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CRUDE OIL MARKETWIRE

Volume 39 / Issue 152 / August 3, 2018

KEY BENCHMARKS ($/barrel) BRENT/WTI SPREADS AND EFPS (PGA page 218) MARKET COMMENTARY
Mid Change Mid Change
(PGA page 2210) Brent/WTI 1st AALAU00 5.97/5.99 5.980 +0.185
Dubai (Oct) PCAAT00 71.89–71.91 71.900 +0.700 Brent/WTI 2nd AALAV00 6.70/6.72 6.710 +0.215 Middle East Sour
Dubai (Nov) PCAAU00 71.68–71.70 71.690 +0.770 Brent/WTI 3rd AALAY00 7.180 +0.215
Dubai (Dec) PCAAV00 71.45–71.47 71.460 +0.730 Brent EFP (Oct) AAGVX00 0.11/0.13 0.120 +0.075 Market analysis: (PGA page 2298) Fresh OSPs breathed new
MEC (Oct) AAWSA00 71.89–71.91 71.900 +0.700 Brent EFP (Nov) AAGVY00 0.12/0.14 0.130 +0.075
MEC (Nov) AAWSB00 71.68–71.70 71.690 +0.770 Brent EFP (Dec) AAMVY00 0.140 +0.075
life into the Middle Eastern sour crude market Friday.
MEC (Dec) AAWSC00 71.45–71.47 71.460 +0.730 WTI EFP (Sep) AAGVT00 -0.01/0.01 0.000 0.000 Saudi Aramco released their official selling prices for
Brent/Dubai (Oct) AAJMS00 1.37/1.38 1.375 +0.045 WTI EFP (Oct) AAGVU00 -0.01/0.01 0.000 0.000 crude oil loading in September late Thursday, with light
(PGA page 1212) WTI EFP (Nov) AAGVV00 -0.01/0.01 0.000 0.000
Brent (Dated) PCAAS00 72.43–72.45 72.440 -0.735 crude grades to Asia seeing significant cuts. Aramco
Dated North Sea Light AAOFD00 72.43–72.45 72.440 -0.735
MIDDLE EAST ($/barrel) dropped the OSPs by 40-70 cents/b for all its crude
Dated Brent (CIF) PCAKM00 73.280 -0.310 Mid Change
(PGA page 2210) grades, according to a company notice seen by S&P
Brent (Oct) PCAAQ00 73.41–73.43 73.420 +0.195
Brent (Nov) PCAAR00 73.71–73.73 73.720 +0.235 Oman (Oct) PCABS00 71.99–72.01 72.000 +0.750 Global Platts. The company cut its OSP for Arab Super
Oman (Nov) AAHZF00 71.74–71.76 71.750 +0.800
Brent (Dec) PCARR00 73.840 +0.255
Oman (Dec) AAHZH00 71.49–71.51 71.500 +0.750
Light by 65 cents/b from August to a premium of $4.55/b
Sulfur de-escalator AAUXL00 0.20
Oseberg QP (Aug) AAXDW00 0.6721 Upper Zakum (Oct) AAOUQ00 71.88–71.92 71.900 +0.700 to the average of Oman/Dubai in September. This is the
Oseberg QP (Sep) AAXDX00 0.5620 Murban AAKNL00 74.28–74.32 74.300 +0.700 lowest the OSP for the grade has been since December
Ekofisk QP (Aug) AAXDY00 0.2969 Al Shaheen AAPEV00 71.88–71.92 71.900 +0.700
Spread vs OSP 2017, when it was also set at that level. Similarly, Saudi
Ekofisk QP (Sep) AAXDZ00 0.2370
(PGA page 210) Murban AAKUB00 -0.30–-0.20 -0.250 0.000 Aramco dropped the OSP in September for Arab Extra
Spread vs Dubai Light by 70 cents/b from August to a premium of $1.80/b
WTI (Sep) PCACG00 68.48–68.50 68.490 -0.470
Murban AARBZ00 2.840 -0.030
WTI (Oct) PCACH00 67.34–67.36 67.350 -0.310 to the average of Oman/Dubai, matching the lows seen in
Al Shaheen AAPEW00 0.39–0.49 0.440 -0.030
WTI (Nov) AAGIT00 66.92–66.94 66.930 -0.250
Light Houston Sweet AAXEW00 70.890 -0.470
Quality Premiums November 2017. The Arab Light and Arab Medium OSPs in
Murban QP (Oct) AAISV00 1.4885
Light Houston Sweet M2 AAYRY00 71.050 -0.310 September saw a drop of 70 cents/b and 40 cents/b,
LOOP Sour (Sep) AALSM01 68.190 -0.470 (PGA page 2658)
(continued on page 3)
LOOP Sour (Oct) AALSM02 68.200 -0.060 Dubai Swap (Sep) AAHBM00 71.67–71.71 71.690 +0.770
LOOP Sour (Nov) AALSM03 68.280 0.000 Dubai Swap (Oct) AAHBN00 71.44–71.48 71.460 +0.730
Bakken AAXPP00 64.520 -0.690 Dubai Swap (Nov) AAHBO00 71.23–71.27 71.250 +0.660 CONTENTS
Eagle Ford Marker AAYAJ00 71.000 -0.350
ACM* (Sep) AAQHN00 67.63–67.65 67.640 -0.520 Asia Pacific Sweet 4
ACM* (Oct) AAQHO00 67.64–67.66 67.650 -0.110
URALS MEDITERRANEAN vs. URALS ROTTERDAM North Sea 4
ACM* (Nov) AAQHP00 67.72–67.74 67.730 -0.050 ($/b)
0.6 Mediterranean Light/Sweet 6
*Americas Crude Marker.
Mediterranean Sour 6
FORWARD DATED BRENT ($/barrel) (PGA page 1250) 0.4 West Africa 8
Mid Change
North Sea Dated strip AAKWH00 72.59–72.60 72.595 -0.010
US MOC Commentary 9
0.2
Mediterranean Dated strip AALDF00 72.60–72.62 72.610 -0.015 US Gulf Coast 9
33-63 Day Dated strip AALEJ00 72.83–72.84 72.835 +0.110 0.0 US Shale 10
BTC Dated strip AAUFI00 72.61–72.63 72.620 -0.040 US West Coast 11
15-45 Day Dated strip AALGM00 72.65–72.67 72.660 -0.090
-0.2 Canada 11
30-60 Day Dated strip AAXRK00 72.80–72.81 72.805 +0.095 20-Jul 24-Jul 26-Jul 30-Jul 01-Aug 03-Aug
North Sea CIF Dtd strip AAHXE00 72.610 -0.020 Source: S&P Global Platts Latin America 12

www.platts.com
CRUDE OIL MARKETWIRE AUGUST 3, 2018

ASIA PACIFIC AND MIDDLE EAST CRUDE ASSESSMENTS ($/barrel)

(Asia MOC) (Asia MOC) (Asia close) (London close)
API
Gravity Code Mid Change Code Mid Change Code Mid Change Code Mid Change
Condensate (PGA page 2212) (PGA page 2213)
Diff to Dubai Diff to Asian Dated Brent
NW Shelf 61.9 PCAGX00 72.06–72.10 72.080 +0.710 AAPAI00 -0.65 -0.050 AAPAH00 72.150 +0.050
DFC 56.82 ADFCA00 74.89–74.93 74.910 +0.680 ADFCB00 3.40/3.50 3.450 -0.050 ADFCC00 2.020 -0.050 ADFCD00 75.060 +0.120
Qatar LSC 56.9 AARBB00 73.64–73.68 73.660 +0.680 AARBD00 2.15/2.25 2.200 -0.050 AARBC00 0.770 -0.050 AARBA00 73.810 +0.120
South Pars 57.4 AARAV00 73.24–73.28 73.260 +0.680 AARAX00 1.75/1.85 1.800 -0.050 AARAW00 0.370 -0.050 AARAU00 73.410 +0.120
Diff to ICP
Senipah 54.4 AAEOE00 72.57–72.61 72.590 +0.710 AAEOK00 1.50/1.60 1.550 0.000 AAPBE00 -0.140 -0.050 AAPBD00 72.660 +0.050
Light crude (PGA page 2214) (PGA page 2215)
Diff to ICP Diff to Asian Dated Brent
Cossack 47.7 PCAGZ00 73.51–73.55 73.530 +0.760 AAPAC00 0.800 0.000 AAPAB00 73.600 +0.100
Gippsland 48.7 PCACP00 71.56–71.60 71.580 +0.760 AAPAU00 -1.150 0.000 AAPAT00 71.650 +0.100
Tapis 45.2 PCACB00 74.61–74.65 74.630 +0.760 AAOZW00 1.900 0.000 AAOZV00 74.700 +0.100
Belida 45.1 PCAFL00 69.56–69.60 69.580 +0.880 PCAFM00 0.80/0.90 0.850 0.000 AAPBQ00 -3.150 +0.120 AAPBP00 69.650 +0.220
Kutubu 44.3 PCAFJ00 73.21–73.25 73.230 +0.760 AAPAE00 0.500 0.000 AAPAD00 73.300 +0.100
Handil Mix 43.9 PCABE00 72.41–72.45 72.430 +0.880 PCABF00 2.20/2.30 2.250 0.000 AAPBI00 -0.300 +0.120 AAPBH00 72.500 +0.220
Attaka 42.3 PCAAJ00 69.36–69.40 69.380 +0.880 PCAAK00 0.15/0.25 0.200 0.000 AAPBC00 -3.350 +0.120 AAPBB00 69.450 +0.220
Ardjuna 38.0 PCACQ00 67.36–67.40 67.380 +0.880 PCACR00 0.25/0.35 0.300 0.000 AAPBG00 -5.350 +0.120 AAPBF00 67.450 +0.220
Banyu Urip 32.0 PCAFQ00 75.530 +0.760 PCAQQ00 2.300 0.000 AAPBU00 2.800 0.000 AAPBR00 75.600 +0.100
Diff to Dubai
Sakhalin Blend 45.5 AARBN00 73.69–73.73 73.710 +0.730 AARCN00 2.20/2.30 2.250 0.000 AARDN00 0.820 0.000 AAREN00 73.860 +0.170
ESPO M1 34.8 AARWF00 73.72–73.76 73.740 +0.770 AASEU00 2.00/2.10 2.050 0.000
ESPO M2 34.8 AAWFE00 73.54–73.58 73.560 +0.730 AAWFG00 2.05/2.15 2.100 0.000
Diff to Oman/Dubai
Sokol 39.7 AASCJ00 74.59–74.63 74.610 +0.750 AASCK00 3.05/3.15 3.100 0.000 AAPAO00 1.720 +0.020 AAPAN00 74.760 +0.190
Kikeh 34.9 AAWUH00 76.41–76.45 76.430 +0.760 AAOZY00 3.700 0.000 AAOZX00 76.500 +0.100
Miri Light 32.3 PCABQ00 76.46–76.50 76.480 +0.760 AAPAS00 3.750 0.000 AAPAR00 76.550 +0.100
Labuan 32.0 PCABL00 76.46–76.50 76.480 +0.760 AAPAQ00 3.750 0.000 AAPAP00 76.550 +0.100
Kimanis 38.6 AASCL00 76.180 +0.760 AASCM00 3.450 0.000 AASCN00 76.250 +0.100
Medium crude (PGA page 2216) (PGA page 2217)
Diff to Asian Dated Brent
Su Tu Den 36.8 AARAR00 74.96–75.00 74.980 +0.660 AARAS00 2.250 -0.100 AARAQ00 75.050 0.000
Bach Ho 40.7 PCAHY00 75.56–75.60 75.580 +0.660 AAPAK00 2.850 -0.100 AAPAJ00 75.650 0.000
Nanhai 40.0 PCAFR00 68.86–68.90 68.880 +0.760 AAPAG00 -3.850 0.000 AAPAF00 68.950 +0.100
Diff to ICP
Minas 35.3 PCABO00 67.91–67.95 67.930 +0.780 PCABP00 1.85/1.95 1.900 -0.050 AAPBA00 -4.800 +0.020 AAPAZ00 68.000 +0.120
Nile Blend 33.9 AAPLC00 68.51–68.55 68.530 +0.730 AAPEX00 2.45/2.55 2.500 -0.100 AAPAM00 -4.200 -0.030 AAPAL00 68.600 +0.070
Widuri 33.2 PCAFE00 65.91–65.95 65.930 +0.780 PCAFF00 0.20/0.30 0.250 -0.050 AAPBO00 -6.800 +0.020 AAPBN00 66.000 +0.120
Daqing 32.2 PCAAZ00 65.06–65.10 65.080 +0.680 AAPAW00 -7.650 -0.080 AAPAV00 65.150 +0.020
Cinta 31.1 PCAAX00 65.81–65.85 65.830 +0.780 PCAAY00 0.20/0.30 0.250 -0.050 AAPBK00 -6.900 +0.020 AAPBJ00 65.900 +0.120
Heavy crude (PGA page 2218) (PGA page 2219)
Diff to ICP Diff to Asian Dated Brent
Dar Blend 25.0 AARAB00 65.46–65.50 65.480 +0.660 AARAC00 -7.250 -0.100 AARAA00 65.550 0.000
Shengli 24.2 PCABY00 64.86–64.90 64.880 +0.680 AAPAY00 -7.850 -0.080 AAPAX00 64.950 +0.020
Duri 20.8 PCABA00 65.46–65.50 65.480 +0.780 PCABB00 2.30/2.40 2.350 -0.050 AAPBM00 -7.250 +0.020 AAPBL00 65.550 +0.120
Enfield 22.0 AARAE00 75.030 +0.660 AARAF00 2.300 -0.100 AARAD00 75.100 0.000
Vincent 18.3 AARAK00 72.930 +0.660 AARAL00 0.200 -0.100 AARAJ00 73.000 0.000

respectively, to a premium of $1.20/b to the average of MIDDLE EAST SPOT ASSESSMENTS ($/barrel) (PGA page 2220)
Mid Change Spread vs OSP Mid Change
Oman/Dubai assessments, and a discount of 5 cents/b to
Das Blend AAXOF00 73.63–73.67 73.650
+0.700 AAXPF00 -0.40/-0.30 -0.350 0.000
the average of Oman/Dubai. After several months of Qatar Land AAKNP00 73.18–73.22 73.200
+0.700 AAKUJ00 -0.35/-0.25 -0.300 0.000
increase, the company dropped the OSP for Arab Heavy in Qatar Marine AAKNR00 71.53–71.57 71.550
+0.700 AAKUH00 -0.10/0.00 -0.050
+0.050
Banoco Arab Medium AAKNT00 71.03–71.07 71.050
+0.800 AAKUD00 -0.05/0.05 0.000
+0.300
September, down 60 cents/b from August to a discount of Basrah Light M1 AALZA00 – 71.700
+0.700 AALZE00 0.050
+0.100
85 cents/b to the average of Oman/Dubai assessments in Basrah Light M2 AALZB00 – 71.550
+0.700 AALZF00 -0.050
+0.100
September. Previously, August was the highest Arab Basrah Heavy M1 AALZC00 – 68.650
+0.700 AALZJ00 0.350
+0.050
Basrah Heavy M2 AALZD00 – 68.500
+0.700 AALZK00 0.250
+0.050
Heavy OSP for Asia since Platts began recording data in
2012. Preliminary market sentiment showed signs of
ASIAN CRUDE INDICES ($/barrel) (PGA page 2206)
approval for the cuts. “Saudi cut is reasonable, within
16:30 Singapore Interim Asian Close Diff to Dated Brent Final London Close
market expectations,” a trader in Singapore said on Friday.
Asian Dated Brent (ADB) AAXPG00 73.225
“Saudi has lowered fairly [within] expectations,” added a ADB Strip Asia AARBV00 72.730 AARBX00 72.800
North Asian buyer. Some traders spoke about the ADB Strip Middle East AARBW00 72.890 AARBY00 73.040
Asian Crude Index (ACX) AAXIL00 72.296
potential impact of OSP cuts. “With Saudi OSPs [cuts], I
For definitions see http://www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/Crude-oil-methodology.pdf
would expect unsold ESPO to be trading down to Dubai
plus $1.50s/b to $1.70s/b level,” a third market source said.
Far East Russian ESPO crude barrels have been seeing
downward pressure on premiums due to a relatively APAC DEALS SUMMARY
expensive underlying Dubai basis as well as dwindling Mideast Sour Crude convergences (PGA page 2296)
buying interest from China’s independent refiners lately. ■■NA
Dubai crude and the grades linked to it are perceived as
relatively expensive to Brent-linked barrels due to a
Mideast Sour Crude ■■OCT18: SIETCO offers 25kb $72.05/bbl
narrowing Brent/Dubai Exchange of Futures for Swaps
Withdrawals
spread, traders said. The September Brent/Dubai EFS Trades (PGA page 2284) ■■OCT18: RGES no longer offers 25kb $71.90/bbl
value as of 4:30 pm Singapore time (0830 GMT) ended the ■■OCT18: RGES* sold to VITOLSG 25kb $71.90/bbl 8:29:54
** Denotes OCO order.
■■OCT18: RGES sold to VITOLSG* 25kb $71.90/bbl 8:30:00
month down $2.45/b from $3.67/b on July 2 to $1.22/b as
* Denotes market maker. All times GMT
of July 31, Platts data showed. The first trading day of Mideast Sour Crude Spreads
August saw October EFS pegged at $1.99/b at the Bids (PGA page 2282)
■■OCT18: PDCL bids 25kb $71.85/bbl Trades (PGA page 2284)
Singapore close of trading, which then quickly whittled
■■OCT18: TOTSA bids 25kb $71.65/bbl ■■No trades reported
down to $1.62/b the same time on August 2. As of 0700 ■■OCT18: EQUINOR bids 25kb $71.60/bbl * Denotes market maker. All times GMT
GMT Friday, the October EFS was pegged at $1.79/b. ■■OCT18: SIETCO bids 25kb $71.60/bbl
Bids (PGA page 2282)
■■OCT18: BPSG bids 25kb $71.50/bbl
■■No bids reported
■■OCT18: CHINAOIL bids 25kb $71.40/bbl
Dubai Mo01 assessment rationale: (PGA page 2295) The Withdrawals
■■OCT18: UNIPECASIA bids 25kb $71.40/bbl
October cash Dubai assessment Friday took into ■■No bids reported
Withdrawals
consideration trades for October Dubai partials at $71.90/b ** Denotes OCO order.
■■OCT18: VITOLSG no longer bids 25kb $71.90/bbl
during the Platts Market on Close assessment process. ** Denotes OCO order. Offers (PGA page 2283)
The above commentary applies to the market data code: PCAAT00 ■■No offers reported
Offers (PGA page 2283)
Withdrawals
■■OCT18: EQUINOR offers 25kb $72.00/bbl
Oman Blend Mo01 assessment rationale: (PGA page 2295) ■■OCT18: UNIPECASIA offers 25kb $72.00/bbl
■■No offers reported
** Denotes OCO order.
October cash Oman was assessed equivalent to a premium ■■OCT18: CHINAOIL offers 25kb $72.05/bbl

of 54 cents/b to October Dubai swaps Friday, in line with APAC DEALS SUMMARY
values discussed in the wider market. Asia Light Sweet Crude Asia Light Sweet Crude Spreads
The above commentary applies to the market data code: PCABS00
Trades (PGA page 2254) Trades (PGA page 2254)
■■No trades reported ■■No trades reported
Mideast Sour Crude exclusions: (PGA page 2285) * Denotes market maker. All times GMT * Denotes market maker. All times GMT

Bids (PGA page 2252) Bids (PGA page 2252)

