APAG_20111102 - cjcommercial

Transcription

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Asia-Pacific/Arab Gulf Marketscan
www.platts.com
Volume 30 / Issue 209 / November 2, 2011
Asia Products
$/bbl
Singapore
Gasoline 97 unleaded
Naphtha
Spot naphtha
MTBE ($/mt)
Kerosene
Gasoil 10 ppm
Gasoil 50 ppm
Gasoil 0.05% sulfur
Gasoil 0.25% sulfur
Gasoil Reg 0.5% sulfur
Biodiesel ($/mt)
FO 180 CST 2% ($/mt)
HSFO 180 CST ($/mt)
HSFO 380 CST ($/mt)
Ex-Wharf 180 CST
Ex-Wharf 380 CST
FOB Singapore
+121.17–121.21+
+117.27–117.31+
+115.57–115.61+
MOPS strip
Premium/discount
25.74/25.78*
21.84/21.88*
20.14/20.18*
+113.31–113.35+
2.24/2.28
+95.42–95.46+
0.10/0.20
+95.69–95.73+
+95.57–95.61+
+1104.00–1106.00+
+126.72–126.76+ +126.76–126.80+
+129.05–129.09+
+128.64–128.68+
+127.75–127.79+
+127.21–127.25+
+126.40–126.44+ +125.50–125.54+
+1106.45–1106.55+
+716.02–716.06+
+687.77–687.81+ +673.52–673.56+
+681.62–681.66+ +666.52–666.56+
+703.00–704.00+
+696.00–697.00+
-0.06/-0.02
3.53/3.57**
3.12/3.16**
2.23/2.27**
1.69/1.73**
0.88/0.92
14.23/14.27
15.08/15.12
* Spread to FOB Singapore naphtha; ** Differential to FOB Singapore Gasoil Reg 0.5%
Singapore paper
Naphtha Japan
Naphtha
Reforming spread
Kerosene
Gasoil Reg 0.5% sulfur
HSFO 180 CST ($/mt)
HSFO 380 CST ($/mt)
+644.930/644.970+
Gasoil EFS ($/mt)
Balance Nov*
Dec
Jan
NA/NA
880.750/881.250 880.000/880.500
+95.43/95.47+
+95.38/95.42+
+95.33/95.37+
+114.03/114.07+ +111.73/111.77+ +110.33/110.37+
+18.58/18.62+
+16.33/16.37+
+14.98/15.02+
+126.82/126.86+ +126.61/126.65+ +126.20/126.24+
+125.87/125.91+ +124.62/124.66+ +123.73/123.77+
+677.730/677.770+ +663.68/663.72+ +653.43/653.47+
+670.780/670.820++656.580/656.620+
-20.12
-15.93
-15.56
* Balance Month swaps will be assessed from the 1st to 15th of the month and to the 14th for February.
Platts’ assessment of futures market value at 16:30 Singapore
ICE Gasoil Futures ($/mt)
Balance Nov*
958.00
Dec
944.50
Jan
937.50
NYMEX Heating oil (c/gal)
NYMEX RBOB (c/gal)
Dec
304.37
264.17
Jan
303.85
261.91
Feb
302.32
260.91
* Balance Month swaps will be assessed from the 1st to 15th of the month and to the 14th for February.
Singapore demurrage assessments
Demurrage Clean ($)
Demurrage Dirty ($)
16500.00
-19000.00
Indonesia physical oil assessments
LSWR Mixed/Cracked
LSWR
FOB Indonesia
+115.28–115.32+
+114.28–114.32+
Spot Prem/Disc
14.13/14.17
Gasoline
Asian gasoline prices rose Wednesday, after
falling over the past two trading sessions. The
benchmark 92 RON and 97 RON grades were
assessed at $115.59/barrel and $121.19/b, up
$1.55/b and $1.76/b, respectively. During the
Platts Market On Close process, Vitol bought a
92 RON cargo for loading November 17-21 from
BP at $115.70/b, while Sietco took out
Mercuria’s offer for a 97 RON parcel at
$121.20/b, loading November 22-26. Despite
gains in outright prices, gasoline cracks across
all grades fell 67-88 cents/b Wednesday, as
crude futures strengthened, with December ICE
Brent rising $2.43/b to finish at $110.13/b at
the Asian close. Asian gasoline recovery followed
Europe where gasoline cracks had regained some
strength Tuesday. “There seems to be a lot of
short covering in Europe now,” a trader said
Wednesday. As trading was quiet so far this week
in Asia because of the WEPEC Energy Conference
in China, “we can assume the East has moved in
Subscriber notes
Platts to launch second-month ESPO crude
assessment: Following industry feedback to its
notice on September 6, Platts has decided to
move ahead and launch a second-month price
assessment for Russia’s East Siberian Pacific Oil or
ESPO crude oil, exported from the Far East port
of Kozmino, effective November 1, 2011. The
new FOB assessment will be based on cargoes
loading 45 to 75 days from the date of publication. It will be published daily at 16:30 Singapore
close, and be labeled ESPO M2. The new secondmonth assessment will run concurrently with
Platts’ existing ESPO assessment, which is based
on cargoes loading 15 to 45 days forward. Please
send comments or queries to
[email protected] and
[email protected].
Middle East physical oil assessments
Gasoline 95 unleaded CFR
Naphtha LR2 ($/mt)
Naphtha ($/mt)
The McGraw Hill Companies
FOB Arab Gulf
+114.53–114.57+
+854.42–855.17+
+852.11–852.86+
Premium/discount
6.59/6.63
7.62/7.66
13.75/14.25
Platts to revise Asia 10 ppm gasoil flash point:
Following industry feedback and engagement,
Platts proposes to amend the flash point reflected
continued on page 10
PLATTS ASIA-PACIFIC/ARAB GULF MARKETSCAN
Asia Products (continued)
$/bbl
Middle East physical oil assessments
Kerosene
Kerosene LR2
Gasoil 0.005% sulfur
Gasoil 0.05% sulfur
Gasoil 0.25% sulfur
Gasoil
Gasoil LR2
HSFO 180 CST ($/mt)
HSFO 380 CST ($/mt)
HSFO 180/380 Spread
FOB Arab Gulf
+124.63–124.67+
+124.69–124.73+
+126.48–126.52+
+125.58–125.62+
+124.68–124.72+
+124.18–124.22+
+124.25–124.29+
+673.21–673.25+
+667.07–667.11+
—6.17–-6.13-
Premium/discount
1.58/1.62
4.18/4.22*
3.28/3.32*
2.38/2.42*
1.88/1.92*
14.25/14.75
14.25/14.75
*premium to MOPAG Gasoil (0.5%S) during loading
Japan physical oil assessments
Gasoline 91-92 unleaded
Naphtha ($/mt)
Naphtha 2nd 1/2 Dec ($/mt)
Naphtha 1st 1/2 Jan ($/mt)
Naphtha 2nd 1/2 Jan ($/mt)
Naphtha MOPJ Strip ($/mt)
Kerosene
Gasoil
HSFO 180 CST ($/mt)
C+F Japan
117.90–117.94
119.60–119.64
+880.75–881.50+
+881.25–881.75+
+881.00–881.50+
+880.75–881.25+
880.00–880.50
+127.98–128.02+
+130.70–130.74+
+700.32–700.36+
Premium/discount
0.50/1.00
0.63/1.13
1.20/1.24
FOB Okinawa
Gasoil 0.5% sulfur
+126.40–126.44+
HSFO 180 CST 3.5% sulfur ($/mt) +688.52–688.56+
0.88/0.92
14.75/15.25
29.75/30.25
South Korea physical oil assessments
C+F Korea
+879.63–880.13+
Naphtha ($/mt)
Premium/discount
-1.50/-1.00
FOB Korea
+116.99–117.03+
Gasoil 0.5% sulfur
+126.35–126.39+
Jet
+126.46–126.50+
HSFO 180 CST 3.5%
+688.52–688.56+
MSFO 180 CST 1.5% sulfur ($/mt) +703.52–703.56+
0.83/0.87
-0.32/-0.28
14.75/15.25
14.75/15.25
29.75/30.25
Freight netbacks
Gasoline
Naphtha
Naphtha-LR2
Kerosene
Kerosene-LR2
Gasoil
Gasoil-LR-2
HSFO 180 CST
HSFO 380 CST
AG-Spore
+2.74
2.09
2.03
2.22
2.15
-14.55
-14.55
Spore-Japan
2.33
19.84
AG-Japan
Spore-Australia
4.34
28.64
26.33
4.66
4.95
-12.55
All in $/bbl, except HSFO 180 CST, 380 CST and AG-Japan naphtha in $/mt.
