datawatch september 2014

8/11/2019 DataWatch September 2014

1/75

ZEMA Improves

Formulas for Risk

Managers and Traders

LME Clear

Launched

Successfully

New BVC Index Measures Impact

of Create a Better Country

Campaign on Social Networks

Thomson Reuters

Generates Corporate

Responsibility Indices

SEPTEMBER 2014

Powered by

New products and

data sources

Delisting of products

and data sources

Potential impact

on data

Changes to data attributes,

replacement of products

By Aiman El-Ramly

Featuring

U.S. Energy RegulationIs Not Repeating Itself,

Just Changing Its Color

Three Yearsof Providing Data News You Need:

ZE DataWatch

Celebrates Its Anniversary
http://www.datawatch.ze.com/http://www.datawatch.ze.com/http://www.datawatch.ze.com/http://www.datawatch.ze.com/http://www.datawatch.ze.com/http://www.datawatch.ze.com/http://www.datawatch.ze.com/http://www.datawatch.ze.com/http://www.datawatch.ze.com/http://www.ze.com/http://www.ze.com/the-zema-solutions/http://www.ze.com/http://www.datawatch.ze.com/


2/75

Summary

September 2014 2

Contents

Editorial 4

Three Years of Providing Data News You Need: ZE DataWatch Celebrates Its Anniversary 4

Power 7

Energy Imbalance Market Launched by CAISO and PacifiCorp 7

ICE Introduces New US Power Futures 8

WAPA Begins Renewable Energy Certificate Program 8

Petroleum 9Platts to Print Russian Jet Fuel Excise Tax 9

Platts to Begin Publishing Libyan Crude Mesla OSP 9

Platts Launches Asia East-West Fuel Oil Swaps 10

Platts Creates Europe Reformate Assessment 11

Platts Introduces Asia Brent, WTI Futures Assessments 11

Platts Publishes Russia Jet Fuel Export Duty 12

Platts Introduces Das Blend Yields, Netbacks, and Margins 12

Platts Adds Pages to PFC Europe 13

Argus Introduces New Fuel Oil Bunker Assessments 13

Argus Adds Assessments to US West Coast Products and Air Daily Publications 14

Argus Launches New Series in US West Coast Products Publication 14Argus Creates Petroleum Coke CFR India Assessment 14

NYMEX Lists Crude Oil Option on Semi-Annual Strip Contract 15

ICE Creates New Global Oil and Wet Freight Futures 16

Platts to Cease Publishing USAC Distillate Cargo Assessments 17

Platts to End USGC CIF Naphtha Cargo Assessments 17

Platts to Halt UKC, Mediterranean, Black Sea, and Caribbean Assessments 18

Platts Removes Japan Petchems Export Prices in Yen/Kilograms 18

Platts Discontinues Lower Zakum and Umm Shaif Yields and Netbacks 18

Baker Hughes Acquires Weatherfords Pipeline and Specialty Services Business 19

Argus Renames Fuel Oil Bunker Assessments 20

Argus Revises Code Descriptions for US West Coast Products and Air Daily Publications 20

NYMEX Permits Block Trading for Crude Oil Option on Semi-Annual Strip 20

NYMEX Amends Prices and Fluctuations Rule for European Gasoil Bullet Futures 21

NGX Renames Syncrude Oil Markets 22

Natural Gas 23

Argus Introduces New European Natural Gas Assessments 23

Argus Adds Assessments to NGL Americas Publication 24

ICE Launches New UK Natural Gas, Global NGL, and North American Natural Gas Futures and Options 24

Coal 26

CME to List Illinois Basin Physically Delivered Coal Futures on NYMEX 26

Argus Adds New Illinois Basin Coal Assessments 27

Platts to Assess Illinois Basin OTC Price 27Platts to List Dry Bulk Freight Spot Assessments in Coal Trader International 28

Argus Creates Forward Swaps Series for Australian Coal 28

Platts Removes Monthly Coking Coal 90-Day Forward Assessments 29

Argus Replaces Coal API3 Assessment 29

Softs and Metals 30

Platts to Launch New Manganese Ore Assessment 30

LME Clear Launched Successfully 30

ZCE Begins New Ferroalloy Futures 31

Platts to Discontinue Daily IW Singapore Aluminum Premium 31

Platts to Remove Some Sugar Freight Assessments 31

Other

Data

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Editorial
http://www.datawatch.ze.com/


3/75

Summary

CBOT Expands Listing Schedules for Corn, Soybeans, Wheat, and KC HRW Wheat Short-Dated New Crop Options 32

Finance 33

CBOE Futures to Launch CBOE/CBOT 10-Year Treasury Note Volatility Index Futures 33

CME Offers Futures and Options on Futures for Delivery of Eurodollar Bundles 33

New UBS ETFs Listed on Xetra 34

New PowerShares ETFs Added in Xetra 36

New Source ETFs Launched in XTF Segment of Xetra 36

LCH.Clearnets SwapClear Begins New Blended Rate Compression Service 38

TMX Datalinx Introduces Same Day Short Sale Trading Information 38

Euronext Creates Southern European Banks Index NR 38

Montral Exchange Licenses the Eris Methodology for Canadian Dollar Swap Futures 39

BVC Launches 12 New ETFs 40

NASDAQ OMX Introduces FlexShares Disciplined Duration MBS Index Fund 40

Eurex Introduces Euro-Swap Futures 40

Shanghai-Hong Kong Stock Connect to Be Established 41

CME Delists Chinese Renminbi/Japanese Yen Futures and Options 41

TOCOM and Osaka Exchange Sign Agreement for Trading System Usage 41

Euronext Announces Renminbi Bond Listing by Bank of China and Signs MOU 41

CBOE to Include SPX Weeklys Options in CBOE Volatility Index Calculation 42

CME Approves Block Trading for Eurodollar Bundle Futures and Options 43

Eurex Equips U.S. Traders to Access Additional TA-25 Index Futures 43ForexClear Includes Peruvian Nuevo Sol in List of Cleared Currencies 44

NASDAQ OMX Applies Methodology Change to NASDAQ-100 Index 44

Other 45

#SoyCapaz Campaign Index Listed on BVC 45

NASDAQ OMX Launches SMARTS Surveillance for Energy Trading 45

EIA Launches New Short-Term Energy Outlook Data Browser 46

Thomson Reuters Generates Corporate Responsibility Indices 46

Barchart Adds 75-Year CRB Commodity Yearbook Collection to Mergent Archives 47

HKEx, LME, and LME Clear Sign MOU with CCB 47

BVC Invites Government to Consolidate Capital Market 47

ICE to Gain a Majority Stake in Holland Clearing House 48ICE to Acquire SuperDerivatives 49

G.H. Financials Becomes Member of Eurex Clearing 49

News from Data Vendors 50

ZEMA Improves Formulas for Risk Managers and Traders 50

New Data Reports from ZEMA 50

CWE Flow-Based Market Coupling Launch to Be Pushed Over the Winter 53

15-Minute Intraday Call Auction Will Help Reveal the Value of Flexibility 54

August Volumes Surge to 1 TWh Daily, 8% Year-On-Year 55

EU ETS Company Database: New Brochure + ISIN and BVD Codes 57

South Africas Energy Minister Calls for Paradigm Shift in LPG 57

Argus Welcomes IOSCOs Positive Report on Implementation of the IOSCO PRA Principles 58

Monthly Market Analysis 60

Crude Oil Brent vs. WTI: Prompt-Month Contract (NYMEX) 60

Crude Oil Brent vs. WTI: Forward Curve (NYMEX) 61

North American Natural Gas Spot Prices (ICE) 62

Henry Hub Natural Gas Forward Curve (ICE) 63

Actual Weather (AccuWeather) 64

Electricity: Day-Ahead Prices (ICE) 65

In Depth 66

U.S. Energy Regulation Is Not Repeating Itself,Just Changing Its Color 66

September 2014 3

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Editorial


4/75

Markets change rapidly, as they are driven by

the complex interaction of political events,

technological developments, and evolving

structures. Therefore, three years ago ZE

decided to supplement its enterprise data

management software solution, ZEMA, with a

service that would provide information about

changes to market data sources and data

reports. SoZE DataWatch was born.

While our news coverage is comprehensive

--ranging from delisted electricity futures

traded on the NYMEX trading platform,

added CME natural gas options, and

changed specs of ICE Gasoil options we

also go one step further by providing insight

into developing trends that may affect data

reports, information flow, and ultimately,

your business operations in the future.

Over the last three years, we have been

through several curious turns, as the world

has dealt with the tail end of the financial

crisis, continued concerns over global

climate change, and a shift of focus back tofossil fuels.