Asia Pacific Sweet ■■No bids reported ■■No bids reported
Withdrawals Withdrawals
Market analysis: (PGA page 2299) Activity was thin in the ■■No bids reported ■■No bids reported
Asian sweet crude market Friday as traders waited for the ** Denotes OCO order. ** Denotes OCO order.
next set of loading programs and tenders from the October Offers (PGA page 2253) Offers (PGA page 2253)
cycle. Some clarity was seen on tenders that closed at the ■■No offers reported ■■No offers reported
end of July. ConocoPhillips was heard to have sold via Withdrawals Withdrawals
tender a Kikeh crude cargo for loading over September to ■■No offers reported ■■No offers reported
** Denotes OCO order. ** Denotes OCO order.
an oil major at a premium of around $3.90/b to Platts Dated
Brent on an FOB basis. Exact loading dates were unclear,
though traders said the cargo was a cross-month one and
that the value for September-loading Malaysian crude oil dates were unclear. Traders were also discussing the recent
North Sea
basket grades should be around a premium of $3.50-$3.75/ changes to the Indonesian Crude Price formula. The
b to Dated Brent crude assessments on an FOB basis. formula, which will be implemented retroactively from July Market analysis: (PGA page 1299) New signs of an arbitrage
Earlier trades of Malaysian basket crudes saw Labuan being for a year, has been revised to reflect Platts Dated Brent east emerged in the North Sea crude market Friday, with a
traded at a premium of around $4/b to Platts Dated Brent plus/minus an alpha, from Platts Dated Brent plus an alpha VLCC reportedly booked for a late August voyage east.
assessments and Miri at a premium of around $3.50/b to previously, the official said. The previous formula had given Shipbrokers linked Totsa with the Athenian Freedom VLCC
Platts Dated Brent, both on an FOB basis. Premiums for the impression that ICPs were higher than Brent, when in for an August 23-26 voyage from the North Sea to South
MCOs have remained resilient despite what several traders fact, only Banyu Urip crude was priced higher, oil and gas Korea at a $4.2 million lump sum. Total could not be
have said were aggressive offers for US crudes delivered to director general at the energy and mines ministry Djoko reached for comment. In the derivatives market, Brent
Asia. WTI Midland for delivery to Asia have been heard Siswanto said. The government has also included an Contracts for Difference flattened over late August-early
offered at a premium of around $1/b to Platts Dated Brent additional scenario to the existing four scenarios, which September dates. In the brokered market Friday afternoon,
crude assessments on a delivered basis, with CPC Taiwan have been implemented since July 2016, to determine the August 20-24 to September 3-7 CFDs traded at parity,
and another Southeast Asian end-user among those who alpha, Siswanto said. The fifth scenario takes into account compared with a 15 cents/b contango Thursday afternoon,
have picked up cargoes recently. Elsewhere, Malaysia’s the gross product worth, or GPW, of the crude grades, or while the rest of the curve remained in a contango. Market
Petronas was heard to have sold its Bergading condensate the price of the crude based on its product yields. participants said North Sea’s sweet grades were trading at
cargo for loading over September 21-30 to a regional end- a slow pace, while distillates rich grades were heard to be
user at a discount of around $1.25/b to Platts Dated Brent ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01 faring better, in light of healthy distillates cracks. “Sweet
crude assessments on an FOB basis. Sources said that a assessment rationale: (PGA page 2292) The ESPO M1 seems very slow to move so far,” a source said. Another
considerable surplus of condensate cargoes remained assessment Friday took into consideration latest trades source reported healthy and steady appetite for Norway’s
available. Apart from Australia’s North West Shelf heard for ESPO Blend crude. Grane crude. “Urals is not plentiful, Iranian sanctions
condensate and Wheatstone condensate, traders said The above commentary applies to the market data code: AASEU00 kicking in and the fuel oil and distillates cracks being
cargoes of Equatorial Guinea’s Alba and Alen condensates excellent means that Grane has value,” the trader said,
were still being offered to end-users in Asia, though loading Asia Pacific Sweet exclusions: (PGA page 2255) reporting abundant supplies of light crude, together with

rising imports of US crude and a meager gasoline crack NORTH SEA SPOT CRUDE ASSESSMENTS ($/barrel) (PGA page 1212)
Mid Change Spread vs fwd Dated Brent Mid Change
relative to distillates. “It looks like a decent amount of US
Dated Brent Diff AAXEZ00 -0.16/-0.15 -0.155 -0.725
crude will arrive in September,” the first trader said. “The BNB AAVJA00 72.86–72.88 72.870
-0.310 AAVJB00 0.27/0.28 0.275
-0.300
uncertainty of [what] China [is] taking means homes need Forties PCADJ00 72.43–72.45 72.440
-0.795 AAGWZ00 -0.16/-0.15 -0.155 -0.785
Oseberg PCAEU00 73.66–73.68 73.670
-0.210 AAGXF00 1.07/1.08 1.075
-0.200
to be found elsewhere.” While agreeing on the upward trend Ekofisk PCADI00 73.20–73.22 73.210
-0.260 AAGXB00 0.61/0.62 0.615
-0.250
amid US crude exports to Europe, sources’ estimates Troll AAWEX00 73.94–73.95 73.945
-0.210 AAWEY00 1.34/1.36 1.350
-0.200
Statfjord PCAEE00 72.38–72.39 72.385
-0.010 AAGXD00 -0.22/-0.20 -0.210 0.000
appeared to somewhat diverge. A source pegged Flotta Gold PCACZ00 71.24–71.25 71.245
+0.140 AAGXH00 -1.36/-1.34 -1.350 +0.150
September arrivals around one Aframax per day. “June Duc AAWEZ00 73.34–73.35 73.345
-0.010 AAWFL00 0.74/0.76 0.750 0.000
Grane Blend PCALA00 71.345
-0.060 PCALB00 -1.250
-0.050
exports were by far the highest, although most is destined Statfjord (CIF) AASAS00 73.44–73.45 73.445
-0.010 AASAT00 0.84/0.86 0.850 0.000
for Asia.” Meanwhile, an estimated 6.4 million barrels of Gullfaks (CIF) AASAU00 74.34–74.35 74.345
-0.110 AASAV00 1.74/1.76 1.750
-0.100
Alvheim (CIF) ALVHA00 76.195
-0.010 ALVHB00 3.600 0.000
Ekofisk crude loaded out of the UK’s Tees terminal over the Asgard (CIF) ASGCA00 72.445
-0.010 ASGCB00 -0.150 0.000
course of July, according to S&P Global Platts trade flow North Sea basket AAGIZ00 73.04–73.06 73.050
-0.390
North Sea Dated Strip AAKWH00 72.59–72.60 72.595
-0.010
software cFlow. All barrels leaving Tees in July remained in
Spread vs fwd CIF Dated Brent
Europe, with increased volumes heading to the Dated Brent (CIF) AAVJG00 73.280
-0.310 AAVJF00 0.670
-0.290
Mediterranean on the back of Libyan export outages. Force BNB (CIF) PCAKP00 74.050
-0.345 AAVJC00 1.440
-0.325
Forties (CIF) PCAKR00 73.280
-0.825 AAHXC00 0.670
-0.805
majeure on Libyan exports in June saw Mediterranean Oseberg (CIF) PCAKT00 74.510
-0.235 AAHXD00 1.900
-0.215
refiners seek alternative sources of supplies from the North Ekofisk (CIF) PCAKV00 73.920
+0.040 AAHXB00 1.310
+0.060
Troll (CIF) AAXJO00 74.795
-0.240 AAXJN00 2.185
-0.220
Sea. Two Aframaxes left Tees for Italy and Spain North Sea CIF Dated Strip AAHXE00 72.610
-0.020
respectively early July, while a third Aframax followed mid-
July and was taken into an Italian short. Only one Aframax BFOE assessment rationale: (PGA page 1297) October Cash North Sea bids/offers/trades: (PGA page 1290)
— amounting to 9% of total July loadings — was absorbed BFOE was assessed in line with two traded bids. ■■NORTH SEA: MOC DEAL SUMMARY: None

into the UK, compared with 30-50% of volumes in previous November was assessed in line with two traded October/ ■■NORTH SEA: MOC OUTSTANDING INTEREST: GUNVORSA

months. However, a large portion of the July program is yet November Cash BFOE spreads. December was assessed Offer OCO 1, Forties STS Scapa Flow, 13/8 - 17/8, Vessel
to discharge, according to cFlow. Indeed, an estimated 53% in line with a November/December EFP roll heard during Rivera, Dtd $-0.15; GUNVORSA Offer OCO 2, Forties STS
of July Ekofisk loadings remained on vessels anchored off the day. Scapa Flow, 17/8 - 22/8, Vessel Rivera, Dtd $-0.10;
UK coasts Friday. The above commentary applies to the market data codes: GUNVORSA Offer OCO 3, Forties STS Scapa Flow, 22/8 -
PCAAQ00, PCAAR00, PCARR00 27/8, Vessel Rivera, Dtd $-0.10; GUNVORSA Offer OCO 4,
Dated Brent assessment rationale: (PGA page 1297) Of the Forties STS Scapa Flow, 27/8 - 4/9, Vessel Rivera, Dtd $-0.05
five BFOE grades, Forties was seen in the Platts Market on CFD assessment rationale: (PGA page 1297) August 13-17 ■■NORTH SEA: MOC WITHDRAWN: None

Close assessment process Friday. Forties was assessed was assessed slightly above an earlier traded offer ■■BFOE CFD: MOC DEAL SUMMARY: Aug13-Aug17 Oct-1 x100

lower. August 13-16 was assessed in a flat structure, with pricing against October which did not repeat. August Mercuria-Vitol; Aug20-Aug24 Oct-0.75 x100 Mercuria-
August 16 assessed below an outstanding offer. August 26 20-24 was assessed in line with a traded offer converted Vitol; Aug20-Aug24 Oct-0.77 x100 BP-Gunvor
was assessed below an outstanding offer. A contango to November pricing. August 27-31 was assessed in line ■■BFOE CFD: MOC OUTSTANDING INTEREST: Aug20-Aug24

structure was interpolated between August 16-26 and with an August 20-24 to August 27-31 CFD roll heard (Oct) Stasco Offer $-0.75; Aug20-Aug24 (Oct) Mercuria
extended over the back end of the assessment. Brent during the day. September 3-7 was assessed in line with Offer $-0.70; Aug20-Aug24 (Oct) Mitsui & Co. Energy
Blend, Ekofisk, Oseberg and Troll were assessed lower in an August 27-31 to September 3-7 CFD roll heard during Trading Singapore Pte. Ltd. Offer $-0.70; Aug13-Aug17
sympathy with lower value demonstrated in the Forties the day. (Oct) Stasco Offer $-0.90
window. Forties was the most competitive grade across the The above commentary applies to the market data codes: ■■CASH BFOE: MOC DEAL SUMMARY: Oct 73.42 x100

assessment period. PCAKA00, PCAKC00, PCAKE00, PCAKG00, AAGLU00, AAGLV00, Gunvor-Vitol; Oct 73.39 x100 Shell-Mercuria; Oct 73.39
AALCZ00, AALDA00 x100 BP-Mercuria; Oct 73.42 x100 BP-Vitol
The above commentary applies to the market data code: PCAAS00

■■CASH BFOE: MOC OUTSTANDING INTEREST: None DATED BRENT/BFOE SWAPS ($/barrel) (PGA page 1214)
■■CASH BFOE: INTERMONTH SPREAD: MOC OUTSTANDING Week Week Date Brent CFD* Mid Change Dated Brent swap Mid Change
INTEREST: BP offers Oct/Nov -0.27 CFD Week 1 (Nov) Aug 06-10 PCAKA00 -1.51/-1.49 -1.500 -0.230 AAJNV00 72.21/72.23 72.220
+0.005
■■CASH BFOE: INTERMONTH SPREAD: MOC DEAL CFD Week 2 (Nov) Aug 13-17 PCAKC00 -1.29/-1.27 -1.280 -0.230 AAJOS00 72.43/72.45 72.440
+0.005
CFD Week 3 (Nov) Aug 20-24 PCAKE00 -1.08/-1.06 -1.070 -0.240 AAJOU00 72.64/72.66 72.650
-0.005
SUMMARY: Glencore-Mercuria Oct/Nov -0.29; Glencore- CFD Week 4 (Nov) Aug 27-31 PCAKG00 -1.08/-1.06 -1.070 -0.310 AAJOW00 72.64/72.66 72.650
-0.075
Mercuria Oct/Nov -0.30; Glencore-Mercuria Oct/Nov -0.30 CFD Week 5 (Nov) Sep 03-07 AAGLU00 -1.08/-1.06 -1.070 -0.390 AAJPC00 72.64/72.66 72.650
-0.155
CFD Week 6 (Nov) Sep 10-14 AAGLV00 -1.02/-1.00 -1.010 -0.400 AAJPE00 72.70/72.72 72.710
-0.165
CFD Week 7 (Nov) Sep 17-21 AALCZ00 -0.97/-0.95 -0.960 -0.410 AALAW00 72.75/72.77 72.760
-0.175
North Sea exclusions: (PGA page 1290) ~~CASH BFOE: CFD Week 8 (Nov) Sep 24-28 AALDA00 -0.93/-0.91 -0.920 -0.410 AALAX00 72.79/72.81 72.800
-0.175
EXCLUSIONS: Mercuria bids Oct $73.39; Petroineos bids Oct Brent Swaps Weeks 1 to 8 are differentials to Brent Mo02 (Nov) PCAAR00 found on page 1.
$73.42; Stasco-Petroineos Oct $73.42
CASH BFOE INTRADAY ASSESSMENTS ($/barrel) (PGA page 1216)
Cash BFOE Change Inter-Month Spread
Mediterranean Light/Sweet (PGA page 1295) 10:30 London Time
BFOE M1 (Oct) PBCAAM1 73.660 +1.250
In the Mediterranean sweet crude oil complex Friday grades BFOE M2 (Nov) PBCAAM2 73.890 +1.190 Oct/Nov
PBAM1M2 -0.230
BFOE M3 (Dec) PBCAAM3 73.950 +1.110 Nov/Dec
PBAM2M3 -0.060
such as Kazakhstan’s CPC Blend continued to trade
12:30 London Time
rangebound, with traders pegging value at 5-10 cents/b off BFOE M1 (Oct) PBCABM1 73.720 +1.590
levels heard at the start of the week. An August-loading BFOE M2 (Nov) PBCABM2 73.960 +1.550 Oct/Nov
PBBM1M2 -0.240
Aframax of CPC Blend was heard at minus $1.95-$1.75/b to BFOE M3 (Dec) PBCABM3 74.040 +1.490 Nov/Dec
PBBM2M3 -0.080

Dated Brent. Suezmaxes were heard to be 15 cents/b lower. 14:30 London Time
BFOE M1 (Oct) PBCACM1 73.650 +1.380
BP hit an OMV bid for an August 24-28 loading CPC Blend BFOE M2 (Nov) PBCACM2 73.900 +1.360 Oct/Nov
PBCM1M2 -0.250
cargo basis CIF Augusta in the Platts Market on Close BFOE M3 (Dec) PBCACM3 73.990 +1.310 Nov/Dec
PBCM2M3 -0.090
assessment process at Dated Brent minus $1.95/b. 16:30 London Time
BFOE M1 (Oct) PCAAQ00 73.420 +0.195
Meanwhile, the final August loading program for CPC Blend
BFOE M2 (Nov) PCAAR00 73.720 +0.235
is currently scheduled to be 4,624,550 mt, down 67,000 mt BFOE M3 (Dec) PCARR00 73.840 +0.255
from a preliminary schedule mid-July, according to a copy 19:30 London Time
of the schedule seen by S&P Global Platts Friday. Average BFOE M1 (Oct) PBCADM1 NA –
BFOE M2 (Nov) PBCADM2 NA – Oct/Nov
PBDM1M2 NA
daily loadings in August are now set to come in at 1,163,596 BFOE M3 (Dec) PBCADM3 NA – Nov/Dec
PBDM2M3 NA
b/d, down 16,859 b/d from the 1,180,455 b/d expected in the
provisional schedule. The final July loading program for CPC be loading El-Sharara crude. The grade is officially still
Mediterranean Sour
Blend was 5,194,350 mt or 1,306,965 b/d, according to an under force majeure, but unofficially vessels were said to
earlier program. The final August program has 18 have been successfully taken into the port Friday. The Market analysis: (PGA page 1296) In European sour crudes
Suezmaxes scheduled, down one cargo from the increase in Libyan output was not only putting pressure on markets Friday, the Mediterranean remained awash in both
preliminary program, and 25 Aframaxes, an increase of one. CPC but other grades in the region like Saharan Blend, said sour and sweet grades, keeping differentials subdued, said
Looking at other grades in the Mediterranean light crude sources, with levels heard around Dated Brent minus 50 sources, while in Northwest Europe Russia’s Urals prices
complex, Libya’s Mellitah was heard to be in good supply. cents/b on an FOB basis. From a refinery perspective, continued to drop, sinking around 30-40 cents/b from trades
“Libya’s just pumping oil at the moment,” one trader said. margins were heard to be good around Europe, but sour seen in earlier in the week. Traders said refineries in the
The grade, which has an API of about 43, was being grades were heard to be popular among European refiners Mediterranean had a wide selection of crudes being offered
marketed near its OSP value, around minus $1.65-$1.70/b to due to the strength in fuel oil markets. However, with recent on the sour end of the barrel, including unsold Aframaxes and
Dated Brent basis FOB, putting it within range of CPC, the weaker pricing, traders said sweet crudes were also Suezmaxes of Urals, Iraq’s Basrah Light, as well as some US
same trader said. Elsewhere in Libya, ships were heard to receiving further attention from refineries. crudes like Mars. With refinery margins favoring sour crudes,

sellers had originally anticipated increased demand and RUSSIAN URALS/ESPO SPOT ASSESSMENTS ($/barrel) (PGA page 1220)
Mid Change Spread vs fwd Dated Brent Mid Change
higher values, but as a result of the more than ample
Urals (Rotterdam) PCAFW00 71.10–71.14 71.120
-0.135 AAGXJ00 -1.50/-1.48 -1.490 -0.120
availability, the market had been relatively flat and trending Urals (Mediterranean) PCACE00 71.19–71.23 71.210
-0.015 AAGXX00 -1.41/-1.39 -1.400 0.000
weaker, said sources. “We’ve had a lot of Basrah offered, Urals (Ex-Novorossiisk) AAGZS00 70.20–70.24 70.220
+0.015 AAHPH00 -2.40/-2.38 -2.390 +0.030
Urals (Ex-Novo) FOB 80kt AAOTH00 69.88–69.91 69.895
-0.015 AAOTI00 -2.72/-2.71 -2.715 0.000
Urals — some people are very long oil, I reckon,” said a Urals (Ex-Baltic) AAGZT00 70.23–70.27 70.250
-0.110 AAHPI00 -2.37/-2.35 -2.360 -0.095
refinery crude trader. Levels for Basrah Light were heard Urals (Primorsk) AAWVH00 70.20–70.24 70.220
-0.110 AAWVI00 -2.40/-2.38 -2.390 -0.095
trading at a discount of 40-30 cents/b versus its August Urals RCMB (Recombined) AALIN00 71.02–71.06 71.040
-0.735
ESPO (FOB Kozmino) AARWD00 73.94–73.96 73.950
+0.330 AARWE00 1.29/1.31 1.300
+0.420
official selling prices. Sources said additional Basrah volumes
were expected to be offered into the region during the month,
as production volumes had grown, while similarly the Urals URALS MED/NWE CFD ASSESSMENTS ($/barrel)
program loading out of Novorossiisk in August had seen
Urals CFD Mid Change
higher volumes, particularly among Suezmaxes, with nine Mediterranean (PPE page 1616)
scheduled for the month. These higher exports followed the Urals Med CFD (Aug) AAMDU00 -1.56/-1.54 -1.550
+0.050
Urals Med CFD (Sep) AAMEA00 -1.56/-1.54 -1.550
-0.200
lifting of the production cap by OPEC and non-OPEC countries Urals Med CFD (Oct) UMCM003 -1.46/-1.44 -1.450
-0.100
in June. In the Platts Market on Close assessment process, Northwest Europe (PPE page 1618)
Litasco offered an 80,000 mt cargo, basis CIF Augusta, Urals NWE CFD (Aug) UNCM001 -1.61/-1.59 -1.600
0.000
loading August 24-28 down to Dated Brent minus $1.30/b, Urals NWE CFD (Sep) UNCM002 -2.01/-1.99 -2.000
0.000
Urals NWE CFD (Oct) UNCM003 -2.11/-2.09 -2.100
0.000
while PetroIneos was on the bid side, seeking an 80,000 mt
Mediterranean (PPE page 1617)
cargo, basis CIF Augusta, loading August 16-20 at Dated Brent CPC Blend CFD (Aug) AAOFX00 -1.750
-0.170
minus $1.45/b. Both indications were left outstanding at the CPC Blend CFD (Sep) AAOFY00 -1.600
-0.300
end of the MOC. In Northwest Europe, the market was mainly CPC Blend CFD (Oct) AAOFZ00 -1.500
-0.300

