Crude Oil Marketwire_16 Nov 2023

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Crude Oil Marketwire

Volume 44 / Issue 226 / November 16, 2023
Key benchmarks ($/barrel) Brent/WTI spreads and EFPs (PGA page 218) Market Commentary
Mid Change Mid Change
(PGA page 2210) Brent/WTI 1st AALAU00 4.44/4.46 4.450 -0.070
Dubai (Jan) PCAAT00 81.67–81.69 81.680 -1.560 Brent/WTI 2nd AALAV00 4.41/4.43 4.420 -0.020 Platts Middle East Sour Crude Daily Market
Dubai (Feb)
Dubai (Mar)
PCAAU00
PCAAV00
80.54–80.56
80.10–80.12
80.550
80.110
-1.680
-1.540
Brent/WTI 3rd AALAY00
Brent EFP (Jan) AAGVX00 0.06/0.08
4.320
0.070
-0.050
-0.010
Analysis
MEC (Jan) AAWSA00 81.67–81.69 81.680 -1.560 Brent EFP (Feb) AAGVY00 0.11/0.13 0.120 0.000
MEC (Feb) AAWSB00 80.54–80.56 80.550 -1.680 Brent EFP (Mar) AAMVY00 0.120 0.000 Cash differentials of light, medium sour crudes
MEC (Mar) AAWSC00 80.10–80.12 80.110 -1.540
Brent/Dubai (Jan) AAJMS00 -1.19/-1.17 -1.180 -0.560
WTI EFP (Dec) AAGVT00 -0.01/0.01 0.000 0.000 seen weaker
WTI EFP (Jan) AAGVU00 -0.01/0.01 0.000 0.000
(PGA page 1212)
Brent (Dated) PCAAS00 78.14–78.15 78.145 -4.465
WTI EFP (Feb) AAGVV00 -0.01/0.01 0.000 0.000 Arbitrage crudes from US, Mediterranean
Dated North Sea Light AAOFD00 78.14–78.15 78.145 -4.465 heard traded
Dated Brent (CIF) PCAKM00 79.615 -4.480 Middle East ($/barrel) The Middle East sour crude market saw an upswing
Brent (Jan) PCAAQ00 77.89–77.91 77.900 -3.790
(PGA page 2210) Mid Change
Brent (Feb) PCAAR00 78.01–78.03 78.020 -3.570 Oman (Jan) PCABS00 81.67–81.69 81.680 -1.560 in spot trade activity on Nov. 16.
Brent (Mar) PCARR00 78.000 -3.410 Oman (Feb) 80.54–80.56 80.550 -1.680
Sulfur de-escalator AAUXL00 0.20 Oman (Mar)
AAHZF00
AAHZH00 80.10–80.12 80.110 -1.540
On light sour grades, South Korea’s SK Energy
Oseberg QP (Nov)
Oseberg QP (Dec)
AAXDW00
AAXDX00
1.3396
2.0483
Upper Zakum (Jan) AAOUQ00 81.64–81.68 81.660 -1.280 was heard to have bought an Umm Lulu cargo from
Murban (Jan) AAKNL00 81.66–81.70 81.680 -1.560
Ekofisk QP (Nov) AAXDY00 1.2616 Murban (Feb) MBNSA00 80.550 -1.680
PetroChina at a premium around $1.80/b to Platts
Ekofisk QP (Dec) AAXDZ00 1.8273
Troll QP (Nov) ATFNB00 1.5916
Murban (Mar) MBNSB00 80.110 -1.540 front-month Dubai crude assessments on an FOB
Al Shaheen AAPEV00 81.66–81.70 81.680 -1.570
Troll QP (Dec) ATFNA00 2.2883 Spread vs Dubai basis, for January-loading. Meanwhile, Thailand’s PTT
(PGA page 210) Dubai DBDDC00 1.570 -0.020 (continued on page 3)
Platts AGS AGSAA00 74.430 -3.580 Oman DBDOC00 1.570 -0.020
WTI FOB USGC Decades Avg ADECA00 74.430 -3.580 Murban AARBZ00 1.570 -0.020
WTI (Dec) PCACG00 72.89–72.91 72.900 -3.760 Al Shaheen AAPEW00 1.52–1.62 1.570 -0.030 Contents
WTI (Jan) PCACH00 73.08–73.10 73.090 -3.700 Upper Zakum DBDUZ00 1.550 +0.260
WTI (Feb) AAGIT00 73.18–73.20 73.190 -3.610 Quality Premiums Platts Oil Mideast Sour Crude Convergences. ......................... 4
Light Houston Sweet AAXEW00 73.950 -3.710 Murban QP AASVA00 0.0000
Light Houston Sweet M2 AAYRY00 74.340 -3.650 Platts Middle East Sour Crude Bids, Offers, Trades..................... 4
