OILGRAM PRICE REPORT Volume 96 / Number 149 / August 6, 2018 / Prices Effective August 3, 2018

OILGRAM PRICE REPORT Volume 96 / Number 149 / August 6, 2018 / Prices effective August 3, 2018

OPEC output surges on Saudi crude boost Inside this issue London—Saudi Arabia pumped close to its all-time high in July and several of its OPEC brethren posted Market analysis their largest output figures in more than a year and a half, as the bloc appears to be following through on its International crude: Forties flip to discount vs Brent 2 agreement to unleash more barrels on the market. Americas crude: CNR shuts in heavy oil output 4 Gasoline: US to weaken as supply grows 5 ■■Iran falls to 3.72 mil b/d as buyers unwind purchases source said the kingdom produced less crude in July and Diesel: US Gulf Coast rallies to high 7 ■■Venezuela continues freefall to 1.24 mil b/d supplied 10.38 million b/d to the market. Gasoil: US backwardation deepens 7 The country produced 10.29 million b/d in July, the Jet: Singapore regrade lower, exports brisk 8 Resid: Singapore stocks drop to nine-year low 16 OPEC produced 32.66 million b/d in July, a 340,000 b/d source said, down from a self-reported figure of 10.49 Feedstocks: US sour VGO rallies to $13/b over crude 17 rise from June, including newest member the Republic of million b/d for June. The new figure indicates that Saudi Gas liquids: Asia propane more economic than naphtha 18 Congo, according to the latest S&P Global Platts survey of Arabia may have pulled barrels out of storage to supply the Tankers: Typhoon shuts eastern China ports 18 industry officials, analysts and shipping data. market with more crude than it produced. News Saudi Arabia, OPEC’s largest member, produced 10.63 OPEC is set to reveal its July production figures in its South Korea finds US crude cheaper than Russian grades 19 million b/d, the kingdom’s highest since August 2016, when closely watched monthly oil market report August 13. China’s CAO to focus on core business amid trade tensions 31 it produced its record 10.66 million b/d, according to Platts According to Platts’ survey, Saudi Arabia’s Gulf allies Heatwave forces European refiners to cut runs 31 Brazil’s Petrobras to install three new FPSOs in third quarter 32 survey archives. Kuwait and the UAE pushed their output to their most Refinery updates 33 After the survey was published, however, a Saudi (continued on page 32) Crude futures fall on higher OPEC supply, US-China trade spat FORCADOS COULD GET BUMP FROM NARROWER EFS New York—Crude futures fell Friday on rising OPEC and b/d set in October 2016. Russian output and concerns that a trade dispute between “Rising Saudi Arabian and Russian oil supply, coupled ($/b) Forcados Brent-Dubai EFS 5 the US and China will affect demand. with concerns about demand due to the further escalating October ICE Brent settled 24 cents lower at $73.21/b, trade conflict between the US and China, the two largest 4

while September NYMEX crude settled 47 cents lower oil consumer countries, is weighing on the [Brent] price,” 3 at $68.49/b. Commerzbank analysts said in a note Friday. OPEC produced 32.66 million b/d in July, up 340,000 b/d Weekly rig data reported by Baker Hughes Friday did 2 from June, according to an S&P Global Platts survey Friday, little to move the market. US rigs fell by four to 1,044 this 1 as increases from Saudi Arabia, Kuwait, Iraq, Algeria and week, while the Permian oil rig count was unchanged at the UAE offset declines from Libya and Venezuela. 479. The Permian count has lingered between 473 and 0 Russia’s crude output climbed nearly 150,000 b/d in 479 since the end of May, reflecting a slowdown in activity -1 Aug-16 Feb-17 Aug-17 Feb-18 Aug-18 July, the energy minister said Thursday, largely in line with on tight pipeline takeaway capacity, and suggesting Moscow’s late-June agreement with OPEC. Russian output production growth will slow. Note: Platts Brent-Dubai at London MOC m1, Forcados di erential to Dated Brent Strip is now just 15,000 b/d below the record high of 11.23 million (continued on page 33) Source: S&P Global Platts

www.platts.com Oilgram Price Report Prices effective August 3, 2018

Market analysis

International crude FORTIES DIFFERENTIAL TO DATED BRENT FALLS HARD ($/b) Data inside this issue 1.0 Forties flip to discount vs Brent Product price assessments Asia 9 0.5 New signs of an arbitrage east emerged in the North Sea China 9 crude market Friday, with a VLCC reportedly booked for a late Fujairah 9 August voyage east, as Forties sank to a discount to Brent. 0.0 Arab Gulf 9 Indonesia 9 Forties fell to a 16 cents/b discount to Brent, down 79 Asia product premium/discount assessments 9 cents/b on the day. -0.5 Platts Index 9 European bulk 10 Shipbrokers linked Totsa with the Athenian Freedom West Africa products 10 -1.0 VLCC for an August 23-26 voyage from the North Sea to Feb-18 Apr-18 Jun-18 Aug-18 European feedstocks and blendstocks 10 New York/Boston 11 South Korea at a $4.2 million lump sum. Total could not be Note: Forties di erential to Dated Brent falls hard USAC CPL Linden 11 reached for comment. Source: S&P Global Platts U.S. Buckeye pipeline 12 Chicago pipeline 12 In the derivatives market, Brent Contracts for Difference Group Three 12 flattened over late August-early September dates. from the North Sea. Atlantic resid/contract cargoes posted prices 12 Shale Value Chain assessments 12 August 20-24 to September 3-7 CFDs traded at parity, Two Aframaxes left Tees for Italy and Spain, respectively U.S. Gulf Coast 13 compared with a 15 cents/b contango Thursday afternoon, in early July, while a third Aframax followed mid-July and West Coast pipeline 14 while the rest of the curve remained in a contango. was taken into an Italian short. West Coast waterborne 14 U.S. Gulf Coast Supplemental Summer 14 Market participants said North Sea’s sweet grades were Only one Aframax – amounting to 9% of total July U.S. Gulf Coast pipeline cycles 14 trading at a slow pace, while distillates rich grades were heard loadings – was absorbed into the UK, compared with U.S. Gulf Coast Pipeline Cycles Supplemental 14 Latin America 15 to be faring better, in light of healthy distillates cracks. 30-50% of volumes in previous months. Caribbean cargoes 15 “Sweet seems very slow to move so far,” a source said. However, a large portion of the July program is yet to Caribbean product postings 15 Gas liquids 15 Another source reported healthy and steady appetite discharge, according to cFlow. Indeed, an estimated 53% Weekly asphalt cement assessments 16 for Norway’s Grane crude. of July Ekofisk loadings remained on vessels anchored Crude price assessments “Urals is not plentiful, Iranian sanctions kicking in and off UK coasts Friday. Asia Pacific/Middle East spot crude assessments 20 the fuel oil and distillates cracks being excellent means that International 21 Grane has value,” the trader said, reporting abundant Asia 21 CPC Blend’s Aug loading program lower North Sea 21 supplies of light crude, together with rising imports of US West Africa 21 crude and a meager gasoline crack relative to distillates. “ Kazakhstan’s CPC Blend’s differential decreased just as the London 22 A source pegged September arrivals around one Mediterranean 22 grade’s loading program is set to decrease in August. Canada 22 Aframax per day. An August-loading Aframax of CPC Blend was heard at Platts Euro denominated crude oil assessments 22 “June exports were by far the highest, although most is minus $1.95-$1.75/b to Dated Brent. United States 23 US domestic crude assessments London close 23 destined for Asia.” Suezmaxes were heard to be 15 cents/b lower. US crude assessments Singapore close 23 An estimated 6.4 million barrels of Ekofisk crude loaded BP hit an OMV bid for an August 24-28 loading CPC Canadian spot crude assessments 24 Crude oil postings 24 out of the UK’s Tees terminal over the course of July, Blend cargo basis CIF Augusta in the Platts Market on Close Latin America crude 24 according to S&P Global Platts trade flow software cFlow. assessment process at Dated Brent minus $1.95/b. Daily OPEC basket price 24 Spot tanker rates 25 All barrels leaving Tees in July remained in Europe, with The final August loading program for CPC Blend is Platts futures assessments Singapore MOC 25 increased volumes heading to the Mediterranean on the currently scheduled to be 4,624,550 mt, down 67,000 mt Platts futures assessments 25 Futures settlements 26 back of Libyan export outages. from a preliminary schedule mid-July, according to a copy Five-Day Rolling Averages 27 The force majeure on Libyan exports in June saw of the schedule seen by S&P Global Platts Friday. US wholesale posted prices effective Aug 3 28 Mediterranean refiners seek alternative sources of supplies Average daily loadings in August are now set to come in Commitments of traders as of Jul 31 30

at 1,163,596 b/d, down 16,859 b/d from the 1,180,455 b/d of 40-30 cents/b versus its August official selling prices. spread, traders said. expected in the provisional schedule. Sources said additional Basrah volumes were expected The September Brent/Dubai EFS value as of 4:30 The August program has 18 Suezmaxes scheduled, to be offered into the region during the month, as pm Singapore time (0830 GMT) ended the month down down one cargo from the preliminary program, and 25 production volumes had grown, while similarly the Urals $2.45/b from $3.67/b on July 2 to $1.22/b as of July 31, Aframaxes, an increase of one. program loading out of Novorossiisk in August had seen Platts data showed. Looking at other grades in the Mediterranean light higher volumes, particularly among Suezmaxes, with nine The first trading day of August saw October EFS crude complex, Libya’s Mellitah was heard to be in good scheduled for the month. pegged at $1.99/b at the Singapore close of trading, supply. “Libya’s just pumping oil at the moment,” one trader These higher exports followed the lifting of the which then quickly whittled down to $1.62/b the same said. The grade, which has an API of about 43, was being production cap by OPEC and non-OPEC countries in June. time on August 2. As of 0700 GMT Friday, the October EFS marketed near its OSP value, around minus $1.65-$1.70/b to In Northwest Europe, the market was mainly traded was pegged at $1.79/b. Dated Brent basis FOB, putting it within range of CPC, the out to the third decade, although recent sales had same trader said. dropped from highs near Dated Brent minus $1.20/b seen Also in Libya, ships were heard to be loading earlier in the week. China independents increase July imports El-Sharara crude. This came as major buyers such as Unipec and Total Crude oil imports by China’s independent refineries in The grade is officially still under force majeure, but had stepped back in recent sessions, with Total seen eastern Shandong province, as well as Hebei Xinhai unofficially vessels were said to have been successfully offering a 100,000 mt cargo, basis CFR Rotterdam, loading Chemical and Henan Fengli Petrochemical, rebounded taken into the port Friday. August 24-28 in the MOC Friday. by 27.3% from a 20-month low in June to around 7.36 The increase in Libyan output was not only putting Gunvor bought the cargo from Total at Dated Brent million mt in July, or 1.74 million b/d, according to a pressure on CPC but other grades in the region like Saharan minus $1.60/b. monthly survey by S&P Global Platts. Blend, said sources, with levels heard around Dated Brent Litasco was also offering a 100,000 mt Urals cargo, Imports were also 5.6% higher year on year. minus 50 cents/b on an FOB basis. basis CFR Rotterdam, loading August 20-24, down to The rebound was broadly within market participants’ From a refinery perspective, margins were heard to be Dated Brent minus $1.45/b, which was left outstanding at expectations, as imports in June were affected by restrictions good around Europe, but sour grades were heard to be the end of the MOC. on port operations because of the Shanghai Summit. popular among European refiners due to the strength in Over January-July, total imports by the surveyed fuel oil markets. refineries rose marginally by 1.7% to 57.23 million mt, ESPO could fall after Aramco cuts OSPs Platts data showed. The market in Asia was digesting Saudi Aramco decreasing The total crude import volume in July included parcels Urals weaker under competitive offers its OSPs for September. that arrived at and completed discharge operations at the Urals in Northwest Europe Russia’s Urals prices continued Aramco dropped the OSPs by 40-70 cents/b for all its ports in Shandong and Tianjin in the month, as well as to drop, sinking around 30-40 cents/b from trades seen in crude grades, according to a company notice seen by S&P cargoes that have arrived over the past months, but only earlier in the week. Global Platts. completed offloading in July. Traders said refineries in the Mediterranean had a wide “With Saudi OSPs [cuts], I would expect unsold ESPO to Apart from those that have completed discharge selection of crudes being offered on the sour end of the be trading down to Dubai plus $1.50s/b to $1.70s/b level,” a operations, another 1.94 million mt of crude onboard 19 barrel, including unsold Aframaxes and Suezmaxes of Urals, market source said. vessels were still waiting outside port limits as of July 31. In Iraq’s Basrah Light, as well as some US crudes like Mars. Far East Russian ESPO crude barrels have been seeing comparison, there is usually around 2 million mt of crude With refinery margins favoring sour crudes, sellers had downward pressure on premiums due to a relatively waiting to be discharged towards the end of the month. originally anticipated increased demand and higher values, expensive underlying Dubai basis. Cargoes waiting outside port limits as of July 31 but as a result of the more than ample availability, the market Dubai crude and the grades linked to it are perceived as included Qingyuan Petrochemical’s 258,000 mt of Cabinda had been relatively flat and trending weaker, said sources. relatively expensive to Brent-linked barrels due to a crude and 130,000 mt of Plutoino crude, which had arrived Levels for Basrah Light were heard trading at a discount narrowing Brent/Dubai Exchange of Futures for Swaps at the ports in mid and end May. The 130,000 mt cargo of

Plutoino crude onboard Mercury Hope has since been Malaysian premiums maintained market value of the country’s flagship crude oil grades, a discharged on August 1. In Asia’s sweet market Friday Malaysia’s September senior official said Thursday. Despite higher crude imports, feedstock inventories at program began to clear at relatively firm premiums. The formula, which will be implemented retroactively major ports in Shandong fell 13% from the record high in ConocoPhillips was heard to have sold via tender a from July for a year, has now been revised to reflect Platts June to 4.71 million mt as of July 26, data from Chinese Kikeh crude cargo for loading over September to an oil Dated Brent plus/minus an alpha, from Platts Dated Brent information provider JLC showed. major at a premium of around $3.90/b to Platts Dated plus an alpha previously, the official said. Major ports in Shandong refer to Qingdao, Dongjiakou, Brent on an FOB basis. According to the ministry’s regulation on the new ICP Longkou, Laizhou, Rizhao, Dongying and Yantai. Loading dates were unclear, though traders said the formula issued July 30, 2018, Dated Brent is calculated based Around 408,000 mt of crude was received by two cargo was a cross-month one and that the value for on the monthly average of the Platts benchmark price. trading companies – Vitol and PetroChina’s trading arms September-loading Malaysian crude oil basket grades The alpha is calculated based on the published that supply to independent refineries – down from 466,000 should be around a premium of $3.50-$3.75/b to Dated outright assessments of the Indonesian crude grades’ mt imported by three trading companies in June. Brent crude assessments on an FOB basis. during the current month, or the average of published The number of companies taking in crude last month Earlier trades of Malaysian basket crudes saw Labuan prices for two months consisting of the previous month fell to 21, compared with 24 in June, for a total of 25 crude being traded at a premium of around $4/b to Platts Dated and the current month. grades compared with 23 grades in June. Brent assessments and Miri at a premium of around The alpha will also consider the quality of the crude In July, 19 independent refineries which hold crude $3.50/b to Platts Dated Brent, both on an FOB basis. grades, trends in international crude prices and national quotas – including Hebei Xinhai Chemical and Henan Fengli Premiums for MCOs have remained resilient despite energy security, according to the statement. Petrochemical – received 6.95 million mt of imported crude, what several traders have said were aggressive offers for With Dated Brent in July at $74.35/b and the outright compared with 5.31 million mt by 21 independent refineries US crudes delivered to Asia. ICP for Minas set at $72.05/b, the alpha for the month is in June, Platts data showed. WTI Midland for delivery to Asia have been heard offered equivalent to minus $2.30/b. Some of this volume received by the refineries can at a premium of around $1/b to Platts Dated Brent crude Indonesia settles its monthly ICPs retroactively. be resold to other independent refineries, including non- assessments on a delivered basis, with CPC Taiwan and A day after Pertamina canceled its condensate tender, the quota holders. another Southeast Asian end-user among those who have company issued a sweet crude tender for 10 million barrels picked up cargoes recently. delivered in several cargoes over November and December. Elsewhere, Malaysia’s Petronas was heard to have sold Qirun, Chambroad run out of quotas its Bergading condensate cargo for loading over September As of end-July, crude imports by Qirun Petrochemical and 21-30 to a regional end-user at a discount of around $1.25/b Americas crude Chambroad Petrochemicals have surpassed each of their to Platts Dated Brent crude assessments on an FOB basis. import quota allocations. CNR shuts in heavy oil output Qirun has imported around 2.25 million mt of crude over Oil and gas producer Canadian Natural Resources has January-July, about 47,000 mt above its allocation. New Indonesia CP formula shut in 2,900 b/d of heavy oil output in Alberta, as the Chambroad has imported about 14,000 mt above its Also, in the sweet market, traders were discussing the benchmark Western Canadian Select grade continues allocation of 3.31 million mt, and its total imports over recent changes to the Indonesian Crude Price formula. to face deep discounts to WTI, company president Tim January-July was about 107% higher year on year. Indonesia’s Ministry of Energy and Mineral Resources has McKay said Thursday. In addition to those that have already run out of quotas, set the Indonesian Crude Price for Minas grade lifted in July A total of 7,450 b/d of output was curtailed in the another two refineries are likely to run out of quotas soon, at $72.05/b, up $1.32/b from June, according to the monthly second quarter, but with the price margins improving for based on their current monthly imports. selling price notice seen by S&P Global Platts Friday. the company in July, 4,550 b/d of output restarted, McKay The two are Luqing Petrochemical and Hongrun Indonesia’s Ministry of Energy and Mineral Resources said in the company earnings call. Petrochemical, with around 416,000 mt and 405,000 mt of implemented a revision to its Indonesian Crude Price “We still continue to see a lot of volatility in the market quotas left as of end-July, respectively. formula from July 1, 2018 in a bid to better reflect the with differentials and those [2,900 b/d] shut-in barrels are

not likely to come back in the near future,” he said. and go 2021,” McKay said. was seen as supportive for higher Colombian crude prices Early Thursday, CNR said in its earnings release that the The flagship Horizon project that completed its Phase starting August. company took a proactive decision in Q2 to not sell 3B expansion early in 2018, taking capacity to 250,000 b/d, The spread between both crude benchmark narrowed marginal production in the wider spot WCS differential markets its SCO to refineries in the nearby Edmonton area to $4.76/ Friday, according to S&P Global Platts data. compared with the index WCS differential market that was and to the US Midwest, Laut said. The average spread has been $5.42 so far this year. caused by pipeline apportionment issues. “We will continue to focus on long-life, low decline The lack of pipeline takeaway capacity from Western assets,” Laut said, adding that the first oil from the Canada has resulted in several producers actively company’s 40,000-b/d Kirby North project is targeted for Gasoline pursuing deals with railroads to move barrels on rail or startup in Q4 2019, three months ahead of schedule. else hedging their output. CNR’s Q2 2018 output of SCO was 407,704 b/d, down US to weaken as supply grows Fellow heavy oil producer Obsidian Energy said Thursday from 431,756 b/d in the same quarter in 2017. Unplanned turnarounds in key production areas and it has secured 1,000 b/d of crude-by-rail capacity to move The decrease was due to a major planned turnaround untenable arbitrages have tightened prompt US gasoline its heavy barrels to markets in the second half of 2018, while last quarter, the company said. markets this summer, a trend that should soon end another producer, Athabasca Oil Corporation, said Wednesday as output ramps up to capitalize on the final days of it has secured WCS differential hedges for 17,000 b/d of its oil summer margins. output in the third quarter of 2018 at $16.17/b. Colombia to load 1.5 million barrels US gasoline strength has been most evident this week CNR did not disclose any hedge positions. Rather, the Colombia was scheduled to load 1.5 million barrels of in the New York Harbor, where barge-delivered cash RBOB company is in talks with railroads to move barrels, McKay said. Vasconia crude and 1.5 million barrels of Castilla Blend climbed to NYMEX September RBOB plus 6.75 cents/gal in “We have nothing on the plate now and are seeking out of the port of Covenas between Friday and Tuesday, a Friday trading, up 1.25 cents/gal from the previous opportunities. Railroads are looking for three-year contracts, loading program showed Friday. assessment. but we are seeking short-term contracts,” he said. Ecopetrol, Cepsa and Trafigura were lined up to load “It is ripping,” a market source said. CNR has typically not used rail to ship barrels because it one Aframax-sized vessel each of medium-sour Vasconia , Regional traders have attributed the strength to poor has the pipeline capacity, Executive Vice Chairman Steve according to the program. arbitrages keeping supply low. Laut said Thursday in the call. Meanwhile, Ecopetrol the only producer of Castilla Blend While July gasoline imports into the US Atlantic “We did move 35,000 b/d in 2012. But now we have was expected to load one VLCC-sized cargo and one Coast reached a 2018 high of 15.37 million barrels, nothing on our plate [in terms of new CBR contracts],” Aframax with such grade next week. market sources said shipments have slowed Laut said. The Colombian oil producer was also scheduled to load considerably for August. WCS at Hardisty traded at WTI CMA minus $30.80/b 500,000 barrels of Brazilian Lula crude this weekend. Sources also said barrels were being taken off Colonial Thursday, the lowest in more than four years. So far this year, Colombia has also imported US crudes Pipeline in the US Southeast instead of making their way up The differential has weakened on record inventories such as Thunder Horse, Mars, LLS; Canada’s Hibernia; to the New York Harbor, further tightening supply. and the prospect of plunging demand from Midwest Russia’s Varandey, among others. The arbitrage up the line has been unappealing all refiners as they enter turnarounds. Separately, Canada-based Parex Resources awarded summer. Value of space on the gasoline-only Line 1 has 500,000 barrels of Vasconia for September delivery to an been below minus 1 cent/gal since July 19 and has not been SCO shipment undisclosed trading company, according to market sources. in positive territory since April. While CNR has curtailed output for heavy oil, for its According to multiple sources the deal was done at a “The Gulf Coast does not pay, Chicago is high and no synthetic crude oil (SCO) production the company has $5.50/b discount to ICE Brent. imports all adds to this,” a second source said. identified 75,000 b/d to 90,000 b/d of new capacity, Platts assessed the differential for Vasconia at that The arbitrage to send CBOB from the Gulf Coast to McKay said. level, which is up 35 cents/b to Platts Latin Brent Strip Chicago netted shippers about 1.8 cents/gal as of Thursday, “These are step-sized projects that will be carried out in from Thursday. compared to losing 0.50 cent/gal for the same product tranches of 35,000 b/d to 40,000 b/d that will start in 2020 A narrower spread between ICE Brent and NYMEX WTI delivered to the New York Harbor.

