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Asia-Pacific/Arab Gulf Marketscan

Volume 43 / Issue 75 / April 18, 2024
Asia products
Code Mid Change Code Mid Change Code Mid Change
Singapore (PGA page 2002)
FOB Singapore ($/barrel) MOPS strip Premium/Discount
Naphtha PAAAP00 73.37–73.41 73.390 -1.980 AAPKA00 73.07–73.11 73.090 -1.970
Gasoline 97 unleaded PGAMS00 105.92–105.96 105.940 -3.090 AAPKE00* 32.83/32.87 32.850 -1.120
Gasoline 95 unleaded PGAEZ00 105.30–105.34 105.320 -3.090 AAPKF00* 32.21/32.25 32.230 -1.120
Gasoline 95 unleaded AGUMS00 104.470 -2.840 AGUMA00**** 0.850 -0.250
Gasoline 92 unleaded PGAEY00 100.89–100.93 100.910 -3.090 AAPKG00* 27.80/27.84 27.820 -1.120
Gasoline 92 unleaded AAXEQ00 99.91–99.95 99.930 -2.790 AAXER00 0.96/1.00 0.980 -0.300
Gasoline 91 unleaded AAYNA00 102.730 -2.990 AAYNB00 2.800 -0.200
Gasoline 92 unleaded 500 ppm PGAFY00*** 1.207 -0.296
CFR Naphtha AAOVF00 76.090 -2.070 AAOVG00 3.000 -0.100
Kerosene PJABF00 100.21–100.25 100.230 -3.920 AAPJZ00 100.57–100.61 100.590 -3.870 PJACU00 -0.38/-0.34 -0.360 -0.050
Gasoil 10 ppm AAOVC00 101.84–101.88 101.860 -4.020 AAOVD00** -0.01/0.03 0.010 +0.040
Gasoil 50 ppm AAPPF00 101.43–101.47 101.450 -4.030 AAPPH00** -0.42/-0.38 -0.400 +0.030
Gasoil 0.05% sulfur AAFEX00 100.23–100.27 100.250 -4.230 AAFFB00** -1.62/-1.58 -1.600 -0.170
Gasoil 0.25% sulfur AACUE00 98.18–98.22 98.200 -4.190 AACQI00** -3.67/-3.63 -3.650 -0.130
Gasoil POABC00 101.84–101.88 101.860 -4.020 AAPJY00 101.83–101.87 101.850 -4.060 POAIC00** -0.01/0.03 0.010 +0.040
FO 180 CST 2% ($/mt) PUAXS00 523.49–523.53 523.510 -5.040
HSFO 180 CST ($/mt) PUADV00 511.97–512.01 511.990 -4.930 AAPJX00 511.05–511.09 511.070 -6.930 AAGZF00 0.90/0.94 0.920 +2.000
HSFO 380 CST ($/mt) PPXDK00 495.30–495.34 495.320 -5.180 AAPJW00 495.05–495.09 495.070 -6.180 PPXDL00 0.23/0.27 0.250 +1.000
Marine Fuel 0.5% ($/mt) AMFSA00 625.190 -11.090 FOFSA00 622.950 -12.450 FOFSB00 2.240 +1.360
Ex-Wharf 380 CST ($/mt) AAFER00 498.50–499.50 499.000 -5.000
Ex-Wharf 500 CST ($/mt) AAVUP00 493.50–494.50 494.000 -5.000
Bitumen Pen 60-70 ($/mt) BTSGA00 400.000 -10.000 BTSGB00***** -95.070 -3.820
*Differential to FOB Singapore naphtha. **Differential to FOB Singapore gasoil. The “Gasoil” assessment reflects 10 ppm sulfur from January 2, 2018. ***Indicates relationship between premium/discount and MOPS gasoline 92 strip.
****Differential to FOB Singapore gasoline 95 unleaded. *****Indicates relationship between premium/discount and HSFO 380 CST MOPS Strip.

Middle East physical oil assessments (PGA pages 2004 and 2018)
FOB Arab Gulf ($/barrel) Premium/Discount
Market Commentary
Naphtha ($/mt) PAAAA00 627.19–629.44 628.315 -18.900 AAPKH00 24.75/25.25 25.000 0.000
Naphtha LR2 ($/mt) 636.17–638.42 637.295 -19.500
Platts Asia and Middle Eastern Gasoline
AAIDA00
Gasoline 95 unleaded AAICY00 100.82–100.86 100.840 -3.170 AAWUJ00 8.50/8.54 8.520 +0.020
Gasoline 95 unleaded CFR AAWUK00 10.43/10.47 10.450 Daily Market Analysis
Gasoline 92 unleaded AAGJA00 96.430 -3.170 AAGZA00 8.320 +0.020
Kerosene PJAAA00 95.62–95.66 95.640 -4.010 PJACV00 3.78/3.82 3.800 +0.050
Gasoil 10 ppm AAIDT00 96.97–97.01 96.990 -4.120 AAIDU00* 2.57/2.61 2.590 0.000
„ Formosa’s Mailiao refinery to complete full
Gasoil 0.005% sulfur AASGJ00 96.50–96.54 96.520 -4.120 AASGK00* 2.10/2.14 2.120 0.000 turnaround by early May
Gasoil 0.05% sulfur AAFEZ00 96.17–96.21 96.190 -4.120 AAFFD00* 1.77/1.81 1.790 0.000
Gasoil 0.25% sulfur AACUA00 94.13–94.17 94.150 -4.120 AACUC00* -0.27/-0.23 -0.250 0.000 „ Indonesia’s Pertamina heard seeking HOMC 92 RON
Gasoil 96.97–97.01 96.990 -4.120 2.57/2.61 2.590 0.000
POAAT00 POAID00*
gasoline
HSFO 180 CST ($/mt) PUABE00 486.49–486.53 486.510 -4.780 AAXJA00 14.98/15.02 15.000 +1.000
HSFO 380 CST ($/mt) AAIDC00 469.82–469.86 469.840 -5.030 AAXJB00 14.98/15.02 15.000 +1.000
HSFO 380/180 spread ($/mt) PPXDM00 -16.69/-16.65 -16.670 -0.250
Marine Fuel 0.5% Fujairah ($/mt) FOFFB00*** 2.000 +1.000 The Asian gasoline complex softened April
Ex-Wharf Fujairah 380 CST** ($/mt) AAYBG00 16.670 -0.380 18, tracking a narrowing US RBOB-Brent crack,
*Premium to MOPAG gasoil during loading. **Ex-Wharf differential represents premium/discount to the MOPAG 180 CST strip. ***MF 0.5% differential sources said.
represents premium/discount to the MOPFUJ MF 0.5% strip.

www.spglobal.com/commodityinsights
Asia-Pacific/Arab Gulf Marketscan April 18, 2024

Asia products Possibly reflecting bearish sentiment, the US RBOB-

Code Mid Change Code Mid Change
Brent crack was pegged at $27.25/b at 0300 GMT April
Middle East physical oil assessments (PGA pages 2004 and 2018) 18, down from the Platts assessment of $28.07/b at the
FOB Fujairah ($/barrel) MOPAG Strip Asian close on April 17, S&P Global Commodity Insights
Naphtha ($/mt) NFJSA00 650.900 -18.730 NFJTA00 625.900 -18.730 data showed.
Gasoline 95 unleaded AFUJA00 108.100 -2.860 AFUJB00 99.580 -2.880
Gasoline 92 unleaded RFJFS00 103.350 -2.870 RAGTA00 95.030 -2.890 Brokers pegged the front-month FOB Singapore 92
Kerosene AFUJF00 99.840 -3.720 AFUJG00 96.040 -3.770 RON gasoline swaps crack spread with Brent swaps
Gasoil 10 ppm AFUJP00 99.550 -3.970
Gasoil 500 ppm AFUJN00 98.750 -3.970 in the $13.30-$13.35/b range at 0300 GMT, down from
Gasoil AFUJK00 99.550 -3.970 AFUJL00 96.960 -3.970 the Platts assessment of $13.41/b at the Asian close on
HSFO 380 CST ($/mt) AFUJQ00 498.860 -2.660 AFUJR00 483.860 -3.660
Ex-Wharf 380 CST ($/mt) AAYBF00 504.000 -3.000 AAYBD00 487.330 -2.620 April 17, S&P Global data showed.
MOPFUJ Strip Brokers pegged the physical FOB Singapore 92 RON
Marine Fuel 0.5% ($/mt)** AMFFA00 632.550 -9.630 FOFFA00 630.550 -10.630 gasoline crack against front-month ICE Brent crude
*FOB Fujairah outright prices are derived by adding the MOPAG strips and the FOB Arab Gulf premiums/discounts.
**FOB Fujairah Marine Fuel 0.5% outright prices are derived by adding the MOPFUJ strip and the MF 0.5% Fujairah premiums/discounts.

Gasoline components (PBF page 2410) Weekly Fujairah oil product stocks
FOB Singapore ($/mt) Code (‘000 barrels) Change
MTBE PHALF00 975.00–977.00 976.000 -30.090
Apr 15 (PGA page 2022)
Singapore demurrage (PGT pages 2910 and 2960) Light distillates FUJLD04 7530 -284
$/day Middle distillates FUJMD04 3842 -177
Demurrage Clean AALPY00 39500.000 +500.000 Heavy distillates and residues FUJHD04 10661 +1944
Demurrage Dirty AALQA00 44000.000 -500.000 Source: FEDCom, S&P Global Commodity Insights

Singapore paper (PGA page 2655)

Balance April ($/barrel) May ($/barrel) June ($/barrel)

Naphtha Japan ($/mt) RAXFM00 NA NANA AAXFE00 689.00–689.50 689.250 -19.500 AAXFF00 681.50–682.00 681.750 -19.750
Naphtha AAPLD00 NA–NA NA NANA PAAAQ00 72.93–72.97 72.950 -1.950 PAAAR00 72.08–72.12 72.100 -2.000
Gasoline 95 unleaded AGUMB00 NA NANA AGUMM01 104.200 -2.750 AGUMM02 102.540 -2.570
Gasoline 92 unleaded AAXEK00 NA–NA NA NANA AAXEL00 99.63–99.67 99.650 -2.750 AAXEM00 97.92–97.96 97.940 -2.810
Reforming Spread AAXEN00 NA/NA NA NANA AAXEO00 26.68/26.72 26.700 -0.800 AAXEP00 25.82/25.86 25.840 -0.810
Kerosene AAPLE00 100.41–100.45 100.430 -3.810 PJABS00 100.61–100.65 100.630 -3.860 PJABT00 100.86–100.90 100.880 -3.760
Gasoil AAPLF00 101.84–101.88 101.860 -4.030 POAFC00 101.83–101.87 101.850 -4.050 POAFG00 101.83–101.87 101.850 -3.980
HSFO 180 CST ($/mt) AAPML00 511.73–511.77 511.750 -4.800 PUAXZ00 510.48–510.52 510.500 -7.250 PUAYF00 507.03–507.07 507.050 -9.450
HSFO 380 CST ($/mt) AAPKB00 495.73–495.77 495.750 -4.050 AAPKC00 494.48–494.52 494.500 -6.500 AAPKD00 490.98–491.02 491.000 -8.750
Gasoil EFS ($/mt) AAQTX00 NA NANA AAQTY00 -26.970 +2.330 AAQTZ00 -28.470 +0.600

Arab Gulf Front Month Swaps (PGA page 2638)

Balance April* ($/barrel) May ($/barrel) June ($/barrel)

Naphtha ($/mt) NAGFM00 NA NANA NAGFM01 626.280 -18.560 NAGFM02 621.590 -18.940
Gasoline 95 unleaded AFUIM00 NA NANA AFUIM01 99.720 -2.830 AFUIM02 98.060 -2.650
Gasoline 92 unleaded RAGFM00 NA NANA RAGFM01 95.170 -2.830 RAGFM02 93.460 -2.890
Kerosene AFUAM00 95.810 -3.920 AFUAM01 96.000 -3.800 AFUAM02 96.440 -3.710
Gasoil AFUJM00 96.960 -4.150 AFUJM01 96.940 -3.980 AFUJM02 97.150 -3.920
HSFO 180 CST** AADZB00 NA NANA AADZM01 485.750 -4.500 AADZM02 483.000 -7.750
HSFO 380 CST AFURM00 NA NANA AFURM01 484.000 -3.500 AFURM02 482.250 -5.750
*Balance month swaps are assessed from the 1st to 10th of the month. **At 1730 Singapore time.

© 2024 by S&P Global Inc. All rights reserved. 2

Asia-Pacific/Arab Gulf Marketscan April 18, 2024

Asia products oil futures in the $14.20-$14.25/b range at 0300 GMT,

Code Mid Change Code Mid Change
down from the Platts assessment of $14.29/b at the
Japan physical oil assessments (PGA page 2006) Asian close on April 17, the data showed.
C+F Japan ($/mt) Premium/Discount Meanwhile, US gasoline inventories dipped 0.50%
Naphtha (min 70%) NCJCA00 693.625 -17.500 NCJCB00 3.500 +0.500
on the week to a near four-month low of 227.377 million
Naphtha PAAAD00 692.50–694.75 693.625 -17.500 PAADI00 3.25/3.75 3.500 +0.500
Nph 1st 1/2 Jun PAAAE00 695.50–696.00 695.750 -17.500 barrels in the week ended April 12, the US Energy
Nph 2nd 1/2 Jun PAAAF00 694.25–694.75 694.500 -17.500 Information Administration data showed.
Nph 1st 1/2 Jul PAAAG00 692.50–693.00 692.750 -17.500
Naphtha MOPJ Strip AAXFH00 677.88–678.38 678.130 -19.620 AAXFI00 15.25/15.75 15.500 +2.120 Formosa’s Mailiao refinery is slated to return from
C+F Japan ($/barrel) Premium/Discount all planned turnarounds by early May, S&P Global
Gasoline 91-92 unleaded PGACW00 105.07–105.11 105.090 -3.090 previously reported. Market participants expect
Gasoline 95 unleaded PGAQQ00 109.48–109.52 109.500 -3.090
Kerosene PJAAN00 102.22–102.26 102.240 -3.960 PAADK00 1.63/1.67 1.650 -0.090 Taiwanese exports to resume normal activity in May.
FOB Japan ($/barrel) Premium/Discount In tenders, Indonesia’s Pertamina was heard seeking
Gasoil POJAP00 100.500 -4.060 POJBP00 -1.350 0.000 200,000 barrels of HOMC 92 RON gasoline for June
South Korea physical oil assessments (PGA page 2008) delivery, via a tender that closes April 18, with validity
C+F Korea ($/mt) Premium/Discount until April 22, market sources said.
Naphtha PAADE00 694.38–694.88 694.630 -17.500 PAADG00 0.75/1.25 1.000 0.000 Platts is part of S&P Global Commodity Insights.
C+F East Asia ($/mt) Premium/Discount
Naphtha** CFRCT00 690.625 -18.500 CFRCD00 -3.000 -1.000
Platts Singapore Gasoline Rationales &
FOB Korea ($/barrel) Premium/Discount
Gasoline 95 unleaded PGAQO00 105.00–105.04 105.020 -3.080
Exclusions
Jet PJADG00 99.52–99.56 99.540 -3.920 PJADI00 -1.07/-1.03 -1.050 -0.050 Gasoline Unl 92 FOB Spore Cargo <PGAEY00>
Gasoil POAIE00 100.58–100.62 100.600 -4.060 POAIG00 -1.27/-1.23 -1.250 0.000
Bitumen Pen 60-80 ($/mt) BTKRA00 390.000 -10.000 BTKRB00* -105.070 -3.820
assessment rationale: The FOB Singapore 92 RON
*Indicates relationship between premium/discount and HSFO 380 CST MOPS Strip. **All-origin naphtha from commercial tanks. gasoline assessment April 18 took into consideration a
trade for a cargo loading over May 3-7 at $100.80/b and
Mean of Platts West India netbacks (PGA page 2012)
a trade for a cargo loading over May 12-16 at $100.90/b.
FOB India ($/mt) FOB India ($/barrel)
Naphtha AAQWK00 646.920 -18.540 AAQWJ00 71.880 -2.060
Gasoline Unl 95 FOB Spore Cargo <PGAEZ00>
Gasoline (92 RON) AARBQ00 828.300 -26.810 AARBP00 97.450 -3.150 assessment rationale: The FOB Singapore 95 RON
Gasoline (95 RON) AAQWI00 865.780 -26.820 AAQWH00 101.860 -3.150
gasoline assessment April 18 took into consideration
Jet kero AAQWM00 762.380 -31.520 AAQWL00 96.500 -3.990
Gasoil 10 ppm AAQWO00 729.420 -30.500 AAQWN00 97.910 -4.090 the adjusted 95-92 inter-RON spread, in the absence of
Gasoil 500 ppm AAQWQ00 717.420 -32.070 AAQWP00 96.300 -4.300 bids, offers and trades.
Gasoil 2500 ppm AAQWS00 702.150 -31.770 AAQWR00 94.250 -4.260
Gasoline Unl 97 FOB Spore Cargo <PGAMS00>
Australia (PGA page 2014)
assessment rationale: The FOB Singapore 97 RON
C+F Australia ($/barrel) gasoline assessment April 18 took into consideration
Gasoline 92 AACZF00 107.51–107.55 107.530 -3.060
Gasoline 95 AACZH00 111.92–111.96 111.940 -3.060 the adjusted 95-92 inter-RON spread, and the adjusted
Jet AAFIY00 107.33–107.37 107.350 -3.900 97-95 inter-RON spread, in the absence of bids, offers
Gasoil 10 ppm AAQUD00 109.39–109.43 109.410 -3.990
and trades.
South Africa (PGA pages 2342 and 2412) Gasoline Unl 92 FOB Arab Gulf Cargo <AAGJA00>
CFR South Africa ($/barrel) assessment rationale: The FOB Arab Gulf 92 RON
Gasoline 95 unleaded AAQWW00 114.402 -2.753
Jet kero AAQWT00 106.621 -3.605
gasoline cargo assessment was derived as a freight
Gasoil 10 ppm AAQWU00 106.741 -3.847 netback from the FOB Singapore 92 RON marker
Gasoil 500 ppm AAQWV00 105.941 -3.847

© 2024 by S&P Global Inc. All rights reserved. 3

Asia-Pacific/Arab Gulf Marketscan April 18, 2024

Asia products Renewable fuels (PGA pages 1414, 483 and 2414)
Code Mid Change Code Mid Change Change
Freight netbacks (PGA pages PGT2910 and PGT2960) Northwest Europe ($/mt)
SAF Cost of Production BJNWA00 2092.427 +8.323
AG-Spore Spore-Japan AG-Japan Spore-Australia SAF CIF ARA MIRWD00 2633.750 -228.000
Naphtha AAPOF00 35.57* AAPOG00 65.31* SAF CIF ARA Premium MIRWF00 1800.000 -200.000
Naphtha-LR2 AAPOH00 56.33* HVO HVNWA00 1920.100 +5.418
Gasoline AAPOC00 4.48 AAPOD00 4.18 AAPOE00 6.62
USWC ($/mt)
Kerosene AAPOI00 4.59 AAPOJ00 7.12
SAF Cost of Production w/ credits ASAFA00 1512.969 +6.449
Gasoil AAPOL00 4.87 AAPOM00 7.55
SAF Cost of Production w/o credits ASAFB00 654.095 +1.900
HSFO 180 CST AAPOO00 25.48* AAPOP00 20.71*
RD w/ credits ARDFA00 1467.246 +4.207
HSFO 380 CST AAPOQ00 25.48*
RD w/o credits ARDFB00 731.982 -0.411
All values in $/barrel, except * values in $/mt.
USWC ($/b)
South China/Hong Kong physical oil assessments (PGA page 2010) SAF Cost of Production w/ credits ASAFE00 186.896 +0.797

