Argus European Products

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1 Daily European product market prices, news and analysis Northwest Europe Mogas 95R 10ppm 1, , Mogas 91R 1, , Mogas 95R 10ppm 1, , Mogas 91R 1, , Naphtha 65 Para 1, , Mogas 98R 1, , Mogas 95R 10ppm * 0.0 Euro-Bob Oxy 1, , Euro-Bob non-oxy 1, , Mogas 91R 1, , MTBE 1, , MTBE factor 1.17 Naphtha 65 Para 1, , * differential to Euro-Bob Oxy midpoint West Mediterranean Mogas 95R 10ppm 1, , Naphtha 65 Para 1, , Mogas 95R 10ppm 1, , Naphtha 65 Para 1, , month value +/- Gasoil settle Mar 1, Gasoil settle Apr 1, Overview Gasoline markets held steady, but other products were pushed lower by weaker crude and gasoil futures. Gasoline cargoes Gasoline prices inched higher, despite losses of more than $1/ bl on crude markets. Arbitrage to the US continues apace with fixtures seen to the east and Gulf coasts. Arbitrage to west Africa is also opening up after being very quiet in February. The solitary offer on cargoes again came from BP, who showed a 30,000t cargo, with 25,000t to be prices at $1095/t 5,000t at the mean of spot quotes + $2/t loading March 2012, FOB basis one safe port/berth Castellon, c/p freight to be adjusted by applicable freight differential if alternative load port. Gasoline s Gasoline prices rose fractionally on Tuesday, despite falling crude futures. The volume-weighted average Eurobob oxy price rose by 75c/t to $1,095/t. The gasoline crack spread against April Brent crude rose to $6.51/bl from $5.25/bl the previous day. Liquidity was around average, with 14,200t traded in total during the day of which 10,200t was at prompt Argus loading dates. BP sold 5,200t of Eurobob oxy grade product. Naphtha Naphtha showed renewed strength on Tuesday, with prices falling only fractionally despite crude futures dropping by more than $1/bl. Naphtha prices were assessed at around $1,066/t, down by $3/t. Naphtha continues to gain from the projected supply shortage Gasoil settle May 1, Brent 1-minute ($/bl) Apr Contents Eurobob oxy gasoline s 1,100 Middle distillates. 2-3 Fuel oil / Bunkers 4-5 1,050 1,000 Deals done 7 Averages h Announcements Swaps Nov Dec Jan Feb 12 Page 1 of 10 Copyright 2012 Argus Media Ltd

2 Spot freight rates* *Freight rates are taken from Argus Freight Brofjorden Tallinn Baltic - UKC Size (t) Dirty 30, London Rotterdam Baltic - Med Size (t) Dirty 30, Le Havre Cross - UKC Size (t) Gasoil 22, Genoa Bilbao Lavera Black Sea - Med Size (t) Gasoil 30, Novorossiysk Med - UKC Size (t) Naphtha 30, Jet 30, Augusta Cross - Med Size (t) Gasoil 30, Mogas 30, Naphtha 30, Dirty 30, Alexandria in Asia in March, some prompt tightness in Europe, and from the very high price levels currently being seen for propane in Europe. The March Asian supply shortage is drawing in arbitrage cargoes from east and west. So far, two cargoes of 80,000t each have been booked to leave Europe for east Asia, one from the Mediterranean and one from northwest Europe. Supplies in Europe have showed some tightness even without the arbitrage to the east opening up, with continual afternoon buying and delays in shipments from Skikda in Algeria exacerbating the situation. The cold weather which has gripped much of Europe and Japan for much of February has pushed up propane demand, increasing its premium over naphtha to nearly $100/t when for much of the winter it has been at a steep discount to naphtha. This in turn has boosted demand for naphtha from petrochemicals companies and they have increased their buying of naphtha for ethylene feedstocks. Vitol continued its afternoon buying, taking a 12,500t open speication cargo Rotterdam from Statoil at $1,066/t. Jet A correction on gasoil futures saw the market shed $10/t on cargo markets, where premiums to futures remained unaltered. But