16
NMNG004
2.460 -0.017
2.455 2.519 22264 117050
Total Volume
NMNG000273734XNNGP0010021
ICE low sulfur gasoil ($/mt) (PGA page 704)
Nov 15
ICLO001
456.50
-9.00
454.75
475.75
43536 83707
Dec 15
ICLO002 460.25 -9.25458.25 479.25 116578
149409
Jan 16
ICLO003
465.50
-9.25
463.75
484.00
45701 81505
Feb 16
ICLO004
470.00
-9.00
468.25
488.25
15990 51366
Total Volume
ICLO000285504XILOP0017881
*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.
retransmit, resell, create any derivative work from and/or otherwise provide access
to Data or any portion thereof to any person (either within or outside your company
including, but not limited to, via or as part of any internal electronic system or
Internet site), firm or entity, other than as authorized by a separate license from
Platts, including without limitation any subsidiary, parent or other entity that is
affiliated with your company, it being understood that any approved use or
distribution of the Data beyond the express uses authorized in this paragraph
above is subject to the payment of additional fees to Platts.
US MARKETSCAN
Copyright © 2015 McGraw Hill Financial
FUTURES SETTLEMENTS
Disclaimer: DATA IN THIS PUBLICATION IS BASED ON MATERIALS COLLECTED FROM
ACTUAL MARKET PARTICIPANTS. PLATTS, ITS AFFILIATES AND ALL OF THEIR THIRDPARTY LICENSORS DISCLAIM ANY AND ALL WARRANTIES, EXPRESS OR IMPLIED,
INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE OR USE AS TO THE DATA, OR THE RESULTS OBTAINED BY
ITS USE OR AS TO THE PERFORMANCE THEREOF. A REFERENCE TO A PARTICULAR
INVESTMENT, SECURITY, RATING OR ANY OBSERVATION CONCERNING A SECURITY OR
INVESTMENT PROVIDED IN THE DATA IS NOT A RECOMMENDATION TO BUY, SELL OR HOLD
SUCH INVESTMENT OR SECURITY OR MAKE ANY OTHER INVESTMENT DECISIONS.
NEITHER PLATTS, NOR ITS AFFILIATES OR THEIR THIRD-PARTY LICENSORS GUARANTEE
THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE DATA OR ANY
COMPONENT THEREOF OR ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO ORAL
OR WRITTEN COMMUNICATIONS (WHETHER IN ELECTRONIC OR OTHER FORMAT), WITH
RESPECT THERETO.
ACCORDINGLY, ANY USER OF THE DATA SHOULD NOT RELY ON ANY RATING OR OTHER
OPINION CONTAINED THEREIN IN MAKING ANY INVESTMENT OR OTHER DECISION. PLATTS,
ITS AFFILIATES AND THEIR THIRD-PARTY LICENSORS SHALL NOT BE SUBJECT TO ANY
DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS IN THE DATA. THE
DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN “AS IS” BASIS AND YOUR
USE OF THE DATA IS AT YOUR OWN RISK.
Limitation of Liability: IN NO EVENT WHATSOEVER SHALL PLATTS, ITS AFFILIATES OR THEIR
THIRD-PARTY LICENSORS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR
CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO LOSS OF PROFITS, TRADING
LOSSES, OR LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY
OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE.
Copyright © 2015 McGraw Hill Financial. All rights reserved. No portion of this publication
may be photocopied, reproduced, retransmitted, put into a computer system or
otherwise redistributed without prior written authorization from Platts. Platts is a
trademark of McGraw Hill Financial.
US MARKETSCAN
NOVEMBER 4, 2015
54 USGC C62, VALERO SELLS TO CHEV Dec $-0.0850 for
25kb; 54 USGC C62, STUS SELLS TO TAG Dec $-0.0875 for
25kb; 54 USGC C62, STUS SELLS TO CCIROLY Dec
$-0.0875 for 25kb
■■POSITIONS:BIDS: 54 USGC C62, TAG bids Dec $-0.0925 for
25kb; 54 USGC C62, TAG bids Dec $-0.0975 for 25kb; 54
USGC C62, NOBLEA bids Dec $-0.0975 for 25kb; 54 USGC
C62, WFSI bids Dec $-0.1000 for 25kb; 54 USGC C62,
ASTR bids Dec $-0.1075 for 25kb; 54 USGC C62, ASTR
bids Dec $-0.1125 for 25kb; 54 USGC C62, VIT bids Dec
$-0.1150 for 25kb; 54 USGC C62, ASTR bids Dec $-0.1150
for 25kb; 54 USGC C62, CCIROLY no longer bids; 54 USGC
C62, CHEV no longer bids; 54 USGC C62, VALERO no
longer bids
■■POSITIONS: OFFERS: 54 USGC C62, STUS offers Dec
$-0.0800 for 25kb; 54 USGC C62, BPP offers Dec
$-0.0750 for 25kb; 54 USGC C62, BPP offers Dec $-0.0750
for 25kb; 54 USGC C62, BPP offers Dec $-0.0800 for
25kb; Jet USAC BPL NOV 8-10, WFSI bids Dec $-0.0600
for 25kb; Jet USAC BPL NOV 8-10, NOBLEA bids Dec
$-0.0625 for 25kb; Jet USAC BPL NOV 8-10, STUS no
longer bids;
USGC Jet exclusions: (PGA page 485)
■■No market data was excluded from the November 4
assessment process.
FIVE-DAY ROLLING AVERAGES*
*FIVE DAYS ENDING NOVEMBER 4
Naphtha
$/mt¢/gal
US Gulf FOB LSR Parcel
430.81 107.44
US Gulf FOB cargo
485.42 **485.52 138.65 —138.75
Carib Cargo
479.27—479.34
132.03**132.05
Jet Kerosene
US Gulf Water
US Gulf Pipe
Carib Cargo
NY Barge
LA Pipeline
Group 3
Chicago
$/MT
¢/gal
479.83**480.16
144.53—144.63
474.02**474.35
142.78—142.88
492.84—492.91
152.58**152.60
61.59**61.63
146.64—146.74
473.33**473.64
148.38—148.48
509.24**509.57
153.39—153.49
535.61**535.94161.33—161.43
Low Sulfur Resid Fuel Oil
NY Cargo .3% HP
NY Cargo .3% LP
NY Cargo .7% Max
NY Cargo 1% Max US Gulf 1%
$/barrel
46.77—46.79
48.37—48.39
39.82—39.84
37.22—37.24
35.31—35.33
$/mt
313.36**313.49
324.08**324.21
258.83**258.96
241.93**242.06
223.15**223.27
Hi Sulfur Resid Fuel Oil
NY Cargo 2.2%
NY Cargo 3.0%
US Gulf 3%
Carib 2.0%
Carib 2.8%
$/barrel
36.38—36.40
35.82—35.84
34.81—34.83
31.06—31.08
26.06—26.08
$/mt
232.84**232.97
229.26**229.39
222.77**222.90
198.77**198.90
166.77**166.90
USWC Jet bids/offers/trades: (PGA page 490)
■■There were no bids, offers, or trades today, November 4.
