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METHODOLOGY GUIDE GENERAL TERMS AND CONDITIONS NYMEX VALUES Effective Oct 1, 2005, Platts European Marketscan added a series of new assessments reflecting the prevailing market value precisely at 1630 London time for several futures contracts on NYMEX. These include the front-two months for the NYMEX futures WTI crude contract, the front-two months for the heating oil and the front-two months for the unleaded gasoline contracts, all at 1630 London time. TIMING Assessments reflect arrivals or loadings between 10-25 days from date of publication for all grades on cargoes, and a minimum of 3 days to a maximum of 15 days from date of publication on barges. In practice, because of the 48-hour nomination procedure on barges, the assessment reflects trading activity for 3-15 days from date of publication on Monday and Tuesday and 5-15 days from date of publication on Wednesday through Friday. On holidays, the 48 hour nomintion clause may result in a loadings 4, 5 or 6 days forward and this may be factored into the assessment. The Platts assessment process typically considers bids and offers made with 5 day loading /delivery windows within the standard 3-15 or 5-15 days forward for barges and 10-25 days forward for cargoes. Nomination procedures are detailed below. Normal notice of readiness procedures will be considered.. Note: Prior to April 1, 2003, the cargo assessments reflected reasonably prompt arrival or lifting, typically between 5 to 15 days from date of publication for cargo assessments, while barges typically reflected 2-8 days from date of publication. NOMINATIONS Effective August 1, 2007, Platts started to reflect CIF Northwest Europe gasoline, jet fuel, diesel, gasoil and fuel oil cargoes and CIF Mediterranean gasoline, diesel and fuel oil cargoes that stipulate vessel nomination and narrowing to a 3 day delivery range by the earliest of either 5-calendar or 3-working days prior to the first day of the actual delivery range. In the case of CIF Mediterranean gasoil cargoes, the vessel nomination and narrowing should be made by the earliest of either 7-calendar or 5-working days prior to the first day of the actual delivery range. On barges, the nomination process gives the buyer the right to nominate the laycan but the buyer must give the seller 48 working hours notice of the dates required. EUROPEAN PRODUCTS 4 PRICE UNITS All the primary bulk product prices in Europe are in US dollars per metric tonne (mt). The minimum fluctuation in price is 25 cts/mt for all products, on both cargoes and barges. EURO-DENOMINATED VALUES Platts publishes euro-denominated values for a selection of its key crude oil and European and US product benchmarks as a supplement to the existing US dollar-denominated values. Because decision-making in international oil markets is inherently exposed to foreign exchange currency fluctuations, Platts providesthis additional information to allow subscribers to compare prices more efficiently across regions. Please note that the Euro-denominated assessments are not derived directly frommarket indications expressed in Euros, but are calculated from the published US dollar price assessments converted at the prevailing Euro/$ foreign exchange rate at 1630 London time. The euro-denominated assessments were launched on February 14th, 2005, and reflect values prevailing at 1630 local London time. They include Premium Unleaded Cargoes CIF NWE/Basis ARA, Naphtha Physical Cargoes CIF NWE/Basis ARA, Jet Cargoes CIF NWE/Basis ARA, 1 Pct Cargoes FOB NWE, Premium Unleaded Barges FOB Rotterdam, 10 PPM Barges FOB Rotterdam, Gasoil 0.2 Pct Sulfur Barges FOB Rotterdam, 3.5 Pct Barges FOB Rotterdam. FOREX RATES Platts publishes key foreign exchange currency rates in the European market in Platts European Marketscan and its Platts Global Alert electronic publication. The forex rates reflect prevailing values at 1630 London time. CREDIT/PAYMENT TERMS Payment is as per standard commercial practice which may be prompt or within a few working days of lifting or discharge. Wherever greater credit is given this will be allowed for in the assessment process. TIME GRADIENT Platts assessments fully take into account any backwardation or contango in the marketplace. The assessments thus reflect the value after taking into consideration the difference in prices prevailing along the time curve assessed by Platts. Typically,
