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Crude Oil Marketwire

Volume 44 / Issue 206 / October 19, 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 4.02/4.04 4.030 -0.180
Dubai (Dec) PCAAT00 91.19–91.21 91.200 -1.290 Brent/WTI 2nd AALAV00 4.08/4.10 4.090 +0.010 Platts Middle East Sour Crude Daily
Dubai (Jan)
Dubai (Feb)
PCAAU00
PCAAV00
89.94–89.96
88.77–88.79
89.950
88.780
-1.030
-0.890
Brent/WTI 3rd AALAY00
Brent EFP (Dec) AAGVX00 0.08/0.10
4.210
0.090
+0.060
+0.080
Market Analysis
MEC (Dec) AAWSA00 91.19–91.21 91.200 -1.290 Brent EFP (Jan) AAGVY00 0.13/0.15 0.140 +0.100
MEC (Jan) AAWSB00 89.94–89.96 89.950 -1.030 Brent EFP (Feb) AAMVY00 0.140 +0.100 „ QatarEnergy sets Al-Shaheen Dec term price at
MEC (Feb) AAWSC00 88.77–88.79 88.780 -0.890
Brent/Dubai (Dec) AAJMS00 -0.72/-0.70 -0.710 +0.080
WTI EFP (Nov) AAGVT00 -0.01/0.01 0.000 0.000 $3.25/b over Dubai
WTI EFP (Dec) AAGVU00 -0.01/0.01 0.000 0.000
(PGA page 1212)
Brent (Dated) PCAAS00 93.19–93.21 93.200 +0.145
WTI EFP (Jan) AAGVV00 -0.01/0.01 0.000 0.000 „ Murban cash differentials rangebound
Dated North Sea Light AAOFD00 93.19–93.21 93.200 +0.145 QatarEnergy has set its Al-Shaheen term price for
Dated Brent (CIF) PCAKM00 94.130 +0.210 Middle East ($/barrel) December at a premium of $3.25/b to Dubai, after
Brent (Dec) PCAAQ00 91.49–91.51 91.500 +0.230
(PGA page 2210) Mid Change
Brent (Jan) PCAAR00 90.32–90.34 90.330 +0.360 Oman (Dec) PCABS00 91.24–91.26 91.250 -1.240 having awarded its tender offering the grade for
Brent (Feb) PCARR00 89.270 +0.350 Oman (Jan) 89.99–90.01 90.000 -0.980
Sulfur de-escalator AAUXL00 0.20 Oman (Feb)
AAHZF00
AAHZH00 88.82–88.84 88.830 -0.840
December loading, trade sources said Oct. 19.
Oseberg QP (Oct)
Oseberg QP (Nov)
AAXDW00
AAXDX00
0.9832
1.3396
Upper Zakum (Dec) AAOUQ00 91.21–91.25 91.230 -1.260 Mitsui, Petco and ExxonMobil were awarded the
Murban (Dec) AAKNL00 93.04–93.08 93.060 -0.960
Ekofisk QP (Oct) AAXDY00 0.8910 Murban (Jan) MBNSA00 91.810 -0.700
Al-Shaheen cargoes for loading over Dec. 2-3, Dec.
Ekofisk QP (Nov) AAXDZ00 1.2616
Troll QP (Oct) ATFNB00 1.2809
Murban (Feb) MBNSB00 90.640 -0.560 19-20 and Dec. 28-29 from the Al-Shaheen terminal
Al Shaheen AAPEV00 91.18–91.22 91.200 -1.390
Troll QP (Nov) ATFNA00 1.5916 Spread vs Dubai respectively, at premiums of around $2.85/b, $3.30/b
(PGA page 210) Dubai DBDDC00 2.420 -0.400 (continued on page 3)
Platts AGS AGSAA00 90.620 +0.820 Oman DBDOC00 2.470 -0.350
WTI FOB USGC Decades Avg ADECA00 90.700 +0.850 Murban AARBZ00 4.280 -0.070
WTI (Nov) PCACG00 89.36–89.38 89.370 +1.050 Al Shaheen AAPEW00 2.37–2.47 2.420 -0.500 Contents
WTI (Dec) PCACH00 88.36–88.38 88.370 +1.100 Upper Zakum DBDUZ00 2.450 -0.370
WTI (Jan) AAGIT00 87.05–87.07 87.060 +0.970 Quality Premiums Market Analysis. ........................................................ 1
Light Houston Sweet AAXEW00 90.120 +0.850 Murban QP AASVA00 0.6600
Light Houston Sweet M2 AAYRY00 89.320 +0.900 Platts Oil Mideast Sour Crude Convergences. ......................... 4
LOOP Sour (Nov) AALSM01 87.120 +0.350 (PGA page 2658)
LOOP Sour (Dec) AALSM02 86.770 +0.850 Dubai Swap (Nov) AAHBM00 89.93–89.97 89.950 -1.030 Platts Middle East Sour Crude Bids, Offers, Trades..................... 4
LOOP Sour (Jan) AALSM03 85.460 +0.720 Dubai Swap (Dec) AAHBN00 88.76–88.80 88.780 -0.890
Bakken AAXPP00 84.970 +0.920 Dubai Swap (Jan) AAHBO00 87.78–87.82 87.800 -0.810 Platts Dubai Derivatives Bids Summary. ............................... 6
Eagle Ford Marker AAYAJ00 87.560 +0.810
Platts Dubai Derivatives Offers Summary. ............................. 6
ACM* (Nov) AAQHN00 86.91–86.93 86.920 +0.700
ACM* (Dec) AAQHO00 86.56–86.58 86.570 +1.200 Platts Dubai Derivatives Trades Summary.............................. 7
ACM* (Jan) AAQHP00 85.25–85.27 85.260 +1.070
*Americas Crude Marker. Platts Dubai Derivatives Exclusions. ................................... 7

Forward Dated Brent ($/barrel) (PGA page 1250) Platts Asia Pacific Sweet Crude Daily Market Analysis. ................ 7
Mid Change Platts Asia Light Sweet Crude Bids, Offers, Trades. .................... 9
North Sea Dated strip AAKWH00 92.09–92.10 92.095 +0.115
Mediterranean Dated strip AALDF00 92.09–92.11 92.100 +0.115 Platts North Sea Crude Daily Market Analysis.......................... 9
33-63 Day Dated strip AALEJ00 90.52–90.54 90.530 +0.115
BTC Dated strip AAUFI00 91.90–91.91 91.905 +0.150 Platts North Sea Dated Brent, BFOE, CFD Bids, Offers, Trades. ........ 11
15-45 Day Dated strip AALGM00 91.44–91.45 91.445 +0.265
30-60 Day Dated strip AAXRK00 90.65–90.67 90.660 +0.100 Platts WTI Midland Crude DAP Europe Bids, Offers, Trades............ 16
North Sea CIF Dtd strip AAHXE00 92.020 +0.130
23-63 Day Dated Strip ADBRA00 90.760 +0.080 Platts Mediterranean & Black Sea Sweet Crude Daily Commentary. .. 16

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Crude Oil Marketwire October 19, 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 81.30–81.34 81.320 -1.470 AAPAI00 -8.000 -0.600 AAPAH00 82.100 -0.390
Ichthys FC 48.9 ICFCA00 91.420 -1.270 ICFCB00 2.100 -0.400
DFC 56.82 ADFCA00 87.41–87.45 87.430 -0.590 ADFCB00 -1.40/-1.30 -1.350 +0.300 ADFCC00 -1.890 +0.280 ADFCD00 88.210 +0.490
Qatar LSC 56.9 AARBB00 86.81–86.85 86.830 -0.590 AARBD00 -2.00/-1.90 -1.950 +0.300 AARBC00 -2.490 +0.280 AARBA00 87.610 +0.490
South Pars 57.4 AARAV00 82.36–82.40 82.380 -0.590 AARAX00 -6.45/-6.35 -6.400 +0.300 AARAW00 -6.940 +0.280 AARAU00 83.160 +0.490
Diff to ICP
Senipah 54.4 AAEOE00 77.85–77.89 77.870 -1.470 AAEOK00 -6.30/-6.20 -6.250 -0.300 AAPBE00 -11.450 -0.600 AAPBD00 78.650 -0.390
Light crude (PGA page 2214) (PGA page 2215)
Diff to ICP Diff to Asian Dated Brent
Cossack 47.7 PCAGZ00 88.90–88.94 88.920 -1.070 AAPAC00 -0.400 -0.200 AAPAB00 89.700 +0.010
Tapis 45.2 PCACB00 92.90–92.94 92.920 -1.270 AAOZW00 3.600 -0.400 AAOZV00 93.700 -0.190
Belida 45.1 PCAFL00 83.50–83.54 83.520 -1.070 PCAFM00 -2.45/-2.35 -2.400 -0.100 AAPBQ00 -5.800 -0.200 AAPBP00 84.300 +0.010
Kutubu 44.3 PCAFJ00 88.40–88.44 88.420 -1.070 AAPAE00 -0.900 -0.200 AAPAD00 89.200 +0.010
Attaka 42.3 PCAAJ00 83.40–83.44 83.420 -1.070 PCAAK00 -3.05/-2.95 -3.000 -0.100 AAPBC00 -5.900 -0.200 AAPBB00 84.200 +0.010
Ardjuna 38 PCACQ00 84.00–84.04 84.020 -1.270 PCACR00 -2.15/-2.05 -2.100 -0.200 AAPBG00 -5.300 -0.400 AAPBF00 84.800 -0.190
Banyu Urip 32 PCAFQ00 94.020 -1.270 PCAQQ00 2.350 -0.200 AAPBU00 4.700 -0.400 AAPBR00 94.800 -0.190
Diff to Dubai
Sakhalin Blend 45.5 AARBN00 79.46–79.50 79.480 -0.990 AARCN00 -9.35/-9.25 -9.300 -0.100 AARDN00 -9.840 -0.120 AAREN00 80.260 +0.090
ESPO M1 34.8 AARWF00 86.01–86.05 86.030 -0.990 AASEU00 -2.80/-2.70 -2.750 -0.100
ESPO M2 34.8 AAWFE00 84.83–84.87 84.850 -0.910 AAWFG00 -3.00/-2.90 -2.950 -0.100
Sokol 39.7 AASCJ00 86.01–86.05 86.030 -0.990 AASCK00 -2.80/-2.70 -2.750 -0.100 AAPAO00 -3.290 -0.120 AAPAN00 86.810 +0.090
Kikeh 34.9 AAWUH00 96.70–96.74 96.720 -1.270 AAOZY00 7.400 -0.400 AAOZX00 97.500 -0.190
Miri Light 32.3 PCABQ00 95.95–95.99 95.970 -1.270 AAPAS00 6.650 -0.400 AAPAR00 96.750 -0.190
Labuan 32 PCABL00 100.20–100.24 100.220 -1.270 AAPAQ00 10.900 -0.400 AAPAP00 101.000 -0.190
Kimanis 38.6 AASCL00 98.570 -1.270 AASCM00 9.250 -0.400 AASCN00 99.350 -0.190
Medium crude (PGA page 2216) (PGA page 2217)
Diff to Asian Dated Brent
Su Tu Den 36.8 AARAR00 94.70–94.74 94.720 -0.920 AARAS00 5.400 -0.050 AARAQ00 95.500 +0.160
Bach Ho 40.7 PCAHY00 97.35–97.39 97.370 -1.270 AAPAK00 8.050 -0.400 AAPAJ00 98.150 -0.190
Nanhai 40 PCAFR00 85.25–85.29 85.270 -1.270 AAPAG00 -4.050 -0.400 AAPAF00 86.050 -0.190
Nile Blend 33.9 AAPLC00 85.25–85.29 85.270 -0.920 AAPAM00 -4.050 -0.050 AAPAL00 86.050 +0.160
Daqing 32.2 PCAAZ00 87.10–87.14 87.120 -0.870 AAPAW00 -2.200 0.000 AAPAV00 87.900 +0.210
Heavy crude (PGA page 2218) (PGA page 2219)
Diff to ICP Diff to Asian Dated Brent
Dar Blend 25 AARAB00 84.75–84.79 84.770 -0.920 AARAC00 -4.550 -0.050 AARAA00 85.550 +0.160
Shengli 24.2 PCABY00 89.35–89.39 89.370 -0.870 AAPAY00 0.050 0.000 AAPAX00 90.150 +0.210
Duri 20.8 PCABA00 92.70–92.74 92.720 -0.870 PCABB00 2.30/2.40 2.350 0.000 AAPBM00 3.400 0.000 AAPBL00 93.500 +0.210
Vincent 18.3 AARAK00 96.170 -0.870 AARAL00 6.850 0.000 AARAJ00 96.950 +0.210

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 93.700 -1.210 WTMSD00 5.900 -0.400 WTMSB00 5.410 -0.440
WTI Midland (DES Yeosu) WTMYA00 94.200 -1.210 WTMYD00 6.400 -0.400 WTMYB00 5.910 -0.440
Brazil Delivered-Asia Spot Crudes
Tupi (DES Qingdao) LUQDA00 93.150 -1.110 LUQDD00 5.350 -0.300 LUQDB00 4.860 -0.340

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

Crude Oil Marketwire October 19, 2023

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

Mid Change Spread vs Dubai Mid Change Spread vs OSP Mid Change
Umm Lulu AUFAA00 93.230 -0.990 DBDUL00 4.450 -0.100
Das Blend AAXOF00 92.34–92.38 92.360 -0.960 DBDDS00 3.580 -0.070
Qatar Land AAKNP00 91.48–91.52 91.500 -0.900 QALDA00 2.720 -0.010 AAKUJ00 0.10/0.20 0.150 0.000
Qatar Marine AAKNR00 90.53–90.57 90.550 -1.350 QAMDA00 1.770 -0.460 AAKUH00 0.00/0.10 0.050 -0.050
Banoco Arab Medium AAKNT00 91.13–91.17 91.150 -1.250 AAKUD00 -1.00/-0.90 -0.950 -0.250
Basrah Medium M1 BSMAM01 – 91.780 -1.250 BSMBM01 -0.300 -0.250
Basrah Medium M2 BSMAM02 – 90.400 -1.050 BSMBM02 -0.250 -0.100
Basrah Heavy M1 AALZC00 – 88.280 -1.250 AALZJ00 -0.300 -0.250
Basrah Heavy M2 AALZD00 – 87.000 -1.150 AALZK00 -0.150 -0.100

and $2.68/b to Dubai on FOB basis.

QatarEnergy also sold a Qatar Land cargo at a
premium of around $3/b to Dubai, FOB, and a Qatar
Marine cargo at a premium of around $2.40/b to Dubai,
FOB, in the same tender.
Premiums for Al-Shaheen and Qatar Marine had
trekked higher from the previous month, with one
source noting the rise in structure as partly driven by
the recent strength in gasoil cracks.
So far this week, the second-month Singapore
gasoil over Dubai swap averaged $26.31/b as of Oct. 18,
from $25.33/b in the previous week.
On lighter grades, Thailand’s PTT was heard to
have bought two 500,000-barrel Murban cargoes for
December loading at a premium of around $4.20/b
from a trading house.
For other medium heavy grades, Basrah Medium for
November loading was last heard offered at a premium
of 50 cents/b to its official selling price on FOB basis,
with a couple of traders valuing the grade well below
that level.
In China, discussions on Far East Russian ESPO
Blend grade for December delivery were few. A couple
of traders valued the grade at a premium of below $1/b
to February ICE Brent futures on a DES basis amid
lower buying activities from independent refineries.
US commercial crude stocks had declined 4.49
million barrels to 419.75 million barrels in the week
to Oct. 13, US Energy Information Administration
Asian market parity prices ($/barrel) (PGA page 2280)
(Asia close) (London close)
Mid Change Mid Change
Minas PCABO00 84.850 -1.230 AAPAZ00 85.630 -0.150
Cinta PCAAX00 71.135 -1.215 AAPBJ00 71.915 -0.135
Widuri PCAFE00 69.175 -1.175 AAPBN00 69.955 -0.095
Cambay AMPPA00 89.865 -1.135
Ravva AMPPB00 96.520 -1.410
Rajasthan AMPPC00 90.550 -1.135
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 92.275
ADB Strip Asia AARBV00 89.320 AARBX00 90.100
ADB Strip Middle East AARBW00 89.320 AARBY00 90.100
ADB Strip M3 ADBS003 88.290
For definitions see http://www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/Crude-oil-methodology.pdf
data showed Oct. 18. The draw ran counter to an 190,000 b/d to 15.40 million b/d, climbing 2% above
average build of around 2.5 million barrels during the the five-year average for this time of year, and total
same week over the past five years but was in line utilization hit 86.1% of capacity, up 0.4 percentage
with recent market expectations after the American points on the week and 3% stronger than normal.
Petroleum Institute late Oct. 17 reported a 4.38 million-
barrel draw over the period. Platts Mideast Sour Crude Daily Rationales &
The draw comes as US crude exports surged to 5.3 Exclusions
million b/b, up 73% from the week prior. Asia-bound Dubai Mo01 <PCAAT00> assessment rationale: The
exports averaged 2.18 million b/d, data from Platts December cash Dubai assessment on Oct. 19 took into
cFlow ship and commodity tracking software from S&P consideration bids and offers for cash Dubai partials
Global Commodity Insights showed Oct. 18, eclipsing traded at $91.15-$91.20/b toward the end of the Platts
flows to Europe for the first time in three weeks. Market on Close assessment process, as well as bids
Meanwhile refinery crude net inputs increased and offers standing at $91.15/b and $91.25/b at the end

