Oil Buyer’s
BRIEF Guide
Showa Shell Boosts Use of South American Oil
Wednesday
03.26.14
www.bloombergbriefs.com
Quote of the Day
“The notion that they were going to
somehow cooperate with each other
in an oil investment is difficult at
best right now.”
By Tsuyoshi Inajima
Toa Oil, a unit of Japan’s Showa Shell, has boosted its use of South American crude
as the grades are cheaper than Middle Eastern oil, Yasuyuki Shishido, chief of the
company’s corporate planning office, said in an interview today.
South American crude, mainly from Ecuador, accounted for about 25 percent of the
feedstock processed at the company’s Keihin refinery in 2013, up from less than 20
percent the year before, Shishido said. The company plans to maintain the same level of
South American crude use in 2014, Shishido said.
The company processed about 88,600 barrels of crude a day in 2013. South American
crude is used by the Keihin refinery’s 27,000 barrel per day coker, which allows the facility
to produce less low-value residual fuel oil and more high-value light products such as
gasoline and diesel.
— Occidental Petroleum Corp.’s Chief
Executive Officer Steve Chazen on efforts to
sell a stake in its Middle East business to a
consortium made up of Oman, the United
Arab Emirates and Qatar.
Today’s Events
BCAL <GO>
All day: Howard Weil Energy Conference,
New Orleans. Presenters include Canadian
Natural Resources, Pioneer Energy Services,
Whiting Petroleum Corp.
PGCRDUBA Index (Bloomberg Arabian Gulf Dubai Fateh Crude Oil Spot Price)
LACRORIE Index (Bloomberg Latin American Oriente Crude Oil Spot Price)
Dubai-Ecuador Crude
South American Western Crude’s Discount to Dubai Fateh Declines
10 a.m.: Ecopetrol annual general meeting.
10:30 a.m.: DOE Inventory data.
11 a.m.: Legacy Oil + Gas, 4Q earnings call.
4 p.m.: California weekly fuels report.
All times Eastern.
Inside
The Trading Floor: Page 2.
Spectra Energy patterns suggest
bearish move.
MARKET CALLS: Page 2.
There have been some positive signs in the
integrated oil sector, HSBC said.
DATA RELEASE: Page 3.
U.S. crude production and imports cross.
Source: Bloomberg LP
The BLOOMBERG PROFESSIONAL service, BLOOMBERG Data and BLOOMBERG Order Management Systems (the “Services”) are owned and distributed locally by Bloomberg Finance L.P. (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the
“BLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg L.P. (“BLP”). BLP provides BFLP with all global marketing and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. The Services include electronic
trading and order-routing services, which are available only to sophisticated institutional investors and only where necessary legal clearances have been obtained. BFLP, BLP and their affiliates do not provide investment advice or guarantee the accuracy of prices or information in the Services. Nothing
on the Services shall constitute an offering of financial instruments by BFLP, BLP or their affiliates. BLOOMBERG, BLOOMBERG PROFESSIONAL, BLOOMBERG MARKET, BLOOMBERG NEWS, BLOOMBERG ANYWHERE, BLOOMBERG TRADEBOOK, BLOOMBERG BONDTRADER, BLOOMBERG
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Oil Watch
Bloomberg ®Charts
Outages
Refinery
outages.
For details,
see Page 2.
149
149 on Mar 25
REFO <GO>
1 -1
Brent-WTI
Brent-WTI
spread.
7.55
▲
7.02 on Mar 25
CLC01 Index
Floating Storage
Global
crude oil,
mil bbls.
96.9
▲
93.9 on Mar 24
NOON<GO>
API Estimate
API’s
estimate
for U.S. oil
inventories,
mil bbls.
376m last week, actual
tNI API OIL<GO>
382
▲
1 2 3 4 5 6 7 The Wire: Page 3.
The Houston Ship Channel reopened in
nearly all directions of vessel traffic for the
first time since a March 22 oil spill.
Natural gas watch: Page 5.
Higher demand by power sector may push
natural gas prices up over long term.
SPOT PRICES: Page 6.
FUTURES PRICES: Page 7.