Crude Oil, FOB Source
West Texas Int
NYMEX Crude
$/barrel
46.55—46.57
46.53
Crude Oil, FOB Source
$/barrel
Mars42.90—42.92
WTI Posting Plus
2.23 —2.25
Gasoil/Heating Oil
L.A. LS Diesel
S.F. LS Diesel
NY Barge
US Gulf Water
US Gulf Pipe
Group 3
Carib Cargo
NYMEX NO. 2
$/barrel
63.83**63.87
63.07**63.12
¢/gal
151.98—152.08
150.18—150.28
$/mt 446.13**446.44
438.86**439.16
425.77**426.07
553.35**554.40
443.24—443.31
474.45 ¢/gal
141.63—141.73
142.49—142.59
138.24—138.34
179.66—180.00
142.52**142.54
150.62
Gasoline, US Market Unleaded
Premium
NY Cargo
144.66—144.76
155.96—156.06
NY Barge
143.66—143.76
154.95—155.05
US Gulf Water
138.90—139.00
159.55—159.65
US Gulf Pipe
138.20—138.30
158.85—158.95
Group 3
168.40—168.50
LA Pipeline
190.50—190.60
SF Pipeline
157.55—157.65
180.15—180.25
Chicago
153.95—154.05189.15—189.25
NYMEX Unl
138.51 Conversions either side of asterisks
USWC Jet exclusions: (PGA page 490)
■■No market data was excluded from the November 4
assessment process.
PLATTS US RENEWABLE VOLUME OBLIGATION – CALCULATED VALUES (PBF page 302)
USAC Jet bids/offers/trades: (PGA page 493)
■■DEALS: No deals
■■POSITIONS: BIDS: Jet USAC BPL NOV 8-10, WFSI bids Dec
$-0.0600 for 25kb; Jet USAC BPL NOV 8-10, NOBLEA bids
Dec $-0.0625 for 25kb; Jet USAC BPL NOV 8-10, STUS no
longer bids
2014 RVO (Jan 1, 2014 – Jan 31, 2015)
RVOY014
4.2184 +0.0609
1.1300 8.1200 0.4860 0.0040
2015 RVO (Jan 1, 2014 – Jan 31, 2016)
RVOY015
4.2400 +0.0609
1.1300 8.1200 0.4860 0.0040
2016 RVO (Jul 1, 2015 – Jan 31, 2016)
RVOY016
4.3466 +0.0406
1.1300 8.1200 0.4860 NA
Copyright © 2015 McGraw Hill Financial
11
¢/gal
%/gal
Change
Advanced
Biodiesel
Ethanol
Biofuel
Cellulosic
RVOs are Renewable Volume Obligation values. RVO is the aggregate cost of the Renewable Identification Number percentages per gallon of transportation fuel for
biodiesel, ethanol, advanced biofuel, and cellulosic ethanol as mandated by US Environmental Protection Agency in Renewable Fuel Standard Program (RFS2). Platts
calculates these RVO values factoring the value of biodiesel, ethanol, advanced biofuel and cellulosic biofuel RIN credits as assessed by Platts for the respective RVO years;
RINs are assessed as cents/RIN.
Platts will make these RVO calculations available in US Marketscan for only a limited period of time. Platts reserves the right to remove the RVO calculations from US
Marketscan at any time without notice. However, you may access the RVO calculations by acquiring a license to Platts Biofuelscan or Platts Biofuels Alert. For any related
questions, please contact [email protected]
US MARKETSCAN
NOVEMBER 4, 2015
■■POSITIONS: OFFERS: Jet USAC BPL NOV 8-10, BPP offers
Dec $-0.0455 for 25kb; Jet USAC BPL NOV 8-10, PHCO
offers Dec $-0.0450 for 25kb
USAC Jet exclusions: (PGA page 493)
■■No market data was excluded from the November 4
assessment process.
US Diesel
Market analysis: (PGA page 499) US Gulf Coast ULSD values
for the 62nd cycle of the Colonial Pipeline rose 35 points
Wednesday as the Cedar Bayou facility continued to
suspend service. On Tuesday, Colonial Pipeline suspended
service at its Cedar Bayou facility close to Pasadena,
Texas, halting deliveries and origination there, the pipeline
said in a notice to shippers. Traders who store in the salt
cavern at Cedar Bayou are unable to get their barrels out.
Platts assessed Gulf Coast ULSD at the NYMEX December
futures contract minus 5.90 cents/gal. The Group 3 X-grade
cash differential continued to follow Gulf Coast ULSD and
was assessed flat to the underlying futures contract,
where it traded twice during the Platts Market on Close
assessment process. The West Coast continued to be one
of the more volatile markets in the country. The Los
Angeles CARB diesel cash differential spiked 3.50 cents
after Tesoro reportedly informed customers late Tuesday
that refined products were unavailable at its Wilmington,
California, rack. Overnight, CARB diesel at the rack rose
3.33 cents to $1.7522/gal. A Tesoro spokeswoman was not
immediately available for comment Wednesday. Platts
assessed LA CARB diesel at plus 2.50 cents/gal, where it
was last heard talked.
ULSD USGC Prompt Pipeline assessment rationale: (PGA
page 456) Gulf Coast ULSD was assessed Wednesday based
on five trades totaling 125,000 barrels at the NYMEX
December ULSD futures contract minus 5.90 cents/gal
during the Platts Market on Close assessment process.
