PLATTS Crude 20190809

CRUDE OIL MARKETWIRE
Volume 40 / Issue 156 / August 9, 2019
Key benchmarks ($/barrel) Brent/WTI spreads and EFPs (PGA page 218) Market Commentary
Mid Change Mid Change
(PGA page 2210) Brent/WTI 1st AALAU00 4.45/4.47 4.460 -0.430
Dubai (Oct)
Dubai (Nov)
PCAAT00 NA–NA
PCAAU00 NA–NA
NA
NA
NA
NA
Brent/WTI 2nd
Brent/WTI 3rd
AALAV00 4.37/4.39
AALAY00
4.380 -0.380
4.260 -0.340
North Sea
Dubai (Dec) PCAAV00 NA–NA NA NA Brent EFP (Oct) AAGVX00 -0.02/0.00 -0.010 -0.010
MEC (Oct) AAWSA00 NA–NA NA NA Brent EFP (Nov) AAGVY00 0.01/0.03 0.020 -0.010 Market analysis: (PGA page 1299) A week of subdued trading
MEC (Nov) AAWSB00 NA–NA NA NA Brent EFP (Dec) AAMVY00 0.020 -0.010 activity in the North Sea crude market ended with traders
MEC (Dec) AAWSC00 NA–NA NA NA WTI EFP (Sep) AAGVT00 -0.01/0.01 0.000 0.000
Brent/Dubai (Oct) AAJMS00 NA/NA NA NA painting mixed outlooks. Most of the market’s attention this
WTI EFP (Oct) AAGVU00 -0.01/0.01 0.000 0.000
(PGA page 1212) WTI EFP (Nov) AAGVV00 -0.01/0.01 0.000 0.000 week has been focused onto the influx of US crude in the
Brent (Dated) PCAAS00 57.61–57.62 57.615 +1.100
Dated North Sea Light AAOFD00 57.61–57.62 57.615 +1.100 coming months. “I understand the new [US crude] pipelines
Dated Brent (CIF) PCAKM00 58.685 +1.120 Middle East ($/barrel) largely take oil away from Houston [and] there is oil in tank

(PGA page 2210) Mid Change
Brent (Oct) PCAAQ00 58.52–58.54 58.530 +1.050
Brent (Nov) PCAAR00 58.17–58.19 58.180 +1.010 Oman (Oct) PCABS00 NA–NA NA NA that could increase exports short term, as could US
Brent (Dec) PCARR00 57.770 +0.950 Oman (Nov) AAHZF00 NA–NA NA NA turnarounds...but if there is too much oil, the US has the
Sulfur de-escalator AAUXL00 0.20 Oman (Dec) AAHZH00 NA–NA NA NA
Oseberg QP (Aug) AAXDW00 0.2771 Upper Zakum (Oct) AAOUQ00 NA–NA NA NA cheapest tanks in the world, so why would you push it to
Oseberg QP (Sep) AAXDX00 0.3301 Murban (Oct) AAKNL00 NA–NA NA NA water,” a trader said. Several traders in Europe said this
Ekofisk QP (Aug) AAXDY00 0.2216 Murban (Nov) MBNSA00 NA NA
Ekofisk QP (Sep) AAXDZ00 0.2292 Murban (Dec) MBNSB00 NA NA week they anticipated a structural jump in US-Europe
Troll QP (Aug) ATFNB00 0.6444 Al Shaheen AAPEV00 NA–NA NA NA exports in the coming month as new pipeline capacity from
Troll QP (Sep) ATFNA00 0.7377 Spread vs OSP
(PGA page 210) Murban AAKUB00 NA–NA NA NA the Permian Basin becomes operational during H2 2019 and
WTI (Sep) PCACG00 54.49–54.51 54.500 +1.960 Spread vs Dubai Q1 2020, boosting flows from production areas to the US
WTI (Oct) PCACH00 54.36–54.38 54.370 +1.910 Murban AARBZ00 NA NA
Al Shaheen AAPEW00 NA–NA NA NA Gulf Coast. As US refining capacity remains steady,
WTI (Nov) AAGIT00 54.08–54.10 54.090 +1.800
Light Houston Sweet AAXEW00 57.400 +1.660 Quality Premiums additional barrels were expected to find their way either to
Light Houston Sweet M2 AAYRY00 56.520 +1.660 Murban QP (Oct) AAISV00 0.5950
storage facilities or to the international markets. US Gulf
LOOP Sour (Sep) AALSM01 56.800 +1.660 (PGA page 2658)
LOOP Sour (Oct) AALSM02 55.620 +1.810 (continued on page 3)
Dubai Swap (Sep) AAHBM00 NA–NA NA NA
LOOP Sour (Nov) AALSM03 54.440 +1.900 Dubai Swap (Oct) AAHBN00 NA–NA NA NA
Bakken AAXPP00 49.840 +0.030 Dubai Swap (Nov) AAHBO00 NA–NA NA NA
Eagle Ford Marker AAYAJ00 56.830 +1.910 Contents
ACM* (Sep) AAQHN00 56.64–56.66 56.650 +1.660
ACM* (Oct) AAQHO00 55.46–55.48 55.470 +1.810 North Sea 1
ACM* (Nov) AAQHP00 54.28–54.30 54.290 +1.900
URALS MEDITERRANEAN vs. URALS ROTTERDAM Mediterranean Light/Sweet 4
*Americas Crude Marker. ($/b)
2.0 Mediterranean Sour 4
Forward Dated Brent ($/barrel) (PGA page 1250) West Africa 6
Mid Change 1.5 US Crude 7
North Sea Dated strip AAKWH00 58.13–58.14 58.135 +1.100
Mediterranean Dated strip AALDF00 58.14–58.16 58.150 +1.110 Canada 8
1.0
33-63 Day Dated strip AALEJ00 57.89–57.90 57.895 +1.030 Latin America 8
BTC Dated strip AAUFI00 58.12–58.14 58.130 +1.105
0.5
15-45 Day Dated strip AALGM00 58.06–58.07 58.065 +1.085
30-60 Day Dated strip AAXRK00 57.93–57.94 57.935 +1.035
North Sea CIF Dtd strip AAHXE00 58.135 +1.100 0.0
26-Jul 30-Jul 01-Aug 05-Aug 07-Aug 09-Aug
23-63 Day Dated Strip ADBRA00 57.945 +1.045
Source: S&P Global Platts
www.platts.com
Crude oil Marketwire August 9, 2019
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 NA–NA NA NA AAPAI00 NA NA AAPAH00 NA NA
DFC 56.82 ADFCA00 NA–NA NA NA ADFCB00 NA/NA NA NA ADFCC00 NA NA ADFCD00 NA NA
Qatar LSC 56.9 AARBB00 NA–NA NA NA AARBD00 NA/NA NA NA AARBC00 NA NA AARBA00 NA NA
South Pars 57.4 AARAV00 NA–NA NA NA AARAX00 NA/NA NA NA AARAW00 NA NA AARAU00 NA NA
Diff to ICP
Senipah 54.4 AAEOE00 NA–NA NA NA AAEOK00 NA/NA NA NA AAPBE00 NA NA AAPBD00 NA NA
Light crude (PGA page 2214) (PGA page 2215)
Diff to ICP Diff to Asian Dated Brent
Cossack 47.7 PCAGZ00 NA–NA NA NA AAPAC00 NA NA AAPAB00 NA NA
Gippsland 48.7 PCACP00 NA–NA NA NA AAPAU00 NA NA AAPAT00 NA NA
Tapis 45.2 PCACB00 NA–NA NA NA AAOZW00 NA NA AAOZV00 NA NA
Belida 45.1 PCAFL00 NA–NA NA NA PCAFM00 NA/NA NA NA AAPBQ00 NA NA AAPBP00 NA NA
Kutubu 44.3 PCAFJ00 NA–NA NA NA AAPAE00 NA NA AAPAD00 NA NA
Handil Mix 43.9 PCABE00 NA–NA NA NA PCABF00 NA/NA NA NA AAPBI00 NA NA AAPBH00 NA NA
Attaka 42.3 PCAAJ00 NA–NA NA NA PCAAK00 NA/NA NA NA AAPBC00 NA NA AAPBB00 NA NA
Ardjuna 38.0 PCACQ00 NA–NA NA NA PCACR00 NA/NA NA NA AAPBG00 NA NA AAPBF00 NA NA
Banyu Urip 32.0 PCAFQ00 NA NA PCAQQ00 NA NA AAPBU00 NA NA AAPBR00 NA NA
Diff to Dubai
Sakhalin Blend 45.5 AARBN00 NA–NA NA NA AARCN00 NA/NA NA NA AARDN00 NA NA AAREN00 NA NA
ESPO M1 34.8 AARWF00 NA–NA NA NA AASEU00 NA/NA NA NA
ESPO M2 34.8 AAWFE00 NA–NA NA NA AAWFG00 NA/NA NA NA
Sokol 39.7 AASCJ00 NA–NA NA NA AASCK00 NA/NA NA NA AAPAO00 NA NA AAPAN00 NA NA
Kikeh 34.9 AAWUH00 NA–NA NA NA AAOZY00 NA NA AAOZX00 NA NA
Miri Light 32.3 PCABQ00 NA–NA NA NA AAPAS00 NA NA AAPAR00 NA NA
Labuan 32.0 PCABL00 NA–NA NA NA AAPAQ00 NA NA AAPAP00 NA NA
Kimanis 38.6 AASCL00 NA NA AASCM00 NA NA AASCN00 NA NA
Medium crude (PGA page 2216) (PGA page 2217)
Diff to Asian Dated Brent
Su Tu Den 36.8 AARAR00 NA–NA NA NA AARAS00 NA NA AARAQ00 NA NA
Bach Ho 40.7 PCAHY00 NA–NA NA NA AAPAK00 NA NA AAPAJ00 NA NA
Nanhai 40.0 PCAFR00 NA–NA NA NA AAPAG00 NA NA AAPAF00 NA NA
Diff to ICP
Minas 35.3 PCABO00 NA–NA NA NA PCABP00 NA/NA NA NA AAPBA00 NA NA AAPAZ00 NA NA
Nile Blend 33.9 AAPLC00 NA–NA NA NA AAPEX00 NA/NA NA NA AAPAM00 NA NA AAPAL00 NA NA
Widuri 33.2 PCAFE00 NA–NA NA NA PCAFF00 NA/NA NA NA AAPBO00 NA NA AAPBN00 NA NA
Daqing 32.2 PCAAZ00 NA–NA NA NA AAPAW00 NA NA AAPAV00 NA NA
Cinta 31.1 PCAAX00 NA–NA NA NA PCAAY00 NA/NA NA NA AAPBK00 NA NA AAPBJ00 NA NA
Heavy crude (PGA page 2218) (PGA page 2219)
Diff to ICP Diff to Asian Dated Brent
Dar Blend 25.0 AARAB00 NA–NA NA NA AARAC00 NA NA AARAA00 NA NA
Shengli 24.2 PCABY00 NA–NA NA NA AAPAY00 NA NA AAPAX00 NA NA
Duri 20.8 PCABA00 NA–NA NA NA PCABB00 NA/NA NA NA AAPBM00 NA NA AAPBL00 NA NA
Vincent 18.3 AARAK00 NA NA AARAL00 NA NA AARAJ00 NA NA
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 2
Coast crude stocks climbed 5.5 million barrels last week to Middle East spot assessments ($/barrel) (PGA page 2220)
Mid Change Spread vs OSP Mid Change
222.7 million barrels, putting stocks at roughly 61% of
Umm Lulu AUFAA00 NA NA AUFAB00 NA NA
working storage capacity, US Energy Information Das Blend AAXOF00 NA–NA NA NA AAXPF00 NA/NA NA NA
Administration data showed. At the London close Friday, Qatar Land AAKNP00 NA–NA NA NA AAKUJ00 NA/NA NA NA
Qatar Marine AAKNR00 NA–NA NA NA AAKUH00 NA/NA NA NA
the prompt spread between ICE Brent and NYMEX WTI Banoco Arab Medium AAKNT00 NA–NA NA NA AAKUD00 NA/NA NA NA
futures narrowed once more, shedding 42 cents/b on the Basrah Light M1 AALZA00 – NA NA AALZE00 NA NA
day to $4.47/b, S&P Global Platts data showed. That was Basrah Light M2 AALZB00 – NA NA AALZF00 NA NA
Basrah Heavy M1 AALZC00 – NA NA AALZJ00 NA NA
the narrowest spread since late June 2018. Meanwhile in Basrah Heavy M2 AALZD00 – NA NA AALZK00 NA NA
the Dated Brent complex, there was a slowdown in trading
activity, as reflected by the absence of physical indications Asian Crude Indices ($/barrel) (PGA page 2206)
in the Platts Market on Close assessment process. The
16:30 Singapore Interim Asian Close Diff to Dated Brent Final London Close
summer lull could extend into tepid demand during Asian Dated Brent (ADB) AAXPG00 NA
shoulder months, as European refineries undergo seasonal ADB Strip Asia AARBV00 NA AARBX00 NA
maintenance. Looking further down the curve, the ADB Strip Middle East AARBW00 NA AARBY00 NA
Asian Crude Index (ACX) AAXIL00 NA
International Energy Agency revised its oil demand growth For definitions see http://www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/Crude-oil-methodology.pdf
forecasts downwards for both 2019 and 2020. The agency
cut its demand growth forecasts by 100,000 b/d to 1.1
million b/d for 2019 and to 1.3 million b/d for 2020 on the APAC Deals Summary
back of global economic concerns and ongoing tensions Mideast Sour Crude convergences (PGA page 2296)
between China and the US. ■■NA
Mideast Sour Crude

Dated Brent assessment rationale: (PGA page 1297) None
of the five BFOE grades were seen in the Platts Market on
■■No deals reported.
Close assessment process Friday. Brent, Forties,
Oseberg, Ekofisk and Troll were assessed in line with CFD assessment rationale: (PGA page 1297) August 19-23 ■■None
Thursday’s levels in the absence of indications testing was assessed in line with an August 19-23 to August 26-30 ■■NORTH SEA: MOC WITHDRAWN:
Thursday’s assessment, in a normalized structure. Brent CFD roll heard during the day. August 26-30 was assessed in ■■None
was the most competitive grade throughout the line with an August 26-30 to September 2-6 CFD roll heard ■■CASH BFOE: MOC DEAL SUMMARY:
assessment period. during the day. September 2-6 was assessed below an ■■VITOL*-HARTREE Oct19 58.53 x100;
The above commentary applies to the market data code: PCAAS00 outstanding offer which disproved two earlier traded offers. ■■VITOL*-STASCO Oct19 58.53 x100
September 9-13 was assessed in line with a September 2-6 ■■CASH BFOE: SPREADS: MOC DEAL SUMMARY:
BFOE assessment rationale: (PGA page 1297) October Cash to September 9-13 CFD roll heard during the day. ■■None
BFOE was assessed in line with two traded offers which The above commentary applies to the market data codes: ■■CASH BFOE: MOC OUTSTANDING INTEREST:
challenged an EFP heard during the day. November Cash PCAKA00, PCAKC00, PCAKE00, PCAKG00, AAGLU00, AAGLV00, ■■MERCURIASA Bid Oct19 58.46
BFOE was assessed in line with an October/November EFP AALCZ00, AALDA00 ■■CASH BFOE: SPREADS: MOC OUTSTANDING INTEREST:
roll heard during the day. December Cash BFOE was ■■STASCO Bid Oct19/Nov19 0.30;
assessed using a November/December EFP roll reported North Sea bids/offers/trades: (PGA page 1290) ■■HARTREE Offer Oct19/Nov19 0.38
during the day. ■■NORTH SEA: MOC DEAL SUMMARY: ■■BFOE CFD: MOC DEAL SUMMARY:
The above commentary applies to the market data codes: ■■None ■■CHINAOILHK*-MCELT Sep2-Sep6 (Nov) -0.07 x100;
PCAAQ00, PCAAR00, PCARR00 ■■NORTH SEA: MOC OUTSTANDING INTEREST: ■■CHINAOILHK*-MCELT Sep2-Sep6 (Nov) -0.07 x100
■■BFOE CFD: MOC OUTSTANDING INTEREST (BIDS): ■■MCELT Offer Sep2-Sep6 (Nov) 0.05; have been strong in the past couple of weeks, reflecting
■■BP Bid Aug12-Aug16 (Oct) -0.60; ■■CHINAOILHK Offer Sep9-Sep13 (Nov) -0.12; strong middle distillate cracks. Azeri Light has been among
■■DVTRADING Bid Aug12-Aug16 (Oct) -0.69; ■■MCELT Offer Sep9-Sep13 (Nov) 0.00; the best performers, with a TPAO sale tender early in the
■■VERCER Bid Aug12-Aug16 (Oct) -0.85; ■■VERCER Offer Sep9-Sep13 (Nov) 0.05; week awarded at Dated Brent plus $2.40/b on an FOB Supsa
■■DVTRADING Bid Aug19-Aug23 (Oct) -0.35; ■■VERCER Offer Sep16-Sep20 (Nov) 0.00; basis. The September-loading program from Ceyhan,
■■ONYX Bid Aug19-Aug23 (Oct) -0.40; ■■VERCER Offer Sep23-Sep27 (Nov) 0.00 released late Thursday, showed export volumes of Azeri
■■MCELT Bid Aug19-Aug23 (Oct) -0.45; down 2,366 b/d month on month to 576,667 b/d.
■■VERCER Bid Aug19-Aug23 (Oct) -0.55; North Sea exclusions: (PGA page 1290)
■■DVTRADING Bid Aug26-Aug30 (Nov) -0.15;
■■ONYX Bid Aug26-Aug30 (Nov) -0.15;