markets saw some of the losses eroded by higher premiums after a solitary reported deal at a $64/t premium to gasoil futures. The cargo market was certainly more offered than bid with four positions seen on the sell side and just a solitary bid, which came from BP, which was looking for a 30,000t cargo into the Isle of Grain for 9-13 March delivery dates at the mean of spot northwest Europe quotes and a $69/t premium to March gasoil futures. BP was also showing as a seller. It showed at a $1/t discount to March gasoil futures and March gasoil futures + $69/t Rotterdam position for March delivery dates. Offers for later positions were less aggressive with March delivery dates shown at a small premium to spot quotes and a $70/t premium to March gasoil futures. Eminent also showed on the sell side, looking to sell from Le Havre at March gasoil futures + $71/t for March and March dates. Mediterranean trading remained limited mostly to selling into Spain, though traders said Libya has sold one 30,000t cargo from Zawia for early March loading. It was unclear who purchased that lot, but traders said prices for Mediterranean deliveries remain roughly $2/t below northwest European levels. Supply is good, thanks to the exports of one to two cargoes per month from Zawia, availabilities from other north African and regional refineries and the continual appearance of cargoes from the Mideast Gulf. The assessed premium weakened by 50 /t to Mediterranean +$19/t. Heating oil cargoes Heating oil cargo prices were pulled down by losses on the gasoil futures market, while futures-related differentials were little changed. Mild weather and a high flat price continue to weigh on demand for heating oil, especially in northwest Europe. Vitol returned to the Mediterranean market offering two 15,000t French fod cargoes, with the first offer made at $4/t over Page 2 of 10

3 Northwest Europe mth low Differential Jet , , Diesel French 10ppm , , Diesel German 10ppm , , Heating oil 0.1% , , Heating oil German 0.05% , , Jet Mar , , Diesel UK ULS Mar , , Diesel French 10ppm Apr , , Diesel German 10ppm Mar , , Heating oil 0.1% Mar , , Heating oil German 0.05% Mar , , Gasoil Russian Mar , , Jet Mar , , Diesel German 10ppm Mar , , Heating oil 0.1% Mar , , Heating oil German 0.05% Mar , , West Mediterranean mth low Differential high Jet , , Diesel French 10ppm , , Heating oil 0.1% , , Gasoil Russian* , , Jet Mar , , Jet diff to Med Diesel French 10ppm Mar , , Diesel 10ppm diff to spot Heating oil 0.1% Mar , , Gasoil Russian Mar , , * Tuapse/Novorossiysk high month value +/- Gasoil settle Mar 1, Gasoil settle Apr 1, Gasoil settle May 1, pc northwest European high published quote, for 9-17 March delivery into Le Havre. The second offer was made at $2/t over 0.1pc northwest European high published quote, for March delivery into Le Havre. ConocoPhillips bid for a 10,000t French fod cargo at $3/t over 0.1pc northwest European high published quote, for a 9-31 March delivery window into Le Havre. Gunvor offer a 30,000t Spanish B+C winter cargo at a $1/t discount to the mean Mediterranean published quote, for 7-11 March delivery into Cartagena. Diesel cargoes Diesel cargo prices fell by around $10/t, reflecting similar losses on the gasoil futures market, while premiums to gasoil futures were little changed. Demand for diesel comes now mainly from the transportation sector, while seasonal demand from the agricultural sector has yet to pick up. A maintenance schedule at Total s 210,000 b/d Leuna refinery in eastern Germany is expected to have an impact on the market. The refinery, which is expected to be closed for three weeks during April, is slowly starting to build up stocks of diesel and gasoline to balance any supply shortfall during this period. Arbitrage activity remains thin