European Oil Product Specs
European Oil Product Specs
European Oil Product Specs
www.platts.com
39
Gasoline
50
60
61
62
71
Naphtha
13
Jet Fuel
15
ULSD
17
Gasoil
22
25
Feedstocks
30
LPG
32
METHODOLOGY GUIDE
EXECUTABILITY
Platts only takes into account bids and offers where trading
participants have demonstrated that those bids and offers are
firm and executable.
Platts tracks outright and spread levels through the day between
08.30:00-16.30:00 London time and these levels may have a
bearing on final assessment levels, depending on transparency and
the patterns of liquidity over the day. Transactions and activity in
futures, physical or derivatives markets before 08.30:00 and after
16.30:00 London time are not taken into account. All market
activity is viewed in light of its market relevance, repeatability and
transparency. Transactions between related parties or transactions
that do not meet Platts high standards for transparency,
verifiability and repeatability may not be taken into account.
BIDS/OFFERS
Platts considers transactions, bid/offer levels and market
indications that are reflective of typical conditions and
originating from sources deemed reliable.
Details of bids/offers and deals for European oil products are
provided on Platts electronic screen service Platts Global Alert on
PGA005.
Bids and offers must in principle be open to any reputable and
creditworthy counterparty.
Platts will exclude transactions, bids/offers or any market
indications when these appear to be unrepresentative of the
market, or unrepeatable. Deals done below the level of prevailing
bids or above the level of prevailing offers (i.e., selling through
the bid or buying through the offer) will not be reflected in
Platts assessments.
PERFORMANCE
Platts' editorial guidelines governing its assessment process require
it must consider only those transactions, bids or offers where
market participants perform under typical contractual terms.
Platts accepts that individual companies may have trading limits
with counterparties and that national legislation may prevent
companies from dealing in materials of certain origins. Such
counterparty issues will be dealt with on a case-by-case basis.
Participants intending to sell should not offer when there is a
known and distinct possibility that loading/delivery may be
delayed. If congestion or delays prevent performance under the
contractual terms, the seller should make reasonable and timely
efforts to supply from an alternative source, or the seller should
engage in other measures to alleviate the buyers' exposure.
Equally, a buyer should not over-commit and then aggregate
nominations in a way that m akes it logistically impossible for
the seller to perfor m.
Platts will take appropriate steps to ensure the integrity of its
assessments if issues of non-performance should arise.
EUROPEAN PRODUCTS
METHODOLOGY GUIDE
QUALITY
Platts products assessments are based on merchantable grades.
INCREMENTABILITY
Price changes to bids and offers will be considered in the
assessment process only if the improvements in the price of bids
and offers are incremental in nature. Typically the increments
considered would be of a maximum of $1/mt but this varies
according to market conditions. Price changes made very rapidly,
that do not allow a counterparty to execute, may be disregarded.
Where related futures markets exhibit unusual volatility, Platts
may increase the level of increment accepted without prior notice.
Platts will typically advise such increment changes on PGA005
Please note that market participants may withdraw bids/offers at
any point, provided no counterparty has expressed an intention
to execute the bid/offer. Also market participants may back away
from the price non-incrementally.
REPEATABILITY
Bids, offers and transactions are viewed against the broader
supply/demand generated by those bids/offers and transactions.
Hence if a low price offer generates too much demand, Platts
may determine in its editorial process that the market value is
higher than the level offered. Likewise if a high bid generates too
much supply and the buyer is unable to buy all the volume that
is offered, Platts in its editorial process may determine that that
the market value is lower than the level bid.
SPREADS
Platts typically reflects fixed price deals, bids and offers in its
assessments. Platts also uses bids/offers and transactions on a
Platts related and EFP-related basis, for instance on middle
distillates where bids/offers and deals are frequently concluded
on an IPE-related basis.
EUROPEAN PRODUCTS
METHODOLOGY GUIDE
NYMEX VALUES
PRICE UNITS
These include the front-two months for the NYMEX futures WTI
crude contract, the front-two months for the heating oil and the
front-two months for the unleaded gasoline contracts, all at
1630 London time.
EURO-DENOMINATED VALUES
TIMING
Assessments reflect arrivals or loadings between 10-25 days from
date of publication for all grades on cargoes, and a minimum of 3
days to a maximum of 15 days from date of publication on barges.
In practice, because of the 48-hour nomination procedure on
barges, the assessment reflects trading activity for 3-15 days from
date of publication on Monday and Tuesday and 5-15 days from
date of publication on Wednesday through Friday. On holidays,
the 48 hour nomintion clause may result in a loadings 4, 5 or 6
days forward and this may be factored into the assessment.
The Platts assessment process typically considers bids and offers
made with 5 day loading /delivery windows within the standard
3-15 or 5-15 days forward for barges and 10-25 days forward for
cargoes.
Nomination procedures are detailed below. Normal notice of
readiness procedures will be considered..
NOMINATIONS
Effective August 1, 2007, Platts started to reflect CIF Northwest
Europe gasoline, jet fuel, diesel, gasoil and fuel oil cargoes and CIF
Mediterranean gasoline, diesel and fuel oil cargoes that stipulate
vessel nomination and narrowing to a 3 day delivery range by the
earliest of either 5-calendar or 3-working days prior to the first day
of the actual delivery range. In the case of CIF Mediterranean
gasoil cargoes, the vessel nomination and narrowing should be
made by the earliest of either 7-calendar or 5-working days prior
to the first day of the actual delivery range.
FOREX RATES
Platts publishes key foreign exchange currency rates in the
European market in Platts European Marketscan and its Platts
Global Alert electronic publication. The forex rates reflect
prevailing values at 1630 London time.
CREDIT/PAYMENT TERMS
Payment is as per standard commercial practice which may be
prompt or within a few working days of lifting or discharge.
Wherever greater credit is given this will be allowed for in the
assessment process.
TIME GRADIENT
Platts assessments fully take into account any backwardation or
contango in the marketplace. The assessments thus reflect the
value after taking into consideration the difference in prices
prevailing along the time curve assessed by Platts. Typically,
EUROPEAN PRODUCTS
METHODOLOGY GUIDE
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
Prem
AAOPW00-AAOPW00
PAAAI00-PAAAI00
AAIDL00-AAIDL00
AAOQC00-AAOQC00
POAAB00-POAAB00
PUAAK00-PUAAK00
PUAAZ00-PUAAZ00
AAIDN00-AAIDN00
CIF Med(Genova/Lavera)
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
AAOPX00-AAOPX00
PAAAH00-PAAAH00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
AAOQD00-AAOQD00
POAAA00-POAAA00
PUAAJ00-PUAAJ00
PUAAY00-PUAAY00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
AAIJJ00-AAIJJ00
AAOPZ00-AAOPZ00
AAIJN00-AAIJN00
PAAAJ00-PAAAJ00
PAAAL00-PAAAL00
PJAAU00-PJAAU00
AAKWP00-AAKWP00
AAIKO00-AAIKO00
AAOQB00-AAOQB00
AAOQZ00-AAOQZ00
POAAC00-POAAC00
PUAAL00-PUAAL00
PUABA00-PUABA00
+X.00
+X.00
AAHMZ00-AAHMZ00
AAHND00-AAHND00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
AAKOD00-AAKOD00
PGABM00-PGABM00
AANWY00-AANWY00
AAKOF00-AAKOF00
PHAKZ00-PHAKZ00
PAAAM00-PAAAM00
PJABA00-PJABA00
AAJUS00-AAJUS00
AAGMK00-AAGMK00
POAAG00-POAAG00
PUAAP00-PUAAP00
AASXR00-AASXR00
PUABC00-PUABC00
PUAYW00-PUAYW00
AAHNF00-AAHNF00
AAHNI00-AAHNI00
EUROPEAN PRODUCTS
+X.00
+X.00
+X.00
AAIJH00-AAIJH00
AAOPY00-AAOPY00
AAIJL00-AAIJL00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
PJAAV00-PJAAV00
AAKWR00-AAKWR00
AAIKM00-AAIKM00
AAOQA00-AAOQA00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
POAAD00-POAAD00
PUAAM00-PUAAM00
PUABB00-PUABB00
PKABA00-PKABA00
AAHMX00-AAHMX00
AAHNB00-AAHNB00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
AALBJ00/AALBJ00
International Petroleum Exchange
Gasoil Settlements
M01
n/a M04
M02
n/a M05
M03
n/a M06
IPE gasoil GWAVE
M01 PXAAJ00 M01
M02 PXAAK00 M02
n/a
n/a
n/a
1630
n/a
n/a
METHODOLOGY GUIDE
LOADING/DELIVERY LOCATION
CargoesUnless otherwise stated, the CIF NWE cargo assessments
reflect deliveries into ARA, basis Rotterdam and the CIF Med cargo
assessments reflect a Genoa/Lavera basis. On the CIF, a normal
range of charter options is considered. Where these have been
defined, they are listed separately by product. The location basis
of assessments FOB NWE and FOB Med vary by product.
BargesUnless otherwise specified, loading for material covered
by Barges FOB Rotterdam assessments is assumed to be from
refinery or storage in the Amsterdam, Rotterdam or Antwerp area.
The assessment are basis Rotterdam except when stated otherwise.
Other sources such as Flushing and Ghent may be considered in
individual assessments where these are deemed relevant, but at a
differential which may reflect freight differentials to Rotterdam or
to related end-user markets such as Germany.