03.26.14 www.bloombergbriefs.com
Bloomberg Brief | Oil Buyer’s Guide
The Trading Floor
Market Calls
SEP US Equity (Spectra Energy Partners LP)
There have been some positive
signs in the integrated oil sector,
even as full-year results and strategy
updates remain mixed, HSBC said in
a note. The bank said there have been
no fundamental changes in investor
sentiment as a whole and that the
market remains wary of free cash flow
and growth opportunities; however,
any immediate signs that counter this
view are rewarded very quickly. Recent
positive news has mainly come in
the form of lower capex guidance,
including for Total and Statoil, and
improved cash flow guidance, including for BP and Chevron, HSBC said.
Some of the market’s skepticism
about the integrated oil sector can be
attributed to the fall in crude prices in
2008 and 2009, even though balance
sheets are in a better state now, the
bank said.
Spectra Energy Patterns Suggest Bearish Trend
■■
Source: Bloomberg LP
Spectra Energy’s Bollinger bandwidth reached a new low (shown by the red horizontal trendline.)
Both the Bollinger Percent B and RSI lines break an upward slanting trendline indicating potential
downward
move. Look for a break of the 23.6 percent Fibonacci line which matches up to prior highs1 - 1
Bloomberg
®Charts
and lows, as well as a break of the lowest Fibonacci fan level to confirm the bearish trend.
The BLOOMBERG PROFESSIONAL service, BLOOMBERG Data and BLOOMBERG Order Management Systems (the “Services”) are owned and distributed locally by Bloomberg Finance L.P. (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the
“BLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg L.P. (“BLP”). BLP provides BFLP with all global marketing and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. The Services include electronic
trading and order-routing services, which are available only to sophisticated institutional investors and only where necessary legal clearances have been obtained. BFLP, BLP and their affiliates do not provide investment advice or guarantee the accuracy of prices or information in the Services. Nothing
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TELEVISION, BLOOMBERG RADIO, BLOOMBERG PRESS and BLOOMBERG.COM are trademarks and service marks of BFLP, a Delaware limited partnership, or its subsidiaries.
— Teresa Chan
Selected Refinery Outages
REFO <GO>
JX Nippon Oil & Energy refinery in Japan said most of its units will be “mothballed” as of March 31.
Company
LOCATION
2
REASON
START OF
OUTAGE
PROJECTED
END DATE
Toa Keihin
Refinery Japan
Japan
No. 3 CDU of 70,000 b/d to shut in
spring for maintenance.
Qtr 2,
2014
Qtr 2, 2014
JX Nippon Oil & Energy Corp Muroran
Japan
Most units, including No. 2 CDU of
180,000 b/d, are to be mothballed.
31-Mar-14
NA
Citgo Corpus Christi
TX Refinery (PADD 3)
Corpus Christi,
Texas
Refinery reported a shutdown of A
sulfur train after breach of reactor shell,
a filing to the state shows.
24-Mar-14
8-Mar-13
Neste Porvoo
Refinery Finland
Finland
Refinery is conducting maintenance,
the company said March 25.
24-Mar-14
30-Mar-14
— James Cone
Urals differentials in northwest Europe are expected to drop due to higher loadings, JBC said in an e-mailed
report. “Increase in cargoes loading in
the north is strongly expected to cool
Urals NWE and send it to a deeper
and steady discount to the tighter
Mediterranean market,” JBC said. The
total volume of Urals supplied to the
market is in line with higher Russian
refinery maintenance, JBC said, noting
that the Mediterranean market is still
missing sizable amounts of mediumsour crude from Iran, Syria and northern Iraq given frequent outages along
the Kirkuk-Ceyhan pipeline.
■■
— Sherry Su
Source: Bloomberg
Bloomberg Brief Oil Buyer’s Guide
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Global Energy Markets swallace6@bloomberg.net
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Energy and Commodities tcoulter@bloomberg.net
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Editor dfretz@bloomberg.net
212-617-5166
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1 2 3 4 5 6 7 03.26.14 www.bloombergbriefs.com
Bloomberg Brief | Oil Buyer’s Guide
3
The Wire
DWOPUSA Index (DOE USA Crude Oil Production Data)
DOCRTOTL Index (DOE Crude Oil US Import Data/Total)
Policy
Rising U.S. Oil Production Fuels Congressional Debate
“America can and should be an energy
superpower,” Senator Mary Landrieu,
chairman of the Energy and Natural
Resources Committee, said yesterday at
her first hearing as head of the panel. A
House Energy and Commerce Committee panel also took up the issue of U.S.