after two cargoes were loaded last week to take diesel from the US Gulf Coast to Europe. Bids and offers during the northwest European market MOC were balanced, while one cargo changed hands. Vitol sold to ConocoPhillips a 20,000t French winter quality cargo at April gasoil +$23/t, for March delivery into Le Havre. Greenergy lodged two bids for 10,000t UK 10ppm winter quality cargoes at March gasoil +$23/t or at either a $5.50/t or a $6/t discount to the UK 10ppm mean published quotes. The first bid was for March delivery into Tees and the second bid for March delivery into Thames. Gunvor offered a 20,000t French winter quality cargo, with 10,000t offered at a $2/t discount to the high northwest European (Le Havre) quote and the balance at March gasoil +$22/t, for a 5-9 March delivery window into Le Havre. Shell offered a 20,000t French winter quality cargo at March gasoil +$23/t, for March delivery into Le Havre. Vitol offered two 20,000t French winter quality cargoes, with the first offer made at a $3.50/t discount to the northwest European high (Le Havre quote) for 12,000t and the balance at April gasoil +$20/t, for 9-13 March delivery into Le Havre. The second offer was made at a $3/t discount to the northwest European high (Le Havre quote) for March delivery into Le Havre. Bids outnumbered offers on the Mediterranean trading window, with Total lodging three bids for standard 25,000-30,000t French winter quality cargoes. All bids were made at a $5/t discount to the high Mediterranean published quote for 15,000t and the balance at March gasoil +$24/t. The cargoes were for 15-24, and March delivery into Lavera, Thessaloniki and Aliaga respectively. BP bid for a 25,000-30,000t French winter quality cargo at March gasoil +$24/t, for a March delivery window (5 Page 3 of 10

4 Northwest Europe Fuel oil 1%S Fuel oil 3.5%S Fuel oil straight-run 0.5%S Fuel oil straight-run 0.5%S* ($/bl) VGO 0.5% VGO 0.5% ($/bl)* VGO 1.6% VGO 1.6% ($/bl)* Fuel oil 1%S Fuel oil 3.5%S Fuel oil straight-run M Fuel oil straight-run M-100*** VGO 0.5% VGO 1.6% Fuel oil 1%S Fuel oil 1.5%S Fuel oil 3.5%S Fuel oil VWA VGO 0.5% VGO 1.6% * differential to Brent crude futures ($/bl) ** Tallinn *** premium to VWA West Mediterranean Fuel oil 1%S Fuel oil 3.5%S VGO 0.5% VGO 1.5% Fuel oil 1%S Fuel oil 3.5%S $/bl month value +/- Brent 1-minute Apr Eurobob oxy differential to diesel s 100 German diesel 10ppm s = Nov Dec Jan Feb 12 days) into Lavera. Glencore bid for a 25,000-30,000t 10ppm French winter quality cargo, with 15,000t bid at April gasoil +$21.50/t and the balance at a $5/t discount to the mean Mediterranean published quote. Gunvor offered a 30,000t French winter quality cargo, with 20,000t offered at a $3.50/t discount to the Mediterranean high published quotes and the balance at March gasoil +$22/t, for 9-13 March delivery into Lavera. Diesel and heating oil s Gasoil prices fell by around $14/t on Tuesday, tracking a fall in crude futures. March gasoil futures fell by $10/t to $ /t. Liquidity in the 10ppm heating oil market reached 14,000t, almost double the levels on Monday. Shell sold four s, while Vitol sold the remaining two. The volume-weighted average discount to March gasoil futures widened by 50 /t to -$3.75/t. Vitol sold all the four s that were traded in the 10ppm diesel oil s market, three of which were sold to Mabanaft and one to Shell. The volume-weighted average premium to March gasoil futures shrank by over $1/t to $13.25/t. There were two deals in the 50ppm heating oil s market, traded at an $11/t premium to March gasoil futures, down $2/t from levels on Monday. High-sulphur fuel oil cargoes High-sulphur fuel oil cargo prices fell, tracking lower Rotterdam high-sulphur fuel oil prices. There was a single deal in the Rotterdam high-sulphur fuel