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LPGASWIRE EUROPEAN ASSESSMENTS SUBSCRIBER NOTES Following is a listing of key Subscriber notes and Clarification notes issued by Platts in 2004: 04-Jan-05 Effective Jan 4, 2005 the Worldscale flat rate Augusta-Rotterdam used to calculate the netback formula for FOB Med jet and jet av fuel becomes $6.43 per metric tonne. Harbor dues at Rotterdam are calculated at $0.61/mt based on 1.07/GT of vessel, converted to an mt basis. 04-Jan-05 Effective Jan 4, 2005, the Worldscale basket flat rate used to calculate FOB Med naphtha will become $8.12. FOB Med naphtha is assessed as a freight differential to the CIF NWE. The actual freight applied to the netback will fluctuate daily based on changes in Platts UKC-Med assessments for 27,500mt naphtha cargoes, applied against the $8.12/mt rate. The worldscale flat rate used to calculate the CIF MED Naphtha assessment will become $5.17 based on published freight values between Alexandria and Lavera using Platts cross-Med clean tanker naphtha assessments. 05-Jan-05 The latest issue of Platts guide to specifications for European oil products is available on Platts' Web site http://platts.com/Oil/Resources/Methodology%20&%20Specificat METHODOLOGY GUIDE APPENDIX Propane Butane NWE: SPOT USD/MT SPOT USD/MT FOB SEAGOING +x.00 PMABB00-PMABB00 +x.00 +x.00 PMAAL00-PMAAL00 +x.00 FOB ARA +x.00 PMAAS00-PMAAS00 +x.00 +x.00 PMAAC00-PMAAC00 +x.00 FCA ARA* +x.00 PMABH00-PMABH00 +x.00 +x.00 PMABI00-PMABI00 +x.00 CIF 1-3000MT +x.00 PMAAZ00-PMAAZ00 +x.00 +x.00 PMAAJ00-PMAAJ00 +x.00 CIF 3000+MT +x.00 PMAAC00-PMAAC00 +x.00 CIF 7000+MT +x.00 PMABA00-PMABA00 +x.00 Monthly rolling average FOB SEAGOING PMUDI00-PMUDI00 CIF 7000+MT PMUDK00-PMUDK00 Propane swaps (basis CIF NWE) Aug +x.00 AAHIK00-AAHIK00 +x.00 Sep +x.00 AAHIM00-AAHIM00 +x.00 Oct +x.00 AAHIO00-AAHIO00 +x.00 Q4 +x.00 AAHIL00-AAHIL00 +x.00 W MED: FOB EX-REF/STOR +x.00 PMABC00-PMABC00 +x.00 +x.00 PMAAM00-PMAAM00 +x.00 FCA EX-REF/STOR +x.00 PMABJ00-PMABJ00 +x.00 CIF 7000+MT +x.00 PMABE00-PMABE00 +x.00 NOTE:* FCA ARA refers to sales onto railcars and trucks in the Amsterdam-Rotterdam-Antwerp region EUROPEAN PRODUCTS APPENDIX V SUBSCRIBER NOTES ISSUED 2005 ONWARDS ions/ europeanoilproductspecs.pdf 28-Jan-05 Platts plans to begin publishing eurodenominated assessments 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 is providing this additional information to allow subscribers to compare prices more efficiently across regions. The selected euro-denominated assessments will be launched on Feb 14 and will reflect values prevailing at 1730 local London time. (Cont PGA 711). 04-Feb-05 Platts plans to begin publishing eurodenominated assessments 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 is providing this additional information to allow subscribers to compare prices more efficiently across regions. The selected euro-denominated assessments will be launched on February 14th, 2005, and will reflect values prevailing at 1730 local London time. They will include Dated Brent, Urals (Mediterranean), 1st month WTI, 1st month Mars, 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 59
Barges FOB Rotterdam, 10 PPM Barges FOB Rotterdam, Gasoil 0.2 Pct Sulfur Barges FOB Rotterdam, 3.5 Pct Barges FOB Rot te rdam, 17-Feb-05 Following industry feedback Platts is considering increasing the minimum assessable barge volume for gasoil and ULSD barges in the ARA area. Platts is planning to increase the minimum volume from 1,000mt to a range of 1,000-2,000mt where the buyer has the option to choose the actual volume. However, the buyer has the obligation to specify the actual volume at the time of the deal. Platts will continue to include in the assessment process transactions of up to 5,000mt. Subscriber feedback should be sent by Mar 4, 2004 to: patrick_gourlay@platts.com, annalisa_jeffries@platts.com and with a CC to peter_stewart@platts.com and Jorge_montepeque@platts.com 07-Mar-05 As previously announced Platts will discontinue the Prem 0.15 FOB Med assessment from April 1, 2005. Until then, Platts will continue to assess Prem 0.15 at a fixed $6/mt premium to the Prem Unl FOB Med assessment, which reflects 150 ppm sulfur material. Any comments please to annalisa_jeffries@platts.com and john_mckay@platts.com, with a cc to Jorge_montepeque@platts.com or Peter_stewart@platts.com. 07-Mar-05 As previously announced Platts will discontinue FOB and CIF Med EN590 diesel assessments (350 ppm) March 31 2005. For comments please email annalisa_jeffries@platts.com, patrick_gourlay@platts.com, with a cc to Jorge_montepeque@platts.com or Peter_stewart@platts.com. 07-Mar-05 With immediate effect and following industry feedback Platts will increase the minimum assessable barge volume for gasoil and ULSD barges in the ARA area. Platts will increase the minimum assessable volume from 1kt only to a range within 1-2kt where the buyer