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GASOLINE
European premium gasoline assessments reflect EN228 material.
The maximum sulfur allowed in EN228 was reduced to 50 ppm
from January 1, 2005. The aromatics limit was also reduced from
42 to 35 in the same timeframe. The tighter standards became
mandatory within the EU from January 1, 2005 because of
changes in EU regulations. The EU is targetting further reduction
in the sulfur limits by 2009.
Detailed parameters for individual assessments are provided below.
SEASONALITY ISSUES ON GASOLINE
The switch in gasoline quality from summer to winter grade and
vice versa may have a significant impact on gasoline prices in
Europe. Platts typically has reflected winter spec material until
April 1, after which summer grade only is reflected; similarly,
Platts has reflected summer grade until October 1, after which
winter grade only is reflected. In NWE and the Med, material up
to 90 kPa is reflected in winter, and up to 60 kPa in summer.
Platts generally announces a phase-in period for the summer
and winter grades on cargoes and barges, in which the
incoming seasonal grade is given an increasing weighting in the
assessment.
For example, from April 1 2006, European gasoline markets
traded summer grades of fuel. Platts reflected cargoes loading
and discharging 10-25 days forward and barges loading 3-15
days forward. On March 7, the first day of the cargo window to
pass April 1, Platts reflected 1 day of summer grade gasoline and
14 days of winter grade, with summer gaining increasing
weighting in the assessment as each day passed. On March 22,
as the last day of the cargo window passed April 1, only summer
grades of fuel were reflected in the cargo assessment. The same
weighting approach is applied to reflecting summer grades of
gasoline in the barge market.
Because Platts aims to synchronise the transition in seasonal
qualities in its assessments with market practice, Platts may
revise these timeframes at short notice if market practice changes
in this regard.
AAOPX00 PREMIUM GASOLINE 50 PPM CARGOES CIF MED
Quality: The Mediterranean unleaded cargo assessments
represent EN 228 95 RON meeting Italian, French, and Spanish
specifications. The RON is 95 and the MON is 85. The specific
gravity for Mediterranean assessments is 0.755 g/ml. Aromatics
limit is 35 max.
Size: Cargo assessments reflect parcels of 25,000-30,000mt each.
METHODOLOGY GUIDE GASOLINE
EUROPEAN PRODUCTS
Location: Assessment is CIF basis Genoa/Lavera with normal CP
options within the Med.
Timing: Reflects material for delivery 10-25 days from date of
publication, with prices normalized to the mid-point of this
delivery window.
Other: N/A
Background: The 50 ppm assessment was introduced July 1, 2004.
Dispatch Category EB
12 Char. Symbol AAOPX0000000
9 Char. Symbol(s) ·
7 Char. Symbol AAOPX00
Earliest Date 01-JUL-2004
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Prem Unl 50 PPM CIF Med
AA0PW00 PREMIUM GASOLINE 50 PPM CARGOES FOB MED
Quality: The Mediterranean unleaded cargo assessments
represent EN 228 95 RON meeting Italian, French, and Spanish
specifications. The RON is 95 and the MON is 85. The specific
gravity for Mediterranean assessments is 0.755 g/ml. Aromatics
limit is 35 max.
Size: Cargo assessments reflect parcels of 25,000-30,000mt each,
though FOB cargoes of up to 33,000 mt may be considered when
arbitrage opening mean these are a significant market factor.
Location: FOB basis Italy but with other origins considered in
the assessment on the basis that neither buyer nor seller is
disadvantaged by additional costs incurred if non-Italy origin.
Timing: Reflects material for loading 10-25 days from date of
publication, with prices normalized to the mid-point of this
delivery window.
Other: N/A
Background: The 50 ppm assessment was introduced July 1, 2004.
Dispatch Category EB
12 Char. Symbol AAOPW0000000
9 Char. Symbol(s) ·
7 Char. Symbol AAOPW00
Earliest Date 01-JUL-2004
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Prem Unl 50 PPM FOB Med
8
AAIJJ00 PREMIUM UNLEADED CARGOES CIF NWE
Quality: The NWE cargo assessments represent EN 228 95 RON
material with a maximum sulfur content of 50 ppm and specific