Methodology and Specifications Guide: Crude Oil

[OIL ]
METHODOLOGY AND SPECIFICATIONS GUIDE
Crude Oil
(Latest Update: March 2013)
Introduction
North Sea
Dated Brent and Brent/
Ninian Blend (BNB)
Platts cash BFOE
assessment methodology
Brent CFDs
Forties and the de-escalator
Other BFOE Grades
Other North Sea grades
Brent-related crudes,
and the forward curve
2
2
2
3
4
4
5
5
Persian Gulf
13
Dubai and Oman

Dubai/Oman partials assessment
methodology
Other Persian Gulf crudes
Asian Dated Brent Strip
and Differentials
13
16
Asia-Pacific
16
The Platts Asian Crude Oil Index
18
United States
18
18
18
19
19
20
20
21
14
15
Market on Close
West Africa
Time cut-offs
Grades
8
8
Consideration of fixed, differential

exchange for physical and floating
price information
US domestic grades London close
Americas Crude Marker (ACM)
Americas Crude Marker Methodology
Americas Dated Brent
Grades
US crude oil postings
Mediterranean
Latin America
21
Canada
22
Postings-based
Spot-based
Canadian crude oil postings
NYMEX, ICE and DME VALUES
22
23
23
23
Timing
Assessment Timestamp
Time Cut-offs
Incrementability
Nomination
Date range
Loading locations
Volume
Ship acceptability
The McGraw Hill Companies
9
9
9
10
10
10
10
10
10
Unscheduled NYMEX Closures
24
Trading platforms
24
Code list
for Crude Oil Marketwire
25
Crude Oil
Dated Brent and Brent/Ninian Blend (BNB)
Introduction
The following crude specifications guide contains the primary specifications and
methodologies for Platts crude oil cargo and pipeline assessments throughout
the world. The various components of this guide are designed to give Platts
subscribers as much information as possible about a wide range of methodology
and specification issues.
Physical Brent crude oil represents commingled crude from the Brent and Ninian
systems, known in Platts processes since 2007 as Brent/Ninian Blend (BNB), slated
to load at the Sullom Voe terminal. Currently, the API gravity is estimated at 38
degrees and the sulfur content at 0.45% sulfur, but the qualities of all crude oils
tend to change over time.
This methodology is current at the time of publication. Platts may issue further
updates and enhancements to this methodology and will announce these to
subscribers through its usual publications of record. Such updates will be included
in the next version of the methodology. Platts editorial staff and managers will
usually be ready to provide guidance when assessment issues require clarification.
Platts no longer assesses a Brent-only price, due to problems resulting from the
decline in its production to a relatively low level. Beginning in mid-2002, Platts
substituted for straight Brent a combination of Brent/Forties/Oseberg known as
BFO. In 2007, Platts incorporated Ekofisk into the assessment price formation for
physical benchmark Dated Brent, giving rise to BFOE. However, the nomenclature
for Brent did not change, and Platts still refers to its key wet assessment as Dated
Brent, and its key paper assessments as Brent. Platts also launched a North Sea
Light assessment which is identical to the Brent price.
Should you need any additional editorial information please feel free to contact our
editorial or sales offices by phone or by using the free Ask Us editorial questions
email service that can be found on our web site at www.platts.com. You can also
reach our sales team by email at [email protected].
North Sea
The window of assessment for North Sea crude grades is typically 10-25 days
from date of publication (for dated Brent/Forties/Oseberg/Ekofisk, the window
reflected is 10-25 days Monday-Thursday, and 10-27 days on Friday). North
Sea crude grades are generally traded as a differential to dated Brent or as a
differential to cash BFOE.
All grades are assessed on a Market on Close basis, with assessment
values aligned to 16.30:00 London time precisely. In order to ensure proper
dissemination of market information and performance, new bids/offers published
by Platts on page 3 of its Platts Global Alert electronic screen service (PGA003)
must be received by Platts no later than the published cut-off periods. For
physical North Sea bids and offers, the cut-off is currently 16.10:00; for CFD
bids and offers (outright and rolls) the cut-off is currently 16.15:00; for outright
cash BFOE bids and offers, the cut-off is currently 16.25:00 London time, for
cash BFOE spread bids and offers, the cut-off is currently 16:28:00. For physical
North Sea bids and offers, prices may be changed incrementally until 16.25:00
London time, for CFD bids and offers (outright and rolls) prices may be changed
incrementally until 16:25:00, outright and spreads on cash BFOE bids and
offers may be changed incrementally up until the 16.30:00 close. The time
cut-off for offers of Brent Blend on a ship-to-ship (STS) Scapa Flow basis is
15.30:00 London time. Please go to http://www.platts.com/IM.Platts.Content/
MethodologyReferences/MethodologySpecs/timingincrementguidelines.pdf for
detailed guidelines on timings. Please note that the purpose of these time cutoffs and standards of incrementability and repeatability are primarily logistical,
and designed to ensure orderly price discovery. As such, they may be changed
at short notice if evolving market conditions require. Please note that up until
October 1, 2005, the North Sea assessments reflected a 17.30:00 London time
close and the time cut-offs for submission of new bids and offers were an hour
later than those currently applied.
March 2013
Platts makes three forward assessments for 25-day cash BFOE, which represent
Platts forward Brent assessments. 25-day cash BFOE is also commonly known as
cash BFOE or paper BFOE and the assessment reflects the value of a cargo with
physical delivery within the month specified in the contract. The name 25-day name
stems from the practice of notifying buyers of the loading dates for their cargoes 25
days in advance of the delivery. The assessed level reflects the tradable value for
full and partial cargoes on the 25-day BFOE market.
The front month 25-day BFOE contract expires on the fifth of a 30-day calendar
month, but the Platts assessment continues until the last business day of the
preceding calendar month for legacy reasons. For example, July 25-day BFOE
will expire on June 5 but Platts will assess until June 30. On July 1, August BFOE
becomes the first month, September BFOE becomes the second month, and October
BFOE is added as the third month. The process will repeat itself on July 31.
Platts publishes in effect synthetic 25-day BFOE assessments for the front month
between the fifth and the end of the preceding month. Platts assesses the front
month 25-day BFOE at a constant spread to the second month 25-day BFOE from
around the fifth of each calendar month to the end of the month.
For more information on the Market on Close methodology used to assess BFOE,
please see the section below.
Dated Brent is a rolling assessment that reflects the price of physical, wet BrentForties-Oseberg-Ekofisk cargoes loading no less than ten days forward. Specifically,
dated Brent cargoes loading 10-25 days forward will be taken into account Monday
through Thursday. On Friday, dated Brent cargoes loading 10-27 days forward will
be taken into account. Deals done, as well as bids and offers, may be taken into
account for assessment purposes. Changes in spread trade may also be considered.
The cargoes are loaded FOB terminal and may include stored material at each
location. Since January 2001, Platts considers ship-to-ship transfers at Scapa Flow
of Brent crude oil that has been recently loaded at Sullom Voe and remains in
its original condition, and provided the seller agrees to cover all additional costs
incurred by the buyer who agrees to lift the oil on a STS basis. In September 2006
the ex-ship offer mechanism was broadened to the evaluation of Forties and Oseberg
crude, which form part of the BFOE complex. Following the addition of Ekofisk to the
BFO complex, it was further added to the ex-ship mechanism in February 2008.
Crude Oil
In October 2009, Platts broadened its definition of ship-to-ship transactions to

consider offers and resulting transactions where the seller commits to delivery
crude oil from a vessel that has itself been loaded via a ship-to-ship transfer. In
such offers, the vessel named by the seller will have loaded via a ship-to-ship
transfer from a vessel originally loaded from the terminals supplying BFOE crude oil.
In such deliveries the quality of the crude oil must be congruent with that at the
time of its original loading from its respective terminal.
Platts cash BFOE assessment methodology

In July 2002, Platts broadened its definition of Brent crude oil and included market
activity in Forties and Oseberg crude markets in the Platts Dated Brent assessment
and the Platts forward cash Brent assessment. Ekofisk was added to the system
in June 2007. Platts daily spot price assessments for forward cash Brent months
include activity in all four North Sea benchmark grades, Brent, Forties, Oseberg and
Ekofisk (BFOE). All aspects of the BFOE assessment methodology were developed by
Platts and are proprietary to Platts. Platts continues to assess separate spot values
for Oseberg, Forties and Ekofisk.
Rationale for the BFOE combination: The production of Brent has fallen over time.
Given its role as a key benchmark, the Brent price at times became increasingly
disconnected from that of other similar grades. Platts conducted extensive
consultations with the industry, and came to the conclusion that its Brent
assessment would be more reflective of market fundamentals in the North Sea
if the assessment was broadened to include Oseberg and Forties crude oil. Platts
implemented this change in July 2002. In 2007 Ekofisk was added to the complex
to further bolster the volume available for assessment. Further changes are likely if
production of the key grades is deemed too low or if their qualities were to deviate
significantly from the norm.
Platts Brent assessments incorporate the values of Brent, Oseberg and Ekofisk
with the most competitive grade setting the price at the margin. If Brent is the
most competitive grade then Brent will be the most important factor setting
the assessment. Brent has historically been the most competitive grade, with
Oseberg, Forties and Ekofisk typically trading above Brent on a flat price basis.
The methodology operates as a relief valve, with the other grades influencing
the assessment only if the price of Brent disconnects from those of other North
Sea grades.
Most grades in the North Sea are light and low in sulfur, with Oseberg and Ekofisk
fairly close in quality, price and geographical location to Brent. Oseberg and
Forties were oringally considered the closest grades, add substantial volume and
historically have been worth more than Brent. This allows them, together with
Ekofisk, to act as a price cap on upward squeezes in the Brent market without
causing any flat price distortions in Brent.
Since the start-up of the Buzzard field in January 2007, the quality of Forties has
changed significantly. With effect from June 7th, Platts has implemented a quality
standard for Forties crude assessments. Platts, from this date, assesses crude
meeting 37 degree API minimum and 0.6 pct sulfur maximum content in Forties.
Platts will continue to review the situation to ensure its assessments reflect normal
and standard grades.
March 2013
Methodology: The most competitive grade at the margin will under typical
circumstances be the grade reflected in the assessment. Under normal market
conditions, the most competitive grade has been Brent and the inclusion of Forties,
Oseberg and Ekofisk should not alter the prevailing price of Brent. However, the
inclusion of Buzzard into the Forties stream has meant Brent is often not the most
competitive grade. This methodology neither adds nor subtracts barrels from the overall
crude oil marketplace, but adds volume to the benchmark to ensure it continues to
reflect supply/demand fundamentals. Supply and demand remain unchanged.
Platts does not average the price of Brent, Oseberg, Forties and Ekofisk to set its
Dated Brent assessment. The most competitive grade at the margin will have the
greatest degree of influence in the assessment.
Timing: Backwardation and contango are factored in the assessment process.
If a company offers a cheap cargo loading 10 days forward, the offer would only
influence at the most the Platts assessment for cargoes loading 10 days forward.
Platts would still need to assess days 11 through 25 and publish an assessment
that is inclusive of market value from 10-25 days forward. The range stretches to 27
days for Friday assessments.
Platts previously had a 7-15 day range. But most other North Sea grades trade
with loading dates further into the future than Brent. Platts objective was to bring
its Dated Brent assessments more in line with market practice in the North Sea.
Hence, Platts implemented a change to reflect cargoes with loading dates 10-21
days forward, Monday to Thursday, and 10-23 days forward on Friday. A further
decline in production and a further shift forward in typically traded loading dates
led to another change in the dates reflected in the Platts Dated Brent assessments.
On January 6, 2012, Platts amended the date range reflected in the Dated Brent
assessment to 10-25 days forward from the date of publication.
An example:
Forties loading 16-18 July sold at Dated Brent plus $0.10/bbl
Brent loading 16-18 July sold at August Brent plus $0.10/bbl
In order to assess these transactions Platts would need to determine the value of
August Brent and the value of the underlying Brent swap, also known as the CFD,
covering the loading period for the Forties cargo. (For more information on CFDs,
see the section entitled Brent CFDs). If as an example, the value of August Brent is
$65.00, then the Brent loading July 16-18 would be assessed at $65.10/bbl. For the
Forties assessment Platts would then determine the flat price value of the dated
Brent CFD covering the loading/pricing. In this example, the dated Brent CFD for
the pricing period (week of July 15-19) was valued at August Brent minus 10 cts/
bbl to an equivalent of $64.90/bbl. Platts would then add/subtract the differential
at which the Forties cargo was sold. In this case Forties was sold at a positive
differential of $0.10/bbl, leading to a fixed price equivalent of $65.00/bbl. The most
competitive grade in this example is Forties and the assessed value for Platts dated
Brent could be $65.00/bbl for cargoes loading around July 17. Platts would still
need to assess all the other days in the 10-25 day range used for the assessment.
Operational tolerance:Platts reflects in its assessments cargoes loading within
1% plus or minus operational tolerance. Platts believes that cargoes trading with
pre-known tolerances ahead of the actual cargo loading include an option value
that distorts the true value of the assessed commodity.
Crude Oil
Terms & Conditions: Offers/bids/transactions for forward Brent, Oseberg, Forties

and Ekofisk, or BFOE, as previously announced, are used for assessment purposes
in the forward daily Brent monthly Platts assessments. The bids/offers and
transactions are recognized for assessment purposes provided they meet the
following conditions:
Cargo date nominations are declared 25 days in advance.
Cargoes load under normal terms and conditions.
Normally, Forties cargoes are loaded under BPs terms and conditions,
Brent cargoes are loaded under Shells terms and conditions, Oseberg
cargoes are loaded under Statoils terms and conditions, and Ekofisk under
ConocoPhillips terms and conditions.
Any partials that are not fully and satisfactorily recombined into full
cargoes of 600,000 bbl would need to be booked out under normal terms
and conditions currently prevailing for a Brent book out. If a partial is not
commercially booked out, then the partial would need to be priced out on
the Brent assessments on the same basis as Brent partials are booked out.
Forties and the de-escalator

The assessment for Forties blend is based on FOB Hound Point, UK. Currently,
the API gravity of Forties is 38.7 degrees and the sulfur content is around 0.79%.
The assessment reflects values for cargoes loading 10-25 days forward MondayThursday and 10-27 days forward on Friday.
In July 2007 Platts introduced a quality standard into its Forties assessments
when maintenance-led quality disruptions began to occur. As of July 2, 2007,
Platts considered Forties in its assessments of Dated Brent and related North
Sea instruments with a quality de-escalator applied for deliveries above the base
standard of 0.60% sulfur. Platts now considers in its assessments bids, offers
and deals where a de-escalator for every 0.10 per cent of sulfur above the 0.6%
standard is specified.
The original value of the de-escalator was set at 40 cts/b. This was revised as
follows:
June 30, 2008 to 60 cts/b
October 1, 2008 to 40 cts/b
January 2, 2009 to 20 cts/b,
February 1, 2011 to 30 cts/
April 1, 2011 to 40 cts/b
December 1, 2011 to 25 cts/b
April 1, 2012 to 40 cts/b
July 2, 2012 to 20 cts/b
The first weekly balance is on a forward week basis on Thursday and Friday, and
becomes a balance week quotation between Monday and Wednesday. It is rolled
forward every Thursday. Second week onward assessments are all forward week
assessments. Assessments are quoted as a differential to the second BFOE cash
contract month, e.g on July 23rd, the assessment would be against September cash
BFOE. The relevant cash month rolls on the first day of the month of each month
e.g. June will become the basis month on April 1.
October 1, 2012 to 35 cts/b
November 1, 2012 to 35 cts/b (no change)
December 1, 2012 to 35 cts/b (no change)
January 1, 2013 to 35 cts/b (no change)
CFDs are a means for holders of long or short BFOE cash positions to hedge against
or speculate in movements in the dated Brent market. The CFD swap is between
the uncertain or floating price of the dated Brent differential and a certain
or fixed differential price, which generally is Platts daily dated Brent crude
assessment. CFDs are priced using averages of a particular weeks worth of daily
price assessments as quoted by Platts.
February 1, 2013 to 30 cts/b
March 1, 2013 to 35 cts/b
If Brent, Oseberg, Ekofisk or Forties is delivered under a BFOE basis, each

cargo size shall be 600,000 bbl.
Brent CFDs
Brent CFDs (Contract For Difference) are relatively shortterm swaps, quoted by
Platts for each of eight weeks ahead of the current date at any one time. They also
are traded for bi-monthly and monthly periods in the marketplace. They represent
the market differential in price between the Dated Brent (BFOE) assessment and a
forward month cash contract, i.e. forward month BFOE (Brent-Forties-OseburgEkofisk) cash contract, over the period of the swap.
Each trade is an exchange of a fixed for a floating risk in the Dated to BFOE cash
differential.
CFDs are generally traded in clips of 100 lots, i.e. 100,000 barrels. In addition
to Dated Brent (BFOE), CFDs are also used to price crudes which are sold at a
differential to Dated Brent.
March 2013
The de-escalator value applies to all Forties crude oil delivered after the date stated.
Prevailing rates are as published in the Platts Crude Oil Marketwire. When reviewing
the value of the deescalator, Platts studies evidence of significant and sustained
changes in the crude market, as affected by refined products and other relevant
factors that affect the economics of Forties. Between 2007 and late 2012, Platts
updated the value of the deescalator as and when such changes were observed.
Platts announced in November 2012 that it would state the sulfur de-escalator
applied to the North Seas Forties crude oil every month at 3 pm London time, on
the 25th of the month prior to the month of implementation. In cases where the 25th
Crude Oil
of the month is a non-working day in the UK, the de-escalator is announced on the
closest business day prior to the 25th. As an example, the de-escalator for December
2012 would be announced on the 23rd of November, at 3 pm London time.
Troll: Platts launched daily assessments for Troll on March 1, 2012. The
assessment reflects caroes loading FOB Mongstad, with a typical quality of 35.9
API degrees, a sulfur content of 0.14% and a Total Acid Number of 0.44.
Under this approach, Platts states the de-escalator for the month ahead, whether
or not the value of the de-escalator is being changed. Platts publishes the editorial
basis for the determination of the de-escalator level on its website platts.com.
Duc: Platts launched daily assessments for Duc on March 1, 2012. The assessment
reflects caroes loading FOB Fredericia, with a typical quality of 33.9 API degrees, a
sulfur content of 0.25% and a Total Acid Number of 0.36.
Platts uses three significant figures for determination of sulphur-related payment.

