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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
gravity of 0.755 g/ml. The Motor Octane (MON) number is 85. Aromatics limit is 35 max. Size: Effective November 1 Platts standardized cargo sizes reflected in its northwest European gasoline cargo assessments as follows: Premium gasoline 50 ppm CIF cargo assessment to reflect 10,000 metric tonnes +/- 10% operational tolerance, basis Thames with normal NWE charter party options. Before this, the standards encompassed a range of cargo sizes from 10,000- 30,000 metric tonnes on both FOB and CIF. Location: The assessment is CIF basis Rotterdam, with normal CP options within NWE 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: Effective 2 January 2003, the assessment reflected 50ppm sulphur specification only. Before that date, 150 ppm sulfur material was reflected in the assessment. Dispatch Category EB 12 Char. Symbol PRPPRUNWECEO 9 Char. Symbol(s) · 7 Char. Symbol PGABH00 Earliest Date 01-JUN-1992 Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR Description Prem Unl CIF NWE Cargoes AAIJH00 PREMIUM GASOLINE 50 PPM CARGOES FOB NWE Quality: The NWE cargo assessments represent EN 228 95 RON material with specific gravity of 0.755 g/ml. The Motor Octane (MON) number is 85. Aromatics limit is 35 max. Size: Effective November 1 2005, Platts standardized cargo sizes reflected in its northwest European gasoline cargo assessments as follows: Premium gasoline 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. Before this, the standards encompassed a range of cargo sizes from 10,000-30,000 metric tonnes on both FOB and CIF. Location: FOB NWE. Typically the assessment is normalized to Rotterdam, but material from other origins is considered at differentials according to market conditions. Timing: Reflects material for loading 10-25 days from date of publication, with prices normalized to the mid-point of this delivery window. Other: Following a switchto non-oxygenated gasoline by US refiners from May 2006, the freight netback to the highest value export market is reflected as the floor for this assessment. Before METHODOLOGY GUIDE GASOLINE EUROPEAN PRODUCTS the legal situation on oxygenates in the US changed, the netback value from the US acted as a floor for the FOB NWE assessment (based on the freight netback to basis Rotterdam from New York Harbour using the NWE-USAC Worldscale freight rate published in Platts Clean tankerwire). Background: Effective 2 January 2003, the assessment reflected 50ppm sulphur specification only. Before that date, 150 ppm sulfur material was reflected in the assessment. Dispatch Category EB 12 Char. Symbol PRPPRUNWECEQ 9 Char. Symbol(s) · 7 Char. Symbol PGABI00 Earliest Date 01-JUN-1992 Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR Description Prem Unl FOB NWE Cargoes AAOPZ00 PREMIUM GASOLINE 10 PPM CARGOES CIF NWE Quality: The NWE cargo assessments represent EN 228 95 RON material with a maximum suflur of 10 ppm. Specific gravity is basis 0.755 g/ml. The Motor Octane (MON) number is 85. Aromatics limit is 35 max. Size: Effective November 1,2005, Platts standardized 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. Before this, the standards encompassed a range of cargo sizes from 10,000- 30,000 metric tonnes on both FOB and CIF. Location: The assessment is basis German North Sea with normal charter-party options within NWE. 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 assessment was introduced July 1, 2004. Dispatch Category EB 12 Char. Symbol AAOPZ0000000 9 Char. Symbol(s) · 7 Char. Symbol AAOPZ00 Earliest Date 01-JUL-2004 Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR Description Prem Unl 10 PPM CIF ARA AAOPY00 PREMIUM GASOLINE 10 PPM CARGOES FOB NWE Quality: The NWE cargo assessments represent EN 228 95 RON 9
Page 1 and 2: ] www.platts.com Methodology and Sp
Page 3 and 4: METHODOLOGY GUIDE GENERAL TERMS AND
Page 5 and 6: EUROPEAN MARKETSCAN ASSESSMENTS MET
Page 7: In the past, Platts has tended to t
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
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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
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METHODOLOGY GUIDE APPENDIX EUROPEAN
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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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