Mediterranean Sour
BFOE CFD: MOC EXCLUSIONS: None
■■MCELT Bid Aug26-Aug30 (Nov) -0.15; Market analysis: (PGA page 1296) The Urals market
■■VERCER Bid Aug26-Aug30 (Nov) -0.25; CASH BFOE: MOC EXCLUSIONS: MERCURIASA Bid Oct19 weakened again in Northwest Europe on Friday, a day after
■■DVTRADING Bid Aug26-Aug30 (Oct) -0.45; 58.49: too late the continued deterioration in the fuel oil crack pushed the
■■ONYX Bid Aug26-Aug30 (Oct) -0.50; Russian crude below Dated Brent for the first time since
■■VERCER Bid Aug26-Aug30 (Oct) -0.50; MOC EXCLUSIONS: None July 26. Traders were looking ahead to the release of the
■■MCELT Bid Aug26-Aug30 (Oct) -0.50; September loading program, following a report that
■■ONYX Bid Sep2-Sep6 (Nov) -0.10; scheduled maintenance at the Primorsk might be pushed
Mediterranean Light/Sweet (PGA page 1295)
■■MCELT Bid Sep2-Sep6 (Nov) -0.15; back to October. The port operator was not able to
■■DVTRADING Bid Sep2-Sep6 (Nov) -0.20; The loading program for Azeri Light and the end of force comment and several traders said that they had not
■■VERCER Bid Sep2-Sep6 (Nov) -0.20; majeure at Libya’s Sharara field were the main developments received any official statement. “Last I heard [the
■■VERCER Bid Sep16-Sep20 (Nov) -0.35; at the end of the week in the Mediterranean sweet crude maintenance] was in September...We think September
■■VERCER Bid Sep23-Sep27 (Nov) -0.40; market. Trading was quiet Friday, but with CPC Blend and should be more or less in line with August,” the trader said.
■■VERCER Bid Oct14-Oct18 (Dec) -0.65 Saharan Blend remaining under pressure from US crude Two buyers of Urals were missing from the market while
■■BFOE CFD: MOC OUTSTANDING INTEREST (OFFERS): arriving in Europe this month. “We have not heard any their refineries go through maintenance — Preem’s Lysekil
■■DVTRADING Offer Aug12-Aug16 (Oct) -0.45; specific offers...but [the quietness] is pushing a bearish wind and Petrogal’s Sines, both with 220,000 b/d capacity. Sines
■■VERCER Offer Aug12-Aug16 (Oct) -0.35; onto the market,” one trader said. Another said Socar was expected to be out for 40-50 days. “Without Preem, we
■■MCELT Offer Aug19-Aug23 (Oct) -0.15; seemed to have sold the prompt-loading cargo of CPC Blend see [the loading program for NWE long long...I fail to find a
■■PTRIN Offer Aug19-Aug23 (Oct) -0.15; that was being bid Wednesday below Dated Brent minus requirement for 55 [cargoes in September],” the trader said.
■■DVTRADING Offer Aug19-Aug23 (Oct) -0.15; $2/b. On the ground in Libya, the Sharara field restarted In the Platts Market on Close assessment process, Unipec
■■VERCER Offer Aug19-Aug23 (Oct) -0.10; production late Thursday after being offline for more than a bought a Glencore offer of barrels loading in the Baltic at
■■MCELT Offer Aug26-Aug30 (Oct) -0.25; week due to a valve being closed. A source based in the the start of the second decade of August at Dated Brent
■■DVTRADING Offer Aug26-Aug30 (Oct) -0.21; country said the valve was reopened Thursday afternoon and minus 25 cents/b. Trafigura had also been offering a cargo
■■VERCER Offer Aug26-Aug30 (Oct) -0.10; production resumed during the evening, with output over the same dates but withdrew the offer at Dated plus 15
■■DVTRADING Offer Aug26-Aug30 (Nov) 0.10; expected to return to normal levels gradually. Libya produced cents/b. Unipec also picked up a Urals cargo in the MOC
■■MCELT Offer Aug26-Aug30 (Nov) 0.10; 1.05 million b/d of crude oil in July, its lowest since February, process at the start of the week when it was priced at
■■VERCER Offer Aug26-Aug30 (Nov) 0.30; according to a recent Platts OPEC survey. That closure had Dated plus 40 cents/b, for a slightly earlier laycan.
■■CHINAOILHK Offer Sep2-Sep6 (Nov) -0.07; supported Saharan as people bought the Algerian grade as
■■VERCER Offer Sep2-Sep6 (Nov) -0.01; cover, said one trader, who added that the resumption of the Urals CIF Augusta differential assessment rationale: (PGA
■■PTRIN Offer Sep2-Sep6 (Nov) 0.00; Libyan shipments “exacerbates [the] issues that CPC is page 1287) Urals CIF Augusta was assessed lower Friday.
■■DVTRADING Offer Sep2-Sep6 (Nov) 0.04; having” finding homes within the region. The medium grades Urals was assessed above the level of an outstanding bid on
the dates for which cargoes were available. A backwardation North Sea spot crude assessments ($/barrel) (PGA page 1212)
Mid Change Spread vs fwd Dated Brent Mid Change
of 5 cents/day was applied across the back end of the
Dated Brent Diff AAXEZ00 -0.53/-0.51 -0.520 0.000
assessment period, while a flat structure was applied at the BNB AAVJA00 57.61–57.62 57.615
+1.100 AAVJB00 -0.53/-0.51 -0.520 0.000
front of the 10-25 day Platts assessment window. Forties PCADJ00 58.17–58.19 58.180
+1.100 AAGWZ00 0.04/0.05 0.045 0.000
Oseberg PCAEU00 58.70–58.71 58.705
+1.100 AAGXF00 0.56/0.58 0.570 0.000
The above commentary applies to the market data code: AAGXX00
Ekofisk PCADI00 58.65–58.66 58.655
+1.100 AAGXB00 0.51/0.53 0.520 0.000
Troll AAWEX00 59.58–59.59 59.585
+1.100 AAWEY00 1.44/1.46 1.450 0.000
Urals CIF Med assessment rationale: (PGA page 1287) The Statfjord PCAEE00 58.35–58.36 58.355
+1.100 AAGXD00 0.21/0.23 0.220 0.000
Flotta Gold PCACZ00 57.93–57.94 57.935
+1.100 AAGXH00 -0.21/-0.19 -0.200 0.000
Urals CIF Mediterranean assessment reflected the value of Duc AAWEZ00 58.63–58.64 58.635
+1.100 AAWFL00 0.49/0.51 0.500 0.000
the Mediterranean Dated Brent Strip (AALDF00) plus the Grane Blend PCALA00 58.985
+1.250 PCALB00 0.850
+0.150
Urals CIF Augusta differential assessment (AAGXX00). Statfjord (CIF) AASAS00 59.43–59.44 59.435
+1.100 AASAT00 1.29/1.31 1.300 0.000
Gullfaks (CIF) AASAU00 60.08–60.09 60.085
+1.100 AASAV00 1.94/1.96 1.950 0.000
The above commentary applies to the market data code: PCACE00 Alvheim (CIF) ALVHA00 61.585
+1.100 ALVHB00 3.450 0.000
Asgard (CIF) ASGCA00 56.835
+1.100 ASGCB00 -1.300 0.000
North Sea basket AAGIZ00 58.28–58.30 58.290
+1.100
Urals RCMB (Recombined) assessment rationale: (PGA
North Sea Dated Strip AAKWH00 58.13–58.14 58.135
+1.100
page 1287) The Urals RCMB (Recombined) assessment Spread vs fwd CIF Dated Brent
reflected the value of the Platts Dated Brent assessment Dated Brent (CIF) AAVJG00 58.685
+1.120 AAVJF00 0.550
+0.020
(PCAAS00) plus the Urals CIF Augusta differential BNB (CIF) PCAKP00 58.685
+1.120 AAVJC00 0.550
+0.020
Forties (CIF) PCAKR00 58.960
+1.100 AAHXC00 0.825 0.000
assessment (AAGXX00). Oseberg (CIF) PCAKT00 59.455
+1.100 AAHXD00 1.320 0.000
The above commentary applies to the market data code: AALIN00 Ekofisk (CIF) PCAKV00 59.310
+1.100 AAHXB00 1.175 0.000
Troll (CIF) AAXJO00 60.365
+1.100 AAXJN00 2.230 0.000
North Sea CIF Dated Strip AAHXE00 58.135
+1.100
Urals CIF Rdam assessment rationale: (PGA page 1287) Urals
CIF Rotterdam was assessed lower Friday. Urals was
assessed on the level of a traded offer, a contango of 2 US delivered-Europe spot crude assessments ($/barrel) (PGA page 1238)
cents/day was applied across the back end of the 10-25 day
WTI Midland (DAP Rotterdam) AWTIC00 57.985
+1.155 AWTID00 0.040
+0.110
Platts assessment window, and a flat stucture was applied WTI Midland (DAP Augusta) AWTIA00 58.185
+1.055 AWTIB00 0.240
+0.010
at the front. Eagle Ford 45 (DAP Rotterdam) AEFAC00 57.535
+1.055 AEFAD00 -0.410
+0.010
Eagle Ford 45 (DAP Augusta) AEFAA00 57.735
+0.955 AEFAB00 -0.210
-0.090
The above commentary applies to the market data code: PCAFW00
ESPO FOB Kozmino Mo01 London assessment rationale: (PGA value of Forward Dated Brent 13-28 days ahead of the day of Urals and Mediterranean bids/offers/trades: (PGA page 1288)
page 1286) The ESPO FOB Kozmino Mo01 London time publication. Forward Dated Brent is assessed as a function ■■URALS MED: MOC TRADE SUMMARY: None.
outright assessment is derived using the following input: of Platts assessments of second-month Cash BFOE ■■URALS MED: MOC OUTSTANDING INTEREST: LITASCO bids
London Dubai Mo02 (DFLL002) plus Mo02 ESPO Asia (PCAAR00) and BFOE CFD differentials (PCAKA00, PCAKC00, Urals Med CIF Crg Novo - bss Augusta 10-25, Aug 25-Aug
differential (AASEU00). The ESPO FOB Kozmino Mo01 PCAKE00, PCAKG00, AAGLU00, AAGLV00, AALCZ00). 29 Dated Brent BL+5 plus $1.35 for 80000 “payment 30
London time differential assessment was derived using the The above commentary applies to the market data code: AALDF00 after BL vessel acceptable to buyer”
following input: ESPO FOB Kozmino Mo01 time outright, ■■URALS MED: MOC WITHDRAWN: LITASCO bid is withdrawn
minus Dated Brent Financial Mo02 (BDLM002). CPC Blend CIF Augusta assessment rationale: (PGA page Urals Med CIF Crg Novo - bss Augusta 10-25 Aug 19-Aug
The above commentary applies to the market data code: 1287) CPC Blend was assessed unchanged Friday, in line 23 100% Dated Brent Dated Brent BL+5 $1.25 for 80000
AARWD00 with indications heard on the market. The region was well “payment 30 after BL vessel acceptable to buyer”
supplied with sweet crude. There were no bids or offers in ■■URALS NWE: MOC TRADE SUMMARY: GLENCORE-UNIPEC
Med Dated Brent Strip 13-28 Day assessment rationale: (PGA the Platts Market on Close assessment process. Urals NWE CIF Crg Primorsk/Ust-Luga - bss Rdam 10-25,
page 1287) The Mediterranean Dated Brent Strip reflected the The above commentary applies to the market data code: AAHPL00 Aug 21-Aug 25, 2019 Dated Brent BL+5 minus $0.25 for
100000 “payment 30 days after BL” (MM: GLENCORE) Dated Brent/BFOE swaps ($/barrel) (PGA page 1214)
■■URALS NWE: MOC OUTSTANDING INTEREST: None. Week Week Date Brent CFD* Mid Change Dated Brent swap Mid Change
■■URALS NWE: MOC WITHDRAWN: TRAFI withdraws offer CFD Week 1 (Nov) Aug 12-16 PCAKA00 -0.25/-0.23 -0.240 +0.050 AAJNV00 57.93/57.95 57.940
+1.060
Urals NWE CIF Crg Primorsk - bss Rdam 10-25, Aug CFD Week 2 (Nov) Aug 19-23 PCAKC00 0.01/0.03 0.020 +0.090 AAJOS00 58.19/58.21 58.200
+1.100
CFD Week 3 (Nov) Aug 26-30 PCAKE00 -0.01/0.01 0.000 +0.140 AAJOU00 58.17/58.19 58.180
+1.150
21-Aug 25 Dated Brent BL+5 plus $0.15 for 100000- CFD Week 4 (Nov) Sep 02-06 PCAKG00 -0.09/-0.07 -0.080 +0.080 AAJOW00 58.09/58.11 58.100
+1.090
100000 “bl+30 payment” CFD Week 5 (Nov) Sep 09-13 AAGLU00 -0.15/-0.13 -0.140 +0.070 AAJPC00 58.03/58.05 58.040
+1.080
■■CPC BLEND: MOC TRADE SUMMARY: None. CFD Week 6 (Nov) Sep 16-20 AAGLV00 -0.22/-0.20 -0.210 +0.060 AAJPE00 57.96/57.98 57.970
+1.070
CFD Week 7 (Nov) Sep 23-27 AALCZ00 -0.30/-0.28 -0.290 +0.050 AALAW00 57.88/57.90 57.890
+1.060
■■CPC BLEND: MOC OUTSTANDING INTEREST: None.
CFD Week 8 (Nov) Sep 30-04 AALDA00 -0.39/-0.37 -0.380 +0.040 AALAX00 57.79/57.81 57.800
+1.050
■■CPC BLEND: MOC WITHDRAWN: None. Brent Swaps Weeks 1 to 8 are differentials to Brent Mo02 (Nov) PCAAR00 found on page 1.
Dated Brent/Brent Frontline Swaps (DFL) ($/barrel) (PPE page 1614)

Urals and Mediterranean exclusions: (PGA page 1288)
Swaps Change DFL Change
EXCLUSIONS: Litasco Bid Urals Med CIF Aug 19-23 to be Balance month* (Aug 19) BDLBM00 58.160 +1.190 ABWFZ00 -0.360 +0.130
excluded from Platts MOC due to absence of available cargoes. Month 1 (Sep 19) BDLM001 58.070 +1.050 AAEAA00 -0.070 +0.030
Month 2 (Oct 19) BDLM002 57.600 +1.020 AAEAB00 -0.140 +0.060
Month 3 (Nov 19) BDLM003 57.080 +1.010 AAEAC00 -0.370 +0.080
West Africa (PGA page 1294) Month 4 (Dec 19) BDLM004 56.700 +0.960 AAEAD00 -0.620 +0.040
* Balance-month swaps are assessed from the 1st to the 15th of the month
Fundamentals in the West African crude market were
Cash BFOE intraday assessments ($/barrel) (PGA page 1216)
largely changed Friday. The overhang of the Nigerian
Cash BFOE Change Inter-Month Spread
barrels and its subsequent pressure on prompt values,
10:30 London Time
remained a focus. While demand was shifting away from BFOE M1 (Oct) PBCAAM1 57.840 +0.370
key Nigerian grades, demand from the East for Angolan BFOE M2 (Nov) PBCAAM2 57.470 +0.310 Oct/Nov
PBAM1M2 0.370
grades such as Dalia and Pazflor continued to support BFOE M3 (Dec) PBCAAM3 57.090 +0.270 Nov/Dec
PBAM2M3 0.380
12:30 London Time
differentials. One trader, however, said the September
BFOE M1 (Oct) PBCABM1 58.300 +1.330
programs of Nigerian grades such as Agbami and Escravos BFOE M2 (Nov) PBCABM2 57.950 +1.270 Oct/Nov
PBBM1M2 0.350
were clearing relatively well, while grades such as Bonny BFOE M3 (Dec) PBCABM3 57.540 +1.180 Nov/Dec
PBBM2M3 0.410
Light and Forcados were struggling for demand. Through 14:30 London Time
BFOE M1 (Oct) PBCACM1 58.740 +1.520
the week, market participants have noted that buyers were BFOE M2 (Nov) PBCACM2 58.400 +1.480 Oct/Nov
PBCM1M2 0.340
looking towards Egina to the detriment of demand for BFOE M3 (Dec) PBCACM3 57.990 +1.410 Nov/Dec
PBCM2M3 0.410
grades such as Bonga, Erha and Forcados. Looking at 16:30 London Time
Bonny Light, Pertamina has bought a cargo, via tender, BFOE M1 (Oct) PCAAQ00 58.530 +1.050
BFOE M2 (Nov) PCAAR00 58.180 +1.010
from BP for October delivery. A representative at BP was BFOE M3 (Dec) PCARR00 57.770 +0.950
not available for comment. In other tender news, the Indian 19:30 London Time
Oil Corp. issued three tenders seeking light, sweet crude BFOE M1 (Oct) PBCADM1 NA –
BFOE M2 (Nov) PBCADM2 NA – Oct/Nov
PBDM1M2 NA
across a variety of October loading dates. One trader said BFOE M3 (Dec) PBCADM3 NA – Nov/Dec
PBDM2M3 NA
this week the tenders took the market a little by surprise
because there was no tender seeking barrels loading late
September. Another trader said the tenders were not going
to help clear the overhang of the late August and early West African crude rationale: (PGA page 1259) The four Grades such as Forcados and Bonga were said to be under
September barrels sellers were finding difficult to clear. A grades in the West African crude complex were assessed pressure from buyers looking towards Egina to fill their
representative from IOC was not available for comment. lower Friday, in line with previously heard indications. requirements.
West Africa bids/offers/trades/exclusions Russian Urals/ESPO spot assessments ($/barrel) (PGA page 1220)
Bids (PGA page 1255) Urals (Rotterdam) PCAFW00 57.94–57.97 57.955
+0.965 AAGXJ00 -0.20/-0.19 -0.195 -0.145
Urals (Mediterranean) PCACE00 59.47–59.50 59.485
+1.090 AAGXX00 1.33/1.34 1.335
-0.020
■■ No bids Urals FOB Novo Suez AAGZS00 58.59–58.63 58.610
+1.125 AAHPH00 0.45/0.47 0.460
+0.015
Urals FOB Novo Afra AAOTH00 58.44–58.48 58.460
+1.090 AAOTI00 0.30/0.32 0.310
-0.020
Offers (PGA page 1256) Urals (Ex-Baltic) AAGZT00 57.18–57.22 57.200
+0.965 AAHPI00 -0.96/-0.94 -0.950 -0.145
Urals (Primorsk) AAWVH00 57.15–57.19 57.170
+0.965 AAWVI00 -0.99/-0.97 -0.980 -0.145
■■ No offers Urals RCMB (Recombined) AALIN00 58.94–58.96 58.950
+1.080
ESPO (FOB Kozmino) AARWD00 61.86–61.88 61.870
+0.960 AARWE00 4.26/4.28 4.270
-0.060
Trades (PGA page 1257)
■■ No trades Urals Med/NWE CFD assessments ($/barrel)

