Now available digitally on Platts Dimensions Pro
in New
PLATTS CRUDE OIL MARKETWIRE
Volume 43 / Issue 177 / September 7, 2022
KEY BENCHMARKS ($/barrel)
Mid Change
(PGA page 2210)
Dubai (Nov)
Dubai (Dec)
PCAAT00 92.19–92.21
PCAAU00 88.99–89.01
92.200 -3.010
89.000 -2.960
Dubai (Jan) PCAAV00 86.96–86.98 86.970 -2.600
MEC (Nov) AAWSA00 92.19–92.21 92.200 -3.010
MEC (Dec) AAWSB00 88.99–89.01 89.000 -2.960
MEC (Jan) AAWSC00 86.96–86.98 86.970 -2.600
Brent/Dubai (Nov) AAJMS00 0.26/0.28 0.270 +0.280
(PGA page 1212)
Brent (Dated) PCAAS00 88.17–88.19 88.180 -3.985
Dated North Sea Light AAOFD00 88.17–88.19 88.180 -3.985
Dated Brent (CIF) PCAKM00 89.460 -4.040
Brent (Nov) PCAAQ00 89.60–89.62 89.610 -3.730
Brent (Dec) PCAAR00 88.83–88.85 88.840 -3.550
Brent (Jan) PCARR00 87.890 -3.380
Sulfur de-escalator AAUXL00 0.40
Oseberg QP (Sep) AAXDW00 2.1410
Oseberg QP (Oct) AAXDX00 2.1018
Ekofisk QP (Sep) AAXDY00 1.8174
Ekofisk QP (Oct) AAXDZ00 1.8610
Troll QP (Sep) ATFNB00 2.3179
Troll QP (Oct) ATFNA00 2.2051
(PGA page 210)
Platts AGS AGSAA00 85.050 -4.970
WTI (Oct) PCACG00 81.93–81.95 81.940 -4.940
WTI (Nov) PCACH00 81.62–81.64 81.630 -4.880
WTI (Dec) AAGIT00 81.24–81.26 81.250 -4.780
Light Houston Sweet AAXEW00 84.140 -4.940
Light Houston Sweet M2 AAYRY00 83.630 -4.830
LOOP Sour (Oct) AALSM01 80.890 -4.740
LOOP Sour (Nov) AALSM02 80.380 -4.730
LOOP Sour (Dec) AALSM03 80.000 -4.630
Bakken AAXPP00 84.300 -4.350
Eagle Ford Marker AAYAJ00 78.770 -5.130
ACM* (Oct) AAQHN00 77.93–77.95 77.940 -4.940
ACM* (Nov) AAQHO00 77.42–77.44 77.430 -4.930
ACM* (Dec) AAQHP00 77.04–77.06 77.050 -4.830
*Americas Crude Marker.
FORWARD DATED BRENT ($/barrel) (PGA page 1250)
Mid Change
North Sea Dated strip AAKWH00 88.73–88.75 88.740 -3.945
Mediterranean Dated strip AALDF00 88.75–88.77 88.760 -3.945
33-63 Day Dated strip AALEJ00 88.57–88.58 88.575 -3.505
BTC Dated strip AAUFI00 88.76–88.77 88.765 -3.910
15-45 Day Dated strip AALGM00 88.77–88.79 88.780 -3.835
30-60 Day Dated strip AAXRK00 88.61–88.62 88.615 -3.540
North Sea CIF Dtd strip AAHXE00 88.755 -3.935
23-63 Day Dated Strip ADBRA00 88.605 -3.565
www.spglobal.com/commodityinsights
Get access to this content.
spglobal.com/dimensions-pro | support@platts.com
BRENT/WTI SPREADS AND EFPS (PGA page 218)
Mid Change
Brent/WTI 1st AALAU00 6.47/6.49 6.480 -0.250
Brent/WTI 2nd
Brent/WTI 3rd
AALAV00 6.10/6.12
AALAY00
6.110 -0.180
5.700 -0.120
Brent EFP (Nov) AAGVX00 0.04/0.06 0.050 -0.200
Brent EFP (Dec) AAGVY00 0.07/0.09 0.080 -0.200
Brent EFP (Jan) AAMVY00 0.080 -0.200
WTI EFP (Oct) AAGVT00 -0.01/0.01 0.000 0.000
WTI EFP (Nov) AAGVU00 -0.01/0.01 0.000 0.000
WTI EFP (Dec) AAGVV00 -0.01/0.01 0.000 0.000
MIDDLE EAST ($/barrel)
(PGA page 2210) Mid Change
Oman (Nov) PCABS00 92.19–92.21 92.200 -3.060
Oman (Dec) AAHZF00 88.99–89.01 89.000 -3.010
Oman (Jan) AAHZH00 86.96–86.98 86.970 -2.650
Upper Zakum (Nov) AAOUQ00 92.18–92.22 92.200 -3.010
Murban (Nov) AAKNL00 93.60–93.64 93.620 -2.570
Murban (Dec) MBNSA00 90.420 -2.520
Murban (Jan) MBNSB00 88.390 -2.160
Al Shaheen AAPEV00 92.25–92.29 92.270 -3.050
Spread vs Dubai
Dubai DBDDC00 5.230 -0.410
Oman DBDOC00 5.230 -0.460
Murban AARBZ00 6.650 +0.030
Al Shaheen AAPEW00 5.25–5.35 5.300 -0.450
Upper Zakum DBDUZ00 5.230 -0.410
Quality Premiums
Murban QP (Nov) AAISV00 0.7445
(PGA page 2658)
Dubai Swap (Oct) AAHBM00 88.98–89.02 89.000 -2.960
Dubai Swap (Nov) AAHBN00 86.95–86.99 86.970 -2.600
Dubai Swap (Dec) AAHBO00 85.37–85.41 85.390 -2.290
te
ns cru
ity de
su ca
pp rb
lem on
en
t
MARKET COMMENTARY
Platts Middle East Sour Crude Daily Market
Analysis
■ Saudi Aramco cuts October OSPs
■ India buys West African crude for November arrival
Trade activity for Middle East crude loading in November
nears commencement with the announcement of official
selling prices by Saudi Aramco.
The Middle East’s top oil exporter cut prices for its Asia
bound crude in October in line with market expectations,
various trade sources said.
(continued on page 3)
CONTENTS
Platts Middle East Sour Crude Daily Market Analysis 1
Platts Oil Mideast Sour Crude Convergences 3
Platts Middle East Sour Crude Bids, Offers, Trades 4
Platts Asia Pacific Sweet Crude Daily Market Analysis 5
Platts Asia Light Sweet Crude Bids, Offers, Trades 6
Platts North Sea Crude Daily Market Analysis 6
Platts North Sea Dated Brent, BFOE, CFD Bids, Offers, Trades 8
Platts WTI Midland Crude DAP Europe Bids, Offers, Trades 11
Platts Mediterranean & Black Sea Sweet Crude Daily Commentary 12
Platts NWE and Med Urals Sour Crude Daily Market Analysis 13
Platts EMEA Urals & Med Brent Crude Bids, Offers, Trades 16
Platts West African Crude Daily Commentary 16
Platts West African Crude Bids, Offers, Trades 16
Platts US Pipeline Crude Daily Commentary 16
Platts US Gulf Coast Export Crude Daily Commentary 17
Platts Canadian Pipeline Crude Daily Commentary 17
Platts Latin American Crude Daily Commentary 17
PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022

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 78.56–78.60 78.580 -3.010 AAPAI00 -13.050 0.000 AAPAH00 75.750 -3.570
Ichthys FC 48.9 ICFCA00 88.980 -3.010 ICFCB00 -2.650 0.000
DFC 56.82 ADFCA00 89.45–89.49 89.470 -2.650 ADFCB00 2.45/2.55 2.500 -0.050 ADFCC00 -1.290 +0.070 ADFCD00 86.860 -3.190
Qatar LSC 56.9 AARBB00 88.95–88.99 88.970 -2.650 AARBD00 1.95/2.05 2.000 -0.050 AARBC00 -1.790 +0.070 AARBA00 86.360 -3.190
South Pars 57.4 AARAV00 84.65–84.69 84.670 -2.650 AARAX00 -2.35/-2.25 -2.300 -0.050 AARAW00 -6.090 +0.070 AARAU00 82.060 -3.190
Diff to ICP
Senipah 54.4 AAEOE00 78.91–78.95 78.930 -3.010 AAEOK00 -6.65/-6.55 -6.600 0.000 AAPBE00 -12.700 0.000 AAPBD00 76.100 -3.570
Light crude (PGA page 2214) (PGA page 2215)
Diff to ICP Diff to Asian Dated Brent
Cossack 47.7 PCAGZ00 84.31–84.35 84.330 -3.010 AAPAC00 -7.300 0.000 AAPAB00 81.500 -3.570
Gippsland 48.7 PCACP00 79.01–79.05 79.030 -3.010 AAPAU00 -12.600 0.000 AAPAT00 76.200 -3.570
Tapis 45.2 PCACB00 98.41–98.45 98.430 -3.060 AAOZW00 6.800 -0.050 AAOZV00 95.600 -3.620
Belida 45.1 PCAFL00 79.06–79.10 79.080 -3.010 PCAFM00 -4.90/-4.80 -4.850 0.000 AAPBQ00 -12.550 0.000 AAPBP00 76.250 -3.570
Kutubu 44.3 PCAFJ00 81.41–81.45 81.430 -3.010 AAPAE00 -10.200 0.000 AAPAD00 78.600 -3.570
Handil Mix 43.9 PCABE00 80.51–80.55 80.530 -3.010 PCABF00 -4.65/-4.55 -4.600 0.000 AAPBI00 -11.100 0.000 AAPBH00 77.700 -3.570
Attaka 42.3 PCAAJ00 78.76–78.80 78.780 -3.010 PCAAK00 -5.90/-5.80 -5.850 0.000 AAPBC00 -12.850 0.000 AAPBB00 75.950 -3.570
Ardjuna 38 PCACQ00 90.01–90.05 90.030 -3.060 PCACR00 0.65/0.75 0.700 -0.050 AAPBG00 -1.600 -0.050 AAPBF00 87.200 -3.620
Banyu Urip 32 PCAFQ00 99.730 -3.060 PCAQQ00 4.450 -0.050 AAPBU00 8.100 -0.050 AAPBR00 96.900 -3.620
Diff to Dubai
Sakhalin Blend 45.5 AARBN00 74.15–74.19 74.170 -1.600 AARCN00 -12.85/-12.75 -12.800 +1.000 AARDN00 -16.590 +1.120 AAREN00 71.560 -2.140
ESPO M1 34.8 AARWF00 75.95–75.99 75.970 -1.600 AASEU00 -11.05/-10.95 -11.000 +1.000
ESPO M2 34.8 AAWFE00 74.32–74.36 74.340 -1.290 AAWFG00 -11.10/-11.00 -11.050 +1.000
Sokol 39.7 AASCJ00 75.65–75.69 75.670 -1.600 AASCK00 -11.35/-11.25 -11.300 +1.000 AAPAO00 -15.090 +1.120 AAPAN00 73.060 -2.140
Kikeh 34.9 AAWUH00 104.26–104.30 104.280 -3.060 AAOZY00 12.650 -0.050 AAOZX00 101.450 -3.620
Miri Light 32.3 PCABQ00 104.16–104.20 104.180 -3.060 AAPAS00 12.550 -0.050 AAPAR00 101.350 -3.620
Labuan 32 PCABL00 104.01–104.05 104.030 -3.060 AAPAQ00 12.400 -0.050 AAPAP00 101.200 -3.620
Kimanis 38.6 AASCL00 104.280 -3.060 AASCM00 12.650 -0.050 AASCN00 101.450 -3.620
Medium crude (PGA page 2216) (PGA page 2217)
Diff to Asian Dated Brent
Su Tu Den 36.8 AARAR00 100.86–100.90 100.880 -3.060 AARAS00 9.250 -0.050 AARAQ00 98.050 -3.620
Bach Ho 40.7 PCAHY00 102.91–102.95 102.930 -3.060 AAPAK00 11.300 -0.050 AAPAJ00 100.100 -3.620
Nanhai 40 PCAFR00 91.51–91.55 91.530 -3.060 AAPAG00 -0.100 -0.050 AAPAF00 88.700 -3.620
Nile Blend 33.9 AAPLC00 89.51–89.55 89.530 -3.060 AAPAM00 -2.100 -0.050 AAPAL00 86.700 -3.620
Daqing 32.2 PCAAZ00 86.16–86.20 86.180 -3.060 AAPAW00 -5.450 -0.050 AAPAV00 83.350 -3.620
Heavy crude (PGA page 2218) (PGA page 2219)
Diff to ICP Diff to Asian Dated Brent
Dar Blend 25 AARAB00 91.61–91.65 91.630 -3.060 AARAC00 0.000 -0.050 AARAA00 88.800 -3.620
Shengli 24.2 PCABY00 93.21–93.25 93.230 -3.060 AAPAY00 1.600 -0.050 AAPAX00 90.400 -3.620
Duri 20.8 PCABA00 96.66–96.70 96.680 -3.060 PCABB00 3.60/3.70 3.650 -0.050 AAPBM00 5.050 -0.050 AAPBL00 93.850 -3.620
Vincent 18.3 AARAK00 98.680 -3.060 AARAL00 7.050 -0.050 AARAJ00 95.850 -3.620

DELIVERED - ASIA SPOT CRUDE ASSESSMENTS ($/barrel) (PGA page 2238)

Diff to Dubai Diff to Asian Dated Brent
US Delivered - Asia Spot Crudes
WTI Midland (DES Singapore) WTMSA00 95.040
-2.390 WTMSD00 9.650
-0.100 WTMSB00 5.110 -0.070
WTI Midland (DES Yeosu) WTMYA00 95.540
-2.390 WTMYD00 10.150
-0.100 WTMYB00 5.610 -0.070
Brazil Delivered-Asia Spot Crudes
Tupi (DES Qingdao) LUQDA00 95.190
-2.390 LUQDD00 9.800
-0.100 LUQDB00 5.260 -0.070

© 2022 by S&P Global Inc. All rights reserved. 2

PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022

MIDDLE EAST SPOT ASSESSMENTS ($/barrel) (PGA page 2220)

Mid Change Spread vs Dubai Mid Change Spread vs OSP Mid Change
Umm Lulu AUFAA00 93.570 -2.570 DBDUL00 6.600
+0.030
Das Blend AAXOF00 92.60–92.64 92.620 -2.220 DBDDS00 5.650
+0.380
Qatar Land AAKNP00 91.98–92.02 92.000 -2.550 QALDA00 5.030
+0.050 AAKUJ00 -0.55/-0.45 -0.500
0.000
Qatar Marine AAKNR00 91.38–91.42 91.400 -2.150 QAMDA00 4.430
+0.450 AAKUH00 -0.55/-0.45 -0.500
0.000
Banoco Arab Medium AAKNT00 91.28–91.32 91.300 -1.850 AAKUD00 -0.05/0.05 0.000 0.000
Basrah Medium M1 BSMAM01 – 89.350 -3.350 BSMBM01 -0.800 0.000
Basrah Medium M2 BSMAM02 – 88.450 -2.950 BSMBM02 -0.500 0.000
Basrah Heavy M1 AALZC00 – 83.350 -3.300 AALZJ00 -2.000 0.000
Basrah Heavy M2 AALZD00 – 82.350 -2.950 AALZK00 -1.700 0.000

Aramco cut the OSP for Asia-bound barrels by $3-
$4.50/b, according to a pricing document issued by the
producer Sept. 6.
Platts Dubai cash-futures spread, a key element in OSP
calculations, averaged $4.96/b in August, down from an
average of $9.29/b in July, S&P Global data showed.
“Not bad [and] not a shocker],” a trader with a South
ASIAN MARKET PARITY PRICES ($/barrel) (PGA page 2280)
(Asia close) (London close)
Mid Change Mid Change
Minas PCABO00 84.690
-2.855 AAPAZ00 81.860
-3.415
Cinta PCAAX00 67.305
-2.495 AAPBJ00 64.475
-3.055
Widuri PCAFE00 65.575
-2.650 AAPBN00 62.745
-3.210
Cambay AMPPA00 89.955
-2.725
Ravva AMPPB00 99.500
-3.065
Rajasthan AMPPC00 89.315
-3.105

Asian refinery said about the cut in Aramco’s OSPs.

However, demand cues remained largely subdued so
far given the concerns on fresh lockdowns in China further
aggravated by fears of an economic recession globally, a
trader in Singapore said.
“Europe demand is also not good,” the trader said.
Furthermore, the decision by the OPEC+ alliance to cut
output by 100,000 b/d is unlikely to tighten supplies by a
great deal, sources said.
The focus now moves to the term allocations by Aramco
expected in the week starting Sept. 12.
Meanwhile, India began its crude buying activity with a
tender seeking November-arrival West African crude.
Indian Oil Corp. issued a tender seeking various crude
grades for delivery in November.
The refiner was heard to have bought one million barrels
each of Agabmi and Nemba crude from Chevron, though
the information could not be verified.
IOC was also heard to have bought one million barrels
of Akpo crude from Vitol, however, the same could not be
confirmed.
ASIAN CRUDE INDICES ($/barrel) (PGA page 2206)
16:30 Singapore Interim Asian Close Diff to Dated Brent Final London Close
Asian Dated Brent (ADB) AAXPG00 91.295
ADB Strip Asia AARBV00 91.630 AARBX00 88.800
ADB Strip Middle East AARBW00 90.760 AARBY00 88.150
ADB Strip M3 ADBS003 89.930
For definitions see http://www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/Crude-oil-methodology.pdf
No price details were known for the West African crude Exclusions: No market data was excluded from the
purchases. Middle East sour crude Market on Close assessment
process.
Platts Mideast Sour Crude Daily Rationales & Platts is part of S&P Global Commodity Insights.
Exclusions
Dubai Mo01 <PCAAT00> assessment rationale: The
Platts Oil Mideast Sour Crude Convergences
November cash Dubai assessment on Sept. 7 took into
consideration several trades for cash Dubai partials at None reported
$92.20/b during the Platts Market on Close assessment —
process.
Oman Blend Mo01 <PCABS00> assessment rationale:
The November cash Oman assessment on Sept 7 took into
consideration values heard in the broader market.