oil cargoes market. Gunvor sold Lia a 25,000-30,000t cargo of finished bunker grade RMG 380-centistoke high sulphur fuel oil for March delivery into Malta. The firm bid at a $2/t premium to high Mediterranean cargo quotes, pricing 1-15 March for 25,000t and the balance two days after completion of discharge (RMG 380-centistokes as per ISO 8217: 2010 speications with maximum 3.5pc sulphur, and 2ppm H2S). Trafigura repeated its offers for two 30,000t +/- 10pc cargoes into Malta. The first was for a March delivery, offered at a $2/t premium to high Mediterranean cargo quotes, pricing March for 27,000t and the balance two days after completion of discharge. The second was for March delivery, offered at a $2/t premium to high Mediterranean cargo quotes, pricing March for 27,000t and the balance two days after completion of discharge. Both cargoes had the following speications: RMG 380-centistokes as per ISO 8217: 2005 speications with maximum 3.5pc sulphur, and 2ppm H2S. Galaxy repeated its offer for a 30,000t +/- 10pc cargo of the same product for Genoa delivery in a 9-13 March window at a $22/t premium to high Mediterranean quotes, pricing March (RMG 380-centistokes as per ISO 8217: 2005 speications with maximum 3.5pc sulphur, and 2ppm H2S). Gunvor again offered a cargo of the same size for a March delivery window Malta at a flat differential to high Mediterranean quotes, pricing 1-15 March for 25,000t and the balance three working days after completion of discharge Page 4 of 10

5 Bunkers Rotterdam dob 180cst 1.5%S cst 3.5%S (RMG 380-centistokes as per ISO 8217: 2010 speications with maximum 3.5pc sulphur, and 2ppm H2S). In arbitrage news, Cargill placed the VLCC Paic Glory on subjects for a delivery of 270,000t of cracked high-sulphur fuel oil from Rotterdam to Singapore, loading 9 March. 380cst 1.5%S cst 3.5%S Antwerp dob 180cst 1.5%S cst 3.5%S cst 1.5%S cst 3.5%S Gasoline premium to naphtha NWE 80 Naphtha NWE = h 28 Nov Dec Jan Feb 12 High-sulphur fuel oil s VWA 750 Low-sulphur fuel oil cargoes Low-sulphur fuel oil cargo prices fell less steeply than highsulphur s. The premium for low-sulphur fuel oil cargoes to high-sulphur Rotterdam s widened, supported by weak high-sulphur prices and stronger fundamentals for low-sulphur fuel oil. Refiners in northwest Europe have cut production, as refining margins are squeezed by high crude prices. Demand in the region remains fairly steady. March low-sulphur fuel oil cargo swaps were indicated at $38/t over March high-sulphur s, up from Monday s level of around $35/t. Galaxy bid for a 30,000t +/- 10pc cargo of low-sulphur cracked fuel oil Milazzo for 9-13 March delivery at a $30/t premium to northwest Europe 1pc sulphur cargo quotes, pricing 1-15 March (1pc sulphur, density, viscosity 380-centistokes, 28c pour, 65c flash, 80ppm alumina and silica, 150ppm V, 100ppm Na, 0.5pc water, 6ppm asphaltenes, 0.1pc ash, 2ppm H2S). The trader bid on Monday at $31/t over the same quotes. Shell has chartered a tanker to take a 30,000t cargo of lowsulphur cracked fuel oil from Malta for delivery into Libya. The major will load the Miss Claudia around 1 March. Shell won a spot tender to supply two cargoes of around 30,000t each to Libya s National Oil Company. NOC is buying low-sulphur fuel oil cargoes on a spot basis for domestic power generation until the Ras Lanuf refinery resumes operations Heating oil NWE = h 28 Nov Dec Jan Feb 12 Jet premium to heating oil NWE h 28 Nov Dec Jan Feb 12 Straight-run fuel oil cargoes Straight-run fuel oil prices fell back, reflecting sizeable losses on crude futures and cracked high-sulphur fuel oil markets. The high-sulphur straight-run market was under greatest pressure, given that premiums for standard Russian straight-run M-100 grades have slipped in recent days after a lift