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Asia-Pacific/Arab Gulf Marketscan

Volume 43 / Issue 55 / March 19, 2024
Asia products
Code Mid Change Code Mid Change Code Mid Change
Singapore (PGA page 2002)
FOB Singapore ($/barrel) MOPS strip Premium/Discount
Naphtha PAAAP00 78.17–78.21 78.190 +0.030 AAPKA00 76.72–76.76 76.740 +0.130
Gasoline 97 unleaded PGAMS00 103.71–103.75 103.730 -0.330 AAPKE00* 26.97/27.01 26.990 -0.460
Gasoline 95 unleaded PGAEZ00 103.28–103.32 103.300 -0.260 AAPKF00* 26.54/26.58 26.560 -0.390
Gasoline 95 unleaded AGUMS00 104.320 +0.410 AGUMA00**** -1.020 -0.670
Gasoline 92 unleaded PGAEY00 99.27–99.31 99.290 +0.080 AAPKG00* 22.53/22.57 22.550 -0.050
Gasoline 92 unleaded AAXEQ00 99.69–99.73 99.710 +0.420 AAXER00 -0.44/-0.40 -0.420 -0.340
Gasoline 91 unleaded AAYNA00 102.790 +0.480 AAYNB00 3.080 +0.060
Gasoline 92 unleaded 500 ppm PGAFY00*** -0.189 -0.342
CFR Naphtha AAOVF00 81.440 -0.170 AAOVG00 4.700 -0.300
Kerosene PJABF00 106.49–106.53 106.510 +0.780 AAPJZ00 105.81–105.85 105.830 +0.910 PJACU00 0.66/0.70 0.680 -0.130
Gasoil 10 ppm AAOVC00 107.53–107.57 107.550 +1.030 AAOVD00** -0.47/-0.43 -0.450 0.000
Gasoil 50 ppm AAPPF00 107.22–107.26 107.240 +1.030 AAPPH00** -0.78/-0.74 -0.760 0.000
Gasoil 0.05% sulfur AAFEX00 106.63–106.67 106.650 +1.110 AAFFB00** -1.37/-1.33 -1.350 +0.080
Gasoil 0.25% sulfur AACUE00 105.36–105.40 105.380 +1.090 AACQI00** -2.64/-2.60 -2.620 +0.060
Gasoil POABC00 107.53–107.57 107.550 +1.030 AAPJY00 107.98–108.02 108.000 +1.030 POAIC00** -0.47/-0.43 -0.450 0.000
FO 180 CST 2% ($/mt) PUAXS00 500.43–500.47 500.450 -4.580
HSFO 180 CST ($/mt) PUADV00 489.42–489.46 489.440 -4.480 AAPJX00 495.72–495.76 495.740 -3.670 AAGZF00 -6.32/-6.28 -6.300 -0.810
HSFO 380 CST ($/mt) PPXDK00 475.46–475.50 475.480 -0.590 AAPJW00 478.28–478.32 478.300 -0.620 PPXDL00 -2.84/-2.80 -2.820 +0.030
Marine Fuel 0.5% ($/mt) AMFSA00 631.580 +1.110 FOFSA00 630.160 +1.520 FOFSB00 1.420 -0.410
Ex-Wharf 380 CST ($/mt) AAFER00 479.50–480.50 480.000 0.000
Ex-Wharf 500 CST ($/mt) AAVUP00 474.50–475.50 475.000 0.000
Bitumen Pen 60-70 ($/mt) BTSGA00 410.000 0.000 BTSGB00***** -68.300 +0.620
*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 630.43–640.93 635.680 -3.100 AAPKH00 44.75/45.25 45.000 0.000
Naphtha LR2 ($/mt) 635.17–645.67 640.420 -2.180
Platts Asia and Middle Eastern Gasoline
AAIDA00
Gasoline 95 unleaded AAICY00 97.59–97.63 97.610 -0.430 AAWUJ00 7.98/8.02 8.000 0.000
Gasoline 95 unleaded CFR AAWUK00 10.63/10.67 10.650 Daily Market Analysis
Gasoline 92 unleaded AAGJA00 93.600 -0.090 AAGZA00 7.950 0.000
Kerosene PJAAA00 100.28–100.32 100.300 +0.410 PJACV00 3.48/3.52 3.500 0.000
Gasoil 10 ppm AAIDT00 100.95–100.99 100.970 +0.640 AAIDU00* 2.23/2.27 2.250 -0.100
„ Singapore’s gasoline outflows to Malaysia
Gasoil 0.005% sulfur AASGJ00 100.15–100.19 100.170 +0.740 AASGK00* 1.43/1.47 1.450 0.000 fall on week
Gasoil 0.05% sulfur AAFEZ00 99.90–99.94 99.920 +0.740 AAFFD00* 1.18/1.22 1.200 0.000
Gasoil 0.25% sulfur AACUA00 98.02–98.06 98.040 +0.740 AACUC00* -0.70/-0.66 -0.680 0.000 „ Australia’s Jan gasoline imports slip on month
Gasoil POAAT00 100.95–100.99 100.970 +0.640 POAID00* 2.23/2.27 2.250 -0.100
HSFO 180 CST ($/mt) PUABE00 461.31–461.35 461.330 -4.180 AAXJA00 4.98/5.02 5.000 -1.000
HSFO 380 CST ($/mt) AAIDC00 447.35–447.39 447.370 -0.290 AAXJB00 7.98/8.02 8.000 0.000 The Asian gasoline complex softened March 19 as
HSFO 380/180 spread ($/mt) PPXDM00 -13.98/-13.94 -13.960 +3.890
Marine Fuel 0.5% Fujairah ($/mt) FOFFB00*** 2.000 0.000 the US RBOB-Brent crack spread narrowed on the day
Ex-Wharf Fujairah 380 CST** ($/mt) AAYBG00 -4.140 +3.410 and amid slow regional demand despite the upcoming
*Premium to MOPAG gasoil during loading. **Ex-Wharf differential represents premium/discount to the MOPAG 180 CST strip. ***MF 0.5% differential Eid al-Fitr festivities, market sources said.
represents premium/discount to the MOPFUJ MF 0.5% strip.

www.spglobal.com/commodityinsights
Asia-Pacific/Arab Gulf Marketscan March 19, 2024

Asia products The US RBOB-Brent crack was pegged at $28.33/b

Code Mid Change Code Mid Change
at 0300 GMT March 19, down from Platts assessment
Middle East physical oil assessments (PGA pages 2004 and 2018) of $28.85/b at the Asian close March 18, S&P Global
FOB Fujairah ($/barrel) MOPAG Strip Commodity Insights data showed.
Naphtha ($/mt) NFJSA00 691.550 +0.950 NFJTA00 646.550 +0.950 “Seems like the region is on a slow mode this year,”
Gasoline 95 unleaded AFUJA00 106.400 +0.240 AFUJB00 98.400 +0.240
Gasoline 92 unleaded RFJFS00 101.750 +0.240 RAGTA00 93.800 +0.240 a trader said.
Kerosene AFUJF00 104.320 +0.900 AFUJG00 100.820 +0.900 Possibly reflecting lackluster regional demand
Gasoil 10 ppm AFUJP00 104.930 +0.940
Gasoil 500 ppm AFUJN00 103.880 +1.040 despite the upcoming Eid al-Fitr festivities, Singapore’s
Gasoil AFUJK00 104.930 +0.940 AFUJL00 102.680 +1.040 gasoline exports to Malaysia were down 40.52% week
HSFO 380 CST ($/mt) AFUJQ00 455.370 -0.990 AFUJR00 447.370 -0.990
Ex-Wharf 380 CST ($/mt) AAYBF00 460.000 -1.000 AAYBD00 464.140 -4.410 on week at 113,269 mt the week ended March 13,
MOPFUJ Strip Enterprise Singapore data showed.
Marine Fuel 0.5% ($/mt)** AMFFA00 633.830 -0.270 FOFFA00 631.830 -0.270
*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 971.00–973.00 972.000 0.000
Mar 11 (PGA page 2022)
Singapore demurrage (PGT pages 2910 and 2960) Light distillates FUJLD04 7083 -1207
$/day Middle distillates FUJMD04 1500 -43
Demurrage Clean AALPY00 46000.000+1000.000 Heavy distillates and residues FUJHD04 9617 +644
Demurrage Dirty AALQA00 53000.000 0.000 Source: FEDCom, S&P Global Commodity Insights

Singapore paper (PGA page 2655)

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

Naphtha Japan ($/mt) RAXFM00 NA NANA AAXFE00 713.75–714.25 714.000 +1.000 AAXFF00 702.00–702.50 702.250 +2.250
Naphtha AAPLD00 NA–NA NA NANA PAAAQ00 76.53–76.57 76.550 +0.200 PAAAR00 75.23–75.27 75.250 +0.350
Gasoline 95 unleaded AGUMB00 NA NANA AGUMM01 104.180 +0.440 AGUMM02 103.260 +0.460
Gasoline 92 unleaded AAXEK00 NA–NA NA NANA AAXEL00 99.56–99.60 99.580 +0.440 AAXEM00 98.69–98.73 98.710 +0.410
Reforming Spread AAXEN00 NA/NA NA NANA AAXEO00 23.01/23.05 23.030 +0.240 AAXEP00 23.44/23.48 23.460 +0.060
Kerosene AAPLE00 106.02–106.06 106.040 +0.760 PJABS00 105.72–105.76 105.740 +0.910 PJABT00 105.08–105.12 105.100 +0.780
Gasoil AAPLF00 107.53–107.57 107.550 +0.750 POAFC00 107.88–107.92 107.900 +1.050 POAFG00 107.23–107.27 107.250 +1.050
HSFO 180 CST ($/mt) AAPML00 491.38–491.42 491.400 -3.650 PUAXZ00 495.63–495.67 495.650 -3.150 PUAYF00 495.03–495.07 495.050 -0.350
HSFO 380 CST ($/mt) AAPKB00 475.68–475.72 475.700 -0.800 AAPKC00 478.43–478.47 478.450 -0.300 AAPKD00 479.48–479.52 479.500 +1.700
Gasoil EFS ($/mt) AAQTX00 NA NANA AAQTY00 -53.400 +0.320 AAQTZ00 -42.990 +0.070

Arab Gulf Front Month Swaps (PGA page 2638)

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

Naphtha ($/mt) NAGFM00 NA NANA NAGFM01 647.150 +1.000 NAGFM02 641.020 +3.320
Gasoline 95 unleaded AFUIM00 NA NANA AFUIM01 98.490 +0.270 AFUIM02 97.570 +0.290
Gasoline 92 unleaded RAGFM00 NA NANA RAGFM01 93.890 +0.270 RAGFM02 93.020 +0.240
Kerosene AFUAM00 100.090 +0.500 AFUAM01 100.840 +0.910 AFUAM02 100.590 +0.850
Gasoil AFUJM00 101.240 +0.480 AFUJM01 102.710 +1.050 AFUJM02 102.470 +1.130
HSFO 180 CST** AADZB00 NA NANA AADZM01 465.250 -3.000 AADZM02 467.250 -0.500
HSFO 380 CST AFURM00 NA NANA AFURM01 447.000 -1.250 AFURM02 450.750 +0.750
*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 March 19, 2024

Asia products Brokers pegged front month FOB Singapore 92

Code Mid Change Code Mid Change
RON gasoline swaps crack against Brent swaps in the
Japan physical oil assessments (PGA page 2006) $13.60-$13.65/b range at 0300 GMT, down from the
C+F Japan ($/mt) Premium/Discount Platts-assessed $13.82/b at March 18 close, S&P Global
Naphtha (min 70%) NCJCA00 725.500 +2.500 NCJCB00 18.000 0.000
data showed.
Naphtha PAAAD00 720.25–730.75 725.500 +2.500 PAADI00 17.75/18.25 18.000 0.000
Nph 1st 1/2 May PAAAE00 739.50–740.00 739.750 +2.500 They pegged physical FOB Singapore 92 RON
Nph 2nd 1/2 May PAAAF00 730.25–730.75 730.500 +2.500 gasoline crack against front month ICE Brent crude
Nph 1st 1/2 Jun PAAAG00 720.25–720.75 720.500 +2.500
Naphtha MOPJ Strip AAXFH00 697.00–697.50 697.250 +3.120 AAXFI00 28.00/28.50 28.250 -0.630 oil futures in the $12.90-$12.95/b range at 0300 GMT,
C+F Japan ($/barrel) Premium/Discount down from Platts assessment of $13.27/b March 18.
Gasoline 91-92 unleaded PGACW00 103.87–103.91 103.890 +0.140 Australian automotive gasoline imports in January
Gasoline 95 unleaded PGAQQ00 107.88–107.92 107.900 -0.200
Kerosene PJAAN00 107.72–107.76 107.740 +1.080 PAADK00 1.89/1.93 1.910 +0.170 were down 8.64% on the month, but up 2.08% on the
FOB Japan ($/barrel) Premium/Discount year, at 5.38 million barrels, preliminary data from
Gasoil POJAP00 106.100 +0.930 POJBP00 -1.900 -0.100 the Australian Department of the Environment and
South Korea physical oil assessments (PGA page 2008) Energy showed March 18 amid lower domestic demand
C+F Korea ($/mt) Premium/Discount following the cessation of year-end festivities, S&P
Naphtha PAADE00 741.25–741.75 741.500 +2.500 PAADG00 15.75/16.25 16.000 0.000 Global previously reported.
C+F East Asia ($/mt) Premium/Discount Australia’s automotive gasoline sales slipped 3.46%
Naphtha** CFRCT00 738.500 +2.500 CFRCD00 13.000 0.000
on the month at 8.46 million barrels in January, S&P
FOB Korea ($/barrel) Premium/Discount
Gasoline 95 unleaded PGAQO00 101.83–101.87 101.850 -0.160
Global Commodity Insights previously reported.
Jet PJADG00 104.91–104.95 104.930 +1.010 PJADI00 -0.92/-0.88 -0.900 +0.100 “While Australia’s gasoline demand dipped a bit in
Gasoil POAIE00 106.18–106.22 106.200 +0.930 POAIG00 -1.82/-1.78 -1.800 -0.100
Bitumen Pen 60-80 ($/mt) BTKRA00 400.000 0.000 BTKRB00* -78.300 +0.620
January, I believe demand is still steady,” a trader said.
*Indicates relationship between premium/discount and HSFO 380 CST MOPS Strip. **All-origin naphtha from commercial tanks.
Platts Singapore Gasoline Rationales &
Mean of Platts West India netbacks (PGA page 2012)
Exclusions
FOB India ($/mt) FOB India ($/barrel)
Naphtha AAQWK00 662.180 +0.420 AAQWJ00 73.580 +0.050
Gasoline Unl 92 FOB Spore Cargo <PGAEY00>
Gasoline (92 RON) AARBQ00 805.640 -0.430 AARBP00 94.780 -0.050 assessment rationale: The FOB Singapore 92 RON
Gasoline (95 RON) AAQWI00 839.720 -3.320 AAQWH00 98.790 -0.390
gasoline assessment March 19 took into consideration
Jet kero AAQWM00 803.100 +5.050 AAQWL00 101.660 +0.640
Gasoil 10 ppm AAQWO00 762.920 +6.570 AAQWN00 102.410 +0.890 an offer for a cargo loading over April 3-7 at $99.20/b.
Gasoil 500 ppm AAQWQ00 756.210 +7.160 AAQWP00 101.510 +0.970 Gasoline Unl 95 FOB Spore Cargo <PGAEZ00>
Gasoil 2500 ppm AAQWS00 746.750 +7.010 AAQWR00 100.240 +0.950
assessment rationale: The FOB Singapore 95 RON
Australia (PGA page 2014)
gasoline assessment March 19 took into consideration
C+F Australia ($/barrel) a trade for a cargo loading over April 8-12 at $103.30/b.
Gasoline 92 AACZF00 106.60–106.64 106.620 +0.200
Gasoline 95 AACZH00 110.61–110.65 110.630 -0.140 Gasoline Unl 97 FOB Spore Cargo <PGAMS00>
Jet AAFIY00 114.37–114.41 114.390 +0.900 assessment rationale: The FOB Singapore 97 RON
Gasoil 10 ppm AAQUD00 115.89–115.93 115.910 +1.170
gasoline assessment March 19 took into consideration
South Africa (PGA pages 2342 and 2412) the adjusted 97-95 inter-RON spread, taking into
CFR South Africa ($/barrel) account today’s narrower 95-92 inter-RON spread, in
Gasoline 95 unleaded AAQWW00 114.626 +0.240
Jet kero AAQWT00 113.171 +0.900
the absence of bids, offers and trades.
Gasoil 10 ppm AAQWU00 114.315 +0.940
Gasoil 500 ppm AAQWV00 113.265 +1.040

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

Asia-Pacific/Arab Gulf Marketscan March 19, 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 ($/mt)
SAF Cost of Production BJNWA00 1998.633 +0.397
AG-Spore Spore-Japan AG-Japan Spore-Australia SAF CIF ARA MIRWD00 2884.500 -3.000
Naphtha AAPOF00 39.13* AAPOG00 89.82* SAF CIF ARA Premium MIRWF00 2000.000 0.000
Naphtha-LR2 AAPOH00 85.08* HVO HVNWA00 1841.444 +0.303
Gasoline AAPOC00 5.69 AAPOD00 4.60 AAPOE00 7.33
USWC ($/mt)
Kerosene AAPOI00 6.21 AAPOJ00 7.88
SAF Cost of Production w/ credits ASAFA00 1529.990 -4.291
Gasoil AAPOL00 6.58 AAPOM00 8.36
SAF Cost of Production w/o credits ASAFB00 607.849 -5.695
HSFO 180 CST AAPOO00 28.11* AAPOP00 22.87*
RD w/ credits ARDFA00 1479.772 -2.872
HSFO 380 CST AAPOQ00 28.11*
RD w/o credits ARDFB00 674.898 -3.763
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 188.999 -0.530

South China ($/mt)
Premium/Discount to MOPS ($/barrel) SAF Cost of Production w/o credits ASAFF00 75.087 -0.704
RD w/ credits ARDFE00 183.335 -0.355
Gasoline 92 unleaded AAICW00 825.75–829.75 827.750 -0.250
RD w/o credits ARDFF00 83.616 -0.466
Jet/kero PJABQ00 852.50–856.50 854.500 +8.500 AAWTW00 2.31/2.35 2.330 +0.170
USWC (¢/gal)
Gasoil POAFA00 808.25–812.25 810.250 +7.250 AABJZ00 0.75/0.79 0.770 -0.050
SAF Cost of Production w/ credits ASAFI00 449.997 -1.262