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

Crude Oil Marketwire October 19, 2023

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 1.10/1.11 1.105 +0.030
rationale: The December cash Oman assessment on BNB AAVJA00 94.54–94.55 94.545 +0.120 AAVJB00 2.44/2.46 2.450 +0.005
Forties 93.91–93.93 93.920 +0.100 1.82/1.83 1.825 -0.015
Oct. 19 took into consideration values heard in the PCADJ00 AAGWZ00
Oseberg PCAEU00 97.40–97.42 97.410 +0.230 AAGXF00 5.31/5.32 5.315 +0.115
broader market. Ekofisk PCADI00 96.95–96.97 96.960 +0.130 AAGXB00 4.86/4.87 4.865 +0.015
Troll 97.80–97.82 97.810 +0.230 5.71/5.72 5.715 +0.115
Exclusions: No market data was excluded from the AAWEX00 AAWEY00
FOB N Sea WTI Midland ALNDA00 93.265 +0.150 ALNDB00 1.170 +0.035
Middle East sour crude Market on Close assessment Statfjord PCAEE00 97.54–97.55 97.545 +0.115 AAGXD00 5.44/5.46 5.450 0.000
Flotta Gold 94.29–94.30 94.295 +0.115 2.19/2.21 2.200 0.000
process. PCACZ00 AAGXH00
Duc AAWEZ00 98.19–98.20 98.195 +0.365 AAWFL00 6.09/6.11 6.100 +0.250
Grane Blend PCALA00 95.195 +0.015 PCALB00 3.100 -0.100
Platts Oil Mideast Sour Crude Johan Sverdrup
Statfjord (CIF)
AJSVA00
AASAS00 98.56–98.58
94.400 +0.115
98.570 +0.130
AJSVB00
AASAT00 6.54/6.56
2.305
6.550
0.000
0.000
Convergences Gullfaks (CIF) AASAU00 99.11–99.13 99.120 +0.130 AASAV00 7.09/7.11 7.100 0.000
Alvheim (CIF) ALVHA00 99.170 +0.130 ALVHB00 7.150 0.000
Asgard (CIF) ASGCA00 96.320 +0.180 ASGCB00 4.300 +0.050
Platts Crude: Extap declares a cargo of December North Sea basket AAGIZ00 95.70–95.72 95.710 +0.145
North Sea Dated Strip 92.09–92.10 92.095 +0.115
Al-Shaheen crude to Gunvor following the convergence AAKWH00
European Sour Crude Index CSBEA00 94.633 +0.085 CSBEB00 2.538 -0.030
of 20 partials in Platts cash Dubai. Spread vs fwd CIF Dated Brent
Dated Brent (CIF) AAVJG00 94.130 +0.210 AAVJF00 2.110 +0.080

Platts Middle East Sour Crude Bids, Offers, BNB (CIF)

Forties (CIF)
PCAKP00
PCAKR00
96.825 +0.205
95.475 +0.165
AAVJC00
AAHXC00
4.805
3.455
+0.075
+0.035
Trades Oseberg (CIF) PCAKT00 98.805 +0.295 AAHXD00 6.785 +0.165
Ekofisk (CIF) PCAKV00 98.200 +0.190 AAHXB00 6.180 +0.060
Troll (CIF) AAXJO00 99.215 +0.295 AAXJN00 7.195 0.165
Bids: WTI Midland (CIF) WMCRD00 94.130 +0.210 WMCRB00 2.110 +0.080
North Sea CIF Dated Strip AAHXE00 92.020 +0.130
PLATTS DUBAI: DEC23: GUNVOR BIDS 25KB
AT $91.15
PLATTS DUBAI: DEC23: TRAFIGURA BIDS 25KB AT
$91.15 AND WITHDRAWS DURING EXTENSION Freight Adjustment Factors
PLATTS DUBAI: DEC23: MITSUI BIDS 25KB AT $90.90 ($/barrel) Change
Sullom Voe-Rotterdam FSVRM00 1.4783 +0.0532
PLATTS DUBAI: DEC23: GLENCORE BIDS 25KB Hound Point-Rotterdam FHPRM00 1.0311 +0.0358
AT $90.75 Sture-Rotterdam FSTRM00 0.9391 +0.0323
Teesside-Rotterdam FTSRM00 0.8331 +0.0281
PLATTS DUBAI: DEC23: VITOL NO LONGER BIDS Mongstad-Rotterdam FMGRM00 0.9453 +0.0324
AFTER TRADE North Sea-Rotterdam FSFRM00 0.9412 +0.0323
PLATTS DUBAI: DEC23: SHELL NO LONGER BIDS (%)
AFTER TRADE FAF Weighting FAFWA00 0.80
PLATTS DUBAI: DEC23: EQUINOR NO LONGER BIDS
AFTER TRADE
PLATTS DUBAI: DEC23: BP NO LONGER BIDS 25KB European US Spot Crude Assessments ($/barrel) (PGA page 1238)
AT $90.85 AFTER WITHDRAWAL (08:26:55) Mid Change Spread vs fwd Dated Brent Mid Change
WTI Midland (DAP Rotterdam) AWTIC00 93.840 +0.110 AWTID00 3.080 +0.030
Offers: WTI Midland (DAP Augusta) AWTIA00 94.490 +0.110 AWTIB00 3.730 +0.030
PLATTS DUBAI: DEC23: UNIPEC OFFERS 25KB Eagle Ford 45 (DAP Rotterdam) AEFAC00 92.940 +0.110 AEFAD00 2.180 +0.030
Eagle Ford 45 (DAP Augusta) AEFAA00 93.590 +0.110 AEFAB00 2.830 +0.030
AT $91.25
PLATTS DUBAI: DEC23: GLENCORE OFFERS 25KB
AT $91.25

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

Crude Oil Marketwire October 19, 2023

PLATTS DUBAI: DEC23: EXXONMOBIL OFFERS 25KB Dated Brent/BFOE swaps ($/barrel) (PGA page 1214)
AT $91.30 Week Week Date Brent CFD* Mid Change Dated Brent swap Mid Change
PLATTS DUBAI: DEC23: MITSUI OFFERS 25KB CFD Week 1 (Jan) Oct 23-27 PCAKA00 2.86/2.88 2.870 -0.650 AAJNV00 93.19/93.21 93.200 -0.290
CFD Week 2 (Jan) Oct 30-03 PCAKC00 2.34/2.36 2.350 -0.820 AAJOS00 92.67/92.69 92.680 -0.460
AT $91.50
CFD Week 3 (Jan) Nov 06-10 PCAKE00 1.82/1.84 1.830 -0.780 AAJOU00 92.15/92.17 92.160 -0.420
PLATTS DUBAI: DEC23: PETROCHINA NO LONGER CFD Week 4 (Jan) Nov 13-17 PCAKG00 1.22/1.24 1.230 -0.750 AAJOW00 91.55/91.57 91.560 -0.390
OFFERS AFTER TRADE CFD Week 5 (Jan) Nov 20-24 AAGLU00 0.74/0.76 0.750 -0.560 AAJPC00 91.07/91.09 91.080 -0.200
CFD Week 6 (Jan) Nov 27-01 AAGLV00 0.43/0.45 0.440 -0.270 AAJPE00 90.76/90.78 90.770 +0.090
PLATTS DUBAI: DEC23: RELIANCE NO LONGER
CFD Week 7 (Jan) Dec 04-08 AALCZ00 0.16/0.18 0.170 -0.120 AALAW00 90.49/90.51 90.500 +0.240
OFFERS AFTER TRADE CFD Week 8 (Jan) Dec 11-15 AALDA00 -0.11/-0.09 -0.100 -0.030 AALAX00 90.22/90.24 90.230 +0.330
PLATTS DUBAI: DEC23: VITOL NO LONGER OFFERS Brent Swaps Weeks 1 to 8 are differentials to Brent Mo02 (Jan) PCAAR00 found on page 1.
25KB AT $91.75 AFTER WITHDRAWAL (08:29:56)
Trades:
PLATTS DUBAI: DEC23: EXXONMOBIL SELLS TO
GUNVOR* 25KB AT $91.20 (08:28:56) Dated Brent/Brent Frontline Swaps (DFL) ($/barrel) (PPE page 1614)
PLATTS DUBAI: DEC23: PETROCHINA SELLS TO Swaps Change DFL Change
GUNVOR* 25KB AT $91.20 (08:29:03) Balance month* (Oct 23) BDLBM00 93.050 -0.370 ABWFZ00 1.700 -0.520
Month 1 (Nov 23) BDLM001 91.490 +0.060 AAEAA00 1.350 -0.200
PLATTS DUBAI: DEC23: EXXONMOBIL SELLS TO
Month 2 (Dec 23) BDLM002 90.100 +0.210 AAEAB00 1.010 -0.040
GUNVOR* 25KB AT $91.20 (08:29:09) Month 3 (Jan 24) BDLM003 89.050 +0.210 AAEAC00 0.800 -0.040
PLATTS DUBAI: DEC23: PETROCHINA SELLS TO Month 4 (Feb 24) BDLM004 88.190 +0.250 AAEAD00 0.670 +0.040

VITOL* 25KB AT $91.20 (08:29:12) *Balance month swaps are assessed from the 1st through the 20th of the month.

PLATTS DUBAI: DEC23: EXXONMOBIL SELLS TO

GUNVOR* 25KB AT $91.20 (08:29:15)
PLATTS DUBAI: DEC23: RELIANCE SELLS TO VITOL*
25KB AT $91.20 (08:29:17) Cash BFOE intraday assessments ($/barrel) (PGA page 1216)
PLATTS DUBAI: DEC23: EXXONMOBIL SELLS TO Cash BFOE Change Inter-Month Spread
GUNVOR* 25KB AT $91.20 (08:29:19)** 10:30 London Time
BFOE M1 (Dec) 89.770 -2.990
PLATTS DUBAI: DEC23: PETROCHINA SELLS TO PBCAAM1
BFOE M2 (Jan) PBCAAM2 88.720 -2.650 Dec/Jan PBAM1M2 1.050
SHELL* 25KB AT $91.20 (08:29:20) BFOE M3 (Feb) PBCAAM3 87.830 -2.350 Jan/Feb PBAM2M3 0.890
PLATTS DUBAI: DEC23: PETROCHINA SELLS TO 12:30 London Time
TRAFIGURA* 25KB AT $91.20 (08:29:23) BFOE M1 (Dec) PBCABM1 90.430 -1.770
BFOE M2 (Jan) PBCABM2 89.350 -1.460 Dec/Jan PBBM1M2 1.080
PLATTS DUBAI: DEC23: EXXONMOBIL SELLS TO BFOE M3 (Feb) PBCABM3 88.390 -1.290 Jan/Feb PBBM2M3 0.960
VITOL* 25KB AT $91.20 (08:29:24) 14:30 London Time
PLATTS DUBAI: DEC23: MITSUI SELLS TO GUNVOR* BFOE M1 (Dec) PBCACM1 90.660 -0.660
25KB AT $91.20 (08:29:25) BFOE M2 (Jan) PBCACM2 89.600 -0.430 Dec/Jan PBCM1M2 1.060
BFOE M3 (Feb) PBCACM3 88.660 -0.300 Jan/Feb PBCM2M3 0.940
PLATTS DUBAI: DEC23: RELIANCE SELLS TO SHELL*
16:30 London Time
25KB AT $91.20 (08:29:26) BFOE M1 (Dec) PCAAQ00 91.500 +0.230
PLATTS DUBAI: DEC23: MITSUI SELLS TO EQUINOR* BFOE M2 (Jan) PCAAR00 90.330 +0.360
BFOE M3 (Feb) PCARR00 89.270 +0.350
25KB AT $91.15 (08:29:29)
19:30 London Time
PLATTS DUBAI: DEC23: PETROCHINA SELLS TO BFOE M1 (Dec) PBCADM1 NA –
TRAFIGURA* 25KB AT $91.15 (08:29:33) BFOE M2 (Jan) PBCADM2 NA – Dec/Jan PBDM1M2 NA
PLATTS DUBAI: DEC23: VITOL BUYS FROM BFOE M3 (Feb) PBCADM3 NA – Jan/Feb PBDM2M3 NA

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Crude Oil Marketwire October 19, 2023

PETROCHINA* 25KB AT $91.20 (08:29:34) Urals/ESPO spot assessments ($/barrel) (PGA page 1220)
Mid Change Spread vs fwd Dated Brent Mid Change
PLATTS DUBAI: DEC23: SHELL BUYS FROM Urals (Rotterdam) PCAFW00 82.68–82.71 82.695 +0.165 AAGXJ00 -9.41/-9.40 -9.405 +0.050
GLENCORE* 25KB AT $91.20 (08:29:35) Urals (Mediterranean) PCACE00 85.97–86.01 85.990 +0.165 AAGXX00 -6.12/-6.10 -6.110 +0.050
Urals FOB Novo Suez AAGZS00 80.43–80.47 80.450 +0.165 AAHPH00 -11.66/-11.64 -11.650 +0.050
PLATTS DUBAI: DEC23: VITOL BUYS FROM Urals FOB Novo Afra AAOTH00 80.13–80.17 80.150 +0.165 AAOTI00 -11.96/-11.94 -11.950 +0.050
RELIANCE* 25KB AT $91.20 (08:29:49) Urals (Ex-Baltic)
Urals (Primorsk)
AAGZT00
AAWVH00
80.03–80.07
80.03–80.07
80.050 +0.165
80.050 +0.165
AAHPI00
AAWVI00
-12.06/-12.04
-12.06/-12.04
-12.050
-12.050
+0.050
+0.050
PLATTS DUBAI: DEC23: RELIANCE SELLS TO VITOL* Urals RCMB (Recombined) AALIN00 87.07–87.11 87.090 +0.195
ESPO (FOB Kozmino) AARWD00 86.89–86.91 86.900 +0.120 AARWE00 -3.21/-3.19 -3.200 -0.090
25KB AT $91.20 (08:29:53) KEBCO (CIF Augusta) KBCOA00 92.300 +0.165 KBCOB00 0.200 +0.050
PLATTS DUBAI: DEC23: VITOL BUYS FROM KEBCO (CIF Rotterdam) KBCOC00 92.300 +0.165 KBCOD00 0.200 +0.050
KEBCO (FOB Novo) KBCOE00 86.460 +0.165 KBCOF00 -5.640 +0.050
RELIANCE* 25KB AT $91.20 (08:29:59) KEBCO (FOB Ust-Luga) KBCOG00 89.555 +0.165 KBCOH00 -2.545 +0.050
Urals (DAP India) DWCUA00 87.140 +0.160 DWCUB00 -4.350 +0.100
**Platts Crude: Extap declares a cargo of December KEBCO/Russian Urals AKEBA00 6.310 0.000
Al-Shaheen crude to Gunvor following the convergence Spread vs Dubai
of 20 partials in Platts cash Dubai. Urals (DAP India) AURLA00 -3.740 -0.040

This assessment commentary applies to the Number of days

Observed Delivery Factor AODFA00 -4
following market data codes: Dubai M1 <PCAAT00>,
Oman M1 <PCABS00>
Urals Med/NWE CFD assessments ($/barrel)

Urals CFD Mid Change
Mediterranean (PPE page 1617)
Platts Dubai Derivatives Bids Summary Urals Med CFD (Nov) AAMDU00 -6.12/-6.10 -6.110 +0.230
Urals Med CFD (Dec) AAMEA00 -6.12/-6.10 -6.110 +0.230
Urals Med CFD (Jan) UMCM003 -6.12/-6.10 -6.110 +0.230
BIDS ON CLOSE
Northwest Europe (PPE page 1617)
—————————— Urals NWE CFD (Nov) UNCM001 -9.41/-9.40 -9.405 +0.185
NO BIDS REPORTED Urals NWE CFD (Dec) UNCM002 -9.41/-9.40 -9.405 +0.185
WITHDRAWALS Urals NWE CFD (Jan) UNCM003 -9.41/-9.40 -9.405 +0.185

—————————— Mediterranean (PPE page 1617)

CPC Blend CFD (Nov) AAOFX00 -0.700 0.000
NO WITHDRAWALS REPORTED CPC Blend CFD (Dec) AAOFY00 -0.950 -0.150
Platts’ End-of-Day assessments for Dubai CPC Blend CFD (Jan) AAOFZ00 -1.000 -0.100

derivatives prices can be found on PPA2606. Mediterranean spot crude assessments ($/barrel)
Platts Oil Paper Bids, Offers and Trade Page Index Mid Change Spread vs fwd Dated Brent Mid Change
found on <PGA4000> Azeri and BTC (PGA page 1222)
Platts has defined standards for entities it Azeri Lt CIF AAGZX00 95.94–95.97 95.955 +0.100 AAHPM00 4.04/4.06 4.050 -0.050
Azeri Lt FOB Ceyhan Suez AAUFM00 94.51–94.54 94.525 +0.100 AAUFN00 2.61/2.63 2.620 -0.050
considers to be related and verifies through a variety of Azeri Lt FOB Ceyhan Afra AAUFK00 93.48–93.51 93.495 +0.100 AAUFL00 1.58/1.60 1.590 -0.050
inputs whether counterparties in reported trades meet Azeri Lt FOB Supsa AATHM00 92.04–92.06 92.050 +0.100 AATHN00 0.14/0.15 0.145 -0.050
BTC FOB Ceyhan AAUFH00 94.00–94.02 94.010 +0.100 AAUFJ00 2.10/2.11 2.105 -0.050
these criteria.
Black Sea (PGA page 1220)
Siberian Light CIF AAGZW00 87.97–88.01 87.990 +0.165 AAHPK00 -4.12/-4.10 -4.110 +0.050
Platts Dubai Derivatives Offers Summary CPC Blend CIF AAGZU00 91.16–91.19 91.175 +0.070 AAHPL00 -0.74/-0.72 -0.730 -0.080
CPC Blend FOB Suez AALVX00 87.28–87.31 87.295 +0.070 AALVZ00 -4.62/-4.60 -4.610 -0.080
CPC Blend FOB Afra AAOFV00 85.76–85.78 85.770 +0.070 AAOFW00 -6.14/-6.13 -6.135 -0.080
OFFERS ON CLOSE Additional War Risk Premium AWARA00 1.700 0.000

