Oil Buyer’s
BRIEF Guide
Diesel Profit Drops as Indonesian Mines Close
By Ann Koh and Fitri Wulandari
The ripples from Indonesia’s ban on mineral-ore exports are reaching energy markets,
as shuttered mines and idle trucks crimp demand for diesel.
Profit from making the fuel in Singapore this year will be the lowest since 2011, Wood
Mackenzie Ltd. says. Indonesia, Asia’s biggest importer of the fuel, will buy 20 percent less amid the contraction in mining following the ban in January, according to the
Edinburgh-based consultant.
Indonesia’s ban, designed to stimulate the domestic ore-processing industry, is having
unintended consequences across the region. Weakening demand for diesel is coming at
a time when China is exporting more fuel as its economy expands at the slowest pace in
a quarter century.
“Less miners, less work going on, less trucks, so the diesel consumption would also be
less,” Gavin Wendt, the founding director of MineLife Pty, a commodities researcher in
Sydney, said May 23. “Mining accounts for a considerable portion of diesel consumption.”
Asian Benchmark Diesel Falls, Shrinking Crack Spread to Dubai Oil
25
130
Friday
05.30.14
www.bloombergbriefs.com
Quote of the Day
“The difficulty with these smaller
startup oil-sands companies is that
there’s a very long lead time between
construction and production. We’ve
seen difficulties with companies like
Connacher that have never come
close to their initial design capacity.”
— Terry Marshall, senior vice president at
Moody’s Investors Service in Toronto
Today’s Events
BCAL <GO>
1:00 p.m.: Baker Hughes rig count
3:30 p.m.: CFTC Commitment of
Traders report
All times Eastern.
125
20
Inside
120
market chart: Page 2.
WTI makes a third attempt at a breakout.
15
110
105
10
100
←Crack Spread
Dubai Crude→
SingaporeSwaps→
5
0
5/30/13
$/Barrel
$/Barrel
115
95
90
85
80
8/30/13
Source:
Bloomberg
Source:
Bloomberg
LP
11/30/13
2/28/14
LP
Brent-WTI
U.S. refinery
outages, of total
CDU capacity
of 18,306 thousand bbls/day
617 on May 28
REFO <GO>
878
▲
OPEC WATCH: Page 3.
Crude production climbed in May for the
first time in three months.
DATA RELEASE: Page 4.
Cushing supplies continue to drain into Gulf
as total U.S. supplies rise.
The Wire: Page 4.
Repsol gets conditional approval to drill off
Canary Islands.
Regulation watch: Page 6.
Ethanol mandate raising CO2 emissions,
study said.
Oil Watch
Outages
MARKET CALLS: Page 2.
WTI backwardation unlikely to hold, Bank
of America said.
Brent-WTI
spread.
6.46
▼
7.63 on May 29
CLC01 Index
Floating Storage
Global
crude oil,
mil bbls.
123.7
▼
127.8 on May 28
NOON<GO>
u.s. crude output
U.S. crude
production, in
mil bbls/day
according to
EIA
8.43 mil bbls last week
nrgz<GO>
8.47
▲
1 2 3 4 5 6 7 8 SPOT PRICES: Page 7.
FUTURES PRICES: Page 8.
05.30.14 www.bloombergbriefs.com
Bloomberg Brief | Oil Buyer’s Guide
2
Refinery News
Exxon Mobil’s 502,500 barrel per day
refinery in Baton Rouge, Louisiana will
perform maintenance on a fluid catalytic cracking unit beginning in January,
■■
according to a person familiar with the
project. The work will last six weeks, the
person said.
— Lynn Doan
Current and Planned Refinery Outages
Thousands of Barrels Per Day
6,000
Exxon Mobil’s Torrance refinery in
southern California reported two hours
of unplanned flaring, according to South
Coast Air Quality Management District.
The refinery is conducting maintenance
with no expected impact to production,
Exxon spokeswoman Gesuina Paras said.
■■
— Lucia Kassai
Total Outages
U.S. Outages
5,000
Flint Hills received approval from
the U.S. EPA and Texas Commission on
Environmental Quality for a $600 million
project that will allow it to process more
domestic crude oil on the West side of its
Corpus Christi refinery.
