Apagscan

[OIL ]
ASIA-PACIFIC/ARAB GULF MARKETSCAN
www.platts.com
Volume 33 / Issue 237 / December 9, 2014

Asia products

Code Mid
Change Code Mid
Change
Code Mid
Change
Singapore
(PGA page 2002)

FOB Singapore ($/barrel) MOPS strip
Premium/Discount
PAAAP00 58.2558.29 58.270 -2.040

AAPKA00 58.0558.09 58.070 -2.030
Naphtha
Spot naphtha
AAOVE00 57.4557.49 57.470 -2.880
PAADC00 -0.65/-0.55 -0.600
-0.850
Gasoline 97 unleaded
PGAMS00 74.8074.84 74.820 -2.310
AAPKE00* 16.73/16.77 16.750 -0.280
PGAEZ00 73.3373.37 73.350 -2.310
AAPKF00* 15.26/15.30 15.280 -0.280
Gasoline 92 unleaded PGAEY00 71.3071.34 71.320 -2.330
AAPKG00* 13.23/13.27 13.250 -0.300
AAXEQ00 71.4771.51 71.490 -2.020 AAXER00 -0.19/-0.15 -0.170
-0.310
Kerosene
PJABF00 80.8880.92 80.900 -2.070
AAPJZ00 80.6880.72 80.700 -2.050
PJACU00 0.18/0.22 0.200
-0.020
Gasoil 10 ppm
AAOVC00 81.0281.06 81.040 -2.200
AAOVD00** 1.71/1.75 1.730
-0.060
Gasoil 50 ppm
AAPPF00 80.6380.67 80.650 -2.190
AAPPH00** 1.32/1.36 1.340
-0.050
Gasoil 0.05% sulfur
AAFEX00 79.2579.29 79.270 -2.180
AAFFB00** -0.06/-0.02 -0.040 -0.040
Gasoil 0.25% sulfur
AACUE00 78.7478.78 78.760 -2.170
AACQI00** -0.57/-0.53 -0.550 -0.030
Gasoil POABC00 79.2579.29 79.270 -2.180 AAPJY00 79.2979.33 79.310 -2.140
POAIC00** -0.06/-0.02 -0.040 -0.040
FO 180 CST 2% ($/mt)
PUAXS00 375.83375.87 375.850 -16.230
AAPJX00 364.09364.13 364.110 -14.860
AAGZF00 3.45/3.49 3.470
-1.010
HSFO 180 CST ($/mt) PUADV00 367.56367.60 367.580 -15.870
HSFO 380 CST ($/mt) PPXDK00 366.28366.32 366.300 -14.700
AAPJW00 360.15360.19 360.170 -14.510
PPXDL00 6.11/6.15 6.130
-0.190
Ex-Wharf 180 CST ($/mt)
AAFET00 379.00380.00 379.500 -13.000
AAFER00 374.00375.00 374.500 -13.000
AAVUP00 361.00362.00 361.500 -21.000
*Differential to FOB Singapore naphtha. **Differential to FOB Singapore gasoil. The Gasoil Reg 0.5% assessment was renamed Gasoil on January 3, 2012. The renamed
Gasoil assessment continued to reflect the same underlying methodology and quality specifications, including a sulfur content of 0.5% sulfur, through calendar year 2012.
The specification changed to 500 ppm sulfur on January 2, 2013.
Middle East physical oil assessments
(PGA page 2004)

FOB Arab Gulf ($/barrel)
Premium/Discount
PAAAA00 508.48508.98 508.730 -19.290
Naphtha ($/mt)
Naphtha LR2 ($/mt)
AAIDA00 512.02512.52 512.270 -18.050
AAICY00 70.4770.51 70.490 -2.310
Gasoline 95 unleaded CFR
PJAAA00 78.3578.39 78.370 -2.120
Kerosene
Kerosene LR2
AAKNZ00 78.4878.52 78.500 -2.040
Gasoil 0.005% sulfur
AASGJ00 77.2677.30 77.280 -2.240
Gasoil 0.05% sulfur
AAFEZ00 76.5676.60 76.580 -2.240
Gasoil 0.25% sulfur
AACUA00 75.9676.00 75.980 -2.240
Gasoil
POAAT00 76.5676.60 76.580 -2.240
Gasoil LR2
AAKBT00 76.7076.74 76.720 -2.150
HSFO 180 CST ($/mt)
PUABE00 346.71346.75 346.730 -15.700
HSFO 380 CST ($/mt)
AAIDC00 345.43345.47 345.450 -14.530
HSFO 180/380 spread ($/mt) PPXDM00 -1.30/-1.26 -1.280 +1.170
*premium to MOPAG Gasoil during loading.
AAPKH00 -0.50/0.00
-0.250 0.000
AAWUJ00 3.85/3.89
AAWUK00 4.88/4.92
PJACV00 1.26/1.30
3.870 -0.050
4.900
1.280 0.000
AASGK00* 2.08/2.12
AAFFD00* 1.38/1.42
AACUC00* 0.78/0.82
POAID00* 1.38/1.42
2.100
1.400
0.800
1.400
AAXJA00 9.50/10.00
AAXJB00 9.50/10.00
9.750 +0.250
9.750 +0.250
0.000
0.000
0.000
0.000
Subscriber notes
(PGA page 1500)
Following extensive feedback, Platts confirms that it

will amend its publication schedule for Friday, December
26, 2014 and not publish any oil or tanker assessments
from its offices in Asia on this day in observance of
the Christmas holiday. Platts had proposed waiting for
feedback until December 3 prior to publishing a decision
on this proposal. However, in response to widespread
feedback favoring a decision before the start of the new
trading month, Platts is publishing its decision before
the start of December. Platts will not publish assessments
from Singapore, Tokyo, or China on this day. As a result,
Asia-Pacific/Arab Gulf Marketscan will not be published on
that day, there will be no Asia region crude assessments
in Crude Oil Marketwire, no Asia-Pacific/Arab Gulf bunker
assessments in Bunkerwire, no Asian or AG assessments
(Subscriber notes continue on page 12)
Asia-Pacific/Arab Gulf Marketscan
december 9, 2014
Asia products

Code Mid
Change Code Mid
Change
Code Mid
Change
Singapore paper
(PGA page 2655)

Balance December* ($/barrel) January ($/barrel) February ($/barrel)
Naphtha Japan ($/mt)
Naphtha
AAPLD00 58.0358.07
58.050
-2.050
AAXEK00 71.3871.42
71.400
-2.050
Reforming Spread
AAXEN00 13.33/13.37
13.350
0.000
Kerosene
AAPLE00 80.6580.69
80.670
-2.080
Gasoil
AAPLF00 79.2579.29
79.270
-2.170
HSFO 180 CST ($/mt)
AAPML00 364.98365.02 365.000
-15.750
HSFO 380 CST ($/mt)
AAPKB00 362.08362.12 362.100
-15.400
Gasoil EFS ($/mt)
AAQTX00
-3.190
+1.330
AAXFE00 545.75546.25 546.000

-18.000
AAXFF00 547.75548.25 548.000

-17.500
PAAAQ00 58.0858.12
PAAAR00 57.9858.02 58.000

-2.000
AAXEL00 71.5871.62
AAXEO00 13.48/13.52
PJABS00 80.7180.75
POAFC00 79.3579.39
PUAXZ00 362.98363.02
AAPKC00 357.73357.77
AAQTY00
58.100
-2.000
71.600
-2.000
13.500
0.000
80.730
-2.030
79.370
-2.100
363.000
-13.500
357.750
-13.000
-2.940
+0.360
AAXEM00 71.9872.02 72.000

-2.000
AAXEP00 13.98/14.02 14.000
0.000
PJABT00 80.8680.90 80.880
-1.900
POAFG00 79.6479.68 79.660
-2.040
PUAYF00 362.73362.77 362.750
-13.250
AAPKD00 356.88356.92 356.900
-12.600
AAQTZ00 -13.280
+1.560
*Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February; **Interim Gasoil swaps published ahead of the change in specification of FOB Singapore Gasoil January 2, 2013.
Gasoline components
(PBF page 2410)

FOB Singapore ($/mt)
MTBE
PHALF00 734.00736.00
Gasoline
735.000
-24.000
Singapore demurrage
(PGT pages 2910 & 2960)

$/day
Demurrage Clean
Demurrage Dirty
AALPY00 17000.000
0.000
AALQA00 25000.000
+250.000
Indonesia physical oil assessments
(PGA page 2516)

FOB Indonesia ($/barrel)
Premium/Discount
LSWR Mixed/Cracked
LSWR
PPAPU00 62.2062.24
AAUGR00 60.0060.04
62.220
-2.250
60.020
-2.250
AAHXR00 8.65/8.69
AAWTX00 4.83/4.87
Japan physical oil assessments
8.670
-0.070
4.850
0.000
(PGA page 2006)

C+F Japan ($/mt)
Premium/Discount
Naphtha
Nph 2nd 1/2 Jan
Nph 1st 1/2 Feb
Nph 2nd 1/2 Feb
Naphtha MOPJ Strip
PAAAD00 543.25543.75
PAAAE00 543.50544.00
PAAAF00 543.25543.75
PAAAG00 543.25543.75
AAXFH00 547.75548.25
543.500
-18.500
543.750
-18.500
543.500
-18.500
543.500
-18.500
548.000
-17.500
PAADI00 -1.25/-0.75
-1.000
-0.500
AAXFI00 -4.75/-4.25
-4.500
-1.000

C+F Japan ($/barrel)
Premium/Discount
Gasoline 91-92 unleaded
Kerosene
Gasoil
HSFO 180 CST ($/mt)
PGACW00 73.5273.56
PGAQQ00 75.5575.59
PJAAN00 82.6782.71
POABF00 82.7582.79
PUACJ00 385.27385.31
73.540
-2.350
75.570
-2.330
82.690
-2.050
82.770
-2.250
385.290
-16.030
PAADK00 1.97/2.01
AAWVG00 2.10/2.14
1.990
0.000
2.120
-0.060

FOB Okinawa ($/barrel)
Premium/Discount
Gasoil
POAIW00 78.3978.43
78.410
-2.140
POAIY00 -0.92/-0.88
South Korea physical oil assessments
-0.900
0.000
(PGA page 2008)

C+F Korea ($/mt)
Premium/Discount
Naphtha
PAADE00 540.25540.75
540.500
-19.000
PAADG00 -3.25/-2.75
-3.000
-0.500
Copyright 2014, McGraw Hill Financial
Market analysis: (PGA page 2396) Demand in the Asia

and Middle East gasoline market remained lackluster
Tuesday, sparking concerns of a looming supply glut.
Sentiment remains bearish going into January as
Indonesias closely-watched import demand for the
month has fallen short of expectations. There was
also talk in the market of the possible deferment of
state-owned oil and gas company Pertaminas 88 RON
gasoline cargoes for December, but no details could
be confirmed. Traders said the fall in demand for the
grade was cushioned by an increase in demand for the
higher octane grades Pertamina recently issued a
tender seeking 100,000 barrels of 92 RON gasoline
and 50,000 barrels of 95 RON gasoline on a spot
basis. The tender, which closed Monday, has yet to be
awarded, sources said. In Vietnam, falling retail prices
signaled a possible increase in consumption. Stateowned Petrolimex, which accounts for more than half of
domestic oil product sales, slashed retail prices by 1.32.9% effective Saturday to reflect recent movements in
international oil markets. Gasoline prices were rolled
back to Dong 20,530 ($0.95)/liter for the 95 RON
grade and to Dong 19,930/liter for 92 RON and E5 92
RON grades, all down around 1.5%. The E5 92 RON
gasoline, which contains 5% ethanol, had the same
retail price as 92 RON. This is the first time since
Asia products