Hong Kong bunker grades ($/mt) SAF Cost of Production w/o credits ASAFJ00 178.779 -1.675
HSFO 380 CST PUAER00 501.00–502.00 501.500 +4.500 RD w/ credits ARDFI00 436.511 -0.847
RD w/o credits ARDFJ00 199.085 -1.110
*C+F Hong Kong, $/barrel premium/discount to Mean of Platts Singapore.
Southeast Asia ($/mt)
SAF Cost of Production (PFAD) ASFAA00 1508.250 -11.670
HVO (PFAD) HVSAB00 1400.880 -10.440
Marine Fuel (PGA page 30) North Asia ($/mt)
$/mt Change vs FO 380 MOPS strip Change SAF Cost of Production (UCO) ASFAC00 1703.200 +5.580
0.5% FOB Singapore cargo AMFSA00 631.580 +1.110 AMOPA00 153.280 +1.730 HVO (UCO) HVNAA00 1579.230 +4.620
0.5% FOB Fujairah cargo AMFFA00 633.830 -0.270
0.5% FOB Rotterdam barge PUMFD00 590.000 +3.750
0.5% FOB US Gulf Coast barge AUGMB00 638.750 +2.750 Jet Index (PGA page 115)
0.5% Dlvd US Atlantic Coast barge AUAMB00 641.500 -0.250
Index $/barrel
0.5% FOB Mediterranean cargo MFFMM00 593.500 +2.000
Asia & Oceania PJASO00 305.77 PJASO08 107.02
0.5% CIF Mediterranean cargo MFCMM00 608.500 +1.750
Mid East & Africa PJMEA00 313.66 PJMEA08 105.03
$/barrel Change
Global PJGLO00 302.66 PJGLO08 110.71
0.5% FOB US Gulf Coast barge AUGMA00 100.590 +0.430
0.5% Dlvd US Atlantic Coast barge AUAMA00 101.020 -0.040

Marine Fuel 0.5% Derivatives, Mar 19 Foreign exchange rates (PGA page 2160)
Balance* Change Month 1 Change Month 2 Change USD/JPY AAWFX00 150.360 +1.290
Eur/USD AAWFU00 1.0851 -0.0046
Mar Apr May
USD/SGD AAWFZ00 1.3422 +0.0043
$/mt $/mt $/mt USD/MYR AAWGA00 4.7320 +0.0120
0.5% FOB Singapore cargo FOFS000 632.500 +1.500 FOFS001 629.500 +1.750 FOFS002 625.000 +2.200 USD/HKD AAWFY00 7.8212 +0.0017
0.5% FOB Fujairah cargo FOFF000 NA NANA FOFF001 632.000 -0.250 FOFF002 630.250 +0.250 AUD/USD AAWFT00 0.6516 -0.0055
0.5% FOB Rotterdam barge AMRAB00 593.000 +2.250 AMRAM01 589.500 +2.500 AMRAM02 583.000 +3.000 USD/INR AAFGW00 82.9999 +0.0967
0.5% vs. 3.5% FOB Rotterdam barge AMRBB00 118.250 -1.750 AMRBM01 110.500 -1.000 AMRBM02 100.250 -0.750 USD/CNY* AAWFW00 7.0985 +0.0042
$/barrel $/barrel $/barrel *Source: Bank of China
0.5% FOB US Gulf Coast barge AMARB00 NA NANA AMARM01 97.200 +0.050 AMARM02 95.350 +0.100
0.5% vs US Gulf Coast HSFO barge AUSBB00 NA NANA AUSBM01 22.850 -0.100 AUSBM02 21.000 -0.150
*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 March 19, 2024

Gasoline Unl 92 FOB Arab Gulf Cargo <AAGJA00> Carbon Intensity (PGA page 4207)
Daily Carbon Intensity Premium Monthly Carbon Intensity
assessment rationale: The FOB Arab Gulf 92 RON
Asia $/bbl Date kgCO2e/bbl
gasoline cargo assessment was derived as a freight
Gasoline Unl 92 FOB Singapore Cargo ALCEJ00 0.621 ALCEI00 Feb-24 48.16
netback from the FOB Singapore 92 RON marker Jet Kero FOB Singapore Cargo ALCEL00 0.244 ALCEK00 Feb-24 18.93
using the following calculation: FOB Singapore 92 RON Gasoil 10ppm FOB Singapore Cargo ALCEH00 0.368 ALCEG00 Feb-24 28.54
assessment minus the cost of transporting a 35,000- United States Gulf Coast ¢/gal Date kgCO2e/gal
mt clean cargo from a basket of ports in the Persian Gasoline CBOB USGC Prompt Pipeline ALCEN00 1.316 ALCEM00 Feb-24 1.02
Jet Kero 54 USGC Prompt Pipeline ALCEP00 0.619 ALCEO00 Feb-24 0.48
Gulf to Singapore. ULSD USGC Prompt Pipeline ALCER00 0.800 ALCEQ00 Feb-24 0.62
Platts is part of S&P Global Commodity Insights. Northwest Europe $/mt Date kgCO2e/mt
Exclusions: No market data was excluded from the Gasoline Eurobob (E5) FOB NWE Barge ALCEB00 4.854 ALCEA00 Feb-24 376.28
Asian gasoline Platts Market on Close assessment Jet FOB NWE Barge ALCED00 2.211 ALCEC00 Feb-24 171.36
ULSD 10ppm FOB NWE Barge ALCEF00 2.491 ALCEE00 Feb-24 193.12
process March 19.
No market data was excluded from the Asian
gasoline derivative MOC March 19. trades in the FOB Fujairah 95 RON gasoline MOC. Carbon credits (PGA page 496)
Change
The MOPAG 95 RON gasoline strip is calculated
Platts CEC
Platts FOB Fujairah Gasoline Daily Rationale & from the April MOPAG 95 RON gasoline swap at $/mtCO2e PCECA00 11.500 0.000
Exclusions $98.49/b and the May MOPAG 95 RON gasoline Jet Fuel Carbon Offset Premiums
Gasoline 92 RON FOB Fujairah cargo <RFJFS00> swap at $97.57/b. The cash differential took into $/b AJFCA00 55.324 0.000
assessment rationale: The assessment of FOB Fujairah consideration values in the FOB Fujairah 95 RON
92 RON gasoline March 19 took into consideration the gasoline market heard in the Middle East.
92 RON gasoline Mean of Platts Arab Gulf strip value of Platts is part of S&P Global Commodity Insights.
$93.80/b, as well as the cash differential for Fujairah Exclusions: No market data was excluded from the Platts Asia and Middle Eastern Naphtha
92 RON gasoline at $7.95/b in the absence of bids, Asian gasoline MOC March 19. Daily Market Analysis
offers and trades in the FOB Fujairah 92 RON gasoline
„ Lower arbitrage volumes to east keep naphtha
Platts Market on Close assessment process. Platts FOB Fujairah Gasoline Bids, Offers,
supply tight
The MOPAG 92 RON gasoline strip is calculated Trades
from the April MOPAG 92 RON gasoline swap at „ Ethylene-naphtha spread narrows in March, casts
$93.89/b and the May MOPAG 92 RON gasoline Bids: PLATTS FUJAIRAH MOGAS CARGO MOC: shadow on cracker runs
swap at $93.02/b. The cash differential took into OUTSTANDING INTEREST: NO BIDS
consideration values in the FOB Fujairah 92 RON Offers: PLATTS FUJAIRAH MOGAS CARGO MOC: The Asian naphtha market saw slow trading activity
gasoline market heard in the Middle East. OUTSTANDING INTEREST: NO OFFERS March 19 as end-users took a breather following the
Gasoline 95 RON FOB Fujairah cargo <AFUJA00> Trades: PLATTS FUJAIRAH MOGAS CARGO MOC: flurry of buying activity the week before, and stood
assessment rationale: The assessment of FOB Fujairah OUTSTANDING INTEREST: NO TRADES on the sidelines to wait for clearer direction, market
95 RON gasoline March 19 took into consideration This assessment commentary applies to the sources said.
the 95 RON gasoline MOPAG strip value of $98.40/b, following market data codes: Gasoline 92 RON FOB The market weakened slightly, with a slight
as well as the cash differential for Fujairah 95 RON Fujairah Cargo <RFJFS00> and Gasoline 95 RON FOB narrowing of the backwardation structure. The April-
gasoline at $8/b in the absence of bids, offers and Fujairah Cargo <AFUJA00> May Japan naphtha swap spread was pegged by

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

Asia-Pacific/Arab Gulf Marketscan March 19, 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 910.00–910.50 910.250 -3.250 AAWZB00 936.00–936.50 936.250 -3.000
Naphtha PAAAI00 669.00–669.50 669.250 +0.250 PAAAH00 703.50–704.00 703.750 +0.500
Jet aviation fuel AAIDL00 836.75–837.25 837.000 -3.500
Gasoil 0.1% AAVJI00 819.25–819.75 819.500 -3.000 AAVJJ00 843.25–843.75 843.500 -2.750 AMOPI00 3.73 -0.240
10ppm ULSD AAWYY00 837.75–838.25 838.000 -4.750 AAWYZ00 863.75–864.25 864.000 -4.500 AMOPN00 6.81 -0.200
1% PUAAK00 528.00–528.50 528.250 +2.000 PUAAJ00 545.00–545.50 545.250 +1.750
3.5% PUAAZ00 468.75–469.25 469.000 +4.250 PUAAY00 485.50–486.00 485.750 +4.000
Northwest Europe cargoes (PGA page 1110)
CIF (Basis ARA) FOB NWE MOPL Diff
Gasoline 10ppm AAXFQ00 967.00–967.50 967.250 +6.000
Naphtha Swap PAAAJ00 705.00–705.50 705.250 +2.250
Naphtha Phy PAAAL00 726.75–727.25 727.000 +0.750
Jet PJAAU00 884.25–884.75 884.500 -3.000 PJAAV00 862.50–863.00 862.750 -3.250 AMOPJ00 0.69 -0.360
Ultra low sulfur diesel 10ppm AAVBG00 873.25–873.75 873.500 -4.250 AAVBF00 859.25–859.75 859.500 -4.250 AMOPL00 9.77 -0.410
Gasoil 0.1% AAYWS00 839.25–839.75 839.500 -5.750 AAYWR00 812.00–812.50 812.250 -6.000 AMOPH00 1.63 -0.060
Diesel 10ppm NWE AAWZC00 876.25–876.75 876.500 -4.250 AAWZD00 859.00–859.50 859.250 -4.500
Diesel 10 PPM UK AAVBH00 878.50–879.00 878.750 -4.000 AUKMA00 15.017 -0.159
1% PUAAL00 529.25–529.75 529.500 +2.750 PUAAM00 509.00–509.50 509.250 +3.750
3.5% PUABA00 472.50–473.00 472.750 +4.750 PUABB00 454.00–454.50 454.250 +5.500
0.5-0.7% straight run PKABA00 634.00–635.00 634.500 +6.250
Low sulfur VGO AAHMZ00 681.75–682.75 682.250 +5.000 AAHMX00 653.75–654.75 654.250 +6.500
High sulfur VGO AAHND00 668.00–669.00 668.500 +5.000 AAHNB00 640.00–641.00 640.500 +6.500
Northwest Europe barges (PGA pages 1112 & 1380)
FOB Rotterdam MOPL Diff
Eurobob AAQZV00 879.50–880.00 879.750 +4.750
E10 Eurobob AGEFA00 886.000 +6.250
Unleaded 98 AAKOD00 979.50–980.00 979.750 +4.750
Premium Unleaded PGABM00 880.00–880.50 880.250 +7.750
Reformate AAXPM00 989.750 +4.750
MTBE* PHALA00 1141.00–1141.50 1141.250 +9.000
Naphtha Phy PAAAM00 722.75–723.25 723.000 +0.750
Jet PJABA00 876.50–877.00 876.750 -3.000 AMOPK00 -0.88 +0.500
Gasoil 50 ppm AAUQC00 826.75–827.25 827.000 -5.000
Gasoil 0.1%* AAYWT00 823.50–824.00 823.750 -4.250 AMOPG00 -0.76 -0.180
10 ppm* AAJUS00 856.00–856.50 856.250 -5.000 AMOPM00 0.22 -1.000
1% PUAAP00 509.00–509.50 509.250 +3.750
3.5% PUABC00 473.50–474.00 473.750 +4.750
Fuel Oil 3.5% 500 CST PUAGN00 469.50–470.00 469.750 +4.750
Low sulfur VGO AAHNF00 650.50–651.50 651.000 +6.250
High sulfur VGO AAHNI00 637.00–638.00 637.500 +6.500
*FOB Amsterdam-Rotterdam-Antwerp
Rotterdam bunker (PGA page 1112)
380 CST PUAFN00 486.50–487.50 487.000 +11.000

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

Asia-Pacific/Arab Gulf Marketscan March 19, 2024

brokers at $12/mt in mid afternoon Asian trade March US products (¢/gal) (PGA page 158)
Code Mid Change Code Mid Change
19, compared with $13/mt at the Asian close March 18. US West Coast pipeline
Market participants attributed the strength of Los Angeles San Francisco
the naphtha market in the past two weeks to supply Unleaded 84 AAUHA00 291.92–292.02 291.970 +3.990 PGADG00 306.17–306.27 306.220 +2.490
tightness in Europe, where cargoes are staying within Premium 90 PGABG00 314.92–315.02 314.970 +3.990 PGABO00 334.17–334.27 334.220 +2.490
the region amid better margins, a Singapore-based CARBOB AAKYJ00 299.17–299.27 299.220 +3.990 AAKYN00 306.17–306.27 306.220 +2.490
CARBOB PREM AAKYL00 322.17–322.27 322.220 +3.990 AAKYP00 334.17–334.27 334.220 +2.490
source said.
Jet PJAAP00 260.77–260.87 260.820 -4.500 PJABC00 260.77–260.87 260.820 -4.500
Arbitrage volumes from the west scheduled for ULS (EPA) Diesel POAET00 279.56–279.66 279.610 -2.560 POAEY00 281.02–281.12 281.070 -2.750
April arrival in the east were heard to be around 1.2 CARB diesel POAAK00 279.56–279.66 279.610 -2.560 POAAL00 281.02–281.12 281.070 -2.750
million-1.3 million mt so far, down from estimated Seattle Portland
March volumes of above 2 million mt, another Unleaded 84 AAXJE00 301.67–301.77 301.720 +4.490 AAXJC00 303.17–303.27 303.220 +4.490
Premium 90 AAXJF00 318.67–318.77 318.720 +4.490 AAXJD00 320.17–320.27 320.220 +4.490
Singapore-based trader said, adding that some of the Jet PJABB00 260.77–260.87 260.820 -4.500
volumes in March could spillover into April. ULS (EPA) Diesel AAUEX00 253.87–253.97 253.920 -1.750 AAUEY00 255.02–255.12 255.070 -1.750
The lower arbitrage inflows are also thanks to Phoenix
an estimated 50% drop in naphtha exports from RBOB unleaded 84 AADDP00 309.17–309.27 309.220 +3.990
RBOB premium 89.5 PPXDJ00 334.17–334.27 334.220 +3.990
Russia due to drone attacks on Russian refineries,
Differential to NYMEX
compounding supply constraints.
CARBOB AANVX00 22.95/23.05 23.000 +3.500
However, the market was said to have priced in the Jet Fuel AANVY00 -15.30/-15.20 -15.250 -1.750
impact and end-users were seen purchasing cargoes ULS (EPA) Diesel AANVZ00 5.70/5.80 5.750 +2.400
for H1 May early due to concerns that cash differentials CARB Diesel AANWA00 5.70/5.80 5.750 +2.400
might go higher, another source said. US West Coast waterborne
Los Angeles
Furthermore, with the upcoming peak summer
Unleaded 87 PGADI00 291.92–292.02 291.970 +3.990
demand for gasoline, naphtha is expected to be more Jet PJABI00 259.77–259.87 259.820 -4.500
in demand as a blendstock for gasoline, sources said.
Meanwhile, the Asia ethylene-naphtha spread
continued to narrow, casting a shadow on planned
steam cracker operating rates in April. Platts assessment of futures markets at MOC close (PGA page 703)
The CFR Northeast Asia ethylene spread to C+F Singapore 16:30
Japan naphtha physical narrowed to $207/mt at the ICE gasoil futures ($/mt) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
Apr 24* AAQYM01 857.25 Apr XNRBA01 273.57 Apr XNHOA01 277.16
Asian close March 18, from $251.50/mt Feb. 29, S&P May 24 AAQYM02 842.00 May XNRBA02 272.60 May XNHOA02 274.70
Global Commodity Insights data showed. Jun 24 AAQYM03 828.25 Jun XNRBA03 269.17 Jun XNHOA03 271.92
“The increase in run rates by South Korean crackers New York 14:30
[in March] is not sustainable as the petrochemicals NYMEX light sweet crude ($/barrel) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
Apr NYCRM01 83.43 Apr NYRBM01 276.17 Apr NYHOM01 276.10
industry as a whole is not doing well generally,” a
May NYCRM02 82.70 May NYRBM02 274.83 May NYHOM02 273.89
source said. Jun NYCRM03 82.05 Jun NYRBM03 271.09 Jun NYHOM03 271.51
*Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February.