energy exports including liquefied natural
gas yesterday and the House Foreign
Affairs Committee will hold a hearing on
the subject today. Some lawmakers are
skeptical about stepped up overseas
sales. “Unlimited LNG exports would
have serious impacts on consumers and
manufacturers,” Representative Henry
Waxman, a California Democrat, said
at the House hearing. “Foreign policy
arguments in favor of energy exports are
gaining momentum on Capitol Hill,” Whitney Stanco, a Washington-based energy
policy analyst at Guggenheim Securities
LLC, said in a note to investors. “Nevertheless, it remains unlikely that Congress
will coalesce around a plan on LNG
exports and highly unlikely that Congress
will act on crude exports in the near term.”
Congress remains split on the issue, said
Michael Webber of the University of Texas.
Lawmakers from energy-consuming states
are more likely to oppose exports out of
concerns it will drive up prices. There are
also divisions among businesses. Crude
oil exports are backed by producers such
as Exxon Mobil Corp. and ConocoPhillips that say it would encourage more
U.S. drilling, increase government revenue
and create thousands of jobs. Four
U.S.-based oil refiners recently formed a
coalition to fight increased crude exports.
They say overseas sales would raise
U.S. gasoline prices. America’s Energy
Advantage, a coalition that includes Dow
Chemical Co., Eastman Chemical Co.
and Alcoa Inc., said the conditional approval Monday of the Jordan Cove LNG
terminal in Oregon was a “grievous error”
that could raise domestic prices.
■■
— Jim Snyder and Brian Wingfield
Supply Disruptions
The Houston Ship Channel reopened
in nearly all directions of vessel traffic for
the first time since a March 22 oil spill.
The Coast Guard planned to shut down
■■
Source: Bloomberg
The BLOOMBERG PROFESSIONAL service, BLOOMBERG Data and BLOOMBERG Order Management Systems (the “Services”) are owned and distributed locally by Bloomberg Finance L.P. (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the
“BLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg L.P. (“BLP”). BLP provides BFLP with all global marketing and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. The Services include electronic
trading and order-routing services, which are available only to sophisticated institutional investors and only where necessary legal clearances have been obtained. BFLP, BLP and their affiliates do not provide investment advice or guarantee the accuracy of prices or information in the Services. Nothing
on the Services shall constitute an offering of financial instruments by BFLP, BLP or their affiliates. BLOOMBERG, BLOOMBERG PROFESSIONAL, BLOOMBERG MARKET, BLOOMBERG NEWS, BLOOMBERG ANYWHERE, BLOOMBERG TRADEBOOK, BLOOMBERG BONDTRADER, BLOOMBERG
TELEVISION, BLOOMBERG RADIO, BLOOMBERG PRESS and BLOOMBERG.COM are trademarks and service marks of BFLP, a Delaware limited partnership, or its subsidiaries.
In November, the U.S. produced more oil than it imported for the first time since 1995, fueling a
debate on current restrictions to oil and gas exports. See story, left.
Bloomberg ®Charts
1 -1
— Jim Snyder and Brian Wingfield
the channel at about sunset last night and
resume movements at daylight today, Petty Officer Eric Coleman said. As of 5:30
p.m. local time yesterday, 50 vessels were
waiting to come into the Houston Ship
Channel and 30 were waiting to leave,
Petty Officer Matthew Schofield said by
telephone. Three tankers were waiting
to enter Galveston-Texas City and three
were waiting to leave; 19 barges were in
the queue at Pelican Cut; three barges
were at Barbours Cut; seven barges were
at Bayport; and 35 barges were at Bolivar.
— Barbara Powell and Dan Murtaugh
Colonial Pipeline Co., which operates
the largest oil products pipeline system
in the U.S., shut a segment that can
carry 885,000 barrels a day of fuel to the
Northeast for repairs. The leg, known as
Line 3, was taken out of service yesterday
after work crews investigated “an anomaly” in Virginia and began a repair plan,
the Alpharetta, Georgia-based company
said in an e-mailed statement. The line,
part of Colonial’s larger system that ships
gasoline, diesel and other fuels to the
Northeast from Gulf Coast refiners, was
expected to be shut “through the night,”
■■
1 2 3 4 5 6 7 and Colonial had updated shipping schedules to reflect the outage. The shutdown
threatens to trap product supplies in the
Gulf Coast, a region already facing transport challenges after a fuel-oil spill closed
the Houston Ship Channel for three days.