LOOP Sour (Dec) AALSM01 73.350 -3.760 (PGA page 2658)
LOOP Sour (Jan) AALSM02 72.940 -3.250 Dubai Swap (Dec) AAHBM00 80.53–80.57 80.550 -1.680 Platts Dubai Derivatives Bids Summary. ............................... 8
LOOP Sour (Feb) AALSM03 72.490 -3.660 Dubai Swap (Jan) AAHBN00 80.09–80.13 80.110 -1.540
Bakken AAXPP00 70.170 -3.570 Dubai Swap (Feb) AAHBO00 79.81–79.85 79.830 -1.400 Platts Dubai Derivatives Offers Summary. ............................. 8
Eagle Ford Marker AAYAJ00 72.690 -3.970
Platts Dubai Derivatives Trades Summary.............................. 8
ACM* (Dec) AAQHN00 72.44–72.46 72.450 -3.760
ACM* (Jan) AAQHO00 72.03–72.05 72.040 -3.250 Platts Dubai Derivatives Exclusions. ................................... 9
ACM* (Feb) AAQHP00 71.58–71.60 71.590 -3.660
*Americas Crude Marker. Platts Asia Pacific Sweet Crude Daily Market Analysis. ................ 9
Forward Dated Brent ($/barrel) (PGA page 1250) Platts Asia Light Sweet Crude Bids, Offers, Trades. ................... 10
Mid Change Platts North Sea Crude Daily Market Analysis......................... 10
North Sea Dated strip AAKWH00 77.73–77.75 77.740 -3.960
Mediterranean Dated strip AALDF00 77.71–77.72 77.715 -3.965 Platts North Sea Dated Brent, BFOE, CFD Bids, Offers, Trades. ........ 13
33-63 Day Dated strip AALEJ00 77.67–77.68 77.675 -3.620
BTC Dated strip AAUFI00 77.69–77.70 77.695 -3.915 Platts WTI Midland Crude DAP Europe Bids, Offers, Trades............. 17
15-45 Day Dated strip AALGM00 77.64–77.65 77.645 -3.820
30-60 Day Dated strip AAXRK00 77.67–77.68 77.675 -3.645 Platts Mediterranean & Black Sea Sweet Crude Daily Commentary. ... 17
North Sea CIF Dtd strip AAHXE00 77.720 -3.950
23-63 Day Dated Strip ADBRA00 77.685 -3.680 Platts NWE and Med Urals Sour Crude Daily Market Analysis. ......... 17
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Crude Oil Marketwire November 16, 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 69.48–69.52 69.500 -1.540 AAPAI00 -10.750 +0.200 AAPAH00 66.920 -3.300
Ichthys FC 48.9 ICFCA00 77.550 -1.640 ICFCB00 -2.700 +0.100
DFC 56.82 ADFCA00 78.44–78.48 78.460 -1.540 ADFCB00 -1.70/-1.60 -1.650 0.000 ADFCC00 -1.790 +0.200 ADFCD00 75.880 -3.300
Qatar LSC 56.9 AARBB00 77.84–77.88 77.860 -1.540 AARBD00 -2.30/-2.20 -2.250 0.000 AARBC00 -2.390 +0.200 AARBA00 75.280 -3.300
South Pars 57.4 AARAV00 73.39–73.43 73.410 -1.540 AARAX00 -6.75/-6.65 -6.700 0.000 AARAW00 -6.840 +0.200 AARAU00 70.830 -3.300
Diff to ICP
Senipah 54.4 AAEOE00 66.73–66.77 66.750 -1.540 AAEOK00 -7.30/-7.20 -7.250 +0.100 AAPBE00 -13.500 +0.200 AAPBD00 64.170 -3.300
Light crude (PGA page 2214) (PGA page 2215)
Diff to ICP Diff to Asian Dated Brent
Cossack 47.7 PCAGZ00 76.73–76.77 76.750 -1.640 AAPAC00 -3.500 +0.100 AAPAB00 74.170 -3.400
Tapis 45.2 PCACB00 85.28–85.32 85.300 -1.640 AAOZW00 5.050 +0.100 AAOZV00 82.720 -3.400
Belida 45.1 PCAFL00 71.33–71.37 71.350 -1.640 PCAFM00 -4.15/-4.05 -4.100 +0.050 AAPBQ00 -8.900 +0.100 AAPBP00 68.770 -3.400