—————————— Middle East & North Africa (PGA page 1234)

Suez Blend PCACA00 91.88–91.92 91.900 +0.165 AAGYD00 -0.21/-0.19 -0.200 +0.050
NO OFFERS REPORTED Es Sider PCACO00 92.39–92.42 92.405 +0.150 AAGYH00 0.49/0.51 0.500 0.000
WITHDRAWALS Kirkuk AAEJD00 91.03–91.07 91.050 +0.165 AAGYF00 -1.06/-1.04 -1.050 +0.050
Iranian Light FOB Kharg Island (Med) AILKA00 95.200 +2.885 AILKB00 3.100 +2.770
—————————— Iranian Heavy FOB Kharg Island (Med) AIHKA00 92.700 +2.885 AIHKB00 0.600 +2.770
Saharan Blend AAGZY00 93.39–93.42 93.405 -0.100 AAHPN00 1.49/1.51 1.500 -0.250

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Crude Oil Marketwire October 19, 2023

NO WITHDRAWALS REPORTED West African spot crude assessments ($/barrel) (PGA page 1230)
Mid Change Spread vs fwd Dated Brent Mid Change
Platts’ End-of-Day assessments for Dubai
WAF Index AWAFA00 95.173 0.000 AWAFB00 4.513 -0.100
derivatives prices can be found on PPA2606. Nigeria Spot Crude Assessments
Platts Oil Paper Bids, Offers and Trade Page Index Bonny Light PCAIC00 93.44–93.48 93.460 0.000 AAGXL00 2.79/2.81 2.800 -0.100
Qua Iboe PCAID00 94.04–94.08 94.060 0.000 AAGXN00 3.39/3.41 3.400 -0.100
found on <PGA4000> Forcados PCABC00 96.14–96.18 96.160 0.000 AAGXP00 5.49/5.51 5.500 -0.100
Platts has defined standards for entities it Agbami AAQZB00 90.69–90.73 90.710 0.000 AAQZC00 0.04/0.06 0.050 -0.100
Escravos AAEIZ00 97.24–97.28 97.260 0.000 AAGXR00 6.59/6.61 6.600 -0.100
considers to be related and verifies through a variety of Brass River AAEJB00 93.04–93.08 93.060 0.000 AAGXV00 2.39/2.41 2.400 -0.100
inputs whether counterparties in reported trades meet Akpo PCNGA00 90.69–90.73 90.710 0.000 PCNGB00 0.04/0.06 0.050 -0.100
Bonga PCNGC00 96.99–97.03 97.010 0.000 PCNGD00 6.34/6.36 6.350 -0.100
these criteria. Usan AAXUQ00 89.710 0.000 AAXUR00 -0.950 -0.100
Erha AAXUO00 96.210 0.000 AAXUP00 5.550 -0.100
Platts Dubai Derivatives Trades Summary Egina AFONA00 98.060 0.000 AFONB00 7.400 -0.100
Angola spot crude assessments ($/barrel) (PGA page 1232)
Cabinda PCAFD00 92.74–92.78 92.760 0.000 AAGXT00 2.09/2.11 2.100 -0.100
TRADES SUMMARY Nemba AAQYZ00 90.69–90.73 90.710 0.000 AAQZA00 0.04/0.06 0.050 -0.100
Dalia AAQYX00 92.04–92.08 92.060 0.000 AAQYY00 1.39/1.41 1.400 -0.100
—————————— Girassol AASNL00 94.14–94.18 94.160 0.000 AASJD00 3.49/3.51 3.500 -0.100
NO TRADES REPORTED Hungo AASLJ00 91.19–91.23 91.210 0.000 AASJF00 0.54/0.56 0.550 -0.100
Kissanje AASLK00 91.84–91.88 91.860 0.000 AASJE00 1.19/1.21 1.200 -0.100
Platts’ End-of-Day assessments for Dubai Pazflor PCNGG00 92.04–92.08 92.060 0.000 PCNGH00 1.39/1.41 1.400 -0.100
derivatives prices can be found on PPA2606. Plutonio PCNGI00 91.49–91.53 91.510 0.000 PCNGJ00 0.84/0.86 0.850 -0.100
Platts Oil Paper Bids, Offers and Trade Page Index Ghana spot crude assessments (PGA page 1230)
Jubilee AAXUS00 92.810 0.000 AAXUT00 2.150 -0.100
found on <PGA4000>
Republic of Congo spot crude assessments
Platts has defined standards for entities it Djeno PCNGE00 90.19–90.23 90.210 0.000 PCNGF00 -0.46/-0.44 -0.450 -0.100
considers to be related and verifies through a variety of Chad spot crude assessments
inputs whether counterparties in reported trades meet Doba AAXUU00 89.460 0.000 AAXUV00 -1.200 -0.100

these criteria.

Platts Dubai Derivatives Exclusions

West Africa market parity prices ($/barrel) (PGA page 1270)
Exclusions: No market data was excluded from Mid Change Spread vs fwd Dated Brent Mid Change
the October 19, 2023 Dubai derivatives assessment Abo Blend AAXTL00 94.700 -0.100 ABOOM00 4.040 -0.200
Aje APIRP00 92.995 -0.055 APIRA00 2.335 -0.155
process. Amenam Blend AAXTI00 92.015 -0.015 AMENA00 1.355 -0.115
Antan Blend APIRQ00 96.320 -0.020 APIRB00 5.660 -0.120
Asaramatoru AAXTV00 92.470 +0.015 ASARA00 1.810 -0.085
Platts Asia Pacific Sweet Crude Daily CJ Blend APIRR00 96.095 -0.070 APIRC00 5.435 -0.170
Market Analysis EA Blend
Ebok
AAXTJ00
APIRS00
96.435
89.940
-0.120
+0.235
AEABL00
APIRD00
5.775
-0.720
-0.220
+0.135
Eremor APIRT00 91.590 +0.465 APIRE00 0.930 +0.365
„ PV Oil issues term tender offering Nam Con Son Ima APIRU00 88.365 +0.140 APIRF00 -2.295 +0.040
Jones Creek Blend APIRV00 93.275 +0.235 APIRG00 2.615 +0.135
condensate Okono Blend APIRW00 94.795 -0.095 APIRH00 4.135 -0.195
„ Brazil’s Tupi crude heard traded lower on month Okoro APIRX00 93.520 0.000 APIRI00 2.860 -0.100
Okwori APIRY00 96.265 -0.055 APIRJ00 5.605 -0.155
The Asia-Pacific regional market saw the Otakikpo APIRZ00 91.015 +0.010 APIRK00 0.355 -0.090
emergence of fresh tenders and trades on Oct. 19. Oyo APRIA00 93.715 +0.050 APIRL00 3.055 -0.050
Pennington APRIB00 92.925 -0.040 APIRM00 2.265 -0.140
Vietnam’s PV Oil has issued a tender offering a Rabi Light ARABA00 90.765 +0.190 ARABB00 0.105 +0.090
total of 100,000 to 120,000 barrels of Nam Con Son Sankofa APRIC00 88.990 +0.195 APIRN00 -1.670 +0.095
TEN AAXTW00 90.935 +0.065 ATENM00 0.275 -0.035

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Crude Oil Marketwire October 19, 2023

condensate for delivery over Jan. 1 to Dec. 31, 2024. The West Africa market parity prices (continued)
Mid Change Spread vs fwd Dated Brent Mid Change
tender closes Nov. 1, with validity until Nov. 15.
Ukpokiti APRID00 94.225 -0.080 APIRO00 3.565 -0.180
Nam Con Son condensate is typically only sold on a Yoho Light AAXTK00 94.270 -0.045 AYOHO00 3.610 -0.145
term basis, sources said. Zafiro AAXTU00 97.100 -0.070 AZAFB00 6.440 -0.170
One cargo of Australia’s Ichthys Field Condensate
was heard to have traded hands. However, the details
of the trade were not yet available.
The cargo was earlier heard offered at a premium
in the $2s/b to the Platts Dated Brent crude US West Coast Crude Assessments ($/barrel) (PGA page 214)
Mid Change
assessments, FOB. November-loading cargoes of the
Spread to NYMEX WTI CMA Mid Change
condensate grade had traded at a premium in the mid- ANS/Long Beach PCAAD00 94.07–94.11 94.090 +0.660 AAGWX00 7.46/7.48 7.470 -0.260
to-high $4s/b to Dated Brent, FOB, sources said. Spread to ICE BRENT CMA
QatarEnergy was heard to have awarded its tender ANS/Long Beach AANSA00 4.295 -0.003

offering low sulfur condensate for loading in December

at a discount in the mid $1s/b to Platts front-month
Dubai crude assessments, FOB, sources said. Details of
the trade could not yet be ascertained.
In its previous tender, the company was heard US spot crude assessments ($/barrel) (PGA pages 210 & 214)
to have sold two similar-sized cargoes loading over Mid Change
November to South Korean end-users at discounts Mars (Nov) AAMBR00 87.21–87.23 87.220 +0.350
Mars (Dec) AAMBU00 86.86–86.88 86.870 +0.850
in the high $1s/b to Platts front-month Dubai crude Mars (Jan) AAMBX00 85.55–85.57 85.560 +0.720
assessments, FOB, sources said. Mars/WTI (Nov) AAGWH00 -2.16/-2.14 -2.150 -0.700
Mars/WTI (Dec) AAKTH00 -1.51/-1.49 -1.500 -0.250
In the delivered crude markets, Brazil’s Tupi crude Mars/WTI (Jan) AAMBO00 -1.51/-1.49 -1.500 -0.250
barrels for delivery over January were heard traded at LOOP/WTI (Nov) AALOM01 -2.250 -0.700
LOOP/WTI (Dec) AALOM02 -1.600 -0.250
a premium in the low $4s/b to December Dated Brent
LOOP/WTI (Jan) AALOM03 -1.600 -0.250
into China, sources said. LOOP/Mars (Nov) AALPM01 -0.100 0.000
The last heard trade for the crude grade was for LOOP/Mars (Dec) AALPM02 -0.100 0.000
LOOP/Mars (Jan) AALPM03 -0.100 0.000
December-delivery barrels at a premium around WTI-Delta AAEJK00 1.43/1.45 1.440 0.000
November Dated Brent plus $5/b into China. P-Plus WTI PCACI00 4.81/4.83 4.820 0.000
P-5 WTI* AAFEN00 85.870 +0.990
Cash differentials of Tupi crude had weakened due
*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
to high supply of other Brazilian grades in the market, 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
according to a trade source. database.
“There are some Brazilian grades competing in the Mid Change Spread vs 1st line WTI Mid Change
WTI (Midland) PCACJ00 89.96–89.98 89.970 +0.950 AAGVZ00 0.59/0.61 0.600 -0.100
market, and buyers have delayed their requirements WTS (1st month) PCACK00 88.46–88.48 88.470 +0.950 AAGWB00 -0.91/-0.89 -0.900 -0.100
from December to January in order to avoid paying WTI MEH AAYRG00 90.120 +0.850 AAYRH00 0.750 -0.200
Bonito 87.41–87.43 87.420 +0.700 -1.96/-1.94 -1.950 -0.350
the steep November-December backwardation,” the PCAIE00 AAGWF00
SGC AASOI00 86.91–86.93 86.920 +0.700 AASOJ00 -2.46/-2.44 -2.450 -0.350
source said. Poseidon AABHK00 86.96–86.98 86.970 +0.700 AAGWL00 -2.41/-2.39 -2.400 -0.350
Meanwhile, Taiwan’s CPC was heard to have LLS (1st month) PCABN00 91.41–91.43 91.420 +0.850 AAGWN00 2.04/2.06 2.050 -0.200
HLS (1st month) PCABD00 90.86–90.88 90.870 +0.850 AAGWP00 1.49/1.51 1.500 -0.200
purchased three VLCCs of US WTI Midland crude for Wyoming Sweet PCACM00 85.56–85.58 85.570 +0.900 AAGWR00 -3.81/-3.79 -3.800 -0.150
January delivery via tender from Glencore, Unipec Thunder Horse AAWZK00 90.61–90.63 90.620 +0.700 AAWZL00 1.24/1.26 1.250 -0.350

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

Crude Oil Marketwire October 19, 2023

and P66, at a premium of around $5.30/b to $5.40/b US spot crude assessments (continued)
Spread vs 2nd line WTI
to December Dated Brent, CFR Taiwan, according to
WTI MEH (2nd month) AAXXE00 89.320 +0.900 AAYYA00 0.950 -0.200
market sources. WTI Midland (2nd month) AAYZA00 89.120 +0.900 AAXXF00 0.750 -0.200
In July, CPC Taiwan was heard to have purchased WTS (2nd month) AAURG00 87.81–87.83 87.820 +0.900 AAURH00 -0.56/-0.54 -0.550 -0.200
LLS (2nd month) AAURC00 90.81–90.83 90.820 +1.150 AAURD00 2.44/2.46 2.450 +0.050
2 million barrels of WTI Midland crude from Chevron HLS (2nd month) AAURE00 90.26–90.28 90.270 +1.150 AAURF00 1.89/1.91 1.900 +0.050
and TotalEnergies for October delivery at a premium Spread vs NYMEX WTI CMA
of around $2.75/b to Platts Dated Brent assessments, WCS ex-Cushing AAWTY00 77.71–77.73 77.720 +0.120 AAWTZ00 -8.91/-8.89 -8.900 -0.800
WCS ex-Nederland AAYAY00 78.720 +0.270 AAYAX00 -7.900 -0.650
CFR Taiwan, sources said. Bakken Williston AAXPP00 84.970 +0.920 AASRX00 -1.650 0.000
Platts is part of S&P Global Commodity Insights. Bakken Guernsey AASRR00 85.56–85.58 85.570 +0.920 AASRV00 -1.06/-1.04 -1.050 0.000
Bakken Clearbrook AASRU00 87.91–87.93 87.920 +0.920 AASRW00 1.29/1.31 1.300 0.000
Bakken USGC Pipe ABAKA00 90.370 +0.870 ABAKB00 3.750 -0.050
Platts Asia Light Sweet Crude Daily Rationale & FOB USGC FOB USGC Spread vs NYMEX WTI Strip
Exclusions Platts AGS AGSAA00 90.620 +0.820 AGSAC00 2.820 -0.180
Bakken ABAKC00 90.620 +0.820 ABAKD00 2.820 -0.180
ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01 Eagle Ford Crude AAYAT00 90.120 +0.820 AAYAU00 2.320 -0.180
<AASEU00> assessment rationale: The ESPO Eagle Ford Condensate AAYAR00 89.620 +0.820 AAYAS00 1.820 -0.180
M1 December assessment on Oct. 19 took into WTI AAYBA00 90.620 +0.820 AAYAZ00 2.820 -0.180
WTI FOB USGC vs WTI MEH (by decade)
consideration latest trade indications heard in the WTI FOB USGC First Decade ADECB00 90.820 +0.850 ADECD00 0.700 0.000
broader market. WTI FOB USGC Second Decade ADECE00 90.720 +0.850 ADECG00 0.600 0.000
WTI FOB USGC Third Decade ADECH00 90.570 +0.850 ADECJ00 0.450 0.000
Exclusions: No market data was excluded from
WTI FOB USGC Decades Average ADECA00 90.700 +0.850
the Asia Pacific Crude Market on Close assessment FOB USGC Spread vs Dated Brent Strip WTI FOB USGC vs Dated Brent Basis (by decade)
process. Platts AGS AGSAB00 -1.800 -0.160 ADECC00 -1.540 +0.280
Bakken ABAKE00 -1.800 -0.160 ADECF00 -1.640 +0.280
Eagle Ford Crude AEFCA00 -2.300 -0.160 ADECI00 -1.790 +0.280
Platts Asia Light Sweet Crude Bids, Offers, Eagle Ford Condensate AEFCB00 -2.800 -0.160
Trades WTI AWTUA00 -1.800 -0.160
Global Benchmarks at US Close WTI FOB USGC vs ICE Brent Basis (by decade)
Americas Dated Brent AAQBF00 94.170–94.190 94.180 +0.860 ADECK00 -0.190 +0.080
Bids: NIL ADECL00 -0.290 +0.080
Offers: NIL ADECM00 -0.440 +0.080

Trades: NIL
This assessment commentary applies to the
following market data code: ESPO M1 vs Dubai M2
<AASEU00>
Platts North Sea Crude Daily Market
Analysis
„ North Sea market looks ahead to December cycle
„ Oct WTI Midland arrivals into NWE at 3-month
high: CAS
Elevated export volumes of WTI Midland aimed
at Europe, lingering availability and European buyers
looking to secure supplies further in advance
reinforced pressure on the US grade in Europe, Oct 19.
For October loading, volumes of WTI Midland
arriving in Northwest Europe are expected to reach
their highest since July, data from S&P Global
Commodities at Sea showed. The total volume of WTI
Midland loading in the month for Northwest Europe is
projected to average 709,700 b/d, up from 593,700 b/d
in September, according to CAS.
This marks the largest European inflow of the US
grade since July, when imports of WTI Midland into
NWE averaged 800,600 b/d.
The elevated volumes of US availability may have
left the market having to place more cargoes than
expected earlier, market participants have said. Recent
pressure seen on WTI Midland across prompter arrival
dates likely reflects unexpectedly high availability in
the near term, one trader noted earlier in the week.
Meanwhile, among native North Sea crudes,
November-loading cargoes have traded well ahead,
leaving lingering barrels to face down a steep paper
backwardation in Dated Brent and market where many
buyers are already covered for looking to fulfill demand