The above commentary applies to the following market data code:
AATGY00
Copyright © 2015 McGraw Hill Financial
12
US WHOLESALE POSTED PRICES
PADD 1
Albany, NY
Allentown, PA
Atlanta
Baltimore (a)
Binghamton, NY
Boston (a)
Charleston, SC
Charlotte
Fairfax (a)
Greensboro
Miami
New Haven (a)
New York City (a)
Newark, NJ (a)
Norfolk (a)
Orlando
Philadelphia (a)
Pittsburgh
Providence
Portland,ME
Raleigh
Richmond
Savannah
Spartanburg
Tampa
Unleaded
Midgrade
Premium
152.00-159.41
152.36-155.28
152.40-170.55
149.00-168.65
161.25-164.60
151.60-155.66
159.95-161.00
151.17-163.85
153.72-166.45
149.21-152.96
155.45-162.62
151.91-156.29
152.68-152.68
149.25-154.10
149.00-178.95
154.95-169.45
150.55-160.75
156.00-177.10
152.50-158.15
160.00-160.27
153.01-157.85
150.00-164.00
155.00-158.95
149.29-167.21
151.60-165.25
156.75-175.70
158.65-170.40
159.94-204.55
163.75-195.38
177.25-177.27
156.25-174.60
179.32-181.00
168.62-186.65
163.92-191.85
166.12-178.36
171.95-201.87
155.47-174.50
156.09-156.09
153.55-171.15
169.00-194.95
170.70-197.87
154.70-172.25
166.07-212.65
155.95-175.42
164.15-165.50
173.01-175.85
168.65-191.20
175.00-178.95
166.85-182.35
168.10-175.49
164.25-209.70
165.07-209.90
190.45-233.05
182.53-221.44
202.43-215.43
162.50-204.60
207.12-211.00
201.40-224.05
184.59-219.75
199.45-215.36
198.50-231.65
162.52-208.35
161.50-161.50
159.25-206.42
199.00-218.49
199.95-222.90
165.90-208.48
181.67-231.95
161.50-208.15
168.96-171.00
212.01-215.85
198.15-218.90
205.00-208.95
197.10-221.50
198.20-213.30
157.67-171.07
163.70-170.54
152.22-164.50
160.95-169.98
160.41-168.30
159.20-180.02
159.62-163.85
151.15-161.50
166.70-187.60
159.35-165.58
167.98-172.07
160.95-182.32
150.33-165.55
151.91-164.90
175.90-179.74
157.55-164.00
148.74-162.18
151.70-161.25
151.45-165.66
181.00-181.08
168.84-188.69
159.79-182.04
186.95-187.88
182.50-188.60
184.20-205.02
168.12-179.69
160.51-191.43
188.70-209.60
168.21-177.80
192.48-195.48
184.28-203.40
160.45-189.69
160.37-185.70
199.23-204.24
165.89-176.22
159.94-179.24
161.28-173.68
161.85-191.47
201.00-205.68
176.64-212.45
213.70-246.17
191.62-220.45
234.55-255.52
216.60-232.10
227.00-244.02
174.12-188.60
168.62-233.80
228.90-256.20
175.95-189.68
230.00-240.98
230.95-240.40
181.37-247.41
192.70-218.16
238.00-249.74
173.99-200.04
167.10-198.75
168.48-184.57
169.03-191.66
229.08/241.00
Kerosene
Diesel No.2
Low Sulfur Diesel
ULSD
188.00-220.40 151.91-156.15 215.50-215.50 179.95-182.50 151.50-191.40 210.50-210.50 187.50-187.50 164.05-170.12
215.00-215.00 209.88-209.88 144.30-151.65 209.39-209.39 153.00-178.25 157.11-157.11 192.00-192.00 160.25-168.65
157.58-159.20
156.75-161.88
157.45-169.90
161.87-166.35
161.32-164.05
162.95-178.51
156.50-159.99
156.00-161.50
156.00-163.70
243.30-243.30 242.70-242.70 240.10-240.10 247.50-247.50 245.00-246.00 245.60-245.60 212.45-212.45 248.85-248.85 207.75-207.75 161.84-167.14
176.25-177.72
158.00-162.86
169.15-180.16
172.56-190.30
183.30-211.28
173.50-176.90
160.46-169.88
200.70-230.05
165.15-175.48
182.50-186.00
176.95-182.90
158.44-168.37
157.75-166.40
181.30-186.00
164.45-172.65
155.98-166.14
160.15-169.59
159.07-170.16
168.83-177.00
161.15-167.15
161.37-162.16
156.45-159.45
157.00-161.00
165.95-172.93
151.40-161.69
161.65-189.85
162.60-165.80
163.70-165.92
160.06-161.40
156.25-161.00
159.00-173.50
158.58-166.35
161.00-170.34
PADD 2
Aberdeen
Cape Girardeau
Chattanooga
Chicago (a)
Cleveland
Columbus
Duluth
Des Moines
Detroit
Fargo
Green Bay
Indianapolis
Kansas City, KS
Knoxville
Milwaukee
Minneapolis/St.Paul
Oklahoma City
Omaha
Sioux Falls
St.Louis
US MARKETSCAN
NOVEMBER 4, 2015
ULSD FOB Chicago Pipe assessment rationale: (PGA page
463) Chicago ULSD was assessed Wednesday based on
market indications. No Platts Market on Close assessment
process activity was observed Wednesday.
The above commentary applies to the following market data code:
AATHA00
ULSD Group 3 Pipeline assessment rationale: (PGA page
463) Group 3’s X-grade ULSD was assessed Wednesday
based on two trades totaling 20,000 barrels flat to the
NYMEX December ULSD futures contract during the Platts
Market on Close assessment process.
The above commentary applies to the following market data code:
AATHB00
ULSD New York Harbor Barge assessment rationale: (PGA
page 477) New York Harbor barge ULSD was assessed
Wednesday based on market indications. No Platts Market
on Close assessment process activity was observed
Wednesday.
The above commentary applies to the following market data code:
AATGX00
USGC Diesel bids/offers/trades: (PGA page 457)
■■TRADES:62 USGC C62, TAG BUYS FROM STUS Dec
$-0.0625 for 25kb; 62 USGC C62, TAG BUYS FROM STUS
Dec $-0.0625 for 25kb; 62 USGC C62, GLT BUYS FROM
STUS Dec $-0.0625 for 25kb; 62 USGC C62, TAG BUYS
FROM VIT Dec $-0.0600 for 25kb; 62 USGC C62, TAG BUYS
FROM NOBLEA Dec $-0.0600 for 25kb; 62 USGC C62, TAG
BUYS FROM STUS Dec $-0.0600 for 25kb; 62 USGC C62,
TAG BUYS FROM ASTR Dec $-0.0600 for 25kb; 62 USGC
C62, TAG BUYS FROM STUS Dec $-0.0600 for 25kb; 62
USGC C62, TAG BUYS FROM HARTREE Dec $-0.0580 for
25kb; 62 USGC C62, TAG BUYS FROM PHCO Dec $-0.0580
for 25kb; 62 USGC C62, TAG BUYS FROM NOBLEA Dec
$-0.0590 for 25kb; 62 USGC C62, TAG BUYS FROM
CCIROLY Dec $-0.0585 for 25kb; 62 USGC C62, PHCO
SELLS TO TAG Dec $-0.0590 for 25kb; 62 USGC C62, STUS
SELLS TO TAG Dec $-0.0590 for 25kb; 62 USGC C62, STUS
SELLS TO TAG Dec $-0.0590 for 25kb; 62 USGC C62, STUS
Copyright © 2015 McGraw Hill Financial
13
US WHOLESALE POSTED PRICES
Unleaded
Midgrade
Premium
Kerosene
Diesel No.2
Low Sulfur Diesel
ULSD
PADD 3
Albuquerque
Amarillo
Baton Rouge
Birmingham
Corpus Christi
Dallas/Ft.Worth (a)
Houston (a)
Little Rock
New Orleans
San Antonio
154.50-161.50
149.90-150.30
147.11-151.90
146.45-160.15
156.22-156.80
149.40-164.15
148.50-156.23
165.01-176.84
147.75-148.77
152.30-157.85
169.50-178.50
170.30-179.90
156.08-170.15
163.45-181.10
169.88-170.30
160.93-179.65
157.48-171.23
179.45-194.84
164.50-176.60
159.19-173.85
186.50-195.50
189.30-204.90
175.91-193.40
195.20-212.12
193.35-194.30
181.99-206.65
175.54-202.73
204.29-231.84
191.50-206.32
187.30-205.10
215.85-215.85 192.05-192.05 163.00-169.00
158.25-159.55
156.80-160.95
157.45-164.65
154.70-159.25
155.10-164.59
152.90-161.60
176.00-191.70
155.67-156.41
157.20-160.80
164.64-175.97
143.35-143.35
140.50-151.80
141.75-146.27
192.80-205.67
178.00-178.00
155.50-165.30 175.50-188.35
152.71-160.00 161.75-174.00
177.00-177.21
172.66-181.12
166.00-166.50
172.50-197.00
202.75-206.61
149.00-164.00
171.00-178.50
177.50-183.36
166.50-172.00
151.37-156.17
159.00-163.88
176.00-196.25
173.50-177.50
168.25-177.25
165.50-176.00
169.50-254.00
161.50-171.50
177.40-177.40
PADD 4
Billings (b)
Casper (b)
Denver
Salt Lake City
161.11-182.45
169.79-183.00
PADD 5
Anacortes
Las Vegas (e)
Los Angeles(e)
Phoenix
Portland,OR
SanFran-EBay (e)
Seattle/Tacoma
Spokane
185.50-191.00
188.50-215.00
221.33-227.75
179.00-185.00
196.00-202.00
199.83-202.50
191.50-196.00
160.28-160.28
199.50-201.00
197.50-237.50
237.75-244.57
194.00-211.25
206.00-220.50
212.50-219.32
201.50-207.90
172.16-172.16
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.endfragment
SUBSCRIBER NOTES (PGA page 1500)
Rolympus US Commodities Group LLC has advised Platts it would
like to participate in the Platts Americas Market on Close
assessment processes for US Gulf Coast physical gasoline, US Gulf
Coast physical middle distillates and US physical natural gas
liquids. Platts has editorially reviewed Rolympus US Commodities
Group LLC and will consider information from Rolympus US
Commodities Group LLC in the Americas assessment processes
subject at all times to adherence to Platts editorial standards.
