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Crude Oil Marketwire

Volume 44 / Issue 195 / October 4, 2023

Key benchmarks ($/barrel) Brent/WTI spreads and EFPs (PGA page 218) Market Commentary
Mid Change Mid Change
(PGA page 2210) Brent/WTI 1st AALAU00 3.66/3.68 3.670 +0.180
Dubai (Dec) PCAAT00 90.66–90.68 90.670 -0.430 Brent/WTI 2nd AALAV00 3.61/3.63 3.620 +0.100 Platts Middle East Sour Crude Daily Market
Dubai (Jan)
Dubai (Feb)
PCAAU00
PCAAV00
88.68–88.70
87.22–87.24
88.690
87.230
-0.390
-0.430
Brent/WTI 3rd AALAY00
Brent EFP (Dec) AAGVX00 0.27/0.29
3.760
0.280
+0.070
+0.100
Analysis
MEC (Dec) AAWSA00 90.66–90.68 90.670 -0.430 Brent EFP (Jan) AAGVY00 0.27/0.29 0.280 +0.100
MEC (Jan) AAWSB00 88.68–88.70 88.690 -0.390 Brent EFP (Feb) AAMVY00 0.280 +0.100 „ ADNOC sets Nov OSP for Murban at $93.92/b
MEC (Feb) AAWSC00 87.22–87.24 87.230 -0.430 WTI EFP (Nov) AAGVT00 -0.01/0.01 0.000 0.000
Brent/Dubai (Dec) AAJMS00 -0.29/-0.27 -0.280 +0.040 WTI EFP (Dec) AAGVU00 -0.01/0.01 0.000 0.000 „ Crude stocks rise at Iraq’s southern Gulf terminals
(PGA page 1212)
Brent (Dated) PCAAS00 91.67–91.68 91.675 -3.005
WTI EFP (Jan) AAGVV00 -0.01/0.01 0.000 0.000 Abu Dhabi National Oil Co. has set the official selling
Dated North Sea Light AAOFD00 91.67–91.68 91.675 -3.005 price for its flagship Murban crude oil in November at
Dated Brent (CIF) PCAKM00 92.380 -3.010 Middle East ($/barrel) $93.92/b, up $6.64/b from October, it said in an Oct. 4
Brent (Dec) PCAAQ00 88.14–88.16 88.150 -3.100
(PGA page 2210) Mid Change
Brent (Jan) PCAAR00 86.49–86.51 86.500 -3.090 Oman (Dec) PCABS00 90.66–90.68 90.670 -0.430 statement.
Brent (Feb) PCARR00 85.240 -2.990 Oman (Jan) 88.68–88.70 88.690 -0.390
Sulfur de-escalator AAUXL00 0.20 Oman (Feb)
AAHZF00
AAHZH00 87.22–87.24 87.230 -0.430
The Upper Zakum OSP was set at a 50-cent/b
Oseberg QP (Oct)
Oseberg QP (Nov)
AAXDW00
AAXDX00
0.9832
1.3396
Upper Zakum (Dec) AAOUQ00 90.65–90.69 90.670 -0.430 discount to the flagship grade, compared with a
Murban (Dec) AAKNL00 92.14–92.18 92.160 -0.340
Ekofisk QP (Oct) AAXDY00 0.8910 Murban (Jan) MBNSA00 90.180 -0.300
discount of 60 cents/b in October. The Umm Lulu
Ekofisk QP (Nov) AAXDZ00 1.2616
Troll QP (Oct) ATFNB00 1.2809
Murban (Feb) MBNSB00 88.720 -0.340 premium was raised to 25 cents/b in November, from
Al Shaheen AAPEV00 90.71–90.75 90.730 -0.430
Troll QP (Nov) ATFNA00 1.5916 Spread vs Dubai 20 cents/b in October above Murban.
(PGA page 210) Dubai DBDDC00 3.440 0.000 (continued on page 3)
Platts AGS AGSAA00 86.940 -4.670 Oman DBDOC00 3.440 0.000
WTI FOB USGC Decades Avg ADECA00 86.050 -4.780 Murban AARBZ00 4.930 +0.090
WTI (Nov) PCACG00 84.21–84.23 84.220 -5.010 Al Shaheen AAPEW00 3.45–3.55 3.500 0.000 Contents
WTI (Dec) PCACH00 82.54–82.56 82.550 -4.890 Upper Zakum DBDUZ00 3.440 0.000
WTI (Jan) AAGIT00 80.97–80.99 80.980 -4.790 Quality Premiums Platts Oil Mideast Sour Crude Convergences. ......................... 4
Light Houston Sweet AAXEW00 85.370 -4.860 Murban QP AASVA00 0.0000
Light Houston Sweet M2 AAYRY00 83.600 -4.890 Platts Middle East Sour Crude Bids, Offers, Trades..................... 4
LOOP Sour (Nov) AALSM01 82.170 -5.210 (PGA page 2658)
LOOP Sour (Dec) AALSM02 80.850 -4.640 Dubai Swap (Nov) AAHBM00 88.67–88.71 88.690 -0.390 Platts Dubai Derivatives Bids Summary. ............................... 5
LOOP Sour (Jan) AALSM03 79.780 -4.690 Dubai Swap (Dec) AAHBN00 87.21–87.25 87.230 -0.430
Bakken AAXPP00 81.680 -5.000 Dubai Swap (Jan) AAHBO00 86.15–86.19 86.170 -0.460 Platts Dubai Derivatives Offers Summary. ............................. 6
Eagle Ford Marker AAYAJ00 82.150 -4.850
Platts Dubai Derivatives Trades Summary.............................. 6
ACM* (Nov) AAQHN00 81.36–81.38 81.370 -5.210
ACM* (Dec) AAQHO00 80.04–80.06 80.050 -4.640 Platts Dubai Derivatives Exclusions. ................................... 7
ACM* (Jan) AAQHP00 78.97–78.99 78.980 -4.690
*Americas Crude Marker. Platts Asia Pacific Sweet Crude Daily Market Analysis. ................ 7

Forward Dated Brent ($/barrel) (PGA page 1250) Platts Asia Light Sweet Crude Bids, Offers, Trades. .................... 8
Mid Change Platts North Sea Crude Daily Market Analysis.......................... 9
North Sea Dated strip AAKWH00 89.73–89.75 89.740 -3.020
Mediterranean Dated strip AALDF00 89.71–89.72 89.715 -3.015 Platts North Sea Dated Brent, BFOE, CFD Bids, Offers, Trades. ........ 11
33-63 Day Dated strip AALEJ00 87.84–87.85 87.845 -3.200
BTC Dated strip AAUFI00 89.55–89.56 89.555 -3.020 Platts WTI Midland Crude DAP Europe Bids, Offers, Trades............. 17
15-45 Day Dated strip AALGM00 89.12–89.14 89.130 -3.040
30-60 Day Dated strip AAXRK00 88.02–88.03 88.025 -3.190 Platts Mediterranean & Black Sea Sweet Crude Daily Commentary. ... 17
North Sea CIF Dtd strip AAHXE00 89.655 -3.020
23-63 Day Dated Strip ADBRA00 88.175 -3.175 Platts NWE and Med Urals Sour Crude Daily Market Analysis. ......... 17

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Crude Oil Marketwire October 4, 2023

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 82.70–82.74 82.720 -0.450 AAPAI00 -6.250 0.000 AAPAH00 81.890 -3.140
Ichthys FC 48.9 ICFCA00 93.620 -0.500 ICFCB00 4.650 -0.050
DFC 56.82 ADFCA00 85.96–86.00 85.980 -0.380 ADFCB00 -1.30/-1.20 -1.250 +0.050 ADFCC00 -2.990 +0.070 ADFCD00 83.560 -3.140
Qatar LSC 56.9 AARBB00 85.36–85.40 85.380 -0.380 AARBD00 -1.90/-1.80 -1.850 +0.050 AARBC00 -3.590 +0.070 AARBA00 82.960 -3.140
South Pars 57.4 AARAV00 80.91–80.95 80.930 -0.380 AARAX00 -6.35/-6.25 -6.300 +0.050 AARAW00 -8.040 +0.070 AARAU00 78.510 -3.140
Diff to ICP
Senipah 54.4 AAEOE00 79.25–79.29 79.270 -0.450 AAEOK00 -5.45/-5.35 -5.400 0.000 AAPBE00 -9.700 0.000 AAPBD00 78.440 -3.140
Light crude (PGA page 2214) (PGA page 2215)
Diff to ICP Diff to Asian Dated Brent
Cossack 47.7 PCAGZ00 89.90–89.94 89.920 -0.500 AAPAC00 0.950 -0.050 AAPAB00 89.090 -3.190
Tapis 45.2 PCACB00 95.20–95.24 95.220 -0.500 AAOZW00 6.250 -0.050 AAOZV00 94.390 -3.190
Belida 45.1 PCAFL00 84.50–84.54 84.520 -0.500 PCAFM00 -1.70/-1.60 -1.650 -0.050 AAPBQ00 -4.450 -0.050 AAPBP00 83.690 -3.190
Kutubu 44.3 PCAFJ00 89.10–89.14 89.120 -0.500 AAPAE00 0.150 -0.050 AAPAD00 88.290 -3.190
Attaka 42.3 PCAAJ00 84.40–84.44 84.420 -0.500 PCAAK00 -2.35/-2.25 -2.300 0.000 AAPBC00 -4.550 -0.050 AAPBB00 83.590 -3.190
Ardjuna 38 PCACQ00 85.75–85.79 85.770 -0.500 PCACR00 -1.00/-0.90 -0.950 -0.050 AAPBG00 -3.200 -0.050 AAPBF00 84.940 -3.190
Banyu Urip 32 PCAFQ00 95.770 -0.500 PCAQQ00 3.400 0.000 AAPBU00 6.800 -0.050 AAPBR00 94.940 -3.190
Diff to Dubai
Sakhalin Blend 45.5 AARBN00 78.51–78.55 78.530 -0.430 AARCN00 -8.75/-8.65 -8.700 0.000 AARDN00 -10.440 +0.020 AAREN00 76.110 -3.190
ESPO M1 34.8 AARWF00 84.66–84.70 84.680 -0.480 AASEU00 -2.60/-2.50 -2.550 -0.050
ESPO M2 34.8 AAWFE00 83.40–83.44 83.420 -0.510 AAWFG00 -2.80/-2.70 -2.750 -0.050
Sokol 39.7 AASCJ00 84.26–84.30 84.280 -0.330 AASCK00 -3.00/-2.90 -2.950 +0.100 AAPAO00 -4.690 +0.120 AAPAN00 81.860 -3.090
Kikeh 34.9 AAWUH00 98.45–98.49 98.470 -0.500 AAOZY00 9.500 -0.050 AAOZX00 97.640 -3.190
Miri Light 32.3 PCABQ00 98.15–98.19 98.170 -0.500 AAPAS00 9.200 -0.050 AAPAR00 97.340 -3.190
Labuan 32 PCABL00 101.95–101.99 101.970 -0.500 AAPAQ00 13.000 -0.050 AAPAP00 101.140 -3.190
Kimanis 38.6 AASCL00 100.320 -0.500 AASCM00 11.350 -0.050 AASCN00 99.490 -3.190
Medium crude (PGA page 2216) (PGA page 2217)
Diff to Asian Dated Brent
Su Tu Den 36.8 AARAR00 96.15–96.19 96.170 -0.500 AARAS00 7.200 -0.050 AARAQ00 95.340 -3.190
Bach Ho 40.7 PCAHY00 99.10–99.14 99.120 -0.500 AAPAK00 10.150 -0.050 AAPAJ00 98.290 -3.190
Nanhai 40 PCAFR00 87.00–87.04 87.020 -0.500 AAPAG00 -1.950 -0.050 AAPAF00 86.190 -3.190
Nile Blend 33.9 AAPLC00 86.15–86.19 86.170 -0.950 AAPAM00 -2.800 -0.500 AAPAL00 85.340 -3.640
Daqing 32.2 PCAAZ00 86.85–86.89 86.870 -0.500 AAPAW00 -2.100 -0.050 AAPAV00 86.040 -3.190
Heavy crude (PGA page 2218) (PGA page 2219)
Diff to ICP Diff to Asian Dated Brent
Dar Blend 25 AARAB00 85.65–85.69 85.670 -0.950 AARAC00 -3.300 -0.500 AARAA00 84.840 -3.640
Shengli 24.2 PCABY00 89.10–89.14 89.120 -0.500 AAPAY00 0.150 -0.050 AAPAX00 88.290 -3.190
Duri 20.8 PCABA00 92.45–92.49 92.470 -0.500 PCABB00 2.45/2.55 2.500 -0.050 AAPBM00 3.500 -0.050 AAPBL00 91.640 -3.190
Vincent 18.3 AARAK00 95.920 -0.500 AARAL00 6.950 -0.050 AARAJ00 95.090 -3.190

Delivered - Asia spot crude assessments ($/barrel) (PGA page 2238)

Diff to Dubai Diff to Asian Dated Brent
US Delivered - Asia Spot Crudes
WTI Midland (DES Singapore) WTMSA00 93.970 -0.360 WTMSD00 7.800 +0.100 WTMSB00 6.590 +0.150
WTI Midland (DES Yeosu) WTMYA00 94.470 -0.360 WTMYD00 8.300 +0.100 WTMYB00 7.090 +0.150
Brazil Delivered-Asia Spot Crudes
Tupi (DES Qingdao) LUQDA00 92.420 -0.260 LUQDD00 6.250 +0.200 LUQDB00 5.040 +0.250

© 2023 by S&P Global Inc. All rights reserved. 2

Crude Oil Marketwire October 4, 2023

Middle East spot assessments ($/barrel) (PGA page 2220)

Mid Change Spread vs Dubai Mid Change Spread vs OSP Mid Change
Umm Lulu AUFAA00 92.410 -0.440 DBDUL00 5.180 -0.010
Das Blend AAXOF00 91.49–91.53 91.510 -0.640 DBDDS00 4.280 -0.210
Qatar Land AAKNP00 90.93–90.97 90.950 -0.350 QALDA00 3.720 +0.080 AAKUJ00 0.55/0.65 0.600 0.000
Qatar Marine AAKNR00 89.73–89.77 89.750 -0.450 QAMDA00 2.520 -0.020 AAKUH00 0.55/0.65 0.600 0.000
Banoco Arab Medium AAKNT00 90.48–90.52 90.500 -0.450 AAKUD00 -0.60/-0.50 -0.550 0.000
Basrah Medium M1 BSMAM01 – 91.100 -0.400 BSMBM01 0.300 0.000
Basrah Medium M2 BSMAM02 – 89.700 -0.450 BSMBM02 0.300 0.000
Basrah Heavy M1 AALZC00 – 87.850 -0.380 AALZJ00 0.450 0.000
Basrah Heavy M2 AALZD00 – 86.400 -0.430 AALZK00 0.450 0.000

For November, ADNOC rolled over the Das Blend

OSP discount of 60 cents/b to Murban.
A few trade sources were of the opinion that the
latest OSPs were high, especially for the medium
Upper Zakum grade, compared with spot trades over
the previous month. Still, one trade source noted the
latest OSPs were still within market expectations, while
another noted the light/medium sour crude complex
narrowed sharply end-September.
Trade activity for December-loading light sour
grades started moving ahead. Shell was heard to have
sold 1 million barrels of Umm Lulu to Japanese refiner
Taiyo. Das Blend was said to have traded at a premium
in the mid-$4s/b to Dubai, of which Cepsa was heard to
have sold a 500,000-barrel cargo.
Crude oil inventories at Iraq’s southern Gulf
terminals, meanwhile, rose 185,000 barrels, equivalent
to about 6,000 b/d, in September, with storage
capacity at 57%, according to figures from state
marketer SOMO seen by S&P Global Commodity
Insights.
Stocks stood at 5.310 million barrels as of end-
September, compared with total capacity at the Gulf
terminals of 9.310 million barrels, the figures showed.
The rise in stocks occurred even as Iraq’s crude
exports rose 0.4% in the month to 3.438 million b/d,
up 15,000 b/d from August. Changes in inventory levels
typically result when exports and refinery runs do not
match up with total crude production.
Asian market parity prices ($/barrel) (PGA page 2280)
(Asia close) (London close)
Mid Change Mid Change
Minas PCABO00 86.495 -0.175 AAPAZ00 85.665 -2.865
Cinta PCAAX00 75.160 +0.090 AAPBJ00 74.330 -2.600
Widuri PCAFE00 72.690 +0.190 AAPBN00 71.860 -2.500
Cambay AMPPA00 90.340 -0.190
Ravva AMPPB00 96.770 -0.460
Rajasthan AMPPC00 90.285 -0.145
Asian Crude Indices ($/barrel) (PGA page 2206)
16:30 Singapore Interim Asian Close Diff to Dated Brent Final London Close
Asian Dated Brent (ADB) AAXPG00 93.820
ADB Strip Asia AARBV00 88.970 AARBX00 88.140
ADB Strip Middle East AARBW00 88.970 AARBY00 86.550
ADB Strip M3 ADBS003 87.380
For definitions see http://www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/Crude-oil-methodology.pdf
The vast majority of the crude exports — 3.407 said. The maintenance, due to last around 1 1/2 months,
million b/d — were shipped from the southern will affect one of the two trains at the plant. Each of
terminals, with small quantities exported by truck to the trains, or primary processing complexes, has equal
Jordan, as well as a small volume of heavy oil exported capacity but uses a different type of crude.
from Khor al-Zubair, the SOMO data showed.
Of the southern terminal exports, 65%, or 2.217 Platts Mideast Sour Crude Daily Rationales &
million b/d, was Basrah Medium grade, with a gravity Exclusions
of API 29 degrees, while 35%, or 1.190 million b/d, was Dubai Mo01 <PCAAT00> assessment rationale: The
Basrah Heavy of API 23-24 degrees, according to the December cash Dubai assessment on Oct. 4 took into
SOMO data. consideration trades for cash Dubai partials at $90.67-
Saudi Arabia’s 460,000 b/d SATORP refinery in $90.70/b towards the end of the Platts Market on
Jubail started scheduled maintenance in the last week Close assessment process, as well as a bid and offer
of September, a source with knowledge of the matter at $90.66/b and $90.69/b respectively, standing at the

© 2023 by S&P Global Inc. All rights reserved. 3

Crude Oil Marketwire October 4, 2023

end of the MOC. North Sea spot crude assessments ($/barrel) (PGA page 1212)
Mid Change Spread vs fwd Dated Brent Mid Change
Oman Blend Mo01 <PCABS00> assessment
Dated Brent Diff AAXEZ00 1.93/1.94 1.935 +0.015
rationale: The December cash Oman assessment BNB AAVJA00 91.97–91.98 91.975 -2.905 AAVJB00 2.23/2.24 2.235 +0.115
Forties 91.81–91.82 91.815 -2.965 2.07/2.08 2.075 +0.055
on Oct. 4 took into consideration values heard in the PCADJ00 AAGWZ00
Oseberg PCAEU00 93.86–93.87 93.865 -2.710 AAGXF00 4.12/4.13 4.125 +0.310
broader market and Oman’s notional spread to cash Ekofisk PCADI00 93.71–93.72 93.715 -2.760 AAGXB00 3.97/3.98 3.975 +0.260
Troll 94.26–94.27 94.265 -2.710 4.52/4.53 4.525 +0.310
Dubai. AAWEX00 AAWEY00
FOB N Sea WTI Midland ALNDA00 91.675 -3.005 ALNDB00 1.935 +0.015
Exclusions: No market data was excluded from the Statfjord PCAEE00 94.43–94.45 94.440 -2.620 AAGXD00 4.69/4.71 4.700 +0.400
Flotta Gold 92.68–92.70 92.690 -2.620 2.94/2.96 2.950 +0.400
Middle East sour crude Market on Close assessment PCACZ00 AAGXH00
Duc AAWEZ00 92.93–92.95 92.940 -2.770 AAWFL00 3.19/3.21 3.200 +0.250
process. Grane Blend PCALA00 93.740 -2.420 PCALB00 4.000 +0.600
Johan Sverdrup AJSVA00 93.680 -2.690 AJSVB00 3.940 +0.330
Statfjord (CIF) AASAS00 95.45–95.46 95.455 -2.620 AASAT00 5.79/5.81 5.800 +0.400
Platts Oil Mideast Sour Crude Gullfaks (CIF) AASAU00 96.20–96.21 96.205 -2.620 AASAV00 6.54/6.56 6.550 +0.400
Convergences Alvheim (CIF)
Asgard (CIF)
ALVHA00
ASGCA00
96.055 -2.620
93.155 -2.770
ALVHB00
ASGCB00
6.400
3.500
+0.400
+0.250
North Sea basket AAGIZ00 92.84–92.85 92.845 -2.835
North Sea Dated Strip 89.73–89.75 89.740 -3.020
None reported. AAKWH00
European Sour Crude Index CSBEA00 93.649 -2.605 CSBEB00 3.909 +0.415
Spread vs fwd CIF Dated Brent
Platts Middle East Sour Crude Bids, Offers, Dated Brent (CIF) AAVJG00 92.380 -3.010 AAVJF00 2.725 +0.010