has the option to choose the actual volume. The buyer has the obligation to specify the actual volume at the time of the deal. Platts will continue to include in the assessment process transactions of up to 5kt. Any further comments to patrick_gourlay@platts.com, annalisa_jeffries@platts.com and with a CC to peter_stewart@platts.com and Jorge_montepeque@platts.com 07-Mar-05 Following industry feedback Platts is considering changing the naphtha ship nomination procedure from 5 days prior to the first day of the laycan to 3days. In the meantime the existing delivery nomination procedures will remain the same. Platts takes into consideration transactions where the seller has the right to narrow to a 3 day delivery window, five calendar days prior to the first day of the three day delivery laycan. Any comments by March 18 to daniel_booth@platts.com and annalisa_jeffries@platts.com. with a cc to Jorge_montepeque@platts.com or Peter_stewart@platts.com. 07-Mar-05 Following subscriber feedback Platts is considering changing the shipping nomination procedures acceptable for assessment purposes for deliveries of METHODOLOGY GUIDE APPENDIX EUROPEAN PRODUCTS Mediterranean gasoil, gasoline and fuel oil. Currently Platts includes in its assessments process ship nominations 5 calendar days prior to 1st delivery laycan day. Platts is considering switching to 7 calendar days prior to 1st delivery laycan day. Any subscriber feedback to annalisa_jeffries@platts.com and peter_stewart@platts.com with a cc to Jorge_montepeque@platts.com. 16-Mar-05 In line with seasonal changes in recent years European 50ppm ULSD cargo assessments will reflect summer specification only from March 22 2005. Any comments please to daniel_booth@platts.com and annalisa_jeffries@platts.com, with CC to peter_stewart@platts.com and jorge_montepeque@platts.com 29-Mar-05 The UK Ministry of Defence has updated Defstan 91-91, the defining standard for Jet A1 in Europe, with the release Feb 8 of issue 5. Since Feb 8, Platts jet NWE and Mediterranean assessments have reflected issue 5 spec, having previously Platts reflected Defstan 91-91 issue 4 specification. For any comments please email simon_thorne@platts.com and annalisa_jeffries@platts.com. 13-Apr-05 Due to the increasing number of bids and offers on middle distillates market information in Europe, Platts has set up two separate Yahoo instant messenger accounts: one for diesel and one for gasoil. Platts has set up two account names as follows: plattsgasoil and plattsdiesel. Effective April 18, Platts requests all diesel bids and offers to be sent to plattsdiesel and all gasoil bids and offers to be sent to plattsgasoil. Any comments should be sent to annalisa_jeffries@platts.com, with a cc to jorge_montepeque@platts.com 05-May-05 Clarification note, European products: Bids/offers for derivative instruments are subject to the same incrementability and repeatability standards applicable to the physical markets. Bids/offers should move up or down in increments not exceeding $1.00/mt. Bids or offers submitted on a firm basis should be open for execution to the first credit worthy party of record. Bids and offers for paper instruments should be submitted no later than 17:15 London time. Changes to the bids and offers will be recognized up to 17:28 London time. Firm bids and offers automatically expire at 17:30 London time. 20-May-05 With immediate effect, Platts proposes to extend the time cutoff allowed for price changes on gasoline barges on PGA page 5 to 1728 London time. The time cutoff for price changes on cargoes remains 1725 London time. Please note that all other standards regarding bids/offers on PGA005 remain unchanged, including the 17:00 time cutoff for making new bids and offers on barges. 27-May-05 Bids and offers for derivative instruments on Platts Global Alert 005 are subject to the same incrementability and repeatability standards applicable to the physical markets. Bids/offers should move up or down in increments not exceeding $1/mt. Bids or offers submitted on a 60
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] www.platts.com Methodology and Sp
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METHODOLOGY GUIDE GENERAL TERMS AND
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EUROPEAN MARKETSCAN ASSESSMENTS MET
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In the past, Platts has tended to t
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gravity of 0.755 g/ml. The Motor Oc
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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
Page 61: DATA CODES METHODOLOGY GUIDE APPEND
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Page 67 and 68: METHODOLOGY GUIDE ppm sulfur. This
Page 69 and 70: METHODOLOGY GUIDE 23-Jan-2006 Follo
Page 71 and 72: METHODOLOGY GUIDE APPENDIX VI: DISC
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