Code
Mid Change
Code
South Korea physical oil assessments
Mid Change
(PGA page 2008)

FOB Korea ($/barrel) Premium/Discount
PGAQO00 73.1373.17 73.150
-2.300
Jet
PJADG00 80.9881.02 81.000
-2.050
PJADI00 0.28/0.32
Gasoil
POAIE00 78.3478.38 78.360
-2.140
POAIG00 -0.97/-0.93
HSFO 180 CST 3.5% ($/mt)
PUBDP00 370.34370.38 370.360
-14.860
PUBDR00 6.00/6.50
HSFO 380 CST 3.5% sulfur ($/mt) PUBDY00 369.06369.10 369.080
-13.690
PUBEA00 6.00/6.50
Mean of Platts West India netbacks
0.300
0.000
-0.950
0.000
6.250
0.000
6.250
0.000
Australia (PGA page 2014)
Freight netbacks
76.040
-2.380
78.070
-2.360
85.970
-2.130
86.420
-2.260
Gasoline Unl 92 FOB Spore Cargo assessment

rationale: (PGA page 2392) FOB Singapore 92 RON
gasoline was assessed at $71.32/barrel Tuesday. The
front loading period of December 24-28, the middle
loading period of December 29-January 2 and the back
loading period of January 3-8 were each assessed at
$71.32/b. The assessment reflected a cargo loading
January 4-8 Gunvor bought from BP at $71.45/b, taking
into account the movement in crude prices.
The above commentary applies to the following market data
code: PGAEY00
(PGA pages PGT2910 & PGT2960)

AG-Spore
Spore-Japan AG-Japan
Spore-Australia
AAPOF00 18.88
AAPOG00 34.77*
Naphtha
AAPOH00 31.23*
Naphtha-LR2
AAPOC00 2.86 AAPOD00 2.22

AAPOE00 4.72
Gasoline
AAPOI00 2.53 AAPOJ00 5.07
Kerosene
AAPOK00 2.40
Kerosene-LR2
AAPOL00 2.69 AAPOM00 5.38
Gasoil
AAPON00 2.55
Gasoil-LR-2
AAPOO00 20.85* AAPOP00 17.71*
HSFO 180 CST
AAPOQ00 20.85*
HSFO 380 CST
All values in $/barrel, except * values in $/mt
South China/Hong Kong physical oil assessments
March 2011 that the 92 RON retail price has been set
below Dong 20,000/liter. In tender news, Tanzanias
Petroleum Importation Coordinator has issued a tender
seeking two 30,000 mt parcels of 92 RON gasoline
for delivery over February 7-9 and 23-25 into Dar es
Salaam that closes December 16. PIC last bought
via tender 61,000 mt of 93 RON gasoline for January
delivery into Dar es Salaam.
(PGA page 2012)

FOB India ($/mt) FOB India ($/barrel)
AAQWK00 516.950
-18.500
AAQWJ00 57.440
-2.050
Naphtha
Gasoline (92 RON)
AARBQ00 590.470
-19.810
AARBP00 69.470
-2.330
Gasoline (95 RON)
AAQWI00 600.390
-19.400
AAQWH00 71.480
-2.310
Jet kero
AAQWM00 623.360
-16.350
AAQWL00 78.910
-2.070
Gasoil (10ppm)
AAQWO00 601.770
-16.770
AAQWN00 78.970
-2.200
Gasoil (500ppm)
AAQWQ00 574.810
-16.240
AAQWP00 77.160
-2.180
Gasoil (2500ppm)
AAQWS00 571.010
-16.170
AAQWR00
76.650
-2.170

C+F Australia ($/barrel)
AACZF00 76.0276.06
Gasoline 92
Gasoline 95
AACZH00 78.0578.09
Jet
AAFIY00 85.9585.99
Gasoil 10ppm
AAQUD00 86.4086.44
december 9, 2014

gasoline was assessed at $73.35/b Tuesday. The
front loading period of December 24-28 was assessed
at $73.33/b, the middle loading period of December
29-January 2 at $73.35/b and the back loading period
of January 3-8 at $73.38/b. The assessment reflected
Sietcos offer for a cargo loading December 29-January 2
at $73.40/b standing at the close.
code: PGAEZ00
(PGA page 2010)

South China ($/mt) Premium/Discount to MOPS ($/barrel)
AAICU00 602.00606.00 604.000
-20.000
AAICW00 614.50618.50 616.500
-19.750
Jet/kero
PJABQ00 648.75652.75 650.750
-16.500
AAWTW00 1.66/1.70
1.680 -0.040
Gasoil
POAFA00 592.75596.75 594.750
-15.750
AABJZ00 0.49/0.53
0.510 0.000
Gasoil 0.2%
AALEK00 589.25593.25 591.250
-15.750

Hong Kong bunker grades ($/mt)
PUACC00 384.50385.50 385.000
-14.000
HSFO 180 CST
HSFO 380 CST
PUAER00 381.50382.50 382.000
-14.000
*C+F Hong Kong, $/barrel premium/discount to Mean of Platts Singapore.

gasoline was assessed at $74.82/b Tuesday, down
$2.31/b day on day. The assessment took into account
the inter-octane spread, in the absence of any bids or
offers establishing value.
code: PGAMS00
Singapore Gasoline bids/offers/trades: (PGA page 2393)

PLATTS MOGAS ASIA GASOLINE CARGO MOC: DEAL
SUMMARY: One trade: 92 RON: FOB Spore: Jan 4-8:
Gunvor buys from BP at $71.45/b (4:27:12).
PLATTS MOGAS ASIA GASOLINE CARGO MOC:
OUTSTANDING INTEREST: BIDS: 95 RON: FOB Spore:
Vitol bids Dec 24-28 $73.10/b OR MOPS 92 +1.80
OR MOPS 95 -0.20 OR Dec 30-Jan 3 $73.10/b OR
MOPS 92 +1.80 OR MOPS 95 -0.20 OR Jan 4-8
$73.10/b OR MOPS 92 +1.80 OR MOPS 95 -0.20
for 50KB; 97 RON: FOB Spore: Vitol bids Jan 4-8
$74.40/b OR MOPS 92 +3.00 OR MOPS 97 +0.00
for 50KB.
OUTSTANDING INTEREST: OFFERS: 95 RON: FOB
Spore: Sietco offers Dec 29-Jan 2 $73.40/b for
50KB.
WITHDRAWN: WD 92 RON: FOB Spore: Gunvor
no longer bids Dec 29-Jan 2 $71.30/b for 50KB
(4:27:24); WD 92 RON: FOB Spore: SKEISG no longer
offers Dec 28-Jan 1 $71.90/b for 50KB (4:28:51);
92 RON: FOB Spore: BP no longer offers Jan 4-8
$71.45/b for 50KB after trade with Gunvor (4:27:12);
WD 92 RON: FOB Spore: PTT no longer offers Jan 4-8
$71.90/b for 50KB (4:28:17).
Singapore Gasoline exclusions: (PGA page 2393) No
market data was excluded from the gasoline Market on
Close assessment process on December 9, 2014.
Foreign exchange rates

USD/Yen
Eur/USD
GBP/USD
USD/SGD
USD/MYR
USD/HK
AUD/USD
USD/CNY
(PGA page 2160)
AAWFX00 119.8700
-1.3600
AAWFU00 1.2353
+0.0095
AAWFV00 1.5679
+0.0115
AAWFZ00 1.3190
-0.0050
AAWGA00 3.4830
-0.0120
AAWFY00 7.7525
+0.0015
AAWFT00 0.8266
-0.0010
AAWFW00 6.1231
-0.0051
Source: Development Bank of Singapore
december 9, 2014
Naphtha
Naphtha FOB Spore Cargo assessment rationale: (PGA

page 2388) FOB Singapore naphtha was assessed at
Market analysis: (PGA page 2398) The Asian naphtha

market remained weak Tuesday as a supply overhang
persisted due to flows from Europe and the US. Sources
said around 1.8 million-2 million mt of Western naphtha
is expected to arrive in December and January
marking the highest level in two consecutive months this
year. While market fundamentals were largely unchanged,
observers reiterated that the price rally in the preceding
weeks was overdone and that naphtha prices were now
correcting to where the levels should be. Demand from
the downstream petrochemical sector was described
to be still healthy, as the majority of naphtha steam
crackers in Asia were operating at full capacity. Enduser are maximizing on run rates still ... while derivative
buyers are all pulling back bids as Brent [futures] are
falling too fast, a regional trader said. Furthermore,
increasing LPG cracking as naphtha stream crackers
switch from naphtha to more economical LPG could
dampen buying interest for fresh naphtha cargoes,
sources added. Traders said more regional supply could
emerge in the coming weeks, incentivized by still-high
refining margins, further exacerbating the supply glut in
Asia. Similarly elsewhere, the European naphtha market
started the week on a bearish note as a slightly weaker
Asian naphtha and regional oversupply exacerbated
by high refinery rates weighed on sentiment. The
December/January CIF NWE contango widened to $5.25/
mt from $2/mt and the January/February contango
increased to $4.25/mt from $3.25/mt.
$58.27/barrel Tuesday, based on an assessed freight

rate of $18.88/mt for the Singapore-Japan route
for 30,000-mt cargoes. CFR Japan H2 January was
assessed at $543.75/mt, or $60.42/b.
Naphtha C+F Japan Cargo assessment rationale:

(PGA page 2388) CFR Japan naphtha was assessed at
$543.50/mt Tuesday. Second-half January was assessed
at $543.75/mt, H1 February at $543.50/mt and H2
February at $543.50/mt. The assessment was based on
Glencores offer at $544/mt for H1 February. The offer
was equivalent to a crack spread of $49.30/mt versus
February ICE Brent futures, demonstrating value.
code: PAAAD00

code: PAAAP00
Naphtha FOB Arab Gulf Cargo assessment rationale:

(PGA page 2388) FOB Arab Gulf naphtha was assessed
at $508.73/mt Tuesday, based on an assessed freight

rate of $34.77/mt for the Persian Gulf-Japan route for
55,000-mt cargoes. The CFR Japan naphtha marker was
assessed at $543.50/mt.
code: PAAAA00
Naphtha Cargo bids/offers/trades: (PGA page 2389)

