argus asphalt report · 8/17/2012 · importing bitumen, the department of transport is...

Weekly International Pricing and Analysis

Argus Asphalt Report

Copyright © 2012 Argus Media Ltd of 21

Asphalt prices at key locations 13-17 Aug

US (rack prices, fob) $/st Low High Change

Northern New Jersey/New York City Metro 570 580

Coastal Texas 575 585

Northern Illinois/eastern Iowa 500 560 -13

Southern California 580 620

Western Washington/Oregon 610 625

US (waterborne, fob) $/st

East Gulf coast (barge fob) 478 480 -1

West Gulf coast (barge fob) 480 485

Midwest (barge fob) 430 460

Canada (rack prices, fob)

Quebec 592 597 5

Ontario 634 638 2

Europe (rack prices, fob)

Rotterdam 606 619 2

Southwest Spain 606 619 2

Other international (rack prices, fob)

South Africa 680 710

Singapore 630 635

Other international (waterborne, fob) $/t

Iran (cargo fob) 520 535 18

Singapore (cargo fob) 618 623 10

Taiwan (cargo fob) 590 595

South China (ex-Singapore cfr) 620 675 5

Note: st - short ton, t - metric tonne.

8M-33 17 August 2012

Summary

• Therecontinuedtobeanabundanceofvacuumtowerbottoms(VTB)availableonbargeinUSGulfCoastduetocokerproblemsataMidwestrefineryandaGulfcoastrefinery.Asaresult,therewassufficientavailabilityofwholesaleasphaltintheGulfcoast.How-ever,thisweek,theGulfcoastHSFOarbitragetoSingaporeopenedup,providingrefinerswithastrongincentivetoblendVTBsintoHSFOtoselltoAsia.Additionally,risingcrudepriceshavebeenput-tingraisedthebreakevenvaluesforasphaltontheGulfcoast.

• WholesalebargepricesintheUSMidwestwerestableat$430-460/stforPG64-22.SomewholesalebuyersreportedthateventhoughtheMidwestasphaltbargesupplysituationappearedbetterthanamonthago,theyremainedconcernedaboutbargeavailabilityafterSeptember,especiallyintheGreatLakearea.MarathonwillbetakingitsDetroitrefinerydownforovertwomonthsstartinginmid-September,whichcoulddrawdownavailableasphalttonnageinthefourthquarter.

• PavingactivityinmuchofEuropeandtheMediterraneanwereextremelythinowingtosummerholidays.Additionally,theMediter-raneanmarketremainedlargelydevoidofspotbusinessduringthelastfullweekoftheMuslimfastingmonthofRamadanandaheadofthe20-23Augustend-of-RamadanholidayperiodaffectingmostoftheMuslimworld,includingthenorthAfricanbitumenimportingcountries.

• TheSouthAfricangovernmentandrelevantlocalstakeholdersaretakingstepstotackleapotentialshortfallinthelocalbitumenmarketwhenthepeakroadbuildingseasongetsunderwayin

ContentsSummary 1

Global bitumen wholesale prices 2

US and Canada 3-8

East coast commentary 3

Gulf coast commentary 4

Midwest commentary 5

Rocky Mountain and west coast commentary 6

Canada commentary 7

Europe and Africa bitumen commentary 10

Asia and Middle East bitumen commentary 14

People moves in asphalt and bitumen 19

Crude oil 19

Asphalt industry briefs 19

Oil industry briefs 20

Argus Media contact information 21www.argusmedia.com/Asian-Bitumen-2012

(see brochure at the back of the report)

Argus Asian Bitumen 2012

Singapore10-12 October

Asia-Pacific growth and impactof changing Middle East supplies

8M-33 17 August 2012

of 21 Copyright © 2012 Argus Media Ltd


September,accordingtoreports.SeveralmembersoftheSouthAfricanBitumenAssociation(Sabita)haveformedaconsortiumforimportingbitumen,theDepartmentofTransportisrecommendingarelaxationofimportduties,andtheSouthAfricanNationalRoadsAgencyLimited(Sanral)isprovidinglogisticalsupporttoensurethatbitumenreceivedatportsisswiftlyclearedandshippedout.

• SingaporebulkcargopricesforSeptemberjumpby$10/tto$618-623/tfobonstrongbuyinginterestinIndonesiaandcrudegains.IndonesianbuyersreturnedintothespotmarketthisweektopurchasetheirSeptemberrequirementsaheadoftheHariRayaPuasaholidaysnextweek.

• Thailand’sbulkpricesareupby$10/t$613-618/tfobthisweekduelargelytolimitedexportavails.Demandremainsweak

inVietnamthisweek.SouthKorea’sbulkpricesforSeptemberareunchangedat$580-590/tfobthisweek.

• AustralianbuyersarelikelytocontinuetobuymorecargoesforOctoberthroughtotheendoftheyearasweatherconditionsimprove.

• ImportpricesintoChinaareunchangedat$610-620/tcfrinnorthernChina,upby$4/tto$615-693/tcfrineasternChina,andupby$5/tto$620-675/tcfrinsouthernChina.

• SeveralChineserefinersraisedtheirpricesby50-100yuan/tthisweek,followingthelaunchofafewroad-pavingprojectsinnorthChina.Indiakeptthecountry’srackpriceunchangedfollowingthelatestrevisionon15August.

Argus Market Map: Global wholesale bitumen prices, fob basis $/t

New Jersey

$529/t

West Gulf coast

$532/t

Bahrain

$575/t

Note: Med and NWE HSFO prices on 16-Aug were used to calculate Europe and Africa wholesale bitumen prices.

East Gulf coast

$528/t

Greece

$610/t

Ivory Coast

$683/t

Iran

$528/t

Italy

$588/t

Japan

$573/t

Netherlands

$618/t

Singapore

$621/t

South Korea

$585/t

Spain

$585/t

Taiwan

$593/t

Thailand

$616/t

8M-33 17 August 2012



US and CanadaEast coast

• TherewerenonewbargepricesreportedfromtheEastcoast.RailpriceslandingintotheEastcoastmarketfromtheMidwestwerelastheardataround$510-515/stdelivered.

• ThereweresomeracksellingpricedropsintheEastcoast,primarilyduetoweaklatesummerpavingdemandandsupplierconcernsaboutyear-endasphaltinventorylevels.

• SellingpricesheardintheMassachusettsareawereheardinthe$575-590rangeforPG64-28.Rackpostedpriceswereat$610/stforPG64-28intheBostonarea.

• NochangeswerereportedfromConnecticut.Lastpriceswereinthe$550-555/strangeforPG64-22.

• NorthernNewJerseyandNewYorkHarborpriceswereataround$570-580/stforPG64-22,butsomepriceswerereportedtobelower.SouthernNewJerseypriceswereat$550-560/stforPG64-22,withsomepricesaslowas$535inthismarket,accordingtoasource.

• NortheastVirginiapriceswereat$555-565/st,withotherVirginiamarketswereathigherat$575-580/st.InMaryland,Baltimore,priceswereat$545-565/stforPG64-22fromlocalparticipants.

• IntheCarolinas,onesupplierdroppedpricesfrom$585to$570,effective15August.Thereweresomeexceptionsthatwerereportedtobeaslowas$550.

• InGeorgia,oneAtlantasupplierdroppedpricesfrom$570to$565/stforPG67-22.Otherpriceswereheardinthe$555-565/strange.PG76-22hada$150premiumoverPG67-22.Inneighbor-ingTennessee,Chattanoogapriceswereat$575/stforPG64-22andPG67-22.

• CoastalGeorgiapricesfellfrom$590to$575fobforPG67-22,butthereweresomeexceptionsthatwerelower.

• InFlorida,Jacksonvillepricesfromonesupplierfellfrom$590to$575/st.Anothersupplierdroppeditspricesfrom$610to$575,effective17August.Onesupplierstatedthatithadnopriceexcep-tionsbelowthe$575levelinJacksonville.

• Tampapriceswereunchangedat$560forPG64-22,whilesouthernFloridapriceswereat$575.

East coast asphalt prices $/stRack prices, fob (13-17 Aug) Low High Change

Maine 575 590*

MA/NH 575 590*

Connecticut 550 555

Eastern and central NY 570 585

Western NY/Western PA 540 565

Northern NJ/NY C Metro 570 580

Delaware/SE PA/south NJ 535 560

Maryland/northern Virginia 545 565 -3

Central and lower Virginia 575 580

Coastal Carolinas 570 585 -8

Inland Carolinas 570 585 -3

Inland Georgia 555 570

Coastal Georgia/northeast Florida 575 610 -8

West coast of Florida 560 560

Southern Florida 575 575

Waterborne prices

New Jersey barge fob 440 520 -5

N New Jersey/New York City Metro cif cargoes 470 530 -5

New England cif cargoes 550 560* -5

Product prices16-Aug Change

Heating oil ¢/USG 310.54 6.89

3% HSFO $/bl 102.50 3.45

Note: Asphaltic crude breakeven economics are for a topping refinery and repre-sent incremental barrels. * Represents PG 64-28; NA = not applicable

Economics

Asphaltic crude breakeven $/stMaya 509.68 14.75

Arab Heavy 618.01 49.99

Asphalt’s HSFO alternativeEast coast 529.32 20.21

Asphalt’s HSFO alternative arbitrageEconomics to US east coast

From US Gulf coast -56.73 -24.61

From the Med -120.60 -15.66

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New England cif cargoes diff New Jersey barge fob $/st

8M-33 17 August 2012



Gulf coast

• Therecontinuedtobeanabundanceofvacuumtowerbot-toms(VTB)availableonbargeinUSGulfCoastcustomersduetocokerproblemsataMidwestrefineryandaGulfcoastrefinery.Asaresult,therewasnolackofavailabilityofwholesalebargeasphaltintheGulfcoast.However,thisweek,theGulfcoastHSFOarbitragetoSingaporeopenedup,providingrefineswithastrongincentivetoblendVTBsintoHSFOtoselltoAsia.Addi-tionally,risingcrudepriceshavebeenputtingraisedthebreak-evenvaluesforasphaltontheGulfcoast.

