ARGUS EUROPEAN PRODUCTS

Contents:
Methodology overview 2
Naphtha and gasoline 6
Northwest Europe 6
Cargoes6
Barges6
West Mediterranean 10
Ukraine10
Middle distillates 11
Northwest Europe 11
Cargoes11
Barges13
West Mediterranean 14
Ukraine16
Fuel oil and VGO 16
Northwest Europe 16
Cargoes16
Barges18
Monthly averages 20
Russian refined products 20
fob Baltic  20
fob Black Sea  20
Barge freight 20
IMO 2020-compliant fuels 21
Northwest Europe 21
Barges21
Forward prices  21
Crack spreads 21

LAST UPDATED: JUNE 2025

The most up-to-date Argus European Products methodology is available on www.argusmedia.com

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METHODOLOGY AND SPECIFICATIONS GUIDE June 2025

Methodology overview Market data usage

In each market, Argus uses the methodological approach deemed
Methodology rationale to be the most reliable and representative for that market. Argus will
Argus strives to construct methodologies that reflect the way the utilise various types of market data in its methodologies, to include:
market trades. Argus aims to produce price assessments which are
reliable indicators of commodity market values, free from distortion • Transactions
and representative of spot market values. As a result, the specific • Bids and offers
currencies, volume units, locations and other particulars of an as- • Other market information, to include spread values between
sessment are determined by industry conventions. grades, locations, timings, and many other data.

In the European products markets, Argus publishes physical market In many markets, the relevant methodology will assign a relatively
prices in the open spot market as laid out in the specifications higher importance to transactions over bids and offers, and a
and methodology guide. Argus uses the trading period deemed relatively higher importance to bids and offers over other market
by Argus to be most appropriate, in consultation with industry, to information. Certain markets however will exist for which such a
capture spot liquidity. Argus assesses some clean product markets hierarchy would produce unreliable and non-representative price as-
as a basis differential to the Ice gasoil and Brent settlement prices sessments, and so the methodology must assign a different relative
to arrive at fixed prices because the futures settlement price is a importance in order to ensure the quality and integrity of the price
representative futures price reference. assessment. And even in markets for which the hierarchy normally
applies, certain market situations will at times emerge for which the
In order to be included in the assessment process, deals must meet strict hierarchy would produce non-representative prices, requiring
the minimum volume, delivery, timing and specification require- Argus to adapt in order to publish representative prices.
ments in our methodology. In illiquid markets, Argus assesses the
range within which product could have traded by applying a strict Verification of transaction data
process outlined later in this methodology. Reporters carefully analyse all data submitted to the price as-
sessment process. This data include transactions, bids, offers,
Survey process volumes, counterparties, specifications and any other information
Argus price assessments are informed by information received that contributes materially to the determination of price. This high
from a wide cross section of market participants, including produc- level of care described applies regardless of the methodology
ers, consumers and intermediaries. Argus reporters engage with employed. Specific to transactions, bids, and offers, reporters
the industry by proactively polling participants for market data. seek to verify the price, the volume, the specifications, location
Argus will contact and accept market data from all credible market basis, and counterparty. In some transactional average method-
sources including front and back office of market participants and ologies, reporters also examine the full array of transactions to
brokers. Argus will also receive market data from electronic trading match counterparties and arrive at a list of unique transactions. In
platforms, Argus Open Markets® (AOM®) and directly from the back transactional average methodologies, full details of the transac-
offices of market participants. Argus will accept market data by tions verified are published on electronic bulletin boards that are
telephone, instant messenger, email, AOM or other means. accessible by subscribers. The deals are also published in the
daily report.
Argus encourages all sources of market data to submit all market
data to which they are a party that falls within the Argus stated Several tests are applied by reporters in all markets to transactional
methodological criteria for the relevant assessment. Argus encour- data to determine if it should be subjected to further scrutiny. If a
ages all sources of market data to submit transaction data from transaction has been identified as failing such a test, it will receive
back office functions. further scrutiny. For assessments used to settle derivatives and for
many other assessments, Argus has established internal proce-
Throughout all markets, Argus is constantly seeking to increase dures that involve escalation of inquiry within the source’s company
the number of companies willing to provide market data. Report- and escalating review within Argus management. Should this pro-
ers are mentored and held accountable for expanding their pool cess determine that a transaction should be excluded from the price
of contacts. The number of entities providing market data can vary assessment process, the supervising editor will initiate approval
significantly from day to day based on market conditions. and, if necessary, documentation procedures.

For certain price assessments identified by local management, if more Primary tests applied by reporters
than 50pc of the market data involved in arriving at a price assessment • Transactions not transacted at arm’s length, including deals
is sourced from a single party the supervising editor will engage in an between related parties or affiliates.
analysis of the market data with the primary reporter to ensure that the • Transaction prices that deviate significantly from the mean of
quality and integrity of the assessment has not been affected. all transactions submitted for that day.
• Transaction prices that fall outside of the generally observed
lows and highs that operated throughout the trading day.

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METHODOLOGY AND SPECIFICATIONS GUIDE June 2025

•T  ransactions that are suspected to be a leg of another trans- used to form an assessment could include deals done, bids, offers,
action or in some way contingent on an unknown transaction. tenders, spread trades, exchange trades, fundamental supply and
• Single deal volumes that significantly exceed the typical trans- demand information and other inputs.
action volume for that market.
• Transaction details that are identified by other market par- The assessment process employing judgment is rigorous, replica-
ticipants as being for any reason potentially anomalous and ble, and uses widely accepted valuation metrics. These valuation
perceived by Argus to be as such. metrics mirror the process used by physical commodity traders
• Transaction details that are reported by one counterparty dif- to internally assess value prior to entering the market with a bid or
ferently than the other counterparty. offer. Applying these valuation metrics along with sound judgment
• Any transaction details that appear to the reporter to be illogi- significantly narrows the band within which a commodity can be as-
cal or to stray from the norms of trading behaviour. This could sessed, and greatly increases the accuracy and consistency of the
include but is not limited to divergent specifications, unusual price series. The application of judgment is conducted jointly with
delivery location and counterparties not typically seen. the supervising editor, in order to be sure that guidelines below are
• Transactions that involve the same counterparties, the same being followed. Valuation metrics include the following:
price and delivery dates are checked to see that they are
separate deals and not one deal duplicated in Argus records. Relative value transactions
Frequently transactions occur which instead of being an outright
Secondary tests applied by editors for transactions purchase or sale of a single commodity, are instead exchanges of
identified for further scrutiny commodities. Such transactions allow reporters to value less liquid
markets against more liquid ones and establish a strong basis for
Transaction tests the exercise of judgment.
• The impact of linkage of the deal to possible other transac-
tions such as contingent legs, exchanges, options, swaps, •E  xchange one commodity for a different commodity in the
or other derivative instruments. This will include a review of same market at a negotiated value.
transactions in markets that the reporter may not be covering. • Exchange delivery dates for the same commodity at a negoti-
• The nature of disagreement between counterparties on trans- ated value.
actional details. • Exchange a commodity in one location for the same com-
• The possibility that a deal is directly linked to an offsetting modity at another location at a negotiated value.
transaction that is not publicly known, for example a “wash
trade” which has the purpose of influencing the published Bids and offers
price. If a sufficient number of bids and offers populate the market, then
• The impact of non-market factors on price or volume, includ- the highest bid and the lowest offer can be assumed to define the
ing distressed delivery, credit issues, scheduling issues, boundaries between which a deal could be transacted.
demurrage, or containment.
Comparative metrics
Source tests The relative values between compared commodities are readily
• The credibility of the explanation provided for the outlying discussed in the market and can be discovered through dialogue
nature of the transaction. with market participants. These discussions are the precursor to
• The track record of the source. Sources will be deemed more negotiation and conclusion of transactions.
credible if they
• Regularly provide transaction data with few errors. •C  omparison to the same commodity in another market centre.
• Provide data by Argus’ established deadline. • Comparison to a more actively traded but slightly different
• Quickly respond to queries from Argus reporters. specification commodity in the same market centre.
• Have staff designated to respond to such queries. • Analysis of prices in forward markets for physically deliverable
• How close the information receipt is to the deadline for commodity that allow extrapolation of value into the prompt
information, and the impact of that proximity on the validation timing for the commodity assessed.
process. • Comparison to the commodity’s primary feedstock or primary
derived product(s).
Assessment guidelines • Comparison to trade in the same commodity but in a different
When insufficient, inadequate, or no transaction information exists, modality (as in barge versus oceangoing vessel) or in a dif-
or when Argus concludes that a transaction based methodology will ferent total volume (as in full cargo load versus partial cargo
not produce representative prices, Argus reporters will make an as- load).
sessment of market value by applying intelligent judgment based on
a broad array of factual market information. Reporters must use a Volume minimums and transaction data thresholds
high degree of care in gathering and validating all market data used Because of the varying transportation infrastructure found in all
in determining price assessments, a degree of care equal to that commodity markets, Argus typically does not establish thresholds
applying to gathering and validating transactions. The information strictly on the basis of a count of transactions, as this could lead to

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METHODOLOGY AND SPECIFICATIONS GUIDE June 2025

unreliable and non-representative assessments. Instead, mini- Argus market reports and newsletters in various forms, such as Ar-
mum volumes are typically established which may apply to each gus Jet Fuel and Argus Global Markets. The price data are available
transaction accepted, to the aggregate of transactions, to transac- independent of the text-based report in electronic files that can feed
tions which set a low or high assessment or to other volumetrically into various databases. These price data are also supplied through
relevant parameters. various third-party data integrators. The Argus website also provides
access to prices, reports and news with various web-based tools.
For price assessments used to settle derivatives, Argus will seek to All Argus prices are kept in a historical database and available for
establish minimum transaction data thresholds and when no such purchase. Contact your local Argus office for information.
threshold can be established Argus will explain the reasons. These
thresholds will often reflect the minimum volumes necessary to Corrections to assessments
produce a transaction-based methodology, but may also establish Argus will on occasion publish corrections to price assessments
minimum deal parameters for use by a methodology that is based after the publication date. We will correct errors that arise from cleri-
primarily on judgment. cal mistakes, calculation errors, or a misapplication of our stated
methodology. Argus will not retroactively assess markets based on
Should no transaction threshold exist, or should submitted data fall new information learned after the assessments are published. We
below this methodology’s stated transaction data threshold for any make our best effort to assess markets based on the information we
reason, Argus will follow the procedures outlined elsewhere in this gather during the trading day assessed.
document regarding the exercise of judgment in the price assess-
ment process. Ethics and compliance
Argus operates according to the best practices in the publishing
Minimum transaction thresholds field, and maintains thorough compliance procedures throughout
Minimum Transaction the firm. We want to be seen as a preferred provider by our sub-
Thresholds scribers, who are held to equally high standards, while at the same
VWA time maintaining our editorial integrity and independence. Argus
Low/high
aggregate has a strict ethics policy that applies to all staff. The policy can be
Commodity Modality Location minimum
minimum
volume found on our website at www.argusmedia.com. Included in this
volume
Eurobob oxy policy are restrictions against staff trading in any energy commod-
Barge ARA na 3,000t
gasoline ity or energy related stocks, and guidelines for accepting gifts.
Eurobob non- Argus also has strict policies regarding central archiving of email
Barge ARA na 3,000t
oxy gasoline and instant messenger communication, maintenance and archiv-
ing of notes, and archiving of spreadsheets and deal lists used in
Transparency the price assessment process. Argus publishes prices that report
Argus values transparency in energy markets. As a result, we and reflect prevailing levels for open-market arms length transac-
publish lists of deals in our reports that include price, basis, coun- tions (please see the Argus Global Compliance Policy for a detailed
terparty and volume information. The deal tables allow subscribers definition of arms length).
to cross check and verify the deals against the prices. Argus feels
transparency and openness is vital to developing confidence in the Consistency in the assessment process
price assessment process. Argus recognises the need to have judgment consistently applied
by reporters covering separate markets, and by reporters replacing
Basis differentials and absolute prices existing reporters in the assessment process. In order to ensure
In heating oil, jet fuel and diesel markets, differentials to futures this consistency, Argus has developed a programme of training and
are the negotiated bids, offers, and transaction values. Argus oversight of reporters. This programme includes:
fixed prices are derived by adding the differentials to the Ice gasoil
futures settlement prices in these cases. On vacuum gasoil and •A  global price reporting manual describing among other
straight-run fuel oil assessments, the differentials are linked to the things the guidelines for the exercise of judgment.
Ice Brent futures contract. • Cross-training of staff between markets to ensure proper holi-
day and sick leave backup. Editors that float between markets
Swaps and forwards markets to monitor staff application of best practices.
Argus publishes forward assessments for numerous markets. These • Experienced editors overseeing reporting teams are involved
include forward market contracts that can allow physical delivery and in daily mentoring and assisting in the application of judgment
swaps contracts that swap a fixed price for the average of a floating for illiquid markets.
published price. Argus looks at forward swaps to inform physical as- • Editors are required to sign-off on all price assessments each
sessments but places primary emphasis on the physical markets. day, thus ensuring the consistent application of judgment.