Trades BNB (CIF)

Forties (CIF)
PCAKP00
PCAKR00
93.500 -2.885
92.860 -2.945
AAVJC00
AAHXC00
3.845
3.205
+0.135
+0.075
Oseberg (CIF) PCAKT00 94.805 -2.690 AAHXD00 5.150 +0.330
Ekofisk (CIF) PCAKV00 94.550 -2.740 AAHXB00 4.895 +0.280
Bids: Troll (CIF) AAXJO00 95.210 -2.690 AAXJN00 5.555 0.330
PLATTS DUBAI: DEC23: GUNVOR BIDS 25KB AT WTI Midland (CIF) WMCRD00 92.380 -3.010 WMCRB00 2.725 +0.010
North Sea CIF Dated Strip AAHXE00 89.655 -3.020
$90.66 AND WITHDRAWS DURING EXTENSION
PLATTS DUBAI: DEC23: MITSUI BIDS 25KB AT $90.65
PLATTS DUBAI: DEC23: EQUINOR BIDS 25KB
AT $90.65 Freight Adjustment Factors
PLATTS DUBAI: DEC23: MERCURIA BIDS 25KB ($/barrel) Change
Sullom Voe-Rotterdam FSVRM00 1.2181 +0.0030
AT $90.65 Hound Point-Rotterdam FHPRM00 0.8560 +0.0019
PLATTS DUBAI: DEC23: VITOL BIDS 25KB AT $90.65 Sture-Rotterdam FSTRM00 0.7815 +0.0018
Teesside-Rotterdam FTSRM00 0.6958 +0.0016
PLATTS DUBAI: DEC23: BP BIDS 25KB AT $90.50 Mongstad-Rotterdam FMGRM00 0.7866 +0.0018
PLATTS DUBAI: DEC23: GLENCORE BIDS 25KB North Sea-Rotterdam FSFRM00 0.7833 +0.0018
AT $90.35 (%)
PLATTS DUBAI: DEC23: TRAFIGURA BIDS 25KB AT FAF Weighting FAFWA00 0.80
$60.90 AND WITHDRAWS DURING EXTENSION
PLATTS DUBAI: DEC23: SHELL NO LONGER BIDS
AFTER TRADE European US Spot Crude Assessments ($/barrel) (PGA page 1238)
Offers: Mid Change Spread vs fwd Dated Brent Mid Change
WTI Midland (DAP Rotterdam) AWTIC00 90.735 -3.165 AWTID00 2.560 +0.010
PLATTS DUBAI: DEC23: PETROCHINA OFFERS 25KB WTI Midland (DAP Augusta) AWTIA00 91.235 -3.165 AWTIB00 3.060 +0.010
AT $90.69 AND TRADES DURING EXTENSION Eagle Ford 45 (DAP Rotterdam) AEFAC00 89.835 -3.165 AEFAD00 1.660 +0.010
Eagle Ford 45 (DAP Augusta) AEFAA00 90.335 -3.165 AEFAB00 2.160 +0.010
PLATTS DUBAI: DEC23: UNIPEC OFFERS 25KB
AT $90.70
PLATTS DUBAI: DEC23: GLENCORE OFFERS 25KB

© 2023 by S&P Global Inc. All rights reserved. 4

Crude Oil Marketwire October 4, 2023

AT $90.70 Dated Brent/BFOE swaps ($/barrel) (PGA page 1214)

PLATTS DUBAI: DEC23: BP OFFERS 25KB AT $90.95 Week Week Date Brent CFD* Mid Change Dated Brent swap Mid Change
PLATTS DUBAI: DEC23: PETROCHINA OFFERS 25KB CFD Week 1 (Jan) Oct 02-06 PCAKA00 5.52/5.54 5.530 +0.320 AAJNV00 92.02/92.04 92.030 -2.770
CFD Week 2 (Jan) Oct 09-13 PCAKC00 4.54/4.56 4.550 +0.240 AAJOS00 91.04/91.06 91.050 -2.850
AT $90.95
CFD Week 3 (Jan) Oct 16-20 PCAKE00 3.61/3.63 3.620 +0.160 AAJOU00 90.11/90.13 90.120 -2.930
PLATTS DUBAI: DEC23: VITOL OFFERS 25KB CFD Week 4 (Jan) Oct 23-27 PCAKG00 3.19/3.21 3.200 +0.150 AAJOW00 89.69/89.71 89.700 -2.940
AT $91.05 CFD Week 5 (Jan) Oct 30-03 AAGLU00 2.70/2.72 2.710 +0.120 AAJPC00 89.20/89.22 89.210 -2.970
CFD Week 6 (Jan) Nov 06-10 AAGLV00 2.30/2.32 2.310 +0.080 AAJPE00 88.80/88.82 88.810 -3.010
PLATTS DUBAI: DEC23: RELIANCE NO LONGER
CFD Week 7 (Jan) Nov 13-17 AALCZ00 1.91/1.93 1.920 +0.050 AALAW00 88.41/88.43 88.420 -3.040
OFFERS AFTER TRADE CFD Week 8 (Jan) Nov 20-24 AALDA00 1.53/1.55 1.540 +0.020 AALAX00 88.03/88.05 88.040 -3.070
PLATTS DUBAI: DEC23: EXXONMOBIL NO LONGER Brent Swaps Weeks 1 to 8 are differentials to Brent Mo02 (Jan) PCAAR00 found on page 1.
OFFERS AFTER TRADE
Trades:
PLATTS DUBAI: DEC23: GLENCORE SELLS TO
EQUINOR* 25KB AT $90.75 (08:26:44) Dated Brent/Brent Frontline Swaps (DFL) ($/barrel) (PPE page 1614)
PLATTS DUBAI: DEC23: PETROCHINA SELLS TO Swaps Change DFL Change
EQUINOR* 25KB AT $90.70 (08:28:02) Balance month* (Oct 23) BDLBM00 90.290 -2.960 ABWFZ00 2.490 +0.230
Month 1 (Nov 23) BDLM001 88.140 -3.140 AAEAA00 1.980 +0.050
PLATTS DUBAI: DEC23: PETROCHINA SELLS TO
Month 2 (Dec 23) BDLM002 86.550 -3.210 AAEAB00 1.630 -0.130
SHELL* 25KB AT $90.70 (08:28:25) Month 3 (Jan 24) BDLM003 85.050 -3.100 AAEAC00 1.020 -0.100
PLATTS DUBAI: DEC23: PETROCHINA SELLS TO Month 4 (Feb 24) BDLM004 84.010 -3.020 AAEAD00 0.670 -0.100

VITOL* 25KB AT $90.65 (08:29:09) *Balance month swaps are assessed from the 1st through the 20th of the month.

PLATTS DUBAI: DEC23: VITOL BUYS FROM

EXXONMOBIL* 25KB AT $90.69 (08:29:43)
PLATTS DUBAI: DEC23: EQUINOR BUYS FROM
PETROCHINA* 25KB AT $90.69 (08:29:52) Cash BFOE intraday assessments ($/barrel) (PGA page 1216)
PLATTS DUBAI: DEC23: EQUINOR BUYS FROM Cash BFOE Change Inter-Month Spread
RELIANCE* 25KB AT $90.67 (08:29:59) 10:30 London Time
BFOE M1 (Dec) 90.100 -0.780
PLATTS DUBAI: DEC23: TRAFIGURA BUYS FROM PBCAAM1
BFOE M2 (Jan) PBCAAM2 88.440 -0.880 Dec/Jan PBAM1M2 1.660
PETROCHINA* 25KB AT $90.69 (08:30:06) BFOE M3 (Feb) PBCAAM3 87.140 -0.920 Jan/Feb PBAM2M3 1.300
This assessment commentary applies to the 12:30 London Time
following market data codes: Dubai M1 <PCAAT00>, BFOE M1 (Dec) PBCABM1 89.410 -0.920
BFOE M2 (Jan) PBCABM2 87.790 -1.090 Dec/Jan PBBM1M2 1.620
Oman M1 <PCABS00> BFOE M3 (Feb) PBCABM3 86.530 -1.140 Jan/Feb PBBM2M3 1.260
14:30 London Time
Platts Dubai Derivatives Bids Summary BFOE M1 (Dec) PBCACM1 89.190 -1.810
BFOE M2 (Jan) PBCACM2 87.500 -1.910 Dec/Jan PBCM1M2 1.690
BFOE M3 (Feb) PBCACM3 86.220 -1.880 Jan/Feb PBCM2M3 1.280
BIDS ON CLOSE
16:30 London Time
—————————— BFOE M1 (Dec) PCAAQ00 88.150 -3.100
NO BIDS REPORTED BFOE M2 (Jan) PCAAR00 86.500 -3.090
BFOE M3 (Feb) PCARR00 85.240 -2.990
WITHDRAWALS
19:30 London Time
—————————— BFOE M1 (Dec) PBCADM1 NA –
NO WITHDRAWALS REPORTED BFOE M2 (Jan) PBCADM2 NA – Dec/Jan PBDM1M2 NA
Platts’ End-of-Day assessments for Dubai BFOE M3 (Feb) PBCADM3 NA – Jan/Feb PBDM2M3 NA

© 2023 by S&P Global Inc. All rights reserved. 5

Crude Oil Marketwire October 4, 2023

derivatives prices can be found on PPA2606. Urals/ESPO spot assessments ($/barrel) (PGA page 1220)
Mid Change Spread vs fwd Dated Brent Mid Change
Platts Oil Paper Bids, Offers and Trade Page Index Urals (Rotterdam) PCAFW00 79.47–79.50 79.485 -3.015 AAGXJ00 -10.24/-10.22 -10.230 0.000
found on <PGA4000> Urals (Mediterranean) PCACE00 80.59–80.62 80.605 -3.015 AAGXX00 -9.12/-9.10 -9.110 0.000
Urals FOB Novo Suez AAGZS00 77.20–77.23 77.215 -3.015 AAHPH00 -12.51/-12.49 -12.500 0.000
Platts has defined standards for entities it Urals FOB Novo Afra AAOTH00 76.90–76.93 76.915 -3.015 AAOTI00 -12.81/-12.79 -12.800 0.000
considers to be related and verifies through a variety of Urals (Ex-Baltic)
Urals (Primorsk)
AAGZT00
AAWVH00
77.00–77.03
77.00–77.03
77.015 -3.015
77.015 -3.015
AAHPI00
AAWVI00
-12.71/-12.69
-12.71/-12.69
-12.700 0.000
-12.700 0.000
inputs whether counterparties in reported trades meet Urals RCMB (Recombined) AALIN00 82.55–82.58 82.565 -3.005
ESPO (FOB Kozmino) AARWD00 82.42–82.44 82.430 -3.170 AARWE00 -4.13/-4.11 -4.120 +0.040
these criteria. KEBCO (CIF Augusta) KBCOA00 89.815 -3.165 KBCOB00 0.100 -0.150
KEBCO (CIF Rotterdam) KBCOC00 89.815 -3.165 KBCOD00 0.100 -0.150
KEBCO (FOB Novo) KBCOE00 86.125 -3.165 KBCOF00 -3.590 -0.150
Platts Dubai Derivatives Offers Summary KEBCO (FOB Ust-Luga) KBCOG00 87.250 -3.165 KBCOH00 -2.465 -0.150
Urals (DAP India) DWCUA00 83.440 -3.140 DWCUB00 -4.700 0.000
KEBCO/Russian Urals AKEBA00 9.210 -0.150
OFFERS ON CLOSE Spread vs Dubai
—————————— Urals (DAP India) AURLA00 -2.920 +0.070

NO OFFERS REPORTED Number of days

Observed Delivery Factor AODFA00 -6
WITHDRAWALS
——————————
Urals Med/NWE CFD assessments ($/barrel)

Urals CFD Mid Change
NO WITHDRAWALS REPORTED
Mediterranean (PPE page 1617)
Platts’ End-of-Day assessments for Dubai Urals Med CFD (Oct) AAMDU00 -9.15/-9.14 -9.145 0.000
derivatives prices can be found on PPA2606. Urals Med CFD (Nov) AAMEA00 -9.15/-9.14 -9.145 0.000
Urals Med CFD (Dec) UMCM003 -9.15/-9.14 -9.145 0.000
Platts Oil Paper Bids, Offers and Trade Page Index
Northwest Europe (PPE page 1617)
found on <PGA4000> Urals NWE CFD (Oct) UNCM001 -10.24/-10.22 -10.230 0.000
Platts has defined standards for entities it Urals NWE CFD (Nov) UNCM002 -10.24/-10.22 -10.230 0.000
considers to be related and verifies through a variety of Urals NWE CFD (Dec) UNCM003 -10.24/-10.22 -10.230 0.000

inputs whether counterparties in reported trades meet Mediterranean (PPE page 1617)
CPC Blend CFD (Oct) AAOFX00 -1.130 0.000
these criteria. CPC Blend CFD (Nov) AAOFY00 -1.000 -0.050
CPC Blend CFD (Dec) AAOFZ00 -1.000 +0.050

Platts Dubai Derivatives Trades Summary Mediterranean spot crude assessments ($/barrel)
Mid Change Spread vs fwd Dated Brent Mid Change
TRADES SUMMARY Azeri and BTC (PGA page 1222)
—————————— Azeri Lt CIF AAGZX00 94.78–94.80 94.790 -3.015 AAHPM00 5.23/5.24 5.235 +0.005
Azeri Lt FOB Ceyhan Suez AAUFM00 93.98–94.00 93.990 -3.045 AAUFN00 4.43/4.44 4.435 -0.025
NO TRADES REPORTED Azeri Lt FOB Ceyhan Afra AAUFK00 93.52–93.54 93.530 -3.045 AAUFL00 3.97/3.98 3.975 -0.025
Platts’ End-of-Day assessments for Dubai Azeri Lt FOB Supsa AATHM00 92.91–92.94 92.925 -3.015 AATHN00 3.36/3.38 3.370 +0.005
BTC FOB Ceyhan AAUFH00 93.75–93.77 93.760 -3.045 AAUFJ00 4.20/4.21 4.205 -0.025
derivatives prices can be found on PPA2606.
Black Sea (PGA page 1220)
Platts Oil Paper Bids, Offers and Trade Page Index Siberian Light CIF AAGZW00 82.59–82.62 82.605 -3.015 AAHPK00 -7.12/-7.10 -7.110 0.000
found on <PGA4000> CPC Blend CIF AAGZU00 88.14–88.17 88.155 -2.820 AAHPL00 -1.41/-1.39 -1.400 +0.200
CPC Blend FOB Suez AALVX00 85.36–85.38 85.370 -2.820 AALVZ00 -4.19/-4.18 -4.185 +0.200
Platts has defined standards for entities it CPC Blend FOB Afra AAOFV00 84.67–84.69 84.680 -2.820 AAOFW00 -4.88/-4.87 -4.875 +0.200
considers to be related and verifies through a variety of Additional War Risk Premium AWARA00 1.700 0.000

inputs whether counterparties in reported trades meet Middle East & North Africa (PGA page 1234)
Suez Blend PCACA00 89.20–89.23 89.215 -3.015 AAGYD00 -0.51/-0.49 -0.500 0.000
these criteria. Es Sider PCACO00 90.99–91.02 91.005 -3.020 AAGYH00 1.44/1.46 1.450 0.000
Kirkuk AAEJD00 88.20–88.23 88.215 -3.015 AAGYF00 -1.51/-1.49 -1.500 0.000
Iranian Light FOB Kharg Island (Med) AILKA00 89.775 -3.245 AILKB00 0.060 -0.230
Iranian Heavy FOB Kharg Island (Med) AIHKA00 87.275 -3.245 AIHKB00 -2.440 -0.230
Saharan Blend AAGZY00 91.54–91.57 91.555 -2.870 AAHPN00 1.99/2.01 2.000 +0.150

© 2023 by S&P Global Inc. All rights reserved. 6

Crude Oil Marketwire October 4, 2023

Platts Dubai Derivatives Exclusions West African spot crude assessments ($/barrel) (PGA page 1230)
Mid Change Spread vs fwd Dated Brent Mid Change
WAF Index AWAFA00 92.625 -3.240 AWAFB00 4.600 -0.050
Exclusions: No market data was excluded from the Nigeria Spot Crude Assessments
October 4, 2023 Dubai derivatives assessment process. Bonny Light PCAIC00 90.96–90.99 90.975 -3.240 AAGXL00 2.94/2.96 2.950 -0.050
Qua Iboe PCAID00 92.11–92.14 92.125 -3.240 AAGXN00 4.09/4.11 4.100 -0.050
Forcados PCABC00 93.26–93.29 93.275 -3.240 AAGXP00 5.24/5.26 5.250 -0.050
Platts Asia Pacific Sweet Crude Daily Agbami AAQZB00 88.01–88.04 88.025 -3.190 AAQZC00 -0.01/0.01 0.000 0.000
Market Analysis Escravos
Brass River
AAEIZ00
AAEJB00
94.36–94.39
90.36–90.39
94.375
90.375
-3.240
-3.240
AAGXR00
AAGXV00
6.34/6.36
2.34/2.36
6.350
2.350
-0.050
-0.050
Akpo PCNGA00 88.01–88.04 88.025 -3.190 PCNGB00 -0.01/0.01 0.000 0.000
„ Indonesia issues OSPs for September- Bonga PCNGC00 94.11–94.14 94.125 -3.240 PCNGD00 6.09/6.11 6.100 -0.050
Usan AAXUQ00 87.125 -3.240 AAXUR00 -0.900 -0.050
loaded cargoes Erha AAXUO00 93.525 -3.240 AAXUP00 5.500 -0.050
Egina AFONA00 95.075 -3.240 AFONB00 7.050 -0.050
„ PV Oil issues term tender for Su Tu Den crude
Angola spot crude assessments ($/barrel) (PGA page 1232)
loading over Jan-June 2024 Cabinda PCAFD00 90.76–90.79 90.775 -3.190 AAGXT00 2.74/2.76 2.750 0.000
„ Deeper discounts heard for Sudan/South Sudan’s Nemba AAQYZ00 88.66–88.69 88.675 -3.190 AAQZA00 0.64/0.66 0.650 0.000
Dalia AAQYX00 90.01–90.04 90.025 -3.190 AAQYY00 1.99/2.01 2.000 0.000
Nile Blend Girassol AASNL00 92.11–92.14 92.125 -3.190 AASJD00 4.09/4.11 4.100 0.000
Hungo AASLJ00 89.06–89.09 89.075 -3.190 AASJF00 1.04/1.06 1.050 0.000
Kissanje AASLK00 89.76–89.79 89.775 -3.190 AASJE00 1.74/1.76 1.750 0.000
The Asia-Pacific regional market saw a fresh term Pazflor PCNGG00 90.01–90.04 90.025 -3.190 PCNGH00 1.99/2.01 2.000 0.000
tender from Vietnam on Oct. 4. Plutonio PCNGI00 89.36–89.39 89.375 -3.190 PCNGJ00 1.34/1.36 1.350 0.000
On official selling prices, Indonesia’s Ministry of Ghana spot crude assessments (PGA page 1230)
Jubilee AAXUS00 90.475 -3.190 AAXUT00 2.450 0.000
Energy and Mineral Resources set the price for Minas
Republic of Congo spot crude assessments
crude oil in September at $93.88/b, up $7.38/b from Djeno PCNGE00 88.06–88.09 88.075 -3.190 PCNGF00 0.04/0.06 0.050 0.000
August, according to the monthly selling price notice Chad spot crude assessments
seen by S&P Global Commodity Insights Oct. 3. Doba AAXUU00 87.075 -3.190 AAXUV00 -0.950 0.000