© 2022 by S&P Global Inc. All rights reserved. 3

PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022
Platts Middle East Sour Crude Bids, Offers,
Trades
Bids:
PLATTS DUBAI: NOV22: GUNVOR NO LONGER BIDS
AFTER TRADE
PLATTS DUBAI: NOV22: VITOL NO LONGER BIDS
AFTER TRADE
PLATTS DUBAI: NOV22: PETROCHINA NO LONGER BIDS
$91.60 AFTER WITHDRAWAL (08:28:51)
PLATTS DUBAI: NOV22: PHILLIPS 66 NO LONGER BIDS
$91.60 AFTER WITHDRAWAL (08:29:08)
Offers:
PLATTS DUBAI: NOV22: UNIPEC OFFERS 25KB AT $92.25
PLATTS DUBAI: NOV22: EXXONMOBIL NO LONGER
OFFERS AFTER TRADE
PLATTS DUBAI: NOV22: RELIANCE NO LONGER OFFERS
AFTER TRADE
PLATTS DUBAI: NOV22: PETROCHINA NO LONGER
OFFERS AFTER TRADE
Trades:
PLATTS DUBAI: NOV22: PETROCHINA SELLS TO
GUNVOR* 25KB AT $92.20 (08:29:37)
PLATTS DUBAI: NOV22: PETROCHINA SELLS TO VITOL*
25KB AT $92.20 (08:29:39)
PLATTS DUBAI: NOV22: GUNVOR BUYS FROM
EXXONMOBIL* 25KB AT $92.20 (08:29:44)
PLATTS DUBAI: NOV22: VITOL BUYS FROM RELIANCE*
25KB AT $92.20 (08:29:44)
PLATTS DUBAI: NOV22: EXXONMOBIL SELLS TO VITOL*
25KB AT $92.20 (08:29:48)
PLATTS DUBAI: NOV22: PETROCHINA SELLS TO
GUNVOR* 25KB AT $92.20 (08:29:49)
PLATTS DUBAI: NOV22: PETROCHINA SELLS TO VITOL*
25KB AT $92.20 (08:29:53)
PLATTS DUBAI: NOV22: RELIANCE SELLS TO GUNVOR*
25KB AT $92.20 (08:29:57)
This assessment commentary applies to the following
market data codes: Dubai M1 <PCAAT00>, Oman M1
<PCABS00>
© 2022 by S&P Global Inc. All rights reserved. 4
NORTH SEA SPOT CRUDE ASSESSMENTS ($/barrel) (PGA page 1212)
Mid Change Spread vs fwd Dated Brent Mid Change
Dated Brent Diff AAXEZ00 -0.57/-0.55 -0.560 -0.040
BNB AAVJA00 89.43–89.45 89.440
-3.945 AAVJB00 0.69/0.71 0.700 0.000
Forties PCADJ00 88.17–88.19 88.180
-3.985 AAGWZ00 -0.57/-0.55 -0.560 -0.040
Oseberg PCAEU00 92.08–92.10 92.090
-3.945 AAGXF00 3.34/3.36 3.350 0.000
Ekofisk PCADI00 92.04–92.06 92.050
-3.945 AAGXB00 3.30/3.32 3.310 0.000
Troll AAWEX00 92.60–92.62 92.610
-3.925 AAWEY00 3.86/3.88 3.870
+0.020
Statfjord PCAEE00 93.83–93.85 93.840
-3.995 AAGXD00 5.09/5.11 5.100
-0.050
Flotta Gold PCACZ00 88.93–88.95 88.940
-3.995 AAGXH00 0.19/0.21 0.200
-0.050
Duc AAWEZ00 91.43–91.45 91.440
-3.995 AAWFL00 2.69/2.71 2.700
-0.050
Grane Blend PCALA00 89.490
-3.995 PCALB00 0.750
-0.050
Johan Sverdrup AJSVA00 89.140
-3.995 AJSVB00 0.400
-0.050
Statfjord (CIF) AASAS00 94.95–94.96 94.955
-3.985 AASAT00 6.19/6.21 6.200
-0.050
Gullfaks (CIF) AASAU00 95.45–95.46 95.455
-3.985 AASAV00 6.69/6.71 6.700
-0.050
Alvheim (CIF) ALVHA00 95.705
-3.985 ALVHB00 6.950
-0.050
Asgard (CIF) ASGCA00 92.705
-3.985 ASGCB00 3.950
-0.050
North Sea basket AAGIZ00 90.43–90.45 90.440
-3.955
North Sea Dated Strip AAKWH00 88.73–88.75 88.740
-3.945
European Sour Crude Index CSBEA00 89.235
-3.995 CSBEB00 0.495
-0.050
Spread vs fwd CIF Dated Brent
Dated Brent (CIF) AAVJG00 89.460
-4.040 AAVJF00 0.705
-0.105
BNB (CIF) PCAKP00 91.365
-4.020 AAVJC00 2.610
-0.085
Forties (CIF) PCAKR00 89.460
-4.040 AAHXC00 0.705
-0.105
Oseberg (CIF) PCAKT00 93.355
-3.985 AAHXD00 4.600
-0.050
Ekofisk (CIF) PCAKV00 93.145
-3.980 AAHXB00 4.390
-0.045
Troll (CIF) AAXJO00 93.860
-3.965 AAXJN00 5.105
-0.030
WTI Midland (CIF) WMCRD00 90.435
-3.925 WMCRB00 1.680
+0.010
North Sea CIF Dated Strip AAHXE00 88.755
-3.935
FREIGHT ADJUSTMENT FACTORS
($/barrel) Change
Sullom Voe-Rotterdam FSVRM00 1.8171
-0.0138
Hound Point-Rotterdam FHPRM00 1.2556
-0.0093
Sture-Rotterdam FSTRM00 1.1795
-0.0087
Teesside-Rotterdam FTSRM00 1.0176
-0.0073
Mongstad-Rotterdam FMGRM00 1.1844
-0.0087
Scapa Flow-Rotterdam FSFRM00 0.8692
-0.0061
(%)
FAF Weighting FAFWA00 0.80
EUROPEAN US SPOT CRUDE ASSESSMENTS ($/barrel) (PGA page 1238)
Mid Change Spread vs fwd Dated Brent Mid Change
WTI Midland (DAP Rotterdam) AWTIC00 90.460
-3.875 AWTID00 1.855
-0.310
WTI Midland (DAP Augusta) AWTIA00 90.810
-3.875 AWTIB00 2.205
-0.310
WTI Midland (FOB Scapa Flow) AWTIE00 89.560
-3.915 AWTIF00 0.945 0.000
Eagle Ford 45 (DAP Rotterdam) AEFAC00 90.110
-3.875 AEFAD00 1.505
-0.310
Eagle Ford 45 (DAP Augusta) AEFAA00 90.460
-3.875 AEFAB00 1.855
-0.310
PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022
Platts Asia Pacific Sweet Crude Daily Market
Analysis
■ No pre-tender trades for Qatari condensates
■ Brent/Dubai EFS trends slightly lower
Asia Pacific and Middle East light sweet condensate trading
activities winded down as traders prepare for the upcoming
November-loading cycle.
Market participants await the emergence of Qatar
Energy’s monthly sell tender for November-loading barrels
of Deodorized Field Condensate, or DFC and Low Sulfur
Condensate, or LSC.
There have been no spot pre-tender trades heard yet
for the Dubai benchmark linked DFC or LSC, according to
traders.
Meanwhile, the Brent/Dubai Exchange of Futures for
Swaps, or EFS, averaged $5.98/b to date through Sept.
6, inching lower compared to an average of $6.07/b for
August, S&P Global Commodity Insights data showed.
A narrower EFS could limit the potential upside on
cash differentials for the Dubai-linked condensates in
the November-loading cycle, where a narrower spread
between light sweet benchmark Brent against sour crude
benchmark Dubai typically makes Dubai-linked grades less
economically attractive to buyers.
Last month, Qatar Energy sold two 500,000-barrel
cargoes of LSC for loading in October, via a tender, to a
trading house at a premium of around $2/b to Platts Dubai
front month assessments, FOB, traders said.
Meanwhile, the light distillate product cracks remained
sluggish, where Platts second-month gasoline and naphtha
swap crack versus the Dubai crude swap averaged $3.76/b
and minus $20.85/b through Sept. 6, down from August’s
average of $10.08/b and minus $19.81/b, respectively, S&P
Global data showed.
© 2022 by S&P Global Inc. All rights reserved. 5
DATED BRENT/BFOE SWAPS ($/barrel) (PGA page 1214)
Week Week Date Brent CFD* Mid Change Dated Brent swap Mid Change
CFD Week 1 (Dec) Sep 05-09 PCAKA00 -0.76/-0.74 -0.750 -0.610 AAJNV00 88.08/88.10 88.090
-4.160
CFD Week 2 (Dec) Sep 12-16 PCAKC00 -0.38/-0.36 -0.370 -0.540 AAJOS00 88.46/88.48 88.470
-4.090
CFD Week 3 (Dec) Sep 19-23 PCAKE00 -0.14/-0.12 -0.130 -0.480 AAJOU00 88.70/88.72 88.710
-4.030
CFD Week 4 (Dec) Sep 26-30 PCAKG00 -0.04/-0.02 -0.030 -0.380 AAJOW00 88.80/88.82 88.810
-3.930
CFD Week 5 (Dec) Oct 03-07 AAGLU00 -0.10/-0.08 -0.090 -0.280 AAJPC00 88.74/88.76 88.750
-3.830
CFD Week 6 (Dec) Oct 10-14 AAGLV00 -0.06/-0.04 -0.050 -0.240 AAJPE00 88.78/88.80 88.790
-3.790
CFD Week 7 (Dec) Oct 17-21 AALCZ00 -0.05/-0.03 -0.040 -0.130 AALAW00 88.79/88.81 88.800
-3.680
CFD Week 8 (Dec) Oct 24-28 AALDA00 -0.11/-0.09 -0.100 +0.030 AALAX00 88.73/88.75 88.740
-3.520
Brent Swaps Weeks 1 to 8 are differentials to Brent Mo02 (Dec) PCAAR00 found on page 1.
DATED BRENT/BRENT FRONTLINE SWAPS (DFL) ($/barrel) (PPE page 1614)
Swaps Change DFL Change
Balance month* (Sep 22) BDLBM00 88.520 -4.080 ABWFZ00 -1.000 -0.550
Month 1 (Oct 22) BDLM001 88.800 -3.570 AAEAA00 0.090 -0.220
Month 2 (Nov 22) BDLM002 88.150 -3.260 AAEAB00 0.380 -0.090
Month 3 (Dec 22) BDLM003 87.310 -3.180 AAEAC00 0.510 -0.190
Month 4 (Jan 23) BDLM004 86.490 -2.950 AAEAD00 0.590 -0.100
*Balance month swaps are assessed from the 1st through the 20th of the month.
CASH BFOE INTRADAY ASSESSMENTS ($/barrel) (PGA page 1216)
Cash BFOE Change Inter-Month Spread
10:30 London Time
BFOE M1 (Nov) PBCAAM1 93.670 +0.070
BFOE M2 (Dec) PBCAAM2 92.730 +0.200 Nov/Dec
PBAM1M2 0.940
BFOE M3 (Jan) PBCAAM3 91.630 +0.260 Dec/Jan
PBAM2M3 1.100
12:30 London Time
BFOE M1 (Nov) PBCABM1 93.280 +0.220
BFOE M2 (Dec) PBCABM2 92.410 +0.380 Nov/Dec
PBBM1M2 0.870
BFOE M3 (Jan) PBCABM3 91.310 +0.440 Dec/Jan
PBBM2M3 1.100
14:30 London Time
BFOE M1 (Nov) PBCACM1 89.900 -4.310
BFOE M2 (Dec) PBCACM2 89.170 -3.960 Nov/Dec
PBCM1M2 0.730
BFOE M3 (Jan) PBCACM3 88.270 -3.680 Dec/Jan
PBCM2M3 0.900
16:30 London Time
BFOE M1 (Nov) PCAAQ00 89.610 -3.730
BFOE M2 (Dec) PCAAR00 88.840 -3.550
BFOE M3 (Jan) PCARR00 87.890 -3.380
19:30 London Time
BFOE M1 (Nov) PBCADM1 NA –
BFOE M2 (Dec) PBCADM2 NA – Nov/Dec
PBDM1M2 NA
BFOE M3 (Jan) PBCADM3 NA – Dec/Jan
PBDM2M3 NA
PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022
Platts Asia Light Sweet Crude Daily Rationale &
Exclusions
ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01 <AASEU00>
assessment rationale: The ESPO M1 November assessment
on Sept. 7 took into consideration latest trade indications
heard in the broader market.
Exclusions: No market data was excluded from the Asia-
Pacific Crude Market on Close assessment process.
Platts is part of S&P Global Commodity Insights.
Platts Asia Light Sweet Crude Bids, Offers,
Trades
Bids: No bids
Offers: No offers
Trades: No trades
This assessment commentary applies to the following
market data code: ESPO M1 vs Dubai M2 <AASEU00>
Platts North Sea Crude Daily Market Analysis
■ WTI Midland offers soften amid lower freight rates
■ Buzzard contributes 35% to Forties blend in week to
Sept. 7.
In the North Sea crude market Sept. 7, softening freight
rates resulted in lower offer levels for US WTI Midland into
Europe though trading has been muted, sources said.
While recent activity meant offer levels had not been
too frequent in recent days, levels would be around $1.50/b
premiums to October Dated.
Aframax freight rates from the US Gulf Coast to the UK
Continent have fallen over $10/b over the last month, from
the high of $51.01 assessed by Platts on Aug. 9.
WTI Midland was expected to receive some increased
buying interest amid a tighter CPC loading program.
Length remained in the North Sea market, with Forties
offers seen in the Platts Market on Close assessment
process.
Shell offered Forties on a CIF Rotterdam basis for
delivery across various September and October dates.
© 2022 by S&P Global Inc. All rights reserved. 6
RUSSIAN URALS/ESPO SPOT ASSESSMENTS ($/barrel) (PGA page 1220)
Mid Change Spread vs fwd Dated Brent Mid Change
Urals (Rotterdam) PCAFW00 67.14–67.18 67.160
-4.245 AAGXJ00 -21.61/-21.59 -21.600 -0.300
Urals (Mediterranean) PCACE00 67.44–67.48 67.460
-4.245 AAGXX00 -21.31/-21.29 -21.300 -0.300
Urals FOB Novo Suez AAGZS00 65.04–65.08 65.060
-4.245 AAHPH00 -23.71/-23.69 -23.700 -0.300
Urals FOB Novo Afra AAOTH00 64.85–64.89 64.870
-4.245 AAOTI00 -23.90/-23.88 -23.890 -0.300
Urals (Ex-Baltic) AAGZT00 65.11–65.15 65.130
-4.245 AAHPI00 -23.64/-23.62 -23.630 -0.300
Urals (Primorsk) AAWVH00 65.05–65.09 65.070
-4.245 AAWVI00 -23.70/-23.68 -23.690 -0.300
Urals RCMB (Recombined) AALIN00 66.86–66.90 66.880
-4.285
ESPO (FOB Kozmino) AARWD00 73.71–73.73 73.720
-2.180 AARWE00 -14.44/-14.42 -14.430 +1.080
Number of days
Observed Delivery Factor AODFA00 7
URALS MED/NWE CFD ASSESSMENTS ($/barrel)
Urals CFD Mid Change
Mediterranean (PPE page 1617)
Urals Med CFD (Sep) AAMDU00 -21.01/-20.99 -21.000 0.000
Urals Med CFD (Oct) AAMEA00 -20.01/-19.99 -20.000 0.000
Urals Med CFD (Nov) UMCM003 -20.01/-19.99 -20.000 0.000
Northwest Europe (PPE page 1617)
Urals NWE CFD (Sep) UNCM001 -23.01/-22.99 -23.000 0.000
Urals NWE CFD (Oct) UNCM002 -20.01/-19.99 -20.000 0.000
Urals NWE CFD (Nov) UNCM003 -20.01/-19.99 -20.000 0.000
Mediterranean (PPE page 1617)
CPC Blend CFD (Sep) AAOFX00 -5.000
0.000
CPC Blend CFD (Oct) AAOFY00 -5.000
0.000
CPC Blend CFD (Nov) AAOFZ00 -5.000
0.000
MEDITERRANEAN SPOT CRUDE ASSESSMENTS ($/barrel)
Mid Change Spread vs fwd Dated Brent Mid Change
Azeri and BTC (PGA page 1222)
Azeri Lt CIF AAGZX00 92.75–92.78 92.765
-4.110 AAHPM00 3.99/4.01 4.000
-0.200
Azeri Lt FOB Ceyhan Suez AAUFM00 91.44–91.46 91.450
-4.110 AAUFN00 2.68/2.69 2.685
-0.200
Azeri Lt FOB Ceyhan Afra AAUFK00 91.09–91.12 91.105
-4.110 AAUFL00 2.33/2.35 2.340
-0.200
Azeri Lt FOB Supsa AATHM00 90.36–90.39 90.375
-4.110 AATHN00 1.60/1.62 1.610
-0.200
BTC FOB Ceyhan AAUFH00 91.26–91.29 91.275
-4.110 AAUFJ00 2.50/2.52 2.510
-0.200
Black Sea (PGA page 1220)
Siberian Light CIF AAGZW00 69.74–69.78 69.760
-4.245 AAHPK00 -19.01/-18.99 -19.000
-0.300
CPC Blend CIF AAGZU00 86.75–86.78 86.765
-3.810 AAHPL00 -2.01/-1.99 -2.000 +0.100
CPC Blend FOB Suez AALVX00 84.65–84.67 84.660
-3.810 AALVZ00 -4.11/-4.10 -4.105 +0.100
CPC Blend FOB Afra AAOFV00 84.48–84.50 84.490
-3.810 AAOFW00 -4.28/-4.27 -4.275 +0.100
Middle East & North Africa (PGA page 1234)
Suez Blend PCACA00 84.35–84.39 84.370
-3.945 AAGYD00 -4.40/-4.38 -4.390 0.000
Es Sider PCACO00 88.10–88.13 88.115
-3.910 AAGYH00 -0.66/-0.64 -0.650 0.000
Kirkuk AAEJD00 72.74–72.78 72.760
-3.945 AAGYF00 -16.01/-15.99 -16.000 0.000
Iranian Light FOB Kharg Island (Med) AILKA00 92.360
-3.395 AILKB00 3.600
+0.550
Iranian Heavy FOB Kharg Island (Med) AIHKA00 88.910
-3.395 AIHKB00 0.150
+0.550
Saharan Blend AAGZY00 88.30–88.33 88.315
-3.910 AAHPN00 -0.46/-0.44 -0.450 0.000
PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022
Vitol bought the Oct. 2-6 delivery offer at a premium
to Dated Brent of 80 cents/b. Shell reoffered following the
trade, though all offers were withdrawn after the 4:25 pm
price change cutoff time without finding further buying
interest.
Vitol also bid for an FOB Forties cargo loading between
Sept. 27 and Oct. 8 but did not get sold to.
Looking at Forties quality, the Buzzard oil field
contributed 35% to North Sea Forties Blend crude output
in the week to Sept. 4, up from 30% the previous week,
Forties pipeline operator Ineos said Sept. 7.
The sulfur content of Forties Blend rose 0.75% and the
grade’s gravity fell to 39 API, according to a conversion
table on Ineos’ website.
Elsewhere in the North Sea, new UK Prime Minister
Liz Truss said she would support new development in the
North Sea and reiterated her tax-cutting ambitions, saying
she aimed to foster long-term security of supply and did
not support further windfall taxes.
“The way we will grow our economy is by attracting
investment ... I am against a windfall tax. I believe it is the
wrong thing to be putting companies off investing in the UK
just when we need to be growing the economy,” Truss said.
Truss’s comments come after the previous government
of Boris Johnson, in which she was foreign minister,
imposed an ‘energy profits levy’ on upstream production
revenues, which raised the headline rate of tax to 65% from
40% and was described as a windfall tax by the industry.
Platts North Sea Dated Brent, BFOE, CFD
Assessment Rationales & Exclusions
Dated Brent <PCAAS00> assessment rationale: Of the five
grades in the Dated Brent basket, Forties was seen in the
Platts Market on Close assessment process. Brent Blend,
Oseberg, Ekofisk and Troll were all assessed unchanged
across Sept. 17-Oct. 6 with flat structures rolled over back-
end dates amid steady fundamentals and in the absence
of indications testing the Sept. 6 assessment. Forties was
assessed lower. Sept. 17-21 was assessed in a 7.5 cents/day
backwardation with Sept. 21-23 assessed in a flat structure
© 2022 by S&P Global Inc. All rights reserved. 7
WEST AFRICAN SPOT CRUDE ASSESSMENTS ($/barrel) (PGA page 1230)
Mid Change Spread vs fwd Dated Brent Mid Change
WAF Index AWAFA00 92.015
-3.540 AWAFB00 3.400 0.000
Nigeria Spot Crude Assessments
Bonny Light PCAIC00 91.20–91.23 91.215
-3.540 AAGXL00 2.59/2.61 2.600
0.000
Qua Iboe PCAID00 91.80–91.83 91.815
-3.540 AAGXN00 3.19/3.21 3.200
0.000
Forcados PCABC00 92.00–92.03 92.015
-3.540 AAGXP00 3.39/3.41 3.400
0.000
Agbami AAQZB00 88.70–88.73 88.715
-3.540 AAQZC00 0.09/0.11 0.100
0.000
Escravos AAEIZ00 92.80–92.83 92.815
-3.540 AAGXR00 4.19/4.21 4.200
0.000
Brass River AAEJB00 90.20–90.23 90.215
-3.540 AAGXV00 1.59/1.61 1.600
0.000
Akpo PCNGA00 88.70–88.73 88.715
-3.540 PCNGB00 0.09/0.11 0.100
0.000
Bonga PCNGC00 93.00–93.03 93.015
-3.540 PCNGD00 4.39/4.41 4.400
0.000
Usan AAXUQ00 86.465
-3.540 AAXUR00 -2.150
0.000
Erha AAXUO00 92.715
-3.540 AAXUP00 4.100
0.000
Egina AFONA00 94.915
-3.540 AFONB00 6.300
0.000
Angola spot crude assessments ($/barrel) (PGA page 1232)
Cabinda PCAFD00 90.60–90.63 90.615
-3.640 AAGXT00 1.99/2.01 2.000
-0.100
Nemba AAQYZ00 87.00–87.03 87.015
-3.640 AAQZA00 -1.61/-1.59 -1.600
-0.100
Dalia AAQYX00 87.55–87.58 87.565
-3.640 AAQYY00 -1.06/-1.04 -1.050
-0.100
Girassol AASNL00 90.67–90.70 90.685
-3.635 AASJD00 2.06/2.08 2.070
-0.095
Hungo AASLJ00 85.90–85.93 85.915
-3.640 AASJF00 -2.71/-2.69 -2.700
-0.100
Kissanje AASLK00 87.65–87.68 87.665
-3.640 AASJE00 -0.96/-0.94 -0.950
-0.100
Pazflor PCNGG00 87.65–87.68 87.665
-3.640 PCNGH00 -0.96/-0.94 -0.950
-0.100
Plutonio PCNGI00 85.95–85.98 85.965
-3.640 PCNGJ00 -2.66/-2.64 -2.650
-0.100
Ghana spot crude assessments (PGA page 1230)
Jubilee AAXUS00 89.115
-3.540 AAXUT00 0.500
0.000
Republic of Congo spot crude assessments
Djeno PCNGE00 85.80–85.83 85.815
-3.640 PCNGF00 -2.81/-2.79 -2.800
-0.100
Chad spot crude assessments
Doba AAXUU00 87.165
-3.540 AAXUV00 -1.450
0.000
WEST AFRICA MARKET PARITY PRICES ($/barrel) (PGA page 1270)
Mid Change Spread vs fwd Dated Brent Mid Change
Abo Blend AAXTL00 93.795 -2.980 ABOOM00 5.180
+0.560
Aje APIRP00 89.920 -3.540 APIRA00 1.305 0.000
Amenam Blend AAXTI00 88.445 -3.700 AMENA00 -0.170
-0.160
Antan Blend APIRQ00 94.005 -3.240 APIRB00 5.390
+0.300
Asaramatoru AAXTV00 88.570 -3.775 ASARA00 -0.045
-0.235
CJ Blend APIRR00 95.815 -2.835 APIRC00 7.200
EA Blend AAXTJ00 95.770 -2.945 AEABL00
+0.705
7.155
+0.595
Ebok APIRS00 85.185 -4.375 APIRD00 -3.430
-0.835
Eremor APIRT00 86.480 -5.285 APIRE00 -2.135
-1.745
Ima APIRU00 77.825 -5.375 APIRF00 -10.790 -1.835
Jones Creek Blend APIRV00 88.910 -4.290 APIRG00 0.295
-0.750
Okono Blend APIRW00 92.835 -3.265 APIRH00 4.220
+0.275
Okoro APIRX00 91.580 -3.250 APIRI00 2.965
+0.290
Okwori APIRY00 95.790 -2.925 APIRJ00 7.175
+0.615
Otakikpo APIRZ00 86.570 -3.845 APIRK00 -2.045
-0.305
Oyo APRIA00 91.090 -3.535 APIRL00 2.475
+0.005
Pennington APRIB00 91.560 -3.075 APIRM00 2.945
+0.465
Rabi Light ARABA00 85.630 -4.355 ARABB00 -2.985
-0.815
Sankofa APRIC00 83.960 -4.280 APIRN00 -4.655
-0.740
PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022
using a withdrawn FOB-equivalent CIF offer. Sept. 23-28
was assessed in a 0.11 cent/day contango with Sept. 28
assessed using an outstanding FOB bid. Sept. 28 to Oct.
2 was assessed in a 6.11 cents/day contango with Oct. 2-4
assessed using a traded FOB-equivalent CIF offer. Oct. 4-7
was assessed in a 7.5 cents/day contango. Forties was the
most competitive grade Sept. 17 to Oct. 7.
BFOE (PCAAQ00-PCAAR00,PCARR00> assessment
rationale: November Cash BFOE was assessed using
multiple traded offers in the MOC. December Cash BFOE
was assessed using a November/December EFP roll heard
during the day. January Cash BFOE was assessed using a
December/January EFP roll heard during the day.
CFD (PCAKA00-AALDA00) assessment rationale: Sept.
12-16 was assessed using an outstanding bid in the MOC.
Sept. 19-23 was assessed using a narrower Sept. 19-23
versus Sept. 26-30 as earlier sections of the curve were
demonstrated narrower. Sept. 26-30 was assessed using
traded bids and offers. Oct. 3-7 was assessed using an
outstanding bid. Oct. 10-14 was assessed using multiple
traded offers.
Exclusions: None
Platts is part of S&P Global Commodity Insights.
Platts North Sea Dated Brent, BFOE, CFD Bids,
Offers, Trades
Bids:
NORTH SEA: VITOL Bids Forties, FOB Hound Point, Sep.
27 - Oct. 08, at Dtd -0.75
CASH BFOE: None
BRENT CFDS: PLATTS BRENT DIFF: SEP12-SEP16 (NOV):
DV TRADING BIDS 100KB AT $-1.15
PLATTS BRENT DIFF: SEP12-SEP16 (NOV):
PETROCHINA BIDS 100KB AT $-1.20
PLATTS BRENT DIFF: SEP19-SEP23 (NOV):
PETROCHINA BIDS 100KB AT $-1.00
PLATTS BRENT DIFF: SEP19-SEP23 (NOV):
EQUINOR BIDS 100KB AT $-1.00
© 2022 by S&P Global Inc. All rights reserved. 8
West Africa market parity prices (continued)
Mid Change Spread vs fwd Dated Brent Mid Change
TEN AAXTW00 87.230
-3.710 ATENM00 -1.385
-0.170
Ukpokiti APRID00 91.990
-3.325 APIRO00 3.375
+0.215
Yoho Light AAXTK00 91.440
-3.485 AYOHO00 2.825
+0.055
Zafiro AAXTU00 95.165
-3.155 AZAFB00 6.550
+0.385
US WEST COAST CRUDE ASSESSMENTS ($/barrel) (PGA page 214)
Mid Change
Spread to NYMEX WTI CMA Mid Change
ANS/Long Beach PCAAD00 88.75–88.79 88.770
-8.900 AAGWX00 7.65/7.67 7.660 -4.150
Spread to ICE BRENT CMA
ANS/Long Beach AANSA00 2.497
-4.252
US SPOT CRUDE ASSESSMENTS ($/barrel) (PGA pages 210 & 214)
Mid Change
Mars (Oct) AAMBR00 80.98–81.00 80.990
-4.740
Mars (Nov) AAMBU00 80.47–80.49 80.480
-4.730
Mars (Dec) AAMBX00 80.09–80.11 80.100
-4.630
Mars/WTI (Oct) AAGWH00 -0.96/-0.94 -0.950
+0.200
Mars/WTI (Nov) AAKTH00 -1.16/-1.14 -1.150
+0.150
Mars/WTI (Dec) AAMBO00 -1.16/-1.14 -1.150
+0.150
LOOP/WTI (Oct) AALOM01 -1.050
+0.200
LOOP/WTI (Nov) AALOM02 -1.250
+0.150
LOOP/WTI (Dec) AALOM03 -1.250
+0.150
LOOP/Mars (Oct) AALPM01 -0.100 0.000
LOOP/Mars (Nov) AALPM02 -0.100 0.000
LOOP/Mars (Dec) AALPM03 -0.100
WTI-Delta AAEJK00 0.43/0.45 0.440
0.000
-0.090
P-Plus WTI PCACI00 3.81/3.83 3.820
-0.090
P-5 WTI AAFEN00 78.520
-4.900
P-5 WTI is a crude oil postings-based index as of 5:30 p.m. local New York time. Posted prices by the following companies are used in the index: Phillips66, Plains, Sunoco,
Shell, and Valero.
Mid Change Spread vs 1st line WTI Mid Change
WTI (Midland) PCACJ00 83.73–83.75 83.740
-4.940 AAGVZ00 1.79/1.81 1.800 0.000
WTS (1st month) PCACK00 82.38–82.40 82.390
-4.940 AAGWB00 0.44/0.46 0.450 0.000