Publications and price data Review of methodology

Argus products prices for Europe are published in the Argus The overriding objective of any methodology is to produce price
European Products report. Subsets of these prices appear in other assessments which are reliable indicators of commodity market val-

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METHODOLOGY AND SPECIFICATIONS GUIDE June 2025

ues, free from distortion and representative of spot market values. Changes to methodology
As a result, Argus editors and reporters are regularly examining our Formal proposals to change methodologies typically emerge out of
methodologies and are in regular dialogue with the industry in order the ongoing process of internal and external review of the meth-
to ensure that the methodologies are representative of the physical odologies. Formal procedures for external consultation regarding
market being assessed. This process is integral with reporting on material changes to existing methodologies will be initiated with an
a given market. In addition to this ongoing review of methodology, announcement of the proposed change published in the relevant
Argus conducts reviews of all of its methodologies and methodol- Argus report. This announcement will include:
ogy documents on at least an annual basis.
• Details on the proposed change and the rationale
Argus market report editors and management will periodically and • Method for submitting comments with a deadline for submis-
as merited initiate reviews of market coverage based on a qualita- sions
tive analysis that includes measurements of liquidity, visibility of • For prices used in derivatives, notice that all formal comments
market data, consistency of market data, quality of market data and will be published after the given consultation period unless
industry usage of the assessments. Report editors will review: submitter requests confidentiality

• Appropriateness of the methodology of existing assessments Argus will provide sufficient opportunity for stakeholders to analyse
• Termination of existing assessments and comment on changes, but will not allow the time needed to
• Initiation of new assessments follow these procedures to create a situation wherein unrepresenta-
tive or false prices are published, markets are disrupted, or market
The report editor will initiate an informal process to examine viability. participants are put at unnecessary risk. Argus will engage with
This process includes: industry throughout this process in order to gain acceptance of pro-
posed changes to methodology. Argus cannot however guarantee
• Informal discussions with market participants universal acceptance and will act for the good order of the market
• Informal discussions with other stakeholders and ensure the continued integrity of its price assessments as an
• Internal review of market data overriding objective.

Should changes, terminations, or initiations be merited, the report Following the consultation period, Argus management will com-
editor will submit an internal proposal to management for review mence an internal review and decide on the methodology change.
and approval. Should changes or terminations of existing assess- This will be followed by an announcement of the decision, which
ments be approved, then formal procedures for external consulta- will be published in the relevant Argus report and include a date for
tion are begun. implementation. For prices used in derivatives, publication of stake-
holders’ formal comments that are not subject to confidentiality and
Argus’ response to those comments will also take place.

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METHODOLOGY AND SPECIFICATIONS GUIDE June 2025

Naphtha and gasoline from the day of assessment using other spot trade and forward
markets to determine market structure. Sellers should guarantee a
Northwest Europe five-day delivery range, which must then be narrowed to a three-day
range at least five days before the delivery period.
Cargoes
Assessment timing
Non-oxy gasoline 10ppm cif northwest Europe cargo Argus will consider for inclusion in the assessment all relevant mar-
Unit: US dollars/tonne ket activity between 4.00pm-4.30pm London time.
Period: delivery 10-25 days forward
Size: 10,000t Volumes
Basis: cif Thames Trade sizes of 12,500-32,000t will be considered for inclusion in the
Origin: not produced in the Russian Federation, not blended with cif northwest Europe cargo assessment.
any product that was produced in the Russian Federation, not ex-
ported from the Russian Federation, and which can be reasonably Unit
documented as such. All prices are in $/tonne
Specifications: minimum 95 Ron, maximum 35pc aromatics,
summer grade maximum evaporation (E70) of 33% and RVP limit Location
60kpa, winter grade maximum evaporation (E70) of 35% and RVP Prices are assessed basis delivery Amsterdam, Rotterdam or Ant-
limit 90kpa werp (ARA).
Assessment time: 4:00-4.30pm London time
Bids, offers and trades falling outside the listed specification, size or Origin: not produced in the Russian Federation, not blended with
timing may be considered for inclusion in the assessment. any product that was produced in the Russian Federation, not ex-
In the absence of spot market liquidity, Argus may consider a dif- ported from the Russian Federation, and which can be reasonably
ferential to non-oxy barges at 4:30pm London time. documented as such.

Naphtha 65 para cif northwest Europe cargo Ice Brent differentials

Confirmed trade conducted via the AOM platform is converted to a
Quality differential to front-month Ice Brent futures prices using the prevail-
Argus assesses material meeting the following specifications. ing futures market price at the time of trade. Those differentials
Pipeline specification or grades with a paraffinic content of more are converted back to fixed-price Naphtha trades for assessment
than 70 paraffins may command a premium or discount to typical purposes using the front-month Ice Brent futures price at 4.30pm
open spec grades and this differential, determined by Argus, may London time.
be factored into price assessments when they trade
. Barges
Specifications
Specific gravity At 15°C Max 0.735 Eurobob non-oxy
Vapour pressure PSI Max 12.5 Prices are typically a volume-weighted average of deals done within
Colour Saybolt Min plus 20 Argus criteria and published on the Argus Gasoline Bulletin board
Lead PPB Max 50 and the AOM platform.
Sulphur ppm Max 500 Unit: US dollars/tonne
IBP °C Min 30 Period: loading 2-8 days forward
FBP °C Max 180 Size: standardised to 1,000-2,000t
Paraffins % vol Min 65 Basis: fob Amsterdam/Rotterdam (AR). Trades done for loading at
Olefins % vol Max 1 Antwerp will be considered for inclusion in the assessment if priced
Naphthenes % vol To be reported on a fob AR basis with the incremental costs incurred by the buyer
Aromatics % vol To be reported of an Antwerp load being paid by the seller. Trades done for loading
Total chlorines ppm Max 10 at Terneuzen may be considered for inclusion in the assessment if
MTBE ppm Max 50 considered relevant to the price on a fob AR basis.
Hydrogen sulphide ppm Max 10 Origin: not produced in the Russian Federation, not blended with
Mercaptans ppm To be reported any product that was produced in the Russian Federation, not ex-
Mercury ppb Max 5 ported from the Russian Federation, and which can be reasonably
Total oxygenate content ppm Max 100 documented as such.
Specifications: grades of gasoline that meet EN228 specifications
Period with a maximum of 10ppm sulphur and maximum vapour pressure
To be considered for inclusion in the assessment, market informa- of 90kPa in the winter and 60kPa in the summer after they have
tion must be for a 10-30 day delivery period from the day of assess- been blended with 9.7% ethanol of 98.7% purity.
ment. Assessments will be normalised to reflect delivery 15 days Assessment time: 9.00am to 5.30pm London time.

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METHODOLOGY AND SPECIFICATIONS GUIDE June 2025

Load ports Quality clarification

To be considered for inclusion in the assessment, a minimum of two Only bids and offers that meet the Argus Eurobob non-oxy speci-
load ports must be specified at the time of trade. fications will be considered for inclusion in the Argus Eurobob
non-oxy assessment. Offers stipulating superior qualities will not be
Nomination procedures considered and all deals must be concluded on a non-oxy basis to
Standard nomination procedures must be followed. The buyer be included in the Argus Eurobob non-oxy assessment.
should give two working days’ notice of the barge ETA. Nominations
received after 2pm London time or on Fridays after 1pm London For a trade to be considered for inclusion in the assessment, the
time will be deemed to be received on the following working day. seller must commit at the time of trade to provide the buyer with
Otherwise, the original day of nomination will count as day one of a full quality certificate at the start of barge loading, at the start of
the two days’ notice. Barges can arrive to be loaded at any time loading ex-refinery or at the start of pump-over into the buyer’s
from midnight after the two-day notice period. For instance, for a tank. The certificate must be for volumes loaded directly ex-refinery
barge deal done on Monday morning, the barge can arrive to be or from a single certified shore tank. For the avoidance of doubt,
loaded at any time on Wednesday after Tuesday midnight. trades involving a “proportional composite” analysis of streams
from multiple tanks or a “hand blend” test may not be considered
Barges nominated on Thursday before 2pm London time can for inclusion in the assessment.
arrive to be loaded at any time on Saturday after midnight Friday.
Barges nominated after 2pm London time on Thursday and before Eurobob non-oxy differential to swaps
1pm London time on Friday can arrive to be loaded at any time on A volume-weighted average of the differential to month-ahead Eu-
Tuesday after midnight Monday. The same logic also applies to the robob oxy swaps of trades included in the Argus Eurobob non-oxy
penultimate working day before a UK public holiday on which Argus price assessment.
European Products is not published. Unit: US dollars/tonne, rounded to the nearest 25¢/t