Platts will publish all relevant information from Rolympus US
Commodities Group LLC accordingly. Platts welcomes all relevant
feedback regarding MOC participation. Platts considers bids, offers
and transactions by all credible and credit-worthy parties in its
assessment processes. For comments and feedback, please
contact Platts editors at [email protected] and
[email protected].
Los Angeles suboctane and premium suboctane gasoline
assessments will reflect 11.5 RVP effective November 1. San
Francisco unleaded and premium unleaded gasoline assessments
will reflect 12.5 RVP effective November 1. San Francisco suboctane
and premium suboctane gasoline assessments will reflect 12.5 RVP
effective November 1. The changes are due to seasonal
adjustments to RVP levels as required by Kinder Morgan’s pipeline
system and the Olympic Pipeline system. For questions or
comments, please contact [email protected].
(continued on page 14)
US MARKETSCAN
NOVEMBER 4, 2015
SUBSCRIBER NOTES (PGA page 1500)
Following a review and formal proposal, Platts will update the
specifications reflected in its benchmark US Gulf Coast 3%S
physical residual fuel oil assessment to reflect RMG 380 3.5%S
quality fuel oil, as per ISO 8217 specifications, with effect from
January 3, 2017. At the same time, Platts will rename the
assessment as “USGC HSFO” and standardize its name across all
publications. The name change will also take effect January 3,
2017. These changes follow a review of the existing specifications
announced May 27, 2015, and a formal proposal announced July 14,
2015. This assessment will continue to be published under the
product code PUAFZ00.
SPECIFICATION UPDATE: Once implemented, the USGC HSFO
assessment will reflect residual fuel oil intended for end-use by the
bunker sector to meet maritime fuel demands. The specifications
include the following parameters: Sulfur max 3.5% Gravity Min 11.2
API Viscosity max 380 CST at 50 C Vanadium max 300 ppm Al+Si
max 80 ppm Flash point min 60 C Pour point max 30 C Water max
0.5% Ash max 0.1%
NAME UPDATE: Platts will rename this assessment “USGC HSFO”
and standardize the name of the assessment across all
publications. This assessment is currently published in the Platts
price database under the data code PUAFZ00, in Platts US
Marketscan as “No. 6 3%” in its “Gulf Coast” table, in Oilgram Price
Report as “Gulf Coast No. 6 3.0%S (Waterborne) Fuel Oil,” in Latin
American Wire as “Fuel Oil 3%S,” and in North American Crude and
Products Scan as “Resid 3%.”
TIMING UPDATE: The January 2017 implementation date is the
result of extensive feedback, and marks a delay of three months
from the original proposal date of October 2016. For questions or
comments, please email [email protected] and
[email protected]. Please provide a clear indication if
comments are not intended for publication by Platts for public
viewing. Platts will consider all comments received and will make
comments not marked as confidential available upon request.
Platts recommends a one-time differential of $1.45/b that may be
used in amending US Gulf Coast 3%S fuel oil derivatives and other
contracts that will settle against Platts’ physical 3%S fuel oil
benchmark assessment from January 2017 onwards. The
recommendation follows a decision announced October 6, 2015, by
Platts to update the specification of its US Gulf Coast 3%S fuel oil
assessment with effect from January 3, 2017. The differential is
based on an extensive analysis of the difference between the
existing US Gulf Coast 3%S fuel oil (PUAFZ00) and FO RMG 380
USGC Waterborne (Platts code PUBDM00) assessments from 2010
to 2015. For questions or comments, please email
[email protected] and [email protected].
Please provide a clear indication if comments are not intended for
Copyright © 2015 McGraw Hill Financial
14
publication by Platts for public viewing. Platts will consider all
comments received and will make comments not marked as
confidential available upon request.
Following industry feedback, Platts will discontinue its
assessments for Atlanta CBOB 87 and Atlanta Premium CBOB 93
with effect from March 31, 2016. The last day for publication of
these assessments will be March 31, 2016. The decision to
discontinue these assessments was taken following the US
Environmental Protection Agency’s approval of Georgia’s plans to
remove the requirement to sell low sulfur, 7.0 RVP gasoline in the
45-county Georgia Fuel Area during the high ozone season with
effect from October 1, 2015. Platts proposed this discontinuation in
a subscriber note published September 18. From October, Atlanta
CBOB (S grade) gasoline is expected to be replaced by A grade
CBOB, which already trades on the US Gulf Coast and is assessed
by Platts under the database code AARQU00. The Atlanta Premium
CBOB (T grade) is expected to be replaced by D grade CBOB, for
which Platts will relaunch an assessment from October 1, 2015. In
addition, from October 1, Platts proposes to amend its
methodology for the Atlanta Premium CBOB (T grade) by assessing
this value at parity to D grade CBOB. Platts also proposes to amend
its methodology for Atlanta CBOB (S grade) by assessing it at parity
to the existing A grade CBOB assessment. For a complete list of all
affected assessments and their database codes, please see the
table below. These assessments are also published on Platts
Global Alert page 330 and in the US Marketscan and Oilgram Price
Report. ASSESSMENT CODE Atlanta prompt pipeline CBOB 87
AAWRV00 Atlanta prompt pipeline CBOB 87 RVP AAWRVRV Atlanta
prompt pipeline CBOB 87 Cycle AAWRVCY Atlanta prompt pipeline
CBOB 93 AAWRW00 Atlanta prompt pipeline CBOB 93 RVP
AAWRWRV Atlanta prompt pipeline CBOB 93 Cycle AAWRWCY
Gasoline CBOB 87 Prompt Pipeline Month Average AAWRV03
Gasoline CBOB 93 Prompt Pipeline Month Average AAWRW03
Please send all further comments or questions to
[email protected] and [email protected]. For
written comments, please provide a clear indication if comments
are not intended for publication by Platts for public viewing. Platts
will consider all comments received and will make comments not
marked as confidential available upon request.
Platts reminds market participants that trades executed through
the Platts Market On Close assessment process may be reviewed
from time to time for performance completion. Platts therefore
may request documentary material to determine performance and
validity. Such material may include details of terminal, vessel and
laycan nominations. MOC trades may be subject to editorial review
to ensure market practices and performance in the transaction
have been followed. Platts’ review may include arrangements to
protect the integrity of its assessment process. Please send all
queries and feedback to [email protected] and
[email protected]. For written comments, please provide a
clear indication if the comments are not intended for publication
by Platts for public viewing. Platts will consider all comments
received and will make comments not marked as confidential
available upon request.