The test reflecting this figure should be the ASTM-D2622. Forties cargoes and all
related instruments, including cash BFOE cash forwards, bid or offered through the
Platts system must adhere to this standard.
Platts will consider in its assessments bids, offers and deals where a de-escalator
of 35 cts/barrel for every 0.1% of sulfur is specified. Under the de-escalator, the
seller would pay the buyer this compensatory amount for every 0.1% of sulfur over
0.6% on a pro-rata basis, as follows:
0.6% No payment to buyer
0.625% Seller pays 8.75 cts/barrel to buyer
0.65% Seller pays 17.50 cts/ barrel to buyer
0.7% Seller pays 35 cts/ barrel to buyer
Other BFOE Grades

Oseberg: The assessment is based on FOB Sture, Norway. Currently, the API
gravity of Oseberg is 37.8 degrees and the sulfur content is 0.27%. The assessment
reflects values for cargoes loading 10-25 days forward Monday-Thursday and 10-27
days forward on Friday.
Ekofisk: The assessment is based on FOB Teesside, UK. Currently, the API gravity
of Ekofisk is 37.5 and the sulfur content is 0.23%. The assessment reflects values
for cargoes loading 10-25 days forward.
Other North Sea grades

North Sea Basket: This is a straight average of the price of Dated Brent, Forties,
Oseberg and Ekofisk.
Statfjord: Platts assesses Statfjord crude oil on an FOB-platform and a CIF
Rotterdam basis. Platts launched the CIF Rotterdam based assessment on January
4, 2010. Both assessments reflect values for cargoes loading 10-25 days forward.
The API gravity is 39.5, and the sulphur content is 0.22%.
Gullfaks: On January 4, 2010, Platts launched an assessment based CIF Rotterdam.
The assessment reflects values for cargoes loading 10-25 days forward. The API
gravity is 37.5, and the sulfur content is 0.22%.
Flotta: The price is for barrels loading FOB at the Flotta terminal in the North Sea.
Currently, the API gravity is 36.9 degrees and the sulfur content is around 0.83%.
The assessment reflects values for cargoes loading 10-25 days forward.
March 2013
Brent-related crudes,
and the forward curve
Before 2002, Platts assessed Brent-related crudes from the North Sea, Africa and the
Mediterranean at a differential to the assessment published for dated Brent on the
day. As an example, if Bonny Light was assessed at dated Brent plus $1.00/bbl on a
particular day, then the assessment for the grade that day would reflect that days
dated Brent assessment plus $1. If the dated price was $30, Bonny Light would have
been $31. However, this assessment system does not take into account the timing
structure of the market, i.e., the contango or backwardation in the market.
Crude cargoes are traded in the spot market for loading sometime in the near future.
Some of the cargoes are traded using a benchmark as a reference for the base price
plus or minus a differential. The cargoes typically use Dated Brent as the benchmark
for the base pricing. The base is typically an average over specific dates related to
the time when the cargo will load in the future. For instance, a cargo of Urals can
trade on Jan 2 for loading Jan 15. The Urals cargo can be traded at dated Brent
around bill of lading time minus $1.00. Hence, to determine the correct price for
Urals it is key to determine the market value of the dated Brent assessments around
the bill of lading. As an example, Platts on Jan 2 would need to determine the value
of dated Brent, on a forward basis, around the future bill of lading dates. There is
a market for the forward Dated Brent assessments, informally known as the CFD
market. Platts regularly assesses the value of CFDs on a weekly basis for 8 weeks
ahead of the date of publication. This gives it a solid base for producing assessments
on Brent-basis cargoes by taking into account the forward pricing curve.
The assessment methodology used since late 2002 for North Sea grades, and early
2003 for West African and Mediterranean grades, takes into account the contango
or backwardation in the marketplace. As an example, if the Bonny Light traded at
dated Brent plus $1.00/bbl and the cargo was due to price on the assessments
published by Platts from April 3-April 14, the assessment would be calculated on
the following basis: current dated Brent prices, plus CFD differential for the Apr
3-14 time frame, plus the $1 premium.
Platts will use the future dated Brent value applicable to and typical for each grade.
In the case of Mediterranean grades, Platts reflects in its assessments cargoes
loading 10-25 days forward. The cargoes typically price 1-5 days after the cargo
loads. The average pricing time is therefore 3 days after bill of lading. In this case
therefore Platts will need to take into consideration the market value for the dated
Brent assessments for days 10-25 plus an additional 3 days. This results in a dated
Brent strip of 13-28 days forward.
For Angolan grades, the window of assessments is 15-45 days forward with
the cargoes pricing 5 days around bill of lading. Therefore the dated Brent strip
Platts needs to take into account is 15-45 days forward. For Nigerian grades, the
assessment window is 15-45 days forward, but typically cargoes price in the period
Crude Oil
1-5 days from date of loading. Thus the applicable dated strip for Nigerian grades
is 18-48 days forward. For Canadian cargo-grades, the assessment window is 28-42
days forward, but typically cargoes price in the period of 1-5 days from the date of
loading. Thus the applicable dated strip for Canadian cargo-grades is 31-45 days
forward.
Separately, the following editorial clarifications were published since the MarketOn-Close roll out:
Clarification in regard to Platts Global Alert PGA 3 & 5 trading positions:

In the event that a principal is bidding/offering a parcel and starts
communication with a counterparty with the aim of executing a transaction,
the initial buyer or seller should either 1) communicate that the parcel is no
longer available, or 2) make it clear that the parcel is still available to the
entire market. If the parcel is still available, any other principal can execute
the transaction with the original buyer/seller, despite discussions a seller
may have had previously with another potential buyer. If no communication
is made it is assumed that the parcel is still available to the marketplace.
Furthermore, any transaction originating from a bid or offer posted
transparently must be disclosed.
North Sea cargo offers made with wide loading ranges where seller holds
the option on the actual loading dates are not used in the assessment
process. The standard for cargoes loading in the North Sea is a three day
loading range. Offers of dated cargoes made for wide loading date ranges
should specify clearly if option resides on seller. Bids on same basis are
typically presumed to grant the optionality to the seller.
Platts assessments consider bids, offers and transactions that are

transparent and executable by any creditworthy counterparty. Bids, offers
or transactions that are not transparent will not be considered in the
assessment process. Naturally, bids above transparent offers or offers
below transparent bids are not considered in the assessment process.
Platts considers changes to bids or offers when those changes are done
transparently and in normal increments. The level of each bid or offer must
stand firm in the marketplace long enough for any counterparty to hit the
bid or lift the offer, otherwise the bid or offer may be deemed inexecutable.
Platts does not consider bids, offers or transactions that are the result of
market gapping, i.e. changes that are in excess of normal market practice.
Platts MOC assessment process requires that market participants bidding

and offering in the MOC window perform on their bid/offer with the first
company of record. In the event of a dispute on the timing, Platts will review
its records and determine which company communicated to Platts first its
intention to execute on a bid/offer displayed on the Platts systems. All the
Platts systems operate on a first come, first served basis. This sequence is
critical for orderly price discovery
Platts assesses three forward months of Brent/BFOE EFPs (exchange for physical).
The relevant assessment deltas refers to the corresponding month of Platts Brent/
BFOE spot price assessments.
Platts assesses three forward months of Brent/WTI cash spreads. The assessments
are based on the London market close at 4:30 PM. local London time.
Market on Close
In establishing its daily assessment for 25-day cash BFOE and cash West Texas
Intermediate (WTI), cash Mars and all other crude oil spot price assessments, Platts
utilizes a system commonly known as Market on Close (MOC).
The MOC system seeks to reflect transactable values prevailing at the respective
market close on a normal working day: 4:30 PM local London time for 25-day cash
BFOE, and 3:15 PM local NY time for cash WTI and Mars. Platts derives these
values by tracking market evolution during the respective assessment window and
by making assessments that reflect the value at which a deal could or did take
place at the close of the market.
To do this, Platts takes into account representative, arms-length, openly negotiated
transactions occurring during the assessment window and additionally taking into
account the evolution of the bid-offer spread during this period. Platts, prior to
January 2001, produced its assessment from an arithmetic weighted average of
deals done during this period. Instead it is using the deals, at whatever time they
occur within the window, as a basis for extrapolation to the market-on-close (MOC)
assessment.
In order to enhance further transparency and orderliness in the European crude oil
pricing window, Platts has established the following timing standards for North
Sea physical crude and associated derivatives, such as cash BFOE, dated Brent and
other crude oil instruments:
Initial physical North Sea cargo bid/offers should be submitted no later than
16:10:00 local London time. Platts will consider incremental price changes
made to physical bids and offers up to, but no later than, 16:25:00 local
London time. Changes to bid/offers should typically not exceed 5 cts/bbl per
adjustment.
Initial BFOE cash spread and CFD positions should be submitted no later
than 16:15:00 local London time. Platts will consider incremental price
changes made to BFOE cash spreads and CFDs up to 16:25:00 local London
time.
Initial outright BFOE positions should be submitted no later than 16:25:00
local London time. Platts will consider incremental price changes made to
BFOE cash positions up to 16:30:00 local London time.
March 2013
The minimum volume that Platts takes into consideration for cash BFOE
assessment is 100,000 bbl per transaction. For WTI the minimum is 25,000 bbl
with a maximum of 600,000 bbl per transaction. These minimums and maximums
are a reflection of standard market practices and may be subject to review if
market conditions change.
Platts will assess the market as per the respective London and New York close, and
would use in its assessments any information deemed reliable and provided on a
transparent basis. In the absence of trade, Platts can use several other indicators,
including bids and offers or spread relationships versus other crudes such as WTI.
Platts will use in its assessments any transaction concluded between parties that
have expressed their intention to buy or sell on a transparent basis. Typically, the
Crude Oil
later a player signals their intention to buy or sell, the greater is the possibility
that any eventual transaction they engage in is not open or transparent. Platts
confidence in trades evolving from buy-sell intentions signalled before the start
of the assessment window will be much greater than its confidence in trades
concluded abruptly from late arriving bids and offers, and late signals will therefore
be evaluated on a case-by-case basis.
players bids or offers would clearly be available for execution by any other
potential trading counter party.
Platts is always concerned about the potential effects of one-off

deals on the markets perception of transactable value. It is common
practice among some traders to effect non-repeatable deals at below- or
above-market levels in the hope that such deals will influence others
perceptions of value and ultimately in the hope that these deals will
affect Platts assessments. A variant on this action is the practice by
supposed sellers of gapping down their offer to a point well below
where a trade might be expected to occur, or of supposed buyers
gapping up their bids. The test that Platts uses is a process of inquiry
to find whether, for example, an unusually high buyer is willing to pay
the same amount again and again until all the supply created by his high
bid is exhausted. On the reverse side, a seller would need to supply more
barrels until he satisfies all the demand generated by a low offer. If buyer
or seller fails to satisfy the demand or supply generated in the entire
market place, the transaction could be considered non-market and would
not be used for the assessment.
A player can move its bids/offers by any increments it believes fits their
trading objectives. However, Platts can only take into consideration those
changes in bids and offers, which occur sequentially and with increments
that are in line with current market practices. In markets with low
volatility, players typically move prices at increments ranging from 1-5
cts/bbl per step, with the increments typically growing as the volatility
increases. A market participant can withdraw at any time. However, if a
market participant withdraws after a trading counter party has indicated
that it has interest to buy or sell into the bid/offer, it would become
evident that the original buyer/seller actually had no interest to trade.
Platts views spurious bids and offers of this kind with concern, and it
takes seriously its responsibility to publish information only from sources
deemed credible.
The philosophy behind MOC is that market values can change dramatically in a
span of 15 minutes. Platts came to the conclusion that an averaging system for
price determination could result in assessments that lag actual market levels, as
deals done early in an assessment period, at a level that is not repeatable, could
mathematically drag prices down or up.
With an MOC procedure, Platts can reflect market conditions up to the minute. A
methodology that works well in a period of low or high volatility, and in periods of
high or low contango or backwardation, is a good methodology. A market on close
methodology helps achieve those goals.
The prior practice in the Brent and WTI markets of averaging can lead to distortions
when the price of one commodity is compared with the price of another, or a price
for one month is compared with that for other months. In essence, averaging of
transactions results in a quotations that lags the actual market.
As an example, Brent/BFOE crude oil has a value, WTI has a value and the Brent/
BFOE versus WTI spread has a value, and all three make sense when measured on
a same-time basis. By contrast, a system of averages can lead to distortions in the
Brent/BFOE versus WTI spread if the distribution of deals done for WTI and Brent/
BFOE differs over the averaging period. Thus if WTI trades actively at the beginning
of the assessment window and Brent trades actively at the end of the window in a
rising market, the assessed spread value resulting from an averaging process will
not be reflective of actual market values.
In a falling market, the averaging would result in a widening of the apparent
spread. This distortion can arise even if the value of spread trades in their own
right has remained constant. The market on close approach drastically reduces the
possibility of such distortions.
Platts follows several other basic price-reporting principles in its MOC system:
If a deal is done on a non-transparent basis or in circumstances where

questions may arise as to why a buyer/seller did not deal in an open
environment, where counterparties had enough time to react, or where
questions may have arisen as to the time of execution, Platts believes it
must take precautions generally to not take such a deal into account. But
Platts does recognize that there may be market circumstances in which
a player that did not originally intend to trade during the Platts window
finds that rapidly changing market conditions make it advisable, or even
necessary, to enter the market after the start of the window.
Platts editors always seek direct verification from the principals to a bid/
offer/deal, and will not disintermediate the actual market-maker, whether a
deal is done on- or off-line.
If only one player is active in the market, Platts would only use information
from that player if the intention to bid or offer was made on a transparent
basis and within the timing guidelines. Under these circumstances, such a
March 2013
West Africa
Beginning in 2003, Platts began taking into account backwardation/contango in
the underlying Dated Brent market. Prior to the change, Platts West African and
Mediterranean grade price assessments were established by adding/subtracting
the prevailing market differential against the daily Dated Brent assessment
and did not take into account backwardation or contango. Platts incorporated
the market structure into all its Dated Brent related spot price assessments by
correlating respective loading dates with the corresponding Dated Brent value. The
corresponding Dated Brent value is established through trading activity in the Brent/
BFOE swap market.
West African grades are assessed for cargoes loading 15-45 days after date
of publication. While a cargo size of 950,000 bbl is the standard in the dailyassessed grades, part-cargoes are occasionally traded and may be factored
into the assessment process. Underlying market dynamics may also play a
role in determining the value of grades. Market backwardation and contango
within the 15-45 day window will be taken into account for assessment
purposes in Angolan grades and within a 18-48 day window for Nigerian
crude. All West African assessments are on an FOB basis, for loading at each
grades specific terminal.
Crude Oil
Time cut-offs
Forcados: Forcados is a Nigerian crude with a low sulphur and low metals
content. It is rich in distillates and has low fuel content. Average production:
420,000 bpd. Loading location is Forcados terminal. This crude has a larger
distillate refining profile. Its API gravity is 24.4 degrees and has a sulfur
content of 0.18% and it loads at the Shell-operated Forcados Terminal on
the Niger Delta. The current bbl/mt conversion factor for Forcados crude
oil is 7.223. Other specifications: Pour point <-36 C, TAN 0.57 mg KOH/g,
Nickel 1.9ppm, Vanadium 0.1ppm, Visc. (40C) 11.05 cSt.
Agbami: The grade is produced 70 miles offshore Nigeria and loads from
the Agbami FPSO. Cargoes typically are typically made up of 975,000 barrel
and peak production in 2010 is set for 250,000 b/d. Agbami is classified as
a light, sweet crude with low acid content. Specifications are: API 46.3,
Sulfur 0.03%, Pour point 9C, TAN <0.05 mg KOH/g, Visc. (40C) 1.8 cSt.
Production began in July 2008.
Cabinda: The crude oil is produced in Angola. It is loaded from the

ChevronTexaco-operated Malongo Terminal, which can accommodate
Very Large Crude Carrier (VLCC) loading. Nemba also loads at Malongo,
and combined cargoes of Cabinda and Nemba on VLCCs are possible.
The typical cargo size is 950 thousand barrels, but alternate cargo sizes
can be arranged with advance planning. The minimum cargo size is
600 thousand barrels. The production rate of the contributing fields is
approximately 270.000 b/d. This medium sweet Angolan crude represents
commingled material from the Takula and Malongo systems. Its API
gravity is 32.0 with a sulfur content of 0.12%. The typical Cabinda
output from Malongo is approximately 350,000 b/d. The current bbl/mt
conversion factor for Cabinda crude oil is 7.28. Other specifications: Pour
point 16 C, TAN 0.06 mg KOH/g, Nickel 16. wppm, Vanadium 2.2 wppm,
Visc. (50C) 9.90 cSt.
Girassol: The crude is produced from the Girassol and Jasmim offshore
fields in Angola. In 2007, production from the Rose field is expected to
be brought on stream to keep production at the same level. The operator
is Total and the loading port is Offshore Angola. Standard cargo size is 1
million barrels (with the option to increase/decrease) and crude production
is 250,000 bbl/day. Girassol is classiefied as a medium density, low sulphur
crude. Specifications are: API 30.8, S.G. 0.8718 (conversion rate 7.27),
Sulphur 0.34, Pour point -24C, TAN 0.30 mg KOH/g, Nickel 10.0 wppm,
Vanadium 5.0 wppm, Visc. (20C) 19.6 cSt.
Hungo: The crude is produced from the Hungo and Chocalho fields. The
operator is ExxonMobil and the loading port is Kizomba A FPSO offhore
Angola. Standard cargo size is 1 million bbl (with the option to increase/
decrease). Crude production is 210,000 bbl/day. Hungo Blend is classified
as a medium density, medium sulphur, medium TAN crude. Specifications
are: API 28.5, S.G. 0.8844 (conversion rate 7.06), Sulphur 0.71 mass%, Pour
point -36C, TAN 0.43 mg KOH/g, Nickel 19.0 wppm, Vanadium 17.0 wppm,
Visc. (40C) 12.9 cSt. Hungo Blend was formerly known as Kizomba A.
Kissanje: The grade is produced from the Kissanje and Dikanza fields and
the operator is ExxonMobil. The loading port is Kizomba B FPSO offhore
Angola. Standard cargo size is 1 million bbl. Production is 250,000 bbl/day.
Kissanje Blend is classified as a medium density, medium sulphur, medium
TAN crude. Specifications are: API 28.2, S.G. 0.8858 (conversion rate 7.06),
In its daily assessments of West African crude oil, Platts reflects cargo bids and
offers that are submitted in full to Platts before 15.45 London time. The prices of
these bids and offers may be adjusted at a rate of a maximum of 5 cents/barrel per
minute. The last price change must be submitted to Platts ahead of 16.25 London
time. Platts assessments reflect value at 16.30 London time precisely.
Grades
Bonny Light: This crude oil is produced in Nigeria from ChevronTexaco and
Shell concessions. ChevronTexacos exports are throughput and loaded from
the Shell-operated Bonny Terminal, which can accommodate Very Large
Crude Carrier (VLCC) loading. The typical cargo size is 950 thousand barrels.
The API gravity for Bonny Light is 35 degrees and the sulfur content is 0.2%.
The typical cargo size for this FOB assessment is 950,000 bbl and the grade
loads at the Shell-operated Bonny Terminal. The current bbl/mt conversion
factor for Bonny Light crude oil is 7.526 and typical output is around 540,000
barrels per day. Specifications are: API 32.9, S.G. 0.8607, Sulphur 0.16%,
Pour point 19F, TAN 0.28 mg KOH/g, Nickel 3.9 ppm, Vanadium 0.4 ppm,
Visc. (40C) 4.16 cSt.
Qua Iboe: The crude oil is produced from numerous offshore fields in the
Bight of Biafra in south-eastern Nigeria, east of the Oso field. The crude,
from fields, 20 to 40 miles offshore from Nigerias South Eastern region, are
brought to shore via a seabed pipeline system to the Qua Iboe terminal (QIT).
Production currently averages around 400kbd. ExxonMobil, as field operator,
holds 40% interest in the field production mix with the Nigerian National
Petroleum Corporation (NNPC) having the remaining 60%. The API gravity for
Qua Ibo is 36 degrees and the sulfur content is 0.1%. The Qua Iboe terminal
is operated by ExxonMobil and output is typically around 520,000 b/d.
The current bbl/mt conversion factor for Qua Iboe crude oil is 7.45. Other
specifications are: S.G. 0.8461, Sulphur 0.13%, Pour point 12C, TAN 0.40
mg KOH/g, Nickel 4.6 ppm, Vanadium 0.5 ppm, Visc. (40C) 3.92 cSt.
Brass River: The crude is a typical Nigerian high-quality West African
gasoline and gasoil - oriented crude. Its gravity has become heavier over the
past few years. Average production: 180,000 bpd. The loading terminal is
Brass River operated by ENI and has a storage capacity 400,000 bbl. The crude
has a low metal content and a high yield of gasoline and middle distillates
with acceptable cetane index. Naphtha With an N+2A > 70, the naphtha is
a good feedstock for gasoline production. Specifications are: API 36.3, S.G.
0.8434 conversion rate 7.46, Sulphur 0.13 %, Pour point -12 C, TAN 0.30 mg
KOH/g, Nickel 1.9 wppm, Vanadium 0.2ppm, Visc. (40C) 2.896 cSt.
Escravos: The crude is produced in Nigeria and loaded from the
ChevronTexaco-operated Escravos Terminal, which can accommodate Very
Large Crude Carrier (VLCC) loading. The typical cargo size is 950 thousand
barrels but alternate cargo sizes can be arranged with advance planning.
The production rate of the contributing fields is approximately 400 thousand
barrels per day. The Escravos terminal is operated by ChevronTexaco and
the standard output is 475,000 b/d. Other specifications are: API gravity 33,
S.G. 0.859 conversion rate 7.54, Sulphur 0.17 %, Pour point 3 C, TAN 0.61
mg KOH/g, Nickel 4.1 ppm, Vanadium 0.5 wppm, Visc. (40C) 5.46 cSt.
March 2013
Sulphur 0.44 mass%, Pour point -21C, TAN 0.64 mg KOH/g, Nickel 16.1
wppm, Vanadium 5.7 wppm, Visc. (40C) 15.62 cSt. First cargoes moved end
of July 2005.
Nemba: The grade is produced offshore Angola and loads at the Malongo
terminal, where Cabinda also loads. The typical cargo size is 950,000 and
production typically totals 140,000 b/d. Nemba is categorized as a low
density, low sulfur crude. Specifications are: API 38.6, Sulfur 0.22 mass%,
Pour point -6.7C, TAN 0.18 mg KOH/g, Visc. (40C) 4.15 cSt, Vanadium 3.83
ppm. Production began at South Nemba in June 1998, with North Nemba
following in August 2001.
Dalia: The grade is produced from Block 17 offshore Angola and the
operator is Total. The loading port is the FPSO Dalia offshore Angola.
Standard cargo size is 950,000 barrels. Production is 240,000 b/d.
Daila is classified as a medium density, low sulfur, medium TAN crude.
Specifications are: API 23.6, Sulfur 0.50 mass%, Pour point -45C, TAN
1.54 mg KOH/g, Nickel 24 wppm, Vanadium 11 wppm, Visc. (20C) 117.2
cSt. First cargoes moved December 2006.
In addition to the above grades which are assessed on a daily basis, we

continue to assess on a weekly basis Angolas Palanca, Gabons Rabi Light
and Cameroons Kole. Girassol and Nemba used to be assessed weekly but
this has stopped since the grades started to be assessed on daily.
Palanca: The crude oil is produced in Angola from five different

concessions. It is loaded from the Total-operated Palanca Terminal, which
can accommodate Very Large Crude Carrier (VLCC) loading. The typical cargo
size is 985 thousand barrels; however, alternate cargo sizes can be arranged
with advance planning. The production rate of the contributing fields is
approximately 140 thousand barrels per day. Specifications are: API 37.2,
S.G. 0.8388 (conversion rate 7.5), Sulphur 0.18 mass%, Pour point 10 C,
TAN 0.03 mg KOH/g, Nickel 1.4 wppm, Vanadium 1.1 wppm, Visc. (40C)
4.52 cSt.
Kole: The crude is a blend of several fields: Kole, Betika, Ekoundou,

