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firm basis should be open for execution to the first creditworthy party of record. Bids and offers for paper instruments should be submitted no later than 1715 London time. Changes to the bids and offers will be recognized up to 1728 London time. Firm bids and offers automatically expire at 1730 London time. Please note that the purpose of these time cut-offs 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. 02-Jun-05 Effective immediately and based on subscriber feedback Platts will assess the differential between 50 ppm and 150 ppm Premium Unleaded gasoline FOB Mediterranean at prevailing spot market sulfur differentials until the assessment for 150 ppm gasoline (Prem Unl) is discontinued on July 1, 2005. Send comments to Annalisa_Jeffries@platts.com, Peter_Stewart@platts.com, or Jorge_Montepeque@platts.com. 09-Jun-05 Effective June 15th Platts will change its naphtha CIF NWE cargo assessment process to consider bids, offers and transaction where seller has the obligation to nominate vessel three days prior to the first day of the delivery laycan. The editorial standard up to June 14th has been to reflect the ship nomination 5 calendar days prior to the first day of the laycan. Platts will continue to reflect bids, offers and transactions made on a five day delivery window where the seller has the obligation to narrow down to a three day delivery window five days prior to the first day of the laycan. In addition, Platts will consider transactions where the expected quality and quantity of the cargo is disclosed 3 days prior to the first day of the delivery laycan with final quality and quantity is disclosed as soon as possible. Any comments should be made by to: A nnalisa_Jeffries@platts.com, asif_ali@platts.com with a cc to Peter_St ewart@ platts.com and Jorge_Montepeque@platts.com. 27-Jun-05 Effective immediately, and based on subscriber feedback, Platts will bring the gasoline cargo MOC in line with the gasoline barge MOC by extending the deadline for improving cargo bids and offers to 1728 London time (1628 GMT during the summer months). Any comments please to: Annalisa_Jeffries@platts.com, and Simon_Thorne@platts.com with a cc to Peter_Stewart@platts.com and Jorge_Montepeque@platts.com 28-Jun-05 Platts has had overwhelming support from the products traders for a move to a 1630pm close London time. However there is still mixed feedback from some of the crude oil traders, and Platts is working on some of the issues raised. Following industry feedback Platts is keen to align its closing assessment procedures to an earlier close, in line with market requirements. Any further comments please email Annalisa_jeffries@platts.com, peter_stewart@platts.com and Jorge_montepeque@platts.com. 28-Jun-05 Any bid or offer done on a floating basis using Platts as the underlying, the standard is five day pricing around bill of lading, unless stated otherwise. Any comments to annalisa_jeffries@platts.com with a cc to METHODOLOGY GUIDE APPENDIX EUROPEAN PRODUCTS peter_stewart@platts.com and Jorge_montepeque@platts.com. 28-Jun-05 Premium unleaded 150ppm FOB Med assessment: As was previously announced, the premium unleaded 150ppm FOB Med assessment will be discontinued July 1. Any comments please to annalisa_jeffries@platts.com and simon_thorne@platts.com 28-Jun-05 Platts will start to assess prevailing gasoil futures values for the front three months at exactly at 1630 London time, effective July 1 2005. Any comments to annalisa_jeffries@platts.com, with a cc to peter_stewart@platts.com and Jorge_montepeque@platts.com. 05-Jul-05 Platts to conduct oil barge review for NW Europe: Platts is conducting a review of fuel oil barge transactions in North West Europe. Market participants have raised several concerns including barge loading delays at supply terminals in the region. Platts assessments process aims to reflect transactions that fully meet the obligations of buyer and sellers. Platts will review current practices to ensure that only transactions meeting the performance standards required by Platts are reflected. Any comments to annalisa_jeffries@platts.com and vanessa_ronsisvalle@platts.com with a cc to peter_stewart@platts.com and jorge_montepeque@platts.com. 11-Jul-05 Separate European gasoil, diesel commentaries: Effective Jul 12, 2005, there will be an additional PGA page to allow European gasoil and diesel commentary to be run on separate pages. The two pages will be as follows: Diesel PGA321 Gasoil PGA733 09-Aug-05 European MOC to move to 1630 from Oct 1 : Effective Oct 1, 2005, Platts proposes to advance by one hour the timings for its European market-on-close assessment processes. From that date, Platts will reflect values at 1630 London time, rather than 1730 London time currently, in its assessments for crude oil, European oil products, oil derivatives and the main petrochemical products. Editorial processes and protocols preceding the MOC assessment, including time cutoffs for submission of new bids and offers and for making incremental price changes, will also be advanced by one hour. For comments or questions please contact peter_stewart@platts.com, annalisa_jeffries@platts.com and jorge_montepeque@platts.com. 30-Aug-05 Review of NWE fuel oil barge market: Platts has conducted a review of the fuel oil barge market in North West Europe with a view to identifying logistical or operational issues that may result in delayed or faulty performance. While some issues may be unavoidable, Platts' editorial guidelines governing its assessment process require it must consider only those transactions, bids or offers where market participants perform under typical contractual terms. Furthermore, participants intending to sell barges should not offer when there is a known and distinct possibility that loading may be delayed. If congestion or delays prevent performance under the 61