With the Dated Brent benchmark averaging $94/b in

September, Minas’ alpha, or differential, for the month
was at a discount of 12 cents/b.
For Indonesia’s other main grades, the September West Africa market parity prices ($/barrel) (PGA page 1270)
Indonesian Crude Price for Banyu Urip crude was Mid Change Spread vs fwd Dated Brent Mid Change
$7.72/b higher on the month at $100.88/b. Abo Blend AAXTL00 92.590 -3.240 ABOOM00 4.565 -0.050
Aje APIRP00 90.495 -3.200 APIRA00 2.470 -0.010
Meanwhile, Vietnam’s PV Oil has issued a term Amenam Blend AAXTI00 89.625 -3.135 AMENA00 1.600 +0.055
tender offering Su Tu Den crude for loading over Antan Blend APIRQ00 94.170 -3.355 APIRB00 6.145 -0.165
Asaramatoru AAXTV00 90.045 -3.220 ASARA00 2.020 -0.030
January-June 2024, at a minimum of 6,700 b/d or CJ Blend APIRR00 94.030 -3.380 APIRC00 6.005 -0.190
200,000 b/month. The tender closes Oct. 10, and is EA Blend AAXTJ00 94.370 -3.275 AEABL00 6.345 -0.085
Ebok APIRS00 87.665 -3.185 APIRD00 -0.360 +0.005
valid until Oct. 20. Eremor APIRT00 88.535 -3.240 APIRE00 0.510 -0.050
PV Oil had last issued a term tender for Su Tu Den Ima APIRU00 84.760 -3.175 APIRF00 -3.265 +0.015
Jones Creek Blend APIRV00 90.450 -3.250 APIRG00 2.425 -0.060
crude in June, in similar-sized liftings for loading over Okono Blend APIRW00 92.540 -3.240 APIRH00 4.515 -0.050
July-December, which had mainly been awarded to Okoro APIRX00 91.345 -3.305 APIRI00 3.320 -0.115
Okwori APIRY00 94.180 -3.390 APIRJ00 6.155 -0.200
Vietnam’s Binh Son Refinery. Trade levels for that Otakikpo APIRZ00 88.485 -3.195 APIRK00 0.460 -0.005
tender were not available. Oyo APRIA00 90.905 -3.260 APIRL00 2.880 -0.070
Pennington APRIB00 90.770 -3.260 APIRM00 2.745 -0.070
More recently in September, PV Oil was heard to Rabi Light ARABA00 88.195 -3.165 ARABB00 0.170 +0.025
have sold two 300,000-barrel cargoes to Vitol for Sankofa APRIC00 86.245 -3.140 APIRN00 -1.780 +0.050
TEN AAXTW00 88.445 -3.190 ATENM00 0.420 0.000

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Crude Oil Marketwire October 4, 2023

loading over Nov. 15-21 and Nov. 22-28, at a premium West Africa market parity prices (continued)
Mid Change Spread vs fwd Dated Brent Mid Change
around $7/b and $8/b to the Platts Dated Brent crude
Ukpokiti APRID00 91.905 -3.225 APIRO00 3.880 -0.035
assessments, FOB, respectively, traders said. Yoho Light AAXTK00 91.880 -3.280 AYOHO00 3.855 -0.090
In the delivered crude markets, South Korea’s GS Zafiro AAXTU00 95.015 -3.315 AZAFB00 6.990 -0.125
Caltex had purchased 1 VLCC of US WTI Midland crude at
a premium of around $7/b to Dubai on a delivered basis.
“The market has rallied a lot, and intermonth
spreads are quite wide,” said a crude trader.
On Sudan/South Sudanese crudes, the precarious US West Coast Crude Assessments ($/barrel) (PGA page 214)
Mid Change
situation stemming from the ongoing Sudan war had
Spread to NYMEX WTI CMA Mid Change
led to steepening of discounts of October-loading ANS/Long Beach PCAAD00 86.84–86.88 86.860 -4.850 AAGWX00 6.35/6.37 6.360 -0.100
Nile Blend into the $4s/b to Dated Brent, FOB, down Spread to ICE BRENT CMA
from previous heard trade levels of Dated Brent minus ANS/Long Beach AANSA00 3.904 +0.009

$2s/b, FOB, for earlier October-loading cargoes, said a

trade source.
“Loadings are still happening, there’s no impact on
that; but the worsening situation in Sudan has created
uncertainty, buyers are not sure if they can take crude US spot crude assessments ($/barrel) (PGA pages 210 & 214)
or not,” the source said. Mid Change
Mars (Nov) AAMBR00 82.26–82.28 82.270 -5.210
Mars (Dec) AAMBU00 80.94–80.96 80.950 -4.640
Platts Asia Light Sweet Crude Daily Rationale & Mars (Jan) AAMBX00 79.87–79.89 79.880 -4.690
Exclusions Mars/WTI (Nov) AAGWH00 -1.96/-1.94 -1.950 -0.200
Mars/WTI (Dec) AAKTH00 -1.61/-1.59 -1.600 +0.250
ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01 Mars/WTI (Jan) AAMBO00 -1.11/-1.09 -1.100 +0.100
<AASEU00> assessment rationale: The ESPO LOOP/WTI (Nov) AALOM01 -2.050 -0.200
LOOP/WTI (Dec) AALOM02 -1.700 +0.250
M1 December assessment on Oct. 4 took into
LOOP/WTI (Jan) AALOM03 -1.200 +0.100
consideration latest trade indications heard in the LOOP/Mars (Nov) AALPM01 -0.100 0.000
broader market. LOOP/Mars (Dec) AALPM02 -0.100 0.000
LOOP/Mars (Jan) AALPM03 -0.100 0.000
Exclusions: No market data was excluded from WTI-Delta AAEJK00 2.18/2.20 2.190 -0.160
the Asia Pacific Crude Market on Close assessment P-Plus WTI PCACI00 5.56/5.58 5.570 -0.160
P-5 WTI* AAFEN00 80.770 -5.010
process.
*P-5 WTI is a crude oil postings-based index. Posted prices by the following companies are used in the index: ConocoPhillips, Plains, Energy Transfer, Shell, and
Valero. The index will not be calculated until all postings are submitted each day. If a posting is submitted the following day the P-5 WTI Average will update in the
Platts Asia Light Sweet Crude Bids, Offers, database.
Trades Mid Change Spread vs 1st line WTI Mid Change
WTI (Midland) PCACJ00 85.06–85.08 85.070 -5.010 AAGVZ00 0.84/0.86 0.850 0.000
WTS (1st month) PCACK00 83.56–83.58 83.570 -5.810 AAGWB00 -0.66/-0.64 -0.650 -0.800
Bids: NIL WTI MEH AAYRG00 85.370 -4.860 AAYRH00 1.150 +0.150
Bonito 82.11–82.13 82.120 -5.210 -2.11/-2.09 -2.100 -0.200
Offers: NIL PCAIE00 AAGWF00
SGC AASOI00 82.51–82.53 82.520 -5.860 AASOJ00 -1.71/-1.69 -1.700 -0.850
Trades: NIL Poseidon AABHK00 81.36–81.38 81.370 -5.210 AAGWL00 -2.86/-2.84 -2.850 -0.200
This assessment commentary applies to the LLS (1st month) PCABN00 86.21–86.23 86.220 -5.010 AAGWN00 1.99/2.01 2.000 0.000
HLS (1st month) PCABD00 85.51–85.53 85.520 -5.010 AAGWP00 1.29/1.31 1.300 0.000
following market data code: ESPO M1 vs Dubai M2 Wyoming Sweet PCACM00 81.86–81.88 81.870 -5.060 AAGWR00 -2.36/-2.34 -2.350 -0.050
<AASEU00> Thunder Horse AAWZK00 85.06–85.08 85.070 -5.210 AAWZL00 0.84/0.86 0.850 -0.200

© 2023 by S&P Global Inc. All rights reserved. 8

Crude Oil Marketwire October 4, 2023

Platts North Sea Crude Daily Market US spot crude assessments (continued)
Analysis Spread vs 2nd line WTI
WTI MEH (2nd month) AAXXE00 83.600 -4.890 AAYYA00 1.050 0.000
WTI Midland (2nd month) AAYZA00 83.400 -4.890 AAXXF00 0.850 0.000
„ East Asian demand returns for Forties WTS (2nd month) AAURG00 82.59–82.61 82.600 -5.690 AAURH00 0.04/0.06 0.050 -0.800
LLS (2nd month) AAURC00 84.39–84.41 84.400 -5.040 AAURD00 1.84/1.86 1.850 -0.150
„ OPEC+ affirms current production policies HLS (2nd month) AAURE00 83.69–83.71 83.700 -5.040 AAURF00 1.14/1.16 1.150 -0.150
Returning arbitrage demand for North Sea crude Spread vs NYMEX WTI CMA
reinforced bullishness stemming from a tight local WCS ex-Cushing AAWTY00 74.97–74.99 74.980 -5.350 AAWTZ00 -7.06/-7.04 -7.050 -0.500
WCS ex-Nederland AAYAY00 76.180 -5.350 AAYAX00 -5.850 -0.500
market, sources said Oct. 4, with East Asian buyers Bakken Williston AAXPP00 81.680 -5.000 AASRX00 -0.350 -0.150
seeking grades such as Forties. Bakken Guernsey AASRR00 81.87–81.89 81.880 -5.050 AASRV00 -0.16/-0.14 -0.150 -0.200
Bakken Clearbrook AASRU00 83.92–83.94 83.930 -5.000 AASRW00 1.89/1.91 1.900 -0.150
The grade was returning to favor after severely Bakken USGC Pipe ABAKA00 85.630 -4.850 ABAKB00 3.600 0.000
lagging the rest of the North Sea complex earlier in the FOB USGC FOB USGC Spread vs NYMEX WTI Strip
October trade cycle. A strong proportion of October- Platts AGS AGSAA00 86.940 -4.670 AGSAC00 4.210 +0.280
Bakken ABAKC00 86.940 -4.670 ABAKD00 4.210 +0.280
and some November-loading cargoes were likely be Eagle Ford Crude AAYAT00 86.440 -4.670 AAYAU00 3.710 +0.280
committed to East Asia on the day. Eagle Ford Condensate AAYAR00 85.940 -4.670 AAYAS00 3.210 +0.280
“Looks like [Chinese buyers] are taking all of WTI AAYBA00 86.940 -4.670 AAYAZ00 4.210 +0.280
WTI FOB USGC vs WTI MEH (by decade)
October Forties and need some in November, so WTI FOB USGC First Decade ADECB00 86.170 -4.660 ADECD00 0.800 +0.200
Forties is well cleared,” one trader said. WTI FOB USGC Second Decade ADECE00 86.070 -4.760 ADECG00 0.700 +0.100
WTI FOB USGC Third Decade ADECH00 85.920 -4.910 ADECJ00 0.550 -0.050
Some general indicators of arbitrage economics
WTI FOB USGC Decades Average ADECA00 86.050 -4.780
have improved for buyers in recent days such as a FOB USGC Spread vs Dated Brent Strip WTI FOB USGC vs Dated Brent Basis (by decade)
softening in VLCC freight rates to East Asia from the Platts AGS AGSAB00 -0.160 +0.270 ADECC00 -0.030 +0.270
Bakken ABAKE00 -0.160 +0.270 ADECF00 -0.130 +0.170
Hound Point Forties terminal. Others, such as the Eagle Ford Crude AEFCA00 -0.660 +0.270 ADECI00 -0.280 +0.020
Brent-Dubai exchange of futures for swaps spread, Eagle Ford Condensate AEFCB00 -1.160 +0.270
have proved more mixed. WTI AWTUA00 -0.160 +0.270
Global Benchmarks at US Close WTI FOB USGC vs ICE Brent Basis (by decade)
Market participants continued to emphasize Americas Dated Brent AAQBF00 89.640–89.660 89.650 -4.900 ADECK00 1.950 +0.320
cargoes clearing well forward of typical trade windows ADECL00 1.850 +0.220
in a reflection of strong demand. The Nov. 21-23 ADECM00 1.700 +0.070

loading Brent Blend cargo was likely placed on the

day, well ahead of the typically expected time frame,
sources said.
In the sour portion of the market leading grades
such as Johan Sverdrup matched the strength in light
sweet crudes underpinned by persistently strong
demand with differentials touching unprecedented
heights.
Some traders judged value above $4/b premiums
to Dated Brent for November cargoes, though opinions
remained varied in a quickly moving market.
In OPEC+ news, Saudi Arabia and Russia have
confirmed plans to continue combined 1.3 million b/d
supply cuts until the end of 2023 and review their
decisions monthly, officials said.
The two biggest OPEC+ producers are maintaining
their policy of major cuts, despite recent oil price
increases and forecasts of a large supply shortfall in
the fourth quarter.
Saudi Arabia will keep its 1 million b/d cut, with
output set to average 9 million b/d until the end of
2023, while Russia plans to continue a 300,000 b/d
export cut until the end of the year.
Platts North Sea Dated Brent, BFOE, CFD
Assessment Rationales & Exclusions
Dated Brent <PCAAS00> assessment rationale:
Of the six grades in the Dated Brent basket Forties
and WTI Midland were seen in the Platts Market on
Close assessment process. Brent was assessed in a
flat structure Oct. 14-16. Oct. 16 to Nov. 4 was assessed
higher in a 0.5 cent/day contango structure reflecting
stronger heard values and structure heard from
market participants during the day in the absence
of indications testing the Oct. 3 assessment. Forties

© 2023 by S&P Global Inc. All rights reserved. 9

Crude Oil Marketwire October 4, 2023

was assessed higher in a 0.5 cent/day contango US domestic crude assessments London close ($/barrel) (PGA page 1240)
Spread to
structure Oct. 14 to Nov. 4 reflecting stronger heard
Mid Change NYMEX light sweet crude Mid Change
values and structure heard from market participants WTI (Nov) AAQAR00 86.16–86.18 86.170 -3.500 AAQAS00 -0.01/0.01 0.000 0.000
WTI (Dec) AAQAT00 84.47–84.49 84.480 -3.280 AAQAU00 -0.01/0.01 0.000 0.000
during the day in the absence of indications testing the WTI (Jan) AAQAV00 82.87–82.89 82.880 -3.190 AAQAW00 -0.01/0.01 0.000 0.000
Oct. 3 assessment. Oseberg and Troll were assessed Spread to
30 cents/b higher Oct. 14 to Nov. 3 with a 1 cent/ same-month cash WTI Mid Change
WTI MEH (Nov) AAYRZ00 87.320 -3.350 AAYTA00 1.150 +0.150
day contango structure rolled over back-end dates WTI MEH (Dec) AAXYD00 85.530 -3.280 AAYWA00 1.050 0.000
LLS (Nov) 88.16–88.18 88.170 -3.500 1.99/2.01 2.000 0.000
reflecting strengthening sweet market fundamentals AAQBB00 AAQBC00
LLS (Dec) AAQBD00 86.32–86.34 86.330 -3.430 AAQBE00 1.84/1.86 1.850 -0.150
and stronger heard values from market participants MARS (Nov) AAQAX00 84.41–84.43 84.420 -3.500 AAQAY00 -1.76/-1.74 -1.750 0.000
MARS (Dec) 82.92–82.94 82.930 -2.980 -1.56/-1.54 -1.550 +0.300
during the day in the absence of indications testing AAQAZ00 AAQBA00

the Oct. 3 assessments. Ekofisk was assessed

25 cents/b higher Oct. 14 to Nov. 3 with a 1 cent/
day contango structure rolled over back-end dates
reflecting strengthening sweet market fundamentals
Americas close ($/barrel) (PGA page 210)
and stronger heard values from market participants
Mid Change
during the day in the absence of indications testing Americas Dated Brent AAQBF00 89.64–89.66 89.650 -4.900
the Oct. 3 assessment. FOB WTI Midland was assessed Americas Dated Brent reflects market value for Dated Brent at 2:30pm Eastern Time.
higher reflecting a higher CIF Rotterdam assessment
and a higher freight adjustment factor on the day. CIF
WTI Midland was assessed unchanged Oct.16 to Nov 3
with a flat structure rolled over back-end dates in the US crude assessments Singapore close ($/barrel) (PGA page 2208)
absence of indications testing the Oct. 3 assessment. Mid Change
WTI Midland was the most competitive grade in the LOOP Sour (Nov) AAZDA00 86.610 -0.220
LOOP Sour (Dec) AAZDB00 84.780 -0.330
Dated Brent assessment Oct. 14 to Nov 4. LLS (Nov) AAZDC00 90.460 -0.220
BFOE (PCAAQ00-PCAAR00,PCARR00> assessment LLS (Dec) AAZDD00 88.730 -0.180
rationale: Southern Green Canyon
WTI MEH (Nov)
AAZDE00
AAZDF00
87.610
89.460
-0.220
-0.220
December Cash BFOE was assessed using multiple WTI MEH (Dec) AAZDG00 87.780 -0.280
traded bids. January Cash BFOE was assessed using
a December/January EFP roll heard during the day.
February Cash BFOE was assessed using a January/
February EFP roll heard during the day. CFR North Asia Assessments Singapore Close ($/barrel) (PGA page 2202)
CFD (PCAKA00-AALDA00) assessment rationale: Mid Change
Oct. 9-13 was assessed using multiple traded Dubai CFR North Asia PCAQA00 92.180 -0.680
offers. Oct. 16-20 was assessed using an outstanding Oman CFR North Asia PCAQJ00 92.170 -0.680
Upper Zakum CFR North Asia PCAQB00 92.150 -0.680
bid. Oct. 23-27 was assessed using multiple traded Qatar Marine CFR North Asia PCAQC00 91.240 -0.700
bids and offers. Oct. 30 to Nov. 3 was assessed using Murban CFR North Asia PCAQE00 93.580 -0.580
Basrah Medium CFR North Asia BASNA00 91.220 -0.710
an outstanding bid and offer. Nov. 6-10 was assessed ESPO CFR North Asia PCAQD00 87.080 -0.520
using a Nov. 6-10 versus Oct. 30 to Nov 3 CFD roll heard Forties CFR North Asia PCAQF00 97.250 -0.630
Dalia CFR North Asia PCAQG00 95.165 -0.450
during the day. WTI MEH CFR North Asia PCAQH00 94.440 -0.280
LOOP Sour CFR North Asia PCAQI00 90.580 -0.330

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Crude Oil Marketwire October 4, 2023

