ASIA-PACIFIC/ARAB GULF MARKETSCAN

Volume 38 / Issue 76 / April 22, 2019

Asia products
Code Mid Change Code Mid Change Code Mid Change
Singapore (PGA page 2002)

FOB Singapore ($/barrel) MOPS strip Premium/Discount
Naphtha PAAAP00 65.47–65.51 65.490 +2.140 AAPKA00 65.04–65.08 65.060 +2.250
Gasoline 97 unleaded PGAMS00 84.74–84.78 84.760 +1.840 AAPKE00* 19.68/19.72 19.700 -0.410
Gasoline 95 unleaded PGAEZ00 83.52–83.56 83.540 +1.850 AAPKF00* 18.46/18.50 18.480 -0.400
Gasoline 92 unleaded PGAEY00 81.41–81.45 81.430 +1.910 AAPKG00* 16.35/16.39 16.370 -0.340
Gasoline 92 unleaded AAXEQ00 80.76–80.80 80.780 +2.160 AAXER00 0.63/0.67 0.650 -0.250
Gasoline 91 unleaded AAYNA00 82.830 +1.880 AAYNB00 2.050 -0.280
CFR Naphtha AAOVF00 67.310 +2.250 AAOVG00 2.250 0.000
Kerosene PJABF00 84.60–84.64 84.620 +1.720 AAPJZ00 84.87–84.91 84.890 +1.790 PJACU00 -0.29/-0.25 -0.270 -0.070
Gasoil 10 ppm AAOVC00 85.10–85.14 85.120 +1.530 AAOVD00** -0.34/-0.30 -0.320 -0.020
Gasoil 50 ppm AAPPF00 84.91–84.95 84.930 +1.530 AAPPH00** -0.53/-0.49 -0.510 -0.020
Gasoil 0.05% sulfur AAFEX00 84.49–84.53 84.510 +1.540 AAFFB00** -0.95/-0.91 -0.930 -0.010
Gasoil 0.25% sulfur AACUE00 83.63–83.67 83.650 +1.540 AACQI00** -1.81/-1.77 -1.790 -0.010
Gasoil POABC00 85.10–85.14 85.120 +1.530 AAPJY00 85.42–85.46 85.440 +1.550 POAIC00** -0.34/-0.30 -0.320 -0.020
FO 180 CST 2% ($/mt) PUAXS00 452.10–452.14 452.120 +12.460
HSFO 180 CST ($/mt) PUADV00 442.15–442.19 442.170 +12.180 AAPJX00 442.25–442.29 442.270 +12.280 AAGZF00 -0.12/-0.08 -0.100 -0.100
HSFO 380 CST ($/mt) PPXDK00 428.98–429.02 429.000 +10.640 AAPJW00 430.99–431.03 431.010 +11.550 PPXDL00 -2.03/-1.99 -2.010 -0.910
Ex-Wharf 180 CST ($/mt) AAFET00 440.50–441.50 441.000 +11.000
Ex-Wharf 380 CST ($/mt) AAFER00 429.50–430.50 430.000 +10.000
Ex-Wharf 500 CST ($/mt) AAVUP00 427.50–428.50 428.000 +11.000
*Differential to FOB Singapore naphtha. **Differential to FOB Singapore gasoil. The “Gasoil” assessment reflects 10 ppm sulfur from January 2, 2018.

Middle East physical oil assessments (PGA page 2004 and 2018)
FOB Arab Gulf ($/barrel) Premium/Discount Subscriber notes (PGA page 1500)
Naphtha ($/mt) PAAAA00 581.18–583.68 582.430 +20.500 AAPKH00 15.75/16.25 16.000 0.000
Naphtha LR2 ($/mt) AAIDA00 582.18–584.68 583.430 +21.320 The Platts office in Singapore will be closed on Monday, May 20,
Gasoline 95 unleaded AAICY00 81.37–81.41 81.390 +1.850 AAWUJ00 3.98/4.02 4.000 -0.050 2019 for the Vesak Day holiday observation, and there will be no oil
Gasoline 95 unleaded CFR AAWUK00 4.53/4.57 4.550 and shipping publications or assessments from Singapore on that
Gasoline 92 unleaded AAGJA00 79.280 +1.910 AAGZA00 3.650 -0.050 day. Normal Singapore publishing schedule will resume on Tuesday,
Kerosene PJAAA00 82.96–83.00 82.980 +1.720 PJACV00 0.88/0.92 0.900 0.000 May 21. For full details of Platts publishing schedule and services
Kerosene LR2 AAKNZ00 82.96–83.00 82.980 +1.780 affected, refer to http://www.platts.com/HolidayHome. For
Gasoil 10 ppm AAIDT00 83.36–83.40 83.380 +1.530 AAIDU00* 1.13/1.17 1.150 0.000
queries, please contact support@spglobal.com. Following a
Gasoil 0.005% sulfur AASGJ00 83.26–83.30 83.280 +1.530 AASGK00* 1.03/1.07 1.050 0.000
continued review of additives reflected in its FOB Singapore gasoil
Gasoil 0.05% sulfur AAFEZ00 83.01–83.05 83.030 +1.530 AAFFD00* 0.78/0.82 0.800 0.000
Gasoil 0.25% sulfur AACUA00 82.11–82.15 82.130 +1.530 AACUC00* -0.12/-0.08 -0.100 0.000 assessments, S&P Global Platts will begin reflecting Total’s lubricity
Gasoil POAAT00 83.36–83.40 83.380 +1.530 POAID00* 1.13/1.17 1.150 0.000 improver additive PC 60, from May 15, 2019. Platts understands that
Gasoil LR2 AAKBT00 83.36–83.40 83.380 +1.590 the given additive has broad market acceptance and is reflected in
HSFO 180 CST ($/mt) PUABE00 429.13–429.17 429.150 +12.240 AAXJA00 1.75/2.25 2.000 -1.000 the key regional national chemical inventory, and/or has been
HSFO 380 CST ($/mt) AAIDC00 415.96–416.00 415.980 +10.700 AAXJB00 1.75/2.25 2.000 -1.000 consumed around the region. Platts first proposed the inclusion of
HSFO 180/380 spread ($/mt) PPXDM00 -13.19/-13.15 -13.170 -1.540 this additive in a subscriber notes published on November 14, 2018.
Ex-Wharf Fujairah 380 CST** ($/mt) AAYBG00 0.250 0.000
(Subscriber notes continue on page 17)
*Premium to MOPAG Gasoil during loading. **Ex-Wharf differential represents premium/discount to the MOPAG 180 CST strip.

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ASIA-PACIFIC/ARAB GULF MARKETSCAN April 22, 2019

Asia products
Code Mid Change Code Mid Change Gasoline
Middle East physical oil assessments (PGA pages 2004 and 2018) Market analysis: (PGA page 2396) Fundamentals in the Asian

FOB Fujairah ($/barrel) MOPAG Strip gasoline market was steady at the start of the trading week
Gasoline 95 unleaded AFUJA00 84.040 +2.100 AFUJB00 80.040
+2.150 even as the FOB Singapore 92 RON gasoline crack against
Kerosene AFUJF00 84.230 +1.800 AFUJG00 83.330
+1.800
front-month ICE Brent crude oil futures retreated at the
Gasoil 10 ppm AFUJP00 84.990 +1.610
Gasoil AFUJK00 84.990 +1.610 AFUJL00 83.840 +1.610 Asian close on Thursday April 18, after posting a 14-cents/b
HSFO 380 CST ($/mt) AFUJQ00 420.640
+10.540 AFUJR00 418.640
+11.540 dip day on day to be assessed at $7.76/b, S&P Global Platts
Ex-Wharf 380 CST ($/mt) AAYBF00 429.160
+11.340 AAYBD00 428.910
+11.340
data showed. The Singapore market was closed on Friday
*FOB Fujairah outright prices are derived by adding the MOPAG strips and the FOB Arab Gulf premiums/discounts.

Gasoline components (PBF page 2410)

Weekly Fujairah oil product stocks

FOB Singapore ($/mt)
Code (’000 barrels) Change
MTBE PHALF00 775.00–777.00 776.000 +18.000
Apr 15 (PGA page 2022)
Singapore demurrage (PGT pages 2910 & 2960)
Light distillates FUJLD04 11182 -30
$/day Middle distillates FUJMD04 1961 -168
Demurrage Clean AALPY00 16750.000
-500.000 Heavy distillates and residues FUJHD04 11405 -342
Demurrage Dirty AALQA00 21000.000 0.000 Source: FEDCom, S&P Global Platts
Singapore paper (PGA page 2655)
Balance April* ($/barrel) May ($/barrel) June ($/barrel)
Naphtha Japan ($/mt) AAXFE00 601.25–601.75 601.500 +19.000 AAXFF00 597.75–598.25 598.000 +18.500
Naphtha AAPLD00 NA–NA NA NANA PAAAQ00 65.03–65.07 65.050 +2.300 PAAAR00 64.63–64.67 64.650 +2.250
Gasoline 92 unleaded AAXEK00 NA–NA NA NANA AAXEL00 80.72–80.76 80.740 +2.310 AAXEM00 79.49–79.53 79.510 +2.250
Reforming Spread AAXEN00 NA/NA NA NANA AAXEO00 15.67/15.71 15.690 +0.010 AAXEP00 14.84/14.88 14.860 0.000
Kerosene AAPLE00 NA–NA NA NANA PJABS00 84.88–84.92 84.900 +1.750 PJABT00 85.24–85.28 85.260 +1.780
Gasoil AAPLF00 NA–NA NA NANA POAFC00 85.43–85.47 85.450 +1.500 POAFG00 85.87–85.91 85.890 +1.550
HSFO 180 CST ($/mt) AAPML00 NA–NA NA NANA PUAXZ00 442.23–442.27 442.250 +12.400 PUAYF00 441.53–441.57 441.550 +12.550
HSFO 380 CST ($/mt) AAPKB00 NA–NA NA NANA AAPKC00 430.98–431.02 431.000 +11.600 AAPKD00 430.78–430.82 430.800 +11.750
Gasoil EFS ($/mt) AAQTX00 NA NANA AAQTY00 -11.150 -0.580 AAQTZ00 -8.870 -0.950
*Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February. **Interim Gasoil paper published ahead of the change in specification of FOB Singapore Gasoil on January 2, 2018.

Arab Gulf Front Month Swaps (PGA page 2638)

Balance April* ($/barrel)
May ($/barrel) June ($/barrel)
Gasoline 95 unleaded AFUIM00 NA NANA AFUIM01 80.300 +2.310 AFUIM02 79.070 +2.250
Kerosene AFUAM00 NA NANA AFUAM01 83.260 +1.750 AFUAM02 83.620 +1.780
Gasoil AFUJM00 NA NANA AFUJM01 83.750 +1.540 AFUJM02 84.150 +1.650
HSFO 180 CST AAYBM00 NA NANA AAYBM01 430.250
+12.650 AAYBM02 428.750
+12.250
HSFO 180 CST** AADZB00 NA NANA AADZM01 428.250
+11.250 AADZM02 426.750
+10.750
HSFO 380 CST AFURM00 NA NANA AFURM01 418.750
+11.600 AFURM02 418.250
+11.700
*Balance month swaps are assessed from the 1st to 10th of the month. **At 1730 Singapore time.

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ASIA-PACIFIC/ARAB GULF MARKETSCAN April 22, 2019

Asia products April 19 for the Easter holiday. Still, market sources
Code Mid Change Code Mid Change
continued to register firm sentiment, citing tight supply and
Japan physical oil assessments (PGA page 2006) healthy demand in the region. To that end, Sri Lanka’s

C+F Japan ($/mt) Premium/Discount Ceypetco was heard seeking 318,750 barrels of 92 RON
Naphtha PAAAD00 603.25–605.75 604.500 +20.500 PAADI00 3.75/4.25 4.000 0.000 gasoline for delivery over May 25-26 to Dolphin Tanker Berth
Nph 1st 1/2 Jun PAAAE00 607.50–608.00 607.750 +20.500
and SPM Muthurajawela in Colombo via a spot tender that
Nph 2nd 1/2 Jun PAAAF00 605.25–605.75 605.500 +20.500
Nph 1st 1/2 Jul PAAAG00 603.25–603.75 603.500 +20.500 closes April 30. Additionally on the supply side, the refineries
Naphtha MOPJ Strip AAXFH00 596.00–596.50 596.250 +18.370 AAXFI00 8.00/8.50 8.250 +2.120 of India’s Reliance Industries were reported to have
C+F Japan ($/barrel) Premium/Discount processed a total of 16 million mt of crude during the fiscal
Gasoline 91-92 unleaded PGACW00 83.52–83.56 83.540 +1.900 fourth quarter of January-March, a dip of 4.2% on a year-on-
Gasoline 95 unleaded PGAQQ00 85.63–85.67 85.650 +1.840
Kerosene PJAAN00 85.95–85.99 85.970 +1.790 PAADK00 1.06/1.10 1.080 0.000 year basis. According to the company, gross refining
Gasoil AAWVG00 0.42/0.46 0.440 0.000 margins for the January-March quarter therefore stood at
HSFO 180 CST ($/mt) PUACJ00 453.72–453.76 453.740 +12.180 $8.20/b, a sharp 25.5% year-on-year drop. Although still
FOB Japan ($/barrel)
outperforming Singapore’s complex margin by $5/b,
Gasoil POJAP00 91.053
+0.402
analysts attributed the decline in gross refining margins to
South Korea physical oil assessments (PGA page 2008) lower throughput due to planned maintenance and weak

C+F Korea ($/mt) Premium/Discount cracks impacted. Reliance’s exports of refined products
Naphtha PAADE00 607.25–607.75 607.500 +20.500 PAADG00 2.75/3.25 3.000 0.000 from India over the same period fell 15% year on year at 9.1
FOB Korea ($/barrel) Premium/Discount million mt. Meanwhile, Singapore gasoline imports picked up
Gasoline 95 unleaded PGAQO00 83.09–83.13 83.110 +1.960 from the previous week’s low, jumping 50.65% to a total
Jet PJADG00 84.52–84.56 84.540 +1.790 PJADI00 -0.37/-0.33 -0.350 0.000
Gasoil POAIE00 84.72–84.76 84.740 +1.550 POAIG00 -0.72/-0.68 -0.700 0.000
236,378 mt in the week ending April 17, according to data
HSFO 180 CST 3.5% ($/mt) PUBDP00 444.00–444.04 444.020 +12.530 PUBDR00 1.50/2.00 1.750 +0.250 released by Enterprise Singapore. Flows from China once
HSFO 380 CST 3.5% sulfur ($/mt) PUBDY00 430.83–430.87 430.850 +10.990 PUBEA00 1.50/2.00 1.750 +0.250 again made up the bulk of imports, amounting to 204,619
Mean of Platts West India netbacks (PGA page 2012) mt, or 86.56%, of total imports. Nevertheless, Singapore’s

FOB India ($/mt) FOB India ($/barrel) gasoline exports of the same gasoline grades — 90 RON
Naphtha AAQWK00 586.100
+20.500 AAQWJ00 65.120
+2.280 and above, but below 97 RON — outweighed imports,
Gasoline (92 RON) AARBQ00 680.270
+16.240 AARBP00 80.030
+1.910 amounting to 413,391 mt. Exports headed mainly to
Gasoline (95 RON) AAQWI00 689.850
+15.540 AAQWH00 82.120
+1.850
Jet kero AAQWM00 656.610
+13.590 AAQWL00 83.110
+1.720
Indonesia, Malaysia, Mexico and Sri Lanka, the data showed.
Gasoil 10 ppm AAQWO00 636.720
+11.650 AAQWN00 83.560
+1.530 Reflecting the prevailing optimism, market participants had
Gasoil 500 ppm AAQWQ00 617.710
+11.470 AAQWP00 82.910
+1.540 pegged early Monday both the May/June swap and June/
Gasoil 2500 ppm AAQWS00 611.300
+11.470 AAQWR00 82.050
+1.540
July swap higher at plus $1.30/b and plus 94-95 cents/b,
Australia (PGA page 2014) respectively. At the Asian close Thursday, the May/June

