New York Harbor Barge Group 3 Chicago Product CBOB* Pre CBOB Reg Unl** Pre Unl** RBOB Pre RBOB Gulf Coast ULSD (10.00) (9.00) (9.

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1 NYMEX at Settlement WTI Crude Oil ($/bbl) Month Price Change MAY JUN JUL RBOB Unleaded (cts/gal) Month Price Change MAY JUN JUL ULSD (cts/gal) Month Price Change MAY JUN JUL Table of Contents NYMEX Prices Basis Snapshot Cash Price Snapshot CBOT Prices Ethanol Prices RIN Values Biodiesel GC Waterborne Blending Components NY Harbor Barge Linden Junction Buckeye & Laurel NY Harbor Cargo Boston Group 3 DOE Data Contact Us Methodology In the News , 5 4, 5 4 6, 8 6, 8 6, 8 7, 8 7, 8 9, 11 10, Thursday, April 6, 2017 FUTURES GAIN GROUND, FINISH NEAR HIGH TIDES RVP Notice: Starting on April 6, will begin showing 7.8-lb. RVP CBOB (RBOB Reg 7.8) as a supplemental grade. The 9.0-lb. RVP CBOB (CBOB Reg 9.0) will remain the tradable spec. 4/6/ Oil futures started the session without much direction but by midafternoon were pointing higher, finishing the session close to intraday highs. Oil futures prices have been tugged back and forth with battling influences. Moving prices higher are the cuts to worldwide crude production agreed to by OPEC which are largely being adhered to. On the other hand, domestic crude production has been encouraged to increase and pull more crude, which has pressured prices lower. Today, the worldwide production crimping was guiding prices, helped by some drawdowns in refined product inventories in this week's Energy Information Administration report. May WTI settled up 55cts today at $51.70/bbl, only about 12cts away from today's high of $51.82/bbl. ICE Brent for delivery in June followed suit, picking up 53cts on the day to settle at $54.89/bbl, just below the $55/bbl high tide for the day. On the refined product side, gains were also solid but light. RBOB for May delivery picked up 1.43cts to settle at $1.7296/gal, only about a quarter-penny away from today's high of $1.7320/gal. Ultra-low-sulfur diesel futures for May got a little less of a bounce, picking up 94cts to round out the session at $1.6129/gal, a little further away than RBOB from its high of $1.6175/gal for the day. The market as a whole could be near a breakout, according to some of the latest resistance points from chartists. For crude contracts, WTI's 200-day moving average is $51.32/bbl, and today's settle put values above that. The 100-day moving average could be the new ceiling to break through at $52.72/bbl. ICE Brent's 100-day moving average is $55.16/bbl, with today's settle still a bit beneath that. Refined product points are a little higher than today's levels. RBOB needs to break through its 100-day moving average at $1.7368/gal to test a new range, while ULSD still needs a halfpenny or so to get above its 100- day moving average of $1.6226/gal. Looking at long-term demand projections, the latest BP 2017 Energy Outlook predicts that even though electric vehicles will increase from 1.2 million in 2015 to 100 million by 2035, that will only make up around 6% of the worldwide fleet. The report expects total fleet numbers to double, reaching 1.8 billion vehicles by That increase will help boost overall liquid fuel demand by 4 million b/d, even with vehicles becoming more fuel efficient. Moving downstream, most cash market prices for both gasoline and distillate products saw minor gains, with any decreases in basis not enough to overpower the uptick in futures contracts. Pacific Northwest (PNW) sub-octane, though, was the sole standout product, seeing outright values drop around a dime as basis levels get pressured lower. Just last week, PNW suboctane was well into the mid-$1.90s, but with the restart of Phillips 66's Ferndale plant and ( Continued on Page 2 ) Snapshot of Key Full-Day East of the Rockies Prompt Spot Basis Range (cts/gal) - Complete Display Inside New York Harbor Barge Group 3 Product Low High Mean Low High Mean Low High Mean Low High Mean CBOB* (11.50) (11.25) (11.375) (15.00) (14.00) (14.500) (12.50) (11.50) (12.000) (7.00) (5.00) (6.000) Pre CBOB Reg Unl** (6.15) (5.85) (6.000) (10.00) (9.00) (9.500) Pre Unl** RBOB (2.15) (1.10) (1.625) (15.65) (14.65) (15.150) Pre RBOB ULSD (4.00) (3.80) (3.900) ULSHO (10.70) (10.50) (10.600) HS No2 (18.50) (17.50) (18.000) Jet 54 (9.00) (8.35) (8.675) * In the Group 3 market, CBOB represents the Sub-octane price. ** In New York Harbor Barge, Reg & Pre Unl are representative of Linden Junction barrels. Linden Junction Group (10.00) (9.00) (9.500) (0.75) 0.25 (0.250) (5.25) (4.25) (4.750) (12.75) (11.75) (12.250) (4.25) (3.25) (3.750) (4.50) 0.00 (2.250) (1.50) (0.50) (1.000) Copyright by Oil Price Information Service (OPIS), an IHS Markit company, 9737 Washingtonian Blvd. Suite 200, Gaithersburg, MD The Full-Day Refined Spots Report is published each business day. OPIS does not guarantee the accuracy of these prices. Reproduction of this report without permission is prohibited. To order copies or a limited copyright waiver, contact OPIS Customer Service at (U.S. only), or energycs@opisnet.com.