traded out to the third decade, although recent sales had

dropped from highs near Dated Brent minus $1.20/b seen
earlier in the week. This came as major buyers such as Unipec MEDITERRANEAN SPOT CRUDE ASSESSMENTS ($/barrel)
Mid Change Spread vs fwd Dated Brent Mid Change
and Total had stepped back in recent sessions, with Total
seen offering a 100,000 mt cargo, basis CFR Rotterdam, Azeri and BTC (PGA page 1222)
Azeri Lt CIF AAGZX00 74.50–74.54 74.520
-0.040 AAHPM00 1.89/1.91 1.900 0.000
loading August 24-28 in the MOC Friday. Gunvor bought the Azeri Lt FOB Ceyhan AAUFM00 73.83–73.87 73.850
-0.020 AAUFN00 1.22/1.24 1.230
+0.020
cargo from Total at Dated Brent minus $1.60/b. Litasco was Azeri Lt FOB Ceyhan 80KT AAUFK00 73.57–73.61 73.590
-0.040 AAUFL00 0.96/0.98 0.970 0.000
also offering a 100,000 mt Urals cargo, basis CFR Rotterdam, Azeri Lt FOB 80KT AATHM00 73.32–73.35 73.335
-0.040 AATHN00 0.71/0.72 0.715 0.000
BTC FOB Ceyhan AAUFH00 73.70–73.74 73.720
-0.030 AAUFJ00 1.09/1.11 1.100
+0.010
loading August 20-24, down to Dated Brent minus $1.45/b,
Black Sea (PGA page 1220)
which was left outstanding at the end of the MOC. Siberian Light CIF AAGZW00 72.44–72.48 72.460
-0.065 AAHPK00 -0.16/-0.14 -0.150
-0.050
CPC Blend CIF AAGZU00 70.69–70.73 70.710
-0.015 AAHPL00 -1.91/-1.89 -1.900 0.000
CPC Blend FOB AALVX00 69.82–69.86 69.840
+0.010 AALVZ00 -2.78/-2.76 -2.770
+0.025
Urals CIF Augusta differential assessment rationale: (PGA
CPC FOB 80KT AAOFV00 69.50–69.54 69.520
-0.015 AAOFW00 -3.10/-3.08 -3.090 0.000
page 1287) Urals CIF Augusta was assessed unchanged on
Middle East & North Africa (PGA page 1234)
Friday. An outstanding bid for an 80,000 mt cargo, loading Suez Blend PCACA00 68.27–68.31 68.290
-0.015 AAGYD00 -4.33/-4.31 -4.320 0.000
August 16-20 was seen to demonstrate value at the same Es Sider PCACO00 70.54–70.58 70.560
-0.065 AAGYH00 -2.06/-2.04 -2.050
-0.050
Kirkuk AAEJD00 68.74–68.78 68.760
-0.015 AAGYF00 -3.86/-3.84 -3.850 0.000
levels as the previous day’s assessment. An outstanding Iranian Light (Sidi Kerir) PCABI00 70.95–70.99 70.970
+0.195 AAGXZ00 -1.65/-1.63 -1.640
+0.210
offer for an 80,000 mt cargo, loading August 24-28, did not Iranian Heavy (Sidi Kerir) PCABH00 68.70–68.74 68.720
+0.195 AAGYB00 -3.90/-3.88 -3.890
+0.210
challenge the previous day’s assessment and was not used. Saharan Blend AAGZY00 72.09–72.13 72.110
-0.015 AAHPN00 -0.51/-0.49 -0.500 0.000
Syrian Light FOB AAHMM00 73.11–73.14 73.125
-0.015 AALOU00 0.51/0.52 0.515 0.000
The above commentary applies to the market data code: AAGXX00 Syrian Heavy FOB AAHMN00 67.63–67.66 67.645
-0.015 AALOV00 -4.97/-4.96 -4.965 0.000

Urals CIF Med assessment rationale: (PGA page 1287) The ahead of the day of publication. Forward Dated Brent is Urals and Mediterranean exclusions: (PGA page 1288) No
Urals CIF Mediterranean assessment reflected the value of assessed as a function of Platts assessments of second- market data was excluded from the August 3 assessment
the Mediterranean Dated Brent Strip plus the Urals CIF month Cash BFOE and BFOE CFD differentials. process.
Augusta differential assessment. The above commentary applies to the market data code: AALDF00
The above commentary applies to the market data code: PCACE00
West Africa (PGA page 1294)
CPC Blend CIF Augusta assessment rationale: (PGA page
Urals RCMB (Recombined) assessment rationale: (PGA 1287) CPC Blend was assessed unchanged Friday as a West African crude markets were approaching a turning
page 1287) The Urals RCMB (Recombined) assessment 90,000 mt traded bid for a cargo loading on August 24-28 point following a recent surge in differentials, with sweet
reflected the value of the Platts Dated Brent assessment was not deemed competitive versus Thursday’s crude markets in the Atlantic Basin expected to see
plus the Urals CIF Augusta differential assessment. assessement and indications reported in the market did not further US trade flow into Europe emerge as a competing
The above commentary applies to the market data code: AALIN00 challenge that assessment either. factor, traders said Friday. “The Mediterranean is very
The above commentary applies to the market data code: AAHPL00 long, also if more US barrels arrive, then the sky will open,”
Urals CIF Rdam assessment rationale: (PGA page 1287) CIF a trader in Europe said. The flow of US crude is expected
Rotterdam Urals was assessed lower on Friday. A traded Urals and Mediterranean bids/offers/trades: (PGA page 1288) to rise as the US heads towards its refinery turnaround
offer for a 100,000 mt cargo, loading August 24-28, was ■■URALS MED MOC: DEAL SUMMARY: No deals season, reducing the country’s domestic requirements for
seen to challenge the previous assessment. Urals was ■■URALS MED MOC: OUTSTANDING INTEREST: LITASCO crude and freeing up more barrels to be sold into export
assessed on the traded offer in the middle of the laycan, OFFERS Urals Med CIF Crg Novo - bss Augusta 10-25, Aug locations, including Europe. For the US, China is also no
August 26, and a 1.5 cents/day backwardation structure 24-Aug 28 100% Dated Brent BL+5 $-1.30 for longer a desirable short given the escalation in trade
was applied across the rest of the Platts 10-25 day 80000”payment 30 after BL , ship acceptable to buyer” tensions between the two countries, so Europe may see
assessment period. Urals was also assessed below an PETROINEOS BIDS Urals Med CIF Crg Novo - bss Augusta more barrels headed its way, according to more traders
outstanding offer for a 100,000 mt cargo, loading August 10-25, Aug 16-Aug 20 100% Dated Brent BL+5 $-1.45 for with a bearish view on the Nigerian crude market. In
20-24. 80000”payment 30 after, ship acceptable to buyer” Angola, despite the pick-up in trading activity in the last
The above commentary applies to the market data code: PCAFW00 ■■URALS MED MOC: WITHDRAWN: None. week, there were still several CLOV cargoes heard to be
■■URALS NWE MOC: DEAL SUMMARY: TOTAL-GUNVOR Urals available. Little was known of the progress with the new
ESPO FOB Kozmino Mo01 London assessment rationale: (PGA NWE CFR Crg Primorsk/Ust-Luga - bss Rdam 10-25, Aug Angolan grade, Jindungo, with one West African crude
page 1286) The ESPO FOB Kozmino Mo01 London time 24, 2018-Aug 28, 2018 100% Dated Brent BL+5 $-1.60 for trader saying it took a while for new grades to start
outright assessment was derived using the following input: 100000 “payment 30 from BL” trading after the launch, as refiners had to ensure the
Mo02 Cash BFOE London, minus Mo02 Cash BFOE Asia, ■■URALS NWE MOC: OUTSTANDING INTEREST: LITASCO qualities of the grade were stable. “They need to get the
plus Mo02 Cash Dubai, plus Mo01 ESPO Asia differential. OFFERS Urals NWE CFR Crg Primorsk/Ust-Luga - bss junk out of it, it’s a new grade. You have to get the
The ESPO FOB Kozmino Mo01 London time differential Rdam 10-25, Aug 20-Aug 24 100% Dated Brent BL+3 additives out of the first batch,” the WAF trader said,
assessment was derived using the following input: ESPO $-1.45 for 100000”payment 30 days after BL, vessel adding that the equity partners would most likely take the
FOB Kozmino Mo01 London time outright, minus forward acceptable to buyer” first cargoes. In the latest tender news, Indonesian
Dated Brent 15-45 days ahead (the 15-45 Day Dated Strip). ■■URALS NWE MOC: WITHDRAWN: None. Pertamina’s sweet crude tender for November to
The above commentary applies to the market data code: ■■CPC BLEND MOC: DEAL SUMMARY: BP-OMV CPC Blend December delivery closes Monday, according to market
AARWD00 CIF Crg Novorossiisk CPC Term - bss Augusta 10-25, Aug sources, including bids for several West African sweet
24, 2018-Aug 28, 2018 100% Dated Brent BL+3 $-1.95 for crudes. This tender is for up to 10 million barrels of sweet
Med Dated Brent Strip 13-28 Day assessment rationale: 90000 “vessel acceptable to buyer, payment 30 after BL” crude over the course of the two months, and is for
(PGA page 1287) The Mediterranean Dated Brent Strip ■■CPC BLEND MOC: OUTSTANDING INTEREST: None. delivery into a range of ports — Cilacap, Balikpapan and
reflected the value of Forward Dated Brent 13-28 days ■■CPC BLEND MOC: WITHDRAWN: None. Balongan.

WEST AFRICAN SPOT CRUDE ASSESSMENTS ($/barrel) (PGA page 1230)

US MOC Commentary (PGA pages 291 & 287) Mid Change Spread vs fwd Dated Brent Mid Change

Americas crude oil: WTI ROLL: September heard bid Nigeria Spot Crude Assessments
Bonny Light PCAIC00 74.24–74.27 74.255
+0.145 AAGXL00 1.44/1.46 1.450
+0.050
+$0.50/b; Americas crude oil: LLS: September heard bid Qua Iboe PCAID00 74.29–74.32 74.305
+0.095 AAGXN00 1.49/1.51 1.500 0.000
WTI +$2.80/b; Americas crude oil: WTI MEH: September Forcados PCABC00 74.24–74.27 74.255
+0.045 AAGXP00 1.44/1.46 1.450
-0.050
Agbami AAQZB00 72.49–72.52 72.505
-0.005 AAQZC00 -0.31/-0.29 -0.300
-0.100
heard bid WTI +$2/b; Americas crude oil: WTI MIDLAND: Escravos AAEIZ00 74.29–74.32 74.305
+0.045 AAGXR00 1.49/1.51 1.500
-0.050
September heard bid WTI -$18/b; Americas crude oil: WTI Brass River AAEJB00 73.99–74.02 74.005
+0.095 AAGXV00 1.19/1.21 1.200 0.000
Akpo PCNGA00 72.49–72.52 72.505
-0.005 PCNGB00 -0.31/-0.29 -0.300
-0.100
CMA: September heard bid +$1.39/b; Americas crude oil: Bonga PCNGC00 74.14–74.17 74.155
+0.095 PCNGD00 1.34/1.36 1.350 0.000
WTI MIDLAND: September heard bid WTI -$17.75/b; Usan AAXUQ00 72.005
+0.195 AAXUR00 -0.800
+0.100
Erha AAXUO00 74.005
+0.095 AAXUP00 1.200 0.000
Americas crude oil: WTI MIDLAND: September heard offer
Angola spot crude assessments ($/barrel) (PGA page 1232)
WTI -$16.75/b; Americas crude oil: WTI MIDLAND: October
Cabinda PCAFD00 72.34–72.37 72.355
+0.095 AAGXT00 -0.46/-0.44 -0.450
0.000
heard offer WTI -$18/b; Americas crude oil: LLS: Nemba AAQYZ00 72.39–72.42 72.405
+0.095 AAQZA00 -0.41/-0.39 -0.400
0.000
September heard traded WTI +$3.10/b; Americas crude oil: Dalia AAQYX00 71.89–71.92 71.905
+0.095 AAQYY00 -0.91/-0.89 -0.900
0.000
Girassol AASNL00 72.79–72.82 72.805
+0.095 AASJD00 -0.01/0.01 0.000
0.000
HLS: September heard bid WTI +$2.40/b; Americas crude Hungo AASLJ00 71.84–71.87 71.855
+0.095 AASJF00 -0.96/-0.94 -0.950
0.000
oil: WTI MIDLAND: September heard traded WTI -$17.50/b; Kissanje AASLK00 72.34–72.37 72.355
+0.095 AASJE00 -0.46/-0.44 -0.450
0.000
Pazflor PCNGG00 71.89–71.92 71.905
+0.095 PCNGH00 -0.91/-0.89 -0.900
0.000
Americas crude oil: WTI MIDLAND: September heard Plutonio PCNGI00 71.89–71.92 71.905
+0.095 PCNGJ00 -0.91/-0.89 -0.900
0.000
traded WTI -$17/b; Americas crude oil: WTI MEH: Ghana spot crude assessments (PGA page 1230)
September heard bid WTI +$2.35/b; Americas crude oil: Jubilee AAXUS00 72.805
+0.095 AAXUT00 0.000
0.000
WTI MEH: September heard offer WTI +$2.60/b; Americas Republic of Congo spot crude assessments
crude oil: WTI ROLL: September heard bid WTI +$1/b; Djeno PCNGE00 70.69–70.72 70.705
+0.095 PCNGF00 -2.11/-2.09 -2.100
0.000

Americas crude oil: WTI ROLL: September heard offer Chad spot crude assessments
Doba AAXUU00 69.105
+0.095 AAXUV00 -3.700
0.000
+$1.50/b.
WEST AFRICA MARKET PARITY PRICES ($/barrel) (PGA page 1270)
Americas crude oil: MARS: September/October box heard
Mid Change
bid -$1.30/b; Americas crude oil: MARS: September/October Amenam AAXTI00 73.560
-0.135
box heard offer -$1.10/b; Americas crude oil: MARS: EA Blend AAXTJ00 75.060
-0.040
Yoho AAXTK00 75.180
-0.105
September heard bid WTI -$0.35/b; Americas crude oil: Asaramatoru AAXTV00 74.660
-0.100
MARS: September heard offer flat to WTI; Americas crude Abo AAXTL00 73.865
-0.055
TEN AAXTW00 71.920
-0.100
oil: MARS: October heard bid +$0.85/b; Americas crude oil:
MARS: October heard offer WTI +$1.30/b; Americas crude
oil: POSEIDON: September heard bid Mars -$0.95/b; [crude] needs to find a new home. I’m assuming half to
US Gulf Coast (PGA pages 290 & 292)
Americas crude oil: POSEIDON: September heard offer Mars two-thirds goes to Europe and the rest to Asia.” Most
-$0.80/b; Americas crude oil: WTS: September heard offer The US Gulf Coast light sweet crude market was mixed people in the market expect that the barrels that were
WTI -$16.75/b; Americas crude oil: SGC: September heard Friday, as it absorbed news that top Chinese refiner flowing from the Gulf Coast to China will be redistributed
offer WTI +$0.25/b; Americas crude oil: MARS: September Sinopec and its trading arm Unipec have halted buying US elsewhere around the globe. While outright prices dipped as
heard traded flat to WTI; Americas crude oil: POSEIDON: crude in light of trade tensions between China and the NYMEX WTI fell on the day. September crude differentials
September heard traded Mars -$0.85/b; Americas crude oil: United States. “That news didn’t come as a surprise. It was moved in varied directions. Light Louisiana Sweet increased
SGC: September heard offer WTI +$0.30/b; Americas crude in effect already,” said one crude trader familiar with the 20 cents/b and was assessed at WTI cash plus $3.10/b,
oil: WTS: September heard traded WTI -$17/b. situation. “[I] had already assumed 330,000 b/d of US based on a trade heard done last at that price. West Texas