WTI MEH AAYRG00 84.140
-4.940 AAYRH00 2.200 0.000
Eugene PCAFC00 80.83–80.85 80.840
-4.740 AAGWD00 -1.11/-1.09 -1.100
+0.200
Bonito PCAIE00 80.83–80.85 80.840
-4.740 AAGWF00 -1.11/-1.09 -1.100
+0.200
SGC AASOI00 77.93–77.95 77.940
-4.940 AASOJ00 -4.01/-3.99 -4.000 0.000
Poseidon AABHK00 80.38–80.40 80.390
-4.740 AAGWL00 -1.56/-1.54 -1.550
+0.200
LLS (1st month) PCABN00 84.33–84.35 84.340
-4.940 AAGWN00 2.39/2.41 2.400 0.000
HLS (1st month) PCABD00 83.33–83.35 83.340
-4.540 AAGWP00 1.39/1.41 1.400
+0.400
Wyoming Sweet PCACM00 83.58–83.60 83.590
-4.590 AAGWR00 1.64/1.66 1.650
+0.350
Thunder Horse AAWZK00 82.48–82.50 82.490
-4.740 AAWZL00 0.54/0.56 0.550
+0.200
PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022
PLATTS BRENT DIFF: SEP19-SEP23 (NOV): DV
TRADING BIDS 100KB AT $-1.15
PLATTS BRENT DIFF: SEP26-SEP30 (NOV):
PETROCHINA BIDS 100KB AT $-0.90
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): DV
TRADING BIDS 100KB AT $-0.10
PLATTS BRENT DIFF: OCT3-OCT7 (DEC):
PETROCHINA BIDS 100KB AT $-0.30
PLATTS BRENT DIFF: OCT10-OCT14 (DEC): DV
TRADING BIDS 100KB AT $-0.10
PLATTS BRENT DIFF: OCT17-OCT21 (DEC): EQUINOR
BIDS 100KB AT $-0.05
Offers:
NORTH SEA: None
CASH BFOE: None
BRENT CFDS: PLATTS BRENT DIFF: SEP12-SEP16 (NOV):
ONYX OFFERS 100KB AT $-0.75
PLATTS BRENT DIFF: SEP26-SEP30 (NOV): ALTA
OFFERS 100KB AT $-0.70
PLATTS BRENT DIFF: SEP26-SEP30 (NOV): DV
TRADING OFFERS 100KB AT $-0.65
PLATTS BRENT DIFF: SEP26-SEP30 (NOV):
GUNVOR OFFERS 100KB AT $-0.65
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): SHELL
OFFERS 100KB AT $-0.05
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): ALTA
OFFERS 100KB AT $0.00
PLATTS BRENT DIFF: OCT10-OCT14 (DEC): ALTA
OFFERS 100KB AT $0.00
Trades:
NORTH SEA: STASCO*-VITOL Forties, CIF Rotterdam,
Oct. 02 - Oct. 06, at Dtd 0.80, 3OCO1,2 [15:14:14]
CASH BFOE: PLATTS CASH BFOE: NOV22: SHELL BUYS
FROM MERCURIA* 100KB AT $89.63 (15:29:41)
PLATTS CASH BFOE: NOV22: GLENCORE BUYS
FROM MERCURIA* 100KB AT $89.63 (15:29:44)
PLATTS CASH BFOE: NOV22: SHELL BUYS FROM
MERCURIA* 100KB AT $89.61 (15:29:49)
PLATTS CASH BFOE: NOV22: ALTA BUYS FROM
PETROINEOS* 100KB AT $89.71 (15:29:52)
© 2022 by S&P Global Inc. All rights reserved. 9
US SPOT CRUDE ASSESSMENTS (continued)
Spread vs 2nd line WTI
WTI MEH (2nd month) AAXXE00 83.630
-4.830 AAYYA00 2.000
+0.050
WTI Midland (2nd month) AAYZA00 83.230
-4.830 AAXXF00 1.600
+0.050
WTS (2nd month) AAURG00 82.82–82.84 82.830
-4.880 AAURH00 1.19/1.21 1.200 0.000
LLS (2nd month) AAURC00 83.87–83.89 83.880
-4.780 AAURD00 2.24/2.26 2.250
+0.100
HLS (2nd month) AAURE00 82.87–82.89 82.880
-4.380 AAURF00 1.24/1.26 1.250
+0.500
Spread vs NYMEX WTI CMA
WCS ex-Cushing AAWTY00 70.34–70.36 70.350
-4.150 AAWTZ00 -11.16/-11.14 -11.150 +0.700
WCS ex-Nederland AAYAY00 71.450
-4.150 AAYAX00 -10.050 +0.700
Bakken Williston AAXPP00 84.300
-4.350 AASRX00 2.800
+0.500
Bakken Guernsey AASRR00 83.59–83.61 83.600
-4.600 AASRV00 2.09/2.11 2.100
+0.250
Bakken Clearbrook AASRU00 86.19–86.21 86.200
-4.600 AASRW00 4.69/4.71 4.700
+0.250
Bakken USGC Pipe ABAKA00 84.250
-4.950 ABAKB00 2.750
-0.100
FOB USGC FOB USGC Spread vs NYMEX WTI Strip
Platts AGS AGSAA00 85.050
-4.970 AGSAC00 3.460
-0.080
Bakken ABAKC00 84.850
-4.970 ABAKD00 3.260
-0.080
Eagle Ford Crude AAYAT00 83.850
-4.970 AAYAU00 2.260
-0.080
Eagle Ford Condensate AAYAR00 83.250
-4.970 AAYAS00 1.660
-0.080
WTI AAYBA00 85.050
-4.970 AAYAZ00 3.460
-0.080
FOB USGC Spread vs Dated Brent Strip
Platts AGS AGSAB00 -2.170
+0.200
Bakken ABAKE00 -2.370
+0.200
Eagle Ford Crude AEFCA00 -3.370
+0.200
Eagle Ford Condensate AEFCB00 -3.970
+0.200
WTI AWTUA00 -2.170
+0.200
Global Benchmarks at US Close
Americas Dated Brent AAQBF00 86.610–86.630 86.620 -5.320
PLATTS CASH BFOE: NOV22: GUNVOR BUYS FROM PLATTS BRENT DIFF: SEP26-SEP30 (NOV): VITOL
MERCURIA* 100KB AT $89.61 (15:29:53) BUYS FROM ALTA* 100KB AT $-0.95 (15:21:59)
PLATTS CASH BFOE: NOV22: ALTA BUYS FROM PLATTS BRENT DIFF: SEP26-SEP30 (NOV): VITOL
PETROINEOS* 100KB AT $89.71 (15:29:55) BUYS FROM SHELL* 100KB AT $-0.95 (15:22:27)
PLATTS CASH BFOE: NOV22: GUNVOR BUYS FROM PLATTS BRENT DIFF: SEP26-SEP30 (NOV): DV
MERCURIA* 100KB AT $89.61 (15:29:58) TRADING BUYS FROM ALTA* 100KB AT $-0.85 (15:25:15)
BRENT CFDS: PLATTS BRENT DIFF: SEP19-SEP23 (NOV): PLATTS BRENT DIFF: SEP26-SEP30 (NOV):
PETROCHINA BUYS FROM ALTA* 100KB AT $-0.95 (15:22:55) MERCURIA BUYS FROM SHELL* 100KB AT $-0.85 (15:25:20)
PLATTS BRENT DIFF: SEP19-SEP23 (NOV): PLATTS BRENT DIFF: SEP26-SEP30 (NOV): VITOL
PETROCHINA BUYS FROM PETRACO* 100KB AT $-0.95 BUYS FROM ALTA* 100KB AT $-0.80 (15:25:43)
(15:22:56) PLATTS BRENT DIFF: SEP26-SEP30 (NOV): SHELL
PLATTS BRENT DIFF: SEP19-SEP23 (NOV): SELLS TO PETRACO* 100KB AT $-0.80 (15:29:49)
EQUINOR BUYS FROM ONYX* 100KB AT $-0.85 (15:28:30)
PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022
PLATTS BRENT DIFF: SEP26-SEP30 (NOV): SHELL
SELLS TO DV TRADING* 100KB AT $-0.85 (15:29:57)
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): VITOL
BUYS FROM ALTA* 100KB AT $-0.05 (15:28:28)
PLATTS BRENT DIFF: OCT3-OCT7 (DEC):
PETROCHINA BUYS FROM TOTAL* 100KB AT $-0.10 (15:28:33)
PLATTS BRENT DIFF: OCT3-OCT7 (DEC):
PETROCHINA BUYS FROM TOTAL* 100KB AT $-0.10 (15:28:34)
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): ONYX
BUYS FROM TOTAL* 100KB AT $-0.10 (15:29:23)
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): DV
TRADING BUYS FROM EXXONMOBIL* 100KB AT $-0.10
(15:29:28)
PLATTS BRENT DIFF: OCT3-OCT7 (DEC):
PETROCHINA BUYS FROM TOTAL* 100KB AT $-0.10 (15:29:31)
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): ONYX
BUYS FROM EXXONMOBIL* 100KB AT $-0.10 (15:29:35)
PLATTS BRENT DIFF: OCT3-OCT7 (DEC):
MERCURIA BUYS FROM TOTAL* 100KB AT $-0.10 (15:29:43)
PLATTS BRENT DIFF: OCT3-OCT7 (DEC):
PETROCHINA BUYS FROM EXXONMOBIL* 100KB AT $-0.10
(15:29:52)
PLATTS BRENT DIFF: OCT3-OCT7 (DEC):
PETROCHINA BUYS FROM TOTAL* 100KB AT $-0.10 (15:29:53)
PLATTS BRENT DIFF: OCT10-OCT14 (DEC): ONYX
BUYS FROM ALTA* 100KB AT $-0.05 (15:21:45)
PLATTS BRENT DIFF: OCT10-OCT14 (DEC): ONYX
BUYS FROM TOTAL* 100KB AT $-0.05 (15:28:44)
PLATTS BRENT DIFF: OCT10-OCT14 (DEC): DV
TRADING BUYS FROM TOTAL* 100KB AT $-0.05 (15:28:45)
PLATTS BRENT DIFF: OCT10-OCT14 (DEC): BP
BUYS FROM TOTAL* 100KB AT $-0.05 (15:29:32)
PLATTS BRENT DIFF: OCT10-OCT14 (DEC): BP
BUYS FROM TOTAL* 100KB AT $-0.05 (15:29:37)
PLATTS BRENT DIFF: OCT10-OCT14 (DEC):
PETROCHINA BUYS FROM TOTAL* 100KB AT $-0.05
(15:29:43)
PLATTS BRENT DIFF: OCT17-OCT21 (DEC): DV
TRADING SELLS TO EQUINOR* 100KB AT $-0.05 (15:28:06)
© 2022 by S&P Global Inc. All rights reserved. 10
US DOMESTIC CRUDE ASSESSMENTS LONDON CLOSE ($/barrel) (PGA page 1240)
Spread to
Mid Change NYMEX light sweet crude Mid Change
WTI (Oct) AAQAR00 83.43–83.45 83.440
-3.570 AAQAS00 -0.01/0.01 0.000 0.000
WTI (Nov) AAQAT00 83.12–83.14 83.130
-3.480 AAQAU00 -0.01/0.01 0.000 0.000
WTI (Dec) AAQAV00 82.72–82.74 82.730
-3.370 AAQAW00 -0.01/0.01 0.000 0.000
Spread to
same-month cash WTI Mid Change
WTI MEH (Oct) AAYRZ00 85.640
-3.520 AAYTA00 2.200
+0.050
WTI MEH (Nov) AAXYD00 85.030
-3.430 AAYWA00 1.900
+0.050
LLS (Oct) AAQBB00 85.83–85.85 85.840
-3.670 AAQBC00 2.39/2.41 2.400
-0.100
LLS (Nov) AAQBD00 85.37–85.39 85.380
-3.480 AAQBE00 2.24/2.26 2.250 0.000
MARS (Oct) AAQAX00 82.48–82.50 82.490
-3.370 AAQAY00 -0.96/-0.94 -0.950 +0.200
MARS (Nov) AAQAZ00 81.67–81.69 81.680
-3.630 AAQBA00 -1.46/-1.44 -1.450 -0.150
AMERICAS CLOSE ($/barrel) (PGA page 210)
Mid Change
Americas Dated Brent AAQBF00 86.61–86.63 86.620
-5.320
Americas Dated Brent reflects market value for Dated Brent at 2:30pm Eastern Time.
US CRUDE ASSESSMENTS SINGAPORE CLOSE ($/barrel) (PGA page 2208)
Mid Change
LOOP Sour (Oct) AAZDA00 85.020
-2.400
LOOP Sour (Nov) AAZDB00 84.470
-2.260
LLS (Oct) AAZDC00 88.670
-2.600
LLS (Nov) AAZDD00 88.020
-2.710
Southern Green Canyon AAZDE00 82.270
-2.250
WTI MEH (Oct) AAZDF00 88.470
-2.400
WTI MEH (Nov) AAZDG00 87.820
-2.560
CFR NORTH ASIA ASSESSMENTS SINGAPORE CLOSE ($/barrel) (PGA page 2202)
Mid Change
Dubai CFR North Asia PCAQA00 94.260
-3.040
Oman CFR North Asia PCAQJ00 94.250
-3.090
Upper Zakum CFR North Asia PCAQB00 94.220
-3.040
Qatar Marine CFR North Asia PCAQC00 93.430
-2.180
Murban CFR North Asia PCAQE00 95.560
-2.600
Basrah Medium CFR North Asia BASNA00 90.530
-2.980
ESPO CFR North Asia PCAQD00 78.140
-1.600
Forties CFR North Asia PCAQF00 95.115
-3.250
Dalia CFR North Asia PCAQG00 93.785
-3.665
WTI MEH CFR North Asia PCAQH00 93.950
-2.420
LOOP Sour CFR North Asia PCAQI00 89.400
-2.400
PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022
This assessment commentary applies to the
following market data codes: Dated Brent <PCAAS00>
CFD Week 1 <PCAKA00> CFD Week 2 <PCAKC00>
Brent Mo01 <PCAAQ00> CFD Week 3 <PCAKE00> Brent
Mo02 <PCAAR00> CFD Week 4 <PCAKG00> Brent
Mo03 <PCARR00> CFD Week 5 <AAGLU00> CFD Week
6 <AAGLV00> CFD Week 7 <AALCZ00> CFD Week 8
<AALDA00>
Platts WTI Midland Crude DAP Europe
Assessment Rationale & Exclusions
WTI Crude DAP Europe <AWTIC00> assessment rationale:
WTI Midland DAP Rotterdam was assessed lower amid
falling freight rates and indications heard during the day.
No bids, offers or trades were seen in the Platts Market on
Close assessment process.
WTI Crude DAP Augusta <AWTIA00> assessment
rationale: WTI Midland DAP Augusta was assessed lower
amid falling freight rates and reflecting the downward move
of the DAP Rotterdam assessment. No bids, offers or trades
were seen in the MOC.
Exclusions: None
Platts is part of S&P Global Commodity Insights
Platts WTI Midland Crude DAP Europe Bids,
Offers, Trades
Bids: None
Offers: None
Trades: None
This assessment commentary applies to the following
market data codes: WTI Midland DAP basis Rotterdam
<AWTIC00> WTI Midland DAP basis Rotterdam vs Fwd
Dated Brent <AWTID00> WTI Midland DAP basis Augusta
<AWTIA00> WTI Midland DAP basis Augusta vs Fwd Dated
Brent <AWTIB00>
© 2022 by S&P Global Inc. All rights reserved. 11
CANADIAN SPOT CRUDE CARGO ASSESSMENTS ($/barrel) (PGA page 230)
Mid Change Spread vs fwd Dated Brent Mid Change
Hebron AHEBA00 86.725
-3.555 AHEBC00 -1.850
-0.050
Terra Nova AAJUH00 90.16–90.19 90.175
-3.505 AAJUJ00 1.59/1.61 1.600 0.000
Hibernia AAJKK00 90.31–90.34 90.325
-3.505 AAJKM00 1.74/1.76 1.750 0.000
White Rose AAVJX00 91.06–91.09 91.075
-3.505 AAVJY00 2.49/2.51 2.500 0.000
The published spreads for Canadian cargo assessments reflect the market value at which these grades are trading versus Dated Brent around loading time. The spreads
and fixed price assessments reflect a typical forward loading window of 33-63 days forward. For further explanation see www.platts.com.
CANADIAN SPOT CRUDE ASSESSMENTS ($/barrel) (PGA page 230)
Mid Change Spread vs Canada basis Mid Change
Lloyd Blend AALRK00 61.99–62.01 62.000
-4.650 AALRP00 -19.51/-19.49 -19.500 +0.200
Mixed Sweet AALRR00 80.24–80.26 80.250
-5.050 AALRV00 -1.26/-1.24 -1.250 -0.200
Light Sour Blend AALRX00 78.84–78.86 78.850
-4.950 AALSD00 -2.66/-2.64 -2.650 -0.100
Midale AAUCC00 75.94–75.96 75.950
-4.950 AAUCE00 -5.56/-5.54 -5.550 -0.100
Condensates AALSF00 78.94–78.96 78.950
-4.850 AALSJ00 -2.56/-2.54 -2.550 0.000
Syncrude Sweet Prem. AASOK00 87.04–87.06 87.050
-4.850 AASOM00 5.54/5.56 5.550 0.000
WCS Hardisty AAPPN00 61.29–61.31 61.300
-4.650 AAPPP00 -20.21/-20.19 -20.200 +0.200
Cold Lake Hardisty AASZX00 61.24–61.26 61.250
-4.650 AASZZ00 -20.26/-20.24 -20.250 +0.200
WTI CMA (1st mo) AAVSN00 81.500
-4.850
LATIN AMERICAN ASSESSMENTS ($/barrel) (PGA page 280)
Diff to Diff to Futures Diff to Dated
Mid Change WTI strip Brent strip Brent strip
Escalante PCAGC00 84.97–85.02 84.995 -4.805 PCAGO00 3.510 AAXBS00 -2.000 AAXAX00 -2.145
Medanito AMTOA00 79.995 -4.805 AMTOC00 -1.490 AMTOB00 -7.000 AMTOD00 -7.145
Santa Barbara AAITD00 84.26–84.31 84.285 -4.860 AAITJ00 2.800 AAXBU00 -2.710 AAXAZ00 -2.855
Loreto PCAGH00 78.91–78.96 78.935 -4.860 PCAGQ00 -2.550 AAXBV00 -8.060 AAXBG00 -8.205
Oriente PCADE00 79.81–79.86 79.835 -4.860 PCAGU00 -1.650 AAXBW00 -7.160 AAXBH00 -7.305
Napo AAMCA00 73.81–73.86 73.835 -4.860 AAMCD00 -7.650 AAXBX00 -13.160 AAXBI00 -13.305
Tupi ATUPA00 85.645 -4.955 ATUPC00 4.160 ATUPB00 -1.350 ATUPD00 -1.495
Marlim AAITF00 78.12–78.17 78.145 -4.505 AAITL00 -3.340 AAXBY00 -8.850 AAXBJ00 -8.995
Castilla Blend AAVEQ00 75.27–75.32 75.295 -4.505 AAVEQ01 -6.190 AAXBZ00 -11.700 AAXBK00 -11.845
Vasconia PCAGI00 82.27–82.32 82.295 -4.505 PCAGR00 0.810 AAXCB00 -4.700 AAXBN00 -4.845
Mesa 30 AAITB00 81.07–81.12 81.095 -4.755 AAITH00 -0.390 AAXCC00 -5.900 AAXBO00 -6.045
Liza ALIZA00 85.545 -4.955 ALIZD00 4.060 ALIZC00 -1.450 ALIZB00 -1.595
Latin America WTI strip
Latin America Futures Brent strip
AAXBP00
AAXBQ00
81.485
86.995
Latin America Dated Brent strip AAXBR00 87.140
LATIN AMERICA MARKET PARITY PRICES ($/barrel) (PGA page 270)
Mid Change
Maya AAYMP00 76.881
-4.539
Merey 16 AMERA00 77.659
-4.271
PLATTS EURO-DENOMINATED ASSESSMENTS (€/barrel) (PGA page 1252)
Mid Change
European crude oil benchmarks
Dated Brent AAPYR00 88.660–88.680 88.670 -4.325
Dated Brent (CIF) PCAKN00 89.955 -4.385
Urals (Mediterranean) AAPYS00 67.810–67.850 67.830 -4.515
US crude oil benchmarks
WTI (Oct) AAPYT00 83.890–83.910 83.900 -3.890
WTI MEH (Oct) AAYSA00 86.114 -3.847
Mars (Oct) AAPYU00 82.940–82.960 82.950 -3.680
Euro/US$ forex rate: 0.9945. Platts Euro denominated crude oil assessments are based on market values and a Euro/US$ forex rate at 4:30 PM local London time.
PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022
Platts Mediterranean & Black Sea Sweet
Crude Daily Commentary
■ Azeri Light down on day
■ CPC Blend under pressure
Mediterranean sweet crudes were weaker on the day,
in line with the global oil market and despite support from
a significantly shorter September CPC Blend program,
sources said Sept. 7.
“The whole complex is collapsing,” one Mediterranean
trader said, with a second saying there remained a
significant overhang of September-loading barrels across
Azeri Light, Es Sider and Saharan Blend plus longer-haul
alternatives from west Africa and the US.
“There is still 3-5 million barrels of Azeri Light available
in September,” the second trader said. The distillate-rich
Azerbaijani grade had been heading higher in recent
sessions, buoyed by strong margins.
CPC Blend was also suffering despite the revised
September program being 1 million mt smaller than the
preliminary program.
A third trader said CPC was “extremely volatile due to
the uncertainty over October’s loadings”, adding that some
buyers were already taking alternatives for October while
others were prepared to take the risk due to its discounts
to rival grades.
Furthermore, the reduction in the September program
also saw significantly more Suezmaxes in the program as
two SPMs were under unplanned maintenance.
That has caused a more acute problem in the
Mediterranean with only a few end-users in the region able
to take Suezmax-sized cargoes.
CPC Blend was unable to arbitrage east though, as it
was trading at stronger levels than Middle Eastern rival
Murban, according to the third trader.
© 2022 by S&P Global Inc. All rights reserved. 12
RUBLE-DENOMINATED RUSSIAN ASSESSMENTS (Rb/barrel) (PGA page 1224)
Mid Change
Russian crude oil benchmarks
Urals FOB Novorossiysk AAUJP00 3975.570–3978.020 3976.795 -276.800
Urals FOB Baltic AAUJQ00 3979.850–3982.290 3981.070 -276.820
Urals FOB Novorossiysk 80kt AAUJR00 3963.960–3966.400 3965.180 -276.750
Urals CIF Mediterranean AAUJS00 4122.270–4124.720 4123.495 -277.400
Urals CIF Rotterdam AAUJT00 4103.930–4106.380 4105.155 -277.325
US$/Ruble forex rate: 61.1250. Platts Ruble denominated crude oil assessments are based on market values and a US$/Ruble forex rate at 4:30 PM local London time.
PLATTS CAD-DENOMINATED CANADA SPOT CRUDE ASSESSMENTS (C$/cu m) (PGA page 232)
Mid Change
Lloyd Blend AALRM00 512.288–512.453 512.370 -38.790
Mixed Sweet AALRT00 663.106–663.272 663.189 -42.197
Light Sour Blend AALRZ00 651.537–651.702 651.619 -41.363
Midale AAUCD00 627.571–627.736 627.654 -41.346
Condensates AALSH00 652.363–652.529 652.446 -40.536
Syncrude Sweet AASOL00 719.302–719.467 719.385 -40.579
WCS Hardisty AAPPO00 506.503–506.668 506.586 -38.786
Cold Lake Hardisty AASZY00 506.090–506.255 506.172 -38.786
DAILY US$ VS EURO EXCHANGE RATE (PGA page 1151)
Mid Change
September 7, 2022 AAFCW00 0.9945 +0.003
ASIA CLOSE BRENT AND WTI SPOT ASSESSMENTS ($/barrel) (PGA page 2210)
Mid Change
Brent (Nov) PCAJG00 92.45–92.49 92.470 -2.730
Brent (Dec) PCAJI00 91.58–91.62 91.600 -2.370
Brent (Jan) PCAJ000 90.570 -2.130
WTI (Oct) AAFFU00 86.25–86.29 86.270 -2.500
WTI (Nov) AAFFW00 85.85–85.89 85.870 -2.560
WTI (Dec) AAFFY00 85.38–85.42 85.400 -2.460
OMAN OSPS AND DERIVATIVES ($/barrel) (PGA pages 2658 & 2210)
Mid Change
Oman/Dubai Swap (Oct) AAIHJ00 -0.02/0.02 0.000 -0.050
Oman/Dubai Swap (Nov) AAIHL00 -0.02/0.02 0.000 -0.050
Oman/Dubai Swap (Dec) AAIHN00 -0.02/0.02 0.000 -0.050
Oman Swap (Oct) AAHZP00 88.98–89.02 89.000 -3.010
Oman Swap (Nov) AAHZR00 86.95–86.99 86.970 -2.650
Oman Swap (Dec) AAHZT00 85.37–85.41 85.390 -2.340
DAILY OPEC BASKET PRICE ($/barrel) (PGA page 207)
Mid Change
September 6, 2022 AAEUQ00 99.030 -0.810
PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022
Platts NWE and Med Urals Sour Crude Daily
Market Analysis
■ Putin threatens to cut energy supplies if price cap
introduced
■ Saudi Aramco removes premium for Sidi Kerir-
loading barrels
Urals barrels were trading lower amid growing political
uncertainty over Russian supplies weighing significantly on
market sentiment.
Russian President Vladimir Putin said Sept. 7 Russia
would cut energy supplies if political decisions were taken
that contradicted supply contracts.
Putin’s comment comes after the G7 agreed Sept. 2 to
“urgently” finalize and implement a price cap on imports of
Russian oil, as part of efforts to hit Russian revenues and
the country’s ability to fund the war against Ukraine.
“There are contractual obligations and supply contracts.
If any political decisions are made that contradict the
contracts, we simply will not fulfill them,” Putin said during
the Eastern Economic Forum in Vladivostok.
Putin said Russia will not export anything if it is not in
the country’s interests to do so, and that may include gas,
oil, coal and fuel oil.
On Sept. 1, Russian Deputy Prime Minister Alexander
Novak said Russia will refuse to supply oil to countries or
companies imposing price caps.
The political uncertainty surrounding a “price cap,”
the upcoming EU embargo and Russia threatening to cut
supplies have all weighed heavily on Urals differentials,
according to traders.
Elsewhere in the sour complex, Saudi Aramco has
removed the premium for crude loading in October from
the Egyptian port of Sidi Kerir over the same grades loaded
from Saudi Arabia and bound for the Mediterranean,
according to a document seen by S&P Global Commodity
Insights Sept. 7.
The premium had been set at 15 cents/b for Sidi Kerir-
loaded oil in September and at 35 cents/b in August.
© 2022 by S&P Global Inc. All rights reserved. 13
FUTURES SETTLEMENTS
Settlement Change Low High Volume* Open interest PNT****
NYMEX Light Sweet crude ($/barrel) (PGA page 705)
Oct 22 NMCL001 81.94 -4.94 81.70 87.76 358639 197070
Nov 22 NMCL002 81.63 -4.88 81.41 87.33 113421 156189
Dec 22 NMCL003 81.25 -4.78 81.02 86.80 129183 203703
Jan 23 NMCL004 80.75 -4.68 80.50 86.09 43139 71508
Total NMCL000 842940 XNCLP00 29638
ICE Brent ($/barrel) (PGA page 704)
Nov 22 ICLL001 88.00 -4.83 87.70 93.80 329884 362798
Dec 22 ICLL002 87.21 -4.76 86.84 92.81 322038 332032
Jan 23 ICLL003 86.31 -4.61 85.92 91.67 121492 149791
Feb 23 ICLL004 85.43 -4.41 85.04 90.52 73312 91362
Total ICLL000 1094374 XILLP00 19588
ICE WTI ($/barrel) (PGA page 704)
Oct 22 ICIC001 81.94 -4.94 81.77 87.71 31229 46130
Nov 22 ICIC002 81.63 -4.88 81.52 87.31 45570 47603
Dec 22 ICIC003 81.25 -4.78 81.12 86.75 50004 105976
Jan 23 ICIC004 80.75 -4.68 80.67 86.00 21157 23789
Total ICIC000 184021 XIICP00 23209
ICE BWAVE ($/barrel) (PGA page 704)
BWAVE data refer to previous day.
Nov 22 XIBW001 93.45
Dec 22 XIBW002 92.43
DME Oman crude ($/barrel)** (PGA pages 702 & 2710)
Nov 22 XDOA001 92.19 -2.90 4321
Nov 22 DMOQ001 88.50 -4.32 88.50 92.34 4336 3094
Dec 22 DMOQ002 86.30 -3.82 86.30 86.30 1323 7
Jan 23 DMOQ003 84.50 -3.52 84.50 84.50 1323 0
Feb 23 DMOQ004 83.19 -3.30 83.19 83.19 0 0
Total Volume DMOQ000 14865 XDOQP00 0
IFAD Murban crude ($/barrel) (PGA page 703)
Nov 22 AMIFA00 93.740
Murban vs Dubai*** AMIFB00 6.770
NYMEX ULSD ($/gal) (PGA page 705)
Oct 22 NMHO001 3.5860 +0.0122 3.4959 3.6234 31452 74615
Nov 22 NMHO002 3.5115 +0.0013 3.4366 3.5509 28549 36256
Dec 22 NMHO003 3.4337 -0.0098 3.3713 3.4735 21787 37639
Jan 23 NMHO004 3.3613 -0.0188 3.3122 3.3948 12500 21595
Total NMHO000 130436 XNHOP00 3880
NYMEX RBOB unleaded gasoline ($/gal) (PGA page 705)
Oct 22 NMRB001 2.3077 -0.1082 2.3001 2.4672 28056 73678
Nov 22 NMRB002 2.2670 -0.1010 2.2600 2.4171 28592 52781
Dec 22 NMRB003 2.2304 -0.0985 2.2238 2.3754 16061 50459
Jan 23 NMRB004 2.2077 -0.0964 2.2022 2.3407 6823 17026
Total Volume NMRB000 90476 XNRBP00 2081
PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022