Johan Sverdrup FOB North Sea (AJSVA00, Canadian spot crude cargo assessments ($/barrel) (PGA page 230)
Mid Change Spread vs fwd Dated Brent Mid Change
AJSVB00) assessment rationale:
Hebron AHEBA00 89.445 -3.100 AHEBC00 1.600 +0.100
Johan Sverdrup was assessed 30 cents/b higher Terra Nova AAJUH00 90.63–90.66 90.645 -3.100 AAJUJ00 2.79/2.81 2.800 +0.100
Hibernia 90.88–90.91 90.895 -3.100 3.04/3.06 3.050 +0.100
Oct. 14 to Nov 3 with a 2.5 cents/day contango AAJKK00 AAJKM00
White Rose AAVJX00 91.63–91.66 91.645 -3.100 AAVJY00 3.79/3.81 3.800 +0.100
structure rolled over back-end dates reflecting The published spreads for Canadian cargo assessments reflect the market value at which these grades are trading versus Dated Brent around loading time. The
stronger heard values through the day and in the spreads and fixed price assessments reflect a typical forward loading window of 33-63 days forward. For further explanation see www.platts.com.
absence of indications testing the Oct. 3 assessment. Canadian spot crude assessments ($/barrel) (PGA page 230)
Exclusions: None Mid Change Spread vs Canada basis Mid Change
Lloyd Blend 62.22–62.24 62.230 -5.850 -19.81/-19.79 -19.800 -1.000
Platts is part of S&P Global Commodity Insights Mixed Sweet
AALRK00
AALRR00 78.42–78.44 78.430 -4.750
AALRP00
AALRV00 -3.61/-3.59 -3.600 +0.100
Light Sour Blend AALRX00 78.72–78.74 78.730 -4.800 AALSD00 -3.31/-3.29 -3.300 +0.050
Platts North Sea Dated Brent, BFOE, CFD Midale
Condensates
AAUCC00
AALSF00
74.47–74.49
82.62–82.64
74.480
82.630
-4.800
-4.150
AAUCE00
AALSJ00
-7.56/-7.54
0.59/0.61
-7.550
0.600
+0.050
+0.700
Bids, Offers, Trades Syncrude Sweet Prem. AASOK00 84.42–84.44 84.430 -5.550 AASOM00 2.39/2.41 2.400 -0.700
WCS Hardisty AAPPN00 61.52–61.54 61.530 -5.850 AAPPP00 -20.51/-20.49 -20.500 -1.000
Cold Lake Hardisty AASZX00 61.37–61.39 61.380 -5.850 AASZZ00 -20.66/-20.64 -20.650 -1.000
Bids: WTI CMA (1st mo) AAVSN00 82.030 -4.850
NORTH SEA: None
Latin American assessments ($/barrel) (PGA page 280)
CASH BFOE: None Diff to Diff to Futures Diff to Dated
BRENT CFDS: PLATTS BRENT DIFF: OCT9-OCT13 Mid Change WTI strip Brent strip Brent strip
Escalante 83.42–83.47 83.445 -4.010 1.345 AAXBS00 -0.600 AAXAX00 -2.545
(DEC): GUNVOR BIDS 100KB AT $2.84 PCAGC00 PCAGO00
Medanito AMTOA00 81.045 -4.010 AMTOC00 -1.055 AMTOB00 -3.000 AMTOD00 -4.945
PLATTS BRENT DIFF: OCT9-OCT13 (DEC): DARE BIDS Santa Barbara AAITD00 86.18–86.22 86.200 -5.015 AAITJ00 4.100 AAXBU00 2.155 AAXAZ00 0.210
100KB AT $2.80 Loreto PCAGH00 76.93–76.97 76.950 -5.065 PCAGQ00 -5.150 AAXBV00 -7.095 AAXBG00 -9.040
Oriente PCADE00 77.83–77.87 77.850 -5.065 PCAGU00 -4.250 AAXBW00 -6.195 AAXBH00 -8.140
PLATTS BRENT DIFF: OCT9-OCT13 (DEC): UNIPEC Napo AAMCA00 74.68–74.72 74.700 -5.065 AAMCD00 -7.400 AAXBX00 -9.345 AAXBI00 -11.290
BIDS 100KB AT $2.80 Tupi ATUPA00 88.245 -4.860 ATUPC00 6.145 ATUPB00 4.200 ATUPD00 2.255
Marlim AAITF00 80.22–80.27 80.245 -5.010 AAITL00 -1.855 AAXBY00 -3.800 AAXBJ00 -5.745
PLATTS BRENT DIFF: OCT9-OCT13 (DEC): DV
Castilla Blend AAVEQ00 77.37–77.42 77.395 -5.010 AAVEQ01 -4.705 AAXBZ00 -6.650 AAXBK00 -8.595
TRADING BIDS 100KB AT $2.80 Vasconia PCAGI00 80.87–80.92 80.895 -5.010 PCAGR00 -1.205 AAXCB00 -3.150 AAXBN00 -5.095
PLATTS BRENT DIFF: OCT9-OCT13 (DEC): ONYX BIDS Mesa 30 AAITB00 82.47–82.52 82.495 -5.210 AAITH00 0.395 AAXCC00 -1.550 AAXBO00 -3.495
Liza ALIZA00 87.440 -4.985 ALIZD00 5.340 ALIZC00 3.395 ALIZB00 1.450
100KB AT $2.65 Unity Gold AUNIA00 87.640 -4.985 AUNIC00 5.540 AUNIB00 3.595 AUNID00 1.650
PLATTS BRENT DIFF: OCT16-OCT20 (DEC): DV Latin America WTI strip AAXBP00 82.100
Latin America Futures Brent strip AAXBQ00 84.045
TRADING BIDS 100KB AT $1.96 Latin America Dated Brent strip AAXBR00 85.990
PLATTS BRENT DIFF: OCT16-OCT20 (DEC): GUNVOR
Latin America market parity prices ($/barrel) (PGA page 270)
BIDS 100KB AT $1.95 Mid Change
PLATTS BRENT DIFF: OCT16-OCT20 (DEC): UNIPEC Maya AAYMP00 77.761 -5.045
BIDS 100KB AT $1.90 Merey 16 AMERA00 78.224 -4.992

PLATTS BRENT DIFF: OCT23-OCT27 (DEC): Platts euro-denominated assessments (€/barrel) (PGA page 1252)
EXXONMOBIL BIDS 100KB AT $1.53 Mid Change
PLATTS BRENT DIFF: OCT23-OCT27 (DEC): DV European crude oil benchmarks
TRADING BIDS 100KB AT $1.51 Dated Brent AAPYR00 87.180–87.190 87.185 -3.340
Dated Brent (CIF) PCAKN00 87.855 -3.349
PLATTS BRENT DIFF: OCT23-OCT27 (DEC): PETRACO Urals (Mediterranean) AAPYS00 76.640–76.670 76.657 -3.293
BIDS 100KB AT $1.51 US crude oil benchmarks
WTI (Nov) AAPYT00 81.940–81.960 81.950 -3.785
PLATTS BRENT DIFF: OCT23-OCT27 (DEC): GUNVOR WTI MEH (Nov) AAYSA00 83.043 -3.648
BIDS 100KB AT $1.50 Mars (Nov) AAPYU00 80.280–80.290 80.285 -3.777
PLATTS BRENT DIFF: OCT23-OCT27 (DEC): ONYX Euro/US$ forex rate: 1.0515. Platts Euro denominated crude oil assessments are based on market values and a Euro/US$ forex rate at 4:30 PM local London time.

© 2023 by S&P Global Inc. All rights reserved. 11

Crude Oil Marketwire October 4, 2023

BIDS 100KB AT $1.50 Ruble-denominated Russian assessments (Rb/barrel) (PGA page 1224)
Mid Change
PLATTS BRENT DIFF: OCT30-NOV3 (JAN):
Russian crude oil benchmarks
PETROCHINA BIDS 100KB AT $2.70 Urals FOB Novorossiysk AAUJP00 7704.640–7707.630 7706.134 -278.757
PLATTS BRENT DIFF: OCT30-NOV3 (JAN): DV Urals FOB Baltic AAUJQ00 7684.680–7687.670 7686.174 -278.812
Urals FOB Novorossiysk 80kt AAUJR00 7674.700–7677.690 7676.194 -278.839
TRADING BIDS 100KB AT $2.65 Urals CIF Mediterranean AAUJS00 8042.960–8045.960 8044.460 -277.821
PLATTS BRENT DIFF: OCT30-NOV3 (JAN): DARE Urals CIF Rotterdam AAUJT00 7931.190–7934.180 7932.682 -278.131
BIDS 100KB AT $2.65 US$/Ruble forex rate: 99.8010. Platts Ruble denominated crude oil assessments are based on market values and a US$/Ruble forex rate at 4:30 PM local London
time.
PLATTS BRENT DIFF: OCT30-NOV3 (JAN): ONYX
BIDS 100KB AT $2.60 Platts CAD-denominated Canada spot crude assessments (C$/cu m) (PGA page 232)
PLATTS BRENT DIFF: OCT30-NOV3 (JAN): PETRACO Mid Change
BIDS 100KB AT $2.60 Lloyd Blend AALRM00 538.381–538.554 538.467 -48.842
Mixed Sweet AALRT00 678.557–678.730 678.643 -38.930
OFFERS: Light Sour Blend AALRZ00 681.153–681.326 681.239 -39.353
NORTH SEA: CIF BASIS ROTTERDAM: PLATTS Midale AAUCD00 644.378–644.551 644.465 -39.463
Condensates AALSH00 714.899–715.072 714.985 -33.644
NSEA WTI MIDLAND: OCTOBER 21-25: TOTAL OFFERS Syncrude Sweet AASOL00 730.474–730.647 730.561 -45.674
700000.0B AT DTD $3.25 . .; TQC: {‘VESSEL TBN’} WCS Hardisty AAPPO00 532.324–532.497 532.410 -48.860
Cold Lake Hardisty AASZY00 531.026–531.199 531.112 -48.864
CIF BASIS ROTTERDAM: PLATTS NSEA WTI
MIDLAND: OCTOBER 31-NOVEMBER 4: OCCIDENTAL
OFFERS 700000.0B AT DTD $3.60 . . Daily US$ vs EURO exchange rate (PGA page 1151)
CASH BFOE: PLATTS CASH BFOE: DEC23: Mid Change
October 4, 2023 AAFCW00 1.0515 +0.006
PETROINEOS OFFERS 100KB AT $88.50
BRENT CFDS: PLATTS BRENT DIFF: OCT9-OCT13
(DEC): DARE OFFERS 100KB AT $2.94 Asia close Brent and WTI spot assessments ($/barrel) (PGA page 2210)
PLATTS BRENT DIFF: OCT9-OCT13 (DEC): OMV Mid Change
Brent (Dec) PCAJG00 90.37–90.41 90.390 -0.390
OFFERS 100KB AT $2.95 Brent (Jan) PCAJI00 88.69–88.73 88.710 -0.530
PLATTS BRENT DIFF: OCT9-OCT13 (DEC): Brent (Feb) PCAJ000 87.390 -0.590
WTI (Nov) AAFFU00 88.44–88.48 88.460 -0.220
FREEPOINT OFFERS 100KB AT $3.00 WTI (Dec) AAFFW00 86.71–86.75 86.730 -0.280
PLATTS BRENT DIFF: OCT9-OCT13 (DEC): ONYX WTI (Jan) AAFFY00 85.09–85.13 85.110 -0.420
OFFERS 100KB AT $3.05
PLATTS BRENT DIFF: OCT16-OCT20 (DEC): DARE
OFFERS 100KB AT $2.05 Oman OSPs and derivatives ($/barrel) (PGA pages 2658 & 2210)
PLATTS BRENT DIFF: OCT16-OCT20 (DEC): Mid Change
Oman/Dubai Swap (Nov) AAIHJ00 -0.02/0.02 0.000 0.000
FREEPOINT OFFERS 100KB AT $2.05 Oman/Dubai Swap (Dec) AAIHL00 -0.02/0.02 0.000 0.000
PLATTS BRENT DIFF: OCT16-OCT20 (DEC): ONYX Oman/Dubai Swap (Jan) AAIHN00 -0.02/0.02 0.000 0.000
Oman Swap (Nov) AAHZP00 88.67–88.71 88.690 -0.390
OFFERS 100KB AT $2.08 Oman Swap (Dec) AAHZR00 87.21–87.25 87.230 -0.430
PLATTS BRENT DIFF: OCT16-OCT20 (DEC): OMV Oman Swap (Jan) AAHZT00 86.15–86.19 86.170 -0.460
OFFERS 100KB AT $2.10
PLATTS BRENT DIFF: OCT16-OCT20 (DEC): DV
TRADING OFFERS 100KB AT $2.15 Daily OPEC Basket Price ($/barrel) (PGA page 207)
PLATTS BRENT DIFF: OCT23-OCT27 (DEC): OMV Mid Change
OFFERS 100KB AT $1.58 October 3, 2023 AAEUQ00 93.560 -1.430

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Crude Oil Marketwire October 4, 2023

PLATTS BRENT DIFF: OCT23-OCT27 (DEC): DV Futures Settlements

Settlement Change Low High Volume* Open interest PNT****
TRADING OFFERS 100KB AT $1.59
NYMEX Light Sweet crude ($/barrel) (PGA page 705)
PLATTS BRENT DIFF: OCT23-OCT27 (DEC): Nov 23 NMCL001 84.22 -5.01 84.16 89.59 430194 310506
FREEPOINT OFFERS 100KB AT $1.60 Dec 23 NMCL002 82.55 -4.89 82.50 87.76 198267 280365
PLATTS BRENT DIFF: OCT23-OCT27 (DEC): BP Jan 24 NMCL003 80.98 -4.79 80.92 86.05 90077 154690
Feb 24 NMCL004 79.62 -4.65 79.56 84.52 42058 83782
OFFERS 100KB AT $1.60 Total NMCL000 953901 XNCLP00 15010
PLATTS BRENT DIFF: OCT23-OCT27 (DEC): ONYX ICE Brent ($/barrel) (PGA page 704)
OFFERS 100KB AT $1.60 Dec 23 ICLL001 85.81 -5.11 85.75 91.21 556726 566138
PLATTS BRENT DIFF: OCT30-NOV3 (JAN): Jan 24 ICLL002 84.19 -5.00 84.14 89.45 283083 379027
Feb 24 ICLL003 82.97 -4.86 82.92 88.11 167278 177057
FREEPOINT OFFERS 100KB AT $2.72 Mar 24 ICLL004 82.09 -4.76 82.03 87.01 120158 152885
PLATTS BRENT DIFF: OCT30-NOV3 (JAN): DARE Total ICLL000 1452378 XILLP00 26587
OFFERS 100KB AT $2.75 ICE WTI ($/barrel) (PGA page 704)
Nov 23 ICIC001 84.22 -5.01 84.17 89.53 55127 62986
PLATTS BRENT DIFF: OCT30-NOV3 (JAN): DV
Dec 23 ICIC002 82.55 -4.89 82.50 87.70 72349 103019
TRADING OFFERS 100KB AT $2.75 Jan 24 ICIC003 80.98 -4.79 80.94 85.84 62681 48829
PLATTS BRENT DIFF: OCT30-NOV3 (JAN): OMV Feb 24 ICIC004 79.62 -4.65 79.60 83.93 47929 34028
Total ICIC000 294013 XIICP00 7557
OFFERS 100KB AT $2.80
ICE BWAVE ($/barrel) (PGA page 704)
PLATTS BRENT DIFF: OCT30-NOV3 (JAN): ONYX
BWAVE data refer to previous day.
OFFERS 100KB AT $2.95 Dec 23 XIBW001 90.62
TRADES: Jan 24 XIBW002 89.03
NORTH SEA: None DME Oman crude ($/barrel)** (PGA pages 702 & 2710)
Dec 23 XDOA001 90.68 -0.33 1736
CASH BFOE: PLATTS CASH BFOE: DEC23: BP SELLS
Dec 23 DMOQ001 86.21 -5.14 86.21 90.74 1757 1824
TO MERCURIA* 100KB AT $88.11 (15:29:40) Jan 24 DMOQ002 84.59 -5.03 84.59 84.59 1007 10
PLATTS CASH BFOE: DEC23: BP SELLS TO Feb 24 DMOQ003 83.28 -5.09 83.28 83.28 1007 0
Mar 24 DMOQ004 82.23 -5.14 82.23 82.23 0 0
PETROINEOS* 100KB AT $88.12 (15:29:46)
Total Volume DMOQ000 4822 XDOQP00 68
PLATTS CASH BFOE: DEC23: BP SELLS TO IFAD Murban crude ($/barrel) (PGA page 703)
PETROINEOS* 100KB AT $88.12 (15:29:49) Dec 23 AMIFA00 92.230
PLATTS CASH BFOE: DEC23: BP SELLS TO UNIPEC* Murban vs Dubai*** AMIFB00 5.000
NYMEX ULSD ($/gal) (PGA page 705)
100KB AT $88.12 (15:29:50)
Nov 23 NMHO001 3.0178 -0.1776 3.0023 3.1975 57008 86004
PLATTS CASH BFOE: DEC23: HARTREE SELLS TO Dec 23 NMHO002 2.9254 -0.1619 2.9123 3.0952 51054 61263
MERCURIA* 100KB AT $88.14 (15:29:51) Jan 24 NMHO003 2.8684 -0.1464 2.8577 3.0219 30945 52403
PLATTS CASH BFOE: DEC23: BP SELLS TO Feb 24 NMHO004 2.8228 -0.1408 2.8157 2.9697 15450 29060
Total NMHO000 195944 XNHOP00 6294
PETROINEOS* 100KB AT $88.15 (15:29:54) NYMEX RBOB unleaded gasoline ($/gal) (PGA page 705)
PLATTS CASH BFOE: DEC23: TOTAL SELLS TO Nov 23 NMRB001 2.1980 -0.1621 2.1940 2.3457 58482 102106
GUNVOR* 100KB AT $88.12 (15:29:54) Dec 23 NMRB002 2.1637 -0.1482 2.1608 2.3018 58521 63446
Jan 24 NMRB003 2.1489 -0.1408 2.1452 2.2814 30503 50216
PLATTS CASH BFOE: DEC23: BP SELLS TO
Feb 24 NMRB004 2.1505 -0.1375 2.1468 2.2815 13852 18840
PETROINEOS* 100KB AT $88.15 (15:29:56) Total Volume NMRB000 200287 XNRBP00 14906
BRENT CFDS: PLATTS BRENT DIFF: OCT9-OCT13 NYMEX Natural Gas ($/MMBtu) (PGA page 705)
(DEC): GUNVOR BUYS FROM DV TRADING* 100KB AT Nov 23 NMNG001 2.962 +0.013 2.935 3.055 139270 276959
Dec 23 NMNG002 3.320 +0.007 3.303 3.396 50313 100010
$2.90 (15:26:20) Jan 24 NMNG003 3.571 +0.008 3.554 3.642 29883 137862
PLATTS BRENT DIFF: OCT9-OCT13 (DEC): GUNVOR Feb 24 NMNG004 3.503 +0.008 3.497 3.571 14747 47369
Total Volume NMNG000 353575 XNNGP00 5530

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Crude Oil Marketwire October 4, 2023

BUYS FROM DARE* 100KB AT $2.90 (15:26:21) Futures Settlements (continued)

Settlement Change Low High Volume* Open interest PNT****
PLATTS BRENT DIFF: OCT9-OCT13 (DEC): GUNVOR
ICE low sulfur gasoil ($/mt) (PGA page 704)
BUYS FROM DV TRADING* 100KB AT $2.90 (15:26:28) Oct 23 ICLO001 919.25 -31.75 895.00 958.00 52434 78760
PLATTS BRENT DIFF: OCT9-OCT13 (DEC): GUNVOR Nov 23 ICLO002 893.75 -28.00 872.00 930.75 108933 150417
Dec 23 863.25 -25.25 842.75 898.75 102582 133820
BUYS FROM DV TRADING* 100KB AT $2.90 (15:26:39) ICLO003
Jan 24 ICLO004 847.00 -23.00 827.25 878.50 39694 68436
PLATTS BRENT DIFF: OCT9-OCT13 (DEC): GUNVOR Total Volume ICLO000 402451 XILOP00 3104
BUYS FROM DV TRADING* 100KB AT $2.90 (15:29:25) ICE Midland WTI American Gulf Coast ($/barrel) (PGA page 704)
PLATTS BRENT DIFF: OCT9-OCT13 (DEC): GUNVOR Nov 23 IHOU001 85.33 -4.90 85.33 89.88 3728 6066
Dec 23 IHOU002 83.63 -4.86 83.62 88.40 1135 4698
BUYS FROM DARE* 100KB AT $2.90 (15:29:26)
Jan 24 IHOU003 82.09 -4.83 82.05 86.24 300 3891
PLATTS BRENT DIFF: OCT16-OCT20 (DEC): DV Feb 24 IHOU004 80.75 -4.66 80.75 80.75 11 3802
TRADING BUYS FROM DARE* 100KB AT $2.05 (15:27:29) *Volume, open interest and PNT reflect prior trading day. PNT reflect volume for Privately Negotiated Trades or off-exchange. **Oman settlements are Post Close
PLATTS BRENT DIFF: OCT16-OCT20 (DEC): VITOL settlements. ***IFAD Murban spread to 1st Line (Dec 23) Platts Dubai crude futures. ****Privately Negotiated Trade values found on PGA page 710

SELLS TO GUNVOR* 100KB AT $2.00 (15:27:51)

PLATTS BRENT DIFF: OCT16-OCT20 (DEC): BP SELLS
TO PETROCHINA* 100KB AT $2.00 (15:28:03)
PLATTS BRENT DIFF: OCT16-OCT20 (DEC): VITOL Futures at Platts’ Market on Close ($/barrel) (PGA page 703)
SELLS TO GUNVOR* 100KB AT $1.95 (15:29:07) Singapore* London* Houston* Singapore* London* Houston*
ICE Brent NYMEX WTI
PLATTS BRENT DIFF: OCT16-OCT20 (DEC): VITOL
Dec XILLA01 90.21 AAYES00 87.87 AAQBG00 85.84 M1 XNCLA01 88.46 AASCR00 86.17 NYCRM01 84.28
SELLS TO GUNVOR* 100KB AT $1.95 (15:29:24) Jan XILLA02 88.53 AAYET00 86.22 AAQBH00 84.22 M2 XNCLA02 86.73 AASCS00 84.48 NYCRM02 82.60
PLATTS BRENT DIFF: OCT23-OCT27 (DEC): UNIPEC Feb AAXZY00 84.96 AAXZZ00 83.01 M3 NYCRM03 81.02
BUYS FROM BP* 100KB AT $1.55 (15:25:09) Mar AAYAM00 84.06 AAYAL00 82.13 M4 NYCRM04 79.66
Oman *Singapore and London MOC close at precisely 16:30 local time while Houston
PLATTS BRENT DIFF: OCT23-OCT27 (DEC): UNIPEC MOC closes at precisely 13:30 local time. MOC times are usually earlier on the
Dec XDOA001 90.68
BUYS FROM DARE* 100KB AT $1.55 (15:25:12) Volume XDOAV01 1736 day preceding major local holidays.

