Platts corrects April 14 European 1% and 3.5% Fuel Oil cargo assessment rationales

Platts, part of S&P Global Commodity Insights, has corrected the April 14 European 1% and 3.5% fuel oil cargo assessment rationales.

The rationales should read as follows:

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 assessment was based on the following inputs: Value on April 26 was assessed at $471.41/mt, above a competitive outstanding bid for delivery April 24-28 in the Platts Market on Close assessment process. A contango of around 23 cents/mt per day was applied to the front and back of the curve, in line with paper structure.

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 assessment was based on the previously established relationship between the physical and the paper market, in the absence of competitive indications in the Platts Market on Close assessment process.

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

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