Means of Platts West India Netbacks
Gasoline (92 RON)
Gasoline (95 RON)
Naphtha
Jet kero
Gasoil (10ppm)
Gasoil (500ppm)
Gasoil (2500ppm)
$/mt
967.27
969.99
851.64
986.00
968.26
936.64
932.61
$/barrel
113.80
115.47
94.63
124.81
127.07
125.72
125.18
Australia
Gasoline 92
Gasoline 95
Jet
Gasoil 10ppm
C+F Australia
+119.91–119.95+
+121.61–121.65+
+131.39–131.43+
+134.00–134.04+
Copyright © 2011, The McGraw Hill Companies
NOVEMBER 2, 2011
line with the West,” a source said Wednesday.
Demand for gasoline is expected to improve in later in the year. Shell Refining Company chairman
Anuar Taib said a statement released Wednesday,
that refining margins “are expected to improve in
Q4 2011 with possibly stronger mogas [gasoline]
demand.” Demand in the East “is still decent,”
said a trader. “Thai demand might be down due to
the floods affecting Bangkok refineries, so in
some sense, production has slowed down. But in
the first place, Thailand doesn’t import gasoline
regularly. The main centers of Asian gasoline
demand lie in Indonesia and Malaysia and
[demand there] remains pretty unchanged,” he
added. Amid steady demand, supply was expected
to be tight as “[Shell’s] Bukom refinery had not
ramped up its run rates yet and [Taiwan’s]
Formosa is only running at about 75%,” which
means Formosa can “only supply term cargoes
and not offer any spot. So, gasoline supply will
probably be tight,” the trader added. A Singaporebased trader agreed supply was tight. “Inventories
for gasoline in Singapore are not high and I don’t
think they’re high across Asia, owing to the backwardated market structure. Demand remains
good,” he said. In tenders, India’s Essar Oil was
heard to be offering either 35,000 mt or 55,000
mt of 90 RON gasoline for loading over November
26-December 6 from Vadinar. The tender closes
Thursday and remains valid till the next day.
Naphtha
A little more than a week after it fell into contango, the Asian naphtha market leaped back into a
backwardated structure in what market participants said was a sign of improving sentiment. At
the Asian close Wednesday, physical and paper
spreads pushed back into positive territory with
the second-half December/second-half January
CFR Japan physical spread finishing at 50
cents/mt, up $1/mt, while the
December/January and January/February paper
intermonth spreads gained $1-1.25/mt to close
higher at 75 cents/mt. The Asian naphtha market
fell into a contango on October 25, weighed down
on poor demand from the petrochemical sector.
At its deepest, the contango for physical naphtha
spreads was assessed at minus $2/mt. “[Asia’s]
fundamentals haven’t changed — just sentiment,” a trader said Wednesday, in reference to
the market’s leap back into a backwardated structure. “Recently some end-users bought spot [cargoes], some concluded term, some are still negotiating. Heavy full range naphtha still has pretty
healthy demand and traders are starting to look
2
Asia Products (continued)
$/bbl
South China/Hong Kong physical oil assessments
Jet/kero
Gasoil L/P 0.5 S
Gasoil 0.2%
Gasoil 0.5%*
HSFO 180 CST
HSFO 380 CST
Marine diesel
South China $/mt Hong Kong $/mt
+975.00–979.00+
+995.00–999.00+
+1009.50–1013.50+
+948.75–952.75+
+955.00–959.00+
+2.07–2.11+
+709.00–710.00+
+680.91–681.11+ +700.00–701.00+
+964.50–965.50+
* C+F Hong Kong, US$/bbl premium/discount to Mean of Platts Singapore.
Huangpu fuel oil assessments
Spread to MOPS (US$)
Yuan/mt
STS 3.5% (I)
4880.00–4900.00
STS 3.5% (I) ex-tax
—160.43–-157.75- 3300.30–3317.22
STS 2.5% (D)
4740.00–4760.00
STS 2.5% (D) ex-tax
—174.12–-171.42- 3213.64–3230.74
FOB 3.5% (I)
4890.00–4910.00
FOB 3.5% (I) ex-tax
—160.43–-157.75- 3300.30–3317.22
FOB 2.5% (D)
4750.00–4770.00
FOB 2.5% (D) ex-tax
—174.12–-171.42- 3213.64–3230.74
C+F 3.5% (I)
15.00–16.00 +4351.94–4358.27+
C+F 2.5% (I)
22.00–23.00 +4396.25–4402.58+
MOPS 180 cst 3-8 Days Forward Value
MOPS 180 cst 15-35 Days Forward Value
License and inspection fee STS
30.00
License and inspection fee FOB
40.00
Fuel oil consumption tax
812.00
US$/mt (1)
770.93–774.09
521.37–524.05
748.82–751.97
507.68–510.38
772.51–775.67
521.37–524.05
750.39–753.55
507.68–510.38
+687.51–688.51+
+694.51–695.51+
+681.80
+672.51
Exchange rate=6.33. Notes: (1) US$ equivalents based on yuan assessments and prevailing exchange rate
(2) I = imported grade fuel oil; D = domestic grade fuel oi
East China fuel oil assessments
Spread to MOPS (US$)
Yuan/mt
US$/mt (1)
Shanghai
FOB 3.5% (I)
FOB 3.5% (I) ex-tax
C+F 3.5% (I)
FOB 1.5% (I)
FOB 1.5% (I) ex-tax
FOB 1.5% (D)
FOB 1.5% (D) ex-tax
LS S/R (I)
5875.00–5925.00
928.12–936.02
4133.84–4176.15
653.06–659.74
4358.27–4364.60
688.51–689.51
6350.00–6400.00 1003.16–1011.06
34.76–41.44
4535.80–4578.12
716.56–723.24
5000.00–5050.00
789.89–797.79
—140.36–-133.61- 3427.32–3470.05
541.44–548.19
77.00–78.00
4744.40–4750.73
749.51–750.51
-28.74–-22.06
16.00–17.00
Qingdao
FOB 1.5% (I)
FOB 1.5% (I) ex-tax
34.76–41.44
LS S/R (I)
77.00–78.00
MOPS 180 CST 3-8 Days Forward Value
MOPS 180 CST 15-35 Days Forward Value
License and inspection fees
Fuel oil consumption tax
6350.00–6400.00 1003.16–1011.06
4535.80–4578.12
716.56–723.24
4744.40–4750.73
749.51–750.51
681.80
672.51
40.00
812.00
Exchange rate =6.33. Notes: (1) $ equivalents based on yuan assessments and prevailing exchange rate
(2) I = imported grade fuel oil; D = domestic grade fuel oi
China dirty freight rate assessments