Asoma and others. Kole is a low sulphur crude (0.3%S), of medium
gravity with a suitable jet cut as well as suitable cuts for thermal and
catalytic operations. Average production: 70,000 bpd. The terminal
is operated by Elf Serepca. Location: Approx. 100 miles West of
Douala - Cameroon with maximum cargo size 900,000 bbls (143,000
m3). The crude is naphthenic, low in aromatics and gives good quality
reformer feedstock and middle distillates with good cold properties.
Specifications are: API 31.51, conversion rate 7.4, Sulphur 0.35 mass
%, Pour point -9 C, TAN 0.61 mg KOH/g, Nickel 21.2 wppm, Vanadium
8.5 wppm, Visc. (40C) 4.7 cSt.
Rabi Light: The crude is produced in Gabon from the fields of Rabi,
Coucal, Avocette Tchatamba and Azile. Rabi light is a very low sulphur
(0.12 %S), light crude (36-37API), particularly suitable for the production
of gasoline in a complex refinery, as well as jet fuel, high quality gasoil,
lubestocks and very low sulphur fuel oil. Rabi light can be used for
direct burning in power generation or utility plant. Average production:
90,000 bpd. Loading location is Terminal Cap Lopez near Port Gentil.
The loading berth is located on the west side of Baie du Prince. Cargo
Size 130,000 mt. The crude is paraffinic and has high yields of very good
March 2013
Crude Oil
quality distillates with very good cetane index. Naphtha With an N+2A of
about 56, the naphtha is a very good feedstock for gasoline production.
Specifications are: API 36.77, conversion rate 7.31, Sulphur 0.12 mass
%, Pour point 20 C, TAN 0.05 mg KOH/g, Nickel 10.0 wppm, Vanadium
1.2 wppm, Visc. (40C) 29 cSt.
Mediterranean
Timing
Beginning in 2003, Platts Mediterranean crude assessments began taking
into account backwardation/contango in the underlying Dated Brent market.
Platts incorporated the market structure into all its Dated Brent related
spot price assessments by correlating respective loading dates with the
corresponding Dated Brent value. The corresponding Dated Brent value
is established through trading activity in the Brent/BFOE swap market.
Mediterranean crude grades are assessed 10 to 25 days out, and the forward
pricing period applied for Mediterranean market by means of the forward
Med strip is 13 to 28 days out. Azeri Light and Azeri, the crude coming out
of the BTC pipeline, are assessed 10-30 days out, and the forward pricing
period applied by means of the forward BTC strip is 13-33 days out. (Please
refer to the section on Strips for detailed description of the strips for the
Mediterranean.) Prior to the change, Platts West African and Mediterranean
grade price assessments were established by adding/subtracting the
prevailing market differential against the daily Dated Brent assessment and
did not take into account backwardation or contango. Starting from June 1,
2006, Platts is assessing BTC crude FOB Ceyhan basis 10-30 days out and the
respective BTC strip is 13-33 days out.
Assessment Timestamp
Platts assessment methodologies for Urals and other crude oils traded in Europe
reflect the prevailing market price at 16.30 London time. Platts also takes into its
editorial consideration bids, offers and transactions seen during the assessment
day. These inputs are analyzed and normalized to reflect a market value at 1630
London time precisely.
Time Cut-offs
Entry for bids and offers on Urals: Bids and offers may be submitted at any time
during the day with a deadline of 15:45.00 London time. Platts synchronizes its
computer clocks every day precisely, and will compare the time of any submitted
bid/offer or communication by a market participant intending to transact, against
the computer time, in order to ensure that the cut-off points for new bids and
offers, price changes and the markets close are accurate. Please note that Platts
applies the timing deadlines strictly.
For the purposes of clock synchronization, market participants may find the
following internet link helpful: www.time.gov. Please note, however, that Platts
does not guarantee the accuracy of this clock. Platts takes steps to ensure its clocks
are in line with true time, and the assessments are synchronized exactly at 16.30
London time.
Crude Oil
Incrementability
Submitted bids or offers may be changed by market participants up to 16:25:00
London time. The bids/offers may be changed by small increments in line with
ongoing market practice. In markets trading in dollars per barrel, typical increments
are 5 cents/bbl for normal market conditions. Trading conditions such as market
volatility help determine normal increments.
Changes exceeding those parameters may result in the bids and offers not
being reflected in the assessment process. Where transactions are concluded at
levels that have not been fully tested by the market because price changes have
been non-incremental, assessors may determine that the actual market value is
somewhere within that price gap, rather that at the actual level of the transaction.
Nomination
Platts considers in its Urals assessment process cargo bids and offers loading 10-25
days from date of publication. Platts also considers bids made on a minimum five day
loading window where buyer grants the right to narrow the two day laycan to the
seller. Seller, however, must nominate the actual two day loading laycan at least 7
calendar days in advance of the first day of the five day loading range. Seller must
also specify at least 7 days in advance the name of the ship and the loading port.
If the buyer bids for more than five days loading range, the seller should specify a
five day laycan at the time of the trade.
Standards are still evolving and further clarifications may be needed if issues arise.
Date range
Platts will consider bids that specify a minimum five-day date range (eg. Jan
21-25), as the per subscriber note dated Nov 19, 2004. However, offers that specify
a maximum five- day date range will be considered for the assessment, based
on FOB loading dates but with CIF pricing terms. Platts had previously stated a
minimum five-day range for offers.
Loading locations
Platts reflects bids, offers and transactions in its Urals assessments using an
inclusive process. If for instance, there are bids or offers stating Novorossiisk as a
loading basis, Platts will also consider bids and offers from other ports including
Yuzhny and Odessa in the normalization process leading to the CIF Med Urals
assessment.
Volume
Platts assesses the Mediterranean crude oil market based on traded typical loading
sizes, which may vary from one grade to another. Typical loading sizes may also
change over time, and Platts may review and if necessary change the cargo sizes
reflected in its assessments when this occurs. In such cases, Platts will advise the
industry accordingly.
March 2013
Ship acceptability
Bids: For the cargo assessment processes bids may be expressed with a specific
location. Bids with excessive limitations whether expressed or implied may be
deemed atypical and not considered for assessment purposes.
The name of the buyer and location chosen set the condition for any potential
counterparty considering trading. The implied set conditions for a CIF bid include:Up front conditions Conditions to be met
Name of the buyer Ship must meet vetting conditions of a reasonable buyer.
Volume
Volume delivered must match volume requested +/
normal tolerances.
Port Ship must meet physical limitations of port, eg. Draft,

beam etc. Ship must also meet conditions set by

country of destination.
Offers: Offers may be made into a specific location or to meet a broad area. CIF
offers may be made with a named or unnamed ship.
Up front conditions Conditions to be met
Name of Ship
Buyer to determine if ship is acceptable to its vetting

department. For assessment purposes, editors will
review

quality of vessel to determine if it should be considered

in the assessment process.
Unnamed ship Seller has the responsibility to meet the reasonable

vetting requirements of a typical market participant in

that region. The seller is entitled to substitute the vessel

with another meeting the same vettings at any

reasonable time before delivery of the cargo.
If seller offers with named vessel, then buyer can buy subject to vetting approval and
if rejected then the deal is not finalized. For assessment purposes, editors will review
quality of vessel to determine if it should be considered in the assessment process.
Urals Med (CIF Augusta): This daily spot price assessment takes into account
cargoes loading from typical Black Sea ports with the assessment reflecting
normalization to the quality coming out of Novorossiisk. The most significant
volumes come out of Novorossiisk, Odessa and Yuzhny, though in the past
Urals has been exported out of Theodossia, Kavkaz and Kerch, for delivery
into the Mediterranean. The assessment basis is CIF Augusta, Sicily/
Italy. Cargoes delivered to other ports in the Mediterranean can also be
considered, with freight costs taken into account. Cargoes for delivery within
the Black Sea are not considered. Cargoes of approximately 80-140,000mt
are used for the assessment, however, Platts Urals CIF Med assessment
currently represents the value of 80,000 mt cargoes, with cargoes of
140,000 mt normalized. The typical pricing period for cargoes is either three
days after bill of lading or five days after bill of lading. Cargoes pricing on
a different basis can be included in the assessment after an adjustment.
Gravity is approximately 31-33 degrees although currently qualities typically
have been towards the heavier end of the scale, with a sulfur content of
1.3%. The current bbl/mt conversion factor for Urals crude oil is 7.23.
10
Crude Oil
Urals Recombined (RCMB) CIF Augusta: This daily spot price is an outright
price for Urals CIF Augusta and does not take into account backwardation
or contango. This price is produced by adding or subtracting the prevailing
market differential for CIF August Urals against the daily Dated Brent
assessment. No further adjustments are made. This assessment is published
as an outright price only. The differential is assessed according to the
methodology in the paragraph above. This quotation for Urals CIF Augusta
Recombined was first published March 1, 2003.
Urals ex-Novorossiisk (FOB): This daily spot assessment takes into account
cargoes traded FOB at the Black Sea port of Novorossiisk. Both small and
large cargoes are used for the assessment (approximately 80-140,000mt).
The typical pricing period for cargoes is either three or five days after bill of
lading. Cargoes pricing on a different basis can be included with the pricing
period taken into account. Delivered prices may be used in the assessment
once adjusted for freight costs. In periods of spot market illiquidity in
both the delivered and the FOB markets, Platts typically uses freight rates
of a 135,000mt-loader (standard 1-mil bbl ship) to provide a guide for
the FOB level, using Platts spot freight assessments in Dirty Tankerwire
report, as well as the relevant days of delays and demurrage cost for the
Turkish straits, which are also published in the Dirty Tankerwire. Gravity is
approximately 31-33 degrees although currently qualities typically have been
towards the heavier end of the scale, with a sulfur content of 1.3%. The
current bbl/mt conversion factor for Urals crude oil is 7.23. The assessment
is published as a high and a low.
Urals ex-Novo (FOB) 80 kt: This daily spot assessment takes into account
cargoes traded FOB at the Black Sea port of Novorossiisk. Both small and
The typical pricing period for cargoes is either three or five days after
bill of lading. Cargoes pricing on a different basis can be included with
the pricing period taken into account. Delivered prices may be used in
the assessment once adjusted for freight costs. In periods of spot market
illiquidity in both the delivered and the FOB markets, Platts uses freight
rates of an 80,000mt-loader (standard 600,000 bbl ship) to provide a guide
for the FOB level, using Platts spot freight assessments in Dirty Tankerwire
report, as well as the relevant days of delays and demurrage cost for the
Turkish straits, which are also published in the Dirty Tankerwire. Gravity is
approximately 31-33 degrees although currently qualities typically have been
towards the heavier end of the scale, with a sulfur content of 1.3%. The
current bbl/mt conversion factor for Urals crude oil is 7.23. The assessment
is published as a high and a low.
Urals Rdam (CIF Rotterdam): This daily spot assessment takes into account
cargoes loading from Baltic Sea ports of Butinge, Russias Primorsk and
Polands Gdansk. Cargoes loading in Russias Barents Sea port of Murmansk
are also taken into account, and on April 16, 2012 Platts began including
cargoes loading in Russias Baltic port of Ust-Luga. The assessment basis
is CIF Rotterdam/Netherlands. Typically 100,000 mt cargoes are taken into
account. Cargoes delivered into other ports in North-West Europe can be
considered with freight costs taken into account. The typical pricing period
for cargoes is either three or five days after bill of lading. Cargoes pricing on
a different basis can be included with the pricing period taken into account.
Gravity is approximately 31-33 degrees although currently qualities typically
have been towards the heavier end of the scale, with a sulfur content of
March 2013
1.3%. The current bbl/mt conversion factor for Urals crude oil is 7.23. The
assessment is expressed as a high and a low.
Urals ex-Baltic Sea (FOB): Effective December 16, 2002 Platts widened
the range of Baltic sea load ports reflected in its FOB assessment in the
north to include Ventpils, Butinge and Tallinn. Despite a sharp increase
of the number of cargoes loading from Primorsk, the steep climb of
Worldscale rates in the winter season for cargoes loading from Primorsk
has necessitated the exclusion of Primorsk in this context. Typical daily
assessment is based on the 100kt cargo size. The typical pricing period for
cargoes is either three or five days after bill of lading. Cargoes pricing on a
different basis can be included with the pricing period taken into account.
Delivered prices may be used in the assessment once adjusted for freight
costs. Gravity is approximately 31-33 degrees although currently qualities
typically have been towards the heavier end of the scale, with a sulfur
content of 1.3%. The current bbl/mt conversion factor for Urals crude oil is
7.23. The assessment is published as a high and a low.
Urals ex-Primorsk (FOB): Effective January 15, 2007 Platts is publishing a

FOB assessment in Northwest Europe for cargoes loading Urals from the
Russian Baltic port of Primorsk. The typical daily spot assessment is based
on the 100kt cargo size. The assessment reflects the Urals CIF Rotterdam
adjusted for freight rates on the day. In winter, the ice class premium will
be included in the assessment when shipowners add those premiums to
their freight rates. Gravity for Urals is approximately 31-33 degrees with a
sulfur content of 1.3%. The current bbl/mt conversion factor is 7.23. The
assessment is published as a high and a low.
ESPO (FOB Kozmino): Platts daily spot assessment of Eastern Siberian Pacific
Oil (ESPO) crude oil takes into account cargoes loaded from the Russias Far
East port of Kozmino. Prices are assessed on an FOB basis and reflect cargoes
from 80,000 mt to 140,000 mt normalized to 100,000 mt. Platts assessment
reflects cargoes loading 15 to 45 days ahead from date of publication. The
API gravity for ESPO is approximately 34-35 degrees with a sulfur content of
0.58-0.65%. The assessment is published as a high and a low and reflects the
transactable value at 430 pm London time. The published assessments reflect
flat price as well as a differentials versus Dated Brent. This assessment is
published in addition to Platts assessment at the Singapore close.
Kirkuk ex-Ceyhan (FOB): This daily spot assessment takes into account
Iraqi Kirkuk crude loading at Ceyhan in Turkey. Prices are assessed on an
FOB basis. The typical cargo size is 140,000mt, but both small and large
cargoes are used for the assessment (approximately 80-140,000mt). The
typical pricing period for cargoes is either three or five days after bill of
period taken into account. In periods of spot market illiquidity, Kirkuk is
valued as a differential or occasionally a premium to Mediterranean sour
crude benchmark Urals CIF Augusta, netbacked from Augusta to Ceyhan
using the freight rates for the 135,000mt cargo size as published in Platts
Dirty Tankerwire. The API gravity for Kirkuk is 35-36 degrees and the sulfur
content is 2.0%. The bbl/mt conversion factor is 7.418-7.463.
Es Sider (FOB Es Sider): This daily spot assessment takes into account cargoes
loading from the Libyan port of Es Sider for delivery into the Mediterranean.
In periods of spot market illiquidity, Es Sider is valued as a premium to
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Mediterranean sour crude benchmark Urals CIF Augusta, netbacked from

