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CRUDE OIL MARKETWIRE

TS Y

Volume 42 / Issue 207 / October 21, 2021

KEY BENCHMARKS ($/barrel) BRENT/WTI SPREADS AND EFPS (PGA page 218) MARKET COMMENTARY
Mid Change Mid Change
(PGA page 2210) Brent/WTI 1st AALAU00 2.61/2.63 2.620 +0.070
Dubai (Dec) PCAAT00 83.09–83.11 83.100 +0.560 Brent/WTI 2nd
Brent/WTI 3rd
AALAV00 2.98/3.00
AALAY00
2.990 +0.010
3.190 +0.030
Platts Middle East Sour Crude Daily Market
Dubai (Jan) PCAAU00 81.88–81.90 81.890 +0.560
Dubai (Feb) PCAAV00 80.82–80.84 80.830 +0.570 Brent EFP (Dec) AAGVX00 0.11/0.13 0.120 +0.090 Analysis
MEC (Dec) AAWSA00 83.09–83.11 83.100 +0.560 Brent EFP (Jan) AAGVY00 0.16/0.18 0.170 +0.030
MEC (Jan) AAWSB00 81.88–81.90 81.890 +0.560 ■■Unsold Middle East medium, sour crude seeks buyers
Brent EFP (Feb) AAMVY00 0.170 +0.030
MEC (Feb) AAWSC00 80.82–80.84 80.830 +0.570
WTI EFP (Nov) AAGVT00 NA/NA NA NA ■■Murban value supported by yield, crack values
Brent/Dubai (Dec) AAJMS00 1.94/1.96 1.950 -0.100
WTI EFP (Dec) AAGVU00 -0.01/0.01 0.000 0.000
(PGA page 1212)
WTI EFP (Jan) AAGVV00 -0.01/0.01 0.000 0.000 Trade in the Middle East crude market was slim as buying
Brent (Dated) PCAAS00 83.69–83.71 83.700 -1.420
Dated North Sea Light AAOFD00 83.69–83.71 83.700 -1.420 activity begins to slacken though offers for some of the
Dated Brent (CIF) PCAKM00 84.465
MIDDLE EAST ($/barrel)
-1.520
(PGA page 2210) Mid Change regions grades loading in December were still heard.
Brent (Dec) PCAAQ00 83.77–83.79 83.780 -1.550
Brent (Jan) PCAAR00 83.11–83.13 83.120 -1.640 Oman (Dec) PCABS00 83.18–83.20 83.190 +0.630 Asian refiners are likely to have fulfilled their crude
Brent (Feb) PCARR00 82.240 Oman (Jan) AAHZF00 81.97–81.99 81.980 +0.630
-1.650
Oman (Feb) AAHZH00 80.91–80.93 80.920 +0.640
requirements this month through spot tenders and private
Sulfur de-escalator AAUXL00 0.35
Oseberg QP (Oct) AAXDW00 0.1699 Upper Zakum (Dec) AAOUQ00 83.08–83.12 83.100 +0.560 negotiations, some sources said.
Oseberg QP (Nov) AAXDX00 0.3301 Murban (Dec) AAKNL00 84.16–84.20 84.180 +0.570
Murban (Jan) MBNSA00 82.970 +0.570
Forecasts of a cold winter in Asia along with expensive
Ekofisk QP (Oct) AAXDY00 0.1574
Ekofisk QP (Nov) AAXDZ00 0.3173 Murban (Feb) MBNSB00 81.910 +0.580 LNG and coal prices boosted demand for crude oil as an
Troll QP (Oct) ATFNB00 0.2921 Al Shaheen AAPEV00 83.08–83.12 83.100 +0.540
Spread vs Dubai
alternative option for heating, a trader in Singapore said.
Troll QP (Nov) ATFNA00 0.5231
(PGA page 210) Dubai DBDDC00 2.270 -0.010 “PG [Persian Gulf market] is getting slower. PG this
Oman DBDOC00 2.360 +0.060
Platts AGS AGSAA00 83.040 -1.190
Murban AARBZ00 3.350 0.000
month has been healthy [and] demand has been good,” the
WTI (Nov) PCACG00 83.24–83.26 83.250 -0.620
WTI (Dec) PCACH00 82.49–82.51 82.500 -0.920 Al Shaheen AAPEW00 2.22–2.32 2.270 -0.030 trader in Singapore said.
Upper Zakum DBDUZ00 2.270 -0.010
WTI (Jan) AAGIT00 81.35–81.37 81.360 -1.020
Quality Premiums
While the Middle East crude grades attracted a lot of
Light Houston Sweet AAXEW00 83.700 -0.620
Light Houston Sweet M2 AAYRY00 83.000 -0.920 Murban QP (Dec) AAISV00 0.0000 buying interest on the spot market, some cargoes of
LOOP Sour (Nov) AALSM01 80.800 -0.520 (PGA page 2658) (continued on page 3)
LOOP Sour (Dec) AALSM02 80.050 -0.820 Dubai Swap (Nov) AAHBM00 81.87–81.91 81.890 +0.560
LOOP Sour (Jan) AALSM03 78.710 -0.870 Dubai Swap (Dec) AAHBN00 80.81–80.85 80.830 +0.570
Bakken AAXPP00 81.560 -1.070 Dubai Swap (Jan) AAHBO00 79.92–79.96 79.940 +0.560
Eagle Ford Marker AAYAJ00 83.570 -0.530 CONTENTS
ACM* (Nov) AAQHN00 80.34–80.36 80.350 -0.520
ACM* (Dec) AAQHO00 79.59–79.61 79.600 -0.820 BRENTDUBAI CASH SPREAD Platts Middle East Sour Crude Daily Market Analysis 1
ACM* (Jan) AAQHP00 78.25–78.27 78.260 -0.870 ($/b) Platts Asia Pacific Sweet Crude Daily Market Analysis 5
*Americas Crude Marker. 2.3
Platts North Sea Crude Daily Market Analysis 6
FORWARD DATED BRENT ($/barrel) (PGA page 1250) 2.2 Platts Mediterranean & Black Sea Sweet Crude Daily Commentary 12
Mid Change
2.1 Platts NWE and Med Urals Sour Crude Daily Market Analysis 13
North Sea Dated strip AAKWH00 83.16–83.17 83.165 -1.575
Platts West African Crude Daily Commentary 16
Mediterranean Dated strip AALDF00 83.15–83.16 83.155 -1.575 2.0
33-63 Day Dated strip AALEJ00 82.60–82.61 82.605 -1.680 Platts US Pipeline Crude Daily Commentary 17
BTC Dated strip AAUFI00 83.14–83.15 83.145 -1.585 1.9 Platts US Gulf Coast Export Crude Daily Commentary 17
15-45 Day Dated strip AALGM00 83.07–83.08 83.075 -1.615
30-60 Day Dated strip AAXRK00 82.66–82.67 82.665 -1.685 1.8
Platts Canadian Pipeline Crude Daily Commentary 18
North Sea CIF Dtd strip AAHXE00 83.155 -1.580 07-Oct 11-Oct 13-Oct 15-Oct 19-Oct 21-Oct Platts Latin American Crude Daily Commentary 18
23-63 Day Dated Strip ADBRA00 82.700 -1.680 Source: S&P Global Platts

www.platts.com
CRUDE OIL MARKETWIRE OCTOBER 21, 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 86.35–86.39 86.370 +0.690 AAPAI00 2.450 +0.050 AAPAH00 84.930 -1.610
DFC 56.82 ADFCA00 85.51–85.55 85.530 +0.620 ADFCB00 4.65/4.75 4.700 +0.050 ADFCC00 1.610 -0.020 ADFCD00 84.090 -1.680
Qatar LSC 56.9 AARBB00 84.91–84.95 84.930 +0.620 AARBD00 4.05/4.15 4.100 +0.050 AARBC00 1.010 -0.020 AARBA00 83.490 -1.680
South Pars 57.4 AARAV00 80.61–80.65 80.630 +0.620 AARAX00 -0.25/-0.15 -0.200 +0.050 AARAW00 -3.290 -0.020 AARAU00 79.190 -1.680
Diff to ICP
Senipah 54.4 AAEOE00 86.70–86.74 86.720 +0.690 AAEOK00 1.40/1.50 1.450 +0.050 AAPBE00 2.800 +0.050 AAPBD00 85.280 -1.610
Light crude (PGA page 2214) (PGA page 2215)
Diff to ICP Diff to Asian Dated Brent
Cossack 47.7 PCAGZ00 85.65–85.69 85.670 +0.940 AAPAC00 1.750 +0.300 AAPAB00 84.230 -1.360
Gippsland 48.7 PCACP00 83.25–83.29 83.270 +0.940 AAPAU00 -0.650 +0.300 AAPAT00 81.830 -1.360
Tapis 45.2 PCACB00 86.80–86.84 86.820 +0.540 AAOZW00 2.900 -0.100 AAOZV00 85.380 -1.760
Belida 45.1 PCAFL00 83.60–83.64 83.620 +0.940 PCAFM00 1.05/1.15 1.100 +0.150 AAPBQ00 -0.300 +0.300 AAPBP00 82.180 -1.360
Kutubu 44.3 PCAFJ00 85.85–85.89 85.870 +0.940 AAPAE00 1.950 +0.300 AAPAD00 84.430 -1.360
Handil Mix 43.9 PCABE00 84.75–84.79 84.770 +0.940 PCABF00 1.25/1.35 1.300 +0.150 AAPBI00 0.850 +0.300 AAPBH00 83.330 -1.360
Attaka 42.3 PCAAJ00 83.30–83.34 83.320 +0.940 PCAAK00 0.10/0.20 0.150 +0.150 AAPBC00 -0.600 +0.300 AAPBB00 81.880 -1.360
Ardjuna 38 PCACQ00 77.60–77.64 77.620 +0.540 PCACR00 -2.30/-2.20 -2.250 -0.050 AAPBG00 -6.300 -0.100 AAPBF00 76.180 -1.760
Banyu Urip 32 PCAFQ00 87.320 +0.540 PCAQQ00 1.450 -0.050 AAPBU00 3.400 -0.100 AAPBR00 85.880 -1.760
Diff to Dubai
Sakhalin Blend 45.5 AARBN00 85.76–85.80 85.780 +0.570 AARCN00 4.90/5.00 4.950 0.000 AARDN00 1.860 -0.070 AAREN00 84.340 -1.730
ESPO M1 34.8 AARWF00 86.16–86.20 86.180 +0.570 AASEU00 5.30/5.40 5.350 0.000
ESPO M2 34.8 AAWFE00 85.17–85.21 85.190 +0.560 AAWFG00 5.20/5.30 5.250 0.000
Sokol 39.7 AASCJ00 86.76–86.80 86.780 +0.570 AASCK00 5.90/6.00 5.950 0.000 AAPAO00 2.860 -0.070 AAPAN00 85.340 -1.730
Kikeh 34.9 AAWUH00 87.80–87.84 87.820 +0.540 AAOZY00 3.900 -0.100 AAOZX00 86.380 -1.760
Miri Light 32.3 PCABQ00 87.60–87.64 87.620 +0.540 AAPAS00 3.700 -0.100 AAPAR00 86.180 -1.760
Labuan 32 PCABL00 88.10–88.14 88.120 +0.540 AAPAQ00 4.200 -0.100 AAPAP00 86.680 -1.760
Kimanis 38.6 AASCL00 88.020 +0.540 AASCM00 4.100 -0.100 AASCN00 86.580 -1.760
Medium crude (PGA page 2216) (PGA page 2217)
Diff to Asian Dated Brent
Su Tu Den 36.8 AARAR00 87.45–87.49 87.470 +0.590 AARAS00 3.550 -0.050 AARAQ00 86.030 -1.710
Bach Ho 40.7 PCAHY00 87.85–87.89 87.870 +0.590 AAPAK00 3.950 -0.050 AAPAJ00 86.430 -1.710
Nanhai 40 PCAFR00 79.05–79.09 79.070 +0.540 AAPAG00 -4.850 -0.100 AAPAF00 77.630 -1.760
Nile Blend 33.9 AAPLC00 83.20–83.24 83.220 +0.640 AAPAM00 -0.700 0.000 AAPAL00 81.780 -1.660
Daqing 32.2 PCAAZ00 78.90–78.94 78.920 +0.640 AAPAW00 -5.000 0.000 AAPAV00 77.480 -1.660
Heavy crude (PGA page 2218) (PGA page 2219)
Diff to ICP Diff to Asian Dated Brent
Dar Blend 25 AARAB00 85.30–85.34 85.320 +0.640 AARAC00 1.400 0.000 AARAA00 83.880 -1.660
Shengli 24.2 PCABY00 83.90–83.94 83.920 +0.640 AAPAY00 0.000 0.000 AAPAX00 82.480 -1.660
Duri 20.8 PCABA00 87.30–87.34 87.320 +0.640 PCABB00 2.95/3.05 3.000 0.000 AAPBM00 3.400 0.000 AAPBL00 85.880 -1.660
Vincent 18.3 AARAK00 91.820 +0.640 AARAL00 7.900 0.000 AARAJ00 90.380 -1.660

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

Diff to Dubai Diff to Asian Dated Brent
US Delivered - Asia Spot Crudes
WTI Midland (DES Singapore) WTMSA00 86.040 +0.660 WTMSD00 6.100 +0.100 WTMSB00 2.990 +0.060
WTI Midland (DES Yeosu) WTMYA00 86.540 +0.660 WTMYD00 6.600 +0.100 WTMYB00 3.490 +0.060
Brazil Delivered-Asia Spot Crudes
Tupi (DES Qingdao) LUQDA00 86.190 +0.460 LUQDD00 6.250 -0.100 LUQDB00 3.140 -0.140

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 2
CRUDE OIL MARKETWIRE OCTOBER 21, 2021

medium and sour crude grades were still available, MIDDLE EAST SPOT ASSESSMENTS ($/barrel) (PGA page 2220)
Mid Change Spread vs Dubai Mid Change
sources said.
Umm Lulu AUFAA00 84.180 +0.570 DBDUL00 3.350 0.000
“Cargoes are there. Medium [grades] I see some Upper Das Blend AAXOF00 83.81–83.85 83.830 +0.570 DBDDS00 3.000 0.000
Zakum and Qatar Marine offered. UZ [Upper Zakum] quite Mid Change Spread vs OSP Mid Change
ample,” a trader with a North Asian refinery said. Qatar Land AAKNP00 82.83–82.87 82.850 +0.550 AAKUJ00 -0.05/0.05 0.000 0.000
Qatar Marine AAKNR00 82.68–82.72 82.700 +0.550 AAKUH00 -0.15/-0.05 -0.100 0.000
Cargoes of December-loading Upper Zakum crude were Banoco Arab Medium AAKNT00 82.83–82.87 82.850 +0.600 AAKUD00 0.20/0.30 0.250 0.000
heard being offered at a premium of around $2.20/b to Basrah Light M1 AALZA00 – 83.000 +0.500 AALZE00 0.600 -0.100
Basrah Light M2 AALZB00 – 82.450 +0.550 AALZF00 0.500 -0.100
Platts front-month Dubai crude assessments. Basrah Medium M1 BSMAM01 – 82.050 +0.500 BSMBM01 0.500 -0.100
At the Asia close on Oct. 20, S&P Global Platts assessed Basrah Medium M2 BSMAM02 – 81.550 +0.550 BSMBM02 0.450 -0.100
Basrah Heavy M1 AALZC00 – 80.150 +0.550 AALZJ00 0.950 -0.050
December-loading Upper Zakum at a premium of $2.28/b
Basrah Heavy M2 AALZD00 – 79.550 +0.600 AALZK00 0.800 -0.050
to Platts front-month Dubai crude assessments, data
showed. ASIAN MARKET PARITY PRICES ($/barrel) (PGA page 2280)
Meanwhile, December-loading Qatar Marine was (Asia close) (London close)
assessed at a discount of 10 cents/b to the grade’s official Mid Change Mid Change
Minas PCABO00 81.650 +0.325 AAPAZ00 80.210 -1.975
selling price, Platts data showed. Cinta PCAAX00 77.515 +0.080 AAPBJ00 76.075 -2.220
Demand continues to remain strong for Middle East Widuri PCAFE00 74.245 +0.105 AAPBN00 72.805 -2.195
crude and any leftover cargoes stand a good chance of Cambay AMPPA00 83.170 +0.720
Ravva AMPPB00 86.115 +0.765
being cleared if sellers are willing to lower prices, the trader Rajasthan AMPPC00 83.455 +0.990
with the North Asian refinery said.
“[Need to see] whether sellers will correct down,” the ASIAN CRUDE INDICES ($/barrel) (PGA page 2206)
trader said. 16:30 Singapore Interim Asian Close Diff to Dated Brent Final London Close
Demand for light and heavy crude grades has been Asian Dated Brent (ADB) AAXPG00 84.840
ADB Strip Asia AARBV00 83.920 AARBX00 82.480
robust this month, market participants said.
ADB Strip Middle East AARBW00 83.920 AARBY00 82.480
“Murban is too expensive [but] Murban market is still ADB Strip M3 ADBS003 83.050
there,” the same trader with the North Asian refinery said. For definitions see http://www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/Crude-oil-methodology.pdf

The spread between Platts Murban and Platts Upper

Zakum for December widened to 91 cents/b month to date
compared to 75 cents/b for the whole of September, data
showed.
A higher yield of products such as gasoil and gasoline
could support demand for Murban crude, another, the
trader in Singapore said.
“Murban yield for gasoil and gasoline is high. Gasoil and
gasoline cracks are going well,” the trader said.
Second-month gasoil cracks in October average
$14.87/b so far compared to $10.77/b for the whole of
September while gasoline cracks average $10.43/b
month to date compared to $8.80/b for September,
Platts data showed.
Platts Mideast Sour Crude Daily Rationales &
Exclusions
Dubai Mo01 <PCAAT00> assessment rationale: The
December cash Dubai assessment on Oct. 21 reflected
several trades for cash Dubai partials at $83.10/b during the
Platts Market on Close assessment process and during
extension as well as outstanding bids at $83.09/b at close.
Oman Blend Mo01 <PCABS00> assessment rationale: The
December cash Oman assessment on Oct. 21 reflected an
offer for cash Oman partials at $83.20/b standing at close
of the Platts Market on Close assessment process as well
as values heard in the broader market.
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: DEC21: GUNVOR BIDS 25KB AT $83.09 AND
TRADES DURING EXTENSION
PLATTS DUBAI: DEC21: TOTAL BIDS 25KB AT $83.09 AND
WITHDRAWS DURING EXTENSION
PLATTS DUBAI: DEC21: BP BIDS 25KB AT $83.05

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 3
CRUDE OIL MARKETWIRE OCTOBER 21, 2021

PLATTS DUBAI: DEC21: HENGLI BIDS 25KB AT $83.04 AND NORTH SEA SPOT CRUDE ASSESSMENTS ($/barrel) (PGA page 1212)
Mid Change Spread vs fwd Dated Brent Mid Change
WITHDRAWS DURING EXTENSION
Dated Brent Diff AAXEZ00 0.53/0.54 0.535 +0.155
PLATTS DUBAI: DEC21: VITOL BIDS 25KB AT $82.95 BNB AAVJA00 83.71–83.72 83.715 -1.525 AAVJB00 0.54/0.56 0.550 +0.050
PLATTS DUBAI: DEC21: PETROCHINA BIDS 25KB AT $82.95 Forties PCADJ00 83.73–83.75 83.740 -1.380 AAGWZ00 0.57/0.58 0.575 +0.195
Oseberg PCAEU00 84.11–84.13 84.120 -1.570 AAGXF00 0.95/0.96 0.955 +0.005
PLATTS DUBAI: DEC21: EQUINOR BIDS 25KB AT $82.95 Ekofisk PCADI00 84.05–84.07 84.060 -1.575 AAGXB00 0.89/0.90 0.895 0.000
PLATTS DUBAI: DEC21: MITSUI BIDS 25KB AT $82.70 Troll AAWEX00 84.32–84.33 84.325 -1.570 AAWEY00 1.15/1.17 1.160 +0.005
Offers: Statfjord PCAEE00 83.51–83.52 83.515 -1.575 AAGXD00 0.34/0.36 0.350 0.000
Flotta Gold PCACZ00 80.66–80.67 80.665 -1.575 AAGXH00 -2.51/-2.49 -2.500 0.000
PLATTS DUBAI: DEC21: EXXONMOBIL OFFERS 25KB AT Duc AAWEZ00 83.71–83.72 83.715 -1.575 AAWFL00 0.54/0.56 0.550 0.000
$83.10 AND TRADES DURING EXTENSION Grane Blend PCALA00 82.215 -1.575 PCALB00 -0.950 0.000
Johan Sverdrup AJSVA00 80.715 -1.575 AJSVB00 -2.450 0.000
PLATTS DUBAI: DEC21: VITOL OFFERS 25KB AT $83.10 AND Statfjord (CIF) AASAS00 84.45–84.46 84.455 -1.580 AASAT00 1.29/1.31 1.300 0.000
TRADES DURING EXTENSION Gullfaks (CIF) AASAU00 84.50–84.51 84.505 -1.580 AASAV00 1.34/1.36 1.350 0.000
Alvheim (CIF) ALVHA00 84.705 -1.580 ALVHB00 1.550 0.000
PLATTS DUBAI: DEC21: UNIPEC OFFERS 25KB AT $83.10
Asgard (CIF) ASGCA00 83.455 -1.580 ASGCB00 0.300 0.000
AND TRADES DURING EXTENSION North Sea basket AAGIZ00 83.90–83.92 83.910 -1.510
PLATTS DUBAI: DEC21: PETROCHINA OFFERS 25KB AT North Sea Dated Strip AAKWH00 83.16–83.17 83.165 -1.575
Spread vs fwd CIF Dated Brent
$83.15 Dated Brent (CIF) AAVJG00 84.465 -1.520 AAVJF00 1.310 +0.060
PLATTS DUBAI: DEC21: SHELL OFFERS 25KB AT $83.20 BNB (CIF) PCAKP00 84.955 -1.530 AAVJC00 1.800 +0.050
PLATTS DUBAI: DEC21: HENGLI OFFERS 25KB AT $83.40 Forties (CIF) PCAKR00 84.620 -1.375 AAHXC00 1.465 +0.205
Oseberg (CIF) PCAKT00 84.945 -1.580 AAHXD00 1.790 0.000
PLATTS DUBAI: DEC21: MITSUI NO LONGER OFFERS AFTER Ekofisk (CIF) PCAKV00 84.780 -1.580 AAHXB00 1.625 0.000
TRADE Troll (CIF) AAXJO00 85.150 -1.575 AAXJN00 1.995 0.005
North Sea CIF Dated Strip AAHXE00 83.155 -1.580
PLATTS DUBAI: DEC21: RELIANCE NO LONGER OFFERS
AFTER TRADE
PLATTS OMAN: DEC21: UNIPEC OFFERS 25KB AT $83.20 FREIGHT ADJUSTMENT FACTORS
AND WITHDRAWS DURING EXTENSION ($/barrel) Change
Trades: Sullom Voe-Rotterdam FSVRM00 0.9941 +0.0020
Hound Point-Rotterdam FHPRM00 0.7056 +0.0014
PLATTS DUBAI: DEC21: TOTAL BUYS FROM EXXONMOBIL*
Sture-Rotterdam FSTRM00 0.6667 +0.0013
25KB AT $83.10 (08:29:23) Teesside-Rotterdam FTSRM00 0.5852 +0.0011
PLATTS DUBAI: DEC21: TRAFIGURA BUYS FROM Mongstad-Rotterdam FMGRM00 0.6689 +0.0013
Scapa Flow-Rotterdam FSFRM00 0.5024 +0.0010
EXXONMOBIL* 25KB AT $83.10 (08:29:31)
(%)
PLATTS DUBAI: DEC21: TRAFIGURA BUYS FROM RELIANCE*
FAF Weighting FAFWA00 0.80
25KB AT $83.10 (08:29:35)
PLATTS DUBAI: DEC21: TRAFIGURA BUYS FROM
EXXONMOBIL* 25KB AT $83.10 (08:29:39) EUROPEAN US SPOT CRUDE ASSESSMENTS ($/barrel) (PGA page 1238)
PLATTS DUBAI: DEC21: TRAFIGURA BUYS FROM RELIANCE* Mid Change Spread vs fwd Dated Brent Mid Change
25KB AT $83.10 (08:29:47) WTI Midland (CIF Rotterdam) WMCRD00 83.515 -1.575 WMCRB00 0.360 +0.005
WTI Midland (DAP Rotterdam) AWTIC00 83.550 -1.665 AWTID00 0.850 +0.015
PLATTS DUBAI: DEC21: TRAFIGURA BUYS FROM VITOL* 25KB WTI Midland (DAP Augusta) AWTIA00 83.650 -1.665 AWTIB00 0.950 +0.015
AT $83.10 (08:29:50) WTI Midland (FOB Scapa Flow) AWTIE00 83.180 -1.685 AWTIF00 0.050 +0.020
PLATTS DUBAI: DEC21: TRAFIGURA BUYS FROM Eagle Ford 45 (DAP Rotterdam) AEFAC00 83.200 -1.665 AEFAD00 0.500 +0.015
Eagle Ford 45 (DAP Augusta) AEFAA00 83.300 -1.665 AEFAB00 0.600 +0.015
EXXONMOBIL* 25KB AT $83.10 (08:29:51)
PLATTS DUBAI: DEC21: TRAFIGURA BUYS FROM UNIPEC*
25KB AT $83.10 (08:29:54)