Volume-weighted average calculation Note, as described above, if the specified minimum traded volume
If less than 3,000t of trade within Argus’ criteria is reported, Argus threshold is not met, the Eurobob non-oxy price includes an assess-
will include in the volume-weighted average an assessment of the ment of the prevailing market price at 4.30pm London time based
prevailing market price at 4:30pm London time based on bids, on bids, offers and other market information. In such cases, that
offers and other market data. That assessment will be assigned assessment, expressed as a differential to the contemporaneous
whatever volume is required such that the total volume of reported swaps price, is included in the calculation of the Eurobob non-oxy
trades and the assessment equals 3,000t. If some volume of index- differential to swaps in the same manner.
relevant trade less than 3,000t is reported, the assessment will be
assigned a volume of 3,000t less the total volume of index-relevant Eurobob oxy
trade and a volume-weighted average will be calculated. If no trade Prices are assessed as a differential to the Argus Eurobob non-oxy
is reported, the published price will be the assessment. barge price. Volume-weighted averages of differentials at which
Eurobob oxy and Eurobob non-oxy barges have traded against a
Seasonal transition common floating Eurobob derivative price are calculated and the
During the seasonal transition, at least 3,000t of summer-specifi- difference between those volume-weighted averages is subtracted
cation trade and 3,000t of winter-specification trade are required to from the final Eurobob non-oxy price assessment to produce the
calculate the volume-weighted average. If less than 3,000t of trade final Eurobob oxy price assessment.
of either grade within Argus’ criteria is reported, Argus will include in Unit: US dollars/tonne
the volume-weighted average an assessment of the prevailing mar- Period: loading 2-8 days forward
ket price for the relevant grade at 4:30pm London time based on Size: standardised to 1,000-2,000t
bids, offers and other market information, including but not limited Basis: fob Amsterdam/Rotterdam (AR). Trades done for loading at
to the spread between winter and summer grades in the Eurobob Antwerp will be considered for inclusion in the assessment if priced
paper market. That assessment will be assigned whatever volume on a fob AR basis with the incremental costs incurred by the buyer
is required such that the total volume of reported trades and the as- of an Antwerp load being paid by the seller. Trades done for loading
sessment for that grade equals 3,000t. at Terneuzen may be considered for inclusion in the assessment if
considered relevant to the price on a fob AR basis.
Argus will publish a subscriber note in the Argus European Products re- Origin: not produced in the Russian Federation, not blended with
port at least one month ahead of any seasonal changes in winter/sum- any product that was produced in the Russian Federation, not ex-
mer specifications, detailing the loading dates for deals it will consider ported from the Russian Federation, and which can be reasonably
in its assessments during the transition from one grade to another. documented as such
Specifications: reflect grades of gasoline that meet EN228 speci-
Rounding fications with a maximum of 10ppm sulphur and maximum vapour
The Eurobob non-oxy price assessment is published as a low-high pressure of 90kPa in the winter and 60kPa in the summer after they
range, 25¢/t on either side of the volume-weighted average and have been blended with 4.8% ethanol of minimum 98.7% purity.
rounded to the nearest 25¢/t. Oxygen content is limited to 0.9%

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METHODOLOGY AND SPECIFICATIONS GUIDE June 2025

No more than trace alcohol content Quality clarification

Specific gravity is 0.755 g/ml Only bids and offers that meet the Argus Eurobob oxy specifications
Metal content must not exceed 1 mg/l will be considered for inclusion in the in Argus Eurobob oxy assess-
Assessment time: 9am to 5.30pm London time. ment. Offers stipulating superior qualities will not be considered and
all deals must be concluded on an oxy basis to be included in the
Common differential basis Argus Eurobob oxy assessment.
Should Eurobob oxy and non-oxy barges trade at differentials to
different underlying derivatives prices, Argus will standardise that For a trade to be considered for inclusion in the assessment, the
market information to a common differential basis. The common seller must commit at the time of trade to provide the buyer with
differential basis will be the one used for the larger share of physical a full quality certificate at the start of barge loading, at the start of
Eurobob non-oxy barge trades on the day of assessment. loading ex-refinery or at the start of pump-over into the buyer’s
tank. The certificate must be for volumes loaded directly ex-refinery
Load ports or from a single certified shore tank. For the avoidance of doubt,
To be considered for inclusion in the assessment, a minimum of two trades involving a “proportional composite” analysis of streams
load ports must be specified at the time of trade. from multiple tanks or a “hand blend” test may not be considered
for inclusion in the assessment.
Nomination procedures
Standard nomination procedures must be followed. The buyer Eurobob oxy differential to swaps
should give two working days’ notice of barge ETA. Nominations The differential to the common floating Eurobob ox derivative price
received after 2pm London time or on Fridays after 1pm London used in the calculation of the Eurobob oxy price assessments is
time will be deemed to be received on the following working day. also published.
Otherwise, the original day of nomination will count as day one of Unit: US dollars/tonne, rounded to the nearest 25¢/t
the two days’ notice. Barges can arrive to be loaded at any time
from midnight after the two-day notice period. For instance, for a Former Eurobob oxy NWE barge VWA
barge deal done on Monday morning, the barge can arrive to be Prices are typically a volume-weighted average of deals done within
loaded at any time on Wednesday after Tuesday midnight. Argus criteria as described above and published on the Argus
Gasoline Bulletin board and the AOM platform.
Barges nominated on Thursday before 2pm London time can
arrive to be loaded at any time on Saturday after midnight Friday. The timing, specification, location, nomination and quality of the
Barges nominated after 2pm London time on Thursday and before Former Eurobob oxy NWE barge VWA assessment are identical to
1pm London time on Friday can arrive to be loaded at any time on those of the Eurobob oxy barge price assessment described above.
Tuesday after midnight Monday. The same logic also applies to the The prices differ only in their use of market information.
penultimate working day before a UK public holiday on which Argus
European Products is not published.
Volume-weighted average calculation
Volume-weighted average calculation If less than 3,000t of trade within Argus criteria is reported, Argus
If no trade within Argus’ criteria is reported, Argus will assess the will include in the volume-weighted average an assessment of the
prevailing differential between Eurobob oxy and non-oxy physical prevailing market price at 4.30pm London time based on bids, of-
barge prices at 4.30pm London time based on bids, offers and fers and other market information. That assessment will be assigned
other market information. whatever volume is required such that the total volume of reported
trades and the assessment equals 3,000t. If some volume of index-
Seasonal transition relevant trade less than 3,000t is reported, the assessment will be
During the seasonal transition, the assessment is an average price assigned a volume of 3,000t less the total volume of index-relevant
of summer and winter-specification gasoline. trade and a volume-weighted average will be calculated. If no trade
is reported, the published price will be the assessment.
Argus will publish a subscriber note in the Argus European Products
report at least one month ahead of any seasonal changes in winter/ Seasonal transition
summer specifications, detailing the loading dates for deals it will During the seasonal transition, at least 3,000t of summer-specifi-
consider in its assessments during the transition from one grade to cation trade and 3,000t of winter-specification trade are required to
another. calculate the volume-weighted average. If less than 3,000t of trade
of either grade within Argus’ criteria is reported, Argus will include in
Rounding the volume-weighted average an assessment of the prevailing mar-
The Eurobob oxy price assessment is published as a low-high ket price for the relevant grade at 4:30pm London time based on
range, 25¢/t on either side of the final Eurobob oxy assessment and bids, offers and other market information, including but not limited
rounded to the nearest 25¢/t. to the spread between winter and summer grades in the Eurobob
paper market. That assessment will be assigned whatever volume
is required such that the total volume of reported trades and the

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METHODOLOGY AND SPECIFICATIONS GUIDE June 2025

assessment for that grade equals 3,000t. Specifications: European grade, 98% purity.
98R gasoline fob northwest Europe barge ETBE fob northwest Europe barge
As trade on 98R grades is infrequent, Argus applies a differential to Argus publishes a daily ETBE price, assessed as a differential to
the Eurobob non-oxy grade to inform its assessments. MTBE.
Unit: US dollars/tonne Unit: US dollars/tonne
Period: loading 2-8 days forward Period: loading 2-15 days forward
Size: standardised to 1,000-2,000t Size: standardised to 1,000t
Basis: fob Rotterdam/Amsterdam/Antwerp Basis: fob Rotterdam.
Origin: not produced in the Russian Federation, not blended with Origin: not produced in the Russian Federation, not blended with
any product that was produced in the Russian Federation, not ex- any product that was produced in the Russian Federation, not ex-
ported from the Russian Federation, and which can be reasonably ported from the Russian Federation, and which can be reasonably
documented as such documented as such.
Specifications: 98 Ron, 88 Mon, unleaded, 0.755 specific gravity, Specifications: European grade, 95% purity.
“superplus” with benzene limits at 1% maximum, maximum 10ppm
sulphur Naphtha 65 para fob northwest Europe barge
Assessment time: 9.00am to 5.30pm London time
Quality
95R gasoline 10ppm fob northwest Europe barge Argus assesses material meeting the following specifications.
Prices are assessed taking into account trade, bids, offers and Pipeline specification or grades with a paraffinic content of more
other relevant market information, including market structure, to in- than 70 paraffins may command a premium or discount to typical
form a differential to the Eurobob non-oxy barges price assessment. open spec grades and this differential, determined by Argus, may
Unit: US dollars/tonne be factored into price assessments when they trade.
Period: loading 2-8 days forward
Size: standardised to 1,000-2,000t Specifications
Origin: not produced in the Russian Federation, not blended with Specific gravity At 15°C Max 0.735
any product that was produced in the Russian Federation, not ex- Vapour pressure PSI Max 12.5

ported from the Russian Federation, and which can be reasonably Colour Saybolt Min plus 20
Lead PPB Max 50
documented as such.
Sulphur PPM Max 500
Basis: fob Rotterdam/Amsterdam/Antwerp IBP °C Min 30
Specifications: 95 Ron, 85 Mon, unleaded, 0.755 specific gravity, FBP °C Max 180
10ppm sulphur, standard Eurograde meeting EN228 specifications Paraffins % vol Min 65
Olefins % vol Max 1
Assessment time: 9.00am to 5.30pm London time
Naphthenes % vol To be reported
Aromatics % vol To be reported
MTBE fob northwest Europe barge Total chlorines PPM Max 10
Argus publishes a daily MTBE factor and a high-low price range for MTBE PPM Max 50
MTBE. Hydrogen sulphide PPM Max 10
Mercaptans PPM To be reported
Mercury PPB Max 5
The MTBE factor reflects the industry practice of pricing MTBE as a Total oxygenate content PPM Max 100
ratio or factor of the Eurobob oxy barge gasoline price as published
in Argus European Products.
Period
Fixed-price MTBE trade will be converted to a ratio by dividing the To be considered for inclusion in the assessment, market informa-
MTBE price by the Eurobob oxy barge price assessment on the day tion must be for barges loading 3-30 days ahead of the day of
of trade. assessment.

The daily high-low range for MTBE is calculated by multiplying the Assessment timing
MTBE factor for the day by the high and low prices for Eurobob oxy Argus will consider for inclusion in the assessment, all relevant
barge as published in Argus European Products. market activity between 4.00pm-4.30pm London time.

Unit: US dollars/tonne Volumes

Period: loading 2-15 days forward Barges of 1,000-5,000t will be considered for inclusion in the fob
Size: standardised to 1,000t FARAG assessment.
Basis: fob Rotterdam.
Origin: not produced in the Russian Federation, not blended with Unit
any product that was produced in the Russian Federation, not ex- All prices are in $/tonne
ported from the Russian Federation, and which can be reasonably
documented as such.

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METHODOLOGY AND SPECIFICATIONS GUIDE June 2025

Location any product that was produced in the Russian Federation, not ex-
Location will be fob Flushing, Amsterdam, Rotterdam, Antwerp or ported from the Russian Federation, and which can be reasonably
Ghent (FARAG) documented as such.
Unit: US dollars/tonne
Origin: not produced in the Russian Federation, not blended with Period: loading 5-15 days forward
any product that was produced in the Russian Federation, not ex- Size: standardised to 10,000-25,000t
ported from the Russian Federation, and which can be reasonably Specifications: 65-70% paraffins.
documented as such. Assessment time: 8.30am to 5.30pm London time.