Exclusions (PGA page 1258)
Urals CFD Mid Change
Mediterranean (PPE page 1617)
■■ No data was excluded from the August 09 assessment Urals Med CFD (Aug) AAMDU00 0.77/0.78 0.775
0.000
Urals Med CFD (Sep) AAMEA00 -0.31/-0.29 -0.300
0.000
Urals Med CFD (Oct) UMCM003 -0.66/-0.64 -0.650
0.000
US Crude (PGA pages 290 & 292) Northwest Europe (PPE page 1617)
Urals NWE CFD (Aug) UNCM001 -0.26/-0.24 -0.250
-0.250
US crude oil on the US Gulf Coast continued to fall Friday, Urals NWE CFD (Sep) UNCM002 -0.86/-0.84 -0.850
-0.200
Urals NWE CFD (Oct) UNCM003 -1.61/-1.59 -1.600
-0.150
ending the week much lower than where they were
Mediterranean (PPE page 1617)
assessed a week ago. Traders said the tight price spread CPC Blend CFD (Aug) AAOFX00 -1.600
0.000
between global oil benchmarks Brent and WTI has pressured CPC Blend CFD (Sep) AAOFY00 -1.700
0.000
US crudes lower. WTI at the Magellan East Houston terminal CPC Blend CFD (Oct) AAOFZ00 -1.800
0.000
dropped 30 cents on the day and was assessed at its lowest

level in about a year. WTI MEH was heard talked at WTI cash
plus $3/b, which is where it was assessed. MEH was heard Mediterranean spot crude assessments ($/barrel)
traded at that value late Friday. The differential has not been
valued lower since August 13, 2018. Medium sour crude Mars Azeri and BTC (PGA page 1222)
Azeri Lt CIF AAGZX00 61.26–61.30 61.280
+1.105 AAHPM00 3.14/3.16 3.150
0.000
also decreased 30 cents on the day and was assessed at Azeri Lt FOB Ceyhan Suez AAUFM00 60.68–60.71 60.695
+1.105 AAUFN00 2.56/2.57 2.565
0.000
WTI plus $2.60/b — its lowest value in about a month. Azeri Lt FOB Ceyhan Afra AAUFK00 60.61–60.64 60.625
+1.105 AAUFL00 2.49/2.50 2.495
0.000
Benchmark crude prices increased Friday as the market Azeri Lt FOB Supsa AATHM00 60.32–60.35 60.335
+1.105 AATHN00 2.20/2.21 2.205
0.000
BTC FOB Ceyhan AAUFH00 60.64–60.68 60.660
+1.105 AAUFJ00 2.52/2.54 2.530
0.000
looked at reports that Saudi Arabia will intervene to stabilize
Black Sea (PGA page 1220)
oil markets. However, the spread between Brent and WTI Siberian Light CIF AAGZW00 59.98–60.02 60.000
+1.110 AAHPK00 1.84/1.86 1.850 0.000
remained tight. The Brent-WTI swaps spread narrowed CPC Blend CIF AAGZU00 56.43–56.47 56.450
+1.110 AAHPL00 -1.71/-1.69 -1.700 0.000
CPC Blend FOB Suez AALVX00 55.67–55.70 55.685
+1.135 AALVZ00 -2.47/-2.46 -2.465
+0.025
nearly 70 cents/b on Friday to $3.91/b.
CPC Blend FOB Afra AAOFV00 55.51–55.55 55.530
+1.110 AAOFW00 -2.63/-2.61 -2.620 0.000
Middle East & North Africa (PGA page 1234)
Alaska North Slope crude September deliveries to the US Suez Blend PCACA00 56.91–56.95 56.930
+1.090 AAGYD00 -1.23/-1.21 -1.220
-0.020
West Coast remained steady at a $6.25/b premium over Es Sider PCACO00 58.08–58.12 58.100
+1.060 AAGYH00 -0.06/-0.04 -0.050
-0.050
Kirkuk AAEJD00 57.68–57.72 57.700
+1.010 AAGYF00 -0.46/-0.44 -0.450
-0.100
NYMEX light sweet crude calendar-month average (WTI
Iranian Light FOB Kharg Island (Med) AILKA00 52.910
+0.980 AILKB00 -5.240
-0.130
CMA) or plus $1.60/b premium to ICE Brent CMA. The Iranian Heavy FOB Kharg Island (Med) AIHKA00 49.710
+0.980 AIHKB00 -8.440
-0.130
assessment was based on several deals done at that level. Saharan Blend AAGZY00 57.58–57.62 57.600
+1.060 AAHPN00 -0.56/-0.54 -0.550
-0.050
Syrian Light FOB AAHMM00 60.13–60.16 60.145
+1.110 AALOU00 1.99/2.00 1.995 0.000
On Friday two separate deals with ANS for October loading Syrian Heavy FOB AAHMN00 56.14–56.18 56.160
+1.090 AALOV00 -2.00/-1.98 -1.990
-0.020
were heard traded at a premium of $1.85/b versus ICE Brent month contract July 17. While WCS rose in Alberta, it fell in News (PGA page 100)
CMA. The highest price since June 14, 2017, when it was Cushing, Oklahoma, and on the US Gulf Coast. WCS on the
assessed at $1.80/b, according to Platts data. ANS USGC was heard to trade at WTI CMA minus $2.25/b, which IEA sees oil supply glut in 2020
production continued declining as production fields are up is where it was assessed at Nederland, Texas, up 65 cents/b
amid fragile demand outlook
to 40 years old. In May, the total production of ANS from Thursday. WCS tends to rise in Hardisty and weaken in
averaged 502,380 b/d, compared with 528,710 b/d recorded the US when inventories decline in Alberta. Western Efforts to rebalance the oil market could be in vain after the
in the same month of last year, according to the most Canadian crude inventories declined by 2.75 million barrels International Energy Agency cut its oil demand growth
recent data released by the Alaska Department of Revenue. in July, or 131,000 b/d, a report from Genscape showed forecasts for both 2019 and 2020 and pointed to strong non-
Wednesday. Mixed Sweet fell Friday, and was assessed OPEC supply driven by the US, Norway and Brazil. The Paris-
Differentials for US export crude to the NYMEX WTI strip down 80 cents/b to WTI CMA minus $3.40/b. After the 2:30 based agency lowered oil demand growth for 2019 by
were marginally higher Friday amid a rebound in the pm EDT (1930 GMT) assessment deadline, Mixed Sweet was 100,000 b/d to 1.1 million b/d and trimmed 2020 demand
broader crude complex and continued decline of the Brent- heard to trade at WTI CMA minus $2.80/b, information that growth to 1.3 million b/d amid concerns around a weakening
WTI spread to historic levels. The WTI FOB USGC differential could not be used for Friday’s assessment. One source said global economy and greater uncertainty over the US-China
to the NYMEX WTI strip was assessed at $3.20/b, up 15 light grades have fallen after they started off the trading trade dispute. “The outlook is fragile with a greater
cents from Thursday. That assessment was at the lowest cycle “way overdone.” likelihood of a downward revision than an upward one,” it
level since July 2018. Meanwhile, the front-month Brent-WTI noted. The IEA said the January to May period of this year
spread fell to $4.46/b, half the year-to-date average of registered the lowest demand rise for those months since
Latin America (PGA page 288)
$8.22/b and the lowest level since March 2018. Despite the 2008, adding that while Chinese oil demand was revised
historic low levels for Brent-WTI, some market participants Most of the Latin American crude differentials assessed by upwards, there was weakness in India and the US.
were skeptic that export values were being pressured S&P Global Platts dropped Friday despite a hike in NYMEX Meanwhile, the global oil market remains well supplied
below WTI MEH. WTI MEH was assessed at WTI cash plus WTI and ICE Brent future contract prices. Colombia’s despite OPEC’s large production cuts and continued losses
$3/b. “Nobody is going to lose dock fees when you can sell medium sour Vasconia crude was assessed down 10 from Venezuela and Iran. The IEA highlighted that while
back into the domestic market ... maybe [on] a prompt cents/b on the day, based on price indications and a fall in global oil supply in July fell below year earlier levels for the
cargo at times but it is rare,” a source said. underlying second-month US Mars. Ample supplies in the first time since November 2017, it remained above 100
US Gulf Coast continued to put pressure on crude prices. million b/d. OPEC and its allies have been determined in
Ecuadorean heavy sour Oriente was assessed 5 cents/b trying to bring the market back into balance with OPEC oil
Canada (PGA page 298)
lower, based on price indications as well. Although Latin production falling by 2 million b/d compared with July 2018
Western Canada pipeline crude differentials moved in American heavy sour grades saw strong demand in the led by Saudi Arabia. “In a clear sign of its determination to
different directions Friday, with heavy barrels ending the first half of 2019, after the US imposed sanctions on support market re-balancing, Saudi Arabia’s production was
week stronger and light crudes mostly falling. Western Venezuelan and Iranian crudes, a bearish sentiment has 0.7 million b/d lower than the level allowed by the output
Canadian Select at Hardisty, Alberta, traded at WTI CMA prevailed in recent weeks due to expectations of a agreement. If the July level of OPEC crude oil production at
minus $12.25/b, sources said, up 80 cents/b day on day and slowdown in the global economy. This week, International 29.7 million b/d is maintained through 2019, the implied
the strongest value since September became the front- Energy Agency cut its oil demand growth forecasts for stock draw in H2 2019 is 0.7 million b/d, helped also by a
both 2019 and 2020 and pointed to strong non-OPEC slower rate of non-OPEC production growth,” the IEA said.
supply driven by the US, Norway and Brazil. The Paris- “Although the third quarter has begun from a position of
PLATTS PODCASTS based agency reduced oil demand growth for 2019 by relatively abundant supply, continued restraint from OPEC
Keep you up to speed on the big-picture trends 100,000 b/d to 1.1 million b/d and cut 2020 demand growth and non-OPEC members of the OPEC+ pact could see global
affecting energy and commodities to 1.3 million b/d, based on expectations of weakening inventories draining by a significant amount,” the agency
global economy and greater uncertainty due to trade war added. OPEC and its allies have agreed to cut production by
Follow us on twitter.com/PlattsOil between the US and China. 1.2 million b/d through to the end of the first quarter of 2020
amid strong compliance. However, the IEA was also quick to West African spot crude assessments ($/barrel) (PGA page 1230)
point out it would be a “temporary phenomenon” because
WAF Index AWAFA00 59.485
+0.972 AWAFB00 1.550
-0.063
of very strong non-OPEC production growth next year and
Nigeria Spot Crude Assessments
that the oil market will be well supplied. The agency Bonny Light PCAIC00 59.37–59.40 59.385
+0.985 AAGXL00 1.44/1.46 1.450
-0.050
indicated non-OPEC supply was up 1.4 million b/d year on Qua Iboe PCAID00 59.42–59.45 59.435
+0.985 AAGXN00 1.49/1.51 1.500
-0.050
year in July and is set to grow by 1.9 million b/d in 2019 and Forcados PCABC00 59.47–59.50 59.485
+0.935 AAGXP00 1.54/1.56 1.550
-0.100
Agbami AAQZB00 57.17–57.20 57.185
+1.185 AAQZC00 -0.76/-0.74 -0.750
+0.150
2.2 million b/d next year. It’s bleak reading for OPEC, with the Escravos AAEIZ00 59.67–59.70 59.685
+1.085 AAGXR00 1.74/1.76 1.750
+0.050
IEA highlighting a potential oil market glut in early 2020 Brass River AAEJB00 59.57–59.60 59.585
+1.035 AAGXV00 1.64/1.66 1.650 0.000
Akpo PCNGA00 57.12–57.15 57.135
+1.135 PCNGB00 -0.81/-0.79 -0.800
+0.100
when the call on OPEC crude oil plunges to 28.4 million b/d.
Bonga PCNGC00 59.62–59.65 59.635
+0.985 PCNGD00 1.69/1.71 1.700
-0.050
OPEC has been unsettled by oil prices dropping $10/b in the Usan AAXUQ00 58.035
+1.035 AAXUR00 0.100 0.000
past couple of weeks and are eyeing a response to falling Erha AAXUO00 59.785
+0.985 AAXUP00 1.850
-0.050
prices at the next meeting of the group’s top-level Angola spot crude assessments ($/barrel) (PGA page 1232)
monitoring committee in September. The group’s options Cabinda PCAFD00 59.72–59.75 59.735
+1.085 AAGXT00 1.79/1.81 1.800
+0.050
Nemba AAQYZ00 59.02–59.05 59.035
+1.035 AAQZA00 1.09/1.11 1.100 0.000
are limited and it appears it would need to find a way to Dalia AAQYX00 60.37–60.40 60.385
+1.185 AAQYY00 2.44/2.46 2.450
+0.150
remove another 1.3 million b/d on top next year. Rystad Girassol AASNL00 60.77–60.80 60.785
+1.085 AASJD00 2.84/2.86 2.850
+0.050
Hungo AASLJ00 58.97–59.00 58.985
+1.085 AASJF00 1.04/1.06 1.050
+0.050
Energy has also scaled back its bullish view for the first part Kissanje AASLK00 59.07–59.10 59.085
+1.085 AASJE00 1.14/1.16 1.150
+0.050
of 2020 linked to the new IMO shipping fuel regulations. “We Pazflor PCNGG00 60.12–60.15 60.135
+1.185 PCNGH00 2.19/2.21 2.200
+0.150
a see clear downside risk to 2020 prices due to excessive Plutonio PCNGI00 58.92–58.95 58.935
+1.085 PCNGJ00 0.99/1.01 1.000
+0.050
supply growth. We still believe the market does not Ghana spot crude assessments (PGA page 1230)
Jubilee AAXUS00 58.735
+1.035 AAXUT00 0.800
0.000
recognize the positive effect on crude demand that IMO
Republic of Congo spot crude assessments
2020 will bring. However, if the IMO effect on crude demand
Djeno PCNGE00 58.17–58.20 58.185
+1.085 PCNGF00 0.24/0.26 0.250
+0.050
is less than expected, OPEC intervention may be needed as
Chad spot crude assessments
early as the first quarter of 2020 to avoid imbalances in the Doba AAXUU00 58.335
+0.935 AAXUV00 0.400
-0.100
oil market,” said Bjornar Tonhaugen, head of oil market
West Africa market parity prices ($/barrel) (PGA page 1270)
analysis at Rystad Energy. S&P Global Platts Analytics
Mid Change
currently sees global demand growth this year at 1.19 million Amenam AAXTI00 58.865
+1.100
b/d and is confident that support from central banks and the EA Blend AAXTJ00 61.055
+1.205
Yoho AAXTK00 60.685
+1.125
impact of the IMO’s tougher specifications on marine fuels
Asaramatoru AAXTV00 59.115
+1.095
will stave off any significant collapse in demand. Meanwhile, Abo AAXTL00 60.185
+1.165
Platts Analytics sees cuts in supply translating into balances TEN AAXTW00 57.825
+1.070
tightening significantly in the fourth quarter. Looking at the