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 4
CRUDE OIL MARKETWIRE OCTOBER 21, 2021

PLATTS DUBAI: DEC21: TOTAL BUYS FROM MITSUI* 25KB AT DATED BRENT/BFOE SWAPS ($/barrel) (PGA page 1214)
$83.10 (08:29:59) Week Week Date Brent CFD* Mid Change Dated Brent swap Mid Change
PLATTS DUBAI: DEC21: TRAFIGURA BUYS FROM RELIANCE* CFD Week 1 (Jan) Oct 25-29 PCAKA00 0.28/0.30 0.290 -0.110 AAJNV00 83.40/83.42 83.410 -1.750
25KB AT $83.10 (08:29:59) CFD Week 2 (Jan) Nov 01-05 PCAKC00 0.09/0.11 0.100 -0.050 AAJOS00 83.21/83.23 83.220 -1.690
CFD Week 3 (Jan) Nov 08-12 PCAKE00 -0.01/0.01 0.000 +0.020 AAJOU00 83.11/83.13 83.120 -1.620
PLATTS DUBAI: DEC21: TOTAL BUYS FROM EXXONMOBIL* CFD Week 4 (Jan) Nov 15-19 PCAKG00 0.02/0.04 0.030 +0.070 AAJOW00 83.14/83.16 83.150 -1.570
25KB AT $83.10 (08:30:01) CFD Week 5 (Jan) Nov 22-26 AAGLU00 -0.03/-0.01 -0.020 +0.010 AAJPC00 83.09/83.11 83.100 -1.630
PLATTS DUBAI: DEC21: TRAFIGURA BUYS FROM VITOL* 25KB CFD Week 6 (Jan) Nov 29-03 AAGLV00 -0.20/-0.18 -0.190 -0.150 AAJPE00 82.92/82.94 82.930 -1.790
CFD Week 7 (Jan) Dec 06-10 AALCZ00 -0.36/-0.34 -0.350 -0.170 AALAW00 82.76/82.78 82.770 -1.810
AT $83.10 (08:30:01) CFD Week 8 (Jan) Dec 13-17 AALDA00 -0.51/-0.49 -0.500 -0.190 AALAX00 82.61/82.63 82.620 -1.830
PLATTS DUBAI: DEC21: VITOL SELLS TO GUNVOR* 25KB AT Brent Swaps Weeks 1 to 8 are differentials to Brent Mo02 (Jan) PCAAR00 found on page 1.
$83.09 (08:30:01)
DATED BRENT/BRENT FRONTLINE SWAPS (DFL) ($/barrel) (PPE page 1614)
PLATTS DUBAI: DEC21: TRAFIGURA BUYS FROM UNIPEC*
Swaps Change DFL Change
25KB AT $83.10 (08:30:03) Balance month* (Oct 21) BDLBM00 NA NA ABWFZ00 NA NA
This assessment commentary applies to the following market data Month 1 (Nov 21) BDLM001 83.050 -1.660 AAEAA00 0.140 +0.010
codes: Dubai M1 <PCAAT00>, Oman M1 <PCABS00> Month 2 (Dec 21) BDLM002 82.480 -1.660 AAEAB00 0.450 +0.020
Month 3 (Jan 22) BDLM003 81.610 -1.670 AAEAC00 0.420 +0.010
Month 4 (Feb 22) BDLM004 80.850 -1.650 AAEAD00 0.420 +0.010
Platts Asia Pacific Sweet Crude Daily Market *Balance month swaps are assessed from the 1st through the 20th of the month.

Analysis CASH BFOE INTRADAY ASSESSMENTS ($/barrel) (PGA page 1216)

■■Taiwan’s CPC seeks crude for January delivery Cash BFOE Change Inter-Month Spread
■■Kutubu Blend premiums seen stronger on month 10:30 London Time
BFOE M1 (Dec) PBCAAM1 85.010 +0.540
In the Asia delivered markets, spot demand emerged as BFOE M2 (Jan) PBCAAM2 84.390 +0.590 Dec/Jan PBAM1M2 0.620
Taiwan’s CPC Corp. sought sweet crude in its January BFOE M3 (Feb) PBCAAM3 83.510 +0.580 Jan/Feb PBAM2M3 0.880
12:30 London Time
delivery tender, where US WTI Midland crude could remain
BFOE M1 (Dec) PBCABM1 84.940 +0.790
as a competitive option. BFOE M2 (Jan) PBCABM2 84.340 +0.830 Dec/Jan PBBM1M2 0.600
Taiwan’s CPC sought sweet crude for January delivery BFOE M3 (Feb) PBCABM3 83.480 +0.820 Jan/Feb PBBM2M3 0.860
via a tender which closes on Oct. 21 with validity till Oct. 25, 14:30 London Time
BFOE M1 (Dec) PBCACM1 84.990 +0.590
according to the company’s website. BFOE M2 (Jan) PBCACM2 84.390 +0.620 Dec/Jan PBCM1M2 0.600
CPC was last heard to have purchased 4 million barrels BFOE M3 (Feb) PBCACM3 83.510 +0.580 Jan/Feb PBCM2M3 0.880
of WTI Midland crude for December delivery at a premium of 16:30 London Time
around $1.30/b to the Platts Dated Brent crude assessment, BFOE M1 (Dec) PCAAQ00 83.780 -1.550
BFOE M2 (Jan) PCAAR00 83.120 -1.640
CFR Taiwan, according to traders. BFOE M3 (Feb) PCARR00 82.240 -1.650
US WTI Midland crude premiums have ticked higher in 19:30 London Time
recent days with traders hearing January delivery deals BFOE M1 (Dec) PBCADM1 NA –
BFOE M2 (Jan) PBCADM2 NA – Dec/Jan PBDM1M2 NA
done in the market at a premium of around $6.50/b to BFOE M3 (Feb) PBCADM3 NA – Jan/Feb PBDM2M3 NA
December Dubai, DES South Korea, translating to around
mid $3s/b on delivered January Dated Brent basis.
Last month, offers for December delivery barrels of WTI “Multiple reasons including freight was quite well pushing prices of landed barrels up,” said a crude
Midland crude were heard at a premium of $2-$2.50/b to supported, everyone getting bullish and sentiment has oil trader.
Dated Brent, delivered Southeast Asia, with a difference of jumped up following [import quota release] last week, Across the light sweet crude complex, Papua New
about 50 cents/b higher to delivered Northeast Asia. this has moved the arbitrage and differentials up, Guinea’s Oil Search was heard to have sold a 650,000-barrel

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CRUDE OIL MARKETWIRE OCTOBER 21, 2021

cargo of Kutubu Blend for Dec. 20-24 loading to BP at a RUSSIAN URALS/ESPO SPOT ASSESSMENTS ($/barrel) (PGA page 1220)
Mid Change Spread vs fwd Dated Brent Mid Change
premium of around $2/b to Platts Dated Brent
Urals (Rotterdam) PCAFW00 81.01–81.03 81.020 -1.310 AAGXJ00 -2.14/-2.13 -2.135 +0.265
assessments, FOB, traders said. Urals (Mediterranean) PCACE00 81.09–81.12 81.105 -1.325 AAGXX00 -2.06/-2.04 -2.050 +0.250
Last month, Oil Search sold a similar sized cargo of Kutubu Urals FOB Novo Suez AAGZS00 79.86–79.88 79.870 -1.440 AAHPH00 -3.29/-3.28 -3.285 +0.135
Urals FOB Novo Afra AAOTH00 79.46–79.48 79.470 -1.395 AAOTI00 -3.69/-3.68 -3.685 +0.180
to western trading house Trafigura for Nov. 13-17 loading at a Urals (Ex-Baltic) AAGZT00 80.11–80.13 80.120 -1.310 AAHPI00 -3.04/-3.03 -3.035 +0.265
premium of mid $1s/b to Dated Brent, FOB, traders said. Urals (Primorsk) AAWVH00 80.08–80.11 80.095 -1.310 AAWVI00 -3.07/-3.05 -3.060 +0.265
In Southeast Asia, initial talk in the market indicated that Urals RCMB (Recombined) AALIN00 81.63–81.67 81.650 -1.170
ESPO (FOB Kozmino) AARWD00 84.77–84.79 84.780 -1.690 AARWE00 2.29/2.31 2.300 -0.030
there may not be tender activities for Kimanis crude from oil
Number of days
and gas company ConocoPhillips this month in October. Observed Delivery Factor AODFA00 -3
ConocoPhillips was allocated two 600,000-barrel
cargoes of Kimanis crude earlier this month for December URALS MED/NWE CFD ASSESSMENTS ($/barrel)
loading, which may have went towards term allocation,
Urals CFD Mid Change
according to a crude oil trader. Mediterranean (PPE page 1617)
Urals Med CFD (Nov) AAMDU00 -1.71/-1.69 -1.700 +0.100
Urals Med CFD (Dec) AAMEA00 -1.71/-1.69 -1.700 +0.150
Platts Asia Light Sweet Crude Daily Rationale & Urals Med CFD (Jan) UMCM003 -1.81/-1.79 -1.800 +0.150
Exclusions Northwest Europe (PPE page 1617)
ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01 <AASEU00> Urals NWE CFD (Nov) UNCM001 -1.86/-1.84 -1.850 0.000
assessment rationale: The ESPO M1 December assessment Urals NWE CFD (Dec) UNCM002 -1.86/-1.84 -1.850 +0.050
Urals NWE CFD (Jan) UNCM003 -1.86/-1.84 -1.850 +0.150
on Oct. 21 took into consideration latest trade indications
Mediterranean (PPE page 1617)
heard in the broader market. CPC Blend CFD (Nov) AAOFX00 -1.100 +0.150
CPC Blend CFD (Dec) AAOFY00 -1.100 +0.200
Exclusions: No market data was excluded from the Asia CPC Blend CFD (Jan) AAOFZ00 -1.100 +0.200

Pacific Crude Market on Close assessment process.

MEDITERRANEAN SPOT CRUDE ASSESSMENTS ($/barrel)
Mid Change Spread vs fwd Dated Brent Mid Change
Platts Asia Light Sweet Crude Bids, Offers, Trades
Bids: No bids. Azeri and BTC (PGA page 1222)
Azeri Lt CIF AAGZX00 85.13–85.16 85.145 -1.985 AAHPM00 1.99/2.01 2.000 -0.400
Offers: No offers. Azeri Lt FOB Ceyhan Suez AAUFM00 84.47–84.49 84.480 -1.985 AAUFN00 1.33/1.34 1.335 -0.400
Trades: No trades. Azeri Lt FOB Ceyhan Afra AAUFK00 84.20–84.22 84.210 -2.010 AAUFL00 1.06/1.07 1.065 -0.425
Azeri Lt FOB Supsa AATHM00 83.61–83.63 83.620 -2.050 AATHN00 0.47/0.48 0.475 -0.465
This assessment commentary applies to the following market data
BTC FOB Ceyhan AAUFH00 84.33–84.36 84.345 -1.995 AAUFJ00 1.19/1.21 1.200 -0.410
code: ESPO M1 vs Dubai M2 <AASEU00>
Black Sea (PGA page 1220)
Siberian Light CIF AAGZW00 82.14–82.17 82.155 -1.475 AAHPK00 -1.01/-0.99 -1.000 +0.100
Platts North Sea Crude Daily Market Analysis CPC Blend CIF
CPC Blend FOB Suez
AAGZU00
AALVX00
82.39–82.41
81.30–81.32
82.400
81.310
-1.380
-1.480
AAHPL00
AALVZ00
-0.75/-0.74
-1.84/-1.83
-0.745
-1.835
+0.205
+0.105
■■Paper market activity steady, sentiment remains bullish CPC Blend FOB Afra AAOFV00 80.94–80.97 80.955 -1.440 AAOFW00 -2.20/-2.18 -2.190 +0.145
■■Oil workers to strike at Ninian, Tiffany fields: union Middle East & North Africa (PGA page 1234)
Suez Blend PCACA00 78.34–78.37 78.355 -1.345 AAGYD00 -4.81/-4.79 -4.800 +0.230
Paper market trading activity levels remained steady in the Es Sider PCACO00 82.08–82.11 82.095 -1.585 AAGYH00 -1.06/-1.04 -1.050 0.000
Kirkuk AAEJD00 81.74–81.77 81.755 -1.425 AAGYF00 -1.41/-1.39 -1.400 +0.150
North Sea crude market Oct. 21. Iranian Light FOB Kharg Island (Med) AILKA00 79.215 -1.585 AILKB00 -3.940 -0.010
This comes amid stable physical fundamentals with Iranian Heavy FOB Kharg Island (Med) AIHKA00 77.415 -1.585 AIHKB00 -5.740 -0.010
Saharan Blend AAGZY00 83.63–83.66 83.645 -1.585 AAHPN00 0.49/0.51 0.500 0.000
sentiment remaining largely bullish amid expectations of Syrian Light FOB AAHMM00 83.76–83.78 83.770 -1.995 AALOU00 0.61/0.62 0.615 -0.420
improving demand through the fourth quarter of 2021. Syrian Heavy FOB AAHMN00 77.53–77.56 77.545 -1.345 AALOV00 -5.62/-5.60 -5.610 +0.230

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CRUDE OIL MARKETWIRE OCTOBER 21, 2021

“Structure is flattening for November,” one trader WEST AFRICAN SPOT CRUDE ASSESSMENTS ($/barrel) (PGA page 1230)
Mid Change Spread vs fwd Dated Brent Mid Change
said Oct. 21.
WAF Index AWAFA00 83.015 -1.635 AWAFB00 0.350 +0.050
While some end-users have expressed concern about
Nigeria Spot Crude Assessments
how sustainable current support for differentials is, many Bonny Light PCAIC00 83.00–83.03 83.015 -1.635 AAGXL00 0.34/0.36 0.350 +0.050
market participants remain bullish about future demand. Qua Iboe PCAID00 82.90–82.93 82.915 -1.635 AAGXN00 0.24/0.26 0.250 +0.050
Forcados PCABC00 82.95–82.98 82.965 -1.635 AAGXP00 0.29/0.31 0.300 +0.050
“I feel sentiment is still bullish in general but perhaps
Agbami AAQZB00 82.15–82.18 82.165 -1.635 AAQZC00 -0.51/-0.49 -0.500 +0.050
people are moving onto the back of the curve,” the trader Escravos AAEIZ00 83.30–83.33 83.315 -1.635 AAGXR00 0.64/0.66 0.650 +0.050
said. “I don’t see differentials losing strength in the short Brass River AAEJB00 82.80–82.83 82.815 -1.635 AAGXV00 0.14/0.16 0.150 +0.050
Akpo PCNGA00 82.15–82.18 82.165 -1.635 PCNGB00 -0.51/-0.49 -0.500 +0.050
term though.” Bonga PCNGC00 83.15–83.18 83.165 -1.635 PCNGD00 0.49/0.51 0.500 +0.050
Many light sweet crudes in Europe and West Africa have Usan AAXUQ00 83.115 -1.635 AAXUR00 0.450 +0.050
Erha AAXUO00 83.215 -1.635 AAXUP00 0.550 +0.050
found support from the expected dip in WTI Midland arrivals Egina AFONA00 83.615 -1.635 AFONB00 0.950 +0.050
through December. Angola spot crude assessments ($/barrel) (PGA page 1232)
The Americas Aframax market has seen a near 71.9% Cabinda PCAFD00 82.55–82.58 82.565 -1.685 AAGXT00 -0.11/-0.09 -0.100 0.000
jump since the beginning of the month. Nemba AAQYZ00 82.05–82.08 82.065 -1.685 AAQZA00 -0.61/-0.59 -0.600 0.000
Dalia AAQYX00 82.15–82.18 82.165 -1.685 AAQYY00 -0.51/-0.49 -0.500 0.000
Cargo inquiry for one of the key export routes has Girassol AASNL00 82.95–82.98 82.965 -1.685 AASJD00 0.29/0.31 0.300 0.000
shown a slight slowdown amid narrowing arbitrage Hungo AASLJ00 81.45–81.48 81.465 -1.685 AASJF00 -1.21/-1.19 -1.200 0.000
economics, but rate levels remain elevated. Kissanje AASLK00 82.25–82.28 82.265 -1.685 AASJE00 -0.41/-0.39 -0.400 0.000
Pazflor PCNGG00 82.15–82.18 82.165 -1.685 PCNGH00 -0.51/-0.49 -0.500 0.000
Looking at prompter arrivals of the US grade, a report Plutonio PCNGI00 82.10–82.13 82.115 -1.685 PCNGJ00 -0.56/-0.54 -0.550 0.000
from the US Energy Information Administration late Oct. 20 Ghana spot crude assessments (PGA page 1230)
showed a more than 500,000 b/d uptick in weekly US crude Jubilee AAXUS00 82.365 -1.685 AAXUT00 -0.300 0.000
exports over the week ended Oct. 15. Republic of Congo spot crude assessments
Crude exports in the week ended Oct. 15 were reported Djeno PCNGE00 80.80–80.83 80.815 -1.685 PCNGF00 -1.86/-1.84 -1.850 0.000

at 3.06 million b/d, up 546,000 b/d from the prior week, Chad spot crude assessments
Doba AAXUU00 83.615 -1.685 AAXUV00 0.950 0.000
according to an EIA report.
Flows to Europe outpaced those to Asia in the week
ended Oct. 15, with Platts cFlow trade-flow analytics WEST AFRICA MARKET PARITY PRICES ($/barrel) (PGA page 1270)
software estimating US crude exports to Europe last Mid Change Spread vs fwd Dated Brent Mid Change
week at 1.124 million b/d, while those to Asia averaged Amenam AAXTI00 81.800 -1.575 AMENA00 -0.865 +0.110
EA Blend AAXTJ00 82.530 -1.675 AEABL00 -0.135 +0.010
1.04 million b/d.
Yoho AAXTK00 82.485 -1.550 AYOHO00 -0.180 +0.135
Elsewhere in the North Sea, the UK’s Unite trade union Asaramatoru AAXTV00 83.225 -1.565 ASARA00 0.560 +0.120
on Oct. 21 scheduled a series of 24-hour strikes by workers Abo AAXTL00 81.165 -1.630 ABOOM00 -1.500 +0.055
TEN AAXTW00 81.265 -1.555 ATENM00 -1.400 +0.130
at the North Sea Ninian and Tiffany oil field clusters from Rabi Light ARABA00 82.875 -1.540 ARABB00 0.210 +0.145
Nov. 5, threatening output levels of the Brent crude grade. Zafiro AAXTU00 83.070 -1.640 AZAFB00 0.405 +0.045
The Ninian cluster feeds into the Brent crude blend
loaded at Sullom Voe in the Shetland Islands and
produced around 14,000 b/d of crude on average in the 12 Platts North Sea Dated Brent, BFOE, CFD Assessment a flat structure, reflecting the upward movement of the
months to July 2021, according to Oil & Gas Authority Rationales & Exclusions Forties differential. Forties was assessed higher. Oct. 31 to
data. The smaller Tiffany cluster produced around 5,000 Dated Brent <PCAAS00> assessment rationale: Of the five Nov. 14 was assessed in a 1.25 cents/day contango, with Nov.
b/d over the same period, with the crude sent ashore via grades in the Dated Brent basket, Forties was seen in the 14-16 assessed using an outstanding bid. Nov. 16-21 was
the Forties pipeline. Market on Close process. Brent Blend was assessed higher in assessed in a 2.5 cents/day backwardation. Oseberg, Ekofisk

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CRUDE OIL MARKETWIRE OCTOBER 21, 2021

and Troll were assessed unchanged across Oct. 31 to Nov. 20, CALIFORNIA SPOT CRUDE ASSESSMENTS ($/barrel) (PGA page 214)
Mid Change
with flat structures rolled over back-end dates amid steady
LIne 63/Hynes PCABM00 87.45–87.49 87.470 -1.260
fundamentals and in the absence of indications testing the Thums/Long Beach PCACD00 84.72–84.74 84.730 +0.670
Oct. 20 assessment. Forties was the most competitive grade Kern River PCABJ00 83.10–83.12 83.110 +0.670
P-Plus Line 63 PCAFV00 2.39/2.41 2.400 0.000
Oct. 31 to Nov. 6 and Nov. 20-21, while Brent Blend was the Spread to NYMEX WTI CMA Mid Change
most competitive grade Nov. 6-19. ANS/Long Beach PCAAD00 83.92–83.96 83.940 -1.220 AAGWX00 3.02/3.04 3.030 -0.150

BFOE (PCAAQ00-PCAAR00,PCARR00> assessment rationale:

December Cash BFOE was assessed using multiple traded US SPOT CRUDE ASSESSMENTS ($/barrel) (PGA pages 210 & 214)
bids in the Market on Close assessment process. January Mid Change
Cash BFOE was assessed using multiple traded bids and Mars (Nov) AAMBR00 80.89–80.91 80.900 -0.520
offers. February Cash BFOE was assessed using a January/ Mars (Dec) AAMBU00 80.14–80.16 80.150 -0.820