From
Russia
Russia
South Korea
South Korea
Japan
Japan
Taiwan
Taiwan
Singapore
Singapore
Persian Gulf
To
Shanghai
Guangzhou
Shanghai
Guangzhou
Shanghai
Guangzhou
Shanghai
Guangzhou
Shanghai
Guangzhou
Guangzhou
Size (000 mt)
30-40
30-40
30-40
30-40
30-40
30-40
30-40
30-40
60
60
80
$/mt
9.00-10.00
10.00-11.00
10.00-11.00
10.00-11.00
7.50-8.00
8.00-9.00
6.00-7.00
6.00-7.00
8.50-9.50
8.00-9.00
17.00-18.50
NOVEMBER 2, 2011
forward to a better Q1. Optimism is coming in
again,” the source said. Another trader said the
rise Wednesday was driven by improving demand,
which seemed firmer for cargoes for delivery in the
new year. “It’s forward trading now that OSN is
trading H1 January CFR Japan cargoes, it’s bullish
for Q1,” he said. Still, in terms of the current situation for Asian naphtha however, demand still continues to be crimped on cracker run cuts. News
emerged Tuesday that Taiwan’s Formosa
Petrochemical has reduced runs at its three naphtha-fed steam crackers at Mailiao due to poor
downstream derivative demand and production
margins. A source close to the company said
Wednesday that it plans to operate its three steam
crackers at about 80% of their respective capacities in November, down from 100% in October. In
spot news, South Korea’s Honam has bought two
25,000-mt naphtha cargoes at a discount of
$1.25/mt to Mean of Platts Japan naphtha
assessments, trade sources said Wednesday. Both
the cargoes are for delivery into Daesan over H1
December. In India, IOC has sold a 35,000-mt exDahej cargo for loading November 21-23 to
Mercuria at Mean of Platts Arab Gulf naphtha plus
$12.75/mt. Meanwhile, BPCL issued Wednesday a
tender to sell 11,000 mt of naphtha to load
November 21-25 from Haldia. This cargo contains
a MTBE content of 500 ppm and the tender closes
November 7, with validity till November 9. In other
news, State-owned Bahrain Petroleum Company
has lowered its term offer for a one-year supply of
B210 full range naphtha from a premium of
$20/mt to a premium of $18.50/mt, priced
against MOPAG naphtha assessments, on an FOB
Sitra basis, a source close to the discussions said
Wednesday. Bapco is offering 1 million-1.4 million
mt of naphtha over the 12 months starting January
2012, and the lower offer brings the company’s
premium in line with the recent premium inked by
fellow Middle East naphtha supplier Kuwait
Petroleum Corp. The latter last week settled its full
range naphtha supply for loading over December
2011-November 2012 from Kuwait at a premium
of $18.50/mt to MOPAG naphtha assessments on
an FOB basis. While KPC found buyer acceptances
at that level, Bapco’s talks with its term customers
are ongoing, and will likely continue until after a
holiday on November 6, the source said.
Jet
The FOB Singapore jet fuel cash differential
moved into negative territory Wednesday for the
first time in nearly a month, reflecting weakening
market structure. The differential was down 4
3
European products
$/mt
Mediterranean
$/mt
Prem Unl 10ppm
Naphtha
Jet aviation fuel
Gasoil .1%
10ppm ULSD
1%
3.5%
Jet FOB Med premium
FOB (Italy)
CIF (Genova/Lavera)
+947.75-948.25+
858.25-858.75
1009.00-1009.50
955.00-955.50
+987.75-988.25+
657.00-657.50
641.00-641.50
7.00-7.50
+958.00-958.50+
874.75-875.25
969.75-970.25
+1000.25-1000.75+
669.75-670.25
653.75-654.25
Northwest Europe cargoes
CIF Basis ARA
Premium unleaded Non Oxy
Gasoline 10ppm
Reg Unl Non Oxy
Naphtha Swap
Naphtha Phy
Jet
Ultra low sulfur diesel 10ppm
Gasoil 0.1%
Diesel 10ppm NWE
Diesel 10 PPM UK
1%
3.5%
0.5-0.7% straight run
Low sulfur VGO
High sulfur VGO
FOB NWE
959.25-959.75
+965.75-966.25+
945.25-945.75
881.00-881.50
880.75-881.25
1028.25-1028.75
1012.50-1013.00
967.00-967.50
1015.50-1016.00
1016.50-1017.00
661.75-662.25
634.00-634.50
822.00-823.00
811.00-812.00
1015.75-1016.25
996.75-997.25
949.50-950.00
999.00-999.50
651.25-651.75
621.25-621.75
753.00-754.00
816.00-817.00
805.00-806.00
Asia & Oceania
Mid East & Africa
Global
FOB Rotterdam
949.75-950.25
978.75-979.25
958.75-959.25
1111.25-1111.75
876.75-877.25
1030.25-1030.75
1001.75-1002.25
964.25-964.75
1011.75-1012.25
1411.75-1416.75
661.75-662.25
637.75-638.25
816.00-817.00
805.00-806.00
Index
363.46
377.45
351.93
$/barrel
127.21
126.39
128.74
Gasoil
ICE gasoil GWAVE*
Nov 943.00
Dec 930.75
Rotterdam bunker
380 CST
cents at Mean of Platts Singapore jet assessments minus 4 cents/barrel, the first time it has
been below zero since October 6, when it stood
at minus 17 cents/b. The balance
November/December timespread swap was down
8 cents at 21 cents/b. Meanwhile, the Singapore
physical regrade spread tumbled further
Wednesday, hitting a three and a half-month low,
down 66 cents to 32 cents/b. The regrade was
last that low on July 14, when it was at 27
cents/b. Trade sources said the jet fuel market
was generally fairly balanced, in contrast to a
strong gasoil market. One trade source said for
the jet market “there is lot of hope on winter
demand,” though added that even if there was a
cold winter, demand would likely be limited to
Japan and South Korea, with demand from China
fairly steady. During Platts’ Market on Close
assessment process, BP bid for a 100,000-barrel
cargo loading November 17-21 at a discount of
10 cents to MOPS, while Shell offered a cargo
loading November 21-25 at a premium of 10
cents to MOPS. Both bid and offer were standing
at close, and no trades were concluded.