Please note that the Platts assessment for US Gulf Coast Export
ULSD reflects the French Winter specification of EN590 ULSD for
the entire year, with a maximum sulfur content of 10 ppm and SG in
the range 0.82-0.845. The reference density is 0.845 g/l. This
assessment was launched on December 1, 2014. This reflects the
fact that US diesel exports will move to both the Northern and
Southern hemispheres, to both European and Latin American
destinations. Bids, offers and transactions for other 10 ppm grades,
such as UK or German specifications, or summer grades, for USGC
export, will be considered in the assessment process and
normalized to the base assessment. Bids and offers for ULSD that
are not for French Winter specification of EN590 ULSD must be
clearly stated as such at the time of submission to Platts for
publication. This assessment is found on PGA Page 481 and in
Platts US Marketscan under the code AAXRV00 for cents/gal and
AAXRW00 for $/mt. Please email comments and questions to
[email protected] with a cc to
[email protected]. Please provide a clear indication if
comments are not intended for publication by Platts for public
viewing. Platts will consider all comments received and will make
comments not marked as confidential available upon request.
Platts is proposing to publish outright price values for its four US
Gulf Coast and Atlantic Coast straight run fuel oil assessments, with
effect from December 1, 2015. These outright price assessments
would be published in US dollars per barrel, and complement
existing assessments of straight run fuel oil, which are published as
differentials versus front-month cash WTI for low and high sulfur on
the Gulf and Atlantic Coasts. These assessments appear in US
Marketscan and North American Crude and Products Scan. Please
send feedback, questions and comments by November 1 by email to
[email protected] and [email protected]. For
written comments, please provide a clear indication if comments
are not intended for publication by Platts for public viewing. Platts
will consider all comments received and will make comments not
marked as confidential available upon request.
As part of the seasonal RVP shift, Platts will begin US Atlantic
Coast gasoline market supplemental assessments of 15 RVP
(continued on page 15)
US MARKETSCAN
NOVEMBER 4, 2015
SUBSCRIBER NOTES (PGA page 1500)
gasoline on October 26, 2015, while the main assessment will
continue to be 13.5 RVP. On November 2, 2015, the US Atlantic
Coast main gasoline assessment will reflect 15 RVP, while 13.5 RVP
supplemental assessments will be suspended. For questions or
comments, contact [email protected] with a CC to
[email protected].
Platts is reviewing the continued viability of its US Gulf Coast
conventional unleaded 87 gasoline M1 pipeline assessments and
invites feedback from interested parties to the review process. The
goal of the review is to determine whether or not Platts
conventional unleaded 87 USGC pipeline assessments should
continue to reflect 7.8 RVP gasoline, known as M1 on the Colonial
Pipeline, in the summer months. Platts currently assesses the
lowest fungible grade of USGC conventional unleaded, meaning
that it reflects M4 (13.5 RVP) gasoline in the winter, transitioning
through M3 (11.5 RVP) and M2 (9.0 RVP) in the spring and then
assessing M1 (7.8 RVP) through the summer. During the summer
period when the main assessment reflects M1, Platts also publishes
a supplemental assessment for M2. In July, Colonial Pipeline gave
notice that it would no longer ship M1 because of limited demand
from shippers. Although this decision was very swiftly reversed for
2015, at this point it is not clear whether or not M1 will be shipped
on the pipeline in summer 2016. In addition, Platts has noted a
marked decline in liquidity for M1 pipeline barrels through the
Market On Close process in recent years. In summer 2015, pipeline
trades amounting to a total volume of 550,000 barrels were
recorded for M1 during the MOC process, similar to the volume of
575,000 barrels in 2014. These last two summers show how
volumes have fallen from 2.25 million barrels in 2013 and 1.575
million barrels in 2012. As a result, Platts is particularly interested in
feedback on whether the conventional unleaded 87 assessment
should no longer shift to M1 during the summer, but instead remain
SELLS TO TAG Dec $-0.0590 for 25kb; 62 USGC C62, ATMI
SELLS TO TAG Dec $-0.0590 for 25kb
■■POSITIONS: BIDS: 62 USGC C62, TAG bids Dec $-0.0600
for 100kb; 62 USGC C62, TAG bids Dec $-0.0625 for
100kb; 62 USGC C62, ATMI bids Dec $-0.0650 for 25kb;
62 USGC C62, GLT bids Dec $-0.0675 for 25kb; 62 USGC
C62, CGI bids Dec $-0.0675 for 25kb; 62 USGC C62,
CHEV bids Dec $-0.0700 for 25kb; 62 USGC C62,
CCIROLY bids Dec $-0.0700 for 25kb; 62 USGC C62,
PHCO bids Dec $-0.0725 for 25kb; 62 USGC C62,
HARTREE bids Dec $-0.0725 for 25kb; 62 USGC C62,
PETCOM bids Dec $-0.0750 for 25kb; 62 USGC C62,
MUSKET bids Dec $-0.0750 for 25kb; 62 USGC C62,
NOBLEA bids Dec $-0.0750 for 25kb; 62 USGC C62, VIT
bids Dec $-0.0775 for 25kb; 62 USGC C62, BPP bids Dec
$-0.0800 for 25kb; 62 USGC C62, STUS bids Dec
$-0.0800 for 25kb; 62 USGC C62, RELIANCE bids Dec
$-0.0800 for 25kb; 62 USGC C62, KOCH bids Dec
$-0.0800 for 25kb; 62 USGC C62, USO bids Dec
$-0.0825 for 25kb; 62 USGC C62, LUK bids Dec
$-0.0850 for 25kb; 62 USGC C62, ASTR bids Dec
$-0.0860 for 25kb; 62 USGC C62, ASTR no longer bids;
62 USGC C62, NOBLEA no longer bids; 62 USGC C62,
TAG no longer bids
■■POSITIONS: OFFERS: 62 USGC C62, CCIROLY offers Dec
$-0.0585 for 25kb; 62 USGC C62, PHCO offers Dec
$-0.0580 for 25kb; 62 USGC C62, ASTR offers Dec
$-0.058 for 25kb; 62 USGC C62, STUS offers Dec
$-0.0575 for 25kb; 62 USGC C62, KOCH offers Dec
$-0.0575 for 25kb; 62 USGC C62, BPP offers Dec $-0.0575
for 25kb; 62 USGC C62, STUS offers Dec $-0.0575 for
25kb; 62 USGC C62, HARTREE offers Dec $-0.0575 for
25kb; 62 USGC C62, GLT offers Dec $-0.0550 for 25kb; 62
USGC C62, VIT offers Dec $-0.0550 for 25kb; 62 USGC
C62, CCIROLY offers Dec $-0.0525 for 25kb; 62 USGC C62,
VALERO offers Dec $-0.0525 for 25kb; 62 USGC C62, ATMI
offers Dec $-0.0525 for 25kb; 62 USGC C62, BPP offers
Dec $-0.0525 for 25kb; 62 USGC C62, VALERO offers Dec
$-0.0525 for 25kb; 62 USGC C62, TAG offers Dec $-0.0475
for 25kb
■■62 USGC C62, TAG offers Dec $-0.0475 for 25kb; 62 USGC
C62, NOBLEA offers D62 USGC C62, LUK offers Dec
$-0.0350 for 25kb; 62 USGC C62, ASTR no longer offers;
62 USGC C62, ASTR no longer offers; 62 USGC C62, ATMI
Copyright © 2015 McGraw Hill Financial
15
on an M2 (9.0 RVP) basis. This change would not necessarily apply
to the USGC waterborne gasoline assessment for 50,000-barrel
barges, where more liquidity for M1 in the summer has been
evident in 2014 and 2015 than on the pipeline. Platts assesses the
first six forward cycles of conventional unleaded 87, with the
assessments published on Platts Global Alert, in the US Marketscan
and Oilgram Price Report and in the Platts price database under the
data codes AAELC00, AAELD00, AAELE00, AAELF00, AAELG00 and
AAELH00. The prompt cycle is also databased under the price code
PGACT00. Please send any feedback by October 30, 2015, to
[email protected] and [email protected]. For
written comments, please provide a clear indication if comments
are not intended for publication by Platts for public viewing. Platts
will consider all comments received and will make comments not
marked as confidential available upon request.