South China ($/mt)
Premium/Discount to MOPS ($/barrel) SAF Cost of Production w/o credits ASAFF00 80.800 +0.235
RD w/ credits ARDFE00 181.783 +0.521
Gasoline 92 unleaded AAICW00 860.50–864.50 862.500 -26.500
RD w/o credits ARDFF00 90.688 -0.051
Jet/kero PJABQ00 808.25–812.25 810.250 -31.000 AAWTW00 1.97/2.01 1.990 -0.050
USWC (¢/gal)
Gasoil POAFA00 765.50–769.50 767.500 -30.250 AABJZ00 1.15/1.19 1.170 0.000
SAF Cost of Production w/ credits ASAFI00 444.991 +1.897

Hong Kong bunker grades ($/mt) SAF Cost of Production w/o credits ASAFJ00 192.381 +0.559
HSFO 380 CST PUAER00 513.50–514.50 514.000 -3.000 RD w/ credits ARDFI00 432.816 +1.241
RD w/o credits ARDFJ00 215.924 -0.121
*C+F Hong Kong, $/barrel premium/discount to Mean of Platts Singapore.
Southeast Asia ($/mt)
SAF Cost of Production (PFAD) ASFAA00 1499.490 +2.520
HVO (PFAD) HVSAB00 1389.310 +0.800
Marine Fuel (PGA page 30) North Asia ($/mt)
$/mt Change vs FO 380 MOPS strip Change SAF Cost of Production (UCO) ASFAC00 1703.430 +19.870
0.5% FOB Singapore cargo AMFSA00 625.190 -11.090 AMOPA00 130.120 -4.910 HVO (UCO) HVNAA00 1574.960 +16.270
0.5% FOB Fujairah cargo AMFFA00 632.550 -9.630
0.5% FOB Rotterdam barge PUMFD00 588.000 -12.500
0.5% FOB US Gulf Coast barge AUGMB00 601.000 -5.750 Jet Index (PGA page 115)
0.5% Dlvd US Atlantic Coast barge AUAMB00 626.500 -5.500
Index $/barrel
0.5% FOB Mediterranean cargo MFFMM00 591.500 -12.500
Asia & Oceania PJASO00 288.60 PJASO08 101.01
0.5% CIF Mediterranean cargo MFCMM00 602.250 -12.500
Mid East & Africa PJMEA00 297.91 PJMEA08 99.76
$/barrel Change
Global PJGLO00 285.05 PJGLO08 104.28
0.5% FOB US Gulf Coast barge AUGMA00 94.650 -0.900
0.5% Dlvd US Atlantic Coast barge AUAMA00 98.660 -0.870

Marine Fuel 0.5% Derivatives, Apr 18 Foreign exchange rates (PGA page 2160)
Balance* Change Month 1 Change Month 2 Change USD/JPY AAWFX00 154.315 -0.240
Eur/USD AAWFU00 1.0676 +0.0034
Apr May Jun
USD/SGD AAWFZ00 1.3593 -0.0024
$/mt $/mt $/mt USD/MYR AAWGA00 4.7800 -0.0119
0.5% FOB Singapore cargo FOFS000 624.700 -11.350 FOFS001 622.250 -12.500 FOFS002 617.950 -13.500 USD/HKD AAWFY00 7.8303 -0.0017
0.5% FOB Fujairah cargo FOFF000 NA NANA FOFF001 630.750 -10.500 FOFF002 628.250 -11.500 AUD/USD AAWFT00 0.6450 +0.0022
0.5% FOB Rotterdam barge AMRAB00 588.000 -12.000 AMRAM01 581.250 -10.750 AMRAM02 575.000 -10.250 USD/INR AAFGW00 83.5352 -0.0995
0.5% vs. 3.5% FOB Rotterdam barge AMRBB00 111.250 -8.250 AMRBM01 100.500 -6.000 AMRBM02 91.000 -5.750 USD/CNY* AAWFW00 7.1020 -0.0005
$/barrel $/barrel $/barrel *Source: Bank of China
0.5% FOB US Gulf Coast barge AMARB00 NA NANA AMARM01 93.400 -0.750 AMARM02 92.600 -0.550
0.5% vs US Gulf Coast HSFO barge AUSBB00 NA NANA AUSBM01 20.350 -0.800 AUSBM02 18.950 -0.750
*Balance month swaps are assessed from the 1st through the 20th of the month; Asia swaps are assessed through the 14th of February.

© 2024 by S&P Global Inc. All rights reserved. 4

Asia-Pacific/Arab Gulf Marketscan April 18, 2024

using the following calculation: FOB Singapore 92 RON Carbon Intensity (PGA page 4207)
Daily Carbon Intensity Premium Monthly Carbon Intensity
assessment minus the cost of transporting a 35,000-
Asia $/bbl Date kgCO2e/bbl
mt clean cargo from a basket of ports in the Persian
Gasoline Unl 92 FOB Singapore Cargo ALCEJ00 0.607 ALCEI00 Mar-24 48.16
Gulf to Singapore. Jet Kero FOB Singapore Cargo ALCEL00 0.239 ALCEK00 Mar-24 18.93
Platts is part of S&P Global Commodity Insights. Gasoil 10ppm FOB Singapore Cargo ALCEH00 0.360 ALCEG00 Mar-24 28.54
Exclusions: No market data was excluded from the United States Gulf Coast ¢/gal Date kgCO2e/gal
Asian gasoline Platts Market on Close assessment Gasoline CBOB USGC Prompt Pipeline ALCEN00 1.285 ALCEM00 Mar-24 1.02
Jet Kero 54 USGC Prompt Pipeline ALCEP00 0.605 ALCEO00 Mar-24 0.48
process April 18. ULSD USGC Prompt Pipeline ALCER00 0.781 ALCEQ00 Mar-24 0.62
No market data was excluded from the Asian Northwest Europe $/mt Date kgCO2e/mt
gasoline derivative MOC April 18. Gasoline Eurobob (E5) FOB NWE Barge ALCEB00 4.741 ALCEA00 Mar-24 376.28
Jet FOB NWE Barge ALCED00 2.159 ALCEC00 Mar-24 171.36
ULSD 10ppm FOB NWE Barge 2.433 Mar-24 193.12
Platts FOB Fujairah Gasoline Daily Rationale & ALCEF00 ALCEE00

Exclusions
Gasoline 92 RON FOB Fujairah cargo <RFJFS00>
assessment rationale: The assessment of FOB Fujairah
92 RON gasoline April 18 took into consideration the 92
RON gasoline Mean of Platts Arab Gulf strip value of
$95.03/b, as well as the cash differential for Fujairah
92 RON gasoline at $8.32/b in the absence of bids,
offers and trades in the FOB Fujairah 92 RON gasoline
Market on Close assessment process.
The MOPAG 92 RON gasoline strip is calculated
from May MOPAG 92 RON gasoline swap at $95.17/b
and June MOPAG 92 RON gasoline swap at $93.46/b.
The cash differential took into consideration values in
the FOB Fujairah 92 RON gasoline market heard in the
Middle East.
Gasoline 95 RON FOB Fujairah cargo <AFUJA00>
assessment rationale: The assessment of FOB Fujairah
95 RON gasoline April 18 took into consideration the 95
RON gasoline MOPAG strip value of $99.58/b, as well
as the cash differential for Fujairah 95 RON gasoline at
$8.52/b in the absence of bids, offers and trades in the
FOB Fujairah 95 RON gasoline MOC.
The MOPAG 95 RON gasoline strip is calculated
from May MOPAG 95 RON gasoline swap at $99.72/b
and June MOPAG 95 RON gasoline swap at $98.06/b.
The cash differential took into consideration values in
the FOB Fujairah 95 RON gasoline market heard in the
Middle East.
Exclusions: No market data was excluded from the
Asian gasoline MOC April 18.
Platts is part of S&P Global Commodity Insights.
Platts FOB Fujairah Gasoline Bids, Offers,
Trades
Bids: PLATTS FUJAIRAH MOGAS CARGO MOC:
OUTSTANDING INTEREST: NO BIDS
Offers: PLATTS FUJAIRAH MOGAS CARGO MOC:
OUTSTANDING INTEREST: NO OFFERS
Trades: PLATTS FUJAIRAH MOGAS CARGO MOC:
OUTSTANDING INTEREST: NO TRADES
This assessment commentary applies to the
following market data codes: Gasoline 92 RON FOB
Fujairah Cargo <RFJFS00> and Gasoline 95 RON FOB
Fujairah Cargo <AFUJA00>
Platts Asia and Middle Eastern Naphtha
Daily Market Analysis
„ Oversupplied market after resumption in refinery
operations
„ South Korea’s Hanwha TotalEnergies seeks naphtha
for H1 June delivery
„ Indonesia’s Pertamina seeks at least 22,000 mt
naphtha for May 16-18 delivery
Carbon credits (PGA page 496)
Change
Platts CEC
$/mtCO2e PCECA00 10.750 0.000
Jet Fuel Carbon Offset Premiums
$/b AJFCA00 51.716 0.000
The Asian naphtha complex remained weak on
poor olefins margins and end users were heard to
continue maximizing LPG usage given its discount
to naphtha, market sources said. The sentiment was
further compounded by plentiful supply following a
resumption in refinery operations, sources added.
The backwardation structure firmed slightly with
the May-June Japan naphtha swap spread pegged by
brokers at $7.25/mt in midmorning Asia trade April 18,
edged 50 cents/mt higher from the previous session.
The CFR Northeast Asia ethylene price spread to
C+F Japan naphtha was at $203.88/mt April 17, down
$1.25/mt from the previous session. This was still below
the typical breakeven spread of $250/mt for integrated
producers and $300-$350/mt for non-integrated
producers.
In tender news, Japan’s Asahi Kasei Mitsubishi
Chemical was heard awarded one 25,000 mt open-
spec naphtha cargoes to be delivered in H1 June at a
premium of $3/mt to Mean of Platts Japan naphtha

© 2024 by S&P Global Inc. All rights reserved. 5

Asia-Pacific/Arab Gulf Marketscan April 18, 2024

European products ($/mt)

Code Mid Change Code Mid Change Code Mid Change
Mediterranean (PGA page 1114)
FOB (Italy) CIF (Genova/Lavera) MOPL Diff
Prem Unl 10ppm AAWZA00 923.50–924.00 923.750 -17.750 AAWZB00 946.00–946.50 946.250 -18.250
Naphtha PAAAI00 623.75–624.25 624.000 -16.250 PAAAH00 653.75–654.25 654.000 -17.000
Jet aviation fuel AAIDL00 792.00–792.50 792.250 -27.000
Gasoil 0.1% AAVJI00 757.75–758.25 758.000 -31.250 AAVJJ00 778.75–779.25 779.000 -31.750 AMOPI00 10.30 -0.360
10ppm ULSD AAWYY00 760.25–760.75 760.500 -30.250 AAWYZ00 782.75–783.25 783.000 -31.000 AMOPN00 -2.28 -2.970
1% PUAAK00 501.25–501.75 501.500 -12.250 PUAAJ00 513.50–514.00 513.750 -12.250
3.5% PUAAZ00 483.75–484.25 484.000 -5.750 PUAAY00 495.75–496.25 496.000 -5.750
Northwest Europe cargoes (PGA page 1110)
CIF (Basis ARA) FOB NWE MOPL Diff
Gasoline 10ppm AAXFQ00 972.75–973.25 973.000 -18.250
Naphtha Swap PAAAJ00 668.75–669.25 669.000 -15.250
Naphtha Phy PAAAL00 674.25–674.75 674.500 -17.500
Jet PJAAU00 833.50–834.00 833.750 -28.000 PJAAV00 812.75–813.25 813.000 -28.000 AMOPJ00 1.77 +0.020
Ultra low sulfur diesel 10ppm AAVBG00 790.25–790.75 790.500 -28.000 AAVBF00 776.75–777.25 777.000 -28.000 AMOPL00 0.22 -0.480
Gasoil 0.1% AAYWS00 770.25–770.75 770.500 -27.000 AAYWR00 744.25–744.75 744.500 -27.000 AMOPH00 0.21 +0.110
Diesel 10ppm NWE AAWZC00 793.25–793.75 793.500 -28.000 AAWZD00 776.75–777.25 777.000 -28.000
Diesel 10 PPM UK AAVBH00 795.25–795.75 795.500 -28.000 AUKMA00 5.219 -0.482
1% PUAAL00 515.25–515.75 515.500 -11.750 PUAAM00 498.25–498.75 498.500 -12.250
3.5% PUABA00 475.75–476.25 476.000 -5.750 PUABB00 460.25–460.75 460.500 -6.250
0.5-0.7% straight run PKABA00 623.00–624.00 623.500 -11.500
Low sulfur VGO AAHMZ00 673.75–674.75 674.250 -24.750 AAHMX00 650.25–651.25 650.750 -25.500
High sulfur VGO AAHND00 660.25–661.25 660.750 -24.750 AAHNB00 636.50–637.50 637.000 -25.500
Northwest Europe barges (PGA pages 1112 & 1380)
FOB Rotterdam MOPL Diff
Eurobob AAQZV00 922.75–923.25 923.000 -18.250
E10 Eurobob AGEFA00 917.500 -19.500
Unleaded 98 AAKOD00 1027.75–1028.25 1028.000 -18.250
Premium Unleaded PGABM00 928.50–929.00 928.750 -41.000
Reformate AAXPM00 1029.000 -18.250
MTBE* PHALA00 1143.25–1143.75 1143.500 -17.250
Naphtha Phy PAAAM00 670.25–670.75 670.500 -17.500
Jet PJABA00 825.25–825.75 825.500 -29.250 AMOPK00 -3.05 -0.700
Gasoil 50 ppm AAUQC00 769.75–770.25 770.000 -28.500
Gasoil 0.1%* AAYWT00 756.50–757.00 756.750 -28.000 AMOPG00 3.44 -0.340
10 ppm* AAJUS00 773.75–774.25 774.000 -28.500 AMOPM00 -2.63 +0.860
1% PUAAP00 498.25–498.75 498.500 -12.250
3.5% PUABC00 476.75–477.25 477.000 -5.750
Fuel Oil 3.5% 500 CST PUAGN00 472.75–473.25 473.000 -5.750
Low sulfur VGO AAHNF00 647.25–648.25 647.750 -25.250
High sulfur VGO AAHNI00 633.50–634.50 634.000 -25.500
*FOB Amsterdam-Rotterdam-Antwerp
Rotterdam bunker (PGA page 1112)
380 CST PUAFN00 476.50–477.50 477.000 -6.000

© 2024 by S&P Global Inc. All rights reserved. 6

Asia-Pacific/Arab Gulf Marketscan April 18, 2024

assessments, CFR, pricing over H2 April and H1 May, US products (¢/gal) (PGA page 158)
Code Mid Change Code Mid Change
sources said. US West Coast pipeline
South Korea’s Hanwha TotalEnergies issued buy Los Angeles San Francisco
tenders for open-specification naphtha cargo for Unleaded 84 AAUHA00 303.32–303.42 303.370 -4.500 PGADG00 304.32–304.42 304.370 -4.500
delivery in H1 June to Daesan, closed in April 18, with Premium 90 PGABG00 325.32–325.42 325.370 -5.500 PGABO00 326.32–326.42 326.370 -1.500
the same-day validity, S&P Global reported earlier. CARBOB AAKYJ00 307.32–307.42 307.370 -4.500 AAKYN00 307.32–307.42 307.370 -4.500
CARBOB PREM AAKYL00 329.32–329.42 329.370 -5.500 AAKYP00 329.32–329.42 329.370 -1.500
Indonesia’s Pertamina was reported looking to buy
Jet PJAAP00 252.34–252.44 252.390 -4.080 PJABC00 252.34–252.44 252.390 -4.080
at least 22,000 mt of naphtha for May 16-19 delivery ULS (EPA) Diesel POAET00 257.34–257.44 257.390 -4.330 POAEY00 265.84–265.94 265.890 -11.580
to TPPI Tuban in a tender that closes April 19 with CARB diesel POAAK00 257.34–257.44 257.390 -4.330 POAAL00 265.84–265.94 265.890 -11.580
validity expiring April 23. This was likely a reissue of Seattle Portland
the previous tender that sought the same volume of Unleaded 84 AAXJE00 287.32–287.42 287.370 -8.500 AAXJC00 289.32–289.42 289.370 -8.500
Premium 90 AAXJF00 324.32–324.42 324.370 -8.500 AAXJD00 326.32–326.42 326.370 -8.500
naphtha over the same delivery dates. The previous Jet PJABB00 252.34–252.44 252.390 -4.080
tender closed April 16, with validity until April 23, S&P ULS (EPA) Diesel AAUEX00 254.19–254.29 254.240 -4.080 AAUEY00 255.34–255.44 255.390 -4.080
Global reported earlier, citing trade sources. Phoenix
In other news, South Korea’s naphtha-fed steam RBOB unleaded 84 AADDP00 316.32–316.42 316.370 -4.500
RBOB premium 89.5 PPXDJ00 338.32–338.42 338.370 -5.500
cracker run rates are slated to average at 86% of online
Differential to NYMEX
capacity in April, inching up from 85.15% in March, data
CARBOB AANVX00 35.95/36.05 36.000 -3.000
collated from industry sources showed. The overall Jet Fuel AANVY00 -1.05/-0.95 -1.000 0.000
operation rates were seen falling to 78.31% of total ULS (EPA) Diesel AANVZ00 3.95/4.05 4.000 -0.250
capacity in April, including offline capacity, from 79.07% CARB Diesel AANWA00 3.95/4.05 4.000 -0.250
in March, according to the data. US West Coast waterborne
Los Angeles
LG Chem raised operating rates for three of
Unleaded 87 PGADI00 303.32–303.42 303.370 -4.500
its steam crackers in April to 72%, 85% and 71%, Jet PJABI00 251.34–251.44 251.390 -4.080
respectively, sources said. The development came
amid expectations that the olefins spread would be
sufficient to cover the variable cracker costs in April, a
company official said. Platts assessment of futures markets at MOC close (PGA page 703)
Platts is part of S&P Global Commodity Insights. Singapore 16:30
ICE gasoil futures ($/mt) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
May 24* AAQYM01 785.75 May 271.31 May 256.11
Platts Japan Naphtha Daily Rationales &
XNRBA01 XNHOA01
Jun 24 AAQYM02 787.25 Jun XNRBA02 268.56 Jun XNHOA02 256.76
Exclusions Jul 24 AAQYM03 788.00 Jul XNRBA03 264.28 Jul XNHOA03 257.40
Naphtha C+F Japan Cargo <PAAAD00> assessment New York 14:30
rationale: NYMEX light sweet crude ($/barrel) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
May NYCRM01 82.70 May NYRBM01 271.30 May NYHOM01 253.26
The CFR Japan naphtha cargo assessment on
Jun NYCRM02 82.07 Jun NYRBM02 268.42 Jun NYHOM02 254.09
April 18 took into consideration a bid for H2 June Jul NYCRM03 81.49 Jul NYRBM03 263.95 Jul NYHOM03 254.96
at $694/mt, with a crack value of $41.73/mt, which *Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February.
demonstrated value. The H2 May-H1 June time spread
was assessed at $1.25/mt and the H1 June-H2 June
time spread was assessed at $1.75/mt.

