Crude
The Crude Overview gives a summary of the daily price movements of the benchmark WTI (West Texas Intermediate) and Brent futures contracts on the NYMEX and IPE exchanges, detailing any significant factors affecting the markets.
Condensate
A low density, high
Naphtha
Naphtha is a blend of light hydrocarbons used as a feedstock for either gasoline blending or for further processing into petrochemical derivatives.
Reformate
The product of the catalytic reforming process and used for motor or aviation gasoline blending, reformate has a typical Research Octane Number (RON) of 95 and a Motor Octane Number (MON) of 85. The typical boiling point is 383 degrees F (195 degrees C) for the summer grade product and 365 degrees F (185 degrees C) for winter grade product. The Reid Vapour Pressure for summer grade is typically 9.5 psi and 13.5 psi for winter grade.
LPG (Liquefied Petroleum Gas)
LPG is the generic name for commercial propane and commercial butane. These are hydrocarbon products produced by the oil and gas industries. Commercial Propane predominantly consists of hydrocarbons containing three carbon atoms, mainly propane (C3H8). Commercial Butane predominantly consists of hydrocarbons containing four carbon atoms, mainly n- and iso - butanes (C4H10). They have the special property of becoming liquid at atmospheric temperature if moderately compressed and reverting to gases when the pressure is sufficiently reduced. Advantage is taken of this property to transport and store these products in the liquid state, in which they are roughly 250 times as dense as they are when gases.
VGO (Vacuum Gasoil)
This product is utilized as a feedstock for fluid catalytic conversion units (FCC) which break down the large, complex hydrocarbon molecules into smaller more useful ones, such as high octane gasoline base stock or base oils.
Gasoil/Heating oil
Gasoil and Heating oil are middle distillate fuels used either as an automotive fuel (diesel), as a fuel for plant and machinery, or as a domestic/light industrial heating fuel. In some regions, the material is produced as a dual-purpose fuel. Diesel fuel has additional quality specifications to ensure efficient combustion and environmental standards for automotive use. Both diesel and gasoil fuel qualities vary between regions depending upon climatic conditions and seasons.
Fuel Oils
Residual fuels represent the heavy yields from the refining processes. Straight-run fuel oils are produced solely from atmospheric distillation and are generally used as an intermediate feedstock for further processing within the refining system to increase the yields of lighter products. Cracked fuel oils are used as fuel for power generation, marine bunkers and large industrial heating plants. Generally categorised between high and low-sulphur grades, with the latter containing less than 1.0 % sulphur by weight.
ICIS pricing quotes feedstocks in Europe and the
Frequency:
Published weekly on Fridays covering the physical, forward and futures markets.
Weekly Price Assessments (EUROPE/US GULF)
CRUDE
GENERAL
FUTURES DAILY SETTLEMENTS
CONDENSATE
NAPHTHA
REFORMATE
LPG
PROPANE
BUTANE
N-BUTANE
ISO-BUTANE
75/25 NORMAL/ISO MIX:
VGO
EU GASOIL
RUSSIAN GASOIL
HEATING
LS
(*) typically 1.0% sulphur on low quote and 0.5% sulphur on high quote
HS STRAIGHT
US GULF
STRAIGHT
CRACKED
CRACKED
US GULF
CRACKED
Assessment Window: Price assessments are based on information supplied by market participants through the day up to the normal close of business in each region on Friday.
Specifications:
The Condensate assessment is for normal export quality Algerian material, fob Arzew. However, the text also covers trade in Norwegian Asgard and Sleipner, Dutch F3 and Nigerian Oso condensates.
Naphtha assessments are based on open-specification petrochemical grade with 65 pct minimum paraffins content and a typical density of 0.690 to 0.730 at 15 deg C.
The reformate assessment is for barges of 99-101 RON grade material based against the value of Eurograde Barges for premium unleaded gasoline.
EU Gasoil Cargo assessments are based on qualities meeting the French Fuel Oil Domestique (FOD) and German Deutsche Industrie Norm (
Vacuum Gasoil (VGO) assessments are spot prices for cargoes of Low Sulphur (max 0.5% sulphur) and High Sulphur (max 1.6%
Russian Gasoil assessments for NW Europe and the Mediterranean are based on the normal export qualities from the Baltic and
The Low-sulphur Diesel Premium covers material meeting the EU Directive EN 590 with a sulphur content of 50 ppm maximum.
Low-sulphur Fuel Oil (1.0 pct sulphur maximum) assessments are based on cracked material with a typical viscosity of 380 cst at 50 deg C and a density of 0.965 to 0.990 at 15 deg C.
High-sulphur Fuel Oil (3.5 pct sulphur maximum) assessments are based on cracked material with a typical viscosity of 380-420 cst at 50 deg C and a density of 0.991 to 0.998 at 15 deg C.
The Straight Run North Sea assessment represents straight-run fuel oil from NW Europe with a sulphur content of 0.50-0.70 pct.
HS Straight Run is based on Russian M100 export quality fuel oil when the material is guaranteed as straight-run and as normally supplied from the Baltic and
US GULF
The products assessed are normal
The Reforming Naphtha assessment reflects a typical naphtha quality for use in reforming into gasoline with a 40 pct N+A content and a gravity of 56-60o
No 2 Heating Oil quality is based fungible product meeting the Colonial Pipeline Company specification for 86 grade meeting 40 minimum cetane, 200 ppm maximum sulphur and a typical gravity of 30-34o
Vacuum Gasoil (VGO) assessments are spot prices for cargoes of Low Sulphur (max 0.5% sulphur) and High Sulphur (max 2.0% Sulphur material).
The straight run and cracked fuel assessments for low-sulphur grades reflect 1.0 pct sulphur maximum, while high-sulphur grades reflect 3.0 pct sulphur maximum.
Timing: In
In the
Cargo Sizes: In
In the
Assessment Basis: In
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