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considers to be related and verifies through a variety of inputs whether
counterparties in reported trades meet these criteria.
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© 2023 by S&P Global Inc. All rights reserved. 14

Crude Oil Marketwire October 4, 2023

Reported spot cash transactions (PGA page 3)

Trans. Date
Cargo / Cargo Load CFD Roll Crude Grade(s) Reported Outright / Basis Barrels Seller Buyer
Spread Dates Range / Week Status Diff. Price
CFD Week ($/barrel)
Platts Americas
10/03/2023 November Bakken Clearbrook Heard 2.05 NYMEX WTI CMA
10/03/2023 November Bakken Williston (DAPL) Heard -0.20 NYMEX WTI CMA
10/03/2023 November Eagle Ford 45 Heard -1.00 WTI MEH
10/03/2023 November Eagle Ford 50 Heard -1.00 WTI MEH
10/03/2023 November WTI Midland Corpus Christi Heard 0.30 WTI MEH
Platts Asia
10/3/2023 December Dubai Partials Done 91.1 25000 ExxonMobil Equinor
10/3/2023 December Dubai Partials Done 91.1 25000 Reliance Trafigura
10/3/2023 December Dubai Partials Done 91.1 25000 Reliance Trafigura
10/3/2023 December Dubai Partials Done 91.1 25000 PetroChina Equinor
10/3/2023 December Dubai Partials Done 91.1 25000 ExxonMobil Equinor
10/3/2023 December 1 31 Murban Heard 0.29 OSP 500000 Inpex Trading house
Platts EMEA
10/03/2023 October 25 29 Azeri Light Done 5.25 Dated Brent 650000 Socar BP
10/03/2023 October 9 13 Brent CFD Done 2.65 Cash BFOE Dec 100000 Dare Global Gunvor
10/03/2023 October 16 20 Brent CFD Done 1.80 Cash BFOE Dec 100000 BP Unipec
10/03/2023 October 16 20 Brent CFD Done 1.80 Cash BFOE Dec 100000 BP PetroChina
10/03/2023 October 16 20 Brent CFD Done 1.75 Cash BFOE Dec 100000 Vitol Unipec
10/03/2023 October 16 20 Brent CFD Done 1.80 Cash BFOE Dec 100000 TotalEnergies PetroChina
10/03/2023 October 9 13 Brent CFD Done 2.65 Cash BFOE Dec 100000 Petraco Gunvor
10/03/2023 October 16 20 Brent CFD Done 1.75 Cash BFOE Dec 100000 Vitol Unipec
10/03/2023 October 23 27 Brent CFD Done 1.4 Cash BFOE Dec 100000 DV Trading Gunvor
10/03/2023 October 16 20 Brent CFD Done 1.80 Cash BFOE Dec 100000 Dare Global Gunvor
10/03/2023 October 16 20 Brent CFD Done 1.80 Cash BFOE Dec 100000 BP PetroChina
10/03/2023 December Cash BFOE Done 91.25 100000 PetroIneos Mercuria
10/03/2023 December Cash BFOE Done 91.20 100000 BP Unipec
10/03/2023 December Cash BFOE Done 91.20 100000 BP Unipec
10/03/2023 December Cash BFOE Done 91.25 100000 BP Mercuria
10/03/2023 December Cash BFOE Done 91.25 100000 BP Mercuria
Please note that all deals that are stated as “Done” were reported and published through the Platts Market on Close assessment process. Deals that are stated as “Reported” were not reported through the MOC, and may reflect
transactions that were reported before or after the MOC process. Platts seeks to confirm non-MOC information to the fullest extent possible prior to publication.