JAPAN NAPHTHA CARGO: DEAL SUMMARY: No trades
reported
JAPAN NAPHTHA CARGO: OUTSTANDING INTEREST:
BIDS: Naphtha: CFR Japan: 25kt: Marubeni bids H1
Feb 533.00
JAPAN NAPHTHA CARGO: OUTSTANDING INTEREST:
OFFERS: Naphtha: CFR Japan: 25kt: Trafigura offers
H1 Feb 544.00; WD Naphtha: CFR Japan: 25kt: BP
offers H1 Feb 553.00 or H2 Feb 552.00 (4:21:54);
Naphtha: CFR Japan: 25kt: Vitol offers H1 Feb 545.50
or H2 Feb 545.50; Naphtha: CFR Japan: 25kt: Sietco
offers H1 Feb 553.00 or H2 Feb 553.00; Naphtha:
CFR Japan: 25kt: Glencore offers H1 Feb 544.00;
Naphtha: CFR Japan: 25kt: Totsa offers H1 Feb
550.50; Naphtha: CFR Japan: 25kt: Lukoil offers H2
Feb 553.00
JAPAN NAPHTHA CARGO SPREADS: OUTSTANDING
INTEREST: BIDS: Naphtha: CFR Japan: 25kt: Sietco
bids H1 Feb/H1 Mar -2.00 or H2 Feb/H2 Mar -2.00
JAPAN NAPHTHA CARGO SPREADS: OUTSTANDING
INTEREST: OFFERS: Naphtha: CFR Japan: 25kt: Vitol
offers H1 Feb/H2 Feb +1.00 or H1 Feb/H1 Mar
+1.50; Naphtha: CFR Japan: 25kt: Glencore offers
H1 Feb/H1 Mar +2.50 or H2 Feb/H2 Mar +2.50;

Naphtha: CFR Japan: 25kt: Vitol offers H2 Feb/H1 Mar
+1.00 or H2 Feb/H2 Mar +1.50
december 9, 2014
European products ($/mt)

Code
Mid Change
Code

FOB (Italy)
Naphtha Cargo exclusions: (PGA page 2389) No market

data was excluded from the December 9, 2014 Asian
Naphtha assessment process.
Jet
Market analysis: (PGA page 2499) Market participants
continued to stay on sidelines awaiting for a clearer
picture on the Asian jet fuel/kerosene market Tuesday.
Many are expecting to see a surge in demand for
kerosene from Japan over the next few weeks as winter
has set in in the country. It seems that the cold has
hit japan [this week], a Singapore-based trader said.
This weeks Petroleum Association of Japan data on
Japaneses kerosene stocks will be watched closely to
see if demand has spiked, traders added. I am not
sure if the PAJ data will show lower kerosene stocks this
week ... maybe more likely next week, the Singaporebased trader added. Meanwhile, jet fuel/kerosene flows
from North Asia to the US eased in December from
October and November, said traders. The flows to the
US earlier created some support for the market which
has eased now, they added. For October-November
there were large flows, a Singapore-based trader said.
Much of the arbitraged flow moved to the US Gulf Coast,
sources said. Reflecting weakness, the FOB Singapore
jet fuel/kerosene cash differential fell for the fourth
straight trading session by 5 cents/b from the previous
close to 22 cents/b. This was the lowest the cash
differential has been since November 4, when it stood
at 15 cents/b, data showed. In tenders, Tanzanias PIC
issued a spot buy tender for 15,065 mt of jet fuel and
1,150 mt of kerosene for delivery into Dar es Salaam
over February 17-19. The tender closes December 16
with validity expiring 15 days later. PIC last bought via
tender 21,526 mt of jet fuel and 725 mt of kerosene for
January 17-19 delivery into Dar es Salaam at a premium
of $47.70/mt to MOPAG jet fuel/kerosene assessments
Mid Change
Mediterranean
Prem Unl 10ppm
Naphtha
Jet aviation fuel
Gasoil 0.1%
10ppm ULSD
1%
3.5%
AAWZA00 607.25607.75
PAAAI00 480.00480.50
AAIDL00 639.25639.75
AAVJI00 586.75587.25
AAWYY00 604.00604.50
PUAAK00 350.50351.00
PUAAZ00 332.75333.25
607.500
+4.000
480.250
+5.500
639.500
+3.750
587.000
+2.500
604.250
+3.000
350.750
+0.750
333.000
+3.250
(PGA page 1114)
CIF (Genova/Lavera)
AAWZB00 623.25623.75 623.500

+4.000
PAAAH00 500.75501.25 501.000
+5.500
AAVJJ00 608.25608.75 608.500
+2.500
AAWYZ00 623.25623.75 623.500
+3.000
PUAAJ00 365.75366.25 366.000
+1.250
PUAAY00 348.00348.50 348.250
+3.750
Northwest Europe cargoes
(PGA page 1110)

CIF (Basis ARA)
AAXFQ00 604.75605.25 605.000
+4.500
Gasoline 10ppm
Naphtha Swap
PAAAJ00 520.50521.00 520.750
+2.250
Naphtha Phy
PAAAL00 516.50517.00 516.750
+5.500
Jet
PJAAU00 670.50671.00 670.750
+3.750
Ultra low sulfur diesel 10ppm AAVBG00 619.00619.50 619.250
+3.250
Gasoil 0.1%
AAYWS00 609.50610.00 609.750
+2.500
Diesel 10ppm NWE
AAWZC00 622.75623.25 623.000
+3.250
Diesel 10 PPM UK
AAVBH00 625.00625.50 625.250
+3.250
1%
PUAAL00 357.00357.50 357.250
+1.250
3.5%
PUABA00 334.50335.00 334.750
+4.250
0.5-0.7% straight run
Low sulfur VGO
AAHMZ00 462.50463.50 463.000
+7.500
High sulfur VGO
AAHND00 453.50454.50 454.000
+7.000
Northwest Europe barges
FOB NWE
PJAAV00 655.00655.50 655.250

+4.000
AAVBF00 599.00599.50 599.250
+3.750
AAYWR00 587.25587.75 587.500
+3.000
AAWZD00 602.00602.50 602.250
+3.500
PUAAM00 345.75346.25 346.000
+1.250
PUABB00 321.25321.75 321.500
+4.250
PKABA00 407.00408.00 407.500
+7.000
AAHMX00 454.50455.50 455.000
+7.500
AAHNB00 445.50446.50 446.000
+7.000
(PGA pages 1112 & 1380)

FOB Rotterdam
Eurobob
Unleaded 98
Premium Unleaded
Reformate
MTBE*
Naphtha Phy
Jet
Gasoil 50 ppm
Gasoil 0.1%
10 ppm
1%
3.5%
Fuel Oil 3.5% 500 CST
Low sulfur VGO
High sulfur VGO
AAQZV00 587.75588.25
AAKOD00 652.75653.25
PGABM00 606.75607.25
AAXPM00
PHALA00 805.75806.25
PAAAM00 512.50513.00
PJABA00 664.75665.25
AAUQC00 608.75609.25
AAYWT00 601.75602.25
AAJUS00 620.00620.50
PUAAP00 347.75348.25
PUABC00 340.50341.00
PUAGN00 328.50329.00
AAHNF00 458.00459.00
AAHNI00 445.50446.50
588.000
+4.500
653.000
+4.500
607.000
+8.250
628.000
+4.500
806.000
+21.000
512.750
+5.500
665.000
+4.000
609.000
+4.250
602.000
+3.500
620.250
+6.000
348.000
+1.750
340.750
+4.250
328.750
+4.250
458.500
+11.000
446.000
+7.000
*MTBE is FOB Amsterdam-Rotterdam-Antwerp
ICE gasoil GWAVE (Previous days values)

Dec
Jan
(PGA page 702)
PXAAJ00 605.500 08Dec14

PXAAK00 604.500 08Dec14
Rotterdam bunker
380 CST
PUAFN00 344.00345.00
(PGA page 1112)
344.500
+1.000
for both jet fuel and kerosene, on a CFR basis from

Addax Energy SA. Elsewhere, Vietnam Air Petrol Co. is
seeking as much as 486,000 m of jet fuel via a 2015
term tender into the various airports in Vietnam. The
term tender closed late Monday.
Jet Kero FOB Spore Cargo assessment rationale: (PGA
page 2494) The FOB Singapore jet fuel/kerosene cash
differential was assessed at plus 20 cents/barrel
Tuesday, down 2 cents/b from the previous close.
The cash differential for the front-loading period of
December 24-28 was assessed at 13 cents/b, taking
into consideration Shells offer for 100,000 barrels at
MOPS plus 15 cents/b loading over December 25-29.
The mid-loading period of December 29-January 2 was
assessed at 22 cents/b, taking into consideration CAOs
bid for 245,000 barrels at MOPS jet fuel/kerosene
assessments plus 20 cents/b loading December
29-January 2 and Vitols offer for 100,000 barrels at
MOPS jet fuel/kerosene assessments plus 30 cents/b
loading December 29-January 2. The back-loading period
of January 3-8 was assessed at 25 cents/b, taking into
consideration CAOs bid for 245,000 barrels at MOPS jet
plus 20 cents/b loading January 3-7 and BPs offer for
100,000 barrels at MOPS jet plus 30 cents/b loading
January 4-8. With the MOPS strip at $80.70/b and the
cash differential at plus 20 cents/b, the outright price of
jet fuel was $80.90/b.
code: PJABF00
Singapore Jet bids/offers/trades: (PGA page 2495)

ASIA JET CARGO MOC: OUTSTANDING INTEREST:
BIDS: Jet: FOB Singapore: CAO bids MOPS +0.20
Dec 24-28 245kb (Deemed pricing Dec 23-31); Jet:
FOB Singapore: CAO bids MOPS +0.20 Dec 29-Jan 2
245kb (Deemed pricing Dec 29-Jan 5) INCO; Jet: FOB
Singapore: CAO bids MOPS +0.20 Jan 3-Jan 7 245kb
(Deemed pricing Jan 2-8) INCO
ASIA JET CARGO MOC: OUTSTANDING INTEREST:
OFFERS: Jet: FOB Singapore: Shell offers MOPS +0.15
(continued on page 8)
december 9, 2014
US products (/gal)

US West Coast pipeline
(PGA page 158)

Code Mid
Change
Code Mid
Change

Los Angeles San Francisco
AAUHA00 161.16161.26 161.210 -1.650
Unleaded 84
Unleaded 84
PGADG00 153.91154.01 153.960 -1.900
Premium 88.5
PGABG00 181.16181.26 181.210 -1.650
PGABO00 173.91174.01 173.960 -1.900
CARBOB
AAKYJ00 162.16162.26 162.210 -1.650
AAKYN00 154.91155.01 154.960 -1.900
CARBOB PREM
AAKYL00 170.16170.26 170.210 -1.650
AAKYP00 162.91163.01 162.960 -1.900
Jet
PJAAP00 200.30200.40 200.350 +2.800
PJABC00 200.30200.40 200.350 +2.800
ULS (EPA) Diesel
POAET00 198.55198.65 198.600 +4.300
POAEY00 198.30198.40 198.350 +2.800
CARB diesel
POAAK00 199.55199.65 199.600 +4.300
POAAL00 199.30199.40 199.350 +2.800

Seattle
Portland
AAXJE00 151.26151.36 151.310 +0.100
AAXJC00 152.41152.51 152.460 +0.100
Unleaded 84
Premium 90
AAXJF00 171.26171.36 171.310 +0.100
AAXJD00 172.41172.51 172.460 +0.100
Jet
PJABB00 200.30200.40 200.350 +2.800
ULS (EPA) Diesel
AAUEX00 199.15199.25 199.200 +1.300
AAUEY00 200.30200.40 200.350 +1.300
180 CST
PUAWT00 479.45479.55 479.500 -10.000
PUAWV00 537.95538.05 538.000 +0.500
380 CST
PUAWZ00 414.45414.55 414.500 -10.000
PUAXB00 502.95503.05 503.000 +0.500

