SUBSCRIBER NOTE: Platts to discontinue USGC heating oil swap assessments

S&P Global Platts will no longer assess US Gulf Coast 77 grade heating oil derivatives with effect from June 1, 2018.

The 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 are comprised of twelve 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.

These discontinuations were first proposed in a subscriber note published January 10, 2018.

THe assessments and associated crack spreads impacted are:

Time Period Differential Outright Time spread to prior month/quarter

Month 1 AAHHX00 AAHHX01 Month 2 AAHHY00 AAHHY01 HPM0102 Month 3 AAHHZ00 AAHHZ01 HPM0203 Month 4 AAHIA00 AAHIA01 HPM0304 Month 5 AAHIB00 AAHJM05 HPM0405 Month 6 AAHIC00 AAHJM06 HPM0506 Month 7 AAHIM07 AAHJM07 HPM0607 Month 8 AAHIM08 AAHJM08 HPM0708 Month 9 AAHIM09 AAHJM09 HPM0809 Month 10 AAHIM10 AAHJM10 HPM0910 Month 11 AAHIM11 AAHJM11 HPM1011 Month 12 AAHIM12 AAHJM12 HPM1112

Quarter 1 AAHID00 AAHID01 Quarter 2 AAHIE00 AAHIE01 HPQ0102 Quarter 3 AAHIF00 AAHIF01 HPQ0203 Quarter 4 AAHIG00 AAHIG01 HPQ0304

Please send questions or comments to americas_products@spglobal.com and pricegroup@spglobal.com.

For written comments, please provide a clear indication if comments are not intended for publication by S&P Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available to the public upon request.