© 2024 by S&P Global Inc. All rights reserved. 7

Asia-Pacific/Arab Gulf Marketscan April 18, 2024

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

(Asia MOC) (Asia MOC) (Asia close) (London close)
API
Gravity Code Mid Change Code Mid Change Code Mid Change Code Mid Change
Condensate (PGA page 2212) (PGA page 2213)
Diff to Dubai Diff to Asian Dated Brent
NW Shelf 61.9 PCAGX00 78.50–78.54 78.520 -2.740 AAPAI00 -8.00 -0.100 AAPAH00 78.460 -1.780
Ichthys FC 48.9 ICFCA00 84.520 -3.240 ICFCB00 -2.000 -0.600
DFC 56.82 ADFCA00 83.72–83.76 83.740 -2.710 ADFCB00 -1.85/-1.75 -1.800 -0.200 ADFCC00 -2.780 -0.070 ADFCD00 83.680 -1.750
Qatar LSC 56.9 AARBB00 83.47–83.51 83.490 -2.710 AARBD00 -2.10/-2.00 -2.050 -0.200 AARBC00 -3.030 -0.070 AARBA00 83.430 -1.750
South Pars 57.4 AARAV00 78.67–78.71 78.690 -2.710 AARAX00 -6.90/-6.80 -6.850 -0.200 AARAW00 -7.830 -0.070 AARAU00 78.630 -1.750
Diff to ICP
Senipah 54.4 AAEOE00 75.50–75.54 75.520 -2.740 AAEOK00 -5.55/-5.45 -5.500 -0.050 AAPBE00 -11.000 -0.100 AAPBD00 75.460 -1.780
Light crude (PGA page 2214) (PGA page 2215)
Diff to ICP Diff to Asian Dated Brent
Cossack 47.7 PCAGZ00 84.45–84.49 84.470 -3.240 AAPAC00 -2.050 -0.600 AAPAB00 84.410 -2.280
Tapis 45.2 PCACB00 89.30–89.34 89.320 -2.640 AAOZW00 2.800 0.000 AAOZV00 89.260 -1.680
Belida 45.1 PCAFL00 78.75–78.79 78.770 -3.240 PCAFM00 -3.90/-3.80 -3.850 -0.300 AAPBQ00 -7.750 -0.600 AAPBP00 78.710 -2.280
Kutubu 44.3 PCAFJ00 81.00–81.04 81.020 -3.240 AAPAE00 -5.500 -0.600 AAPAD00 80.960 -2.280
Attaka 42.3 PCAAJ00 78.70–78.74 78.720 -3.240 PCAAK00 -3.90/-3.80 -3.850 -0.300 AAPBC00 -7.800 -0.600 AAPBB00 78.660 -2.280
Ardjuna 38 PCACQ00 85.30–85.34 85.320 -2.640 PCACR00 -1.35/-1.25 -1.300 0.000 AAPBG00 -1.200 0.000 AAPBF00 85.260 -1.680
Banyu Urip 32 PCAFQ00 90.620 -2.640 PCAQQ00 2.050 0.000 AAPBU00 4.100 0.000 AAPBR00 90.560 -1.680
Diff to Dubai
Sakhalin Blend 45.5 AARBN00 79.67–79.71 79.690 -2.510 AARCN00 -5.90/-5.80 -5.850 0.000 AARDN00 -6.830 +0.130 AAREN00 79.630 -1.550
ESPO M1 34.8 AARWF00 82.52–82.56 82.540 -2.510 AASEU00 -3.05/-2.95 -3.000 0.000 AARWE00 -3.960 +0.010 AARWD00 82.500 -1.670
ESPO M2 34.8 AAWFE00 81.70–81.74 81.720 -2.450 AAWFG00 -3.05/-2.95 -3.000 0.000
Sokol 39.7 AASCJ00 82.27–82.31 82.290 -2.510 AASCK00 -3.30/-3.20 -3.250 0.000 AAPAO00 -4.230 +0.130 AAPAN00 82.230 -1.550
Kikeh 34.9 AAWUH00 93.25–93.29 93.270 -2.640 AAOZY00 6.750 0.000 AAOZX00 93.210 -1.680
Miri Light 32.3 PCABQ00 92.80–92.84 92.820 -2.640 AAPAS00 6.300 0.000 AAPAR00 92.760 -1.680
Labuan 32 PCABL00 95.70–95.74 95.720 -2.640 AAPAQ00 9.200 0.000 AAPAP00 95.660 -1.680
Kimanis 38.6 AASCL00 96.720 -2.640 AASCM00 10.200 0.000 AASCN00 96.660 -1.680
Medium crude (PGA page 2216) (PGA page 2217)
Diff to Asian Dated Brent
Su Tu Den 36.8 AARAR00 93.55–93.59 93.570 -2.340 AARAS00 7.050 +0.300 AARAQ00 93.510 -1.380
Bach Ho 40.7 PCAHY00 94.90–94.94 94.920 -2.490 AAPAK00 8.400 +0.150 AAPAJ00 94.860 -1.530
Nanhai 40 PCAFR00 81.85–81.89 81.870 -2.640 AAPAG00 -4.650 0.000 AAPAF00 81.810 -1.680
Nile Blend 33.9 AAPLC00 80.65–80.69 80.670 -2.540 AAPAM00 -5.850 +0.100 AAPAL00 80.610 -1.580
Daqing 32.2 PCAAZ00 85.95–85.99 85.970 -2.540 AAPAW00 -0.550 +0.100 AAPAV00 85.910 -1.580
Heavy crude (PGA page 2218) (PGA page 2219)
Diff to ICP Diff to Asian Dated Brent
Dar Blend 25 AARAB00 83.15–83.19 83.170 -2.590 AARAC00 -3.350 +0.050 AARAA00 83.110 -1.630
Shengli 24.2 PCABY00 88.50–88.54 88.520 -2.590 AAPAY00 2.000 +0.050 AAPAX00 88.460 -1.630
Duri 20.8 PCABA00 91.90–91.94 91.920 -2.590 PCABB00 2.65/2.75 2.700 0.000 AAPBM00 5.400 +0.050 AAPBL00 91.860 -1.630
Vincent 18.3 AARAK00 96.320 -2.590 AARAL00 9.800 +0.050 AARAJ00 96.260 -1.630