sources of non-OPEC crude, the IEA said US supply growth 2020 due to gains at the Buzios and Lula fields and start-ups million barrels — the highest since August 2017 — as
has been “lacklustre” but will be the largest driver, of the Berbigao and Atapu fields. OECD commercial stocks sanctions-hit Iran holds oil on tankers given limited options
contributing 1.7 million b/d in 2019 and 1.3 million b/d in 2020. rose by a “significant” 31.8 million barrels in June to 2.96 for buyers.
Part of the acceleration next year stems from Johann billion barrels above the five-year average, according to the
Sverdrup in the North Sea which is set to see first oil in IEA. This is the third increase in a row for a barometer which Global H1 oil refining throughput falls: IEA
November and could add 440,000 b/d in the first six months OPEC uses to assess its market balancing efforts. The IEA
of production. Brazil and Guyana will also be key sources of noted preliminary data for July showed stocks falling in the Global refining throughput fell 90,000 b/d year on year in the
supply. While Brazil’s production growth has failed to live up US, and rising in Japan. Meanwhile, the IEA revealed floating first half of 2019, despite increase in China, the Middle East
to expectations, the IEA expects 360,000 b/d to be added in storage of crude oil increased by 31.9 million barrels to 55.9 and Europe, the International Energy Agency said in its
monthly report Friday. Throughput grew by 720,000 b/d in US spot crude assessments ($/barrel) (PGA pages 210 & 214)
Mid Change
China, by 260,000 b/d in the Middle East and by 50,000 b/d
Mars (Sep) AAMBR00 57.09–57.11 57.100
+1.660
in Europe, IEA data showed. “European growth could have Mars (Oct) AAMBU00 55.91–55.93 55.920
+1.810
been higher if not for the impact of the Druzhba pipeline Mars (Nov) AAMBX00 54.73–54.75 54.740
+1.900
Mars/WTI (Sep) AAGWH00 2.59/2.61 2.600
-0.300
contamination,” the agency said. Exports of Russia’s Urals Mars/WTI (Oct) AAKTH00 1.54/1.56 1.550
-0.100
crude via the 1 million b/d pipeline system were suspended Mars/WTI (Nov) AAMBO00 0.64/0.66 0.650
+0.100
mid-April after excess levels of corrosive organic chlorides LOOP/WTI (Sep) AALOM01 2.300
-0.300
LOOP/WTI (Oct) AALOM02 1.250
-0.100
were detected in crude flowing via the northern route into LOOP/WTI (Nov) AALOM03 0.350
+0.100
Belarus. This limited volumes of crude available to European LOOP/Mars (Sep) AALPM01 -0.300 0.000
LOOP/Mars (Oct) AALPM02 -0.300 0.000
refineries. Demand growth for refined products was
LOOP/Mars (Nov) AALPM03 -0.300 0.000
subdued in H1 at 300,000 b/d, “[This was] essentially flat WTI-Delta AAEJK00 0.20/0.22 0.210
+0.080
year on year, but it is expected to triple in second half of the P-Plus WTI PCACI00 3.58/3.60 3.590
+0.080
P-5 WTI AAFEN00 51.040
+2.020
year,” the agency said. European margins were supported by 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,
lower runs. In Europe and the US East Coast combined runs Shell, and Valero.
Mid Change Spread vs 1st line WTI Mid Change
were down by about 510,000 b/d year on year. In July,
WTI (Midland) PCACJ00 54.39–54.41 54.400
+1.960 AAGVZ00 -0.11/-0.09 -0.100 0.000
European runs were estimated flat on the year. In Russia hit WTS (1st month) PCACK00 54.39–54.41 54.400
+1.960 AAGWB00 -0.11/-0.09 -0.100 0.000
5.9 million b/d in July, slightly lower year on year. After an WTI MEH AAYRG00 57.500
+1.660 AAYRH00 3.000
-0.300
Eugene PCAFC00 57.69–57.71 57.700
+1.660 AAGWD00 3.19/3.21 3.200
-0.300
increase of 130,000 b/d in 2018 run rates in 2019 are Bonito PCAIE00 57.69–57.71 57.700
+1.660 AAGWF00 3.19/3.21 3.200
-0.300
expected to fall 100,000 b/d in 2019 as fiscal changes have SGC AASOI00 56.74–56.76 56.750
+1.660 AASOJ00 2.24/2.26 2.250
-0.300
resulted in lower profitability for domestic processing Poseidon AABHK00 56.64–56.66 56.650
+1.660 AAGWL00 2.14/2.16 2.150
-0.300
LLS (1st month) PCABN00 58.44–58.46 58.450
+1.910 AAGWN00 3.94/3.96 3.950
-0.050
compared with crude export netbacks, the IEA said. HLS (1st month) PCABD00 58.44–58.46 58.450
+1.910 AAGWP00 3.94/3.96 3.950
-0.050
Wyoming Sweet PCACM00 52.44–52.46 52.450
+1.010 AAGWR00 -2.06/-2.04 -2.050
-0.950
Thunder Horse AAWZK00 58.04–58.06 58.050
+1.660 AAWZL00 3.54/3.56 3.550
-0.300
Low crude gives airlines opportunity Spread vs 2nd line WTI
to increase jet fuel hedging WTI MEH (2nd month) AAXXE00 56.620
+1.660 AAYYA00 2.250
-0.250
WTI Midland (2nd month) AAYZA00 54.720
+1.660 AAXXF00 0.350
-0.250
WTS (2nd month) AAURG00 54.71–54.73 54.720
+1.660 AAURH00 0.34/0.36 0.350
-0.250
Airlines are topping up their hedging levels in the wake of
LLS (2nd month) AAURC00 57.31–57.33 57.320
+1.760 AAURD00 2.94/2.96 2.950
-0.150
falling Brent crude, low sulfur gasoil futures and outright jet HLS (2nd month) AAURE00 57.31–57.33 57.320
+1.760 AAURF00 2.94/2.96 2.950
-0.150
fuel swap prices, sources say. Airlines hedge the majority of Basrah Light AAEJH00 60.45–60.47 60.460
+1.110 AAGWV00 6.88/6.90 6.890 0.000
Spread vs NYMEX WTI CMA
their fuel costs against Brent crude but have diversified into
WCS ex-Cushing AAWTY00 48.93–48.95 48.940
+1.230 AAWTZ00 -5.36/-5.34 -5.350
-0.650
ICE low sulfur gasoil futures and jet fuel swaps ahead of the WCS ex-Nederland AAYAY00 52.040
+1.230 AAYAX00 -2.250
-0.650
International Maritime Organization’s 0.5% sulfur cap on Bakken Williston AAXPP00 49.840
+0.030 AASRX00 -4.450
-1.850
Bakken Guernsey AASRR00 52.43–52.45 52.440
+0.980 AASRV00 -1.86/-1.84 -1.850
-0.900
marine fuels at the start of next year, which expected to Bakken Clearbrook AASRU00 53.83–53.85 53.840
+1.030 AASRW00 -0.46/-0.44 -0.450
-0.850
tighten the whole middle distillates complex. Front month Bakken USGC Pipe ABAKA00 57.390
+1.630 ABAKB00 3.100
-0.250
ICE LSGO futures were at $542.75/mt at 16:30 London time Spread vs Eagle Ford Marker
Eagle Ford Postings Avg. AAYAH00 50.490
+2.040 AAYAI00 -6.340
+0.130
Thursday, down from a recent high of $665.25/mt on May FOB USGC Spread vs NYMEX WTI Strip
16, and the outright front month jet swap was assessed at Bakken ABAKC00 57.480
+2.040 ABAKD00 3.150
+0.150
$588/mt, falling from $657.25/mt on July 11. LSGO futures Eagle Ford Crude AAYAT00 56.930
+2.040 AAYAU00 2.600
+0.150
Eagle Ford Condensate AAYAR00 55.480
+2.040 AAYAS00 1.150
+0.150
fell to a seven-month low Wednesday, with outright jet CIF WTI AAYBA00 57.530
+2.040 AAYAZ00 3.200
+0.150
NWE cargo swap prices at a two-month low, tracking a Global Benchmarks at US Close
decline in front month Brent crude futures on demand Americas Dated Brent AAQBF00 57.610–57.630 57.620
+1.150
concerns due to the waning health of the global economy. California spot crude assessments ($/barrel) (PGA page 214)
Mid Change
Front month Brent crude futures traded at $58.10/b at 12:30
LIne 63/Hynes PCABM00 66.33–66.37 66.350 +1.690
GMT Friday, recovering slightly from $57.48/b at 16:30 Thums/Long Beach PCACD00 59.92–59.94 59.930 +1.210
London time Thursday, after reaching a recent high of Kern River PCABJ00 58.30–58.32 58.310 +1.210
P-Plus Line 63 PCAFV00 4.39/4.41 4.400 0.000
$75.04/b on April 25. The flat price is “relatively low ... Spread to NYMEX WTI CMA Mid Change
nearly the year’s low,” a source said. “I think a lot of airlines ANS/Long Beach PCAAD00 60.52–60.56 60.540 +1.880 AAGWX00 6.24/6.26 6.250 0.000
have used the recent drop in crude prices to top up their
hedging levels ... and lock in their fuel prices and thus their US domestic crude assessments London close ($/barrel) (PGA page 1240)
margins.” The source said prices could go lower, given Spread to
broader fears of a global recession as trade tensions Mid Change NYMEX light sweet crude Mid Change
WTI (Sep) AAQAR00 54.19–54.21 54.200
+1.490 AAQAS00 -0.01/0.01 0.000 0.000
between China and the US continue. “The flat price is WTI (Oct) AAQAT00 54.06–54.08 54.070
+1.480 AAQAU00 -0.01/0.01 0.000 0.000
dependent on macro [economic] moves at the moment,” a WTI (Nov) AAQAV00 53.79–53.81 53.800
+1.390 AAQAW00 -0.01/0.01 0.000 0.000
Spread to
second source said. Increased hedging activity in jet fuel
same-month cash WTI Mid Change
swaps was focused on 2020 and a bit on 2021, in addition to WTI MEH (Sep) AAYRZ00 57.200
+1.090 AAYTA00 3.000
-0.400
some bank flow, according to a third source. “Some airlines WTI MEH (Oct) AAXYD00 56.320
+1.130 AAYWA00 2.250
-0.350
LLS (Sep) AAQBB00 58.19–58.21 58.200
+1.340 AAQBC00 3.99/4.01 4.000
-0.150
may decide to hedge, but they have their own hedging LLS (Oct) AAQBD00 57.06–57.08 57.070
+1.230 AAQBE00 2.99/3.01 3.000
-0.250
program, so in theory they should be hedging quite MARS (Sep) AAQAX00 56.84–56.86 56.850
+1.190 AAQAY00 2.64/2.66 2.650
-0.300
MARS (Oct) AAQAZ00 55.66–55.68 55.670
+1.380 AAQBA00 1.59/1.61 1.600
-0.100
regularly,” a fourth source said. “It depends on the
company. If you are going to hedge in a dip you have to be
Americas close ($/barrel) (PGA page 210)
able to predict a dip.” Airlines tend to base their hedging on
Mid Change
what they expect their future demand for jet fuel to be, Americas Dated Brent AAQBF00 57.61–57.63 57.620
+1.150
rather than flat price fluctuations, the source said. Heading Americas Dated Brent reflects market value for Dated Brent at 2:30pm Eastern Time.
into 2020, the jet market looks a little softer than the rest of
the distillates complex with jet CIF NWE cargo differential US crude assessments Singapore close ($/barrel) (PGA page 2208)
Mid Change
swaps in a contango of around $4/mt through 2020,
LOOP Sour (Sep) AAZDA00 NA NA
partially offsetting a strong backwardation in ICE LSGO LOOP Sour (Oct) AAZDB00 NA NA
futures over the same period of $8/mt Thursday. Many LLS (Sep) AAZDC00 NA NA
LLS (Oct) AAZDD00 NA NA
analysts expect the middle distillates complex to tighten Southern Green Canyon AAZDE00 NA NA
significantly from Q4 2019 as preparations for the WTI MEH (Sep) AAZDF00 NA NA
implementation of IMO 2020 begin. The pricing in of a WTI MEH (Oct) AAZDG00 NA NA
slightly weaker jet fuel market could provide a hedging

CFR North Asia Assessments Singapore Close ($/barrel) (PGA page 2202)
opportunity, or alleviate fears of a markedly stronger jet fuel Mid Change
market for airlines in 2020. Dubai CFR North Asia PCAQA00 NA NA
Oman CFR North Asia PCAQJ00 NA NA
Upper Zakum CFR North Asia PCAQB00 NA NA
Oil settles higher as market sees increased Qatar Marine CFR North Asia PCAQC00 NA NA
likelihood of Saudi intervention Murban CFR North Asia
Basrah Light CFR North Asia
PCAQE00
PCAQK00
NA NA
NA NA
ESPO CFR North Asia PCAQD00 NA NA
Oil futures settled higher for a second session Friday as the Forties CFR North Asia PCAQF00 NA NA
market looked to reports of an accelerated Saudi Aramco Dalia CFR North Asia PCAQG00 NA NA
WTI MEH CFR North Asia PCAQH00 NA NA
public listing as further indications of Saudi willingness to
LOOP Sour CFR North Asia PCAQI00 NA NA
recent halt crude price slides. NYMEX September WTI settled Canadian spot crude cargo assessments ($/barrel) (PGA page 230)
up $1.96 at $%4.50/b and ICE October Brent was $1.15
Terra Nova AAJUH00 57.93–57.96 57.945
+0.980 AAJUJ00 0.04/0.06 0.050
-0.050
higher at $58.53/b at market close. State-owned Aramco is Hibernia AAJKK00 58.08–58.11 58.095
+0.980 AAJKM00 0.19/0.21 0.200
-0.050
accelerating the timeline for an IPO to as soon as early 2020, White Rose AAVJX00 58.83–58.86 58.845
+0.980 AAVJY00 0.94/0.96 0.950
-0.050
The published spreads for Canadian cargo assessments reflect the market value at which these grades are trading versus Dated Brent around loading time. The spreads
the Wall Street Journal reported Friday. In early July, Saudi and fixed price assessments reflect a typical forward loading window of 33-63 days forward.
energy minister Khalid al-Falih said such a public offering For further explanation see www.platts.com Oil Specifications Crude oil specifications.
would be in 2020 or 2021. The fast-tracked Aramco IPO plan
Canadian spot crude assessments ($/barrel) (PGA page 230)
makes it more likely Saudi Arabia will intervene to stabilize
Mid Change Spread vs Canada basis Mid Change
oil markets, analysts said. “The Saudis are basically telling Lloyd Blend AALRK00 42.58–42.60 42.590
+2.680 AALRP00 -11.71/-11.69 -11.700 +0.800
[the market] ‘we will do whatever it takes to keep prices up’,” Mixed Sweet AALRR00 50.88–50.90 50.890
+1.080 AALRV00 -3.41/-3.39 -3.400 -0.800
Light Sour Blend AALRX00 51.28–51.30 51.290
+1.480 AALSD00 -3.01/-2.99 -3.000 -0.400
Price Futures Group Senior Market Analyst Phil Flynn said. “If
Midale AAUCC00 49.58–49.60 49.590
+1.480 AAUCE00 -4.71/-4.69 -4.700 -0.400
they do [an] IPO they will want oil prices as high as possible Condensates AALSF00 50.98–51.00 50.990
+1.880 AALSJ00 -3.31/-3.29 -3.300 0.000
to make the books look better.” Bloomberg reported Syncrude Sweet Prem. AASOK00 55.33–55.35 55.340
+1.930 AASOM00 1.04/1.06 1.050
+0.050
WCS Hardisty AAPPN00 42.03–42.05 42.040
+2.680 AAPPP00 -12.26/-12.24 -12.250 +0.800
Thursday that unnamed Saudi officials said Riyadh may Cold Lake Hardisty AASZX00 41.28–41.30 41.290
+2.680 AASZZ00 -13.01/-12.99 -13.000 +0.800
reduce its export allocations to customers by 700,000 b/d
next month in a bid to keep shipments below 7 million b/d in WTI CMA (1st mo) AAVSN00 54.290
+1.880
response to the decline in prices Saudi officials did not Latin American assessments ($/barrel) (PGA page 280)
respond to requests for comment from S&P Global Platts. Diff to Diff to Futures Diff to Dated
But they had already said exports would be held below 7 Mid Change WTI strip Brent strip Brent strip
Escalante PCAGC00 57.30–57.35 57.325 +1.095 PCAGO00 3.070 AAXBS00 -0.750 AAXAX00 -0.660
million b/d in May and June to help draw down global Roncador AAQTL00 57.50–57.55 57.525 +0.995 AAQTK00 3.270 AAXBT00 -0.550 AAXAY00 -0.460
inventories. Price reaction in the east of Suez tanker market Santa Barbara AAITD00 57.33–57.38 57.355 +1.815 AAITJ00 3.100 AAXBU00 -0.720 AAXAZ00 -0.630
to the potential reduction in cargoes has so far been limited. Loreto PCAGH00 55.48–55.53 55.505 +1.815 PCAGQ00 1.250 AAXBV00 -2.570 AAXBG00 -2.480
Oriente PCADE00 55.98–56.03 56.005 +1.815 PCAGU00 1.750 AAXBW00 -2.070 AAXBH00 -1.980
Ex-Arabian Gulf tanker rates finished a holiday-shortened Napo AAMCA00 51.98–52.03 52.005 +1.815 AAMCD00 -2.250 AAXBX00 -6.070 AAXBI00 -5.980
trading week higher Thursday, with the VLCC rate to Marlim AAITF00 57.70–57.75 57.725 +0.995 AAITL00 3.470 AAXBY00 -0.350 AAXBJ00 -0.260
Singapore edging up to the highest since late-March at Castilla Blend AAVEQ00 52.30–52.35 52.325 +0.995 AAVEQ01 -1.930 AAXBZ00 -5.750 AAXBK00 -5.660
Magdalena AAWFR00 48.30–48.35 48.325 +0.995 AAWFS00 -5.930 AAXCA00 -9.750 AAXBL00 -9.660
$6.97/mt, Platts data showed. Still, the imputed demand for Vasconia PCAGI00 56.15–56.20 56.175 +0.995 PCAGR00 1.920 AAXCB00 -1.900 AAXBN00 -1.810
US crude as a result of lower Saudi exports contributed to an Mesa 30 AAITB00 55.90–55.95 55.925 +1.595 AAITH00 1.670 AAXCC00 -2.150 AAXBO00 -2.060
out sized uptick in WTI prices, narrowing discounts to Brent
Latin America WTI strip AAXBP00 54.255
futures. The ICE WTI/Brent spread was trading around Latin America Futures Brent strip AAXBQ00 58.075
$4.15/b at market settle, in from $4.92/b Thursday and on Latin America Dated Brent strip AAXBR00 57.985
pace for the weakest close since March 2018. Friday’s higher
settle put front-month WTI up nearly 7% from Wednesday Platts euro-denominated assessments (€/barrel) (PGA page 1252)
Mid Change
lows, leaving the contract down just 2% on the week. Brent
futures, while up more than 4% from Wednesday, were still European crude oil benchmarks
Dated Brent AAPYR00 51.360–51.370 51.365
+0.960
down 5.4% on the week. Brent and WTI forward structure Dated Brent (CIF) PCAKN00 52.318
+0.976
turned sharply bullish Friday. The front-month/six-month Urals (Mediterranean) AAPYS00 53.020–53.040 53.030
+0.945
Brent backwardation opened to $1.25/b, up from a US crude oil benchmarks
Wednesday nadir of 88 cents/b. Front-month WTI settled WTI (Sept) AAPYT00 48.310–48.330 48.320
+1.310
WTI MEH (Sept) AAYSA00 50.994
+0.949
$1.34/b above the sixth-month contract, marking the Mars (Sept) AAPYU00 50.670–50.690 50.680
+1.040
strongest backwardation since September 2018. OPEC Euro/US$ forex rate: 1.1217. Platts Euro denominated crude oil assessments are based on market values and a Euro/US$ forex rate at 4:30 PM local London time.
officials told Platts Thursday the group and its allies will Ruble-denominated Russian assessments (Rb/barrel) (PGA page 1224)
Mid Change
assess the market’s health and plan to discuss a response
to falling prices at the Joint Ministerial Monitoring Russian crude oil benchmarks
Urals FOB Novorossiysk AAUJP00 3835.070–3837.690 3836.380 +91.460
Committee on September 12 in Abu Dhabi. The JMMC Urals FOB Baltic AAUJQ00 3742.770–3745.390 3744.080 +80.595
includes Saudi Arabia and Russia and selected producer Urals FOB Novorossiysk 80kt AAUJR00 3825.250–3827.870 3826.560 +89.135
countries and looks at the necessary production cuts to Urals CIF Mediterranean AAUJS00 3892.670–3894.630 3893.650 +89.450
Urals CIF Rotterdam AAUJT00 3792.520–3794.480 3793.500 +80.830
rebalance the market. Saudi officials originally floated the US$/Ruble forex rate: 65.4560. Platts Ruble denominated crude oil assessments are based on market values and a US$/Ruble forex rate at 4:30 PM local London time.
idea of an Aramco IPO in 2018, but the plans were delayed
amid internal disagreements over how to proceed with the Platts CAD-denominated Canada spot crude assessments (C$/cu m) (PGA page 232)
listing and a lackluster oil price environment. Instead, Mid Change
Aramco last year acquired a majority stake in state-owned Lloyd Blend AALRM00 353.742–353.908 353.825 +21.519
Mixed Sweet AALRT00 422.696–422.862 422.779 +8.041
petrochemical company SABIC for $69.1 billion. Aramco Light Sour Blend AALRZ00 426.019–426.185 426.102 +11.364
officials have said they would prefer to fully digest the SABIC Midale AAUCD00 411.896–412.062 411.979 +11.396
transaction first before proceeding with the IPO. NYMEX Condensates AALSH00 423.527–423.693 423.610 +14.701
Syncrude Sweet AASOL00 459.665–459.831 459.748 +15.035
September ULSD settled up 3.14 cents at $1.8080/gal and WCS Hardisty AAPPO00 349.173–349.339 349.256 +21.529
September RBOB finished 2.83 cents higher at $1.6740/gal. Cold Lake Hardisty AASZY00 342.942–343.108 343.025 +21.543
Argentina’s YPF sees steady oil Daily US$ vs EURO exchange rate (PGA page 1151)
Mid Change
output growth from Vaca Muerta August 9, 2019 AAFCW00 1.1217 +0.001
YPF is widening its exploration in Argentina’s Vaca Muerta