In Russian domestic news, Energy Minister Nikolai FUTURES SETTLEMENTS

Shulginov said Sept. 7 he wanted oil output at the Sakhalin
1 project to restart by the end of the year, the Prime news
agency reported.
Project operator Exxon Neftegas declared force majeure
at the project late April, citing concerns about contractual
obligations and operational standards.
Platts EMEA Urals and Med Brent Crude Daily
Rationales & Exclusions
Urals CIF Augusta differential <AAGXX00> assessment
rationale:
Urals CIF Augusta was assessed 30 cents/b lower.
There were no bids or offers in the Platts MOC. The
premium for Urals Mediterranean cargoes over Baltic
cargoes remained around 30 cents/b.
Urals CIF Med <PCACE00> assessment rationale:
Settlement Change Low High Volume* Open interest PNT****
NYMEX Natural Gas ($/MMBtu) (PGA page 705)
Oct 22 NMNG001 7.842 -0.303 7.751 8.299 121130 111341
Nov 22 NMNG002 7.901 -0.311 7.828 8.355 43679 130856
Dec 22 NMNG003 8.035 -0.332 7.971 8.506 30436 69041
Jan 23 NMNG004 8.115 -0.343 8.062 8.591 31230 86812
Total Volume NMNG000 314453 XNNGP00 11298
ICE low sulfur gasoil ($/mt) (PGA page 704)
Sep 22 ICLO001 1099.50 +20.25 1061.75 1104.50 27546 38482
Oct 22 ICLO002 1062.50 +14.50 1029.00 1068.25 71195 112486
Nov 22 ICLO003 1024.25 +10.50 995.00 1029.75 43899 62727
Dec 22 ICLO004 982.00 +6.50 956.50 988.25 51156 71747
Total Volume ICLO000 254943 XILOP00 2120
*Volume, open interest and PNT reflect prior trading day. PNT reflect volume for Privately Negotiated Trades or off-exchange. **Oman settlements are Post Close
settlements. ***IFAD Murban spread to 1st Line (Nov 22) Platts Dubai crude futures. ****Privately Negotiated Trade values found on PGA page 710
FUTURES AT PLATTS’ MARKET ON CLOSE ($/barrel) (PGA page 703)
Singapore* London* Houston* Singapore* London* Houston*

The Urals CIF Mediterranean assessment reflected the
value of the Mediterranean Dated Brent Strip (AALDF00)
plus the Urals CIF Augusta differential assessment
(AAGXX00).
ICE Brent NYMEX WTI
Nov XILLA01 92.22 AAYES00 89.56 AAQBG00 88.00 M1 XNCLA01 86.27 AASCR00 83.44 NYCRM01 81.94
Dec XILLA02 91.32 AAYET00 88.76 AAQBH00 87.21 M2 XNCLA02 85.87 AASCS00 83.13 NYCRM02 81.65
Jan AAXZY00 87.81 AAXZZ00 86.31 M3 NYCRM03 81.26
Feb AAYAM00 86.84 AAYAL00 85.42 M4 NYCRM04 80.74
Oman *Singapore and London MOC close at precisely 16:30 local time while Houston
MOC closes at precisely 13:30 local time. MOC times are usually earlier on the day
Nov XDOA001 92.19 preceding major local holidays.
Volume XDOAV01 4321

PLATTS CRUDE OIL MARKETWIRE
Contact Client Services: support@platts.com; Americas: +1-800-752-8878;
Europe & Middle East: +44-20-7176-6111; Asia Pacific: +65-6530-6430
Trade Data: S&P Global Commodity Insights 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.
© 2022 by S&P Global Inc. All rights reserved.
S&P Global, the S&P Global logo, S&P Global Commodity Insights, and Platts are
trademarks of S&P Global Inc. Permission for any commercial use of these trademarks
must be obtained in writing from S&P Global Inc.
You may view or otherwise use the information, prices, indices, assessments and other
related information, graphs, tables and images (“Data”) in this publication only for your
personal use or, if you or your company has a license for the Data from S&P Global
Commodity Insights and you are an authorized user, for your company’s internal business
use only. You may not publish, reproduce, extract, distribute, retransmit, resell, create any
derivative work from and/or otherwise provide access to the Data or any portion thereof
to any person (either within or outside your company, including as part of or via any
internal electronic system or intranet), firm or entity, including any subsidiary, parent, or
other entity that is affiliated with your company, without S&P Global Commodity Insights’
prior written consent or as otherwise authorized under license from S&P Global
Commodity Insights. Any use or distribution of the Data beyond the express uses
authorized in this paragraph above is subject to the payment of additional fees to S&P
Global Commodity Insights.
S&P Global Commodity Insights, its affiliates and all of their third-party licensors disclaim
any and all warranties, express or implied, including, but not limited to, any warranties of
merchantability or fitness for a particular purpose or use as to the Data, or the results
obtained by its use or as to the performance thereof. Data in this publication includes
independent and verifiable data collected from actual market participants. Any user of
the Data should not rely on any information and/or assessment contained therein in
making any investment, trading, risk management or other decision. S&P Global
Commodity Insights, its affiliates and their third-party licensors do not guarantee the
adequacy, accuracy, timeliness and/or completeness of the Data or any component
thereof or any communications (whether written, oral, electronic or in other format), and
shall not be subject to any damages or liability, including but not limited to any indirect,
special, incidental, punitive or consequential damages (including but not limited to, loss
of profits, trading losses and loss of goodwill).
ICE index data and NYMEX futures data used herein are provided under S&P Global
Commodity Insights’ commercial licensing agreements with ICE and with NYMEX. You
acknowledge that the ICE index data and NYMEX futures data herein are confidential and
are proprietary trade secrets and data of ICE and NYMEX or its licensors/suppliers, and
you shall use best efforts to prevent the unauthorized publication, disclosure or copying
of the ICE index data and/or NYMEX futures data.
Permission is granted for those registered with the Copyright Clearance Center (CCC) to
copy material herein for internal reference or personal use only, provided that appropriate
payment is made to the CCC, 222 Rosewood Drive, Danvers, MA 01923, phone +1-978-
750-8400. Reproduction in any other form, or for any other purpose, is forbidden without
the express prior permission of S&P Global Inc. For article reprints contact: The YGS
Group, phone +1-717-505-9701 x105 (800-501-9571 from the U.S.).
For all other queries or requests pursuant to this notice, please contact S&P Global Inc.
via email at support@platts.com.

© 2022 by S&P Global Inc. All rights reserved. 14

PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022

REPORTED SPOT CASH TRANSACTIONS (PGA page 3)

Trans. Date Cargo / Cargo Load CFD Roll Crude Grade(s) Reported Outright / Basis Barrels Seller Buyer
Spread Dates Range / Week Status Diff. Price
CFD Week ($/barrel)
Platts Americas
09/07/2022 November Alaska North Slope (ANS) Heard 2.50 ICE Brent
09/07/2022 October Bakken Williston (Johnson’s Corner) Heard 2.80 NYMEX WTI CMA
09/07/2022 October Mixed Sweet (MSW) (Edmonton) Heard -1.25 NYMEX WTI CMA
09/07/2022 October WCS (Hardisty) Heard -20.20 NYMEX WTI CMA
Platts Asia
9/7/2022 November Dubai Partial Done 92.2 25000 PetroChina Gunvor
9/7/2022 November Dubai Partial Done 92.2 25000 PetroChina Vitol
9/7/2022 November Dubai Partial Done 92.2 25000 PetroChina Vitol
9/7/2022 November Dubai Partial Done 92.2 25000 Reliance Vitol
9/7/2022 November Dubai Partial Done 92.2 25000 EXTAP Vitol
9/7/2022 November Dubai Partial Done 92.2 25000 Reliance Gunvor
9/7/2022 November Dubai Partial Done 92.2 25000 EXTAP Gunvor
9/7/2022 November Dubai Partial Done 92.2 25000 PetroChina Gunvor
Platts EMEA
09/7/2022 October 17 21 Brent CFD Done -0.05 Cash BFOE Dec 100000 DV Trading Equinor
09/7/2022 October 3 7 Brent CFD Done -0.10 Cash BFOE Dec 100000 ExxonMobil Onyx
09/7/2022 September 19 23 Brent CFD Done -0.95 Cash BFOE Nov 100000 Alta PetroChina
09/7/2022 September 26 30 Brent CFD Done -0.85 Cash BFOE Nov 100000 Shell Mercuria
09/7/2022 October 3 7 Brent CFD Done -0.10 Cash BFOE Dec 100000 TotalEnergies PetroChina
09/7/2022 October 10 14 Brent CFD Done -0.05 Cash BFOE Dec 100000 TotalEnergies BP
09/7/2022 October 3 7 Brent CFD Done -0.05 Cash BFOE Dec 100000 Alta Vitol
09/7/2022 October 3 7 Brent CFD Done -0.10 Cash BFOE Dec 100000 TotalEnergies PetroChina
09/7/2022 September 26 30 Brent CFD Done -0.85 Cash BFOE Nov 100000 Shell DV Trading
09/7/2022 September 26 30 Brent CFD Done -0.80 Cash BFOE Nov 100000 Alta Vitol
09/7/2022 September 26 30 Brent CFD Done -0.95 Cash BFOE Nov 100000 Shell Vitol
09/7/2022 October 3 7 Brent CFD Done -0.10 Cash BFOE Dec 100000 TotalEnergies PetroChina
09/7/2022 October 10 14 Brent CFD Done -0.05 Cash BFOE Dec 100000 Alta Onyx
09/7/2022 October 10 14 Brent CFD Done -0.05 Cash BFOE Dec 100000 TotalEnergies BP
09/7/2022 October 10 14 Brent CFD Done -0.05 Cash BFOE Dec 100000 TotalEnergies PetroChina
09/7/2022 October 3 7 Brent CFD Done -0.10 Cash BFOE Dec 100000 TotalEnergies PetroChina
09/7/2022 October 3 7 Brent CFD Done -0.10 Cash BFOE Dec 100000 TotalEnergies Onyx
09/7/2022 October 10 14 Brent CFD Done -0.05 Cash BFOE Dec 100000 TotalEnergies DV Trading
09/7/2022 September 26 30 Brent CFD Done -0.80 Cash BFOE Nov 100000 Shell Petraco
09/7/2022 September 19 23 Brent CFD Done -0.95 Cash BFOE Nov 100000 Petraco PetroChina
09/7/2022 September 19 23 Brent CFD Done -0.85 Cash BFOE Nov 100000 Onyx Equinor
09/7/2022 September 26 30 Brent CFD Done -0.85 Cash BFOE Nov 100000 Alta DV Trading
09/7/2022 September 26 30 Brent CFD Done -0.95 Cash BFOE Nov 100000 Alta Vitol
09/7/2022 October 3 7 Brent CFD Done -0.10 Cash BFOE Dec 100000 ExxonMobil DV Trading
09/7/2022 October 10 14 Brent CFD Done -0.05 Cash BFOE Dec 100000 TotalEnergies Onyx
09/7/2022 October 3 7 Brent CFD Done -0.10 Cash BFOE Dec 100000 ExxonMobil PetroChina
09/7/2022 October 3 7 Brent CFD Done -0.10 Cash BFOE Dec 100000 TotalEnergies Mercuria
09/7/2022 November Cash BFOE Done 89.61 100000 Mercuria Shell
09/7/2022 November Cash BFOE Done 89.63 100000 Mercuria Glencore
09/7/2022 November Cash BFOE Done 89.61 100000 Mercuria Gunvor
09/7/2022 November Cash BFOE Done 89.71 100000 PetroIneos Alta
09/7/2022 November Cash BFOE Done 89.63 100000 Mercuria Shell
09/7/2022 November Cash BFOE Done 89.61 100000 Mercuria Gunvor
09/7/2022 November Cash BFOE Done 89.71 100000 PetroIneos Alta
Please note that all deals that are stated as “Done” were reported and published through the Platts Market on Close assessment process. Deals that are stated as “Reported” were not reported through the MOC, and may reflect transactions that were reported
before or after the MOC process. Platts seeks to confirm non-MOC information to the fullest extent possible prior to publication.

