Platts forward-curve-oil

METHODOLOGY AND SPECIFICATIONS GUIDE
Global Platts Forward Curve
(Latest Update: November 2015)
INTRODUCTION 2
HOW THIS METHODOLOGY STATEMENT IS ORGANIZED 2
PART I: DATA QUALITY
AND DATA SUBMISSION 2
WHAT TO REPORT 2
HOW TO REPORT 3
MOC DATA PUBLISHING PRINCIPLES 3
PART II: SECURITY AND CONFIDENTIALITY 4
PART III: CALCULATING INDEXES AND MAKING
ASSESSMENTS 4
MOC PRICE ASSESSMENT PRINCIPLES 4
NORMALIZATION PRICE ADJUSTMENT TECHNIQUES 5
PRIORITIZING DATA 5
ASSESSMENT CALCULATIONS 6
PART IV: PLATTS EDITORIAL STANDARDS 6
PART V: CORRECTIONS 7
PART VI: REQUESTS FOR CLARIFICATIONS OF DATA
AND COMPLAINTS 7
PART VII: DEFINITIONS OF THE TRADING LOCATIONS
FOR WHICH PLATTS PUBLISHES DAILY INDEXES OR
ASSESSMENTS 8
ASIA PACIFIC: CRUDE OIL 9
ASIA PACIFIC: REFINED OIL PRODUCTS 11
EUROPE: CRUDE OIL 17
EUROPE: REFINED OIL PRODUCTS 19
AMERICAS: CRUDE OIL 25
AMERICAS: REFINED OIL PRODUCTS 27
REVISION HISTORY 30
[OIL ]

METHODOLOGY AND SPECIFICATIONS GUIDE GLOBAL PLATTS FORWARD CURVE: NOVEMBER 2015
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COPYRIGHT © 2015 BY PLATTS, McGRAW HILL FINANCIAL
INTRODUCTION
Platts’ methodologies are designed to produce price assessments that are
representative of market value, and of the particular markets to which they
relate. Methodology documents describe the specifications for various
products reflected by Platts’ assessments and indexes, the processes and
standards Platts adheres to in collecting data, and the methods by which
Platts arrives at final assessment values for publication. These guides are
freely available on Platts’ website for public review.
Platts discloses publicly the days of publication for its price assessments
and indexes, and the times during each trading day in which Platts
considers transactions in determining its assessments and index levels.
This schedule of publication is available on Platts’ website, at the
following link: http://www.platts.com/HolidayHome.
The dates of publication and the assessment periods are subject to change
in the event of outside circumstances that affect Platts’ ability to adhere
to its normal publication schedule. Such circumstances include network
outages, power failures, acts of terrorism and other situations that result in
an interruption in Platts’ operations at one or more of its worldwide offices.
In the event that any such circumstance occurs, Platts will endeavor,
whenever feasible, to communicate publicly any changes to its publication
schedule and assessment periods, with as much advance notice as possible.
All Platts methodologies reflect Platts’ commitment to maintaining best
practices in price reporting.
Platts’ methodologies have evolved to reflect changing market conditions
through time, and will continue to evolve as markets change. A revision
history, a cumulative summary of changes to this and future updates, is
included at the end of the methodology.
How this methodology statement is organized
This description of methodology for indexes and assessments is divided
into seven major parts (I-VII) that parallel the entire process of producing
the end-of-day price values.
■■ Part I describes what goes into Platts indexes and price values,
including details on what data market participants are expected to
submit, the process for submitting data and criteria for timeliness
of market data submissions.
■■ Part II describes any security and confidentiality practices that
Platts uses in handling and treating data, including the separation
between Platts price reporting and its news reporting.
■■ Part III is a detailed account of how Platts collects bids, offers,
trades and other market data, and what Platts does with the data to
formulate its indexes and assessments. It includes descriptions of
the methods that Platts uses for reviewing data, and the methods
used to convert raw data into indexes and assessments, including the
procedures used to identify anomalous data. This section describes
how and when judgment is applied in this process, the basis upon
which transaction data may be excluded from a price assessment,
and the relative importance assigned to each criterion used in
forming the price assessment. This section describes the minimum
amount of transaction data required for a particular price assessment
to be published, and the criteria for determining which values are
indexes, and which are assessments, based on reported transactions
and other market information. Finally, this section describes how
Platts addresses assessment periods where one or more reporting
entities submit market data that constitute a significant proportion of
the total data upon which the assessment is based.
■■ Part IV explains the process for verifying that published prices
comply with Platts’ standards.
■■ Part V lays out the verification and correction process for revising
published prices and the criteria Platts uses to determine when it
publishes a correction.
■■ Part VI explains how users of Platts assessments and indexes can
contact Platts for clarification of data that has been published,
or to register a complaint. It also describes how to find out more
about Platts’ complaint policies.
■■ Part VII is a list of detailed specifications for the trading locations
and products for which Platts publishes indexes or assessments
in this commodity. This section describes why specific units of
measurement are used, and what conversion factors are used to
move between units of measurement, where relevant.
PART I: DATA QUALITY
AND DATA SUBMISSION
Platts’ objective is to ensure that the submission of
transactional information and other data inputs that editors
use as the basis for their price assessments is of the highest
quality. Ensuring that data used in Platts assessments is of high
quality is crucial to maintaining the integrity of Platts’ various
price assessment processes.
Platts encourages entities that submit any market data for consideration
in its assessment processes to submit all market data that they have
which may be relevant to the assessment being made. Platts’ aim is to
determine the full circumstances surrounding all reported transactional
data, including details of quality, specifications, order sizes, dimensions,
lead times and any locational and loading/delivery information. Platts
uses that information to determine a typical and repeatable market level
for oil being assessed.
What to report
■■ Firm bids that are open to the marketplace as a whole, with
standard terms
■■ Firm offers that are open to the marketplace as a whole, with
standard terms
■■ Expressions of interest to trade with published bids and offers,
with standard terms
■■ Confirmed trades
■■ Indicative values, clearly described as such
■■ Reported transactional activity heard across the market, clearly
described as such
■■ Other data that may be relevant to Platts assessments

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How to report
Platts accepts information provided for publication in real-time across a
wide variety of media. The following reporting methods are accepted by
Platts’ editorial staff:
■■ Commonly used Instant Messaging software
■■ Platts eWindow software
■■ Telephone
■■ Email
■■ Fax
MOC data publishing principles
Platts assesses the value of oil and financially settled oil derivatives
globally using its Market on Close (MOC) assessment process. The MOC
assessment process establishes core standards for how data is collected
and published, how data is prioritized by value, and ultimately how data
is analyzed in the course of completing Platts assessments.
Transparency underpins Platts’ data publishing processes in the oil
markets. Under Platts MOC guidelines for collecting and publishing data,
Platts publishes market information including but not limited to firm bids
and offers from named companies, expressions of interest to trade and
confirmed trades that are received from market participants throughout
the day.
This information is published in real-time, as it is received, on Platts’
information service, Platts Global Alert. Platts publishes all information
received so that it can be fully tested by the market at large. Information
collected and published includes the identities of buyers and sellers,
confirmed prices, volumes, location, and stated trading terms.
Platts assessments are designed to reflect repeatable market value at
the close of the assessment process. Platts tracks market price evolution
during the entire day, and publishes a wide range of data relating to
market value as it does so. All data that has been published through the
day is analyzed during the assessment process. Towards the close of the
day, Platts focuses its assessment process to publish named firm bids
and offers, expressions of interest to trade and confirmed trades, with
all relevant details. This transparent data is prioritized in the assessment
process, because it is available to the entire market for testing.
In order to ensure that all firm bids and firm offers that still stand at the
close of the assessment process have been fully tested in the market at
large, Platts has established clearly defined time cut-offs that apply when
publishing firm bids and firm offers in the MOC process. Time cut-offs for
the submission and subsequent publication of new bids and offers are
applied so that MOC participants cannot bid or offer late in the process,
and to ensure that every bid and offer published by Platts is logistically
executable.
Bids and offers published by Platts are considered to be firm until Platts is
informed otherwise, or until the close of the assessment process for the
day, whichever comes first. Platts will consider all firm bids and offers as
open to the market at large and executable unless informed otherwise by
the counterparty submitting the market information. If no communication
is made to Platts to withdraw or change the parameters of the bid or
offer it is assumed that it is available to the marketplace. Platts seeks
verification of any transaction originating from a bid or offer submitted for
inclusion in the Platts MOC process.
Detailed guidelines on MOC timings can be found at http://www.platts.
com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/
timingincrementguidelines.pdf. The purpose of the time cut-offs
is primarily to ensure logistical executability and standards of
incrementability and repeatability to ensure orderly price discovery. As
such, they may be changed at short notice if evolving market conditions
require.
To ensure proper dissemination of market information, new bids and
offers for publication by Platts must be received by Platts no later than
stated cut-off periods.
In order to ensure that all published data is fully tested in the market,
Platts has established guidelines around how quickly bids and offers may
be improved when they have been published, and by what amount. These
incrementability guidelines define the quantum and speed at which bids
and offers may typically be improved in the MOC assessment process.
Incrementability does not apply to bids and offers that are moving away
from market value, though Platts analyzes bids and offers that are moved
lower, and higher, respectively, to ensure reasonability.
Incrementability varies between each market assessed through the
MOC assessment process and can be found at http://www.platts.
com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/
timingincrementguidelines.pdf.
Platts may notify the market of any adjustment to the standard increments
in the event of market volatility or a disruptive event. A market participant
can withdraw a bid or offer from Platts MOC process at any time, so
long as no other potential trading counterparty has indicated that it has
interest to buy or sell into the bid/offer.
Platts expects that market participants bidding and offering in the MOC
process should perform on their bid/offer with the first company of record
to express interest to Platts for publication during the MOC process. In
the event of a dispute on the timing, Platts will review its records and
determine which company communicated to Platts first its intention to
execute on a bid/offer displayed on the Platts systems. All the Platts
systems operate on a first come, first served basis. This sequence is
critical for orderly price discovery.
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. Platts accepts that
individual companies may have trading limits with counterparties and that
national legislation may prevent companies from dealing in materials of
certain origins. Such counterparty issues are dealt with on a case-by-case
basis. Platts tracks all circumstances surrounding trades reported during
its MOC assessment process, and any issues regarding performance.
Platts not only focuses on the performance of the transaction at the time
of trade, but also on any significant issues stemming from such trades,
including logistics and eventual delivery of the product. Post-deal tracking
enables Platts to determine the actual performance of the participants
in the trade and the validity of their inputs. Platts therefore may request
documentary material to determine performance and validity.
Platts cannot make any guarantee in advance about how and whether
market information received and published but not fully adhering to its
defined methodology will be incorporated in its final assessments.