Augusta to Es Sider using the freight rates for the 80,000mt cargo size as
published in Platts Dirty Tankerwire. This Libyan crude has an API gravity of
36-37 degrees and a sulfur content of 0.40-0.42%. The bbl/mt conversion
factor is 7.463-7.507. The assessment is published as a high and a low.
Iran Heavy (FOB Sidi Kerir: This daily spot assessment takes into account
cargoes loading from the Egyptian port of Sidi Kerir for delivery into the
Mediterranean. Since Mar 15, 2001, in the absence of any spot market
information, Platts has assessed Iranian crudes in relation to their Official
Selling Prices (OSPs). Iranian OSPs, set monthly by the National Iranian
Oil Company, NIOC, are related to the IPEs Brent weighted average
(BWAVE) and Platts uses dated to frontline (DFL) swaps in order to obtain
a conversion value between BWAVE and Dated Brent. The API is 31-32 and
the sulfur content is 1.8%. The bbl/mt conversion factor is 7.240-7.284.
Iran Light (FOB Sidi Kerir): This daily spot assessment is daily and takes into
account cargoes loading from the Egyptian port of Sidi Kerir for delivery
into the Mediterranean. Since Mar 15, 2001, in the absence of any spot
market information, Platts has assessed Iranian crudes in relation to their
Official Selling Prices (OSPs). Iranian OSPs, set monthly by the National
Iranian Oil Company, NIOC, are related to the IPEs Brent weighted average
(BWAVE) and Platts uses dated to frontline (DFL) swaps in order to obtain a
conversion value between BWAVE and dated Brent. The API is 33.5-34.0 and
Suez Blend (FOB Ras Sukheir): The spot assessment of this Egyptian crude is
made on a daily basis. Spot cargoes of Suez Blend may be sold Brent-related
FOB Ras Sukheir. The API is 32-33 degrees and the sulfur content is 1.7%.
In periods of spot market illiquidity the price assessment for Suez Blend will
be valued as a differential to Mediterranean sour crude benchmark Urals CIF
Med, taking into account the freight and quality difference between the two
crudes. The bbl/mt conversion factor is 7.284-7.329.
Siberian Light (CIF Augusta): This daily spot assessment takes into account
cargoes loading from Black Sea ports for delivery into the Mediterranean.
The assessment basis is CIF Augusta, Sicily/Italy. Both small and large
cargoes are used for the assessment (approximately 50-140,000mt). Cargoes
delivered to other ports in the Mediterranean can also be considered, with
freight costs taken into account. Cargoes for delivery within the Black Sea
are not taken into account, but may be considered as a guide in periods of
spot market illiquidity. The typical pricing period for cargoes is either three
or five days after bill of lading. Cargoes pricing on a different basis can
be included with the pricing period taken into account. The API gravity for
Siberian Light is 35-36 degrees and the sulfur content is 0.6%. The bbl/mt
conversion factor is 7.418-7.463.
CPC Blend (CIF Augusta): This daily spot assessment takes into account
cargoes loading from Black Sea port CPC Terminal for delivery into the
Mediterranean. The assessment basis is CIF Augusta, Sicily/Italy. Both
small and large cargoes are used for the assessment (approximately
80-140,000mt). Cargoes delivered to other ports in the Mediterranean
can also be considered with freight costs taken into account. Cargoes for
delivery within the Black Sea are not taken into account. The typical pricing
period for cargoes is either three or five days after bill of lading. Cargoes
March 2013
pricing on a different basis can be included with the pricing period taken
into account. The API gravity for CPC Blend is 43.5 degrees and the sulfur
content is approximately 0.5-0.6%. The bbl/mt conversion factor is 7.8.
CPC Blend FOB (CPC Terminal): This daily spot assessment takes into account
cargoes loading from the CPC terminal on the Black Sea. Both small and
period taken into account. Platts typically uses freight rates of a 135,000mt
cargo (standard Suezmax) to provide a guide for the FOB level, using Platts
spot freight assessments in the Dirty Tankerwire. After the introduction of the
so-called Bosporus clause in November, 2002, restricting passage for crude
oil tankers to the day hours and thereby creating occasional waiting time at
the Turkish Straits, the estimated demurrage is taken into consideration. The
port charges applicable to Novorossiisk are deducted and the CPC terminal
charges are added in freight calculations.
CPC Blend FOB (CPC Terminal) 80kt: This daily spot assessment takes into
account cargoes loading from the CPC terminal on the Black Sea. Both small
and large cargoes are used for the assessment (approximately 80-140,000mt).
period taken into account. Platts typically uses freight rates of a 80,000mt
cargo (standard Aframax) to provide a guide for the FOB level, using Platts
spot freight assessments in the Dirty Tankerwire. After the introduction of the
so-called Bosporus clause in November, 2002, restricting passage for crude
oil tankers to the day hours and thereby creating occasional waiting time at
the Turkish Straits, the estimated demurrage is taken into consideration. The
port charges applicable to Novorossiisk are deducted and the CPC terminal
charges are added in freight calculations.
Azeri Light (CIF Augusta): This daily spot assessment takes into account
cargoes of Azeri Light into the Mediterranean on a CIF August basis.
Cargoes delivered to other ports in the Mediterranean will also be
considered with freight costs taken into account. Cargoes for delivery within
the Black Sea are not taken into account. The typical pricing period for
cargoes is either three or five days after bill of lading. Cargoes pricing on a
different basis can be included with the pricing period taken into account.
The API for Azeri Light is 34-34.5 degrees and the sulfur content is 0.1430.15%, though gravity has been observed to be higher recently. The bbl/mt
conversion factor is 7.45. The assessment is expressed as a high and a low.
Azeri Light FOB Supsa: This daily spot assessment takes into account
cargoes loading from the Black Sea port of Supsa. The typical pricing period
for cargoes is either three or five days after bill of lading. Cargoes pricing on
a different basis can be included with the pricing period taken into account.
Delivered prices may be used in the assessment once adjusted for freight
costs. Platts uses freight rates of a 135,000mt cargo (standard Suezmax)
to provide a guide for the FOB level, using Platts spot freight assessments
in the Dirty Tankerwire report. After the introduction of the so-called
Bosporus clause in November, 2002, restricting passage for crude oil
tankers to the day hours and thereby creating occasional waiting time at the
Turkish Straits, the estimated demurrage is taken into consideration. The
assessment was first published August 1, 2003. The API for Azeri Light is
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Crude Oil
34-34.5 degrees and the sulfur content is 0.143-0.15%, though gravity has
been observed to be higher recently. The bbl/mt conversion factor is 7.40.
The assessment is expressed as a high and a low.
Azeri Light FOB Supsa 80kt: This daily spot assessment takes into account
cargoes loading from the Black Sea port of Supsa. The typical pricing
period for cargoes is either three or five days after bill of lading. Cargoes
pricing on a different basis can be included with the pricing period taken
into account. Delivered prices may be used in the assessment once adjusted
for freight costs. Platts typically uses freight rates of a 80,000mt cargo
(standard Aframax) to provide a guide for the FOB level, using Platts spot
freight assessments in the Dirty Tankerwire report. After the introduction
of the so-called Bosporus clause in November, 2002, restricting passage
for crude oil tankers to the day hours and thereby creating occasional
waiting time at the Turkish Straits, the estimated demurrage is taken into
consideration. The assessment was first published July 1, 2010. The API for
Azeri Light is 34-34.5 degrees and the sulfur content is 0.143-0.15%, though
gravity has been observed to be higher recently. The bbl/mt conversion
factor is 7.40. The assessment is expressed as a high and a low.
BTC (Azeri) crude FOB Ceyhan basis: This daily spot assessment was
introduced on June 1, 2006 and reflects typical export grade from the BTC
pipeline at Ceyhan. Typical export grade currently reflects Azeri Light crude.
The typical volume is seen at 80,000 mt but export volumes may change
depending on market conditions. Assessments are based on spot trading
activity for cargoes loading 10-30 days ahead of date of publication. Delivered
prices may be used in the assessment once adjusted for freight costs. Platts
uses the average of freight rates of a 80,000 mt cargo (standard Aframax) and
a 135,000 mt cargo (standard Suezmax) to provide a guide for the FOB level,
using Platts spot freight assessments in the Dirty Tankerwire report. The bbl/
mt conversion factor is 7.45. The assessment is expressed as a high and a low.
Saharan Blend (FOB): This daily spot assessment takes into account cargoes
loading from Algerian ports Skikda and Arzew. Prices are assessed on
an FOB basis. Both small and large cargoes are used for the assessment
(approximately 80-140,000mt). The typical pricing period for cargoes is either
three of five days after bill of lading. Cargoes pricing on a different basis
can be included with the pricing period taken into account. The API gravity
for Saharan Blend is 45-46 degrees and the sulfur content is 0.1%. The bbl/
mt conversion factor is 7.864-7.909.
Syrian Light: This daily spot assessment takes into account cargoes loading
from Banias in Syria. Prices are assessed on an FOB basis. Both small and large
cargoes are used for the assessment (approximately 80-140,000mt). The typical
pricing period for cargoes is either three or five days after bill of lading. Cargoes
pricing on a different basis can be included with the pricing period taken into
account. . In April 2003, Syria cut exports by approximately 40 percent, which
has made the market less liquid. So in periods of spot market illiquidity the price
assessment for Syrian Light will be valued as a differential to Mediterranean
sour crude benchmark, Urals CIF Med, taking into account the quality difference
between the two crudes. As of February 2002 Syrias state oil company Sytrol
changed the API baseline from 35.70-36.30 to 37.40- 38.0 degrees, with sulfur
content of 0.8%. The bbl/mt conversion factor is 7.525-7.552.
Syrian Heavy (Souedie): This daily spot assessment takes into account
cargoes loading from Tartous in Syria. Prices are assessed on an FOB basis.
March 2013
Both small and large cargoes are used for the assessment (approximately
80-140,000mt). The typical pricing period for cargoes is either three of five
days after bill of lading. Cargoes pricing on a different basis can be included
with the pricing period taken into account. In April 2003, Syria cut exports
by approximately 40 percent, which has made the market less liquid. So in
periods of spot market illiquidity the price assessment for Syrian Heavy will
be valued as a differential to Mediterranean sour crude benchmark, Urals
CIF Med, taking into account the quality difference between the two crudes.
The API gravity for Souedie is 23-24 degrees and the sulfur content is 4.2%.
The bbl/mt conversion factor is 6.883-6.927.
Zarzaitine: This daily spot assessment takes into account cargoes loading
from La Skhirra in Tunisia, though the origin of the crude itself is Algerian.
Prices are assessed on an FOB basis. Both small and large cargoes are used for
the assessment (approximately 60-140,000mt). The pricing period for cargoes
is either three or five days after bill of lading. Cargoes pricing on a different
basis can be included with the pricing period taken into account. In periods of
spot market illiquidity the price assessment for Zarzaitine will be valued as a
premium to Algerias Saharan Blend, taking into account the quality difference
between the two crudes. The API gravity for this grade is 42-43 degrees and
Kumkol: This daily spot assessment takes into account cargoes of Kumkol
delivered into the Mediterranean on a CIF Augusta basis. Both small and
large cargoes are taken into account (approximately 30-100,000 mt). Cargoes
delivered to other ports in the Mediterranean will also be considered with
freight costs taken into account. Cargoes for delivery within the Black Sea are
not typically taken into account, but may be considered as a guide in periods
of spot market illiquidity. The typical pricing period for cargoes is either three
or five days after bill of lading. Cargoes pricing on a different basis can be
included with the pricing period taken into account. The API is 40-41 degrees
and the sulfur content is 0.1-0.2%. The bbl/mt conversion factor is 7.641-7.686.
Med sweet/sour index: As an addition to Platts daily crude oil assessments

in the Mediterranean, Platts calculates and publishes the Med crude sweet/
sour index. In the calculation, Platts uses the following formula: the mean of
CPC Blend FOB CPC Terminal vs Med Dtd strip, BTC FOB Ceyhan vs BTC Dtd
strip, Saharan Blend FOB Algeria vs Med Dtd strip and Es Sider FOB Es Sider
vs Med Dtd strip minus Urals FOB Novorossiisk vs Med Dtd strip.
Persian Gulf
Dubai and Oman
Dubai and Oman assessments, as well as all other Platts daily Persian Gulf crude
assessments, are established following the completion of a half-hour pricing window
conducted out of Singapore between 4 p.m. and 4:30 p.m. local Singapore time. For a
discussion document of how Platts assesses markets in a half-hour Market on Close
window, please see the section in this document entitled Market on Close.
Platts assesses physical Dubai and Oman for three forward months. For instance, in
April, Platts will assess June, July and August liftings for both Dubai and Oman. In
May, Platts assessed July, August and September Dubai and Oman. The rollover of
the assessment coverage occurs on the first working day of the month. For example,
13
Platts would assess June Dubai and Oman on April 30, but would roll the coverage
of Dubai and Oman from June to July on May 1. (Please see details of partials
convergence further down)
Oman and Upper Zakum can be nominated for delivery against Dubai on physical
convergence ie, on the completion of 19 partials of 25,000 bbl with a single
counterparty): Platts Dubai assessments reflect market activity in which the Dubai
buyer will accept alternative delivery of an Upper Zakum or Oman cargo. Hence,
the activity of any Dubai market player will be taken into account only if such
trader is willing to accept an Upper Zakum or Oman cargo delivery in lieu of Dubai.
The activity of any Dubai/Oman seller will be taken into account only if the seller
is willing to declare the grade (Dubai or Upper Zakum or Oman) to be lifted by
the buyer. Such declaration of grade must be made at the point of executing the
transaction (on physical convergence).
Size: Dubai/Oman assessments reflect 25,000 bbl parcels. Spot premiums for
500,000 bbl cargoes may be considered or factored into the assessment, particularly
in the event of a wide bid/offer range.
Oman specifications: Platts will evaluate all market relevant data to arrive at its
Oman assessments. Oman may trade at a differential versus Dubai or more commonly
versus its official selling price set by the Ministry of Oil and Gas (MOG). Platts
assesses spot Oman two months forward. For example, during March, Oman loading
in May will be assessed through March 31. On April 1, Oman loading in June will be
assessed. The spot price differential versus the MOG official price and its relationship
to Dubai may be taken into account to determine the spot price of Oman. Oman
can be assessed by tracking Brent/Oman spreads, MOG swaps plus the spot MOG
premium or discount. The API gravity is 33.0 degrees and the sulfur content is 1.14%.
The assessment for Oman MOG represents a differential to Omans retroactive monthly
official selling price. Cargoes will sell on a differential to the expected assessment two
to three months before the price is actually released. Platts Oman MOG assessment
represents the differential as quoted in the spot market. Deals may take place MOGrelated (Ministry of Oil & Gas official selling price), fixed price, or related to any other
basis. All these deals will be related to a fixed price equivalent. Omans value reflects
the market on close value at 1630 Singapore local time or 0830 GMT.
Example: In trade on March 1, the front-month spot Oman trading month was for
barrels loading in May. Spot Oman was trading at around flat to the May MOG
official selling price. The spot fixed price front-month Oman assessment is derived
as follows: MAY DUBAI SWAPS + MAY MOG/DUBAI SWAPS SPREAD + MAY SPOT
MOG DIFFERENTIAL
MOG/Dubai spread: The MOG/Dubai spread is a derivative instrument and is
settled by measuring the differential between Omans official selling price and
Dubai for the month concerned. This spread is traded in the over-the-counter
market and has no physical delivery.
Derivatives/swaps: Platts assesses three forward months for Dubai swaps. The
swaps price out on the Platts Dubai front-month cash assessments. Dubai swaps
typically trade on a monthly calendar basis, but unlike physical assessments, the
swaps are assessed from one month forward. In January, for example, the first
month swap assessed is February, followed by March and April. The rollover date
for the Dubai swaps is the 1st of every calendar month. These swaps are used
for hedging and speculative purposes. The Dubai swaps contract has no physical
delivery. The Dubai swap typically prices out against Platts Dubai assessments.
March 2013
Crude Oil
Dubai/Oman partials assessment methodology

Trading volumes assessed: Platts assessments for Dubai and Oman will be
based on a minimum of 25,000 bbl partial cargo bid/offered or traded, with the
market price derived from increments of 25,000 bbl. The value of 25,000 bbl parcels
will take precedence over larger parcel sizes in the assessment process. In addition,
a trader bid/offering, for example, 100,000 bbl must be willing to trade in 25,000
bbl clips with any counterparty.
Trading periods assessed: Platts will continue to assess Dubai and Oman two
months forward from date of publication, with the roll-over date for assessment
on the first working day of each calendar month. For example, the last day that
July 2009 Dubai and Oman partials will be taken into consideration for the July
assessment will be May 31. Assessments are made at the close of the Singapore
day at 1630 local time (0830 GMT).
Cash settlement: Any position amounting to less than 475,000 bbl by the calendar
months end is understood to be cash settled, unless both counterparties mutually
agree to deliver/take delivery of a smaller top-up cargo. Partial contracts will be
settled based on Platts assessments published on the last working day of each
calendar month.
Convergence of partials to a full cargo: Once a principal acquires nineteen 25,000
bbl parcels of the same grade (Dubai or Oman) from a single seller within the
calendar month, the partials automatically converge into a physical cargo of
475,000 bbl. This is equivalent to a full cargo of 500,000 bbl with commercial
tolerance of minus 5%. Neither the seller nor the buyer has the right to deny
delivery or to refuse lifting. However, both parties may mutually agree to book out
of the contract on the basis of the Dubai or Oman assessment published on the last
working day of the calendar month.
Pricing of terminal operational tolerance: The deviation of up to 1,000 bbl in
operational tolerance, which is subject to terminal performance for cargoes
delivered FOB Fateh terminal, Dubai will be priced on Dubai assessments published
on the last working day of each calendar month. For example, the operational
tolerance for cargoes loading in July will be priced off the assessment of May 31.
The deviation of up to 1,000 bbl in operational tolerance for cargoes delivered FOB
Mina Al Fahal terminal, Oman will be priced on Oman assessments published on
the last working day of each calendar month.
Optionality of Oman delivery: Platts Dubai assessments reflect market activity in
which the Dubai buyer will accept alternative delivery of an Upper Zakum or Oman
cargo. The seller must declare the grade (Dubai, Upper Zakum or Oman) at the point
physical convergence.
Terms and conditions: Terms and conditions must be declared at sellers option
upon transaction of the nineteenth partial. Only Omans MOG GT&C or Shells
General Terms and Conditions (GT&C) may be declared for Oman cargoes, as is
standard practice in the physical cargo market. ConocoPhillips GT&C are required
for Dubai cargoes. Any of these terms and conditions, however, should not
allow for further optionality over cargo size. A physical cargo created by nineteen
partial cargoes would be 475,000 bbl min/max (excluding 1,000 bbl in operational
tolerance).
Loading date nominations: Buyers should nominate loading dates for Dubai or
Oman cargoes prior to the last three days of the calendar month of trading, unless
14
both parties mutually agree otherwise. This is to avoid B/L slippage (the risk that
end-month loading dates of a cargo will spill over into the next month with different
pricing implications.) Dubai and Oman partials contracts leading to a full cargo
delivery should contain an assurance of delivery for the month originally specified.
Buyers of nineteen partials retain the flexibility to negotiate with a seller for
differing volumes for loading in part-cargoes, or to request a book-out of some or
the entire volume, subject to mutual agreement.
Trading counterparties: Affiliates or closely-related trading parties will be
deemed part of the same parent company for partials trading considerations. Platts
will apply its editorial judgment to determine whether a transaction is suitably
arms-length. If subsidiaries/offshore entities of parent company A trade with
company B, those partials will be added and considered as part of the total
partials trading position of parent company A.
Price assessment: To arrive at its Dubai and Oman assessments, Platts will take
into account fixed-price bid/offers for partial and full cargoes where applicable;
inter-month Dubai or Oman spreads; Dubai or Oman swaps; MOG/Dubai spreads
(differentials to the retroactive monthly official selling price set by Omans Ministry
of Oil and Gas); spot Dubai and MOG premia/discounts; EFPs or spreads to crude
grades such as Brent; and spreads to published benchmarks. In the event of a wide
bid/offer spread, Platts will not average the bid and offer. Platts will evaluate market
conditions and establish an assessment that in its editorial judgment reflects the
transactable level of Dubai and Oman. Unusually high or low price deals will be
scrutinized by Platts to discern whether the deal is fit for assessment purposes.
In the event of partials trading activity in the market for Upper Zakum, the same
terms and conditions will apply as for Dubai and Oman. Dubai cannot be nominated
against Upper Zakum.
Editorial guidelines for assessments of partials in the Singapore Market on Close
assessment process: Platts assessments take into consideration bids and offers
made up to no later than 16:00:00:59 hours Singapore time (08:00:00:59 GMT).
Bids and offers with unusual terms and conditions will typically not be taken
into account. Platts should be informed prior to the assessment window of any
counterparty with which a principal cannot trade for financial or legal reasons.
Bids and offers made by counterparties unable to trade with each other may cross,
allowing other traders to arbitrage the difference. Platts should be informed by the
principal prior to the assessment window if a broking house is submitting a bid
or offer on the principals behalf. Representative broking houses will have similar
execution responsibilities and bear similar exposures as their principals for nonperformance of trading instruments, whether cash settled or physically delivered.
Platts will take into account changes in price, but not changes to volume/date/
terms & conditions, made to bids and offers up to 16:29 hours Singapore time
(08:29 GMT). Platts assessment guidelines governing the incrementability of price
changes for bids and offers, and the repeatability of deals, will continue to apply as
for all market-on-close assessments (see <www.platts.com>oil>specifications> for
more details on MOC methodology). Platts does not take into consideration deals
done between company affiliates or between companies with close working trading
relationships.
Platts will typically consider for assessment purposes bids and offers that are firm
until 16:30:00:59 hours Singapore time (08:30:00:59 GMT) and that are executable
by any creditworthy counterparty. Participants can withdraw their bid/offer at any
time, provided no prior interest has been expressed for this bid or offer. Any such
March 2013
Crude Oil
intention to execute expressed to the counterparty or to Platts before 1630 hours

would be seen as a valid intention to transact even if the deal was fully finalized
after 1630.
Further Questions: In Singapore, contact Sharmilpal Kaur at
[email protected] or +65 6530 6575.
In London, you can contact Jorge Montepeque at +44 207 176 6136,
[email protected]
In the US, you can contact Esa Ramasamy at +1 713 658 3201,
[email protected]
Other Persian Gulf crudes