Ice Brent differentials 95R gasoline 10ppm cif west Mediterranean

Confirmed trade conducted via the AOM platform is converted to a Prices are assessed as a net-forward from the 95R gasoline 10ppm
differential to front-month Ice Brent futures prices using the prevail- fob Med cargo price assessment, using an Argus cross-Mediterra-
ing futures market price at the time of trade. Those differentials nean freight assessment.
are converted back to fixed-price Naphtha trades for assessment Unit: US dollars/tonne
purposes using the front-month Ice Brent futures price at 4.30pm Period: delivery 5-15 days forward.
London time. Size: standardised to 20,000-30,000t.
Basis: cif Lavera/Genoa calculated by adding to the fob western
Nominations Mediterranean an assessment of spot freight. The spot freight is the
Standard nomination procedures must be followed. The buyer cross-Mediterranean WS100 rate applied to an average of Skikda
should give two working days’ notice of barge ETA. Nominations to Genoa, Zawia to Lavera and Alexandria to Genoa for 30,000t
received after 2pm London time or on Fridays after 1pm London vessels.
time will be deemed to be received on the following working day. Origin: not produced in the Russian Federation, not blended with
Otherwise, the original day of nomination will count as day one of any product that was produced in the Russian Federation, not ex-
the two days’ notice. Barges can arrive to be loaded at any time ported from the Russian Federation, and which can be reasonably
from midnight after the two-day notice period. For instance, for a documented as such.
barge deal done on Monday morning, the barge can arrive to be Specifications: 95 Ron, unleaded, 10ppm sulphur, standard Euro-
loaded at any time on Wednesday after Tuesday midnight. grade (Spanish, Italian and French grades), 0.755 specific gravity,
maximum 1% benzene
West Mediterranean Assessment time: 9.00am to 5.30pm London time.

95R gasoline 10ppm fob west Mediterranean Naphtha 65 para cif west Mediterranean
Prices are assessed taking into account Mediterranean cargo trade, Unit: US dollars/tonne
bids, offers and other relevant market information, to inform a dif- Period: delivery 5-15 days forward.
ferential to the Eurobob non-oxy barges price assessment. Size:standardised to 10,000-25,000t.
Unit: US dollars/tonne Basis: cif Lavera/Genoa constructed by adding an Argus assess-
Period: loading 5-15 days forward ment for cross-Mediterranean freight to the naphtha 65 paraffinic
Size: standardised to 20,000-30,000t fob west Mediterranean assessment modified by Argus according to
Basis: fob western Mediterranean regional market conditions. The cross-Mediterranean freight cost will
Origin: not produced in the Russian Federation, not blended with be based on current spot freight rates (WS 100 rates) as they apply
any product that was produced in the Russian Federation, not ex- to an average of specific routes. These routes are Skikda to Genoa,
ported from the Russian Federation, and which can be reasonably Zawia to Lavera and Alexandria to Genoa for 30,000t naphtha ves-
documented as such. sels.
Specifications: 95 Ron, unleaded, 10ppm sulphur, standard Euro- Origin: not produced in the Russian Federation, not blended with
grade (Spanish, Italian and French grades), 0.755 specific gravity, any product that was produced in the Russian Federation, not ex-
maximum 1% benzene ported from the Russian Federation, and which can be reasonably
Assessment time: 9.00am to 5.30pm London time documented as such.
Specifications: 65-70% paraffins.
Naphtha 65 para fob west Mediterranean Assessment time: 8.30am to 5.30pm London time.
Prices are constructed by netting back from the Argus naphtha 65
para cif northwest Europe assessment using an Argus Mediter- Ukraine
ranean to northwest Europe freight assessment modified by Argus
according to regional market conditions. 95R gasoline 10ppm cfr Ukrainian ports
The Mediterranean to UK Continent freight cost will be based on Prices are assessed and published as a differential to a 95:5 ratio of
current spot freight rates (WS100 rates) as they apply to an average 95R gasoline 10ppm fob west Mediterranean and RED (T2) ethanol
of specific routes. These routes are Alexandria to Rotterdam, Skikda fob ARA prices. An outright price is also published by adding the
to Hamburg and Ras Lanuf to Antwerp for 30,000t naphtha vessels. assessed differential to a 95:5 ratio of the monthly average of the
Origin: not produced in the Russian Federation, not blended with published high of the Argus 95R gasoline 10ppm fob west Medi-

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METHODOLOGY AND SPECIFICATIONS GUIDE June 2025

terranean low-high range price and the monthly average of the Unit: US dollars/tonne
published RED (T2) ethanol fob ARA price, converted to dollars per Period: loading 10-25 days forward.
tonne, including the day of assessment. The differential is assessed Size: standardised to 30,000t.
based on trades, bids and offers. Origin: not produced in the Russian Federation, not blended with
Unit: US dollars/t any product that was produced in the Russian Federation, not ex-
Period: trade is typically for delivery during the current month – ported from the Russian Federation, and which can be reasonably
trade late in the month done for delivery during the month ahead documented as such.
may also be considered for inclusion in the assessment. Basis: fob northwest Europe.
Size: 1,500-30,000t Specifications: Defstan 91-091 latest issue, 0.800 specific gravity,
Basis: cfr Ukrainian ports EU qualified.
Payment: 100pc prepayment Assessment time: is 8.30am to 5.30pm London time.
Prices do not include Ukrainian excise duty and VAT
Origin: not produced in the Russian Federation, not blended with Diesel French 10ppm fob ARA cargo
any product that was produced in the Russian Federation, not ex- Diesel 10ppm sulphur
ported from the Russian Federation, and which can be reasonably Prices are assessed as a differential to Ice front-month gasoil. Pric-
documented as such. es are published as a differential and as an outright price based on
Specification: 95R 10ppm gasoline complying with the Euro 5 the assessed differential and the Ice front-month gasoil settlement.
standard Unit: US dollars/tonne
Period: loading 5-15 days forward
95R gasoline 10ppm daf Poland-Ukraine Size: standardised to 25,000-30,000t
Prices are assessed and published as a daily differential to a Basis: fob ARA
95:5 ratio of non-oxy gasoline 10ppm cif northwest Europe cargo Origin: not produced in the Russian Federation, not blended with
and RED (T2) ethanol fob ARA prices. An outright price is also be any product that was produced in the Russian Federation, not ex-
published by adding the assessed differential to a 95:5 ratio of the ported from the Russian Federation, and which can be reasonably
average of the published high of the Argus non-oxy gasoline 10ppm documented as such.
cif northwest Europe cargo low-high range price during the five days Specifications: NF EN 590 road diesel specification as determined
up to and including the day of assessment and the average of the by French national standards authorities
published RED (T2) ethanol fob ARA price, converted to dollars per Assessment time: 8.30am to 5.30pm London time.
tonne during the five days up to and including the day of assess-
ment. The differential is assessed based on trades, bids and offers. Diesel German 10ppm fob northwest Europe cargo
Unit: US dollars/t German diesel 10ppm sulphur
Period: delivery up to five days forward Prices are netted back from the Argus German diesel 10ppm cif
Size: 500-2,500t price using UK Continental freight as assessed by Argus modified
Basis: daf Poland-Ukraine border by any relevant market considerations. The UK Continental freight
Payment: 100pc prepayment cost will be based on current spot freight rates (WS100 rates) as
Prices do not include Ukrainian excise duty and VAT they apply to an average of specific routes. These routes are Brof-
Origin: not produced in the Russian Federation, not blended with jorden to Rotterdam, Coryton to Le Havre and Le Havre to Hamburg
any product that was produced in the Russian Federation, not ex- for 30,000t vessels.
ported from the Russian Federation, and which can be reasonably Unit: US dollars/tonne
documented as such. Period: loading 10-25 days forward
Specification: 95R 10ppm gasoline complying with the Euro 5 Size: is standardised to 25,000-30,000t
standard Basis: fob northwest Europe
Origin: not produced in the Russian Federation, not blended with
any product that was produced in the Russian Federation, not ex-
Middle distillates ported from the Russian Federation, and which can be reasonably
documented as such.
Northwest Europe Specifications: 10ppm sulphur, minimum 51 cetane number,
prices exclude WASA (wax anti-settling additive), up to 0.845 spe-
Cargoes cific gravity, (in summer) plus 5°C cloud point, minus 2°C cold filter
plugging point, (in winter) minus 7°C cloud point, minus 22°C cold
Jet fob northwest Europe cargo filter plugging point, (intermediate quality) minus 3°C cloud point,
Prices are assessed by netting back from the Argus jet cif northwest minus 13°C cold filter plugging point.
Europe price using a UK Continental freight cost modified by Argus Price based on 0.845 maximum specific gravity at 15°C.
according to market conditions. The UK Continental freight cost will Assessment time: 8.30am to 5.30pm London time.
be based on current spot freight rates (WS100 rates) as they apply
to an average of specific routes. These routes are Brofjorden to Rot-
terdam, Coryton to Le Havre and Le Havre to Hamburg for 30,000t
vessels.

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METHODOLOGY AND SPECIFICATIONS GUIDE June 2025

Heating oil French 0.1%S fob northwest Europe cargo Diesel French 10ppm cif northwest Europe cargo
Prices are netted back from the Argus Heating Oil cif price using UK Diesel 10ppm sulphur
Continental freight as assessed by Argus modified by any relevant Prices are assessed as a differential to Ice front-month gasoil. Pric-
market considerations. The UK Continental freight cost will be es are published as a differential and as an outright price based on
based on current spot freight rates (WS100 rates) as they apply to the assessed differential and the Ice front-month gasoil settlement.
an average of specific routes. These routes are Brofjorden to Rot- Unit: US dollars/tonne
terdam, Coryton to Le Havre and Le Havre to Hamburg for 30,000t Period: delivery 10-25 days forward
vessels. Size: standardised to 25,000-30,000t.
Unit: US dollars/tonne Basis: cif Le Havre.
Period: loading 10-25 days forward Origin: not produced in the Russian Federation, not blended with
Size: standardised to 25,000-30,000t any product that was produced in the Russian Federation, not ex-
Basis: fob northwest Europe ported from the Russian Federation, and which can be reasonably
Origin: not produced in the Russian Federation, not blended with documented as such.
any product that was produced in the Russian Federation, not ex- Specifications: NF EN 590 road diesel specification as determined
ported from the Russian Federation, and which can be reasonably by French national standards authorities
documented as such. Assessment time: 8.30am to 5.30pm London time.
Specifications: French heating grade, minimum 40 cetane num-
ber, plus 2°C cloud point, minus 4°C cold filter plugging point and Diesel French 10ppm cif ARA 30,000t cargo (formerly
minus 9°C pour point, maximum 0.1% sulphur. open origin)
Price based on 0.845 specific gravity. Diesel 10ppm sulphur
Assessment time: 8.30am to 5.30pm London time Prices are assessed as a differential to Ice front-month gasoil. Pric-
es are published as a differential and as an outright price based on
Jet cif northwest Europe cargo the assessed differential and the Ice front-month gasoil settlement.
Prices are assessed as a differential to Ice front-month gasoil. Pric- Unit: US dollars/tonne
es are published as a differential and as an outright price based on Period: delivery 10-25 days forward
the assessed differential and the Ice front-month gasoil settlement. Size: standardised to 25,000-30,000t
Unit: US dollars/tonne Basis: cif ARA
Period: delivery 10-25 days forward Origin: not produced in the Russian Federation, not blended with
Size: standardised to 30,000t any product that was produced in the Russian Federation, not ex-
Basis: cif northwest Europe standardised to Rotterdam. ported from the Russian Federation, and which can be reasonably
Origin: not produced in the Russian Federation, not blended with documented as such.
any product that was produced in the Russian Federation, not ex- Specifications: NF EN 590 road diesel specification as determined
ported from the Russian Federation, and which can be reasonably by French national standards authorities
documented as such. Assessment time: 8.30am to 5.30pm London time.
Specifications: Defstan 91-091 latest issue, 0.800 specific gravity,
EU qualified. Diesel LR2 cif ARA cargo
Assessment time: 8.30am to 5.30pm London time. Prices are assessed as a differential to Ice front-month gasoil. Pric-
es are published as a differential and as an outright price based on
UK ULSD cif northwest Europe cargo the assessed differential and the Ice front-month gasoil settlement.
UK ultra-low sulphur diesel 10ppm sulphur. Origin: non-Russian
Prices are assessed as a differential to Ice front-month gasoil. Pric- Unit: US dollars/tonne
es are published as a differential and as an outright price based on Period: delivery 10-35 days forward
the assessed differential and the Ice front-month gasoil settlement. Size: full cargoes of 90,000-100,000t with +/- 10pc tolerance
Unit: US dollars/tonne Basis: cif Amsterdam-Rotterdam-Antwerp (ARA). Information about
Period: delivery 10-25 days forward trade into ports in a wider region including but not limited to Le
Size: standardised to 25,000-30,000t Havre, La Pallice, Milford Haven and Immingham may be consid-
Basis: cif UK Thames Estuary ered for inclusion in the assessment
Origin: not produced in the Russian Federation, not blended with Origin: not produced in the Russian Federation, not blended with
any product that was produced in the Russian Federation, not ex- any product that was produced in the Russian Federation, not ex-
ported from the Russian Federation, and which can be reasonably ported from the Russian Federation, and which can be reasonably
documented as such. documented as such.
Specifications: BS EN 590 road diesel specification as determined Specifications: NF EN 590 road diesel specification as determined
by UK national standards authorities by French national standards authorities. Bids, offers and transac-
Assessment time: 8.30am to 5.30pm London time. tions for other 10ppm grades, such as UK or German specifications
may be considered for inclusion in the assessment.
Assessment time: 8.30am to 4.30pm London time

