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Asia-Pacific/Arab Gulf Marketscan

Volume 43 / Issue 62 / March 28, 2024
Asia products
Code Mid Change Code Mid Change Code Mid Change
Singapore (PGA page 2002)
FOB Singapore ($/barrel) MOPS strip Premium/Discount
Naphtha PAAAP00 75.69–75.73 75.710 +0.340 AAPKA00 74.78–74.82 74.800 +0.330
Gasoline 97 unleaded PGAMS00 105.12–105.16 105.140 +0.680 AAPKE00* 30.32/30.36 30.340 +0.350
Gasoline 95 unleaded PGAEZ00 104.56–104.60 104.580 +0.680 AAPKF00* 29.76/29.80 29.780 +0.350
Gasoline 95 unleaded AGUMS00 103.820 +0.430 AGUMA00**** 0.760 +0.250
Gasoline 92 unleaded PGAEY00 99.95–99.99 99.970 +0.680 AAPKG00* 25.15/25.19 25.170 +0.350
Gasoline 92 unleaded AAXEQ00 99.24–99.28 99.260 +0.520 AAXER00 0.69/0.73 0.710 +0.160
Gasoline 91 unleaded AAYNA00 102.260 +0.520 AAYNB00 3.000 0.000
Gasoline 92 unleaded 500 ppm PGAFY00*** 0.938 +0.154
CFR Naphtha AAOVF00 78.050 +0.330 AAOVG00 3.250 0.000
Kerosene PJABF00 100.81–100.85 100.830 +0.600 AAPJZ00 101.32–101.36 101.340 +0.680 PJACU00 -0.53/-0.49 -0.510 -0.080
Gasoil 10 ppm AAOVC00 102.70–102.74 102.720 +0.660 AAOVD00** -0.29/-0.25 -0.270 +0.020
Gasoil 50 ppm AAPPF00 102.36–102.40 102.380 +0.660 AAPPH00** -0.63/-0.59 -0.610 +0.020
Gasoil 0.05% sulfur AAFEX00 101.88–101.92 101.900 +0.660 AAFFB00** -1.11/-1.07 -1.090 +0.020
Gasoil 0.25% sulfur AACUE00 100.53–100.57 100.550 +0.660 AACQI00** -2.46/-2.42 -2.440 +0.020
Gasoil POABC00 102.70–102.74 102.720 +0.660 AAPJY00 102.97–103.01 102.990 +0.640 POAIC00** -0.29/-0.25 -0.270 +0.020
FO 180 CST 2% ($/mt) PUAXS00 504.65–504.69 504.670 +4.440
HSFO 180 CST ($/mt) PUADV00 493.54–493.58 493.560 +4.340 AAPJX00 492.27–492.31 492.290 +1.740 AAGZF00 1.25/1.29 1.270 +2.600
HSFO 380 CST ($/mt) PPXDK00 472.29–472.33 472.310 +1.340 AAPJW00 474.39–474.43 474.410 +1.090 PPXDL00 -2.12/-2.08 -2.100 +0.250
Marine Fuel 0.5% ($/mt) AMFSA00 622.060 +5.110 FOFSA00 620.810 +4.860 FOFSB00 1.250 +0.250
Ex-Wharf 380 CST ($/mt) AAFER00 474.50–475.50 475.000 +1.000
Ex-Wharf 500 CST ($/mt) AAVUP00 469.50–470.50 470.000 +1.000
Bitumen Pen 60-70 ($/mt) BTSGA00 405.000 0.000 BTSGB00***** -69.410 -1.090
*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 631.43–639.93 635.680 +7.200 AAPKH00 38.75/39.25 39.000 -1.000
Naphtha LR2 ($/mt) 642.89–651.39 647.140 +11.020
Platts Asia and Middle Eastern Gasoline
AAIDA00
Gasoline 95 unleaded AAICY00 99.52–99.56 99.540 +0.800 AAWUJ00 8.18/8.22 8.200 +0.100
Gasoline 95 unleaded CFR AAWUK00 10.83/10.87 10.850 Daily Market Analysis
Gasoline 92 unleaded AAGJA00 94.930 +0.800 AAGZA00 8.150 +0.100
Kerosene PJAAA00 95.53–95.57 95.550 +0.880 PJACV00 3.33/3.37 3.350 -0.050
Gasoil 10 ppm AAIDT00 97.10–97.14 97.120 +0.960 AAIDU00* 2.23/2.27 2.250 0.000
„ US gasoline stocks rise 1.299 mil barrels on week
Gasoil 0.005% sulfur 96.65–96.69 96.670 +0.960 1.78/1.82 1.800 0.000
AASGJ00 AASGK00*
„ Taiwan’s Formosa heard selling 93 RON gasoline
Gasoil 0.05% sulfur AAFEZ00 96.10–96.14 96.120 +0.960 AAFFD00* 1.23/1.27 1.250 0.000
Gasoil 0.25% sulfur AACUA00 94.22–94.26 94.240 +0.960 AACUC00* -0.65/-0.61 -0.630 0.000
Gasoil POAAT00 97.10–97.14 97.120 +0.960 POAID00* 2.23/2.27 2.250 0.000
HSFO 180 CST ($/mt) PUABE00 465.81–465.85 465.830 +4.340 AAXJA00 14.98/15.02 15.000 +2.000 The Asian gasoline complex softened March 28,
HSFO 380 CST ($/mt) AAIDC00 444.56–444.60 444.580 +1.340 AAXJB00 12.98/13.02 13.000 +1.000 tracking the narrowing US RBOB-Brent crack spread,
HSFO 380/180 spread ($/mt) PPXDM00 -21.27/-21.23 -21.250 -3.000
Marine Fuel 0.5% Fujairah ($/mt) FOFFB00*** 1.000 0.000 amid rising US stocks, sources said.
Ex-Wharf Fujairah 380 CST** ($/mt) AAYBG00 -1.360 +1.050 Possibly reflecting a drop in US gasoline demand,
*Premium to MOPAG gasoil during loading. **Ex-Wharf differential represents premium/discount to the MOPAG 180 CST strip. ***MF 0.5% differential inventories rose for the first time in two months — up
represents premium/discount to the MOPFUJ MF 0.5% strip.
1.299 million barrels on the week to 232.072 million

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Asia-Pacific/Arab Gulf Marketscan March 28, 2024

Asia products barrels in the week ended March 22, latest data from
Code Mid Change Code Mid Change
the US Energy Information Administration showed.
Middle East physical oil assessments (PGA pages 2004 and 2018) The US RBOB-Brent crack was pegged at $26.82/b
FOB Fujairah ($/barrel) MOPAG Strip at 0300 GMT March 28, down from the Platts
Naphtha ($/mt) NFJSA00 677.700 +1.310 NFJTA00 638.700 +2.310 assessment of $27.57/b at the Asian close March 27,
Gasoline 95 unleaded AFUJA00 106.680 +0.650 AFUJB00 98.480 +0.550
Gasoline 92 unleaded RFJFS00 102.060 +0.730 RAGTA00 93.910 +0.630 S&P Global data showed.
Kerosene AFUJF00 100.340 +0.490 AFUJG00 96.990 +0.540 Rising US inventories likely weighed on Asian
Gasoil 10 ppm AFUJP00 100.530 +0.440
Gasoil 500 ppm AFUJN00 99.530 +0.440 demand outlook as well, with brokers pegging the
Gasoil AFUJK00 100.530 +0.440 AFUJL00 98.280 +0.440 front-month FOB Singapore 92 RON gasoline swaps
HSFO 380 CST ($/mt) AFUJQ00 457.070 +3.130 AFUJR00 444.070 +2.130
Ex-Wharf 380 CST ($/mt) AAYBF00 462.000 +3.000 AAYBD00 463.360 +1.950 crack spread with Brent swaps in the $13.60-$13.65/b
MOPFUJ Strip range at 0300 GMT, down from the Platts assessment
Marine Fuel 0.5% ($/mt)** AMFFA00 625.060 +1.850 FOFFA00 624.060 +1.850 of $13.94/b at the Asian close March 27, S&P Global
*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 978.00–980.00 979.000 +7.000
Mar 25 (PGA page 2022)
Singapore demurrage (PGT pages 2910 and 2960) Light distillates FUJLD04 7733 +203
$/day Middle distillates FUJMD04 2081 +204
Demurrage Clean AALPY00 42000.000 -500.000 Heavy distillates and residues FUJHD04 9971 -671
Demurrage Dirty AALQA00 50000.000 -1000.000 Source: FEDCom, S&P Global Commodity Insights

Singapore paper (PGA page 2655)

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

Naphtha Japan ($/mt) RAXFM00 NA NANA AAXFE00 702.25–702.75 702.500 +5.000 AAXFF00 692.75–693.25 693.000 +6.000
Naphtha AAPLD00 NA–NA NA NANA PAAAQ00 74.93–74.97 74.950 +0.350 PAAAR00 73.88–73.92 73.900 +0.450
Gasoline 95 unleaded AGUMB00 NA NANA AGUMM01 104.000 +0.470 AGUMM02 102.780 +0.470
Gasoline 92 unleaded AAXEK00 NA–NA NA NANA AAXEL00 99.43–99.47 99.450 +0.570 AAXEM00 98.16–98.20 98.180 +0.520
Reforming Spread AAXEN00 NA/NA NA NANA AAXEO00 24.48/24.52 24.500 +0.220 AAXEP00 24.26/24.30 24.280 +0.070
Kerosene AAPLE00 NA–NA NA NANA PJABS00 101.28–101.32 101.300 +0.660 PJABT00 101.58–101.62 101.600 +0.810
Gasoil AAPLF00 NA–NA NA NANA POAFC00 102.98–103.02 103.000 +0.650 POAFG00 102.91–102.95 102.930 +0.610
HSFO 180 CST ($/mt) AAPML00 NA–NA NA NANA PUAXZ00 492.23–492.27 492.250 +1.800 PUAYF00 492.48–492.52 492.500 +1.200
HSFO 380 CST ($/mt) AAPKB00 NA–NA NA NANA AAPKC00 473.98–474.02 474.000 +1.000 AAPKD00 476.73–476.77 476.750 +0.950
Gasoil EFS ($/mt) AAQTX00 NA NANA AAQTY00 -42.150 +1.090 AAQTZ00 -32.920 +0.550

Arab Gulf Front Month Swaps (PGA page 2638)

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

Naphtha ($/mt) NAGFM00 NA NANA NAGFM01 642.340 +3.130 NAGFM02 633.100 +1.720
Gasoline 95 unleaded AFUIM00 NA NANA AFUIM01 98.960 +0.590 AFUIM02 97.740 +0.590
Gasoline 92 unleaded RAGFM00 NA NANA RAGFM01 94.410 +0.690 RAGFM02 93.140 +0.640
Kerosene AFUAM00 NA NANA AFUAM01 96.860 +0.530 AFUAM02 97.180 +0.510
Gasoil AFUJM00 NA NANA AFUJM01 98.300 +0.520 AFUJM02 98.250 +0.300
HSFO 180 CST** AADZB00 NA NANA AADZM01 463.750 +1.750 AADZM02 465.250 +1.250
HSFO 380 CST AFURM00 NA NANA AFURM01 442.500 +2.000 AFURM02 446.500 +2.000
*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 28, 2024

Asia products data showed.

Code Mid Change Code Mid Change
Brokers pegged the physical FOB Singapore 92 RON
Japan physical oil assessments (PGA page 2006) gasoline crack against front-month ICE Brent crude
C+F Japan ($/mt) Premium/Discount oil futures in the $13.40-$13.45/b range at 0300 GMT,
Naphtha (min 70%) NCJCA00 711.500 +3.000 NCJCB00 16.000 0.000
down from the Platts assessment of $13.76/b on March
Naphtha PAAAD00 707.25–715.75 711.500 +3.000 PAADI00 15.75/16.25 16.000 0.000
Nph 1st 1/2 May PAAAE00 720.25–720.75 720.500 +3.000 27, S&P Global data showed.
Nph 2nd 1/2 May PAAAF00 715.25–715.75 715.500 +3.000 In tenders, Taiwan’s Formosa was selling 250,000
Nph 1st 1/2 Jun PAAAG00 707.25–707.75 707.500 +3.000
Naphtha MOPJ Strip AAXFH00 688.63–689.13 688.880 +6.380 AAXFI00 22.38/22.88 22.630 -3.370 barrels of 93 RON gasoline for loading over April 18-22,
C+F Japan ($/barrel) Premium/Discount at a premium of around $2/b to the April Means of
Gasoline 91-92 unleaded PGACW00 104.50–104.54 104.520 +0.680 Platts Singapore 92 RON gasoline assessment, FOB,
Gasoline 95 unleaded PGAQQ00 109.11–109.15 109.130 +0.680
Kerosene PJAAN00 102.98–103.02 103.000 +0.680 PAADK00 1.64/1.68 1.660 0.000 market sources said.
FOB Japan ($/barrel) Premium/Discount Platts is part of S&P Global Commodity Insights.
Gasoil POJAP00 100.840 +0.590 POJBP00 -2.150 -0.050

South Korea physical oil assessments (PGA page 2008) Platts Singapore Gasoline Rationales &
C+F Korea ($/mt) Premium/Discount Exclusions
Naphtha PAADE00 725.00–725.50 725.250 +3.000 PAADG00 13.50/14.00 13.750 0.000 Gasoline Unl 92 FOB Spore Cargo <PGAEY00>
C+F East Asia ($/mt) Premium/Discount assessment rationale: The FOB Singapore 92 RON
Naphtha** CFRCT00 720.250 +1.000 CFRCD00 8.750 -2.000
gasoline assessment March 28 took into consideration
FOB Korea ($/barrel) Premium/Discount
Gasoline 95 unleaded PGAQO00 103.65–103.69 103.670 +0.670
a bid for a cargo loading over April 20-24 at $100.05/b,
Jet PJADG00 100.32–100.36 100.340 +0.680 PJADI00 -1.02/-0.98 -1.000 0.000 a bid for a cargo loading over April 22-26 at $99.90/b,
Gasoil POAIE00 100.97–101.01 100.990 +0.640 POAIG00 -2.02/-1.98 -2.000 0.000
Bitumen Pen 60-80 ($/mt) BTKRA00 395.000 0.000 BTKRB00* -79.410 -1.090
and an offer for a cargo loading over April 20-24 at a
*Indicates relationship between premium/discount and HSFO 380 CST MOPS Strip. **All-origin naphtha from commercial tanks. premium of 40 cents/b to the Mean of Platts Singapore
92 RON gasoline assessment, at $99.56/b.
Mean of Platts West India netbacks (PGA page 2012)
Gasoline Unl 95 FOB Spore Cargo <PGAEZ00>
FOB India ($/mt) FOB India ($/barrel)
Naphtha AAQWK00 657.520 +4.550 AAQWJ00 73.060 +0.510
assessment rationale: The FOB Singapore 95 RON
Gasoline (92 RON) AARBQ00 816.420 +6.610 AARBP00 96.050 +0.780 gasoline assessment March 28 took into consideration
Gasoline (95 RON) AAQWI00 855.600 +6.610 AAQWH00 100.660 +0.780
the adjusted 92-95 inter-RON spread, in the absence of
Jet kero AAQWM00 763.230 +5.570 AAQWL00 96.610 +0.700
Gasoil 10 ppm AAQWO00 731.930 +5.740 AAQWN00 98.250 +0.780 bids, offers and trades.
Gasoil 500 ppm AAQWQ00 725.830 +5.750 AAQWP00 97.430 +0.780 Gasoline Unl 97 FOB Spore Cargo <PGAMS00>
Gasoil 2500 ppm AAQWS00 715.770 +5.750 AAQWR00 96.080 +0.780
assessment rationale: The FOB Singapore 97 RON
Australia (PGA page 2014)
gasoline assessment March 28 took into consideration
C+F Australia ($/barrel) the adjusted 97-95 inter-RON spread, taking into
Gasoline 92 AACZF00 107.10–107.14 107.120 +0.620
Gasoline 95 AACZH00 111.71–111.75 111.730 +0.620 account today’s adjusted 95-92 inter-RON spread, in
Jet AAFIY00 108.50–108.54 108.520 +0.530 the absence of bids, offers and trades.
Gasoil 10 ppm AAQUD00 110.86–110.90 110.880 +0.600
Gasoline Unl 92 FOB Arab Gulf Cargo <AAGJA00>
South Africa (PGA pages 2342 and 2412) assessment rationale: The FOB Arab Gulf 92 RON
CFR South Africa ($/barrel) gasoline cargo assessment was derived as a freight
Gasoline 95 unleaded AAQWW00 113.089 +0.008
Jet kero AAQWT00 107.236 -0.200
netback from the FOB Singapore 92 RON marker
Gasoil 10 ppm AAQWU00 107.843 -0.291 using the following calculation: FOB Singapore 92 RON
Gasoil 500 ppm AAQWV00 106.843 -0.291