• Argus’breakevenvalueforasphaltontheGulfcoastwasat$509.68/st,up$14.75/stfromlastweek.Argus’HSFOalterna-tivearbitrageontheGulfcoastwasat$526.73,up$19.61/stfromlastweek.BothvalueswerehigherthanthebargevalueofasphaltontheGulfcoast,givingrefinersanincentivetomoveoutofasphalt.

• PricesforMayareachedover$100blyesterday,upfromabout$93blatthebeginningofAugust,andWTIreached$96bl,upnearly$10duringthesametimeperiod,accordingtoArgusassessments.

• IntheeastGulfcoast,arefinersold75,000blsofPG67-22at$479/stfob.Thevolumewasforexport.TherewerenonewwholesaledealsreportedfromthewestGulfcoast.Lasttransac-tionswereinthe$480-485fobrangeforPG64-22.

• USGulfCoastmarketswerelargelyflatontheweek,withslimretailsellingactivity.Demandwasreportedtobeslightlydownontheyearasstateandmunicipalbudgetstighten.

• InlandLouisianaandMississippimarketsheldflat,withasalesrangeof$580-600.Sellersintheregionreportdecliningroofingdemand.

• Onthecoast,southernLouisianaandMississippimarketsdropped$10/stto$580forPG67-22,fallinginlinewithpricesfartherinland.PricesforPG76-22werereportedatapremium,reaching$740/st.

• InHouston,Texas,asphaltpriceswereat$575/stforPG64-22.IninlandTexasmarkets,asphaltpriceswerelower,at$550/stfobforPG64-22.

Gulf coast asphalt prices $/stRack prices, fob (13-17 Aug) Low High ChangeAlabama (southern) 580 590

Alabama (inland) 575 600

Louisiana/Mississippi (southern) 579 584

Louisiana/Mississippi (inland) 580 600

Arkansas/northeast Texas 590 610

Texas (coastal) 575 585

Texas (inland) 550 550

New Mexico 570 575

Waterborne fobEast Gulf coast 478 480 -1

West Gulf coast 480 485

Note: Asphaltic crude breakeven economics are for a topping refinery and repre-sent incremental barrels.

Product prices 16-Aug ChangeHeating oil ¢/USG 309.04 7.79

3% HSFO $/bl 102.00 3.45

EconomicsAsphaltic crude breakeven $/stMaya 496.86 14.79

Arab Heavy 623.36 49.27

Asphalt’s HSFO alternative $/stGulf coast 526.73 19.61

General refining economicsFob US Gulf coast ($/bl)3-2-1 crackspread 33.33 -0.10

2-1-1 crackspread 33.55 0.18

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East Gulf coast barge Midwest barge

East Gulf coast barge vs Midwest barge fob $/st

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Inland Alabama Southern Alabama

Inland Alabama vs southern Alabama $/st

8M-33 17 August 2012



Midwest asphalt prices $/stRack prices, fob (13-17 Aug) Low High Change

West Oklahoma/Texas Panhandle 550 550

NE Oklahoma/Kansas/southwest Missouri 550 575

North Illinois/eastern Iowa (Chicago) 500 560 -13

South Illinois/eastern Missouri (St Louis) 560 575 -5

Western Iowa/Nebraska 575 595

North Dakota/south Dakota 580 600

Northern Minnesota/northern Wisconsin 540 585

Southern Minnesota/southern Wisconsin 525 550

Northeast Indiana/north Ohio/Michigan 525 570

South Ohio/south Indiana/north Kentucky 560 565

South Kentucky/Tennessee 570 580

Waterborne fob

Midwest asphalt barge 430 460

Midwest roofing flux barge 540 560

Midwest

• SomebuyersofMidwestwholesaleasphaltreportedthatthesupplysituationappearedtobetterthanamonthago,buttheyremainedconcernedaboutasphaltbargesupplyafterSeptember,especiallyintheGreatLakearea.MarathonwillbetakingitsDetroitrefinerydownforovertwomonthsstartinginmid-September,whichcoulddrawdownavailableasphalttonnageinthefourthquarter.

• WholesalebargepricesintheMidwestwerestableat$430-460/stforPG64-22.ThereweresomevacuumtowerbottomsfromtheMidwestmovingintotheGulfcoasttoblendwithHSFOtocapturetheriseinGulfcoastHSFOpricesandtheopenarbitragetomoveHSFOtoAsianmarketssuchasSingapore.

• MidwestasphaltrailvolumehasbeenmovingtotheEastcoastandtheGulfcoastmarkets.Onesupplierreportedhadawiderangeof$430-475/stforPG64-22,withthebulkofthevolumemov-ingatthelowerendoftherange,whileanothersupplierreportedthatMidwestwholesalerailcarpriceswereat$450-470/st.

• Racksellingpriceswereat$500-510/stinChicagoforPG64-22thisweek,afterapricedroplastweek.PG58-28wassellingat$30/stpremiumintheChicagoarea.CentralIllinoispricesfromonesup-plierdroppedby$25to$560/stforPG64-22.

• Detroit,MichiganracksellingpricesforPG64-22wereat$570/st,unchangedsince1August.AnorthernMichigansupplierwassteadyat$540/st.

• MidwestracksellingpricesinKansasandArkansasdeclinedlastweek,fallingbyasmuchas$25/st,reflectingOklahomapricesthathadmovedto$550/stforPG64-22.

• NorthernOhiopriceswereat$565,whilesouthernOhiorackpriceswereat$560/stforPG64-22.Indianapolis,Indianapriceswerearound$565/stforPG64-22.

• InTennessee,Chattanoogapriceswereat$575forPG64-22forthelocalmarketandPG67-22thatwasmovingintotheGeorgiamarket.Memphispriceswereat$570/stforPG64-22.

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North/South DakotaNorthern Minnesota/northern WisconsinSouthern Minnesota/southern Wisconsin

ND - SD vs South MN - North WI vs South MN - North WI $/st

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540

560

580

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Western Iowa - Nebraska $/st

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Chicago Rack Midwest barge

Illinois/east Iowa (Chicago) rack - Midwest asphalt $/st

8M-33 17 August 2012



Rocky Mountain and west coast

• Overalldemandremainedflattodownontheyearduringtheweekintrading.SupplyintheRockiesispushingpricesdownacrossregionintheretailmarkets,afterdownedcokingunitshasledtomoresupplyavailability.Railpricesintheregionwereat$430-470/stforPG64-22.

• Brightspotsfordemandarelimited,withsuppliersanticipatingshort-termreductionsinprivate-sectorwork.Onesellersaidthemar-ketwasinmid-monthdoldrums.Mostareeyeingstatedepartmentoftransportationannouncementstobidfornextyear’sprojects,aprocesswhichvariesfromstatetostate,butthatisbeginningnowacrossmuchoftheregion.

• RockyMountainwholesalerailmarketsremainedunchangedontheweek,withactivityscant.Pricescouldcomeunderfurtherpressureassellerslooktoexitthehighpavingseasonwithlowinventories.

• AdditionalpricingpressurecouldbuildifthedifferentialbetweenWestTexasIntermediate(WTI)andWesternCanadianSelect(WCS)widens,favoringheaviercrudesandleadingtoincreasedasphaltproduction.

• WTI/WCSdifferentialsremaintight,withWCSata$15/bldis-count.That’swideronrecentweeksbyabout$4/blsince10August,butrelativelytightyear-to-datewhenthediscountreachedto$35/blearlierinFebruary.

• ThecokingunitatSinclairOil’s80,000b/drefineryinSinclair,Wyomingmomentarilytrippedofflineearly16August.Sinclairhadtorestartitswetgascompressortoreduceflaring,companyfilingswithfederalmonitorssaid.

• Short-termdownwardpressurefromoversupplyiscuttingpricesinUtahandNevada.PostedpricesinNevadaforPG64-22areat$585/st,butsalespricescanbereachedata$30discount.InUtah,postingsarelowerat$565/st,withsalescontractsbeingdiscussedat$540/sttokeepvolumes,andcashflows,moving.

• InWestCoastmarkets,Californiapostedpricescontinuetofall.PostedpricesinnorthernCaliforniaforthemonthofAugusthavefallento$620/st.