2 OPIS Biofuel Pricing at a Glance CBOT Preliminary Settlements Product Month Price Change Ethanol ($/gal) MAY (0.0350) Ethanol ($/gal) JUN (0.0320) Soybean Oil (cts/lb) MAY (0.46) Soybean Oil (cts/lb) JUL (0.44) Corn (cts/bushel) MAY (4.00) Corn (cts/bushel) JUL (4.00) OPIS Ethanol (cts/gal) Market Low New York Barge New York In Tank Transfer Barge Dallas Rail Tampa Rail Rule Dead Prompt OPIS U.S. RIN Values (cts/rin) RIN Type Year Low Corn Ethanol Corn Ethanol Biodiesel Biodiesel Cellulosic Cellulosic Adv. Biofuel Adv. Biofuel High High OPIS Biodiesel (B100) (cts/gal) Market Low High New York Day Futures vs. Cash Ethanol Trend Change (3.500) (3.500) (5.000) (3.500) (3.000) (5.000) (3.750) (4.750) Change (1.000) (1.000) (1.000) (2.750) (2.500) (2.500) Change ETHANOL & BLENDSTOCKS April 06, 2017 ( Continued from Page 1 ) offers from the Kinder Morgan Willbridge terminal, prices sank and are now the least expensive West Coast market. --Cory Wilchek, cwilchek@opisnet.com IN GASOLINE U.S. GULF COAST gasoline prices closed out Thursday's session with gains, moving higher with light gasoline futures gains amid mixed wet barrel action. Today was the first day to book Cycle 21 gasoline products into Colonial Pipeline, and while that can typically keep trade liquidity low, quite a bit of action was seen today, especially for regular unleaded gasoline. Regular unleaded 9.0-lb. "M2" mean gasoline prices closed out the day at $1.6696/gal, up more than a penny and a half. It's the highest closing level all year for M2. Physical trade was brisk, but the trading range was narrow. Prompt Cycle 21 M2 changed hands as high as 5.85cts below the May Merc and as low as 6.15cts under, which is where cash discounts left off at close. Cycle 21 M2 also traded several times from "flat" to 15pts over Cycle 22 material, before last trading 10pts over. This indicates Cycle 21 M2 was last running 10pts stronger than Cycle 22 M2. Quite a bit of activity was seen for RBOB VOC-controlled "F1" gasoline, as well, though the trading range was wider than what was seen for M2. Prompt Cycle 21 RBOB changed hands from as high as 1.10cts below May futures to as low as 2.15cts under, before last trading 1.25cts below the Merc. Outright mean prices closed out the day at $1.7136/gal, its highest closing price since July of last year. Premium RBOB VOC-controlled fuel for prompt Cycle 21 loading traded as high as 13.25cts over the futures today before last trading 12.25cts over. Mean prices closed at $1.8571/gal. Meantime, CBOB 9.0-lb. "A2" gasoline prices finished out with a mean closing price of $1.6156/gal, its highest number since Dec. 30. Prompt Cycle 21 discounts left the board at 11.50cts below futures, its lowest trade of the session. Earlier deals were inked at 11.35cts and 11.25cts below the Merc. The forward pricing curve for CBOB A2 is "flat," with a deal confirmed where Cycle 22 material changed hands even with Cycle 21 barrels. The CBOB 7.8-lb. "A1" barrel was pricing 5cts/gal stronger than A2, putting discounts at 6.50cts below the May Merc. Line space for Line 1, Colonial Pipeline's main gasoline line, was valued 1.75cts below pipeline tariff fees this morning, a level unchanged from Wednesday. NEW YORK HARBOR gasoline prices made advances of near a penny or more with moderate buying of futures contracts and an overall ( Continued on Page 13 ) Snapshot of Key Full Day East of the Rockies Prompt Spot Cash Prices Ranges (cts/gal) - Complete Display Inside New York Harbor Barge Group 3 Product Low High Mean Low High Mean Low High Mean Low High Mean CBOB* Pre CBOB Reg Unl** Pre Unl** RBOB Pre RBOB ULSD ULSHO HS No2 Jet Linden Junction Group * In the Group 3 market, CBOB represents the Sub-octane price. ** In New York Harbor Barge, Reg & Pre Unl are representative of Linden Junction barrels. Page 2 of 14