■■
Russia Outages
Total (Projected)
4,000
U.S. (Projected)
Russia (Projected)
3,000
— Christine Harvey
Chennai Petroleum plans to shut a
crude unit and some secondary units at
its 9.5 million metric ton per year refinery
in southern India for a month for annual
maintenance sometime in the fourth quarter, Managing Director A.S. Basu said.
2,000
■■
1,000
0
Apr
May
Source: Bloomberg LP
Jun
Jul
Aug
— Debjit Chakraborty
Sep
Market Calls
WTI oil backwardation is unlikely to
hold in the second half of the year on
supply, according to Bank of America
Corp. “The ongoing ramp up in U.S.
crude output in 2H14 could reverse recent inventory draws,” the bank said in an
e-mailed report.
■■
Crude Oil Buyers Stage Third Attempt at Upside Breakout
CL1 Comdty (Generic 1st 'CL' Future)
— Grant Smith
Volatility may rebound if Brent backwardation flattens, undermining the
market’s appeal to investors and causing
a price drop, according to Petromatrix
GmbH, a consultant in Zug, Switzerland.
■■
— Grant Smith
Bloomberg Survey of
Oil Analysts and Traders
Source: Bloomberg LP
Buyers recently made their third attempt to break through WTI’s $104 a barrel level. The higher
low established in early May at the $99 level increases the odds for an upside breakout. However, the pattern can’t be considered bullish until there is at least one close above the $104
resistance level.
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Bloomberg ®Charts
Rise
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Neutral
5
Fall
19
1 - 1
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1 2 3 4 5 6 7 8 The survey, conducted each Thursday, asks for an
assessment of whether crude oil futures are likely
to rise, fall, or remain neutral in the coming week.
05.30.14 www.bloombergbriefs.com
OPEC Watch Bloomberg Brief | Oil Buyer’s Guide
3
mark shenk, bloomberg news
May Crude Output Advances From Three-Year Low in Survey
OPEC crude production climbed in
May for the first time in three months, led
by gains in Angola and Saudi Arabia, a
Bloomberg survey showed.
Output from the 12-member Organization of Petroleum Exporting Countries
rose by 75,000 barrels a day to an average of 29.988 million, according to the
survey of oil companies, producers and
analysts. Last month’s total was revised
50,000 barrels a day higher to 29.913 million because of changes to the Saudi Arabian and United Arab Emirates estimates.
Members increased production as the
International Energy Agency projected
further increases will be needed to meet
demand during the second half of the
year. The IEA said in a May 15 report that
OPEC will need to provide an average of
30.7 million barrels a day in the last six
months of 2014.
“There’s still room for OPEC production
to increase further,” said Sarah Emerson, managing principal of ESAI Energy
Inc. in Wakefield, Massachusetts. “Both
the IEA and OPEC said this month that
Angola Leads Production Growth
Libyan Output Shrinks to 0.6 Percent of OPEC Oil
2600
10,000
5.6%
3.7% 0.6%
Saudi Arabia
8.2%
1.8%
2400
9,000
←Saudi Arabia Output
Angola Output→
2200
2000
8,000
1800
7,500
1600
7,000
6,500
Thousands of Barrels/Day
Thousands of Barrels/Day
9,500
8,500
there’s a need for additional barrels.”
Angolan output increased by 140,000
barrels a day to 1.68 million, the biggest
gain for any member in May. Production
climbed because of the end of maintenance at the Greater Plutonio offshore
field operated by BP Plc.
Saudi Arabia, the group’s biggest
producer, bolstered output by 70,000
barrels a day to 9.67 million, the first gain
this year. The country pumped 10 million
barrels a day in September, the most in
monthly data going back to 1989.
2.4%
2013
2014
Angolan production rose more than 9 percent from April. Saudi Arabia
increased its output by almost 1 percent.
Kuwait
U.A.E.
6.5%
Iran
Qatar
9.2%
32.2%
Nigeria
Angola
Algeria
9.0%
Libya
Venezuela
1400
2012
Source: Bloomberg LP
Iraq
9.7%
11.0%
Ecuador
Source: Bloomberg LP
Libyan output fell by 35,000 barrels a day to 180,000, the lowest level
since September 2011.
Production Rises Overall as Iran, Nigeria Lead Declines in Output
Producer
ticker
Total OPEC
Saudi Arabia
Iraq
Kuwait
U.A.E.