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Platts applies a survey assessment methodology where market conditions
do not support an MOC assessment environment. Platts collects a
wide variety of transactional and market information through a survey
of participants, which typically includes communicating with sources
via phone, email, and instant messaging, among other communication
methods. Although the survey assessment methodology is in many
respects similar to the MOC assessment methodology there are key
distinctions between the assessment approaches.
In such environments, Platts collects as much data as possible, including
bids, offers, interest to trade, transactions that have been previously
concluded, and indications of value from participants in the market. Platts
seeks to collect, confirm and analyse as much information as possible
in survey markets, and encourages market participants to provide all
relevant information. Platts publishes credible information collected
that meets our methodological standards, typically through real-time
information services and with as much transparency as possible. This
information is considered when determining and completing a final
assessment.
All Platts market reporters are trained to analyse the data they receive
and to question sources to establish the fullest set of information
possible around price data. Reporters are trained to seek a wide variety
of information to test reported transactional activity, including the specific
price agreed, the counterparty to the trade, the point of origin and
destination for delivery of the commodity, the size of the transaction, any
physical quality commitments agreed as part of the trade, the terms and
conditions of a trade and when a trade was agreed.
Survey and MOC environments are linked. Survey assessment
environments are a common ground for future MOC assessment
environments, and Platts regularly reviews its survey environments to
determine which may be suited to an MOC approach. Similarly, MOC
environments are underpinned by data collected by surveying sources
throughout the day, to ensure that Platts is aware of market values as
the MOC process begins, and so that Platts has data to review when
considering information collected through MOC, particularly if an MOC
environment yields little or no data on a given day.
For analysis of the data, Platts survey methodologies will typically give
priority to data collected that is confirmed and published, and which is
most relevant to closing values in the markets covered.
PART II: SECURITY AND CONFIDENTIALITY
Data is stored in a secure network, in accordance with Platts’ policies
and procedures. Platts oil assessments are produced in accordance with
Platts’ Market on Close assessment methodology. This means that all
data for use in Platts’ oil assessments may be published by Platts editorial
staff while assessing the value of the markets.
Platts believes that all subscribers have a right to review and analyze
market data that is provided for use in its oil assessments, and therefore
Platts does not have confidentiality agreements for information provided
for use in oil assessments.
PART III: CALCULATING INDEXES AND
MAKING ASSESSMENTS
The following section describes how Platts uses the specific volume,
concluded and reported transactions, bids, offers and any other market
information it has collected, in the manner described in section one, to
formulate its price assessments. Additionally, this section describes other
information, including the normalization of market data, assumptions and
extrapolations that are considered when making a final assessment.
MOC price assessment principles
Through the MOC assessment process, Platts considers market
information gathered throughout the normal trading day, and publishes
such information throughout the day. Platts analyzes all published
information in determining its final published price assessments.
Through the MOC assessment process, Platts seeks to establish and
publish the value of markets that prevail at the close of the assessment
process itself. Platts has aligned the timestamps reflected in its
assessments with what typically is a period of high activity in the markets
that Platts observes. The typical period of high activity in oil markets
tends to be in the afternoon in every major trading location around the
world. Platts believes that aligning its price assessments to typical
periods of greater market activity and liquidity provides a robust basis
upon which to derive a reliable assessment of market value.
Platts has adopted the MOC methodology in order to provide complete clarity
over the precise point in time reflected in its market assessments. Like
the quality of oil, its delivery location, delivery dates, contract terms, and
the volume to be supplied, the time of commercial activity is an important
attribute considered in Platts price assessments. The time that a bid or offer
is shown to the market, or a transaction concluded, is vitally important in
understanding the market value of the respective commodity, in the same
way that the quality of the oil, where it will be delivered and when it will be
delivered are important factors. By clearly reflecting value at a defined point
in time Platts is able to properly reflect outright and spread values.
The clarity established by providing a well-defined timestamp for
Platts assessments is important in understanding every oil assessment
published by Platts. It is also important for understanding the
relationships between the markets that Platts assesses. By ensuring
that all assessments within a region reflect market values at the same
moment in time, spreads that exist between those products are also able
to be fully and properly reflected. For example, comparing the value of
gasoline to crude oil is possible when both values have been determined
at the same moment in time. By contrast, comparing the price of gasoline
in the morning, to crude oil in the afternoon, might deeply impair the
relationship between the products – particularly when the respective
market prices move independently during the intervening period.
By providing clear timestamps for assessments, the Platts MOC process
is designed to provide assessments that properly reflect outright and
spread values during times of high volatility equally well as in times of
modest volatility.
MOC guidelines are designed to avoid distortion of the final price
assessments by eliminating inputs that are not fully verifiable, and by
disregarding one-offs or unrepeatable transactions, or those that may
distort the true market level. Transactions between related parties are, for
instance, not considered in the assessment process.
Platts does not specify a minimum amount of transaction data, or a
transaction data threshold, for the publication of its price assessments.
Physical commodity markets vary in liquidity. Any particular market
analyzed on its own will typically demonstrate rising and falling levels of
transactional activity through time. Platts is committed to providing an
assessment of value for every market that it covers, equally well in times
of heightened or reduced liquidity.

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Platts seeks to receive market information from as broad a cross
section of the market as possible. If a very limited number of market-
makers are active in the market, or if a limited number submit data
that constitutes a significant proportion of the total data upon
which the assessment is based, Platts will continue to seek fully
transparent and verifiable data from the market at large and to apply
Platts methodology principles of transparency and time sensitivity.
Platts considers data for assessment of any market where a single
company provides more than half of all available information to be
one where such a company provides a significant proportion of data.
For consideration in the MOC process such a company’s bids or offers
must be clearly available for execution by any other potential MOC
trading counter party.
Normalization price adjustment techniques
Platts seeks to align the standard specifications for the oil markets it
assesses and the timestamps reflected in its assessments with standard
industry practice.
Normalization is an essential price adjustment technique applied by
Platts, to align reported market information to reflect the economic
relationship between specific reported activity and the base standard
reflected in Platts price assessments.
By surveying markets and observing the economic impact of variance
from the base standard reflected in Platts assessments, Platts regularly
normalizes disparate information from the diverse physical commodity
markets back to the standard reflected in Platts price assessments. This
is done by analyzing freight rates (for locational differences), quality
premiums (for quality differences), the movements of all markets through
time (for time differences) and other premiums associated with the size of
trades and delivery terms.
Normalization for time may be done by analyzing movement in
a related market observed through time, and that movement
may provide a basis by which to align market value of an earlier
reported bid, offer or transaction to market value at the MOC close.
This alignment for time is essential to ensure that Platts price
assessments reflect the prevailing value of a market at the close of
the MOC process.
Prioritizing data
Platts assessment process considers firm bids, firm offers and transactions
that are transparent and open to any counterparty with the proper financial
and operational resources. Bids, offers or transactions that are not transparent
may not be considered in the assessment process. Naturally, bids above
transparent offers or offers below transparent bids are not considered in the
assessment process. Platts considers changes to bids or offers when those
changes are made transparently and in normal increments.
The level of each bid or offer must stand firm in the marketplace long
enough for any counterparty to hit the bid or lift the offer, otherwise the
bid or offer may be deemed non-executable. Platts may not consider bids,
offers or transactions that are the result of market gapping, i.e. changes
that are in excess of normal market practice.
Transparency underpins Platts’ assessment process, just as it does Platts
data publishing processes, in the oil markets. When determining a final
market assessment, Platts gives the greatest priority to fully verifiable and
transparent market information. A firm bid or offer that has been published
by Platts in accord with its data publishing standards, and which still
stands open to the marketplace at the close of the assessment process,
will establish clear parameters for Platts’ final published assessments.
Platts will typically assess market value somewhere between the best
bid, and best offer, open to the market at the close of the MOC process.
This ensures that Platts assessments reflect the transactable value of the
commodities it is assessing at the close of the market.
Completed, transparent transactions that are fully published by Platts
are important in helping establish where trading interest prevails in the
market, and may help determine where, in a bid/offer spread, Platts may
assess value for publication.
Firms bids and offers that are available to the entire market take
precedence over trades that have been concluded earlier in the
assessment process when establishing the value of the market,
particularly if bids are available at the close above previously traded
levels, or offers are available to the market below previously traded
levels. Value is a function of time.
Similarly, firms bids and offers that are available to the entire market take
precedence over transactional activity reported to Platts after the fact.
When no bid, offer or transaction data exists, Platts may consider other
verifiable data reported and published through the day, including fully
and partially confirmed trades, notional trading values and other market
information as provided for publication. Under such circumstances,
Platts may also be able to observe direct market activity or the effect of
commonly traded commodities on illiquid markets via spread differentials
or via blending and shipping economics.
Platts also analyzes the relationships between different products,
and factors these relationships into assessments for markets where
transactional data falls to low levels. Finally, Platts normalizes other
available data that may be relevant to the assessment during periods
when low amounts or no transactional data exists, including transactional
data from related markets, in the manner described above.
To do this, Platts takes into account representative transactions executed
at arms-length in the open market occurring during the MOC price
assessment period and additionally taking into account bid and offer
information submitted during this period. Platts editors always seek direct
verification from the principals to a reported bid, offer or deal.
Platts MOC guidelines are designed to avoid any distortion of the final
price assessment and so inputs that are not verifiable are eliminated and
“one-off” or unrepeatable transaction data may be disregarded from the
price assessment process.
Single transactions may be a reflection of market value. However single
transactions need to be measured against the broad span of similar
transactions. If for instance a buyer decides to lift an offer but is unwilling
to buy more material offered at the same level if the seller reoffers it
would be determined that the buyer failed the repeatability test. Equally if
the seller does not reoffer, the seller fails the repeatability test. As such
the transaction may not be fully reflected in the price assessment.
A variant on this action is price “gapping” when bids are made too high
and offers are made too low through untested levels of price support
or resistance. Platts may not publish such bids and offers during the
MOC process. When transactions are concluded at levels that have
not been fully tested by the market because price changes have been
non incremental, Platts may determine that actual market value is
somewhere between the last incremental bid and the transaction at the
gapped level.