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

Crude Oil Marketwire October 19, 2023

well into November or early December. US domestic crude assessments London close ($/barrel) (PGA page 1240)
Spread to
Downstream fundamentals have also skewed in
Mid Change NYMEX light sweet crude Mid Change
favor of slightly heavier crudes as opposed to light WTI (Nov) AAQAR00 88.42–88.44 88.430 +0.330 AAQAS00 -0.01/0.01 0.000 0.000
WTI (Dec) AAQAT00 87.46–87.48 87.470 +0.410 AAQAU00 -0.01/0.01 0.000 0.000
sweet grades such as Ekofisk or WTI Midland in recent WTI (Jan) AAQAV00 86.23–86.25 86.240 +0.350 AAQAW00 -0.01/0.01 0.000 0.000
days, with market participants noting buoyant middle Spread to
distillate cracks leading differentials higher in recent same-month cash WTI Mid Change
WTI MEH (Nov) AAYRZ00 89.230 +0.330 AAYTA00 0.800 0.000
weeks while gasoline margins tumbled. WTI MEH (Dec) AAXYD00 88.470 +0.310 AAYWA00 1.000 -0.100
LLS (Nov) AAQBB00 90.47–90.49 90.480 +0.030 AAQBC00 2.04/2.06 2.050 -0.300
LLS (Dec) AAQBD00 89.91–89.93 89.920 +0.360 AAQBE00 2.44/2.46 2.450 -0.050
Platts North Sea Dated Brent, BFOE, CFD MARS (Nov) AAQAX00 86.62–86.64 86.630 -0.020 AAQAY00 -1.81/-1.79 -1.800 -0.350
Assessment Rationales & Exclusions MARS (Dec) AAQAZ00 85.96–85.98 85.970 +0.160 AAQBA00 -1.51/-1.49 -1.500 -0.250

Dated Brent <PCAAS00> assessment rationale:

Of the six grades in the Dated Brent basket, WTI
Midland was seen in the Platts Market on Close
assessment process.
Americas close ($/barrel) (PGA page 210)
Brent, Forties and Ekofisk were assessed
Mid Change
unchanged Oct. 29-Nov.18 with a flat structure rolled Americas Dated Brent AAQBF00 94.17–94.19 94.180 +0.860
over back-end dates reflecting steady sweet market Americas Dated Brent reflects market value for Dated Brent at 2:30pm Eastern Time.
fundamentals and in the absence of indications testing
the Oct. 18 assessments.
Oseberg and Troll were assessed 10 cents/b
higher Oct. 29-Nov. 18 with a flat structure rolled US crude assessments Singapore close ($/barrel) (PGA page 2208)
over back-end dates reflecting strengthening market Mid Change
fundamentals for heavier sweet crudes in the basket LOOP Sour (Nov) AAZDA00 85.970 -1.040
LOOP Sour (Dec) AAZDB00 85.050 -0.880
and in the absence of indications testing the Oct. 18 LLS (Nov) AAZDC00 89.770 -1.140
assessments. LLS (Dec) AAZDD00 88.800 -0.780
Southern Green Canyon AAZDE00 85.420 -1.040
FOB WTI Midland was assessed higher reflecting a WTI MEH (Nov) AAZDF00 88.470 -1.040
higher CIF Rotterdam assessment and a higher freight WTI MEH (Dec) AAZDG00 87.550 -0.930
adjustment factor on the day.
CIF WTI Midland was assessed unchanged Oct.
31-Nov. 18 with a flat structure rolled over back-end
dates reflecting steady sweet market fundamentals CFR North Asia Assessments Singapore Close ($/barrel) (PGA page 2202)
and in the absence of indications testing the Oct. 18 Mid Change
assessment. Dubai CFR North Asia PCAQA00 93.310 -1.500
WTI Midland was the most competitive grade in the Oman CFR North Asia PCAQJ00 93.340 -1.460
Upper Zakum CFR North Asia PCAQB00 93.290 -1.480
Dated Brent assessment Oct. 29-Nov. 14. Forties was Qatar Marine CFR North Asia PCAQC00 92.630 -1.560
the most competitive grade Nov. 15-19. Murban CFR North Asia PCAQE00 95.040 -1.170
Basrah Medium CFR North Asia BASNA00 92.530 -1.270
BFOE (PCAAQ00-PCAAR00,PCARR00> assessment ESPO CFR North Asia PCAQD00 88.530 -0.990
rationale: Forties CFR North Asia PCAQF00 97.540 -1.510
Dalia CFR North Asia PCAQG00 94.920 -1.365
December Cash BFOE was assessed using a traded WTI MEH CFR North Asia PCAQH00 95.170 -1.070
offer in the MOC LOOP Sour CFR North Asia PCAQI00 91.230 -1.120

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Crude Oil Marketwire October 19, 2023

January Cash BFOE was assessed using a Canadian spot crude cargo assessments ($/barrel) (PGA page 230)
Mid Change Spread vs fwd Dated Brent Mid Change
December/January EFP roll heard during the day.
Hebron AHEBA00 90.680 +0.115 AHEBC00 0.150 0.000
February Cash BFOE was assessed using a January/ Terra Nova AAJUH00 91.86–91.90 91.880 +0.115 AAJUJ00 1.34/1.36 1.350 0.000
Hibernia 92.11–92.15 92.130 +0.115 1.59/1.61 1.600 0.000
February EFP roll heard during the day. AAJKK00 AAJKM00
White Rose AAVJX00 92.86–92.90 92.880 +0.115 AAVJY00 2.34/2.36 2.350 0.000
CFD (PCAKA00-AALDA00) assessment rationale: The published spreads for Canadian cargo assessments reflect the market value at which these grades are trading versus Dated Brent around loading time. The
Oct. 23-27 was assessed using a traded offer spreads and fixed price assessments reflect a typical forward loading window of 33-63 days forward. For further explanation see www.platts.com.
in the MOC. Oct. 30-Nov. 3 was assessed using an Canadian spot crude assessments ($/barrel) (PGA page 230)
outstanding bid. Nov. 6-10 was assessed using a Oct. Mid Change Spread vs Canada basis Mid Change
Lloyd Blend 63.81–63.83 63.820 +0.120 -22.81/-22.79 -22.800 -0.800
20- Nov.3 versus Nov. 6-10 CFD roll heard during the Mixed Sweet
AALRK00
AALRR00 81.11–81.13 81.120 +0.920
AALRP00
AALRV00 -5.51/-5.49 -5.500 0.000
day. Nov. 13-17 was assessed using an outstanding Light Sour Blend AALRX00 82.31–82.33 82.320 +0.920 AALSD00 -4.31/-4.29 -4.300 0.000
Midale 78.06–78.08 78.070 +0.920 -8.56/-8.54 -8.550 0.000
offer. Nov. 20-24 was assessed using a Nov. 13-17 versus Condensates
AAUCC00
AALSF00 86.21–86.23 86.220 +0.920
AAUCE00
AALSJ00 -0.41/-0.39 -0.400 0.000
Nov. 20-24 CFD roll heard during the day. Syncrude Sweet Prem. AASOK00 86.36–86.38 86.370 +0.920 AASOM00 -0.26/-0.24 -0.250 0.000
Johan Sverdrup FOB North Sea (AJSVA00, WCS Hardisty
Cold Lake Hardisty
AAPPN00
AASZX00
63.11–63.13
62.96–62.98
63.120
62.970
+0.120
+0.120
AAPPP00
AASZZ00
-23.51/-23.49
-23.66/-23.64
-23.500
-23.650
-0.800
-0.800
AJSVB00) assessment rationale: WTI CMA (1st mo) AAVSN00 86.620 +0.920
Johan Sverdrup was assessed unchanged across
Latin American assessments ($/barrel) (PGA page 280)
the ten-day to month-ahead assessment period Diff to Diff to Futures Diff to Dated
reflecting a balanced Johan Sverdrup market and Mid Change WTI strip Brent strip Brent strip
Escalante 89.65–89.70 89.675 +0.660 2.315 AAXBS00 -0.600 AAXAX00 -1.755
steady sour market fundamentals in the absence of PCAGC00 PCAGO00
Medanito AMTOA00 87.275 +0.660 AMTOC00 -0.085 AMTOB00 -3.000 AMTOD00 -4.155
indications testing the Oct. 18 assessment. Santa Barbara AAITD00 91.04–91.08 91.060 +0.955 AAITJ00 3.700 AAXBU00 0.785 AAXAZ00 -0.370
Exclusions: None Loreto PCAGH00 83.19–83.23 83.210 +0.705 PCAGQ00 -4.150 AAXBV00 -7.065 AAXBG00 -8.220
Oriente PCADE00 84.09–84.13 84.110 +0.705 PCAGU00 -3.250 AAXBW00 -6.165 AAXBH00 -7.320
Platts is part of S&P Global Commodity Insights Napo AAMCA00 80.94–80.98 80.960 +0.705 AAMCD00 -6.400 AAXBX00 -9.315 AAXBI00 -10.470
Tupi ATUPA00 91.825 +0.810 ATUPC00 4.465 ATUPB00 1.550 ATUPD00 0.395
Platts North Sea Dated Brent, BFOE, CFD Marlim
Castilla Blend
AAITF00
AAVEQ00
85.85–85.90
83.00–83.05
85.875 +0.660
83.025 +0.660
AAITL00 -1.485
AAVEQ01 -4.335
AAXBY00 -4.400
AAXBZ00 -7.250
AAXBJ00 -5.555
AAXBK00 -8.405
Bids, Offers, Trades Vasconia PCAGI00 86.25–86.30 86.275 +0.660 PCAGR00 -1.085 AAXCB00 -4.000 AAXBN00 -5.155
Mesa 30 AAITB00 87.35–87.40 87.375 +0.710 AAITH00 0.015 AAXCC00 -2.900 AAXBO00 -4.055
Liza ALIZA00 93.530 +0.340 ALIZD00 6.170 ALIZC00 3.255 ALIZB00 2.100
Bids: Unity Gold AUNIA00 93.830 +0.340 AUNIC00 6.470 AUNIB00 3.555 AUNID00 2.400
NORTH SEA: None Latin America WTI strip AAXBP00 87.360
Latin America Futures Brent strip AAXBQ00 90.275
CASH BFOE: None Latin America Dated Brent strip AAXBR00 91.430
BRENT CFDS: PLATTS BRENT DIFF: OCT23-OCT27
Latin America market parity prices ($/barrel) (PGA page 270)
(DEC): GUNVOR BIDS 100KB AT $1.69 Mid Change
PLATTS BRENT DIFF: OCT23-OCT27 (DEC): UNIPEC Maya AAYMP00 83.367 +0.606
BIDS 100KB AT $1.65 Merey 16 AMERA00 83.157 +0.624

PLATTS BRENT DIFF: OCT23-OCT27 (DEC): PETRACO Platts euro-denominated assessments (€/barrel) (PGA page 1252)
BIDS 100KB AT $1.55 Mid Change
PLATTS BRENT DIFF: OCT23-OCT27 (DEC): ONYX European crude oil benchmarks
BIDS 100KB AT $1.50 Dated Brent AAPYR00 88.130–88.150 88.141 -0.205
Dated Brent (CIF) PCAKN00 89.020 -0.147
PLATTS BRENT DIFF: OCT23-OCT27 (DEC): DV Urals (Mediterranean) AAPYS00 81.300–81.340 81.322 -0.160
TRADING BIDS 100KB AT $1.45 US crude oil benchmarks
WTI (Nov) AAPYT00 83.620–83.640 83.630 -0.012
PLATTS BRENT DIFF: NOV6-NOV10 (JAN): DV WTI MEH (Nov) AAYSA00 84.386 -0.015
TRADING BIDS 100KB AT $1.80 Mars (Nov) AAPYU00 81.920–81.940 81.927 -0.338
PLATTS BRENT DIFF: NOV6-NOV10 (JAN): PETRACO Euro/US$ forex rate: 1.0574. Platts Euro denominated crude oil assessments are based on market values and a Euro/US$ forex rate at 4:30 PM local London time.

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Crude Oil Marketwire October 19, 2023

BIDS 100KB AT $1.75 Ruble-denominated Russian assessments (Rb/barrel) (PGA page 1224)
Mid Change
PLATTS BRENT DIFF: NOV6-NOV10 (JAN): GUNVOR
Russian crude oil benchmarks
BIDS 100KB AT $1.75 Urals FOB Novorossiysk AAUJP00 7799.700–7803.580 7801.639 -26.149
PLATTS BRENT DIFF: NOV6-NOV10 (JAN): ONYX Urals FOB Baltic AAUJQ00 7760.910–7764.790 7762.849 -25.939
Urals FOB Novorossiysk 80kt AAUJR00 7770.610–7774.490 7772.546 -25.992
BIDS 100KB AT $1.70 Urals CIF Mediterranean AAUJS00 8336.940–8340.820 8338.880 -29.058
PLATTS BRENT DIFF: NOV6-NOV10 (JAN): DARE Urals CIF Rotterdam AAUJT00 8017.890–8020.800 8019.348 -27.327
BIDS 100KB AT $1.60 US$/Ruble forex rate: 96.9750. 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: NOV13-NOV17 (JAN): PETRACO
BIDS 100KB AT $1.08 Platts CAD-denominated Canada spot crude assessments (C$/cu m) (PGA page 232)
PLATTS BRENT DIFF: NOV13-NOV17 (JAN): DV Mid Change
TRADING BIDS 100KB AT $1.05 Lloyd Blend AALRM00 550.020–550.192 550.106 +1.335
Mixed Sweet AALRT00 699.140–699.312 699.226 +8.309
PLATTS BRENT DIFF: NOV13-NOV17 (JAN): ONYX Light Sour Blend AALRZ00 709.484–709.656 709.570 +8.315
BIDS 100KB AT $0.95 Midale AAUCD00 672.850–673.022 672.936 +8.294
Condensates AALSH00 743.100–743.273 743.186 +8.333
PLATTS BRENT DIFF: OCT23-OCT27 (JAN): DV Syncrude Sweet AASOL00 744.393–744.566 744.479 +8.333
TRADING BIDS 100KB AT $2.70 WCS Hardisty AAPPO00 543.986–544.159 544.072 +1.331
Cold Lake Hardisty AASZY00 542.693–542.866 542.779 +1.331
PLATTS BRENT DIFF: OCT23-OCT27 (JAN):
EXXONMOBIL BIDS 100KB AT $2.70
PLATTS BRENT DIFF: OCT23-OCT27 (JAN): PETRACO Daily US$ vs EURO exchange rate (PGA page 1151)
BIDS 100KB AT $2.50 Mid Change
October 19, 2023 AAFCW00 1.0574 +0.004
PLATTS BRENT DIFF: OCT23-OCT27 (JAN): UNIPEC
BIDS 100KB AT $2.45
PLATTS BRENT DIFF: OCT23-OCT27 (JAN): ONYX Asia close Brent and WTI spot assessments ($/barrel) (PGA page 2210)
BIDS 100KB AT $2.40 Mid Change
Brent (Dec) PCAJG00 90.47–90.51 90.490 -1.210
PLATTS BRENT DIFF: OCT30-NOV3 (JAN): GUNVOR Brent (Jan) PCAJI00 89.28–89.32 89.300 -1.030
BIDS 100KB AT $2.34 Brent (Feb) PCAJ000 88.310 -0.880
WTI (Nov) AAFFU00 87.50–87.54 87.520 -1.040
PLATTS BRENT DIFF: OCT30-NOV3 (JAN): UNIPEC WTI (Dec) AAFFW00 86.38–86.42 86.400 -0.880
BIDS 100KB AT $2.30 WTI (Jan) AAFFY00 85.21–85.25 85.230 -0.810
PLATTS BRENT DIFF: OCT30-NOV3 (JAN): PETRACO
BIDS 100KB AT $2.25
PLATTS BRENT DIFF: OCT30-NOV3 (JAN): DV Oman OSPs and derivatives ($/barrel) (PGA pages 2658 & 2210)
TRADING BIDS 100KB AT $2.25 Mid Change
Oman/Dubai Swap (Nov) AAIHJ00 0.03/0.07 0.050 +0.050
PLATTS BRENT DIFF: OCT30-NOV3 (JAN): ONYX Oman/Dubai Swap (Dec) AAIHL00 0.03/0.07 0.050 +0.050
BIDS 100KB AT $2.25 Oman/Dubai Swap (Jan) AAIHN00 0.03/0.07 0.050 +0.050
Oman Swap (Nov) AAHZP00 89.98–90.02 90.000 -0.980
Offers: Oman Swap (Dec) AAHZR00 88.81–88.85 88.830 -0.840
NORTH SEA: CIF BASIS ROTTERDAM: PLATTS NSEA Oman Swap (Jan) AAHZT00 87.83–87.87 87.850 -0.760
WTI MIDLAND: NOVEMBER 6-10: OCCIDENTAL OFFERS
700000.0B AT DTD $2.85 . .; TQC: {‘VESSEL: FEZZAN’}
CASH BFOE: None Daily OPEC Basket Price ($/barrel) (PGA page 207)
BRENT CFDS: PLATTS BRENT DIFF: OCT23-OCT27 Mid Change
(DEC): DV TRADING OFFERS 100KB AT $2.00 October 18, 2023 AAEUQ00 94.460 +1.810