© 2023 by S&P Global Inc. All rights reserved. 15

Crude Oil Marketwire October 4, 2023
PLATTS BRENT DIFF: OCT23-OCT27 (DEC): BP SELLS
TO PETROCHINA* 100KB AT $1.55 (15:26:30)
PLATTS BRENT DIFF: OCT23-OCT27 (DEC): BP SELLS
TO PETRACO* 100KB AT $1.55 (15:26:32)
PLATTS BRENT DIFF: OCT23-OCT27 (DEC): UNIPEC
BUYS FROM DARE* 100KB AT $1.55 (15:27:27)
PLATTS BRENT DIFF: OCT23-OCT27 (DEC): UNIPEC
BUYS FROM EQUINOR* 100KB AT $1.55 (15:29:33)
PLATTS BRENT DIFF: OCT30-NOV3 (JAN):
PETROCHINA BUYS FROM OCEAN* 100KB AT $2.73
(15:28:11)
This assessment commentary applies to the
following market data codes: Dated Brent <PCAAS00>
CFD Week 1 <PCAKA00> CFD Week 2 <PCAKC00> Brent
Mo01 <PCAAQ00> CFD Week 3 <PCAKE00> Brent
Mo02 <PCAAR00> CFD Week 4 <PCAKG00> Brent
Mo03 <PCARR00> CFD Week 5 <AAGLU00> CFD Week
6 <AAGLV00> CFD Week 7 <AALCZ00> CFD Week 8
<AALDA00> Johan Sverdrup FOB North Sea <AJSVA00>
Johan Sverdrup FOB North Sea vs North Sea Dtd Strip
<AJSVB00>
Platts WTI Midland Crude DAP Europe
Assessment Rationale & Exclusions
WTI Crude DAP Europe <AWTIC00> assessment
rationale:
WTI DAP Rotterdam was assessed unchanged
between Oct. 31 and Dec. 2, with a 1 cent/day contango
structure rolled over back-end dates, owing to steady
fundamentals and in the absence of indications
challenging the Oct. 3 assessments. There were no
bids, offers or trades in the Platts Market on Close
assessment process for DAP WTI Midland.
WTI Crude DAP Augusta <AWTIA00> assessment
rationale:
WTI DAP Augusta was assessed 10 cents/b higher
between Oct. 31 and Dec. 2 , with a 1 cent/day contango
structure rolled over back-end dates, owing to steady
fundamentals and in the absence of indications
challenging the Oct. 3 assessments. There were no
© 2023 by S&P Global Inc. All rights reserved. 16
bids, offers or trades in the Platts Market on Close
assessment process
Exclusions: None
Platts is part of S&P Global Commodity Insights
Platts WTI Midland Crude DAP Europe Bids,
Offers, Trades
Bids: None
Offers: None
Trades: None
This assessment commentary applies to the
following market data codes: WTI Midland DAP
basis Rotterdam <AWTIC00> WTI Midland DAP basis
Rotterdam vs Fwd Dated Brent <AWTID00> WTI
Midland DAP basis Augusta <AWTIA00> WTI Midland
DAP basis Augusta vs Fwd Dated Brent <AWTIB00>
Platts Mediterranean & Black Sea Sweet
Crude Daily Commentary
„ Azeri Light cargo trades at a $5.25/b
premium in MOC
„ Libya’s NOC raises OSPs for all 12 crude grades
Sellers continued their efforts to clear the final
remaining October stems Oct. 4, with an Azeri
Light cargo trading in the Platts Market on Close
assessment process for the second day in a row.
Azerbaijan’s state energy group Socar sold one
Azeri Light cargo at a $5.25/b premium to Dated Brent
during the MOC, the same price as the cargo traded on
the day prior. The cargo was sold to Repsol and is set
to load Oct. 29-Nov. 2.
Some traders saw the value for the November CPC
Blend pre-program as stronger, with cargoes loading in
the first decade of that month heard traded at around
a 40 cents/b discount to Dated Brent.
There were signs that the CPC Blend arbitrage to
the East was open, as well as to Northwest Europe
based on the current strength of North Sea grades.
“Last Thursday about five Suezmaxes traded to east
buyers,” one trader said. “So plenty moved east, and
the Northwest Europe arb is wide open with North Sea
so strong.”
Elsewhere in the Mediterranean, Libya’s National Oil
Corp. said Oct. 4 it had increased official selling prices
for all 12 of its October-loading crudes.
The increases ranged between 30-65 cents/b,
according to a copy of the October official selling
prices seen by S&P Global Commodity Insights.
Libya’s flagship Es Sider crude had its October-
loading OSP raised by 65 cents/b from September to
a $1/b premium to Dated Brent, the largest premium
since August 2022.
The decision by Libya’s National Oil Corp. to raise all
October OSPs comes at a time when Mediterranean
sweet grades have struggled with a weak prompt
demand for October-loading cargoes. Traders have
pointed to strong backwardation in the Brent complex
as a reason for some buyers delaying purchases where
possible.
Differentials for Azeri Light and CPC Blend crudes
were assessed by Platts over $1/b lower in the week
ended Sept. 29, as traders struggled to find a home for
the last few unsold October stems.
Demand for Es Sider crude was also heard from
traders to be lower for October cargoes, as the market
awaited the release of October OSPs from NOC.
Platts is part of S&P Global Commodity Insights
Platts NWE and Med Urals Sour Crude Daily
Market Analysis
„ Saudi Arabia, Russia keep tight grip on oil supply as
OPEC+ panel affirms policy
„ OPEC+ leaders to maintain 1.3 million b/d supply
cuts to end-2023
Saudi Arabia and Russia have confirmed plans to
continue combined 1.3 million b/d supply cuts until
the end of 2023 and review their decisions monthly,
Crude Oil Marketwire October 4, 2023
officials said Oct. 4.
The two biggest OPEC+ producers are maintaining
their policy of major cuts, despite recent oil price
increases and forecasts of a large supply shortfall
in the fourth quarter, particularly in the sour
crude market.
Saudi Arabia will keep its 1 million b/d cut, with
output set to average 9 million b/d until the end of
2023, the Saudi Press Agency reported Oct. 4, citing an
official source in the energy ministry.
Russian Deputy Prime Minister Alexander Novak
confirmed Russia’s plans to continue a 300,000 b/d
export cut until the end of this year in a statement
released Oct. 4.
“This voluntary cut decision will be reviewed next
month to consider deepening the cut or increasing
production,” Novak said.
Both Saudi Arabia and Russia said the cuts were
aimed at supporting the stability and balance of oil
markets, and would be reviewed monthly.
These cuts are in addition to previously voluntary
cuts led by Saudi Arabia and Russia totaling 1.7 million
b/d, slated to be in force until the end of 2024. Both
rounds of voluntary cuts are on top of quotas agreed
by all OPEC+ member countries under the declaration
of cooperation.
The announcements came ahead of a meeting of
the Joint Ministerial Monitoring Committee overseeing
the OPEC+ agreement, which also took place Oct. 4.
The JMMC reviewed July and August production
data, noted overall conformity and reaffirmed member
countries’ commitment to the deal, OPEC said in a
statement.
“The committee will continue to closely assess
market conditions...and stand ready to take additional
measures at any time, building on the strong cohesion
of OPEC and participating non-OPEC oil-producing
countries,” OPEC said.
The JMMC said it supported Russia and Saudi
Arabia’s voluntary cuts.
© 2023 by S&P Global Inc. All rights reserved. 17
The decision to continue current policy was
expected, with several OPEC+ officials backing the
plans in recent days and analysts forecasting they will
remain in place for the near future.
Platts EMEA Urals and Med Brent Crude Daily
Rationales & Exclusions
Urals CIF Augusta differential <AAGXX00>
assessment rationale:
Urals CIF Augusta was assessed unchanged.
There were no bids or offers in the Platts Market on
Close assessment process. The Urals CIF Augusta
differential was assessed using a netforward to the
Urals FOB Aframax and Suezmax assessment. The FOB
differentials were also assessed unchanged.
Urals CIF Med <PCACE00> assessment rationale:
The Urals CIF Mediterranean assessment reflected
the value of the Mediterranean Dated Brent Strip
(AALDF00) plus the Urals CIF Augusta differential
assessment (AAGXX00).
Urals RCMB (Recombined) <AALIN00> assessment
rationale:
The Urals RCMB (Recombined) assessment
reflected the value of the Platts Dated Brent
assessment (PCAAS00) plus the Urals CIF Augusta
differential assessment (AAGXX00).
Urals CIF Rdam <PCAFW00> assessment rationale:
Urals CIF Rotterdam was assessed unchanged.
There were no bids or offers in the Platts Market on
Close assessment process. The Urals CIF Rotterdam
differential was assessed as a netforward to the Urals
FOB Baltic assessment. FOB differentials were also
assessed unchanged.
Med Dated Brent Strip 13-28 Day <AALDF00>
assessment rationale:
The Mediterranean Dated Brent Strip reflected the
value of Forward Dated Brent 13-28 days ahead of the
day of publication. Forward Dated Brent is assessed
as a function of Platts assessments of second-month
Cash BFOE (PCAAR00) and BFOE CFD differentials
(PCAKA00, PCAKC00, PCAKE00, PCAKG00, AAGLU00,
AAGLV00, AALCZ00).
CPC Blend CIF Augusta vs BTC Dtd Strip
<AAHPL00> assessment rationale:
CPC Blend was assessed 20 cents/b higher based
on values heard throughout the day for cargoes
trading in the first decade of November around a 40
cents/b discount to Dated Brent. Traders noted an
open arbitrage to Asia, as well as to northwest Europe
because of the strength in North Sea crude.
Exclusions: None
Platts is part of S&P Global Commodity Insights
Platts EMEA Urals & Med Brent Crude Bids,
Offers, Trades
Bids: None
Offers: None
Trades: SOCAR*-REPSOL Azeri Light 29/10-02/11
650kb +/-5 pct SO Dtd +5.25 CIF bs Augusta ex Ceyhan
This assessment commentary applies to
the following market data codes: Urals CIF Med
<PCACE00>> Urals CIF Rdam <PCAFW00> ESPO FOB
Kozmino Mo01 London <AARWD00> CPC CIF Augusta
Diff <AAHPL00>
Platts West African Crude Daily
Commentary
„ Factors align to pressure Nigerian differentials.
„ Nigerian crude exports in Sep up on month
West African crude market participants were
bearish Oct. 4, as a combination of factors were putting
pressure on Nigerian differentials amid generally
subdued trading.
“Not much has moved,” one trader said. “With
current margins people are talking about run cuts, so
the differential will have to ease”.
A second trader said: “The margin is taking a
battering at the moment, freight is edging up, and
Crude Oil Marketwire October 4, 2023
the gasoil crack is coming off. [Combined with] steep
backwardation ... not a great recipe for WAF.”
As long-haul grades, West African crudes are
exposed to the cost of freight and backwardation in
Dated Brent.
Indeed, dirty freight costs between West Africa and
UK-Continent moved higher Oct. 3 after 10 days stable.
Looking at wider Nigerian trading, crude exports
rose in September, having climbed month on month
since July, data from S&P Global Commodities at
Sea showed.
Exports increased from an average 1.3 million b/d in
August to 1.5 million b/d in September.
The Netherlands was the primary importer of
Nigerian crude, taking 202,050 b/d, whilst India was the
second biggest importer at 193,200 b/d.
In the Angolan market, activity remained subdued
as China, one of the largest takers of Angolan crudes,
celebrates Golden Week.
Platts West African Crude Daily Rationale &
Exclusions
The four crudes in the Nigerian basket were
assessed 5 cents/b lower owing to weakening
fundamentals in the Nigerian sweet market. There
were no bids, offers or trades in the Platts Market on
Close assessment process.
Qua Iboe FOB Nigeria <PCAID00>
Bonny Light FOB Nigeria London <PCAIC00>
Forcados FOB Nigeria <PCABC00>
Bonga FOB Nigeria <PCNGC00>
Exclusions: None
Platts is part of S&P Global Commodity Insights
Platts West African Crude Bids, Offers,
Trades
Bids: None
Offers: None
Trades: None
© 2023 by S&P Global Inc. All rights reserved. 18
This assessment commentary applies to the
following market data code: WAF Index <AWAFB00>
The WAF Index is calculated using the following market
data codes: Qua Iboe FOB Nigeria <PCAID00> Bonny
Light FOB Nigeria London <PCAIC00> Forcados FOB
Nigeria <PCABC00> Bonga FOB Nigeria <PCNGC00>
Platts US Pipeline Crude Daily Commentary
„ USGC pipeline crudes more active after
relative quiet
„ Sweet-sour crude spread widens
The US Gulf Coast pipeline crude oil market proved
more liquid Oct. 4 after what had been a relatively
muted two days to start the trading week.
WTI MEH for November traded at Cash WTI plus
$1.15/b while December barrels traded in a 10 cents/b
backwardation at plus $1.05/b. Front-month WTI MEH
was up 15 cents/b from the day prior.
Sour crudes were bearish across the board. The
most-liquid sour crude, Mars, was heard with a bid-ask
range of minus $2/b to minus $1.90/b and assessed
in the middle of that range at minus $1.95, down 20
cents/b from the day prior. West Texas Sour, or WTS,
declined 80 cents/b on the day with Southern Green
Canyon, another Gulf of Mexico sour crude, fell 85
cents/b, Platts data show.
Despite the increase activity compared with days
prior, a market source conceded it has been a slow
start to October trading even though the market
for US crudes in Europe is proving more active than
September.
“Volumes feel lighter this week,” a Gulf Coast source
said of the US market.
Platts is a part of S&P Global Commodity Insights.
Platts US Gulf Coast Export Crude Daily
Commentary
„ US crude export grades edge higher on market
indications
„ Differential increases more than offset by declines
in outright prices
WTI Midland for the export market was talked
slightly higher Oct. 4.
WTI Midland FOB USGC for the first decade, or
initial 10 days, in November was talked at WTI MEH
plus 80 cents/b. Third decade was talked at MEH plus
55 cents/b, which would imply a second decade, or
full-month average, value of MEH plus 65-70 cents/b.
Platts assessed the second decade at plus 70 cents/b
to MEH considering the underlying basis, the pipeline
benchmark, rose 15 cents/b on the day.
November barrels were previously talked at MEH
plus 60 cents/b this week and MEH plus 55 cents/b
one week ago, signaling a slight improvement in the
ability for US producers to find homes for the flagship
US grade of oil abroad.
Despite the increase in differentials, the crude
market saw declines across the board because of
bearishness in the overall oil complex. Combined with
declines in the complex, Gulf Coast FOB crudes were
down about $4.70/b Oct. 4.
Platts is part of S&P Global Commodity Insights.
Platts Canadian Pipeline Crude Daily
Commentary
„ WCS Hardisty falls to minus $20.50/b
„ Condensate at Edmonton increases by 70 cents
Platts assessed Western Canadian Select crude in
Hardisty, Alberta, down $1 at NYMEX WTI CMA minus
$20.50/b Oct. 4.
Heavy Canadian crude in Cushing, Oklahoma,
and Nederland, Texas, were both assessed 50 cents
weaker at WTI CMA minus $7.05/b and minus $5.85/b,
Crude Oil Marketwire October 4, 2023
respectively.
Mixed Sweet at Edmonton rose 10 cents to WTI
CMA minus $3.60/b.
Condensate at Edmonton rose 70 cents to WTI CMA
plus 60 cents/b.
In the East Coast Canadian market, Platts assessed
Hebron at a $1.60/b premium to the Canadian Dated
Brent strip.
Hibernia, Terra Nova and White Rose saw a 10
cents/b increase, bringing the grades to $3.05/b,
$2.80/b, and $3.80/b, respectively.
Platts is part of S&P Global Commodity Insights.
Platts Latin American Crude Daily
Commentary
„ Argentina’s Medanito differential narrows, while
outright values plunge
„ Brazi’s Tupi trades for delivery to China at around
Dated Brent plus $4.90/b
Latin American crude prices fell sharply alongside
the oil complex on Oct. 4 as traders turned their focus
to signs of a weakening US labor market and financial
stress, while differentials in the region ended mixed,
as sources reported indications for regional loading
programs.
Differentials for crudes in Argentina narrowed by
the largest margin on the day, with Platts assessing
light sweet Medanito at a discount of $3/b to the ICE
Brent futures strip, up $1 from Oct. 3.
Platts kept the spread to Escalante unchanged,
assessing the crude at a discount of minus 60 cents/b,
also up $1. Still, given the day’s plunge in ICE Brent, the
Medanito outright price declined $4.01 to $81.05/b.
By comparison, NYMEX November WTI fell $5.01 to
settle at $84.22/b and ICE December Brent fell $5.11 to
settle at $85.81/b.
Elsewhere in the region, Brazil’s Tupi was heard
to have traded at around a premium of $4.90/b to
Dated Brent for December delivery into China, a level
© 2023 by S&P Global Inc. All rights reserved. 19
reported by a separate source earlier in the week.
Based on that information, Platts assessed Tupi at
a premium of $2.36/b to the Dated Brent strip, up 13
cents day on day.
Platts is part of S&P Global Commodity Insights.
Subscriber Notes
Platts will launch CIF Rotterdam Johan Sverdrup
assessment Nov. 1
As part of its commitment to provide insight into
new trade flows, Platts, part of S&P Global Commodity
Insights will launch an assessment for Johan Sverdrup
on a CIF Rotterdam basis, both on an outright basis
as well as a differential to North Sea CIF Dated Brent
Strip from Nov. 1.
This follows a proposal note published Aug. 14:
https://www.spglobal.com/commodityinsights/en/
our-methodology/subscriber-notes/081423-platts-
proposes-to-launch-cif-rotterdam-johan-sverdrup-
assessment-nov-1
The new assessments will complement Platts
existing assessments of Johan Sverdrup FOB
Mongstad (Platts symbol: AJSVA00) and differential to
forward Dated Brent (Platts symbol: AJSVB00).
Since Russia’s invasion of Ukraine and ensuing
import ban on all seaborne Russian crude oil to the
European Union from Dec. 5, 2022, Johan Sverdrup
has become a heavier, sourer, baseload crude in
Northwest Europe, according to vessel-tracking data
seen by Platts.
Platts existing FOB Johan Sverdrup assessments,
launched on Dec. 1, 2019, reflect 700,000-barrel
cargoes loading from the Mongstad terminal 10 days to
a month ahead.
The CIF Rotterdam Johan Sverdrup assessments
will reflect 700,000 barrel cargoes for delivery into
Rotterdam 12 days to a month ahead from the
assessment date.
The CIF Rotterdam Johan Sverdrup assessment will
reflect deliveries in the range from Gibraltar up to and
including the Baltic Sea.
Vessels will be required to have the appropriate
charter party options to deliver in the Baltic Sea in
addition to the UK-Continent range of Gibraltar up to
the Baltic Sea.
Platts stated in the proposal note that North
Sea crude CIF Rotterdam bids, offers and trades are
published as pricing on a 2-1-2 around deemed Bill of
Lading (B/L) basis as standard.
Platts understands that Johan Sverdrup typically
prices on a five after deemed B/L basis, and as such
for CIF Rotterdam Johan Sverdrup, Platts will publish
bids, offers and trades pricing on a five day after
deemed B/L basis as standard.
Bids, offers and trades may also be published as a
differential to Cash BFOE or as a Flat Price.
In the absence of CIF Rotterdam Johan Sverdrup
indications, the CIF Rotterdam assessment will be
linked to the existing FOB Mongstad assessment
using the spot freight rate between Mongstad and
Rotterdam on the date of the assessment.
CIF Rotterdam Johan Sverdrup offers will be netted
back to FOB-equivalent values using the Mongstad-
Rotterdam Freight Adjustment Factor [FMGRM00].
Platts views the journey from Mongstad to
Rotterdam, for both Troll and Johan Sverdrup, to be
two days.
Johan Sverdrup has an API of 28 degrees and a
sulfur content of 0.80%, according to assays seen
by Platts.
The grade is a joint venture between Norway’s
Equinor, Aker BP, Total and Lundin, with Equinor acting
as the terminal operator.
Please send all feedback, comments or
questions to europe_crude@spglobal.com and
pricegroup@spglobal.com by Oct. 27.
For written comments, please provide a clear
indication if comments are not intended for publication
Crude Oil Marketwire October 4, 2023
by Platts for public viewing.
Platts will consider all comments received and will
make comments not marked as confidential available
to the public upon request.
Platts invites feedback on its Asia Pacific and Middle
East Crude Oil methodology guide
As part of its commitment to open and transparent
pricing and product specifications, Platts, part
of S&P Global Commodity Insights, would like to
invite feedback on its Asia Pacific and Middle East
Crude Oil methodology, specifically the guidelines
described in the methodology guide posted online
here: https://www.spglobal.com/commodityinsights/
plattscontent/_assets/_files/en/our-methodology/
methodology-specifications/apag-crude-
methodology.pdf
Platts reviews all methodologies annually to ensure
they continue to reflect the physical markets under
assessment, and regularly assesses the relevance
of methodologies through continuous contact with
the market. Feedback on methodologies is always
welcomed by Platts.
Please send all comments, feedback, and
questions to asia_crude@spglobal.com and
pricegroup@spglobal.com. For written comments,
please provide a clear indication if comments are not
intended for publication by Platts for public viewing.
Platts will consider all comments received and will
make comments not marked as confidential available
upon request.
Platts to discontinue Mesa 30 and Santa Barbara
crude price assessments
Platts, a part of S&P Global Commodity Insights,
will discontinue publishing price assessments for
Venezuela’s Mesa 30 and Santa Barbara crudes
effective Nov. 1 due to declining production and a lack
of spot market activity.
Platts understands there is no spot-market activity
© 2023 by S&P Global Inc. All rights reserved. 20
for the Venezuelan grades Santa Barbara and Mesa
30. US sanctions have curtailed Venezuela production
and trading activity, and market participants do not
anticipate normal activity to resume. Market sources
indicate there has been no spot trade of these grades
in nearly a decade.
The discontinuation will affect the following codes:
Diff to Dated Diff to Brent Diff to WTI
Outright
Brent Strip Strip
Mesa 30 AAITB00 AAXBO00 AAXCC00 AAITH00
Santa Barbara AAITD00 AAXAZ00 AAXBU00 AAITJ00
The prices appear on Platts Global Alert page 280
and in Latin Wire, Crude Oil Marketwire and Oilgram
Price Report.
Please send any feedback or questions
to Americas_crude@spglobal.com and
pricegroup@spglobal.com.
For written comments, please provide a clear
indication if comments are not intended for publication
by Platts for public viewing.
Platts will consider all comments received and will
make comments not marked as confidential available
to the public upon request.
Platts reminds counterparties to adhere to terms of
trade published in MOC process
Platts, part of S&P Global Commodity Insights,
would like to remind market participants that it
expects counterparties involved in a trade published
in the Platts Market on Close assessment process to
adhere to the terms of the published trade.
MOC trade performance is paramount and all
transactions should be performable within the
contractual parameters.
Platts is aware that physical conditions regarding
logistics or other operational issues that are beyond
the control of the seller or buyer may result in lateness,
quality issues or conditions seen as a deviation from
the original wording in the reported trade. Platts is
also aware that counterparties may consider booking
out trades reported through the MOC process as a
potential option under exceptional circumstances.
Platts may review any changes to the published
parameters of a trade, and the circumstances leading
to that, even if there is mutual agreement between
counterparties.
Platts will take appropriate steps to ensure the
integrity of its MOC process and assessments, should
issues of non-performance arise.
Please send all comments and questions
to asia_products@spglobal.com and
PriceGroup@spglobal.com.
For written comments, please provide a clear
indication if comments are not intended for publication
by Platts for public viewing. Platts will consider all
comments received and will make comments not
marked as confidential available upon request.
Platts invites feedback on its Asia Pacific and Middle
East Crude Oil methodology guide
As part of its commitment to open and transparent
pricing and product specifications, Platts, part
of S&P Global Commodity Insights, would like to
invite feedback on its Asia Pacific and Middle East
Crude Oil methodology, specifically the guidelines
described in the methodology guide posted online
here: https://www.spglobal.com/commodityinsights/
plattscontent/_assets/_files/en/our-methodology/
methodology-specifications/apag-crude-
methodology.pdf.
Platts reviews all methodologies annually to ensure
they continue to reflect the physical markets under
assessment, and regularly assesses the relevance
of methodologies through continuous contact with
the market. Feedback on methodologies is always
welcomed by Platts.
Please send all comments, feedback and
questions to asia_crude@spglobal.com and
pricegroup@spglobal.com. For written comments,
please provide a clear indication if comments are not
Crude Oil Marketwire October 4, 2023
intended for publication by Platts for public viewing.
Platts will consider all comments received and will
make comments not marked as confidential available
upon request.
Platts invites feedback on Carbon Intensity
methodology guide
As part of its commitment to open and transparent
pricing and product specifications, Platts, part of
S&P Global Commodity Insights, would like to invite
feedback on its Carbon Intensity methodology,
specifically the guidelines described in the
methodology guide posted online here.
Platts reviews all methodologies annually to ensure
they continue to reflect the markets under assessment
and regularly assesses the relevance of methodologies
through continuous contact with the market.
Feedback on methodologies is always welcomed
by Platts.
Please send all comments, feedback, and
questions to Platts_Carbon@spglobal.com and
pricegroup@spglobal.com.
Platts invites feedback on its Russia Domestic Oil
Products methodology guide
As part of its commitment to open and transparent
pricing and product specifications, Platts, part
of S&P Global Commodity Insights, would like to
invite feedback on its Russia Domestic Oil Products
methodology, specifically the guidelines described
in the methodology guide posted online here:
https://www.spglobal.com/commodityinsights/
PlattsContent/_assets/_files/en/our-methodology/
methodology-specifications/russia_domestic_oil.pdf.
Platts reviews all methodologies annually to ensure
they continue to reflect the physical markets under
assessment, and regularly assesses the relevance
of methodologies through continuous contact with
the market. Feedback on methodologies is always
© 2023 by S&P Global Inc. All rights reserved. 21
welcomed by Platts.
Please send all comments, feedback, and
questions to europe_products@spglobal.com and
pricegroup@spglobal.com. For written comments,
please provide a clear indication if comments are not
intended for publication by Platts for public viewing.
Platts will consider all comments received and will
make comments not marked as confidential available
upon request.
No Canadian crude assessments to be published Oct. 9
Platts will not publish Canadian crude oil
assessments Oct. 9, 2023, because of the Canadian
Thanksgiving Holiday.
Canadian crude assessments appear on Platts
Global Alert pages 230-233. Commentaries for pipeline
grades appear on Platts Global Alert page 298.
No Canadian crude oil assessments will appear
in Crude Oil Marketwire, North American Crude and
Products Scan, or Oilgram Price Report. Normal
publication will resume Oct. 10.
For full details of the Platts publishing schedule and
services affected, refer to the holiday schedule.
Ocean Leonid Investments Ltd to join EMEA - Crude
BFOE CFDs- Paper MOC
Ocean Leonid Investments Ltd has advised
Platts, part of S&P Global Commodity Insights, that
it would like to participate in the Platts Market on
Close assessment process for EMEA - Crude BFOE
CFDs- Paper.
Platts has reviewed Ocean Leonid Investments Ltd
and will consider information from the entity in the
assessment process for EMEA - Crude BFOE CFDs-
Paper, subject at all times to adherence with Platts
editorial standards.
Platts will publish all relevant information from
Ocean Leonid Investments Ltd accordingly.
Platts welcomes all relevant feedback regarding
MOC participation. Platts considers bids, offers
and transactions by all credible and credit-
worthy parties in its assessment processes. For
comments and feedback, please contact Platts
editors at Europe_crude@spglobal.com and
market_integrity_review@spglobal.com.
Platts seeks notification of change to entity
information
All entities participating in the Market on Close
assessment process are requested to inform Platts,
part of S&P Global Commodity Insights, of any change
to relevant information including but not limited to
its supervised status by an EU competent authority,
its bilateral trading capabilities and the personnel
authorized to provide market information to Platts for
the purpose of the MOC process.
Some Platts assessments are in scope of European
Benchmark Regulations (EBMR) and applicable
regulatory requirements are dependent on stated
criteria, including the proportion of contributions to
a price assessment by entities supervised by an EU
competent authority. This question is required of all
reviewed participants and may be posed during an
acceptance review or an event-driven review. Entities
should notify Platts if there are any changes to its
regulatory oversight for commodity trading.
Platts asks that you please notify
PriceGroup@SPGlobal.com of any changes.
For questions or comments please
notify PriceGroup@SPGlobal.com and
PL_EMBR@spglobal.com.
For more information on EMBR regulation as it
pertains to Platts, please see: https://www.spglobal.
com/platts/en/about-platts/regulatory-engagement
and for more information on Platts Benchmark
statements: https://www.spglobal.com/platts/en/
our-methodology/methodology-specifications/oil/
benchmark-statements.
Crude Oil Marketwire October 4, 2023
Unipec UK Company Ltd to join EMEA - Crude BFOE
Cash MOC
Unipec UK Company Ltd has advised Platts, part of
S&P Global Commodity Insights, that it would like to
participate in the Platts Market on Close assessment
process(es) for EMEA - Crude BFOE Cash.
Platts has reviewed Unipec UK Company Ltd
and will consider information from the entity in the
assessment process(es) for EMEA - Crude BFOE Cash,
subject at all times to adherence with Platts editorial
standards.
Platts will publish all relevant information from
Unipec UK Company Ltd accordingly.
Platts welcomes all relevant feedback regarding
MOC participation. Platts considers bids, offers
and transactions by all credible and credit-
worthy parties in its assessment processes. For
© 2023 by S&P Global Inc. All rights reserved. 22
comments and feedback, please contact Platts
editors at Europe_crude@spglobal.com and
market_integrity_review@spglobal.com.
Platts to include Seaway Texas City Terminal into
Brent complex assessment process for June
Platts, part of S&P Global Commodity Insights, will
include Seaway Texas City Terminal as a loading
terminal for WTI Midland crude oil into its Dated Brent
and Cash BFOE Market on Close assessment process
for June deliveries.
Sellers would be able to nominate WTI Midland
meeting Platts specification loaded from Seaway Texas
City Terminal for inclusion into the Dated Brent/Cash
BFOE assessment process starting with the June 2023
delivery period.
The terminal, in Texas City, Texas, is wholly owned
by Seaway Crude Holdings LLC, L.P., a joint venture
between Enterprise Seaway L.P. and Enbridge Holdings
(Seaway) L.L.C.
The terminal has two docks which can fit up to
a VLCC size vessel and 4 million barrels of storage
capacity for crude oil.
Platts decision to include WTI Midland into the
Brent complex, and clarification of the review process
by which loading terminals are included in the
assessment process, can be found here.
Please send all feedback to
PriceGroup@spglobal.com and
Europe_Crude@spglobal.com.
For written comments, please provide a clear
indication if they are not intended for publication by
Platts for public viewing.
Crude Oil Marketwire October 4, 2023

Commodity Insights Analytics US Yields & Netbacks Effective October 4, 2023 ($/barrel)
US Gulf Coast (PGA page 0833) US Gulf Coast (PGA page 0841)

Crack Yield Freight Crack Netback Crude Price Crack Margin Coke Yield Freight Coke Netback Crude Price Coke Margin
Agbami AGGCY00 100.49 AGGFA00 2.45 AGGCN00 98.04 AAQZB00 88.03 AGGCM00 11.15
Arab Berri BEGCY00 100.15 TDDAC00 1.32 BEGCN00 98.84 AAXCT00 91.87 BEGCM00 6.97
Arab Heavy AHGCY00 88.71 TDDAJ00 1.39 AHGCN00 87.32 AAXDI00 89.97 AHGCM00 -2.65 Arab Heavy AHGOY00 96.33 TDDAJ00 1.39 AHGON00 94.94 AAXDI00 89.97 AHGOM00 4.97
Arab Light LIGCY00 96.24 TDDAR00 1.35 LIGCN00 94.89 AAXCU00 89.72 LIGCM00 5.17 Arab Light LIGOY00 98.34 TDDAR00 1.35 LIGON00 96.99 AAXCU00 89.72 LIGOM00 7.27
Arab Medium MEGCY00 91.98 TDDAZ00 1.35 MEGCN00 90.62 AAXDN00 90.42 MEGCM00 0.20 Arab Medium MEGOY00 95.15 TDDAZ00 1.35 MEGON00 93.80 AAXDN00 90.42 MEGOM00 3.38
Bakken BKGCY00 99.00 TDDRP00 7.78 BKGCN00 91.22 AAXPP00 81.68 BKGCM00 9.54
Basrah Heavy BHGOY00 93.67 BHGFA00 2.07 BHGON00 91.59 AALZC00 87.85 BHGOM00 12.83
Basrah Medium BLGCY00 90.23 TDDBS00 1.99 BLGCN00 88.23 BSMAM01 91.10 BLGCM00 5.42 Basrah Medium BLGOY00 95.36 TDDBS00 1.99 BLGON00 93.37 BSMAM01 91.10 BLGOM00 10.55
Bonny Light YLGCY00 102.06 TDDBX00 2.67 YLGCN00 99.39 PCAIC00 90.98 YLGCM00 9.55
Brent BRGCY00 98.62 TDDCB00 2.19 BRGCN00 96.43 AAVJA00 91.98 BRGCM00 5.58
Cabinda CBGCY00 96.48 TDDCF00 2.86 CBGCN00 93.62 PCAFD00 90.78 CBGCM00 3.98 Cabinda CBGOY00 97.40 TDDCF00 2.86 CBGON00 94.54 PCAFD00 90.78 CBGOM00 4.89
Castilla Blend CSGOY00 90.70 CSGFA00 1.86 CSGON00 88.83 AAVEQ00 77.40 CSGOM00 11.44
Eagle Ford EAGCY00 99.15 AAYAT00 86.44 EAGCM00 12.71
Escalante ECGCY00 90.38 TDDCV00 3.54 ECGCN00 86.84 PCAGC00 83.45 ECGCM00 2.50
Forties FTGCY00 97.46 FTGFA00 2.02 FTGCN00 95.44 PCADJ00 91.82 FTGCM00 4.76
Isthmus ISGCY00 95.69 TDDDJ00 1.18 ISGCN00 94.52 PDATO09 82.47 ISGCM00 12.05
LLS LLGCY00 102.06 TDDQW00 0.55 LLGCN00 101.51 PCABN00 86.22 LLGCM00 15.29 LLS LLGOY00 102.88 TDDQW00 0.55 LLGON00 102.33 PCABN00 86.22 LLGOM00 16.11
Marlim MLGCY00 94.20 TDDGK00 2.81 MLGCN00 91.38 AAITF00 80.25 MLGCM00 10.24 Marlim MLGOY00 98.48 TDDGK00 2.81 MLGON00 95.67 AAITF00 80.25 MLGOM00 14.53
Mars MRGCY00 93.12 TDDQY00 0.55 MRGCN00 92.57 AAMBR00 82.27 MRGCM00 10.30 Mars MRGOY00 96.96 TDDQY00 0.55 MRGON00 96.41 AAMBR00 82.27 MRGOM00 14.14
Maya MYGCY00 82.49 TDDDP00 1.22 MYGCN00 81.27 PDATS09 77.92 MYGCM00 3.35 Maya MYGOY00 92.76 TDDDP00 1.22 MYGON00 91.54 PDATS09 77.92 MYGOM00 13.62
Mesa MSGCY00 93.32 TDDDV00 1.77 MSGCN00 91.55 AAITB00 82.50 MSGCM00 9.05
Napo NPGOY00 89.17 NPGFA00 3.40 NPGON00 85.77 AAMCA00 74.70 NPGOM00 10.21
Olmeca OLGCY00 98.84 TDDDY00 1.18 OLGCN00 97.66 PDATT09 82.52 OLGCM00 15.14
Oriente ORGOY00 95.72 ORGFA00 3.22 ORGON00 92.50 PCADE00 77.85 ORGOM00 13.84
Poseidon PDGCY00 92.40 PDGFA00 0.00 PDGCN00 92.40 AABHK00 81.37 PDGCM00 11.03
Saharan Blend SHGCY00 99.18 TDDRD00 1.76 SHGCN00 97.42 AAGZY00 91.56 SHGCM00 6.99
Syncrude SYGCY00 102.38 SYGFA00 8.52 SYGCN00 93.86 AASOK00 84.43 SYGCM00 9.43
Urals URGCY00 94.57 TDDFM00 2.32 URGCN00 92.25 AAWVH00 77.02 URGCM00 16.36 Urals URGOY00 98.15 TDDFM00 2.32 URGON00 95.83 AAWVH00 77.02 URGOM00 19.95
Vasconia VCGOY00 100.16 VCGFA00 1.82 VCGON00 98.34 PCAGI00 80.90 VCGOM00 17.45
WCS ex-Hardisty WHGOY00 93.57 TDDRS00 8.50 WHGON00 85.07 AAPPN00 61.53 WHGOM00 23.54
WCS ex-Nederland WNGOY00 93.57 WCGFA00 0.00 WNGON00 93.57 AAYAY00 76.18 WNGOM00 17.39
WTI WTGCY00 99.25 AAYRG00 85.37 WTGCM00 13.88
WTS WSGCY00 95.55 TDDRJ00 6.89 WSGCN00 88.66 PCACK00 83.57 WSGCM00 5.09 WTS WSGOY00 99.59 TDDRJ00 6.89 WSGON00 92.71 PCACK00 83.57 WSGOM00 9.14