that in values that had been linked to cargo buying into the Petroplus refinery at Coryton. No fresh buying was reported after those purchases late last week, with premiums to Rotterdam s now pegged at $16-17/t for standard grades of straight-run M-100. Cargoes with bromine levels at 8.0 or above were indicated at differentials around the $15/t mark. Outright prices for high-sulphur straight-run fuel oil cargoes were also forced lower by a $10/t drop in cracked high-sulphur fuel oil and cargo values. Low-sulphur straight-run fuel oil prices were down because of a $1.17/bl drop in April Brent crude futures that checked the recent run-up in crude oil prices. But notionally firmer differentials pared those losses, with the market valued at April Brent +$0.5/1 per barrel northwest Europe. A recent weakening in crude refining margins has resulted in an uptick in refiner demand for straight-run fuel oil. Page 5 of 10

6 Vacuum gasoil Vacuum gasoil prices fell sharply on Tuesday, reflecting a sizeable crude futures retreat, but differentials held steady in the absence of identifiable bid-offer activity, let alone deal-making. A sharp fall in US cash differentials in Monday s late activity there, was only partly offset by another narrowing in Brent/WTI crude futures spreads on Tuesday, leaving northwest Europe netbacks weaker and the transatlantic arbitrage only marginally workable at best. No significant transatlantic arbitrage activity has been seen for several weeks, a factor that has especially weighed on lowsulphur vacuum gasoil sentiment. Despite the US slippage, the European markets for highsulphur and low-sulphur remain fairly tight. But there were signs that one trading firm was emptying its Scandinavian storage tanks of both high- and low-sulphur vacuum gasoil, while an oil major was again looking to re-offer previously bought cargoes. While two high-sulphur vacuum gasoil cargo offers were reported outside the MOC mechanism at April Brent +$9.5/t northwest Europe, no buyers came forward and the market was still being notionally assessed around the April Brent +$5.5-6/bl range. No MOC cargo offers or bids were reported on s or cargoes after ConocoPhillips on Monday lodged a MOC bid for a 15,000t low-sulphur vacuum gasoil cargo at May Brent +$9.35/bl northwest Europe, basis Antwerp, with March loading dates. On the market on Monday, Total sold a 1,000t highsulphur vacuum gasoil to ConocoPhillips at April Brent +$4.25/bl with 6-10 March loading dates. Fuel oil s Fuel oil prices dropped by $10/t on Tuesday, tracking crude losses which reached $1.17/bl at 16:30 GMT. The discount to the crude contract widened to around $15/t, from $14.64/bl on Monday. Liquidity was 10,000t higher than levels the previous day at 60,000t, traded at a volume weighted average price of $697/t. Cargill sold 60pc of the s. Gunvor and Litasco each purchased eight s. March high-sulphur fuel oil swaps were assessed at $694.5/t, down around $5/t from levels on Monday. No deals were completed in the low-sulphur fuel oil market, but discussions were heard at $ /t, little changed from levels the previous day. Spot stories Nigeria to review oil and gas revenue The Nigerian petroleum ministry today inaugurated a new task force to review the country s oil and gas revenue, in a move that is likely to put further pressure on foreign oil firms operating in the country to increase tax and other payments to the Abuja government. The petroleum revenue special task force will work with consultants to determine and verify all petroleum upstream and downstream revenues, including taxes and royalties, due and payable to the federal government. The body has been given power to take all necessary steps to collect all debts due and owing, to obtain agreements and enforce payment terms