6
Assessment calculations
Platts publishes its assessments reflecting the currencies and units of
measurement in which the products typically trade.
Oil derivatives are generally traded in US dollars, and Platts assessments
are typically published in that currency as a result. Certain markets, such
as regional markets, trade using local currency. Platts assesses the value
of such markets as appropriate in local currency.
Crude oil derivatives are typically traded in barrels, and Platts publishes
its assessments using these units of measurement as they prevail in
practice. Likewise, refined oil products typically traded in barrels, metric
tons or gallons, and Platts assessments for these markets reflect common
practice in each market. The minimum and maximum volume considered
for each individual Platts assessment of a physical market is described in
section Vll of this document.
In certain cases Platts converts its assessments to other currencies or
units of measurement to allow for ease of comparison or analysis in
regional markets. Such conversions are done using published exchange
rates and conversion factors.
Platts reporters follow specific methodology when exercising editorial
judgment during their assessment process. Platts editors apply judgment
when determining (1) whether information is suitable for publication, (2)
when normalizing data and (3) when determining where to assess final
value of market.
Judgment may be applied when analyzing transactional data to determine
if it meets Platts standards for publication; judgment may also be applied
when normalizing values to reflect differences in time, location, and other
trading terms when comparing transactional data to the base standard
reflected in Platts assessments.
All such judgment is subject to review by Platts editorial management
for adherence to the standards published in Platts methodologies. The
following section illustrates how these guidelines work when calculating
indexes and making assessments.
To ensure the assessments are as robust as possible, Platts editorial
systems are backed by a strong corporate structure that includes managerial
and compliance oversight. To ensure reporters follow Platts methodological
guidelines in a consistent manner, Platts ensures that reporters are trained
and regularly assessed in their own and each other’s markets.
Application of professional judgment guidelines promotes consistency
and transparency in judgments and are systematically applied by Platts.
Where professional judgment is exercised, all information available is
critically analysed and synthesised. The various possibilities are critically
analysed and fully evaluated to reach a judgment. Platts manages and
maintains internal training guides for each of the different products
assessed which aim to assist assessors and ensure Platts’ price
assessments are produced consistently. Platts’ price assessments are
reviewed prior to publication and exercise of professional judgment is
further discussed and verified during this process. Finally, consistent
with the concept of proportionality, assessments that are referenced by
derivatives contracts are supported by assessment rational, including
the application of judgment, which is published together with the price
assessment offering full transparency to the market.
Reporters are trained to identify potentially anomalous data. We define
anomalous data as any information, including transactions, which is
inconsistent with or deviates from our methodology or standard market
conventions.
As a publisher owned by McGraw Hill Financial, independence and
impartiality are at the heart of what Platts does. Platts has no financial
interest in the price of the products or commodities on which it reports.
Platts’ aim is to reflect where the actual market level is.
Platts produces time-sensitive assessments that reflect the value of the
markets it covers precisely at the close of the MOC price assessment
process in Singapore, Dubai, London and Houston. By providing clear
timestamps for every region the Platts assessment process is designed to
provide price assessments that properly reflect outright and spread values.
As an example, front-month jet kero derivatives in Singapore have a
value, front-month gasoil derivatives have a value and the jet versus
gasoil spread has a value (typically referred to as “the regrade” locally),
and all three make sense when measured on a same-time basis. By
contrast, a system of averages can lead to distortions in the jet versus
gasoil spread if the distribution of deals done for jet and gasoil differs
over the averaging period. Thus if jet trades actively at the beginning
of the assessment period and gasoil trades actively at the end of the
assessment period in a rising market, the assessed spread value resulting
from an averaging process will not be reflective of actual market values.
This distortion can arise even if the value of spread trades in their own
right has remained constant. The MOC approach drastically reduces the
possibility of such distortions.
Platts takes into account flat price information, as well as spreads like
crack spreads, intra-product spreads and time spreads, when assessing
the value of forward curves. In most derivatives markets, spreads are
critical to understanding the value of the forward curve. In many markets,
time-spreads in particular are the most liquid traded instruments, and are
critical in developing the value of flat price swaps in the middle and most
forward parts of the curve.
Platts crack spread, intra-product spread and time spread assessments
always fully triangulate with assessed outright values. This means that
published outright values always fully the value of the time spread
between them; likewise time spreads are always fully reflective of
the difference in value between outright prices. The same is true for
crack spreads, which are always consistent with the difference in value
between related crude and refined product outrights, and intra-product
spreads. In the event of a conflict in outright price and spread value
information observed in the markets, outright price information always
takes precedence in Platts’ final assessments.
PART IV: PLATTS EDITORIAL STANDARDS
All Platts’ employees must adhere to the McGraw Hill Financial Code
of Business Ethics (COBE), which has to be signed annually. The COBE
reflects McGraw Hill Financial’s commitment to integrity, honesty and
acting in good faith in all its dealings.
In addition, Platts requires that all employees attest annually that they do
not have any personal relationships or personal financial interests that
may influence or be perceived to influence or interfere with their ability to
perform their jobs in an objective, impartial and effective manner.
Market reporters and editors are mandated to ensure adherence to
published methodologies as well as internal standards that require
accurate records are kept in order to document their work.

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Platts has a Quality & Risk Management (QRM) function that is
independent of the editorial group. QRM is responsible for ensuring
the quality and adherence to Platts’ policies, standards, processes and
procedures. The QRM team conduct regular assessments of editorial
operations, including checks for adherence to published methodologies.
McGraw Hill Financial’s internal auditor, an independent group that
reports directly to the parent company’s board of directors, reviews the
Platts risk assessment programs.
PART V: CORRECTIONS
Platts is committed to promptly correcting any material errors. When
corrections are made, they are limited to corrections to data that was
available when the index or assessment was calculated.
PART VI: REQUESTS FOR CLARIFICATIONS OF
DATA AND COMPLAINTS
Platts strives to provide critical information of the highest standards,
to facilitate greater transparency and efficiency in physical commodity
markets.
Platts customers raise questions about its methodologies and the
approach taken in price assessments, proposed methodology changes and
other editorial decisions in relation to Platts’ price assessments. Platts
strongly values these interactions and encourages dialogue concerning
any questions a customer or market stakeholder may have.
However, Platts recognizes that occasionally customers may not be
satisfied with responses received or the services provided by Platts and
wish to escalate matters. Full information about how to contact Platts
to request clarification around an assessment, or make a complaint, is
available on the Platts website, at: http://www.platts.com/ContactUs/
Complaints.

8
PART VII: DEFINITIONS OF THE TRADING LOCATIONS FOR WHICH PLATTS PUBLISHES DAILY INDEXES OR ASSESSMENTS
The following Global Platts Forward Curve specifications guide contains the primary specifications and methodologies for Platts financially settled derivatives assessments throughout the world.
A financially settled derivatives contract is one in which a buyer and seller agree a strike price in relation to a defined underlying benchmark for a defined period of time. The counterparties ultimately financially settle the difference in
value between the strike price and the average value of the underlying benchmark, once that average value is known. Financially settled derivatives do not result in the physical delivery of oil. They are typically result in the payment of
a financial consideration reflecting the difference in value between the strike price and the average of the underlying reference price – commonly a physical market price benchmark, or sometimes another key indicator, like a futures
contract.
For example: a buyer and seller might agree to trade an August jet fuel swap at $100/barrel (the strike price) for 50,000 barrels (the volume), using a Platts assessment for jet fuel in the physical markets as the underlying instrument
for settlement of value. On September 1, when all August assessments have been published, if the average of the Platts jet fuel assessments published in August was $101/barrel, the seller would pay the buyer $1/barrel for 50,000
barrels (or, $50,000). If the average of the underlying Platts assessments in August was $99/barrel, the buyer would likewise pay the seller $1/barrel for 50,000 barrels (or, $50,000).
Platts derivatives assessments reflect the value of both uncleared derivatives (swaps) and cleared derivatives, including block futures that are, besides clearing, in all other respects identical to swaps.
Weeks: Platts assesses the value of Brent weekly Contract for Difference swaps (CFDs). Such swaps roll on the Thursday of each week
Balance Month: A balance month swap is financially settled using the relevant physical market assessment or futures market values available on every remaining publishing day in the month, including the day of publication itself.
Balance month swaps are assessed in some markets, and they are available until 15th of each month.
Calendar Month: A calendar month swap is financially settled using the relevant physical market assessment or futures market values available on every publishing day in the month. Monthly swaps roll on the first publishing day of
each month.
Calendar Quarter: A calendar quarter swap is financially settled using the relevant physical market assessment or futures market values available on every publishing day in the quarter. A “Q3” refers to July, August and September,
and so on. Calendar quarters roll four times a year, on the first publishing days of January, April, July and October.
Calendar Year: A calendar year swap is financially settled using the relevant physical market assessment or futures market values available on every publishing day in the relevant physical market assessment or futures market
values, published on every day in the year. Yearly swaps, also known as “annuals”, roll on the first publishing day of each year.
In most markets, the front-month swap will be assessed throughout the calendar month prior to the rollover. Rollovers for calendar months, quarters and annuals are on the first working day of the month, quarter or year, when the
first assessed swap period advances to the following month quarter or year.
Balance month swaps are assessed until the 15th of the month. After such time, balance month bids and offers will continue to be published on PGA, but the information may not be used for assessment purposes.
Crack spreads: Platts publishes a series of crack spreads swaps around the world, which express the value of refined products relative to the crude oil benchmarks that they are commonly related to. These are calendar month crack
spreads which are swap-swap markets and expressed as refined product minus crude oil.
Intra-product spreads: Platts publishes a series of intra-product spreads swaps around the world, which express the value of refined products relative to other refined products that they are commonly related to. These are calendar
month, quarter and year intra-product spreads which are swap-swap markets and expressed as refined product minus its related product. Examples of such assessments include the Singapore “regrade”, which measures the difference
in value between jet fuel and gasoil, “visco” spreads which represent the difference in value between 180CST and 380CST fuel oil, a variety of “sulfur spreads” and “hi-lo” spreads that value the difference between high- and low-
sulfur fuels, and a series of spreads between refined product swaps and related frontline futures.

9
ASIA PACIFIC: CRUDE OIL
ICE Brent Futures Brent Frontline Swaps Dubai Swaps Oman Swaps NYMEX WTI Futures ICE Brent/NYMEX WTI Futures Brent/Dubai Swaps Brent/Dubai EFS Oman/Dubai Swaps
CURRENCY US$ US$ US$ US$ US$ US$ US$ US$ US$
UOM Barrels Barrels Barrels Barrels Barrels Barrels Barrels Barrels Barrels
SETTLEMENT BASIS NAME - Brent Futures Platts Dubai Platts Oman - Brent Futures/NYMEX WTI Futures Brent Frontline Swaps/Platts
Dubai Swaps
Brent Futures/Platts Dubai Swaps Platts Oman Swaps/Platts Dubai
Swaps
SETTLEMENT BASIS CODE - XILL001 PCAAT00 PCABS00 - NA (Futures Are Exchanged) NA (Swaps Are Exchanged) NA (Futures/Swaps Are Exchanged) NA (Swaps Are Exchanged)
Bal Month - - - - - - -
M1 XILLA01 BRSSM01 AAHBM00 AAHZP00 XNCLA01 AAIWN01 AAHAI00 DEFSM01 AAIHJ00
M2 XILLA02 BRSSM02 AAHBN00 AAHZR00 XNCLA02 AAIWN02 AAHAJ00 DEFSM02 AAIHL00
M3 AAXZU00 BRSSM03 AAHBO00 AAHZT00 XNCLA03 AAIWN03 AAHAK00 DEFSM03 AAIHN00
M4 AAYAN00 BRSSM04 AAXGR00 - XNCLA04 AAIWN04 AAXGN00 DEFSM04 -
M5 XILLA05 BRSSM05 AAXGS00 - AAXGO00 DEFSM05 -
M6 XILLA06 BRSSM06 AAXGT00 - AAXGP00 DEFSM06 -
M7 XILLA07 BRSSM07 AAXGU00 - AAXGQ00 DEFSM07 -
M8 XILLA08 BRSSM08 DBSSM08 - BDSSM08 DEFSM08 -
M13 XILLA13 BRSSM13 DBSSM13 - BDSSM13 - -
Time spreads: Platts publishes a series time spread swaps around the world, which express the difference in value between swaps of different time maturities along a forward curve. Typically time spreads are assessed for month-
on-month, quarter-on-quarter and year-on-year. The published represents the value of the first maturity minus the second. For example, an April/May fuel oil swap time spread would be assessed at $4.50/mt if April was assessed
at $650.00/mt, and May was assessed at $645.50/mt. Similarly, a July/August time spread would be assessed at minus $3.00/mt if July was assessed at $640.00/mt, and August was assessed at $643.00/mt. A positive time spread
indicates a backwardated time structure, and a negative spread indicates a contango time structure.
This methodology is current at the time of publication. Platts may issue further updates and enhancements to this methodology and will announce these to subscribers through its usual publications of record. Such updates will be
included in the next version of the methodology. Platts editorial staff and managers will usually be ready to provide guidance when assessment issues require clarification.