3 OPIS U.S. Spot Gasoline Prices (cts/gal) U.S. GULF COAST CASH PRICES April 06, 2017 Wt. Avg CBOB 7.8 C21 May (6.50) (6.375) CBOB 9.0 C21 May (11.50) (11.375) Pre CBOB 7.8 C21 May Pre CBOB 9.0 C21 May Reg Unl 9.0 C21 May (6.15) (6.000) Pre Unl 9.0 C21 May RBOB VOC C21 May (1.25) (1.625) Pre RBOB VOC C21 May CPL Line 01 C Prompt Plus One Cycle Prices CBOB 7.8 C22 May (6.50) (6.375) CBOB 9.0 C22 May (11.50) (11.375) Pre CBOB 7.8 C22 May Pre CBOB 9.0 C22 May Reg Unl 9.0 C22 May (6.25) (6.050) Pre Unl 9.0 C22 May RBOB VOC C22 May (1.25) (1.625) Pre RBOB VOC C22 May Prompt Plus Two Cycle Prices CBOB 7.8 C23 May (6.50) (6.375) CBOB 9.0 C23 May (11.50) (11.375) Pre CBOB 7.8 C23 May Pre CBOB 9.0 C23 May Reg Unl 9.0 C23 May (6.25) (6.050) Pre Unl 9.0 C23 May RBOB VOC C23 May (1.25) (1.625) Pre RBOB VOC C23 May Ratable Prices CBOB 9.0 MAY Jun (11.75) (11.750) Reg Unl 9.0 MAY Jun (7.25) (7.250) Page 3 of 14

4 OPIS U.S. Spot Gasoline Prices (cts/gal) U.S. GULF COAST CASH PRICES April 06, 2017 GC Waterborne Reg Unl 9.0 May (4.90) (4.750) Pre Unl 9.0 May GC Waterborne Reg Unl 9.0 May (5.00) (4.800) GC Waterborne Product Timing Low MTBE Prompt Alkylate Prompt High Last Blendstocks Prices Mean Change 5-Day 30-Day OPIS U.S. Trends 30-Day Gasoline Prices 30-Day Gasoline Relationships OPIS U.S. Spot-to-Rack-to-Retail Snapshot Gasoline (cents/gal) Price Change GC Spot Gasoline Basket of Racks Retail Average Gasoline Diesel (cents/gal) Price Change GC Spot Diesel Basket of Racks Retail Average Diesel Page 4 of 14

5 OPIS U.S. Spot Distillate Prices (cts/gal) U.S. GULF COAST CASH PRICES April 06, 2017 Wt. Avg ULSD C21 May (4.00) (3.900) ULSD C21 May (4.00) (3.900) ULSHO C21 May (10.70) (10.600) HS No2 C20 May (18.00) (18.000) Kero 55 C21 May (8.25) (8.425) ULS Kero C21 May (7.00) (7.175) Jet 54 C21 May (8.50) (8.675) CPL Line 02 C Prompt Plus One Cycle Prices ULSD C22 May (4.05) (3.950) ULSD C22 May (4.05) (3.950) ULSHO C22 May (10.75) (10.650) HS No2 C21 May (18.00) (18.000) Kero 55 C22 May (8.50) (8.675) ULS Kero C22 May (7.25) (7.425) Jet 54 C22 May (8.75) (8.925) Prompt Plus Two Cycle Prices ULSD C23 May (4.10) (4.000) ULSD C23 May (4.10) (4.000) ULSHO C23 May (10.80) (10.700) HS No2 C22 May (18.00) (18.000) Kero 55 C23 May (8.75) (8.925) ULS Kero C23 May (7.50) (7.675) Jet 54 C23 May (9.00) (9.175) Ratable Prices ULSD MAY Jun (4.00) (4.000) ULSD MAY Jun (4.00) (4.000) OPIS U.S. Waterborne Spot Distillate Prices (cts/gal) GC Waterborne ULSD May (3.00) (2.900) ULSHO May (9.70) (9.600) LS No2 May (15.50) (15.500) LS2OFF May (16.25) (16.250) HS No2 May (16.75) (16.750) Kero 55 May (6.75) (6.925) Jet 54 May (7.00) (7.175) GC Waterborne ULSD May (3.15) (3.050) ULSHO May (9.85) (9.750) LS No2 May (15.75) (15.750) LS2OFF May (16.50) (16.500) HS No2 May (16.75) (16.750) Page 5 of 14