Jet Index
Northwest Europe barges
Eurobob
Unleaded 98
Premium Unleaded
MTBE (1)
Naphtha Phy
Jet
Gasoil 50 ppm
Gasoil 0.1%
10 ppm
Biodiesel FAME - 10
1%
3.5%
Low sulfur VGO
High sulfur VGO
NOVEMBER 2, 2011
649.00-650.00
*The gasoil average data refer to the previous days business
(1)MTBE FOB Amsterdam-Rotterdam-Antwerp
Foreign Exchange rates:
USD/Yen
78.1100
USD/MYR
3.1245
USD/EUR
1.3774
USD/HK
7.7697
USD/Stg
1.6009
USD/AUD
1.0417
USD/Sing
1.2698
The cash premium for Singapore’s benchmark
0.5% sulfur gasoil advanced further Wednesday
reaching its highest level so far this year, as
Trafigura continued buying high sulfur gasoil during Platts physical Market on Close assessment
process. Trafigura bought a 250,000-barrel cargo
and another 150,000-barrel cargo from BP and
Shell, respectively. Trafigura paid premiums at
around 90 cents/barrel over Mean of Platts
Singapore 0.5% sulfur gasoil assessments for
both cargoes, which are to load over the front-mid
window laycans of November 17-21 and
November 19-23. The cash differential for the
grade inched up 10 cents/b on the day to 90
cents/b. Gasoil’s market structure steepened further in backwardation, with the front-month
December/January time spread contract
assessed at 89 cents/b Wednesday, up 14
cents/b from the previous session. In tenders,
Yemen’s ARC, which was looking to buy 80,000
mt of high sulfur gasoil for delivery over
November 14-16 into Aden has not awarded the
tender, and may have cancelled it, said a trader
4
US West Coast Pipeline
cts/gal
Unleaded 84
Unleaded 87
Premium 91
CARBOB
CARBOB PREM
Jet
ULS (EPA) Diesel
CARB diesel
Los Angeles 11.5 San Francisco 12.5
-295.18-295.28-290.43-290.53-310.18-310.28-305.43-305.53-296.43-296.53-291.68-291.78-304.43-304.53-299.68-299.78+309.92-310.02+ +309.92-310.02+
-322.42-322.52- +317.42-317.52+
+340.92-341.02+ +322.92-323.02+
Unleaded 87
Premium 92
Jet
LS (EPA) Diesel
ULS (EPA) Diesel
180 CST
380 CST
Seattle 15.00
+282.28-282.38+
+293.28-293.38+
+309.92-310.02+
+317.02-317.12+
318.02-318.12
-708.00-710.00-678.00-680.00-
Portland 13.50
+283.43-283.53+
+294.43-294.53+
—— - ——
+318.17-318.27+
319.17-319.27
+726.00-728.00+
+696.00-698.00+
Differential to NYMEX
CARBOB
CARBOB paper 1st month*
CARBOB paper 2nd month*
Jet Fuel
ULS (EPA) Diesel
CARB Diesel
-32.95-33.05+15.75-16.25+
+8.55-9.05+
+8.95- 9.05+
-21.45-21.55+39.95-40.05+
* Premium to NYMEX gasoline settlement
West Coast Waterborne
Los Angeles
San Francisco
Light ends
Gasoil
Unleaded 87
Jet
-135.01-135.03-294.18-294.28+308.92-309.02+
Fuel oil
0.5% S
1.0% S
2.0% S
+112.44-112.46+
+111.94-111.96+
+109.44-109.46+
Bunkers
180 CST
380 CST
+724.00-726.00+
+694.00-696.00+
+720.00-722.00+
+690.00-692.00+
Platts Futures Assessments 3:15 pm ET
Dec
Jan
Feb
NYMEX light sweet crude*
92.66
92.50
92.33
Dec
Jan
Feb
NYMEX RBOB*
263.48
261.46
260.54
NYMEX heating oil*
300.97
300.89
299.70
*These assessments reflect prevailing futures value exactly at 3:15 pm ET
Asia-Pacific / Middle East spot crude assessments
API Gravity
Assessment
(Asian MOC)
Diffs
(Asian MOC)
Diff to
Dated Brent
(Asian MOC)
$/bbl
Assessment
(London MOC)
Condensate
NW Shelf
Ras Gas
Qatar LSC
South Pars
Senipah
61.9
57.0
56.9
57.4
54.4
+104.57-104.61+
+105.83-105.87+ +1.65/1.75+***
+104.53-104.57+ +0.35/0.45+***
+102.83-102.87+ +-1.35/-1.25+***
+108.17-108.21+ -0.96/-0.86**
-5.24
-3.98
-5.28
-6.98
-1.64
based in the Middle East. The Petroleum Association
of Japan will release its weekly statistics for October
23-29 on Friday, instead of Wednesday, due to its
anniversary holiday on Tuesday.
Fuel oil
Phoenix 8.0
-296.68-296.78-304.68-304.78-
RBOB unleaded 87
RBOB premium 91
NOVEMBER 2, 2011
105.60
106.86
105.56
103.86
109.20
Singapore high sulfur fuel oil time spreads, which
were already at record highs, showed no signs
of easing Wednesday as they continued to climb
for the fourth straight session, on the back of
positive sentiment in the market. The
November/December 180 CST HSFO spread
jumped $2.35/mt from the previous close to
$14.05/mt Wednesday, while the same spread
for the 380 CST gained $1.75/mt to
$14.20/mt, closing up the gap between the two
time spreads. Strength was also observed further down the curve, with December/January
180 CST spread gaining $1.80/mt from the previous close to $10.25/mt, and the 380 CST
spread going up $2.45/mt to $11.65/mt. The
December/January time spreads for both grades
are also currently at all-time highs. Meanwhile,
the 180 CST HSFO premium also continued to
climb, going up 68 cents/mt from the previous
close to $14.25/mt Wednesday. But the cash
premium for the 380 CST HSFO weakened for
the first time in two weeks, falling 10 cents/mt
from the previous close to $15.10/mt
Wednesday. In the spot market, India’s Essar Oil
is offering up to 80,000 mt of 380 CST HSFO
from Vadinar, Gujarat, loading over November
30-December 4. The tender closes Thursday.
When sold, this cargo would lift Indian exports
in December to 160,000 mt, while November
stood at 510,000 mt, Platts data showed. In
the Persian Gulf, ExxonMobil is offering 90,000
mt of 700 CST HSFO from Yanbu for loading
over November 27-29. The tender closes
Wednesday. Meanwhile, Saudi Aramco is offering a total of three fuel oil cargoes. Saudi
Aramco is offering 600,000-700,000 barrels of
slops — a refining byproduct — via private
negotiations for loading from Rabigh in
November, trade sources said Wednesday. The
product has a sulfur content of 0.71% and density of 0.8317 kg/l, sources said, noting that it
could be end up in the straight-run fuel oil pool.
Saudi Aramco is also offering 90,000 mt of
cracked 180 CST high sulfur fuel oil (A961) via
private negotiations for loading over November
15-18 from Ras Tanura, and also 500,000550,000 barrels of 650 CST cracked high sulfur
fuel oil from its 400,000 b/d refinery at Yanbu
for loading over November 5-7 via private negoti-
5
Asia-Pacific / Middle East spot crude assessments (cont.)