Venezuela
Iran
Nigeria
Angola
Algeria
Libya
Qatar
Ecuador
Total OPEC, ex-Iraq
OPCRTOTL Index
OPCRSAUD Index
OPCRIRAQ Index
OPCRKUWA Index
OPCRUAE Index
OPCRVENZ Index
OPCRIRAN Index
OPCRNIGE Index
OPCRANGO Index
OPCRALGE Index
OPCRLIBY Index
OPCRQATR Index
OPCRECDR Index
OPCREXIQ Index
May output,
April output,
thous. barrels/day thous. barrels/day
29,988
29,913
9,670
9,600
3,300
3,250
2,920
2,920
2,700
2,700
2,460
2,450
2,750
2,840
1,950
2,020
1,680
1,540
1,100
1,120
180
215
725
700
553
558
26,688
26,663
change,
thous. barrels/day
75
70
50
0
0
10
-90
-70
140
-20
-35
25
-5
25
Source: Bloomberg, LP
1 2 3 4 5 6 7 8 percent
change
0.25%
0.73%
1.54%
0.00%
0.00%
0.41%
-3.17%
-3.47%
9.09%
-1.79%
-16.28%
3.57%
-0.90%
0.09%
capacity,
Thous. barrels/day
36,581
12,500
3,650
2,900
3,275
3,000
2,900
2,400
1,870
1,200
1,550
780
556
32,931
05.30.14 www.bloombergbriefs.com
Bloomberg Brief | Oil Buyer’s Guide
4
The Wire
Markets
Cushing Supplies Drain Into Gulf as Total U.S. Crude Stocks Rise
West Texas Intermediate headed for its
first monthly advance since February as
crude inventories shrank at the delivery point
for New York contracts. Brent was steady in
London, poised for a second monthly gain
amid separatist violence in Ukraine.
■■
450,000
400,000
350,000
Thous Barrels
300,000
The Japan OTC Exchange plans to
open its trading platform for oil-product and
crude-swap contracts on June 24, according to a statement. The exchange plans to
offer TOCOM swaps for crude, gasoline,
kerosene and gasoil, and RIM swaps for
gasoline, kerosene, gasoil, A-grade fuel oil
and low-sulfur A-grade fuel oil.
■■
40,000
250,000
30,000
200,000
150,000
20,000
100,000
10,000
50,000
— Tsuyoshi Inajima and Emi Urabe
0
2004
2006
Source: Bloomberg LP, DOE
Supply Disruptions
■■ Nigerian rebels have called off “incessant
attacks on gas and oil pipelines, erroneously
or mischievously attributed to oil thieves” from
today, the Movement for Emancipation of Niger Delta (MEND) said in an e-mailed statement. MEND has also asked the Nigerian
government to pardon members who have
been convicted, drop charges and release
“MEND fighters still in detention facilities.”
0
2008
— Jeremy van Loon
— Cecile Gutscher and Rebecca Penty
■■
2012
2014
— Lananh Nguyen and Grant Smith
Total SA will cut 150 jobs at its Joslyn
oil-sands mine as costs escalate and the
company and its partner Suncor Energy
Inc. look for ways to make the project
more profitable. “We just need to find
ways to go further in cost effectiveness,”
Andre Goffart, the president of Total SA’s
Canadian business, said on a conference
call today. Oil sands miners, including Imperial Oil Ltd., have struggled with rising
costs in northern Alberta because of labor
shortages and distance from equipment
suppliers. Imperial last year boosted the
cost of its Kearl project by 18 percent. Total and partner Suncor last year canceled
their Voyageur upgrader because of rising
costs. The partners in October announced
they would go ahead with a C$13.5 billion
($12.5 billion) Fort Hills venture that will
produce 180,000 barrels a day within 12
months of startup in 2017.
Producers
2010
Stockpiles at Cushing, Oklahoma, the biggest U.S. oil-storage hub, dropped by 1.53 million
barrels last week to the lowest level since November 2008, according to the Energy Information Administration. Supplies nationwide expanded by 1.66 million, compared with a 500,000
barrel gain estimated in a Bloomberg News survey.