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

Asia-Pacific/Arab Gulf Marketscan March 19, 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 81.60–81.64 81.620 +0.250 AAPAI00 -4.35 -0.400 AAPAH00 82.190 +0.400
Ichthys FC 48.9 ICFCA00 87.170 +0.150 ICFCB00 1.200 -0.500
DFC 56.82 ADFCA00 86.46–86.50 86.480 +0.730 ADFCB00 1.25/1.35 1.300 0.000 ADFCC00 0.510 +0.080 ADFCD00 87.050 +0.880
Qatar LSC 56.9 AARBB00 86.21–86.25 86.230 +0.730 AARBD00 1.00/1.10 1.050 0.000 AARBC00 0.260 +0.080 AARBA00 86.800 +0.880
South Pars 57.4 AARAV00 81.41–81.45 81.430 +0.730 AARAX00 -3.80/-3.70 -3.750 0.000 AARAW00 -4.540 +0.080 AARAU00 82.000 +0.880
Diff to ICP
Senipah 54.4 AAEOE00 78.60–78.64 78.620 +0.250 AAEOK00 -3.75/-3.65 -3.700 -0.200 AAPBE00 -7.350 -0.400 AAPBD00 79.190 +0.400
Light crude (PGA page 2214) (PGA page 2215)
Diff to ICP Diff to Asian Dated Brent
Cossack 47.7 PCAGZ00 87.10–87.14 87.120 +0.150 AAPAC00 1.150 -0.500 AAPAB00 87.690 +0.300
Tapis 45.2 PCACB00 90.25–90.29 90.270 +0.950 AAOZW00 4.300 +0.300 AAOZV00 90.840 +1.100
Belida 45.1 PCAFL00 81.40–81.44 81.420 +0.150 PCAFM00 -2.35/-2.25 -2.300 -0.250 AAPBQ00 -4.550 -0.500 AAPBP00 81.990 +0.300
Kutubu 44.3 PCAFJ00 83.65–83.69 83.670 +0.150 AAPAE00 -2.300 -0.500 AAPAD00 84.240 +0.300
Attaka 42.3 PCAAJ00 81.35–81.39 81.370 +0.150 PCAAK00 -2.35/-2.25 -2.300 -0.250 AAPBC00 -4.600 -0.500 AAPBB00 81.940 +0.300
Ardjuna 38 PCACQ00 86.15–86.19 86.170 +1.050 PCACR00 -0.80/-0.70 -0.750 +0.200 AAPBG00 0.200 +0.400 AAPBF00 86.740 +1.200
Banyu Urip 32 PCAFQ00 91.470 +1.050 PCAQQ00 2.750 +0.200 AAPBU00 5.500 +0.400 AAPBR00 92.040 +1.200
Diff to Dubai
Sakhalin Blend 45.5 AARBN00 78.81–78.85 78.830 +0.730 AARCN00 -6.40/-6.30 -6.350 0.000 AARDN00 -7.140 +0.080 AAREN00 79.400 +0.880
ESPO M1 34.8 AARWF00 82.56–82.60 82.580 +0.680 AASEU00 -2.65/-2.55 -2.600 -0.050 AARWE00 -3.450 -0.050 AARWD00 83.090 +0.750
ESPO M2 34.8 AAWFE00 81.63–81.67 81.650 +0.660 AAWFG00 -2.65/-2.55 -2.600 -0.050
Sokol 39.7 AASCJ00 82.36–82.40 82.380 +0.680 AASCK00 -2.85/-2.75 -2.800 -0.050 AAPAO00 -3.590 +0.030 AAPAN00 82.950 +0.830
Kikeh 34.9 AAWUH00 94.60–94.64 94.620 +1.050 AAOZY00 8.650 +0.400 AAOZX00 95.190 +1.200
Miri Light 32.3 PCABQ00 94.15–94.19 94.170 +1.050 AAPAS00 8.200 +0.400 AAPAR00 94.740 +1.200
Labuan 32 PCABL00 96.95–96.99 96.970 +1.250 AAPAQ00 11.000 +0.600 AAPAP00 97.540 +1.400
Kimanis 38.6 AASCL00 96.820 +1.450 AASCM00 10.850 +0.800 AASCN00 97.390 +1.600
Medium crude (PGA page 2216) (PGA page 2217)
Diff to Asian Dated Brent
Su Tu Den 36.8 AARAR00 92.40–92.44 92.420 +1.050 AARAS00 6.450 +0.400 AARAQ00 92.990 +1.200
Bach Ho 40.7 PCAHY00 94.15–94.19 94.170 +1.050 AAPAK00 8.200 +0.400 AAPAJ00 94.740 +1.200
Nanhai 40 PCAFR00 82.60–82.64 82.620 +1.050 AAPAG00 -3.350 +0.400 AAPAF00 83.190 +1.200
Nile Blend 33.9 AAPLC00 84.60–84.64 84.620 +0.650 AAPAM00 -1.350 0.000 AAPAL00 85.190 +0.800
Daqing 32.2 PCAAZ00 85.55–85.59 85.570 +0.650 AAPAW00 -0.400 0.000 AAPAV00 86.140 +0.800
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 +0.650 AARAC00 -2.800 0.000 AARAA00 83.740 +0.800
Shengli 24.2 PCABY00 88.40–88.44 88.420 +0.650 AAPAY00 2.450 0.000 AAPAX00 88.990 +0.800
Duri 20.8 PCABA00 91.75–91.79 91.770 +0.650 PCABB00 2.85/2.95 2.900 0.000 AAPBM00 5.800 0.000 AAPBL00 92.340 +0.800
Vincent 18.3 AARAK00 96.220 +0.650 AARAL00 10.250 0.000 AARAJ00 96.790 +0.800