• PostedpricesinHawaiiforretailmarketswereflatonrecentweeksat$680/st.Producersarenotexpectinganyimminentpricingchangesinthemarket.PricesinAlaskaforretailmarketsareat$640/st,flatonrecentweeks.

Rocky Mountain asphalt prices $/stRack prices, fob (13-17 Aug) Low High Change

Montana 520 530

Wyoming 520 530

Colorado 520 530

Utah 540 565 -53

Idaho/east Washington 590 600

Wholesale prices

Rocky Mountain (rail) fob 430 470

Product prices (Los Angeles) 16-Aug Change

EPA diesel oil ¢/USG 330.04 10.79

HSFO 380cst $/bl 105.32 -0.32

Asphalt’s HSFO alternative $/stWest coast 538.78 543.75

West coast asphalt prices $/stRack prices, fob (13-17 Aug) Low High Change

Western Washington/Oregon 610 625

Northern California 620 635

Central California 560 580

Southern California 580 620

Arizona 600 625 -23

Nevada 550 585 -68

Roofing flux rack prices

Southern California 610 630 -5

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Rocky Mountain wholesale rail Midwest asphalt barge

Rocky Mountain wholesale rail - Midwest asphalt barge $/st

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Utah Idaho/ east Washington

Utah vs Idaho - east Washington $/st

8M-33 17 August 2012



Canada

• EasternCanadaasphaltdemandwasreportedtoseasonallystrong,butasphaltliftingswerelowerthanamonthago.Wetweath-erinAugustcomparedtoJulycontributedtothelossofdemand.

• AsphaltsupplyavailabilitywasbetterthanamonthagofromboththeMidwestandfromlocalsuppliers,accordingtoeasternCa-nadianbuyers.However,thereissomeconcernabouttheimpactoftheDetroitrefineryturnaroundonsupplyavailabilityforthelatterpartoftheyear.Therefineryisexpectedtogodownfor70daysstartinginmid-September.

• InQuebec,Montreal-areaasphaltsellingpricingwasintheC$640-650/trangeforPG58-28fromvarioussuppliers.Priceshavebeenrelativelystableintheprovince,asidefromthepricemovesfol-

lowingtheMinistryofTransportationofQuebec(MTQ)bidresults.

• Premiumsforspecialtygradeswereunchanged.PG64-28hadaC$50/tpremiumtoPG58-28,PG58-34hadaC$100premium,whilePG64-34andPG70-28hadaC$160/tpremium.

• AsphaltpostingsintheQuebecmarketwereunchangedthisweek.OnesupplierwasatC$660/tforPG58-28,effectivesince30July.AnothersupplierwasatapostingofC$655/tforPG58-28,effectivesince1August(seeeasternCanadapostedpricetableforasphalt).

• Ontariopriceswerereportedtobestablethisweek,withpricesunchangedfromlastweek’sC$690-695/tbandforPG58-28.

Eastern Canada posted prices for asphaltCompany (location) Asphalt grade Posted prices (C$/t) Differentials Effective dateKildair (Sorel-Tracy, Quebec) PG 58-28 660 30 Jul

PG 64-28 710 50 30 Jul

PG 58-34 polymer 760 100 30 Jul

PG 64-34 polymer 820 160 30 Jul

PG 70-28 polymer 820 160 30 Jul

Suncor Energy Inc. (Montreal, Quebec) PG 58-28 655 01 Aug

PG 64-28 - - 01 Aug

PG 58-34 polymer - - 01 Aug

PG 64-34 polymer - - -

Note: st - short ton, t - metric. *BUR = Built-up roofing.

Eastern Canada asphalt pricesRack prices, fob (13-17 Aug) C$/t $/st

Low High Change Low High Change

Quebec 645 650 3 592 597 5

Ontario 690 695 634 638 2

Roofing BUR* liquid prices

Ontario 800 875 735 803 3

Western Canada asphalt pricesRetail prices, fob (13-17 Aug) Base Asphalt grade C$/t $/st

Low High Change Low High Change

British Columbia 150/200A or PG 64-25(80/100A) 640 660 588 606 2

Alberta 150/200A 640 670 588 615 2

Saskatchewan 150/200A 630 660 578 606 2

Manitoba 150/200A 650 680 597 624 3

Western Canada Posted Spot Prices for AsphaltCurrent Posted Spot Price Effective Date

Company (Location) Asphalt Grade (C$/t) ($/st)

Husky (Edmonton, AB) 150/200A 675 620 05 Jul

Husky ( Vancouver, BC) PG 64-25 (80/100A) 715 657 05 Jul

Husky (Prince George, BC) 150/200A 735 675 05 Jul

Husky (Kamloops, BC) 150/200A 725 666 05 Jul

Husky (Winnipeg, Manitoba) 150/200A 715 657 05 Jul

8M-33 17 August 2012



Canada – Methodology

Eastern Canada posted prices for asphalt: These are posted prices announced by suppliers and refiners in the Quebec market for asphalt grades they supply (conventional and polymer). The prices are listed by company, location and grades supplied, along with differentials for premium grades. The posted prices are reported in C$/t with effective dates.Eastern Canada asphalt prices for Quebec: This is actual selling prices in the Quebec market for grade PG 58-28.Eastern Canada asphalt prices for Ontario: This is actual selling prices in the Ontario market for grade PG 58-28. Roofing BUR liquid prices: This is built-up roofing pricing in the Ontario market.Western Canada posted spot prices for asphalt: These prices are also known as “rack postings” in western Canada. They represent pricing to stationary asphalt plants at various locations. Grades represented are Pen 150/200A for Edmonton, Price George, Kamloops and Winnipeg. The grade for Vancouver is PG 64-25 (Pen 80/100A).Western Canada asphalt prices for British Columbia, Alberta, Saskatchewan and Manitoba: These prices represent the “current market” and include winning quotes at highway tenders. Winning quotes are “fob the closest” supplier. Grade represented is Pen 150/200A.

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Quebec Ontario

Quebec/Ontario C$/t

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Alberta C$/t

• InwesternCanada,thecurrentpostedspotprices(orrackprices)wereholdingsteadysince5July,afterpricessoftenedbyC$25/t.EdmontonwasatC$675/t,VancouveratC$715/t,KamloopsatC$725/t,PrinceGeorgeatC$735/tandWinnipegatC$715/t.

• MostoftheprovincialtenderinginwesternCanadaisdonefortheyear.LastpricesforprovincialjobswereatC$640-660/tinBrit-ishColumbia,C$640-670/tinAlberta,C$630-660/tinSaskatchewanandC$650-680/tinManitoba.

8M-33 17 August 2012



European bitumen pricesRack prices, fob* 13-17 Aug €/t**** 13-17 Aug $/t

Low High Change Low High ChangeNetherlands-Rotterdam 490 500 606 619 2

Belgium - Antwerp 485 495 600 613 1

Brussels** 495 510 613 631 1

Germany north 495 510 613 631 1

northeast 500 515 619 637 2

south 510 525 631 650 2

southwest 500 515 619 637 2

west 510 525 631 650 2

France north** 510 525 631 650 2

central** 510 525 631 650 2

south** 515 530 637 656 2

UK south (UKP) 505 515 794 810 4

Italy*** 460 480 569 594 1

Spain northeast 505 520 625 644 2

southwest 490 500 606 619 2

fob Mediterranean cif northwest Europe 16-Aug Change 16-Aug Change

Straight-run fuel oil 3.5% sul. $/t 642.50 11.75 Straight-run fuel oil 3.5% sul. $/t 657.75 11.25

Vacuum gasoil 0.5 % sul. $/t 862.25 30.25 Vacuum gasoil 0.5 % sul. $/t 866.00 30.25

* truck prices, fob refinery or terminal. **Delivered price. *** Price includes €31/t tax. ****UK prices in Pounds.

Bitumen’s HSFO alternative $/t 16-Aug Change

Mediterranean 589.81 7.65

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Italy Spain

Italy vs Spain rack $/t

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Rotterdam Belgium-Antwerp

Rotterdam - Belgium-Antwerp $/t

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West Africa cargo Med HSFO

West Africa cargo cfr vs Med HSFO fob barge $/t

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South Africa West Africa

South Africa rack vs West Africa cargo cfr $/t

8M-33 17 August 2012



Europe and Africa bitumen Northwest Europe

• Costpressuresonsellersmounted,withhigh-sulphurfueloilpricesrisingbyaroundanotherby$11/tintheweekto16August.TheNorthSeaDatedphysicalcrudeoilstoodat$115.96/bl,up$2.46/blfromthepreviousweek.Thelatesthikesareexpectedtostiffenproducers’resolvetopushthroughfurtherhikesinSeptem-ber,market

• ExportpricediscountstofobRotterdamhigh-sulphurfueloilbargepricesstayednotionallyinthe$10-15/trange,onafobRot-terdambasis.

• ActivityinmuchofEuropeandtheMediterraneanwereextremelythinowingtosummerholidays.

Benelux

• WorkonseveralhighwayprojectsinBelgiumhasensuredstrongdemandformixedasphaltsofarthisseason,withoneregionalasphaltsupplierinrecentmonthsaddinganothermixingplanttoitsportfoliotohelpitmeetroadprojectrequirementsforpenetrationgradebitumen.