Platts publishes spot assessments for other Persian Gulf crudes in addition to
Dubai, Upper Zakum and Oman: Murban, Lower Zakum, Umm Shaif, Qatar Land,
Qatar Marine, Al-Shaheen and Banoco Arab Medium crudes.
Front-month assessments for the Persian/Arab Gulf grades reflect cargoes loading
two calendar months from date of publication. For example, in March, the frontmonth assessments reflect barrels loading in May. On the first working day of April,
the front-month assessments will rollover to reflect barrels loading in June.
The assessments in the Persian/Arab Gulf reflect 500,000 bbl parcels. Spot
premiums for partial cargoes may be considered or factored into the assessment
concerned. Platts assessments for all Persian/Arab Gulf grades are based on a
market on close principle at 1630 Singapore time or 0830 GMT. Platts does not take
into consideration transaction between affiliates or between companies with close
working trading relationships.
Murban, Upper Zakum, Lower Zakum and Umm Shaif: These are crudes from Abu
Dhabi of the United Arab Emirates. The four grades typically trade at a differential
to Abu Dhabi National Oil Cos official selling price for the month concerned.
May loading cargoes would trade at a differential to ADNOCs May OSP, which
is calculated as a differential to Dubai. The equation used to arrive at a Murban,
Upper Zakum, Lower Zakum or Umm Shaif assessment for May barrels is as
follows: May Dubai swaps + Existing Murban OSP/Dubai spread + May spot
Murban differentials + expected ADNOC adjustments. In May 2006, a spot market
for Upper Zakum started up with ExxonMobil taking a 28% stake in Upper Zakum
production and selling non destination restricted cargoes on a term basis. Typically,
ADNOC has sold Upper Zakum as destination-restricted cargoes. Destination
restricted cargoes cannot be nominated in the event of physical convergence in the
partials market. Platts will monitor future Upper Zakum trading patterns and make
any necessary adjustments to methodologies.
Qatar Land and Qatar Marine: These crudes typically trade at a differential to Qatar
Petroleums official selling price. Qatars OSP is announced on a retroactive basis
and is based on a differential to Omans OSP. For example, the June OSP would
be published early July. The equation to derive Qatar Land and Qatar Marines
assessment for barrels lifting in May is as follows: May Oman MOG swaps +
existing OSP/Oman OSP spread + spot differentials + expected OSP adjustments.
Banoco (Bahrain National Oil Co) Arab Medium: This crude comes from Bahrain
and is similar in quality to Saudi Arab Medium. Saudi crudes typically do not trade
15
on a spot basis but Banoco Arab Medium can trade spot, priced as a differential
to Saudi Aramcos Arabian Medium official selling price. Aramcos OSP is
announced one month forward and is based on the average of front-month Dubai/
Oman assessments plus a differential. Therefore, the July OSP is announced early
June. The equation used to derive Banoco Arab Mediums assessment for barrels
loading in May is as follows: Average of May Oman & Dubai swaps + existing OSP
differential + spot differentials + expected OSP adjustments.
Dar Blend: Platts has been assessing the value of Dar Blend crude oil since
February 16, 2009. Sudans sweet, acidic Dar Blend crude from the Melut basin
is exported in cargoes of 600,000 up to 1-million barrels, typically marketed at a
differential to Dated Brent by state oil firms Sudapet, China National Petroleum
Corp (CNPC) and Malaysias Petronas. Export volumes of Dar Blend are projected
to climb toward 260,000 b/d. Dar Blend has gravity of 26.4 API, a sulphur content
of 0.12%, and TAN of 2.4 mgKOH/g. This crude is evaluated at Asian close (0830
GMT) as a fixed price and as a differential to Dated Brent, which is assessed at
London close (1630 hours local time).
Ras Gas condensate & Al Shaheen crude: Platts has been publishing a daily
assessment of Qatars Ras Gas condensate and Al Shaheen crude since January
3, 2005. Spot assessments reflect barrels loading two calendar months from
the date of publication. For example, on January 3, barrels loading in March are
assessed. These assessments roll over on the first working day of the month. Spot
assessments of Ras Gas and Al Shaheen consist of a fixed-price assessment and
an assessment of the spot market differential against Platts Dubai assessments.
Assessments take into consideration Ras Gas traded in typical 500,000 bbl cargoes,
and Al Shaheen traded in typical 600,000 bbl cargoes.
South Pars condensate: Platts has been publishing a daily assessment of
South Pars condensate since February 16, 2009. Irans South Pars condensate is
produced from gas fields and exported from the Persian Gulf port of Assaluyeh.
After several new fields come online, production by end-2009 is estimated at
around 412,000 b/d. South Pars has gravity of 54.4 API and a sulfur content of
0.22%. South Pars condensate is evaluated at Asian close (0830 GMT) as a fixed
price, as a differential to Platts Middle Eastern crude oil benchmark Dubai, and as
a differential to Dated Brent which is assessed at London close (1630 hours local
time).
Qatar LSC condensate: Platts has been publishing a daily assessment of the
value of Qatar Low Sulphur Condensate (LSC) since February 16, 2009. Qatar LSC
(previously known as Dolphin condensate) is exported from Ras Laffan port in
cargoes of 500,000 barrels, and typically marketed at a differential to Platts Middle
Eastern crude oil benchmark Dubai, or as a differential to a basket of Platts FOB
AG naphtha, kerosene and gasoil assessments. Four cargoes of Dolphin condensate
are typically sold each month by Tasweeq (The Qatar International Petroleum
Marketing Co.). Dolphin condensate has gravity of 56.9 API, and a sulphur content
of 0.19%. This condensate is assessed at Asian close (0830 GMT) as a fixed price,
as a differential to Platts Middle Eastern crude oil benchmark Dubai, and as a
differential to Dated Brent which is assessed at London close (1630 hours local
time).
Platts launched effective October 2, 2008 an Asian Dated Brent (ADB) assessment
published on a daily basis, reflecting the value of Dated Brent at Asian market close
(0830 GMT). The ADB reflects the price prevailing during the close of market in Asia
taking into account the rise or fall in the movement in the cash BFOE instrument,
from the time of assessment of Dated Brent at the prior trading days European
March 2013
Crude Oil
market close at 1630 hours London time, until Asian close. This movement is
determined by valuation of Brent cash and futures markets by the close in Asia.
Dated Brent reflects loading for cargoes 10-25 days from day of publication. The
Asian Dated Brent is therefore a dated instrument. The price is underpinned by
instruments such as BFOE and futures which are cyclical in nature and therefore roll
either at the end of the calendar month for BFOE or mid month for futures.
Asian Dated Brent Strip and Differentials

Published differentials to Dated Brent for Asia Pacific grades are measured against
the underlying Dated Brent price for the corresponding month, or the Asian Dated
Brent Strip. The underlying Dated Brent is calculated using the Brent Frontline Swap
(PGA 1610) minus the Brent Dated to Frontline Swaps, or DFL (PGA 1614).
Please refer to the Platts Forward Curve (PFC) methodology for details of the DFL
market, which can be found at:
http://www/platts.com/IM.Platts.Content/Methodology/References/
MethodologySpecs/PlattsForwardCurveOil.pdf
In line with the Asian Dated Brent (ADB) assessment, the price will be time
adjusted to reflect 1630 hours Singapore time. This methodology for calculating
differentials against Brent is effective from August 10, 2009. Prior to this date, the
differential was measured against the prevailing Asian Dated Brent.
Asia-Pacific
Platts considers partial cargo trades of 25,000 bbl in its assessment process for
Minas crude oil. Platts also assesses all of its regional crude oil assessments on
a monthly basis, two months ahead, with a roll-over date of on the 9th day of the
month, or the first business day after. For example, on June 8, Platts would assess
cargoes loading in July, but on June 9, the assessments would roll to crude loading
in August. The specific crudes covered are: Tapis, Minas, Labuan, Miri, Gippsland,
Daqing, Shengli, Cossack, Kutubu, Nanhai, Bach Ho, Nile Blend, Ardjuna, Handil
Mix, Senipah, NW Shelf, Cinta, Duri, Widuri and Belida.
Assessments also consider bids/offers, and differentials to other actively traded
crudes, related paper markets and, in the case of Indonesian crudes, official crude
prices (ICPs). Crude markets are assessed at 1630 Singapore time. The following
are details of the specifications for the crudes reported including loading ports.
Sulfur content and API gravity may vary over time.
Methodology: Platts assesses crude grades on a fixed price basis, and also where
appropriate, the spread to the crude grades respective benchmarks. Most trade
in the Asia Pacific region is conducted on a floating rather than fixed price basis.
The fixed price assessment reflects the equivalent in fixed price terms of a floating
price transaction. Platts will determine the relevant benchmark and determine the
underlying value of the benchmark for the loading dates. In a typical example, a
Tapis physical cargo may trade at a premium of 25 cts/bbl over its own benchmark.
Platts will then add the premium transacted to the fixed price.
The same approach is used for Indonesian crude grades where they trade in relation
to their own ICP, which is only released after the cargo has loaded. Amid dwindling
liquidity, these cargoes are now commonly traded against prevailing Brent futures
16
Crude Oil
Asia-Pacific crudes
values. Therefore, the fixed price equivalent of the transaction can be determined
through values relative to the more liquid crude grades. In a typical example, a
Minas cargo loading in April may trade at Brent futures plus $2.00/bbl. If the
prevailing Brent futures value is at $90/b, then the fixed price equivalent of Minas
is $92.00/bbl. Platts will also take all bids, offers and trades that occur during its
MOC process for Minas into account when assessing the value,
Spreads versus ICP: Platts assesses differentials to the Indonesian Contractual
Prices (ICPs) for the following crudes: Minas, Attaka, Ardjuna, Handil, Cinta, Duri,
Widuri and Belida. The premium/discounts versus the ICP reflect cargoes loading 2
months forward from the date of publication.
Spreads versus Asia Dated Brent: Platts presently assesses market premiums or
discounts for several Asian and Australian crudes against Asia Dated Brent. . The
premiums/discounts assessed are for the following crudes: Cossack, Kutubu and
Nanhai. The premium/discounts reflect cargoes loading two months forward from
the date of publication. On March 31, 2010, Platts discontinued its assessments of
all price differentials to published APPI Tapis crude oil values. The discontinuation
affected published APPI-related differentials for Tapis, Kikeh, Cossack, Kutubu, and
Nanhai Light crude oil grades. Platts has also discontinued assessments of price
differentials to APPI Northwest Shelf (NWS) condensate, but launched assessments
of price differentials to Platts Asia Dated Brent prices. Platts will continue to
publish fixed price assessments and Asia Dated Brent-related differentials for
Tapis, Kikeh, Cossack, Kutubu, Nanhai Light and NWS grades. Please email
comments or questions to [email protected] and [email protected].
Northwest Shelf Condensate: The Northwest Shelf condensate spread is
assessed against its own assessment. The spreads (premium or discounts) are
assessments based on spot transactions and market information on cargoes and
part cargoes loading two months forward from date of publication.
Sokol crude: Platts assessment of Sokol crude oil reflects cargoes loading
out of the DeKastri terminal on eastern Russias Sakhalin island. The value
published reflects the value of cargoes loading in the month that falls two
months from the date of assessment. So on April 1, Platts would assess cargoes
for loading in the month of June. In accordance with typical market practice, the
price assessed is a CFR value, for cargoes being delivered to main ports in Japan
and South Korea. Cargoes being delivered elsewhere, including eastern China,
are included in the assessment process through price normalization. Sokol crude
oil is produced at Russias Sakhalin I oil field, and currently has an API gravity of
39.7 degrees; a sulfur content of 0.18% and a TAN rating of 0.12. The standard
cargo size for Sokol is 700,000 barrels. Platts has been assessing Sokol crude oil
since April 1, 2008.
Vityaz Blend: Platts launched daily assessments of Vityaz Blend crude oil on
April 15, 2009. The crude has evolved since the original Vityaz crude started to
be blended with condensate in early 2009. Vityaz is produced from the Molikpaq
production platform off the northeast of Sakhalin Island in Russias Far East and
sold by Sakhalin Energy in cargoes of up to 750,000 barrels. In accordance with
typical market practice, the price assessed is a CFR value, for cargoes being
delivered to main ports in Japan and South Korea. Cargoes being delivered
elsewhere, including eastern China, are included in the assessment process through
price normalization. Medium sweet crude grade Vityaz alone has gravity of 34.4 API
and a sulfur content of 0.22%. Production is slated to rise to 150,000 b/d by 2010.
Vityaz Blend is to be assessed at the Asian close (0830 GMT) as a fixed price, as
March 2013
Crude API Sulfur Country Location

(%)
Cossack
Gippsland
Griffin
North West Shelf
Daqing
Nanhai Light
Shengli
Ardjuna
Senipah
Attaka
Belida
Cinta
Duri
Handil
Minas
Widuri
Labuan
Miri
Tapis
Kutubu
Bach Ho
49
48
55
60
32.7
39.5
24
35.1
53.9
44.7
46.2
32.7
21.5
33.8
36
33.3
31.5
31.9
46
44
38.6
0.04 Australia North West Australia

0.1 Australia
Westernport
0.03 Australia
Denture, Griffin
0.01 Australia
Dampier
0.1 China Luda/Dalian in Yellow Sea
0.05 China Hui Zhou
0.9 China
Qingdao on Yellow Sea
0.13 Indonesia Ardjuna
0.02 Indonesia
Blanglancang
0.04 Indonesia Santan, off Balikpapan
0.02 Indonesia
Belida
0.11 Indonesia Cinta
0.14 Indonesia
Dumai, Sumatra
0.07 Indonesia Senipah, off Balikpapan
0.08 Indonesia
Dumai, Sumatra
0.07 Indonesia
Widuri
0.08 Malaysia Labuan Island, off Sabah
0.08 Malaysia Lutong in Sarawak, near Miri
0.03 Malaysia Kerteh, off Trengganu
0.04 New Guinea Kumul terminal
0.04
Vietnam
Bach Ho terminal
a differential to Platts Middle Eastern crude oil benchmark and as a differential to

Dated Brent which is assessed at London close (1630 hours local time).
ESPO (Asia): Platts publishes two assessments for East Siberian Pacific Oil (ESPO)
crude oil exported from the Russian Far East port of Kozmino at the Singapore close:
ESPO and ESPO M2. The first assessment, simply labelled as ESPO, was launched
in January 2010 and reflects cargoes loading 15 to 45 days ahead from the date of
publication. The second assessment, ESPO M2, was launched in November 2011
and reflects the value of cargoes loading 45 to 75 days ahead from the date of
publication. In both cases, prices are assessed on a FOB basis and reflect cargoes
from 80,000 mt to 140,000 mt normalized to 100,000 mt. The API gravity for ESPO
is approximately 34-35 degrees with a sulfur content of 0.58-0.65%. The published
assessments reflect flat price as well as a differential versus Dubai. These
assessments are published in addition to Platts European ESPO assessment, which
is published at the London close.
Kikeh crude: Platts has been assessing the value of Kikeh crude oil since July
9, 2008. The assessment reflects cargoes for lifting on a FOB basis from Sabah,
Malaysia. The loading dates reflected by the Kikeh assessment follow the typical
methodology for Asia Pacific crudes. Cargoes are therefore typically for loading
two months ahead, with a roll-over date on the 9th day of the month, or the
first business day after. So on July 9, Platts would assess cargoes for loading in
September. From August 9, Platts would roll the assessment forward to reflect
cargoes for loading in October. Kikeh crude oil is produced at the Kikeh oil field off
East Malaysias state of Sabah, and currently has an API gravity rating of 34.91
degrees; a sulfur content of 0.105% and a Total Acid Number of 0.08. The standard
cargo size for Kikeh is 300,000-600,000 barrels.
Bach Ho & Nile Blend: Platts has been publishing premium/discount assessments
for Vietnams Bach Ho crude and Sudans Nile Blend crude since January 3, 2005.
The FOB Bach Ho spot differential is a spread to its official selling price while FOB
Nile Blends spot differential is a spread to ICP Minas. FOB Nile Blend will also
17
have a fixed-price assessment. Both these assessments are for barrels lifting two
months forward from date of publication and take into account typical cargo sizes
Bach Ho (600,000- 650,000 bbl) and Nile Blend (600,000-650,000 bbl).
Su Tu Den: Platts has been assessing the value of Su Tu Den crude oil since
February 16, 2009. Vietnams Su Tu Den (Black Lion) crude is blended with Su Tu
Vang (Golden Lion) and exported in cargoes of 450,000 to 600,000 barrels from a
floating, production and storage terminal in the South China Sea. Export volumes of
Su Tu Den blend are about 130,000 b/d as of end-2008 and will be 140,000 b/d in
2009. Su Tu Den has gravity of 36 API and a sulfur content of 0.04%. This crude is
evaluated at Asian close (0830 GMT) as a fixed price, as a differential to Su Tu Den
OSP, and as a differential to Dated Brent which is assessed at London close (1630
hours local time).
Australia Basin: Platts has been assessing the value of heavy sweet crude
grades Enfield, Stybarrow and Vincent, which are all produced from fields in the
Australian Basin, since February 16, 2009. These three grades are evaluated at
Asian close (0830 GMT) as fixed prices and as differentials to Dated Brent, which
is assessed at London close (1630 hours local time). Enfield has gravity of 22 API, a
sulfur content of 0.12% and TAN of 0.43 mgKOH/g. Stybarrow has gravity of 22.8
API, a sulfur content of 0.12% and TAN of 0.67 mgKOH/g. Vincent has gravity of
18.3 API, a sulfur content of 0.55% and TAN of 1.53 mgKOH/g.
The Platts Asian Crude Oil Index

Basis: All index elements are based on Platts daily crude oil spot price
assessments, in the following proportions: Middle East sour crude represented
by Dubai (16%), Oman (16%), Upper Zakum (16%) and Murban (6%); Asia-Pacific
sweet crude represented by Tapis (10%), Minas (8%) and Duri (2%); West African
sweet crude represented by Bonny Light (5%), Forcados (4%) and Cabinda (3%),
Russian crude represented by ESPO M2 (3%) as well as Asian Dated Brent (11%).
Each crude oil benchmark will be considered for retention or exclusion from the
index, on at least an annual basis. For assessment methodology concerning each of
these crude oils, see chapter headings in this same document.
Timing of assessment: The ACX is assessed at 0830 GMT, equivalent to 4:30
PM local Singapore time. West African crude oil grades, assessed at European
market close at 1630 hours London time on the previous trading day, are adjusted
to Asian close timing using Platts Asian Dated Brent (ADB) assessment, published
from October 2, 2008. The ACX will be available on every Platts Asian publishing
day (see <http://www.platts.com/holiday schedule.jsp>). On scheduled European
holidays when Platts does not publish West African assessments, the ACX index
will normalize West African assessments from the previous London publishing day
using Asian Dated Brent equivalent values on the day of index publication in Asia.
Crude Oil
For US domestic pipeline barrels, the roll-over date coincides with the date US
crude oil pipelines require scheduling to be completed for deliveries in the following
month. For instance, from Jan 26 through Feb 25, the front-month out for all US
domestic pipeline barrels is March.
On Feb 26, the front-month out for all US domestic pipeline barrels switches to
April. If the 26th falls on a weekend or holiday, the next business day marks the
beginning of the new scheduling month. But if the 25th is a Saturday or Sunday,
scheduling is not extended; it closes on the last business day prior to the 25th. This
practice also is followed for California pipeline crudes. The roll date for ANS crude
is the 1st of the month. In February, the assessment reflects March values. On
March 1, the assessment will roll to April barrels.
The minimum volume for US domestic pipeline grades is 25,000 bbl. All US crude
oil assessments reflect market-on-close (MOC) values at 3:15 PM Eastern Time (ET)
An explanation of the MOC methodology can be found elsewhere in this document.
Please check the table of contents (also see related specifications document titled
Americas crude oil specifications guidelines).
Consideration of fixed, differential exchange for physical

and floating price information
On May 5, 2009, Platts announced its intention to complete the process of aligning all
pricing elementsfixed price, differentials and futures inputsin its Americas crude oil
and products price assessments at exactly 3:15 pm Eastern Time, effective June 1, 2009.
In those markets where commodities trade at differentials to futures, the prevailing
futures value as assessed by Platts at 3:15 pm ET will be used in the assessment
process.Market participants submitting bids and offers on a differential exchange
for physical (EFP) basis to futures during the Platts Americas oil Market on Close
assessment process should be explicit in their positions, including month of
reference for the EFP. Please click here to read the methodology statement on
determining the value of the futures at 3:15 pm ET.
For any positions submitted as an EFP versus a futures contract (i.e. July +1.00/
barrel), Platts will use the prevailing futures value at 3:15 pm ET to calculate the
flat price for the assessment. If parties wish to express positions as an EFP to the
2:30 pm ET same-day settlement value of a futures contract (i.e. todays July settle
+1.00/barrel), Platts will accept this information. The usage of a differential in this
fashion would naturally result in a fixed price equivalent.
For any floating EFP positions (i.e. EFPs based on an average of forward settlements
around lifting/delivery), Platts will use the prevailing futures at 3:15 pm ET to
calculate the flat price for the assessment.
Market participants can also express positions on a fixed price basis, and Platts will
consider both fixed prices and EFP differential positions in its assessment processes.
United States
The spot month for all US domestic pipeline barrels changes on the first business
day after the 25th of the calendar month except for Alaska North Slope, a US West
Coast cargo market, and except for WTI Calendar Delta. It does not roll with the
expiration of the front month of light sweet crude on the New York Mercantile
Exchange. Rather, it continues for the three trading days in which the just-expired
month continues to trade in the cash WTI market.
March 2013
US domestic grades London close