6 OPIS U.S. Northeast Spot Gasoline Prices (cts/gal) U.S. NORTHEAST CASH PRICES April 06, 2017 New York Harbor Barge CBOB 13.5 May (14.50) (14.500) Pre CBOB 13.5 May RBOB 13.5 May (15.15) (15.150) Pre RBOB 13.5 May New York Harbor Barge CBOB 7.8 May (3.25) (3.250) Pre CBOB 7.8 May RBOB VOC May (0.40) (0.400) Pre RBOB VOC May New York Harbor Barge Ratable Prices CBOB 7.8 Jun (3.75) (3.750) RBOB VOC Jun (0.75) (0.750) Linden Junction CBOB 9.0 C17 May (9.00) (9.000) Reg Unl 11.5 C16 May (9.50) (9.500) Pre Unl 11.5 C16 May RBOB 11.5 C16 May (14.25) (14.250) Buckeye CBOB 13.5 May (14.50) (14.500) Pre CBOB 13.5 May RBOB 13.5 May (15.15) (14.950) Pre RBOB 13.5 May Laurel CBOB 13.5 May (14.50) (14.500) Pre CBOB 13.5 May RBOB Unl 13.5 May (15.15) (14.950) RBOB Pre 13.5 May Page 6 of 14

7 OPIS U.S. Northeast Spot Gasoline Prices (cts/gal) U.S. NORTHEAST CASH PRICES April 06, 2017 New York Harbor Cargo Reg Unl 13.5 May (9.50) (9.500) Pre Unl 13.5 May RBOB 13.5 May (14.65) (14.650) Pre RBOB 13.5 May New York Harbor Cargo Reg Unl 9.0 May Pre Unl 9.0 May RBOB VOC May Pre RBOB VOC May Boston RBOB 13.5 May (13.15) (13.150) Pre RBOB 13.5 May OPIS U.S. Northeast Trends 30-Day NY Barge Gasoline Cash Prices 30-Day NY Barge Gasoline Relationships OPIS U.S. Northeast Spot-to-Rack-to-Retail Snapshot Gasoline (cents/gal) Price Change NY Barge Spot Gasoline Basket of Racks Retail Average Diesel (cents/gal) Price Change Linden Junction Spot Diesel Basket of Racks Retail Average Gasoline Diesel Page 7 of 14

8 OPIS U.S. Northeast Spot Distillate Prices (cts/gal) U.S. NORTHEAST CASH PRICES April 06, 2017 New York Harbor Barge ULSD May (0.50) (0.500) ULSHO May (4.75) (4.750) LSHO May (5.75) (5.750) HS No2 May (12.25) (12.250) Kero 55 May ULS Kero May Jet 54 May (3.75) (3.750) New York Harbor Barge ULSD May (1.00) (1.000) ULSHO May (5.25) (5.250) LSHO May (6.25) (6.250) HS No2 May (1.060) (12.75) (12.750) Kero 55 May ULS Kero May Jet 54 May (4.25) (4.250) Linden Junction ULSD C17 May (0.25) (0.250) ULSD C17 May (0.25) (0.250) ULSHO C17 May (4.75) (4.750) LSHO C17 May (5.75) (5.750) HS No2 C17 May (12.25) (12.250) Jet 54 C17 May (3.75) (3.750) Buckeye ULSD May ULSHO May (4.75) (4.750) LSHO May (5.75) (5.750) Kero 55 May Jet 54 May (3.75) (3.750) Laurel ULSD May (1.25) (1.250) LSHO May (0.05) (0.050) Jet 54 May (4.25) (4.250) New York Harbor Cargo ULSD May Jet 54 May (3.25) (3.250) New York Harbor Cargo ULSD May (0.50) (0.500) Jet 54 May (3.75) (3.750) Boston ULSD May Page 8 of 14

9 OPIS U.S. Midwest Spot Gasoline Prices (cts/gal) U.S. MIDWEST CASH PRICES April 06, 2017 CBOB 9.0 Apr2 May (6.00) (6.000) Pre Unl 9.0 Apr2 May RBOB VOC Apr2 May Pre RBOB VOC Apr2 May Prompt Plus One Cycle Prices CBOB 9.0 Apr3 May (7.00) (7.000) Pre Unl 9.0 Apr3 May RBOB VOC Apr3 May Pre RBOB VOC Apr3 May Prompt Plus Two Cycle Prices CBOB 9.0 May1 Jun (6.00) (6.000) Pre Unl 9.0 May1 Jun RBOB VOC May1 Jun Pre RBOB VOC May1 Jun Prompt Plus Three Cycle Prices CBOB 9.0 May2 Jun (6.00) (6.000) Pre Unl 9.0 May2 Jun RBOB VOC May2 Jun Pre RBOB VOC May2 Jun OPIS U.S. Midwest Trends 30-Day Gasoline Prices 30-Day Gasoline Relationships Page 9 of 14

10 OPIS U.S. Midwest Spot Gasoline Prices (cts/gal) U.S. MIDWEST CASH PRICES April 06, 2017 Group 3 Sub-Oct Reg 8.5 May (12.00) (12.000) Pre Unl 8.5 May Group 3 Sub-Oct Reg 8.5 May (11.75) (11.750) Pre Unl 8.5 May OPIS U.S. Group 3 Trends 30-Day Group 3 Gasoline Prices 30-Day Group 3 Gasoline Relationships Page 10 of 14