EMBEDDED OPTIONS
PARCEL SIZE
Platts overall objective is to reflect the transactable value of the
commodity assessed. In cases where the apparent value of the
commodity includes extra optionalities and the intrinsic value of
the commodity is masked, Platts may use its editorial judgement
to factor out such extraneous elements from the value of the
commodity, or it may decide not to use the bid, offer or
transaction in its assessment process.
Optionalities that typically mask the value of the commodity
include loading or delivery options held by the buyer or seller,
volume option tolerances exercisable by the buyer or seller or
quality specifications among others.
For example, where a buyer bids on barges for full window dates
rather than a 5-day window, Platts may consider the bid to
contain more than usual optionality for the buyer and may
disregard such bids in its assessments.
OPERATIONAL TOLERANCE
Platts issued a subscriber note in September 2005 stating that it
is reviewing the standards used in Platts European oil products
cargo assessments relating to operational tolerance, in light of
continuing extreme price volatility in the market. Market
EUROPEAN PRODUCTS
FREIGHT DIFFERENTIALS
Platts may take into account prevailing freight rate levels in
establishing both FOB and CIF values. Where a market has
become illiquid, Platts may routinely determine the FOB value
from the CIF value. Where there is limited local demand but
longer range arbitrage opportunities emerge, the FOB value may
rise relative to the CIF value and may at times be assessed at
parity or even above the CIF value.
METHODOLOGY GUIDE
In the past, Platts has tended to track broader freight trends over
time to establish FOB/CIF relationships. Platts now actively
assesses those relationships on a daily basis, and actively uses
freight information published by Platts in the assessment of
product values. Platts tanker publications Platts Clean
Tankerwire and Platts Dirty Tankerwire now carry both
worldscale and $/mt freight assessments for clean products and
fuel oil, which may be incorporated in assessments where
appropriate.
SHIPPING
Platts typically reflects good quality modern tonnage in its
freight assessments, and excludes from its CIF assessments any
vessels which are outside the normal parameters of acceptability.
Platts may take into account a variety of factors when
establishing whether it will include bids or offers with specific
shipping requirements or conditions in its assessments, such as
the vessels age and chartering history.
Platts considers in its CIF cargo assessments offers where the
seller a) names the ship carrying the oil product, b) seller
commits to meet normal requirement by buyer, c) seller
commits to have ship approved by at least three named majors
which need to be stated, d) or commits to ship which will be
approved by major selling, major buying, and second major
named by buyer.
SWAPS
Bids and offers for Over the Counter derivative instruments
such as swaps (also know as Contracts for Differences or CFDs)
are subject to the same incrementability and repeatability
standards applicable to the physical markets. Bids/offers
should move up or down in increments not exceeding $1/mt.
Bids or offers submitted on a firm basis should be open for
execution to the first reputable and creditworthy party of
record. Bids and offers for paper instruments should be
submitted no later than 16.15:00 London time. Changes to the
bids and offers will be recognized up to 16.28:00 London time.
Firm bids and offers automatically expire at 16.30:00 London
time. Please note that the purpose of these time cut-offs and
standards of incrementability and repeatability are primarily
logistical, and designed to ensure orderly price discovery. As
such, they may be changed at short notice if evolving market
conditions require.
SEASONALITY
DATA CODES
Each Platts assessment is identified in the electronic databases by a
7-character data code. The following table provides the data codes
for European oil product assessment carried in Platts European
Marketscan. The table layout is based on the telex/newsletter version
of Platts European Marketscan; when assessments are carried in
related publications such as Platts Oilgram price Report or the
regional marketscans, the actual layout may vary.
EUROPEAN PRODUCTS
METHODOLOGY GUIDE
GASOLINE
GASOLINE
European premium gasoline assessments reflect EN228 material.
The maximum sulfur allowed in EN228 was reduced to 50 ppm
from January 1, 2005. The aromatics limit was also reduced from
42 to 35 in the same timeframe. The tighter standards became
mandatory within the EU from January 1, 2005 because of
changes in EU regulations. The EU is targetting further reduction
in the sulfur limits by 2009.
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
Other: N/A
Background: The 50 ppm assessment was introduced July 1, 2004.
EB
AAOPX0000000
AAOPX00
01-JUL-2004
BLM CQI DRI EMS FTP FUT KR RTR SAR
Prem Unl 50 PPM CIF Med
EUROPEAN PRODUCTS
EB
AAOPW0000000
AAOPW00
01-JUL-2004
BLM CQI DRI EMS FTP FUT KR RTR SAR
Prem Unl 50 PPM FOB Med
METHODOLOGY GUIDE
GASOLINE
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
EB
PRPPRUNWECEQ
PGABI00
01-JUN-1992
BLM CQI DRI EMS FTP FUT KR RTR SAR
Prem Unl FOB NWE Cargoes
Other: N/A
Background: Effective 2 January 2003, the assessment reflected
50ppm sulphur specification only. Before that date, 150 ppm
sulfur material was reflected in the assessment.
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
EB
PRPPRUNWECEO
PGABH00
01-JUN-1992
BLM CQI DRI EMS FTP FUT KR RTR SAR
Prem Unl CIF NWE Cargoes
EUROPEAN PRODUCTS
EB
AAOPZ0000000
AAOPZ00
01-JUL-2004
BLM CQI DRI EMS FTP FUT KR RTR SAR
Prem Unl 10 PPM CIF ARA
METHODOLOGY GUIDE
GASOLINE
assessments.
Background: Effective 2 January 2003, the assessment
reflected 50ppm sulphur specification only.
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
EB
PRPGU$NWECIF
PGACZ00
08-FEB-1988
BLM CQI DRI EMS FTP FUT KR RTR SAR
Reg Unl CIF NWE Cargoes
Other: N/A
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
EB
AAOPY0000000
AAOPY00
01-JUL-2004
BLM CQI DRI EMS FTP FUT KR RTR SAR
Prem Unl 10 PPM FOB ARA
EUROPEAN PRODUCTS
EB
PRPGU$NWECIH
PGADA00
01-JUN-1992
BLM CQI DRI EMS FTP FUT KR RTR SAR
Reg Unl FOB NWE Cargoes
10
METHODOLOGY GUIDE
EB
PRPM9URTTBFO
PGAMR00
03-OCT-1994
BLM CQI DRI EMS FTP FUT KR RTR SAR
Unl 98 FOB R'dam Barges
GASOLINE
EB
PRPPRURTTCEY
PGABM00
01-JUN-1992
BLM CQI DRI EMS FTP FUT KR RTR SAR
Prem Unl FOB R'dam Barges
EUROPEAN PRODUCTS
EB
AANWY0000000
AANWY00
01-APR-2004
BLM CQI DRI EMS FTP FUT KR RTR SAR
Prem Unl 50 PPM FOB AR
11
METHODOLOGY GUIDE
GASOLINE
EB
PRPGU$RTTCIP
PGADE00
02-APR-1987
BLM CQI DRI EMS FTP FUT KR RTR SAR
Reg Unl FOB R'dam Barges
EUROPEAN PRODUCTS
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
EB
AALBJ0000000
AALBJ00
02-JAN-2003
BLM CQI DRI EMS FTP FUT KR RTR SAR
Barge Differential 50 PPM-10 PPM
12
EB
PCPMTBRTTANE
PHYPRTAAH PHYPRTAAL
PHAKZ00
22-JUN-1992
BLM CQI DRI EMS FTP FUT KR RTR SAR
MTBE FOB AR MOC
METHODOLOGY GUIDE
NAPHTHA
PAAAL00 NAPHTHA CARGOES CIF NWE
Quality: The CIF NWE cargo assessment reflects open spec
material with a min 65 paraffin content and a typical specific
gravity of 0.69 to 0.73 g/ml. Other qualities for instance 70-min
paraffins and pipe spec may be taken into account when traded
but these may command a premium or discount to cargoes fitting
Platts typical specifications. The assessment is always normalized
to the open spec quality naphtha and any market indicator that
fits those parameters overrides signals stemming from other
quality cargoes. The premium or discount to be applied will be at
the reporters discretion, based on relevant market activity. Platts
products assessments are based on merchantable grades.
Bids/offers that exclude legitimate supply sources may be deemed
restrictive and excluded from the assessment process. As an
example, naphtha bids that exclude Tees as a supply source can
not be taken into account for assessment purposes. Likewise,
naphtha with larger than normal mercury levels may not be
considered in the assessment process. The maximum mercury
considered in the assessment is 5 parts per billion.