C+F Australia ($/barrel) swap spread was assessed at plus $1.17/b, while the June/
Gasoline 92 AACZF00 85.01–85.05 85.030 +1.910 July swap spread was assessed at plus 84 cents/b.
Gasoline 95 AACZH00 87.12–87.16 87.140 +1.850
Jet AAFIY00 88.47–88.51 88.490 +1.720
Gasoil 10 ppm AAQUD00 89.21–89.25 89.230 +1.530 Gasoline Unl 92 FOB Spore Cargo assessment rationale:
(PGA page 2317) The FOB Singapore 92 RON gasoline
assessment on Monday took into consideration a trade for

© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 3
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 22, 2019

Asia products a cargo loading over May 8-12 at $81.40/b, a trade for a
Code Mid Change Code Mid Change
cargo loading over May 10-14 at $81.40/b, a bid for a
South Africa (PGA pages 2342 and 2412) 150,000-barrel cargo loading over May 13-17 at $81.40/b

CFR South Africa ($/barrel) and a bid for a 150,000-barrel cargo loading over May 18-22
Gasoline 95 unleaded AAQWW00 86.093
+1.960 at $81.40/b.
Jet kero AAQWT00 86.439
+1.650 The above commentary applies to the market data code: PGAEY00
Gasoil 10 ppm AAQWU00 87.332
+1.450
Gasoil 500 ppm AAQWV00 86.982
+1.450
Gasoline Unl 95 FOB Spore Cargo assessment rationale:
Freight netbacks (PGA pages PGT2910 & PGT2960)
(PGA page 2317) The FOB Singapore 95 RON gasoline

AG-Spore
Spore-Japan AG-Japan Spore-Australia
assessment on Monday took into consideration a bid for a
Naphtha AAPOF00 17.90* AAPOG00 22.07*
Naphtha-LR2 AAPOH00 21.07*
cargo loading over May 12-16 at $83.50/b and an offer for a
Gasoline AAPOC00 2.15 AAPOD00 2.11 AAPOE00 3.60 cargo loading over May 18-22 at $83.50/b.
Kerosene AAPOI00 1.64 AAPOJ00 3.87 The above commentary applies to the market data code: PGAEZ00
Kerosene-LR2 AAPOK00 1.64
Gasoil AAPOL00 1.74 AAPOM00 4.11
Gasoil-LR-2 AAPON00 1.74 Gasoline Unl 97 FOB Spore Cargo assessment rationale:
HSFO 180 CST AAPOO00 13.02* AAPOP00 11.57* (PGA page 2317) The FOB Singapore 97 RON gasoline
HSFO 380 CST AAPOQ00 13.02*
assessment on Monday took into consideration the
All values in $/barrel, except * values in $/mt
adjusted 92/95 inter-RON spread in the absence of any
South China/Hong Kong physical oil assessments (PGA page 2010)
bids or offers.

South China ($/mt) Premium/Discount to MOPS ($/barrel)
The above commentary applies to the market data code:
Gasoline 90 unleaded AAICU00 686.00–690.00 688.000 +16.250
Gasoline 93 unleaded AAICW00 697.00–701.00 699.000 +16.250
PGAMS00
Jet/kero PJABQ00 677.75–681.75 679.750 +13.500 AAWTW00 1.14/1.18 1.160 -0.070
Gasoil POAFA00 639.75–643.75 641.750 +11.750 AABJZ00 0.67/0.71 0.690 +0.030
Gasoline Unl 92 FOB Arab Gulf Carg assessment rationale:
Hong Kong bunker grades ($/mt)
(PGA page 2317) The FOB Arab Gulf 92 RON gasoline cargo
HSFO 180 CST PUACC00 464.50–465.50 465.000 +20.000
HSFO 380 CST PUAER00 453.50–454.50 454.000 +19.000 assessment was derived as a freight netback from the FOB
*C+F Hong Kong, $/barrel premium/discount to Mean of Platts Singapore. Singapore 92 RON marker using the following calculation:
FOB Singapore 92 RON assessment minus the cost of
transporting a 35,000-mt clean cargo from a basket of
ports in the Persian Gulf to Singapore.
The above commentary applies to the market data code: AAGJA00
Foreign exchange rates (PGA page 2160) Marine Fuel (PGA page 30)
USD/Yen AAWFX00 111.9250
Gasoline FOB Spore Cargo exclusions: (PGA page 2316) No
+0.0200 $/mt Change
Eur/USD AAWFU00 1.1245 -0.0049 0.5% FOB Singapore cargo AMFSA00 487.510 +11.550 market data was excluded from the Asian gasoline Market
GBP/USD AAWFV00 1.2995 -0.0048 0.5% FOB Fujairah cargo AMFFA00 478.640 +11.540 on Close assessment process on April 22, 2019
USD/SGD AAWFZ00 1.3568 +0.0032 0.5% FOB Rotterdam barge PUMFD00 NA NANA
USD/MYR AAWGA00 4.1350 -0.0013 $/barrel
0.5% FOB US Gulf Coast barge AUGMA00 77.730 +1.690
Gasoline FOB Spore Paper exclusions: (PGA page 4012)
USD/HK AAWFY00 7.8452 -0.0006
AUD/USD AAWFT00 0.7137 -0.0044
0.5% Dlvd US Atlantic Coast barge AUAMA00 75.460 +1.460 No market data was excluded from the Asian gasoline
USD/CNY AAWFW00 6.7035 +0.0124
vs FO 380 MOPS strip ($/mt) derivative Market on Close assessment process of
0.5% FOB Singapore cargo AMOPA00 56.500 0.000
April 22, 2019.

© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 4
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 22, 2019
Naphtha
Market analysis: (PGA page 2398) Market sentiment
appeared to be weighed down with the presence of more
May-lifting spot offers in the Asian naphtha market at the
start of the week and firmer underlying crude markers.
The second-line trading cycle on the CFR Japan naphtha
physical benchmark was pegged at a notional $601.25/mt
Monday at 0700 GMT, a level reached in November 2018
as firm Brent crude futures had lifted Asian naphtha
values then. Buying interest from end-users were still
muted, however, with only Hanwha Total Petrochemical,
seeking one to two 25,000-mt cargoes of heavy full-
range naphtha for first-half June delivery, CFR Daesan, in
a tender closing April 22. Hindustan Petroleum
Corporation Ltd. has offered 20,000-24,000 mt of
naphtha with minimum paraffin content of 70% and
maximum sulfur limit of 200 ppm for May 8-10 loading
from Jawahar Dweep, Mumbai, via a tender closing
Monday, with same-day validity. Indian Oil Corp., is
offering 35,000 mt heavy full range naphtha, ex-Chennai,
loading May 8-10. The tender closes Monday. Mangalore
Refinery and Petrochemicals Ltd., is offering 35,000 mt of
naphtha with minimum 75% paraffin content and
maximum 500 ppm sulfur content for May 23-25 lifting.
The tender closes April 25, with same-day validity. In
other deals, Qatar Petroleum for the Sale of Petroleum
Products, or QPSPP, said Sunday it has signed a contract
to supply 3 million mt of light naphtha over 10 years to
Thailand’s SCG Chemicals, starting this month. Under the
contract, QPSPP has the option to offer the light naphtha
in several grades from Ras Laffan, but the first cargo has
yet to be arranged, a market source familiar with the
matter said Monday. QPSPP has been expanding in the
Far East, inking long term deals on top of its usual
quarterly naphtha tenders. The contract with SCG
Chemicals is the fourth supply contract QPSPP has had
with an Asian buyer since late-2018. QPSPP has three
5-year contracts with Japan’s Marubeni Corp. In two of
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
European products ($/mt)
Code Mid Change Code Mid Change
Mediterranean (PGA page 1114)
FOB (Italy) CIF (Genova/Lavera)
Prem Unl 10ppm AAWZA00 NA–NA NA NANA AAWZB00 NA–NA NA NANA
Naphtha PAAAI00 NA–NA NA NANA PAAAH00 NA–NA NA NANA
Jet aviation fuel AAIDL00 NA–NA NA NANA
Gasoil 0.1% AAVJI00 NA–NA NA NANA AAVJJ00 NA–NA NA NANA
10ppm ULSD AAWYY00 NA–NA NA NANA AAWYZ00 NA–NA NA NANA
1% PUAAK00 NA–NA NA NANA PUAAJ00 NA–NA NA NANA
3.5% PUAAZ00 NA–NA NA NANA PUAAY00 NA–NA NA NANA
Northwest Europe cargoes (PGA page 1110)
CIF (Basis ARA) FOB NWE
Gasoline 10ppm AAXFQ00 NA–NA NA NANA
Naphtha Swap PAAAJ00 NA–NA NA NANA
Naphtha Phy PAAAL00 NA–NA NA NANA
Jet PJAAU00 NA–NA NA NANA PJAAV00 NA–NA NA NANA
Ultra low sulfur diesel 10ppm AAVBG00 NA–NA NA NANA AAVBF00 NA–NA NA NANA
Gasoil 0.1% AAYWS00 NA–NA NA NANA AAYWR00 NA–NA NA NANA
Diesel 10ppm NWE AAWZC00 NA–NA NA NANA AAWZD00 NA–NA NA NANA
Diesel 10 PPM UK AAVBH00 NA–NA NA NANA
1% PUAAL00 NA–NA NA NANA PUAAM00 NA–NA NA NANA
3.5% PUABA00 NA–NA NA NANA PUABB00 NA–NA NA NANA
0.5-0.7% straight run PKABA00 NA–NA NA NANA
Low sulfur VGO AAHMZ00 NA–NA NA NANA AAHMX00 NA–NA NA NANA
High sulfur VGO AAHND00 NA–NA NA NANA AAHNB00 NA–NA NA NANA
Northwest Europe barges (PGA pages 1112 & 1380)
FOB Rotterdam
Eurobob AAQZV00 NA–NA NA NANA
Unleaded 98 AAKOD00 NA–NA NA NANA
Premium Unleaded PGABM00 NA–NA NA NANA
Reformate AAXPM00 NA NANA
MTBE* PHALA00 NA–NA NA NANA
Naphtha Phy PAAAM00 NA–NA NA NANA
Jet PJABA00 NA–NA NA NANA
Gasoil 50 ppm AAUQC00 NA–NA NA NANA
Gasoil 0.1%* AAYWT00 NA–NA NA NANA
10 ppm* AAJUS00 NA–NA NA NANA
1% PUAAP00 NA–NA NA NANA
3.5% PUABC00 NA–NA NA NANA
Fuel Oil 3.5% 500 CST PUAGN00 NA–NA NA NANA
Low sulfur VGO AAHNF00 NA–NA NA NANA
High sulfur VGO AAHNI00 NA–NA NA NANA
*FOB Amsterdam-Rotterdam-Antwerp
ICE LS gasoil GWAVE (Previous day’s values) (PGA page 702)
May PXAAJ00 635.000 18-Apr-19
Jun PXAAK00 635.750 18-Apr-19
Rotterdam bunker (PGA page 1112)
380 CST PUAFN00 NA–NA NA NANA
5
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 22, 2019
the contracts, QPSPP will supply a total of 1.2 million mt/
year of naphtha between October 2018 and September
2023. For the third contract, QPSPP will supply 200,000
mt/year of light naphtha from January 2019.
Naphtha C+F Japan Cargo assessment rationale: (PGA
page 2327) The CFR Japan naphtha cargo assessment
Monday took into consideration the following inputs: The
outstanding bid for H1 July at $603/mt, with a crack value
of $48.68/mt, demonstrated value. The H1 June/H2 June
spread was assessed at plus $2.25/mt. The H2 June/H1 July
spread was assessed at plus $2.00/mt.
The above commentary applies to the market data code: PAAAD00
Naphtha FOB Spore Cargo assessment rationale: (PGA
page 2327) The FOB Singapore naphtha assessment was
derived as a freight netback from the CFR Japan naphtha
first-cycle assessment using the following calculation: CFR
Japan naphtha first-cycle assessment minus the cost of
transporting a 30,000-mt clean cargo on the Singapore-
Japan route.
The above commentary applies to the market data code: PAAAP00
Naphtha FOB Arab Gulf Cargo assessment rationale: (PGA
page 2327) The FOB Arab Gulf naphtha assessment was
derived as a freight netback from the CFR Japan marker
using the following calculation: CFR Japan naphtha
assessment minus the cost of transporting a 55,000-mt
clean cargo from a basket of ports in the Persian Gulf to
Japan.
The above commentary applies to the market data code: PAAAA00
Naphtha Cargo exclusions: (PGA page 2326) No market data
was excluded from the April 22, 2019 Asian naphtha
market-on-close assessment process.
Naphtha Paper exclusions: (PGA page 4016) No market data
was excluded from the April 22, 2019 Asian naphtha
derivative market on close assessment process.
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
US products (¢/gal) (PGA page 158)
Code Mid Change Code Mid Change
US West Coast pipeline
Los Angeles San Francisco
Unleaded 84 AAUHA00 239.93–240.03 239.980 -2.240 PGADG00 240.93–241.03 240.980 -2.240
Premium 90 PGABG00 257.93–258.03 257.980 -2.240 PGABO00 258.93–259.03 258.980 -2.240
CARBOB AAKYJ00 254.93–255.03 254.980 -2.240 AAKYN00 252.93–253.03 252.980 -2.240
CARBOB PREM AAKYL00 272.93–273.03 272.980 -2.240 AAKYP00 270.93–271.03 270.980 -2.240
Jet PJAAP00 216.85–216.95 216.900 +2.310 PJABC00 216.85–216.95 216.900 +2.310
ULS (EPA) Diesel POAET00 222.36–222.46 222.410 +2.820 POAEY00 222.36–222.46 222.410 +2.820
CARB diesel POAAK00 222.36–222.46 222.410 +2.820 POAAL00 222.36–222.46 222.410 +2.820
Seattle Portland
Unleaded 84 AAXJE00 248.43–248.53 248.480 +1.510 AAXJC00 249.93–250.03 249.980 +1.510
Premium 90 AAXJF00 268.43–268.53 268.480 +1.510 AAXJD00 269.93–270.03 269.980 +1.510
Jet PJABB00 216.85–216.95 216.900 +2.310
ULS (EPA) Diesel AAUEX00 221.45–221.55 221.500 +3.560 AAUEY00 222.60–222.70 222.650 +3.560
Phoenix
RBOB unleaded 84 AADDP00 256.43–256.53 256.480 -2.240
RBOB premium 89.5 PPXDJ00 274.43–274.53 274.480 -2.240
Differential to NYMEX
CARBOB AANVX00 41.95/42.05 42.000 -8.000
CARBOB paper 1st month* AAKYR00 30.95/31.05 31.000 -4.000
CARBOB paper 2nd month* AAKYS00 17.00/17.05 17.000 -1.000
Jet Fuel AANVY00 6.45/6.55 6.500 -1.000
ULS (EPA) Diesel AANVZ00 11.70/11.80 11.750 -0.750
CARB Diesel AANWA00 11.70/11.80 11.750 -0.750
* Premium to NYMEX gasoline settlement
US West Coast waterborne
Los Angeles
Unleaded 87 PGADI00 239.93–240.03 239.980 -2.240
Jet PJABI00 215.85–215.95 215.900 +2.310
Platts assessment of futures markets at MOC close (PGA page 703)
Singapore 16:30
ICE gasoil futures ($/mt) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
May 19* AAQYM01 647.75 May XNRBA01 211.94 May XNHOA01 211.16
Jun 19 AAQYM02 648.75 Jun XNRBA02 207.54 Jun XNHOA02 211.46
Jul 19 AAQYM03 650.50 Jul XNRBA03 204.58 Jul XNHOA03 212.07
New York 14:30
NYMEX light sweet crude ($/barrel) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
May NYCRM01 65.66 May NYRBM01 213.01 May NYHOM01 210.49
Jun NYCRM02 65.59 Jun NYRBM02 207.73 Jun NYHOM02 210.75
Jul NYCRM03 65.55 Jul NYRBM03 204.52 Jul NYHOM03 211.34
*Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February.
6
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 22, 2019

