]Methodology and Specifications Guide

www.platts.com

European Products
General Terms and Conditions 2 APPENDIX I
Example of EN228 definition (2002) 37
Gasoline 8
APPENDIX II
Example of DEFINITION OF EN590 definition (2002) 48
Naphtha 13

Appendix III
Jet Fuel 14
TYPICAL MIDDLE DISTILLATE QUALITIES 58

ULSD 17
APPENDIX IV
ASSESSMENT LIST WITH DATA CODES 59
Gasoil 21
APPENDIX V
Cracked Fuel Oil 23 SUBSCRIBER NOTES ISSUED 2005 onwards 60

Feedstocks 28 APPENDIX VI: DISCONTINUED ASSESSMENTS 69

LPG 30

LATEST UPDATE: JANUARY 2007

The McGraw Hill Companies

 METHODOLOGY GUIDE GENERAL TERMS AND CONDITIONS

GENERAL TERMS AND CONDITIONS

TIME OF ASSESSMENT EXECUTABILITY

Platts European products assessments reflect the transactable value Platts only takes into account bids and offers where trading
prevailing at 16.30:00 London time precisely. The assessment participants have demonstrated that those bids and offers are
methodology reflects values on a market-on- close basis. Trading firm and executable.
activity, including bids/offers and transactions, is covered during
the typical operating hours of the European markets with market For the purposes of its assessments, Platts will only consider in
values determined precisely at 16.30:00 London time. its assessment process bids and offers that heve been
communicated to reporters/price specialists before 15.45:00
Platts tracks outright and spread levels through the day between London time for cargoes, 16.00:00 for barges and 16.15:00 for
08.30:00-16.30:00 London time and these levels may have a swaps. Any new bid/offer submitted later than these cutoffs will
bearing on final assessment levels, depending on transparency and not be considered in the assessment process.
the patterns of liquidity over the day. Transactions and activity in
futures, physical or derivatives markets before 08.30:00 and after Platts considers in its assessment incremental price changes
16.30:00 London time are not taken into account. All market made to applicable bids or offers up to but no later than
activity is viewed in light of its market relevance, repeatability and 16.28:00 London time, after which only deals will be considered.
transparency. Transactions between related parties or transactions
that do not meet Platts high standards for transparency, Platts takes into account bids/offers that are executable under
verifiability and repeatability may not be taken into account. normal circumstances. Where provisions in the bid or offer make
it difficult or impossible to execute, the bid or offer will not be
Platts European products assessments have reflected the transactable considered in the assessment. Such provisions may include, for
value prevailing at 16.30:00 London time since October 1, 2005. instance, non-standard nomination procedures and charter party
Before that, from April 1, 2003, a 17.30:00 London time close was or loading options outside the normal range of ports considered
reflected. as standard in each market.

BIDS/OFFERS PERFORMANCE

Platts considers transactions, bid/offer levels and market Platts' editorial guidelines governing its assessment process require
indications that are reflective of typical conditions and it must consider only those transactions, bids or offers where
originating from sources deemed reliable. market participants perform under typical contractual terms.

Details of bids/offers and deals for European oil products are Platts accepts that individual companies may have trading limits
provided on Platts electronic screen service Platts Global Alert on with counterparties and that national legislation may prevent
PGA005. companies from dealing in materials of certain origins. Such
counterparty issues will be dealt with on a case-by-case basis.
Bids and offers must in principle be open to any reputable and
creditworthy counterparty. Participants intending to sell should not offer when there is a
known and distinct possibility that loading/delivery may be
Platts will exclude transactions, bids/offers or any market delayed. If congestion or delays prevent performance under the
indications when these appear to be unrepresentative of the contractual terms, the seller should make reasonable and timely
market, or unrepeatable. Deals done below the level of prevailing efforts to supply from an alternative source, or the seller should
bids or above the level of prevailing offers (i.e., selling through engage in other measures to alleviate the buyers' exposure.
the bid or buying through the offer) will not be reflected in
Platts assessments. Equally, a buyer should not over-commit and then aggregate
nominations in a way that m akes it logistically impossible for
More comprehensive details of the procedures for bidding and the seller to perfor m.
offering on PGA005 are provided in a separate documnent
“Platts Editorial Guidelines and Methodologies: European Oil Platts will take appropriate steps to ensure the integrity of its
Products”. The web URL for this document is: assessments if issues of non-performance should arise.

http://www.platts.com/Oil/Resources/Methodology%20&%20Spe
cifications/europeanoilproductspecsguideline.pdf?S=n

EUROPEAN PRODUCTS 2
 METHODOLOGY GUIDE GENERAL TERMS AND CONDITIONS

QUALITY IPE GASOIL PRICES

Platts products assessments are based on merchantable grades. Platts publishes the IPE gasoil weighted average as well as the
For both cargoes and barges, no distinction is made between settlement prices for the first two futures months. Platts also
refinery and storage in terms of the origin of the material. publishes the settlements for the first six months of IPE futures
Typical specifications for each product are detailed below. trading, The figures reflect the values provided by the IPE
rounded to the nearest 25 cts/mt and are not an assessment by
Bids/offers that exclude legitimate supply sources may be deemed Platts. Platts rolls the trading months on the day after expiry
restrictive and excluded from the assessment process. (i.e. on expiry day, the expiring front-month and the second-
month futures contracts are carried in the assesssment tables).

Effective July 1 2005,.Platts started to assess prevailing gasoil

INCREMENTABILITY
futures values for the front three months at exactly at 1630
London time.
Price changes to bids and offers will be considered in the
assessment process only if the improvements in the price of bids Platts typically determines the fixed price value of transactions
and offers are incremental in nature. Typically the increments after taking into consideration the EFP differential and the
considered would be of a maximum of $1/mt but this varies International Petroleum Exchange gasoil futures contract
according to market conditions. Price changes made very rapidly, settlement levels. Platts has generally used IPE gasoil settlements
that do not allow a counterparty to execute, may be disregarded. and its assessment of the EFP premium in calculating the
physical values for middle distillates since April 1, 2003. Before
Where related futures markets exhibit unusual volatility, Platts April 1, 2003, the IPE gasoil weighted averages were used.
may increase the level of increment accepted without prior notice.
Platts will typically advise such increment changes on PGA005 Please note, however, that while the IPE settlements are
typically used in calculating physical values, Platts reserves
Please note that market participants may withdraw bids/offers at the right to adapt or abandon this methodology if required.
any point, provided no counterparty has expressed an intention For instance, Platts may use alternative systems if in Platts
to execute the bid/offer. Also market participants may back away opinion the the settlement were to appear anomalous.
from the price non-incrementally.
If there is a significant difference between the gasoil IPE
settlement and the value of IPE gasoil at 16.30:00 exactly
REPEATABILITY Platts will make an independent and accurate assessment of
the 16.30:00 IPE value and use it in its assessment process.

Bids, offers and transactions are viewed against the broader On days when technical outages or other exigencies mean
supply/demand generated by those bids/offers and transactions. there is no IPE trade at 1630 London time, for instance because
Hence if a low price offer generates too much demand, Platts of technical problems, Platts' assessments will continue to
may determine in its editorial process that the market value is reflect prevailing values at 16:30 London time. The outright
higher than the level offered. Likewise if a high bid generates too distillate prices for cargoes and barges will be calculated using
much supply and the buyer is unable to buy all the volume that Platts' assessments of fixed price values at 16:30 London time
is offered, Platts in its editorial process may determine that that as usual. Platts typically tracks both fixed price as well as inter-
the market value is lower than the level bid. product and crude-to-product relationships prevailing at 16:30
London time.

SPREADS Please note that assessment timings may be changed due to a

variaty of reasons including power outages, communication
problems or any other issue affecting the normal flow of
Platts typically reflects fixed price deals, bids and offers in its information and/or business. Platts will make reasonable efforts
assessments. Platts also uses bids/offers and transactions on a to communicate to its subscribers the time resets.
Platts related and EFP-related basis, for instance on middle
distillates where bids/offers and deals are frequently concluded Platts issued the following subscriber note in June 2006:
on an IPE-related basis.
SUBSCRIBER NOTE: Platts proposes using the prevailing value of
Platts may use additional indications as appropriate including IPE gasoil futures at exactly 16:30 London time rather than the
the market value of spread relationships with other oil grades IPE settle in the formation of all European gasoil, diesel and jet
and associated markets such as derivatives and futures. In certain fuel physical assessments. Platts currently reflects oil product
illiquid markets, it may establish FOB or CIF values based on values at exactly 16:30 London time, using the 16:30 IPE value
freight differentials to more liquid benchmarks. when it deviates materially from the IPE settle.

EUROPEAN PRODUCTS 3
 METHODOLOGY GUIDE GENERAL TERMS AND CONDITIONS

NYMEX VALUES PRICE UNITS

Effective Oct 1, 2005, Platts European Marketscan added a series of All the primary bulk product prices in Europe are in US dollars
new assessments reflecting the prevailing market value precisely at per metric tonne (mt). The minimum fluctuation in price is 25
1630 London time for several futures contracts on NYMEX. cts/mt for all products, on both cargoes and barges.

These include the front-two months for the NYMEX futures WTI
crude contract, the front-two months for the heating oil and the EURO-DENOMINATED VALUES
front-two months for the unleaded gasoline contracts, all at
1630 London time.
Platts publishes euro-denominated values for a selection of its
key crude oil and European and US product benchmarks as a
TIMING supplement to the existing US dollar-denominated values.
Because decision-making in international oil markets is
inherently exposed to foreign exchange currency fluctuations,
Assessments reflect arrivals or loadings between 10-25 days from Platts providesthis additional information to allow subscribers to
date of publication for all grades on cargoes, and a minimum of 3 compare prices more efficiently across regions.
days to a maximum of 15 days from date of publication on barges.
In practice, because of the 48-hour nomination procedure on Please note that the Euro-denominated assessments are not
barges, the assessment reflects trading activity for 3-15 days from derived directly frommarket indications expressed in Euros, but
date of publication on Monday and Tuesday and 5-15 days from are calculated from the published US dollar price assessments
date of publication on Wednesday through Friday. On holidays, converted at the prevailing Euro/$ foreign exchange rate at 1630
the 48 hour nomintion clause may result in a loadings 4, 5 or 6 London time.
days forward and this may be factored into the assessment.
The euro-denominated assessments were launched on February
The Platts assessment process typically considers bids and offers 14th, 2005, and reflect values prevailing at 1630 local London
made with 5 day loading /delivery windows within the standard time. They include Premium Unleaded Cargoes CIF NWE/Basis
3-15 or 5-15 days forward for barges and 10-25 days forward for ARA, Naphtha Physical Cargoes CIF NWE/Basis ARA, Jet Cargoes
cargoes. CIF NWE/Basis ARA, 1 Pct Cargoes FOB NWE, Premium
Unleaded Barges FOB Rotterdam, 10 PPM Barges FOB Rotterdam,
Nomination procedures are detailed below. Normal notice of Gasoil 0.2 Pct Sulfur Barges FOB Rotterdam, 3.5 Pct Barges FOB
readiness procedures will be considered.. Rotterdam.

Note: Prior to April 1, 2003, the cargo assessments reflected

reasonably prompt arrival or lifting, typically between 5 to 15 FOREX RATES
days from date of publication for cargo assessments, while barges
typically reflected 2-8 days from date of publication.
Platts publishes key foreign exchange currency rates in the
European market in Platts European Marketscan and its Platts
NOMINATIONS Global Alert electronic publication. The forex rates reflect
prevailing values at 1630 London time.

Platts gasoline, fuel oil and gasoil CIF Mediterranean product

assessments reflect bids and offers which specify load port and CREDIT/PAYMENT TERMS
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 Payment is as per standard commercial practice which may be
a 3 day laycan, 5 calendar days prior to the 1st day of the laycan. prompt or within a few working days of lifting or discharge.
Wherever greater credit is given this will be allowed for in the
Platts gasoline, fuel oil and gasoil CIF Northwest European assessment process.
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 bids and offers TIME GRADIENT
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 assessments fully take into account any backwardation or
On barges, the nomination process gives the buyer the right to contango in the marketplace. The assessments thus reflect the
nominate the laycan but the buyer must give the seller 48 value after taking into consideration the difference in prices
working hours notice of the dates required. prevailing along the time curve assessed by Platts. Typically,

EUROPEAN PRODUCTS 4
 METHODOLOGY GUIDE EUROPEAN MARKET ASSESSMENTS

EUROPEAN MARKETSCAN ASSESSMENTS

FOB Med (Italy) CIF Med(Genova/Lavera)

Premium Gasoline 50ppm +X.00 AAOPW00-AAOPW00 +X.00 +X.00 AAOPX00-AAOPX00 +X.00

Naphtha +X.00 PAAAI00-PAAAI00 +X.00 +X.00 PAAAH00-PAAAH00 +X.00
Jet +X.00 AAIDL00-AAIDL00 +X.00
50ppm ULSD +X.00 AAOQC00-AAOQC00 +X.00 +X.00 AAOQD00-AAOQD00 +X.00
Gasoil.2 +X.00 POAAB00-POAAB00 +X.00 +X.00 POAAA00-POAAA00 +X.00
Fuel Oil 1% +X.00 PUAAK00-PUAAK00 +X.00 +X.00 PUAAJ00-PUAAJ00 +X.00
Fuel Oil 3.5% +X.00 PUAAZ00-PUAAZ00 +X.00 +X.00 PUAAY00-PUAAY00 +X.00
Jet FOB Med premium Prem AAIDN00-AAIDN00

Cargoes CIF NWE/Basis ARA Cargoes FOB NWE

Premium Gasoline 50 ppm +X.00 AAIJJ00-AAIJJ00 +X.00 +X.00 AAIJH00-AAIJH00 +X.00

Premium gasoline 10 ppm +X.00 AAOPZ00-AAOPZ00 +X.00 +X.00 AAOPY00-AAOPY00 +X.00
Regular gasoline 50 ppm +X.00 AAIJN00-AAIJN00 +X.00 +X.00 AAIJL00-AAIJL00 +X.00
Naphtha (Month) +X.00 PAAAJ00-PAAAJ00 +X.00
Naphtha +X.00 PAAAL00-PAAAL00 +X.00
Jet +X.00 PJAAU00-PJAAU00 +X.00 +X.00 PJAAV00-PJAAV00 +X.00
Diesel 10 ppm +X.00 AAKWP00-AAKWP00 +X.00 +X.00 AAKWR00-AAKWR00 +X.00
Diesel 50 ppm UK +X.00 AAIKO00-AAIKO00 +X.00 +X.00 AAIKM00-AAIKM00 +X.00
Diesel 50 ppm +X.00 AAOQB00-AAOQB00 +X.00 +X.00 AAOQA00-AAOQA00 +X.00
Russian gasoil 0.2% +X.00 AAOQZ00-AAOQZ00 +X.00
Gasoil 0.2% +X.00 POAAC00-POAAC00 +X.00 +X.00 POAAD00-POAAD00 +X.00
Fuel Oil 1% PUAAL00-PUAAL00 +X.00 PUAAM00-PUAAM00 +X.00
Fuel Oil 3.5% +X.00 PUABA00-PUABA00 +X.00 +X.00 PUABB00-PUABB00 +X.00
Straight run 0.5-0.7%. +X.00 PKABA00-PKABA00 +X.00
VGO 0.5-0.6% +X.00 AAHMZ00-AAHMZ00 +X.00 +X.00 AAHMX00-AAHMX00 +X.00
VGO 2% max +X.00 AAHND00-AAHND00 +X.00 +X.00 AAHNB00-AAHNB00 +X.00

Barges FOB Rotterdam Barge differential - 50ppm

98 RON gasoline 10 ppm +X.00 AAKOD00-AAKOD00 +X.00 AALBJ00/AALBJ00

Premium gasoline 10 ppm +X.00 PGABM00-PGABM00 +X.00
Premium gasoline 50ppm +X.00 AANWY00-AANWY00 +X.00 International Petroleum Exchange
Regular gasoline 10 ppm +X.00 AAKOF00-AAKOF00 +X.00 Gasoil Settlements
MTBE +X.00 PHAKZ00-PHAKZ00 +X.00 M01 n/a M04 n/a
Naphtha +X.00 PAAAM00-PAAAM00 +X.00 M02 n/a M05 n/a
Jet +X.00 PJABA00-PJABA00 +X.00 M03 n/a M06 n/a
Diesel 10 ppm +X.00 AAJUS00-AAJUS00 +X.00 IPE gasoil GWAVE 1630
Diesel 50 ppm +X.00 AAGMK00-AAGMK00 +X.00 M01 PXAAJ00 M01 n/a
Gasoil 0.2% +X.00 POAAG00-POAAG00 +X.00 M02 PXAAK00 M02 n/a
Fuel oil 1% +X.00 PUAAP00-PUAAP00 +X.00
Fuel oil 1.5% +X.00 AASXR00-AASXR00 +X.00 Platts Gasoil Futures
Fuel Oil 3.5% +X.00 PUABC00-PUABC00 +X.00 Prevailing gasoil futures 1630 London time
Rotterdam bunker 380 cst +X.00 PUAYW00-PUAYW00 +X.00 Jul AARIN00
VGO 0.5-0.6% +X.00 AAHNF00-AAHNF00 +X.00 Aug AARIO00
VGO 2% max +X.00 AAHNI00-AAHNI00 +X.00 Sep AARIP00

EUROPEAN PRODUCTS 5
 METHODOLOGY GUIDE GENERAL TERMS AND CONDITIONS

Platts assesses to the middle of the loading/delivery window participants have raised several concerns over the potential risk
specified for each market. Backwardation and contango is in volatile markets associated with the current operational plus
factored into all assessments, whether cargoes or barges. or minus 10% tolerance. Platts requested subscriber feedback on
the current volume tolerances and comments on potential
For instance, if a cargo were to trade at a fixed price of mechanisms that could be implemented to lower the operational
$530.00/mt for 10-14 days forward, in a backwardated market tolerance or lower the financial risk associated with volume
where the daily value of the backwardation is 0.50/mt, then the tolerances. While no immediate decision was taken, Platts is
assessment would need to reflect a value representative for the keeping the issue of operational tolerance under review.
entire window (10-25 days forward) and not just the 10-14 day
forward window. In this case, the assessment would have a range
centered on the mean assessed value of $527.25/mt, i.e. $530.00 LOADING/DELIVERY LOCATION
less 5.5 days of backwardation. The opposite could occur in a
contango market. If a trade occurs at $530.00/mt for a cargo
loading 10-14 days forward and the market exhibits contango at Cargoes—Unless otherwise stated, the CIF NWE cargo assessments
the rate of $0.50/mt per day then the assessment would be reflect deliveries into ARA, basis Rotterdam and the CIF Med cargo
centered on $532.75/mt. 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
FLOATING PRICE INDICATIONS of assessments FOB NWE and FOB Med vary by product.

Barges—Unless otherwise specified, loading for material covered

For any bid or offer made on a floating basis using Platts as the by ‘Barges FOB Rotterdam’ assessments is assumed to be from
underlying, the standard is five day pricing around bill of lading, refinery or storage in the Amsterdam, Rotterdam or Antwerp area.
unless stated otherwise. .In those cases where bids and offers are The assessment are basis Rotterdam except when stated otherwise.
done Platts related using non-dtandard pricing days, Platts will Other sources such as Flushing and Ghent may be considered in
then assess the proper underlying value for the dates expressed individual assessments where these are deemed relevant, but at a
and add or subtract the differentials. 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 Cargoes: Platts seeks to reflect bids/offers and transactions typical
commodity includes extra optionalities and the intrinsic value of of each of the markets it reflects. Because trading patterns vary
the commodity is masked, Platts may use its editorial judgement over time, Platts defines the typical cargo sizes reflected under
to factor out such extraneous elements from the value of the the individual assessments, but these may vary according to
commodity, or it may decide not to use the bid, offer or market conditions. Where a range of cargo sizes is considered,
transaction in its assessment process. Platts will reflect typical cargo sizes prevailing in the market at
the time of the assessment.
Optionalities that typically mask the value of the commodity
include loading or delivery options held by the buyer or seller, Barges: Typical barge size is 1,000-5,000mt, except for jet fuel
volume option tolerances exercisable by the buyer or seller or where a range of 2,000-5,000 mt is reflected. On diesel and
quality specifications among others. gasoil, a standard parcel size of 1,000-2,000 mt buyer’s option is
reflected. In all cases the smallest tradeable barge sets the
For example, where a buyer bids on barges for full window dates assessment.
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. FREIGHT DIFFERENTIALS

OPERATIONAL TOLERANCE 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
Platts issued a subscriber note in September 2005 stating that it from the CIF value. Where there is limited local demand but
is reviewing the standards used in Platts European oil products longer range arbitrage opportunities emerge, the FOB value may
cargo assessments relating to operational tolerance, in light of rise relative to the CIF value and may at times be assessed at
continuing extreme price volatility in the market. Market parity or even above the CIF value.

EUROPEAN PRODUCTS 6
 METHODOLOGY GUIDE GENERAL TERMS AND CONDITIONS

In the past, Platts has tended to track broader freight trends over SEASONALITY
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 The switch in gasoline and diesel qualities from summer to
product values. Platts tanker publications Platts Clean winter grade and vice versa may have a significant impact on
Tankerwire and Platts Dirty Tankerwire now carry both gasoline prices in Europe.
worldscale and $/mt freight assessments for clean products and
fuel oil, which may be incorporated in assessments where Platts generally announces a phase-in period for the summer
appropriate. and winter grades on cargoes and barges, in which the
incoming seasonal grade is given an increasing weighting in the
assessment.
SHIPPING
For example, on gasoline, from April 1 2006, European
gasoline markets traded summer grades of fuel. Platts reflected
Platts typically reflects good quality modern tonnage in its cargoes loading and discharging 10-25 days forward and
freight assessments, and excludes from its CIF assessments any barges loading 3-15 days forward. On March 7, the first day of
vessels which are outside the normal parameters of acceptability. the cargo window to pass April 1, Platts reflected 1 day of
Platts may take into account a variety of factors when summer grade gasoline and 14 days of winter grade, with
establishing whether it will include bids or offers with specific summer gaining increasing weighting in the assessment as
shipping requirements or conditions in its assessments, such as each day passed. On March 22, as the last day of the cargo
the vessel’s age and chartering history. window passed April 1, only summer grades of fuel were
reflected in the cargo assessment. The same weighting
Platts considers in its CIF cargo assessments offers where the approach is applied to reflecting summer grades of gasoline in
seller a) names the ship carrying the oil product, b) seller the barge market.
commits to meet ‘normal’ requirement by buyer, c) seller
commits to have ship approved by at least three named majors Each year, Platts publishes details of the timetable for including
which need to be stated, d) or commits to ship which will be seasonal specifications in subscriber notes, an example of which
approved by major selling, major buying, and second major is provided below:
named by buyer.
GASOLINE AND DIESEL SUBSCRIBER NOTE: Platts proposes
effective March 7 to start reflecting summer grades of gasoline
SWAPS and diesel on a pro-rated basis in the Northwest European and
Mediterranean cargo assessments, with summer spec having an
increasing weighting in the assessment towards March 22.
Bids and offers for Over the Counter derivative instruments Winter grades will continue to be taken into account until
such as swaps (also know as Contracts for Differences or CFDs) March 21, after which only summer spec will be reflected.
are subject to the same incrementability and repeatability Platts proposes effective March 17 to start reflecting summer
standards applicable to the physical markets. Bids/offers grades of gasoline and diesel on a pro-rated basis in the ARA
should move up or down in increments not exceeding $1/mt. barge market, with summer spec having an increasing weighting
Bids or offers submitted on a firm basis should be open for until March 28. From March 29 summer will be fully reflected.
execution to the first reputable and creditworthy party of For further details regarding the pro-rating system or any
record. Bids and offers for paper instruments should be comments regarding the proposal please contact
submitted no later than 16.15:00 London time. Changes to the annalisa_jeffries@platts.com, simon_thorne@platts.com with a
bids and offers will be recognized up to 16.28:00 London time. cc to peter_stewart@platts.com and
Firm bids and offers automatically expire at 16.30:00 London jorge_montepeque@platts.com.
time. Please note that the purpose of these time cut-offs and
standards of incrementability and repeatability are primarily Because Platts aims to synchronise the transition in seasonal
logistical, and designed to ensure orderly price discovery. As qualities in its assessments with market practice, Platts may
such, they may be changed at short notice if evolving market revise these timeframes at short notice if market practice changes
conditions require. in this regard.

EUROPEAN PRODUCTS 7
 METHODOLOGY GUIDE GASOLINE

DATA CODES AAOPX00 PREMIUM GASOLINE 50 PPM CARGOES CIF MED

Each Platts assessment is identified in the electronic databases by a Quality: The Mediterranean unleaded cargo assessments
7-character data code. The following table provides the data codes represent EN 228 95 RON meeting Italian, French, and Spanish
for European oil product assessment carried in Platts European specifications. The RON is 95 and the MON is 85. The specific
Marketscan. The table layout is based on the telex/newsletter version gravity for Mediterranean assessments is 0.755 g/ml. Aromatics
of Platts European Marketscan; when assessments are carried in limit is 35 max.
related publications such as Platts Oilgram price Report or the
regional marketscans, the actual layout may vary. Size: Cargo assessments reflect parcels of 25,000-30,000mt each.