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

Asia-Pacific/Arab Gulf Marketscan March 28, 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 ($/mt)
SAF Cost of Production BJNWA00 2043.045 -1.708
AG-Spore Spore-Japan AG-Japan Spore-Australia SAF CIF ARA MIRWD00 2853.250 +7.000
Naphtha AAPOF00 38.70* AAPOG00 75.82* SAF CIF ARA Premium MIRWF00 2000.000 0.000
Naphtha-LR2 AAPOH00 64.36* HVO HVNWA00 1879.523 -1.218
Gasoline AAPOC00 5.04 AAPOD00 4.55 AAPOE00 7.15
USWC ($/mt)
Kerosene AAPOI00 5.28 AAPOJ00 7.69
SAF Cost of Production w/ credits ASAFA00 1503.504 -21.831
Gasoil AAPOL00 5.60 AAPOM00 8.16
SAF Cost of Production w/o credits ASAFB00 567.385 -15.926
HSFO 180 CST AAPOO00 27.73* AAPOP00 22.80*
RD w/ credits ARDFA00 1461.965 -14.322
HSFO 380 CST AAPOQ00 27.73*
RD w/o credits ARDFB00 641.290 -8.261
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 185.727 -2.697

South China ($/mt)
Premium/Discount to MOPS ($/barrel) SAF Cost of Production w/o credits ASAFF00 70.089 -1.967
RD w/ credits ARDFE00 181.128 -1.775
Gasoline 92 unleaded AAICW00 852.00–856.00 854.000 +9.250
RD w/o credits ARDFF00 79.452 -1.023
Jet/kero PJABQ00 815.00–819.00 817.000 +5.250 AAWTW00 2.06/2.10 2.080 0.000
USWC (¢/gal)
Gasoil POAFA00 768.75–772.75 770.750 +5.000 AABJZ00 0.43/0.47 0.450 0.000
SAF Cost of Production w/ credits ASAFI00 442.207 -6.421

Hong Kong bunker grades ($/mt) SAF Cost of Production w/o credits ASAFJ00 166.878 -4.684
HSFO 380 CST PUAER00 493.50–494.50 494.000 0.000 RD w/ credits ARDFI00 431.258 -4.225
RD w/o credits ARDFJ00 189.171 -2.437
*C+F Hong Kong, $/barrel premium/discount to Mean of Platts Singapore.
Southeast Asia ($/mt)
SAF Cost of Production (PFAD) ASFAA00 1500.750 -0.750
HVO (PFAD) HVSAB00 1392.160 -0.390
Marine Fuel (PGA page 30) North Asia ($/mt)
$/mt Change vs FO 380 MOPS strip Change SAF Cost of Production (UCO) ASFAC00 1658.000 -3.140
0.5% FOB Singapore cargo AMFSA00 622.060 +5.110 AMOPA00 147.650 +4.020 HVO (UCO) HVNAA00 1537.030 -2.270
0.5% FOB Fujairah cargo AMFFA00 625.060 +1.850
0.5% FOB Rotterdam barge PUMFD00 587.750 +5.000
0.5% FOB US Gulf Coast barge AUGMB00 621.250 +9.750 Jet Index (PGA page 115)
0.5% Dlvd US Atlantic Coast barge AUAMB00 631.250 +9.500
Index $/barrel
0.5% FOB Mediterranean cargo MFFMM00 590.000 +4.750
Asia & Oceania PJASO00 290.52 PJASO08 101.68
0.5% CIF Mediterranean cargo MFCMM00 602.750 +4.750
Mid East & Africa PJMEA00 300.99 PJMEA08 100.79
$/barrel Change
Global PJGLO00 292.10 PJGLO08 106.86
0.5% FOB US Gulf Coast barge AUGMA00 97.830 +1.530
0.5% Dlvd US Atlantic Coast barge AUAMA00 99.410 +1.500

Marine Fuel 0.5% Derivatives, Mar 28 Foreign exchange rates (PGA page 2160)
Balance* Change Month 1 Change Month 2 Change USD/JPY AAWFX00 151.345 -0.440
Eur/USD AAWFU00 1.0824 -0.0001
Mar Apr May
USD/SGD AAWFZ00 1.3474 -0.0008
$/mt $/mt $/mt USD/MYR AAWGA00 4.7330 +0.0021
0.5% FOB Singapore cargo FOFS000 NA NANA FOFS001 621.250 +5.000 FOFS002 618.260 +4.610 USD/HKD AAWFY00 7.8249 +0.0020
0.5% FOB Fujairah cargo FOFF000 NA NANA FOFF001 624.750 +2.000 FOFF002 623.000 +1.750 AUD/USD AAWFT00 0.6535 +0.0014
0.5% FOB Rotterdam barge AMRAB00 NA NANA AMRAM01 583.750 +5.000 AMRAM02 577.750 +5.500 USD/INR AAFGW00 83.3671 +0.0408
0.5% vs. 3.5% FOB Rotterdam barge AMRBB00 NA NANA AMRBM01 112.750 +1.500 AMRBM02 101.500 +2.000 USD/CNY* AAWFW00 7.0948 +0.0002
$/barrel $/barrel $/barrel *Source: Bank of China
0.5% FOB US Gulf Coast barge AMARB00 NA NANA AMARM01 96.200 +1.550 AMARM02 94.800 +1.500
0.5% vs US Gulf Coast HSFO barge AUSBB00 NA NANA AUSBM01 24.650 +0.700 AUSBM02 21.950 +0.500
*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 28, 2024

assessment minus the cost of transporting a 35,000- Carbon Intensity (PGA page 4207)
Daily Carbon Intensity Premium Monthly Carbon Intensity
mt clean cargo from a basket of ports in the Persian
Asia $/bbl Date kgCO2e/bbl
Gulf to Singapore.
Gasoline Unl 92 FOB Singapore Cargo ALCEJ00 0.616 ALCEI00 Feb-24 48.16
Platts is part of S&P Global Commodity Insights. Jet Kero FOB Singapore Cargo ALCEL00 0.242 ALCEK00 Feb-24 18.93
Exclusions: No market data was excluded from the Gasoil 10ppm FOB Singapore Cargo ALCEH00 0.365 ALCEG00 Feb-24 28.54
Asian gasoline Platts Market on Close assessment United States Gulf Coast ¢/gal Date kgCO2e/gal
process March 28. Gasoline CBOB USGC Prompt Pipeline ALCEN00 1.306 ALCEM00 Feb-24 1.02
Jet Kero 54 USGC Prompt Pipeline ALCEP00 0.614 ALCEO00 Feb-24 0.48
No market data was excluded from the Asian ULSD USGC Prompt Pipeline ALCER00 0.794 ALCEQ00 Feb-24 0.62
gasoline derivative MOC process March 28. Northwest Europe $/mt Date kgCO2e/mt
Gasoline Eurobob (E5) FOB NWE Barge ALCEB00 4.816 ALCEA00 Feb-24 376.28
Platts FOB Fujairah Gasoline Daily Rationale & Jet FOB NWE Barge ALCED00 2.193 ALCEC00 Feb-24 171.36
ULSD 10ppm FOB NWE Barge 2.472 Feb-24 193.12
Exclusions ALCEF00 ALCEE00

Gasoline 92 RON FOB Fujairah cargo <RFJFS00>

assessment rationale: The assessment of FOB Fujairah
92 RON gasoline March 28 took into consideration the
92 RON gasoline Mean of Platts Arab Gulf strip value of
$93.91/b, as well as the cash differential for Fujairah 92
RON gasoline at $8.15/b in the absence of bids, offers
and trades in the FOB Fujairah 92 RON gasoline Market
on Close assessment process.
The MOPAG 92 RON gasoline strip is calculated
from April MOPAG 92 RON gasoline swap at $94.41/b
and May MOPAG 92 RON gasoline swap at $93.14/b.
The cash differential took into consideration values in
the FOB Fujairah 92 RON gasoline market heard in the
Middle East.
Gasoline 95 RON FOB Fujairah cargo <AFUJA00>
assessment rationale: The assessment of FOB Fujairah
95 RON gasoline March 28 took into consideration
the 95 RON gasoline MOPAG strip value of $98.48/b,
as well as the cash differential for Fujairah 95 RON
gasoline at $8.20/b in the absence of bids, offers and
trades in the FOB Fujairah 95 RON gasoline MOC.
The MOPAG 95 RON gasoline strip is calculated
from April MOPAG 95 RON gasoline swap at $98.96/b
and May MOPAG 95 RON gasoline swap at $97.74/b.
The cash differential took into consideration values in
the FOB Fujairah 95 RON gasoline market heard in the
Middle East.
Exclusions: No market data was excluded from the
Asian gasoline MOC March 28.
Platts is part of S&P Global Commodity Insights.
Platts FOB Fujairah Gasoline Bids, Offers,
Trades
Bids: PLATTS FUJAIRAH MOGAS CARGO MOC:
OUTSTANDING INTEREST: NO BIDS
Offers: PLATTS FUJAIRAH MOGAS CARGO MOC:
OUTSTANDING INTEREST: NO OFFERS
Trades: PLATTS FUJAIRAH MOGAS CARGO MOC:
OUTSTANDING INTEREST: NO TRADES
This assessment commentary applies to the
following market data codes: Gasoline 92 RON FOB
Fujairah Cargo <RFJFS00> and Gasoline 95 RON FOB
Fujairah Cargo <AFUJA00>
Platts Asia and Middle Eastern Naphtha
Daily Market Analysis
„ Weak demand on LPG substitution
„ Steady supply on Dangote refinery export
The Asian naphtha market weakened further March
28 as demand was thin amid steady naphtha supply,
Carbon credits (PGA page 496)
Change
Platts CEC
$/mtCO2e PCECA00 11.500 0.000
Jet Fuel Carbon Offset Premiums
$/b AJFCA00 55.324 0.000
market sources said.
The Platts-assessed C+F Japan naphtha crack
spread against May ICE Brent crude futures was at
$67.025/mt at the Asian close March 27, down $3.075/
mt from March 26.
The backwardation structure narrowed slightly as
brokers pegged front-month April-May Mean of Platts
Japan naphtha swap time spread at $10.25/mt in
midmorning Asian trade March 28, falling 50 cents/mt
from the previous session.
Demand for naphtha remained sluggish as end-
users were maximizing LPG usage at steam crackers
due to lower LPG prices, a Singapore-based trader
said. Demand during the week has been quiet as
almost all end-users have covered their H1 May
demand previously, a North Asian end-user said.
Platts assessed the CFR Northeast Asia propane
discount to C+F Japan naphtha physical at $97/mt at
the Asian close March 27, from $94.50/mt March 21.

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

Asia-Pacific/Arab Gulf Marketscan March 28, 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 907.00–907.50 907.250 +13.500 AAWZB00 928.75–929.25 929.000 +13.000
Naphtha PAAAI00 655.00–655.50 655.250 +2.750 PAAAH00 684.00–684.50 684.250 +2.000
Jet aviation fuel AAIDL00 812.75–813.25 813.000 +8.000
Gasoil 0.1% AAVJI00 NA–NA NA NANA AAVJJ00 803.25–803.75 803.500 +7.500 AMOPI00 4.97 +0.070
10ppm ULSD AAWYY00 804.75–805.25 805.000 +5.500 AAWYZ00 826.75–827.25 827.000 +5.000 AMOPN00 4.93 -0.190
1% PUAAK00 532.75–533.25 533.000 +6.500 PUAAJ00 547.25–547.75 547.500 +6.500
3.5% PUAAZ00 470.50–471.00 470.750 +2.750 PUAAY00 484.50–485.00 484.750 +2.750
Northwest Europe cargoes (PGA page 1110)
CIF (Basis ARA) FOB NWE MOPL Diff
Gasoline 10ppm AAXFQ00 982.75–983.25 983.000 +3.750
Naphtha Swap PAAAJ00 690.50–691.00 690.750 +4.000
Naphtha Phy PAAAL00 704.00–704.50 704.250 +1.500
Jet PJAAU00 853.00–853.50 853.250 +7.000 PJAAV00 833.00–833.50 833.250 +7.250 AMOPJ00 0.04 +0.070
Ultra low sulfur diesel 10ppm AAVBG00 837.50–838.00 837.750 +5.500 AAVBF00 824.50–825.00 824.750 +5.750 AMOPL00 10.43 +0.040
Gasoil 0.1% AAYWS00 802.00–802.50 802.250 +3.500 AAYWR00 NA–NA NA NANA AMOPH00 0.21 -0.030
Diesel 10ppm NWE AAWZC00 840.25–840.75 840.500 +5.500 AAWZD00 824.50–825.00 824.750 +5.750
Diesel 10 PPM UK AAVBH00 842.25–842.75 842.500 +5.500 AUKMA00 15.177 +0.039
1% PUAAL00 531.50–532.00 531.750 +6.500 PUAAM00 511.25–511.75 511.500 +6.500
3.5% PUABA00 466.00–466.50 466.250 +4.250 PUABB00 447.50–448.00 447.750 +4.250
0.5-0.7% straight run PKABA00 624.50–625.50 625.000 +9.750
Low sulfur VGO AAHMZ00 732.25–733.25 732.750 +10.000 AAHMX00 704.00–705.00 704.500 +9.750
High sulfur VGO AAHND00 718.50–719.50 719.000 +10.000 AAHNB00 690.50–691.50 691.000 +10.000
Northwest Europe barges (PGA pages 1112 & 1380)
FOB Rotterdam MOPL Diff
Eurobob AAQZV00 917.75–918.25 918.000 +6.750
E10 Eurobob AGEFA00 904.000 +9.750
Unleaded 98 AAKOD00 1015.75–1016.25 1016.000 +6.750
Premium Unleaded PGABM00 928.25–928.75 928.500 +11.000
Reformate AAXPM00 1020.000 +6.750
MTBE* PHALA00 1144.50–1145.00 1144.750 +10.500
Naphtha Phy PAAAM00 700.00–700.50 700.250 +1.500
Jet PJABA00 845.25–845.75 845.500 +7.000 AMOPK00 -3.26 -0.070
Gasoil 50 ppm AAUQC00 816.75–817.25 817.000 +4.500
Gasoil 0.1%* AAYWT00 797.75–798.25 798.000 +17.750 AMOPG00 13.63 +13.730
10 ppm* AAJUS00 821.25–821.75 821.500 +4.500 AMOPM00 2.31 -0.050
1% PUAAP00 511.25–511.75 511.500 +6.500
3.5% PUABC00 467.00–467.50 467.250 +4.250
Fuel Oil 3.5% 500 CST PUAGN00 463.00–463.50 463.250 +4.250
Low sulfur VGO AAHNF00 701.00–702.00 701.500 +9.750
High sulfur VGO AAHNI00 687.25–688.25 687.750 +9.750
*FOB Amsterdam-Rotterdam-Antwerp
Rotterdam bunker (PGA page 1112)
380 CST PUAFN00 467.50–468.50 468.000 +1.000

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

Asia-Pacific/Arab Gulf Marketscan March 28, 2024

Supply for naphtha could potentially increase as US products (¢/gal) (PGA page 158)
Code Mid Change Code Mid Change
market participants kept a close eye on exports from US West Coast pipeline
Nigeria’s Dangote refinery, market sources said. Los Angeles San Francisco
In tender news, Taiwan’s CPC issued a sell tender Unleaded 84 AAUHA00 314.01–314.11 314.060 +18.120 PGADG00 322.01–322.11 322.060 +10.870
offering 35,000 mt of naphtha for April 13-17 loading Premium 90 PGABG00 344.01–344.11 344.060 +18.120 PGABO00 352.01–352.11 352.060 +10.870
from Kaohsiung in a tender closing April 1, with validity CARBOB AAKYJ00 314.01–314.11 314.060 +10.870 AAKYN00 322.01–322.11 322.060 +10.870
CARBOB PREM AAKYL00 344.01–344.11 344.060 +10.870 AAKYP00 352.01–352.11 352.060 +10.870
until April 2.
Jet PJAAP00 263.72–263.82 263.770 +2.520 PJABC00 263.72–263.82 263.770 +2.520
Meanwhile, India’s Bharat Petroleum Corp. Ltd ULS (EPA) Diesel POAET00 269.47–269.57 269.520 +0.520 POAEY00 267.22–267.32 267.270 +0.520
offered 27,000 mt of naphtha, in a tender closing CARB diesel POAAK00 269.47–269.57 269.520 +0.520 POAAL00 267.22–267.32 267.270 +0.520
March 28, loading over April 15-16 from Kochi. However, Seattle Portland
tender award details was not yet available. Unleaded 84 AAXJE00 309.51–309.61 309.560 +2.590 AAXJC00 311.01–311.11 311.060 +2.590
Premium 90 AAXJF00 346.51–346.61 346.560 +10.590 AAXJD00 348.01–348.11 348.060 +10.590
In statistical news, South Korea’s naphtha imports Jet PJABB00 263.72–263.82 263.770 +2.520
fell 18.8% on the month and 21.1% on the year to ULS (EPA) Diesel AAUEX00 253.32–253.42 253.370 +7.660 AAUEY00 254.47–254.57 254.520 +7.660
18.963 million barrels in February, the Korea National Phoenix
Oil Corporation data showed. The slump in imports RBOB unleaded 84 AADDP00 326.01–326.11 326.060 +21.870
RBOB premium 89.5 PPXDJ00 356.01–356.11 356.060 +21.870
came as domestic naphtha consumption dipped 5.8%
Differential to NYMEX
on the month to 38.323 million barrels, while naphtha
CARBOB AANVX00 41.95/42.05 42.000 +6.000
production edged 2.9% lower on the month to 26.608 Jet Fuel AANVY00 1.45/1.55 1.500 +0.500
million barrels in February. ULS (EPA) Diesel AANVZ00 7.20/7.30 7.250 -1.500
Naphtha exports from South Korea were down CARB Diesel AANWA00 7.20/7.30 7.250 -1.500
17.9% on the month to 2.732 million barrels in February, US West Coast waterborne
Los Angeles
however, this was still up 3.1% on a year-on-year basis.
Unleaded 87 PGADI00 314.01–314.11 314.060 +18.120
Platts is part of S&P Global Commodity Insights. Jet PJABI00 262.72–262.82 262.770 +2.520