Environmental markets in the U.S. have been

as interesting to follow as they are

confusing. An absence of clarity in the

legislative base has led to some very short-

lived products. First of all, the Chicago

Editorial

Three Yearsof Providing Data News You Need:

ZE DataWatch

Celebrates Its Anniversary

By Olga Gorstenko

September 2014 4

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http://www.ze.com/the-zema-solutions/http://www.datawatch.ze.com/http://www.ze.com/the-zema-solutions/


5/75

Editorial

Climate Futures Exchange (CCFE) began

trading carbon derivatives developed in

anticipation of the nation-wide cap-and-

trade CO2 program. Almost a year after the

launch, when it became clear that the

Waxman-Markey bill that laid the

groundwork for this program would never be

passed into the law, these derivatives werewithdrawn from the marketplace, followed

by the passing of CCFE itself. This story was

mirrored by the reaction of the financial

markets to the EPA Cross State Air Pollution

Rule (CSAPR): within one year, we witnessed

the birth and demise of NOx and SO2

emission allowance instruments. These

contracts were

delisted as aresult of a decision

by the U.S. Court

of Appeals for the

District of

Columbia to

overturn the CSAPR

rule. Those were

probably the

shortest life spans

of financial

derivatives ever

traded on public

exchanges, with

absolutely no underlying assets or any type

of reference. Amazing, really.

Probably the most significant change overthe last three years, though, was the shift in

focus from an environmentally-loaded

agenda towards the achievement of

energy independence through increased

North American domestic production of

fossil fuels. No doubt the recent shale gas

and oil revolution prompted the U.S.

President to recently announce an all of the

above policy. This new stance was

supported by Middle Eastern political crises

and European financial turmoil, which have

led to a growing demand for fossil fuels in

these regions and have set the stage for the

U.S.s change of heart from its previously

prominent green and clean stance.

New derivatives and price assessments ofBrent, WTI, gasoil, jet kerosene, and other

petroleum products have been added every

week to various trading platforms. The Asian

and European thirst for natural gas has also

been reflected in the creation of new LNG

products, effectively turning LNG into a

separate commodity.

Asian markets are

moving closer to

crossing the

boundary that

separates them

from being a

developing to

developed

marketplace. The

growing share of

renewable power

generation has

resulted in finer

granularity for

power scheduling and has spilled over into

new weather forecasting tools and products.

Energy markets in the U.S. have beengoing down a path that follows a not-so

linear pattern; it crosses itself, splits into

several directions, winds back, and then

sends participants in a loop. Read this

months In Depth article, U.S. Energy

Regulation Is Not Repeating Itself, Just

Changing Its Color, by Aiman El-Ramly to get

a snapshot of these twists and turns.

Staying attuned to

constantly evolving market

data throughZE DataWatch

provides a competitive

advantage for all those working

in analytical functions.

September 2014 5

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Summary
http://www.datawatch.ze.com/in-depth/u-s-energy-regulation-is-not-repeating-itself-just-changing-its-color/http://www.datawatch.ze.com/in-depth/u-s-energy-regulation-is-not-repeating-itself-just-changing-its-color/http://www.datawatch.ze.com/in-depth/u-s-energy-regulation-is-not-repeating-itself-just-changing-its-color/http://www.datawatch.ze.com/http://www.datawatch.ze.com/in-depth/u-s-energy-regulation-is-not-repeating-itself-just-changing-its-color/http://www.datawatch.ze.com/in-depth/u-s-energy-regulation-is-not-repeating-itself-just-changing-its-color/http://www.datawatch.ze.com/in-depth/u-s-energy-regulation-is-not-repeating-itself-just-changing-its-color/


6/75

When we startedZE DataWatch, I suspected

that there would be a relationship between

market dynamics, regulatory developments,

political and economic events, and the

products released by public and private data

providers. My experience working on

ZE DataWatchhas confirmed my

initial suspicion about these relationshipsand the complexity and speed with which

they change.

It was and still is mine and ZEs strong belief

that staying attuned to constantly evolving

market data provides a competitive

advantage for all those working in

analytical-based functions, including

business analysts, risk managers, traders, and

back-office personnel. In effect, this principle

applies to anyone whose success depends on

the efficient application of analytical tools fed

by data in various formats, from a wide range

of locations, and retrieved from a multitude of

data providers. I urge you to continue following

ZE DataWatch, because in this complex,

dynamic market, being uninformed often leads

to wasted opportunities.N

Editorial

Editor

Olga Gorstenko

Phone: 778-296-4183

Email: [email protected]

Olga Gorstenko

Advertising & Vendor RelationshipsBruce Colquhoun

Phone: (604) 790-3299


Have an idea for an article or would like to

contribute to an upcoming issue? Write to us at

[email protected]

To get real-time data updates, follow

@zedatawatchon Twitter

To access previous issues of ZE DataWatch,go to datawatch.ze.com

ZEMA Inquiries

Bruce Colquhoun

Phone: (604) 790-3299


September 2014 6

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mailto:bruce.c%40ze.com?subject=Datawatchmailto:[email protected]://twitter.com/ZEPowerGrouphttp://www.datawatch.ze.com/mailto:bruce.c%40ze.com?subject=Datawatchhttp://www.datawatch.ze.com/http://www.ze.com/the-zema-suite/mailto:bruce.c%40ze.com?subject=Datawatchhttp://www.datawatch.ze.com/http://twitter.com/ZEPowerGroupmailto:[email protected]:bruce.c%40ze.com?subject=Datawatch


7/75

Energy Imbalance Market Launched by CaISO and PacifiCorpOn October 1, 2014, the California Independent System Operator (CaISO) and PacifiCorp

launched the Energy Imbalance Market (EIM). This launch is taking place in planned stages to

ensure seamless integration. CaISO and PacifiCorp partnered with one another in

February 2013, with a goal of creating a real-time energy market.

For the past several months, the EIM has been tested in a simulation environment. DuringOctober, the EIM will run parallel to PacifiCorps existing systems, giving both organizations

a more accurate view of actual market and operating conditions. PacifiCorp will submit daily

schedules of demand and supply to CaISO, with the EIM creating advisory dispatch

instructions based on accurate data to optimize the EIM area. Binding dispatches and related

financial settlements will begin on November 1.

Both partner organizations expect the EIM, once fully operational, to reduce energy costs and

improve integration of renewable resources, among other benefits. An additional participant,

NV Energy, has been given regulatory approval to participate in the EIM in 2015.

The new market will attempt to automatically meet demand using the lowest-cost resources

across the West. The increased geographic diversity of the market may help utilities pool

resources and reduce costly reserves.

See the original announcement.

ZEMA, an enterprise data management solution for power market participants, has been collecting ISO data since its

inception. ZEMA collects generation, price, and other data records in all granularities, including monthly, daily, and

hourly. To learn more, visit http://www.ze.com/the-zema-solutions/.

Power

September 2014 7

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http://www.caiso.com/Documents/ISO-PacifiCorpOutlineEIM_ImplementationPlansForOct1.pdfhttp://www.ze.com/the-zema-solutions/http://www.datawatch.ze.com/http://www.ze.com/the-zema-solutions/http://www.caiso.com/Documents/ISO-PacifiCorpOutlineEIM_ImplementationPlansForOct1.pdf


8/75

ICE Introduces New USPower FuturesOn September 22, 2014, Intercontinental

Exchange (ICE) introduced several new U.S.

power futures. The following new contracts

are available for trading at ICE Futures U.S.;

they can be cleared at ICE Clear Europe:

ISO New England Massachusetts Hub

Real-Time Peak Daily Fixed Price Future

MISO Arkansas Hub Day-Ahead Peak

Daily Fixed Price Future

MISO Arkansas Hub Day-Ahead Off-Peak


MISO Louisiana Hub Day-Ahead Peak


MISO Louisiana Hub Day-Ahead Off-Peak


PJM ATSI Zone Day-Ahead Peak Daily

Fixed Price Future

PJM ATSI Zone Day-Ahead Off-Peak Daily

Fixed Price Future SPP South Hub Day-Ahead Peak Daily

Fixed Price Future

SPP South Hub Day-Ahead Off-Peak Daily

Fixed Price Future


ZEMA provides data visualizationand dashboard

reporting toolsspecifically designed for power and energy

market participants. To learn more, book a complimentary

ZEMA demonstration.

WAPA Begins RenewableEnergy Certificate ProgramOn August 27, 2014, Western Area Power

Administrations Colorado River Storage

Project Management Center (CRSP MC)

announced that it is in the process of

instituting a renewable energy certificate(REC) program. The CRSP MC will register

11 hydropower plants, with generation

totaling more than 1,833 megawatts,

including Glen Canyon Dam, with the Western

Renewable Energy Generation Information

System (WREGIS). The CRSP MC opened an

account in WREGIS by the end of August and

expects to have all generating units registered

by the end of December 2014. Almost 4 million

RECs are expected to be created annually.

WREGIS is a renewable energy tracking

system that uses independent, verifiable

data to track renewable energy generation

from registered units within the Western

Electricity Coordinating Council region. For

each megawatt hour of renewable energy

generated, 1 WREGIS REC is issued.

The CRSP claims that registering with WREGIS

gives CRSP customers greater credibility in

demonstrating the amount of renewable energy

in their portfolios to meet state renewable

program goals. RECs will be allocated based

on customers proportionate share of the

generation for each facility in CRSP. Due to

the variability of renewable portfolio standards

from state to state, each customer will be

responsible for determining which RECs are

eligible to meet its states requirements.


Develop your own power market data warehouseusing

ZEMAs best-in-class data collection and validation

functionalities. To learn more, book a complimentary

ZEMA demonstration.