Location: Assessment is CIF basis Genoa/Lavera with normal CP

options within the Med.
GASOLINE
Timing: Reflects material for delivery 10-25 days from date of
European premium gasoline assessments reflect EN228 material. publication, with prices normalized to the mid-point of this
The maximum sulfur allowed in EN228 was reduced to 50 ppm delivery window.
from January 1, 2005. The aromatics limit was also reduced from
42 to 35 in the same timeframe. The tighter standards became Other: N/A
mandatory within the EU from January 1, 2005 because of
changes in EU regulations. The EU is targetting further reduction Background: The 50 ppm assessment was introduced July 1, 2004.
in the sulfur limits by 2009.
Dispatch Category EB
Detailed parameters for individual assessments are provided below. 12 Char. Symbol AAOPX0000000
9 Char. Symbol(s) ·
7 Char. Symbol AAOPX00
SEASONALITY ISSUES ON GASOLINE Earliest Date 01-JUL-2004
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Prem Unl 50 PPM CIF Med
The switch in gasoline quality from summer to winter grade and
vice versa may have a significant impact on gasoline prices in
Europe. Platts typically has reflected winter spec material until AA0PW00 PREMIUM GASOLINE 50 PPM CARGOES FOB MED
April 1, after which summer grade only is reflected; similarly,
Platts has reflected summer grade until October 1, after which
winter grade only is reflected. In NWE and the Med, material up Quality: The Mediterranean unleaded cargo assessments
to 90 kPa is reflected in winter, and up to 60 kPa in summer. represent EN 228 95 RON meeting Italian, French, and Spanish
specifications. The RON is 95 and the MON is 85. The specific
Platts generally announces a phase-in period for the summer gravity for Mediterranean assessments is 0.755 g/ml. Aromatics
and winter grades on cargoes and barges, in which the limit is 35 max.
incoming seasonal grade is given an increasing weighting in the
assessment. Size: Cargo assessments reflect parcels of 25,000-30,000mt each,
though FOB cargoes of up to 33,000 mt may be considered when
For example, from April 1 2006, European gasoline markets arbitrage opening mean these are a significant market factor.
traded summer grades of fuel. Platts reflected cargoes loading
and discharging 10-25 days forward and barges loading 3-15 Location: FOB basis Italy but with other origins considered in
days forward. On March 7, the first day of the cargo window to the assessment on the basis that neither buyer nor seller is
pass April 1, Platts reflected 1 day of summer grade gasoline and disadvantaged by additional costs incurred if non-Italy origin.
14 days of winter grade, with summer gaining increasing
weighting in the assessment as each day passed. On March 22, Timing: Reflects material for loading 10-25 days from date of
as the last day of the cargo window passed April 1, only summer publication, with prices normalized to the mid-point of this
grades of fuel were reflected in the cargo assessment. The same delivery window.
weighting approach is applied to reflecting summer grades of
gasoline in the barge market. Other: N/A

Because Platts aims to synchronise the transition in seasonal Background: The 50 ppm assessment was introduced July 1, 2004.
qualities in its assessments with market practice, Platts may
revise these timeframes at short notice if market practice changes Dispatch Category EB
in this regard. 12 Char. Symbol AAOPW0000000
9 Char. Symbol(s) ·

EUROPEAN PRODUCTS 8
 METHODOLOGY GUIDE GASOLINE

7 Char. Symbol AAOPW00 Location: FOB NWE. Typically the assessment is normalized to
Earliest Date 01-JUL-2004 Rotterdam, but material from other origins is considered at
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR differentials according to market conditions.
Description Prem Unl 50 PPM FOB Med
Timing: Reflects material for loading 10-25 days from date of
publication, with prices normalized to the mid-point of this
AAIJJ00 PREMIUM UNLEADED CARGOES CIF NWE delivery window.

Other: Following a switchto non-oxygenated gasoline by US

Quality: The NWE cargo assessments represent EN 228 95 RON refiners from May 2006, the freight netback to the highest value
material with a maximum sulfur content of 50 ppm and specific export market is reflected as the floor for this assessment. Before
gravity of 0.755 g/ml. The Motor Octane (MON) number is 85. the legal situation on oxygenates in the US changed, the netback
Aromatics limit is 35 max. value from the US acted as a floor for the FOB NWE assessment
(based on the freight netback to basis Rotterdam from New York
Size: Effective November 1 Platts standardized cargo sizes Harbour using the NWE-USAC Worldscale freight rate published
reflected in its northwest European gasoline cargo assessments as in Platts Clean tankerwire).
follows: Premium gasoline 50 ppm CIF cargo assessment to
reflect 10,000 metric tonnes +/- 10% operational tolerance, basis Background: Effective 2 January 2003, the assessment reflected
Thames with normal NWE charter party options. Before this, the 50ppm sulphur specification only. Before that date, 150 ppm sulfur
standards encompassed a range of cargo sizes from 10,000- material was reflected in the assessment.
30,000 metric tonnes on both FOB and CIF.
Dispatch Category EB
Location: The assessment is CIF basis Rotterdam, with normal 12 Char. Symbol PRPPRUNWECEQ
CP options within NWE 9 Char. Symbol(s) ·
7 Char. Symbol PGABI00
Timing: Reflects material for delivery 10-25 days from date of Earliest Date 01-JUN-1992
publication, with prices normalized to the mid-point of this Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
delivery window. Description Prem Unl FOB NWE Cargoes

Other: N/A
AAOPZ00 PREMIUM GASOLINE 10 PPM CARGOES CIF NWE
Background: Effective 2 January 2003, the assessment reflected
50ppm sulphur specification only. Before that date, 150 ppm
sulfur material was reflected in the assessment. Quality: The NWE cargo assessments represent EN 228 95 RON
material with a maximum suflur of 10 ppm. Specific gravity is
Dispatch Category EB basis 0.755 g/ml. The Motor Octane (MON) number is 85.
12 Char. Symbol PRPPRUNWECEO Aromatics limit is 35 max.
9 Char. Symbol(s) ·
7 Char. Symbol PGABH00 Size: Effective November 1,2005, Platts standardized cargo sizes
Earliest Date 01-JUN-1992 reflected in its northwest European gasoline cargo assessments as
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR follows: Premium gasoline 10ppm CIF cargo assessment to reflect
Description Prem Unl CIF NWE Cargoes 10,000 metric tonnes +/- 10% operational tolerance, basis North
Sea with normal NWE charter party options. Before this, the
standards encompassed a range of cargo sizes from 10,000-
AAIJH00 PREMIUM GASOLINE 50 PPM CARGOES FOB NWE 30,000 metric tonnes on both FOB and CIF.

Location: The assessment is basis German North Sea with

Quality: The NWE cargo assessments represent EN 228 95 RON normal charter-party options within NWE.
material with specific gravity of 0.755 g/ml. The Motor Octane
(MON) number is 85. Aromatics limit is 35 max. Timing: Reflects material for delivery 10-25 days from date of
publication, with prices normalized to the mid-point of this
Size: Effective November 1 2005, Platts standardized cargo sizes delivery window.
reflected in its northwest European gasoline cargo assessments as
follows: Premium gasoline 50 ppm FOB NWE assessments to reflect Other: N/A
30,000 metric tonnes +/- 10% operational tolerance, NWE basis
Rotterdam, with material from other locations considered at Background: The assessment was introduced July 1, 2004.
differentials. Before this, the standards encompassed a range of cargo
sizes from 10,000-30,000 metric tonnes on both FOB and CIF. Dispatch Category EB
12 Char. Symbol AAOPZ0000000

EUROPEAN PRODUCTS 9
 METHODOLOGY GUIDE GASOLINE

9 Char. Symbol(s) · Timing: Reflects material for delivery 10-25 days from date of
7 Char. Symbol AAOPZ00 publication, with prices normalized to the mid-point of this
Earliest Date 01-JUL-2004 delivery window.
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Prem Unl 10 PPM CIF ARA Other: Effective April 3, 2006 the CIF NWE regular unleaded
gasoline cargo assessments has been based on a freight
differentialto the FOB NWE assessment using the cross-NWE
AAOPY00 PREMIUM GASOLINE 10 PPM CARGOES FOB NWE freight assessments, published in Platts clean tanker wire. Prior
to that date, the CIF NWE regular unleaded cargo assessment
was calculated as a differential to 50ppm unleaded gasoline
Quality: The NWE cargo assessments represent EN 228 95 RON assessments.
material with a maximum suflur of 10 ppm. Specific gravity is
basis 0.755 g/ml. The Motor Octane (MON) number is 85. Background: Effective 2 January 2003, the assessment
Aromatics limit is 35 max. reflected 50ppm sulphur specification only.

Size: Effective November 1 Platts standardized cargo sizes Dispatch Category EB

reflected in its northwest European gasoline cargo assessments as 12 Char. Symbol PRPGU$NWECIF
follows: Premium gasoline 10ppm FOB NWE assessments to 9 Char. Symbol(s) ·
reflect 30,000 metric tonnes +/- 10% operational tolerance, NWE 7 Char. Symbol PGACZ00
basis Rotterdam, with material from other locations considered Earliest Date 08-FEB-1988
at differentials. Before this, the standards encompassed a range Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
of cargo sizes from 10,000-30,000 metric tonnes on both FOB Description Reg Unl CIF NWE Cargoes
and CIF.

Location: FOB NWE. Typically the assessment is normalized to AAIJL00 REGULAR GASOLINE 50 PPM CARGOES FOB NWE
Rotterdam, but material from other origins is considered at
differentials according to market conditions.
Quality: Assessments are based on specific gravity of 0.745
Timing: Reflects material for loading 10-25 days from date of grams per liter, the RON is typically 91 and the MON 82.5.
publication, with prices normalized to the mid-point of this Aromatics limit is 35 max.
delivery window.
Size: Cargo assessments reflect parcels of 10,000-25,000mt each.
Other: N/A
Location: FOB NWE. Typically the assessment is normalized to
Background: The assessment was introduced July 1, 2004. Rotterdam, but material from other origins is considered at
differentials according to market conditions.
Dispatch Category EB
12 Char. Symbol AAOPY0000000 Timing: Reflects material for loading 10-25 days from date of
9 Char. Symbol(s) · publication, with prices normalized to the mid-point of this
7 Char. Symbol AAOPY00 delivery window.
Earliest Date 01-JUL-2004
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR Other: Effective April 3, 2006 Platts has assessed FOB NWE
Description Prem Unl 10 PPM FOB ARA Regular unleaded gasoline cargoes with the US netback acting as
floor to the assessment. The netback is calculated using
differentials to M-grade gasoline in New York harbor. Prior to
AAIJN00 REGULAR GASOLINE 50 PPM CARGOES CIF NWE that date, the FOB NWE regular unleaded cargo assessment was
calculated as a differential to 50ppm unleaded gasoline
assessments.
Note: Effective Jan 1 2007 Platts has proposed to discontinue
the CIF NWE regular cargo assessment. Background: Effective 2 January 2003, the assessment reflected
50ppm sulphur specification only.
Quality: Assessments are based on specific gravity of 0.745
grams per liter; the RON is typically 91 and the MON 82.5. Dispatch Category EB
Aromatics limit is 35 max. 12 Char. Symbol PRPGU$NWECIH
9 Char. Symbol(s) ·
Size: Cargo assessments reflect parcels of 10,000-25,000mt each. 7 Char. Symbol PGADA00
Earliest Date 01-JUN-1992
Location: The assessment is basis German North Sea with Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
normal charter-party options within NWE. Description Reg Unl FOB NWE Cargoes

EUROPEAN PRODUCTS 10
 METHODOLOGY GUIDE GASOLINE

AAKOD00 98 RON GASOLINE 10 PPM BARGES FOB ARA Timing: Reflects material for loading 3-15 (Monday-Tuesday) or
5-15 (Wednesday through Friday) days from date of publication,
with prices normalized to the mid-point of this loading window.
Quality: The NWE barge assessments represent German grade
with maximum sulfur 10 ppm, specific gravity of 0.755 g/ml and Other: The assessment has reflected 10 ppm maximum sulfur
a maximum benzene content of 1%. The RON is 98 and the from January 2, 2003. Platts introduced experimental 10ppm
MON is 88. Aromatics limit is 35 max. barge assessments effective 1 October to 31 December 2002 to
run in tandem with 50ppm barge assessments. Platts has made a
Size: Barge assessments reflect parcels of 1,000-5,000mt each. number of changes in recent years in the maximum sulphur
content in line with EU regulations on gasoline quality. Platts
Location: Gasoline barges are typically basis introduced a 50ppm assessment for premium unleaded barges
AR(Amsterdam/Rotterdam). Any transactions occurring at other FOB Rotterdam as an experimental assessment effective 1
loading ports in NWE (including Antwerp) are normalized to AR October 2001 to run until 31 December, 2001. The premium
basis on an incremental freight differential basis into the main unleaded barge assessment became 50ppm on Jan 2, 2002.
consuming area, which is typically Germany.
Dispatch Category EB
Timing: Reflects material for loading 3-15 (Monday-Tuesday) or 12 Char. Symbol PRPPRURTTCEY
5-15 (Wednesday through Friday) days from date of publication, 9 Char. Symbol(s) ·
with prices normalized to the mid-point of this loading window. 7 Char. Symbol PGABM00
Earliest Date 01-JUN-1992
Other: Because this assessment is illiquid, it is generally Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
established through a differential to Prem Unl barges. Description Prem Unl FOB R'dam Barges

Background: Platts has made a number of changes in recent

years in the maximum sulphur content in line with EU AANWY00 PREMIUM GASOLINE 50 PPM BARGES FOB ARA
regulations on gasoline quality. Eff Jan 2 2002, Platts Unl 98
assessment reflected 50ppm sulfur material in line with
prevailing market trends. Platts clarified that in 2001 the Unl 98 Quality: Assessments reflect Benelux spec material, and are
assessment already incorporated 50ppm as the traded grade in based on specific gravity of 0.755 grams per liter, the RON is
ARA. Platts introduced experimental 10ppm barge assessments typically 95 and the MON 85. The assessment reflects a
for the above, effective 1 October to 31 December 2002 to run in maximum sulfur of 50 ppm. Aromatics limit is 35 max.
tandem with 50ppm barge assessments. Unleaded 98 FOB
Rotterdam barge assessments have reflected 10 ppm maximum Location: The 50ppm barge assessment reflects spot activity in
sulfur effective 2 January 2003. the Amsterdam Rotterdam and Antwerp area, with the value
normalized to Rotterdam basis.
Dispatch Category EB
12 Char. Symbol PRPM9URTTBFO Size: Barge assessments reflect parcels of 1,000-5,000mt each.
9 Char. Symbol(s) ·
7 Char. Symbol PGAMR00 Timing: Reflects material for loading 3-15 (Monday-Tuesday) or
Earliest Date 03-OCT-1994 5-15 (Wednesday through Friday) days from date of publication,
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR with prices normalized to the mid-point of this loading window.
Description Unl 98 FOB R'dam Barges
Other: N/A

PGABM00 PREMIUM GASOLINE 10 PPM BARGES FOB ARA Background: The 50 ppm barge assessment was introduced April
1, 2004. Prior to that Platts had assessed the 50 ppm market as a
differential to 10 ppm (see barge differnenial assessments below).
Quality: The barge assessments represent 95 RON, 85 MON
German grade material with a specific gravity basis of 0.755 Dispatch Category EB
g/ml. The maximum sulfur is 10 ppm. Aromatics limit is 35 max. 12 Char. Symbol AANWY0000000
9 Char. Symbol(s) ·
Size: Barge assessments reflect parcels of 1,000-5,000mt each. 7 Char. Symbol AANWY00
Earliest Date 01-APR-2004
Location: Gasoline barges are typically basis Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
AR(Amsterdam/Rotterdam). Any transactions occurring at other Description Prem Unl 50 PPM FOB AR
loading ports in NWE (including Antwerp) are normalized to AR
basis on an incremental freight differential basis into the main
consuming area, which is typically Germany.

EUROPEAN PRODUCTS 11
 METHODOLOGY GUIDE GASOLINE

AAKOF00 REGULAR GASOLINE 10 PPM BARGES FOB ARA Background: Effective 2 January 2003, Platts introduced an
assessment of the differential of prem unl 50ppm to prem unl
10ppm barges, basis FOB Rotterdam.
Quality: Assessments are based on specific gravity of 0.745
grams per liter, the RON is typically 91 and the MON 82.5. The Note: Platts has proposed to discontinue the 50 vs 10ppm barge
maximum sulfur is 10 ppm. Aromatics limit is 35 max. differential assesment, effective Jan 1 2005 and has invited
feedback on this proposal.
Location: Gasoline barges are typically basis
AR(Amsterdam/Rotterdam). Any transactions occurring at other Dispatch Category EB
loading ports in NWE (including Antwerp) are normalized to AR 12 Char. Symbol AALBJ0000000
basis on an incremental freight differential basis into the main 9 Char. Symbol(s) ·
consuming area, which is typically Germany. 7 Char. Symbol AALBJ00
Earliest Date 02-JAN-2003
Size: Barge assessments reflect parcels of 1,000-5,000mt each. Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Barge Differential 50 PPM-10 PPM
Timing: Reflects material for loading 3-15 (Monday-Tuesday) or
5-15 (Wednesday through Friday) days from date of publication,
with prices normalized to the mid-point of this loading window. PHAKZ00 MTBE BARGES
Other: N/A
Quality: Platts quotes MTBE in Rotterdam complying with T2
Background: The assessment has reflected 10 ppm maximum (duty paid) status. In Northwest Europe, the quote is for product
sulfur since 2 January 2003. Platts introduced experimental with a minimum purity of 98%, a maximum water content of
10ppm barge assessments for the above, effective 1 October to 1,000 ppm and a maximum methanol content of 1.5% of the
31 December 2002 to run in tandem with 50ppm barge total weight.
assessments. Platts has made a number of changes in recent
years in the maximum sulphur content in line with EU Location: Northwest European assessments reflect sales made on
regulations on gasoline quality. Effective Jan 2, 2002, the sulfur an FOB Rotterdam basis, and no adjustments are made to reflect
content of the assessment for Regular Unleaded barges became handling costs.
50ppm in line with premium unleaded. On 1 October 2001,
Platts introduced the assessment for ultra low sulfur 50ppm Size: The assessment reflects barges of 1,000-5,000 mt. Cargoes
regular unleaded barges as a separate experimental assessment to of a minimum 5,000 mt may be taken into account, with values
run until 31 December 2001, when the new quality was reflected netted back to a FOB Rotterdam basis. Smaller lots are only used
in the main assessment. as a guide in the absence of any deals. All FOB assessments are
for product ex-refinery, ex-storage, and ex-terminal in the
Dispatch Category EB Rotterdam area. Aside from specific details listed above in Basis
12 Char. Symbol PRPGU$RTTCIP and Location, all other business concluded on the basis of FOB
9 Char. Symbol(s) · ARA or other northwest ports is used only as a guide.
7 Char. Symbol PGADE00
Earliest Date 02-APR-1987 Timing: Assessments for MTBE are 3-15 days forward.
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Reg Unl FOB R'dam Barges Other: Daily MTBE assessments are published in European
Marketscan and Platts Petrochemical Alert. The Friday daily
assessments also appear in the Platts Europe & Americas regional
AALBJ00 GASOLINE BARGE QUALITY DIFFERENTIAL editions of Platts Petrochemical Scan. Weekly Averages: Platts
publishes weekly averages for daily MTBE assessments in
Northwest Europe. These appear in Platts Europe & Americas
Quality: The assessment reflects the differential between 10 ppm Petrochemical Scan published on Fridays. These averages
and 50 ppm material represent an arithmetic average of the daily assessments as
published in Platts Petrochemical Alert.
Size: 1,000-5,000 mt parcels
Dispatch Category EB
Location: FOB ARA basis Rotterdam 12 Char. Symbol PCPMTBRTTANE
9 Char. Symbol(s) PHYPRTAAH · PHYPRTAAL
Timing: 3-15 (Monday-Tuesday) or 5-15 (Wednesday through 7 Char. Symbol PHAKZ00
Friday) days from date of publication Earliest Date 22-JUN-1992
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Other: The mid-point of the differntial is used to establish the Description MTBE FOB AR MOC
value of the Prem 50 ppm assessment.

EUROPEAN PRODUCTS 12
 METHODOLOGY GUIDE NAPHTHA

delivery window five days prior to the first day of the laycan. In
NAPHTHA addition, Platts will consider transactions where the expected
quality and quantity of the cargo is disclosed 3 days prior to the
first day of the delivery laycan with final quality and quantity is
PAAAL00 NAPHTHA CARGOES CIF NWE disclosed as soon as possible.

Other: Platts recognizes that certain companies have legal

Quality: The CIF NWE cargo assessment reflects open spec constraints that prevent them trading with certain counterparties,
material with a min 65 paraffin content and a typical specific or taking material from certain origins. Platts will consider bids
gravity of 0.69 to 0.73 g/ml. Other qualities – for instance 70-min and offers under standard industry terms and conditions,
paraffins and pipe spec — may be taken into account when traded including those which are consistent with national legislation, for
but these may command a premium or discount to cargoes fitting instance for US companies which are unable to trade in materials
Platts’ typical specifications. The assessment is always normalized of certain origin. Platts accepts bids and offers on either a fixed
to the open spec quality naphtha and any market indicator that price or a floating (quotes-linked) basis. Platts may incorporate
fits those parameters overrides signals stemming from other such quotes-linked indications in making its physical assessments,
quality cargoes. The premium or discount to be applied will be at by adding spot differentials or discounts to the underlying swaps,
the reporter’s discretion, based on relevant market activity. Platts normalized using the time gradient of the market. Fixed price and
products assessments are based on merchantable grades. floating price indications will in general be normalized to reflect
Bids/offers that exclude legitimate supply sources may be deemed the midpoint of the loading/delivery ranges assessed.
restrictive and excluded from the assessment process. As an
example, naphtha bids that exclude Tees as a supply source can Dispatch Category EB
not be taken into account for assessment purposes. Likewise, 12 Char. Symbol PRPNPHNWECQC
naphtha with larger than normal mercury levels may not be 9 Char. Symbol(s) PPNANEDDH · PPNANEDDL
considered in the assessment process. The maximum mercury 7 Char. Symbol PAAAL00
considered in the assessment is 5 parts per billion. Earliest Date 19-NOV-1990
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Size: The physical assessments reflect parcels of 12,500 mt +/- a Description Naphtha CIF NWE Physical
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 PAAAJ00 NAPHTHA PAPER CIF NWE
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 The assessment reflects swap market values for one month ahead
cargo sizes —for example 10-15,000 mt sellers’s option or cargoes of publication. The rollover is on the first day of each month.
up to 30,000 mt may be taken into account when traded but Therefore on June 1, July swaps are quoted.
these may command a premium or discount to cargoes fitting
Platts’ typical specifications. The premium or discount to be Background: In the past, the rollover was the first working day
applied will be at the reporter’s discretion, based on relevant after the 25th of the month. Therefore, on Jan 26 the quoted
market activity. month was moved from February to March.

Location: CIF basis Rotterdam. Where part-cargoes are delivered Dispatch Category EB
CIF basis Rotterdam, it is assumed that the buyer should not be 12 Char. Symbol PRPNPHNWECPY
disadvantaged by the seller’s decision to not deliver a full cargo. 9 Char. Symbol(s) PPNANEDAH · PPNANEDAL
Therefore Platts will tend to reflect deals in which charter party 7 Char. Symbol PAAAJ00
and demurrage paid by the buyer is on a pro-rata basis to Earliest Date 19-NOV-1990
destinations in NWE, even when these are outside the ARA range. Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Naphtha CIF NWE Paper
Timing: Reflects material for delivery 10-25 days from date of
publication, with prices normalized to the mid-point of this
delivery window. PAAAH00 NAPHTHA CARGOES CIF MED
Effective June 15, 2005, Platts changed its naphtha CIF NWE
cargo assessment process to consider bids, offers and transaction Quality: The cargo assessments include both full range and
where seller has the obligation to nominate vessel three days paraffinic grades, with prices normalized to reflect 65 min
prior to the first day of the delivery laycan. The editorial standard paraffins.
up to June 14 wasto reflect the ship nomination 5 calendar days
prior to the first day of the laycan. Platts will continue to reflect Size: 27,500 mt
bids, offers and transactions made on a five day delivery window
where the seller has the obligation to narrow down to a three day Location: CIF basis Lavera.

EUROPEAN PRODUCTS 13
 METHODOLOGY GUIDE NAPHTHA

Timing: Reflects material for delivery 10-25 days from date of Dispatch Category EB
publication, with prices normalized to the mid-point of this 12 Char. Symbol PRPNPHMEDCPW
delivery window. 9 Char. Symbol(s) PPNAMISCH · PPNAMISCL
7 Char. Symbol PAAAI00
Other: The differential between the FOB Med and CIF Med Earliest Date 03-SEP-1979
naphtha assessment is evaluated using the freight value Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
between Alexandria and Lavera. This is calculated using Platts Description Naphtha FOB Med Cargoes
cross-Med clean tanker assessments for 27,500 mt naphtha
cargoes plus an allowance of $3/mt for port costs. Adjustments
to the freight cost are made on the first working day of January PAAAM00 NAPHTHA BARGES FOB ARA
each year to reflect updated Worldscale flat rates as published
by Worldscale. Effective Jan 3, 2006, the Worldscale flat rate
used to calculate the CIF MED Naphtha assessment will become Quality: Barge naphtha assessments notionally reflects open
$5.67 based on published freight values between Alexandria and spec material, with prices normalized to reflect 65 min paraffins.
Lavera using Platts cross-Med clean tanker naphtha assessments.
Size: Barge assessments notionally reflect parcels of 1,000-
Background: Platts introduced the new methodology for the 5,000mt each.
freight calculation on Jul 1, 2004. Before then, FOB values were
assessed as a differential to the CIF Med assessment, but using Location: FOB ARA basis Rotterdam.
the same freight calculation FOB/CIF. Effective Jan 2, 2001, the
adjustment for superior tonnage was discontinued. Timing: Barge assessments reflect parcels for loading 3-15
(Monday-Tuesday) or 5-15 (Wednesday through Friday)ays
Dispatch Category EB forward.
12 Char. Symbol PRPNPHGNACPU
9 Char. Symbol(s) PPNAMGDCH · PPNAMGDCL Other: Because of illiquidity in this market, the barge assessment
7 Char. Symbol PAAAH00 is often made based on comparability with cargoes CIF NWE
Earliest Date 03-SEP-1979 taking account of freight costs. Bids and offers may be
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR considered on a case-by-case basis to determine if they are
Description Naphtha CIF Med Cargoes typical and repeatable.