© 2023 by S&P Global Inc. All rights reserved. 12

Crude Oil Marketwire October 19, 2023

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

Settlement Change Low High Volume* Open interest PNT****
OFFERS 100KB AT $2.00
NYMEX Light Sweet crude ($/barrel) (PGA page 705)
PLATTS BRENT DIFF: OCT23-OCT27 (DEC): ONYX Nov 23 NMCL001 89.37 +1.05 86.60 90.53 38047 49398
OFFERS 100KB AT $2.20 Dec 23 NMCL002 88.37 +1.10 85.44 89.39 350348 314571
PLATTS BRENT DIFF: NOV6-NOV10 (JAN): DARE Jan 24 NMCL003 87.06 +0.97 84.37 87.97 105039 179803
Feb 24 NMCL004 85.79 +0.82 83.36 86.60 49891 89411
OFFERS 100KB AT $1.89 Total NMCL000 744980 XNCLP00 28685
PLATTS BRENT DIFF: NOV6-NOV10 (JAN): DV ICE Brent ($/barrel) (PGA page 704)
TRADING OFFERS 100KB AT $1.90 Dec 23 ICLL001 92.38 +0.88 89.57 93.36 334506 390248
PLATTS BRENT DIFF: NOV6-NOV10 (JAN): OCEAN Jan 24 ICLL002 91.01 +0.79 88.45 91.93 285925 461579
Feb 24 ICLL003 89.85 +0.68 87.56 90.73 151233 204294
OFFERS 100KB AT $1.90 Mar 24 ICLL004 88.89 +0.59 86.78 89.69 102437 165768
PLATTS BRENT DIFF: NOV6-NOV10 (JAN): PETRACO Total ICLL000 1115036 XILLP00 33619
OFFERS 100KB AT $2.00 ICE WTI ($/barrel) (PGA page 704)
Nov 23 ICIC001 89.37 +1.05 87.11 89.37 3396 16325
PLATTS BRENT DIFF: NOV6-NOV10 (JAN): ONYX
Dec 23 ICIC002 88.37 +1.10 85.48 89.40 76560 98904
OFFERS 100KB AT $2.10 Jan 24 ICIC003 87.06 +0.97 84.42 87.93 63992 72391
PLATTS BRENT DIFF: NOV13-NOV17 (JAN): DV Feb 24 ICIC004 85.79 +0.82 83.40 86.28 51033 44823
Total ICIC000 284409 XIICP00 11324
TRADING OFFERS 100KB AT $1.24
ICE BWAVE ($/barrel) (PGA page 704)
PLATTS BRENT DIFF: NOV13-NOV17 (JAN): OMV
BWAVE data refer to previous day.
OFFERS 100KB AT $1.25 Dec 23 XIBW001 91.56
PLATTS BRENT DIFF: NOV13-NOV17 (JAN): OCEAN Jan 24 XIBW002 90.21
OFFERS 100KB AT $1.25 DME Oman crude ($/barrel)** (PGA pages 702 & 2710)
Dec 23 XDOA001 91.20 -1.42 4312
PLATTS BRENT DIFF: OCT23-OCT27 (JAN): DV
Dec 23 DMOQ001 93.32 +0.88 90.62 93.32 4370 11715
TRADING OFFERS 100KB AT $3.10 Jan 24 DMOQ002 91.95 +1.18 90.73 91.95 925 16
PLATTS BRENT DIFF: OCT30-NOV3 (JAN): DV Feb 24 DMOQ003 90.94 +1.27 90.94 90.94 925 10
Mar 24 DMOQ004 90.13 +1.30 90.13 90.13 0 0
TRADING OFFERS 100KB AT $2.45
Total Volume DMOQ000 6142 XDOQP00 0
PLATTS BRENT DIFF: OCT30-NOV3 (JAN): PETRACO IFAD Murban crude ($/barrel) (PGA page 703)
OFFERS 100KB AT $2.45 Dec 23 AMIFA00 93.010
PLATTS BRENT DIFF: OCT30-NOV3 (JAN): OCEAN Murban vs Dubai*** AMIFB00 4.230
NYMEX ULSD ($/gal) (PGA page 705)
OFFERS 100KB AT $2.45
Nov 23 NMHO001 3.1730 +0.0337 3.0793 3.1860 31527 48553
PLATTS BRENT DIFF: OCT30-NOV3 (JAN): ONYX Dec 23 NMHO002 3.0774 +0.0320 2.9850 3.0955 53598 70703
OFFERS 100KB AT $2.45 Jan 24 NMHO003 3.0249 +0.0293 2.9397 3.0422 25662 50298
PLATTS BRENT DIFF: OCT30-NOV3 (JAN): DARE Feb 24 NMHO004 2.9819 +0.0269 2.9000 2.9971 11816 35841
Total NMHO000 147375 XNHOP00 10375
OFFERS 100KB AT $2.55 NYMEX RBOB unleaded gasoline ($/gal) (PGA page 705)
Trades: Nov 23 NMRB001 2.3617 +0.0082 2.3141 2.3794 17339 50925
NORTH SEA: None Dec 23 NMRB002 2.3430 +0.0082 2.2960 2.3602 37136 101012
Jan 24 NMRB003 2.3284 +0.0069 2.2820 2.3447 17442 66845
CASH BFOE: PLATTS CASH BFOE: DEC23: BP BUYS
Feb 24 NMRB004 2.3283 +0.0065 2.2819 2.3442 10398 22321
FROM PETROINEOS* 100KB AT $91.50 (15:29:49) Total Volume NMRB000 100014 XNRBP00 8591
PLATTS CASH BFOE: DEC23: BP BUYS FROM NYMEX Natural Gas ($/MMBtu) (PGA page 705)
PETROINEOS* 100KB AT $91.50 (15:29:53) Nov 23 NMNG001 2.957 -0.099 2.943 3.092 129975 75935
Dec 23 NMNG002 3.326 -0.137 3.320 3.498 94828 145488
PLATTS CASH BFOE: DEC23: VITOL BUYS FROM Jan 24 NMNG003 3.576 -0.130 3.572 3.739 52097 210160
PETROINEOS* 100KB AT $91.50 (15:29:55) Feb 24 NMNG004 3.518 -0.129 3.513 3.680 18835 61112
Total Volume NMNG000 386763 XNNGP00 6103

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Crude Oil Marketwire October 19, 2023

PLATTS CASH BFOE: DEC23: VITOL BUYS FROM Futures Settlements (continued)
Settlement Change Low High Volume* Open interest PNT****
PETROINEOS* 100KB AT $91.50 (15:29:59)
ICE low sulfur gasoil ($/mt) (PGA page 704)
BRENT CFDS: PLATTS BRENT DIFF: OCT23-OCT27 Nov 23 ICLO001 910.00 -2.75 890.50 923.50 64096 120107
(DEC): GUNVOR BUYS FROM PETROCHINA* 100KB AT Dec 23 ICLO002 884.75 -0.25 866.00 898.00 65960 142605
Jan 24 870.75 +0.00 852.75 883.00 30294 82424
$1.70 (15:29:06) ICLO003
Feb 24 ICLO004 861.00 -0.25 844.00 872.75 15629 45076
PLATTS BRENT DIFF: OCT23-OCT27 (DEC): Total Volume ICLO000 228465 XILOP00 5109
EXXONMOBIL BUYS FROM PETROCHINA* 100KB AT ICE Midland WTI American Gulf Coast ($/barrel) (PGA page 704)
$1.70 (15:29:55) Nov 23 IHOU001 89.97 +0.84 88.35 89.97 66 5052
Dec 23 IHOU002 89.31 +0.90 86.70 89.85 3293 4767
PLATTS BRENT DIFF: OCT23-OCT27 (JAN): DV
Jan 24 IHOU003 88.08 +0.82 85.58 88.54 1081 3962
TRADING BUYS FROM PETROCHINA* 100KB AT $2.80 Feb 24 IHOU004 86.88 +0.66 86.88 86.88 284 3833
(15:29:19) *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: OCT23-OCT27 (JAN): settlements. ***IFAD Murban spread to 1st Line (Dec 23) Platts Dubai crude futures. ****Privately Negotiated Trade values found on PGA page 710

EXXONMOBIL BUYS FROM PETROCHINA* 100KB AT

$2.80 (15:29:36)
PLATTS BRENT DIFF: OCT30-NOV3 (JAN): DV
TRADING BUYS FROM PETROCHINA* 100KB AT $2.30 Futures at Platts’ Market on Close ($/barrel) (PGA page 703)
(15:25:44) Singapore* London* Houston* Singapore* London* Houston*
ICE Brent NYMEX WTI
PLATTS BRENT DIFF: OCT30-NOV3 (JAN): DV
Dec XILLA01 90.48 AAYES00 91.41 AAQBG00 92.39 M1 XNCLA01 87.52 AASCR00 88.43 NYCRM01 89.39
TRADING BUYS FROM PETROCHINA* 100KB AT $2.30 Jan XILLA02 89.26 AAYET00 90.19 AAQBH00 91.01 M2 XNCLA02 86.40 AASCS00 87.47 NYCRM02 88.38
(15:26:02) Feb AAXZY00 89.13 AAXZZ00 89.84 M3 NYCRM03 87.06
Mar AAYAM00 88.28 AAYAL00 88.87 M4 NYCRM04 85.77
Oman *Singapore and London MOC close at precisely 16:30 local time while Houston
Dec XDOA001 91.20 MOC closes at precisely 13:30 local time. MOC times are usually earlier on the
Volume XDOAV01 4312 day preceding major local holidays.