• Dutchmarketconditionsare,bycontrast,reasonablypoor,withthemarketseenshrinkingslightlythisyearaftermodestdemandgrowthin2011.Spendingcutsatlocalgovernmentlevelhavehitnumerousroadupgradeandmaintenanceprojects,whilecen-tralgovernmentcutbacksareexpectedtoresultincutbacksinorcancellationsofmajorhighwayprojectsacrosstheNetherlands.TheshapeofthosecutswilllargelydependontheoutcomeofDutchparliamentaryelectionsscheduledforSeptember.

• PricesacrosstheBeneluxareahavestabilisedfornowaftervariableincreaseswereimposedbydifferentsuppliers.Whilesomepusheduppricesbyupto€30/tfrom1August,otherspushedmuchmorelimitedpricehikesthatarelikelytobefollowedbyfurther

increasesfrom1September.WhilesomeBeneluxsupplierstendtomovebitumenpricesintandemwithfueloilandeuro/dollarcur-rencymovements,otherstakegreateraccountofrefinerycost-priceeconomicsaswellascommercialandmarketsupply/demandconditions.

• WhilerelativepriceincreasesinBelgiumandtheNetherlandsforAugustvolumeshavevariedfromcontracttocontract,overallgainshavebeenbroadlyinlinewitheachotheronthetwodomesticmarkets.

• RegionalbitumensupplyworrieshaveeasedassuppliesfromthePetitCouronnerefineryhaveresumedsinceearlyJuly,makingFrenchbitumenbuyerslessinclinedtoseekvolumesfromBeneluxandnorthGermanrefineries.ThathasinturnkeptthosemarketsbroadlybalancedafterconcernsthatthePetitCouronnerefinerywouldremainshutafteritsownerPetroplusslippedintoinsolvencyattheendoflastyear.

Balkans

• MajorroadconstructionworkisunderwayinSerbiathissummerinvolvingChinese,AzeriandAustrianconstructionfirms.Azerbaijanhasextended$300mnofcreditforroadconstructionprojectsinSerbiaAzericontractorsafterChineseconstructioncompaniesaretakingpartinamotorwayprojectlinkingSerbiawithMontenegro.ChinesecompanieshavealreadyfinancedandbuiltonebridgeovertheDanubeinSerbia.

• TheprojectactivityhasboostedSerbianbitumendemand,whichhasbeenrunningat170,000-180,000t/yr.WithdomesticproductionattheNISrefineryinPancevomeetinglocalrequirements–withtherefinerybitumencapacitystandingat330,000t/yr–SerbianormallyhasplentyofproductavailableforexporttoitsBalkanneighbours,aswellasmarketslikeRomania.ButthecurrentsurgeindomesticdemandhasledtoahaltinbitumentruckexportvolumesfromSerbiasincelateJuly,althoughthestatusofrailexportactivitywaslessclear.TheNISrefineryusuallysuppliesstoragetanksatBrasovinRomaniawithasmuchas1,000tofbitumeneachweekduringthesummerconsumingseason.

• WhilethehaltinSerbiantruckexportshipmentshasmeantnochangeinnotionalexportpricesthatremainaround$600/tonan

Europe/Africa wholesale bitumen differentials to HSFO $/tMarket Bitumen’s differential to HSFO

The Netherlands (Rotterdam) -15 to -10

Spain -50 to -40

Italy -45 to -40

Greece -25 to -15

Ivory Coast +50 to +55

Grade represented Pen 60/70 or equivalent grade

hhh

-50

0

50

100

02 Sep 11 25 Nov 11 02 Mar 12 25 May 12 17 Aug 12

Netherlands (Rotterdam) SpainItaly GreeceIvory Coast

Europe/Africa wholesale bitumen differentials to HSFO $/t

8M-33 17 August 2012



ex-refinerybasis,Bulgarianpriceshavebeenrisingtoreflectgainsincrudeoilandhigh-sulphurfueloilprices.LukoilexportpriceswerepostedatLev1,135/tfobrefineryBurgasinmid-AugustfromLev1,060/tearlierinthemonthandLev1,035/tinthesecondhalfofJuly.

• ImportsintoRomaniafromneighbouringcountrieswereheardpricedbetween€470-490/tfob,dependingonproducers.Domesticproductwasheardbeingtradedataround$680-690/tex-works.

Mediterranean

• TheMediterraneanmarketremainedquietandlargelydevoidofspotbusinessduringthelastfullweekoftheMuslimfastingmonthofRamadanandaheadofthe20-23Augustend-of-RamadanholidayperiodaffectingmostoftheMuslimworld,includingNorthAfricanbitumen-importingcountries.TheperiodofinactivitywasaccentuatedbyholidaysaffectingseveralEuropeanMediterraneancountriescentredareligiousholidaywhichfellon15August.

Italy

• Thedomesticmarketwaslargelyinactivewithmostmarketparticipantsabsentfromtheirdesksformosttheweekduringatraditionalmid-summerholidayinthecountry.

• MonthlyconsumptiondataforJulyhasyettobereleased,buttheindustrybodyUnionePetroliferaseparatelyreleasedannualoilindustrydatathatshowedItalianrefineryproductionofbitumenslippedin2011to3.06mntfrom3.25mntin2010.Withtotalrefineryoutacrosstherangeofproductsfallingto90.7mntfrom94.95mnt,theshareofbitumenintotaloutputstayedat3.4pc.TheannualdataconfirmedtotalItalianbitumenconsumptionlastyearstoodat2.1mnt,upslightlyfrom2mntin2010butwelldownfromthe2010peaklevelof2.8mnt.

• Atthesametime,Italianbitumenexportsfellin2011to1.076mntfrom1.24mntin2010,withbitumen’sshareinthecountry’stotaloilproductsexportsslippingto4pcfrom4.2pc.

Egypt

• IPGKuwaitpickedupthetwo4,000-5,000texportcargoestenderedbyEgyptianrefinerEGPCoutofAlexandriaforAugustorSeptemberloading,butthepricewasundisclosed.Thematerialwas‘soft’bitumen,whichisnotvalidforroadpavinganddidnotmeetthespecificationsforthedomesticmarket.

• EGPChasonlybeenrunningitsAlNasrrefineryinSuez,whichproducesaround108,000t/yrofbitumen,butthishasbeenenoughtosatisfyweaklocaldemandduringRamadanandhighsummertemperatures,whichhavekeptroadbuildingtoaminimum.

• EgyptiandemandisexpectedtoseeadramaticimprovementaftertheEidholidaysnextweek,andtherearerumoursthatproduc-

tionmaysoonrestartatEGPC’sAmeryarefineryinAlexandria.Theplantmakes252,000t/yrofbitumenbutshutdowninautumn2010becauseofpoliticalunrestintheregion.

South Africa

• TheSouthAfricangovernmentandrelevantlocalstakeholdersaretakingstepstotackleapotentialshortfallinthelocalbitumenmarketwhenthepeakroadbuildingseasongetsunderwayinSep-tember,accordingtoreports.

• SeveralmembersoftheSouthAfricanBitumenAssociation(Sab-ita)haveformedaconsortiumforimportingbitumen,theDepartmentofTransportisrecommendingarelaxationofimportduties,andtheSouthAfricanNationalRoadsAgencyLimited(Sanral)isprovidinglogisticalsupporttoensurethatbitumenreceivedatportsisswiftlyclearedandshippedout.

• Theexactdetailsofthemeasuresremainunknownbutaredeemednecessarygivenasuccessionofturnaroundscomingupduringthepeakdemandperiod,combinedwithinsufficientstoragecapacitytomaintainreservesduringshutdowns.

• Buyersarealreadylookingtostockuponmaterialasthreerefin-erswillbegoingofflinebetweenOctoberandMay.Firstly,Sasol’s107,000b/dSasolburgNatrefrefineryinSasolburgwillclosefrom6Octoberto21November,butbitumenavailabilityfromtheproducerwillbescarceuntilearlyDecember.Engenwillthenshutits125,000b/drefineryinDurbanforaroundsixweeksinMarch2013,beforeShellandBPshuttheirjointoperated180,000b/dSaprefrefineryinMay.

• Forthetimebeingthemarketisfairlybalanceddespiteitbeingthelowwinterseasonbecauseofpre-buyingbycustomersandex-portsheadingtoReunionIslandandotherpartsofsouthernAfrica.

• AvailabilityfromChevronissporadicasitreportedlyhasprob-lemsmeetingthe70/100penetrationspecification,butthisweekithadaround1,500ttosell.

• ListpricesforAugustfromdomesticproducersrangebetweenR5,240/tandR6,000/tex-refinery.

Zambia

• TheZambiangovernmentistryingtocrackdownoncorruptionwithintheRoadDevelopmentAgency(RDA)inawardingtenderstoroadcontractors,accordingtoreports.AnintegritycommitteewillbesetupbytheAnti-CorruptionCommissiontoimprovetransparencyandaccountability,withallRDAemployeescompelledtodeclaretheirassets.