Background: In the past, Platts has tended to reflect the most

PAAAI00 NAPHTHA CARGOES FOB MED recent trade on barges, and has reflected this in the cargo-barge
differential. Because this market is extremely illiquid, Platts now
realigns the cargo-barge spread in line with prevailing freight
Quality: The cargo assessments include both full range and rates on a daily basis.
paraffinic grades, with prices normalized to reflect 65 min paraffins.
Dispatch Category EB
Size: 27,500 mt 12 Char. Symbol PRPNPHRTTCQE
9 Char. Symbol(s) PPNARTSBH · PPNARTSBL
Location: FOB basis Alexandria. 7 Char. Symbol PAAAM00
Earliest Date 03-SEP-1979
Timing: Reflects material for loading 10-25 days from date of Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
publication, with prices normalized to the mid-point of this Description Naphtha FOB R'dam Barges
delivery window.

Other: Effective Jan 3, 2006 the Worldscale basket flat rate used to
calculate FOB Mediterranean naphtha is $9.25. FOB Med naphtha JET FUEL
is assessed as a freight differential to the CIF Northwest Europe
assessment. The actual rate applied to the netback will fluctuate
daily based on changes in Platts UKC-Med freight assessments for PJAAU00 JET CARGOES CIF NWE
27.5kt naphtha cargoes, applied against the $9.25/mt rate.

Background: Platts introduced the new methodology for the Quality: The assessments reflect standard commercial Jet-A1
freight calculation on Jul 1, 2004. Before then, FOB values were specifications, as defined by UK Ministry of Defence in DEFSTAN
assessed as a differential to the CIF Med assessment, using the 91/91 latest issue and the Joint Fueling System Checklist. The
freight value between Alexandria and Lavera. This was calculated Joint Fueling System Checklist requires jet fuel to meet the more
using Platts cross-Med clean tanker assessments for 27,500 mt stringent requirements of Defstan 91 91 5 and the American
naphtha cargoes plus an allowance of $3/mt for port costs. Society for Testing & Materials', Standard Specification D 1655-

EUROPEAN PRODUCTS 14
 METHODOLOGY GUIDE JET FUEL

04a. Typical DEFSTAN specifications under issue 5 are as follows: PJAAV00 JET CARGOES FOB NWE
Sulfur is 0.2% 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. Quality: The assessments reflect standard commercial Jet-A1
specifications, as defined by UK Ministry of Defence in DEFSTAN
Size: Cargo assessments reflect standard tradable parcels. Because 91/91 latest issue and the Joint Fueling System Checklist. The Joint
of a change in the production and consumption patterns in Fueling System Checklist requires jet fuel to meet the more
Europe, spot parcels have become increasingly larger with typical stringent requirements of Defstan 91 91 5 and the American Society
spot trade within 25-45,000 mt with a standard emerging to for Testing & Materials', Standard Specification D 1655-04a. Typical
around 30,000mt.. Platts takes into account spot deliveries made DEFSTAN specifications under issue 5 are as follows: Sulfur is 0.2%
in full or part cargoes at seller’s options. Typically the assessment maximum, specific gravity is 0.775-0.840 g/ml, flash point is 38
is normalized to 30 kt full or part-cargo, seller’s option, delivered degrees C minimum, freeze point is minus 47 degrees C maximum.
basis a “par” port within NWE where the seller guarantees lay-
time of 36 plus 6 hours to the buyer of each parcel. Full-cargo Timing: Cargo assessments reflect parcels loading or delivered
only bids will be considered restrictive. 10-25 days forward.

Location: CIF NWE. Typically, cargoes delivered into ARA, UK Size: Cargo assessments reflect standard tradable parcels. Because
and northern France are considered in the assessment but of a change in the production and consumption patterns in
because trading patterns are diverse, no single base base location Europe, spot parcels have become increasingly larger with typical
is reflected. Deliveries into Scandinavia including Copenhagen spot trade within 25-45,000 mt. Platts will also take into account
are not considered, however. Offers are assumed to carry a spot deliveries made in full or part cargoes.
normal range of CP options within NWE. Where an offer is
made without CP options, it is regarded restrictive. Location: FOB NWE.

Timing: Reflects material for delivery 10-25 days from date of Timing: Reflects material for loading 10-25 days from date of
publication, with prices normalized to the mid-point of this publication, with prices normalized to the mid-point of this
delivery window. delivery window.

Other: “Par” ports are typically considered to be those with Other: The FOB NWE assessment is typically derived from the
flexibility to handle a variety of cargo sizes from MR to LR. CIF value based on a freight differential representing freight
Offers or bids basis non-par ports may considered in the costs for handy size vessels on typical routes within NWE.. Platts
assessment, but these will typically be normalized to the uses the $/mt for cross UK Cont vessels carried in Platts Clean
standard. Typical “par” ports within NWE include Fawley, Tankerwire, rounded to the nearest $0.25/mt.
Milford Haven, Shell Haven. Royal Portbury Docks is considered
as par port in those situations when the seller absorbs the extra Background: DEFSTAN 91/91 was formerly referred to as DERD
discharge costs and when offers/bids are made that do not 2494. The UK Ministry of Defence has updated Defstan 91-91,
penalize the counterparty based on tidal draft conditions. Le the defining standard for Jet A1 in Europe, with the release Feb 8
Havre is typically reflected at a slight discount to a “par” port as of issue 5. Since Feb 8, 2005, Platts jet NWE and Mediterranean
this port can receive very large cargoes that may not fit in other assessments have reflected issue 5 spec, having previously Platts
locations, while smaller ports with vessel-size restrictions such as reflected Defstan 91-91 issue 4 specification. Defstan 91/91
Isle of Grain may be considered at a premium to the standard. issue 4 was published June 14, 2002 and defined a sulfur limit of
0.3% maximum
Background: DEFSTAN 91/91 was formerly referred to as DERD
2494. The UK Ministry of Defence has updated Defstan 91-91, Dispatch Category EB
the defining standard for Jet A1 in Europe, with the release Feb 8 12 Char. Symbol PRPJK$NWECLU
of issue 5. Since Feb 8, 2005, Platts jet NWE and Mediterranean 9 Char. Symbol(s) PPJKNESCH · PPJKNESCL
assessments have reflected issue 5 spec, having previously Platts 7 Char. Symbol PJAAV00
reflected Defstan 91-91 issue 4 specification. Defstan 91/91 Earliest Date 01-JUL-1986
issue 4 was published June 14, 2002 and defined a sulfur limit of Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
0.3% maximum Description Jet Kero FOB NWE Cargoes

Dispatch Category EB
12 Char. Symbol PRPJK$NWECLS PJABA00 JET BARGES FOB ARA
9 Char. Symbol(s) PPJKNEDCH · PPJKNEDCL
7 Char. Symbol PJAAU00
Earliest Date 03-SEP-1979 Quality: The assessments reflect standard commercial Jet-A1
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR specifications, as defined by UK Ministry of Defence in DEFSTAN
Description Jet Kero CIF NWE Cargoes 91/91 latest issue. The UK Ministry of Defence has updated

EUROPEAN PRODUCTS 15
 METHODOLOGY GUIDE JET FUEL

Defstan 91-91, the defining standard for Jet A1 in Europe, with Location: FOB Med basis Augusta
the release Feb 8 of issue 5. Since Feb 8, Platts jet NWE and
Mediterranean assessments have reflected issue 5 spec, having Timing: Reflects material for delivery 10-25 days from date of
previously Platts reflected Defstan 91-91 issue 4 specification. publication, with prices normalized to the mid-point of this
Typical DEFSTAN specifications under issue 5 are as follows: delivery window.
Sulfur is 0.2% maximum, specific gravity is 0.775-0.840 g/ml,
flash point is 38 degrees C minimum, freeze point is minus 47 Other: Details of the calculation methodology for Jet Fuel FOB
degrees C maximum. Med are as follows: The calculation takes the spot Worldscale
rate as published in Platts Marine Alert and Platts Clean
Size: Barge assessments reflect parcels of 2,000-5,000mt each. Tankerwire, for jet fuel Med-Northwest Europe pro-rated from
Parcels of 1,000 mt are not considered in the assessment. 30kt to 27.5kt. This total is multiplied by the flat rate Augusta-
Rotterdam as defined by Worldscale, and the appropriate
Location: Jet barges are basis FOB Rotterdam. Any transactions allowance for harbor dues at Rotterdam is then added. The result
occurring at other loading ports in NWE are typically normalized of this formula is rounded to the nearest $0.25/mt and
on a freight differential basis back to Rotterdam. Platts considers subtracted from the mean of the CIF Northwest European jet
bids and offers from Rotterdam, Antwerp, Amsterdam, Ghent assessment, to define the FOB Med mean. The spread low to
and Flushing. high on the FOB Med is set $0.50/mt either side of this mean.

Timing: Reflects material for loading 3-15 (Monday-Tuesday) Platts Marine Department assess the worldscale rate for jet
or 5-15 (Wednesday through Friday) days from date of cargoes for the route Med-Northwest Europe. The rate has been
publication, with prices normalized to the mid-point of this published on a daily basis in Platts Marine Alert and in the daily
loading window. Clean Tankerwire, effective Nov 1, 2001. This rate is applied to
determine the netback calculation of the FOB Mediterranean Jet
Other: N/A Aviation Fuel assessment.

Background: DEFSTAN 91/91 was formerly referred to as DERD Adjustments to the formula are made on the first working day of
2494. The UK Ministry of Defence has updated Defstan 91-91, January each year to reflect updated Worldscale flat rates as
the defining standard for Jet A1 in Europe, with the release Feb 8 published by Worldscale.
of issue 5. Since Feb 8, 2005, Platts jet NWE and Mediterranean
assessments have reflected issue 5 spec, having previously Platts Effective Jan 3, 2006 the Worldscale flat rate Augusta-Rotterdam
reflected Defstan 91-91 issue 4 specification. Defstan 91/91 used to calculate the netback formula for FOB Med jet fuel
issue 4 was published June 14, 2002 and defined a sulfur limit of became $7.24/mt.
0.3% maximum
Background: DEFSTAN 91/91 was formerly referred to as DERD
Dispatch Category EB 2494. The UK Ministry of Defence has updated Defstan 91-91,
12 Char. Symbol PRPJK$RTTCMC the defining standard for Jet A1 in Europe, with the release Feb 8
9 Char. Symbol(s) PPJKRTSBH · PPJKRTSBL of issue 5. Since Feb 8, 2005, Platts jet NWE and Mediterranean
7 Char. Symbol PJABA00 assessments have reflected issue 5 spec, having previously Platts
Earliest Date 03-SEP-1979 reflected Defstan 91-91 issue 4 specification. Defstan 91/91
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR issue 4 was published June 14, 2002 and defined a sulfur limit of
Description Jet FOB R'dam Barges 0.3% maximum

Effective Nov 1, 2001, Platts introduced a new FOB

AAIDL00 JET FUEL FOB MED 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
Quality: The assessments reflect standard commercial Jet-A1 which it replaced Jet Fob Med in the main table. The Jet Av Fuel
specifications, as defined by UK Ministry of Defence in DEFSTAN FOB Med assessment resulted from a proposal issued in June
91/91 latest issue and the Joint Fueling System Checklist. The 2001 to more accurately reflect the cost of marine freight
Joint Fueling System Checklist requires jet fuel to meet the more between the Med and NWE.
stringent requirements of Defstan 91 91 5 and the American
Society for Testing & Materials', Standard Specification D 1655- Dispatch Category EB
04a. Typical DEFSTAN specifications under issue 5 are as follows: 12 Char. Symbol AAIDL0000000
Sulfur is 0.2% maximum, specific gravity is 0.775-0.840 g/ml, 9 Char. Symbol(s) ·
flash point is 38 degrees C minimum, freeze point is minus 47 7 Char. Symbol AAIDL00
degrees C maximum. Earliest Date 01-NOV-2001
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Size: 27.5 kt. Description AvJet Fuel FOB Med

EUROPEAN PRODUCTS 16
 METHODOLOGY GUIDE JET FUEL / ULSD

AAIDN00 MED JET FOB MED PREMIUM ASSESSMENT

ULSD
Quality: The assessments reflect standard commercial Jet-A1 Seasonal changes: Platts set out its schedule for changing the
specifications, as defined by UK Ministry of Defence in DEFSTAN seasonal specification of diesel fuels in early spring and late summer,
91/91 latest issue and the Joint Fueling System Checklist. The ahead of the switch from winter to summer and then summer to
Joint Fueling System Checklist requires jet fuel to meet the more winter grades. Platts intends to follow broadly similar schedules
stringent requirements of Defstan 91 91 5 and the American each year, but the exact dates may be varied in line with prevailing
Society for Testing & Materials', Standard Specification D 1655- patterns of refining activity and trading liquidity. As trading and
04a. Typical DEFSTAN specifications under issue 5 are as follows: seasonal patterns change from year to year, any schedule is
Sulfur is 0.2% maximum, specific gravity is 0.775-0.840 g/ml, provisional and subject to change with only limited notice.
flash point is 38 degrees C minimum, freeze point is minus 47
degrees C maximum.
AAKWP00 DIESEL 10 PPM CIF NWE
Size: Cargo assessments reflect standard tradable parcels on MR
size vesssels.
Quality: The ULSD 10 ppm CIF NWE assessment reflects
Location: basis FOB Italy. Jet fuel from a wide geographic area German quality diesel fuel with a maximum sulfur of 10 ppm.
bounded approximately by North Africa, Greece and Spain may German spec reflects a reference density of 0.845 g/l.
form the basis of the assessment, with freight differentials
applied to ensure consistency. Size: Typical cargo sizes of 10-20,000 mt are reflected. Platts
currently normalizes to reflect the smaller end of the range of
Timing: Reflects material for delivery 10-25 days from date of parcel-sizes as this is the prevailing cargo size traded at present.
publication, with prices normalized to the mid-point of this Platts monitors changes in shipping practices to ensure its
delivery window. assessments are in line with shipping logistics.

Other: In line with Jet Fuel Subscriber Notes published in Location: The CIF assessment reflects German North Sea
October and November 2001, Platts from Jan 2 2002 to Dec 31 delivery basis Hamburg with normal CP options within NWE
2002 published an assessment to reflect the premium paid on a calculated pro rata at cost.
spot basis to FOB Med jet. From Jan 2 2003, the Platts premium
assessment has reflected the premium paid to the Jet Aviation Timing: Reflects material for delivery 10-25 days from date of
Fuel assessment. The premium assessed is for jet fuel cargoes publication, with prices normalized to the mid-point of this
meeting normal aviation fuel requirements. Platts clarified that delivery window.
the FOB Med jet premium is a separate assessment, and the
premium will not be included in the formula used to calculate Other: N/A
Jet Aviation Fuel.
Background: Platts started the CIF NWE 10ppm cargo
Background: DEFSTAN 91/91 was formerly referred to as DERD assessment effective December 1, 2002.
2494. The UK Ministry of Defence has updated Defstan 91-91,
the defining standard for Jet A1 in Europe, with the release Feb 8 Note: For typical qualities traded in individual countries, see
of issue 5. Since Feb 8, 2005, Platts jet NWE and Mediterranean attached table.
assessments have reflected issue 5 spec, having previously Platts
reflected Defstan 91-91 issue 4 specification. Defstan 91/91 Dispatch Category EB
issue 4 was published June 14, 2002 and defined a sulfur limit of 12 Char. Symbol AAKWP0000000
0.3% maximum 9 Char. Symbol(s) ·
7 Char. Symbol AAKWP00
Dispatch Category EB Earliest Date 02-DEC-2002
12 Char. Symbol AAIDN0000000 Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
9 Char. Symbol(s) · Description Gsl ULSD 10 PPM CIF NWE Crg
7 Char. Symbol AAIDN00
Earliest Date 02-JAN-2002
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR AAKWR00 DIESEL 10 PPM FOB NWE
Description FOB Med Jet Prem Cargo

Quality: The ULSD 10 ppm FOB NWE assessment reflects

German quality diesel fuel with a maximum sulfur of 10 ppm.
German spec reflects a reference density of 0.845 g/l.

EUROPEAN PRODUCTS 17
 METHODOLOGY GUIDE ULSD

Size: Typical cargo sizes of 10-20,000 mt are reflected. Platts and originally represented a high-low range including
currently normalizes to reflect the smaller end of the range of Dutch/German and UK spec ULSD. Platts stated when it
parcel-sizes as this is the prevailing cargo size traded at present. introduced the assessment that the qualities reflected would be
Platts monitors changes in shipping practices to ensure its reviewed in the light of prevailing liquidity patterns. The switch
assessments are in line with shipping logistics. to UK spec followed Germany’s move to 10 ppm sulphur diesel.

Location: FOB NWE. Dispatch Category EB

12 Char. Symbol AAIKO0000000
Timing: Reflects material for delivery 10-25 days from date of 9 Char. Symbol(s) ·
publication, with prices normalized to the mid-point of this 7 Char. Symbol AAIKO00
delivery window. Earliest Date 01-FEB-2002
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Other: Effective Jan 3, 2006 the Worldscale basket flat rate used to Description ULSD CIF NWE Cargo $/Mt
calculate the FOB NWE diesel 10ppm assessment is $4.69/mt. The
assessment is typically based on a freight differential to the CIF
NWE assessments. The actual freights applied to the netback AAIKM00 DIESEL 50 PPM UK CARGOES FOB NWE
fluctuate daily based on changes in Platts cross UKC-UKC
assessments in the clean tanker wire, applied against the respective
2006 flat rates. The actual routes used in the calculation are Quality: The ULSD FOB NWE assessment reflects UK spec diesel
unchanged from 2005, the rate change simply reflects the new fuel which currently has a maximum sulfur of 50 ppm. UK spec
Worldscale flat rates that became effective in the New Year. ULSD ranges from 0.2-0.835 g/l and the assessments reflect a
reference density of 0.835 g/l.
Background: Platts started the FOB NWE 10ppm cargo
assessment effective December 1, 2002. Size: Typical cargo sizes of 10-20,000 mt are reflected. Platts
monitors changes in shipping practices to ensure its assessments
Dispatch Category EB are in line with shipping logistics.
12 Char. Symbol AAKWR0000000
9 Char. Symbol(s) · Location: FOB NWE. Typically the FOB assessment is derived at
7 Char. Symbol AAKWR00 a freight differential to the CIF assessment, based on the
Earliest Date 02-DEC-2002 following routes: Wilhelmshaven, Porvoo, Tees, Slagen, Klaipeda,
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR Ventspils and Antwerp.
Description Gsl ULSD 10 PPM FOB NEW Crg
Timing: Reflects material for loading 10-25 days from date of
publication, with prices normalized to the mid-point of this
AAIKO00 DIESEL 50 PPM UK CARGOES CIF NWE delivery window.

Other: Effective Jan 3, 2006 the Worldscale basket flat rate used
Quality: The ULSD CIF NWE assessment reflects UK spec diesel to calculate the FOB NWE diesel 50ppm UK assessment is
fuel which currently has a maximum sulfur of 50 ppm. UK spec $5.10/mt (a flat rate of $4.42 was used in 2005). The assessment
ULSD ranges from 0.82-0.835 g/l and the assessment reflects a is typically based on a freight differential to the CIF NWE
reference density of 0.835 g/l. assessments. The actual freights applied to the netback fluctuate
daily based on changes in Platts cross UKC-UKC assessments in
Size: Typical cargo sizes of 10-20,000 mt are reflected. Platts the clean tanker wire, applied against the respective 2006 flat
currently normalizes to reflect the smaller end of the range of rates. The actual routes used in the calculation are unchanged
parcel-sizes as this is the prevailing cargo size traded at present. from 2005, the rate change simply reflects the new Worldscale
Platts monitors changes in shipping practices to ensure its flat rates that became effective in the New Year.
assessments are in line with shipping logistics.
Background: The assessment was introduced February 1, 2002
Location: The CIF assessment reflects UK east coast delivery and originally represented a high-low range including
basis Thames with normal UK delivery options. Dutch/German and UK spec ULSD. Platts stated when it
introduced the assessment that the qualities reflected would be
Timing: Reflects material for delivery 10-25 days from date of reviewed in the light of prevailing liquidity patterns. The
publication, with prices normalized to the mid-point of this switch to UK spec followed Germany’s move to 10 ppm
delivery window. sulphur diesel.

Other: N/A Dispatch Category EB

12 Char. Symbol AAIKM0000000
Background: The assessment was introduced February 1, 2002 9 Char. Symbol(s) ·

EUROPEAN PRODUCTS 18
 METHODOLOGY GUIDE ULSD

7 Char. Symbol AAIKM00 Timing: Reflects material for delivery 10-25 days from date of
Earliest Date 01-FEB-2002 publication, with prices normalized to the mid-point of this
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR delivery window.
Description ULSD FOB NWE Cargo $/Mt
Other: Effective Jan 3, 2006 the Worldscale basket flat rate used
to calculate the FOB NWE diesel 50ppm assessment is $5.75/mt.
AAOQB00 DIESEL 50 PPM CARGOES CIF NWE The assessment is typically based on a freight differential to the
CIF NWE assessments. The actual freights applied to the netback
fluctuate daily based on changes in Platts cross UKC-UKC
Quality: The 50 ppm ULSD CIF NWE assessment reflects Benelux assessments in the clean tanker wire, applied against the
and French quality diesel fuel with a maximum sulfur of 50 ppm respective 2006 flat rates. The actual routes used in the
and SG in the range 0.82-0.845. The reference density is 0.845 g/l. calculation are unchanged from 2005, the rate change simply
reflects the new Worldscale flat rates that became effective in the
Size: Typical cargo sizes of 10-25,000 mt are reflected. Platts New Year.
currently normalizes to reflect the standard flexi volume of
20,000 mt as this is the prevailing cargo size at present. Background: Platts introduced the 50 ppm ULSD assessments
reflecting Benelux and French quality on July 1, 2004. This
Location: The CIF assessment is basis Havre with normal assessment has run concurrently with the ULSD assessments
CP options in the Hamburg to Bordeaux range calculated pro reflecting UK spec.
rata at cost. Platts currently does not include North Spain as part
of the normal range of deliveries. Dispatch Category EB
12 Char. Symbol AAOQA0000000
Timing: Reflects material for delivery 10-25 days from date of 9 Char. Symbol(s) ·
publication, with prices normalized to the mid-point of this 7 Char. Symbol AAOQA00
delivery window. Earliest Date 01-JUL-2004
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Other: The typical CP options in flexi contracts were reviewed Description ULSD 50 PPM FOB ARA
by Platts in 2005to determine whether North Spain or North
Spain+Portugal options should be considered as typical in flexi
contracts. These CP options are not currently considered as AAOQD00 50 PPM ULSD CIF MED CARGOES
standard.

Background: Platts introduced the 50 ppm ULSD assessments Quality: The Mediterranean 50 ppm ULSD CIF assessment
reflecting Benelux and French quality on July 1, 2004. which has typically reflects French spec diesel but other grades such as
run concurrently with the ULSD assessments reflecting UK spec. Italian and Spanish may be considered.

Dispatch Category EB Size: Cargo assessments reflect parcels of 25,000-30,000mt

12 Char. Symbol AAOQB0000000 each.
9 Char. Symbol(s) ·
7 Char. Symbol AAOQB00 Location: CIF assessment is calculated basis Lavera, with normal
Earliest Date 01-JUL-2004 CP options within the Med considered.
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description ULSD 50 PPM CIF ARA Timing: Reflects material for delivery 10-25 days from date of
publication, with prices normalized to the mid-point of this
delivery window.
AAOQA00 DIESEL 50 PPM CARGOES FOB NWE
Other: N/A

Quality: The 50 ppm ULSD FOB NWE assessment reflects Background: The assessment was introduced on July 1, 2004
Benelux and French quality diesel fuel with a maximum sulfur of
50 ppm and SG in the range 0.82-0.845. The reference density is Dispatch Category EB
0.845 g/l. 12 Char. Symbol AAOQD0000000
9 Char. Symbol(s) ·
Size: Typical cargo sizes of 10-25,000 mt are reflected. Platts 7 Char. Symbol AAOQD00
currently normalizes to reflect the standard flexi volume of Earliest Date 01-JUL-2004
20,000 mt as this is the prevailing cargo size at present. Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description ULSD 50 PPM CIF Med
Location: FOB NWE.