Phoenix
AADDP00 163.91164.01 163.960 +1.100
RBOB unleaded 84
RBOB premium 89.5
PPXDJ00 171.91172.01 171.960 +1.100
Differential to NYMEX
CARBOB
CARBOB paper 1st month*
CARBOB paper 2nd month*
Jet Fuel
ULS (EPA) Diesel
CARB Diesel
AANVX00 -9.80/-9.70 -9.750

-2.750
AAKYR00 -4.05/-3.95 -4.000
-2.000
AAKYS00 12.95/13.05 13.000 -1.350
AANVY00 -8.05/-7.95 -8.000
0.000
AANVZ00 -9.80/-9.70 -9.750
+1.500
AANWA00 -8.80/-8.70 -8.750
+1.500
* Premium to NYMEX gasoline settlement
US West Coast waterborne

Los Angeles San Francisco
Unleaded 87
PGADI00 160.66160.76 160.710 -1.650
Jet
PJABI00 199.30199.40 199.350 +2.800
0.5% S
PUAGD00 59.2959.31 59.300
+0.080
1.0% S
PUAAQ00 58.7958.81 58.800
+0.080
2.0% S
AABGP00 56.2956.31 56.300
+0.080
180 CST
PUAWR00 409.95410.05 410.000 +0.500
PUBDA00 465.95466.05 466.000 +0.500
380 CST
PUAWX00 357.45357.55 357.500 +0.500
PUBCY00 425.95426.05 426.000 +0.500
ASIA-PACIFIC/ARAB GULF
MARKETSCAN
Volume 33 / Issue 237 / December 9, 2014
Editorial: Dave Ernsberger, Tel +44 20 7176 6116, Global Oil Director; Jonty Rushforth, Tel +65-6530-6581, Editorial Director, Asia & Middle East Oil Markets.
Client services information: North America: 800-PLATTS8 (800-752-8878); direct: +1 212-904-3070 Europe & Middle East: +44-20-7176-6111 Asian Pacific:
+65-6530-6430 Latin America: +54-11-4121-4810, E-mail: support@platts.com
Copyright 2014 McGraw Hill Financial. All rights reserved. No portion of this publication may be photocopied, reproduced, retransmitted, put into a computer
system or otherwise redistributed without prior written authorization from Platts. Platts is a trademark of McGraw Hill Financial. Information has been obtained
from sources believed reliable. However, because of the possibility of human or mechanical error by sources, McGraw Hill Financial or others, McGraw Hill Financial
does not guarantee the accuracy, adequacy or completeness of any such information and is not responsible for any errors or omissions or for results obtained
from use of such information. See back of publication invoice for complete terms and conditions.
december 9, 2014
Asia Pacific and Middle East crude assessments ($/barrel)

(Asia MOC)
API

Gravity Code
Mid Change
(Asia MOC) (Asia close)
Code
Mid Change
Code
Condensate
Mid Change
Code
(PGA page 2212)
(London close)
Mid
Change
(PGA page 2213)

Diff to Dubai Diff to Asian Dated Brent
NW Shelf
61.9
PCAGX00 62.1562.19 62.170
-1.920 AAPAI00 -3.60
0.000
Ras Gas
57.0
AAPET00 62.9162.95 62.930
-2.780
AAPEU00 -1.05/-0.95 -1.000 0.000
AARAZ00 -2.840
-0.170
Qatar LSC
56.9
AARBB00 61.9161.95 61.930
-2.780
AARBD00 -2.05/-1.95 -2.000 0.000
AARBC00 -3.840
-0.170
South Pars
57.4
AARAV00 59.9159.95 59.930
-2.780
AARAX00 -4.05/-3.95 -4.000 0.000
AARAW00 -5.840
-0.170
AAPAH00 63.450 +0.900

AARAY00 64.210 +0.030
AARBA00 63.210 +0.030
AARAU00 61.210 +0.030

Senipah
54.4
AAEOE00 64.7564.79 64.770
-1.920
AAEOK00
AAPBD00 66.050 +0.900
Diff to ICP
0.75/0.85
0.800
0.000
AAPBE00 -1.000
0.000
Light crude
(PGA page 2214)

Diff to ICP Diff to Asian Dated Brent
Cossack
47.7
PCAGZ00 64.1564.19 64.170
-1.920 AAPAC00 -1.600
0.000
Gippsland 48.7 PCACP00 62.9062.94 62.920 -1.920 AAPAU00 -2.850
0.000
Tapis
45.2
PCACB00 68.6568.69 68.670
-1.920 AAOZW00 2.900
0.000
Belida
45.1
PCAFL00 63.5463.58 63.560
-2.070
PCAFM00
0.65/0.75
0.700
0.000
AAPBQ00 -2.210
-0.150
Kutubu
44.3
PCAFJ00 64.2064.24 64.220
-1.920 AAPAE00 -1.550
0.000
Handil Mix
43.9
PCABE00 63.0963.13 63.110
-2.070
PCABF00
1.10/1.20
1.150
0.000
AAPBI00 -2.660
-0.150
Attaka
42.3
PCAAJ00 63.4463.48 63.460
-2.070
PCAAK00
0.45/0.55
0.500
0.000
AAPBC00 -2.310
-0.150
Ardjuna
38.0
PCACQ00 60.5460.58 60.560
-2.070
PCACR00
0.55/0.65
0.600
0.000
AAPBG00 -5.210
-0.150

Vityaz
41.6
AARAN00 65.3665.40 65.380
-2.780
AARAP00
ESPO M1
34.8
AARWF00 65.2665.30 65.280
-2.780
AASEU00
ESPO M2
34.8
AAWFE00 66.2166.25 66.230
-2.830
AAWFG00
Diff to Dubai
1.40/1.50
2.00/2.10
2.25/2.35
1.450
2.050
2.300
0.000
0.000
-0.050

Diff to Oman/Dubai
Sokol
39.7
AASCJ00 66.5466.58 66.560
-3.230
AASCK00
2.45/2.55
2.500
-0.500
Kikeh
34.9
AAWUH00 70.6570.69 70.670
-1.920
Miri Light
32.3
PCABQ00 70.6070.64 70.620
-1.920
Labuan
32.0
PCABL00 71.0571.09 71.070
-1.920
(PGA page 2215)

AAPAB00 65.450 +0.900
AAPAT00 64.200 +0.900
AAOZV00 69.950 +0.900
AAPBP00 64.840 +0.750
AAPAD00 65.500 +0.900
AAPBH00 64.390 +0.750
AAPBB00 64.740 +0.750
AAPBF00 61.840 +0.750
AARAO00 -0.390
-0.170
AARWE00 0.080
-0.420
AARAM00 66.660 +0.030

AARWD00 66.460 -0.160
AAPAO00 0.790
-0.620
AAOZY00 4.900
0.000
AAPAS00 4.850
0.000
AAPAQ00 5.300
0.000
AAPAN00 67.840 -0.420

AAOZX00 71.950 +0.900
AAPAR00 71.900 +0.900
AAPAP00 72.350 +0.900
Medium crude
(PGA page 2216)
(PGA page 2217)

Diff to OSP Diff to Asian Dated Brent
AARAR00 66.5566.59 66.570
-1.920
AARAT00
0.00/0.10
0.050
--- ---
AARAS00 0.800
0.000
Su Tu Den
36.8
Bach Ho
40.7
PCAHY00 68.2568.29 68.270
-1.920 AAPAK00 2.500
0.000
Nanhai
40.0
PCAFR00 63.0063.04 63.020
-1.920 AAPAG00 -2.750
0.000
AARAQ00 67.850 +0.900

AAPAJ00 69.550 +0.900
AAPAF00 64.300 +0.900

Diff to ICP
Minas
35.3
PCABO00 62.0962.13 62.110
-2.070
PCABP00
0.30/0.40
0.350
0.000
Nile Blend
33.9
AAPLC00 57.7457.78 57.760
-2.070
AAPEX00 -4.05/-3.95 -4.000 0.000
Widuri
33.2
PCAFE00 60.7960.83 60.810
-2.070
PCAFF00 -0.05/0.05 0.000 0.000
Daqing
32.2
PCAAZ00 58.5958.63 58.610
-2.070

Cinta
31.1
PCAAX00 60.5960.63 60.610
-2.070
PCAAY00 -0.05/0.05 0.000 0.000
AAPAZ00 63.390 +0.750

AAPAL00 59.040 +0.750
AAPBN00 62.090 +0.750
AAPAV00 59.890 +0.750
AAPBJ00 61.890 +0.750
AAPBA00 -3.660
-0.150
AAPAM00 -8.010
-0.150
AAPBO00 -4.960
-0.150
AAPAW00 -7.160
-0.150
AAPBK00 -5.160
-0.150
Heavy crude
(PGA page 2218)

Diff to ICP Diff to Asian Dated Brent
Dar Blend
25.0
AARAB00
55.5055.54
55.520 -1.920 AARAC00 -10.250 0.000
Shengli
24.2
PCABY00
57.8457.88
57.860 -2.070 AAPAY00 -7.910
-0.150
Duri
20.8
PCABA00
58.0958.13
58.110 -2.070
PCABB00
0.05/0.15
0.100
0.000
AAPBM00 -7.660
-0.150
Stybarrow 22.8 AARAH00 70.470
-1.920 AARAI00
4.700
0.000
Enfield
22.0
AARAE00 71.070
-1.920 AARAF00
5.300
0.000
Vincent
18.3
AARAK00 67.670
-1.920 AARAL00
1.900
0.000
(PGA page 2219)
AARAA00 56.800
+ 0.900
AAPAX00 59.140
+ 0.750
AAPBL00 59.390
+ 0.750
AARAG00 71.750
+ 0.900
AARAD00 72.350
+ 0.900
AARAJ00 68.950
+ 0.900
Dec 25-29 100kb (Deemed pricing Dec 22-30); Jet:

FOB Singapore: Shell offers MOPS +0.40 Jan 3-7
245kb (Deemed pricing Jan 5-9); Jet: FOB Singapore:
BP offers MOPS +0.30 Jan 4-8 100kb (Deemed pricing
Jan 5-9) Jet: FOB Tanjung Bin: Vitol offers MOPS
+0.20 Dec 25-29 100kb INCO; Jet: FOB Tanjung Bin:
Vitol offers MOPS +0.15 Dec 25-29 245kb INCO; Jet:
FOB Tanjung Bin: Vitol offers MOPS +0.30 Dec 29-Jan
2 100kb INCO; Jet: FOB Tanjung Bin: Vitol offers
MOPS +0.35 Jan 3-7 100kb INCO; Jet: FOB Arab Gulf:
Vitol offers MOPAG +1.30 Dec 29-Jan 2 100kb INCO
ASIA JET CARGO MOC: WITHDRAWN: Jet: FOB
Singapore: CAO no longer bids Bal Month MOPS
+0.40 Dec 25-29 245kb INCO after trade with Vitol
(4:25:11:71); Jet: FOB Singapore: BP offers MOPS
+0.40 Dec 29-Jan 2 100kb (Deemed pricing Dec
29-Jan 5)* (w/d at 4:26:08:608)
ASIA JET CARGO MOC: DEAL SUMMARY: Jet: FOB
Singapore: Vitol sells to CAO January MOPS +0.40
Dec 25-29 216kb INCO (4:25:11:71)
Singapore Jet exclusions: (PGA page 2495) No market
data was excluded from the December 9 assessment
process.
Jet Index
(PGA page 115)