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METHODOLOGY AND SPECIFICATIONS GUIDE June 2025

Diesel French 10ppm cif ARA 30,000-60,000t cargo ber, plus 2°C cloud point, minus 4°C cold filter plugging point and
Prices are assessed as a differential to Ice front-month gasoil. Pric- minus 9°C pour point, maximum 0.1% sulphur.
es are published as a differential and as an outright price based on Price based on 0.845 specific gravity.
the assessed differential and the Ice front-month gasoil settlement. Origin: not produced in the Russian Federation, not blended with
Origin: non-Russian any product that was produced in the Russian Federation, not ex-
Unit: US dollars/tonne ported from the Russian Federation, and which can be reasonably
Period: delivery 10-25 days forward documented as such.
Size: full or part cargoes of 30,000-60,000t Assessment time: 8.30am to 5.30pm London time.
Basis: cif Amsterdam-Rotterdam-Antwerp (ARA). Information
about trade into ports in a wider region including but not limited to Gasoil diesel 50ppm fob offshore Lomé STS cargo
Hamburg-Bordeaux, German Baltic Sea, Poland and the UK may be Gasoil diesel 50ppm sulphur
considered for inclusion in the assessment Prices are assessed as a differential to Ice front-month gasoil. Pric-
Origin: not produced in the Russian Federation, not blended with es are published as a differential and as an outright price based on
any product that was produced in the Russian Federation, not ex- the assessed differential and the Ice front-month gasoil settlement.
ported from the Russian Federation, and which can be reasonably Unit: US dollars/tonne
documented as such. Period: 3-15 days ahead
Specifications: NF EN 590 road diesel specification as determined Size: 5,000-20,000t
by French national standards authorities. Bids, offers and transac- Basis: fob Offshore Lomé by STS
tions for other 10 ppm grades, such as UK or German specifications Origin: not produced in the Russian Federation, not blended with
may be considered for inclusion in the assessment. any product that was produced in the Russian Federation, not ex-
Assessment time: 8.30am to 4.30pm London time ported from the Russian Federation, and which can be reasonably
documented as such.
Diesel German 10ppm cif Hamburg cargo Specifications: 0.005% sulphur, minimum 45 cetane number,
German diesel 10ppm sulphur 0.845 specific gravity, maximum plus 4°C cloud point, minimum
Prices are assessed as a differential to Ice front-month gasoil. Pric- flash point 66°C
es are published as a differential and as an outright price based on Assessment time: 9.00am to 5.30pm London time
the assessed differential and the Ice front-month gasoil settlement.
Unit: US dollars/tonne Barges
Period: delivery 10-25 days forward
Size: standardised to 30,000t Jet fob northwest Europe barge
Basis: cif Hamburg Prices are published as outrights and as a differential to Ice front-
Origin: not produced in the Russian Federation, not blended with month gasoil.
any product that was produced in the Russian Federation, not ex- Unit: US dollars/tonne
ported from the Russian Federation, and which can be reasonably Period: loading 2-8 days forward, not including weekends
documented as such. Size: standardised to 2,000-5,000t. Trades for unusual quantities
Specifications: 10ppm sulphur, minimum 51 cetane number, may be adjusted to reflect values for 2,000-5,000t
prices exclude WASA (wax anti-settling additive), up to 0.845 spe- Basis: fob Rotterdam/Amsterdam/Antwerp/Flushing/Ghent
cific gravity, (in summer) plus 5°C cloud point, minus 2°C cold filter (FARAG) at the seller’s option. Bids, offers and trades for a different
plugging point, (in winter) minus 7°C cloud point, minus 22°C cold combination of these ports will be considered for inclusion in the as-
filter plugging point, (intermediate quality) minus 3°C cloud point, sessment if the port restriction does not affect the price or if Argus
minus 13°C cold filter plugging point can suitably adjust the price to a fob FARAG basis with loading at
Price based on 0.845 maximum specific gravity at 15°C the seller’s option.
Assessment time: 8.30am to 5.30pm London time Origin: not produced in the Russian Federation, not blended with
Market information about activity at ports including but not limited to any product that was produced in the Russian Federation, not ex-
Bremen, Hamburg, Kiel, Rostock and Wilhelmshaven will be con- ported from the Russian Federation, and which can be reasonably
documented as such.
sidered for inclusion in the assessment after adjustment for location Specifications: Defstan 91-091 latest issue, 0.800 specific gravity,
and cargo size. EU qualified
Assessment time: 8.30am to 5.30pm London time
Heating oil French 0.1%S cif northwest Europe cargo
Prices are assessed as a differential to Ice front-month gasoil. Pric- Diesel German 10ppm fob northwest Europe barge
es are published as a differential and as an outright price based on German diesel 10ppm sulphur.
the assessed differential and the Ice front-month gasoil settlement. Prices are calculated using an Ice settlement price as published
Unit: US dollars/tonne by the Intercontinental Exchange as a base price. Typically the as-
Period: delivery 10-25 days forward. sessment is a volume-weighted average of deals concluded on an
Size: standardised to 25,000-30,000t. exchange-for-physical basis.
Basis: cif Le Havre. Unit: US dollars/tonne
Specifications: French heating grade, minimum 40 cetane num- Period: loading 2-15 days forward

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METHODOLOGY AND SPECIFICATIONS GUIDE June 2025

Size: standardised to 1,000-2,000t. Trades for unusual quantities Typically the assessment is a volume-weighted average of deals
may be adjusted to reflect values for 1,000-2,000t concluded on an exchange-for-physical basis.
Basis: fob Rotterdam/Amsterdam/Antwerp Unit: US dollars/tonne
Origin: not produced in the Russian Federation, not blended with Period: loading 2-15 days forward
any product that was produced in the Russian Federation, not ex- Size: standardised to 1,000-2,000t. Trades for unusual quantities
ported from the Russian Federation, and which can be reasonably may be adjusted to reflect values for 1,000-2,000t
documented as such. Basis: fob Rotterdam/Amsterdam/Antwerp
Specifications: 10ppm sulphur, minimum 51 cetane number, Origin: not produced in the Russian Federation, not blended with
prices exclude WASA (wax anti-settling additive), up to 0.845 spe- any product that was produced in the Russian Federation, not ex-
cific gravity, (in summer) plus 5°C cloud point, minus 2°C cold filter ported from the Russian Federation, and which can be reasonably
plugging point, (in winter) minus 7°C cloud point, minus 22°C cold documented as such.
filter plugging point, (intermediate quality) minus 3°C cloud point, Specifications: German grade, 0.845 specific gravity, 0.005%
minus 13°C cold filter plugging point sulphur, (in summer) typically plus 3°C cloud point, minus 7°C cold
Prices based on 0.845 specific gravity filter plugging point, (in winter) plus 1°C cloud point, minus 11°C
Assessment time: is 8.30am to 5.30pm London time cold filter plugging point
Assessment time: 8.30am to 5.30pm London time.
Heating oil German 0.1%S fob northwest Europe barge
Prices are calculated using an Ice settlement price as published by West Mediterranean
the Intercontinental Exchange as a base price.
Typically the assessment is a volume-weighted average of deals Jet fob west Mediterranean
concluded on an exchange-for-physical basis. Jet Mediterranean fob assessments are a netback from northwest
Unit: US dollars/tonne Europe calculated using an Argus assessment of the west Mediter-
Pricing period: loading 2-15 days forward ranean to northwest Europe freight costs modified by Argus accord-
Size: standardised to 1,000-2,000t. Trades for unusual quantities ing to regional market conditions.
may be adjusted to reflect values for 1,000-2,000t The Mediterranean to UK Continent freight cost will be based on
Basis: fob Rotterdam/Amsterdam/Antwerp current spot freight rates (WS100 rates) as they apply to an average
Origin: not produced in the Russian Federation, not blended with of specific routes. These routes are Santa Panagia Bay to Rot-
any product that was produced in the Russian Federation, not ex- terdam, Milazzo to Le Havre and Ras Lanuf to Antwerp for 30,000t
ported from the Russian Federation, and which can be reasonably vessels.
documented as such. Unit: US dollars/tonne
Specifications: German grade, 0.845 specific gravity, 0.1% Period: loading 10-25 days forward
sulphur, (in summer) typically plus 3°C cloud point, minus 7°C cold Size: standardised to 30,000t
filter plugging point and (in winter) 1°C cloud point, minus 11°C cold Origin: not produced in the Russian Federation, not blended with
filter plugging point any product that was produced in the Russian Federation, not ex-
Assessment time: 8.30am to 5.30pm London time ported from the Russian Federation, and which can be reasonably
documented as such.
Marine gasoil 0.1%S fob northwest Europe barge Specifications: Defstan 91-091 latest issue, 0.800 specific gravity,
Published and assessed as an outright price and as differentials to EU qualified
the first and second month Ice gasoil futures settlement prices as Assessment time: 8.30am to 5.30pm London time
published by the Intercontinental Exchange. The differential between fob Mediterranean jet and cif Mediterranean
Unit: US dollars/tonne jet assessments is published separately.
Period: loading 10-30 days forward
Size: 1,000–5,000t. Trades for unusual quantities may be adjusted Diesel French 10ppm fob west Mediterranean
to reflect values for 1,000-5,000t Diesel 10ppm sulphur
Basis: fob Rotterdam/Amsterdam/Antwerp Prices are calculated subtracting an Argus assessment of cross-
Origin: not produced in the Russian Federation, not blended with Mediterranean freight from the Argus Diesel 10ppm cif assessment
any product that was produced in the Russian Federation, not ex- modified by Argus according to regional market conditions.
ported from the Russian Federation, and which can be reasonably The cross-Mediterranean freight cost will be based on current spot
documented as such. freight rates (WS100 rates) as they apply to an average of specific
Specifications: maximum 0.1% sulphur, 0.89 specific gravity, routes. These routes are Skikda to Genoa, Zawia to Lavera and
meeting ISO 8217 2010 DMA quality specifications, with dyeing at Alexandria to Genoa for 30,000t vessels.
the buyer’s option and seller’s cost Unit: US dollars/tonne
Assessment time: 8:30am to 5:30pm London time Period: loading 10-25 days forward
Size: standardised to 25,000-30,000t
Heating oil German 50ppm fob Northwest Europe barge Basis: fob Italian Isles
Prices are calculated using an Ice settlement price as published by Origin: not produced in the Russian Federation, not blended with
the Intercontinental Exchange as a base price. any product that was produced in the Russian Federation, not ex-