— Lynn Doan
Exploration
Brazil will look to auction oil exploration
licenses by mid-2015, following three bidding rounds last year, as the South American country seeks to reverse a decline in
crude output and stoke economic growth.
The government hasn’t set a date or decided whether to offer ultra-deep fields in
the so-called pre-salt area, Oil Secretary
Marco Antonio Almeida said.
■■
— Rodrigo Orihuela
BG and Woodside together won four
offshore blocks in a Myanmar auction, the
nation’s energy ministry said on its website. Shell won three exploration blocks.
Eni and Reliance Industries won two
blocks each. Statoil-Conoco and Roc
Oil-Tap Oil partnerships each won one
■■
continued on next page
03.26.14 www.bloombergbriefs.com
Bloomberg Brief | Oil Buyer’s Guide
4
the wire…
continued from previous page
block. Myanmar received a total of 64 bids
for 30 offshore oil blocks.
— Kyaw Thu and Rakteem Katakey
Exxon Mobil Corp. is negotiating
to bring OAO Rosneft into oil and gas
licenses in Iraq’s Kurdistan region, according to people familiar with the talks.
Rosneft is still considering the proposal,
part of a global alliance between the
largest U.S. and Russian oil companies,
and a deal isn’t guaranteed. Exxon signed
six production sharing contracts covering
more than 848,000 acres in Kurdistan in
October 2011, according to the company’s
2013 annual report. Exxon began a seismic survey on four of six blocks in 2013
and has begun drilling one well, according
to the report.
■■
— Stephen Bierman and Brian Swint
Mergers & Acquisitions
Seadrill Ltd. plans to resume acquisitions and rig building by early 2016 when
the market for deep-water rigs is expected
to improve, Chief Financial Officer Rune
Magnus Lundetrae said yesterday in an
interview in New Orleans.
■■
— David Wethe
Legal
Cleopatra Shipping Agency Ltd., the
operator of the bulk carrier that collided
with a barge carrying oil in the Houston
Ship Channel, was on probation for a
2011 federal pollution violation. Cleopatra
Shipping operates the Summer Wind, a
585-foot Liberian flag vessel owned by
Sea Galaxy Marine SA, Greg Beuerman, a spokesman for the U.S. Coast
Guard Joint Information Center, said in a
telephone interview yesterday. Cleopatra,
based in Pireas, Greece, pleaded guilty
in September 2012 to violating the Act
to Prevent Pollution from Ships. It was
ordered to pay a $300,000 fine and serve
a three-year term of probation requiring
implementation of an environmental compliance program. Both Cleopatra Shipping
and Kirby Inland Marine LP, owner of
the barge carrying fuel oil, were sued
by commercial and sport fishermen on
Monday. The fisherman claimed damages
from the March 22 oil spill.