Intermediate crude at the Magellan East Houston was US SPOT CRUDE ASSESSMENTS ($/barrel) (PGA pages 210 & 214)
Mid Change
unchanged Friday as no trades were heard done. MEH
Mars (Sep) AAMBR00 68.48–68.50 68.490
-0.470
remained at WTI cash plus $2.40/b. It was heard bid at WTI Mars (Oct) AAMBU00 68.49–68.51 68.500
-0.060
plus $2.35/b and offered at plus $2.60/b. WTI crude in Mars (Nov) AAMBX00 68.57–68.59 68.580 0.000
Mars/WTI (Sep) AAGWH00 -0.01/0.01 0.000 0.000
Midland was assessed 50 cents/b lower at WTI minus $17/b, Mars/WTI (Oct) AAKTH00 1.14/1.16 1.150
+0.250
based on trade data. Mars/WTI (Nov) AAMBO00 1.64/1.66 1.650
+0.250
LOOP/WTI (Sep) AALOM01 -0.300 0.000
LOOP/WTI (Oct) AALOM02 0.850
+0.250
The differential for US Gulf of Mexico medium sour Mars LOOP/WTI (Nov) AALOM03 1.350
+0.250
LOOP/Mars (Sep) AALPM01 -0.300 0.000
was unchanged Friday and assessed flat to WTI cash, LOOP/Mars (Oct) AALPM02 -0.300 0.000
after spending the week at or above WTI. The grade was LOOP/Mars (Nov) AALPM03 -0.300 0.000
WTI-Delta AAEJK00 1.26/1.28 1.270
-0.180
heard traded flat to WTI. Poseidon was the only Gulf P-Plus WTI PCACI00 4.64/4.66 4.650
-0.180
Coast sour grade that showed any movement, P-5 WTI AAFEN00 65.040
-0.450
decreasing 5 cents/b on the day to be assessed at an 85 P-5 WTI is a crude oil postings-based index as of 5:30 p.m. local New York time. Posted prices by the following companies are used in the index: Phillips66, Plains, Sunoco,
Shell, and Valero.
cents/b discount to WTI and to Mars. It was heard traded Mid Change Spread vs 1st line WTI Mid Change
at Mars minus 85 cents. Thunder Horse was unchanged WTI (Midland) PCACJ00 51.48–51.50 51.490 -0.970 AAGVZ00 -17.01/-16.99 -17.000 -0.500
WTS (1st month) PCACK00 51.48–51.50 51.490 -0.520 AAGWB00 -17.01/-16.99 -17.000 -0.050
at WTI cash plus $1.35/b. Southern Green Canyon WTI MEH AAYRG00 70.890 -0.470 AAYRH00 2.400 0.000
remained at WTI plus 25 cents/b. It was heard offered at Eugene PCAFC00 69.33–69.35 69.340 -0.470 AAGWD00 0.84/0.86 0.850 0.000
Bonito PCAIE00 69.33–69.35 69.340 -0.470 AAGWF00 0.84/0.86 0.850 0.000
WTI plus 30 cents/b. SGC AASOI00 68.73–68.75 68.740 -0.470 AASOJ00 0.24/0.26 0.250 0.000
Poseidon AABHK00 67.63–67.65 67.640 -0.520 AAGWL00 -0.86/-0.84 -0.850 -0.050
LLS (1st month) PCABN00 71.58–71.60 71.590 -0.270 AAGWN00 3.09/3.11 3.100
+0.200
US Shale (PGA page 295) HLS (1st month) PCABD00 70.93–70.95 70.940
+0.030 AAGWP00 2.44/2.46 2.450
+0.500
Wyoming Sweet PCACM00 65.88–65.90 65.890 -0.320 AAGWR00 -2.61/-2.59 -2.600 +0.150
Bakken Shale crude differentials across the country fell Thunder Horse AAWZK00 69.83–69.85 69.840 -0.470 AAWZL00 1.34/1.36 1.350 0.000
Spread vs 2nd line WTI
Friday, putting its US Gulf Coast FOB price at a discount to WTI MEH (2nd month) AAXXE00 71.050 -0.310 AAYYA00 3.700 0.000
other light sweet crude grades. Near the oil fields in WTI Midland (2nd month) AAYZA00 50.050 -0.810 AAXXF00 -17.300 -0.500
WTS (2nd month) AAURG00 50.04–50.06 50.050 -0.360 AAURH00 -17.31/-17.29 -17.300 -0.050
Williston, North Dakota, Bakken barrels for injection into LLS (2nd month) AAURC00 71.79–71.81 71.800 -0.110 AAURD00 4.44/4.46 4.450
+0.200
the Dakota Access Pipeline was heard traded and HLS (2nd month) AAURE00 71.14–71.16 71.150
+0.190 AAURF00 3.79/3.81 3.800
+0.500
Basrah Light AAEJH00 72.96–72.98 72.970 -0.150 AAGWV00 5.61/5.63 5.620
+0.160
assessed at NYMEX light sweet crude calendar-month
Spread vs NYMEX WTI CMA
average (WTI CMA) minus $2.70/b, down 40 cents day on WCS ex-Cushing AAWTY00 62.36–62.38 62.370 -0.290 AAWTZ00 -4.86/-4.84 -4.850 0.000
day. Bakken in the Clearbrook, Minnesota, hub fell 15 cents WCS ex-Nederland AAYAY00 64.570 -0.290 AAYAX00 -2.650 0.000
Bakken Williston AAXPP00 64.520 -0.690 AASRX00 -2.700
-0.400
to be assessed at NYMEX WTI CMA minus 40 cents/b, Bakken Guernsey AASRR00 65.86–65.88 65.870 -0.340 AASRV00 -1.36/-1.34 -1.350 -0.050
following the steep gains in recent trading days. Barrels in Bakken Clearbrook AASRU00 66.81–66.83 66.820 -0.440 AASRW00 -0.41/-0.39 -0.400 -0.150
Bakken USGC Pipe ABAKA00 70.490 -0.620 ABAKB00 3.270
-0.330
the Guernsey, Wyoming, hub had a more conservative Spread vs Eagle Ford Marker
drop, inching 5 cents lower to NYMEX WTI CMA minus Eagle Ford Postings Avg. AAYAH00 63.650 -0.420 AAYAI00 -7.350
-0.070
$1.35/b. In Nederland, Texas, Bakken pipeline barrels were FOB USGC Spread vs NYMEX WTI Strip
Bakken ABAKC00 71.240 -0.620 ABAKD00 3.630
-0.240
talked valued at cash WTI plus $2/b, down 15 cents, and Eagle Ford Crude AAYAT00 71.390 -0.470 AAYAU00 3.780
-0.090
equivalent to NYMEX WTI CMA plus $3.27/b. A market Eagle Ford Condensate AAYAR00 71.190 -0.470 AAYAS00 3.580
-0.090
WTI AAYBA00 71.390 -0.470 AAYAZ00 3.780
-0.090
source said that Gulf Coast prices were lower amid a
FOB Houston Spread vs NYMEX WTI CMA
similarly weaker market for Dakota Access Pipeline. With Eagle Ford Crude AAYAV00 71.390 -0.470 AAYAW00 3.780
-0.090
the lower Nederland pipeline differential, Gulf Coast Eagle Ford Condensate AAYBB00 71.190 -0.470 AAYBC00 3.580
-0.090
Global Benchmarks at US Close
Bakken FOB was assessed at an outright price of $71.24, a
Americas Dated Brent AAQBF00 72.370–72.390 72.380 -1.150

premium of $2.75/b to September cash WTI. Bakken FOB CALIFORNIA SPOT CRUDE ASSESSMENTS ($/barrel) (PGA page 214)
Mid Change
was 15 cents lower than Eagle Ford 45-API and WTI FOB,
LIne 63/Hynes PCABM00 77.10–77.14 77.120 -0.240
which were both assessed at $71.39/b. Thums/Long Beach PCACD00 72.85–72.87 72.860 +1.170
Kern River PCABJ00 71.23–71.25 71.240 +1.170
P-Plus Line 63 PCAFV00 4.39/4.41 4.400 0.000
US West Coast (PGA page 294) Spread to NYMEX WTI CMA Mid Change
ANS/Long Beach PCAAD00 73.30–73.34 73.320 -1.090 AAGWX00 6.09/6.11 6.100 -0.800
Alaska North Slope crude fell Friday despite a stronger
Dubai-WTI swap spread. A 300,000-barrel cargo of US DOMESTIC CRUDE ASSESSMENTS LONDON CLOSE ($/barrel) (PGA page 1240)
September-delivery ANS in Southern California was heard Spread to
traded at September ICE Brent calendar-month average Mid Change NYMEX light sweet crude Mid Change
WTI (Sep) AAQAR00 68.68–68.70 68.690 0.000 AAQAS00 -0.01/0.01 0.000 0.000
minus 25 cents/b, equivalent to front-month NYMEX light WTI (Oct) AAQAT00 67.43–67.45 67.440
+0.010 AAQAU00 -0.01/0.01 0.000 0.000
sweet crude calendar-month average plus $6.10/b. ANS WTI (Nov) AAQAV00 67.00–67.02 67.010
+0.020 AAQAW00 -0.01/0.01 0.000 0.000
Spread to
was assessed at this trade level, 80 cents lower than
same-month cash WTI Mid Change
Thursday’s WTI CMA differential. The crude fell despite the WTI MEH (Sep) AAYRZ00 71.090
+0.100 AAYTA00 2.400
+0.100
September Dubai-WTI spread widening by 11 cents to WTI MEH (Oct) AAXYD00 71.140
+0.110 AAYWA00 3.700
+0.100
LLS (Sep) AAQBB00 71.58–71.60 71.590 0.000 AAQBC00 2.89/2.91 2.900 0.000
$4.60/b. LLS (Oct) AAQBD00 71.68–71.70 71.690
+0.010 AAQBE00 4.24/4.26 4.250 0.000
MARS (Sep) AAQAX00 68.63–68.65 68.640
-0.100 AAQAY00 -0.06/-0.04 -0.050 -0.100
MARS (Oct) AAQAZ00 68.53–68.55 68.540
+0.160 AAQBA00 1.09/1.11 1.100
+0.150
Canada (PGA pages 296 & 298)
AMERICAS CLOSE ($/barrel) (PGA page 210)
Eastern Canadian crudes were assessed 5 cents/b lower
Mid Change
across the board Friday amid growing signs of weakness in Americas Dated Brent AAQBF00 72.37–72.39 72.380
-1.150
barrels sold in the Atlantic Basin. The day’s decline brought Americas Dated Brent reflects market value for Dated Brent at 2:30pm Eastern Time.
Hibernia crude to a discount of 85 cents/b to the Eastern
Canadian Dated Brent strip, the weakest in eight sessions. US CRUDE ASSESSMENTS SINGAPORE CLOSE ($/barrel) (PGA page 2208)
Mid Change
Market participants said one potentially negative factor for
LOOP Sour (Sep) AAZDA00 68.350
+0.870
all crudes sold in the Atlantic Basin is the arrival of more US LOOP Sour (Oct) AAZDB00 68.000
+0.740
barrels as trade tensions rise with China. US crude exports LLS (Sep) AAZDC00 71.550
+0.820
LLS (Oct) AAZDD00 71.650
+0.690
have slowed in recent weeks, likely because the US-China Southern Green Canyon AAZDE00 68.900
+0.770
trade war has reduced flows to China, the single largest WTI MEH (Sep) AAZDF00 71.050
+0.520
buyer of US crude in May. West African crude market WTI MEH (Oct) AAZDG00 71.100
+0.390

sources Friday also warned that reduced refinery runs

CFR NORTH ASIA ASSESSMENTS SINGAPORE CLOSE ($/barrel) (PGA page 2202)
would lead to higher US crude exports into Europe, Mid Change
competing with Nigerian light sweet crudes, which Dubai CFR North Asia PCAQA00 73.150
+0.760
compete directly with offerings produced off the coast of Oman CFR North Asia PCAQJ00 73.240
+0.800
Upper Zakum CFR North Asia PCAQB00 73.120
+0.750
Newfoundland and Labrador. Qatar Marine CFR North Asia PCAQC00 72.780
+0.750
Murban CFR North Asia PCAQE00 75.480
+0.760
Differentials for Western Canadian crudes shipped on Basrah Light CFR North Asia PCAQK00 72.810
+0.760
ESPO CFR North Asia PCAQD00 74.380
+0.780
pipelines continued to diverge Friday, with heavy grades Forties CFR North Asia PCAQF00 75.265
+0.890
weakening and light grades moving in the opposite Dalia CFR North Asia PCAQG00 73.930
+1.040
WTI MEH CFR North Asia PCAQH00 75.660
+0.760
direction. Western Canadian Select at Hardisty started the
LOOP Sour CFR North Asia PCAQI00 71.030
+1.130

day weaker, trading at NYMEX WTI CMA minus $31/b. It fell CANADIAN SPOT CRUDE CARGO ASSESSMENTS ($/barrel) (PGA page 230)
Mid Change Spread vs fwd Dated Brent Mid Change
from there, and last traded below the deadline at minus
Terra Nova AAJUH00 71.92–71.95 71.935
+0.060 AAJUJ00 -0.91/-0.89 -0.900 -0.050
$31.25/b, sources said, which is where it was assessed for a Hibernia AAJKK00 71.97–72.00 71.985
+0.060 AAJKM00 -0.86/-0.84 -0.850 -0.050
fresh four-year low. Sources have said refinery White Rose AAVJX00 72.72–72.75 72.735
+0.060 AAVJY00 -0.11/-0.09 -0.100 -0.050
The published spreads for Canadian cargo assessments reflect the market value at which these grades are trading versus Dated Brent around loading time. The spreads
maintenance in the US Midwest is driving the weakness by and fixed price assessments reflect a typical forward loading window of 33-63 days forward.
cutting demand when inventories are already at a record For further explanation see www.platts.com > Oil > Specifications > Crude oil specifications.
and pipelines remained constrained. There are signs such
historically weak differentials are affecting producers, with CANADIAN SPOT CRUDE ASSESSMENTS ($/barrel) (PGA page 230)
Canadian Natural Resources saying Thursday it had shut in Mid Change Spread vs Canada basis Mid Change
Lloyd Blend AALRK00 36.91–36.93 36.920
-0.740 AALRP00 -30.31/-30.29 -30.300 -0.450
2,900 b/d of heavy oil output in Alberta because of the Mixed Sweet AALRR00 61.91–61.93 61.920
+0.260 AALRV00 -5.31/-5.29 -5.300 +0.550
steep WCS discount to WTI. A total of 7,450 b/d of output Light Sour Blend AALRX00 60.96–60.98 60.970
-0.040 AALSD00 -6.26/-6.24 -6.250 +0.250
was curtailed in the second quarter, but with the price Midale AAUCC00 60.46–60.48 60.470
-0.040 AAUCE00 -6.76/-6.74 -6.750 +0.250
Condensates AALSF00 66.76–66.78 66.770
-0.090 AALSJ00 -0.46/-0.44 -0.450 +0.200
margins improving for the company in July, 4,550 b/d of Syncrude Sweet Prem. AASOK00 70.21–70.23 70.220
+0.210 AASOM00 2.99/3.01 3.000
+0.500
output restarted, company President Tim McKay said WCS Hardisty AAPPN00 35.96–35.98 35.970
-0.740 AAPPP00 -31.26/-31.24 -31.250 -0.450
Cold Lake Hardisty AASZX00 35.31–35.33 35.320
-0.740 AASZZ00 -31.91/-31.89 -31.900 -0.450
Thursday during and earnings call. On the light side,
Syncrude Sweet Premium continued rising, and was heard WTI CMA (1st mo) AAVSN00 67.220
-0.290
to trade at WTI CMA plus $3/b, which is where it was
assessed. The higher differential comes as Syncrude
LATIN AMERICAN ASSESSMENTS ($/barrel) (PGA page 280)
Diff to Diff to Futures Diff to Dated
Canada works to restart production after it shut down last Mid Change WTI strip Brent strip Brent strip
month due to a transformer outage. Mixed Sweet also Escalante PCAGC00 69.35–69.40 69.375 -0.125 PCAGO00 2.120 AAXBS00 -4.200 AAXAX00 -3.410
Roncador AAQTL00 68.25–68.30 68.275 -0.125 AAQTK00 1.020 AAXBT00 -5.300 AAXAY00 -4.510
gained, and was assessed up 55 cents/b on the day to WTI
Santa Barbara AAITD00 68.58–68.63 68.605 -0.110 AAITJ00 1.350 AAXBU00 -4.970 AAXAZ00 -4.180
CMA minus $5.30/b, after it was heard to trade there. Loreto PCAGH00 66.53–66.58 66.555 -0.260 PCAGQ00 -0.700 AAXBV00 -7.020 AAXBG00 -6.230
Oriente PCADE00 67.53–67.58 67.555 -0.260 PCAGU00 0.300 AAXBW00 -6.020 AAXBH00 -5.230
Napo AAMCA00 63.53–63.58 63.555 -0.260 AAMCD00 -3.700 AAXBX00 -10.020 AAXBI00 -9.230
Latin America (PGA page 288) Marlim AAITF00 68.20–68.25 68.225 -0.125 AAITL00 0.970 AAXBY00 -5.350 AAXBJ00 -4.560
Castilla Blend AAVEQ00 64.75–64.80 64.775 -0.125 AAVEQ01 -2.480 AAXBZ00 -8.800 AAXBK00 -8.010
Colombia was scheduled to load 1.5 million barrels of Magdalena AAWFR00 64.85–64.90 64.875 -0.125 AAWFS00 -2.380 AAXCA00 -8.700 AAXBL00 -7.910
Vasconia PCAGI00 68.05–68.10 68.075 +0.175 PCAGR00 0.820 AAXCB00 -5.500 AAXBN00 -4.710
Vasconia crude and 1.5 million barrels of Castilla Blend out
Mesa 30 AAITB00 67.70–67.75 67.725 +0.175 AAITH00 0.470 AAXCC00 -5.850 AAXBO00 -5.060
of the port of Covenas between Friday and Tuesday, a
loading program showed Friday. Ecopetrol, Cepsa and Latin America WTI strip AAXBP00 67.255
Latin America Futures Brent strip AAXBQ00 73.575
Trafigura were lined up to load one Aframax-sized vessel
Latin America Dated Brent strip AAXBR00 72.785
each of medium-sour Vasconia, according to the program.
Meanwhile, Ecopetrol, the only producer of Castilla Blend, PLATTS EURO-DENOMINATED ASSESSMENTS (€/barrel) (PGA page 1252)
was expected to load one VLCC-sized cargo and one Mid Change
Aframax with that grade next week. The Colombian oil European crude oil benchmarks
producer was also scheduled to load 500,000 barrels of Dated Brent AAPYR00 62.450–62.460 62.455 -0.545
Dated Brent (CIF) PCAKN00 63.178 -0.180
Brazilian Lula crude this weekend. Year to date, Colombia
Urals (Mediterranean) AAPYS00 61.380–61.410 61.395
+0.075
has also imported US crudes such as Thunder Horse, Mars
US crude oil benchmarks
and LLS; Canada’s Hibernia; Russia’s Varandey and others. WTI (Sept) AAPYT00 59.210–59.230 59.220
+0.080
Separately, Canada-based Parex Resources awarded WTI MEH (Sept) AAYSA00 61.290
+0.171
Mars (Sept) AAPYU00 59.170–59.190 59.180 0.000
500,000 barrels of Vasconia delivery to an undisclosed
Euro/US$ forex rate: 1.1599. Platts Euro denominated crude oil assessments are based on market values and a Euro/US$ forex rate at 4:30 PM local London time.

trading company for September, market sources said. RUBLE-DENOMINATED RUSSIAN ASSESSMENTS (Rb/barrel) (PGA page 1224)
Mid Change
According to multiple sources, the deal was done at a
$5.50/b discount to ICE Brent. Platts assessed the Russian crude oil benchmarks
Urals FOB Novorossiysk AAUJP00 4438.180–4440.710 4439.445 -9.375
differential for Vasconia at that level, up 35 cents/b to Platts Urals FOB Ventspils AAUJQ00 4440.080–4442.610 4441.345 -17.300
Latin Brent Strip from Thursday. Meanwhile, Castilla Blend Urals FOB Novorossiysk 80kt AAUJR00 4417.950–4419.850 4418.900 -11.225
was assessed 5 cents higher at minus $8.80/b to Platts Urals CIF Mediterranean AAUJS00 4500.770–4503.300 4502.035 -11.425
Urals CIF Rotterdam AAUJT00 4495.080–4497.610 4496.345 -19.015
Latin Brent Strip. A narrower spread between ICE Brent and US$/Ruble forex rate: 63.2220. Platts Ruble denominated crude oil assessments are based on market values and a US$/Ruble forex rate at 4:30 PM local London time.
NYMEX WTI was seen as the support for higher Colombian
crude prices starting August. The spread between both PLATTS CAD-DENOMINATED CANADA SPOT CRUDE ASSESSMENTS (C$/cu m) (PGA page 232)
crude benchmarks narrowed to $4.76 Friday, according to Mid Change
S&P Global Platts data. The average spread has been $5.42 Lloyd Blend AALRM00 301.461–301.624 301.543 -6.764
Mixed Sweet AALRT00 505.647–505.811 505.729 +0.944
in 2018 to date. Light Sour Blend AALRZ00 497.888–498.052 497.970 -1.494
Midale AAUCD00 493.805–493.968 493.886 -1.485
Condensates AALSH00 545.260–545.423 545.341 -2.015
Syncrude Sweet AASOL00 573.437–573.601 573.519 +0.376
NEWS (PGA page 100) WCS Hardisty AAPPO00 293.702–293.865 293.783 -6.747
Cold Lake Hardisty AASZY00 288.393–288.556 288.475 -6.734