11 OPIS U.S. Midwest Spot Distillate Prices (cts/gal) U.S. MIDWEST CASH PRICES April 06, 2017 ULSD Apr2 May (2.25) (2.250) Jet 54 Apr2 May (1.00) (1.000) Prompt Plus One Cycle Prices ULSD Apr3 May (2.50) (2.500) Jet 54 Apr3 May (1.00) (1.000) Prompt Plus Two Cycle Prices ULSD May1 Jun Jet 54 May1 Jun (1.75) (1.750) Prompt Plus Three Prices ULSD May2 Jun Jet 54 May2 Jun (1.75) (1.750) Group 3 ULSD May Jet 54 May (9.50) (9.500) Group 3 ULSD May Jet 54 May (9.50) (9.500) OPIS U.S. Midwest Trends 30-Day Distillate Relationships Page 11 of 14

12 East of the Rockies Prompt Mean Differential 10-Day Trend Line (cts/gal) Gulf 3/24/17 (3.50) 3/27/17 (2.00) 3/28/17 (2.10) 3/29/17 (0.86) 3/30/17 (2.00) 5-Day Avg (2.09) 3/31/17 (2.21) 4/3/17 (1.50) 4/4/17 (1.38) 4/5/17 (2.13) 4/6/17 (1.62) 5-Day Avg (1.77) RBOB NYHB (15.50) (15.00) (14.50) (14.50) (14.50) (14.80) (14.50) (15.00) (15.00) (15.25) (15.15) (14.98) U.S. Regional DOE Supply/Production Data Front NYMEX BASIS & SUPPLY TRENDS April 06, 2017 Gulf (3.25) (3.28) (3.43) (3.32) (3.27) (3.31) (3.53) (3.60) (3.63) (3.83) (3.90) (3.70) LJ (0.25) (0.25) 0.00 Ultra Low Sulfur Diesel G Chi (0.25) (0.28) (1.66) (1.65) (2.02) (1.17) (2.15) (0.75) (0.13) (1.37) (2.25) (1.33) Front NYMEX Total Gasoline Stocks (in million barrels) Week Ending 3/31/17 3/24/17 3/17/17 3/10/17 4 Wk Avg Gulf East Midwest Nation Total Gasoline Production (in thousand barrels/day) Gulf East Week Ending 3/31/17 2,093 2, ,112 3, /24/17 2,211 2, ,107 3, /17/17 2,148 2, ,097 3, /10/17 2,163 2, ,244 3, Wk Avg 2,154 2, ,140 3, Midwest 2,542 2, ,518 2, ,586 2, ,452 2, ,525 2, Nation 9,718 9, ,790 9, ,730 9, ,772 9, ,753 9, Total Distillates Stocks (in million barrels)* Week Ending 3/31/17 3/24/17 3/17/17 3/10/17 4 Wk Avg * Minus Jet Fuel Gulf East Midwest Nation Total Distillates Production (in thousand barrels/day)* Gulf East Week Ending 3/31/17 2,752 2, /24/17 2,792 2, /17/17 2,798 2, /10/17 2,634 2, Wk Avg 2,744 2, * Minus Jet Fuel Midwest 1, , , ,016 1, , Nation 4,967 4, ,873 4, ,828 4, ,691 4, ,840 4, DOE's Implied Demand (in million barrels) Week Ending 3/31/17 3/24/17 Gasoline Distillate Refinery Utilization Rate 88.8% 87.7% Page 12 of 14

13 strengthening of trade levels. RBOB 13.5-lb. "F4" RVP cash values closed 1.53cts higher, at $1.5781/gal. Trade levels strengthened 10pts above yesterday to a discount 15.15cts below futures. Material swapped hands at 14.75cts below futures for loading on the Buckeye Pipeline April 9. RBOB "F4" also traded at 15.35cts below and several times at 15.15cts under futures for loading on the Buckeye Pipeline April CBOB 13.5-lb. RVP prices finished close to a penny above yesterday's closing mean at $1.5846/gal. Prices would have been higher, but discount levels softened 50pts to 14.50cts under futures. Premium RBOB 13.5-lb. "H4" material traded at 2.75cts above the paper market for Buckeye Pipeline loading April 12. Meanwhile, prices for offline CBOB 9.0-lb. RVP prompt Cycle 17 delivery into Linden edged up 93pts, to $1.6396/gal. Material swapped hands at the Merc minus 8.75cts for nonprompt Cycles 18 and 19 delivery. Trade levels were last pegged at 9cts under futures, 50pts lower than yesterday. Offline unleaded regular 11.5-lb. "M3" RVP gasoline for prompt Cycle 16 finished 1.43cts higher to $1.6346/gal. Discounts remain unchanged at 9.50cts below the paper market. Unleaded regular 9.0-lb. RVP gasoline traded at discounts of 3.50cts under for Cycle 16 delivery and 3.25cts below futures for nonprompt Cycles 17 and 18 delivery in