contractual terms, the seller should make reasonable and timely efforts to supply from an alternative source, or the seller should engage in other measures to alleviate the buyers' exposure. Equally, a buyer should not over-commit and then aggregate nominations in a way that m akes it logistically impossible for the seller to perfor m. Platts will take appropriate steps to ensure the integrity of its assessments if issues of non-performance should arise. Please send any comments to annalisa_jeffries@platts.com, Vanessa_ronsisvalle@platts.com, CC peter_stewart@platts.com, and Jorge_montepeque@platts.com. 30-Aug-05 Proposed change to NWE barge loading windows: Following industry feedback, Platts proposes to reflect in its North West European barge assessments bids and offers in the 3-15 days forward loading window on Monday through Wednesday, and in the 5-15 days forward loading window Thursday and Friday. This is to reflect better the two full working days nomination procedure required in the NWE barge market. The change would be effective Oct 1, 2005. Any comments to annalisa_jeffries@platts.com, with a cc to peter_stewart@platts.com, and Jorge_montepeque@platts.com. 31-Aug-05 Platts to change European MOC timings from Oct 1: Effective October 1, 2005, Platts will advance by one hour the timings for its European market-on-close assessment processes. From that date, Platts will reflect values at 16:30 London time, rather than 17:30 London time currently, in its assessments for crude oil, European oil products, oil derivatives and the main petrochemical products. Editorial processes and protocols preceding the MOC assessment, including time cutoffs for submission of new bids and offers and for making incremental price changes, will also be advanced by one hour. For comments or questions please contact Peter_stewart@platts.com, annalisa_jeffries@platts.com and jorge_montepeque@platts.com. 07-Sep-05 European Marketscan adding assessments Oct 1: Effective Oct 1, Platts European Marketscan will add 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. 07-Sep-05 European products cargo bids, offers deadline: Effective Sep 15, 2005, Platts plans to extend the deadline to modify the price for all cargo and barge bids and offers in the European diesel, gasoil, naphtha and jet markets to 17:28 London time. The extension from 17:25 to 17:28 will bring these products in line with fuel oil and gasoline in Europe. Any comments please to: Annalisa_Jeffries@platts.com, Peter_Stewart@platts.com and Jorge_Montepeque@platts.com. 08-Sep-05 Update on European Marketscan changes: Several of you may have noticed that effective Tuesday, your email containing the European Marketscan contained two versions of the publication: the text version that you are reading METHODOLOGY GUIDE APPENDIX EUROPEAN PRODUCTS now, and an Adobe Acrobat version. Both are attachments to the e-mail you are sent every day. We are proud of the new Acrobat version, and believe its clearer presentation will help its readers to more easily use the vast array of information available in the Marketscan. To help ease the transition, e-mail subscribers to European Marketscan will continue to receive the text version of the European Marketscan along with this Adobe Acrobat pdf version. Both will be on attachment in your daily e-mail from Platts. However, after the issue of Friday, December 30, only the Acrobat version will be sent to our readers. The text-only version will continue to be available on Platts EMIS information gateway, and to some real-time customers. One important improvement we ha ve done in o rder t o help smooth the transition is to provide a glossary (found on page 2 of the Acrobat file) that matches the text-version abbreviations for the products with the new, clearer terms. Platts wants to make clear that no specifications for these products have been changed. The only thing we are doing is using our greater space and appearance to spell out in more detail what each of the products are, and doing away with often-confusing abbreviations. However, we know that people have become used to those abbreviations, and they are often written into contracts. The text-version will continue to use those abbreviations while it is being delivered during the remainder of this year. This will give subscribers time, if they need it, to clarify with their counter parties the product descriptions carried in any commercial agreements. We know that Platts' European refined product information will now be easier to access and understand with our new design. We would be glad to hear from you at support@platts.com with any further comments or questions. Please also feel free to contact our editorial staff in Europe for any comments regarding the design or nomenclature used in the new format. 09-Sep-05 Proposed changes NWE European gasoline assessments: Following industry feedback, Platts proposes effective November 1 to standardize cargo sizes reflected in its northwest European gasoline cargo assessments as follows: Premium gasoline 10ppm CIF cargo assessment to reflect 10,000 metric tonnes +/- 10% operational tolerance, basis North Sea with normal NWE charter party options; Premium gasoline 50 ppm CIF cargo assessment to reflect 10,000 metric tonnes +/- 10% operational tolerance, basis Thames with normal NWE charter party options; Premium gasoline 10ppm and 50 ppm FOB NWE assessments to reflect 30,000 metric tonnes +/- 10% operational tolerance, NWE basis Rotterdam, with material from other locations considered at differentials. The existing standards encompass a range of cargo sizes from 10,000-30,000 metric tonnes on both FOB and CIF. Any comments please to annalisa_jeffries@platts.c om, simon_thorne@platts.com, peter_stewart@platts.com an d jorge_montep eque@p latts.com. 09-Sep-05 Review of European cargo operational tolerance: Platts is reviewing the standards used in Platts European oil products cargo assessments relating to operational tolerance, in light of continuing extreme price volatility in the market. Market participants have raised several concerns over the potential cost and distortions associated with the current 62
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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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Size: Barge assessments reflect par
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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
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Page 63: Barges FOB Rotterdam, 10 PPM Barges
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Page 69 and 70: METHODOLOGY GUIDE 23-Jan-2006 Follo
Page 71 and 72: METHODOLOGY GUIDE APPENDIX VI: DISC
Page 73: METHODOLOGY GUIDE cargoes became 0.
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