© 2022 by S&P Global Inc. All rights reserved. 15

PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022
Urals RCMB (Recombined) <AALIN00> assessment
rationale:
The Urals RCMB (Recombined) assessment reflected
the value of the Platts Dated Brent assessment (PCAAS00)
plus the Urals CIF Augusta differential assessment
(AAGXX00).
Urals CIF Rdam <PCAFW00> assessment rationale:
Urals CIF Rotterdam was assessed 30 cents/b lower.
There were no bids or offers in the Platts MOC. The
premium for Urals Mediterranean cargoes over Baltic
cargoes remained around 30 cents/b.
Med Dated Brent Strip 13-28 Day <AALDF00> assessment
rationale:
The Mediterranean Dated Brent Strip reflected the
value of Forward Dated Brent 13-28 days ahead of the
day of publication. Forward Dated Brent is assessed as
a function of Platts assessments of second-month Cash
BFOE (PCAAR00) and BFOE CFD differentials (PCAKA00,
PCAKC00, PCAKE00, PCAKG00, AAGLU00, AAGLV00,
AALCZ00).
CPC Blend CIF Augusta vs BTC Dtd Strip <AAHPL00>
assessment rationale:
CPC Blend was assessed 10 cents/b higher. There were
no bids, offers or trades in the Platts MOC process. Traders
said September loading cargoes were trading at around
Dated Brent minus $1/b.
Exclusions: None
Platts is part of S&P Global Commodity Insights
Platts EMEA Urals & Med Brent Crude Bids,
Offers, Trades
Bids: None
Offers: None
Trades: None
This assessment commentary applies to the following
market data codes: Urals CIF Med <PCACE00>> Urals
CIF Rdam <PCAFW00> ESPO FOB Kozmino Mo01 London
<AARWD00> CPC CIF Augusta Diff <AAHPL00>
© 2022 by S&P Global Inc. All rights reserved. 16
Platts West African Crude Daily Commentary
■ 24 mil Nigerian Oct-loading barrels unsold
■ Shorter-haul grades cap Nigerian differentials
West African crudes were still in the process of repricing
Sept. 7, yet to restore competitiveness against shorter-haul
grades in Europe or alternative streams to Asia.
Traders gave mixed accounts of European arbitrages.
Some saw emerging support from stronger Mediterranean
differentials and healthy middle distillate refining cracks.
Weaker backwardation in Dated Brent and easing freight
rates have also given WAF crudes a softer landing
in Europe.
Yet others maintained shorter-haul crudes such as Azeri
Light in the Mediterranean or Oseberg from the North Sea
were capping WAF differentials in Europe.
Downstream, strength in middle distillates refining
cracks contrasted with recent two-year lows in
gasoline, suggesting mixed fortunes for Nigerian crudes’
refining value.
In Angola, about half of the October-loading program
had sold, according to one trader, as the market ticked over
into the second half of the trading cycle. A short program
for October helped to offset weak demand in recent weeks
to trim length.
There was greater availability in the Nigerian market
emerging from a disappointing tender phase for October-
loading crudes. This was despite significantly shorter
loadings owing to production disruptions.
Around 24 million were heard still unsold, after at least
6 million-7 million barrels were awarded in tenders to Asian
refineries in recent weeks, considered a disappointing take
by traders.
The slow tender phase leaves sellers with significant
volumes to sell on unreliable European arbitrages in the
latter stage of the cycle.
In public trading, China’s Unipec offered an Angolan
Olombendo cargo loading Oct. 3-4 at $3/b above Dated
Brent. No public trades were reported.
Platts West African Crude Daily Rationale &
Exclusions
The four crudes in the Nigerian basket were assessed
unchanged.
More competitive values in shorter-haul European
and Mediterranean crudes capped Nigerian differentials.
This was partially counterbalanced by softer freight rates,
weaker backwardation in Dated Brent and tight loading
programs. There were no bids, offers or trades in the Platts
Market on Close Assessment process.
Qua Iboe FOB Nigeria <PCAID00>
Bonny Light FOB Nigeria London <PCAIC00>
Forcados FOB Nigeria <PCABC00>
Bonga FOB Nigeria <PCNGC00>
Exclusions: None
Platts is part of S&P Global Commodity Insights.
Platts West African Crude Bids, Offers, Trades
Bids: None
Offers: None
Trades: None
This assessment commentary applies to the following
market data code: WAF Index <AWAFB00> The WAF Index is
calculated using the following market data codes: Qua Iboe
FOB Nigeria <PCAID00> Bonny Light FOB Nigeria London
<PCAIC00> Forcados FOB Nigeria <PCABC00> Bonga FOB
Nigeria <PCNGC00>
Platts US Pipeline Crude Daily Commentary
■ Sour grades strengthen again
■ Outrights near 2022 lows
Sweet US Gulf Coast crude grades were largely unchanged
on Sept. 7, while sour grades were mostly stronger versus
cash West Texas Intermediate.
NYMEX October WTI fell $4.94 lower on the day to
$81.94/b, as concerns about an economic slowdown
PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022
continued to outweigh announced oil output cuts by OPEC
and its production allies.
“Differentials seem to be hanging in there, which is
good,” one market source said. “It will be interesting if we
go under $80 tomorrow, or if we head back to $90.”
WTI at the Magellan East Houston terminal was
assessed unchanged based on market indications Sept. 7
at cash WTI plus $2.20/b, while WTI at Midland, Texas, also
was assessed unchanged at cash WTI plus $1.80/b.
Light Louisiana Sweet also was assessed unchanged at
cash WTI plus $2.40/b, however Heavy Louisiana Sweet was
assessed 40 cents/b stronger on the day at plus $1.40/b.
On the sour side, Mars was assessed 20 cents stronger
on Sept. 7 to cash WTI minus 95 cents/b, with fellow
medium sour grades such as Poseidon and Thunder Horse
strengthening the same amount to minus $1.55/b and plus
55 cents/b, respectively.
Meanwhile, outright prices, tracking cash WTI, were also
sharply lower on the day.
WTI Midland was down $4.94 to $83.74/b on Sept. 7,
while WTI MEH fell the same amount to $84.14/b, its lowest
level since Jan. 13, before Russia’s invasion of Ukraine
kicked off a period of higher prices.
Medium sour Mars was down less sharply, falling $4.74
to $80.99/b, also its lowest level since Jan. 13.
Platts is a part of S&P Global Commodity Insights.
Platts US Gulf Coast Export Crude Daily
Commentary
■ Platts AGS outright dips lower
■ Brent/WTI swaps spread widens
The outright price for Platts American GulfCoast Select
marched lower again on Sept. 7, while differentials
were mixed.
Platts AGS, which represents Midland-spec West Texas
Intermediate crude for exports out of the US Gulf Coast
on an FOB basis, was assessed 8 cents weaker versus
the NYMEX West Texas Intermediate strip at a $3.46/b
© 2022 by S&P Global Inc. All rights reserved. 17
premium, its smallest premium since Aug. 22, according to
S&P Global Commodity Insights data.
It also was assessed 20 cents stronger on Sept. 7 versus
the Dated Brent strip at a $2.17/b discount, its smallest
discount since Aug. 8, data show.
The outright price for Platts AGS, meanwhile, continued
its steady move lower on the day, falling $4.94 to $85.05/b,
its lowest level since Jan. 13.
Also on Sept. 7, NYMEX October WTI slipped 4.94 lower
on the day to $81.94/b, as a strong dollar and economic
concerns continued to outweigh announced oil output cuts
by OPEC and its production allies.
Meanwhile, the Brent/WTI swaps spread, an indicator
of the competitiveness of US crude on the international
market, widened again on Sept. 7, this time by 6 cents to
$5.67/b. As the swaps spread widens, WTI-based crudes
are generally viewed as becoming more competitive in the
global market.
The US Energy Information Administration said in its
monthly Short-Term Energy Outlook released Sept. 7 that
it sees Brent averaging $104.21/b in 2022 and $96.91/b
in 2023.
Platts is a part of S&P Global Commodity Insights.
Platts Canadian Pipeline Crude Daily
Commentary
■ WCS Hardisty crude differential strengthens to minus
$20.20/b
■ Crude futures weaken amid concerns over looming
recession
The differential for October Western Canadian Select at
Hardisty, Alberta continued to rise to minus $20.20/b Sept.
7, up 20 cents from the previous day.
In contrast, the outright price for Western Canadian
Select at Hardisty, Alberta, fell to the lowest level in nine
months as it tracked a broad decline in benchmark futures.
Platts assessed the outright price for WCS at Hardisty,
Alberta at $61.30/b Sept. 7, down 65 cents/b on the day.
It was a mixed trend for the other Canadian crude
differentials Sept. 7, with WCS at Cushing and WCS at the
Gulf Coast 70 cents/b stronger from the previous day at
WTI CMA minus $11.15/b and WTI CMA minus $10.05/b,
respectively. The differential for Mixed Sweet at Edmonton
dropped 20 cents on the day to minus $1.25/b.
Crude futures were at the lowest since the invasion of
Ukraine in late February as the market continued to show
concern about a weakening global economy. Lowered
demand in China due to lockdowns and expectations of
increased interest rates from the US and European Central
Banks could slow down economic growth and possibly
bring down oil prices.
Platts is a part of S&P Global Commodity Insights.
Platts Latin American Crude Daily
Commentary
■ Latin outright values plunge as traders focus on demand
concerns
■ Colombian differentials narrow, tracking Canada’s
Cold Lake
Latin American outright crude values plunged Sept. 7,
following moves in the overall oil complex.
All grades assessed by Platts declined more than $4/b,
in line with NYMEX front-month crude, which settled at
$81.94/b, down $4.94, and ICE front-month Brent, which
settled at $88.00/b, down $4.83.
Latin differentials were mixed on the day, with
Colombia’s heavy Castilla blend and Vasconia narrowing
versus ICE Brent, consistent with competing heavy grades
on the US Gulf Coast. Platts assessed Castilla at a discount
of $11.70/b to the Latin Brent futures strip, up 30 cents
day on day. Comparatively, Canada’s Cold Lake on the US
Gulf Coast rose 70 cents and narrowed to $10.05/b to the
NYMEX WTI CMA.
Trading sources have said that Castilla has increasingly
been priced off of Cold Lake, which has become the reliable
heavy barrel on the USGC.
PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022
Castilla, as well as other Latin barrels that are frequently
shipped to Asia, has also come under pressure as a result
of coronavirus lockdowns in China. China’s city of Chengdu
extended its lockdown in an effort to contain the virus,
according to media reports.
Platts is part of S&P Global Commodity Insights.
SUBSCRIBER NOTES
Platts clarifies USGC terminal review process for
WTI Midland in Brent Complex
Following the decision by Platts, part of S&P Global
Commodity Insights, to reflect WTI Midland in both Cash
BFOE and Dated Brent from June 2023, Platts clarifies the
terminal review process discussed in that subscriber note.
The decision to include WTI Midland was published on
June 8, 2022 and can be found here:
https://www.spglobal.com/commodityinsights/en/our-
methodology/subscriber-notes
Platts will reflect in Dated Brent and Cash BFOE
assessments WTI Midland cargoes loading in the US Gulf
Coast (USGC) that meet the Platts specification which can
be found here:
https://www.spglobal.com/commodityinsights/
plattscontent/_assets/_files/en/our-methodology/
methodology-specifications/emea-crude-methodology.pdf
Additionally, Platts will reflect WTI Midland cargoes that
can be loaded from reviewed and subsequently approved
USGC oil terminals.
Any existing counterparty in Platts Brent assessment
process can request a terminal be reviewed for inclusion in
that process.
Additionally, any company and/or terminal operator can
also request to be reviewed for inclusion in the assessment
process.
A USGC terminal wishing to be included in the Brent
assessment process would need to demonstrate an
ability to load Cash BFOE nominations of WTI Midland that
© 2022 by S&P Global Inc. All rights reserved. 18
meet the nominated laycan, including a successful track
record of loading in line with market-relevant performance
standards. Terminals should demonstrate, at a minimum,
the following:
■ Ability to accommodate Aframax class vessels that
can load a 700,000-barrel cargo with a tolerance plus/
minus 1%.
■ Load oil quality that meets Platts WTI Midland
specification.
■ Must not have receipt directly from any Cushing origin
pipeline.
■ Full transparency over terminal ownership structure.
■ Sufficient storage capacity to meet loading schedule.
■ Ability to provide a month-ahead loading schedule for
Cash BFOE cargo slots for publication corresponding
with the existing FOB North Sea loading programs. For
example, the full-month June loading schedule should
be provided on or before fallback day, which is the
penultimate working day in April.
Following a request to be reviewed for inclusion, Platts
will contact the terminal for further information and publish
a subscriber note to seek market feedback, for each
terminal individually.
Once the feedback and the relevant information from
the terminal have been collated and reviewed, should the
terminal meet the requirements, a further subscriber note
would be published noting the decision to include the
terminal in the price assessment process.
Platts will publish the list of approved terminals in its
Specifications Guide.
The review is an ongoing process and terminals can
expect to receive requests for further information following
the initial review process.
Interested parties requesting a terminal review for
inclusion in the Brent assessment process should send
their request for review to PriceGroup@spglobal.com and
Europe_Crude@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 hold US North Sea Crude Technical
Workshop Sept. 15
From June 2023 cargoes onwards, the Brent complex,
including cash BFOE forwards and the Dated Brent
benchmark itself, will include WTI Midland.
To discuss the latest updates and preparing for this
major change, Platts is holding a North Sea Technical
workshop. This event, to be held Sept. 15, 2022, will review
the current performance of Dated Brent and related
markets, highlighting trends and liquidity, as well as
address the ongoing discussion around BFOE contract
terms and terminal reviews.
During this workshop we will cover the following topics:
■ Background on the Dated Brent benchmark
■ Performance of Dated Brent in 2022’s volatile market
■ Update on terminal acceptance criteria and reviews
■ Cash BFOE terms discussion
This online workshop is a good opportunity for you to
discover more on the addition of WTI Midland to Dated
Brent, and interact with Platts editors.
Register below for your opportunity to join the
discussion: https://events.spglobal.com/d/b9qp52/
Platts is a part of S&P Global Commodity Insights.
Platts to hold London North Sea Crude Technical
Workshop Sept. 13
From June 2023 cargoes onwards, the Brent crude oil
complex, including cash BFOE forwards and the Dated
Brent benchmark itself, will include WTI Midland.
To discuss the latest updates and to prepare for this
major change, Platts, part of S&P Global Commodity
Insights, is holding a London North Sea Technical workshop
on Sept. 13.
This event will review the current performance of Dated
Brent and related markets, highlighting trends and liquidity,
PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022
as well as address the ongoing discussion around BFOE
contract terms and terminal reviews.
The workshop will be held in person at CCT Venues Bank
Street, London and will also be run as an online event.
Further details about the event and registration can be
found here:
https://events.spglobal.com/event/4056e66b-51f9-41f8-
9ba8-ce7aaa2712bc/summary
Platts reduces repeat order timing for partials in
Asia crude oil MOC
Platts, part of S&P Global Commodity Insights, has
shortened the time allowed for participants to repeat a bid
or offer, following a trade, in the Middle East sour crude
partials Market On Close assessment process with effect
from Sept. 1, 2022.
Platts first proposed the change in a subscriber note
published July 13, 2022: http://plts.co/Xme730soFoP
Market participants in the MOC process previously had
up to 15 seconds to repeat their bid or offer following a
trade. Platts has shortened this to up to 10 seconds from
Sept. 1, 2022.
The change took into account the growth in market
activity and the recent price volatility, which has
necessitated a speedier and more granular approach in the
MOC process for price demonstration.
Activity in the Middle East sour crude MOC assessment
process has grown substantially in recent years,
reflecting rising trade volumes in the broader Asia market,
underpinned by strong oil demand growth in countries such
as China and India.
The change is applied to all crude partials and spreads
in the Middle East MOC assessment process for Dubai,
Oman, Upper Zakum, Al Shaheen, and Murban crudes. The
five grades are physically deliverable into the benchmark
Platts Dubai crude contract.
Platts last reduced repeat order timing in the Dubai MOC
to 15 seconds from 60 seconds in November 2015.
© 2022 by S&P Global Inc. All rights reserved. 19
The change does not affect the increment guidelines,
which allows market participants to improve their bid or
offer by up to 5 cents/b every 5 seconds.
The Middle East sour crude MOC is facilitated by
Platts Editorial Window or eWindow, an online data-entry
and communications tool, which brings greater speed,
transparency and efficiency to the price assessment
processes.
For more information on Platts Middle East crude
benchmarks and how they are assessed, please visit:
https://www.spglobal.com/platts/plattscontent/_assets/_
files/en/our-methodology/methodology-specifications/
apag-crude-methodology.pdf
Please send any feedback or questions to
asia_crude@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 seeks feedback on inclusion of Pin Oak
Corpus Christi Terminal in Dated Brent assessment
process
Platts, part of S&P Global Commodity Insights, proposes
including Pin Oak Corpus Christi Terminal as a loading
terminal for WTI Midland crude oil in its Dated Brent and
Cash BFOE Market on Close assessment process from
June 2023.
Platts’ recent decision to include WTI Midland into the
Brent complex, and clarification of the review process by
which loading terminals are included in the assessment
process, can be found here.
Upon successful review and meeting Platts criteria,
sellers would be able to nominate WTI Midland meeting
Platts specification loaded from Pin Oak Corpus Christi
Terminal for inclusion into the Dated Brent/Cash BFOE
assessment process.
The terminal, located in Corpus Christi, Texas, is wholly
owned by Pin Oak Group, LLC. It handles crude oil and
petroleum products. The terminal has two docks, including
one that can fit up to a Suezmax size vessel and has a
storage capacity of 5.1 million barrels, 2.9 million barrels of
which is for crude oil storage.
Please send all feedback to PriceGroup@spglobal.com
and Europe_Crude@spglobal.com by Sept. 30. 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 include NuStar Corpus Christi, Texas North
Beach Terminal into Brent complex assessment
process for June 2023
Platts, part of S&P Global Commodity Insights, will
include NuStar Corpus Christi, Texas North Beach terminal
as a loading terminal for WTI Midland crude oil into its Dated
Brent and Cash BFOE Market on Close assessment process
for June 2023 deliveries.
This follows an extend period of feedback https://www.
spglobal.com/commodityinsights/en/our-methodology/
subscriber-notes/062822-platts-proposes-inclusion-of-
nustar-corpus-christi-texas-north-beach-terminal-into-
brent-complex-assessment-process. Sellers would be
able to nominate WTI Midland meeting Platts specification
loaded from NuStar Corpus Christi, Texas North Beach
terminal for inclusion into the Dated Brent/Cash BFOE
assessment process starting with the June 2023 delivery
period.
The terminal in Corpus Christi, Texas, is wholly owned
by NuStar Logistics LP and handles crude oil and petroleum
products, including distillates, gasoline, xylenes and
toluene. The terminal has four docks, including two that
can fit up to a Suezmax-sized ship and 3.7 million barrels
of crude storage capacity, 1.4 million barrels of which is for
WTI Midland.
Platts decision to include WTI Midland into the Brent
complex, and clarification of the review process by
PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022
which loading terminals are included in the assessment
process, can be found here https://www.spglobal.com/
commodityinsights/en/our-methodology/subscriber-
notes/060822-platts-clarifies-usgc-terminal-review-
process-for-wti-midland-in-brent-complex.
Platts is also seeking feedback on six other terminals:
Energy Transfer Houston terminal , Pin Oak Corpus Christi
terminal , Flint Hills Ingleside , Seabrook Logistics , Buckeye
South Texas Gateway and Eagle Ford Terminals Corpus
Christi.
Please send all feedback to PriceGroup@spglobal.com
and Europe_Crude@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 extends consultation period on European
ESPO, Siberian Light, Urals crude oil assessments
Platts, part of S&P Global Commodity Insights, is extending
the consultation period on its European oil assessments
that reflect the spot value of Russian crude and crude
exports from Russian ports.
These assessed grades include Urals loading from the
Russian ports of Primorsk and Ust-Luga in the Baltic Sea;
Siberian Light and Urals, both of which can load from the
port of Novorossiisk in the Black Sea and Eastern Siberian
Pacific Oil (ESPO) loading from Kozmino.
The consultation was launched June 22 and the
subscriber note is available here:
https://www.spglobal.com/commodityinsights/en/
our-methodology/subscriber-notes/062222-platts-opens-
consultation-on-european-crude-oil-assessments-that-
reflect-russian-crude-exports-from-russian-ports
Platts understands that European Union sanctions
(Council Decision CFSP 2022/884 published June 3, 2022)
will impact the merchantability of these grades in European
markets to various degrees.
© 2022 by S&P Global Inc. All rights reserved. 20
The sanctions package imposes a complete import https://www.spglobal.com/commodityinsights/en/
ban on all seaborne Russian crude oil to the European our-methodology/subscriber-notes/030222-further-
Union from Dec. 5, 2022, with spot market transactions guidance-on-sanctions-embargoed-material-in-s-p-global-
and execution of existing contracts to be permitted for six commodity-insights-platts-price-assessment-processes
months until then. It will also impose a ban on EU operators This consultation relates to the following Platts
insuring and financing the shipping of oil from Russia to assessments:
third countries. Code Assessment Name
The sanctions package includes a provision (Council PCAFW00 Urals Rotterdam (CIF)
AAGXJ00 Urals Rotterdam vs Med Dated Brent Strip (CIF)
Decision CFSP 2022/884 section 13) in compliance with AAWVH00 Urals ex-Primorsk
the principle of the freedom of transit. This section states AAWVI00 Urals ex-Primorsk vs Med Dated Brent Strip
AAGZT00 Urals ex-Baltic
that the prohibitions should not apply to crude oil where AAHPI00 Urals ex-Baltic vs Med Dated Brent Strip
Russia is the exporter of record but the origin of the crude PCACE00 Urals Augusta (CIF)
is identified as a third state. AAGXX00 Urals Augusta vs Med Dated Brent Strip (CIF)
AAGZS00 Urals FOB Novorossiysk Suezmax
As part of the consultation process so far, Platts has AAHPH00 Urals FOB Novorossiysk Suezmax vs Med Dated Brent Strip
received widespread support for continuing to reflect AAOTH00 Urals FOB Novorossiysk Aframax
AAOTI00 Urals FOB Novorossiysk Aframax vs Med Dated Brent Strip
delivered Urals prices into Rotterdam and Augusta under AALIN00 Urals RCMB (Recombined)
its existing cost, insurance and freight (CIF) assessment AAPYS00 Urals CIF Augusta Euro
codes beyond the implementation of sanctions. The AODFA00 Observed Delivery Factor (ODF)
AAGZW00 Siberian Light CIF
increasing relevance of free on board (FOB) Baltic and FOB AAHPK00 Siberian Light CIF vs Med Dated Brent Strip
Black Sea values reflecting export arbitrage flows to China AARWD00 ESPO FOB Kozmino (London Close)
AARWE00 ESPO FOB Kozmino vs forward Dated Brent (London Close)
and India has also been referenced as a factor which could AAGZV00 Sweet/Sour Diff NWE
necessitate the continuation of existing FOB assessment AAGZZ00 Sweet/Sour Diff Med
UNCM001 Urals NWE CFD Mo1
codes as standalone assessments, rather than netback
UNCM002 Urals NWE CFD Mo2
calculations from the CIF assessments. UNCM003 Urals NWE CFD Mo3
Platts continues to seek feedback on its ESPO, Siberian AAMDU00 Urals Med CFD Mo1
AAMEA00 Urals Med CFD Mo2
Light, physical Urals and Urals CFD assessments in the UMCM003 Urals Med CFD Mo3
context of the future trading environment in Europe. It
is also seeking further feedback on the spot market for These assessments appear on Platts Global Alert and
Kazakh-origin Urals cargoes. Platts Crude Alert pages 1210, 1220, 1221, 1224, 1617; in Crude
During the first phase of the consultation, Platts Oil Marketwire and Oilgram Price Report; as well as in the
received extensive feedback regarding its CPC Platts price database under the codes above.
Blend assessments and the impact of the sanctions Please send all feedback, comments or questions
announcement on spot trading activity in that market by Aug. 31, 2022, to europe_crude@spglobal.com and
moving forward. Platts has subsequently published a pricegroup@spglobal.com.
proposal note which can be found here: For written comments, please provide a clear indication
https://www.spglobal.com/commodityinsights/en/our- if comments are not intended for publication by Platts for
methodology/subscriber-notes public viewing.
Further guidance on sanctions and embargoed material Platts will consider all comments received and will
in Platts price assessment processes can be found here: make comments not marked as confidential available upon
request.
PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022
Platts to discontinue Indonesia’s Handil Mix,
Australia’s Gippsland crude assessments from
Jan 1, 2023
Platts, part of S&P Global Commodity Insights, will
discontinue publication of Indonesia’s Handil Mix and
Australia’s Gippsland crude assessments with effect from
January 1, 2023.
Platts first proposed the discontinuation in a subscriber
note published May 23, 2022: http://plts.co/8VTw30skzrC .
Platts understands the production levels for Handil Mix
and Gippsland crudes have dwindled over the years with
limited to no spot trading observed by market participants.
Handil Mix typically has an API gravity of around 39.50
with 0.06% sulfur, while Gippsland typically has an API
gravity of around 55.40 with 0.04% sulfur.
For Handil Mix, Platts currently assesses the Indonesian
crude grade as a differential to Asian Dated Brent and a
differential to Indonesia’s Crude Price (ICP), both at Asia
MOC close. It is also assessed on an outright basis at Asia
MOC close and at London close.
Handil Mix, which is produced in Offshore Mahakam
Block, has a production volume of around 12,040 barrels/
day in 2020, according to operator PT Pertamina Hulu
Mahakam (PHM) in its annual report.
The assessments for Handil Mix are published on Platts
Global Alert pages 2214, 2215, 2244, 2245, 2264 and 2265.
For Gippsland, Platts assesses the Australian crude
as a differential to Asian Dated Brent at Asia MOC close.
Gippsland is also assessed on an outright basis at Asia MOC
close and at London close.
Crude production in the Gippsland/Bass Straits basin,
where Gippsland crude is produced, was equivalent to
around 26,000 barrels/day in the Australian financial year
2019/2020, which commenced from July 1, 2019 to June 30,
2020, according to Australian Petroleum Statistics.
The assessments for Gippsland crude are published on
Platts Global Alert pages 2214, 2215, 2240, 2241, 2260, 2261
and 1805.
© 2022 by S&P Global Inc. All rights reserved. 21
Both Handil Mix and Gippsland crude assessments The discontinuation affects the following codes:
are also published on Crude Oil Marketwire, Oilgram Price Eugene Island, PCAFC00
Report, Asia Pacific Arab Gulf Marketscan and OPR Price Eugene Island Monthly Average, PCAFC03
Average Supplement. Eugene Island Pipeline Average, AAFCJ00
The proposed discontinuation will affect these symbols: Eugene Island vs 1st Line WTI, AAGWD00
Eugene Island vs 1st Line WTI Monthly Average,
Handil Mix Gippsland
AAGWE00
Daily diff to ADB AAPBI00 AAPAU00 Eugene Island vs 1st Line WTI Pipeline Average,
Monthly diff to ADB AAPBI03 AAPAU03
Daily diff to ICP PCABF00 - AAGWE02
Monthly diff to ICP PCABF03 - The prices appear on Platts Global Alert and Platts
Daily outright Asia close PCABE00 PCACP00
Weekly outright Asia Crude Alert pages 214, 215, 216, and in Crude Oil Marketwire,
- PCACP10
close North American Crude and Products Scan, Oilgram Price
Monthly outright Asia Report and the OPR Price Average Supplement.
AAFZF00 AAFZL00
close
Daily outright London Please send any feedback or questions
AAPBH00 AAPAT00
close to Americas_crude@spglobal.com and
Monthly outright London
AAPBH03 AAPAT03 pricegroup@spglobal.com.
close
For written comments, please provide a clear indication
Please send all comments and queries to if comments are not intended for publication by Platts for
asia_crude@spglobal.com and pricegroup@spglobal.com. public viewing. Platts will consider all comments received
For written comments, please provide a clear indication and will make comments not marked as confidential
if comments are not intended for publication by Platts for available to the public upon request.
public viewing.
Platts will consider all comments received and will Platts opens consultation on European crude oil
make comments not marked as confidential available upon assessments that reflect Russian crude, exports
request. from Russian ports
Platts to discontinue publishing assessments for Platts, part of S&P Global Commodity Insights, is opening
Eugene Island crude oil a consultation on its European oil assessments that reflect
the spot value of Russian crude and crude exports from
Platts, a part of S&P Global Commodity Insights, will Russian ports.
discontinue publishing assessments for Eugene Island The assessed grades include Urals loading from the
crude oil as both an outright value and as a differential to Russian ports of Primorsk and Ust-Luga in the Baltic Sea;
WTI, effective Nov. 1, 2022. CPC Blend, Siberian Light, and Urals, all of which can load
This comes after Platts proposed to discontinue the from the port of Novorossiisk in the Black Sea and Eastern
assessments on July 20, 2022. Siberian Pacific Oil (ESPO) loading from Kozmino.
Platts is discontinuing the assessments due to waning Platts understands that EU sanctions (Council
market activity for the grade over the years, according to Decision CFSP 2022/884 published June 3) will impact the
market sources. Platts has assessed Eugene Island as part merchantability of these grades in European markets to
of its suite of Gulf of Mexico crude assessments since July various degrees.
2012.
PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022