End in sight The September swap typically trades at a positive to 138,000 b/d Kikuma refinery in western Japan. The current low supply situation likely won’t last long, NYMEX as a built-in hurricane premium. Both crude distillation units were shut over June 8-9, traders have said. Most US gasoline markets are In the cash market, Gulf Coast prompt CBOB traded and the maintenance is expected to last until end-August. backwardated throughout August, as refinery production Friday 20 points stronger than the following cycle, while Cosmo Oil’s 100,000 b/d Sakai refinery also remained shut is expected to ramp up after a string on unplanned outages prompt RBOB held a 50-point premium to its following cycle. and is due for an upgrade in 2019. over the summer. New York Harbor cash RBOB was backwardated by “[Any shortfall in Japanese gasoline] should be bought “[Tightness in the market] has really been a persistent about 15 points per day throughout August, according to from the international market, as some refineries have low issue this summer,” a third source said. “There’s been a Friday trading. production rates or are shutting down so the domestic lot of unplanned maintenance. It?s just been one thing market cannot cover a total loss from one refinery,” a after another.” source with a Japanese refiner said. Refineries from Utah to Texas experienced unplanned Japan imports rare Singapore cargo Stocks of gasoline in Japan fell by 3.3% from the upsets in June and July, frequently sending regional spot Japan has imported some gasoline from Singapore in previous week to stand at 9.33 million barrels in the week prices higher. a rare move to tide over domestic market tightness ended July 28, data from the Petroleum Association of US Energy Information Administration data showed US stemming from refinery turnarounds and outages, market Japan showed. This was down 15% from a year ago. refineries ran at an average of 95.2% of their total capacity, sources said this week. up 0.67% from the same average last year and up 0.94% The last time Japan, typically balanced on gasoline, from the prior three-year average. imported gasoline from Singapore was in June 2017, for a NWE supply tight In the week ended July 6, US refineries ran at 96.7% of 40,007 kiloliter (251,540 barrels) clip, according to data from The European gasoline market remained strong, as their total capacity, the highest July weekly figure since the Japan’s Ministry of Economy, Trade and Industry. tightness in the Northwest kept prices elevated. week ended July 24, 1998. A Medium Range clean petroleum tanker carrying In the paper market, the September Eurobob crack That strong output was mainly supported by the up to 35,000 mt of gasoline loaded from Natural Fuels swap rose 30 cents/b to $10.40/b at the market close. Atlantic Coast, as Gulf Coast runs were down slightly from Terminal Jetty 1 in Singapore and due to arrive in Chiba “Euro grade [gasoline] has been really tight for the past last year, running at 94.6% of capacity, down from 96.3% on August 9, according to market sources and data from few weeks,” a source said. during the year-ago month. S&P Global Platts cFlow. The heat in the region could affect refiners and this, “It seems everyone has their ducks in a row, so barring Phillips 66 fixed the Nave Pyxis for a Singapore-Japan alongside an increase in West African demand Friday, any storm issues [the Gulf Coast] should crank out product voyage, loading a cargo of gasoline over July 29, at Worldscale were the latest factors contributing to the higher gasoline in August,” the third source said. 160 points basis 30,000 mt. Sources said that since the prices in NWE. tanker was expected to load up to 35,000 mt of cargo with Refineries needed to cool their crude distillation 50% overage, the freight would equate to $13.88/mt using a columns amid very high temperatures in the region and Backwardation takes hold flat rate of $9.34/mt for Singapore to Chiba. some had reduced output in order to cope with the heat, While US gasoline is always backwardated this time of year Phillips 66 declined to comment on the fixture. although the measures appeared to be temporary and had because RVP levels switch in September to winter-grade This is an unusual move as Japan typically meets not been widespread, said sources. specifications, tight supply for prompt trading has made it its own gasoline demand with its domestic refineries, “Some refineries might have to reduce capacity by especially pronounced. market sources said. 1%-2%,” a source said, but that would have “very little The balance-month August Gulf Coast gasoline swap as Refinery turnarounds and outages have tightened the impact on refinery output.” of Friday morning was at 6.72-cent a backwardation to the gasoline market which bolstered domestic prices, and Gasoline inventories were up slightly in the Amsterdam- September swap. encouraged imports. Rotterdam-Antwerp hub, increasing by 3.1% to 970,000 mt This backwardation will likely increase as September “The domestic premium [in Japan] is very high, so it (8.2 million barrels) in the week to Thursday, according to approaches, with the September swap differential falling if makes sense to import,” a gasoline broker said. data from PJK International. the lack of tropical activity in the Gulf of Mexico continues. Refiner Taiyo Oil is conducting a major turnaround at the Northern European gasoline saw further demand Friday,

following some renewed buying interest from West Africa and four rigs, respectively. Singapore stocks lower after a slow week of demand from the region. The oil boom has helped Midwest demand in the After eight weeks of builds in middle distillate inventories, Three ships – the Vela, the UACC Eagle and the Mare Great Plains states, such as the Dakotas, Wyoming, stocks in Singapore have finally begun to draw. di Genova – were heard put on subjects Friday for trips to and Oklahoma. Onshore commercial stocks of middle distillates – West Africa. Group 3 ULSD is at its second-highest point of the year which include gasoil, jet fuel and kerosene – in the main The Vela, carrying 37,000 mt of gasoline and the UACC while Chicago ULSD is at a yearly high. The Gulf Coast trading hub of Singapore fell 8.8% to 9.9 million barrels for Eagle, carrying 60,000 mt, were put on subjects by Vitol, arbitrage into both regions is open, according to Platts data, the week ending August 1, according to IE Singapore data. heading to West Africa from Ventspils, Latvia, and the which has helped lift the USGC price and has led to a freeze In tenders, India’s Nayara Energy has sold up to Baltic respectively. and allocation on the Explorer pipeline. 70,000 mt of 500 ppm sulfur gasoil at between a discount The Mare di Genova was taken by Mercuria carrying That domestic diesel hunger is displayed in low stockpiles. of 20 cents/b to parity to the August average of the Mean 37,000 mt of gasoline going ARA-WAF. ULSD stockpiles are down more than 20 million of Platts Arab Gulf Gasoil assessments, FOB. barrels year on year, according to the latest US Energy Trade sources said that Aramco Trading Corp. was Information Administration data. There were 112.117 awarded the tender, but this could not be confirmed. Diesel million barrels stockpiled for the week ending July 27, The cargo is to load over August 27-31 from Vadinar and according to the report released Wednesday. While is Nayara Energy’s last for August. The refiner has sold five US Gulf Coast rallies to high that is a weekly build of 2.936 million barrels, it is spot gasoil parcels, totaling up to 345,000 mt, for loading in US Gulf Coast ultra low sulfur diesel has spiked this week to down 20.154 million barrels from about the same August via tenders. its strongest point in months, fueled by strong oil prices and point last year. export demand into Latin America, market sources said. Compounding the demand is renewed export appetite S&P Global Platts assessed the market Thursday from Latin America, source said. Gasoil at the September NYMEX ULSD futures contract minus Sources were split on whether a ULSD rally in Singapore 3.70 cents/gal. It was traded as high as minus 3.60 this week was helping to lift USGC differentials. FOB US backwardation deepens cents/gal during the Platts Market on Close assessment Singapore 10 ppm sulfur gasoil differential jumped to a The Gulf Coast high sulfur heating oil market fell slightly process, but an offer was left standing at minus 3.65 premium of 21 cents/b to the Mean of Platts Singapore Friday on the move to the 44th Colonial Pipeline cycle cents/gal. Gasoil assessment at the close of Asian trade Thursday, its but remained unseasonably strong, and swap activity The market was holding steady Friday morning, with bids highest point since June 1. Some market sources have said deepened the backwardation. at minus 3.75 cents/gal and offers at minus 3.65 cents/gal. the Singapore rally could cut off the flows of far east ULSD S&P Global Platts assessed Gulf Coast high sulfur The latest assessment is the strongest the market has into Latin America. heating oil at NYMEX September ULSD futures minus 14.50 been since May 18. The market has shot up the past two “The Far East sent some oil to Latin America that cents/gal, down 25 points/gal. The market was quiet, with days, rising 75 points/gal. backed some exports into the USGC last [third of] July and an offer heard at minus 14 cents/gal. That is the largest two-day spike since May 8 and the first [third of] August, and now we are seeing some of that Values weakened slightly on backwardation in third-highest two-day jump since January. demand come back,” a ULSD trader said. the market, but swap trading Friday showed the Both domestic and foreign demand are driving the rally, Others said, due the transit time from the Far East into market sources said. Latin America, the Singapore rally should not impact Demand in the Gulf Coast and Midwest has been prompt prices. PLATTS OIL IS ON LINKEDIN bolstered by the strong price of oil, as diesel is used for “It’s more than a 30-day voyage [from the Far East] to Follow Platts OIL to get the latest industry trucking, pumps and in hydraulic fracturing fluid. There were the closest part of Latin America,” a second ULSD source news and exclusive content 480 Permian oil rigs and 80 Eagle Ford oil rigs the week said. “The Singapore rally [started] Monday, I don’t think ending July 27, according to latest Baker Hughes rig count. that’s why we rallied. It’s likely driven by ongoing strong www.linkedin.com/company/platts-oil Compared with the previous year, those are up 101 rigs domestic demand.”

backwardation steepening. transportation fuel, so its discount to ULSD tends to The arbitrage from Northwest Europe to the Three August 2018 Gulf Coast high sulfur heating track with RVO values. Mediterranean is only open for heavier gasoil to be sold to oil swaps traded at minus 16.25 cents/gal, indicating a In the Med, the cargo market was supported by healthy Egypt or Libya on a “as-is” basis, a trader said. backwardation of about 75 points/gal per cycle through demand in North Africa as spot buying interest remained the end of the month. weak in the Amsterdam-Rotterdam-Antwerp hub amid Prompt values have risen due to low supply, with US and rising freight costs for barges. Jet Gulf Coast supply of distillate fuel with more than 500 ppm CIF Mediterranean 0.1% gasoil cargoes were assessed sulfur at all-time lows according to EIA data. at a $2.50/mt premium over the front-month LSGO contract Singapore regrade lower, exports brisk In the US Atlantic Coast, values for ultra low sulfur Friday, down from $2.75/mt Thursday. Jet fuel continued moving out of Asia and the Middle East, heating oil rose Friday as the Renewable Volume Obligation Despite the decrease, differentials were at a nearly two- helping to limit some of the downside risk in the region hovered near 3 cents/gal. month high. where surplus barrels continued to weigh on the market. ULSHO delivered off the Colonial Pipeline in Linden, New “It seems that for August the main demand for 0.1% The Singapore jet to gasoil regrade shed another 15 Jersey, was assessed at minus 2.75 cents/gal, up 75 points/ gasoil is into Algeria...Egypt and Libya are OK, taking some cents/b Friday to minus 35 cents/b, continuing a trend gal on the day. Barges moved up in tandem, assessed at volumes,” a trader said. lower that began in mid-May. minus 3 cents/gal. “The Med [gasoil market] is a little bit strong and since In the export market, Aramco Trading is moving 60,000 Values came in as RVO was assessed at 3.01 cents/ the West African gasoil market is rather weak at the mt of jet fuel from the Persian Gulf to the UK Continent for gal, down from 3.07 cents/gal. ULSHO is the same as moment, some gasoil is blended in the North of Europe for August 14 loading at a lumpsum freight rate of $1.5 million ULSD but has no renewable fuel blending obligation sale on an “as-is” density basis in the Mediterranean onboard the Cielo Di Rotterdam, shipping data showed. associated with its value since it is not used as instead,” he added. (continued on page 16)

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Product Price Assessments

Asia, Aug 3 Asia product premium/discount assessments Mid Change Mid Change Aug 3 Mid Change Singapore (PGA page 2002) Singapore (continued)(PGA pages 2002 & 2655) MOP* Singapore (PGA page 2002) ($/barrel) ($/mt) ($/barrel) Naphtha PAAAP00 72.74–72.78 72.760 +0.300 HSFO 380 CST PPXDK00 446.42–446.46 446.440 -0.630 Jet PJACU00 0.04/0.08 0.060 -0.030 Jet kerosene 86.38–86.42 86.400 +0.930 HSFO 180 CST pap. (bal month) 450.23–450.27 450.250 -0.250 PJABF00 AAPML00 Gasoil 0.25% S AACQI00 -1.44/-1.40 -1.420 +0.060 Gasoil POABC00 86.73–86.77 86.750 +1.080 HSFO 180 CST pap. (Sep) PUAXZ00 442.48–442.52 442.500 +0.250 Gasoil POAIC00 0.18/0.22 0.200 -0.010 Gasoil 10 ppm AAOVC00 86.73–86.77 86.750 +1.080 HSFO 180 CST pap. (Oct) PUAYF00 437.83–437.87 437.850 +0.200 CFR Naphtha AAOVG00 0.150 0.000 Gasoil 50 ppm AAPPF00 86.17–86.21 86.190 +1.080 MTBE PHALF00 756.50–758.50 757.500 +7.000 ($/mt) Gasoil 0.05% S AAFEX00 85.36–85.40 85.380 +1.180 C&F Japan (PGA page 2006) Gasoil 0.25% S 85.11–85.15 85.130 +1.150 380 CST PPXDL00 6.37/6.41 6.390 -0.190 AACUE00 ($/barrel) Gasoil 50 ppm disc/prem AAPPH00 -0.38–-0.34 -0.360 -0.010 MOP* Arab Gulf (PGA page 2004) Jet kerosene PJAAN00 87.02–87.06 87.040 +0.820 Mogas 92 unl PGAEY00 80.74–80.78 80.760 +0.740 Mogas unl PGACW00 82.59–82.63 82.610 +0.710 ($/barrel) Mogas 95 unl PGAEZ00 83.00–83.04 83.020 +1.020 Gasoil POABF00 87.02–87.06 87.040 +1.120 Jet PJACV00 0.88/0.92 0.900 -0.050 Mogas 97 unl PGAMS00 84.66–84.70 84.680 +1.080 ($/mt) Gasoil 10 ppm AAIDU00 0.93/0.97 0.950 0.000 CFR Naphtha AAOVF00 71.540 +0.490 Naphtha PAAAD00 656.25–661.75 659.000 +4.250 Gasoil 0.25% S AACUC00 -0.87/-0.83 -0.850 -0.050 Naphtha pap. (bal month) AAPLD00 71.63–71.67 71.650 +0.500 Nph 2nd 1/2 Sep PAAAE00 666.50–667.00 666.750 +3.750 Gasoil POAID00 0.93/0.97 0.950 0.000 Naphtha pap. (Sep) PAAAQ00 70.78–70.82 70.800 +0.550 Nph 1st 1/2 Oct PAAAF00 661.25–661.75 661.500 +4.000 380 CST** PPXDM00 -7.22/-7.18 -7.200 -0.110 Naphtha pap. (Oct) PAAAR00 70.33–70.37 70.350 +0.600 Nph 2nd 1/2 Oct PAAAG00 656.25–656.75 656.500 +4.500 Kerosene pap. (bal month) AAPLE00 86.32–86.36 86.340 +0.940 ($/mt) HSFO 180 CST PUACJ00 464.64–464.68 464.660 -0.160 Kerosene pap. (Sep) PJABS00 86.31–86.35 86.330 +1.000 HSFO 180 CST AAXJA00 15.75/16.25 16.000 +0.500 FOB Japan Kerosene pap. (Oct) PJABT00 86.28–86.32 86.300 +1.000 HSFO 380 CST AAXJB00 15.75/16.25 16.000 +0.500 ($/barrel) Gasoil pap. (bal month) AAPLF00 86.58–86.62 86.600 +1.090 MOP* Japan (PGA page 2006) Gasoil POJAP00 93.924 +0.346 Gasoil pap. (Sep) POAFC00 86.43–86.47 86.450 +1.100 ($/barrel) Gasoil pap. (Oct) POAFG00 86.23–86.27 86.250 +1.070 C+F Australia (PGA page 2004) Naphtha 11.25/11.75 11.500 +0.500 ($/mt) ($/barrel) PAADI00 FO 180 CST 2% PUAXS00 463.83–463.87 463.850 -0.530 Mogas 92 unl AACZF00 84.84–84.88 84.860 +0.650 MOP* West India (PGA page 2012) HSFO 180 CST PUADV00 453.62–453.66 453.640 -0.520 Mogas 95 unl AACZH00 87.10–87.14 87.120 +0.930 ($/mt) 180 CST disc/premium AAGZF00 5.73–5.77 5.750 -0.250 Jet kerosene AAFIY00 90.51–90.55 90.530 +0.840 Gasoline (92 RON) AARBQ00 673.500 +6.430 Gasoil 10 ppm 91.11–91.15 91.130 +0.990 AAQUD00 Gasoline (95 RON) AAQWI00 684.410 +8.710 Naphtha AAQWK00 639.480 +4.530 China, Aug 3 (PGA page 2010) Arab Gulf, FOB, Aug 3 (PGA page 2004) Jet kero AAQWM00 669.600 +7.490 ($/mt) Mid Change ($/mt) Mid Change Gasoil (10 ppm) AAQWO00 648.080 +8.370 South China FOB Naphtha PAAAA00 633.63–639.13 636.380 +4.460 Gasoil (500 ppm) AAQWQ00 623.120 +8.930 Unl 90 RON AAICU00 680.25–684.25 682.250 +6.250 Naphtha LR2 AAIDA00 635.97–641.47 638.720 +4.350 Gasoil (2500 ppm) AAQWS00 621.260 +8.710 Unl 93 RON AAICW00 688.75–692.75 690.750 +6.250 HSFO 180 CST PUABE00 442.25–442.29 442.270 -0.520 ($/barrel) South China, C&F HSFO 380 CST AAIDC00 435.05–435.09 435.070 -0.630 Gasoline (92 RON) AARBP00 79.240 +0.760 Gasoline (95 RON) AAQWH00 81.480 +1.040 Jet kerosene PJABQ00 686.50–690.50 688.500 +6.750 ($/barrel) Naphtha AAQWJ00 71.050 +0.500 Gasoil 0.2% AALEK00 635.25–639.25 637.250 +9.000 95 RON unleaded AAICY00 80.46–80.50 80.480 +1.050 Jet kero AAQWL00 84.760 +0.950 Gasoil POAFA00 647.00–651.00 649.000 +8.500 92 RON unleaded AAGJA00 78.220 +0.770 Gasoil (10 ppm) AAQWN00 85.050 +1.100 Hong Kong Kerosene PJAAA00 84.75–84.79 84.770 +0.940 Kerosene LR2 AAKNZ00 84.84–84.88 84.860 +0.940 Gasoil (500 ppm) AAQWP00 83.640 +1.200 Fuel oil 180 CST PUACC00 477.00–478.00 477.500 -13.500 Gasoil 10 ppm AAIDT00 85.00–85.04 85.020 +1.090 Gasoil (2500 ppm) AAQWR00 83.390 +1.170 Fuel oil 380 CST PUAER00 469.00–470.00 469.500 -12.500 Gasoil 0.05% S AAFEZ00 83.95–83.99 83.970 +1.040 *Mean of Platts. **=Differential to FOB Arab Gulf HSFO 180 CST. Gasoil 0.25% S AACUA00 83.20–83.24 83.220 +1.040 Fujairah, FOB, Aug 3 (PGA page 2018) Gasoil POAAT00 85.00–85.04 85.020 +1.090 ($/barrel) Mid Change Gasoil LR2 AAKBT00 85.09–85.13 85.110 +1.080 Gasoline 95 unleaded AFUJA00 83.810 +0.410 Platts Index, Aug 3 (PGA page 115) Kerosene AFUJF00 85.610 +0.940 Indonesia, Aug 3 (PGA page 2516) Change Gasoil 10 ppm AFUJP00 85.740 +1.110 ($/barrel) FOB Indonesia Mid Change Platts Jet Fuel Index PJGLO00 240.73 +0.360 Gasoil AFUJK00 85.740 +1.110 LSWR mixed/cracked PPAPU00 74.56–74.60 74.580 -0.040 The Platts Jet Fuel Index is calculated using daily assessments of Jet fuel spot prices in ($/mt) Spot prem/disc relevant regional centers. These values are compared with average spot prices in the base period (Index value of year 2000 = 100%) to generate a percentage figure reflecting the HSFO 380 CST AFUJQ00 443.580 +0.530 LSWR mixed/cracked AAHXR00 8.69–8.73 8.710 0.000 overall rise or fall in markets compared to the base period.

Product Price Assessments

European bulk, Aug 3 Platts Euro denominated product assessments ($/mt) Mid Change Mid Change Aug 3 Mid Change (PGA page 1114) Cargoes CIF NWE/basis ARA (€/mt) (PGA page 1116) Cargoes FOB Med basis Italy Cargoes CIF Med basis Genoa/Lavera Nap phy AAQCE00 552.85–553.28 553.065 +1.192 Prem unl 10 ppm AAWZA00 718.25–718.75 718.500 +12.750 AAWZB00 725.00–725.50 725.250 +12.750 Jet AAQCF00 598.54–598.97 598.759 +3.839 Naphtha physical PAAAI00 625.50–626.00 625.750 +0.500 PAAAH00 634.50–635.00 634.750 +0.500 Cargoes FOB NWE (PGA page 1116) Jet av. fuel AAIDL00 680.75–681.25 681.000 +3.500 AAZBN00 692.75–693.25 693.000 +3.500 1% AAQCG00 363.82–364.26 364.040 -0.144 ULSD 10 ppm AAWYY00 652.25–652.75 652.500 +4.750 AAWYZ00 660.75–661.25 661.000 +4.750 Barges FOB Rotterdam (€/mt) (PGA page 1118) Gasoil 0.1% AAVJI00 642.50–643.00 642.750 +4.250 AAVJJ00 652.50–653.00 652.750 +4.250 Prem unl AAQCH00 628.07–628.50 628.287 -0.856 1% fuel oil PUAAK00 425.50–426.00 425.750 +1.000 PUAAJ00 435.00–435.50 435.250 +1.000 10 ppm* AAQCI00 561.04–561.47 561.255 +4.862 3.5% fuel oil 420.25–420.75 420.500 +0.250 430.00–430.50 430.250 +0.250 PUAAZ00 PUAAY00 Gasoil 0.1%* AAYWY00 549.62–550.05 549.832 +4.847 (PGA page 1110) 3.50% AAQCK00 362.10–362.53 362.316 +0.930 Cargoes FOB NWE Cargoes CIF NWE basis ARA 3.50% 500 CST PUAGO00 357.79–358.22 358.005 +0.924 Gasoline 10 ppm AAXFQ00 760.50–761.00 760.750 -2.000 Mid Change Naphtha swaps PAAAJ00 638.75–639.25 639.000 +1.500 Conventional cargoes NY harbor (€¢/gal) (PGA pages 1350 & 1450) Naphtha physical PAAAL00 641.25–641.75 641.500 +0.500 Unleaded 87 AAPYV00 181.13–181.21 181.171 +3.211 Jet kerosene PJAAV00 686.00–686.50 686.250 +3.500 PJAAU00 694.25–694.75 694.500 +3.500 Unleaded 89 AAPYW00 186.71–186.80 186.757 +2.306 ULSD 10 ppm AAVBF00 647.00–647.50 647.250 +4.250 AAVBG00 656.25–656.75 656.500 +4.250 Unleaded 93 AAPYX00 195.09–195.18 195.138 +0.949 Diesel 10 ppm NWE AAWZD00 648.50–649.00 648.750 +4.250 AAWZC00 658.00–658.50 658.250 +4.250 Cargoes CIF West Africa (€/mt) (PGA page 1116) +4.250 Diesel 10 ppm UK AAVBH00 658.75–659.25 659.000 Gasoline AANWC00 613.846 +2.352 Gasoil 0.1% AAYWR00 631.00–631.50 631.250 +4.750 AAYWS00 644.00–644.50 644.250 +4.750 Cargoes FOB NWE West Africa (€/mt) (PGA page 1116) 1% fuel oil PUAAM00 422.00–422.50 422.250 -0.750 PUAAL00 431.50–432.00 431.750 -0.750 Gasoline AGNWA00 601.345 +2.335 3.5% fuel oil PUABB00 401.50–402.00 401.750 +0.750 PUABA00 414.25–414.75 414.500 +0.500 Cargoes FOB STS West Africa (€/mt) (PGA page 1116) (PGA pages 1112 & 1380) Gasoil 0.3% AGNWE00 551.341 +4.849 Barges FOB Rotterdam Euro/US$ forex rate: 1.1599. Platts Euro denominated European & US product assessments 98 RON unl AAKOD00 813.50–814.00 813.750 -2.000 are based on market values and a Euro/US$ forex rate at 4:30 PM local London time. *FOB Prem unl PGABM00 728.50–729.00 728.750 -2.000 Amsterdam-Rotterdam-Antwerp. Reformate AAXPM00 760.750 -2.000 Eurobob AAQZV00 733.50–734.00 733.750 -2.000 European feedstocks and blendstocks Naphtha physical PAAAM00 637.25–637.75 637.500 +0.500 Change Jet kerosene PJABA00 689.75–690.25 690.000 +1.750 CIF Northwest Europe cargo ($/mt) (PGF page 1760) Diesel 10 ppm* AAJUS00 650.75–651.25 651.000 +4.750 VGO 0.5-0.6% AAHMZ00 519.00–520.00 519.500 +1.500 Gasoil 50 ppm AAUQC00 639.25–639.75 639.500 +4.750 VGO 2% AAHND00 510.50–511.50 511.000 +1.500 Gasoil 0.1%* AAYWT00 637.50–638.00 637.750 +4.750 1% fuel oil PUAAP00 420.00–420.50 420.250 +0.500 FOB Northwest Europe cargo ($/mt) 3.5% fuel oil PUABC00 420.00–420.50 420.250 +0.500 VGO 0.5-0.6% AAHMX00 506.00–507.00 506.500 +1.500 3.5% 500 CST fuel oil PUAGN00 415.00–415.50 415.250 +0.500 VGO 2% AAHNB00 497.50–498.50 498.000 +1.500 380 CST PUAYW00 421.50–422.50 422.000 -5.000 Straight Run 0.5-0.7% PKABA00 466.00–467.00 466.500 +1.500 *FOB Amsterdam-Rotterdam-Antwerp FOB Black Sea cargo ($/mt) VGO 0.8% ABBAD00 508.250 +1.500 VGO 2% 499.750 +1.500 West Africa products ($/mt), Aug 3 ABBAC00 CIF Mediterranean cargo ($/mt) Mid Change Straight Run 0.5-0.7% AAJNT00 466.000 +1.500 (PGA page 1122) West Africa cargoes VGO 0.8% ABBAB00 519.500 +1.500 FOB NWE VGO 2% ABBAA00 511.000 +1.500 Gasoline AAKUV00 697.500 +1.750 FOB Rotterdam barge ($/mt) CIF West Africa MTBE* PHALA00 818.75–819.25 819.000 -10.000 Gasoline AGNWC00 712.000 +1.750 VGO 0.5-0.6% AAHNF00 499.25–500.25 499.750 +4.000 VGO 2% 490.50–491.50 491.000 +2.000 FOB STS West Africa AAHNI00 * FOB Amsterdam-Rotterdam-Antwerp Gasoil 0.3% AGNWD00 639.500 +4.750