• ThemovecomesaweekafternewsthattheRDAawarded220bnkwachas(approximately$44.5mn)worthofroadagreements

8M-33 17 August 2012



tovariouscontractors,whiletheZambianNationalRoadFundAgen-cyincreaseditsbudgetbyalmost50pcto4.2bnkwachathisyear.

Kenya

• TherewaslittlechangeintheKenyanmarket,withfewcargoesmovingamidtherainyseasonandpricesquotedataround$600-670/tcfrMombasa.

• MarketparticipantsarepredictingbigpriceincreasesinSep-temberthough,notonlybecausetheroadbuildingseasonstartsinearnestthen,butalsobecauseimportersarehavingalotoftroublefindingshippingtosupplycargoesfromIransincetheEUsanctionswereenforcedon1Julythisyear.ThelackofshipshasmorethandoubledfreightcostsfromIrantoMombasafromaround$50/tto$130/t.

• TheKenyanmarketwillalsobemissingSouthAfricanimports

duringthebusyseasonbecauseofrefinerymaintenanceshutdownsinthelatterduringthistime.

Piracy report

• Globalpirateactivitydroppedfrom23attacksinJuneto18inJuly,accordingtothelatestmonthlyreportfromglobalmarineservicescompanyGAC.

• PiracyattributabletoSomaligroupsdroppedtothelowestlevelinoverfouryearsamidthemonsoonseason,withjustoneattempt-edattackreportedintheRedSea.Onevesselandsevencrew-membersfromasecondvesselwerereleasedforaround$4.2mn,someofwhichislikelytofinancefurtheroperationoncetheweatherimprovesinSeptember.

• WestAfricaprovedmoredangerouswithsixattacksreported,includingoneviolentincidentonasupplyvesselintheNigerDelta.

8M-33 17 August 2012



Africa and Asia bitumen pricesLocal currency/t $/t

Rack prices, fob (13-17 Aug) Low High Change Low High Change

Africa

South Africa (rand) 5,600 5,847 100 680 710

South Korea (won) 700,000 750,000 617 661 -4

Mumbai, India (rupees) 33,870 35,370 607 634 -6

Mumbai, India — drums (rupees) 36,970 38,470 663 690 -6

Thailand (baht) 19,360 19,518 12 615 620

Indonesia (rupiah) 6,166,984 6,166,984 13218 650 650

Singapore ($S) 788 794 4 630 635

Singapore ex-refinery (to Malaysia) 740 746 4 592 597

Japan (¥) 54,000 55,000 682 694 -5

Export cargo/drum prices, fob

Iran Nfc* Nfc* - 520 535 18

Iran — drums Nfc* Nfc* - 570 585 15

Bahrain (dinar) 217 217 575 575

Thailand (baht) 19,297 19,455 327 613 618 10

Singapore ($S) 773 779 16 618 623 10

Singapore — drums 916 923 17 733 738 10

Japan (¥) 45,163 45,559 345 570 575

Taiwan ($) 17,699 17,849 41 590 595

South Korea (won) 657,778 669,119 4386 580 590

Cargo prices, cfr

West Africa Nfc* Nfc* - 770 795

China (yuan)

North coast 3,881 3,945 3 610 620

East central 3,913 4,410 29 615 693 4

South coast 3,945 4,295 35 620 675 5

North Vietnam — drums Nfc* Nfc* - 741 765 10

South Vietnam — drums Nfc* Nfc* - 741 756 10

*Not freely convertible. Note: All cargo prices are for heated tankers unless otherwise specified. Exchange rates used effective for Thursday of week reported.

Asia products Economics

fob Singapore Bitumen’s HSFO alternative $/t 16-Aug Change 16-Aug Change

HSFO 180cst $/t 685.50 21.50 Singapore 630.24 16.94

HSFO 380cst $/t 672.50 21.50

Gasoil, high pour $/bl 132.30 5.75

hhh

550

575

600

625

650

675

25 Nov 11 02 Mar 12 25 May 12 17 Aug 12

Singapore cargo Taiwan cargo

Singapore cargo vs Taiwan cargo $/t

hhh

450

500

550

600

650

700

25 Nov 11 02 Mar 12 25 May 12 17 Aug 12

Drum Cargo

Iran drum vs cargo $/t

8M-33 17 August 2012



Asia and Middle East bitumen Singapore

• SingaporebulkcargopricesforSeptemberjumpby$10/tto$618-623/tfobonstrongbuyinginterestinIndonesiaandcrudegains.

• IndonesianbuyersreturnedintothespotmarketthisweektopurchasetheirSeptemberrequirementsaheadoftheHariRayaPuasaholidaysnextweek.Severaldealswereconcludedataround$620/tfobthisweek,accordingtobothsellersandbuyers.Singa-pore’sspotbulkcargopricesareassessedat$618-623/tfob,toreflectamidpointforthedealsconcludedthisweekandsteadymarketsentiment.Sellersareconfidentofachievinghigherpricesinthenearterm.

• OneleadingrefinerisheardtohaveverylimitedSeptembervol-umesleftwhileanotherrefinerissuedaselltenderonThursdayfora5,000tcargoloadingoversecond-halfofSeptember.ThetenderclosesonnextWednesday,22August.

• SpotpricesaresettoremainstrongintheneartermonsteadybuyinginterestinIndonesiaaheadofthecountry’speakpavingdemandseasonbeginninginSeptemberandlimitedSeptemberavailability.

• Onshipping,theavailabilityofspotvesselsremainstightforSeptemberandloadingdelayscontinueinsouthernChinaduetotyphoonweather.

• Singaporedrumcargoesareupby$10/tto$733-738/tfobasdemandreturnsinIndonesia.

• Singapore’srackpriceisunchangedat630-635/tthisweek.

• TanktrucksintoMalaysiaarelimitedthisweekasthecountrywindsdownaheadoftheHariRayaPuasaholidays.TheSingaporeex-refinerypriceisunchangedthisweekat$592-597/tonmutedsales.

• SingaporeHSFOpricesroseoncrudeandpapergains.TheSeptemberfueloilmarginagainstDubaicrudenarrowedby$0.03/bltoadiscountof$5.09/bl.The180/380cstviscosityspreadwidenedby$0.50/tto$13/t.Fortheweekended15August,Singapore’sonshoreinventoryofresidualfuelsdippedby3.46mnbltoathree-weeklowof17.8mnbl.Thestocksare10.4pclowerascomparedto19.86mnblthistimelastyear.Importsoffueloilfortheweektotaled1.23mnt,with542,129tor44pcfromVenezuela,UnitedStatesandtheNetherlands.Around538,286toffueloilswereexportedwith37pcheadedtoChinaand17pcheadedtoKorea.

Malaysia

• Marketactivityisinalullthisweekassellersandbuyerswinddownfortheupcomingholidays.

• Thecountry’sstate-ownedrefinerstoppedsalesthisweekandbitumentankerswerenotallowedontheroadbeginning16Augusttoensuresmoothtrafficconditions.Roadworksareexpectedtoresumeon27August.

• ButgivenlimitedavailsfromSingapore,dealersareexpectedtoraisepricesby30-40ringgit/toverthenextfewweeks.Demandisalsoexpectedtoincreasewithseveralnewroadworksprojectlook-ingtostartlaterthisyear.AleadingsupplierisalsoindicatingplanstocutbackonsalesinMalaysiaandboostexportsintoIndonesiaduetohighersellingprices,sourcessaid.

Thailand

• Thailand’sbulkpricesareupby$10/t$613-618/tfobthisweekduelargelytolimitedexportavails.

• Thairefinersarelookingtosupplythebulkoftheirproductioninthedomesticmarketduetosteadydemand.AnotherrefinerindicatedthatitwillmoveitstwoSeptember-loadingcargoestoAustraliaat$620/tfob.

hhh

450

500

550

600

650

700

25 Nov 11 02 Mar 12 25 May 12 17 Aug 12

Bahrain Iran

Bahrain cargo vs Iran cargo $/t

hhh

550

600

650

700

750

25 Nov 11 02 Mar 12 25 May 12 17 Aug 12

North China South China

North and South China cargo prices $/t

8M-33 17 August 2012



• AnothersupplierisalsolookingtomoveC-specscargoesintoAustraliaat$625/tfob.

• Thaisuppliersarelookingtoraisetherackpriceby300baht/t($9.54/t)inSeptemberduetosteadydemand.

Indonesia

• Buyinginterestisstrongthisweek,asIndonesianbuyerslooktocovertheirSeptemberrequirementsaheadoftheHariRayaPuasaholidays.

• IndonesiansuppliersconcludeddealsforSingapore-originbulkcargoesat$620/tfob.Themajorityisoptimisticaboutstrongdo-mesticdemandandislookingtobuyadditionalSeptembervolumes.