■■
— Harry R. Weber and Dan Murtaugh
European Natural Gas Prices
KEY PRICES
Change
Time of
Last Price From
Open Last Trade
NBP prompt (GB pence/Therm)
54.50
-0.50
8:16:38 AM
54.10
-0.15
8:13:25 AM
54.30
0.02
8:02:11 AM
TTF Dutch Gas (EUR/MWh)
22.15
0.10
8:22:05 AM
22.02
0.02
8:05:42 AM
24.55
0.05
8:15:17 AM
Ticker
Day Ahead
Apr 14
Sum 14
NBPGDAHD Index
NBPG1MON Index
NBPGS1 Index
Day Ahead
Apr 14
2015
TTFGDAHD Index
TTFG1MON Index
TTFGCY1 Index
Trade
Source
Fair Value
ICAS
ICAS
EGFI
54.22
54.20
ICAS
EGFI
ICAS
22.09
24.53
European Natural Gas Supply and Demand
indicator
GIE Total EU Gas Storage (MCM)
GIE Total EU Gas Storage (% Full)
Yesterday UK gas demand (MCM)
Dayahead UK forecast gas demand (MCM)
Ticker
GIEDSTTL Index
GIEDFTTL Index
UGASDEMD Index
UGASFD1D Index
Value
50,681.68
64.55
247.76
270.85
1-Day Change
-291.31
-0.37
0.00
1.74
U.S. Natural Gas Prices
Henry Hub Prices ($/
MMBtu)
Spot price
APR 14
MAY 14
JUN 14
Ticker
Last Price
NGUSHHUB Index
NG1 Comdty
NG2 Comdty
NG3 Comdty
4.50
4.40
4.39
4.42
Change
From Open
-0.01
0.00
0.00
Time of
Last Trade
-8:14:26 AM
8:14:31 AM
8:13:54 AM
U.S. Natural Gas Supply and Demand
Indicator
Change In Total Gas Storage
Total Gas Demand
Ticker
MMcf/d
NAGSTSTO Index
NAGSTOTC Index
-13,642.00
91,053.00
Change From
Previous Day
-1,872.00
453.00
Global LPG Pricing Data
Indicator
Mont Belvieu LST Propane
Mont Belvieu Non-LST Ethane
Naphtha fob Singapore
Ticker
LPGSMBPP Index
LPGSMBPE Index
NAPHSINF Index
EMEA Gas
Ukraine began talks on importing
natural gas from the European Union via
Slovakia, in an effort to decrease reliance
on supplies from Russia. Representatives
from Ukrtransgas AC and Eustream AS,
the Ukrainian and Slovakian pipeline operators, met with European Commission
■■
1 2 3 4 5 6 7 Last Price
103.75
28.75
100.97
Change
1.75
0.62
-0.38
officials in Brussels yesterday to discuss
technical aspects of trying to reverse the
flow of gas through Slovakia’s pipeline,
EC spokeswoman Sabine Berger and
Eustream spokesman Vahram Chuguryan
said. Ukraine currently exports the fuel to
Slovakia.
— Ladka Bauerova and Ewa Krukowska
03.26.14 www.bloombergbriefs.com
natural gas watch Bloomberg Brief | Oil Buyer’s Guide
5
Naureen S. Malik, Bloomberg news
Winter’s Higher Natural Gas Costs Hint at Future as Power Generation Shifts
Demand for gas, used to heat half of
U.S. households and generate 27 percent
of the nation’s power, reached records
from New York to Los Angeles in January,
sending regional prices to all-time highs.
“The market is basically looking at this
situation as a weather anomaly,” said
Angie Storozynski, a New York-based
utility analyst with Macquarie Capital
USA Inc. “They aren’t pricing in the
tightness of power generation supply
sources. A number of these plants won’t
be around soon.”
A record number of coal units, 86 generators accounting for 10,308 megawatts
of capacity, were mothballed in 2012,
while the 79 plants slated for shutdown in
2015 account for another 11,993 megawatts, said M. Tyson Brown, an analyst
with the EIA, who based the estimate on
data collected from power producers.
Power from coal-fired plants will account for about 40 percent U.S. electric-
“Rolling blackouts would be
more of the norm because of
the aggravated fuel supply.”
– Roshan Bains, director of utilities power
and gas at Fitch Ratings in New York on
increasing U.S. use of natural gas
ity generation this year, down from 44
percent in 2009, EIA estimates show.
Gas will supply 27 percent, up from 23
percent five years ago.
As many as 13 nuclear reactors may be
mothballed or retired early because of
public opposition to extending licenses,
high costs, poor performance or tough
market conditions, according to IRR
Energy data released March 19 in a BNP
Paribas SA conference call. The plants
account for about 11 percent of U.S.
nuclear capacity, EIA data show.
While coal and nuclear plants close,
gas-fired generating capacity will increase
to about 410,000 megawatts by 2016, up
10 percent from 2012, accounting for 35
percent to 40 percent of total U.S. capacity, according to Roshan Bains, director
of utilities power and gas at Fitch Ratings
in New York.
“As you rely more on natural gas, or one
fuel, you will see more and more spikes in
power prices,” Bains said. “Rolling blackouts would be more of the norm because
of the aggravated fuel supply.”