OPEC July crude output surges 340,000 b/d

DAILY US$ VS EURO EXCHANGE RATE (PGA page 1151)
from June to 32.66 mil b/d: survey
Mid Change
Saudi Arabia pumped close to its all-time high in July and August 3, 2018 AAFCW00 1.1599 -0.002

several of its OPEC brethren posted their largest output

figures in more than a year and a half, as the bloc appears ASIA CLOSE BRENT AND WTI SPOT ASSESSMENTS ($/barrel) (PGA page 2210)
to be following through on its agreement to unleash more Mid Change
Brent (Oct) PCAJG00 73.27–73.28 73.275 +0.745
barrels on the market. OPEC produced 32.66 million b/d in
Brent (Nov) PCAJI00 73.51–73.52 73.515 +0.675
July, a 340,000 b/d rise from June, including newest Brent (Dec) PCAJ000 73.605 +0.615
member the Republic of Congo, according to the latest S&P WTI (Sep) AAFFU00 68.63–68.67 68.650 +1.070
WTI (Oct) AAFFW00 67.38–67.42 67.400 +0.940
Global Platts survey of industry officials, analysts and WTI (Nov) AAFFY00 66.92–66.96 66.940 +0.850
shipping data. Saudi Arabia, OPEC’s largest member,
produced 10.63 million b/d, the kingdom’s highest since
August 2016, when it produced its record 10.66 million b/d, OMAN OSPS AND DERIVATIVES ($/barrel) (PGA pages 2658 & 2210)
according to Platts survey archives. Its Gulf allies Kuwait Mid Change
Oman/Dubai Swap (Sep) AAIHJ00 0.08/0.12 0.100 +0.050
and the UAE pushed their output to their most since
Oman/Dubai Swap (Oct) AAIHL00 0.08/0.12 0.100 +0.050
December 2016 — the last month before OPEC and 10 non- Oman/Dubai Swap (Nov) AAIHN00 0.08/0.12 0.100 +0.050
OPEC allies agreed to implement supply cuts that are now Oman cash/OSP (Oct) PCABT00 -0.01/0.03 0.010 +0.140
Oman Swap (Sep) AAHZP00 71.77–71.81 71.790 +0.820
being eased — as did Iraq and Algeria, the survey found. Oman Swap (Oct) AAHZR00 71.54–71.58 71.560 +0.780
Those gains were more than enough to offset output Oman Swap (Nov) AAHZT00 71.33–71.37 71.350 +0.710
declines in sanctions-hit Iran, crisis-wracked Venezuela and
conflict-torn Libya. OPEC on June 23 agreed with its DAILY OPEC BASKET PRICE ($/barrel) (PGA page 207)
partners to end overcompliance with their production cuts Mid Change
and boost output by a collective 1 million b/d to replace August 2, 2018 AAEUQ00 71.610 -0.490

barrels expected to be shut in by the reimplementation of FUTURES SETTLEMENTS

Settlement Change Low High Volume* Open interest PNT***
US sanctions on Iran and Venezuela’s economic quagmire.
NYMEX Light Sweet crude ($/barrel) (PGA page 705)
OPEC’s July compliance among the 12 members with
Sep 18 NMCL001 68.49 -0.47 67.87 69.24 444379 403537
specified quotas stands at 105%, down from 131% in June, Oct 18 NMCL002 67.35 -0.31 66.68 67.94 66600 262673
according to Platts calculations. Iran, which has warned Nov 18 NMCL003 66.93 -0.25 66.27 67.45 21506 140608
other members against encroaching on its market share, Dec 18 NMCL004 66.59 -0.20 65.93 67.05 39525 289265
Total NMCL000 642637 XNCLP00 7723
saw its production fall to 3.72 million b/d in July — lowest
ICE Brent ($/barrel) (PGA page 704)
since January 2017 — as European buyers began winding Oct 18 ICLL001 73.21 -0.24 72.48 73.73 251896 435142
down their purchases in advance of US sanctions snapping Nov 18 ICLL002 73.53 -0.15 72.79 73.98 113915 287366
back in November. Venezuela, suffering from crushing debt, Dec 18 ICLL003 73.63 -0.11 72.91 74.04 118482 302479
Jan 19 ICLL004 73.62 -0.07 72.91 73.99 37627 134352
crumbling infrastructure, worker unrest, hyperinflation and Total ICLL000 487461 XILLP00 6337
US sanctions, continued its output slide to 1.24 million b/d, a
ICE WTI ($/barrel) (PGA page 704)
670,000 b/d drop in a year and the lowest in the 30-year Sep 18 ICIC001 68.49 -0.47 67.88 69.24 22892 76957
history of the Platts OPEC survey, except a debilitating Oct 18 ICIC002 67.35 -0.31 66.68 67.95 40926 66587
worker strike in late 2002 and early 2003. Libya’s output Nov 18 ICIC003 66.93 -0.25 66.35 67.47 21601 28898
Dec 18 ICIC004 66.59 -0.20 66.00 67.07 32829 137130
dropped 30,000 b/d month-on-month to 670,000 b/d, its Total ICIC000 113257 XIICP00 2599
lowest since April 2017, the survey found, as it dealt with a ICE BWAVE ($/barrel) (PGA page 704)
militia blockade of its eastern ports that was resolved July BWAVE data refer to previous day.
11 and a kidnapping at the Sharara field in the country’s Oct 18 XIBW001 72.76
Nov 18 XIBW002 73.08
southwest. Angola’s production remained steady at 1.45
DME Oman crude ($/barrel)** (PGA pages 702 & 2710)
million b/d in July, a 190,000 b/d year-on-year decline,
Oct 18 XDOA001 72.00 +0.67 2795
according to the survey, as its mature fields continued to Oct 18 DMOQ001 71.88 -0.44 71.88 72.30 2789 2030
deplete. But the African country should see its production Nov 18 DMOQ002 71.83 -0.44 71.83 71.83 70 0
Dec 18 DMOQ003 71.61 -0.44 71.61 71.61 190 30
rebound in the coming months with the offshore Kaombo
Jan 19 DMOQ004 71.46 -0.44 71.46 71.46 320 20
field beginning first production in late July. Major gainers Total Volume DMOQ000 4404 XDOQP00 1075
besides Saudi Arabia include Nigeria, which boosted its NYMEX ULSD ($/gal) (PGA page 705)
output to 1.80 million b/d as the force majeure on key export Sep 18 NMHO001 2.1269 -0.0049 2.1130 2.1444 45819 119535
grade Bonny Light was lifted mid-month, and the UAE and Oct 18 NMHO002 2.1324 -0.0041 2.1184 2.1486 23787 57140
Nov 18 NMHO003 2.1363 -0.0033 2.1220 2.1517 12329 42863
Kuwait, both of whom had signaled their intent to loosen Dec 18 NMHO004 2.1395 -0.0025 2.1244 2.1541 15743 58853
their taps. UAE output rose to 2.97 million b/d, while Kuwait Total NMHO000 108532 XNHOP00 7610
produced 2.78 million b/d in July, the survey found. Iraq also NYMEX RBOB unleaded gasoline ($/gal) (PGA page 705)
raised crude exports from its southern terminals to a record Sep 18 NMRB001 2.0655 -0.0026 2.0547 2.0906 68822 159292
Oct 18 NMRB002 1.9451 -0.0036 1.9304 1.9636 58984 98038
high in July, with its production coming in at 4.57 million Nov 18 NMRB003 1.9172 -0.0033 1.9019 1.9335 18714 69965
b/d, according to the survey. Newest member Congo Dec 18 NMRB004 1.8979 -0.0033 1.8821 1.9132 17129 50403
produced 310,000 b/d in July, a drop from 330,000 b/d in Total Volume NMRB000 174679 XNRBP00 13888
NYMEX Natural Gas ($/MMBtu) (PGA page 705)
June. The Platts OPEC figures were compiled by surveying
Sep 18 NMNG001 2.853 +0.037 2.814 2.862 123981 294075
OPEC and oil industry officials, traders and analysts, as well Oct 18 NMNG002 2.862 +0.040 2.821 2.870 47802 177035
as reviewing proprietary shipping data. On June 23, OPEC Nov 18 NMNG003 2.898 +0.041 2.858 2.906 26259 148118
Dec 18 NMNG004 2.998 +0.040 2.960 3.004 20919 98196
and 10 non-OPEC producers agreed to boost output by a
Total Volume NMNG000 327419 XNNGP00 2255
combined 1 million b/d by reducing overcompliance with

production cuts but left unsettled how that will be FUTURES SETTLEMENTS
Settlement Change Low High Volume* Open interest PNT***
apportioned. The estimate for Iraq includes volumes from
ICE low sulfur gasoil ($/mt) (PGA page 704)
semi-autonomous Iraqi Kurdistan. The Republic of Congo Aug 18 ICLO001 650.00 +4.25 644.00 653.00 41856 71017
joined OPEC in June 2018, becoming the organization’s 15th Sep 18 ICLO002 652.00 +4.25 646.00 655.00 79710 203195
member. The next OPEC meeting is December 3. Oct 18 ICLO003 654.25 +4.00 648.00 657.00 46906 158656
Nov 18 ICLO004 651.75 +3.75 645.75 654.50 16590 65125
Total Volume ICLO000 260604 XILOP00 9485
Seven Saudi tankers go dark *Volume, open interest and PNT reflect prior trading day. PNT reflect volume for Privately Negotiated Trades or off-exchange. **Oman settlements are Post Close
settlements. ***Privately Negotiated Trade values found on PGA page 710
off Yemen after Houthi attack
Seven Saudi tankers appear to have shut off their
transponders that make their position visible to the world
after last week’s Houthi attack on two VLCCs in the Red
Sea, according to S&P Global Platts trade flow software
cFlow. Two unnamed Saudi-owned VLCCs were attacked
off the west coast of Yemen last week, prompting state-
owned Saudi Aramco to halt all oil shipments through the FUTURES AT PLATTS’ MARKET ON CLOSE ($/barrel) (PGA page 703)
Bab al-Mandab strait at the bottom of the Red Sea. A total Singapore* London* Houston* Singapore* London* Houston*
of seven tankers owned by Saudi state shipping company ICE Brent NYMEX WTI
Bahri now appear to have shut off their transponders, Oct XILLA01 73.23 AAYES00 73.30 AAQBG00 73.24 M1 XNCLA01 68.65 AASCR00 68.69 NYCRM01 68.48
Nov XILLA02 73.46 AAYET00 73.59 AAQBH00 73.56 M2 XNCLA02 67.40 AASCS00 67.44 NYCRM02 67.36
according to cFlow, keeping their location hidden. The Dec AAXZY00 73.70 AAXZZ00 73.67 M3 NYCRM03 66.94
VLCCs Arsan and Abqaiq have not updated their location Jan AAYAM00 73.67 AAYAL00 73.66 M4 NYCRM04 66.60
since the mornings of July 23 and 25, respectively, when Oman *Singapore and London MOC close at precisely 16:30 local time while Houston
MOC closes at precisely 13:30 local time. MOC times are usually earlier on the day
they were heading towards Bab al-Mandab. Three part- Oct XDOA001 72.00 preceding major local holidays.
Volume XDOAV01 2795
laden VLCCs, the Khuzama, the TI Hawtah and the Marjan,

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were gathering at the southwest corner of Oman off the REPORTED SPOT CASH TRANSACTIONS (PGA page 3)
port of Salalah, but have not updated their location since Trans. Cargo Spread Cargo CFD Crude Reported Outright Differential Diff. Barrels Seller Buyer
Date month month load range/ roll grade(s) Status Price grade/ Price (barrel)
July 30-31. Another, the Khafji, was heading past Oman CFD week week ($/barrel) month ($/barrel)
towards the Red Sea when it was last heard from early on PG/Asia Pacific Rim deals
August 1. And the chemicals tanker NCC Reem was in the 3-Aug Oct Dubai partial Done 71.9 25000 Reliance Vitol
3-Aug Oct Dubai partial Done 71.9 25000 Reliance Vitol
Gulf of Aden carrying a cargo towards the Red Sea when it
3-Aug Sep Kikeh Heard Dated Brent 3.9 300000 ConocoPhillips Oil major
last updated its location, on the morning of 1 August. The 3-Aug Sep 22 28 Bunga Orkid Heard Dated Brent 2 300000 PV Oil Thai end-user
operators of the tankers may have determined that keeping 3-Aug Sep 16 22 Bunga Kekwa Heard Dated Brent 1.75 300000 Petronas Trading house
3-Aug Sep 21 30 Bergading Heard Dated Brent -1.25 200000 Petronas Regional end-user
their locations visible while operating near Yemen presents
London crude window deals
a security risk. The rest of the Bahri fleet operating 3-Aug Aug 13 17 Brent CFD Done October -1 100000 Mercuria Vitol
elsewhere in the world appears to be updating its location 3-Aug Aug 20 24 Brent CFD Done October -0.75 100000 Mercuria Vitol
as normal, according to cFlow. Spokesmen for Saudi 3-Aug Aug 20 24 Brent CFD Done October -0.77 100000 BP Gunvor
3-Aug Oct Cash BFOE Done 73.42 100000 Gunvor Vitol
Aramco and Bahri were not immediately available for 3-Aug Oct Cash BFOE Done 73.39 100000 Shell Mercuria
comment. 3-Aug Oct Cash BFOE Done 73.39 100000 BP Mercuria
3-Aug Oct Cash BFOE Done 73.42 100000 BP Vitol
North Sea, Mediterranean and West African deals
Buckeye starts permitting process 3-Aug Aug 24 28 Urals NWE Done Dated Brent -1.6 723000 Total Gunvor
for Corpus Christi crude loading facility 3-Aug Aug 24 28 CPC Blend Done Dated Brent -1.95 702000 BP OMV
Americas deals
US midstream player Buckeye Partners has started the 2-Aug Sep Sep 1 30 Bakken Guernsey Reported NYMEX WTI CMA -1.35
initial permitting process for its South Texas Gateway 2-Aug Sep Sep 1 30 Bakken Williston Reported NYMEX WTI CMA -2.5
(Into DAPL) Reported NYMEX WTI CMA -2.5
terminal at Corpus Christi to load large crude carriers, a 3-Aug Sep Sep 1 30 ANS Reported ICE Brent -0.25 300000
senior company executive said Friday. Start up of the 3-Aug Sep Sep 1 30 Bakken Clearbrook Reported NYMEX WTI CMA -0.4
3-Aug Sep Sep 1 30 Bakken Williston Reported NYMEX WTI CMA -2.7 500
terminal is planned in late 2019 and the project will be part (Into DAPL)
of a large marine facility that it is planning to build along 3-Aug Sep Sep 1 30 C5 Ft Saskatchewan Reported NYMEX WTI CMA -0.45
with Phillips 66 and Andeavor, Buckeye’s president of the 3-Aug Sep Sep 1 30 LLS Reported Cash WTI 3.1
3-Aug Sep Sep 1 30 Mars Reported Cash WTI 0
global marine terminal, Khaled Muslih, said on an earnings 3-Aug Sep Sep 1 30 Mixed Sweet Reported NYMEX WTI CMA -5.6
webcast. “There are large-scale opportunities in Corpus 3-Aug Sep Sep 1 30 Mixed Sweet Reported NYMEX WTI CMA -5.3
3-Aug Sep Sep 1 30 Polvo Reported ICE Brent -6.1 Trafigura
[Christi] for crude exports, with the terminal being a part 3-Aug Sep Sep 1 30 Poseidon Reported Mars -0.85
of the 800,000 b/d Gray Oak pipeline that will allow for 3-Aug Sep Sep 1 30 SSP Reported NYMEX WTI CMA 3
barrels to flow from the Permian Basin,” Muslih said. The 3-Aug Sep Sep 1 5 Vasconia Reported ICE Brent -5.5 500000 Parex
3-Aug Sep Sep 1 30 WCS Hardisty Reported NYMEX WTI CMA -31
South Texas Gateway terminal is being built as a joint 3-Aug Sep Sep 1 30 WCS Hardisty Reported NYMEX WTI CMA -31.05
venture between Buckeye (50%), Phillips 66 (25%) and 3-Aug Sep Sep 1 30 WCS Hardisty Reported NYMEX WTI CMA -31.25
3-Aug Sep Sep 1 30 WCS Hardisty Reported NYMEX WTI CMA -31.25
Andeavor (25%). The project entails the construction of 3-Aug Sep Sep 1 30 WCS Hardisty Reported NYMEX WTI CMA -31.25
two docks capable of loading Suezmax (capacity 1 million 3-Aug Sep Sep 1 30 WTI Midland Reported Cash WTI -17.5
barrels) and VLCC (up to 2 million barrels) tankers, along 3-Aug Sep Sep 1 30 WTI Midland Reported Cash WTI -17
3-Aug Sep Sep 1 30 WTS Reported Cash WTI -17
with 3.4 million barrels of crude and condensate storage. Please note that all deals that are stated as “Done” were reported and published through the Platts Market on Close assessment process. Deals that are stated as
The terminal will be connected to the Gray Oak pipeline, “Reported” were not reported through the MOC, and may reflect transactions that were reported before or after the MOC process. Platts seeks to confirm non-MOC
information to the fullest extent possible prior to publication.
for which operator Phillips 66 last week said it was
increasing the initial throughput by 100,000 b/d to
800,000 b/d following strong shipper demand. The

pipeline is expandable to roughly 1 million b/d subject to Kome-Kribi (Doba) pipeline to the coast of Cameroon, onboard Mercury Hope has since been discharged on
additional shipper commitments, Phillips 66 said at the where it loads at a terminal around 10 km offshore. The August 1. Despite higher crude imports, feedstock
time. To accommodate a likely increase in pipeline terminal is owned and operated by Cameroon Oil inventories at major ports in Shandong fell 13% from the
capacity, Buckeye is also keeping options to increase its Transportation Co.. record high in June to 4.71 million mt as of July 26, data
crude and condensate storage for the South Texas from Chinese information provider JLC showed. Major ports
Gateway terminal to 10 million barrels. “We are in talks CHINA DATA: Independent refiners’ July in Shandong refer to Qingdao, Dongjiakou, Longkou,
with [potential] additional customers for use of our dock Laizhou, Rizhao, Dongying and Yantai. Around 408,000 mt
crude oil imports rise 27% on month to
and storage facilities,” Muslih said. The South Texas of crude was received by two trading companies — Vitol
Gateway terminal will be built on a 212-acre waterfront Crude oil imports by China’s independent refineries in and PetroChina’s trading arms that supply to independent
parcel at Ingleside on the Corpus Christi Ship Channel and eastern Shandong province, as well as Hebei Xinhai refineries — down from 466,000 mt imported by three
will be Buckeye’s second crude export facility at that Chemical and Henan Fengli Petrochemical, rebounded by trading companies in June. The number of companies
Texas port. The company is already the operator of its 27.3% from a 20-month low in June to around 7.36 million taking in crude last month fell to 21, compared with 24 in
Buckeye Texas Hub terminal at Corpus from which it made mt in July, or 1.74 million b/d, according to a monthly survey June, for a total of 25 crude grades compared with 23
a first crude shipment in April on board a Suezmax tanker. by S&P Global Platts. Imports were also 5.6% higher year on grades in June. In July, 19 independent refineries which
“We are now connecting that terminal to the Cactus II year. The rebound was broadly within market participants’ hold crude quotas — including Hebei Xinhai Chemical and
pipeline,” Muslih said. The Plains All American-backed expectations, as imports in June were affected by Henan Fengli Petrochemical — received 6.95 million mt of
Cactus II pipeline will have a capacity of 650,000 b/d and restrictions on port operations because of the Shanghai imported crude, compared with 5.31 million mt by 21
will run from the Permian to Corpus with project Summit. Over January-July, total imports by the surveyed independent refineries in June, Platts data showed. Some
completion in late 2019. refineries rose marginally by 1.7% to 57.23 million mt, Platts of this volume received by the refineries can be resold to
data showed. The total crude import volume in July other independent refineries, including non-quota holders.
Chad’s Doba crude to load four cargoes included parcels that arrived at and completed discharge As of end-July, crude imports by Qirun Petrochemical and
operations at the ports in Shandong and Tianjin in the Chambroad Petrochemicals have surpassed each of their
in Sep, steady from Aug, Jul: source
month, as well as cargoes that have arrived over the past import quota allocations. Qirun has imported around 2.25
Chad’s Doba crude will see four cargoes of 950,000 barrels months, but only completed offloading in July. Apart from million mt of crude over January-July, about 47,000 mt
each load in September, unchanged from both July and those that have completed discharge operations, another above its allocation. Chambroad has imported about 14,000
August, according to a trader who has seen a copy of the 1.94 million mt of crude onboard 19 vessels were still mt above its allocation of 3.31 million mt, and its total
grade’s loading schedule. Average loadings will be slightly waiting outside port limits as of July 31. In comparison, imports over January-July was about 107% higher year on
higher month on month due to the one less day in there is usually around 2 million mt of crude waiting to be year. In addition to those that have already run out of
September at 126,667 b/d. Loadings have been steady at discharged towards the end of the month. Cargoes waiting quotas, another two refineries are likely to run out of quotas
four cargoes per month since April, with the exception of outside port limits as of July 31 included Qingyuan soon, based on their current monthly imports. The two are
June when they totaled five after a cargo originally Petrochemical’s 258,000 mt of Cabinda crude and 130,000 Luqing Petrochemical and Hongrun Petrochemical, with
scheduled to load in May was deferred. Doba, a very heavy mt of Plutoino crude, which had arrived at the ports in mid around 416,000 mt and 405,000 mt of quotas left as of end-
sweet crude produced in southern Chad, is pumped via the and end May. The 130,000 mt cargo of Plutoino crude July, respectively.