Platts Japan Naphtha Daily Rationales &

Exclusions
Naphtha C+F Japan Cargo <PAAAD00> Platts assessment of futures markets at MOC close (PGA page 703)
assessment rationale: The CFR Japan naphtha cargo Singapore 16:30
assessment on March 28 took into consideration an ICE gasoil futures ($/mt) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
Apr 24* AAQYM01 809.50 Apr XNRBA01 268.46 Apr XNHOA01 258.83
offer for H1 June at $709/mt, with a crack value of May 24 AAQYM02 799.75 May XNRBA02 266.88 May XNHOA02 259.22
$61.38/mt, which demonstrated value. The H1 May-H2 Jun 24 AAQYM03 793.50 Jun XNRBA03 264.05 Jun XNHOA03 258.89
May time spread was assessed at $5/mt and the H2 New York 14:30
May-H1 June time spread was assessed at $8/mt. NYMEX light sweet crude ($/barrel) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
May NYCRM01 83.15 Apr NYRBM01 277.44 Apr NYHOM01 261.51
Naphtha FOB Spore Cargo <PAAAP00>
Jun NYCRM02 82.41 May NYRBM02 272.02 May NYHOM02 262.14
assessment rationale: The FOB Singapore naphtha Jul NYCRM03 81.67 Jun NYRBM03 268.84 Jun NYHOM03 261.88
assessment was derived as a freight netback from *Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February.
the CFR Japan naphtha first cycle assessment using
the following calculation: CFR Japan naphtha first
cycle assessment minus the cost of transporting a

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

Asia-Pacific/Arab Gulf Marketscan March 28, 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 80.57–80.61 80.590 +0.580 AAPAI00 -5.05 -0.050 AAPAH00 81.420 +1.130
Ichthys FC 48.9 ICFCA00 88.040 +0.630 ICFCB00 2.400 0.000
DFC 56.82 ADFCA00 86.25–86.29 86.270 +0.810 ADFCB00 1.20/1.30 1.250 0.000 ADFCC00 0.630 +0.180 ADFCD00 87.100 +1.360
Qatar LSC 56.9 AARBB00 86.00–86.04 86.020 +0.810 AARBD00 0.95/1.05 1.000 0.000 AARBC00 0.380 +0.180 AARBA00 86.850 +1.360
South Pars 57.4 AARAV00 81.20–81.24 81.220 +0.810 AARAX00 -3.85/-3.75 -3.800 0.000 AARAW00 -4.420 +0.180 AARAU00 82.050 +1.360
Diff to ICP
Senipah 54.4 AAEOE00 77.57–77.61 77.590 +0.580 AAEOK00 -4.10/-4.00 -4.050 -0.050 AAPBE00 -8.050 -0.050 AAPBD00 78.420 +1.130
Light crude (PGA page 2214) (PGA page 2215)
Diff to ICP Diff to Asian Dated Brent
Cossack 47.7 PCAGZ00 87.97–88.01 87.990 +0.630 AAPAC00 2.350 0.000 AAPAB00 88.820 +1.180
Tapis 45.2 PCACB00 88.72–88.76 88.740 +0.530 AAOZW00 3.100 -0.100 AAOZV00 89.570 +1.080
Belida 45.1 PCAFL00 82.27–82.31 82.290 +0.630 PCAFM00 -1.75/-1.65 -1.700 0.000 AAPBQ00 -3.350 0.000 AAPBP00 83.120 +1.180
Kutubu 44.3 PCAFJ00 84.52–84.56 84.540 +0.630 AAPAE00 -1.100 0.000 AAPAD00 85.370 +1.180
Attaka 42.3 PCAAJ00 82.22–82.26 82.240 +0.630 PCAAK00 -1.75/-1.65 -1.700 0.000 AAPBC00 -3.400 0.000 AAPBB00 83.070 +1.180
Ardjuna 38 PCACQ00 84.82–84.86 84.840 +0.530 PCACR00 -1.25/-1.15 -1.200 -0.050 AAPBG00 -0.800 -0.100 AAPBF00 85.670 +1.080
Banyu Urip 32 PCAFQ00 90.140 +0.530 PCAQQ00 2.250 -0.050 AAPBU00 4.500 -0.100 AAPBR00 90.970 +1.080
Diff to Dubai
Sakhalin Blend 45.5 AARBN00 79.10–79.14 79.120 +0.810 AARCN00 -5.95/-5.85 -5.900 0.000 AARDN00 -6.520 +0.180 AAREN00 79.950 +1.360
ESPO M1 34.8 AARWF00 82.10–82.14 82.120 +0.810 AASEU00 -2.95/-2.85 -2.900 0.000 AARWE00 -3.690 -0.060 AARWD00 82.780 +1.120
ESPO M2 34.8 AAWFE00 81.15–81.19 81.170 +0.760 AAWFG00 -2.95/-2.85 -2.900 0.000
Sokol 39.7 AASCJ00 81.90–81.94 81.920 +0.810 AASCK00 -3.15/-3.05 -3.100 0.000 AAPAO00 -3.720 +0.180 AAPAN00 82.750 +1.360
Kikeh 34.9 AAWUH00 92.67–92.71 92.690 +0.530 AAOZY00 7.050 -0.100 AAOZX00 93.520 +1.080
Miri Light 32.3 PCABQ00 92.22–92.26 92.240 +0.530 AAPAS00 6.600 -0.100 AAPAR00 93.070 +1.080
Labuan 32 PCABL00 95.12–95.16 95.140 +0.530 AAPAQ00 9.500 -0.100 AAPAP00 95.970 +1.080
Kimanis 38.6 AASCL00 96.140 +0.530 AASCM00 10.500 -0.100 AASCN00 96.970 +1.080
Medium crude (PGA page 2216) (PGA page 2217)
Diff to Asian Dated Brent
Su Tu Den 36.8 AARAR00 92.17–92.21 92.190 +0.530 AARAS00 6.550 -0.100 AARAQ00 93.020 +1.080
Bach Ho 40.7 PCAHY00 93.92–93.96 93.940 +0.530 AAPAK00 8.300 -0.100 AAPAJ00 94.770 +1.080
Nanhai 40 PCAFR00 81.27–81.31 81.290 +0.530 AAPAG00 -4.350 -0.100 AAPAF00 82.120 +1.080
Nile Blend 33.9 AAPLC00 83.52–83.56 83.540 -0.170 AAPAM00 -2.100 -0.800 AAPAL00 84.370 +0.380
Daqing 32.2 PCAAZ00 85.17–85.21 85.190 +0.530 AAPAW00 -0.450 -0.100 AAPAV00 86.020 +1.080
Heavy crude (PGA page 2218) (PGA page 2219)
Diff to ICP Diff to Asian Dated Brent
Dar Blend 25 AARAB00 82.72–82.76 82.740 +0.630 AARAC00 -2.900 0.000 AARAA00 83.570 +1.180
Shengli 24.2 PCABY00 87.97–88.01 87.990 +0.630 AAPAY00 2.350 0.000 AAPAX00 88.820 +1.180
Duri 20.8 PCABA00 91.32–91.36 91.340 +0.630 PCABB00 2.80/2.90 2.850 0.000 AAPBM00 5.700 0.000 AAPBL00 92.170 +1.180
Vincent 18.3 AARAK00 95.790 +0.630 AARAL00 10.150 0.000 AARAJ00 96.620 +1.180

