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ASIA-PACIFIC/ARAB GULF MARKETSCAN

Volume 40 / Issue 210 / November 1, 2021

ASIA PRODUCTS
Code Mid Change Code Mid Change Code Mid Change
Singapore (PGA page 2002)
FOB Singapore ($/barrel) MOPS strip Premium/Discount
Naphtha PAAAP00 87.27–87.31 87.290 +0.490 AAPKA00 85.20–85.24 85.220 -0.400
Gasoline 97 unleaded PGAMS00 106.01–106.05 106.030 +0.220 AAPKE00* 20.79/20.83 20.810 +0.620
Gasoline 95 unleaded PGAEZ00 102.76–102.80 102.780 +0.220 AAPKF00* 17.54/17.58 17.560 +0.620
Gasoline 95 unleaded AGUMS00 97.620 -0.130 AGUMA00**** 5.160 +0.350
Gasoline 92 unleaded PGAEY00 99.26–99.30 99.280 +0.220 AAPKG00* 14.04/14.08 14.060 +0.620
Gasoline 92 unleaded AAXEQ00 94.54–94.58 94.560 -0.270 AAXER00 4.70/4.74 4.720 +0.490
Gasoline 91 unleaded AAYNA00 100.180 +0.150 AAYNB00 5.620 +0.420
Gasoline 92 unleaded 500 ppm PGAFY00*** 4.900 +0.420
CFR Naphtha AAOVF00 86.360 -0.380 AAOVG00 1.140 +0.020
Kerosene PJABF00 93.41–93.45 93.430 +0.090 AAPJZ00 93.12–93.16 93.140 +0.050 PJACU00 0.27/0.31 0.290 +0.040
Gasoil 10 ppm AAOVC00 95.33–95.37 95.350 -0.010 AAOVD00** 0.77/0.81 0.790 +0.030
Gasoil 50 ppm AAPPF00 94.78–94.82 94.800 -0.020 AAPPH00** 0.22/0.26 0.240 +0.020
Gasoil 0.05% sulfur AAFEX00 94.25–94.29 94.270 +0.210 AAFFB00** -0.31/-0.27 -0.290 +0.250
Gasoil 0.25% sulfur AACUE00 94.16–94.20 94.180 +0.210 AACQI00** -0.40/-0.36 -0.380 +0.250
Gasoil POABC00 95.33–95.37 95.350 -0.010 AAPJY00 94.54–94.58 94.560 -0.040 POAIC00** 0.77/0.81 0.790 +0.030
FO 180 CST 2% ($/mt) PUAXS00 477.84–477.88 477.860 -3.660
HSFO 180 CST ($/mt) PUADV00 467.32–467.36 467.340 -3.580 AAPJX00 467.52–467.56 467.540 -3.430 AAGZF00 -0.22/-0.18 -0.200 -0.150
HSFO 380 CST ($/mt) PPXDK00 456.41–456.45 456.430 -3.080 AAPJW00 456.16–456.20 456.180 -2.930 PPXDL00 0.23/0.27 0.250 -0.150
Marine Fuel 0.5% ($/mt) AMFSA00 602.370 +2.180 FOFSA00 599.790 +2.270 FOFSB00 2.580 -0.090
Ex-Wharf 380 CST ($/mt) AAFER00 458.50–459.50 459.000 -3.000
Ex-Wharf 500 CST ($/mt) AAVUP00 457.50–458.50 458.000 -3.000
Bitumen Pen 60-70 ($/mt) BTSGA00 460.000 NANA BTSGB00***** 3.820 NANA
*Differential to FOB Singapore naphtha. **Differential to FOB Singapore gasoil. The “Gasoil” assessment reflects 10 ppm sulfur from January 2, 2018. ***Indicates relationship between premium/discount and MOPS gasoline 92 strip. ****Differential to FOB
Singapore gasoline 95 unleaded. *****Indicates relationship between premium/discount and HSFO 380 CST MOPS Strip.

Middle East physical oil assessments (PGA pages 2004 and 2018) MARKET COMMENTARY
FOB Arab Gulf ($/barrel) Premium/Discount
Naphtha ($/mt) PAAAA00 751.98–758.98 755.480 -3.105 AAPKH00 28.75/29.25 29.000 +2.000
Naphtha LR2 ($/mt) AAIDA00 759.84–766.84 763.340 -3.305
Gasoline 95 unleaded AAICY00 100.14–100.18 100.160 +0.210 AAWUJ00 5.48/5.52 5.500 0.000 Platts Asia and Middle Eastern Gasoline Daily
Gasoline 95 unleaded CFR AAWUK00 6.48/6.52 6.500
Gasoline 92 unleaded AAGJA00 96.660 +0.210 AAGZA00 4.750 0.000 Market Analysis
Kerosene PJAAA00 91.14–91.18 91.160 +0.030 PJACV00 1.38/1.42 1.400 +0.050
Gasoil 10 ppm AAIDT00 92.93–92.97 92.950 -0.070 AAIDU00* 1.33/1.37 1.350 +0.050 Gasoline demand in Southeast Asia in November was
Gasoil 0.005% sulfur AASGJ00 92.83–92.87 92.850 -0.070 AASGK00* 1.23/1.27 1.250 +0.050
Gasoil 0.05% sulfur AAFEZ00 92.06–92.10 92.080 +0.030 AAFFD00* 0.46/0.50 0.480 +0.150 expected to be similar to October, and the sentiment was
Gasoil 0.25% sulfur AACUA00 91.45–91.49 91.470 -0.010 AACUC00* -0.15/-0.11 -0.130 +0.110 supported by an overall recovery in gasoline demand from
Gasoil POAAT00 92.93–92.97 92.950 -0.070 POAID00* 1.33/1.37 1.350 +0.050
HSFO 180 CST ($/mt) PUABE00 453.00–453.04 453.020 -3.700 AAXJA00 36.98/37.02 37.000 +1.000 easing movement control measures regionally, market
HSFO 380 CST ($/mt) AAIDC00 442.09–442.13 442.110 -3.200 AAXJB00 36.98/37.02 37.000 +1.000 sources said.
HSFO 180/380 spread ($/mt) PPXDM00 -10.93/-10.89 -10.910 +0.500
Marine Fuel 0.5% Fujairah ($/mt) FOFFB00*** 25.000 -1.000
Leading the recovery in gasoline demand, India’s
Ex-Wharf Fujairah 380 CST** ($/mt) AAYBG00 28.890 +1.890 demand for most oil products had already attained the pre-
*Premium to MOPAG gasoil during loading. **Ex-Wharf differential represents premium/discount to the MOPAG 180 CST strip. ***MF 0.5% differential represents premium/ pandemic level, riding high on robust demand for
discount to the MOPFUJ MF 0.5% strip.
transportation fuels such as gasoline. Spot gasoline

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ASIA-PACIFIC/ARAB GULF MARKETSCAN NOVEMBER 1, 2021

ASIA PRODUCTS demand emerged from India, as state-owned Indian Oil

Code Mid Change Code Mid Change
Corporation and Hindustan Petroleum Corporation Limited
Middle East physical oil assessments (PGA pages 2004 and 2018) were seen on the spot market seeking 92 RON and 89 RON
FOB Fujairah ($/barrel) MOPAG Strip gasoline, respectively, for November.
Naphtha ($/mt) NFJSA00 773.950 +5.020 NFJTA00 744.950 +3.020 Indonesia, Southeast Asia’s largest gasoline buyer, also
Gasoline 95 unleaded AFUJA00 96.470 -3.270 AFUJB00 90.970 -3.270
Gasoline 92 unleaded RFJFS00 93.130 -2.980 RAGTA00 88.380 -2.980 sought spot cargoes. Indonesia’s Pertamina had sought up
Kerosene AFUJF00 92.130 +0.020 AFUJG00 90.730 -0.030 to 1.5 million barrels 92 RON gasoline for November and
Gasoil 10 ppm AFUJP00 93.240 -0.060
Gasoil AFUJK00 93.240 -0.060 AFUJL00 91.890 -0.110 December via spot tenders, S&P Global Platts earlier
HSFO 380 CST ($/mt) AFUJQ00 480.070 -2.010 AFUJR00 443.070 -3.010 reported.
Ex-Wharf 380 CST ($/mt) AAYBF00 485.000 -2.000 AAYBD00 456.110 -3.890
MOPFUJ Strip
Thailand’s gasoline consumption is slated to improve in
Marine Fuel 0.5% ($/mt)** AMFFA00 610.450 +0.970 FOFFA00 585.450 +1.970 November as the country has reopened fully-vaccinated
*FOB Fujairah outright prices are derived by adding the MOPAG strips and the FOB Arab Gulf premiums/discounts. foreign tourists from low-risk countries to its capital,
**FOB Fujairah Marine Fuel 0.5% outright prices are derived by adding the MOPFUJ strip and the MF 0.5% Fujairah premiums/discounts.

Gasoline components (PBF page 2410)

WEEKLY FUJAIRAH OIL PRODUCT STOCKS
FOB Singapore ($/mt) Code (’000 barrels) Change
MTBE PHALF00 860.00–862.00 861.000 +2.000
Oct 25 (PGA page 2022)
Singapore demurrage (PGT pages 2910 and 2960)
Light distillates FUJLD04 5068 +30
$/day Middle distillates FUJMD04 2935 -594
Demurrage Clean AALPY00 17000.000 0.000 Heavy distillates and residues FUJHD04 7707 -44
Demurrage Dirty AALQA00 22000.000 0.000 Source: FEDCom, S&P Global Platts

Singapore paper (PGA page 2655)

Balance November* ($/barrel) December ($/barrel) January ($/barrel)
Naphtha Japan ($/mt) RAXFM00 783.500 +2.500 AAXFE00 769.25–769.75 769.500 -9.750 AAXFF00 755.25–755.75 755.500 -9.750
Naphtha AAPLD00 85.63–85.67 85.650 +0.600 PAAAQ00 84.08–84.12 84.100 -1.800 PAAAR00 82.53–82.57 82.550 -1.800
Gasoline 95 unleaded AGUMB00 98.790 +0.160 AGUMM01 94.580 -3.830 AGUMM02 92.310 -2.450
Gasoline 92 unleaded AAXEK00 95.61–95.65 95.630 -0.800 AAXEL00 91.76–91.80 91.780 -3.680 AAXEM00 89.99–90.03 90.010 -1.950
Reforming Spread AAXEN00 9.96/10.00 9.980 -1.400 AAXEO00 7.66/7.70 7.680 -1.880 AAXEP00 7.43/7.47 7.450 -0.160
Kerosene AAPLE00 93.28–93.32 93.300 -1.700 PJABS00 92.70–92.74 92.720 -0.460 PJABT00 91.97–92.01 91.990 -0.690
Gasoil AAPLF00 94.84–94.88 94.860 -2.530 POAFC00 93.77–93.81 93.790 -0.990 POAFG00 92.79–92.83 92.810 -0.950
HSFO 180 CST ($/mt) AAPML00 467.73–467.77 467.750 -16.550 PUAXZ00 466.98–467.02 467.000 -4.200 PUAYF00 465.73–465.77 465.750 -4.200
HSFO 380 CST ($/mt) AAPKB00 456.23–456.27 456.250 -20.300 AAPKC00 455.98–456.02 456.000 -3.250 AAPKD00 454.73–454.77 454.750 -3.750
Gasoil EFS ($/mt) AAQTX00 -16.040 -7.290 AAQTY00 -17.760 -2.120 AAQTZ00 -17.320 -0.080
*Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February. **Interim Gasoil paper published ahead of the change in specification of FOB Singapore gasoil on January 2, 2018.

Arab Gulf Front Month Swaps (PGA page 2638)

Balance November* ($/barrel) December ($/barrel) January ($/barrel)
Naphtha ($/mt) NAGFM00 753.400 +2.950 NAGFM01 737.300 -11.390 NAGFM02 727.500 -5.320
Gasoline 95 unleaded AFUIM00 96.170 +0.050 AFUIM01 91.960 -3.840 AFUIM02 89.680 -2.470
Gasoline 92 unleaded RAGFM00 93.010 -0.910 RAGFM01 89.160 -3.690 RAGFM02 87.380 -1.970
Kerosene AFUAM00 91.030 -1.910 AFUAM01 90.450 -0.520 AFUAM02 89.720 -0.750
Gasoil AFUJM00 92.460 -2.740 AFUJM01 91.390 -1.050 AFUJM02 90.410 -1.010
HSFO 180 CST** AADZB00 455.750 -41.500 AADZM01 453.000 -6.250 AADZM02 453.000 -3.000
HSFO 380 CST AFURM00 444.250 -46.500 AFURM01 442.000 -5.250 AFURM02 442.000 -2.500
*Balance month swaps are assessed from the 1st to 10th of the month. **At 1730 Singapore time.

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 2
ASIA-PACIFIC/ARAB GULF MARKETSCAN NOVEMBER 1, 2021

ASIA PRODUCTS Bangkok, on Nov. 1, in a bid to revive its economically

Code Mid Change Code Mid Change
important tourism sector.
Japan physical oil assessments (PGA page 2006) Supporting the Asian gasoline complex, signs of supply-
C+F Japan ($/mt) Premium/Discount side tightening emerged in the US. Total gasoline stockpiles
Naphtha (min 70%) NCJCA00 788.250 -2.375 NCJCB00 14.500 +1.000 declined 1.99 million barrels to 215.75 million barrels the
Naphtha PAAAD00 783.75–790.75 787.250 -2.375 PAADI00 13.25/13.75 13.500 +1.000
Nph 2nd 1/2 Dec PAAAE00 796.75–797.25 797.000 -2.000 week ended Oct. 22, the lowest in almost four years, the
Nph 1st 1/2 Jan PAAAF00 790.25–790.75 790.500 -2.250 latest Energy Information Administration data showed.
Nph 2nd 1/2 Jan PAAAG00 783.75–784.25 784.000 -2.500
Naphtha MOPJ Strip AAXFH00 755.25–755.75 755.500 -3.000 AAXFI00 31.50/32.00 31.750 +0.620
Gasoline stocks were last lower in the week ended Nov. 24,
C+F Japan ($/barrel) Premium/Discount 2017, the data also showed.
Gasoline 91-92 unleaded PGACW00 101.28–101.32 101.300 +0.200 However, more supply was expected in China, as the
Gasoline 95 unleaded PGAQQ00 104.78–104.82 104.800 +0.200
government will release state oil product reserves to the
Kerosene PJAAN00 94.72–94.76 94.740 +0.100 PAADK00 1.58/1.62 1.600 +0.050
FOB Japan ($/barrel) Premium/Discount domestic market to offset a supply shortage and stabilize
Gasoil POJAP00 94.510 -0.040 POJBP00 -0.050 0.000 prices in certain regions, the country’s National Food and
South Korea physical oil assessments (PGA page 2008)
Strategic Reserves Administration said on Oct. 31. This
move aims to increase gasoil and gasoline supplies in the
C+F Korea ($/mt) Premium/Discount
Naphtha PAADE00 800.25–800.75 800.500 -1.630 PAADG00 13.00/13.50 13.250 +0.750 domestic market to offset shortages, however, volumes
FOB Korea ($/barrel) Premium/Discount and targeted regions for the supply are yet to be
Gasoline 95 unleaded PGAQO00 100.69–100.73 100.710 -0.670 announced.
Jet PJADG00 93.52–93.56 93.540 +0.100 PJADI00 0.38/0.42 0.400 +0.050
Gasoil POAIE00 94.54–94.58 94.560 -0.040 POAIG00 -0.02/0.02 0.000 0.000
China’s export quota holders are estimated to export
Bitumen Pen 60-80 ($/mt) BTKRA00 420.000 NANA BTKRB00* -36.180 NANA 770,000 mt of gasoline in November, 11% higher than the
*Indicates relationship between premium/discount and HSFO 380 CST MOPS Strip. estimated 694,000 mt for October, Platts earlier reported.
Mean of Platts West India netbacks (PGA page 2012) Zhejiang Petroleum & Chemical is likely to lead gasoline
FOB India ($/mt) FOB India ($/barrel) exports in November, by sending 300,000 mt to the
Naphtha AAQWK00 762.820 -2.470 AAQWJ00 84.760 -0.270 overseas market, up 163.2% from the estimated 114,000 mt
Gasoline (92 RON) AARBQ00 827.440 +1.820 AARBP00 97.350 +0.220 in October.
Gasoline (95 RON) AAQWI00 857.190 +1.820 AAQWH00 100.850 +0.220
Jet kero AAQWM00 721.660 +0.660 AAQWL00 91.350 +0.080 The 800,000 b/d private integrated plant is boosting its
Gasoil 10 ppm AAQWO00 693.920 -0.120 AAQWN00 93.140 -0.020 production in the next month in order to maximize usage of
Gasoil 500 ppm AAQWQ00 685.870 +1.510 AAQWP00 92.060 +0.200
Gasoil 2500 ppm AAQWS00 685.200 +1.510 AAQWR00 91.970 +0.200
its newly 12 million mt of crude import quota issued on Oct.
25 by lifting the utilization rate from 70% in this month.
Australia (PGA page 2014)
In tenders, HPCL was heard to have offered 10,000 mt
C+F Australia ($/barrel)
of 89 RON gasoline, loading Nov. 11-12 from New Pirpau
Gasoline 92 AACZF00 102.61–102.65 102.630 +0.200
Gasoline 95 AACZH00 106.11–106.15 106.130 +0.200 Jetty, in a tender which closed Oct. 29. Results of the
Jet AAFIY00 97.01–97.05 97.030 +0.070 tender were unknown. Also, Thailand’s PTT offered 101 RON
Gasoil 10 ppm AAQUD00 99.15–99.19 99.170 -0.030
reformate for Nov. 11-30 loading, via a tender closing Nov. 1.
South Africa (PGA pages 2342 and 2412) The company had last offered reformate via tender in
CFR South Africa ($/barrel) February.
Gasoline 95 unleaded AAQWW00 99.690 -3.316
Jet kero AAQWT00 95.595 -0.029
Gasoil 10 ppm AAQWU00 96.914 -0.112
Gasoil 500 ppm AAQWV00 96.044 -0.012

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 3
ASIA-PACIFIC/ARAB GULF MARKETSCAN NOVEMBER 1, 2021

ASIA PRODUCTS JET INDEX (PGA page 115)