Canadian oil-sands producers, after
being denied funding last year as energy
prices fell, are regaining access to lenders
as demand for speculative-grade debt
surges with central banks suppressing
borrowing rates. Debt issuance and loans
to junk energy companies from lenders
ranging from Third Avenue Management LLC to Credit Suisse Group AG
has surged 74 percent this year to $8.9
billion from the year-ago period, according
to data compiled by Bloomberg. Calgarybased Sunshine Oilsands Ltd., which
failed to renew a credit line last year, is
marketing $325 million of bonds. BlackPearl Resources Inc. expanded a loan in
April, 10 months after market conditions
forced it to abandon financing. “Centralbank policy is pushing investors further
down the credit curve,” said Nicholas
Leach, who manages about C$2.5 billion
($2.3 billion) in Toronto at CIBC Asset
Management Inc. “In this environment,
there are lots of investors willing to take
on that kind of risk.”
— Grant Smith
50,000
Cushing Supplies→
Thous Barrels
— Lananh Nguyen and Grant Smith
60,000
←Total U.S. Crude Supply
■■
1 2 3 4 5 6 7 8 Repsol SA won government approval
to start a $10 billion oil drilling project off
Spain’s Canary Islands, signaling success
in its 12-year campaign to start exploration near the Atlantic archipelago. Spain’s
environment ministry yesterday cleared
the plan with conditions, Deputy Minister
Federico Ramos said in a briefing. The
decision follows a reconfirmation in 2012
of an exploration license first awarded
in 2001 and later tied up in court battles.
The decision advances plans by Spain’s
largest oil company to hunt for fields in an
area geologists estimate may be able to
supply about 10 percent of national demand. Several hurdles remain for Repsol.
The Supreme Court is set to rule June 10
on a challenge to its exploration permit.
■■
— Todd White
Petroceltic International is on track
for its largest monthly share decline since
June 2013 after well results yielded no
commercial hydrocarbons. Two formations in Shakrok-1 well in Kurdistan on the
■■
continued on next page
05.30.14 www.bloombergbriefs.com
Bloomberg Brief | Oil Buyer’s Guide
5
the wire…
continued from previous page
Shakrok license didn’t flow hydrocarbons
to the surface in the final two drill stem
tests. Romanian exploration well Muridava-1 failed to encounter commercial
hydrocarbons and South Dikirnis-1 exploration well in Egypt is water-bearing.
— Benjamin Dow
Oleo e Gas Participacoes SA, the
oil startup that triggered Eike Batista’s
financial collapse, will emerge as a viable producer once creditors approve a
recovery plan at a meeting scheduled
for next week, Chief Executive Officer
Paulo Narcelio said. OGpar, as the Rio
de Janeiro-based company is known, will
eliminate most of its debt and recover
financing capacity as it generates about
$500 million in sales this year, enough
to sustain operations, Narcelio said in an
interview at the company’s headquarters.
OGpar expects to produce an average
16,000 barrels a day for 12 months after
connecting two extra wells to its Tubarao
Martelo deposit by July, he said.
European Natural Gas Prices
KEY PRICES
Change
Time of
Last Price From
Open Last Trade
NBP prompt (GB pence/Therm)
42.65
0.15
8:15:28 AM
41.50
0.20
8:16:41 AM
61.00
0.25
6:52:31 AM
TTF Dutch Gas (EUR/MWh)
18.35
0.15
8:08:58 AM
18.68
-0.05
8:14:37 AM
24.45
0.00
7:38:40 AM
Ticker
Day Ahead
Jun 14
Win 14/15
NBPGDAHD Index
NBPG1MON Index
NBPGS1 Index
Day Ahead
Jun 14
2015
TTFGDAHD Index
TTFG1MON Index
TTFGCY1 Index
■■
— Juan Pablo Spinetto
Legal
Mexican authorities issued an arrest warrant for Amado Yanez, the chief
executive officer of Oceanografia SA, the
oil services provider seized by the government after Citigroup Inc.’s local unit
alleged a $400 million loan fraud. Yanez
was accused of participation in crimes
including violations of the country’s creditinstitutions law. Mexico took control of
Oceanografia in February, putting it under
the supervision of the Finance Ministry,
after Citigroup said it lost $400 million on
loans that were granted to the company
based on fraudulent invoices. Mexican authorities are probing why Citigroup’s local
unit boosted the size and length of loans
to the company in the months leading up
to the discovery of the fraud, the nation’s
chief banking regulator said.