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

Asia-Pacific/Arab Gulf Marketscan March 28, 2024
30,000-mt clean cargo on the Singapore-to-Japan
route.
Naphtha FOB Arab Gulf Cargo <PAAAA00>
assessment rationale: The FOB Arab Gulf naphtha
assessment was derived as a freight netback from
the CFR Japan naphtha marker using the following
calculation: CFR Japan naphtha marker minus the
cost of transporting a 55,000-mt clean cargo from a
basket of ports on the Persian Gulf-to-Japan route.
Exclusions: No market data was excluded from the
March 28 Asian naphtha derivative Market on Close
assessment process.
No market data was excluded from the March 28
Asian naphtha MOC.
Platts is part of S&P Global Commodity Insights.
Platts FOB Fujairah Naphtha Daily Rationale &
Exclusions
Naphtha FOB Fujairah <NFJSA00 > assessment
rationale: The assessment of FOB Fujairah naphtha
on March 28 took into consideration the naphtha
Mean of Platts Arab Gulf strip value of $638.70/mt, as
well as the cash differential at $39/mt in the absence
Asia-Pacific/Arab Gulf Marketscan
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Trade Data: S&P Global Commodity Insights has defined standards for entities it
considers to be related and verifies through a variety of inputs whether
counterparties in reported trades meet these criteria.
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You may view or otherwise use the information, prices, indices, assessments and
other related information, graphs, tables and images (“Data”) in this publication
© 2024 by S&P Global Inc. All rights reserved. 9
of bids, offers and trades in the FOB Fujairah naphtha
market on close assessment process.
The MOPAG naphtha strip is calculated from
the April MOPAG naphtha swap at $642.34/mt and
May MOPAG naphtha swap at $633.10/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 28 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>.
only for your personal use or, if you or your company has a license for the Data
from S&P Global Commodity Insights and you are an authorized user, for your
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Platts Asia and Middle Eastern Jet Daily
Market Analysis
„ India’s MRPL offers jet A-1 fuel for April 19-21 loading
„ Market expects China’s April jet fuel exports at
170,000 mt
The Asian jet fuel/kerosene complex trended down
further March 28 as the front-month structure fell
deeper into contango while the FOB Singapore cash
differential continued to slip.
Platts assessed the front-month April-May time
spread for FOB Singapore jet fuel/kerosene swaps, an
indication of the near-term market, at minus 15 cents/b
at the March 27 Asian close, down 9 cents/b on the day
and 45 cents/b on the week.
Tracking the decline, the FOB Singapore jet fuel/
kerosene cash differential was assessed at minus
43 cents/b to the Mean of Platts Singapore jet fuel/
kerosene assessments March 27, tumbling 30 cents/b,
or 230.77%, on the day and extending declines for the
seventh straight session.
“Very much [bearish],” said a middle distillates
communications (whether written, oral, electronic or in other format), and shall not
be subject to any damages or liability, including but not limited to any indirect,
special, incidental, punitive or consequential damages (including but not limited to,
loss of profits, trading losses and loss of goodwill).
ICE index data and NYMEX futures data used herein are provided under S&P Global
Commodity Insights’ commercial licensing agreements with ICE and with NYMEX.
You acknowledge that the ICE index data and NYMEX futures data herein are
confidential and are proprietary trade secrets and data of ICE and NYMEX or its
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For all other queries or requests pursuant to this notice, please contact S&P Global
Inc. via email at ci.support@spglobal.com.
Asia-Pacific/Arab Gulf Marketscan March 28, 2024
trader, adding that a surge in freight costs through
March have made it “more difficult to do arbitrage.”
“Market should be quiet this week, most [cargoes]
have moved already,” said another trader.
In tenders, India’s Mangalore Refinery and
Petrochemicals Ltd. offered jet A-1 fuel for loading
April 19-21 from New Mangalore. The tender closes
March 28.
Meanwhile, China’s crude throughput continued
to recover in March on the back of buoyant oil
products demand in southern and eastern regions
of the country, but a series of refinery maintenance
scheduled for April would likely take a toll on runs
next month, information collected by S&P Global
Commodity Insights showed March 27.
Average utilization rates at 51 state-owned refining
plants covered by S&P Global rose one percentage
point to a six-month high of 83.4% in March, compared
with 82.4% in February. It was also 2.8 percentage
points higher from 80.6% in the same month a year
earlier, S&P Global data showed.
Utilization rates are likely to fall from April,
when a new 910,000 b/d capacity will be offline for
maintenance. In April, two state-owned refineries,
as well as two private mega refineries, will go into
maintenance, which will add to the 320,000 b/d
capacity already offline since the second half of March.
As such, China’s oil companies are also likely to cut
oil products exports next month. Around 2.84 million
mt of oil products, including 470,000 mt gasoline,
670,000 mt gasoil and 170,000 mt jet fuel would be
exported in April, market sources said.
Elsewhere, Japan’s stocks of kerosene fell 7.4%
on the week to 7.31 million barrels over March 17-23,
Petroleum Association of Japan data showed March 27.
The fall in inventories came as output of the heating
oil fell 14.4% on the week, the data showed.
Platts is part of S&P Global.
© 2024 by S&P Global Inc. All rights reserved. 10
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 28 was based on the adjusted
relationship between the physical and swaps markets.
The cash differential was down 8 cents/b on the
day at Mean of Platts Singapore Jet fuel/kerosene
assessment minus 51 cents/b, as the April/May jet
fuel/kerosene swap spread was down 15 cents/b on
the day at minus 30 cents/b.
Jet Kero FOB Arab Gulf Cargo <PJAAA00>
assessment rationale: The FOB Arab Gulf Jet Kero
cargo assessment was derived as a freight netback
from the FOB Singapore Jet Kero cargo assessment
using the following input: FOB Singapore Jet Kero
cargo assessment minus the cost of transporting a
55,000-mt clean cargo from a basket of ports in the
Persian Gulf to Singapore.
Exclusions: No market data was excluded from the
March 28 Singapore Jet fuel/kerosene Platts Market
on Close assessment process.
Platts is part of S&P Global Commodity Insights.
Platts FOB Fujairah Jet Kero Rationale &
Exclusions
Jet Kero FOB Fujairah cargo <AFUJF00>
assessment rationale: Platts assessed FOB Fujairah jet
fuel/kerosene on March 28 at a premium of $3.35/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 $96.99/b.
Exclusions: No market data was excluded from the
March 28 Fujairah Jet fuel/kerosene Market-on-Close
assessment process.
Platts is part of S&P Global Commodity Insights.
Platts Singapore Jet Kero Bids, Offers,
Trades
Bids: No bids reported
Offers: Jet: FOB Straits: Aramco offers Apr
+0.50 Apr 12-16 100kb; Jet: FOB Straits: BP offers
MOPS +0.50 Apr 12-16 100kb (Deemed pricing
Apr 9-16) 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; Jet: FOB Straits: Aramco offers
H2 Apr +0.50 Apr 17-21 100kb; Jet: FOB Straits: BP
offers MOPS +0.50 Apr 17-21 100kb (Deemed pricing
Apr 17-23) 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; Jet: FOB Straits: Aramco offers
H2 Apr +0.50 Apr 22-26 100kb; Jet: FOB Straits:
Mercuria offers MOPS +0.80 Apr 23-27 100kb; Jet:
FOB Straits: Vitol offers MOPS +0.60 Apr 23-27 100kb
(Deemed pricing 23-29)
Trades: No trades reported
This assessment commentary applies to the
following market data codes: Jet Kero <PJABF00>
Asia-Pacific/Arab Gulf Marketscan March 28, 2024
Platts Asia and Middle Eastern Gasoil Daily
Market Analysis
„ Falling freight piques arbitrage interests
„ South Korea’s February gasoil exports rise 1.1%
on month
The Asian gasoil complex saw few fresh tenders on
the day with the onset of the long weekend. Market
sentiment was still heard under pressure, however,
traders were keenly eyeing softening freight in hopes
for a viable improvement in arbitrage economics to
ship cargoes to Europe.
Platts last assessed the key LR2 Persian Gulf-
to-UKC voyage at $6.65 million on March 27, down
$750,000 on the day, and could continue on the
downtrend as vessels were placed on subjects at lower
levels. Shipping sources said that for gasoil fixtures,
Admic and KPC had placed LR2 tankers on subjects
for the Persian Gulf to UKC voyages, loading April 8 and
April 9, respectively, at $6.5 million; While Total fixed
the Minerva Zoe for a Duqm to UKC voyage, loading
April 6, at $5.6 million.
Market sources said these fixtures were likely
booked due to prior commitments rather than an open
arbitrage on paper.
The derivatives segment reflected a slight
improvement in sentiment, as brokers pegged front-
month April-May Singapore gasoil swap time spread
at plus 4 cents/b at intraday trading, compared with
plus 3 cents/b at the March 27 Asian close, S&P Global
Commodity Insights data showed.
In spot activity, Indian Oil was heard to have sold
31,500-38,500 mt of high-speed diesel to BP, loading
over April 10-14 from Chennai, at a discount of $2.40-
$2.60/b to the Mean of Platts Singapore 10 ppm sulfur
gasoil assessments, FOB, sources said.
The company was last heard to have sold a similar
tender cargo to Trafigura, loading over March 31-April 4,
© 2024 by S&P Global Inc. All rights reserved. 11
at a discount of $3.40/b to MOPS 10 ppm sulfur gasoil
assessments, FOB, pricing five days around bill of
lading, market sources said.
South Korea’s combined middle distillate exports
held unchanged on the month at 24.4 million barrels
in February, and up 1.8% on the year, latest data from
state-run Korea National Oil showed.
Gasoil exports were up 1.1% on the month and 8.1%
on the year at 17.03 million barrels (587,103 b/d) in
February.
Diesel demand slipped 24.1% on the month and
9.3% on the year to 10.54 million barrels over the
same period.
South Korea’s automotive fuels demand was
mixed in February amid uncertainty over whether the
government would further extend a years-long tax cut.
“Oil products demand has showed a mild recovery
despite weak automotive fuel consumption, but the
rise is mainly attributable to less crude throughput
rates in the US and China and rising oil prices due
to concerns about geopolitical risks, not driven by
demand of oil products,” a refinery official said.
Refining margins were at $5.90/b in the second
week of March, declining from $7-$8/b in January and
February, the official said.
Pump prices of diesel also gained 3.8% to average
Won 1,540/l in the second week of March, compared
with Won 1,483/l three months earlier.
South Korean refiners produced a total 104.24
million barrels, or 3.59 million b/d, of oil products in
February, up 7.2% from a year earlier to mark a fifth
consecutive rise, according to the KNOC data.
Local refiners are likely to maintain strong oil output
in the coming months as they are hopeful of a rebound
in cracking margins with rising oil prices.
South Korea’s refiners raised diesel production by
3% year on year to 28.32 million barrels in February.
Meanwhile, South Korea’s diesel stocks rose 12.9%
year on year to 12.34 million barrels in February.
The Platts FOB Singapore 10 ppm sulfur gasoil
swap crack spread against front-month Dubai swaps, a
measure of the product’s relative strength to the crude
it was refined from, was at an average of $24.68/b in
February, widening $1.80/b from the previous month,
S&P Global data showed.
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 28 took into consideration the
adjusted relationship between the physical and swaps
markets. The cash differential was up 2 cents/b at the
Mean of Platts Singapore Gasoil minus 27 cents/b, as
the April/May gasoil swap spread was up 4 cents/b at
plus 7 cents/b.
Gasoil .05%S (500ppm) FOB Spore Cargo
<AAFEX00> assessment rationale:
The FOB Singapore Gasoil 0.05% (500 ppm) cargo
assessment March 28 took into consideration the
adjusted relationship between the physical and swaps
markets. The cash differential was up 2 cents/b at the
Mean of Platts Singapore Gasoil minus $1.09/b, as the
April/May gasoil swap spread was up 4 cents/b at plus
7 cents/b.
Gasoil FOB Spore Cargo <POABC00> assessment
rationale:
The FOB Singapore Gasoil 0.001% (10 ppm) cargo
assessment March 28 took into consideration the
adjusted relationship between the physical and swaps
markets. The cash differential was up 2 cents/b at the
Mean of Platts Singapore Gasoil minus 27 cents/b, as
the April/May gasoil swap spread was up 4 cents/b at
plus 7 cents/b.
Exclusions: No market data was excluded from
the March 28 Singapore Gasoil Market on Close
Asia-Pacific/Arab Gulf Marketscan March 28, 2024
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
28 was assessed at a premium of $2.25/b to Mean
of Platts Arab Gulf gasoil assessment, taking into
consideration prices in the FOB Fujairah gasoil market
as well as differentials for recent cargo trades heard in
the Middle East. The MOPAG Gasoil Strip was $98.28/b.
Gasoil 500 ppm FOB Fujairah cargo <AFUJN00>
assessment rationale:
The FOB Fujairah 500 ppm Gasoil assessment on
March 28 was assessed at a premium of $1.25/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 $98.28/b.
Exclusions:
No market data was excluded from the March 28
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: Trafigura bids
MOPS -0.70 Apr 20-24 150kb INCO; Gasoil 10ppm: FOB
Straits: BP bids MOPS -0.60 Apr 23-27 168kb (Deemed
pricing Apr 22-26) 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
© 2024 by S&P Global Inc. All rights reserved. 12
exported from, in each case, the Russia Federation or
Crimea, the Donetsk People’s Republic or the Luhansk
People’s Republic in Ukraine; Gasoil 500ppm: FOB
Straits: Vitol bids MOPS -1.50 Apr 17-21 150kb (Deemed
pricing Apr 15-19) INCO
Offers: Gasoil 10ppm: FOB Straits: Vitol offers MOPS
+0.20 Apr 12-16 150kb or MOPS +0.20 Apr 17-21 150kb
or MOPS +0.20 Apr 23-27 150kb; Gasoil 10ppm: FOB
Straits: Unipec offers MOPS +0.00 Apr 17-21 150kb
(Deemed pricing Apr 16-22) INCO
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 28 took into consideration the
adjusted relationship between the physical and swaps
markets. The cash differential was up 2 cents/b at the
Mean of Platts Singapore Gasoil minus $2.44/b, as the
April/May gasoil swap spread was up 4 cents/b at plus
7 cents/b.
Gasoil .05% (500ppm) FOB Arab Gulf Cargo
<AAFEZ00> assessment rationale:
The FOB Arab Gulf Gasoil 0.05% (500 ppm) cargo
assessment was derived as a freight netback from
the FOB Singapore Gasoil 0.001% (10 ppm) cargo
assessment using the following inputs: FOB Singapore
Gasoil 0.001% (10 ppm) cargo assessment minus the
cost of transporting a 55,000-mt clean cargo from a
basket of ports in the Persian Gulf to Singapore, and
taking into account the cash differential between the
FOB Arab Gulf 10 ppm and 500 ppm assessments.
Gasoil FOB Arab Gulf Cargo <POAAT00>
assessment rationale:
The FOB Arab Gulf Gasoil 0.001% (10 ppm) cargo
assessment was derived as a freight netback from
the FOB Singapore Gasoil 0.001% (10 ppm) cargo
assessment using the following input: FOB Singapore
Gasoil 0.001% (10 ppm) cargo assessment minus the
cost of transporting a 55,000-mt clean cargo from a
basket of ports in the Persian Gulf to Singapore.
Exclusions:
No market data was excluded from the March
28 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
„ Asian LSFO backwardation narrows to over eight-
month low
„ About 2 mil-2.2 mil mt LSFO from West to arrive
in April
„ Fujairah heavy distillate stocks drop to
two-week low
The Asian low sulfur fuel oil market structure inched
up March 28, a day after the prompt M1-M2 time
spread slid to its narrowest backwardation in eight
months, while cash premiums for the marine fuel grade
dropped to a three-week low amid weak demand for
April-loading cargoes.
Lackluster bunkering demand and ample near-
term supplies would likely continue to dampen Asian
LSFO fundamentals in coming weeks, several trade
sources said.
Brokers pegged the Singapore marine fuel 0.5%S
April-May swaps time spread at $3/mt in midmorning
trade March 28. Platts assessed the spread at $2.60/
mt at the Asian close March 27, the lowest since July
25, 2023, when it was at $1.50/mt.
Platts assessed the Singapore front-month crack
Asia-Pacific/Arab Gulf Marketscan March 28, 2024
spread for the 0.5% sulfur marine fuel grade against
Brent crude 25 cents lower on the day at $12.11/b
March 27. The front-month crack for April was pegged
at $12.20/b in midmorning Asian trade March 28.
Platts assessed the Singapore 0.5%S marine
fuel cash premium over the Mean of Platts
Singapore Marine Fuel 0.5%S cargo assessment
33 cents lower on the day at $1/mt March 27, hurt
by competitive offers from Shell during the Platts
Market on Close assessment process from S&P Global
Commodity Insights. The cash premium for the IMO
2020-compliant marine fuel grade, which has slumped
nearly 81% so far this month, was currently at its
lowest level since March 6, when it was assessed at a
premium of 63 cents/mt.
Meanwhile, Platts assessed the benchmark
Singapore 380 CST HSFO cash differential over MOPS
380 CST HSFO swap values at a discount of $2.35/
mt at the Asian close March 27, compared with minus
$2.50/mt March 26.
The Singapore 180 CST HSFO cash differential to
the MOPS 180 CST HSFO swap value was assessed at
a narrower discount of $1.33/mt March 27, buoyed by a
firmer bid from Vitol during the MOC. The 180 CST cash
discount was at $6.05/mt March 26.
Asia’s HSFO market continues to be weighed
by abundant supplies, but traders were optimistic
summer power generation demand in coming months
would provide some support.
Platts assessed the front-month Singapore 380
CST HSFO crack against prompt-month Brent crude
marginally stronger at minus $10.45/b March 27,
compared with minus $10.52/mt in the preceding
session.
In the UAE, stockpiles of oil products at the Port
of Fujairah fell 1.3% in the week to March 25 from an
eight-month high a week earlier, with exports showing
signs of a pickup this month, according to the Fujairah
Oil Industry Zone and shipping data.
© 2024 by S&P Global Inc. All rights reserved. 13
Inventories of heavy distillates used as fuel oil for
power generation and for shipping dropped 6.3% on
the week to a two-week low of 9.971 million barrels, the
data showed.
Ship fuel demand has been sufficiently strong
to support the higher prices, partly as more ships
call at Fujairah for refueling before taking longer
routes around Africa to avoid the Red Sea, traders
said, adding that recent weather-related disruptions
have eased and barging schedules have returned
to normal.
In other statistics out recently, Japan’s oil products
exports rose 29.4% week on week to 3.78 million
barrels March 17-23, showed data from the Petroleum
Association of Japan March 27. Exports of LSFO,
however, slid 20.5% on the week to 445,477 barrels.
There were no LSFO imports for the fourth straight
week and no high-sulfur fuel oil inflows for the seventh
consecutive week, the data showed.
South Korea’s fuel oil imports slipped about 34%
on the month to 2.99 million barrels in February, but
inflows were up about 65% on the year, showed data
from state-run Korea National Oil.
Platts is part of S&P Global.
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 28 took into
consideration the rise in Singapore Marine Fuel 0.5%
April-May swaps spread, which was assessed 39 cents
wider on the day at $2.99/mt.
Exclusions: No market data was excluded from the
March 28 cargo assessment process.
Platts is part of S&P Global Commodity Insights.
This assessment commentary applies to the
following market data codes: Marine Fuel 0.5% FOB
Spore cargo $/mt <AMFSA00>
Platts FOB Singapore Marine Fuel 0.5%
Cargo Bids, Offers, Trades
Bids: No bids
Offers: Platts Marine Fuel 0.5%: FOB Straits: BP
offers MOPS +4.55 Apr 12-16 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 +4.55 Apr 17-21 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 +4.55 Apr 22-26 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
Asia-Pacific/Arab Gulf Marketscan March 28, 2024
People’s Republic in Ukraine.)
Platts Marine Fuel 0.5%: FOB Straits: Shell offers
MOPS +4.55 Apr 12-16 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 +4.55 Apr 17-21 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 +4.55 Apr 22-26 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: Idemitsu offers
MOPS +3.00 Apr 12-16 20kt OR
Platts Marine Fuel 0.5%: FOB Straits: Idemitsu offers
MOPS +4.00 Apr 17-21 20kt OR
Platts Marine Fuel 0.5%: FOB Straits: Idemitsu offers
MOPS +4.00 Apr 22-26 20kt
Trades: No trade
This assessment commentary applies to the
following market data codes: Marine Fuel 0.5% FOB
Spore cargo $/mt <AMFSA00>
© 2024 by S&P Global Inc. All rights reserved. 14
Platts Singapore Fuel Oil Paper Exclusions
Exclusions: No market data was excluded from
the March 28, 2024 Asian fuel oil paper assessment
process.
Fuel Oil Reported Deals
PLATTS SINGAPORE FUEL OIL PAPER TRADES
SUMMARY 28 Mar24
FUEL OIL 180CST SINGAPORE
PLATTS FO SPR: APR24/MAY24: NEST BUYS
FROM VITOL* 5KMT AT $-0.25 (04:28:20)
FUEL OIL 180CST SINGAPORE/FUEL OIL 380CST
SINGAPORE
PLATTS FO SPR: APR24: NEST BUYS FROM VITOL*
5KMT AT $18.00 (04:27:46)
PLATTS FO SPR: APR24: NEST BUYS FROM VITOL*
5KMT AT $18.25 (04:29:45)
FUEL OIL 380CST SINGAPORE
PLATTS FO: APR24: ONYX SELLS TO VITOL* 5KMT
AT $474.00 (04:25:31)
PLATTS FO: APR24: GUNVOR SELLS TO VITOL*
5KMT AT $473.75 (04:25:52)
PLATTS FO: APR24: GUNVOR SELLS TO VITOL*
5KMT AT $474.00 (04:28:16)
PLATTS FO: APR24: GUNVOR SELLS TO VITOL*
5KMT AT $473.75 (04:29:10)
PLATTS FO: APR24: GUNVOR SELLS TO VITOL*
5KMT AT $473.75 (04:29:29)
PLATTS SINGAPORE MARINE FUEL 0.5% PAPER
TRADES SUMMARY 28 Mar24
MARINE FUEL 0.5% FOB SINGAPORE (PLATTS)
PLATTS MARINE FUEL: APR24: DARE SELLS TO
GOODE* 5KMT AT $621.30 (04:29:44)
PLATTS MARINE FUEL: APR24: HOTEI SELLS TO
DARE* 5KMT AT $621.25 (04:29:50)
PLATTS MARINE FUEL: APR24: DARE BUYS FROM
HOTEI* 5KMT AT $621.25 (04:29:59)
PLATTS MARINE FUEL SPR: APR24/MAY24: HOTEI
BUYS FROM IDEMITSU* 5KMT AT $3.00 (04:29:59)
Platts Fujairah Daily Marine Fuel 0.5% Cargo
Daily Rationale & Exclusions
Marine Fuel 0.5% FOB Fujairah cargo $/mt
<AMFFA00> assessment rationale: FOB Fujairah
Marine Fuel 0.5%S cargo assessment on March
28 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 28 assessment process.
Platts is part of S&P Global Commodity Insights.
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>
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 28 took into consideration a
bid from Vitol for an April 13-17 loading cargo at Mean
of Platts Singapore 180 CST HSFO assessment plus $5/
mt. The assessment also took into consideration a bid
from Novum Energy Trading for an April 17-21 loading
cargo at parity to Mean of Platts Singapore 180 CST
Asia-Pacific/Arab Gulf Marketscan March 28, 2024
HSFO assessment.
FO 380 CST 3.5%S FOB Spore Cargo <PPXDK00>
assessment rationale: The FOB Singapore 380 CST
HSFO assessment March 28 took into consideration
an offer from Aramco Singapore for a 20,000 mt cargo
loading over April 12-16 at Mean of Platts Singapore
380 CST HSFO assessment minus $2.50/mt. The
assessment also took into consideration a bid from