Code Mid Change Code Mid Change Index $/barrel
Asia & Oceania PJASO00 268.29 PJASO08 93.90
Freight netbacks (PGA pages PGT2910 and PGT2960)
Mid East & Africa PJMEA00 278.25 PJMEA08 93.18
AG-Spore Spore-Japan AG-Japan Spore-Australia Global PJGLO00 262.71 PJGLO08 96.11
Naphtha AAPOF00 17.18* AAPOG00 31.77*
Naphtha-LR2 AAPOH00 23.91*
Gasoline AAPOC00 2.62 AAPOD00 2.02 AAPOE00 3.35
CARBON CREDITS (PGA page 496)
Kerosene AAPOI00 2.27 AAPOJ00 3.60 Change
Gasoil AAPOL00 2.40 AAPOM00 3.82
Platts CEC
HSFO 180 CST AAPOO00 14.32* AAPOP00 13.14*
HSFO 380 CST AAPOQ00 14.32* $/mtCO2e PCECA00 7.050 -0.250

All values in $/barrel, except * values in $/mt. Jet Fuel Carbon Offset Premiums
South China/Hong Kong physical oil assessments (PGA page 2010) $/b AJFCA00 33.916 -1.203

South China ($/mt) Premium/Discount to MOPS ($/barrel) RENEWABLE FUELS (PGA pages 1414, 483 and 2414)
Gasoline 92 unleaded AAICW00 843.50–847.50 845.500 +1.750
Change
Jet/kero PJABQ00 746.00–750.00 748.000 +0.250 AAWTW00 1.54/1.58 1.560 0.000
Gasoil POAFA00 710.75–714.75 712.750 -0.250 AABJZ00 1.09/1.13 1.110 0.000 Northwest Europe ($/mt)
Hong Kong bunker grades ($/mt) SAF BJNWA00 2307.526 +1.291
HSFO 380 CST PUAER00 494.50–495.50 495.000 -3.000 HVO HVNWA00 2119.191 +1.275
*C+F Hong Kong, $/barrel premium/discount to Mean of Platts Singapore. USWC ($/mt)
SAF w/ credits ASAFA00 2520.661 -5.519
SAF w/o credits ASAFB00 1041.474 +94.992
MARINE FUEL (PGA page 30) RD w/ credits ARDFA00 2365.247 -3.871
RD w/o credits ARDFB00 784.249 -11.699
$/mt Change vs FO 380 MOPS strip Change
USWC ($/b)
0.5% FOB Singapore cargo AMFSA00 602.370 +2.180 AMOPA00 146.190 +5.110
0.5% FOB Fujairah cargo AMFFA00 610.450 +0.970 SAF w/ credits ASAFE00 311.376 -0.681
0.5% FOB Rotterdam barge PUMFD00 568.750 -0.500 SAF w/o credits ASAFF00 128.653 +11.735
0.5% FOB US Gulf Coast barge AUGMB00 600.750 +2.500 RD w/ credits ARDFE00 293.039 -0.480
0.5% Dlvd US Atlantic Coast barge AUAMB00 600.750 +1.500 RD w/o credits ARDFF00 97.164 -1.449
0.5% FOB Mediterranean cargo MFFMM00 577.000 -0.500 USWC (¢/gal)
0.5% CIF Mediterranean cargo MFCMM00 585.750 -0.500 SAF w/ credits ASAFI00 741.371 -1.623
$/barrel Change SAF w/o credits ASAFJ00 306.316 +27.939
0.5% FOB US Gulf Coast barge AUGMA00 94.610 +0.400 RD w/ credits ARDFI00 697.713 -1.142
0.5% Dlvd US Atlantic Coast barge AUAMA00 94.610 +0.240 RD w/o credits ARDFJ00 231.342 -3.451
Southeast Asia ($/mt)
SAF ASFAA00 2150.150 -18.920
HVO HVSAB00 1972.500 -15.610
MARINE FUEL 0.5% DERIVATIVES, NOV 1
Balance* Change Month 1 Change Month 2 Change FOREIGN EXCHANGE RATES (PGA page 2160)
Nov Dec Jan USD/JPY AAWFX00 114.410 +0.740
$/mt $/mt $/mt Eur/USD AAWFU00 1.1571 -0.0092
0.5% FOB Singapore cargo FOFS000 601.250 -14.000 FOFS001 596.000 -2.350 FOFS002 591.050 -2.700 GBP/USD AAWFV00 1.3673 -0.0112
0.5% FOB Fujairah cargo FOFF000 589.250 -5.250 FOFF001 582.000 -4.250 FOFF002 578.250 -1.500 USD/SGD AAWFZ00 1.3507 +0.0058
0.5% FOB Rotterdam barge AMRAB00 572.750 -17.000 AMRAM01 569.500 +0.500 AMRAM02 565.500 -0.250 USD/MYR AAWGA00 4.1499 +0.0074
0.5% vs. 3.5% FOB Rotterdam barge AMRBB00 130.500 +7.000 AMRBM01 128.250 -0.750 AMRBM02 125.500 -1.500 USD/HKD AAWFY00 7.7813 +0.0060
$/barrel $/barrel $/barrel AUD/USD AAWFT00 0.7498 -0.0044
0.5% FOB US Gulf Coast barge AUSAB00 92.950 -1.300 AUSAM01 91.650 -0.250 AUSAM02 90.850 +0.250 USD/INR AAFGW00 74.9191 -0.0389
0.5% vs US Gulf Coast HSFO barge AUSBB00 22.000 +2.650 AUSBM01 21.200 -0.300 AUSBM02 20.950 +0.350 USD/CNY* AAWFW00 6.4192 +0.0285
*Balance month swaps are assessed from the 1st through the 20th of the month; Asia swaps are assessed through the 14th of February. *Source: Bank of China

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 4
ASIA-PACIFIC/ARAB GULF MARKETSCAN NOVEMBER 1, 2021

Platts Singapore Gasoline Rationales & Exclusions EUROPEAN PRODUCTS ($/mt)

Code Mid Change Code Mid Change
Gasoline Unl 92 FOB Spore Cargo <PGAEY00> assessment
Mediterranean (PGA page 1114)
rationale: The FOB Singapore 92 RON gasoline assessment
FOB (Italy) CIF (Genova/Lavera)
Nov. 1 took into consideration the notional physical cash Prem Unl 10ppm AAWZA00 810.00–810.50 810.250 +1.750 AAWZB00 818.50–819.00 818.750 +1.500
differential in the absence of competitive bids, offers and Naphtha PAAAI00 756.00–756.50 756.250 +5.750 PAAAH00 767.50–768.00 767.750 +5.250
Jet aviation fuel AAIDL00 740.25–740.75 740.500 +5.250
trades demonstrating value otherwise. Gasoil 0.1% AAVJI00 699.75–700.25 700.000 +4.750 AAVJJ00 711.00–711.50 711.250 +4.250
10ppm ULSD AAWYY00 716.00–716.50 716.250 +4.250 AAWYZ00 726.50–727.00 726.750 +3.750
Gasoline Unl 95 FOB Spore Cargo <PGAEZ00> assessment 1% PUAAK00 529.25–529.75 529.500 +3.000 PUAAJ00 539.25–539.75 539.500 +3.000
3.5% PUAAZ00 443.50–444.00 443.750 +2.000 PUAAY00 453.25–453.75 453.500 +2.000
rationale: The FOB Singapore 95 RON gasoline assessment
Northwest Europe cargoes (PGA page 1110)
Nov. 1 took into consideration the previous day’s 92/95
CIF (Basis ARA) FOB NWE
inter-RON spread in the absence of competitive bids, offers Gasoline 10ppm AAXFQ00 863.50–864.00 863.750 +11.500
and trades demonstrating value otherwise. Naphtha Swap PAAAJ00 758.75–759.25 759.000 -5.000
Naphtha Phy PAAAL00 776.00–776.50 776.250 +5.250
Jet PJAAU00 756.75–757.25 757.000 +4.500 PJAAV00 746.50–747.00 746.750 +4.750
Gasoline Unl 97 FOB Spore Cargo <PGAMS00> assessment Ultra low sulfur diesel 10ppm AAVBG00 725.75–726.25 726.000 +4.250 AAVBF00 715.25–715.75 715.500 +4.500
Gasoil 0.1% AAYWS00 713.25–713.75 713.500 +4.250 AAYWR00 697.75–698.25 698.000 +4.750
rationale: The FOB Singapore 97 RON gasoline assessment
Diesel 10ppm NWE AAWZC00 727.75–728.25 728.000 +4.250 AAWZD00 717.00–717.50 717.250 +4.750
Nov. 1 took into consideration the previous day’s 95/97 Diesel 10 PPM UK AAVBH00 729.00–729.50 729.250 +4.000
inter-RON spread in the absence of competitive bids, offers Diesel 10 ppm UK cargoes CIF NWE AUKDA00 729.250 4.000+
- original (French) spec
and trades demonstrating value otherwise. 1% PUAAL00 532.25–532.75 532.500 +3.000 PUAAM00 521.75–522.25 522.000 +3.000
3.5% PUABA00 439.75–440.25 440.000 +0.750 PUABB00 425.75–426.25 426.000 +0.750
0.5-0.7% straight run PKABA00 559.00–560.00 559.500 -0.250
Gasoline Unl 92 FOB Arab Gulf Cargo <AAGJA00> Low sulfur VGO AAHMZ00 605.75–606.75 606.250 +3.500 AAHMX00 591.25–592.25 591.750 +3.250
assessment rationale: The FOB Arab Gulf 92 RON gasoline High sulfur VGO AAHND00 602.25–603.25 602.750 +3.500 AAHNB00 588.00–589.00 588.500 +3.500
cargo assessment was derived as a freight netback from Northwest Europe barges (PGA pages 1112 & 1380)
the FOB Singapore 92 RON marker using the following FOB Rotterdam
Eurobob AAQZV00 833.50–834.00 833.750 +11.500
calculation: FOB Singapore 92 RON assessment minus the E10 Eurobob AGEFA00 835.750 +4.750
cost of transporting a 35,000 mt clean cargo from a basket Unleaded 98 AAKOD00 903.75–904.25 904.000 +11.500
of ports in the Persian Gulf to Singapore. Premium Unleaded PGABM00 850.00–850.50 850.250 +17.500
Reformate AAXPM00 853.750 +11.500
MTBE* PHALA00 953.00–953.50 953.250 +14.000
No market data was excluded from the Asian gasoline Naphtha Phy PAAAM00 772.00–772.50 772.250 +5.250
Jet PJABA00 751.75–752.25 752.000 +4.500
Market on Close assessment process Nov. 1. Gasoil 50 ppm AAUQC00 718.25–718.75 718.500 +5.000
Gasoil 0.1%* AAYWT00 700.25–700.75 700.500 +4.500
10 ppm* AAJUS00 723.75–724.25 724.000 +5.000
Exclusions:
1% PUAAP00 520.50–521.00 520.750 +3.000
3.5% PUABC00 441.25–441.75 441.500 +0.750
No market data was excluded from the Asian gasoline Fuel Oil 3.5% 500 CST PUAGN00 437.25–437.75 437.500 +0.750
Low sulfur VGO AAHNF00 579.75–580.75 580.250 +3.500
derivative Market on Close assessment process Nov. 1. High sulfur VGO AAHNI00 576.50–577.50 577.000 +3.500
*FOB Amsterdam-Rotterdam-Antwerp
Platts FOB Fujairah Gasoline Daily Rationale & Rotterdam bunker (PGA page 1112)
Exclusions 380 CST PUAFN00 459.50–460.50 460.000 -1.000

Gasoline 92 RON FOB Fujairah cargo <RFJFS00> assessment

rationale: The FOB Fujairah 92 RON gasoline assessment

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 5
ASIA-PACIFIC/ARAB GULF MARKETSCAN NOVEMBER 1, 2021

Nov. 1 took into consideration the 92 RON gasoline Mean of

US PRODUCTS (¢/gal) (PGA page 158)
Code Mid Change Code Mid Change
Platts Arab Gulf strip value at $88.38/b, as well as the cash US West Coast pipeline
differential for Fujairah 92 RON gasoline at $4.75/b, in the Los Angeles San Francisco
absence of bids, offers or trades in the FOB Fujairah 92 RON Unleaded 84 AAUHA00 259.33–259.43 259.380 +2.710 PGADG00 287.58–287.68 287.630 +2.960
gasoline Platts Market on Close assessment process. Premium 90 PGABG00 272.83–272.93 272.880 +2.710 PGABO00 301.08–301.18 301.130 +2.960
CARBOB AAKYJ00 259.63–259.73 259.680 +2.710 AAKYN00 287.88–287.98 287.930 +2.960
CARBOB PREM AAKYL00 273.13–273.23 273.180 +2.710 AAKYP00 301.38–301.48 301.430 +2.960
The MOPAG 92 RON gasoline strip was calculated from the
Jet PJAAP00 233.76–233.86 233.810 +2.440 PJABC00 233.76–233.86 233.810 +2.440
Balance November MOPAG 92 RON gasoline swap at ULS (EPA) Diesel POAET00 268.26–268.36 268.310 +2.440 POAEY00 265.26–265.36 265.310 +2.440
$93.01/b and the December MOPAG 92 RON gasoline swap CARB diesel POAAK00 260.26–260.36 260.310 +2.440 POAAL00 270.26–270.36 270.310 +2.440
at $89.16/b. The cash differential took into consideration Seattle Portland
Unleaded 84 AAXJE00 236.73–236.83 236.780 +3.960 AAXJC00 237.88–237.98 237.930 +3.960
values in the FOB Fujairah 92 RON gasoline market heard in
Premium 90 AAXJF00 255.48–255.58 255.530 +3.960 AAXJD00 256.63–256.73 256.680 +3.960
the Middle East. Jet PJABB00 233.76–233.86 233.810 +2.440
ULS (EPA) Diesel AAUEX00 250.11–250.21 250.160 +2.440 AAUEY00 251.26–251.36 251.310 +2.440
Gasoline 95 RON FOB Fujairah cargo <AFUJA00> assessment Phoenix
rationale: The FOB Fujairah 95 RON gasoline assessment RBOB unleaded 84 AADDP00 264.13–264.23 264.180 +2.710
RBOB premium 89.5 PPXDJ00 277.63–277.73 277.680 +2.710
Nov. 1 took into consideration the 95 RON gasoline MOPAG
Differential to NYMEX
strip value at $90.97/b, as well as the cash differential for
CARBOB AANVX00 18.70/18.80 18.750 -1.250
Fujairah 95 RON gasoline at $5.50/b, in the absence of bids, Jet Fuel AANVY00 -16.55/-16.45 -16.500 0.000
offers or trades in the FOB Fujairah 95 RON gasoline MOC ULS (EPA) Diesel AANVZ00 17.95/18.05 18.000 0.000
process. CARB Diesel AANWA00 9.95/10.05 10.000 0.000
US West Coast waterborne
The MOPAG 95 RON gasoline strip was calculated from the Los Angeles
Balance November MOPAG 95 RON gasoline swap at Unleaded 87 PGADI00 259.33–259.43 259.380 +2.710
Jet PJABI00 232.76–232.86 232.810 +2.440
$96.17/b and the December MOPAG 95 RON gasoline swap
at $91.96/b. The cash differential took into consideration
values in the FOB Fujairah 95 RON gasoline market heard in
the Middle East. PLATTS ASSESSMENT OF FUTURES MARKETS AT MOC CLOSE (PGA page 703)
Singapore 16:30

Exclusions: No market data was excluded from the Nov. 1 ICE gasoil futures ($/mt) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
Nov 21* AAQYM01 722.75 Dec XNRBA01 237.13 Dec XNHOA01 248.82
Fujairah gasoline MOC. Dec 21 AAQYM02 716.50 Jan XNRBA02 232.04 Jan XNHOA02 247.15
Jan 22 AAQYM03 708.75 Feb XNRBA03 229.61 Feb XNHOA03 244.75
Platts FOB Fujairah Gasoline Bids, Offers, Trades New York 14:30
Bids: No bids NYMEX light sweet crude ($/barrel) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
Offers: No offers Dec NYCRM01 84.04 Dec NYRBM01 240.94 Dec NYHOM01 250.37
Jan NYCRM02 82.45 Jan NYRBM02 235.17 Jan NYHOM02 248.86
Trades: No trades Feb NYCRM03 80.71 Feb NYRBM03 232.25 Feb NYHOM03 246.45
This assessment commentary applies to the following market *Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February.
data codes: Gasoline 92 RON FOB Fujairah Cargo <RFJFS00> and
Gasoline 95 RON FOB Fujairah Cargo <AFUJA00>