EUROPEAN PRODUCTS 19
 METHODOLOGY GUIDE ULSD

AAOQC00 50 PPM ULSD FOB MED CARGOES Location: FOB basis Rotterdam. Other load ports are typically
normalized on an incremental freight differential basis. i.e. if the
barge is loading from Antwerp, the freight differential from
Quality: The Mediterranean 50 ppm ULSD FOB assessment Antwerp to Germany against the freight differential from
typically reflects French spec diesel but other grades such as Rotterdam to Germany would generally be applied.
Italian and Spanish may be considered.
Timing: Barge assessments reflect parcels for loading 3-15
Size: Cargo assessments reflect parcels of 25,000-30,000mt each. (Monday-Tuesday) or 5-15 (Wednesday through Friday) days
forward, with prices normalized to the midpoint of these
Location: FOB Med (see freight calculation below). loading ranges.

Timing: Reflects material for loading 10-25 days from date of Other: N/A
publication, with prices normalized to the mid-point of this
delivery window. Background: Platts started the 10ppm FOB ARA gasoil barge
assessment reflecting German spec material from October 1,
Other: The FOB assessment is calculated as a freight netback 2002, to run in tandem with the existing 50 ppm ULSD barge
from the CIF value, using a worldscale rate published in Platts assessment.
Clean Tankerwire and a basket of flat rates including typical
routes in the Mediterranean from Genoa and Lavrea. Dispatch Category EB
12 Char. Symbol AAJUS0000000
Effective Jan 3, 2006 the Worldscale basket flat rate used to 9 Char. Symbol(s) ·
calculate FOB Med diesel 50ppm assessment will become $5.20. 7 Char. Symbol AAJUS00
FOB Med ULSD is assessed as a freight differential to the CIF Earliest Date 01-OCT-2002
Med diesel 50ppm. The actual freight applied to the netback will Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
fluctuate daily based on changes in Platts Med-Med assessments Description Gasoil 10 PPM FOB NWE Brg
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 AAGMK00 DIESEL 50 PPM BARGES
reflects the new Worldscale flat rates that became effective in the
New Year.
Quality: The assessment reflects qualities of diesel fuel typically
Background: The assessment was introduced on July 1, 2004 traded in the Benelux region. The typical density is basis 0.845
g/ml (actual SG ranges from 0.82 to 0.845 g/ml) and the
Dispatch Category EB maximum sulfur is 50 ppm.
12 Char. Symbol AAOQC0000000
9 Char. Symbol(s) · Size: Platts increased the minimum assessable barge volume
7 Char. Symbol AAOQC00 from 1,000mt to a range of 1,000-2,000mt where the buyer has
Earliest Date 01-JUL-2004 the option to choose the actual volume. However, the buyer has
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR the obligation to specify the actual volume at the time of the
Description ULSD 50 PPM FOB Med deal. Platts will continue to include in the assessment process
transactions of up to 5,000mt.
EN590 barges FOB Rotterdam (assessment discontinued April 1,
2003) Location: FOB ARA basis Antwerp.

Timing: Barge assessments reflect parcels for loading 3-15

AAJUS00 DIESEL 10 PPM BARGES (Monday-Tuesday) or 5-15 (Wednesday through Friday) days
forward, with prices normalized to the midpoint of these
loading ranges.
Quality: The assessment reflects German spec diesel with a
maximum sulfur content of 10 ppm. The typical density is basis Other: N/A
0.845 g/ml (actual SG ranges from 0.82 to 0.845 g/ml)
Background: Platts 50 ppm sulfur ULSD FOB barges in the ARA
Size: Platts increased the minimum assessable barge volume region are assessed basis Antwerp. In 2005, Dutch consumption
from 1,000mt to a range of 1,000-2,000mt where the buyer has switched from 50 ppm sulfur to 10 ppm sulfur. This switch
the option to choose the actual volume. However, the buyer has prompted a change in the typical pattern of barge trade from basis
the obligation to specify the actual volume at the time of the Rotterdam to basis Antwerp. Transactions occurring at other loading
deal. Platts will continue to include in the assessment process ports in NWE are typically normalized on a freight differential basis
transactions of up to 5,000mt. back to Antwerp.

EUROPEAN PRODUCTS 20
 METHODOLOGY GUIDE ULSD / GASOIL

Platts introduced the assessment for 50ppm sulfur Ultra spec, and reflects cracked gasoil for heating oil use. Typically the
Low Sulfur Diesel barges FOB Rotterdam on Apr 2, 2001, assessment reflects the higher in value of FOD or DIN. SG is
using Netherlands spec as the base grade. The ULSD barge basis 0.845 and sulfur is max 0.2%.
assessment incorporated German spec ULSD from Oct 15,
2001. From October 1 2002 Platts started a new 10ppm FOB Size: Cargo size is for full cargoes of 10-20 kt.
ARA gasoil barge assessment reflecting German spec
material, to run in tandem with the 50 ppm ULSD barge Location: CIF assessments are typically calculated basis Hamburg
assessment, and the ULSD assessment reverted to qualities with CP options in the Hamburg to Havre range. Where FOD
typical of Benelux. trades above DIN and is reflected in the assessment, the basis is
Le Havre.
Dispatch Category EB
12 Char. Symbol AAGMK0000000 Timing: Reflects material for delivery 10-25 days from date of
9 Char. Symbol(s) · publication, with prices normalized to the mid-point of this
7 Char. Symbol AAGMK00 delivery window.
Earliest Date 02-APR-2001
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR Other: N/A
Description Gasoil ULSD R'dam Brg
Background: The assessment was introduced in September 1990.
Before that, 0.3% maximum sulfur gasoil was reflected.
AAWGY00 BIODIESEL FOB ARA
Dispatch Category EB
12 Char. Symbol PRP202NWEBHZ
Quality: The quality reflected will be EN 14214 with typical cold 9 Char. Symbol(s) PPD2NEDCH · PPD2NEDCL
properties in accordance with German DIN spec. Biodiesel 7 Char. Symbol POAAC00
blended with any non-bio additives will not be included in the Earliest Date 03-SEP-1990
assessment. The assessment will be for 99.9% biodiesel, and Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
would exclude tax refunds or other rebates. Description Gasoil 0.2 CIF NWE Cargoes

Size: The assessment will reflect barges of 1,000-5,000 mt.

POAAD00 GASOIL 0.2% CARGOES FOB NWE
Location: FOB ARA basis Rotterdam.

Timing: Loading 5-15 days from date of publication with prices Quality: The NWE 0.2% CIF assessment reflects material
normalized to the mid-point of this range. meeting the minimum requirements of French Fuel Oil
Domestique (FOD) and German Deutsche Industrie Norm (DIN)
Other: N/A spec, and reflects cracked gasoil for heating oil use. Typically the
assessment reflects the higher in value of FOD or DIN. SG is
Dispatch Category EB basis 0.845 and sulfur is max 0.2%.
12 Char. Symbol AAWGY0000000
9 Char. Symbol(s) · Size: Cargo size is for full cargoes of 10-20 kt.
7 Char. Symbol AAWGY00
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR Location: FOB NWE.

Timing: Reflects material for loading 10-25 days from date of

publication, with prices normalized to the mid-point of this
GASOIL delivery window.

NOTE: European gasoil assessments currently reflect 0.2% Other: Effective Jan 3, 2006 the Worldscale basket flat rate
maximum sulfur. European Union directives aim to reduce the used to calculate the FOB NWE gasoil 0.2% assessment is
sulfur in gasoil to 0.1% maximum from the beginning of 2008. $5.57/mt. The assessment is typically based on a freight
differential to the CIF NWE assessments. The actual freights
applied to the netback fluctuate daily based on changes in
POAAC00 GASOIL 0.2% CARGOES CIF NWE Platts cross UKC-UKC assessments in the clean tanker wire,
applied against the respective 2006 flat rates. The actual routes
used in the calculation are unchanged from 2005, the rate
Quality: The NWE 0.2% CIF assessment reflects material change simply reflects the new Worldscale flat rates that
meeting the minimum requirements of French Fuel Oil became effective in the New Year.
Domestique (FOD) and German Deutsche Industrie Norm (DIN)

EUROPEAN PRODUCTS 21
 METHODOLOGY GUIDE GASOIL

Background: The assessment was introduced in September Location: CIF assessment is are basis Genoa with normal CP
1990. Before that, 0.3% maximum sulfur gasoil was reflected. options considered.

Dispatch Category EB Timing: Reflects material for delivery 10-25 days from date of
12 Char. Symbol PRP202NWEBIB publication, with prices normalized to the mid-point of this
9 Char. Symbol(s) PPD2NESCH · PPD2NESCL delivery window.
7 Char. Symbol POAAD00
Earliest Date 03-SEP-1990 Other: N/A
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Gasoil 0.2 FOB NWE Cargoes Background: The assessment was introduced in December 1991.
Before that, 0.3% maximum sulfur gasoil was reflected.

AAOQZ00 RUSSIAN GASOIL 0.2% CARGOES CIF NWE Dispatch Category EB

12 Char. Symbol PRP202GNABHV
9 Char. Symbol(s) PPD2MGDCH · PPD2MGDCL
Quality: The 0.2% Russian gasoil CIF NWE assessment (0.2 7 Char. Symbol POAAA00
RGO) reflects straight-run Russian gasoil with maximum 0.2% Earliest Date 16-DEC-1991
sulfur. Because the gasoil quality is straight-run, it may carry a Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
blending premium over standard heating oil grades such as Description Gasoil 0.2 CIF Med Cargoes
DIN.

Size: The 0.2 RGO assessment reflects full- or part- cargoes of 25- POAAB00 GASOIL 0.2% CARGOES FOB MED
30,000 mt.

Location: The assessment is CIF ARA basis Antwerp with normal Quality: The assessment reflects generally merchantable qualities
CP options within NWE calculated pro rata at cost. for heating oil use. Russian material meeting these qualities would
typically be included in the assessment. Grades which are not
Timing: Reflects material for delivery 10-25 days from date of widely merchantable, (for instance because of low cetane or above
publication, with prices normalized to the mid-point of this normal water content), may not be reflected in the assessments.
delivery window.
Size: Cargo assessments reflect parcels of 25,000-30,000mt each.
Other: N/A
Location: Platts in 2002 formalized that the basis of its 0.2%
Background: The assessment was introduced on July 1, 2004. FOB Med assessment includes material from Black Sea ports,
when these form a significant part of the trade.
Dispatch Category EB
12 Char. Symbol AAOQZ0000000 Timing: Reflects material for delivery 10-25 days from date of
9 Char. Symbol(s) · publication, with prices normalized to the mid-point of this
7 Char. Symbol AAOQZ00 delivery window.
Earliest Date 01-JUL-2004
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR Other: The FOB assessment is typically calculated as a freight
Description Russian Gsl 0.2 CIF ARA $/Mt netback from the Genoa and Lavera, using a worldscale rate
published in Platts Clean Tankerwire and a basket of flat rates
including typical routes within the Mediterranean from Black Sea
POAAA00 GASOIL 0.2% CARGOES CIF MED ports. The routes include origin ports Tuapse, Novorossiysk,
Batumi and Odessa and destination ports Genoa/Lavera. Effective
Jan 3, the Worldscale basket flat rate used to calculate FOB Med
Quality: The assessment reflects generally merchantable qualities 0.2 assessment is $7.86. FOB Med gasoil 0.2% is assessed as a
for heating oil use. Russian material meeting these qualities freight differential to the CIF Med gasoil 0.2% assessment. The
would typically be included in the assessment. Grades which are actual freight applied to the netback will fluctuate daily based on
not widely merchantable, (for instance because of low cetane or changes in Platts BSea-Med assessments in the clean tanker wire
above normal water content), may not be reflected in the for 30kt cargoes, applied against the $7.86/mt rate. Please note
assessments. that the actual routes used in the calculation are unchanged from
2005, the rate change simply reflects the new Worldscale flat rates
Size: Cargo assessments reflect parcels of 25,000-30,000mt each. that became effective in the New Year.

EUROPEAN PRODUCTS 22
 METHODOLOGY GUIDE GASOIL / CRACKED FUEL OIL

Background: The assessment was introduced in December 1991.

Before that, 0.3% maximum sulfur gasoil was reflected. CRACKED FUEL OIL
Dispatch Category EB
12 Char. Symbol PRP202MEDBHX CRACKED FUEL OIL
9 Char. Symbol(s) PPD2MISCH · PPD2MISCL
7 Char. Symbol POAAB00
Earliest Date 04-JAN-1993 In the cracked fuel oil market, a multitude of qualities trade. For
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR the fuel assessments, therefore, the combination of qualities is
Description Gasoil 0.2 FOB Med Cargoes extremely important as individual specifications can not be
considered in isolation.

POAAG00 GASOIL 0.2% BARGES Platts may in some cases incorporate freight differentials in
establishing FOB to CIF spreads. Platts introduced fuel oil freight
assessments for a number of European routes from February
Quality: The barge assessments represent heating oil grades with 2003 in Platts Dirty tankerwire.
a specific gravity of 0.845 g/ml with a maximum sulfur content
of 0.2%. Platts fuel oil assessments reflect both high and low sulfur
material. Low sulfur cracked grades reflect a maximum 1% sulfur.
Size: Platts increased the minimum assessable barge volume On the high sulfur, material in the range 3-4% is typically
from 1,000mt to a range of 1,000-2,000mt where the buyer has considered, and the price is normalized to 3.5%.
the option to choose the actual volume. However, the buyer has
the obligation to specify the actual volume at the time of the In the past utility companies used to buy 3.5% sulfur cargoes
deal. Platts will continue to include in the assessment process for burning purposes, but limits endorsed by the EU on the
transactions of up to 5,000mt. sulfur content mean that utility grade trades on high sulfur are
rare. Most utilities now use 1% max for burning purposes.
Location: FOB basis Rotterdam. Transactions occurring at other
loading ports in NWE are typically normalized on a freight
differential basis back to Rotterdam. PUAAJ00 FUEL OIL 1% CARGOES CIF MED
Timing: Barge assessments reflect parcels for loading 3-15
(Monday-Tuesday) or 5-15 (Wednesday through Friday) days Quality: The typical quality traded CIF is that imported by
forward, with prices normalized to the midpoint of these loading the Italian utility Enel. Platts reflects a maximum sulfur of
ranges. 1%, material with a density of up to 0.995 SG and a
maximum viscocity of 420 CST. Material with higher
Other: N/A densities such as 0.998 max may be considered at a discount
to this typical quality.
Background: The assessment was introduced in September 1990.
Before that, 0.3% maximum sulfur gasoil was reflected. Size: Cargo assessments typically reflect parcels of around 25-
30,000 mt each except where otherwise stated.
Dispatch Category EB
12 Char. Symbol PRP202RTTBIH Location: The assessment is CIF basis Milazzo. Platts considers
9 Char. Symbol(s) PPD2RTSBH · PPD2RTSBL bids, offers and transactions into a range of east and West Med
7 Char. Symbol POAAG00 locations and normalizes these prices to basis Milazzo.
Earliest Date 03-SEP-1990
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR Timing: Reflects material for delivery 10-25 days from date of
Description Gasoil 0.2 FOB R'dam Barges. publication, with prices normalized to the mid-point of this
delivery window.

Other: Where the CIF Med market is illiquid, and when there is
insufficient local supply to meet utility demand in the region,
Platts may derive the CIF Med value using FOB NWE plus freight
into Milazzo.

Effective Jan 3, the Worldscale basket flat rate used to

calculate NWE-Med low sulfur fuel oil is $8.25/mt. The
corresponding rate in 2005 was $7.40/mt. Please note that
FOB/CIF fuel oil differentials reflect actual market

EUROPEAN PRODUCTS 23
 METHODOLOGY GUIDE CRACKED FUEL OIL

conditions and are not set according to a fixed freight changes in the structure of the market. Platts previously based its
netback. As such the differentials may be affected by assessment on a viscosity of 380 centistokes at 50 degrees C and
arbitrage openings and other market factors. a specific gravity of 0.965 to 0.990 g/ml.

Background: Platts implemented a number of redefinitions in Dispatch Category EB

the quality of fuel oil reflected in the assessment, in response to 12 Char. Symbol PRP610MEDBRI
changes in the structure of the market. Platts previously based its 9 Char. Symbol(s) PPF5MISCH · PPF5MISCL
assessment on a viscosity of 380 centistokes at 50 degrees C and 7 Char. Symbol PUAAK00
a specific gravity of 0.965 to 0.990 g/ml. Platts has also in the Earliest Date 03-SEP-1979
past refelected cargoes of as little as 17,000 mt but such sizes are Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
no longer typical under current market conditions. Description 1PCT Fuel FOB Med Cargoes

Dispatch Category EB
12 Char. Symbol PRP610GNABRG PUAAL00 FUEL OIL CARGOES 1% CIF NWE
9 Char. Symbol(s) PPF5MGDCH · PPF5MGDCL
7 Char. Symbol PUAAJ00
Earliest Date 02-JAN-1990 Quality: Cargo assessments are typically based on a maximum
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR sulfur of 1%, a viscosity of 420 centistokes at 50 degrees C, and a
Description 1PCT Fuel CIF Med Cargoes specific gravity of around 0.995 g/ml.

Size: Typically 25,000-30,000 mt

PUAAK00 FUEL OIL 1% CARGOES FOB MED
Location: CIF basis Rotterdam with normal range of CP options
within NWE.
Quality: The typical quality relfected in the FOB assessment is
that imported by the Italian utility Enel. Platts reflects a Timing: Reflects material for delivery 10-25 days from date of
maximum sulfur of 1%, material with a density of up to 0.995 publication, with prices normalized to the mid-point of this
SG and a maximum viscocity of 420 CST. Material with higher delivery window.
densities such as 0.998 max may be considered at a discount to
this typical quality. Other: In recent years, CIF NWE trade has been extremely
limited. In the absence of fixed price bids/offers, the CIF may
Size: Cargo assessments typically reflect parcels of 25,000- be calculated as a freight differential to the FOB NWE
30,000mt each, although smaller volumes may be considered. assessment using a flat rate based on a basket of typical
On the FOB Med assessments, cargoes up to 50,000 mt may be tanker routes, multiplied by the current Worldscale rate
taken into account. assessed in Platts Dirty Tankerwire.

Location: FOB Med. Effective Jan 3, the Worldscale basket flat rate used to calculate
cross NWE low sulfur fuel oil is $4.80/mt. The corresponding
Timing: Reflects material for loading 10-25 days from date of rate in 2005 was $4.45/mt. Please note that FOB/CIF fuel oil
publication, with prices normalized to the mid-point of this differentials reflect actual market conditions and are not set
loading window. according to a fixed freight netback. As such the differentials
may be affected by arbitrage openings and other market factors.
Other: In the absence of FOB fixed price bids/offers, the FOB
may be calculated as a freight differential to the CIF Med Background: Platts has also in the past refelected cargoes of as
assessment using a flat rate based on a basket of typical tanker little as 17,000 mt but such sizes are no longer typical under
routes, multiplied by the current Worldscale rate assessed in current market conditions.
Platts Dirty Tankerwire.
Dispatch Category EB
Effective Jan 3, the Worldscale basket flat rate used to calculate 12 Char. Symbol PRP610NWEBRK
the cross Med low sulfur fuel oil freight is $5.00/mt. The 9 Char. Symbol(s) PPF5NEDCH · PPF5NEDCL
corresponding rate in 2005 was $4.60mt. Please note that 7 Char. Symbol PUAAL00
FOB/CIF fuel oil differentials reflect actual market conditions Earliest Date 03-SEP-1979
and are not set according to a fixed freight netback. As such the Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
differentials may be affected by arbitrage openings and other Description 1PCT Fuel CIF NWE Cargoes
market factors.

Background: Platts implemented a number of redefinitions in

the quality of fuel oil reflected in the assessment, in response to

EUROPEAN PRODUCTS 24
 METHODOLOGY GUIDE CRACKED FUEL OIL

PUAAM00 FUEL OIL 1% CARGOES FOB NWE Location: FOB ARA basis Antwerp.

Timing: Barge assessments reflect parcels for loading 3-15

Quality: A range of qualities from Northwest European refineries (Monday-Tuesday) or 5-15 (Wednesday through Friday) days
is reflected. Cargo assessments are typically based on a forward.
maximum sulfur of 1%, a viscosity of 420 centistokes at 50
degrees C, and a specific gravity of 0.965 to 0.990 g/l Currently Other: N/A
the top end of this SG range (0.990) is considered more typical.
of the market overall Very low sulfur material may be considered Background: In the past, the low-high range included both
at a premium. German and Belgian spec.

Size: Cargo assessments typically reflect parcels of 25-30,000mt Dispatch Category EB

each, although smaller volumes may be considered. On the 12 Char. Symbol PRP610RTTBRS
FOB Northwest Europe, cargoes up to 50,000 mt may be taken 9 Char. Symbol(s) PPF5RTSBH · PPF5RTSBL
into account when arbitrage openings present themselves. 7 Char. Symbol PUAAP00
Earliest Date 03-SEP-1979
Location: FOB NWE basis Antwerp. Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description 1PCT Fuel FOB R'dam Barges
Timing: Reflects material for loading 10-25 days from date of
publication, with prices normalized to the mid-point of this
delivery window. PUAAY00 FUEL OIL 3.5% CARGOES CIF MED
Other: Material trading from other origins may be normalized
back to Antwerp, depending on the destination for the oil. Quality: The typical quality reflected is 3.5% maximum sulfur
Where the FOB value is calculated from values in the USAC, with 420 cst max viscocity and 0.995 density. Platts takes an
Platts uses the price at New York Harbour to FOB Antwerp based inclusive approach to the assessment, as the quality of fuel oil in
on 50,000 mt cargo size and using a SG conversion of 6.4. the Med is less homogenous than that in NWE. Bunker grade
material is considered in the CIF Med assessment, but typically
Background: PLatts has in the past reflected material with at a premium to the typical quality assessed. The premium varies
specific gravity of .965 to 0.990 g/ml but such qualities are no according to market conditions.
longer typical under current market conditions.
Size: Cargo assessments typically reflect handy size parcels of 25-
Dispatch Category EB 30,000mt each although smaller volumes may be considered.
12 Char. Symbol PRP610NWEBRM The smaller volume on CIF reflects local port constraints.
9 Char. Symbol(s) PPF5NESCH · PPF5NESCL
7 Char. Symbol PUAAM00 Location: CIF basis Genoa/Lavera
Earliest Date 01-JUL-1980
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR Timing: Reflects material for delivery 10-25 days from date of
Description 1PCT Fuel FOB NWE Cargoes publication, with prices normalized to the mid-point of this
delivery window.

PUAAP00 FUEL OIL 1% BARGES Other: N/A

Background: From Apr 2, 2001, bunker grade material was

Quality: The assessment reflects Belgium spec fuel oil with a considered in the assessment with the specific gravity range
maximum sulfur of 1%. German DIN spec material is not extended to 0.991-0.998. Higher density cargoes of up to 1.020
reflected. The quality represented is, however, in line with SG were viewed as typically traded at a discount to the
power plant requirements in the region. This results in the assessed quality.
price of the material being influenced by specification such
as metals content s much as the sulfur content. The metals Dispatch Category EB
content in the 3.5% sulfur is tighter than the specs in 1.0% 12 Char. Symbol PRP635GNABSM
barges. This may result in 1.0% sulfur being at times cheaper 9 Char. Symbol(s) PPFBMGDCH · PPFBMGDCL
than 3.5%, but the cause is the metals content, obviously 7 Char. Symbol PUAAY00
not the sulfur. Earliest Date 03-SEP-1979
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Size: Barge assessments reflect parcels of 1,000- 5,000mt each. Description 3.5PCT Fuel CIF Med Cargoes

EUROPEAN PRODUCTS 25
 METHODOLOGY GUIDE CRACKED FUEL OIL

PUAAZ00 FUEL OIL 3.5% CARGOES FOB MED Location: CIF NWE basis Rotterdam.

Timing: Reflects material for delivery 10-25 days from date of

Quality: The typical quality reflected is 3.5% maximum sulfur publication, with prices normalized to the mid-point of this
with 420 cst max viscocity and 0.995 density. Platts takes an delivery window.
inclusive approach to the assessment, as the quality of fuel oil in
the Med is less homogenous than that in Northwest Europe. Other: Where the market is illiquid, CIF NWE values may be
Bunker grade material is considered in the CIF Med assessment, derived from the time gradient on barges extrapolated to cargo
but typically at a premium to the typical quality assessed. The dates (10-25 forward rather than the barge dates of 3-15
premium varies according to market conditions. (Monday-Tuesday) or 5-15 (Wednesday through Friday) forward)
plus blending costs to meet 12 engler basis. Platts also monitors
Size: Cargo assessments typically reflect parcels of 25-30,000mt differentials to the two means formula.
each, but cargoes up to 50,000 mt may be taken into account
when arbitrage openings present themselves, for instance to the Background: From Apr 2, 2001, cargo assessments for 3.5%
Far East. sulfur were renamed CIF basis ARA and have incorporated
duty-paid utility grade fuel oil and bunker grade fuel oil.
Location: FOB Med basis Italy. Specific gravity range was expanded to cover 0.991 to
0.998g/ml. Utility grade cargoes traded on FOB basis continue
Timing: Reflects material for loading 10-25 days from date of to be taken into account, but some grades such as 16ccr
publication, with prices normalized to the mid-point of this (Conradson Carbon Residue) material are seen as grades
loading window. typically commanding a premium to the assessed quality.In
the past, Platts has reflected cargoes of as little as 17,000 mt
Other: Where the market is illiquid, the FOB Med value may be but such sizes are no longer typical under current market
inferred from the CIF Med value, or from related swaps markets conditions. Similarly, higher density cargoes around 1.005 SG
plus any physical premium or discount. Effective Jan 3, 2006, are viewed as typically traded at a discount to assessed quality.
the Worldscale basket flat rate used to calculate the cross Med Effective July 3, 2000, assessments for 3% sulfur cargoes FOB
high sulfur fuel oil freight is $5.00/mt. The corresponding rate in and CIF NWE were discontinued.
2005 was $4.60mt. Please note that FOB/CIF fuel oil differentials
reflect actual market conditions and are not set according to a Dispatch Category EB
fixed freight netback. As such the differentials may be affected 12 Char. Symbol PRP635NWEBSQ
by arbitrage openings and other market factors. 9 Char. Symbol(s) PPFBNEDCH · PPFBNEDCL
7 Char. Symbol PUABA00
Backrgound: From Apr 2, 2001, bunker grade material was Earliest Date 03-SEP-1979
considered in the assessment with the specific gravity range Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
extended to 0.991-0.998. Higher density cargoes of up to 1.020 Description 3.5PCT Fuel CIF NWE Cargoes
SG were viewed as typically traded at a discount to the assessed
quality.
PUABB00 FUEL OIL 3.5% CARGOES FOB NWE
Dispatch Category EB
12 Char. Symbol PRP635MEDBSO
9 Char. Symbol(s) PPFBMISCH · PPFBMISCL Quality: The assessment reflects standard cracked Russian
7 Char. Symbol PUAAZ00 quality M100 with 0.991 max density and 12 engler max
Earliest Date 03-SEP-1979 viscocity. The quality of M100 may vary widely in density,
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR viscosity and water content, and Platts monitors differentials to
Description 3.5PCT Fuel FOB Med Cargoes the two means formula in making assessment.