Index
$/barrel
PJASO00 232.89 PJASO08 81.51
Asia & Oceania
Mid East & Africa PJMEA00 238.39 PJMEA08 79.83
PJGLO00 226.96 PJGLO08 83.03
Global
Gasoil
Market analysis: (PGA page 2498) Asian gasoil market
sentiment was mixed Tuesday. The balance December/
January Singapore gasoil swaps flipped to contango at
Mondays Asian close, assessed at minus 3 cents/barrel,
compared with plus 7 cents/b Friday. Some traders said
colder-than-average temperatures in Japan and South
Korea might increase demand for jet fuel/kerosene,
thus reducing gasoil production in favor of its co-product.
Were already seeing [lower temperatures] in both Korea
december 9, 2014
Platts assessment of futures markets at MOC close
(PGA page 703)
Singapore 16:30

ICE gasoil futures ($/mt)
Balance Dec *
AAQTU00
593.75
Jan
Jan
AAQTV00
594.25
Feb
Feb
AAQTW00
606.75
Mar
NYMEX RBOB (/gal)

XNRBA01
169.34
XNRBA02
170.61
XNRBA03
172.73
Jan
Feb
Mar
NYMEX NY ULSD (/gal)

XNHOA01 204.05
XNHOA02 202.60
XNHOA03 201.38
NYMEX RBOB (/gal)

NYRBM01 171.96
NYRBM02 173.23
NYRBM03 175.31
Jan
Feb
Mar
NYMEX NY ULSD (/gal)

NYHOM01 208.35
NYHOM02 206.17
NYHOM03 204.57
New York 15:15

Jan
Feb
Mar
NYMEX light sweet crude ($/barrel)

NYCRM01 63.77
Jan
NYCRM02 63.92
Feb
NYCRM03 64.07
Mar
*Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February.
International tanker fixtures
(PGA pages PGT2904 and PGT2950)
Ship name
Size
Rate
Pacific Voyager
Front Endurance
Maran Centaurus
FPMC C Honor
Arenza XXVII
Front Century o/o
E Mei San
Genmar Zeus
Bunga Kasturi E
Selma B
Marina o/o Ithaki
Karvounis
Jag Lakshita
Tbn
Samurai
Tinos Warrior
Banda Sea
Brightoil Legend
Pacific Cape
Singapore River
Ratna Puja
Sentosa River
Teekay tbn
Ratna Shruti
Maran Capricorn
Nordic Grace
Gemini tbn
Romantic
SKS Satilla
Genmar Defiance
Front Babant
Coral Sea
Alicante
Delta Victory
G.B. De Carlini
280
CR
270
CR
270
CR
270
CR
270
CR
270
CR
270
CR
270
CR
270
CR
270
CR
270
CR
135 CR
130
CR
130 CR
125
CR
90
CR
90
CR
80
FO
100
CR
100
CR
80
CR
80
DY
80
DY
80
DY
260
CR
130
CR
130
CR
130 CR
130
CR
80
CR
130
CR
90
CR
80 CR
80
CR
80
CR
Type
Date
Route
23-Dec
25-Dec
22-Dec
23-Dec
24-Dec
24-Dec
24-Dec
25-Dec
26-Dec
25-Dec
26-Dec
25-Dec
30-Dec
20-Dec
26-Dec
23-Dec
14-Dec
13-Dec
23-Dec
19-Dec
19-Dec
20-Dec
22-Dec
27-Dec
7-Jan
25-Dec
24-Dec
24-Dec
29-Dec
18-Dec
23-Dec
17-Dec
12-Dec
18-Dec
18-Dec
PG-UKC
PG-Yeosu
PG-East
PG-China
Basrah-East
PG-East
PG-China
PG-Spore
PG-China
PG-East
PG-Thailand
Bashayer-Japan
Ras Tanura-Bataan
PG-Brazil
Jebel Dhan-Vadinar
Ras Tanura-Cochin
PG-Red Sea
Shuaiba-East
Kozmino-China
Kozmino-Japan
Kikeh-Mumbai
Indo-Kikuma
Spore-China
Mutineer-Nakagusuku
WAF-China
WAF-UKC
WAF-UKCM
WAF-UKCM
Clov-Fos
BSea-USGC
Libya-China
Sidi Kerir-Spain
Algeria-Spain
Ceyhan-Med
Libya-Med
rnr
62.5
60
rnr
55.5
65
64
66.75
63.5
62.5
69
102.5
95
o/p
150
110
$1.15m
137
rnr
rnr
85
rnr
115
100
rnr
coa
75
75
75
rnr
$4.65m
80
97.5
90
rnr
Charterer
ExxonMob
GS Caltex
ExxonMob
Glasford
Mercuria
Shell
Glasford
Spc
Day Harv
ExxonMob
PTT
PDI
Petron
Petrobras
IOC
BPCL
ATC
Glasford
Unipec
NGT
BPCL
Taiyo
Sinopec
Petrobras
Unipec
ExxonMob
Shell
BP
Pineos
Mercuria
Unipec
Repsol
Repsol
Socar
Vitol
and Japan, said a North Asia-based trader. Another trader

was more cautious, noting that any further demand will
depend if extreme weather conditions are sustained. A
Singapore-based trader said more supplies were due to
enter the market in January with at least seven parcels of
gasoil coming from a North Asian refiner. The trader said
Indonesia sorting out its recent refinery problems and
weak China demand made the market outlook bearish.
China has become an overall net exporter of oil products
year to date. Meanwhile, an industry participant said
Malaysias demand for higher grades of gasoil such as
those in the 10 ppm range could rise in the near term
as the government rolls back subsidies on lower grade
diesel fuel. As they are removing the subsidy on the
lower grades [of diesel], those higher grades will see
slightly higher demand, so [Malaysian companies] need to
blend more of the higher grades in the short term, she
said. Malaysia has scrapped fuel subsidies for RON 95
gasoline and diesel as of December 1. RON 95 gasoline
and diesel prices will be set according to the managed
float system used on a monthly basis to set the retail
price of RON 97 gasoline.
Gasoil .001%S (10ppm) FOB Spore Cargo assessment
rationale: (PGA page 2490) The 10 ppm sulfur gasoil cash
differential was assessed at plus $1.73/barrel Tuesday.
The front-loading period of December 24-28 was assessed
at $1.75/b, down 10 cents/b, reflecting an offer by Shell
at MOPS plus $1.80/b for a 150,000 barrel December
24-28 loading cargo. The mid-loading period of December
29-January 2 was assessed at $1.77/b, down 5 cents/b,
and the back-loading period of January 3-8 assessed
at $1.68/b, down 3 cents/b. With the MOPS strip at
$79.27/b and the cash differential at plus $1.73/b, the
outright price of 10 ppm sulfur gasoil was $81.00/b.
code: AAOVC00

rationale: (PGA page 2490) The 500 ppm sulfur gasoil
cash differential was assessed at minus 4 cents/ barrel
Tuesday, down 4 cents/b from Monday. The front-loading
december 9, 2014
International tanker fixtures (cont.)

Ship name
Size
Maersk Pearl
Nassau Energy
Arcadia tbn
United Grace
Almi Globe
Sonangol Luanda
Front Queen
Mesaieed
Tempera o/o
NS Arctic
Heidmar tbn
Matterhorn Spirit
Eletson tbn
Minerva Ellie
Alaska
Eurovision
United Ideal
Nissos Delos
Nordbay
NS Leader
Mare Atlantic
Nissos Paros
Venice
Compass
Raysut
Nave Rigel
Bai Lu Zuo
Chao Hu
Gulf Pearl
Qi Lin Zuo
Morning Ibis
Chang Hang Z S
High Presence
UACC Harmony
BW Lynx
Gulf Baynunah
Bahir Dar
BW Shinano
Dai Nam
Atlantic Lily
Nord Snow Queen
Qian Chi
Torm Charente
Bentley I
Cape Bradley
Maerks Magellen
Georgia
Arqaviva
80
FO
80
CR
80
CR
80
FO
135
CR
135
CR
280
FO
100 CR
100
CR
80
CR
100
CR
80
CR
55
DY
70
DY
135
DY
140 DY
140
CR
80
COND
70 CR
70
CR
50
DY
80
DY
70
DY
50 DY
75 NA
60
UN
60
CL
60
UN
60
UN
60
UN
55
NA
35
NA
35
NA
35
NA
35
CL
35
CL
18
UN
60
CL
35
GO
30
CL
30
NA
30
NA
30
GO
30
CL
30
NA
37
CL
30
GO
30
CL
Type
Date
Route
20-Dec
dnr
20-Dec
20-Dec
26-Dec
2-Jan
17-Dec
18-Dec
18-Dec
13-Dec
22-Dec
17-Dec
25-Dec
11-Dec
22-Dec
16-Dec
15-Dec
15-Dec
16-Dec
Dec
18-Dec
17-Dec
14-Dec
16-Dec
24-Dec
28-Dec
15-Dec
24-Dec
20-Dec
15-Dec
24-Dec
12-Dec
24-Dec
13-Dec
12-Dec
15-Dec
8-Dec
12-Dec
18-Dec
12-Dec
10-Dec
13-Dec
12-Dec
11-Dec
13-Dec
12-Dec
12-Dec
14-Dec
BSea-NChina
Libya-East
Supsa-Med
Greece-East
CPC-UKCM
CPC-UKCM
NSea-Spore
Baltic-UKC
Primorsk-Finland
NSea-UKC
Primorsk-UKC
NSea-UKC
Trinidad-USWC
ECMexico-USGC
Bullen Bay-Kemanam
Covenas-USGC
ECMexico-Mundra
USGC-TA
Jose-USGC
Bahamas-USGC
USGC-ECCanada
USGC-UKCM
St Eustatius-USGC
Curacao-Kingston
Ruwais-Kaohsiung
Sikka-USAC
Mumbai-Sikka
Sikka-Spore
Sikka-Spore
Sikka-Spore
PG-Japan
Karachi-Japan
Hazira-Japan
Fujairah-Sohar
Bahrain-Sohar
PG-E Africa
Bahrain-Khawr A Zub
Thailand-Spore
Nakhodka-Spore
Spore-Dampier
Balikpapan-Spore
Santan-Spore
Greece-Med
Sarroch-Med
Alex-Med
Sicily-S.Africa
SP Med-Med
Greece-Med
Rate
$3.6m
$350k
97.5
rnr
87.5
82.5
$5.6m
82.5
o/p
100
82.5
rnr
175
112.5
$4.93m
85
$4.6m
75
112.5
112.5
145
75
112.5
$390k
113
$2.1m
$350k
117.5
117.5
115
110
123
rnr
$215k
$283k
150
$280k
rnr
rnr
180
$290k
$275k
205
rnr
210
rnr
210
rnr
Charterer
ST
Unipec
Socar
Mabanaft
Chevron
Chevron
Litasco
ST
Neste
Statoil
Eni
Trafigura
Chevron
cnr
Tipco
Mercuria
HMEL
Vitol
ATMI
Statoil
Mercuria
Vitol
Petrobras
Petrojam
CPC
Noble
Reliance
Vitol
Shell
Bp
Idemitsu
Vitol
PDC
Vitol
OTI
Vitol
cnr
Vitol
Clearlake
Vitol
Unipec
Vitol
Vitol
CSSA
Socar
Engen
Repsol
Elin Oil
period of December 24-28 and mid-loading period of

December 29-January 2 were assessed at minus 7
cents/b and minus 4 cents/b, respectively, taking into
consideration a trade between SK Energy and Trafigura
at MOPS minus 5 cents/b for a 250,000 barrel cargo
loading over December 26-30. The back-loading period
of January 3-8 was assessed at minus 1 cent/b, taking
into consideration a normalized offer by BB Energy at 4
cents/b for a 150,000 barrel cargo loading over January
4-8. With the MOPS strip at $79.31/b and the cash
differential at minus 4 cents/b, the outright price of
500 ppm sulfur gasoil was $79.27/b
code: AAFEX00
december 9, 2014
International tanker fixtures (cont.)