Product Price Assessments

New York/Boston, Aug 3 (PGA page 152) Mid Change Mid Change Mid Change New York Cargo (¢/gal) rVP Barge (¢/gal) rVP differentials to NYMEX Unl 87 AAMHG00 207.00–207.10 207.050 +0.740 AAMHGRV 9.0 AAMIT00 207.00–207.10 207.050 +0.740 AAMITRV 9.0 Unl 89 AAMIW00 213.00–213.10 213.050 -0.400 AAMIWRV 9.0 AAMHJ00 213.00–213.10 213.050 -0.400 AAMHJRV 9.0 Unl 93 AAMIZ00 222.00–222.10 222.050 -2.110 AAMIZRV 9.0 AAMHM00 222.00–222.10 222.050 -2.110 AAMHMRV 9.0 CBOB AAWBK00 209.50–209.60 209.550 +0.990 AAWBKRV 9.0 AAWBL00 208.25–208.35 208.300 +0.990 AAWBLRV 9.0 AANYX14 1.750 +1.250 Prem CBOB AAWLD00 233.55–233.65 233.600 -0.260 AAWLDRV 9.0 AAWLC00 232.30–232.40 232.350 -0.260 AAWLCRV 9.0 Unl RBOB AAVKS00 214.50–214.60 214.550 +0.990 AAVKSRV 9.0 AAMGV00 213.25–213.35 213.300 +0.990 AAMGVRV 9.0 AANYX15 6.750 +1.250 Prem RBOB AAVKT00 227.75–227.85 227.800 -0.260 AAVKTRV 9.0 AAMGY00 226.50–226.60 226.550 -0.260 AAMGYRV 9.0 Jet fuel PJAAW00 215.64–215.74 215.690 -0.740 ADIGA00 3.000 -0.250 LS jet kero PJABJ00 224.39–224.49 224.440 -0.490 ULS kero AAVTI00 225.39–225.49 225.440 -0.490 No. 2 POAEG00 198.64–198.74 198.690 -0.490 ADIAO00 -14.000 0.000 ULSD AATGX00 212.24–212.34 212.290 -0.290 ADIZA00 -0.400 +0.200 LS heating oil AAXPY00 206.190 -0.490 ADIAP00 -6.500 0.000 ULS heating oil AAXPX00 209.690 +0.260 ADIAQ00 -3.000 +0.750 Cargo ex-duty (¢/gal)* rVP< Unl 87 AASAA00 202.28–202.38 202.330 +0.800 AASAARV 9.0 Unl 89 AASAB00 208.27–208.37 208.320 -0.340 AASABRV 9.0 Unl 93 AASAC00 217.26–217.36 217.310 -2.050 AASACRV 9.0 CBOB AASAD00 204.77–204.87 204.820 +1.040 AASADRV 9.0 Prem CBOB AASAE00 228.79–228.89 228.840 -0.200 AASAERV 9.0 Unl RBOB AASAF00 209.77–209.87 209.820 +1.050 AASAFRV 9.0 Prem RBOB AASAG00 223.00–223.10 223.050 -0.200 AASAGRV 9.0 ($/barrel) differential vs 1s strip($/barrel) No. 6 0.3% S hi pr PUAAE00 77.18–77.20 77.190 -0.480 AAUGA00 10.16–10.18 10.170 No. 6 0.3% S lo pr PUAAB00 77.18–77.20 77.190 -0.480 AAUGB00 10.16–10.18 10.170 No. 6 0.7% S max PUAAH00 69.18–69.20 69.190 -0.480 AAUGC00 2.16–2.18 2.170 No. 6 1% S max PUAAO00 67.18–67.20 67.190 -0.480 AAUGD00 0.16–0.18 0.170 No. 6 1% S max 1s strip AAUGG00 67.01–67.03 67.020 -0.330 No. 6 2.2% S max PUAAU00 65.85–65.87 65.860 -0.590 AAUGE00 -1.17–-1.15 -1.160 No. 6 3.0% S max PUAAX00 64.96–64.98 64.970 -0.660 AAUGF00 -2.06–-2.04 -2.050 No. 6 1.0% S max FOB AAWLG00 66.43–66.45 66.440 -0.480 AAWLG20 -0.59–-0.57 -0.580 Fuel oil RMG 380 AAWLF00 66.71–66.73 66.720 -0.660 AAWLF20 -0.31–-0.29 -0.300 No. 6.1 S max pap bal M AARZS00 67.14–67.16 67.150 -0.300 No. 6 1.0% S pap 1st M PUAXD00 66.00–66.10 66.050 -0.400 No. 6 1.0% S pap 2nd M PUAXF00 65.45–65.55 65.500 -0.400 No. 6 1.0% S pap qtrly PUAXG00 64.97–65.07 65.020 -0.380 *These assessments reflect gasoline cargoes sold on a delivered, ex-duty basis New York, excluding import duty and import taxes/fees. Boston Cargo (¢/gal) Unl RBOB (Boston) AAVPV00 215.25–215.35 215.300 +0.990 ($/barrel) No. 6 2.2% S max (Bstn) PUAWN00 66.70–66.72 66.710 -0.590

USAC CPL Linden*, Aug 3 (PGA page 410) (¢/gal) Mid Change d ifferentials to NYMEx Change Cycle R rVP Unl 87 ACXPW00 207.800 -0.260 AANYX40 1.250 0.000 ACRQWCY 39 ACRQWRV 9.0 CBOB ABXPW00 203.800 -0.260 AANYX41 -2.750 0.000 ABRQWCY 39 ABRQWRV 9.0 RBOB ADXPW00 212.400 +0.240 AANYX42 5.850 +0.500 ADRQWCY 39 ADRQWRV 7.8 Jet kero 54 AAXPV00 215.440 -0.740 AAXPVCY 39 ULS heating oil AAXPU00 209.940 +0.260 AAXPUCY 39 ULSD AAXPW00 212.840 -0.490 ADLAA00 0.150 0.000 AAXPWCY 39 *Assessments reflect shipments on the next full pipeline cycle after the prompt cycle

Product Price Assessments

U.S. Buckeye pipeline, Aug 3 (PGA page 310) (¢/gal) Mid Change rVP differentials to NYMEx Change Unl RBOB AAMHB00 212.95–213.05 213.000 +1.390 AAMHBRV 9.0 AANYX35 6.450 +1.650 Prem RBOB AAMHZ00 226.20–226.30 226.250 +0.140 AAMHZRV 9.0 CBOB AAPSY00 207.95–208.05 208.000 +1.390 AAPSYRV 9.0 AANYX33 1.450 +1.650 CBOB prem AAPSZ00 232.00–232.10 232.050 +0.140 AAPSZRV 9.0 CBOB-PA AAVYA00 203.00–203.10 203.050 +0.740 AAVYARV 10.0 CBOB-PA prem AAVYB00 227.25–227.35 227.300 -0.260 AAVYBRV 10.0 ULSD AATHF00 212.24–212.34 212.290 -0.290 ADIYA00 -0.400 +0.200 Jet fuel AAJNL00 215.64–215.74 215.690 -0.740 ADIEA00 3.000 -0.250 LS jet/kero AAJNN00 224.39–224.49 224.440 -0.490 rVP Laurel Unl CBOB AAUAS00 204.25–204.35 204.300 +0.740 AAUASRV 10.0 Prem CBOB AAUAT00 228.50–228.60 228.550 -0.260 AAUATRV 10.0 Unl RBOB AASSM00 212.95–213.05 213.000 +1.390 AASSMRV 10.0 Prem RBOB AASSN00 226.20–226.30 226.250 +0.140 AASSNRV 10.0 All RVP references are after ethanol

Chicago pipeline, Aug 3 (PGA page 160) (¢/gal) Mid Change rVP differentials to NYMEx Change Unleaded 87 PGACR00 208.50–208.60 208.550 +0.490 PGACRRV 9.0 Unleaded 89 PGAAX00 219.10–219.20 219.150 +0.490 PGAAXRV 9.0 Prem. unl 91 PPASQ00 235.00–235.10 235.050 +0.490 PPASQRV 9.0 CBOB AAREL00 207.50–207.60 207.550 +0.490 AARELRV 9.0 AANY101 1.000 +0.750 PBOB AAUEU00 248.50–248.60 248.550 +0.490 AAUEURV 9.0 RBOB PPARH00 219.25–219.35 219.300 +0.490 PPARHRV 9.0 AANY102 12.750 +0.750 Jet fuel PJAAF00 221.39–221.49 221.440 -0.490 ADILA00 8.750 0.000 ULSD AATHA00 215.89–215.99 215.940 -0.490 ADLAI00 3.250 0.000

CHICAGO BUCKEYE COMPLEX, Aug 3 (PGA page 160) (¢/gal) Mid Change rVP differentials to NYMEx Change CBOB BCX ACBAA00 207.550 -1.010 ACBAARV 9.0 ACBAB00 1.000 -0.750 RBOB BCX ACBAC00 219.300 -1.010 ACBACRV 9.0 ACBAD00 12.750 -0.750 ULSD BCX ACBAE00 215.940 -0.490 ACBAF00 3.250 0.000

Group Three, Aug 3 (PGA page 160) (¢/gal) Mid Change rVP differentials to NYMEx Change Sub-octane AAXIX00 203.00–203.10 203.050 -1.010 AAXIXRV 9.0 AANYX01 -3.500 -0.750 Prem. unleaded PGABD00 224.25–224.35 224.300 -1.010 PGABDRV 9.0 ULSD AATHB00 214.84–214.94 214.890 -0.490 ADLAB00 2.200 0.000 Jet fuel PJAAI00 210.64–210.74 210.690 -0.490 ADIKA00 -2.000 0.000

Atlantic resid/contract cargoes posted prices, Aug 3 (PGA page 564) Shale Value Chain assessments, Aug 3 (PGN page 590) ($/barrel) No. 4 Fuel No. 6 Fuel ¢/gal Change $/MMBtu Change Global Gulf Coast ethane fractionation spread SCAAJ00 19.532 +0.168 SCAAD00 2.937 +0.025 Boston 0.5% PRALB00 99.30 PRAMN00 86.70 Gulf Coast E/P mix fractionation spread SCAAG00 16.657 +0.168 SCAAA00 2.505 +0.025 Boston 1.0% PRALD00 96.30 PRAMD00 80.70 E/P mix Midcontinent to Rockies SCAAH00 -3.259 +0.100 SCAAB00 -0.490 +0.015 Boston 2.2% PRAMI00 74.70 fractionation spread Portland 1.5% PRAKV00 96.60 PRALX00 78.60 E/P mix Midcontinent fractionation spread SCAAI00 -3.226 -0.366 SCAAC00 -0.485 -0.055 National raw NGL basket price SCAAL00 82.399 +0.461 SCAAF00 9.217 +0.057 National composite fractionation spread SCAAK00 63.180 +0.128 SCAAE00 6.327 +0.007 The methodology for these assessments is available at: www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/shale-value-chain.pdf

Product Price Assessments

U.S. Gulf Coast, Aug 3 Mid Change Mid Change Mid Change Houston (PGA page 156) Pipeline (¢/gal) differential to NYMEX Cycle rVP Waterborne (¢/gal) R rVP Unl 87 PGACT00 203.75–203.85 203.800 -0.510 AANY105 -2.750 -0.250 PGACTCY 43 PGACTRV 9.0 PGACU00 205.75–205.85 205.800 -0.510 PGACURV 9.0 Unl 89 PGAAY00 209.25–209.35 209.300 -0.510 PGAAYCY 43 PGAAYRV 9.0 PGAAZ00 211.25–211.35 211.300 -0.510 PGAAZRV 9.0 Prem unl 93 PGAJB00 217.50–217.60 217.550 -0.510 PGAJBCY 43 PGAJBRV 9.0 PGAIX00 219.50–219.60 219.550 -0.510 PGAIXRV 9.0 CBOB 87 AARQU00 198.00–198.10 198.050 -1.060 AANYX77 -8.500 -0.800 AARQUCY 43 AARQURV 9.0 AAWES00 200.00–200.10 200.050 -1.060 AAWESRV 9.0 CBOB 93 AARQV00 212.25–212.35 212.300 +0.740 AARQVCY 43 AARQVRV 9.0 RBOB 83.7 AAMFB00 208.25–208.35 208.300 +0.740 AANYX79 1.750 +1.000 AAMFBCY 43 AAMFBRV 7.8 RBOB 91.4 AAMNG00 224.25–224.35 224.300 -1.260 AAMNGCY 43 AAMNGRV 7.8 Jet/kero 54 PJABO00 208.89–208.99 208.940 -1.470 ADIAS00 -3.750 -0.980 PJABOCY 44 PJABM00 210.64–210.74 210.690 -1.470 Jet/kero 55 PJABP00 209.14–209.24 209.190 -1.470 PJABPCY 44 PJABN00 210.89–210.99 210.940 -1.470 ULS Kero AAVTL00 212.14–212.24 212.190 -1.470 AAVTLCY 44 AAVTK00 213.89–213.99 213.940 -1.470 ULSD AATGY00 208.79–208.89 208.840 -0.640 ADIQA00 -3.850 -0.150 AATGYCY 44 AATGZ00 210.04–210.14 210.090 -0.840 No. 2 POAED00 198.14–198.24 198.190 -0.740 ADIAA00 -14.500 -0.250 POAEDCY 44 POAEE00 202.14–202.24 202.190 -0.990 ULS Heating Oil AAXFD00 205.94–206.04 205.990 -0.640 ADIAI00 -6.700 -0.150 AAXFDCY 44 FOB Cargo (¢/gal) FOB Cargo ($/mt) Export ULSD AAXRV00 208.090 -0.320 AAXRW00 651.110 -1.000 Colonial Pipeline Gasoline Line Space (c/gal) Cycle Line 1 AAXTA00 -0.800 +0.300 AAXTACY 43 Line 3 AAXTB00 0.000 0.000 AAXTBCY 43 Line 1+3 AAXTC00 -0.800 +0.300 AAXTCCY 43 Colonial Pipeline Distillates Line Space (c/gal) Line 2 AAXTD00 -0.850 0.000 AAXTDCY 44 Line 3 AAXTE00 0.000 0.000 AAXTECY 44 Line 2+3 AAXTG00 -0.850 0.000 AAXTGCY 44 ($/barrel) d ifferential vs USGC HSFO strip ($/barrel) us GC HSFO Strip ($/barrel) Slurry Oil PPAPW00 66.81–66.83 66.820 -0.400 AAUGS00 2.48–2.50 2.490 0.000 No. 6 1.0% S 6 API PUAAI00 68.31–68.33 68.320 -0.400 AAUGT00 3.98–4.00 3.990 0.000 USGC HSFO PUAFZ00 63.81–63.83 63.820 -0.400 AAUGU00 -0.52–-0.50 -0.510 0.000 AAUGW00 64.32–64.340 64.330 -0.400 RMG 380 PUBDM00 63.81–63.83 63.820 -0.400 AAUGV00 -0.52–-0.50 -0.510 0.000 USGC HSFO swap BalMo(Aug) AARZT00 64.29–64.31 64.300 -0.400 USGC HSFO swap M1(Sep) PUAXJ00 63.95–64.05 64.000 -0.400 USGC HSFO swap M2(Oct) PUAXL00 63.45–63.55 63.500 -0.400 USGC HSFO swap Q1( Q4 18) PUAXN00 62.95–63.05 63.000 -0.400 (PGF page 760) Waterborne (¢/gal) d iff vs USGC waterborne 87 (¢/gal) FOB Naphha Cargo AAXJP00 188.75–188.85 188.800 -0.510 FOB Naphha Cargo ($/mt) AAXJU00 660.79–660.89 660.840 -1.780 FOB LSR Naphtha Parcel AAXQK00 161.750 0.000 FOB LSR Naphtha Parcel ($/mt) AAXQM00 648.620 0.000 FOB LSR Naphtha Parcel diff** AAXQN00 9.250 +0.250 Naphtha barge AALPG00 190.75–190.85 190.800 -0.510 AASGZ00 -15.000 Heavy naphtha barge AALPI00 194.00–194.10 194.050 -0.510 AASHD00 -11.750 MTBE PHAKX00 236.39–236.49 236.440 -2.820 d iff vs USGC pipeline 87 (¢/gal) Alkylate* AAXBA00 237.250 -0.280 AAFIE00 31.500 0.000 AAXBD00 33.500 0.000 Raffinate* AAXBB00 189.750 -0.280 AAJMU00 -16.000 0.000 AAXBE00 -14.000 0.000 Reformate* AAXBC00 257.250 -0.280 AAJMV00 51.500 0.000 AAXBF00 53.500 0.000 LSR = Light Straight Run. *=FOB barge. **= Diff to Mont Belvieu non-Targa natural gasoline. Note: Platts line space assessments reflect the physical trade of gasoline or distillates at two locations agreed upon by the parties along the Colonial Pipeline between Pasadena, Texas, and Linden, New Jersey. The assessments represent the premium or discount paid by a buyer while taking refined product off the line at one location while giving product to the seller at another.

Product Price Assessments

West Coast pipeline, Aug 3 (PGA page 158) U.S. Gulf Coast Supplemental Summer, Aug 3 (PGA page 332) Mid Change RVP Waterborne (¢/gal) Mid Change RVP California Unl 87 PGAAC00 211.25–211.35 211.300 -0.760 PGAACRV 7.8 (¢/gal) Los Angeles Unl 84 AAUHA00 202.50–202.60 202.550 -0.260 AAUHARV 9.0 Prem unl 90 PGABG00 209.50–209.60 209.550 -0.260 PGABGRV 9.0 U.S. Gulf Coast pipeline cycles, Aug 3 (PGA page 156) CARBOB unl AAKYJ00 207.50–207.60 207.550 -0.260 AAKYJRV 6.0 (¢/gal) Pipeline Mid Cycle RVP CARBOB prem AAKYL00 222.50–222.60 222.550 -0.260 AAKYLRV 6.0 Gasoline Jet fuel PJAAP00 214.39–214.49 214.440 -1.240 Unl-87 AAELC00 203.75–203.85 203.800 AAELCCY 43 AAELCRV 9.0 ULS (EPA) diesel POAET00 217.39–217.49 217.440 -0.490 Unl-87 AAELD00 203.75–203.85 203.800 AAELDCY 44 AAELDRV 9.0 CARB diesel POAAK00 217.89–217.99 217.940 -0.490 Unl-87 AAELE00 203.70–203.80 203.750 AAELECY 45 AAELERV 9.0 (¢/gal) Differential to NYMEX Unl-87 AAELF00 203.65–203.75 203.700 AAELFCY 47 AAELFRV 9.0 CARBOB AANVX00 0.95/1.05 1.000 0.000 Unl-87 AAELG00 203.60–203.70 203.650 AAELGCY 48 AAELGRV 9.0 Jet fuel AANVY00 1.70/1.80 1.750 -0.750 Unl-87 AAELH00 203.55–203.65 203.600 AAELHCY 49 AAELHRV 9.0 ULS (EPA) diesel AANVZ00 4.70/4.80 4.750 0.000 CBOB 87 AARQW00 197.950 AARQWCY 44 AARQWRV 9.0 CARB diesel AANWA00 5.20/5.30 5.250 0.000 CBOB 87 AARQX00 197.900 AARQXCY 45 AARQXRV 9.0 CARBOB paper 1-mo AAKYR00 13.95/14.05 14.000 0.000 CBOB 87 AARQY00 197.850 AARQYCY 47 AARQYRV 9.0 CARBOB paper 2-mo AAKYS00 12.70/12.80 12.750 0.000 CBOB 87 AARQZ00 197.800 AARQZCY 48 AARQZRV 9.0 CBOB 87 AARQA00 197.750 AARQACY 49 AARQARV 9.0 (¢/gal) San Francisco Unl 84 PGADG00 203.00–203.10 203.050 -0.260 PGADGRV 7.8 Distillates Prem unl 90 PGABO00 215.00–215.10 215.050 -0.260 PGABORV 7.8 Jet kero AAELQ00 208.89–208.99 208.940 AAELQCY 44 CARBOB unl AAKYN00 207.50–207.60 207.550 -0.260 AAKYNRV 6.0 Jet kero AAELR00 208.89–208.99 208.940 AAELRCY 45 CARBOB prem AAKYP00 227.50–227.60 227.550 -0.260 AAKYPRV 6.0 Jet kero AAELS00 208.94–209.04 208.990 AAELSCY 46 Jet Fuel PJABC00 214.39–214.49 214.440 -1.240 Jet kero AAELT00 208.94–209.04 208.990 AAELTCY 47 ULS (EPA) diesel POAEY00 216.14–216.24 216.190 -0.490 Jet kero AAELU00 208.99–209.09 209.040 AAELUCY 48 CARB diesel POAAL00 216.14–216.24 216.190 -0.490 Jet kero AAELV00 208.89–208.99 208.940 AAELVCY 49 ULSD AAUJV00 208.79–208.89 208.840 AAUJVCY 44 Other West ULSD AAUJW00 208.84–208.94 208.890 AAUJWCY 45 (¢/gal) Phoenix ULSD AAUJX00 208.89–208.99 208.940 AAUJXCY 46 CBG/RBOB unl AADDP00 209.50–209.60(a) 209.550 -0.260 AADDPRV 5.7 ULSD AAUJY00 208.94–209.04 208.990 AAUJYCY 47 CBG/RBOB prem PPXDJ00 224.50–224.60(b) 224.550 -0.260 PPXDJRV 5.7 ULSD AAUJZ00 208.99–209.09 209.040 AAUJZCY 48 ULSD AAUKD00 209.14–209.24 209.190 AAUKDCY 49 Northwest No. 2 AAELW00 198.14–198.24 198.190 AAELWCY 44 (¢/gal) Seattle No. 2 AAELX00 197.39–197.49 197.440 AAELXCY 45 Unl 84 AAXJE00 205.50–205.60 205.550 -0.010 AAXJERV 9.0 No. 2 AAELZ00 196.64–196.74 196.690 AAELZCY 46 Prem unl 90 AAXJF00 240.00–240.10 240.050 -0.010 AAXJFRV 9.0 No. 2 AAEMA00 195.89–195.99 195.940 AAEMACY 47 Jet fuel PJABB00 214.39–214.49 214.440 -1.240 No. 2 AAEMB00 195.14–195.24 195.190 AAEMBCY 48 ULS (EPA) diesel AAUEX00 217.99–218.09 218.040 -0.490 No. 2 AAEMC00 194.39–194.49 194.440 AAEMCCY 49 (¢/gal) Portland ULS heating oil AAXFJ00 205.94–206.04 205.990 AAXFJCY 44 ULS heating oil AAXFK00 205.99–206.09 206.040 AAXFKCY 45 Unl 84 AAXJC00 207.50–207.60 207.550 -0.010 AAXJCRV 7.8 ULS heating oil AAXFL00 206.04–206.14 206.090 AAXFLCY 46 Prem unl 90 AAXJD00 242.00–242.10 242.050 -0.010 AAXJDRV 7.8 ULS heating oil AAXFM00 206.09–206.19 206.140 AAXFMCY 47 ULS (EPA) diesel AAUEY00 219.14–219.24 219.190 -0.490 ULS heating oil 206.14–206.24 206.190 48 (a)=84 octane; (b)=90 octane AAXFN00 AAXFNCY ULS heating oil AAXFP00 206.29–206.39 206.340 AAXFPCY 49