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 6
ASIA-PACIFIC/ARAB GULF MARKETSCAN NOVEMBER 1, 2021

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 85.99–86.03 86.010 -0.250 AAPAI00 2.75 -0.050 AAPAH00 86.680 +0.850
DFC 56.82 ADFCA00 83.56–83.60 83.580 -1.280 ADFCB00 4.95/5.05 5.000 +0.200 ADFCC00 1.500 +0.100 ADFCD00 84.130 -0.300
Qatar LSC 56.9 AARBB00 82.96–83.00 82.980 -1.280 AARBD00 4.35/4.45 4.400 +0.200 AARBC00 0.900 +0.100 AARBA00 83.530 -0.300
South Pars 57.4 AARAV00 78.66–78.70 78.680 -1.280 AARAX00 0.05/0.15 0.100 +0.200 AARAW00 -3.400 +0.100 AARAU00 79.230 -0.300
Diff to ICP
Senipah 54.4 AAEOE00 86.34–86.38 86.360 -0.250 AAEOK00 1.55/1.65 1.600 -0.050 AAPBE00 3.100 -0.050 AAPBD00 87.030 +0.850
Light crude (PGA page 2214) (PGA page 2215)
Diff to ICP Diff to Asian Dated Brent
Cossack 47.7 PCAGZ00 85.09–85.13 85.110 -0.250 AAPAC00 1.850 -0.050 AAPAB00 85.780 +0.850
Gippsland 48.7 PCACP00 82.69–82.73 82.710 -0.250 AAPAU00 -0.550 -0.050 AAPAT00 83.380 +0.850
Tapis 45.2 PCACB00 86.34–86.38 86.360 -0.200 AAOZW00 3.100 0.000 AAOZV00 87.030 +0.900
Belida 45.1 PCAFL00 83.04–83.08 83.060 -0.250 PCAFM00 1.15/1.25 1.200 0.000 AAPBQ00 -0.200 -0.050 AAPBP00 83.730 +0.850
Kutubu 44.3 PCAFJ00 85.29–85.33 85.310 -0.250 AAPAE00 2.050 -0.050 AAPAD00 85.980 +0.850
Handil Mix 43.9 PCABE00 84.19–84.23 84.210 -0.250 PCABF00 1.30/1.40 1.350 -0.050 AAPBI00 0.950 -0.050 AAPBH00 84.880 +0.850
Attaka 42.3 PCAAJ00 82.74–82.78 82.760 -0.250 PCAAK00 0.20/0.30 0.250 0.000 AAPBC00 -0.500 -0.050 AAPBB00 83.430 +0.850
Ardjuna 38 PCACQ00 76.94–76.98 76.960 -0.200 PCACR00 -2.40/-2.30 -2.350 0.000 AAPBG00 -6.300 0.000 AAPBF00 77.630 +0.900
Banyu Urip 32 PCAFQ00 86.660 -0.200 PCAQQ00 1.350 0.000 AAPBU00 3.400 0.000 AAPBR00 87.330 +0.900
Diff to Dubai
Sakhalin Blend 45.5 AARBN00 83.46–83.50 83.480 -1.280 AARCN00 4.85/4.95 4.900 +0.200 AARDN00 1.400 +0.100 AAREN00 84.030 -0.300
ESPO M1 34.8 AARWF00 84.56–84.60 84.580 -0.480 AASEU00 5.95/6.05 6.000 +1.000 AARWE00 2.420 +0.730 AARWD00 85.050 +0.330
ESPO M2 34.8 AAWFE00 83.36–83.40 83.380 -0.460 AAWFG00 5.70/5.80 5.750 +0.850
Sokol 39.7 AASCJ00 84.26–84.30 84.280 -1.380 AASCK00 5.65/5.75 5.700 +0.100 AAPAO00 2.200 0.000 AAPAN00 84.830 -0.400
Kikeh 34.9 AAWUH00 87.34–87.38 87.360 -0.200 AAOZY00 4.100 0.000 AAOZX00 88.030 +0.900
Miri Light 32.3 PCABQ00 87.14–87.18 87.160 -0.200 AAPAS00 3.900 0.000 AAPAR00 87.830 +0.900
Labuan 32 PCABL00 87.64–87.68 87.660 -0.200 AAPAQ00 4.400 0.000 AAPAP00 88.330 +0.900
Kimanis 38.6 AASCL00 87.560 -0.200 AASCM00 4.300 0.000 AASCN00 88.230 +0.900
Medium crude (PGA page 2216) (PGA page 2217)
Diff to Asian Dated Brent
Su Tu Den 36.8 AARAR00 86.99–87.03 87.010 -0.200 AARAS00 3.750 0.000 AARAQ00 87.680 +0.900
Bach Ho 40.7 PCAHY00 87.39–87.43 87.410 -0.200 AAPAK00 4.150 0.000 AAPAJ00 88.080 +0.900
Nanhai 40 PCAFR00 78.39–78.43 78.410 -0.200 AAPAG00 -4.850 0.000 AAPAF00 79.080 +0.900
Nile Blend 33.9 AAPLC00 81.39–81.43 81.410 -0.200 AAPAM00 -1.850 0.000 AAPAL00 82.080 +0.900
Daqing 32.2 PCAAZ00 78.84–78.88 78.860 -0.150 AAPAW00 -4.400 +0.050 AAPAV00 79.530 +0.950
Heavy crude (PGA page 2218) (PGA page 2219)
Diff to ICP Diff to Asian Dated Brent
Dar Blend 25 AARAB00 84.14–84.18 84.160 -0.200 AARAC00 0.900 0.000 AARAA00 84.830 +0.900
Shengli 24.2 PCABY00 83.89–83.93 83.910 -0.150 AAPAY00 0.650 +0.050 AAPAX00 84.580 +0.950
Duri 20.8 PCABA00 87.29–87.33 87.310 -0.150 PCABB00 3.30/3.40 3.350 0.000 AAPBM00 4.050 +0.050 AAPBL00 87.980 +0.950
Vincent 18.3 AARAK00 92.160 -0.150 AARAL00 8.900 +0.050 AARAJ00 92.830 +0.950

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 7
ASIA-PACIFIC/ARAB GULF MARKETSCAN NOVEMBER 1, 2021
Platts Asia and Middle Eastern Naphtha Daily
Market Analysis
The Asian naphtha market was slated to see activity pick
up for second-half December delivery into north Asia as the
new half-month cycle began Nov. 1. The sentiment was
bullish as the market saw support from tight supply and
firm demand against the backdrop of positive olefins
margins, sources said.
The naphtha front-month East-West spread — the
premium of the CFR Japan naphtha cargo swap over the
CIF NWE equivalent — was pegged at $13.50/mt in
midmorning Asia trade Nov. 1, narrowing 75 cents/mt
compared with $14.25/mt at the European close Oct. 29,
S&P Global Platts data showed.
The narrowing of the East-West spread signaled weaker
arbitrage opportunity between Europe and Asia.
Sources have attributed the bullishness in the market to
limited naphtha arbitrage cargoes.
“Market is bullish right now. We have less supply …
from East of Suez. We don’t see any arbitrage right now …
freight is higher. Europe is also strong. Not seeing any
naphtha from Gulf Coast now that’s why Asia trade and
spreads are jumping,” a Singapore-based trader told Platts.
ASIA-PACIFIC/ARAB GULF MARKETSCAN
Contact Platts support: support@platts.com; Americas: +1-800-752-8878;
Europe & Middle East: +44-20-7176-6111; Asia Pacific: +65-6530-6430
Trade Data: Platts has defined standards for entities it considers to be related and verifies
through a variety of inputs whether counterparties in reported trades meet these criteria.
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Demand in the Asian naphtha complex also continued
to be supported as a petrochemical feedstock amid
positive olefins margins.
The key CFR Northeast Asia ethylene to C+F Japan
naphtha spread widened $7.625/mt day on day and $11/mt
week on week to $410.375/mt at the Asian close Oct. 29.
The spread was above typical breakeven levels of $300-
$350/mt for non-integrated producers, likely to keep
operating levels near or at full capacity, market sources said.
“Demand is increasing, especially from South Korea,” a
naphtha producer told Platts.
The strength in the market was seen as the CFR Japan
naphtha physical crack against front-month ICE Brent
crude futures strengthened $4.85/mt day on day to
$156.625/mt at the Oct. 29 Asian close, Platts data showed.
India’s Bharat Petroleum Corp. Ltd. was heard to have
offered 35,000 mt of naphtha with minimum 78% paraffin
content for Nov. 16-17 loading in a tender that closes Nov. 2.
Kuwait’s KPC was also heard to have sold 28,000 mt of
light naphtha and 25,000 mt of full-range naphtha loading
Nov. 8-10 at a premium of $35/mt to the Mean of Platts
Arab Gulf naphtha assessments, FOB, pricing five days after
bill of lading.
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8
Platts Japan Naphtha Daily Rationales & Exclusions
Naphtha C+F Japan Cargo <PAAAD00> assessment rationale:
The CFR Japan naphtha cargo assessment on Nov. 1 took
into consideration a bid for H1 Jan at $790/mt, with a crack
value of $161.35/mt, which demonstrated value. The H2 Dec/
H1 Jan spread was assessed at plus $6.50/mt. The H1 Jan/
H2 Jan spread was assessed plus $6.50/mt.
Naphtha FOB Spore Cargo <PAAAP00> assessment rationale:
The FOB Singapore naphtha assessment was derived as a
freight netback from the CFR Japan naphtha first cycle
assessment using the following calculation: CFR Japan
naphtha first cycle assessment minus the cost of
transporting a 30,000-mt clean cargo on the Singapore-to-
Japan route.
Naphtha FOB Arab Gulf Cargo <PAAAA00> assessment
rationale: The FOB Arab Gulf naphtha assessment was
derived as a freight netback from the CFR Japan naphtha
marker using the following calculation: CFR Japan naphtha
marker minus the cost of transporting a 55,000-mt clean
cargo from a basket of ports on the Persian Gulf-to-Japan
route.
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ASIA-PACIFIC/ARAB GULF MARKETSCAN NOVEMBER 1, 2021

Exclusions: No market data was excluded from the Nov. 1

INTERNATIONAL DIRTY TANKER FIXTURES (PGT page 2950)
Ship name Size Type Date Route Rate Charterer
Asian naphtha derivative market on close assessment
process. East of Suez
Universal Leader 270 CR Nov10 PG-Spore w46.5 Exxon
Sake 265 CR Nov19 Basrah-Paradip w52 IOC
No market data was excluded from the Nov. 1 Asian naphtha Sea Icon 130 FO Nov2 Cross-Red Sea $550k ATC
market on close assessment process. Minerva Elpida 80 DY Nov8 STS Khawr Al Zubair-USGC rnr Newton
PS Trieste 68 VGO Nov8 Gizan-Opts rnr Vitol
Stella 100 CR Nov11 Kozmino-USWC rnr Marathon
Platts FOB Fujairah Naphtha Daily Rationale & Proteas 100 CR Nov11 Kozmino-NChina rnr ChemChina
Exclusions Maran Sagitta 80 CR Nov4 Seria-Thailand rnr Bangchak
Naphtha FOB Fujairah <NFJSA00 > assessment rationale: Navig8 Providence 80 COND Nov4 Ichthys-Incheon w105 Total
Stavanger Falcon 80 CR Nov7 Ruby-China w115 Unipec
The assessment of FOB Fujairah naphtha Nov. 1 took into Teekay Tbn 80 FO Nov13 Spore-China w110 Chimbusco
consideration the naphtha Mean of Platts Arab Gulf strip Elli 75 COND Nov7 Dampier-Tuban rnr Shell
value of $744.95/mt, as well as the cash differential at $29/ Lian Shun Hu 60 FO Nov15 Spore-Hong Kong rnr BP Sinopec
Maersk Malaga 40 FO Nov5 Thailand-Spore rnr BP
mt in the absence of bids, offers and trades in the FOB
UKC
Fujairah naphtha market on close assessment process.
Minerva Tbn 100 FO Nov10 UST Luga-USGC, UKC w65, w90 ATC
Nordindependence 80 CR Nov9 Tees-USGC, USAC, ECCan w80, w85, w90 P66
The MOPAG naphtha strip is calculated from November Med
MOPAG naphtha swap at $753.40/mt and December Tbn 80 CR Nov12 Novoroissiysk-BSea, Med $750k, w135 Livna
MOPAG naphtha swap at $737.30/mt. The cash differential Capsian Sea 80 CR Nov9 Sidi Kerir-Spain rnr Repsol
took into consideration the FOB AG cash differential Minerva Tbn 80 CR Nov21 CPC-Med w135 Shell

against Mean of Platts Arab Gulf naphtha physical, in the WAF

Seaways Tybee 260 CR Nov27 WAF-China w48 Unipec
Cascade Spirit o/o 130 CR Nov13 Oguendjo, Nigeria-Tarragona w75, w77.5 Repsol
Americas
CONFERENCE OIL Searanger
Seamagic
70
70
CR
CR
Nov2
Nov6
USGC-UKCM
Caribs-USGC
w112.5
w135
ATMI
Shell
Yasa Golden Marmara 70 CR Nov10 USGC-UKCM w105 Vitol
Penfield Tbn 50 DY earNov USGC-Argentina w150 Cabot
Penfield Tbn 50 DY Nov1 USGC-Bahamax, Caribs, Opts rnr Motiva
MIDDLE EAST EXECUTIVE Kinaros 45 DY Nov1 10-Day Storage $20.5k/d Shell

PETROLEUM CONFERENCE Seafriend 45 DY Nov3 USGC-UKCM w137.5 Shell

DY: Dirty, CR: Crude, FO: Fuel Oil, +:Update, ppt: Prompt, cnr: charterer not reported, rnr: rate not reported, coa: contract of affreightment, o/p: own program
December 7-8, 2021

absence of any competitive bids, offers or trades Platts FOB Fujairah Naphtha Bids, Offers, Trades
Click here to register
demonstrating value otherwise. Bids: No bids
Offers: No offers
Exclusions: No market data was excluded from the Nov. 1 Trades: No trades
Fujairah naphtha market on close assessment process. This assessment commentary applies to the following market data
codes: Naphtha FOB Fujairah Cargo $/mt <NFJSA00>.

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 9
ASIA-PACIFIC/ARAB GULF MARKETSCAN NOVEMBER 1, 2021

INTERNATIONAL CLEAN TANKER FIXTURES (PGT page 2904)

Platts Asia and Middle Eastern Jet Daily Ship name Size Type Date Route Rate Charterer
Market Analysis East of Suez
„„ Balance-month jet fuel/kerosene time spread rises to Sea Icon 90 ULSD Nov2 Yanbu-Ain Sukhna $575k ATC
Lionheart 90 ULSD Nov12 PG-EAfrica w100 ATC
multi-year high
STI Elysees 90 ULSD Nov11 PG-EAfrica w100 Admic
„„ Physical jet fuel/kerosene traded during MOC falls to Scorpio Tbn 75 NA Nov8 PG-Japan rnr Admic
100,000 barrels in Oct Swarna Kamal 60 ULSD Nov11 NMangalore-Spore w105 Vitol
Sauger 60 ULSD Nov11 PG-EAfrica w120 Admic
The Asian jet fuel/kerosene market was largely steady at Superba 40 JET Nov5 Suez-UKC $925k Elin Oil
Black Swan 35 NA Nov4 Fujairah-SKorea w127.5 Vitol
the start of the week Nov. 1 as recovery in the downstream
Bougainville 35 ULSD Nov5 Vadinar-EAfrica, SAfrica w192.5, w175 Trafigura
aviation sector coupled with kerosene stockpiling for winter Ioannis Zafirakis 35 ULSD Nov11 Ruwais-EAfrica w192.5 Vitol
heating continued to boost market sentiment. Jo Ask 35 ULSD Nov11 Sikka-Australia w172.5 BP
Elli 75 COND Nov8 Gorgon-Tuban rnr Shell
At 0830 GMT Oct. 29, the FOB Singapore jet fuel/
Navig8 Providence 75 COND Nov4 Ichthys-Incheon w105 CSSA
kerosene cash differential was assessed at a premium of 25 Kmarin Reason 75 ULSD Nov9 Spore-Australia o/p BP
cents/b to the Mean of Platts Singapore jet fuel/kerosene Swarna Kamal 60 ULSD Nov6 NMangalore-Spore w105 Vitol
STI Experience 60 CL Nov10 Spore-Australia w135 AMPOL
assessments, compared with a discount of 2 cents/b at the
Athlos 40 GO Nov6 Nakhodka-Spore $440k Trafigura
start of the month, S&P Global Platts data showed. Nord Miyako 35 CL Nov8 Spore-Australia rnr ENOC
Market participants attributed the rise in cash STI Queens 35 CL Nov2 Spore-Hong Kong, Philippines $300k, $320k Shell
Alexandros 35 UNL endOct Spore-Balikpapan $385k Seariver
differentials to the current tight supply of jet fuel/kerosene
Silver Valerie 35 CL Oct31 Spore-Port Klang rnr Shell
from Northeast Asia. They added that tight supply is Nanjing Tbn 35 ULSD Nov1 Spore-Taiwan rnr Unipec
expected to extend till the end of the year. Tbn 35 ULSD Nov5 Cross Spore rnr Ocean Energy
Tbn 35 CL Nov6 Cross Spore rnr Chevron
“The premium is getting higher and higher. No reason
Dai Minh 35 ULSD Nov5 Thailand, Philippines-Spore $250k, rnr Unipec
to sell cheaper,” said a trader Nov. 1. CSC Progress 35 CL Nov8 Spore, Hong Kong-Philippines $320k, $345k Shell
Meanwhile, the balance-month November-December Grand Ace 7 30 NA Nov7 Map Ta Phut-Spore $255k PetroChina
Continent
intermonth jet fuel/kerosene spread rose to a multi-year
PGC Alexandria 60 UNL Nov2 ARA-WAF w100 Litasco
high Oct. 29 at plus $1.82/b, Platts data showed. At 0700 Scopio Tbn 30 ULSD Nov5 Ventspils-UKC w152.5 Vitol
GMT Nov. 1, the balance-month jet fuel/kerosene spread Pluto 30 ULSD Nov5 Primorsk-UKC w152.5 Vitol
Seamarlin 30 NA Nov9 Baltic-UKC w150 Litasco
was at an intraday value of plus 51 cents/b, widening 1
Seychelles Pioneer 30 ULSD Nov4 ARA-UKC w145 Litasco
cent/b from the previous trading session. Med
“Most of the views have [been] bullish due to limited Celcius Rome 37 NA Nov6 Skikda-Med, UKC, TA, Yanbu w147.5, w135, w135, $780k Total
supply [of jet fuel] and winter season [stockpiling],” another Cedar Express 37 UNL Nov7 Taranto-UKC, TA w130, w130 Eni
trader said Nov. 1. Histria Azure 30 CL Nov9 Black Sea-Med w152.5 Coral E
Futura 30 CL Nov2 Santa Panagia-Med w150 Litasco
Japan and South Korea typically stock up kerosene for Sunny Sky 30 ULSD Nov7 Sidi Kerir-Med w142.5 ATC
the peak winter heating season, leading to reduced exports. Leon Hermes 30 GO Nov7 Black Sea-Med, Libya, UKC, Morocco, Canaries w152.5, w157.5, w152.5, w162.5, w167.5 Vitol
The volume of physical jet fuel/kerosene traded during Valsesia 30 NA Nov3 Zawia-Med, UKC w155 Lukoil

the Platts Market on Close assessment process in Americas

Silver Ginny 38 CL dnr USGC-Brazil w150 Chevron
Singapore fell to 100,000 barrels in October, Platts data
Aktea 38 CL dnr USGC-Caribs $525k ATMI
showed, amid tight regional supply. Glenda Melody 38 CL Nov5 USGC-Caribs $550k cnr
The traded jet fuel/kerosene volume in October fell from Pyxis Malou 38 CL dnr USGC-Caribs $540k cnr
Ridgebury Saturn 38 CL Oct31 USGC-Ecuador $1.175m Trafigura
an 11-month high of 2.232 million barrels in September.
PTI Hudson 38 CL Nov2 USGC-Chile o/p Trafigura
CL:Clean, NA:Naphtha, UN:Unleaded, JT: Jet, GO:Gasoil, ++:Update, F:Failed