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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 19, 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 Asia
10/19/2023 December 19 20 Al Shaheen Heard 3.30 Dubai 500,000 Qatar Energy Petco
10/19/2023 December 28 29 Al Shaheen Heard 2.68 Dubai 500,000 Qatar Energy ExxonMobil
10/19/2023 December 2 3 Al Shaheen Heard 2.85 Dubai 500,000 Qatar Energy Mitsui
10/19/2023 December Al Shaheen Done 500,000 ExxonMobil Gunvor
10/19/2023 December Dubai Partials Done 91.20 25,000 Reliance Vitol
10/19/2023 December Dubai Partials Done 91.20 25,000 Mitsui Equinor
10/19/2023 December Dubai Partials Done 91.15 25,000 Reliance Shell
10/19/2023 December Dubai Partials Done 91.20 25,000 ExxonMobil Vitol
10/19/2023 December Dubai Partials Done 91.20 25,000 ExxonMobil Gunvor
10/19/2023 December Dubai Partials Done 91.20 25,000 Reliance Vitol
10/19/2023 December Dubai Partials Done 91.20 25,000 PetroChina Gunvor
10/19/2023 December Dubai Partials Done 91.20 25,000 Glencore Shell
10/19/2023 December Dubai Partials Done 91.20 25,000 Reliance Vitol
10/19/2023 December Dubai Partials Done 91.15 25,000 Mitsui Gunvor
10/19/2023 December Dubai Partials Done 91.20 25,000 Reliance Vitol
10/19/2023 December Dubai Partials Done 91.20 25,000 ExxonMobil Gunvor
10/19/2023 December Dubai Partials Done 91.20 25,000 PetroChina Vitol
10/19/2023 December Dubai Partials Done 91.20 25,000 PetroChina Trafigura
10/19/2023 December Dubai Partials Done 91.20 25,000 PetroChina Trafigura
10/19/2023 December Dubai Partials Done 91.20 25,000 PetroChina Vitol
10/19/2023 December Dubai Partials Done 91.20 25,000 ExxonMobil Gunvor
10/19/2023 December Dubai Partials Done 91.20 25,000 ExxonMobil Gunvor
10/19/2023 December Dubai Partials Done 91.20 25,000 PetroChina Shell
10/19/2023 December 1 31 Murban Heard 4.25 Dubai 500,000 Glencore PTT
10/19/2023 December 1 31 Murban Heard 4.25 Dubai 500,000 Glencore PTT
10/19/2023 December 1 31 Qatar Land Heard 3.00 Dubai 500,000 Qatar Energy Unknown
10/19/2023 December 1 31 Qatar Marine Heard 2.40 Dubai 500,000 Qatar Energy Shell
Platts EMEA
10/19/2023 October/November 30 3 Brent CFD Done 2.30 Cash BFOE Jan 100000 PetroChina DV Trading
10/19/2023 October 23 27 Brent CFD Done 2.80 Cash BFOE Jan 100000 PetroChina ExxonMobil
10/19/2023 October 23 27 Brent CFD Done 2.80 Cash BFOE Jan 100000 PetroChina DV Trading
10/19/2023 October 23 27 Brent CFD Done 1.7 Cash BFOE Dec 100000 PetroChina ExxonMobil
10/19/2023 October 23 27 Brent CFD Done 1.70 Cash BFOE Dec 100000 PetroChina Gunvor
10/19/2023 October/November 30 3 Brent CFD Done 2.30 Cash BFOE Jan 100000 PetroChina DV Trading
10/19/2023 December Cash BFOE Done 91.50 100000 PetroIneos Vitol
10/19/2023 December Cash BFOE Done 91.5 100000 PetroIneos Vitol
10/19/2023 December Cash BFOE Done 91.50 100000 PetroIneos BP
10/19/2023 December Cash BFOE Done 91.50 100000 PetroIneos BP
10/19/2023 November 9 13 CPC Blend Done -0.75 Dated Brent 667800 TotalEnergies OMV
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 19, 2023
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 Nov. 8 and Dec. 17, with a 3 cents/day
contango structure rolled over back-end dates owing
to an absence of indications testing the Oct. 18
assessment. 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 unchanged
between Nov. 8 and Dec. 17, with a 3 cents/day
contango structure rolled over back-end dates owing
to an absence of indications testing the Oct. 18
assessment. There were no bids, offers or trades in the
MOC for DAP WTI Midland.
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
© 2023 by S&P Global Inc. All rights reserved. 16
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
„ Med sweet crude demand softens as freight rates
surge: traders
„ Cross-Med, Black Sea freight rates surge to multi-
month highs
Sweet crude grades in the Mediterranean faced
softening demand following a surge in freight rates,
according to traders, with Platts assessing Cross-Med
and Black Sea freight at multi-month highs.
Suezmax Med-Med freight rates were assessed
at w125 ($9.03/mt) Oct. 18, up from w72 Oct. 11, while
the Suezmax CPC-Med route was at w135 ($15.23/
mt), up w62.
The increases were driven by higher rates being
fixed in West Africa, pulling vessels westward and
creating a tonnage crunch in the Mediterranean and
Black Sea, a Europe-based shipbroker said.
“No one’s going to restrict themselves to a short-
haul voyage when the demand for tonnage is the way it
is in WAF, so I think [Cross-Med voyages] will come with
a premium,” a UK-based Suezmax broker said.
The higher freight rates in the Mediterranean were
making local grades less attractive to buyers, with
traders seeing a notable softening in demand.
“[There has been] no event since freight exploded
and the market turned long for sweet crudes,” one
trader said, referring to a quieter market in the
Mediterranean. “Saharan traded very low...for late
November cargo as a consequence of that and CPC
has turned silent since last week for the same reason.”
CPC Blend crude had been performing strongly in
recent weeks because of stronger buying interest from
Northwest Europe, where higher-valued North Sea
grades had encouraged buyers to turn to the cheaper
Kazakh alternative.
CPC Blend differentials climbed to a 22-month high
Oct. 17, when Platts assessed the grade at a 45 cents/b
discount to Dated Brent, the narrowest discount to the
benchmark since Dec. 29, 2021.
However, traders told S&P Global that CPC Blend
differentials had since softened following the surge
in freight rates, which closed the arbitrage window to
Northwest Europe.
“That [CPC strength] was before the freight move
— now the arb to Northwest Europe is sharply closed,”
the first trader said. “Bids [are] coming from minus $1/b
[versus Dated Brent] to get out of the Med.”
During the Platts Market on Close assessment
process Oct. 19, TotalEnergies sold one CPC Blend
cargo to OMV at a 75 cents/b discount to Dated Brent.
Separately, OMV withdrew its CPC Blend bid at a 90
cents/b discount.
Platts is part of S&P Global Commodity Insights
Platts NWE and Med Urals Sour Crude Daily
Market Analysis
„ Russia hails reliability of crude supply to China
via Arctic
„ China is third-largest Urals buyer in September: CAS
Russia’s growing shipments of oil to China via the
Arctic are strengthening the two countries’ energy ties,
according to Rosneft, seen in a 25% jump in Russian
crude shipments to China this year.
At a business event during a visit by President
Vladimir Putin, Rosneft CEO Igor Sechin said in Beijing
Oct. 19 that Russia had delivered 75 million mt of crude
to China this year, according to an official transcript.
Over the first eight months of the year, Russia was
China’s top crude supplier, overtaking Saudi Arabia,
he added.
Sechin highlighted the step-up in shipments along
Crude Oil Marketwire October 19, 2023
the so-called Northern Sea Route from Russia’s
European ports through the Arctic to China, saying
the development of the route, which is shorter than
traditional routes via the Middle East, was contributing
to a “fundamental” reconfiguring of Eurasian
transportation.
Northern Sea Route tanker shipments, in which
vessels travel east from the Barents Sea, onward
through the Bering Strait and south into the Pacific,
were first tested in 2010, helped by receding Arctic
ice due to global warming. Oil volumes remain
relatively modest, only happening in summer, while
LNG shipments have grown in regularity due to more
specialized tankers.
Russia has been reorienting its oil exports to Asia in
the face of sanctions imposed by G7 nations led by the
US and EU, with pipelines, rail transport and shipping
all playing a role.
Thick ice this summer prolonged tanker voyages
through the Northern Sea Route, largely eliminating
the time advantage. By investing in nuclear-powered
ice-breakers and navigation technology, Russia hopes
to establish more regular, year-round use of the route.
Deputy Prime Minister Alexander Novak said Russia
aimed to increase freight transportation between
Russia and China via the Northern Sea Route to 50
million mt by 2030, according to the government
website.
Several Urals shipments to China were sent via the
Northern Sea Route over the summer, according to
S&P Global Commodity Insights tanker tracking data.
S&P Global Commodities at Sea data showed that
China imported 165,900 b/d of seaborne Urals crude in
September, the highest volume since June.
China’s Urals imports have slipped from a 2023 high
of 535,500 b/d in February, but the country remained
the third-largest Urals buyer in September behind India
and Turkey, according to CAS.
© 2023 by S&P Global Inc. All rights reserved. 17
Platts EMEA Urals and Med Brent Crude Daily
Rationales & Exclusions
Urals CIF Augusta differential <AAGXX00>
assessment rationale:
Urals CIF Augusta was assessed 5 cents/b higher.
There were no bids or offers in the Platts Market on
Close assessment process. The Urals CIF Augusta
differential was assessed using a net forward to the
Urals FOB Aframax and Suezmax assessment. The
FOB differentials were assessed 5 cents/b higher as
shrinking Urals supplies stemming from OPEC+ output
cuts, tighter sour supply in light of suspended Iraqi
crude exports and strong Turkish demand despite
headwinds arising from Western sanctions raised
differentials slightly.
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 5 cents/b
higher. There were no bids or offers in the MOC. The
Urals CIF Rotterdam differential was assessed as a
net forward to the Urals FOB Baltic assessment. The
FOB differentials were assessed 5 cents/b higher as
shrinking Urals supplies stemming from OPEC+ output
cuts and strong Indian and Chinese demand offsetting
an embargoed European market raised differentials
slightly.
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 8 cents/b lower based
on a trade during the MOC at a 75 cents/b discount
to Dated Brent, an outstanding bid at a 90 cents/b
discount and trades for cargoes loading in the second
half of November heard around a 10 cents/b discount
to Dated Brent.
Exclusions: None
Platts is part of S&P Global Commodity Insights
Platts EMEA Urals & Med Brent Crude Bids,
Offers, Trades
Bids: None
Offers: Withdrawn OMVSTL bids CPC Blend 13-
17/11, 90kt +/-10pct SO Dtd -0.90 CFR bs Augusta ex
Novorossiisk
Trades: TOTSA*-OMVSTL CPC Blend 09-13/11 90kt
+/-10pct SO Dtd -0.75 CIF bs Augusta ex Novorossiisk
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
„ Angolan November overhang estimated at
six cargoes
„ WAF market length at longest for several
cycles: trader
In the West African crude market Oct. 19, the recent
publication of the December-loading program in Angola
Crude Oil Marketwire October 19, 2023
came with half-a-dozen spot cargoes still unsold from
November, market participants said.
Offers for the remaining barrels continued to
discount headed into the December trading cycle.
“Angola is down to six cargoes [for November],
including some Clov and a Kissanje stem,” one WAF
trader said, noting that the latter cargo was offered
at the beginning of the week at a $2.35/b premium to
Dated Brent.
“Rising freight rates will likely weigh on that offered
level so I can see it moving down quite easily. Some
grades have seen offers fall by more than $1/b this
week,” the trader said.
Angola’s Kissanje was last assessed by Platts,
part of S&P Global Commodity Insights, at a $1.30/b
premium to Dated Brent on Oct. 18.
Backwardated market structure was penalizing
long-haul crude grades such as those in West Africa,
and a recent spike in freight costs continued to weigh
on the wider complex. A second trader was equally as
bearish regarding Nigerian crude, saying “the market is
crumbling in front of my eyes.”
“The WAF market is pretty long, which hasn’t
really been the case in the last few months,” a third
trader noted.
In the Platts Market on Close assessment process,
ExxonMobil offered a 950,000-barrel cargo of Angolan
grade Hungo, scheduled to load Dec. 11-12, down to a
$1/b premium to Dated Brent before withdrawing the
offer prior to the London close.
The grade was last assessed by Platts at a 65
cents/b premium to Dated Brent Oct. 18.
Platts is part of S&P Global Commodity Insights
Platts West African Crude Daily Rationale &
Exclusions
The four crudes in the Nigerian basket were
assessed 10 cents/b lower owing to firm freight costs
weighing on FOB differentials. Market structure
remained unfavorable to West African crude, likewise
© 2023 by S&P Global Inc. All rights reserved. 18
dampening sentiment. 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
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 sour Mars weakens 75 cents
„ USGC grades move lower
US Gulf Coast crudes all moved weaker across the
board Oct. 19 as US sanctions on Venezuelan oil were
unexpectedly lifted.
The Biden administration granted a temporary
license for Venezuelan that eases restrictions on the
sale of oil and gas for six months until April 18, 2024.
USGC traders were unsure of the immediate impact.
“I haven’t seen anything, but I expect them to be
weaker,” one crude trader said about US Gulf Coast
differentials. The trader added sour grades such as
Mars have the potential to move lower.
Mars weakened 75 cents/b on the day to cash WTI
minus $2.15/b, based on a trade last heard done at that
value. Mars is at its lowest value since Sept. 25, when it
was at cash WTI minus $2.60/b.
WTI at the Magellan East Houston was assessed
down 20 cents/b on the day to cash WTI plus 75
cents/b. No physical trades were heard done, however
a December paper trade was heard done earlier in the
morning at plus $1/b.
WTI at Midland was assessed 10 cents/b down
to cash WTI plus 60 cents/b. No physical trades
were heard.
Platts is a part of S&P Global Commodity Insights.
Platts US Gulf Coast Export Crude Daily
Commentary
„ US crude exports see little change on Venezuela
sanction change
„ Brent-WTI spread narrows 6 cents
The US Gulf Coast light sweet crude export
market was little changed despite news that US was
lifting sanctions on Venezuela oil and mining sector.
Venezuela has 303 billion barrels of oil reserves, with
current capacity sitting somewhere between 800,000
to 850,000 barrels. Venezuelan currently produces
around 750,000 b/d. US oil refiners will now be able
to buy directly from Venezuela, however only 200,000
to 300,000 b/d is expected to be available to market
analysts have said. Traders have said this will mostly
impact the heavy and sour grades in the Gulf Coast as
that is what Venezuela typically produces.
The frontline Brent-WTI swaps spread slightly
narrowed 6 cents Oct. 18 to $4.04/b. When the
Brent/WTI spread shrinks, US crude exports are less
favorable in the global market.
A wider Brent/WTI spread has allowed a healthy
flow of exports in recent weeks. However, WTI’s
discount to Brent has begun to narrow back in.
WTI Midland for loading FOB on the US Gulf Coast
remained at roughly a 60 cents/b premium to WTI in
Houston.
Crude Oil Marketwire October 19, 2023
Platts Canadian Pipeline Crude Daily
Commentary
„ WCS in Hardisty differential declines to minus
$23.50/b
„ Removal of sanctions on Venezuela causes price
speculation
Western Canadian Select crude in Hardisty
differentials continued to decrease Oct. 19, as Platts
assessed it at WTI CMA minus $23.50/b Oct. 19. This
came after the US eased sanctions on Venezuela’s
oil sector, though traders seemed skeptical the flows
would have any lasting price impact.
Western Canadian Select at Nederland, Texas, was
heard to trade on a financial basis at WTI CMA minus
$7.90/b, a decline of 65 cents/b from where Platts
assessed the grade Oct. 18. At Hardisty, Alberta, WCS
was heard to trade at WTI CMA minus $23.50/b on a
financial basis, which would represent a decline of 80
cents/b from where the blend was assessed Oct. 18.
“It feels like there is some positioning against it,”
one trader familiar with Canadian and USGC trade
flows said of the prospect of increased flows from
Venezuela. “It’s just too early to tell how much will be
coming.”
Other traders emphasized that Venezuela wasn’t
capable of significantly increasing its output without
more investment.
“It’s not going to increase materially,” one
international crude trader familiar with Venezuelan
crude production said. “Until you start investing in
more rigs, you’re not going to see more production.”
Traders more focused on the China import market,
however, said they did expect some near-term
disruption.
“The situation now is quite fluid due to the
headlines in Venezuela,” a trader with a Chinese state
oil company said. “Overall the view is that this would
put more pressure on heavy differentials.”
Heavy Canadian crude in Cushing, Oklahoma,
© 2023 by S&P Global Inc. All rights reserved. 19
was assessed 80 cents/b weaker at WTI CMA minus
$8.90/b.
Platts assessed Synthetic sweet crude at WTI CMA
minus 25 cents/b.
Mixed Sweet at Edmonton remained at WTI CMA
minus $5.50/b.
Condensate in Edmonton was assessed at WTI CMA
minus 40 cents/b.
Platts is part of S&P Global Commodity Insights.
Platts Latin American Crude Daily
Commentary
„ Guyana crude premiums to Dated Brent weaken
„ Traders weigh impact of easing Venezuela sanctions
Latin America crude prices rose across the board
Oct. 19 as benchmark futures continued to gain amid
reports of intensifying conflict in the Middle East, while
differentials weakened in some markets amid talk of
unsold cargoes.
Platts assessed Guyana’s Unity Gold at a premium
of $2.40/b to Dated Brent, down 10 cents/b day on day,
amid talk that a cargo offered at around the $2.50/b
level for December loading had gone unsold.
Elsewhere, traders focused on news that the Biden
administration had eased sanctions on Venezuela’s
oil sector. Most of the market participants contacted
Oct. 19 did not expect that increased Venezuelan
flows would affect prices in the long run. Some
traders noted, however, that heavy Canadian crude
differentials seemed to weaken on the news.
“It feels like there is some positioning against it,”
one trader familiar with Canadian and USGC trade
flows said of the prospect of increased flows from
Venezuela. Platts assessed Western Canadian Select
at Nederland, Texas, at WTI CMA minus $7.90/b, a
decline of 65 cents/b on the day.
Latin crudes such as Colombia’s heavy Castilla are
said to price off of heavy Canadian crude on the USGC.
Platts is part of S&P Global Commodity Insights.
Subscriber Notes
Platts opens consultation on DAP Rotterdam, DAP
Augusta WTI Midland and Eagle Ford 45 crude
assessments
Platts, part of S&P Global Commodity Insights, is
opening a consultation on its DAP Rotterdam and
DAP Augusta WTI Midland and Eagle Ford 45 crude
assessments.
Platts currently assesses cargoes of WTI Midland
and Eagle Ford 45 on a Delivered at Place (DAP) basis
Rotterdam and Augusta on both an outright pricing
basis and as a differential to Dated Brent 20-60 days
ahead of the assessment date.
The assessments currently reflect a standard
Aframax cargo size of 700,000 barrel cargoes with a
volume tolerance of 5%. The assessments are priced
five days after the date of delivery.
Platts seeks feedback on all aspects of the
assessments, including cargo size, incoterm,
assessment period and pricing period.
Platts understands that in current market
conditions CIF, CFR or DAP WTI Midland cargoes are
mostly trading for a period of 40-60 days forward on a
calendar month pricing basis.
Platts is also seeking feedback on the spot market
volume for Eagle Ford 45 delivered into Europe.
This consultation relates to the following Platts
assessments:
Assessment
Differential to Dated
Outright
Brent
WTI Midland DAP Rotterdam AWTID00 AWTIC00
WTI Midland DAP Augusta AWTIB00 AWTIA00
Eagle Ford 45 DAP Rotterdam AEFAD00 AEFAC00
Eagle Ford 45 DAP Augusta AEFAB00 AEFAA00
These assessments appear on Platts Global Alert
and Platts Crude Alert pages 1210, 1212, 1238, and in
Crude Oil Marketwire.
Please send all feedback, comments or questions
by Dec. 4 to europe_crude@spglobal.com and
pricegroup@spglobal.com.
Crude Oil Marketwire October 19, 2023
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 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
© 2023 by S&P Global Inc. All rights reserved. 20
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
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.
Crude Oil Marketwire October 19, 2023
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 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
© 2023 by S&P Global Inc. All rights reserved. 21
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 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.
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 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.
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
for the Venezuelan grades Santa Barbara and Mesa
30. US sanctions have curtailed Venezuela production
Crude Oil Marketwire October 19, 2023

Mesa 30 AAITB00 AAXBO00 AAXCC00 AAITH00

and trading activity, and market participants do not Santa Barbara AAITD00 AAXAZ00 AAXBU00 AAITJ00 pricegroup@spglobal.com.
anticipate normal activity to resume. Market sources For written comments, please provide a clear
indicate there has been no spot trade of these grades The prices appear on Platts Global Alert page 280 indication if comments are not intended for publication
in nearly a decade. and in Latin Wire, Crude Oil Marketwire and Oilgram by Platts for public viewing.
The discontinuation will affect the following codes: Price Report. Platts will consider all comments received and will
Outright
Diff to Dated Diff to Brent Diff to WTI Please send any feedback or questions make comments not marked as confidential available
Brent Strip Strip
to Americas_crude@spglobal.com and to the public upon request.

© 2023 by S&P Global Inc. All rights reserved. 22

Crude Oil Marketwire October 19, 2023

Commodity Insights Analytics US Yields & Netbacks Effective October 19, 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 105.73 AGGFA00 3.99 AGGCN00 101.73 AAQZB00 90.71 AGGCM00 9.15
Arab Berri BEGCY00 105.01 TDDAC00 1.32 BEGCN00 103.70 AAXCT00 96.82 BEGCM00 6.88
Arab Heavy AHGCY00 92.75 TDDAJ00 1.39 AHGCN00 91.37 AAXDI00 94.92 AHGCM00 -3.55 Arab Heavy AHGOY00 100.97 TDDAJ00 1.39 AHGON00 99.59 AAXDI00 94.92 AHGOM00 4.67
Arab Light LIGCY00 101.15 TDDAR00 1.35 LIGCN00 99.80 AAXCU00 94.67 LIGCM00 5.13 Arab Light LIGOY00 103.26 TDDAR00 1.35 LIGON00 101.91 AAXCU00 94.67 LIGOM00 7.24
Arab Medium MEGCY00 95.74 TDDAZ00 1.35 MEGCN00 94.39 AAXDN00 95.37 MEGCM00 -0.98 Arab Medium MEGOY00 99.80 TDDAZ00 1.35 MEGON00 98.45 AAXDN00 95.37 MEGOM00 3.08
Bakken BKGCY00 104.16 TDDRP00 7.78 BKGCN00 96.37 AAXPP00 84.97 BKGCM00 11.40
Basrah Heavy BHGOY00 98.25 BHGFA00 2.68 BHGON00 95.57 AALZC00 88.28 BHGOM00 11.85
Basrah Medium BLGCY00 93.71 TDDBS00 2.57 BLGCN00 91.14 BSMAM01 91.78 BLGCM00 3.37 Basrah Medium BLGOY00 99.93 TDDBS00 2.57 BLGON00 97.36 BSMAM01 91.78 BLGOM00 9.60
Bonny Light YLGCY00 107.36 TDDBX00 4.36 YLGCN00 103.00 PCAIC00 93.46 YLGCM00 7.66
Brent BRGCY00 103.88 TDDCB00 3.76 BRGCN00 100.13 AAVJA00 94.55 BRGCM00 3.70
Cabinda CBGCY00 103.15 TDDCF00 4.70 CBGCN00 98.45 PCAFD00 92.76 CBGCM00 3.81 Cabinda CBGOY00 102.27 TDDCF00 4.70 CBGON00 97.57 PCAFD00 92.76 CBGOM00 2.93
Castilla Blend CSGOY00 95.34 CSGFA00 4.06 CSGON00 91.28 AAVEQ00 83.03 CSGOM00 8.25
Eagle Ford EAGCY00 104.40 AAYAT00 90.12 EAGCM00 14.28
Escalante ECGCY00 98.87 TDDCV00 6.17 ECGCN00 92.69 PCAGC00 89.68 ECGCM00 2.12
Forties FTGCY00 103.06 FTGFA00 3.43 FTGCN00 99.62 PCADJ00 93.92 FTGCM00 3.83
Isthmus ISGCY00 101.73 TDDDJ00 2.38 ISGCN00 99.35 PDATO09 87.86 ISGCM00 11.49
LLS LLGCY00 107.71 TDDQW00 0.55 LLGCN00 107.16 PCABN00 91.42 LLGCM00 15.74 LLS LLGOY00 107.71 TDDQW00 0.55 LLGON00 107.16 PCABN00 91.42 LLGOM00 15.74
Marlim MLGCY00 100.70 TDDGK00 4.87 MLGCN00 95.84 AAITF00 85.88 MLGCM00 9.06 Marlim MLGOY00 103.61 TDDGK00 4.87 MLGON00 98.74 AAITF00 85.88 MLGOM00 11.97
Mars MRGCY00 98.29 TDDQY00 0.55 MRGCN00 97.74 AAMBR00 87.22 MRGCM00 10.52 Mars MRGOY00 101.69 TDDQY00 0.55 MRGON00 101.14 AAMBR00 87.22 MRGOM00 13.92
Maya MYGCY00 85.55 TDDDP00 2.51 MYGCN00 83.04 PDATS09 83.31 MYGCM00 -0.27 Maya MYGOY00 97.38 TDDDP00 2.51 MYGON00 94.87 PDATS09 83.31 MYGOM00 11.56
Mesa MSGCY00 100.23 TDDDV00 3.81 MSGCN00 96.42 AAITB00 87.38 MSGCM00 9.05
Napo NPGOY00 93.67 NPGFA00 4.59 NPGON00 89.08 AAMCA00 80.96 NPGOM00 7.26
Olmeca OLGCY00 104.37 TDDDY00 2.39 OLGCN00 101.98 PDATT09 87.91 OLGCM00 14.07
Oriente ORGOY00 100.39 ORGFA00 4.34 ORGON00 96.05 PCADE00 84.11 ORGOM00 11.13
Poseidon PDGCY00 97.63 PDGFA00 0.00 PDGCN00 97.63 AABHK00 86.97 PDGCM00 10.66
Saharan Blend SHGCY00 104.32 TDDRD00 3.38 SHGCN00 100.94 AAGZY00 93.41 SHGCM00 5.66
Syncrude SYGCY00 107.75 SYGFA00 8.52 SYGCN00 99.23 AASOK00 86.37 SYGCM00 12.86
Urals URGCY00 100.47 TDDFM00 4.05 URGCN00 96.42 AAWVH00 80.05 URGCM00 14.49 Urals URGOY00 102.84 TDDFM00 4.05 URGON00 98.79 AAWVH00 80.05 URGOM00 16.86
Vasconia VCGOY00 105.34 VCGFA00 3.93 VCGON00 101.41 PCAGI00 86.28 VCGOM00 15.13
WCS ex-Hardisty WHGOY00 98.12 TDDRS00 8.50 WHGON00 89.62 AAPPN00 63.12 WHGOM00 26.50
WCS ex-Nederland WNGOY00 98.12 WCGFA00 0.00 WNGON00 98.12 AAYAY00 78.72 WNGOM00 19.40
WTI WTGCY00 104.65 AAYRG00 90.12 WTGCM00 14.53
WTS WSGCY00 100.63 TDDRJ00 6.89 WSGCN00 93.74 PCACK00 88.47 WSGCM00 5.27 WTS WSGOY00 104.48 TDDRJ00 6.89 WSGON00 97.59 PCACK00 88.47 WSGOM00 9.12