© 2023 by S&P Global Inc. All rights reserved. 23

Crude Oil Marketwire October 4, 2023

Commodity Insights Analytics US Yields & Netback ($/barrel) (continued)

US Midwest (PGA page 0823) US Midwest (PGA page 0821)

Crack Yield Freight Crack Netback Crude Price Crack Margin Coke Yield Freight Coke Netback Crude Price Coke Margin
Bakken BKTCY00 94.22 TDDRO00 1.68 BKTCN00 92.54 AASRU00 83.93 BKTCM00 8.61
Syncrude SYTCY00 97.02 TDDFP00 8.20 SYTCN00 88.82 AASOK00 84.43 SYTCM00 4.39
WCS WCTOY00 89.21 TDDRL00 8.56 WCTON00 80.65 AAPPN00 61.53 WCTOM00 19.12
WTI WTTCY00 94.59 TDDRG00 2.39 WTTCN00 92.19 PCACG00 84.22 WTTCM00 7.97
WTS WSTCY00 91.78 TDDRI00 3.08 WSTCN00 88.70 PCACK00 83.57 WSTCM00 5.13 WTS WSTOY00 94.72 TDDRI00 3.08 WSTON00 91.64 PCACK00 83.57 WSTOM00 8.07

US West Coast (PGA page 0843) US West Coast (PGA page 0841)

Crack Yield Freight Crack Netback Crude Price Crack Margin Coke Yield Freight Coke Netback Crude Price Coke Margin
ANS ANWCY00 109.98 PCAAD00 86.86 ANWCM00 23.12 ANS ANWOY00 113.79 PCAAD00 86.86 ANWOM00 26.93
Arab Light LIWOY00 115.97 TDDAT00 1.35 LIWON00 114.62 AAXCU00 89.72 LIWOM00 24.90
Arab Medium MEWOY00 112.31 TDDBB00 1.35 MEWON00 110.96 AAXDN00 90.42 MEWOM00 20.54
Bakken BKWCY00 116.85 TDDRT00 11.74 BKWCN00 105.11 AAXPP00 81.68 BKWCM00 23.43
Basrah Heavy BHWOY00 111.10 BHWFA00 2.43 BHWON00 108.67 AALZC00 87.85 BHWOM00 30.80
Basrah Medium BLWOY00 111.97 TDDBW00 2.33 BLWON00 109.64 BSMAM01 91.10 BLWOM00 27.72
Castilla Blend CSWOY00 109.63 CSWFA00 4.71 CSWON00 104.92 AAVEQ00 77.40 CSWOM00 26.66
Maya MYWOY00 110.06 MYWFA00 2.74 MYWON00 107.32 AAUPK00 78.07 MYWOM00 29.25
Napo NPWOY00 109.25 NPWFA00 4.12 NPWON00 105.13 AAMCA00 74.70 NPWOM00 29.57
Oriente ORWOY00 112.23 TDDEC00 3.90 ORWON00 108.34 PCADE00 77.85 ORWOM00 29.68
Vasconia VCWOY00 121.53 VCWFA00 4.55 VCWON00 116.98 PCAGI00 80.90 VCWOM00 35.25

US Atlantic Coast (PGA page 0811)

Crack Yield Freight Crack Netback Crude Price Crack Margin

Agbami AGACY00 101.09 AGAFA00 2.17 AGACN00 98.91 AAQZB00 88.03 AGACM00 12.02
Arab Light LIACY00 97.32 TDDAU00 1.35 LIACN00 95.97 AAXCU00 89.72 LIACM00 6.25
Bakken BKACY00 100.41 TDDRN00 7.20 BKACN00 93.21 AAXPP00 81.68 BKACM00 11.53
Bonny Light YLACY00 103.20 TDDBZ00 2.37 YLACN00 100.83 PCAIC00 90.98 YLACM00 10.99
Brent BRACY00 100.36 TDDCC00 2.36 BRACN00 98.00 AAVJA00 91.98 BRACM00 8.05
Cabinda CBACY00 97.39 TDDCH00 2.56 CBACN00 94.82 PCAFD00 90.78 CBACM00 5.18
CPC Blend CPACY00 99.20 CPAFA00 2.71 CPACN00 96.49 AALVX00 85.37 CPACM00 13.15
Forties FTACY00 98.78 FTAFA00 2.17 FTACN00 96.61 PCADJ00 91.82 FTACM00 6.82
Saharan Blend SHACY00 100.56 SHAFA00 1.48 SHACN00 99.09 AAGZY00 91.56 SHACM00 8.66
Urals URACY00 96.72 URAFA00 1.83 URACN00 94.89 AAWVH00 77.02 URACM00 19.00

© 2023 by S&P Global Inc. All rights reserved. 24

Crude Oil Marketwire October 4, 2023

Commodity Insights Analytics European Yields & Netbacks Effective October 4, 2023 ($/barrel)
Northwest Europe (PGA page 1811) Mediterranean (PGA page 1821)

Crack Yield Freight Crack Netback Crude Price Crack Margin Crack Yield Freight Crack Netback Crude Price Crack Margin
Agbami AGNCY00 102.49 2.10 AGNCN00 100.38
AGNFA00 AAQZB00 88.03 AGNCM00 12.36 Agbami AGMCY00 100.98 AGMFA00 2.01 AGMCN00 98.97 AAQZB00 88.03 AGMCM00 10.95
Arab Berri BENCY00 102.37 BENFA00 1.32 BENCN00 101.06 AAXDU00 93.11 BENCM00 7.95
Arab Heavy AHNCY00 91.61 TDDAN00 1.39 AHNCN00 90.22 AAXDH00 87.61 AHNCM00 2.61 Arab Heavy AHMCY00 91.64 TDDAI00 1.39 AHMCN00 90.25 AAXDH00 87.61 AHMCM00 3.74
Arab Light LINCY00 99.47 TDDAV00 1.35 LINCN00 98.12 AAXDK00 91.51 LINCM00 6.61 Arab Light LIMCY00 98.53 TDDAQ00 1.35 LIMCN00 97.18 AAXDK00 91.51 LIMCM00 6.67
Arab Medium MENCY00 94.35 TDDBD00 1.36 MENCN00 92.98 AAXDM00 90.31 MENCM00 2.67 Arab Medium MEMCY00 93.78 TDDAY00 1.37 MEMCN00 92.41 AAXDM00 90.31 MEMCM00 2.90
Azeri Light ZLNCY00 104.07 TDDBI00 2.11 ZLNCN00 101.97 AATHM00 92.93 ZLNCM00 8.21 Azeri Light* ZLMCY00 102.62 AAGZX00 94.79 ZLMCM00 7.83
Basrah Medium BLNCY00 93.65 TDDBU00 2.66 BLNCN00 90.98 BSMAM01 91.10 BLNCM00 0.97 Basrah Medium BLMCY00 93.44 TDDBR00 1.93 BLMCN00 91.51 BSMAM01 91.10 BLMCM00 1.49
Bonny Light YLNCY00 105.21 YLNFA00 2.29 YLNCN00 102.92 PCAIC00 90.98 YLNCM00 11.95 Bonny Light YLMCY00 103.71 YLMFA00 2.20 YLMCN00 101.51 PCAIC00 90.98 YLMCM00 10.54
Brent BRNCY00 100.41 TDDCD00 2.08 BRNCN00 98.33 AAVJA00 91.98 BRNCM00 6.35
Cabinda CBNCY00 98.64 TDDQR00 2.49 CBNCN00 96.15 PCAFD00 90.78 CBNCM00 5.37 Cabinda CBMCY00 97.32 CBMFA00 2.40 CBMCN00 94.93 PCAFD00 90.78 CBMCM00 4.15
CPC Blend CPNCY00 101.44 CPNFA00 2.85 CPNCN00 98.59 AALVX00 85.37 CPNCM00 13.22 CPC Blend* CPMCY00 99.59 AAGZU00 88.16 CPMCM00 11.44
Dubai DBNCY00 98.01 DBNFA00 2.51 DBNCN00 95.50 PCAAT00 90.67 DBNCM00 6.27
Eagle Ford EANCY00 101.72 EANFA00 3.87 EANCN00 97.85 AAYAT00 86.44 EANCM00 9.38 Eagle Ford EAMCY00 100.34 TNEIF00 4.14 EAMCN00 96.20 AAYAT00 86.44 EAMCM00 7.73
Ekofisk EKNCY00 102.52 TDDCT00 1.36 EKNCN00 101.16 PCADI00 93.72 EKNCM00 7.45
Forties FTNCY00 100.64 TDDEZ00 1.57 FTNCN00 99.07 PCADJ00 91.82 FTNCM00 7.26 Forties FTMCY00 99.17 FTMFA00 1.99 FTMCN00 97.18 PCADJ00 91.82 FTMCM00 5.36
Iran Heavy BHNCY00 97.09 TDDDG00 2.62 BHNCN00 94.47 AIHKA00 87.28 BHNCM00 6.30 Iran Heavy BHMCY00 96.34 TDDDF00 1.89 BHMCN00 94.46 AIHKA00 87.28 BHMCM00 6.28
Johan Sverdrup JSNCY00 97.83 JSNFA00 1.67 JSNCN00 96.16 AJSVA00 93.68 JSNCM00 2.48 Johan Sverdrup JSMCY00 96.73 JSMFA00 2.12 JSMCN00 94.60 AJSVA00 93.68 JSMCM00 0.92
Kirkuk KRNCY00 98.23 TDDGH00 2.83 KRNCN00 95.40 AAEJD00 88.22 KRNCM00 2.98 Kirkuk KRMCY00 97.31 TDDFF00 1.66 KRMCN00 95.66 AAEJD00 88.22 KRMCM00 3.23
LLS LLNCY00 106.57 LLNFA00 4.05 LLNCN00 102.52 AAQBB00 88.17 LLNCM00 14.27 LLS LLMCY00 105.06 LLMFA00 4.33 LLMCN00 100.73 AAQBB00 88.17 LLMCM00 12.48
Maya MYNCY00 85.54 MYNFA00 4.16 MYNCN00 81.39 AAYXE00 77.96 MYNCM00 3.43
Oman OMNCY00 97.05 OMNFA00 2.46 OMNCN00 94.59 PCABS00 90.67 OMNCM00 5.37 Oman OMMCY00 96.27 1.74 OMMCN00 94.52
OMMFA00 PCABS00 90.67 OMMCM00 5.31
Saharan Blend SHNCY00 102.36 TDDGI00 1.83 SHNCN00 100.53 AAGZY00 91.56 SHNCM00 8.98 Saharan Blend SHMCY00 100.19 1.42 SHMCN00 98.77
TDDFG00 AAGZY00 91.56 SHMCM00 7.21
Urals* URNCY00 99.97 PCAFW00 79.49 URNCM00 20.48 Urals* URMCY00 97.50 PCACE00 80.61 URMCM00 16.89
WTI MEH WTNCY00 102.38 WTNFA00 3.93 WTNCN00 98.46 AAYRZ00 87.32 WTNCM00 11.06
*Indicates the crude price is a CIF value

Commodity Insights Analytics Asian yields & netbacks effective October 4, 2023 ($/barrel)
Singapore (PGA page 2811) Singapore (PGA page 2811)

Crack Yield Freight Crack Netback Crude Price Crack Margin Crack Yield Freight Crack Netback Crude Price Crack Margin
Agbami AGSCY00 99.64 AGSFA00 2.11 AGSCN00 97.53 AAQZB00 88.03 AGSCM00 7.17 Forties FTSCY00 96.81 TNEFD00 3.08 FTSCN00 93.73 PCADJ00 91.82 FTSCM00 -0.43
Arab Berri BESCY00 98.44 BESFA00 1.33 BESCN00 97.11 AAXDV00 93.52 BESCM00 3.59 Kimanis KISCY00 108.94 KISFA00 1.26 KISCN00 107.68 AASCL00 100.32 KISCM00 7.36
Arab Heavy AHSCY00 88.07 TDDAO00 1.38 AHSCN00 86.70 AAXDG00 92.37 AHSCM00 -5.67 LLS LLSCY00 102.14 LLSFA00 3.60 LLSCN00 98.54 AAZDC00 90.46 LLSCM00 7.95
Arab Light LISCY00 96.03 TDDAW00 1.36 LISCN00 94.67 AAXDJ00 94.27 LISCM00 0.40 Mars MRSCY00 93.65 MRSFA00 3.72 MRSCN00 89.94 AAMBR00 82.27 MRSCM00 3.30
Arab Medium MESCY00 91.01 TDDBE00 1.37 MESCN00 89.65 AAXDL00 94.12 MESCM00 -4.47 Maya MYSCY00 84.61 MYSFA00 3.92 MYSCN00 80.69 AAYXG00 84.27 MYSCM00 -3.58
Basrah Medium BHSCY00 89.97 BHSFA00 1.43 BHSCN00 88.53 BSMAM01 91.10 BHSCM00 -3.94 Minas MNSCY00 101.86 TDDDX00 1.26 MNSCN00 100.60 PCABO00 86.50 MNSCM00 14.11
Bonny Light YLSCY00 101.97 YLSFA00 2.27 YLSCN00 99.70 PCAIC00 90.98 YLSCM00 6.39 Oman OMSCY00 91.71 TDDEB00 1.23 OMSCN00 90.48 PCABS00 90.67 OMSCM00 -0.19
Cabinda CBSCY00 99.90 TDDQS00 2.18 CBSCN00 97.72 PCAFD00 90.78 CBSCM00 4.60 Qua lboe QBSCY00 102.36 QBSFA00 2.27 QBSCN00 100.09 PCAID00 92.13 QBSCM00 5.62
Castilla CSSCY00 80.04 CSSFA00 3.97 CSSCN00 76.07 AAVEQ00 77.40 CSSCM00 -5.69 Saharan Blend SHSCY00 96.78 SHSFA00 2.10 SHSCN00 94.68 AAGZY00 91.56 SHSCM00 -0.03
Dalia DLSCY00 101.35 DLSFA00 2.26 DLSCN00 99.09 AAQYX00 90.03 DLSCM00 6.72 Tapis TPSCY00 99.80 TDDEO00 1.24 TPSCN00 98.56 PCACB00 95.22 TPSCM00 3.34
Dubai DBSCY00 95.12 TDDCQ00 1.28 DBSCN00 93.84 PCAAT00 90.67 DBSCM00 3.17 Tupi* LUSCY00 99.70 LUQDA00 92.42 LUSCM00 3.44
Duri DRSCY00 98.30 TDDCR00 1.37 DRSCN00 96.93 PCABA00 92.47 DRSCM00 4.46 Urals URSCY00 95.91 URSFA00 2.17 URSCN00 93.74 AAGZS00 77.22 URSCM00 14.18
Eagle Ford EASCY00 98.43 EASFA00 3.46 EASCN00 94.97 AAYAT00 86.44 EASCM00 4.16 WTI MEH WTSCY00 98.44 WTSFA00 3.51 WTSCN00 94.93 AAZDF00 89.46 WTSCM00 5.19
ESPO ESSCY00 98.77 ESSFA00 1.25 ESSCN00 97.52 AARWF00 84.68 ESSCM00 12.84
*Indicates the crude price is a CIF value

© 2023 by S&P Global Inc. All rights reserved. 25

Crude Carbon Intensity
A daily supplement to Crude Oil Marketwire

Platts crude carbon intensity assessments - grades, October 4, 2023 (PGA/PCR page 4206)
Daily Carbon Intensity Premium Monthly Carbon Intensity*
Symbol $/b Symbol Date kg CO2 eq/b
Africa (PGA/PCR page 4206)
Saharan Blend AGING00 0.35 AGINO40 Aug-23 25.90

North America (PGA/PCR page 4206)

WTI Midland WXTIC00 0.54 WXTIC40 Aug-23 39.74

Europe (PGA/PCR page 4206)

Brent BXREC00 0.88 BXREC40 Aug-23 65.19
Ekofisk EXKOC00 0.32 EXKOC40 Aug-23 23.82
Forties FXORC00 0.32 FXORC40 Aug-23 23.68
Oseberg OXSEC00 1.02 OXSEC40 Aug-23 75.76
Troll TXROC00 3.14 TXROC40 Aug-23 233.48

Middle East (PGA/PCR page 4206)

Al-Shaheen AGINC00 0.13 AGINK40 Aug-23 9.58
Arab Light AGINF00 0.26 AGINN40 Aug-23 18.95
Das Blend AGINE00 0.33 AGINM40 Aug-23 24.24
Dubai AGINA00 0.36 AGINI40 Aug-23 26.60
Murban AGINH00 0.31 AGINP40 Aug-23 23.26
Oman AGINB00 0.26 AGINJ40 Aug-23 19.21
UpperZakum AGIND00 0.17 AGINL40 Aug-23 12.89
Upstream CI values are modelled on a marginal basis and are published monthly. CI Premiums are assessed daily.
*Upstream marginal CI value is assessed from the field to the storage terminal.
Details on the Platts methodology can be found at spglobal.com/commodityinsights/.