Trafigura for an April 17-21 loading cargo at MOPS minus
$2.25/mt, and another bid from Trafigura for an April
22-26 loading cargo at MOPS minus $2/mt.
FO 180 CST 3.5%S FOB Arab Gulf Cargo <PUABE00>
assessment rationale: The FOB Arab Gulf 180 CST
HSFO assessment was derived as a freight netback
from the FOB Singapore 180 CST HSFO assessment
using the following calculation: FOB Singapore 180
CST HSFO assessment minus the cost of transporting
an 80,000-mt dirty cargo from the Persian Gulf to the
East.
FO 380 CST 3.5%S FOB Arab Gulf Cargo <AAIDC00>
assessment rationale: The FOB Arab Gulf 380 CST
HSFO assessment was derived as a freight netback
from the FOB Singapore 380 CST HSFO assessment
using the following calculation: FOB Singapore 380
CST HSFO assessment minus the cost of transporting
an 80,000-mt dirty cargo from the Persian Gulf to the
East.
Exclusions: No market data was excluded from
the March 28 high sulfur fuel oil cargo assessment
process.
Platts is part of S&P Global Commodity Insights.
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 on March 28 took into
consideration prices in the Fujairah 380 CST HSFO
delivered bunker market as well as differentials for
© 2024 by S&P Global Inc. All rights reserved. 15
recent cargo trades heard in the Middle East.
Exclusions: No market data was excluded from the
March 28 assessment process.
Platts Singapore Fuel Oil Bids Offers Trades
Bids: PLATTS HSFO: PHYSICAL BIDS FINALS ON
CLOSE (180 CST):
Platts HSFO 180CST: FOB Straits: Vitol bids MOPS
+5.00 Apr 13-17 25kt INCO
Platts HSFO 180CST: FOB Straits: Novum Energy
Trading bids MOPS +0.00 Apr 17-21 20kt INCO
PLATTS HSFO: PLATTS HSFO: PHYSICAL BIDS
FINALS ON CLOSE (380 CST):
Platts HSFO 380CST: FOB Straits: Trafigura bids
MOPS -2.50 Apr 12-16 40kt OR
Platts HSFO 380CST: FOB Straits: Trafigura bids
MOPS -2.25 Apr 17-21 40kt OR
Platts HSFO 380CST: FOB Straits: Trafigura bids
MOPS -2.00 Apr 22-26 40kt
Offers: PLATTS HSFO: PHYSICAL OFFERS FINALS
ON CLOSE (180 CST): No offers
PLATTS HSFO: PHYSICAL OFFERS FINALS ON
CLOSE (380 CST):
Platts HSFO 380CST: FOB Straits: AramcoSG offers
MOPS -2.50 Apr 12-16 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: Rex Commodities
offers MOPS +2.00 Apr 13-17 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 +2.00 Apr 18-22 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 +2.00 Apr 23-27 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: PetroChina offers
MOPS +1.00 Apr 12-16 20kt OR
Platts HSFO 380CST: FOB Straits: PetroChina offers
MOPS +1.00 Apr 17-21 20kt OR
Platts HSFO 380CST: FOB Straits: PetroChina offers
MOPS +1.00 Apr 22-26 20kt
Platts HSFO 380CST: FOB Straits: Novum Energy
Trading offers MOPS +1.00 Apr 17-21 20kt INCO
Platts HSFO 380CST: FOB Straits: Total offers MOPS
+1.00 Apr 12-16 20kt TotalEnergies GTC OR
Platts HSFO 380CST: FOB Straits: Total offers MOPS
+1.00 Apr 17-21 20kt TotalEnergies GTC OR
Platts HSFO 380CST: FOB Straits: Total offers MOPS
+1.00 Apr 22-26 20kt TotalEnergies GTC
Trades: No trade
Platts Bitumen: PHYSICAL BIDS FINALS ON CLOSE:
FOB STRAITS: No bids
Asia-Pacific/Arab Gulf Marketscan March 28, 2024
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
„ AZRBOB differential rises 17 cents
„ Los Angeles suboctane rises 13.25 cents
On the West Coast, gasoline differentials jumped
as market interest was focused on regrades and
premiums on March 28.
The greatest adjustment in regrade was seen for
AZRBOB versus Los Angeles CARBOB as it increased 11
cents to plus 12 cents/gal. The widened spread caused
the differential for AZRBOB to spike 17 cents and close
at NYMEX May RBOB futures plus 54 cents/gal. After
the close, a trade was heard for the regrade at plus 15
cents/gal.
In Los Angeles, the differential for CARBOB
increased 6 cents to NYMEX May RBOB futures plus
42 cents/gal. After close, the gasoline grade was heard
to trade at futures plus 49 cents/gal. The suboctane
regrade to CARBOB narrowed from minus 7.25 to zero,
causing suboctane to also be assessed at futures plus
42 cents/gal.
“I think there was a big inventory draw yesterday,”
© 2024 by S&P Global Inc. All rights reserved. 16
one broker said in response to why the prices were
increasing so much this week. Another trader said that
scheduling was tight in the region.
The San Francisco CARBOB differential also
increased 6 cents, and closed at futures plus 50 cents/
gal. The differential was last seen at a higher price on
Dec. 29, 2023, at futures plus 54 cents/gal.
In the Pacific Northwest, the regrade between
premium and regular Portland suboctane increased
from 29 cents/gal to 37 cents/gal. The differential for
premium grade increased 7 cents to futures plus 76
cents/gal, while the regular grade counterpart fell 1
cent to futures plus 39 cents/gal.
Platts is part of S&P Global Commodity Insights.
Platts Middle East Sour Crude Daily Market
Analysis
„ Inpex sells Murban, Upper Zakum for June
„ Trade for May delivery ESPO to China kicks
off slowly
Details of pre-allocation trades for June-loading
ADNOC grades emerged in the sour crude market on
March 28.
Japanese producer Inpex was heard to have sold
a total of three 500,000-barrel cargoes of Murban
crude to Glencore and Gunvor, at premiums in the
high-teens/b to the grade’s official selling price on
FOB basis. Inpex was also heard to have sold one
500,000-barrel cargo each of Upper Zakum to BP and
TotalEnergies, at premiums ranging from mid-single
digit to high-teens against the grade’s OSP, FOB.
Activities were otherwise muted as trade of the
current prompt May-loading cycle has come to a tail
end, while trade of June-loading barrels have yet to
fully start ahead of allocations from Middle East Gulf
producers.
Trade activity for May-delivery barrels of Russia’s
ESPO Blend into eastern China’s Shandong was slowly
kicking off, with levels heard discussed at parity to
premiums of 10-20 cents/b to July ICE Brent futures on
a DES basis.
Apart from weak refining margins and upcoming
refinery maintenance keeping some Shandong-based
independent refiners on the sidelines, a couple of
trade sources also attributed the slow start in activity
to more stringent requirements on ships by a few
buyers in view of US sanctions on vessels.
This follows Indian refiners seeking to diversity its
crude suppliers following the tightening of sanctions
against Russia by the EU and US.
In addition to logistical issues posed by sanctioned
tankers, currency issues continue to be problematic
for payment, according to Elvira Nabiullina, governor
of the Bank of Russia, S&P Global Commodity Insights
reported previously.
Data from S&P Global Commodities at Sea showed
some 800,000 b/d of Russia’s flagship medium sour
Urals grade have loaded so far in March to be shipped
to Indian buyers, down from 1.2 million b/d in February.
The volume was on track to be the lowest since
October 2022.
Separately, China’s Yulong Petrochemical is likely to
receive its first crude cargo in late April at Yantai port
in Shandong, according to port sources with knowledge
of the matter on March 27.
The first ESPO crude cargo, which will be loaded
via the Panama-flagged 115,723 dwt vessel Si He, is
likely to call the port at around April 20, according to
the source.
This will be one of the three 100,000-mt ESPO
cargoes the refinery bought for April delivery, to be
followed by 2 million barrels of Oman for May delivery,
according to trade sources.
Sources expect the April-delivery cargoes to be
placed into bonded storage tanks first, since Yulong
has yet to receive crude import quotas.
Asia-Pacific/Arab Gulf Marketscan March 28, 2024
In other news, Saudi Arabia is stockpiling fuel oil for
its peak summer air conditioning season even as it is
forecast to burn 5% less crude for electricity in 2024,
according to S&P Global data, as part of an ongoing
diversification of its power mix.
This year, Saudi crude burn is expected to fall
below 450,000 b/d on average, according to S&P
Global’s latest forecast. That compares with an
average of 454,000 b/d seen between 2020 and 2023,
according to crude burn data from Riyadh-based Joint
Organizations Data Initiative.
“During the peak summer season, it could rise to
above 600,000 b/d due to the heightened demand for
power generation,” Dong Wang, Middle East oil markets
analyst at the company, said.
The projected dip in Saudi crude oil burn comes
amid a drive to boost domestic gas capacity.
Platts Mideast Sour Crude Daily Rationales &
Exclusions
Dubai Mo01 <PCAAT00> assessment rationale:
The May cash Dubai assessment March 28 took into
consideration bids and offers for cash Dubai partials
that traded at $86.29-$86.30/b toward the end of the
Platts Market on Close assessment process from S&P
Global Commodity Insights.
Oman Blend Mo01 <PCABS00> assessment
rationale: The May cash Oman assessment March 28
took into consideration the declaration of an Oman
cargo on convergence of Dubai partials.
Exclusions: No data was excluded from the Middle
East sour crude MOC.
Platts Oil Mideast Sour Crude
Convergences
**Platts Crude: Vitol declares a cargo of May
Al Shaheen crude to PetroChina following the
convergence of 20 partials in Platts cash Dubai.
© 2024 by S&P Global Inc. All rights reserved. 17
***Platts Crude: Vitol declares a cargo of May Oman
crude to PetroChina following the convergence of 20
partials in Platts cash Dubai.
****Platts Crude: Vitol declares a cargo of May
Murban 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: PETROCHINA BIDS 25KB
AT $86.28
PLATTS DUBAI: MAY24: SHELL BIDS 25KB AT $86.25
PLATTS DUBAI: MAY24: PHILLIPS 66 BIDS 25KB
AT $86.25
PLATTS DUBAI: MAY24: TRAFIGURA BIDS 25KB
AT $86.00
PLATTS DUBAI: MAY24: MERCURIA BIDS 25KB
AT $86.00
PLATTS DUBAI: MAY24: MITSUI NO LONGER BIDS
AFTER TRADE
PLATTS DUBAI: MAY24: BP NO LONGER BIDS
AFTER TRADE
PLATTS DUBAI: MAY24: PETROCHINA NO LONGER
BIDS AFTER TRADE
Offers:
PLATTS DUBAI: MAY24: UNIPEC OFFERS 25KB AT
$86.30 AND TRADES DURING EXTENSION
PLATTS DUBAI: MAY24: EXXONMOBIL OFFERS 25KB
AT $86.50
PLATTS DUBAI: MAY24: VITOL NO LONGER OFFERS
AFTER TRADE
PLATTS DUBAI: MAY24: VITOL NO LONGER OFFERS
AFTER TRADE
PLATTS DUBAI: MAY24: TOTAL 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: GUNVOR NO LONGER
OFFERS AFTER TRADE
PLATTS DUBAI: MAY24: PHILLIPS 66 NO LONGER
OFFERS 25KB AT $86.40 AFTER WITHDRAWAL
(04:15:39)
PLATTS DUBAI: JUN24: VITOL NO LONGER OFFERS
25KB AT $86.50 AFTER WITHDRAWAL (04:14:54)
Trades:
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.25 (04:25:29)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.23 (04:25:32)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.25 (04:25:36)**
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.23 (04:25:38)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.25 (04:25:42)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.23 (04:25:45)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.25 (04:25:54)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.23 (04:25:55)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.25 (04:26:04)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.25 (04:26:06)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.25 (04:26:08)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.25 (04:26:10)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.25 (04:26:13)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.25 (04:26:13)
PLATTS DUBAI: MAY24: VITOL SELLS TO
Asia-Pacific/Arab Gulf Marketscan March 28, 2024
PETROCHINA* 25KB AT $86.25 (04:26:18)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.25 (04:26:19)
PLATTS DUBAI: MAY24: VITOL SELLS TO MITSUI*
25KB AT $86.15 (04:26:20)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.25 (04:26:24)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.25 (04:26:25)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.25 (04:26:29)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.25 (04:26:31)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.25 (04:26:46)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.25 (04:26:47)
PLATTS DUBAI: MAY24: RELIANCE SELLS TO
PETROCHINA* 25KB AT $86.25 (04:26:51)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.25 (04:26:53)***
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.25 (04:26:59)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.25 (04:27:01)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.25 (04:27:05)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.25 (04:27:07)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.25 (04:27:12)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.25 (04:27:14)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.25 (04:27:19)
PLATTS DUBAI: MAY24: PETROCHINA BUYS FROM
VITOL* 25KB AT $86.26 (04:27:19)
PLATTS DUBAI: MAY24: RELIANCE SELLS TO
PETROCHINA* 25KB AT $86.25 (04:27:20)
© 2024 by S&P Global Inc. All rights reserved.
PLATTS DUBAI: MAY24: MERCURIA BUYS FROM
TOTAL* 25KB AT $86.30 (04:27:22)
PLATTS DUBAI: MAY24: PETROCHINA BUYS FROM
VITOL* 25KB AT $86.26 (04:27:25)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.25 (04:27:28)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.25 (04:27:31)
PLATTS DUBAI: MAY24: PETROCHINA BUYS FROM
VITOL* 25KB AT $86.26 (04:27:34)
PLATTS DUBAI: MAY24: MERCURIA BUYS FROM
EQUINOR* 25KB AT $86.30 (04:27:36)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.29 (04:27:42)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.27 (04:27:43)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.29 (04:27:48)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.27 (04:27:49)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.29 (04:27:55)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.27 (04:27:57)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.29 (04:28:02)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.27 (04:28:04)****
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.29 (04:28:10)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.27 (04:28:13)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.29 (04:28:17)
PLATTS DUBAI: MAY24: RELIANCE SELLS TO
PETROCHINA* 25KB AT $86.29 (04:28:21)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.29 (04:28:32)
PLATTS DUBAI: MAY24: VITOL SELLS TO
18
PETROCHINA* 25KB AT $86.29 (04:28:35)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.29 (04:28:41)
PLATTS DUBAI: MAY24: MERCURIA BUYS FROM
VITOL* 25KB AT $86.30 (04:28:41)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.28 (04:28:43)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.29 (04:28:45)
PLATTS DUBAI: MAY24: VITOL SELLS TO MITSUI*
25KB AT $86.28 (04:28:47)
PLATTS DUBAI: MAY24: MERCURIA BUYS FROM
TOTAL* 25KB AT $86.30 (04:28:52)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
UNIPEC* 25KB AT $86.30 (04:28:54)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.29 (04:28:56)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
EQUINOR* 25KB AT $86.30 (04:28:58)
PLATTS DUBAI: MAY24: SHELL BUYS FROM VITOL*
25KB AT $86.30 (04:28:59)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
RELIANCE* 25KB AT $86.30 (04:29:01)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
GUNVOR* 25KB AT $86.30 (04:29:04)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.29 (04:29:05)
PLATTS DUBAI: MAY24: SHELL BUYS FROM VITOL*
25KB AT $86.30 (04:29:06)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
UNIPEC* 25KB AT $86.30 (04:29:07)
PLATTS DUBAI: MAY24: SHELL BUYS FROM TOTAL*
25KB AT $86.30 (04:29:09)
PLATTS DUBAI: MAY24: RELIANCE SELLS TO
PETROCHINA* 25KB AT $86.29 (04:29:10)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
EQUINOR* 25KB AT $86.30 (04:29:11)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
RELIANCE* 25KB AT $86.30 (04:29:13)
Asia-Pacific/Arab Gulf Marketscan March 28, 2024
PLATTS DUBAI: MAY24: SHELL BUYS FROM VITOL*
25KB AT $86.30 (04:29:16)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
GUNVOR* 25KB AT $86.30 (04:29:18)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
UNIPEC* 25KB AT $86.30 (04:29:19)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
RELIANCE* 25KB AT $86.30 (04:29:21)
PLATTS DUBAI: MAY24: RELIANCE SELLS TO
MITSUI* 25KB AT $86.29 (04:29:22)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
EQUINOR* 25KB AT $86.30 (04:29:22)
PLATTS DUBAI: MAY24: MERCURIA BUYS FROM
TOTAL* 25KB AT $86.30 (04:29:22)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
UNIPEC* 25KB AT $86.30 (04:29:23)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
GUNVOR* 25KB AT $86.30 (04:29:24)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
EQUINOR* 25KB AT $86.30 (04:29:29)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
RELIANCE* 25KB AT $86.30 (04:29:29)
PLATTS DUBAI: MAY24: MERCURIA BUYS FROM
GUNVOR* 25KB AT $86.30 (04:29:31)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
UNIPEC* 25KB AT $86.30 (04:29:31)
PLATTS DUBAI: MAY24: SHELL BUYS FROM TOTAL*
25KB AT $86.30 (04:29:34)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
RELIANCE* 25KB AT $86.30 (04:29:35)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
EQUINOR* 25KB AT $86.30 (04:29:35)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
GUNVOR* 25KB AT $86.30 (04:29:37)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
UNIPEC* 25KB AT $86.30 (04:29:41)
PLATTS DUBAI: MAY24: VITOL SELLS TO
PETROCHINA* 25KB AT $86.29 (04:29:42)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
© 2024 by S&P Global Inc. All rights reserved.
RELIANCE* 25KB AT $86.30 (04:29:43)
PLATTS DUBAI: MAY24: MERCURIA BUYS FROM
GUNVOR* 25KB AT $86.30 (04:29:44)
PLATTS DUBAI: MAY24: SHELL BUYS FROM TOTAL*
25KB AT $86.30 (04:29:45)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
UNIPEC* 25KB AT $86.30 (04:29:47)
PLATTS DUBAI: MAY24: PETROCHINA BUYS FROM
EQUINOR* 25KB AT $86.30 (04:29:49)
PLATTS DUBAI: MAY24: MITSUI BUYS FROM
RELIANCE* 25KB AT $86.30 (04:29:49)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
GUNVOR* 25KB AT $86.30 (04:29:50)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
UNIPEC* 25KB AT $86.30 (04:29:51)
PLATTS DUBAI: MAY24: VITOL SELLS TO BP* 25KB
AT $86.29 (04:29:52)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
RELIANCE* 25KB AT $86.30 (04:29:55)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
GUNVOR* 25KB AT $86.30 (04:29:55)
PLATTS DUBAI: MAY24: MERCURIA BUYS FROM
EQUINOR* 25KB AT $86.30 (04:29:55)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
UNIPEC* 25KB AT $86.30 (04:29:56)
PLATTS DUBAI: MAY24: PETROCHINA BUYS FROM
TOTAL* 25KB AT $86.30 (04:29:56)
PLATTS DUBAI: MAY24: VITOL SELLS TO MITSUI*
25KB AT $86.29 (04:29:57)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
RELIANCE* 25KB AT $86.30 (04:29:57)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
GUNVOR* 25KB AT $86.30 (04:29:59)
PLATTS DUBAI: MAY24: VITOL SELLS TO BP* 25KB
AT $86.29 (04:30:00)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
UNIPEC* 25KB AT $86.30 (04:30:02)
PLATTS DUBAI: MAY24: SHELL BUYS FROM
RELIANCE* 25KB AT $86.30 (04:30:03)
19
This assessment commentary applies to the
following market data codes: Dubai M1 <PCAAT00>,
Oman M1 <PCABS00>
Platts Asia Pacific Sweet Crude Daily
Market Analysis
„ Pertamina purchases Wheatstone condensate
via tender
„ May-loading Muda, Cakerawala condensates trade
„ Deeper discounts for Sudan/South Sudan’s Nile
Blend crude
Initial results emerged March 28 for the June-
delivery condensate tender issued by Indonesia’s
Pertamina.
Pertamina was heard to have purchased a cargo
of Wheatstone condensate via a tender that closed
March 25 with March 27 validity, market sources said.
Further details were not yet known.
Malaysia’s Muda and Cakerawala condensate
barrels for May loading were heard sold to a Thai
end-user at small premiums to the Platts Dated Brent
crude assessments, FOB, sources said. Price levels
could not yet be confirmed.
On heavy crudes, deeper discounts were seen for
Sudan/South Sudan’s Nile Blend crude loading in April.
Two cargoes by the Republic of South Sudan had
traded at discounts in the $6s/b to Dated Brent, while
two more cargoes had traded at discounts in the
$4s/b to $5s/b over the same benchmark, according
to a trade source. Most of the cargoes were headed to
China, with the remaining cargo going to Fujairah, the
source added.
The sharp drop in cash differentials of March-
loading barrels, which traded at a discount of around
$1.30/b to Dated Brent on FOB basis, was due to
increased Brent prices as well as heightened Middle
East tensions, the source said.
Asia-Pacific/Arab Gulf Marketscan March 28, 2024
“Dated Brent is now touching $86/b to $87/b, so the
discount has to increase with the increased base price,
and these cargoes used to go to the European market,
but no European refiners are buying now as they don’t
want to take a chance on crudes traversing through
the Red Sea,” the source said.
Platts Asia Light Sweet Crude Daily Rationale &
Exclusions
ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01
<AASEU00> assessment rationale: The ESPO M1 May
assessment March 28 took into consideration latest
trade indications heard in the broader market.
Exclusions: No data was excluded from the
Asia-Pacific regional crude Platts Market on Close
assessment process from S&P Global Commodity
Insights.
Platts Asia Light Sweet Crude Bids, Offers,
Trades
Bids: NIL
Offers: NIL
Trades: NIL
This assessment commentary applies to the
following market data code: ESPO M1 vs Dubai M2
<AASEU00>
Subscriber Notes
Platts corrects March 27 FOB Singapore 500 ppm and
2500 ppm gasoil assessments
Please note that the March 27 FOB Singapore 500
ppm and 2500 ppm sulfur gasoil assessments should
read as follows:
FOB Singapore
Product Code Low High Close Change
Gasoil 0.05% S ($/b) AAFEX00 101.22 101.26
© 2024 by S&P Global Inc. All rights reserved. 20
101.24 -1.7
Gasoil 0.25% S ($/b) AACUE00 99.87 99.91
99.89 -1.75
Gasoil 0.25% Cargo ($/mt) AAXNB00 744.032 744.33
744.181 -13.037
Spot Prem/Disc
Gasoil 0.05% S ($/b) AAFFB00 -1.13 -1.09 -1.11 0.19
Gasoil 0.25% S ($/b) AACQI00 -2.48 -2.44 -2.46 0.14
These assessments appear in the Platts Asia
Pacific/Arab Gulf Marketscan, on Platts Global Alert
pages: MH2404, RF2404, MH2420, RF2420, MH2004,
RF2004, MH2410, RF2410, MH2002, RF2002, MH2470,
RF2470, MH2014, RF2014, MH0032, RF0032, MH0024,
RF0024, MH 2280, CR2280, MH 2460, RF2460, MH2012,
RF2012, PB2013, MH2414, RF2414, MH2402, RF2402.
Platts corrects March 26 FOB Singapore, Arab Gulf,
CFR Australia gasoil assessments
Please note that Platts, part of S&P Global
Commodity Insights, has corrected the March 26
FOB Singapore 10 ppm assessments and premium/
discount, as well as the FOB Arab Gulf and CFR
Australia gasoil assessments. They should read as
follows:
FOB Singapore
Code Low High Close
Gasoil 10ppm AAOVC00 103.96 104.00 103.980
Gasoil POABC00 103.96 104.00 103.980
Spot Prem/Disc
Code Low High Close
Gasoil 10ppm AAOVD00 -0.28 -0.24 -0.260
Gasoil POAIC00 -0.28 -0.24 -0.260
FOB Arab Gulf
Code Low High Close
Gasoil 0.001% AAIDT00 97.87 97.91 97.890
Gasoil 0.005% AASGJ00 97.42 97.46 97.440
Gasoil 0.05% AAFEZ00 96.87 96.91 96.890
Gasoil 0.25% AACUA00 94.99 95.03 95.010
Gasoil POAAT00 97.87 97.91 97.890
C+F Australia
Code Low High Close
Gasoil 10ppm AAQUD00 112.18 112.22 112.200
These assessments appear in the Platts Asia
Pacific/Arab Gulf Marketscan, on Platts Global Alert
pages: MH2404, RF2404, MH2420, RF2420, MH2004,
RF2004, MH2410, RF2410, MH2002, RF2002, MH2470,
RF2470, MH2014, RF2014, MH0032, RF0032, MH0024,
RF0024, MH 2280, CR2280, MH 2460, RF2460, MH2012,
RF2012, PB2013, MH2414, RF2414, MH2402, RF2402.
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
Asia-Pacific/Arab Gulf Marketscan March 28, 2024