Size: The physical assessments reflect parcels of 12,500 mt +/- a
maximum 10% operational tolerance, full or part-cargo. A cargo
meeting these volume specifications meets the standard and
overrides signals stemming from other cargo sizes. Specific
volumes in the range 10,000-15,000 mt with a maximum 10%
operational tolerance, full or part-cargo, may be considered in
the assessment if any other clear indicators are lacking. Other
EUROPEAN PRODUCTS
GASOLINE / NAPHTHA
EB
PRPNPHNWECQC
PPNANEDDH PPNANEDDL
PAAAL00
19-NOV-1990
BLM CQI DRI EMS FTP FUT KR RTR SAR
Naphtha CIF NWE Physical
13
METHODOLOGY GUIDE
NAPHTHA
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
EB
PRPNPHNWECPY
PPNANEDAH PPNANEDAL
PAAAJ00
19-NOV-1990
BLM CQI DRI EMS FTP FUT KR RTR SAR
Naphtha CIF NWE Paper
EB
PRPNPHGNACPU
PPNAMGDCH PPNAMGDCL
PAAAH00
03-SEP-1979
BLM CQI DRI EMS FTP FUT KR RTR SAR
Naphtha CIF Med Cargoes
EUROPEAN PRODUCTS
EB
PRPNPHMEDCPW
PPNAMISCH PPNAMISCL
PAAAI00
03-SEP-1979
BLM CQI DRI EMS FTP FUT KR RTR SAR
Naphtha FOB Med Cargoes
14
METHODOLOGY GUIDE
EB
PRPNPHRTTCQE
PPNARTSBH PPNARTSBL
PAAAM00
03-SEP-1979
BLM CQI DRI EMS FTP FUT KR RTR SAR
Naphtha FOB R'dam Barges
JET FUEL
PJAAU00 JET CARGOES CIF NWE
Quality: The assessments reflect standard commercial Jet-A1
specifications, as defined by UK Ministry of Defence in DEFSTAN
91/91 latest issue and the Joint Fueling System Checklist. The
Joint Fueling System Checklist requires jet fuel to meet the more
stringent requirements of Defstan 91 91 5 and the American
Society for Testing & Materials', Standard Specification D 165504a. Typical DEFSTAN specifications under issue 5 are as follows:
Sulfur is 0.3% maximum, specific gravity is 0.775-0.840 g/ml,
flash point is 38 degrees C minimum, freeze point is minus 47
degrees C maximum.
Size: Cargo assessments reflect standard tradable parcels. Because
of a change in the production and consumption patterns in
Europe, spot parcels have become increasingly larger with typical
spot trade within 25-45,000 mt with a standard emerging to
around 30,000mt.. Platts takes into account spot deliveries made
in full or part cargoes at sellers options. Typically the assessment
is normalized to 30 kt full or part-cargo, sellers option, delivered
basis a par port within NWE where the seller guarantees laytime of 36 plus 6 hours to the buyer of each parcel. Full-cargo
only bids will be considered restrictive.
Location: CIF NWE. Typically, cargoes delivered into ARA, UK
and northern France are considered in the assessment but
because trading patterns are diverse, no single base base location
is reflected. Deliveries into Scandinavia including Copenhagen
are not considered, however. Offers are assumed to carry a
normal range of CP options within NWE. Where an offer is
made without CP options, it is regarded restrictive.
Timing: Reflects material for delivery 10-25 days from date of
publication, with prices normalized to the mid-point of this
delivery window.
Other: Par ports are typically considered to be those with
flexibility to handle a variety of cargo sizes from MR to LR.
EUROPEAN PRODUCTS
JET FUEL
EB
PRPJK$NWECLS
PPJKNEDCH PPJKNEDCL
PJAAU00
03-SEP-1979
BLM CQI DRI EMS FTP FUT KR RTR SAR
Jet Kero CIF NWE Cargoes
15
METHODOLOGY GUIDE
JET FUEL
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
EB
PRPJK$NWECLU
PPJKNESCH PPJKNESCL
PJAAV00
01-JUL-1986
BLM CQI DRI EMS FTP FUT KR RTR SAR
Jet Kero FOB NWE Cargoes
EUROPEAN PRODUCTS
EB
PRPJK$RTTCMC
PPJKRTSBH PPJKRTSBL
PJABA00
03-SEP-1979
BLM CQI DRI EMS FTP FUT KR RTR SAR
Jet FOB R'dam Barges
16
METHODOLOGY GUIDE
published by Worldscale.
Effective Jan 3, 2006 the Worldscale flat rate Augusta-Rotterdam
used to calculate the netback formula for FOB Med jet fuel
became $7.24/mt.
Background: DEFSTAN 91/91 was formerly referred to as DERD
2494. The UK Ministry of Defence has updated Defstan 91-91,
the defining standard for Jet A1 in Europe, with the release Feb 8
of issue 5. Since Feb 8, 2005, Platts jet NWE and Mediterranean
assessments have reflected issue 5 spec, having previously Platts
reflected Defstan 91-91 issue 4 specification. Defstan 91/91
issue 4 was published June 14, 2002 and defined a sulfur limit of
0.3% maximum
Effective Nov 1, 2001, Platts introduced a new FOB
Mediterranean assessment entitled Jet Aviation Fuel. The Jet
Aviation Fuel assessment was published at the bottom of the
Mediterranean spot assessments table until April 30, 2003, after
which it replaced Jet Fob Med in the main table. The Jet Av Fuel
FOB Med assessment resulted from a proposal issued in June
2001 to more accurately reflect the cost of marine freight
between the Med and NWE.
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
EB
AAIDL0000000
AAIDL00
01-NOV-2001
BLM CQI DRI EMS FTP FUT KR RTR SAR
AvJet Fuel FOB Med
EB
AAIDN0000000
AAIDN00
02-JAN-2002
BLM CQI DRI EMS FTP FUT KR RTR SAR
FOB Med Jet Prem Cargo
ULSD
AAIDN00 MED JET FOB MED PREMIUM ASSESSMENT
Quality: The assessments reflect standard commercial Jet-A1
specifications, as defined by UK Ministry of Defence in DEFSTAN
91/91 latest issue and the Joint Fueling System Checklist. The
Joint Fueling System Checklist requires jet fuel to meet the more
stringent requirements of Defstan 91 91 5 and the American
Society for Testing & Materials', Standard Specification D 165504a. Typical DEFSTAN specifications under issue 5 are as follows:
Sulfur is 0.3% maximum, specific gravity is 0.775-0.840 g/ml,
flash point is 38 degrees C minimum, freeze point is minus 47
degrees C maximum.
Size: Cargo assessments reflect standard tradable parcels on MR
size vesssels.
Location: basis FOB Italy. Jet fuel from a wide geographic area
bounded approximately by North Africa, Greece and Spain may
form the basis of the assessment, with freight differentials
applied to ensure consistency.
Timing: Reflects material for delivery 10-25 days from date of
publication, with prices normalized to the mid-point of this
delivery window.
EUROPEAN PRODUCTS
Seasonal changes: Platts set out its schedule for changing the
seasonal specification of diesel fuels in early spring and late summer,
ahead of the switch from winter to summer and then summer to
winter grades. Platts intends to follow broadly similar schedules
each year, but the exact dates may be varied in line with prevailing
patterns of refining activity and trading liquidity. As trading and
seasonal patterns change from year to year, any schedule is
provisional and subject to change with only limited notice.
17
METHODOLOGY GUIDE
ULSD
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
EB
AAKWR0000000
AAKWR00
02-DEC-2002
BLM CQI DRI EMS FTP FUT KR RTR SAR
Gsl ULSD 10 PPM FOB NEW Crg
Other: N/A
EB
AAKWP0000000
AAKWP00
02-DEC-2002
BLM CQI DRI EMS FTP FUT KR RTR SAR
Gsl ULSD 10 PPM CIF NWE Crg
EUROPEAN PRODUCTS
EB
AAVBG0000000
AAVBG00
01-NOV-200&
BLM CQI DRI EMS FTP FUT KR
PL12 RTR SAR
ULSD 10ppm CIF NWE
18
METHODOLOGY GUIDE
EB
AAIKO0000000
AAIKO00
01-FEB-2002
BLM CQI DRI EMS FTP FUT KR RTR SAR
ULSD CIF NWE Cargo $/Mt
EUROPEAN PRODUCTS
ULSD
delivery window.
Other: Effective Jan 2, 2008 the Worldscale basket flat rate used
to calculate the FOB NWE diesel 50ppm UK assessment is
$5.85/mt. The assessment is typically based on a freight
differential to the CIF NEW assessments. The actual freights
applied to the netback fluctuate daily based on changes in Platts
cross UKC-UKC assessments in the Clean Tankerwire for 22,000
mt cargoes, applied against the respective 2008 flat rates.
Background: The assessment was introduced February 1, 2002
and originally represented a high-low range including
Dutch/German and UK spec ULSD. Platts stated when it
introduced the assessment that the qualities reflected would be
reviewed in the light of prevailing liquidity patterns. The
switch to UK spec followed Germanys move to 10 ppm
sulphur diesel. In response to UK road fuel legislation, effective
March 31, 2008, Platts proposes to discontinue the existing
FOB diesel 50ppm UK cargo assessments.
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
EB
AAIKM0000000
AAIKM00
01-FEB-2002
BLM CQI DRI EMS FTP FUT KR RTR SAR
ULSD FOB NWE Cargo $/Mt
19
EB
AAOQB0000000
AAOQB00
METHODOLOGY GUIDE
Earliest Date
Vendors
Description
01-JUL-2004
BLM CQI DRI EMS FTP FUT KR RTR SAR
ULSD 50 PPM CIF ARA
ULSD
EB
AAOQA0000000
AAOQA00
01-JUL-2004
BLM CQI DRI EMS FTP FUT KR RTR SAR
ULSD 50 PPM FOB ARA
EB
AAOQD0000000
AAOQD00
01-JUL-2004
BLM CQI DRI EMS FTP FUT KR RTR SAR
ULSD 50 PPM CIF Med
EUROPEAN PRODUCTS
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
EB
AAOQC0000000
AAOQC00
01-JUL-2004
BLM CQI DRI EMS FTP FUT KR RTR SAR
ULSD 50 PPM FOB Med
20
METHODOLOGY GUIDE
ULSD
EB
AAJUS0000000
AAJUS00
01-OCT-2002
BLM CQI DRI EMS FTP FUT KR RTR SAR
Gasoil 10 PPM FOB NWE Brg
EB
AAGMK0000000
AAGMK00
02-APR-2001
BLM CQI DRI EMS FTP FUT KR RTR SAR
Gasoil ULSD R'dam Brg
EUROPEAN PRODUCTS
21
METHODOLOGY GUIDE
ULSD / GASOIL
Other: N/A
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
EB
AAWGY0000000
AAWGY00
02-JAN-2007
BLM CQI DRI EMS FTP FUT KR RTR SAR
Biodsl Rdam Brg
Quality: The quality reflected will be fatty acid methyl ester that
conforms to EN 14214 with cold properties set at 0 degrees
Celsius year round. Biodiesel blended with any non-bio additives
will not be included in the assessment. The assessment will be
for 99.9% biodiesel, and would exclude tax refunds or other
rebates.