West Coast waterborne, Aug 3 (PGA page 158) U.S. Gulf Coast Pipeline Cycles Supplemental, Aug 3 (PGA page 332) (¢/gal) Mid Change (¢/gal) Pipeline Mid Cycle RVP Unl 87 PGADI00 202.50–202.60 202.550 -0.260 CBOB 87 AASOB00 203.50–203.60 203.550 AASOBCY 43 AASOBRV 7.8 Jet fuel 213.39–213.49 213.440 -1.240 PJABI00 CBOB 93 AASOC00 219.25–219.35 219.300 AASOCCY 43 AASOCRV 7.8

Product Price Assessments

Latin America, FOB, Aug 3 (PGA page 164) Gas liquids (¢/gal), Aug 3 (PGA page 780) $/barrel Mid Change Mid Change Argentina Mont Belvieu Ethane/propane PMUDA05 35.825–35.925 35.875 +0.500 ULSD CIF AAXWZ00 91.770 -0.200 Ethane/propane Mo.2 AAWUB00 34.450–34.550 34.500 +0.875 Colombia Ethane purity PMUDB05 38.700–38.800 38.750 +0.500 -0.400 FO 1.75% S FOB PPARO00 62.33–62.35 62.340 Ethane mo. 2 AAWUC00 37.325–37.425 37.375 +0.875 Diluent Naphtha Ex-Ship AAXYB00 67.850 -0.120 Propane PMAAY00 95.825–95.925 95.875 +0.625 Ecuador Propane LST PMABQ00 95.200–95.300 95.250 +0.875 FO 2.2% S FOB PPASL00 62.09–62.11 62.100 -0.400 Propane mo. 2 AAWUD00 95.325–95.425 95.375 +0.625 RON 93 CIF AAXYC00 91.680 -0.180 Propane mo. 2 LST AAWUE00 94.950–95.050 95.000 +0.875 ULSD CIF AAXWF00 91.320 -0.120 Normal butane non-LST PMAAI00 112.075–112.175 112.125 +0.625 Peru Butane LST PMABR00 96.825–96.925 96.875 +0.625 Naphtha FOB PAAAS00 73.76–73.78 73.770 -0.180 N-Butane mo. 2 AAWUF00 112.075–112.175 112.125 +0.875 FO 1.6% S FOB PPARK00 62.64–62.66 62.650 -0.400 Isobutane PMAAB00 111.950–112.050 112.000 +0.750 Natural Gasoline CIF 65.700 +0.240 AAXWD00 Isobutane LST AAIVD00 110.700–110.800 110.750 +0.750 ULSD CIF AAXWY00 90.050 -0.040 Natural gasoline LST AAIVF00 151.450–151.550 151.500 0.000 Peso/liter Change Natural Targa PMABW05 151.700–151.800 151.750 0.000 Mexico cargo Natural non-Targa PMABY05 152.450–152.550 152.500 -0.250 Gasoline CIF Eastern Mexico AAXWA00 85.470 -0.160 AATFH00 9.980 -0.040 Nat gasoline mo. 2 non-Targa AAWUG00 152.575–152.675 152.625 -0.375 Gasoline CIF Rosarito AATFA00 84.700 -0.100 AATFK00 9.890 -0.040 Gasoline CIF Lazaro Cardenas AATFD00 85.170 -0.100 AATFN00 9.940 -0.040 Conway ULSD CIF Eastern Mexico AAXWE00 87.850 -0.020 AATFI00 10.250 -0.040 Ethane/propane PMAAO00 12.950–13.050 13.000 0.000 ULSD CIF Rosarito AATFB00 90.290 -0.200 AATFL00 10.540 -0.050 Propane PMAAT00 74.450–74.550 74.500 +2.250 ULSD CIF Lazaro Cardenas AATFE00 90.250 -0.010 AATFO00 10.530 -0.040 Normal butane non-LST PMAAD00 79.450–79.550 79.500 -2.750 Jet CIF Eastern Mexico AATFG00 88.970 -0.230 AATFJ00 10.380 -0.060 Isobutane PMAAA00 95.700–95.800 95.750 -0.125 Jet CIF Rosarito AATFC00 90.790 -0.540 AATFM00 10.600 -0.090 Natural gasoline PMAAQ00 122.950–123.050 123.000 -4.000 Jet CIF Lazaro Cardenas AATFF00 91.110 -0.200 AATFP00 10.630 -0.060 Other hubs Caribbean cargoes, FOB, Aug 3 (PGA page 162) Bushton propane AALBE00 74.450–74.550 74.500 +2.250 Mid Change Hattiesburg propane AALBC00 92.575–92.675 92.625 +0.625 $/mt River natural gasoline AALBG00 163.450–163.550 163.500 -0.250 Jet kerosene PJAAD00 708.49–708.55 708.520 -1.790 ¢/gal ($/mt) Jet kerosene PJAAD10 211.49–211.51 211.500 -0.530 Waterborne FOB USGC propane AAXIM00 523.750–523.770 523.760 +4.060 $/barrel FOB USGC propane vs. Mt Belvieu AAXIO00 29.950–29.970 29.960 0.000 No. 6 2.0% S PUAAS00 65.31–65.33 65.320 -0.400 VLGC freight rates Houston to NWE AAXIQ00 37.990–38.010 38.000 0.000 VLGC freight rates Houston to Japan AAXIS00 69.990–70.010 70.000 0.000 Caribbean product postings (¢/gal), Aug 3 (PGA page 466) Prices effective Jul 26 Petrotrin (¢/gal) Avgas 100/130 PTAHQ09 546.00 Waterborne FOB USGC propane AAXIN00 100.520–100.540 100.530 +0.780 95 Oct. unl PTADR00 246.00 FOB USGC propane vs. Mt Belvieu AAXIP00 5.700–5.800 5.750 0.000 92 Oct. unl AANTB00 237.00 VLGC freight rates Houston to NWE AAXIR00 7.245–7.345 7.295 0.000 83 Oct. unl AAOCF09 222.00 VLGC freight rates Houston to Japan 13.430–13.450 13.440 0.000 Dpk/jet PTAEP09 231.00 AAXIT00 45 cet 0.5%S gasoil PTADQ09 220.00 Heavy fuel oil ($/barrel) PTAEM09 80.00

(continued from page 8) Award details could not be confirmed, but CAO last SINGAPORE JET TO GASOIL REGRADE KEEPS TRENDING LOWER Oil major Shell was also moving 90,000 mt of jet fuel from bought a 25,000 mt cargo of jet A-1 fuel for August ($/b) South Korea to the UK Continent at a lumpsum rate of $1.9 4-8 delivery to Huangpu at a premium of around 40-60 2 million on the Dong-A Thetis, for loading around August 10. cents/b to the MOPS jet fuel/kerosene assessments on 1 Northeast Asia flows to the US West Coast were also a CFR basis. ongoing, as Valero Energy has fixed 35,000 mt jet fuel for 0 August 9 loading from South Korea to the US West Coast at Resid a lumpsum freight rate of $1.05 million, shipping data showed. -1 “Physical flow still seems a little oversupplied [in Asia],” -2 a Singapore-based trader said. Singapore stocks drop to nine-year low 09-Apr 27-Apr 17-May 06-Jun 26-Jun 16-Jul 03-Aug Data from International Enterprise Singapore showed Singapore’s commercial stockpile of residues plunged to FOB Singapore jet to 10 ppm Singapore gasoil middle distillate stocks falling 9% week on week to 9.94 a nine-year low of 14.799 million barrels in the week ended Source: S&P Global Platts million barrels in the week ended August 1. August 1, IE Singapore data released late Thursday showed. And in Europe, jet-kerosene inventories in the The stocks dropped 8.6% from a week earlier, the Singapore’s onshore storage tanks, as traders have given Amsterdam-Rotterdam-Antwerp trading hub increased 3% data showed. up storage space due to high cost, which has also week on week to 692,000 mt in the week ended August 1, Trade sources attributed the low stocks mainly to a low contributed to lower stocks, a trader said. PJK data showed. influx of arbitrage cargoes. Singapore exported 449,001 mt of fuel oil in the In tenders, China Aviation Oil was said to have Singapore imported 693,497 mt of fuel oil over July week, down 17.8% from a week earlier, according to IE bought 39,000-41,000 mt of jet A-1 fuel for delivery over 26-August 1, down 60.9% week on week, the data showed. Singapore data. September 7-9 to Tianjin at a premium of around 70 Sources added that Saudi Arabia has increased fuel oil Looking forward, “there are few factors which will ease cents/b to the Mean of Platts Singapore jet fuel/kerosene imports from Europe since June, for its use as feedstock at the supply tightness,” a trader in Singapore said. assessments on a CFR basis. the kingdom’s power plants. In tender news, Saudi Aramco Mobil Refinery, or CAO also bought, through the same tender, 25,000 mt The narrow price spread between Singapore 380 CST Samref,sold 80,000 mt of 700 CST HSFO with maximum for delivery over September 4-8 to Huangpu at a premium HSFO and 3.5% Rotterdam barge assessments also cut cargo 4% sulfur for loading over August 13-15 from Yanbu to of between 70 cents/b and $1.50/b to MOPS jet fuel/ movements from the West to Asia, trade sources said. Chevron, at a discount of around $15/mt to Mean of Platts kerosene assessments, CFR. At the same time, there is growing space availability at Singapore 380 CST HSFO assessments, FOB, market sources said. Taiwan’s Formosa Petrochemical Corp. offered 40,000 Weekly asphalt cement assessments, Aug 3 (PGA page 580) mt of 380 CST HSFO with maximum 2.5% sulfur for Market $/ton Mid Change loading over August 16-18 from Mailiao. The tender will Arkansas PPARP00 465.00–475.00 470.000 ++5.000 Colorado PPARU00 440.00–450.00 445.000 ++5.000 close on August 6. Montana PPASM00 440.00–450.00 445.000 ++5.000 California PPARW00 495.00–505.00 500.000 ++5.000 Illinois PPARX00 425.00–435.00 430.000 ++5.000 Georgia PPARQ00 440.00–450.00 445.000 ++5.000 ARA inventories set to tighten further Minneapolis/St. Paul PPARR00 430.00–440.00 435.000 ++5.000 Ohio PPARY00 450.00–460.00 455.000 ++5.000 Fuel oil stocks in the Amsterdam-Rotterdam-Antwerp Oklahoma AAUQO00 460.00–470.00 465.000 ++5.000 hub fell 10% in the seven days to Wednesday to 1.191 Kansas PPARZ00 465.00–475.00 470.000 ++5.000 million mt, and further draws in stocks are expected due Texas PPART00 445.00–455.00 450.000 ++5.000 Louisiana PPALA00 445.00–455.00 450.000 ++5.000 to three upcoming VLCC loadings, according to data from MidAtlantic AAWIC00 450.00–460.00 455.000 ++5.000 PJK Consulting. Tampa AAWID00 465.00–475.00 470.000 ++5.000 The Rotterdam high sulfur fuel oil market has been

consistently strong in recent weeks and 3.5% FOB Feedstocks Offers for USGC VGO cargoes have dipped below barge Rotterdam barge intermonth spreads remain in values late this week. backwardation out until 2019, even through the typically US sour VGO rallies to $13/b over crude “You’ve got to come in with the offer under the barges weaker winter months as refinery upgrade programs are Houston feedstocks differentials rebounded Friday, with or the barges will just block you out,” a second US market expected to tighten the fuel oil complex. sour vacuum gasoil hitting a $13/b premium to crude for the source said. “Why not buy two or three barges as you need In the coming days three VLCCs, the Seeb, Sea Lion first time since late June on stout diesel cracks at US Gulf them instead of 350,000 to 400,000 barrels on a ship that and DHT Stallion, are expected to depart Rotterdam for Coast refiners. you have to tank and tie up on inventory.” Singapore, and an Aframax, Albanel, for discharge in High-sulfur VGO barges for early to mid-August traded the Red Sea. late Thursday at September WTI futures plus $13/b, up from The tighter RMG 380 CST bunker fuel market has begun the assessment at $9.30/b over crude Thursday afternoon. ARA naphtha stocks dip on strong gasoline to bite on bunker suppliers’ books, and they have Low-sulfur VGO barges were talked stronger. Naphtha inventories in the Amsterdam-Rotterdam-Antwerp approached trading houses to meet prompt requirements “High-sulfur VGO is where all the strength is,” a US hub fell 10.6% to 328,000 mt, in the week to Thursday, but this week, a fuel oil trader said. market source said. were 43.86% higher year on year, according to data from A workable arbitrage for 3.5% fuel oil cargoes moving The rise in diesel cracks has meant extra support for PJK International. from Northwest Europe to Singapore seems plausible sour feedstocks. The fall in stocks week on week reflects an uptick in if the premium of Singapore cargoes over Rotterdam Since July 2, the diesel-WTI crack in the Gulf Coast buying interest as major players in the European widens further, as Singapore’s high sulfur fuel oil market region has risen $4.24/b to $19.02/b through Thursday, petrochemical complex returned to the market to purchase kept its strong momentum, underpinned by a low influx of including a day-over-day $2.78/b jump on July 27. cracking grade product, while a stronger gasoline complex arbitrage supply. Gulf Coast ULSD has been on a steep climb this week, saw renewed demand for naphtha purchased as a blending The lack of fuel oil in Singapore is being compounded by bolstered by strong domestic and export demand. S&P component for finished-grade gasoline. market participants’ concerns about recent quality issues Global Platts Thursday assessed the market at the NYMEX A widening spread along the east/west naphtha curve – detected in some Singapore high sulfur fuel oil, aggravating September ULSD futures contract minus 3.70 cents/gal, up tracking the premium of Mean of Platts Japan swaps over the tight availability in the region. from minus 4.50 cents/gal on Monday. Thursday marked the CIF NWE cargo swap – has also implied a stronger draw Some traders believe this could lend support to the the strongest level the market has been since May. from the Asian naphtha complex over the week, with fixture list from Rotterdam as Singapore buyers attempt to The last time sour VGO was assessed higher than $13/b sources in Europe optimistic that demand will remain lock in delivery of on-spec RMG 380 CST volumes. over crude was June 22 at WTI plus $13.3/b, with a healthy throughout August before scheduled turnarounds Marine fuel and lubricant sales at the port of Rotterdam, reduction in imports from Africa, Europe and other sources take place over September to November. Europe’s largest bunkering hub, slipped by 5.3% on the year supporting the market at that time. “The East has been strong and this has meant the in the second quarter. In Europe, the rally in Panamax freight rates has Mediterranean has not had much to spare for northern Total bunker sales dropped to 2.36 million cu m in weakened the potential of a VGO arbitrage to the US. Europe,” said one source. the second quarter, from 2.49 million cu m in the same “The arb seems to have slammed shut overnight,” a Besides the draw in stocks, sustained strength in period a year earlier, data released by the port authority Europe feedstocks trader said. Europe’s gasoline market and a firm pull from the Asian Friday showed. Other market sources pointed to a workable arbitrage, naphtha complex has translated into appreciating values Fuel oil sales sank by 5.1% to 1.98 million cu m, while with two VGO cargoes heard fixed from Europe due for across naphtha grades. sales of marine gasoil and marine diesel oil together discharge in the USGC, according to a market source. Cash premiums of open specification grade naphtha vs. dropped by 6.8% to 359,261 cu m. Marine lubricant “A paper arb maybe,” a second Europe feedstocks the front month swap were pegged by one source at $5.00/ consumption slipped by 4.4% to 25,269 cu m. source said, “but in reality it’s not really [open].” mt Thursday, representing an appreciation against previous LNG bunker sales jumped to 1,297 mt, compared with Panamax United Kingdom-USGC rates for VGO, crude week’s values, when differentials dipped into minus 50 729 mt in the first quarter, and around 1,500 mt for the and other dirty products have been assessed above $20/mt cents/mt July 27. whole of 2017. for four consecutive days through Thursday. In the ARA gasoline market, inventories rose by 3.07%

to 0.97 million mt (8.20 million barrels), in the week to last tender, IOC bought LPG on a term basis of eight evenly Tankers Thursday, with the year-on-year figure increasing by 6.33%, split VLGC cargoes of 45,000 mt each, and 12 evenly split PJK International data showed. MGC cargoes of 20,000 mt each for delivery in 2018. Typhoon shuts eastern China ports The current price of gasoline in Northwest Europe is the Ports along China’s eastern peninsula were closed Friday fundamental driver of refineries continuing to produce as Typhoon Jongdari made landfall at the coastal regions product, with global demand steady. State allows Mariner East 2 construction of Jinshan, Shanghai at 0230 GMT Friday, the National Despite the minimal increase in this week’s stocks, Energy Transfer Partners will be able to resume Meteorological Center said. sources have noted it is difficult for refineries to keep up with construction of the Mariner East 2 and 2X NGL pipelines at Zhoushan-Ningbo, Yangshan and Shanghai ports the demand for gasoline in the region: “The gasoline price is eight locations in Chester County, Pennsylvania, after state were closed late Thursday, while the Rizhao port Maritime high, it’s a two-pronged attack – a lot has gone to West Africa regulators discontinued an injunction Thursday. Safety Administration sounded a gale warning Friday, and the US has pulled. The high temperatures have caused In a 3-2 vote, the Pennsylvania Public Utility China-based sources said. refineries to be down slightly,” one source said. Commission approved a motion to remove the injunction China’s Central Meteorological Observatory had issued a Components are well supplied in the region, this, issued in June that had blocked construction of the blue warning Thursday. China has a four-tier warning alongside a healthy Eurobob gasoline crack has provided pipelines in Chester County due to public safety concerns. system for severe weather, with red representing the most incentive for refiners to continue their supply of product. The latest motion noted that Energy Transfer serious followed by orange, yellow and blue. “Components in the North are much more liquid,” one Partners, which owns the pipelines that its Sunoco “Bunkering operations should resume by the trader said. Pipeline subsidiary operates, had satisfied the weekend, although some ports will resume later than requirements of the June injunction by providing others,” a trader said. proof of construction permits from the Department Gas liquids of Environmental Protection at eight locations in West Whiteland Township, as well as inspection and testing Seven Saudi tankers go dark off Yemen Asia propane more economic than naphtha protocols, emergency response plans and safety Seven Saudi tankers appear to have shut off their Asian LPG prices recovered Friday, outpacing the $5.76/ training curricula. transponders that make their position visible to the world mt increase in October ICE Brent crude futures from the Construction will remain suspended at four locations after last week’s Houthi attack on two VLCCs in the Red Sea, previous Asian close. in West Whiteland Township until the company obtains according to S&P Global Platts trade flow software cFlow. S&P Global Platts assessed H1 September CFR Japan the necessary permits. Two unnamed Saudi-owned VLCCs were attacked off physical propane at $580.5/mt, up $3.50/mt day on day. “We are pleased with the decision by Pennsylvania’s the west coast of Yemen last week, prompting state-owned The premium for H1 September delivery propane over PUC to allow our construction to resume in West Saudi Aramco to halt all oil shipments through the Bab the September CP swap dipped $1.5/mt day on day to Whiteland Township where we have the necessary al-Mandab strait at the bottom of the Red Sea. $20.5/mt Friday. permits,” said Vicki Granado, an Energy Transfer A total of seven tankers owned by Saudi state shipping The September FEI propane swap discount to MOPJ spokeswoman. company Bahri now appear to have shut off their transponders, naphtha swap further widened to $63.25/mt, from $62.5/ “Our timeline on ME2 remains unchanged due to the according to cFlow, keeping their location hidden. mt in the previous session. fact that we altered our plans last month to re-purpose The VLCCs Arsan and Abqaiq have not updated their As the discount continues to widen, LPG remains more a section of an existing pipeline while we reevaluate location since the mornings of July 23 and 25, respectively, economical than naphtha as a feedstock at steam crackers. construction methods in Delaware and Chester counties.” when they were heading towards Bab al-Mandab. India’s IOC tendered to buy two evenly-split LPG Expected to be completed in the second half of 2018, Three part-laden VLCCs, the Khuzama, the TI Hawtah cargoes, each 44,000 mt, for October 5-10 and October the 345,000 b/d Mariner East 2 pipeline will transport LPG and the Marjan, were gathering at the southwest corner 10-30 delivery into Haldia/Ennore. from the Marcellus and Utica shale plays to Marcus Hook of Oman off the port of Salalah, but have not updated The tender closes August 13 with next-day validity. In its for export. their location since July 30-31. Another, the Khafji, was

updated its location, on the morning of 1 August. with a VLCC owner said. The operators of the tankers may have determined that “As predicted, the rates have edged up but it is yet to keeping their locations visible while operating near Yemen hit the ceiling at w55. There is good support from activities Capitol Crude presents a security risk. The rest of the Bahri fleet operating across the Persian Gulf, West Africa and the USG-Caribbean elsewhere in the world appears to be updating its location as regions. It gives owners the confidence to push the rates up Venezuela’s new rock bottom for oil normal, according to cFlow. Spokesmen for Saudi Aramco and by w1-w2 than the last done levels,” another VLCC broker said. production Bahri were not immediately available for comment. Fixture-wise, the Ellinis was placed on subjects by The US EIA expects Venezuelan oil production to Unipec to load 270,000 mt crude, basis August 22 laycan sink below 1 million b/d by the end of this year and from the Persian Gulf to China at w54. fall further to 700,000 b/d by the end of 2019. EIA East of Suez VLCC market heats up analyst Lejla Villar, who developed those forecasts, In the Suez market, activity remained subdued due to joins Capitol Crude to talk about the staggering A flurry of cargoes entering the market saw the East of the lack of fresh cargoes. collapse of Venezuela’s oil sector. Suez VLCC rates firm Friday. The Aframax market gained strength on the back of a The Asia VLCC market was also getting ample support few replacement jobs and from increasing demand for Listen to the podcast here: from the activity boost being witnessed in West Africa. tonnage from Australia. http://plts.co/CxtT30l4rh9 “Around 84 vessels are open in the Persian Gulf for the “The short supply of tonnage in the Persian Gulf is still August 19-29 loading date range, which is not considered persisting due to the Indonesia market getting more heading past Oman towards the Red Sea when it was last tight in terms of tonnage supply. However, the market is still balanced,” an Aframax broker said. heard from early on August 1. showing strengthening,” a VLCC broker said. There were many outstanding cargoes in the market And the chemicals tanker NCC Reem was in the Gulf of The competition for tonnage from the West Africa besides the replacement jobs due to a few vessels failing the Aden carrying a cargo towards the Red Sea when it last market was perking up sentiment to a large extent, a source vetting requirements, an Aframax shipowner source said.