Diff to
Diffs
(Asian MOC)
Assessment
(Asian MOC)
API Gravity
Diff to
Dated Brent
(Asian MOC)
Assessment
(London MOC)
Light
Cossack
Gippsland
Tapis
Belida
Kutubu
Handil Mix
Attaka
Vityaz Blend
Ardjuna
Sokol
Kikeh
ESPO M1
ESPO M2
Miri Light
Labuan
47.7
48.7
45.2
45.1
44.3
43.9
42.3
41.6
38.0
39.7
34.9
34.8
34.8
32.3
32.0
+111.91-111.95+
+111.54-111.58+
+116.08-116.12+
+115.50-115.54+
+113.56-113.60+
+114.82-114.86+
+116.41-116.45+
+110.13-110.17+
+112.85-112.89+
+112.73-112.77+
+118.80-118.84+
111.68-111.72
110.66-110.70
+117.98-118.02+
+118.02-118.06+
3.55/3.65 **
2.11/2.21
3.23/3.33
5.95/6.05
1.76/1.86
8.65/8.75
**
**
**
^
2.10
1.73
6.27
5.69
3.75
5.01
6.60
0.32
3.04
2.92
8.99
112.94
112.57
117.11
116.53
114.59
115.85
117.44
111.16
113.88
113.76
119.83
111.82-111.84
8.17
8.21
119.01
119.05
-0.10
6.68
7.08
4.76
8.34
2.12
2.75
2.18
110.74
117.52
117.92
115.60
119.18
112.96
113.59
113.02
-7.43
4.71
7.27
8.53
4.47
3.47
103.41
115.55
118.11
119.37
115.31
114.31
6.65/6.75^^
6.48/6.58
** Differential to ICP, *** Differential to Dubai, ^ Differential to Oman/Dubai,
^^ Differential to Dubai(FEB)
Differential to ICP
Medium
Nanhai
Su Tu Den
Minas
Nile Blend
Bach Ho
Widuri
Daqing
Cinta
40.0
36.8
35.3
33.9
40.7
33.2
32.2
31.1
+109.71-109.75+
+116.49-116.53+
+116.89-116.93+
114.57-114.61
+118.15-118.19+
+111.93-111.97+
+112.56-112.60+
+111.99-112.03+
25.0
24.2
22.8
22.0
20.8
18.3
+102.38-102.42+
+114.52-114.56+
+117.10
+118.36
+114.28-114.32+
+113.30
3.14/3.24 *
2.75/2.85
0.43/0.53
3.82/3.92 *
2.52/2.62
2.58/2.68
Heavy
Dar Blend
Shengli
Stybarrow
Enfield
Duri
Vincent
5.81/5.91
NOVEMBER 2, 2011
ations, trade sources said Wednesday. These
cargoes when sold, will take total exports from
Saudi Arabia and Kuwait to 883,000 mt for
November loadings, while October volumes were
437,000 mt, Platts data showed.
South China Fuel Oil
The premium for 380 CST high sulfur fuel oil,
loading 15-35 days forward, rose by $1/mt to
$15-16/mt over Mean of Platts Singapore 380
CST HSFO assessments, on a CFR South China
basis Wednesday. Traders attributed the increase
to record high 380 CST HSFO premiums in
Singapore. The premium for Singapore 380 CST
HSFO was assessed at $15.20/mt Tuesday, up
by 55 cents/mt from Monday. “The premium for
CFR South China 380 CST HSFO has been going
up because of tight supply in Singapore,” said a
trader in Guangzhou. South Korea-origin 380 CST
HSFO was offered at MOPS 380 CST assessments plus a premium of $16/mt, on an FOB
basis, traders said. Meanwhile, demand for 180
CST fuel oil remained low, sources noted. “We
mainly sell 180 CST HSFO to glass and porcelain
plants that are still using fuel oil, as most of
them have shifted to using petroleum coke,” said
a source with Sinopec Guangdong Fuel oil. Platts
assessed Singapore-origin and domestically
blended 180 CST HSFO spot prices unchanged at
Yuan 4,880-4,910/mt ($770.97-775.71/mt) and
Yuan 4,740-4,770/mt, respectively, in South
China’s Huangpu market Wednesday.
* Differential to OSP
South China Gasoil and Gasoline
China tanker fixtures
Vessel
Volume
Arrival
Origin
Importer
80kt
6kt
25kt
50kt
35kt
35kt
35kt
Singapore-Shenzhen
Southeast Asia-Huangpu
Singapore-Zhuhai
Singapore-Huangpu
Bld Korea-Huangpu
Bld Korea-Huangpu
Bld Korea-Huangpu
Mid Oct
13 Oct
18 Oct
End Oct
Early Nov
Mid Nov
End Nov
Bright Oil
Sinopec SP
Chimbusco
Sinopec HK
Sinopec
Sinopec
Sinopec
South China
TBA
Yuenanyun
TBA
Xuanwuhu
TBA
TBA
TBA
]
Bld
N/A
Bld
Bld
380
380
380
Asia-Pacific/Arab Gulf Marketscan
Wholesale prices of National III standard oil products were steady Wednesday in Guangzhou, the
capital of South China’s Guangdong province, a
Platts weekly survey showed. National III standard zero-pour gasoil traded at Yuan 8,4008,450/mt ($1,327.08-1,334.98/mt), while 93
RON gasoline was around Yuan 8,700-8,750/mt
in the local market Wednesday. Both prices were
unchanged from last week, said sources. State-
Volume 30 / Issue 209 / November 2, 2011
Editorial Contacts: Dave Ernsberger, Tel +44 20 7176 6116, Global Oil Director; Paul Young, +97 1 55 211 8887, Executive Oil Pricing Editor, Asia; Thomas Giaever-Enger, +65-6530-6584,
Editorial Director of Methodology Research & Development; Sharmilpal Kaur, +65-6530-6575, Managing Editor, Asia & Middle East Crude, Light Ends & Shipping.
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: + 54-11-4804-1890, E-mail: [email protected]
Copyright © 2011 The McGraw-Hill Companies. 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 The McGraw-Hill Companies Inc.Information has been obtained from sources believed reliable. However,
because of the possibility of human or mechanical error by sources, McGraw-Hill or others, McGraw-Hill 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.
6
China tanker fixtures (cont.)