10
Q1 XILLR01 BRSSQ01 AAHBP00 - AAHAL00 - -
Q2 XILLR02 BRSSQ02 AAHBQ00 - AAHAM00 - -
Q3 XILLR03 BRSSQ03 AAHBR00 - AAHAN00 - -
Q4 XILLR04 BRSSQ04 AAHBS00 - AAHAO00 - -
Q5 XILLR05 - - - - - -
Q6 XILLR06 - - - - - -
Q7 XILLR07 - - - - - -
Q8 XILLR08 - - - - - -
Q9 XILLR09 - - - - - -
Q10 XILLR10 - - - - - -
Q11 XILLR11 - - - - - -
Q12 XILLR12 - - - - - -
YEAR 1 XILLY01 BRSSY01 AAHBV00 - AAHAR00 - -
YEAR 2 XILLY02 BRSSY02 AAHBW00 - AAHAS00 - -
YEAR 3 XILLY03 BRSSY03 AAVFC00 - BDSSY03 - -
ASIA PACIFIC: CRUDE OIL (CONTINUED)
ICE Brent Futures Brent Frontline Swaps Dubai Swaps Oman Swaps NYMEX WTI Futures ICE Brent/NYMEX WTI Futures Brent/Dubai Swaps Brent/Dubai EFS Oman/Dubai Swaps
CURRENCY US$ US$ US$ US$ US$ US$ US$ US$ US$
UOM Barrels Barrels Barrels Barrels Barrels Barrels Barrels Barrels Barrels
SETTLEMENT BASIS NAME - Brent Futures Platts Dubai Platts Oman - Brent Futures/NYMEX WTI Futures Brent Frontline Swaps/Platts
Dubai Swaps
Brent Futures/Platts Dubai Swaps Platts Oman Swaps/Platts Dubai
Swaps
SETTLEMENT BASIS CODE - XILL001 PCAAT00 PCABS00 - NA (Futures Are Exchanged) NA (Swaps Are Exchanged) NA (Futures/Swaps Are Exchanged) NA (Swaps Are Exchanged)

11
ASIA PACIFIC: REFINED OIL PRODUCTS
Saudi CP Propane Swaps Singapore 92 RON
Gasoline Swaps
Singapore Naphtha MOPS
Swaps
Japan Naphtha MOPJ
Swaps
Naphtha CIF NWE Swaps
at 4:30 pm Singapore
Japan Naphtha Swaps vs
Singapore Gasoil Swaps Singapore Jet Kero Swaps
CURRENCY US$ US$ US$ US$ US$ US$ US$ US$
UOM Metric Tons Barrels Barrels Metric Tons Metric Tons Metric Tons Barrels Barrels
BASIS NAME Saudi Aramco Propane CP Singapore 92 RON Gasoline Naphtha FOB Spore Cargo Naphtha C+F Japan Cargo Naphtha CIF NWE Cargo Naphtha C+F Japan Cargo/
Naphtha CIF NWE Cargo
Gasoil FOB Spore Cargo Jet Kero FOB Spore Cargo
BASIS CODE PTAAM10 PGAEY00 PAAAP00 PAAAD00 PAAAL00 NA (Swaps Are
Exchanged)
POABC00 PJABF00
Bal Month - AAXEK00 AAPLD00 - - - AAPLF00 AAPLE00
M1 AAHHG00 AAXEL00 PAAAQ00 AAXFE00 DAYAP00 DAYAM00 POAFC00 PJABS00
M2 AAHHH00 AAXEM00 PAAAR00 AAXFF00 DAYAQ00 DAYAN00 POAFG00 PJABT00
M3 AAHHI00 AAXEM30 AAHHU00 AAXFG00 DAYAR00 DAYAO00 AAHDZ00 AAHGS00
M4 - - AAWIY00 DAXFH00 AAHEA00 AAHGT00
M5 - - NASSM05 DAXFI00 AAXHW00 AAXIC00
M6 - - NASSM06 DAXFJ00 AAXHX00 AAXID00
M7 - - NASSM07 DAXFK00 AAXHY00 AAXIE00
M8 - - NASSM08 DAXFL00 GOSSM08 JKSSM08
M9 - - NASSM09 DAXFM00 GOSSM09 JKSSM09
M10 - - NASSM10 DAXFN00 GOSSM10 JKSSM10
M11 - - NASSM11 DAXFO00 GOSSM11 JKSSM11
M12 - - NASSM12 DAXFP00 GOSSM12 JKSSM12
M13
M14
M15
M16
M17
M18
M19
M20
M21
M22
M23
M24
M25
M26
M27
M28
M29
M30
M31
M32
M33
M34
M35

12
M36
Q01 AAHHJ00 - AAHHV00 DAXGP00 AAHEB00 AAHGU00
Q02 - - AAHHW00 DAXHP00 AAHEC00 AAHGV00
Q03 - - AAWIZ00 DAXIP00 AAHED00 AAHGW00
Q04 - - NASSQ04 - AAHEE00 AAHGX00
Q05
Q06
Q07
Q08
Q09
Q10
Q11
Q12
Y01
Y02
Y03
Singapore 180 CST Fuel
Oil Swaps
Oil Swaps
3.5% Fuel Oil FOB ARA
Barge Swap at 4:30 pm
Singapore
Oil Swaps vs 3.5% Fuel Oil
Rotterdam Barges
ICE Gasoil Futures at 4:30
pm Singapore
Platts ICE Gasoil Frontline
at 16:30 SG
Gasoil ICE EFS at 16:30
Singapore
Platts ICE Gasoil ESS at
16:30 Singapore
UOM Metric Tons Metric Tons Metric Tons Metric Tons Metric Tons Metric Tons Metric Tons Metric Tons
BASIS NAME FO 180 CST 3.5%S FOB Spore
Cargo
FO 380 CST 3.5%S FOB Spore
Cargo
FO 3.5%S FOB Rdam Barge FO 180 CST 3.5%S FOB Spore
Cargo/FO 3.5%S FOB Rdam
Barge
NA ICE Gasoil Futures at 4:30 pm
Singapore
ICE Gasoil Futures at 4:30 pm
Singapore/Gasoil FOB Spore
Cargo
Cargo
BASIS CODE PUADV00 PPXDK00 PUABC00 NA (Swaps Are
Exchanged)
NA AAQYM01 AAQYM01/POABC00 AAQYM01/POABC00
Bal Month AAPML00 DAPKB00 - - AAQTX00
M1 PUAXZ00 AAPKC00 AAEI001 F1SEW01 AAQYM01 AAQAM01 AAQTY00 AAQXM01
M2 PUAYF00 AAPKD00 AAEI002 F1SEW02 AAQYM02 AAQAM02 AAQTZ00 AAQXM02
M3 AAHDB00 AAVFF00 AAEI003 F1SEW03 AAQYM03 AAQAM03 AAQSM03 AAQXM03
M4 AAHDC00 AAVFG00 AAEI004 F1SEW04 AAQYM04 AAQAM04 AAQSM04 AAQXM04
M5 AAXHP00 AAXGH00 AAEI005 F1SEW05 AAQYM05 AAQAM05 AAQSM05 AAQXM05
M6 AAXHR00 AAXGI00 AAEI006 F1SEW06 AAQYM06 AAQAM06 AAQSM06 AAQXM06
M7 AAXHS00 AAXGJ00 AAEI007 F1SEW07 AAQYM07 AAQAM07 AAQSM07 AAQXM07
M8 F1SSM08 F3SSM08 AAEI008 F1SEW08 AAQYM08 AAQAM08 AAQSM08 AAQXM08
ASIA PACIFIC: REFINED OIL PRODUCTS (CONTINUED)
Saudi CP Propane Swaps Singapore 92 RON
Gasoline Swaps
Singapore Naphtha MOPS
Swaps
Japan Naphtha MOPJ
Swaps
at 4:30 pm Singapore
Japan Naphtha Swaps vs
Singapore Gasoil Swaps Singapore Jet Kero Swaps
UOM Metric Tons Barrels Barrels Metric Tons Metric Tons Metric Tons Barrels Barrels
BASIS NAME Saudi Aramco Propane CP Singapore 92 RON Gasoline Naphtha FOB Spore Cargo Naphtha C+F Japan Cargo Naphtha CIF NWE Cargo Naphtha C+F Japan Cargo/
Naphtha CIF NWE Cargo
Gasoil FOB Spore Cargo Jet Kero FOB Spore Cargo
BASIS CODE PTAAM10 PGAEY00 PAAAP00 PAAAD00 PAAAL00 NA (Swaps Are
Exchanged)
POABC00 PJABF00

13
M13 AAQYM13
M14 AAQYM14
M15 AAQYM15
M16 AAQYM16
M17 AAQYM17
M18 AAQYM18
M19 AAQYM19
M20 AAQYM20
M21 AAQYM21
M22 AAQYM22
M23 AAQYM23
M24 AAQYM24
M25 AAQYM25
M26 AAQYM26
M27 AAQYM27
M28 AAQYM28
M29 AAQYM29
M30 AAQYM30
M31 AAQYM31
M32 AAQYM32
M33 AAQYM33
M34 AAQYM34
M35 AAQYM35
M36 AAQYM36
Q01 AAHDD00 AAVFH00 AAQZQ01 AARZQ01 AAQXQ01
Q02 AAHDE00 AAVFJ00 AAQZQ02 AARZQ02 AAQXQ02
Q03 AAHDF00 AAVFT00 AAQZQ03 AARZQ03 AAQXQ03
Q04 AAHDG00 AAVFK00 AAQZQ04
Q05 AAQZQ05
Q06 AAQZQ06
Q07 AAQZQ07
Oil Swaps
Oil Swaps
Singapore
Rotterdam Barges
pm Singapore
at 16:30 SG
Singapore
16:30 Singapore
Cargo
Cargo
Barge
Singapore
Cargo
Cargo
Exchanged)