by all oil industry operators, oil minister Diezani Allison-Madueke said today. We are very mindful that over the years several panels and committees have been set up to reform the petroleum industry and over the years many of these efforts have been stalled, Allison-Madueke said. The time to break these entrenched interests is now. Leading upstream operators in Nigeria include Shell, ExxonMobil, Chevron, Total and Italy s Eni. The firms operate in partnership with state-owned NNPC, which also operates the country s refineries. Other duties for the task force include working with consultants to integrate systems and technology across the production chain to determine and monitor crude production and exports, ensuring at all times the integrity of payments to the federal government, the ministry said. The decision to inaugurate a task force follows widespread strikes and violence in January in the wake of the government s decision to partially remove subsidies on domestic gasoline prices. Government spending on gasoline subsidies led to allegations of widespread corruption in the subsidy payment scheme, which costs the federal government over $8bn/yr. IMF sees Nigerian oil output at 2.48mn b/d this year Nigerian crude production is forecast to average 2.48mn b/d this year, up from an estimated 2.44mn b/d last year, the Washington-based International Monetary Fund (IMF) said today. The average price of Nigerian crude is forecast to average $103.70/bl this year, down from $109.20/bl in Funds in the country s excess crude account were expected to increase to $14.8bn this year from $4.7bn in The excess crude account which holds the government s oil and gas revenues above the oil price in the national budget will be replaced by a new sovereign wealth fund. The IMF expects Nigeria s foreign currency reserves to rise to $39.2bn this year, up from $32.9bn this year. Nigeria is Africa s largest oil and gas exporter. Total s Leuna refinery to undergo April maintenance Total s 210,000 b/d Leuna refinery in eastern Germany is expected to be closed for maintenance for around three weeks during April. The refinery has started to build up stocks of gasoline and diesel to balance an expected supply shortage during the threeweek period. A spokesman for the Leuna refinery declined to comment on forthcoming maintenance. Page 6 of 10

7 Petroleum Product Prices, News and Analysis Mideast Gulf and Indian Ocean markets Mideast Gulf differential to diff low diff high +/- Gasoline 95R Med Gasoline 95R Naphtha Mideast Gulf Mideast Gulf Gasoline 95R Singapore ($/bl) Gasoil 0.05% ($/bl) Gasoil (Apr) Bunkers 180 cst Fujairah Bunkers 380 cst Fujairah Northwest Europe differential to ICE gasoil month diff low diff high Fuel oil 1.0% Jet Apr , , Diesel German 10ppm Apr , , Heating oil 0.1% Apr Overview Strength in middle distillates continued to drive the products markets, as refinery shutdowns and political unrest tightened supply even as regional demand was buoyant. Restricted supply also bolstered naphtha and fuel oil. But muted regional buying interest weakened gasoline differentials. Singapore gasoil crack spread $/bl 30 Dubai swaps = Dec 17-Jan 10-Feb 04-Mar 28-Mar Page 1 of 9 West coast India Inside today s report Saudi Aramco buys gasoline Naphtha supply tightens Adnoc invites term jet fuel bids Iraq seeks term gasoil Singapore jet-kerosine crack spread Dubai swaps = 0 differential to diff low diff high +/- Naphtha west coast India Mopag Mideast Gulf netback from Singapore Issue Tuesday 29 March 2011 differential to Mopag diff low diff high Gasoline 95R Gasoline 92R Naphtha LR1 () Naphtha LR2 () Jet-kerosine Gasoil 0.5% Gasoil 0.2% Gasoil 0.05% HSFO 180 cst () HSFO 380 cst () Dec 17-Jan 10-Feb 04-Mar 28-Mar $/bl $/bl Copyright 2011 Argus Media Ltd Argus European