shale play for long-term oil production growth, while Asia close Brent and WTI spot assessments ($/barrel) (PGA page 2210)
natural gas is poised for slower growth in the near term, a Mid Change
Brent (Oct) PCAJG00 NA–NA NA NA
senior company manager said Friday. The state-backed
Brent (Nov) PCAJI00 NA–NA NA NA
Argentinian company is de-risking two new clusters in the Brent (Dec) PCAJ000 NA NA
southwestern play, one in the north and the other in the WTI (Sep) AAFFU00 NA–NA NA NA
WTI (Oct) AAFFW00 NA–NA NA NA
south, Sergio Giorgi, YPF’s vice president of strategy and WTI (Nov) AAFFY00 NA–NA NA NA
business development, said on a conference call with
investors. This, he said, will “prepare the funnel of new
developments that will be the backbone of our production Oman OSPs and derivatives ($/barrel) (PGA pages 2658 & 2210)
growth for the next years to come.” Both of the new Mid Change
Oman/Dubai Swap (Sep) AAIHJ00 NA/NA NA NA
clusters are in play’s oil window, where YPF is focusing its
Oman/Dubai Swap (Oct) AAIHL00 NA/NA NA NA
investment given that a glut of gas supplies and limited Oman/Dubai Swap (Nov) AAIHN00 NA/NA NA NA
sales opportunities is keeping a lid on short-term growth Oman cash/OSP (Oct) PCABT00 NA/NA NA NA
Oman Swap (Sep) AAHZP00 NA–NA NA NA
potential for that product, Giorgi said. The two new Oman Swap (Oct) AAHZR00 NA–NA NA NA
clusters will build on a first cluster that it has already been Oman Swap (Nov) AAHZT00 NA–NA NA NA
put into full-scale development in the center-east of the
play through joint ventures with Chevron at the Loma Daily OPEC Basket Price ($/barrel) (PGA page 207)
Campana block, Malaysia’s Petronas at La Amarga Chica Mid Change
and Schlumberger at Bandurria Sur. This first cluster is August 7, 2019 AAEUQ00 57.820 -1.890
driving the company’s shale production growth, which Futures Settlements

Settlement Change Low High Volume* Open interest PNT***
shot up 47.9% to 82,400 b/d of oil equivalent in the second
NYMEX Light Sweet crude ($/barrel) (PGA page 705)
quarter of this year from 55,700 boe/d a year earlier,
Sep 19 NMCL001 54.50 +1.96 52.37 54.92 655105 301000
according to the company’s latest financial results Oct 19 NMCL002 54.37 +1.91 52.31 54.75 246809 239418
released late Thursday. The growth was led by shale oil, Nov 19 NMCL003 54.09 +1.80 52.14 54.42 133432 178173
which rose 58% to 32,100 b/d over the same period, Giorgi Dec 19 NMCL004 53.78 +1.68 51.93 54.11 156625 258870
Total NMCL000 1436986 XNCLP00 27026
said. Despite the surge in production from Vaca Muerta,
ICE Brent ($/barrel) (PGA page 704)
one of the world’s biggest shale plays, YPF’s overall Oct 19 ICLL001 58.53 +1.15 57.11 59.10 342061 359156
hydrocarbon production dropped 5.3% to 515,700 boe/d in Nov 19 ICLL002 58.19 +1.15 56.74 58.72 147890 297270
the second quarter from 544,600 boe/d in the year-earlier Dec 19 ICLL003 57.81 +1.14 56.35 58.32 148178 338321
Jan 20 ICLL004 57.53 +1.12 56.08 58.03 45679 152515
Total ICLL000 758544 XILLP00 14866
ICE WTI ($/barrel) (PGA page 704)

Sep 19 ICIC001 54.50 +1.96 52.39 54.90 47772 62123
Oct 19 ICIC002 54.37 +1.91 52.33 54.75 69649 81395
Nov 19 ICIC003 54.09 +1.80 52.15 54.42 47069 47139
Dec 19 ICIC004 53.78 +1.68 51.99 54.09 49243 122759
Total ICIC000 286521 XIICP00 5515
ICE BWAVE ($/barrel) (PGA page 704)

BWAVE data refer to previous day.
Oct 19 XIBW001 57.36
Nov 19 XIBW002 57.03
DME Oman crude ($/barrel)** (PGA pages 702 & 2710)

Oct 19 XDOA001 57.77 +0.18 2042
Oct 19 DMOQ001 58.30 +0.74 57.60 58.61 2811 6998
Nov 19 DMOQ002 57.65 +0.97 57.65 57.65 2004 129
Dec 19 DMOQ003 56.77 +0.96 56.77 56.77 2104 29
Jan 20 DMOQ004 56.10 +0.91 56.10 56.10 240 0
Total Volume DMOQ000 7159 XDOQP00 63
NYMEX ULSD ($/gal) (PGA page 705)

Sep 19 NMHO001 1.8080 +0.0314 1.7719 1.8210 43806 122548
Oct 19 NMHO002 1.8148 +0.0317 1.7794 1.8281 28567 79151
Nov 19 NMHO003 1.8182 +0.0317 1.7869 1.8311 14386 46460
Dec 19 NMHO004 1.8207 +0.0318 1.7888 1.8333 13855 57297
Total NMHO000 113642 XNHOP00 10414
NYMEX RBOB unleaded gasoline ($/gal) (PGA page 705)
Sep 19 NMRB001 1.6740 +0.0283 1.6417 1.6895 48364 118786
Oct 19 NMRB002 1.5213 +0.0294 1.4873 1.5332 37616 92045
Nov 19 NMRB003 1.4847 +0.0288 1.4525 1.4965 15930 55558
Dec 19 NMRB004 1.4621 +0.0289 1.4300 1.4734 9561 51232
Total Volume NMRB000 120392 XNRBP00 8682
NYMEX Natural Gas ($/MMBtu) (PGA page 705)
Sep 19 NMNG001 2.119 -0.009 2.064 2.145 142256 369849
Oct 19 NMNG002 2.133 -0.013 2.084 2.159 83908 234028
Nov 19 NMNG003 2.214 -0.014 2.171 2.239 54917 151908
Dec 19 NMNG004 2.406 -0.012 2.363 2.426 23235 134054
Total Volume NMNG000 377392 XNNGP00 11639
quarter. This was led by an 8.8% plunge in gas production FUTURES SETTLEMENTS
Settlement Change Low High Volume* Open interest PNT***
to 40.1 million cubic meters/d from 44 million cu m/d. Oil
ICE low sulfur gasoil ($/mt) (PGA page 704)
production fell 1% to 224,000 b/d from 226,300 b/d over Aug 19 ICLO001 555.50 +12.75 542.25 558.50 50442 32527
the same period, while output of natural gas liquids Sep 19 ICLO002 556.50 +12.00 544.00 560.00 120429 179712
dropped 5.3% to 39,400 b/d from 41,600 b/d. Much of the Oct 19 ICLO003 558.00 +11.25 546.25 561.50 74693 139676
Nov 19 ICLO004 555.50 +11.00 543.50 559.00 29283 95419
decline came from conventional fields, which after Total Volume ICLO000 359339 XILOP00 12308
decades of production are maturing. The result is that *Volume, open interest and PNT reflect prior trading day. PNT reflect volume for Privately Negotiated Trades or off-exchange. **Oman settlements are Post Close
settlements. ***Privately Negotiated Trade values found on PGA page 710
overall production is on track to decline by 2% to 3% this
year compared with 2018, Giorgi said. To offset this, he
said, the focus is on driving up production growth from
Vaca Muerta. “Our shale oil production growth continues
to offset the conventional production decline, and we
expect this trend to continue through the year and beyond
as our unconventional production will continue
increasing,” Giorgi said. Indeed, in the first shale cluster,
YPF expects three of the four blocks — the fourth, Futures at Platts’ Market on Close ($/barrel) (PGA page 703)
Aguada del Chanar, was acquired this year and is under Singapore* London* Houston* Singapore* London* Houston*
exploration — to reach production plateaus of between ICE Brent NYMEX WTI
60,000 boe/d and 100,000 boe/d in the next five years, for Oct XILLA01 NA AAYES00 58.54 AAQBG00 58.54 M1 XNCLA01 NA AASCR00 54.20 NYCRM01 54.48
Nov XILLA02 NA AAYET00 58.16 AAQBH00 58.19 M2 XNCLA02 NA AASCS00 54.07 NYCRM02 54.36
a combined total of 225,000 b/d. They will hold at those Dec AAXZY00 57.75 AAXZZ00 57.81 M3 NYCRM03 54.09
levels for more than 10 years, Giorgi said. By the end of Jan AAYAM00 57.46 AAYAL00 57.52 M4 NYCRM04 53.79
this year, he said these three blocks — Loma Campana, 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
La Amarga Chica and Bandurra Sur — should be Oct XDOA001 57.77 preceding major local holidays.
Volume XDOAV01 2042
producing a combined 80,000 b/d of shale oil, up from
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. information and/or assessment contained therein in making any investment, trading, risk
management or other decision. S&P Global Platts, its affiliates and their third-party licensors
The names “S&P Global Platts” and “Platts” and the S&P Global Platts logo are do not guarantee the adequacy, accuracy, timeliness and/or completeness of the Data or any
trademarks of S&P Global Inc. Permission for any commercial use of the S&P Global Platts component thereof or any communications (whether written, oral, electronic or in other
logo must be granted in writing by S&P Global Inc. format), and shall not be subject to any damages or liability, including but not limited to any
indirect, special, incidental, punitive or consequential damages (including but not limited to,
CRUDE OIL MARKETWIRE You may view or otherwise use the information, prices, indices, assessments and other
related information, graphs, tables and images (“Data”) in this publication only for your
loss of profits, trading losses and loss of goodwill).
Volume 40 / Issue 156 / August 9, 2019 personal use or, if you or your company has a license for the Data from S&P Global Platts ICE index data and NYMEX futures data used herein are provided under S&P Global Platts’
and you are an authorized user, for your company’s internal business use only. You may commercial licensing agreements with ICE and with NYMEX. You acknowledge that the
Editorial: Richard Swann, Editorial Director, Americas Oil: +1-713-658-3273; Calvin Lee, not publish, reproduce, extract, distribute, retransmit, resell, create any derivative work ICE index data and NYMEX futures data herein are confidential and are proprietary trade
Editorial Director, Asia & Middle East: +65-6530-6429; Joel Hanley, Editorial Director, from and/or otherwise provide access to the Data or any portion thereof to any person secrets and data of ICE and NYMEX or its licensors/suppliers, and you shall use best
(either within or outside your company, including as part of or via any internal electronic efforts to prevent the unauthorized publication, disclosure or copying of the ICE index
Europe: +44-20-7176-6142; Ada Taib, Managing Editor, Asia & Middle East, Crude Oil:
system or intranet), firm or entity, including any subsidiary, parent, or other entity that is data and/or NYMEX futures data.
+65-6530-6573; Paula Vanlaningham, Managing Editor, European & African Crude Oil: affiliated with your company, without S&P Global Platts’ prior written consent or as
+44-20-7176-6112; John-Laurent Tronche, Managing Editor, Americas Crude Oil: otherwise authorized under license from S&P Global Platts. Any use or distribution of the Permission is granted for those registered with the Copyright Clearance Center (CCC) to
+1-713-655-2259. Data beyond the express uses authorized in this paragraph above is subject to the copy material herein for internal reference or personal use only, provided that appropriate
payment of additional fees to S&P Global Platts. payment is made to the CCC, 222 Rosewood Drive, Danvers, MA 01923, phone +1-978-
Client services information: North America: 800-PLATTS8 (800-752-8878); direct: 750-8400. Reproduction in any other form, or for any other purpose, is forbidden without
+1-212-904-3070, Europe & Middle East: +44-20-7176-6111, Asia Pacific: +65-6530-6430, S&P Global Platts, its affiliates and all of their third-party licensors disclaim any and all the express prior permission of S&P Global Inc. For article reprints contact: The YGS
Latin America: +54-11-4121-4810, E-mail: [email protected] warranties, express or implied, including, but not limited to, any warranties of merchantability Group, phone +1-717-505-9701 x105 (800-501-9571 from the U.S.).
or fitness for a particular purpose or use as to the Data, or the results obtained by its use or as
Trade Data: Platts has defined standards for entities it considers to be related and verifies to the performance thereof. Data in this publication includes independent and verifiable data For all other queries or requests pursuant to this notice, please contact S&P Global Inc.
through a variety of inputs whether counterparties in reported trades meet these criteria. collected from actual market participants. Any user of the Data should not rely on any via email at [email protected].
58,000 b/d in the first half. In the other two clusters, it is REPORTED SPOT CASH TRANSACTIONS (PGA page 3)
Trans. Date Cargo / Cargo Load CFD Roll Crude Grade(s) Reported Outright / Barrels Seller Buyer
testing blocks in the north of the play with partners Spread Dates Range / Week Status Diff. Price
including Chevron and Norway’s Equinor to find the next CFD Week ($/barrel)
Platts Americas
spots for development. It has three pilots in the northern
08/9/2019 September 1 30 Mixed Sweet (MSW) Heard -3.4
cluster: Bajo del Toro, Narambuena and Chihuido de la 08/9/2019 September 1 30 WCS (Western Canadian Heard -12.25
Sierra Negra — and a fourth block under exploration, Las Select)
08/9/2019 September 1 30 WCS (Western Canadian Heard -12.5
Manadas. In the southern cluster, all four of the blocks are Select)
under exploration. With gas, YPF has put a hold on new 08/9/2019 September 1 30 Syncrude Sweet Heard 1.05
Premium (SSP)
projects due to a glut of supplies and limited sales 08/9/2019 September 1 30 WTI MEH Heard 3
opportunities. “We will continue to limit our investments 08/9/2019 October 1 31 Alaska North Slope Reported 1.85
until we can increase demand,” Giorgi said. To do this, the (ANS)
08/9/2019 September 1 30 WCS (Western Canadian Heard -2.25
company is taking steps to widen exports and increase Select)
domestic demand. For one thing, it has invested in a 08/9/2019 September 1 30 WTI Midland Heard -0.05
08/9/2019 September 1 30 Mars Heard 3.5
power plant that will consume 3 million cu m/d of gas, 08/9/2019 September 1 30 Bakken Williston (DAPL) Heard -1.9
Giorgi said. There are plans to start injecting gas in its first 08/9/2019 September 1 30 Bakken Clearbrook Heard -0.5
(UHC)
underground storage facility in the fourth quarter, and to 08/9/2019 September 1 30 Bakken Clearbrook Heard -0.45
increase sales to the fertilizer and petrochemical sector. (UHC)
But most of the demand growth is to come from exports. 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
“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
YPF plans to expand exports to Chile, which averaged 1.2 information to the fullest extent possible prior to publication.
million cu m/d in the first half, and look for opportunities
to sell to Brazil and Uruguay. All three of these countries the second half of this year via a floating liquefaction with potential partners for a project to build a large
have pipeline connections. For longer-term export growth, terminal, the first in the country. The shipments will liquefaction terminal, details of which are to be
the company will start selling LNG on a regular basis from average 2.5 million cu m/d, Giorgi said. YPF also is in talks announced at the end of the year, Giorgi said.
Corrections
Platts corrects Attaka crude assessments for July 23-August 2 Attaka July 29 61.75 -0.60
S&P Global Platts has corrected the assessments from July 23 to 16:30 Singapore vs Asian July 30 62.85 -0.70
August 2 for Indonesia’s Attaka crude. The correct assessments Assessment Dated Brent July 31 63.73 -0.75
should read as follows: PCAAJ00 AAPBC00 August 1 62.96 -0.75
July 23 61.90 -0.60 August 2 60.40 -0.75
July 24 62.87 -0.60 These assessments appear in Platts Global Alert pages MH2214,
July 25 62.19 -0.60 MH2244, MH2810, MH2215, MH2245, MH2814, MH2264, MH2265,
July 26 62.11 -0.60 MH1805 and in the Platts price database under the codes above.
Subscriber notes (PGA page 1500)