February EFP roll heard during the day. Mars (Jan) AAMBX00 78.80–78.82 78.810 -0.870
Mars/WTI (Nov) AAGWH00 -2.36/-2.34 -2.350 +0.100
Mars/WTI (Dec) AAKTH00 -2.36/-2.34 -2.350 +0.100
CFD (PCAKA00-AALDA00) assessment rationale: Oct. 25-29 Mars/WTI (Jan) AAMBO00 -2.56/-2.54 -2.550 +0.150
was assessed using an outstanding offer versus January LOOP/WTI (Nov) AALOM01 -2.450 +0.100
Cash BFOE in the Market on Close assessment process. LOOP/WTI (Dec) AALOM02 -2.450 +0.100

Nov. 1-5 was assessed using a traded offer. Nov. 8-12 was LOOP/WTI (Jan) AALOM03 -2.650 +0.150
LOOP/Mars (Nov) AALPM01 -0.100 0.000
assessed using a traded offer. Nov. 15-19 was assessed
LOOP/Mars (Dec) AALPM02 -0.100 0.000
using a Nov. 8-12 versus Nov. 15-19 CFD roll heard during the LOOP/Mars (Jan) AALPM03 -0.100 0.000
day. Nov. 22-26 was assessed using a Nov. 15-19 versus Nov. WTI-Delta AAEJK00 1.02/1.04 1.030 +0.320
22-26 CFD roll heard during the day. P-Plus WTI PCACI00 4.40/4.42 4.410 +0.320
P-5 WTI AAFEN00 79.040 -1.380
P-5 WTI is a crude oil postings-based index as of 5:30 p.m. local New York time. Posted prices by the following companies are used in the index: Phillips66, Plains, Sunoco,
Exclusions: None Shell, and Valero.
Mid Change Spread vs 1st line WTI Mid Change

Platts North Sea Dated Brent, BFOE, CFD Bids, WTI (Midland) PCACJ00 83.24–83.26 83.250 -0.620 AAGVZ00 -0.01/0.01 0.000 0.000
WTS (1st month) PCACK00 82.64–82.66 82.650 -0.620 AAGWB00 -0.61/-0.59 -0.600 0.000
Offers, Trades WTI MEH AAYRG00 83.700 -0.620 AAYRH00 0.450 0.000
Bids: Eugene PCAFC00 79.44–79.46 79.450 -0.520 AAGWD00 -3.81/-3.79 -3.800 +0.100
NORTH SEA: LITASCO Bids Forties, FOB Hound Point, Nov. 13 Bonito PCAIE00 79.44–79.46 79.450 -0.520 AAGWF00 -3.81/-3.79 -3.800 +0.100
- Nov. 17, at Dtd 0.60 SGC AASOI00 81.14–81.16 81.150 -0.520 AASOJ00 -2.11/-2.09 -2.100 +0.100

CASH BFOE: PLATTS CASH BFOE SPREAD: DEC21/JAN22: Poseidon AABHK00 80.34–80.36 80.350 -0.520 AAGWL00 -2.91/-2.89 -2.900 +0.100
LLS (1st month) PCABN00 84.14–84.16 84.150 -0.620 AAGWN00 0.89/0.91 0.900 0.000
GLENCORE BIDS 200KB AT $0.60
HLS (1st month) PCABD00 82.54–82.56 82.550 -0.620 AAGWP00 -0.71/-0.69 -0.700 0.000
BRENT CFDS: PLATTS BRENT DIFF: OCT25-OCT29 (DEC): Wyoming Sweet PCACM00 81.14–81.16 81.150 -1.070 AAGWR00 -2.11/-2.09 -2.100 -0.450
PETRACO BIDS 100KB AT $-0.40 Thunder Horse AAWZK00 81.74–81.76 81.750 -0.520 AAWZL00 -1.51/-1.49 -1.500 +0.100
PLATTS BRENT DIFF: OCT25-OCT29 (DEC): VERCER BIDS Spread vs 2nd line WTI
100KB AT $-0.45 WTI MEH (2nd month) AAXXE00 83.000 -0.920 AAYYA00 0.500 0.000
WTI Midland (2nd month) AAYZA00 82.600 -0.970 AAXXF00 0.100 -0.050
PLATTS BRENT DIFF: OCT25-OCT29 (DEC): ALTA BIDS
WTS (2nd month) AAURG00 82.29–82.31 82.300 -0.970 AAURH00 -0.21/-0.19 -0.200 -0.050
100KB AT $-0.55 LLS (2nd month) AAURC00 83.49–83.51 83.500 -0.920 AAURD00 0.99/1.01 1.000 0.000
PLATTS BRENT DIFF: OCT25-OCT29 (DEC): DV TRADING HLS (2nd month) AAURE00 81.89–81.91 81.900 -0.920 AAURF00 -0.61/-0.59 -0.600 0.000
BIDS 100KB AT $-0.55 Basrah Light AAEJH00 83.74–83.76 83.750 -1.320 AAGWV00 1.24/1.26 1.250 -0.400

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CRUDE OIL MARKETWIRE OCTOBER 21, 2021

PLATTS BRENT DIFF: OCT25-OCT29 (DEC): ONYX BIDS US SPOT CRUDE ASSESSMENTS (continued)
100KB AT $-0.55 Spread vs NYMEX WTI CMA
WCS ex-Cushing AAWTY00 73.80–73.82 73.810 -1.070 AAWTZ00 -7.11/-7.09 -7.100 0.000
PLATTS BRENT DIFF: NOV1-NOV5 (JAN): PETRACO BIDS
WCS ex-Nederland AAYAY00 74.710 -1.070 AAYAX00 -6.200 0.000
100KB AT $0.00 Bakken Williston AAXPP00 81.560 -1.070 AASRX00 0.650 0.000
PLATTS BRENT DIFF: NOV1-NOV5 (JAN): UNIPEC BIDS Bakken Guernsey AASRR00 81.15–81.17 81.160 -1.070 AASRV00 0.24/0.26 0.250 0.000
100KB AT $0.00 Bakken Clearbrook AASRU00 82.45–82.47 82.460 -1.070 AASRW00 1.54/1.56 1.550 0.000
PLATTS BRENT DIFF: NOV1-NOV5 (JAN): LITASCO BIDS Bakken USGC Pipe ABAKA00 83.110 -0.920 ABAKB00 2.200 +0.150
Spread vs Eagle Ford Marker
100KB AT $-0.05 Eagle Ford Postings Avg. AAYAH00 79.460 -1.410 AAYAI00 -4.110 -0.880
PLATTS BRENT DIFF: NOV1-NOV5 (JAN): ALTA BIDS 100KB FOB USGC FOB USGC Spread vs NYMEX WTI Strip
AT $-0.05 Platts AGS AGSAA00 83.040 -1.190 AGSAC00 1.030 -0.190
PLATTS BRENT DIFF: NOV1-NOV5 (JAN): ONYX BIDS 100KB Bakken ABAKC00 82.840 -1.190 ABAKD00 0.830 -0.190
Eagle Ford Crude AAYAT00 82.690 -1.190 AAYAU00 0.680 -0.190
AT $-0.05
Eagle Ford Condensate AAYAR00 81.990 -1.190 AAYAS00 -0.020 -0.190
PLATTS BRENT DIFF: NOV1-NOV5 (JAN): DV TRADING BIDS WTI AAYBA00 83.040 -1.190 AAYAZ00 1.030 -0.190
100KB AT $-0.05 FOB USGC Spread vs Dated Brent Strip
PLATTS BRENT DIFF: NOV8-NOV12 (JAN): VERCER BIDS Platts AGS AGSAB00 -1.050 -0.040
100KB AT $-0.02 Bakken ABAKE00 -1.250 -0.040
Eagle Ford Crude AEFCA00 -1.400 -0.040
PLATTS BRENT DIFF: NOV8-NOV12 (JAN): ONYX BIDS
Eagle Ford Condensate AEFCB00 -2.100 -0.040
100KB AT $-0.05 WTI AWTUA00 -1.050 -0.040
PLATTS BRENT DIFF: NOV8-NOV12 (JAN): SOCAR BIDS Global Benchmarks at US Close
100KB AT $-0.05 Americas Dated Brent AAQBF00 84.700–84.720 84.710 -0.960

PLATTS BRENT DIFF: NOV8-NOV12 (JAN): UNIPEC BIDS

100KB AT $-0.05
PLATTS BRENT DIFF: NOV8-NOV12 (JAN): PETRACO BIDS PLATTS BRENT DIFF: NOV15-NOV19 (JAN): CHEVRON BIDS PLATTS BRENT DIFF: NOV22-NOV26 (JAN): EXXONMOBIL
100KB AT $-0.05 100KB AT $0.00 BIDS 100KB AT $-0.10
PLATTS BRENT DIFF: NOV8-NOV12 (JAN): ALTA BIDS 100KB PLATTS BRENT DIFF: NOV15-NOV19 (JAN): UNIPEC BIDS PLATTS BRENT DIFF: OCT25-OCT29 (JAN): LITASCO BIDS
AT $-0.05 100KB AT $0.00 100KB AT $0.25
PLATTS BRENT DIFF: NOV8-NOV12 (JAN): DV TRADING PLATTS BRENT DIFF: NOV15-NOV19 (JAN): EXXONMOBIL PLATTS BRENT DIFF: OCT25-OCT29 (JAN): ALTA BIDS
BIDS 100KB AT $-0.08 BIDS 100KB AT $-0.05 100KB AT $0.15
PLATTS BRENT DIFF: NOV8-NOV12 (JAN): LITASCO BIDS PLATTS BRENT DIFF: NOV22-NOV26 (JAN): EQUINOR BIDS PLATTS BRENT DIFF: OCT25-OCT29 (JAN): DV TRADING
100KB AT $-0.10 100KB AT $-0.03 BIDS 100KB AT $0.15
PLATTS BRENT DIFF: NOV15-NOV19 (JAN): VERCER BIDS PLATTS BRENT DIFF: NOV22-NOV26 (JAN): SOCAR BIDS PLATTS BRENT DIFF: NOV29-DEC3 (FEB): EQUINOR BIDS
100KB AT $0.00 100KB AT $-0.04 100KB AT $0.63
PLATTS BRENT DIFF: NOV15-NOV19 (JAN): SOCAR BIDS PLATTS BRENT DIFF: NOV22-NOV26 (JAN): VITOL BIDS PLATTS BRENT DIFF: NOV29-DEC3 (FEB): DV TRADING
100KB AT $0.00 100KB AT $-0.05 BIDS 100KB AT $0.55
PLATTS BRENT DIFF: NOV15-NOV19 (JAN): PETRACO BIDS PLATTS BRENT DIFF: NOV22-NOV26 (JAN): ALTA BIDS Offers:
100KB AT $0.00 100KB AT $-0.05 NORTH SEA: None
PLATTS BRENT DIFF: NOV15-NOV19 (JAN): ALTA BIDS PLATTS BRENT DIFF: NOV22-NOV26 (JAN): VERCER BIDS CASH BFOE: PLATTS CASH BFOE: DEC21: GUNVOR OFFERS
100KB AT $0.00 100KB AT $-0.05 100KB AT $83.81
PLATTS BRENT DIFF: NOV15-NOV19 (JAN): ONYX BIDS PLATTS BRENT DIFF: NOV22-NOV26 (JAN): ONYX BIDS BRENT CFDS: PLATTS BRENT DIFF: OCT25-OCT29 (DEC):
100KB AT $0.00 100KB AT $-0.10 ONYX OFFERS 100KB AT $-0.30

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CRUDE OIL MARKETWIRE OCTOBER 21, 2021

PLATTS BRENT DIFF: NOV1-NOV5 (JAN): GUNVOR OFFERS US DOMESTIC CRUDE ASSESSMENTS LONDON CLOSE ($/barrel) (PGA page 1240)
Spread to
100KB AT $0.13
Mid Change NYMEX light sweet crude Mid Change
PLATTS BRENT DIFF: NOV1-NOV5 (JAN): ONYX OFFERS WTI (Nov) AAQAR00 81.90–81.92 81.910 -1.480 AAQAS00 NA/NA NA NA
100KB AT $0.15 WTI (Dec) AAQAT00 81.15–81.17 81.160 -1.620 AAQAU00 -0.01/0.01 0.000 0.000
WTI (Jan) AAQAV00 80.12–80.14 80.130 -1.650 AAQAW00 -0.01/0.01 0.000 0.000
PLATTS BRENT DIFF: NOV1-NOV5 (JAN): VERCER OFFERS Spread to
100KB AT $0.15 same-month cash WTI Mid Change
PLATTS BRENT DIFF: NOV8-NOV12 (JAN): DV TRADING WTI MEH (Nov) AAYRZ00 82.360 -1.380 AAYTA00 0.450 +0.100
WTI MEH (Dec) AAXYD00 81.660 -1.520 AAYWA00 0.500 +0.100
OFFERS 100KB AT $0.05 LLS (Nov) AAQBB00 82.80–82.82 82.810 -1.430 AAQBC00 0.89/0.91 0.900 +0.050
PLATTS BRENT DIFF: NOV8-NOV12 (JAN): GUNVOR LLS (Dec) AAQBD00 82.15–82.17 82.160 -1.570 AAQBE00 0.99/1.01 1.000 +0.050
MARS (Nov) AAQAX00 79.55–79.57 79.560 -1.230 AAQAY00 -2.36/-2.34 -2.350 +0.250
OFFERS 100KB AT $0.10 MARS (Dec) AAQAZ00 78.75–78.77 78.760 -1.420 AAQBA00 -2.41/-2.39 -2.400 +0.200
PLATTS BRENT DIFF: NOV8-NOV12 (JAN): ONYX OFFERS
100KB AT $0.10
PLATTS BRENT DIFF: NOV8-NOV12 (JAN): VERCER OFFERS
100KB AT $0.10
AMERICAS CLOSE ($/barrel) (PGA page 210)
PLATTS BRENT DIFF: NOV15-NOV19 (JAN): ONYX OFFERS
Mid Change
100KB AT $0.07 Americas Dated Brent AAQBF00 84.70–84.72 84.710 -0.960
PLATTS BRENT DIFF: NOV15-NOV19 (JAN): DV TRADING Americas Dated Brent reflects market value for Dated Brent at 2:30pm Eastern Time.
OFFERS 100KB AT $0.08
PLATTS BRENT DIFF: NOV15-NOV19 (JAN): VERCER
OFFERS 100KB AT $0.15
PLATTS BRENT DIFF: NOV22-NOV26 (JAN): ONYX OFFERS US CRUDE ASSESSMENTS SINGAPORE CLOSE ($/barrel) (PGA page 2208)
100KB AT $0.04 Mid Change
PLATTS BRENT DIFF: NOV22-NOV26 (JAN): DV TRADING LOOP Sour (Nov) AAZDA00 80.740 +1.130
OFFERS 100KB AT $0.04 LOOP Sour (Dec) AAZDB00 80.290 +1.330
LLS (Nov) AAZDC00 84.190 +1.030
PLATTS BRENT DIFF: NOV22-NOV26 (JAN): VERCER LLS (Dec) AAZDD00 83.840 +1.180
OFFERS 100KB AT $0.05 Southern Green Canyon AAZDE00 81.090 +1.130
WTI MEH (Nov) AAZDF00 83.740 +1.130
PLATTS BRENT DIFF: OCT25-OCT29 (JAN): ONYX OFFERS WTI MEH (Dec) AAZDG00 83.340 +1.230
100KB AT $0.30
PLATTS BRENT DIFF: OCT25-OCT29 (JAN): DV TRADING
OFFERS 100KB AT $0.30
PLATTS BRENT DIFF: NOV29-DEC3 (FEB): DV TRADING
CFR NORTH ASIA ASSESSMENTS SINGAPORE CLOSE ($/barrel) (PGA page 2202)
OFFERS 100KB AT $0.70 Mid Change
PLATTS BRENT DIFF: NOV29-DEC3 (FEB): ONYX OFFERS Dubai CFR North Asia PCAQA00 84.270 +0.590
100KB AT $0.75 Oman CFR North Asia PCAQJ00 84.350 +0.660
Upper Zakum CFR North Asia PCAQB00 84.240 +0.580
PLATTS BRENT DIFF: NOV29-DEC3 (FEB): VERCER OFFERS Qatar Marine CFR North Asia PCAQC00 83.850 +0.580
100KB AT $0.75 Murban CFR North Asia PCAQE00 85.280 +0.600
Trades: Basrah Light CFR North Asia PCAQK00 83.600 +0.580
ESPO CFR North Asia PCAQD00 86.880 +0.590
NORTH SEA: None Forties CFR North Asia PCAQF00 87.380 +0.250
CASH BFOE: PLATTS CASH BFOE: DEC21: GUNVOR SELLS Dalia CFR North Asia PCAQG00 85.520 +0.645
WTI MEH CFR North Asia PCAQH00 87.580 +1.130
TO MERCURIA* 100KB AT $83.78 (15:29:55) LOOP Sour CFR North Asia PCAQI00 83.580 +1.130

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CRUDE OIL MARKETWIRE OCTOBER 21, 2021

PLATTS CASH BFOE: JAN22: SHELL SELLS TO LITASCO* CANADIAN SPOT CRUDE CARGO ASSESSMENTS ($/barrel) (PGA page 230)
Mid Change Spread vs fwd Dated Brent Mid Change
100KB AT $83.14 (15:29:45)
Terra Nova AAJUH00 83.19–83.22 83.205 -1.480 AAJUJ00 0.59/0.61 0.600 +0.200
PLATTS CASH BFOE: JAN22: ALTA SELLS TO LITASCO* Hibernia AAJKK00 83.34–83.37 83.355 -1.480 AAJKM00 0.74/0.76 0.750 +0.200
100KB AT $83.14 (15:29:51) White Rose AAVJX00 84.09–84.12 84.105 -1.480 AAVJY00 1.49/1.51 1.500 +0.200
The published spreads for Canadian cargo assessments reflect the market value at which these grades are trading versus Dated Brent around loading time. The spreads
PLATTS CASH BFOE: JAN22: LITASCO BUYS FROM SHELL* and fixed price assessments reflect a typical forward loading window of 33-63 days forward. For further explanation see www.platts.com.
100KB AT $83.12 (15:29:54)
CANADIAN SPOT CRUDE ASSESSMENTS ($/barrel) (PGA page 230)
PLATTS CASH BFOE: JAN22: GUNVOR SELLS TO LITASCO* Mid Change Spread vs Canada basis Mid Change
100KB AT $83.12 (15:29:58) Lloyd Blend AALRK00 67.35–67.37 67.360 -1.070 AALRP00 -13.56/-13.54 -13.550 0.000
PLATTS CASH BFOE: IMPLIED: DEC21/JAN22: PETROINEOS Mixed Sweet AALRR00 78.90–78.92 78.910 -1.070 AALRV00 -2.01/-1.99 -2.000 0.000
Light Sour Blend AALRX00 78.25–78.27 78.260 -1.070 AALSD00 -2.66/-2.64 -2.650 0.000
SELLS 100KB AT $0.66 (DEC21: PETROINEOS SELLS TO Midale AAUCC00 76.40–76.42 76.410 -1.070 AAUCE00 -4.51/-4.49 -4.500 0.000
MERCURIA AT $83.78; JAN22: PETROINEOS BUYS FROM Condensates AALSF00 84.25–84.27 84.260 -1.070 AALSJ00 3.34/3.36 3.350 0.000
SHELL AT $83.12) Syncrude Sweet Prem. AASOK00 79.50–79.52 79.510 -1.070 AASOM00 -1.41/-1.39 -1.400 0.000
WCS Hardisty AAPPN00 66.85–66.87 66.860 -1.070 AAPPP00 -14.06/-14.04 -14.050 0.000
BRENT CFDS: PLATTS BRENT DIFF: NOV1-NOV5 (JAN): Cold Lake Hardisty AASZX00 66.60–66.62 66.610 -1.070 AASZZ00 -14.31/-14.29 -14.300 0.000
LITASCO BUYS FROM DV TRADING* 100KB AT $0.10 WTI CMA (1st mo) AAVSN00 80.910 -1.070

(15:29:59) LATIN AMERICAN ASSESSMENTS ($/barrel) (PGA page 280)

PLATTS BRENT DIFF: NOV8-NOV12 (JAN): DV TRADING Diff to Diff to Futures Diff to Dated
BUYS FROM BP* 100KB AT $-0.02 (15:29:42) Mid Change WTI strip Brent strip Brent strip
Escalante PCAGC00 84.54–84.58 84.560 -1.790 PCAGO00 3.015 AAXBS00 1.200 AAXAX00 0.860
PLATTS BRENT DIFF: NOV8-NOV12 (JAN): LITASCO BUYS Medanito AMTOA00 81.610 -1.240 AMTOC00 0.065 AMTOB00 -1.750 AMTOD00 -2.090
FROM BP* 100KB AT $0.00 (15:29:55) Roncador AAQTL00 81.14–81.18 81.160 -0.740 AAQTK00 -0.385 AAXBT00 -2.200 AAXAY00 -2.540
Santa Barbara AAITD00 83.47–83.52 83.495 -0.945 AAITJ00 1.950 AAXBU00 0.135 AAXAZ00 -0.205
This assessment commentary applies to the following market data Loreto PCAGH00 77.67–77.72 77.695 -0.995 PCAGQ00 -3.850 AAXBV00 -5.665 AAXBG00 -6.005
codes: Dated Brent <PCAAS00> CFD Week 1 <PCAKA00> CFD Week Oriente PCADE00 78.57–78.62 78.595 -0.995 PCAGU00 -2.950 AAXBW00 -4.765 AAXBH00 -5.105
Napo AAMCA00 73.57–73.62 73.595 -0.995 AAMCD00 -7.950 AAXBX00 -9.765 AAXBI00 -10.105
2 <PCAKC00> Brent Mo01 <PCAAQ00> CFD Week 3 <PCAKE00> Tupi ATUPA00 84.510 -1.240 ATUPC00 2.965 ATUPB00 1.150 ATUPD00 0.810
Brent Mo02 <PCAAR00> CFD Week 4 <PCAKG00> Brent Mo03 Marlim AAITF00 81.19–81.23 81.210 -0.740 AAITL00 -0.335 AAXBY00 -2.150 AAXBJ00 -2.490
Castilla Blend AAVEQ00 76.54–76.58 76.560 -0.740 AAVEQ01 -4.985 AAXBZ00 -6.800 AAXBK00 -7.140
<PCARR00> CFD Week 5 <AAGLU00> CFD Week 6 <AAGLV00> CFD Vasconia PCAGI00 79.24–79.28 79.260 -1.090 PCAGR00 -2.285 AAXCB00 -4.100 AAXBN00 -4.440
Week 7 <AALCZ00> CFD Week 8 <AALDA00> Mesa 30 AAITB00 80.34–80.38 80.360 -0.790 AAITH00 -1.185 AAXCC00 -3.000 AAXBO00 -3.340
Liza ALIZA00 82.810 -1.240 ALIZD00 1.265 ALIZC00 -0.550 ALIZB00 -0.890
Latin America WTI strip AAXBP00 81.545
Platts WTI Midland Crude DAP Europe Assessment Latin America Futures Brent strip AAXBQ00 83.360
Latin America Dated Brent strip AAXBR00 83.700
Rationale & Exclusions
WTI Crude DAP Europe <AWTIC00> assessment rationale: LATIN AMERICA MARKET PARITY PRICES ($/barrel) (PGA page 270)
WTI Midland DAP Rotterdam was assessed unchanged Mid Change
across Nov. 10 to Dec. 19, with a 1 cent/day contango rolled Maya AAYMP00 76.308 -0.949
Merey 16 AMERA00 75.528 -0.957
over back-end dates amid steady fundamentals and as
strong freight keeps differentials supported. No bids, offers PLATTS EURO-DENOMINATED ASSESSMENTS (€/barrel) (PGA page 1252)
Mid Change
or trades were seen in the Market on Close assessment
process. European crude oil benchmarks
Dated Brent AAPYR00 71.900–71.920 71.910 -1.200
Dated Brent (CIF) PCAKN00 72.571 -1.280
WTI Crude DAP Augusta <AWTIA00> assessment rationale: Urals (Mediterranean) AAPYS00 69.670–69.700 69.685 -1.115
WTI Midland DAP Augusta was assessed unchanged US crude oil benchmarks
across Nov. 10 to Dec. 19, with a 1 cent/day contango rolled WTI (Nov) AAPYT00 70.370–70.380 70.375 -1.245
WTI MEH (Nov) AAYSA00 70.762 -1.161
over back-end dates amid steady fundamentals and as Mars (Nov) AAPYU00 68.350–68.360 68.355 -1.035
Euro/US$ forex rate: 1.1639. Platts Euro denominated crude oil assessments are based on market values and a Euro/US$ forex rate at 4:30 PM local London time.