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 10
ASIA-PACIFIC/ARAB GULF MARKETSCAN NOVEMBER 1, 2021
Volumes were also sharply lower on a year-on-year
basis, with Platts data showing 2.945 million barrels traded
in October 2020.
In contrast, China Aviation Oil sold 100,000 barrels to
Vitol in October, Platts data showed.
Despite the decrease in traded physical jet fuel/
kerosene volume, industry participants were optimistic
about the near-term demand outlook amid an increase in
COVID-19 vaccinated travel lane arrangements and the
easing of other pandemic-related restrictions.
Platts Singapore Jet Kero Daily Rationale & Exclusions
Jet Kero FOB Spore Cargo <PJABF00> assessment rationale:
The FOB Singapore jet fuel/kerosene cargo assessment
Nov. 1 was based on the adjusted relationship between the
physical and swaps markets. The cash differential was up 4
cents/b from the previous close to MOPS jet fuel/kerosene
at 29 cents/b, as the balance month November/December
jet fuel/kerosene swap spread gained by 8 cents/b day on
day at 58 cents/b.
Exclusions: No market data was excluded from the Nov. 1
Singapore jet fuel/kerosene Market on Close assessment
process.
Platts FOB Fujairah Jet Kero Rationale & Exclusions
Jet Kero FOB Fujairah cargo <AFUJF00> assessment
rationale: The FOB Fujairah Jet fuel/kerosene assessment
on Nov. 1 was assessed at a premium of $1.40/b to Mean of
Platts Arab Gulf jet fuel/kerosene assessment, taking into
consideration prices in the FOB Fujairah jet fuel/kerosene
market as well as differentials for recent cargo trades heard
in the Middle East.
Exclusions: No market data was excluded from the Nov. 1
Fujairah Jet fuel/kerosene Market on Close assessment
process.
© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Platts Singapore Jet Kero Bids, Offers, Trades
Bids: Jet: FOB Straits: Vitol bids MOPS +0.10 Nov 16-20
250kb (Deemed pricing Nov 16-22)
Offers: Jet: FOB Straits: Aramco offers H2 Nov +0.50 Nov
16-20 100kb; Jet: FOB Straits: Aramco offers Bal Nov +0.50
Nov 16-20 100kb or Bal Nov +0.50 Nov 20-24 100kb or Bal
Nov +0.50 Nov 25-29 100kb
Trades: No trade reported
This assessment commentary applies to the following market data
codes: Jet Kero <PJABF00>
Platts Global Carbon Daily Commentary
„„ Platts CNC stable on day at $9.65/mtCO2e
„„ Market players holding forestry supply ahead of
COP26: source
„„ Crypto miners still buying older Renewable credits
The voluntary carbon markets were bearish to stable on
Nov. 1, as participants focused on the UN Climate Change
Conference that kicked off in Glasgow Oct. 31.
“There is barely any forestry available,” a broker said
during the morning trading hours. “I don’t think [it’s
because] they are buying too much, [I think that] no one is
offering forestry volumes right now.”
“The CBL’s N-GEO contract rallied [last week] and
people are keen to wait to see how prices evolve over
COP26,” the broker added.
A carbon trader said: “I expect the market to be quiet
with some potentially reactionary moves depending on
what news comes out of COP26.”
Platts CNC price assessment was assessed at $9.65/
mtCO2e at 1200 GMT Nov. 1, stable from Oct. 29.
Platts Nature-based Avoidance and Platts Natural
carbon capture Current Year price assessments were also
stable.
While the nature-based segment of the market seemed
steady, with little supply available on the market. Activity in
the Renewable Energy segment continued as crypto miners
continued to purchase and retire credits.
11
Crypto miners still buying
“The Klima DAO craziness is still on, I’m still receiving
requests for 2008+ vintage renewable credits,” another
trader said.
Asked if this trend was pushing up prices, the trader
said: “For a 2008 vintage we would be now looking at
$4.05/mtCO2e for some indicative 50,000 mt.”
On Oct. 29, Platts reported about some VCS certified
Renewable Energy credits with a 2008 vintage which were
heard traded in the $3.50 to $3.80 range.
The source said that this trend was now pushing up the
price of newer Renewable Energy vintages as well.
Data from S&P Global Platts Analytics showed that
retirements of carbon credits with a VCS, GS, CAR, CAR or
Architecture for REDD+ certification increased by 130%
between Oct. 15 and Oct. 29, with a jump on Oct. 18, when
an organization of crypto miners called Klima DAO was
launched. On Oct. 18, 3,171,000 credits were retired, of
which 3,162,000 were VCS certified credits.
Sources told Platts Oct. 28 and 29 that crypto miners
were looking for VCS certified renewable energy credits
with a 2008+ vintage.
Platts Renewable Energy Current Year was assessed 2
cent/mtCO2e higher at $4.42/mtCO2e.
Platts CEC price assessment shed 25 cent/mtCO2e on
Nov. 1 to be assessed at $7.05/mtCO2e.
Platts Asia and Middle Eastern Gasoil Daily
Market Analysis
„„ Asian gasoil extends gains on tightening supply
balances
„„ GS Caltex sells 500 ppm sulfur gasoil for Dec
A further erosion of supply as well as a postpandemic
demand recovery currently in motion raised the Asian
gasoil market Nov. 1, with the middle distillate kicking off
the first day of November on a firmer footing.
The bullish sentiment was reflected in a steepening
backwardation, with the balance November-December and
ASIA-PACIFIC/ARAB GULF MARKETSCAN NOVEMBER 1, 2021
December-January intermonth spreads at intraday values
of plus $1.05/b and plus 95 cents/b, respectively, widening
from plus $1.02/b and plus 93 cents/b assessed at the
Asian close Oct. 29.
Some market participants said the bullishness
stemmed from little relief being seen in supply balances,
which look set to tighten even further following news over
the weekend that China will be keeping most of all its gasoil
barrels at home in a bid to meet domestic consumption
needs.
China will release state oil products reserves to the
domestic market to offset a supply shortage and stabilize
prices in certain regions, the country’s National Food and
Strategic Reserves Administration said Oct. 31.
With approvals from the National Development and
Reform Commission and the Ministry of Finance, the NFSRA
has started its annual state oil product reserves rotation.
The release from this annual rotation aims to increase
gasoil and gasoline supplies in the domestic market to
offset shortages, serving its role to adjust market
fundamentals, the administration announced on its
website.
China has suffered from an oil products supply
shortage since September, especially gasoil, as refineries
slashed output while a new hefty consumption tax on
imported light cycle oil, a blending material of gasoil, shut
access to the inflow.
Asian gasoil traders estimated China’s October gasoil
export volumes at 300,000 mt, and said that for November,
this figure could fall drastically.
“November [gasoil export volumes] could be nil to
lower than October,” a Singapore-based trader said.
Still, some sources said China’s announcement may
have a limited impact on the Asian gasoil market, given that
traders have had a view for months now that gasoil
supplies would remain tight to the end of the year.
“We view [the market] has already priced-in on this low
export,” a regional source said.
© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Elsewhere, South Korea’s GS Caltex has sold its
December-loading program of 500 ppm sulfur gasoil at
markedly higher spot levels compared with its previous
spot tender. Market participants said Nov. 1 that the refiner
sold four cargoes of medium sulfur gasoil, each 300,000
barrels, at a discount of between 90 cents/b and $1/b to the
Mean of Platts Singapore 10 ppm sulfur gasoil assessments,
FOB Yeosu. This compared with awarded levels of minus
$1.30-minus $1.60/b to MOPS gasoil assessments for
similar spot cargoes sold over November-loading dates.
Platts Asia and Middle Eastern Gasoil Cargo Daily
Rationale & Exclusions
Gasoil .001%S (10 ppm) FOB Spore Cargo <AAOVC00>
assessment rationale: The FOB Singapore Gasoil 0.001% (10
ppm) cargo assessment Nov. 1 was based on the following
inputs: The front loading period was assessed at the Mean
of Platts Singapore Gasoil assessment plus 74 cents/b,
taking into consideration an offer for a cargo loading Nov.
16-20 at MOPS gasoil plus 84 cents/b after accounting for
deemed pricing. The middle loading period was assessed at
MOPS gasoil plus 80 cents/b, taking into consideration two
trades for cargoes loading Nov. 18-22 and Nov. 22-26, both
at MOPS gasoil plus 80 cents/b, after accounting for
deemed pricing. The back loading period was assessed at
MOPS gasoil plus 83 cents/b, reflecting the movement in
the middle loading period.
Gasoil .05%S (500 ppm) FOB Spore Cargo <AAFEX00>
assessment rationale: The FOB Singapore Gasoil 0.05%
(500 ppm) cargo assessment Nov. 1 was based on the
spread between 500 ppm gasoil and 2,500 ppm gasoil. The
cash differential was up 25 cents/b day on day at MOPS
gasoil minus 29 cents/b.
Gasoil FOB Spore Cargo <POABC00> assessment rationale:
The FOB Singapore Gasoil 0.001% (10 ppm) cargo
assessment Nov. 1 was based on the following inputs: The
front loading period was assessed at MOPS gasoil plus 74
12
cents/b, taking into consideration an offer for a cargo
loading Nov. 16-20 at MOPS gasoil plus 84 cents/b after
accounting for deemed pricing. The middle loading period
was assessed at MOPS gasoil plus 80 cents/b, taking into
consideration two trades for cargoes loading Nov. 18-22 and
Nov. 22-26, both at MOPS gasoil plus 80 cents/b, after
accounting for deemed pricing. The back loading period
was assessed at MOPS gasoil plus 83 cents/b, reflecting the
movement in the middle loading period.
Exclusions:
No market data was excluded from the Nov. 1, 2021,
Singapore Gasoil Platts Market on Close assessment
process.
Platts Asia and Middle Eastern Gasoil Cargo Bids,
Offers, Trades
Bids: Gasoil 10ppm: FOB Straits: UIT bids H2 Nov +0.60 Nov
16-20 150kb INCO; Gasoil 10ppm: FOB Straits: BP bids H2
Nov +0.70 Nov 21-25 158kb; Gasoil 10ppm: FOB Straits:
Trafigura bids H2 Nov +0.60 Nov 22-26 150kb INCO; Gasoil
10ppm: FOB Straits: Trafigura bids H2 Nov +0.45 Nov 27-Dec
1 150kb INCO; Gasoil 500ppm: FOB Arab Gulf (Fujairah/
Sohar/Hamriyah): Glencore bids MOPAG +0.50 Nov 22-26
300kb; Gasoil 500ppm: FOB Arab Gulf (Sohar/Ras Tanura/
Hamriyah): OQ bids H1 Dec +0.50 Nov 26-30 300kb or H1
Dec +0.50 Dec 1-5 300kb or H2 Dec +0.50 Dec 6-10 300kb;
Gasoil 2500ppm: FOB Straits: Vitol bids MOPS -0.20 Nov
16-20 150kb (Deemed pricing Nov 16-22) INCO; Gasoil
2500ppm: FOB Straits: Vitol bids MOPS -0.40 Nov 23-27
150kb (Deemed pricing Nov 23-29) INCO
Offers: Gasoil 10ppm: FOB Straits: Vitol offers MOPS +0.80
Nov 16-20 150kb (Deemed pricing Nov 15-19); Gasoil 10ppm:
FOB Straits: Vitol offers MOPS +0.90 Nov 27-Dec 1 150kb
(Deemed pricing Nov 26-Dec 2)
Withdrawn: Gasoil 10ppm: FOB Straits: BP no longer bids on
MOPS +0.80 Nov 18-22 158kb (Deemed pricing Nov 17-23)
after trades with Vitol (04:29:01), (04:29:16); Gasoil 10ppm:
ASIA-PACIFIC/ARAB GULF MARKETSCAN NOVEMBER 1, 2021
FOB Straits: Ampol bids MOPS +0.40 Nov 27-Dec 1 150kb
(Deemed pricing Nov 2-30) (04:00:51); Gasoil 500ppm: FOB
Korea: GS Caltex bids Dec -0.50 Nov 27-Dec 1 250kb INCO
(04:25:07); Gasoil 10ppm: FOB Straits: Vitol no longer offers
MOPS +0.80 Nov 22-26 150kb (Deemed pricing Nov 22-26)
after trade with BP (04:29:59)
Trades: Gasoil 10ppm: FOB Straits: Nov 18-22: 158kb: Vitol
sells to BP at MOPS plus 80 cents/b (Deemed pricing Nov
17-23) (4:29:01); Gasoil 10ppm: FOB Straits: Nov 18-22: 158kb:
Vitol sells to BP at MOPS plus 80 cents/b (Deemed pricing
Nov 17-23) (4:29:16); Gasoil 10ppm: FOB Straits: Nov 22-26:
150kb: BP buys from Vitol at MOPS plus 80 cents/b (Deemed
pricing Nov 22-26) (4:29:59)
This assessment commentary applies to the following market
data codes: <AAOVC00> <AAFEX00> <AACUE00> <POABC00>
<AAFEZ00>
Platts Asia and Middle Eastern Gasoil FOB Cargo Daily
Rationale & Exclusions
Gasoil .25%S (2500 ppm) FOB Spore Cargo <AACUE00>
assessment rationale: The FOB Singapore Gasoil 0.25%
(2,500 ppm) cargo assessment Nov. 1 was based on the
following inputs: The middle and back loading periods were
assessed at Mean of Platts Singapore Gasoil assessments
minus 44 cents/b and minus 59 cents/b, respectively,
taking into consideration a bid for a cargo loading Nov.
23-27 at MOPS Gasoil minus 44 cents/b after accounting for
deemed pricing. The front loading period was assessed at
MOPS gasoil minus 8 cents/b, reflecting the movement in
the middle loading period.
Gasoil .05% (500 ppm) FOB Arab Gulf Cargo <AAFEZ00>
assessment rationale: The FOB Arab Gulf Gasoil 0.05% (500
ppm) cargo assessment was derived as a freight netback
from the FOB Singapore Gasoil 0.001% (10 ppm) cargo
assessment using the following inputs: FOB Singapore
Gasoil 0.001% (10 ppm) cargo assessment minus the cost
of transporting a 55,000-mt clean cargo from a basket of
ports in the Persian Gulf to Singapore, and taking into
© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
account the cash differential between the FOB Arab Gulf 10
ppm and 500 ppm assessments.
Gasoil FOB Arab Gulf Cargo <POAAT00> assessment
rationale: The FOB Arab Gulf Gasoil 0.001% (10 ppm) cargo
assessment was derived as a freight netback from the FOB
Singapore Gasoil 0.001% (10 ppm) cargo assessment using
the following input: FOB Singapore Gasoil 0.001% (10 ppm)
cargo assessment minus the cost of transporting a 55,000-
mt clean cargo from a basket of ports in the Persian Gulf to
Singapore.
Exclusions: No market data was excluded from the Nov. 1,
2021, Singapore Gasoil Platts Market on Close assessment
process.
Platts Asia and Middle East Fuel Oil Daily
Market Analysis
„„ Singapore 380 CST HSFO November/December spread
rises in Nov. 1 trading
„„ Bangladesh November HSFO imports to decline 20%
as power generation demand weakens
Discussions for the Singapore 380 CST high sulfur fuel oil
November/December spread rose to $1/mt Nov. 1, from an
assessment of 75 cents/mt Oct. 29, according to the latest
Intercontinental Exchange data.
Outstanding bids for the spread stood at 75 cents/mt
against offers at $1.25/mt.
Bangladesh HSFO imports are expected to fall 20% in
November, compared with October’s 360,000 mt, as cooler
temperatures lead to lower air conditioning and power
generation demand, according to market sources in the
South Asian power sector.
The decrease in HSFO imports comes as the country
has decided to not import any LNG cargoes from the spot
market in November, Imran Karim, the president of
Bangladesh Independent Power Producers’ Association,
told S&P Global Platts Oct. 29.
13
“Currently the high price of [FOB Singapore 180 CST]
HSFO in the international market is also a reason for the
lower import volumes in November,” he said.
The cash differential to the FOB Singapore 180 CST
HSFO assessment flipped to a discount of 5 cents/mt Oct.
29 for the first time since June 30, Platts data showed,
following weaker power generation demand across South
Asia due to the onset of winter.
The cash differential averaged $17.23/mt over
September, when Bangladesh imported around 400,000 mt
of HSFO, compared with the October average of $4.49/mt,
Platts data showed.
Bangladesh’s privately owned power plant owners will
continue importing the lion’s share of HSFO, while state-run
Bangladesh Petroleum Corp. will import the remainder,
Karim said.
The HSFO power plants that are located in gas-rich
north eastern and eastern zones might be less operational
during winter, he said.
HSFO imports by Bangladesh’s Summit Group, United
Group and Acon Group might be lower in November as the
consequence.
Among the private buyers, Summit Group and United
Group each imported around 19% of the total volume in
October, and the Confidence Group around 9%, according
to an industry insider. The Orion Group and Acon Group
accounted for 8% and 7% of the HSFO imports,
respectively.
Cargoes are usually purchased from suppliers through
bilateral negotiations with international traders, with most
cargoes originating from Singapore and Malaysia.
Platts FOB Singapore Marine Fuel 0.5% cargo Daily
Rationale & Exclusions
Marine Fuel 0.5% FOB Spore cargo $/mt <AMFSA00>
Assessment Rationale: The FOB Singapore Marine Fuel
0.5%S assessment on Nov. 1 reflected offers from Trafigura
for cargoes loading Nov. 16-20 and Nov. 21-25 at the Mean
ASIA-PACIFIC/ARAB GULF MARKETSCAN NOVEMBER 1, 2021
of Platts Singapore plus $2.50/mt and MOPS plus $3/mt,
respectively.
The assessment also reflected a bid from Freepoint for a
cargo loading Nov. 16-20 at MOPS plus $2/mt.
This assessment commentary applies to the following market data
codes:Marine Fuel 0.5% FOB Spore cargo $/mt <AMFSA00>
Exclusions: No market data was excluded from the Nov. 1,
2021, cargo assessment process.
Platts FOB Singapore Marine Fuel 0.5% Cargo Bids,
Offers, Trades
Bids: PLATTS FOB SINGAPORE MARINE FUEL 0.5%:
PHYSICAL BIDS FINALS ON CLOSE:
Platts Marine Fuel 0.5%: FOB Straits: Freepoint bids MOPS
+2.00 Nov 16-20 20kt INCO
Platts Marine Fuel 0.5%: FOB Straits: Freepoint bids Dec
Avg +3.00 Nov 27-Dec 1 40kt INCO
Offers: PLATTS FOB SINGAPORE MARINE FUEL 0.5%:
PHYSICAL OFFERS FINALS ON CLOSE:
Platts Marine Fuel 0.5%: FOB Straits: Vitol offers Bal Nov
Avg +2.50 Nov 22-26 20kt INCO OR
Platts Marine Fuel 0.5%: FOB Straits: Vitol offers MOPS
+4.00 Nov 22-26 20kt INCO
Platts Marine Fuel 0.5%: FOB Straits: Trafi offers Bal Nov
Avg +2.50 Nov 16-20 20kt INCO OR
Platts Marine Fuel 0.5%: FOB Straits: Trafi offers Bal Nov
Avg +1.75 Nov 21-25 20kt INCO OR