Platts launched cash WTI, Light Louisiana Sweet and Mars crude assessments with a
timestamp of 4:30 pm London time on March 2, 2009. These assessments line up with
the close of the Dated Brent assessment process and are an addition to the existing
set of assessments published in the US reflecting values at 3:15 pm Eastern Time.
18
Platts is publishing the prompt month and next forward month for LLS and
Mars, and the three most prompt months for WTI in the set of assessments.
Platts is publishing an outright price as well as a differential for each of
the three crudes an EFP in the case of cash WTI relative to NYMEX light
sweet crude futures, and a differential to same-month cash WTI in the case
of Mars and LLS.
The underlying methodology and specifications for London close Mars, LLS, and
cash WTI assessments reflect the underlying methodology for the US close cash
WTI, Mars and LLS assessments, with the exception of the assessment timestamp.
Americas Crude Marker (ACM)

Platts launched the Americas Crude Marker (ACM) assessments on March 16,
2009, to reflect tradable sour crude values in the US Gulf Coast. Following a
review of the US Gulf Coast pipeline systems, production and ownership of a
number of crude streams, Platts concluded that the ACM assessments would
be composed of Mars, Southern Green Canyon (SGC), Poseidon and Thunder
Horse. These four sour grades are produced offshore US Gulf Coast and are
transported via pipeline to US Gulf Coast refineries, where the streams can be
delivered readily into an area in Texas/Louisiana with a refining capacity of
6.3 million b/d. The US is currently operating at a rate of about 15 million b/d,
implying that the basket of crude could access roughly 42% of the US actual
operating capacity.
The combined production of these streams is roughly 835,000 b/d, as of January
2009. Thunder Horse crude oil is of lower sulfur content than the other grades, but
Platts believes that it should be part of the basket and would only play a significant
role in times of severe supply distress. This grade acts in a similar manner to the
potential check that Ekofisk plays as a component of the Brent-Forties-OsebergEkofisk mechanism (BFOE).
Platts Americas Crude Marker assessments incorporate the values of those
four pipeline sour grades (Mars, Poseidon, SGC, and Thunder Horse), with
the assessment reflecting the price of the most competitive grade (i.e.
price at the margin). SGC has historically been the most competitive grade,
with Mars, Poseidon and Thunder Horse typically trading above SGC on a
flat price basis. The methodology enables other grades to operate as relief
valves, with those crude oils forming the assessment at times when the most
competitive grade is tight or subject to supply constraints. This approach is
extremely important, particularly in situations where there could be weather
stress in the US Gulf Coast.
As stated, most grades produced, imported, and refined in the US Gulf Coast are
medium in API gravity and high in sulfur. The latest assays for the four grades are
as follows:

Mars:
Thunder Horse:
SGC:
Poseidon:
Sulfur (%)
Gravity (API)
1.82
0.73
1.81
1.71
28.96
33.75
28.7
30.00
March 2013
Crude Oil
Americas Crude Marker Methodology

The most competitive grade at the margin will under typical circumstances be the
grade reflected in the assessment. Under normal market conditions and reflecting
current qualities, the most competitive grade has been Southern Green Canyon
(SGC). The inclusion of Mars, Poseidon, and Thunder Horse ensures that if there are
unusual conditions affecting the price of SGC then the price at the margin for the
ACM would be formed by the then most competitive grade. For instance, any supply
disruptions offshore Texas (i.e. hurricane, field maintenance) that could potentially
lift the price and disconnect the price of the most competitive grade above the
rest of the ACM basket would be held in check by the lowest of the remaining four
grades. This would relieve the problem that has been evident with WTI where, for
example, it was observed that WTI soared above competing and better grades in
September 2008, with no mechanism in place to ensure that the price would be
representative of broader US trading and refining economics.
This relief valve concept is a critical component of pricing as it prevents unusual
conditions from creating a distorting impact on broader economics in the US Gulf
Coast. For example, SGC traded at a premium to Mars in September 2006 on
declining production volumes, which were attributed to field maintenance and
supply from SGC-producing fields delivering into the Poseidon blend pool via the
Caesar Pipelines link to the Poseidon pipeline. As heavier crude was diverted into
the Poseidon pool at this time, the quality for SGC improved, also supporting the
grades value relative to other US pipeline sour crudes. Had the ACM assessment
mechanism been in place at that time, the ACM assessment would have been set
by Mars rather than SGC.
Note that the assessment is formed by the most competitive grade. Platts does not
average the price of Mars, Poseidon, Thunder Horse, and SGC to set its Americas
Crude Marker assessment. Platts independently assesses the value of all four
crudes, and the most competitive grade at the margin will be the primary element
in the price formation of the assessment.
Three grades in the ACM basket Mars, Poseidon, and Thunder Horse, are
produced offshore Louisiana and arrive onshore via pipeline. Mars and Thunder
Horse are delivered into Clovelly, Louisana. Poseidon is delivered into Houma,
Louisiana. SGC is produced offshore Texas, and arrives onshore via pipeline at
Nederland, Texas. The diversity of the producing locations in the ACM prevents
local supply disruptions from distorting the price of the ACM. At the same time,
the majority of US Gulf Coast refiners have access to all four of the grades either
via pipeline (Mars, Poseidon, SGC and Thunder Horse) or via barge (SGC to
Louisiana). The likelihood of weather conditions such as a hurricane impacting or
simultaneously shutting down for an extensive period of time all the platforms and
all the pipelines appears remote.
Assessment Time: Platts ACM assessments, like all US crude oil assessments,
reflect market-on-close (MOC) values at 3:15 PM Eastern Time (ET)
Timing: The timing structure for the ACM mirrors the US domestic pipeline market,
and Platts publishes three months of the ACM first, second, and third month.
The spot month for all US domestic pipeline barrels changes on the first business
day after the 25th of the calendar month. Note that ACM does not roll with the
expiration of the front month of light sweet crude on the New York Mercantile
Exchange. ACM is a physical assessment and therefore rolls in line with the
physical pipeline calendar.
19
For example, starting March 16, Platts will publish the ACM for April, May and
June. On March 26, Platts will roll the ACM along with the rest of the US domestic
market to May as the prompt month.
Basis and Location: The basis for the ACM is comprised of the basis and
location for the four grades:
Mars: The assessment reflects barrels for delivery into Clovelly, Louisiana.
Poseidon: The assessment is for barrels delivered to Houma, Louisiana.
SGC: The assessment is for barrels delivered into Nederland, Texas.
Thunder Horse: The assessment is for barrels delivered to Clovelly,

Louisiana.
Volume: The minimum volume for ACM basket grades (Mars, Poseidon, SGC, and
Thunder Horse) is 25,000 bbl, the same minimum for all US domestic grades.
Quality: The API and sulfur content for Mars, Poseidon, SGC, and Thunder Horse
changes on a monthly basis. These changes will be reported in the relevant
publication on a retroactive basis. (see above chart for latest assays on the four
crudes).
Participation in Market on Close Assessment Process: Any credible market
participant willing to participate in the ACM assessment process could submit
information at any time during the day and/or request publication of transparent
bids and offers in Platts US crude oil market assessment processes for any of the
four grades that comprise the ACM.
Platts will consider bids and offers expressed as flat price or as a differential to
an underlying basis in its assessment process for ACM. Any market information
reported to Platts on a differential basis will be normalized to a fixed price basis
for use in the ACM assessment process. Note that the ACM assessment will be
published on a fixed and flat price basis.
Americas Dated Brent

Platts launched March 2, 2009 an Americas Dated Brent (AMDB) assessment
published on a daily basis, reflecting the value of Dated Brent at Americas
market close at 3:15 pm Eastern Time. The AMDB reflects the price
prevailing during the close of market in the Americas taking into account
the rise or fall in the movement in the cash BFOE instrument, from the time
of assessment of Dated Brent at the European market close at 1630 hours
London time, until the Americas close. This movement is determined by
valuation of Brent cash and futures markets by the close in the Americas at
3:15 pm ET. Dated Brent reflects loading for cargoes 10-21 days from day
of publication. The Americas Dated Brent is therefore a dated instrument.
The price is underpinned by instruments such as BFOE and futures which are
cyclical in nature and therefore roll either at the end of the calendar month
for BFOE or mid month for futures.
Crude Oil
Grades
West Texas Intermediate (WTI): Platts has two separate WTI assessments: one at
Cushing, Oklahoma, and the other at Midland, Texas. Platts assesses three months
of WTI-Cushing barrels; Cushing assessments note the delivery month, such as WTI
(Dec). Midland prices are noted as WTI (Mid). The delivery month assessed for WTIMidland is the same as the first month assessed for WTI- Cushing. API gravity is
typically 38-40 degrees with sulfur content approximately 0.3%.
Mars: Platts assesses Mars quotes based on the market-on-close methodology,
reflecting the value of the grade at 3:15 PM ET, taking into account information
received/observed during the day including Platts 30-minute assessment process.
The assessment reflects barrels for delivery into Clovelly, Louisiana, for three
months forward. API gravity is 28.96 and sulfur content is 1.82% as of March 2012.
The minimum trading volume recognized for assessment purposes is 25,000 bbl.
Both flat-priced and differential-based positions are considered for assessment
purposes, as the latter can be converted into a fixed and flat price equivalent.
P-Plus WTI: The assessment reflects the price of WTI sold into Cushing on the
basis of postings plus. P-plus deals are invoiced at a later date on the basis of
a differential to an average of one or more crude oil postings. For example, a deal
done at P-plus 75 cts would be invoiced at 75 cts more than the previously agreedupon postings basis.
WTI Calendar Delta: The assessment reflects the price of WTI crude oil sold
into Cushing/Oklahoma on the basis of a delta versus a monthly WTI average. WTI
Calendar Delta deals are invoiced at a later date: For instance, March WTI calendar
delta transactions would be based on the average of the NYMEX WTI front-month
during March, plus or minus a delta, and then versus cash front-month WTI after
the NYMEX WTI front-month expiry. The delta fluctuates with first/second and
first/third month WTI spreads, and with bids/offers in the market. The Platts WTI
Calendar Delta assessment reflects where the delta is traded and/or talked in the
market. The WTI calendar delta rolls to the next month after the 25th of the month,
like other pipeline grades.
Effective May 26, 2006, Platts began considering market activity for its WTI P-Plus
crude oil spot price assessment that is based on any of the following standard
company WTI crude oil postings: Plains, Sunoco, Shell, Murphy and ConocoPhillips.
In addition, Platts will consider transactions based on the Platts P-5 WTI postings
index which incorporates postings data from Plains, Sunoco, Shell, Murphy and
ConocoPhillips. Previously, WTI P-Plus deals were based on Koch WTI crude
oil postings, but Koch announced recently that the respective posting will be
discontinued effective July 1, 2006.
West Texas Sour (WTS): The assessment is for barrels delivered to Midland, Texas,
with an API gravity of 32.8 degrees and a sulfur content of 1.98%.
Light Louisiana Sweet (LLS): The assessment is for barrels delivered to St. James,
Louisiana. API gravity is 34-41 and sulfur content is 0.4%.
Heavy Louisiana Sweet (HLS): The assessment is for barrels delivered to Empire,
Louisiana. API gravity is 32-33 and sulfur content is 0.3%.
Eugene Island: The assessment is for barrels delivered to St. James, Louisiana.
The API gravity is 34-36 and the sulfur content is 0.90-1.20%.
March 2013
20
Southern Green Canyon: The assessment is for barrels delivered into Nederland,
Texas. The API gravity is 28.7 API and sulfur content at 1.81%. (Southern Green
Canyons API & sulfur content changes on a monthly basis. These changes will be
reported in the relevant publication on a retroactive basis).
Wyoming Sweet: The assessment is for barrels delivered to Guernsey, Wyoming,
with an API gravity of 32 and a sulfur content of 0.9%.
Bonito: The assessment is for barrels delivered to St James, Louisiana. API gravity
is 35-37 and sulfur content is 0.7-0.9%.
Mars: The assessment is for barrels delivered to Clovelly, Louisiana. API gravity is
28.96 and sulfur content is 1.82% as of March 2012. (Mars API & sulfur content
changes on a monthly basis. These changes will be reported in the relevant
publication on a retroactive basis).
Poseidon: The assessment is for barrels delivered to Houma, Louisiana. API gravity
is 30 and sulfur content is 1.71%. (Poseidons API & sulfur content changes on
a monthly basis. These changes will be reported in the relevant publication on a
retroactive basis).
Thunder Horse: The assessment is for barrels delivered to Clovelly, Louisiana.
API gravity is 33.75 and sulfur content is 0.73%. (Thunder Horses API & sulfur
content changes on a monthly basis. These changes will be reported in the relevant
publication on a retroactive basis).
Basrah Light: The assessment is for waterborne barrels of Iraqi Basrah Light
delivered into the US Gulf. The minimum volume is 500,000 bbl. API gravity is
31-35.5 and sulfur content is 2%. Basrah Light barrels are priced off the second
month cash WTI assessment.
Crude Oil
Bakken Blend: Platts launched daily spot assessments for Bakken Blend crude
injected at Guernsey, Wyoming and Clearbrook, Minnesota on May 3, 2010. Trades
with a minimum 1,000 b/d quantity will be taken into account for both assessment,
and smaller volumes will be normalized to this volume basis. Effective June 20, 2011,
Platts has been rolling its Canadian and Bakken pipeline assessments to the next front
month on the date pipeline nominations are due. Platts follows the nomination due
dates published by Crude oil Logistics Committee on its web. These assessments will
be published as a differential to the calendar month average of front-month NYMEX
crude futures for the month of injection at 3:15 pm Eastern Time.
The two Bakken Blend assessments reflect Bakken crude injected at Guernsey,
Wyoming (basis ex-Guernsey) and at Clearbrook, Minnesota (basis ex-Clearbook).
Bakken Blend ex-Guernsey reflects sulphur content of 0.2% and API gravity of 38-40
degrees, while Bakken Blend ex-Clearbrook reflects sulphur content of 0.5% and
API gravity of 38-40 degrees. Effective July 19, 2011, Bakken Blend ex-Clearbrook
will reflect sulphur content of 0.2%
WTI CMA: Effective July 1, 2011, Platts will begin publishing the calendar month
average of NYMEX light sweet crude. This CMA is currently used as the basis for
Platts Canadian pipeline crude assessments, Bakken Blend crude assessments,
WCS ex-Cushing crude assessments, and Alaska North Slope crude assessments.
This calculation will be labeled WTI CMA (1st month), and reflects the average of
the front-month NYMEX light crude values (at 3:15 pm Eastern Time) for the month
of injection.
WCS ex-Cushing: Effective June 1, 2012, Platts will launch a Western Canadian
Select crude assessment on a FOB Cushing, Oklahoma basis. Platts will publish WCS
ex-Cushing assessment as an outright price, and as a differential to the calendar
month average (CMA) of the NYMEX WTI contract and reflect barrels to be lifted/
injected about a one month out and would rollover using the Canadian rollover
schedule. WCS has an API gravity of 19-22 and a sulfur content of 2.8-3.5%.
Alaska North Slope (ANS): This assessment reflects a minimum volume of 300,000
bbl basis delivered Long Beach, California, for the prompt month. API gravity is
29-31 and sulfur content is 1.1%
The pricing basis for ANS is a calendar month average of front month Platts
cash WTI assessments in the delivery month. For example, on October 15, Platts
assessments reflect November as the delivery month, and the ANS basis is an
average of all front-month cash WTI assessments published in calendar November.
Line 63: The assessment is for a blend of crude at 28 degrees API gravity and sulfur
content of 1.02%, delivered at Hynes station, California on Four Corners pipeline
line 63.
P-Plus Line 63: The assessment reflects the price of Line 63 sold into Hynes Station
on Four Corners pipeline on the basis of Posting Plus. P-Plus deals are invoiced
at a later date on the basis of a differential to an average of one or more crude
postings for Buena Vista crude.
Thums: The assessment is for barrels delivered to Long Beach, California at 17
degrees API and a sulfur content of 1.5%.
Kern River: The assessment is for barrels delivered commonly to Texacos station
31 in Kern County, California, at 13 degrees API gravity with sulfur content of 1.1%
The crude is synonymous with San Joaquin Valley (SJV) heavy.
March 2013
US crude oil postings

US crude oil postings Platts publishes daily US Gulf Coast crude oil posted prices
on Platts Global Alert (PGA) pages 172 and 179, and in Platts North American
CrudeWire, posted by the following companies: ChevronTexaco, ConocoPhilips,
Valero, Link, Shell, ExxonMobil, Koch, Murphy, Plains, and Sunoco. Published prices
reflect postings as of 5:30 p.m. local New York time.
Platts publishes daily US West Coast crude oil posted prices on Platts Global Alert
(PGA) pages 159 and 446, posted by the following companies: ChevronTexaco,
ExxonMobil, Shell, and Union76. Published prices reflect postings as of 3:15 p.m.
local New York time.
Latin America
Platts assesses Latin American crude grades and publishes the differentials to their
benchmark. Most transactions are concluded on a differential to WTI, Dated Brent,
or Brent futures.
Starting January 2, 2013, Platts has moved the timing forward for its Latin
American crude assessments to reflect bids, offers, and deals 30-60 days from date
of publication. Previously, Platts Latin American crude assessments reflected crude
21
Crude Oil
loading 15-45 days forward from date of publication. This move reflects a trend in
the market towards trading Latin crudes further forward in time. Platts has also
shifted the basis for its Latin American assessments from second month WTI to
the average of the prevailing contract month at the time of loading. For example,
on June 1, the basis for Platts Latin American crude assessments would be August
WTI. Therefore, the basis for Platts Latin American crude assessments on June 1
reflects the average of prevailing front month WTI for July 1-31, August WTI for
July 1-25, and September WTI for July 26-31. Platts publishes this Latin American
WTI strip on a daily basis.
In addition, Platts has launched ICE Brent and Dated Brent-related differentials for
all Latin American crudes assessed by Platts and a Latin American ICE Brent strip
and a Latin American Dated Brent strip, reflective of the prevailing front-month
Brent values for 30-60 days forward from the date of publication. These Brentrelated differentials and strips run alongside the existing WTI-based outright price
and differential assessments for Latin American grades.
All Latin crude oil assessments reflect Market-on-Close (MOC) values at 3:15 PM
Eastern Time . An explanation of the MOC methodology can be found elsewhere in
this document. Please check the table of contents (also see related specifications
document titled Americas crude oil specifications guidelines).
Price assessments for Latin crudes are basis FOB the loading terminal, and do
not include top-off charges. The minimum cargo volume is 350,000 bbl, unless
otherwise specified below. The assessment window for all Latin American crudes is
30-60 days forward from date of publication.
Castilla Blend: The assessment reflects FOB Covenas, Colombia, minimum volume
of 500,000 bbls, and has an API gravity of 18.8 and sulfur content of 1.96%.
Roncador: Platts launched a new assessment for Brazils Roncador crude oil on
May 1, 2009. The assessment is for barrels commonly sold basis FOB Angra dos
Reis, with sulfur content of 0.58% and API gravity of 28.3.
Mesa 30: The assessment is for barrels commonly sold FOB Venezuela, with API
gravity of 30 and sulfur content of 0.9% sulfur.
Mexican Crude Assessments: Mexican crude oil term prices to Western
destinations are FOB and based on the following formulas:
To US Gulf Coast:
Maya: 0.4(WTS + USGC No. 6 3%S) + 0.1(LLS+Dated
Brent) +/- constant
Isthmus: 0.4(WTS+LLS) + 0.2(Dated Brent) +/- constant
Olmeca: 0.333(WTS+LLS + Dated Brent) +/- constant
To Europe:
Maya:
constant
0.527(Dtd Brent)+0.467(No.6 3.5%)-0.25(No.6.1%-No.6 3.5%) +/-
Isthmus: 0.887(Dtd Brent)+0.113(No.6 3.5%)-0.16(No.6.1%-No.6 3.5%) +/constant

