Platts corrects April 11 European fuel oil assessment rationales

Platts, part of S&P Global Commodity Insights, has corrected the April 11 European fuel oil assessment rationales.

The rationales should read as follows:

Platts NW Europe Fuel Oil 1%S Cargo Daily Rationales & Exclusions

FO 1%S CIF NWE Cargo PUAAL00 assessment rationale: The CIF Northwest European low sulfur fuel oil cargo assessment was derived by a freight net forward to the FOB Northwest European low sulfur fuel oil cargo assessment using the following input: the FOB Northwest European low sulfur fuel oil cargo assessment plus the cost of transporting a 30,000 mt fuel oil cargo from a basket of NWE ports to the assessment basis port of Antwerp.

FO 1%S FOB NWE Cargo PUAAM00 assessment rationale: 1%S FOB NWE cargoes were assessed at $458.50/mt, in line with the previous day's swaps differentials in the absence of competitive indications in the Platts Market on Close assessment process. A daily contango structure of around 19 cents/mt, derived from the $462/mt April and $466.75/mt May swaps assessments on April 11, was applied and extended to the remainder of the curve.

Exclusions: None

Platts Rotterdam Fuel Oil Barge Daily Rationales & Exclusions

FO 1%S FOB Rdam Barge PUAAP00 assessment rationale: 1%S FOB Rotterdam barges were assessed at $456/mt, at a $2.5/mt discount to 1%S FOB NWE cargoes.

FO 3.5%S FOB Rdam Barge PUABC00 assessment rationale: The 3.5% FOB Rotterdam barges were assessed at $452.75/mt, based on the following inputs:

Value on April 16 was assessed at $453.25/mt, above an outstanding bid for the front-end dates in the Platts Market on Close assessment process.

A backwardated structure of around 11.8 cents/mt per day, derived from the $450.75/mt April and $447.75/mt May swaps assessments April 11, was then applied and extended to the front and back of the curve.

FO 3.5%S 500 CST FOB Rdam Barge PUAGN00 assessment rationale: 500 CST FOB Rotterdam barges were assessed at a $7/mt discount to the 3.5%S FOB Rotterdam barges.

Exclusions: None

Platts Mediterranean Fuel Oil 1%S, 3.5%S Daily Rationales & Exclusions

FO 1%S CIF Med Cargo PUAAJ00 assessment rationale: The CIF Mediterranean low sulfur fuel oil cargo assessment was derived as a freight net-forward to the FOB Northwest European low sulfur fuel oil cargo assessment, using the following assessments: The FOB Northwest European low sulfur fuel cargo plus the cost of transporting a 30,000 mt fuel oil cargo from Antwerp to assessment basis port of Milazzo.

FO 1%S FOB Med Cargo PUAAK00 assessment rationale: The FOB Mediterranean low sulfur fuel oil cargo assessment was derived as a freight netback to the CIF Mediterranean low sulfur fuel oil cargo assessment, using the following assessments: the CIF Mediterranean low sulfur fuel oil cargo assessment minus the cost of transporting a 30,000 mt fuel oil cargo between a basket of Mediterranean ports.

FO 3.5%S CIF Med Cargo PUAAY00 assessment rationale: 3.5%S CIF Med cargoes were assessed at $459.50/mt. Value on April 26 was assessed at $459.82/mt, below a competitive outstanding offer of for delivery April 24-28 in the Platts Market on Close assessment process. A contango structure of around 14 cents/mt per day, derived from the $441/mt April and $438.50/mt May swaps, was then applied and extended to the remainder of the curve.

FO 3.5%S FOB Med Cargo PUAAZ00 assessment rationale: The FOB Mediterranean high sulfur fuel oil cargo assessment was derived as a freight netback to the CIF Mediterranean high sulfur fuel oil cargo assessment, using the following assessments: CIF Mediterranean high sulfur fuel oil cargo assessment minus the cost of transporting a 30,000 mt fuel oil cargo between a basket of Mediterranean ports.

Exclusions: None

Platts Med 0.5% Marine Fuel Daily Rationale & Exclusions

Marine Fuel 0.5% FOB Mediterranean cargo $/mt MFFMM00 assessment rationale: The FOB Mediterranean 0.5%S marine fuel cargo assessment was derived as a freight netback to the CIF Mediterranean 0.5%S marine fuel cargo assessment, using the following assessments: the CIF Mediterranean 0.5%S marine fuel cargo assessment minus the cost of transporting a 30,000 mt marine fuel cargo between a basket of Mediterranean ports.

Marine Fuel 0.5% CIF Mediterranean cargo $/mt MFCMM00 assessment rationale: The 0.5%S CIF Med cargo market was assessed at a $25/mt premium to the 0.5% Marine Fuel FOB Rotterdam barges.

Exclusions: None

Platts FOB Rotterdam 0.5% Marine Fuel Barge Daily Rationale & Exclusions

Marine Fuel 0.5% FOB Rotterdam barge $/mt PUMFD00 assessment rationale: The 0.5%S FOB Rotterdam barges were assessed at $550.50/mt, based on the following inputs:

Value on April 16 was assessed at $551.75/mt, below an outstanding competitive offer for the front end dates in the Platts Market on Close assessment process.

A backwardated structure of around 32 cents/mt per day, derived from the $551.25/mt April and $543/mt May swaps assessments April 11, was then applied to the front and back of the curve.

Exclusions: None

The rationales are published on PGA and PRF pages 1580, 1507, 1588, 1564, PGB3001 and in Platts European Marketscan.