■■
— Ben Bain, Nacha Cattan and
Dakin Campbell
Asia/Pacific Gas
China’s effort to catch up with the U.S.
in developing shale gas is coming at a
big cost: It’s spending four times as much
developing some fields, according to a
■■
Trade
Source
Fair Value
EGFI
EGFI
EGFI
41.50
60.87
ICAS
SPEC
EGFI
18.68
24.45
European Natural Gas Supply and Demand
indicator
GIE Total EU Gas Storage (MCM)
GIE Total EU Gas Storage (% Full)
Yesterday UK gas demand (MCM)
Day Ahead UK forecast gas demand (MCM)
Ticker
GIEDSTTL Index
GIEDFTTL Index
UGASDEMD Index
UGASFD1D Index
Value
50,681.68
64.55
211.27
184.52
1-Day Change
-291.31
-0.37
0.00
-4.89
U.S. Natural Gas Prices
Henry Hub Prices ($/
MMBtu)
Spot price
JUL 14
AUG 14
SEP 14
Ticker
Last Price
NGUSHHUB Index
NG1 Comdty
NG2 Comdty
NG3 Comdty
4.62
4.55
4.53
4.49
Change
From Open
--0.01
-0.01
-0.01
Time of
Last Trade
-8:06:20 AM
8:06:20 AM
8:06:20 AM
U.S. Natural Gas Supply and Demand
Indicator
Change In Total Gas Storage
Total Gas Demand
Ticker
MMcf/d
NAGSTSTO Index
NAGSTOTC Index
15,081.00
58,597.00
Change From
Previous Day
800.00
-4,483.00
Global LPG Pricing Data
Indicator
Mont Belvieu LST Propane
Mont Belvieu Non-LST Ethane
Naphtha fob Singapore
Ticker
LPGSMBPP Index
LPGSMBPE Index
NAPHSINF Index
new report. Holding the world’s biggest
potential reserves of natural gas in shale
rock, China will spend billions of dollars in
trying to close a gap with the shale leader,
which is about a decade ahead in developing the energy resource, according to a
study by Bloomberg New Energy Finance released Tuesday. China’s leaders
have mandated national targets for their
1 2 3 4 5 6 7 8 Last Price
105.25
29.13
104.56
Change
0.00
0.00
-0.25
producers such as state-owned China
Petroleum & Chemical Corp., known as
Sinopec. “For the government, shale is
one of the highest priorities, and Sinopec
is looking to distinguish itself by making
gains in shale,” Xiaolei Cao, an analyst at
Bloomberg New Energy Finance, said.
— Benjamin Haas
05.30.14 www.bloombergbriefs.com
regulation watch Bloomberg Brief | Oil Buyer’s Guide
6
Andrew Childers, Bloomberg BNA
Lower Ethanol Mandate in 2014 Would Reduce Carbon Emissions, Report Says
The Environmental Protection Agency’s
proposed reduction in the amount of ethanol that must be blended into the gasoline
supply in 2014 would cut greenhouse gas
emissions as much as taking 580,000
cars off the road for a year, the Environmental Working Group said in a report.
The annual renewable fuel standard
requirement to blend ethanol into the
gasoline supply has increased greenhouse gas emissions as more uncultivated land is cleared to grow feedstocks,
according to the May 29 report, “Ethanol’s
Broken Promise: Using Less Corn Ethanol
Reduces Greenhouse Gas Emissions.”
Lowering the ethanol blending mandate in
2014 would reduce greenhouse gas emissions by 3 million tons of carbon dioxide,
the report said.
The EPA issued a proposed rule Nov.
29, 2013, to reduce the 2014 renewable
fuel standard from the 18.15 billion gallons
required by the Energy Independence and
Security Act to 15.21 billion gallons.
In addition to reducing requirements for
petroleum refiners and importers to blend
Key Finding: Reducing the
2014 ethanol blending
requirement by 1.39 billion
gallons would reduce carbon
dioxide emissions by
3 million tons.
advanced biofuels such as cellulosic ethanol, the proposed rule would require 1.39
billion gallons less corn-based ethanol
than set out in the statute. The EPA has
said it plans to finalize the renewable fuel
standard rule in June.