To Asia:
Maya:
(Oman+Dubai)/2 +/- constant
Escalante: The assessment is for barrels commonly sold FOB Caleta Cordoba,
Argentina with API gravity of 24.1 and sulfur content of 0.25% .
Isthmus: (Oman+Dubai)/2 +/- constant
Loreto: The assessment is for barrels commonly sold FOB Puerto Bayovar, Peru
with API gravity of 19.5 and sulfur content of 1.3%.
Maya: The assessment is for barrels commonly sold FOB Dos Bocas and FOB Cayo
Arcas with API gravity of 22 and sulfur content of 3.3%.
Magdalena: Platts launched a new assessment for Colombias Magdalena

crude oil on April 1, 2012. The assessment is for barrels commonly sold from the
Colombian port of Covenas. The assessment reflects cargoes of 300,000 barrels in
size, a gravity of 20 API and 1.6% sulfur content.
Isthmus: The assessment is for barrels commonly sold FOB Dos Bocas with API
gravity of 33.6 and sulfur content of 1.3%.
Oriente: The assessment is for barrels commonly sold FOB Esmeraldas, Ecuador
with API gravity of 24.0 and sulfur content of 1.4%
Vasconia: The assessment is for barrels commonly sold FOB Covenas, Colombia
Olmeca: The assessment is for barrels commonly sold FOB Dos Bocas and FOB
Pajaritos with API gravity of 39.3 and sulfur content of 0.8%.
A calculation of each days prices can be found on Platts Global Alert and in Platts
Latin American Wire
Canada
Santa Barbara: The assessment is for barrels commonly sold FOB Venezuela with
API gravity of 36 and sulfur content of 0.95%.
Napo: The assessment is for barrels commonly sold FOB Esmeraldas, Ecuador with
API gravity of 19 and sulfur content of 2.01%.
Marlim: The assessment is for barrels commonly sold FOB Sao Sabastiao, Brazil
March 2013
Postings-based
The following Canadian postings assessments are based on an average of two
or more posted prices. These assessments are quoted in both Canadian dollars
per cubic meters, and an equivalent price in US dollars per barrel.
22
Par Crude: The assessment is for sweet crude delivered at Edmonton, Alberta with
40.02 API gravity and 0.3% sulfur. Posted prices from Esso (Imperial), Suncor, and
Shell are totaled and averaged for the assessed value of Par crude. Effective August
7, 2009, Platts removed PetroCanadas crude posted price from Platts Canadian
Postings Derived Crude Assessments for Par Crude (Edmonton Light Sweet). This
price is being removed from the average because Suncor and PetroCanada, having
recently merged, will be posting the exact same price.
Mixed Light Sour: The assessment is for mixed light sour delivered at Edmonton,
Alberta. The posted price for Suncor-with 29.3 API gravity and 1.6% sulfur and
the posted price for Petrocanada-with 31.0 API gravity and 1.0% sulfur are
totaled and averaged for the assessed value of Mixed Light Sour.
Bow River/Hardisty: The assessment is for medium sour crude delivered at Hardisty,
Alberta. The posted prices for Petrocanada, Esso, and Flint Hills (formerly Koch) are
averaged for the value of Bow River/Hardisty.
Cromer Light Sour: The assessment is for light sour delivered at Cromer. The
posted prices for Sunoco, Petrocanada, Esso, Koch and Shell with an average
posted API gravity of 35.05 and an average sulfur content of 1.2% are averaged
for the assessed value of Cromer Light Sour.
Sour at Edmonton: The assessment is for Koch light sour delivered at Edmonton,
Alberta. The posted prices for Petrocanada, Esso, Koch and Shell with an average
posted API gravity of 32.51 and an average sulfur content of 1.0% are averaged
for the assessed value of Sour at Edmonton.
Cromer Midale: The assessment is for medium, sour delivered at Cromer. The
posted price for Sunoco, Esso, Koch and Shell with an average posted API gravity
of 29.30 and an average sulfur content of 2.0% are averaged for the assessed
value of Cromer Midale.
Spot-based
The following spot assessments are calculated on a NYMEX crude oil calendarmonth average (CMA) basis. Crudes will be assessed for injection in the first
forward month. The WTI CMA is the average of the front-month NYMEX light
crude values (at 3:15 pm Eastern Time) for the month of injection. Platts outright
assessments are made up of the prevailing spot differentials plus or minus the WTI
CMA.
All Canadian crude oil assessments reflects market-on-close (MOC) values at 3:15
PM Eastern Time. An explanation of the MOC methodology can be found elsewhere
in this document. Please check the table of contents (also see related specifications
document titled Americas crude oil and oil products editorial guidelines and
methodologies). Trades with a minimum 1,000 b/d quantity will be taken into
account for assessment of Canadian pipeline crudes. Smaller volumes will be
normalized to this volume basis.
Effective June 20, 2011, Platts will roll its Canadian pipeline assessments to the
next front month on the date pipeline nominations are due. Platts will follow the
nomination due dates published by Crude Oil Logistics Committee on its website.
Lloyd Blend: The assessment is for barrels injected at Hardisty, Alberta. API
gravity is 21.8 and sulfur content is 3.36%.
March 2013
Crude Oil
Mixed Sweet: Injection at Edmonton. Gravity is 38.8 and sulfur content is 0.47%.
Light Sour Blend: Injection at Cromer. API gravity is 34-36 and sulfur content is
1.2-1.4%
Condensates: Injection at Edmonton. API gravity is 50.0 and sulfur content is
0.20%.
Syncrude Sweet Blend: Injection at Edmonton. API gravity is 31-33 and sulfur
content is 0.1-0.2%.
Western Canadian Select (WCS): Injection at Hardisty. API gravity is 19-22 and
sulfur content is 2.8-3.2%.
Cold Lake: Injection at Hardisty. API gravity is 19.9 and sulfur content is 3.25%.
Midale: Platts launched daily spot assessments for Midale Blend medium sour
crude injected at Cromer, Manitoba on September 1, 2010. API gravity is 30 and
sulfur content is maximum 2.35%.
The following Canadian cargo assessments are based on spot transactions for
cargoes loading 6 to 8 weeks forward from the date of publication. The outright
price is derived from the forward value of Dated Brent with pricing typically 1-5
days after loading. The typical cargo size is about 675,000 bbl for Hibernia and
Terra Nova, and 900,000 bbl for White Rose.The Canadian cargo markets are
assessed up to 11:30 a.m. Eastern Time.
Hibernia: The assessment is for barrels loading FOB terminal basis Whiffenhead,
Newfoundland, Canada. The API gravity is 36.0 and the sulfur content is 0.4%.
Terra Nova: The assessment is for barrels loading FOB terminal basis
Whiffenhead, Newfoundland, Canada. The API gravity is 32.9-33.4 and the sulfur
content is 0.48%
White Rose: This assessment reflects barrels loading FOB terminal b Sea Rose,
Newfoundland, Canada. The API gravity is 30.56 degrees and sulfur content of 0.28%.
Canadian crude oil postings

Platts publishes daily crude oil posted prices on Platts Global Alert (PGA) pages
149 and 435, and in Platts North American CrudeWire, posted by the following
companies: Esso (Imperial), Suncor, PetroCanada, Shell, and Flint Hills. Published
prices reflect postings as of 3:15 p.m. Eastern Time. Platts daily Canadian Postings
Derived Crude Assessments are derived from the averages of all postings for each
crude assessed as of 3:15 p.m. Eastern Time.
NYMEX, ICE and DME VALUES

Platts Crude Oil Marketwire publishes assessments reflecting the prevailing market
value precisely at the MOC close for several futures contracts on NYMEX, ICE and DME.
Assessments for the front-two months for the NYMEX futures WTI crude contract,
heating oil and unleaded gasoline contracts and the front two months of the ICE
Brent futures contract reflecting prevailing values at 1630 London time, 1630
23
Singapore time and 15:15 ET are published. A third month is assessed for NYMEX
WTI at 15:15 ET and for NYMEX heating oil and unloading gasoline at 15:15 ET and
1630 Singapore time.
Assessments for the front three months for the ICE gasoil futures contract listed on
ICE Futures reflecting prevailing values at 1630 London time and 1630 Singapore
time are published.
Assessments for the front three months of the ICE low sulfur (10ppm) gasoil futures
contract and the front four months for the ICE Brent NX contract are published
reflecting prevailing value at 1630 London time only.
Assessments for the front two months of the DME-listed Oman contract are
published reflecting prevailing value at 1630 Singapore time only.
Crude Oil
Gulf Coast, US Atlantic Coast and the US Midcontinent to serve as a substitute

for an outright NYMEX settlement.
Instead, those markets will be assessed by adjusting the prior days NYMEX
settlement up or down by an amount equivalent to the equalized per gallon price of
the $/bbl movement in the Platts WTI assessment for Gulf Coast and Midcontinent,
and its 15-day Brent assessment for the US Atlantic Coast. New assessments of
market differentials will then be applied against those prices to determine the final
assessment. West Coast light ends, residual fuel, bunker fuel, LPG, MTBE and other
blendstocks will be produced as normal.
Platts also reserves the right to suspend assessments should there be a major
calamity, such as the events of September 11.
Trading platforms
Unscheduled NYMEX Closures

In the event that the New York Mercantile Exchange is closed unexpectedly,
all US crude assessments will be produced. Platts believes there will be
adequate OTC trade in the Brent/WTI market and the market for grade
differentials to produce an accurate assessment. That policy also will apply
to Latin American crudes. Based on past history, Platts does not believe there
will be adequate flat price OTC trade in the markets for light ends in the US
March 2013
Platts treats firm trading positions and deals from Internet platforms exactly as it
does any other information from principals or from intermediaries such as voice
brokers. Platts cannot make any guarantee in advance about how and whether
the information will be incorporated in its final assessments. All trading positions
and deals submitted to Platts need to meet general requirements on openness
and transparency. Platts market specialists then make an assessment based on
published assessment parameters using all the information available.
24
Crude Oil
Code list for Crude Oil Marketwire

Key benchmarks ($/bbl)
Brent (M1)
PCAAP00
WTI (M1)
PCACG00 Mars (M1) AAMBR00
Brent (M2)
PCAAQ00
WTI (M2)
PCACH00 Mars (M2) AAMBU00
Brent (M3)
PCAAR00
WTI (M3) AAGIT00 Mars (M3) AAMBX00
Brent (Dated)
PCAAS00
Brent/Dubai AAJMS00
BTC Dated Strip AAUFI00
Dated North Sea Light AAOFD00 Mediteranean Dated Strip AALDF00 Angola Dated Strip AALGM00
North Sea Dated Strip AAKWH00
West Africa Dated Strip AALDH00
Canada Dated Strip AALDJ00 Sulfur De-escalator AAUXL00
Dtd Brent swap

CFD 1wk
PCAKA00 CFD 2wk
PCAKC00
AAJNV00 AAJOS00
CFD 3wk
PCAKE00 CFD 4wk
PCAKG00
AAJOU00 AAJOW00
CFD 5wk AAGLU00 CFD 6wk AAGLV00
AAJPC00 AAJPE00
CFD 7wk AALCZ00 CFD 8wk AALDA00
AALAW00 AALAX00
Dubai (M1)
PCAAT00
Oman (M1)
PCABS00
Oman (M1) MOG
PCABT00
Dubai (M2)
PCAAU00
Oman (M2) AAHZF00
Oman (M2) MOG AAIHO00
Dubai (M3)
PCAAV00
Oman (M3) AAHZH00
Oman (M3) MOG AAIHP00
MEC (M1) AAWSA00 Upper Zakum AAOUQ00
MEC (M2) AAWSB00
MEC (M3) AAWSC00
MOG Swap Diff (M1) AALHU00
MOG Swap Diff (M2) AAIHJ00
Dubai Swap (M1) AAHZJ00 MOG Swap (M1) AAHZP00
MOG Swap Diff (M3) AAIHL00
Dubai Swap (M2) AAHZL00 MOG Swap (M2) AAHZR00
MOG Swap Diff (M4) AAIHN00
Dubai Swap (M3) AAHZN00 MOG Swap (M3) AAHZT00
Brent/WTI 1st AALAT00
Brent EFP (M1) AAGVW00
WTI EFP (M1) AAGVT00
Brent/WTI 2st AALAU00
Brent EFP (M2) AAGVX00
WTI EFP (M2) AAGVU00
Brent/WTI 3st AALAV00
Brent EFP (M3) AAGVY00
WTI EFP (M3) AAGVV00
Platts euro-denominated crude oil assessments

North Sea spot crude assessments
European crude oil benchmarks (euro/bbl)

Dated Brent AAPYR00
Urals Mediterranean AAPYS00
spread vs fwd Dated Brent
BNB AAVJA00 AAVJB00

Forties
PCADJ00 AAGWZ00
Statfjord
PCAEE00 AAGXD00
Flotta
PCACZ00 AAGXH00
Ekofisk
PCADI00 AAGXB00
Oseberg
PCAEU00 AAGXF00
North Sea Basket AAGIZ00
US crude oil benchmarks (euro/bbl)

WTI (M1) AAPYT00
Mars(M1) AAPYU00
March 2013
25
Crude Oil
West African spot crude assessments

$/bbl
Bonny Light
PCAIC00 AAGXL00
Qua Iboe
PCAID00 AAGXN00
Forcados
PCABC00 AAGXP00
Escravos AAEIZ00 AAGXR00
Brass River AAEJB00 AAGXV00
cabinda
PCAFD00 AAGXT00
Girassol AASNL00 AASJD00
Hungo AASLJ00 AASJF00
Kissanje AASLK00 AASJE00
Mediterranean spot crude assessments

$/bbl
Urals (Rotterdam)
PCAFW00 AAGXJ00
Urals (Mediterranean)
PCACE00 AAGXX00
Urals (Ex-Novorossiisk) AAGZS00 AAHPH00
Urals (Ex-Novo) FOB 80kt AAOTH00 AAOTI00
Urals (Ex-Baltic) AAGZT00 AAHPI00
Urals (Primorsk) AAWVH00 AAWVI00
Urals RCMB (Recombined) AALIN00
Siberian Light CIF AAGZW00 AAHPK00
CPC Blend CIF AAGZU00 AAHPL00
Azeri Light CIF AAGZX00 AAHPM00
BTC FOB Ceyhan AAUFH00 AAUFJ00
Suez Blend
PCACA00 AAGYD00
Es Sider
PCACO00 AAGYH00
Kirkuk AAEJD00 AAGYF00
Iranian Light (Sidi Kerir)
PCABI00 AAGXZ00
Iranian Heavy (Sidi Kerir)
PCABH00 AAGYB00
Saharan Blend AAGZY00 AAHPN00
Zarzaitine AAHMO00 AALOY00
Kumkol AAHMP00 AALOW00
Syrian Light FOB AAHMM00 AALOU00
Syrian Heavy FOB AAHMN00 AALOV00
$/bbl Dtd Brent swap
Urals Med CFD 1st mth (M1) AAMDR00 AAMDU00

Urals Med CFD 2st mth (M2) AAMDX00 AAMEA00
Platts Ruble-denominated Russian crude oil assessments

Russian crude oil benchmarks (Ruble/bbl)
Urals FOB Novorossiisk AAUJP00
Urals FOB Ventspils AAUJQ00
Urals FOB Novorossiisk 80kt AAUJR00
Urals FOB Mediterranean AAUJS00
Urals FOB Rotterdam AAUJT00
Canadian spot crude cargo assessments

$/bbl
Terra Nova AAJUH00 AAJUJ00

Hibernia AAJKK00 AAJKM00
White Rose AAVJX00 AAVJY00
US domestic spot crude assessments

P-Plus WTI
PCACI00
WTI-Delta AAEJK00
P-5 WTI AAFEN00
March 2013
26
Crude Oil
$/bbl
spread vs 1st line WTI
WTI (Midland)
PCACJ00 AAGVZ00
WTS (M1)
PCACK00 AAGWB00
WTS (M2) AAURG00 AAURH00
Eugene
PCAFC00 AAGWD00
Bonito
PCAIE00 AAGWF00
SGC AASOI00 AASOJ00
Poseidon AABHK00 AAGWL00
LLS (M1)
PCABN00 AAGWN00
LLS (M2) AAURC00 AAURD00
HLS (M1)
PCABD00 AAGWP00
HLS (M2) AAURE00 AAURF00
Wyoming Sweet
PCACM00 AAGWR00
Thunder Horse AAWZK00 AAWZL00
Mars/WTI (M1) AAGWH00
Mars/WTI (M2) AAKTH00
Mars/WTI (M3) AAMBO00
Delivered US Gulf Coast spot price

$/bbl
Basrah Light AAEJH00 AAGWV00
Latin American spot crude assessment

Cano Limon
$/bbl
PCADM00

PCAGV00
California spot crude assessment

Lyne 63/Hynes
Thums/Long Beach
Kern River
P-Plus Line 63

ANS/Long Beach
PCABM00
PCACD00
PCABJ00
PCAFV00
$/bbl
PCAAD00 AAGWX00
Canadian spot crude assessments

C$/CM USD/BBL
spread vs Canada
Lloyd Blend AALRM00 AALRK00 AALRP00

Mixed Sweet AALRT00 AALRR00 AALRV00
Light Sour Blend AALRZ00 AALRX00 AALSD00
Condensates AALSH00 AALSF00 AALSJ00
Syncrude Sweet AASOL00 AASOK00 AASOM00
WCS Hardisty AAPPO00 AAPPN00 AAPPP00
Cold Lake Hardisty AASZY00 AASZX00 AASZZ00
Canadian crude oil postings derived assessments

C$/CM USD/BBL
Par Crude
Mixed Light Sour
Bow River/Hardisty
Light/Sour Cromer
Sour - Edmonton
Midale Cromer
PCAEZ00
PCAFA00
PCAEY00
PCAII00
PCAIM00
PCAIQ00
PCAEJ00
PCAEL00
PCAFB00
PCAIK00
PCAIO00
PCAIS00
March 2013
27
Crude Oil
Latin American assessments

$/bbl
sprea vs WTI
Canadon Seco
PCAGN00
PCAGB00
Escalante
PCAGO00
PCAGC00
Cusiana
PCAGT00
PCAGL00
Santa Barbara AAITJ00 AAITD00
Loreto
PCAGQ00
PCAGH00
Oriente
PCAGU00
PCADE00
Napo AAMCD00 AAMCA00
Marlim AAITL00 AAITF00
Castilla Blend AAVEQ01 AAVEQ00
Cano Limon
PCAGV00
PCADM00
Vasconia
PCAGR00
PCAGI00
Mesa 30 AAITH00 AAITB00
Pacific Rim / Arab Gulf spot