Ship name
SKS Doda
Four Wind
Southern Spirit
Gulf Coral
NCC Shams
Histria Ambra
Maersk Erik
Nord Obtainer
Futura
Teatranly
Front Esk
Pyxis Loucas
Alpine Magnolia
Pike
Konstantin Jacob
STI Madison
Baltic Commander
Gulf Coral
BW Danube
Unique Harmony
Valle Azzurra
Silver Cindy
Navig8 Stealth
Leopard
Botafogo
Mahanadi Spirit
High Saturn
Maersk Katalin
Size
Type
80
NA
80
NA
80
NA
60
NA
37
GO
35
JT
30
GO
30
NA
30 GO
37 CL
37
CL
37
CL
37
CL
60 CL
60
CL
80
CL
30
CL
60
NA
60
CL
38
CL
38
CL
38
CL
38
CL
38 CL
80 CL
38
CL
38
CL
38
CL
Date
Route
20-Dec
20-Dec
24-Dec
12-Dec
15-Dec
11-Dec
13-Dec
14-Dec
14-Dec
17-Dec
14-Dec
10-Dec
16-Dec
15-Dec
10-Dec
25-Dec
13-Dec
22-Dec
23-Dec
13-Dec
16-Dec
16-Dec
12-Dec
Dec
18-Dec
20-Dec
17-Dec
16-Dec
Black Sea-Japan
Skikda-Japan
Tuapse-Japan
Cartagena-Japan
Sarroch-Red Sea
Yanbu-Med
Greece-Med
Skikda-TA
Sarroch-Med
Pembroke-TA
ARA-TA
ARA-WAF
N.Spain-TA
UKC-WAF
UKC-WAF
UKC-opts
Primorsk-UKC
Cartagena-Japan
USGC-East, opts
USGC-ECMexico
USGC-opts
Pisco-opts
USGC-Med
USGC-opts
USGC-UKC
USWC-opts
USGC-Caribs
St John-USAC
Gasoil FOB Spore Cargo assessment rationale: (PGA

page 2490) The 500 ppm sulfur gasoil cash differential
was assessed at minus 4 cents/barrel Tuesday, down
4 cents/b from Monday. The front-loading period of
December 24-28 and mid-loading period of December
29-January 2 were assessed at minus 7 cents/b and
minus 4 cents/b, respectively, taking into consideration
a trade between SK Energy and Trafigura at MOPS
minus 5 cents/b for a 250,000 barrel cargo loading
over December 26-30. The back-loading period of
January 3-8 was assessed at minus 1 cent/b, taking
into consideration a normalized offer by BB Energy at 4
cents/b for a 150,000 barrel cargo loading over January
4-8. With the MOPS strip at $79.31/b and the cash
differential at minus 4 cents/b, the outright price of 500
ppm sulfur gasoil was $79.27/b
the MOPS strip at $79.31/b and the cash differential

at minus 55 cents/b, the outright price of 2,500 ppm
sulfur gasoil was $78.76/b.

code: POABC00

code: AACUE00

rationale: (PGA page 2489) The 2,500 ppm sulfur gasoil
cash differential was assessed at minus 55 cents/
barrel Tuesday, down 3 cents/b from Monday. The frontloading period of December 24-28, mid-loading period
of December 29-January 2 and back-loading period of
January 3-8 were assessed at minus 56 cents/b, minus
56 cents/b and minus 53 cents/b, respectively. With
Gasoil .05% (500ppm) FOB Arab Gulf Cargo assessment

rationale: (PGA page 2489) FOB Arab Gulf 500 ppm sulfur
gasoil was assessed at $76.58/barrel Tuesday, based on
an assessed freight rate of $2.69/b for the Persian GulfSingapore route for 55,000-mt cargoes. Singapore 500
ppm sulfur gasoil was assessed at $79.27/b.
Rate
$3.25m
$2.95m
$3.25m
$2.53m
$1.1m
$750k
205
rnr
rnr
180
175
200
180
rnr
152.5
rnr
192.5
$2.53m
$2.65m
$543k
rnr
rnr
162.5
rnr
rnr
rnr
rnr
rnr
Charterer
Clearlake
Total
Morg Stan
Repsol
ATC
BP
Bbnaft
cnr
cnr
Valero
Shell
Litasco
Repsol
cnr
BP
cnr
Gazprom
Repsol
cnr
PMI
cnr
cnr
BBNaft
cnr
ST
cnr
cnr
Irving
CL: Clean, F: Failed, UL: Unleaded, NA: Naphtha, GO: Gasoil, DY: Dirty, CR: Crude, FO: Fuel Oil, CO: Condensate, +:Update, pt: prompt, cnr: charterer not reported, rnr: rate
not reported

code: AAFEZ00
Gasoil FOB Arab Gulf Cargo assessment rationale:

(PGA page 2489) FOB Arab Gulf 500 ppm sulfur gasoil
was assessed at $76.58/barrel Tuesday, based on an
assessed freight rate of $2.69/b for the Persian GulfSingapore route for 55,000-mt cargoes. Singapore 500
ppm sulfur gasoil was assessed at $79.27/b.
code: POAAT00
Asia & Middle East Gasoil bids/offers/trades: (PGA page 2491)

ASIA GO CARGO MOC: DEAL SUMMARY: Gasoil
500ppm: FOB Singapore: Dec 26-30: 250kb: Trafigura
buys from SK Energy at MOPS minus $0.05/b INCO
(4:24:46.679).
10
ASIA GO CARGO MOC: OUTSTANDING INTEREST:
BIDS: Gasoil 10ppm: FOB Singapore: BP bids MOPS

+1.30 Dec 24-28 150kb (Deemed pricing 23-31
Dec); Gasoil 10ppm: FOB Singapore: Vitol bids
MOPS +1.50 Dec 24-28 150kb INCO; Gasoil 10ppm:
FOB Singapore: Vitol bids MOPS +1.50 Dec 29-Jan
2 150kb INCO; Gasoil 10ppm: FOB Singapore: BP
bids MOPS +1.30 Jan 3-7 150kb (Deemed pricing
Jan 2-8); Gasoil 500ppm: FOB Singapore: Winson
bids MOPS -0.30 Dec 24-28 150kb (Deemed pricing
Dec 23-31) INCO; Gasoil 500ppm: FOB Singapore:
Trafigura bids MOPS -0.30 Dec 24-28 250kb
(Deemed pricing Dec 23-31) INCO; Gasoil 500ppm:
FOB Singapore: BP bids MOPS -0.30 Dec 29-Jan
2 150kb (Deemed pricing Dec 29-Jan 5); Gasoil
500ppm: FOB Singapore: Total bids MOPS -0.30
Jan 3-7 150kb (Deemed pricing Jan 5-9); Gasoil
500ppm: FOB Singapore: BP bids MOPS -0.30 Jan
4-8 150kb (Deemed pricing Jan 5-9).
OFFERS: Gasoil 10ppm: FOB Singapore: Shell offers
MOPS +1.80 Dec 24-28 150kb (Deemed pricing Dec
22-30); Gasoil 500ppm: FOB Singapore: P66 offers
MOPS +0.30 Dec 24-28 150kb (Deemed pricing Dec
22-30); Gasoil 500ppm: FOB Singapore: Chevron
offers December MOPS +0.10 Dec 27-Dec 31 250kb;
Gasoil 500ppm: FOB Singapore: Lukoil offers MOPS
+0.10 Dec 29-Jan 2 150kb (Deemed Pricing Dec
30-Jan 6); Gasoil 500ppm: FOB Singapore: BB Energy
offers January MOPS flat Jan 4-8 150kb INCO; Gasoil
500ppm: FOB Tanjung Bin: Vitol offers MOPS +0.30
Dec 24-28 150kb INCO.
WITHDRAWN: Gasoil 500ppm: FOB Singapore:
SK Energy no longer offers MOPS -0.05 Dec
26-30 250kb INCO after trade with Trafigura
(4:24:46:679).
Asia & Middle East Gasoil exclusions: (PGA page 2491)
No market data was excluded from the December
9, 2014 Asian gasoil market on close assessment
process.
december 9, 2014
Deals summaries
(PGA page 190)
Naphtha paper
REPORTED AFTER CLOSE
Platts Naphtha Japan swap: Jan heard done
546.00
Platts Naphtha Japan swap: Jan heard done
546.50
Platts Naphtha Japan swap: Jan/Feb heard done
-2.00
Platts Naphtha Japan swap: Jan/Feb heard done
-1.75
Platts Naphtha Japan swap: Bal Dec/Jan heard done
-1.25
Jet paper
Platts Asia deals summary: Jet paper December 9, 2014
Jet Swap: Bal December done 80.70 Vitol sold to JP Morgan
(08:29:56)?
Jet Swap: Bal December done 80.70 Shell sold to CAO
(08:29:53)?
Jet Swap: Bal December done 80.60 Winson sold to
Petrochina (08:29:51)?
Jet Swap: Bal Month/Jan15 done -0.06 Shell sold to Unipec
(08:29:49)
Jet Swap: Bal December done 80.60 Vitol sold to CAO
(08:29:48)
Jet Swap: Bal Month/Jan15 done -0.06 Shell sold to Unipec
(08:29:32)
Jet Swap: Bal December done 80.70 Vitol sold to Lukoil
(08:28:34)
Platts Asia deals summary: Regrade paper December 9, 2014
Regrade Swap: Balance December done 1.30 Vitol sold to
MCE Limited (08:03:46)
Regrade Swap: Balance December done 1.30 Vitol sold to
MCE Limited (08:29:31)
Regrade Swap: January done 1.35 Vitol sold to Mercuria
(08:29:11)
Regrade Swap: January done 1.31 BP Singapore sold to BB
Energy (08:29:34)
Gasoil paper
Platts Asia deals summary: Gasoil paper December 9, 2014:
Fuel Oil
Market analysis: (PGA page 2599) High sulfur fuel
oil values in Singapore continued to head south,
dragged down mainly by steep declines in Western
crude benchmarks and in anticipation of the arrival
of arbitraged cargoes from the West next month, said
Gasoil: December done 79.30 Litasco sells to BP