Platts proposes to amend demurrage formula CPC Blend FOB Aframax AAOFV00 AAOFW00 but such provenance would need to be explicitly stated in the bid or
for Black Sea crude FOB netback Azeri Light FOB Supsa AATHM00 AATHN00 offer. These may be normalized to reflect standard quality supplied
Following a period of feedback, S&P Global Platts proposes to Please send all feedback and comments to via one of the four pipelines listed above. Crude oil supplied for trades
amend how demurrage is reflected in the calculation of its crude [email protected] and [email protected] by reported in the Platts Market on Close assessment process should
oil assessments from the Black Sea to reflect delay time through August 1, 2019. For written comments, please provide a clear not contain any previously cracked or refined material. Platts will not
the Turkish Straits from January 2, 2020. Platts Black Sea indication if comments are not intended for publication by Platts publish bids that restrict supply to a specific terminal or pipeline, but
netback calculations currently reflect total journey time between for public viewing. Platts will consider all comments received and will publish open origin bids in which buyers are willing to accept any
load port in the Black Sea and delivery port in the Mediterranean, will make comments not marked as confidential available upon material that meets their specification requirement. Please send all
which includes the full transit time through the Turkish Straits. request. further questions and comments to [email protected] and
Platts’ methodology for Turkish Strait calculations is available in a [email protected]. For written comments, please provide a
subscriber note published June 7, 2019 and available here: https:// Platts reflects pipeline provenance clear indication if comments are not intended for publication by Platts
www.spglobal.com/platts/en/our-methodology/subscriber- in DAP Europe WTI Midland for public viewing.
notes/060719-platts-clarifies-turkish-straits-delays-assessment- Following a period of market feedback, S&P Global Platts is now
methodology. Platts understands that general market practice is reflecting crude supplied via the BridgeTex, Cactus, Longhorn or Platts proposes to specify pipeline origin
to allow for two days journey through the Turkish Straits each Midland-ECHO US pipelines in its Delivered at Place (DAP) WTI Midland in WTI FOB USGC assessment
way, with only the time spent in excess of these two dates used basis Rotterdam and Augusta crude oil assessments effective July 1, S&P Global Platts proposes to specify the pipeline origin for crude
in the final calculation of demurrage. Under this proposal, Platts 2019. A decision note was published June 7 and available here: cargoes that underpin the WTI FOB USGC assessment, effective
would reflect demurrage time through the Turkish Straits rather https://www.spglobal.com/platts/en/our-methodology/subscriber- September 1, 2019. This methodology change would provide a
than full transit time. For example, if the journey through the notes/060719-platts-to-reflect-pipeline-provenance-in-dap-europe- consistent framework for the acceptable crudes underpinning WTI
Turkish Straits was assessed at four days each for both north- wti-midland Following this change, Platts DAP Europe WTI Midland FOB USGC and DAP Europe WTI Midland. The assessments would
bound and south-bound voyages, Platts Black Sea netback assessments will specifically reflect crude supplied via the BridgeTex, reflect the FOB and DAP values for the same stream of crude supply.
calculations would account for two days of demurrage each way. Cactus, Longhorn or Midland-ECHO pipelines. Previously, Platts Initially, the pipelines used as the basis for the assessment would be
Similarly, if the journey through the Turkish Straits was assessed assessments of DAP WTI Midland in Europe reflect crude of standard BridgeTex, Cactus, Longhorn, and Midland-ECHO. The origin
at two days each for both north-bound and south-bound voyages, WTI Midland quality exported from the US Gulf Coast, which reflects a pipelines referenced in the assessment may be expanded or
Platts Black Sea netback calculations would demonstrate no consistent grade sourced from the Permian Basin. Platts understands modified over time to reflect the market-accepted sources of
additional demurrage calculation. This proposal would impact the that the BridgeTex, Cactus, Longhorn and Midland-ECHO lines are all Midland-quality crude shipped directly from the Permian Basin as
following assessments: Assessment Outright Differential direct pipelines from the Permian Basin to US Gulf Coast export Texas’ crude oil infrastructure evolves. Platts invites feedback from
Urals FOB Novorossiysk Suezmax AAGZS00 AAHPH00 terminals. All four pipelines operate under specification limits that the market on what pipelines are moving similar quality crude
Urals FOB Novorossiysk Aframax AAOTH00 AAOTI00 ensure consistent Midland-grade quality. Platts will continue to directly from the Permian Basin to US Gulf Coast export terminals.
CPC Blend FOB Suezmax AALVX00 AALVZ00 accept bids and offers for WTI Midland supplied via other pipelines, Specifying the pipelines through which crude oil reaches export
Subscriber notes (continued) (PGA page 1500)

terminals would strengthen this assessment by ensuring quality and grade in the North Sea. Should a firm CIF Rotterdam offer for Brent/ vetting requirements of a typical market participant in Northwest
composition. BridgeTex, Cactus, Longhorn, and Midland-ECHO are all Ninian Blend, Forties, Oseberg, Ekofisk or Troll, after adjusting for Europe, as well as providing standard charter party options. On
direct pipelines from the Permian Basin to US Gulf Coast export freight and sailing time, be more competitive than a comparable bid buying a CIF cargo, should a buyer request the seller convert it to a
terminals. The pipelines operate under specification limits that for those grades on an FOB basis the CIF Rotterdam offer would take cargo loading on an FOB basis at its respective load port, then the
ensure consistent Midland-grade quality. Platts would publish bids, precedence in the final assessment of Dated Brent on the loading seller should accommodate this request if able. Requests for ship-to-
offers and trades meeting these origin specifications in its Market on dates in question. TIMING OF APPLICATION: Platts would reflect the ship options should also not be unreasonably withheld. The current
Close process, with any such information used in the assessment inclusion of CIF offers against FOB bids for cargoes loading in Platts methodology for ship-to-ship offers remains unchanged under
process and reflected in the published WTI FOB USGC assessment. November 2019, which start to appear in Dated Brent assessments this proposal. PREVIOUSLY-LOADED OIL: As per the current CIF
Offers in the MOC process should specify the pipeline origin. Platts from October 1. Platts has considered various market factors in the Rotterdam methodology for North Sea grades, for transactions
would publish offers for WTI Midland supplied via other pipelines in timing of this change such as open interest in derivatives markets reported through the MOC process, Platts would reflect the delivery
the MOC process, but such provenance would need to be explicitly and the introduction of the International Maritime Organization’s of pre-loaded oil, provided it meets all other Platts guidelines and the
stated. These may be normalized for assessment purposes to reflect global marine sulfur cap from 2020. Having considered wide-ranging seller covers any reasonable additional costs incurred by the buyer.
standard quality supplied through one of the four pipelines listed feedback from the market, Platts believes that the addition of further However, oil sourced from land-based storage other than the original
above. Platts would not publish bids that restrict supply to a specific oil into the benchmark assessment should take place before the end loading terminal will not be included.For the purposes of including a
terminal or pipeline, but will publish open origin bids in which buyers of 2019 and can be accommodated alongside these and other CIF offer against an FOB bid, the Quality Premium commensurate
are willing to accept any material that meets their specification developments. FREIGHT ADJUSTMENT FACTOR: Platts proposes that with the FOB bids dates would be applied. CASH BFOE: This proposal
requirement. Platts would also stipulate that crude oil underpinning the freight adjustment would comprise 80% of the respective cargo’s would not affect Platts’ methodology for assessing Cash Brent
the WTI USGC FOB assessment may not contain any previously rate from its respective terminal to Rotterdam and associated port (BFOE) crude markets. Platts considers in its Cash BFOE assessment
cracked or refined material. Please send all questions and comments fees. CIF offers for inclusion in this process should be a full bids where the buyer is willing to accept nomination of Brent/Ninian
to [email protected] and [email protected] by 600,000-barrel cargo on an Aframax-sized ship with a tolerance of Blend, Forties, Oseberg, Ekofisk or Troll crude on an FOB basis for the
August 22. For written comments, please provide a clear indication if 1%. Under this proposal, Platts would each day publish a 10-day rolling relevant contract month by the seller upon physical performance of
comments are not intended for publication by Platts for public freight average based on its 10 previous assessments of the Dirty the trade, with any applicable Quality Premium to be paid by buyer to
viewing. Platts will consider all comments received and will make Cross-UK/Continent 80,000 mt freight assessment before the date of seller. INCLUSION OF FURTHER GRADES: As part of the September 24,
comments not marked as confidential available upon request. publication. The Dirty Cross-UK/Continent 80,000 mt freight 2018 proposal, Platts has consulted on the inclusion in the process of
assessment appears in Platts services under code PFAKD10. Platts other grades beyond the current five in Dated Brent. Platts has noted
Platts proposes to reflect CIF Rotterdam offers will apply a freight adjustment factor of 80% to this 10-day average to regular trade flow into the Northwest European region, while trade
in Dated Brent from November 2 CIF Rotterdam offers of the five grades in Dated Brent to gauge their practices are still evolving and becoming more transparent. Platts
Following a broad consultation, S&P Global Platts proposes to reflect value. The inclusion of the freight adjustment factor would be used in will continue to observe market developments in other grades
competitive offers of North Sea crudes on a freight-adjusted CIF gauging value versus an FOB bid in the assessment process for each within and outside the North Sea, and consult with stakeholders.
Rotterdam basis in its FOB Dated Brent crude oil benchmark for of the five grades in the Dated Brent basket. Platts has published Platts opened the consultation on September 24, 2018 on the
cargoes loading in November 2019 onwards. With FOB supply in the assessments of all five grades on a CIF Rotterdam basis since 2017 inclusion of CIF delivered grades in the assessment process for
North Sea gradually falling, this proposal will allow the inclusion of and will continue to do so. Under this proposed change, Platts would Dated Brent. The original note can be found here: https://www.
more relevant market data in the benchmark on a daily basis, and continue to publish bids for the component grades of Dated Brent on spglobal.com/platts/en/our-methodology/subscriber-notes/092418-
ensure that every barrel of the grades currently reflected in Dated a CIF Rotterdam basis, as per established methodology, which would platts-invites-comment-on-reflecting-cif-crude-in-dated-brent. The
Brent is able to play the fullest possible role in establishing the value be reflected in the final assessment if deemed competitive. VESSEL formal deadline for feedback was December 10, after the December
of North Sea crude. Platts now seeks feedback by February 14, 2019 ACCEPTANCE: Offers on Dated Brent grades on a CIF Rotterdam basis 6 North Sea Technical Workshop hosted in London. Please send all
on how this will be implemented, specifically the proposed timing for in the Market on Close assessment process should conform to the further comments by February 14, 2019 to
the change, the freight adjustment factor to be applied for relevant established methodology in the Platts Crude Oil Methodology And [email protected] and [email protected]. For
CIF offers, and details on vessel acceptance and previously loaded oil. Specifications Guide, which can be found here: https://www.spglobal. written comments, please provide a clear indication if comments
Offers on a CIF Rotterdam basis for any of the five grades currently com/platts/plattscontent/_assets/_files/en/our-methodolo gy/ are not intended for publication by Platts for public viewing. Platts
reflected in the Dated Brent assessment would be considered when methodology-specifications/crude-oil-methodology.pdf The seller of will consider all comments received and will make comments not
evaluating the most competitively available light, sweet crude oil a CIF cargo would have the responsibility to meet the reasonable marked as confidential available upon request.

Platts to assess Forties de-escalator at 20 cents/b for currently published in the Crude Oil Marketwire and via Platts Global published April 8, 2019, Platts proposed to reflect bids and offers for
August 2019 Alert on page 1286. Platts will continue to publish the London ESPO 100,000 mt cargoes loading from the port of Primorsk on a CIF/CFR
Effective August 1, 2019, the sulfur de-escalator to be applied to assessment as both a differential and an outright price Augusta basis in its Mediterranean Urals assessment. For details on
Forties cargoes and related instruments in the Platts North Sea assessment. Please send all questions and comments to the initial components of that proposal, please see the subscriber
assessment process will be 20 cents/b per 0.1% weight of sulfur over [email protected] and [email protected] For note available here: https://www.spglobal.com/platts/en/our-
the 0.6% weight standard, unchanged from July. The de-escalator written comments, please provide a clear indication if comments methodology/subscriber-notes/040819-pl atts-proposes-to-reflect-
should apply to cargoes loading from August 1, 2019. S&P Global are not intended for publication by Platts for public viewing. Platts ex-primorsk-urals-indications-in-cif-augusta-urals-as sessment. An
Platts has assessed this de-escalator level after reviewing the will consider all comments received and will make comments not updated proposal note detailing the seasonal observed delivery
change in outright crude value, the differential between low and high marked as confidential available upon request. factor was published on June 7 and is available here: https://www.
sulfur products, as well as the difference in value between North Sea spglobal.com/platts/en/our-methodology/subscriber-notes/060719-
crudes and comparable heavy, sourer crudes, such as Urals. A Platts to discontinue Asian Crude Index Jan 2, 2020 pl atts-updates-proposal-for-ex-primorsk-urals-in-cif-augusta.
rationale for this decision will be available shortly on the Platts S&P Global Platts will discontinue the publication of its Asian Crude Under this change, Platts will publish bids and offers for 100,000 mt
website, www.platts.com. Platts guidelines for its sulfur de-escalator Index (ACX) with effect from January 2, 2020. ACX is an cargoes loading from the port of Primorsk on a CIF/CFR Augusta
use three significant figures for determination of sulfur-related independently calculated index designed to represent pricing basis in the Platts Market on Close assessment process, which will
payment. The test reflecting this figure should be the ASTM-D2622. exposure of a typical Asian refiner processing a mix of crude oil then be reflected in the final Mediterranean Urals assessment. That
Forties cargoes and all related instruments, including BFOE cash grades from different regions. Platts first proposd this assessment will continue to also reflect Urals indications for
forwards, bid or offered through the Platts system must adhere to discontinuation in a subscriber note published June 4, 2019: https:// ex-Novorossiisk cargoes on a CIF/CFR Augusta basis. Urals
this standard. In addition, Platts will publish the sulfur de-escalator, www.spglobal.com/platts/en/our-methodology/subscriber- indications for ex-Novorossiisk cargoes on a CIF Rotterdam basis are
representing the dollar value per 0.1% weight of sulfur, in its crude oil notes/060419-pl atts-proposes-to-discontinue-asian-crude-index not included under this change. The methodology for the CIF
publications. Please send comments to [email protected] Over the years, while Asian refiners have further diversified their Rotterdam assessment will remain unchanged. ASSESSMENT SIZE:
and [email protected] crude slates, their pricing exposure has come to be increasingly Platts will widen the assessment volume for the CIF Augusta Urals
defined by global crude oil benchmarks such as Platts Dated Brent assessment from 80,000 mt to 80,000-100,000 mt, with the
Platts Quality Premium for Oct-loading Murban set at and Platts Dubai. Many of the ACX component grades also derive assessment determined by factoring in both cargo sizes. Platts will
$0.5950/b their value directly or indirectly from these global oil benchmarks. continue to reflect bids and offers of 140,000 mt cargoes, but these
The Quality Premium for October-loading Murban crude oil is The ACX currently comprises Middle East sour crude grades Dubai indications will be normalized back to an 80,000-100,000 mt
$0.5950/b, and will be effective for trade in October-loading (16%), Oman (16%), Upper Zakum (16%) and Murban (6%); Asia Pacific standard. OFFERS: Platts will reflect 100,000 mt offers of cargoes
cargoes during the Platts Market on Close assessment process sweet crude grades Tapis (10%), Minas (8%) and Duri (2%); West loading from the Baltic Sea port of Primorsk on a CIF Augusta basis
through August. The Quality Premium in June for August-loading African sweet crude grades Bonny Light (5%), Forcados (4%) and and will continue to reflect offers of 80,000 mt cargoes loading from
Murban crude oil was $0.5327/b. The Murban QP can be found on Cabinda (3%); Russian crude grades ESPO M2 (3%) as well as Asian Novorossiisk. BIDS: Platts will continue to publish bids of 80,000 mt.
Platts Global Alert pages 2210 and 2220, in the Crude Oil Dated Brent (11%). The affected assessment code is AAXIL00 In addition, Platts will now publish bids for 100,000 mt and
Marketwire, and under code AAISV00 in the Platts database. published on PGA page 2206 and on the Crude Oil Marketwire. Please 80,000/100,000 mt. Any cargoes hitting these 80,000/100,000 mt
Please send all comments, feedback and questions to send all comments and queries to [email protected] and bids could be sourced from either the Baltic or Black Sea in the
[email protected] and [email protected]. For [email protected]. For written comments, please provide a seller’s option. Bids for 80,000 mt cargoes would not be supplied
written comments, please provide clear indication if comments are clear indication if comments are not intended for publication by Platts with 100,000 mt cargoes, and bids for 100,000 mt cargoes would not
not intended for publication by S&P Global Platts for public viewing. for public viewing. Platts will consider all comments received and will be supplied with 80,000 mt cargoes, unless changed through mutual
Platts will consider all comments received and will make make comments not marked as confidential available upon request. agreement with the buyer. Nomination of cargo and vessel on
comments not marked as confidential available upon request. 80,000/100,000 mt trades will be seven calendar days prior to the
Platts to reflect ex-Primorsk Urals crude cargoes in CIF Augusta first day of the laycan in line with existing Urals nomination
Platts to discontinue publication of London ESPO Rationale Following a period of feedback, S&P Global Platts will reflect bids and methodology. Platts understands that cargoes from Primorsk
S&P Global Platts will cease publication of the London ESPO offers for 100,000 mt Urals cargoes, loading from the Baltic Sea port typically arrive at Augusta 12 to 14 days after loading, whereas
Rationale on September 2, 2019, as this assessment is no longer of Primorsk, in the CIF Augusta Urals assessment, starting from the cargoes from Novorossiisk arrive at Augusta 6-8 days after loading.
used for any derivatives settlement purposes. The rationale is assessment published January 2, 2020. In a subscriber note However, during the winter period, journeys from Novorossiisk can