Products Deals done Middle distillates Grade Seller Buyer Delivery mode Location Price ($) Gasoil French diesel NWE Vitol ConocoPhillips Le Havre gasoil (Apr) ,000 Volume (t) Gasoil German heating oil ARA Shell Gunvor ARA gasoil (Mar) ,000 included in VWA Gasoil German heating oil ARA Shell Statoil ARA gasoil (Mar) ,000 included in VWA Gasoil German heating oil ARA North Sea D&S Mineraloel ARA gasoil (Mar) ,600 Jet-kerosine NWE Glencore Fina Flushing/ARA gasoil (Mar) ,100 Gasoil German diesel ARA Vitol Mabanaft ARA gasoil (Mar) ,000 included in VWA Gasoil German diesel ARA Vitol Mabanaft ARA gasoil (Mar) ,000 included in VWA Gasoil German diesel ARA Vitol Mabanaft ARA gasoil (Mar) ,000 included in VWA Gasoil German diesel ARA Vitol Shell ARA gasoil (Mar) ,000 included in VWA Gasoil German heating oil ARA Shell Gunvor ARA gasoil (Mar) ,000 included in VWA Gasoil German heating oil ARA Shell Statoil ARA gasoil (Mar) ,000 included in VWA Gasoil German heating oil ARA Vitol Fritz Meyer ARA gasoil (Mar) ,000 50ppm included in VWA Gasoil German heating oil ARA Vitol Gunvor ARA gasoil (Mar) ,000 included in VWA Gasoil German heating oil ARA Vitol Mercuria ARA gasoil (Mar) ,000 included in VWA Gasoil German heating oil ARA Vitol D&S Mineraloel ARA gasoil (Mar) ,300 50ppm included in VWA Notes Argus Mideast Gulf and Indian Ocean Products -- h -- h Argus Mideast Gulf and Indian Ocean Products A weekly report providing price assessments, market news and in-depth analysis of refined oil products in the Mideast Gulf and Indian Ocean. Visit /amgio for more information or contact marketing@argusmedia.com to request a free trial. Page 7 of 10

8 Deals done Gasoline (s) Fuel oil (s) Seller Buyer Loading from Loading to Price ($) Volume (t) Notes Seller Buyer Loading from Loading to Price ($) Volume (t) Notes Gunvor Shell 01-Mar 07-Mar ,000 included in VWA BP Cargill 01-Mar 07-Mar ,200 included in VWA BP Cargill 01-Mar 07-Mar ,000 included in VWA BP Total 01-Mar 07-Mar ,000 included in VWA BP Total 01-Mar 07-Mar ,000 included in VWA BP Trafigura 01-Mar 07-Mar ,000 included in VWA Gunvor Total 01-Mar 07-Mar ,000 included in VWA Gunvor Total 01-Mar 07-Mar ,000 included in VWA Hess Cargill 01-Mar 07-Mar ,000 included in VWA Morgan Stanley Noble Energy 02-Mar 06-Mar ,000 Morgan Stanley Noble Energy 02-Mar 06-Mar ,000 Morgan Stanley Noble Energy 02-Mar 06-Mar ,000 Morgan Stanley Total 06-Mar 10-Mar ,000 Cargill Gunvor 02-Mar 06-Mar ,000 included in VWA Cargill Gunvor 02-Mar 06-Mar ,000 included in VWA Cargill Gunvor 02-Mar 06-Mar ,000 included in VWA Cargill Gunvor 02-Mar 06-Mar ,000 included in VWA Cargill Gunvor 02-Mar 06-Mar ,000 included in VWA Cargill Gunvor 02-Mar 06-Mar ,000 included in VWA Cargill Litasco 02-Mar 06-Mar ,000 included in VWA Cargill Litasco 02-Mar 06-Mar ,000 included in VWA Cargill Litasco 02-Mar 06-Mar ,000 included in VWA Cargill Litasco 02-Mar 06-Mar ,000 included in VWA Cargill Litasco 02-Mar 06-Mar ,000 included in VWA Cargill Litasco 02-Mar 06-Mar ,000 included in VWA Cargill NIOC 02-Mar 06-Mar ,000 included in VWA Cargill Oilchart 02-Mar 06-Mar ,000 included in VWA Cargill Verbeke 02-Mar 06-Mar ,000 included in VWA Cargill Verbeke 02-Mar 06-Mar ,000 included in VWA Cargill Verbeke 02-Mar 06-Mar ,000 included in VWA Cargill Wiljo 02-Mar 06-Mar ,000 included in VWA Koch Gunvor 02-Mar 06-Mar ,000 included in VWA Argus Petroleum Products Bulletin Boards Argus publishes European bids, offers and deals done for European gasoline, fuel oil and middle distillates. These can be seen here. The Bulletin Boards are free to view for subscribers but require registration at the site in order to access the information. If you are a market participant and would like to submit your deals to Argus for inclusion in the Bulletin Board, please