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 11
CRUDE OIL MARKETWIRE OCTOBER 21, 2021

strong freight keeps differentials supported. No bids, RUBLE-DENOMINATED RUSSIAN ASSESSMENTS (Rb/barrel) (PGA page 1224)
Mid Change
offers or trades were seen in the Market on Close
assessment process. Russian crude oil benchmarks
Urals FOB Novorossiysk AAUJP00 5680.600–5682.020 5681.310 -82.840
Urals FOB Baltic AAUJQ00 5698.380–5699.810 5699.095 -73.560
Exclusions: None Urals FOB Novorossiysk 80kt AAUJR00 5652.150–5653.570 5652.860 -79.740
Urals CIF Mediterranean AAUJS00 5768.090–5770.230 5769.160 -74.385
Urals CIF Rotterdam AAUJT00 5762.400–5763.830 5763.115 -73.340
Platts WTI Midland Crude DAP Europe Bids, Offers, US$/Ruble forex rate: 71.1320. Platts Ruble denominated crude oil assessments are based on market values and a US$/Ruble forex rate at 4:30 PM local London time.
Trades
Bids: None PLATTS CAD-DENOMINATED CANADA SPOT CRUDE ASSESSMENTS (C$/cu m) (PGA page 232)
Offers: None Mid Change
Trades: None Lloyd Blend AALRM00 524.471–524.627 524.549 -5.315
Mixed Sweet AALRT00 614.414–614.570 614.492 -4.805
This assessment commentary applies to the following market data Light Sour Blend AALRZ00 609.352–609.508 609.430 -4.834
codes: WTI Midland DAP basis Rotterdam <AWTIC00> WTI Midland Midale AAUCD00 594.946–595.101 595.024 -4.915
Condensates AALSH00 656.076–656.231 656.153 -4.570
DAP basis Rotterdam vs Fwd Dated Brent <AWTID00> WTI Midland
Syncrude Sweet AASOL00 619.086–619.242 619.164 -4.779
DAP basis Augusta <AWTIA00> WTI Midland DAP basis Augusta vs WCS Hardisty AAPPO00 520.578–520.733 520.655 -5.337
Fwd Dated Brent <AWTIB00> Cold Lake Hardisty AASZY00 518.631–518.786 518.709 -5.347

Platts Mediterranean & Black Sea Sweet DAILY US$ VS EURO EXCHANGE RATE (PGA page 1151)
Mid Change
Crude Daily Commentary October 21, 2021 AAFCW00 1.1639 0.000
■■Sweet complex sees mixed performance
■■Libyan oil minister suspends NOC chairman again
ASIA CLOSE BRENT AND WTI SPOT ASSESSMENTS ($/barrel) (PGA page 2210)
The Mediterranean and Black seas sweet crude was mixed Mid Change
Brent (Dec) PCAJG00 85.03–85.07 85.050 +0.460
Oct. 21, with some grades finding support while others Brent (Jan) PCAJI00 84.49–84.53 84.510 +0.560
started to decline in value. Brent (Feb) PCAJ000 83.630 +0.530
Kazakhstan’s CPC Blend found further strength, heading WTI (Nov) AAFFU00 83.27–83.31 83.290 +0.980
WTI (Dec) AAFFW00 82.82–82.86 82.840 +1.130
toward Brent minus 50 cents/b. A trader said offers were WTI (Jan) AAFFY00 81.65–81.69 81.670 +0.860
around for the crude, with refining margins and strong
product demand in the region continuing to support it, but
nobody was willing to trade at that level. OMAN OSPS AND DERIVATIVES ($/barrel) (PGA pages 2658 & 2210)
A second trader said CPC buyers were now putting Mid Change
Oman/Dubai Swap (Nov) AAIHJ00 0.07/0.11 0.090 +0.070
their purchases on hold until price movements became
Oman/Dubai Swap (Dec) AAIHL00 0.07/0.11 0.090 +0.070
less volatile. Oman/Dubai Swap (Jan) AAIHN00 0.07/0.11 0.090 +0.070
Azerbaijan crude Azeri Light was heard to be Oman cash/OSP (Dec) PCABT00 1.55/1.59 1.570 +0.430
Oman Swap (Nov) AAHZP00 81.96–82.00 81.980 +0.630
strengthening on the back of strong refining margins in the Oman Swap (Dec) AAHZR00 80.90–80.94 80.920 +0.640
region, although a third trader viewed the price rise as Oman Swap (Jan) AAHZT00 80.01–80.05 80.030 +0.630
unsustainable.
Analysis by S&P Global Platts revealed that refineries DAILY OPEC BASKET PRICE ($/barrel) (PGA page 207)
were “slashing runs” in the Mediterranean due to refiners Mid Change
struggling with high gas prices. October 20, 2021 AAEUQ00 83.300 -0.180

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 12
CRUDE OIL MARKETWIRE OCTOBER 21, 2021

Gasoline cracks were improving across Europe, a FUTURES SETTLEMENTS

Settlement Change Low High Volume* Open interest PNT****
refinery buyer said, but middle distillates were in
NYMEX Light Sweet crude ($/barrel) (PGA page 705)
particular high demand as winter approached in Europe.
Dec 21 NMCL001 82.50 -1.37 80.79 83.96 542116 483475
This will boost the entire sweet complex, but traders Jan 22 NMCL002 81.36 -2.06 79.79 82.71 157055 306349
continue to be cautious about the sustainability of the Feb 22 NMCL003 80.13 -2.25 78.75 81.51 77093 88826
price rise. Mar 22 NMCL004 79.02 -2.27 77.76 80.44 79580 136814
Elsewhere, Libya’s oil minister suspended the National Total NMCL000 1071244 XNCLP00 23209

Oil Corp. chairman again in an escalating political row. ICE Brent ($/barrel) (PGA page 704)
Dec 21 ICLL001 84.61 -1.21 83.36 86.10 399776 340601
Mustafa Sanalla was suspended for the second time in as
Jan 22 ICLL002 83.93 -1.22 82.66 85.43 285182 516203
many months, though he continues to work, according to Feb 22 ICLL003 83.03 -1.25 81.78 84.54 117325 231798
sources in the country, as the political battle between the Mar 22 ICLL004 82.16 -1.28 80.95 83.69 80287 186030
two sides shows no sign of abating. Total ICLL000 1090820 XILLP00 34837

The Libyan grade Es Sider had rallied significantly above ICE WTI ($/barrel) (PGA page 704)
Nov 21 ICIC001 83.42 +0.00 80.80 83.94 59149 105994
its OSP, but this latest political unrest could see the
Dec 21 ICIC002 82.38 +0.00 79.82 82.70 42537 47705
Mediterranean sweet grade decline. Jan 22 ICIC003 81.29 +0.00 78.76 81.40 35358 21230
Feb 22 ICIC004 80.30 +0.00 77.91 80.36 22621 38712
Total ICIC000 220122 XIICP00 13485
Platts NWE and Med Urals Sour Crude Daily
ICE BWAVE ($/barrel) (PGA page 704)
Market Analysis BWAVE data refer to previous day.
■■Urals rangebound Dec 21 XIBW001 84.78
■■Shorter November program expected Jan 22 XIBW002 84.08
DME Oman crude ($/barrel)** (PGA pages 702 & 2710)
Urals crude was rangebound on day, but with refiners Dec 21 XDOA001 83.21 +0.58 1982
starting to look more favorably towards the medium sour Dec 21 DMOQ001 82.90 -1.10 81.65 83.26 2019 8946
Russian grade with gas prices easing across Northwest Jan 22 DMOQ002 82.06 -1.09 82.06 82.19 70 28
Feb 22 DMOQ003 81.00 -1.09 81.00 81.00 70 25
Europe, sources said Oct. 21. Mar 22 DMOQ004 80.11 -1.10 80.11 80.11 0 0
Black Sea-loading Urals continued to trade at a Total Volume DMOQ000 3242 XDOQP00 0
premium to Baltic-loading cargoes, not least due to storm IFAD Murban crude ($/barrel) (PGA page 703)
disruptions in Novorossiisk as well as delays in the Turkish Dec 21 AMIFA00 84.130
straits. Murban vs Dubai*** AMIFB00 3.300
The full November loading program for Urals may be NYMEX ULSD ($/gal) (PGA page 705)
lower than October. Multiple refineries in Russia were Nov 21 NMHO001 2.5491 -0.0432 2.5157 2.5958 21154 62607
Dec 21 NMHO002 2.5407 -0.0431 2.5076 2.5879 57838 106213
expected to return online after maintenance throughout Jan 22 NMHO003 2.5281 -0.0422 2.4951 2.5732 16815 62959
October, reduce seaborne exports of Urals. Feb 22 NMHO004 2.5079 -0.0417 2.4764 2.5514 8409 27028
Despite talks of a shorter program in November, the Total NMHO000 122255 XNHOP00 9820
first 10 days of the November program — released Oct. 20 NYMEX RBOB unleaded gasoline ($/gal) (PGA page 705)
Nov 21 NMRB001 2.4801 -0.0283 2.4526 2.5153 22797 68599
— showed only 60,000 mt less than over Oct. 1-10.
Dec 21 NMRB002 2.4190 -0.0279 2.3921 2.4548 65993 121946
Meanwhile, Russian refineries processed 22.746 million Jan 22 NMRB003 2.3814 -0.0315 2.3547 2.4192 20634 50001
mt (about 5.5 million b/d) of crude in September, up 4.7% Feb 22 NMRB004 2.3626 -0.0334 2.3359 2.4026 8960 17161
year on year and 7.9% lower than August, according to Total Volume NMRB000 136771 XNRBP00 16892

energy ministry data.

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 13
CRUDE OIL MARKETWIRE OCTOBER 21, 2021

The year-on-year increase was due to run cuts in 2020, FUTURES SETTLEMENTS
Settlement Change Low High Volume* Open interest PNT****
while the month-on-month decrease was due to autumn
NYMEX Natural Gas ($/MMBtu) (PGA page 705)
refinery turnarounds. Gasoline production in September Nov 21 NMNG001 5.115 -0.055 5.006 5.226 97842 46379
was 3.229 million mt, up 0.2% year on year and down 8.4% Dec 21 NMNG002 5.346 -0.101 5.240 5.478 69879 164650
month on month. Jan 22 NMNG003 5.461 -0.101 5.360 5.592 41802 234435
Feb 22 NMNG004 5.375 -0.094 5.279 5.491 12183 70964
Total Volume NMNG000 277612 XNNGP00 7314
Platts EMEA Urals and Med Brent Crude Daily ICE low sulfur gasoil ($/mt) (PGA page 704)
Rationales & Exclusions Nov 21 ICLO001 722.50 -15.75 720.00 745.50 110945 180678
Urals CIF Augusta differential <AAGXX00> assessment Dec 21 ICLO002 716.25 -15.50 714.00 739.00 132404 231535
rationale: Urals CIF Augusta was assessed 25 cents/b Jan 22 ICLO003 710.00 -15.00 707.75 732.00 60756 159293
Feb 22 ICLO004 704.25 -14.75 702.00 725.75 17909 67106
higher. There was an outstanding bid for Urals CIF Total Volume ICLO000 375817 XILOP00 10566
Rotterdam Nov. 2-6 at Dated Brent minus $2.10/b. Traders *Volume, open interest and PNT reflect prior trading day. PNT reflect volume for Privately Negotiated Trades or off-exchange. **Oman settlements are Post Close
settlements. ***IFAD Murban spread to 1st Line (Dec 21) Platts Dubai crude futures. ****Privately Negotiated Trade values found on PGA page 710
reported the Mediterranean at a 10 cents/b premium to
Northwest Europe. There was no trade for Urals CIF
Augusta in Platts 10-25 day assessment window.
FUTURES AT PLATTS’ MARKET ON CLOSE ($/barrel) (PGA page 703)
Urals CIF Med <PCACE00> assessment rationale: The Urals Singapore* London* Houston* Singapore* London* Houston*

CIF Mediterranean assessment reflected the value of the ICE Brent NYMEX WTI
Dec XILLA01 85.02 AAYES00 83.66 AAQBG00 84.67 M1 XNCLA01 82.84 AASCR00 81.16 NYCRM01 82.50
Mediterranean Dated Brent Strip (AALDF00) plus the Urals
Jan XILLA02 84.37 AAYET00 82.95 AAQBH00 83.99 M2 XNCLA02 81.67 AASCS00 80.13 NYCRM02 81.36
CIF Augusta differential assessment (AAGXX00). Feb AAXZY00 82.07 AAXZZ00 83.08 M3 NYCRM03 80.13
Mar AAYAM00 81.23 AAYAL00 82.21 M4 NYCRM04 79.03
*Singapore and London MOC close at precisely 16:30 local time while Houston
Urals RCMB (Recombined) <AALIN00> assessment rationale: Oman
MOC closes at precisely 13:30 local time. MOC times are usually earlier on the day
The Urals RCMB (Recombined) assessment reflected the Dec XDOA001 83.21 preceding major local holidays.
Volume XDOAV01 1982

CRUDE OIL MARKETWIRE
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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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© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 14
CRUDE OIL MARKETWIRE OCTOBER 21, 2021

PLATTS UPSTREAM CARBON INTENSITY CRUDE ASSESSMENTS, OCTOBER 21, 2021 (PGA page 4200)
Daily Carbon Intensity Premium Monthly Carbon Intensity* Daily Transport Carbon Intensity Premium Monthly Transport Carbon Intensity**
Symbol $/boe Symbol Date kg CO2 eq/boe Route Symbol $/b Symbol Date kg CO2 eq/b
Middle East Fields
Iraq
Kirkuk KIRKC00 0.92 KIRKC40 Sep 21 71.55 Ceyhan-R’dam KIRKC10 0.06 KIRKC50 Sep 21 4.55
Saudi Arabia
Ghawar GHWRC00 0.23 GHWRC40 Sep 21 18.08 Ras Tanura-Qingdao GHWRC10 0.11 GHWRC50 Sep 21 8.33

Africa Fields
Angola
Girassol GRSLC00 0.15 GRSLC40 Sep 21 11.80 Girassol-Qingdao GRSLC10 0.17 GRSLC50 Sep 21 13.18

Europe Fields
Kazakhstan
Tengiz TNGZC00 0.27 TNGZC40 Sep 21 21.31 Novo-R’dam TNGZC10 0.06 TNGZC50 Sep 21 4.62
Norway
Johan Sverdrup JSVRC00 0.02 JSVRC40 Aug 21 1.54 Mongstad-R’dam JSVRC10 0.01 JSVRC50 Sep 21 0.79
Ekofisk EKFSC00 0.16 EKFSC40 Sep 21 12.47 Teesside-R’dam EKFSC10 0.00 EKFSC50 Sep 21 0.36

North America Fields

Canada
Cold Lake CDLKC00 1.05 CDLKC40 Sep 21 81.81 W Canada-USMW CDLKC10 0.06 CDLKC50 Sep 21 4.86
US
Bakken BAKNC00 0.39 BAKNC40 Sep 21 30.67 Beaumont-R’dam BAKNC10 0.08 BAKNC50 Sep 21 6.46
Eagle Ford EGFDC00 0.23 EGFDC40 Aug 21 17.69 Houston-Qingdao EGFDC10 0.16 EGFDC50 Sep 21 12.85
Mars-Ursa MRURC00 0.00 MRURC40 Sep 21 0.00 Mars-Qingdao MRURC10 0.00 MRURC50 Sep 21 0.00
Permian Delaware PRDLC00 0.23 PRDLC40 Sep 21 17.71 Corpus Christi-R’dam PRDLC10 0.08 PRDLC50 Sep 21 6.51
Permian Midland PRMDC00 0.27 PRMDC40 Sep 21 21.39 Corpus Christi-R’dam PRMDC10 0.09 PRMDC50 Sep 21 6.70

Latin America Fields

Brazil
Tupi TUPIC00 0.20 TUPIC40 Sep 21 15.70 Rio-Qingdao TUPIC10 0.20 TUPIC50 Sep 21 15.64
Mexico
Cantarell CNTLC00 0.33 CNTLC40 Sep 21 26.11 Cantarell-Bilbao CNTLC10 0.33 CNTLC50 Sep 21 7.22
Upstream CI values are modelled on a marginal basis and are published monthly. Carbon Intensity Premiums are assessed daily.
*Upstream marginal CI number is assessed from the field to the storage terminal.
**Transport CI is calculated from storage terminal to refinery gate and for shipping routes assumes an Aframax vessel.
Details on the Platts methodology can be found at spglobal.com/platts/.

value of the Platts Dated Brent assessment (PCAAS00) plus
the Urals CIF Augusta differential assessment (AAGXX00).
Urals CIF Rdam <PCAFW00> assessment rationale: Urals
NWE was assessed 26.5 cents/b higher. There was an
outstanding bid for Nov. 2-6 Urals CIF Rotterdam at Dated
Brent minus $2.10/b in the 10-25 day assessment window. A
3 cents/b structure was applied.
Med Dated Brent Strip 13-28 Day <AALDF00> assessment
rationale: The Mediterranean Dated Brent Strip reflected
the value of Forward Dated Brent 13-28 days ahead of the
day of publication. Forward Dated Brent is assessed as a
function of Platts assessments of second-month Cash
BFOE (PCAAR00) and BFOE CFD differentials (PCAKA00,
PCAKC00, PCAKE00, PCAKG00, AAGLU00, AAGLV00,
AALCZ00).
CPC Blend CIF Augusta vs BTC Dtd Strip <AAHPL00>
assessment rationale: CPC Blend was assessed 20.5
cents/b higher. There was an outstanding bid for CPC CIF
Augusta Nov. 16-20 at Dated Brent minus 60 cents/b in
the assessment window. A 3 cents/b contango structure
was applied.
Exclusions: None

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 15
CRUDE OIL MARKETWIRE OCTOBER 21, 2021

REPORTED SPOT CASH TRANSACTIONS (PGA page 3)

Trans. Date
Cargo / Cargo Load CFD Roll Crude Grade(s) Reported Outright / Basis Barrels Seller Buyer
Spread Dates Range / Week Status Diff. Price
CFD Week ($/barrel)
Platts Americas
10/21/2021 January Tupi Reported 3.40 March ICE Brent 2000000
10/21/2021 November 15 20 Vasconia Reported -4.00 ICE Brent 500000
Platts Asia
10/21/2021 December Dubai Partial Done 83.10 25000 Reliance Trafigura
10/21/2021 December Dubai Partial Done 83.10 25000 EXTAP TotalEnergies
10/21/2021 December Dubai Partial Done 83.10 25000 EXTAP Trafigura
10/21/2021 December Dubai Partial Done 83.10 25000 Reliance Trafigura
10/21/2021 December Dubai Partial Done 83.10 25000 Reliance Trafigura
10/21/2021 December Dubai Partial Done 83.10 25000 Vitol Trafigura
10/21/2021 December Dubai Partial Done 83.10 25000 Mitsui TotalEnergies
10/21/2021 December Dubai Partial Done 83.10 25000 EXTAP TotalEnergies
10/21/2021 December Dubai Partial Done 83.09 25000 Vitol Gunvor
10/21/2021 December Dubai Partial Done 83.10 25000 Vitol Trafigura
10/21/2021 December Dubai Partial Done 83.10 25000 Unipec Trafigura
10/21/2021 December Dubai Partial Done 83.10 25000 Unipec Trafigura
10/21/2021 December Dubai Partial Done 83.10 25000 EXTAP Trafigura
10/21/2021 December Dubai Partial Done 83.10 25000 EXTAP Trafigura
10/21/2021 December 20 24 Kutubu Heard 2.00 Dated Brent 650000 Oil Search BP
10/21/2021 January Tupi Heard 3.50 ICE Brent 2000000 Galp Unipec
Platts EMEA
10/21/2021 November 8 12 Azeri Light Done 1.95 Dated Brent 650000 Socar Glencore
10/21/2021 November 1 5 Brent CFD Done 0.1 Cash BFOE Jan 100000 DV Trading Lukoil
10/21/2021 November 8 12 Brent CFD Done -0.02 Cash BFOE Jan 100000 BP DV Trading
10/21/2021 November 8 12 Brent CFD Done 0 Cash BFOE Jan 100000 BP Lukoil
10/21/2021 January Cash BFOE Done 83.14 100000 Shell Lukoil
10/21/2021 January Cash BFOE Done 83.12 100000 Gunvor Lukoil
10/21/2021 January Cash BFOE Done 83.12 100000 Shell PetroIneos
10/21/2021 December Cash BFOE Done 83.78 100000 PetroIneos Mercuria
10/21/2021 January Cash BFOE Done 83.14 100000 Alta Lukoil
10/21/2021 January Cash BFOE Done 83.12 100000 Shell Lukoil
10/21/2021 December Cash BFOE Done 83.78 100000 Gunvor Mercuria
Please note that all deals that are stated as “Done” were reported and published through the Platts Market on Close assessment process. Deals that are stated as “Reported” were not reported through the MOC, and may reflect transactions that were reported
before or after the MOC process. Platts seeks to confirm non-MOC information to the fullest extent possible prior to publication.

Platts EMEA Urals & Med Brent Crude Bids, Offers,
Trades
Bids: Outstanding: TOTSA bids Urals NWE CIF Crg Primorsk/
Ust-Luga - bss Rdam 10-25, Nov 2-Nov 6 100% Dated Brent
Dated Brent BL+5 $-2.10 for 100000-100000 “payment 30
cal days after BL, vessel acceptable to buyer.
Outstanding: BP bids CPC Blend CIF Crg bss Augusta 10 -
30, Nov 16-Nov 20 100% Dated Brent Dated Brent BL+5
$-0.60 for 85000-85000 “ vessel acceptable to buyer,
payment bl+30”
Offers: None
Trades: SOCAR sells Glencore Buys Azeri Light CIF Crg
Ceyhan - bss Augusta 10 - 30,Nov 8, 2021-Nov 12, 2021 100%
Dated Brent Dated Brent BL+5 $1.95 for 650000 “vessel to
be acceptable to buyer, payment 30 days from BL”
This assessment commentary applies to the following market data
codes: Urals CIF Med <PCACE00>> Urals CIF Rdam <PCAFW00>
ESPO FOB Kozmino Mo01 London <AARWD00> CPC CIF Augusta
Diff <AAHPL00>
Platts West African Crude Daily Commentary
■■Nigerian crude up as margins improve
■■Angolan unsold barrels cause worry
Nigerian oil inched higher Oct. 21, with traders noting
reasonable margins for refiners but the overall market was
still seeing a slowdown.
“Margins are decent but it seems buyers are slow to
come forward,” a West African trader said. “There is still
a decent November overhang, with December programs
soon to emerge.”