Linden. In the U.S. MIDWEST, cash differentials for spot gasoline finished slightly stronger on Thursday, after they left the board notably weaker in the previous session, as participants continued to mull market fundamentals following litany of regional refinery issues. In CHICAGO, April cycle-two CBOB was last assessed at 6cts/gal under the NYMEX May RBOB futures, strengthening by 50pts, good for outright prices at $1.6696/gal, for a gain of 1.93cts/gal. Earlier, Buckeye Complex material changed hands at 5cts/gal and 5.5ctsgal discounts to futures, Wolverine Pipeline barrels were pegged at 6.50cts/gal below the Merc at last look. Looking at high-octane grades, Buckeye Complex premium unleaded gasoline traded at 10.50cts/gal above May futures. In GROUP 3, "V-grade" sub-octane regular gasoline left the board at 12cts/gal under the May Merc, the level where a prompt deal was confirmed done, unchanged from the previous session's mean. Prices closed up 1.43cts/gal, at $1.6096/gal. Looking at refinery news, Phillips 66's 330,000-b/d Wood River refinery in Illinois is still undergoing planned maintenance work, a company spokesman said late Wednesday, adding to a growing list of refinery issues in the U.S. Midwest. On Wednesday, a report said that the refinery located in southwest Illinois is set to wrap up planned outages by this week and to resume normal operation next week. OPIS cannot verify the report, and the Phillips 66 April 06, 2017 ( Continued from page 2 ) spokesman did not elaborate on further details regarding the operational status of the Wood River refinery. OPIS first reported the refinery was undergoing planned works at Wood River in mid-february. Earlier this week, ExxonMobil confirmed its 260,000-b/d Joliet refinery in Illinois was undergoing short-term planned maintenance, and that all customer commitments were being met. In addition, BP's 430,000-b/d Whiting, Ind., refinery was experiencing a minor issue on its second-largest crude distillation unit known as PipeStill 11C, which was affecting normal operations. At that time, a source said that normal operations should be back in a few days. IN DISTILLATES In the U.S. GULF COAST, spot distillate prices increased across the arena on Thursday, pressured by NYMEX buying. Ultra-low-sulfur diesel for Cycle 21 delivery most recently changed hands at four pennies beneath the NYMEX May ULSD futures contract, sinking basis levels by 18pts versus yesterday's mean. In addition, deals were also reached earlier today between cts below the screen. Those weaker trades failed to overpower Merc gains, as outright mean prices advanced by 87pts, at $1.5739/gal at day's end. Although the remains the cheapest market for ULSD in the country, prices are hovering around a monthlong high. Prompt ultra-low-sulfur heating oil traded at a 6.70ct discount to ULSD, good for an outright mean price of $1.5069/gal at closing. Today was the last day to book Cycle 20 high-sulfur diesel material into Colonial Pipeline, and prompt barrels were talked right around an 18ct Merc discount, flat with Wednesday's closing mean differential. Outright mean prices relied on futures for direction, hiking to $1.4329/gal, a boost of 94pts at the close of Thursday's session. Cycle 21 jet fuel most recently transacted at 8.50cts below May futures, narrowing spot discounts by a half-cent versus Wednesday's mean. In addition, prompt supplies also