Platts crude carbon intensity assessments - fields, October 4, 2023 (PGA page 4200)
Daily Carbon Intensity Premium Monthly Carbon Intensity* Daily Transport Carbon Intensity Premium Monthly Transport Carbon Intensity**
Symbol $/boe Symbol Date kg CO2 eq/boe Route Symbol $/b Symbol Date kg CO2 eq/b
Asia Pacific & Middle East Fields (PGA/PCR page 4201)
China
Bozhong BOZHC00 0.48 BOZHC40 Aug-23 35.60 Bohai Pengbo-Singapore BOZHC10 0.06 BOZHC50 Aug-23 4.24
India
Bombay High MUMBC00 0.34 MUMBC40 Aug-23 25.14 Bombay High-Qingdao MUMBC10 0.09 MUMBC50 Aug-23 6.80
Iran
Marun MARUC00 0.49 MARUC40 Aug-23 36.16 Kharg Island-Qingdao MARUC10 0.12 MARUC50 Aug-23 8.96
Iraq
Kirkuk KIRKC00 0.61 KIRKC40 Aug-23 45.00 Ceyhan-R’dam KIRKC10 0.06 KIRKC50 Aug-23 4.55
Rumaila RUMAC00 0.29 RUMAC40 Aug-23 21.57 Al Basrah-Sikka RUMAC10 0.03 RUMAC50 Aug-23 2.09

www.spglobal.com/commodityinsights
Crude Oil Marketwire October 4, 2023

Platts crude carbon intensity assessments - fields (continued) (PGA page 4200)
Daily Carbon Intensity Premium Monthly Carbon Intensity* Daily Transport Carbon Intensity Premium Monthly Transport Carbon Intensity**
Symbol $/boe Symbol Date kg CO2 eq/boe Route Symbol $/b Symbol Date kg CO2 eq/b
West Qurna-2 WESTC00 0.74 WESTC40 Aug-23 55.09 Al Basrah-Sikka WESTC10 0.03 WESTC50 Aug-23 2.22
Zubair ZUBAC00 0.40 ZUBAC40 Aug-23 29.99 Al Basrah-Sikka ZUBAC10 0.03 ZUBAC50 Aug-23 2.09
Kuwait
Burgan BURGC00 0.23 BURGC40 Aug-23 16.74 Mina-Ulsan BURGC10 0.13 BURGC50 Aug-23 9.31
Oman
Oman Basin AMRGF00 0.25 AMRGS40 Aug-23 18.23 Salalah-Tranmere ASITF10 0.12 ASITS50 Aug-23 8.59
Qatar
Al-Shaheen AMRGE00 0.12 AMRGR40 Aug-23 8.73 Al-Shaheen-Singapore ASITE10 0.08 ASITR50 Aug-23 5.63
Dukhan DUKHC00 1.55 DUKHC40 Aug-23 115.10 Mesaieed-Singapore DUKHC10 0.07 DUKHC50 Aug-23 5.03
Saudi Arabia
Abu Hadriya AMRGI00 0.24 AMRGV40 Aug-23 18.16 Ras Tanura-Ain Sukhna ASITI10 0.02 ASITV50 Aug-23 1.27
Ghawar GHWRC00 0.24 GHWRC40 Aug-23 17.84 Ras Tanura-Qingdao GHWRC10 0.11 GHWRC50 Aug-23 8.33
Khurais AMRGH00 0.24 AMRGU40 Aug-23 17.83 Ras Tanura-Ain Sukhna ASITH10 0.02 ASITU50 Aug-23 1.20
Safaniya SAFAC00 0.21 SAFAC40 Aug-23 15.52 Ras Tanura-Changxing SAFAC10 0.13 SAFAC50 Aug-23 9.53
Zuluf ZULUC00 0.30 ZULUC40 Aug-23 22.24 Ras Tanura-Changxing ZULUC10 0.12 ZULUC50 Aug-23 9.24
UAE
Abu Al Bukhoosh AMRGM00 0.15 AMRGZ40 Aug-23 11.27 Zirku-Sikka ASITM10 0.02 ASITZ50 Aug-23 1.65
El Bunduq AMRGL00 0.48 AMRGY40 Aug-23 35.91 Zirku-Sikka ASITL10 0.02 ASITY50 Aug-23 1.57
Falah AMRGA00 0.14 AMRGN40 Aug-23 10.33 Falah-Kiire ASITA10 0.14 ASITN50 Aug-23 10.36
Fateh FATEC00 0.23 FATEC40 Aug-23 17.19 Fateh-Kiire FATEC10 0.12 FATEC50 Aug-23 8.56
Lower Zakum AMRGD00 0.16 AMRGQ40 Aug-23 11.58 Zirku-Sikka ASITD10 0.02 ASITQ50 Aug-23 1.70
Murban MURBC00 0.26 MURBC40 Aug-23 19.33 Fujairah-Chiba MURBC10 0.12 MURBC50 Aug-23 8.55
Nasr AMRGK00 0.20 AMRGX40 Aug-23 15.02 Zirku-Sikka ASITK10 0.02 ASITX50 Aug-23 1.62
Rashid AMRGB00 0.37 AMRGO40 Aug-23 27.29 Mina-Kiire ASITB10 0.14 ASITO50 Aug-23 10.17
Umm Shaif AMRGJ00 0.31 AMRGW40 Aug-23 22.69 Zirku-Sikka ASITJ10 0.02 ASITW50 Aug-23 1.60
Upper Zakum AMRGC00 0.16 AMRGP40 Aug-23 11.60 Zirku-Zhoushan ASITC10 0.12 ASITP50 Aug-23 9.05

Africa Fields (PGA/PCR page 4202)

Algeria
Hassi Messaoud AMRGG00 0.30 AMRGT40 Aug-23 22.04 Skikda-Tranmere ASITG10 0.03 ASITT50 Aug-23 2.07
Angola
Girassol GRSLC00 0.16 GRSLC40 Aug-23 11.81 Girassol-Qingdao GRSLC10 0.18 GRSLC50 Aug-23 13.18
Libya
Waha WAHAC00 0.48 WAHAC40 Aug-23 35.41 Zawia-Augusta WAHAC10 0.01 WAHAC50 Aug-23 0.44
Nigeria
Agbami AGBAC00 0.35 AGBAC40 Aug-23 25.78 Agbami-Paradip AGBAC10 0.14 AGBAC50 Aug-23 10.25
Bonga BONGC00 0.17 BONGC40 Aug-23 12.35 Bonga-R’dam BONGC10 0.08 BONGC50 Aug-23 6.26

Europe Fields (PGA/PCR page 4202)

Azerbaijan
Azeri AZERC00 0.30 AZERC40 Aug-23 22.13 Ceyhan-Sarroch AZERC10 0.03 AZERC50 Aug-23 1.93
Kazakhstan
Tengiz TNGZC00 0.28 TNGZC40 Aug-23 20.56 Novo-R’dam TNGZC10 0.06 TNGZC50 Aug-23 4.62
Norway
Alvheim ALVHC00 0.10 ALVHC40 Aug-23 7.64 Alvheim-Le Havre ALVHC10 0.01 ALVHC50 Aug-23 0.85

© 2023 by S&P Global Inc. All rights reserved. 27

Crude Oil Marketwire October 4, 2023

Platts crude carbon intensity assessments - fields (continued) (PGA page 4200)
Daily Carbon Intensity Premium Monthly Carbon Intensity* Daily Transport Carbon Intensity Premium Monthly Transport Carbon Intensity**
Symbol $/boe Symbol Date kg CO2 eq/boe Route Symbol $/b Symbol Date kg CO2 eq/b
Brage BRAGC00 1.00 BRAGC40 Aug-23 74.09 Sture - Brofjorden BRAGC10 0.01 BRAGC50 Aug-23 0.48
Edvard-Grieg EDVAC00 0.06 EDVAC40 Aug-23 4.31 Edvard Grieg-Sarroch EDVAC10 0.04 EDVAC50 Aug-23 2.97
Ekofisk EKFSC00 0.36 EKFSC40 Aug-23 26.88 Teesside-R’dam EKFSC10 0.01 EKFSC50 Aug-23 0.36
Embla EMBLC00 0.07 EMBLC40 Aug-23 5.35 Teesside-R’dam EMBLC10 0.01 EMBLC50 Aug-23 0.36
Fram FRAMC00 0.34 FRAMC40 Aug-23 25.56 Mongstad-R’dam FORTD10 0.01 FORTD50 Aug-23 0.84
Goliat GOLIC00 0.03 GOLIC40 Aug-23 2.16 Goliat-R’dam GOLIC10 0.02 GOLIC50 Aug-23 1.73
Grane GRANC00 0.06 GRANC40 Aug-23 4.48 Sture-Immingham GRANC10 0.01 GRANC50 Aug-23 0.63
Gullfaks GULLC00 0.20 GULLC40 Aug-23 15.19 Gullfaks-Brofjorden GULLC10 0.01 GULLC50 Aug-23 0.46
Heidrun HEIDC00 0.17 HEIDC40 Aug-23 12.34 Heidrun-R’dam HEIDC10 0.02 HEIDC50 Aug-23 1.22
Ivar-Aasen IVARC00 0.03 IVARC40 Aug-23 2.48 Ivar Aasen-R’dam IVARC10 0.01 IVARC50 Aug-23 0.80
Johan Sverdrup JSVRC00 0.02 JSVRC40 Aug-23 1.58 Mongstad-R’dam JSVRC10 0.01 JSVRC50 Aug-23 0.79
Oseberg OSEBC00 0.26 OSEBC40 Aug-23 19.08 Sture-R’dam OSEBC10 0.01 OSEBC50 Aug-23 0.69
Snorre SNORC00 0.19 SNORC40 Aug-23 13.76 Snorre-Statfjord SNORC10 0.00 SNORC50 Aug-23 0.14
Statfjord STATC00 6.77 STATC40 Aug-23 503.61 Statfjord-R’dam STATC10 0.01 STATC50 Aug-23 0.75
Troll TROLC00 0.26 TROLC40 Aug-23 19.63 Mongstad-R’dam TROLC10 0.01 TROLC50 Aug-23 0.79
Ula ULACC00 0.66 ULACC40 Aug-23 48.93 Teesside-R’dam ULACC10 0.01 ULACC50 Aug-23 0.37
Valhall VALHC00 0.07 VALHC40 Aug-23 5.14 Valhall-R’dam VALHC10 0.01 VALHC50 Aug-23 0.35
United Kingdom
Alwyn North ALWYC00 0.06 ALWYC40 Aug-23 4.40 Sullom Voe-R’dam ALWYC10 0.01 ALWYC50 Aug-23 0.81
Arbroath ARBRC00 0.12 ARBRC40 Aug-23 8.70 Houndpoint-R’dam ARBRC10 0.01 ARBRC50 Aug-23 0.55
Auk AUKCD00 0.30 AUKCC40 Aug-23 22.45 Teesside-R’dam AUKCC10 0.01 AUKCC50 Aug-23 0.37
Brae BRAEC00 0.15 BRAEC40 Aug-23 11.34 Houndpoint-R’dam BRAEC10 0.01 BRAEC50 Aug-23 0.56
Bruce BRUCC00 0.77 BRUCC40 Aug-23 56.92 Houndpoint-R’dam BRUCC10 0.01 BRUCC50 Aug-23 0.56
Buzzard BZRDC00 0.28 BZRDC40 Aug-23 20.57 Houndpoint-R’dam BZRDC10 0.01 BZRDC50 Aug-23 0.53
Captain CAPTC00 0.38 CAPTC40 Aug-23 28.14 Captain-Hamburg CAPTC10 0.01 CAPTC50 Aug-23 0.72
Catcher CATCC00 0.22 CATCC40 Aug-23 16.41 Catcher-R’dam CATCC10 0.01 CATCC50 Aug-23 0.48
Clair CLAIC00 0.14 CLAIC40 Aug-23 10.04 Clair-Stanlow CLAIC10 0.01 CLAIC50 Aug-23 0.91
Clyde CLYDC00 0.20 CLYDC40 Aug-23 14.98 Teesside-R’dam CLYDC10 0.01 CLYDC50 Aug-23 0.37
Cormorant CORMC00 0.79 CORMC40 Aug-23 58.58 Sullom Voe-R’dam CORMC10 0.01 CORMC50 Aug-23 0.82
Everest EVERC00 0.19 EVERC40 Aug-23 14.04 Houndpoint-R’dam EVERC10 0.01 EVERC50 Aug-23 0.55
Forties FORTC00 0.19 FORTC40 Aug-23 13.91 Houndpoint-R’dam FORTC10 0.01 FORTC50 Aug-23 0.56
Gannet GANNC00 0.25 GANNC40 Aug-23 18.57 Teesside-R’dam GANNC10 0.01 GANNC50 Aug-23 0.38
Golden-Eagle GOLDC00 0.29 GOLDC40 Aug-23 21.78 Golden Eagle-Grangemouth GOLDC10 0.00 GOLDC50 Aug-23 0.14
Joanne JOANC00 0.08 JOANC40 Aug-23 6.12 Teesside-R’dam JOANC10 0.01 JOANC50 Aug-23 0.37
Judy JUDYC00 0.36 JUDYC40 Aug-23 27.08 Teesside-R’dam JUDYC10 0.01 JUDYC50 Aug-23 0.38
Kraken KRAKC00 0.21 KRAKC40 Aug-23 15.93 Kraken-R’dam KRAKC10 0.01 KRAKC50 Aug-23 0.80
Magnus MAGNC00 0.17 MAGNC40 Aug-23 12.72 Sullom Voe-R’dam MAGNC10 0.01 MAGNC50 Aug-23 0.81
Mariner MARIC00 0.20 MARIC40 Aug-23 14.66 Mariner-Pascagoula MARIC10 0.09 MARIC50 Aug-23 6.85
Nelson NELSC00 0.13 NELSC40 Aug-23 9.51 Houndpoint-R’dam NELSC10 0.01 NELSC50 Aug-23 0.55
Ninian NINIC00 2.16 NINIC40 Aug-23 160.46 Sullom Voe-R’dam NINIC10 0.01 NINIC50 Aug-23 0.83
Schiehallion SCHIC00 0.25 SCHIC40 Aug-23 18.20 Schiellhallion-R’dam SCHIC10 0.01 SCHIC50 Aug-23 0.85
Scott SCOTC00 0.13 SCOTC40 Aug-23 9.77 Houndpoint-R’dam SCOTC10 0.01 SCOTC50 Aug-23 0.55
Tiffany TIFFC00 0.18 TIFFC40 Aug-23 13.64 Houndpoint-R’dam TIFFC10 0.01 TIFFC50 Aug-23 0.55
Toni TONIC00 0.21 TONIC40 Aug-23 15.82 Houndpoint-R’dam TONIC10 0.01 TONIC50 Aug-23 0.55
Russia
Samotlor SAMOC00 0.39 SAMOC40 Aug-23 29.04 Primorsk-R’dam SAMOC10 0.03 SAMOC50 Aug-23 1.97

© 2023 by S&P Global Inc. All rights reserved. 28

Crude Oil Marketwire October 4, 2023

Platts crude carbon intensity assessments - fields (continued) (PGA page 4200)
Daily Carbon Intensity Premium Monthly Carbon Intensity* Daily Transport Carbon Intensity Premium Monthly Transport Carbon Intensity**
Symbol $/boe Symbol Date kg CO2 eq/boe Route Symbol $/b Symbol Date kg CO2 eq/b
North America Fields
Canada (PGA/PCR page 4204)
Bakken-Canada BAKKC00 0.48 BAKKC40 Aug-23 35.34 Canada-USMW BAKKC10 0.05 BAKKC50 Aug-23 3.91
Cold Lake CDLKC00 1.17 CDLKC40 Aug-23 86.97 W Canada-USMW CDLKC10 0.07 CDLKC50 Aug-23 4.86
CVE Christina Lake CVECC00 0.60 CVECC40 Aug-23 44.36 Canada-USMW CVECC10 0.07 CVECC50 Aug-23 4.86
Foster Creek FOSTC00 0.83 FOSTC40 Aug-23 61.32 Canada-USGC FOSTC10 0.08 FOSTC50 Aug-23 5.69
Hebron HEBRC00 0.13 HEBRC40 Aug-23 9.76 Hebron-Canada HEBRC10 0.12 HEBRC50 Aug-23 8.89
Hibernia HIBEC00 0.36 HIBEC40 Aug-23 26.89 Hibernia-Canada HIBEC10 0.13 HIBEC50 Aug-23 9.82
Jackfish JACKC00 0.92 JACKC40 Aug-23 68.67 Canada-USMW JACKC10 0.06 JACKC50 Aug-23 4.37
MEG Christina Lake MEGCC00 0.78 MEGCC40 Aug-23 58.12 Canada-USGC MEGCC10 0.08 MEGCC50 Aug-23 5.99
Montney Shale MONTC00 0.38 MONTC40 Aug-23 27.93 Montney-Canada MONTC10 0.01 MONTC50 Aug-23 0.81
Surmont SURMC00 0.86 SURMC40 Aug-23 63.82 Canada-USGC SURMC10 0.08 SURMC50 Aug-23 5.54
United States (PGA/PCR page 4205)
Bakken BAKNC00 0.27 BAKNC40 Aug-23 20.28 Beaumont-R’dam BAKNC10 0.09 BAKNC50 Aug-23 6.46
Denver-Julesburg DENVC00 0.38 DENVC40 Aug-23 28.35 Denver-USGC DENVC10 0.03 DENVC50 Aug-23 2.47
Eagle Ford EGFDC00 0.24 EGFDC40 Aug-23 18.03 Houston-Qingdao EGFDC10 0.17 EGFDC50 Aug-23 12.85
Mars-Ursa MRURC00 0.19 MRURC40 Aug-23 13.72 Mars-Qingdao MRURC10 0.19 MRURC50 Aug-23 14.04
Permian Delaware PRDLC00 0.24 PRDLC40 Aug-23 17.46 Corpus Christi-R’dam PRDLC10 0.09 PRDLC50 Aug-23 6.51
Permian Midland PRMDC00 0.28 PRMDC40 Aug-23 20.93 Corpus Christi-R’dam PRMDC10 0.09 PRMDC50 Aug-23 6.70
Prudhoe-Bay PRUDC00 0.43 PRUDC40 Aug-23 32.01 Alaska-USWC PRUDC10 0.04 PRUDC50 Aug-23 2.86
San-Joaquin SANMC00 2.37 SANMC40 Aug-23 175.87 San Joaquin-SoCal SANAC10 0.01 SANAC50 Aug-23 0.77
SCOOP-STACK SCOOC00 0.44 SCOOC40 Aug-23 32.36 Oklahoma-USGC SCOOC10 0.01 SCOOC50 Aug-23 1.01
Tahiti TAHIC00 0.22 TAHIC40 Aug-23 16.43 Tahiti-Yeosu TAHIC10 0.18 TAHIC50 Aug-23 13.15

Latin America Fields (PGA/PCR page 4203)

Brazil
Tupi TUPIC00 0.16 TUPIC40 Aug-23 11.95 Rio-Qingdao TUPIC10 0.21 TUPIC50 Aug-23 15.64
Colombia
Cusiana CUSIC00 0.29 CUSIC40 Aug-23 21.52 Tolu-Houston CUSIC10 0.03 CUSIC50 Aug-23 2.28
Ecuador
Sacha SACHC00 0.30 SACHC40 Aug-23 22.10 Esmeraldas-Long Beach SACHC10 0.06 SACHC50 Aug-23 4.57
Mexico
Cantarell CNTLC00 0.20 CNTLC40 Aug-23 14.89 Cantarell-Bilbao CNTLC10 0.10 CNTLC50 Aug-23 7.22
Venezuela
Orinoco Oil Belt ORINC00 3.89 ORINC40 Aug-23 288.85 Jose-Sikka ORINC10 0.19 ORINC50 Aug-23 14.29
Upstream CI values are modelled on a marginal basis and are published monthly. Carbon Intensity Premiums are assessed daily. Venezuela’s Orinoco Belt upstream marginal carbon intensity is calculated using only the Hamaca basin.
*Upstream marginal CI number is assessed from the field to the storage terminal. **Transport CI is calculated from storage terminal to refinery gate and for shipping routes assumes an Aframax vessel.
Details on the Platts methodology can be found at spglobal.com/commodityinsights/.

© 2023 by S&P Global Inc. All rights reserved. 29

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