contact the Argus European Products team Tel: , europroducts@argusmedia.com Yahoo message: arguschrisj. Koch Litasco 02-Mar 06-Mar ,000 included in VWA Koch Litasco 02-Mar 06-Mar ,000 included in VWA Litasco NIOC 06-Mar 10-Mar ,000 included in VWA Mercuria Gunvor 06-Mar 10-Mar ,000 included in VWA Litasco Cargill 10-Mar 14-Mar ,000 included in VWA Litasco Cargill 10-Mar 14-Mar ,000 included in VWA Litasco Koch 10-Mar 14-Mar ,000 included in VWA Litasco Koch 10-Mar 14-Mar ,000 included in VWA Litasco Koch 10-Mar 14-Mar ,000 included in VWA Litasco Koch 10-Mar 14-Mar ,000 included in VWA Mercuria Cargill 10-Mar 14-Mar ,000 Argus Mideast Gulf and Indian Ocean Oil Conference March 2012 Jumeirah Emirates Towers Dubai, UAE Outlook for trade flows and market fundamentals /Events/AMGIO-2012 Page 8 of 10

9 Averages February to date Gasoline Fuel oil NW Europe W Mediterranean NW Europe W Mediterranean low high low high low high low high Mogas 95R 10ppm 1, , , , Mogas 91R 1, , Naphtha 65 Para - - 1, , Mogas 95R 10ppm 1, , , , Mogas 91R 1, , Naphtha 65 Para 1, , , , Mogas 98R 1, , Euro-Bob Oxy 1, , Euro-Bob non-oxy 1, , Mogas 91R 1, , MTBE 1, , Naphtha 65 Para 1, , Fuel oil 1%S Fuel oil 3.5%S Fuel oil straight-run 0.5%S VGO 0.5% VGO 1.5% VGO 1.6% Fuel oil 1%S Fuel oil 3.5%S VGO 0.5% VGO 1.6% Fuel oil 1%S Fuel oil 1.5%S Middle distillates NW Europe W Mediterranean low high low high Fuel oil 3.5%S Fuel oil VWA VGO 0.5% VGO 1.6% Jet 1, , , , Diesel French 10ppm 1, , , , Diesel German 10ppm 1, , Heating oil 0.1% , , Heating oil German 0.05% 1, , Gasoil Russian Fuel oil s Rotterdam dob Antwerp dob low high low high 180cst 1.5%S cst 3.5%S cst 1.5%S cst 3.5%S Jet 1, , , , Diesel UK ULS 1, , Diesel French 10ppm 1, , , , Diesel German 10ppm 1, , Heating oil 0.1% 1, , , , Heating oil German 0.05% 1, , Gasoil Russian 1, , , , Jet 1, , Diesel German 10ppm 1, , Heating oil 0.1% Heating oil 0.05% 1, , Page 9 of 10

10 Swaps Gasoline Low-sulphur fuel oil Mar 1, , Mar Apr 1, , Apr May 1, , May Q , , Q Q , , Q Naphtha High-sulphur fuel oil cargo Mar 1, , Mar Apr 1, , Apr May 1, , May Q , , Q Q , , Q Jet NWE Mar Apr May Q Q High-sulphur fuel oil Mar Apr May Q Q Gasoil premium to Diesel premium to Mar Mar Apr Apr May May Q Q Q Q month value +/- Gasoil settle Mar Gasoil settle Apr Gasoil settle May Announcements On gasoline s, only winter grades will be reflected until 22 March, 2012, and only summer grades will be reflected from 28 March. In the period from March 2012, both grades will be reflected depending on sufficient volume of bids, offers and trades to constitute a representative market. Argus European Products is published by Argus Media Ltd. Registered office: Argus House, 175 St John St, London, EC1V 4LW Tel: Fax: sales@argusmedia.com ISSN Copyright notice Copyright 2012 Argus Media Ltd. All rights reserved. By reading this publication you agree that you will not copy or reproduce any part of its contents (including, but not limited to, single prices or any other individual items of data) in any form or for any purpose whatsoever without the prior written consent of the publisher. Trademark notice ARGUS, ARGUS MEDIA, the ARGUS logo, ARGUS EUROPEAN PRODUCTS, other ARGUS publication titles and ARGUS index names are trademarks of Argus Media Ltd. Visit /trademarks for more information. Publisher: Adrian Binks Chief operating officer: Neil Bradford Global compliance officer: Jeffrey Amos Commercial manager: Jo Loudiadis Editor in chief: Ian Bourne Managing editor: Cindy Galvin Editor: Chris Judge Tel: europroducts@argusmedia.com Customer support and sales: support@argusmedia.com London, UK Tel: Fax: Moscow, Russia Tel: Fax: Singapore Tel: Fax: Tokyo, Japan Tel: Fax: Argus Media Inc, Houston, US Tel: Fax: Argus Media Inc, Washington DC, US Tel: Fax: Page 10 of 10