Kutubu 44.3 PCAFJ00 75.33–75.37 75.350 -1.640 AAPAE00 -4.900 +0.100 AAPAD00 72.770 -3.400
Attaka 42.3 PCAAJ00 71.23–71.27 71.250 -1.640 PCAAK00 -4.60/-4.50 -4.550 +0.050 AAPBC00 -9.000 +0.100 AAPBB00 68.670 -3.400
Ardjuna 38 PCACQ00 76.58–76.62 76.600 -1.640 PCACR00 -1.45/-1.35 -1.400 +0.050 AAPBG00 -3.650 +0.100 AAPBF00 74.020 -3.400
Banyu Urip 32 PCAFQ00 86.600 -1.640 PCAQQ00 3.150 +0.050 AAPBU00 6.350 +0.100 AAPBR00 84.020 -3.400
Diff to Dubai
Sakhalin Blend 45.5 AARBN00 69.59–69.63 69.610 -1.640 AARCN00 -10.55/-10.45 -10.500 -0.100 AARDN00 -10.640 +0.100 AAREN00 67.030 -3.400
ESPO M1 34.8 AARWF00 77.24–77.28 77.260 -1.640 AASEU00 -2.90/-2.80 -2.850 -0.100
ESPO M2 34.8 AAWFE00 76.96–77.00 76.980 -1.500 AAWFG00 -2.90/-2.80 -2.850 -0.100
Sokol 39.7 AASCJ00 77.09–77.13 77.110 -1.540 AASCK00 -3.05/-2.95 -3.000 0.000 AAPAO00 -3.140 +0.200 AAPAN00 74.530 -3.300
Kikeh 34.9 AAWUH00 89.98–90.02 90.000 -1.640 AAOZY00 9.750 +0.100 AAOZX00 87.420 -3.400
Miri Light 32.3 PCABQ00 89.03–89.07 89.050 -1.640 AAPAS00 8.800 +0.100 AAPAR00 86.470 -3.400
Labuan 32 PCABL00 92.63–92.67 92.650 -1.640 AAPAQ00 12.400 +0.100 AAPAP00 90.070 -3.400
Kimanis 38.6 AASCL00 91.100 -1.640 AASCM00 10.850 +0.100 AASCN00 88.520 -3.400
Medium crude (PGA page 2216) (PGA page 2217)
Diff to Asian Dated Brent
Su Tu Den 36.8 AARAR00 85.58–85.62 85.600 -1.640 AARAS00 5.350 +0.100 AARAQ00 83.020 -3.400
Bach Ho 40.7 PCAHY00 89.93–89.97 89.950 -1.640 AAPAK00 9.700 +0.100 AAPAJ00 87.370 -3.400
Nanhai 40 PCAFR00 77.83–77.87 77.850 -1.640 AAPAG00 -2.400 +0.100 AAPAF00 75.270 -3.400
Nile Blend 33.9 AAPLC00 75.38–75.42 75.400 -1.640 AAPAM00 -4.850 +0.100 AAPAL00 72.820 -3.400
Daqing 32.2 PCAAZ00 79.63–79.67 79.650 -1.640 AAPAW00 -0.600 +0.100 AAPAV00 77.070 -3.400
Heavy crude (PGA page 2218) (PGA page 2219)
Diff to ICP Diff to Asian Dated Brent
Dar Blend 25 AARAB00 75.08–75.12 75.100 -1.640 AARAC00 -5.150 +0.100 AARAA00 72.520 -3.400
Shengli 24.2 PCABY00 82.08–82.12 82.100 -1.640 AAPAY00 1.850 +0.100 AAPAX00 79.520 -3.400
Duri 20.8 PCABA00 85.43–85.47 85.450 -1.640 PCABB00 3.15/3.25 3.200 +0.050 AAPBM00 5.200 +0.100 AAPBL00 82.870 -3.400
Vincent 18.3 AARAK00 89.600 -1.640 AARAL00 9.350 +0.100 AARAJ00 87.020 -3.400
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 83.530 -1.400 WTMSD00 3.700 0.000 WTMSB00 3.360 +0.130
WTI Midland (DES Yeosu) WTMYA00 84.030 -1.400 WTMYD00 4.200 0.000 WTMYB00 3.860 +0.130
Brazil Delivered-Asia Spot Crudes
Tupi (DES Qingdao) LUQDA00 84.030 -1.400 LUQDD00 4.200 0.000 LUQDB00 3.860 +0.130
© 2023 by S&P Global Inc. All rights reserved. 2

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

Mid Change Spread vs Dubai Mid Change Spread vs OSP Mid Change
Umm Lulu AUFAA00 81.750 -1.560 DBDUL00 1.640 -0.020
Das Blend AAXOF00 80.96–81.00 80.980 -1.740 DBDDS00 0.870 -0.200
Qatar Land AAKNP00 80.43–80.47 80.450 -1.550 QALDA00 0.340 -0.010 AAKUJ00 -0.10/0.00 -0.050 0.000
Qatar Marine AAKNR00 81.18–81.22 81.200 -1.550 QAMDA00 1.090 -0.010 AAKUH00 -0.10/0.00 -0.050 0.000
Banoco Arab Medium AAKNT00 81.48–81.52 81.500 -1.550 AAKUD00 -1.40/-1.30 -1.350 0.000
