SUBSCRIBER NOTE: Proposed discontinuation of USGC heating oil swap assessments

S&P Global Platts is proposing to discontinue its assessments for US Gulf Coast 77 grade heating oil derivatives with effect from June 1, 2018.

The proposed discontinuation stems from the lack of trading interest and liquidity in the market for these derivatives, as the underlying trade in physical heating oil in the US has largely migrated to lower sulfur products.

Platts is not proposing any change to its physical spot market assessments of heating oil.

The daily USGC heating oil derivatives assessments can be found on PGA670, and comprise 12 monthly and four quarterly assessments, their corresponding differentials to NYMEX ULSD futures, and the spread between the outright values of the monthly assessments. Platts is also proposing to discontinue the crack spread swaps assessments between heating oil and WTI, Brent and Dubai crude.

Details of the assessments proposed for discontinuation are as follows:

Time Period Differential Outright Time spread to prior month/quarter

Month 1 swap AAHHX00 AAHHX01 Month 2 swap AAHHY00 AAHHY01 HPM0102 Month 3 swap AAHHZ00 AAHHZ01 HPM0203 Month 4 swap AAHIA00 AAHIA01 HPM0304 Month 5 swap AAHIB00 AAHJM05 HPM0405 Month 6 swap AAHIC00 AAHJM06 HPM0506 Month 7 swap AAHIM07 AAHJM07 HPM0607 Month 8 swap AAHIM08 AAHJM08 HPM0708 Month 9 swap AAHIM09 AAHJM09 HPM0809 Month 10 swap AAHIM10 AAHJM10 HPM0910 Month 11 swap AAHIM11 AAHJM11 HPM1011 Month 12 swap AAHIM12 AAHJM12 HPM1112 Quarter 1 swap AAHID00 AAHID01 Quarter 2 swap AAHIE00 AAHIE01 HPQ0102 Quarter 3 swap AAHIF00 AAHIF01 HPQ0203 Quarter 4 swap AAHIG00 AAHIG01 HPQ0304

Time Period Heating Oil/Dubai crack Heating Oil/WTI crack Heating Oil/Brent crack Month 1 swap HHFWM01 HHFBM01 DUHC001 Month 2 swap HHFWM02 HHFBM02 DUHC002 Month 3 swap HHFWM03 HHFBM03 DUHC003 Month 4 swap HHFWM04 HHFBM04 DUHC004 Month 5 swap HHFWM05 HHFBM05 DUHC005 Month 6 swap HHFWM06 HHFBM06 DUHC006 Month 7 swap HHFWM07 HHFBM07 DUHC007 Month 8 swap HHFWM08 HHFBM08 DUHC008 Month 9 swap HHFWM09 HHFBM09 DUHC009 Month 10 swap HHFWM10 HHFBM10 DUHC010 Month 11 swap HHFWM11 HHFBM11 DUHC011 Month 12 swap HHFWM12 HHFBM12 DUHC012 Quarter 1 swap HHFWQ01 HHFBQ01 DUHCQ01 Quarter 2 swap HHFWQ02 HHFBQ02 DUHCQ02 Quarter 3 swap HHFWQ03 HHFBQ03 DUHCQ03 Quarter 4 swap HHFWQ04 HHFBQ04 DUHCQ04

Please send feedback by February 16, 2018, to pricegroup@spglobal.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available to the public upon request.