© 2024 by S&P Global Inc. All rights reserved. 8

Asia-Pacific/Arab Gulf Marketscan April 18, 2024
Naphtha FOB Spore Cargo <PAAAP00> assessment
rationale:
The FOB Singapore naphtha assessment was
derived as a freight netback from the CFR Japan
naphtha first cycle assessment using the following
calculation: CFR Japan naphtha first cycle assessment
minus the cost of transporting a 30,000-mt clean
cargo on the Singapore-to-Japan route.
Naphtha FOB Arab Gulf Cargo <PAAAA00>
assessment rationale:
The FOB Arab Gulf naphtha assessment was
derived as a freight netback from the CFR Japan
naphtha marker using the following calculation: CFR
Japan naphtha marker minus the cost of transporting
a 55,000-mt clean cargo from a basket of ports on the
Persian Gulf-to-Japan route.
Platts is part of S&P Global Commodity Insights.
Exclusions:
No market data was excluded from the April 18
Asian naphtha derivative Market on Close assessment
process.
No market data was excluded from the April 18
Asian naphtha MOC.
Asia-Pacific/Arab Gulf Marketscan
Contact Client Services: ci.support@spglobal.com; Americas: +1-800-752-8878;
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Trade Data: S&P Global Commodity Insights has defined standards for entities it
considers to be related and verifies through a variety of inputs whether
counterparties in reported trades meet these criteria.
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You may view or otherwise use the information, prices, indices, assessments and
other related information, graphs, tables and images (“Data”) in this publication
© 2024 by S&P Global Inc. All rights reserved. 9
Platts FOB Fujairah Naphtha Daily Rationale &
Exclusions
Naphtha FOB Fujairah <NFJSA00 > assessment
rationale:
The Platts assessment of FOB Fujairah naphtha on
April 18 took into consideration the naphtha Mean of
Platts Arab Gulf strip value of $625.90/mt, as well as
the cash differential at $25/mt in the absence of bids,
offers and trades in the FOB Fujairah naphtha market
on close assessment process.
The MOPAG naphtha strip is calculated from
the May MOPAG naphtha swap at $626.28/mt and
June MOPAG naphtha swap at $621.59/mt. The cash
differential took into consideration the FOB AG cash
differential against Mean of Platts Arab Gulf naphtha
physical, in the absence of any competitive bids, offers
or trades demonstrating value otherwise.
Exclusions: No market data was excluded from the
April 18 Fujairah naphtha market on close assessment
process.
Platts is part of S&P Global Commodity Insights.
only for your personal use or, if you or your company has a license for the Data
from S&P Global Commodity Insights and you are an authorized user, for your
company’s internal business use only. You may not publish, reproduce, extract,
distribute, retransmit, resell, create any derivative work from and/or otherwise
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Insights. Any use or distribution of the Data beyond the express uses authorized in
this paragraph above is subject to the payment of additional fees to S&P Global
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S&P Global Commodity Insights, its affiliates and all of their third-party licensors
disclaim any and all warranties, express or implied, including, but not limited to, any
warranties of merchantability or fitness for a particular purpose or use as to the
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this publication includes independent and verifiable data collected from actual
market participants. Any user of the Data should not rely on any information and/
or assessment contained therein in making any investment, trading, risk
management or other decision. S&P Global Commodity Insights, its affiliates and
their third-party licensors do not guarantee the adequacy, accuracy, timeliness
and/or completeness of the Data or any component thereof or any
Platts FOB Fujairah Naphtha Bids, Offers,
Trades
Bids: No bids
Offers: No offers
Trades: No trades
This assessment commentary applies to the
following market data codes: Naphtha FOB Fujairah
Cargo $/mt <NFJSA00>.
Platts Asia and Middle Eastern Jet Daily
Market Analysis
„ Asian jet fuel/kerosene demand improves;
oversupply weighs on complex
„ South Korea’s SK Energy sells 600,000 barrels of jet
A-1 fuel for May 8-14 loading
Fundamentals in the Asian jet fuel/kerosene market
held steady March 18 amid improved demand ahead of
the summer season and the Olympics, while oversupply
in Europe exerted downward pressure on the complex.
“[I] think jet [fuel] is performing better than gasoil.
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Asia-Pacific/Arab Gulf Marketscan April 18, 2024
Summer demand and the coming Olympics, plus recent
low exports from China,” said a middle distillates trader.
While oversupply in Europe persisted amid strong
inflows, increasing aviation demand bolstered prices
in the region, which could aid East-West arbitrage
economics in the near term.
S&P Global Commodities at Sea data projected
imports from the East of Suez into Europe in April to
total 1.7 million mt.
Inventories of jet fuel and kerosene in the
Amsterdam-Rotterdam-Antwerp refining hub rose
151,000 mt on the week to 883,000 mt in the seven
days to April 11, an increase of about 14% on the
month, data from market research firm Insights Global
showed, leaving stocks at the highest level since
March 2023.
Platts assessed the CIF NWE jet cargo differential
up $1/mt on the day to a $55.50/mt premium to the
front-month ICE LSGO contract, with FOB FARAG
barges rising $1.25/mt to a $48.50/mt premium.
S&P Global’s latest arbitrage calculations for
refined product flows released April 17 showed that
the arbitrage window to ship jet fuel from the Persian
Gulf to Northwestern Europe for April was closed at a
disincentive of minus $2.67/b.
In the midmorning trade April 18, brokers pegged
the front-month jet fuel-kerosene swaps time spread
at minus 5 cents/b, up from minus 15 cents/b the
previous day.
Platts assessed the cash differential for FOB
Singapore jet fuel/kerosene cargoes at minus 31
cents/b at the April 17 Asian close, down 13 cents/b on
the day.
In tenders, South Korea’s SK Energy sold two
300,000-barrel cargoes of jet A-1 fuel for loading over
May 8-10 and May 12-14 at discounts of around 90
cents/b-$1/b and $1.40/b, respectively, to the whole
month average of Mean of Platts Singapore jet fuel/
kerosene assessments, FOB. According to trade
© 2024 by S&P Global Inc. All rights reserved. 10
sources, the cargo for loading over May 8-10 was likely
a reissue.
Elsewhere, Japan’s kerosene output rose to 55.4%
on the week to 1.38 million barrels over April 7-13, data
from the Petroleum Association of Japan showed April
17. In turn, stocks of heating oil rose 10.6% on the week
to 7.31 million barrels, the data showed.
The rise in production and inventory levels came
despite a fall in demand amid warmer temperatures.
Implied kerosene demand dropped by 95,000 b/d on
the week to 69,000 b/d in the week ended April 13,
edging lower to an average of 178,000 b/d over the past
three weeks, S&P Global Commodity Insights analysts
said in a weekly report April 17.
Meanwhile, Australia’s inflows slid 27.84% on the
month and 4.77% on the year to 3.3 million barrels,
from a three-month high of 4.58 million barrels in
the prior month, the latest preliminary data released
by the Department of Climate Change, Energy, the
Environment and Water showed.
Jet fuel imports over January-February totaled
7.88 million barrels, up 15.52% from the same year-
ago period.
South Korea was the top supplier of jet fuel to
Australia at 883,718 barrels. This was followed by China,
Brunei and Singapore at 647,850 barrels, 601,305
barrels and 425,820 barrels, respectively.
Platts is part of S&P Global Commodity Insights.
Platts Asia & Middle East Jet Kero Daily
Rationale & Exclusions
Jet Kero FOB Spore Cargo <PJABF00> assessment
rationale:
The FOB Singapore Jet fuel/kerosene cargo
assessment April 18 was based on the adjusted
relationship between the physical and swaps markets.
The cash differential was down 5 cents/b on the
day at Mean of Platts Singapore Jet fuel/kerosene
assessment minus 36 cents/b, as the May/June jet
fuel/kerosene swap spread was down 10 cents/b on
the day at minus 25 cents/b.
Jet Kero FOB Arab Gulf Cargo <PJAAA00>
assessment rationale:
The FOB Arab Gulf Jet Kero cargo assessment was
derived as a freight netback from the FOB Singapore
Jet Kero cargo assessment using the following input:
FOB Singapore Jet Kero cargo assessment minus the
cost of transporting a 55,000-mt clean cargo from a
basket of ports in the Persian Gulf to Singapore.
Exclusions:
No market data was excluded from the April 18,
2024 Singapore Jet fuel/kerosene Platts Market on
Close assessment process.
Platts FOB Fujairah Jet Kero Rationale &
Exclusions
Jet Kero FOB Fujairah cargo <AFUJF00>
assessment rationale:
Platts assessed FOB Fujairah jet fuel/kerosene
on April 18 at a premium of $3.80/b to the Mean of
Platts Arab Gulf jet fuel/kerosene assessment, taking
into consideration prices in the FOB Fujairah jet fuel/
kerosene market as well as differentials for recent
cargo trades heard in the Middle East. The MOPAG jet
fuel/kerosene strip was $96.04/b.
Exclusions:
No market data was excluded from the April
18 Fujairah Jet fuel/kerosene Market on Close
assessment process.
Platts Singapore Jet Kero Bids, Offers,
Trades
Bids: No bids reported
Offers: Jet: FOB Straits: Aramco offers MOPS
+0.30 May 3-7 100kb (Deemed pricing Apr 19-26); Jet:
FOB Straits: BP offers MOPS +0.50 May 3-7 100kb
(Deemed pricing May 2-8) BP GTC. Seller represents
Asia-Pacific/Arab Gulf Marketscan April 18, 2024
and warrants that, to the best of its knowledge, the
cargo delivered under this Contract: (i) does not
contain any product that was produced, manufactured
or processed in, or exported from; or (ii) has not been
produced through a blending process that uses
product or components that have been produced,
manufactured or processed in, or exported from,
in each case, the Russia Federation or Crimea, the
Donetsk People’s Republic or the Luhansk People’s
Republic in Ukraine; Jet: FOB Straits: Sietco offers
MOPS +0.10 May 3-7 100kb (Deemed pricing Apr May
6-10) It is a condition of this agreement that the goods
sold and delivered by Seller will not be of Russian
Federation (RF) origin, nor have been blended with any
product that was produced in RF, nor will the transport
of the goods sold commence from or involve transit
through RF; Jet: FOB Straits: Aramco offers MOPS
+0.50 May 8-12 100kb (Deemed pricing Apr 19-26); Jet:
FOB Straits: Aramco offers MOPS +0.50 May 13-17
100kb (Deemed pricing Apr 19-26)
Trades: No trades reported
This assessment commentary applies to the
following market data codes: Jet Kero <PJABF00>
Platts Asia and Middle Eastern Gasoil Daily
Market Analysis
„ Singapore front-month gasoil swap crack falls to
10-month low
„ South Korea’s GS Caltex sells gasoil for May 10-
18 loading
Sentiment in the Asian gasoil complex remained
weak April 18, after the front-month derivative crack
spread slumped to a 10-month low on tepid demand.
The Platts-assessed FOB Singapore gasoil-diesel
derivative crack spread to front-month Dubai swap
was at $16.93/b at the Asian close April 17, narrowing
17 cents/b on the day, S&P Global Commodity Insights
© 2024 by S&P Global Inc. All rights reserved. 11
data showed. The crack was last seen narrower June
15, 2023 at $16.71/b, according to the data.
“The [gasoil] crack margin is getting unfavorable
to suppliers. I’ve heard some have started production
cuts, but no exact details can be confirmed yet,” a
regional gasoil trader said.
The weakness in the crack spread was largely
underpinned by unviable East-West arbitrage
economics, which have trapped surplus barrels in
the region at a time when regional demand remained
subdued.
The front-month May gasoil exchange of futures for
swaps spread was pegged by brokers at minus $27/
mt at intraday trading April 18, narrowing from minus
$29.30/mt at the Asian close April 17, indicating a
weakening incentive to send barrels west.
“Demand from Europe is weak, and regional
demand has been slow since March. The barrels are
stuck,” a second regional gasoil trader said.
In tenders, South Korea’s GS Caltex sold two
300,000-barrel cargoes of ultra-low sulfur gasoil for
loading over May 10-14 and May 14-18, at discounts of
around $1.20/b and 90 cents/b, respectively, to the
May average of Mean of Platts Singapore 10 ppm sulfur
gasoil assessments, FOB Yeosu.
The company also sold 300,000 barrels of medium
sulfur gasoil for loading over May 14-18, at a discount
of around $2-$2.50/b to the loading month average of
MOPS 10 ppm sulfur gasoil assessments, FOB Yeosu.
GS Caltex offered via the same tender, 300,000
barrels of 0.5%S gasoil for loading over May 1-5 from
Yeosu at the May average of MOPS 10 ppm sulfur gasoil
assessments, S&P Global Commodity Insights reported
earlier, citing trade sources. Award details could not be
confirmed.
Stockpiles of oil products at the UAE’s Port of
Fujairah climbed for the third consecutive week,
extending gains to an eight-month high, driven by a
22% increase in heavy distillates used as ship fuel
and for power generation, according to data from the
Fujairah Oil Industry Zone.
Total inventories increased 7.2% to 22.033 million
barrels over the week ended April 15, the highest
since June 5 last year, the FOIZ data published April 17
showed. Stockpiles have increased 27% since the end
of 2023.
Inventories of middle distillates, including diesel and
jet fuel, dropped 4.4% on the week to a two-week low
of 3.842 million barrels.
Russian oil product exports slumped to a post-
pandemic low in the first half of April, S&P Global
Commodity Insights reported earlier, citing tanker
tracking data, as the impact of drone strikes on its
refineries and flooding weighed on the country’s key
export commodity.
Seaborne Russian export loadings of diesel, fuel
oil, naphtha and other refined products averaged 1.81
million b/d in the week ended April 14, S&P Global
Commodities at Sea data showed, slumping 560,000
b/d from March and more than 830,000 b/d from
January levels, when Ukraine began a barrage of long-
range drone strikes on Russian refining capacity.
The last time Russian product exports fell to
below 2 million b/d was during the peak of pandemic
lockdowns mid-2020.
Ukrainian drones struck more than 1.6 million b/d of
Russia’s Western refining capacity by the end of March,
resulting in an estimated shutdown of around 1 million
b/d of processing capacity.
Platts is part of S&P Global Commodity Insights.
Platts Asia and Middle Eastern Gasoil Cargo
Daily Rationale & Exclusions
Gasoil .001%S (10ppm) FOB Spore Cargo
<AAOVC00> assessment rationale:
The FOB Singapore Gasoil 0.001% (10 ppm) cargo
assessment April 18 was based on the following
input: The middle loading period was assessed at
Asia-Pacific/Arab Gulf Marketscan April 18, 2024
MOPS Gasoil plus 5 cents/b, based on a bid for a
cargo loading over May 8-12 at May Gasoil flat after
normalizing the deemed pricing. The back loading
period was assessed at MOPS Gasoil plus 3 cents/b,
based on a bid for a cargo loading over May 12-16 at
May Gasoil flat after normalizing the deemed pricing.
The front loading period was assessed at MOPS Gasoil
minus 6 cents/b, reflecting the movement in the
middle loading period.
Gasoil .05%S (500ppm) FOB Spore Cargo
<AAFEX00> assessment rationale:
The FOB Singapore Gasoil 0.05% (500 ppm) cargo
assessment April 18 was based on the following input:
The front loading period was assessed at MOPS Gasoil
minus $1.85/b, based on an offer for a cargo loading
over May 3-7 at MOPS Gasoil minus $1.85/b after
normalizing the deemed pricing. The middle loading
period and back loading period were assessed at
MOPS Gasoil minus $1.58/b and MOPS Gasoil minus
$1.40/b, respectively, reflecting the movement in the
front loading period.
Gasoil FOB Spore Cargo <POABC00> assessment
rationale:
The FOB Singapore Gasoil 0.001% (10 ppm) cargo
assessment April 18 was based on the following
input: The middle loading period was assessed at
MOPS Gasoil plus 5 cents/b, based on a bid for a
cargo loading over May 8-12 at May Gasoil flat after
normalizing the deemed pricing. The back loading
period was assessed at MOPS Gasoil plus 3 cents/b,
based on a bid for a cargo loading over May 12-16 at
May Gasoil flat after normalizing the deemed pricing.
The front loading period was assessed at MOPS Gasoil
minus 6 cents/b, reflecting the movement in the
middle loading period.
Exclusions: No market data was excluded from the
April 18 Singapore Gasoil Market on Close assessment
process.
Platts is part of S&P Global Commodity Insights.
© 2024 by S&P Global Inc. All rights reserved.
Platts FOB Fujairah Gasoil Daily Rationale &
Exclusions
Gasoil FOB Fujairah cargo <AFUJK00> assessment
rationale:
The FOB Fujairah Gasoil assessment on April 18 was
assessed at a premium of $2.59/b to Mean of Platts
Arab Gulf gasoil assessment, taking into consideration
prices in the FOB Fujairah gasoil market as well as
differentials for recent cargo trades heard in the
Middle East. The MOPAG Gasoil Strip was 96.96/b.
Gasoil 500 ppm FOB Fujairah cargo <AFUJN00>
assessment rationale:
The FOB Fujairah 500 ppm Gasoil assessment on
April 18 was assessed at a premium of $1.79/b to Mean
of Platts Arab Gulf gasoil assessment, taking into
consideration prices in the FOB Fujairah gasoil market
as well as differentials for recent cargo trades heard in
the Middle East. The MOPAG Gasoil Strip was 96.96/b.
Exclusions: No market data was excluded from the
April 18 Fujairah Gasoil Market on Close assessment
process.
Platts is part of S&P Global Commodity Insights.
Platts Asia and Middle Eastern Gasoil Cargo
Bids, Offers, Trades
Bids: Gasoil 10ppm: Gasoil 10ppm: FOB Straits:
Gunvor bids MOPS -0.30 May 6-10 150kb (Deemed
pricing May 6-10) INCO. Seller represents and warrants
that the cargo delivered/to be delivered under this
Contract: (i) does not contain any product that was
produced, manufactured or processed in, or exported
from; or (ii) has not been produced through a blending
process that uses product or components that have
been produced, manufactured or processed in, or
exported from, in each case, the Russia Federation
or Crimea, the Donetsk People’s Republic or the
Luhansk People’s Republic in Ukraine; Gasoil 10ppm:
FOB Straits: BP bids May +0.00 May 8-12 150kb Seller
12
represents and warrants that, to the best of its
knowledge, the cargo delivered under this Contract:
(i) does not contain any product that was produced,
manufactured or processed in, or exported from; or (ii)
has not been produced through a blending process
that uses product or components that have been
produced, manufactured or processed in, or exported
from, in each case, the Russia Federation or Crimea,
the Donetsk People’s Republic or the Luhansk People’s
Republic in Ukraine; Gasoil 10ppm: FOB Straits:
Trafigura bids MOPS -0.30 May 10-14 150kb INCO; Gasoil
10ppm: FOB Straits: BP bids May +0.00 May 12-16 169kb
Seller represents and warrants that, to the best of its
knowledge, the cargo delivered under this Contract:
(i) does not contain any product that was produced,
manufactured or processed in, or exported from; or (ii)
has not been produced through a blending process
that uses product or components that have been
produced, manufactured or processed in, or exported
from, in each case, the Russia Federation or Crimea,
the Donetsk People’s Republic or the Luhansk People’s
Republic in Ukraine; Gasoil 500ppm: FOB Straits: Vitol
bids MOPS -2.40 May 3-7 150kb
Offers: Gasoil 10ppm: 1) Gasoil 10ppm: FOB Straits:
Vitol offers MOPS +0.20 May 3-7 150kb; Gasoil 10ppm:
FOB Straits: UIT offers MOPS +0.20 May 3-7 150kb
(Deemed pricing Apr 22-26); Gasoil 10ppm: FOB Straits:
Vitol offers MOPS +0.20 May 8-12 150kb; Gasoil 10ppm:
FOB Straits: Vitol offers MOPS +0.20 May 14-18 150kb;
Gasoil 500ppm: FOB Straits: Chevron offers MOPS -1.80
May 3-7 150kb (Deemed pricing May 3-9) Chevron GTC
Trades: No trades reported
This assessment commentary applies to the
following market data codes: <AAOVC00> <AAFEX00>
<AACUE00> <POABC00> <AAFEZ00>
Asia-Pacific/Arab Gulf Marketscan April 18, 2024
Platts Asia and Middle Eastern Gasoil FOB
Cargo Daily Rationale & Exclusions
Gasoil .25%S (2500ppm) FOB Spore Cargo
<AACUE00> assessment rationale:
The FOB Singapore Gasoil 0.25% (2,500 ppm) cargo
assessment April 18 was based on the spread between
500 ppm gasoil and 2,500 ppm gasoil. The cash
differential was 13 cents/b lower day on day at MOPS
Gasoil minus $3.65/b.
Gasoil .05% (500ppm) FOB Arab Gulf Cargo
<AAFEZ00> assessment rationale:
The FOB Arab Gulf Gasoil 0.05% (500 ppm) cargo
assessment was derived as a freight netback from
the FOB Singapore Gasoil 0.001% (10 ppm) cargo
assessment using the following inputs: FOB Singapore
Gasoil 0.001% (10 ppm) cargo assessment minus the
cost of transporting a 55,000-mt clean cargo from a
basket of ports in the Persian Gulf to Singapore, and
taking into account the cash differential between the
FOB Arab Gulf 10 ppm and 500 ppm assessments.
Gasoil FOB Arab Gulf Cargo <POAAT00>
assessment rationale:
The FOB Arab Gulf Gasoil 0.001% (10 ppm) cargo
assessment was derived as a freight netback from
the FOB Singapore Gasoil 0.001% (10 ppm) cargo
assessment using the following input: FOB Singapore
Gasoil 0.001% (10 ppm) cargo assessment minus the
cost of transporting a 55,000-mt clean cargo from a
basket of ports in the Persian Gulf to Singapore.
Exclusions: No market data was excluded from the
April 18 Singapore Gasoil Market on Close assessment
process.
Platts is part of S&P Global Commodity Insights.
Platts Asia and Middle East Fuel Oil Daily
Market Analysis
„ LSFO near-term fundamentals pressured
„ Singapore’s HSFO ex-wharf premiums little changed
© 2024 by S&P Global Inc. All rights reserved.
Adequate cargoes of low sulfur fuel oil in Asia are
likely to persistently weigh on market fundamentals,
while any potential uptick in downstream demand is
yet to be seen, traders said April 18.
The Singapore marine fuel 0.5%S balance April-
May swaps time spread was pegged $1.30/mt at
midmorning trade April 18, unchanged from the Platts
assessment of the spread at the previous Asian close
April 17.
However, the Singapore 0.5%S marine fuel May-
June spread was pegged slightly higher at $3.50/mt
April 18, 20 cents/mt higher than the assessment at
the previous close April 17.
Platts assessed the front-month crack spread for
Singapore 0.5% sulfur marine fuel grade against Brent
crude rose 82 cents/mt on the day to $10.97/b on April
17, 1 cent/mt lower day on day, the first decline after
rising for three consecutive trading sessions, S&P
Global Commodity Insights data showed.
The Singapore 380 CST HSFO balance April-May
market structure was pegged at minus 70 cents/mt in
midafternoon Asian trade April 18 — 50 cents/mt higher
from the preceding session, while the May-June spread
was pegged higher at $3/mt on April 18, $1.75/mt higher
than the previous close April 17.
Platts, part of S&P Global, assessed the Singapore
380 CST HSFO cash differential to Mean of Platts
Singapore 380 CST HSFO assessment at a near
three-month high of a 75 cent/mt discount on April 17,
narrowing 63 cents on the day. The cash differential
was last higher at $2.25/mt on Jan. 31.
Platts assessed the Singapore 380 CST HSFO cash
differential to MOPS 380 CST HSFO assessment to an
average of minus $1.99/mt over April 1-17, strengthening
from an average of minus $2.67/mt in March.
Singapore ex-wharf 380 CST high sulfur fuel oil term
contract supplies for April were inked at premiums in
the $1-$5/mt range against benchmark FOB Singapore
380 CST HSFO cargo values, compared with premiums
13
of flat to $5/mt for March-loading contracts, amid
healthy downstream demand, traders said April 18.
Most April-term HSFO ex-wharf contracts were
traded no higher than a premium of $4.50/mt, with a
significant number of lots concluded at premiums in
the $1-$3/mt range, as ample stockpiles potentially
offset an upside in valuations, traders said.
Traders expected offers for Singapore’s May-loading
term HSFO ex-wharf barrels to be marginally higher at
premiums in the $4-$6/mt range or mostly similar to
levels for April cargoes, as higher HSFO stockpiling activity
in the Middle East could tighten supplies due to stronger
demand for power generation ahead of the peak summer
season. Inflows of HSFO replenishments into Asia were
expected to remain steady in the near term and keep the
Singapore hub well supplied, according to traders.
HSFO inflows of at least 2 million barrels, or 318,000
mt, sourced from Russia, were likely to find homes
along the Singapore Straits from the second half of
April to early May, traders said.
“Even though East-West arbitrage margins still
seem theoretically unviable, especially when factoring
in freight costs, they may still be workable,” a second
Singapore-based trader said, highlighting adequate
availability of Russian-origin cargoes.
The US on April 17 said it intends to reinstate
sanctions on Venezuela’s oil and gas sector, with
a 45-day window to wind down operations, after
Venezuelan President Nicolás Maduro failed to meet
his commitment to make progress toward a free and
fair election in July.
An HSFO cargo totaling around 950,000 barrels or
about 150,000 mt hailing from Venezuela was recently
absorbed around the Singapore Straits, while another
HSFO cargo of about 1.84 million barrels, or 290,000
mt, from the same origin might land around late May,
with any potential reduction in flows because of the
sanctions likely buoying cash differentials, industry
sources said.
Asia-Pacific/Arab Gulf Marketscan April 18, 2024
Platts FOB Singapore Marine Fuel 0.5% cargo
Daily Rationale & Exclusions
Marine Fuel 0.5% FOB Spore cargo $/mt
<AMFSA00> Assessment Rationale
The FOB Singapore Marine Fuel 0.5% assessment
April 18 took into consideration two bids by Gunvor, for
40,000 mt cargoes loading over May 8-12 and May 14-18,
at flat to balance-April Marine Fuel 0.5% assessment
for both legs, and an offer by Trafigura, for a 20,000-mt
cargo loading over May 3-7, traded with Gunvor at Mean
of Platts Singapore plus $2/mt.
Exclusions: No market data was excluded from the
April 18 cargo assessment process.
This assessment commentary applies to the
following market data codes: Marine Fuel 0.5% FOB
Spore cargo $/mt <AMFSA00>.
Platts FOB Singapore Marine Fuel 0.5%
Cargo Bids, Offers, Trades
Bids:
PLATTS FOB SINGAPORE MARINE FUEL 0.5%:
PHYSICAL BIDS FINALS ON CLOSE:
Platts Marine Fuel 0.5%: FOB Straits: Gunvor bids
Bal Apr +1.00 May 3-7 40kt OR (Seller represents and
warrants that the cargo delivered/to be delivered under
this Contract: (i) does not contain any product that was
produced, manufactured or processed in, or exported
from; or (ii) has not been produced through a blending
process that uses product or components that have
been produced, manufactured or processed in, or
exported from, in each case, the Russia Federation or
Crimea, the Donetsk People’s Republic or the Luhansk
People’s Republic in Ukraine. Seller shall provide, upon
request, documentary evidence of compliance showing
the origin(s) of the cargo, to Buyer’s reasonable
satisfaction.)
Platts Marine Fuel 0.5%: FOB Straits: Gunvor bids
Bal Apr +0.00 May 8-12 40kt OR (Seller represents and
© 2024 by S&P Global Inc. All rights reserved. 14
warrants that the cargo delivered/to be delivered under
this Contract: (i) does not contain any product that was
produced, manufactured or processed in, or exported
from; or (ii) has not been produced through a blending
process that uses product or components that have
been produced, manufactured or processed in, or
exported from, in each case, the Russia Federation or
Crimea, the Donetsk People’s Republic or the Luhansk
People’s Republic in Ukraine. Seller shall provide, upon
request, documentary evidence of compliance showing
the origin(s) of the cargo, to Buyer’s reasonable
satisfaction.)
Platts Marine Fuel 0.5%: FOB Straits: Gunvor bids
Bal Apr +0.00 May 14-18 40kt (Seller represents and
warrants that the cargo delivered/to be delivered under
this Contract: (i) does not contain any product that was
produced, manufactured or processed in, or exported
from; or (ii) has not been produced through a blending
process that uses product or components that have
been produced, manufactured or processed in, or
exported from, in each case, the Russia Federation or
Crimea, the Donetsk People’s Republic or the Luhansk
People’s Republic in Ukraine. Seller shall provide, upon
request, documentary evidence of compliance showing
the origin(s) of the cargo, to Buyer’s reasonable
satisfaction.)
Platts Marine Fuel 0.5%: FOB Straits: Total bids Bal
Apr -2.00 May 3-7 40kt INCO OR
Platts Marine Fuel 0.5%: FOB Straits: Total bids Bal
Apr -2.00 May 8-12 40kt INCO OR
Platts Marine Fuel 0.5%: FOB Straits: Total bids Bal
Apr -2.00 May 13-17 40kt INCO
Platts Marine Fuel 0.5%: FOB Straits: ChevronSG
withdraws bid at MOPS -5.00 May 14-18 20kt
(4:06:31.625) (Seller represents and warrants that,
the cargo delivered under this Contract: (i) does not
contain any product that was produced, manufactured
or processed in, or exported from; or (ii) has not been