Asia Pacific and Middle East crude assessments ($/barrel)

(Asia MOC) (Asia MOC) (Asia close) (London close)
API
Gravity Code Mid Change Code Mid Change Code Mid Change Code Mid Change
Condensate (PGA page 2212) (PGA page 2213)
Diff to Dubai Diff to Asian Dated Brent
NW Shelf 61.9 PCAGX00 68.50–68.54 68.520 +2.340 AAPAI00 -4.25 +0.250 AAPAH00 NA NA
DFC 56.82 ADFCA00 70.09–70.13 70.110 +2.050 ADFCB00 -1.55/-1.45 -1.500 +0.100 ADFCC00 -2.660 -0.040 ADFCD00 NA NA
Qatar LSC 56.9 AARBB00 69.19–69.23 69.210 +2.050 AARBD00 -2.45/-2.35 -2.400 +0.100 AARBC00 -3.560 -0.040 AARBA00 NA NA
South Pars 57.4 AARAV00 67.99–68.03 68.010 +2.050 AARAX00 -3.65/-3.55 -3.600 +0.100 AARAW00 -4.760 -0.040 AARAU00 NA NA
Diff to ICP
Senipah 54.4 AAEOE00 69.00–69.04 69.020 +2.340 AAEOK00 0.75/0.85 0.800 +0.150 AAPBE00 -3.750 +0.250 AAPBD00 NA NA
Light crude (PGA page 2214) (PGA page 2215)
Diff to ICP Diff to Asian Dated Brent
Cossack 47.7 PCAGZ00 72.95–72.99 72.970 +2.140 AAPAC00 0.200 +0.050 AAPAB00 NA NA
Gippsland 48.7 PCACP00 71.10–71.14 71.120 +2.140 AAPAU00 -1.650 +0.050 AAPAT00 NA NA
Tapis 45.2 PCACB00 76.65–76.69 76.670 +2.140 AAOZW00 3.900 +0.050 AAOZV00 NA NA
Belida 45.1 PCAFL00 71.90–71.94 71.920 +2.140 PCAFM00 1.90/2.00 1.950 +0.050 AAPBQ00 -0.850 +0.050 AAPBP00 NA NA
Kutubu 44.3 PCAFJ00 72.45–72.49 72.470 +2.140 AAPAE00 -0.300 +0.050 AAPAD00 NA NA
Handil Mix 43.9 PCABE00 72.30–72.34 72.320 +2.140 PCABF00 1.90/2.00 1.950 +0.050 AAPBI00 -0.450 +0.050 AAPBH00 NA NA
Attaka 42.3 PCAAJ00 71.70–71.74 71.720 +2.140 PCAAK00 1.25/1.35 1.300 +0.050 AAPBC00 -1.050 +0.050 AAPBB00 NA NA
Ardjuna 38.0 PCACQ00 69.50–69.54 69.520 +2.140 PCACR00 1.25/1.35 1.300 +0.050 AAPBG00 -3.250 +0.050 AAPBF00 NA NA
Banyu Urip 32.0 PCAFQ00 78.170 +2.140 PCAQQ00 3.650 +0.050 AAPBU00 5.400 +0.050 AAPBR00 NA NA
Diff to Dubai
Sakhalin Blend 45.5 AARBN00 72.69–72.73 72.710 +2.000 AARCN00 1.05/1.15 1.100 +0.050 AARDN00 -0.060 -0.090 AAREN00 NA NA
ESPO M1 34.8 AARWF00 75.34–75.38 75.360 +2.000 AASEU00 3.70/3.80 3.750 +0.050 AARWE00 NA NA AARWD00 NA NA
ESPO M2 34.8 AAWFE00 74.13–74.17 74.150 +1.950 AAWFG00 3.20/3.30 3.250 +0.050
Diff to Oman/Dubai
Sokol 39.7 AASCJ00 76.06–76.10 76.080 +2.000 AASCK00 4.35/4.45 4.400 +0.050 AAPAO00 3.310 -0.090 AAPAN00 NA NA
Kikeh 34.9 AAWUH00 78.30–78.34 78.320 +2.140 AAOZY00 5.550 +0.050 AAOZX00 NA NA
Miri Light 32.3 PCABQ00 78.15–78.19 78.170 +2.140 AAPAS00 5.400 +0.050 AAPAR00 NA NA
Labuan 32.0 PCABL00 78.35–78.39 78.370 +2.140 AAPAQ00 5.600 +0.050 AAPAP00 NA NA
Kimanis 38.6 AASCL00 78.170 +2.140 AASCM00 5.400 +0.050 AASCN00 NA NA
Medium crude (PGA page 2216) (PGA page 2217)
Diff to Asian Dated Brent
Su Tu Den 36.8 AARAR00 76.50–76.54 76.520 +2.140 AARAS00 3.750 +0.050 AARAQ00 NA NA
Bach Ho 40.7 PCAHY00 77.00–77.04 77.020 +2.140 AAPAK00 4.250 +0.050 AAPAJ00 NA NA
Nanhai 40.0 PCAFR00 70.80–70.84 70.820 +2.140 AAPAG00 -1.950 +0.050 AAPAF00 NA NA
Diff to ICP
Minas 35.3 PCABO00 68.30–68.34 68.320 +2.140 PCABP00 2.15/2.25 2.200 +0.050 AAPBA00 -4.450 +0.050 AAPAZ00 NA NA
Nile Blend 33.9 AAPLC00 69.50–69.54 69.520 +2.140 AAPEX00 3.35/3.45 3.400 +0.050 AAPAM00 -3.250 +0.050 AAPAL00 NA NA
Widuri 33.2 PCAFE00 66.35–66.39 66.370 +2.140 PCAFF00 0.55/0.65 0.600 +0.050 AAPBO00 -6.400 +0.050 AAPBN00 NA NA
Daqing 32.2 PCAAZ00 65.73–65.77 65.750 +2.140 AAPAW00 -7.020 +0.050 AAPAV00 NA NA
Cinta 31.1 PCAAX00 66.15–66.19 66.170 +2.140 PCAAY00 0.55/0.65 0.600 +0.050 AAPBK00 -6.600 +0.050 AAPBJ00 NA NA
Heavy crude (PGA page 2218) (PGA page 2219)
Diff to ICP Diff to Asian Dated Brent
Dar Blend 25.0 AARAB00 70.15–70.19 70.170 +2.140 AARAC00 -2.600 +0.050 AARAA00 NA NA
Shengli 24.2 PCABY00 65.60–65.64 65.620 +2.140 AAPAY00 -7.150 +0.050 AAPAX00 NA NA
Duri 20.8 PCABA00 65.90–65.94 65.920 +2.140 PCABB00 2.70/2.80 2.750 +0.050 AAPBM00 -6.850 +0.050 AAPBL00 NA NA
Vincent 18.3 AARAK00 78.720 +2.140 AARAL00 5.950 +0.050 AARAJ00 NA NA

© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 7
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 22, 2019

China tanker fixtures

Jet
Market analysis: (PGA page 2499) The Asian jet fuel/kerosene
spot market held steady Monday, amid more indications
that cargoes were leaving the region. In fixtures, Shell was
heard to have taken the BW Galatea to load 90,000 mt of jet
from Singapore to the UK Continent on April 22 at a lump
sum of $1.815 million, and the SKS Dokka to load another
90,000 mt cargo along the same route on May 1 at $1.825
million. Traders said that the outflows were likely a
response to the ongoing strike at Shell’s 404,000 b/d Pernis
refinery, rather than an arbitrage flow. “It’s related to Pernis’
cut output,” a Singapore-based trader said. “Jet arb is
closed at the moment,” a second Singapore-based trader,
who added that this was likely due to a need to fulfill pre-
existing supply obligations, said. Traders also noted that
there remained interest in moving jet from Northeast Asia
to the US West Coast, though no fresh fixtures were yet
heard. Data out Thursday from the California Energy
Commission indicated that jet fuel stocks there had risen
by 13.8% week on week to 3.3 million barrels in the week
ended April 12 — 2.4% lower on a yearly basis. This build
occurred despite a 4.9% week on week fall in the state’s jet
Vessel Volume Grade Route Arrival date Importer
DHT BRONCO 131kt Cabinda Angola-Qingdao 2-Apr Qingyuan
DHT REDWOOD 130kt Sapinhoa Brazil-Rizhao 3-Apr Donging
DHT REDWOOD 130kt Lula Brazil-Rizhao 3-Apr Donging
AXEL SPIRIT 50kt ESPO Russia-Qingdao 3-Apr ChemChina
AGRIOS 100kt ESPO Russia-Qingdao 4-Apr Tianhong
AMPHITRITE 136kt Iracema Brazil-Qingdao 5-Apr Xintai
KHK VISION 133kt Girassol Angola-Qingdao 5-Apr Dongming
MERMAID HOPE 130kt Forties UK-Qingdao 7-Apr Shengxing
ECO FUTURE 138kt Lula Brazil-Qingdao 7-Apr Chengda
EL SEGUNDO VOYAGER 130kt Lapa Angola-Qingdao 7-Apr Haike
KHK VISION 130kt Crude Angola-Qingdao 8-Apr Qicheng
LEICESTER 130kt Hungo Angola-Qingdao 8-Apr Qirun
NEW VANGUARD 260kt Oman Oman-Rizhao 9-Apr Dongming
XIN WEI YANG 136kt Djeno Congo-Rizhao 10-Apr Dongming
NEW VANGUARD 260kt Oman Oman-Rizhao 10-Apr Dongming
RIDGEBURY NICHOLAS A 124kt Eagle Ford TBA-Qingdao 11-Apr BP
LEICESTER 130kt Hungo Angola-Qingdao 11-Apr Qirun
COSLUCKY LAKE 134kt Plutonio Angola-Qingdao 11-Apr Kenli
NEW VOYAGE 132kt Nemina TBA-Qingdao 12-Apr Luqing
NEW VOYAGE 132kt Djeno TBA-Qingdao 12-Apr Shengxing
EMMA 128kt Saturno Angola-Qingdao 12-Apr Hualong
NORDIC SPRINTER 87kt Dar Blend Sudan-Qingdao 18-Apr Taifeng Hairun
MARLIN SAVANNAH 140kt Merey Venezuela-Qingdao 19-Apr Chambroad
SHINYO SAOWALAK 270kt Castilla Colombia-Rizhao 22-Apr Dongming
DALIAN 130kt Djeno Congo-Rizhao 22-Apr Yuhuang
FOLEGANDROS I 270kt Oman Oman-Qingdao 25-Apr Qirun

You may view or otherwise use the information, prices, indices, assessments and
other related information, graphs, tables and images (“Data”) in this publication only
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ASIA-PACIFIC/ARAB GULF MARKETSCAN use only. You may not publish, reproduce, extract, distribute, retransmit, resell,
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Volume 38 / Issue 76 / April 22, 2019
Editorial: Dave Ernsberger, Tel +44-20-7176-6116, Global Oil Director; Calvin Lee,
Tel +65-6530-6429, Editorial Director, Asia & Middle East Oil Markets.
Client services information: North America: 800-PLATTS8 (800-752-8878); direct:
+1-212-904-3070, Europe & Middle East: +44-20-7176-6111, Asia Pacific: +65-6530-6430,
Latin America: +54-11-4121-4810, E-mail: support@platts.com
Trade Data: Platts has defined standards for entities it considers to be related and verifies
through a variety of inputs whether counterparties in reported trades meet these criteria.
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© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 8
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 22, 2019
output to 1.74 million barrels. Meanwhile, data out Thursday
from Enterprise Singapore indicated that combined middle
distillate stocks in Singapore hit a 19-month high of 12.816
million barrels in the week ended April 17. The last time
inventories were higher was during the week ended April 2,
2017 at 13.007 million barrels. The Enterprise Singapore data
showed that Singapore did not import any jet, but exported
a combined 51,712 mt of jet fuel and kerosene. The exports
went to Malaysia 25,206 mt, India 19,915 mt, and Vietnam
6,579 mt. Enterprise Singapore has been collecting data
since January 6, 1999. However, the data reported is not
representative of all oil terminals in Singapore. The data
covers submissions from 13 oil terminals in Singapore,
Enterprise Singapore said.
Jet Kero FOB Spore Cargo assessment rationale: (PGA
page 2494) The FOB Singapore jet fuel/kerosene cargo
assessment Monday was based on the following: the front
loading period was assessed at MOPS minus 24 cents/b,
reflecting an offer of a cargo loading May 7-11 at MOPS
minus 19 cents/b, after deemed pricing. The middle loading
period was assessed at MOPS minus 26 cents/b, reflecting
an offer of a cargo loading May 11-15 at MOPS minus 20
cents/b, after deemed pricing. The back loading period was
assessed at MOPS minus 29 cents/b, reflecting a trade for a
cargo loading May 16-20 at MOPS minus 31 cents/b, after
deemed pricing.
The above commentary applies to the market data code: PJABF00
Singapore Jet bids/offers/trades: (PGA page 2495)
■■ PLATTS JET BIDS: FINALS ON CLOSE: Jet: FOB Straits:
Zenrock bids MOPS -0.40 May 18-22 100kb (Deemed
pricing May 15-24) INCO
■■ PLATTS JET OFFERS: FINALS ON CLOSE: Jet: FOB Straits:
PetroChina offers MOPS -0.20 May 7-11 100kb (Deemed
pricing May 7-13) INCO; Jet: FOB Straits: Unipec offers
MOPS -0.20 May 11-15 100kb (Deemed pricing May 10-16)
INCO; Jet: FOB Straits: Freepoint offers MOPS -0.10 May
18-22 100kb (Deemed pricing May 15-24)
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
International dirty tanker fixtures (PGT page 2950)
Ship name Size Type Date Route Rate Charterer
PG/East
DHT Bronco 280 CR Apr26 PG-USWC rnr Chevron
Koch Tbn 270 CR May6 PG-Taiwan rnr CPC
Cosnew Lake 270 CR May1 PG-Yeosu w42 GSC
Desh Vishal 270 CR Apr29 PG-WCI rnr RIL
Qi Lian San 270 CR earMay PG-East rnr cnr
Neptune Moon 140 CR May12 Basrah-UKCM rnr Repsol
Dynacom Tbn 130 DY May3 PG-Mundra rnr HMEL
Sri Vishnu 130 DY May1 R Tanura-Chennai w64.5 IOC
Eurospirit 130 FO May1 Fujairah-Spore w65 Uniper
Crimson 130 DY May5 Das Island-NMangalore w65 MRPL
Jag Lateef 118 DY May1 J Dhanna-Paradip w66 IOC
Dubai Brillance 80 DY May1 Fujairah-UKC rnr Uniper
Anafi Warrior 80 FO Apr23 PG-Red Sea $800k ATC
St Jacobi 30 DY May1 PG-EAfrica rnr Shell
Marinoula 25 DY Apr24 Fujairah-Colombo $550k Gulf Petrochem
Negishi Maru 100 CR Apr24 Kozmino-NChina rnr CNOOC
Camelia 100 CR Apr28 Kozmino-NChina $600k ChemChina
Tbn 100 CR May3 SKorea-NChina rnr Glasford
Aframax Rio 80 FO Apr24 Spore-SKorea rnr Shell
Syros Warrior 80 DY Apr28 STS Linggi-NChina w95 ChemChina
St Nicholas 80 CR Apr25 Spore-North rnr Vitol
Tbn 80 CR Apr24 Kimanis-Spore rnr Shell
UKC/Med/WAF
No fixtures due to Easter Monday holiday.
Americas
Captain X Kyriakou 270 CR May20 USGC-WCI, Spore, China $3.85m, $4.15m, $5.15m Mercuria
Kastos 44 CR Apr25 Miss River-Jamaica rnr BP
DY: Dirty, CR: Crude, FO: Fuel Oil, CO: Condensate, F: Failed, +:Update, pt: prompt, cnr: charterer not reported, rnr: rate not reported, coa: contract of affreightment, o/p:
own program
International clean tanker fixtures (PGT page 2904)
Ship name Size Type Date Route Rate Charterer
PG/East
Neptune Moon 120 ULSD May6 Sikka-West rnr RIL
Ocean Odyssey 90 ULSD May1 Sikka-Opts rnr Winson
Captain Spiro 90 CL Apr29 PG-EAfrica rnr ENOC
Luzon Sprit 90 CL dnr PG-Opts rnr cnr
Champion Princess 75 NA May5 PG-Japan w90 cnr
FS Diligence 75 NA May2 PG-Japan w92.5 Pantos
STI Solace 75 NA Apr30 PG-Japan w95 cnr
Pike 60 JET Apr27 Sikka-UKC $1.5m Koch
Lian Bai Hu 55 NA May1 Ruwais-Japan w90 BP
Sanmar Santoor 40 GO Apr25 Yanbu-Fujairah, Red Sea $320k, rnr Vitol
CSC Amethyst 35 CL Apr29 R Laffan-Fujairah, WCI $142k, $240k BP
Jag Prerana 35 CL Apr27 Jebel Ali-EAfrica, SAfrica w115, rnr CSSA
Jag Pushpa 35 NA Apr28 Mumbai-Japan rnr PChina
BW Tiger 35 CL Apr26 Sikka-Fujairah $295k ATC
9
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 22, 2019