Vessel
Volume
Arrival
Origin
Importer
20kt M100
40kt M100
50kt SR
35kt M100
19kt N/A
50kt M100
80kt SR
40kt M100
50kt M100
50kt N/A
45kt N/A
30kt SR380
50kt M100
50kt M100
20kt M100
40kt M100
300kt SR380
50kt M100
40kt M100
50kt M100
Russia-Longkou
Russia-Longkou
Singapore-Longkou
Russia-Longkou
Malaysia-Longkou
Russia-E China
N/A-Longkou
Russia-Longkou
Russia-Longkou
N/A-Longkou
N/A-Longkou
Venezuela-Qingdao
Russia-E China
Russia-Laizhou
Russia-Longkou
Russia-E China
Venezuela-E China
Russia-E China
Russia-E China
Russia-E China
Oct 3
Oct 8
Oct 9
Oct 9
Oct 12
H1 Oct
Mid Oct
Mid Oct
Mid Oct
H2 Oct
H2 Oct
H2 Oct
H2 Oct
End Oct
Early Nov
H1 Nov
H2 Nov
H2 Nov
H2 Nov
H2 Dec
Daxing
Haike
Shengkai
Daxing
Quanxing
Chinaoil
Shida
Huaxing
Huaxing
Zhenghe
Tianhong
Chinaoil
Chinaoil
Daxing
Daxing
Daxing
Chinaoil
Chinaoil
Daxing
Chinaoil
East China
Minotaur
JI LI HU
AGRARIA
DENMARK
ELISE
TBA
TBA
TBA
TBA
TBA
TBA
TBA
TBA
TBA
Minotaur
TBA
TBA
TBA
TBA
TBA
International tanker fixtures
Ship name
Size
Tbn
270
Seaking/Athina
270
Leo Glory
280
Neptune Glory
280
Yiomaral
262
Artemis Glory
265
Dar Salwa
270
Polymnia
270
Morning Glory
85
Aet Tbn
80
Remi
80
NS Challenger
35
Teekay Tbn
100
New Accord
80
D/H Tbn
80
Maersk Phoenix
80
Khorfakkan
80
Astro Sirius
80
Asian Jasper
80
New Award
100
Alan Veliki
130
Delta Commander 130
Gladiator
130
Sonangol Kizomba 130
Ambrosia
80
Maersk Nautica
280
SKS Saluda
140
Center
135
Aegean Harmony 80
CE Wave
80
Hellas Warrior
80
NS Concord
80
Petar Zrinski
80
Scorpio
80
SKS Trinity
80
Tempera
100
Energy Commander 55
BungaKasturiLima 270
Minerva Zenia
80
Type
Date
Route
Rate Charterer
CR
CR
CR
CR
DY
CR
CR
CR
DY
FO
DY
CR
DY
DY
DY
DY
DY
DY
CR
CR
DY
DY
DY
DY
DY
DY
DY
DY
DY
DY
DY
FO
DY
DY
DY
DY
DY
DY
DY
Nov12 PG-Yosu
rnr GS Caltex
Nov15
PG-USWC
rnr Bp
Nov22
PG-US Gulf
33.5 Vela
Nov15
PG-US Gulf
33.5 Exxon
Nov14
PG-WC India
69.75 Ioc
Nov13
PG-China
coa Unipec
Nov13
PG-Ulsan
49.75 SKEner
Nov5
PG-WC India
62.5 Reliance
Nov22
PG-WC India
105 Mrpl
Nov24
PG-S’pore, Gove
coa Kpc
Nov8
Cross PG
rnr Vitol
Nov1
PG-Trieste
$1.3m Bp
Nov11
Kozmino-USWC
rnr Statoil
Nov15
Tuban+Cakera-Ulsan
94 SKEner
Nov11
Kikeh-Zhanjiang
rnr Unipec
Nov16
Enfield-Spore, Jap
rnr Mitsui
mNov
NW Australia-Yosu
rnr GS Caltex
mNov
Cross Australia
rnr Chevron
Nov9
Labuan-Dung Quat
$390k PV Oil
Nov6
Kozmino-S.China
rnr DayHarv
Nov22
WAF-Portugal
77.5 Petrogal
Nov15
WaF-USG
77.5 Petrogal
Nov18
WAF-Med/UKC
80 CSSSA
Nov20
WAF-Feast
85 Exxon
Nov29
Palanca-Chennai
$2.0m IOC
Nov28
Ceyhan/Rsea - China $5
.15 Unipec
Nov12
Novo-Med/UKC
RNR Vitol
Nov10
Ceyhan-USG
77.5 Socar
Nov10
S.Kerir-Med
90 CSSA
Nov07
Ceyhan-Med
90 Litasco
Nov09
S.Kerir-Venice
87.5 IES
Nov15
Tuapse-Med
87.5 Litasco
Nov10
Libya-Med
92.5 Exxon
Nov10
Algeria-Med/UKC
92.5 Pplus
Nov15
Skikda-USAC
90 Hess
Nov09
Primorsk-UKC
COA Shell
Nov12
ARA-USG
130 Exxon
Nov25
USG-Spore
$3.5m Wport
Nov19
Brazil-USG
RNR Pbras
NOVEMBER 2, 2011
owned Sinopec was facing tight supply of gasoil
currently, leading its Guangzhou sales branch to
regulate the sale of the product in Guangdong.
With every ton of gasoil a buyer purchases from
Sinopec, he has to buy four tons of gasoline, said
a source with the company. The gasoil grade was
offered by the local branch at the guidance retail
price of Yuan 8,458/mt in Guangdong. Stateowned PetroChina, however, was not facing tight
gasoil supply, and had not imposed regulations
on gasoil sales, said traders. “PetroChina is not
controlling its sales volumes,” said an independent trader. Gasoil supply in China is tight on the
whole, which has led both Sinopec and
PetroChina to import the product, said traders.
Trading houses, however, were reluctant to store
too much of gasoil and gasoline as benchmark
crude prices were still volatile, traders added.
Separately, CNOOC’s 240,000 b/d Huizhou plant
is expected to be restarted in mid-November,
after a scheduled maintenance which began
October 4. The tight supply of gasoil is expected
to ease slightly by then, said market sources.
GUANGZHOU WEEKLY GASOIL, GASOLINE WHOLESALE PRICES (Yuan/mt) Date
Zero-pour
gasoil 93 RON gasoline October 12
8,4008,450
8,850-8,900 October 19
8,4408,490
8,650-8,700 October 26
8,4008,450
8,700-8,750 November 2
8,400-8,450
8,700-8,750
East China Fuel Oil
Prices of M100 spot cargoes were assessed
unchanged at Yuan 6,350-6,400/mt ($1,0031,011/mt) in East China’s Qingdao and Shanghai
markets Wednesday. Shandong Qingyuan offered
one 20,000-mt cargo of M100 at around Yuan
6,450/mt for cash delivery, on an FOB Shandong
basis Wednesday. No deal was heard done.
Buying interest was weak due to slumps in international crude markets, said traders. Crude was
lower mid-afternoon Wednesday in Asia as macroeconomic worries outweighed any bullish news
from lower US crude supplies. At 1:35 pm in
Singapore (0535 GMT) December NYMEX crude
futures were at $91.75/barrel, 44 cents/b
(0.48%) below Tuesday’s settle, while December
ICE Brent crude futures were 44 cents/b (0.40%)
lower at $109.10/b, data showed. Meanwhile,
spot price of domestically blended 180 CST high
sulfur fuel oil was also assessed unchanged at
Yuan 5,000-5,050/mt in East China’s Shanghai
market Wednesday. Sellers were unwilling to lower
offers amid higher blending costs, though demand
was sluggish, traders noted.