ULSD 10ppmS CIF Med Cargo AAWYZ00 AMOPN00

will equate to the outright ULSD 10ppmS CIF NWE ULSD 10ppmS FOB ARA Barge AAJUS00 AMOPM00 1110, 1112, 1114, 1410 and 1420.
Cargo assessment value on March 1 minus the MOPL Gasoil 0.1%S CIF NWE Cargo AAYWS00 AMOPH00 Please send any comments or feedback
Gasoil .1%S (1000ppm) CIF Med Cargo AAVJJ00 AMOPI00
strip value. Gasoil .1%S (1000ppm) FOB ARA Barge AAYWT00 AMOPG00 to europe_products@spglobal.com and
The new differential assessments will be published Jet CIF NWE Cargo PJAAU00 AMOPJ00 pricegroup@spglobal.com
Jet Barges FOB FARAG PJABA00 AMOPK00
alongside and complement the following Platts middle For written comments, please provide a clear
distillates assessments, which are informed by bids, indication if comments are not intended for
offers and trades reported in the Platts Market on The new differential assessments appear in Platts publication by Platts for public viewing. Platts will
Close Assessment process: European Marketscan, US Marketscan, Oilgram Price consider all comments received and will make
Assessment Code MOPL Differential Report, Asia-Pacific-Arab Gulf Marketscan and Platts comments not marked as confidential available upon
ULSD 10ppmS CIF NWE Cargo AAVBG00 AMOPL00
Global Alert and Platts Refined Products Alert pages request.

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

Asia-Pacific/Arab Gulf Marketscan March 28, 2024

China tanker fixtures

Vessel name Volume (kt) Grade Origin Port Arrival Buyers

ABUNDANCE III 268 Mal Blend Malaysia Dongjiakou 2/22/2024 TBA

ACRUX 124 Sururu Brazil Yantai 3/18/2024 ChemChina
ACRUX 133 Sepia Brazil Yantai 3/18/2024 ChemChina
AFRAMAX RIO 60 Fuel Oil Malaysia Changxing Island 3/20/2024 Hengli Petrochemical
AMBER 6 95 ESPO Russia Dongying 3/1/2024 Hualian
AMOR 260 Crude Malaysia Rizhao 3/13/2024 TBA
APOLYTARES 132 Murban UAE Yantai 3/25/2024 ChemChina
ATLANTICOS 30 Fuel Oil Russia Dongying 3/9/2024 TBA
AULIS 100 ESPO Russia Dongjiakou 3/8/2024 Lijin
BOREAS 134 Mal Blend Malaysia Dongjiakou 3/5/2024 Xin Rui Ji
CAPTAIN KOSTICHEV 100 Sokol Russia Tianjin 3/15/2024 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
CRIUS 100 ESPO Russia Dongjiakou 3/16/2024 Lijin
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
DIMITRA II 100 Mal Blend Malaysia Yantai 3/15/2024 Wantong
DOLPHIN 60 Mal Blend Malaysia Dongying 2/24/2024 Wantong
EMILY S 100 ESPO Russia Rizhao 3/2/2024 Fengli
EMILY S 98 ESPO Russia Dongying 3/24/2024 TBA
ENEOS ARROW 273 Arab Light Saudi Arabia Zhoushan 2/25/2024 Zhejiang Petroleum & Chemical
FRONT MAINE 135 Al Shaheen UAE Changxing Island 3/17/2024 Hengli Petrochemical
FRONT MAINE 135 Arab Heavy Saudi Arabia Changxing Island 3/17/2024 Hengli Petrochemical
GALAXY STAR 135 Mal Blend Malaysia Yantai 2/26/2024 Qicheng
GALAXY STAR 135 Mal Blend Malaysia Yantai 2/26/2024 Xintai
GLORY FOREVER 140 Fuel Oil Malaysia Yantai 3/10/2024 Xintai
HARBOUR SPLENDOR 131 Murban UAE Yantai 3/4/2024 ChemChina
HECATE 264 Nemina Malaysia Qingdao 2/22/2024 Gangyi
HEIDI A 100 ESPO Russia Qingdao 3/6/2024 Chenyang Jiuming
HEIDI A 98 ESPO Russia Dongying 3/25/2024 TBA
HIMALAYAN 96 ESPO Russia Dongying 3/12/2024 TBA
HUIHAI PACIFIC 100 ESPO Russia Rizhao 3/16/2024 TBA
HUIHAI PACIFIC 100 ESPO Russia Dongjiakou 3/4/2024 TBA
JAL GAMINI 140 Mal Blend Malaysia Rizhao 2/19/2024 Fengli
KOROLEV PROSPECT 100 ESPO Russia Rizhao 3/6/2024 TBA
KRYMSK 94 Sokol Russia Dongying 3/8/2024 Haike Ruilin
LADY SOFIA 100 Belayim Malaysia Yantai 2/20/2024 Jincheng
LANDBRIDGE HORIZON 279 Arab Light Saudi Arabia Zhoushan 2/25/2024 Zhejiang Petroleum & Chemical
LEGIO X EQUESTRIS 270 Qatar Marine Qatar Lianyungang 3/2/2024 Shenghong Petrochemical
LEONOR 270 Mal Blend Malaysia Qingdao 3/11/2024 TBA
LITEYNY PROSPECT 100 Sokol Russia Huanghua 3/5/2024 Hebei Xinhai
MARAN LIBRA 141 Basrah Heavy Iraq Zhoushan 3/15/2024 Zhejiang Petroleum & Chemical
MARAN LIBRA 130 Arab Extra Light Saudi Arabia Zhoushan 3/15/2024 Zhejiang Petroleum & Chemical
MATALA 100 Peregrino TBA Longkou 3/5/2024 TBA
MERMAR 90 ESPO Russia Dongying 3/4/2024 Hualian
MERMAR 90 ESPO Russia Dongying 3/20/2024 TBA

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

Asia-Pacific/Arab Gulf Marketscan March 28, 2024

China tanker fixtures (continued)

Vessel name Volume (kt) Grade Origin Port Arrival Buyers

MINERVA V 100 Bitumen Blend Malaysia Yantai 2/29/2024 Xintai

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 Wantong
MISTRAL 1 98 ESPO Russia Dongying 3/26/2024 TBA
NELLIS 90 Sokol Russia Dongjiakou 3/6/2024 Qicheng
NEW EMINENCE 280 Arab Heavy Saudi Arabia Changxing Island 3/6/2024 Hengli Petrochemical
NEW PARADISE 135 Upper Zakum UAE Lianyungang 3/17/2024 Shenghong Petrochemical
NEW PARADISE 135 Qatar Marine Qatar Lianyungang 3/17/2024 Shenghong Petrochemical
NEW VISION 135 Arab Light Saudi Arabia Zhoushan 3/6/2024 Zhejiang Petroleum & Chemical
NEW VISION 145 Al Shaheen UAE Zhoushan 3/6/2024 Zhejiang Petroleum & Chemical
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
NIKOLAY ZUYEV 100 ESPO Russia Dongjiakou 3/16/2024 Lijin
NS AFRICA 100 Fuel Oil Russia Dongjiakou 3/21/2024 PetroChina
NS ANTARCTIC 95 Sokol Russia Qingdao 3/16/2024 TBA
NS CENTURY 95 Sokol Russia Qingdao 3/14/2024 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
OCEAN LOYALTY 285 Arab Light Saudi Arabia Zhoushan 3/9/2024 Zhejiang Petroleum & Chemical
PACIFIC LOYALTY 95 Al Shaheen UAE Zhoushan 2/25/2024 Zhejiang Petroleum & Chemical
PACIFIC LOYALTY 68 Arab Light Saudi Arabia Zhoushan 2/25/2024 Zhejiang Petroleum & Chemical
PACIFIC LOYALTY 117 Arab Extra Light Saudi Arabia Zhoushan 2/25/2024 Zhejiang Petroleum & Chemical
PAVEL CHERNYSH 100 Sokol Russia Longkou 2/29/2024 Xintai
PAVEL CHERNYSH 100 Sokol Russia Huizhou 3/24/2024 TBA
SAKHALIN ISLAND 100 Sokol Russia Tianjin 3/19/2024 Xinyue
SAVA 270 Mal Blend Malaysia Dongjiakou 3/2/2024 Xin Rui Ji
SEA SPLENDOR 135 Arab Extra Light Saudi Arabia Zhoushan 3/20/2024 Zhejiang Petroleum & Chemical
SEA SPLENDOR 140 Arab Light Saudi Arabia Zhoushan 3/15/2024 Zhejiang Petroleum & Chemical
SEAWAYS TYBEE 135 Atapu Brazil Zhoushan 3/17/2024 Zhejiang Petroleum & Chemical
SEAWAYS TYBEE 145 Tupi Brazil Zhoushan 3/17/2024 Zhejiang Petroleum & Chemical
SI HE 100 ESPO Russia Lianyungang 3/1/2024 Shenghong Petrochemical
SI HE 98 ESPO Russia Dongying 3/17/2024 TBA
SOMERSET 280 Fuel Oil Malaysia Yantai 3/16/2024 Xintai
SPIRIT OF CASPER 143 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
TAMIA 270 Basrah Medium Iraq Lianyungang 2/28/2024 Shenghong Petrochemical
THALIA III 100 ESPO Russia Longkou 3/3/2024 TBA
THALIA III 96 ESPO Russia Dongying 2/21/2024 Haike Ruilin
THEMIS 86 ESPO Russia Dongying 3/2/2024 Yatong
THEMIS 96 ESPO Russia Dongying 3/21/2024 TBA
TURACO 90 Fuel Oil Russia Qingdao 3/10/2024 Shangneng
VESNA 98 ESPO Russia Dongying 3/12/2024 TBA
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 Dalian 3/25/2024 TBA

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

Asia-Pacific/Arab Gulf Marketscan March 28, 2024

China tanker fixtures (continued)

Vessel name Volume (kt) Grade Origin Port Arrival Buyers

VIGOR 270 Fuel Oil Malaysia Dongjiakou 2/18/2024 Yueyang Guansheng

VIKTOR TITOV 100 Sokol Russia Tianjin 3/16/2024 TBA
VLADIMIR ARSENYEV 95 Sokol Russia Tianjin 3/10/2024 TBA
WEST LOYALTY 285 Arab Extra Light Saudi Arabia Zhoushan 3/6/2024 Zhejiang Petroleum & Chemical
YANNIS 270 Mal Blend Malaysia Yantai 3/16/2024 TBA
YURI SENKEVICH 100 Sokol Russia Dalian 3/6/2024 TBA

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

Asia-Pacific/Arab Gulf Marketscan March 28, 2024

International Dirty Tanker Fixtures (PGT page 2950)

Ship name Size Type Date Route Rate Charterer

East of Suez

DHT Opal 280 CR Apr18 PG-USWC w45.0 Chevron

FPMC C Noble 274 CR Apr11 R Tanura-SKorea w58.75 S-Oil
Nave Quasar 270 CR Apr12 PG-China w62.5 Unipec
Saiq 270 CR Apr11 PG-China w65.0 Unipec
Miltiadis Junior 270 CR Apr14 PG-China w64.5 Unipec
Ioanna 260 CR Apr15 Basrah-Paradip+Chennai w67.5 IOC
Dynacom Tbn 130 CR Apr10 Mina Fahal-Ras Markaz $1.0m OQ
Seabliss 95 CR Apr6 R Tanura-Mumbai w168 SCI
Patmos Warrior 80 FO Apr5 Fujairah-Med rnr Newton
Southern Leader 80 CR Apr9 Vietnam-Thailand rnr Bangchak
Eagle Brisbane 80 CR Apr10 STS Sungai Linggi-Thailand $825k PTT
Kriti Verano 80 CR Apr11 Tanjung Bruas-Thailand rnr SPRC
P. Yanbu 80 COND Apr13 Wheatstone-SKorea rnr Woodside
Baltic/UKC