• GivenlimitedsuppliesfromSingaporeforSeptember,suppliers

Prices of China main refineries 13 - 17 Aug Yuan/t

Place (Area, Province)

Refinery Grade Posted Price

Change from

previous week()

Contract Price

Change from

previous week()

Posted Price in

$/t

Contract Price in

$/t

Nothwest Xinjiang Petrochina Karamay AH-70, AH-90, AH-110, AH-130 4,650 4,550 100 731 715

AH-100, AH-140, AH-180 4,600 4,500 100 723 707

Sinopec Tahe 90-A 4,600 4,400 100 723 691

90-B 4,600 4,400 100 723 691

Gansu Petrochina Lanzhou AH-90 No sale - No sale - - -Shannxi Sinopec Xi’an AH-90 4,850 4,700 100 762 739

Northeast Liaoning Petrochina Liaohe AH-70, AH-90, AH-110, AH-100, AH-140 5,200 4,900 817 770

Panjin Northern AH-90, AH-110, AH-100, AH-140 5,200 4,900 817 770

North Hebei Petrochina Qinhuangdao AH-70, AH-90 5,200 4,900 817 770

Central Henan Sinopec Luoyang AH-90 4,850 4,700 100 762 739

East Shandong CNOOC asphalt AH-70, AH-90 5,200 5,050 100 817 794

Sinopec Qilu 70 -A 5,150 4,900 50 809 770

90 -A, 70-B 5,050 4,850 50 794 762

90-B 5,000 4,800 50 786 754

Sinopec Jinan AH-100 No sale - No sale - - -

Zhejiang Sinopec Zhenhai 70-A, 90-A 5,100 4,900 50 802 770

70-B, 90-B 5,050 4,850 50 794 762

CNOOC Daxie AH-70, AH-90 No sale - No sale - - -

Petrochina Wenzhou AH-70, AH-90 5,050 4,800 50 794 754

Shanghai Sinopec Shanghai AH-70 5,050 4,850 50 794 762

Jiangsu CNOOC Taizhou AH-70, AH-90 5,300 5,050 170 833 794

Sinopec Jinling 70-A, 90-A 5,050 4,900 100 794 770

South Guangdong Sinopec Maoming 70-A, 90-A 5,100 4,800 802 754

Sinopec Guangzhou 70-A, 90-A 5,050 4,800 794 754

Petrochina Gaofu AH-70, AH-90 5,000 4,800 50 786 754

Southwest Sichuan CNOOC Sichuan AH-70, AH-90 5,450 50 5,400 100 857 849

Source: China refiners and bitumen market participants

Australia import cargo prices $/tLow High Change

Thailand fob (Class 170) 618 623 5Thailand fob (Class 320) 618 623 5Singapore fob (Class 170) 623 628 5Singapore fob (Class 320) 623 628 5

arenowlookingtoaThailand-headquarteredsupplierforadditionalvolumes.Butthesupplierisheardtobequotingashighas$640/tfob,alevelunworkableforbuyersthisweek.

Vietnam

• DemandremainsweakinVietnamthisweek.

• BuyersinVietnamremaininnohurrytosecureSeptember

8M-33 17 August 2012



Bitumen freight rates 13 - 17 Aug $/t

Route Low High Change from last week (+/-)

Singapore - South China 48.00 60.00 -0.50

Singapore - East China 67.00 74.00

Thailand - South China 48.00 60.00 -0.50

Thailand - East China 67.00 74.00

Taiwan - East China/South China 30.00 37.00

South Korea - East China 29.00 36.00

Note: East China and South China both refer to coastal ports in the region

Source: Bitumen market participants

cargoesasseveralsuppliersfacetanktopsituations.Withtherackpriceat$630/t,buyersareunwillingtopayupbecauseoftheinabil-itytopassonhighercoststoend-users.

• BuyersagreethatSingaporebulkcargopricesareat$620/tandconcededthattheyareunabletomatchIndonesian’sbuyingpower.VietnambuyersarelikelytoturntoIndia,SouthKoreaandChinaforcargoes.

South Korea

• SouthKorea’sbulkpricesforSeptemberareunchangedat$580-590/tfobthisweek.

• Verylittlenewdealsareheardthisweek.OneleadingrefinerhasalmostcompleteditsSeptemberspotsalesatthe$580-590/tlevelwhileanotherrefinerhasnospotavailabilityinSeptember.

Japan

• MoredetailsemergedontheexportsalebyoneJapanesere-finer.TherefinerisheardtohaveasoldatotalofsixAugust-loadingcargoesandmayhave2-3exportcargoesavailableforSeptember-loading,accordingtomarketparticipants.

• SpotdemandinJapanremainsweakwiththeObonholidaythathascurtailedroadworks.

Australia

• OneThairefinerhassoldSeptember–loadingcargoesintoAustraliaat$620/tfobthisweek.

• AustralianbuyersarelikelytocontinuetobuymorecargoesforOctoberthroughtotheendoftheyearasweatherconditionsimprove.

• Spotpricesareupby$5/tto$618-623/tfobforThaiC-specscargoestoreflectthelatestdealsconcludedinthespotmarket.OffersforSingaporeC-specscargoesarealsoupby$5/tto$623-628/tinlinewiththehighpricesachievedbyThaisellers.

Taiwan

• Bulkpricesareunchangedat$590-595/tfobthisweek.

• Nospotactivitywasheardthisweek.Thecountry’sprivately-ownedsuppliersoldfiveSeptember-loadingcargoesintotalof4,000teach.

China

• ImportpricesintoChinaareunchangedat$610-620/tcfrinnorthernChina,upby$4/tto$615-693/tcfrineasternChina,andupby$5/tto$620-675/tcfrinsouthernChina.

• MarketsentimentimprovedthisweekfollowinganincreaseinChineseex-refinerypricesonhighercrudeandfueloilprices.

• SeveralChineserefinersraisedtheirpricesby50-100yuan/tthisweek,followingthelaunchofafewroad-pavingprojectsinnorthChina.ChinesecontractorsarelookingtocompletetheirprojectsbytheendofOctober,followingalatestarttoprojectworksthisyearduetotightenedbankloans.

• AlthoughconstructionworkhasyettobegininelsewhereinChina,suppliersarebuoyedbytheimprovedmarketsentimentinthenorthandmoreenquiresforspotcargoeshaveemerged,marketparticipantssaid.DemandisexpectedtoremainstrongtilltheendofOctober,theyadded.

• Chineseex-refinerycargoesexchangedhandsat4,900-4,950yuan/tinthenorth,4,800-4,900yuan/tintheeastand4,800yuan/tinthesouththisweek.

India

• Indiakeptthecountry’srackpriceunchangedfollowingthelatestrevisionon15August.

• Demandhasremaineddullowingtothemonsoonseasonanddiscountsforproductremainunchangedat2,000rupees/t.

• Nonewexporttendersareheardthisweek.

Bahrain

• Thestate-ownedproducerhassoldthreeAugust-loadingcar-goesof1,000-1,500teachthisweek.

• TheproducerhasyettoofferSeptembervolumesandislikelytosellthebulkofitsoutputtotheUAE,PakistanandQatar.

• Demandinthedomesticmarketisweakduetohotweatherconditions.

8M-33 17 August 2012



Iran

Iran export market

• Iran’sbulkanddrumpricesareupby$15/tthisweekto$520-535/tfoband$570-585/tfobrespectively,followingasuccessfulpricehikebyPasargadOillastweekend.

• PasargadOilsuppliedbitumenthisweekandannouncedsup-pliesfromBandarAbbaswillcontinueonjustdrums.AnIraniantraderisheardtohaveboughtaround100,000tofproductfromPasargadOilandcouldbesellingtheirdrumsoverthenext40days.

• CorusEnergyDevelopmentCo.pricewassteadyandsold4,500tinbulkon$670/tinIMEonfobBandarAbbasthisweek.

• Theunofficialdollarratewas21,900-21,200RialsasIranianscontinuetoseekhardcurrencyduetoconcernsoffurtherlocalcurrencydevaluationduetosanctionsagainstIranandinflationinthecountry.Thus,theofferedpricebitumeninbulkfobBandarAb-baswasabout$390-394/tthisweek.Tradersofferedawiderangeofpricesthisweek,withsomepricesheardat$450-460/tforcashpayment.

• Duetotheincreasedpricesofmetalsheets,producersin-creasedpremiumsofdrumspackingby$10/tthisweek.

• PasargadOilCompanysettled40,000tdrumscargosfobBandarAbbasbetween$760-770/tontheIMEthisweek.Theyalsosupplieddrumscargoex-Tehranandadded$160/taspremiumforpackingandtransportationtoBandarAbbas.JeyOilsuppliedbitumenthisweekandadded$110/taspremiumfordrumsex-Esfahanbitumenthisweek.Someresellersandtraderspriceswereofferedat$510-520/tthisweek,whileotherpriceswereat$520-535/stfobBandarAbbas.

• JeyOilCompanyincreasedpricethisweekandsuppliedPen60/70and85/100forexportoncashpaymentthisweekat$605/tandsold3,450toncashinadvancepayment,withdeliverytimeofupto40days.

• ExportdemandwasstrongthisweekfromPasargadOil.PasargadOilhassettled40,000tex-Tehranbetween$592-600/tthisweek.Theyhavesold40,000tex-Arakfactoryat$602-620/tthisweek.

• PasargadOilsettled10,000t$603-630/tex-Tabrizthisweek.Theysold25,000tex-Shirazrefineryat$630-640/tthisweek.

• PasargadOilinformedcustomersthattheycanchangePen60/70withPen85/100atthesamepriceatTehran,Shiraz,Tabriz,ArakandBandarAbbas.