Category EB
AAXQL0000000
AAXQL00
01-MAY-2007
BLM CQI DRI EMS FTP FUT KR
PL12 RTR SAR
FAME 0 FOB Rdam
GASOIL
NOTE: European NWE gasoil assessments currently reflect 0.2%
and 0.1% maximum sulfur. European Union directives aim to
reduce the sulfur in gasoil to 0.1% maximum from the
beginning of 2008. Effective October 1, 2007 Platts launched
0.1% sulfur gasoil assessments for barges FOB Rotterdam and
cargoes FOB and CIF NWE. These will run concurrently with the
existing 0.2% gasoil assessments in ARA and NWE. Platts will
continue to monitor trade in the 0.2% sulfur gasoil market to
determine whether, and for how long, those assessments should
continue. Platts will continue to monitor trading patterns of
EUROPEAN PRODUCTS
EB
PRP202NWEBHZ
PPD2NEDCH PPD2NEDCL
POAAC00
03-SEP-1990
BLM CQI DRI EMS FTP FUT KR RTR SAR
Gasoil 0.2 CIF NWE Cargoes
22
METHODOLOGY GUIDE
GASOIL
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
EB
PRP202NWEBIB
PPD2NESCH PPD2NESCL
POAAD00
03-SEP-1990
BLM CQI DRI EMS FTP FUT KR RTR SAR
Gasoil 0.2 FOB NWE Cargoes
EB
AAYWS0000000
AAYWS00
01-OCT-2007
BLM CQI DRI EMS FTP FUT
KR PL12 RTR SAR
Gsl 0.1% Crg CIF NWE
7 Char. Symbol
AAYWR00
Earliest Date
01-OCT-2007
Vendors
BLM CQI DRI EMS FTP FUT
KR PL12 RTR SAR
Description
Gsl 0.1% Crg FOB NWE
Other: N/A
Background: The assessment was introduced in October 2007.
EUROPEAN PRODUCTS
23
METHODOLOGY GUIDE
GASOIL
EB
AAOQZ0000000
AAOQZ00
01-JUL-2004
BLM CQI DRI EMS FTP FUT KR RTR SAR
Russian Gsl 0.2 CIF ARA $/Mt
Other: N/A
EB
PRP202MEDBHX
PPD2MISCH PPD2MISCL
POAAB00
04-JAN-1993
BLM CQI DRI EMS FTP FUT KR RTR SAR
Gasoil 0.2 FOB Med Cargoes
EB
PRP202GNABHV
PPD2MGDCH PPD2MGDCL
POAAA00
16-DEC-1991
BLM CQI DRI EMS FTP FUT KR RTR SAR
Gasoil 0.2 CIF Med Cargoes
EUROPEAN PRODUCTS
24
METHODOLOGY GUIDE
EB
PRP202RTTBIH
PPD2RTSBH PPD2RTSBL
POAAG00
03-SEP-1990
BLM CQI DRI EMS FTP FUT KR RTR SAR
Gasoil 0.2 FOB R'dam Barges. AAYWT00
Size: Cargo assessments typically reflect parcels of around 2530,000 mt each except where otherwise stated.
Other: N/A
EB
AAYWT0000000
AAYWT00
01-OCT-2007
BLM CQI DRI EMS FTP FUT
KR PL12 RTR SAR
Gasoil Gsl 0.1% Brg FOB ARA
EUROPEAN PRODUCTS
25
METHODOLOGY GUIDE
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
EB
PRP610GNABRG
PPF5MGDCH PPF5MGDCL
PUAAJ00
02-JAN-1990
BLM CQI DRI EMS FTP FUT KR RTR SAR
1PCT Fuel CIF Med Cargoes
EB
PRP610MEDBRI
PPF5MISCH PPF5MISCL
PUAAK00
03-SEP-1979
BLM CQI DRI EMS FTP FUT KR RTR SAR
1PCT Fuel FOB Med Cargoes
EUROPEAN PRODUCTS
26
EB
PRP610NWEBRK
PPF5NEDCH PPF5NEDCL
PUAAL00
03-SEP-1979
BLM CQI DRI EMS FTP FUT KR RTR SAR
1PCT Fuel CIF NWE Cargoes
METHODOLOGY GUIDE
EB
PRP610NWEBRM
PPF5NESCH PPF5NESCL
PUAAM00
01-JUL-1980
BLM CQI DRI EMS FTP FUT KR RTR SAR
1PCT Fuel FOB NWE Cargoes
EUROPEAN PRODUCTS
EB
PRP610RTTBRS
PPF5RTSBH PPF5RTSBL
PUAAP00
03-SEP-1979
BLM CQI DRI EMS FTP FUT KR RTR SAR
1PCT Fuel FOB R'dam Barges
27
EB
PRP635GNABSM
PPFBMGDCH PPFBMGDCL
PUAAY00
03-SEP-1979
BLM CQI DRI EMS FTP FUT KR RTR SAR
3.5PCT Fuel CIF Med Cargoes
METHODOLOGY GUIDE
EB
PRP635MEDBSO
PPFBMISCH PPFBMISCL
PUAAZ00
03-SEP-1979
BLM CQI DRI EMS FTP FUT KR RTR SAR
3.5PCT Fuel FOB Med Cargoes
EUROPEAN PRODUCTS
EB
PRP635NWEBSQ
PPFBNEDCH PPFBNEDCL
PUABA00
03-SEP-1979
BLM CQI DRI EMS FTP FUT KR RTR SAR
3.5PCT Fuel CIF NWE Cargoes
28
METHODOLOGY GUIDE
EB
PRP635NWEBSS
PPFBNESCH PPFBNESCL
PUABB00
01-JUL-1980
BLM CQI DRI EMS FTP FUT KR RTR SAR
3.5PCT Fuel FOB NWE Cargoes
EB
AASXR0000000
AASXR00
03-APR-2006
BLM CQI DRI EMS FTP FUT KR RTR SAR
Fuel Oil 1.5% FOB Rdam
EUROPEAN PRODUCTS
29
EB
PRP635RTTBSU
PPFBRTSBH PPFBRTSBL
PUABC00
03-SEP-1979
BLM CQI DRI EMS FTP FUT KR RTR SAR
METHODOLOGY GUIDE
Description
themselves.
Location: FOB NWE basis Rotterdam.
EB
PRPF38RTTDBK
PPFDRTSVH PPFDRTSVL
PUAYW00
02-JAN-1996
BLM CQI DRI EMS FTP FUT KR RTR SAR
Rotterdam Bunker 380 CST
EB
PRPSR6NWECOY
PPMONESCH PPMONESCL
PKABA00
03-OCT-1994
BLM CQI DRI EMS FTP FUT KR RTR SAR
St Run 0.5-0.7 PCT FOB NWE
FEEDSTOCKS
PKABA00 STRAIGHT-RUN 0.5-0.7% CARGOES FOB NWE
Other: N/A
Background: The assessment was introduced June 1, 2001.
EUROPEAN PRODUCTS
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
30
FS
AAHMZ0000000
AAHMZ00
01-JUN-2001
BLM CQI DRI EMS FTP FUT KR RTR SAR
VGO 0.5-0.6%S CIF NWE
METHODOLOGY GUIDE
FEEDSTOCKS
Other: N/A
Other: N/A
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
FS
AAHMX0000000
AAHMX00
01-JUN-2001
BLM CQI DRI EMS FTP FUT KR RTR SAR
VGO 0.5-0.6%S FOB NWE
FS
AAHND0000000
AAHND00
01-JUN-2001
BLM CQI DRI EMS FTP FUT KR RTR SAR
VGO 2.0% Max CIF NEW
Other: N/A
Background: The assessment was introduced June 1, 2001.
Background: The assessment was introduced June 1, 2001, replacing
barge assessment reflecting 1.5-1.6% sulfur VGO.
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
FS
AAHNF0000000
AAHNF00
01-JUN-2001
BLM CQI DRI EMS FTP FUT KR RTR SAR
VGO 0.5-0.6%S FOB Rdam
EUROPEAN PRODUCTS
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
31
FS
AAHNB0000000
AAHNB00
01-JUN-2001
BLM CQI DRI EMS FTP FUT KR RTR SAR
VGO 2.0% Max FOB NEW
METHODOLOGY GUIDE
LPG
FS
AAHNI0000000
AAHNI00
01-JUN-2001
BLM CQI DRI EMS FTP FUT KR RTR SAR
VGO 2.0% Max FOB Rdam
REPEATABILITY
Bids, offers and transactions are also viewed against the broader
supply/demand generated by those bids/offers and transactions.
Hence if a low price offer generates too much demand, Platts may
determine in its editorial process that the market value is hence
higher. Likewise if a high bid generates too much supply and the
buyer is unable to buy all the volume that is offered, Platts in its
editorial process may determine that that the market value is lower.