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 16
CRUDE OIL MARKETWIRE OCTOBER 21, 2021
There were about 4 million barrels of barrels of
November-loading Nigerian crude unsold, according to the
trader, including cargoes of Brass River, Forcados and Qua
Iboe despite demand for middle distillates being strong.
Tender activity has been slow but a new tender on the
horizon for Pertamina could change the trend, according to
traders. Tender activity has seen a shift away from West
African crude in favor of Dubai-linked Middle East crudes
due to the wide Brent/Dubai spread, leading to the focus on
results for direction.
Angolan grades were having a quiet week with many
shipments still left from the November program days ahead
of the final December loading program.
“Currently there remains around six Angolan cargoes
left from the November program,” an energy market analyst
said. “That is really unheard of for Angola.”
The market slowdown came as global crude demand
seemed to be picking up, though demand from China, the
major importer of Angolan crude, was still unclear.
Platts West African Crude Daily Rationale & Exclusions
The four crudes in the Nigerian basket were assessed up 5
cents/b on Oct. 21. There were no bids, offers or trades in
the Platts Market on Close assessment process.
Qua Iboe FOB Nigeria <PCAID00>
Bonny Light FOB Nigeria London <PCAIC00>
Forcados FOB Nigeria <PCABC00>
Bonga FOB Nigeria <PCNGC00>
Exclusions:
Platts West African Crude Bids, Offers, Trades
Bids: None
Offers: None
Trades: None
This assessment commentary applies to the following market data
© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
code: WAF Index <AWAFB00> The WAF Index is calculated using
the following market data codes: Qua Iboe FOB Nigeria <PCAID00>
Bonny Light FOB Nigeria London <PCAIC00> Forcados FOB Nigeria
<PCABC00> Bonga FOB Nigeria <PCNGC00>
Platts US Pipeline Crude Daily Commentary
■■Medium sour grades assessed stronger on day, sweets
unchanged
■■Permian basin rig counts fell by three last week to 269:
Enverus
Sweet crudes on the US Gulf Coast were assessed little
changed on Oct. 21, the first day of November/December
cash roll period, whereby the November NYMEX light sweet
crude contract expired on Oct. 20, however, November
barrels continue to trade.
The NYMEX light sweet crude contract, with an exchange-
physical-for-futures value applied, is often used to underpin
USGC crude trading and is often referred to as cash WTI. While
the November NYMEX light sweet crude contract expired on
Oct. 20, a November cash WTI value can be constructed by
assessing the November/December cash roll value and
applying that to the December contract settlement price. On
Oct. 21, the November/December cash roll was assessed at 75
cents/b, after the last heard trade, putting the November cash
WTI value at $83.25/b, or 75 cents/b above the December
NYMEX light sweet crude contract settlement price.
Meanwhile, West Texas Intermediate crude at the Magellan
East Houston terminal was assessed unchanged on Oct. 21 at
a 45 cents/b premium to cash WTI, based on indications.
Strengthening on the day were November barrels of
medium sour crude Mars, which were assessed 10 cents/b
stronger on Oct. 21 at a $2.35/b discount to cash WTI, after
the grade was last heard bid at a $2.40/b discount.
In market news, rig counts in the Permian basin of West
Texas and New Mexico fell by three over the week ended
Oct. 20 to 269, according to a report from rig-data provider,
Enverus. Nationally, rig counts in oil-focused basins climbed
by four over the week to 510, a full 264 rigs higher than the
same time last year, Enverus reported.
17
Platts US Gulf Coast Export Crude Daily
Commentary
■■Platts AGS assessed at $83.04/b, weaker against
forward Dated Brent
■■Arbitrage for US crude to South Korea ‘makes sense’
amid higher runs: source
High freight rates and a narrow Brent/WTI spread continued
to pressure export economics for US crude flows to Europe,
however, some signs of relief for arbitrage opportunities to
Asia appeared, sources said Oct. 21.
While backing off on Oct. 21, freight rates for trans-
Atlantic Aframax cargoes were assessed at $22.15/mt,
down from a recent high of $23.43/mt, however, still
elevated from even Oct. 1 when rates for the route were
assessed at $13.63/mt.
The Brent/WTI swaps spread, one indicator of the
competitiveness of US crude on the international market,
narrowed by 23 cents/b on Oct. 21 to $1.79/b, the most
narrow the spread has been since July 30 when the spread
was at $1.68/b. As the swaps spread narrowed, WTI-based
crudes are generally viewed as becoming less competitive
in relation to their Brent-based counterparts.
These high freight rates and narrow spread has helped
push offer levels heard for November loading cargoes to a
discount to WTI crude on the USGC. November loading WTI
FOB cargoes were heard offered from a 90 cents/b discount
to a $1.20/b discount to January ICE Brent futures on Oct.
21, but even at these weak levels in relation to WTI crude on
the USGC, “US cargoes into Europe are too high at these
levels,” one trader said.
Another trader noted that while US crude exports to
Europe “have been good since September…at the moment
appear to be shut,” adding that this can change “with WTI/
Brent correcting which will force [USGC] grades to rally.”
As for US crude exports to the Far East, “[arbitrage] to
South Korea with [their] runs increasing definitely makes
sense.”
Indeed, the Platts crude arbflow calculator showed on
Oct. 20, the most recent day in the data, that the arbitrage
CRUDE OIL MARKETWIRE OCTOBER 21, 2021
incentive for WTI MEH crude into Northeast Asia against
local ESPO crude was open at a 1 cent/b incentive. By
comparison, through the first 20 days of October, the
arbitrage incentive for the grade into the region averaged
minus 75 cents/b.
Meanwhile, Platts American GulfCoast Select, which
represents Midland-spec WTI crude for export out of the US
Gulf Coast, was assessed at $83.04/b on Oct. 21. Against
the 15 to 45 days forward NYMEX WTI strip, Platts AGS was
assessed 19 cents/b weaker on the day at a $1.03/b
premium, while against the forward Dated Brent strip, the
grade was assessed 4 cents/b weaker at a $1.05/b
discount.
Platts Canadian Pipeline Crude Daily
Commentary
■■Heavy Canadian outright crude prices retreat from
near seven-year high amid demand concerns
■■WCS assessed unchanged at WTI CMA minus $14.05/b
Western Canadian heavy crude prices retreated from near
seven-year highs Oct. 21 amid renewed global demand
concerns.
The differential for Western Canadian Select at Hardisty,
Alberta, the heavy benchmark, was assessed unchanged at
WTI CMA minus $14.05/b after the blend was heard offered
at WTI CMA minus $14/b. The outright value fell $1.07/b day
on day to $66.86/b, based on the day’s declines in the
underlying NYMEX WTI CMA futures contracts.
NYMEX December WTI settled 92 cents lower at
$82.50/b and ICE December Brent gave up $1.21 to finish at
$84.61/b.
The Russian government Oct. 21 announced that it
would tighten pandemic restrictions in Moscow as COVID-19
case numbers and deaths have spiked.
New COVID-19 cases in Russia surged to a record-high
212,000 in the week ended Oct. 17, according to Johns
Hopkins University data.
While market participants continue to worry about
demand concerns, the data show demand from US
© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
refiners for Canadian grades has remained steady. The
US imported a four-week average of 3.44 million b/d of
Canadian crude in the week ended Oct. 15, data released
Oct. 20 from the US Energy Information Administration
showed, up from 3.41 million b/d imported in the week
ended Oct. 8.
Platts Latin American Crude Daily
Commentary
■■Vista Oil offers 475,000 barrels of Medanito crude for Dec
■■Pan American Energy sold 1 mil barrels of Escalante
to BP
Vista Oil was heard offering 475,000 barrels of Argentina’s
light sweet Medanito crude for December in the spot
market, market sources said Oct. 21.
The tender of Medanito (API 42.5, 0.3% sulfur content)
was scheduled to be awarded in Oct. 22.
Exports of this Argentinian light sweet grade continue
as it is one of the few crudes in the Latin American region
complying with the International Maritime Organization
sulfur cap regulation. The regulation has lowered from
3.5% to 0.5% the sulfur content of marine fuel globally.
From July 2019 to date, US Gulf and West coasts
refiners have imported over 9 million barrels of
Medanito, according to US Customs Bureau and Platts
Analytics data.
In 2009, the Argentinian government halted exports of
Medanito crude as it needed to supply its domestic market.
However, during the pandemic low operating rates of
Argentina’s refining system due to demand destruction for
oil products caused by mandatory lockdowns translated
into offers of Medanito and other Argentinian grades in the
spot market.
PAE sells escalante to BP
Separately, in mid-October, Pan American Energy sold 1
million barrels of heavy-sweet Escalante crude in a tender.
Escalante crude has 24.1 API gravity and sulfur content
of 0.25%.
18
The lot will be loaded between Nov. 25 and Dec. 5 and
was awarded to BP at around a premium of $1.20/b versus
front-month ICE Brent, according to multiple sources.
Traditionally, PAE has exported one or two Suezmax-
sized cargoes of Escalante on monthly basis. The USWC
and Asia are among its main destinations.
On industry news, in Oct. 20, Argentina’s Energy
Secretary Dario Martinez said that the country’s oil
production was expected to reach 545,000 b/d in October,
setting a 7-year high record.
The grow is attributed to increasing production at the Vaca
Muerta shale play. Shale oil production in September rose
53.2% year on year, the energy department recently said.
SUBSCRIBER NOTES
Platts to move CEC $/mtCO2e and Eur/mtCO2e assessments out
of EB market data category from Nov 15
From Nov. 15, 2021, S&P Global Platts will no longer publish its
CORSIA-eligible carbon credit price assessments “Platts CEC” in the
following market data category: EB: Oil Products: European Bulk.
These assessments will instead be available under the following
market data category: CBN: Carbon: Global Assessments.
The change affects the following assessments:
Assessment Name Code MAvg Code
Platts CEC $/mtCO2e PCECA00 PCECA03
Platts CEC Eur/mtCO2e PCECE00 PCECE03
Platts started publishing offset premiums for Jet Fuel Defstan 91-91
on Sept. 1, 2021, which will continue to be available in the EB
market data category. The subscriber note for these assessments
is available here: https://www.spglobal.com/platts/en/our-
methodology/subscriber-notes/090121-platts-launches-jet-fuel-
carbon-offset-premium.
Platts calculates its jet fuel offset premiums using a carbon
intensity value of 89 gCO2e/MJ multiplied by the Platts CEC
voluntary carbon price.
The Jet Fuel offset premium assessments are available in
European Marketscan, US Marketscan and Asia-Pacific Marketscan,
on Platts Fixed Pages PGA 1414, 0483 and 1413, as well as in Platts
Dimensions Pro and in the Platts Pricing database under the
following codes:
Assessment Name Code MAvg Code
Jet Fuel Carbon Offset Premium $/bbl AJFCA00 AJFCA03
Jet Fuel Carbon Offset Premium Eur/bbl AJFCB00 AJFCB03
For questions, comments or feedback, please contact
Platts_Carbon@spglobal.com.
CRUDE OIL MARKETWIRE OCTOBER 21, 2021
Platts to amend CEC carbon credit assessment code in CBN
market data category from Nov 15
Please note that from Nov. 15, 2021, S&P Global Platts will
substitute the existing Platts CEC assessment codes in the
following market data category: CBN: Carbon: Global Assessments.
Platts CEC assessments will become available under new codes as
listed below:
Assessment Current New Code Current New MAvg
Name Code MAvg Code Code
Platts CEC MCECA00 PCECA00 MCECA03 PCECA03
$/mtCO2e
Platts CEC MCECE00 PCECE00 MCECE03 PCECE03
Eur/mtCO2e
To ensure a smooth transition, current codes will remain active
alongside the new codes until Dec. 31 included, after which they
will be discontinued.
For questions, comments or feedback, please contact
Platts_Carbon@spglobal.com.
Platts proposes to include Wink-to-Webster and Midland-to-
ECHO 3 to pipeline provenance in global WTI assessments
S&P Global Platts is proposing to amend its pipeline provenance
standard for WTI Midland crude cargoes and all related
assessments to additionally allow for crude supplied from the
Wink-to-Webster and Midland-to-ECHO 3 pipelines, effective on
Jan. 3, 2022.
Currently, Platts WTI Midland assessments reflect oil loading from
one or a combination of the following crude pipelines: BridgeTex,
Longhorn, Midland-to-Echo I/II, EPIC, Gray Oak, Cactus I/II and
Permian Express. Additionally, all WTI Midland cargo assessments
also reflect crude that meets Platts WTI Midland quality
specifications, available here: https://www.spglobal.com/platts/en/
our-methodology/subscriber-notes/080620-platts-implements-
comprehensive-platts-wti-midland-specifications
Under this proposal, Platts WTI Midland cargo assessments would
reflect WTI Midland loading from one or more of the designated
pipelines, including Wink-to-Webster and Midland-to-ECHO 3, from
the same terminal, provided it continues to meet Platts WTI
Midland quality specifications.
The Wink-to-Webster pipeline, with a nameplate capacity of up to
1.5 million b/d, first began initial flows in October 2020 on the
Midland-to-Webster portion, with full operations of the line
expected in the fourth quarter of 2021. The pipeline has origin
points in Wink and Midland, Texas, and delivers to ECHO, Webster
Terminal, Baytown, with connectivity to Texas City and Beaumont.
The pipeline is owned by Wink to Webster Pipeline LLC, a joint-
venture between affiliates of ExxonMobil, Plains All American,
Lotus Midstream, Delek US, MPLX LP and Rattler Midstream LP, and
an affiliate of Enterprise Product Partners L.P.
© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
The Midland-to-ECHO 3 pipeline is the latest addition to Enterprise
Product Partners Midland-to-ECHO System with a nameplate
capacity of 450,000 b/d. The line began operations in October 2020
transporting crude from Midland, Texas to the ECHO terminal in
Harris county, Texas.
The origin pipelines used as a basis for Platts Midland-quality WTI
cargo assessments globally may be expanded or modified over
time to reflect market-accepted sources of Midland-quality crude
shipped directly from the Permian Basin as Texas’ crude oil
infrastructure evolves. Platts would publish offers for WTI Midland
supplied via other pipelines in the Market on Close assessment
process, but such provenance would need to be explicitly stated.
These may be normalized for assessment purposes to reflect
standard quality supplied through one of the pipelines listed above.
Platts would not publish bids that restrict supply to a specific
terminal or pipeline but will publish open origin bids in which buyers
are willing to accept any material that meets their specification
requirement. Platts also stipulates that crude oil supplied for trades
reported in the MOC process should not contain any previously
cracked or refined material.
Please send all questions and comments to
americas_crude@spglobal.com and pricegroup@spglobal.com by
Nov. 8, 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 invites feedback on Asia Pacific and Middle East crude oil
methodology
As part of its commitment to open and transparent pricing and
product specifications, S&P Global Platts would like to invite
feedback on its Asia Pacific and Middle East crude oil methodology.
Platts reviews all methodologies annually to ensure they continue
to reflect the markets under assessment.
Platts regularly assesses the relevance of methodologies through
continuous contact with the market.
Feedback on methodologies is always welcomed by Platts.
Platts is committed to providing advance notice in a clear time
frame that gives users sufficient opportunity to analyze and
comment on the impact of such proposed changes.
Time frames vary depending on Platts analysis of the overall
circumstances of a particular change.
Methodology changes that materially alter an assessment and
require an update to the methodology specification are preceded
by extensive bilateral discussions with market stakeholders and
open public forums.
Routine changes or clarifications generally do not materially alter
an assessment.
19
Platts holds open public forums in which material methodology
changes and feedback are presented, and at which further
feedback may be given.
Please send all comments, feedback and questions to
asia_crude@spglobal.com and pricegroup@spglobal.com.
For written comments, please provide a clear indication if
comments are not intended for publication by Platts for public
viewing.
Platts will consider all comments received and will make
comments not marked as confidential available upon request.
Platts launches Tupi crude FOB Brazil assessment Oct. 11
Adding to its suite of FOB assessments for significant Latin
America crude oil grades, S&P Global Platts has launched a daily
assessment of Tupi crude FOB Brazil, effective Oct. 11, 2021.
The new Tupi FOB Brazil assessment reflects 2 million-barrel
VLCC cargoes loading 30-60 days forward via ship-to-ship
transfer at Porto do Acu. Platts may publish market
information for cargoes loading at other locations in Brazil and
Uruguay, but this may be normalized to reflect loading
economics at Porto do Acu.
Tupi production is approaching 1 million b/d, according to the Brazil
National Petroleum Agency, and the grade has become the most
prevalent Brazil crude export.
This new FOB value complements Platts’ existing Tupi DES Qindao
assessment (symbol: LUQDA00), which reflects the value of 1
million-barrel cargoes discharged from a VLCC and delivered to
China, three months forward.
Market feedback indicates that most Tupi is sold on a delivered
basis, but given the numerous destinations emerging for the grade,
an FOB assessment would provide valuable pricing insight.
In the absence of market information on an FOB basis, Platts will
consider bids, offers, and trades on a delivered basis for the Tupi
FOB Brazil assessment. Platts will consider prevailing freight rates,
market structure, and other factors in converting delivered market
information to an FOB basis.
In addition, Platts will consider the price movements of
comparable grades in the region in making the Tupi FOB Brazil
assessment.
Like Platts other Latin America crude assessments, Tupi FOB Brazil
will be published as an outright value and as a differential to the
30-60 day Dated Brent, ICE Brent, and NYMEX WTI strips.
Please send any feedback or questions to
Americas_crude@spglobal.com and pricegroup@spglobal.com. For
written comments, please provide a clear indication if comments
are not intended for publication by Platts for public viewing. Platts
will consider all comments received and will make comments not
marked as confidential available to the public upon request.
CRUDE OIL MARKETWIRE OCTOBER 21, 2021
Platts to discontinue Turner Mason Yields, Netbacks from Jan. 3,
2022
S&P Global Platts will discontinue the Turner Mason Yields and
Netbacks dataset and all corresponding symbols from January 3,
2022.
The Turner Mason Yields and Netbacks will be replaced by the new
Platts Analytics Yields, Netbacks and Margins which launched on
Aug. 2, 2021.
Effective Aug. 2, 2021, Platts Analytics has made available its
refinery values based on their proprietary refinery model yields and
corresponding netbacks and margins for various crude grades
around the world. This dataset provides Platts Analytics estimates
of the refined value of certain key grades into major refining
geographies, and the ultimate margin to the refiner, after
accounting for operating costs, freight and cost of the crude.
The Turner Mason Yields and Netbacks will continue to run in
tandem with the new Platts Analytics Yields and Netbacks tables
until the former service is discontinued from Jan. 3, 2022.
This decision follows a subscriber note published on Aug. 2, which
announced the launch of Platts Analytics Yields and Netbacks and
the subsequent plans to discontinue the Turner Mason Yields. The
note can be found here: https://www.spglobal.com/platts/en/our-
methodology/subscriber-notes/080221-platts-launches-new-
crude-yields-netbacks-and-margins
Effective Jan. 3, 2022 the Turner Mason Yields and Netbacks tables
will be removed from the following Platts publications: Platts Crude
Oil Marketwire, Oilgram Price Report, World Crude Table, North
American Crude & Products Scan and Latin American Wire.
Additionally, from Jan. 3, 2022, the following fixed pages in Platts
Global Alert (PGA) and Platts Crude Alert (PCR) will be retired: 802,
804, 806, 810, 812, 814, 820, 822, 824, 830, 832, 834, 840, 842,
844, 1810, 1814, 1820, 1824, 2810, 2814. The Turner Mason dataset
will also be removed from the Crude Service on Platts Dimensions
Pro.
Lastly, from Jan. 3, 2022, the Yield, Netback, Freight, and Margin
symbols associated with the Turner Mason Yields and Netbacks
dataset will be discontinued in Platts Price database.
For a full list of the symbols that will be discontinued as part of this
announcement click here: https://www.spglobal.com/platts/
PlattsContent/_assets/_files/downloads/tm-discontinuation-
symbol-list-jan-03-2022.xlsx
Short URL — http://plts.co/EqCN30rUCke
If you have any comments or questions about this announcement,
please contact Platts Client Services or email support@platts.com
Platts Quality Premium for December-loading Murban set at
$0.00/b
The Quality Premium for December-loading Murban crude oil is
$0.00/b and will be effective for trade in December-loading
© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
cargoes during the Platts Market on Close assessment process
through October.
In September, the quality premium for November-loading Murban
crude was also $0.00/b.
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 MOC process.
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.
In September, this observed price difference averaged 38.18
cents/b.
The Murban QP can be found on Platts Global Alert pages 2210 and
2220, in the Crude Oil Marketwire, and under code AAISV00 in the
Platts database.
Platts will consider all comments received and will make
comments not marked as confidential available upon request.
Platts to discontinue Roncador crude oil assessment
S&P Global Platts will discontinue publishing assessments for
Brazil’s Roncador crude, effective April 1, 2022, due to declining
exports and extremely limited spot market activity.
Roncador production has been trending lower, recently falling
below 150,000 b/d, according to the Brazil National Petroleum
Agency. That production, down from a peak of near 400,000 b/d, is
split across heavy (about 20 API) and medium (about 28 API) sub-
grades of Roncador.
Platts’ Roncador assessment reflects 750,000 barrel-typical
waterborne cargoes, however exports of the grade have declined
with most supply consumed at inland refineries.
The proposed discontinuation would affect the following symbols
and their associated monthly averages:
Outright Diff to Dated Diff to Brent Diff to WTI
Brent Strip Strip Strip
AAQTL00 AAXAY00 AAXBT00 AAQTK00
The prices appear on Platts Global Alert page 280 and 281 and in
Latin American Wire, Crude Oil Marketwire, Oilgram Price Report
and on Platts Dimensions Pro.
Please send any feedback or questions to
Americas_crude@spglobal.com and pricegroup@spglobal.com. For
written comments, please provide a clear indication if comments
are not intended for publication by Platts for public viewing. Platts
will consider all comments received and will make comments not
marked as confidential available to the public upon request.
Platts to launch Ichthys Field Condensate assessment from
November 9, 2021
S&P Global Platts will begin publishing daily price assessments for
20
Australia’s light, sweet Ichthys Field Condensate from Nov. 9, 2021.
Platts first proposed the launch in a subscriber note published Aug.
19, 2021: http://plts.co/tgt630rTMVP
Based on market feedback, the Platts assessment will be titled
Ichthys Field Condensate as opposed to Ichthys condensate as
initially proposed.
Ichthys Field Condensate is a light sweet crude with an API gravity
of around 49 and sulfur content of 0.01%. Platts assessment of
Ichthys Field Condensate will reflect 650,000-barrel cargoes
loading two months from the date of publication on an FOB basis
off Western Australia.
Platts will publish a daily outright price and a differential to Platts
Dated Brent for Ichthys Field Condensate at Asian close of 04:30
PM Singapore time (0830 GMT).
The Ichthys assessment would follow Platts Asia-Pacific regional
crude calendar that rolls on the 9th of each month.
The assessments will appear on Fixed Pages Platts Global Alert
2212, 2240, 2241 and 1250, under the following symbols:
Daily Daily Monthly Monthly
outright Differential Average Average
to Dated outright Differential to
Brent Dated Brent
Ichthys Field ICFCA00 ICFCB00 ICFCA03 ICFCB03
Condensate
Crude exports from the multi-billion-dollar project began in late
2018 and currently Ichthys condensate exports typically comprise
of three 650,000-barrel cargoes each month from the FPSO
Ichthys Venturer.
The Ichthys energy development is a joint venture between Japan’s
INPEX and major partner TotalEnergies. Other stakeholders include
CPC Corporation, Taiwan, Tokyo Gas, Osaka Gas, Kansai Electric
Power, JERA and Toho Gas.
Please send all comments and questions to
asia_crude@spglobal.com and pricegroup@spglobal.com.
For written comments, please provide a clear indication if they are
not intended for publication by Platts for public viewing.
Platts will consider all comments received and will make those not
marked as confidential available upon request.
Platts reflects Primorsk laycans for Urals CIF Augusta summer-
winter change
Effective Friday, Oct. 1, 2021, S&P Global Platts reflects winter
laycans for Urals cargoes loading at Primorsk 10 days forward from
the date of publication to 25 days forward in its CIF Augusta Urals
assessments.
For cargoes loading from Novorossiisk, load dates will be
normalized for the purpose of assessment to equivalent
Primorsk dates.
CRUDE OIL MARKETWIRE OCTOBER 21, 2021
Platts understands that cargoes from Primorsk typically arrive at
Augusta 12-14 days after loading, whereas cargoes from
Novorossiisk arrive at Augusta around 5 days after loading.
However, during the winter period, journeys from Novorossiisk can
be delayed by up to 20 days, attributed to reduced daylight hours
causing congestion through the Turkish Straits.
To account for these differences in delivery times, Platts reflects
Novorossiisk loadings in summer (April 1 to Sept. 30) and Primorsk
loadings in winter (Oct. 1 to March 31).
Platts reviews observed delays and may amend the base port for
laycans outside of the seasonal calendar should the need arise.
Ahead of the Platts Market on Close assessment process each
publishing day, Platts publishes the Observed Delivery Factor under
the below code:
Observed Delivery Factor AODFA00
The ODF is made available via Platts Global Alert, and is published
in both Crude Oil Marketwire and on PGA page 1220.
During the summer, the ODF represents how many days longer it
would take a cargo from Primorsk to reach Augusta versus a cargo
from Novorossiisk.
During the winter the ODF represents how many days longer it will
take a cargo from Novorossiisk to reach Augusta versus a cargo
from Primorsk.
For the purposes of assessment, the ODF will be added to the
published laycans of bids or offers to normalize them to base port
dates.
In applying the ODF to indications, Platts accounts for the impact
of market structure on published differentials.
Please send all comments to europe_crude@spglobal.com and
pricegroup@spglobal.com.
For written comments, please provide a clear indication if
comments are not intended for publication by Platts for public
viewing.
Platts will consider all comments received and will make
comments not marked as confidential available upon request.
Platts to change ANS roll timing and add differential to ICE Brent
CMA
Effective Nov. 1, 2021, S&P Global Platts will implement two
changes to its Alaska North Slope assessments.
Platts will change its roll date for the ANS assessment from the
first business day on or after the 10th of each month to the first
business day of the month. For example, Platts would begin ANS
assessments for deliveries in January 2022 on Nov. 1, 2021.
The change is in response to typical trade activity data and timing
observed in the market. Spot physical trading for ANS cargoes
typically occurs two months in advance and trading is most active
between the first of the month through about the 15th of the
month.
© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Platts also will begin publishing its ANS assessment as a Brent homepage at www.platts.com
differential to the ICE Brent Calendar Month Average for the Please send any comments and queries to
delivery month being assessed in addition to NYMEX WTI CMA Europe_Crude@spglobal.com and PriceGroup@spglobal.com
differential. The ICE Brent CMA uses the same calculation as the
Platts launches OSPs for Nigeria’s Agu, CJ Blend, Jones Creek
Platts assessment for the Brent Frontline Swap for the delivery
Blend crude oil
month being assessed. The Brent Frontline Swap that corresponds
S&P Global Platts will publish new official selling prices (OSPs) for
with the ANS delivery month is under the symbol (BHFSM02).
Nigeria’s Agu, CJ Blend, and Jones Creek Blend crude grades,
The ICE Brent CMA/Brent Frontline Swap is the weighted average
effective from the release of the November 2021 OSPs.
of the assessment value at the Platts Market on Close assessment
Platts will publish the OSPs as both a differential to the monthly
process for the futures contract that will be the front month during
average of Dated Brent and an outright value on a monthly basis as
the ANS assessment delivery month (used for all trading days
received from the Nigerian National Petroleum Corporation (NNPC).
except expiration day) and the value at the MOC process for the
Platts typically receives NNPC OSP information between the 16th
futures contract that will be the second-month contract during the
and 26th day of the month, applicable for cargoes loading in the
ANS assessment delivery month (used for expiration day only).
following calendar month.
For example, on Nov. 1, when Platts begins its assessment for
Ahead of the release of the November OSP cycle, Platts has
January 2022 delivery ANS, the ANS assessment would be
backfilled historic Agu, CJ Blend and Jones Creek Blend data under
published as a differential to the January ICE Brent CMA. The
the following codes as of Oct. 13, 2021:
January ICE Brent CMA would be calculated as a weighted average
AGOSP00 Agu OSP (Nigeria)
of the March futures MOC value (19 days) and April futures MOC
AGODB00 Agu OSP vs Dated Brent Mavg
value (one day).
CJBOS00 CJ Blend OSP (Nigeria)
Please send any feedback, comments or questions to
CJBDB00 CJ Blend OSP vs Dated Brent Mavg
americas_crude@spglobal.com and pricegroup@spglobal.com.
JCBOS00 Jones Creek Blend OSP (Nigeria)
For written comments, please provide a clear indication if
JCBDB00 Jones Creek Blend OSP vs Dated Brent Mavg
comments are not intended for publication by Platts for public
These new values will be published alongside Platts existing
viewing. Platts will consider all comments received and will make
Nigerian OSPs on Platts Global Alert page 1065.
comments not marked as confidential available upon request.
Please send all comments to europe_crude@spglobal.com and
Quality Premiums for November 2021-loading North Sea cargoes pricegroup@spglobal.com.
Effective Oct. 1, 2021, the North Sea Quality Premiums for For written comments, please provide a clear indication if
November 2021-loading North Sea cargoes will be as follows: comments are not intended for publication by Platts for public
Crude Grade Quality Premium viewing. Platts will consider all comments received and will make
Oseberg QP 0.3301 comments not marked as confidential available to the public upon
Ekofisk QP 0.3173 request.
Troll QP 0.5231
Quality Premiums are available on Platts Global Alert pages 1210 Platts issues MOC guidelines for Carbon-Accounted Crude
and 1212 and in the Platts Pricing Database under the following S&P Global Platts would like to inform the market of its
codes: methodology and publishing standards for its Market on Close
Crude Grade Current Month Month-Ahead (MOC) assessment process covering Carbon-Accounted Crude.
Oseberg QP AAXDW00 AAXDX00
Ekofisk QP AAXDY00 AAXDZ00
Troll QP ATFNB00 ATFNA00 MOC process
Platts will consider all firm bids and offers submitted and published
The QPs are published to four decimal places and at 60% of the net
as open to the market at large and executable unless otherwise
price differences between Ekofisk, Oseberg, Troll and the most
informed by the market participant submitting the information.
competitive grade of crude among Brent, Forties, Oseberg, Ekofisk
Platts publishing standards require full performance on all
and Troll during the month prior to announcement.
information submitted by a counterparty within its MOC process.
Platts announces QPs on the first publishing day of each month, a
This means that any entity participating in the MOC, either as
month prior to the escalators coming into effect.
market maker or market taker, must confirm the relevant terms of
Platts has made available a Question & Answer document in
any deal that results from information submitted as part of the
English, Mandarin and Russian that further elaborates on
MOC process, including a clear intention to fix a vessel and confirm
commonly raised questions from all respondents on its Dated
21
CRUDE OIL MARKETWIRE OCTOBER 21, 2021
the charter party, subject to requirements being fulfilled, with each
counterparty and also to Platts for publication purposes.
To request participation in this MOC please contact
pricegroup@spglobal.com
Standard terms
Standards for the Carbon-Accounted Crude market are an
extension of the existing Crude Oil and MOC standards put forth by
Platts for each specific market.
Platts considers the following terms to be typical for the
publication of Carbon-Accounted Crude bids, offers, and trades. All
submitted information will be considered against these terms for
assessment purposes. Platts may publish bids, offers, and trades
for Carbon-Accounted Crude that carry different terms and
conditions, but may normalize these for assessment purposes.
Unless stated otherwise by a market participant at the time of
submission, all bids and offers will be considered as reflecting the
below standards, which Platts understands to be broadly typical in
the spot Carbon Accounted Crude market. Any variations from
these standards in published bids or offers should be clearly stated
by MOC participants at the time of submission.
All potential sellers must show a recent statement of carbon
accounting and show evidence of third-party calculation that is
setting the carbon intensity of the crude in order to publish an
offer. The carbon intensity of the crude must be calculated by a
first-class, third-party carbon accounting firm. In the event that the
offer is for a Carbon Neutral Crude, wherein the calculated carbon
intensity is offset by the use of carbon credits, the seller must also
include clear documentation of the Standard certification, vintage
and type of credits used for the purpose of off-setting. To ensure
that the credits included are of a sufficient quality, they must
conform to the Platts Voluntary Carbon Credit methodology
available here:https://www.spglobal.com/platts/PlattsContent/_
assets/_files/en/our-methodology/methodology-specifications/
method_carbon_credits.pdf.
Any potential buyer must be able to perform on any published bid
or lifted offer and must have been previously reviewed for
participation in the waterborne crude MOC for the market in
question. In addition to meeting the existing MOC publication
standards, a bid for carbon accounted crude must also include the
maximum carbon intensity for the cargo and the degree to which
that coverage should extend: ie well-to-tank, well-to-refinery gate,
etc.
In the event of a performance review — in addition to the
standards set forth by Platts in the Crude Oil market — market
participants must show that the credits have indeed been
purchased to cover the total emissions for expressed cycle and
have been retired to offset the specified carbon intensity.
© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Additional documentation demonstrating that the credits used
have adhered to the Platts methodology may be required.
Counterparties also may be required to fully document the
upstream production pathway for the full crude cargo. All physical
cargo standards must match those laid out in the specific MOC, ie
any carbon accounted WTI Midland cargo delivered into Europe
must, in addition to the standards highlighted above, also meet the
physical requirements laid out in the DAP Europe WTI Midland MOC
process.
CI Verification & Calculation: The calculation/verification party must
be stated in any potential offer. The names of the parties must be
explicitly stated in the terms of the offer.
The carbon intensity of the crude must be calculated by a first-
class third-party carbon calculating firm.
Through feedback from market participants, Platts will accept third
parties included in the lists provided by national accreditation
boards such as but not limited to ANAB (ANSI National
Accreditation Board). These parties will be able to perform the
verification function for MOC participants. Any third parties not
accredited will be subject to further review by Platts.
CI coverage: To be stated in any offer. Ex: well-head to refinery
gate.
Platts expects CI in the bid/offer to cover emissions during the
production, processing, and transportation segments of the supply
chain. A bid/offer that includes CI and considers other segments
such as but not limited to exploration, drilling, combustion will be
accepted but is subject to normalization.
Platts expects that CI should be calculated using the Oil Production
Greenhouse Gas Emissions Estimator (OPGEE) 2.0 model as a
minimum basis for analysis.
Shipping:
In the event that the cargo on offer has not yet loaded, and thus a
specific vessel cannot be guaranteed to fully determine the CI of
the voyage from loadport to refinery gate cannot be known at time
of trade, carbon intensity should be calculated basis a standard
Aframax vessel carrying 700,000 barrels, with length of journey
and average speed to be estimated and then verified upon delivery.
Timing and increments
Market participants must submit any bids and offers with complete
information to Platts editors by phone, instant message, or email
before 3:45 pm London time ahead of the European MOC, for
consideration to be published as part of the MOC process. Market
participants can improve the price of their published bids and
offers by a maximum of 5 cents/barrel every minute. Participants
may change the price of their bids or offers by a minimum of 1
cent/barrel. No price changes will be permitted in the final five
minutes of the MOC process, which concludes at 4:30 pm London
time for the European MOC, respectively.
22
Buyers and sellers may withdraw their bids or offers at any time
during the MOC by communicating so to Platts editors, provided
interest to trade against the published bid or offer has not already
been received by Platts.
Counterparties must clearly communicate their interest to trade a
published bid or offer to Platts editors, and counterparties are
expected to promptly report resultant confirmed transactions to
Platts.
Please send all feedback, comments, and questions to
Platts_LowCarbonCrude@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 launches monthly carbon intensity calculations, daily
carbon offset premium assessments for 14 different crude fields
S&P Global Platts has launched carbon intensity calculations and
daily carbon offset premiums for 14 separate crude fields, effective
Oct. 1.
This follows on from a decision announced Sept. 28 and available
here: Platts to launch carbon intensity calculations, carbon offset
premium assessments for 14 different crude fields Oct 1
Platts has begun publishing monthly calculations of crude oil field
carbon intensity in kilograms of carbon dioxide equivalent per
barrel of oil equivalent (kgCO2e/boe); monthly calculations of
transportation carbon intensity along one relevant route per crude
in kilograms of carbon dioxide equivalent per barrel (KgCO2e/b);
and daily offset premium assessments in $/b for both using the
daily Platts Carbon Removal Credit (CRC) voluntary carbon credit
assessment.
Measuring the Carbon Intensity (CI) of different commodities has
become one of the ways the market has started to calculate the
GHG emissions from specific types of production. While CI is
currently being used by the market as a way to determine the
volume of carbon credits needed to offset the GHG emissions of
specific activities, CI has the capacity to eventually act as an
attribute for specific commodities. In the case of crude oil, CI is
expected to eventually act as an additional attribute for a specific
barrel of crude, similar to API, Sulfur percentage, or TAN.
The Platts Carbon Intensity methodology is designed to reflect the
value of upstream production for a specific crude grade, which
reflects CI in its value.
Platts’ upstream carbon intensity calculation measures the impact
of greenhouse gas emissions from well production to the storage
terminal. Emissions generated during the exploration and drilling
stages are currently not included as part of the Platts upstream CI
calculation. Results are calculated using the Oil Production
CRUDE OIL MARKETWIRE OCTOBER 21, 2021