Report of Iran export sale for 11-16 August 2012

Bitumen Grade Producer

Settled price on bitumen

($/t)

Packing Volume (MT) Destination

Pen 60/70

Pasargad Oil Co.

No supply Bulk - Export by ship from Bandar Ab-bas port765 Drum 40,000

No supply Bulk - Export by ship from Bushehr port

No supply Bulk - Export By ship from Abadan port

594 Bulk40,000

Export to neighbor-ing countries or move to ports for export by ship ,supply ex-Tehran

754 Drum

609 Bulk 40,000

Export to neighbor-ing countries or move to ports for export by ship, supply ex-Arak

606 Bulk 10,000

Export to neighbor-ing countries by truck, supply ex-Tabriz

634 Bulk 25,000

Export to neighbor-ing countries or move to ports for export by ship, supply ex-Shiraz

Corus Energy Development Co. 670 Bulk 4,500 Export by ship from

Bandar Abbas portJey Oil Refining Co. 605 Bulk 3,450

Export by ship and truck

Negin Fakhr Azerbaijan 630 Bulk 2,000

Bam Gum Ayegh 615 Bulk 100East Bitumen Company 630 Bulk 200

IsoGum Tabriz 630 Bulk 500Bamgostar zarin shargh 590 Bulk 300

Akam Bitumen Co. 610 Bulk 2,500Azar Bam Co. 630 Bulk 600

Pen 85/100

Pasargad Oil Co. Same as 60/70

Bulk -Export by ship from Bandar Ab-bas port

Bulk - Export to neighbor-ing countries

Jey Oil Refining Co. 650 Bulk 0

Export by ship and truckNegin Fakhr

Azerbaijan No supply Bulk 0

Exchange rate 1$ = 12,260 Rials, t= Metric tone

Report of Iran domestic sale for 11-16 August 2012Bitumen grade Volume(MT) Settled price (Rials/Kg)Pen 60/70 50,826 6,680-7,014Pen 85/100 26,623 6,680-7014MC-250 2,270 8,100-9,470

Emul-sions

Rapid 25 4,180Slow 0 5,650

Exchange rate 1$ = 12,260Rials, t= Metric tone

8M-33 17 August 2012



• NeginFakhrAzerbaijanincreasedpricesto$630/tandsettled2,000tofPen60/70inbulkex-Jolfaat$630/tthisweek.

• IsogumTabrizhassettled500ton$630/tfromtheirfactoryonTabrizthisweek.

• AkamBitumenCompanydecreasedpriceandhassold2,500tat$610/t.

• IMEcostsincludedbrokeragefeeandIMEcommissionof$1.87/tforbuyersthisweekonsettledfobBandarAbbasprice.

• Traders’priceswereheardat$450-460/tinbulkfobBandarAb-bas.Also,traderssupplieddrumscargosat$510-520/tfobBandarAbbas.

• Marketsentimentwasstrongandproducerssold169,150tofdifferentproductsontheIME.

Iran local market

• IMEbitumenpricesshowedagradualincreaseex-Esfahan,TehranandArak,aslocalsupplierscompetedforsupplyduringthepeakofthepavingseason.

• JeyOilhavesettledPen60/70between6,719(Rials/kg)upto7,014(Rials/kg)andaveragewas6,830(Rials/kg).TheysoldPen85/100between6,681(Rials/kg)to7,014(Rials/kg)andtheweightedaveragewas6,781(Rials/kg).

• AlsoPasargadOilsettledPen60/70and85/100ex-ArakandTehranatdifferentprices.Theweightedaverageofthepricewas6,749(Rials/kg)ontheIMEthisweek.TheysettledPen60/70at

7,010(Rials/kg)ex-Abadan,andBandarAbbasandShirazfactoriesthisweek.

• PasargadOilsettled7,493tofPen85/100ex-Tabrizat7,014(Ri-als/kg)thisweek.

• Otherproducersdidn’tparticipateontheIMEthisweek.

• MC-250pricesweresteadythisweek,PasargadOilofferedMC-250at8,860(Rials/Kg)ex-Abadan.Theysettledon8,800(Rials/kg)ex-Tehranandon9,470(Rials/kg)ex-Shiraz.JeyOilincreasedpricesandsoldMC-250at8,100-8,800(Rials/kg)ex-Esfahan.

• Marketsentimentwasstrongthisweekandproducershavesold79,744tofdifferentproductsinIMEthisweek,withabout124pcincreasecomparedtothepreviousweek.

• Producerssupplied98,756tofdifferentproductsforlocalcus-tomersontheIMEandabout140,564tdemandwasregistered.

• NationalIranianOilCompany(NIOC)haskeptpricesunchangedthisweekexceptofTabrizrefinery.Theysold1,485tex-Tehranat5,633(Rials/kg)thisweek.NIOCsold10,000tex-Shirazat5,647(Ri-als/kg)and6,000tex-BandarAbbasat5,647(Rials/kg)thisweek.

• NIOCdecreasedvacuumbottom(VB)priceofTabrizandsettled10,000tVBex-Tabrizrefineryat5,365(Rials/kg)thisweek.NoVBfeedsuppliedex-Esfahanrefinerythisweek.

• DemandforVBfeedex-Tehranwasstrongthisweekanddemandwasmorethansupply,withabout11,000tofVBex-TehranregisteredinIME.VBdemandfromotherrefinerieswasnormal.

8M-33 17 August 2012



Crude oil

Prices Americas $/bl 16-Aug ChangeWTI Cushing 95.60 2.24WTI Midland 94.70 1.91WTS Midland 92.80 1.67ANS USWC 111.95 1.69Mixed Sweet (MSW) 96.73 4.63Lloyd Blend (pipeline) 80.53 -0.58Western Canadian Select (WCS) 80.78 -0.58WCS del Chicago 84.75 -0.58Maya del USGC 101.57 2.66

Prices international $/bl Basis 16-Aug ChangeTapis 119.06 2.80North Sea Dated 115.96 2.46Dubai 111.26 4.44Arab Heavy, fob Ras Tanura Differential to Asia Oman/Dubai -1.50 Differential to Europe Ice Bwave -3.70 Differential to US ASCI -3.50 Kuwait fob Differential to Asia Oman/Dubai -0.50 -1.20Urals NWE 115.96 2.06Urals Med 116.66 2.56

14

17

20

23

26

29

Aug-11 Nov-11 Feb-12 May-12 Aug-12

mn

bl

Source: EIA

Weekly US ending stocks of asphalt and road oil

hhh

0

250

500

750

1,000

25 Nov 11 02 Mar 12 25 May 12 17 Aug 12

Arab Heavy Singapore cargo

Arab Heavy - Singapore cargo $/t

hhh

10

15

20

25

30

25 Jun 12 13 Jul 12 31 Jul 12 17 Aug 12

WTI month 1 diff Lloyd Blend Hardisty month 1 $/bl

People moves in asphalt and bitumen

• Mr. Hamidi isthenewmanagingdirectorofJeyOilCompany.Mr. DehdarwasannouncedasthenewcommercialmanagerofJeyOilCompany.

Asphalt and bitumen industry briefs

• White House authorizes $473mn in unused highway funds: PresidentBarackObama’sadministrationisreleasing$473mnofpreviouslyunspentfundstostatetransportationdepartmentsinanefforttoimproveroadinfrastructurethatcouldspurasphaltcontract-ing.Thefundsaccumulatedfromhighwayearmarksappropriated

between2003and2006thatremainunspent.MembersofCongressroutinelyinsertearmarksinfundingbillsto

targetprojectsinhomeconstituencies,evenifsomeofthosecannotbeimplemented.TheWhiteHousesaysreleasingtheearmarkedbutpreviouslyunspent$473mnispossiblebecausetheoriginallegisla-tioncontainingthemallowstheUSTransportationSecretarytomakeanyunusedfundsavailableforqualifyingsurfacetransportationprojects.Theuseofcongressionalearmarkshasbecomepoliticallycontroversialinrecentyears,withmanyfiscalconservativesarguingagainstthem.“Wearefreeingupthesefundssostatescangetdowntothe

businessofmovingtransportationprojectsforwardandputtingourfriendsandneighborsbacktowork,”TransportationSecretaryRayLaHoodsaid.Effectivetoday,statedepartmentsoftransportationhavetheabil-

itytoelectnewprojectstousetheappropriations.“We’renotgoingtoletpoliticsstandbetweenconstructionwork-

ersandgoodjobsrepairingourroadsandbridges,”Obamasaid.State’smustelectprojectsby1October,andcommitfundsby

theendoftheyear.Anyfundsnotobligatedbythe31Decemberdeadlinewillbeproportionallydistributedduringfiscalyear2013,thatstartsinOctober2012,tostatesthatmetthedeadline.

8M-33 17 August 2012



AlabamaandCaliforniaaretwoofthestateswiththelargestunobligatedbalances.Alabama’sbalancestandsat$51.5mn,whileCalifornia’sis$43mn.NewYorkandPennsylvaniaalsohaveasignifi-cantamountofunusedfunds,atabout$29mneach.