Spot gas at the Transco Zone 6 hub
serving New York rose to a record $135
per million Btu Jan. 21 on the IntercontinentalExchange. Prices have averaged
$18.24 so far in 2014, more than double
a year ago and the most for the time of
year in data compiled by Bloomberg going
back to 2002.
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1 2 3 4 5 6 7 BRIEF
03.26.14 www.bloombergbriefs.com
6
Bloomberg Brief | Oil Buyer’s Guide
SPOT PRICES
BENCHMARKS Prices as of end of day in New York
AMERICAS
Bloomberg USGC Sour Index
Light Louisiana Sweet (LLS)
Mars Blend
WTI Cushing
West Texas Sour (WTS)
Bakken
West Canadian Select
Edmonton Syncrude Sweet
Gasoline New York 87
Gasoline U.S. Gulf 87
Gasoline LA 85.5 CARBOB
Jet Fuel No. 54 NY
Jet Fuel No. 54 U.S. Gulf
Diesel ULS NY
Diesel ULS U.S. Gulf
Diesel LS CARB LA
Heating Oil No. 2 NY
Heating Oil No. 2 U.S. Gulf
Fuel Oil NY Cargo 1.0% Low Pour
Fuel Oil U.S. Gulf Coast 3.0%
ASIA PACIFIC
Crude Tapis (Bloomberg)
Crude Dubai Fateh
C&F Japan Naphtha
PRICE
96.41
102.54
97.94
99.54
93.54
97.10
79.53
100.83
266.78
265.65
290.78
295.65
284.15
292.65
288.15
290.65
285.15
274.65
99.63
88.38
PRICE
112.65
103.65
927.38
EUROPE
PRICE
Dated BFOE
Daily BWAVE
95 RON - ARA - FOB barge
MTBE ARA FOB barge
Jet Fuel NW Europe CIF cargo
Jet Fuel W Med FOB
Gasoil ARA FOB barge
Gasoil NW Europe CIF cargo
Gasoil W Med CIF cargo
Diesel ULS ARA FOB barge
Diesel W Med CIF cargo
Fuel Oil ARA FOB barge 3.5%
Fuel Oil W Med FOB cargo 3.5%
Fuel Oil ARA FOB cargo 1%
Fuel Oil NWE FOB cargo 1%
Fuel Oil W Med CIF cargo 1%
106.59
106.94
962.00
1132.00
954.50
928.50
894.00
901.00
900.00
913.50
925.25
571.50
568.50
641.50
625.50
647.50
March 25, 2014
1 DAY
DIFFERENTIALS
SPREAD TO
CHANGE
-0.34
-3.13 WTI
0.19
3.00 WTI
-0.36
-1.60 WTI
-0.56
0.00 NYMEX
0.94
-6.00 WTI
0.14
-3.00 WTI
0.18
-19.00 WTI
0.18
2.00 WTI
-4.56
-21.50 NYMEX
-1.44
-22.63 NYMEX
-1.18
2.50 NYMEX
-0.01
3.50 NYMEX
1.99
-8.00 NYMEX
0.49
0.50 NYMEX
0.99
-4.00 NYMEX
0.99
-1.50 NYMEX
0.74
-7.00 NYMEX
-0.01
-17.50 NYMEX
0.25
0.25
1 DAY
DIFFERENTIALS
SPREAD TO
CHANGE
0.26
0.32
3.29 BRENT
7.38
1 DAY
CHANGE
0.26
-0.22
27.00
28.00
-4.75
-4.75
-4.25
-4.25
-4.25
-3.75
-3.75
-1.75
-1.75
-6.50
-6.50
-6.50
Source: Bloomberg LP
For live prices on Bloomberg enter BOIL<GO> 4<GO>
PRICE SPREADS
PRICES ARE EXPRESSED IN USD PER BARREL
USD/BBL
Brent Crude, Gulf Coast 321 Crack Spread
20
15
10
5
0
(5)
Mar-13
USD/BBL
20
Jun-13
Sep-13
Dec-13
Mar-14