7
US West Coast
Tanker Fixtures (continued)
Ship name
Size
Izumo Princess
70
Maya
50
Senatore
50
Qi Lin Zuo
55
Bw Orinoco
65
Mcore Philomena 65
Cape Tampa
60
Fotini Lady
50
Nord Strait
40
Akrotiri
40
Uacc Sila
40
Navig8 Stealth II 35
Swarna Pushp
35
Klara
33
Fpmc 26
35
Ocean Cosmos
30
Nanjing Tbn
30
Nanjing Tbn
30
Hongbo
30
British Harmony
30
Palva
60
Arctic Char
60
Pro Emerald
30
Faneromeni A
37
Got Carolina
37
Marilee
37
Torm Vita
37
Mount Kobo
38
Stena Concert
38
NOVEMBER 2, 2011
Type
Date
Route
DY
DY
DY
NA
CL
JT
CL
CL
JT
CL
CL
GO
GO
JT
NA
GO
JT
GO
UN
UN
CL
UN
GO
CL
CL
CL
CL
CL
UN
Nov08
Nov09
Nov07
Nov10
Nov6
eNov
Nov10
Nov8
Nov1
Nov5
Nov5
Nov7
Nov15
Nov3
Nov15
Nov7
Nov11
Nov13
Nov13
Nov15
eNov
Nov18
Nov13
Nov4
Nov5
Nov03
Nov06
Nov04
Nov06
Covenas-USG
Trinidad-USG
B.Grande-USAC
PG-Japan, Opts
PG-UKC
WC India-UKC
Cross PG
Cross PG
PG-UKC
WC India-Red Sea
Cross PG
Cross East Africa
WC India-Colombo
PG-UKC
WC India-Japan
Taiw-Spore, EAfrica
SKorea-Hong Kong
Nakhodka-China
S’pore-EC Australia
SKorea-Japan
SKorea-SAmerica
SKorea-Japan, Opts
SKorea-Australia
UKC-USAC
UKC -Brazil
WCN-TA
Ventspils-WAF
Caribs-USAC
USG-Caribs
Rate Charterer
97.5
145
COA
105
OP
$1.7m
$200k
rnr
$1.495m
$700k
$215k
rnr
rnr
$1.1m
rnr
$320k
rnr
rnr
rnr
rnr
rnr
rnr
rnr
167.5
175
RNR
175
182.5
RNR
Tesoro
Shell
Nustar
Vitol
Vitol
Bp
cnr
Clake
Carg
Vitol
Enoc
cnr
cnr
Bp
cnr
Bp
Gford
Clake
cnr
Mstan
cnr
cnr
cnr
Clake
Pbras
Statoil
CNR
CNR
CNR
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
The West Coast gasoline markets were mixed
Wednesday. Los Angeles CARBOB was heard
done at NYMEX December plus 33 cents/gal,
where it was assessed 3 cents lower than
Tuesday. San Francisco CARBOB rose a quartercent in relation to Los Angeles, where it now
stood at a 4.75-cent discount. Porland unleaded
was heard done at plus 20 cents/gal, where it
was assessed 3 cents higher. Los Angeles
CARB diesel spiked for a fifth straight trading day
Wednesday to its highest differential in nearly five
years after government data showed inventories
declined again last week. Los Angeles CARB
diesel was assessed up 6 cents at NYMEX
December heating oil futures plus 40 cents/gal,
where it was last heard done. December 11,
2006, was the last time it was assessed plus 40
cents/gal or more, at plus 42.25 cents/gal. The
US Energy Information Administration reported
earlier Wednesday that West Coast distillate
stocks dropped 590,000 barrels to 11.5 million
barrels for the week ending October 28. That is
13% below the same week last year and the lowest weekly inventory since mid-April 2010, EIA
data showed. On October 24, the spot market
was assessed at plus 8.5 cents/gal before an
continued on page 9
Deals summaries
Naphtha physical
Gasoil physical
1) Naphtha: CFR Japan: 25kt: H2 December: Sietco sells to
Cargill $881.50/mt (4:29.09)
1) Gasoil: 0.5%S: FOB Singapore: 250kb: November 17-21:
Trafigura bought from BP at November 16-22 MOPS 0.5%S
plus 90 cents/barrel (4:28:56)
2) Gasoil: 0.5%S: FOB Singapore: 150kb: November 19-23:
Trafigura bought from Shell at MOPS 0.5%S plus 90
cents/barrel (4:29:21)
Naphtha paper
REPORTED DURING AND OUTSIDE WINDOW
~~Japan naphtha ppr: Dec heard done 881
~~Japan naphtha ppr: Dec heard done 881.50
REPORTED AFTER CLOSE
Jet physical
Jet trade summary: No Trades Reported
Jet paper
Platts Asia deals summary: Jet swaps November 2, 2011
Jet Swap: Bal November/December done 0.20 J Aron to
Conoco (08:29:55)
Jet Swap: Bal November/December done 0.20 Unipec to
Standard Chartered (08:29:55)
Jet Swap: Bal November/December done 0.25 Shell to BP
(08:24:36)
Platts Asia deals summary: Regrade swaps November 2, 2011
No trades reported
Gasoil paper
Gasoil Swap: Bal November done
Trafigura (08:28:48)
Bank to Trafigura (08:29:18)
8
125.90 Mabanaft to
125.90 Morgan Stanley to
125.95 JP Morgan to
125.90 Standard Chartered
125.90 Glencore to
125.90 Glencore to
125.90 JP Morgan to
125.90 Mabanaft to
125.90 JP Morgan to BP
NOVEMBER 2, 2011
Deals summaries (continued)
(08:30:04)
Gasoil Swap: Bal November/December done 1.25 Vitol to J
Aron (08:28:02)
Fuel oil physical
HSFO Trade Summary: 1 trade
1) HSFO 380 CST: 20kt: FOB Singapore: Nov 27-Dec 01: BP
sells to Hin Leong at Bal Nov Avg plus $7.50/mt
(8:27:30.962 GMT) INCO
Fuel oil paper
Platts Asia deals summary: 180 CST swaps November 2, 2011
180 CST Swap: December done 663.50 Unipec to Vitol
(08:28:23)
180 CST Swap: December done 663.50 Citibank to Vitol
(08:29:30)
180 CST Swap: December done 663.50 Citibank to SK Energy
(08:29:45)
180 CST Swap: Bal November done 677.50 Morgan Stanley
to Mercuria (08:29:38)
to Vitol (08:29:40)
180 CST Swap: Bal November done 677.50 Barclays to Vitol
(08:29:48)
to Glencore (08:29:51)
180 CST Swap: Bal November done 677.50 Mercuria to Vitol
(08:29:54)
180 CST Swap: Bal November done 677.50 Trafigura to Vitol
(08:29:57)
to Mercuria (08:29:57)
180 CST Swap: Bal November done 677.75 Brightoil to
Glencore (08:30:00)
outage at Chevron’s Los Angeles refinery to already low output
on the West Coast due to fall maintenance. The differential has
jumped 4.75 cents or more for each of the five trading days
through Wednesday. “Prompt is quite short in L.A.,” one trader
said. A second source called plus 40 cents/gal “an eye-opening
number.” The differential for barrels to be delivered any day of
the month could be short-lived, though. Chevron is expected to
bring online an FCC unit at its 274,000 b/d El Segundo refinery
in a few weeks, sources said, and December-delivery barrels
were heard offered at NYMEX January heating oil plus 10
cents/gal. Other diesel grades on the West Coast have been
less affected. Los Angeles EPA, the export grade of ULSD, was
heard done at plus 21.50 cents/gal, where it was assessed
down 2.25 cents. San Francisco rose 4 cents to plus 22
cents/gal, where it was heard done. Demand is lower and production better in San Francisco than in Los Angeles, sources
said. Portland ULSD also rose 3 cents to plus 18.25 cents/gal
based on bids heard. Jet fuel gained 2.5 cents to NYMEX
December heating oil plus 9 cents/gal where it was heard traded. Regional jet fuel stocks dropped 403,000 barrels to 9.46
million barrels, their lowest level since mid-June. BUNKERS: Two
180 CST Swap: Bal November done 677.50 Mabanaft to
Cargill (08:30:04)
180 CST Swap: Bal November/December done 14.00 Vitol to
Morgan Stanley (08:30:00)
180 CST Swap: December/January done 10.00 Deutsche
Bank to Shell (08:12:37)
180 CST Swap: December/January done 10.00 Morgan
Stanley to Shell (08:17:45)
Platts Asia deals summary: 380 CST swaps November 2,
2011
Chinaoil Singapore (08:30:09)
380 CST Swap: December done 656.00 ConocoPhillips to
380 CST Swap: December done 656.25 ConocoPhillips to
380 CST Swap: Bal November/December done 13.50 Shell to
BP (08:16:28)
Platts Asia deals summary: Viscosity swaps November 2, 2011
No trades reported
Mogas physical
Mogas Deals Summary: 2 Deals Done
1) Gasoline: 92 RON: FOB Singapore: 50kb: November 17-21:
Vitol bought from BP at $115.70 (4.28.23)
2) Gasoline: 97 RON: FOB Singapore: 50kb: November 22-26:
Sietco bought from Mercuria at $121.20 (4.28.29)
Mogas paper
No trades reported.