Basrah Medium M1 BSMAM01 – 81.400 -1.700 BSMBM01 -0.900 0.000
Basrah Medium M2 BSMAM02 – 80.800 -1.550 BSMBM02 -0.550 0.000
Basrah Heavy M1 AALZC00 – 77.750 -1.700 AALZJ00 -1.150 0.000
Basrah Heavy M2 AALZD00 – 77.200 -1.550 AALZK00 -0.750 0.000
had also purchased two January-loading cargoes of

Asian market parity prices ($/barrel) (PGA page 2280)
(Asia close) (London close)
the grade from Cepsa and OMV, at a premium in the Mid Change Mid Change
$1.60s/b to the same benchmark, FOB, sources said. Minas PCABO00 76.830 -1.670 AAPAZ00 74.250 -3.430
The December-loading barrels of Um Lulu crude Cinta PCAAX00 64.845 -1.995 AAPBJ00 62.265 -3.755
Widuri PCAFE00 62.650 -1.910 AAPBN00 60.070 -3.670
was last heard traded at a premium of around $4.20/b Cambay AMPPA00 80.085 -2.055
to Dubai, FOB. Ravva AMPPB00 84.815 -1.985
Rajasthan AMPPC00 81.145 -2.420
Japan’s Cosmo Oil and Idemitsu had bought a cargo
each of January-loading Murban crude from Gunvor
and Vitol, respectively, at a premium in the $1.50s/b to Asian Crude Indices ($/barrel) (PGA page 2206)
Dubai, FOB, according to a trade source. 16:30 Singapore Interim Asian Close Diff to Dated Brent Final London Close
Asian Dated Brent (ADB) AAXPG00 81.420
Earlier January-loading barrels of Murban light ADB Strip Asia AARBV00 80.250 AARBX00 77.670
crude had traded at a premium of around $1.60/b ADB Strip Middle East AARBW00 80.250 AARBY00 77.670
ADB Strip M3 ADBS003 80.170
to Dubai.
For definitions see http://www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/Crude-oil-methodology.pdf
Additionally, Cosmo was heard to have purchased a
total of three cargoes, from Eni, Glencore and Vitol, at a
premium in the high 80 cents/b to Dubai, FOB.
In the prior month, Das Blend barrels loading over Cash differentials of Middle Eastern light and Platts Mideast Sour Crude Daily Rationales &
December had traded hands at a premium in the low medium sour grades had weakened due to inflows of Exclusions
$3s/b to Dubai, FOB, market participants said. arbitrage grades. Dubai Mo01 <PCAAT00> assessment rationale: The
In the medium sour crude segment, Upper Zakum South Korea’s GS Caltex had purchased Kazakh’s January cash Dubai assessment on Nov. 16 took into
crude was heard traded in the spot market for loading CPC Blend at a premium in the low $3s/b and US Mars consideration trades for cash Dubai partials towards
over January at a premium around $1.55/b to Dubai, crude at a premium in the high $2s/b, both against the the end of the Platts Market on Close assessment
FOB, sources said. Dated Brent crude assessments on a delivered basis, process, including offers that traded at $81.68/b and
The last heard trade for the grade was by Japan’s said a trade source. bids standing at $81.67/b at the end of the MOC.
Inpex, which had sold two January-loading cargoes “We have arbitrage crudes coming in, which is why Oman Blend Mo01 <PCABS00> assessment
at premiums of around 10 cents/b to the grade’s we’re seeing very low numbers for the Middle East light rationale: The January cash Oman assessment on