LLS Crude, Gulf Coast 321 Crack Spread
15
10
5
0
Mar-13
USD/BBL
140
130
120
110
100
90
80
70
60
1 2 3 4 5 6 7 Jun-13
Sep-13
Dec-13
Brent Crude, WTI Crude
Mar-14
USD/BBL
Spread ( R)
Brent Front Month (L)
WTI Front Month (L)
M
A M
J
J
A
S
O
N
D
J
F M
27
23
19
15
11
7
3
-1
-5
03.26.14 www.bloombergbriefs.com
Bloomberg Brief | Oil Buyer’s Guide
Futures
FUTURES BASED SWAPS
Prices as of 7:30 a.m. N.Y. Time
99.45
99.27
98.53
97.71
96.78
95.87
107.07
107.00
106.77
106.38
105.89
105.32
WTI
BRNT
-7.62
-7.73
-8.24
-8.67
-9.11
-9.45
0.18
0.74
0.82
0.93
0.91
0.07
0.23
0.39
0.49
0.57
Bal Qt
Q2 14
Q3 14
Q4 14
99.45
98.50
95.90
93.39
Bal Yr
Cal 15
96.28
88.68
Period
Bal Mo
APR 14
MAY 14
JUN 14
JUL 14
AUG 14
WTI
Bal Mo/APR 14
APR 14/MAY 14
MAY 14/JUN 14
JUN 14/JUL 14
JUL 14/AUG 14
Period
Bal Mo
APR 14
MAY 14
JUN 14
JUL 14
AUG 14
BRNT
SWAP CURVES
March 26, 2014
NYHO
NYHOWTI
NYHOBR
NYRB
292.67
292.48
292.06
291.88
291.78
291.67
23.47
23.58
24.14
24.88
25.77
26.63
15.85
15.84
15.90
16.21
16.66
17.18
289.40
289.17
287.15
284.51
281.46
277.70
0.11
0.51
0.43
0.44
0.34
0.19
0.42
0.18
0.10
0.11
-0.11
-0.56
-0.74
-0.89
-0.86
0.01
-0.06
-0.31
-0.45
-0.52
0.23
2.02
2.64
3.05
3.76
107.07
106.71
105.36
104.00
-7.62
-8.21
-9.46
-10.61
292.67
292.14
291.66
290.88
23.47
24.20
26.60
28.78
15.85
15.98
17.14
18.17
289.40
286.94
274.14
257.26
105.53
101.30
-9.25
-12.61
291.67
283.07
26.22
30.20
16.97
17.59
274.44
258.00
NYRBWTI NYRBBR
RBHO
ICEGO
GO BRNT
HOGO
110
Month Ago
90
80
70
Mar 14
Mar 18
WTI-Brent
-7
-11
-15
-19
Mar 14
35
14.48
14.45
13.84
13.12
12.32
11.31
-3.27
-3.31
-4.91
-7.37
-10.31
-13.97
899.50
899.50
899.07
898.33
897.48
896.58
13.67
13.74
13.91
14.20
14.57
15.02
Bal Mo/APR 14
APR 14/MAY 14
MAY 14/JUN 14
JUN 14/JUL 14
JUL 14/AUG 14
-0.09
0.11
0.29
0.35
0.67
0.03
0.61
0.72
0.80
1.01
0.04
1.60
2.46
2.94
3.66
0.00
0.43
0.74
0.85
0.90
-0.07
-0.17
-0.29
-0.37
-0.45
0.29
-0.06
-0.17 30
-0.19
Bal Qt
Q2 14
Q3 14
Q4 14
22.10
22.02
19.24
14.66
14.48
13.80
9.78
4.05
-3.27
-5.20
-17.52
-33.62
899.50
898.97
896.48
891.80
13.67
13.95
14.98
15.70
5.20
4.84 20
5.16
15
5.87
Bal Yr
Cal 15
Source: Bloomberg LP
18.99
19.68
9.74
7.06
-17.23
-25.06
896.12
871.66
14.76
15.70
5.28
4.49
1 2 3 4 5 6 7 Today
100
22.10
22.19
22.08
21.79
21.44
20.77
For live prices on Bloomberg enter CFVL<GO> 96<GO>
WTI
Mar 16
HO-WTI
5.20
5.01
30
4.72
4.78
25
4.95
5.14
20
Mar 14
0.19
Mar 16
RB-WTI
25
10
Mar 14
Mar 16
Mar 18
7
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