(08:29:40);
Gasoil: December done 79.30 Litasco sells to Winson
(08:29:43);
Gasoil December done 79.25 Litasco sells to BNP 79.25
(08:29:56).
Fuel oil paper
Platts Asia deals summary: 180 CST paper December 9, 2014
180 CST: January done 363 Itochu sells to Glencore
(08:29:58)
180 CST: January done 363 Petrochina sells to Litasco
(08:29:54)
180 CST: January done 363 Mercuria sells to Glencore
(08:29:30)
180 CST: January done 363 Mercuria sells to Litasco
(08:29:23)
180 CST: Bal Dec done 365.25 Mercuria sells to Glencore
(4:29:39)
Platts Asia deals summary: 380 CST paper December 9, 2014
380 CST: Bal December done 362.25 Unipec sells to Mitsui
(08:29:42)
380 CST: Bal December done 361.75 Litasco sells to Vitol
(08:28:44)
380 CST: Bal December done 362.25 Mercuria sells to Vitol
(08:28:24)
380 CST: Bal December done 362.50 Litasco sells to Vitol
(08:28:10)
380 CST: January done 357.75 Litasco sells to Vitol
(08:29:27)
380 CST: Bal Month/Jan15 done 4.50 Litasco sells to Shell
(08:26:37)
Mogas paper
PLATTS MOGAS ASIA GASOLINE SWAPS MOC: DEAL
SUMMARY: No trades
traders Tuesday. The 180 CST and 380 CST HSFO

grades fell to fresh five-year lows of $383.45/mt and
$381/mt, respectively, at the close of Asian trading
Monday. However, the crack spreads for the two grades
against Dubai crude have been holding up pretty well at
minus $6.22/mt for 180 CST HSFO and minus $6.59/
mt for 380 CST HSFO. This year, both the 180 CST
11
HSFO and 380 CST HSFO crack spreads were weakest

in February when they stood at minus $14.83/mt and
minus $15.49/mt, respectively, data showed. In tenders,
Indias IOC has re-issued its tender for up to 35,000
mt of 380 CST HSFO with a maximum sulfur content of
4.5% for loading December 29-31. The tender closes
December 11 and its validity expires a day later. The
state-owned refiner had canceled its tender for a similar
cargo loading over December 20-22 due to an urgent
refinery problem. The IOC had last sold a similar cargo
for loading over December 8-10 from Chennai to Glencore
at an unknown discount to the IOC formula on an FOB
basis. Separately, South Koreas East-West Power has
issued a buy tender for 30,000 mt of 540 CST HSFO
with maximum sulfur content of 2.5%, for delivery over
January 5-9. The tender closes December 12, according
to a tender document seen by Platts. EWP last bought
via tender 50,000 mt of similar product for August
16-20 delivery into Ulsan from Hyundai Corporation at a
$23.69/mt premium to the August average of MOPS 180
CST HSFO assessments on a CFR basis.
code: PUAXS00
FO 180 CST 3.5%S FOB Spore Cargo assessment

rationale: (PGA page 2593) FOB Singapore 180 CST high
sulfur fuel oil was assessed at $367.58/mt Tuesday,
with the cash differential at $3.47/m. The assessment
reflected a trade for a cargo loading over January 4-8
that Mercuria sold to Shell at Mean of Platts Singapore
180 CST HSFO assessments plus $3/mt.
code: PUADV00
FO 380 CST 3.5%S FOB Spore Cargo assessment

rationale: (PGA page 2593) FOB Singapore 380 CST
high sulfur fuel oil was assessed at $366.30/mt
Tuesday, with the cash differential at $6.13/mt. The
assessment reflected two offers from KIB Energy
for cargoes loading December 24-28 and December
26-30 at balance December average of Mean of Platts
Singapore 380 CST HSFO assessments plus $5.50/
Subscriber notes (cont.)
(PGApage 1500)
in LPGaswire and no tanker assessments originating in

ports East of Suez Canal in Clean and Dirty Tankerwires.
Platts will maintain its current publication schedule for
Wednesday, December 24, 2014; Wednesday, December
31, 2014 and Friday, January 2, 2015, on which days its
assessment processes will close early. All assessments and
market-on-close processes will be basis 12:30 pm Singapore
time (0430 GMT) on those days. Please submit any
comments to oilgroup@platts.com and pricegroup@platts.
com. For full details of Platts publishing schedule and
services affected, refer to http://www.platts.com/holiday
mt and balance December average of MOPS 380 CST

HSFO assessments plus $5.00/mt. The assessment
also reflected an offer from Chevron for a cargo loading
January 3-7 at the January average of MOPS 380 CST
HSFO assessments plus $8.00/mt.
code: PPXDK00
FO 180 CST FOB Arab Gulf Cargo assessment

rationale: (PGA page 2593) FOB Arab Gulf 180 CST high
based on an assessed freight rate of $20.85/mt for the
Persian Gulf-East route for 80,000-mt cargoes.
code: PUABE00
FO 380 CST 3.5% FOB Arab Gulf Cargo assessment

rationale: (PGA page 2593) FOB Arab Gulf 380 CST high
based on an assessed freight rate of $20.85/mt for the
Persian Gulf-East route for 80,000-mt cargoes.
code: AAIDC00
Singapore Fuel Oil bids/offers/trades: (PGA page 2594)

Platts HSFO Trade Summary: Three trades: HSFO
380CST: FOB Singapore: 40kt: Dec 24-28: Petrochina
buys from Shell at MOPS +6.00 INCO (4:23:40:393);
HSFO 380CST: FOB Singapore: 20kt: Dec 24-28: Gunvor
december 9, 2014
Corrections
Please note that the December 4 assessment for
95 RON Unleaded gasoline FOB South Korea, and its
corresponding price database codes should read as follows:
Gasoline 95 RON Unl FOB Korea (PGAQO00):
Date

Low-High

Mid
Dec 4

78.02-78.06
78.04
These assessments appear in Platts Global Alert
pages 2340, 2008 and 2304, Asia-Pacific/Arab Gulf
Marketscan and in the Platts price database under the
code listed above.
sells to Petrochina at MOPS +6.50 INCO (4:24:16:6);

HSFO 180CST: FOB Singapore: 20kt: Jan 4-8: Mercuria
sells to Shell at MOPS +3.00 INCO (4:24:23:322).
ASIA 180 CST HSFO CARGO: DEAL SUMMARY: One trade:
HSFO 180CST: FOB Singapore: 20kt: Jan 4-8: Mercuria
sells to Shell at MOPS +3.00 INCO (4:24:23:322).
ASIA 180 CST HSFO CARGO: OUTSTANDING INTEREST:
Platts HSFO 180CST: FOB Singapore: Glencore offers
MOPS +4.00 Dec 26-30 25kt INCO; Platts HSFO
180CST: FOB Singapore: Glencore offers MOPS +4.00
Dec 31-Jan 4 25kt INCO; Platts HSFO 180CST: FOB
Singapore: Mercuria offers MOPS +4.00 Dec 24-28
23kt INCO; Platts HSFO 180CST: FOB Singapore:
Mercuria offers MOPS +4.00 Jan 4-8 20kt INCO.
ASIA 180 CST HSFO CARGO: WITHDRAWN: Platts
HSFO 180CST: FOB Singapore: Shell no longer bids
MOPS +3.00 Jan 4-8 20kt INCO after trade with
Mercuria (4:24:23:322).
ASIA 380 CST HSFO CARGO: DEAL SUMMARY: Two
trades: HSFO 380CST: FOB Singapore: 40kt: Dec
24-28: Petrochina buys from Shell at MOPS +6.00
INCO (4:23:40:393); HSFO 380CST: FOB Singapore:
20kt: Dec 24-28: Gunvor sells to Petrochina at MOPS
+6.50 INCO (4:24:16:6).
ASIA 380 CST HSFO CARGO: OUTSTANDING INTEREST:
Platts HSFO 380CST: FOB Singapore: SK Energy offers
MOPS Bal Dec Avg +5.75 Dec 29-Jan 2 20kt INCO;
Platts HSFO 380CST: FOB Singapore: Shell offers MOPS
+8.00 Jan 1-5 40kt INCO; Platts HSFO 380CST: FOB
12
Singapore: Vitol offers MOPS +7.00 OR MOPS bal Dec

Avg. +5.50 Dec 24-28 20kt INCO; Platts HSFO 380CST:
FOB Singapore: Vitol offers MOPS +6.50 OR MOPS bal
Dec Avg. +5.00 Dec 27-31 20kt INCO; Platts HSFO
380CST: FOB Singapore: KIB Energy offers MOPS Bal
Dec Avg +5.50 Dec 24-28 40kt INCO; Platts HSFO
380CST: FOB Singapore: KIB Energy offers MOPS +7.00
or MOPS Bal Dec Avg +5.00 Dec 26-30 40kt INCO;
Platts HSFO 380CST: FOB Singapore: Brightoil offers
MOPS Jan Avg. +10.00 Jan 4-8 20kt; Platts HSFO
380CST: FOB Singapore: Chevron offers MOPS Jan
Avg. +8.00 Jan 3-7 20kt; Platts HSFO 380CST: FOB
Singapore: Mitsui offers MOPS Bal Dec Avg. +8.00
Dec 24-28 20kt INCO;
Platts HSFO 380CST: FOB Singapore: Mitsui offers
MOPS Bal Dec Avg. +5.00 Dec 31-Jan 4 20kt INCO.
ASIA 380 CST HSFO CARGO: WITHDRAWN: Platts HSFO
380CST: FOB Singapore: PetroChina no longer bids
MOPS +6.50 Dec 24-28 20kt INCO after trade with
Gunvor (4:24:16:6); WD: Platts HSFO 380CST: FOB
Singapore: PetroChina no longer bids MOPS +6.00 Dec
29-Jan 2 20kt INCO; WD: Platts HSFO 380CST: FOB
Singapore: PetroChina no longer bids MOPS +5.50 Jan
3-7 20kt INCO; WD: Platts HSFO 380CST: FOB Singapore:
Glencore no longer bids MOPS +6.00 Dec 24-28 20kt
INCO; WD: Platts HSFO 380CST: FOB Singapore:
Glencore no longer bids MOPS +6.00 Dec 29-Jan 2
20kt INCO; WD: Platts HSFO 380CST: FOB Singapore:
Glencore no longer bids MOPS +5.50 Jan 4-8 20kt INCO;
WD: Platts HSFO 380CST: FOB Singapore: Mercuria
no longer bids MOPS +6.00 Dec 24-28 20kt INCO;
no longer bids MOPS +6.00 Dec 29-Jan 2 20kt INCO;
no longer bids MOPS +5.50 Jan 2-6 20kt INCO; Platts
HSFO 380CST: FOB Singapore: Shell no longer offers
MOPS +6.00 Dec 24-28 40kt INCO after trade with
Petrochina (4:23:40:393).
Singapore Fuel Oil exclusions: (PGA page 2594) No
market data was excluded from the December 9, 2014,
asssessment process.
US West Coast Gasoline
(PGA page 397)
The Los Angeles CARBOB cash differential fell 2.75