■■ PLATTS JET WITHDRAWN: Jet: FOB Straits: Trafigura bids

MOPS -0.40 May 7-11 100kb (Deemed pricing 7-13) INCO
(4:15:38): Jet: FOB Straits: Freepoint no longer offers
MOPS -0.30 May 16-20 100kb (Deemed pricing May 14-21)
after trade with Hin Leong at MOPS -0.30 (4:29:41)
■■ PLATTS JET TRADE SUMMARY: Jet: FOB Straits: May
16-20: 100kb: Hin Leong buys from Freepoint at MOPS
minus 30 cents/b (Deemed pricing May 14-21) (4:29:41)
Singapore Jet Cargo exclusions: (PGA page 2495) No market
data was excluded from the April 22, 2019 Singapore Jet
Market-on-Close assessment process.
International CLEAN tanker fixtures (PGT pages 2904 and 2950)
Ship name Size Type Date Route Rate Charterer
CSC Amethyst 35 GO Apr26 R Laffan-Sohar $140k BP
Pro Alliance 35 NA May8 PG-Japan w89 Marubeni
LR2 Eternity 90 ULSD May2 SKorea-WAF $1.85m CSSA
Nave Cielo 60 ULSD Apr28 Kawasaki+Negishi-Hong Kong $600k Ocean Energy
Tbn 35 CL Apr28 Qinzhou-Spore $370k CSSA
Pyxis Epsilon 35 JET May1 SKorea-Hong Kong $440k PChina
Beagle 30 CL Apr23 Spore-SChina $395k U Energy
West of Suez
No fixtures due to Easter Monday holiday.
Americas
Freja Baltic 38 CL dnr USGC-Caribs $375k Exxon
Ibis Pacific 38 CL Apr22 USGC-Caribs $375k ST
CL: Clean, NA: Naphtha, UN: Unleaded, JT: Jet, GO: Gasoil, F: Failed, +:Update, pt: prompt, cnr: charterer not reported, rnr: rate not reported, coa: contract of affreightment,
o/p: own program

Singapore Jet Paper exclusions: (PGA page 4024) No market

data was excluded from the April 22, 2019 Singapore Jet
Market-on-Close assessment process.
Jet Index (PGA page 115)
Index $/barrel
Asia & Oceania PJASO00 243.21 PJASO08 85.12
Mid East & Africa PJMEA00 246.83 PJMEA08 82.65
Global PJGLO00 234.41 PJGLO08 85.75
Gasoil
Market analysis: (PGA page 2498) Several sources said
Monday the Asian gasoil market could see improvement in
the weeks to come as an open arbitrage to Europe, refinery
issues in the US and the impending turnaround season at
regional refineries could tighten the supply overhang,
helping in lifting the sentiment. The front-month gasoil
Exchange of Futures for Swaps — the spread which
measures the difference between front-month 10 ppm
gasoil Singapore swaps and the front-month ICE low sulfur
gasoil futures — widened to a two-month low Thursday.
Sources, however, noted that the change was largely
attributed by a firming European market as the overall
market in Asia, on the other hand, has remained largely
steady. The front-month EFS contract was assessed at
minus $10.57/mt on Thursday, down $1.74/mt on the day. On
regional demand, participants noted while pockets of
demand have emerged for medium sulfur grades, especially
in the Southeast Asian region, buying interest for ultra low
sulfur diesel remained lackluster. Reflecting this, Australia
saw a sharp drop in diesel imports from Singapore in
February, while gasoline and aviation fuel shipments from
South Korea also fell sharply during the month, according to
latest data from Australia’s Department of the Environment
and Energy. Diesel imports fell 57.4% to 1.67 million barrels
from Singapore in February from 3.93 million barrels in the
same month a year earlier and were down 41.4% from 2.89
million barrels in January. Diesel includes automotive diesel
oil, industrial and marine diesel fuel and biodiesel, the
department said. While Australia had consistently been one
of South Korea’s top auto fuel export destinations, Asian
trade sources noted that South Korean refiners were
actively seeking outlets in the West, with flows to Latin
America and Mexico heard to have been increasing since
the start of the year.
Gasoil .001%S (10ppm) FOB Spore Cargo assessment
rationale: (PGA page 2490) The FOB Singapore Gasoil 0.001%
(10 ppm) cargo assessment on Monday took into
consideration the following: The front loading period was
assessed at Mean of Platts Singapore Gasoil minus 22
cents/b, taking into consideration two trades for cargoes
loading over May 7-11 at May minus 25 cents/b — equivalent
to MOPS Gasoil minus 16 cents/b and an outstanding bid for
cargo loading over May 7-11 at MOPS Gasoil minus 31
cents/b, after accounting for deemed pricing. The middle
loading period was assessed at MOPS Gasoil minus 38
cents/b, taking into consideration a trade and an offer for
cargoes loading over May 9-13 and May 16-20, both at MOPS
Gasoil minus 36 cents/b, after accounting for deemed
pricing. The back loading period was assessed at MOPS
Gasoil minus 36 cents/b, taking into account a bid and offer
for cargoes loading over May 18-22 and May 16-20 at MOPS
Gasoil minus 41 cents/b and minus 36 cents/b respectively,
after accounting for deemed pricing.
The above commentary applies to the market data code: AAOVC00
Gasoil .05%S (500ppm) FOB Spore Cargo assessment
rationale: (PGA page 2490) The FOB Singapore Gasoil 0.05%
(500 ppm) cargo assessment on Monday took into
consideration the following: The back loading period was
assessed at Mean of Platts Singapore Gasoil minus 91
cents/b, taking into consideration a bid for cargo loading
May 18-22 at MOPS Gasoil minus 96 cents/b, after
accounting for deemed pricing. The front and middle
loading periods were assessed at MOPS Gasoil minus 97

© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 10
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 22, 2019
cents/b and minus 92 cents/b, respectively, reflecting the
movement in the back loading period.
The above commentary applies to the market data code: AAFEX00
Gasoil FOB Spore Cargo assessment rationale: (PGA page
2490) The FOB Singapore Gasoil 0.001% (10 ppm) cargo
assessment on Monday took into consideration the
following: The front loading period was assessed at Mean of
Platts Singapore Gasoil minus 22 cents/b, taking into
consideration two trades for cargoes loading over May 7-11
at May minus 25 cents/b — equivalent to MOPS Gasoil
minus 16 cents/b and an outstanding bid for cargo loading
over May 7-11 at MOPS Gasoil minus 31 cents/b, after
accounting for deemed pricing. The middle loading period
was assessed at MOPS Gasoil minus 38 cents/b, taking into
consideration a trade and an offer for cargoes loading over
May 9-13 and May 16-20, both at MOPS Gasoil minus 36
cents/b, after accounting for deemed pricing. The back
loading period was assessed at MOPS Gasoil minus 36
cents/b, taking into account a bid and offer for cargoes
loading over May 18-22 and May 16-20 at MOPS Gasoil minus
41 cents/b and minus 36 cents/b respectively, after
accounting for deemed pricing.
The above commentary applies to the market data code: POABC00
Gasoil .25%S (2500ppm) FOB Spore Cargo assessment
rationale: (PGA page 2489) The FOB Singapore Gasoil 0.25%
(2,500 ppm) cargo assessment on Monday was assessed at
MOPS Gasoil minus $1.79/b, reflecting the movement in the
FOB Singapore Gasoil 500 ppm sulfur assessment.
The above commentary applies to the market data code: AACUE00
Gasoil .05% (500ppm) FOB Arab Gulf Cargo assessment
rationale: (PGA page 2489) The FOB Arab Gulf Gasoil 0.05%
(500 ppm) cargo assessment was derived as a freight
netback from the FOB Singapore Gasoil 0.001% (10 ppm)
cargo assessment, using the following inputs: FOB
Singapore Gasoil 0.001% (10 ppm) cargo assessment minus
the cost of transporting a 55,000-mt clean cargo from a
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
basket of ports in the Persian Gulf to Singapore, and taking
into account the cash differential between the FOB Arab
Gulf 10 ppm and 500 ppm assessments.
The above commentary applies to the market data code: AAFEZ00
Gasoil FOB Arab Gulf Cargo assessment rationale: (PGA
page 2489) The FOB Arab Gulf Gasoil 0.001% (10 ppm) cargo
assessment was derived as a freight netback from the
FOB Singapore Gasoil 0.001% (10 ppm) cargo assessment,
using the following input: FOB Singapore Gasoil 0.001% (10
ppm) cargo assessment minus the cost of transporting a
55,000-mt clean cargo from a basket of ports in the
Persian Gulf to Singapore.
The above commentary applies to the market data code: POAAT00
Asia & Middle East Gasoil bids/offers/trades: (PGA page 2491)
■■ ASIA GO CARGO MOC: DEAL SUMMARY: Three trades
reported: Gasoil 10ppm: FOB Straits: May 7-11: 250kb:
Winson sells to Trafigura at May minus 25 cents/b INCO
(4:27:29); Gasoil 10ppm: FOB Straits: May 7-11: 250kb:
Winson sells to Trafigura at May minus 25 cents/b INCO
(4:27:52); Gasoil 10ppm: FOB Straits: May 9-13: 150kb:
Trafigura buys from Winson at MOPS minus 5 cents/b
(Deemed pricing April 24-30) INCO (4:29:22)
■■ ASIA GO CARGO MOC: OUTSTANDING INTEREST: BIDS:
Gasoil 10ppm: FOB Straits: Trafigura bids May -0.40 May
7-11 160kb INCO; Gasoil 10ppm: FOB Straits: Total bids
MOPS -0.50 May 15-19 150kb (Deemed pricing May 2-10);
Gasoil 10ppm: FOB Straits: Total bids MOPS -0.40 May
18-22 150kb (Deemed pricing May 2-10); Gasoil 10ppm:
FOB Straits: BP bids MOPS -0.40 May 18-22 158kb
(Deemed pricing May 16-23); Gasoil 500ppm: FOB Straits:
Vitol bids MOPS -1.00 May 12-16 250kb (Deemed pricing
May 2-15) INCO; Gasoil 500ppm: FOB Straits: ENOC bids
MOPS -1.05 May 13-17 250kb (Deemed pricing May 13-17)
INCO; Gasoil 500ppm: FOB Straits: BP bids MOPS -1.20
May 16-20 150kb (Deemed pricing May 14-21); Gasoil
500ppm: FOB Straits: Vitol bids MOPS -1.00 May 17-21
250kb (Deemed pricing May 2-15) INCO; Gasoil 500ppm:
11
FOB Straits: ENOC bids MOPS -0.95 May 18-22 250kb
(Deemed pricing May 16-23) INCO
■■ ASIA GO CARGO MOC: OUTSTANDING INTEREST: OFFERS:
Gasoil 10ppm: FOB Straits: Zenrock offers Bal Apr +0.10
May 12-16 150kb INCO; Gasoil 10ppm: FOB Straits: Winson
offers MOPS +0.05 May 16-20 150kb (Deemed pricing Apr
24-30) INCO
■■ ASIA GO CARGO MOC: WITHDRAWN: Gasoil 10ppm: FOB
Straits: Trafigura bids on May -0.25 May 7-11 250kb INCO
at after trades with Winson at May -0.25 (4:27:29), Winson
at May -0.25 (4:27:52), (4:29:17); Gasoil 10ppm: FOB Straits:
Winson no longer offers MOPS -0.05 May 9-13 150kb
(Deemed pricing Apr 24-30) INCO after trade with
Trafigura (4:29:22)
Asia & Middle East Gasoil Cargo exclusions: (PGA page 2491)
No market data was excluded from the April 22, 2019
Singapore Gasoil Market-on-Close assessment process.
Asia & Middle East Gasoil Paper exclusions: (PGA page 4020)
No market data was excluded from the April 22, 2019
Singapore Gasoil Market-on-Close assessment process.
Fuel Oil
Market analysis: (PGA page 2599) Asian fuel oil sources
expressed cautious optimism on the market’s direction,
especially going into trading for second-half May loading
cargoes. Optimism stemmed from expectations that the
prevailing supply overhang would diminish, making way for
the market to look more balanced than long, especially as
peak summer season utility demand kicked in. “Hope to see
some light at the end of the tunnel ... there seems to be
increasing appetite for buying MOC [cargoes],” a Singapore-
based fuel oil trader said, referring to a pick-up in buying
interest for 380 CST fuel oil cargoes on the Platts Market on
Close assessment process in recent days. Still, any
significant uptick from prevailing levels is not expected in the
near future, and market indicators more or less implied the
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 22, 2019

APAC Deals Summary

Gasoline FOB Spore Cargo Offers (PGA page 2314) ■■ Platts Mogas 92: JUN19: VERCER bids 25kb $79.00/bbl