Platts Marine Fuel 0.5%: FOB Straits: Trafi offers MOPS
+2.50 Nov 16-20 20kt OR
Platts Marine Fuel 0.5%: FOB Straits: Trafi offers MOPS
+3.00 Nov 21-25 20kt OR
Platts Marine Fuel 0.5%: FOB Straits: Trafi offers MOPS
+4.00 Nov 26-30 20kt
Trades: Platts Marine Fuel 0.5% Trade Summary: No trade
This assessment commentary applies to the following market data
codes: Marine Fuel 0.5% FOB Spore cargo $/mt <AMFSA00>
© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Platts Singapore Fuel Oil Paper Exclusions 5KMT AT $596.00
Exclusions: No market data was excluded from the PLATTS MARINE FUEL (BALMO): BAL MONTH: FREEPOINT
November 1, 2021 paper assessment process. BIDS 5KMT AT $595.00
PLATTS MARINE FUEL (BALMO): BAL MONTH: DARE BIDS
Fuel Oil Reported Deals 5KMT AT $595.00
PLATTS SINGAPORE MARINE FUEL 0.5% PAPER BIDS PLATTS MARINE FUEL (BALMO): BAL MONTH: DV TRADING
SUMMARY BIDS 5KMT AT $595.00
PLATTS MARINE FUEL: DEC21: HOTEI BIDS 5KMT AT PLATTS MARINE FUEL (BALMO): BAL MONTH: ERA BIDS
$594.75 5KMT AT $594.50
PLATTS MARINE FUEL: DEC21: HOTEI BIDS 5KMT AT PLATTS MARINE FUEL (BALMO): BAL MONTH: VITOL BIDS
$594.50 5KMT AT $594.00
PLATTS MARINE FUEL: DEC21: DV TRADING BIDS 5KMT AT PLATTS MARINE FUEL (BALMO): BAL MONTH: DARE BIDS
$591.00 5KMT AT $594.00
PLATTS MARINE FUEL: DEC21: ARION BIDS 5KMT AT PLATTS MARINE FUEL SPR: BAL MONTH/DEC21: FREEPOINT
$591.00 BIDS 5KMT AT $5.00
PLATTS MARINE FUEL: DEC21: DARE BIDS 5KMT AT $590.25 PLATTS MARINE FUEL SPR: BAL MONTH/DEC21: SHELL
PLATTS MARINE FUEL: DEC21: VITOL BIDS 5KMT AT BIDS 5KMT AT $4.75
$590.00 PLATTS MARINE FUEL SPR: BAL MONTH/DEC21: VITOL BIDS
PLATTS MARINE FUEL: DEC21: ERA BIDS 5KMT AT $590.00 5KMT AT $4.75
PLATTS MARINE FUEL: DEC21: MERCURIA BIDS 5KMT AT PLATTS MARINE FUEL SPR: BAL MONTH/DEC21: GUNVOR
$590.00 BIDS 5KMT AT $4.50
PLATTS MARINE FUEL: DEC21: DARE BIDS 5KMT AT $589.50 PLATTS MARINE FUEL SPR: BAL MONTH/DEC21: PHILLIPS
PLATTS MARINE FUEL: DEC21: DV TRADING BIDS 5KMT AT 66 BIDS 5KMT AT $4.50
$589.50 PLATTS MARINE FUEL SPR: BAL MONTH/DEC21: HOTEI BIDS
PLATTS MARINE FUEL: JAN22: DARE BIDS 5KMT AT 5KMT AT $4.50
$584.40 PLATTS MARINE FUEL SPR: DEC21/JAN22: GUNVOR BIDS
PLATTS MARINE FUEL: DEC21: GUNVOR NO LONGER BIDS 5KMT AT $4.75
AFTER TRADE PLATTS MARINE FUEL SPR: DEC21/JAN22: PHILLIPS 66 BIDS
PLATTS MARINE FUEL: DEC21: GUNVOR NO LONGER BIDS 5KMT AT $4.75
AFTER TRADE PLATTS MARINE FUEL SPR: DEC21/JAN22: GUNVOR BIDS
PLATTS MARINE FUEL: DEC21: GUNVOR NO LONGER BIDS 5KMT AT $4.50
AFTER TRADE PLATTS MARINE FUEL SPR: DEC21/JAN22: VITOL BIDS 5KMT
PLATTS MARINE FUEL (BALMO): BAL MONTH: HOTEI BIDS AT $4.50
5KMT AT $600.00 PLATTS MARINE FUEL SPR: BAL MONTH/DEC21: MERCURIA
PLATTS MARINE FUEL (BALMO): BAL MONTH: GUNVOR BIDS NO LONGER BIDS AFTER TRADE
5KMT AT $596.50 PLATTS SINGAPORE MARINE FUEL 0.5% PAPER OFFERS
PLATTS MARINE FUEL (BALMO): BAL MONTH: GUNVOR BIDS SUMMARY
5KMT AT $596.50 PLATTS MARINE FUEL: DEC21: VITOL OFFERS 5KMT AT
PLATTS MARINE FUEL (BALMO): BAL MONTH: HOTEI BIDS $596.00
14
ASIA-PACIFIC/ARAB GULF MARKETSCAN
PLATTS MARINE FUEL: JAN22: DARE OFFERS 5KMT AT
$591.65
PLATTS MARINE FUEL: DEC21: MERCURIA NO LONGER
OFFERS $595.50 AFTER WITHDRAWAL (08:29:06)
PLATTS MARINE FUEL: DEC21: DV TRADING NO LONGER
OFFERS $596.00 AFTER WITHDRAWAL (08:29:24)
PLATTS MARINE FUEL: DEC21: ERA NO LONGER OFFERS
AFTER TRADE
PLATTS MARINE FUEL: DEC21: DV TRADING NO LONGER
OFFERS AFTER TRADE
PLATTS MARINE FUEL: DEC21: HOTEI NO LONGER OFFERS
$596.50 AFTER WITHDRAWAL (08:26:32)
PLATTS MARINE FUEL: DEC21: ARION NO LONGER OFFERS
AFTER TRADE
PLATTS MARINE FUEL (BALMO): BAL MONTH: DARE
OFFERS 5KMT AT $602.00
PLATTS MARINE FUEL (BALMO): BAL MONTH: VITOL NO
LONGER OFFERS AFTER TRADE
PLATTS MARINE FUEL (BALMO): BAL MONTH: MERCURIA
NO LONGER OFFERS $601.50 AFTER WITHDRAWAL
(08:29:06)
PLATTS MARINE FUEL (BALMO): BAL MONTH: ERA NO
LONGER OFFERS AFTER TRADE
PLATTS MARINE FUEL (BALMO): BAL MONTH: DV TRADING
NO LONGER OFFERS AFTER TRADE
PLATTS MARINE FUEL (BALMO): BAL MONTH: HOTEI NO
LONGER OFFERS $602.50 AFTER WITHDRAWAL (08:23:05)
PLATTS MARINE FUEL (BALMO): BAL MONTH: HOTEI NO
LONGER OFFERS $603.00 AFTER WITHDRAWAL (08:25:12)
PLATTS MARINE FUEL SPR: BAL MONTH/DEC21: SHELL
OFFERS 5KMT AT $5.25
PLATTS MARINE FUEL SPR: BAL MONTH/DEC21: MERCURIA
OFFERS 5KMT AT $5.50
PLATTS MARINE FUEL SPR: BAL MONTH/DEC21: PHILLIPS
66 OFFERS 5KMT AT $5.50
PLATTS MARINE FUEL SPR: DEC21/JAN22: PHILLIPS 66
OFFERS 5KMT AT $5.50
PLATTS MARINE FUEL SPR: DEC21/JAN22: VITOL OFFERS
5KMT AT $5.50
© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
NOVEMBER 1, 2021
PLATTS MARINE FUEL SPR: BAL MONTH/DEC21: HOTEI NO
LONGER OFFERS AFTER TRADE
PLATTS MARINE FUEL SPR: BAL MONTH/DEC21: BP NO
LONGER OFFERS AFTER TRADE
PLATTS SINGAPORE MARINE FUEL 0.5% PAPER TRADES
SUMMARY
PLATTS MARINE FUEL: DEC21: HOTEI BUYS FROM VITOL*
5KMT AT $595.00 (08:29:01)
PLATTS MARINE FUEL: DEC21: HOTEI BUYS FROM DARE*
5KMT AT $595.00 (08:29:04)
PLATTS MARINE FUEL: DEC21: GUNVOR BUYS FROM VITOL*
5KMT AT $595.50 (08:29:37)
PLATTS MARINE FUEL: DEC21: MCE SELLS TO GUNVOR*
5KMT AT $595.00 (08:29:46)
PLATTS MARINE FUEL: DEC21: DARE SELLS TO GUNVOR*
5KMT AT $595.00 (08:29:48)
PLATTS MARINE FUEL: DEC21: ERA BUYS FROM VITOL* TO
GUNVOR* 5KMT AT $595.50 (08:29:50)
PLATTS MARINE FUEL: DEC21: HOTEI BUYS FROM ERA*
5KMT AT $596.00 (08:29:52)
PLATTS MARINE FUEL: DEC21: ONYX SELLS TO GUNVOR*
5KMT AT $595.00 (08:29:52)
PLATTS MARINE FUEL: DEC21: HOTEI BUYS FROM DARE*
5KMT AT $596.00 (08:29:53)
PLATTS MARINE FUEL: DEC21: HOTEI BUYS FROM DV
TRADING* 5KMT AT $596.00 (08:29:54)
PLATTS MARINE FUEL: DEC21: HOTEI BUYS FROM ARION*
5KMT AT $596.50 (08:29:57)
PLATTS MARINE FUEL: DEC21: SHELL BUYS FROM VITOL*
5KMT AT $596.00 (08:30:03)
PLATTS MARINE FUEL (BALMO): BAL MONTH: MERCURIA
BUYS FROM VITOL* 5KMT AT $600.50 (08:29:15)
PLATTS MARINE FUEL (BALMO): BAL MONTH: MERCURIA
BUYS FROM DARE* 5KMT AT $600.50 (08:29:17)
PLATTS MARINE FUEL (BALMO): BAL MONTH: HOTEI TOOK
OFFER* 5KMT AT $601.00 (08:29:50)
PLATTS MARINE FUEL (BALMO): BAL MONTH: HOTEI BUYS
FROM ERA* 5KMT AT $601.50 (08:29:56)
PLATTS MARINE FUEL (BALMO): BAL MONTH: HOTEI BUYS
15
FROM DV TRADING* 5KMT AT $601.50 (08:29:57)
PLATTS MARINE FUEL (BALMO): BAL MONTH: HOTEI TOOK
OFFER* 5KMT AT $601.25 (08:30:03)
PLATTS MARINE FUEL SPR: BAL MONTH/DEC21: MERCURIA
BUYS FROM HOTEI* 5KMT AT $5.00 (08:29:21)
PLATTS MARINE FUEL SPR: BAL MONTH/DEC21: MERCURIA
BUYS FROM SHELL* 5KMT AT $5.25 (08:29:42)
PLATTS MARINE FUEL SPR: BAL MONTH/DEC21: MERCURIA
BUYS FROM BP* 5KMT AT $5.25 (08:29:44)
PLATTS MARINE FUEL SPR: BAL MONTH/DEC21: MERCURIA
BUYS FROM VITOL* 5KMT AT $5.25 (08:29:46)
PLATTS MARINE FUEL SPR: BAL MONTH/DEC21: FREEPOINT
BUYS FROM SHELL* 5KMT AT $5.25 (08:29:48)
PLATTS MARINE FUEL SPR: BAL MONTH/DEC21: MARKET
BUYS FROM ERA* 5KMT AT $5.50 (08:29:50)
PLATTS MARINE FUEL SPR: BAL MONTH/DEC21: SHELL
SELLS TO MERCURIA* 5KMT AT $5.25 (08:29:54)
PLATTS MARINE FUEL SPR: BAL MONTH/DEC21: MARKET
BUYS FROM SHELL* 5KMT AT $5.25 (08:30:03)
Exclusions: No market data was excluded from the
November 1, 2021 Singapore Marine Fuel 0.5% swaps
assessment process
Platts Fujairah Daily Marine Fuel 0.5% Cargo Daily
Rationale & Exclusions
Marine Fuel 0.5% FOB Fujairah cargo $/mt <AMFFA00>
assessment rationale: The FOB Fujairah Marine Fuel 0.5%S
cargo assessment Nov. 1 took into consideration prices in
the Fujairah-delivered Marine Fuel 0.5%S bunker market as
well as differentials at which Marine Fuel 0.5%S cargoes
were heard traded in the Middle East.
This rationale applies to symbol(s) <AMFFA00>
Exclusions: No market data was excluded from the Nov. 1
assessment process.
Platts Fujairah Daily Marine Fuel 0.5% Cargo Bids,
Offers, Trades
Bids: No bids
ASIA-PACIFIC/ARAB GULF MARKETSCAN NOVEMBER 1, 2021
Offers: No offers
Trades: No trade
This assessment commentary applies to the following market data
codes: Marine Fuel 0.5% FOB Fujairah cargo $/mt <AMFFA00>
Platts Asia and Middle East FO 180, 380 CST Daily
Rationales & Exclusions
FO 180 CST 3.5%S FOB Spore Cargo <PUADV00> assessment
rationale: The FOB Singapore 180 CST HSFO assessment
Nov. 1 reflected the day-on-day change in the balance-
November/December spread that narrowed 50 cents, in the
absence of any competitive bids or offers that
demonstrated value otherwise.
FO 380 CST 3.5%S FOB Spore Cargo <PPXDK00> assessment
rationale: The FOB Singapore 380 CST HSFO assessment
Nov. 1 reflected the day-on-day change in the balance-
November/December spread that narrowed 50 cents, in the
absence of any competitive bids or offers that
demonstrated value otherwise.
FO 180 CST 3.5%S FOB Arab Gulf Cargo <PUABE00>
assessment rationale: The FOB Arab Gulf 180 CST HSFO
assessment was derived as a freight netback from the FOB
Singapore 180 CST HSFO assessment using the following
calculation: FOB Singapore 180 CST HSFO assessment
minus the cost of transporting an 80,000-mt dirty cargo
from the Persian Gulf to the East.
FO 380 CST 3.5%S FOB Arab Gulf Cargo <AAIDC00>
assessment rationale: The FOB Arab Gulf 380 CST HSFO
assessment was derived as a freight netback from the FOB
Singapore 380 CST HSFO assessment using the following
calculation: FOB Singapore 380 CST HSFO assessment
minus the cost of transporting an 80,000-mt dirty cargo
from the Persian Gulf to the East.
Exclusions: No market data was excluded from the Nov. 1,
2021, cargo assessment process.
© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Platts FOB Fujairah Daily 380 CST HSFO Cargo Daily
Rationale & Exclusions
HSFO 380 CST FOB Fujairah cargo $/mt <AFUJQ00>
assessment rationale: The FOB Fujairah 380 CST HSFO
assessment Nov. 1 took into consideration prices in the
Fujairah 380 CST HSFO delivered bunker market as well as
differentials for recent cargo trades heard in the Middle East.
Exclusions: No market data was excluded from the Nov. 1
assessment process.
Platts Singapore Fuel Oil Bids Offers Trades
Bids: PLATTS HSFO: PHYSICAL BIDS FINALS ON CLOSE (180
CST):
Platts HSFO 180CST: FOB Straits: Trafi bids MOPS -2.00 Nov
16-20 20kt OR
Platts HSFO 180CST: FOB Straits: Trafi bids MOPS -2.00 Nov
21-25 20kt OR
Platts HSFO 180CST: FOB Straits: Trafi bids MOPS -2.00 Nov
26-30 20kt
PLATTS HSFO: PHYSICAL BIDS FINALS ON CLOSE (380 CST):
Platts HSFO 380CST: FOB Straits: Glencore bids MOPS
-2.00 Nov 16-20 40kt OR
Platts HSFO 380CST: FOB Straits: Glencore bids MOPS
-2.00 Nov 21-25 40kt OR
Platts HSFO 380CST: FOB Straits: Glencore bids MOPS
-2.00 Nov 26-30 40kt
Offers: PLATTS HSFO: PHYSICAL OFFERS FINALS ON CLOSE
(180 CST):
Platts HSFO 180CST: FOB Straits: Vitol offers MOPS +3.00
Nov 27-Dec 1 20kt INCO
Platts HSFO 180CST: FOB Straits: Total offers MOPS +3.00
Nov 16-20 20kt Total GTC
Platts HSFO 180CST: FOB Straits: Shell offers MOPS +2.00
Nov 16-20 20kt Shell GTC OR
Platts HSFO 180CST: FOB Straits: Shell offers MOPS +2.00
Nov 21-25 20kt Shell GTC OR
Platts HSFO 180CST: FOB Straits: Shell offers MOPS +2.00
16
Nov 26-30 20kt Shell GTC
Platts HSFO 180CST: FOB Straits: PetroChina offers H1 Nov
Avg +0.00 Nov 16-20 20kt OR
Platts HSFO 180CST: FOB Straits: PetroChina offers H1 Nov
Avg +1.00 Nov 21-25 20kt OR
Platts HSFO 180CST: FOB Straits: PetroChina offers H2 Nov
Avg +1.50 Nov 26-30 20kt
PLATTS HSFO: PHYSICAL OFFERS FINALS ON CLOSE (380 CST):
Platts HSFO 380CST: FOB Straits: Vitol offers MOPS +4.00
Nov 23-27 20kt OR
Platts HSFO 380CST: FOB Straits: Vitol offers MOPS +4.00
Nov 27-Dec 1 20kt
Platts HSFO 380CST: FOB Straits: MIPCO offers MOPS +3.00
Nov 16-20 20kt OR
Platts HSFO 380CST: FOB Straits: MIPCO offers MOPS +3.00
Nov 21-25 20kt OR
Platts HSFO 380CST: FOB Straits: MIPCO offers MOPS +3.00
Nov 26-30 20kt
Platts HSFO 380CST: FOB Straits: Trafi offers MOPS +4.00
Nov 16-20 20kt OR
Platts HSFO 380CST: FOB Straits: Trafi offers MOPS +4.00
Nov 21-25 20kt OR
Platts HSFO 380CST: FOB Straits: Trafi offers MOPS +4.00
Nov 26-30 20kt
Platts HSFO 380CST: FOB Straits: Total offers MOPS +4.00
Nov 16-20 20kt Total GTC
Trades: Platts HSFO Trade Summary: No trade
Platts Bitumen: PHYSICAL BIDS FINALS ON CLOSE:
No bids
Platts Bitumen: PHYSICAL OFFERS FINALS ON CLOSE:
Platts Bitumen: FOB Straits PEN 60-70: Hiin Asia Pacific Pte
Ltd offers $465/mt loading Nov 26-30, 4kt
Platts Bitumen: FOB South Korea PEN 60-80: Hiin Asia
Pacific Pte Ltd offers $430/mt loading Nov 21-25, 4kt
Platts Bitumen: TRADE SUMMARY:
No trades
This assessment commentary applies to the following market data
codes: FO 180 CST 2.0% <PUAXS00> FO 180 CST 3.5% <PUADV00>
FO 380 CST 3.5% <PPXDK00>
ASIA-PACIFIC/ARAB GULF MARKETSCAN NOVEMBER 1, 2021
Platts US West Coast Light End Daily
Commentary
„„ San Francisco CARBOB remains at multi-year high
„„ Los Angeles CARBOB falls 1.25 cents/gal
On the West Coast, the San Francisco CARBOB flat price
continued to hold at a multi-year high Nov. 1, despite the
differential dipping on the day.
November San Francisco CARBOB was pressured by a
lower offer and fell 1 cent/gal to NYMEX December RBOB
plus 47 cents/gal.
On an outright basis, however, San Francisco CARBOB
gained 2.96 cents/gal to $2.8793/gal, holding at its highest
assessed value since $2.9851/gal on July 9, 2015.
Also receiving pressure from a lower offer, Los Angeles
CARBOB shed 1.25 cents/gal to December futures plus 18.75
cents/gal.
The Los Angeles CARBOB flat prices rose 2.71 cents/gal
to a six-day high of $2.5968/gal.
Portland suboctane was unchanged to start the week at
prompt-month futures minus 3 cents/gal.
Platts Middle East Sour Crude Daily Market
Analysis
„„ ADNOC issues full January term allocations
„„ First Murban Quality Premium declared since Mar 2020
Sentiment in the Middle East crude market remains bullish
amid robust demand cues driven by supply tightness and
Asia’s winter demand.
Abu Dhabi National Oil Co. has allocated full-term
volumes to most Asian refiners for January loading, market
participants told S&P Global Platts Nov. 1.
Most buyers in China, Japan and India confirmed
receiving full term supplies, similar to last month when the
producer provided full December term volumes.
A colder-than-usual Asian winter is expected to drive
crude demand this month, while trade for January-loading
barrels kick off, sources said.
© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Market participants will, however, eye the outcome of
the OPEC+ meet scheduled for Nov. 4 as well as the
issuance of official selling prices amid tighter crude
supplies, traders said.
Strapped supplies and higher OSPs could prompt
buyers to seek incremental term volumes, or turn to the
spot market instead, a trader in Singapore said.
“Think Saudi will raise [OSPs] for sure, but need to see
how much [and] if that’s the case then people will ask for
incremental [term volumes],” the trader in Singapore said.
The Dubai futures spread — understood to be a key
element in OSP calculations — averaged $2.29/b in
October, up sharply from an average of $1.42/b in
September, Platts data showed.
Separately, the first Murban quality premium was
declared since March 2020.
The Quality Premium for January-loading Murban crude
oil is $0.6289/b and will be effective for trade in January-
loading cargoes during the Platts Market on Close
assessment process through November.
Sellers receive the quality premium from the buyer for
the nomination and delivery of a cargo of Murban crude into
a physical convergence of Dubai, Al Shaheen, Upper Zakum
or Oman partials during the Platts Market on Close
assessment process.
This was the first quality premium declared since March
2020, when a premium for June-loading Murban crude was
set at $0.6376/b, Platts data showed.
The Murban QP is calculated at 60% of the net price
difference between the Platts front-month cash Murban
assessment and Platts front-month cash Oman
assessment during the full month prior to the
announcement. A QP of zero is announced if 60% of the
observed price difference between the grades is less than
50 cents/b.
In October, the price difference between Platts Murban
and Platts Oman assessments averaged $1.0481/b, the data
showed.
17
Platts Mideast Sour Crude Daily Rationales &
Exclusions
Dubai Mo01 <PCAAT00> assessment rationale: The January
cash Dubai assessment Nov. 1 reflected a bid for cash Dubai
partials at $81.95/b standing at end of the Platts Market on
Close assessment process, two outstanding offers at
$82/b, as well as cash Dubai’s notional spread to front-
month Dubai futures.
Oman Blend Mo01 <PCABS00> assessment rationale: The
January cash Oman assessment Nov. 1 took into
consideration values for cash Oman heard in the broader
market, as well as an offer for cash Oman partials at
$82.50/b standing at the end of Platts Market on Close
assessment process.
Exclusions: No market data was excluded from the Middle
East sour crude Market on Close assessment process.
Platts Oil Mideast Sour Crude Convergences
None reported
—
Platts Middle East Sour Crude Bids, Offers, Trades
Bids:
PLATTS DUBAI: JAN22: GUNVOR BIDS 25KB AT $81.95 AND
WITHDREW DURING EXTENSION
PLATTS DUBAI: JAN22: VITOL BIDS 25KB AT $81.60 AND
WITHDREW DURING EXTENSION
PLATTS DUBAI: JAN22: EQUINOR BIDS 25KB AT $81.55
PLATTS DUBAI: JAN22: LUKOIL BIDS 25KB AT $81.55
PLATTS DUBAI: JAN22: SHELL BIDS 25KB AT $81.30
PLATTS DUBAI: JAN22: PETROCHINA BIDS 25KB AT $81.25
PLATTS DUBAI: JAN22: TRAFIGURA BIDS 25KB AT $81.15
PLATTS DUBAI: JAN22: UNIPEC BIDS 25KB AT $81.15
PLATTS DUBAI: JAN22: BP NO LONGER BIDS $81.20 AFTER
WITHDRAWAL (08:25:26)
Offers:
PLATTS DUBAI: JAN22: VITOL OFFERS 25KB AT $82.00
ASIA-PACIFIC/ARAB GULF MARKETSCAN NOVEMBER 1, 2021