SUBSCRIBER NOTES (PGA page 1500)

Platts removes pricing freeze in Brent CFD MOC vs Med Urals FOB Novo Afra vs Med AAOTI00 Worldscale) and TDABL00 ($/mt). The new basket will consist of
S&P Global Platts has removed the two minute pricing freeze in the Azeri Light FOB 80kt Azeri Light FOB Supsa AATHM00 the following rates: Sidi Kerir-Lavera La Skhirra-Augusta Ceyhan-
Brent Contract for Difference (CFD) Market on Close assessment Azeri Light FOB 80 kt Azeri Light FOB Supsa Trieste Average of the three flat rates: $5.51/mt 100kt Baltic-UKC,
process effective August 1, 2018. This change applies to Brent CFD vs BTC vs BTC AATHN00 appearing under codes TDADP00 (for Worldscale) and TDADK00 ($/
price indications and Brent CFD spreads. This follows on from a Azeri Light BTC mt). The new basket will consist of the following rates: Primorsk-
decision announced May 11 and available here: https://www. FOB Ceyhan Azeri Light FOB Ceyhan Suez AAUFM00 Rotterdam Primorsk-Wilhelmshaven Ust Luga-Le Havre Average of
spglobal.com/platts/en/our-methodology/subscriber-notes/051118- Azeri Light BTC FOB Azeri Light FOB the three flat rates: $7.98/mt Please send all comments or
platts-to-remove-pricing-freeze-in-brent-cfd-moc-oil. This change Ceyhan vs BTC Ceyhan Suez vs BTC AAUFN00 questions by June 25, 2018, to [email protected] and
was originally proposed on March 23 in a note available here: Azeri Light BTC FOB [email protected]. For written comments, please provide a
https://www.spglobal.com/platts/en/our-methodology/subscriber- Ceyhan 80kt Azeri Light FOB Ceyhan Afra AAUFK00 clear indication if comments are not intended for publication by
notes/032318-platts-proposes-to-remove-pricing-freeze-in-brent- Azeri Light BTC FOB Light FOB Ceyhan Afra Platts for public viewing. Platts will consider all comments received
cfd-moc. Market participants can now change their bids and offers Ceyhan 80kt vsAzeri vs BTC AAUFL00 and will make comments not marked as confidential available to
up to the 16:30 London close. Platts reserves the right to determine CPC Blend FOB CPC Blend FOB Suez AALVX00 the public upon request.
whether any indication outstanding at this period has adequately CPC Blend FOB vs Med CPC Blend FOB Suez vs Med AALVZ00
tested a new market value for use in the MOC assessment process. CPC FOB 80kt CPC Blend FOB Afra AAOFV00 Platts to change laycan reflected
Previously, any company bidding and offering a Brent CFD is unable CPC FOB 80kt vs Med CPC Blend FOB Afra vs Med AAOFW00 in Russian ESPO crude assessments
to change the price of their indication after 16:28 London time, Please send any additional comments and feedback to S&P Global Platts will change the assessment laycan reflected in all
creating a two minute pricing freeze ahead of the 16:30 London [email protected] and [email protected]. For assessments of Russia’s East Siberian Pacific Ocean or ESPO crude
close. Please send any further comments and feedback to written comments, please provide a clear indication if comments oil effective January 2, 2019. Platts will change the assessment
[email protected] and [email protected]. For are not intended for publication by Platts for public viewing. Platts laycan of its ESPO M1 and ESPO M2 to reflect cargoes loading two
written comments, please provide a clear indication if comments will consider all comments received and will make comments not calendar months and three calendar months forward, respectively,
are not intended for publication by Platts for public viewing. Platts marked as confidential available upon request. from the month of publication. This change will apply to ESPO
will consider all comments received and will make comments not assessments at both the Asian close and European close. For
marked as confidential available upon request. Platts proposes changing flat rate baskets example, in January 2019, Platts ESPO M1 and ESPO M2
on some Euro Suezmax/Aframax routes assessments will reflect cargoes loading FOB Kozmino in March
Platts to change names of Med crude oil assessments In response to changing trade flows, S&P Global Platts proposes to and April, respectively. The change follows extensive consultation
In line with changing market conditions in the Mediterranean crude update the basket of flat rates used to calculate $/mt prices on a with the industry, after Platts formally invited feedback on a
markets, S&P Global Platts will amend the names of a number of number of Suezmax and Aframax routes West of Suez effective proposal to amend the ESPO assessment laycan in a subscriber
different crude oil assessments to reflect trading norms from September 1, 2018. Platts proposes to amend the Worldscale note published September 10, 2017: https://www.platts.com/
January 2, 2019. This decision follows from a proposal made on basket for the dirty tanker route: 135kt Black Sea-Med, appearing subscriber-notes-details/27871024 Currently, the Platts ESPO M1
November 23 and available here: https://www.platts.com/ under codes TDADQ00 (for Worldscale) and TDADL00 ($/mt). The assessment reflects cargoes loading 15-45 days forward, and ESPO
subscriber-notes-details/26845613. Platts remains committed to new basket will consist of the following rates: Novorossisk-Augusta M2 reflects loadings 45-75 days from the date of publication. The
reflecting standard cargo sizes in its assessments and is Novorossisk-Lavera Novorossisk-Trieste: $8.18/mt Average of the decision to amend the assessment laycans follows changes in the
constantly reviewing the existing methodology to ensure that its three flat rates: $8.13/mt 140kt Black Sea-Med, appearing under ESPO market since shipments first began in 2009. Spot cargoes of
assessments reflect standard traded volumes in a given market. codes TDAFJ00 (for Worldscale) and TDAFI00 ($/mt). The new ESPO crude in the past often traded on a relatively prompt basis,
The affected grades with planned changes are listed below: basket will consist of the following rates: Novorossisk-Augusta partly because of the loading port Kozmino’s proximity to the major
Current Assessment Name Proposed Assessment Name Code Novorossisk-Lavera Novorossisk-Trieste Average of the three flat refining center in North Asia. As spot volumes and acceptability of
Urals (ex-Novorossiisk) Urals FOB Novo Suez AAGZS00 rates: $8.13/mt 80kt Black Sea-Med, appearing under codes the grade grew, market dynamics in recent years have pushed
Urals (ex-Novorossiisk) TDADT00 (for Worldscale) and TDADO00 ($/mt). The new basket trading activity in ESPO to align more closely with trading calendars
vs Med Urals FOB Novo Suez vs Med AAHPH00 will consist of the following rates: Novorossisk-Augusta of similar grades from Asia and the Middle East that typically trade
Urals (ex-Novo) FOB 80kt Urals FOB Novo Afra AAOTH00 Novorossisk-Lavera Supsa-Trieste Average of the three flat rates: for loading two months forward. The change helps refiners better
Urals (ex-Novo) FOB 80 kt $7.87/mt 80kt Med-Med, appearing under codes PFAJP10 (for evaluate ESPO relative to other grades and secure cargoes early to

SUBSCRIBER NOTES (continued) (PGA page 1500)

fit their desired mix of feedstock. Spot cargoes of ESPO crude, assessments. The revised assessments continue to reflect Eagle Ford Condensate FOB USGC vs NYMEX WTI strip AAYAS00
each typically 100,000 mt, now usually trade for loading FOB Aframax vessels, with a typical size of about 600,000 barrels. MOC GUIDELINES: Platts will publish bids, offers and trades for
Kozmino basis two months forward as a differential to front-month Platts recognizes not all Aframaxes may hold the same amount of Eagle Ford crude and condensate FOB USGC cargoes during the
Platts Dubai crude assessments. The benchmark Platts Dubai crude oil or condensate, and that characteristics of the barrels as Market on Close assessment process, with clearly stated locations
assessments also reflect cargoes loading two calendar months well as port restrictions may change the amount able to be loaded. and dates. The Eagle Ford assessments appear on Platts Global
forward. From January 2019, Platts ESPO M1 assessments will align FOB HOUSTON DISCONTINUATION: With multiple locations reflected Alert pages 210, 214, 222 and 260; in the Crude Oil Marketwire,
with the Platts front-line Dubai crude assessments month while in the redefined Eagle Ford FOB USGC assessments, Platts North American Crude and Products Scan and Oilgram Price Report
ESPO M2 will align with second-line Dubai crude assessments. The therefore will discontinue its assessments of Eagle Ford crude and publications; and in the Platts price database. Please send any
change will also align the ESPO M1 assessment with front-month condensate FOB Houston, with effect September 4. The affected questions or comments to [email protected] and
Platts assessments for other Far East Russian crude grades such assessments are: [email protected]. For written comments, please provide a
as Sokol and Sakhalin Blend. At the Asian close, alongside the ASSESSMENT NAME CODE clear indication if comments are not intended for publication by
ESPO M1 (AARWF00) outright assessment, the ESPO M1 Diff to Eagle Ford Crude FOB Houston AAYAV00 Platts for public viewing. Platts will consider all comments received
Dubai (AARCN00) will reflect value for cargoes two calendar Eagle Ford Crude FOB Houston vs forward WTI AAYAW00 and will make comments not marked as confidential available upon
months forward. Similarly, ESPO M2 (AAWFE00) and ESPO M2 Diff Eagle Ford Condensate FOB Houston AAYBB00 request.
to Dubai (AAWFG00) will reflect cargoes loading three calendar Eagle Ford Condensate FOB Houston vs forward WTI AAYBC00
months forward. At the European close, the outright ESPO FOB The following methodology changes for the assessments took Platts renames, broadens scope
Kozmino (AARWD00) and ESPO M1 Diff to Fwd Dated Brent effect August 1: of WTI FOB Houston assessment
AARWE00 will reflect value for cargoes two calendar months CHANGE IN CONDENSATE SPECIFICATION: Platts now reflects 52 S&P Global Platts has redefined and renamed its WTI FOB Houston
forward. Please send all comments, feedback and questions to API oil in its Eagle Ford condensate assessments, down from the assessment as WTI FOB USGC with effect from August 1, 2018, to
[email protected] and [email protected]. For previous 55 API specification. There is significant variance in the more broadly reflect the evolving regional crude export market.
written comments, please provide a clear indication if comments gravity of Eagle Ford oil at the wellhead, though the commonly This change follows a July 23 proposal note and July 30 decision
are not intended for publication by Platts for public viewing. Platts traded streams are Eagle Ford 45 and Eagle Ford 52, and to a note. Significant volumes of US crude are being exported from the
will consider all comments received and will make comments not lesser extent, Eagle Ford 60. The Platts Eagle Ford crude Gulf Coast to countries around the world. West Texas Intermediate
marked as confidential available upon request. assessment continues to reflect 45 API barrels. is the dominant export grade thanks to booming production and
TIMING: The revised assessments reflect a laycan of 15-45 days numerous pipeline additions and infrastructure improvements that
Platts renames, revises Eagle Ford forward. For example, on August 1, Platts is assessing Eagle Ford allow it to be loaded and shipped from multiple ports. To reflect
FOB Corpus Christi assessments FOB USGC cargoes loading August 16-September 15. This change this dynamic market, Platts is considering values for WTI cargoes
S&P Global Platts has redefined and renamed its Eagle Ford FOB aligns with the revised WTI FOB USGC and new Bakken FOB USGC on an FOB basis from locations along the USGC, including Corpus
Corpus Christi crude and condensate assessments as Eagle Ford assessments. Previously, the Platts Eagle Ford FOB Corpus Christi Christi, Texas City, Houston, Beaumont, Nederland and Port Arthur.
crude and condensate FOB USGC, with effect from August 1, 2018, assessments roll to the second month forward on the 15th of the The most competitive location sets the value for the WTI FOB USGC
to more broadly reflect the evolving regional export market. In line month. assessment. The grade reflected continues to be Midland-quality
with this change, Platts will discontinue its Eagle Ford FOB Houston DIFFERENTIAL BASIS: The revised differential reflects the value of WTI produced in the Permian basins of West Texas and transported
crude and condensate assessments with effect from September 4, Eagle Ford crude and condensate FOB USGC cargoes versus a directly to the USGC. Recent assays show Midland WTI to be 42-44
2018. The change follows a July 23 proposal note and July 30 15-45 day NYMEX WTI Light Sweet Crude Oil futures strip. This is a API, 0.13%-0.35% sulfur. The revised assessment continues to
decision note. To reflect this changing market, Platts is considering change from the previous cash WTI CMA basis. reflect Aframax vessels, with a typical size of about 600,000
values for Eagle Ford crude and condensate cargoes on an FOB RENAMED ASSESSMENTS: Platts has renamed the Eagle Ford barrels. Platts recognizes not all Aframaxes may hold the same
basis from locations along the USGC. Eagle Ford typically has been crude and condensate FOB Corpus Christi assessments and related amount of crude oil, and that characteristics of the crude itself as
exported from Corpus Christi and Houston, where it is often differentials to the following: well as port restrictions may change the amount able to be loaded.
referred to as South Texas Sweet. Platts may consider exports ASSESSMENT NAME CODE The following methodology changes for the assessment also took
from other locations that could include Texas City, Beaumont, Eagle Ford Crude FOB USGC AAYAT00 effect August 1.
Nederland and Port Arthur. The most competitive location sets the Eagle Ford Crude FOB USGC vs NYMEX WTI strip AAYAU00 TIMING: The revised assessment reflects a laycan of 15-45 days
values for the Eagle Ford crude and condensate FOB USGC Eagle Ford Condensate FOB USGC AAYAR00 forward. For example, on August 1, Platts assessed WTI FOB USGC

SUBSCRIBER NOTES (continued) (PGA page 1500)

cargoes loading August 16-September 15. This change aligns with to Cash BFOE outright price indications where incrementability will Platts updates cut-off time in Mid East
the revised Eagle Ford crude and condensate FOB USGC and new remain at 3 cents/b. Additionally, the repeat time for Cash BFOE crude MOC effective Aug 1
Bakken FOB USGC assessments. Previously, the Platts WTI FOB cargo and partial spreads and Cash BFOE outright bids and offers S&P Global Platts has changed the timing cut off for submission of
Houston assessment rolled to the second month forward on the will remain at 10 seconds. Following the introduction of implied new bids and offers during the Market on Close assessment
15th of the month. indications functionality in the Platts MOC in September 2017, Platts process for Middle East crude partials and partials spreads to 4:15
DIFFERENTIAL BASIS: The revised differential reflects the value of has observed an increase in the efficiency of transaction pm Singapore time, from the previous 4:00 pm Singapore time,
WTI FOB USGC cargoes versus a 15-45 day NYMEX WTI Light Sweet execution. Platts believes that, as a result of this trend, the current effective August 1, 2018. The change is aimed at bringing greater
Crude Oil futures strip. This is a change from the previous cash WTI incrementability allowed to change a Cash BFOE spread bid or offer efficiency to the MOC assessment process that is used to assess
CMA basis. does not sufficiently test market value at all levels and could lead benchmark Dubai and Oman crude oil prices. With the new timing,
RENAMED ASSESSMENTS: Platts has renamed the WTI FOB to an increase in “gapping” wherein an indication moves too Platts will continue to publish, bids, offers or expressions of
Houston assessment as WTI FOB USGC (AAYBA00) while the quickly to adequately test value. Please send any further interest to trade before 4:15 pm, but will not publish any new bids
previous differential vs forward WTI has been renamed WTI FOB comments and feedback to [email protected] and or offers submitted after 4:15 pm. Activity in the Middle East sour
USGC vs NYMEX WTI strip (AAYAZ00). [email protected]. For written comments, please provide a crude MOC assessment process has grown substantially in recent
MOC GUIDELINES: Platts will publish bids, offers and trades for WTI clear indication if comments are not intended for publication by years, reflecting rising trade volumes in the broader Asia market,
FOB USGC cargoes during the Market on Close assessment Platts for public viewing. Platts will consider all comments received underpinned by strong oil demand growth in countries such as
process, with clearly stated locations and dates; sellers will commit and will make comments not marked as confidential available upon China and India. Platts timing and increment guidelines are a key
to providing Midland-quality WTI cargoes. The assessments appear request. component of its MOC assessment methodology, essential to an
on Platts Global Alert pages 210, 214 and 222 and in the orderly and transparent price assessment process. The change
publications Crude Oil Marketwire, North American Crude and Platts to assess Forties de-escalator applies to all crude partials and spreads in the Middle East MOC
Products Scan and Oilgram Price Report. Please send any at 20 cents/b for August 2018 assessment process for Dubai, Oman, Upper Zakum, Al Shaheen
questions or comments to [email protected] and Effective August 1, 2018, the sulfur de-escalator to be applied to and Murban crudes. The five grades are physically deliverable into
[email protected]. For written comments, please provide a Forties cargoes and related instruments in the Platts North Sea the benchmark Dubai crude contract. Platts continues to accept
clear indication if comments are not intended for publication by assessment process will be 20 cents/b per 0.1% weight of sulfur bids, offers and expressions of interest to trade for publication up
Platts for public viewing. Platts will consider all comments received over the 0.6% weight standard, unchanged from July. The until 4:00 pm for full cargoes and will continue to not accept bids
and will make comments not marked as confidential available upon de-escalator should apply to cargoes loading from August 1, 2018. and offers for publication for full cargoes after 4:00 pm. For more
request. S&P Global Platts has assessed this de-escalator level after information on Platts Middle East crude benchmarks and how they
reviewing the change in outright crude value, the differential are assessed, please visit: http://www.platts.com/price-
Platts to reduce incrementability in Cash BFOE spread MOC between low and high sulfur products, as well as the difference in assessments/oil/dubai-crude Please send any feedback or
S&P Global Platts will reduce the incrementability with which value between North Sea crudes and comparable heavy, sourer questions to [email protected] and
companies can change bids and offers within the Cash BFOE cargo crudes, such as Urals. A rationale for this decision will be available [email protected] For written comments, please provide a
and partial spread Market on Close assessment process to 1 cent/ shortly on the Platts website, www.spglobal.com. It can also be clear indication if comments are not intended for publication by
barrel per second effective September 3, 2018. This decision accessed directly using the following URL http://plts.co/UVfl30l7017. Platts for public viewing.
follows on from a proposal published May 22 and available here: Platts guidelines for its sulfur de-escalator use three significant
https://www.spglobal.com/platts/en/our-methodology/subscriber- figures for determination of sulfur-related payment. The test Platts launches USGC Bakken
notes/052218-platts-proposes-reduction-in-incrementability- reflecting this figure should be the ASTM-D2622. Forties cargoes assessments, redefines Williston basis
changes-in-cash-bfoe-spread-moc. Currently, a company bidding and all related instruments, including BFOE cash forwards, bid or S&P Global Platts has launched two new daily price assessments
or offering a Cash BFOE cargo and partial spread in the Platts MOC offered through the Platts system must adhere to this standard. In for Bakken crude oil on the US Gulf Coast, and renamed and further
can move an indication by up to 3 cents/barrel every second. Under addition, Platts will publish the sulfur de-escalator, representing defined its existing Bakken assessments, with effect from August
the new change, incrementability would be reduced, meaning that the dollar value per 0.1% weight of sulfur, in its crude oil 1, 2018. Platts originally published a subscriber note May 25
a company could only move an indication by 1 cent/b every second. publications. Please send comments to proposing to launch new Bakken assessments at Patoka, Illinois,
This change only applies to Cash BFOE spread indications and not [email protected] and [email protected]. and on the US Gulf Coast, as well as to further define its existing