$/bbl
spread vs Tapis
Tapis
PCACB00
PCAHA00
Kikeh AAWUH00 AAWUI00
Cossack
PCAGZ00
PCAHC00
Griffin
PCAGW00
PCAHE00
Kutubu
PCAFJ00
PCAHB00
Nanhai
PCAFR00
PCAHG00
Paper Tapis (M1)
PCAFG00
Paper Tapis (M2)
PCAFH00
Labuan
PCABL00
Miri
PCABQ00
Gippsland
PCACP00

NW Shelf
spread vs NW Shelf
PCAGX00
PCAIA00
spread vs ICP
Minas
PCABO00
PCABP00
Sokol AASCJ00 AASCK00
Attaka
PCAAJ00
PCAAK00
Ardjuna
PCACQ00
PCACR00
Handil Mix
PCABE00
PCABF00
Cinta
PCAAX00
PCAAY00
Duri
PCABA00
PCABB00
Widuri
PCAFE00
PCAFF00
Belida
PCAFL00
PCAFM00
Senipah AAEOE00 AAEOK00
spread vs OSP
Murban AAKNL00 AAKUB00

Lower Zakum AAKNN00 AAKUF00
Upper Zakum AAOUQ00 AAOUR00
Umm Shaif AAOUO00 AAOUP00
Qatar Land AAKNP00 AAKUJ00
Qatar Marine AAKNR00 AAKUH00
Banoco Arab Medium AAKNT00 AAKUD00
Ras Gas AAPET00 AAPEU00
Al Shaheen AAPEV00 AAPEW00
Nile Blend AAPLC00 AAPEX00
Daqing
PCAAZ00
Shengli
PCABY00
Bach Ho
PCAHY00 AAPEY00
Asia close Brent and WTI spot

Brent (M1)
Brent (M2)
Brent (M3)
PCAJE00
PCAJG00
PCAJI00
WTI (M1) AAFFU00

WTI (M2) AAFFW00
WTI (M3) AAFFY00
March 2013
28
Crude Oil
Asian Dated Brent and Asian Crude

Asian Dated Brent (ADB) AAXPG00
Asian Crude Index (ACX) AAXIL00
Daily OPEC Basket Price

AAFAE00
Daily US$ vs EURO exchange rate

Forex rate at 04:30 PM local time AAFCW00
Crude futures settlements

Nymex
M1 M2 M3 M4
Volume
AACMH00 AACMI00 AACMJ00 AADWE00 AADUV00
DME Oman
M1 M2 M3 M4

DUM2629
DUM2630
DUM2631
DUM2632
Volume
DUM0126
DME Oman Asian Settle

XDOA001 XDOAV01
ICE/IPE WTI
M1 M2 M3 M4

DUM3489
DUM3490
DUM3491
DUM3492
Volume
DUM0014
ICE/IPE Brent
M1 M2 M3 M4
Volume
AACNF00 AACNG00 AACNQ00 AADWV00 AADUV00
ICE/IPE
Mideast Crude
M1 M2 M3 M4

DUM2610
DUM2611
DUM2612
DUM2613
ICE/IPE
Volume
DUM2628
BWAVE
M1 M2
AADRP00 AADRM00

Volume AAEFS00 AAEFT00
Products futures settlements

Nymex RBOB unleaded gasoline
M1 M2 M3 M4

DUMRB01
DUMRB02
DUMRB03
DUMRB04
Volume
DUMRB05
Nymex No. 2
M1 M2 M3 M4
Volume
AACMK00 AACMO00 AACMP00 AADWH00 AADUW00
Nymex Natural Gas

M1 M2 M3 M4
Volume
AACMZ00 AACNA00 AACNB00 AADWS00 AACUI00
ICE/IPE Gasoil
M1 M2 M3 M4
Volume
AACNX00 AACNZ00 AACOA00 AADXE00 AADUW00
March 2013
29
Crude Oil
Yields and Netbacks

ARA
Yield
Freight Netback
Yield
Singapore US Gulf Coast US Midcontinent

Freight Netback
Arab Light (Most recent FOB spot: N.A.)
Cracking
TYABT00
TDDAV00
Yield-Freight
TYACF00
TDDAW00
Yield-Freight
Coking
Visbreaking
TYABV00
TDDAV00
Yield-Freight
TYACH00
TDDAW00
Yield-Freight
Arab Medium (Most recent FOB spot: N.A.)
Cracking
TYACZ00
TDDBD00
Yield-Freight
TYADL00
TDDBE00
Yield-Freight
Coking
Visbreaking
TYADB00
TDDBD00
Yield-Freight
TYADN00
TDDBE00
Yield-Freight
Arab Heavy (Most recent FOB spot: N.A.)
Cracking
TYAAV00
TDDAN00
Yield-Freight
TYABH00
TDDAO00
Yield-Freight
Coking
Visbreaking
TYAAX00
TDDAN00
Yield-Freight
TYABJ00
TDDAO00
Yield-Freight
Arab Berri (Most recent FOB spot: N.A.)
Cracking
Coking
Attaka (Most recent FOB spot:N.A.)
Cracking
Visbreaking
TYADX00
TYADZ00
TDDBG00
TDDBG00
Yield
Freight Netback
TYACP00
TYACN00
TDDAR00
TDDAR00
Yield-Freight
Yield-Freight
TYADV00
TYADT00
TDDAZ00
TDDAZ00
Yield-Freight
Yield-Freight
TYABR00
TYABP00
TDDAJ00
TDDAJ00
Yield-Freight
Yield-Freight
TYAAL00
TYAAJ00
TDDAC00
TDDAC00
TYAGD00
TYAGB00
Yield
Freight Netback
TYACT00
TYACR00
TDDAS00+1.19
TDDAS00+1.19
Yield-Freight
Yield-Freight
Yield-Freight
Yield-Freight
TYAAP00
TYAAN00
TDDAD00+1.19
TDDAD00+1.19
Yield-Freight
Yield-Freight
TDDBS00
TDDBS00
Yield-Freight
Yield-Freight
TYAGH00
TYAGF00
TDDBT00+1.19
TDDBT00+1.19
Yield-Freight
Yield-Freight
TYAEP00
TYAEN00
TDDBJ00
TDDBJ00
Yield-Freight
Yield-Freight
TYAFB00
TYAEZ00
TDDBL00
TDDBL00
Yield-Freight
Yield-Freight
TYAFJ00
TYAFH00
TDDBO00
TDDBO00
Yield-Freight
Yield-Freight
TYAFL00
TDDBP00+1.13
Yield-Freight
TYAGR00
TDDBX00
Yield-Freight
TYAGT00
TDDBY00+1.19
Yield-Freight
TYAGV00
DUM0665
Yield-Freight
Yield-Freight
Yield-Freight
Azeri Light (Most recent FOB spot: N.A.)
Cracking
TYAEB00
TDDBI00
Yield-Freight
Visbreaking
TYAED00
TDDBI00
Yield-Freight
Basrah Light (Most recent CIF Gulf Coast spot: N.A.)
Cracking
TYAFP00
TDDBU00
Yield-Freight
Coking
Visbreaking
TYAFR00
TDDBU00
Yield-Freight
BCF 17 (Most recent FOB spot: N/A)
Cracking
Coking
Cracking
Coking
Cracking
Coking
Bonny Light (Most recent FOB spot: N.A. )
Cracking
Bow River (Most recent FOB spot: N.A.)
Coking
Brass (Most recent FOB spot: N.A.)
Cracking
TYATS00
DUM0957
Yield-Freight
Brent (Most recent FOB spot: N.A.)
Cracking
TYAHF00
TDDCD00
Yield-Freight
Coking
Visbreaking
TYAHH00
TDDCD00
Yield-Freight
Cabinda (Most recent FOB spot: N.A.)
Cracking
Coking
Cano Limon (Most recent FOB spot: N.A.)
Cracking
Coking
Cusiana (Most recent FOB spot: N.A.)
Cracking
Coking
Dubai (Most recent FOB spot: N.A.)
Cracking
Visbreaking
Duri (Most recent FOB spot: N.A.)
Cracking
Visbreaking
Ekofisk (Most recent FOB spot: N.A.)
Cracking
Visbreaking
TYAJV00
TYAJX00
TDDCT00
TDDCT00
TYAJN00
TYAJP00
TDDCQ00
TDDCQ00
Yield-Freight
Yield-Freight
TYAJR00
TYAJT00
TDDCR00
TDDCR00
Yield-Freight
Yield-Freight
TYAHD00
TDDCA00
Yield-Freight
TYAHT00
TYAHR00
TDDCB00
TDDCB00
Yield-Freight
Yield-Freight
TYAIF00
TYAID00
TDDCF00
TDDCF00
Yield-Freight
Yield-Freight
TYAIJ00
TYAIH00
TDDCG00+1.19
TDDCG00+1.19
Yield-Freight
Yield-Freight
TYAIR00
TYAIP00
TDDCJ00
TDDCJ00
Yield-Freight
Yield-Freight
TYAIV00
TYAIT00
TDDCK00+1.19
TDDCK00+1.19
Yield-Freight
Yield-Freight
TYAJH00
TYAJF00
TDDCM00
TDDCM00
Yield-Freight
Yield-Freight
TYAJL00
TYAJJ00
TDDCN00+1.19
TDDCN00+1.19
Yield-Freight
Yield-Freight
Yield-Freight
Yield-Freight
March 2013
30
Crude Oil
Yields and Netbacks

ARA
Yield
Freight Netback
Yield

Freight Netback
Escalante (Most recent FOB spot: N.A.)
Cracking
Coking
Flotta (Most recent FOB spot: N.A.)
Cracking
Visbreaking
TYAKP00
TYAKR00
TDDCX00
TDDCX00
Forcados (Most recent FOB spot: N.A.)

Forties (Most recent FOB spot: N.A.)
TYALB00
TYALD00
TDDEZ00
TDDEZ00
Gullfaks (Most recent FOB spot: N/A)
Cracking
Visbreaking
TYALF00
TYALH00
TDDDC00
TDDDC00
Freight Netback
TYAKJ00
TYAKH00
TDDCV00
TDDCV00
Yield-Freight
Yield-Freight
TYAKX00
TDDCY00
Yield-Freight
TYAMR00
TYAMP00
TDDDJ00
TDDDJ00
Yield-Freight
Yield-Freight
TYANL00
TYANJ00
TDDDL00
TDDDL00
Yield-Freight
Yield-Freight
TYANP00
TYANN00
DUM0663
DUM0663
Yield-Freight
Yield-Freight
TYAUG00
TYAUE00
TDDGK00
TDDGK00
Yield-Freight
Yield-Freight
TYAOB00
TYANZ00
DUM0664
DUM0665
Yield-Freight
Yield-Freight
TYAOJ00
TYAOH00
TDDDP00
TDDDP00
Yield-Freight
Yield-Freight
TYAOZ00
TYAOX00
TDDDT00
TDDDT00
Yield-Freight
Yield-Freight
TYAPL00
TYAPJ00
TDDDV00
TDDDV00
Yield-Freight
Yield-Freight
Yield
Freight Netback
Yield-Freight
Yield-Freight
Cracking
Cracking
Visbreaking
Yield
TYAKZ00
TDDCZ00+1.19
Yield-Freight
TYANT00
TYANR00
DUM0666
DUM0666
Yield-Freight
Yield-Freight
TYAOL00
TDDDQ00+1.19
Yield-Freight
TYAPP00
TYAPN00
TDDFC00+1.13
TDDFC00+1.13
Yield-Freight
Yield-Freight
TYAPX00
TYAPV00
DUM0668
DUM0668
Yield-Freight
Yield-Freight
TYAQZ00
TYAQX00
DUM0669
DUM0669
Yield-Freight
Yield-Freight
Yield-Freight
Yield-Freight
Yield-Freight
Yield-Freight
Iran Heavy (Most recent FOB spot, Sidi Kerir: N.A.)
Cracking
Visbreaking
TYALV00
TYALX00
TDDDG00
TDDDG00
Yield-Freight
Yield-Freight
Iran Light (Most recent FOB spot, Sidi Kerir: N.A.)
Cracking
Visbreaking
TYAMD00
TYAMF00
TDDDI00
TDDDI00
Yield-Freight
Yield-Freight
Isthmus (Most recent FOB spot: N.A.)
Cracking
Coking
Kirkuk (Most recent FOB spot: N.A.)
Cracking
TYATU00
TDDGH00
Yield-Freight
Kuwait (Most recent FOB spot: N.A.)
Cracking
TYAMX00 TDDDM00
Yield-Freight
TYANF00
TDDDN00
Yield-Freight
Coking
Visbreaking
TYAMZ00 TDDDM00
Yield-Freight
TYANH00
TDDDN00
Yield-Freight
LLS (Most recent FOB spot: N.A.)
Cracking
Coking
Marlim (Most resent FOB spot: N.A.)
Cracking
Coking
Mars (Most recent FOB spot: N.A.)
Cracking
Coking
Maya (Most recent FOB spot: N.A.)
Cracking
Coking
Merey (Most recent FOB spot: N/A)
Cracking
Coking
Mesa (most recent FOB spot: 46.37 )
Cracking
Coking
Minas (most recent FOB spot: N.A.)
Cracking
Visbreaking
TYAPR00
TYAPT00
TDDDX00
TDDDX00
Yield-Freight
Yield-Freight
Mixed Light Sour (Most recent FOB spot: N.A.)
Cracking
Coking
Mixed Light Sweet (Most recent FOB spot: N.A.)
Cracking
Coking
March 2013
31
Crude Oil
Yields and Netbacks

ARA
Yield
Freight Netback
Murban (most recent FOB spot: N.A.)
Cracking
TYATQ00
DUM0956
Yield-Freight
Visbreaking
Qatar Dukhan (most recent FOB spot: N.A.)
Cracking
Visbreaking
Qatar Marine (most recent FOB spot: N.A.)
Cracking
Visbreaking
Umm Shaif (most recent FOB spot: N.A.)
Cracking
Visbreaking
Zakum (Lower) (most recent FOB spot: N.A.)
Cracking
Visbreaking
Yield

Freight Netback
TYAPY00
TYAQA00
TDDCQ00
TDDCQ00
Yield-Freight
Yield-Freight
TYARA00
TYARC00
TDDBE00
TDDBE00
Yield-Freight
Yield-Freight
TYARE00
TYARG00
TDDBE00
TDDBE00
Yield-Freight
Yield-Freight
TYATK00
TYATM00
TDDCQ00
TDDCQ00
Yield-Freight
Yield-Freight
TYANS00
TYANU00
TDDCQ00
TDDCQ00
Yield-Freight
Yield-Freight
Olmeca (most recent FOB spot: N.A.)
Cracking
Coking
Oman (most recent FOB spot: N.A.)
Cracking
Visbreaking
TYAQL00
TYAQN00
TDDEB00
TDDEB00
Yield
Freight Netback
TYAQF00
TYAQD00
TDDDY00
TDDDY00
Yield-Freight
Yield-Freight
TYARP00
TYARN00
TDDEE00
TDDEE01
Yield-Freight
Yield-Freight
TYASR00
TYASP00
TDDEN00
TDDEN00
Yield-Freight
Yield-Freight
TYASB00
TYARZ00
TDDEH00
TDDEH00
Yield-Freight
Yield-Freight
Yield
Freight Netback
TYAQJ00
TYAQH00
TDDDZ00+1.19
TDDDZ00+1.19
Yield-Freight
Yield-Freight
TYAUR00
1.53
Yield-Freight
TYAUB00
TYATZ00
DUM0670
DUM0670
Yield-Freight
Yield-Freight
TYAUJ00
TYAUH00
DUM0671
DUM0671
Yield-Freight
Yield-Freight
Yield-Freight
Yield-Freight
Rabi (most recent FOB spot: N/A)
Cracking
Coking
Saharan Blend (Most recent FOB spot: N.A.)
Cracking
TYATY00
TDDGI00
Yield-Freight
Statfjord (most recent FOB spot: N.A.)
Cracking
TYASD00 DUM0658
Yield-Freight
Coking
Visbreaking
TYASF00
DUM0658
Yield-Freight
Soyo/Palanca (most recent FOB spot: N/A
Cracking
Coking
Syncrude (Most recent FOB spot: N/A)
Cracking
Tapis (Most recent FOB spot: N.A.)
Cracking
TYAST00
TDDEO00
Yield-Freight
Visbreaking
TYASV00
TDDEO00
Yield-Freight
Troll (most recent FOB spot: N/A)
Cracking
Coking
Urals (Most recent CIF ARA spot: N.A.)
Cracking
TYATN00
TDDET00
Yield-Freight
Coking
Visbreaking
TYATP00
TDDET00
Yield-Freight
WTI (most recent FOB spot: N.A.)
Cracking
Coking
TYATL00
TYATJ00
TDDEP00
TDDEP00
Yield-Freight
Yield-Freight
TYAUK00
TYAUI00
DUM1679
DUM1679
Yield-Freight
Yield-Freight
TYATX00
TYATV00
DUM0713
DUM0713
Yield-Freight
Yield-Freight
WTS (Most recent CIF spot: N.A.)
Cracking
Coking
Zuetina (Most recent FOB spot: N.A.)
Cracking
TYAUC00
TDDGJ00
Yield-Freight
March 2013
32

Methodology and Specifications Guide: Crude Oil

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[OIL ]

METHODOLOGY AND SPECIFICATIONS GUIDE

(Latest Update: March 2013)

Dubai and Oman

The Platts Asian Crude Oil Index

Consideration of fixed, differential

The McGraw Hill Companies

Unscheduled NYMEX Closures

METHODOLOGY AND SPECIFICATIONS GUIDE

Dated Brent and Brent/Ninian Blend (BNB)

METHODOLOGY AND SPECIFICATIONS GUIDE

In October 2009, Platts broadened its definition of ship-to-ship transactions to

Platts cash BFOE assessment methodology

Forties loading 16-18 July sold at Dated Brent plus $0.10/bbl

Brent loading 16-18 July sold at August Brent plus $0.10/bbl

METHODOLOGY AND SPECIFICATIONS GUIDE

Terms & Conditions: Offers/bids/transactions for forward Brent, Oseberg, Forties

Cargo date nominations are declared 25 days in advance.

Cargoes load under normal terms and conditions.

Forties and the de-escalator

June 30, 2008 to 60 cts/b

October 1, 2008 to 40 cts/b

January 2, 2009 to 20 cts/b,

February 1, 2011 to 30 cts/

April 1, 2011 to 40 cts/b

December 1, 2011 to 25 cts/b

April 1, 2012 to 40 cts/b

July 2, 2012 to 20 cts/b

October 1, 2012 to 35 cts/b

November 1, 2012 to 35 cts/b (no change)

December 1, 2012 to 35 cts/b (no change)

January 1, 2013 to 35 cts/b (no change)

February 1, 2013 to 30 cts/b

March 1, 2013 to 35 cts/b

If Brent, Oseberg, Ekofisk or Forties is delivered under a BFOE basis, each

METHODOLOGY AND SPECIFICATIONS GUIDE

Platts uses three significant figures for determination of sulphur-related payment.

Other BFOE Grades

Other North Sea grades

METHODOLOGY AND SPECIFICATIONS GUIDE

Clarification in regard to Platts Global Alert PGA 3 & 5 trading positions:

Platts assessments consider bids, offers and transactions that are

Platts MOC assessment process requires that market participants bidding

METHODOLOGY AND SPECIFICATIONS GUIDE

Platts is always concerned about the potential effects of one-off

If a deal is done on a non-transparent basis or in circumstances where

METHODOLOGY AND SPECIFICATIONS GUIDE

Cabinda: The crude oil is produced in Angola. It is loaded from the

METHODOLOGY AND SPECIFICATIONS GUIDE

In addition to the above grades which are assessed on a daily basis, we

Palanca: The crude oil is produced in Angola from five different

Kole: The crude is a blend of several fields: Kole, Betika, Ekoundou,

METHODOLOGY AND SPECIFICATIONS GUIDE

METHODOLOGY AND SPECIFICATIONS GUIDE