Size: Cargo assessments typically reflect parcels of 25-30,000mt

PUABA00 FUEL OIL 3.5% CARGOES CIF NWE each, although smaller volumes may be considered. On the FOB
Med, cargoes up to 50,000 mt may be taken into account when
arbitrage openings present themselves, for instance to the Far
Quality: The assessment typically reflects 3.5% sulfur cracked East.
fuel oil with 0.991 max density and 12 engler max viscocity.
Typically, standard cracked Russian quality M100 is reflected in Location: FOB Baltic ports.
the assessment. The quality of M100 may vary widely in density,
viscocity and water content. Timing: Reflects material for loading 10-25 days from date of
publication, with prices normalized to the mid-point of this
Size: The cargo assessment reflect parcels of 25-30,000 mt. delivery window.

EUROPEAN PRODUCTS 26
 METHODOLOGY GUIDE CRACKED FUEL OIL

Other: The FOB NWE assessment may be assessed as a Pollution from ships (Marpol), Platts will start 1.5PCT
freight differential to the CIF NWE cargoes. Effective Jan 3, sulphur fuel oil bunkers delivered basis Rotterdam May 22
the Worldscale basket flat rate used to calculate cross NWE 2006, for both 380cst and 180cst. May 22. The Marpol
high sulfur fuel oil freight is $5.40/mt. The corresponding regulations limit sulfur in fuel oil used in bunkers to a
rate in 2005 was $5.0/mt. Please note that FOB/CIF fuel oil maximum of 1.5% in certain designated areas including the
differentials reflect actual market conditions and are not set Baltic Sea.
according to a fixed freight netback. As such the
differentials may be affected by arbitrage openings and Dispatch Category EB
other market factors. 12 Char. Symbol AASXR0000000
9 Char. Symbol(s) ·
Background: In the past utility companies used to buy 3.5% 7 Char. Symbol AASXR00
sulfur cargoes for burning purposes, but limits endorsed by the Earliest Date 03-APR-2006
EU on the sulfur content mean that utility grade trades on high Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
sulfur are rare. Most utilities now use 1% max for burning Description Fuel Oil 1.5% FOB Rdam
purposes. From Apr 2, 2001, 3.5% sulfur cargoes FOB Northwest
Europe have incorporated bunker grade cargoes. Utility grade
cargoes traded on FOB basis continue to be taken into account, PUABC00 FUEL OIL 3.5% BARGES
but some grades such as 16ccr (Conradson Carbon Residue)
material are seen as grades typically commanding a premium to
the assessed quality. Similarly, higher density cargoes around Quality: 3.5% sulfur barges reflect RMG 35 bunker grade
1.005 SG are viewed as typically traded at a discount to assessed material. Typical specifications are 3 to 4% sulfur content,
quality. Effective July 3, 2000, assessments for 3% sulfur cargoes specific gravity of 0.991 g/ml, and viscosity of around 380
FOB and CIF NWE were discontinued. centistokes at 50 degrees C.

Dispatch Category EB Volume: Barge assessments reflect parcels of 1,000 to 5,000mt

12 Char. Symbol PRP635NWEBSS each. Barges are traded typically in 1-2kt lots, but 3-5kt trades
9 Char. Symbol(s) PPFBNESCH · PPFBNESCL are not uncommon. In all cases the smallest tradeable volume
7 Char. Symbol PUABB00 sets the market prices and in this case the smallest volume
Earliest Date 01-JUL-1980 applicable is 1,000mt.
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description 3.5PCT Fuel FOB NWE Cargoes Location: FOB basis Rotterdam

Timing: Barge assessments reflect parcels for loading 3-15

AASXR00 FUEL OIL 1.5% BARGES (Monday-Tuesday) or 5-15 (Wednesday through Friday) days
forward, with prices normalized to the mid point of these
loading ranges. Barges typically trade for full window dates
Quality: Typical specifications are 1.5% max sulfur content, with and the front five days or the back five days depending on
other paramtersin line with RMG35 bunker spec. Material is whether the market is in contango or backwardation. Platts
bunker quality for supply into the shipping market. 3.5% barge assessment is based on bids/offers and deals for
5-day loading windows. Full window bids which give the
Volume: Barge assessments reflect parcels of 1,000 to 5,000mt buyer a wider optionality may be disregarded in the
each. Barges are traded typically in 1-2kt lots, but 3-5kt trades assessment process.
are not uncommon. In all cases the smallest tradeable volume
sets the market prices and in this case the smallest volume Other: N/A
applicable is 1,000mt.
Background: In the past, Platts has assessed slightly different
Location: FOB basis Rotterdam specs: the typical quality for high sulfur cargo assessments was a
viscosity of 380 to 420 centistokes at 50 degrees C, a maximum
Timing: Barge assessments reflect parcels for loading 3-15 of 300 parts per million of vanadium.
(Monday-Tuesday) or 5-15 (Wednesday through Friday) days
forward, with prices normalized to the mid-point of these Dispatch Category EB
loading ranges. 12 Char. Symbol PRP635RTTBSU
9 Char. Symbol(s) PPFBRTSBH · PPFBRTSBL
Other: N/A 7 Char. Symbol PUABC00
Earliest Date 03-SEP-1979
Background: Platts introduced the 1.5% assessment on Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
April 1subscriber feedback and in light of new regulations Description 3.5PCT Fuel FOB R'dam Barges
by the International Convention for the Prevention of

EUROPEAN PRODUCTS 27
 METHODOLOGY GUIDE CRACKED FUEL OIL / FEEDSTOCKS

PUAYW00 ROTTERDAM BUNKER 380 CST Location: FOB NWE basis Rotterdam.

Timing: Reflects material for loading 10-25 days from date of

Quality: IFO 380: Specifications generally conform with that for publication, with prices normalized to the mid-point of this
RMG 35 Bunker fuel . Approximate Kinematic Viscosity: At delivery window.
100degC, max 25 cst; at 50degC, max 225 cst. Flash point
60degC minimum. Pour point (upper) winter quality, 30degC Other: LSSR is typically negotiated at a differential to IPE Brent
maximum; summer quality the same. Ash 0.15 m/m maximum. crude oil futures. When this occurs, the prevailing value of IPE
Sulphur, maximum 5%. Vanadium max 500 mg/kg. Aluminum Brent at 1630 London time is used in setting the outright level.
plus silicon, 80 mg/kg max; water, 1% maximum. The The IPE trading month used in the calculation is generally the
specifications followed are generally those found in ISO front-month trading 17.5 days from publication date. A
8217:1996 (E) - Petroleum products - Fuels (class F) - conversion factor of 6.77 is used to calculate the price in $/mt.
Specifications of marine fuels.
Background: Effective Apr 2, 2001, the timing window for
Size: Typical volumes reflected are between 300-1000 mt. assessing FOB Northwest Europe cargoes changed to 10-25 days
to take account of prevailing trading patterns.
Location: IFO 380 CST delivered prices reflect prices at
Rotterdam, but delivered on board, ie delivered into ship. Note: Platts ceased running its assessment of E-4 straight run
from January 1, 2003, because of the market’s illiquidity.
Timing: Prices are typically quoted for product to be supplied 1- Effective Apr 2, 2001, M-40 assessments CIF Mediterranean were
8 days ahead discontinued.

Other: N/A Dispatch Category EB

12 Char. Symbol PRPSR6NWECOY
Note: Platts bunker price assessments are based on typical trading 9 Char. Symbol(s) PPMONESCH · PPMONESCL
levels during the course of the day, and are based on actual 7 Char. Symbol PKABA00
transactable market levels, i.e. confirmed trades, bids and offers. Earliest Date 03-OCT-1994
Much of the price direction is derived early in the day at European Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
ports, based on the previous day’s outright cargo fuel oil Description St Run 0.5-0.7 PCT FOB NWE
assessments. respectively, on the high and low of the distillate price

Dispatch Category EB AAHMZ00 VGO 0.5-0.6% CARGOES CIF NWE

12 Char. Symbol PRPF38RTTDBK
9 Char. Symbol(s) PPFDRTSVH · PPFDRTSVL
7 Char. Symbol PUAYW00 Quality:The assessments represent VGO cargoes of 0.5-0.6pct
Earliest Date 02-JAN-1996 sulfur with a specific gravity of 0.900-0.920 g/ml.
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Rotterdam Bunker 380 CST Size: Cargo assessments reflect parcels of 10,000-25,000mt.

Location: CIF NWE basis ARA.

FEEDSTOCKS Timing: Reflects material for delivery 10-25 days from date of
publication, with prices normalized to the mid-point of this
delivery window.
PKABA00 STRAIGHT-RUN 0.5-0.7% CARGOES FOB NWE
Other: N/A

Quality: The assessments reflect prices for straight-run fuel oil Background: The assessment was introduced June 1, 2001.
from Northwest Europe with the following specifications: Sulfur
0.5-0.7%, normalized to 0.6% CCR max 7 Density 0.935-0.95 at Dispatch Category FS
15 degrees, Viscosity 200cst max at 50 degrees Vanadium 12 Char. Symbol AAHMZ0000000
10ppm Sodium 10ppm Nickel 10ppm 9 Char. Symbol(s) ·
7 Char. Symbol AAHMZ00
Size: The cargo assessments typically reflects parcels of 25,000- Earliest Date 01-JUN-2001
30,000mt each within NWE, but cargoes of up to 55,000 tonnes Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
may be taken into account when arbitrage openings present Description VGO 0.5-0.6%S CIF NWE
themselves.

EUROPEAN PRODUCTS 28
 METHODOLOGY GUIDE FEEDSTOCKS

AAHMX00 VGO 0.5-0.6% CARGOES FOB NWE AAHND00 VGO 2% MAX CARGOES CIF NWE

Quality:The assessments represent VGO cargoes of 0.5-0.6pct Quality: The assessments represent VGO cargoes of 2% max
sulfur with a specific gravity of 0.900-0.920 g/ml. sulfur with a specific gravity of 0.900-0.920 g/ml.

Size: Cargo assessments reflect parcels of 10,000-25,000mt each Size: Cargo assessments reflect parcels of 10,000-25,000mt each.
though FOB cargoes of up to 50,000 mt may be considered when
arbitrage opening mean these are a significant market factor. Location: CIF NWE basis ARA.

Location: FOB NWE basis Rotterdam. Timing: Reflects material for delivery 10-25 days from date of
publication, with prices normalized to the mid-point of this
Timing: Reflects material for loading 10-25 days from date of delivery window.
publication, with prices normalized to the mid-point of this
loading window. Other: N/A

Other: N/A Background: The assessment was introduced June 1, 2001.

Background: The assessment was introduced June 1, 2001. Dispatch Category FS

12 Char. Symbol AAHND0000000
9 Char. Symbol(s) ·
Dispatch Category FS 7 Char. Symbol AAHND00
12 Char. Symbol AAHMX0000000 Earliest Date 01-JUN-2001
9 Char. Symbol(s) · Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
7 Char. Symbol AAHMX00 Description VGO 2.0% Max CIF NEW
Earliest Date 01-JUN-2001
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description VGO 0.5-0.6%S FOB NWE AAHNB00 VGO 2% MAX CARGOES FOB NWE

AAHNF00 VGO 0.5-0.6% BARGES Quality: The assessments represent VGO cargoes of 2% max
sulfur with a specific gravity of 0.900-0.920 g/ml.

Quality: The assessments represent VGO cargoes of 0.5-0.6pct Size: Cargo assessments reflect parcels of 10,000-25,000mt each
sulfur with a specific gravity of 0.900-0.920 g/ml. though FOB cargoes of up to 50,000 mt may be considered when
arbitrage opening mean these are a significant market factor.
Size: Barge assessments reflect parcels of 1,000 to 5,000mt each.
Location: FOB NEW basis Rotterdam.
Location: FOB ARA basis Rotterdam
Timing: Reflects material for loading 10-25 days from date of
Timing: Barge assessments reflect parcels for loading 3-15 publication, with prices normalized to the mid-point of this
(Monday-Tuesday) or 5-15 (Wednesday through Friday) days loading window.
forward.
Other: N/A
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 FS
12 Char. Symbol AAHNB0000000
Dispatch Category FS 9 Char. Symbol(s) ·
12 Char. Symbol AAHNF0000000 7 Char. Symbol AAHNB00
9 Char. Symbol(s) · Earliest Date 01-JUN-2001
7 Char. Symbol AAHNF00 Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Earliest Date 01-JUN-2001 Description VGO 2.0% Max FOB NEW
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description VGO 0.5-0.6%S FOB Rdam

EUROPEAN PRODUCTS 29
 METHODOLOGY GUIDE FEEDSTOCKS / LPG

AAHNI00 VGO 2% MAX BARGES

LPG
Quality: 2% max with a specific gravity of 0.900-0.920 g/ml. Platts European and west Mediterranean LPG assessments
typically reflect transactable values over the course of the trading
Size: Barge assessments reflect parcels of 1,000 to 5,000mt each. day, typically 08.30-16.30 local London time. All bids, offers and
transactions will be included over the set time period, but prices
Location: FOB ARA basis Rotterdam will be normalized to reflect end of day market values. As such,
the timing of the transaction will be taken into consideration.
Timing: Barge assessments reflect parcels for loading 3-15
(Monday-Tuesday) or 5-15 (Wednesday through Friday) days
forward. BIDS/OFFERS
Other: N/A
Platts considers transactions, bid/offer levels and market
Background: The assessment was introduced June 1, 2001, indications that are reflective of typical conditions and
replacing barge assessment reflecting 1.5-1.6% sulfur VGO. originating from sources deemed reliable. Bids and offers must in
principle be open to the market at large. Platts accepts that
Dispatch Category FS individual companies may have trading limits with counter
12 Char. Symbol AAHNI0000000 parties and that national legislation may prevent companies
9 Char. Symbol(s) · from dealing in materials from certain origins and specifications.
7 Char. Symbol AAHNI00 These will be dealt with on a case-by-case basis.
Earliest Date 01-JUN-2001
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR The time cut-off for new bids/offers on coasters and cargoes is
Description VGO 2.0% Max FOB Rdam 15.45:00 London time and on barges and FCA material 16.00:00
London time.

Platts will exclude transactions, bids/offers or any market

indications when these appear to be unrepresentative of the

LPGASWIRE EUROPEAN ASSESSMENTS

Propane Butane
NWE: SPOT USD/MT SPOT USD/MT

FOB SEAGOING +x.00 PMABB00-PMABB00 +x.00 +x.00 PMAAL00-PMAAL00 +x.00

FOB ARA +x.00 PMAAS00-PMAAS00 +x.00 +x.00 PMAAC00-PMAAC00 +x.00
FCA ARA* +x.00 PMABH00-PMABH00 +x.00 +x.00 PMABI00-PMABI00 +x.00
CIF 1-3000MT +x.00 PMAAZ00-PMAAZ00 +x.00 +x.00 PMAAJ00-PMAAJ00 +x.00
CIF 3000+MT +x.00 PMAAC00-PMAAC00 +x.00
CIF 7000+MT +x.00 PMABA00-PMABA00 +x.00
Monthly rolling average
FOB SEAGOING PMUDI00-PMUDI00
CIF 7000+MT PMUDK00-PMUDK00
Propane swaps (basis CIF NWE)
Aug +x.00 AAHIK00-AAHIK00 +x.00
Sep +x.00 AAHIM00-AAHIM00 +x.00
Oct +x.00 AAHIO00-AAHIO00 +x.00
Q4 +x.00 AAHIL00-AAHIL00 +x.00
W MED:
FOB EX-REF/STOR +x.00 PMABC00-PMABC00 +x.00 +x.00 PMAAM00-PMAAM00 +x.00
FCA EX-REF/STOR +x.00 PMABJ00-PMABJ00 +x.00
CIF 7000+MT +x.00 PMABE00-PMABE00 +x.00
NOTE:* FCA ARA refers to sales onto railcars and trucks in the Amsterdam-Rotterdam-Antwerp region

EUROPEAN PRODUCTS 30
 METHODOLOGY GUIDE LPG

market, or unrepeatable. Deals done below the level of prevailing FREIGHT ISSUES
bids or above the level of prevailing offers (ie, selling through
the bid or buying through the offer) will not be reflected in
Platts assessments. Exception will be given to circumstances Platts takes into account prevailing freight rates in establishing
where one party can demonstrate a necessity to pay above the both FOB and CIF values. Where a market has become illiquid,
offer or sell below the bid, ie, paying a higher FOB price from a Platts may routinely determine the FOB value from the CIF
location where there is a demonstrable freight advantage. value. Where there is limited local demand but longer range
arbitrage opportunities emerge, the FOB value may rise relative
Reported transactions must be confirmed by both parties to the CIF value.
including approximate time of price agreement, irrespective of
outstanding subjects. All other deals may be taken into account at Platts typically reflects good quality modern tonnage in its
the editor’s discretion. Only arm’s length deals will be taken into assessments, and excludes from its CIF assessments any
account. Parties should report any terms, conditions or clauses vessels which are outside the normal parameters of
that would distort the typical market value. This would include acceptability
charter-party options, price options, credit terms or transactions
that are commercially linked to any other transaction etc.
DATA CODES

REPEATABILITY
Each Platts assessment is identified in the electronic databases by a
7-character data code. The following table provides the data codes
Bids, offers and transactions are also viewed against the broader for each European LPG assessment carried in Platts LPGaswire.
supply/demand generated by those bids/offers and transactions. The table layout is that carried in the telex/newsletter version of
Hence if a low price offer generates too much demand, Platts may LPGaswire; when assessments are carried in related publications
determine in its editorial process that the market value is hence such as Platts Petrochemical Alert, the actual layout may vary.
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. PMABB00 PROPANE FOB SEAGOING

SPREADS Quality: Pressurized vessels including both field-grade and

refinery material with a minimum of 93% C3s and a maximum
of 30% olefinic content. A slight premium may be given for
Platts typically reflects fixed price transactions, bids and offers in product with a higher c3 content.
its assessments, but may use additional indications as
appropriate including the market value of spread relationships Size: The assessment refers to coasters ex-refinery/storage with
with other oil products where there is a demonstrable price full cargoes between 1,000-3,600mt, although smaller full
relationship with LPG as well as associated markets such as cargoes or split cargoes may be included at the discretion of the
derivatives. When assessing the market, Platts will give priority editor after consultation with the market.
to, in descending order, deals, firm bids and offers, indications,
market fundamentals and price relationship with associated Location: The assessment covers an area represented by a
markets. In certain illiquid markets, Platts may establish FOB or triangle, with Wilhelmshaven (Germany), Teesside (UK) and Le
CIF values based on freight differentials. However Platts Havre (France) as its three corners, and also including Milford
recognizes that FOB and CIF prices within northwest Europe Haven, Fawley and Grangemouth. Product from ports on the
may operate independently. French Atlantic coast, as well as Portugal and the Spanish
Atlantic coast, are not included in assessments.

TIME GRADIENT Timing: Loading 5-15 days from date of publication

Other: N/A
Platts’ assessments take into account any backwardation or
contango in the market place. Typically, Platts assesses to the Dispatch Category LI
middle of the loading/delivery window specified for each 12 Char. Symbol PRPPN$NWECVD
market. The assessment thus reflects the value after taken into 9 Char. Symbol(s) PPPRNESGH · PPPRNESGL
consideration the difference in prices prevailing along the time 7 Char. Symbol PMABB00
curve, assessed by Platts, where appropriate. Earliest Date 02-JUL-1982
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Propane FOB NWE Seagoing Hi

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 METHODOLOGY GUIDE LPG

PMAAS00 PROPANE FOB ARA are reflected. Slightly smaller CIF cargoes may be included at the
discretion of the editor, while CIF cargoes of more than 3,600mt
may occasionally be sold at prices that correspond most to the 1-
Quality: Pressurized vessels including both field-grade and 3,600mt market, and therefore may also be included in the 1-
refinery material with a minimum of 93% C3s and a maximum 3,600mt assessment.
of 30% olefinic content.
Location: The assessment covers an area represented by a
Size: Refers to sales onto barges of full cargoes between 420-1,100mt. triangle, with Wilhelmshaven (Germany), Teesside (UK) and Le
Havre (France) as its three corners, and also including Milford
Location: FOB Amsterdam-Rotterdam-Antwerp. Haven, Fawley and Grangemouth. Product from ports on the
French Atlantic coast, as well as Portugal and the Spanish Atlantic
Timing: Barges loading ex-refinery/storage between 3-10 days coast, are not included in assessments. Sales into the port of Brest
from date of publication. on the French Atlantic coast may be included in the assessment.

Other: N/A Timing: Vessels loading 5-15 days from date of publication.

Dispatch Category LI Other: Please note that Platts has not formally renamed this
12 Char. Symbol PRPPN$ARACUP assessment even though volumes larger than 3,000 mt are
9 Char. Symbol(s) PPPRAASCH · PPPRAASCL currently considered.
7 Char. Symbol PMAAS00
Earliest Date 05-APR-1985 Dispatch Category LI
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR 12 Char. Symbol PRPPN$NWECVB
Description Propane FOB ARA 9 Char. Symbol(s) PPPRNEGCH · PPPRNEGCL
7 Char. Symbol PMAAZ00
Earliest Date 05-APR-1985
PMABH00 PROPANE FCA ARA Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Propane CIF NWE 1-3kt

Quality: Pressurized vessels including both field-grade and

refinery material with a minimum of 93% C3s and a maximum PMABA00 PROPANE CIF LARGE CARGOES
of 30% olefinic content.

Size: Parcels of 20-500mt. Quality: Refrigerated commercial propane meeting Braefoot Bay
specification.
Location: FCA ARA refers to sales onto railcars and trucks in the
Amsterdam-Rotterdam-Antwerp region Size: Typically reflects full-cargoes of between 8.5-20 kt

Timing: Loadings ex-refinery/storage between 3-10 days from Location: The assessment covers an area represented by a
date of publication. triangle, with Wilhelmshaven (Germany), Teesside (UK) and Le
Havre (France) as its three corners, and also including Milford
Dispatch Category LI Haven, Fawley and Grangemouth. Product from ports on the
12 Char. Symbol PRPPN$ARACUQ French Atlantic coast, as well as Portugal and the Spanish
9 Char. Symbol(s) PPPRAASQH · PPPRAASQL Atlantic coast, are not included in assessments. Sales into the
7 Char. Symbol PMABH00 port of Brest on the French Atlantic coast may be included in the
Earliest Date 22-JUL-1994 assessment. Sales made into selected western Scandinavian ports
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR - Stenungsund, Rafnes, Porvoo and Karsto - are included, but will
Description Propane FCA ARA be normalized to Flushing.

Timing: Large cargo assessments refer to vessels delivery 10-25

PMAAZ00 PROPANE CIF 1-3,000MT days from the date of publication.

Other: Please note that Platts has not formally renamed this
Quality: Pressurized vessels including both field-grade and assessment even though volumes larger than 7,000 mt are now
refinery material with a minimum of 93% C3s and a maximum typically considered.
of 30% olefinic content. A slight premium may be given for
product with a higher c3 content. Dispatch Category LI
12 Char. Symbol PRPPN$NWECVC
Size: Full cargoes of between 1,000-3,600mt sold on a CIF basis 9 Char. Symbol(s) PPPRNEHCH · PPPRNEHCL

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 METHODOLOGY GUIDE LPG

7 Char. Symbol PMABA00 Other: N/A

Earliest Date 05-APR-1985
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR Dispatch Category LI
Description Propane CIF NWE 7000+MT 12 Char. Symbol PRPBTNARABHD
9 Char. Symbol(s) PPBNAASCH · PPBNAASCL
7 Char. Symbol PMAAC00
PMAAL00 BUTANE FOB SEAGOING Earliest Date 05-APR-1985
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Butane FOB ARA
Quality: Both field-grade and refinery grade butane is included
in the assessment with a maximum of 30% olefins, 85% normal
butane and 49% isobutane. For the CIF quote, product will be PMABI00 BUTANE FCA ARA
normalized to a specification of 70:30 split with a maximum
olefin content of 10%. Isobutane is considered to be any product
with over 50% isobutane content, and such product is not Quality: Both field-grade and refinery grade butane is included
assessed by Platts, except in the US Gulf. in the assessment with a maximum of 10% olefins, 85% normal
butane and 49% isobutane. Isobutane is considered to be any
Size: The assessment refers to coasters ex-refinery/storage with product with over 50% isobutane content, and such product is
full cargoes between 1,000-3,600mt, although smaller full not assessed by Platts, except in the US Gulf.
cargoes or split cargoes may be included at the discretion of the
editor after consultation with the market. Size: Parcels of 20-500mt.