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

Asia-Pacific/Arab Gulf Marketscan March 19, 2024
Platts Japan Naphtha Daily Rationales &
Exclusions
Naphtha C+F Japan Cargo <PAAAD00> assessment
rationale:
The CFR Japan naphtha cargo assessment on
March 19 took into consideration an offer for H2 May
at $731/mt, with a crack value of $80.60/mt. The H1
May-H2 May time spread was assessed at $9.25/mt.
The H2 May-H1 June time spread was assessed at $10/
mt.
Naphtha FOB Spore Cargo <PAAAP00> assessment
rationale:
The FOB Singapore naphtha assessment was
derived as a freight netback from the CFR Japan
naphtha first cycle assessment using the following
calculation: CFR Japan naphtha first cycle assessment
minus the cost of transporting a 30,000-mt clean
cargo on the Singapore-to-Japan route.
Naphtha FOB Arab Gulf Cargo <PAAAA00>
assessment rationale:
The FOB Arab Gulf naphtha assessment was
derived as a freight netback from the CFR Japan
Asia-Pacific/Arab Gulf Marketscan
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considers to be related and verifies through a variety of inputs whether
counterparties in reported trades meet these criteria.
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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 March 19
Asian naphtha derivative Market on Close assessment
process.
No market data was excluded from the March 19
Asian naphtha MOC.
Platts FOB Fujairah Naphtha Daily Rationale &
Exclusions
Naphtha FOB Fujairah <NFJSA00 > assessment
rationale:
The assessment of FOB Fujairah naphtha on March
19 took into consideration the naphtha Mean of Platts
Arab Gulf strip value of $646.55/mt, as well as the cash
differential at $45/mt in the absence of bids, offers
and trades in the FOB Fujairah naphtha market on
close assessment process.
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The MOPAG naphtha strip is calculated from
the April MOPAG naphtha swap at $647.15/mt and
May MOPAG naphtha swap at $641.02/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 March 19 Fujairah naphtha Market on Close
assessment process.
Platts is part of S&P Global Commodity Insights.
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>.
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Asia-Pacific/Arab Gulf Marketscan March 19, 2024
Platts Asia and Middle Eastern Jet Daily
Market Analysis
„ FOB Singapore cash differential jumps 119% to
81 cents/b
„ SK Energy offers 300,000 barrels jet A-1 fuel for
April 22-24
Market sentiment for FOB Singapore jet fuel/
kerosene firmed March 19 as spot cash differentials
more than doubled on the day, according to market
participants who attributed the rise to decent demand
despite unworkable arbitrage lanes.
“Demand is better than last year for sure,” a middle
distillates trader said March 19. “Arbitrage [lanes] not
working but the region’s supply is lesser.”
Platts assessed the cash differential for jet fuel/
kerosene cargoes loading from Singapore at a premium
of 81 cents/b to the Mean of Platts Singapore jet fuel/
kerosene assessments at the Asian close March 18,
jumping 118.92% from 37 cents/b.
In tenders, South Korea’s SK Energy offered 300,000
barrels of jet A-1 fuel for loading over April 22-24. The
tender closes March 19. The company was heard to
have sold 300,000 barrels of jet A-1 fuel for loading
over April 15-17 at a discount of around 80-90 cents/b
to the whole-month average of MOPS jet fuel/kerosene
assessments, FOB, market sources said.
China’s jet fuel exports in February, in and around
the Lunar New Year holidays, reached merely a three-
month high on a barrels-per-day basis at 414,000 b/d,
or 1.52 million mt, General Administration of Customs
data showed March 18, 25% below the expected
553,000 b/d.
Previously, market sources estimated Chinese oil
companies to have exported 7.65 million mt of gasoline,
gasoil and jet fuel in January and February.
“We anticipated a year-on-year decline due to
the high base in 2023, but the GAC numbers were
© 2024 by S&P Global Inc. All rights reserved. 10
lower than expected, especially for jet fuel exports,” a
Singapore-based analyst said.
China’s jet fuel exports edged 2.9% higher year
on year to 2.83 million mt in the first two months of
this year, 29% below the over 4 million mt estimated
by market sources amid a bloom in bonded refueling
demand from international flights at Chinese airports.
Looking forward, market sources and analysts
expected China’s clean oil product exports to
see a month-on-month increase in March, led by
gasoline, before a decline in April and May amid the
maintenance season.
A combined capacity of 320,000 b/d will be shut
for scheduled maintenance from mid-March, while
another 910,000 b/d is scheduled to be shut in April
followed by 520,000 b/d in May, according to S&P
Global Commodity Insights data.
Elsewhere, Australia’s January inflows of jet fuel
surged 35.17% year on year and 16.51% month on
month to touch a three-month high at 4.53 million
barrels. Jet fuel imports were last higher in October
2023 at 4.95 million barrels.
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 March 19 was based on the following
inputs: The front loading period was assessed at Mean
of Platts Singapore jet fuel/kerosene assessment plus
67 cents/b, taking into consideration an offer for a
cargo loading over April 3-7 at MOPS plus 72 cents/b
after accounting for deemed pricing. The middle and
back loading periods were assessed at MOPS jet fuel/
kerosene assessment plus 71 cents/b and plus 66
cents/b, respectively, reflecting the movement in the
front loading period.
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 March 19
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
March 19 at a premium of $3.50/b to Mean of Platts
Arab Gulf jet fuel/kerosene assessment, taking into
consideration prices in the FOB Fujairah jet fuel/
kerosene market as well as differentials for recent
cargo trades heard in the Middle East. The MOPAG jet
fuel/kerosene strip was $100.82/b.
Exclusions: No market data was excluded from the
March 19 Fujairah Jet fuel/kerosene Market on Close
assessment process.
Platts Singapore Jet Kero Bids, Offers,
Trades
Bids: Jet: FOB Straits: Vitol bids MOPS +0.60 Apr 11-
15 230kb (Deemed pricing Apr 11-17)
Offers: Jet: FOB Straits: Aramco offers MOPS +1.00
Apr 3-7 100kb (Deemed pricing Apr 15-22); Jet: FOB
Straits: Aramco offers MOPS +1.00 Apr 8-12 100kb
(Deemed pricing Apr 15-22); Jet: FOB Straits: Aramco
offers MOPS +1.00 Apr 13-17 100kb (Deemed pricing
Apr 22-29)
Asia-Pacific/Arab Gulf Marketscan March 19, 2024
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
„ SK Energy offers 900,000 barrels of H1 April-loading
10 ppm sulfur gasoil
„ Australia’s gasoil-diesel imports reach five-month
high in Jan
Fresh supplies of gasoil were heard for the Asian
gasoil complex; however, the paper market reflected
slightly firmer sentiment, as brokers pegged the front-
month April-May Singapore gasoil swap time spread at
plus 67 cents/b at intraday trading, compared with plus
65 cents/b at the March 18 Asian close, data from S&P
Global Commodity Insights showed.
In spot activity, South Korea’s SK Energy is offering
three 300,000-barrel cargoes of 10 ppm sulfur gasoil
for loading over April 8-10, April 11-13, and April 13-15,
via a tender closing March 19, with same-day validity,
market sources said.
The tender follows another that closed March 15,
with SK Energy selling two 300,000-barrel cargoes of
10 ppm sulfur gasoil for loading over April 21-23 and
April 23-25 from Ulsan, at a discount in the $1.70-
$1.80/b range to the April average of Mean of Platts
Singapore 10 ppm sulfur gasoil assessments, FOB,
market sources said.
Meanwhile, Indian Oil Corp. was heard offering
31,500-38,500 mt of high-speed diesel for loading over
March 29-April 2 from Chennai, via a tender closing
March 20, with same-day validity.
On the trading front, Australia imported 21.14
million barrels of middle distillates in January, with
the combined volumes of gasoil, jet fuel and kerosene
rising 23.6% on the year and 6.2% on the month, as
© 2024 by S&P Global Inc. All rights reserved. 11
the country continued to boost its fuel reserves, the
latest preliminary data released by the Department
of Climate Change, Energy, the Environment and
Water showed.
Inflows of gasoil-diesel rose 20.77% on the year
and 3.74% on the month to a five-month high of 16.61
million barrels in January, with volumes last higher in
August 2023 at 17.77 million barrels, the data showed.
The Australian government has committed to
strengthening the country’s fuel reserves with its
Minimum Stockholding Obligation, which commenced
July 2023, ensuring ongoing fuel availability in the
event of an emergency.
From July 1, the second phase of the MSO will raise
baseline stocks of diesel from 20 days to 32 days and
those of jet fuel and gasoline to 27 days from 24 days.
According to data drawn from the Australian
Petroleum Statistics, a 20-day worth of diesel
translates to 1,747 megaliters, or 10.99 million barrels,
while a 20-day worth of jet fuel amounts to 391
megaliters.
Australia has become more dependent on ultra-
low sulfur diesel import flows following the closure of
two domestic refineries — ExxonMobil’s Altona and
BP’s Kwinana — over the course of the pandemic. The
country usually turns to regional outlets such as China,
Japan, South Korea and Taiwan, as well as Singapore
and Malaysia, for oil product supplies.
In China, weak margins were slated to cap
throughput at Shandong’s independent refineries in
March, following a 10-month low in throughput marked
in February, S&P Global previously reported.
The average utilization rates at Shandong’s
independent refineries were 58.7% in the week to
March 13, edging up from the monthly average of
58.3% for February, the latest data from local energy
information provider JLC showed.
The independent refineries in Shandong, with
capacities below 214,000 b/d, are the swing gasoline
and gasoil suppliers in the domestic market, which
adapt to market changes quickly.
The demand for gasoil improved slightly as more
construction projects resumed operations in mid-
February after the Lunar New Year holiday, according
to refinery sources. However, demand was not as
strong as anticipated due to the cuts in infrastructure
expenditures across China, a refinery source added.
Looking forward, the independent refining margin is
expected to rebound, driven by restocking, improving
exports, increasing planned outages and recovering
industrial activity, S&P Global said in a monthly report.
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 March 19 was based on the adjusted
relationship between the physical and swaps markets.
The cash differential unchanged the day at MOPS
Gasoil minus 45 cents/b, as the April/May gasoil swap
spread was unchanged on the day at 65 cents/b.
Gasoil .05%S (500ppm) FOB Spore Cargo
<AAFEX00> assessment rationale:
The FOB Singapore Gasoil 0.05% (500 ppm) cargo
assessment March 19 was based on the following
input: The front loading period was assessed at MOPS
Gasoil minus $1.45/b, above a bid for April 3-7 at MOPS
minus $1.50/b, after normalizing for deemed pricing.
The middle loading period was assessed at MOPS
Gasoil minus $1.48/b and the back loading period was
assessed at MOPS Gasoil minus $1.17/b, 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 March 19 was based on the adjusted
Asia-Pacific/Arab Gulf Marketscan March 19, 2024
relationship between the physical and swaps markets.
The cash differential unchanged the day at MOPS
Gasoil minus 45 cents/b, as the April/May gasoil swap
spread was unchanged on the day at 65 cents/b.
Exclusions: No market data was excluded from
the March 19 Singapore Gasoil Market on Close
assessment process.
Platts is part of S&P Global Commodity Insights.
Platts FOB Fujairah Gasoil Daily Rationale &
Exclusions
Gasoil FOB Fujairah cargo <AFUJK00> assessment
rationale:
The FOB Fujairah Gasoil assessment on March 19
was assessed at a premium of $2.25/b to the 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
$102.68/b.
Gasoil 500 ppm FOB Fujairah cargo <AFUJN00>
assessment rationale:
The FOB Fujairah 500 ppm Gasoil assessment on
March 18 was assessed at a premium of $1.20/b to the
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
$102.68/b.
Exclusions:
No market data was excluded from the March 19
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: FOB Straits: Unipec bids Apr
-1.00 Apr 9-13 150kb INCO; Gasoil 10ppm: FOB Straits:
© 2024 by S&P Global Inc. All rights reserved. 12
Trafigura bids MOPS -0.50 Apr 13-17 150kb INCO; Gasoil
500ppm: FOB Straits: Vitol bids MOPS -1.50 Apr 3-7
150kb (Deemed pricing Apr 2-8) INCO; Withdrawn:
Gasoil 2500ppm: FOB Straits: Vitol no longer bids
MOPS -3.80 Apr 3-7 150kb (Deemed pricing Apr 2-8)
INCO (4:16:33)
Offers: Gasoil 10ppm: FOB Straits: Aramco offers
MOPS +0.30 Apr 3-7 150kb (Deemed pricing Apr 2-8) or
MOPS +0.30 Apr 8-12 150kb (Deemed pricing Apr 5-12)
or MOPS +0.50 Apr 14-18 150kb (Deemed pricing Apr 12-
18); Gasoil 10ppm: FOB Straits: Vitol offers MOPS +0.50
Apr 3-7 150kb or MOPS +0.50 Apr 8-12 150kb or MOPS
+0.50 Apr 14-18 150kb; Gasoil 10ppm: FOB Straits:
Petrochina offers MOPS +0.30 Apr 3-7 150kb (Deemed
pricing Apr 2-8) INCO; Gasoil 10ppm: FOB Straits: Sietco
offers MOPS +0.50 Apr 3-7 150kb (Deemed pricing
Apr 1-5) Shell GTC. It is a condition of this bid 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; Gasoil 10ppm: FOB Straits: Unipec
offers MOPS +0.00 Apr 3-7 150kb (Deemed pricing Apr
2-8) INCO; Gasoil 10ppm: FOB Straits: Gunvor offers
Apr +0.60 Apr 8-12 150kb 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: Mercuria offers Apr +0.60 Apr
14-18 150kb; Gasoil 500ppm: FOB Straits: Sietco offers
MOPS -1.00 Apr 3-7 150kb (Deemed pricing Apr 1-5)
Shell GTC. It is a condition of this bid 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.
Trades: No trades reported
This assessment commentary applies to the
following market data codes: <AAOVC00> <AAFEX00>
<AACUE00> <POABC00> <AAFEZ00>
Platts Asia and Middle Eastern Gasoil FOB
Cargo Daily Rationale & Exclusions
Gasoil .25%S (2500ppm) FOB Spore Cargo
<AACUE00> assessment rationale:
The FOB Singapore Gasoil 0.25% (2,500 ppm) cargo
assessment March 19 was based on the following
input: The front loading period was assessed at MOPS
Gasoil minus $3.09/b, the middle loading period was
assessed at MOPS Gasoil minus $2.55/b and the back
loading period was assessed at MOPS Gasoil minus
$2.28/b, tracking the change in the FOB Singapore
Gasoil 0.05% (500 ppm) cargo market.
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
Asia-Pacific/Arab Gulf Marketscan March 19, 2024
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 March 19 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 cash premium rises to 2-week high, market
structure steady
„ KPC’s Al-Zour refinery offers April 4-5 loading
LSFO cargo
The Asian low sulfur fuel oil market structure was
seen steady March 19 after the cash premium for the
marine fuel grade rose to a two-week high, but traders
said any further upside would likely be capped and the
fundamentals would stay mostly rangebound in the
near term amid ample supplies.
The Singapore marine fuel 0.5%S April-May swaps
time spread was pegged at $4.95/mt, midafternoon
trades, March 19, unchanged from the Platts
assessment of the spread at the Asian close March 18.
Platts assessed the Singapore marine fuel 0.5%S
cargo’s cash differential over the Mean of Platts
Singapore marine fuel 0.5%S assessment 50 cents
higher on the day at $1.83/mt March 18, the highest
since March 4, when it was assessed at a premium of
$3.37/mt. The premium, however, was still nearly 74%
lower compared with the level a month earlier, the
data showed.
The LSFO market, which was earlier expected to
witness a drawdown in inventories in April following
a March build, was looking increasingly heavy on the
front as some European arbitrage supplies from the
Rotterdam area were scheduled to flow into Singapore
in the coming weeks and some of Kuwait’s Al-Zour
© 2024 by S&P Global Inc. All rights reserved. 13
supplies would also potentially come into the world’s
largest bunkering hub, trade sources said.
“LSFO demand is bad, tanks are getting full.
There will be more aggressive sellers [now],” said a
Singapore-based trader, adding that the will be no
“shortage of molecules” in the coming days.
Kuwait Petroleum Corp. was offering 120,000 mt of
0.5% sulfur fuel oil for April 4-5 loading from its Al-Zour
refinery in a tender that was closing on March 19.
This is KPC’s first spot tender for April-loading
LSFO since it last sold a 120,000-mt cargo to Idemitsu
for loading over March 23-24 via a tender that closed
March 12, S&P Global Commodity Insights reported
earlier, citing trade sources. The cargo was expected to
come into Singapore, several trade sources said.
In the European LSFO markets, flat prices for the
fuel remained strong with the hi-lo spread continuing
its climb from February lows. Stable European power
generation demand and use in the 0.5%S very low
sulfur fuel oil blending pool could ensure that the LSFO
market stays tight in the medium term, S&P Global
reported earlier.
Meanwhile, Platts assessed the Singapore 380
CST HSFO cash differential to the Mean of Platts
Singapore 380 CST HSFO assessment at a wider
discount of $2.85/mt March 19, compared with minus
$2.47/mt March 15, when it posted a weekly decline of
about 10%.
The Singapore 180 CST HSFO cash differential to
the MOPS 180 CST HSFO assessment was $1.34/mt
weaker on the day at a discount of $5.49/mt March 19,
weighed down by competitive offers from BB Energy
for April loading cargoes during the Platts Market on
Close assessment process.
The front-month Singapore 380 CST HSFO crack
against prompt-month Brent crude, however, was
assessed firmer at minus $9.93/b March 19, compared
with minus $10.39/mt in the preceding session.
Platts is part of S&P Global Commodity Insights.
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 March 19 took into
consideration an offer from Shell for an April 3-7
loading cargo at Mean of Platts Singapore marine fuel
0.5% assessment plus $1/mt.
Platts is part of S&P Global Commodity Insights.
This assessment commentary applies to the
following market data code: Marine Fuel 0.5% FOB
Spore cargo $/mt <AMFSA00>
Exclusions: No market data was excluded from the
March 19 cargo assessment process
Platts FOB Singapore Marine Fuel 0.5%
Cargo Bids, Offers, Trades
Bids: Platts Marine Fuel 0.5%: FOB Straits: BB
Energy bids MOPS +0.00 Apr 3-7 40kt
Platts Marine Fuel 0.5%: FOB Straits: Trafigura bids
MOPS +0.00 Apr 3-7 40kt OR
Platts Marine Fuel 0.5%: FOB Straits: Trafigura bids
MOPS +1.00 Apr 8-12 40kt OR
Platts Marine Fuel 0.5%: FOB Straits: Trafigura bids
MOPS +1.00 Apr 13-17 40kt
Offers: Platts Marine Fuel 0.5%: FOB Straits: Vitol
offers MOPS +6.00 Apr 3-7 20kt INCO OR
Platts Marine Fuel 0.5%: FOB Straits: Vitol offers
MOPS +6.00 Apr 8-12 20kt INCO OR
Platts Marine Fuel 0.5%: FOB Straits: Vitol offers
MOPS +6.00 Apr 13-17 20kt INCO
Platts Marine Fuel 0.5%: FOB Straits: Shell offers
MOPS +1.00 Apr 3-7 20kt Shell GTC OR (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
Asia-Pacific/Arab Gulf Marketscan March 19, 2024
compliance, showing refinery origin(s) of the cargo, to
the Buyer’s reasonable satisfaction.)
Platts Marine Fuel 0.5%: FOB Straits: Shell offers
MOPS +4.00 Apr 7-11 20kt Shell GTC OR (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 +6.00 Apr 12-16 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: BP offers
MOPS +6.00 Apr 3-7 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 Marine Fuel 0.5%: FOB Straits: BP offers
MOPS +6.00 Apr 8-12 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
© 2024 by S&P Global Inc. All rights reserved. 14
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 Marine Fuel 0.5%: FOB Straits: BP offers
MOPS +6.00 Apr 13-17 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.)
Trades: No trade
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 March 19, 2024 Asian fuel oil paper assessment
process.
Fuel Oil Reported Deals
PLATTS SINGAPORE FUEL OIL PAPER TRADES
SUMMARY 19 Mar24
FUEL OIL 180CST SINGAPORE/FUEL OIL 380CST
SINGAPORE
PLATTS FO SPR: APR24: BP SELLS TO ONYX*
5KMT AT $17.00 (08:30:10)
FUEL OIL 380CST SINGAPORE
PLATTS FO: APR24: GOODE BUYS FROM ONYX*
5KMT AT $478.50 (08:24:25)
PLATTS FO: APR24: GOODE BUYS FROM ARION*
5KMT AT $478.50 (08:24:27)
PLATTS FO: APR24: GOODE BUYS FROM
GLENCORE* 5KMT AT $478.50 (08:24:29)
PLATTS FO: APR24: MERCURIA BUYS FROM
ONYX* 5KMT AT $478.25 (08:29:09)
PLATTS FO: APR24: GOODE BUYS FROM ARION*
5KMT AT $478.50 (08:29:25)
PLATTS FO: APR24: GOODE BUYS FROM ONYX*
5KMT AT $478.50 (08:29:26)
PLATTS FO: APR24: MERCURIA BUYS FROM
GUNVOR* 5KMT AT $478.50 (08:29:28)
PLATTS FO: APR24: ONYX BUYS FROM THEME*
5KMT AT $478.50 (08:29:29)
PLATTS FO: APR24: GOODE BUYS FROM GUNVOR*
5KMT AT $478.50 (08:29:31)
PLATTS FO: APR24: ONYX BUYS FROM GUNVOR*
5KMT AT $478.50 (08:29:31)
PLATTS FO: APR24: VITOL BUYS FROM ARION*
5KMT AT $478.50 (08:29:33)
PLATTS FO: APR24: ONYX BUYS FROM GUNVOR*
5KMT AT $478.50 (08:29:36)
PLATTS FO: APR24: ONYX BUYS FROM GUNVOR*
5KMT AT $478.50 (08:29:36)
PLATTS FO: APR24: GUNVOR SELLS TO ONYX*
5KMT AT $478.50 (08:29:37)
PLATTS FO: APR24: ARION SELLS TO ONYX* 5KMT
AT $478.50 (08:29:40)
PLATTS FO: APR24: GUNVOR SELLS TO ONYX*
5KMT AT $478.50 (08:29:41)
PLATTS FO: APR24: MERCURIA BUYS FROM
GUNVOR* 5KMT AT $478.50 (08:29:52)
PLATTS SINGAPORE MARINE FUEL 0.5% PAPER
TRADES SUMMARY 19 Mar24
MARINE FUEL 0.5% FOB SINGAPORE (PLATTS)
PLATTS MARINE FUEL: APR24: DARE BUYS FROM
HOTEI* 5KMT AT $629.25 (08:29:27)
PLATTS MARINE FUEL: APR24: DARE BUYS FROM
HOTEI* 5KMT AT $629.25 (08:29:42)
Asia-Pacific/Arab Gulf Marketscan March 19, 2024
PLATTS MARINE FUEL: APR24: MERCURIA BUYS
FROM GLENCORE* 5KMT AT $629.50 (08:29:45)
PLATTS MARINE FUEL: APR24: GOODE BUYS
FROM HENGLI* 5KMT AT $629.50 (08:29:54)
PLATTS MARINE FUEL: APR24: DARE BUYS FROM
GLENCORE* 5KMT AT $629.50 (08:29:55)
PLATTS MARINE FUEL: APR24: VITOL BUYS FROM
GLENCORE* 5KMT AT $629.50 (08:29:55)
PLATTS MARINE FUEL: APR24: HOTEI SELLS TO
DARE* 5KMT AT $629.25 (08:29:57)
PLATTS MARINE FUEL: APR24: DARE BUYS FROM
GLENCORE* 5KMT AT $629.50 (08:29:59)
Platts Fujairah Daily Marine Fuel 0.5% Cargo
Daily Rationale & Exclusions
Marine Fuel 0.5% FOB Fujairah cargo $/mt
<AMFFA00> assessment rationale: The FOB Fujairah
Marine Fuel 0.5%S cargo assessment March 19
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.
Exclusions: No market data was excluded from the
March 19 assessment process.
This rationale applies to symbol(s) <AMFFA00>
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>
© 2024 by S&P Global Inc. All rights reserved.
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 March 19 took into consideration an
offer from BB Energy for an April 14-18 loading cargo at
Mean of Platts Singapore 380 CST HSFO assessment
plus $13/mt.
FO 380 CST 3.5%S FOB Spore Cargo <PPXDK00>
assessment rationale: The FOB Singapore 380 CST
HSFO assessment March 19 reflected a trade for an
April 3-7 loading cargo, which Trafigura bought from
Aramco Singapore at Mean of Platts Singapore 380
CST HSFO assessment minus $4/mt. The assessment
also took into consideration standing bids from
Trafigura for April 3-7, April 8-12 and April 13-17 loading
cargoes at MOPS minus $3/mt each.
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.
Platts is part of S&P Global Commodity Insights.
Exclusions: No market data was excluded from the
March 19 high sulfur fuel oil cargo assessment process
15
Platts FOB Fujairah Daily 380 CST HSFO Cargo
Daily Rationale & Exclusions
HSFO 380 CST FOB Fujairah cargo $/mt
<AFUJQ00> assessment rationale: The FOB Fujairah
380 CST HSFO assessment March 19 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
March 19 assessment process.
Platts Singapore Fuel Oil Bids Offers Trades
Bids: PLATTS HSFO: PHYSICAL BIDS FINALS ON
CLOSE (180 CST): No bids
PLATTS HSFO: PLATTS HSFO: PHYSICAL BIDS
FINALS ON CLOSE (380 CST):
Platts HSFO 380CST: FOB Straits: Trafigura bids
MOPS -3.00 Apr 3-7 40kt OR
Platts HSFO 380CST: FOB Straits: Trafigura bids
MOPS -3.00 Apr 8-12 40kt OR
Platts HSFO 380CST: FOB Straits: Trafigura bids
MOPS -3.00 Apr 13-17 40kt
Offers: PLATTS HSFO: PHYSICAL OFFERS FINALS
ON CLOSE (180 CST):
Platts HSFO 180CST: FOB Straits: BB Energy offers
MOPS 380 CST HSFO +13.00 Apr 4-8 20kt OR
Platts HSFO 180CST: FOB Straits: BB Energy offers
MOPS 380 CST HSFO +13.00 Apr 9-13 20kt OR
Platts HSFO 180CST: FOB Straits: BB Energy offers
MOPS 380 CST HSFO +13.00 Apr 14-18 20kt
PLATTS HSFO: PHYSICAL OFFERS FINALS ON
CLOSE (380 CST):
Platts HSFO 380CST: FOB Straits: Rex Commodities
offers MOPS +0.00 Apr 4-8 20kt OR (It is a condition
of this offer/agreement that the products sold and
Asia-Pacific/Arab Gulf Marketscan March 19, 2024
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 HSFO 380CST: FOB Straits: Rex Commodities
offers MOPS +0.00 Apr 9-13 20kt OR (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 HSFO 380CST: FOB Straits: Rex Commodities
offers MOPS +0.00 Apr 14-18 20kt (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 HSFO 380CST: FOB Straits: AramcoSG no
longer offers MOPS -4.00 Apr 3-7 20kt OR after trade
with Trafigura (4:29:39.444) (It is a condition of this
bid / agreement that the products sold and delivered
by Seller will not be of Russian Federation (RF)
origin nor blended with any product produced in the
Russian Federation or any other origin sanctioned by
the US / UN / EU. Buyer reserves the right to ask for
documentary evidence of compliance, showing refinery
origin (s) of the cargo and other blend components, to
the buyer’s reasonable satisfaction.)
WD: Platts HSFO 380CST: FOB Straits: AramcoSG
withdraws offer MOPS -3.25 Apr 8-12 20kt OR (It is a
condition of this bid / agreement that the products
sold and delivered by Seller will not be of Russian
© 2024 by S&P Global Inc. All rights reserved. 16
Federation (RF) origin nor blended with any product
produced in the Russian Federation or any other origin
sanctioned by the US / UN / EU. Buyer reserves the
right to ask for documentary evidence of compliance,
showing refinery origin (s) of the cargo and other blend
components, to the buyer’s reasonable satisfaction.)
WD: Platts HSFO 380CST: FOB Straits: AramcoSG
withdraws offer MOPS -2.75 Apr 13-17 20kt (It is a
condition of this bid / agreement that the products
sold and delivered by Seller will not be of Russian
Federation (RF) origin nor blended with any product
produced in the Russian Federation or any other origin
sanctioned by the US / UN / EU. Buyer reserves the
right to ask for documentary evidence of compliance,
showing refinery origin (s) of the cargo and other blend
components, to the buyer’s reasonable satisfaction.)
Platts HSFO 380CST: FOB Straits: PetroChina offers
MOPS -2.00 Apr 4-8 20kt OR
Platts HSFO 380CST: FOB Straits: PetroChina offers
MOPS -2.00 Apr 9-13 20kt OR
Platts HSFO 380CST: FOB Straits: PetroChina offers
MOPS -2.00 Apr 14-18 20kt
Platts HSFO 380CST: FOB Straits: Total offers MOPS
-2.50 Apr 3-7 20kt TotalEnergies GTC OR
Platts HSFO 380CST: FOB Straits: Total offers MOPS
-2.00 Apr 8-12 20kt TotalEnergies GTC OR
Platts HSFO 380CST: FOB Straits: Total offers MOPS
-2.00 Apr 13-17 20kt TotalEnergies GTC
Trades: 1 trade
1) Platts HSFO 380CST: FOB Straits: Apr 3-7:
20kt: Trafigura buys from AramcoSG at MOPS -4.00
(4:29:39.444) (It is a condition of this bid / agreement
that the products sold and delivered by Seller will not
be of Russian Federation (RF) origin nor blended with
any product produced in the Russian Federation or
any other origin sanctioned by the US / UN / EU. Buyer
reserves the right to ask for documentary evidence of
compliance, showing refinery origin (s) of the cargo and
other blend components, to the buyer’s reasonable
satisfaction.)
Platts Bitumen: PHYSICAL BIDS FINALS ON CLOSE:
FOB STRAITS: No bids
Platts Bitumen: PHYSICAL OFFERS FINALS ON
CLOSE: FOB STRAITS: No offers
Platts Bitumen Trade Summary: FOB STRAITS:
No trade
Platts Bitumen: PHYSICAL BIDS FINALS ON CLOSE:
FOB SOUTH KOREA: No bids
Platts Bitumen: PHYSICAL OFFERS FINALS ON
CLOSE: FOB SOUTH KOREA: No offers
Platts Bitumen: TRADE SUMMARY: FOB SOUTH
KOREA: 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
„ Los Angeles CARBOB market in contango for next
three months
„ High-low octane spread strength in line with season
California gasoline grades reached a fresh five
month-high on March 19, with the market structure in
contango for the coming three months in Los Angeles.
The NYMEX April RBOB futures contract rose 0.49
cent on the day to close at $2.7622/gal, 0.15 cent
above the NYMEX April ULSD futures following in the
seasonal trend.
The Los Angeles differential for barrels to be
delivered in March rose 3.50 cents more, and the San
Francisco differential rose 2 cents/gal to close at
futures plus 23 cents and plus 30 cents, respectively.
Also in Los Angeles, April barrels were heard traded
1 cent above March, and May barrels were heard
trading one cent above April.
Asia-Pacific/Arab Gulf Marketscan March 19, 2024
Interest on high-octane grades was thin, and the
high-low octane spread was unchanged at plus 28
cents/gal in San Francisco and plus 23 cents in Los
Angeles. Both levels are consistent with last March
average which was 27.42 cents and 25.29 cents/gal,
respectively.
S&P Global Commodities at Sea shows the next
shipment identified as carrying gasoline will arrive
to Richmond, California, on or around March 26 from
Ulsan, South Korea. Around March 29, ship is expected
to deliver gasoline into San Francisco from Canada,
and another ship is expected to deliver gasoline into
Long Beach from China.
The next shipment of alkylate from India is
scheduled to arrive around April 9 at Los Angeles.
Farther north, the Portland suboctane differential
rose 4 cents to close at futures plus 23 cents/gal.
Platts is part of S&P Global Commodity Insights.
Platts Middle East Sour Crude Daily Market
Analysis
„ VLCC rates on the upswing
„ Shandong Yulong heard to have bought nearly 3.5
mil barrels of crude
„ Chinese independent refiner margins remain under
pressure
VLCC freight rates were on the upswing in the
Asian sour crude market March 19 as April allocated
dates for Middle Eastern crude cargoes were released,
potentially impeding sour crude flows from the region
into Asia.
Rates on the Arab Gulf to Far East route jumped
by 10.6% on the day to a near one-month high of
$19.37/mt March 18, or around $2.60/b, S&P Global
Commodity Insights data showed.
The rise was seen broad-based across most other
regions, with lumpsum VLCC rates on the US Gulf Coast
© 2024 by S&P Global Inc. All rights reserved. 17
to Far East route up 6.1% on the day at $9.55 million.
Shipping sources noted tightening tonnage in the
Middle East with allocation dates for Saudi and Iraqi
April crude cargoes recently released, though it was
unclear if the climb in rates would continue.
More details were heard on Shandong Yulong
Petrochemical’s recent purchases as it readies for
startup at its 400,000 b/d Longkou refinery. Trade
sources said the company might have bought as much
as 3.5 million barrels of crude oil, with Far East Russia’s
ESPO blend crude also among the grades bought in
addition to Oman, though price levels were unclear.
Three different sellers, all of whom were based in
China, were heard to have supplied the crudes.
Demand for Middle Eastern crudes from some
Asian outlets were seen absent in March. Trade
sources said Taiwan’s CPC Corp. will likely be absent for
a second straight month in March from the spot sour
market, with the refiner so far having only issued its
sweet crude buy tender — closing March 19 — but not
that for sour.
China’s crude throughput rose 1.3% on the year to
14.51 million b/d over January-February, the National
Bureau of Statistics data released March 18 showed,
following healthy demand for transportation fuels over
the Lunar New Year holiday.
China’s crude oil runs are anticipated to rise in
March, as total oil demand has rebounded with
economic activities picking up post-Lunar New Year
holiday, despite planned turnarounds affecting a
combined capacity of 230,000 b/d starting in the
second half of the month, analysts said.
Among the country’s independent refiners in the
eastern Shandong province, feedstock throughput
recovery is likely to be capped in March amid limited
refinery margin improvement, refinery sources and
analysts said.
“The overall demand for oil products will improve
slightly in March, especially for gasoil, but the margin is
not strong enough to push up utilization significantly,”
said an analyst in Shandong.
Platts Mideast Sour Crude Daily Rationales &
Exclusions
Dubai Mo01 <PCAAT00> assessment rationale:
The May cash Dubai assessment March 19 took into
consideration bids and offers for cash Dubai partials
that traded at $86.40-$86.41/b toward the end of
the Platts Market on Close assessment process, as
well as a bid standing at $86.40/b at the end of the
MOC.
Oman Blend Mo01 <PCABS00> assessment
rationale: The May cash Oman assessment March 19
took into consideration the declaration of two Oman
cargoes on convergence of Dubai partials.
Exclusions: No market data was excluded from the
Middle East sour crude MOC.
Platts is part of S&P Global Commodity Insights.
Platts Oil Mideast Sour Crude
Convergences
**Platts Crude: ExxonMobil declares a cargo of May
Oman crude to Mercuria following the convergence of
20 partials in Platts cash Dubai.
***Platts Crude: Unipec declares a cargo of May
Oman crude to PetroChina following the convergence
of 20 partials in Platts cash Dubai.
Platts Middle East Sour Crude Bids, Offers,
Trades
Bids:
PLATTS DUBAI: MAY24: MITSUI BIDS 25KB AT
$86.40 AND WITHDRAWS DURING EXTENSION
PLATTS DUBAI: MAY24: MERCURIA BIDS 25KB
AT $86.35
PLATTS DUBAI: MAY24: SHELL BIDS 25KB AT $86.35
Asia-Pacific/Arab Gulf Marketscan March 19, 2024
PLATTS DUBAI: MAY24: PHILLIPS 66 BIDS 25KB AT
$86.35 AND WITHDRAWS DURING EXTENSION
PLATTS DUBAI: MAY24: BP BIDS 25KB AT $86.15
PLATTS DUBAI: MAY24: PETROCHINA NO LONGER
BIDS AFTER TRADE
PLATTS DUBAI: MAY24: TRAFIGURA NO LONGER
BIDS AFTER TRADE
PLATTS DUBAI: MAY24: PETROCHINA NO LONGER
BIDS 25KB AT $86.20 AFTER WITHDRAWAL (08:15:05)
Offers:
PLATTS DUBAI: MAY24: EXXONMOBIL OFFERS 25KB
AT $86.44 AND TRADES DURING EXTENSION
PLATTS DUBAI: MAY24: GUNVOR OFFERS 25KB
AT $86.50
PLATTS DUBAI: MAY24: PETROCHINA OFFERS 25KB
AT $86.60
PLATTS DUBAI: MAY24: PHILLIPS 66 OFFERS 25KB
AT $86.60
PLATTS DUBAI: MAY24: BP OFFERS 25KB AT $86.85
PLATTS DUBAI: MAY24: VITOL NO LONGER OFFERS
AFTER TRADE
PLATTS DUBAI: MAY24: UNIPEC NO LONGER
OFFERS AFTER TRADE
PLATTS DUBAI: MAY24: EQUINOR NO LONGER
OFFERS AFTER TRADE
PLATTS DUBAI: MAY24: RELIANCE NO LONGER
OFFERS AFTER TRADE
PLATTS DUBAI: MAY24: TOTAL NO LONGER OFFERS
AFTER TRADE
PLATTS DUBAI: MAY24: IDEMITSU NO LONGER
OFFERS AFTER TRADE
Trades:
PLATTS DUBAI: MAY24: TOTAL SELLS TO
PETROCHINA* 25KB AT $86.40 (08:27:35)
PLATTS DUBAI: MAY24: MERCURIA BUYS FROM
EXXONMOBIL* 25KB AT $86.45 (08:28:03)
© 2024 by S&P Global Inc. All rights reserved.
PLATTS DUBAI: MAY24: MERCURIA BUYS FROM
EXXONMOBIL* 25KB AT $86.44 (08:28:32)
PLATTS DUBAI: MAY24: MERCURIA BUYS FROM
EXXONMOBIL* 25KB AT $86.44 (08:28:39)
PLATTS DUBAI: MAY24: PETROCHINA BUYS FROM
VITOL* 25KB AT $86.44 (08:28:46)
PLATTS DUBAI: MAY24: MERCURIA BUYS FROM
EXXONMOBIL* 25KB AT $86.44 (08:28:49)
PLATTS DUBAI: MAY24: UNIPEC SELLS TO MITSUI*
25KB AT $86.41 (08:29:02)
PLATTS DUBAI: MAY24: TOTAL SELLS TO
PETROCHINA* 25KB AT $86.41 (08:29:03)
PLATTS DUBAI: MAY24: TOTAL SELLS TO
TRAFIGURA* 25KB AT $86.40 (08:29:04)
PLATTS DUBAI: MAY24: TRAFIGURA BUYS FROM
UNIPEC* 25KB AT $86.41 (08:29:08)
PLATTS DUBAI: MAY24: MERCURIA BUYS FROM
EXXONMOBIL* 25KB AT $86.42 (08:29:10)
PLATTS DUBAI: MAY24: PETROCHINA BUYS FROM
UNIPEC* 25KB AT $86.41 (08:29:11)
PLATTS DUBAI: MAY24: UNIPEC SELLS TO MITSUI*
25KB AT $86.41 (08:29:14)
PLATTS DUBAI: MAY24: PETROCHINA BUYS FROM
VITOL* 25KB AT $86.43 (08:29:14)
PLATTS DUBAI: MAY24: PETROCHINA BUYS FROM
UNIPEC* 25KB AT $86.41 (08:29:17)
PLATTS DUBAI: MAY24: MERCURIA BUYS FROM
EXXONMOBIL* 25KB AT $86.42 (08:29:20)
PLATTS DUBAI: MAY24: PETROCHINA BUYS FROM
UNIPEC* 25KB AT $86.41 (08:29:22)
PLATTS DUBAI: MAY24: TRAFIGURA BUYS FROM
EQUINOR* 25KB AT $86.41 (08:29:23)
PLATTS DUBAI: MAY24: VITOL SELLS TO MITSUI*
25KB AT $86.40 (08:29:38)
PLATTS DUBAI: MAY24: PETROCHINA BUYS FROM
UNIPEC* 25KB AT $86.41 (08:29:39)
18
PLATTS DUBAI: MAY24: PETROCHINA BUYS FROM
EQUINOR* 25KB AT $86.41 (08:29:40)
PLATTS DUBAI: MAY24: PETROCHINA BUYS FROM
VITOL* 25KB AT $86.40 (08:29:41)
PLATTS DUBAI: MAY24: MERCURIA BUYS FROM
EXXONMOBIL* 25KB AT $86.43 (08:29:42)**
PLATTS DUBAI: MAY24: PETROCHINA BUYS FROM
RELIANCE* 25KB AT $86.41 (08:29:43)
PLATTS DUBAI: MAY24: TRAFIGURA BUYS FROM
UNIPEC* 25KB AT $86.41 (08:29:45)
PLATTS DUBAI: MAY24: PETROCHINA BUYS FROM
TOTAL* 25KB AT $86.44 (08:29:45)
PLATTS DUBAI: MAY24: VITOL SELLS TO MITSUI*
25KB AT $86.40 (08:29:45)
PLATTS DUBAI: MAY24: PETROCHINA BUYS FROM
RELIANCE* 25KB AT $86.41 (08:29:47)
PLATTS DUBAI: MAY24: PETROCHINA BUYS FROM
UNIPEC* 25KB AT $86.41 (08:29:47)
PLATTS DUBAI: MAY24: MITSUI BUYS FROM VITOL*
25KB AT $86.40 (08:29:52)
PLATTS DUBAI: MAY24: PETROCHINA BUYS FROM
UNIPEC* 25KB AT $86.41 (08:29:53)***
PLATTS DUBAI: MAY24: PETROCHINA BUYS FROM
EXXONMOBIL* 25KB AT $86.43 (08:29:54)
PLATTS DUBAI: MAY24: PETROCHINA BUYS FROM
IDEMITSU* 25KB AT $86.45 (08:29:54)
PLATTS DUBAI: MAY24: PETROCHINA BUYS FROM
VITOL* 25KB AT $86.40 (08:29:56)
PLATTS DUBAI: MAY24: PETROCHINA BUYS FROM
UNIPEC* 25KB AT $86.41 (08:29:58)
PLATTS DUBAI: MAY24: TRAFIGURA BUYS FROM
EXXONMOBIL* 25KB AT $86.44 (08:30:01)
This assessment commentary applies to the
following market data codes: Dubai M1 <PCAAT00>,
Oman M1 <PCABS00>
Asia-Pacific/Arab Gulf Marketscan March 19, 2024
Platts Asia Pacific Sweet Crude Daily
Market Analysis
„ Petronas sets April Malaysian crude OSP at Dated
Brent plus $10.90/b
„ Trades emerge for Australia’s Ichthys Field
Condensate
„ Taiwan’s CPC issues tender for June-delivery
sweet crude
The Asia-Pacific regional market saw the issuance
of Malaysia’s official crude selling price differentials as
the order of the day March 19.
State-owned oil company Petronas set the April
Malaysian crude oil official selling price differential
at a premium of $10.90/b to Platts Dated Brent crude
assessments, up $1.60/b from March, the company
said in a March 19 notice.
Petronas also adjusted the price differential of
its secondary crude grades against its main basket
of crudes.
The Tapis differential to the Malaysian crude
oil OSP was set at a discount of $5.28/b for April-
loading cargoes, compared with a discount of $5.14/b
for March.
Bintulu was set at a discount of $4.24/b to the
Malaysian crude oil OSP for April, compared with a
discount of $2.38/b for March.
Dulang and Cendor grades were set at premiums of
59 cents/b and $1.65/b, respectively, to the Malaysian
crude oil OSP for April-loading cargoes, compared with
premiums of $1.23/b and $1.61/b, respectively, to the
Malaysian crude oil OSP for March.
Meanwhile, trades emerged for Australia’s Ichthys
Field Condensate. Japan’s Inpex sold two cargoes to
ExxonMobil and PTT for loading over April 29-May 3
and May 10-14, respectively, at a discount of $3s/b
to Platts Dated Brent crude assessments, market
participants said.
© 2024 by S&P Global Inc. All rights reserved. 19
“In the product market, naphtha is getting stronger
and gasoil is getting weaker, but the opposite is
happening here,” an Asia-based crude trader said.
However, another trader said that the lower cash
differentials for Ichthys may be a softening of market
values due to worsening petrochemical margins.
The last heard trade for Ichthys involved France’s
TotalEnergies, which sold a cargo for loading over
April 18-22 at a premium of $1s/b to Dated Brent, FOB,
market sources previously said.
Meanwhile, Taiwan’s CPC issued a tender seeking
June-arrival sweet crude, according to the company
website March 18. The tender closes March 19, with
validity until March 21.
CPC in February purchased two VLCCs of WTI
Midland crude from Vitol and Unipec for delivery in
March at a premium in the low and mid- $4s/b to
Platts Dated Brent assessments, CFR Taiwan, market
sources said.
Platts is part of S&P Global Commodity Insights.
Platts Asia Light Sweet Crude Daily Rationale &
Exclusions
ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01
<AASEU00> assessment rationale: The ESPO M1 May
assessment March 19 took into consideration the
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 corrects ICE Brent crude futures at 4:30 pm
Singapore time March 18
Platts, part of S&P Global Commodity Insights, has
corrected its March 18 assessments for ICE Brent
crude futures at 4:30 pm Singapore time, which should
read as follows:
Corrected
Assessment Name Code
Value
ICE Brent at Singapore MOC MO02 XILLA02 85.32
ICE Brent at Singapore MOC Time Spread MO01/MO02 AAZ0102 0.62
ICE Brent at Singapore MOC Time Spread MO02/MO03 AAZ0203 0.69
These assessments appear in the Crude Oil
Marketwire, Oilgram Price Report and Platts Global
Alert/Platts Crude Oil Alert on pages 0703 and 1201.
Platts includes SA Equatorial FSU in Singapore fuel
oil cargo, ex-wharf bunker MOC from March 18
Platts, part of S&P Global Commodity Insights, has
included the vessel SA Equatorial as an additional
loading point in its Platts Singapore Market on Close
assessment process for cargo and ex-wharf bunkers
for marine fuel 0.5% and 380 CST HSFO from March 18.
SA Equatorial (IMO 9116400) is operated by
Southern Ace Marine Sdn. Bhd. as a floating storage
unit at Tanjung Pelapas, within Johor Bahru Port Limits
in southern Malaysia’s Johor state.
Platts first proposed including the FSU as
an additional loading point in a subscriber note
published Oct. 20, 2023: https://www.spglobal.com/
commodityinsights/en/our-methodology/subscriber-
notes/102023-platts-proposes-including-sa-
equatorial-fsu-in-singapore-fuel-oil-cargo-ex-wharf-
bunker-moc-from-dec-4.
Asia-Pacific/Arab Gulf Marketscan March 19, 2024
There are now 10 FSUs approved as additional
loading points in the FOB Singapore cargo and ex-
wharf bunkers MOC process for marine fuel 0.5% and
380 CST HSFO. The standards applicable to approved
FSUs require that sellers specifically name the vessel
used as a loading point at the time of submitting offers
to S&P Global for publishing.
Any offer of oil from vessels accredited for the FOB
Singapore cargo and ex-wharf bunkers MOC process
for marine fuel 0.5% and 380 CST HSFO would be on
FOB FSU basis.
Sellers cannot unilaterally nominate an approved
vessel as a loading point in FOB Straits trades.
Please send all feedback and 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 S&P Global for public viewing. S&P Global will
consider all comments received and make comments
not marked as confidential available upon request.
Rongsheng Petrochemical (Singapore) Pte Ltd to join
Asia Crude Partials MOC
Rongsheng Petrochemical (Singapore) Pte 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 Crude Partials.
Platts has reviewed Rongsheng Petrochemical
(Singapore) Pte Ltd and will consider information from
the entity in the assessment process for Asia Crude
Partials, subject at all times to adherence with Platts
editorial standards.
Platts will publish all relevant information from
Rongsheng Petrochemical (Singapore) Pte Ltd
accordingly.
© 2024 by S&P Global Inc. All rights reserved. 20
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.
Sahara Energy International to join Asia gasoil and
Asia jet fuel physical MOC
Sahara Energy International Pte 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 and Asia jet fuel
physical.
Platts has reviewed Sahara Energy International Pte
Ltd. and will consider information from the entity in the
assessment process for Asia gasoil and Asia jet fuel
physical, subject at all times to adherence with Platts
editorial standards.
Platts will publish all relevant information from
Sahara Energy International Pte 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.
Hari Raya Puasa publishing schedule for Asia Oil
The S&P Global Commodity Insights office in
Singapore will be closed April 10, for the Hari Raya
Puasa holiday, and there will be no oil publications or
assessments from Singapore on that day.
The normal Singapore publishing schedule will
resume April 11.
For full details of Platts publishing schedule and
services affected, refer to http://www.platts.com/
HolidayHome.
For queries, please contact support@spglobal.com.
Platts launches European ULSD, gasoil, jet cash
differential assessments
Platts, part of S&P Global Commodity Insights,
launched new daily Mean of Platts London (MOPL)
cash differential assessments on March 1, 2024 for
a number of benchmark European middle distillate
markets, in response to industry feedback.
These new MOPL differential assessments reflect
the value of the physical product in relation to the
underlying forward curve aligned with the loading or
delivery window reflected in the physical assessment,
also known as the MOPL strip. The MOPL strip is
defined as the average of the forward values for
the sequence of the 16 days for cargoes and either
11 or 13 days for barges that represent the future
delivery or loading dates reflected in Platts middle
distillates physical assessments. These strip values
are calculated using Platts assessments of related
derivatives for balance month, month one and
month two. Platts has also backfilled the new MOPL
differential assessments to September 1, 2020, based
on the published values of physical assessment and
corresponding underlying strip values on the day.
For example, on March 1, 2024, the ULSD 10ppmS
CIF NWE Cargo assessment will reflect delivery over
March 11-March 26. The MOPL strip will equate to
the average of March 11-March 26 calculated on the
assessed forward curve. The MOPL cash differential
will equate to the outright ULSD 10ppmS CIF NWE
Asia-Pacific/Arab Gulf Marketscan March 19, 2024