The report said the blending mandate
has driven up commodity prices for corn
and soybeans, which creates incentives
for farmers to convert additional uncultivated land for crop production.
Ethanol production now consumes
40 percent of the U.S. corn crop, a 6
percent increase from 2000 to 2013, the
report said.
Between 2008 and 2011, 23 million
acres of grassland, shrub and wetlands
were converted to crop production. Of
that, 8 million acres were converted to
grow corn, increasing greenhouse gas
emissions by 60 million to 162 million tons
of carbon dioxide annually.
The Renewable Fuels Association
disputed the report’s conclusions, arguing
that it overstates how much uncultivated
land must be cleared to provide the necessary ethanol feedstocks. “Today’s Environmental Working Group report relies
upon overblown and disputed assumptions of land use change, making ethanol from corn appear to be worse than
gasoline,” Bob Dinneen, president and
chief executive officer of the Renewable
Fuels Association, said in a statement.
“That’s simply preposterous, particularly
when contrasted with the ever-rising
greenhouse gas emissions from tar sands
and fracking.”
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05.30.14 www.bloombergbriefs.com
7
Bloomberg Brief | Oil Buyer’s Guide
SPOT PRICES
BENCHMARKS Prices as of end of day in New York
AMERICAS
PRICE
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%
100.38
105.93
101.58
103.58
97.08
97.97
85.33
102.47
288.36
282.08
318.58
288.77
284.49
291.90
288.74
296.99
284.40
280.15
97.63
92.63
ASIA PACIFIC
PRICE
Crude Tapis (Bloomberg)
Crude Dubai Fateh
C&F Japan Naphtha
115.56
106.64
958.50
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%
111.07
109.87
1021.50
1096.00
964.75
944.75
902.00
911.25
906.00
912.50
920.25
578.50
581.50
636.00
631.00
656.00
May 29, 2014
1 DAY
DIFFERENTIALS
SPREAD TO
CHANGE
-0.07
-3.20 WTI
0.86
2.35 WTI
0.16
-2.00 WTI
0.86
0.00 NYMEX
0.81
-6.50 WTI
-1.89
-4.75 WTI
-1.39
-18.00 WTI
-1.89
-0.25 WTI
0.77
-13.00 NYMEX
3.77
-17.50 NYMEX
4.27
19.00 NYMEX
-0.67
-3.13 NYMEX
-1.93
-7.50 NYMEX
-1.16
0.00 NYMEX
-1.05
-3.25 NYMEX
-1.55
5.00 NYMEX
-1.04
-7.50 NYMEX
-1.41
-11.75 NYMEX
0.00
0.25
1 DAY
DIFFERENTIALS
SPREAD TO
CHANGE
-0.14
-0.19
3.43 BRENT
-2.50
1 DAY
CHANGE
0.11
-0.23
-0.50
-0.40
-8.75
-8.75
-8.75
-8.75
-8.75
-7.25
-7.25
-1.75
-1.75
-8.00
-8.00
-8.00
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)
May-13
Aug-13
Nov-13
Feb-14
LLS Crude, Gulf Coast 321 Crack Spread
USD/BBL
20
15
10
5
0
May-13
Nov-13
Feb-14
Brent Crude, WTI Crude
USD/BBL
140
130
120
110
100
90
80
70
60
Aug-13
USD/BBL
Spread ( R)
Brent Front Month (L)
WTI Front Month (L)
M
1 2 3 4 5 6 7 8 J
J
A
S
O
N
D
J
F M
A M
J
27
23
19
15
11
7
3
-1
-5
05.30.14 www.bloombergbriefs.com
Bloomberg Brief | Oil Buyer’s Guide
8
Futures
FUTURES BASED SWAPS
Prices as of 7:30 a.m. N.Y. Time