LPG
SPREADS
BIDS/OFFERS
Platts considers transactions, bid/offer levels and market
indications that are reflective of typical conditions and
originating from sources deemed reliable. Bids and offers must in
principle be open to the market at large. Platts accepts that
individual companies may have trading limits with counter
parties and that national legislation may prevent companies
from dealing in materials from certain origins and specifications.
These will be dealt with on a case-by-case basis.
The time cut-off for new bids/offers on coasters and cargoes is
15.45:00 London time and on barges and FCA material 16.00:00
London time.
TIME GRADIENT
Platts assessments take into account any backwardation or
contango in the market place. Typically, Platts assesses to the
middle of the loading/delivery window specified for each
market. The assessment thus reflects the value after taken into
consideration the difference in prices prevailing along the time
curve, assessed by Platts, where appropriate.
EUROPEAN PRODUCTS
FREIGHT ISSUES
32
METHODOLOGY GUIDE
LPG
NWE:
FOB SEAGOING
FOB ARA
FCA ARA*
CIF 1-3000MT
CIF 3000+MT
CIF 7000+MT
+x.00
+x.00
+x.00
+x.00
+x.00
+x.00
PMABB00-PMABB00
PMAAS00-PMAAS00
PMABH00-PMABH00
PMAAZ00-PMAAZ00
PMAAC00-PMAAC00
PMABA00-PMABA00
Butane
SPOT USD/MT
+x.00
+x.00
+x.00
+x.00
+x.00
+x.00
+x.00
+x.00
+x.00
+x.00
PMAAL00-PMAAL00
PMAAC00-PMAAC00
PMABI00-PMABI00
PMAAJ00-PMAAJ00
+x.00
+x.00
+x.00
+x.00
+x.00
PMAAM00-PMAAM00
+x.00
PMUDI00-PMUDI00
PMUDK00-PMUDK00
+x.00
+x.00
+x.00
+x.00
AAHIK00-AAHIK00
AAHIM00-AAHIM00
AAHIO00-AAHIO00
AAHIL00-AAHIL00
+x.00
+x.00
+x.00
+x.00
+x.00
+x.00
+x.00
PMABC00-PMABC00
PMABJ00-PMABJ00
PMABE00-PMABE00
+x.00
+x.00
+x.00
W MED:
FOB EX-REF/STOR
FCA EX-REF/STOR
CIF 7000+MT
NOTE:* FCA ARA refers to sales onto railcars and trucks in the Amsterdam-Rotterdam-Antwerp region
DATA CODES
Each Platts assessment is identified in the electronic databases by a
7-character data code. The following table provides the data codes
for each European LPG assessment carried in Platts LPGaswire.
The table layout is that carried in the telex/newsletter version of
LPGaswire; when assessments are carried in related publications
such as Platts Petrochemical Alert, the actual layout may vary.
Other: N/A
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
LI
PRPPN$NWECVD
PPPRNESGH PPPRNESGL
PMABB00
02-JUL-1982
BLM CQI DRI EMS FTP FUT KR RTR SAR
Propane FOB NWE Seagoing Hi
EUROPEAN PRODUCTS
33
METHODOLOGY GUIDE
LPG
Other: N/A
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
LI
PRPPN$ARACUP
PPPRAASCH PPPRAASCL
PMAAS00
05-APR-1985
BLM CQI DRI EMS FTP FUT KR RTR SAR
Propane FOB ARA
Other: Please note that Platts has not formally renamed this
assessment even though volumes larger than 3,000 mt are
currently considered.
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
Location: FCA ARA refers to sales onto railcars and trucks in the
Amsterdam-Rotterdam-Antwerp region
Timing: Loadings ex-refinery/storage between 3-10 days from
date of publication.
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
LI
PRPPN$NWECVB
PPPRNEGCH PPPRNEGCL
PMAAZ00
05-APR-1985
BLM CQI DRI EMS FTP FUT KR RTR SAR
Propane CIF NWE 1-3kt
LI
PRPPN$ARACUQ
PPPRAASQH PPPRAASQL
PMABH00
22-JUL-1994
BLM CQI DRI EMS FTP FUT KR RTR SAR
Propane FCA ARA
EUROPEAN PRODUCTS
LI
PRPPN$NWECVC
PPPRNEHCH PPPRNEHCL
PMABA00
05-APR-1985
BLM CQI DRI EMS FTP FUT KR RTR SAR
Propane CIF NWE 7000+MT
34
METHODOLOGY GUIDE
LI
PRPBTNNWEBHR
PPBNNESGH PPBNNESGL
PMAAL00
05-APR-1985
BLM CQI DRI EMS FTP FUT KR RTR SAR
Butane FOB NEW
LI
PRPBTNARABHD
PPBNAASCH PPBNAASCL
PMAAC00
05-APR-1985
BLM CQI DRI EMS FTP FUT KR RTR SAR
Butane FOB ARA
EUROPEAN PRODUCTS
LPG
LI
PRPBTNARABHE
PPBNAASQH PPBNAASQL
PMABI00
22-JUL-1994
BLM CQI DRI EMS FTP FUT KR RTR SAR
Butane FCA ARA
35
METHODOLOGY GUIDE
currently considered.
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
LI
PRPBTNNWEBHP
PPBNNEGCH PPBNNEGCL
PMAAJ00
05-APR-1985
BLM CQI DRI EMS FTP FUT KR RTR SAR
Butane CIF NWE 1-3kt
LPG
7 Char. Symbol
Earliest Date
Vendors
Description
LI
PRPBTNNWEBHQ
PPBNNEHCH PPBNNEHCL
PMAAK00
05-APR-1985
BLM CQI DRI EMS FTP FUT KR RTR SAR
Butane CIF NWE 3kt+
LI
PRPPN$NWEDBJ
PPPRNEDUH PPPRNEDUL
PMUDK00
24-JUN-1998
BLM CQI DRI EMS FTP FUT KR RTR SAR
Propane NWE 7kMT+ CIF RollAvg
Other: Please note that Platts has not formally renamed this
assessment even though volumes larger than 3,000 mt are now
typically considered.
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
PMUDI00
24-JUN-1998
BLM CQI DRI EMS FTP FUT KR RTR SAR
Propane NWE Sea FOB RollAvg
AAHIK00/PMABU00
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
LI
PRPPN$NWEDBC
PPPRNE1AH PPPRNE1AL
PMABU00
01-DEC-1995
BLM CQI DRI EMS FTP FUT KR RTR SAR
Propane NWE swaps 1st month
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
DR
AAHIK0000000
AAHIK00
28-MAR-2001
BLM CQI DRI EMS FTP FUT KR PL12 TR SAR
Propane CIF ARA Lg 1-Mo
LI
PRPPN$NWEDBH
PPPRNE5GH PPPRNE5GL
AAHIM00/PMUDH00
EUROPEAN PRODUCTS
36
METHODOLOGY GUIDE
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
LI
PRPPN$NWEDBE
PPPRNE2AH PPPRNE2AL
PMUDH00
01-DEC-1995
BLM CQI DRI EMS FTP FUT KR RTR SAR
Propane NWE swaps 2nd month
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
TR SAR
Description
DR
AAHIM0000000
AAHIM00
28-MAR-2001
BLM CQI DRI EMS FTP FUT KR PL12
Propane CIF ARA Lg 2-Mo
LPG
LI
PRPPN$WMDCVE
PMABC00
05-APR-1985
BLM CQI DRI EMS FTP FUT KR RTR SAR
Propane FOB W Med Ex-Ref/Stor Hi
AAHIO00
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
DR
AAHIO0000000
AAHIO00
28-MAR-2001
BLM CQI DRI EMS FTP FUT KR PL12 TR SAR
Propane CIF ARA Lg 3-Mo
AAHIL00/PMUDE00
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
DR
AAHIL0000000
AAHIL00
28-MAR-2001
BLM CQI DRI EMS FTP FUT KR PL12 TR SAR
Propane CIF ARA Lg 1-Qr
Dispatch Category
12 Char. Symbol
9 Char. Symbol(s)
7 Char. Symbol
Earliest Date
Vendors
Description
LI
PRPPN$NWEDBF
PPPRNEVAH PPPRNEVAL
PMUDE00
02-JAN-1997
BLM CQI DRI EMS FTP FUT KR RTR SAR
Propane NWE swaps 1st quarter
EUROPEAN PRODUCTS
LI
PRPPN$WMDCVH
PMABJ00
22-JUL-1994
BLM CQI DRI EMS FTP FUT KR RTR SAR
Propane FCA W Med Ex-Ref/Stor Hi
37
METHODOLOGY GUIDE
LI
PRPPN$WMDCVG
PPPRWMHCH PPPRWMHCL
PMABE00
05-APR-1985
BLM CQI DRI EMS FTP FUT KR RTR SAR
Propane CIF W Med 7kt+
EUROPEAN PRODUCTS
LI
PRPBTNWMDBHS
PPBNWMAUH PPBNWMAUL
PMAAM00
05-APR-1985
BLM CQI DRI EMS FTP FUT KR RTR SAR
Butane WstMed FOB XRef/Str Hi
38
METHODOLOGY GUIDE