Power

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http://ir.theice.com/investors-and-media/press/press-releases/press-release-details/2014/Intercontinental-Exchange-Announces-Launch-of-30-New-Energy-Contracts-at-ICE-Futures-Europe-and-ICE-Futures-US/default.aspxhttp://www.ze.com/the-zema-solutions/data/http://www.ze.com/the-zema-solutions/analytics/http://www.ze.com/the-zema-solutions/analytics/http://www.ze.com/book-a-demo/http://www.ze.com/book-a-demo/http://ww2.wapa.gov/sites/western/newsroom/NewsReleases/NR2014/Pages/CRSPregistersRECs.aspxhttp://www.ze.com/the-zema-solutions/data-coverage/http://www.ze.com/book-a-demo/http://www.ze.com/book-a-demo/http://www.datawatch.ze.com/http://www.ze.com/the-zema-suite/http://www.ze.com/book-a-demo/http://www.ze.com/book-a-demo/http://www.ze.com/the-zema-solutions/data-coverage/http://ww2.wapa.gov/sites/western/newsroom/NewsReleases/NR2014/Pages/CRSPregistersRECs.aspxhttp://www.ze.com/book-a-demo/http://www.ze.com/book-a-demo/http://www.ze.com/the-zema-solutions/analytics/http://www.ze.com/the-zema-solutions/analytics/http://www.ze.com/the-zema-solutions/data/http://ir.theice.com/investors-and-media/press/press-releases/press-release-details/2014/Intercontinental-Exchange-Announces-Launch-of-30-New-Energy-Contracts-at-ICE-Futures-Europe-and-ICE-Futures-US/default.aspx


9/75

Platts to Print Russian Jet Fuel Excise TaxOn January 2, 2015, Platts will begin publishing a jet fuel excise tax for Russia. This value

will be published in U.S. dollars per metric ton.

Platts noted that Russia is currently reviewing its tax code and plans to introduce an exciseduty on jet fuel from 2015. Currently, this fuel is exempt from excise duty. If the jet excise duty

is enforced, Platts intends to reflect it in its netback calculations.


Experience sophisticated forward curve management and market analysis tools in ZEMA, ZEs data management solution

for oil market participants. To learn more, book a complimentary ZEMA demonstration.

Platts to Begin Publishing Libyan Crude Mesla OSP

On November 1, 2014, Platts will begin publishing the official selling price (OSP) forLibyas Mesla crude. The Mesla crude OSP will be published on a monthly basis, as received

from the Libyan National Oil Corporation.

Platts aims to publish a complete portfolio of Libyas crude export slate.


ZEMA collects over 4,000 reports from more than 400 data providersusing the solution, oil market participants can

easily assemble a customized data warehouse that integrates with a wide range of downstream systems. To learn more,

book a complimentary ZEMA demonstration.

Petroleum

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http://www.platts.com/subscriber-notes-details/21225567http://www.ze.com/book-a-demo/http://www.platts.com/subscriber-notes-details/21198200http://www.ze.com/book-a-demo/http://www.datawatch.ze.com/http://www.ze.com/book-a-demo/http://www.platts.com/subscriber-notes-details/21198200http://www.ze.com/book-a-demo/http://www.platts.com/subscriber-notes-details/21225567


10/75

Platts Launches Asia East-West Fuel Oil SwapsOn October 1, 2014, Platts launched East-West fuel oil spread paper assessments at

16:30 Singapore time. The new assessments, named East-West Fuel Oil, cover

12 calendar months and 3 quarters.

The assessed derivatives are differentials between FOB Singapore 180 CST fuel oil paper and

3.5% FOB Rotterdam barge paper.

At the same time, Platts launched 3.5% FOB Rotterdam barge derivative assessments

at 16:30 Singapore time. The new suite of outright price assessments covers12 calendar months. Platts now also publishes time-spread paper assessments for all

12 calendar months, crack spread paper assessments between the 3.5% FOB Rotterdam

barge assessments, and Brent swaps for all 12 months.


The ZEMA graph below is an estimate of the spread between FOB Singapore 180 CST fuel

oil barges and 3.5% FOB Rotterdam as a difference between FOB Singapore 180 CST fuel

oil barges and 3.5% FOB Rotterdam prompt analysis (for September 2014) and its forward

curves (October 2014December 2017) (NYMEX data). Leverage ZEMAs sophisticatedforward curve management functionalities to make more informed trading decisions about

crude oil prices and petroleum products. To learn more, book a complimentary

ZEMA demonstration.

Petroleum

Graph created with ZEMA

September 2014 10

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http://www.platts.com/subscriber-notes-details/27587394http://www.ze.com/book-a-demo/http://www.ze.com/book-a-demo/http://www.datawatch.ze.com/http://www.ze.com/book-a-demo/http://www.ze.com/book-a-demo/http://www.platts.com/subscriber-notes-details/27587394


11/75

Platts Creates Europe Reformate AssessmentOn October 1, 2014, Platts launched a daily assessment for the value of reformate FOB

Amsterdam/Rotterdam barges. Platts added this assessment to enhance its coverage of the

gasoline blend components market.

The barge assessment represents min 99 RON, min 0.810 g/ml density, max 3 ppm sulfur,

max 38 kPa Vapour Pressure, 2% max Benzene, and min 65% Aromatics material.

Bids and offers for different merchantable grades of reformate are published through

the Platts assessment process and may be normalized to reflect the reference

specification. The assessment reflects parcels of 3,000-5,000 mt each, for loading

3-15 days forward (Monday-Tuesday) or 5-15 days forward (Wednesday-Friday).

Platts publishes this assessment and its monthly averages in U.S. dollars per metric ton and

euros per metric ton. The daily assessment appears on Platts Global Alertpages 1310 and

1312, respectively.See the original announcement.

Platts Introduces Asia Brent, WTI Futures AssessmentsOn October 1, 2014, Platts introduced outright price and time-spread assessments for

ICE Brent crude futures and NYMEX WTI crude futures at 16:30 Singapore time.

The new suite of outright price assessments covers 36 granular months, 12 quarters, and

3 years forward from the date of publication for ICE Brent crude futures contracts, and4 months for NYMEX WTI crude futures. Platts also publishes time spreads for all 36 granular

months, 12 quarters, and 3 years for ICE Brent crude, and for 4 months for NYMEX WTI crude.

In addition, Platts launched ICE Brent and NYMEX WTI crude futures spread assessments as of

16:30 Singapore time. The spread assessments incorporate 4 calendar months.

Platts maintains a rolling schedule in line with both the futures exchanges expiry schedules.

Platts currently publishes ICE Brent crude futures at 16:30 Singapore time 2 months out.


The ZEMA graph below displays WTI and Brent crude calendar spreads calculated as a

difference between Prompt +0 and Prompt +1 contract months, as well as a 30-day sliding

correlation between these spreads (June-September 2014) (NYMEX data). ZEMA collects over

1,000 data reports containing information about petroleum products. To learn how to access

this rich library of crude oil information and transform it into visualizations, book a

complimentary ZEMA demonstration.

Petroleum

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http://www.platts.com/subscriber-notes-details/26872566http://www.platts.com/subscriber-notes-details/27587461http://www.ze.com/book-a-demo/http://www.datawatch.ze.com/http://www.ze.com/book-a-demo/http://www.platts.com/subscriber-notes-details/27587461http://www.platts.com/subscriber-notes-details/26872566


12/75

Platts Publishes Russia Jet Fuel Export DutyOn October 1, 2014, Platts began publishing a value for Russian jet fuel export duty.

This value is published in U.S. dollars per metric ton. Platts currently applies jet fuel export

duty at 66% of the Russian crude oil export duty in its calculation of Russian jet fuel export

netbacks, but the value of this component is not published. Platts periodically reviews

changes in export duties and aims to reflect prevailing levels in its netback calculations.


Enhance your market analysis using real-time crude oil and petroleum product price data in ZEMA, ZEs data

management solution for oil market participants. To learn more, book a complimentary ZEMA demonstration.

Platts Introduces Das Blend Yields, Netbacks, and MarginsOn September 1, 2014, Platts launched Singapore cracking and visbreaking yields,

netbacks, and margins for Das Blend. Das Blend yields, netbacks, and margins replaced the

Lower Zakum and Umm Shaif yields, netbacks, and margins, which were discontinued when

Das Blend products were launched.

Both Umm Shaif and Lower Zakum have been blended together by Abu Dhabi National Oil

Corp. to form the new Das Blend crude. Platts started assessing Das Blend spot crude on

May 2, 2014.


ZEMA combines strengths in oil market data collection, visualization, and analysis, equipping traders and analysts to

make informed business decisions. To learn more, book a complimentary ZEMA demonstration.

Petroleum


September 2014 12

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http://www.platts.com/subscriber-notes-details/26867541http://www.ze.com/book-a-demo/http://www.platts.com/subscriber-notes-details/21144222http://www.ze.com/book-a-demo/http://www.datawatch.ze.com/http://www.ze.com/book-a-demo/http://www.platts.com/subscriber-notes-details/21144222http://www.ze.com/book-a-demo/http://www.platts.com/subscriber-notes-details/26867541


13/75

Platts Adds Pages to PFC EuropeOn September 1, 2014, Platts launched 3 extra pages in PFC Europe, its real-time

forward curve addendum to Platts Global Alertfor Europes derivatives markets. These new

pages accommodate coverage of crude futures from the region, including expanded

curve assessments for ICE Brent futures, NYMEX crude futures, and the spreads between

the 2 contracts.