Cargo assessment value on March 1 minus the MOPL Report, Asia-Pacific-Arab Gulf Marketscan and Platts feedback on its Global Oil Timing and Increment
strip value. Global Alert and Platts Refined Products Alert pages Guidelines, specifically the guidelines described in the
The new differential assessments will be published 1110, 1112, 1114, 1410 and 1420. methodology guide posted online here.
alongside and complement the following Platts middle Please send any comments or feedback Platts reviews all methodologies annually to ensure
distillates assessments, which are informed by bids, to europe_products@spglobal.com and they continue to reflect the physical markets under
offers and trades reported in the Platts Market on pricegroup@spglobal.com assessment, and regularly assesses the relevance
Close Assessment process: For written comments, please provide a clear of methodologies through continuous contact with
MOPL indication if comments are not intended for publication the market. Feedback on methodologies is always
Assessment Code
Differential by Platts for public viewing. Platts will consider all welcomed by Platts.
ULSD 10ppmS CIF NWE Cargo AAVBG00 AMOPL00
ULSD 10ppmS CIF Med Cargo AAWYZ00 AMOPN00 comments received and will make comments not Please send all feedback, comments or
ULSD 10ppmS FOB ARA Barge AAJUS00 AMOPM00 marked as confidential available upon request. questions to oilgroup@spglobal.com and
Gasoil 0.1%S CIF NWE Cargo AAYWS00 AMOPH00
Gasoil .1%S (1000ppm) CIF Med Cargo AAVJJ00 AMOPI00 pricegroup@spglobal.com.
Gasoil .1%S (1000ppm) FOB ARA Barge AAYWT00 AMOPG00
Platts invites feedback on Global Oil Timing and For written comments, please provide a clear
Jet CIF NWE Cargo PJAAU00 AMOPJ00
Jet Barges FOB FARAG PJABA00 AMOPK00 Increment Guidelines indication if comments are not intended for publication
As part of its commitment to open and transparent by Platts for public viewing. Platts will consider all
The new differential assessments appear in Platts pricing and product specifications, Platts, part of comments received and will make comments not
European Marketscan, US Marketscan, Oilgram Price S&P Global Commodity Insights, would like to invite marked as confidential available upon request.