APPENDIX
EUROPEAN PRODUCTS
39
METHODOLOGY GUIDE
APPENDIX
EUROPEAN PRODUCTS
40
METHODOLOGY GUIDE
APPENDIX
EUROPEAN PRODUCTS
41
METHODOLOGY GUIDE
APPENDIX
EUROPEAN PRODUCTS
42
METHODOLOGY GUIDE
APPENDIX
EUROPEAN PRODUCTS
43
METHODOLOGY GUIDE
APPENDIX
EUROPEAN PRODUCTS
44
METHODOLOGY GUIDE
APPENDIX
EUROPEAN PRODUCTS
45
METHODOLOGY GUIDE
APPENDIX
EUROPEAN PRODUCTS
46
METHODOLOGY GUIDE
APPENDIX
EUROPEAN PRODUCTS
47
METHODOLOGY GUIDE
APPENDIX
EUROPEAN PRODUCTS
48
METHODOLOGY GUIDE
APPENDIX
EUROPEAN PRODUCTS
49
METHODOLOGY GUIDE
APPENDIX
EUROPEAN PRODUCTS
50
METHODOLOGY GUIDE
APPENDIX
EUROPEAN PRODUCTS
51
METHODOLOGY GUIDE
APPENDIX
EUROPEAN PRODUCTS
52
METHODOLOGY GUIDE
APPENDIX
EUROPEAN PRODUCTS
53
METHODOLOGY GUIDE
APPENDIX
EUROPEAN PRODUCTS
54
METHODOLOGY GUIDE
APPENDIX
EUROPEAN PRODUCTS
55
METHODOLOGY GUIDE
APPENDIX
EUROPEAN PRODUCTS
56
METHODOLOGY GUIDE
APPENDIX
EUROPEAN PRODUCTS
57
METHODOLOGY GUIDE
APPENDIX
EUROPEAN PRODUCTS
58
METHODOLOGY GUIDE
APPENDIX
EUROPEAN PRODUCTS
59
METHODOLOGY GUIDE
APPENDIX
DIESEL
50 ULSD cargoes
NWE and Med
EN590 cargoes
NWE and MED
ULSD cargoes
NWE
50 max
0.820-0.845
46 min
350 max
0.820-0.845
46 min
50 max
0.820-0.835
46 min
10 max
0.820-0.845
46 min
50 max
0.820-0.845
46 min
Deg C
-5 max
-5 max
5 max
-7 max
0 max
5 max
-7 max (*1)
5 max
-5 max
-3 max
3 max
-15 max
-15 max
-15 max
0 max
0 max
-5 max
-22 max
-13 max
-2
-20 max
-11 max
-5 max
65 max
65 max
65 max
95 min
64 max
64 max
85 min
85 min
95 min
85 min
95 min
85 min
95 min
55 min
120 max
2 to 4.5
55 min
120 max
2 to 4.5
60 min (*1)
56 min (*3)
56 min
2 to 4.5
2 to 4.5
2 to 4.5
FRENCH FOD
RUSSIAN
2000
Assessed basis
0.845
Standard calorific
value 42.6 MJ/KG
2000
Assessed basis
0.845
40 min
CLOUD
Deg C
CFPP POINT
Deg C
1 max (a)
2 max (b)
3 max (c)
-10 max (a)
-11 max (b)
-12 max
PROPERTY
SULFUR
DENSITY At 15 deg C
CETANE INDEX NUMBER
CLOUD
Winter
Intermediate
Summer
CFFP POINT
Winter
Intermediate
Summer
DISTILLATION
Recovered at
250 deg C
345 deg C
350 deg C
360 deg C
370 deg C
FLASH POINT
VISCOSITY
UNITS
Deg C
4 max
% Vol
Deg C
At 40 deg C
(*1)-5 cloud is often traded, if effective WASA available, minimum 150ppm, as part of an industry agreement
(*2) 55 min is the standard flash, but tends to be 60 flash min in practice.
(*3) 10ppm barges can reflect 59 min flash point for pipeline grade, but not barge
GASOIL
PROPERTY
UNITS
SULFUR
DENSITY
CETANE INDEX
DISTILLATION
Recovered at
280 deg C
360 deg C
FLASH POINT
62 min
VISCOSITY
At 20 deg C
At 40 deg C
2000
Assessed basis
0.845
45 min, but
typically tends to be
more than 50
2 max
-5 max
- 5 max
-7 typical
65 max
85 min
55 min
65 max
85 min
(*4)
50 max
96 min
55 min
2 to 6
2 to 4.5
% Vol
Deg C
3 to 6
(*4) German DIN official is 55 min flash, but the requirements is sometimes higher in the cargo market, 57 min flash.
TEST METHOD
French FOD and German DIN test method is based on standard European test methods.
Russian gasoil test method is GOST
EUROPEAN PRODUCTS
57
METHODOLOGY GUIDE
APPENDIX
DATA CODES
Each Platts assessment is identified in the electronic databases by a 7-character data code. The following tables provides the data codes
for each European oil product assessment carried in Platts European Marketscan and each LPG assessment carried in LPGaswire. The
table layout is that carried in the telex/newsletter version of these publications; when assessments are carried in related publications
such as Platts Oilgram Price Report, Platts Global Alert, or the regional marketscans, the actual layout may vary.
CIF Med(Genova/Lavera)
+X.00
+X.00
+X.00
AAOPW00-AAOPW00
PAAAI00-PAAAI00
AAIDL00-AAIDL00
+X.00
+X.00
+X.00
+X.00
+X.00
AAOPX00-AAOPX00
PAAAH00-PAAAH00
+X.00
+X.00
50ppm ULSD
Gasoil.2
Fuel Oil 1%
Fuel Oil 3.5%
Jet FOB Med premium
+X.00
+X.00
+X.00
+X.00
Prem
AAOQC00-AAOQC00
POAAB00-POAAB00
PUAAK00-PUAAK00
PUAAZ00-PUAAZ00
AAIDN00-AAIDN00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
AAOQD00-AAOQD00
POAAA00-POAAA00
PUAAJ00-PUAAJ00
PUAAY00-PUAAY00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
AAIJJ00-AAIJJ00
AAOPZ00-AAOPZ00
AAIJN00-AAIJN00
PAAAJ00-PAAAJ00
PAAAL00-PAAAL00
PJAAU00-PJAAU00
AAKWP00-AAKWP00
AAIKO00-AAIKO00
AAOQB00-AAOQB00
AAOQZ00-AAOQZ00
POAAC00-POAAC00
PUAAL00-PUAAL00
PUABA00-PUABA00
+X.00
+X.00
AAHMZ00-AAHMZ00
AAHND00-AAHND00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
AAKOD00-AAKOD00
PGABM00-PGABM00
AANWY00-AANWY00
AAKOF00-AAKOF00
PHAKZ00-PHAKZ00
PAAAM00-PAAAM00
PJABA00-PJABA00
AAJUS00-AAJUS00
AAGMK00-AAGMK00
POAAG00-POAAG00
PUAAP00-PUAAP00
AASXR00-AASXR00
PUABC00-PUABC00
EUROPEAN PRODUCTS
+X.00
+X.00
+X.00
AAIJH00-AAIJH00
AAOPY00-AAOPY00
AAIJL00-AAIJL00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
PJAAV00-PJAAV00
AAKWR00-AAKWR00
AAIKM00-AAIKM00
AAOQA00-AAOQA00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
POAAD00-POAAD00
PUAAM00-PUAAM00
PUABB00-PUABB00
PKABA00-PKABA00
AAHMX00-AAHMX00
AAHNB00-AAHNB00
+X.00
+X.00
+X.00
+X.00
+X.00
+X.00
58
AALBJ00/AALBJ00
International Petroleum Exchange
Gasoil Settlements
M01
n/a M04
M02
n/a M05
M03
n/a M06
IPE gasoil GWAVE
M01 PXAAJ00 M01
M02 PXAAK00 M02
n/a
n/a
n/a
1630
n/a
n/a
METHODOLOGY GUIDE
APPENDIX
NWE:
FOB SEAGOING
FOB ARA
FCA ARA*
CIF 1-3000MT
CIF 3000+MT
CIF 7000+MT
+x.00
+x.00
+x.00
+x.00
+x.00
+x.00
PMABB00-PMABB00
PMAAS00-PMAAS00
PMABH00-PMABH00
PMAAZ00-PMAAZ00
PMAAC00-PMAAC00
PMABA00-PMABA00
Butane
SPOT USD/MT
+x.00
+x.00
+x.00
+x.00
+x.00
+x.00
+x.00
+x.00
+x.00
+x.00
PMAAL00-PMAAL00
PMAAC00-PMAAC00
PMABI00-PMABI00
PMAAJ00-PMAAJ00
+x.00
+x.00
+x.00
+x.00
+x.00
PMAAM00-PMAAM00
+x.00
PMUDI00-PMUDI00
PMUDK00-PMUDK00
+x.00
+x.00
+x.00
+x.00
AAHIK00-AAHIK00
AAHIM00-AAHIM00
AAHIO00-AAHIO00
AAHIL00-AAHIL00
+x.00
+x.00
+x.00
+x.00
+x.00
+x.00
+x.00
PMABC00-PMABC00
PMABJ00-PMABJ00
PMABE00-PMABE00
+x.00
+x.00
+x.00
W MED:
FOB EX-REF/STOR
FCA EX-REF/STOR
CIF 7000+MT
NOTE:* FCA ARA refers to sales onto railcars and trucks in the Amsterdam-Rotterdam-Antwerp region
SUBSCRIBER NOTES
Following is a listing of key Subscriber notes and Clarification
notes issued by Platts in 2004:
04-Jan-05
Effective Jan 4, 2005 the Worldscale flat
rate Augusta-Rotterdam used to calculate the netback formula for
FOB Med jet and jet av fuel becomes $6.43 per metric tonne.
Harbor dues at Rotterdam are calculated at $0.61/mt based on
1.07/GT of vessel, converted to an mt basis.
04-Jan-05
Effective Jan 4, 2005, the Worldscale basket
flat rate used to calculate FOB Med naphtha will become $8.12.