stems were confirmed Wednesday in the spot market for 380
CST. In Seattle, Tesoro closed the grade at $687/mtd for
1,800mt for November 10 delivery. In Vancouver, MPB sold
500mt of 380 CST at $695/mtw for November 10 delivery. Los
Angeles was heard offered at $702/mtw, but no deals were confirmed in the spot market. Overnight, Singapore bunkers surged
by $18/mt, assessed at $696.50/mtw.
Crude
The January cash Brent/Dubai spread crunched Wednesday by
45 cents/barrel to $2.05/b, underpinned by extremely strong
fuel oil cracks, which posted another 61 cents/b gain on the
day to settle at a one-month high of minus 48 cents/b. The
January/February Dubai cash spread jumped from $1.20/b to
$1.75/b on the day. January cash Dubai rose $2.14/b to be at
$106.75/b, while January cash Brent only posted gains of
$1.69/b. Cash Oman went up $1.70/b to be at $107.46/b.
Sources were waiting for UAE’s ADNOC, Qatar to issue retroactive October official selling prices, expected to emerge Thursday,
9
and Saudi Aramco to issue December OSPs. Qatar, one of the
smallest OPEC producers, has notified at least two Asian refiners it will supply full contractual volumes of Qatar Land and
Marine crudes loading in December, steady from November,
sources at the refineries said Wednesday. Qatar has been supplying full term volumes of the two grades for two years now.
Russian ESPO crude was trading slightly lower with the latest
sale of TNK-BP’s December cargoes, as refiners finished covering requirements. TNK-BP sold two clips of 100,000 mt each to
Sinopec’s trading arm Unipec at under $6/b premium to Platts
front-month Dubai crude assessments. The cargoes are scheduled to load from Kozmino over December 13-16 and December
20-23. Surgut sold three cargoes of ESPO crude loading in
December at Platts front-month Dubai crude plus $6-6.20/b earlier this week. Meanwhile, Japanese refiner Cosmo Oil is eyeing
an early-January restart of one out of two crude distillation
units, and a 72,000 b/d desulfurizer at its 220,000 b/d quakehit Chiba refinery. Cosmo Oil is likely to run its CDU at about
40% rates initially after its restart. But Cosmo Oil stressed that
its restart of the Chiba units could only occur once necessary
approvals from local authorities and the government were
secured. During the Platts market on close assessment
process, Shell bought three Dubai partials from SK at
$106.10/b, $106.40/b and $106.70/b, and also picked up
two partials from Unipec at $106.70/b and $106.75/b. SWEET
CRUDE: Regional crude prices were up Wednesday, with Dated
NOVEMBER 2, 2011
Brent at $109.83/barrel at the Asian close, up $2.52/b from
Tuesday. Few trades were heard done for regional crudes.
Traders said that December-loading North West Shelf condensate was being offered at a discount of around $5.50/b to
Dated Brent. Sources said that the condensate market was still
weak. Results for the 700,000-barrel Sokol crude sell tender,
issued by India’s OVL is expected, as it closed Tuesday with
validity until Wednesday. During Wednesday’s Platts market on
close assessment process, Mercuria again bid up a December
Minas partial to $116.90/b, but failed to attract any sellers.
Platts assessed Minas 1 cent above the bid at $116.91/b
Wednesday. This is $6.78/b above the December Brent future
which closed at $110.13/b on Wednesday. The high demand for
burning crudes was coming mainly from Japan, said market
sources. But warmer than expected weather in the country
might put a dent on it, said sources. In other news, Japan’s
Kyushu Electric restarted late Tuesday its 1.18 GW No. 4
nuclear reactor at its Genkai power plant. This is the first
restart allowed for any nuclear unit since the March 11 earthquake in the northeast of Japan. However, Kyushu Electric is
scheduled to start maintenance at the Genkai No. 4 reactor in
mid-December. After that work is complete, the company then
would have to undertake government-imposed stress tests.
Nevertheless, Kyushu Electric estimates that it would save
using 300,000 kl (1.89 million barrels) of oil, LNG and coal
from the brief restart of the Genkai No. 4 reactor.
Subscriber notes (continued)
in its specifications for Asian 10 ppm gasoil assessments. To bring
the assessments in line with all other gasoil grades assessed on an
FOB Singapore basis, the minimum flash point for the assessments would be raised to 66 degrees Celsius, with effect from
January 2, 2012. The minimum flash point reflected in the assessment for 10ppm gasoil is currently set at 61.5 degrees Celsius.
The change would affect 10ppm gasoil assessments for FOB
Singapore, FOB West India and C+F Sydney/Melbourne. Please
send comments and feedback to Platts’ editors at
[email protected] with a cc to [email protected] by
October 31, 2011.
Platts to rename Singapore 0.5%S gasoil assessment in 2012:
Platts proposes to rename its flagship Singapore “0.5%S Gasoil”
assessment on January 3, 2012 as Singapore “Gasoil.” The renaming will facilitate the transition of the current 0.5% sulfur gasoil
Asian benchmark to lower sulfur specifications over the coming
years, reflecting changing supply and demand trends across the
region. Platts intends for the newly renamed “Gasoil” assessment
to reflect material containing 0.5% sulfur for the whole of 2012,
but Platts invites comments on the exact timing of a change to a
lower sulfur standard. Over time, Platts plans to steadily reduce
the amount of sulfur reflected in the benchmark assessment. The
assessment appears on real-time service PGA 6, in APAGScan and
in Oilgram Price Report. Send initial feedback, comments by Aug
31, 2011 to [email protected] and [email protected].
Corrections
Please note that Platts’ Singapore Fuel oil 180 CST MOPS Strip
October 28 assessment should read as $677.22-677.26/mt and the
Singapore Fuel oil 380 CST MOPS Strip October 28 assessment
should read as $669.09-669.13/mt. This assessment appears in
Platts Asia-Pacific/Arab Gulf Marketscan, Platts Global Alert page
42 and Platts price data under code AAPJX00 and AAPJW00.
Please note that Platts’ October 26 assessments for CIF NWE and
FOB Rotterdam barges should read $858.50-859.00/mt and
$854.50-855.00/mt respectively. The assessments appear in Platts
European Marketscan, Platts Global Alert page 1310 and in the
Platts price database under codes PAAAL00 and PAAAM00.
`
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APAG_20111102 - cjcommercial

Transcription

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