The new coverage is on the pages listed below:

Page Content

PPE 1611 Platts ICE Brent Futures at 16:30 London time

PPE 1613 Platts NYMEX Crude Futures at 16:30 London time

PPE 1615 Platts NYMEX Crude-Brent Futures Spreads at 16:30 London time


Argus Introduces New Fuel Oil Bunker AssessmentsOn October 1, 2014, Argus started new fuel oil bunker HS 380cst dob Far East

assessments. Series listed below also appear in the DARM data module in the /DARM folder

of server ftp.argusmedia.com.

PA CodeTime

Stamp

Price

Type

Continuous

ForwardDescription

PA0015165 26 1 0 Fuel oil bunker HS 380cst dob Far east $/t



PA0015166 26 2 0 Fuel oil bunker HS 380cst dob Far east RUB/t

PA0015166 26 8 0 Fuel oil bunker HS 380cst dob Far east RUB/t


Leverage ZEMAs sophisticated forward curve management functionalities to make more informed trading decisions

about Russian fuel oil products. To learn more, book a complimentary ZEMA demonstration.

Petroleum

September 2014 13

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http://www.platts.com/subscriber-notes-details/21214958http://web04.us.argusmedia.com/ArgusStaticContent/Resources/data/announcements/pdf/20141001arm.pdfhttp://www.ze.com/book-a-demo/http://www.datawatch.ze.com/http://www.ze.com/book-a-demo/http://web04.us.argusmedia.com/ArgusStaticContent/Resources/data/announcements/pdf/20141001arm.pdfhttp://www.platts.com/subscriber-notes-details/21214958


14/75

Argus Adds Assessments to US West Coast ProductsandAir Daily PublicationsOn October 1, 2014, Argus added new assessments to its US West Coast Productsand

Air Dailypublications. Information will be added to the data files in the duswcprod data

files in the /DUSWCPROD folder, as well as the dusem data files in the /DADR

folder of server ftp.argusmedia.com.

PA CodeTime

Stamp

Price

Type

Continuous

ForwardDescription

PA0015176 21 8 1California Carbon Allowance-premium CARBOB

gasoline winter month

PA0015175 21 8 1California Carbon Allowance-midgrade CARBOB


PA0015174 21 8 1

California Carbon Allowance-regular CARBOB



ZEMA collects a range of Argus crude oil and petroleum products data, including data from the European Crude

(Spot Prices) record and theArgus Crude record. To learn more, visit http://www.ze.com/the-zema-solutions/.

Argus Launches New Series inUS West Coast Products Publication

On September 15, 2014, Argus added new series to its US West Coast Products publication.These series are also located in the duswcprod data file in the DATA/DUSWCPROD folder of

server ftp.argusmedia.com.

To view a complete list of new series, see the original announcement.

Argus Creates Petroleum Coke CFR India AssessmentOn September 10, 2014, Argus introduced a new assessment to its Energy Argus

Petroleum Coke publication. Relevant information was added to the dpc files in the

DPC folder of server ftp.argusmedia.com.

Petroleum

September 2014 14

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http://web04.us.argusmedia.com/ArgusStaticContent/Resources/data/announcements/pdf/20141001uswcprod.pdfhttp://www.ze.com/the-zema-solutions/http://web04.us.argusmedia.com/ArgusStaticContent/Resources/data/announcements/pdf/20140915uswcprod.pdfhttp://www.datawatch.ze.com/http://web04.us.argusmedia.com/ArgusStaticContent/Resources/data/announcements/pdf/20140915uswcprod.pdfhttp://www.ze.com/the-zema-solutions/http://web04.us.argusmedia.com/ArgusStaticContent/Resources/data/announcements/pdf/20141001uswcprod.pdf


15/75

The following code was added:

PA CodeTime

Stamp

Price

Type

Continuous

ForwardDescription

PA0015051 21 8 0 Petroleum coke cfr India 6.5% sulphur 40 HGI


ZEMA already collects information from ArgussPetroleum Cokereport; the solution can easily collect data aboutArguss latest petroleum coke assessment upon request. To learn how ZEMA automates data collection, validation,

analysis, and storage, visit http://www.ze.com/the-zema-solutions/.

NYMEX Lists Crude Oil Option on Semi-Annual Strip ContractOn September 22, 2014, the New York Mercantile Exchange (NYMEX) listed a crude oil

option on a semi-annual strip contract. This option is available for trade on the NYMEX trading

floor and CME Globex; it can be submitted for clearing through CME ClearPort.

Information about this new product is listed below:

Title Crude Oil Option on Semi-Annual Strip

Commodity Code 6Y

Rule Chapter 1244

First ListingJan 2015, Jul 2015, Jan 2016, Jul 2016, Jan 2017, Jul 2017,

Jan 2018, Jul 2018, Jan 2019, Jul 2019

Listing Period January/July Cycle; 5 consecutive years

Contract Size 6,000 barrels

Termination of Trading

Options will expire on the business day immediately

preceding day prior to the delivery month of the first

underlying WTI Financial Futures contract.

Minimum Price Tick 0.01

Value per Tick: $60.00

Final Settlement Price Tick 0.01

Block Trade Minimum Threshold 5 contracts

Trading and Clearing Hours

Open Outcry: Monday Friday 9:00 a.m. 2:30 p.m.

(8:00 a.m. 1:30 p.m. Chicago Time/CT).

CME ClearPort and CME Globex: Sunday Friday 6:00 p.m.

5:15 p.m. (5:00 p.m. 4:15 p.m. CT) with a 45-minute break

each day beginning at 5:15 p.m. (4:15 p.m. CT).


Petroleum

September 2014 15

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Editorial

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http://web04.us.argusmedia.com/ArgusStaticContent/Resources/data/announcements/pdf/20140910eapcr.pdfhttp://www.ze.com/the-zema-solutions/http://www.cmegroup.com/tools-information/lookups/advisories/ser/files/SER-7170.pdfhttp://www.datawatch.ze.com/http://www.cmegroup.com/tools-information/lookups/advisories/ser/files/SER-7170.pdfhttp://www.ze.com/the-zema-solutions/http://web04.us.argusmedia.com/ArgusStaticContent/Resources/data/announcements/pdf/20140910eapcr.pdf


16/75

Petroleum

The ZEMA graph below shows a WTI Crude forward curve and WTI Crude options with strikes at

$100, $105, and $110 (October 2014-January 2016) (NYMEX data).

ICE Creates New Global Oil and Wet Freight FuturesOn September 22, 2014, ICE introduced several new U.S. global oil and wet freight

futures. The following new contracts are available for trading on ICE Futures Europe; they can

be cleared at ICE Clear Europe:

Dated Brent (Platts) Balmo Future

Argus WTS vs WTI 1st Line Future

Argus WTI Midland vs WTI Trade Month Future

Fuel Oil 1% FOB Med Cargoes (Platts) vs 1% FOB NWE Cargoes (Platts) Future

RBOB Gasoline 1st Line Balmo Future

LA Jet Fuel (Platts) vs Heating Oil 1st Line Future

LA Jet Fuel (Platts) vs Heating Oil 1st Line Balmo Future

Gulf Coast Jet Fuel (Platts) Balmo Future

67-grade USGC ULSD (Platts) vs Heating Oil 1st Line Future

Group 3 ULSD (Platts) vs Heating Oil 1st Line Future

Low Sulphur Gasoil 1st Line vs Brent 1st Line Balmo Future (in Bbls)

Argus NYH Jet Fuel vs Heating Oil 1st Line Future

Argus 62-grade NYH ULSD vs Heating Oil 1st Line Future

Argus 67-grade NYH ULSD vs Heating Oil 1st Line Future

TD20 West Africa to UK-Continent (Baltic) Future


ZEMA combines strengths in oil market data collection, visualization, and analysis, equipping traders and analysts to

make informed business decisions. To learn more, book a complimentary ZEMA demonstration.


September 2014 16

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http://ir.theice.com/investors-and-media/press/press-releases/press-release-details/2014/Intercontinental-Exchange-Announces-Launch-of-30-New-Energy-Contracts-at-ICE-Futures-Europe-and-ICE-Futures-US/default.aspxhttp://www.ze.com/book-a-demo/http://www.datawatch.ze.com/http://www.ze.com/book-a-demo/http://ir.theice.com/investors-and-media/press/press-releases/press-release-details/2014/Intercontinental-Exchange-Announces-Launch-of-30-New-Energy-Contracts-at-ICE-Futures-Europe-and-ICE-Futures-US/default.aspx


17/75

Petroleum

Platts to Cease PublishingUSAC Distillate CargoAssessmentsOn April 1, 2015, Platts will cease

publishing multiple U.S. Atlantic Coast

distillate CIF cargo assessments.