The sanctions package imposes a complete import This consultation relates to the following Platts Platts will consider all comments received and will
ban on all seaborne Russian crude oil to the EU from Dec. assessments: make comments not marked as confidential available upon
5, 2022, with spot market transactions and execution of Code Assessment Name request.
existing contracts to be permitted for six months until then. PCAFW00 Urals Rotterdam (CIF)
AAGXJ00 Urals Rotterdam vs Med Dated Brent Strip (CIF)
It will also impose a ban on EU operators insuring and AAWVH00 Urals ex-Primorsk Platts to reflect WTI Midland in Dated Brent, Cash
financing the shipping of oil from Russia to third countries. AAWVI00 Urals ex-Primorsk vs Med Dated Brent Strip BFOE from June 2023
AAGZT00 Urals ex-Baltic
The sanctions package includes a provision (Council AAHPI00 Urals ex-Baltic vs Med Dated Brent Strip
Decision CFSP 2022/884 section 13) in compliance with the PCACE00 Urals Augusta (CIF) Following extensive consultation and proposal periods,
principle of the freedom of transit. AAGXX00 Urals Augusta vs Med Dated Brent Strip (CIF) Platts, part of S&P Global Commodity Insights, will reflect
AAGZS00 Urals FOB Novorossiysk Suezmax
The section states that the prohibitions should not apply AAHPH00 Urals FOB Novorossiysk Suezmax vs Med Dated Brent Strip cargoes of WTI Midland crude oil in its Dated Brent crude oil
to crude oil where Russia is the exporter of record but the AAOTH00 Urals FOB Novorossiysk Aframax benchmark, with effect from June 2023 cargo deliveries.
AAOTI00 Urals FOB Novorossiysk Aframax vs Med Dated Brent Strip
origin of the crude is identified as a third state. AALIN00 Urals RCMB (Recombined)
This inclusion will extend across the Brent complex,
Platts understands that the presence of Russian-origin AAPYS00 Urals CIF Augusta Euro including Dated Brent and its related components, Cash
material in the predominantly Kazakh CPC Blend stream, AODFA00 Observed Delivery Factor (ODF) BFOE, and all related instruments. Platts will maintain the
AAGZU00 CPC Blend CIF
and Kazakh-origin material in the predominantly Russian AAHPL00 CPC Blend CIF vs BTC Dated Brent Strip assessment of the Dated Brent benchmark and Cash BFOE
Urals stream loading from Novorossiisk may also impact AALVX00 CPC Blend FOB Suezmax as FOB North Sea values, with Cash BFOE methodology to
AALVZ00 CPC Blend FOB Suezmax vs BTC Dated Brent Strip
trading activity in those markets before and after the AAOFV00 CPC FOB Aframax be finalized in the coming months.
sanctions take effect. AAOFW00 CPC FOB Aframax vs BTC Dated Brent Strip This follows a proposal published Feb. 14, 2022 and
AAGZW00 Siberian Light CIF
Platts is therefore seeking feedback on the current available here:
AAHPK00 Siberian Light CIF vs Med Dated Brent Strip
methodology for its CPC Blend, ESPO, Siberian Light, and AARWD00 ESPO FOB Kozmino (London Close) https://www.spglobal.com/commodityinsights/en/our-
Urals spot assessments in the context of this trading AARWE00 ESPO FOB Kozmino vs forward Dated Brent (London Close) methodology/subscriber-notes/021422-platts-proposes-to-
AAGZV00 Sweet/Sour Diff NWE
environment in Europe. AAGZZ00 Sweet/Sour Diff Med reflect-wti-midland-in-dated-brent-cash-bfoe-from-june-
It is also seeking feedback on the spot market for UNCM001 Urals NWE CFD Mo1 2023-keeps-brent-assessments-on-an-fob-basis
UNCM002 Urals NWE CFD Mo2
Kazakh origin Urals cargoes. UNCM003 Urals NWE CFD Mo3
And a consultation published July 21, 2021, and available
While CPC Blend, Siberian Light, and Urals cargoes AAMDU00 Urals Med CFD Mo1 here:
typically trade on a cost, insurance and freight (CIF) basis AAMEA00 Urals Med CFD Mo2 https://www.spglobal.com/commodityinsights/en/
UMCM003 Urals Med CFD Mo3
referencing cargo loading dates, Platts is seeking feedback our-methodology/subscriber-notes/072121-platts-launches-
on whether trading behavior is shifting towards trading on a consultation-on-further-evolution-of-dated-brent-and-
free on board (FOB) basis given the sanctions in Europe. These assessments appear on Platts Global Alert and wider-brent-complex
In markets where no sanctions have been applied to Platts Crude Alert pages 1210, 1220, 1221, 1224, 1617; in Crude Platts to add WTI Midland to Dated Brent and all related
imports of Russian crude oil and in which observable spot Oil Marketwire and Oilgram Price Report; as well as in the Platts Brent assessments:
market activity is ongoing, Platts will continue to publish its Platts price database under the codes above. - WTI Midland cargoes on a CIF Rotterdam basis to be
assessments of these flows as part of its commitment to Please send all feedback, comments or questions reflected in Dated Brent, with FOB value derived by freight
pricing transparency. by July 15 to europe_crude@spglobal.com and netback to established North Sea ports.
Further guidance on sanctions and embargoed material pricegroup@spglobal.com. - Dated Brent and Cash BFOE cargo sizes to move to
in Platts price assessment processes can be found here: For written comments, please provide a clear indication 700,000 barrels from 600,000 barrels.
https://www.spglobal.com/commodityinsights/en/ if comments are not intended for publication by Platts for - Freight Adjustment Factor on WTI Midland to be set at
our-methodology/subscriber-notes/030222-further- public viewing. 80%.
guidance-on-sanctions-embargoed-material-in-s-p-global- - Cash BFOE methodology to be defined after further
commodity-insights-platts-price-assessment-processes discussion of market standards.

© 2022 by S&P Global Inc. All rights reserved. 22

PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022
CONSULTATION AND PROPOSAL: Since launching a
formal consultation July 21, 2021, Platts has received
widespread support for the inclusion of WTI Midland in
the Brent complex. The feedback received included a
wide range of ideas and proposed mechanisms for the
inclusion of WTI Midland. Platts appreciates that the
inclusion of WTI Midland into the Brent complex requires
detailed methodological evolution. Building on the feedback
received, this decision sets out the pathway for the grades
inclusion into Dated Brent.
TIMING OF IMPLEMENTATION: Platts will include WTI
Midland cargoes in the Dated Brent assessment from
cargo delivery periods starting June 2023. Such physical
cargoes can be bid or offered in the Platts Market on Close
assessment process for inclusion in Dated Brent from the
first publishing day in May 2023, with the associated June
Cash BFOE value assessed from February 2023.
WTI MIDLAND INTO DATED BRENT: As part of this
change, Platts will amend Dated Brent to reflect the bids,
offers, and transactions for the most competitive grade
of Brent/Ninian Blend, Forties, Oseberg, Ekofisk, Troll, and
WTI Midland, on an FOB and freight-adjusted FOB North Sea
basis. Platts will reflect bids, offers, and transactions of WTI
Midland on a CIF Rotterdam basis in its Market on Close
assessment process as per current guidelines. A value for
an FOB equivalent cargo of WTI Midland in the North Sea will
be derived by a calculation of an evenly weighted average
of freight values for the five existing ports of Sullom Voe,
Hound Point, Sture, Teesside, and Mongstad.
FREIGHT ADJUSTMENT FACTOR: Inclusion of CIF
Rotterdam cargoes in Dated Brent will incorporate a
freight adjustment factor in the calculation of equivalent
FOB value for delivered cargoes. Following significant
feedback received during the proposal period, Platts will
apply a freight adjustment factor of 80% to cargoes of WTI
Midland to give an FOB North Sea assessment, based on
the average of freight rates for an equivalent loading period.
The basis for this adjustment for WTI Midland would refer to
an average of the basket of the five Dated Brent North Sea
© 2022 by S&P Global Inc. All rights reserved. 23
terminals. The 80% freight adjustment factor is in line with
the freight adjustment factors applied to the existing BFOE
grades. Background on Platts Freight Adjustment Factors
can be found here:
https://www.spglobal.com/platts/plattscontent/_
assets/_files/en/our-methodology/methodology-
specifications/dated-brent-cif-rotterdam.pdf
VOLUME: Effective for cargoes for delivery from June
2023, Platts will amend the size of cargoes reflected in
Dated Brent and Cash BFOE to 700,000 barrels. This size
will be applicable to the five established grades of Brent/
Ninian Blend, Forties, Oseberg, Ekofisk, Troll, as well as WTI
Midland, each with a tolerance of 1% in the buyers option.
As a result, Platts assessment of Cash BFOE will reflect
convergence of cash partials on reaching 700,000 barrels,
an increase from the current standard of 600,000 barrels.
This change reflects the trend to larger vessel and cargo
size in the Atlantic Aframax fleet. Platts has published
a separate subscriber note outlining more detail on this
change.
QUALITY: Platts will include WTI Midland cargoes
of a quality meeting its globally applied specification,
which can be found here: https://www.spglobal.com/
commodityinsights/plattscontent/_assets/_files/en/our-
methodology/methodology-specifications/emea-crude-
methodology.pdf
Platts will continue to reflect Oseberg, Ekofisk, and Troll
in Dated Brent after adjustment on a Quality Premium basis.
Platts will review the applicability of a quality premium or
any similar adjustment mechanism for WTI Midland cargoes
in the Brent complex after initial implementation.
WTI MIDLAND INTO CASH BFOE: As part of the
consultation around this change, Platts has received
widespread support for WTI Midland being included into
the Cash BFOE forward process in the Brent complex.
Platts recognizes there are several sets of bilateral contract
amendments being discussed among North Sea market
participants. The complexity and variety of these terms
mean that no industry standard has emerged ahead of next
year’s implementation, and Platts will work with market
participants to further define the forward mechanism to
be included into the Dated Brent complex. Platts remains
committed to reflecting bids, offers, and transactions of
Cash BFOE where the buyer is willing to accept a cargo of
Brent/Ninian, Forties, Oseberg, Ekofisk, Troll, or WTI Midland
from cargoes loading June 2023. In its proposal, Platts
stated that, on being nominated an FOB WTI Midland cargo,
a buyer should charter a vessel acceptable to seller and the
nominated terminal, with title and risk passing from seller
to buyer in international waters. Platts recognizes there is
growing support for contract amendments under which the
ship shall be chartered by the seller.
WTI MIDLAND CARGOES AND TERMINALS FOR
INCLUSION: Platts will reflect in Dated Brent and Cash BFOE
assessments WTI Midland cargoes loading in the US Gulf
Coast that meet the Platts specification which can be found
here:
https://www.spglobal.com/platts/en/our-methodology/
subscriber-notes/080320-platts-to-implement-
comprehensive-platts-wti-midland-specifications
Platts will only reflect WTI Midland cargoes that can
be loaded from pre-approved terminals. A US Gulf Coast
terminal wishing to be included in the Brent assessment
process would need to demonstrate the highest standards
of logistical performance and guarantee a demonstration
of the quality of crude oil for every loading. More
information on Platts terminal review process and minimum
requirements to be demonstrated are set out in a related
subscriber note.
Please send all comments, feedback and
questions to Platts_Oil_Feedback@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 to the
public upon request.
PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022

Nanhai AAPAG00 PCAFR00 AAPAF00 -

Platts seeks feedback on inclusion of Eagle Pacific crude grades and certain North Africa crude grades Nile Blend AAPAM00 AAPLC00 AAPAL00 -
Ford Terminals Corpus Christi into Dated Brent from January 1, 2023. Daqing AAPAW00 PCAAZ00 AAPAV00 -
Assessment Process Platts first proposed the change in a subscriber note Dar Blend AARAC00 AARAB00 AARAA00 -
Shengli AAPAY00 PCABY00 AAPAX00 -
published May 23, 2022: http://plts.co/XPxa30skzrz . Duri AAPBM00 PCABA00 AAPBL00 PCABB00
Platts, part of S&P Global Commodity Insights, proposes Platts assessments for cargoes loading two months Vincent AARAL00 AARAK00 AARAJ00 -
including Eagle Ford Terminals Corpus Christi as a loading forward (M+2) will roll over on the first calendar day of each
terminal for WTI Midland crude oil into its Dated Brent and month from Jan. 1, 2023. For example over January 1-31, Please send all comments and queries to
Cash BFOE Market on Close assessment process from the assessments would reflect cargoes loading in March. asia_crude@spglobal.com and pricegroup@spglobal.com.
June 2023. On February 1, the assessments would roll over to reflect For written comments, please provide a clear indication
Platts recent decision to include WTI Midland into the cargoes loading in April. if comments are not intended for publication by Platts for
Brent complex, and clarification of the review process by Currently, Platts assessments for these grades reflect public viewing.
which loading terminals are included in the assessment cargoes loading two months forward, with a rollover date Platts will consider all comments received and will
process, can be found here https://www.spglobal.com/ on the 9th of the month. For example, over December make comments not marked as confidential available upon
commodityinsights/en/our-methodology/subscriber- 9-January 8, the assessments reflect cargoes loading in request.
notes/060822-platts-clarifies-usgc-terminal-review- February. On January 9, the assessments roll over to reflect
process-for-wti-midland-in-brent-complex. cargoes loading in March. Platts proposes to exclude Russian origin cargoes
Upon successful review and meeting Platts criteria, The change will reflect evolution in the trading cycle from CPC Blend assessments, amend FOB netback
sellers would be able to nominate WTI Midland meeting of Asia Pacific grades that now typically trade over a full calculations
Platts specification loaded from Eagle Ford Terminals month, two months prior to cargoes loading.
Corpus Christi for inclusion into the Dated Brent/Cash The change will align the assessment calendar for Asian Following extensive market feedback, Platts, part of S&P
BFOE assessment process. The terminal, located in Corpus regional grades with that for cargoes loading from the Global Commodity Insights, is proposing to exclude Russian
Christi, Texas, is partially owned by Plains Marketing L.P. Middle East and Far East Russia, allowing for a better price origin cargoes and amend the free on board (FOB) netback
and Enterprise Products Operating LLC. It handles only comparison. calculations in its CPC Blend assessments, effective Oct.
crude oil. The terminal has two docks, including one that The benchmark Platts Dubai assessments also reflect 3, 2022.
can fit up to a Suezmax size vessel and 1.260 million barrels cargoes loading two months forward from the full calendar This proposal follows Platts consultation on its
of storage capacity. month of publication. European oil assessments that reflect the spot value of
Please send all feedback to PriceGroup@spglobal.com The assessments affected by the change are as follow: Russian crude and crude exports from Russian ports.
and Europe_Crude@spglobal.com by September 30, 2022. Outright Asia Outright The consultation was launched June 22 and the
Grade Diff to ADB Diff to ICP
For written comments, please provide a clear indication close London close subscriber note is available here:
NW Shelf AAPAI00 PCAGX00 AAPAH00 -
if they are not intended for publication by Platts for public Ichthys FC ICFCB00 ICFCA00 - - https://www.spglobal.com/commodityinsights/en/
viewing. Platts will consider all comments received and Senipah AAPBE00 AAEOE00 AAPBD00 AAEOK00 our-methodology/subscriber-notes/062222-platts-opens-
Cossack AAPAC00 PCAGZ00 AAPAB00 -
will make those not marked as confidential available upon consultation-on-european-crude-oil-assessments-that-
Tapis AAOZW00 PCACB00 AAOZV00 -
request. Belida AAPBQ00 PCAFL00 AAPBP00 PCAFM00 reflect-russian-crude-exports-from-russian-ports
Kutubu AAPAE00 PCAFJ00 AAPAD00 - Platts understands that European Union sanctions
Attaka AAPBC00 PCAAJ00 AAPBB00 PCAAK00
Platts to amend publication periods for its Asia Ardjuna AAPBG00 PCACQ00 AAPBF00 PCACR00 (Council Decision CFSP 2022/884 published June 3, 2022)
Pacific, North Africa crude assessments from Jan Banyu Urip AAPBU00 PCAFQ00 AAPBR00 PCAQQ00 will impact the merchantability of Russian origin crude oil in
Kikeh AAOZY00 AAWUH00 AAOZX00 -
1, 2023 Miri Light AAPAS00 PCABQ00 AAPAR00 -
European markets.
Labuan AAPAQ00 PCABL00 AAPAP00 - The sanctions package imposes a complete import ban
Platts, a part of S&P Global Commodity Insights, will change Kimanis AASCM00 AASCL00 AASCN00 - on all seaborne Russian crude oil to the European Union
Su Tu Den AARAS00 AARAR00 AARAQ00 -
the publication periods for all its assessments of Asia Bach Ho AAPAK00 PCAHY00 AAPAJ00 - from December 5, 2022, with spot market transactions