changed hands earlier today between ct Merc discounts. That upturn in basis levels compounded NYMEX buying, as outright mean prices were tugged to $ /gal, a rise of 1.27cts at day's end. Looking ahead, Cycle 21 jet fuel will schedule tomorrow. Line space on Colonial Pipeline's Line 2 - the main distillate line - was last talked around 40pts below pipeline tariffs, unchanged compared to yesterday's ending mean level. NEW YORK HARBOR distillates closed higher off light buying of futures contracts with cash trade levels that headed in opposite directions. ULSD gained 1.19cts today to close at $1.6079/gal. Trade levels strengthened 25pts to the Merc minus 50pts for prompt barge loading. Discounts strengthened 75pts to flat with futures for prompt Buckeye Pipeline loading. ULSHO edged 1.44cts higher to $1.5654/gal. Cash trade discounts were pegged 50pts stronger by the end of the day to 4.75cts under futures. LSHO closed 94pts higher, to ( Continued on page 14 ) Page 13 of 14

14 CONTACT INFORMATION April 06, 2017 ( Continued from page 13 ) $1.5554/gal. High sulfur heating oil crept up 44pts, to $1.4904/gal. Trade levels dipped 50pts to 12.25cts under futures after swapping hands at that level. Jet fuel also lifted about a penny to $1.5754/gal. Discounts remained unchanged from their place at 3.75cts under futures after trading several times at that level today. In the U.S. MIDWEST, GROUP 3 "X-grade" ULSD left the board at 1.25cts/gal above May futures by Thursday, based on the level where a prompt deal was confirmed done. Prices settled up 67pts, at $1.6254/gal. In CHICAGO, April cycle-two ULSD closed out Thursday at 2.25cts/gal under the May Merc, good for outright prices at $1.5904/gal. West Shore/Badger material was last offered at 5cts/gal discounts to the Merc, while Buckeye Complex barrels were pegged at even to the May Merc level. In other distillate grades, cycle-two West Shore jet fuel was confirmed traded at a penny under May ULSD futures. RETAIL GASOLINE MARGINS CRUSHED The latest calculations from OPIS Retail Fuel Watch, to be released in detail later today, show gross gasoline margins across the U.S. and Canada hitting their lowest count of Station owners have fallen prey to much higher wholesale gasoline costs without a corresponding rise in pump prices to consumers. The pace of retail price increases is on the rise, however. Gross station profits across the U.S. declined 28% on the week to 13.6cts/gal, the lowest margin so far in 2017 and a full dime below where profits stood in January. In two weeks, retail gasoline profits have slipped 32%. Two U.S. regions -- the Southeast and the Southwest -- see gross profits starting in the single digits, so any bank credit card volumes net margins out to almost nothing for retailers. U.S. West Coast profits remain the best, but wholesale costs in California have soared in the last two weeks, putting California pump averages back on track to reclaim $3/gal. In March, California became the first state to hit $3/gal on average, but prices retreated to the high $2.90s. The pace of retail prices has quickened to where pump prices were rising nationwide at an average of about a penny per day in the last week. That compares to flat prices that went up the month prior hardly at all. Canadian retailers saw gross station gasoline profits decline 25% week over week to 4.6 cents per liter, also the lowest mark