cents to be assessed at NYMEX January RBOB minus
9.75 gal, after 50,000 barrels were heard to trade
at that level and rebid Tuesday. Los Angeles CARBOB
against the February futures contract was heard to
trade at minus 5 cents/gal. The Portland suboctane
cash differential fell 1 cent to be assessed at
NYMEX January RBOB minus 19.50 cents/gal. Its
oversupplied, a West Coast source said, That is why
I would think we should see run cuts or exports.
Sour Crude
Market analysis: (PGA page 2298) The Asian sour crude
market was largely quiet Tuesday with traders focused
on a refinery outage in Oman that has weighed on the
Oman crude price since late last week. Omans 106,000
b/d Mina Al Fahal refinery has been shut since a fire at
a naphtha unit broke out last Thursday. Two sources at
the plant said it could take about two weeks before the
refinery resumes operations. An ORPIC spokesperson did
not have any comments Tuesday. A two-week outage at
the plant could leave about 1.50 million barrels of unused
Oman oil, although traders said they had not seen any
offers from the country yet. Several traders said that given
the recent decline in prices, it was unlikely that Oman
would offer crude in the market. I would be surprised if
they sell oil now, with the price on the Dubai Mercantile
Exchange and differentials down so much, said a trader.
Oman crude has come under sustained pressure since
the fire, on expectations of a spillover of oil in the regional
spot market. On Monday, Platts assessed cash February
Oman at $65.90/barrel, reflecting a discount of 81
cents/b to February Dubai swaps, compared to a discount
of 44 cents/b Friday. Meanwhile, in one of the first trades
for February-loading Middle East cargoes, Indian Oil was
heard to have bought 1 million barrels of Abu Dhabis
Murban crude from Shell in a tender. The price was
heard to be around 19 cents/b below Platts Dated Brent
assessments. One trader said offers for February Murban
december 9, 2014
were heard around a premium of around 20 cents/b to

the grades OSP. I think Murban levels maybe quite good
to start with, despite the cut in Saudi OSPs, said the
trader, referring to Saudi Aramcos cut in its January crude
prices for buyers in Asia that many say would undermine
spot demand in the region. Overnight, Iraqs State Oil
Marketing Organization slashed its January Basrah
Light crude OSP for Asian buyers by $1.50/b month on
month to a discount of $4/b to the Oman-Dubai average.
The January Basrah Light OSP for Asia is at a $0.55/b
discount to Saudi Aramcos January Arabian Mediums OSP.
The December Basrah Light OSP for Asia was at $0.90/b
discount to the December Saudi Arabian Mediums OSP.
Dubai Mo01 assessment rationale: (PGA page 2295)
February cash Dubai was assessed at $62.41/barrel
Tuesday. The assessment reflects Shells bid to buy a
February-loading Dubai partial at $62.40/b that was
standing at the end of the MOC process.
code: PCAAT00
Oman Blend Mo01 assessment rationale: (PGA page

2295) February cash Oman was assessed at $63.61/
barrel Tuesday. The assessment reflects Shells bid for
a February-loading Oman partial at $63.60/b that was
standing at the end of the MOC process.
code: PCABS00
Sour Crude bids/offers/trades: (PGA page 2296)

Platts Crude : PG BIDS: FINALS ON CLOSE:
Platts Dubai Partial Feb14: Shell bids at $62.40/b
for 25kb; Platts Dubai Partial Feb14: Trafigura bids at
$62.20/b for 25kb; Platts Dubai Partial Feb14: Gunvor
bids at $62.20/b for 25kb; Platts Oman Partial Feb14:
Shell bids at $63.60/b for 25kb; Platts Oman Partial
Feb14: Trafigura bids at $63.50/b for 25kb
Platts Crude : PG OFFERS: FINALS ON CLOSE:
Platts Dubai Partial Feb14: ChinaOil offers at
$62.45/b for 25kb; Platts Dubai Partial Feb14:
Gunvor offers at $62.60/b for 25kb; Platts Dubai
13
Partial Feb14: Unipec offers at $62.80/b for 25kb;

Platts Dubai Partial Feb14: Vitol offers at $63.40/b
for 25kb; Platts Dubai Partial Feb14: Shell withdraws
offers at $63.40/b for 25kb (4:13:56)
Platts Crude : Platts Asia deals summary: 25 trades:
Part 1 of 3
1) Dubai: FOB Fateh: February: 25kb: ChinaOil sells to
Shell at $62.90/b (08:09:03); 2) Dubai: FOB Fateh:
February: 25kb: ChinaOil sells to Shell at $62.80/b
(08:09:57); 3) Dubai: FOB Fateh: February: 25kb:
ChinaOil sells to Shell at $62.70/b (08:10:57); 4)
Dubai: FOB Fateh: February: 25kb: ChinaOil sells to
Shell at $62.60/b (08:11:49); 5) Dubai: FOB Fateh:
(08:14:32); 6)Dubai: FOB Fateh: February: 25kb:
Shell buys from ChinaOil at $62.40/b (08:14:58); 7)
Dubai: FOB Fateh: February: 25kb: Shell buys from
ChinaOil at $62.40/b (08:15:14); 8)Dubai: FOB Fateh:
February: 25kb: Shell buys from ChinaOil at $62.40/b
(08:15:55); 12)Dubai: FOB Fateh: February: 25kb: Shell
buys from ChinaOil at $62.40/b (08:16:03); 13)Dubai:
FOB Fateh: February: 25kb: Shell buys from ChinaOil at
$62.40/b (08:16:19); 14)Dubai: FOB Fateh: February:
25kb: ChinaOil sells to Shell at $62.40/b (08:16:50);
15)Dubai: FOB Fateh: February: 25kb: Shell buys from
(08:18:31)*; 20)Dubai: FOB Fateh: February: 25kb:

Mercuria buys from ChinaOil at $62.45/b (08:23:59);
24)Dubai: FOB Fateh: February: 25kb: Mercuria buys
from ChinaOil at $62.45/b (08:24:21); 25)Dubai: FOB
Fateh: February: 25kb: Mercuria buys from ChinaOil
at $62.45/b (08:24:33); *Platts Crude: ChinaOil
declares a cargo of Upper Zakum to Shell following the
convergence of 20 partials in Platts cash Dubai
Sour Crude exclusions: (PGA page 2296) No market data
was excluded from the December 09, 2014, Middle East
sour crude assessment process.
Sweet Crude
Market analysis: (PGA page 2299) The new trading cycle
for February-loading cargoes kicked off in the AsiaPacific sweet crudes market Tuesday, with some regional
suppliers quickly issuing their first batch of sell tenders
in a holiday-shortened month. Trade participants said
many refiners were quick to run their linear programming
models this time and once the new regional loading
program became clearer, trading will likely pick up very
fast. There should be very few if not no unsold
January-loading cargoes so the market can quickly
get on with the new [trading] cycle, said a Singaporebased sweet crudes trader, adding that the number
of working days are fewer this month, so everyone
including suppliers, traders, brokers and end-users will
be looking to wrap things up as early as possible.
Vietnams state-owned PV Oil issued a tender to sell two
300,000-barrel cargoes of Chim Sao crude for loading
over February 11-15 and 22-26. The tender closes on
December 12 and remains valid until December 16.
The Vietnamese oil marketer was last heard to have
sold three 300,000-barrel cargoes of Chim Sao crude
for loading January 7-11, 17-21 and 26-30 at premiums
of around $2.60-3/b to Platts Dated Brent crude
assessments. It seems that Northeast Asia is bracing
for below-average temperatures this winter, but Japanese
demand for direct-burning grades wont pick up much
because they have plenty of stockpiles, said a second
december 9, 2014
sweet crudes trader. Elsewhere, Malaysia Petronas also

issued a fresh sell tender offering 1 million barrels of
Sudans Dar Blend crude for loading January 10-11. The
tender closes on December 9 and remains valid until
December 12. Malaysias state-owned oil company last
sold 1 million barrels of Dar Blend crude for loading
over November 25-26 to Unipec at a discount of around
$8.50/barrel to Dated Brent crude assessments on
an FOB basis, traders said. In Thailand, PTT was heard
to have purchased, via a tender, 650,000 barrels of
Australias Cossack crude as well as a 300,000-barrel
cargo each of Malaysias Kikeh and Kidurong crudes.
The cargoes are scheduled for delivery over February 2-6
to oil refiner and petrochemicals producer IRPC. Market
talk indicated that PTT may have bought the Cossack
cargo at a discount of around 30-50 cents/barrel to
Dated Brent on CFR basis and it paid premiums of
around $4.1-$4.3/b and $5.5/b CFR basis, for the Kikeh
and Kidurong cargoes, respectively. However, the details
could not be confirmed. Elsewhere, trading sources said
Australias BHP has sold a 650,000-barrel cargo of US
condensate for loading over the first half of January
from Houston to Koch Supply & Trading. Traders said
the cargo was destined for Europe, but further details,
including the premium fetched, were not clear.
ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01
assessment rationale: (PGA page 2292) The ESPO M1
differential to Dubai was assessed at a premium of
$2.05/barrel Tuesday. There were no bids or offers for
ESPO Tuesday.
code: AASEU00
Sweet Crude bids/offers/trades: (PGA page 2293)

ASIA LIGHT CRUDE MOC: DEAL SUMMARY: No deals.
ASIA LIGHT CRUDE MOC: OUTSTANDING INTEREST:
None.
Sweet Crude exclusions: (PGA page 2293) No market
data was excluded from the December 09 Asia Light
Crude assessment process.
14

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[OIL ]

ASIA-PACIFIC/ARAB GULF MARKETSCAN

Volume 33 / Issue 237 / December 9, 2014

(PGA page 2002)

PAAAP00 58.2558.29 58.270 -2.040

Middle East physical oil assessments

(PGA page 2004)

(PGA page 1500)

Following extensive feedback, Platts confirms that it

Asia-Pacific/Arab Gulf Marketscan

(PGA page 2655)

AAXFE00 545.75546.25 546.000

AAXFF00 547.75548.25 548.000

PAAAR00 57.9858.02 58.000

AAXEM00 71.9872.02 72.000

(PBF page 2410)

(PGT pages 2910 & 2960)

Indonesia physical oil assessments

(PGA page 2516)

Japan physical oil assessments

South Korea physical oil assessments

Copyright 2014, McGraw Hill Financial

Market analysis: (PGA page 2396) Demand in the Asia

Asia-Pacific/Arab Gulf Marketscan

South Korea physical oil assessments

Australia (PGA page 2014)

Gasoline Unl 92 FOB Spore Cargo assessment

(PGA pages PGT2910 & PGT2960)

South China/Hong Kong physical oil assessments

(PGA page 2012)

Gasoline Unl 95 FOB Spore Cargo assessment

(PGA page 2010)

Copyright 2014, McGraw Hill Financial

Gasoline Unl 97 FOB Spore Cargo assessment

Asia-Pacific/Arab Gulf Marketscan

Singapore Gasoline bids/offers/trades: (PGA page 2393)

Foreign exchange rates

(PGA page 2160)

Source: Development Bank of Singapore

Naphtha FOB Spore Cargo assessment rationale: (PGA

Market analysis: (PGA page 2398) The Asian naphtha

$58.27/barrel Tuesday, based on an assessed freight

Naphtha C+F Japan Cargo assessment rationale:

Copyright 2014, McGraw Hill Financial

The above commentary applies to the following market data

Naphtha FOB Arab Gulf Cargo assessment rationale:

at $508.73/mt Tuesday, based on an assessed freight

Naphtha Cargo bids/offers/trades: (PGA page 2389)

Asia-Pacific/Arab Gulf Marketscan

H1 Feb/H1 Mar +2.50 or H2 Feb/H2 Mar +2.50;

European products ($/mt)

Naphtha Cargo exclusions: (PGA page 2389) No market

(PGA page 1114)

AAWZB00 623.25623.75 623.500

Northwest Europe cargoes

(PGA page 1110)

Northwest Europe barges

PJAAV00 655.00655.50 655.250

*MTBE is FOB Amsterdam-Rotterdam-Antwerp

ICE gasoil GWAVE (Previous days values)

(PGA page 702)

PXAAJ00 605.500 08Dec14

(PGA page 1112)