14
Q08 AAQZQ08
Q09 AAQZQ09
Q10 AAQZQ10
Q11 AAQZQ11
Q12 AAQZQ12
Y01 AARCY01
Y02 AARCY02
Y03 AARCY03
Oil Swaps
Oil Swaps
Singapore
Rotterdam Barges
pm Singapore
at 16:30 SG
Singapore
16:30 Singapore
Cargo
Cargo
Barge
Singapore
Cargo
Cargo
Exchanged)
ASIA PACIFIC
In Asia, PFC Oil assessments reflect a market on close value at 16:30
Singapore time for all published forward curves. Bids, offers and trades
are published throughout the day on eWindow and on Platts Global Alert,
its real-time information service.
Crude oil
Singapore 16:30 Platts assessment for ICE Brent futures: Platts assesses
on a daily basis the prevailing value of ICE futures at 16:30 Singapore
time. Platts assessments reflect the tradable and repeatable value of
Brent futures for the front 36 months exactly at that time. Platts uses all
information available to assess outright futures prices at 16:30 Singapore
time, including both outright price and time spread information. Further
to this, Platts reporters look at current market trends in the immediate
period before and after 16:30. This is to ensure that the Platts assessment
reflects a prevailing and representative value at 16:30 rather than
an unusual trade occurring at that time or earlier. This is of critical
importance when liquidity is reduced.
The 16:30 Singapore time futures assessments are evaluated at this time
to ensure that Brent futures or those assessments linked to futures values
are in line with all other timestamps across Platts crude and refined
products assessments. The Brent contract traded on the ICE platform
settles at a different time.
Platts’ 16:30 assessments of Brent futures are incorporated into the Brent
frontline swap calculations.
Singapore 16:30 Platts assessment for NYMEX WTI futures: Platts
assesses on a daily basis the prevailing value of NYMEX light sweet
crude futures at 16:30 Singapore time. Platts assessments reflect the
tradable and repeatable value of WTI futures for the front four months at
that time. Platts uses all information available to assess outright futures
prices at 16:30 Singapore time. Platts’ editorial team reviews all relevant
electronic data.
Singapore 16:30 Platts assessment for NYMEX WTI vs ICE Brent futures
spreads: Platts publishes ICE Brent and NYMEX WTI crude futures spread
assessments at 16:30 Singapore time based on flat price assessments for
four forward months.
Brent frontline swaps: Brent frontline swaps are calendar month
derivatives that settle using the ICE Brent futures contract. The swap
is financially settled using the closing price on each day of the month,
for whichever futures contract is most prompt on each day (with the
exception of the expiration date of the front month’s futures contract
when the future’s contract referenced is that for the second month).
Daily Brent frontline swaps are calculated using mean adjusted values
for the number of trading days that each futures contract spends as the
front month. This is done by calculating the exact number of trading days
within each month, which will vary according to the calendar month.
Platts publishes the front 36 months, four quarters and three years of
frontline Brent swaps in Asia.
Dubai swaps: The Dubai swaps market is often used to hedge heavy,
medium sour crude cargoes from the Middle East and Russia’s Far East.
Dubai swaps are settled against the average of Platts’ front-month spot
Dubai crude assessments as published in the Platts Crude Oil Marketwire.
The Dubai paper assessment reflects paper transactions of a minimum
of 50,000 barrels. Platts publishes the front 36 months, four quarters and
three years of Dubai swaps in Asia.
Oman swaps: The Oman swaps market is often used to hedge heavy,
medium sour crude cargoes from the Middle East. Oman swaps are
settled against the average of Platts’ front-month spot Oman crude
assessments as published in the Platts Crude Oil Marketwire. The Oman

15
paper assessment reflects paper transactions of a minimum of 50,000
barrels. Platts publishes three forward months for this forward curve.
Brent-Dubai swaps: This enables holders of frontline ICE Brent futures
swaps to exchange their position for a forward month Dubai crude swap,
similar to the Brent EFP (where parties convert a futures position into a
Brent forward or “21-day”cargo) and a Brent/Dubai EFS (where parties
trade a Brent futures contract for a Dubai swap). In a Brent/Dubai swap,
the Brent swap position is converted into a Dubai monthly swap, plus the
seller receives a premium for the quality spread. Platts assesses the first
36 months, four quarters and two years of Brent/Dubai swaps. Platts also
assesses the first 12 months of Brent/Dubai EFSs.
Oman-Dubai swaps: This enables holders of Oman crude swaps to
exchange their position for a forward month Dubai crude swap. These are
calendar month, swap-swap markets. In an Oman/Dubai swap, the Oman
swap position is converted into a Dubai monthly swap, plus the seller
receives a premium for the quality spread. Platts publishes two forward
months for this forward curve.
Refined oil products
Saudi CP Propane swaps: Saudi CP propane swaps settle against the
Contract Price set for each month by Saudi Aramco. The Saudi CP, which
determines the value of all propane to be lifted each month on an FOB
basis by its long term customers, is set only once a month, and is usually
announced on the last Saudi business day of the month prior to coming
into effect.
Gasoline: Singapore 92 RON gasoline swaps settle against Platts FOB
Singapore 92 RON gasoline assessments as published in the Platts Asia-
Pacific/Arab Gulf Marketscan. Gasoline swaps typically trade in 1 cent/
barrel increments. The Singapore gasoline paper assessments reflect
paper transactions of a minimum of 25,000 barrels. Platts also assesses
gasoline/naphtha swaps, also known as the Reforming Swap. These
settle against the difference between the FOB Singapore gasoline and
FOB Singapore naphtha assessments as published in the Platts Asia-
Pacific/Arab Gulf Marketscan. Platts publishes three forward months for
these forward curves, as well as the balance month swap from 1st to the
15th of each month.
Naphtha: MOPS naphtha swaps settle against Platts FOB Singapore
naphtha assessments (often referred to as the Mean of Platts Singapore,
or MOPS) as published in the Asia-Pacific/Arab Gulf Marketscan. Naphtha
swaps typically trade in 1 cent/barrel increments. The Singapore naphtha
paper assessments reflect paper transactions of a minimum of 50,000
barrels. Platts publishes 12 forward months and four forward quarters for
this forward curve.
MOPJ naphtha swaps settle against Platts C+F Japan naphtha
assessments (often referred to as the Mean of Platts Japan, or MOPJ)
as published in the Asia-Pacific/Arab Gulf Marketscan. Naphtha swaps
typically trade in 5 cents/mt increments. The Japan naphtha paper
assessments reflect paper transactions of a minimum of 5,000 mt. Platts
publishes twelve forward months, and three forward quarters for this
forward curve.
MOPJ/CIF NWE swaps settle against Platts CIF Northwest Europe
naphtha assessments (often referred to as CIF NWE) as published in
the European Marketscan. Naphtha swaps typically trade in 5 cents/
mt increments. The MOPJ/CIF NWE naphtha paper assessments reflect
paper transactions of a minimum of 5,000 mt. Platts publishes three
forward months for this forward curve.
Middle Distillates: Singapore gasoil and jet swaps settle against Platts
FOB Singapore Gasoil and FOB Singapore jet/kerosene assessments as
published in the Platts Asia-Pacific/Arab Gulf Marketscan. Both products
typically trade in 1 cent/barrel increments. FOB Singapore Gasoil currently
reflects maximum 0.05% (500 ppm) sulfur content. The Singapore gasoil
and jet paper assessments reflect paper transactions of a minimum of
50,000 barrels. Platts also assesses Jet/Gasoil spread swaps, also known
as the Regrade Swap. These settle against the difference between the
FOB Singapore Gasoil and FOB Singapore jet/kerosene assessments
as published in the Platts Asia-Pacific/Arab Gulf Marketscan. Platts
publishes 12 forward months and four forward quarters for each of
these forward curves. Platts also assesses the Singapore Gasoil EFS,
where parties trade a FOB Singapore Gasoil swap, converted into $/mt
using a conversion rate of 7.45, for an ICE Gasoil futures contract plus a
differential. Platts publishes two forward months for this forward curve.
Singapore 16:30 Platts assessment for ICE Gasoil futures: Platts
assesses on a daily basis the prevailing value of ICE futures at 16:30
Singapore time. Platts assessments reflect the tradable and repeatable
value of Gasoil futures for the front 36 months exactly at that time. Platts
uses all information available to assess outright futures prices at 16:30
Singapore time, including both outright price and time spread information.
Further to this, Platts reporters look at current market trends in the
immediate period before and after 16:30. This is to ensure that the Platts
assessment reflects a prevailing and representative value at 16:30 rather
than an unusual trade occurring at that time or earlier. This is of critical
The 16:30 Singapore time futures assessments are evaluated at this
time to ensure that Gasoil futures or those assessments linked to futures
values are in line with all other timestamps across Platts crude and
refined products assessments. The Gasoil contract traded on the ICE
platform settles at a different time.
Platts’ 16:30 assessments of Gasoil futures are incorporated into the
Gasoil frontline swap calculations.
Gasoil frontline futures swaps: These are calendar month gasoil
derivatives that settle using the ICE Gasoil futures contract. The swap
when the future’s contract referenced is that for the second month).
Daily Gasoil frontline swaps are calculated using mean adjusted values
for the number of trading days that each futures contract spends as the
front month. This is done by calculating the exact number of trading days
within each month, which will vary according to the calendar month.
Platts publishes the front 36 months, four quarters and three years of
frontline Gasoil swaps in Asia.
ICE Gasoil/Singapore 500 ppm Gasoil EFS (Exchange of Futures for
Swaps): This enables holders of an FOB Singapore gasoil swap, converted
into $/mt using a conversion rate of 7.45, for an ICE Gasoil futures
contract plus a differential. Platts publishes twelve forward months for
this forward curve.
ICE Gasoil/Singapore 500 ppm Gasoil ESS (Exchange of Swaps for
Swaps): This enables holders of an FOB Singapore gasoil swap, converted
into $/mt using a conversion rate of 7.45, for an ICE Gasoil Frontline swap
position plus a differential. Platts publishes twelve forward months for
this forward curve.

16
Fuel oil swaps: High sulfur 180 centistokes fuel oil swaps and high
sulfur 380 centistokes fuel oil swaps are settled against the FOB
Singapore 180 CST and FOB Singapore 380 CST fuel oil assessments
respectively as published in the Platts Asia-Pacific/Arab Gulf Marketscan.
180 CST and 380 CST fuel oil swaps typically trade in 5 cents/barrel
increments. Platts also assesses the 180 CST/380 CST viscosity swaps.
These settle against the difference between the FOB Singapore 180
CST and 380 CST fuel oil assessments. The Singapore fuel oil paper
assessments reflect paper transactions of a minimum of 5,000 mt. Platts
publishes 12 forward months and four forward quarters for each of these
forward curves.
The 3.5% FOB Rotterdam barge swaps at 16:30 Singapore time are priced
against the 3.5% FOB Rotterdam barges as published in Platts European
Marketscan. The fuel oil swaps are assessed as dollars per metric ton.
The swap assessment contains the flat-price value of the swap as of
16:30 Singapore time for 12 forward months..
East-West fuel oil swaps assessments: East-West fuel oil swaps
assessments are differentials between FOB Singapore 180 CST swaps
and 3.5% FOB Rotterdam barges at 16:30 Singapore time. Platts publishes
East-West fuel oil swaps assessments for 12 forward months.