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

Crude Oil Marketwire October 19, 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 103.36 TDDRO00 1.68 BKTCN00 101.68 AASRU00 87.92 BKTCM00 13.76
Syncrude SYTCY00 105.69 TDDFP00 8.20 SYTCN00 97.49 AASOK00 86.37 SYTCM00 11.12
WCS WCTOY00 97.61 TDDRL00 8.56 WCTON00 89.05 AAPPN00 63.12 WCTOM00 25.93
WTI WTTCY00 103.59 TDDRG00 2.39 WTTCN00 101.20 PCACG00 89.37 WTTCM00 11.83
WTS WSTCY00 100.41 TDDRI00 3.08 WSTCN00 97.48 PCACK00 88.47 WSTCM00 9.01 WTS WSTOY00 103.86 TDDRI00 3.08 WSTON00 100.77 PCACK00 88.47 WSTOM00 12.30

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 108.13 PCAAD00 94.09 ANWCM00 14.04 ANS ANWOY00 111.27 PCAAD00 94.09 ANWOM00 17.18
Arab Light LIWOY00 113.09 TDDAT00 1.35 LIWON00 111.74 AAXCU00 94.67 LIWOM00 17.07
Arab Medium MEWOY00 109.18 TDDBB00 1.35 MEWON00 107.83 AAXDN00 95.37 MEWOM00 12.46
Bakken BKWCY00 114.21 TDDRT00 11.74 BKWCN00 102.46 AAXPP00 84.97 BKWCM00 17.49
Basrah Heavy BHWOY00 108.03 BHWFA00 2.99 BHWON00 105.04 AALZC00 88.28 BHWOM00 22.22
Basrah Medium BLWOY00 109.21 TDDBW00 2.86 BLWON00 106.35 BSMAM01 91.78 BLWOM00 19.48
Castilla Blend CSWOY00 106.99 CSWFA00 6.13 CSWON00 100.86 AAVEQ00 83.03 CSWOM00 16.97
Maya MYWOY00 106.94 MYWFA00 3.53 MYWON00 103.41 AAUPK00 83.46 MYWOM00 19.95
Napo NPWOY00 105.90 NPWFA00 5.36 NPWON00 100.54 AAMCA00 80.96 NPWOM00 18.72
Oriente ORWOY00 109.41 TDDEC00 5.06 ORWON00 104.35 PCADE00 84.11 ORWOM00 19.43
Vasconia VCWOY00 117.55 VCWFA00 5.92 VCWON00 111.63 PCAGI00 86.28 VCWOM00 24.53

US Atlantic Coast (PGA page 0811)

Crack Yield Freight Crack Netback Crude Price Crack Margin

Agbami AGACY00 107.96 AGAFA00 3.46 AGACN00 104.50 AAQZB00 90.71 AGACM00 11.91
Arab Light LIACY00 103.53 TDDAU00 1.35 LIACN00 102.18 AAXCU00 94.67 LIACM00 7.51
Bakken BKACY00 107.27 TDDRN00 7.20 BKACN00 100.07 AAXPP00 84.97 BKACM00 15.10
Bonny Light YLACY00 110.11 TDDBZ00 3.79 YLACN00 106.32 PCAIC00 93.46 YLACM00 10.98
Brent BRACY00 106.95 TDDCC00 3.54 BRACN00 103.41 AAVJA00 94.55 BRACM00 7.89
Cabinda CBACY00 105.10 TDDCH00 4.12 CBACN00 100.98 PCAFD00 92.76 CBACM00 6.34
CPC Blend CPACY00 105.92 CPAFA00 4.11 CPACN00 101.82 AALVX00 87.30 CPACM00 13.54
Forties FTACY00 105.53 FTAFA00 3.24 FTACN00 102.30 PCADJ00 93.92 FTACM00 7.40
Saharan Blend SHACY00 107.45 SHAFA00 2.70 SHACN00 104.75 AAGZY00 93.41 SHACM00 9.46
Urals URACY00 102.99 URAFA00 3.14 URACN00 99.85 AAWVH00 80.05 URACM00 17.92

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

Crude Oil Marketwire October 19, 2023

Commodity Insights Analytics European Yields & Netbacks Effective October 19, 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 106.02 3.36 AGNCN00 102.65
AGNFA00 AAQZB00 90.71 AGNCM00 11.94 Agbami AGMCY00 103.76 AGMFA00 3.21 AGMCN00 100.55 AAQZB00 90.71 AGMCM00 9.84
Arab Berri BENCY00 105.21 BENFA00 1.32 BENCN00 103.89 AAXDU00 99.68 BENCM00 4.21
Arab Heavy AHNCY00 93.79 TDDAN00 1.39 AHNCN00 92.40 AAXDH00 94.18 AHNCM00 -1.78 Arab Heavy AHMCY00 93.73 1.39 AHMCN00 92.34
TDDAI00 AAXDH00 94.18 AHMCM00 -0.74
Arab Light LINCY00 102.14 TDDAV00 1.35 LINCN00 100.79 AAXDK00 98.08 LINCM00 2.71 Arab Light LIMCY00 100.97 1.35 LIMCN00 99.62
TDDAQ00 AAXDK00 98.08 LIMCM00 2.54
Arab Medium MENCY00 96.68 TDDBD00 1.36 MENCN00 95.32 AAXDM00 96.88 MENCM00 -1.56 Arab Medium MEMCY00 95.99 TDDAY00 1.37 MEMCN00 94.63 AAXDM00 96.88 MEMCM00 -1.45
Azeri Light ZLNCY00 107.16 TDDBI00 3.47 ZLNCN00 103.69 AATHM00 92.05 ZLNCM00 9.68 Azeri Light* ZLMCY00 105.35 AAGZX00 95.96 ZLMCM00 9.39
Basrah Medium BLNCY00 95.18 TDDBU00 3.82 BLNCN00 91.36 BSMAM01 91.78 BLNCM00 -0.18 Basrah Medium BLMCY00 94.96 TDDBR00 2.73 BLMCN00 92.23 BSMAM01 91.78 BLMCM00 0.69
Bonny Light YLNCY00 108.24 YLNFA00 3.68 YLNCN00 104.56 PCAIC00 93.46 YLNCM00 11.10 Bonny Light YLMCY00 106.36 YLMFA00 3.52 YLMCN00 102.84 PCAIC00 93.46 YLMCM00 9.38
Brent BRNCY00 103.91 TDDCD00 2.95 BRNCN00 100.97 AAVJA00 94.55 BRNCM00 6.42
Cabinda CBNCY00 101.86 TDDQR00 4.02 CBNCN00 97.84 PCAFD00 92.76 CBNCM00 5.08 Cabinda CBMCY00 100.22 CBMFA00 3.85 CBMCN00 96.37 PCAFD00 92.76 CBMCM00 3.61
CPC Blend CPNCY00 104.79 CPNFA00 5.56 CPNCN00 99.24 AALVX00 87.30 CPNCM00 11.94 CPC Blend* CPMCY00 102.65 AAGZU00 91.18 CPMCM00 11.48
Dubai DBNCY00 100.76 DBNFA00 3.58 DBNCN00 97.18 PCAAT00 91.20 DBNCM00 4.15
Eagle Ford EANCY00 105.27 EANFA00 6.63 EANCN00 98.65 AAYAT00 90.12 EANCM00 9.51 Eagle Ford EAMCY00 103.24 TNEIF00 7.10 EAMCN00 96.14 AAYAT00 90.12 EAMCM00 7.00
Ekofisk EKNCY00 105.64 TDDCT00 1.86 EKNCN00 103.77 PCADI00 96.96 EKNCM00 6.81
Forties FTNCY00 103.96 TDDEZ00 2.18 FTNCN00 101.77 PCADJ00 93.92 FTNCM00 7.85 Forties FTMCY00 102.12 FTMFA00 3.63 FTMCN00 98.49 PCADJ00 93.92 FTMCM00 4.57
Iran Heavy BHNCY00 99.95 TDDDG00 3.78 BHNCN00 96.17 AIHKA00 92.70 BHNCM00 2.58 Iran Heavy BHMCY00 99.00 TDDDF00 2.68 BHMCN00 96.32 AIHKA00 92.70 BHMCM00 2.73
Johan Sverdrup JSNCY00 101.91 JSNFA00 2.32 JSNCN00 99.59 AJSVA00 94.40 JSNCM00 5.19 Johan Sverdrup JSMCY00 100.44 JSMFA00 3.87 JSMCN00 96.57 AJSVA00 94.40 JSMCM00 2.17
Kirkuk KRNCY00 100.83 TDDGH00 5.48 KRNCN00 95.35 AAEJD00 91.05 KRNCM00 1.40 Kirkuk KRMCY00 99.67 TDDFF00 2.89 KRMCN00 96.78 AAEJD00 91.05 KRMCM00 2.83
LLS LLNCY00 109.53 LLNFA00 6.95 LLNCN00 102.58 AAQBB00 90.48 LLNCM00 12.14 LLS LLMCY00 107.72 LLMFA00 7.44 LLMCN00 100.28 AAQBB00 90.48 LLMCM00 9.84
Maya MYNCY00 86.79 MYNFA00 7.17 MYNCN00 79.62 AAYXE00 84.53 MYNCM00 -4.91
Oman OMNCY00 100.37 OMNFA00 3.52 OMNCN00 96.85 PCABS00 91.25 OMNCM00 3.79 Oman OMMCY00 99.35
2.43 OMMCN00 96.92
OMMFA00 PCABS00 91.25 OMMCM00 3.86
Saharan Blend SHNCY00 105.82 TDDGI00 3.40 SHNCN00 102.42 AAGZY00 93.41 SHNCM00 9.01 Saharan Blend SHMCY00 103.39 2.44 SHMCN00 100.96
TDDFG00 AAGZY00 93.41 SHMCM00 7.55
Urals* URNCY00 102.98 PCAFW00 82.70 URNCM00 20.29 Urals* URMCY00 100.45 PCACE00 85.99 URMCM00 14.46
WTI MEH WTNCY00 105.53 WTNFA00 6.73 WTNCN00 98.80 AAYRZ00 89.23 WTNCM00 9.66
*Indicates the crude price is a CIF value

Commodity Insights Analytics Asian yields & netbacks effective October 19, 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 97.77 AGSFA00 2.74 AGSCN00 95.03 AAQZB00 90.71 AGSCM00 5.25 Forties FTSCY00 95.37 TNEFD00 4.21 FTSCN00 91.17 PCADJ00 93.92 FTSCM00 -1.82
Arab Berri BESCY00 96.76 BESFA00 1.67 BESCN00 95.10 AAXDV00 94.08 BESCM00 1.02 Kimanis KISCY00 106.89 KISFA00 1.47 KISCN00 105.42 AASCL00 98.57 KISCM00 6.85
Arab Heavy AHSCY00 87.23 TDDAO00 1.73 AHSCN00 85.50 AAXDG00 92.93 AHSCM00 -7.43 LLS LLSCY00 100.23 LLSFA00 4.75 LLSCN00 95.47 AAZDC00 89.77 LLSCM00 5.96
Arab Light LISCY00 94.64 TDDAW00 1.70 LISCN00 92.94 AAXDJ00 94.83 LISCM00 -1.89 Mars MRSCY00 92.36 MRSFA00 4.92 MRSCN00 87.45 AAMBR00 87.22 MRSCM00 2.14
Arab Medium MESCY00 89.73 TDDBE00 1.71 MESCN00 88.02 AAXDL00 94.68 MESCM00 -6.66 Maya MYSCY00 84.63 MYSFA00 5.17 MYSCN00 79.46 AAYXG00 84.83 MYSCM00 -5.37
Basrah Medium BHSCY00 89.22 BHSFA00 1.81 BHSCN00 87.42 BSMAM01 91.78 BHSCM00 -5.61 Minas MNSCY00 100.65 TDDDX00 1.48 MNSCN00 99.16 PCABO00 84.85 MNSCM00 14.31
Bonny Light YLSCY00 100.39 YLSFA00 2.95 YLSCN00 97.44 PCAIC00 93.46 YLSCM00 4.91 Oman OMSCY00 90.73 TDDEB00 1.53 OMSCN00 89.20 PCABS00 91.25 OMSCM00 -2.05
Cabinda CBSCY00 98.86 TDDQS00 2.84 CBSCN00 96.02 PCAFD00 92.76 CBSCM00 4.19 Qua lboe QBSCY00 100.79 QBSFA00 2.95 QBSCN00 97.84 PCAID00 94.06 QBSCM00 4.71
Castilla CSSCY00 80.77 CSSFA00 5.27 CSSCN00 75.50 AAVEQ00 83.03 CSSCM00 -5.61 Saharan Blend SHSCY00 95.14 SHSFA00 4.11 SHSCN00 91.02 AAGZY00 93.41 SHSCM00 -2.27
Dalia DLSCY00 100.44 DLSFA00 2.95 DLSCN00 97.49 AAQYX00 92.06 DLSCM00 6.36 Tapis TPSCY00 98.36 TDDEO00 1.45 TPSCN00 96.91 PCACB00 92.92 TPSCM00 3.99
Dubai DBSCY00 93.98 TDDCQ00 1.61 DBSCN00 92.37 PCAAT00 91.20 DBSCM00 1.17 Tupi* LUSCY00 98.46 LUQDA00 93.15 LUSCM00 7.76
Duri DRSCY00 98.42 TDDCR00 1.62 DRSCN00 96.80 PCABA00 92.72 DRSCM00 4.08 Urals URSCY00 94.46 URSFA00 4.34 URSCN00 90.12 AAGZS00 80.45 URSCM00 10.60
Eagle Ford EASCY00 97.02 EASFA00 4.56 EASCN00 92.46 AAYAT00 90.12 EASCM00 4.25 WTI MEH WTSCY00 97.20 WTSFA00 4.64 WTSCN00 92.56 AAZDF00 88.47 WTSCM00 4.35
ESPO ESSCY00 97.64 ESSFA00 1.49 ESSCN00 96.16 AARWF00 86.03 ESSCM00 10.13
*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 19, 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 Sep-23 26.02

North America (PGA/PCR page 4206)

WTI Midland WXTIC00 0.53 WXTIC40 Sep-23 40.01

Europe (PGA/PCR page 4206)

Brent BXREC00 0.90 BXREC40 Sep-23 67.42
Ekofisk EXKOC00 0.31 EXKOC40 Sep-23 23.40
Forties FXORC00 0.33 FXORC40 Sep-23 24.37
Oseberg OXSEC00 1.35 OXSEC40 Sep-23 101.24
Troll TXROC00 3.73 TXROC40 Sep-23 279.62

Middle East (PGA/PCR page 4206)