No fixtures reported.
Med
Prometheus Energy 80 CR Apr7 Arzew-Fos, Demurrage w168.75, $50k/d Petrogal
Aegean Harmony 80 CR Apr2 Marsa El Hariga-Augusta w174 Unipec
West Africa

Agios Fanourios 260 CR Apr17-19 Nigeria-East w65 Chevron

Pacific o/o Apache 130 CR Apr8 Escravos-UKCM rnr ST
Americas

Xin Hui Yang 270 CR May1 USGC-China COA Unipec

Aphrodite 260 CR May3 Brazil-East w63.5 Petrobras
Seaways Excelsior 260 CR May1 Brazil-East o/p Shell
Marlin Somerset 145 CR Apr5 USGC-ECCan w80 Exxon
Stena Surprise 145 CR Apr13 USGC-TA, Demurrage w77.5, $65k/d Vitol
Vail Spirit 130 CR Apr14 Brazil-East rnr Shell
Nordic Vega 130 CR Mar31 Covenas-Chiriqui Grande o/p Unipec
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. 25

Asia-Pacific/Arab Gulf Marketscan March 28, 2024

International clean tanker fixtures (PGT page 2904)

Ship name Size Type Date Route Rate Charterer

East of Suez
Front Feature 90 ULSD Apr8 PG-UKC $6.5m Admic
Captain John 90 UNL Apr8 Fujairah-WAF $5.45m Gtt
Siena 75 NA Apr7 Kuwait-Japan Platts Montfort
Tong Lin Wan 75 NA Apr6 Ruwais-Japan rnr Admic
Ashley Lady 75 NA Apr8 PG-Japan w250 Marubeni
Swarna Kamal 75 NA Apr9 PG-Japan w235 ATS
Front Capella 75 NA Apr10 PG-Japan w250 Admic
Proteus Elsie 75 NA Apr13 PG-Japan w240 ATS
Nan Lin Wan 75 ULSD Apr9 Sikka-Australia, UKC w250, $6.5m Ampol
Georgia M 60 GO Mar30 Rabigh-Ain Sukhna $900k Vitol
Nave Cassiopeia 60 CL Apr5 Sikka-USAC $5.5m RIL
Yaqut 35 UNL Mar30 Jubail-Fujairah, Karachi rnr, rnr ATC
Kourion 35 CL Apr5 Sikka-Fujairah, UAE, EAfrica, SAfrica $675k, $700k, w330, w320 RIL
Torm Helvig 35 ULSD Apr3 Chennai-EAfrica, SAfrica w325, w215 Trafigura
CL Zhaoge 35 CL Apr4 Jubail, Fujairah-SAfrica w310 Engen
Torm Beatrice 15 CL Apr2 Paradip-Haldia $800k IOC
Torm Platte 15 CL Apr3 Paradip-Haldia $880k IOC
Yasa Golden Marmara 80 COND Apr14 Dampier-SKorea rnr ST
P Yanbu 80 COND Apr11 Wheatstone-SKorea rnr Woodside
Seaways Olive 35 UNL Apr2 Spore-Australia w305 Exxon
NCC Shams 35 JET Apr8 Qingdao-Spore $840k BP
Pacific Diamond 35 GO Apr7 SKorea-Vietnam, Opts $825k, rnr Soleum
Pacific Jewel 35 UNL Apr4 Onsan-Spore, Indonesia $875k, rnr ATS
Lucky Chemist 35 ULSD Apr3 Daesan-Spore $800k Unipec
Norden Tbn 35 UNL Apr4 Onsan-Spore $875k ATS
Silver Joan 27 UMOG Apr3 Spore-Bau Bau $775k Pertamina
Baltic /UKC
Horizon Athena 37 ULSD Apr5 ARA-Brazil w205 J Global
Stena Pro Patria 37 ULSD Mar30 ARA-UKC w185 Shell
Seymour Sun 37 UNL Apr2 ARA-TA, ECCan w170, rnr Shell
Jag Prakash 37 UNL Apr5 ARA-Brazil w208 Shell
CB Adriatic 30 UNL rnr NSpain-UKC rnr Repsol
Med
STI Yorkville 37 UNL Mar31 Lavera-WAF rnr Mocoh
Maersk Capri 37 UNL Apr4 Aliaga-Med, UKC, TA w260, w240, w240 Trafigura
Maersk Aegean 30 NA rnr Lavera-WAF w325 Nyala
Americas
Navig8 Guide 38 CL Apr3 USGC-Trinidad $1.45m, $60k/d Chevron
Acacia 38 CL Apr1 USGC-TA w240 Reliance
Celsius Philadelphia 38 CL Apr3 USAC-UKC w212.5 Trafigura
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 28, 2024

APAC Deals Summary ** Denotes OCO order. ** Denotes OCO order.

Offers (PGA page 4010)
Gasoline FOB Spore Paper „ Platts Mogas 92: APR24: FREEPTASIA offers 25kb
Gasoline FOB Spore Cargo
Trades (PGA page 4011) $99.47/bbl
Trades (PGA page 2315)
„ Platts Mogas 92: APR24: BPSG offers 25kb $99.50/bbl
„ Platts Mogas 92: APR24: UITSG sold to ONYX* 25kb $99.45/
„ Platts Mogas 92: APR22-APR26: *VITOLSG sold to bbl 4:29:40 „ Platts Mogas 92: APR24: UNIPECSG offers 25kb $99.60/bbl
UNIPECSG* 50kb FOB Straits $99.70/bbl 4:28:40
„ Platts Mogas 92: APR24: UITSG sold to VITOLSG* 25kb „ Platts Mogas 92: APR24: DARE offers 25kb $99.65/bbl
„ Platts Mogas 92: APR23-APR27: *VITOLSG* sold to PTT 50kb $99.45/bbl 4:29:42 „ Platts Mogas 92: APR24: ONYX offers 25kb $99.65/bbl
FOB Straits $99.80/bbl 4:26:44
„ Platts Mogas 92: APR24: PTT sold to DARE* 25kb $99.45/ „ Platts Mogas 92: APR24: DARE offers 25kb $99.70/bbl
* Denotes market maker. All times GMT
bbl 4:29:45
„ Platts Mogas 92: APR24: DARE offers 25kb $99.75/bbl
Bids (PGA page 2313)
„ Platts Mogas 92: APR24: ENGIESG sold to VITOLSG* 25kb
„ Platts Mogas 92: APR24: VITOLSG offers 25kb $99.75/bbl
„ APR18-APR22: PETROCHINA bids 100kb FOB Straits MOPS $99.45/bbl 4:29:50
„ Platts Mogas 92: APR24: ONYX offers 25kb $99.80/bbl
92 $0.33/bbl „ Platts Mogas 92: APR24: UITSG sold to ONYX* 25kb $99.45/
bbl 4:29:53 „ Platts Mogas 92: APR24: UITSG offers 25kb $99.80/bbl
„ APR20-APR24: **UNIPECSG bids 100kb FOB Straits
$99.90/bbl * Denotes market maker. All times GMT „ Platts Mogas 92: APR24: ONYX offers 25kb $99.85/bbl
„ APR20-APR24: **UNIPECSG bids 100kb FOB Straits MOPS Bids (PGA page 4009) Withdrawals
92 $0.50/bbl „ Platts Mogas 92: APR24: PTT Withdraws offer 25kb
„ Platts Mogas 92: APR24: DARE bids 25kb $99.40/bbl
„ APR20-APR24: **UNIPECSG bids 150kb FOB Straits $99.60/bbl
„ Platts Mogas 92: APR24: VITOLSG bids 25kb $99.40/bbl
$100.05/bbl ** Denotes OCO order.
„ Platts Mogas 92: APR24: DARE bids 25kb $99.35/bbl
„ APR20-APR24: **UNIPECSG bids 150kb FOB Straits MOPS
92 $0.60/bbl „ Platts Mogas 92: APR24: ONYX bids 25kb $99.35/bbl Gasoline FOB Spore Paper Spreads
Withdrawals „ Platts Mogas 92: APR24: FREEPTASIA bids 25kb $99.25/bbl
Trades (PGA page 4011)
„ Platts Mogas 92: APR22-APR26: **UNIPECSG Withdraws bid „ Platts Mogas 92: APR24: UITSG bids 25kb $99.25/bbl
50kb FOB Straits MOPS 92 $0.20/bbl „ Platts Mogas 92 spread: APR24/MAY24: P66SG sold to
„ Platts Mogas 92: APR24: ONYX bids 25kb $99.15/bbl
ONYX* 25kb $1.27/bbl 4:29:41
„ Platts Mogas 92: APR22-APR26: **UNIPECSG no longer bids „ Platts Mogas 92: APR24: BPSG bids 25kb $98.90/bbl
50kb FOB Straits $99.70/bbl „ Platts Mogas 92 spread: APR24/MAY24: P66SG* sold to
Withdrawals DARE 25kb $1.28/bbl 4:29:57
„ APR22-APR26: **UNIPECSG Withdraws bid 100kb FOB
„ Platts Mogas 92: APR24: VITOLSG no longer bids 25kb „ Platts Mogas 92 spread: APR24/MAY24: ARAMCOSG sold to
Straits $99.90/bbl
$99.45/bbl ONYX* 25kb $1.27/bbl 4:29:57
„ APR22-APR26: **UNIPECSG Withdraws bid 100kb FOB
„ Platts Mogas 92: APR24: ONYX Withdraws bid 25kb „ Platts Mogas 92 spread: APR24/MAY24: ARAMCOSG sold to
Straits MOPS 92 $0.50/bbl
$99.40/bbl ONYX* 25kb $1.27/bbl 4:29:59
** Denotes OCO order.
„ Platts Mogas 92: APR24: DARE Withdraws bid 25kb * Denotes market maker. All times GMT
Offers (PGA page 2314) $99.35/bbl
Bids (PGA page 4009)
„ No offers reported „ Platts Mogas 92: APR24: DARE Withdraws bid 25kb
$99.35/bbl „ Platts Mogas 92 spread: APR24/MAY24: DARE bids 25kb
Withdrawals
$1.26/bbl
„ Platts Mogas 92: APR18-APR22: **VITOLSG Withdraws offer „ Platts Mogas 92: APR24: DARE Withdraws bid 25kb
$98.75/bbl „ Platts Mogas 92 spread: APR24/MAY24: VITOLSG bids 25kb
50kb FOB Straits $99.80/bbl
$1.25/bbl
„ Platts Mogas 92: APR20-APR24: PTT Withdraws offer 50kb „ Platts Mogas 92: APR24: DARE Withdraws bid 25kb
$98.65/bbl „ Platts Mogas 92 spread: APR24/MAY24: DARE bids 25kb
FOB Straits MOPS 92 $0.40/bbl
$1.24/bbl
„ Platts Mogas 92: APR23-APR27: **VITOLSG no longer offers „ Platts Mogas 92: APR24: DARE Withdraws bid 25kb
$98.60/bbl „ Platts Mogas 92 spread: APR24/MAY24: FREEPTASIA bids
50kb FOB Straits $99.80/bbl
25kb $1.20/bbl

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

Asia-Pacific/Arab Gulf Marketscan March 28, 2024

„ Platts Mogas 92 spread: APR24/MAY24: GUNVORSG bids ** Denotes OCO order. $1.70/bbl
25kb $1.20/bbl Offers (PGA page 4010) „ Platts Mogas 92 spread: MAY24/JUN24: ONYX offers 25kb
„ Platts Mogas 92 spread: APR24/MAY24: ONYX bids 25kb $1.70/bbl
„ Platts Mogas 92 spread: APR24/MAY24: ARAMCOSG offers
$1.20/bbl „ Platts Mogas 92 spread: MAY24/JUN24: VITOLSG offers
25kb $1.29/bbl
„ Platts Mogas 92 spread: APR24/MAY24: ONYX bids 25kb 25kb $1.70/bbl
„ Platts Mogas 92 spread: APR24/MAY24: BPSG offers 25kb
$1.20/bbl „ Platts Mogas 92 spread: MAY24/JUN24: ARAMCOSG offers
$1.30/bbl
„ Platts Mogas 92 spread: APR24/MAY24: P66SG bids 25kb 25kb $1.75/bbl
„ Platts Mogas 92 spread: APR24/MAY24: UNIPECSG offers
$1.20/bbl „ Platts Mogas 92 spread: MAY24/JUN24: VITOLSG offers
25kb $1.30/bbl
„ Platts Mogas 92 spread: APR24/MAY24: UITSG bids 25kb 25kb $1.75/bbl
„ Platts Mogas 92 spread: APR24/MAY24: VITOLSG offers
$1.20/bbl Withdrawals
25kb $1.30/bbl
„ Platts Mogas 92 spread: APR24/MAY24: BPSG bids 25kb „ Platts Mogas 92 spread: BAL MONTH/APR24: PTT Withdraws
„ Platts Mogas 92 spread: APR24/MAY24: ARAMCOSG offers
$1.15/bbl offer 25kb $0.40/bbl
25kb $1.35/bbl
„ Platts Mogas 92 spread: APR24/MAY24: VITOLSG bids 25kb „ Platts Mogas 92 spread: APR24/MAY24: P66SG no longer
„ Platts Mogas 92 spread: APR24/MAY24: DARE offers 25kb
$1.15/bbl offers 25kb $1.28/bbl
$1.35/bbl
„ Platts Mogas 92 spread: MAY24/JUN24: ONYX bids 25kb „ Platts Mogas 92 spread: APR24/MAY24: AMPOLSG
„ Platts Mogas 92 spread: APR24/MAY24: FREEPTASIA offers
$1.60/bbl Withdraws offer 25kb $1.30/bbl
25kb $1.35/bbl
„ Platts Mogas 92 spread: MAY24/JUN24: ONYX bids 25kb „ Platts Mogas 92 spread: APR24/MAY24: PTT Withdraws offer
„ Platts Mogas 92 spread: APR24/MAY24: VITOLSG offers
$1.60/bbl 25kb $1.32/bbl
25kb $1.35/bbl
„ Platts Mogas 92 spread: MAY24/JUN24: DARE bids 25kb „ Platts Mogas 92 spread: APR24/MAY24: PTT Withdraws offer
„ Platts Mogas 92 spread: APR24/MAY24: ARAMCOSG offers
$1.57/bbl 25kb $1.34/bbl
25kb $1.39/bbl
„ Platts Mogas 92 spread: MAY24/JUN24: P66SG bids 25kb „ Platts Mogas 92 spread: APR24/MAY24: PTT Withdraws offer
„ Platts Mogas 92 spread: APR24/MAY24: DARE offers 25kb
$1.56/bbl 25kb $1.38/bbl
$1.40/bbl
„ Platts Mogas 92 spread: MAY24/JUN24: VITOLSG bids 25kb „ Platts Mogas 92 spread: APR24/MAY24: DARE Withdraws
„ Platts Mogas 92 spread: APR24/MAY24: ONYX offers 25kb
$1.55/bbl offer 25kb $1.40/bbl
$1.40/bbl
„ Platts Mogas 92 spread: MAY24/JUN24: VITOLSG bids 25kb „ Platts Mogas 92 spread: MAY24/JUN24: PTT Withdraws offer
„ Platts Mogas 92 spread: APR24/MAY24: ONYX offers 25kb
$1.55/bbl 25kb $1.69/bbl
$1.40/bbl
„ Platts Mogas 92 spread: MAY24/JUN24: BPSG bids 25kb „ Platts Mogas 92 spread: MAY24/JUN24: PTT Withdraws offer
„ Platts Mogas 92 spread: APR24/MAY24: ONYX offers 25kb
$1.53/bbl 25kb $1.69/bbl
$1.45/bbl
„ Platts Mogas 92 spread: MAY24/JUN24: ARAMCOSG bids „ Platts Mogas 92 spread: MAY24/JUN24: PTT Withdraws offer
„ Platts Mogas 92 spread: MAY24/JUN24: P66SG offers 25kb
25kb $1.50/bbl 25kb $1.70/bbl
$1.65/bbl
„ Platts Mogas 92 spread: MAY24/JUN24: FREEPTASIA bids ** Denotes OCO order.
„ Platts Mogas 92 spread: MAY24/JUN24: UNIPECSG offers
25kb $1.50/bbl
25kb $1.66/bbl
Withdrawals Naphtha C+F Cargo
„ Platts Mogas 92 spread: MAY24/JUN24: ARAMCOSG offers
„ Platts Mogas 92 spread: APR24/MAY24: ONYX no longer bids 25kb $1.67/bbl Trades (PGA page 2325)
25kb $1.27/bbl
„ Platts Mogas 92 spread: MAY24/JUN24: BPSG offers 25kb
„ Platts Mogas 92 spread: APR24/MAY24: ONYX no longer bids $1.68/bbl „ No trades reported
25kb $1.27/bbl * Denotes market maker. All times GMT
„ Platts Mogas 92 spread: MAY24/JUN24: DARE offers 25kb
„ Platts Mogas 92 spread: APR24/MAY24: DARE Withdraws $1.70/bbl Bids (PGA page 2323)
bid 25kb $1.15/bbl
„ Platts Mogas 92 spread: MAY24/JUN24: FREEPTASIA offers „ H1JUN24: BPSG bids 25kt $700.00/mt
„ Platts Mogas 92 spread: MAY24/JUN24: AMPOLSG 25kb $1.70/bbl Withdrawals
Withdraws bid 25kb $1.55/bbl
„ Platts Mogas 92 spread: MAY24/JUN24: ONYX offers 25kb „ No bids reported

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

Asia-Pacific/Arab Gulf Marketscan March 28, 2024

** Denotes OCO order. ** Denotes OCO order. ** Denotes OCO order.

Offers (PGA page 2324) Offers (PGA page 4022) Offers (PGA page 4022)
„ H2MAY24: **SIETCO offers 25kt $716.00/mt „ APR24: BPSG offers 50kb $101.70/bbl „ APR24/MAY24: ARAMCOSG offers 50kb $0.00/bbl
„ H2MAY24: **GLENCORESG offers 25kt $719.00/mt „ APR24: DARE offers 50kb $102.30/bbl „ APR24/MAY24: BPSG offers 50kb $0.00/bbl
„ H1JUN24: **GLENCORESG offers 25kt $709.00/mt „ APR24: DARE offers 50kb $102.50/bbl „ APR24/MAY24: ERACOMM offers 50kb $0.00/bbl
„ H1JUN24: **SIETCO offers 25kt $709.00/mt Withdrawals „ APR24: CONDACAP offers 50kb $-1.65/bbl
Withdrawals „ APR24: DARE Withdraws offer 50kb $102.50/bbl „ APR24: NATBANKABUDHABI offers 50kb $-1.65/bbl
„ No offers reported ** Denotes OCO order. Withdrawals
** Denotes OCO order. „ APR24/MAY24: DARE no longer offers 50kb $-0.3/bbl
Jet Kero FOB Spore Paper Spreads „ APR24: BPSG no longer offers 50kb $-1.7/bbl
Naphtha C+F Japan Cargo Spreads Trades (PGA page 4023) „ APR24: ARAMCOSG no longer offers 50kb $-1.65/bbl
Trades (PGA page 2325) „ APR24/MAY24: DARE* sold to VITOLSG 50kb $-0.30/ „ APR24: DARE Withdraws offer 50kb $-1.65/bbl

„ No trades reported bbl 4:29:54 ** Denotes OCO order.