Location: The assessment covers an area represented by a Location: FCA ARA refers to sales onto railcars and trucks in the
triangle, with Wilhelmshaven (Germany), Teesside (UK) and Le Amsterdam-Rotterdam-Antwerp region
Havre (France) as its three corners, and also including Milford
Haven, Fawley and Grangemouth. Product from ports on the Timing: Loadings ex-refinery/storage between 3-10 days from
French Atlantic coast, as well as Portugal and the Spanish date of publication.
Atlantic coast, are not included in assessments.
Other: N/A
Timing: Vessels loading 5-15 days from date of publication.
Dispatch Category LI
Other: N/A 12 Char. Symbol PRPBTNARABHE
9 Char. Symbol(s) PPBNAASQH · PPBNAASQL
Dispatch Category LI 7 Char. Symbol PMABI00
12 Char. Symbol PRPBTNNWEBHR Earliest Date 22-JUL-1994
9 Char. Symbol(s) PPBNNESGH · PPBNNESGL Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
7 Char. Symbol PMAAL00 Description Butane FCA ARA
Earliest Date 05-APR-1985
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Butane FOB NEW PMAAJ00 BUTANE CIF 1-3,000MT

PMAAC00 BUTANE FOB ARA Quality: Both field-grade and refinery grade butane is included
in the assessment with a maximum of 30% olefins, 85% normal
butane and 49% isobutane. For the CIF quote, product will be
Quality: Both field-grade and refinery grade butane is included normalized to a specification of 70:30 split with a maximum
in the assessment with a maximum of 10% olefins, 85% normal olefin content of 10%. Isobutane is considered to be any product
butane and 49% isobutane. Isobutane is considered to be any with over 50% isobutane content, and such product is not
product with over 50% isobutane content, and such product is assessed by Platts, except in the US Gulf.
not assessed by Platts, except in the US Gulf.
Size: Full cargoes of between 1,000-3,600mt sold on a CIF basis.
Size: Sales onto barges of full cargoes between 420-1,100mt. Slightly smaller CIF cargoes may be included at the discretion of
the editor, while CIF cargoes slightly over 3,600mt may
Location: FOB Amsterdam-Rotterdam-Antwerp. occasionally be sold at prices that correspond most to the 1-
3,600mt market, and therefore may also be included in the 1-
Timing: Barges loading between 3-10 days from date of 3,600mt assessment.
publication.

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 METHODOLOGY GUIDE LPG

Location: The assessment covers an area represented by a PMUDI00 PROPANE FOB SEAGOING MONTHLY ROLLING AVG
triangle, with Wilhelmshaven (Germany), Teesside (UK) and Le
Havre (France) as its three corners, and also including Milford
Haven, Fawley and Grangemouth. Product from ports on the The average is of the daily Propane FOB Seagoing assessments.
French Atlantic coast, as well as Portugal and the Spanish Atlantic The average takes each of the daily data points, and divides by
coast, are not included in assessments. Sales into the port of Brest the number of working days there have been during the month.
on the French Atlantic coast may be included in the assessment.
Dispatch Category LI
Timing: Vessels loading 5-15 days from date of publication. 12 Char. Symbol PRPPN$NWEDBH
9 Char. Symbol(s) PPPRNE5GH · PPPRNE5GL
Other: Please note that Platts has not formally renamed this 7 Char. Symbol PMUDI00
assessment even though volumes larger than 3,000 mt are Earliest Date 24-JUN-1998
currently considered. Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Propane NWE Sea FOB RollAvg
Dispatch Category LI
12 Char. Symbol PRPBTNNWEBHP
9 Char. Symbol(s) PPBNNEGCH · PPBNNEGCL PMUDK00 PROPANE CIF LARGE CARGOES MONTHLY ROLLING AVG
7 Char. Symbol PMAAJ00
Earliest Date 05-APR-1985
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR The average is of the daily Propane CIF Large Cargo assessments.
Description Butane CIF NWE 1-3kt The average takes each of the daily data points, and divides by
the number of working days there have been during the month.

PMAAK00 BUTANE CIF LARGE CARGOES Dispatch Category LI

12 Char. Symbol PRPPN$NWEDBJ
9 Char. Symbol(s) PPPRNEDUH · PPPRNEDUL
Quality: Refers to Braefoot Bay mixed butane with a typical split 7 Char. Symbol PMUDK00
of 70% normal and 30% isobutane. Pure normal butane and Earliest Date 24-JUN-1998
isobutane is not assessed by Platts, although pure normal prices Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
may be used as guidance at the editor’s discretion following Description Propane NWE 7kMT+ CIF RollAvg
consultation with the market.

Size: Cargoes of over 4,000mt sold into NWE on a CIF basis. PROPANE SWAPS BASIS CIF NWE
Occasionally, part-cargoes of less than 4,000mt from large
shipments may be sold at prices which reflect the 4,000mt+
market, and these prices may be included in the assessment. Platts asssesses the forward swap market for CIF NW E 7000+mt
cargoes for three months and one quarter forward. The swaps
Location: The assessment covers an area represented by a are settled against the monthly average of daily assessments for
triangle, with Wilhelmshaven (Germany), Teesside (UK) and Le propane CIF NWE 7000+mt. The swap months quoted roll
Havre (France) as its three corners, and also including Milford forward on the first day of the month, and the swap quarter
Haven, Fawley and Grangemouth. Product from ports on the quoted rolls on the first day of the quarter. Thus on July 1,
French Atlantic coast, as well as Portugal and the Spanish Atlantic 2006 the monthly swap assessments would roll forward to
coast, are not included in assessments. Sales into the port of Brest reflect Aug, Sep and Oct 2006. On July 1, 2006 the quarter
on the French Atlantic coast may be included in the assessment. published would roll from Q3 2006 (Jul, Aug, Sep) to Q4 2006
(Oct, Nov, Dec).
Timing: Vessels delivery 10-25 days from the date of publication.

Other: Please note that Platts has not formally renamed this AAHIK00/PMABU00
assessment even though volumes larger than 3,000 mt are now
typically considered.
Dispatch Category LI
Dispatch Category LI 12 Char. Symbol PRPPN$NWEDBC
12 Char. Symbol PRPBTNNWEBHQ 9 Char. Symbol(s) PPPRNE1AH · PPPRNE1AL
9 Char. Symbol(s) PPBNNEHCH · PPBNNEHCL 7 Char. Symbol PMABU00
7 Char. Symbol PMAAK00 Earliest Date 01-DEC-1995
Earliest Date 05-APR-1985 Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR Description Propane NWE swaps 1st month
Description Butane CIF NWE 3kt+

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 METHODOLOGY GUIDE LPG

Dispatch Category DR Earliest Date 02-JAN-1997

12 Char. Symbol AAHIK0000000 Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
9 Char. Symbol(s) · Description Propane NWE swaps 1st quarter
7 Char. Symbol AAHIK00
Earliest Date 28-MAR-2001
Vendors BLM CQI DRI EMS FTP FUT KR PL12 TR SAR
PMABC00 PROPANE W MED FOB EX-REF/STOR
Description Propane CIF ARA Lg 1-Mo

Quality: Pressurized vessels including both field-grade and

AAHIM00/PMUDH00 refinery material with a minimum of 93% C3s and a maximum
of 30% olefinic content.

Dispatch Category LI Size: Sales of up to 3,000mt basis FOB Lavera.

12 Char. Symbol PRPPN$NWEDBE
9 Char. Symbol(s) PPPRNE2AH · PPPRNE2AL
Location: The assessment is FOB basis Lavera, but includes the
7 Char. Symbol PMUDH00
area west of Italy - including Algeria, Tunisia and Morocco. To
Earliest Date 01-DEC-1995
the north, Italy and France are included, as well as the east and
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
south coasts of Spain.
Description Propane NWE swaps 2nd month

Dispatch Category DR Timing: Vessels loading 5-15 days from date of publication.
12 Char. Symbol AAHIM0000000
9 Char. Symbol(s) · Dispatch Category LI
7 Char. Symbol AAHIM00 12 Char. Symbol PRPPN$WMDCVE
Earliest Date 28-MAR-2001 9 Char. Symbol(s) ·
Vendors BLM CQI DRI EMS FTP FUT KR PL12 7 Char. Symbol PMABC00
TR SAR Earliest Date 05-APR-1985
Description Propane CIF ARA Lg 2-Mo Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Propane FOB W Med Ex-Ref/Stor Hi

AAHIO00
PMABJ00 PROPANE W MED FCA EX-REF/STOR
Dispatch Category DR
12 Char. Symbol AAHIO0000000 Quality: Pressurized vessels including both field-grade and
9 Char. Symbol(s) · refinery material with a minimum of 93% C3s and a maximum
7 Char. Symbol AAHIO00 of 30% olefinic content.
Earliest Date 28-MAR-2001
Vendors BLM CQI DRI EMS FTP FUT KR PL12 TR SAR Size: Parcels of 20-500mt
Description Propane CIF ARA Lg 3-Mo
Location: FCA ex-refinery storage refers to sales of auto, trucks,
and railcars of 20-500mt basis Lavera. The assessment includes
the area west of Italy - including Algeria, Tunisia and Morocco.
AAHIL00/PMUDE00 To the north, Italy and France are included, as well as the east
and south coasts of Spain.
Dispatch Category DR
Timing: Loading between 3-10 days from date of publication.
12 Char. Symbol AAHIL0000000
9 Char. Symbol(s) ·
7 Char. Symbol AAHIL00 Other: N/A
Earliest Date 28-MAR-2001
Vendors BLM CQI DRI EMS FTP FUT KR PL12 TR SAR Dispatch Category LI
Description Propane CIF ARA Lg 1-Qr 12 Char. Symbol PRPPN$WMDCVH
9 Char. Symbol(s) ·
Dispatch Category LI 7 Char. Symbol PMABJ00
12 Char. Symbol PRPPN$NWEDBF Earliest Date 22-JUL-1994
9 Char. Symbol(s) PPPRNEVAH · PPPRNEVAL Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
7 Char. Symbol PMUDE00 Description Propane FCA W Med Ex-Ref/Stor Hi

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 METHODOLOGY GUIDE

PMABE00 PROPANE W MED CIF 7000+MT

Quality: Refrigerated commercial propane meeting Sonatrach

specification.

Size: Full cargoes of 7,000 mt and greater

Location: Refers to trades in the west Mediterranean region,

although prices will be normalized to Lavera. The assessment
includes the area west of Italy - including Algeria, Tunisia and
Morocco. To the north, Italy and France are included, as well as
the east and south coasts of Spain.

Timing: Delivery 10-25 days from the date of publication.

Other: N/A

Dispatch Category LI
12 Char. Symbol PRPPN$WMDCVG
9 Char. Symbol(s) PPPRWMHCH · PPPRWMHCL
7 Char. Symbol PMABE00
Earliest Date 05-APR-1985
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Propane CIF W Med 7kt+

PMAAM00 BUTANE W MED FOB EX-REF/STOR

Quality: Both field-grade and refinery grade butane is included

in the assessment with a maximum of 30% olefins, 85% normal
butane and 49% isobutane.

Size: FOB butane refers to sales of parcels of a minimum of

2,500mt on an FOB basis Lavera.

Location: FOB basis Lavera ex-refinery storage including the area

west of Italy - including Algeria, Tunisia and Morocco. To the
north, Italy and France are included, as well as the east and
south coasts of Spain.

Timing: Loading 5-15 days from date of publication.

Other: N/A

Dispatch Category LI
12 Char. Symbol PRPBTNWMDBHS
9 Char. Symbol(s) PPBNWMAUH · PPBNWMAUL
7 Char. Symbol PMAAM00
Earliest Date 05-APR-1985
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Butane WstMed FOB XRef/Str Hi

© Copyright Platts 2007

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METHODOLOGY GUIDE APPENDIX

APPENDIX I EXAMPLE OF EN228 DEFINITION (2002)

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METHODOLOGY GUIDE APPENDIX

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METHODOLOGY GUIDE APPENDIX

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METHODOLOGY GUIDE APPENDIX

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METHODOLOGY GUIDE APPENDIX

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METHODOLOGY GUIDE APPENDIX

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METHODOLOGY GUIDE APPENDIX

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METHODOLOGY GUIDE APPENDIX

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METHODOLOGY GUIDE APPENDIX

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METHODOLOGY GUIDE APPENDIX

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METHODOLOGY GUIDE APPENDIX

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METHODOLOGY GUIDE APPENDIX

APPENDIX II EXAMPLE OF DEFINITION OF EN590 DEFINITION (2002)

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METHODOLOGY GUIDE APPENDIX

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APPENDIX III TYPICAL MIDDLE DISTILLATE QUALITIES

These specifications represent a guideline, but are not Platts specifications. Platts assesses the typical grades in the market.

DIESEL

50 ULSD cargoes EN590 cargoes ULSD cargoes 10 cargoes and ULSD barges ARA
NWE and Med NWE and MED NWE barges
PROPERTY UNITS

SULFUR Parts per Million 50 max 350 max 50 max 10 max 50 max
DENSITY At 15 deg C Kg/m3 0.820-0.845 0.820-0.845 0.820-0.835 0.820-0.845 0.820-0.845
CETANE INDEX NUMBER 46 min 46 min 46 min 46 min 46 min
CLOUD
Winter Deg C -5 max -5 max -5 max -7 max -7 max (*1)
Intermediate -3 max 0 max
Summer 5 max 5 max 3 max 5 max 4 max
CFFP POINT
Winter Deg C -15 max -15 max -15 max -22 max -20 max
Intermediate -13 max -11 max
Summer 0 max 0 max -5 max -2 -5 max
DISTILLATION
Recovered at % Vol
250 deg C 65 max 65 max 65 max 64 max 64 max
345 deg C 95 min
350 deg C 85 min 85 min 85 min 85 min
360 deg C 95 min 95 min 95 min
370 deg C
FLASH POINT Deg C 55 min 55 min 60 min (*1) 56 min (*3) 56 min
120 max 120 max
VISCOSITY At 40 deg C 2 to 4.5 2 to 4.5 2 to 4.5 2 to 4.5 2 to 4.5

(*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

GERMAN Cargo DIN FRENCH FOD RUSSIAN

and barge
PROPERTY UNITS

SULFUR Parts per million 2000 2000 2000

DENSITY Kg/m3 Assessed basis Assessed basis Assessed basis
0.845 0.845 0.845
CETANE INDEX Standard calorific 40 min 45 min, but
value 42.6 MJ/KG typically tends to be
more than 50
CLOUD Deg C 1 max (a) 2 max -5 max
2 max (b)
3 max (c)
CFPP POINT Deg C -10 max (a) - 5 max -7 typical
-11 max (b)
-12 max ©
DISTILLATION % Vol
Recovered at
280 deg C 65 max 65 max 50 max
360 deg C 85 min 85 min 96 min
FLASH POINT Deg C 55 min (*4) 55 min
62 min
VISCOSITY
At 20 deg C 3 to 6
At 40 deg C 2 to 6 2 to 4.5
(*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

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APPENDIX IV ASSESSMENT LIST WITH DATA CODES

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.

EUROPEAN MARKETSCAN ASSESSMENTS

FOB Med (Italy) CIF Med(Genova/Lavera)

Premium Gasoline 50ppm +X.00 AAOPW00-AAOPW00 +X.00 +X.00 AAOPX00-AAOPX00 +X.00

Naphtha +X.00 PAAAI00-PAAAI00 +X.00 +X.00 PAAAH00-PAAAH00 +X.00
Jetl +X.00 AAIDL00-AAIDL00 +X.00
50ppm ULSD +X.00 AAOQC00-AAOQC00 +X.00 +X.00 AAOQD00-AAOQD00 +X.00
Gasoil.2 +X.00 POAAB00-POAAB00 +X.00 +X.00 POAAA00-POAAA00 +X.00
Fuel Oil 1% +X.00 PUAAK00-PUAAK00 +X.00 +X.00 PUAAJ00-PUAAJ00 +X.00
Fuel Oil 3.5% +X.00 PUAAZ00-PUAAZ00 +X.00 +X.00 PUAAY00-PUAAY00 +X.00
Jet FOB Med premium Prem AAIDN00-AAIDN00

Cargoes CIF NWE/Basis ARA Cargoes FOB NWE

Premium Gasoline 50 ppm +X.00 AAIJJ00-AAIJJ00 +X.00 +X.00 AAIJH00-AAIJH00 +X.00

Premium gasoline 10 ppm +X.00 AAOPZ00-AAOPZ00 +X.00 +X.00 AAOPY00-AAOPY00 +X.00
Regular gasoline 10 ppm +X.00 AAIJN00-AAIJN00 +X.00 +X.00 AAIJL00-AAIJL00 +X.00
Naphtha (Month) +X.00 PAAAJ00-PAAAJ00 +X.00
Naphtha +X.00 PAAAL00-PAAAL00 +X.00
Jet +X.00 PJAAU00-PJAAU00 +X.00 +X.00 PJAAV00-PJAAV00 +X.00
Diesel 10 ppm +X.00 AAKWP00-AAKWP00 +X.00 +X.00 AAKWR00-AAKWR00 +X.00
Diesel 50 ppm UK +X.00 AAIKO00-AAIKO00 +X.00 +X.00 AAIKM00-AAIKM00 +X.00
Diesel 50 ppm +X.00 AAOQB00-AAOQB00 +X.00 +X.00 AAOQA00-AAOQA00 +X.00
Russian gasoil 0.2% +X.00 AAOQZ00-AAOQZ00 +X.00
Gasoil 0.2% +X.00 POAAC00-POAAC00 +X.00 +X.00 POAAD00-POAAD00 +X.00
Fuel Oil 1% PUAAL00-PUAAL00 +X.00 PUAAM00-PUAAM00 +X.00
Fuel Oil 3.5% +X.00 PUABA00-PUABA00 +X.00 +X.00 PUABB00-PUABB00 +X.00
Straight run 0.5-0.7%. +X.00 PKABA00-PKABA00 +X.00
VGO 0.5-0.6% +X.00 AAHMZ00-AAHMZ00 +X.00 +X.00 AAHMX00-AAHMX00 +X.00
VGO 2% max +X.00 AAHND00-AAHND00 +X.00 +X.00 AAHNB00-AAHNB00 +X.00

Barges FOB Rotterdam Barge differential - 50ppm

98 RON gasoline 10 ppm +X.00 AAKOD00-AAKOD00 +X.00 AALBJ00/AALBJ00

Premium gasoline 10 ppm +X.00 PGABM00-PGABM00 +X.00
Premium gasoline 50ppm +X.00 AANWY00-AANWY00 +X.00 International Petroleum Exchange
Regular gasoline 10 ppm +X.00 AAKOF00-AAKOF00 +X.00 Gasoil Settlements
MTBE +X.00 PHAKZ00-PHAKZ00 +X.00 M01 n/a M04 n/a
Naphtha +X.00 PAAAM00-PAAAM00 +X.00 M02 n/a M05 n/a
Jet +X.00 PJABA00-PJABA00 +X.00 M03 n/a M06 n/a
Diesel 10 ppm +X.00 AAJUS00-AAJUS00 +X.00 IPE gasoil GWAVE 1630
Diesel 50 ppm +X.00 AAGMK00-AAGMK00 +X.00 M01 PXAAJ00 M01 n/a
Gasoil 0.2% +X.00 POAAG00-POAAG00 +X.00 M02 PXAAK00 M02 n/a
Fuel oil 1% +X.00 PUAAP00-PUAAP00 +X.00
Fuel oil 1.5% +X.00 AASXR00-AASXR00 +X.00 Platts Gasoil Futures
Fuel Oil 3.5% +X.00 PUABC00-PUABC00 +X.00 Prevailing gasoil futures 1630 London time

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LPGASWIRE EUROPEAN ASSESSMENTS

Propane Butane
NWE: SPOT USD/MT SPOT USD/MT

FOB SEAGOING +x.00 PMABB00-PMABB00 +x.00 +x.00 PMAAL00-PMAAL00 +x.00

FOB ARA +x.00 PMAAS00-PMAAS00 +x.00 +x.00 PMAAC00-PMAAC00 +x.00
FCA ARA* +x.00 PMABH00-PMABH00 +x.00 +x.00 PMABI00-PMABI00 +x.00
CIF 1-3000MT +x.00 PMAAZ00-PMAAZ00 +x.00 +x.00 PMAAJ00-PMAAJ00 +x.00
CIF 3000+MT +x.00 PMAAC00-PMAAC00 +x.00
CIF 7000+MT +x.00 PMABA00-PMABA00 +x.00
Monthly rolling average
FOB SEAGOING PMUDI00-PMUDI00
CIF 7000+MT PMUDK00-PMUDK00
Propane swaps (basis CIF NWE)
Aug +x.00 AAHIK00-AAHIK00 +x.00
Sep +x.00 AAHIM00-AAHIM00 +x.00
Oct +x.00 AAHIO00-AAHIO00 +x.00
Q4 +x.00 AAHIL00-AAHIL00 +x.00
W MED:
FOB EX-REF/STOR +x.00 PMABC00-PMABC00 +x.00 +x.00 PMAAM00-PMAAM00 +x.00
FCA EX-REF/STOR +x.00 PMABJ00-PMABJ00 +x.00
CIF 7000+MT +x.00 PMABE00-PMABE00 +x.00
NOTE:* FCA ARA refers to sales onto railcars and trucks in the Amsterdam-Rotterdam-Antwerp region

APPENDIX V SUBSCRIBER NOTES ISSUED 2005 ONWARDS

ions/ europeanoilproductspecs.pdf
SUBSCRIBER NOTES
28-Jan-05 Platts plans to begin publishing euro-
Following is a listing of key Subscriber notes and Clarification denominated assessments for a selection of its key crude oil and
notes issued by Platts in 2004: European and US product benchmarks as a supplement to the
existing US dollar-denominated values. Because decision-making
04-Jan-05 Effective Jan 4, 2005 the Worldscale flat in international oil markets is inherently exposed to foreign
rate Augusta-Rotterdam used to calculate the netback formula for exchange currency fluctuations, Platts is providing this
FOB Med jet and jet av fuel becomes $6.43 per metric tonne. additional information to allow subscribers to compare prices
Harbor dues at Rotterdam are calculated at $0.61/mt based on more efficiently across regions. The selected euro-denominated
1.07/GT of vessel, converted to an mt basis. assessments will be launched on Feb 14 and will reflect values
prevailing at 1730 local London time. (Cont PGA 711).
04-Jan-05 Effective Jan 4, 2005, the Worldscale basket
flat rate used to calculate FOB Med naphtha will become $8.12. 04-Feb-05 Platts plans to begin publishing euro-
FOB Med naphtha is assessed as a freight differential to the CIF denominated assessments for a selection of its key crude oil and
NWE. The actual freight applied to the netback will fluctuate European and US product benchmarks as a supplement to the
daily based on changes in Platts UKC-Med assessments for existing US dollar-denominated values. Because decision-making
27,500mt naphtha cargoes, applied against the $8.12/mt rate. in international oil markets is inherently exposed to foreign
The worldscale flat rate used to calculate the CIF MED Naphtha exchange currency fluctuations, Platts is providing this
assessment will become $5.17 based on published freight values additional information to allow subscribers to compare prices
between Alexandria and Lavera using Platts cross-Med clean more efficiently across regions. The selected euro-denominated
tanker naphtha assessments. assessments will be launched on February 14th, 2005, and will
reflect values prevailing at 1730 local London time. They will
05-Jan-05 The latest issue of Platts guide to include Dated Brent, Urals (Mediterranean), 1st month WTI, 1st
specifications for European oil products is available on Platts' month Mars, Premium Unleaded Cargoes CIF NWE/Basis ARA,
Web site Naphtha Physical Cargoes CIF NWE/Basis ARA, Jet Cargoes CIF
http://platts.com/Oil/Resources/Methodology%20&%20Specificat NWE/Basis ARA, 1 Pct Cargoes FOB NWE, Premium Unleaded