no longer offers; 62 USGC C62, BPP no longer offers; 62
USGC C62, CHEV no longer offers; 62 USGC C62, NOBLEA
no longer offers; 62 USGC C62, TAG no longer offers
USGC Diesel exclusions: (PGA page 457)
■■No market data was excluded from the November 4
assessment process.
Group 3 Diesel bids/offers/trades: (PGA page 464)
■■TRADES: X Grade GRP 3 STANDARD, MUSKET SELLS TO
FREEPCOM $0.0000 for 10kb; X Grade GRP 3 STANDARD,
MUSKET SELLS TO USO $0.0000 for 10kb
■■POSITIONS: BIDS: X Grade GRP 3 STANDARD, NOBLEA
bids $-0.0050 for 10kb; X Grade GRP 3 STANDARD,
APEXINC bids $-0.0100 for kb; X Grade GRP 3 STANDARD,
TAG bids $-0.0150 for 10kb; X Grade GRP 3 STANDARD,
KOCH bids $-0.0300 for 10kb; X Grade GRP 3 STANDARD,
FREEPCOM no longer bids; X Grade GRP 3 STANDARD,
USO no longer bids
■■POSITIONS: OFFERS: X Grade GRP 3 STANDARD, KOCH
offers $0.0100 for 10kb; X Grade GRP 3 STANDARD,
APEXINC offers $0.0150 for 10kb; X Grade GRP 3
US MARKETSCAN
NOVEMBER 4, 2015
STANDARD, NOBLEA offers $0.0200 for 10kb; X Grade
GRP 3 STANDARD, FREEPCOM no longer offers; X Grade
GRP 3 STANDARD, MUSKET no longer offers
Group 3 Diesel exclusions: (PGA page 464)
■■No market data was excluded from the November 4
assessment process.
FO No6 3.0%S USGC Waterborne assessment rationale:
(PGA page 590) Platts assessed US Gulf Coast 3%S fuel oil
Wednesday based two trades in the Platts Market on Close
assessment process. Glencore sold a barge loading
November 14-16 to ATMI at $34.45/b and Valero sold a
November 17-19 barge, also to ATMI, at $34.40/b. ATMI’s
bids were above the relative notional value derived from the
underlying swaps market.
Chicago Diesel bids/offers/trades: (PGA page 465)
■■There were no bids, offers, or trades today, November 4.
The above commentary applies to the following market data code:
PUAFZ00
Chicago Diesel exclusions: (PGA page 465)
■■No market data was excluded from the November 4
assessment process.
FO No.6 1.0% New York Harbor Delivered Cargo assessment
rationale: (PGA page 593) Platts assessed US Atlantic Coast
1%S fuel oil Wednesday based on movement in the underlying
1%S fuel oil swaps market. There were no trades during the
Platts Market on Close assessment process.
USAC Diesel bids/offers/trades: (PGA page 478)
■■There were no bids, offers, or trades today, November 4.
USAC Diesel exclusions: (PGA page 478)
■■No market data was excluded from the November 4
assessment process.
US Residual Oil
Market analysis: (PGA page 599) US fuel oil stocks climbed to
a five-year high last week, according to data published by
the Energy Information Administration Wednesday.
Inventories stood at 42.5 million barrels October 30, the
highest since 42.6 million barrels was reported in July 2010.
Implied demand for fuel oil, reported by the EIA as product
supplied, averaged 104,000 b/d for the week ended October
30, a tie for the record low first reported by the EIA for the
week ended August 21. Fuel oil imports averaged 129,000
b/d last week, down from 142,000 b/d the previous week.
US Gulf Coast fuel values fell Wednesday, moving lower with
crude and the swaps market, though physical fuel was
stronger relative to the swap. Gulf Coast 3%S fuel oil was
assessed at $34.45/b, putting it at parity to the November
Bal-Month swap, following buying interest from ATMI. In
New York Harbor, 1%S fuel oil was assessed at $1.28/b
lower, in-line with declines in the 1%S swap market.
Copyright © 2015 McGraw Hill Financial
16
The above commentary applies to the following market data code:
PUAAO00
FO No.6 0.3% HP New York Harbor Delivered Cargo
assessment rationale: (PGA page 593) Platts assessed US
Atlantic Coast 0.3%S HP fuel oil Wednesday based on
movements in the underlying US Atlantic Coast 1%S
physical fuel oil market. There were no trades during the
Platts Market on Close assessment process.
The above commentary applies to the following market data code:
PUAAE00
FO No.6 0.7% New York Harbor Delivered Cargo
assessment rationale: (PGA page 593) Platts assessed New
York 0.7%S fuel oil Wednesday based on movements in the
underlying US Atlantic Coast 1%S physical fuel oil market.
There were no trades during the Platts Market on Close
assessment process.
The above commentary applies to the following market data code:
PUAAH00
FO No.6 2.2% New York Harbor Delivered Cargo
assessment rationale: (PGA page 593) Platts assessed New
York 2.2%S fuel oil Wednesday based on movements in the
underlying USAC 1%S and 3%S physical fuel oil markets.
There were no trades during the Platts Market on Close
assessment process.
The above commentary applies to the following market data code:
PUAAU00
FO No.6 3.0% New York Harbor Delivered Cargo
assessment rationale: (PGA page 593) Platts assessed US
Atlantic Coast 3%S fuel oil Wednesday based on
movements in the underlying US Gulf Coast 3%S and
up-down swaps markets. There were no trades during the
Platts Market on Close assessment process.
The above commentary applies to the following market data code:
PUAAX00
USGC Fuel Oil bids/offers/trades: (PGA page 591)
■■Trades: Platts FO 3.0%S: FOB Houston MW GLT sells to
ATMI $34.45/b loading November 14-November 16 for
45 kb; Platts FO 3.0%S: FOB Houston BE VALERO sells
to ATMI $34.40/b loading November 17-November 19 for
45 kb.