EUROPEAN MARKETSCAN ASSESSMENTS METHODOLOGY GUIDE EUROPEAN MARKET ASSESSMENTS FOB Med (Italy) CIF Med(Genova/Lavera) Premium Gasoline 50ppm +X.00 AAOPW00-AAOPW00 +X.00 +X.00 AAOPX00-AAOPX00 +X.00 Naphtha +X.00 PAAAI00-PAAAI00 +X.00 +X.00 PAAAH00-PAAAH00 +X.00 Jet +X.00 AAIDL00-AAIDL00 +X.00 50ppm ULSD +X.00 AAOQC00-AAOQC00 +X.00 +X.00 AAOQD00-AAOQD00 +X.00 Gasoil.2 +X.00 POAAB00-POAAB00 +X.00 +X.00 POAAA00-POAAA00 +X.00 Fuel Oil 1% +X.00 PUAAK00-PUAAK00 +X.00 +X.00 PUAAJ00-PUAAJ00 +X.00 Fuel Oil 3.5% +X.00 PUAAZ00-PUAAZ00 +X.00 +X.00 PUAAY00-PUAAY00 +X.00 Jet FOB Med premium Prem AAIDN00-AAIDN00 Cargoes CIF NWE/Basis ARA Cargoes FOB NWE Premium Gasoline 50 ppm +X.00 AAIJJ00-AAIJJ00 +X.00 +X.00 AAIJH00-AAIJH00 +X.00 Premium gasoline 10 ppm +X.00 AAOPZ00-AAOPZ00 +X.00 +X.00 AAOPY00-AAOPY00 +X.00 Regular gasoline 50 ppm +X.00 AAIJN00-AAIJN00 +X.00 +X.00 AAIJL00-AAIJL00 +X.00 Naphtha (Month) +X.00 PAAAJ00-PAAAJ00 +X.00 Naphtha +X.00 PAAAL00-PAAAL00 +X.00 Jet +X.00 PJAAU00-PJAAU00 +X.00 +X.00 PJAAV00-PJAAV00 +X.00 Diesel 10 ppm +X.00 AAKWP00-AAKWP00 +X.00 +X.00 AAKWR00-AAKWR00 +X.00 Diesel 50 ppm UK +X.00 AAIKO00-AAIKO00 +X.00 +X.00 AAIKM00-AAIKM00 +X.00 Diesel 50 ppm +X.00 AAOQB00-AAOQB00 +X.00 +X.00 AAOQA00-AAOQA00 +X.00 Russian gasoil 0.2% +X.00 AAOQZ00-AAOQZ00 +X.00 Gasoil 0.2% +X.00 POAAC00-POAAC00 +X.00 +X.00 POAAD00-POAAD00 +X.00 Fuel Oil 1% PUAAL00-PUAAL00 +X.00 PUAAM00-PUAAM00 +X.00 Fuel Oil 3.5% +X.00 PUABA00-PUABA00 +X.00 +X.00 PUABB00-PUABB00 +X.00 Straight run 0.5-0.7%. +X.00 PKABA00-PKABA00 +X.00 VGO 0.5-0.6% +X.00 AAHMZ00-AAHMZ00 +X.00 +X.00 AAHMX00-AAHMX00 +X.00 VGO 2% max +X.00 AAHND00-AAHND00 +X.00 +X.00 AAHNB00-AAHNB00 +X.00 Barges FOB Rotterdam Barge differential - 50ppm 98 RON gasoline 10 ppm +X.00 AAKOD00-AAKOD00 +X.00 AALBJ00/AALBJ00 Premium gasoline 10 ppm +X.00 PGABM00-PGABM00 +X.00 Premium gasoline 50ppm +X.00 AANWY00-AANWY00 +X.00 International Petroleum Exchange Regular gasoline 10 ppm +X.00 AAKOF00-AAKOF00 +X.00 Gasoil Settlements MTBE +X.00 PHAKZ00-PHAKZ00 +X.00 M01 n/a M04 n/a Naphtha +X.00 PAAAM00-PAAAM00 +X.00 M02 n/a M05 n/a Jet +X.00 PJABA00-PJABA00 +X.00 M03 n/a M06 n/a Diesel 10 ppm +X.00 AAJUS00-AAJUS00 +X.00 IPE gasoil GWAVE 1630 Diesel 50 ppm +X.00 AAGMK00-AAGMK00 +X.00 M01 PXAAJ00 M01 n/a Gasoil 0.2% +X.00 POAAG00-POAAG00 +X.00 M02 PXAAK00 M02 n/a Fuel oil 1% +X.00 PUAAP00-PUAAP00 +X.00 Fuel oil 1.5% +X.00 AASXR00-AASXR00 +X.00 Platts Gasoil Futures Fuel Oil 3.5% +X.00 PUABC00-PUABC00 +X.00 Prevailing gasoil futures 1630 London time Rotterdam bunker 380 cst +X.00 PUAYW00-PUAYW00 +X.00 Jul AARIN00 VGO 0.5-0.6% +X.00 AAHNF00-AAHNF00 +X.00 Aug AARIO00 VGO 2% max +X.00 AAHNI00-AAHNI00 +X.00 Sep AARIP00 EUROPEAN PRODUCTS 5
Page 1 and 2: ] www.platts.com Methodology and Sp
Page 3: METHODOLOGY GUIDE GENERAL TERMS AND
Page 7 and 8: In the past, Platts has tended to t
Page 9 and 10: gravity of 0.755 g/ml. The Motor Oc
Page 11 and 12: Size: Barge assessments reflect par
Page 13 and 14: AAYDT00 (FOB) ; AAYDS00 (CIF) ETHAN
Page 15 and 16: Background: In the past, Platts has
Page 17 and 18: published by Worldscale. Effective
Page 19 and 20: Quality: The ULSD CIF NWE assessmen
Page 21 and 22: AAJUS00 DIESEL 10 PPM BARGES Qualit
Page 23 and 24: Size: Cargo size is for full cargoe
Page 25 and 26: Location: FOB basis Rotterdam. Tran
Page 27 and 28: PUAAM00 FUEL OIL 1% CARGOES FOB NWE
Page 29 and 30: Other: The FOB NWE assessment may b
Page 31 and 32: AAHMX00 VGO 0.5-0.6% CARGOES FOB NW
Page 33 and 34: LPGASWIRE EUROPEAN ASSESSMENTS Plat
Page 35 and 36: METHODOLOGY GUIDE LPG Quality: Both
Page 37 and 38: Dispatch Category LI 12 Char. Symbo
Page 39 and 40: METHODOLOGY GUIDE APPENDIX EUROPEAN
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METHODOLOGY GUIDE APPENDIX EUROPEAN
Page 57 and 58:
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DATA CODES METHODOLOGY GUIDE APPEND
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Barges FOB Rotterdam, 10 PPM Barges
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contractual terms, the seller shoul
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METHODOLOGY GUIDE ppm sulfur. This
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METHODOLOGY GUIDE 23-Jan-2006 Follo
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METHODOLOGY GUIDE APPENDIX VI: DISC
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METHODOLOGY GUIDE cargoes became 0.
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