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

Asia-Pacific/Arab Gulf Marketscan March 19, 2024

China tanker fixtures

Vessel name Volume (kt) Grade Origin Port Arrival Buyers

ACRUX 124 Sururu Brazil Yantai 3/18/2024 ChemChina

ACRUX 133 Sepia Brazil Yantai 3/18/2024 ChemChina
AMBER 6 95 ESPO Russia Dongying 3/1/2024 Hualian
AMOR 260 Crude Malaysia Rizhao 3/13/2024 TBA
BOREAS 134 Mal Blend Malaysia Dongjiakou 3/5/2024 Xin Rui Ji
CAPTAIN KOSTICHEV 100 Sokol Russia Tianjin 3/16/2024 TBA
COSWISH LAKE 135 Mero Brazil Yantai 3/5/2024 ChemChina
COSWISH LAKE 135 Sepia Brazil Yantai 3/5/2024 ChemChina
CRIUS 90 ESPO Russia Dongying 3/1/2024 Hualian
CY VICTORIOUS 70 Fuel Oil Malaysia Yantai 3/8/2024 Xintai
DHT HARRIER 133 Tupi Brazil Yantai 3/18/2024 ChemChina
DHT HARRIER 133 Sepia Brazil Yantai 3/18/2024 ChemChina
DIAMOND 95 Fuel Oil Russia Qingdao 3/4/2024 Shangneng
EMILY S 100 ESPO Russia Rizhao 3/2/2024 Fengli
GLORY FOREVER 140 Mal Blend Malaysia Yantai 3/5/2024 Xintai
HARBOUR SPLENDOR 131 Murban UAE Yantai 3/4/2024 ChemChina
HEIDI A 100 ESPO Russia Qingdao 3/6/2024 Chenyang Jiuming
KOROLEV PROSPECT 100 ESPO Russia Rizhao 3/6/2024 TBA
KRYMSK 94 Sokol Russia Dongying 3/8/2024 Haike Ruilin
LEGIO X EQUESTRIS 270 Qatar Marine Qatar Lianyungang 3/2/2024 Shenghong Petrochemical
LITEYNY PROSPECT 100 Sokol Russia Huanghua 3/5/2024 Hebei Xinhai
MATALA 100 Peregrino TBA Longkou 3/5/2024 TBA
MERMAR 90 ESPO Russia Dongying 3/4/2024 Hualian
MINERVA V 100 Bitumen Blend Malaysia Tianjin 3/2/2024 Hebei Xinhai
MIRA 95 ESPO Russia Dongying 3/2/2024 Tianhong
MISTRAL 1 98 ESPO Russia Dongying 3/6/2024 TBA
NELLIS 90 Sokol Russia Dongjiakou 3/6/2024 Qicheng
NEW WEALTH 280 Upper Zakum UAE Changxing Island 3/1/2024 Hengli Petrochemical
NICHOLE 100 ESPO Russia Rizhao 3/9/2024 TBA
NICHOLE 100 ESPO Russia Tianjin 3/23/2024 TBA
NS ANTARCTIC 95 Sokol Russia Qingdao 3/22/2024 TBA
NS CENTURY 95 Sokol Russia Qingdao 3/18/2024 Huajin Xiangrun
NS CLIPPER 100 ESPO Russia Longkou 3/2/2024 Kenli
NS LION 100 Sokol Russia Huizhou 3/13/2024 TBA
NS POWER 30 Fuel Oil Russia Dongying 3/14/2024 TBA
OCEAN HERMANA 150 Crude Malaysia Rizhao 3/7/2024 Dongming
PAVEL CHERNYSH 100 Sokol Russia TBA 3/30/2024 TBA
SAKHALIN ISLAND 100 Sokol Russia Tianjin 3/19/2024 Xinyue
SAVA 270 Mal Blend Malaysia Dongjiakou 3/2/2024 Xin Rui Ji
SI HE 100 ESPO Russia Lianyungang 3/1/2024 Shenghong Petrochemical
SPIRIT OF CASPER 70 Fuel Oil Malaysia Yantai 3/7/2024 Xintai
STATICE 265 Mal Blend Malaysia Dongjiakou 3/6/2024 Xin Rui Ji
SURREY QUAYS 100 ESPO Russia Dongjiakou 3/1/2024 Qirun

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

Asia-Pacific/Arab Gulf Marketscan March 19, 2024

China tanker fixtures (continued)

Vessel name Volume (kt) Grade Origin Port Arrival Buyers

TAMIA 270 Crude TBA Lianyungang 3/25/2024 TBA

THALIA III 100 ESPO Russia Dongying 3/13/2024 TBA
THEMIS 86 ESPO Russia Dongying 3/2/2024 Yatong
VICTOR KONETSKY 90 Sokol Russia Dongying 3/7/2024 Yatong
VICTOR KONETSKY 7 Sokol Russia Longkou 3/2/2024 Yatong
VICTOR KONETSKY 100 Sokol Russia TBA 3/25/2024 TBA
VIKTOR TITOV 100 Sokol Russia Dongjiakou 4/11/2024 TBA
VLADIMIR ARSENYEV 95 Sokol Russia Tianjin 3/10/2024 TBA
YURI SENKEVICH 94 Sokol Russia Yantai 3/29/2024 TBA

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

Asia-Pacific/Arab Gulf Marketscan March 19, 2024

International Dirty Tanker Fixtures (PGT page 2950)

Ship name Size Type Date Route Rate Charterer

East of Suez

Georgios 270 CR Apr1 PG-Spore w85 Chevron

DHT Bauhinia 270 CR Apr4 Mina Ahmadi-Vietnam w79.5 NSRP
Ascona 270 CR Apr1 Basrah-East rnr Unipec
Jag Lalit 130 CR Apr1 R Tanura-Chennai rnr IOC
Monterey 80 CR Apr1 PG-Colombo w200 Vitol
Seavoyager 80 CR Mar25 Indonesia-Geelong w164 Vitol
CSK Valiant 80 CR Apr1 Van Gogh-East w180 Chevron
Cosco Tbn 75 COND Mar27 Plutonio-East rnr Mitsui
Wisdom Venture 75 COND earApr Ichthys-East w185 K-Line
Clearocean Fuku 60 FO Apr1 Kuwait-Opts o/p Clearlake
Baltic/UKC

No fixtures reported.
Med
Front Thor 135 CR Mar30 Sidi Kerir-Canaport w77.5 Irving
Prometheus 80 CR Apr3 CPC-Med, Demurrage w192.5, $56k/d Petraco
Seasenator 80 CR Apr2 Skikda-USGC w97.5 Novum
Seavelvet 80 CR dnr Ceyhan-Med, UKC w167.5, w170 Heritage
Grimstad 80 CR dnr Algeria-Spain rnr Repsol
Front Jaguar 80 CR Mar26 Ras Lanuf-Med, UKC rnr, rnr Exxon
West Africa

Front Loki 130 CR Apr4 WAF-UKCM w104 Exxon

Americas

Arctic 145 CR Apr5 Guyana-UKCM w88.75 CNOOC

Penfield Tbn 145 CR Apr2 Guyana-Chiriqui Grande w97.5 P66
Saturn Moon 145 CR Apr6 Guyana-UKCM, Trieste, Demurrage w90, w88.75, $60k/d Hess
Ghibli 70 CR Mar26 USGC-TA, Demurrage w165, $50k/d Chevron
Torm Houston 70 CR Mar25 USGC Lightering $70k/d Oxy
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. 24

Asia-Pacific/Arab Gulf Marketscan March 19, 2024

International clean tanker fixtures (PGT page 2904)

Ship name Size Type Date Route Rate Charterer

East of Suez

Chios Df 90 CL Mar26 PG-UKC $6.5m Total

Front Future 90 CL Mar26 PG-UKC $7.5m Total
STI Lotus 90 ULSD Mar26 Sikka-UKC $6.9m Unipec
Proteus Elsie 75 NA Apr3 PG-East w312.5 Shell
Torm Kiara 75 CL Mar26 Sikka-PG rnr cnr
Nordmarlin 75 NA Mar23 Duqm-Japan w285 OQ
CAO Tbn 75 COND Mar24 PG-Japan o/p CAO
Sunrise 60 JET Mar29 Sikka-UKC, USAC $6m, $6.6m RIL
Hafnia Providence 60 CL Mar28 Sohar-Tamatave rnr OQ
Peace Victoria 60 UNL Mar25 Jubail-Fujairah $1.1m ATC
Silver Amanda 35 ULSD Mar30 Bahrain-EAfrica, SAfrica w320, w310 Shell
FOS Energy 35 CL Mar22 Fujairah-STS K Al Zubair, Opts $675k, rnr Vitol
Torm Thor 35 NA Mar22 Umm Qasr-UAE, Fujairah, Spore $950k, $975k, w340 cnr
Pacific Tamerlane 35 ULSD Mar28 Vadinar-SAfrica w385 ATF
Sanmar Songbird 35 CL Mar30 Paradip-Kandla $900k IOC
MP MR Tanker 2 35 ULSD Mar30 Bahrain-EAfrica, SAfrica w320, w310 Sitme
Cosco Tbn 80 COND Mar27 Australia-Onsan rnr Mtes
Ardmore Seavantage 35 BIO Mar29 NChina-ARA rnr Shell
Citrine 35 UNL Mar29 Zhoushan-Spore, SKorea, Indonesia $835k, $850k, rnr BP
Tbn 35 MTBE Mar30 Dalian-PG, ARA rnr, rnr ATS
Tbn 35 UNL Mar25 Onsan-Spore, USWC rnr, rnr ATS
Silver Hannah 35 UNL Mar30 SKorea-Japan, USWC rnr, $2.5m P66
Coral Express 35 CL Apr1 Daesan-Australia w320 BP
Harrisburg 35 ULSD Apr1 SKorea-Australia w320 ST
Akane 35 ULSD Mar25 Muara-Australia w310 Vitol
Oriental Diamond 35 JET Mar22 Spore-Chittagong $795k Petco
Hafnia Panther 35 ULSD Mar25 Zhoushan-Spore $850K Unipec
Nord Virage 35 CL Mar25 SKorea-Vietnam $915K Seaswift
STI Modest 35 CL Mar26 Gaoqiao-Australia rnr Idemitsu
Baltic /UKC

STI Duchessa 37 UNL Mar20 Pembroke-TA w255 Valero

Andean Sun 37 NA Mar22 Fawley-UKC, Med w255, w255 Exxon
CB Caribic 30 ULSD Mar22 ARA-UKC w255 Total
Histria Prince 30 ULSD Mar20 NSpain-UKC, Med w260, w250 Repsol
Med

Severn 37 NA Mar22 Cartagena-UKC w290 Repsol

STI Topaz 37 CL Mar24 Sarroch-TA w290 Clearlake
ST Petri 37 CL Mar24 Agio-TA w290 Total
Sea Nimbus 30 ULSD Mar24 Aliaga-Med w340 Vitol
Maria M 30 NA Mar21 Arzew-Med w350 BGN

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

Asia-Pacific/Arab Gulf Marketscan March 19, 2024

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

Ship name Size Type Date Route Rate Charterer

Kirsten Maersk 30 CL Mar25 Agio-Med w350 BP

Lady Rina 30 CL Mar26 Milazzo-Italy w365 Eni
Americas

Sea Elephant 38 CL Mar23 USGC-Caribs, Demurrage $900k, $42k/d Sol

PIS Paragon 38 ULSD Mar23 USGC-WCCAm, Demurrage $2.365m, $41k/d Chevron
BW Wren 38 CL Mar22 USGC-TA w195 Exxon
Aspen Express 38 CL Mar24 USGC-ECMex $625k Valero
Nord Harmony 38 CL Mar23 USGC-TA w195 Clearlake
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. 26

Asia-Pacific/Arab Gulf Marketscan March 19, 2024

APAC Deals Summary „ Platts Mogas 92: APR3-APR7: **PTT offers 50kb FOB Straits „ Platts Mogas 92: APR24: DARE bids 25kb $99.45/bbl
$99.20/bbl „ Platts Mogas 92: APR24: DARE bids 25kb $99.45/bbl
„ Platts Mogas 92: APR8-APR12: **PTT offers 50kb FOB „ Platts Mogas 92: APR24: THEMEINT bids 25kb $99.45/bbl
Gasoline FOB Spore Cargo Straits MOPS 92 $0.40/bbl
„ Platts Mogas 92: APR24: ARIONINV bids 25kb $99.40/bbl
Trades (PGA page 2315) „ Platts Mogas 92: APR13-APR17: **PTT offers 50kb FOB
„ Platts Mogas 92: APR24: FREEPTASIA bids 25kb $99.40/bbl
Straits MOPS 92 $0.40/bbl
„ Platts Mogas 95: APR8-APR12: ARAMCOSG* sold to PTT „ Platts Mogas 92: APR24: MERCURIARESOURCES bids 25kb
50kb FOB Straits $103.30/bbl 8:29:59 Withdrawals
$99.40/bbl
„ APR3-APR7: TOTALSG sold to GUNVORSG* 100kb FOB „ Platts Mogas 95: APR8-APR12: ARAMCOSG no longer offers
„ Platts Mogas 92: APR24: ONYX bids 25kb $99.40/bbl
Straits $99.30/bbl 8:29:49 50kb FOB Straits $103.30/bbl
** Denotes OCO order. „ Platts Mogas 92: APR24: ONYX bids 25kb $99.40/bbl
* Denotes market maker. All times GMT
„ Platts Mogas 92: APR24: THEMEINT bids 25kb $99.40/bbl
Bids (PGA page 2313)
Gasoline FOB Spore Paper „ Platts Mogas 92: APR24: VITOLSG bids 25kb $99.40/bbl
„ Platts Mogas 92: APR3-APR7: **UNIPECSG bids 50kb FOB
„ Platts Mogas 92: APR24: AKARITRADING bids 25kb
Straits MOPS 92 $-1/bbl Trades (PGA page 4011)
$99.35/bbl
„ Platts Mogas 92: APR8-APR12: **UNIPECSG bids 50kb FOB „ Platts Mogas 92: APR24: UNIPECSG* sold to VITOLSG 25kb „ Platts Mogas 92: APR24: ARIONINV bids 25kb $99.28/bbl
Straits MOPS 92 $-1/bbl $99.50/bbl 8:27:05
„ Platts Mogas 92: APR24: ONYX bids 25kb $99.25/bbl
„ Platts Mogas 92: APR13-APR17: **UNIPECSG bids 50kb FOB „ Platts Mogas 92: APR24: ONYX* sold to DARE 25kb $99.54/
Straits MOPS 92 $-1/bbl Withdrawals
bbl 8:29:13
„ APR3-APR7: **UNIPECSG bids 100kb FOB Straits MOPS „ Platts Mogas 92: APR24: DARE no longer bids 25kb
„ Platts Mogas 92: APR24: ONYX* sold to BNP 25kb $99.59/
92 $-1/bbl $99.58/bbl
bbl 8:29:18
„ APR8-APR12: **UNIPECSG bids 100kb FOB Straits MOPS „ Platts Mogas 92: APR24: DARE no longer bids 25kb
„ Platts Mogas 92: APR24: ONYX* sold to DARE 25kb $99.59/
92 $-1/bbl $99.58/bbl
bbl 8:29:43
„ APR13-APR17: **UNIPECSG bids 100kb FOB Straits MOPS „ Platts Mogas 92: APR24: DARE Withdraws bid 25kb
„ Platts Mogas 92: APR24: ONYX* sold to DARE 25kb $99.59/
92 $-1/bbl $99.42/bbl
bbl 8:29:44
„ APR14-APR18: BPSG bids 100kb FOB Straits $98.80/bbl „ Platts Mogas 92: APR24: DARE Withdraws bid 25kb
„ Platts Mogas 92: APR24: ONYX sold to DARE* 25kb $99.59/
$99.40/bbl
„ APR3-APR7: **UNIPECSG bids 150kb FOB Straits MOPS bbl 8:29:48
92 $-1/bbl „ Platts Mogas 92: APR24: ONYX Withdraws bid 25kb
„ Platts Mogas 92: APR24: ONYX* sold to DARE 25kb $99.59/
$99.39/bbl
„ APR8-APR12: **UNIPECSG bids 150kb FOB Straits MOPS bbl 8:29:55
92 $-1/bbl „ Platts Mogas 92: APR24: DARE Withdraws bid 25kb
„ Platts Mogas 92: APR24: TRAFI sold to DARE* 25kb $99.58/
$99.38/bbl
„ APR10-APR14: **BPSG bids 150kb FOB Straits MOPS 92 bbl 8:29:56
$-0.8/bbl „ Platts Mogas 92: APR24: DARE Withdraws bid 25kb
„ Platts Mogas 92: APR24: TRAFI sold to DARE* 25kb $99.58/
$99.36/bbl
„ APR13-APR17: **UNIPECSG bids 150kb FOB Straits MOPS bbl 8:30:00
92 $-1/bbl „ Platts Mogas 92: APR24: ONYX Withdraws bid 25kb
„ Platts Mogas 92: APR24: ONYX sold to DARE* 25kb $99.55/
$99.35/bbl
„ APR14-APR18: **BPSG bids 150kb FOB Straits MOPS 92 bbl 8:30:02
$-0.7/bbl „ Platts Mogas 92: APR24: ONYX Withdraws bid 25kb
„ Platts Mogas 92: APR24: ONYX* sold to SKEISG 25kb
$99.33/bbl
Withdrawals $99.59/bbl 8:30:22
* Denotes market maker. All times GMT „ Platts Mogas 92: APR24: DARE Withdraws bid 25kb
„ APR3-APR7: GUNVORSG no longer bids 100kb FOB Straits
$99.32/bbl
$99.30/bbl Bids (PGA page 4009)
„ Platts Mogas 92: APR24: ONYX Withdraws bid 25kb
** Denotes OCO order.
„ Platts Mogas 92: APR24: DARE bids 25kb $99.55/bbl $99.31/bbl
Offers (PGA page 2314)
„ Platts Mogas 92: APR24: VITOLSG bids 25kb $99.50/bbl „ Platts Mogas 92: APR24: DARE Withdraws bid 25kb
„ Platts Mogas 92: APR3-APR7: **PTT offers 50kb FOB Straits „ Platts Mogas 92: APR24: EQUINOR bids 25kb $99.48/bbl $99.30/bbl
MOPS 92 $-0.1/bbl