Platts will discontinue the following

assessments in the Atlantic Coast:

Boston low sulfur jet kerosene cargo

(PJABL00)

Ultra-low sulfur jet kerosene cargo

(AAVTJ00)

New York jet fuel cargo (PJAAX00) New York low sulfur jet kerosene cargo

(PJABK00)

New York ultra-low sulfur jet kerosene

cargo (AAVTH00)

New York ULSD cargo (AATGW00)

Boston ULSD cargo (AATHD00)

New York gasoil No. 2 cargo (POAEH00)

Boston gasoil No. 2 cargo (POAEA00)

These changes in coverage are in response

to evolving market conditionsspecifically,

the Northeast distillates markets are

increasingly export, rather than import, markets.

Discontinued assessments can be found on

Platts Global Alert pages 480, 481, 482,

410, as well as US Marketscanand PlattsOilgram Price Report.


Platts to End USGC CIFNaphtha Cargo AssessmentsOn April 1, 2015, Platts will discontinue

assessments for U.S. Gulf Coast

naphtha CIF cargoes. This discontinuation

is due to substantial changes in market

conditions. Significant growth innaphtha production, a result of

liquids-rich gas drilling and light crude

oil domestic production, has shifted

the U.S. from a net importer to a net exporter

of light naphtha and natural gasoline. These

exports have increased substantially as rising

U.S. supplies continue to overwhelm demand.

Assessments to be discontinued arepresent in the Platts database under the

following codes:

U.S. Gulf Coast heavy naphtha cargo:

AAKWL00

U.S. Gulf Coast full range naphtha cargo:

PAAAC00

These assessments are published on PlattsGlobal Alertpages 26, 34, and 338, Platts

BioFuels Alertpage 760, in US Marketscan,

North American Crude and Products Scan,

and in Platts Oilgram Price Report.

On January 2, 2014, Platts launched a new

naphtha assessment for cargoes loading at

U.S. Gulf Coast terminals on an FOB basis.


September 2014 17

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http://www.platts.com/subscriber-notes-details/21162986http://www.platts.com/subscriber-notes-details/21154623http://www.datawatch.ze.com/http://www.ze.com/the-zema-suite/http://www.platts.com/subscriber-notes-details/21154623http://www.platts.com/subscriber-notes-details/21162986


18/75

Platts to Halt UKC, Mediterranean, Black Sea,and Caribbean AssessmentsOn April 1, 2015, Platts will discontinue a series of assessments for clean tanker spot

market rates in markets where the movement of clean petroleum products has

changed substantially or no longer occurs. These assessments reflect certain shipping

routes and sizes from the U.K. continent, Mediterranean, Black Sea, and Caribbean to

various destinations.

These discontinuations reflect the fact that clean petroleum product flows have

changed significantly in the market at large, and these routes no longer reflect most

typical trading patterns.

To view a full list of affected assessments, see the original announcement.

Platts Removes Japan Petchems Export Pricesin Yen/KilogramsOn September 30, 2014, Platts discontinued its Japan domestic petrochemicals exports

assessments in yen/kilograms. These assessments were published on page PCA356 and

PCA357 and found under the following codes in the Platts database:

Symbol Description

AAKQG00 LDPE average export price Japan Jpy/kg monthly

AAKQH00 HDPE average export price Japan Jpy/kg monthly

AAKQI00 PP (Homo) average export price Jpy/kg monthly

AAKQJ00 PP (Copol) average export price Japan Jpy/kg monthly

AAKQK00 PVC average export price Japan Jpy/kg monthly

AAKQL00 PS average export price Japan Jpy/kg monthly

AAKQM00 ABS average export price Japan Jpy/kg monthly

AASEN00 Toluene average export price Japan Jpy/kg monthly


Platts Discontinues Lower Zakum and Umm Shaif Yieldsand NetbacksOn September 1, 2014, Platts removed yields and netbacks for Umm Shaif and Lower Zakum

grades, which were recently blended together by Abu Dhabi National Oil Corp. to form the new

Das Blend crude.

The Umm Shaif and Lower Zakum yields and netbacks were published on Platts Global Alert

pages 2810 and 2812 and in Crude Oil Marketwire. Weekly yields and netbacks were also

Petroleum

September 2014 18

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http://www.platts.com/subscriber-notes-details/26887316http://www.platts.com/subscriber-notes-details/26868419http://www.datawatch.ze.com/http://www.platts.com/subscriber-notes-details/26868419http://www.platts.com/subscriber-notes-details/26887316


19/75

Petroleum

published on PGApage 2814 and in the

Oilgram Price Report.

Plattss Lower Zakum yields, netbacks,

and margins were published under the

following database codes:

TYANS00 TNANS00

TNANSMR

TYANU00

TNANU00

TNANUMR

FYANS00

FNANS00

FYANU00

FNANU00

TNANS03

Plattss Umm Shaif yields, netbacks,

and margins were published under the

following codes:

TYATK00

TNATK00

TNATKMR

TYATM00

TNATM00

TNATMMR

FYATK00

FNATK00

FYATM00,

FNATM0

TNATM03


Baker Hughes AcquiresWeatherfords Pipeline andSpecialty Services BusinessOn September 2, 2014, Baker Hughes Incor-

porated (BHI) and Weatherford International

plc (WFT) announced that the purchase and

sale of Weatherfords pipeline and specialty

services business has been completed.

The acquisition provides Baker Hughes with

an expanded range of pre-commissioning,

deep-water, and in-line inspection services

worldwide. Over 700 process and pipeline

specialists will be added to Baker Hughess

process and pipeline services.


September 2014 19

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http://www.platts.com/subscriber-notes-details/21144068http://www.bakerhughes.com/news-and-media/press-center/press-releases/2014-09-02-baker-hughes-acquires-weatherford-s-pipeline-and-specialty-services-businesshttp://www.datawatch.ze.com/http://www.bakerhughes.com/news-and-media/press-center/press-releases/2014-09-02-baker-hughes-acquires-weatherford-s-pipeline-and-specialty-services-businesshttp://www.platts.com/subscriber-notes-details/21144068


20/75

Petroleum

Argus Renames Fuel Oil Bunker AssessmentsOn October 1, 2014, Argus renamed the following fuel oil bunker assessments:

PA Code Old Description New Description

PA0004741Fuel oil bunker IFO 180cst dob Far

east $/t

Fuel oil bunker HS 180cst dob Far

east $/t

PA0004734Fuel oil bunker IFO 180cst dob Far

east RUB/t

Fuel oil bunker HS 180cst dob Far

east RUB/t


Argus Revises Code Descriptions for US West Coast Products

andAir Daily PublicationsOn October 1, 2014, Argus revised code descriptions for the following price assessments,located in theArgus US West Coast ProductsandArgus Air Daily publications:

PA Code Old Description New Description

PA0014054California Carbon Allowance-regular

CARBOB gasoline month

California Carbon Allowance-regular

CARBOB gasoline summer month

PA0014055

California Carbon

Allowance-midgrade CARBOB

gasoline month

California Carbon Allowance-midgradeCARBOB gasoline summer month

PA0014056California Carbon Allowance-

premium CARBOB gasoline month

California Carbon Allowance-premium

CARBOB gasoline summer month


NYMEX Permits Block Trading for Crude Oil Optionon Semi-Annual StripOn September 22, 2014, NYMEX began to permit block trading on the following new product:

Product Title Block Trade Minimum Threshold

Crude Oil Option on Semi-Annual Strip 5 contracts


September 2014 20

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http://web04.us.argusmedia.com/ArgusStaticContent/Resources/data/announcements/pdf/20141001arm.pdfhttp://web04.us.argusmedia.com/ArgusStaticContent/Resources/data/announcements/pdf/20141001uswcprod.pdfhttp://www.cmegroup.com/tools-information/lookups/advisories/market-regulation/files/RA1408-4.pdfhttp://www.datawatch.ze.com/http://www.cmegroup.com/tools-information/lookups/advisories/market-regulation/files/RA1408-4.pdfhttp://web04.us.argusmedia.com/ArgusStaticContent/Resources/data/announcements/pdf/20141001uswcprod.pdfhttp://web04.us.argusmedia.com/ArgusStaticContent/Resources/data/announcements/pdf/20141001arm.pdf


21/75

Petroleum

NYMEX Amends Prices and Fluctuations Rule for EuropeanGasoil Bullet FuturesOn September 22, 2014, NYMEX amended rule 715.05 (prices and fluctuations) of the

European Gasoil (100mt) Bullet Futures contract such that the minimum price fluctuation is

$0.05 per metric ton for all trades executed electronically on the CME Globex electronic

platform and via open outcry on the NYMEX trading floor. In addition, the minimum pricefluctuation of $0.05 shall remain in effect for trades submitted for clearing via CME CleaPort.

The rulebook amendment is provided in black-line format below.

Product Name

CME Globex

and Open

Outcry Code

Rulebook

Chapter

Current Minimum

Price Fluctuation-CME

Globex and Open

Outcry

Amended Minimum

Price Fluctuation-CME

Globex and Open

OutcryEuropean Gasoil

(100mt) Bullet

Futures

GLI 712 $0.25 per metric ton $0.05 per metric ton

As well, NYMEX expanded the listing schedule for this contract to the current year plus 6 years,

as outlined below.