* Denotes market maker. All times GMT „ APR24/MAY24: DARE* sold to TRAFI 50kb $-0.30/
Bids (PGA page 2323)
bbl 4:30:00 Gasoil FOB Spore Paper
„ APR24: ARAMCOSG* sold to DARE 50kb $-1.70/bbl 4:29:16 Trades (PGA page 4019)
„ No bids reported
„ APR24: BPSG* sold to DARE 50kb $-1.70/bbl 4:29:16
Withdrawals „ APR24: NATBANKABUDHABI* sold to DARE 50kb $102.95/
„ APR24: ARAMCOSG* sold to UITSG 50kb $-1.70/bbl 4:29:26 bbl 4:29:23
„ No bids reported
„ APR24: ARAMCOSG* sold to UITSG 50kb $-1.70/bbl 4:29:37 „ APR24: NATBANKABUDHABI* sold to DARE 50kb $102.95/
** Denotes OCO order.
„ APR24: ARAMCOSG* sold to DARE 50kb $-1.65/bbl 4:30:05 bbl 4:29:29
Offers (PGA page 2324)
* Denotes market maker. All times GMT „ APR24: NATBANKABUDHABI* sold to DARE 50kb $102.95/
„ No offers reported Bids (PGA page 4021) bbl 4:29:35
Withdrawals „ APR24: NATBANKABUDHABI* sold to DARE 50kb $103.00/
„ APR24/MAY24: BPSG bids 50kb $-0.45/bbl
„ No offers reported bbl 4:29:35
„ APR24/MAY24: ERACOMM bids 50kb $-0.45/bbl
** Denotes OCO order. „ APR24: NATBANKABUDHABI sold to DARE* 50kb $103.00/
„ APR24/MAY24: UITSG bids 50kb $-0.45/bbl bbl 4:29:38
„ APR24/MAY24: ARAMCOSG bids 50kb $-0.5/bbl
Jet Kero FOB Spore Paper „ APR24: NATBANKABUDHABI sold to DARE* 50kb $103.00/
„ APR24: DARE bids 50kb $-1.75/bbl bbl 4:29:42
Trades (PGA page 4023)
„ APR24: VITOLSG bids 50kb $-1.8/bbl „ APR24: NATBANKABUDHABI sold to DARE* 50kb $103.00/
„ No trades reported „ APR24: BPSG bids 50kb $-2.1/bbl bbl 4:29:46
* Denotes market maker. All times GMT „ APR24: NATBANKABUDHABI* sold to DARE 50kb $103.00/
„ APR24: ERACOMM bids 50kb $-2.15/bbl
Bids (PGA page 4021) bbl 4:29:50
„ APR24: ARAMCOSG bids 50kb $-2.2/bbl
„ APR24: DARE bids 50kb $101.10/bbl „ APR24: NATBANKABUDHABI* sold to DARE 50kb $103.00/
„ APR24: CONDACAP bids 50kb $-2.2/bbl
bbl 4:29:52
„ APR24: DARE bids 50kb $100.90/bbl „ APR24: NATBANKABUDHABI bids 50kb $-2.2/bbl
„ APR24: NATBANKABUDHABI* sold to DVTRADING 50kb
Withdrawals Withdrawals $103.00/bbl 4:29:53
„ APR24: DARE Withdraws bid 50kb $100.20/bbl „ APR24/MAY24: DARE Withdraws bid 50kb $-0.45/bbl „ APR24: NATBANKABUDHABI sold to DARE* 50kb $103.00/
„ APR24: DARE Withdraws bid 50kb $100.10/bbl „ APR24: UITSG Withdraws bid 50kb $-1.72/bbl bbl 4:29:56
„ APR24: NATBANKABUDHABI* sold to DARE 50kb $103.00/

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

Asia-Pacific/Arab Gulf Marketscan March 28, 2024
bbl 4:29:57
„ APR24: NATBANKABUDHABI* sold to DARE 50kb $103.00/
bbl 4:29:59
„ APR24: NATBANKABUDHABI* sold to DARE 50kb $103.00/
bbl 4:30:03
* Denotes market maker. All times GMT
Bids (PGA page 4017)
„ APR24: DVTRADING bids 50kb $102.90/bbl
„ APR24: BPSG bids 50kb $102.80/bbl
„ APR24: DVTRADING bids 50kb $102.80/bbl
„ APR24: DARE bids 50kb $102.70/bbl
„ APR24: DVTRADING bids 50kb $102.70/bbl
„ APR24: HOTEI bids 50kb $102.20/bbl
„ APR24: NATBANKABUDHABI bids 50kb $102.20/bbl
„ APR24: NATBANKABUDHABI bids 50kb $102.10/bbl
Withdrawals
„ APR24: DARE no longer bids 50kb $103.00/bbl
„ APR24: DARE no longer bids 50kb $103.00/bbl
„ APR24: ERACOMM Withdraws bid 50kb $102.80/bbl
** Denotes OCO order.
Offers (PGA page 4018)
„ APR24: DVTRADING offers 50kb $103.20/bbl
„ APR24: ERACOMM offers 50kb $103.20/bbl
„ APR24: DVTRADING offers 50kb $103.30/bbl
„ APR24: DVTRADING offers 50kb $103.40/bbl
„ APR24: BPSG offers 50kb $103.60/bbl
„ APR24: DARE offers 50kb $103.80/bbl
„ APR24: DARE offers 50kb $103.90/bbl
„ APR24: HOTEI offers 50kb $104.20/bbl
Withdrawals
„ APR24: NATBANKABUDHABI no longer offers 50kb
$102.95/bbl
„ APR24: NATBANKABUDHABI no longer offers 50kb
$103.00/bbl
„ APR24: NATBANKABUDHABI no longer offers 50kb
$103.00/bbl
© 2024 by S&P Global Inc. All rights reserved.
** Denotes OCO order.
Gasoil FOB Spore Paper Spreads
Trades (PGA page 4019)
„ No trades reported
* Denotes market maker. All times GMT
Bids (PGA page 4017)
„ APR24/MAY24: AMPOLSG bids 50kb $0.05/bbl
„ APR24/MAY24: ENGIESG bids 50kb $0.05/bbl
„ APR24/MAY24: SINOHKPET bids 50kb $0.05/bbl
„ APR24/MAY24: DARE bids 50kb $0.04/bbl
„ APR24/MAY24: DVTRADING bids 50kb $0.03/bbl
„ APR24/MAY24: ERACOMM bids 50kb $0.03/bbl
„ APR24/MAY24: MERCURIARESOURCES bids 50kb $0.03/bbl
Withdrawals
„ No bids reported
** Denotes OCO order.
Offers (PGA page 4018)
„ APR24/MAY24: DARE offers 50kb $0.10/bbl
„ APR24/MAY24: DVTRADING offers 50kb $0.14/bbl
„ APR24/MAY24: ERACOMM offers 50kb $0.15/bbl
„ APR24/MAY24: SINOHKPET offers 50kb $0.15/bbl
„ APR24/MAY24: MERCURIARESOURCES offers 50kb
$0.20/bbl
Withdrawals
„ APR24/MAY24: DVTRADING Withdraws offer 50kb $0.20/bbl
** Denotes OCO order.
FO 180 CST 3.5% FOB Spore Paper
Trades (PGA page 4027)
„ APR24/MAY24: VITOLSG* sold to NESTWISE 5kt $-0.25/
mt 4:28:20
* Denotes market maker. All times GMT
Bids (PGA page 4025)
„ APR24/MAY24: ONYX bids 5kt $-0.75/mt
„ APR24/MAY24: DARE bids 5kt $-1.25/mt
„ APR24/MAY24: GOODECAPLTD bids 5kt $-1.25/mt
30
„ APR24/MAY24: VITOLSG bids 5kt $-1.25/mt
„ APR24/MAY24: NESTWISE bids 5kt $-1.5/mt
„ APR24/MAY24: ONYX bids 5kt $-1.5/mt
„ APR24/MAY24: P66SG bids 5kt $-1.5/mt
Withdrawals
„ No bids reported
** Denotes OCO order.
Offers (PGA page 4026)
„ APR24/MAY24: ONYX offers 5kt $-0.25/mt
„ APR24/MAY24: GOODECAPLTD offers 5kt $0.00/mt
„ APR24/MAY24: GOODECAPLTD offers 5kt $0.00/mt
„ APR24/MAY24: NESTWISE offers 5kt $0.00/mt
„ APR24/MAY24: ONYX offers 10kt $0.00/mt
„ APR24/MAY24: ONYX offers 25kt $0.00/mt
„ APR24/MAY24: DARE offers 5kt $0.50/mt
Withdrawals
„ APR24/MAY24: VITOLSG no longer offers 5kt $-0.25/mt
„ APR24/MAY24: P66SG Withdraws offer 5kt $0.00/mt
** Denotes OCO order.
FO 380 CST 3.5% FOB Spore Paper
Trades (PGA page 4027)
„ APR24: ONYX sold to VITOLSG* 5kt $474.00/mt 4:25:31
„ APR24: GUNVORSG sold to VITOLSG* 5kt $473.75/
mt 4:25:52
„ APR24: GUNVORSG sold to VITOLSG* 5kt $474.00/
mt 4:28:16
„ APR24: GUNVORSG sold to VITOLSG* 5kt $473.75/
mt 4:29:10
„ APR24: GUNVORSG sold to VITOLSG* 5kt $473.75/
mt 4:29:29
„ APR24: VITOLSG* sold to NESTWISE 5kt $18.00/mt 4:27:46
„ APR24: VITOLSG* sold to NESTWISE 5kt $18.25/mt 4:29:45
* Denotes market maker. All times GMT
Bids (PGA page 4025)
„ APR24: GOODECAPLTD bids 5kt $17.50/mt
„ APR24: ONYX bids 5kt $17.50/mt
„ APR24: ONYX bids 5kt $17.50/mt
Asia-Pacific/Arab Gulf Marketscan March 28, 2024
„ APR24: DARE bids 5kt $17.00/mt
„ APR24: P66SG bids 5kt $17.00/mt
„ APR24: VITOLSG bids 5kt $16.75/mt
„ APR24: GOODECAPLTD bids 5kt $16.50/mt
„ APR24: NESTWISE bids 5kt $16.00/mt
„ MAY24: GOODECAPLTD bids 5kt $15.50/mt
„ MAY24: ONYX bids 5kt $15.50/mt
„ MAY24: VITOLSG bids 5kt $15.50/mt
„ MAY24: DARE bids 5kt $15.00/mt
„ MAY24: NESTWISE bids 5kt $15.00/mt
„ MAY24: ONYX bids 5kt $15.00/mt
„ MAY24: P66SG bids 5kt $15.00/mt
„ APR24: VITOLSG bids 5kt $473.75/mt
„ APR24: ONYX bids 5kt $473.50/mt
„ APR24: AKARITRADING bids 5kt $473.25/mt
„ APR24: GOODECAPLTD bids 5kt $473.25/mt
„ APR24: DARE bids 5kt $473.00/mt
„ APR24: THEMEINT bids 5kt $473.00/mt
„ APR24: AKARITRADING bids 5kt $472.75/mt
„ APR24: GUNVORSG bids 5kt $472.75/mt
„ APR24: UENERGY bids 5kt $472.50/mt
„ APR24: DARE bids 5kt $472.25/mt
„ APR24: DARE bids 5kt $471.50/mt
„ APR24/MAY24: GOODECAPLTD bids 5kt $-2.95/mt
„ APR24/MAY24: UENERGY bids 5kt $-2.95/mt
„ APR24/MAY24: DARE bids 5kt $-3/mt
© 2024 by S&P Global Inc. All rights reserved.
„ APR24/MAY24: GOODECAPLTD bids 5kt $-3/mt
„ APR24/MAY24: GUNVORSG bids 5kt $-3/mt
„ APR24/MAY24: IDEMITSU bids 5kt $-3/mt
„ APR24/MAY24: NESTWISE bids 5kt $-3/mt
„ APR24/MAY24: ONYX bids 5kt $-3/mt
„ APR24/MAY24: P66SG bids 5kt $-3/mt
„ APR24/MAY24: VITOLSG bids 5kt $-3/mt
Withdrawals
„ APR24/MAY24: UENERGY Withdraws bid 5kt $-3/mt
** Denotes OCO order.
Offers (PGA page 4026)
„ APR24: NESTWISE offers 5kt $18.50/mt
„ APR24: P66SG offers 5kt $18.50/mt
„ APR24: VITOLSG offers 5kt $18.50/mt
„ APR24: DARE offers 5kt $18.75/mt
„ APR24: GOODECAPLTD offers 5kt $19.00/mt
„ APR24: ONYX offers 5kt $19.00/mt
„ MAY24: DARE offers 5kt $16.50/mt
„ MAY24: NESTWISE offers 5kt $16.50/mt
„ MAY24: VITOLSG offers 5kt $16.50/mt
„ MAY24: GOODECAPLTD offers 5kt $17.00/mt
„ MAY24: ONYX offers 5kt $17.00/mt
„ MAY24: ONYX offers 5kt $17.00/mt
„ MAY24: P66SG offers 5kt $17.00/mt
„ APR24: GUNVORSG offers 5kt $474.25/mt
31
„ APR24: DARE offers 5kt $474.75/mt
„ APR24: ONYX offers 5kt $474.75/mt
„ APR24: GOODECAPLTD offers 5kt $475.25/mt
„ APR24: AKARITRADING offers 5kt $475.50/mt
„ APR24: ONYX offers 5kt $476.50/mt
„ APR24: DARE offers 5kt $476.75/mt
„ APR24: ONYX offers 5kt $477.00/mt
„ APR24: ONYX offers 5kt $477.50/mt
„ APR24: DARE offers 5kt $477.75/mt
„ APR24: THEMEINT offers 5kt $477.75/mt
„ APR24: UENERGY offers 5kt $477.75/mt
„ APR24: AKARITRADING offers 5kt $478.00/mt
„ APR24: ONYX offers 5kt $478.00/mt
„ APR24: VITOLSG offers 5kt $479.00/mt
„ APR24/MAY24: DARE offers 5kt $-2.5/mt
„ APR24/MAY24: ONYX offers 5kt $-2.5/mt
„ APR24/MAY24: ONYX offers 5kt $-2.5/mt
„ APR24/MAY24: ONYX offers 5kt $-2.5/mt
„ APR24/MAY24: GOODECAPLTD offers 5kt $-2.25/mt
„ APR24/MAY24: NESTWISE offers 5kt $-2.25/mt
„ APR24/MAY24: P66SG offers 5kt $-2.25/mt
„ APR24/MAY24: VITOLSG offers 5kt $-2.25/mt
Withdrawals
„ APR24: ONYX Withdraws offer 5kt $18.50/mt
„ APR24: ONYX Withdraws offer 5kt $18.75/mt
** Denotes OCO order.