© 2022 by S&P Global Inc. All rights reserved. 24

PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022
and execution of existing contracts to be permitted for six
months until then. It will also impose a ban on EU operators
insuring and financing the shipping of oil from Russia to
third countries.
The sanctions package includes a provision (Council
Decision CFSP 2022/884 section 13) in compliance with
the principle of the freedom of transit. This section states
that the prohibitions should not apply to crude oil where
Russia is the exporter of record but the origin of the crude
is identified as a third state.
Platts understands that the presence of Russian origin
material in the predominantly Kazakh CPC Blend stream will
impact the merchantability of these cargoes loading from
the CPC terminal at the port of Novorossiisk in the Black
Sea.
In line with market feedback, Platts therefore proposes
to exclude cargoes that carry a Russian certificate of origin
(COO) from being reflected in its assessments of CPC Blend
cargoes and CFDs. Bids, offers and trades reported in the
Market On Close (MOC) assessment process would need to
be performed upon with cargoes carrying a Kazakh origin
COO.
Additionally, and in line with extensive feedback
regarding the market impact of Additional War Risk
Premiums (AWRPs) and freight insurance costs for loading
in the Black Sea since Russia’s invasion of Ukraine, Platts
also proposes to amend its FOB netback calculations to
include these additional cost considerations for charterers
when loading on a FOB basis.
Further guidance on sanctions and embargoed material
in Platts price assessment processes can be found here:
https://www.spglobal.com/commodityinsights/en/
our-methodology/subscriber-notes/030222-further-
guidance-on-sanctions-embargoed-material-in-s-p-global-
commodity-insights-platts-price-assessment-processes
This proposal relates to the following Platts
assessments:
Code Assessment Name
AAGZU00 CPC Blend CIF
AAHPL00 CPC Blend CIF vs BTC Dated Brent Strip
AALVX00 CPC Blend FOB Suezmax
© 2022 by S&P Global Inc. All rights reserved. 25
AALVZ00 CPC Blend FOB Suezmax vs BTC Dated Brent Strip
AAOFV00 CPC FOB Aframax
AAOFW00 CPC FOB Aframax vs BTC Dated Brent Strip
AAOFX00 CPC Blend CFD Mo1
AAOFY00 CPC Blend CFD Mo2
AAOFZ00 CPC Blend CFD Mo3
These assessments appear on Platts Global Alert and
Platts Crude Alert pages 1220, 1221, and 1617; in Crude Oil
Marketwire and Oilgram Price Report; as well as in the
Platts price database under the codes above.
Please send all feedback, comments or questions
by Aug. 31, 2022, to europe_crude@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 seeks feedback of Buckeye South Texas
Gateway terminal into Dated Brent assessment
process
Platts, part of S&P Global Commodity Insights, seeks
feedback on inclusion of Buckeye South Texas Gateway
Terminal into Dated Brent Assessment Process
Platts proposes including Buckeye South Texas Gateway
Terminal as a loading terminal for WTI Midland crude
oil into its Dated Brent and Cash BFOE Market on Close
assessment process from June 2023.
Platts’ recent decision to include WTI Midland into the
Brent complex, and clarification of the review process by
which loading terminals are included in the assessment
process, can be found here https://www.spglobal.com/
commodityinsights/en/our-methodology/subscriber-
notes/060822-platts-clarifies-usgc-terminal-review-
process-for-wti-midland-in-brent-complex.
Upon successful review and meeting Platts criteria,
sellers would be able to nominate WTI Midland meeting
Platts specification loaded from Buckeye South Texas
Gateway Terminal for inclusion into the Dated Brent/
Cash BFOE assessment process. The terminal, located in
Ingleside, Texas, is wholly owned by Buckeye South Texas
Gateway Terminal, LLC, a joint venture between Buckeye
Partners L.P., Phillips 66 Company, and Marathon Petroleum
Company LP. It handles bulk storage and marine loading of
crude oil. The terminal has two docks, that can fit up to a
VLCC-sized vessel and 8 million barrels of storage capacity,
3.2 million barrels of which is for WTI Midland crude oil
storage.
Please send all feedback to PriceGroup@spglobal.com
and Europe_Crude@spglobal.com by Sept. 30, 2022. 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 reflect 700,000 barrel cargo sizes in Dated
Brent, Cash BFOE from June 2023
In line with evolving shipping trends, Platts, part of S&P
Global Commodity Insights, will amend the cargo sizes
reflected in its Dated Brent and Cash BFOE assessments to
700,000 barrels, from 600,000 barrels, effective from June
2023 cargo deliveries.
Platts has received support for larger cargo sizes to be
reflected in its Dated Brent and Cash BFOE assessments as
Aframax cargo sizes and tanker sizes in the Atlantic Basin
have increased in recent years.
This follows a proposal published Feb. 14, which can be
found here:
https://www.spglobal.com/commodityinsights/en/our-
methodology/subscriber-notes/021422-platts-proposes-
to-amend-cargo-size-for-dated-brent-cash-bfoe-
assessments-to-700000-barrels
The new assessment size will be applicable to the five
established grades in the Brent complex (Brent/Ninian
Blend, Forties, Oseberg, Ekofisk, and Troll), as well as WTI
Midland, each with a tolerance of plus/minus 1% in the
buyers option. As a result, the Platts assessment of Cash
PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022
BFOE will reflect convergence of cash partials on reaching
700,000 barrels, an increase from the current standard of
600,000 barrels.
Platts has published a separate subscriber note
outlining more detail on the inclusion of WTI Midland in
the Dated Brent benchmark, Cash BFOE and all related
instruments, which can be found here:
https://www.spglobal.com/commodityinsights/en/our-
methodology/subscriber-notes
As part of the initial proposal regarding volume, Platts
also invited feedback on the minimum cargo size which
should be reflected in its Dated Brent cost, insurance and
freight (CIF) Rotterdam and free on board (FOB) ship-to-
ship (STS) Scapa Flow crude oil assessments.
As part of this change, Platts will publish Dated Brent
cargo indications on a CIF Rotterdam or STS Scapa Flow
basis with a minimum stated volume of 665,000 barrels
and an operational tolerance of plus/minus 1%. Offers of
less than 700,000 barrels must meet the minimum volume
requirement of 665,000 barrels plus/minus 1% and continue
to reflect the standard cargo quality for that grade. Offers
and trades of less than 700,000 barrels may be subject to
normalization for assessment purposes.
Please send all feedback, comments or
questions to europe_crude@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 seeks feedback on inclusion of Seabrook
Logistics Terminal into Dated Brent Assessment
Process
Platts, part of S&P Global Commodity Insights, proposes
including Seabrook Logistics Terminal as a loading
terminal for WTI Midland crude oil into its Dated Brent and
© 2022 by S&P Global Inc. All rights reserved. 26
Cash BFOE Market on Close assessment process from
June 2023.
Platts recent decision to include WTI Midland into the
Brent complex, and clarification of the review process by
which loading terminals are included in the assessment
process, can be found here https://www.spglobal.com/
commodityinsights/en/our-methodology/subscriber-
notes/060822-platts-clarifies-usgc-terminal-review-
process-for-wti-midland-in-brent-complex.
Upon successful review and meeting Platts criteria,
sellers would be able to nominate WTI Midland meeting
Platts specification loaded from Seabrook Logistics
Terminal for inclusion into the Dated Brent/Cash BFOE
assessment process.
The terminal, located in Seabrook, Texas, is partially
owned by Magellan OLP, L.P. and LBC Bayport Terminal,
LLC. It handles only crude oil. The terminal has 2 docks that
can fit up to a Aframax size vessel and 3.996 million barrels
of storage capacity, about 3 million barrels of which is for
WTI Midland storage.
Please send all feedback to PriceGroup@spglobal.com
and Europe_Crude@spglobal.com by Oct. 15, 2022. 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.
Quality Premiums for October-loading North Sea
cargoes
Effective Sept. 1, 2022, the North Sea Quality Premiums for
October-loading North Sea cargoes will be as follows:
Crude Grade Quality Premium
Oseberg QP 2.1018
Ekofisk QP 1.8610
Troll QP 2.2051
Quality Premiums are available on Platts Global Alert
pages 1210 and 1212 and in the Platts Pricing Database
under the following codes:
Crude Grade Current Month Month-Ahead
Oseberg QP AAXDW00 AAXDX00
Ekofisk QP AAXDY00 AAXDZ00
Troll QP ATFNB00 ATFNA00
The QPs are published to four decimal places and at
60% of the net price differences between Ekofisk, Oseberg,
Troll and the most competitive grade of crude among Brent,
Forties, Oseberg, Ekofisk and Troll during the month prior to
announcement.
Platts, part of S&P Global Commodity Insights,
announces QPs on the first publishing day of each month, a
month prior to the escalators coming into effect.
Please send any comments and queries
to Europe_Crude@spglobal.com and
PriceGroup@spglobal.com.
Platts invites feedback on EMEA crude oil
methodology
As part of its commitment to open and transparent pricing
and product specifications, S&P Global Platts would like to
invite feedback on its Europe, Middle East and Africa crude
oil methodology.
Platts reviews all methodologies annually to ensure they
continue to reflect the physical markets under assessment.
Platts regularly assesses the relevance of
methodologies through continuous contact with the
market.
Feedback on methodologies is always welcomed by
Platts.
Platts is committed to providing advance notice in a
clear time frame that gives users sufficient opportunity to
analyze and comment on the impact of proposed changes.
Time frames vary depending on Platts analysis of the
overall circumstances of a particular change.
Methodology changes that materially alter an
assessment and require an update to the methodology
specification are preceded by extensive bilateral
discussions with market stakeholders and open public
forums.
PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022
Routine changes or clarifications generally do not
materially alter an assessment.
Platts holds open public forums in which material
methodology changes and feedback are presented, and at
which further feedback may be given.
Please send all comments to
europe_crude@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 to the
public upon request.
© 2022 by S&P Global Inc. All rights reserved. 27
Platts seeks feedback on inclusion of Flint Hills
Resources Ingleside Terminal into Dated Brent
Assessment Process
Platts, part of S&P Global Commodity Insights, proposes
including Flint Hills Resources Ingleside Terminal as a
loading terminal for WTI Midland crude oil into its Dated
Brent and Cash BFOE Market on Close assessment process
from June 2023.
Platts’ recent decision to include WTI Midland into the
Brent complex, and clarification of the review process by
which loading terminals are included in the assessment
process, can be found here.
Upon successful review and meeting Platts criteria,
sellers would be able to nominate WTI Midland meeting
Platts specification loaded from Flint Hills Resources
Ingleside Terminal for inclusion into the Dated Brent/Cash
BFOE assessment process.
The terminal, located in Corpus Christi, Texas, is wholly
owned by Flint Hills Resources Ingleside, LLC, a subsidiary
of Koch Industries, Inc. It handles only crude oil. The
terminal has two docks, including one that can fit up to
a Suezmax size vessel and 3 million barrels of storage
capacity.
Please send all feedback to PriceGroup@spglobal.com
and Europe_Crude@spglobal.com by Sept. 30, 2022.
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 CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022

PLATTS ANALYTICS US YIELDS & NETBACKS EFFECTIVE SEPTEMBER 7, 2022 ($/barrel)

US Gulf Coast (PGA page 0833) US Gulf Coast (PGA page 0841)
Crack Yield Freight Crack Netback Crude Price Crack Margin Coke Yield Freight Coke Netback Crude Price Coke Margin
Agbami AGGCY00 110.03 AGGFA00 3.51 AGGCN00 106.52 AAQZB00 88.72 AGGCM00 18.80
Arab Berri BEGCY00 107.49 TDDAC00 1.32 BEGCN00 106.17 AAXCT00 88.49 BEGCM00 17.68
Arab Heavy AHGCY00 88.10 TDDAJ00 1.39 AHGCN00 86.71 AAXDI00 85.99 AHGCM00 0.72 Arab Heavy AHGOY00 105.71 TDDAJ00 1.39 AHGON00 104.32 AAXDI00 85.99 AHGOM00 18.33
Arab Light LIGCY00 101.26 TDDAR00 1.35 LIGCN00 99.91 AAXCU00 87.14 LIGCM00 12.77 Arab Light LIGOY00 106.82 TDDAR00 1.35 LIGON00 105.47 AAXCU00 87.14 LIGOM00 18.33
Arab Medium MEGCY00 93.54 TDDAZ00 1.35 MEGCN00 92.18 AAXDN00 86.44 MEGCM00 5.74 Arab Medium MEGOY00 103.99 TDDAZ00 1.35 MEGON00 102.64 AAXDN00 86.44 MEGOM00 16.20
Bakken BKGCY00 108.05 TDDRP00 7.78 BKGCN00 100.27 AAXPP00 84.30 BKGCM00 15.97
Basrah Heavy BHGOY00 102.63 BHGFA00 2.75 BHGON00 99.88 AALZC00 83.35 BHGOM00 23.63
Basrah Medium BLGCY00 89.78 TDDBS00 2.63 BLGCN00 87.15 BSMAM01 89.35 BLGCM00 7.70 Basrah Medium BLGOY00 104.46 TDDBS00 2.63 BLGON00 101.83 BSMAM01 89.35 BLGOM00 22.38
Bonny Light YLGCY00 111.62 TDDBX00 3.83 YLGCN00 107.79 PCAIC00 91.22 YLGCM00 17.57
Brent BRGCY00 105.56 TDDCB00 3.40 BRGCN00 102.16 AAVJA00 89.44 BRGCM00 13.72
Cabinda CBGCY00 105.91 TDDCF00 4.13 CBGCN00 101.78 PCAFD00 90.62 CBGCM00 12.16 Cabinda CBGOY00 106.61 TDDCF00 4.13 CBGON00 102.47 PCAFD00 90.62 CBGOM00 12.85
Castilla Blend CSGOY00 99.35 CSGFA00 3.16 CSGON00 96.19 AAVEQ00 75.30 CSGOM00 20.90
Eagle Ford EAGCY00
107.79 AAYAT00 83.85 EAGCM00 23.94
Escalante ECGCY00 99.90 TDDCV00 4.95 ECGCN00 94.95 PCAGC00 85.00 ECGCM00 9.39
Forties FTGCY00 104.92 FTGFA00 3.18 FTGCN00 101.75 PCADJ00 88.18 FTGCM00 14.56
Isthmus ISGCY00 101.63 TDDDJ00 1.85 ISGCN00 99.78 PDATO09 80.99 ISGCM00 18.79
LLS LLGCY00 111.84 TDDQW00 0.55 LLGCN00 111.29 PCABN00 84.34 LLGCM00 26.95 LLS LLGOY00 113.35 TDDQW00 0.55 LLGON00 112.80 PCABN00 84.34 LLGOM00 28.46
Marlim MLGCY00 100.12 TDDGK00 3.80 MLGCN00 96.32 AAITF00 78.15 MLGCM00 17.61 Marlim MLGOY00 108.20 TDDGK00 3.80 MLGON00 104.40 AAITF00 78.15 MLGOM00 25.69
Mars MRGCY00 95.76 TDDQY00 0.55 MRGCN00 95.21 AAMBR00 80.99 MRGCM00 14.22 Mars MRGOY00 106.02 TDDQY00 0.55 MRGON00 105.47 AAMBR00 80.99 MRGOM00 24.48
Maya MYGCY00 76.65 TDDDP00 1.94 MYGCN00 74.72 PDATS09 74.14 MYGCM00 0.58 Maya MYGOY00 101.45 TDDDP00 1.94 MYGON00 99.52 PDATS09 74.14 MYGOM00 25.38
Mesa MSGCY00 100.35 TDDDV00 2.97 MSGCN00 97.38 AAITB00 81.10 MSGCM00 16.29
Napo NPGOY00 98.54 NPGFA00 7.02 NPGON00 91.52 AAMCA00 73.84 NPGOM00 16.75
Olmeca OLGCY00 106.29 TDDDY00 1.86 OLGCN00 104.43 PDATT09 80.99 OLGCM00 23.44
Oriente ORGOY00 105.38 ORGFA00 6.63 ORGON00 98.75 PCADE00 79.84 ORGOM00 18.04
Poseidon PDGCY00 95.90 PDGFA00 0.00 PDGCN00 95.90 AABHK00 80.39 PDGCM00 15.51
Saharan Blend SHGCY00 107.78 TDDRD00 2.64 SHGCN00 105.15 AAGZY00 88.32 SHGCM00 17.83
Syncrude SYGCY00 112.05 SYGFA00 8.52 SYGCN00 103.53 AASOK00 87.05 SYGCM00 16.48
Urals URGCY00 100.22 TDDFM00 3.59 URGCN00 96.63 AAWVH00 65.07 URGCM00 32.56 Urals URGOY00 107.66 TDDFM00 3.59 URGON00 104.07 AAWVH00 65.07 URGOM00 39.99
Vasconia VCGOY00 110.12 VCGFA00 3.07 VCGON00 107.04 PCAGI00 82.30 VCGOM00 24.75
WCS ex-Hardisty WHGOY00 102.93 TDDRS00 8.50 WHGON00 94.43 AAPPN00 61.30 WHGOM00 33.13
WCS ex-Nederland WNGOY00 102.93 WCGFA00 0.00 WNGON00 102.93 AAYAY00 71.45 WNGOM00 31.48
WTI WTGCY00
108.18 AAYRG00 84.14 WTGCM00 24.04
WTS WSGCY00 100.34 TDDRJ00 6.89 WSGCN00 93.45 PCACK00 82.39 WSGCM00 11.06 WTS WSGOY00 108.37 TDDRJ00 6.89 WSGON00 101.48 PCACK00 82.39 WSGOM00 19.09

© 2022 by S&P Global Inc. All rights reserved. 28

PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022

PLATTS ANALYTICS US YIELDS & NETBACK ($/barrel)

US Midwest (PGA page 0823) US Midwest (PGA page 0821)
Crack Yield Freight Crack Netback Crude Price Crack Margin Coke Yield Freight Coke Netback Crude Price Coke Margin
Bakken BKTCY00 112.54 TDDRO00 1.68 BKTCN00 110.85 AASRU00 86.20 BKTCM00 24.65
Syncrude SYTCY00 116.67 TDDFP00 8.20 SYTCN00 108.47 AASOK00 87.05 SYTCM00 21.42
WCS WCTOY00 107.40 TDDRL00 8.56 WCTON00 98.84 AAPPN00 61.30 WCTOM00 37.54
WTI WTTCY00 111.08 TDDRG00 2.39 WTTCN00 108.69 PCACG00 81.94 WTTCM00 26.75
WTS WSTCY00 104.58 TDDRI00 3.08 WSTCN00 101.50 PCACK00 82.39 WSTCM00 19.11 WTS WSTOY00 113.13 TDDRI00 3.08 WSTON00 110.05 PCACK00 82.39 WSTOM00 27.66

US West Coast (PGA page 0843) US West Coast (PGA page 0841)
Crack Yield Freight Crack Netback Crude Price Crack Margin Coke Yield Freight Coke Netback Crude Price Coke Margin
ANS ANWCY00
130.43 PCAAD00 88.77 ANWCM00 41.66 ANS ANWOY00
136.38 PCAAD00 88.77 ANWOM00 47.61
Arab Light LIWOY00 138.52 TDDAT00 1.35 LIWON00 137.17 AAXCU00 87.14 LIWOM00 50.03
Arab Medium MEWOY00 133.48 TDDBB00 1.35 MEWON00 132.13 AAXDN00 86.44 MEWOM00 45.69
Bakken BKWCY00 140.34 TDDRT00 11.74 BKWCN00 128.60 AAXPP00 84.30 BKWCM00 44.30
Basrah Heavy BHWOY00 133.06 BHWFA00 3.26 BHWON00 129.80 AALZC00 83.35 BHWOM00 54.11
Basrah Medium BLWOY00 134.55 TDDBW00 3.11 BLWON00 131.45 BSMAM01 89.35 BLWOM00 52.56
Castilla Blend CSWOY00 135.77 CSWFA00 9.62 CSWON00 126.16 AAVEQ00 75.30 CSWOM00 49.92
Maya MYWOY00 132.13 MYWFA00 5.40 MYWON00 126.73 AAUPK00 80.29 MYWOM00 46.44
Napo NPWOY00 131.98 NPWFA00 7.89 NPWON00 124.09 AAMCA00 73.84 NPWOM00 49.32
Oriente ORWOY00 135.86 TDDEC00 7.44 ORWON00 128.42 PCADE00 79.84 ORWOM00 47.70
Vasconia VCWOY00 145.57 VCWFA00 9.28 VCWON00 136.29 PCAGI00 82.30 VCWOM00 53.09

US Atlantic Coast (PGA page 0811)

Crack Yield Freight Crack Netback Crude Price Crack Margin
Agbami AGACY00 112.48 AGAFA00 3.05 AGACN00 109.43 AAQZB00 88.72 AGACM00 21.71
Arab Light LIACY00 103.80 TDDAU00 1.35 LIACN00 102.45 AAXCU00 87.14 LIACM00 15.31
Bakken BKACY00 112.45 TDDRN00 7.20 BKACN00 105.25 AAXPP00 84.30 BKACM00 20.95
Bonny Light YLACY00 115.34 TDDBZ00 3.33 YLACN00 112.01 PCAIC00 91.22 YLACM00 21.79
Brent BRACY00 110.73 TDDCC00 2.91 BRACN00 107.82 AAVJA00 89.44 BRACM00 19.94
Cabinda CBACY00 108.43 TDDCH00 3.63 CBACN00 104.81 PCAFD00 90.62 CBACM00 15.19
CPC Blend CPACY00 110.86 CPAFA00 3.47 CPACN00 107.40 AALVX00 84.66 CPACM00 24.30
Forties FTACY00 109.84 FTAFA00 2.70 FTACN00 107.14 PCADJ00 88.18 FTACM00 20.52
Saharan Blend SHACY00 112.26 SHAFA00 2.11 SHACN00 110.15 AAGZY00 88.32 SHACM00 22.83
Urals URACY00 104.22 URAFA00 2.76 URACN00 101.45 AAWVH00 65.07 URACM00 37.38

© 2022 by S&P Global Inc. All rights reserved. 29

PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022
PLATTS ANALYTICS EUROPEAN YIELDS & NETBACKS EFFECTIVE SEPTEMBER 7, 2022 ($/barrel)
Northwest Europe (PGA page 1811)
Crack Yield Freight Crack Netback Crude Price Crack Margin
Agbami AGNCY00 112.75 AGNFA00 2.90 AGNCN00 109.85 AAQZB00 88.72 AGNCM00 21.14
Arab Berri BENCY00 111.51 BENFA00 1.32 BENCN00 110.19 AAXDU00 94.50 BENCM00 15.69
Arab Heavy AHNCY00 91.61 TDDAN00 1.39 AHNCN00 90.23 AAXDH00 85.80 AHNCM00 4.43
Arab Light LINCY00 106.22 TDDAV00 1.35 LINCN00 104.87 AAXDK00 92.70 LINCM00 12.17
Arab Medium MENCY00 96.59 TDDBD00 1.37 MENCN00 95.22 AAXDM00 90.20 MENCM00 5.02
Azeri Light ZLNCY00 114.59 TDDBI00 2.88 ZLNCN00 111.71 AATHM00 90.38 ZLNCM00 20.44
Basrah Medium BLNCY00 92.27 TDDBU00 2.38 BLNCN00 89.88 BSMAM01 89.35 BLNCM00 9.16
Bonny Light YLNCY00 116.45 YLNFA00 3.17 YLNCN00 113.29 PCAIC00 91.22 YLNCM00 22.07
Brent BRNCY00 109.68 TDDCD00 2.39 BRNCN00 107.29 AAVJA00 89.44 BRNCM00 17.85
Cabinda CBNCY00 106.61 TDDQR00 3.47 CBNCN00 103.15 PCAFD00 90.62 CBNCM00 12.53
CPC Blend CPNCY00 110.58 CPNFA00 3.71 CPNCN00 106.87 AALVX00 84.66 CPNCM00 22.21
Dubai DBNCY00 103.25 DBNFA00 2.27 DBNCN00 100.98 PCAAT00 92.20 DBNCM00 10.79
Eagle Ford EANCY00 111.46 EANFA00 5.66 EANCN00 105.81 AAYAT00 83.85 EANCM00 20.40
Ekofisk EKNCY00 112.88 TDDCT00 1.59 EKNCN00 111.29 PCADI00 92.05 EKNCM00 19.24
Forties FTNCY00 109.78 TDDEZ00 1.83 FTNCN00 107.94 PCADJ00 88.18 FTNCM00 19.76
Iran Heavy BHNCY00 102.40 TDDDG00 2.38 BHNCN00 100.02 AIHKA00 88.91 BHNCM00 10.47
Johan Sverdrup JSNCY00 107.30 JSNFA00 1.95 JSNCN00 105.35 AJSVA00 89.14 JSNCM00 16.21
Kirkuk KRNCY00 104.27 TDDGH00 3.64 KRNCN00 100.63 AAEJD00 72.76 KRNCM00 15.20
LLS LLNCY00 118.35 LLNFA00 5.95 LLNCN00 112.40 AAQBB00 85.84 LLNCM00 26.50
Maya MYNCY00 77.05 MYNFA00 6.15 MYNCN00 70.90 AAYXE00 77.60 MYNCM00 -6.70
Oman OMNCY00 103.96 OMNFA00 2.23 OMNCN00 101.73 PCABS00 92.20 OMNCM00 11.55
Saharan Blend SHNCY00 111.35 TDDGI00 2.31 SHNCN00 109.04 AAGZY00 88.32 SHNCM00 20.72
Urals* URNCY00 108.33 PCAFW00 67.16 URNCM00 41.17
WTI MEH WTNCY00 112.13 WTNFA00 5.75 WTNCN00 106.38 AAYRZ00 85.64 WTNCM00 20.68
*Indicates the crude price is a CIF value
PLATTS ANALYTICS ASIAN YIELDS & NETBACKS EFFECTIVE SEPTEMBER 7, 2022 ($/barrel)
Singapore (PGA page 2811)
Crack Yield Freight Crack Netback Crude Price Crack Margin
Agbami AGSCY00 108.63 AGSFA00 2.60 AGSCN00 106.02 AAQZB00 88.72 AGSCM00 14.65
Arab Berri BESCY00 106.44 BESFA00 1.65 BESCN00 104.80 AAXDV00 103.15 BESCM00 1.65
Arab Heavy AHSCY00 89.81 TDDAO00 1.69 AHSCN00 88.12 AAXDG00 98.20 AHSCM00 -10.08
Arab Light LISCY00 102.47 TDDAW00 1.67 LISCN00 100.80 AAXDJ00 102.00 LISCM00 -1.20
Arab Medium MESCY00 95.28 TDDBE00 1.68 MESCN00 93.59 AAXDL00 99.95 MESCM00 -6.36
Basrah Medium BHSCY00 93.18 BHSFA00 1.80 BHSCN00 91.38 BSMAM01 89.35 BHSCM00 -5.92
Bonny Light YLSCY00 111.56 YLSFA00 2.80 YLSCN00 108.76 PCAIC00 91.22 YLSCM00 14.88
Cabinda CBSCY00 107.99 TDDQS00 2.70 CBSCN00 105.29 PCAFD00 90.62 CBSCM00 12.02
Castilla CSSCY00 75.65 CSSFA00 4.40 CSSCN00 71.25 AAVEQ00 75.30 CSSCM00 -8.27
Dalia DLSCY00 108.97 DLSFA00 2.79 DLSCN00 106.18 AAQYX00 87.57 DLSCM00 15.95
Dubai DBSCY00 101.01 TDDCQ00 1.57 DBSCN00 99.43 PCAAT00 92.20 DBSCM00 7.23
Duri DRSCY00 104.38 TDDCR00 1.50 DRSCN00 102.88 PCABA00 96.68 DRSCM00 6.20
Eagle Ford EASCY00 106.55 EASFA00 3.83 EASCN00 102.72 AAYAT00 83.85 EASCM00 14.65
ESPO ESSCY00 106.37 ESSFA00 1.32 ESSCN00 105.06 AARWF00 75.97 ESSCM00 29.09
*Indicates the crude price is a CIF value
© 2022 by S&P Global Inc. All rights reserved. 30
Mediterranean (PGA page 1821)
Crack Yield Freight Crack Netback Crude Price Crack Margin
Agbami AGMCY00 109.53 AGMFA00 2.81 AGMCN00 106.71 AAQZB00 88.72 AGMCM00 18.00
Arab Heavy AHMCY00 87.64 TDDAI00 1.39 AHMCN00 86.25 AAXDH00 85.80 AHMCM00 0.50
Arab Light LIMCY00 103.17 TDDAQ00 1.35 LIMCN00 101.82 AAXDK00 92.70 LIMCM00 8.97
Arab Medium MEMCY00 92.83 TDDAY00 1.37 MEMCN00 91.46 AAXDM00 90.20 MEMCM00 1.01
Azeri Light* ZLMCY00
112.14 AAGZX00 92.77 ZLMCM00 19.37
Basrah Medium BLMCY00 87.26 TDDBR00 1.81 BLMCN00 85.46 BSMAM01 89.35 BLMCM00 4.73
Bonny Light YLMCY00 113.87 YLMFA00 3.08 YLMCN00 110.79 PCAIC00 91.22 YLMCM00 19.57
Cabinda CBMCY00 104.68 CBMFA00 3.38 CBMCN00 101.31 PCAFD00 90.62 CBMCM00 10.69
CPC Blend* CPMCY00
108.12 AAGZU00 86.77 CPMCM00 21.36
Eagle Ford EAMCY00 108.61 TNEIF00 6.16 EAMCN00 102.45 AAYAT00 83.85 EAMCM00 17.04
Forties FTMCY00 107.34 FTMFA00 2.53 FTMCN00 104.81 PCADJ00 88.18 FTMCM00 16.63
Iran Heavy BHMCY00 99.49 TDDDF00 1.79 BHMCN00 97.70 AIHKA00 88.91 BHMCM00 8.14
Johan Sverdrup JSMCY00 105.29 JSMFA00 2.69 JSMCN00 102.60 AJSVA00 89.14 JSMCM00 13.46
Kirkuk KRMCY00 101.03 TDDFF00 1.99 KRMCN00 99.04 AAEJD00 72.76 KRMCM00 13.61
LLS LLMCY00 115.73 LLMFA00 6.49 LLMCN00 109.24 AAQBB00 85.84 LLMCM00 23.34
Oman OMMCY00 101.83 OMMFA00 1.65 OMMCN00 100.18 PCABS00 92.20 OMMCM00 10.00
Saharan Blend SHMCY00 108.87 TDDFG00 1.74 SHMCN00 107.14 AAGZY00 88.32 SHMCM00 18.82
Urals* URMCY00
103.04 PCACE00 67.46 URMCM00 35.58
Singapore (PGA page 2811)
Crack Yield Freight Crack Netback Crude Price Crack Margin
Forties FTSCY00 104.41 TNEFD00 3.60 FTSCN00 100.81 PCADJ00 88.18 FTSCM00 9.97
Kimanis KISCY00 120.79 KISFA00 1.37 KISCN00 119.42 AASCL00 104.28 KISCM00 15.14
LLS LLSCY00 111.59 LLSFA00 3.99 LLSCN00 107.60 AAZDC00 88.67 LLSCM00 19.04
Mars MRSCY00 99.03 MRSFA00 4.12 MRSCN00 94.91 AAMBR00 80.99 MRSCM00 9.70
Maya MYSCY00 84.29 MYSFA00 4.38 MYSCN00 79.92 AAYXG00 90.30 MYSCM00 -10.38
Minas MNSCY00 110.26 TDDDX00 1.36 MNSCN00 108.91 PCABO00 84.69 MNSCM00 24.22
Oman OMSCY00 95.27 TDDEB00 1.50 OMSCN00 93.77 PCABS00 92.20 OMSCM00 1.57
Qua lboe QBSCY00 112.20 QBSFA00 2.80 QBSCN00 109.39 PCAID00 91.82 QBSCM00 14.92
Saharan Blend SHSCY00 104.34 SHSFA00 3.20 SHSCN00 101.14 AAGZY00 88.32 SHSCM00 9.57
Tapis TPSCY00 108.75 TDDEO00 1.35 TPSCN00 107.40 PCACB00 98.43 TPSCM00 8.97
Tupi* LUSCY00
107.53 LUQDA00 95.19 LUSCM00 8.65
Urals URSCY00 102.22 URSFA00 3.30 URSCN00 98.92 AAGZS00 65.06 URSCM00 31.20
WTI MEH WTSCY00 106.65 WTSFA00 3.89 WTSCN00 102.76 AAZDF00 88.47 WTSCM00 14.40
PLATTS CRUDE CARBON INTENSITY
A DAILY SUPPLEMENT TO PLATTS CRUDE OIL MARKETWIRE