Product Name

CME Globex/

ClearPort

Codes

Rulebook

ChapterCurrent Listing Cycle Amended Listing Cycle

European Gasoil(100mt) Bullet

Futures

GLI/75 712Monthly contracts forthe current year

+3 years

Monthly contracts forthe current year

+6 years


The ZEMA graph below displays prompt analysis of European Gasoil futures with a 30-day

moving average and boundaries set as +/- 2 30-day moving average standard deviations for

2 years (September 2013-September 2014) (NYMEX data). Bollinger band analysis is made

easy with ZEMA, which contains an extensive library of pre-set analytic formulas.

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22/75

Petroleum

NGX Renames Syncrude Oil MarketsOn September 22, 2014, NGX renamed its SYN (Syncrude) crude oil markets to reflect

the recent re-alignment within the physical crude markets. All SYN markets were renamed

SSP (Syncrude Sweet Premium) to align with the Enbridge Inc. Crude Oil Commodity Map.

The following markets were impacted:

Crude Firm Phys SYN (Syncrude), ID, TMX1a, EDM-AOSPL

Crude Firm Phys SYN (Syncrude), ID, WTI, EDM-AOSPL

Crude Firm Phys SYN (Syncrude), ID, WTI, EDM-Enbridge Inline

Crude Firm Phys SYN (Syncrude), ID, WTI, EDM-Enbridge Transfer

Crude Firm Phys SYN (Syncrude), ID, WTI, EDM-Trans Mountain Pipeline

Crude Firm Phys SYN (Syncrude), ID, BLX1a, EDM-AOSPL

Crude Firm Phys SYN (Syncrude), ID, BLX1a, EDM-Enbridge Inline

Crude Firm Phys SYN (Syncrude), ID, BLX1a, EDM-Enbridge Transfer

In addition, the following market was removed from the NGX system, as it is no longer a func-

tionally valid crude market:

Crude Firm Phys SYN (Syncrude), ID, WTI, HAR-ECT



September 2014 22

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23/75

Argus Introduces New European Natural Gas AssessmentsOn October 1, 2014, Argus introduced new series to its European Natural Gas

publication and data module. Relevant information also appeared in the DNG module in the

DENG folder of server ftp.argusmedia.com.

PA CodeTime

Stamp

Price

Type

Continuous

ForwardDescription

PA0015161 6 1 1 Natural gas TTF Eur/MWh Gas year




PA0015162 6 1 1 Natural gas Gaspool Eur/MWh Gas year




PA0015163 6 1 1 Natural gas NCG Eur/MWh Gas year

PA0015163 6 2 1 Natural gas NCG Eur/MWH Gas year




ZEMAs natural gas market data management solution easily integrates relevant information with a wide range of CTRM

and ETRM systems. To learn more, book a complimentary ZEMA demonstration.

NaturalGas

September 2014 23

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Editorial

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http://web04.us.argusmedia.com/ArgusStaticContent/Resources/data/announcements/pdf/20141001eng.pdfhttp://www.ze.com/book-a-demo/http://www.datawatch.ze.com/http://www.ze.com/book-a-demo/http://web04.us.argusmedia.com/ArgusStaticContent/Resources/data/announcements/pdf/20141001eng.pdf


24/75

Argus Adds Assessments to NGL AmericasPublicationOn September 15, 2014, Argus added new assessments to itsArgus NGL Americas

publication. Relevant codes were added to the dngl data files in the /DNGL folder of server

ftp.argusmedia.com.

The following codes were added:

PA CodeTime

Stamp

Price

Type

Continuous

ForwardDescription

PA0015058 2 1 0 Butane refinery grade New York Harbor

PA0015058 2 2 0 Butane refinery grade New York Harbor

PA0015060 2 17 1Butane refinery grade New York Harbor MTD

average month

See the original announcement.To learn how many LNG industry participants use ZEMA to enhance their data collection, validation, and visualization

processes, book a complimentary ZEMA demonstration.

ICE Launches New UK Natural Gas, Global NGL, and NorthAmerican Natural Gas Futures and OptionsOn September 22, 2014, ICE introduced several new U.K. natural gas and global NGL futures

and options, which are available for trading on ICE Futures Europe. It also introduced new

North American natural gas futures, which are available for trading on ICE Futures U.S. All

NaturalGas

September 2014 24

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http://web04.us.argusmedia.com/ArgusStaticContent/Resources/data/announcements/pdf/20140915ngl.pdfhttp://www.ze.com/the-zema-solutions/http://www.ze.com/book-a-demo/http://www.datawatch.ze.com/http://www.ze.com/book-a-demo/http://www.ze.com/the-zema-solutions/http://web04.us.argusmedia.com/ArgusStaticContent/Resources/data/announcements/pdf/20140915ngl.pdf


25/75

contracts can be cleared through ICE Clear Europe.

The following contracts are listed on ICE Futures Europe:

UK Natural Gas Daily Financial Future

Propane, Argus CIF ARA Average Price Option

The following contracts are listed on ICE Futures U.S.:

EIA End of Draw Index Future

EIA End of Storage Index Future

TETCO M2 Basis Future (Receipts)

Tennessee Zone 6 200L Basis Future


The ZEMA graph below shows open, close, high, and low quotes of Henry Hub Natural Gas

futures for 2014 (January - September 2014) (NYMEX data). The results of prompt analysis

like this are easy to customize in ZEMA, due to the solutions enhanced visualizationfunctionalities. To learn more, book a complimentary ZEMA demonstration.

NaturalGas


September 2014 25

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Editorial

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http://ir.theice.com/investors-and-media/press/press-releases/press-release-details/2014/Intercontinental-Exchange-Announces-Launch-of-30-New-Energy-Contracts-at-ICE-Futures-Europe-and-ICE-Futures-US/default.aspxhttp://www.ze.com/book-a-demo/http://www.datawatch.ze.com/http://www.ze.com/the-zema-suite/http://www.ze.com/book-a-demo/http://ir.theice.com/investors-and-media/press/press-releases/press-release-details/2014/Intercontinental-Exchange-Announces-Launch-of-30-New-Energy-Contracts-at-ICE-Futures-Europe-and-ICE-Futures-US/default.aspx


26/75

CME to List Illinois Basin Physically Delivered Coal Futureson NYMEXIn October 2014, CME Group will list Illinois Basin physically delivered coal futures contracts

on NYMEX. Illinois Basin coal futures will also be available for trading on the floor and

electronically via CME Globex; futures may be submitted for clearing to CME ClearPort. Illinois

Basin coal futures will be CME Groups 2ndphysically delivered coal futures contract in

North America.

The new CME Group Illinois Basin coal futures will have a contract size of 1,750 short tons,

average heat content of 11,500 Btu/lb, and will be deliverable on the Ohio River, a primary

corridor in the domestic coal transport network. Ash content will be a maximum of 12%,

chlorine will be a maximum of 0.35%, and the contract will allow a maximum of 3.15%

sulfur content.

Illinois Basin Coal, which is higher in sulfur than other domestic coals and has heat content

ranges between 10,000-12,500 British thermal units per pound (Btu/lb), currently accounts

for approximately 13% of total U.S. production. By 2040, the EIA forecasts its share of

domestic production will swell to 20%. This growth is being driven in part by recent technical

improvements and widespread adoption by U.S. power plants of scrubber technology, which

reduces sulfur dioxide emissions and makes Illinois Basin coal a viable alternative to

lower-sulfur fuels.


The ZEMA graph below shows Central Appalachian Coal Futures prompt analysis (January

2013-September 2014) and forward curves (October 2014-December 2016), with a

Coal

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http://cmegroup.mediaroom.com/2014-09-02-CME-Group-Announces-the-Launch-of-Illinois-Basin-Physically-Delivered-Coal-Futures?pagetemplate=articlehttp://www.datawatch.ze.com/http://cmegroup.mediaroom.com/2014-09-02-CME-Group-Announces-the-Launch-of-Illinois-Basin-Physically-Delivered-Coal-Futures?pagetemplate=article


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monthly shaping average and annualized historical volatility (NYMEX data). Keep track of U.S.

coal industry updates using ZEMAs data collection and validation tools. To learn more, book

a complimentary ZEMA demonstration.

Argus Adds New Illinois Basin Coal AssessmentsOn September 22, 2014, Argus added several new series to its Coal Daily publication

and data module. New series were added in the DCU data file in the /DCDR folder of server

ftp.argusmedia.com.

These assessments are price types 1, 2, and 8; they have a continuous forward rate of 1, 2, or

3 and a time stamp of 21.

PA Code Description

PA0015169 IL Basin 3.15% sulphur 11500 OTC month

PA0015170 IL Basin 3.15% sulphur 11500 OTC quarter

PA0015171 IL Basin 3.15% sulphur 11500 OTC year


ZEMA collects over 100 coal records from numerous data providers. To learn more,

visit http://www.ze.com/the-zema-solutions/.

Platts to Assess Illinois Basin OTC PriceOn September 16, 2014, Platts announced that it will soon begin assessing the over-the-

counter price for the Illinois Basin 11,500 Btu/lb physically delivered coal

futures contract.