Al-Shaheen AGINC00 0.13 AGINK40 Sep-23 9.59
Arab Light AGINF00 0.25 AGINN40 Sep-23 19.03
Das Blend AGINE00 0.32 AGINM40 Sep-23 24.24
Dubai AGINA00 0.36 AGINI40 Sep-23 26.63
Murban AGINH00 0.31 AGINP40 Sep-23 23.30
Oman AGINB00 0.26 AGINJ40 Sep-23 19.21
UpperZakum AGIND00 0.17 AGINL40 Sep-23 12.93
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 19, 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 0.50 BOZHC40 Sep-23 37.41 Bohai Pengbo-Singapore BOZHC10 0.06 BOZHC50 Sep-23 4.24
India
Bombay High MUMBC00 0.34 MUMBC40 Sep-23 25.22 Bombay High-Qingdao MUMBC10 0.09 MUMBC50 Sep-23 6.80
Iran
Marun MARUC00 0.49 MARUC40 Sep-23 36.46 Kharg Island-Qingdao MARUC10 0.12 MARUC50 Sep-23 8.96
Iraq
Kirkuk KIRKC00 0.68 KIRKC40 Sep-23 50.71 Ceyhan-R’dam KIRKC10 0.06 KIRKC50 Sep-23 4.55
Rumaila RUMAC00 0.29 RUMAC40 Sep-23 21.56 Al Basrah-Sikka RUMAC10 0.03 RUMAC50 Sep-23 2.09

www.spglobal.com/commodityinsights
Crude Oil Marketwire October 19, 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 0.65 WESTC40 Sep-23 48.87 Al Basrah-Sikka WESTC10 0.03 WESTC50 Sep-23 2.22
Zubair ZUBAC00 0.26 ZUBAC40 Sep-23 19.50 Al Basrah-Sikka ZUBAC10 0.03 ZUBAC50 Sep-23 2.09
Kuwait
Burgan BURGC00 0.22 BURGC40 Sep-23 16.76 Mina-Ulsan BURGC10 0.12 BURGC50 Sep-23 9.31
Oman
Oman Basin AMRGF00 0.24 AMRGS40 Sep-23 18.23 Salalah-Tranmere ASITF10 0.12 ASITS50 Sep-23 8.59
Qatar
Al-Shaheen AMRGE00 0.12 AMRGR40 Sep-23 8.74 Al-Shaheen-Singapore ASITE10 0.08 ASITR50 Sep-23 5.63
Dukhan DUKHC00 1.55 DUKHC40 Sep-23 116.27 Mesaieed-Singapore DUKHC10 0.07 DUKHC50 Sep-23 5.03
Saudi Arabia
Abu Hadriya AMRGI00 0.24 AMRGV40 Sep-23 18.17 Ras Tanura-Ain Sukhna ASITI10 0.02 ASITV50 Sep-23 1.27
Ghawar GHWRC00 0.24 GHWRC40 Sep-23 17.94 Ras Tanura-Qingdao GHWRC10 0.11 GHWRC50 Sep-23 8.33
Khurais AMRGH00 0.24 AMRGU40 Sep-23 17.86 Ras Tanura-Ain Sukhna ASITH10 0.02 ASITU50 Sep-23 1.20
Safaniya SAFAC00 0.21 SAFAC40 Sep-23 15.52 Ras Tanura-Changxing SAFAC10 0.13 SAFAC50 Sep-23 9.53
Zuluf ZULUC00 0.30 ZULUC40 Sep-23 22.24 Ras Tanura-Changxing ZULUC10 0.12 ZULUC50 Sep-23 9.24
UAE
Abu Al Bukhoosh AMRGM00 0.15 AMRGZ40 Sep-23 11.27 Zirku-Sikka ASITM10 0.02 ASITZ50 Sep-23 1.65
El Bunduq AMRGL00 0.48 AMRGY40 Sep-23 35.91 Zirku-Sikka ASITL10 0.02 ASITY50 Sep-23 1.57
Falah AMRGA00 0.17 AMRGN40 Sep-23 12.74 Falah-Kiire ASITA10 0.14 ASITN50 Sep-23 10.36
Fateh FATEC00 0.23 FATEC40 Sep-23 16.97 Fateh-Kiire FATEC10 0.11 FATEC50 Sep-23 8.56
Lower Zakum AMRGD00 0.16 AMRGQ40 Sep-23 11.58 Zirku-Sikka ASITD10 0.02 ASITQ50 Sep-23 1.70
Murban MURBC00 0.26 MURBC40 Sep-23 19.37 Fujairah-Chiba MURBC10 0.11 MURBC50 Sep-23 8.55
Nasr AMRGK00 0.20 AMRGX40 Sep-23 15.02 Zirku-Sikka ASITK10 0.02 ASITX50 Sep-23 1.62
Rashid AMRGB00 0.39 AMRGO40 Sep-23 28.99 Mina-Kiire ASITB10 0.14 ASITO50 Sep-23 10.17
Umm Shaif AMRGJ00 0.30 AMRGW40 Sep-23 22.69 Zirku-Sikka ASITJ10 0.02 ASITW50 Sep-23 1.60
Upper Zakum AMRGC00 0.16 AMRGP40 Sep-23 11.63 Zirku-Zhoushan ASITC10 0.12 ASITP50 Sep-23 9.05

Africa Fields (PGA/PCR page 4202)

Algeria
Hassi Messaoud AMRGG00 0.30 AMRGT40 Sep-23 22.15 Skikda-Tranmere ASITG10 0.03 ASITT50 Sep-23 2.07
Angola
Girassol GRSLC00 0.16 GRSLC40 Sep-23 11.81 Girassol-Qingdao GRSLC10 0.18 GRSLC50 Sep-23 13.18
Libya
Waha WAHAC00 0.47 WAHAC40 Sep-23 34.87 Zawia-Augusta WAHAC10 0.01 WAHAC50 Sep-23 0.44
Nigeria
Agbami AGBAC00 0.35 AGBAC40 Sep-23 26.30 Agbami-Paradip AGBAC10 0.14 AGBAC50 Sep-23 10.25
Bonga BONGC00 0.17 BONGC40 Sep-23 12.35 Bonga-R’dam BONGC10 0.08 BONGC50 Sep-23 6.26

Europe Fields (PGA/PCR page 4202)

Azerbaijan
Azeri AZERC00 0.36 AZERC40 Sep-23 26.72 Ceyhan-Sarroch AZERC10 0.03 AZERC50 Sep-23 1.93
Kazakhstan
Tengiz TNGZC00 0.27 TNGZC40 Sep-23 20.43 Novo-R’dam TNGZC10 0.06 TNGZC50 Sep-23 4.62
Norway
Alvheim ALVHC00 0.11 ALVHC40 Sep-23 7.93 Alvheim-Le Havre ALVHC10 0.01 ALVHC50 Sep-23 0.85

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

Crude Oil Marketwire October 19, 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 0.96 BRAGC40 Sep-23 71.84 Sture - Brofjorden BRAGC10 0.01 BRAGC50 Sep-23 0.48
Edvard-Grieg EDVAC00 0.06 EDVAC40 Sep-23 4.41 Edvard Grieg-Sarroch EDVAC10 0.04 EDVAC50 Sep-23 2.97
Ekofisk EKFSC00 0.36 EKFSC40 Sep-23 26.67 Teesside-R’dam EKFSC10 0.01 EKFSC50 Sep-23 0.36
Embla EMBLC00 0.07 EMBLC40 Sep-23 5.38 Teesside-R’dam EMBLC10 0.01 EMBLC50 Sep-23 0.36
Fram FRAMC00 0.34 FRAMC40 Sep-23 25.51 Mongstad-R’dam FORTD10 0.01 FORTD50 Sep-23 0.84
Goliat GOLIC00 0.03 GOLIC40 Sep-23 2.13 Goliat-R’dam GOLIC10 0.02 GOLIC50 Sep-23 1.73
Grane GRANC00 0.06 GRANC40 Sep-23 4.38 Sture-Immingham GRANC10 0.01 GRANC50 Sep-23 0.63
Gullfaks GULLC00 0.21 GULLC40 Sep-23 15.59 Gullfaks-Brofjorden GULLC10 0.01 GULLC50 Sep-23 0.46
Heidrun HEIDC00 0.16 HEIDC40 Sep-23 12.29 Heidrun-R’dam HEIDC10 0.02 HEIDC50 Sep-23 1.22
Ivar-Aasen IVARC00 0.03 IVARC40 Sep-23 2.39 Ivar Aasen-R’dam IVARC10 0.01 IVARC50 Sep-23 0.80
Johan Sverdrup JSVRC00 0.02 JSVRC40 Sep-23 1.57 Mongstad-R’dam JSVRC10 0.01 JSVRC50 Sep-23 0.79
Oseberg OSEBC00 0.27 OSEBC40 Sep-23 20.25 Sture-R’dam OSEBC10 0.01 OSEBC50 Sep-23 0.69
Snorre SNORC00 0.19 SNORC40 Sep-23 13.90 Snorre-Statfjord SNORC10 0.00 SNORC50 Sep-23 0.14
Statfjord STATC00 8.82 STATC40 Sep-23 660.52 Statfjord-R’dam STATC10 0.01 STATC50 Sep-23 0.75
Troll TROLC00 0.26 TROLC40 Sep-23 19.64 Mongstad-R’dam TROLC10 0.01 TROLC50 Sep-23 0.79
Ula ULACC00 0.70 ULACC40 Sep-23 52.39 Teesside-R’dam ULACC10 0.01 ULACC50 Sep-23 0.37
Valhall VALHC00 0.07 VALHC40 Sep-23 5.13 Valhall-R’dam VALHC10 0.01 VALHC50 Sep-23 0.35
United Kingdom
Alwyn North ALWYC00 0.06 ALWYC40 Sep-23 4.45 Sullom Voe-R’dam ALWYC10 0.01 ALWYC50 Sep-23 0.81
Arbroath ARBRC00 0.11 ARBRC40 Sep-23 8.54 Houndpoint-R’dam ARBRC10 0.01 ARBRC50 Sep-23 0.55
Auk AUKCD00 0.35 AUKCC40 Sep-23 26.45 Teesside-R’dam AUKCC10 0.01 AUKCC50 Sep-23 0.37
Brae BRAEC00 0.19 BRAEC40 Sep-23 13.90 Houndpoint-R’dam BRAEC10 0.01 BRAEC50 Sep-23 0.56
Bruce BRUCC00 0.75 BRUCC40 Sep-23 56.38 Houndpoint-R’dam BRUCC10 0.01 BRUCC50 Sep-23 0.56
Buzzard BZRDC00 0.28 BZRDC40 Sep-23 21.11 Houndpoint-R’dam BZRDC10 0.01 BZRDC50 Sep-23 0.53
Captain CAPTC00 0.44 CAPTC40 Sep-23 32.71 Captain-Hamburg CAPTC10 0.01 CAPTC50 Sep-23 0.72
Catcher CATCC00 0.21 CATCC40 Sep-23 15.71 Catcher-R’dam CATCC10 0.01 CATCC50 Sep-23 0.48
Clair CLAIC00 0.13 CLAIC40 Sep-23 10.06 Clair-Stanlow CLAIC10 0.01 CLAIC50 Sep-23 0.91
Clyde CLYDC00 0.38 CLYDC40 Sep-23 28.47 Teesside-R’dam CLYDC10 0.01 CLYDC50 Sep-23 0.37
Cormorant CORMC00 0.83 CORMC40 Sep-23 62.16 Sullom Voe-R’dam CORMC10 0.01 CORMC50 Sep-23 0.82
Everest EVERC00 0.19 EVERC40 Sep-23 14.36 Houndpoint-R’dam EVERC10 0.01 EVERC50 Sep-23 0.55
Forties FORTC00 0.24 FORTC40 Sep-23 17.71 Houndpoint-R’dam FORTC10 0.01 FORTC50 Sep-23 0.56
Gannet GANNC00 0.26 GANNC40 Sep-23 19.71 Teesside-R’dam GANNC10 0.01 GANNC50 Sep-23 0.38
Golden-Eagle GOLDC00 0.28 GOLDC40 Sep-23 21.24 Golden Eagle-Grangemouth GOLDC10 0.00 GOLDC50 Sep-23 0.14
Joanne JOANC00 0.08 JOANC40 Sep-23 6.14 Teesside-R’dam JOANC10 0.01 JOANC50 Sep-23 0.37
Judy JUDYC00 0.34 JUDYC40 Sep-23 25.37 Teesside-R’dam JUDYC10 0.01 JUDYC50 Sep-23 0.38
Kraken KRAKC00 0.23 KRAKC40 Sep-23 17.40 Kraken-R’dam KRAKC10 0.01 KRAKC50 Sep-23 0.80
Magnus MAGNC00 0.17 MAGNC40 Sep-23 12.60 Sullom Voe-R’dam MAGNC10 0.01 MAGNC50 Sep-23 0.81
Mariner MARIC00 0.20 MARIC40 Sep-23 14.67 Mariner-Pascagoula MARIC10 0.09 MARIC50 Sep-23 6.85
Nelson NELSC00 0.13 NELSC40 Sep-23 9.59 Houndpoint-R’dam NELSC10 0.01 NELSC50 Sep-23 0.55
Ninian NINIC00 2.25 NINIC40 Sep-23 168.18 Sullom Voe-R’dam NINIC10 0.01 NINIC50 Sep-23 0.83
Schiehallion SCHIC00 0.23 SCHIC40 Sep-23 17.08 Schiellhallion-R’dam SCHIC10 0.01 SCHIC50 Sep-23 0.85
Scott SCOTC00 0.15 SCOTC40 Sep-23 11.07 Houndpoint-R’dam SCOTC10 0.01 SCOTC50 Sep-23 0.55
Tiffany TIFFC00 0.60 TIFFC40 Sep-23 44.80 Houndpoint-R’dam TIFFC10 0.01 TIFFC50 Sep-23 0.55
Toni TONIC00 0.18 TONIC40 Sep-23 13.18 Houndpoint-R’dam TONIC10 0.01 TONIC50 Sep-23 0.55
Russia
Samotlor SAMOC00 0.43 SAMOC40 Sep-23 32.31 Primorsk-R’dam SAMOC10 0.03 SAMOC50 Sep-23 1.97

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

Crude Oil Marketwire October 19, 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 0.51 BAKKC40 Sep-23 38.51 Canada-USMW BAKKC10 0.05 BAKKC50 Sep-23 3.91
Cold Lake CDLKC00 1.16 CDLKC40 Sep-23 87.11 W Canada-USMW CDLKC10 0.07 CDLKC50 Sep-23 4.86
CVE Christina Lake CVECC00 0.59 CVECC40 Sep-23 44.23 Canada-USMW CVECC10 0.07 CVECC50 Sep-23 4.86
Foster Creek FOSTC00 0.82 FOSTC40 Sep-23 61.09 Canada-USGC FOSTC10 0.08 FOSTC50 Sep-23 5.69
Hebron HEBRC00 0.13 HEBRC40 Sep-23 9.86 Hebron-Canada HEBRC10 0.12 HEBRC50 Sep-23 8.89
Hibernia HIBEC00 0.36 HIBEC40 Sep-23 26.91 Hibernia-Canada HIBEC10 0.13 HIBEC50 Sep-23 9.82
Jackfish JACKC00 0.91 JACKC40 Sep-23 68.35 Canada-USMW JACKC10 0.06 JACKC50 Sep-23 4.37
MEG Christina Lake MEGCC00 0.78 MEGCC40 Sep-23 58.15 Canada-USGC MEGCC10 0.08 MEGCC50 Sep-23 5.99
Montney Shale MONTC00 0.37 MONTC40 Sep-23 27.71 Montney-Canada MONTC10 0.01 MONTC50 Sep-23 0.81
Surmont SURMC00 0.85 SURMC40 Sep-23 63.47 Canada-USGC SURMC10 0.07 SURMC50 Sep-23 5.54
United States (PGA/PCR page 4205)
Bakken BAKNC00 0.28 BAKNC40 Sep-23 21.13 Beaumont-R’dam BAKNC10 0.09 BAKNC50 Sep-23 6.46
Denver-Julesburg DENVC00 0.38 DENVC40 Sep-23 28.34 Denver-USGC DENVC10 0.03 DENVC50 Sep-23 2.47
Eagle Ford EGFDC00 0.23 EGFDC40 Sep-23 17.49 Houston-Qingdao EGFDC10 0.17 EGFDC50 Sep-23 12.85
Mars-Ursa MRURC00 0.18 MRURC40 Sep-23 13.72 Mars-Qingdao MRURC10 0.19 MRURC50 Sep-23 14.04
Permian Delaware PRDLC00 0.24 PRDLC40 Sep-23 17.70 Corpus Christi-R’dam PRDLC10 0.09 PRDLC50 Sep-23 6.51
Permian Midland PRMDC00 0.28 PRMDC40 Sep-23 20.88 Corpus Christi-R’dam PRMDC10 0.09 PRMDC50 Sep-23 6.70
Prudhoe-Bay PRUDC00 0.43 PRUDC40 Sep-23 32.15 Alaska-USWC PRUDC10 0.04 PRUDC50 Sep-23 2.86
San-Joaquin SANMC00 2.35 SANMC40 Sep-23 175.90 San Joaquin-SoCal SANAC10 0.01 SANAC50 Sep-23 0.77
SCOOP-STACK SCOOC00 0.43 SCOOC40 Sep-23 32.35 Oklahoma-USGC SCOOC10 0.01 SCOOC50 Sep-23 1.01
Tahiti TAHIC00 0.22 TAHIC40 Sep-23 16.49 Tahiti-Yeosu TAHIC10 0.18 TAHIC50 Sep-23 13.15

Latin America Fields (PGA/PCR page 4203)

Brazil
Tupi TUPIC00 0.16 TUPIC40 Sep-23 11.81 Rio-Qingdao TUPIC10 0.21 TUPIC50 Sep-23 15.64
Colombia
Cusiana CUSIC00 0.29 CUSIC40 Sep-23 21.71 Tolu-Houston CUSIC10 0.03 CUSIC50 Sep-23 2.28
Ecuador
Sacha SACHC00 0.32 SACHC40 Sep-23 23.65 Esmeraldas-Long Beach SACHC10 0.06 SACHC50 Sep-23 4.57
Mexico
Cantarell CNTLC00 0.20 CNTLC40 Sep-23 14.90 Cantarell-Bilbao CNTLC10 0.10 CNTLC50 Sep-23 7.22
Venezuela
Orinoco Oil Belt ORINC00 5.29 ORINC40 Sep-23 395.85 Jose-Sikka ORINC10 0.19 ORINC50 Sep-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