produced through a blending process that uses
product or components that have been produced,
manufactured or processed in, or exported from, in
each case, the Russia Federation or Crimea, and any
other countries or regions that may be identified by
the U.S., E.U., or U.K. as comprehensively sanctioned
territories, except cargoes excluded by the U.S., E.U.,
and U.K. sanctions and guidance documentation. Seller
shall provide, if requested, documentary evidence
of compliance showing proof of origin to the Buyer’s
reasonable satisfaction.)
Offers:
PLATTS FOB SINGAPORE MARINE FUEL 0.5%:
PHYSICAL OFFERS FINALS ON CLOSE:
Platts Marine Fuel 0.5%: FOB Straits: Trafigura no
longer offers MOPS +2.00 May 3-7 20kt OR after trade
with Gunvor at MOPS +2.00 (4:29:53.137)
Platts Marine Fuel 0.5%: FOB Straits: Trafigura
withdraws offers MOPS +2.00 May 8-12 20kt OR
Platts Marine Fuel 0.5%: FOB Straits: Trafigura
withdraws offers MOPS +2.00 May 13-17 20kt
Platts Marine Fuel 0.5%: FOB Straits: Shell offers
MOPS +3.00 May 3-7 20kt OR Shell GTC (It is a
condition of this offer/agreement that the products
sold and delivered by Seller will not be of Russian
Federation (RF) origin (which includes product exported
from RF) nor blended with any RF origin product. Seller
can provide if requested documentary evidence of
compliance, showing refinery origin(s) of the cargo, to
the Buyer’s reasonable satisfaction.)
Platts Marine Fuel 0.5%: FOB Straits: Shell
offers MOPS +3.00 May 8-12 20kt OR Shell GTC
(It is a condition of this offer/agreement that the
products sold and delivered by Seller will not be
of Russian Federation (RF) origin (which includes
product exported from RF) nor blended with any
RF origin product. Seller can provide if requested
documentary evidence of compliance, showing
refinery origin(s) of the cargo, to the Buyer’s
reasonable satisfaction.)
Asia-Pacific/Arab Gulf Marketscan April 18, 2024
Platts Marine Fuel 0.5%: FOB Straits: Shell offers
MOPS +3.00 May 13-17 20kt Shell GTC (It is a condition
of this offer/agreement that the products sold and
delivered by Seller will not be of Russian Federation
(RF) origin (which includes product exported from
RF) nor blended with any RF origin product. Seller
can provide if requested documentary evidence of
compliance, showing refinery origin(s) of the cargo, to
the Buyer’s reasonable satisfaction.)
Platts Marine Fuel 0.5%: FOB Straits: Vitol offers
MOPS +5.00 May 3-7 20kt INCO OR
Platts Marine Fuel 0.5%: FOB Straits: Vitol offers
MOPS +5.00 May 8-12 20kt INCO OR
Platts Marine Fuel 0.5%: FOB Straits: Vitol offers
MOPS +5.00 May 13-17 20kt INCO
Trades:
Platts Marine Fuel 0.5% Trade Summary: 1 trade
1)Platts Marine Fuel 0.5%: FOB Straits: May 3-7:
20kt: Gunvor buys from Trafigura at MOPS +2.00
(4:29:53.137)
This assessment commentary applies to the
following market data codes: Marine Fuel 0.5% FOB
Spore cargo $/mt <AMFSA00>
Platts Singapore Fuel Oil Paper Exclusions
Exclusions: No market data was excluded from the
April 18, 2024 Asian fuel oil paper assessment process.
Fuel Oil Reported Deals
PLATTS SINGAPORE FUEL OIL PAPER TRADES
SUMMARY 18 Apr24
FUEL OIL 180CST SINGAPORE/FUEL OIL 380CST
SINGAPORE
PLATTS FO SPR: MAY24: MERCURIA SELLS TO
DARE* 5KMT AT $16.50 (08:18:12)
PLATTS FO SPR: MAY24: DARE BUYS FROM BP*
5KMT AT $16.25 (08:29:11)
© 2024 by S&P Global Inc. All rights reserved. 15
FUEL OIL 380CST SINGAPORE
PLATTS FO SPR: BAL MONTH/MAY24: GUNVOR
BUYS FROM DARE* 5KMT AT $0.00 (08:16:34)
PLATTS FO SPR: BAL MONTH/MAY24: GUNVOR
BUYS FROM NEST* 5KMT AT $0.00 (08:16:36)
PLATTS FO SPR: BAL MONTH/MAY24: GUNVOR
BUYS FROM PHILLIPS 66* 5KMT AT $0.00 (08:16:38)
PLATTS FO SPR: BAL MONTH/MAY24: GUNVOR
BUYS FROM VITOL* 5KMT AT $0.00 (08:16:39)
PLATTS FO SPR: BAL MONTH/MAY24: MERCURIA
BUYS FROM VITOL* 5KMT AT $0.50 (08:25:36)
PLATTS FO SPR: BAL MONTH/MAY24: ONYX BUYS
FROM VITOL* 5KMT AT $0.75 (08:29:12)
PLATTS FO SPR: BAL MONTH/MAY24: MERCURIA
BUYS FROM NEST* 5KMT AT $1.00 (08:29:41)
PLATTS FO SPR: BAL MONTH/MAY24: ALVARI
BUYS FROM VITOL* 5KMT AT $1.25 (08:30:05)
PLATTS SINGAPORE MARINE FUEL 0.5% PAPER
TRADES SUMMARY 18 Apr24
MARINE FUEL 0.5% FOB SINGAPORE (PLATTS)
PLATTS MARINE FUEL: MAY24: HOTEI BUYS
FROM DARE* 5KMT AT $622.25 (08:29:25)
PLATTS MARINE FUEL: MAY24: HOTEI BUYS
FROM DARE* 5KMT AT $622.25 (08:29:29)
PLATTS MARINE FUEL: MAY24: HOTEI BUYS
FROM DARE* 5KMT AT $622.25 (08:29:33)
PLATTS MARINE FUEL: MAY24: HOTEI BUYS
FROM DARE* 5KMT AT $622.25 (08:29:40)
PLATTS MARINE FUEL: MAY24: HOTEI BUYS
FROM DARE* 5KMT AT $622.25 (08:29:46)
PLATTS MARINE FUEL: MAY24: GOODE SELLS TO
HOTEI* 5KMT AT $622.00 (08:29:47)
PLATTS MARINE FUEL: MAY24: HOTEI BUYS
FROM ONYX* 5KMT AT $622.25 (08:29:55)
PLATTS MARINE FUEL: MAY24: HOTEI BUYS
FROM DARE* 5KMT AT $622.25 (08:29:58)
PLATTS MARINE FUEL: MAY24: HOTEI BUYS
FROM ONYX* 5KMT AT $622.25 (08:30:03)
PLATTS MARINE FUEL SPR: BAL MONTH/MAY24:
MERCURIA BUYS FROM ONYX* 35KMT AT $2.25
(08:27:32)
PLATTS MARINE FUEL SPR: BAL MONTH/MAY24:
ALKAGESTA BUYS FROM VITOL* 5KMT AT $2.50
(08:29:43)
PLATTS MARINE FUEL SPR: MAY24/JUN24: DV
TRADING SELLS TO PHILLIPS 66* 5KMT AT $4.25
(08:29:22)
PLATTS MARINE FUEL SPR: MAY24/JUN24: HOTEI
BUYS FROM GOODE* 5KMT AT $4.30 (08:29:50)
PLATTS MARINE FUEL SPR: MAY24/JUN24:
PRIME BUYS FROM GOODE* 5KMT AT $4.30 (08:29:53)
PLATTS SINGAPORE BITUMEN PAPER TRADES
SUMMARY 18 Apr24
NO TRADES
Platts Fujairah Daily Marine Fuel 0.5% Cargo
Daily Rationale & Exclusions
Marine Fuel 0.5% FOB Fujairah cargo $/mt
<AMFFA00> assessment rationale:
FOB Fujairah Marine Fuel 0.5%S cargo assessment
on April 18 took into consideration prices in the
Fujairah-delivered Marine Fuel 0.5%S bunker market
as well as differentials at which Marine Fuel 0.5%S
cargoes were heard traded in the Middle East.
This rationale applies to symbol(s) <AMFFA00>
Exclusions: No market data was excluded from the
April 18 assessment process.
Platts Fujairah Daily Marine Fuel 0.5%
Cargo Bids, Offers, Trades
Bids: No bid
Offers: No offer
Trades: No trade
This assessment commentary applies to the
following market data codes: Marine Fuel 0.5% FOB
Fujairah cargo $/mt <AMFFA00>
Asia-Pacific/Arab Gulf Marketscan April 18, 2024
Platts Asia and Middle East FO 180, 380 CST
Daily Rationales & Exclusions
FO 180 CST 3.5%S FOB Spore Cargo <PUADV00>
assessment rationale:
The FOB Singapore 180 CST HSFO assessment
April 18 took into consideration three bids by Vitol, for
20,000-mt cargoes loading over May 3-7, May 8-12, and
May 13-17, at Mean of Platts Singapore 180 CST HSFO
plus $2/mt, and flat for the mid and back windows,
respectively.
FO 380 CST 3.5%S FOB Spore Cargo <PPXDK00>
assessment rationale:
The FOB Singapore 380 CST HSFO assessment April
18 took into consideration three bids by Gunvor, for
40,000-mt cargoes loading over May 3-7, May 8-12, and
May 14-18, at Mean of Platts Singapore 380 CST HSFO
at flat for all three legs.
FO 180 CST 3.5%S FOB Arab Gulf Cargo <PUABE00>
assessment rationale:
The FOB Arab Gulf 180 CST HSFO assessment was
derived as a freight netback from the FOB Singapore
180 CST HSFO assessment using the following
calculation: FOB Singapore 180 CST HSFO assessment
minus the cost of transporting an 80,000-mt dirty
cargo from the Persian Gulf to the East.
FO 380 CST 3.5%S FOB Arab Gulf Cargo <AAIDC00>
assessment rationale:
The FOB Arab Gulf 380 CST HSFO assessment was
derived as a freight netback from the FOB Singapore
380 CST HSFO assessment using the following
calculation: FOB Singapore 380 CST HSFO assessment
minus the cost of transporting an 80,000-mt dirty
cargo from the Persian Gulf to the East.
Exclusions: No market data was excluded from the
April 18 high sulfur fuel oil cargo assessment process.
© 2024 by S&P Global Inc. All rights reserved. 16
Platts FOB Fujairah Daily 380 CST HSFO Cargo
Daily Rationale & Exclusions
HSFO 380 CST FOB Fujairah cargo $/mt
<AFUJQ00> assessment rationale:
FOB Fujairah 380 CST HSFO assessment on April 18
took into consideration prices in the Fujairah 380 CST
HSFO delivered bunker market as well as differentials
for recent cargo trades heard in the Middle East.
Exclusions: No market data was excluded from the
April 18 assessment process.
Platts Singapore Fuel Oil Bids Offers Trades
Bids:
PLATTS HSFO: PHYSICAL BIDS FINALS ON CLOSE
(180 CST):
Platts HSFO 180CST: FOB Straits: Vitol bids MOPS
+2.00 May 3-7 20kt INCO OR
Platts HSFO 180CST: FOB Straits: Vitol bids MOPS
0.00 May 8-12 20kt INCO OR
Platts HSFO 180CST: FOB Straits: Vitol bids MOPS
0.00 May 13-17 20kt INCO
PLATTS HSFO: PLATTS HSFO: PHYSICAL BIDS
FINALS ON CLOSE (380 CST):
Platts HSFO 380CST: FOB Straits: Gunvor bids
MOPS 0.00 May 3-7 40kt OR (Seller represents and
warrants that the cargo delivered/to be delivered
under this Contract: (i) does not contain any product
that was produced, manufactured or processed in, or
exported from; or (ii) has not been produced through
a blending process that uses product or components
that have been produced, manufactured or processed
in, or exported from, in each case, the Russia
Federation or Crimea, the Donetsk People’s Republic
or the Luhansk People’s Republic in Ukraine. Seller
shall provide, upon request, documentary evidence
of compliance showing the origin(s) of the cargo, to
Buyer’s reasonable satisfaction.)
Platts HSFO 380CST: FOB Straits: Gunvor bids
MOPS 0.00 May 8-12 40kt OR (Seller represents and
warrants that the cargo delivered/to be delivered
under this Contract: (i) does not contain any product
that was produced, manufactured or processed in, or
exported from; or (ii) has not been produced through
a blending process that uses product or components
that have been produced, manufactured or processed
in, or exported from, in each case, the Russia
Federation or Crimea, the Donetsk People’s Republic
or the Luhansk People’s Republic in Ukraine. Seller
shall provide, upon request, documentary evidence
of compliance showing the origin(s) of the cargo, to
Buyer’s reasonable satisfaction.)
Platts HSFO 380CST: FOB Straits: Gunvor bids
MOPS 0.00 May 14-18 40kt (Seller represents and
warrants that the cargo delivered/to be delivered
under this Contract: (i) does not contain any product
that was produced, manufactured or processed in, or
exported from; or (ii) has not been produced through
a blending process that uses product or components
that have been produced, manufactured or processed
in, or exported from, in each case, the Russia
Federation or Crimea, the Donetsk People’s Republic
or the Luhansk People’s Republic in Ukraine. Seller
shall provide, upon request, documentary evidence
of compliance showing the origin(s) of the cargo, to
Buyer’s reasonable satisfaction.)
Platts HSFO 380CST: FOB Straits: P66 bids MOPS
-0.50 May 3-7 40kt OR
Platts HSFO 380CST: FOB Straits: P66 bids MOPS
-0.50 May 8-12 40kt OR
Platts HSFO 380CST: FOB Straits: P66 bids MOPS
-0.50 May 13-17 40kt
Platts Bitumen: PHYSICAL BIDS FINALS ON CLOSE:
FOB STRAITS: No bids
Platts Bitumen: PHYSICAL BIDS FINALS ON CLOSE:
FOB SOUTH KOREA: No bids
PLATTS HSFO FOB FUJ: PHYSICAL BIDS FINALS ON
CLOSE (380 CST): No bids
Asia-Pacific/Arab Gulf Marketscan April 18, 2024
Offers:
PLATTS HSFO: PHYSICAL OFFERS FINALS ON
CLOSE (180 CST):
Platts HSFO 180CST: FOB Straits: BP offers MOPS
+6.00 May 4-8 20kt BP GTC OR (Seller represents and
warrants that, to the best of its knowledge, the cargo
delivered under this Contract: (i) does not contain
any product that was produced, manufactured or
processed in, or exported from; or (ii) has not been
produced through a blending process that uses
product or components that have been produced,
manufactured or processed in, or exported from,
in each case, the Russia Federation or Crimea, the
Donetsk People’s Republic or the Luhansk People’s
Republic in Ukraine.)
Platts HSFO 180CST: FOB Straits: BP offers MOPS
+5.00 May 9-13 20kt BP GTC OR (Seller represents and
warrants that, to the best of its knowledge, the cargo
delivered under this Contract: (i) does not contain
any product that was produced, manufactured or
processed in, or exported from; or (ii) has not been
produced through a blending process that uses
product or components that have been produced,
manufactured or processed in, or exported from,
in each case, the Russia Federation or Crimea, the
Donetsk People’s Republic or the Luhansk People’s
Republic in Ukraine.)
Platts HSFO 180CST: FOB Straits: BP offers MOPS
+5.00 May 14-18 20kt BP GTC (Seller represents and
warrants that, to the best of its knowledge, the cargo
delivered under this Contract: (i) does not contain
any product that was produced, manufactured or
processed in, or exported from; or (ii) has not been
produced through a blending process that uses
product or components that have been produced,
manufactured or processed in, or exported from,
in each case, the Russia Federation or Crimea, the
Donetsk People’s Republic or the Luhansk People’s
Republic in Ukraine.)
© 2024 by S&P Global Inc. All rights reserved.
PLATTS HSFO: PHYSICAL OFFERS FINALS ON
CLOSE (380 CST): No offers
Platts Bitumen: PHYSICAL OFFERS FINALS ON
CLOSE: FOB STRAITS: No offers
Platts Bitumen: PHYSICAL OFFERS FINALS ON
CLOSE: FOB SOUTH KOREA: No offers
PLATTS HSFO FOB FUJ: PHYSICAL OFFERS FINALS
ON CLOSE (380 CST): No offers
Trades:
Platts HSFO Trade Summary: No trade
Platts Bitumen Trade Summary: FOB STRAITS:
No trade
Platts Bitumen: TRADE SUMMARY: FOB SOUTH
KOREA: No trade
PLATTS HSFO FOB FUJ Trade Summary: No trade
This assessment commentary applies to the
following market data codes: FO 180 CST 2.0%
<PUAXS00> FO 180 CST 3.5% <PUADV00> FO 380 CST
3.5% <PPXDK00>
Platts US West Coast Light End Daily
Commentary
„ The Portland unleaded differential falls 7 cents
„ Los Angeles and San Francisco CARBOB
differentials fall 3 cents
On the US West Coast, the differential price for
Portland unleaded fell, while Los Angeles and San
Francisco CARBOB closed at parity April 18 amid
increased California CARB production, according to
California Energy Commission data.
Platts assessed Portland unleaded with a drastic
change on the day as the differential fell 7 cents to
NYMEX May RBOB futures plus 18 cents/gal.
In California, Los Angeles and San Francisco
CARBOB shed 3 cents to close at futures plus 36
cents/gal. Their corresponding premium grades also
closed flat to each other at futures plus 58 cents/gal.
17
CARB production in California rose 1.046 million
barrels to 5.705 million barrels on the week ended April
12, bouncing back from a four-year low according to
CEC data.
The stocks for CARB gasoline continued their
downtrend as they fell 252,000 barrels to 4.767 million
barrels.
Platts is part of S&P Global Commodity Insights.
Platts Middle East Sour Crude Daily Market
Analysis
„ QatarEnergy’s awards monthly sell tender at higher
premiums on month
„ ADNOC crudes continue to trade OTC
„ Far East Russia’s ESPO blend trade levels
weakening
Award details of QatarEnergy’s monthly tender
offering its staple crudes were heard in the Asian and
Middle East sour crude market April 18, while spot
trading activity continued at a brisk pace.
Of the two June-loading Al-Shaheen cargoes in
the tender, the earlier cargo was heard awarded to a
Southeast Asian refiner at a premium in the $2.50s/b
to Platts Dubai crude assessments, FOB, while the
second one was awarded to a Chinese major at a
premium in the $2.30s/b to Platts Dubai, FOB.
The term price for June Al-Shaheen crude was
heard set at a premium of $2.54/b to Platts Dubai, FOB.
The June-loading Qatar Marine cargo was awarded
to a Chinese end-user at a premium in the $1.60s/b to
Platts Dubai, FOB, while the June-loading Qatar Land
cargo was awarded to an Indian refiner in the sub-$1/b
premium to Platts Dubai, FOB, according to sources.
In the broader over-the-counter market, June-
loading Upper Zakum crude cargoes were heard most
recently changing hands at premiums in the $2.30s/b
to Platts Dubai, FOB, to traders and an oil major.
Asia-Pacific/Arab Gulf Marketscan April 18, 2024
A June-loading Murban crude cargo was also heard
sold to a Southeast Asian refiner at a premium in the
high $1.80s to Platts Dubai, FOB, though the cargo was
heard to have a 5% down tolerance.
Among Far East Russia’s ESPO blend crude, trade
sources said that May-loading cargoes were still
struggling to clear, though whether this was due to
poorer demand from worsening margins, or tightening
Western sanctions, was unclear.
Most recent trades for the grade had been heard
done at a few cents discount to July ICE Brent, DES
Shandong, down from earlier trades at parity to the
same benchmark.
“The price is going lower. Cargoes are not clearing
well,” a trader said. “Chinese independent refiner
margins are not doing well. But the majors should be
better.”
Platts Mideast Sour Crude Daily Rationales &
Exclusions
Dubai Mo01 <PCAAT00> assessment rationale:
The June cash Dubai assessment April 18 took into
consideration bids and offers for cash Dubai partials
that traded at $87.40-$87.44/b toward the end of the
Platts Market on Close assessment process, a bid
standing at $87.44/b, an offer standing at $87.45/b
at the close of the MOC as well as movement in the
underlying crude market.
Oman Blend Mo01 <PCABS00> assessment
rationale: The June cash Oman assessment April 18
took into consideration values heard in the broader
market and Oman’s notional spread to cash Dubai.
Platts is part of S&P Global Commodity Insights.
Exclusions: No market data was excluded from the
Middle East sour crude MOC
© 2024 by S&P Global Inc. All rights reserved.
Platts Oil Mideast Sour Crude
Convergences
**Platts Crude: PetroChina declares a cargo of June
Murban crude to Total following the convergence of 20
partials in Platts cash Dubai.
***Platts Crude: PetroChina declares a cargo of
June Murban crude to Vitol following the convergence
of 20 partials in Platts cash Dubai.
Platts Middle East Sour Crude Bids, Offers,
Trades
Bids:
PLATTS DUBAI: JUN24: GUNVOR BIDS 25KB AT
$87.44 AND TRADES DURING EXTENSION
PLATTS DUBAI: JUN24: VITOL BIDS 25KB AT $87.40
PLATTS DUBAI: JUN24: TOTAL BIDS 25KB AT $87.30
PLATTS DUBAI: JUN24: BP NO LONGER BIDS 25KB
AT $87.30 AFTER WITHDRAWAL (08:29:16)
PLATTS DUBAI: JUN24: MITSUI NO LONGER BIDS
25KB AT $87.30 AFTER WITHDRAWAL (08:29:58)
PLATTS DUBAI: JUN24: EQUINOR NO LONGER BIDS
25KB AT $9.00 AFTER WITHDRAWAL (08:29:43)
Offers:
PLATTS DUBAI: JUN24: PETROCHINA OFFERS 25KB
AT $87.45 AND WITHDRAWS DURING EXTENSION
PLATTS DUBAI: JUN24: RELIANCE OFFERS 25KB
AT $87.45
PLATTS DUBAI: JUN24: PETROCHINA OFFERS 25KB
AT $87.45
PLATTS DUBAI: JUN24: GLENCORE OFFERS 25KB
AT $87.45 AND WITHDRAWS DURING EXTENSION
PLATTS DUBAI: JUN24: GUNVOR OFFERS 25KB
AT $87.60
PLATTS DUBAI: JUN24: UNIPEC OFFERS 25KB
AT $87.65
PLATTS DUBAI: JUN24: TOTAL OFFERS 25KB
AT $87.65
18
PLATTS DUBAI: JUN24: EXXONMOBIL OFFERS 25KB
AT $87.65
Trades:
PLATTS DUBAI: JUN24: TOTAL BUYS FROM
PETROCHINA* 25KB AT $87.40 (08:28:13)
PLATTS DUBAI: JUN24: TOTAL BUYS FROM
PETROCHINA* 25KB AT $87.40 (08:28:21)
PLATTS DUBAI: JUN24: VITOL BUYS FROM
GLENCORE* 25KB AT $87.40 (08:28:26)
PLATTS DUBAI: JUN24: TOTAL BUYS FROM
PETROCHINA* 25KB AT $87.40 (08:28:26)**
PLATTS DUBAI: JUN24: EQUINOR BUYS FROM
RELIANCE* 25KB AT $87.50 (08:28:27)
PLATTS DUBAI: JUN24: EQUINOR BUYS FROM
PETROCHINA* 25KB AT $87.40 (08:28:32)
PLATTS DUBAI: JUN24: EQUINOR BUYS FROM
GLENCORE* 25KB AT $87.40 (08:28:34)
PLATTS DUBAI: JUN24: VITOL BUYS FROM
PETROCHINA* 25KB AT $87.40 (08:28:38)
PLATTS DUBAI: JUN24: VITOL BUYS FROM
PETROCHINA* 25KB AT $87.38 (08:29:17)***
PLATTS DUBAI: JUN24: VITOL BUYS FROM
PETROCHINA* 25KB AT $87.40 (08:29:27)
PLATTS DUBAI: JUN24: EQUINOR BUYS FROM
PETROCHINA* 25KB AT $87.40 (08:29:31)
PLATTS DUBAI: JUN24: VITOL BUYS FROM
GLENCORE* 25KB AT $87.42 (08:29:33)
PLATTS DUBAI: JUN24: EQUINOR BUYS FROM
GLENCORE* 25KB AT $87.42 (08:29:42)
PLATTS DUBAI: JUN24: PETROCHINA SELLS TO
VITOL* 25KB AT $87.40 (08:29:42)
PLATTS DUBAI: JUN24: GUNVOR BUYS FROM
PETROCHINA* 25KB AT $87.42 (08:29:47)
PLATTS DUBAI: JUN24: GLENCORE SELLS TO
GUNVOR* 25KB AT $87.44 (08:29:51)
PLATTS DUBAI: JUN24: PETROCHINA SELLS TO
GUNVOR* 25KB AT $87.44 (08:29:57)
PLATTS DUBAI: JUN24: PETROCHINA SELLS TO
GUNVOR* 25KB AT $87.44 (08:30:05)
Asia-Pacific/Arab Gulf Marketscan April 18, 2024
This assessment commentary applies to the
following market data codes: Dubai M1 <PCAAT00>,
Oman M1 <PCABS00>
Platts Asia Pacific Sweet Crude Daily
Market Analysis
Vietnam’s PV Oil issues term tender for Bach Ho
„
loading July-Dec
„ Initial results emerge for Qatar’s Low Sulfur
Condensate tender
„ Second cargo of Australia’s Ichthys Field
Condensate heard traded
The Asia-Pacific regional market saw tender results
emerging for June-loading crude and condensate
barrels on April 18.
PetroVietnam Oil was seen issuing a term tender
offering Bach Ho Light crude for loading over July-
December 2024, according to trade sources. The
tender closes April 24, with validity until May 24.
PV Oil last sold three 300,000-barrel cargoes of the
grade via a spot tender for loading over March 5-11,
March 11-17 and March 17-23 to Bangchak, Ampol and
SOCAR, respectively, at a premium of around $5.90/b,
$7.15/b and $6.15/b to Platts Dated Brent crude
assessments, FOB, sources previously said.
Tender results also emerged for PV Oil’s spot tender
offering a 300,000-barrel cargo of medium sweet Chim
Sao crude. The tender was heard awarded to Vietnam’s
domestic Binh Son Refinery, at a premium around
$7s/b to Dated Brent, FOB, market sources said.
Chim Sao crude was last heard trading hands for
April loading, at a premium in the mid-$7s/b to Dated
Brent, FOB, sources said.
On condensates, initial results emerged for
QatarEnergy’s monthly tender offering Low Sulfur
Condensate that closed April 16, with next-day validity.
Around two to three 500,000-barrel cargoes of the
© 2024 by S&P Global Inc. All rights reserved. 19
grade were heard awarded to South Korean end-
users, at a discount around $2-$2.60/b to Dubai crude
assessments, FOB, according to market participants.
QatarEnergy previously sold Low Sulfur Condensate
for May loading at a premium above $1s/b to Platts
front-month Dubai crude assessments, FOB, market
sources said.
Meanwhile, the second cargo of Australia’s Ichthys
Field Condensate loading over June 13-17 was heard
sold by Japan’s Inpex to South Korea’s Hanwha Total,
at a discount around $2/b to Dated Brent, FOB, down
from earlier trade levels at Dated Brent minus $1s/b,
FOB, sources said.
“With the sharp drop of crack margins, especially for
naphtha and middle distillates, as well as oversupply
of June-loading Australian condensates, the current
condensate market is very weak,” an Asia-based
trader said.
The Platts-assessed second-month naphtha and
gasoil swap crack spreads averaged minus $14.75/b
and $19.15/b, respectively, as of the April 17 Asian close,
down from the March average of minus $10.20/b and
$20.64/b, respectively, S&P Global data showed.
Platts Asia Light Sweet Crude Daily Rationale &
Exclusions
ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01
<AASEU00> assessment rationale: The ESPO M1 June
assessment April 18 took into consideration latest
trade indications heard in the broader market.
Platts is part of S&P Global Commodity Insights.
Exclusions: No market data was excluded from the
Asia-Pacific crude Platts Market on Close assessment
process
Platts Asia Light Sweet Crude Bids, Offers,
Trades
Bids: NIL
Offers: NIL
Trades: NIL
This assessment commentary applies to the
following market data code: ESPO M1 vs Dubai M2
<AASEU00>
Subscriber Notes
Platts invites feedback on Global Platts Forward
Curve Products methodology
As part of its commitment to open and transparent
pricing and product specifications, Platts, part of
S&P Global Commodity Insights, would like to invite
feedback on its Global Platts Forward Curve Products
methodology, specifically the guidelines described in
the methodology guide posted online here.
Platts reviews all methodologies annually to ensure
it continues to reflect the physical markets under
assessment, and regularly assesses the relevance
of methodologies through continuous contact with
the market.
Feedback on methodologies is always welcomed
by Platts. Please send all comments, feedback,
and questions to oilgroup@spglobal.com and
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For written comments, please provide a clear
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marked as confidential available upon request.
Xconnect Market Maker LLP to join Asia fuel oil paper
and Asia gasoil paper MOC
Xconnect Market Maker LLP has advised Platts,
part of S&P Global Commodity Insights, that it would
like to participate in the Platts Market on Close
assessment process for Asia fuel oil paper and Asia
gasoil paper.
Asia-Pacific/Arab Gulf Marketscan April 18, 2024
Platts has reviewed Xconnect Market Maker LLP
and will consider information from the entity in the
assessment process for Asia fuel oil paper and Asia
gasoil paper, subject at all times to adherence with
Platts editorial standards.
Platts will publish all relevant information from
Xconnect Market Maker LLP accordingly.
Platts welcomes all relevant feedback regarding
MOC participation. Platts considers bids, offers and
transactions by all credible and credit-worthy parties
in its assessment processes.
For comments and feedback, please contact
Platts editors at asia_products@spglobal.com and
market_integrity_review@spglobal.com.
CMT Energy Trading Ltd to join Asia gasoil paper and
Asia jet fuel paper MOC
CMT Energy Trading Ltd has advised Platts, part of
S&P Global Commodity Insights, that it would like to
participate in the Platts Market on Close assessment
process for Asia gasoil paper and Asia jet fuel paper.
Platts has reviewed CMT Energy Trading Ltd and will
consider information from the entity in the assessment
process for Asia gasoil paper and Asia jet fuel paper,
subject at all times to adherence with Platts editorial
standards.
Platts will publish all relevant information from CMT
Energy Trading Ltd accordingly.
Platts welcomes all relevant feedback regarding
MOC participation. Platts considers bids, offers and
transactions by all credible and credit-worthy parties
in its assessment processes.
For comments and feedback, please contact
Platts editors at asia_products@spglobal.com and
market_integrity_review@spglobal.com.
© 2024 by S&P Global Inc. All rights reserved. 20
Prime Energy Markets to join Asia gasoil paper MOC
Prime Energy Markets has advised Platts, part of
S&P Global Commodity Insights, that it would like to
participate in the Platts Market on Close assessment
process for Asia gasoil paper.
Platts has reviewed Prime Energy Markets and will
consider information from the entity in the assessment
process for Asia gasoil paper, subject at all times to
adherence to Platts editorial standards.
Platts will publish all relevant information from
Prime Energy Markets accordingly.
Platts welcomes all relevant feedback regarding the
MOC participation. Platts considers bids, offers and
transactions by all credible and credit-worthy parties
in its assessment processes.
For comments and feedback, please contact
Platts editors at asia_products@spglobal.com and
market_integrity_review@spglobal.com.
Platts clarifies Singapore gasoil test methods
Platts, part of S&P Global Commodity Insights,
would like to clarify that with effect from April 9, the
gasoil test methods referred to in the Asia-Pacific
and Middle East Refined Oil Products Methodology
and Specification guide will no longer include a
reference year.
This change is to prevent the possibility of specified
test methods no longer reflecting latest methods
prevalent in the wider market. Platts will continue to
monitor evolving test methods to make necessary
updates where relevant.
Platts would like to remind participants that
test methods for quality should be mutually agreed
between counterparties, and recommended test
methods stated in the Platts Methodology and
Specification guide do not reflect an exhaustive list of
all test methods deployed in the wider market.
Platts would also like to remind market participants
that the editorial standards for the Platts Market
on Close assessment process for Singapore middle
distillate cargo calls for best practices in all aspects of
quality and operational performance.
For further details please refer to the Methodology
and Specification guide here: https://www.
spglobal.com/commodityinsights/PlattsContent/_
assets/_files/en/our-methodology/methodology-
specifications/asia-refined-oil-products-
methodology.pdf
Please send any feedback or comments
to asia_products@spglobal.com and
pricegroup@spglobal.com.
For written comments, please provide a clear
indication if comments are not intended for publication
by Platts for public viewing. Platts will consider all
comments received and will make comments not
marked as confidential available upon request.
Labor Day publishing schedule for Asia Oil
The S&P Global Commodity Insights office in
Singapore will be closed on Wednesday, May 1, 2024,
for the Labor Day holiday, and there will be no oil
publications or assessments from Singapore.
Normal Singapore publishing schedules will resume
on Thursday, May 2, 2024.
For full details of S&P Global’s publishing schedule
and services affected, refer to http://www.platts.com/
HolidayHome.
For queries, please contact
asia_oilproducts@spglobal.com and
pricegroup@spglobal.com.
Asia-Pacific/Arab Gulf Marketscan April 18, 2024