Contract specifications include coal with an average heat content of 11,500 Btu/lb, a

maximum sulfur content of 3.15%, maximum ash content of 12%, and maximum chlorine


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http://www.ze.com/book-a-demo/http://web04.us.argusmedia.com/ArgusStaticContent/Resources/data/announcements/pdf/20140922cdr.pdfhttp://www.ze.com/the-zema-solutions/http://www.datawatch.ze.com/http://www.ze.com/the-zema-solutions/http://web04.us.argusmedia.com/ArgusStaticContent/Resources/data/announcements/pdf/20140922cdr.pdfhttp://www.ze.com/book-a-demo/


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content of 0.35%, for delivery on the lower Ohio River. The price will be reported in U.S. dollars

per short ton.

The assessment will reflect the price of the contract for 2 front months, 3 forward quarters,

and 1 forward calendar year. It will be published daily in Platts Coal Traderin the Daily

OTC Assessments table.


To learn how many coal industry participants use ZEMA to enhance their data collection, validation, and visualiza-

tion processes, book a complimentary ZEMA demonstration.

Platts to List Dry Bulk Freight Spot Assessmentsin Coal Trader InternationalOn September 19, 2014, Platts began publishing its own dry bulk freight spot assessments

on a daily basis. This is because the Current Typical Spot Freight Rates supplied by

Simpson, Spence & Young (SSY) on a weekly basis are now no longer available in

Coal Trader International.

As a result of this transition, the formula for the calculation of the Freight Differential price

(code CSCCE00) published in Coal Trader Internationalnow includes the Platts Richards

Bay-Rotterdam Capesize assessment instead of the price previously provided by SSY.


Manage coal market data with ease using ZEMAs data collection, validation, analysis, and visualization functionalities.

To learn more, book a complimentary ZEMA demonstration.

Argus Creates Forward Swaps Series for Australian CoalOn October 1, 2014, Argus introduced forward swaps series for Australian coal fob

Newcastle 5,500 kcal for 2 months, 4 quarters, and 1 year forward. New codes were added to

the dci.csv files in the DCOAL folder of server ftp.argusmedia.com.

PA CodeTime

Stamp

Price

Type

Continuous

ForwardDescription

PA0015144 6 8 1

Coal Australia 5500 fob Newcastle swaps

month

PA0015144 6 8 2Coal Australia 5500 fob Newcastle swaps

month


swaps quarter


swaps quarter


swaps quarter

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http://www.platts.com/subscriber-notes-details/21240004http://www.ze.com/the-zema-solutions/http://www.ze.com/book-a-demo/http://www.platts.com/subscriber-notes-details/21229376http://www.ze.com/book-a-demo/http://www.datawatch.ze.com/http://www.ze.com/book-a-demo/http://www.platts.com/subscriber-notes-details/21229376http://www.ze.com/book-a-demo/http://www.ze.com/the-zema-solutions/http://www.platts.com/subscriber-notes-details/21240004


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Coal


swaps quarter


swaps year


ZEMA, a market data management solution for coal industry participants, collects real-time data about

commodity prices and transforms this into sophisticated forward curve analyses. To learn more, book acomplimentary ZEMA demonstration.

Platts Removes Monthly Coking Coal 90-DayForward AssessmentsOn August 29, 2014, Platts removed its monthly coking coal 90-day forward price

assessments, as these assessments have been superseded by the onset and acceptance of

Plattss daily metallurgical coal assessments.

These assessments were published in Coal Trader International.

To view a full list of discontinued assessments, see the original announcement.

Argus Replaces Coal API3 AssessmentOn September 5, 2014, Argus replaced a daily differential assessment in its

Argus/McCloskey Coal Price Index Report. This change was made to avoid a delay in data

delivery. Changes were also made to the CoalAPI module in the dcm files located in the DATA/

DAMCOAL folder of server ftp.argusmedia.com.

The following assessment was removed:

PA CodeTime

Stamp

Price

Type

Continuous

ForwardDescription

PA0012924 0 49 0 Coal API 3 index (fob Richards Bay 5500)

It was replaced by this daily differential assessment:

PA CodeTime

Stamp

Price

Type

Continuous

ForwardDescription

PA0015164 0 49 0 Coal API 3 to API 4 prorated differential


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http://web04.us.argusmedia.com/ArgusStaticContent/Resources/data/announcements/pdf/20141001cdi.pdfhttp://www.ze.com/book-a-demo/http://www.platts.com/subscriber-notes-details/26869392http://web04.us.argusmedia.com/ArgusStaticContent/Resources/data/announcements/pdf/20140915amcoal.pdfhttp://www.datawatch.ze.com/http://web04.us.argusmedia.com/ArgusStaticContent/Resources/data/announcements/pdf/20140915amcoal.pdfhttp://www.platts.com/subscriber-notes-details/26869392http://www.ze.com/book-a-demo/http://web04.us.argusmedia.com/ArgusStaticContent/Resources/data/announcements/pdf/20141001cdi.pdf


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Platts to Launch New Manganese Ore AssessmentOn November 1, 2014, Platts will launch a new spot price assessment for

manganese ore.

The new weekly assessment will be made in U.S. dollars per dry metric unit (dmtu), normalized

to a 37% contained grade of manganese ore CIF North China, basis Tianjin. All values will be

deemed typical; specifications with Mn content ranging from 35% to 39% are to be

normalized to a standard where Fe content is 6.00%, SiO2 7%, Al2O3 0.5%, and P 0.04%;

moisture is 5.00%; and sizing at 5mm to 75mm, 90% passing. The timing of cargoes

assessed will be for delivery 2-8 weeks from the date of publication, minimum 5,000 mt or

full hatch, handysize/max class vessel. The container shipment will be normalized to this

standard using prevailing freight rates. Payment terms will be deemed 100% payment at

sight, with all variations normalized to this standard.

The price assessment will reflect the close of the Asian markets, time stamped at

17:30 Singapore time, published at the end of the week on Friday or the closest business day.

The assessment will be published in Platts Metals Alert, Platts Metals Daily, and

Steel Markets Daily. It will also be available in data-only packages on Market Data, with

monthly averages also available through the same services.


ZEMA is an ideal solution for traders and analysts in the metals industry, as the softwares data visualization and

dashboard reporting functionalities help users gain an enhanced market-wide perspective. To learn more, book a


LME Clear Launched SuccessfullyOn September 22, 2014, LME Clear, the new clearing house of the London Metal

Exchange (LME), was successfully launched. 100% of the positions of LME members have been

migrated from LCH.Clearnet Ltd. to LME Clears own risk and clearing system, LMEmercury.

LME Clear will initially clear all trades on the LME. LMEmercury enables members to view their

risk positions in real time, offering straight-through processing, integrated collateral

management, and a range of reports. It also features option expiry handling.

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http://www.platts.com/subscriber-notes-details/26876370http://www.ze.com/book-a-demo/http://www.datawatch.ze.com/http://www.ze.com/book-a-demo/http://www.platts.com/subscriber-notes-details/26876370


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In the future, LME Clear noted that it will

focus on adding more exchange and

over-the-counter contracts, services such

as Asian time zone coverage, and non-cash

collateral such as LME warrants. In keeping

with the LMEs growing focus on Asia, it also

plans to introduce renminbi as cash

collateral later this year, subject toregulatory approval.


To learn how many metals industry participants use ZEMA

to enhance their data collection, validation, and

visualization processes, book a complimentary

ZEMA demonstration.

ZCE Begins NewFerroalloy FuturesOn August 8, 2014, the Zhengzhou

Commodity Exchange (ZCE) launched 2 new

futures contracts: Ferrosilicon and Silicon

Manganese. The exchange noted that these

new ferroalloy contracts will enrich hedging

opportunities for the steel industry.

See the original announcement.ZEMAs data collection, validation, and storage

capabilities enable metals market participants to feed

downstream systems with real-time data about

ferroalloy futures prices. To learn more, book a


Platts to DiscontinueDaily IW Singapore

Aluminum PremiumOn December 31, 2014, Platts will

discontinue publication of the daily

in-warehouse Singapore aluminum premium

assessment for aluminum P1020A (Platts

symbol MMAMY00). Platts will also cease to

publish the daily in-warehouse

Singapore fixed price equivalent for

aluminum (MMASW00), which is an

automated price based on the current LME

aluminum price plus the assessed

aluminum premium.

Plattss preliminary market research

shows that an in-warehouse Singapore

basis is not being widely used by the market

as a pricing reference for aluminum.


Platts to Remove SomeSugar Freight AssessmentsOn October 20, 2014, Platts will discontinue

sugar freight assessments for 6 routes. Plattswill do so to reflect changes in supply flows

that have made the routes less commonly

used in the market.

Platts will discontinue 6 of its bulk and

bagged sugar freight assessments for the

following routes:

Bulk: Guatemala Black Sea;

Thailand-China Bagged: South Brazil-Bangladesh;

South Brazil-East Coast Africa;

Thailand-Bangladesh; Thailand-West

Coast Africa

These assessments are published in the

Kingsman weekly sugar freight reports.