• Chilean appetite for US asphalt on pace to set record:Chil-eandemandforUSasphaltandroadoilisonpacein2012tobreaklastyear’sall-timehigh,withvolumesnearlydoublingduringthemonthsbetweenJanuaryandMay,accordingtoUSEnergyInforma-tionAdministrationdata.Year-to-datethroughMay,theUSexported466,000blin2012,upfrom

274,000blin2011duringthesamewindowoftime,theagencysaid.Lastyearwasahigh-watermarkforUSexportstoChile,total-

ing847,000blfortheyear.Volumesin2009were740,000bl.Priorto2008,themarketwasnearlynon-existent.Onanannualizedrate,exportstoChilecouldtopthe1mnbl

mark.Demandiserratic,however,withabigspreadbetweenmonthlycrestsandtroughs.InJanuary,forinstancetheUSexported255,000bl,whichfellto86,000blinFebruary.MexicoremainsfarandawaythelargestLatinAmericanimporter

ofUSasphalt,taking1.5mnbllastyear.Chileandemandfollowssecond.BrazilisalsobeingeyedasagrowthmarketbyUSsuppli-ers,withdemandhitting328,000blin2011.

• Brazilian asphalt production ticks up on year: Brazilianasphaltproductionisflattoslightlyhigherontheyearin2012,rising5pcfortheperiodbetweenJanuaryandJune.Year-to-dateproductionforthesix-monthwindowtallied6.5mnbl,

accordingtothecountry’snationalpetroleumagency.ProductionwascurtailedinMayandJune,fallingshortofyear-

agovolumes.Duringthesametime,year-over-yearimportsleaped,accordingtoagencydata.Juneasphaltimportsin2012reached141,082blfrom32,254blin2011–thehighestvolumeofJuneim-portsinoveradecade.Theresultsfollowanotherneartwo-yearhighforimportsinMay,

whenexportsdoubledover2011to111,248bl.

ItcouldmeanmoreexportopportunitiesforUSsuppliersthisyear.USasphaltexportstoBrazilhavebeentrendingupin2012.InMay–themostrecentmonthforUSasphaltexportdata–USproducersshipped76,000blofasphalttoBrazil,upontheyearandmonth,theUSEnergyInformationAdministrationsaid.ThetradeischallengedbydiscountedBraziliandomesticsupply,

butthespreadisnarrowingsignificantly.PostedpricesinBrazilareflatatabout$440/st,comparedwith$475-485/stfobUSGulfCoast.Theyear2010wasahigh-watermarkforBrazilianimports,when

thecountrypurchased1.5mnbl.

Oil industry briefs

• Prices rise on supply fears: Oilpricesrosetothree-monthhighsasunrestintheMiddleEastaddedtosupplyconcernsheight-enedbyanextensiveNorthSeamaintenanceprogramme.AtlanticbasinbenchmarkNorthSeaDatedroseby$2.46/blto$115.96/blintheweekto16August,whileUSmarkerWTIgained$2.24/blto$95.60/bl.NorthSeaDated’spremiumtoWTIhasrisentoaround$20/bl,upfrom$15/blamonthearlier.ThehigherNorthSeaDatedvaluescomeaheadofadropin

FortiescrudesuppliesbecauseofSeptembermaintenanceatthe220,000b/dBuzzardfield,themaincomponentoftheFortiesstream.EarlySeptember-loadingFortiescargoesareattractingbidsatpremiumsof50¢/bltoNorthSeaDated,whereaspromptAugust-loadingFortiescargoeshavestruggledtofindbuyersandarebeingofferedatpremiumsof10¢/bltothebenchmark.SeptemberFortiescargoesareachievinghighervaluespartly

becauseofthetighterNorthSeasuppliesbutalsobecauseFortiesbecomesasweetercrudewithouttheadditionofthesourerBuzzardgrade.TighterNorthSeasuppliesaresupportingtheEuropeanlightsweetcrudemarket.SeptembercargoesoflightsweetNigeriancrudehavesoldoutfasterthaninpreviousmonths,amidfirmEu-ropeandemand.RegionalrefinersarebuyingNigeriancargoesasalternativestoexpensiveMediterraneangradesandtocompensatefortheloweravailabilityofNorthSeacrude.

Argus global asphalt/bitumen conferences:

Asian Bitumen:Asia growth and impact of changing Middle East supplies

Sentosa, Singapore — 10-12 October, 2012

Americas Asphalt SummitHouston, Texas — March 2013

Europe/Africa BitumenNice, France — 12-13 June, 2013

Argus Americas Petroleum Coke Summit 2012

September 19-21Westin Houston Memorial City Houston, TX

www.argusmedia.com/americas-petcoke-2012

8M-33 17 August 2012



AshortfallofsourcrudeintheMediterraneanhasboostedthepremiumofmediumsourRussianUralsintheMediterraneantoUralsloadinginnorthwestEurope.MediterraneansupplieshavetightenedbecauseofalackofIraniancrudeandamiddisruptionstoIraqiKirkuk,assabotage,pipelineproblemsandmaintenancehavecutexportsthroughtheKirkuk-Ceyhanpipeline.Oilpricesarefirmerdespitevariousrefineryshutdowns,asthe

prospectoftighterproductssupplyandlimitedNorthSeaoutputoffsetsweakerdemandforcrude.NorthSeamaintenanceisnotonlylimitingavailabilitiesinEuropebutalsoreducingarbitragesuppliestoAsia-Pacific.Pricescouldstaysupportedatleastintheshortterm,giventhatproductspricesareholdingfirmandconcernsaboutpos-sibledisruptiontoMideastGulfproductionarestillhigh.

• Iran calls for “resistance economy”:SanctionspressurethathascutIran’scrudeproductionto2.8mnb/d—itslowestlevelsince1988—isweighingonthecountry’seconomy.USandEUsanctionshavecutcrudeexports—themainsource

ofIran’sforeigncurrencyearnings—whilethecountry’scurrencytherialhasweakenedsharplyagainstthedollarandothermajorcur-renciesaftertheUSsanctionedthecountry’scentralbank,pushingupinflation.Inreactiontothelatestsanctions,Iran’ssupremeleaderAyatollahAliKhameneilastmonthcalledforthecountry’spoliticalandeconomicelitestohelpcreatean“economyofresistance”.Hecallsforstrengtheningtheprivatesector,minimisingdependenceonoilrevenuesandmanagingoilandgasconsumption.ReducingthedependenceofIran’seconomyonoilrevenueswill

bekey,buthugelychallenging.Iranianofficialsoftensaythecoun-try’seconomyisdiversifyingawayfromitsdependenceoncrudeex-ports,citingincreasingpetrochemicalandcondensateexports.ButtheUSisalreadythreateningsanctionsagainstfirmsthatengageinsignificantpetrochemicaltransactionswithTehran,includingbanksaroundtheworlddoingdealswithIran’scentralbank,stateownedNIOCoritsSwitzerland-basedfinancingarmNico.Iran’sbudgetthisyearisbasedonacrudepriceestimateof$85/blandwithBrent

crudecontinuingtotradeabove$100/bl,theriskofabudgetdeficitasaresultofafallintheoilpriceseemsunlikely.Buttheeffectofsanctionsinreducingoilexportsislikelytoresult

intheIraniangovernmentneedingahigheroilpricetomeetisbudg-etarytargets.TheabsenceofforeigninvestmenthasforcedIrantofunditsown

developmentsfromitsoilrevenuewindfall.Thecountry’snationaldevelopmentfund,whichreceives20pcofIran’scrude,gasandoilproductsrevenuesforreinvestment,hasgrownto$40bn,theheadofthefund,MohammadRezaFarzin,says.Thefundallo-cated$14bninJulytodevelopmentofupstreamanddownstreamprojects.Iranianauthoritieshavebeenpursuingprivatisationofthestate-controlledsectorssince2000,inlinewitharticle44ofthecountry’sconstitution,whichultimatelyrequires80pcofthesharesofstate-ownedenterprisestobecededtotheprivatesector,jointstockco-operativecompaniesandnon-statepublicly-heldcompa-nies.Intheenergysector,downstreamassetssuchasthe230,000b/d

BandarAbbas,270,000b/dIsfahanand110,000b/dTabrizrefiner-ieshavebeen,orareintheprocessofbeing,privatised.ButthesanctionstargetingNIOChaveinsertedurgencyintotheprocess.Iran’soilministrylastmonthsaiditwouldlicenseprivate-sectorfirmstoexportnaphthaandfueloil,andallowagroupofprivate-sectorexporterstohandleupto20pcofcrudeexportstonewmarkets.Butupstream,onlygovernment-linkedfirmswithenoughfinancialandpoliticalresourcesareinvolvedinthedevelopmentofoilandgasassets.ConstructiongroupKhatamal-Osia,anaffiliateofIran’sdefence

ministry,wasawardedthedevelopmentofthesmallSomaroilfieldinthewestofthecountrythismonth,withnegotiationstodevelopanotherfouroilfieldsforaround$4bnunderway(WPA,10August,p8).Butitssuccessisnotguaranteed.TheengineeringarmofIran’sRevolutionaryGuards,Ghorb,hadtopulloutofphases15and16oftheSouthParsgasprojectaftertheUSTreasuryfrozethecompa-ny’sforeignassetsin2010.

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