China tanker fixtures

Vessel name Volume (kt) Grade Origin Port Arrival Buyers

ABUNDANCE III 268 Mal Blend Malaysia Dongjiakou 4/1/2024 TBA

ASHER 100 Crude Russia rizhao 4/15/2024 TBA
ATILA 276 Mal Blend Malaysia Dongjiakou 4/5/2024 Qicheng
ATLANTICOS 30 Fuel Oil Russia Dongying 4/4/2024 TBA
AVENTUS I 145 Mal Blend Malaysia Yantai 4/1/2024 TBA
CAPTAIN KOSTICHEV 100 Sokol Russia Huanghua 4/6/2024 Hebei Xinhai
CARINA V 260 Crude Malaysia Rizhao 4/8/2024 TBA
CRIUS 101 ESPO Russia Dongying 3/29/2024 Haike
DEEP BLUE 92 Bitumen Blend Malaysia Yantai 4/10/2024 ChemChina
DHT SCANDINAVIA 145 Arab Medium Saudi Arabia Zhoushan 4/17/2024 Zhejiang Petroleum & Chemical
DHT SCANDINAVIA 145 Arab Heavy Saudi Arabia Zhoushan 4/17/2024 Zhejiang Petroleum & Chemical
EAGLE VARNA 127 Mandji Gabon Yantai 4/2/2024 ChemChina
EAST LOYALTY 145 Arab Medium Saudi Arabia Zhoushan 4/19/2024 Zhejiang Petroleum & Chemical
EAST LOYALTY 145 Arab Light Saudi Arabia Zhoushan 4/19/2024 Zhejiang Petroleum & Chemical
EASTERN PEARL 100 ESPO Russia Dongjiakou 4/12/2024 Lijin
EMILY S 100 ESPO Russia Yantai 4/5/2024 Chambroad
FRONT HUMBER 145 Arab Saudi Arabia Zhoushan 4/11/2024 Zhejiang Petroleum & Chemical
FRONT HUMBER 130 Al Shaheen UAE Zhoushan 4/11/2024 Zhejiang Petroleum & Chemical
FRONT SIGNE 140 Upper Zakum UAE Lianyungang 4/11/2024 Shenghong Petrochemical
FRONT SIGNE 140 Das Blend UAE Lianyungang 4/11/2024 Shenghong Petrochemical
FRONT VOSSO 140 Tupi Brazil Yantai 4/20/2024 ChemChina
FRONT VOSSO 140 Atapu Brazil Yantai 4/20/2024 ChemChina
FULL WOOD 264 Bella Malaysia Dongjiakou 4/9/2024 Hualong
GALAXY STAR 260 Mal Blend Malaysia Rizhao 4/11/2024 TBA
GULF KNOT 100 Mal Blend Malaysia Rizhao 4/10/2024 TBA
HECATE 270 Mal Blend Malaysia Dongjiakou 4/13/2024 TBA
HELLAS FOS 270 Arab Light Saudi Arabia Zhoushan 4/9/2024 Zhejiang Petroleum & Chemical
HIMALAYAN 98 ESPO Russia Dongying 4/17/2024 Hualian
HONG KONG SPIRIT 270 Basrah Medium Iraq Lianyungang 4/6/2024 Shenghong Petrochemical
HONTAO 70 Fuel Oil Malaysia Longkou 4/18/2024 TBA
ISLAND SPLENDOR 262 Murban UAE Yantai 4/14/2024 ChemChina
KALAMOS 141 Sepia Brazil Yantai 4/15/2024 ChemChina
KYOTO 270 Crude Malaysia Changxing Island 3/31/2024 TBA
LADY SOFIA 100 Belayim Malaysia Yantai 2/20/2024 Guanghui Kaineng
LINDA I 80 Fuel Oil Russia Longkou 4/17/2024 TBA
MARAN CANOPUS 275 Arab Heavy Saudi Arabia Zhoushan 4/16/2024 Zhejiang Petroleum & Chemical
MARINOULA 40 Fuel Oil Russia Changxing Island 4/5/2024 Hengli Petrochemical
MERMAR 95 ESPO Russia Dongying 4/14/2024 TBA
MEROPE 95 ESPO Russia Dongying 4/28/2024 TBA
MISTRAL 1 100 ESPO Russia Qingdao 4/11/2024 Yanchang
NEREIDES 260 Mal Blend Malaysia Qingdao 4/12/2024 Kedama
NEW COROLLA 136 Saturno Angola Yantai 4/22/2024 ChemChina
NEW DRAGON 270 Arab Extra Light Saudi Arabia Zhoushan 4/25/2024 Zhejiang Petroleum & Chemical
NEW HARMONY 284 Arab Heavy Saudi Arabia Changxing Island 4/5/2024 Hengli Petrochemical
NEW LAUREL 140 Arab Heavy Saudi Arabia Changxing Island 4/2/2024 Hengli Petrochemical
NEW LAUREL 140 Khafji Kuwait Changxing Island 4/2/2024 Hengli Petrochemical
NIKOLAY ZADORNOV 97 Sokol Russia Dongjiakou 4/11/2024 Shenchi
NS ARCTIC 100 Urals Russia Rizhao 4/3/2024 TBA
PACIFIC SKY 100 Fuel Oil Russia Tianjin 4/1/2024 Xinyue

© 2024 by S&P Global Inc. All rights reserved. 21

Asia-Pacific/Arab Gulf Marketscan April 18, 2024

China tanker fixtures (continued)

Vessel name Volume (kt) Grade Origin Port Arrival Buyers

PAVEL CHERNYSH 100 Sokol Russia Dongying 4/15/2024 TBA

RIQUEZA 132 Mal Blend Malaysia Dongjiakou 4/2/2024 Hualong
RITI 80 Fuel Oil Malaysia Dongjiakou 4/12/2024 Shangneng
RITI 77 Fuel Oil Malaysia Dongjiakou 4/12/2024 Guanghui Kaineng
RITI 77 Fuel Oil Malaysia Dongjiakou 4/12/2024 Guanghui Kaineng
SANGGAU 40 Fuel Oil Malaysia Dongying 4/3/2024 TBA
SAPPHO 45 Fuel Oil Russia Dongying 4/12/2024 TBA
SEAWAYS KILIMANJARO 270 Basrah Heavy Iraq Zhoushan 4/2/2024 Zhejiang Petroleum & Chemical
SI HE 100 ESPO Russia Yantai 4/20/2024 Yulong
SPIRIT OF CASPER 135 Mal Blend Malaysia Qingdao 4/15/2024 TBA
SPRING SPLENDOR 123 Djeno Congo Yantai 4/2/2024 ChemChina
SURREY QUAYS 100 ESPO Russia Dongjiakou 4/13/2024 Qirun
THEMIS 95 ESPO Russia Longkou 4/2/2024 TBA
TURACO 100 ESPO Russia Rizhao 4/2/2024 TBA
VESNA 95 ESPO Russia Dongying 4/5/2024 Tianhong
VESNA 95 ESPO Russia Dongying 4/29/2024 TBA
VIGOR 270 Fuel Oil Malaysia Dongjiakou 2/18/2024 Yueyang Guansheng
VIKTOR TITOV 100 Sokol Russia Dongjiakou 4/16/2024 TBA
WEN YAO 275 Belayim Malaysia Yantai 4/3/2024 Jincheng
XIN LONG YANG 135 Das Blend UAE Zhoushan 4/24/2024 Zhejiang Petroleum & Chemical
XIN LONG YANG 145 Arab Light Saudi Arabia Zhoushan 4/24/2024 Zhejiang Petroleum & Chemical
YUAN PENG YANG 135 Sepia Brazil Yantai 5/5/2024 ChemChina
YUAN PENG YANG 131 Atapu Brazil Yantai 5/5/2024 ChemChina
YURI SENKEVICH 100 Sokol Russia Yantai 4/22/2024 TBA

© 2024 by S&P Global Inc. All rights reserved. 22

Asia-Pacific/Arab Gulf Marketscan April 18, 2024

International Dirty Tanker Fixtures (PGT page 2950)

Ship name Size Type Date Route Rate Charterer

East of Suez

Hellas Fos 270 CR May1 PG-Thailand w60.0 PTT

Hercules 1 270 CR May1 PG-China w60.0 KPC
Seaways Everest 270 CR May4 Mina Ahmadi-Vietnam w58.0 NSRP
Desh Viraat 260 CR May4 Basrah-Vizag w76.0 HPCL
Olympic Fighter 140 CR Apr29 Basrah-UKCM w95 Vitol
Reliable Warrior 130 CR May2 Das-Vadinar w119.5 IOC
Fraternity 130 FO Apr21 PG-East rnr P66
Mount Fuji p/c 80 CR Apr28 Bashayer-Fujairah $2.0m Vitol
Dubai Glamour 80 FO Apr28 Kuwait-Spore w172.5 Trafigura
Tbn 130 CR Apr27 STS Sungai Linggi-Dung Quat rnr Vitol
Pacific Opal 80 CR Apr19 Bintulu-Brisbane rnr Ampol
Cosco Tbn 80 CR Apr27 STS Sungai Linggi-Thailand rnr PTT
CSK Endeavour 80 CR Apr28 STS Sungai Linggi-Thailand rnr PTT
Tbn 80 CR Apr25 Cross-Vietnam o/p PVTrans
Tbn 80 COND Apr26 Wheatstone-Spore, Japan rnr, rnr Chevron
Tbn 80 CR Apr28 STS Sungai Linggi-Thailand rnr PTT
Tbn 80 CR Apr27 STS Sungai Linggi-Thailand rnr Unipec
Tbn 30 FO Apr28 Marsden Point-Opts rnr Vitol
Baltic/UKC

Amad 270 CR Apr24 Hound Point-East rnr cnr

Belmar o/o 80 CR dnr STS Southwold-Rostock, Demurrage w170, $60k/d Rosneft GMBH
Med
Stena Surprise 135 CR May5 Ceyhan-Balikpapan (via Cape) $4.9m Heritage
Maran Phoebe 130 CR May1 CPC-UKCM rnr cnr
Minerva Kallisto o/o 100 CR Apr24 Sidi Kerir-Gdansk $1.975m Orlen
Atlantic Emerald 80 CR Apr28 Mellitah-UKC w180 Total
Thenamaris Tbn 80 CR May3 CPC-Med w197.5 Shell
Green Anax 80 CR Apr27 Libya-USAC, ECCan w115, 120 Unipec
Ebn Hawkel 80 CR Apr29 La Skhirra-UKC w175 Valero
Kriti Vigour 80 CR Apr29 Es Sider-Med w195 BP
West Africa