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METHODOLOGY AND SPECIFICATIONS GUIDE June 2025

ported from the Russian Federation, and which can be reasonably Diesel French 10ppm cif west Mediterranean 30,000t
documented as such. cargo (formerly open origin)
Specifications: NF EN 590 road diesel specification as determined Diesel 10ppm sulphur
by French national standards authorities Prices are calculated using an Ice settlement price as published by
Assessment time: 8.30am to 5.30pm London time the Intercontinental Exchange as a base price.
Period: delivery 10-25 days forward
Heating oil French 0.1%S fob west Mediterranean Size: standardised to 25,000-30,000t
Prices are calculated subtracting an Argus assessment of cross- Basis: is cif Lavera/Genoa
Mediterranean freight from the Argus Heating Oil cif assessment Origin: not produced in the Russian Federation, not blended with
modified by Argus according to regional market conditions. any product that was produced in the Russian Federation, not ex-
The cross-Mediterranean freight cost will be based on current spot ported from the Russian Federation, and which can be reasonably
freight rates (WS100 rates) as they apply to an average of specific documented as such.
routes. These routes are Skikda to Genoa, Zawia to Lavera and Specifications: NF EN 590 road diesel specification as determined
Alexandria to Genoa for 30,000t vessels. by French national standards authorities
Unit: US dollars/tonne Assessment time: 8.30am to 5.30pm London time
Period: loading 10-25 days forward
Size: standardised to 25,000-30,000t Diesel 10ppm cif west Mediterranean diff to spot
Basis: fob Italian Isles Argus will publish a daily assessment that reflects traded premiums
Origin: not produced in the Russian Federation, not blended with to spot assessments in the west Mediterranean for 25,000-30,000t
any product that was produced in the Russian Federation, not ex- cargoes.
ported from the Russian Federation, and which can be reasonably
documented as such. Diesel LR2 cif West Mediterranean cargo
Specifications: French heating grade, minimum 40 cetane num- Prices are assessed as a differential to Ice gasoil futures. Outright
ber, plus 2°C cloud point, minus 4°C cold filter plugging point and prices are calculated as the assessed differential plus the Ice
minus 9°C pour point, maximum 0.1% sulphur futures settlement price.
Price based on 0.845 specific gravity Origin: non-Russian
Assessment time: 8.30am to 5.30pm London time Unit: US dollars/tonne
Period: delivery 10-35 days forward
Jet cif west Mediterranean Size: full cargoes of 90,000-100,000t with +/- 10pc tolerance
The cif west Mediterranean jet price assessment is published as a Basis: cif Fos. Information about trade into ports in a wider region
differential to Ice front-month gasoil and as an outright price. The including but not limited to Barcelona may be considered for inclu-
price is typically based on indications of trade, bids and offers sion in the assessment
expressed as a differential to Ice gasoil or as a differential to cif Origin: not produced in the Russian Federation, not blended with
northwest Europe jet cargo prices. Prices are assessed on a cif any product that was produced in the Russian Federation, not ex-
Genoa/Lavera basis. Bids, offers and trades for jet fuel cargoes ported from the Russian Federation, and which can be reasonably
delivered to Barcelona and Fiumicino will be considered for inclu- documented as such.
sion in the assessment after adjustment to a cif Genoa/Lavera basis Specifications: NF EN 590 road diesel specification as determined
using the cost of freight. Premiums paid to jet fob Mediterranean by French national standards authorities
assessments and freight-adjusted prices of jet fuel delivered to the Assessment time: 8.30am to 4.30pm London time
eastern Mediterranean will also be considered for inclusion in the
assessment. Part cargoes will also be considered. Diesel French 10ppm cif west Mediterranean 30,000-
Unit: US dollars/tonne 60,000t cargo
Period: delivery 10-25 days forward Prices are assessed as a differential to Ice gasoil futures. Outright
Size: standardised to 25,000-30,000t prices are calculated as the assessed differential plus the Ice
Origin: not produced in the Russian Federation, not blended with futures settlement price.
any product that was produced in the Russian Federation, not ex- Origin: non-Russian
ported from the Russian Federation, and which can be reasonably Unit: US dollars/tonne
documented as such. Period: delivery 10-25 days forward
Specifications: Defstan 91-091 latest issue, 0.800 specific gravity, Size: full or part cargoes of 30,000-60,000t, standardized to 30,000t
EU qualified Basis: cif Lavera. Information about trade into ports in a wider re-
Assessment time: 8.30am to 5.30pm London time gion including but not limited to Fos, Sete, La Nouvelle, Barcelona,
The differential between fob Mediterranean jet and cif Mediterranean Genoa, Naples and Fiumicino may be considered for inclusion in
jet assessments is published separately. the assessment.
Origin: not produced in the Russian Federation, not blended with
any product that was produced in the Russian Federation, not ex-
ported from the Russian Federation, and which can be reasonably
documented as such.

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METHODOLOGY AND SPECIFICATIONS GUIDE June 2025

Specifications: NF EN 590 road diesel specification as determined ported from the Russian Federation, and which can be reasonably
by French national standards authorities documented as such
Assessment time: 8.30am to 4.30pm London time Specification: 10ppm diesel complying with the Euro 5 standard

Heating oil French 0.1%S cif west Mediterranean

Prices are calculated using an Ice settlement price as published by Fuel oil and VGO
the Intercontinental Exchange as a base price.
Unit: US dollars/tonne Northwest Europe
Period: delivery 10-25 days forward
Size: standardised to 25,000-30,000t Cargoes
Basis: cif Lavera/Genoa Fuel oil 1%S fob northwest Europe cargo
Origin: not produced in the Russian Federation, not blended with Fuel oil 1% sulphur
any product that was produced in the Russian Federation, not ex- Unit: US dollars/tonne
ported from the Russian Federation, and which can be reasonably Period: loading 10-25 days forward
documented as such. Size: standardised to 25,000-30,000t
Basis: fob northwest Europe standardised to Rotterdam
Ukraine Origin: not produced in the Russian Federation, not blended with
any product that was produced in the Russian Federation, not ex-
Diesel 10ppm daf Poland-Ukraine ported from the Russian Federation, and which can be reasonably
Prices are assessed and published as a differential to the gasoil die- documented as such.
sel French 10ppm cif ARA 30,000-60,000t cargo price. An outright Specifications: maximum 1% sulphur, cracked, 380cst, 0.991
price is also published. specific gravity, minimum 65°C flash
The low end of the assessed differential range is added to the Assessment time: is 8.30am to 5.30pm London time
average of the published high of the underlying diesel low-high
price range published in the five days up to and including the day Fuel oil 3.5%S fob northwest Europe cargo
of assessment. The high end of the assessed differential range is Fuel oil 3.5% sulphur
added to the average of the published high of the underlying diesel Unit: US dollars/tonne
low-high price range published in the three days up to and including Period: loading 10-25 days forward
the day of assessment. Size: standardised to 25,000-30,000t
Unit: US dollars/tonne Basis: fob northwest Europe calculated by subtracting the Argus
Period: delivered up to five days forward cross UK Continent spot freight rate for 30,000t vessels from the
Size: 500-2,500t 3.5% cif northwest Europe assessment.
Basis: daf Poland-Ukraine border Origin: not produced in the Russian Federation, not blended with
Payment: 100pc prepayment any product that was produced in the Russian Federation, not ex-
Prices do not include Ukrainian excise duty and VAT ported from the Russian Federation, and which can be reasonably
Origin: not produced in the Russian Federation, not blended with documented as such.
any product that was produced in the Russian Federation, not ex- Specifications: maximum 3.5% sulphur, 380cst, 0.991 specific
ported from the Russian Federation, and which can be reasonably gravity, 300ppm maximum vanadium, H2S 2ppm
documented as such Assessment time: 8.30am to 5.30pm London time
Specification: 10ppm diesel complying with the Euro 5 standard
Fuel oil straight-run 0.5%S fob northwest Europe cargo
Diesel 10ppm cfr Ukrainian ports Straight run 0.5% fuel oil
Prices are assessed and published as a differential to the gasoil The price is calculated as a differential to the Ice Brent 1 minute
diesel French 10ppm fob west Mediterranean price. marker at 4.30pm London time and converted to US dollars/tonne
The low end of the assessed differential range is added to the at a rate of 6.85 bl/t. See the Argus Crude methodology for details
average of the published high of the underlying diesel low-high of the Ice Brent 1 minute marker price. Argus reserves the right to
price range published in the five days up to and including the day determine which Ice Brent contract month is used as the basis for
of assessment. The high end of the assessed differential range is the calculation, in line with market conditions.
added to the average of the published high of the underlying diesel Unit: US dollars/tonne
low-high price range published in the three days up to and including Period: loading 5-15 days forward
the day of assessment. Size: standardised to 25,000-30,000t
Unit: US dollars/tonne Basis: fob northwest Europe standardised to UK east coast
Period: delivered up to three days forward Origin: not produced in the Russian Federation, not blended with
Size: 1,500-30,000t any product that was produced in the Russian Federation, not ex-
Basis: cfr Ukrainian ports ported from the Russian Federation, and which can be reasonably
Payment: 100pc prepayment documented as such.
Prices do not include Ukrainian excise duty and VAT Specifications: maximum 0.5% sulphur
Origin: not produced in the Russian Federation, not blended with Assessment time: 8.30am to 5.30pm London time
any product that was produced in the Russian Federation, not ex-

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METHODOLOGY AND SPECIFICATIONS GUIDE June 2025