be delayed by up to 20 days, attributed to reduced daylight hours Augusta basis. For example, if an offer for 80,000 mt crosses a bid Platts proposes to specify pipeline origin in WTI FOB USGC
causing congestion through the Turkish straits. To account for these for 100,000 mt then the offer would prevail in the final assessment. assessment
differences in delivery times, this change will include the following: PREVIOUSLY-LOADED OIL: This change will continue to allow sellers
S&P Global Platts proposes to specify the pipeline origin for crude
LOADING DATES: Platts will reflect different base laycans during to hit bids with previously loaded oil, provided the buyer is not
cargoes that underpin the WTI FOB USGC assessment, effective
summer and winter periods. For assessments from the start of April harmed by the seller’s decision to do so. Existing methodology
September 1, 2019. This methodology change would provide a
to the end of September, Platts will continue to reflect Urals cargoes around previously-loaded oil will continue to apply. PART-CARGOES:
consistent framework for the acceptable crudes underpinning WTI FOB
loading at Novorossiisk 10 days forward from the date of publication Part-cargoes are not covered under this proposal. All indications
USGC and DAP Europe WTI Midland. The assessments would reflect the
to 25 days forward. For cargoes loading from Primorsk, load dates reflected in the Platts Market on Close assessment process will
continue to be full cargoes. Please send all further feedback and FOB and DAP values for the same stream of crude supply. Initially, the
will be normalized for the purpose of assessment to equivalent
Novorossiisk dates. From the start of October to the end of March, comments to [email protected] and pipelines used as the basis for the assessment would be BridgeTex,
Platts will reflect Urals cargoes loading at Primorsk 10 days forward [email protected]. For written comments, please provide a Cactus, Longhorn, and Midland-ECHO. The origin pipelines referenced
from the date of publication to 25 days forward. During this period, clear indication if comments are not intended for publication by in the assessment may be expanded or modified over time to reflect
for cargoes loading from Novorossiisk, load dates will be normalized Platts for public viewing. Platts will consider all comments received the market-accepted sources of Midland-quality crude shipped directly
for the purpose of assessment to equivalent Primorsk dates. Platts and will make comments not marked as confidential available upon from the Permian Basin as Texas’ crude oil infrastructure evolves. Platts
will review observed delays and may amend the base port for request. invites feedback from the market on what pipelines are moving similar
laycans outside of the seasonal calendar should the need arise. quality crude directly from the Permian Basin to US Gulf Coast export
LAYCAN NORMALIZATION: Ahead of the Platts Market on Close Japan Domestic Oil Aug 12 publishing schedule terminals. Specifying the pipelines through which crude oil reaches
assessment process each publishing day, Platts will publish the The S&P Global Platts Tokyo office will be closed Monday, August export terminals would strengthen this assessment by ensuring quality
observed delivery factor, representing the difference in delivery 12, 2019 for Mountain Day observed, and there will be no Japan and composition. BridgeTex, Cactus, Longhorn, and Midland-ECHO are
windows between the base ports of Novorossiisk and Primorsk. Domestic Oil assessments or commentaries on that day. In all direct pipelines from the Permian Basin to US Gulf Coast export
During the summer, the observed delivery factor will represent how addition, the FOB Japan gasoil assessment under code POJAP00 terminals. The pipelines operate under specification limits that ensure
many days longer it would take a cargo from Primorsk to reach will not be published that day. The normal Japan publishing consistent Midland-grade quality. Platts would publish bids, offers and
Augusta versus a cargo from Novorossiisk.During the winter the ODF schedule will resume on Tuesday, August 13. For full details of trades meeting these origin specifications in its Market on Close
will represent how many days longer it will take a cargo from Platts publishing schedule and services affected refer to https:// process, with any such information used in the assessment process
Novorossiisk to reach Augusta versus a cargo from Primorsk. For the www.spglobal.com/platts/en/our-methodology/holiday. For and reflected in the published WTI FOB USGC assessment. Offers in the
purposes of assessment, the ODF will be added to the published queries, please contact [email protected]. MOC process should specify the pipeline origin. Platts would publish
laycans of bids or offers to normalize them to base port dates. For offers for WTI Midland supplied via other pipelines in the MOC process,
example, during the summer period, an ODF of four days would OMV Supply & Trading Limited to join Asia sour crude MOC but such provenance would need to be explicitly stated. These may be
indicate delays of two days at the Turkish straits (based on a normal OMV Supply & Trading Limited has advised S&P Global Platts that normalized for assessment purposes to reflect standard quality
delivery difference of six days). Therefore, an offer for a cargo it would like to participate in the Platts Asia Market on Close supplied through one of the four pipelines listed above. Platts would not
loading from Primorsk July 5-10 would be considered for assessment assessment process for Asia sour crude physical. Platts has publish bids that restrict supply to a specific terminal or pipeline, but
purposes as representing value based on Novorossiisk dates of July reviewed OMV Supply & Trading Limited and will consider will publish open origin bids in which buyers are willing to accept any
9-14. During the winter period, an ODF of six days would indicate information from the company in the Asia assessment process for material that meets their specification requirement. Platts would also
delays of 12 days at the Turkish straits. Therefore, an offer for a Asia sour crude physical, subject at all times to adherence with stipulate that crude oil underpinning the WTI USGC FOB assessment
cargo loading from Novorossiisk December 5-10 would be Platts editorial standards. Platts will publish all relevant may not contain any previously cracked or refined material. Please
considered for assessment purposes as representing value based on information from OMV Supply & Trading Limited accordingly. Platts send all questions and comments to [email protected]
Primorsk dates of December 11-16. MARKET STRUCTURE: In applying welcomes all relevant feedback regarding MOC participation. and [email protected] by August 22. For written comments,
the ODF to indications, Platts will account for the impact of market Platts considers bids, offers and transactions by all credible and please provide a clear indication if comments are not intended for
structure on published differentials. FINAL ASSESSMENT: Platts creditworthy parties in its assessment processes. For comments publication by Platts for public viewing. Platts will consider all
assessments for Urals CIF Augusta will then reflect the most and feedback, please contact Platts editors at comments received and will make comments not marked as
competitive value between the different cargo sizes on a CIF [email protected] and [email protected]. confidential available upon request.
US and Caribbean Yields and Netbacks Effective August 9, 2019 ($/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 58.83 TDDBN00 0.40 TNAET00 58.43 BCF 22 TYAER00 63.14 TDDBN00 0.40 TNAER00 62.74
BCF 24 TYAFF00 60.25 TDDBQ00 0.40 TNAFF00 59.85 BCF 24 TYAFD00 63.88 TDDBQ00 0.40 TNAFD00 63.48
Escalante TYAKE00 62.87 TDDEY00 2.15 TNAKE00 60.72 PCAGC00 57.325 TNAKEMR 3.395 Escalante TYAKC00 64.31 TDDEY00 2.15 TNAKC00 62.16 PCAGC00 57.325 TNAKCMR 4.835
Isthmus TYAMN00 63.65 TDDDK00 0.74 TNAMN00 62.91 PDATO09 58.260 TNAMNMR 4.650 Isthmus TYAML00 66.07 TDDDK00 0.74 TNAML00 65.33 PDATO09 58.260 TNAMLMR 7.070
Maya TYAOF00 51.44 TDDDR00 0.75 TNAOF00 50.69 PDATS09 50.120 TNAOFMR 0.570 Maya TYAOD00 61.58 TDDDR00 0.75 TNAOD00 60.83 PDATS09 50.120 TNAODMR 10.710
Merey TYAOV00 55.92 TDDDU00 0.42 TNAOV00 55.50 Merey TYAOT00 61.37 TDDDU00 0.42 TNAOT00 60.95
Mesa TYAPD00 64.17 TDDFB00 0.38 TNAPD00 63.79 AAITB00 55.925 TNAPDMR 7.865 Mesa TYAPB00 65.85 TDDFB00 0.38 TNAPB00 65.47 AAITB00 55.925 TNAPBMR 9.545
Olmeca TYAQB00 64.58 TDDEA00 0.71 TNAQB00 63.87 PDATT09 61.210 TNAQBMR 2.660 Olmeca TYAPZ00 67.15 TDDEA00 0.71 TNAPZ00 66.44 PDATT09 61.210 TNAPZMR 5.230
US Atlantic Coast Summer Specifications (PGA page 810) US Atlantic Coast Summer Specifications (PGA page 812)
Arab Heavy TYABN00 58.85 TDDAM00 1.01 TNABN00 57.84 AAXDI00 57.600 TNABNMR 0.240 Arab Heavy TYABL00 67.42 TDDAM00 1.01 TNABL00 66.41 AAXDI00 57.600 TNABLMR 8.810
Arab Light TYACL00 64.93 TDDAU00 0.96 TNACL00 63.97 AAXCU00 59.950 TNACLMR 4.020 Arab Light TYACJ00 68.96 TDDAU00 0.96 TNACJ00 68.00 AAXCU00 59.950 TNACJMR 8.050
Arab Medium TYADR00 60.65 TDDBC00 0.98 TNADR00 59.67 AAXDN00 58.350 TNADRMR 1.320 Arab Medium TYADP00 67.74 TDDBC00 0.98 TNADP00 66.76 AAXDN00 58.350 TNADPMR 8.410
Bakken TYASE00 70.01 TDDRN00 7.50 TNASE00 62.51 AAXPP00 49.840 TNASEMR 12.670
Bonny Light TYAGP00 72.90 TDDBZ00 1.26 TNAGP00 71.64 PCAIC00 59.385 TNAGPMR 12.255
Brass River TYAHB00 70.42 TDDEW00 1.19 TNAHB00 69.23 AAEJB00 59.585 TNAHBMR 9.645
Brent TYAHP00 69.37 TDDCC00 1.13 TNAHP00 68.24 AAVJA00 57.615 TNAHPMR 10.625 Brent TYAHN00 70.51 TDDCC00 1.13 TNAHN00 69.38 AAVJA00 57.615 TNAHNMR 11.765
Cabinda TYAIB00 69.54 TDDCH00 1.38 TNAIB00 68.16 PCAFD00 59.735 TNAIBMR 8.425 Cabinda TYAHZ00 71.14 TDDCH00 1.38 TNAHZ00 69.76 PCAFD00 59.735 TNAHZMR 10.025
Ekofisk TYAKB00 69.95 TDDCS00 1.03 TNAKB00 68.92 PCADI00 58.655 TNAKBMR 10.265 Ekofisk TYAJZ00 71.09 TDDCS00 1.03 TNAJZ00 70.06 PCADI00 58.655 TNAJZMR 11.405
Forcados TYAKV00 74.50 TDDDA00 1.26 TNAKV00 73.24 PCABC00 59.485 TNAKVMR 13.755
Hibernia TYALT00 69.21 TDDDE00 0.88 TNALT00 68.33 AAJKK00 58.095 TNALTMR 10.235 Hibernia TYALR00 71.00 TDDDE00 0.88 TNALR00 70.12 AAJKK00 58.095 TNALRMR 12.025
Oriente TYAQR00 65.32 TDDED00 1.80 TNAQR00 63.52 PCADE00 56.005 TNAQRMR 7.515 Oriente TYAQP00 68.49 TDDED00 1.80 TNAQP00 66.69 PCADE00 56.005 TNAQPMR 10.685
Statfjord TYASN00 70.01 TDDEL00 1.13 TNASN00 68.88 PCAEE00 58.355 TNASNMR 10.525 Statfjord TYASL00 70.85 TDDEL00 1.13 TNASL00 69.72 PCAEE00 58.355 TNASLMR 11.365
Troll TYATH00 72.19 TDDEQ00 1.07 TNATH00 71.12 AAWEX00 59.585 TNATHMR 11.535 Troll TYATF00 72.50 TDDEQ00 1.07 TNATF00 71.43 AAWEX00 59.585 TNATFMR 11.845
US Midwest Summer Specifications (PGA page 820) US Midwest Summer Specifications (PGA page 822)
Bakken TYASA00 67.51 TDDRO00 3.48 TNASA00 64.03 AAXPP00 49.840 TNASAMR 14.190
Bow River TYAGV00 67.91 TDDRL00 4.19 TNAGV00 63.72
LLS TYANT00 70.41 TDDQV00 1.02 TNANT00 69.39 PCABN00 58.450 TNANTMR 10.940 LLS TYANR00 71.04 TDDQV00 1.02 TNANR00 70.02 PCABN00 58.450 TNANRMR 11.570
Mixed Lt Sour TYAPX00 62.90 TDDQZ00 2.42 TNAPX00 60.48 AALRX00 51.290 TNAPXMR 9.190 Mixed Lt Sour TYAPV00 66.21 TDDQZ00 2.42 TNAPV00 63.79 AALRX00 51.290 TNAPVMR 12.500
Mixed Lt Sweet TYAQZ00 68.54 TDDRA00 4.00 TNAQZ00 64.54 AALRR00 50.890 TNAQZMR 13.650 Mixed Lt Sweet TYAQX00 69.39 TDDRA00 4.00 TNAQX00 65.39 AALRR00 50.890 TNAQXMR 14.500
Syncrude TYAUR00 70.33 TDDFP00 4.00 TNAUR00 66.33 AASOK00 55.340 TNAURMR 10.990
WCS TYAVG00 64.16 TDDRL00 4.19 TNAVG00 59.97 AAPPN00 42.040 TNAVGMR 17.930
WTI TYAUB00 66.69 TDDRG00 1.88 TNAUB00 64.81 PCACG00 54.500 TNAUBMR 10.310 WTI TYATZ00 67.84 TDDRG00 1.88 TNATZ00 65.96 PCACG00 54.500 TNATZMR 11.460
WTS TYAUJ00 64.49 TDDRI00 2.64 TNAUJ00 61.85 PCACK00 54.400 TNAUJMR 7.450 WTS TYAUH00 68.26 TDDRI00 2.64 TNAUH00 65.62 PCACK00 54.400 TNAUHMR 11.220
US Yields and Netbacks ($/barrel)