17
EUROPE: CRUDE OIL
Brent Frontline Swaps Brent DFL Swaps Brent CFD Swaps Urals Med CFD Swaps Urals NWE CFD Swaps Dubai Swaps WTI Frontline Swaps
CURRENCY US$ US$ US$ US$ US$ US$ US$
UOM Barrels Barrels Barrels Barrels Barrels Barrels Barrels
SETTLEMENT BASIS NAME Brent Futures Settlement NA NA NA NA Platts Dubai WTI Futures Settlement
SETTLEMENT BASIS CODE XILL001 NA NA NA NA PCAAT00 AAWS001
Week 1 - - PCAKA00 - - - -
Week 2 - - PCAKC00 - - - -
Week 3 - - PCAKE00 - - - -
Week 4 - - PCAKG00 - - - -
Week 5 - - AAGLU00 - - - -
Week 6 - - AAGLV00 - - - -
Week 7 - - AALCZ00 - - - -
Week 8 - - AALDA00 - - - -
Bal Month ABWGA00 ABWFZ00 - - - DFLLB00 WTFLB00
M1 AAPQE00 AAEAA00 - AAMDU00 UNCM001 DFLL001 WTFL001
M2 AAPQF00 AAEAB00 - AAMEA00 UNCM002 DFLL002 WTFL002
M3 AAPQG00 AAEAC00 - UMCM003 UNCM003 DFLL003 WTFL003
M4 AAPQH00 AAEAD00 - - - DFLL004 WTFL004
M5 AAPQI00 AAEAE00 - - - DFLL005 WTFL005
M6 AAPTU00 AAEAF00 - - - DFLL006 WTFL006
M7 BFSM007 - - - - DFLL007 WTFL007
M8 BFSM008 - - - - DFLL008 WTFL008
M9 BFSM009 - - - - DFLL009 WTFL009
M10 BFSM010 - - - - DFLL010 WTFL010
M11 BFSM011 - - - - DFLL011 WTFL011
M12 BFSM012 - - - - DFLL012 WTFL012
M13 BFSM013 - - - - DFLL013 WTFL013
M14 BFSM014 - - - - DFLL014 WTFL014
M15 BFSM015 - - - - DFLL015 WTFL015
M16 BFSM016 - - - - DFLL016 WTFL016
M17 BFSM017 - - - - DFLL017 WTFL017
M18 BFSM018 - - - - DFLL018 WTFL018
M19 BFSM019 - - - - DFLL019 WTFL019
M20 BFSM020 - - - - DFLL020 WTFL020
M21 BFSM021 - - - - DFLL021 WTFL021
M22 BFSM022 - - - - DFLL022 WTFL022
M23 BFSM023 - - - - DFLL023 WTFL023
M24 BFSM024 - - - - DFLL024 WTFL024
M25 BFSM025 - - - - DFLL025 WTFL025
M26 BFSM026 - - - - DFLL026 WTFL026
M27 BFSM027 - - - - DFLL027 WTFL027
M28 BFSM028 - - - - DFLL028 WTFL028
M29 BFSM029 - - - - DFLL029 WTFL029

18
M30 BFSM030 - - - - DFLL030 WTFL030
M31 BFSM031 - - - - DFLL031 WTFL031
M32 BFSM032 - - - - DFLL032 WTFL032
M33 BFSM033 - - - - DFLL033 WTFL033
M34 BFSM034 - - - - DFLL034 WTFL034
M35 BFSM035 - - - - DFLL035 WTFL035
M36 BFSM036 - - - - DFLL036 WTFL036
Q1 AAPQJ00 AAEJQ00 - - - DFLLQ01 WTFLQ01
Q2 AAPQK00 AAEJR00 - - - DFLLQ02 WTFLQ02
Q3 AAPQL00 AAEAO00 - - - DFLLQ03 WTFLQ03
Q4 AAPQM00 AAEAP00 - - - DFLLQ04 WTFLQ04
Q5 AAPQN00 AAEAM00 - - - DFLLQ05 WTFLQ05
Q6 AAPQO00 AAEAN00 - - - DFLLQ06 WTFLQ06
Q7 BFSLQ07 - - - - DFLLQ07 WTFLQ07
YEAR 1 AAPQP00 AAEAQ00 - - - DFLLY01 WTFLY01
YEAR 2 AAPQQ00 AAEAR00 - - - DFLLY02 WTFLY02
YEAR 3 AAPQR00 AAEAS00 - - - DFLLY03 WTFLY03
EUROPE: CRUDE OIL (CONTINUED)
Brent Frontline Swaps Brent DFL Swaps Brent CFD Swaps Urals Med CFD Swaps Urals NWE CFD Swaps Dubai Swaps WTI Frontline Swaps
CURRENCY US$ US$ US$ US$ US$ US$ US$
UOM Barrels Barrels Barrels Barrels Barrels Barrels Barrels
SETTLEMENT BASIS NAME Brent Futures Settlement NA NA NA NA Platts Dubai WTI Futures Settlement
SETTLEMENT BASIS CODE XILL001 NA NA NA NA PCAAT00 AAWS001

19
EUROPE: REFINED OIL PRODUCTS
CIF ARA
Propane
Swaps
CIF NWE
Naphtha
Swaps
Naphtha
CFR
MOPJ vs
Naphtha
NWE CIF
Crg Swap
Spread
London
Gasoline
ARA
Barge
Swaps
Gasoline
Eurobob
ARA
Barge
Swaps
Gasoline
Prem
Unleaded
10ppm Med
FOB Cargo
Swap
Gasoil
0.1%
Frontline
Swaps
Gasoil
0.1%
ARA
Barge
Swaps
Gasoil
0.1% CIF
NWE
Swaps
Gasoil
0.1%
CIF Med
Swaps
Jet CIF
NWE
Swaps
Jet FOB
Barge
Swaps
ULSD 10ppm
ARA Barge
Swaps
ULSD 10ppm
CIF NWE
Swaps
ULSD
10ppm
CIF Med
Swaps
3.5%
Fuel Oil
FOB ARA
Barge
Swap
3.5%
Fuel Oil
FOB Med
Swap
180 CST SG
fuel oil vs
3.5% Fuel
Oil FOB
Rdam Barge
Swap
1% Fuel
Oil FOB
NWE
Swap
1% Fuel
Oil FOB
ARA
Swap
CURRENCY US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$
UOM Metric
Tons
Metric
Tons
Metric Tons Metric Tons Metric Tons Metric Tons Metric
Tons
Metric
Tons
Metric
Tons
Metric
Tons
Metric Tons Metric
Tons
Metric Tons Metric Tons Metric Tons Metric
Tons
Metric
Tons
Metric Tons Metric
Tons
Metric
Tons
SETTLEMENT
BASIS NAME
NA Naphtha
CIF NWE
Cargo
Naphtha
C+F Japan
Cargo/
Naphtha
CIF NWE
Cargo
Prem
Unleaded
10ppmS
FOB Rdam
NA Premium
gasoline
10 PPM
Cargoes FOB
Med
ICE Gasoil
Futures
Settlement
Gasoil
.1%S
FOB ARA
Barge
Gasoil
0.1%S
CIF NWE
Cargo
Gasoil
0.1%S
CIF Med
Cargo
Jet CIF
NWE Cargo
Jet FOB
Rdam
Barge
ULSD
10ppmS FOB
ARA Barge
ULSD
10ppmS CIF
NWE Cargo
ULSD
10ppmS CIF
Med Cargo
FO 3.5%S
FOB Rdam
Barge
FO 3.5%S
FOB Med
Cargo
FO 3.5%S
FOB Rdam
Barge
FO 1%S
FOB NWE
Cargo
FO 1%S
FOB Rdam
Barge
SETTLEMENT
BASIS CODE
NA PAAAL00 PAAAD00
and
PAAAL00
PGABM00 NA AAWZA00 XILO001 AAYWT00 AAYWS00 AAVJJ00 PJAAU00 PJABA00 AAJUS00 AAVBG00 AAWYZ00 PUABC00 PUAAZ00 PUADV00
and
PUABC00
PUAAM00 PUAAP00
Bal Month ABWFX00 ABWFV00 ABWFT00 ABWFB00 GPWSM00 ABWAO00 ABWBT00 ABWBF00 ABWAS00 ABWCI00 AAXUH00 ABWEA00 ABWDM00 ABWCY00 ABWAE00 ABWAG00 - ABWAC00 ABWAA00
M1 AAHIK00 PAAAJ00 MANJM01 AAEBW00 ABWFC00 GPWSM01 AAPQS00 ABWBU00 ABWBG00 ABWAT00 ABWCJ00 AAXUM01 ABWEB00 ABWDN00 ABWCZ00 AAEHB00 AAEHK00 F1BDM01 AAEGR00 AALTA00
M2 AAHIM00 AAECO00 MANJM02 AAEBY00 ABWFD00 GPWSM02 AAPQT00 ABWBV00 ABWBH00 ABWAU00 ABWCK00 AAXUM02 ABWEC00 ABWDO00 ABWDA00 AAEHC00 AAEHL00 F1BDM02 AAEGS00 AALTC00
M3 AAHIO00 AAECQ00 MANJM03 AAEBZ00 ABWFE00 - AAPQU00 ABWBW00 ABWBI00 ABWAV00 ABWCL00 - ABWED00 ABWDP00 ABWDB00 AAEHD00 AAEHM00 F1BDMO3 AAEGT00 AALTF00
M4 AAHIQ00 AAECR00 AAECA00 ABWFF00 - AAPQV00 ABWBX00 ABWBJ00 ABWAW00 ABWCM00 - ABWEE00 ABWDQ00 ABWDC00 AAEHE00 AAEHN00 - AAEGV00 AALTH00
M5 - AAEN005 AAEB005 ABWF005 - AAPTV00 ABWBY00 ABWBK00 ABWAX00 ABWCN00 - ABWEF00 ABWDR00 ABWDD00 AAQDD00 AAQDL00 - AAPZG00 AAQDU00
M6 - AAEN006 AAEB006 ABWF006 - AAPTW00 ABWBZ00 ABWBL00 ABWAY00 ABWCO00 - ABWEG00 ABWDS00 ABWDE00 AAQDE00 AAQDM00 - AAPZH00 AAQDV00
M7 - AAEN007 AAEB007 ABWF007 - AAPQ007 ABWU007 ABWB007 ABWA007 ABWC007 - ABWE007 ABWD007 ABWH007 AAEH007 AAEK007 - AAER007 AALT007
M13 - - - - - AAPQ013 ABWU013 ABWB013 ABWA013 ABWC013 - ABWE013 ABWD013 ABWH013 AAEH013 AAEK013 - AAER013 AALT013
M25 - - - - - AAPQ025 - - - ABWC025 - - - - AAEH025 - - AAER025 -