Trades (PGA page 2315) ■■ Platts Mogas 92: MAY9-MAY13: PTT offers 50kb FOB Straits Withdrawals
$81.50/bbl ■■ Platts Mogas 92: MAY19: VERCER no longer bids 25kb $80.74/bbl
■■ Platts Mogas 92: MAY8-MAY12: HL* sold to VITOLSG 50kb FOB ■■ Platts Mogas 95: MAY18-MAY22: TRAFI offers 50kb FOB Straits ■■ Platts Mogas 92: MAY19: P66SG Withdraws bid 25kb $80.40/bbl
Straits $81.50/bbl 8:28:47 $83.50/bbl ** Denotes OCO order.
■■ Platts Mogas 92: MAY8-MAY12: EQUINOR sold to VITOLSG* 50kb

FOB Straits $81.40/bbl 8:29:17 Withdrawals Offers (PGA page 4010)

■■ Platts Mogas 92: MAY10-MAY14: PTT* sold to P66SG 50kb FOB
■■ Platts Mogas 92: MAY7-MAY11: **PTT Withdraws offer 50kb FOB ■■ Platts Mogas 92: MAY19: VERCER offers 25kb $81.00/bbl
Straits $81.40/bbl 8:30:00 Straits $81.50/bbl ■■ Platts Mogas 92: MAY19: VITOLSG offers 25kb $80.75/bbl
■■ Platts Mogas 92: MAY9-MAY13: PTT Withdraws offer 50kb FOB
■■ Platts Mogas 92: MAY12-MAY16: EQUINOR sold to UNIPECSG* 50kb ■■ Platts Mogas 92: MAY19: BPSG offers 25kb $80.80/bbl

FOB Straits $81.30/bbl 8:29:59
* Denotes market maker. All times GMT
Bids (PGA page 2313)
■■ Platts Mogas 92: MAY12-MAY16: SIETCO bids 50kb FOB Straits
$81.20/bbl
■■ Platts Mogas 92: MAY12-MAY16: TOTALSG bids 50kb FOB Straits
$80.90/bbl
■■ MAY13-MAY17: **VITOLSG bids 150kb FOB Straits $81.40/bbl
■■ MAY13-MAY17: **VITOLSG bids 150kb FOB Straits MOPS 92 $0.60/bbl
■■ MAY18-MAY22: **VITOLSG bids 150kb FOB Straits $81.40/bbl
Straits $82.90/bbl ■■ Platts Mogas 92: MAY19: PETROCHINA offers 25kb $80.85/bbl
■■ Platts Mogas 92: MAY12-MAY16: PTT Withdraws offer 50kb FOB
■■ Platts Mogas 92: MAY19: SIETCO offers 25kb $80.85/bbl
Straits $82.60/bbl ■■ Platts Mogas 92: MAY19: STANCHART offers 25kb $80.85/bbl
■■ Platts Mogas 92: MAY8-MAY12: HL no longer offers 50kb FOB
■■ Platts Mogas 92: MAY19: HARTREE offers 25kb $80.88/bbl
Straits $81.50/bbl ■■ Platts Mogas 92: MAY19: VERCER offers 25kb $80.90/bbl
■■ Platts Mogas 92: MAY10-MAY14: **PTT no longer offers 50kb FOB
Withdrawals
Straits $81.40/bbl
■■ Platts Mogas 92: MAY19: VITOLSG no longer offers 50kb
** Denotes OCO order.
$80.60/bbl
■■ Platts Mogas 92: MAY19: PTT Withdraws offer 25kb $80.75/bbl
Gasoline FOB Spore Paper ** Denotes OCO order.

■■ MAY18-MAY22: **VITOLSG bids 150kb FOB Straits MOPS 92 $0.60/bbl Trades (PGA page 4011)
■■ Platts Mogas 95: MAY8-MAY12: **VITOLSG bids 50kb FOB Straits
■■ Platts Mogas 92: MAY19: VITOLSG* sold to VERCER 50kb $80.60/ Gasoline FOB Spore Paper Spreads
$83.40/bbl bbl 8:28:32
■■ Platts Mogas 95: MAY8-MAY12: **VITOLSG bids 50kb FOB Straits
Trades (PGA page 4011)
■■ Platts Mogas 92: MAY19: VITOLSG* sold to PTT 25kb $80.65/bbl
MOPS 92 $2.60/bbl ■■ Platts Mogas 92 spread: MAY19/JUN19: VITOLSG* sold to VERCER
8:28:37
■■ Platts Mogas 95: MAY12-MAY16: **UNIPECSG bids 50kb FOB 25kb $1.24/bbl 8:24:30
■■ Platts Mogas 92: MAY19: BPSG* sold to VERCER 25kb $80.75/bbl
Straits $83.50/bbl ■■ Platts Mogas 92 spread: MAY19/JUN19: GUNVORSG sold to
8:29:34
■■ Platts Mogas 95: MAY12-MAY16: HL bids 50kb FOB Straits VERCER* 25kb $1.22/bbl 8:29:41
■■ Platts Mogas 92: MAY19: PTT sold to VERCER* 25kb $80.74/bbl
$83.10/bbl ■■ Platts Mogas 92 spread: JUN19/JUL19: PTT sold to GUNVORSG*
8:29:36
■■ Platts Mogas 95: MAY12-MAY16: **UNIPECSG bids 50kb FOB 25kb $0.89/bbl 8:01:53
■■ Platts Mogas 92: MAY19: PTT sold to VERCER* 25kb $80.74/bbl
Straits MOPS 92 $2.60/bbl ■■ Platts Mogas 92 spread: JUN19/JUL19: PTT sold to TOTSA* 25kb
8:29:42
■■ Platts Mogas 95: MAY12-MAY16: **UNIPECSG bids 50kb FOB $0.88/bbl 8:02:18
■■ Platts Mogas 92: MAY19: PTT sold to VERCER* 25kb $80.74/bbl
Straits MOPS 95 $0.40/bbl ■■ Platts Mogas 92 spread: JUN19/JUL19: PTT sold to VERCER* 25kb
8:29:52
■■ Platts Mogas 95: MAY15-MAY19: **VITOLSG bids 50kb FOB Straits $0.88/bbl 8:02:31
* Denotes market maker. All times GMT
$83.40/bbl ■■ Platts Mogas 92 spread: JUN19/JUL19: PTT sold to TOTSA* 25kb

■■ Platts Mogas 95: MAY15-MAY19: **VITOLSG bids 50kb FOB Straits

Bids (PGA page 4009) $0.88/bbl 8:02:38
MOPS 92 $2.60/bbl ■■ Platts Mogas 92: MAY19: VERCER bids 25kb $80.55/bbl ■■ Platts Mogas 92 spread: JUN19/JUL19: PTT sold to TOTSA* 25kb

Withdrawals
■■ Platts Mogas 92: MAY19: VITOLSG bids 25kb $80.55/bbl $0.88/bbl 8:03:52
■■ Platts Mogas 92: MAY19: BPSG bids 25kb $80.40/bbl * Denotes market maker. All times GMT
■■ Platts Mogas 92: MAY12-MAY16: **UNIPECSG Withdraws bid 50kb
■■ Platts Mogas 92: MAY19: PETROCHINA bids 25kb $80.40/bbl
FOB Straits MOPS 92 $0.40/bbl Bids (PGA page 4009)
■■ Platts Mogas 92: MAY19: VERCER bids 25kb $80.40/bbl
■■ Platts Mogas 92: MAY8-MAY12: VITOLSG no longer bids 50kb FOB ■■ Platts Mogas 92 spread: BAL MONTH/MAY19: SIETCO bids 25kb
■■ Platts Mogas 92: MAY19: VERCER bids 25kb $80.40/bbl
Straits $81.40/bbl $0.65/bbl
■■ Platts Mogas 92: MAY19: VITOLSG bids 25kb $80.40/bbl
■■ Platts Mogas 92: MAY12-MAY16: **UNIPECSG no longer bids 50kb ■■ Platts Mogas 92 spread: BAL MONTH/MAY19: VITOLSG bids 25kb
■■ Platts Mogas 92: MAY19: VERCER bids 25kb $80.25/bbl
FOB Straits $81.30/bbl $0.50/bbl
■■ Platts Mogas 92: MAY19: HARTREE bids 25kb $80.40/bbl
** Denotes OCO order. ■■ Platts Mogas 92 spread: MAY19/JUN19: BPSG bids 25kb $1.22/bbl
■■ Platts Mogas 92: JUN19: VERCER bids 25kb $79.10/bbl

© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 12
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 22, 2019

APAC Deals Summary

■■ Platts Mogas 92 spread: MAY19/JUN19: TOTSA bids 25kb ■■ Platts Mogas 92 spread: MAY19/JUN19: BPSG offers 25kb Offers (PGA page 2324)
$1.20/bbl $1.28/bbl ■■ H2JUN19: **GLENCORESG offers 25kt $613.00/mt
■■ Platts Mogas 92 spread: MAY19/JUN19: VITOLSG bids 25kb ■■ Platts Mogas 92 spread: MAY19/JUN19: HARTREE offers 25kb ■■ H2JUN19: **PETROCHINA offers 25kt $618.00/mt
$1.20/bbl $1.28/bbl ■■ H1JUL19: BPSG offers 25kt $604.00/mt
■■ Platts Mogas 92 spread: MAY19/JUN19: HARTREE bids 25kb ■■ Platts Mogas 92 spread: MAY19/JUN19: VERCER offers 25kb ■■ H1JUL19: **PETROCHINA offers 25kt $605.00/mt
$1.18/bbl $1.30/bbl ■■ H1JUL19: **GLENCORESG offers 25kt $611.00/mt
■■ Platts Mogas 92 spread: MAY19/JUN19: SIETCO bids 25kb ■■ Platts Mogas 92 spread: MAY19/JUN19: VITOLSG offers 25kb
Withdrawals
$1.15/bbl $1.30/bbl
■■ No offers reported
■■ Platts Mogas 92 spread: MAY19/JUN19: VITOLSG bids 25kb ■■ Platts Mogas 92 spread: MAY19/JUN19: UNIPECSG offers 25kb
** Denotes OCO order.
$1.14/bbl $1.35/bbl
■■ Platts Mogas 92 spread: MAY19/JUN19: UNIPECSG bids 25kb ■■ Platts Mogas 92 spread: JUN19/JUL19: VERCER offers 25kb
$1.10/bbl $1.00/bbl Naphtha C+F Japan Cargo Spreads
■■ Platts Mogas 92 spread: JUN19/JUL19: HARTREE bids 25kb ■■ Platts Mogas 92 spread: JUN19/JUL19: VITOLSG offers 25kb
Trades (PGA page 2325)
$0.88/bbl $0.95/bbl
■■ Platts Mogas 92 spread: JUN19/JUL19: VERCER bids 25kb
■■ No trades reported
■■ Platts Mogas 92 spread: JUN19/JUL19: VITOLSG offers 25kb
$0.88/bbl * Denotes market maker. All times GMT
$0.90/bbl
■■ Platts Mogas 92 spread: JUN19/JUL19: VITOLSG bids 25kb ■■ Platts Mogas 92 spread: JUN19/JUL19: HARTREE offers 25kb Bids (PGA page 2323)
$0.88/bbl $0.91/bbl ■■ No bids reported
■■ Platts Mogas 92 spread: JUN19/JUL19: BPSG bids 25kb $0.87/bbl ■■ Platts Mogas 92 spread: JUN19/JUL19: PTT offers 25kb $0.91/bbl
Withdrawals
■■ Platts Mogas 92 spread: JUN19/JUL19: SIETCO bids 25kb ■■ Platts Mogas 92 spread: JUN19/JUL19: BPSG offers 25kb
■■ No bids reported
$0.85/bbl $0.94/bbl ** Denotes OCO order.
■■ Platts Mogas 92 spread: JUN19/JUL19: UNIPECSG bids 25kb ■■ Platts Mogas 92 spread: JUN19/JUL19: UNIPECSG offers 25kb
$0.80/bbl Offers (PGA page 2324)
$0.95/bbl
■■ Platts Mogas 92 spread: JUN19/JUL19: VITOLSG bids 25kb No offers reported
■■ Platts Mogas 92 spread: JUN19/JUL19: TOTSA offers 25kb ■■
$0.80/bbl $0.98/bbl Withdrawals
Withdrawals Withdrawals ■■ No offers reported
■■ Platts Mogas 92 spread: MAY19/JUN19: VERCER no longer bids ■■ No offers reported ** Denotes OCO order.
25kb $1.22/bbl ** Denotes OCO order.
■■ Platts Mogas 92 spread: JUN19/JUL19: GUNVORSG no longer bids
Jet Kero FOB Spore Paper
25kb $0.89/bbl
■■ Platts Mogas 92 spread: JUN19/JUL19: TOTSA no longer bids 25kb
Naphtha C+F Cargo Trades (PGA page 4023)
$0.88/bbl Trades (PGA page 2325) ■■ MAY19: PETROCHINA* sold to SIETCO 50kb $84.90/bbl 8:30:00
** Denotes OCO order. * Denotes market maker. All times GMT
■■ No trades reported
Offers (PGA page 4010) * Denotes market maker. All times GMT Bids (PGA page 4021)
■■ Platts Mogas 92 spread: BAL MONTH/MAY19: VITOLSG offers Bids (PGA page 2323) ■■ MAY19: VERCER bids 50kb $84.70/bbl
475kb $1.10/bbl ■■ MAY19: VERCER bids 50kb $-0.6/bbl
■■ Platts Mogas 92 spread: BAL MONTH/MAY19: PTT offers 100kb
■■ H2JUN19: **GLENCORESG bids 25kt $602.00/mt
■■ H2JUN19: **SIETCO bids 25kt $599.00/mt Withdrawals
$1.20/bbl
■■ H2JUN19: **PETROCHINA bids 25kt $596.00/mt ■■ No bids reported
■■ Platts Mogas 92 spread: BAL MONTH/MAY19: VITOLSG offers 25kb
■■ H1JUL19: **SIETCO bids 25kt $603.00/mt ** Denotes OCO order.
$1.35/bbl
■■ H1JUL19: **GLENCORESG bids 25kt $600.00/mt Offers (PGA page 4022)
■■ Platts Mogas 92 spread: MAY19/JUN19: TOTSA offers 25kb
■■ H1JUL19: **PETROCHINA bids 25kt $593.00/mt
$1.38/bbl ■■ MAY19: VERCER offers 50kb $85.20/bbl
■■ Platts Mogas 92 spread: MAY19/JUN19: VITOLSG offers 25kb Withdrawals ■■ MAY19: FREEPTASIA offers 50kb $85.00/bbl
$1.24/bbl ■■ No bids reported ■■ MAY19: UNIPECSG offers 50kb $85.00/bbl

■■ Platts Mogas 92 spread: MAY19/JUN19: PTT offers 25kb $1.25/bbl ** Denotes OCO order. ■■ MAY19: BNP offers 50kb $85.20/bbl

© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 13
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 22, 2019

APAC Deals Summary

■■ MAY19: ZENROCK offers 50kb $-0.4/bbl Bids (PGA page 4017) Bids (PGA page 4017)
■■ MAY19: UNIPECSG offers 50kb $-0.3/bbl ■■ MAY19: GRM bids 50kb $85.42/bbl ■■ MAY19/JUN19: VERCER bids 50kb $-0.49/bbl
■■ MAY19: VERCER offers 50kb $-0.3/bbl ■■ MAY19: TOTSA bids 50kb $85.40/bbl ■■ MAY19/JUN19: BPSG bids 50kb $-0.5/bbl
Withdrawals ■■ MAY19: MABANAFT bids 50kb $85.30/bbl ■■ MAY19/JUN19: BPSG bids 50kb $-0.5/bbl