Fuel oil straight-run 0.5%S fob NWE cargo differential any product that was produced in the Russian Federation, not ex-
Straight run 0.5% fuel oil ported from the Russian Federation, and which can be reasonably
The price differential for straight run 0.5% fuel oil is assessed at a documented as such.
differential to Intercontinental Exchange’s Ice Brent crude futures Specifications: are maximum 2% sulphur, less than 1ppm sodium,
price. nickel, less than 2ppm vanadium, iron, typical 75-80°C aniline,
Unit: US dollars/barrel typical 0.925 density, maximum 0.5% CCR, maximum 1,700ppm
Period: loading 5-15 days forward nitrogen, maximum 700ppm asphaltenes
Size: standardised to 25,000-30,000t Assessment time: 8.30am to 5.30pm London time.
Basis: fob northwest Europe standardised to UK east coast
Origin: not produced in the Russian Federation, not blended with Fuel oil 1%S cif northwest Europe cargo
any product that was produced in the Russian Federation, not ex- Fuel oil 1% sulphur
ported from the Russian Federation, and which can be reasonably The price is calculated by adding a cross UK-Continent freight cost
documented as such. assessment to the fuel oil 1pc fob northwest Europe price assess-
Specifications: maximum 0.5% sulphur ment.
Assessment time: 8.30am to 5.30pm London time The UK-Continent freight cost is based on current spot freight
(WS100 rates) as they apply to an average of specific routes - Brof-
VGO 0.5%S fob northwest Europe cargo jorden to Rotterdam, Coryton to Le Havre, and Le Havre to Ham-
Vacuum gasoil 0.5% sulphur burg for 30,000t vessels.
In the absence of confirmed trade within Europe, Argus will look at Unit: US dollars/tonne
theoretical netback values to the US Gulf coast to help inform its Period: delivery 10-25 days forward
price assessments in Europe. Size: standardised to 25,000-30,000t
Prices will also be published as a $/bl differential to the Ice Brent 1 Basis: cif northwest Europe standardised to Rotterdam
minute marker at 4.30pm London time and converted to US dollars/ Origin: not produced in the Russian Federation, not blended with
tonne at a rate of 6.88853 bl/t. See the Argus Crude methodology any product that was produced in the Russian Federation, not ex-
for details of the Ice Brent 1 minute marker price. Argus reserves ported from the Russian Federation, and which can be reasonably
the right to determine which Ice Brent contract month is used as the documented as such.
basis for the calculation, in line with market conditions. Specifications: maximum 1% sulphur, cracked, 380cst, 0.991
Unit: US dollars/tonne specific gravity, minimum 65°C flash
Period: loading 5-15 days forward Assessment time: 8.30am to 5.30pm London time.
Size: standardised to 25,000-30,000t
Basis: fob Rotterdam Fuel oil 3.5%S cif northwest Europe cargo
Origin: not produced in the Russian Federation, not blended with Fuel oil 3.5% sulphur
any product that was produced in the Russian Federation, not ex- In the absence of trade, talked differentials to the published volume-
ported from the Russian Federation, and which can be reasonably weighted average of 3.5pc barge values are used to assess values.
documented as such. Unit: US dollars/tonne
Specifications: maximum 0.5% sulphur, less than 1ppm sodium, Period: delivery 10-25 days forward
nickel, vanadium, less than 2ppm iron, typical 80-85°C aniline, Size: standardised to 25,000-30,000t
typical 0.915 density, maximum 0.5% CCR, maximum 1,500ppm Basis: cif northwest Europe standardised to Rotterdam/UK Thames
nitrogen Estuary
Assessment time: 8.30am to 5.30pm London time. Origin: not produced in the Russian Federation, not blended with
any product that was produced in the Russian Federation, not ex-
VGO 2%S fob northwest Europe cargo ported from the Russian Federation, and which can be reasonably
Vacuum gasoil 2% sulphur documented as such.
In the absence of confirmed trade within Europe, Argus will look at Specifications: maximum 3.5% sulphur, 380cst, 0.991 specific
theoretical netback values to the US Gulf coast to help inform its gravity, 300ppm maximum vanadium, H2S 2ppm
price assessments in Europe. Assessment time: 8.30am to 5.30pm London time
Prices will also be published as a $/bl differential to Ice Brent the
Ice Brent 1 minute marker at 4.30pm London time and converted VGO 0.5%S cif northwest Europe cargo
to US dollars/tonne at a rate of 6.81405 bl/t. See the Argus Crude Vacuum gasoil 0.5% sulphur
methodology for details of the Ice Brent 1 minute marker price. Ar- Unit: US dollars/tonne
gus reserves the right to determine which Ice Brent contract month Period: delivery 5-15 days forward
is used as the basis for the calculation, in line with market condi- Size: standardised to 25,000-30,000t
tions. Basis: cif northwest Europe standardised to Amsterdam-Rotter-
Unit: US dollars/tonne dam-Antwerp
Period: loading 5-15 days forward Origin: not produced in the Russian Federation, not blended with
Size: standardised to 25,000-30,000t any product that was produced in the Russian Federation, not ex-
Basis: fob Rotterdam area ported from the Russian Federation, and which can be reasonably
Origin: not produced in the Russian Federation, not blended with documented as such.

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METHODOLOGY AND SPECIFICATIONS GUIDE June 2025

Specifications: maximum 0.5% sulphur, less than 1ppm sodium, Fuel oil VWA fob northwest Europe barge
nickel, vanadium, less than 2ppm iron, typical 80-85°C aniline, The Argus Rotterdam high-sulphur fuel oil barge fob trade volume-
typical 0.915 density, maximum 0.5% CCR, maximum 1,500ppm weighted average (Argus HSFO VWA) is calculated from transactions
nitrogen reported to Argus for publication on the Argus Fuel Oil Bulletin Board.
Assessment time: is 8.30am to 5.30pm London time
The Argus HSFO VWA will be constructed from transactions con-
VGO 2%S cif northwest Europe cargo cluded between 11.00am and 11.30am London time and 3.45pm and
Vacuum gasoil 2% sulphur 4.45pm London time and reported to Argus by 11.30am and 4.45pm,
Unit: US dollars/tonne respectively, for publication on the Argus Fuel Oil Bulletin Board. It is
Period: delivery 5-15 days forward an arithmetic average of transactions that meet the specifications and
Size: standardised to 25,000-30,000t requirements listed under Fuel oil 3.5% (see above).
Basis: cif northwest Europe standardised to Amsterdam-Rotter-
dam-Antwerp Argus reserves the right not to include transactions reported to
Origin: not produced in the Russian Federation, not blended with Argus within the Argus HSFO VWA at its discretion. Argus has an
any product that was produced in the Russian Federation, not ex- 11.30am and a 4.45pm London time cut-off point for the receipt of
ported from the Russian Federation, and which can be reasonably information. Argus reserves the right to discard any transaction for
documented as such. inclusion in the Argus HSFO VWA received after the cut-off points.
Specifications: maximum 2.0% sulphur, less than 1ppm sodium, Information received after the cut-off point for each time period will
nickel, less than 2ppm vanadium, iron, typical 75-80°C aniline, not be included in the Argus HSFO VWA unless Argus decides there
typical 0.925 density, maximum 0.5% CCR, maximum 1,700ppm are circumstances that warrant the information’s inclusion.
nitrogen, maximum 700ppm asphaltenes
Assessment time: 8.30am to 5.30pm London time. Responsibility for submitting information submitted to Argus for
inclusion in the Argus HSFO VWA is held by the submitting party.
Barges The Argus HSFO VWA will be constructed on the basis of the com-
bined transactional information from both time periods.
Fuel oil 1%S fob northwest Europe barge
Fuel oil 1% sulphur The location of Rotterdam includes Europoort.
In the absence of trade, talked differentials to the published volume-
weighted average of 3.5pc barge values are used to assess values. It is assumed that transactions have a nomination process that
Unit: US dollars/tonne gives the buyer the right to nominate the laycan and that the buyer
Period: loading 3-15 days forward (Monday-Tuesday) and 5-15 must give the seller 48 working hours notice of the dates required.
days forward (Wednesday-Friday) Material is bunker quality for supply into the shipping market. In the
Basis: fob Rotterdam/Antwerp event of there being no reported transactions the Argus HSFO VWA
Size: standardised to 1,000-2,000t will be the mid-point of the Argus range for 3.5% high sulphur fuel oil
Origin: not produced in the Russian Federation, not blended with barges.
any product that was produced in the Russian Federation, not ex-
ported from the Russian Federation, and which can be reasonably Fuel oil 3.5%S RMK fob northwest Europe barge
documented as such. Fuel oil 3.5% sulphur RMK
Specifications: maximum 1% sulphur, 380cst at 50°C, 0.991 spe- The RMK 500cst differential barge price will be assessed as a dif-
cific gravity, minimum 65°C flash ferential to the mean of the RMG 3.5% sulphur 380cst barge quote,
Assessment time: 8.30am to 5.30pm London time as assessed at 4.30pm London time. This differential will typically
be the volume-weighted average of deals conducted during the
Fuel oil 3.5%S RMG fob northwest Europe barge trading period.
Fuel oil 3.5% sulphur The RMK outright barge price will be calculated using the volume-
Unit: US dollars/tonne weighted average of the RMK differential to the RMG 3.5% sulphur
Period: loading 3-15 days forward (Monday-Tuesday) and 5-15 380cst barge quote, as assessed at 4.30pm London time.
days forward (Wednesday-Friday) In the event of there being no reported RMK transactions, the RMK
Basis: fob Rotterdam differential barge price assessment will be based on bids and offers
Size: standardised to 1,000-2,000t in the market during the assessment time.
Origin: not produced in the Russian Federation, not blended with Unit: US dollars/tonne
any product that was produced in the Russian Federation, not ex- Period: loading 5-15 days forward
ported from the Russian Federation, and which can be reasonably Size: standardised to 2,000-5,000t. Trades for other qualities and
documented as such. quantities may be adjusted to reflect values for 2,000-5,000t
Specifications: maximum 3.5% sulphur, 380cst at 50°C, 0.991 spe- Basis: fob Rotterdam/Antwerp/Amsterdam, standardised to Rot-
cific gravity, 50ppm silicon, 30ppm aluminium, 300ppm maximum terdam
vanadium, H2S 2ppm Origin: not produced in the Russian Federation, not blended with
Assessment time: is 8.30am to 5.30pm London time any product that was produced in the Russian Federation, not ex-

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METHODOLOGY AND SPECIFICATIONS GUIDE June 2025