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http://www.lme.com/en-gb/news-and-events/press-releases/press-releases/2014/09/lme-clear-announces-successful-launch/http://www.ze.com/the-zema-solutions/http://www.ze.com/book-a-demo/http://www.ze.com/book-a-demo/http://english.czce.com.cn/enportal/News/Announcements/webinfo/2014/09/1410522293003276.htmhttp://www.ze.com/book-a-demo/http://www.platts.com/subscriber-notes-details/26875379http://www.platts.com/subscriber-notes-details/26882852http://www.datawatch.ze.com/http://www.platts.com/subscriber-notes-details/26882852http://www.platts.com/subscriber-notes-details/26875379http://www.ze.com/book-a-demo/http://english.czce.com.cn/enportal/News/Announcements/webinfo/2014/09/1410522293003276.htmhttp://www.ze.com/book-a-demo/http://www.ze.com/book-a-demo/http://www.ze.com/the-zema-solutions/http://www.lme.com/en-gb/news-and-events/press-releases/press-releases/2014/09/lme-clear-announces-successful-launch/


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CBOT Expands Listing Schedules for Corn, Soybeans, Wheat,and KC HRW Wheat Short-Dated New Crop OptionsOn September 22, 2014, the Board of Trade of the City of Chicago, Incorporated (CBOT)

expanded its listing schedules for Corn, Soybeans, Wheat, and KC HRW Wheat Short-Dated

New Crop options as follows:

For Corn and Soybeans, January, February, April, June, and August expirations will be

added to the existing March, May, July, and September contract months.

The listing cycles for these products will be expanded from 1 crop year to 2 crop years

(i.e. on September 22, 2014, the 2016 contracts will also be listed).

More specifically, the Exchange will list the January 2016 through September 2016 contract

months and the January, February, April, June, and August 2015 contract months for Corn

and Soybeans (the March, May, July, and September 2015 contract months were listed onMonday, August 25, 2014).

For Wheat and KC HRW Wheat, the Exchange will list the December 2015, March 2016, and

May 2016 contract months (December 2014, March 2015, and May 2015 contract months

were listed on Monday, August 25, 2014).


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http://www.cmegroup.com/tools-information/lookups/advisories/ser/SER-7164.htmlhttp://www.datawatch.ze.com/http://www.ze.com/the-zema-suite/http://www.cmegroup.com/tools-information/lookups/advisories/ser/SER-7164.html


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CBOE Futures to Launch CBOE/CBOT 10-Year Treasury NoteVolatility Index FuturesOn November 13, 2014, CBOE Futures Exchange (CFE) will launch futures trading on the

CBOE/CBOT 10-Year U.S. Treasury Note Volatility Index (VXTYN).

The VXTYN Index, on which futures on VXTYN are based, is calculated by applying the CBOE

Volatility Index(VIXIndex) methodology to futures options data from CME Groups 10-Year

U.S. Treasury note contractone of CME Groups most active interest rate options products.

In May 2013, CBOE began disseminating values on the VXTYN Index as part of an agreement

between CBOE and CME Group.

CFE noted that this futures product will offer customers a way to hedge pure interest rate

volatility risk based on U.S. government debt.


Finance market participants can easily align derivatives data alongside news updates in ZEMAs dashboard reporting

tool to gain an enhanced market perspective. To learn more, book a complimentary ZEMA demonstration.

CME Offers Futures and Options on Futures for Delivery ofEurodollar BundlesOn September 22, 2014, the Chicago Mercantile Exchange (CME) launched the following new

interest rate products:

2-Year Bundle futures and companion options (Clearing Code BU2)



Finance

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http://ir.cboe.com/releasedetail.cfm?ReleaseID=869096http://www.ze.com/book-a-demo/http://www.datawatch.ze.com/http://www.ze.com/book-a-demo/http://ir.cboe.com/releasedetail.cfm?ReleaseID=869096


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Each Bundle futures contract is for delivery of a standardized bundle combination of CME

3-Month Eurodollar (ED) futures, enabling the user both to transact and to hold multiple years

of ED futures exposure as a single accounting line item.

Bundle futures and options are listed for trading on the CME Globex electronic trading

platform (Sunday-Friday, 5 p.m. to 4 p.m., Chicago time) and in open outcry

(Monday-Friday, 7:20 a.m. to 2 p.m., Chicago time).

Additionally, market participants may notify the exchange of block transactions in

Bundle futures and options via CME ClearPort (Sunday-Friday, 5 p.m. to 4:15 p.m.,

Chicago time).

For each Bundle futures product and its suite of companion options, initial contract

listings include:

Bundle futures for delivery in December 2014 and in March 2015.

Quarterly Bundle options for expiry in December 2014 and March 2015, exercisable into

December 2014 Bundle futures and March 2015 Bundle futures, respectively.

Serial Bundle options for expiry in October 2014 and November 2014, exercisable into

December 2014 Bundle futures.


New UBS ETFs Listed on XetraOn September 22, 2014, the following 4 new exchange-listed equity index funds from

the issuer UBS Global Asset Management were listed in Xetra.

The UBS ETF - MSCI Emerging Markets Socially Responsible UCITS ETF (USD) enables

investors to participate for the first time in the performance of large and medium-sized

companies from 23 emerging market countries, which have a high rating in the area of

environmental protection, social responsibility, and corporate governance (ESG).

ETF NameUBS ETF-MSCI Emerging Markets Socially Responsible

UCITS ETF (USD)

Asset Class Equities

ISIN LU1048313891

Total Expense Ratio 0.53 %

Distribution Policy Distributing

Benchmark MSCI Emerging Markets Socially Responsible Total Return Net Index

The UBS ETF (lrl) plc MSCI EUM Defensive UCITS ETF (EUR) and the UBS ETF (lrl) plc MSCI

EUM Cyclical UCITS ETF (EUR) provide investors with access to the performance of stock

Finance

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http://www.cmegroup.com/tools-information/lookups/advisories/ser/files/SER-7160R.pdfhttp://www.boerse-frankfurt.de/en/etfs/ubs+etf+msci+emerging+markets+socially+responsible+ucits+etf+usd+LU1048313891http://www.datawatch.ze.com/http://www.boerse-frankfurt.de/en/etfs/ubs+etf+msci+emerging+markets+socially+responsible+ucits+etf+usd+LU1048313891http://www.cmegroup.com/tools-information/lookups/advisories/ser/files/SER-7160R.pdf


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corporations from 10 industrialized nations within the European Monetary Union. The

reference indices comprise 71 defensive and 166 cyclical large- and medium-sized

companies respectively, weighted by market capitalization, which differ in terms of their

sensitivity to the business cycle. Cyclical sectors consist of companies whose profits

generally increase more rapidly in the upswing than in economically weak phases.

Defensive sectors consist of companies whose profits and dividend payments remain

stable across the entire business cycle.

ETF Name UBS ETF (lrl) plcMSCI EMU Defensive UCITS ETF (EUR)


ISIN IE00BMP3HL79



Benchmark MSCI EMU Defenive Sectors Capped Total Return Net Index

ETF Name UBS ETF (lrl) plcMSCI EMU Cyclical UCITS ETF (EUR)


ISIN IE00BMP3HJ57



Benchmark MSCI EMU Cyclical Sectors Capped Total Return Net Index

The UBS ETF (lrl) plc DJ Global Select Dividend UCITS ETF (USD) enables investors to partic-

ipate in the performance of 100 stock corporations worldwide with above-average dividend

yields. Further selection criteria include dividend growth as well as the companys willingness

to allow shareholders to participate in the profits.

ETF Name UBS ETF (lrl) plcDJ Global Select Dividend UCITS ETF (USD)


ISIN IE00BMP3HG27



Benchmark Dow Jones Global Select Dividend Total Return Net Index


Finance

September 2014 35

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http://www.boerse-frankfurt.de/en/etfs/ubs+irl+etf+plc+msci+emu+defensive+ucits+etf+eur+etf+IE00BMP3HL79http://www.boerse-frankfurt.de/en/etfs/ubs+irl+etf+plc+msci+emu+cyclical+ucits+etf+eur+IE00BMP3HJ57http://www.boerse-frankfurt.de/en/etfs/ubs+irl+etf+plc+dj+global+select+dividend+ucits+etf+usd+etf+IE00BMP3HG27http://deutsche-boerse.com/dbg/dispatch/en/notescontent/dbg_nav/press/10_Latest_Press_Releases/10_All/INTEGRATE/mr_pressreleases?notesDoc=8F4B9C9A271D9026C1257D5B0032913F&newstitle=fournewubsetfslaunchedonxetra&location=presshttp://www.datawatch.ze.com/http://deutsche-boerse.com/dbg/dispatch/en/notescontent/dbg_nav/press/10_Latest_Press_Releases/10_All/INTEGRATE/mr_pressreleases?notesDoc=8F4B9C9A271D9026C1257D5B0032913F&newstitle=fournewubsetfslaunchedonxetra&location=presshttp://www.boerse-frankfurt.de/en/etfs/ubs+irl+etf+plc+dj+global+select+dividend+ucits+etf+usd+etf+IE00BMP3HG27http://www.boerse-frankfurt.de/en/etfs/ubs+irl+etf+plc+msci+emu+cyclical+ucits+etf+eur+IE00BMP3HJ57http://www.boerse-frankfurt.de/en/etfs/ubs+irl+etf+plc+msci+emu+defensive+ucits+etf+eur+etf+IE00BMP3HL79


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New PowerShares ETFs Added in XetraOn September 11, 201