Period
Bal Mo
JUN 14
JUL 14
AUG 14
SEP 14
OCT 14
Bal Mo/JUN 14
JUN 14/JUL 14
JUL 14/AUG 14
AUG 14/SEP 14
SEP 14/OCT 14
Bal Qt
Q3 14
Q4 14
Q1 15
Bal Yr
Cal 15
WTI
103.14
102.92
102.06
101.01
100.00
98.94
0.22
0.86
1.05
1.01
1.06
103.03
101.02
98.02
95.42
100.40
92.79
Period
Bal Mo
JUN 14
JUL 14
AUG 14
SEP 14
OCT 14
Bal Mo/JUN 14
JUN 14/JUL 14
JUL 14/AUG 14
AUG 14/SEP 14
SEP 14/OCT 14
Bal Qt
Q3 14
Q4 14
Q1 15
Bal Yr
Cal 15
BRNT
109.70
109.27
108.55
107.86
107.33
106.84
0.43
0.72
0.69
0.53
0.49
109.48
107.91
106.37
105.03
107.72
103.28
WTI
BRNT
-6.56
-6.34
-6.50
-6.85
-7.33
-7.90
-0.22
0.16
0.35
0.48
0.57
-6.45
-6.89
-8.34
-9.61
-7.32
-10.49
NYRBWTI NYRBBR
22.95
22.42
21.77
20.89
14.91
13.94
0.53
0.65
0.88
5.98
0.97
22.68
19.19
13.71
17.66
18.01
18.56
16.39
16.08
15.28
14.04
7.59
6.03
0.31
0.80
1.24
6.45
1.56
16.23
12.30
5.37
8.05
10.69
8.07
Source: Bloomberg LP
SWAP CURVES
May 30, 2014
ULSD
ULSD WTI ULSD BRNT
291.01
291.07
291.43
291.84
292.12
292.29
-0.06
-0.36
-0.41
-0.28
-0.17
291.04
291.80
292.32
290.48
291.80
286.31
NYRB
ULSD
9.20
7.37
3.41
-1.60
-18.51
-23.53
1.83
3.96
5.01
16.91
5.02
8.28
-5.57
-26.28
-21.23
-9.87
-21.19
19.08
19.33
20.34
21.56
22.69
23.82
-0.25
-1.01
-1.22
-1.13
-1.13
19.20
21.53
24.75
26.58
22.16
27.46
HSGO
899.25
899.87
901.12
902.50
903.16
902.12
-0.62
-1.25
-1.38
-0.66
1.04
899.56
902.26
899.64
887.11
900.60
878.77
12.52
12.98
13.85
14.72
15.36
15.92
-0.46
-0.87
-0.87
-0.64
-0.56
12.75
14.64
16.41
16.97
14.83
16.97
HSGO BRNT
11.00
11.52
12.40
13.28
13.90
14.25
-0.52
-0.88
-0.88
-0.62
-0.35
11.26
13.20
14.39
14.04
13.16
14.68
NYRB
300.20
298.43
294.83
290.23
273.61
268.76
1.77
3.60
4.60
16.62
4.85
299.32
286.23
266.04
269.25
281.93
265.12
HSGO
ULSD
3.61
3.48
3.44
3.41
3.48
3.98
0.13
0.04
0.03
-0.07
-0.50
3.55
3.44
4.80
6.97
3.98
5.47
WTI
110
Today
100
Month Ago
90
80
70
May 14
May 18
WTI-Brent
-7
-11
-15
-19
May 14
May 16
HO-WTI
35
30
25
20
May 14
May 16
RB-WTI
30
25
20
15
10
May 14
May 16
May 18
For live prices on Bloomberg enter CFVL<GO> 96<GO>
Bloomberg Brief Oil Buyer’s Guide
Bloomberg Brief Jennifer Rossa
Executive Editor jrossa@bloomberg.net
+1-212-617-8074
Managing Editor, Stuart Wallace
Global Energy Markets swallace6@bloomberg.net
+44-20-7673-2388
Managing Editor, Tim Coulter
Energy and Commodities tcoulter@bloomberg.net
+44-20-7330-7901
Oil Buyer’s Guide Deirdre Fretz
Editor dfretz@bloomberg.net
212-617-5166
Data Editor: Joseph Aboussleman
U.S. Crude Oil jaboussleman@bloomberg.net
+1-609-279-4281
Data Editor: Paul Batchler
Canadian Crude pbatchler@bloomberg.net
+1-609-279-4128
Data Editor: Andrew Stewart
Natural Gas anstewart@bloomberg.net
+1-609-279-4258
Newsletter Nick Ferris
Business Manager nferris2@bloomberg.net
+1-212-617-6975
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+1-717-505-9701
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