Esteem Astro 260 CR May12 WAF-East rnr cnr

Front Santiago 130 CR May8 Angola-UKCM rnr BP
Americas

DHT Osprey 270 CR May17 Guyana-TA rnr Exxon

Front Forth 260 CR May20 Brazil-UKC, Demurrage w70.5, $62.5k/d Petrobras
Pserimos 145 CR Apr27 USGC-TA w90 Trafigura
Sienna 130 CR May1 Brazil-UKCM rnr CSSA
Monte Udala 130 CR May6 Brazil-UKC w100 Petrobras
CR:Crude, FO: Fuel Oil, ppt: Prompt, cnr: charterer not reported, rnr: rate not reported, dnr: date not reported, coa: contract of affreightment, o/p: own program, o/o: owner’s option

© 2024 by S&P Global Inc. All rights reserved. 23

Asia-Pacific/Arab Gulf Marketscan April 18, 2024

International clean tanker fixtures (PGT page 2904)

Ship name Size Type Date Route Rate Charterer

East of Suez

Jill Glory 90 ULSD Apr25 Yanbu-UKC $4.0m ATC

Front Vega 90 ULSD Apr26 Kuwait-EAfrica w190 ATC
Kmarin Reason 90 JET Apr19 NMangalore-UKC $5.875m Vitol
Tarif 90 ULSD Apr24 PG-UKC o/p Admic
Sanmar Sangeet 90 CL May2 Cross-PG rnr cnr
Sabrina Glory 80 NA Apr24 Yanbu-UKC rnr ATS
STI Guard 75 NA May2 PG-Japan w200 Daelim
Front Leopard 75 NA Apr20 PG-Japan rnr Admic
ATC Tbn 75 NA Apr25 Yanbu-UKC o/p ATS
Mei Lin Wan 75 NA May4 PG-Japan rnr Admic
Hafnia Providence 60 CL Apr28 Sohar-Tamatave Platts OQ
Maistros 60 CL Apr30 Kuwait-Djibouti $2.25m KPC
Bluebird 60 CL Apr15 PG-Opts COA ATC
Hafnia Pioneer 60 CL Apr15 PG-Opts COA ATC
Bolan 60 UNL Apr26 Sohar-Spore, Indonesia w217.5, rnr OQ
Bani Yas 60 JET Apr26 NMangalore-UKC o/p Admic
Peace Victoria 60 CL Apr21 Cross-PG rnr ATC
Clyde 60 JET Apr25 Vadinar-PG rnr Vitol
Khairpur 55 NA Apr28 PG-Spore w247.5 PCS
Silver Venus 35 CL Apr25 PG-Opts rnr ATC
Jag Padma 35 CL Apr23 Cross-PG $450k cnr
Pioneer 35 CL Apr24 Yanbu-Djibouti rnr Vitol
Ocean Nisa 35 UNL Apr26 Sikka-Japan, USWC w230, $3.4m P66
STI Maximus 35 CL Apr30 PG-Houston $3.275m Sitme
Torm Agnes 35 CL Apr27 PG, NMangalore-UKC $2.9m RIL
Torm Sovereign 35 NA Apr26 Jebel Ali-China rnr Rongsheng
Java Sea o/o 80 COND May3 Dampier-Japan w150 Mitsui
Nordmarlin 75 ULSD Apr21 Taiwan-Australia w180 BP
Proteus Jessica 75 CL Apr26 SKorea-Australia w225 Clearlake
STI Soho 35 CL Apr28 Spore-Australia w280 Ampol
Tbn 35 CL Apr28 Spore-USWC, Opts rnr, rnr Neste
Clearocean Marauder 35 CL Apr25 Spore-Bataan $750k Petron
Torm Eric 35 JET Apr26 Zhenhai-Spore, HongKong, Indonesia $800k, rnr, rnr Sinopec
Ardmore Seavaliant 35 GO Apr28 SKorea-Batangas $750k Vitol
Tbn 35 NA Apr20 Zhuhai-SKorea rnr Turbo
Tbn 35 UNL Apr25 Dalian-Spore rnr PChina
Lucky Tbn 35 CL Apr23 Spore-Colombo rnr Sinopec
Panagia Thalassini 35 CL Apr24 SKorea-Spore $880k ENOC
Maersk Corsica 35 GO Apr24 SKorea-Spore $850k HOB
Tbn 35 ULSD Apr27 Zhoushan-Philippines rnr Clearlake
Atlantic Guard 30 UNL Apr17 Spore-Merak rnr Pertamina

© 2024 by S&P Global Inc. All rights reserved. 24

Asia-Pacific/Arab Gulf Marketscan April 18, 2024

International clean tanker fixtures (continued) (PGT page 2904)

Ship name Size Type Date Route Rate Charterer

Baltic /UKC

Navig8 Montiel 60 UNL Apr24 ARA-WAF w185 GTT

Torm Emilie 60 UNL May2 ARA-WAF w185 Sahara
Clearocean Hickory 37 GO Apr23 ARA-WAF w210 Total
Evergreen Mariner 37 CL Apr23 Mongstad-TA w170 Equinor
Tamiat Navigator 37 UNL Apr23 ARA-TA w170 Citgo
Med

No fresh fixtures reported.

Americas

Ainazi 38 ULSD Apr24 St. Eustatias-TA, WAF w157.5, w230 Admic

Sea Elephant 38 CL Apr25 USGC-ECMex $425k PMI
High Voyager 38 CL Apr19 USGC-Caribs $725k Sol
Herolds Bay 38 CL Apr24 USGC-Chile, Demurrage $2.425m, $35k/d Exxon
Horizon Theano 38 NA Apr23 USGC-East $2.4m Exxon
CL:Clean, NA:Naphtha, UN:Unleaded, JT: Jet, GO:Gasoil, ppt: Prompt, cnr: charterer not reported, rnr: rate not reported, dnr: date not reported, coa: contract of affreightment, o/p: own program, o/o: owner’s option

© 2024 by S&P Global Inc. All rights reserved. 25

Asia-Pacific/Arab Gulf Marketscan April 18, 2024

APAC Deals Summary „ Platts Mogas 92: MAY24: DARE* sold to PTT 25kb $99.65/ „ Platts Mogas 92: MAY24: AKARITRADING offers 50kb
bbl 8:23:04 $99.69/bbl
„ Platts Mogas 92: MAY24: DARE* sold to UITSG 25kb $99.65/ „ Platts Mogas 92: MAY24: ONYX offers 25kb $99.69/bbl
Gasoline FOB Spore Cargo bbl 8:25:22 „ Platts Mogas 92: MAY24: THEMEINT offers 25kb $99.70/bbl
Trades (PGA page 2315) „ Platts Mogas 92: MAY24: UNIPECSG* sold to BNP 25kb „ Platts Mogas 92: MAY24: VITOLSG offers 25kb $99.70/bbl
$99.65/bbl 8:29:54
„ Platts Mogas 92: MAY3-MAY7: *OQLTD* sold to UNIPECSG „ Platts Mogas 92: MAY24: DARE offers 25kb $99.75/bbl
50kb FOB Straits $100.80/bbl 8:29:34 „ Platts Mogas 92: MAY24: VITOLSG* sold to ONYX 25kb
„ Platts Mogas 92: MAY24: FREEPTASIA offers 25kb
$99.65/bbl 8:29:56
„ Platts Mogas 92: MAY12-MAY16: PTT* sold to VITOLSG 50kb $99.75/bbl
FOB Straits $100.90/bbl 8:29:38 „ Platts Mogas 92: MAY24: UNIPECSG* sold to ONYX 25kb
„ Platts Mogas 92: MAY24: MFLCDTY offers 25kb $99.75/bbl
$99.65/bbl 8:30:00
* Denotes market maker. All times GMT
„ Platts Mogas 92: MAY24: ONYX offers 25kb $99.75/bbl
„ Platts Mogas 92: MAY24: VITOLSG* sold to PTT 25kb
Bids (PGA page 2313)
$99.70/bbl 8:30:17 „ Platts Mogas 92: MAY24: THEMEINT offers 25kb $99.75/bbl
„ Platts Mogas 92: MAY3-MAY7: **SKEISG bids 50kb FOB * Denotes market maker. All times GMT „ Platts Mogas 92: MAY24: ARIONINV offers 25kb $99.80/bbl
Straits $100.70/bbl
Bids (PGA page 4009) „ Platts Mogas 92: MAY24: DARE offers 25kb $99.80/bbl
„ Platts Mogas 92: MAY8-MAY12: **SKEISG bids 50kb FOB
„ Platts Mogas 92: MAY24: ONYX bids 25kb $99.60/bbl „ Platts Mogas 92: MAY24: ONYX offers 25kb $99.80/bbl
Straits $100.70/bbl
„ Platts Mogas 92: MAY24: ONYX bids 25kb $99.55/bbl „ Platts Mogas 92: MAY24: MERCURIARESOURCES offers
„ MAY9-MAY13: BPSG bids 100kb FOB Straits MOPS 92
25kb $99.90/bbl
$0.90/bbl „ Platts Mogas 92: MAY24: VITOLSG bids 25kb $99.55/bbl
„ Platts Mogas 92: MAY24: ARIONINV offers 25kb $100.00/bbl
Withdrawals „ Platts Mogas 92: MAY24: THEMEINT bids 25kb $99.49/bbl
„ Platts Mogas 92: MAY24: EQUINOR offers 25kb $100.08/bbl
„ Platts Mogas 92: MAY4-MAY8: **UNIPECSG Withdraws bid „ Platts Mogas 92: MAY24: EQUINOR bids 25kb $99.48/bbl
50kb FOB Straits $100.80/bbl Withdrawals
„ Platts Mogas 92: MAY24: FREEPTASIA bids 25kb $99.45/bbl
„ Platts Mogas 92: MAY4-MAY8: **UNIPECSG Withdraws bid „ Platts Mogas 92: MAY24: UNIPECSG no longer offers 25kb
„ Platts Mogas 92: MAY24: ONYX bids 25kb $99.45/bbl
50kb FOB Straits MOPS 92 $0.60/bbl $99.65/bbl
„ Platts Mogas 92: MAY24: THEMEINT bids 25kb $99.45/bbl
„ MAY4-MAY8: **UNIPECSG Withdraws bid 150kb FOB Straits „ Platts Mogas 92: MAY24: VITOLSG no longer offers 25kb
„ Platts Mogas 92: MAY24: MERCURIARESOURCES bids 25kb $99.65/bbl
$101.00/bbl
$99.40/bbl
„ MAY4-MAY8: **UNIPECSG Withdraws bid 150kb FOB Straits „ Platts Mogas 92: MAY24: THEMEINT Withdraws offer 25kb
„ Platts Mogas 92: MAY24: MFLCDTY bids 25kb $99.40/bbl $99.74/bbl
MOPS 92 $1.00/bbl
** Denotes OCO order. „ Platts Mogas 92: MAY24: ONYX bids 25kb $99.35/bbl „ Platts Mogas 92: MAY24: PTT Withdraws offer 25kb
„ Platts Mogas 92: MAY24: VITOLSG bids 25kb $99.35/bbl $99.90/bbl
Offers (PGA page 2314)
„ Platts Mogas 92: MAY24: DARE bids 25kb $99.25/bbl „ Platts Mogas 92: MAY24: THEMEINT Withdraws offer 25kb
„ No offers reported $99.95/bbl
„ Platts Mogas 92: MAY24: DARE bids 25kb $99.15/bbl
Withdrawals „ Platts Mogas 92: MAY24: THEMEINT Withdraws offer 25kb
„ Platts Mogas 92: MAY24: ONYX bids 25kb $99.15/bbl
„ Platts Mogas 92: MAY3-MAY7: **OQLTD Withdraws offer $100.05/bbl
50kb FOB Straits $100.80/bbl „ Platts Mogas 92: MAY24: GUNVORSG bids 25kb $99.00/bbl
** Denotes OCO order.
„ Platts Mogas 92: MAY7-MAY11: **OQLTD Withdraws offer „ Platts Mogas 92: MAY24: ONYX bids 25kb $99.00/bbl
50kb FOB Straits $100.90/bbl „ Platts Mogas 92: MAY24: ONYX bids 25kb $98.88/bbl Gasoline FOB Spore Paper Spreads
„ Platts Mogas 92: MAY12-MAY16: PTT no longer offers 50kb „ Platts Mogas 92: MAY24: ONYX bids 25kb $98.88/bbl
Trades (PGA page 4011)
FOB Straits $100.90/bbl „ Platts Mogas 92: MAY24: ONYX bids 25kb $98.88/bbl
** Denotes OCO order. „ No trades reported
Withdrawals
* Denotes market maker. All times GMT
„ No bids reported
Gasoline FOB Spore Paper ** Denotes OCO order.
Bids (PGA page 4009)
Trades (PGA page 4011) Offers (PGA page 4010) „ Platts Mogas 92 spread: MAY24/JUN24: FREEPTASIA bids
25kb $1.69/bbl

© 2024 by S&P Global Inc. All rights reserved. 26

Asia-Pacific/Arab Gulf Marketscan April 18, 2024

„ Platts Mogas 92 spread: MAY24/JUN24: SKEISG bids 100kb $1.60/bbl $1.75/bbl

$1.68/bbl „ Platts Mogas 92 spread: JUN24/JUL24: „ Platts Mogas 92 spread: JUN24/JUL24: DARE offers 25kb
„ Platts Mogas 92 spread: MAY24/JUN24: THEMEINT bids MERCURIARESOURCES bids 25kb $1.60/bbl $1.75/bbl
25kb $1.68/bbl „ Platts Mogas 92 spread: JUN24/JUL24: P66SG bids 25kb „ Platts Mogas 92 spread: JUN24/JUL24: FREEPTASIA offers
„ Platts Mogas 92 spread: MAY24/JUN24: EQUINOR bids 25kb $1.60/bbl 25kb $1.75/bbl
$1.67/bbl „ Platts Mogas 92 spread: JUN24/JUL24: TRAFI bids 25kb „ Platts Mogas 92 spread: JUN24/JUL24: VITOLSG offers 25kb
„ Platts Mogas 92 spread: MAY24/JUN24: ARAMCOSG bids $1.60/bbl $1.75/bbl
25kb $1.65/bbl „ Platts Mogas 92 spread: JUN24/JUL24: UITSG bids 25kb „ Platts Mogas 92 spread: JUN24/JUL24: ARIONINV offers
„ Platts Mogas 92 spread: MAY24/JUN24: BPSG bids 25kb $1.60/bbl 25kb $1.78/bbl
$1.65/bbl „ Platts Mogas 92 spread: JUN24/JUL24: FREEPTASIA bids „ Platts Mogas 92 spread: JUN24/JUL24: ONYX offers 25kb
„ Platts Mogas 92 spread: MAY24/JUN24: VITOLSG bids 25kb 25kb $1.55/bbl $1.78/bbl
$1.65/bbl „ Platts Mogas 92 spread: JUN24/JUL24: VITOLSG bids 25kb „ Platts Mogas 92 spread: JUN24/JUL24: ONYX offers 25kb
„ Platts Mogas 92 spread: MAY24/JUN24: THEMEINT bids $1.55/bbl $1.78/bbl
25kb $1.64/bbl Withdrawals „ Platts Mogas 92 spread: JUN24/JUL24:
„ Platts Mogas 92 spread: MAY24/JUN24: DARE bids 25kb „ No bids reported MERCURIARESOURCES offers 25kb $1.80/bbl
$1.60/bbl „ Platts Mogas 92 spread: JUN24/JUL24: P66SG offers 25kb
** Denotes OCO order.
„ Platts Mogas 92 spread: MAY24/JUN24: $1.80/bbl
Offers (PGA page 4010)
MERCURIARESOURCES bids 25kb $1.60/bbl „ Platts Mogas 92 spread: JUN24/JUL24: TRAFI offers 25kb
„ Platts Mogas 92 spread: MAY24/JUN24: P66SG bids 25kb „ Platts Mogas 92 spread: MAY24/JUN24: EQUINOR offers $1.80/bbl
$1.60/bbl 50kb $1.74/bbl
„ Platts Mogas 92 spread: JUN24/JUL24: EQUINOR offers
„ Platts Mogas 92 spread: MAY24/JUN24: TRAFI bids 25kb „ Platts Mogas 92 spread: MAY24/JUN24: BPSG offers 25kb 25kb $1.85/bbl
$1.60/bbl $1.75/bbl
Withdrawals
„ Platts Mogas 92 spread: MAY24/JUN24: UITSG bids 25kb „ Platts Mogas 92 spread: MAY24/JUN24: ONYX offers 25kb
„ Platts Mogas 92 spread: MAY24/JUN24: PTT Withdraws offer
$1.60/bbl $1.75/bbl
25kb $1.75/bbl
„ Platts Mogas 92 spread: MAY24/JUN24: VITOLSG bids 25kb „ Platts Mogas 92 spread: MAY24/JUN24: ONYX offers 25kb
„ Platts Mogas 92 spread: JUN24/JUL24: PTT Withdraws offer
$1.55/bbl $1.75/bbl
25kb $1.78/bbl
„ Platts Mogas 92 spread: MAY24/JUN24: ONYX bids 25kb „ Platts Mogas 92 spread: MAY24/JUN24: VITOLSG offers
** Denotes OCO order.
$1.50/bbl 25kb $1.75/bbl
„ Platts Mogas 92 spread: MAY24/JUN24: ONYX bids 25kb „ Platts Mogas 92 spread: MAY24/JUN24: ARAMCOSG offers
25kb $1.80/bbl
Naphtha C+F Cargo
$1.50/bbl
„ Platts Mogas 92 spread: MAY24/JUN24: DARE offers 25kb Trades (PGA page 2325)
„ Platts Mogas 92 spread: JUN24/JUL24: AKARITRADING bids
25kb $1.66/bbl $1.80/bbl
„ No trades reported
„ Platts Mogas 92 spread: JUN24/JUL24: SKEISG bids 25kb „ Platts Mogas 92 spread: MAY24/JUN24: FREEPTASIA offers * Denotes market maker. All times GMT
$1.65/bbl 25kb $1.80/bbl
Bids (PGA page 2323)
„ Platts Mogas 92 spread: JUN24/JUL24: BPSG bids 25kb „ Platts Mogas 92 spread: MAY24/JUN24:
MERCURIARESOURCES offers 25kb $1.80/bbl „ H2JUN24: SKEISG bids 25kt $694.00/mt
$1.62/bbl
„ Platts Mogas 92 spread: MAY24/JUN24: P66SG offers 25kb „ H2JUN24: BBEN bids 25kt $686.00/mt
„ Platts Mogas 92 spread: JUN24/JUL24: ARAMCOSG bids
25kb $1.60/bbl $1.80/bbl „ H1JUL24: BPSG bids 25kt $680.00/mt
„ Platts Mogas 92 spread: JUN24/JUL24: DARE bids 25kb „ Platts Mogas 92 spread: MAY24/JUN24: TRAFI offers 25kb Withdrawals
$1.60/bbl $1.80/bbl
„ No bids reported
„ Platts Mogas 92 spread: JUN24/JUL24: EQUINOR bids 25kb „ Platts Mogas 92 spread: JUN24/JUL24: ARAMCOSG offers ** Denotes OCO order.
$1.60/bbl 25kb $1.75/bbl
Offers (PGA page 2324)
„ Platts Mogas 92 spread: JUN24/JUL24: EQUINOR bids 25kb „ Platts Mogas 92 spread: JUN24/JUL24: BPSG offers 25kb