■■ MAY19: PETROCHINA no longer offers 50kb $84.90/bbl ■■ MAY19: SICL bids 50kb $85.30/bbl ■■ MAY19/JUN19: GUNVORSG bids 50kb $-0.5/bbl

** Denotes OCO order. ■■ MAY19: GUNVORSG bids 50kb $85.25/bbl ■■ MAY19/JUN19: PDCL bids 50kb $-0.5/bbl
■■ MAY19: VERCER bids 50kb $85.25/bbl ■■ MAY19/JUN19: TOTSA bids 50kb $-0.5/bbl
■■ MAY19: VERCER bids 50kb $85.20/bbl ■■ MAY19/JUN19: GULFFZC bids 50kb $-0.53/bbl

Jet Kero FOB Spore Paper Spreads ■■ MAY19: CITIBANK bids 50kb $84.50/bbl ■■ MAY19/JUN19: SICL bids 50kb $-0.6/bbl
■■ JUN19: VERCER bids 50kb $85.60/bbl
Trades (PGA page 4023) Withdrawals
Withdrawals ■■ No bids reported
■■ MAY19/JUN19: FREEPTASIA sold to PTT* 50kb $-0.35/bbl 8:29:36 MAY19: BPSG no longer bids 50kb $85.45/bbl
■■ ** Denotes OCO order.
* Denotes market maker. All times GMT ■■ MAY19: BPSG no longer bids 50kb $85.45/bbl
Offers (PGA page 4018)
Bids (PGA page 4021) ■■ MAY19: BPSG no longer bids 50kb $85.45/bbl

■■ MAY19: GULFFZC no longer bids 50kb $85.45/bbl

■■ MAY19/JUN19: WINSON offers 50kb $-0.47/bbl
■■ No bids reported ■■ MAY19/JUN19: ZENROCK offers 50kb $-0.47/bbl
■■ MAY19: TOTSA no longer bids 50kb $85.45/bbl
Withdrawals ■■ MAY19/JUN19: LITASCO offers 50kb $-0.46/bbl
■■ MAY19: TRAFI Withdraws bid 50kb $85.10/bbl
■■ MAY19/JUN19: PTT no longer bids 50kb $-0.35/bbl ■■ MAY19/JUN19: VERCER offers 50kb $-0.43/bbl
■■ MAY19: GULFFZC Withdraws bid 50kb $84.65/bbl
** Denotes OCO order. ■■ MAY19/JUN19: HARTREE offers 50kb $-0.42/bbl
■■ MAY19: VERCER Withdraws bid 50kb $84.55/bbl
Offers (PGA page 4022) ■■ MAY19/JUN19: SICL offers 50kb $-0.4/bbl
■■ MAY19: VERCER Withdraws bid 50kb $84.50/bbl

■■ MAY19/JUN19: FREEPTASIA offers 50kb $-0.35/bbl ** Denotes OCO order. Withdrawals

■■ MAY19/JUN19: LITASCO offers 50kb $-0.3/bbl Offers (PGA page 4018) ■■ No offers reported
■■ MAY19/JUN19: PETROCHINA offers 50kb $-0.3/bbl
** Denotes OCO order.
■■ MAY19: BNP offers 50kb $85.50/bbl
■■ MAY19/JUN19: UNIPECSG offers 50kb $-0.3/bbl
■■ MAY19: OEPTLTD offers 50kb $85.50/bbl FO 180 CST 3.5% FOB Spore Paper
Withdrawals ■■ MAY19: WINSON offers 50kb $85.50/bbl
■■ No offers reported ■■ MAY19: WINSON offers 50kb $85.50/bbl Trades (PGA page 4027)
** Denotes OCO order. ■■ MAY19: ZENROCK offers 50kb $85.50/bbl ■■ MAY19: MERCURIASG* sold to MCELT 5kt $442.50/mt 8:17:55
■■ MAY19: VERCER offers 50kb $85.55/bbl ■■ MAY19: VITOLSG* sold to VERCER 5kt $442.50/mt 8:29:02
■■ MAY19: ZENROCK offers 50kb $85.55/bbl ■■ MAY19: VITOLSG* sold to TRAFI 5kt $442.25/mt 8:29:37
Gasoil FOB Spore Paper ■■ MAY19: LITASCO offers 50kb $85.60/bbl ■■ MAY19: VITOLSG sold to TRAFI* 5kt $442.25/mt 8:29:53
■■ MAY19: SIETCO offers 50kb $85.60/bbl ■■ MAY19: VITOLSG* sold to TRAFI 5kt $442.25/mt 8:30:03
Trades (PGA page 4019)
■■ MAY19: VERCER offers 50kb $85.60/bbl * Denotes market maker. All times GMT
■■ MAY19: VITOLSG* sold to GUNVORSG 50kb $85.45/bbl 8:28:26 ■■ JUN19: WINSON offers 50kb $85.90/bbl
Bids (PGA page 4025)
■■ MAY19: WINSON* sold to GUNVORSG 50kb $85.45/bbl 8:28:28 ■■ JUN19: VERCER offers 50kb $86.00/bbl
■■ MAY19: WINSON sold to TOTSA* 50kb $85.45/bbl 8:29:15 ■■ MAY19: MCELT bids 5kt $442.00/mt
Withdrawals
■■ MAY19: WINSON sold to TOTSA* 50kb $85.45/bbl 8:29:19 ■■ MAY19: VERCER bids 5kt $441.75/mt
■■ MAY19: SICL Withdraws offer 50kb $85.55/bbl ■■ MAY19: MCELT bids 5kt $441.50/mt
■■ MAY19: WINSON sold to GULFFZC* 50kb $85.45/bbl 8:29:22
■■ MAY19: VITOLSG no longer offers 50kb $85.45/bbl ■■ MAY19: MERCURIASG bids 5kt $441.00/mt
■■ MAY19: WINSON sold to TOTSA* 50kb $85.45/bbl 8:29:34
■■ MAY19: VERCER Withdraws offer 50kb $85.50/bbl
■■ MAY19: WINSON sold to BPSG* 50kb $85.45/bbl 8:29:35 ■■ MAY19: UENERGY bids 5kt $440.75/mt
** Denotes OCO order.
■■ MAY19: WINSON sold to BPSG* 50kb $85.45/bbl 8:29:36 ■■ MAY19: VERCER bids 5kt $440.75/mt

■■ MAY19: WINSON sold to TOTSA* 50kb $85.45/bbl 8:29:40 ■■ MAY19: GUNVORSG bids 5kt $438.50/mt
Gasoil FOB Spore Paper Spreads
■■ MAY19: VITOLSG bids 5kt $439.00/mt
■■ MAY19: WINSON sold to BPSG* 50kb $85.45/bbl 8:29:46

■■ MAY19: WINSON sold to BPSG* 50kb $85.45/bbl 8:29:49

Trades (PGA page 4019) Withdrawals
■■ MAY19: ZENROCK sold to TOTSA* 50kb $85.45/bbl 8:29:51 ■■ No trades reported ■■ MAY19: TRAFI no longer bids 5kt $442.25/mt
* Denotes market maker. All times GMT * Denotes market maker. All times GMT ** Denotes OCO order.

© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 14
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 22, 2019

APAC Deals Summary

Offers (PGA page 4026) ■■ MAY19: VERCER bids 5kt $429.25/mt Mideast Sour Crude
■■ MAY19: VERCER offers 5kt $443.75/mt ■■ MAY19: SIETCO bids 5kt $429.00/mt
■■ MAY19: VERCER bids 5kt $429.00/mt
Trades (PGA page 2284)
■■ MAY19: VITOLSG offers 5kt $442.25/mt
■■ MAY19: TRAFI bids 5kt $428.75/mt Platts Cash Dubai Partials: JUN19: PDSG sold to BPSG* 25kb
■■ MAY19: MERCURIASG offers 5kt $442.50/mt
■■
■■ MAY19: VERCER bids 5kt $428.75/mt $73.40/bbl 8:29:30
■■ MAY19: STANCHART offers 5kt $443.00/mt
■■ MAY19: GUNVORSG bids 5kt $428.25/mt ■■ Platts Cash Dubai Partials: JUN19: PDSG sold to BPSG* 25kb
■■ MAY19: GUNVORSG offers 5kt $443.50/mt
■■ MAY19: GUNVORSG bids 5kt $427.50/mt $73.40/bbl 8:29:36
■■ MAY19: GUNVORSG offers 5kt $443.50/mt
■■ Platts Cash Dubai Partials: JUN19: UNIPECASIA sold to BPSG*
■■ MAY19: GUNVORSG offers 5kt $443.50/mt Withdrawals
■■ MAY19: VERCER offers 5kt $443.50/mt ■■ MAY19: MERCURIASG no longer bids 5kt $431.00/mt 25kb $73.40/bbl 8:29:38
■■ Platts Cash Dubai Partials: JUN19: PDSG sold to BPSG* 25kb
■■ MAY19: TRAFI offers 5kt $444.00/mt ■■ MAY19: MERCURIASG no longer bids 5kt $430.75/mt
■■ MAY19: UENERGY offers 5kt $444.50/mt ■■ MAY19: VERCER Withdraws bid 5kt $427.05/mt
$73.37/bbl 8:29:39
■■ Platts Cash Dubai Partials: JUN19: PDSG sold to BPSG* 25kb
■■ JUN19: VERCER Withdraws bid 5kt $427.75/mt
Withdrawals
■■ JUN19: VERCER Withdraws bid 5kt $427.50/mt
$73.40/bbl 8:29:41
■■ MAY19: MCELT Withdraws offer 5kt $444.00/mt
■■ Platts Cash Dubai Partials: JUN19: RGES* sold to BPSG 25kb
■■ MAY19: MERCURIASG no longer offers 5kt $442.50/mt ** Denotes OCO order.
$73.40/bbl 8:29:45
■■ MAY19: MCELT Withdraws offer 5kt $443.50/mt Offers (PGA page 4026)
■■ Platts Cash Dubai Partials: JUN19: PDSG sold to BPSG* 25kb
■■ MAY19: VERCER Withdraws offer 5kt $443.95/mt
■■ MAY19: GUNVORSG offers 5kt $433.50/mt $73.37/bbl 8:29:46
■■ JUN19: MCELT Withdraws offer 5kt $432.25/mt
■■ MAY19: GLENCORE offers 5kt $431.00/mt ■■ Platts Cash Dubai Partials: JUN19: PDSG* sold to GUNVORSG 25kb
■■ JUN19: VERCER Withdraws offer 5kt $432.25/mt
■■ MAY19: DVTRADING offers 5kt $431.25/mt $73.45/bbl 8:29:47
■■ JUN19: VERCER Withdraws offer 5kt $432.50/mt
■■ MAY19: DVTRADING offers 5kt $431.25/mt ■■ Platts Cash Dubai Partials: JUN19: UNIPECASIA* sold to BPSG
** Denotes OCO order. ■■ MAY19: GUNVORSG offers 5kt $431.25/mt 25kb $73.40/bbl 8:29:48
■■ MAY19: PETROCHINA offers 5kt $431.25/mt ■■ Platts Cash Dubai Partials: JUN19: RGES* sold to LUKOIL 25kb
FO 380 CST 3.5% FOB Spore Paper ■■ MAY19: SIETCO offers 5kt $431.50/mt $73.40/bbl 8:29:50
■■ MAY19: STANCHART offers 5kt $431.50/mt ■■ Platts Cash Dubai Partials: JUN19: PDSG sold to BPSG* 25kb
Trades (PGA page 4027) ■■ MAY19: VITOLSG offers 5kt $431.50/mt $73.40/bbl 8:29:52
■■ MAY19: PETROCHINA* sold to MERCURIASG 5kt $431.25/mt ■■ MAY19: TRAFI offers 5kt $431.75/mt ■■ Platts Cash Dubai Partials: JUN19: PDSG sold to TOTSA* 25kb
8:29:33 ■■ MAY19: GUNVORSG offers 5kt $432.00/mt $73.40/bbl 8:29:55
■■ MAY19: VERCER* sold to MERCURIASG 5kt $431.25/mt 8:29:34 ■■ MAY19: MERCURIASG offers 5kt $432.00/mt ■■ Platts Cash Dubai Partials: JUN19: RGES sold to BPSG* 25kb
■■ MAY19: MCELT sold to MERCURIASG* 5kt $431.00/mt 8:29:35 ■■ MAY19: UENERGY offers 5kt $432.00/mt $73.40/bbl 8:29:57
■■ MAY19: HL sold to MERCURIASG* 5kt $430.75/mt 8:29:53 ■■ MAY19: MERCURIASG offers 5kt $432.25/mt ■■ Platts Cash Dubai Partials: JUN19: UNIPECASIA* sold to BPSG
■■ MAY19: GLENCORE* sold to MERCURIASG 5kt $431.00/mt 8:29:56 ■■ MAY19: UENERGY offers 5kt $432.25/mt 25kb $73.40/bbl 8:30:01
■■ MAY19: GLENCORE* sold to MERCURIASG 5kt $431.00/mt 8:30:01 ■■ MAY19: GUNVORSG offers 5kt $432.75/mt ■■ Platts Cash Dubai Partials: JUN19: RGES* sold to LUKOIL 25kb
■■ BAL MONTH: GUNVORSG* sold to MCELT 5kt $429.00/mt 8:29:51 ■■ MAY19: GUNVORSG offers 5kt $432.75/mt $73.40/bbl 8:30:02
■■ BAL MONTH: GUNVORSG* sold to TRAFI 5kt $429.00/mt 8:29:56 ■■ MAY19: VERCER offers 5kt $432.75/mt ■■ Platts Cash Dubai Partials: JUN19: PDSG sold to BPSG* 25kb
* Denotes market maker. All times GMT ■■ MAY19: GUNVORSG offers 5kt $433.25/mt $73.37/bbl 8:30:08
Bids (PGA page 4025) Withdrawals * Denotes market maker. All times GMT

■■ MAY19: MCELT bids 5kt $430.50/mt ■■ MAY19: VERCER no longer offers 5kt $431.25/mt Bids (PGA page 2282)
■■ MAY19: MCELT Withdraws offer 5kt $432.75/mt
■■ MAY19: VERCER bids 5kt $430.25/mt ■■ Platts Cash Dubai Partials: JUN19: KOCHRI bids 25kb $73.35/bbl
■■ MAY19: VERCER Withdraws offer 5kt $432.95/mt
■■ MAY19: DVTRADING bids 5kt $430.00/mt ■■ Platts Cash Dubai Partials: JUN19: LUKOIL bids 25kb $73.35/bbl
■■ MAY19: MCELT Withdraws offer 5kt $433.25/mt
■■ MAY19: MCELT bids 5kt $430.00/mt ■■ Platts Cash Dubai Partials: JUN19: GUNVORSG bids 25kb
■■ JUN19: VERCER Withdraws offer 5kt $432.00/mt
■■ MAY19: UENERGY bids 5kt $430.00/mt $73.33/bbl
■■ JUN19: VERCER Withdraws offer 5kt $432.25/mt
■■ MAY19: VITOLSG bids 5kt $430.00/mt ■■ Platts Cash Dubai Partials: JUN19: VITOLSG bids 25kb $73.25/bbl
■■ BAL MONTH: MCELT Withdraws offer 5kt $432.00/mt
■■ MAY19: YONGYU bids 5kt $429.75/mt ■■ Platts Cash Dubai Partials: JUN19: P66SG bids 25kb $72.95/bbl
■■ BAL MONTH: GUNVORSG no longer offers 5kt $429.00/mt
■■ MAY19: YONGYU bids 5kt $429.75/mt ■■ Platts Cash Dubai Partials: JUN19: METS bids 25kb $72.75/bbl
■■ MAY19/JUN19: PENINSULA Withdraws offer 5kt $0.50/mt
■■ MAY19: DVTRADING bids 5kt $429.50/mt ■■ Platts Cash Dubai Partials: JUN19: PCHK bids 25kb $72.55/bbl
■■ MAY19: UENERGY bids 5kt $429.50/mt
** Denotes OCO order.

© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 15
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 22, 2019

APAC Deals Summary

■■ Platts Cash Dubai Partials: JUN19: SIETCO bids 25kb $72.50/bbl Mideast Sour Crude Spreads Offers (PGA page 2253)
■■ Platts Cash Dubai Partials: JUN19: BPSG bids 25kb $73.37/bbl No offers reported
■■ Platts Upper Zakum Cargo (Floating): JUL19: BPSG bids 500kb
Trades (PGA page 2284) ■■

No trades reported Withdrawals

OSP $0.20/bbl ■■

* Denotes market maker. All times GMT ■■ No offers reported

Withdrawals ** Denotes OCO order.
■■ Platts Cash Dubai Partials: JUN19: BPSG no longer bids 25kb Bids (PGA page 2282)
$73.40/bbl ■■ No bids reported
■■ Platts Cash Dubai Partials: JUN19: BPSG no longer bids 25kb Asia Light Sweet Crude Spreads
Withdrawals
$73.40/bbl Trades (PGA page 2254)
■■ No bids reported
■■ Platts Cash Dubai Partials: JUN19: TOTSA no longer bids 25kb

$73.40/bbl
** Denotes OCO order. ■■ No trades reported
Offers (PGA page 2283) * Denotes market maker. All times GMT
■■ Platts Upper Zakum Cargo (Floating): JUL19: BPSG Withdraws bid

500kb OSP $0.10/bbl ■■ No offers reported Bids (PGA page 2252)

** Denotes OCO order. No bids reported
Withdrawals ■■

Offers (PGA page 2283) ■■ No offers reported Withdrawals

■■ Platts Cash Dubai Partials: JUN19: UNIPECASIA offers 25kb ** Denotes OCO order. ■■ No bids reported
$73.40/bbl ** Denotes OCO order.
■■ Platts Cash Dubai Partials: JUN19: SIETCO offers 25kb $73.60/bbl Offers (PGA page 2253)
■■ Platts Upper Zakum Cargo (Floating): JUN19: EXTAP offers 500kb Asia Light Sweet Crude ■■ No offers reported
OSP $0.30/bbl
Trades (PGA page 2254) Withdrawals
Withdrawals
■■ No trades reported ■■ No offers reported
■■ Platts Cash Dubai Partials: JUN19: RGES no longer offers 25kb
* Denotes market maker. All times GMT ** Denotes OCO order.
$73.40/bbl
■■ Platts Cash Dubai Partials: JUN19: PDSG no longer offers 25kb Bids (PGA page 2252)
APAC Deals Summary
$73.45/bbl ■■ No bids reported
■■ Platts Upper Zakum Cargo (Floating): JUN19: EXTAP Withdraws Mideast Sour Crude convergences (PGA page 2296)
Withdrawals
offer 500kb OSP $0.26/bbl ■■ Platts Crude: Unipec declares a cargo of June Upper Zakum
■■ No bids reported
** Denotes OCO order. crude to BP following the convergence of 20 partials in Platts
** Denotes OCO order.
cash Dubai.

same. Singapore’s commercial stockpiles of heavy distillates
rose for a third consecutive week in the week ended April 17,
data released by Enterprise Singapore showed on Thursday.
The total stocks of heavy distillates were reported at 23.01
million barrels, up 6.17% from the previous week. The market
structure at the front of the 380 CST HSFO fuel oil swaps
curve, which was assessed at 35 cents/mt Thursday, was
said to be trading slightly lower at 25 cents/mt before the
FOB Singapore Marine Fuel 0.5% cargo assessment FOB Singapore Marine Fuel 0.5% cargo bids/offers/
rationale: (PGA page 2564) Platts assessed Marine Fuel trades/exclusions:
0.5% Monday in line with published notionals in the
absence of any competitive bids or offers demonstrating Bids (PGA page 2560)
value otherwise. Platts assessment for Marine Fuel 0.5% ■■No bids
material on an FOB Singapore basis takes into
consideration bids, offers and transactions reported in Offers (PGA page 2561)
the MOC process as well as trades in similar-quality ■■ No offers

start of the MOC Monday, broking sources said. material within the region.

© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 16
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 22, 2019
Trades (PGA page 2562) Subscriber notes (continued) (PGA page 1500)
■■No trades
(https://www.spglobal.com/platts/en/our-methodology/subscriber-
Exclusions (PGA page 2563) notes/111518-platts-proposes-including-new-total-additive-
insingapore-gasoil) For the full list of previously identified additives,
■■ No market data was excluded from the April 22, 2019
please see http://www.platts.com/subscriber-notes-
assessment process. details/27047375 Please send all comments or questions to
The above bids, offers, trades, exclusions and rationale apply to the asia_oilproducts@spglobal.com and pricegroup@spglobal.com. For
market data code: AMFSA00 written comments, please provide a clear indication if they are not
intended for publication by Platts for public viewing. Platts will
FOB Fujairah Marine Fuel 0.5% cargo assessment consider all comments received and will make those not marked as
confidential available to the public upon request.
rationale: (PGA page 2569) The assessment of FOB Fujairah
Marine Fuel 0.5% Monday took into consideration relative S&P Global Platts has amended the increments for the Market on
spreads to FOB Singapore Marine Fuel 0.5% assessments Close assessment process for Singapore gasoil and jet fuel
derivatives to a minimum incrementability of 1 cent/b for every 20
and spreads to FOB Fujairah high sulfur cargoes in the
seconds, and maximum of 10 cents/b for every 20 seconds for bids
absence of any competitive bids or offers demonstrating and offers, as of April 15, 2019. This change in increments was first
value otherwise. Platts assessment for Marine Fuel 0.5% decided in a note published March 8, 2019.(https://www.spglobal.
com/platts/en/our-methodology/subscriber-notes/030819-platts-
material on an FOB Fujairah basis takes into
to-amendsingapore-gasoil-jet-derivatives-moc-increment) The
consideration bids, offers and transactions reported in
previous incrementability for bids and offers for gasoil and jet
the MOC process as well as trades in similar-quality
derivatives are set at a minimum of 1 cent/b per 30 seconds, and a
material within the Middle East. maximum of 10 cents/b per 30 seconds. As part of the change,
Platts has also amended the increment for the Market on Close
FOB Fujairah Marine Fuel 0.5% cargo bids/offers/trades/ assessment process for Singapore gasoil and jet fuel derivatives to
a minimum incrementability of 1 cent/b for every 20 seconds, and a
exclusions:
maximum of 10 cents/b for every 20 seconds for timespread and
regrade spread bids and offers. The previous incrementability for
Bids (PGA page 2565) timespread and regrade spread bids and offers for gasoil and jet
■■No bids fuel derivatives are set at a minimum of 1 cent/b per 30 seconds
and a maximum of 10 cents/b per 30 seconds. At the same time,
Offers (PGA page 2566) the time within which an order must be repeated following a trade
has been shortened from the previous 60 seconds to 20 seconds,
■■ No offers
in line with the amended rate of incrementability. The extension
trigger timing will remain unchanged. An extension would be
Trades (PGA page 2567) triggered by any price move or a re-bid/re-offer in the last ten
■■ No trades seconds prior to the close of the MOC at 4:30 pm Singapore time
(0830 GMT). Please send any comments or queries, to
Exclusions (PGA page 2568) asia_products@spglobal.com and pricegroup@spglobal.com For
written comments, please provide a clear indication if comments
■■ No market data was excluded from the April 22, 2019
are not intended for publication by Platts for public viewing. Platts
assessment process.
will consider all comments received and will make comments not
The above bids, offers, trades, exclusions and rationale apply to the
marked as confidential available upon request.
market data code: AMFFA00
In response to market demand, S&P Global Platts proposes to
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 17
launch a FOB Singapore 95 RON gasoline cash differential and
derivative assessments with effect from September 2, 2019. This
cash differential, which would follow the same methodology applied
to the current Mean of Platts FOB Singapore 92 RON cash
differential assessment, would be published under the heading
“FOB Singapore ($/barrel)” and be labeled as “Gasoline 95 unleaded
premium/discount”. Platts has been publishing outright
assessments for 95 RON gasoline on a FOB Singapore basis since
June 2, 1993. In addition, Platts has been publishing the FOB
Singapore 95 RON/FOB Singapore Naphtha, also called the 95 RON
reforming spread, since January 3, 2005. Alongside the physical
assessments, Platts will also publish new assessment values
comprising three monthly derivatives assessments. These include a
balance month derivative contract, a month 1 derivative contract
and month 2 derivative contract, with roll overs similar to the 92
RON derivative market. These derivatives settle on the average of
Platts FOB Singapore 95 RON outright gasoline assessments.
Platts will also assess a MOPS “strip” value. The strip would reflect
the average of daily swap values over a 15-day period between
15-30 days from the day of publication. The strip value published by
Platts in certain oil markets represents the value the market assigns
to future Platts assessments, through trading in physical or
derivatives instruments on strip-related prices. This value is
determined by analyzing the derivatives market. Platts will assess
derivatives values based on trades seen in the Platts MOC process
or on derivatives exchanges or heard in over-the-counter markets.
In the absence of any trades, Platts will assess the value of MOPS
derivatives taking into consideration related Singapore derivatives --
the 92 RON derivatives. All the price assessments would reflect the
tradable value of these markets at 4:30 pm Market on Close in
Singapore. Please send any feedback or questions to
asia_products@spglobal.com and pricegroup@spglobal.com by July
31, 2019. For written comments, please provide a clear indication if
comments are not intended for publication by Platts for public
viewing. Platts will consider all comments received and will make
comments not marked as confidential available upon request.
The S&P Global Platts office in Singapore will be closed April 19,
2019, for the Good Friday holiday, and there will be no oil and
shipping publications or assessments from Singapore on that day.
Additionally, Platts in Asia will close its Market on Close
assessment process early on Thursday, April 18, and all
assessments will be basis 12:30 pm Singapore time (0430 GMT).
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 22, 2019
FO 180 CST 3.5%S FOB Spore Cargo assessment
rationale: (PGA page 2593) Platts assessed FOB Singapore
180 CST high sulfur fuel oil Monday in line with the change
in May/June 180 CST HSFO swap, which fell 15 cents/mt
day on day to 70 cents/mt. The assessment also took into
consideration the day on day change in 380 CST HSFO
cash differential, which fell 91 cents/mt day on day to
minus $2.01/mt.
The above commentary applies to the market data code:
PUADV00
FO 380 CST 3.5%S FOB Spore Cargo assessment
rationale: (PGA page 2593) The FOB Singapore 380 CST HSFO
assessment Monday reflected the following: two trades for
May 7-11 loading cargoes that Vitol bought from Hin Leong
at $429/mt, two trades for May 12-16 loading cargoes that
Vitol bought from Hin Leong and Gunvor at $429/mt, one
trade for May 18-22 loading cargo that Glencore bought
from Gunvor at $429/mt.
The above commentary applies to the market data code:
PPXDK00
FO 180 CST FOB Arab Gulf Cargo assessment rationale:
(PGA page 2593) The FOB Arab Gulf 180 CST HSFO
assessment was derived as a freight netback from the FOB
Singapore 180 CST HSFO assessment, using the following
calculation: FOB Singapore 180 CST HSFO assessment
minus the cost of transporting an 80,000-mt dirty cargo
from the Persian Gulf to the East.
The above commentary applies to the market data code: PUABE00
FO 380 CST 3.5% FOB Arab Gulf Cargo assessment
rationale: (PGA page 2593) The FOB Arab Gulf 380 CST HSFO
assessment was derived as a freight netback from the FOB
Singapore 380 CST HSFO assessment using the following
calculation: FOB Singapore 380 CST HSFO assessment
minus the cost of transporting an 80,000-mt dirty cargo
from the Persian Gulf to the East.
The above commentary applies to the market data code: AAIDC00
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Subscriber notes (continued) (PGA page 1500)
Normal Singapore publishing schedules will resume on Monday,
April 22, 2019. For full details of Platts publishing schedule and
services affected, refer to http://www.platts.com/HolidayHome. For
queries, please contact support@platts.com. S&P Global Platts will
amend the increments for the Market on Close assessment
process for Singapore gasoil and jet fuel derivatives to a minimum
incrementability of 1 cent/b for every 20 seconds, and maximum of
10 cents/b for every 20 seconds for bids and offers. The change in
the increments will take effect from April 15, 2019. This change in
increments was first proposed in a note published February 11,
2018.(https://www.spglobal.com/platts/en/our-methodology/
subscriber-notes/021119-platts-proposes-change-to-
singaporegasoil-jet-derivatives-moc-increment) The current
incrementability for bids and offers for gasoil and jet derivatives are
set at a minimum of 1 cent/b per 30 seconds, and a maximum of 10
cents/b per 30 seconds. As part of the changes, Platts will also
amend the increment for the Market on Close assessment process
for Singapore gasoil and jet fuel derivatives to a minimum
incrementability of 1 cent/b for every 20 seconds, and a maximum
of 10 cents/b for every 20 seconds for timespread and regrade
spread bids and offers. The current incrementability for timespread
and regrade spread bids and offers for gasoil and jet fuel
derivatives are set at a minimum of 1 cent/b per 30 seconds and a
maximum of 10 cents/b per 30 seconds. At the same time, the time
within which an order must be repeated following a trade will be
shortened from the current 60 seconds to 20 seconds, in line with
the amended rate of incrementability. The extension trigger timing
will remain unchanged. An extension would be triggered by any
price move or a re-bid/re-offer in the last ten seconds prior to the
close of the MOC at 4:30 pm Singapore time (0830 GMT). Please
send any comments or queries, to asia_products@spglobal.com
and pricegroup@spglobal.com For written comments, please
provide a clear indication if comments are not intended for
publication by Platts for public viewing. Platts will consider all
comments received and will make comments not marked as
confidential available upon request.
Platts recommends LSWR differentials to Singapore
Marine Fuel 0.5%
S&P Global Platts recommends a one-time differential of minus
$3.50/b for FOB Indonesia LSWR (AAUGR00) and plus $1.00/b for
FOB Indonesia LSWR Mixed/Cracked (PPAPU00) to Platts FOB
Singapore Marine Fuel 0.5% (AMFSA00) that may be used in
amending LSWR contracts which settle against Platts LSWR
18
assessments after April 1, 2019. Platts will discontinue publication
of both LSWR assessments from April 1, 2019, and the one-time
differentials reflect Platts’ view of the difference in value in the spot
market between FOB Indonesia LSWR and FOB Indonesia LSWR
Mixed/Cracked relative to FOB Singapore Marine Fuel 0.5%. Platts
announced its decision to discontinue the two LSWR assessments
from April 1, 2019, in a subscriber note published August 30, 2018:
https://www.spglobal.com/platts/en/our-methodology/subscriber-
notes/083018-platts-to-discontinue-asia-lswr-assessments-
fromapril-1-2019 Platts FOB Singapore Marine Fuel 0.5%
assessment is published in US dollar per metric tons ($/mt). The
assessment currently reflects a metric ton-to-barrel conversion
factor of 6.35. Platts published FOB Indonesia LSWR and FOB
Indonesia LSWR Mixed/Cracked assessments in $/b, reflecting
conversion factors of 6.50 and 6.80, respectively. Please send all
comments, feedback and questions to
asia_products@spglobal.com and pricegroup@spglobal.com. For
written comments, please provide a clear indication if they are not
intended for publication by Platts for public viewing. Platts will
consider all comments received and will make those not marked as
confidential available upon request.
Platts discontinues Asia LSWR assessments from
April 1, 2019
Following industry feedback, S&P Global Platts has discontinued
the FOB Indonesia LSWR (AAUGR00) and FOB Indonesia LSWR
Mixed/Cracked (PPAPU00) assessments from April 1, 2019. Platts
first proposed the discontinuation of the two assessments in a
subscriber note published July 5, 2018: (https://www.spglobal.com/
platts/en/our-methodology/subscriber-notes/070518-platts-
proposes-to-discontinue-asia-lswr-assessments). The
discontinuation follows decline in spot market activity for LSWR
across the Asia Pacific on falling production due to refinery
upgrades. Liquidity in the Asian low sulfur market is increasingly
focused on an FOB Singapore grade that meets requirements for
the 0.5% bunker market ahead of the global IMO sulfur cap that
comes into force in 2020. Platts began assessing FOB Singapore
Marine Fuel 0.5% (AMFSA00) from January 2, 2019 (https://www.
platts.com/subscriber-notes-details/26922294). Since January 2,
2019, Platts has assessed LSWR V-1250 and LSWR M/C on the basis
of fixed quality differentials to the new FOB Singapore Marine Fuel
0.5% assessment. On March 29, 2018, Platts recommended one-
time differentials for LSWR and LSWR M/C against FOB Singapore
Marine Fuel 0.5% assessments that may be used to switch any
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 22, 2019
Singapore Fuel Oil bids/offers/trades: (PGA page 2594)
■■ ASIA 180 CST HSFO CARGO: DEAL SUMMARY: No trades
■■ ASIA 180 CST HSFO CARGO: OUTSTANDING INTEREST:
Platts HSFO 180CST: FOB Straits: Vitol bids MOPS -2.00
May 7-11 20kt INCO.
■■ ASIA 180 CST HSFO CARGO: WITHDRAWN: None
■■ ASIA 380 CST HSFO CARGO: DEAL SUMMARY: 7 trades
■■ 1) Platts HSFO 380CST: FOB Straits: 20kt: May 10-14: BP
sells to Vitol at Bal Apr Avg -$1.00/mt INCO (4:28:29.858)
■■ 2) Platts HSFO 380CST: FOB Straits: 20kt: May 16-20:
Gunvor sells to Vitol at Bal Apr Avg -$1.00/mt INCO
(4:28:35.972)
■■ 3) Platts HSFO 380CST: FOB Straits: 20kt: May 18-22:
Glencore buys from Gunvor at $429/mt (4:28:55.277)
■■ 4) Platts HSFO 380CST: FOB Straits: 20kt: May 7-11: Vitol
buys from Hin Leong at $429/mt INCO2000 (4:29:16.450)
■■ 5) Platts HSFO 380CST: FOB Straits: 20kt: May 12-16: Vitol
buys from Hin Leong at $429/mt INCO2000 (4:29:18.673)
■■ 6) Platts HSFO 380CST: FOB Straits: 20kt: May 12-16: Vitol
buys from Gunvor at $429/mt (4:29:20.485)
■■ 7) Platts HSFO 380CST: FOB Straits: 20kt: May 7-11: Vitol
buys from Hin Leong at $429/mt INCO2000 (4:29:53.991)
■■ ASIA 380 CST HSFO CARGO: OUTSTANDING INTEREST:
■■ Platts HSFO 380CST: FOB Straits: Mercuria bids MOPS
-3.00 May 7-11 20kt OR
■■ Platts HSFO 380CST: FOB Straits: Mercuria bids MOPS
-3.00 May 12-16 20kt OR
■■ Platts HSFO 380CST: FOB Straits: Mercuria bids MOPS
-3.00 May 18-22 20kt;
■■ Platts HSFO 380CST: FOB Straits: Mercuria bids 425.00
May 13-17 20kt OR
■■ Platts HSFO 380CST: FOB Straits: Mercuria bids 426.00
May 18-22 20kt;
■■ Platts HSFO 380CST: FOB Straits: Total bids MOPS -4.00
May 13-17 20kt INCO OR
■■ Platts HSFO 380CST: FOB Straits: Total bids MOPS -4.00
May 18-22 20kt INCO;
■■ Platts HSFO 380CST: FOB Straits: Gunvor offers Jun Avg
+1.00 May 16-20 20kt;
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Subscriber notes (continued) (PGA page 1500)
exposure on Platts’ LSWR assessments after March 31, 2019. The
subscriber note can be found here: https://www.spglobal.com/
platts/en/our-methodology/subscriber-notes/032919-platts-
recommends-lswr-differentials-to-singapore-marine-fuel-05
Please send all comments and questions to
asia_products@spglobal.com and pricegroup@spglobal.com. For
written comments, please provide a clear indication if they are not
intended for publication by Platts for public viewing. Platts will
consider all comments received and will make those not marked as
confidential available upon request.
Platts to publish Marine Fuel 0.5% derivatives from May 2, 2019
S&P Global Platts will begin publishing assessments for financially
settled derivatives contracts that settle against its physical Marine
Fuel 0.5% assessments in Asia, the Middle East, Europe and the
US, from May 2, 2019. Platts launched physical Marine Fuel 0.5%
cargo and barge assessments globally on January 2, 2019. The
launch of these assessments came 12 months ahead of the
planned introduction of a 0.5% sulfur limit in marine fuels by the
International Maritime Organization from January 1, 2020. Full
details of Platts Marine Fuel 0.5% physical assessments are
available in the following subscriber note published January 2,
2019: https://www.spglobal.com/platts/en/our-methodology/
subscriber-notes/010219-platts-launches-marine-fuel-05-
sulfurfuel-cargo-barge-assessments. The new derivatives
assessments in the following regions reflecting contracts that
settle against the average of the respective underlying physical
assessment are listed as below. The metric ton-to-barrel
conversion factor for the derivatives contracts will be 6.35 -- in line
with the conversion factor for Platts physical Marine Fuel 0.5%
assessments and with prevailing qualities of fuel oil.
ASIA: The underlying physical assessment is “FOB Singapore
Marine Fuel 0.5%” (Market database code: AMFSA00). Platts will
publish derivatives assessments for balance month, 12 subsequent
■■ Platts HSFO 380CST: FOB Straits: Trafi offers May Avg
+0.00 May 7-11 20kt INCO OR
■■ Platts HSFO 380CST: FOB Straits: Trafi offers May Avg
+0.50 May 12-16 20kt INCO OR
■■ Platts HSFO 380CST: FOB Straits: Trafi offers May Avg
+0.50 May 17-21 20kt INCO;
19
months, inter-month spreads and four quarters from the month of
publication. In addition, Platts will publish a MOPS strip for Marine
Fuel 0.5% as well as a FOB Singapore Marine Fuel 0.5% differential
to the strip.
MIDDLE EAST: The underlying physical assessment is “FOB Fujairah
Marine Fuel 0.5%” (Code: AMFFA00). Platts will publish derivatives
assessments for balance month and two subsequent months. In
addition, Platts will publish a MOPFUJ strip for Marine Fuel 0.5% as
well as a FOB Fujairah Marine Fuel 0.5% differential to the strip.
EUROPE: The underlying physical assessment is “FOB Rotterdam
Marine Fuel 0.5% Barge” (Code: PUMFD00). Platts will publish
derivatives assessments for balance month, 24 subsequent
months, inter-month spreads, eight quarters and two calendar
years from the month of publication. In addition, Platts will publish
the differential to FO 3.5% FOB Rotterdam Barge derivatives and
crack values relative to Brent 1st Line Swaps for the same period.
USGC: The underlying physical assessment is “USGC Marine Fuel
0.5%” (Code: AUGMA00). Platts will publish derivatives
assessments for balance month, 12 subsequent months, inter-
month spreads, four quarters and one calendar year from the
month of publication. In addition, Platts will publish the differential
to USGC HSFO derivatives for the same period.
MOC PUBLICATION GUIDELINES: Platts Marine Fuel 0.5% derivatives
MOC process will follow existing MOC guidelines for HSFO derivatives
in the respective region. Platts will publish bids, offers and trades for
Marine Fuel 0.5% derivatives from companies that are approved to
participate in the corresponding fuel oil derivatives MOC in each
region. Please send all questions and comments to
oilgroup@spglobal.com and pricegroup@spglobal.com. For written
comments, please provide a clear indication if comments are not
intended for publication by Platts for public viewing. Platts will
consider all comments received and will make comments not
marked as confidential available upon request.
■■ Platts HSFO 380CST: FOB Straits: Glencore offers MOPS
+3.00 May 7-11 20kt OR
■■ Platts HSFO 380CST: FOB Straits: Glencore offers MOPS
+3.00 May 12-16 20kt OR
■■ Platts HSFO 380CST: FOB Straits: Glencore offers MOPS
+3.00 May 17-21 20kt.
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 22, 2019
■■ ASIA 380 CST HSFO CARGO: WITHDRAWN:
■■ Platts HSFO 380CST: FOB Straits: Vitol no longer bids Bal
Apr Avg -1.00 May 10-14 20kt INCO after trade with BP
(4:28:29.858);
■■ Platts HSFO 380CST: FOB Straits: Vitol no longer bids Bal
Apr Avg -1.00 May 16-20 20kt INCO after trade with
Gunvor (4:28:35.972);
■■ Platts HSFO 380CST: FOB Straits: Gunvor no longer offers
429.00 May 12-16 20kt after trade with Vitol (4:29:20.485);
■■ Platts HSFO 380CST: FOB Straits: Gunvor no longer offers
429.00 May 18-22 20kt after trade with Glencore
(4:28:55.277);
■■ Platts HSFO 380CST: FOB Straits: HL no longer offers on
429.00 May 7-11 20kt INCO2000 after trades x2 with Vitol
(4:29:16.450), (4:29:53.991);
■■ Platts HSFO 380CST: FOB Straits: HL no longer offers
429.00 May 12-16 20kt INCO2000 after trade with Vitol
(4:29:18.673).
Singapore Fuel Oil Cargo exclusions: (PGA page 2594) No
market data was excluded from the April 22, 2019
assessment process.
US West Coast Gasoline (PGA page 397)
NA
Sour Crude
Market analysis: (PGA page 2298) The Middle East sour
crude market keenly awaited official confirmation that
the US may end all extensions granted to countries
importing Iranian oil, in an effort to clamp down further
on its sanctions program on the Asian nation. The
Washington Post released reports over the weekend,
quoting unnamed US officials, who said the state
department aims to end all Iranian imports in an
escalation of its sanctions program on the country.
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Although no official word is out on the fate of waivers
that have been granted to eight such countries which
import Iranian crude, traders seemed to be taking no
chances. Brent and Dubai spreads rose in reaction to the
news during Monday’s trading session. “Panic in the
markets, strange numbers trading on the screen, which is
unreasonable, but they [traders] need to cut losses,” a
crude oil broker in Singapore said of the Brent/Dubai
spreads trading on the Intercontinental Exchange Monday
morning. Global crude markers such as ICE Brent futures,
NYMEX light sweet crude futures and Dubai 1st line
spreads were all trading higher than their previous settle
following the news. Middle East crude benchmark Dubai
ticked up to $72.80/b by late afternoon in Singapore
(0700 GMT) from its close of $71.05/b on Thursday. The
market structure for sour crude, or the M1/M3 Dubai
spread, widened to $1.46/b (0700 GMT), from $1.39/b on
the last close on Thursday. Meanwhile, at least one North
Asia refiner that had previously been dependent on
Iranian crude oil said they had made alternative
arrangements. “There is no chance for us to import any
more Iranian oil,” a source with the refiner told S&P Global
Platts Monday. “We have already given up and resorted to
the spot market for our requirements,” the source added.
Spot market sentiment has remained bullish this month
as summer demand amplifies the shortage of sanctioned
crude barrels from the global pool. Buyers of light sour
crude said they were hearing offers for Abu Dhabi’s
Murban grade at 50-60 cents/b premiums over its OSP.
Elsewhere, Taiwan’s CPC concluded a buy tender for sour
crude loading over June. The refiner was reported to have
purchased three 500,000-barrel cargoes of Abu Dhabi’s
medium sour Upper Zakum crude in the tender. CPC
Taiwan has done so for several consecutive months now.
Last month, it purchased up to four, 500,000-barrel
cargoes of the medium sour grade, for loading in May,
from unknown sellers at discounts of between 5-10
cents/b to the Upper Zakum OSP, market sources said.
20
The June loading cargoes were heard to have been priced
at premiums of around 13 cents/b to the Upper Zakum
OSP, said market participants.
Dubai Mo01 assessment rationale: (PGA page 2286) The
June cash Dubai assessment on Monday took into
consideration trades for June Dubai partials at $73.40/b
during the Platts Market on Close assessment process.
The above commentary applies to the market data code: PCAAT00
Oman Blend Mo01 assessment rationale: (PGA page 2286)
The June cash Oman assessment on Monday took into
consideration levels for Oman heard in the wider market,
and the day on day change in the Dubai value.
The above commentary applies to the market data code: PCABS00
Mideast Sour Crude exclusions: (PGA page 2285) No market
data was excluded Mideast Sour Crude market on close
assessment process.
Sweet Crude
Market analysis: (PGA page 2299) China’s Fuhaichuang
Petroleum and Petrochemical was heard back in the
market seeking condensate, Asian sweet crude traders
said Monday. The company was seeking an unspecified
volume of condensate for June delivery in a tender closing
April 24, trade sources said. This comes just one month
after the company sought condensates for May delivery.
Fuhaichuang’s tender will further tighten up a market that
has already seen condensate offers rise substantially since
last month on stronger end-user demand and uncertainty
around an extension of US waivers on its sanctions on
Iranian crude. Oil futures rallied Monday on speculation the
US will cease extension of Iranian sanctions waivers past
May. Recent trades for June-loading cargoes of Australia’s
North West Shelf condensate have been heard at a
discount of around $4.50/b to Platts Dated Brent crude
ASIA-PACIFIC/ARAB GULF MARKETSCAN
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assessments on a FOB basis, up from the previous month
when May-loading NWS cargoes were done as low as
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
April 22, 2019
discounts in the low $6s/b to Platts Dated Brent on a FOB
basis. In Taiwan, CPC bought 6 million barrels of WTI
Midland crude at a premium of around $2.75/b to Platts
Dated Brent crude assessments on a CIF Taiwan basis,
traders said. The crude is for July delivery. Seller details
and the closing date were unclear. CPC has been one of
the largest spot buyers of US crude in Asia lately. The
company was heard still in negotiations for the purchase of
another 2 million barrels of crude from elsewhere, though
the specific grade was unclear.
21
ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01
assessment rationale: (PGA page 2292) The ESPO M1 June
assessment on Monday took into consideration latest trade
indications heard for ESPO Blend crude.
The above commentary applies to the market data code:
AASEU00
Asia Light Sweet Crude exclusions: (PGA page 2255) No
market data was excluded from the Asia Light Sweet Crude
market on close assessment process.