Greenhouse Gas Emissions Estimator (OPGEE) 2.0 model, Crude Upstream CI Upstream CI Transport Transport CI Transport CI
combined with proprietary research and data from S&P Global Field KgCO2e/boe Premium $/boe Route KgCO2e/bbl Premium $/bbl
Platts Analytics. Bates: u c u c
Platts’ midstream carbon intensity calculation measures the Bakken BAKNC40 BAKNC00 Beaumont to Rotterdam BAKNC50 BAKNC10
carbon intensity for one transport route per crude from the storage Cantarell CNTLC40 CNTLC00 Cantarell to Bilbao CNTLC50 CNTLC10
terminal to the most typical refining hub. Cold-Lake CDLKC40 CDLKC00 Canada - US Midwest CDLKC50 CDLKC10
Below are the assumptions that Platts has taken into consideration Eagle Ford EGFDC40 EGFDC00 Houston to Qingdao EGFDC50 EGFDC10
Ekofisk EKFSC40 EKFSC00 Teesside to Rotterdam EKFSC50 EKFSC10
when calculating the midstream carbon intensity for shipping
Ghawar GHWRC40 GHWRC00 Ras Tanura to Qingdao GHWRC50 GHWRC10
routes.
Girassol GRSLC40 GRSLC00 Girassol to Qingdao GRSLC50 GRSLC10
Shipping assumptions John Sverdrup JSVRC40 JSVRC00 Mongstad to Rotterdam JSVRC50 JSVRC10
Vessel and cargo size: Aframax with 600K barrels Kirkuk KIRKC40 KIRKC00 Ceyhan to Rotterdam KIRKC50 KIRKC10
Load Factor: 0.8 Mars-Ursa MRURC40 MRURC00 Mars to Qingdao MRURC50 MRURC10
Speed: 12.5 knots Permian-Delaware PRDLC40 PRDLC00 Corpus Christi to Rotterdam PRDLC50 PRDLC10
Fuel: HSFO Permian-Midland PRMDC40 PRMDC00 Corpus Christi to Rotterdam PRMDC50 PRMDC10
Heating of cargo or volume losses are not included in Platts’ CI Tengiz TNGZC40 TNGZC00 Novo to Rotterdam TNGZC50 TNGZC10
transport calculations. Tupi TUPIC40 TUPIC00 Rio to Qingdao CI TUPIC50 TUPIC10
Platts has also launched carbon intensity premiums for both the
upstream and midstream calculations, which reflect the cost to
offset the emissions from each of the crudes in addition to a much it would cost to use the carbon removal credit to offset the Please send any feedback to Platts_Carbon@spglobal.com and
separate premium reflecting the offsetting cost for each, specific associated greenhouse gas emissions from the production of the pricegroup@spglobal.com.
transportation route. Crude streams and different transportation crude as well as the route in question. For written comments, please provide a clear indication if
routes have a variety of carbon intensities depending on where the These new assessments will be available in Crude Oil Marketwire; comments are not intended for publication by Platts for public
crude comes from and the distance to the refinery. on Platts Fixed Pages PGA 4200 and PCR 4200; as well as in Platts viewing. Platts will consider all comments received and will make
Depending on the carbon intensity of each crude and carbon Dimensions Pro and in the Platts Pricing database under the comments not marked as confidential available upon request.
intensity of the route, the calculation is a $/b indication of how following codes:

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 23
CRUDE OIL MARKETWIRE OCTOBER 21, 2021

PLATTS ANALYTICS US YIELDS & NETBACKS EFFECTIVE OCTOBER 21, 2021 ($/barrel)
US Gulf Coast (PGA page 0833) US Gulf Coast (PGA page 0841)
Crack Yield Freight Crack Netback Crude Price Crack Margin Coke Yield Freight Coke Netback Crude Price Coke Margin
Agbami AGGCY00 94.07 AGGFA00 2.56 AGGCN00 91.51 AAQZB00 82.17 AGGCM00 7.70
Arab Berri BEGCY00 92.36 TDDAC00 1.32 BEGCN00 91.05 AAXCT00 83.30 BEGCM00 9.40
Arab Heavy AHGCY00 91.24 TDDAJ00 1.39 AHGCN00 89.86 AAXDI00 81.10 AHGCM00 10.41 Arab Heavy AHGOY00 91.24 TDDAJ00 1.39 AHGON00 89.86 AAXDI00 81.10 AHGOM00 10.41
Arab Light LIGCY00 91.03 TDDAR00 1.35 LIGCN00 89.68 AAXCU00 82.25 LIGCM00 9.08 Arab Light LIGOY00 93.40 TDDAR00 1.35 LIGON00 92.05 AAXCU00 82.25 LIGOM00 11.45
Arab Medium MEGCY00 86.47 TDDAZ00 1.35 MEGCN00 85.11 AAXDN00 81.55 MEGCM00 5.22 Arab Medium MEGOY00 90.55 TDDAZ00 1.35 MEGON00 89.20 AAXDN00 81.55 MEGOM00 9.30
Bakken BKGCY00 94.34 TDDRP00 7.78 BKGCN00 86.56 AAXPP00 81.56 BKGCM00 5.00
Basrah Heavy BHGOY00 86.82 BHGFA00 1.48 BHGON00 85.33 AALZC00 80.15 BHGOM00 8.65
Basrah Light BLGCY00 83.77 TDDBS00 1.43 BLGCN00 82.34 AAXDO00 82.35 BLGCM00 3.61 Basrah Light BLGOY00 88.95 TDDBS00 1.43 BLGON00 87.52 AAXDO00 82.35 BLGOM00 8.79
Bonny Light YLGCY00 96.27 TDDBX00 2.19 YLGCN00 94.08 PCAIC00 83.02 YLGCM00 9.41
Brent BRGCY00 93.84 TDDCB00 1.57 BRGCN00 92.27 AAVJA00 83.72 BRGCM00 6.91
Cabinda CBGCY00 95.31 TDDCF00 2.35 CBGCN00 92.96 PCAFD00 82.57 CBGCM00 8.74 Cabinda CBGOY00 93.59 TDDCF00 2.35 CBGON00 91.23 PCAFD00 82.57 CBGOM00 7.02
Castilla Blend CSGOY00 87.99 CSGFA00 2.05 CSGON00 85.94 AAVEQ00 76.56 CSGOM00 9.38
Eagle Ford EAGCY00 95.10 AAYAT00 82.69 EAGCM00 12.41
Escalante ECGCY00 93.99 TDDCV00 4.11 ECGCN00 89.88 PCAGC00 84.56 ECGCM00 4.68
Forties FTGCY00 93.22 FTGFA00 1.48 FTGCN00 91.74 PCADJ00 83.74 FTGCM00 6.35
Isthmus ISGCY00 92.23 TDDDJ00 1.25 ISGCN00 90.99 PDATO09 80.22 ISGCM00 10.77
LLS LLGCY00 95.56 TDDQW00 0.55 LLGCN00 95.01 PCABN00 84.15 LLGCM00 10.86 LLS LLGOY00 95.10 TDDQW00 0.55 LLGON00 94.55 PCABN00 84.15 LLGOM00 10.40
Marlim MLGCY00 93.18 TDDGK00 3.00 MLGCN00 90.18 AAITF00 81.21 MLGCM00 8.34 Marlim MLGOY00 90.22 TDDGK00 3.00 MLGON00 87.23 AAITF00 81.21 MLGOM00 5.38
Mars MRGCY00 89.07 TDDQY00 0.55 MRGCN00 88.52 AAMBR00 80.90 MRGCM00 7.62 Mars MRGOY00 92.65 TDDQY00 0.55 MRGON00 92.10 AAMBR00 80.90 MRGOM00 11.20
Maya MYGCY00 78.03 TDDDP00 1.30 MYGCN00 76.73 PDATS09 77.62 MYGCM00 -0.89 Maya MYGOY00 88.20 TDDDP00 1.30 MYGON00 86.90 PDATS09 77.62 MYGOM00 9.28
Mesa MSGCY00 92.24 TDDDV00 1.94 MSGCN00 90.29 AAITB00 80.36 MSGCM00 9.93
Napo NPGOY00 86.72 NPGFA00 2.53 NPGON00 84.19 AAMCA00 73.60 NPGOM00 9.63
Olmeca OLGCY00 94.37 TDDDY00 1.25 OLGCN00 93.12 PDATT09 80.42 OLGCM00 12.70
Oriente ORGOY00 90.95 ORGFA00 2.41 ORGON00 88.54 PCADE00 78.60 ORGOM00 9.04
Poseidon PDGCY00 90.51 PDGFA00 0.00 PDGCN00 90.51 AABHK00 80.35 PDGCM00 10.16
Saharan Blend SHGCY00 94.15 TDDRD00 1.36 SHGCN00 92.80 AAGZY00 83.65 SHGCM00 7.50
Syncrude SYGCY00 97.23 SYGFA00 8.52 SYGCN00 88.71 AASOK00 79.51 SYGCM00 9.20
Urals URGCY00 91.13 TDDFM00 1.68 URGCN00 89.46 AAWVH00 80.10 URGCM00 7.72 Urals URGOY00 92.88 TDDFM00 1.68 URGON00 91.20 AAWVH00 80.10 URGOM00 9.46
Vasconia VCGOY00 94.38 VCGFA00 1.99 VCGON00 92.39 PCAGI00 79.26 VCGOM00 13.13
WCS ex-Hardisty WHGOY00 90.01 TDDRS00 8.50 WHGON00 81.51 AAPPN00 66.86 WHGOM00 14.65
WCS ex-Nederland WNGOY00 90.01 WCGFA00 0.00 WNGON00 90.01 AAYAY00 74.71 WNGOM00 15.30
WTI WTGCY00 94.85 AAYRG00 83.70 WTGCM00 11.15
WTS WSGCY00 91.31 TDDRJ00 6.89 WSGCN00 84.42 PCACK00 82.65 WSGCM00 1.77 WTS WSGOY00 93.89 TDDRJ00 6.89 WSGON00 87.00 PCACK00 82.65 WSGOM00 4.35