OSP, FOB. and sour grades,” the source said. Nov. 16 reflected the declaration of a Murban cargo on
convergence of Dubai partials. With a quality premium
of zero announced for Nov. 16 and in the absence of

any bids for cash Oman demonstrating value higher, North Sea spot crude assessments ($/barrel) (PGA page 1212)
Mid Change Spread vs fwd Dated Brent Mid Change
Oman was assessed at parity to cash Dubai and
Dated Brent Diff AAXEZ00 0.40/0.41 0.405 -0.505
Murban. Murban is a deliverable grade into both Cash BNB AAVJA00 79.43–79.45 79.440 -4.055 AAVJB00 1.69/1.71 1.700 -0.095
Forties 79.03–79.05 79.040 -4.060 1.29/1.31 1.300 -0.100
Dubai and Cash Oman partials on convergence. PCADJ00 AAGWZ00
Oseberg PCAEU00 81.20–81.22 81.210 -4.350 AAGXF00 3.46/3.48 3.470 -0.390
Exclusions: No market data was excluded from the Ekofisk PCADI00 79.84–79.86 79.850 -4.715 AAGXB00 2.10/2.12 2.110 -0.755
Troll 81.60–81.62 81.610 -4.350 3.86/3.88 3.870 -0.390
Middle East sour crude Market on Close assessment AAWEX00 AAWEY00
FOB N Sea WTI Midland ALNDA00 78.390 -4.250 ALNDB00 0.650 -0.290
process. Statfjord PCAEE00 81.13–81.15 81.140 -4.360 AAGXD00 3.39/3.41 3.400 -0.400
Flotta Gold PCACZ00 77.78–77.80 77.790 -3.960 AAGXH00 0.04/0.06 0.050 0.000
Duc AAWEZ00 82.13–82.15 82.140 -4.360 AAWFL00 4.39/4.41 4.400 -0.400
Platts Oil Mideast Sour Crude Grane Blend PCALA00 78.440 -3.960 PCALB00 0.700 0.000
Convergences Johan Sverdrup
Statfjord (CIF)
AJSVA00
AASAS00 82.21–82.23
75.710 -3.950
82.220 -4.350
AJSVB00
AASAT00 4.49/4.51
-2.030
4.500
+0.010
-0.400
Gullfaks (CIF) AASAU00 82.76–82.78 82.770 -4.350 AASAV00 5.04/5.06 5.050 -0.400
Alvheim (CIF) ALVHA00 82.820 -4.350 ALVHB00 5.100 -0.400
Platts Crude: Total declares a cargo of January
Asgard (CIF) ASGCA00 80.120 -4.350 ASGCB00 2.400 -0.400
Murban crude to Glencore following the convergence North Sea basket AAGIZ00 79.88–79.89 79.885 -4.295
North Sea Dated Strip 77.73–77.75 77.740 -3.960
of 20 partials in Platts cash Dubai. AAKWH00
European Sour Crude Index CSBEA00 76.633 -3.954 CSBEB00 -1.107 +0.007
Spread vs fwd CIF Dated Brent
Platts Middle East Sour Crude Bids, Offers, Dated Brent (CIF) AAVJG00 79.615 -4.480 AAVJF00 1.895 -0.530
Trades BNB (CIF)

Forties (CIF)
PCAKP00
PCAKR00
82.220 -4.045
80.950 -4.050
AAVJC00
AAHXC00
4.500
3.230
-0.095
-0.100
Oseberg (CIF) PCAKT00 82.930 -4.340 AAHXD00 5.210 -0.390
Ekofisk (CIF) PCAKV00 81.370 -4.710 AAHXB00 3.650 -0.760
Bids: Troll (CIF) AAXJO00 83.345 -4.340 AAXJN00 5.625 -0.390
PLATTS DUBAI: JAN24: GLENCORE BIDS 25KB WTI Midland (CIF) WMCRD00 79.855 -4.260 WMCRB00 2.135 -0.310
Johan Sverdrup (CIF) AJSWA00 77.445 -3.940 AJSWB00 -0.275 +0.010
AT $81.67 North Sea CIF Dated Strip AAHXE00 77.720 -3.950
PLATTS DUBAI: JAN24: VITOL BIDS 25KB AT $81.67
PLATTS DUBAI: JAN24: EQUINOR BIDS 25KB
AT $81.64 Freight Adjustment Factors
PLATTS DUBAI: JAN24: PETROCHINA BIDS 25KB ($/barrel) Change
Sullom Voe-Rotterdam FSVRM00 2.3863 -0.0236
AT $81.64 Hound Point-Rotterdam FHPRM00 1.6419 -0.0159
