Last Updated: 3/2/2012 7:14:39 PM

ITEM	OUTRIGHT
	PERIOD	PRICE
SINGAPORE FUELOIL SWAPS 180CST	FEB MAR APR	698.25 / 698.75 685.75 / 686.25 679.25 / 679.75
FUELOIL CRACKS 180CST	FEB MAR APR	+0.22 (N) / +0.42 (N) -1.25 (N) / -1.05 (N) -1.80 (N) / -1.60 (N)
ITEM	SPREAD
	PERIOD	PRICE
SINGAPORE FUELOIL SWAPS 180CST	FEB/MAR MAR/APR APR/MAY	12.25 / 12.75 6.25 / 6.75 5.25 / 5.75
VISCO (180 CST versus 380 CST)	FEB MAR APR	7.25 / 7.75 9.00 / 9.50 10.00 / 10.50

MARKET COMMENTS

• SINGAPORE FUELOIL 180CST PRICE AS OF 1630
• BRENT CRUDE MAR AT 111.96, APR AT 111.68
• WTI CRUDE MAR AT 96.25, APR AT 96.62