■■Bids: Platts FO 3.0%S: FOB Houston FE GLT bids
$34.10/b loading November 11-November 13 for 45kb;
Platts FO 3.0%S: FOB Houston MW GLT bids $34.15/b
loading November 14-November 16 for 45kb; Platts FO
3.0%S: FOB Houston MW TAG bids $34.05/b loading
November 14-November 16 for 45kb; Platts FO Diff Basis
1st Month Avg: FOB Houston MW TAG bids -$0.90/b
loading November 14-November 16 for 45kb; Platts FO
3.0%S: FOB Houston BE GLT bids $34.25/b loading
November 17-November 19 for 45kb; Platts FO 3.0%S:
FOB Houston BE METI bids $34.20/b loading November
17-November 19 for 45kb; Platts FO 3.0%S: FOB Houston
BE TAG bids $34.00/b loading November 17-November
19 for 45kb; Platts FO Diff Basis 1st Month Avg: FOB
Houston BE TAG bids -$0.90/b loading November
17-November 19 for 45kb.
■■Offers: Platts FO 3.0%S: FOB Houston FE GLT offers
$34.55/b loading November 11-November 13 for 45kb;
Platts FO 3.0%S: FOB Houston FE VALERO offers $34.55/b
loading November 11-November 13 for 45kb; Platts FO
3.0%S: FOB Houston FE ATMI offers $35.20/b loading
US MARKETSCAN
NOVEMBER 4, 2015
November 11-November 13 for 45kb; Platts FO 3.0%S: FOB
Houston FE GLT offers $35.30/b loading November
11-November 13 for 45kb; Platts FO 3.0%S: FOB Houston
MW GLT offers $34.60/b loading November 14-November
16 for 45kb; Platts FO 3.0%S: FOB Houston MW GLT offers
$35.30/b loading November 14-November 16 for 45kb;
Platts FO 3.0%S: FOB Houston BE GLT offers $34.75/b
loading November 17-November 19 for 45kb; Platts FO
3.0%S: FOB Houston BE GLT offers $35.35/b loading
November 17-November 19 for 45kb.
USGC Fuel Oil exclusions: (PGA page 591)
■■No market data was excluded from the November 4
assessment process.
USAC Fuel Oil bids/offers/trades: (PGA page 594)
■■There were no bids, offers or trades reported in the
November 4 Market on Close assessment process.
USAC Fuel Oil exclusions: (PGA page 594)
■■No market data was excluded from the November 4
assessment process.
Energy Risk readers rank Platts data #1
See why at: www.platts.com/risk
Copyright © 2015 McGraw Hill Financial
17
US Blendstocks (PGA page 394)
Cash prices for blending components remained unchanged
Wednesday as high prompt cycle gasoline values kept the
spot market at bay. Unleaded 87 gasoline the US Gulf Coast
was assessed at $1.3975/gal, down slightly from Tuesday’s
price of $1.4595/gal, its highest level since September.
Those high gasoline prices, which often act as the basis for
blendstocks values, have pressured trading for
components. Furthermore, strong outright prices for
grades like reformate have largely kept export arbitrages
out of the USGC closed. Platts-specification standard
naphtha was assessed at waterborne gasoline plus 0.75
cent/gal, or $1.3925/gal. Platts-specification straight-run
naphtha was the only differential to change, falling 0.25
cent/gal on a weaker offer to be assessed at C5 plus 4.75
cents/gal, or $1.0813/gal.
Gulf Coast LPG (PGA page 799)
US Gulf Coast propane prices weakened Wednesday on a
drop in the crude and gasoline futures complex and news of
yet another record high US stocks build. Platts assessed
Non-LST propane at 45.25 cents/gal, down 62.5 points.
Conway propane fell 50 points to 42.50 cents/gal. Both had
traded higher before the Energy Information Administration
released its weekly data showing an 848,000-barrel
increase in US propane and propylene stocks to 102.4
million barrels for the week ending October 30. Last week’s
inventory topped the 102.1 million-barrel record set during
the week of October 9. A market source expecting stocks
to remain steady said the build was likely due to weather in
the Gulf Coast. “Ship channel activity was sluggish with the
rain and Hurricane Patricia dregs,” a source said. “And
there’s no heating demand to speak of.” Crop-drying
demand for propane is known to pick up during harvest
season, but warm and dry conditions have allowed many
corn farmers to let the warm weather naturally dry their
crops this year. Normal butane in the Gulf Coast fell 25
points to 65.75 cents/gal Wednesday but strengthened
relative to the December NYMEX WTI futures contract,
which was assessed at $46.54/b, down 1.32 cents. Non-LST
butane strengthened by almost 1.5% to 59.34% of the
NYMEX WTI contract, indicating demand spikes. The last
time butane value was higher was on March 17, when it was
59.58% of the crude futures contract. Gasoline blending
demand for butane tends to increase in the winter as RVP
requirements relax. The market structure for Non-LST
butane also turned backward by 62.5 points, from 12.5
points backward on Tuesday. The structure had been flat or
contango, barring three days in October, since April. In fact,
the market had not been as backward since February 9,
when March barrels were valued 75 points less than
February. A market source said the normal butane
November/December roll is rarely backward, suggesting
that someone was short barrels. Platts assessed Non-Targa
natural gasoline at 103.375 cents/gal based on Vitol’s
standing offer at 103.50 cents/gal following three trades at
that level during the Market on Close process. Despite the
2.375-cent price drop, natural gasoline continued to
strengthen relative to crude futures. It was assessed
Wednesday at 93.3% of the NYMEX WTI contract, up from
92.8% the day before.
GULF COAST LPG Deals
■■DEALS: Non-Targa Nov15, ATMI SELLS TO GLT-HACIENDA
$1.0350 for 25kb; Non-Targa Nov15, VIT SELLS TO GLTHACIENDA $1.0350 for 25kb; Non-Targa Nov15, TAGHACIENDA BUYS FROM VIT $1.0350 for 25kb.
■■POSITIONS: BIDS: Non-Targa Nov15, PHCO bids $1.0255
for 25kb; Non-Targa Nov15, VIT bids $1.0250 for 25kb;
Non-Targa Nov15, KOCH bids $1.0230 for 25kb; Non-Targa
Nov15, MUSKET bids $1.0225 for 25kb; Non-Targa Nov15,
TOC bids $1.0175 for 25kb; Non-Targa Nov15, TAG bids
$1.0175 for 25kb; Non-Targa Nov15, GLT-HACIENDA no
longer bids.
■■POSITIONS: OFFERS: Non-Targa Nov15, VIT offers $1.0350
for 25kb; Non-Targa Nov15, PHCO offers $1.0400 for
25kb; Non-Targa Nov15, KOCH offers $1.0425 for 25kb;
US MARKETSCAN
NOVEMBER 4, 2015
Non-Targa Nov15, TAG offers $1.0450 for 25kb; Non-Targa
Nov15, TOC offers $1.0475 for 25kb; Non-Targa Nov15,
MUSKET offers $1.0475 for 25kb; Non-Targa Nov15, GLTHACIENDA offers $1.0500 for 25kb.
NEWS (PGA page 100)
Latin American, Caribbean airlines in Sep
carry 2.3% more passengers on yea
Latin American and Caribbean airlines carried 2.3% more
passengers in September compared with the same month
in 2014, data from the Latin American & Caribbean Air
Transportation Association showed Wednesday. The
airlines carried 14.8 million passengers in September, for a
total of 22.58 billion revenue passenger kilometers, defined
as the number of passengers carried multiplied by distance
traveled. The RPK rose 5.9%, at parity with capacity growth,
which also added 5.9% year on year to reach 28.52 billion
available seat kilometers, according to the industry group,
known as ALTA. The load factor — the percentage of
available seat kilometers filled with passengers — was
largely steady, increasing 0.1 percentage point to 79.2%.