on Sept. 1, 2021, which will continue to be available in the EB

PLATTS DUBAI: JAN22: PETROCHINA OFFERS 25KB AT November-loading barrels of Vincent crude were heard market data category. The subscriber note for these assessments
$82.00 traded last month at a premium in the low $9s/b to a is available here: https://www.spglobal.com/platts/en/our-
PLATTS DUBAI: JAN22: EQUINOR OFFERS 25KB AT $82.04 trading house, according to sources. methodology/subscriber-notes/090121-platts-launches-jet-fuel-
AND WITHDREW DURING EXTENSION Elsewhere, state-owned Petronas raised its Malaysian carbon-offset-premium.
Platts calculates its jet fuel offset premiums using a carbon
PLATTS DUBAI: JAN22: UNIPEC OFFERS 25KB AT $82.05 Crude Oil official selling price for a basket of crude grades
intensity value of 89 gCO2e/MJ multiplied by the Platts CEC
AND WITHDREW DURING EXTENSION loaded in October by $8.83/b month on month to $86.46/b, voluntary carbon price.
PLATTS OMAN: JAN22: UNIPEC OFFERS 25KB AT $82.50 the company said in a notice Nov. 1. The Jet Fuel offset premium assessments are available in
Trades: European Marketscan, US Marketscan and Asia-Pacific Marketscan,
NO TRADES Platts Asia Light Sweet Crude Daily Rationale & on Platts Fixed Pages PGA 1414, 0483 and 1413, as well as in Platts
Dimensions Pro and in the Platts Pricing database under the
This assessment commentary applies to the following market data Exclusions
following codes:
codes: Dubai M1 <PCAAT00>, Oman M1 <PCABS00> ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01 <AASEU00>
Assessment Name Code MAvg
assessment rationale: The ESPO M1 January assessment
Code
Platts Asia Pacific Sweet Crude Daily Market Nov. 1 took into consideration latest trade indications heard
Jet Fuel Carbon Offset Premium $/bbl AJFCA00 AJFCA03
in the broader market.
Analysis Jet Fuel Carbon Offset Premium Eur/bbl AJFCB00 AJFCB03
„„ Australia’s December-loading Pyrenees trades For questions, comments or feedback, please contact
Exclusions: No market data was excluded from the Asia
„„ December-loading Vincent crude remains unsold Platts_Carbon@spglobal.com.
Pacific Crude Market on Close assessment process.
Spot activity in the Asia-Pacific sweet crude market was Platts to amend CEC carbon credit assessment code in CBN
thin as the final trading week of the December-loading Platts Asia Light Sweet Crude Bids, Offers, Trades market data category from Nov 15
Please note that from Nov. 15, 2021, S&P Global Platts will
cycle commenced Nov. 1, while all eyes turned to Bids: No bids
substitute the existing Platts CEC assessment codes in the
movements in heavy sweet crude, according to traders. Offers: No offers following market data category: CBN: Carbon: Global Assessments.
BHP was heard to have sold December-loading barrels Trades: No trades Platts CEC assessments will become available under new codes as
of heavy sweet Australian Pyrenees crude at a premium of This assessment commentary applies to the following market data listed below:
around $9/b to Platts Dated Brent assessments, FOB, code: ESPO M1 vs Dubai M2 <AASEU00> Assessment Current New Code Current New MAvg
traders said. Name Code MAvg Code Code
Traders said Santos did not offer any November- Platts CEC $/ MCECA00 PCECA00 MCECA03 PCECA03
loading barrels of Pyrenees last month, while the most SUBSCRIBER NOTES mtCO2e
recent October-loading barrels of Pyrenees traded at a Platts CEC Eur/ MCECE00 PCECE00 MCECE03 PCECE03
Platts to move CEC $/mtCO2e and Eur/mtCO2e assessments out mtCO2e
premium in the low $9s/b to Dated Brent, FOB. of EB market data category from Nov 15
Second-month low sulfur fuel oil cracks against Dubai From Nov. 15, 2021, S&P Global Platts will no longer publish its To ensure a smooth transition, current codes will remain active
swaps averaged $8.36/b over October, largely stable from CORSIA-eligible carbon credit price assessments “Platts CEC” in alongside the new codes until Dec. 31 included, after which they
the following market data category: EB: Oil Products: European will be discontinued.
$8.35/b over September, according to S&P Global Platts For questions, comments or feedback, please contact
Bulk.
data. Platts_Carbon@spglobal.com.
These assessments will instead be available under the following
Sentiment for Australian heavy sweet crudes was seen market data category: CBN: Carbon: Global Assessments. Platts proposes new daily carbon neutral hydrogen assessments
stronger amid pockets of gas-to-oil switching heard in the The change affects the following assessments: S&P Global Platts is proposing to launch its first suite of carbon-
market, while low sulfur fuel oil cracks maintained Assessment Name Code MAvg Code neutral hydrogen assessments, effective Dec. 9, 2021.
momentum on the month. Platts CEC $/mtCO2e PCECA00 PCECA03 Building on its industry-leading price valuations for hydrogen,
December-loading barrels of Australia’s Vincent crude Platts would launch new carbon-neutral hydrogen price
Platts CEC Eur/mtCO2e PCECE00 PCECE03
assessments that incorporate the cost of carbon capture,
from Woodside were heard remaining unsold in the market.
Platts started publishing offset premiums for Jet Fuel Defstan 91-91 renewable energy certificates and where appropriate the cost of

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 18
ASIA-PACIFIC/ARAB GULF MARKETSCAN NOVEMBER 1, 2021
offsetting carbon emissions generated during production.
Carbon offset costs would be accounted for using Platts CNC
nature-based carbon credits, as measured in $/mtCO2e in certain
markets. Platts would complement these backstop calculated
prices with available source data including bids, offers and
reported trades as these become available. Other factors that will
be considered include market information on power-purchase
agreements and hydrogen offtake agreements. In the absence of
spot market activity, Platts would consider carbon neutral
hydrogen production costs as a baseline against which market
prices would be assessed.
Platts would start publishing daily assessments in six locations,
which have the potential to become hydrogen hubs as global
markets emerge: California and US Gulf Coast in the Americas, the
Netherlands and Saudi Arabia in Europe and the Middle East, and
Japan and Australia in Asia-Pacific.
Assessments would be measured in $/kg, $/MMBtu, Eur/kg, Eur/
MMBtu, Yen/kg, Yen/MMBtu, A$/kg, A$/MMBtu.
The prices would be published on Platts Dimensions Pro and under
the Market Data Category: HY.
The following symbols would be created:
-Australia Carbon Neutral Hydrogen A$/kg
-Australia Carbon Neutral Hydrogen A$/kg MAvg
-Australia Carbon Neutral Hydrogen A$/MMBtu
-Australia Carbon Neutral Hydrogen A$/kg MAvg
-Australia Carbon Neutral Hydrogen $/kg
-Australia Carbon Neutral Hydrogen $/kg MAvg
-Australia Carbon Neutral Hydrogen $/MMBtu
-Australia Carbon Neutral Hydrogen $/MMBtu MAvg
-California Carbon Neutral Hydrogen $/kg
-California Carbon Neutral Hydrogen $/kg MAvg
-California Carbon Neutral Hydrogen $/MMBtu
-California Carbon Neutral Hydrogen $/MMBtu MAvg
-Far East Asia Carbon Neutral Hydrogen Yen/kg
-Far East Asia Carbon Neutral Hydrogen Yen/kg MAvg
-Far East Asia Carbon Neutral Hydrogen Yen/MMBtu
-Far East Asia Carbon Neutral Hydrogen Yen/MMBtu MAvg
-Far East Asia Carbon Neutral Hydrogen $/kg
-Far East Asia Carbon Neutral Hydrogen $/kg MAvg
-Far East Asia Carbon Neutral Hydrogen $/MMBtu
-Far East Asia Carbon Neutral Hydrogen $/MMBtu MAvg
-Middle East Carbon Neutral Hydrogen $/kg
-Middle East Carbon Neutral Hydrogen $/kg MAvg
-Middle East Carbon Neutral Hydrogen $/MMBtu
-Middle East Carbon Neutral Hydrogen $/MMBtu MAvg
-NW Europe Carbon Neutral Hydrogen Eur/kg
-NW Europe Carbon Neutral Hydrogen Eur/kg MAvg
© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
-NW Europe Carbon Neutral Hydrogen Eur/MMBtu
-NW Europe Carbon Neutral Hydrogen Eur/MMBtu MAvg
-NW Europe Carbon Neutral Hydrogen $/kg
-NW Europe Carbon Neutral Hydrogen $/kg MAvg
-NW Europe Carbon Neutral Hydrogen $/MMBtu
-NW Europe Carbon Neutral Hydrogen $/MMBtu MAvg
-USGC Carbon Neutral Hydrogen $/kg
-USGC Carbon Neutral Hydrogen $/kg MAvg
-USGC Carbon Neutral Hydrogen $/MMBtu
-USGC Carbon Neutral Hydrogen $/MMBtu MAvg
Please send all questions and comments to
hydrogenassessments@spglobal.com and
pricegroup@spglobal.com by Nov. 11, 2021. 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 amends freight netback rate for 2021 AG-Singapore clean
product routes
Following a Worldscale Association flat rate update for the port of
Bahrain, S&P Global Platts has amended the freight netback rate
used to calculate its FOB Arab Gulf assessments for gasoil and jet/
kerosene from Nov. 1, 2021.
According to Worldscale circular no. 29/2021, the change was
effective for all voyages on which loading or discharging is
commenced on or after Oct. 4, 2021. Please refer to the Worldscale
website for more information on the update.
As a result of this update, the new 2021 freight netback rate used
to calculate the Platts FOB Arab Gulf gasoil and jet/kerosene
assessments has been changed to $12.35/mt from Nov. 1, from
$12.30/mt previously.
Please send any feedback or questions to
asia_products@spglobal.com and pricegroup@spglobal.com. For
written comments, please provide a clear indication if comments
are not intended for publication by Platts for public viewing. Platts
will consider all comments received and will make comments not
marked as confidential available upon request.
Platts proposes including two new Baker Hughes additives in
Singapore gasoil
Following a continued review of recognized additives contained in
the FOB Singapore gasoil assessment process, S&P Global Platts
proposes to begin reflecting two new additives by Baker Hughes.
These additives are:
Additive Name Additive Type
TOLAD3750K Cold flow improver
TOLAD1347 Cetane improver
19
Platts proposes to add these additives to the list of recognized
additives reflected in its assessment process.
The list of Platts gasoil recognized additives is intended to provide
clarity to market participants regarding which additives are
generally considered to be merchantable and accepted for cargoes
delivered through the Platts Market on Close assessment process
in Singapore.
Platts does not align its FOB Singapore additives acceptance to any
particular importing country.
For the full list of previously identified additives, please see http://
plts.co/V0Ax30ru2Yi
Please send all comments or questions by Nov. 30, 2021, to
asia_oilproducts@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 launches daily Asia bitumen assessments from November 1
S&P Global Platts has started publishing daily assessments for
bitumen based on its Market on Close assessment methodology,
providing greater price transparency and information in the
waterborne trade for the product in the Asia-Pacific markets.
Platts to amend Worldscale flat rate for Arab Gulf to Singapore
route from Nov 1
Following a Worldscale Association update to Bahrain port, S&P
Global Platts will amend the Worldscale flat rate basket used in its
$/mt calculations for the Arab Gulf to Singapore 80kt clean tanker
assessment, effective Nov. 1, 2021.
With this amendment, the new average flat rate for the Arab Gulf to
Singapore 80kt voyage will be $12.43/mt. Please refer to the
Worldscale website for more information.
The affected assessment is as follows:
Assessment Code Mavg
Clean Arab Gulf to Singapore 80kt $/mt TCAEB00 TCAEB03
No other clean tanker rates are affected by this update.
These assessments appear in Platts Clean Tankerwire publication,
Platts Tanker Alert pages 2922, 2923, Platts Shipping Alert pages
330, 331, as well as in the Platts price database under the codes
above.
Please send all comments or questions to shipping@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.
ASIA-PACIFIC/ARAB GULF MARKETSCAN NOVEMBER 1, 2021
Platts adds new assessment rationale for FOB Arab Gulf Jet Fuel/
Kerosene benchmark
Please note that Platts has added a new assessment rationale for
the FOB Arab Gulf Jet Fuel/Kerosene (PJAAA00) physical
assessment, effective Nov. 8, 2021.
The FOB Arab Gulf Jet Fuel/Kerosene (PJAAA00) assessment was
© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
first published on Jan. 4, 1982.
The assessment rationale for the FOB Arab Gulf Jet Fuel/Kerosene
physical assessment can be found in the Platts Asia Pacific - Arab
Gulf Marketscan, Platts Global Alert page 2494, or Platts Refined
Fuel page 2494.
Please send any questions or comments to
20
asia_products@spglobal.com and pricegroup@spglobal.com.
For written comments, please provide a clear indication if
comments are not intended for publication by Platts for public
viewing. Platts will consider all comments received and will make
comments not marked as confidential available to the public upon
request.
ASIA-PACIFIC/ARAB GULF MARKETSCAN NOVEMBER 1, 2021