PLATTS CRUDE CARBON INTENSITY ASSESSMENTS - GRADES, SEPTEMBER 7, 2022 (PGA/PCR page 4206)
Daily Carbon Intensity Premium Monthly Carbon Intensity*
Symbol $/b Symbol Date kg CO2 eq/b
North America (PGA/PCR page 4206)
WTI Midland WXTIC00 0.57 WXTIC40 Jul-22 39.39

Europe (PGA/PCR page 4206)

Brent BXREC00 0.70 BXREC40 Jul-22 48.89
Ekofisk EXKOC00 0.38 EXKOC40 Jul-22 26.34
Forties FXORC00 0.28 FXORC40 Jul-22 19.49
Oseberg OXSEC00 1.13 OXSEC40 Jul-22 79.00
Troll TXROC00 2.75 TXROC40 Jul-22 191.77
Upstream CI values are modelled on a marginal basis and are published monthly. CI Premiums are assessed daily.
*Upstream marginal CI value is assessed from the field to the storage terminal.
Details on the Platts methodology can be found at spglobal.com/commodityinsights/.

PLATTS CRUDE CARBON INTENSITY ASSESSMENTS - FIELDS, SEPTEMBER 7, 2022 (PGA page 4200)
Daily Carbon Intensity Premium Monthly Carbon Intensity* Daily Transport Carbon Intensity Premium Monthly Transport Carbon Intensity**
Symbol $/boe Symbol Date kg CO2 eq/boe Route Symbol $/b Symbol Date kg CO2 eq/b
Asia Pacific & Middle East Fields (PGA/PCR page 4201)
China
Bozhong BOZHC00 0.48 BOZHC40 Jul-22 33.42 Bohai Pengbo-Singapore BOZHC10 0.06 BOZHC50 Jul-22 4.24
India
Bombay High MUMBC00 0.36 MUMBC40 Jul-22 25.39 Bombay High-Qingdao MUMBC10 0.10 MUMBC50 Jul-22 6.80
Iran
Marun MARUC00 0.50 MARUC40 Jul-22 35.00 Kharg Island-Qingdao MARUC10 0.13 MARUC50 Jul-22 8.96
Iraq
Kirkuk KIRKC00 0.71 KIRKC40 Jul-22 49.29 Ceyhan-R’dam KIRKC10 0.07 KIRKC50 Jul-22 4.55
Rumaila RUMAC00 0.31 RUMAC40 Jul-22 21.69 Al Basrah-Sikka RUMAC10 0.03 RUMAC50 Jul-22 2.09
West Qurna-2 WESTC00 0.34 WESTC40 Jul-22 23.78 Al Basrah-Sikka WESTC10 0.03 WESTC50 Jul-22 2.22
Zubair ZUBAC00 0.49 ZUBAC40 Jul-22 34.11 Al Basrah-Sikka ZUBAC10 0.03 ZUBAC50 Jul-22 2.09
Kuwait
Burgan BURGC00 0.24 BURGC40 Jul-22 16.71 Mina-Ulsan BURGC10 0.13 BURGC50 Jul-22 9.31
Qatar
Dukhan DUKHC00 1.66 DUKHC40 Jul-22 115.99 Mesaieed-Singapore DUKHC10 0.07 DUKHC50 Jul-22 5.03
Saudi Arabia
Ghawar GHWRC00 0.25 GHWRC40 Jul-22 17.58 Ras Tanura-Qingdao GHWRC10 0.12 GHWRC50 Jul-22 8.33
Safaniya SAFAC00 0.22 SAFAC40 Jul-22 15.56 Ras Tanura-Changxing SAFAC10 0.14 SAFAC50 Jul-22 9.53
Zuluf ZULUC00 0.33 ZULUC40 Jul-22 22.72 Ras Tanura-Changxing ZULUC10 0.13 ZULUC50 Jul-22 9.24

www.spglobal.com/commodityinsights
PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022

PLATTS CRUDE CARBON INTENSITY ASSESSMENTS - FIELDS (continued) (PGA page 4200)
Daily Carbon Intensity Premium Monthly Carbon Intensity* Daily Transport Carbon Intensity Premium Monthly Transport Carbon Intensity**
Symbol $/boe Symbol Date kg CO2 eq/boe Route Symbol $/b Symbol Date kg CO2 eq/b
UAE
Fateh FATEC00 0.24 FATEC40 Jul-22 17.00 Fateh-Kiire FATEC10 0.12 FATEC50 Jul-22 8.56
Murban MURBC00 0.27 MURBC40 Jul-22 19.01 Fujairah-Chiba MURBC10 0.12 MURBC50 Jul-22 8.55

Africa Fields (PGA/PCR page 4202)

Angola
Girassol GRSLC00 0.17 GRSLC40 Jul-22 11.81 Girassol-Qingdao GRSLC10 0.19 GRSLC50 Jul-22 13.18
Libya
Waha WAHAC00 0.48 WAHAC40 Jul-22 33.34 Zawia-Augusta WAHAC10 0.01 WAHAC50 Jul-22 0.44
Nigeria
Agbami AGBAC00 0.37 AGBAC40 Jul-22 25.95 Agbami-Paradip AGBAC10 0.15 AGBAC50 Jul-22 10.25
Bonga BONGC00 0.18 BONGC40 Jul-22 12.35 Bonga-R’dam BONGC10 0.09 BONGC50 Jul-22 6.26

Europe Fields (PGA/PCR page 4202)

Azerbaijan
Azeri AZERC00 0.36 AZERC40 Jul-22 25.39 Ceyhan-Sarroch AZERC10 0.03 AZERC50 Jul-22 1.93
Kazakhstan
Tengiz TNGZC00 0.29 TNGZC40 Jul-22 19.85 Novo-R’dam TNGZC10 0.07 TNGZC50 Jul-22 4.62
Norway
Alvheim ALVHC00 0.12 ALVHC40 Jul-22 8.03 Alvheim-Le Havre ALVHC10 0.01 ALVHC50 Jul-22 0.85
Brage BRAGC00 1.06 BRAGC40 Jul-22 73.75 Sture - Brofjorden BRAGC10 0.01 BRAGC50 Jul-22 0.48
Edvard-Grieg EDVAC00 0.06 EDVAC40 Jul-22 4.28 Edvard Grieg-Sarroch EDVAC10 0.04 EDVAC50 Jul-22 2.97
Ekofisk EKFSC00 0.39 EKFSC40 Jul-22 26.97 Teesside-R’dam EKFSC10 0.01 EKFSC50 Jul-22 0.36
Embla EMBLC00 0.08 EMBLC40 Jul-22 5.40 Teesside-R’dam EMBLC10 0.01 EMBLC50 Jul-22 0.36
Fram FRAMC00 0.36 FRAMC40 Jul-22 24.73 Mongstad-R’dam FORTD10 0.01 FORTD50 Jul-22 0.84
Goliat GOLIC00 0.04 GOLIC40 Jul-22 2.48 Goliat-R’dam GOLIC10 0.03 GOLIC50 Jul-22 1.73
Grane GRANC00 0.05 GRANC40 Jul-22 3.52 Sture-Immingham GRANC10 0.01 GRANC50 Jul-22 0.63
Gullfaks GULLC00 0.22 GULLC40 Jul-22 15.33 Gullfaks-Brofjorden GULLC10 0.01 GULLC50 Jul-22 0.46
Heidrun HEIDC00 0.17 HEIDC40 Jul-22 12.12 Heidrun-R’dam HEIDC10 0.02 HEIDC50 Jul-22 1.22
Ivar-Aasen IVARC00 0.03 IVARC40 Jul-22 2.24 Ivar Aasen-R’dam IVARC10 0.01 IVARC50 Jul-22 0.80
Johan Sverdrup JSVRC00 0.02 JSVRC40 Jul-22 1.70 Mongstad-R’dam JSVRC10 0.01 JSVRC50 Jul-22 0.79
Oseberg OSEBC00 0.28 OSEBC40 Jul-22 19.23 Sture-R’dam OSEBC10 0.01 OSEBC50 Jul-22 0.69
Snorre SNORC00 0.20 SNORC40 Jul-22 14.14 Snorre-Statfjord SNORC10 0.00 SNORC50 Jul-22 0.14
Statfjord STATC00 6.42 STATC40 Jul-22 447.38 Statfjord-R’dam STATC10 0.01 STATC50 Jul-22 0.75
Troll TROLC00 0.28 TROLC40 Jul-22 19.45 Mongstad-R’dam TROLC10 0.01 TROLC50 Jul-22 0.79
Ula ULACC00 0.63 ULACC40 Jul-22 43.69 Teesside-R’dam ULACC10 0.01 ULACC50 Jul-22 0.37
Valhall VALHC00 0.08 VALHC40 Jul-22 5.21 Valhall-R’dam VALHC10 0.01 VALHC50 Jul-22 0.35
United Kingdom
Alwyn North ALWYC00 0.07 ALWYC40 Jul-22 4.52 Sullom Voe-R’dam ALWYC10 0.01 ALWYC50 Jul-22 0.81
Arbroath ARBRC00 0.13 ARBRC40 Jul-22 8.85 Houndpoint-R’dam ARBRC10 0.01 ARBRC50 Jul-22 0.55
Auk AUKCD00 0.26 AUKCC40 Jul-22 18.01 Teesside-R’dam AUKCC10 0.01 AUKCC50 Jul-22 0.37
Brae BRAEC00 0.16 BRAEC40 Jul-22 11.13 Houndpoint-R’dam BRAEC10 0.01 BRAEC50 Jul-22 0.56
Bruce BRUCC00 0.87 BRUCC40 Jul-22 60.74 Houndpoint-R’dam BRUCC10 0.01 BRUCC50 Jul-22 0.56
Buzzard BZRDC00 0.23 BZRDC40 Jul-22 16.22 Houndpoint-R’dam BZRDC10 0.01 BZRDC50 Jul-22 0.53
Captain CAPTC00 0.41 CAPTC40 Jul-22 28.43 Captain-Hamburg CAPTC10 0.01 CAPTC50 Jul-22 0.72
Catcher CATCC00 0.23 CATCC40 Jul-22 15.77 Catcher-R’dam CATCC10 0.01 CATCC50 Jul-22 0.48

© 2022 by S&P Global Inc. All rights reserved. 32

PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022

PLATTS CRUDE CARBON INTENSITY ASSESSMENTS - FIELDS (continued) (PGA page 4200)
Daily Carbon Intensity Premium Monthly Carbon Intensity* Daily Transport Carbon Intensity Premium Monthly Transport Carbon Intensity**
Symbol $/boe Symbol Date kg CO2 eq/boe Route Symbol $/b Symbol Date kg CO2 eq/b
Clair CLAIC00 0.14 CLAIC40 Jul-22 9.79 Clair-Stanlow CLAIC10 0.01 CLAIC50 Jul-22 0.91
Clyde CLYDC00 0.42 CLYDC40 Jul-22 29.51 Teesside-R’dam CLYDC10 0.01 CLYDC50 Jul-22 0.37
Cormorant CORMC00 0.89 CORMC40 Jul-22 61.73 Sullom Voe-R’dam CORMC10 0.01 CORMC50 Jul-22 0.82
Everest EVERC00 0.20 EVERC40 Jul-22 13.95 Houndpoint-R’dam EVERC10 0.01 EVERC50 Jul-22 0.55
Forties FORTC00 0.20 FORTC40 Jul-22 14.00 Houndpoint-R’dam FORTC10 0.01 FORTC50 Jul-22 0.56
Gannet GANNC00 0.29 GANNC40 Jul-22 20.07 Teesside-R’dam GANNC10 0.01 GANNC50 Jul-22 0.38
Golden-Eagle GOLDC00 0.24 GOLDC40 Jul-22 16.54 Golden Eagle-Grangemouth GOLDC10 0.00 GOLDC50 Jul-22 0.14
Joanne JOANC00 0.09 JOANC40 Jul-22 5.95 Teesside-R’dam JOANC10 0.01 JOANC50 Jul-22 0.37
Judy JUDYC00 0.37 JUDYC40 Jul-22 26.07 Teesside-R’dam JUDYC10 0.01 JUDYC50 Jul-22 0.38
Kraken KRAKC00 0.23 KRAKC40 Jul-22 16.29 Kraken-R’dam KRAKC10 0.01 KRAKC50 Jul-22 0.80
Magnus MAGNC00 0.14 MAGNC40 Jul-22 9.57 Sullom Voe-R’dam MAGNC10 0.01 MAGNC50 Jul-22 0.81
Mariner MARIC00 0.23 MARIC40 Jul-22 15.98 Mariner-Pascagoula MARIC10 0.10 MARIC50 Jul-22 6.85
Nelson NELSC00 0.14 NELSC40 Jul-22 9.44 Houndpoint-R’dam NELSC10 0.01 NELSC50 Jul-22 0.55
Ninian NINIC00 1.35 NINIC40 Jul-22 94.14 Sullom Voe-R’dam NINIC10 0.01 NINIC50 Jul-22 0.83
Schiehallion SCHIC00 0.24 SCHIC40 Jul-22 16.57 Schiellhallion-R’dam SCHIC10 0.01 SCHIC50 Jul-22 0.85
Scott SCOTC00 0.20 SCOTC40 Jul-22 13.67 Houndpoint-R’dam SCOTC10 0.01 SCOTC50 Jul-22 0.55
Tiffany TIFFC00 0.20 TIFFC40 Jul-22 13.68 Houndpoint-R’dam TIFFC10 0.01 TIFFC50 Jul-22 0.55
Toni TONIC00 0.18 TONIC40 Jul-22 12.27 Houndpoint-R’dam TONIC10 0.01 TONIC50 Jul-22 0.55
Russia
Samotlor SAMOC00 0.41 SAMOC40 Jul-22 28.79 Primorsk-R’dam SAMOC10 0.03 SAMOC50 Jul-22 1.97

North America Fields

Canada (PGA/PCR page 4204)
Bakken-Canada BAKKC00 0.51 BAKKC40 Jul-22 35.43 Canada-USMW BAKKC10 0.06 BAKKC50 Jul-22 3.91
Cold Lake CDLKC00 1.14 CDLKC40 Jul-22 79.38 W Canada-USMW CDLKC10 0.07 CDLKC50 Jul-22 4.86
CVE Christina Lake CVECC00 0.63 CVECC40 Jul-22 43.89 Canada-USMW CVECC10 0.07 CVECC50 Jul-22 4.86
Foster Creek FOSTC00 0.87 FOSTC40 Jul-22 60.58 Canada-USGC FOSTC10 0.08 FOSTC50 Jul-22 5.69
Hebron HEBRC00 0.13 HEBRC40 Jul-22 9.10 Hebron-Canada HEBRC10 0.13 HEBRC50 Jul-22 8.89
Hibernia HIBEC00 0.34 HIBEC40 Jul-22 23.53 Hibernia-Canada HIBEC10 0.14 HIBEC50 Jul-22 9.82
Jackfish JACKC00 0.97 JACKC40 Jul-22 67.43 Canada-USMW JACKC10 0.06 JACKC50 Jul-22 4.37
MEG Christina Lake MEGCC00 0.88 MEGCC40 Jul-22 61.63 Canada-USGC MEGCC10 0.09 MEGCC50 Jul-22 5.99
Montney Shale MONTC00 0.40 MONTC40 Jul-22 27.50 Montney-Canada MONTC10 0.01 MONTC50 Jul-22 0.81
Surmont SURMC00 0.91 SURMC40 Jul-22 63.10 Canada-USGC SURMC10 0.08 SURMC50 Jul-22 5.54
United States (PGA/PCR page 4205)
Bakken BAKNC00 0.31 BAKNC40 Jul-22 21.35 Beaumont-R’dam BAKNC10 0.09 BAKNC50 Jul-22 6.46
Denver-Julesburg DENVC00 0.41 DENVC40 Jul-22 28.29 Denver-USGC DENVC10 0.04 DENVC50 Jul-22 2.47
Eagle Ford EGFDC00 0.25 EGFDC40 Jul-22 17.28 Houston-Qingdao EGFDC10 0.18 EGFDC50 Jul-22 12.85
Mars-Ursa MRURC00 0.20 MRURC40 Jul-22 13.99 Mars-Qingdao MRURC10 0.20 MRURC50 Jul-22 14.04
Permian Delaware PRDLC00 0.25 PRDLC40 Jul-22 17.51 Corpus Christi-R’dam PRDLC10 0.09 PRDLC50 Jul-22 6.51
Permian Midland PRMDC00 0.30 PRMDC40 Jul-22 21.08 Corpus Christi-R’dam PRMDC10 0.10 PRMDC50 Jul-22 6.70
Prudhoe-Bay PRUDC00 0.46 PRUDC40 Jul-22 31.99 Alaska-USWC PRUDC10 0.04 PRUDC50 Jul-22 2.86
San-Joaquin SANMC00 2.52 SANMC40 Jul-22 175.89 San Joaquin-SoCal SANAC10 0.01 SANAC50 Jul-22 0.77
SCOOP-STACK SCOOC00 0.46 SCOOC40 Jul-22 31.92 Oklahoma-USGC SCOOC10 0.01 SCOOC50 Jul-22 1.01
Tahiti TAHIC00 0.24 TAHIC40 Jul-22 16.41 Tahiti-Yeosu TAHIC10 0.19 TAHIC50 Jul-22 13.15

© 2022 by S&P Global Inc. All rights reserved. 33

PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 7, 2022

PLATTS CRUDE CARBON INTENSITY ASSESSMENTS - FIELDS (continued) (PGA page 4200)
Daily Carbon Intensity Premium Monthly Carbon Intensity* Daily Transport Carbon Intensity Premium Monthly Transport Carbon Intensity**
Symbol $/boe Symbol Date kg CO2 eq/boe Route Symbol $/b Symbol Date kg CO2 eq/b
Latin America Fields (PGA/PCR page 4203)
Brazil
Tupi TUPIC00 0.25 TUPIC40 Jul-22 17.13 Rio-Qingdao TUPIC10 0.22 TUPIC50 Jul-22 15.64
Colombia
Cusiana CUSIC00 0.32 CUSIC40 Jul-22 22.15 Tolu-Houston CUSIC10 0.03 CUSIC50 Jul-22 2.28
Ecuador
Sacha SACHC00 0.31 SACHC40 Jul-22 21.27 Esmeraldas-Long Beach SACHC10 0.07 SACHC50 Jul-22 4.57
Mexico
Cantarell CNTLC00 0.24 CNTLC40 Jul-22 16.48 Cantarell-Bilbao CNTLC10 0.10 CNTLC50 Jul-22 7.22
Venezuela
Orinoco Oil Belt ORINC00 6.53 ORINC40 Jul-22 454.67 Jose-Sikka ORINC10 0.21 ORINC50 Jul-22 14.29
Upstream CI values are modelled on a marginal basis and are published monthly. Carbon Intensity Premiums are assessed daily. Venezuela’s Orinoco Belt upstream marginal carbon intensity is calculated using only the Hamaca basin.
*Upstream marginal CI number is assessed from the field to the storage terminal. **Transport CI is calculated from storage terminal to refinery gate and for shipping routes assumes an Aframax vessel.
Details on the Platts methodology can be found at spglobal.com/commodityinsights/.

© 2022 by S&P Global Inc. All rights reserved. 34

APPEC 2022
September 26-28, 2022 | Raffles City Convention Centre L4 | Singapore

APPEC has been the cornerstone of the energy industry, attracting hundreds of petroleum, gas, petrochemical, trading, technology, and
financial executives, as well as senior government officials,
from across the globe.

APPEC 2022 will continue to bring you the best-in-class content delivered by the most sought-after speakers! Including new sessions this
year from our S&P Global Petrochemicals experts and industry leaders - with a focus on Energy Transition, Plastics Circularity - and
exclusive Training opportunities including ESG for the Energy sector.

2022 theme highlights:

Industry-leading keynotes, Geopolitics and macro-economic overview, Crude oil analytics, Deep into refining including feedstock forecasts,
case studies, assessing potential margins, and more, Petrochemicals including crude-to-chemical complex discussions, aromatics, olefins,
and recycling, Carbon considerations, Explanations on energy transition and the drive to net-zero

Find out more at www.appec.com.sg