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

Asia-Pacific/Arab Gulf Marketscan March 19, 2024
„ Platts Mogas 92: APR24: ONYX Withdraws bid 25kb
$99.29/bbl
„ Platts Mogas 92: APR24: DARE Withdraws bid 25kb
$99.28/bbl
„ Platts Mogas 92: APR24: ONYX Withdraws bid 25kb
$99.27/bbl
„ Platts Mogas 92: APR24: DARE Withdraws bid 25kb
$99.26/bbl
„ Platts Mogas 92: APR24: ONYX Withdraws bid 25kb
$99.25/bbl
„ Platts Mogas 92: APR24: DARE Withdraws bid 25kb
$99.21/bbl
„ Platts Mogas 92: APR24: ONYX Withdraws bid 25kb
$99.20/bbl
„ Platts Mogas 92: APR24: DARE Withdraws bid 25kb
$99.15/bbl
„ Platts Mogas 92: APR24: ONYX Withdraws bid 25kb
$99.10/bbl
„ Platts Mogas 92: APR24: DARE Withdraws bid 25kb
$99.00/bbl
„ Platts Mogas 92: APR24: ONYX Withdraws bid 25kb
$98.99/bbl
„ Platts Mogas 92: APR24: DARE Withdraws bid 25kb
$98.95/bbl
„ Platts Mogas 92: APR24: ONYX Withdraws bid 25kb
$98.91/bbl
„ Platts Mogas 92: APR24: DARE Withdraws bid 25kb
$98.90/bbl
„ Platts Mogas 92: APR24: ONYX Withdraws bid 25kb
$98.88/bbl
„ Platts Mogas 92: APR24: DARE Withdraws bid 25kb
$98.70/bbl
„ Platts Mogas 92: APR24: ONYX Withdraws bid 25kb
$98.69/bbl
** Denotes OCO order.
Offers (PGA page 4010)
„ Platts Mogas 92: APR24: FREEPTASIA offers 25kb
$99.60/bbl
„ Platts Mogas 92: APR24: THEMEINT offers 25kb $99.60/bbl
„ Platts Mogas 92: APR24: UNIPECSG offers 25kb $99.60/bbl
„ Platts Mogas 92: APR24: ARIONINV offers 25kb $99.65/bbl
© 2024 by S&P Global Inc. All rights reserved. 28
„ Platts Mogas 92: APR24: DARE offers 25kb $99.65/bbl
„ Platts Mogas 92: APR24: ONYX offers 25kb $99.65/bbl
„ Platts Mogas 92: APR24: ONYX offers 25kb $99.65/bbl
„ Platts Mogas 92: APR24: VITOLSG offers 25kb $99.65/bbl
„ Platts Mogas 92: APR24: DARE offers 25kb $99.70/bbl
„ Platts Mogas 92: APR24: THEMEINT offers 25kb $99.70/bbl
„ Platts Mogas 92: APR24: VITOLSG offers 25kb $99.70/bbl
„ Platts Mogas 92: APR24: DARE offers 25kb $99.75/bbl
„ Platts Mogas 92: APR24: AKARITRADING offers 25kb
$99.85/bbl
„ Platts Mogas 92: APR24: EQUINOR offers 25kb $99.98/bbl
Withdrawals
„ Platts Mogas 92: APR24: ONYX no longer offers 25kb
$99.59/bbl
„ Platts Mogas 92: APR24: ONYX no longer offers 25kb
$99.59/bbl
„ Platts Mogas 92: APR24: DARE Withdraws offer 25kb
$99.80/bbl
** Denotes OCO order.
Gasoline FOB Spore Paper Spreads
Trades (PGA page 4011)
„ Platts Mogas 92 spread: APR24/MAY24: ONYX* sold to DARE
25kb $0.87/bbl 8:29:53
„ Platts Mogas 92 spread: APR24/MAY24: ONYX* sold to DARE
25kb $0.87/bbl 8:29:57
* Denotes market maker. All times GMT
Bids (PGA page 4009)
„ Platts Mogas 92 spread: BAL MONTH/APR24: FREEPTASIA
bids 25kb $-0.3/bbl
„ Platts Mogas 92 spread: BAL MONTH/APR24: ARIONINV bids
25kb $-0.35/bbl
„ Platts Mogas 92 spread: BAL MONTH/APR24: EQUINOR bids
25kb $-0.35/bbl
„ Platts Mogas 92 spread: BAL MONTH/APR24: THEMEINT
bids 25kb $-0.45/bbl
„ Platts Mogas 92 spread: BAL MONTH/APR24: ARAMCOSG
bids 25kb $-0.66/bbl
„ Platts Mogas 92 spread: BAL MONTH/APR24: FREEPTASIA
bids 25kb $-0.66/bbl
„ Platts Mogas 92 spread: BAL MONTH/APR24: SIETCO bids
25kb $-0.66/bbl
„ Platts Mogas 92 spread: BAL MONTH/APR24: ONYX bids
25kb $-0.69/bbl
„ Platts Mogas 92 spread: APR24/MAY24: ONYX bids 75kb
$0.84/bbl
„ Platts Mogas 92 spread: APR24/MAY24: ONYX bids 75kb
$0.82/bbl
„ Platts Mogas 92 spread: APR24/MAY24: DARE bids 25kb
$0.80/bbl
„ Platts Mogas 92 spread: APR24/MAY24: ONYX bids 75kb
$0.80/bbl
„ Platts Mogas 92 spread: APR24/MAY24: THEMEINT bids
25kb $0.76/bbl
„ Platts Mogas 92 spread: APR24/MAY24: UITSG bids 25kb
$0.76/bbl
„ Platts Mogas 92 spread: APR24/MAY24: ARAMCOSG bids
25kb $0.75/bbl
„ Platts Mogas 92 spread: APR24/MAY24: ARIONINV bids 25kb
$0.75/bbl
„ Platts Mogas 92 spread: APR24/MAY24: EQUINOR bids 25kb
$0.75/bbl
„ Platts Mogas 92 spread: APR24/MAY24: FREEPTASIA bids
25kb $0.75/bbl
„ Platts Mogas 92 spread: APR24/MAY24: ONYX bids 25kb
$0.75/bbl
„ Platts Mogas 92 spread: APR24/MAY24: VITOLSG bids 25kb
$0.75/bbl
„ Platts Mogas 92 spread: APR24/MAY24: SIETCO bids 25kb
$0.70/bbl
„ Platts Mogas 92 spread: APR24/MAY24: VITOLSG bids 25kb
$0.70/bbl
„ Platts Mogas 92 spread: APR24/MAY24: ONYX bids 25kb
$0.69/bbl
„ Platts Mogas 92 spread: APR24/MAY24:
MERCURIARESOURCES bids 25kb $0.60/bbl
„ Platts Mogas 92 spread: APR24/MAY24: P66SG bids 25kb
$0.60/bbl
„ Platts Mogas 92 spread: MAY24/JUN24: ARAMCOSG bids
25kb $1.40/bbl
„ Platts Mogas 92 spread: MAY24/JUN24: DARE bids 25kb
$1.40/bbl
Asia-Pacific/Arab Gulf Marketscan March 19, 2024

„ Platts Mogas 92 spread: MAY24/JUN24: EQUINOR bids 25kb „ Platts Mogas 92 spread: APR24/MAY24: UNIPECSG offers „ Platts Mogas 92 spread: MAY24/JUN24:
$1.40/bbl 25kb $0.88/bbl MERCURIARESOURCES offers 25kb $1.60/bbl
„ Platts Mogas 92 spread: MAY24/JUN24: ONYX bids 25kb „ Platts Mogas 92 spread: APR24/MAY24: DARE offers 25kb „ Platts Mogas 92 spread: MAY24/JUN24: SIETCO offers 25kb
$1.40/bbl $0.90/bbl $1.60/bbl
„ Platts Mogas 92 spread: MAY24/JUN24: DARE bids 25kb „ Platts Mogas 92 spread: APR24/MAY24: P66SG offers 25kb „ Platts Mogas 92 spread: MAY24/JUN24: VITOLSG offers
$1.37/bbl $0.90/bbl 25kb $1.60/bbl
„ Platts Mogas 92 spread: MAY24/JUN24: AKARITRADING bids „ Platts Mogas 92 spread: APR24/MAY24: SIETCO offers 25kb „ Platts Mogas 92 spread: MAY24/JUN24: FREEPTASIA offers
25kb $1.35/bbl $0.90/bbl 25kb $1.65/bbl
„ Platts Mogas 92 spread: MAY24/JUN24: FREEPTASIA bids „ Platts Mogas 92 spread: APR24/MAY24: VITOLSG offers Withdrawals
25kb $1.35/bbl 25kb $0.90/bbl „ Platts Mogas 92 spread: BAL MONTH/APR24: PTT Withdraws
„ Platts Mogas 92 spread: MAY24/JUN24: P66SG bids 25kb „ Platts Mogas 92 spread: APR24/MAY24: AKARITRADING offer 25kb $0.00/bbl
$1.35/bbl offers 25kb $0.95/bbl „ Platts Mogas 92 spread: BAL MONTH/APR24: PTT Withdraws
„ Platts Mogas 92 spread: MAY24/JUN24: SIETCO bids 25kb „ Platts Mogas 92 spread: APR24/MAY24: DARE offers 25kb offer 25kb $0.15/bbl
$1.35/bbl $0.95/bbl „ Platts Mogas 92 spread: APR24/MAY24: PTT Withdraws offer
„ Platts Mogas 92 spread: MAY24/JUN24: THEMEINT bids „ Platts Mogas 92 spread: APR24/MAY24: EQUINOR offers 25kb $0.86/bbl
25kb $1.35/bbl 25kb $0.95/bbl „ Platts Mogas 92 spread: APR24/MAY24: ONYX no longer
„ Platts Mogas 92 spread: MAY24/JUN24: UITSG bids 25kb „ Platts Mogas 92 spread: APR24/MAY24: FREEPTASIA offers offers 25kb $0.87/bbl
$1.35/bbl 25kb $0.95/bbl „ Platts Mogas 92 spread: APR24/MAY24: PTT Withdraws offer
„ Platts Mogas 92 spread: MAY24/JUN24: VITOLSG bids 25kb „ Platts Mogas 92 spread: APR24/MAY24: VITOLSG offers 25kb $0.95/bbl
$1.35/bbl 25kb $0.95/bbl „ Platts Mogas 92 spread: MAY24/JUN24: PTT Withdraws offer
„ Platts Mogas 92 spread: MAY24/JUN24: „ Platts Mogas 92 spread: APR24/MAY24: ARAMCOSG offers 25kb $1.55/bbl
MERCURIARESOURCES bids 25kb $1.30/bbl 25kb $1.00/bbl „ Platts Mogas 92 spread: MAY24/JUN24: PTT Withdraws offer
Withdrawals „ Platts Mogas 92 spread: APR24/MAY24: 25kb $1.60/bbl
„ Platts Mogas 92 spread: APR24/MAY24: DARE no longer MERCURIARESOURCES offers 25kb $1.00/bbl ** Denotes OCO order.
bids :RAISED BID AND TRADED „ Platts Mogas 92 spread: MAY24/JUN24: ONYX offers 25kb
„ Platts Mogas 92 spread: APR24/MAY24: TOTSA Withdraws $1.50/bbl Naphtha C+F Cargo
bid 25kb $0.75/bbl „ Platts Mogas 92 spread: MAY24/JUN24: UNIPECSG offers
Trades (PGA page 2325)
** Denotes OCO order. 25kb $1.50/bbl
Offers (PGA page 4010) „ Platts Mogas 92 spread: MAY24/JUN24: DARE offers 25kb „ No trades reported
$1.55/bbl * Denotes market maker. All times GMT
„ Platts Mogas 92 spread: BAL MONTH/APR24: ONYX offers
„ Platts Mogas 92 spread: MAY24/JUN24: EQUINOR offers Bids (PGA page 2323)
25kb $0.05/bbl
25kb $1.55/bbl
„ Platts Mogas 92 spread: BAL MONTH/APR24: SIETCO offers „ H1MAY24: **VITOLSG bids 25kt $727.00/mt
„ Platts Mogas 92 spread: MAY24/JUN24: ONYX offers 25kb
25kb $0.15/bbl „ H2MAY24: BBEN bids 25kt $725.00/mt
$1.55/bbl
„ Platts Mogas 92 spread: BAL MONTH/APR24: UNIPECSG „ H2MAY24: AGTASIA bids 25kt $722.00/mt
„ Platts Mogas 92 spread: MAY24/JUN24: P66SG offers 25kb
offers 25kb $0.20/bbl
$1.55/bbl „ H2MAY24: **VITOLSG bids 25kt $718.00/mt
„ Platts Mogas 92 spread: BAL MONTH/APR24: ARAMCOSG
„ Platts Mogas 92 spread: MAY24/JUN24: AKARITRADING Withdrawals
offers 25kb $0.66/bbl
offers 25kb $1.60/bbl „ H1MAY24: **TOTALSG Withdraws bid 25kt $70.00/mt
„ Platts Mogas 92 spread: BAL MONTH/APR24: FREEPTASIA
„ Platts Mogas 92 spread: MAY24/JUN24: ARAMCOSG offers „ H2MAY24: **TOTALSG Withdraws bid 25kt $720.00/mt
offers 25kb $0.66/bbl
25kb $1.60/bbl ** Denotes OCO order.
„ Platts Mogas 92 spread: APR24/MAY24: ONYX offers 25kb
„ Platts Mogas 92 spread: MAY24/JUN24: DARE offers 25kb Offers (PGA page 2324)
$0.88/bbl
$1.60/bbl

© 2024 by S&P Global Inc. All rights reserved. 29

Asia-Pacific/Arab Gulf Marketscan March 19, 2024

„ H2MAY24: **GUNVORSG offers 25kt $731.00/mt
„ H2MAY24: AGTASIA offers 25kt $735.00/mt
„ H2MAY24: **SIETCO offers 25kt $739.00/mt
„ H2MAY24: BPSG offers 25kt $739.00/mt
„ H1JUN24: BPSG offers 25kt $721.00/mt
„ H1JUN24: **GUNVORSG offers 25kt $722.00/mt
„ H1JUN24: **SIETCO offers 25kt $729.00/mt
Withdrawals
„ No offers reported
** Denotes OCO order.
„ APR24: DVTRADING bids 50kb $105.10/bbl
Withdrawals
„ APR24: DARE Withdraws bid 50kb $104.65/bbl
„ BAL MONTH: DARE Withdraws bid 50kb $104.55/bbl
** Denotes OCO order.
Offers (PGA page 4022)
„ APR24: BPSG offers 50kb $105.75/bbl
„ APR24: DARE offers 50kb $106.10/bbl
„ APR24: DVTRADING offers 50kb $106.30/bbl
Withdrawals
„ APR24: AGT bids 50kb $-2.33/bbl
„ APR24: BPSG bids 50kb $-2.35/bbl
„ APR24: ANTIMO bids 50kb $-2.4/bbl
„ APR24: CONDACAP bids 50kb $-2.4/bbl
„ APR24: DARE bids 50kb $-2.4/bbl
„ APR24: ERACOMM bids 50kb $-2.4/bbl
„ APR24: MERCURIARESOURCES bids 50kb $-2.4/bbl
„ APR24: SKEISG bids 50kb $-2.4/bbl
„ APR24: ARAMCOSG bids 50kb $-2.5/bbl
Withdrawals

„ APR24: BPSG no longer offers 50kb $105.65/bbl
Naphtha C+F Japan Cargo Spreads „ APR24: ARAMCOSG no longer offers 50kb $105.70/bbl
Trades (PGA page 2325) „ APR24: DARE Withdraws offer 50kb $106.60/bbl
„ MAY24: DVTRADING Withdraws offer 50kb $105.55/bbl
„ No trades reported
* Denotes market maker. All times GMT „ BAL MONTH: DARE Withdraws offer 50kb $107.10/bbl
Bids (PGA page 2323) ** Denotes OCO order.
„ APR24/MAY24: DARE no longer bids 50kb $0.64/bbl
„ APR24/MAY24: CAOSG Withdraws bid 50kb $0.00/bbl
„ APR24/MAY24: PETROCHINA Withdraws bid 50kb $0.00/bbl
** Denotes OCO order.
Offers (PGA page 4022)
„ BAL MONTH/APR24: DARE offers 50kb $0.90/bbl

„ No bids reported „ APR24/MAY24: ARAMCOSG offers 50kb $0.65/bbl

Jet Kero FOB Spore Paper Spreads „ APR24/MAY24: PETROCHINA offers 50kb $0.65/bbl
Withdrawals
„ No bids reported Trades (PGA page 4023) „ APR24/MAY24: CONDACAP offers 50kb $0.70/bbl
** Denotes OCO order. „ APR24/MAY24: DVTRADING sold to DARE* 50kb $0.64/ „ APR24/MAY24: ERACOMM offers 50kb $0.70/bbl
Offers (PGA page 2324) bbl 8:29:58 „ APR24/MAY24: ANTIMO offers 50kb $0.75/bbl
„ APR24/MAY24: DVTRADING sold to DARE* 50kb $0.64/ „ APR24/MAY24: BPSG offers 50kb $0.75/bbl
„ No offers reported
bbl 8:30:04 „ APR24/MAY24: DARE offers 50kb $0.75/bbl
Withdrawals
„ APR24: ARAMCOSG* sold to MARKET 50kb $-2.20/ „ APR24: PETROCHINA offers 50kb $-2.05/bbl
„ No offers reported bbl 8:29:55
** Denotes OCO order. „ APR24: CONDACAP offers 50kb $-2/bbl
„ APR24: ARAMCOSG* sold to MARKET 50kb $-2.20/
„ APR24: DARE offers 50kb $-2/bbl
bbl 8:30:02
Jet Kero FOB Spore Paper * Denotes market maker. All times GMT „ APR24: ERACOMM offers 50kb $-2/bbl

Bids (PGA page 4021) „ APR24: MERCURIARESOURCES offers 50kb $-1.95/bbl

Trades (PGA page 4023)
„ APR24: BPSG* sold to DARE 50kb $105.65/bbl 8:29:24
„ APR24: BPSG* sold to DARE 50kb $105.65/bbl 8:29:40
„ APR24: BPSG* sold to DARE 50kb $105.75/bbl 8:29:51
„ APR24: ARAMCOSG* sold to DARE 50kb $105.70/bbl 8:29:55
„ APR24: ARAMCOSG sold to DARE* 50kb $105.74/bbl 8:30:02
* Denotes market maker. All times GMT
Bids (PGA page 4021)
„ APR24: DARE bids 50kb $105.74/bbl
„ APR24: ANTIMO offers 50kb $-1.9/bbl
„ BAL MONTH/APR24: DARE bids 50kb $-0.05/bbl
„ APR24: BPSG offers 50kb $-1.85/bbl
„ BAL MONTH/APR24: CAOSG bids 50kb $-0.1/bbl
„ APR24: AGT offers 50kb $-1.8/bbl
„ APR24/MAY24: ERACOMM bids 50kb $0.35/bbl
„ APR24: DVTRADING offers 50kb $-1.8/bbl
„ APR24/MAY24: ANTIMO bids 50kb $0.00/bbl
„ APR24: SKEISG offers 50kb $-1.8/bbl
„ APR24/MAY24: ARAMCOSG bids 50kb $0.00/bbl
Withdrawals
„ APR24/MAY24: BPSG bids 50kb $0.00/bbl
„ APR24/MAY24: CAOSG Withdraws offer 50kb $0.75/bbl
„ APR24/MAY24: CONDACAP bids 50kb $0.00/bbl
„ APR24: ARAMCOSG no longer offers 50kb $-2.2/bbl
„ APR24: DVTRADING bids 50kb $-2.3/bbl