PLATTS DUBAI: JAN24: TRAFIGURA BIDS 25KB Sture-Rotterdam FSTRM00 1.4886 -0.0144
Teesside-Rotterdam FTSRM00 1.3123 -0.0125
AT $81.40 Mongstad-Rotterdam FMGRM00 1.4991 -0.0144
PLATTS DUBAI: JAN24: PHILLIPS 66 BIDS 25KB North Sea-Rotterdam FSFRM00 1.4923 -0.0143
AT $81.25 (%)
PLATTS DUBAI: JAN24: MITSUI BIDS 25KB AT $81.25 FAF Weighting FAFWA00 0.80
PLATTS DUBAI: JAN24: GUNVOR NO LONGER BIDS
AFTER TRADE
Offers: European US Spot Crude Assessments ($/barrel) (PGA page 1238)
PLATTS DUBAI: JAN24: BP OFFERS 25KB AT $81.69 Mid Change Spread vs fwd Dated Brent Mid Change
WTI Midland (DAP Rotterdam) AWTIC00 80.110 -4.005 AWTID00 2.425 -0.325
AND WITHDRAWS DURING EXTENSION WTI Midland (DAP Augusta) AWTIA00 80.960 -4.005 AWTIB00 3.275 -0.325
PLATTS DUBAI: JAN24: EXXONMOBIL OFFERS 25KB Eagle Ford 45 (DAP Rotterdam) AEFAC00 79.210 -4.005 AEFAD00 1.525 -0.325
Eagle Ford 45 (DAP Augusta) AEFAA00 80.060 -4.005 AEFAB00 2.375 -0.325
AT $81.70
PLATTS DUBAI: JAN24: PHILLIPS 66 OFFERS 25KB
AT $81.70 AND WITHDRAWS DURING EXTENSION

PLATTS DUBAI: JAN24: UNIPEC OFFERS 25KB Dated Brent/BFOE swaps ($/barrel) (PGA page 1214)
AT $81.75 Week Week Date Brent CFD* Mid Change Dated Brent swap Mid Change
PLATTS DUBAI: JAN24: MITSUI OFFERS 25KB CFD Week 1 (Feb) Nov 20-24 PCAKA00 0.05/0.07 0.060 -0.770 AAJNV00 78.07/78.09 78.080 -4.340
CFD Week 2 (Feb) Nov 27-01 PCAKC00 -0.16/-0.14 -0.150 -0.710 AAJOS00 77.86/77.88 77.870 -4.280
AT $81.80
CFD Week 3 (Feb) Dec 04-08 PCAKE00 -0.36/-0.34 -0.350 -0.660 AAJOU00 77.66/77.68 77.670 -4.230
PLATTS DUBAI: JAN24: TOTAL NO LONGER OFFERS CFD Week 4 (Feb) Dec 11-15 PCAKG00 -0.37/-0.35 -0.360 -0.410 AAJOW00 77.65/77.67 77.660 -3.980
AFTER TRADE CFD Week 5 (Feb) Dec 18-22 AAGLU00 -0.42/-0.40 -0.410 -0.280 AAJPC00 77.60/77.62 77.610 -3.850
CFD Week 6 (Feb) Dec 25-29 AAGLV00 -0.44/-0.42 -0.430 -0.160 AAJPE00 77.58/77.60 77.590 -3.730
PLATTS DUBAI: JAN24: IDEMITSU NO LONGER
CFD Week 7 (Feb) Jan 01-05 AALCZ00 -0.45/-0.43 -0.440 -0.110 AALAW00 77.57/77.59 77.580 -3.680
OFFERS 25KB AT $81.70 AFTER WITHDRAWAL CFD Week 8 (Feb) Jan 08-12 AALDA00 -0.47/-0.45 -0.460 -0.080 AALAX00 77.55/77.57 77.560 -3.650
(08:26:44) Brent Swaps Weeks 1 to 8 are differentials to Brent Mo02 (Feb) PCAAR00 found on page 1.
PLATTS DUBAI: JAN24: VITOL NO LONGER OFFERS
AFTER TRADE
PLATTS DUBAI: JAN24: RELIANCE NO LONGER
OFFERS AFTER TRADE Dated Brent/Brent Frontline Swaps (DFL) ($/barrel) (PPE page 1614)
Trades: Swaps Change DFL Change
PLATTS CRUDE: PLATTS ASIA DEALS SUMMARY: Balance month* (Nov 23) BDLBM00 78.170 -4.280 ABWFZ00 0.340 -0.510
Month 1 (Dec 23) BDLM001 77.680 -3.780 AAEAA00 -0.220 -0.220
DUBAI PARTIALS: PART 1
Month 2 (Jan 24) BDLM002 77.670 -3.500 AAEAB00 -0.210 -0.100
PLATTS DUBAI: JAN24: GLENCORE BUYS FROM Month 3 (Feb 24) BDLM003 77.650 -3.370 AAEAC00 -0.170 -0.120
TOTAL* 25KB AT $81.65 (08:28:03) Month 4 (Mar 24) BDLM004 77.600 -3.250 AAEAD00 -0.130 -0.110
PLATTS DUBAI: JAN24: GLENCORE BUYS FROM *Balance month swaps are assessed from the 1st through the 20th of the month.