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 24
CRUDE OIL MARKETWIRE OCTOBER 21, 2021

PLATTS ANALYTICS US YIELDS & NETBACK ($/barrel)

US Midwest (PGA page 0823) US Midwest (PGA page 0821)
Crack Yield Freight Crack Netback Crude Price Crack Margin Coke Yield Freight Coke Netback Crude Price Coke Margin
Bakken BKTCY00 93.28 TDDRO00 1.68 BKTCN00 91.60 AASRU00 82.46 BKTCM00 9.14
Syncrude SYTCY00 95.36 TDDFP00 8.20 SYTCN00 87.16 AASOK00 79.51 SYTCM00 7.65
WCS WCTOY00 89.05 TDDRL00 8.56 WCTON00 80.49 AAPPN00 66.86 WCTOM00 13.63
WTI WTTCY00 93.44 TDDRG00 2.39 WTTCN00 91.04 PCACG00 83.25 WTTCM00 7.79
WTS WSTCY00 90.68 TDDRI00 3.08 WSTCN00 87.59 PCACK00 82.65 WSTCM00 4.94 WTS WSTOY00 92.82 TDDRI00 3.08 WSTON00 89.74 PCACK00 82.65 WSTOM00 7.09

US West Coast (PGA page 0843) US West Coast (PGA page 0841)
Crack Yield Freight Crack Netback Crude Price Crack Margin Coke Yield Freight Coke Netback Crude Price Coke Margin
ANS ANWCY00 99.26 PCAAD00 83.94 ANWCM00 15.32 ANS ANWOY00 99.11 PCAAD00 83.94 ANWOM00 15.17
Arab Light LIWOY00 100.21 TDDAT00 1.35 LIWON00 98.86 AAXCU00 82.25 LIWOM00 18.26
Arab Medium MEWOY00 97.00 TDDBB00 1.35 MEWON00 95.65 AAXDN00 81.55 MEWOM00 15.75
Bakken BKWCY00 101.90 TDDRT00 11.74 BKWCN00 90.16 AAXPP00 81.56 BKWCM00 8.60
Basrah Heavy BHWOY00 96.37 BHWFA00 1.95 BHWON00 94.42 AALZC00 80.15 BHWOM00 18.38
Basrah Light BLWOY00 97.44 TDDBW00 1.87 BLWON00 95.57 AAXDO00 82.35 BLWOM00 17.47
Castilla Blend CSWOY00 98.95 CSWFA00 3.71 CSWON00 95.24 AAVEQ00 76.56 CSWOM00 17.71
Maya MYWOY00 95.84 MYWFA00 2.19 MYWON00 93.66 AAUPK00 77.77 MYWOM00 15.89
Napo NPWOY00 95.60 NPWFA00 3.12 NPWON00 92.48 AAMCA00 73.60 NPWOM00 17.92
Oriente ORWOY00 98.28 TDDEC00 2.97 ORWON00 95.31 PCADE00 78.60 ORWOM00 15.81
Vasconia VCWOY00 105.39 VCWFA00 3.59 VCWON00 101.81 PCAGI00 79.26 VCWOM00 21.61

US Atlantic Coast (PGA page 0811)

Crack Yield Freight Crack Netback Crude Price Crack Margin
Agbami AGACY00 96.24 AGAFA00 2.23 AGACN00 94.01 AAQZB00 82.17 AGACM00 10.20
Arab Light LIACY00 91.03 TDDAU00 1.35 LIACN00 89.68 AAXCU00 82.25 LIACM00 9.08
Bakken BKACY00 96.87 TDDRN00 7.20 BKACN00 89.67 AAXPP00 81.56 BKACM00 8.11
Bonny Light YLACY00 96.85 TDDBZ00 2.04 YLACN00 94.81 PCAIC00 83.02 YLACM00 10.15
Brent BRACY00 95.21 TDDCC00 1.86 BRACN00 93.35 AAVJA00 83.72 BRACM00 8.62
Cabinda CBACY00 96.09 TDDCH00 2.22 CBACN00 93.88 PCAFD00 82.57 CBACM00 9.66
CPC Blend CPACY00 95.84 CPAFA00 2.37 CPACN00 93.46 AALVX00 81.31 CPACM00 11.14
Forties FTACY00 95.85 FTAFA00 1.73 FTACN00 94.11 PCADJ00 83.74 FTACM00 9.36
Saharan Blend SHACY00 96.02 SHAFA00 1.20 SHACN00 94.82 AAGZY00 83.65 SHACM00 9.53
Urals URACY00 91.49 URAFA00 1.41 URACN00 90.08 AAWVH00 80.10 URACM00 8.34

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 25
CRUDE OIL MARKETWIRE OCTOBER 21, 2021

PLATTS ANALYTICS EUROPEAN YIELDS & NETBACKS EFFECTIVE OCTOBER 21, 2021 ($/barrel)
Northwest Europe (PGA page 1811) Mediterranean (PGA page 1821)
Crack Yield Freight Crack Netback Crude Price Crack Margin Crack Yield Freight Crack Netback Crude Price Crack Margin
Agbami AGNCY00 93.14 AGNFA00 2.02 AGNCN00 91.12 AAQZB00 82.17 AGNCM00 8.95 Agbami AGMCY00 91.86 AGMFA00 2.05 AGMCN00 89.80 AAQZB00 82.17 AGMCM00 7.64
Arab Berri BENCY00 91.88 BENFA00 1.32 BENCN00 90.56 AAXDU00 83.81 BENCM00 6.75
Arab Heavy AHNCY00 84.18 TDDAN00 1.39 AHNCN00 82.79 AAXDH00 81.41 AHNCM00 1.38 Arab Heavy AHMCY00 83.72 TDDAI00 1.39 AHMCN00 82.33 AAXDH00 81.41 AHMCM00 0.27
Arab Light LINCY00 90.43 TDDAV00 1.35 LINCN00 89.08 AAXDK00 82.91 LINCM00 6.17 Arab Light LIMCY00 89.46 TDDAQ00 1.35 LIMCN00 88.11 AAXDK00 82.91 LIMCM00 4.65
Arab Medium MENCY00 86.10 TDDBD00 1.36 MENCN00 84.74 AAXDM00 82.31 MENCM00 2.43 Arab Medium MEMCY00 85.26 TDDAY00 1.37 MEMCN00 83.90 AAXDM00 82.31 MEMCM00 1.14
Azeri Light ZLNCY00 94.71 TDDBI00 1.63 ZLNCN00 93.08 AATHM00 83.62 ZLNCM00 8.74 Azeri Light* ZLMCY00 93.43 AAGZX00 85.15 ZLMCM00 8.29
Basrah Light BLNCY00 83.22 TDDBU00 1.74 BLNCN00 81.48 AALZA00 83.00 BLNCM00 1.04 Basrah Light BLMCY00 82.73 TDDBR00 1.42 BLMCN00 81.32 AALZA00 83.00 BLMCM00 0.88
Bonny Light YLNCY00 95.14 YLNFA00 1.97 YLNCN00 93.17 PCAIC00 83.02 YLNCM00 10.16 Bonny Light YLMCY00 93.86 YLMFA00 1.84 YLMCN00 92.02 PCAIC00 83.02 YLMCM00 9.00
Brent BRNCY00 93.39 TDDCD00 1.65 BRNCN00 91.74 AAVJA00 83.72 BRNCM00 8.02
Cabinda CBNCY00 94.19 TDDQR00 2.15 CBNCN00 92.04 PCAFD00 82.57 CBNCM00 9.48 Cabinda CBMCY00 92.97 CBMFA00 2.02 CBMCN00 90.95 PCAFD00 82.57 CBMCM00 8.39
CPC Blend CPNCY00 93.24 CPNFA00 2.16 CPNCN00 91.08 AALVX00 81.31 CPNCM00 9.77 CPC Blend* CPMCY00 91.69 AAGZU00 82.40 CPMCM00 9.29
Dubai DBNCY00 89.19 DBNFA00 2.53 DBNCN00 86.66 PCAAT00 83.10 DBNCM00 4.23
Eagle Ford EANCY00 94.27 EANFA00 3.34 EANCN00 90.94 AAYAT00 82.69 EANCM00 9.26 Eagle Ford EAMCY00 92.92 TNEIF00 4.53 EAMCN00 88.40 AAYAT00 82.69 EAMCM00 6.72
Ekofisk EKNCY00 93.38 TDDCT00 1.03 EKNCN00 92.36 PCADI00 84.06 EKNCM00 8.30
Forties FTNCY00 92.60 TDDEZ00 1.29 FTNCN00 91.31 PCADJ00 83.74 FTNCM00 7.57 Forties FTMCY00 91.34 FTMFA00 1.94 FTMCN00 89.40 PCADJ00 83.74 FTMCM00 5.66
Iran Heavy BHNCY00 89.36 TDDDG00 2.60 BHNCN00 86.76 AIHKA00 77.42 BHNCM00 8.66 Iran Heavy BHMCY00 88.49 TDDDF00 1.45 BHMCN00 87.04 AIHKA00 77.42 BHMCM00 8.93
Johan Sverdrup JSNCY00 91.82 JSNFA00 1.35 JSNCN00 90.47 AJSVA00 80.72 JSNCM00 9.76 Johan Sverdrup JSMCY00 90.74 JSMFA00 2.05 JSMCN00 88.69 AJSVA00 80.72 JSMCM00 7.97
Kirkuk KRNCY00 89.04 TDDGH00 2.12 KRNCN00 86.92 AAEJD00 81.76 KRNCM00 4.32 Kirkuk KRMCY00 88.09 TDDFF00 1.26 KRMCN00 86.83 AAEJD00 81.76 KRMCM00 4.23
LLS LLNCY00 94.41 LLNFA00 3.53 LLNCN00 90.88 AAQBB00 82.81 LLNCM00 7.74 LLS LLMCY00 93.15 LLMFA00 4.72 LLMCN00 88.43 AAQBB00 82.81 LLMCM00 5.29
Maya MYNCY00 78.36 MYNFA00 3.60 MYNCN00 74.76 AAYXE00 76.96 MYNCM00 -2.20
Oman OMNCY00 91.21 OMNFA00 2.49 OMNCN00 88.72 PCABS00 83.19 OMNCM00 6.21 Oman OMMCY00 90.30 OMMFA00 1.66 OMMCN00 88.64 PCABS00 83.19 OMMCM00 6.13
Saharan Blend SHNCY00 93.88 TDDGI00 1.41 SHNCN00 92.47 AAGZY00 83.65 SHNCM00 8.82 Saharan Blend SHMCY00 92.27 TDDFG00 1.06 SHMCN00 91.22 AAGZY00 83.65 SHMCM00 7.57
Urals* URNCY00 90.58 PCAFW00 81.02 URNCM00 9.56 Urals* URMCY00 90.01 PCACE00 81.11 URMCM00 8.90
WTI MEH WTNCY00 93.09 WTNFA00 3.39 WTNCN00 89.70 AAYRZ00 82.36 WTNCM00 7.01
*Indicates the crude price is a CIF value

PLATTS ANALYTICS ASIAN YIELDS & NETBACKS EFFECTIVE OCTOBER 21, 2021 ($/barrel)
Singapore (PGA page 2811) Singapore (PGA page 2811)
Crack Yield Freight Crack Netback Crude Price Crack Margin Crack Yield Freight Crack Netback Crude Price Crack Margin
Agbami AGSCY00 91.93 AGSFA00 1.97 AGSCN00 89.96 AAQZB00 82.17 AGSCM00 6.43 Forties FTSCY00 91.84 TNEFD00 2.42 FTSCN00 89.42 PCADJ00 83.74 FTSCM00 4.32
Arab Berri BESCY00 90.89 BESFA00 1.04 BESCN00 89.85 AAXDV00 85.15 BESCM00 4.70 Kimanis KISCY00 96.36 KISFA00 0.78 KISCN00 95.58 AASCL00 88.02 KISCM00 7.56
Arab Heavy AHSCY00 83.68 TDDAO00 1.07 AHSCN00 82.61 AAXDG00 83.55 AHSCM00 -0.93 LLS LLSCY00 93.15 LLSFA00 2.61 LLSCN00 90.55 AAZDC00 84.19 LLSCM00 6.05
Arab Light LISCY00 89.13 TDDAW00 1.05 LISCN00 88.08 AAXDJ00 84.85 LISCM00 3.24 Mars MRSCY00 87.56 MRSFA00 2.68 MRSCN00 84.88 AAMBR00 80.90 MRSCM00 3.63
Arab Medium MESCY00 85.33 TDDBE00 1.06 MESCN00 84.27 AAXDL00 84.60 MESCM00 -0.33 Maya MYSCY00 82.31 MYSFA00 2.81 MYSCN00 79.50 AAYXG00 78.45 MYSCM00 1.05
Basrah Light BHSCY00 84.49 BHSFA00 1.07 BHSCN00 83.43 AALZA00 83.00 BHSCM00 -0.57 Minas MNSCY00 93.02 TDDDX00 0.78 MNSCN00 92.23 PCABO00 81.65 MNSCM00 10.58
Bonny Light YLSCY00 94.03 YLSFA00 1.79 YLSCN00 92.23 PCAIC00 83.02 YLSCM00 7.86 Oman OMSCY00 87.53 TDDEB00 0.97 OMSCN00 86.56 PCABS00 83.19 OMSCM00 3.37
Cabinda CBSCY00 92.60 TDDQS00 1.73 CBSCN00 90.86 PCAFD00 82.57 CBSCM00 6.94 Qua lboe QBSCY00 94.29 QBSFA00 1.79 QBSCN00 92.50 PCAID00 82.92 QBSCM00 8.22
Castilla CSSCY00 80.87 CSSFA00 2.86 CSSCN00 78.01 AAVEQ00 76.56 CSSCM00 1.10 Saharan Blend SHSCY00 91.86 SHSFA00 1.71 SHSCN00 90.15 AAGZY00 83.65 SHSCM00 4.52
Dalia DLSCY00 91.86 DLSFA00 1.79 DLSCN00 90.07 AAQYX00 82.17 DLSCM00 6.54 Tapis TPSCY00 93.06 TDDEO00 0.78 TPSCN00 92.28 PCACB00 86.82 TPSCM00 5.46
Dubai DBSCY00 88.23 TDDCQ00 1.01 DBSCN00 87.22 PCAAT00 83.10 DBSCM00 4.12 Tupi* LUSCY00 91.51 LUQDA00 86.19 LUSCM00 5.45
Duri DRSCY00 94.46 TDDCR00 0.85 DRSCN00 93.61 PCABA00 87.32 DRSCM00 6.29 Urals URSCY00 88.74 URSFA00 1.79 URSCN00 86.95 AAGZS00 79.87 URSCM00 5.72
Eagle Ford EASCY00 93.27 EASFA00 2.50 EASCN00 90.77 AAYAT00 82.69 EASCM00 7.73 WTI MEH WTSCY00 92.26 WTSFA00 2.54 WTSCN00 89.71 AAZDF00 83.74 WTSCM00 5.66
ESPO ESSCY00 91.45 ESSFA00 0.80 ESSCN00 90.65 AARWF00 86.18 ESSCM00 4.47
*Indicates the crude price is a CIF value

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 26
CRUDE OIL MARKETWIRE OCTOBER 21, 2021

US AND CARIBBEAN YIELDS AND NETBACKS EFFECTIVE OCTOBER 21, 2021 ($/barrel)
Caribbean Winter Specifications (PGA page 802) Caribbean Winter Specifications (PGA page 804)
Crack Yield Freight Crack Netback Spot Price Crack Margin Coke Yield Freight Coke Netback Spot Price Coke Margin
BCF 22 TYAET00 85.51 TDDBN00 0.70 TNAET00 84.81 BCF 22 TYAER00 89.26 TDDBN00 0.70 TNAER00 88.56
BCF 24 TYAFF00 86.85 TDDBQ00 0.69 TNAFF00 86.16 BCF 24 TYAFD00 90.16 TDDBQ00 0.69 TNAFD00 89.47
Escalante TYAKE00 96.12 TDDEY00 4.36 TNAKE00 91.76 PCAGC00 84.560 TNAKEMR 7.200 Escalante TYAKC00 90.85 TDDEY00 4.36 TNAKC00 86.49 PCAGC00 84.560 TNAKCMR 1.930
Isthmus TYAMN00 90.98 TDDDK00 1.13 TNAMN00 89.85 PDATO09 80.220 TNAMNMR 9.630 Isthmus TYAML00 92.56 TDDDK00 1.13 TNAML00 91.43 PDATO09 80.220 TNAMLMR 11.210
Maya TYAOF00 81.71 TDDDR00 1.16 TNAOF00 80.55 PDATS09 77.620 TNAOFMR 2.930 Maya TYAOD00 86.53 TDDDR00 1.16 TNAOD00 85.37 PDATS09 77.620 TNAODMR 7.750
Merey TYAOV00 82.44 TDDDU00 0.94 TNAOV00 81.50 Merey TYAOT00 86.86 TDDDU00 0.94 TNAOT00 85.92
Mesa TYAPD00 90.71 TDDFB00 0.86 TNAPD00 89.85 AAITB00 80.360 TNAPDMR 9.490 Mesa TYAPB00 92.25 TDDFB00 0.86 TNAPB00 91.39 AAITB00 80.360 TNAPBMR 11.030
Olmeca TYAQB00 91.78 TDDEA00 1.08 TNAQB00 90.70 PDATT09 80.420 TNAQBMR 10.280 Olmeca TYAPZ00 93.47 TDDEA00 1.08 TNAPZ00 92.39 PDATT09 80.420 TNAPZMR 11.970

US Atlantic Coast Winter Specifications (PGA page 810) US Atlantic Coast Winter Specifications (PGA page 812)
Crack Yield Freight Crack Netback Spot Price Crack Margin Coke Yield Freight Coke Netback Spot Price Coke Margin
Arab Heavy TYABN00 89.05 TDDAM00 1.12 TNABN00 87.93 AAXDI00 81.100 TNABNMR 6.830 Arab Heavy TYABL00 93.12 TDDAM00 1.12 TNABL00 92.00 AAXDI00 81.100 TNABLMR 10.900
Arab Light TYACL00 92.75 TDDAU00 1.35 TNACL00 91.40 AAXCU00 82.250 TNACLMR 9.150 Arab Light TYACJ00 95.58 TDDAU00 1.35 TNACJ00 94.23 AAXCU00 82.250 TNACJMR 11.980
Arab Medium TYADR00 90.42 TDDBC00 1.09 TNADR00 89.33 AAXDN00 81.550 TNADRMR 7.780 Arab Medium TYADP00 94.08 TDDBC00 1.09 TNADP00 92.99 AAXDN00 81.550 TNADPMR 11.440
Bakken TYASE00 98.38 TDDRN00 7.20 TNASE00 91.18 AAXPP00 81.560 TNASEMR 9.620
Bonny Light TYAGP00 100.76 TDDBZ00 2.04 TNAGP00 98.72 PCAIC00 83.015 TNAGPMR 15.705
Brass River TYAHB00 98.42 TDDEW00 1.64 TNAHB00 96.78 AAEJB00 82.815 TNAHBMR 13.965
Brent TYAHP00 98.00 TDDCC00 1.86 TNAHP00 96.14 AAVJA00 83.715 TNAHPMR 12.425 Brent TYAHN00 98.24 TDDCC00 1.86 TNAHN00 96.38 AAVJA00 83.715 TNAHNMR 12.665
Cabinda TYAIB00 100.59 TDDCH00 2.22 TNAIB00 98.37 PCAFD00 82.565 TNAIBMR 15.805 Cabinda TYAHZ00 98.09 TDDCH00 2.22 TNAHZ00 95.87 PCAFD00 82.565 TNAHZMR 13.305
Ekofisk TYAKB00 99.15 TDDCS00 0.96 TNAKB00 98.19 PCADI00 84.060 TNAKBMR 14.130 Ekofisk TYAJZ00 98.66 TDDCS00 0.96 TNAJZ00 97.70 PCADI00 84.060 TNAJZMR 13.640
Forcados TYAKV00 102.38 TDDDA00 1.76 TNAKV00 100.62 PCABC00 82.965 TNAKVMR 17.655
Hibernia TYALT00 97.87 TDDDE00 1.01 TNALT00 96.86 AAJKK00 83.355 TNALTMR 13.505 Hibernia TYALR00 98.05 TDDDE00 1.01 TNALR00 97.04 AAJKK00 83.355 TNALRMR 13.685
Oriente TYAQR00 91.74 TDDED00 2.21 TNAQR00 89.53 PCADE00 78.595 TNAQRMR 10.935 Oriente TYAQP00 94.26 TDDED00 2.21 TNAQP00 92.05 PCADE00 78.595 TNAQPMR 13.455
Statfjord TYASN00 98.71 TDDEL00 1.04 TNASN00 97.67 PCAEE00 83.515 TNASNMR 14.155 Statfjord TYASL00 98.49 TDDEL00 1.04 TNASL00 97.45 PCAEE00 83.515 TNASLMR 13.935
Troll TYATH00 100.67 TDDEQ00 0.95 TNATH00 99.72 AAWEX00 84.325 TNATHMR 15.395 Troll TYATF00 99.96 TDDEQ00 0.95 TNATF00 99.01 AAWEX00 84.325 TNATFMR 14.685