of 2017 to date. Profits have plunged 40% in two weeks and are half what they were at the start of the year. --Ben Brockwell, bbrockwell@opisnet.com Director - Data, Pricing & Info: Ben Brockwell ICE IM: bbrockwell1 bbrockwell@opisnet.com VP - Content: Robert Gough ICE IM: rgough rgough@opisnet.com Director- Refined Spots and Renewable Fuels: Jennifer Brumback ICE IM: jbrumback2 jbrumback@opisnet.com Global Head - Energy Analysis: Tom Kloza ICE IM: tkloza tkloza@opisnet.com : Cory Wilchek ICE IM: cwilchek cwilchek@opisnet.com Andrew Atwal ICE IM: aatwal aatwal@opisnet.com Northeast: Carly John ICE IM: cwright9 cjohn@opisnet.com Ethanol/Biodiesel: Spencer Kelly ICE IM: skelly15 skelly@opisnet.com European Products: Paddy Gourlay (75) ICE IM: paddygourlay pgourlay@opisnet.com Midwest: Frank Tang ICE IM: ftang ftang@opisnet.com Carbon Markets: James Burbridge ICE IM: jburbridge jburbridge@opisnet.com Asian Products: Jiwon Chung (65.63) ICE IM: jchung8 jchung@opisnet.com West Coast: Lisa Street ICE IM: lstreet2 lstreet@opisnet.com Kylee West ICE IM: kwest kwest@opisnet.com Market News Coverage: Denton Cinquegrana Edgar Ang Beth Heinsohn Brad Addington Michelle Wiese Bockmann Rajesh Joshi Jeff Barber Refined Spots Methodology OPIS editors track a full-day spot market, with typical hours from 9 a.m. to 5:15 p.m. Eastern Time. Deals received outside those hours are reviewed and evaluated for ranges depending on market circumstances. In order to meet publication deadlines, OPIS reserves the right to not accept deals as part of final ranges if information is sent to/received by OPIS after 5:15 p.m. Editors take an "arm's length approach" in covering the market, canvassing a broad cross-section of market participants active in trading physical barrels. Editors respect the wishes of sources to remain anonymous in their market activities, and any information received regarding parties in deals is kept confidential. OPIS reserves the right to exclude deals deemed "not reflective" of prevailing or fair market value. These deals may be mentioned in our written commentary, however. Assessing markets requires judgment on the part of our editors. Calls will be reviewed among experienced reporters and judged within the context of that day's market. Ranges are only changed in the case of clerical errors such as typos or transposition mistakes. Editors confirm and record deals meeting minimum volumes specific to each geographic market. As the majority of the refined products market is transacted on an EFP basis, we follow deals as basis to the New York Mercantile Exchange settlement. We consider fixed-price deals only if they fall within the full-day differential range based off the settled NYMEX, or to assess cash-for-cash "regrade" transactions. Ranges reflect actual transacted deals. In the case of confirmed trading followed by a shift in the market without a done deal, editors will consider the last deal recorded and weigh it in light of subsequent bids and offers. In the total absence of confirmed deals, we will use the input of the trading community to help us assess a viable "get-done" range and last value, and also consider the relationship the illiquid product may have with more actively-traded grades. Typically, the "lowest sell price" and the "highest bid price" will provide direction. For a detailed methodology, please visit /about/methodology.aspx Page 14 of 14