SUBSCRIBER NOTES (continued) (PGA page 1500)

Bakken assessment in North Dakota. This was initially proposed for Platts standardized the names of its existing Bakken assessments Platts launches daily West African Crude Market Parity Prices
a launch July 17. A decision note was published July 23. Platts across all publications, on Platts Global Alert and in the Platts price Effective August 1, 2018, S&P Global Platts has launched six new
currently assesses the value of Bakken crude at three locations: database, from August 1. The names of the existing assessments daily Market Parity Prices (MPP) for West African crude oil. These
close to the wellhead at North Dakota terminals with the have been standardized to: new calculated prices reflect Platts’ understanding of refinery
operational capability to move crude by rail or pipeline; injected at ASSESSMENT NAME CODE value of individual crude grades and market economics. Platts’ new
Guernsey, Wyoming; and injected at Clearbrook, Minnesota. Bakken Williston AAXPP00 MPP methodology will provide prices for crude grades with no or
NEW BAKKEN FOB USGC ASSESSMENT: Platts launched a daily Bakken Williston vs NYMEX WTI CMA AASRX00 irregular spot market activity. While Platts will continue to publish
price assessment for Bakken FOB USGC from August 1. This Bakken Guernsey AASRR00 any spot market information heard regarding these crude grades,
assessment reflects an Aframax-sized cargo, which is typically Bakken Guernsey vs NYMEX WTI CMA AASRV00 this information would not be used in the daily calculation of the
about 600,000 barrels, loading 15-45 days forward. For example, Bakken Clearbrook AASRU00 MPP. Platts will publish these MPPs in Crude Oil Marketwire, on
on August 1, Platts is assessing Bakken FOB USGC cargoes loading Bakken Clearbrook vs NYMEX WTI CMA AASRW00 Platts Global Alert page 1270 and under the following codes in the
August 16-September 15. This change aligns with the revised FOB In the May 25 subscriber note, Platts had originally proposed Platts pricing database:
USGC Eagle Ford crude and condensate and WTI assessments. The launching a daily price assessment for Bakken at Patoka, Illinois. Crude Grade Code
new Bakken FOB USGC assessment is published as an outright Following feedback and market observation, Platts decided not to Amenam AAXTI00
price (ABAKC00) as well as a differential versus a 15-45 day NYMEX launch a Bakken assessment in Patoka, but will continue to EA Blend AAXTJ00
WTI Light Sweet Crude Oil futures strip (ABAKD00). Platts will monitor market activity and publish price indications when Yoho AAXTK00
publish bids, offers and trades for Bakken FOB USGC cargoes received. The Platts Bakken assessments appear on Platts Global Asaramatoru AAXTV00
during the Market on Close assessment process, with clearly Alert pages 210, 214 and 260; in the Crude Oil Marketwire, North Abo AAXTL00
stated locations and dates. American Crude & Products Scan, and Oilgram Price Report TEN AAXTW00
NEW BAKKEN USGC PIPE ASSESSMENT: Platts launched a new daily publications; and in the Platts price database. Please send any These new prices reflect the value of each of the above West
pipeline assessment for Bakken crude on the US Gulf Coast. This further questions or comments to [email protected] African crudes on an outright price basis at 16:30 London time by
reflects the value of Bakken crude in pipe at the Nederland and and [email protected]. For written comments, please calculating the gross product worth (GPW) of each crude grade and
Beaumont terminals in Texas, where Bakken crude is actively provide a clear indication if comments are not intended for subtracting freight and refining costs, before applying an
traded. The new Bakken USGC pipe assessment is published as an publication by Platts for public viewing. Platts will consider all adjustment differential that reflects related market value. In order
outright price (ABAKA00) and as a differential to the corresponding comments received and will make comments not marked as to calculate the GPW of each crude grade, Platts Analytics has
NYMEX WTI Light Sweet Crude Oil futures calendar month average confidential available upon request. modeled the yield of the following products in a marginal
(ABAKB00). It follows the roll calendar of the existing Bakken Northwest European refinery, delivered Rotterdam:
pipeline assessments i.e. it will roll to the next front month on the Platts Quality Premium for October-loading Product Code
date pipeline nominations are due. Platts follows the nomination Murban set at $1.4885/b Propane FOB NWE PMABB00
schedule published by the Crude Oil Logistics Committee on its The Quality Premium for October-loading Murban crude oil is Butane FOB NWE PMAAL00
website for its Bakken pipeline assessments. $1.4885/b, and will be effective for trade in October-loading Naphtha FOB Rotterdam Barge PAAAM00
RENAME AND REDEFINE NORTH DAKOTA ASSESSMENT: The Dakota cargoes during the Platts Dubai Market on Close assessment Gasoline Eurobob FOB AR Barge AAQZV00
Access Pipeline (DAPL)and Energy Transfer Crude Oil Pipeline process through August. The Murban QP can be found on Platts Jet FOB Rdam Barge
(ETCOP) projects that have come online recently have led to Global Alert pages 2210 and 2220, in the Crude Oil Marketwire, and PJABA00
differences in the price for Bakken crude in the Williston Basin, under code AAISV00 in the Platts database. Please send all ULSD 10ppmS FOB ARA Barge AAJUS00
depending on location. Therefore, from August 1, Platts has comments, feedback and questions to [email protected] Gasoil 0.1%S FOB ARA Barge AAYWT00
renamed and redefined its Bakken assessment near the wellhead and [email protected]. For written comments, please FO 1%S FOB NWE Cargo PUAAM00
in North Dakota as a Bakken Williston assessment reflecting barrels provide clear indication if comments are not intended for Platts then subtracts additional costs, such as freight, labor,
for DAPL injection. This continues to be published as an outright publication by S&P Global Platts for public viewing. Platts will capital, power, insurance, and chemicals and catalysts from this
price as well as a differential versus the corresponding NYMEX WTI consider all comments received and will make comments not GPW model. Finally, Platts applies an adjustment differential
Light Sweet Crude Oil futures calendar month average. In addition, marked as confidential available upon request. derived by averaging the difference between the cost-adjusted

SUBSCRIBER NOTES (continued) (PGA page 1500)

GPW and the daily assessed price of the following four light, sweet Yoho 12.45 September 2018-loading cargoes of North Sea Ekofisk crude. The
crude grades: Asaramatoru 13.14 month-ahead Ekofisk and Oseberg QPs can be found on Platts
Abo 12.05 Global Alert pages 1210 and 1212, respectively, in Crude Oil
Crude Grade Code
TEN 10.80 Marketwire, and under codes AAXDZ00 and AAXDX00. Current
Qua Iboe FOB Nigeria PCAID00
month QPs can be found on the same page and under codes
Azeri Light BTC FOB Ceyhan 80kt AAUFK00 For more information, a Frequently Asked Questions document will
AAXDY00 and AAXDW00, respectively. The QPs are published to
Ekofisk FOB North Sea PCADI00 be made available shortly here: http://plts.co/g2Cf30lct7U. Please
Gullfaks CIF Rotterdam AASAU00 send any further comments and feedback to four decimal places and at 60% of the net price differences
[email protected] and [email protected] For between Ekofisk and Oseberg, and the most competitive grade of
The annual Worldscale flat rates used in the calculation for the four crude among Brent, Forties, Oseberg, Ekofisk and Troll during the
written comments, please provide a clear indication if comments
reference grades and six new MPP grades are as follows: month prior to announcement. Platts announces QPs on the first
are not intended for publication by Platts for public viewing. Platts
Crude Grade WS Flat Rate ($/mt) will consider all comments received and will make comments not publishing day of each month, a month prior to the escalators
Qua Iboe 12.56 marked as confidential available upon request. coming into effect. Platts has made available a Question & Answer
Azeri Light 11.10 document in English, Mandarin and Russian that further elaborates
Ekofisk 4.15 Quality premiums for September 2018-loading N Sea cargoes on commonly raised questions from all respondents on its Dated
Gullfaks N/A Effective August 1, 2018, the North Sea Quality Premium for Brent homepage at www.platts.com Please send any comments
Amenam 12.54 September 2018-loading cargoes of Oseberg crude will be and queries to [email protected] and
EA Blend 12.18 $0.5620/b, while a Quality Premium of $0.2370/b will be set for [email protected]

US AND CARIBBEAN YIELDS AND NETBACKS EFFECTIVE AUGUST 3, 2018 ($/barrel)

Caribbean Summer Specifications (PGA page 802) Caribbean Summer Specifications (PGA page 804)
Crack Yield Freight Crack Netback Spot Price Crack Margin Coke Yield Freight Coke Netback Spot Price Coke Margin
BCF 22 TYAET00 75.82 TDDBN00 0.36 TNAET00 75.46 BCF 22 TYAER00 77.99 TDDBN00 0.36 TNAER00 77.63
BCF 24 TYAFF00 77.04 TDDBQ00 0.36 TNAFF00 76.68 BCF 24 TYAFD00 78.84 TDDBQ00 0.36 TNAFD00 78.48
Escalante TYAKE00 75.86 TDDEY00 3.19 TNAKE00 72.67 PCAGC00 69.375 TNAKEMR 3.295 Escalante TYAKC00 79.23 TDDEY00 3.19 TNAKC00 76.04 PCAGC00 69.375 TNAKCMR 6.665
Isthmus TYAMN00 80.15 TDDDK00 0.70 TNAMN00 79.45 PDATO09 66.520 TNAMNMR 12.930 Isthmus TYAML00 81.09 TDDDK00 0.70 TNAML00 80.39 PDATO09 66.520 TNAMLMR 13.870
Maya TYAOF00 70.44 TDDDR00 0.71 TNAOF00 69.73 PDATS09 62.830 TNAOFMR 6.900 Maya TYAOD00 75.69 TDDDR00 0.71 TNAOD00 74.98 PDATS09 62.830 TNAODMR 12.150
Merey TYAOV00 72.76 TDDDU00 0.38 TNAOV00 72.38 Merey TYAOT00 75.89 TDDDU00 0.38 TNAOT00 75.51
Mesa TYAPD00 80.13 TDDFB00 0.34 TNAPD00 79.79 AAITB00 67.725 TNAPDMR 12.065 Mesa TYAPB00 80.91 TDDFB00 0.34 TNAPB00 80.57 AAITB00 67.725 TNAPBMR 12.845
Olmeca TYAQB00 80.60 TDDEA00 0.67 TNAQB00 79.93 PDATT09 69.960 TNAQBMR 9.970 Olmeca TYAPZ00 82.14 TDDEA00 0.67 TNAPZ00 81.47 PDATT09 69.960 TNAPZMR 11.510

US Atlantic Coast Summer Specifications (PGA page 810) US Atlantic Coast Summer Specifications (PGA page 812)
Crack Yield Freight Crack Netback Spot Price Crack Margin Coke Yield Freight Coke Netback Spot Price Coke Margin
Arab Heavy TYABN00 77.06 TDDAM00 0.98 TNABN00 76.08 AAXDI00 66.540 TNABNMR 9.540 Arab Heavy TYABL00 82.05 TDDAM00 0.98 TNABL00 81.07 AAXDI00 66.540 TNABLMR 14.530
Arab Light TYACL00 81.12 TDDAU00 0.93 TNACL00 80.19 AAXCU00 69.290 TNACLMR 10.900 Arab Light TYACJ00 83.78 TDDAU00 0.93 TNACJ00 82.85 AAXCU00 69.290 TNACJMR 13.560
Arab Medium TYADR00 78.31 TDDBC00 0.95 TNADR00 77.36 AAXDN00 67.690 TNADRMR 9.670 Arab Medium TYADP00 82.53 TDDBC00 0.95 TNADP00 81.58 AAXDN00 67.690 TNADPMR 13.890
Bakken TYASE00 85.59 TDDRN00 7.50 TNASE00 78.09 AAXPP00 64.520 TNASEMR 13.570
Bonny Light TYAGP00 88.11 TDDBZ00 1.32 TNAGP00 86.79 PCAIC00 74.255 TNAGPMR 12.535
Brass River TYAHB00 86.09 TDDEW00 1.25 TNAHB00 84.84 AAEJB00 74.005 TNAHBMR 10.835
Brent TYAHP00 84.81 TDDCC00 1.03 TNAHP00 83.78 AAVJA00 72.870 TNAHPMR 10.910 Brent TYAHN00 86.12 TDDCC00 1.03 TNAHN00 85.09 AAVJA00 72.870 TNAHNMR 12.220
Cabinda TYAIB00 83.76 TDDCH00 1.44 TNAIB00 82.32 PCAFD00 72.355 TNAIBMR 9.965 Cabinda TYAHZ00 86.54 TDDCH00 1.44 TNAHZ00 85.10 PCAFD00 72.355 TNAHZMR 12.745
Ekofisk TYAKB00 85.17 TDDCS00 0.92 TNAKB00 84.25 PCADI00 73.210 TNAKBMR 11.040 Ekofisk TYAJZ00 86.65 TDDCS00 0.92 TNAJZ00 85.73 PCADI00 73.210 TNAJZMR 12.520
Forcados TYAKV00 89.51 TDDDA00 1.32 TNAKV00 88.19 PCABC00 74.255 TNAKVMR 13.935
Hibernia TYALT00 84.32 TDDDE00 1.22 TNALT00 83.10 AAJKK00 71.985 TNALTMR 11.115 Hibernia TYALR00 86.34 TDDDE00 1.22 TNALR00 85.12 AAJKK00 71.985 TNALRMR 13.135
Oriente TYAQR00 78.87 TDDED00 4.27 TNAQR00 74.60 PCADE00 67.555 TNAQRMR 7.045 Oriente TYAQP00 83.24 TDDED00 4.27 TNAQP00 78.97 PCADE00 67.555 TNAQPMR 11.415
Statfjord TYASN00 85.41 TDDEL00 1.03 TNASN00 84.38 PCAEE00 72.385 TNASNMR 11.995 Statfjord TYASL00 86.51 TDDEL00 1.03 TNASL00 85.48 PCAEE00 72.385 TNASLMR 13.095
Troll TYATH00 87.55 TDDEQ00 0.96 TNATH00 86.59 AAWEX00 73.945 TNATHMR 12.645 Troll TYATF00 88.09 TDDEQ00 0.96 TNATF00 87.13 AAWEX00 73.945 TNATFMR 13.185

US Midwest Summer Specifications (PGA page 820) US Midwest Summer Specifications (PGA page 822)
Crack Yield Freight Crack Netback Spot Price Crack Margin Coke Yield Freight Coke Netback Spot Price Coke Margin
Bakken TYASA00 84.76 TDDRO00 3.48 TNASA00 81.28 AAXPP00 64.520 TNASAMR 16.760
Bow River TYAGV00 84.84 TDDRL00 4.19 TNAGV00 80.65
LLS TYANT00 87.65 TDDQV00 1.02 TNANT00 86.63 PCABN00 71.590 TNANTMR 15.040 LLS TYANR00 88.63 TDDQV00 1.02 TNANR00 87.61 PCABN00 71.590 TNANRMR 16.020
Mixed Lt Sour TYAPX00 80.72 TDDQZ00 2.42 TNAPX00 78.30 AALRX00 60.970 TNAPXMR 17.330 Mixed Lt Sour TYAPV00 83.36 TDDQZ00 2.42 TNAPV00 80.94 AALRX00 60.970 TNAPVMR 19.970
Mixed Lt Sweet TYAQZ00 85.87 TDDRA00 4.00 TNAQZ00 81.87 AALRR00 61.920 TNAQZMR 19.950 Mixed Lt Sweet TYAQX00 86.92 TDDRA00 4.00 TNAQX00 82.92 AALRR00 61.920 TNAQXMR 21.000
Syncrude TYAUR00 88.09 TDDFP00 4.00 TNAUR00 84.09 AASOK00 70.220 TNAURMR 13.870
WCS TYAVG00 80.45 TDDRL00 4.19 TNAVG00 76.26 AAPPN00 35.970 TNAVGMR 40.290
WTI TYAUB00 83.68 TDDRG00 1.88 TNAUB00 81.80 PCACG00 68.490 TNAUBMR 13.310 WTI TYATZ00 85.28 TDDRG00 1.88 TNATZ00 83.40 PCACG00 68.490 TNATZMR 14.910
WTS TYAUJ00 82.25 TDDRI00 2.64 TNAUJ00 79.61 PCACK00 51.490 TNAUJMR 28.120 WTS TYAUH00 85.47 TDDRI00 2.64 TNAUH00 82.83 PCACK00 51.490 TNAUHMR 31.340

US YIELDS AND NETBACKS ($/barrel)