ported from the Russian Federation, and which can be reasonably documented as such.
documented as such. Specifications: maximum 1% sulphur, cracked, 380cst, 0.991
Specifications: ISO 8217:2010 RMK, maximum 3.5% sulphur, specific gravity, minimum 65°C flash
500cst at 50°C, 1.010 specific gravity, 60ppm aluminium plus sili- Assessment time: 8.30am to 5.30pm London time
con, 450ppm vanadium, H2S 2ppm
Assessment time: is 8.30am to 4.30pm London time Fuel oil 3.5%S fob west Mediterranean
Fuel oil 3.5% sulphur
VGO 0.5%S fob northwest Europe barge The price will be calculated by taking the 3.5% cif west Mediterra-
Vacuum gasoil 0.5% sulphur. nean price assessment and subtracting from it cross-Mediterranean
Unit: US dollars/tonne spot freight. The cross-Mediterranean spot freight will be based on
Period: loading 2-8 days forward current spot freight rates (WS100 rates) as they apply to an average
Size: standardised to 1,000-2,000t of specific routes. These are Santa Panagia Bay to Lavera, Zawia to
Basis: fob Rotterdam Gibraltar and Marsa el-Brega to Genoa for 30,000t vessels.
Origin: not produced in the Russian Federation, not blended with Unit: US dollars/tonne
any product that was produced in the Russian Federation, not ex- Period: loading 10-25 days forward
ported from the Russian Federation, and which can be reasonably Size: standardised to 30,000-35,000t
documented as such. Basis: fob Italian Isles
Specifications: maximum 0.5% sulphur, less than 1ppm sodium, Origin: not produced in the Russian Federation, not blended with
nickel, vanadium, less than 2ppm iron, typical 80-85°C aniline, any product that was produced in the Russian Federation, not ex-
typical 0.915 density, maximum 0.5% CCR, maximum 1,500ppm ported from the Russian Federation, and which can be reasonably
nitrogen documented as such.
Assessment time: 8.30am to 5.30pm London time Specifications: maximum 3.5% sulphur, maximum viscosity
380cst, 0.991 specific gravity, maximum 0.15% ash, maximum 0.5%
VGO 2%S fob northwest Europe barge water, maximum CCR 18%, flash point 60°C minimum, combined
Vacuum gasoil 2% sulphur aluminium and silicon 80ppm
Unit: US dollars/tonne Assessment time: 8.30am to 5.30pm London time
Period: loading 2-8 days forward
Size: standardised to 1,000-2,000t Fuel oil 0.5%S cif west Mediterranean
Basis: fob Rotterdam area Fuel oil 0.5% sulphur
Origin: not produced in the Russian Federation, not blended with Unit: US dollars/tonne
any product that was produced in the Russian Federation, not ex- Period: delivery 10-25 days forward
ported from the Russian Federation, and which can be reasonably Size: standardised to 30,000-35,000t
documented as such. Basis: cif Lavera/Genoa
Specifications: maximum 2% sulphur, less than 1ppm sodium, Origin: not produced in the Russian Federation, not blended with
nickel, less than 2ppm vanadium, iron, typical 75-80°C aniline, any product that was produced in the Russian Federation, not ex-
typical 0.925 density, maximum 0.5% CCR, maximum 1,700ppm ported from the Russian Federation, and which can be reasonably
nitrogen, maximum 700ppm asphaltenes documented as such.
Assessment time: is 8.30am to 5.30pm London time Specifications: maximum 0.5% sulphur, maximum viscosity
380cst, 0.991 specific gravity, maximum 0.15% ash, maximum 0.5%
Mediterranean water, maximum CCR 18%, flash point 60°C minimum, combined
aluminium and silicon 80ppm
Fuel oil 1%S fob west Mediterranean Assessment time: 8.30am to 5.30pm London time
Fuel oil 1% sulphur
The price will usually be netted back from the Argus 1% cif Mediter- Fuel oil 1%S cif west Mediterranean
ranean price assessment using an Argus assessment of cross- Fuel oil 1% sulphur
Mediterranean freight modified by regional market conditions. The price is a net-forward from the fob northwest Europe 1% cargoes
The cross-Mediterranean freight cost will be based on current spot assessment, adding freight costs based on the Argus cross UK Con-
freight rates (WS100 rates) as they apply to an average of specific tinent rate for 30,000t vessels and a standard WS10 premium, and
routes. These routes are Santa Panagia Bay to Lavera, Zawia to converted to $/t using a UK Continent to Mediterranean flat rate.
Gibraltar and Marsa el-Brega to Genoa for 30,000t vessels. Unit: US dollars/tonne
Unit: US dollars/tonne Period: delivery 10-25 days forward
Period: loading 10-25 days forward Size: standardised to 30,000-35,000t
Size: standardised to 30,000-35,000t Basis: the price is representative of basis cif Milazzo
Basis: fob Italian Isles Origin: not produced in the Russian Federation, not blended with
Origin: not produced in the Russian Federation, not blended with any product that was produced in the Russian Federation, not ex-
any product that was produced in the Russian Federation, not ex- ported from the Russian Federation, and which can be reasonably
ported from the Russian Federation, and which can be reasonably documented as such.

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METHODOLOGY AND SPECIFICATIONS GUIDE June 2025

Specifications: maximum 1% sulphur, cracked, 380cst, 0.991 Specifications: maximum 2% sulphur, less than 1ppm sodium,
specific gravity, minimum 65°C flash nickel, less than 2ppm vanadium, iron, typical 75-80°C aniline,
Assessment time: 8.30am to 5.30pm London time typical 0.925 density, maximum 0.5% CCR, maximum 1,700ppm
nitrogen, maximum 700ppm asphaltenes.
Fuel oil 3.5%S cif west Mediterranean Assessment time: is 8.30am to 5.30pm London time
Fuel oil 3.5% sulphur
Unit: US dollars/tonne
Period: delivery 10-25 days forward Monthly averages
Size: standardised to 30,000-35,000t
Basis: cif Lavera/Genoa Month-to-date averages are the running average of daily low and high
Origin: not produced in the Russian Federation, not blended with prices. The final monthly averages are those published on the last
any product that was produced in the Russian Federation, not ex- publication date of the calendar month. Monthly averages are pub-
ported from the Russian Federation, and which can be reasonably lished for all products in northwest Europe and the Mediterranean.
documented as such.
Specifications: maximum 3.5% sulphur, maximum viscosity
380cst, 0.991 specific gravity, maximum 0.15% ash, maximum 0.5% Russian refined products
water, maximum CCR 18%, flash point 60°C minimum, combined
aluminium and silicon 80ppm The price of Russian refined products exported on a fob Black Sea
Assessment time: 8.30am to 5.30pm London time or fob Baltic Sea basis, calculated daily by subtracting the latest
weekly assessment of Russian-origin discounts from the daily Euro-
VGO 0.5%S cif central Mediterranean pean market prices listed below. Prices are published in US dollars
Vacuum gasoil 0.5% sulphur per tonne and converted to US dollars per barrel. G7 price caps are
Prices will also be published as a $/bl differential to the Ice Brent 1 also published in US dollars per barrel.
minute marker at 4.30pm London time and converted to US dollars/
tonne at a rate of 6.88853 bl/t. See the Argus Crude methodology See the Argus Russian Products Exports methodology for more
for details of the Ice Brent 1 minute marker price. Argus reserves information about the assessment of Russian-origin discounts.
the right to determine which Ice Brent contract month is used as the
basis for the calculation, in line with market conditions. fob Baltic
Unit: US dollars/tonne Diesel: French 10ppm cif ARA cargo 30-60kt
Period: delivery 5-15 days forward Gasoline: Eurobob oxy northwest Europe barge
Size: standardized to 25,000-30,000t Naphtha: 65para cif northwest Europe cargo
Basis: cif Malta Fuel oil: the average of 3.5%S cif northwest Europe cargo and
Origin: not produced in the Russian Federation, not blended with 3.5%S RMG fob northwest Europe barge prices
any product that was produced in the Russian Federation, not ex- VGO: Ice Brent 1 minute marker at 4:30pm London time — weekly
ported from the Russian Federation, and which can be reasonably discounts are assessed relative to the price of North Sea Dated
documented as such. crude and are translated into Ice Brent terms on the day of assess-
Specifications: maximum 0.5% sulphur, less than 1ppm sodium, ment for the calculation of daily outright prices
nickel, vanadium, less than 2ppm iron, typical 80-85°C aniline,
typical 0.915 density, maximum 0.5% CCR, maximum 1,500ppm fob Black Sea
nitrogen Diesel: French 10ppm cif west Mediterranean cargo 30-60kt
Assessment time: 8.30am to 5.30pm London time High-sulphur gasoil: heating oil French 0.1%S fob west Mediter-
ranean
VGO 2%S cif central Mediterranean Naphtha: 65para fob west Mediterranean
Vacuum gasoil 2% sulphur Fuel oil: 3.5%S fob west Mediterranean
Prices will also be published as a $/bl differential to the Ice Brent 1 VGO: Ice Brent 1 minute marker at 4:30pm London time — weekly
minute marker at 4.30pm London time and converted to US dollars/ discounts are assessed relative to the price of North Sea Dated
tonne at a rate of 6.81405 bl/t. See the Argus Crude methodology crude and are translated into Ice Brent terms on the day of assess-
for details of the Ice Brent 1 minute marker price. Argus reserves ment for the calculation of daily outright prices
the right to determine which Ice Brent contract month is used as the
basis for the calculation, in line with market conditions.
Unit: US dollars/tonne Barge freight
Period: delivering 5-15 days forward
Size: standardized to 25,000-30,000t Argus European Products includes ARA-region barge freight rates
Basis: cif Malta republished from Argus O.M.R. Fuels. Rates are converted to US
Origin: not produced in the Russian Federation, not blended with dollars/t at the prevailing euro/dollar exchange rate at 11am London
any product that was produced in the Russian Federation, not ex- time on the day of assessment. Barge freight rates follow a German
ported from the Russian Federation, and which can be reasonably publishing schedule. See the Argus O.M.R. Fuels methodology.
documented as such.

20 www.argusmedia.com
 19 January 2005
METHODOLOGY AND SPECIFICATIONS GUIDE June 2025

Rates are published for • Diesel: French 10ppm cif northwest Europe cargo differential
• Rotterdam to Amsterdam or Antwerp to Ice gasoil
• Antwerp to Amsterdam • High-sulphur fuel oil cargo: 3.5%S cif northwest Europe cargo
• ARA cross-harbour • High-sulphur fuel oil barge: fuel oil 3.5%S RMG fob north-
• Antwerp to Amsterdam differential to Rotterdam to Amster- west Europe barge
dam or Antwerp • Low-sulphur fuel oil: 1%S fob northwest Europe cargo
• Very low-sulphur fuel oil: 0.5%S fob ARA barge

IMO 2020-compliant fuels Crack spreads

Northwest Europe Argus publishes the dollar per barrel differential between various
refined products prices and the price of front-month Ice Brent crude
Barges futures at 4.30pm London time on the day of assessment. Products
prices assessed in $/t are converted to $/bl at the t/bl densities
Fuel oil 0.5%S fob northwest Europe barge listed below. Crack spreads are published for:
Unit: US dollars/tonne
Period: loading 3-15 days forward •E  urobob non-oxy gasoline barges fob northwest Europe,
Size: 2,000-5,000t 8.33t/bl
Basis: fob Amsterdam/Rotterdam/Antwerp • Naphtha 65 para cif northwest Europe, 8.9t/bl
Assessment time: 3.15pm to 4.30pm London time • Jet cif northwest Europe, 7.88t/bl
Published as an outright price and a $/t differential to the front- • Diesel 10ppm fob ARA, 7.46t/bl
month Ice gasoil futures contract. • 3.5% 380cst RMG fuel oil barges fob northwest Europe, 6.45t/bl
• 0.5% fuel oil barges fob northwest Europe, 6.45t/bl
Specifications
Sulphur % mass Max 0.5

Viscosity at 50°C mm²/s Max 380

Density at 15°C kg/m³ Max 991

CCAI Max 870

Flash point °C Min 60

Hydrogen sulphide mg/kg Max 2

Acid number mg KOH/g Max 2.5

Total sediment aged - % mass Max 0.1

Carbon residue micro method - % mass Max 18

Pour point upper - °C Max 30

Water % volume Max 0.5

Ash % mass Max 0.1

Vanadium mg/kg Max 350

Sodium mg/kg Max 100

Aluminium plus silicon mg/kg Max 60

Free from used lubricating oil (UKO)

Forward prices

Forward price assessments are published for up to three months

and two quarters forward. Monthly price assessments roll forward
on the first publication day after the 15th of the month. Quarterly
price assessments roll forward on the first publication day after the
15th day of the month before the start of the quarter.

Prices are published for

• Gasoline: Argus Eurobob non-oxy fob ARA barge swaps
• Gasoline: Argus Eurobob oxy fob ARA barge swaps
• Naphtha: 65 para cif northwest Europe cargo
• Jet: cif northwest Europe cargo differential to Ice gasoil
• Gasoil: heating oil German 0.1%S fob northwest Europe
barge differential to Ice gasoil

21 www.argusmedia.com