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Barges FOB Rotterdam, 10 PPM Barges FOB Rotterdam, Gasoil 0.2 Mediterranean gasoil, gasoline and fuel oil. Currently Platts
Pct Sulfur Barges FOB Rotterdam, 3.5 Pct Barges FOB Rot te includes in its assessments process ship nominations 5 calendar
rdam, days prior to 1st delivery laycan day. Platts is considering
switching to 7 calendar days prior to 1st delivery laycan day.
17-Feb-05 Following industry feedback Platts is Any subscriber feedback to annalisa_jeffries@platts.com and
considering increasing the minimum assessable barge volume for peter_stewart@platts.com with a cc to
gasoil and ULSD barges in the ARA area. Platts is planning to Jorge_montepeque@platts.com.
increase the minimum volume from 1,000mt to a range of
1,000-2,000mt where the buyer has the option to choose the 16-Mar-05 In line with seasonal changes in recent
actual volume. However, the buyer has the obligation to specify years European 50ppm ULSD cargo assessments will reflect
the actual volume at the time of the deal. Platts will continue to summer specification only from March 22 2005. Any comments
include in the assessment process transactions of up to 5,000mt. please to daniel_booth@platts.com and
Subscriber feedback should be sent by Mar 4, 2004 to: annalisa_jeffries@platts.com, with CC to
patrick_gourlay@platts.com, annalisa_jeffries@platts.com and peter_stewart@platts.com and jorge_montepeque@platts.com
with a CC to peter_stewart@platts.com and
Jorge_montepeque@platts.com 29-Mar-05 The UK Ministry of Defence has updated
Defstan 91-91, the defining standard for Jet A1 in Europe, with
07-Mar-05 As previously announced Platts will the release Feb 8 of issue 5. Since Feb 8, Platts jet NWE and
discontinue the Prem 0.15 FOB Med assessment from April 1, Mediterranean assessments have reflected issue 5 spec, having
2005. Until then, Platts will continue to assess Prem 0.15 at a previously Platts reflected Defstan 91-91 issue 4 specification. For
fixed $6/mt premium to the Prem Unl FOB Med assessment, any comments please email simon_thorne@platts.com and
which reflects 150 ppm sulfur material. Any comments please to annalisa_jeffries@platts.com.
annalisa_jeffries@platts.com and john_mckay@platts.com, with a
cc to Jorge_montepeque@platts.com or Peter_stewart@platts.com. 13-Apr-05 Due to the increasing number of bids and
offers on middle distillates market information in Europe, Platts
07-Mar-05 As previously announced Platts will has set up two separate Yahoo instant messenger accounts: one
discontinue FOB and CIF Med EN590 diesel assessments (350 for diesel and one for gasoil. Platts has set up two account names
ppm) March 31 2005. For comments please email as follows: plattsgasoil and plattsdiesel. Effective April 18, Platts
annalisa_jeffries@platts.com, patrick_gourlay@platts.com, with a requests all diesel bids and offers to be sent to plattsdiesel and all
cc to Jorge_montepeque@platts.com or Peter_stewart@platts.com. gasoil bids and offers to be sent to plattsgasoil. Any comments
should be sent to annalisa_jeffries@platts.com, with a cc to
07-Mar-05 With immediate effect and following jorge_montepeque@platts.com
industry feedback Platts will increase the minimum assessable
barge volume for gasoil and ULSD barges in the ARA area. Platts 05-May-05 Clarification note, European products:
will increase the minimum assessable volume from 1kt only to a Bids/offers for derivative instruments are subject to the same
range within 1-2kt where the buyer has the option to choose the incrementability and repeatability standards applicable to the
actual volume. The buyer has the obligation to specify the actual physical markets. Bids/offers should move up or down in
volume at the time of the deal. Platts will continue to include in increments not exceeding $1.00/mt. Bids or offers submitted on
the assessment process transactions of up to 5kt. Any further a firm basis should be open for execution to the first credit
comments to patrick_gourlay@platts.com, worthy party of record. Bids and offers for paper instruments
annalisa_jeffries@platts.com and with a CC to should be submitted no later than 17:15 London time. Changes
peter_stewart@platts.com and Jorge_montepeque@platts.com to the bids and offers will be recognized up to 17:28 London
time. Firm bids and offers automatically expire at 17:30 London
07-Mar-05 Following industry feedback Platts is time.
considering changing the naphtha ship nomination procedure
from 5 days prior to the first day of the laycan to 3days. In the 20-May-05 With immediate effect, Platts proposes to
meantime the existing delivery nomination procedures will extend the time cutoff allowed for price changes on gasoline
remain the same. Platts takes into consideration transactions barges on PGA page 5 to 1728 London time. The time cutoff for
where the seller has the right to narrow to a 3 day delivery price changes on cargoes remains 1725 London time. Please note
window, five calendar days prior to the first day of the three day that all other standards regarding bids/offers on PGA005 remain
delivery laycan. Any comments by March 18 to unchanged, including the 17:00 time cutoff for making new bids
daniel_booth@platts.com and annalisa_jeffries@platts.com. with and offers on barges.
a cc to Jorge_montepeque@platts.com or
Peter_stewart@platts.com. 27-May-05 Bids and offers for derivative instruments
on Platts Global Alert 005 are subject to the same
07-Mar-05 Following subscriber feedback Platts is incrementability and repeatability standards applicable to the
considering changing the shipping nomination procedures physical markets. Bids/offers should move up or down in
acceptable for assessment purposes for deliveries of increments not exceeding $1/mt. Bids or offers submitted on a

EUROPEAN PRODUCTS 60
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firm basis should be open for execution to the first creditworthy peter_stewart@platts.com and Jorge_montepeque@platts.com.
party of record. Bids and offers for paper instruments should be
submitted no later than 1715 London time. Changes to the bids 28-Jun-05 Premium unleaded 150ppm FOB Med
and offers will be recognized up to 1728 London time. Firm bids assessment: As was previously announced, the premium
and offers automatically expire at 1730 London time. Please note unleaded 150ppm FOB Med assessment will be discontinued July
that the purpose of these time cut-offs and standards of 1. Any comments please to annalisa_jeffries@platts.com and
incrementability and repeatability are primarily logistical, and simon_thorne@platts.com
designed to ensure orderly price discovery. As such, they may be
changed at short notice if evolving market conditions require. 28-Jun-05 Platts will start to assess prevailing gasoil
futures values for the front three months at exactly at 1630
02-Jun-05 Effective immediately and based on London time, effective July 1 2005. Any comments to
subscriber feedback Platts will assess the differential between 50 annalisa_jeffries@platts.com, with a cc to
ppm and 150 ppm Premium Unleaded gasoline FOB peter_stewart@platts.com and Jorge_montepeque@platts.com.
Mediterranean at prevailing spot market sulfur differentials until
the assessment for 150 ppm gasoline (Prem Unl) is discontinued 05-Jul-05 Platts to conduct oil barge review for NW
on July 1, 2005. Send comments to Annalisa_Jeffries@platts.com, Europe: Platts is conducting a review of fuel oil barge
Peter_Stewart@platts.com, or Jorge_Montepeque@platts.com. transactions in North West Europe. Market participants have
raised several concerns including barge loading delays at supply
09-Jun-05 Effective June 15th Platts will change its terminals in the region. Platts assessments process aims to reflect
naphtha CIF NWE cargo assessment process to consider bids, transactions that fully meet the obligations of buyer and sellers.
offers and transaction where seller has the obligation to Platts will review current practices to ensure that only
nominate vessel three days prior to the first day of the delivery transactions meeting the performance standards required by
laycan. The editorial standard up to June 14th has been to reflect Platts are reflected. Any comments to
the ship nomination 5 calendar days prior to the first day of the annalisa_jeffries@platts.com and vanessa_ronsisvalle@platts.com
laycan. Platts will continue to reflect bids, offers and transactions with a cc to peter_stewart@platts.com and
made on a five day delivery window where the seller has the jorge_montepeque@platts.com.
obligation to narrow down to a three day delivery window five
days prior to the first day of the laycan. In addition, Platts will 11-Jul-05 Separate European gasoil, diesel
consider transactions where the expected quality and quantity of commentaries: Effective Jul 12, 2005, there will be an additional
the cargo is disclosed 3 days prior to the first day of the delivery PGA page to allow European gasoil and diesel commentary to be
laycan with final quality and quantity is disclosed as soon as run on separate pages. The two pages will be as follows: Diesel
possible. Any comments should be made by to: A PGA321 Gasoil PGA733
nnalisa_Jeffries@platts.com, asif_ali@platts.com with a cc to
Peter_St ewart@ platts.com and Jorge_Montepeque@platts.com. 09-Aug-05 European MOC to move to 1630 from Oct
1 : Effective Oct 1, 2005, Platts proposes to advance by one hour
27-Jun-05 Effective immediately, and based on the timings for its European market-on-close assessment
subscriber feedback, Platts will bring the gasoline cargo MOC in processes. From that date, Platts will reflect values at 1630
line with the gasoline barge MOC by extending the deadline for London time, rather than 1730 London time currently, in its
improving cargo bids and offers to 1728 London time (1628 assessments for crude oil, European oil products, oil derivatives
GMT during the summer months). Any comments please to: and the main petrochemical products. Editorial processes and
Annalisa_Jeffries@platts.com, and Simon_Thorne@platts.com protocols preceding the MOC assessment, including time cutoffs
with a cc to Peter_Stewart@platts.com and for submission of new bids and offers and for making
Jorge_Montepeque@platts.com incremental price changes, will also be advanced by one hour.
For comments or questions please contact
28-Jun-05 Platts has had overwhelming support from peter_stewart@platts.com, annalisa_jeffries@platts.com and
the products traders for a move to a 1630pm close London time. jorge_montepeque@platts.com.
However there is still mixed feedback from some of the crude oil
traders, and Platts is working on some of the issues raised. 30-Aug-05 Review of NWE fuel oil barge market: Platts
Following industry feedback Platts is keen to align its closing has conducted a review of the fuel oil barge market in North
assessment procedures to an earlier close, in line with market West Europe with a view to identifying logistical or operational
requirements. Any further comments please email issues that may result in delayed or faulty performance. While
Annalisa_jeffries@platts.com, peter_stewart@platts.com and some issues may be unavoidable, Platts' editorial guidelines
Jorge_montepeque@platts.com. governing its assessment process require it must consider only
those transactions, bids or offers where market participants
28-Jun-05 Any bid or offer done on a floating basis perform under typical contractual terms. Furthermore,
using Platts as the underlying, the standard is five day pricing participants intending to sell barges should not offer when there
around bill of lading, unless stated otherwise. Any comments to is a known and distinct possibility that loading may be delayed.
annalisa_jeffries@platts.com with a cc to If congestion or delays prevent performance under the

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contractual terms, the seller should make reasonable and timely now, and an Adobe Acrobat version. Both are attachments to the
efforts to supply from an alternative source, or the seller should e-mail you are sent every day. We are proud of the new Acrobat
engage in other measures to alleviate the buyers' exposure. version, and believe its clearer presentation will help its readers
Equally, a buyer should not over-commit and then aggregate to more easily use the vast array of information available in the
nominations in a way that m akes it logistically impossible for Marketscan. To help ease the transition, e-mail subscribers to
the seller to perfor m. Platts will take appropriate steps to ensure European Marketscan will continue to receive the text version of
the integrity of its assessments if issues of non-performance the European Marketscan along with this Adobe Acrobat pdf
should arise. Please send any comments to version. Both will be on attachment in your daily e-mail from
annalisa_jeffries@platts.com, Vanessa_ronsisvalle@platts.com, CC Platts. However, after the issue of Friday, December 30, only the
peter_stewart@platts.com, and Jorge_montepeque@platts.com. Acrobat version will be sent to our readers. The text-only version
will continue to be available on Platts EMIS information
30-Aug-05 Proposed change to NWE barge loading gateway, and to some real-time customers. One important
windows: Following industry feedback, Platts proposes to reflect improvement we ha ve done in o rder t o help smooth the
in its North West European barge assessments bids and offers in transition is to provide a glossary (found on page 2 of the
the 3-15 days forward loading window on Monday through Acrobat file) that matches the text-version abbreviations for the
Wednesday, and in the 5-15 days forward loading window products with the new, clearer terms. Platts wants to make clear
Thursday and Friday. This is to reflect better the two full working that no specifications for these products have been changed. The
days nomination procedure required in the NWE barge market. only thing we are doing is using our greater space and
The change would be effective Oct 1, 2005. Any comments to appearance to spell out in more detail what each of the products
annalisa_jeffries@platts.com, with a cc to are, and doing away with often-confusing abbreviations.
peter_stewart@platts.com, and Jorge_montepeque@platts.com. However, we know that people have become used to those
abbreviations, and they are often written into contracts. The
31-Aug-05 Platts to change European MOC timings text-version will continue to use those abbreviations while it is
from Oct 1: Effective October 1, 2005, Platts will advance by one being delivered during the remainder of this year. This will give
hour the timings for its European market-on-close assessment subscribers time, if they need it, to clarify with their counter
processes. From that date, Platts will reflect values at 16:30 parties the product descriptions carried in any commercial
London time, rather than 17:30 London time currently, in its agreements. We know that Platts' European refined product
assessments for crude oil, European oil products, oil derivatives information will now be easier to access and understand with
and the main petrochemical products. Editorial processes and our new design. We would be glad to hear from you at
protocols preceding the MOC assessment, including time cutoffs support@platts.com with any further comments or questions.
for submission of new bids and offers and for making Please also feel free to contact our editorial staff in Europe for
incremental price changes, will also be advanced by one hour. any comments regarding the design or nomenclature used in the
For comments or questions please contact new format.
Peter_stewart@platts.com, annalisa_jeffries@platts.com and
jorge_montepeque@platts.com. 09-Sep-05 Proposed changes NWE European gasoline
assessments: Following industry feedback, Platts proposes
07-Sep-05 European Marketscan adding assessments effective November 1 to standardize cargo sizes reflected in its
Oct 1: Effective Oct 1, Platts European Marketscan will add a northwest European gasoline cargo assessments as follows:
series of new assessments reflecting the prevailing market value Premium gasoline 10ppm CIF cargo assessment to reflect 10,000
precisely at 1630 London time for several futures contracts on metric tonnes +/- 10% operational tolerance, basis North Sea
NYMEX. These include the front-two months for the with normal NWE charter party options; Premium gasoline 50
NYMEX futures WTI crude contract, the front-two months for ppm CIF cargo assessment to reflect 10,000 metric tonnes +/-
the heating oil and the front-two months for the unleaded 10% operational tolerance, basis Thames with normal NWE
gasoline contracts, all at 1630 London time. charter party options; Premium gasoline 10ppm and 50 ppm
FOB NWE assessments to reflect 30,000 metric tonnes +/- 10%
07-Sep-05 European products cargo bids, offers operational tolerance, NWE basis Rotterdam, with material from
deadline: Effective Sep 15, 2005, Platts plans to extend the other locations considered at differentials. The existing standards
deadline to modify the price for all cargo and barge bids and encompass a range of cargo sizes from 10,000-30,000 metric
offers in the European diesel, gasoil, naphtha and jet markets to tonnes on both FOB and CIF. Any comments please to
17:28 London time. The extension from 17:25 to 17:28 will annalisa_jeffries@platts.c om, simon_thorne@platts.com,
bring these products in line with fuel oil and gasoline in Europe. peter_stewart@platts.com an d jorge_montep eque@p latts.com.
Any comments please to: Annalisa_Jeffries@platts.com,
Peter_Stewart@platts.com and Jorge_Montepeque@platts.com. 09-Sep-05 Review of European cargo operational
tolerance: Platts is reviewing the standards used in Platts
08-Sep-05 Update on European Marketscan changes: European oil products cargo assessments relating to operational
Several of you may have noticed that effective Tuesday, your e- tolerance, in light of continuing extreme price volatility in the
mail containing the European Marketscan contained two market. Market participants have raised several concerns over the
versions of the publication: the text version that you are reading potential cost and distortions associated with the current

EUROPEAN PRODUCTS 62
 METHODOLOGY GUIDE APPENDIX

operational plus or minus 10% tolerance. Platts requests Effective Oct 1, 2005, Platts will advance by one hour the
subscriber feedback on the current volume tolerances and timings for its European market-on-close assessment processes.
comments on potential mechanisms that could be implemented From that date, Platts will reflect values at 16:30 London time,
to lower the operational tolerance or lower the financial risk rather than 17:30 London time currently, in its assessments for
associated with volume tolerances. Platts will address this issue crude oil, European oil products, oil derivatives and the main
in coming weeks and welcomes comments, which should be petrochemical products. Editorial processes and protocols
addressed to annalisa_jeffries@platts.com; preceding the MOC assessment, including time cutoffs for
peter_stewart@platts.com; jorge_montepeque@platts.com. submission of new bids and offers and for making incremental
price changes, will also be advanced by one hour. For
12-Sep-05 Mediterranean products ship nomination comments or questions please contact peter_stewart@ platts.com
procedure: Following subscriber feedback, Platts will change the and annalisa_jeffries@platts.com.
ship nomination procedures acceptable for assessment purposes
for deliveries of Mediterranean gasoil, gasoline and fuel oil. 03-Oct-05 Platts seeks feedback on NWE jet specs:
Currently, Platts includes in its assessments process ship Following industry feedback, Platts is conducting a review of
nominations five calendar days prior to first delivery laycan day. NWE jet fuel standard specifications. Currently Platts
Platts will switch to seven calendar days prior to first delivery assessments require that any jet fuel traded in NWE meet the
laycan day, effective Sep 21. Any comments to Defstan 91 91 5 specification as issued by the UK Ministry of
annalisa_jeffries@platts.com and peter_stewart@platts.com with a Defence on Feb 8 2005. Platts requests further industry feedback
cc to Jorge_montepeque@platts.com on whether Platts assessments parameters should be tightened to
reflect jet fuel that meets both the Defstan 91 91 5 and the Joint
21-Sep-05 Spot price assessments during hurricane Fueling System Checklist. Platts understands that cargoes traded
season: In the context of potential oil production, transportation within Europe typically meet both standards. The Joint Fueling
and trading disruptions related to the hurricane season, Platts System Checklist requires jet fuel to meet the more stringent
clarifies that all spot price assessments will be published as usual requirements of Defstan 91 91 5 and the American Society for
as long as the related infrastructure and trading environment for Testing & Materials', Standard Specification D 1655-04a.
a specific commodity remain operational. This policy will stay in Comments by October 7 should be addressed to
place even if a particular Platts office (e.g. Houston) has to Annalisa_jeffries@platts.com and alan_hayes@platts.com, with a
temporarily close for safety reasons. Platts discloses publicly days cc to Peter_stewart@platt s.com, and
of publication of its price assessments and indices, and times jorge_montepeque@platts.com.
during each trading day in which Platts considers transactions in
determining its assessments and index levels. Publication dates 03-Oct-05 Platts new MOC European oil products
and the assessment periods are subject to change in the event of timings: Following the switch to 16:30pm MOC Monday Oct 3,
outside circumstances that affect Platts' ability to adhere to its the new time parameters for all European oil products are as
normal publication schedule--network outages, power failures, follows: The cut off for any new cargo bids and offers is
acts of terrorism, natural disasters and other situations resulting 15:45:00pm (London time). The cut off for all new barge bids
in interruption in Platt s' operations at one or more of its and offers is 16.00.00pm (London time). The cut off for any
worldwide offices. Platts will endeavor, whenever feasible, to incremental price changes for barges and cargoes is 16.28.00pm
communicate publicly changes to its publication schedule and (London time). Further details are available on the following
assessment periods, with as much advance notice as possible. For link.
questions/comments contact Gerald_Bueshel@platts.com or http://www.platts.com/Oil/Resources/Market%20Issues/window.
Jorge_Montepeque@platts.com. Any questions please contact Annalisa Jeffries on 00 44 207 176
6115.
26-Sep-05 Sep 26 IPE technical problems re: gasoil:
Due to technical problems at the IPE, gasoil futures did not trade 07-Nov-05 New Instant Messenger names for LSFO and
around 17:30 London time (16:30 GMT) Monday, the time HSFO: Due to the increasing number of bids/offers and trade on
usually reflected in the IPE gasoil settlement. Platts' assessments fuel oil, Platts has set up two separate Yahoo Instant Messenger
reflect prevailing values at 17:30 London time. As a result, the names to enhance communication: one for LSFO and one for
outright distillate prices for cargoes and barges will be calculated HSFO. Platts has set up two names as follows: Plattsfueloil and
using Platts' assessments of fixed price values at 17:30 London Plattslsfo. Effective Wednesday Nov 9, Platts requests all LSFO
time as usual. Platts typically tracks both fixed price as well as bids and offers to be sent to Plattlsfo and all HSFO bids and
inter-product and crude-to-product relationships prevailing at offers to be sent to plattsfueloil. Any comments to
17:30 London time. This is in line with Platts' published annalisa_jeffries@platts.com, and peter_stewart@platts.com with
methodology regarding the time stamp for its assessments as a cc to Jorge_montepeque@platts.com
well as the use of an alternative system to respond to any
anomalous events. For any questions call Peter Stewart 00 44 207 25-Nov-05 ARA 50 ppm ULSD barge assessment
176 6130 or Annalisa Jeffries 00 44 207 176 6115 clarification: Platts 50 ppm sulfur ULSD FOB barges in the ARA
region are assessed basis Antwerp. Earlier in the year, the
03-Oct-05 Platts European MOC timings changes: Netherlands' consumption switched from 50 ppm sulfur to 10

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ppm sulfur. This switch prompted a change in the typical published freight values between Alexandria and Lavera using
pattern of barge trade from basis Rotterdam to basis Antwerp. Platts cross-Med clean tanker naphtha assessments.
Please submit comments to andrew_bonnington@platts.com,
annalisa_jeffries@platts.com, peter_stewart@platts.com and 03-Jan-06 New worldscale rate for Med ULSD
Jorge_montepeque@platts.com assessments: Effective Jan 3, 2006 the Worldscale basket flat rate
used to calculate FOB Med ULSD assessment will become $7.86.
29-Nov-05 Platts tightens NWE jet assessment FOB Med gasoil 0.2% is assessed as a freight differential to the
parameters: Following industry feedback regarding NWE jet fuel CIF Med gasoil 0.2% assessment. The actual freight applied to
standard specifications, Platts assessment parameters have been the netback will fluctuate daily based on changes in Platts BSea-
tightened. Platts now reflects jet fuel that meets the Defstan 91 Med assessments in the clean tanker wire for 30kt cargoes,
91 5 specification as issued by the UK Ministry of Defence and applied against the $7.86/mt rate. Please note that the actual
the Joint Fueling System Checklist. The Joint Fueling System routes used in the calculation are unchanged from 2005, the rate
Checklist requires jet fuel to meet the more stringent change simply reflects the new Worldscale flat rates that became
requirements of Defstan 91 91 5 and the American Society for effective in the New Year. Please email
Testing & Materials', Standard Specification D 1655-04a. Any lzbieta_rabalaska@platts.com, with cc to
comments should be addressed to Annalisa_jeffries@platts.com Annalisa_jeffries@platts.com for further details if required.
and alan_hayes@platts.com, with a cc to
Peter_stewart@platts.com, and jorge_montepeque@platts.com. 03-Jan-06 New worldscale rate for Med diesel
assessments: Effective Jan 3, 2006 the Worldscale basket flat rate
12-Dec-05 E-mails of European Marketscan text files to used to calculate FOB Med diesel 50ppm assessment will become
end: Subscriber Note: With the end of the year, Platts is nearing $5.20. FOB Med ULSD is assessed as a freight differential to the
the end of dual e- mail delivery of European Marketscan as both CIF Med diesel 50ppm. The actual freight applied to the netback
a PDF file and a text-only file. When Platts introduced the will fluctuate daily based on changes in Platts Med-Med
redesigned European Marketscan in September, we informed assessments in the clean tanker wire for 30kt cargoes, applied
subscribers at that time that long-running text-only version against the $5.20/mt rate. Please note that the actual routes used
would be delivered through end-2005. The email European in the calculation are unchanged from 2005, the rate change
Marketscan subscibers have been receiving every day since then simply reflects the new Worldscale flat rates that became
have contained a PDF file and a text file of the publicaion. This effective in the New Year. Please email
text file will no longer be sent to e-mail subscribers after Dec 30. Andrew_bonnington@platts.com, with cc to
Customers who receive the text file through third-party Annalisa_jeffries@platts.com for further details if required.
distributors such as Reuters, or from Platts EMIS service, will
continue to receive it. Please contact Platts at 03-Jan-06 New worldscale rate for NWE diesel
support@platts.com with any further comments or questions. assessments: Effective Jan 3, 2006 the Worldscale basket flat rate
Please also feel free to contact Platts' editorial staff in Europe for used to calculate FOB NWE diesel 50ppm will be $5.75/mt, FOB
any comments rega rding the design or nomenclature used in NWE gasoil 0.2% $5.57/mt, FOB NWE diesel 50ppm UK
the new format . A glossary o f thos e changes can be found in $5.10/mt, and FOB NWE diesel 10ppm $4.69/mt. All diesel and
the PDF version of the European Marketscan. gasoil FOB NWE assessments are assessed as a freight differential
to the CIF NWE assessments. The actual freights applied to the
15-Dec-05 Platts invites views on Med gasoil netback will fluctuate daily based on changes in Platts cross
assessment: SUBSCRIBER NOTE: Platts invites industry views on UKC-UKC assessments in the clean tanker wire, applied against
whether any changes are required in the parameters for its gasoil the respective 2006 flat rates. Further details are available on
0.2% assessments in the Mediterranean, given that Russian request. Please note that the actual routes used in the calculation
material which forms the bulk of supply in the region may at are unchanged from 2005, the rate change simply reflects the
times hold a premium to regular grades for heating oil use only. new Worldscale flat rates that became effective in the New Year.
Platts is not making any formal proposal at this stage. Please email Andrew_bonnington@platts.com, and
Comments/feedback should be addressed by Dec 31 to Elzbieta_rabalaska@platts.com with cc to
Annalisa_Jeffries@platts.com with a CC to Annalisa_jeffries@platts.com for further details if required.
Peter_Stewart@platts.com and Jorge_Montepeque@platts.com
03-Jan-2006 Effective Jan 3, 2006 the Worldscale basket
29-Dec-05 Worldscale rates for Med naphtha flat rate used to calculate FOB Med ULSD assessment will
calculations: Effective Jan 3, 2006 the Worldscale basket flat rate become $7.86. FOB Med gasoil 0.2% is assessed as a freight
used to calculate FOB Mediterranean naphtha will become $9.25. differential to the CIF Med gasoil 0.2% assessment. The actual
FOB Med naphtha is assessed as a freight differential to the CIF freight applied to the netback will fluctuate daily based on
Northwest Europe assessment. The actual rate applied to the changes in Platts BSea-Med assessments in the clean tanker wire
netback will fluctuate daily based on changes in Platts UKC-Med for 30kt cargoes, applied against the $7.86/mt rate. Please note
freight assessments for 27.5kt naphtha cargoes, applied against that the actual routes used in the calculation are unchanged
the $9.25/mt rate. The Worldscale flat rate used to calculate the from 2005, the rate change simply reflects the new Worldscale
CIF MED Naphtha assessment will become $5.67 based on flat rates that became effective in the New Year. Please email