US Gulf Coast Summer specifications (PGA page 830) US Gulf Coast Summer specifications (PGA page 832)
Crack Yield Freight Crack Netback Spot Price Crack Margin Coke Yield Freight Coke Netback Spot Price Coke Margin
Arab Berri TYAAL00 82.69 TDDAC00 1.01 TNAAL00 81.68 AAXCT00 71.190 TNAALMR 10.490 Arab Berri TYAAJ00 83.24 TDDAC00 1.01 TNAAJ00 82.23 AAXCT00 71.190 TNAAJMR 11.040
Arab Heavy TYABR00 75.64 TDDAJ00 1.08 TNABR00 74.56 AAXDI00 66.540 TNABRMR 8.020 Arab Heavy TYABP00 79.47 TDDAJ00 1.08 TNABP00 78.39 AAXDI00 66.540 TNABPMR 11.850
Arab Light TYACP00 79.32 TDDAR00 1.03 TNACP00 78.29 AAXCU00 69.290 TNACPMR 9.000 Arab Light TYACN00 81.29 TDDAR00 1.03 TNACN00 80.26 AAXCU00 69.290 TNACNMR 10.970
Arab Medium TYADV00 76.72 TDDAZ00 1.05 TNADV00 75.67 AAXDN00 67.690 TNADVMR 7.980 Arab Medium TYADT00 80.01 TDDAZ00 1.05 TNADT00 78.96 AAXDN00 67.690 TNADTMR 11.270
Bakken TYASG00 83.11 TDDRP00 7.92 TNASG00 75.19 AAXPP00 64.520 TNASGMR 10.670
Basrah Light TYAGD00 79.17 TDDBS00 2.29 TNAGD00 76.88 AAXDO00 70.680 TNAGDMR 6.200 Basrah Light TYAGB00 80.91 TDDBS00 2.29 TNAGB00 78.62 AAXDO00 70.680 TNAGBMR 7.940
BCF 22 TYAFB00 77.14 TDDBL00 1.38 TNAFB00 75.76 BCF 22 TYAEZ00 80.87 TDDBL00 1.38 TNAEZ00 79.49
BCF 24 TYAFJ00 78.31 TDDBO00 1.36 TNAFJ00 76.95 BCF 24 TYAFH00 81.53 TDDBO00 1.36 TNAFH00 80.17
Bonny Light TYAGR00 86.35 TDDBX00 1.41 TNAGR00 84.94 PCAIC00 74.255 TNAGRMR 10.685
Brent TYAHT00 82.51 TDDCB00 2.44 TNAHT00 80.07 AAVJA00 72.870 TNAHTMR 7.200 Brent TYAHR00 83.05 TDDCB00 2.44 TNAHR00 80.61 AAVJA00 72.870 TNAHRMR 7.740
Cabinda TYAIF00 81.76 TDDCF00 1.66 TNAIF00 80.10 PCAFD00 72.355 TNAIFMR 7.745 Cabinda TYAID00 83.47 TDDCF00 1.66 TNAID00 81.81 PCAFD00 72.355 TNAIDMR 9.455
Eagle Ford TYASC00 82.55 TDDRQ00 1.42 TNASC00 81.13 AAYAJ00 71.000 TNASCMR 10.130
Escalante TYAKJ00 77.40 TDDCV00 4.04 TNAKJ00 73.36 PCAGC00 69.375 TNAKJMR 3.985 Escalante TYAKH00 81.84 TDDCV00 4.04 TNAKH00 77.80 PCAGC00 69.375 TNAKHMR 8.425
Forcados TYAKX00 87.95 TDDCY00 1.41 TNAKX00 86.54 PCABC00 74.255 TNAKXMR 12.285
Isthmus TYAMR00 81.83 TDDDJ00 0.77 TNAMR00 81.06 PDATO09 66.520 TNAMRMR 14.540 Isthmus TYAMP00 82.63 TDDDJ00 0.77 TNAMP00 81.86 PDATO09 66.520 TNAMPMR 15.340
Kuwait TYANL00 77.71 TDDDL00 1.08 TNANL00 76.63 AAXDQ00 71.900 TNANLMR 4.730 Kuwait TYANJ00 80.22 TDDDL00 1.08 TNANJ00 79.14 AAXDQ00 71.900 TNANJMR 7.240
LLS TYANP00 85.82 TDDQW00 0.95 TNANP00 84.87 PCABN00 71.590 TNANPMR 13.280 LLS TYANN00 85.61 TDDQW00 0.95 TNANN00 84.66 PCABN00 71.590 TNANNMR 13.070
Marlim TYAUG00 80.09 TDDGK00 1.40 TNAUG00 78.69 AAITF00 68.225 TNAUGMR 10.465 Marlim TYAUE00 83.45 TDDGK00 1.40 TNAUE00 82.05 AAITF00 68.225 TNAUEMR 13.825
Mars TYAOB00 79.39 TDDQY00 0.36 TNAOB00 79.03 AAMBR00 68.490 TNAOBMR 10.540 Mars TYANZ00 81.55 TDDQY00 0.36 TNANZ00 81.19 AAMBR00 68.490 TNANZMR 12.700
Maya TYAOJ00 71.07 TDDDP00 0.76 TNAOJ00 70.31 PDATS09 62.830 TNAOJMR 7.480 Maya TYAOH00 78.15 TDDDP00 0.76 TNAOH00 77.39 PDATS09 62.830 TNAOHMR 14.560
Merey TYAOZ00 73.34 TDDDT00 1.44 TNAOZ00 71.90 Merey TYAOX00 79.56 TDDDT00 1.44 TNAOX00 78.12
Mesa TYAPL00 81.34 TDDDV00 1.31 TNAPL00 80.03 AAITB00 67.725 TNAPLMR 12.305 Mesa TYAPJ00 82.67 TDDDV00 1.31 TNAPJ00 81.36 AAITB00 67.725 TNAPJMR 13.635
Olmeca TYAQF00 82.98 TDDDY00 0.72 TNAQF00 82.26 PDATT09 69.960 TNAQFMR 12.300 Olmeca TYAQD00 82.99 TDDDY00 0.72 TNAQD00 82.27 PDATT09 69.960 TNAQDMR 12.310
Troll TYATL00 85.25 TDDEP00 2.69 TNATL00 82.56 AAWEX00 73.945 TNATLMR 8.615 Troll TYATJ00 85.05 TDDEP00 2.69 TNATJ00 82.36 AAWEX00 73.945 TNATJMR 8.415
Urals TYAUK00 80.61 TDDFM00 2.62 TNAUK00 77.99 AAWVH00 70.220 TNAUKMR 7.770 Urals TYAUI00 82.51 TDDFM00 2.62 TNAUI00 79.89 AAWVH00 70.220 TNAUIMR 9.670
WCS TYASI00 77.91 TDDRS00 8.57 TNASI00 69.34 AAPPN00 35.970 TNASIMR 33.370
WTI TYATX00 82.39 TDDRH00 1.62 TNATX00 80.77 PCACG00 68.490 TNATXMR 12.280 WTI TYATV00 82.62 TDDRH00 1.62 TNATV00 81.00 PCACG00 68.490 TNATVMR 12.510
WTS TYAUF00 81.54 TDDRJ00 4.05 TNAUF00 77.49 PCACK00 51.490 TNAUFMR 26.000 WTS TYAUD00 82.71 TDDRJ00 4.05 TNAUD00 78.66 PCACK00 51.490 TNAUDMR 27.170

US West Coast Summer specifications (PGA page 840) US West Coast Summer specifications (PGA page 842)
Crack Yield Freight Crack Netback Spot Price Crack Margin Coke Yield Freight Coke Netback Spot Price Coke Margin
ANS TYAAD00 83.05 TDDGL00 0.00 TNAAD00 83.05 PCAAD00 73.320 TNAADMR 9.730 ANS TYAAB00 84.84 TDDGL00 0.00 TNAAB00 84.84 PCAAD00 73.320 TNAABMR 11.520
Arab Berri TYAAT00 84.81 TDDAE00 1.59 TNAAT00 83.22 AAXCT00 71.190 TNAATMR 12.030 Arab Berri TYAAR00 85.11 TDDAE00 1.59 TNAAR00 83.52 AAXCT00 71.190 TNAARMR 12.330
Arab Light TYACX00 81.69 TDDAT00 1.63 TNACX00 80.06 AAXCU00 69.290 TNACXMR 10.770 Arab Light TYACV00 83.04 TDDAT00 1.63 TNACV00 81.41 AAXCU00 69.290 TNACVMR 12.120
Arab Medium TYADY00 79.45 TDDBB00 1.66 TNADY00 77.79 AAXDN00 67.690 TNADYMR 10.100 Arab Medium TYADW00 81.94 TDDBB00 1.66 TNADW00 80.28 AAXDN00 67.690 TNADWMR 12.590
Bakken TYASK00 84.95 TDDRT00 6.50 TNASK00 78.45 AAXPP00 64.520 TNASKMR 13.930
Basrah Light TYAGL00 81.70 TDDBW00 2.07 TNAGL00 79.63 AAXDO00 70.680 TNAGLMR 8.950 Basrah Light TYAGJ00 82.80 TDDBW00 2.07 TNAGJ00 80.73 AAXDO00 70.680 TNAGJMR 10.050
Escalante TYAKN00 81.35 TDDCW00 3.59 TNAKN00 77.76 PCAGC00 69.375 TNAKNMR 8.385 Escalante TYAKL00 84.55 TDDCW00 3.59 TNAKL00 80.96 PCAGC00 69.375 TNAKLMR 11.585
Kern River TYAMV00 83.98 TDDGM00 1.71 TNAMV00 82.27 PCABJ00 71.240 TNAMVMR 11.030 Kern River TYAMT00 87.42 TDDGM00 1.71 TNAMT00 85.71 PCABJ00 71.240 TNAMTMR 14.470
Line 63 TYANX00 84.05 TDDGN00 0.15 TNANX00 83.90 PCABM00 77.120 TNANXMR 6.780 Line 63 TYANV00 85.52 TDDGN00 0.15 TNANV00 85.37 PCABM00 77.120 TNANVMR 8.250
Marlim TYAVC00 83.63 TDDQX00 3.91 TNAVC00 79.72 AAITF00 68.225 TNAVCMR 11.495 Marlim TYAVD00 86.32 TDDQX00 3.91 TNAVD00 82.41 AAITF00 68.225 TNAVDMR 14.185
Minas TYATC00 86.42 TDDGO00 3.07 TNATC00 83.35 PCABO00 67.930 TNATCMR 15.420 Minas TYATA00 87.30 TDDGO00 3.07 TNATA00 84.23 PCABO00 67.930 TNATAMR 16.300
Mixed Lt Sweet TYARD00 87.08 TDDGP00 2.07 TNARD00 85.01 AALRR00 61.920 TNARDMR 23.090 Mixed Lt Sweet TYARB00 86.75 TDDGP00 2.07 TNARB00 84.68 AALRR00 61.920 TNARBMR 22.760
Oriente TYAQV00 80.54 TDDEC00 1.53 TNAQV00 79.01 PCADE00 67.555 TNAQVMR 11.455 Oriente TYAQT00 82.59 TDDEC00 1.53 TNAQT00 81.06 PCADE00 67.555 TNAQTMR 13.505
Thums TYASZ00 83.16 TDDGQ00 0.00 TNASZ00 83.16 PCACD00 72.860 TNASZMR 10.300 Thums TYASX00 85.34 TDDGQ00 0.00 TNASX00 85.34 PCACD00 72.860 TNASXMR 12.480

EUROPEAN YIELDS AND NETBACKS EFFECTIVE AUGUST 3, 2018 ($/barrel)

Northwest Europe Summer Specifications (PGA page 1810) Italy Summer Specifications (PGA page 1820)
Crack Yield Freight Crack Netback Spot Price Crack Margin Crack Yield Freight Crack Netback Spot Price Crack Margin
Arab Heavy* TYAAV00 75.97 TDDAN00 0.95 TNAAV00 75.02 AAXDH00 67.610 TNAAVMR 7.410 Arab Heavy* TYABD00 78.13 TDDAI00 1.10 TNABD00 77.03 AAXDH00 67.610 TNABDMR 9.420
Arab Light* TYABT00 79.83 TDDAV00 0.91 TNABT00 78.92 AAXDK00 70.360 TNABTMR 8.560 Arab Light* TYACB00 79.70 TDDAQ00 1.05 TNACB00 78.65 AAXDK00 70.360 TNACBMR 8.290
Arab Medium* TYACZ00 77.16 TDDBD00 0.93 TNACZ00 76.23 AAXDM00 69.060 TNACZMR 7.170 Arab Medium* TYADH00 78.44 TDDAY00 1.07 TNADH00 77.37 AAXDM00 69.060 TNADHMR 8.310
Azeri Light TYAEB00 83.24 TDDBI00 1.30 TNAEB00 81.94 AATHM00 73.335 TNAEBMR 8.605 Azeri Light TYAEF00 83.19 TDDBH00 0.89 TNAEF00 82.30 AATHM00 73.335 TNAEFMR 8.965
Basrah Light TYAFP00 79.64 TDDBU00 1.24 TNAFP00 78.40 AAXDO00 70.680 TNAFPMR 7.720 Basrah Light TYAFX00 79.60 TDDBR00 0.83 TNAFX00 78.77 AAXDO00 70.680 TNAFXMR 8.090
Brass River TYATS00 82.50 TDDRE00 1.19 TNATS00 81.31 AAEJB00 74.005 TNATSMR 7.305
Brent TYAHF00 82.00 TDDCD00 1.02 TNAHF00 80.98 AAVJA00 72.870 TNAHFMR 8.110
Cabinda TYAVK00 80.71 TDDQR00 1.30 TNAVK00 79.41 PCAFD00 72.355 TNAVKMR 7.055
CPC Blend TYAVN00 79.70 TDDQT00 0.93 TNAVN00 78.77 AAOFV00 70.220 TNAVNMR 9.250
Eagle Ford TYEAB00 78.31 TNEBF00 1.06 TNEAB00 77.25 AAYAT00 71.390 TNEABMR 5.860 Eagle Ford TYEAC00 77.14 TNEIF00 1.16 TNEAC00 75.98 AAYAT00 71.390 TNEACMR 4.590
Ekofisk TYAJV00 82.49 TDDCT00 0.56 TNAJV00 81.93 PCADI00 73.210 TNAJVMR 8.720
Es Sider TYAKD00 81.14 TDDCU00 0.57 TNAKD00 80.57 PCACO00 70.560 TNAKDMR 10.010
Flotta Gold TYAKP00 80.51 TDDCX00 0.77 TNAKP00 79.74 PCACZ00 71.245 TNAKPMR 8.495
Forties TYALB00 80.80 TDDEZ00 1.04 TNALB00 79.76 PCADJ00 72.440 TNALBMR 7.320
Gullfaks TYALF00 82.96 TDDDC00 0.71 TYALF00 82.96 AASAU00 74.345 TNALFMR 8.615
Hungo TYAVI00 81.51 TDDQU00 1.32 TNAVI00 80.19 AASLJ00 71.855 TNAVIMR 8.335
Iran Heavy TYALV00 79.75 TDDDG00 1.50 TNALV00 78.25 PCABH00 68.720 TNALVMR 9.530 Iran Heavy TYALZ00 80.16 TDDDF00 0.66 TNALZ00 79.50 PCABH00 68.720 TNALZMR 10.780
Iran Light TYAMD00 81.20 TDDDI00 1.47 TNAMD00 79.73 PCABI00 70.970 TNAMDMR 8.760 Iran Light TYAMH00 80.93 TDDDH00 0.64 TNAMH00 80.29 PCABI00 70.970 TNAMHMR 9.320
Kirkuk TYATU00 79.88 TDDGH00 1.71 TNATU00 78.17 AAEJD00 68.760 TNATUMR 9.410 Kirkuk TYAMU00 79.74 TDDFF00 0.82 TNAMU00 78.92 AAEJD00 68.760 TNAMUMR 10.160
Kuwait TYAMX00 77.99 TDDDM00 0.95 TNAMX00 77.04 AAXDQ00 71.900 TNAMXMR 5.140
Light Houston Sweet TYEAE00 81.24 TDEFR00 1.14 TNEAE00 80.10 AAXEW00 70.890 TNEAEMR 9.210 Light Houston Sweet TYEAF00 80.25 TDIFR00 1.25 TNEAF00 79.00 AAXEW00 70.890 TDEAFMR 8.110
Murban TYATQ00 82.03 TDDRB00 0.88 TNATQ00 81.15 AAKNL00 74.300 TNATQMR 6.850
Oseberg TYAVJ00 83.50 TDDRC00 0.71 TNAVJ00 82.79 PCAEU00 73.670 TNAVJMR 9.120
Saharan Blend TYATY00 80.64 TDDGI00 1.22 TNATY00 79.42 AAGZY00 72.110 TNATYMR 7.310 Saharan Blend TYARO00 79.49 TDDFG00 0.51 TNARO00 78.98 AAGZY00 72.110 TNAROMR 6.870
Statfjord TYASD00 82.41 TDDEK00 0.75 TNASD00 81.66 PCAEE00 72.385 TNASDMR 9.275 Suez Blend TYAUO00 79.48 TDDRF00 0.70 TNAUO00 78.78 PCACA00 68.290 TNAUOMR 10.490
Urals TYATN00 80.26 TDDET00 1.02 TNATN00 79.24 AAWVH00 70.220 TNATNMR 9.020 Urals TYATR00 80.56 TDDES00 0.99 TNATR00 79.57 AAGZS00 70.220 TNATRMR 9.350
WCS** TYEAI00 77.54 TDYFR00 9.99 TNEAI00 67.55 AAPPN00 35.970 TDWFRMR 31.580
Zuetina TYAUC00 82.51 TDDGJ00 0.99 TNAUC00 81.52 AAXDT00 71.440 TNAUCMR 10.080 Zuetina TYAUL00 81.39 TDDEU00 0.65 TNAUL00 80.74 AAXDT00 71.440 TNAULMR 9.300
*Arab proxy spot values for European buyers prior to July 1, 2017 had been calculated by adding monthly Saudi OSP differentials to ICE BWAVE for European OSPs (PGA1069). After July 1, Arab proxy spot values will be calculated by adding monthly Saudi OSP
differentials to ICE Brent. In the US and Asia, Arab proxy spot values continue to be calculated by adding monthly Saudi OSP differentials to Mars for US OSPs (PGA1070) and Oman/Dubai average Asian OSPs (PGA1068).

ASIAN YIELDS AND NETBACKS EFFECTIVE AUGUST 3, 2018 ($/barrel)

Singapore Summer Specifications (PGA page 2810) Singapore Winter Specifications (PGA page 2810)
Crack Yield Freight Crack Netback Spot Price Crack Margin Crack Yield Freight Crack Netback Spot Price Crack Margin
Al Shaheen TYEAA00 78.05 TNEFA00 0.81 TNEAA00 77.24 AAPEV00 71.900 TDEAAMR 5.340 Forties TYEAD00 78.13 TNEFD00 2.15 TNEAD00 75.98 PCADJ00 72.440 TNEADMR 3.540
Arab Heavy TYABH00 75.42 TDDAO00 0.80 TNABH00 74.62 AAXDG00 71.700 TNABHMR 2.920 Kuwait TYANF00 76.18 TDDDN00 0.84 TNANF00 75.34 AAXDQ00 71.900 TNANFMR 3.440
Arab Light TYACF00 77.57 TDDAW00 0.77 TNACF00 76.80 AAXDJ00 73.850 TNACFMR 2.950 Minas TYAPR00 79.82 TDDDX00 1.25 TNAPR00 78.57 PCABO00 67.930 TNAPRMR 10.640
Arab Medium TYADL00 75.76 TDDBE00 0.78 TNADL00 74.98 AAXDL00 72.300 TNADLMR 2.680 Murban TYAPY00 79.01 TDDCQ00 0.73 TNAPY00 78.28 AAKNL00 74.300 TNAPYMR 3.980
Attaka TYADX00 79.73 TDDBG00 2.30 TNADX00 77.43 PCAAJ00 69.380 TNADXMR 8.050 Oman TYAQL00 78.29 TDDEB00 0.70 TNAQL00 77.59 PCABS00 72.000 TNAQLMR 5.590
Cabinda TYAVF00 79.03 TDDQS00 2.09 TNAVF00 76.94 PCAFD00 72.355 TNAVFMR 4.585 Qatar Land TYARA00 78.53 TDDBE00 0.78 TNARA00 77.75 AAKNP00 73.200 TNARAMR 4.550
Das Blend TYDSH00 78.31 TDDCQ00 0.73 TNDSH00 77.58 AAXOF00 73.650 TNDSHMR 3.930 Qatar Marine TYARE00 78.93 TDDBE00 0.78 TNARE00 78.15 AAKNR00 71.550 TNAREMR 6.600
Dubai TYAJN00 78.71 TDDCQ00 0.73 TNAJN00 77.98 PCAAT00 71.900 TNAJNMR 6.080 Tapis TYAST00 80.00 TDDEO00 1.05 TNAST00 78.95 PCACB00 74.630 TNASTMR 4.320
Duri TYAJR00 78.14 TDDCR00 1.37 TNAJR00 76.77 PCABA00 65.480 TNAJRMR 11.290 Upper Zakum TYEAG00 77.60 TNEFR00 0.77 TNEAG00 76.83 AAOUQ00 71.900 TNEAGMR 4.930

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Crude Oil Marketwire 030818

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Crude Oil Marketwire 030818

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CRUDE OIL MARKETWIRE

Volume 39 / Issue 152 / August 3, 2018

ASIA PACIFIC AND MIDDLE EAST CRUDE ASSESSMENTS ($/barrel)

Bids (PGA page 2252) Bids (PGA page 2252)

traded out to the third decade, although recent sales had

WEST AFRICAN SPOT CRUDE ASSESSMENTS ($/barrel) (PGA page 1230)

sources Friday also warned that reduced refinery runs

OPEC July crude output surges 340,000 b/d

several of its OPEC brethren posted their largest output

barrels expected to be shut in by the reimplementation of FUTURES SETTLEMENTS

SUBSCRIBER NOTES (PGA page 1500)

SUBSCRIBER NOTES (continued) (PGA page 1500)

SUBSCRIBER NOTES (continued) (PGA page 1500)

SUBSCRIBER NOTES (continued) (PGA page 1500)

SUBSCRIBER NOTES (continued) (PGA page 1500)

US AND CARIBBEAN YIELDS AND NETBACKS EFFECTIVE AUGUST 3, 2018 ($/barrel)

US YIELDS AND NETBACKS ($/barrel)

EUROPEAN YIELDS AND NETBACKS EFFECTIVE AUGUST 3, 2018 ($/barrel)

ASIAN YIELDS AND NETBACKS EFFECTIVE AUGUST 3, 2018 ($/barrel)

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