News

South Korea finds US crude cheaper cost figures include freight, insurance, tax and other SOUTH KOREA’S CRUDE IMPORT COSTS ($/b) than Russian grades administrative and port charges. 80 On the contrary, Asia’s fourth-biggest energy consumer Russian crude ■■US crude a $4.75/b discount to Russia in June imported 3.01 million barrels from the US in June at an 75 US crude ■■Russian crude sensitive to Asian product cracks average cost of $74.49/b, which was $4.75/b cheaper. 70 ■■Tax exception supporting US volumes The latest data raised many eyebrows in the regional market as the delivery distance from Far East Russia to 65 Singapore—South Korean refiners paid close to $5/b Northeast Asia is significantly shorter than the US-South less for delivered US crude compared to Russia blends Korea route. 60 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 in June, a stern reminder that short-haul supplies do Industry sources noted that the voyage time from Note: Costs include freight, tax, insurance, port fees and others. not always come cheap and long-haul cargoes are not Far East Russia’s Kozmino port, the DeKastri terminal Costs show average value paid per month Source: Korea Nationa Oil Corp. necessarily expensive. and Prigorodnoye export terminal to Northeast Asia is South Korea has imported a total of 2.17 million less than a week versus up to 50-60 days from the US cracking margins, with price differentials for ESPO barrels of crude and condensate from Russia in June Gulf Coast. Blend, Sakhalin Blend and Sokol often rallying in and paid on average $79.24/b, latest data from state- However, most of the light sweet Far East Russian tandem with strong light and middle distillate cracks in run Korea National Oil Corp. showed. KNOC’s import grades are highly sensitive to Asian refined oil product (continued on page 30)

Crude Price Assessments

Asia Pacific/Middle East spot crude assessments ($/barrel), Aug 3 Assessment (Asian MOC) Diffs (Asian MOC) Diff to Dated Brent (Asian MOC) Assessment (London MOC) Mid Change Mid Change Mid Change Mid Change Condensate (PGA page 2212) (PGA page 2213) Diff to Dubai NW Shelf PCAGX00 72.06–72.10 72.080 +0.710 AAPAI00 -0.650 -0.050 AAPAH00 72.150 +0.050 DFC ADFCA00 74.89–74.93 74.910 +0.680 ADFCB00 3.40/3.50 3.450 -0.050 ADFCC00 2.020 -0.050 ADFCD00 75.060 +0.120 Qatar LSC AARBB00 73.64–73.68 73.660 +0.680 AARBD00 2.15/2.25 2.200 -0.050 AARBC00 0.770 -0.050 AARBA00 73.810 +0.120 South Pars AARAV00 73.24–73.28 73.260 +0.680 AARAX00 1.75/1.85 1.800 -0.050 AARAW00 0.370 -0.050 AARAU00 73.410 +0.120 Diff to ICP Senipah AAEOE00 72.57–72.61 72.590 +0.710 AAEOK00 1.50/1.60 1.550 0.000 AAPBE00 -0.140 -0.050 AAPBD00 72.660 +0.050 Light (PGA page 2214) (PGA page 2215) Diff to ICP Cossack PCAGZ00 73.51–73.55 73.530 +0.760 AAPAC00 0.800 0.000 AAPAB00 73.600 +0.100 Gippsland PCACP00 71.56–71.60 71.580 +0.760 AAPAU00 -1.150 0.000 AAPAT00 71.650 +0.100 Tapis PCACB00 74.61–74.65 74.630 +0.760 AAOZW00 1.900 0.000 AAOZV00 74.700 +0.100 Belida PCAFL00 69.56–69.60 69.580 +0.880 PCAFM00 0.80/0.90 0.850 0.000 AAPBQ00 -3.150 +0.120 AAPBP00 69.650 +0.220 Kutubu PCAFJ00 73.21–73.25 73.230 +0.760 AAPAE00 0.500 0.000 AAPAD00 73.300 +0.100 Handil Mix PCABE00 72.41–72.45 72.430 +0.880 PCABF00 2.20/2.30 2.250 0.000 AAPBI00 -0.300 +0.120 AAPBH00 72.500 +0.220 Attaka PCAAJ00 69.36–69.40 69.380 +0.880 PCAAK00 0.15/0.25 0.200 0.000 AAPBC00 -3.350 +0.120 AAPBB00 69.450 +0.220 Ardjuna PCACQ00 67.36–67.40 67.380 +0.880 PCACR00 0.25/0.35 0.300 0.000 AAPBG00 -5.350 +0.120 AAPBF00 67.450 +0.220 Banyu Urip PCAFQ00 75.530 +0.760 PCAQQ00 2.300 0.000 AAPBU00 2.800 0.000 AAPBR00 75.600 +0.100 Diff to Dubai Sakhalin Blend AARBN00 73.69–73.73 73.710 +0.730 AARCN00 2.20/2.30 2.250 0.000 AARDN00 0.820 0.000 AAREN00 73.860 +0.170 Diff to Oman/Dubai Sokol AASCJ00 74.59–74.63 74.610 +0.750 AASCK00 3.05/3.15 3.100 0.000 AAPAO00 1.720 +0.020 AAPAN00 74.760 +0.190 Kikeh AAWUH00 76.41–76.45 76.430 +0.760 AAOZY00 3.700 0.000 AAOZX00 76.500 +0.100 Miri Light PCABQ00 76.46–76.50 76.480 +0.760 AAPAS00 3.750 0.000 AAPAR00 76.550 +0.100 Labuan PCABL00 76.46–76.50 76.480 +0.760 AAPAQ00 3.750 0.000 AAPAP00 76.550 +0.100 Kimanis AASCL00 76.180 +0.760 AASCM00 3.450 0.000 AASCN00 76.250 +0.100 Medium (PGA page 2216) (PGA page 2217) Diff to ICP Nanhai PCAFR00 68.86–68.90 68.880 +0.760 AAPAG00 -3.850 0.000 AAPAF00 68.950 +0.100 Minas PCABO00 67.91–67.95 67.930 +0.780 PCABP00 1.85/1.95 1.900 -0.050 AAPBA00 -4.800 +0.020 AAPAZ00 68.000 +0.120 Nile Blend AAPLC00 68.51–68.55 68.530 +0.730 AAPEX00 2.45/2.55 2.500 -0.100 AAPAM00 -4.200 -0.030 AAPAL00 68.600 +0.070 Widuri PCAFE00 65.91–65.95 65.930 +0.780 PCAFF00 0.20/0.30 0.250 -0.050 AAPBO00 -6.800 +0.020 AAPBN00 66.000 +0.120 Daqing PCAAZ00 65.06–65.10 65.080 +0.680 AAPAW00 -7.650 -0.080 AAPAV00 65.150 +0.020 Cinta PCAAX00 65.81–65.85 65.830 +0.780 PCAAY00 0.20/0.30 0.250 -0.050 AAPBK00 -6.900 +0.020 AAPBJ00 65.900 +0.120 Su Tu Den AARAR00 74.96–75.00 74.980 +0.660 AARAS00 2.250 -0.100 AARAQ00 75.050 0.000 Bach Ho PCAHY00 75.56–75.60 75.580 +0.660 AAPAK00 2.850 -0.100 AAPAJ00 75.650 0.000 Heavy (PGA page 2218) (PGA page 2219) Diff to ICP Dar Blend AARAB00 65.46–65.50 65.480 +0.660 AARAC00 -7.250 -0.100 AARAA00 65.550 0.000 Shengli PCABY00 64.86–64.90 64.880 +0.680 AAPAY00 -7.850 -0.080 AAPAX00 64.950 +0.020 Duri PCABA00 65.46–65.50 65.480 +0.780 PCABB00 2.30/2.40 2.350 -0.050 AAPBM00 -7.250 +0.020 AAPBL00 65.550 +0.120 Enfield AARAE00 75.030 +0.660 AARAF00 2.300 -0.100 AARAD00 75.100 0.000 Vincent AARAK00 72.930 +0.660 AARAL00 0.200 -0.100 AARAJ00 73.000 0.000 (PGA page 2220) (PGA page 2202) Spread vs OSP Diff to Dubai Murban AAKNL00 74.28–74.32 74.300 +0.700 AAKUB00 -0.30/-0.20 -0.250 0.000 AARBZ00 2.840 -0.030 Al Shaheen AAPEV00 71.88–71.92 71.900 +0.700 AAPEW00 0.39/0.49 0.440 -0.030 Upper Zakum AAOUQ00 71.88–71.92 71.900 +0.700 AAOUR00 -0.10/0.00 -0.050 +0.050 Assessment (Asian MOC) Das Blend AAXOF00 73.63–73.67 73.650 +0.700 AAXPF00 -0.40/-0.30 -0.350 0.000 Dubai CFR North Asia PCAQA00 73.150 +0.760 Qatar Land AAKNP00 73.18–73.22 73.200 +0.700 AAKUJ00 -0.35/-0.25 -0.300 0.000 LOOP Sour CFR North Asia PCAQI00 71.030 +1.130 Qatar Marine AAKNR00 71.53–71.57 71.550 +0.700 AAKUH00 -0.10/0.00 -0.050 +0.050 Oman CFR North Asia PCAQJ00 73.240 +0.800 Banoco Arab Medium AAKNT00 71.03–71.07 71.050 +0.800 AAKUD00 -0.05/0.05 0.000 +0.300 Upper Zakum CFR North Asia PCAQB00 73.120 +0.750 Basrah Light M1 AALZA00 – 71.700 +0.700 AALZE00 0.050 +0.100 Qatar Marine CFR North Asia PCAQC00 72.780 +0.750 Basrah Light M2 AALZB00 – 71.550 +0.700 AALZF00 -0.050 +0.100 Murban CFR North Asia PCAQE00 75.480 +0.760 Basrah Heavy M1 AALZC00 – 68.650 +0.700 AALZJ00 0.350 +0.050 Basrah Light CFR North Asia PCAQK00 72.810 +0.760 Basrah Heavy M2 AALZD00 – 68.500 +0.700 AALZK00 0.250 +0.050 ESPO CFR North Asia PCAQD00 74.380 +0.780 Forties CFR North Asia PCAQF00 75.265 +0.890 Dalia CFR North Asia PCAQG00 73.930 +1.040 WTI MEH CFR North Asia PCAQH00 75.660 +0.760

Crude Price Assessments

International, Aug 3 North Sea, Aug 3 (PGA page 1212) ($/barrel) Mid Change ($/barrel) Mid Change Spread vs fwd Dated Brent Mid Change (PGA page 2210) Dated Brent Diff AAXEZ00 -0.16/-0.15 -0.155 -0.725 Dubai (Oct) PCAAT00 71.89–71.91 71.900 +0.700 BNB AAVJA00 72.86–72.88 72.870 -0.310 AAVJB00 0.27/0.28 0.275 -0.300 Dubai (Nov) PCAAU00 71.68–71.70 71.690 +0.770 Forties PCADJ00 72.43–72.45 72.440 -0.795 AAGWZ00 -0.16/-0.15 -0.155 -0.785 Oseberg PCAEU00 73.66–73.68 73.670 -0.210 AAGXF00 1.07/1.08 1.075 -0.200 Dubai (Dec) PCAAV00 71.45–71.47 71.460 +0.730 Ekofisk PCADI00 73.20–73.22 73.210 -0.260 AAGXB00 0.61/0.62 0.615 -0.250 MEC (Oct) AAWSA00 71.89–71.91 71.900 +0.700 Troll AAWEX00 73.94–73.95 73.945 -0.210 AAWEY00 1.34/1.36 1.350 -0.200 MEC (Nov) 71.68–71.70 71.690 +0.770 AAWSB00 Statfjord PCAEE00 72.38–72.39 72.385 -0.010 AAGXD00 -0.22/-0.20 -0.210 0.000 MEC (Dec) AAWSC00 71.45–71.47 71.460 +0.730 Flotta Gold PCACZ00 71.24–71.25 71.245 +0.140 AAGXH00 -1.36/-1.34 -1.350 +0.150 Oman (Oct) PCABS00 71.99–72.01 72.000 +0.750 Duc AAWEZ00 73.34–73.35 73.345 -0.010 AAWFL00 0.74/0.76 0.750 0.000 Oman (Nov) AAHZF00 71.74–71.76 71.750 +0.800 Grane Blend PCALA00 71.345 -0.060 PCALB00 -1.250 -0.050 Oman (Dec) AAHZH00 71.49–71.51 71.500 +0.750 Statfjord (CIF) AASAS00 73.44–73.45 73.445 -0.010 AASAT00 0.84/0.86 0.850 0.000 Oman cash/OSP (Oct) PCABT00 -0.01–0.03 0.010 +0.140 Gullfaks (CIF) AASAU00 74.34–74.35 74.345 -0.110 AASAV00 1.74/1.76 1.750 -0.100 (PGA page 1212) Alvheim (CIF) ALVHA00 76.195 -0.010 ALVHB00 3.600 0.000 Asgard (CIF) ASGCA00 72.445 -0.010 ASGCB00 -0.150 0.000 Brent (DTD) PCAAS00 72.43–72.45 72.440 -0.735 North Sea Dated Strip AAKWH00 72.59–72.60 72.595 -0.010 DTD NSL AAOFD00 72.43–72.45 72.440 -0.735 ($/barrel) Spread vs fwd CIF Dated Brent Dated Brent (CIF) 73.280 -0.310 PCAKM00 Dated Brent (CIF) AAVJG00 73.280 -0.310 AAVJF00 0.670 -0.290 Brent (Oct) PCAAQ00 73.41–73.43 73.420 +0.195 BNB (CIF) PCAKP00 74.050 -0.345 AAVJC00 1.440 -0.325 Brent (Nov) PCAAR00 73.71–73.73 73.720 +0.235 Forties (CIF) PCAKR00 73.280 -0.825 AAHXC00 0.670 -0.805 Brent (Dec) PCARR00 73.840 +0.255 Oseberg (CIF) PCAKT00 74.510 -0.235 AAHXD00 1.900 -0.215 North Sea Basket AAGIZ00 73.04–73.06 73.050 -0.390 Ekofisk (CIF) PCAKV00 73.920 +0.040 AAHXB00 1.310 +0.060 (PGA page 218) Troll (CIF) AAXJO00 74.795 -0.240 AAXJN00 2.185 -0.220 North Sea CIF Dated Strip AAHXE00 72.610 -0.020 Brent/WTI 1st AALAU00 5.97/5.99 5.980 +0.185 Brent/WTI 2nd AALAV00 6.70/6.72 6.710 +0.215 West Africa, Aug 3 (PGA pages 1230 and 1232) Brent/WTI 3rd AALAY00 7.180 +0.215 ($/barrel) Mid Change Spread vs fwd DTD Brent Mid Change Brent EFP (Oct) AAGVX00 0.11/0.13 0.120 +0.075 Nigeria Brent EFP (Nov) AAGVY00 0.12/0.14 0.130 +0.075 Bonny Light PCAIC00 74.24–74.27 74.255 +0.145 AAGXL00 1.44/1.46 1.450 +0.050 Brent EFP (Dec) AAMVY00 0.140 +0.075 Qua Iboe PCAID00 74.29–74.32 74.305 +0.095 AAGXN00 1.49/1.51 1.500 0.000 Swaps(PGA page 2658) Forcados PCABC00 74.24–74.27 74.255 +0.045 AAGXP00 1.44/1.46 1.450 -0.050 Agbami AAQZB00 72.49–72.52 72.505 -0.005 AAQZC00 -0.31/-0.29 -0.300 -0.100 Dubai (Sep) AAHBM00 71.67–71.71 71.690 +0.770 Escravos AAEIZ00 74.29–74.32 74.305 +0.045 AAGXR00 1.49/1.51 1.500 -0.050 Dubai (Oct) AAHBN00 71.44–71.48 71.460 +0.730 Brass River AAEJB00 73.99–74.02 74.005 +0.095 AAGXV00 1.19/1.21 1.200 0.000 Dubai (Nov) AAHBO00 71.23–71.27 71.250 +0.660 Akpo PCNGA00 72.49–72.52 72.505 -0.005 PCNGB00 -0.31/-0.29 -0.300 -0.100 MOG (Sep) AAHZP00 71.77–71.81 71.790 +0.820 Bonga PCNGC00 74.14–74.17 74.155 +0.095 PCNGD00 1.34/1.36 1.350 0.000 MOG (Oct) AAHZR00 71.54–71.58 71.560 +0.780 Usan AAXUQ00 72.005 +0.195 AAXUR00 -0.800 +0.100 MOG (Nov) AAHZT00 71.33–71.37 71.350 +0.710 Erha AAXUO00 74.005 +0.095 AAXUP00 1.200 0.000 Oman/Dubai Swap (Sep) AAIHJ00 0.08/0.12 0.100 +0.050 Angola Oman/Dubai Swap (Oct) AAIHL00 0.08/0.12 0.100 +0.050 Cabinda PCAFD00 72.34–72.37 72.355 +0.095 AAGXT00 -0.46/-0.44 -0.450 0.000 Oman/Dubai Swap (Nov) AAIHN00 0.08/0.12 0.100 +0.050 Nemba AAQYZ00 72.39–72.42 72.405 +0.095 AAQZA00 -0.41/-0.39 -0.400 0.000 Dalia AAQYX00 71.89–71.92 71.905 +0.095 AAQYY00 -0.91/-0.89 -0.900 0.000 Girassol AASNL00 72.79–72.82 72.805 +0.095 AASJD00 -0.01/0.01 0.000 0.000 Asia ($/barrel), Aug 3 (PGA page 2210) Hungo AASLJ00 71.84–71.87 71.855 +0.095 AASJF00 -0.96/-0.94 -0.950 0.000 Mid Change Kissanje AASLK00 72.34–72.37 72.355 +0.095 AASJE00 -0.46/-0.44 -0.450 0.000 Pazflor PCNGG00 71.89–71.92 71.905 +0.095 PCNGH00 -0.91/-0.89 -0.900 0.000 Brent (Oct) PCAJG00 73.27–73.28 73.275 +0.745 Plutonio PCNGI00 71.89–71.92 71.905 +0.095 PCNGJ00 -0.91/-0.89 -0.900 0.000 Brent (Nov) 73.51–73.52 73.515 +0.675 PCAJI00 Ghana Brent (Dec) PCAJ000 73.605 +0.615 Jubilee AAXUS00 72.805 +0.095 AAXUT00 0.000 0.000 Brent(DTD) AAXPG00 73.225 +0.940 Republic of Congo Brent/Dubai 1.37/1.38 1.375 +0.045 AAJMS00 Djeno PCNGE00 70.69–70.72 70.705 +0.095 PCNGF00 -2.11/-2.09 -2.100 0.000 WTI (Sept) AAFFU00 68.63–68.67 68.650 +1.070 Chad WTI (Oct) AAFFW00 67.38–67.42 67.400 +0.940 Doba AAXUU00 69.105 +0.095 AAXUV00 -3.700 0.000 WTI (Nov) AAFFY00 66.92–66.96 66.940 +0.850 30-60 Day Dtd strip AAXRK00 72.80–72.81 72.805 +0.095

Crude Price Assessments

London, Aug 3 (PGA page 1214) ($/barrel) Brent CFD Mid Change Dated Swap Mid Change 1wk (Nov) PCAKA00 -1.51/-1.49 -1.500 -0.230 AAJNV00 72.21/72.23 72.220 +0.005 2wk (Nov) PCAKC00 -1.29/-1.27 -1.280 -0.230 AAJOS00 72.43/72.45 72.440 +0.005 3wk (Nov) PCAKE00 -1.08/-1.06 -1.070 -0.240 AAJOU00 72.64/72.66 72.650 -0.005 4wk (Nov) PCAKG00 -1.08/-1.06 -1.070 -0.310 AAJOW00 72.64/72.66 72.650 -0.075 5wk (Nov) AAGLU00 -1.08/-1.06 -1.070 -0.390 AAJPC00 72.64/72.66 72.650 -0.155 6wk (Nov) AAGLV00 -1.02/-1.00 -1.010 -0.400 AAJPE00 72.70/72.72 72.710 -0.165 7wk (Nov) AALCZ00 -0.97/-0.95 -0.960 -0.410 AALAW00 72.75/72.77 72.760 -0.175 8wk (Nov) AALDA00 -0.93/-0.91 -0.920 -0.410 AALAX00 72.79/72.81 72.800 -0.175