20
M26 - - - - - AAPQ026 - - - ABWC026 - - - - AAEH026 - - AAER026 -
M27 - - - - - - - - - ABWC027 - - - - AAEH027 - - AAER027 -
M28 - - - - - - - - - ABWC028 - - - - AAEH028 - - AAER028 -
M29 - - - - - - - - - ABWC029 - - - - AAEH029 - - AAER029 -
M30 - - - - - - - - - ABWC030 - - - - AAEH030 - - AAER030 -
M31 - - - - - - - - - ABWC031 - - - - AAEH031 - - AAER031 -
M32 - - - - - - - - - ABWC032 - - - - AAEH032 - - AAER032 -
M33 - - - - - - - - - ABWC033 - - - - AAEH033 - - AAER033 -
M34 - - - - - - - - - ABWC034 - - - - AAEH034 - - AAER034 -
M35 - - - - - - - - - - - - - - AAEH035 - - AAER035 -
M36 - - - - - - - - - - - - - - AAEH036 - - AAER036 -
Q1 AAHIL00 AAECS00 AAECB00 ABWFG00 - AAPQW00 ABWCA00 ABWBM00 ABWAZ00 ABWCP00 - ABWEH00 ABWDT00 ABWDF00 AAEOR00 AAEHO00 - AAEGW00 AALTJ00
Q2 AAHIN00 AAECU00 AAECC00 ABWFH00 - AAPQX00 ABWCB00 ABWBN00 ABWBA00 ABWCQ00 - ABWEI00 ABWDU00 ABWDG00 AAEHG00 AAEHP00 - AAEOQ00 AALTL00
Q3 AAHIP00 AAECV00 AAECD00 ABWFI00 - AAPQY00 ABWCC00 ABWBO00 ABWBB00 ABWCR00 - ABWEJ00 ABWDV00 ABWDH00 AAEHH00 AAEHQ00 - AAEGY00 AALTN00
Q4 AAHIR00 AAECW00 AAECE00 ABWFJ00 - AAPQZ00 ABWCD00 ABWBP00 ABWBC00 ABWCS00 - ABWEK00 ABWDW00 ABWDI00 AAEHI00 AAEHR00 - AAEGZ00 AALTU00
Q5 - - - - - AAPQQ05 ABWUQ05 ABWBQ05 ABWAQ05 ABWCQ05 - ABWEQ05 ABWDQ05 ABWHQ05 AAEHQ05 AAEKQ05 - AAERQ05 AALTQ05
Q9 - - - - - - - - - ABWCQ09 - - - - AAEHQ09 - - AAERQ09 -
Q12 - - - - - - - - - - - - - - AAEHQ12 - - AAERQ12 -
YEAR 1 - AAENY01 AAEBY01 ABWFY01 - AAPRB00 ABWCE00 ABWBQ00 ABWBD00 ABWCT00 - ABWEL00 ABWDX00 ABWDJ00 AAEHJ00 AAEHS00 - AAEHA00 AALTW00
YEAR 2 - - - - - AAPRC00 ABWCF00 ABWBY02 ABWAY02 ABWCU00 - ABWEY02 ABWDY02 ABWHY02 AAQDF00 AAQDN00 - AAPZI00 AAQDW00
YEAR 3 - - - - - - - - - ABWCV00 - - - - AAQDG00 - - AAPZJ00 -
EUROPE: REFINED OIL PRODUCTS (CONTINUED)
CIF ARA
Propane
Swaps
CIF NWE
Naphtha
Swaps
Naphtha
CFR
MOPJ vs
Naphtha
NWE CIF
Crg Swap
Spread
London
Gasoline
ARA
Barge
Swaps
Gasoline
Eurobob
ARA
Barge
Swaps
Gasoline
Prem
Unleaded
10ppm Med
FOB Cargo
Swap
Gasoil
0.1%
Frontline
Swaps
Gasoil
0.1%
ARA
Barge
Swaps
Gasoil
0.1% CIF
NWE
Swaps
Gasoil
0.1%
CIF Med
Swaps
Jet CIF
NWE
Swaps
Jet FOB
Barge
Swaps
ULSD 10ppm
ARA Barge
Swaps
ULSD 10ppm
CIF NWE
Swaps
ULSD
10ppm
CIF Med
Swaps
3.5%
Fuel Oil
FOB ARA
Barge
Swap
3.5%
Fuel Oil
FOB Med
Swap
180 CST SG
fuel oil vs
3.5% Fuel
Oil FOB
Rdam Barge
Swap
1% Fuel
Oil FOB
NWE
Swap
1% Fuel
Oil FOB
ARA
Swap
CURRENCY US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$
UOM Metric
Tons
Metric
Tons
Metric Tons Metric Tons Metric Tons Metric Tons Metric
Tons
Metric
Tons
Metric
Tons
Metric
Tons
Metric Tons Metric
Tons
Metric Tons Metric Tons Metric Tons Metric
Tons
Metric
Tons
Metric Tons Metric
Tons
Metric
Tons
SETTLEMENT
BASIS NAME
NA Naphtha
CIF NWE
Cargo
Naphtha
C+F Japan
Cargo/
Naphtha
CIF NWE
Cargo
Prem
Unleaded
10ppmS
FOB Rdam
NA Premium
gasoline
10 PPM
Cargoes FOB
Med
ICE Gasoil
Futures
Settlement
Gasoil
.1%S
FOB ARA
Barge
Gasoil
0.1%S
CIF NWE
Cargo
Gasoil
0.1%S
CIF Med
Cargo
Jet CIF
NWE Cargo
Jet FOB
Rdam
Barge
ULSD
10ppmS FOB
ARA Barge
ULSD
10ppmS CIF
NWE Cargo
ULSD
10ppmS CIF
Med Cargo
FO 3.5%S
FOB Rdam
Barge
FO 3.5%S
FOB Med
Cargo
FO 3.5%S
FOB Rdam
Barge
FO 1%S
FOB NWE
Cargo
FO 1%S
FOB Rdam
Barge
SETTLEMENT
BASIS CODE
NA PAAAL00 PAAAD00
and
PAAAL00
PGABM00 NA AAWZA00 XILO001 AAYWT00 AAYWS00 AAVJJ00 PJAAU00 PJABA00 AAJUS00 AAVBG00 AAWYZ00 PUABC00 PUAAZ00 PUADV00
and
PUABC00
PUAAM00 PUAAP00

21
EUROPE
In Europe, PFC Oil assessments reflect a market on close value at 16:30
London time for all published forward curves. Bids, offers and trades are
published throughout the day on Platts eWindow and on Platts Global
Alert, its real-time information service.
Crude oil
Brent frontline swaps: A Brent frontline swap is a calendar month
derivative that is settled using the ICE Brent futures contract. The swap
when the future’s contract referenced is that for the second month). Daily
Brent frontline swaps are calculated using mean adjusted values for the
number of trading days that each futures contract spends as the front
month (with the exception of the front month’s expiry date). This is done
by calculating the exact number of trading days within each month, which
will vary according to the calendar month.
Platts also publishes WTI outright swap assessments, Dubai outright
swap assessments, WTI/Brent spreads, Brent/Dubai ESS (Exchange Swap
for Swap) and inter-month spreads for 36 months forward for all outright
price instruments, reflecting value at the respective region’s typical time-
stamp; in Asia at 16:30:00 Singapore time, in Europe at 16:30:00 London
time and in the US at 15:15:00 New York time.
DFLs (Dated-to-Frontline): An active swaps market exists in trading the
difference between Platts Dated Brent assessments and the ICE front
line futures contract. This market, known as Dated to Frontline, has
been supplemented by the Dated to BWAVE market, the latter being
the difference between Dated Brent and the daily trade-weighted Brent
average reported by the ICE for their futures monthly contracts. BWAVE
pricing is therefore for each future delivery month, not necessarily the
front month, whereas frontline is for whichever delivery month is the front
month during the swap period. Dated-to-Frontline implies the differential
between the daily Platts Dated Brent assessment and the ICE Brent
frontline swap assessment for the same time. Although a value can be
attributed to this after each day’s assessment/calculation, the value then
has to be aggregated for the period over which the Dated-to-Frontline
swap has been written. This is so that the two parties to the swap
can exchange a cash settlement at each of the stated pricing points in
the bilateral swap contract. To give an example, a Q3 Brent Dated-to-
Frontline swap hedges the differential between the two values throughout
the calendar quarter, i.e. throughout July, August and September. Q3
will therefore include front-month daily settlements during that calendar
quarter from the August, September, October and November futures’
delivery months. The Dated-to-Frontline swaps are assessed 36 months
forward, 12 quarters forward and three calendar years.
Brent and WTI Crude futures: Since September 1, 2014, Platts
has been publishing assessments for ICE Brent and NYMEX WTI
crude futures, reflecting value at 16:30 London time. Platts publishes
assessments for 35 months, 11 quarters and three years forward, which
roll in line with the comparable exchange’s futures expiry calendar.
Platts publishes monthly, quarterly and yearly spreads for both contracts.
Platts also publishes assessments for WTI-Brent futures spreads 36
months, 12 quarters and three years forward, reflecting the difference
between Platts assessments of ICE Brent and NYMEX WTI crude futures
at 16:30 London time.Brent CFDs: Brent CFDs (Contract for Difference)
are swaps, assessed by Platts for each of eight weeks ahead of the day
of publication. They represent the market differential in price between
the Dated Brent (BFOE) assessment and a forward month cash contract
i.e. forward month BFOE (Brent Forties Oseberg Ekofisk) cash contract,
over the contractual period of the swap. The first weekly balance is on a
forward week basis on Thursday and Friday and becomes a balance week
assessment between Monday and Wednesday.
Dated Brent swaps: Dated Brent swaps are also assessed longer term
over each of the 36 forward months, 12 forward quarters and three full
calendar years.
Urals CFD (Med and NWE): Urals CFDs are swaps assessed by Platts
for each of the forward three months for each of Urals Mediterranean
and NWE ahead of the day of publication for. They represent the market
differential between the Urals assessment (for each the Mediterranean
and NWE) over the contractual period and Dated Brent (BFOE) over the
same period.
Timing spreads: Each of the crude swap assessments has its own
timing structure, demonstrating how accentuated the backwardation
or contango is in each of the markets. This timing structure, expressed
as spreads between months or different strips of months, changes
constantly, and a fairly active swaps market has developed around
it. Swaps may be traded on a month against month basis, as well as
quarter-against-quarter and less commonly, year against year.
Quality spreads: Crudes such as West Texas Intermediate and Dubai are
often traded at a differential to Brent, and swaps may be written against
the forward value of the spread between these two grades. Thus swaps
will be written on the Brent-WTI and Brent-Dubai spreads.
WTI/Brent spreads: WTI/Brent swaps settle their value using the
difference between front-line futures contracts for each month, quarter
or annual period trade. As an example: a WTI/Brent swap for calendar
March will include settlements for both crude futures from the April and
May delivery months, which both trade as frontline at different times over
the calendar month. During Q3, a WTI/Brent swap would be financially
closed using exchange settlements for crude futures in the August,
September, October and November delivery months (all of the months
which trade as frontline at different times during the calendar third
quarter). WTI/Brent swaps are assessed for thirty six calendar months,
twelve forward quarters and three calendar years.
Brent/Dubai EFS (Exchange of Futures for Swaps: This enables holders of
ICE Brent futures to exchange their Brent futures position for a forward
month Dubai crude swap, similar to the Brent EFP (where parties convert
a futures position into a Brent forward or “25-day”cargo). The difference
here is that the ICE Brent position thus is converted into a Dubai monthly
swap, plus they receive a premium for the quality spread. As Dubai is not
an exchange-traded crude, unlike Brent or WTI it is possible to hear of
April/March EFS, where April ICE is exchanged for March Dubai swaps,
even though March Brent futures have expired by that point. The EFS is
assessed for two calendar months forward.
Example
A June swap made up of 9/21 of ‘July’ delivery month futures ($64.24/
barrel) and 12/21 of ‘August’ delivery month futures ($64.76/barrel) would
produce a value of $64.54/barrel. That is to say, that in the example
calendar month of June there are 21 trading days. The July futures
contract expires on June 14. Therefore, there are nine full trading days
where July is the front-month futures contract and twelve days where
August is the front-month futures contract.

