Oil & Gas Trading Parameters

Measurements

One ton of EN590-10PPM diesel fuel is equal to about 1,180,000 liters. 1 Ton = 1.000 Kilograms (Kg) Diesel Density = 0,85 Kg/litre 1.000 / 0,85 = 1.176,47 Litres of diesel.

One barrel of diesel weighs approximately 839.5 kilogram or 159 liters In the oil industry, one barrel (unit symbol bbl) is a unit of volume used for measuring oil defined as exactly 42 US gallons, approximately 159 liters, or 35 imperial gallons.

A barrel is a unit of volume or weight that can vary depending on the context and what it contains. A barrel of oil is typically around 159 liters, or 42 US gallons. The average domestic crude oil weighs about 7.21 pounds per gallon, so a barrel of oil weighs about 300 pounds, or 136 kilograms.

The term “barrel” is often used interchangeably with the term “drum”. However, a drum usually holds 55 gallons.

Loadability in Oil Tankers

Diesel loading vessels can be tanker or bulk carriers and come in a variety of sizes. The size of a diesel loading vessel is determined by its deadweight tonnage (DWT) and length.

Bulk carrier types

Handysize: A smaller vessel with a capacity of 10,000–40,000 DWT
MR (Medium Range): A medium-sized vessel with a capacity of 40,000–55,000 DWT
LR1 (Long Range 1): A medium-sized vessel with a capacity of 55,000–80,000 DWT
LR2 (Long Range 2): A large-sized vessel with a capacity of 120,000–160,000 DWT
Aframax: A tanker with a capacity of 80,000–120,000 DWT and a length of about 245.5–259.97 meters
Suezmax: A tanker with a capacity of 120,000–200,000 DWT and a length of about 274.30 meters
VLCC (Very Large Crude Carrier): A tanker with a capacity of 160,000–319,999 DWT and a length of about 333–339.50 meters
ULCC (Ultralarge Crude Carrier): A tanker with a capacity of 320,000–550,000 DWT and a length of about 415 meters

Loadability in Container

Drums

We can load 80 drums (200 liters) per 20ft shipping container

ISO Tanks

We can load approx. 20,000-26,000 liters per 20ft ISO Tank

Flexitanks

We can load approx. 18,000-24,000 liters per 20ft Flexitank

Totes

We can load 18 Totes (1,000 liters) per 20ft shipping container

EN 590 MOPS (Mean of Platts Singapore) is the average of a set of Singapore-based oil product price assessments published by Platts, a global energy, petrochemicals, metals and agriculture information provider and a division of S&P Global. MOPS, or Mean of Platts Singapore, is a benchmark price for refined products in the Singapore region. It’s calculated by averaging a set of oil price assessments published by Standard and Poor’s Platts, a Singapore-based market wire service. The time frame for the average can be a week, a month, or any agreed period of time.

Platts is a price benchmark service for the oil industry. Platts pricing is often used as the preferred pricing mechanism, plus or minus a premium or discount.

EN 590, NWE Platts refers to the Northwest Europe cargoes subheading under the “Platts European Marketscan”. The Floating Price for EN 590 Diesel 10ppm UK CIF NWE Cargoes (Platts) is based on the difference between the average of the “Mid” quotations in the “Northwest Europe cargoes” subheading and the average of the settlement prices for the front month Low Sulphur Gasoil Future.
EN 590 is the standard for automotive diesel fuel sold in the European Union and other European countries. It’s also known as ultra-low sulfur diesel (ULSD). The EN 590 standard describes the physical properties that all automotive diesel fuel must meet.

Why Platts FOB Singapore Gasoil is a key pricing benchmark?

The term ‘Platts FOB Singapore Gasoil’ refers to the physical price of gasoil loading on FOB Straits 15-30 days forward from the date of publication. Gasoil grades assessed by S&P Global Commodity Insights include 2500 ppm, 500 ppm, 50 ppm and 10 ppm sulfur gasoil.

The Gasoil benchmark price is the primary physical market pricing reference for gasoil loading or delivered to traders, refiners and end users in Asia.

Underpinned by firm economic growth in Asia, demand for the multi-use fuel has grown and now Asia is a leading producer of gasoil as well as a key consumer, thus making the FOB Singapore Gasoil assessment a key pricing benchmark for the whole world.

How do we assess Platts FOB Singapore Gasoil?

S&P Global Commodity Insights Singapore physical gasoil assessments reflect a minimum of 150,000 barrels, maximum 250,000 barrels, loading 15-30 days forward from the date of publication. Market participants should specify loading for a five-day date range at the time of submitting a bid of offer for publication in the assessment process.

Platts gasoil assessments are assessed by S&P Global Commodity Insights on a Market on Close assessment process basis.

Evolution of Platts FOB Singapore Gasoil

From January 2, 2018, Platts FOB Singapore, FOB Arab Gulf, FOB Arab Gulf LR2 and FOB Korea Gasoil assessments by S&P Global Commodity Insights will begin to reflect maximum 10 ppm sulfur. The following assessments and codes will be affected:

Assessment Codes

FOB Singapore Gasoil POABC00
FOB Arab Gulf Gasoil POAAT00
FOB Arab Gulf LR2 Gasoil AAKBT00
FOB Korea Gasoil POAIE00

S&P Global Commodity Insights will also assess differentials and strips in these markets basis gasoil with maximum 10 ppm sulfur.

Note that Platts C+F Japan Gasoil assessment already reflects maximum 10 ppm sulfur gasoil.

gks@ametheus.com