US Midwest Winter Specifications (PGA page 820) US Midwest Winter Specifications (PGA page 822)
Crack Yield Freight Crack Netback Spot Price Crack Margin Coke Yield Freight Coke Netback Spot Price Coke Margin
Bakken TYASA00 93.93 TDDRO00 1.68 TNASA00 92.25 AAXPP00 81.560 TNASAMR 10.690
Bow River TYAGV00 90.95 TDDRL00 8.56 TNAGV00 82.39
LLS TYANT00 96.00 TDDQV00 1.02 TNANT00 94.98 PCABN00 84.150 TNANTMR 10.830 LLS TYANR00 95.56 TDDQV00 1.02 TNANR00 94.54 PCABN00 84.150 TNANRMR 10.390
Mixed Lt Sour TYAPX00 88.71 TDDQZ00 2.42 TNAPX00 86.29 AALRX00 78.260 TNAPXMR 8.030 Mixed Lt Sour TYAPV00 91.18 TDDQZ00 2.42 TNAPV00 88.76 AALRX00 78.260 TNAPVMR 10.500
Mixed Lt Sweet TYAQZ00 94.07 TDDRA00 4.00 TNAQZ00 90.07 AALRR00 78.910 TNAQZMR 11.160 Mixed Lt Sweet TYAQX00 94.43 TDDRA00 4.00 TNAQX00 90.43 AALRR00 78.910 TNAQXMR 11.520
Syncrude TYAUR00 95.93 TDDFP00 8.20 TNAUR00 87.73 AASOK00 79.510 TNAURMR 8.220
WCS TYAVG00 86.72 TDDRL00 8.56 TNAVG00 78.16 AAPPN00 66.860 TNAVGMR 11.300
WTI TYAUB00 93.42 TDDRG00 2.39 TNAUB00 91.03 PCACG00 83.250 TNAUBMR 7.780 WTI TYATZ00 93.04 TDDRG00 2.39 TNATZ00 90.65 PCACG00 83.250 TNATZMR 7.400
WTS TYAUJ00 89.40 TDDRI00 3.08 TNAUJ00 86.32 PCACK00 82.650 TNAUJMR 3.670 WTS TYAUH00 92.52 TDDRI00 3.08 TNAUH00 89.44 PCACK00 82.650 TNAUHMR 6.790

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CRUDE OIL MARKETWIRE OCTOBER 21, 2021

US YIELDS AND NETBACKS ($/barrel)

US Gulf Coast Winter specifications (PGA page 830) US Gulf Coast Winter specifications (PGA page 832)
Crack Yield Freight Crack Netback Spot Price Crack Margin Coke Yield Freight Coke Netback Spot Price Coke Margin
Arab Berri TYAAL00 92.98 TDDAC00 1.32 TNAAL00 91.66 AAXCT00 83.300 TNAALMR 8.360 Arab Berri TYAAJ00 93.65 TDDAC00 1.32 TNAAJ00 92.33 AAXCT00 83.300 TNAAJMR 9.030
Arab Heavy TYABR00 85.82 TDDAJ00 1.39 TNABR00 84.43 AAXDI00 81.100 TNABRMR 3.330 Arab Heavy TYABP00 88.97 TDDAJ00 1.39 TNABP00 87.58 AAXDI00 81.100 TNABPMR 6.480
Arab Light TYACP00 89.40 TDDAR00 1.35 TNACP00 88.05 AAXCU00 82.250 TNACPMR 5.800 Arab Light TYACN00 91.47 TDDAR00 1.35 TNACN00 90.12 AAXCU00 82.250 TNACNMR 7.870
Arab Medium TYADV00 87.06 TDDAZ00 1.35 TNADV00 85.71 AAXDN00 81.550 TNADVMR 4.160 Arab Medium TYADT00 89.94 TDDAZ00 1.35 TNADT00 88.59 AAXDN00 81.550 TNADTMR 7.040
Bakken TYASG00 94.78 TDDRP00 7.78 TNASG00 87.00 AAXPP00 81.560 TNASGMR 5.440
Basrah Light TYAGD00 89.58 TDDBS00 1.43 TNAGD00 88.15 AAXDO00 82.350 TNAGDMR 5.800 Basrah Light TYAGB00 91.05 TDDBS00 1.43 TNAGB00 89.62 AAXDO00 82.350 TNAGBMR 7.270
BCF 22 TYAFB00 86.35 TDDBL00 2.34 TNAFB00 84.01 BCF 22 TYAEZ00 90.12 TDDBL00 2.34 TNAEZ00 87.78
BCF 24 TYAFJ00 87.39 TDDBO00 2.32 TNAFJ00 85.07 BCF 24 TYAFH00 90.97 TDDBO00 2.32 TNAFH00 88.65
Bonny Light TYAGR00 97.69 TDDBX00 2.19 TNAGR00 95.50 PCAIC00 83.015 TNAGRMR 12.485
Brent TYAHT00 94.55 TDDCB00 1.57 TNAHT00 92.98 AAVJA00 83.715 TNAHTMR 9.265 Brent TYAHR00 93.65 TDDCB00 1.57 TNAHR00 92.08 AAVJA00 83.715 TNAHRMR 8.365
Cabinda TYAIF00 97.34 TDDCF00 2.35 TNAIF00 94.99 PCAFD00 82.565 TNAIFMR 12.425 Cabinda TYAID00 93.31 TDDCF00 2.35 TNAID00 90.96 PCAFD00 82.565 TNAIDMR 8.395
Eagle Ford TYASC00 94.16 TDDRQ00 1.42 TNASC00 92.74 AAYAJ00 83.570 TNASCMR 9.170
Escalante TYAKJ00 99.29 TDDCV00 4.11 TNAKJ00 95.18 PCAGC00 84.560 TNAKJMR 10.620 Escalante TYAKH00 90.80 TDDCV00 4.11 TNAKH00 86.69 PCAGC00 84.560 TNAKHMR 2.130
Forcados TYAKX00 99.34 TDDCY00 1.25 TNAKX00 98.09 PCABC00 82.965 TNAKXMR 15.125
Isthmus TYAMR00 91.81 TDDDJ00 1.25 TNAMR00 90.56 PDATO09 80.220 TNAMRMR 10.340 Isthmus TYAMP00 92.89 TDDDJ00 1.25 TNAMP00 91.64 PDATO09 80.220 TNAMPMR 11.420
Kuwait TYANL00 88.16 TDDDL00 1.35 TNANL00 86.81 AAXDQ00 84.395 TNANLMR 2.415 Kuwait TYANJ00 90.31 TDDDL00 1.35 TNANJ00 88.96 AAXDQ00 84.395 TNANJMR 4.565
LLS TYANP00 97.11 TDDQW00 0.55 TNANP00 96.56 PCABN00 84.150 TNANPMR 12.410 LLS TYANN00 96.01 TDDQW00 0.55 TNANN00 95.46 PCABN00 84.150 TNANNMR 11.310
Marlim TYAUG00 96.78 TDDGK00 3.00 TNAUG00 93.78 AAITF00 81.210 TNAUGMR 12.570 Marlim TYAUE00 92.91 TDDGK00 3.00 TNAUE00 89.91 AAITF00 81.210 TNAUEMR 8.700
Mars TYAOB00 89.39 TDDQY00 0.55 TNAOB00 88.84 AAMBR00 80.900 TNAOBMR 7.940 Mars TYANZ00 91.69 TDDQY00 0.55 TNANZ00 91.14 AAMBR00 80.900 TNANZMR 10.240
Maya TYAOJ00 81.59 TDDDP00 1.30 TNAOJ00 80.29 PDATS09 77.620 TNAOJMR 2.670 Maya TYAOH00 87.44 TDDDP00 1.30 TNAOH00 86.14 PDATS09 77.620 TNAOHMR 8.520
Merey TYAOZ00 82.33 TDDDT00 2.45 TNAOZ00 79.88 Merey TYAOX00 88.33 TDDDT00 2.45 TNAOX00 85.88
Mesa TYAPL00 93.17 TDDDV00 1.94 TNAPL00 91.23 AAITB00 80.360 TNAPLMR 10.870 Mesa TYAPJ00 92.64 TDDDV00 1.94 TNAPJ00 90.70 AAITB00 80.360 TNAPJMR 10.340
Olmeca TYAQF00 93.41 TDDDY00 1.25 TNAQF00 92.16 PDATT09 80.420 TNAQFMR 11.740 Olmeca TYAQD00 93.53 TDDDY00 1.25 TNAQD00 92.28 PDATT09 80.420 TNAQDMR 11.860
Troll TYATL00 96.99 TDDEP00 1.82 TNATL00 95.17 AAWEX00 84.325 TNATLMR 10.845 Troll TYATJ00 95.45 TDDEP00 1.82 TNATJ00 93.63 AAWEX00 84.325 TNATJMR 9.305
Urals TYAUK00 90.06 TDDFM00 1.68 TNAUK00 88.38 AAWVH00 80.095 TNAUKMR 8.285 Urals TYAUI00 92.60 TDDFM00 1.68 TNAUI00 90.92 AAWVH00 80.095 TNAUIMR 10.825
WCS TYASI00 87.44 TDDRS00 8.50 TNASI00 78.94 AAPPN00 66.860 TNASIMR 12.080
WTI TYATX00 94.55 TDDRH00 1.62 TNATX00 92.93 PCACG00 83.250 TNATXMR 9.680 WTI TYATV00 93.24 TDDRH00 1.62 TNATV00 91.62 PCACG00 83.250 TNATVMR 8.370
WTS TYAUF00 91.51 TDDRJ00 6.89 TNAUF00 84.62 PCACK00 82.650 TNAUFMR 1.970 WTS TYAUD00 93.00 TDDRJ00 6.89 TNAUD00 86.11 PCACK00 82.650 TNAUDMR 3.460

US West Coast Winter specifications (PGA page 840) US West Coast Winter specifications (PGA page 842)
Crack Yield Freight Crack Netback Spot Price Crack Margin Coke Yield Freight Coke Netback Spot Price Coke Margin
ANS TYAAD00 98.56 TDDGL00 0.00 TNAAD00 98.56 PCAAD00 83.940 TNAADMR 14.620 ANS TYAAB00 97.93 TDDGL00 0.00 TNAAB00 97.93 PCAAD00 83.940 TNAABMR 13.990
Arab Berri TYAAT00 98.81 TDDAE00 1.51 TNAAT00 97.30 AAXCT00 83.300 TNAATMR 14.000 Arab Berri TYAAR00 98.67 TDDAE00 1.51 TNAAR00 97.16 AAXCT00 83.300 TNAARMR 13.860
Arab Light TYACX00 95.82 TDDAT00 1.35 TNACX00 94.47 AAXCU00 82.250 TNACXMR 12.220 Arab Light TYACV00 96.26 TDDAT00 1.35 TNACV00 94.91 AAXCU00 82.250 TNACVMR 12.660
Arab Medium TYADY00 94.09 TDDBB00 1.35 TNADY00 92.74 AAXDN00 81.550 TNADYMR 11.190 Arab Medium TYADW00 94.77 TDDBB00 1.35 TNADW00 93.42 AAXDN00 81.550 TNADWMR 11.870
Bakken TYASK00 100.48 TDDRT00 11.74 TNASK00 88.74 AAXPP00 81.560 TNASKMR 7.180
Basrah Light TYAGL00 96.11 TDDBW00 1.87 TNAGL00 94.24 AAXDO00 82.350 TNAGLMR 11.890 Basrah Light TYAGJ00 96.03 TDDBW00 1.87 TNAGJ00 94.16 AAXDO00 82.350 TNAGJMR 11.810
Escalante TYAKN00 108.33 TDDCW00 5.18 TNAKN00 103.15 PCAGC00 84.560 TNAKNMR 18.590 Escalante TYAKL00 96.55 TDDCW00 5.18 TNAKL00 91.37 PCAGC00 84.560 TNAKLMR 6.810
Kern River TYAMV00 104.31 TDDGM00 1.71 TNAMV00 102.60 PCABJ00 83.110 TNAMVMR 19.490 Kern River TYAMT00 100.57 TDDGM00 1.71 TNAMT00 98.86 PCABJ00 83.110 TNAMTMR 15.750
Line 63 TYANX00 100.87 TDDGN00 0.15 TNANX00 100.72 PCABM00 87.470 TNANXMR 13.250 Line 63 TYANV00 97.95 TDDGN00 0.15 TNANV00 97.80 PCABM00 87.470 TNANVMR 10.330
Marlim TYAVC00 104.89 TDDQX00 5.76 TNAVC00 99.13 AAITF00 81.210 TNAVCMR 17.920 Marlim TYAVD00 99.19 TDDQX00 5.76 TNAVD00 93.43 AAITF00 81.210 TNAVDMR 12.220
Minas TYATC00 105.22 TDDGO00 4.83 TNATC00 100.39 PCABO00 81.650 TNATCMR 18.740 Minas TYATA00 99.95 TDDGO00 4.83 TNATA00 95.12 PCABO00 81.650 TNATAMR 13.470
Mixed Lt Sweet TYARD00 97.60 TDDGP00 2.07 TNARD00 95.53 AALRR00 78.910 TNARDMR 16.620 Mixed Lt Sweet TYARB00 96.60 TDDGP00 2.07 TNARB00 94.53 AALRR00 78.910 TNARBMR 15.620
Oriente TYAQV00 95.49 TDDEC00 2.97 TNAQV00 92.52 PCADE00 78.595 TNAQVMR 13.925 Oriente TYAQT00 94.78 TDDEC00 2.97 TNAQT00 91.81 PCADE00 78.595 TNAQTMR 13.215
Thums TYASZ00 98.79 TDDGQ00 0.00 TNASZ00 98.79 PCACD00 84.730 TNASZMR 14.060 Thums TYASX00 98.15 TDDGQ00 0.00 TNASX00 98.15 PCACD00 84.730 TNASXMR 13.420

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 28
CRUDE OIL MARKETWIRE OCTOBER 21, 2021

EUROPEAN YIELDS AND NETBACKS EFFECTIVE OCTOBER 21, 2021 ($/barrel)

Northwest Europe Winter Specifications (PGA page 1810) Italy Winter Specifications (PGA page 1820)
Crack Yield Freight Crack Netback Spot Price Crack Margin Crack Yield Freight Crack Netback Spot Price Crack Margin
Arab Heavy* TYAAV00 82.15 TDDAN00 1.39 TNAAV00 80.76 AAXDH00 81.410 TNAAVMR -0.650 Arab Heavy* TYABD00 79.52 TDDAI00 1.39 TNABD00 78.13 AAXDH00 81.410 TNABDMR -1.400
Arab Light* TYABT00 85.65 TDDAV00 1.35 TNABT00 84.30 AAXDK00 82.910 TNABTMR 1.390 Arab Light* TYACB00 82.08 TDDAQ00 1.35 TNACB00 80.73 AAXDK00 82.910 TNACBMR -0.400
Arab Medium* TYACZ00 83.53 TDDBD00 1.36 TNACZ00 82.17 AAXDM00 82.310 TNACZMR -0.140 Arab Medium* TYADH00 80.58 TDDAY00 1.37 TNADH00 79.21 AAXDM00 82.310 TNADHMR -1.270
Azeri Light TYAEB00 92.62 TDDBI00 1.63 TNAEB00 90.99 AATHM00 83.620 TNAEBMR 7.370 Azeri Light TYAEF00 88.57 TDDBH00 0.74 TNAEF00 87.83 AATHM00 83.620 TNAEFMR 4.210
Basrah Light TYAFP00 86.09 TDDBU00 1.74 TNAFP00 84.35 AAXDO00 82.350 TNAFPMR 2.000 Basrah Light TYAFX00 82.33 TDDBR00 1.42 TNAFX00 80.91 AAXDO00 82.350 TNAFXMR -1.440
Brass River TYATS00 89.50 TDDRE00 1.55 TNATS00 87.95 AAEJB00 82.815 TNATSMR 5.135
Brent TYAHF00 90.14 TDDCD00 1.65 TNAHF00 88.49 AAVJA00 83.715 TNAHFMR 4.775
Cabinda TYAVK00 91.84 TDDQR00 2.15 TNAVK00 89.69 PCAFD00 82.565 TNAVKMR 7.125
CPC Blend TYAVN00 84.17 TDDQT00 0.93 TNAVN00 83.24 AAOFV00 80.095 TNAVNMR 2.285
Eagle Ford TYEAB00 86.49 TNEBF00 1.51 TNEAB00 84.98 AAYAT00 82.690 TNEABMR 2.290 Eagle Ford TYEAC00 83.96 TNEIF00 4.53 TNEAC00 79.43 AAYAT00 82.690 TNEACMR -3.260
Ekofisk TYAJV00 91.24 TDDCT00 1.03 TNAJV00 90.21 PCADI00 84.060 TNAJVMR 6.150
Es Sider TYAKD00 85.37 TDDCU00 0.56 TNAKD00 84.81 PCACO00 82.095 TNAKDMR 2.715
Flotta Gold TYAKP00 86.84 TDDCX00 1.04 TNAKP00 85.80 PCACZ00 80.665 TNAKPMR 5.135
Forties TYALB00 87.58 TDDEZ00 1.29 TNALB00 86.29 PCADJ00 83.740 TNALBMR 2.550
Gullfaks TYALF00 91.58 TDDDC00 0.93 TYALF00 91.58 AASAU00 84.505 TNALFMR 7.075
Hungo TYAVI00 87.52 TDDQU00 1.85 TNAVI00 85.67 AASLJ00 81.465 TNAVIMR 4.205
Iran Heavy TYALV00 85.41 TDDDG00 2.60 TNALV00 82.81 AAIOB00 69.830 TNALVMR 12.980 Iran Heavy TYALZ00 82.47 TDDDF00 1.45 TNALZ00 81.02 AAVNE00 69.730 TNALZMR 11.290
Iran Light TYAMD00 86.69 TDDDI00 0.78 TNAMD00 85.91 AAIOA00 71.580 TNAMDMR 14.330 Iran Light TYAMH00 83.14 TDDDH00 0.40 TNAMH00 82.74 AAVND00 71.430 TNAMHMR 11.310
Kirkuk TYATU00 86.34 TDDGH00 2.12 TNATU00 84.22 AAEJD00 81.755 TNATUMR 2.465 Kirkuk TYAMU00 82.75 TDDFF00 1.26 TNAMU00 81.49 AAEJD00 81.755 TNAMUMR -0.265
Kuwait TYAMX00 84.20 TDDDM00 0.80 TNAMX00 83.40 AAXDQ00 84.395 TNAMXMR -0.995
Light Houston Sweet TYEAE00 88.32 TDEFR00 1.62 TNEAE00 86.70 AAXEW00 83.700 TNEAEMR 3.000 Light Houston Sweet TYEAF00 84.35 TDIFR00 2.27 TNEAF00 82.08 AAXEW00 83.700 TDEAFMR -1.620
Murban TYATQ00 88.24 TDDRB00 0.71 TNATQ00 87.53 AAKNL00 84.180 TNATQMR 3.350
Oseberg TYAVJ00 91.06 TDDRC00 0.94 TNAVJ00 90.12 PCAEU00 84.120 TNAVJMR 6.000
Saharan Blend TYATY00 89.36 TDDGI00 1.41 TNATY00 87.95 AAGZY00 83.645 TNATYMR 4.305 Saharan Blend TYARO00 84.63 TDDFG00 1.06 TNARO00 83.57 AAGZY00 83.645 TNAROMR -0.075
Statfjord TYASD00 91.01 TDDEK00 1.32 TNASD00 89.69 PCAEE00 83.515 TNASDMR 6.175 Suez Blend TYAUO00 81.58 TDDRF00 1.69 TNAUO00 79.89 PCACA00 78.355 TNAUOMR 1.535
Urals TYATN00 86.07 TDDET00 1.18 TNATN00 84.89 AAWVH00 80.095 TNATNMR 4.795 Urals TYATR00 82.89 TDDES00 0.97 TNATR00 81.92 AAGZS00 79.870 TNATRMR 2.050
WCS** TYEAI00 80.27 TDYFR00 11.08 TNEAI00 69.19 AAPPN00 66.860 TDWFRMR 2.330
Zuetina TYAUC00 89.96 TDDGJ00 1.10 TNAUC00 88.86 AAXDT00 81.650 TNAUCMR 7.210 Zuetina TYAUL00 85.89 TDDEU00 0.65 TNAUL00 85.24 AAXDT00 81.650 TNAULMR 3.590
*Arab proxy spot values for European buyers prior to July 1, 2017 had been calculated by adding monthly Saudi OSP differentials to ICE BWAVE for European OSPs (PGA1069). After July 1, Arab proxy spot values will be calculated by adding monthly Saudi OSP
differentials to ICE Brent. In the US and Asia, Arab proxy spot values continue to be calculated by adding monthly Saudi OSP differentials to Mars for US OSPs (PGA1070) and Oman/Dubai average Asian OSPs (PGA1068).

ASIAN YIELDS AND NETBACKS EFFECTIVE OCTOBER 21, 2021 ($/barrel)

Singapore Winter Specifications (PGA page 2810) Singapore Summer Specifications (PGA page 2810)
Crack Yield Freight Crack Netback Spot Price Crack Margin Crack Yield Freight Crack Netback Spot Price Crack Margin
Al Shaheen TYEAA00 82.36 TNEFA00 0.80 TNEAA00 81.56 AAPEV00 83.100 TDEAAMR -1.540 Forties TYEAD00 84.89 TNEFD00 2.42 TNEAD00 82.47 PCADJ00 83.740 TNEADMR -1.270
Arab Heavy TYABH00 79.36 TDDAO00 1.07 TNABH00 78.29 AAXDG00 83.545 TNABHMR -5.255 Kuwait TYANF00 80.92 TDDDN00 0.65 TNANF00 80.27 AAXDQ00 84.395 TNANFMR -4.125
Arab Light TYACF00 82.67 TDDAW00 1.05 TNACF00 81.62 AAXDJ00 84.845 TNACFMR -3.225 Minas TYAPR00 89.50 TDDDX00 0.78 TNAPR00 88.72 PCABO00 81.650 TNAPRMR 7.070
Arab Medium TYADL00 80.48 TDDBE00 1.06 TNADL00 79.42 AAXDL00 84.595 TNADLMR -5.175 Murban TYAPY00 85.41 TDDCQ00 1.01 TNAPY00 84.40 AAKNL00 84.180 TNAPYMR 0.220
Attaka TYADX00 89.09 TDDBG00 2.76 TNADX00 86.33 PCAAJ00 83.320 TNADXMR 3.010 Oman TYAQL00 83.11 TDDEB00 0.97 TNAQL00 82.14 PCABS00 83.190 TNAQLMR -1.050
Cabinda TYAVF00 89.01 TDDQS00 1.73 TNAVF00 87.28 PCAFD00 82.565 TNAVFMR 4.715 Qatar Land TYARA00 84.83 TDDBE00 1.06 TNARA00 83.77 AAKNP00 82.850 TNARAMR 0.920
Das Blend TYDSH00 84.16 TDDCQ00 1.01 TNDSH00 83.15 AAXOF00 83.830 TNDSHMR -0.680 Qatar Marine TYARE00 84.61 TDDBE00 1.06 TNARE00 83.55 AAKNR00 82.700 TNAREMR 0.850
Dubai TYAJN00 83.72 TDDCQ00 1.01 TNAJN00 82.71 PCAAT00 83.100 TNAJNMR -0.390 Tapis TYAST00 88.49 TDDEO00 0.78 TNAST00 87.71 PCACB00 86.820 TNASTMR 0.890
Duri TYAJR00 89.41 TDDCR00 0.85 TNAJR00 88.56 PCABA00 87.320 TNAJRMR 1.240 Upper Zakum TYEAG00 82.84 TNEFR00 0.66 TNEAG00 82.18 AAOUQ00 83.100 TNEAGMR -0.920

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 29