22
July Brent futures $64.24/barrel * (9/21) = $27.53/barrel and the August
futures at $64.76/barrel * (12/21) = $37.01/barrel. Add the two together
to get the June Brent swap of $64.54/barrel.
This takes into account the roll between the first and second forward
months around the 15th of each month. The Brent frontline swaps are
assessed for six calendar months, six forward quarters and three calendar
years.
London 16:30 Platts assessment for ICE Brent futures: Platts assesses on
a daily basis the value of ICE futures prevailing values at 16:30 London
time. Platts assessments reflect the exact tradable and repeatable value
of Brent futures exactly at that time. Platts uses all information available
to assess outright futures prices at 16:30 London time exactly. Platts’
editorial team reviews all relevant electronic data such as the ICE trading
platform screen and review both outright flat price trades as well as inter-
month spread trades prevailing at 16:30.
Further to this, Platts reporters look at current market trends in the
immediate period before and after 16:30. This is to ensure that the Platts
assessment reflects a prevailing and representative value at 16:30 rather
than an unusual trade occurring at that time or earlier. This is of critical
The 16:30 London time futures assessments are evaluated at this time to
ensure that Brent futures or those assessments linked to futures values
are in line with all other timestamps across Platts crude and refined
products assessments. The Brent contract traded on the ICE platform
settles at a different time.
Platts’ 16:30 assessments of Brent futures are incorporated into the Brent
frontline swap calculations (see above).
Refined oil products
The growth of the European product swaps market started as an
alternative to basis risk trading, and the lack of actively traded future
exchanges for particular products. European product swaps are often
settled against the monthly average of oil products assessments
published in the daily publication, Platts European Marketscan.
Propane: The underlying physical basis for the CIF propane swap in
Europe is the published assessments for CIF ARA propane cargoes. The
LPG propane swaps are assessed on a daily basis as a dollars per metric
ton outright value. Balance-month, four forward months and four quarters
ahead are assessed.
Gasoline: The underlying physical basis for the gasoline swap in
Northwest Europe is the Eurobob barge assessment as published in the
European Marketscan. The current gasoline swaps curve is assessed
for balance month, twelve forward months, four forward quarters and
one calendar year forward on a daily basis. The average clip size for a
gasoline barge swap is typically 5,000mt. Platts also assesses balance
month, twelve forward months, four forward quarters and one calendar
year forward on a daily basis for Premium gasoline 10 ppm barge swaps
using the Premium gasoline 10 ppm assessment as the underlying
physical basis.
Gasoline barge crack swaps are a differential swap to Brent and
published in dollars per barrel. Like the Eurobob barge swaps and the
premium gasoline 10 ppm barge swaps, the crack spreads are assessed
for balance month, twelve forward months, four quarters and one
calendar year ahead.
The underlying physical basis for the premium unleaded 10 ppm gasoline
FOB Mediterranean cargo swaps is the premium unleaded 10 ppm
FOB Mediterranean cargo assessment as published in the European
Marketscan. The swap curve is assessed for balance month, front month
and second month in dollars per metric ton. The lot size reflected is
typically 5,000 mt. Platts also publishes the premium unleaded 10 ppm
gasoline FOB Mediterranean cargo swaps as a differential to the Eurobob
Gasoline FOB ARA barge swaps for the relevant months, termed the
“Med/North differential”.
Premium unleaded 10 ppm gasoline FOB Mediterranean crack swaps are
a differential swap to Brent and assessed in dollars per barrel. Like the
outright gasoline FOB Med cargo swaps, the crack spreads are assessed
for balance month, front month and second month.
Naphtha: The underlying physical basis for the naphtha CIF Northwest
European cargo swap is the CIF cargoes as assessed in Platts European
Marketscan. Platts assesses naphtha swaps reflecting a lot size of 5,000
mt. The naphtha swap curve is assessed for balance month, twelve
forward months, four forward quarters and one calendar year ahead on a
daily basis.
Naphtha crack swaps are a differential swap to Brent and assessed in
dollars per barrel. Like the outright naphtha swaps, the crack spreads are
assessed for balance month, twelve forward months, four quarters and
one calendar year ahead.
The Naphtha CFR MOPJ vs Naphtha NWE CIF Crg Swap or naphtha
“East/West” swap represents the difference between the comparable
month’s Mean of Platts Japan (MOPJ) Naphtha swap and the Naphtha
Northwest Europe CIF Cargo Swap. The MOPJ naphtha swaps settles
against Platts C+F Japan naphtha assessments as published in the Asia-
Pacific/Arab Gulf Marketscan. The assessments are published for three
calendar months forward from the date of publication.
Middle distillates: The middle distillate swaps complex is made up of
two elements: ICE gasoil futures and product spreads (gasoil, diesel, or
jet fuel) to gasoil futures. To calculate flat price swaps, Platts takes the
product differential and adds it to the relevant ICE gasoil futures contract
or frontline swap.
Example – to calculate the FOB ARA 0.1% Gasoil barge swaps for
September:
September gasoil frontline ($650/mt) plus September gasoil barge swaps
($-4.50) = $645.50/mt.
The ICE gasoil futures contract specification switched from 0.1%, or
1,000 ppm gasoil to low sulfur gasoil in January 2015. As such, all middle
distillate derivative assessments listed from January 2015 onwards are in
relation to the ICE low sulfur gasoil futures contract. One month will roll
off at the beginning of each calendar month and a quarter will roll off at
the start of each calendar quarter. From June 2015, Platts extended its
ICE low sulphur gasoil futures curve from three forward months to thirty-
six forward months, twelve forward quarters and three calendar years.
Jet fuel: Jet swaps trade at a differential to the ICE gasoil contract and
are priced off the Platts CIF NWE cargo assessments as published in the
European Marketscan. The Jet swap is denominated in dollars per metric
ton. The forward curve is assessed for thirty-six forward months, twelve
forward quarters and three calendar years.

23
From June 2015, Platts also started assessing swaps priced off the
Platts FOB Rotterdam barge assessments as published in the European
Marketscan, in dollars per metric ton.The forward curve is assessed for
three months forward.
Diesel: Previously there were two grades of diesel swaps to reflect the
specifications across many European countries. 50ppm sulfur diesel came
into effect by 2005 but was discontinued on the last trading day of 2008
for both the Mediterranean and NWE as a response to EU regulations on
the ULSD sulphur content.
To reflect the change to lower sulfur specifications across the EU, the 10
ppm sulfur barge as well as cargo swaps became more heavily traded.
The European Union had stipulated that sulfur free diesel fuels must be
available from 2005 with the full introduction being mandatory in 2009.
Effective October 1, 2008, in response to the EU sulfur regulations, Platts
introduced an assessment for 10 ppm CIF NWE cargo swaps. The swap is
a differential swap to gasoil futures and is assessed in dollars per metric
ton. The swap is priced against the Platts CIF NWE 10 ppm cargo (basis
Amsterdam) assessment as published in the European Marketscan. The
forward curve is assessed for twenty-four forward months, eight forward
quarters and two forward years.
The 10 ppm FOB ARA barge swap is a differential swap to gasoil futures,
and is assessed in dollars per metric ton. It is priced against Platts 10
ppm diesel FOB ARA barge assessment as published in the European
Marketscan. The forward curve is assessed for twenty-four forward
months, eight forward quarters and two forward years.
The 10 ppm CIF MED swap is priced against Platts’ 10 ppm diesel CIF
MED assessment as published in the European Marketscan. The forward
curve is assessed for twenty-four forward months, eight forward quarters
and two forward years.
Gasoil: There are a number of different swaps location for gasoil
including barges and cargoes in the northwest Europe. Platts assesses
cargo swaps in the Mediterranean to reflect the exports coming out of
the Black Sea ports. From October 1st 2007, Platts started to assess
0.1% gasoil FOB ARA barge swaps and 0.1% gasoil cargo swaps CIF NW
Europe. From October 1st 2008, Platts also introduced an assessment for
0.1% sulfur gasoil CIF cargoes in the Mediterranean. These assessments
reflect the introduction of lower sulfur specifications in gasoil from
January 2008 following legislation from the European Union.
These assessments ran in parallel to ARA and NWE 0.2% gasoil
assessments, which were discontinued both in NWE and the
Mediterranean on the last trading day of 2008.
The 0.1% gasoil barge swap in the Antwerp/Rotterdam/Amsterdam
market is priced against the Platts Rotterdam barge assessment as
published in the European Marketscan. The forward curve is assessed
for twenty-four forward months, eight forward quarters and two forward
years.
The 0.1% gasoil CIF cargo swap is priced against the Platts 0.1% gasoil
CIF NWE cargo assessment. The forward curve is assessed for twenty-
four forward months, eight forward quarters and two forward years.
The 0.1% cargo CIF swap in the Med is priced against the 0.1% CIF Med
physical cargo assessment as published in the European Marketscan. The
forward curve is assessed for twenty-four forward months, eight forward
quarters and two forward years.
In addition to the differential swap values, Platts publishes flat price
swap values and crack swap values for all 0.1% gasoil, ULSD and
Jet swaps. Flat price swap values represent a value of the assessed
underlying gasoil curve plus the relevant swap assessment. For crack
swap values, these represent the difference between the flat price of the
distillate swap and the Brent front line swap, with the exception of swap
values for 0.1% gasoil.
Gasoil frontline crack swaps are derived from market information. The
crack swaps are assessed in dollars per barrel. 0.1% gasoil, ULSD and
Jet crack swaps are assessed for the respective length of the underlying
distillate differential swap.
The published gasoil frontline crack forward curve is thirty-six forward
months, twelve forward quarters and three forward years. The
conversation factor used is 7.45 for gasoil and ULSD, while 7.86 is used
for Jet.
Gasoil frontline futures swaps: These are calendar month gasoil
swaps based on daily Platts ICE gasoil 16:30 values and the assessment
of ICE gasoil futures intermonth spreads at 16:30 London time. To reflect
the value prevailing at exactly 16:30 London time, Platts uses the Platts
ICE gasoil values to establish the front three months of the gasoil curve
in order to align with physical pricing in the middle distillates segment.
Other instruments such as ICE gasoil futures contract settlements can
also be used for the assessment if there is no liquidity in the intermonth
spread market. The ICE gasoil settlement values are a calculated three
minute weighted average closing at 16:30 London time.
Gasoil frontline swaps are calculated by adjusting the value for the
proportion of days that each futures contracts trades as the front month
(for example, in calendar May, approximately 33% will be the May gasoil
futures contract and 66% will be the June month contract).
Example
A September gasoil frontline swap of $655/mt takes 33.333% of
September ICE gasoil futures ($649.50/mt) and 66.666% of October ICE
gasoil futures (657.50/mt). September gasoil futures 649.50 * 0.3333% =
216.47mt and October futures 657.50/mt * 0.6666 = 438.29/mt. Add the
two together to get the September gasoil swap. The calculation takes into
account the gasoil futures expiry on or around the tenth of each month.
N.B In addition, gasoil frontline crack swaps, which reflect traded levels
in the market and are assessed at 16:30GMT, are also taken into account
for the gasoil frontline swaps calculations, therefore generating a more
accurate gasoil frontline swaps value.
Fuel oil: Platts assesses five different kinds of European fuel oil swaps.
1% Fuel oil FOB North West Europe (NWE) cargo swaps
3.5% Fuel oil FOB Amsterdam Rotterdam Antwerp (ARA)
barge swaps
3.5% Fuel oil FOB Mediterranean (MED) cargo swaps
1% Fuel oil FOB ARA barge swaps
180 CST Fuel oil FOB Singapore Cargo vs 3.5% Fuel oil FOB Rotterdam
Barge swaps

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