TOTAL* 25KB AT $81.65 (08:28:11)

PLATTS DUBAI: JAN24: GLENCORE BUYS FROM BP*
25KB AT $81.65 (08:28:14)
PLATTS DUBAI: JAN24: GLENCORE BUYS FROM Cash BFOE intraday assessments ($/barrel) (PGA page 1216)
TOTAL* 25KB AT $81.65 (08:28:18) Cash BFOE Change Inter-Month Spread
PLATTS DUBAI: JAN24: GLENCORE BUYS FROM BP* 10:30 London Time
BFOE M1 (Jan) 81.000 -1.180
25KB AT $81.65 (08:28:21) PBCAAM1
BFOE M2 (Feb) PBCAAM2 81.000 -1.000 Jan/Feb PBAM1M2 0.000
PLATTS DUBAI: JAN24: GLENCORE BUYS FROM BFOE M3 (Mar) PBCAAM3 80.880 -0.900 Feb/Mar PBAM2M3 0.120
TOTAL* 25KB AT $81.65 (08:28:23) 12:30 London Time
PLATTS DUBAI: JAN24: GLENCORE BUYS FROM BP* BFOE M1 (Jan) PBCABM1 80.500 -1.760
BFOE M2 (Feb) PBCABM2 80.550 -1.550 Jan/Feb PBBM1M2 -0.050
25KB AT $81.65 (08:28:25) BFOE M3 (Mar) PBCABM3 80.460 -1.410 Feb/Mar PBBM2M3 0.090
PLATTS DUBAI: JAN24: GLENCORE BUYS FROM 14:30 London Time
TOTAL* 25KB AT $81.65 (08:28:29) BFOE M1 (Jan) PBCACM1 79.180 -2.410
PLATTS DUBAI: JAN24: GLENCORE BUYS FROM BP* BFOE M2 (Feb) PBCACM2 79.260 -2.220 Jan/Feb PBCM1M2 -0.080
BFOE M3 (Mar) PBCACM3 79.160 -2.130 Feb/Mar PBCM2M3 0.100
25KB AT $81.65 (08:28:31)
16:30 London Time
PLATTS DUBAI: JAN24: GLENCORE BUYS FROM BFOE M1 (Jan) PCAAQ00 77.900 -3.790
TOTAL* 25KB AT $81.65 (08:28:34) BFOE M2 (Feb) PCAAR00 78.020 -3.570
BFOE M3 (Mar) PCARR00 78.000 -3.410
PLATTS CRUDE: PLATTS ASIA DEALS SUMMARY:
19:30 London Time
DUBAI PARTIALS: PART 2 BFOE M1 (Jan) PBCADM1 NA –
PLATTS DUBAI: JAN24: VITOL BUYS FROM BFOE M2 (Feb) PBCADM2 NA – Jan/Feb PBDM1M2 NA
EXXONMOBIL* 25KB AT $81.66 (08:28:34) BFOE M3 (Mar) PBCADM3 NA – Feb/Mar PBDM2M3 NA

PLATTS DUBAI: JAN24: GLENCORE BUYS FROM BP* Urals/ESPO spot assessments ($/barrel) (PGA page 1220)
25KB AT $81.65 (08:28:37) Urals (Rotterdam) PCAFW00 67.21–67.23 67.220 -4.215 AAGXJ00 -10.50/-10.49 -10.495 -0.250
PLATTS DUBAI: JAN24: GLENCORE BUYS FROM Urals (Mediterranean) PCACE00 69.83–69.86 69.845 -4.345 AAGXX00 -7.88/-7.86 -7.870 -0.380
Urals FOB Novo Suez AAGZS00 64.35–64.38 64.365 -4.215 AAHPH00 -13.36/-13.34 -13.350 -0.250
TOTAL* 25KB AT $81.65 (08:28:42) Urals FOB Novo Afra AAOTH00 63.95–63.98 63.965 -4.315 AAOTI00 -13.76/-13.74 -13.750 -0.350
PLATTS DUBAI: JAN24: GLENCORE BUYS FROM Urals (Ex-Baltic)
Urals (Primorsk)
AAGZT00
AAWVH00
63.95–63.98
63.95–63.98
63.965 -4.215
63.965 -4.215
AAHPI00
AAWVI00
-13.76/-13.74
-13.76/-13.74
-13.750
-13.750
-0.250
-0.250
EXXONMOBIL* 25KB AT $81.67 (08:28:45) Urals RCMB (Recombined) AALIN00 70.26–70.29 70.275 -4.845
ESPO (FOB Kozmino) AARWD00 74.95–74.97 74.960 -3.340 AARWE00 -2.72/-2.70 -2.710 +0.160
PLATTS DUBAI: JAN24: GLENCORE BUYS FROM KEBCO (CIF Augusta) KBCOA00 78.415 -3.765 KBCOB00 0.700 +0.200
TOTAL* 25KB AT $81.65 (08:28:47) KEBCO (CIF Rotterdam) KBCOC00 78.415 -3.765 KBCOD00 0.700 +0.200
KEBCO (FOB Novo) KBCOE00 72.535 -3.735 KBCOF00 -5.180 +0.230
PLATTS DUBAI: JAN24: GLENCORE BUYS FROM BP* KEBCO (FOB Ust-Luga) KBCOG00 75.035 -3.765 KBCOH00 -2.680 +0.200
Urals (DAP India) DWCUA00 73.230 -3.780 DWCUB00 -4.450 0.000