The number of passengers traveling within Latin American
grew 1.2% in September to 13.30 million, which was below
the percentage growth of passengers traveling to and
from Latin America. September passenger rates on flights
leaving or entering Latin America were up 13.4% from
September 2014 at 1.50 million passengers, but the rise had
a smaller impact on the overall statistic because it makes
up a relatively small portion of total commercial air travel in
the region.
Tesoro restarts sales of gasoline,ULSD at
Wilmington, California, rack: trade
Tesoro is back to supplying customers at its Wilmington,
California, rack, multiple trade sources said late Wednesday.
Platts earlier reported that Tesoro, the operator of the
363,000 b/d Los Angeles-area refinery complex, had
Copyright © 2015 McGraw Hill Financial
18
informed customers late Tuesday that refined products
were unavailable at its Wilmington (See story, 1724 GMT).
“They came back up, but they are pricing so high and out
of the market ... and it’s allocated,” one West Coast trader
said. “And that’s just telling me that they’re tight.” Traders
explained that Tesoro’s off-market offers for gasoline and
diesel would deter any potential customer from coming to
their rack, and that they were expecting that Tesoro would
continue allocating oil products. “The Los Angeles gasoline
basis [cash differential] fell today, so I’m not as bullish on
LA [gasoline],” a second West Coast source said. The Los
Angeles CARBOB cash differential dropped 4.25 cents on
Wednesday, to be assessed at the NYMEX RBOB futures
contract plus 32.5 cents/gal. However, ULSD saw some
gains, as the LA CARB diesel cash differential strengthened
3.5 cents to be assessed at a 2.5-cent premium to the
NYMEX ULSD futures contract. The second source added he
was “puzzled” by Tesoro’s decision to shut off it Wilmington
racks. “Tesoro’s just puttering along,” he added. A Tesoro
spokesman did not return repeated requests for comment.
EIA sees under-investment in conventional
oil projects
The world risks under-investing in conventional oil and gas
projects in response to low prices and the perceived impact
of shale, the US Energy Information Administration’s deputy
administrator, Howard Gruenspecht, said Wednesday.
Speaking in London, Gruenspecht noted US shale oil
production amounted to roughly 4 million b/d, a level that
has been in decline recently, compared with a far greater
global crude requirement of 80 million b/d, discounting
natural gas and other liquids. “The current change in
investment is not affecting production in conventionals
right now, but it will affect production in conventionals and
at the same time you have global demand that’s growing
1.3 million-1.4 million b/d,” he told the Economist’s Energy
Summit. While the US has a significant conveyer belt of
conventional projects in the Gulf of Mexico that will bolster
production, the upward trend is unlikely to last on the basis
of current investment, he said. “It’s a mistake to think
that everything hinges on shale,” Gruenspecht said. “At
some point, this downturn in investment in the industry,
in a world where you have a depleting resource — the
conventional resources typically don’t deplete anywhere
near as fast as shale resources, but they do deplete — if
you find your depletion under 76 million b/d of non-shale
production, I don’t know if it’s 2017, 2018, or 2019, but
what’s happening with investment today is going to have
an impact on this decrease of supply,” he said. “Many of
the big conventional oil developments are five or seven
years in the making, so when investment gets pulled out of
those projects, you don’t see an impact immediately — in
the US Gulf of Mexico production [for example], we have
big projects coming on all the way through next year that
are completely committed; investments were made in
2012-13.” Asked about the current downturn in US shale oil
production, Gruenspecht said costs in the industry were
by and large following prices downwards, but the opposite
appeared to be true in regards to access to credit for shale
drillers. “Finance is the area where we’re not seeing cost
reduction. Banks are driving harder deals and maybe will
not extend the same amount of credit,” he said. “If you look
at energy bonds versus other risky bond indices, energy
has broken away from some of the other industries, which
is a more concrete indication of the perceived higher risk
of energy.”
Citgo says Lemont unit shut, flared
Citgo said a flare gas recovery compressor at its 138,000
b/d Lemont, Illinois, refinery shut Wednesday, leading to
emissions releases, before restarting operations over
four hours later. In an email, spokesman Fernando Garay
said there were no process upsets or safety issues. “With
this morning’s heavy fog and weather conditions, odors
normally dispersed at high levels into the atmosphere
remained at lower levels — the compressor returned to
service at approximately 5:20 am” CST (1120 GMT), Garay
said. “CITGO is conducting an investigation to determine
the cause of the compressor shut-down.” Garay said the
shutdown and flaring took place at about 12:40 am CST.
US MARKETSCAN
NOVEMBER 4, 2015
IATA panelists on jet fuel trade flow: ‘All roads
lead to Europe’
Global jet fuel trade flows will grow even more complex
over time, but the main cargo destination is unlikely to
change as Europe remains the market’s largest draw.
“Half of world’s oil demand is met through imports and
exports, the other half through local production,” Nancy
Carlson, vice president of ExxonMobil’s aviation and marine
unit, said Wednesday at a jet fuel forum panel in Cancun,
Mexico. “That percentage is expected to remain roughly
the same [through] 2040.” She added that for jet fuel
specifically, “everybody is chasing the Europe short.” Skip
York, president of integrated energy at analyst group Wood
Mackenzie, also spoke before hundreds of airline, supply
and other members of the International Air Transport
Association. He said Europe’s jet deficit only gets worse if
Copyright © 2015 McGraw Hill Financial
19
gasoline demand doesn’t strengthen. European refineries
can run profitably if margins on gasoline — which Europe
exports — run high, as they have been in 2015. “If not,
either European refinery runs come down or European
refineries close,” he told the panel. He added later that he
expected 1.5 million b/d of refinery output would eventually
leave the system, giving even more reason to import
from around the world. “What 2015 has done is push that
pressure away for a time,” he said. “All jet fuel trade roads
lead to Europe.” But York said other trade flows will become
more complex. “The US Gulf Coast is becoming a bigger
portion of that push out, especially to Latin America,” he
said. “You wonder when they saturate the Latin American
markets and where it goes next.” US crude and global
product prices, however, may be indicating that refinery
margins in the US are falling while European refinery
markets remain quite strong, according to Chris Midgley,
chief economist at Shell, in a presentation later Wednesday.
This could disrupt conventional flows, he said, since many
in the industry typically expect European refineries to be
the first to struggle. For US jet fuel movements, Midgley
noted that there is not quite as much length in the US Gulf
Coast as typically discussed. Jet fuel exports in the Gulf
Coast have not been rising like diesel exports. He agreed,
however, that most of the jet moved to Latin America. At
the same time, the typical short in Latin America, which
makes up 5% of global aviation jet fuel demand, has also
been changing with more competition from non-US origin
barrels, according to Midgley. On the demand side, IATA
chief economist Brian Pearce noted global air traffic growth
is in its seventh year of expansion and should end 7%
higher in 2015, with Mideast demand the highest. Cargo
flight demand, however, is much weaker, reflecting trends
in international trade in general.