APAC DEALS SUMMARY

Gasoline FOB Spore Cargo Platts Mogas 92: DEC21: BPSG bids 25kb $91.30/bbl
■■ 25kb $95.70/bbl
Platts Mogas 92: DEC21: VITOLSG bids 25kb $91.15/bbl
■■ Platts Mogas 92 (balmo): BAL MONTH: HOTEI Withdraws offer
■■
Trades (PGA page 2315) Platts Mogas 92: DEC21: EQUINOR bids 25kb $90.58/bbl
■■ 25kb $95.70/bbl
NOV16-NOV20: VITOLSG sold to TRAFI* 100kb $99.80/bbl 8:29:58
■■ Platts Mogas 92: DEC21: ONYX bids 25kb $90.50/bbl
■■ Platts Mogas 92 (balmo): BAL MONTH: HOTEI Withdraws offer
■■
* Denotes market maker. All times GMT Platts Mogas 92: DEC21: DAREGL bids 25kb $90.45/bbl
■■ 25kb $95.75/bbl
Bids (PGA page 2313) Platts Mogas 92: DEC21: AMPOLSG bids 25kb $90.25/bbl
■■ ** Denotes OCO order.
Platts Mogas 92: DEC21: ONYX bids 25kb $90.50/bbl
■■
Platts Mogas 92: NOV16-NOV20: PETROCHINA bids 50kb FOB
■■
Straits $98.30/bbl Withdrawals Gasoline FOB Spore Paper Spreads
Platts Mogas 95: NOV27-DEC1: CHEVINCSG bids 50kb FOB Straits
■■ Platts Mogas 92: DEC21: AMPOLSG Withdraws bid 25kb $90.10/bbl
■■
Platts Mogas 92 (balmo): BAL MONTH: HOTEI Withdraws bid 25kb
■■ Trades (PGA page 4011)
$100.80/bbl
$94.85/bbl Platts Mogas 92 spread: BAL MONTH/DEC21: VITOLSG* sold to
■■
Withdrawals
Platts Mogas 92 (balmo): BAL MONTH: HOTEI Withdraws bid 25kb
■■ PTT 25kb $3.85/bbl 8:24:27
Platts Mogas 92: NOV16-NOV20: PLATTSTEST Withdraws bid
■■
$94.80/bbl Platts Mogas 92 spread: DEC21/JAN22: ONYX* sold to SIETCO
■■
50kb FOB Straits $90.00/bbl
Platts Mogas 92 (balmo): BAL MONTH: HOTEI Withdraws bid 25kb
■■ 25kb $1.77/bbl 8:27:16
NOV24-NOV28: GUNVORSG Withdraws bid 100kb FOB Straits
■■
$94.80/bbl Platts Mogas 92 spread: DEC21/JAN22: HOTEI sold to SIETCO*
■■
$97.90/bbl
** Denotes OCO order. 25kb $1.77/bbl 8:29:16
NOV16-NOV20: TRAFI no longer bids 100kb FOB Straits $99.80/
■■
Offers (PGA page 4010) Platts Mogas 92 spread: DEC21/JAN22: HOTEI* sold to BOCIGC
■■
bbl
25kb $1.77/bbl 8:29:22
** Denotes OCO order. Platts Mogas 92: DEC21: DAREGL offers 25kb $92.00/bbl
■■
Platts Mogas 92 spread: DEC21/JAN22: HOTEI* sold to BOCIGC
■■
Offers (PGA page 2314) Platts Mogas 92: DEC21: HOTEI offers 25kb $91.80/bbl
■■
25kb $1.77/bbl 8:29:31
Platts Mogas 92: DEC21: ONYX offers 25kb $91.80/bbl
■■
No offers reported
■■ Platts Mogas 92 spread: DEC21/JAN22: ONYX* sold to BOCIGC
■■
Platts Mogas 92: DEC21: ONYX offers 25kb $91.80/bbl
■■
Withdrawals
25kb $1.80/bbl 8:29:59
Platts Mogas 92: DEC21: HOTEI offers 25kb $91.85/bbl
■■
* Denotes market maker. All times GMT
No offers reported
■■ Platts Mogas 92: DEC21: HOTEI offers 25kb $91.85/bbl
■■
** Denotes OCO order. Platts Mogas 92: DEC21: VITOLSG offers 25kb $91.85/bbl
■■ Bids (PGA page 4009)
Platts Mogas 92: DEC21: VITOLSG offers 25kb $91.90/bbl
■■ Platts Mogas 92 spread: BAL MONTH/DEC21: EQUINOR bids 25kb
■■
Gasoline FOB Spore Paper Platts Mogas 92: DEC21: ARIONINV offers 25kb $91.95/bbl
■■ $3.60/bbl
Platts Mogas 92: DEC21: BPSG offers 25kb $91.95/bbl
■■ Platts Mogas 92 spread: BAL MONTH/DEC21: FREEPTASIA bids
■■
Trades (PGA page 4011) Platts Mogas 92: DEC21: BPSG offers 25kb $91.95/bbl
■■ 25kb $3.00/bbl
No trades reported
■■ Platts Mogas 92: DEC21: BPSG offers 25kb $91.95/bbl
■■ Platts Mogas 92 spread: BAL MONTH/DEC21: HOTEI bids 25kb
■■
* Denotes market maker. All times GMT Platts Mogas 92: DEC21: BPSG offers 25kb $91.95/bbl
■■ $3.00/bbl
Bids (PGA page 4009) Platts Mogas 92: DEC21: EQUINOR offers 25kb $91.98/bbl
■■ Platts Mogas 92 spread: BAL MONTH/DEC21: HOTEI bids 25kb
■■
Platts Mogas 92: DEC21: MFLCDTY offers 25kb $92.12/bbl
■■ $3.00/bbl
Platts Mogas 92: DEC21: ARIONINV bids 25kb $91.60/bbl
■■ Platts Mogas 92 (balmo): BAL MONTH: VITOLSG offers 25kb
■■ Platts Mogas 92 spread: BAL MONTH/DEC21: VITOLSG bids 25kb
■■
Platts Mogas 92: DEC21: ARIONINV bids 25kb $91.60/bbl
■■ $95.65/bbl $2.20/bbl
Platts Mogas 92: DEC21: HOTEI bids 25kb $91.60/bbl
■■ Platts Mogas 92 (balmo): BAL MONTH: ARIONINV offers 25kb
■■ Platts Mogas 92 spread: BAL MONTH/DEC21: BPSG bids 25kb
■■
Platts Mogas 92: DEC21: HOTEI bids 25kb $91.60/bbl
■■ $95.80/bbl $2.15/bbl
Platts Mogas 92: DEC21: MFLCDTY bids 25kb $91.60/bbl
■■ Platts Mogas 92 spread: BAL MONTH/DEC21: AMPOLSG bids 25kb
■■
Withdrawals
Platts Mogas 92: DEC21: HOTEI bids 25kb $91.55/bbl
■■ $2.05/bbl
Platts Mogas 92: DEC21: VITOLSG bids 25kb $91.50/bbl
■■ Platts Mogas 92: DEC21: ARIONINV Withdraws offer 25kb $91.85/
■■
bbl Platts Mogas 92 spread: DEC21/JAN22: SIETCO bids 25kb $1.75/
■■
Platts Mogas 92: DEC21: FREEPTASIA bids 25kb $91.40/bbl
■■ bbl
Platts Mogas 92: DEC21: FREEPTASIA bids 25kb $91.40/bbl
■■ Platts Mogas 92: DEC21: FREEPTASIA Withdraws offer 25kb
■■
$91.90/bbl Platts Mogas 92 spread: DEC21/JAN22: AMPOLSG bids 25kb
■■
Platts Mogas 92: DEC21: SIETCO bids 25kb $91.40/bbl
■■ $1.65/bbl
Platts Mogas 92: DEC21: BPSG bids 25kb $91.30/bbl
■■ Platts Mogas 92: DEC21: P66SG Withdraws offer 25kb $91.90/bbl
■■
Platts Mogas 92: DEC21: FREEPTASIA Withdraws offer 25kb
■■ Platts Mogas 92 spread: DEC21/JAN22: VITOLSG bids 25kb $1.65/
■■
Platts Mogas 92: DEC21: BPSG bids 25kb $91.30/bbl
■■ bbl
Platts Mogas 92: DEC21: BPSG bids 25kb $91.30/bbl
■■ $91.95/bbl
Platts Mogas 92 (balmo): BAL MONTH: HOTEI Withdraws offer
■■ Platts Mogas 92 spread: DEC21/JAN22: EQUINOR bids 25kb
■■

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 21
ASIA-PACIFIC/ARAB GULF MARKETSCAN NOVEMBER 1, 2021

APAC DEALS SUMMARY

$1.59/bbl Platts Mogas 92 spread: DEC21/JAN22: HOTEI offers 25kb $1.80/
■■ ** Denotes OCO order.
Platts Mogas 92 spread: DEC21/JAN22: HOTEI bids 25kb $1.55/
■■ bbl Offers (PGA page 2324)
bbl Platts Mogas 92 spread: DEC21/JAN22: VITOLSG offers 25kb
■■
No offers reported
■■
Platts Mogas 92 spread: DEC21/JAN22: HARTREE bids 25kb
■■ $1.90/bbl
$1.53/bbl Platts Mogas 92 spread: DEC21/JAN22: EQUINOR offers 25kb
■■ Withdrawals
Platts Mogas 92 spread: DEC21/JAN22: GUNVORSG bids 25kb
■■ $2.00/bbl No offers reported
■■
$1.50/bbl Platts Mogas 92 spread: DEC21/JAN22: BPSG offers 25kb $2.05/
■■ ** Denotes OCO order.
Platts Mogas 92 spread: DEC21/JAN22: HOTEI bids 25kb $1.50/
■■ bbl
bbl Platts Mogas 92 spread: DEC21/JAN22: FREEPTASIA offers 25kb
■■ Naphtha C+F Japan Cargo Spreads
Platts Mogas 92 spread: DEC21/JAN22: FREEPTASIA bids 25kb
■■ $2.10/bbl
$1.45/bbl Platts Mogas 92 spread: DEC21/JAN22: SKEISG offers 25kb
■■ Trades (PGA page 2325)
Platts Mogas 92 spread: DEC21/JAN22: SKEISG bids 25kb $1.45/
■■ $2.25/bbl No trades reported
■■
bbl Platts Mogas 92 spread: JAN22/FEB22: HARTREE offers 25kb
■■ * Denotes market maker. All times GMT
Platts Mogas 92 spread: DEC21/JAN22: BPSG bids 25kb $1.45/bbl
■■ $1.07/bbl Bids (PGA page 2323)
Platts Mogas 92 spread: JAN22/FEB22: VITOLSG bids 25kb
■■ Platts Mogas 92 spread: JAN22/FEB22: VITOLSG offers 25kb
■■
H1JAN22/H1FEB22: BPSG bids 25kt $13.50/mt
■■
$0.70/bbl $0.95/bbl
Platts Mogas 92 spread: JAN22/FEB22: HARTREE bids 25kb
■■ Platts Mogas 92 spread: JAN22/FEB22: EQUINOR offers 25kb
■■ Withdrawals
$0.67/bbl $0.99/bbl No bids reported
■■
Platts Mogas 92 spread: JAN22/FEB22: FREEPTASIA bids 25kb
■■ Platts Mogas 92 spread: JAN22/FEB22: FREEPTASIA offers 25kb
■■ ** Denotes OCO order.
$0.55/bbl $1.05/bbl Offers (PGA page 2324)
Withdrawals Withdrawals No offers reported
■■
Platts Mogas 92 spread: BAL MONTH/DEC21: ENOC Withdraws bid
■■ Platts Mogas 92 spread: BAL MONTH/DEC21: VITOLSG no longer
■■
Withdrawals
25kb $3.60/bbl offers 25kb $3.85/bbl
No offers reported
■■
Platts Mogas 92 spread: BAL MONTH/DEC21: FREEPTASIA
■■ Platts Mogas 92 spread: DEC21/JAN22: HOTEI no longer offers
■■
** Denotes OCO order.
Withdraws bid 25kb $2.00/bbl 25kb $1.77/bbl
Platts Mogas 92 spread: DEC21/JAN22: GUNVORSG Withdraws bid
■■ Platts Mogas 92 spread: DEC21/JAN22: ONYX no longer offers
■■
25kb $1.45/bbl 25kb $1.77/bbl Jet Kero FOB Spore Paper
Platts Mogas 95 spread: DEC21/JAN22: FREEPTASIA Withdraws
■■ Platts Mogas 92 spread: DEC21/JAN22: ONYX no longer offers
■■
Trades (PGA page 4023)
bid 25kb $0.00/bbl 25kb $1.80/bbl
** Denotes OCO order. ** Denotes OCO order. No trades reported
■■
* Denotes market maker. All times GMT
Offers (PGA page 4010)
Bids (PGA page 4021)
Platts Mogas 92 spread: BAL MONTH/DEC21: VITOLSG offers 25kb
■■ Naphtha C+F Cargo
$3.95/bbl DEC21: ONYX bids 50kb $92.50/bbl
■■
Trades (PGA page 2325) DEC21: DAREGL bids 50kb $92.10/bbl
■■
Platts Mogas 92 spread: BAL MONTH/DEC21: AMPOLSG offers
■■
25kb $4.00/bbl No trades reported
■■ DEC21: DAREGL bids 50kb $92.00/bbl
■■
Platts Mogas 92 spread: BAL MONTH/DEC21: BPSG offers 25kb
■■ * Denotes market maker. All times GMT BAL MONTH: DAREGL bids 50kb $92.60/bbl
■■
$4.05/bbl Bids (PGA page 2323) Withdrawals
Platts Mogas 92 spread: BAL MONTH/DEC21: EQUINOR offers
■■ H2DEC21: **PDCL bids 25kt $796.00/mt
■■ No bids reported
■■
25kb $4.08/bbl H1JAN22: **PDCL bids 25kt $790.00/mt
■■ ** Denotes OCO order.
Platts Mogas 92 spread: BAL MONTH/DEC21: HOTEI offers 25kb
■■ H1JAN22: BPSG bids 25kt $789.00/mt
■■ Offers (PGA page 4022)
$4.10/bbl H1JAN22: **GUNVORSG bids 25kt $786.00/mt
■■ DEC21: ONYX offers 50kb $93.00/bbl
■■
Platts Mogas 92 spread: BAL MONTH/DEC21: HOTEI offers 25kb
■■ H2JAN22: **GUNVORSG bids 25kt $775.00/mt
■■ DEC21: DAREGL offers 50kb $93.03/bbl
■■
$4.50/bbl H2JAN22: SIETCO bids 25kt $773.00/mt
■■ DEC21: DAREGL offers 50kb $93.05/bbl
■■
Platts Mogas 92 spread: DEC21/JAN22: HARTREE offers 25kb
■■
Withdrawals BAL MONTH: DAREGL offers 50kb $93.50/bbl
■■
$1.97/bbl
No bids reported
■■