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 METHODOLOGY GUIDE

elzbieta_rabalaska@platts.com, with cc to differentials reflect actual market conditions and are not set
Annalisa_jeffries@platts.com for further deta ils if re quir ed. according to a fixed freight netback. As such the differentials
may be affected b y arbit ra ge o pening s and other market
03-Jan-2006 Effective Jan 3, 2006 the Worldscale basket factors. Any comments please email
flat rate used to calculate FOB Med diesel 50ppm assessment will Vanessa_ronsisvalle@platts.com with cc to
become $5.20. FOB Med ULSD is assessed as a freight differential Annalisa_jeffries@platts.com
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 11-Jan-06 Proposed changes to NWE gasoline
in the calculation are unchanged from 2005, the rate change assessments: GASOLINE SUBSCRIBER NOTE: In response to
simply reflects the new Worldscale flat rates that became industry feedback, Platts proposes adjusting the existing
effective in the New Year. Please email methodology for assessing regular unleaded gasoline cargoes in
Andrew_bonnington@platts.com, with cc to Northwest Europe. Effective April 3, 2006 Platts proposes
Annalisa_jeffries@platts.com for further details if requ ired. assessing FOB NWE Regular unleaded gasoline cargoes with the
US netback acting as floor to the assessment. The netback will be
03-Jan-2006 Effective Jan 3, 2006 the Worldscale basket calculated using differentials to M-grade gasoline in New York
flat rate used to calculate FOB NWE diesel 50ppm will be harbor. CIF NWE regular unleaded gasoline cargo assessments
$5.75/mt, FOB NWE gasoil 0.2% $5.57/mt, FOB NWE diesel will be fixed as a freight differential using the cross-NWE freight
50ppm UK $5.10/mt, and FOB NWE diesel 10ppm $4.69/mt. All assessments, published in Platts clean tanker wire. Effective Jan 1
diesel and gasoil FOB NWE assessments are assessed as a freight 2007 Platts proposes discontinuing the CIF assessments.
differential to the CIF NWE assessments. The actual freights Currently FOB and CIF NWE regular unleaded cargo assessments
applied to the netback will fluctuate daily based on changes in are calculated as a differential to 50ppm unleaded gasoline
Platts cross UKC-UKC assessments in the clean tanker wire, assessments. The methodology for assessing CIF and FOB
applied against the respective 2006 flat rates. Further details are premium unleaded cargoes in NWE will not be adjuste d. Full
available on request. Please note that the actual routes used in details of the proposed netback calculation are av ailable on r
the calculation are unchanged from 2005, the rate change equest . Comments please to simon_thorne@platts.com,
simply reflects the new Worldscale flat r at es t hat be came annalisa_jeffries@platts.com, peter_stewart@platts.com and
effective in the New Year. Please email jorge_montepeque@platts.com
Andrew_bonnington@platts.com, and
Elzbieta_rabalaska@platts.com with cc to 11-Jan-2006 In response to industry feedback, Platts
Annalisa_jeffries@platts.com for further details if required. proposes adjusting the existing methodology for assessing
regular unleaded gasoline cargoes in Northwest Europe. Effective
04-Jan-06 Worldscale rate for European fuel oil April 3, 2006 Platts proposes assessing FOB NWE Regular
freight: Effective Jan 3, the Worldscale basket flat rate used to unleaded gasoline cargoes with the US netback acting as floor to
calculate cross NWE high sulfur fuel oil freight will be $5.40/mt, the assessment. The netback will be calculated using differentials
cross Med high and low sulfur fuel oil freight will be $5.00/mt, to M-grade gasoline in New York harbor. CIF NWE regular
cross NWE low sulfur fuel oil $4.80/mt, and NWE-Med low unleaded gasoline cargo assessments will be fixed as a freight
sulfur fuel oil $8.25/mt. Respective rates used in 2005 were cross differential using the cross-NWE freight assessments, published
NWE high sulfur fuel oil freight $5.0/mt, cross Med high and in Platts clean tanker wire. Effective Jan 1 2007 Platts proposes
low sulphur fuel oil freight $4.60/mt, cross NWE low sulfur fuel discontinuing the CIF assessments. Currently FOB and CIF NW E
oil $4.45/mt, and NWE-Med low sulfur fuel oil $7.40/mt. Please regul ar unl eaded cargo assessments are calculated as a
note on both high and low sulfur FOB/CIF differentials reflect differential to 50ppm unleaded gasoline assessments. The
actual market conditions and are not set according to a fixed methodology for assessing CIF and FOB premium unleaded
freight netback. As such the differentials may be affected by cargoes in NWE will not be adjusted. Full details of the proposed
arbitrage openings and other market factors. Any comments netback calculation are available on request. Comments please to
please email Vanessa_ronsisvalle@platts.com with cc to simon_thorne@platts.com, annalisa_jeffries@platts.com,
Annalisa_jeffries@platts.com peter_stewart@platts.com and jorge_montepeque@platts.com

04-Jan-2006 Effective Jan 3, the Worldscale basket flat 23-Jan-06 Specifications for Europe fuel oil
rate used to calculate cross NWE high sulfur fuel oil freight will assessments: Following industry feedback, Platts will reflect in its
be $5.40/mt, cross Med high and low sulfur fuel oil freight will North West European low sulfur straight-run fuel oil assessments
be $5.00/mt, cross NWE low sulfur fuel oil $4.80/mt, and NWE- the following specifications: Sulfur 0.5-0.7%, normalized to 0.6%
Med low sulfur fuel oil $8.25/mt. Respective rates used in 2005 CCR max 7 Density 0.935-0.95 at 15 degrees, Viscosity 200cst
were cross NWE high sulfur fuel oil freight $5.0/mt, cross Med max at 50 degrees Vanadium 10ppm Sodium 10ppm Nickel
high and low sulphur fuel oil freight $4.60/mt, cross NWE low 10ppm The parcel size will remain as 25,000-30,000mt.
sulfur fuel oil $4.45/mt, and NWE-Med low sulfur fuel oil Cargoes up to 50,000mt maybe taken into account when
$7.40/mt. Please note on both high and low sulfur FOB/CIF arbitrage opportunities occur.

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 METHODOLOGY GUIDE

to vanessa_ronsisvalle@platts.com and
annalisa_jeffries@platts.com with a cc to
23-Jan-2006 Following industry feedback, Platts will Peter_stewart@platts.com, and jorge_montepeque@platts.com
reflect in its North West European low sulfur straight-run fuel oil
assessments the following specifications: Sulfur 0.5-0.7%, 08-Feb-06 Clarification of European products
normalized to 0.6% CCR max 7 Density 0.935-0.95 at 15 assessments: European products assessment methodologies,
degrees, Viscosity 200cst max at 50 degrees Vanadium 10ppm including those for fuel oil, gasoline, naphtha and middle
Sodium 10ppm Nickel 10ppm The parcel size will remain as distillates such as jet fuel remain unchanged. These assessments
25,000-30,000mt. Cargoes up to 50,000mt maybe taken into are transparently derived from fixed-price and floating-price
account when arbitrage opportunities occur. bids, offers and transactions. For instance, Platts considers in the
assessment process both futures and Platts-related transactions.
03-Feb-06 Changes to ARA barge bids, offers Platts has been using these methodologies without interruption
assessments: Effective Wednesday February 8 and following since 2002. For further details please download the methodology
industry feedback regarding barge nomination procedures in the documents available at www.platts.com.
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 08-Feb-2006 Platts European products assessment
the two full working days nomination procedure required in the methodologies, including those for fuel oil, gasoline, naphtha
NWE barge market. Monday and Tuesday loading dates will and middle distillates such as jet fuel remain unchanged. These
remain 3-15 days forward, and Thursday and Friday 5-15 days assessments are transparently derived from fixed-price and
forward. Platts is considering adapting the same standard of 5-15 floating-price bids, offers and transactions. For instance, Platts
days throughout the whole week. Please send any comments considers in the assessment process both futures and Platts-
please to annalisa_jeffries@platts.com, cc related transactions. Platts has been using these methodologies
peter_stewart@platts.com and jorge_montepeque@platts.com. without interruption since 2002. For further details please
download the methodology documents available at
03-Feb-2006 Effective Wednesday February 8 and www.platts.com.
following industry feedback regarding barge nomination
procedures in the ARA oil products market, Platts will start to 10-Mar-06 New 1.5% sulfur fuel oil Rotterdam
reflect barge bids and offers on a Wednesday 5-15 days forward. bunkers London(Platts): Following subscriber feedback and in
This is to better reflect the two full working days nomination light of new regulations by the International Convention for the
procedure required in the NWE barge market. Monday and Prevention of Pollution from ships (Marpol), Platts will start
Tuesday loading dates will remain 3-15 days forward, and 1.5PCT sulphur fuel oil bunkers delivered basis Rotterdam May
Thursday and Friday 5-15 days forward. Platts is considering 22 2006, for both 380cst and 180cst. May 22. The Marpol
adapting the same standard of 5-15 days throughout the whole regulations limit sulfur in fuel oil used in bunkers to a maximum
week. Please send any comments please to of 1.5% in certain designated areas including the Baltic Sea.
annalisa_jeffries@platts.com, cc peter_stewart@platts.com and
jorge_montepeque@platts.com. 2-Mar-06 Protocols on bids/offers deemed frivolous:
CLARIFICATION NOTE: Platts reserves the right not to publish
07-Feb-06 1.5% SFO Rotterdam basis assess proposal any bids or offers considered frivolous, such a low bids or a high
on Apr 3: In light of new regulations by the International offers that does not represent market value. Platts reflects
Convention for the Prevention of Pollution from ships (Marpol), incremental changes in bid/offer levels that give a counterparty
Platts proposes to start assessing 1.5% sulphur fuel oil FOB barge ample time to execute. In practice, improvements in bid/offer
assessment basis Rotterdam Apr 3 , 2006. The Marpol regulations levels in excess of $1.00/mt per minute may be seen as excessive.
limit sulphur in fuel oil used in bunkers to a maximum of 1.5% Platts may vary these parameters without notice, depending on
in certain designated areas including the Baltic Sea. Platts invites market conditions. Buyers and sellers can retreat at any point on
comments to this proposal to be submitted no later than Feb 28, a non-incremental basis but any subsequent improvements in
2006. Please send any comments to bids/offers must be made incrementally from the level to which
vanessa_ronsisvalle@platts.com and annalisa_jeffries@platts.com the buyer or seller retreated. If a buyer or seller retreats to a level
with a cc to Peter_stewart@platts.com, and considered frivolous, such a bid or offer will be excluded from
jorge_montepeque@platts.com the assessment process.

07-Feb-2006 In light of new regulations by the 31-Mar-2006 Effective March 31, in the light of industry
International Convention for the Prevention of Pollution from feedback Platts will revert to reflecting only intermediate
ships (Marpol), Platts proposes to start assessing 1.5% sulphur specification diesel in the 10ppm barge market assessment.
fuel oil FOB barge assessment basis Rotterdam Apr 3 , 2006. The Effective April 3 Platts will reflect both intermediate and summer
Marpol regulations limit sulphur in fuel oil used in bunkers to a grades of 10ppm diesel with summer specification having an
maximum of 1.5% in certain designated areas including the increasing weighting until April 11. From April 12 summer
Baltic Sea. Platts invites comments to this proposal to be specification will be full reflected.
submitted no later than Feb 28, 2006. Please send any comments

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 METHODOLOGY GUIDE

31-May-2006 Effective June 1, Platts will add a 1630 bids and offers where the seller has the obligation to narrow the
London time $/rouble exchange rate to the foreign exchange de li very range to a 3 day laycan, 5 calendar days prior to the
rates carried in Platts European Marketscan and Platts Global 1st day of the laycan. Comments please to
Alert page 317. For comments/feedback please contact: vanessa_ronsisvalle@platts.com; simon_thorne@platts.com;
jorge_montepeque@platts.com, CC annalisa_jeffries@platts.com annalisa_jeffries@platts.com

02-Jun-2006 In recognition of the growing maturity and 30-Jun-2006 Following industry feedback, and in light of
liquidity surrounding global trade in freight derivatives, Platts changes to the RMG 35 bunker grade specifications, as updated
will launch a series of new forward freight assessments, effective by the International Standards Organization, Platts is inviting
12 June. Platts Forward Curve-Freight service will include feedback on whether to change the current bunker fuel
assessments for 18 crude, refined product and dry bulk tanker specification required for the Northwest European and
swap or FFA markets for swap periods as far as two calendar years Mediterranean fuel oil assessments. Comments please to
forward. These will reflect transactable values on an End-of Day, vanessa_ronsisvalle@platts.com; simon_thorne@platts.com;
Market-on Close basis as at 1530 London time, and will be annalisa_jeffries@platts.com
published daily at 1630 London time. If you have any queries or
need further information please contact mike_davis@platts.com, © Platts 2007
magnus_berge@platts.com, paul_hailey@platts.com, or pau
l_wight ma n@pl atts.c om

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, Corneliu_Tataru@platts.com,
Elza_Turner@p latts.c om , An nalisa _Jeffries@platts.com,
Jorge_Montepeque@platts.com, Peter_Stewart@platts.com,
Gerald_Bueshel@platts.com. 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,
Corneliu_Tataru@platts.com, Simon_Thorne@platts.com,
Annalisa_Jeffries@platts.com, Jorge_Montepeque@platts.com,
Peter_Stewart@platts.com.

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

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 METHODOLOGY GUIDE

APPENDIX VI: DISCONTINUED ASSESSMENTS 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
The following assessments have been discontinued since the non-Italian origin.
European Oil Products Specifications guide was last issued:

Timing: Reflects material for loading 10-25 days from date of

PGAMN00 PREMIUM UNLEADED CARGOES CIF MED publication, with prices normalized to the mid-point of this
delivery window.

Quality: The assessment represents EN 228 meeting Italian, Other: The netback value from the US acts as a floor for the FOB
French, and Spanish specifications with a maximum sulfur Med assessment. To establish this floor, Platts calculates the
content of 150 ppm. The RON is 95 and the MON is 85. The freight netback to basis Augusta from New York Harbour using
specific gravity is 0.755 g/ml. the Med-USAC Worldscale freight rate published in Platts clean
tankerwire. Platts current practice is to calculate this value as the
Size: The CIF assessment typically reflects parcels of 25,000- netback for oxygenated cargoes for delivery into the US Atlantic
30,000mt each. Coast. Platts uses the 37 kt assessment pro-rated to 33 kt.

Location: The assessment is CIF basis Genoa/Lavera with normal Background: Effective 2 January 2003, when grades in NWE move
CP options. to 50 ppm, the Mediterranean cargo assessments remained
unchanged and continued to reflect 150ppm sulphur specification
Timing: Reflects material for delivery 10-25 days from date of only. Platts introduced new 50 ppm gasoline assessments FOB and
publication, with prices normalized to the mid-point of this CIF Med on July 1, 2004 to run concurrently with the existing 150
delivery window. ppm assessments until the end of 2004. Assuming no change in
the EU’s implementation schedule for tightening sulfur standards
Other: N/A in European gasoline, on the first trading day of January 2005,
Platts plans to drop its Prem Unl 150 ppm assessment.
Background: Effective 2 January 2003, when grades in NWE move
to 50 ppm, the Mediterranean cargo assessments remained Dispatch Category EB
unchanged and continued to reflect 150ppm sulphur specification 12 Char. Symbol PRPPRUMEDCEM
only. Platts introduced new 50 ppm gasoline assessments FOB and 9 Char. Symbol(s) PPGMMISCH · PPGMMISCL
CIF Med on July 1, 2004 to run concurrently with the existing 150 7 Char. Symbol PGAMP00
ppm assessments until the end of 2004. Assuming no change in Earliest Date 03-OCT-1994
the EU’s implementation schedule for tightening sulfur standards Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
in European gasoline, on the first trading day of January 2005, Description Prem Unl FOB Med Cargoes
Platts plans to drop its Prem Unl 150 ppm assessments.

Dispatch Category EB PGABV00 PREMIUM 0.15 CARGOES FOB MED

12 Char. Symbol PRPPRUGNACEK
9 Char. Symbol(s) PPGMMGDCH · PPGMMGDCL
7 Char. Symbol PGAMN00 Platts dropped its Premium 0.15 (leaded gasoline) CIF assessment
Earliest Date 03-OCT-1994 in 2002 because of changes in European Union regulations
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR which made the use of lead in gasoline illegal. Platts maintained
Description Prem Unl CIF Med Cargoes its Premium 0.15 g/l FOB Med assessment at the industry’s
request. This assessment is determined using a fixed premium of
$6/mt against the FOB Med Premium Unleaded gasoline
PGAMP00 PREMIUM UNLEADED CARGOES FOB MED assessment, the prevailing differential that was used before the
change in EU regulations. Platts has proposed to drop the
Premium 0.15 Fob Med assessment several times, but has
Quality: The assessment represents EN 228 material meeting continued the assessment at the request of market participants.
Italian, French, and Spanish specifications with a maximum Platts intends to drop the assessment from April 1, 2005.
sulfur content of 150 ppm. The RON is 95 and the MON is 85.
The specific gravity is 0.755 g/ml. . Dispatch Category EB
12 Char. Symbol PRPPR1MEDCFS
Size: The assessment typically reflects parcels of 25,000-30,000mt 9 Char. Symbol(s) PPGPMISCH · PPGPMISCL
each, though FOB cargoes of up to 33,000 mt may be considered 7 Char. Symbol PGABV00
when arbitrage openings mean theseshipments are a significant Earliest Date 01-MAY-1991
market factor. Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Prem 0.15 FOB Med Cargoes

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AAIJP00 GASOLINE BARGE QUALITY DIFFERENTIAL Timing: Reflects material for delivery 10-25 days from date of
publication, with prices normalized to the mid-point of this
delivery window.
Quality: The assessment reflects the differential between 50 ppm
and 150 ppm material Other: N/A

Size: 1,000-5,000 mt parcels Background: Platts has made a number of changes in recent
years in the maximum sulphur content in line with EU
Location: FOB ARA basis Rotterdam regulations. Effective Sep 2, 1996, sulfur content in EN590 was
reduced from 0.2% to 0.05% in line with European Union
Timing: 2-15 days fro0m date of publication legislation. Effective Jan 1, 2000 sulfur content was reduced
further to 0.035%. The new quality was reflected from Dec 1,
Other: N/A 1999. Effective Jan 1, 2000, the standard density range for EN590
cargoes became 0.82 to 0.845 g/ml maximum to reflect changes
Background: Platts introduced its assessment of the differential to EU regulations. Platts’ assessments continued to reflect a
between prem unl 150ppm barges and prem unl 50ppm barges reference density of 0.845 in line with industry practice. From
on Jan 2, 2002. Platts discontinued this differential assessment Feb 1, 1997, Platts no longer included the additive WASA used
Oct 1 2004. for finished German grades in its assessments for EN590 gasoil
cargoes and barges in Northwest Europe.

PJAAT00 JET FOB MED Dispatch Category EB

12 Char. Symbol PRPGS9NWEBJA
9 Char. Symbol(s) PPD7NEDCH · PPD7NEDCL
(assessment discontinued May 1, 2003) 7 Char. Symbol PPAQH00
Earliest Date 01-JUL-1994
Platts introduced a formula to calculate FOB Med jet as a netback Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
from NWE CIF cargo assessment on Oct 1, 1998. Description Gasoil EN590 CIF NWE Cargo

The formula for FOB Med jet took the Worldscale flat rate from
Augusta to Rotterdam plus harbor dues at Rotterdam based on PPAQF00 EN590 CARGO ASSESSMENTS FOB NWE
cts/mt of vessel converted to metric tonnes basis. The flat rate
was then multiplied by Platts clean tanker rate assessment for
Med-NWE cargoes. The spot tanker rate assessment was first pro- Quality: The EN590 assessment FOB NWE reflects finished
rated from 30,000mt to 25,000mt and then multiplied by 1.3 to French Gasoil Moteur (GOM) grade meeting EU directive
reflect the added cost for superior tonnage. Adjustments to the number EN590 with a maximum sulfur of 350 ppm. The density
formula were made on the first working day of January each year is basis 0.845 g/l.
to reflect updated Worldscale flat rates as published by
Worldscale. Size: Cargo assessments reflect parcels of 20,000 mt each.
Location: FOB NWE.
Platts extended its original January 2, 2003 deadline for
dropping its Jet FOB Med assessment. Platts continued to publish
an assessment for Jet FOB MED until April 30, 2003, Timing: Reflects material for delivery 10-25 days from date of
simultaneously with the Jet Av Fuel FOB Med assessment which publication, with prices normalized to the mid-point of this
it had published since November 2002. delivery window.

Other: Typically the FOB assessment is derived at a freight

PPAQH00 EN590 CARGO ASSESSMENTS CIF NWE differential to the CIF assessment. Recently, a flat rate of 5.11
based on handy size freight between origin ports including
Amsterdam, Rotterdam, Antwerp, Klaipeda, Wilhelmshaven and
Quality: The EN590 assessment CIF NWE reflects finished French Ventspils and destination ports in northern France.
Gasoil Moteur (GOM) grade meeting EU directive number EN590
with a maximum sulfur of 350 ppm. The density is basis 0.845 g/l. Background: Platts has made a number of changes in recent
years in the maximum sulphur content in line with EU
Size: Cargo assessments reflect parcels of 20,000 mt each. regulations. Effective Sep 2, 1996, sulfur content in EN590 was
reduced from 0.2% to 0.05% in line with European Union
Location: CIF NWE assessments reflect cargoes basis Le Havre, legislation. Effective Jan 1, 2000 sulfur content was reduced
and delivered in a Le Havre/Hamburg port range. further to 0.035%. The new quality was reflected from Dec 1,
1999. Effective Jan 1, 2000, the standard density range for EN590

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 METHODOLOGY GUIDE

cargoes became 0.82 to 0.845 g/ml maximum to reflect changes PPAQB00 EN590 MEDITERRANEAN FOB CARGOES
to EU regulations. Platts’ assessments continued to reflect a
reference density of 0.845 in line with industry practice. From
Feb 1, 1997, Platts no longer included the additive WASA used Quality: Mediterranean En590 FOB assessment typically
for finished German grades in its assessments for EN590 gasoil reflects French spec diesel fuel for automotive use but
cargoes and barges in Northwest Europe. other grades such as Italian and Spanish may be
considered.
Dispatch Category EB
12 Char. Symbol PRPGS9NWEBJC Size: Cargo assessments reflect parcels of 25,000-30,000mt
9 Char. Symbol(s) PPD7NESCH · PPD7NESCL each.
7 Char. Symbol PPAQF00
Earliest Date 01-JUL-1994 Location: FOB Med (see freight calculation below).
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Gasoil EN590 FOB NWE Cargo Timing: Reflects material for loading 10-25 days from date of
publication, with prices normalized to the mid-point of this
delivery window.
PPAQD00 EN590 MEDITERRANEAN CIF CARGOES
Other: The FOB assessment is calculated as a freight netback
from the CIF value, using a worldscale rate published in
Quality: Mediterranean En590 CIF assessment typically reflects Platts Clean Tankerwire and a basket of flat rates including
French spec diesel fuel for automotive use but other grades such typical routes in the Mediterranean from Genoa and Lavrea.
as Italian and Spanish may be considered. Recently a flat rate of 4.5 has been applied representing
freight between origin ports including Santa Panagia,
Size: Cargo assessments reflect parcels of 25,000-30,000mt each. Constantza and Skikda and destination ports Genoa and
Lavera.
Location: CIF assessment is calculated basis Lavera, with normal
CP options within the Med considered. Background: Platts has made a number of changes in recent
years in the maximum sulphur content in line with EU
Timing: Reflects material for delivery 10-25 days from date of regulations. Effective Sep 2, 1996, sulfur content in EN590 was
publication, with prices normalized to the mid-point of this reduced from 0.2% to 0.05% in line with European Union
delivery window. legislation. Effective Jan 1, 2000 sulfur content was reduced
further to 0.035%. The new quality was reflected from Dec 1,
Other: N/A 1999.

Background: Platts has made a number of changes in recent years Dispatch Category EB
in the maximum sulphur content in line with EU regulations. 12 Char. Symbol PRPGS9MEDBIY
Effective Sep 2, 1996, sulfur content in EN590 was reduced from 9 Char. Symbol(s) PPD7MISCH · PPD7MISCL
0.2% to 0.05% in line with European Union legislation. Effective 7 Char. Symbol PPAQB00
Jan 1, 2000 sulfur content was reduced further to 0.035%. The Earliest Date 01-JUL-1994
new quality was reflected from Dec 1, 1999. Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Gasoil EN590 FOB Med Cargo
Dispatch Category EB
12 Char. Symbol PRPGS9GNABIW
9 Char. Symbol(s) PPD7MGDCH · PPD7MGDCL
7 Char. Symbol PPAQD00
Earliest Date 01-JUL-1994
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Gasoil EN590 CIF Med Cargo

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