Mediterranean, Aug 3 (PGA pages 1220, 1222, 1234) ($/barrel) Mid Change Spread vs fwd DTD Brent Mid Change Med Dtd Strip AALDF00 72.60–72.62 72.610 -0.015 BTC Dtd Strip AAUFI00 72.61–72.63 72.620 -0.040 15-45 Day Dtd Strip AALGM00 72.65–72.67 72.660 -0.090 Urals (Rdam) PCAFW00 71.10–71.14 71.120 -0.135 AAGXJ00 -1.50/-1.48 -1.490 -0.120 Urals (Med) PCACE00 71.19–71.23 71.210 -0.015 AAGXX00 -1.41/-1.39 -1.400 0.000 Urals FOB Ven AAGZT00 70.23–70.27 70.250 -0.110 AAHPI00 -2.37/-2.35 -2.360 -0.095 Urals FOB Novo AAGZS00 70.20–70.24 70.220 +0.015 AAHPH00 -2.40/-2.38 -2.390 +0.030 Urals FOB Novo 80KT AAOTH00 69.88–69.91 69.895 -0.015 AAOTI00 -2.72/-2.71 -2.715 0.000 Urals (Primorsk) AAWVH00 70.20–70.24 70.220 -0.110 AAWVI00 -2.40/-2.38 -2.390 -0.095 Urals (RCMB) AALIN00 71.02–71.06 71.040 -0.735 Iran Lt (Sidi) PCABI00 70.95–70.99 70.970 +0.195 AAGXZ00 -1.65/-1.63 -1.640 +0.210 Iran Hvy (Sidi) PCABH00 68.70–68.74 68.720 +0.195 AAGYB00 -3.90/-3.88 -3.890 +0.210 Es Sider PCACO00 70.54–70.58 70.560 -0.065 AAGYH00 -2.06/-2.04 -2.050 -0.050 Siberian Lt AAGZW00 72.44–72.48 72.460 -0.065 AAHPK00 -0.16/-0.14 -0.150 -0.050 Saharan Bld AAGZY00 72.09–72.13 72.110 -0.015 AAHPN00 -0.51/-0.49 -0.500 0.000 Azeri Lt AAGZX00 74.50–74.54 74.520 -0.040 AAHPM00 1.89/1.91 1.900 0.000 Azeri Lt FOB Cey AAUFM00 73.83–73.87 73.850 -0.020 AAUFN00 1.22/1.24 1.230 +0.020 Azeri Lt FOB Cey 80KT AAUFK00 73.57–73.61 73.590 -0.040 AAUFL00 0.96/0.98 0.970 0.000 Azeri Lt FOB 80KT AATHM00 73.32–73.35 73.335 -0.040 AATHN00 0.71/0.72 0.715 0.000 BTC FOB Ceyhan AAUFH00 73.70–73.74 73.720 -0.030 AAUFJ00 1.09/1.11 1.100 +0.010 Suez Blend PCACA00 68.27–68.31 68.290 -0.015 AAGYD00 -4.33/-4.31 -4.320 0.000 Kirkuk AAEJD00 68.74–68.78 68.760 -0.015 AAGYF00 -3.86/-3.84 -3.850 0.000 Syrian Lt AAHMM00 73.11–73.14 73.125 -0.015 AALOU00 0.51/0.52 0.515 0.000 Syrian Hvy AAHMN00 67.63–67.66 67.645 -0.015 AALOV00 -4.97/-4.96 -4.965 0.000 CPC Blend CIF AAGZU00 70.69–70.73 70.710 -0.015 AAHPL00 -1.91/-1.89 -1.900 0.000 CPC Blend FOB AALVX00 69.82–69.86 69.840 +0.010 AALVZ00 -2.78/-2.76 -2.770 +0.025 CPC FOB 80KT AAOFV00 69.50–69.54 69.520 -0.015 AAOFW00 -3.10/-3.08 -3.090 0.000 (PPE page 1616) Urals Med CFD (Aug) AAMDU00 -1.56/-1.54 -1.550 +0.050 CPC Blend CFD (Aug) AAOFX00 -1.750 -0.170 Urals Med CFD (Sep) AAMEA00 -1.56/-1.54 -1.550 -0.200 CPC Blend CFD (Sep) AAOFY00 -1.600 -0.300 Urals Med CFD (Oct) UMCM003 -1.46/-1.44 -1.450 -0.100 CPC Blend CFD (Oct) AAOFZ00 -1.500 -0.300 Urals NWE CFD (Aug) UNCM001 -1.61/-1.59 -1.600 0.000 Urals NWE CFD (Sep) UNCM002 -2.01/-1.99 -2.000 0.000 Urals NWE CFD (Oct) UNCM003 -2.11/-2.09 -2.100 0.000 Canada, Aug 3 (PGA page 230) Platts Euro denominated crude oil assessments (€/barrel) (PGA page 1252) ($/barrel) Mid Change Aug 3 Mid Change 33-63 Day Dated Strip AALEJ00 72.83–72.84 72.835 +0.110 Dated Brent AAPYR00 62.45–62.46 62.455 -0.545 Terra Nova AAJUH00 71.92–71.95 71.935 +0.060 Dated Brent (CIF) PCAKN00 63.178 -0.180 Hibernia AAJKK00 71.97–72.00 71.985 +0.060 Urals (Mediterranean) AAPYS00 61.38–61.41 61.395 +0.075 White Rose AAVJX00 72.72–72.75 72.735 +0.060 WTI (Sept) AAPYT00 59.21–59.23 59.220 +0.080 Spread vs fwd DTD Brent Mid Change WTI MEH (Sept) AAYSA00 61.290 +0.171 Terra Nova AAJUJ00 -0.91/-0.89 -0.900 -0.050 Mars (Sept) AAPYU00 59.17–59.19 59.180 0.000 Hibernia AAJKM00 -0.86/-0.84 -0.850 -0.050 Euro/US$ forex rate: 1.159. Platts Euro denominated crude oil assessments are based on market values and a Euro/US$ forex rate at 4:30 PM White Rose AAVJY00 -0.11/-0.09 -0.100 -0.050 local London time.

Crude Price Assessments

United States ($/barrel), Aug 3 (PGA pages 210, 214 & 230) Mid Change Mid Change Spread vs WTI Mid Change WTI (Sept) PCACG00 68.48–68.50 68.490 -0.470 WTI Midland PCACJ00 51.48–51.50 51.490 -0.970 AAGVZ00 -17.01/-16.99 -17.000 -0.500 WTI (Oct) PCACH00 67.34–67.36 67.350 -0.310 WTI Midland (2nd month) AAYZA00 50.050 -0.810 AAXXF00 -17.300 -0.500 WTI (Nov) AAGIT00 66.92–66.94 66.930 -0.250 LLS (1st month) PCABN00 71.58–71.60 71.590 -0.270 AAGWN00 3.09/3.11 3.100 +0.200 WTI EFP (Sept) AAGVT00 -0.01/0.01 0.000 0.000 LLS (2nd month) AAURC00 71.79–71.81 71.800 -0.110 AAURD00 4.44/4.46 4.450 +0.200 WTI EFP (Oct) AAGVU00 -0.01/0.01 0.000 0.000 HLS (1st month) PCABD00 70.93–70.95 70.940 +0.030 AAGWP00 2.44/2.46 2.450 +0.500 WTI EFP (Nov) AAGVV00 -0.01/0.01 0.000 0.000 HLS (2nd month) AAURE00 71.14–71.16 71.150 +0.190 AAURF00 3.79/3.81 3.800 +0.500 Light Houston Sweet AAXEW00 70.890 -0.470 WTS (1st month) PCACK00 51.48–51.50 51.490 -0.520 AAGWB00 -17.01/-16.99 -17.000 -0.050 -0.360 -0.050 Light Houston Sweet M2 AAYRY00 71.050 -0.310 WTS (2nd month) AAURG00 50.04–50.06 50.050 AAURH00 -17.31/-17.29 -17.300 WTI MEH 70.890 -0.470 2.400 0.000 LOOP Sour (Sept) AALSM01 68.190 -0.470 AAYRG00 AAYRH00 WTI MEH (2nd month) AAXXE00 71.050 -0.310 AAYYA00 3.700 0.000 LOOP Sour (Oct) AALSM02 68.200 -0.060 Poseidon AABHK00 67.63–67.65 67.640 -0.520 AAGWL00 -0.86/-0.84 -0.850 -0.050 LOOP Sour (Nov) AALSM03 68.280 0.000 Eugene Island PCAFC00 69.33–69.35 69.340 -0.470 AAGWD00 0.84/0.86 0.850 0.000 Eagle Ford Marker AAYAJ00 71.000 -0.350 Thunder Horse Blend AAWZK00 69.83–69.85 69.840 -0.470 AAWZL00 1.34/1.36 1.350 0.000 Mars (Sept) AAMBR00 68.48–68.50 68.490 -0.470 Wyoming Sweet PCACM00 65.88–65.90 65.890 -0.320 AAGWR00 -2.61/-2.59 -2.600 +0.150 Mars (Oct) AAMBU00 68.49–68.51 68.500 -0.060 Basrah Light AAEJH00 72.96–72.98 72.970 -0.150 AAGWV00 5.61/5.63 5.620 +0.160 Mars (Nov) AAMBX00 68.57–68.59 68.580 0.000 Bonito PCAIE00 69.33–69.35 69.340 -0.470 AAGWF00 0.84/0.86 0.850 0.000 Mars/WTI (Sept) AAGWH00 -0.01/0.01 0.000 0.000 SGC AASOI00 68.73–68.75 68.740 -0.470 AASOJ00 0.24/0.26 0.250 0.000 Mars/WTI (Oct) AAKTH00 1.14/1.16 1.150 +0.250 Spread vs NYMEX WTI CMA Mars/WTI (Nov) AAMBO00 1.64/1.66 1.650 +0.250 ANS (Cal) PCAAD00 73.30–73.34 73.320 -1.090 AAGWX00 6.09/6.11 6.100 -0.800 LOOP/WTI (Sep) -0.300 0.000 AALOM01 WCS ex-Cushing AAWTY00 62.36–62.38 62.370 -0.290 AAWTZ00 -4.86/-4.84 -4.850 0.000 LOOP/WTI (Oct) AALOM02 0.850 +0.250 WCS ex-Nederland AAYAY00 64.570 -0.290 AAYAX00 -2.650 0.000 LOOP/WTI (Nov) AALOM03 1.350 +0.250 Bakken Williston AAXPP00 64.520 -0.690 AASRX00 -2.700 -0.400 LOOP/Mars (Sep) AALPM01 -0.300 0.000 Bakken Guernsey AASRR00 65.86–65.88 65.870 -0.340 AASRV00 -1.36/-1.34 -1.350 -0.050 LOOP/Mars (Oct) AALPM02 -0.300 0.000 Bakken Clearbrook AASRU00 66.81–66.83 66.820 -0.440 AASRW00 -0.41/-0.39 -0.400 -0.150 LOOP/Mars (Nov) AALPM03 -0.300 0.000 Bakken USGC Pipe ABAKA00 70.490 -0.620 ABAKB00 3.270 -0.330 Dated Brent AAQBF00 72.37–72.39 72.380 -1.150 Americas Crude Marker (Sept) AAQHN00 67.63–67.65 67.640 -0.520 P-Plus WTI PCACI00 4.64/4.66 4.650 -0.180 Americas Crude Marker (Oct) AAQHO00 67.64–67.66 67.650 -0.110 P-5 WTI AAFEN00 65.040 -0.450 Americas Crude Marker (Nov) AAQHP00 67.72–67.74 67.730 -0.050 WTI-Delta AAEJK00 1.26/1.28 1.270 -0.180 Thums PCACD00 72.85–72.87 72.860 +1.170 Kern River PCABJ00 71.23–71.25 71.240 +1.170 Line 63 PCABM00 77.10–77.14 77.120 -0.240 P-Plus Line 63 PCAFV00 4.39/4.41 4.400 0.000 Spread vs Eagle Ford Yield US domestic crude assessments London close Eagle Ford postings avg. AAYAH00 63.650 -0.420 AAYAI00 -7.350 -0.070 (PGA page 1240) $/barrel Mid Change FOB USGC Spread vs NYMEX WTI strip WTI (Sept) AAQAR00 68.68–68.70 68.690 0.000 Bakken ABAKC00 71.240 -0.620 ABAKD00 3.630 -0.240 WTI (Oct) AAQAT00 67.43–67.45 67.440 +0.010 Eagle Ford Crude AAYAT00 71.390 -0.470 AAYAU00 3.780 -0.090 WTI (Nov) AAQAV00 67.00–67.02 67.010 +0.020 Eagle Ford Condensate AAYAR00 71.190 -0.470 AAYAS00 3.580 -0.090 WTI 71.390 -0.470 3.780 -0.090 WTI MEH (Sept) AAYRZ00 71.090 +0.100 AAYBA00 AAYAZ00 FOB Houston Spread vs NYMEX WTI CMA WTI MEH (Oct) AAXYD00 71.140 +0.110 Eagle Ford Crude AAYAV00 71.390 -0.470 AAYAW00 3.780 -0.090 LLS (Sept) AAQBB00 71.58–71.60 71.590 0.000 Eagle Ford Condensate AAYBB00 71.190 -0.470 AAYBC00 3.580 -0.090 LLS (Oct) AAQBD00 71.68–71.70 71.690 +0.010 Mars (Sept) AAQAX00 68.63–68.65 68.640 -0.100 Mars (Oct) AAQAZ00 68.53–68.55 68.540 +0.160 US crude assessments Singapore close Spread Mid Change ($/barrel) Mid Change WTI (Sept) AAQAS00 -0.01/0.01 0.000 0.000 (PGA page 2208) WTI (Oct) AAQAU00 -0.01/0.01 0.000 0.000 LOOP Sour (Sep) AAZDA00 68.350 +0.870 WTI (Nov) -0.01/0.01 0.000 0.000 AAQAW00 LOOP Sour (Oct) AAZDB00 68.000 +0.740 WTI MEH (Sept) AAYTA00 2.400 +0.100 LLS (Sep) AAZDC00 71.550 +0.820 WTI MEH (Oct) AAYWA00 3.700 +0.100 LLS (Oct) AAZDD00 71.650 +0.690 LLS (Sept) AAQBC00 2.89/2.91 2.900 0.000 LLS (Oct) AAQBE00 4.24/4.26 4.250 4.250 Southern Green Canyon AAZDE00 68.900 +0.770 Mars (Sept) AAQAY00 -0.06/-0.04 -0.050 -0.100 WTI MEH (Sep) AAZDF00 71.050 +0.520 Mars (Oct) AAQBA00 1.09/1.11 1.100 +0.150 WTI MEH (Oct) AAZDG00 71.100 +0.390

Crude Price Assessments

Canadian spot crude assessments, Aug 3 Latin America crude ($/barrel), Aug 3 (PGA page 280) (PGA pages 230 & 232) C$/cu m Mid Change Mid Change diff to diff to Futures diff to Dated Lloyd Blend AALRM00 301.461–301.624 301.543 -6.764 FOB Crude WTI strip Brent strip Brent strip Mixed Sweet AALRT00 505.647–505.811 505.729 +0.944 Oriente PCADE00 67.53–67.58 67.555 -0.260 PCAGU00 0.300 AAXBW00 -6.020 AAXBH00 -5.230 Light Sour Blend 497.888–498.052 497.970 -1.494 AALRZ00 Vasconia PCAGI00 68.05–68.10 68.075 +0.175 PCAGR00 0.820 AAXCB00 -5.500 AAXBN00 -4.710 Midale AAUCD00 493.805–493.968 493.886 -1.485 Roncador AAQTL00 68.25–68.30 68.275 -0.125 AAQTK00 1.020 AAXBT00 -5.300 AAXAY00 -4.510 Condensates AALSH00 545.260–545.423 545.341 -2.015 -0.125 Syncrude Sweet Prem. AASOL00 573.437–573.601 573.519 +0.376 Escalante PCAGC00 69.35–69.40 69.375 PCAGO00 2.120 AAXBS00 -4.200 AAXAX00 -3.410 WCS AAPPO00 293.702–293.865 293.783 -6.747 Loreto PCAGH00 66.53–66.58 66.555 -0.260 PCAGQ00 -0.700 AAXBV00 -7.020 AAXBG00 -6.230 Cold Lake AASZY00 288.393–288.556 288.475 -6.734 Mesa 30 AAITB00 67.70–67.75 67.725 +0.175 AAITH00 0.470 AAXCC00 -5.850 AAXBO00 -5.060 $/barrel Santa Barbara AAITD00 68.58–68.63 68.605 -0.110 AAITJ00 1.350 AAXBU00 -4.970 AAXAZ00 -4.180 Lloyd Blend AALRK00 36.910–36.930 36.920 -0.740 Marlim AAITF00 68.20–68.25 68.225 -0.125 AAITL00 0.970 AAXBY00 -5.350 AAXBJ00 -4.560 Mixed Sweet AALRR00 61.910–61.930 61.920 +0.260 Napo AAMCA00 63.53–63.58 63.555 -0.260 AAMCD00 -3.700 AAXBX00 -10.020 AAXBI00 -9.230 Light Sour Blend AALRX00 60.960–60.980 60.970 -0.040 Midale AAUCC00 60.460–60.480 60.470 -0.040 Castilla Blend AAVEQ00 64.75–64.80 64.775 -0.125 AAVEQ01 -2.480 AAXBZ00 -8.800 AAXBK00 -8.010 Condensates AALSF00 66.760–66.780 66.770 -0.090 Magdalena AAWFR00 64.85–64.90 64.875 -0.125 AAWFS00 -2.380 AAXCA00 -8.700 AAXBL00 -7.910 Syncrude Sweet Prem. AASOK00 70.210–70.230 70.220 +0.210 Latin America WTI strip AAXBP00 67.255 -0.310 WCS AAPPN00 35.960–35.980 35.970 -0.740 Latin America Futures Brent strip AAXBQ00 73.575 -0.175 Cold Lake AASZX00 35.310–35.330 35.320 -0.740 Latin America Dated Brent strip AAXBR00 72.785 -0.240 Spread vs Canada Basis Lloyd Blend AALRP00 -30.310/-30.290 -30.300 -0.450 Mixed Sweet AALRV00 -5.310/-5.290 -5.300 +0.550 Light Sour Blend AALSD00 -6.260/-6.240 -6.250 +0.250 Midale AAUCE00 -6.760/-6.740 -6.750 +0.250 Daily OPEC basket price ($/barrel) (PGA page 207) Condensates AALSJ00 -0.460/-0.440 -0.450 +0.200 Change Syncrude Sweet Prem. AASOM00 2.990/3.010 3.000 +0.500 02Aug AAEUQ00 71.610 -0.490 WCS AAPPP00 -31.260/-31.240 -31.250 -0.450 The daily OPEC basket price represents an index of the following 11 grades: Algeria’s Saharan Blend, Indonesia’s Minas, Iranian Heavy, Iraq’s Basra Light, Kuwait’s Export, Libya’s Es Sider, Cold Lake AASZZ00 -31.910/-31.890 -31.900 -0.450 Nigeria’s Bonny Light,Qatar’s Marine, Saudi Arabia’s Arab Light, Murban of the UAE and Venezuela’s BCF 17. *Canada Basis: See explanation at http://www.platts.com/ Crude oil postings Effective date Effective date Effective date Effective date US ($/barrel) (PGA page 250) Plains Shell Sunoco Valero WTI PSADF09 65.00* 03AUG18 PSADI09 65.10* 03AUG18 PSADG09 65.00* 03AUG18 PSACS09 65.00* 03AUG18 WTS PSAED09 51.95 03AUG18 PSAEG09 65.44 03AUG18 PSAEE09 60.00 03AUG18 LLS PSAMO09 63.50 03AUG18 PSAMQ09 63.50 03AUG18 PSAMP09 63.50 03AUG18 PSATF09 66.89 03AUG18 Ok. Swt. PSUS191 65.00 03AUG18 PSANX09 64.85 03AUG18 PSANW09 65.00 03AUG18 Kansas PSAPL09 55.35 03AUG18 PSUS112 57.58 03AUG18 PSAPE09 64.00 03AUG18 Wyo. Swt PSAQZ09 62.10 03AUG18 Eugene Island AALBB00 60.50 03AUG18 Eagle Ford PSUS100 65.00 03AUG18 Eagle Fd Cond PSUS110 64.00 03AUG18 Phillips66 FlintHls Coffey WTI PSACP09 65.11* 03AUG18 AAUQN00 65.00 03AUG18 PSUS066 65.00 03AUG18 WTS PSADO09 52.92 03AUG18 LLS PSAMC09 63.86 03AUG18 Ok. Swt PSASL09 64.91 03AUG18 PSUS064 65.00 03AUG18 Kansas PSUS060 58.75 03AUG18 Wyo. Swt. PSUS264 64.75 03AUG18 PSUS067 50.00 03AUG18 Wyo. Sr. PSUS261 46.00 03AUG18 Eagle Ford PSUS068 58.20 03AUG18 Eagle Fd Cond PSUS070 51.70 03AUG18 *P-5 WTI is a crude oil postings-based index as of 5:30 p.m. local New York time. Posted prices by the following companies are used in the index: Phillips66, Plains, Sunoco, Shell, and Valero. Postings available at presstime. Companies listed are representative of key crude oil purchasers.

Spot tanker rates, Aug 3 Platts futures assessments, Aug 3 Route NYMEX light sweet crude ($/barrel) (PGA page 701) From To Size (mt) WS Rate ($/mt) CME 2:30 PM ET settlement Clean Sep AAWS001 68.490 Oct AAWS002 67.350 (PGT page 1910) Nov AAWS003 66.930 Med UKC PFADCSZ 30k PFADC10 132.50 TCABA00 12.99 Dec AAWS004 66.590 Med USAC PFACWSZ 37k PFACW10 100.00 TCABC00 13.99 Platts 2:30 PM ET futures assessment Med Med PFADBSZ 30k PFADB10 122.50 TCAAY00 5.94 Sep NYCRM01 68.480 UKC UKC PFALYSZ 22k PFALY00 163.75 TCABV00 8.38 Oct NYCRM02 67.360 UKC USAC PFAMASZ 37k PFAMA00 100.00 TCABX00 12.74 Nov NYCRM03 66.940 UKC USGC PFAMBSZ 37k PFAMB00 100.00 TCACA00 16.62 Dec NYCRM04 66.600 BSea Med PFABXSZ 30k PFABX00 130.00 TCAAP00 12.12 CME 2:30 PM vs Platts 2:30 PM spread (PGT page 2920) Sep AAWD001 0.010 Oct AAWD002 -0.010 AG India PFABMSZ 35k PFABM10 198.00 TCAAF00 12.14 Nov AAWD003 -0.010 AG Japan PFABNSZ 35k PFABN10 136.00 TCAAH00 24.59 Dec AAWD004 -0.010 Sing Japan PFAEBSZ 30k PFAEB10 137.00 TCABP00 12.34 Sing HK PFAKWSZ 30k PFAKW10 295.00* TCADI00 9.83 NYMEX RBOB (¢/gal) (PGA page 701) (PGT page 2922) CME 2:30 PM ET settlement AG Japan PFAEYSZ 55k PFAEY10 107.00 TCAAI00 19.35 Sep AARS001 206.550 AG Japan PFAMTSZ 75k PFAMT00 100.50 TCAAJ00 18.17 Oct AARS002 194.510 Nov AARS003 191.720 Dirty Platts 2:30 PM ET futures assessment Sep NYRBM01 206.560 (PGT page 1962) Oct NYRBM02 194.480 Carib USGC PFANZSZ 50k PFANZ00 117.50 TDABA00 9.12 Nov NYRBM03 191.730 Carib USAC PFALTSZ 70k PFALT10 122.50 TDAAY00 10.12 CME 2:30 PM vs Platts 2:30 PM spread (PGT page 1960) Sep AARD001 -0.010 Oct AARD002 0.030 Med Med PFAJPSZ 80k PFAJP10 117.50 TDABL00 5.44 Nov AARD003 -0.010 Med USGC PFAJOSZ 80k PFAJO10 97.50 TDABU00 16.37 UKC UKC PFAKDSZ 80k PFAKD10 102.50 TDACD00 6.95 NYMEX NY ULSD (¢/gal) (PGA page 701) UKC USAC PFAKESZ 80k PFAKE10 90.00 TDACG00 11.88 CME 2:30 PM ET settlement (PGT page 1970) Sep AAHS001 212.690 WAF USGC PFAIASZ 130k PFAIA10 65.00 TDACV00 11.30 Oct AAHS002 213.240 UKC USGC PFAHNSZ 135k PFAHN10 52.50 TDACH00 8.94 Nov AAHS003 213.630 Med USGC PFAHGSZ 135k PFAHG10 55.00 TDABS00 9.23 Platts 2:30 PM ET futures assessment (PGT page 2970) Sep NYHOM01 213.000 Oct NYHOM02 213.560 AG Asia PFAJDSZ 80k PFAJD10 105.00 TDAAC00 15.41 Nov NYHOM03 213.970 (PGT page 2980) CME 2:30 PM vs Platts 2:30 PM spread AG Asia PFAOCSZ 270k PFAOC00 53.00 TDAAB00 9.00 Sep AAHD001 -0.310 AG USGC PFAOGSZ 280k PFAOG00 26.00 TDAAN00 8.26 Oct AAHD002 -0.320 *values are in lumpsum Nov AAHD003 -0.340 ICE Brent crude ($/barrel) (PGA page 703) Platts futures assessments Singapore MOC, Aug 3 (PGA page 703) Platts 2:30 PM ET futures assessment NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal) Oct AAQBG00 73.240 Sep XNRBA01 206.510 Sep XNHOA01 212.730 Nov AAQBH00 73.560 Oct XNRBA02 194.400 Oct XNHOA02 213.260 Dec AAXZZ00 73.670 Nov XNRBA03 191.540 Nov XNHOA03 213.550 Jan AAYALOO 73.660