FOB Med naphtha is assessed as a freight differential to the CIF
NWE. The actual freight applied to the netback will fluctuate
daily based on changes in Platts UKC-Med assessments for
27,500mt naphtha cargoes, applied against the $8.12/mt rate.
The worldscale flat rate used to calculate the CIF MED Naphtha
assessment will become $5.17 based on published freight values
between Alexandria and Lavera using Platts cross-Med clean
tanker naphtha assessments.
05-Jan-05
The latest issue of Platts guide to
specifications for European oil products is available on Platts'
Web site
http://platts.com/Oil/Resources/Methodology%20&%20Specificat
EUROPEAN PRODUCTS
28-Jan-05
Platts plans to begin publishing eurodenominated assessments for a selection of its key crude oil and
European and US product benchmarks as a supplement to the
existing US dollar-denominated values. Because decision-making
in international oil markets is inherently exposed to foreign
exchange currency fluctuations, Platts is providing this
additional information to allow subscribers to compare prices
more efficiently across regions. The selected euro-denominated
assessments will be launched on Feb 14 and will reflect values
prevailing at 1730 local London time. (Cont PGA 711).
04-Feb-05
Platts plans to begin publishing eurodenominated assessments for a selection of its key crude oil and
European and US product benchmarks as a supplement to the
existing US dollar-denominated values. Because decision-making
in international oil markets is inherently exposed to foreign
exchange currency fluctuations, Platts is providing this
additional information to allow subscribers to compare prices
more efficiently across regions. The selected euro-denominated
assessments will be launched on February 14th, 2005, and will
reflect values prevailing at 1730 local London time. They will
include Dated Brent, Urals (Mediterranean), 1st month WTI, 1st
month Mars, Premium Unleaded Cargoes CIF NWE/Basis ARA,
Naphtha Physical Cargoes CIF NWE/Basis ARA, Jet Cargoes CIF
NWE/Basis ARA, 1 Pct Cargoes FOB NWE, Premium Unleaded
59
METHODOLOGY GUIDE
EUROPEAN PRODUCTS
APPENDIX
60
METHODOLOGY GUIDE
EUROPEAN PRODUCTS
APPENDIX
61
METHODOLOGY GUIDE
EUROPEAN PRODUCTS
APPENDIX
62
METHODOLOGY GUIDE
EUROPEAN PRODUCTS
APPENDIX
63
METHODOLOGY GUIDE
EUROPEAN PRODUCTS
67
METHODOLOGY GUIDE
[email protected], with cc to
[email protected] for further deta ils if re quir ed.
03-Jan-2006
Effective Jan 3, 2006 the Worldscale basket
flat rate used to calculate FOB Med diesel 50ppm assessment will
become $5.20. FOB Med ULSD is assessed as a freight differential
to the CIF Med diesel 50ppm. The actual freight applied to the
netback will fluctuate daily based on changes in Platts Med-Med
assessments in the clean tanker wire for 30kt cargoes, applied
against the $5.20/mt rate. Please note that the actual routes used
in the calculation are unchanged from 2005, the rate change
simply reflects the new Worldscale flat rates that became
effective in the New Year. Please email
[email protected], with cc to
[email protected] for further details if requ ired.
03-Jan-2006
Effective Jan 3, 2006 the Worldscale basket
flat rate used to calculate FOB NWE diesel 50ppm will be
$5.75/mt, FOB NWE gasoil 0.2% $5.57/mt, FOB NWE diesel
50ppm UK $5.10/mt, and FOB NWE diesel 10ppm $4.69/mt. All
diesel and gasoil FOB NWE assessments are assessed as a freight
differential to the CIF NWE assessments. The actual freights
applied to the netback will fluctuate daily based on changes in
Platts cross UKC-UKC assessments in the clean tanker wire,
applied against the respective 2006 flat rates. Further details are
available on request. Please note that the actual routes used in
the calculation are unchanged from 2005, the rate change
simply reflects the new Worldscale flat r at es t hat be came
effective in the New Year. Please email
[email protected], and
[email protected] with cc to
[email protected] for further details if required.
11-Jan-06
Proposed changes to NWE gasoline
assessments: GASOLINE SUBSCRIBER NOTE: In response to
industry feedback, Platts proposes adjusting the existing
methodology for assessing regular unleaded gasoline cargoes in
Northwest Europe. Effective April 3, 2006 Platts proposes
assessing FOB NWE Regular unleaded gasoline cargoes with the
US netback acting as floor to the assessment. The netback will be
calculated using differentials to M-grade gasoline in New York
harbor. CIF NWE regular unleaded gasoline cargo assessments
will be fixed as a freight differential using the cross-NWE freight
assessments, published in Platts clean tanker wire. Effective Jan 1
2007 Platts proposes discontinuing the CIF assessments.
Currently FOB and CIF NWE regular unleaded cargo assessments
are calculated as a differential to 50ppm unleaded gasoline
assessments. The methodology for assessing CIF and FOB
premium unleaded cargoes in NWE will not be adjuste d. Full
details of the proposed netback calculation are av ailable on r
equest . Comments please to [email protected],
[email protected], [email protected] and
[email protected]
04-Jan-06
Worldscale rate for European fuel oil
freight: Effective Jan 3, the Worldscale basket flat rate used to
calculate cross NWE high sulfur fuel oil freight will be $5.40/mt,
cross Med high and low sulfur fuel oil freight will be $5.00/mt,
cross NWE low sulfur fuel oil $4.80/mt, and NWE-Med low
sulfur fuel oil $8.25/mt. Respective rates used in 2005 were cross
NWE high sulfur fuel oil freight $5.0/mt, cross Med high and
low sulphur fuel oil freight $4.60/mt, cross NWE low sulfur fuel
oil $4.45/mt, and NWE-Med low sulfur fuel oil $7.40/mt. Please
note on both high and low sulfur FOB/CIF differentials reflect
actual market conditions and are not set according to a fixed
freight netback. As such the differentials may be affected by
arbitrage openings and other market factors. Any comments
please email [email protected] with cc to
[email protected]
11-Jan-2006
In response to industry feedback, Platts
proposes adjusting the existing methodology for assessing
regular unleaded gasoline cargoes in Northwest Europe. Effective
April 3, 2006 Platts proposes assessing FOB NWE Regular
unleaded gasoline cargoes with the US netback acting as floor to
the assessment. The netback will be calculated using differentials
to M-grade gasoline in New York harbor. CIF NWE regular
unleaded gasoline cargo assessments will be fixed as a freight
differential using the cross-NWE freight assessments, published
in Platts clean tanker wire. Effective Jan 1 2007 Platts proposes
discontinuing the CIF assessments. Currently FOB and CIF NW E
regul ar unl eaded cargo assessments are calculated as a
differential to 50ppm unleaded gasoline assessments. The
methodology for assessing CIF and FOB premium unleaded
cargoes in NWE will not be adjusted. Full details of the proposed
netback calculation are available on request. Comments please to
[email protected], [email protected],
[email protected] and [email protected]
04-Jan-2006
Effective Jan 3, the Worldscale basket flat
rate used to calculate cross NWE high sulfur fuel oil freight will
be $5.40/mt, cross Med high and low sulfur fuel oil freight will
be $5.00/mt, cross NWE low sulfur fuel oil $4.80/mt, and NWEMed low sulfur fuel oil $8.25/mt. Respective rates used in 2005
were cross NWE high sulfur fuel oil freight $5.0/mt, cross Med
high and low sulphur fuel oil freight $4.60/mt, cross NWE low
sulfur fuel oil $4.45/mt, and NWE-Med low sulfur fuel oil
$7.40/mt. Please note on both high and low sulfur FOB/CIF
23-Jan-06
Specifications for Europe fuel oil
assessments: Following industry feedback, Platts will reflect in its
North West European low sulfur straight-run fuel oil assessments
the following specifications: Sulfur 0.5-0.7%, normalized to 0.6%
CCR max 7 Density 0.935-0.95 at 15 degrees, Viscosity 200cst
max at 50 degrees Vanadium 10ppm Sodium 10ppm Nickel
10ppm
The parcel size will remain as 25,000-30,000mt.
Cargoes up to 50,000mt maybe taken into account when
arbitrage opportunities occur.
EUROPEAN PRODUCTS
68
METHODOLOGY GUIDE
23-Jan-2006
Following industry feedback, Platts will
reflect in its North West European low sulfur straight-run fuel oil
assessments the following specifications: Sulfur 0.5-0.7%,
normalized to 0.6% CCR max 7 Density 0.935-0.95 at 15
degrees, Viscosity 200cst max at 50 degrees Vanadium 10ppm
Sodium 10ppm Nickel 10ppm
The parcel size will remain as
25,000-30,000mt. Cargoes up to 50,000mt maybe taken into
account when arbitrage opportunities occur.
03-Feb-06
Changes to ARA barge bids, offers
assessments: Effective Wednesday February 8 and following
industry feedback regarding barge nomination procedures in the
ARA oil products market, Platts will start to reflect barge bids and
offers on a Wednesday 5-15 days forward. This is to better reflect
the two full working days nomination procedure required in the
NWE barge market. Monday and Tuesday loading dates will
remain 3-15 days forward, and Thursday and Friday 5-15 days
forward. Platts is considering adapting the same standard of 5-15
days throughout the whole week. Please send any comments
please to [email protected], cc
[email protected] and [email protected].
03-Feb-2006
Effective Wednesday February 8 and
following industry feedback regarding barge nomination
procedures in the ARA oil products market, Platts will start to
reflect barge bids and offers on a Wednesday 5-15 days forward.