© 2024 by S&P Global Inc. All rights reserved. 30

Asia-Pacific/Arab Gulf Marketscan March 19, 2024
** Denotes OCO order.
Gasoil FOB Spore Paper
Trades (PGA page 4019)
„ APR24: NATBANKABUDHABI* sold to DARE 50kb $107.65/
bbl 8:29:17
„ APR24: AGT sold to DARE* 50kb $107.70/bbl 8:29:22
„ APR24: MBCL sold to DARE* 50kb $107.80/bbl 8:29:47
„ APR24: UITSG* sold to BPSG 50kb $107.81/bbl 8:29:49
„ APR24: DVTRADING sold to BPSG* 50kb $107.81/bbl 8:29:52
„ APR24: DVTRADING* sold to ARAMCOSG 50kb $107.90/
bbl 8:29:55
„ APR24: ONYX sold to ARAMCOSG* 50kb $107.94/bbl 8:30:02
„ BAL MONTH: NATBANKABUDHABI sold to AGT* 50kb
$107.40/bbl 8:29:22
„ BAL MONTH: NATBANKABUDHABI sold to DARE* 50kb
$107.50/bbl 8:29:51
„ BAL MONTH: NATBANKABUDHABI sold to DVTRADING*
50kb $107.46/bbl 8:29:52
„ BAL MONTH: NATBANKABUDHABI sold to DVTRADING*
50kb $107.40/bbl 8:29:54
„ BAL MONTH: NATBANKABUDHABI sold to DVTRADING*
50kb $107.10/bbl 8:29:56
* Denotes market maker. All times GMT
Bids (PGA page 4017)
„ APR24: BPSG bids 50kb $107.81/bbl
„ APR24: BPSG bids 50kb $107.80/bbl
„ APR24: DARE bids 50kb $107.80/bbl
„ APR24: DARE bids 50kb $107.70/bbl
„ APR24: ERACOMM bids 50kb $107.70/bbl
„ APR24: DVTRADING bids 50kb $107.60/bbl
„ APR24: DVTRADING bids 50kb $107.40/bbl
„ APR24: NATBANKABUDHABI bids 50kb $107.40/bbl
„ APR24: DVTRADING bids 50kb $107.30/bbl
„ BAL MONTH: DARE bids 50kb $107.00/bbl
„ BAL MONTH: NATBANKABUDHABI bids 50kb $107.00/bbl
„ BAL MONTH: DARE bids 50kb $106.90/bbl
© 2024 by S&P Global Inc. All rights reserved.
Withdrawals
„ APR24: BPSG no longer bids 50kb $107.81/bbl
„ APR24: DARE Withdraws bid 50kb $107.00/bbl
„ APR24: DARE Withdraws bid 50kb $106.90/bbl
„ APR24: DARE Withdraws bid 50kb $106.90/bbl
„ APR24: DARE Withdraws bid 50kb $106.70/bbl
„ APR24: DVTRADING Withdraws bid 50kb $106.60/bbl
„ APR24: DVTRADING Withdraws bid 50kb $106.70/bbl
„ BAL MONTH: DVTRADING Withdraws bid 50kb $106.50/bbl
„ BAL MONTH: DVTRADING no longer bids 50kb $107.46/bbl
„ BAL MONTH: AGT no longer bids 50kb $107.40/bbl
„ BAL MONTH: DVTRADING no longer bids 50kb $107.40/bbl
„ BAL MONTH: DVTRADING no longer bids 50kb $107.10/bbl
** Denotes OCO order.
Offers (PGA page 4018)
„ APR24: BPSG offers 50kb $108.10/bbl
„ APR24: DARE offers 50kb $108.10/bbl
„ APR24: DVTRADING offers 50kb $108.10/bbl
„ APR24: DARE offers 50kb $108.20/bbl
„ APR24: ERACOMM offers 50kb $108.20/bbl
„ APR24: DVTRADING offers 50kb $108.30/bbl
„ APR24: NATBANKABUDHABI offers 50kb $108.40/bbl
„ BAL MONTH: NATBANKABUDHABI offers 50kb $107.40/bbl
„ BAL MONTH: DARE offers 50kb $107.80/bbl
„ BAL MONTH: DVTRADING offers 50kb $107.80/bbl
„ BAL MONTH: DARE offers 50kb $107.90/bbl
„ BAL MONTH: DVTRADING offers 50kb $108.00/bbl
Withdrawals
„ APR24: UITSG no longer offers 50kb $107.81/bbl
„ APR24: DVTRADING no longer offers 50kb $107.90/bbl
„ APR24: DVTRADING Withdraws offer 50kb $108.80/bbl
** Denotes OCO order.
Gasoil FOB Spore Paper Spreads
Trades (PGA page 4019)
„ BAL MONTH/APR24: MARKET sold to AGT* 50kb $-0.30/
bbl 8:29:22
31
„ BAL MONTH/APR24: MARKET sold to DVTRADING* 50kb
$-0.35/bbl 8:29:52
* Denotes market maker. All times GMT
Bids (PGA page 4017)
„ BAL MONTH/APR24: NATBANKABUDHABI bids 50kb
$-0.25/bbl
„ BAL MONTH/APR24: DARE bids 50kb $-0.3/bbl
„ APR24/MAY24: AGT bids 100kb $0.59/bbl
„ APR24/MAY24: ERACOMM bids 50kb $0.57/bbl
„ APR24/MAY24: CONDACAP bids 50kb $0.55/bbl
„ APR24/MAY24: DARE bids 50kb $0.55/bbl
„ APR24/MAY24: DVTRADING bids 50kb $0.55/bbl
„ APR24/MAY24: MERCURIARESOURCES bids 50kb $0.55/bbl
„ APR24/MAY24: SINOHKPET bids 50kb $0.54/bbl
„ APR24/MAY24: ANTIMO bids 50kb $0.50/bbl
„ APR24/MAY24: EQUINOR bids 50kb $0.50/bbl
„ MAY24/JUN24: DARE bids 50kb $0.75/bbl
„ MAY24/JUN24: ERACOMM bids 50kb $0.75/bbl
„ MAY24/JUN24: AGT bids 50kb $0.68/bbl
Withdrawals
„ BAL MONTH/APR24: NATBANKABUDHABI Withdraws bid
50kb $-0.25/bbl
„ BAL MONTH/APR24: NATBANKABUDHABI Withdraws bid
50kb $-0.3/bbl
„ BAL MONTH/APR24: AGT no longer bids 50kb $-0.3/bbl
„ BAL MONTH/APR24: DVTRADING no longer bids 50kb
$-0.35/bbl
** Denotes OCO order.
Offers (PGA page 4018)
„ BAL MONTH/APR24: DARE offers 50kb $-0.15/bbl
„ BAL MONTH/APR24: NATBANKABUDHABI offers 50kb
$-0.15/bbl
„ BAL MONTH/APR24: NATBANKABUDHABI offers 50kb
$-0.1/bbl
„ BAL MONTH/APR24: DVTRADING offers 50kb $-0.05/bbl
„ BAL MONTH/APR24: GUNVORSG offers 50kb $0.10/bbl
„ APR24/MAY24: GUNVORSG offers 50kb $0.66/bbl
„ APR24/MAY24: CONDACAP offers 50kb $0.70/bbl
Asia-Pacific/Arab Gulf Marketscan March 19, 2024
„ APR24/MAY24: DARE offers 50kb $0.70/bbl
„ APR24/MAY24: DVTRADING offers 50kb $0.70/bbl
„ APR24/MAY24: EQUINOR offers 50kb $0.70/bbl
„ APR24/MAY24: ERACOMM offers 50kb $0.70/bbl
„ APR24/MAY24: MERCURIARESOURCES offers 50kb
$0.70/bbl
„ APR24/MAY24: SINOHKPET offers 50kb $0.71/bbl
„ APR24/MAY24: ANTIMO offers 50kb $0.75/bbl
„ MAY24/JUN24: DARE offers 50kb $1.00/bbl
Withdrawals
„ BAL MONTH/APR24: GUNVORSG Withdraws offer 50kb
$0.10/bbl
** Denotes OCO order.
FO 180 CST 3.5% FOB Spore Paper
Trades (PGA page 4027)
„ No trades reported
* Denotes market maker. All times GMT
Bids (PGA page 4025)
„ BAL MONTH/APR24: DARE bids 5kt $-4.5/mt
„ BAL MONTH/APR24: MERCURIARESOURCES bids 5kt
$-4.5/mt
„ BAL MONTH/APR24: NESTWISE bids 5kt $-4.5/mt
„ APR24/MAY24: ONYX bids 5kt $0.25/mt
„ APR24/MAY24: ONYX bids 5kt $0.00/mt
„ APR24/MAY24: DARE bids 5kt $-1/mt
Withdrawals
„ BAL MONTH/APR24: MERCURIARESOURCES Withdraws bid
5kt $-4.5/mt
** Denotes OCO order.
Offers (PGA page 4026)
„ BAL MONTH/APR24: GOODECAPLTD offers 5kt $-2.5/mt
„ BAL MONTH/APR24: DARE offers 5kt $-2/mt
„ BAL MONTH/APR24: ONYX offers 10kt $-2/mt
„ APR24/MAY24: ONYX offers 5kt $1.00/mt
„ APR24/MAY24: DARE offers 5kt $1.25/mt
Withdrawals
„ No offers reported
© 2024 by S&P Global Inc. All rights reserved.
** Denotes OCO order.
FO 380 CST 3.5% FOB Spore Paper
Trades (PGA page 4027)
„ APR24: ONYX* sold to GOODECAPLTD 5kt $478.50/
mt 8:24:25
„ APR24: AKARITRADING* sold to GOODECAPLTD 5kt
$478.50/mt 8:24:27
„ APR24: GLENCORE* sold to GOODECAPLTD 5kt $478.50/
mt 8:24:29
„ APR24: ONYX* sold to MERCURIARESOURCES 5kt $478.25/
mt 8:29:09
„ APR24: AKARITRADING* sold to GOODECAPLTD 5kt
$478.50/mt 8:29:25
„ APR24: ONYX* sold to GOODECAPLTD 5kt $478.50/
mt 8:29:26
„ APR24: GUNVORSG* sold to MERCURIARESOURCES 5kt
$478.50/mt 8:29:28
„ APR24: THEMEINT* sold to ONYX 5kt $478.50/mt 8:29:29
„ APR24: GUNVORSG* sold to GOODECAPLTD 5kt $478.50/
mt 8:29:31
„ APR24: GUNVORSG* sold to ONYX 5kt $478.50/mt 8:29:31
„ APR24: AKARITRADING* sold to VITOLSG 5kt $478.50/
mt 8:29:33
„ APR24: GUNVORSG* sold to ONYX 5kt $478.50/mt 8:29:36
„ APR24: GUNVORSG* sold to ONYX 5kt $478.50/mt 8:29:36
„ APR24: GUNVORSG sold to ONYX* 5kt $478.50/mt 8:29:37
„ APR24: AKARITRADING sold to ONYX* 5kt $478.50/
mt 8:29:40
„ APR24: GUNVORSG sold to ONYX* 5kt $478.50/mt 8:29:41
„ APR24: GUNVORSG* sold to MERCURIARESOURCES 5kt
$478.50/mt 8:29:52
„ APR24: BPSG sold to ONYX* 5kt $17.00/mt 8:30:10
* Denotes market maker. All times GMT
Bids (PGA page 4025)
„ BAL MONTH: GOODECAPLTD bids 5kt $13.50/mt
„ BAL MONTH: NESTWISE bids 5kt $13.00/mt
„ BAL MONTH: DARE bids 5kt $11.25/mt
„ BAL MONTH: DARE bids 5kt $10.25/mt
32
„ BAL MONTH: BPSG bids 5kt $10.00/mt
„ APR24: ONYX bids 5kt $17.00/mt
„ APR24: P66SG bids 5kt $16.25/mt
„ APR24: GOODECAPLTD bids 5kt $16.00/mt
„ APR24: DARE bids 5kt $15.50/mt
„ APR24: NESTWISE bids 5kt $15.50/mt
„ APR24: GOODECAPLTD bids 5kt $12.75/mt
„ APR24: BPSG bids 5kt $12.00/mt
„ APR24: DARE bids 25kt $478.05/mt
„ APR24: VITOLSG bids 5kt $478.00/mt
„ APR24: GOODECAPLTD bids 5kt $477.80/mt
„ APR24: DARE bids 5kt $477.75/mt
„ APR24: MERCURIARESOURCES bids 5kt $477.50/mt
„ APR24: ONYX bids 5kt $477.50/mt
„ APR24: THEMEINT bids 5kt $476.75/mt
„ APR24: DARE bids 5kt $476.25/mt
„ APR24: THEMEINT bids 5kt $476.25/mt
„ APR24: UENERGY bids 5kt $476.25/mt
„ APR24: AKARITRADING bids 5kt $476.00/mt
„ APR24: GOODECAPLTD bids 5kt $476.00/mt
„ APR24: UENERGY bids 5kt $476.00/mt
„ APR24: DVTRADING bids 5kt $475.50/mt
„ APR24: AKARITRADING bids 5kt $475.00/mt
„ APR24: DARE bids 5kt $475.00/mt
„ APR24: UENERGY bids 5kt $474.75/mt
„ BAL MONTH/APR24: TRAFI bids 5kt $-3/mt
„ BAL MONTH/APR24: DARE bids 5kt $-3.25/mt
„ BAL MONTH/APR24: P66SG bids 5kt $-3.25/mt
„ BAL MONTH/APR24: TRAFI bids 5kt $-3.25/mt
„ BAL MONTH/APR24: P66SG bids 5kt $-3.5/mt
„ BAL MONTH/APR24: GOODECAPLTD bids 5kt $-4/mt
„ APR24/MAY24: DARE bids 5kt $-1.25/mt
„ APR24/MAY24: ONYX bids 5kt $-1.25/mt
„ APR24/MAY24: ENGIESG bids 5kt $-1.5/mt
„ APR24/MAY24: FREEPTASIA bids 5kt $-1.5/mt
„ APR24/MAY24: GUNVORSG bids 5kt $-1.5/mt
„ APR24/MAY24: P66SG bids 5kt $-1.5/mt
Asia-Pacific/Arab Gulf Marketscan March 19, 2024
„ APR24/MAY24: P66SG bids 5kt $-1.5/mt
„ APR24/MAY24: UENERGY bids 5kt $-1.5/mt
„ APR24/MAY24: GOODECAPLTD bids 5kt $-1.75/mt
„ APR24/MAY24: ONYX bids 5kt $-1.75/mt
„ APR24/MAY24: BPSG bids 5kt $-2/mt
„ APR24/MAY24: NESTWISE bids 5kt $-2/mt
Withdrawals
„ BAL MONTH: GOODECAPLTD Withdraws bid 5kt $11.00/mt
„ APR24: DARE Withdraws bid 5kt $14.50/mt
„ APR24: P66SG Withdraws bid 5kt $14.00/mt
„ APR24: ONYX no longer bids 5kt $478.50/mt
„ APR24: GOODECAPLTD Withdraws bid 5kt $477.75/mt
„ APR24: ERACOMM Withdraws bid 5kt $476.00/mt
„ APR24: THEMEINT Withdraws bid 5kt $474.75/mt
„ APR24: DARE Withdraws bid 5kt $474.00/mt
„ APR24: UENERGY Withdraws bid 5kt $474.00/mt
** Denotes OCO order.
Offers (PGA page 4026)
„ BAL MONTH: ONYX offers 5kt $17.00/mt
„ BAL MONTH: TRAFI offers 5kt $17.00/mt
„ BAL MONTH: GOODECAPLTD offers 5kt $17.25/mt
„ BAL MONTH: BPSG offers 5kt $17.50/mt
„ BAL MONTH: DARE offers 5kt $19.25/mt
„ BAL MONTH: NESTWISE offers 5kt $19.25/mt
„ APR24: BPSG offers 5kt $17.25/mt
„ APR24: MERCURIARESOURCES offers 5kt $17.50/mt
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„ APR24: P66SG offers 5kt $17.50/mt
„ APR24: DARE offers 5kt $17.75/mt
„ APR24: ONYX offers 5kt $17.75/mt
„ APR24: GOODECAPLTD offers 5kt $18.00/mt
„ APR24: NESTWISE offers 5kt $19.00/mt
„ APR24: GUNVORSG offers 5kt $478.50/mt
„ APR24: GUNVORSG offers 5kt $478.50/mt
„ APR24: ONYX offers 5kt $478.50/mt
„ APR24: THEMEINT offers 5kt $478.60/mt
„ APR24: ERACOMM offers 5kt $478.75/mt
„ APR24: AKARITRADING offers 5kt $479.00/mt
„ APR24: DARE offers 5kt $479.00/mt
„ APR24: DVTRADING offers 5kt $479.00/mt
„ APR24: GLENCORE offers 5kt $479.00/mt
„ APR24: GOODECAPLTD offers 5kt $479.15/mt
„ APR24: UENERGY offers 5kt $479.25/mt
„ APR24: DARE offers 5kt $479.50/mt
„ APR24: VITOLSG offers 5kt $479.50/mt
„ APR24: UENERGY offers 5kt $479.75/mt
„ APR24: DARE offers 5kt $480.00/mt
„ APR24: DARE offers 5kt $480.50/mt
„ BAL MONTH/APR24: NESTWISE offers 5kt $-2.5/mt
„ BAL MONTH/APR24: P66SG offers 5kt $-2.5/mt
„ BAL MONTH/APR24: BPSG offers 5kt $-2.25/mt
„ BAL MONTH/APR24: PETROCHINA offers 5kt $-2.25/mt
„ BAL MONTH/APR24: GOODECAPLTD offers 5kt $-2/mt
„ BAL MONTH/APR24: P66SG offers 5kt $-2/mt
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„ BAL MONTH/APR24: DARE offers 5kt $-1.5/mt
„ BAL MONTH/APR24: NESTWISE offers 5kt $-1.5/mt
„ APR24/MAY24: NESTWISE offers 5kt $-1/mt
„ APR24/MAY24: DARE offers 5kt $-0.75/mt
„ APR24/MAY24: FREEPTASIA offers 5kt $-0.75/mt
„ APR24/MAY24: ONYX offers 5kt $-0.75/mt
„ APR24/MAY24: P66SG offers 5kt $-0.75/mt
„ APR24/MAY24: P66SG offers 5kt $-0.75/mt
„ APR24/MAY24: TOTSA offers 5kt $-0.75/mt
„ APR24/MAY24: BPSG offers 5kt $-0.25/mt
Withdrawals
„ BAL MONTH: GOODECAPLTD Withdraws offer 5kt $18.00/mt
„ APR24: ONYX Withdraws offer 5kt $17.50/mt
„ APR24: DARE Withdraws offer 5kt $18.50/mt
„ APR24: P66SG Withdraws offer 5kt $19.00/mt
„ APR24: AKARITRADING no longer offers 5kt $478.50/mt
„ APR24: GUNVORSG no longer offers 5kt $478.50/mt
„ APR24: GUNVORSG no longer offers 5kt $478.50/mt
„ APR24: ONYX no longer offers 5kt $478.50/mt
„ APR24: ONYX Withdraws offer 5kt $478.50/mt
„ APR24: THEMEINT Withdraws offer 5kt $478.75/mt
„ APR24: UENERGY Withdraws offer 5kt $479.00/mt
„ APR24: UENERGY Withdraws offer 5kt $480.00/mt
„ APR24: UENERGY Withdraws offer 5kt $480.50/mt
„ APR24: UENERGY Withdraws offer 5kt $480.75/mt
„ APR24: GOODECAPLTD Withdraws offer 5kt $481.00/mt
** Denotes OCO order.