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 22
ASIA-PACIFIC/ARAB GULF MARKETSCAN NOVEMBER 1, 2021

APAC DEALS SUMMARY

Withdrawals BAL MONTH: ARAMCO offers 50kb $-1.55/bbl
■■ BAL MONTH: DVTRADING no longer offers 50kb $94.90/bbl
■■
No offers reported
■■ BAL MONTH: ARAMCOSG offers 50kb $-1.5/bbl
■■ ** Denotes OCO order.
** Denotes OCO order. BAL MONTH: ALVARI offers 50kb $-1.45/bbl
■■
BAL MONTH: REXCOMM offers 50kb $-1.45/bbl
■■
Gasoil FOB Spore Paper Spreads
Jet Kero FOB Spore Paper Spreads BAL MONTH: DAREGL offers 50kb $-1.42/bbl
■■
BAL MONTH: CAOSG offers 50kb $-1.4/bbl
■■ Trades (PGA page 4019)
Trades (PGA page 4023) BAL MONTH: DAREGL offers 50kb $-1.4/bbl
■■ No trades reported
■■
BAL MONTH/DEC21: ARAMCOSG* sold to AMPOLSG 50kb $0.58/
■■ BAL MONTH: DVTRADING offers 50kb $-1.33/bbl
■■ * Denotes market maker. All times GMT
bbl 8:28:23 BAL MONTH: ONYX offers 50kb $-1.4/bbl
■■
Bids (PGA page 4017)
BAL MONTH/DEC21: ARAMCOSG sold to AMPOLSG* 50kb $0.58/
■■ Withdrawals
bbl 8:28:43 BAL MONTH/DEC21: ARAMCOSG Withdraws offer 50kb $0.58/bbl
■■
DEC21/JAN22: DAREGL bids 50kb $0.95/bbl
■■
BAL MONTH/DEC21: UNIPECSG sold to AMPOLSG* 50kb $0.58/bbl
■■ BAL MONTH/DEC21: PTT Withdraws offer 50kb $0.63/bbl
■■
DEC21/JAN22: ONYX bids 50kb $0.88/bbl
■■
8:28:58 ** Denotes OCO order.
JAN22/FEB22: DAREGL bids 50kb $0.76/bbl
■■
BAL MONTH: ARAMCO sold to DVTRADING* 50kb $-1.59/bbl
■■ JAN22/FEB22: ONYX bids 50kb $0.75/bbl
■■
8:30:05 FEB22/MAR22: ONYX bids 50kb $0.76/bbl
■■
Gasoil FOB Spore Paper
* Denotes market maker. All times GMT Withdrawals
Bids (PGA page 4021) Trades (PGA page 4019) No bids reported
■■
** Denotes OCO order.
BAL MONTH/DEC21: DVTRADING bids 50kb $0.51/bbl
■■ BAL MONTH: ALVARI* sold to VERCER 50kb $94.90/bbl 8:29:11
■■
BAL MONTH/DEC21: ALVARI bids 50kb $0.50/bbl
■■ BAL MONTH: DVTRADING* sold to TRAFI 50kb $94.90/bbl 8:29:46
■■ Offers (PGA page 4018)
BAL MONTH/DEC21: DAREGL bids 50kb $0.47/bbl
■■ BAL MONTH: VERCER* sold to PETROCHINA 50kb $94.86/bbl
■■ DEC21/JAN22: ONYX offers 50kb $1.03/bbl
■■
BAL MONTH/DEC21: ERACOMM bids 50kb $0.47/bbl
■■ 8:29:57 DEC21/JAN22: DAREGL offers 50kb $1.00/bbl
■■
BAL MONTH/DEC21: ONYX bids 50kb $0.47/bbl
■■ * Denotes market maker. All times GMT DEC21/JAN22: SENTINELC offers 50kb $1.05/bbl
■■
BAL MONTH/DEC21: BPSG bids 50kb $0.30/bbl
■■ Bids (PGA page 4017) JAN22/FEB22: ONYX offers 50kb $0.93/bbl
■■
DEC21: CAOSG bids 50kb $-1.15/bbl
■■ DEC21: ONYX bids 50kb $93.50/bbl
■■
FEB22/MAR22: ONYX offers 50kb $0.89/bbl
■■
DEC21: DAREGL bids 50kb $-1.13/bbl
■■ DEC21: DAREGL bids 50kb $93.35/bbl
■■ Withdrawals
DEC21: ONYX bids 50kb $-1.13/bbl
■■ DEC21: DVTRADING bids 50kb $93.30/bbl
■■ No offers reported
■■
DEC21: DVTRADING bids 50kb $-1.28/bbl
■■ DEC21: DAREGL bids 50kb $92.50/bbl
■■ ** Denotes OCO order.
BAL MONTH: DVTRADING bids 50kb $-1.59/bbl
■■ BAL MONTH: TRAFI bids 50kb $94.80/bbl
■■
BAL MONTH: ALVARI bids 50kb $-1.6/bbl
■■ BAL MONTH: DAREGL bids 50kb $94.60/bbl
■■
BAL MONTH: DAREGL bids 50kb $-1.6/bbl
■■ FO 180 CST 3.5% FOB Spore Paper
BAL MONTH: TRAFI bids 50kb $94.50/bbl
■■
BAL MONTH: DAREGL bids 50kb $-1.6/bbl
■■ BAL MONTH: DVTRADING bids 50kb $94.30/bbl
■■ Trades (PGA page 4027)
BAL MONTH: ONYX bids 50kb $-1.62/bbl
■■
Withdrawals No trades reported
■■
Withdrawals BAL MONTH: PETROCHINA Withdraws bid 50kb $74.80/bbl
■■ * Denotes market maker. All times GMT
BAL MONTH/DEC21: AMPOLSG no longer bids 50kb $0.58/bbl
■■ ** Denotes OCO order. Bids (PGA page 4025)
** Denotes OCO order.
Offers (PGA page 4018) DEC21: DAREGL bids 5kt $464.00/mt
■■
Offers (PGA page 4022)
DEC21: DVTRADING offers 50kb $93.95/bbl
■■ DEC21: DAREGL bids 5kt $463.50/mt
■■
BAL MONTH/DEC21: DAREGL offers 50kb $0.60/bbl
■■ DEC21: SONAS offers 50kb $93.95/bbl
■■ DEC21: ARAMCOTF bids 5kt $460.00/mt
■■
BAL MONTH/DEC21: ONYX offers 50kb $0.64/bbl
■■ DEC21: DAREGL offers 50kb $94.00/bbl
■■ DEC21: DAREGL bids 5kt $460.00/mt
■■
BAL MONTH/DEC21: ALVARI offers 50kb $0.65/bbl
■■ DEC21: ONYX offers 50kb $94.00/bbl
■■ BAL MONTH: ARAMCOTF bids 5kt $466.75/mt
■■
BAL MONTH/DEC21: DVTRADING offers 50kb $0.66/bbl
■■ DEC21: DAREGL offers 50kb $94.05/bbl
■■ BAL MONTH: DAREGL bids 5kt $466.25/mt
■■
BAL MONTH/DEC21: BPSG offers 50kb $0.80/bbl
■■ BAL MONTH: DAREGL bids 5kt $466.00/mt
■■
Withdrawals
DEC21: ONYX offers 50kb $-0.97/bbl
■■ BAL MONTH: VITOLSG bids 5kt $466.00/mt
■■
BAL MONTH: DAREGL Withdraws offer 50kb $94.86/bbl
■■
DEC21: DAREGL offers 50kb $-0.95/bbl
■■ BAL MONTH: DAREGL bids 5kt $465.00/mt
■■
BAL MONTH: ALVARI no longer offers 50kb $94.90/bbl
■■
DEC21: DVTRADING offers 50kb $-0.73/bbl
■■

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 23
ASIA-PACIFIC/ARAB GULF MARKETSCAN NOVEMBER 1, 2021

APAC DEALS SUMMARY

BAL MONTH/DEC21: ARAMCOTF bids 5kt $0.25/mt
■■ DEC21: DAREGL bids 5kt $455.00/mt
■■ DEC21: DAREGL offers 5kt $457.00/mt
■■
Withdrawals DEC21: MERCURIASG bids 5kt $454.50/mt
■■ DEC21: DAREGL offers 5kt $457.25/mt
■■
DEC21: PRIMEENERGY Withdraws bid 5kt $466.00/mt
■■ DEC21: VITOLSG bids 5kt $454.50/mt
■■ DEC21: LIQUID offers 5kt $457.50/mt
■■
BAL MONTH: PRIMEENERGY Withdraws bid 5kt $468.00/mt
■■ DEC21: DAREGL bids 5kt $454.25/mt
■■ DEC21: MERCURIASG offers 5kt $457.50/mt
■■
BAL MONTH: DAREGL Withdraws bid 5kt $463.75/mt
■■ DEC21: ARIONINV bids 5kt $454.00/mt
■■ DEC21: DVTRADING offers 5kt $458.00/mt
■■
** Denotes OCO order. DEC21: DVTRADING bids 5kt $454.00/mt
■■ DEC21: VITOLSG offers 5kt $458.00/mt
■■
DEC21: GUNVORSG bids 5kt $454.00/mt
■■ DEC21: DVTRADING offers 5kt $458.50/mt
■■
Offers (PGA page 4026)
DEC21: DAREGL bids 5kt $453.75/mt
■■ DEC21: DAREGL offers 5kt $459.50/mt
■■
DEC21: ARAMCOTF offers 5kt $468.50/mt
■■ DEC21: DVTRADING bids 5kt $453.50/mt
■■ DEC21: DAREGL offers 5kt $460.25/mt
■■
DEC21: SIETCO offers 5kt $468.50/mt
■■ DEC21: LIQUID bids 5kt $452.50/mt
■■ BAL MONTH: DAREGL offers 5kt $456.50/mt
■■
DEC21: DAREGL offers 5kt $469.75/mt
■■ DEC21: ARAMCOTF bids 5kt $454.00/mt
■■ BAL MONTH: ARAMCOTF offers 5kt $456.75/mt
■■
DEC21: DAREGL offers 5kt $472.50/mt
■■ DEC21: GUNVORSG bids 5kt $454.00/mt
■■ BAL MONTH: ARAMCOTF offers 5kt $457.00/mt
■■
DEC21: DAREGL offers 5kt $474.00/mt
■■ BAL MONTH: DAREGL bids 5kt $454.50/mt
■■ BAL MONTH: VITOLSG offers 5kt $457.00/mt
■■
BAL MONTH: SIETCO offers 5kt $468.00/mt
■■ BAL MONTH: VITOLSG bids 5kt $454.50/mt
■■ BAL MONTH: MCELT offers 5kt $458.00/mt
■■
BAL MONTH: VITOLSG offers 5kt $468.25/mt
■■ BAL MONTH: DAREGL bids 5kt $453.75/mt
■■ BAL MONTH: MERCURIASG offers 5kt $458.00/mt
■■
BAL MONTH: MCELT offers 5kt $469.00/mt
■■ BAL MONTH/DEC21: ARAMCOTF bids 5kt $0.00/mt
■■ BAL MONTH: DVTRADING offers 5kt $458.50/mt
■■
BAL MONTH: DAREGL offers 5kt $470.25/mt
■■ BAL MONTH/DEC21: VITOLSG bids 5kt $0.00/mt
■■ BAL MONTH: DVTRADING offers 5kt $459.00/mt
■■
BAL MONTH: DAREGL offers 5kt $472.00/mt
■■ BAL MONTH/DEC21: BPSG bids 5kt $0.00/mt
■■ BAL MONTH: BPSG offers 5kt $459.50/mt
■■
BAL MONTH: DAREGL offers 5kt $474.00/mt
■■ BAL MONTH/DEC21: ARAMCOTF bids 5kt $-0.5/mt
■■ BAL MONTH: DAREGL offers 5kt $461.75/mt
■■
Withdrawals BAL MONTH/DEC21: MERCURIASG bids 5kt $-0.5/mt
■■ BAL MONTH/DEC21: ARAMCOTF offers 5kt $0.50/mt
■■
DEC21: PRIMEENERGY Withdraws offer 5kt $471.75/mt
■■ Withdrawals BAL MONTH/DEC21: ARAMCOTF offers 5kt $0.50/mt
■■
BAL MONTH: PRIMEENERGY Withdraws offer 5kt $472.00/mt
■■ DEC21: PRIMEENERGY Withdraws bid 5kt $455.00/mt
■■ BAL MONTH/DEC21: VITOLSG offers 5kt $0.50/mt
■■
** Denotes OCO order. DEC21: MCELT Withdraws bid 5kt $454.00/mt
■■ Withdrawals
DEC21: GLENCORE Withdraws bid 5kt $454.50/mt
■■ DEC21: DVTRADING Withdraws offer 5kt $460.00/mt
■■
FO 380 CST 3.5% FOB Spore Paper BAL MONTH: PRIMEENERGY Withdraws bid 5kt $455.00/mt
■■ DEC21: GLENCORE Withdraws offer 5kt $458.50/mt
■■
BAL MONTH: GLENCORE Withdraws bid 5kt $454.50/mt
■■ DEC21: THEMEINT Withdraws offer 5kt $458.50/mt
■■
Trades (PGA page 4027) BAL MONTH/DEC21: UENERGY Withdraws bid 5kt $0.00/mt
■■ DEC21: PRIMEENERGY Withdraws offer 5kt $459.00/mt
■■
DEC21: ARAMCOTF* sold to MERCURIASG 5kt $456.25/mt
■■ ** Denotes OCO order. DEC21: MCELT Withdraws offer 5kt $459.50/mt
■■
8:30:09 Offers (PGA page 4026) DEC21: DVTRADING Withdraws offer 5kt $460.50/mt
■■
* Denotes market maker. All times GMT BAL MONTH: PRIMEENERGY Withdraws offer 5kt $459.50/mt
■■
DEC21: ARAMCOTF offers 5kt $14.00/mt
■■
Bids (PGA page 4025) BAL MONTH: GLENCORE Withdraws offer 5kt $460.00/mt
■■
DEC21: ARIONINV offers 5kt $459.50/mt
■■
BAL MONTH: MCELT Withdraws offer 5kt $461.25/mt
■■
BAL MONTH: ARAMCOTF bids 5kt $10.00/mt
■■ DEC21: ARAMCOTF offers 5kt $456.25/mt
■■
** Denotes OCO order.
DEC21: ARAMCOTF offers 5kt $456.50/mt
■■

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 24
ASIA-PACIFIC/ARAB GULF MARKETSCAN NOVEMBER 1, 2021

HYDROGEN

NORTH AMERICA HYDROGEN ASSESSMENTS, OCTOBER 29*

Excluding Capex Including Capex Excluding Capex Including Capex Excluding Capex Including Capex
Production Pathway $/kg Change $/kg Change Production Pathway $/kg Change $/kg Change Production Pathway $/kg Change $/kg Change
Alberta (C$/kg) Northeast Southeast
SMR w/o CCS 0.9575 -0.0262 1.6753 -0.0242 SMR w/o CCS 0.7365 -0.0029 1.3712 -0.0029 SMR w/o CCS 0.8341 -0.0153 1.3537 -0.0154
Alkaline Electrolysis 6.1950 +1.7706 7.3804 +1.7740 Alkaline Electrolysis 2.9137 +0.0712 3.8183 +0.0712 Alkaline Electrolysis 2.4213 -0.0347 3.2760 -0.0346
PEM Electrolysis 7.1562 +2.0454 9.2802 +2.0515 PEM Electrolysis 3.3658 +0.0823 4.9866 +0.0823 PEM Electrolysis 2.7970 -0.0400 4.3283 -0.0400
Appalachia Northern California Southern California
SMR w/o CCS 0.6867 -0.0492 1.2821 -0.0492 SMR w/o CCS 1.0372 -0.0369 1.7675 -0.0369 SMR w/o CCS 0.9581 -0.0273 1.6589 -0.0273
Alkaline Electrolysis 2.9483 -0.3419 3.8277 -0.3419 Alkaline Electrolysis 3.5617 -0.0892 4.5479 -0.0892 Alkaline Electrolysis 3.4478 -0.1019 4.4137 -0.1019
PEM Electrolysis 3.4057 -0.3950 4.9813 -0.3950 PEM Electrolysis 4.1143 -0.1030 5.8814 -0.1030 PEM Electrolysis 3.9827 -0.1178 5.7133 -0.1178
Gulf Coast Northwest Upper Midwest
SMR w/o CCS 0.8151 -0.0401 1.3191 -0.0402 SMR w/o CCS 0.8249 -0.0517 1.4075 -0.0517 SMR w/o CCS 0.8099 -0.0386 1.3783 -0.0386
Alkaline Electrolysis 2.3318 +0.0232 3.1642 +0.0232 Alkaline Electrolysis 3.4148 +0.6161 4.3109 +0.6161 Alkaline Electrolysis 3.0506 -0.0428 3.9570 -0.0428
PEM Electrolysis 2.6936 +0.0269 4.1850 +0.0269 PEM Electrolysis 3.9446 +0.7117 5.5502 +0.7117 PEM Electrolysis 3.5240 -0.0494 5.1479 -0.0494
Midcontinent Rockies *Assessed previous day

SMR w/o CCS 0.7618 -0.0600 1.2931 -0.0599 SMR w/o CCS 0.8129 -0.0525 1.3710 -0.0525
Alkaline Electrolysis 2.3796 +0.5445 3.2334 +0.5444 Alkaline Electrolysis 3.7023 +0.9016 4.5689 +0.9016
PEM Electrolysis 2.7487 +0.6289 4.2786 +0.6289 PEM Electrolysis 4.2768 +1.0416 5.8294 +1.0415

UK HYDROGEN ASSESSMENTS, NOVEMBER 1 JAPAN HYDROGEN ASSESSMENTS, NOVEMBER 1

Production Pathway GBP/kg Change GBP/KWh Change Excluding Capex Including Capex
ATR w CCS 3.5151 +0.1055 0.1055 +0.0032 Production Pathway Yen/kg Change Yen/kg Change
ATR w CCS (inc. Capex & Carbon) 3.8343 +0.1055 0.1150 +0.0031 SMR w/o CCS 510.9909 -16.4727 597.4930 -15.9132
Alkaline Electrolysis 9.8373 +0.0174 0.2951 +0.0005 Alkaline Electrolysis 888.9994 +215.4014 1031.8491 +216.3253
Alkaline Electrolysis (inc. Capex) 10.4460 +0.0179 0.3134 +0.0005 PEM Electrolysis 1026.9424 +248.8257 1282.8866 +250.4812
PEM Electrolysis 11.3611 +0.0201 0.3409 +0.0006
PEM Electrolysis (inc. Capex) 12.4517 +0.0210 0.3736 +0.0006

NETHERLANDS HYDROGEN ASSESSMENTS, NOVEMBER 1

ASSESSMENT RATIONALE
Production Pathway Eur/kg Change Eur/KWh Change
SMR w/o CCS 3.0067 +0.0480 0.0902 +0.0014 The S&P Global Platts hydrogen prices are daily valuations that
SMR w/o CCS (inc. Capex) 3.4417 +0.0468 0.1033 +0.0014
incorporate the cost of variable natural gas, electricity, and carbon
inputs, where applicable. A second set of valuations include fixed
SMR w/o CCS (inc. Carbon) 3.5196 +0.0389 0.1056 +0.0012
assumptions for capital and operating expenses. The Platts hydrogen
SMR w/o CCS (inc. Capex & Carbon) 3.9546 +0.0377 0.1186 +0.0011
prices are not based on observed or reported market transactions.
SMR w CCS 3.8169 +0.0515 0.1145 +0.0015
Details on the Platts hydrogen methodology can be found at:
SMR w CCS (inc. Capex) 4.5213 +0.0496 0.1357 +0.0015
https://www.spglobal.com/platts/en/our-methodology/methodology-
SMR w CCS (inc. Carbon) 3.8682 +0.0506 0.1161 +0.0016
specifications/energy-transition/hydrogen-methodology
SMR w CCS (inc. Capex & Carbon) 4.5726 +0.0487 0.1372 +0.0015
Alkaline Electrolysis 9.4746 -0.0248 0.2843 -0.0007
Alkaline Electrolysis (inc. Capex) 10.1929 -0.0269 0.3058 -0.0008
PEM Electrolysis 10.9419 -0.0287 0.3283 -0.0009
PEM Electrolysis (inc. Capex) 12.2290 -0.0323 0.3669 -0.0010

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 25