This is to better reflect the two full working days nomination
procedure required in the NWE barge market. Monday and
Tuesday loading dates will remain 3-15 days forward, and
Thursday and Friday 5-15 days forward. Platts is considering
adapting the same standard of 5-15 days throughout the whole
week. Please send any comments please to
[email protected], cc [email protected] and
[email protected].
07-Feb-06
1.5% SFO Rotterdam basis assess proposal
on Apr 3: In light of new regulations by the International
Convention for the Prevention of Pollution from ships (Marpol),
Platts proposes to start assessing 1.5% sulphur fuel oil FOB barge
assessment basis Rotterdam Apr 3 , 2006. The Marpol regulations
limit sulphur in fuel oil used in bunkers to a maximum of 1.5%
in certain designated areas including the Baltic Sea. Platts invites
comments to this proposal to be submitted no later than Feb 28,
2006. Please send any comments to
[email protected] and [email protected]
with a cc to [email protected], and
[email protected]
07-Feb-2006
In light of new regulations by the
International Convention for the Prevention of Pollution from
ships (Marpol), Platts proposes to start assessing 1.5% sulphur
fuel oil FOB barge assessment basis Rotterdam Apr 3 , 2006. The
Marpol regulations limit sulphur in fuel oil used in bunkers to a
maximum of 1.5% in certain designated areas including the
Baltic Sea. Platts invites comments to this proposal to be
submitted no later than Feb 28, 2006. Please send any comments
EUROPEAN PRODUCTS
to [email protected] and
[email protected] with a cc to
[email protected], and [email protected]
08-Feb-06
Clarification of European products
assessments: European products assessment methodologies,
including those for fuel oil, gasoline, naphtha and middle
distillates such as jet fuel remain unchanged. These assessments
are transparently derived from fixed-price and floating-price
bids, offers and transactions. For instance, Platts considers in the
assessment process both futures and Platts-related transactions.
Platts has been using these methodologies without interruption
since 2002. For further details please download the methodology
documents available at www.platts.com.
08-Feb-2006
Platts European products assessment
methodologies, including those for fuel oil, gasoline, naphtha
and middle distillates such as jet fuel remain unchanged. These
assessments are transparently derived from fixed-price and
floating-price bids, offers and transactions. For instance, Platts
considers in the assessment process both futures and Plattsrelated transactions. Platts has been using these methodologies
without interruption since 2002. For further details please
download the methodology documents available at
www.platts.com.
10-Mar-06
New 1.5% sulfur fuel oil Rotterdam
bunkers London(Platts): Following subscriber feedback and in
light of new regulations by the International Convention for the
Prevention of Pollution from ships (Marpol), Platts will start
1.5PCT sulphur fuel oil bunkers delivered basis Rotterdam May
22 2006, for both 380cst and 180cst. May 22. The Marpol
regulations limit sulfur in fuel oil used in bunkers to a maximum
of 1.5% in certain designated areas including the Baltic Sea.
2-Mar-06
Protocols on bids/offers deemed frivolous:
CLARIFICATION NOTE: Platts reserves the right not to publish
any bids or offers considered frivolous, such a low bids or a high
offers that does not represent market value. Platts reflects
incremental changes in bid/offer levels that give a counterparty
ample time to execute. In practice, improvements in bid/offer
levels in excess of $1.00/mt per minute may be seen as excessive.
Platts may vary these parameters without notice, depending on
market conditions. Buyers and sellers can retreat at any point on
a non-incremental basis but any subsequent improvements in
bids/offers must be made incrementally from the level to which
the buyer or seller retreated. If a buyer or seller retreats to a level
considered frivolous, such a bid or offer will be excluded from
the assessment process.
31-Mar-2006
Effective March 31, in the light of industry
feedback Platts will revert to reflecting only intermediate
specification diesel in the 10ppm barge market assessment.
Effective April 3 Platts will reflect both intermediate and summer
grades of 10ppm diesel with summer specification having an
increasing weighting until April 11. From April 12 summer
specification will be full reflected.
69
METHODOLOGY GUIDE
31-May-2006
Effective June 1, Platts will add a 1630
London time $/rouble exchange rate to the foreign exchange
rates carried in Platts European Marketscan and Platts Global
Alert page 317. For comments/feedback please contact:
[email protected], CC [email protected]
bids and offers where the seller has the obligation to narrow the
de li very range to a 3 day laycan, 5 calendar days prior to the
1st day of the laycan. Comments please to
[email protected]; [email protected];
[email protected]
02-Jun-2006
In recognition of the growing maturity and
liquidity surrounding global trade in freight derivatives, Platts
will launch a series of new forward freight assessments, effective
12 June. Platts Forward Curve-Freight service will include
assessments for 18 crude, refined product and dry bulk tanker
swap or FFA markets for swap periods as far as two calendar years
forward. These will reflect transactable values on an End-of Day,
Market-on Close basis as at 1530 London time, and will be
published daily at 1630 London time. If you have any queries or
need further information please contact [email protected],
[email protected], [email protected], or pau
l_wight ma n@pl atts.c om
30-Jun-2006
Following industry feedback, and in light of
changes to the RMG 35 bunker grade specifications, as updated
by the International Standards Organization, Platts is inviting
feedback on whether to change the current bunker fuel
specification required for the Northwest European and
Mediterranean fuel oil assessments. Comments please to
[email protected]; [email protected];
[email protected]
Platts 2007
16-Jun-2006
In recent months, Platts has been tracking
price developments in the domestic Russian crude market and
presented the results of this market coverage at a recent forum in
Moscow. Platts will provide daily coverage of this market on
Platts Global Alert from June 19. Platts market coverage has been
focusing on Urals pipeline crude grades on a free in pipeline
basis Ufa, Bashkortostan. The crude market values reflect 1630
Moscow time as traded for typical traded pipeline qualities and
quantities. Market information will be published on PGA page 3.
For comment and market information please contact yahoo ID
plattsruscrude or +44 207 176 6166, [email protected],
Elza_Turner@p latts.c om , An nalisa [email protected],
[email protected], [email protected],
[email protected]. Platts has also been tracking price
developments in the domestic Russian products market. Platts
will provide daily coverage of this market on Platts Global Alert
from June 19. Platts market coverage has been focusing on
Normal Unleaded, Regular Unleaded, Premium Unleaded, Diesel
0.2, Low Sulfur Fuel Oil and Fuel oil 3.5% M-100 on FCA PFD
(Privolzhsky Federal District)/Ufa basis and FCA CFD (Central
Federal District)/Moscow basis. The products market values
reflect 1630 Moscow time as traded for typical traded qualities
and quantities. Market information will be published on PGA
page 5. For comment and market information please contact
yahoo ID plattsrusproducts or +44 207 176 6166,
[email protected], [email protected],
[email protected], [email protected],
[email protected].
30-Jun-2006
Platts gasoline, fuel oil and gasoil CIF
Mediterranean product assessments reflect bids and offers which
specify load port and vessel nomination 7 calendar days prior to
the 1st day of the laycan. For assessment purposes Platts reflects
bids and offers where the seller has the obligation to narrow the
delivery range to a 3 day laycan, 5 calendar days prior to the 1st
day of the laycan. Platts gasoline, fuel oil and gasoil CIF
Northwest European assessments reflect bids and offers which
specify load port and vessel nomination 5 calendar days prior to
the first day of the laycan. For assessment purposes Platts reflects
EUROPEAN PRODUCTS
70
METHODOLOGY GUIDE
EB
PRPPRUGNACEK
PPGMMGDCH PPGMMGDCL
PGAMN00
03-OCT-1994
BLM CQI DRI EMS FTP FUT KR RTR SAR
Prem Unl CIF Med Cargoes
EUROPEAN PRODUCTS
Location: FOB basis Italy but with other origins considered in the
assessment on the basis that neither buyer nor seller is
disadvantaged by any additional costs incurred if the material is
non-Italian origin.
EB
PRPPRUMEDCEM
PPGMMISCH PPGMMISCL
PGAMP00
03-OCT-1994
BLM CQI DRI EMS FTP FUT KR RTR SAR
Prem Unl FOB Med Cargoes
71
EB
PRPPR1MEDCFS
PPGPMISCH PPGPMISCL
PGABV00
01-MAY-1991
BLM CQI DRI EMS FTP FUT KR RTR SAR
Prem 0.15 FOB Med Cargoes
METHODOLOGY GUIDE
EB
PRPGS9NWEBJA
PPD7NEDCH PPD7NEDCL
PPAQH00
01-JUL-1994
BLM CQI DRI EMS FTP FUT KR RTR SAR
Gasoil EN590 CIF NWE Cargo
EUROPEAN PRODUCTS
72
METHODOLOGY GUIDE
EB
PRPGS9NWEBJC
PPD7NESCH PPD7NESCL
PPAQF00
01-JUL-1994
BLM CQI DRI EMS FTP FUT KR RTR SAR
Gasoil EN590 FOB NWE Cargo
EB
PRPGS9GNABIW
PPD7MGDCH PPD7MGDCL
PPAQD00
01-JUL-1994
BLM CQI DRI EMS FTP FUT KR RTR SAR
Gasoil EN590 CIF Med Cargo
EUROPEAN PRODUCTS
73
EB
PRPGS9MEDBIY
PPD7MISCH PPD7MISCL
PPAQB00
01-JUL-1994
BLM CQI DRI EMS FTP FUT KR RTR SAR
Gasoil EN590 FOB Med Cargo