Futures settlements, Aug 3 Settlement Change low high Volume* Open interest PNT*** Settlement Change low high Volume* Open interest PNT***

NYMEX Light sweet crude ($/barrel) (PGA page 705) ICE BWAVE (Brent weighted futures average)($/barrel) (PGA page 704)

Sep 18 NMCL001 68.49 -0.47 67.87 69.24 444379 403537 Oct 18 XIBW001 72.76 Oct 18 NMCL002 67.35 -0.31 66.68 67.94 66600 262673 Nov 18 XIBW002 73.08 Nov 18 NMCL003 66.93 -0.25 66.27 67.45 21506 140608 BWAVE data refer to previous day. Dec 18 NMCL004 66.59 -0.20 65.93 67.05 39525 289265 (PGA page 704) Total NMCL000 642637 XNCLP00 7723 ICE WTI ($/barrel) Sep 18 ICIC001 68.49 -0.47 67.88 69.24 22892 76957 (PGA page 705) NYMEX NY ULSD ($/gal) Oct 18 ICIC002 67.35 -0.31 66.68 67.95 40926 66587 Sep 18 NMHO001 2.1269 -0.0049 2.1130 2.1444 45819 119535 Nov 18 ICIC003 66.93 -0.25 66.35 67.47 21601 28898 Oct 18 NMHO002 2.1324 -0.0041 2.1184 2.1486 23787 57140 Dec 18 ICIC004 66.59 -0.20 66.00 67.07 32829 137130 Nov 18 NMHO003 2.1363 -0.0033 2.1220 2.1517 12329 42863 Total ICIC000 113257 XIICP00 2599 Dec 18 NMHO004 2.1395 -0.0025 2.1244 2.1541 15743 58853 (PGA page 704) Total NMHO000 108532 XNHOP00 7610 ICE low sulfur Gasoil ($/mt) Aug 18 ICLO001 650.00 +4.25 644.00 653.00 41856 71017 (PGA page 705) NYMEX RBOB unleaded gasoline ($/gal) Sep 18 ICLO002 652.00 +4.25 646.00 655.00 79710 203195 Sep 18 NMRB001 2.0655 -0.0026 2.0547 2.0906 68822 159292 Oct 18 ICLO003 654.25 +4.00 648.00 657.00 46906 158656 Oct 18 NMRB002 1.9451 -0.0036 1.9304 1.9636 58984 98038 Nov 18 ICLO004 651.75 +3.75 645.75 654.50 16590 65125 Nov 18 NMRB003 1.9172 -0.0033 1.9019 1.9335 18714 69965 Total ICLO000 260604 XILOP00 9485 Dec 18 NMRB004 1.8979 -0.0033 1.8821 1.9132 17129 50403 *Volume, open interest and PNT reflect prior trading day. PNT reflect volume for Privately Negotiated Trades or off-exchange. **Oman settlements are Post Close settlements. ***Privately Negotiated Trade values found on PGA page 710 Total NMRB000 174679 XNRBP00 13888 Source: CQG NYMEX Natural Gas ($/MMBtu) (PGA page 705) Sep 18 NMNG001 2.853 +0.04 2.814 2.862 123981 294075 WTI DISCOUNT TO BRENT NARROWS Oct 18 NMNG002 2.862 +0.04 2.821 2.870 47802 177035 ($/b) Nov 18 NMNG003 2.898 +0.04 2.858 2.906 26259 148118 -2 Dec 18 NMNG004 2.998 +0.04 2.960 3.004 20919 98196 Total NMNG000 327419 XNNGP00 2255 -3 DME Oman crude ($/barrel)** (PGA pages 702 & 2710)

Oct 18 Asia XDOA001 72.00 +0.67 2795 Oct 18 DMOQ001 71.88 -0.44 71.88 72.30 2789 2030 -4 Nov 18 DMOQ002 71.83 -0.44 71.83 71.83 70 0 Dec 18 DMOQ003 71.61 -0.44 71.61 71.61 190 30 Jan 19 DMOQ004 71.46 -0.44 71.46 71.46 320 20 -5 Total DMOQ000 4404 XDOQP00 1075

ICE Brent ($/barrel) (PGA page 704) -6

Oct 18 ICLL001 73.21 -0.24 72.48 73.73 251896 435142 Nov 18 ICLL002 73.53 -0.15 72.79 73.98 113915 287366 -7 Dec 18 ICLL003 73.63 -0.11 72.91 74.04 118482 302479 29-Jun 09-Jul 17-Jul 25-Jul 02-Aug Jan 19 ICLL004 73.62 -0.07 72.91 73.99 37627 134352 Total ICLL000 487461 XILLP00 6337 Platts WTI m1 vs Brent m1 Source: S&P Global

Five-Day Rolling Averages, five days ending August 3 Conversion Conversion Naphtha (PGA page 34) Gasoline, Intl. Market $/barrel ¢/gal Prem ($/mt) ¢/gal Singapore PAAAP00 73.29–73.33 (/.42) 174.51–174.60 R’dam Barge Prem unl PGABM00 741.65–742.15 (/3.51) 211.30–211.44 $/mt ¢/gal Gasoil/Heating Oil (PGA page 32) Japan C/F PAAAD00 662.05–667.70 (/3.78) 175.15–176.64 $/barrel ¢/gal Arab Gulf PAAAA00 639.03–644.68 (/3.78) 169.06–170.55 Singapore POABC00 87.05–87.09 (/.42) 207.26–207.36 CIF NWE physical PAAAL00 646.85–647.35 (/3.78) 171.12–171.26 Arab Gulf POAAT00 85.29–85.33 (/.42) 203.08–203.18 Rotterdam barge PAAAM00 642.85–643.35 (/3.78) 170.07–170.20 $/mt ¢/gal FOB Med PAAAI00 631.00–631.50 (/3.78) 166.93–167.06 0.1 CIF ARA AAYWS00 643.20–643.70 (/3.133) 205.50–205.65 CIF Genoa PAAAH00 640.10–640.60 (/3.78) 169.34–169.47 ¢/gal $/mt 50 ppm Rotterdam barge AAUQC00 638.70–639.20 (/3.133) 204.06–204.22 0.1 Rotterdam barge AAYWT00 635.05–635.55 (/3.133) 202.89–203.05 US Gulf FOB cargo AAXJP00 188.86 –188.96 (*3.54669) 661.17 –661.27 0.1 FOB NWE AAYWR00 629.90–630.40 (/3.133) 201.25–201.41 US Gulf FOB LSR parcel AAXQK00 162.43 (*4.0083) 651.05 0.1 CIF Med AAVJJ00 651.90–652.40 (/3.133) 208.27–208.43 (PGA page 35) Jet Kerosene (PGA page 33) $/mt ¢/gal ¢/gal $/barrel CIF NWE cargo PJAAU00 696.95–697.45 (/7.89) 210.32–210.47 L.A. LS diesel POAET00 218.10–218.20 (*3.07) 669.57–669.87 Rotterdam barge PJABA00 692.10–692.60 (/7.89) 208.85–209.00 S.F. LS diesel POAEY00 216.85–216.95 (*3.07) 665.73–666.04 FOB Med AAIDL00 683.35–683.85 (/7.89) 206.21–206.36 ¢/gal $/mt CIF Genoa AAZBN00 695.45–695.95 (/7.89) 209.86–210.02 NY barge POAEG00 199.39–199.49 (*3.15) 628.08–628.39 Carib cargo PJAAD00 710.48–710.54 (/7.7) 219.96–219.98 US Gulf water POAEE00 203.30–203.40 (*3.08) 626.16–626.47 ¢/gal $/mt US Gulf pipe POAED00 198.80–198.90 (*3.08) 612.30–612.61 US Gulf water PJABM00 212.17–212.27 (*.42) 703.10–703.43 NYMEX NY ULSD XNHO001 213.75 (*3.08) 673.30 US Gulf pipe PJABO00 210.42–210.52 (*.42) 697.30–697.63 Low Sulfur Resid Fuel Oil (PGA page 38) NY barge PJAAW00 216.27–216.37 (*.42) 713.69–714.02 $/mt $/barrel LA pipeline PJAAP00 216.25–216.35 (*.42) 689.84–690.16 CIF ARA 1% 437.10–437.60 (/6.35) 68.83–68.91 Group 3 PJAAI00 214.39–214.49 (*.42) 710.45–710.78 PUAAL00 Rot bar 1% 424.85–425.35 (/6.35) 66.91–66.98 Chicago PJAAF00 221.35–221.45 (*.42) 733.51–733.84 PUAAP00 NWE FOB 1% PUAAM00 427.55–428.05 (/6.35) 67.33–67.41 Crude Oil, FOB Source Med FOB 1% PUAAK00 428.95–429.45 (/6.35) 67.55–67.63 $/barrel $/barrel $/mt West Texas Int PCACG00 68.79–68.81 Indonesia LSWR Mixed/Cracked PPAPU00 75.59–75.63 (*6.8) 506.47–506.73 NYMEX Crude XNCL001 68.84 NY Cargo .3% HP PUAAE00 78.31–78.33 (*6.7) 524.68–524.81 Mars AAMBR00 68.93–68.95 NY Cargo .3% LP PUAAB00 78.31–78.33 (*6.7) 524.68–524.81 Brent (DTD) PCAAS00 73.53–73.54 NY Cargo .7% Max PUAAH00 70.31–70.33 (*6.5) 457.02–457.15 Brent (First month) PCAAQ00 73.76–73.78 NY Cargo 1% Max PUAAO00 68.31–68.33 (*6.5) 444.02–444.15 Dubai (First Month) PCAAT00 72.49–72.51 US Gulf 1% PUAAI00 69.46–69.48 (*6.11) 438.96–439.09 Oman (First Month) PCABS00 72.59–72.61 Hi Sulfur Resid Fuel Oil (PGA page 39) Urals CIF med PCACE00 71.73–71.76 $/mt $/barrel WTI Posting Plus PCACI00 4.68 –4.70 Singapore 180 PUADV00 460.28–460.32 (/6.35) 72.49–72.49 Gasoline, U.S. Market (PGA page 36) Singapore 380 PPXDK00 454.21–454.25 (/6.35) 71.53–71.54 (¢/gal) Unleaded Premium Arab Gulf 180 PUABE00 448.93–448.97 (/6.35) 70.70–70.70 NY barge AAMIT00 207.47–207.57 AAMHM00 226.19–226.29 CIF ARA 3.5% PUABA00 419.10–419.60 (/6.35) 66.00–66.08 US Gulf water PGACU00 207.40–207.50 PGAIX00 221.22–221.32 NWE FOB 3.5% PUABB00 406.10–406.60 (/6.35) 63.95–64.03 US Gulf pipe PGACT00 205.34–205.44 PGAJB00 219.16–219.26 Med FOB 3.5% PUAAZ00 423.90–424.40 (/6.35) 66.76–66.83 Group 3 PGABD00 226.54–226.64 CIF Med 3.5% PUAAY00 433.80–434.30 (/6.35) 68.31–68.39 LA Pipeline PGABG00 211.20–211.30 $/barrel $/mt SF Pipeline PGADG00 203.90–204.00 PGABO00 215.90–216.00 NY cargo 2.2% PUAAU00 67.08–67.10 (*6.4) 429.29–429.41 Chicago PGACR00 208.95–209.05 PPASQ00 235.45–235.55 NY cargo 3.0% PUAAX00 66.25–66.27 (*6.4) 424.01–424.14 NYMEX Unl XNRB001 211.29 USGC HSFO PUAFZ00 64.96–64.98 (*6.4) 415.72–415.85 Carib 2.0% PUAAS00 66.46–66.48 (*6.4) 425.32–425.45

US wholesale posted prices effective Aug 3 Unleaded Midgrade Premium Kerosene Diesel No.2 ULSD PADD 1 Albany, NY DR198ZY 201.72–209.82 DM198ZY 209.22–217.55 DP198ZY 219.72–235.55 DK198ZY 233.87–255.80 DU198ZY 214.25–223.59 Allentown DR235ZY 200.60–205.61 DM235ZY 210.00–224.33 DP235ZY 228.25–252.41 DH235ZY – DU235ZY 214.55–219.50 Atlanta DR048ZY 195.95–205.35 DM048ZY 215.95–234.65 DP048ZY 234.05–254.68 DU048ZY 212.11–219.50 Baltimore (a) DR123ZY 203.45–213.65 DM123ZY 212.32–232.71 DP123ZY 224.17–255.91 DK123ZY 239.00–239.00 DH123ZY – DU123ZY 212.00–223.13 Binghamton DR200ZY 207.90–214.88 DM200ZY 219.79–230.20 DP200ZY 232.35–253.17 DU200ZY 219.20–221.50 Boston (a) DR121ZY 204.45–217.00 DM121ZY 211.45–227.00 DP121ZY 221.45–243.00 DK121ZY – DU121ZY 214.08–223.70 Charleston DR250ZY 202.40–203.75 DM250ZY 218.70–236.10 DP250ZY 248.70–268.78 DU250ZY 217.50–231.71 Charlotte DR169ZY 194.50–202.58 DM169ZY 205.95–222.02 DP169ZY 209.95–264.75 DU169ZY 211.70–214.51 Fairfax (a) DR299ZY 202.85–208.75 DM299ZY 218.93–233.37 DP299ZY 238.70–264.37 DU299ZY 212.24–222.56 Greensboro DK171ZY 248.50–248.50 DU171ZY 212.51–215.10 Miami DU039ZY 218.35–224.08 New Haven (a) DR034ZY 206.10–214.10 DM034ZY 212.30–228.10 DP034ZY 221.25–254.33 DK034ZY – DH034ZY – DU034ZY 214.49–217.75 New York City (a) DR204ZY 209.95–209.95 DM204ZY 220.62–220.62 DP204ZY 230.95–230.95 DU204ZY 216.22–225.32 Newark (a) DR189ZY 202.90–210.36 DM189ZY 209.57–223.30 DP189ZY 218.15–250.85 DK189ZY 244.83–244.83 DU189ZY 211.80–216.45 Norfolk (a) DR300ZY 204.00–232.95 DM300ZY 217.58–255.97 DP300ZY 238.00–275.97 DU300ZY 213.10–226.51 Orlando DR041ZY 204.30–206.00 DM041ZY 218.30–224.65 DP041ZY 241.00–256.04 DU041ZY 220.55–221.64 Philadelphia (a) DR242ZY 204.87–210.85 DM242ZY 210.02–220.19 DP242ZY 218.43–239.99 DH242ZY – DU242ZY 212.70–219.03 Pittsburgh DR243ZY 210.00–214.16 DM243ZY 228.06–233.96 DP243ZY 256.04–256.73 DK243ZY 257.50–257.50 DH243ZY – DU243ZY 215.85–223.95 Providence (a) DR248ZY 205.50–210.35 DM248ZY 213.00–223.35 DP248ZY 222.25–253.69 DU248ZY 214.50–217.06 Portland DR126ZY 214.75–216.15 DM126ZY 220.28–220.95 DP126ZY 228.97–242.21 DH126ZY – DU126ZY 220.65–229.86 Raleigh DU168ZY 215.30–215.50 Richmond DR301ZY 202.70–215.30 DM301ZY 216.70–231.30 DP301ZY 244.50–275.84 DK301ZY – DU301ZY 212.90–224.27 Savannah DR054ZY 200.45–205.94 DM054ZY 215.45–222.94 DP054ZY 245.45–250.94 DU054ZY 223.90–223.97 Spartanburg DR252ZY 194.35–211.55 DM252ZY 205.30–225.22 DP252ZY 210.30–248.72 DU252ZY 212.20–218.49 Tampa DU045ZY 217.50–219.10 PADD 2 Aberdeen DR253ZY 202.75–206.13 DM253ZY 212.89–221.13 DP253ZY 219.20–226.13 DU253ZY 223.99–226.86 Cape Girardeau DR144ZY 199.14–205.40 DP144ZY 248.25–254.14 DU144ZY 216.95–219.58 Chattanooga DR260ZY 194.05–199.28 DM260ZY 202.60–222.91 DP260ZY 208.20–249.28 DU260ZY 212.21–215.37 Chicago (a) DR075ZY 210.25–227.36 DM075ZY 228.58–238.45 DP075ZY 265.25–281.45 DK075ZY 230.05–271.05 DU075ZY 216.60–220.05 Cleveland DR212ZY 202.94–206.75 DM212ZY 228.56–237.52 DP212ZY 265.92–289.53 DK212ZY 274.70–274.70 DU212ZY 217.20–224.55 Columbus DR213ZY 203.95–212.60 DM213ZY 223.95–240.87 DP213ZY 263.95–289.84 DK213ZY 271.35–271.35 DU213ZY 216.70–230.00 Duluth DR138ZY 219.93–224.00 DM138ZY 230.81–235.58 DP138ZY 240.71–258.25 DU138ZY 233.35–237.25 Des Moines DR059ZY 199.93–212.04 DM059ZY 207.43–224.04 DP059ZY 216.76–234.04 DU059ZY 220.60–231.26 Detroit DR130ZY 207.64–209.80 DM130ZY 231.47–239.35 DP130ZY 266.08–275.79 DK130ZY 271.45–271.45 DU130ZY 217.65–221.06 Fargo DR174ZY 206.50–210.61 DM174ZY 215.02–219.31 DP174ZY 221.33–228.55 DU174ZY 223.98–232.24 Green Bay DR313ZY 212.50–212.50 DM313ZY – DP313ZY 247.50–247.50 DK313ZY – DU313ZY 231.25–231.25 Indianapolis DR088ZY 199.03–209.53 DM088ZY 213.73–241.12 DP088ZY 229.63–290.54 DK088ZY 274.10–274.23 DU088ZY 217.35–225.25 Kansas City DR099ZY 211.88–215.84 DM099ZY 222.99–228.36 DP099ZY 217.45–235.09 DU099ZY 220.77–224.50 Knoxville DR261ZY 193.65–209.71 DM261ZY 206.72–230.91 DP261ZY 213.37–262.70 DK261ZY – DU261ZY 211.91–218.16 Milwaukee DR316ZY 210.09–214.00 DM316ZY 222.34–233.00 DP316ZY 245.09–273.00 DK316ZY 273.50–273.50 DU316ZY 220.40–223.50 Minneapolis/St.Paul DR141ZY 204.57–212.44 DM141ZY 210.29–221.64 DP141ZY 220.72–239.75 DK141ZY 244.25–244.25 DU141ZY 224.92–232.20 Oklahoma City DR226ZY 199.89–204.88 DM226ZY 208.29–218.05 DP226ZY 214.29–223.05 DU226ZY 217.86–223.41 Omaha DR185ZY 199.95–214.25 DM185ZY 207.25–226.25 DP185ZY 213.55–229.25 DU185ZY 220.82–229.53 Sioux Falls DR256ZY 200.05–203.95 DM256ZY 208.63–218.95 DP256ZY 214.93–233.77 DU256ZY 220.95–228.23 St. Louis (a) DR154ZY 207.75–215.99 DM154ZY 220.25–240.59 DP154ZY 232.75–263.99 DU154ZY 216.50–224.45 PADD 3 Albuquerque DR192ZY 208.30–216.00 DM192ZY 226.30–235.55 DP192ZY 247.00–253.90 DU192ZY 223.40–234.00 Amarillo DR265ZY 201.40–202.05 DM265ZY 220.40–262.55 DP265ZY 244.90–272.55 DU265ZY 219.10–219.25 Baton Rouge DR115ZY 202.90–203.85 DM115ZY 216.85–220.60 DP115ZY 241.70–253.85 DU115ZY 212.95–218.95 Birmingham DR003ZY 193.75–206.93 DM003ZY 208.80–223.01 DP003ZY 223.75–264.01 DK003ZY 234.29–234.29 DU003ZY 212.31–220.30 Corpus Christi DR275ZY 205.37–206.10 DM275ZY 220.37–222.10 DP275ZY 250.37–252.10 DU275ZY 211.65–212.85 Dallas/Ft.Worth (a) DR276ZY 205.15–211.00 DM276ZY 215.35–232.88 DP276ZY 235.15–255.65 DU276ZY 216.00–232.00 Houston (a) DR416ZY 203.00–207.05 DM416ZY 210.33–222.60 DP416ZY 242.05–251.75 DK416ZY 266.73–266.73 DU416ZY 213.00–217.50 Little Rock DR009ZY 197.14–207.99 DM009ZY 207.55–227.99 DP009ZY 224.80–257.34 DU009ZY 217.20–230.13 New Orleans DR119ZY 195.60–200.52 DM119ZY 210.98–225.03 DP119ZY 248.20–257.50 DU119ZY 211.89–215.24 San Antonio DR289ZY 199.35–205.55 DM289ZY 210.35–219.95 DP289ZY 230.35–251.22 DU289ZY 215.80–220.69

US wholesale posted prices (continued) Unleaded Midgrade premium Kerosene diesel No.2 ULSD PADD 4 Billings (b) DR162ZY 217.16–223.25 DP162ZY 252.15–252.95 DU162ZY 236.91–251.21 Casper (b) DR321ZY 223.69–223.69 DP321ZY 258.69–258.69 DU321ZY* 254.03–256.50 Denver DR028ZY 218.50–239.40 DM028ZY 235.50–244.80 DP028ZY 260.50–282.40 DU028ZY 222.55–231.01 Salt Lake City DR298ZY 242.24–254.00 DM298ZY 267.00–267.00 DP298ZY 266.00–284.00 DU298ZY 278.09–284.00 PADD 5 Anacortes DR305ZY 217.00–217.69 DM305ZY 239.00–242.19 DP305ZY 249.84–253.00 DU305ZY 219.40–222.50 Las Vegas (e) DR196ZY 226.00–234.25 DM196ZY 233.92–244.25 DP196ZY 243.82–255.00 DU196ZY 237.01–251.45 Los Angeles(e) DR022ZY 236.78–243.10 DM022ZY 246.75–254.06 DP022ZY 256.74–264.06 DU022ZY 245.00–249.86 Phoenix DR012ZY 218.00–231.00 DM012ZY 225.00–251.00 DP012ZY 232.00–271.00 DU012ZY 220.00–229.50 Portland DR233ZY 211.90–218.00 DM233ZY 235.00–238.36 DP233ZY 246.40–247.86 DU233ZY 222.50–237.00 SanFranEBay (e) DR025ZY 237.43–240.66 DM025ZY 252.40–262.66 DP025ZY 267.39–272.66 DU025ZY 243.00–297.00 Seattle/Tacoma DR308ZY 212.40–214.00 DM308ZY 235.53–236.40 DP308ZY 245.71–248.00 DU308ZY 221.40–226.00 Spokane DR309ZY 231.41–235.18 DM309ZY 246.61–256.50 DP309ZY 256.16–268.00 DU309ZY 235.42–242.90 All prices are provided by DTN. Discounts or temporary allowances offered by individual companies are not included in posted prices. Prices are unbranded unless noted. Prices are conventional gasoline unless noted. All prices in cts/gal. (a)=RFG. (b)=Branded postings (e)=CARB gasoline/No.2 oil *=Low Sulfur Diesel