US Gulf Coast Summer specifications (PGA page 830) US Gulf Coast Summer specifications (PGA page 832)
Arab Berri TYAAL00 65.93 TDDAC00 1.05 TNAAL00 64.88 AAXCT00 61.600 TNAALMR 3.280 Arab Berri TYAAJ00 66.60 TDDAC00 1.05 TNAAJ00 65.55 AAXCT00 61.600 TNAAJMR 3.950
Arab Heavy TYABR00 56.59 TDDAJ00 1.12 TNABR00 55.47 AAXDI00 57.600 TNABRMR -2.130 Arab Heavy TYABP00 63.23 TDDAJ00 1.12 TNABP00 62.11 AAXDI00 57.600 TNABPMR 4.510
Arab Light TYACP00 62.22 TDDAR00 1.07 TNACP00 61.15 AAXCU00 59.950 TNACPMR 1.200 Arab Light TYACN00 64.95 TDDAR00 1.07 TNACN00 63.88 AAXCU00 59.950 TNACNMR 3.930
Arab Medium TYADV00 58.14 TDDAZ00 1.09 TNADV00 57.05 AAXDN00 58.350 TNADVMR -1.300 Arab Medium TYADT00 63.61 TDDAZ00 1.09 TNADT00 62.52 AAXDN00 58.350 TNADTMR 4.170
Bakken TYASG00 66.26 TDDRP00 7.92 TNASG00 58.34 AAXPP00 49.840 TNASGMR 8.500
Basrah Light TYAGD00 61.19 TDDBS00 1.90 TNAGD00 59.29 AAXDO00 58.560 TNAGDMR 0.730 Basrah Light TYAGB00 64.38 TDDBS00 1.90 TNAGB00 62.48 AAXDO00 58.560 TNAGBMR 3.920
BCF 22 TYAFB00 60.58 TDDBL00 0.98 TNAFB00 59.60 BCF 22 TYAEZ00 64.19 TDDBL00 0.98 TNAEZ00 63.21
BCF 24 TYAFJ00 61.55 TDDBO00 0.97 TNAFJ00 60.58 BCF 24 TYAFH00 64.80 TDDBO00 0.97 TNAFH00 63.83
Bonny Light TYAGR00 69.78 TDDBX00 1.71 TNAGR00 68.07 PCAIC00 59.385 TNAGRMR 8.685
Brent TYAHT00 65.78 TDDCB00 1.82 TNAHT00 63.96 AAVJA00 57.615 TNAHTMR 6.345 Brent TYAHR00 66.04 TDDCB00 1.82 TNAHR00 64.22 AAVJA00 57.615 TNAHRMR 6.605
Cabinda TYAIF00 66.16 TDDCF00 1.58 TNAIF00 64.58 PCAFD00 59.735 TNAIFMR 4.845 Cabinda TYAID00 66.39 TDDCF00 1.58 TNAID00 64.81 PCAFD00 59.735 TNAIDMR 5.075
Eagle Ford TYASC00 65.41 TDDRQ00 1.42 TNASC00 63.99 AAYAJ00 56.830 TNASCMR 7.160
Escalante TYAKJ00 64.41 TDDCV00 2.76 TNAKJ00 61.65 PCAGC00 57.325 TNAKJMR 4.325 Escalante TYAKH00 65.05 TDDCV00 2.76 TNAKH00 62.29 PCAGC00 57.325 TNAKHMR 4.965
Forcados TYAKX00 71.65 TDDCY00 1.65 TNAKX00 70.00 PCABC00 59.485 TNAKXMR 10.515
Isthmus TYAMR00 64.77 TDDDJ00 0.51 TNAMR00 64.26 PDATO09 58.260 TNAMRMR 6.000 Isthmus TYAMP00 65.94 TDDDJ00 0.51 TNAMP00 65.43 PDATO09 58.260 TNAMPMR 7.170
Kuwait TYANL00 59.34 TDDDL00 1.09 TNANL00 58.25 AAXDQ00 NA TNANLMR -0.220 Kuwait TYANJ00 63.72 TDDDL00 1.09 TNANJ00 62.63 AAXDQ00 NA TNANJMR 4.160
LLS TYANP00 69.08 TDDQW00 0.95 TNANP00 68.13 PCABN00 58.450 TNANPMR 9.680 LLS TYANN00 68.74 TDDQW00 0.95 TNANN00 67.79 PCABN00 58.450 TNANNMR 9.340
Marlim TYAUG00 65.28 TDDGK00 0.99 TNAUG00 64.29 AAITF00 57.725 TNAUGMR 6.565 Marlim TYAUE00 66.40 TDDGK00 0.99 TNAUE00 65.41 AAITF00 57.725 TNAUEMR 7.685
Mars TYAOB00 61.96 TDDQY00 0.36 TNAOB00 61.60 AAMBR00 57.100 TNAOBMR 4.500 Mars TYANZ00 64.65 TDDQY00 0.36 TNANZ00 64.29 AAMBR00 57.100 TNANZMR 7.190
Maya TYAOJ00 52.87 TDDDP00 0.51 TNAOJ00 52.36 PDATS09 50.120 TNAOJMR 2.240 Maya TYAOH00 62.00 TDDDP00 0.51 TNAOH00 61.49 PDATS09 50.120 TNAOHMR 11.370
Merey TYAOZ00 57.27 TDDDT00 1.02 TNAOZ00 56.25 Merey TYAOX00 63.22 TDDDT00 1.02 TNAOX00 62.20
Mesa TYAPL00 64.80 TDDDV00 0.93 TNAPL00 63.87 AAITB00 55.925 TNAPLMR 7.945 Mesa TYAPJ00 65.83 TDDDV00 0.93 TNAPJ00 64.90 AAITB00 55.925 TNAPJMR 8.975
Olmeca TYAQF00 66.21 TDDDY00 0.48 TNAQF00 65.73 PDATT09 61.210 TNAQFMR 4.520 Olmeca TYAQD00 66.38 TDDDY00 0.48 TNAQD00 65.90 PDATT09 61.210 TNAQDMR 4.690
Troll TYATL00 68.52 TDDEP00 1.72 TNATL00 66.80 AAWEX00 59.585 TNATLMR 7.215 Troll TYATJ00 68.13 TDDEP00 1.72 TNATJ00 66.41 AAWEX00 59.585 TNATJMR 6.825
Urals TYAUK00 63.61 TDDFM00 1.97 TNAUK00 61.64 AAWVH00 57.170 TNAUKMR 4.470 Urals TYAUI00 65.70 TDDFM00 1.97 TNAUI00 63.73 AAWVH00 57.170 TNAUIMR 6.560
WCS TYASI00 61.49 TDDRS00 8.57 TNASI00 52.92 AAPPN00 42.040 TNASIMR 10.880
WTI TYATX00 65.68 TDDRH00 1.62 TNATX00 64.06 PCACG00 54.500 TNATXMR 9.560 WTI TYATV00 65.70 TDDRH00 1.62 TNATV00 64.08 PCACG00 54.500 TNATVMR 9.580
WTS TYAUF00 64.40 TDDRJ00 4.05 TNAUF00 60.35 PCACK00 54.400 TNAUFMR 5.950 WTS TYAUD00 66.06 TDDRJ00 4.05 TNAUD00 62.01 PCACK00 54.400 TNAUDMR 7.610
US West Coast Summer specifications (PGA page 840) US West Coast Summer specifications (PGA page 842)
ANS TYAAD00 68.56 TDDGL00 0.00 TNAAD00 68.56 PCAAD00 60.540 TNAADMR 8.020 ANS TYAAB00 69.86 TDDGL00 0.00 TNAAB00 69.86 PCAAD00 60.540 TNAABMR 9.320
Arab Berri TYAAT00 70.04 TDDAE00 1.59 TNAAT00 68.45 AAXCT00 61.600 TNAATMR 6.850 Arab Berri TYAAR00 70.36 TDDAE00 1.59 TNAAR00 68.77 AAXCT00 61.600 TNAARMR 7.170
Arab Light TYACX00 66.49 TDDAT00 1.62 TNACX00 64.87 AAXCU00 59.950 TNACXMR 4.920 Arab Light TYACV00 68.52 TDDAT00 1.62 TNACV00 66.90 AAXCU00 59.950 TNACVMR 6.950
Arab Medium TYADY00 62.86 TDDBB00 1.65 TNADY00 61.21 AAXDN00 58.350 TNADYMR 2.860 Arab Medium TYADW00 67.50 TDDBB00 1.65 TNADW00 65.85 AAXDN00 58.350 TNADWMR 7.500
Bakken TYASK00 70.14 TDDRT00 6.50 TNASK00 63.64 AAXPP00 49.840 TNASKMR 13.800
Basrah Light TYAGL00 65.72 TDDBW00 2.13 TNAGL00 63.59 AAXDO00 58.560 TNAGLMR 5.030 Basrah Light TYAGJ00 68.26 TDDBW00 2.13 TNAGJ00 66.13 AAXDO00 58.560 TNAGJMR 7.570
Escalante TYAKN00 70.71 TDDCW00 3.88 TNAKN00 66.83 PCAGC00 57.325 TNAKNMR 9.505 Escalante TYAKL00 70.03 TDDCW00 3.88 TNAKL00 66.15 PCAGC00 57.325 TNAKLMR 8.825
Kern River TYAMV00 71.94 TDDGM00 1.71 TNAMV00 70.23 PCABJ00 58.310 TNAMVMR 11.920 Kern River TYAMT00 73.02 TDDGM00 1.71 TNAMT00 71.31 PCABJ00 58.310 TNAMTMR 13.000
Line 63 TYANX00 69.87 TDDGN00 0.15 TNANX00 69.72 PCABM00 66.350 TNANXMR 3.370 Line 63 TYANV00 70.54 TDDGN00 0.15 TNANV00 70.39 PCABM00 66.350 TNANVMR 4.040
Marlim TYAVC00 70.97 TDDQX00 4.31 TNAVC00 66.66 AAITF00 57.725 TNAVCMR 8.935 Marlim TYAVD00 71.81 TDDQX00 4.31 TNAVD00 67.50 AAITF00 57.725 TNAVDMR 9.775
Minas TYATC00 73.32 TDDGO00 3.08 TNATC00 70.24 PCABO00 NA TNATCMR 17.760 Minas TYATA00 72.50 TDDGO00 3.08 TNATA00 69.42 PCABO00 NA TNATAMR 16.940
Mixed Lt Sweet TYARD00 73.51 TDDGP00 2.07 TNARD00 71.44 AALRR00 50.890 TNARDMR 20.550 Mixed Lt Sweet TYARB00 72.67 TDDGP00 2.07 TNARB00 70.60 AALRR00 50.890 TNARBMR 19.710
Oriente TYAQV00 67.76 TDDEC00 1.69 TNAQV00 66.07 PCADE00 56.005 TNAQVMR 10.065 Oriente TYAQT00 68.23 TDDEC00 1.69 TNAQT00 66.54 PCADE00 56.005 TNAQTMR 10.535
Thums TYASZ00 69.71 TDDGQ00 0.00 TNASZ00 69.71 PCACD00 59.930 TNASZMR 9.780 Thums TYASX00 71.10 TDDGQ00 0.00 TNASX00 71.10 PCACD00 59.930 TNASXMR 11.170
European Yields and Netbacks Effective August 9, 2019 ($/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 57.02 TDDAN00 0.89 TNAAV00 56.13 AAXDH00 53.030 TNAAVMR 3.100 Arab Heavy* TYABD00 59.12 TDDAI00 1.04 TNABD00 58.08 AAXDH00 53.030 TNABDMR 5.050
Arab Light* TYABT00 64.01 TDDAV00 0.85 TNABT00 63.16 AAXDK00 55.830 TNABTMR 7.330 Arab Light* TYACB00 63.45 TDDAQ00 0.99 TNACB00 62.46 AAXDK00 55.830 TNACBMR 6.630
Arab Medium* TYACZ00 58.99 TDDBD00 0.87 TNACZ00 58.12 AAXDM00 54.480 TNACZMR 3.640 Arab Medium* TYADH00 60.00 TDDAY00 1.01 TNADH00 58.99 AAXDM00 54.480 TNADHMR 4.510
Azeri Light TYAEB00 69.56 TDDBI00 0.98 TNAEB00 68.58 AATHM00 60.335 TNAEBMR 8.245 Azeri Light TYAEF00 69.12 TDDBH00 0.72 TNAEF00 68.40 AATHM00 60.335 TNAEFMR 8.065
Basrah Light TYAFP00 62.87 TDDBU00 1.06 TNAFP00 61.81 AAXDO00 58.560 TNAFPMR 3.250 Basrah Light TYAFX00 62.27 TDDBR00 0.72 TNAFX00 61.55 AAXDO00 58.560 TNAFXMR 2.990
Brass River TYATS00 68.51 TDDRE00 1.15 TNATS00 67.36 AAEJB00 59.585 TNATSMR 7.775
Brent TYAHF00 67.91 TDDCD00 0.93 TNAHF00 66.98 AAVJA00 57.615 TNAHFMR 9.365
Cabinda TYAVK00 68.00 TDDQR00 1.27 TNAVK00 66.73 PCAFD00 59.735 TNAVKMR 6.995
CPC Blend TYAVN00 64.35 TDDQT00 0.51 TNAVN00 63.84 AAOFV00 57.170 TNAVNMR 8.310
Eagle Ford TYEAB00 63.05 TNEBF00 1.07 TNEAB00 61.98 AAYAT00 56.930 TNEABMR 5.050 Eagle Ford TYEAC00 60.70 TNEIF00 1.21 TNEAC00 59.49 AAYAT00 56.930 TNEACMR 2.560
Ekofisk TYAJV00 68.55 TDDCT00 0.52 TNAJV00 68.03 PCADI00 58.655 TNAJVMR 9.375
Es Sider TYAKD00 66.70 TDDCU00 0.36 TNAKD00 66.34 PCACO00 58.100 TNAKDMR 8.240
Flotta Gold TYAKP00 65.27 TDDCX00 0.70 TNAKP00 64.57 PCACZ00 57.935 TNAKPMR 6.635
Forties TYALB00 65.74 TDDEZ00 0.95 TNALB00 64.79 PCADJ00 58.180 TNALBMR 6.610
Gullfaks TYALF00 69.07 TDDDC00 0.64 TYALF00 69.07 AASAU00 60.085 TNALFMR 8.985
Hungo TYAVI00 67.86 TDDQU00 1.28 TNAVI00 66.58 AASLJ00 58.985 TNAVIMR 7.595
Iran Heavy TYALV00 64.17 TDDDG00 0.89 TNALV00 63.28 AAIOB00 57.900 TNALVMR 5.380 Iran Heavy TYALZ00 63.89 TDDDF00 0.61 TNALZ00 63.28 AAVNE00 58.000 TNALZMR 5.280
Iran Light TYAMD00 66.25 TDDDI00 0.88 TNAMD00 65.37 AAIOA00 60.900 TNAMDMR 4.470 Iran Light TYAMH00 65.49 TDDDH00 0.60 TNAMH00 64.89 AAVND00 61.000 TNAMHMR 3.890
Kirkuk TYATU00 63.43 TDDGH00 1.09 TNATU00 62.34 AAEJD00 57.700 TNATUMR 4.640 Kirkuk TYAMU00 62.59 TDDFF00 0.58 TNAMU00 62.01 AAEJD00 57.700 TNAMUMR 4.310
Kuwait TYAMX00 60.35 TDDDM00 0.87 TNAMX00 59.48 AAXDQ00 NA TNAMXMR 1.010
Light Houston Sweet TYEAE00 67.01 TDEFR00 1.15 TNEAE00 65.86 AAXEW00 57.400 TNEAEMR 8.460 Light Houston Sweet TYEAF00 65.09 TDIFR00 1.30 TNEAF00 63.79 AAXEW00 57.400 TDEAFMR 6.390
Murban TYATQ00 67.60 TDDRB00 0.82 TNATQ00 66.78 AAKNL00 NA TNATQMR 8.530
Oseberg TYAVJ00 69.01 TDDRC00 0.64 TNAVJ00 68.37 PCAEU00 58.705 TNAVJMR 9.665
Saharan Blend TYATY00 66.51 TDDGI00 0.76 TNATY00 65.75 AAGZY00 57.600 TNATYMR 8.150 Saharan Blend TYARO00 64.22 TDDFG00 0.44 TNARO00 63.78 AAGZY00 57.600 TNAROMR 6.180
Statfjord TYASD00 68.69 TDDEK00 0.82 TNASD00 67.87 PCAEE00 58.355 TNASDMR 9.515 Suez Blend TYAUO00 63.22 TDDRF00 0.61 TNAUO00 62.61 PCACA00 56.930 TNAUOMR 5.680
Urals TYATN00 64.97 TDDET00 0.96 TNATN00 64.01 AAWVH00 57.170 TNATNMR 6.840 Urals TYATR00 64.84 TDDES00 0.52 TNATR00 64.32 AAGZS00 58.610 TNATRMR 5.710
WCS** TYEAI00 62.45 TDYFR00 10.05 TNEAI00 52.40 AAPPN00 42.040 TDWFRMR 10.360
Zuetina TYAUC00 69.09 TDDGJ00 0.84 TNAUC00 68.25 AAXDT00 57.015 TNAUCMR 11.235 Zuetina TYAUL00 67.18 TDDEU00 0.40 TNAUL00 66.78 AAXDT00 57.015 TNAULMR 9.765
*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 9, 2019 ($/barrel)
Singapore Summer Specifications (PGA page 2810) Singapore Summer 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 NA TNEFA00 0.85 TNEAA00 NA AAPEV00 NA TDEAAMR NA Forties TYEAD00 NA TNEFD00 2.50 TNEAD00 NA PCADJ00 58.180 TNEADMR NA
Arab Heavy TYABH00 NA TDDAO00 0.86 TNABH00 NA AAXDG00 NA TNABHMR NA Kuwait TYANF00 NA TDDDN00 0.83 TNANF00 NA AAXDQ00 NA TNANFMR NA
Arab Light TYACF00 NA TDDAW00 0.82 TNACF00 NA AAXDJ00 NA TNACFMR NA Minas TYAPR00 NA TDDDX00 1.13 TNAPR00 NA PCABO00 NA TNAPRMR NA
Arab Medium TYADL00 NA TDDBE00 0.84 TNADL00 NA AAXDL00 NA TNADLMR NA Murban TYAPY00 NA TDDCQ00 0.83 TNAPY00 NA AAKNL00 NA TNAPYMR NA
Attaka TYADX00 NA TDDBG00 2.21 TNADX00 NA PCAAJ00 NA TNADXMR NA Oman TYAQL00 NA TDDEB00 0.81 TNAQL00 NA PCABS00 NA TNAQLMR NA
Cabinda TYAVF00 NA TDDQS00 2.09 TNAVF00 NA PCAFD00 59.735 TNAVFMR NA Qatar Land TYARA00 NA TDDBE00 0.84 TNARA00 NA AAKNP00 NA TNARAMR NA
Das Blend TYDSH00 NA TDDCQ00 0.83 TNDSH00 NA AAXOF00 NA TNDSHMR NA Qatar Marine TYARE00 NA TDDBE00 0.84 TNARE00 NA AAKNR00 NA TNAREMR NA
Dubai TYAJN00 NA TDDCQ00 0.83 TNAJN00 NA PCAAT00 NA TNAJNMR NA Tapis TYAST00 NA TDDEO00 1.06 TNAST00 NA PCACB00 NA TNASTMR NA
Duri TYAJR00 NA TDDCR00 1.23 TNAJR00 NA PCABA00 NA TNAJRMR NA Upper Zakum TYEAG00 NA TNEFR00 0.82 TNEAG00 NA AAOUQ00 NA TNEAGMR NA
Register by August 9 and
Save $400
13th Annual
European Refining & Petrochemicals Summit

September 18-19, 2019 | Marriott Brussels | Brussels, Belgium
Where downstream markets connect

What to expect in 2019:
–– Evaluate macro influences on the European refining and petrochemicals
markets today and tomorrow from those at the forefront
Marijn Spruit Béla Kelemen Richard De Caux
–– Get the latest on IM0 2020 and the future of European fuel oil
General Manager, President, Head of Refining
–– Understand the competitiveness of European refiners and crackers against Oil Market Analysis Fuels Europe Analysis, BP
the backdrop of evolving policy, trade flows and international competition and Pricing, Shell
–– Gain insight into the light ends, distillates, bunker, aromatics and
olefins markets
–– Assess global downstream developments and what it means for the European
market with market snapshots from the Americas, Middle East and Asia
–– Hear the latest regional product storage, trading, technology and price trends
Giuseppe Ricci Adam Czyzewski Isabelle Muller
Collocated with European Biofuels Seminar 2019 Chief Refining Officer Chief Economist, Director General,
Continue the conversation as part of our downstream week for a full day dedicated ENI PKN Orlen French Union of
to European biofuels taking place on September 20th at the same venue. Petroleum Industries
Sponsored by:
www.platts.com/euro-refining
[email protected]
Book Now +44 (0)20 7176 6300
#PlattsERPS

PLATTS Crude 20190809

Uploaded by

Copyright:

Available Formats

PLATTS Crude 20190809

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

PLATTS Crude 20190809

Uploaded by

Copyright:

Available Formats

What is the main focus of traders according to the article?

What is the main focus of traders according to the article?

What are expected flows of US crude in the coming months?

What are expected flows of US crude in the coming months?

CRUDE OIL MARKETWIRE

Volume 40 / Issue 156 / August 9, 2019

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

Mideast Sour Crude

■■ONYX Bid Aug26-Aug30 (Nov) -0.15;

Dated Brent/Brent Frontline Swaps (DFL) ($/barrel) (PPE page 1614)

■■ No trades Urals Med/NWE CFD assessments ($/barrel)

dropped 30 cents on the day and was assessed at its lowest

tightening significantly in the fourth quarter. Looking at the

slightly weaker jet fuel market could provide a hedging

YPF is widening its exploration in Argentina’s Vaca Muerta

driving the company’s shale production growth, which Futures Settlements

ICE WTI ($/barrel) (PGA page 704)

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

DME Oman crude ($/barrel)** (PGA pages 702 & 2710)

NYMEX ULSD ($/gal) (PGA page 705)

Subscriber notes (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 9, 2019 ($/barrel)

US Yields and Netbacks ($/barrel)

European Yields and Netbacks Effective August 9, 2019 ($/barrel)

Asian Yields and Netbacks Effective August 9, 2019 ($/barrel)

European Refining & Petrochemicals Summit

Where downstream markets connect

You might also like