© 2024 by S&P Global Inc. All rights reserved. 27

Asia-Pacific/Arab Gulf Marketscan April 18, 2024

„ H2JUN24: **TRAFI offers 25kt $701.00/mt „ MAY24: DVTRADING offers 50kb $100.80/bbl „ MAY24/JUN24: ANTIMO offers 50kb $-0.1/bbl
„ H2JUN24: AGTASIA offers 25kt $702.00/mt „ MAY24: DARE offers 50kb $101.00/bbl „ MAY24/JUN24: ARAMCOSG offers 50kb $-0.05/bbl
„ H1JUL24: **TRAFI offers 25kt $698.00/mt „ JUN24: DVTRADING offers 50kb $101.50/bbl „ MAY24/JUN24: DVTRADING offers 50kb $0.00/bbl
Withdrawals Withdrawals „ MAY24/JUN24: CONDACAP offers 50kb $0.30/bbl
„ No offers reported „ MAY24: BPSG no longer offers 50kb $100.63/bbl „ MAY24: BPSG offers 50kb $-1.1/bbl
** Denotes OCO order. „ MAY24: DVTRADING Withdraws offer 50kb $101.80/bbl „ MAY24: CONDACAP offers 50kb $-1.05/bbl
** Denotes OCO order. „ MAY24: DVTRADING offers 50kb $-1.05/bbl
Naphtha C+F Japan Cargo Spreads „ MAY24: MERCURIARESOURCES offers 50kb $-1.05/bbl
Trades (PGA page 2325) Jet Kero FOB Spore Paper Spreads „ MAY24: ANTIMO offers 50kb $-1/bbl

„ No trades reported Trades (PGA page 4023) „ MAY24: ARAMCOSG offers 50kb $-1/bbl
* Denotes market maker. All times GMT „ BAL MONTH/MAY24: AGT sold to DARE* 50kb $-0.20/ „ MAY24: UITSG offers 50kb $-1/bbl
Bids (PGA page 2323) bbl 8:29:58 Withdrawals
„ MAY24/JUN24: DARE* sold to AGT 50kb $-0.25/bbl 8:29:48 „ MAY24/JUN24: DARE no longer offers 50kb $-0.25/bbl
„ H2JUN24/H2JUL24: BBEN bids 25kt $3.25/mt
* Denotes market maker. All times GMT ** Denotes OCO order.
Withdrawals
Bids (PGA page 4021)
„ No bids reported
„ BAL MONTH/MAY24: BPSG bids 50kb $-0.6/bbl
Gasoil FOB Spore Paper
** Denotes OCO order.
Offers (PGA page 2324) „ MAY24/JUN24: ANTIMO bids 50kb $-0.35/bbl Trades (PGA page 4019)
„ MAY24/JUN24: BPSG bids 50kb $-0.4/bbl „ MAY24: NATBANKABUDHABI sold to DARE* 50kb $101.75/
„ No offers reported
„ MAY24/JUN24: DARE bids 50kb $-0.4/bbl bbl 8:29:40
Withdrawals
„ MAY24/JUN24: DVTRADING bids 50kb $-0.45/bbl „ MAY24: NATBANKABUDHABI* sold to DARE 50kb $101.80/
„ No offers reported
bbl 8:29:41
** Denotes OCO order. „ MAY24/JUN24: ARAMCOSG bids 50kb $-0.8/bbl
„ MAY24: NATBANKABUDHABI sold to DVTRADING* 50kb
„ MAY24: ANTIMO bids 50kb $-1.35/bbl
$101.75/bbl 8:29:44
Jet Kero FOB Spore Paper „ MAY24: CHEVINCSG bids 50kb $-1.5/bbl
„ MAY24: NATBANKABUDHABI sold to BPSG* 50kb $101.80/
„ MAY24: CONDACAP bids 50kb $-1.5/bbl bbl 8:29:47
Trades (PGA page 4023)
„ MAY24: DVTRADING bids 50kb $-1.5/bbl „ MAY24: NATBANKABUDHABI sold to DARE* 50kb $101.80/
„ MAY24: BPSG* sold to GUNVORSG 50kb $100.63/
„ MAY24: MERCURIARESOURCES bids 50kb $-1.5/bbl bbl 8:29:48
bbl 8:29:42
„ MAY24: UITSG bids 50kb $-1.5/bbl „ MAY24: NATBANKABUDHABI* sold to HOTEI 50kb $101.80/
„ MAY24: BPSG* sold to GUNVORSG 50kb $100.63/
bbl 8:29:58 „ MAY24: ARAMCOSG bids 50kb $-1.8/bbl bbl 8:29:53
* Denotes market maker. All times GMT Withdrawals „ MAY24: NATBANKABUDHABI* sold to DARE 50kb $101.80/
bbl 8:29:54
Bids (PGA page 4021) „ BAL MONTH/MAY24: DARE no longer bids 50kb $-0.2/bbl
„ MAY24: NATBANKABUDHABI sold to BPSG* 50kb $101.80/
** Denotes OCO order.
„ MAY24: DARE bids 50kb $100.50/bbl bbl 8:29:57
Offers (PGA page 4022)
„ MAY24: DARE bids 50kb $100.45/bbl „ MAY24: NATBANKABUDHABI sold to BPSG* 50kb $101.85/
Withdrawals „ BAL MONTH/MAY24: ANTIMO offers 50kb $-0.05/bbl bbl 8:30:01
„ No bids reported „ BAL MONTH/MAY24: DARE offers 50kb $-0.05/bbl * Denotes market maker. All times GMT

** Denotes OCO order. „ BAL MONTH/MAY24: RONGPETRO offers 50kb $-0.05/bbl Bids (PGA page 4017)
Offers (PGA page 4022) „ BAL MONTH/MAY24: BPSG offers 50kb $0.05/bbl „ MAY24: BPSG bids 50kb $101.85/bbl
„ MAY24: BPSG offers 50kb $100.68/bbl „ MAY24/JUN24: BPSG offers 50kb $-0.15/bbl „ MAY24: DARE bids 50kb $101.80/bbl

© 2024 by S&P Global Inc. All rights reserved. 28

Asia-Pacific/Arab Gulf Marketscan April 18, 2024
„ MAY24: CMTENERGY bids 50kb $101.75/bbl
„ MAY24: DARE bids 50kb $101.75/bbl
„ MAY24: DVTRADING bids 50kb $101.75/bbl
„ MAY24: ANVIK bids 50kb $101.55/bbl
„ MAY24: DVTRADING bids 50kb $101.50/bbl
„ MAY24: NATBANKABUDHABI bids 50kb $101.50/bbl
„ MAY24: NATBANKABUDHABI bids 50kb $101.50/bbl
„ MAY24: DVTRADING bids 50kb $101.20/bbl
Withdrawals
„ MAY24: BPSG no longer bids 50kb $101.80/bbl
„ MAY24: DVTRADING Withdraws bid 50kb $101.70/bbl
„ MAY24: T3GT Withdraws bid 50kb $101.60/bbl
„ MAY24: ERACOMM Withdraws bid 50kb $101.50/bbl
„ MAY24: ANVIK Withdraws bid 50kb $0.00/bbl
„ BAL MONTH: DARE Withdraws bid 50kb $101.25/bbl
„ BAL MONTH: DVTRADING Withdraws bid 50kb $101.10/bbl
** Denotes OCO order.
Offers (PGA page 4018)
„ MAY24: CMTENERGY offers 50kb $101.95/bbl
„ MAY24: DVTRADING offers 50kb $101.95/bbl
„ MAY24: DVTRADING offers 50kb $102.00/bbl
„ MAY24: DARE offers 50kb $102.10/bbl
„ MAY24: AGT offers 50kb $102.20/bbl
„ MAY24: DARE offers 50kb $102.20/bbl
„ MAY24: ANVIK offers 50kb $102.30/bbl
„ MAY24: DVTRADING offers 50kb $102.30/bbl
„ MAY24: BPSG offers 50kb $102.40/bbl
Withdrawals
„ MAY24: NATBANKABUDHABI no longer offers 50kb
$101.80/bbl
„ MAY24: NATBANKABUDHABI no longer offers 50kb
$101.80/bbl
„ MAY24: T3GT Withdraws offer 50kb $101.95/bbl
„ MAY24: NATBANKABUDHABI no longer offers :LOWERED
OFFER AND TRADED
„ BAL MONTH: DARE Withdraws offer 50kb $102.50/bbl
„ BAL MONTH: DVTRADING Withdraws offer 50kb $102.50/bbl
© 2024 by S&P Global Inc. All rights reserved.
** Denotes OCO order.
Gasoil FOB Spore Paper Spreads
Trades (PGA page 4019)
„ BAL MONTH/MAY24: DARE* sold to RONGPETRO 50kb
$0.01/bbl 8:29:49
„ BAL MONTH/MAY24: DARE sold to DVTRADING* 50kb
$0.01/bbl 8:29:53
„ BAL MONTH/MAY24: DARE sold to HARTREE* 50kb $0.00/
bbl 8:29:58
„ BAL MONTH/MAY24: DARE* sold to RONGPETRO 50kb
$0.01/bbl 8:29:58
„ BAL MONTH/MAY24: DARE sold to RONGPETRO* 50kb
$0.01/bbl 8:30:05
„ MAY24/JUN24: VITOLSG sold to DARE* 50kb $0.00/
bbl 8:29:44
„ MAY24/JUN24: AGT sold to DARE* 50kb $0.00/bbl 8:29:49
„ MAY24/JUN24: AGT sold to DARE* 50kb $0.00/bbl 8:29:53
„ MAY24/JUN24: VITOLSG sold to DARE* 50kb $0.00/
bbl 8:29:57
* Denotes market maker. All times GMT
Bids (PGA page 4017)
„ BAL MONTH/MAY24: DARE bids 50kb $0.00/bbl
„ BAL MONTH/MAY24: EQUINOR bids 50kb $0.00/bbl
„ BAL MONTH/MAY24: AGT bids 100kb $-0.1/bbl
„ BAL MONTH/MAY24: ANTIMO bids 50kb $-0.15/bbl
„ BAL MONTH/MAY24: NATBANKABUDHABI bids 50kb
$-0.15/bbl
„ BAL MONTH/MAY24: NATBANKABUDHABI bids 50kb
$-0.15/bbl
„ MAY24/JUN24: GUNVORSG bids 50kb $-0.1/bbl
„ MAY24/JUN24: DVTRADING bids 50kb $-0.11/bbl
„ MAY24/JUN24: MERCURIARESOURCES bids 50kb $-0.11/bbl
„ MAY24/JUN24: CONDACAP bids 50kb $-0.12/bbl
„ MAY24/JUN24: AGT bids 50kb $-0.14/bbl
„ MAY24/JUN24: EQUINOR bids 50kb $-0.15/bbl
„ MAY24/JUN24: RONGPETRO bids 50kb $-0.15/bbl
„ MAY24/JUN24: CMTENERGY bids 50kb $-0.18/bbl
„ MAY24/JUN24: SINOHKPET bids 50kb $-0.25/bbl
29
Withdrawals
„ BAL MONTH/MAY24: RONGPETRO no longer bids :RAISED
BID AND TRADED
„ BAL MONTH/MAY24: CMTENERGY Withdraws bid 50kb
$-0.2/bbl
„ BAL MONTH/MAY24: DVTRADING no longer bids 50kb
$0.01/bbl
„ BAL MONTH/MAY24: HARTREE no longer bids 50kb
$0.00/bbl
„ MAY24/JUN24: DARE no longer bids 50kb $0.00/bbl
** Denotes OCO order.
Offers (PGA page 4018)
„ BAL MONTH/MAY24: NATBANKABUDHABI offers 50kb
$0.06/bbl
„ BAL MONTH/MAY24: NATBANKABUDHABI offers 50kb
$0.08/bbl
„ BAL MONTH/MAY24: NATBANKABUDHABI offers 50kb
$0.10/bbl
„ BAL MONTH/MAY24: AGT offers 50kb $0.15/bbl
„ BAL MONTH/MAY24: EQUINOR offers 50kb $0.15/bbl
„ BAL MONTH/MAY24: RONGPETRO offers 50kb $0.15/bbl
„ MAY24/JUN24: AGT offers 50kb $0.02/bbl
„ MAY24/JUN24: DARE offers 50kb $0.02/bbl
„ MAY24/JUN24: CMTENERGY offers 50kb $0.03/bbl
„ MAY24/JUN24: ANTIMO offers 50kb $0.05/bbl
„ MAY24/JUN24: DVTRADING offers 50kb $0.05/bbl
„ MAY24/JUN24: RONGPETRO offers 50kb $0.05/bbl
„ MAY24/JUN24: CONDACAP offers 50kb $0.10/bbl
Withdrawals
„ BAL MONTH/MAY24: DVTRADING Withdraws offer 50kb
$0.10/bbl
„ BAL MONTH/MAY24: CMTENERGY Withdraws offer 50kb
$0.15/bbl
„ BAL MONTH/MAY24: DARE no longer offers 50kb $0.01/bbl
** Denotes OCO order.
FO 180 CST 3.5% FOB Spore Paper
Trades (PGA page 4027)
„ No trades reported
Asia-Pacific/Arab Gulf Marketscan April 18, 2024
* Denotes market maker. All times GMT
Bids (PGA page 4025)
„ MAY24/JUN24: ONYX bids 5kt $3.25/mt
Withdrawals
„ No bids reported
** Denotes OCO order.
Offers (PGA page 4026)
„ MAY24/JUN24: ONYX offers 5kt $4.25/mt
„ MAY24/JUN24: PRIME offers 5kt $4.50/mt
„ MAY24/JUN24: ONYX offers 5kt $5.00/mt
Withdrawals
„ No offers reported
** Denotes OCO order.
FO 380 CST 3.5% FOB Spore Paper
Trades (PGA page 4027)
„ BAL MONTH/MAY24: DARE* sold to GUNVORSG 5kt $0.00/
mt 8:16:34
„ BAL MONTH/MAY24: NESTWISE* sold to GUNVORSG 5kt
$0.00/mt 8:16:36
„ BAL MONTH/MAY24: P66SG* sold to GUNVORSG 5kt $0.00/
mt 8:16:38
„ BAL MONTH/MAY24: VITOLSG* sold to GUNVORSG 5kt
$0.00/mt 8:16:39
„ BAL MONTH/MAY24: VITOLSG* sold to MERCURIASA 5kt
$0.50/mt 8:25:36
„ BAL MONTH/MAY24: VITOLSG* sold to ONYX 5kt $0.75/
mt 8:29:12
„ BAL MONTH/MAY24: NESTWISE* sold to MERCURIASA 5kt
$1/mt 8:29:41
„ BAL MONTH/MAY24: VITOLSG* sold to ALVARIPTE 5kt
$1.25/mt 8:30:05
„ MAY24: MERCURIARESOURCES sold to DARE* 5kt $16.50/
mt 8:18:12
„ MAY24: BPSG* sold to DARE 5kt $16.25/mt 8:29:11
* Denotes market maker. All times GMT
Bids (PGA page 4025)
„ MAY24: NESTWISE bids 5kt $15.75/mt
„ MAY24: P66SG bids 5kt $15.75/mt
© 2024 by S&P Global Inc. All rights reserved.
„ JUN24: DARE bids 5kt $16.00/mt
„ MAY24: DARE bids 5kt $494.00/mt
„ MAY24: ONYX bids 5kt $494.00/mt
„ MAY24: ARIONINV bids 5kt $493.50/mt
„ MAY24: DARE bids 5kt $493.50/mt
„ MAY24: ERACOMM bids 5kt $493.50/mt
„ MAY24: GUNVORSG bids 5kt $493.50/mt
„ MAY24: THEMEINT bids 5kt $493.50/mt
„ MAY24: UENERGY bids 5kt $493.50/mt
„ MAY24: GUNVORSG bids 5kt $493.25/mt
„ MAY24: DARE bids 5kt $493.00/mt
„ MAY24: DVTRADING bids 5kt $493.00/mt
„ MAY24: GUNVORSG bids 5kt $493.00/mt
„ BAL MONTH/MAY24: ONYX bids 5kt $1.25/mt
„ BAL MONTH/MAY24: P66SG bids 10kt $0.50/mt
„ BAL MONTH/MAY24: ALKAGESTA bids 5kt $-1.25/mt
„ BAL MONTH/MAY24: PETROCHINA bids 5kt $-1.25/mt
„ BAL MONTH/MAY24: DARE bids 5kt $-1.5/mt
„ BAL MONTH/MAY24: P66SG bids 5kt $-1.5/mt
„ BAL MONTH/MAY24: VITOLSG bids 5kt $-1.5/mt
„ BAL MONTH/MAY24: ANVIK bids 5kt $-2.25/mt
„ MAY24/JUN24: FREEPTASIA bids 5kt $3.25/mt
„ MAY24/JUN24: HENGLIPET bids 5kt $3.25/mt
„ MAY24/JUN24: NESTWISE bids 5kt $3.25/mt
„ MAY24/JUN24: ONYX bids 5kt $3.25/mt
„ MAY24/JUN24: P66SG bids 5kt $3.25/mt
„ MAY24/JUN24: DARE bids 5kt $3.00/mt
„ MAY24/JUN24: P66SG bids 5kt $3.00/mt
„ MAY24/JUN24: THEMEINT bids 5kt $3.00/mt
„ MAY24/JUN24: UENERGY bids 5kt $3.00/mt
„ MAY24/JUN24: VITOLSG bids 5kt $3.00/mt
„ MAY24/JUN24: ANVIK bids 5kt $2.75/mt
Withdrawals
„ MAY24: DARE no longer bids 5kt $16.50/mt
„ JUN24: ONYX Withdraws bid 5kt $16.25/mt
„ MAY24: ANVIK Withdraws bid 5kt $0.00/mt
** Denotes OCO order.
Offers (PGA page 4026)
30
„ MAY24: MERCURIARESOURCES offers 5kt $16.75/mt
„ MAY24: ONYX offers 5kt $16.75/mt
„ MAY24: P66SG offers 5kt $16.75/mt
„ MAY24: NESTWISE offers 5kt $17.00/mt
„ MAY24: VITOLSG offers 5kt $17.75/mt
„ MAY24: DARE offers 5kt $18.00/mt
„ JUN24: ONYX offers 5kt $17.00/mt
„ JUN24: DARE offers 5kt $17.50/mt
„ MAY24: DARE offers 5kt $495.50/mt
„ MAY24: ONYX offers 5kt $496.50/mt
„ MAY24: DARE offers 5kt $497.00/mt
„ MAY24: DARE offers 5kt $497.00/mt
„ MAY24: MERCURIARESOURCES offers 5kt $497.00/mt
„ MAY24: PRIME offers 5kt $497.00/mt
„ MAY24: DARE offers 5kt $497.25/mt
„ MAY24: THEMEINT offers 5kt $497.25/mt
„ MAY24: DVTRADING offers 5kt $497.50/mt
„ MAY24: ERACOMM offers 5kt $497.50/mt
„ MAY24: UENERGY offers 5kt $497.50/mt
„ BAL MONTH/MAY24: NESTWISE offers 5kt $2.00/mt
„ MAY24/JUN24: ANVIK offers 10kt $3.75/mt
„ MAY24/JUN24: DARE offers 5kt $3.75/mt
„ MAY24/JUN24: NESTWISE offers 5kt $3.75/mt
„ MAY24/JUN24: ONYX offers 5kt $3.75/mt
„ MAY24/JUN24: ONYX offers 5kt $3.75/mt
„ MAY24/JUN24: P66SG offers 5kt $3.75/mt
„ MAY24/JUN24: THEMEINT offers 5kt $4.00/mt
„ MAY24/JUN24: VITOLSG offers 5kt $4.00/mt
„ MAY24/JUN24: NESTWISE offers 5kt $4.25/mt
„ MAY24/JUN24: P66SG offers 5kt $4.50/mt
Withdrawals
„ MAY24: BPSG Withdraws offer 5kt $16.00/mt
„ BAL MONTH/MAY24: DARE no longer offers 5kt $0.00/mt
„ BAL MONTH/MAY24: P66SG no longer offers 5kt $0.00/mt
„ BAL MONTH/MAY24: VITOLSG no longer offers 5kt $0.75/mt
** Denotes OCO order.