Refining Margins

US WEEKLY AVERAGE CRACKING MARGINS US WEEKLY AVERAGE COKING MARGINS INTERNATIONAL WEEKLY AVERAGE CRACKING MARGINS ($/b) 06-Jul 13-Jul 20-Jul 27-Jul ($/b) 06-Jul 13-Jul 20-Jul 27-Jul ($/b) 06-Jul 13-Jul 20-Jul 27-Jul 15 30 10

8 10 20 6

4 5 10 2

0 0 0 Midwest WTI USGC LLS USAC Bonny Light USWC ANS Midwest WTS USGC Mars USAC Cabinda USWC ANS ARA Brent Italy Urals Singapore Dubai Source: S&P Global Platts, Turner Mason Source: S&P Global Platts, Turner Mason Source: S&P Global Platts, Turner Mason US CRACKING MARGINS 30DAY ROLLING AVERAGE US COKING MARGINS 30DAY ROLLING AVERAGE INTERNATIONAL CRACKING MARGINS 30DAY AVERAGE ($/b) Midwest WTI USGC LLS USAC Bonny Light USWC ANS ($/b) Midwest WTS USGC Mars USAC Cabinda USWC ANS ($/b) ARA Brent Italy Urals Singapore Dubai 20 25 10

15 20 8

10 15

6 5 10

0 5 4 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Source: S&P Global Platts, Turner Mason Source: S&P Global Platts, Turner Mason Source: S&P Global Platts, Turner Mason

CFTC COMMITMENTS OF TRADERS

Commitments of traders as of Jul 31 distillate-rich Sokol crude commanded an average Commodity Net Change Commodity Net Change premium of $5/b to the average of first-line Dubai and Futures only (PGA 707) Futures and options Total non-commercial contracts Total non-commercial contracts Oman assessments on a CFR North Asia basis during Crude Oil C017086 613400 +2929 Crude Oil C017048 649698 +940 Q2. It was the highest quarterly premium since Q3 RBOB C029086 110958 +11316 RBOB C029048 112191 +11289 2014, when the differential averaged $5.20/b, Platts NYMEX NY ULSD C060086 42017 +305 NYMEX NY ULSD C060048 41431 +288 Natural Gas C059086 -126427 +1684 Natural Gas C059048 -128579 +1073 data showed. Total non-reportable contracts Total non-reportable contracts Furthermore, the April-June period saw the spread Crude Oil C017090 38197 -2988 Crude Oil C017052 41687 -2312 RBOB C029090 8081 -1062 RBOB C029052 8137 -1083 between WTI and Dubai crude price benchmarks NYMEX NY ULSD C060090 14962 +688 NYMEX NY ULSD C060052 15525 +934 widen to a steep discount, making various North Natural Gas C059090 22809 -84 Natural Gas C059052 22916 -363 American export grades loaded during the quarter Total commercials contracts Total commercials contracts Crude Oil C017083 -651597 +59 Crude Oil C017045 -691385 +1373 extremely competitive. RBOB C029083 -119039 -10254 RBOB C029045 -120327 -10205 Platts data showed the spread between the front- NYMEX NY ULSD C060083 -56979 -993 NYMEX NY ULSD C060045 -56955 -1221 month WTI swap and same-month Dubai crude swap has Natural Gas C059083 103618 -1600 Natural Gas C059045 105664 -710 averaged at minus $3.91/b in Q2, the biggest discount since Source: Commodity Futures Trading Commission averaging minus $5.13/b in Q3 2014.

Tax exemption (continued from page 19) over the same period at an average cost of $70.77/b. South Korea levies a 3% tariff on crude imports including the region. Average cost comparison between Russian and Russia, but domestic refiners are exempted from the tax on In addition, the free trade agreement between South US crude purchased in 2017 could not be made due imports from the US thanks to the FTA, industry officials Korea and the US, which took effect from March 2012, has mainly to the big difference in import volumes from based in Seoul said. completely removed import duties on energy products the two producers. South Korea has only actively “No tariff on imports of US crude is the main coming from the North American supplier. started to buy US crude since second half of the third reason to get more cargoes from the US because South Korea has imported 14.1 million barrels from quarter last year. prices differences among grades are very small,” said the US in the first half of this year at an average cost of an official at SK Innovation, South Korea’s biggest $69.08/b, while 21.57 million barrels arrived from Russia Russian spot premiums importer of US crude. Far East Russian crude grades are highly sensitive “This is the same reason to import more Forties on SOKOL’S CORRELATION WITH ASIAN CRACKS to Asian refining margins as majority of ESPO Blend, which no tariffs are imposed thanks to the FTA with the Sokol Premium* ($/b) Gasoil Crack** ($/b) 6 18 Sakhalin Blend and Sokol spot supplies feed into the EU,” the official said. “We will continue looking for US big three Northeast Asian demand centers namely grades to take advantages of the FTA with the US.” China, South Korea and Japan. Spot differentials for the SK Innovation has imported 8.2 million barrels of US 5 16 distillate-rich Russian grades typically outperform rival crude over January-June this year, compared with none Southeast Asian and Oceania light sweet crude when purchased during the same period a year earlier. 4 14 cracking margins trend up in the region. Officials from GS Caltex, the country’s second- The second-month Singapore gasoil to Dubai swap biggest refiner, also said the company has been

3 12 crack rallied in Q2, averaging $16.23/b during the month encouraged to buy more cargoes from the US to take Jan-18 Mar-18 May-18 Jul-18 of May, the highest level since May 2014 when it averaged full advantage of the import duty exemption. GS Caltex * Sokol’s premium reects di erential to Platts Oman/Dubai average $16.66/b, S&P Global Platts data showed. has imported 5.91 million barrels of US crude in H1, ** Gasoil crack represents spread between Singapore physical gasoil assessment and M2 Dubai Swap Demonstrating Far East Russian grades’ strong compared with just 525,000 barrels bought a year earlier. Source: S&P Global Platts correlation to regional product margins, middle — Gawoon Philip Vahn, Charles Lee

China’s CAO to focus on core business CAO did not send any jet fuel cargoes from Asia H1, the company said. amid trade tensions to Europe in the first seven months of this year as the CAO launched its crude oil trading business in the arbitrage window was closed. second half of 2016 with trading volumes amounting to 6 ■■China jet fuel cargoes to US unlikely In the first half of 2018, the company’s jet fuel trade million mt in the year, rising to 6 million-7 million mt in 2017. ■■Acquisitions to lift European opportunities volumes were 6.74 million mt, down 14.4% on the year and It set up the crude business after crude oil import quotas ■■Jet fuel trading volumes to climb in Q3 18.3% below H2 2017, the company said. were awarded to independent Chinese refineries in 2015. Despite the reduction in volumes, gross profit grew The company mainly sources crude cargoes from the Singapore—China Aviation Oil warned Friday that business 13.7% year on year as the company optimized its jet fuel Middle East and supplies to Asian countries. conditions are likely to remain tough because of geopolitical supply and trading activities. China Aviation Oil (Singapore) Corporation is listed on tensions and trade protection measures, but said it would Trading profit was strong in Q1 due to market tightness the Singapore Stock Exchange and is a subsidiary of China aim for growth by pushing its core businesses. as buyers in Europe, Africa and Asia were often competing National Aviation Fuel Group Corporation. — Oceana Zhou, The company is also eyeing opportunities to send for the same cargoes. Sambit Mohanty arbitrage jet fuel cargoes to Europe amid concerns that the Meng expects trading volumes to rise in Q3 as the escalating US-China trade war will prevent Chinese jet fuel July-September period is the peak season for jet fuel cargoes moving to the US. trading globally. Heatwave forces European refiners to cut CAO’s jet fuel trading volumes in H1 fell nearly 14% on runs, but impact seen marginal the year, the company said. Its gasoil and crude oil volumes Trade tensions picked up sharply in the period, helping the company’s overall “If the China-US trade war further escalates, it is unlikely London—Some refineries in Europe have been opting to trading volumes to post robust growth of more than 12%. that jet fuel cargoes from China will move to the US. reduce crude runs as cooling facilities struggle dealing with CAO, which is the largest physical jet fuel trader in But some other trading opportunities would arise,” vice the current heatwave, sources told S&P Global Platts Friday. the Asia Pacific region, added that its latest acquisition, president Zhang Xinbo said. Northwest Europe especially has been hit by unusually Navires Aviation Limited, would help to grow its business CAO supplied less than 2 million mt of jet fuel to airports high temperatures, up to 40C, and the heatwave set to last in Europe and expand its presence in international in the US last year, 60% of which were cargoes shipped for a while longer. markets. Navires Aviation has been renamed China from North Asian countries – China, South Korea and “The high temperatures are causing refineries to be Aviation Fuel (Europe) Limited. Japan. The rest were cargoes supplied by US refiners. down slightly [on runs],” one trading source said. “CAFEU provides CAO with a springboard to further “We have talked to South Korean refineries and they are Refineries need to cool the crude distillation columns grow our jet fuel supply and trading portfolio as well as very happy to send more cargoes to the US amid intensive and some have been reducing rates to cope with the heat, aviation marketing business in Europe and strengthen our competition within Asia,” Zhang said. although the measures appear to be temporary and have global presence,” CEO Meng Fanqiu said in a statement. not been widespread, sources said. The acquisition, which was completed at the end of Independents’ issues Some refineries might have to reduce capacity by “one June, is expected to enable CAO to secure jet fuel outlets and Company officials said that financial issues faced by China’s or two percent,” said a source with the German mineral oil cater to local and international airlines at Schiphol, Frankfurt, independent refiners would limit business opportunities for association, but that would have “very little impact on refinery Brussels and Stuttgart airports in Northwest Europe. crude trading over the course of the rest of the year. output.” While in the past high temperatures could have “China’s independent refineries may encounter many affected refineries’ cooling abilities, currently their “efficiency Arbitrage to Europe difficulties this year, and we expect their crude demand to is so so high,” they can cope well, the source said. “We are looking for opportunity to send cargoes to Europe fall in H2. But the country’s crude demand will rise,” Meng A number of refineries in the past weeks have had during the rest of 2018, with volumes expected to be around said, adding that CAO had expanded its customer profile to problems with electricity glitches although those were not 100,000-200,000 mt,” said Meng. He added that those include state-owned refineries. attributed to the heatwave and have since been fixed. volumes would be much lower than total 2017 arbitrage Crude oil pushed up the company’s non-middle The reduced run rates were seen as partly lending volumes to Europe of 600,000 mt. distillates volumes 42.6% on the year to 8.74 million mt in support to Northwest Europe’s gasoline market which

has been very tight on seasonally higher demand and a single well, Repsold said. The vessel’s reinjection system, The FPSO P-76, meanwhile, is expected to leave the shipments to North America and West Africa, according to which will allow additional wells to be connected to the Pontal do Parana shipyard in the fourth quarter, Repsold sources. — Solomon Lanitis, with Elza Turner vessel, is still undergoing commissioning, Repsold said. said, adding the FPSO, which can pump up to 150,000 b/d, Buzios is the first of the transfer-of-rights fields to is expected to enter operation before the end of the year. start production. Petrobras was granted the right to — Jeff Fick Brazil’s Petrobras to install three new pump 5 billion barrels of crude from the fields as part of a FPSOs in third quarter 2010 oil-for-shares swap with the government. Petrobras OPEC output surges on Saudi crude boost also discovered an additional 5 billion-15 billion barrels ...from page 1 Rio de Janeiro—Brazilian state-led oil producer Petrobras of recoverable crude in the fields, according to Brazil’s will install three new floating production units at offshore National Petroleum Agency, or ANP. Rights to develop since December 2016 — the last month before OPEC subsalt fields in the third quarter that will lead to a jump the additional oil volumes are expected to be sold at a and 10 non-OPEC allies agreed to implement supply cuts in crude output, starting in the fourth quarter, company production-sharing auction on November 29. that are now being eased — as did Iraq and Algeria, the officials said Friday. Petrobras owns 100% of Buzios. survey found. “We expect relevant production growth in the second First oil was also achieved at the Tartaruga Verde Those gains were more than enough to offset output half of 2018,” Solange Guedes, the company’s director for Field on June 22, where the FPSO Cidade de Campos dos declines in sanctions-hit Iran, crisis-wracked Venezuela and exploration and production, said during a press conference Goytacazes handles output, Repsold said. The field is conflict-torn Libya. to discuss second-quarter earnings. “The expectation is for currently producing about 25,000 boe/d from two wells, OPEC on June 23 agreed with its partners to end strong production growth, notably in the fourth quarter.” with a third well currently being connected, Repsold said. overcompliance with their production cuts and boost The upswing would reverse the current downward trend Petrobras owns 100% of Tartaruga Verde and the sister output by a collective 1 million b/d to replace barrels in output seen since late 2017, when Petrobras embarked Tartaruga Mestica fields. expected to be shut in by the reimplementation of US on a heavy schedule of maintenance shutdowns at floating The productivity of the wells at the fields “already gives sanctions on Iran and Venezuela’s economic quagmire. production, storage and offloading vessels, or FPSOs, you an idea about the difference in the order of magnitude OPEC’s July compliance among the 12 members with installed at subsalt fields. Petrobras’ first-half 2018 output these units give in the subsalt,” Repsold said. specified quotas stands at 105%, down from 131% in June, was undermined by the completion of several asset sales, The three new FPSOs will likely have a bigger impact on according to Platts calculations. including the sale of a stake in the Lapa Field to France’s output later in the year, Repsold said. Total and a 25% stake in the mature Roncador Field to The FPSO P-67 is currently undergoing commissioning Gainers and strugglers Norway’s Equinor. by Brazil’s Navy in Guanabara Bay, but should head out Iran, which has warned other members against Petrobras expects the new FPSOs to help the company to sea for installation at the Lula Norte area of the Lula encroaching on its market share, saw its production meet its 2018 production targets of 2.7 million b/d of oil Field in August, Repsold said. The FPSO P-69, meanwhile, fall to 3.72 million b/d in July — lowest since January equivalent globally and 2.1 million boe/d in Brazil, Guedes should also leave a shipyard in Angra dos Reis, south of Rio 2017 — as European buyers began winding down their said. That would be down from the 2.154 million boe/d de Janeiro, for the Lula Extremo Sul area of the Lula Field purchases in advance of US sanctions snapping back produced domestically in 2017, but in line with first-half toward the end of August, he said. in November. average output of 2.0174 million boe/d. Both FPSOs have installed capacity to produce 150,000 Venezuela, suffering from crushing debt, crumbling The company is still ramping up two new FPSOs that b/d, Repsold said. Petrobras owns a 65% operating stake in infrastructure, worker unrest, hyperinflation and US pumped first oil earlier this year and should see ramp- Lula, while Shell holds a 25% minority share and Portugal’s sanctions, continued its output slide to 1.24 million b/d, a up work continue in the third quarter, according to Hugo Galp Energia the remaining 10%. 670,000 b/d drop in a year and the lowest in the 30-year Repsold, Petrobras’ director for production development The FPSO P-75 left a Chinese shipyard in July and is history of the Platts OPEC survey, except a debilitating and technology. about halfway to Brazil, Repsold said. The FPSO will be worker strike in late 2002 and early 2003. The FPSO P-74, which pumped first oil from the Buzios installed at the Buzios Field later in the third quarter. The Libya’s output dropped 30,000 b/d month-on-month to Field on April 20, is currently producing 30,000 boe/d from FPSO P-75 also has installed capacity to pump 150,000 b/d. 670,000 b/d, its lowest since April 2017, the survey found, as

OPEC JULY OUTPUT CHANGE Recent OPEC production (million b/d) million b/d of crude from the market when they go into (million b/d) Country July Change June May April March effect November 4. Saudi Arabia Algeria 1.07 0.01 1.06 1.05 1.01 1.05 Also, refined products remain relatively tight, as UAE Angola 1.45 0.00 1.45 1.52 1.53 1.61 demand has been strong for gasoline and diesel. Nigeria Congo-Brazzaville 0.31 -0.02 0.33 N/A N/A N/A Some refineries in Europe have reduced runs because Kuwait Ecuador 0.53 0.01 0.52 0.52 0.52 0.52 Iraq Equatorial Guinea 0.12 -0.01 0.13 0.13 0.13 0.13 of the current heat wave, lending support to gasoline Algeria Gabon 0.18 0.00 0.18 0.16 0.18 0.19 prices, sources said Friday. Ecuador Iran 3.72 -0.08 3.80 3.83 3.83 3.83 In NYMEX products, September RBOB settled 26 points Iraq 4.57 0.03 4.54 4.47 4.42 4.43 Qatar lower at $2.0655/gal Friday, while September ULSD settled Kuwait 2.78 0.07 2.71 2.70 2.71 2.7 Angola 49 points lower at $2.1269/gal. — Jeff Mower Libya 0.67 -0.03 0.70 0.95 0.97 1.03 Gabon Nigeria 1.80 0.08 1.72 1.73 1.88 1.95 Equatorial Guinea Qatar 0.62 0.01 0.61 0.60 0.59 0.6 Rep of Congo Saudi Arabia 10.63 0.24 10.39 10.01 9.95 9.98 Refinery updates Libya UAE 2.97 0.09 2.88 2.87 2.87 2.8 Venezuela 1.24 -0.06 1.30 1.36 1.41 1.57 Venezuela STAR, Aliaga, Turkey Iran Total 32.66 0.34 32.32 31.90 32.00 32.39 ■■Owner: Socar Turkey Enerji AS (STEAS) -0.1 0.0 0.1 0.2 0.3 Notes: The estimate for Iraq includes volumes from semi-autonomous region of Iraqi Kurdistan ■■Overall capacity: 214,000 b/d Source: S&P Global Platts Source: S&P Global Platts it dealt with a militia blockade of its eastern ports that was OPEC and oil industry officials, traders and analysts, as well Notes: Turkey’s 214,000 b/d STAR refinery – being resolved July 11 and a kidnapping at the Sharara field in the as reviewing proprietary shipping data. — Herman Wang, developed by Socar Turkey Enerji, a Turkish subsidiary of country’s southwest. Eklavya Gupte Azeri state oil company Socar – Friday began receiving its Angola’s production remained steady at 1.45 million first cargo of crude, Socar confirmed in a statement. b/d in July, a 190,000 b/d year-on-year decline, according Crude futures fall on higher OPEC supply, US- According to the statement the tanker, Asheron arrived to the survey, as its mature fields continued to deplete. Friday morning carrying 80,000 mt of Azeri light from the China trade spat ...from page 1 But the African country should see its production rebound Georgian port of Supsa. in the coming months with the offshore Kaombo field US crude exports have slowed in recent weeks, likely The cargo of Azerbaijan’s Azeri Light crude grade, beginning first production in late July. because the US-China trade war has reduced flows to loaded from the Georgian port of Supsa on July 28-29 Major gainers besides Saudi Arabia include Nigeria, China, the single largest buyer of US crude in May. US and headed to Turkey’s new STAR refinery, a source at which boosted its output to 1.80 million b/d as the force Energy Information Administration data shows that on a Azerbaijan’s Socar Trading confirmed earlier this week, majeure on key export grade Bonny Light was lifted four-week average basis US crude exports have slowed to S&P Global Platts reported previously. The cargo of around mid-month, and the UAE and Kuwait, both of whom had 1.87 million b/d during the week that ended July 27 from 661,000 barrels was loaded onto the Aframax MT Absheron signaled their intent to loosen their taps. 2.43 million b/d July 27. for arrival August 2-3. UAE output rose to 2.97 million b/d, while Kuwait With refinery maintenance season around the corner, Trading sources said previously that they expected a produced 2.78 million b/d in July, the survey found. US crude inventories could start to rise, especially if exports sourer grade such as Russia’s medium sour Urals crude Iraq also raised crude exports from its southern do not pick up again. to be the more typical feedstock instead of the lighter, terminals to a record high in July, with its production West African crude market sources Friday warned that distillate-rich Azeri Light. coming in at 4.57 million b/d, according to the survey. reduced refinery runs would lead to higher US crude exports A Socar official confirmed to Platts Friday that with Newest member Congo produced 310,000 b/d in July, a into Europe, competing with Nigerian light sweet crudes. the delivery of the first crude cargo the refinery will now drop from 330,000 b/d in June. The crude bears should keep in mind looming US be able to start test production with the aim of moving to The Platts OPEC figures were compiled by surveying sanctions on Iran, which are expected to remove up to 1 commercial production in October. According to previous

statements by Socar officials the start of commercial Sisak, Croatia rising oil prices, the company said in its earnings report. But production will be followed by a steady ramp up of output ■■Owner: INA the group-wide margin increased on the quarter, by 3.9%. expected to reach full capacity by January 2019. ■■Overall capacity: 44,000 b/d The combined refinery margin of the Duna and Bratislava Previously the start of commercial production was refineries was $6.48/b in Q2, down 7.5% on the year but up slated for September although this was changed due to Rijeka, Croatia 5.3% on the quarter. changes in the order in which some units were ■■Owner: INA MOL said that despite rising oil prices, motor fuel being completed. ■■Overall capacity: 90,000 b/d crack spreads remained relatively strong due to high Expected to cost in the region of $5.5 billion, the demand and low inventories. As a result, the company STAR refinery has been designed to produce 4.95 million Olefin-2, Tiszaujvaros, Hungary said it is raising its group-wide refinery margin forecast by mt/year of diesel, 1.3 million mt/year of naphtha, 698,000 ■■Owner: MOL $1/b to $5-$6/b for this year. mt/year of petroleum coke, 1.695 million mt/year of jet ■■Capacity: 290,000 mt/year The Brent-Urals price spread (beneficial for MOL as it fuel, 525,000 mt/year of reformate, 455,000 mt/year of ■■Units affected: various mainly processes cheaper Urals crude) was $1.95/b in Q2, mixed xylenes, 261,000 mt/year of LPG and 157,000 mt/ ■■Duration: 2018 rising 46% from a year earlier and reaching its highest in year of sulfur. almost two years. Source: Company Notes: MOL confirmed Friday it is planning maintenance at Total throughput across MOL’s refineries was 4.91 million its Steam Cracker-2 olefin plant at its petrochemical plant mt in Q2, up 5.6% on the year. Throughput in H1, 2018 was Duna (Danube) in Szazhalombatta, near Budapest, complex in Tiszaujvaros in late Q3 and early Q4. The company 9.03 million mt, up 2.1% on the year. Hungary is also planning a turnaround at the Rijeka refinery in Q4. Diesel made up 43.1% of total throughput in Q2, up from ■■Owner: MOL MOL said an unplanned shutdown at its Bratislava 42.9% a year earlier, while the gasoline yield also increased, ■■Overall capacity: 165,000 b/d refinery earlier in Q3 will affect diesel production volumes from 17.8% to 18.9%. The share of naphtha was little for the quarter; the company did not specify the extent or changed at 8.0%; that of kerosene rose from 2.6% to 3.2%; Slovnaft, Bratislava, Slovakia duration of the shutdown. while the combined share of fuel oil, bitumen and other ■■Owner: MOL Group’s Slovnaft unit MOL’s group-wide refinery margin narrowed 13.5% on products fell from 16.1% to 15.4%. ■■Capacity: 122,000 b/d the year to $5.52/b in the second quarter of 2018, owing to Source: MOL