25KB AT $81.67 (08:28:50) KEBCO/Russian Urals AKEBA00 8.570 +0.580
PLATTS DUBAI: JAN24: GLENCORE BUYS FROM Spread vs Dubai
EXXONMOBIL* 25KB AT $81.67 (08:28:52) Urals (DAP India) AURLA00 -4.970 -0.450
PLATTS DUBAI: JAN24: GLENCORE BUYS FROM Number of days

Observed Delivery Factor AODFA00 -4
TOTAL* 25KB AT $81.65 (08:28:54)
PLATTS DUBAI: JAN24: GLENCORE BUYS FROM
Urals Med/NWE CFD assessments ($/barrel)

Urals CFD Mid Change
TOTAL* 25KB AT $81.65 (08:29:00)
Mediterranean (PPE page 1617)
PLATTS DUBAI: JAN24: TOTAL SELLS TO Urals Med CFD (Dec) AAMDU00 -7.88/-7.86 -7.870 -0.380
GLENCORE* 25KB AT $81.67 (08:29:06) Urals Med CFD (Jan) AAMEA00 -7.88/-7.86 -7.870 -0.380
Urals Med CFD (Feb) UMCM003 -7.88/-7.86 -7.870 -0.380
Northwest Europe (PPE page 1617)
DUBAI PARTIALS: PART 3 Urals NWE CFD (Dec) UNCM001 -10.50/-10.49 -10.495 -0.250
PLATTS DUBAI: JAN24: GUNVOR BUYS FROM Urals NWE CFD (Jan) UNCM002 -10.50/-10.49 -10.495 -0.250
EXXONMOBIL* 25KB AT $81.68 (08:29:06) Urals NWE CFD (Feb) UNCM003 -10.50/-10.49 -10.495 -0.250
PLATTS DUBAI: JAN24: PHILLIPS 66 SELLS TO Mediterranean (PPE page 1617)

CPC Blend CFD (Dec) AAOFX00 -1.200 0.000
GUNVOR* 25KB AT $81.64 (08:29:08) CPC Blend CFD (Jan) AAOFY00 -1.300 0.000
PLATTS DUBAI: JAN24: GLENCORE BUYS FROM BP* CPC Blend CFD (Feb) AAOFZ00 -1.400 0.000
25KB AT $81.69 (08:29:09) Mediterranean spot crude assessments ($/barrel)
PLATTS DUBAI: JAN24: GLENCORE BUYS FROM Mid Change Spread vs fwd Dated Brent Mid Change
TOTAL* 25KB AT $81.67 (08:29:11) Azeri and BTC (PGA page 1222)
PLATTS DUBAI: JAN24: TOTAL SELLS TO Azeri Lt CIF AAGZX00 81.98–82.01 81.995 -3.815 AAHPM00 4.29/4.31 4.300 +0.100
Azeri Lt FOB Ceyhan Suez AAUFM00 80.51–80.54 80.525 -3.785 AAUFN00 2.82/2.84 2.830 +0.130
GLENCORE* 25KB AT $81.67 (08:29:14) Azeri Lt FOB Ceyhan Afra AAUFK00 79.69–79.71 79.700 -3.730 AAUFL00 2.00/2.01 2.005 +0.185
PLATTS DUBAI: JAN24: GLENCORE BUYS FROM BP* Azeri Lt FOB Supsa AATHM00 78.05–78.07 78.060 -3.780 AATHN00 0.36/0.37 0.365 +0.135
BTC FOB Ceyhan AAUFH00 80.10–80.13 80.115 -3.755 AAUFJ00 2.41/2.43 2.420 +0.160
25KB AT $81.69 (08:29:14)
Black Sea (PGA page 1220)
PLATTS DUBAI: JAN24: GLENCORE BUYS FROM Siberian Light CIF AAGZW00 71.83–71.86 71.845 -4.345 AAHPK00 -5.88/-5.86 -5.870 -0.380
EXXONMOBIL* 25KB AT $81.69 (08:29:16) CPC Blend CIF AAGZU00 76.23–76.26 76.245 -3.915 AAHPL00 -1.46/-1.44 -1.450 0.000
CPC Blend FOB Suez AALVX00 72.35–72.38 72.365 -3.850 AALVZ00 -5.34/-5.32 -5.330 +0.065
PLATTS DUBAI: JAN24: VITOL BUYS FROM TOTAL* CPC Blend FOB Afra AAOFV00 70.79–70.82 70.805 -3.885 AAOFW00 -6.90/-6.88 -6.890 +0.030
25KB AT $81.67 (08:29:17) Additional War Risk Premium AWARA00 1.700 0.000
PLATTS DUBAI: JAN24: GLENCORE BUYS FROM BP* Middle East & North Africa (PGA page 1234)
Suez Blend PCACA00 77.30–77.33 77.315 -3.915 AAGYD00 -0.41/-0.39 -0.400 +0.050
25KB AT $81.69 (08:29:20) Es Sider PCACO00 77.83–77.86 77.845 -3.915 AAGYH00 0.14/0.16 0.150 0.000
PLATTS DUBAI: JAN24: TOTAL SELLS TO GUNVOR* Kirkuk AAEJD00 76.40–76.43 76.415 -3.915 AAGYF00 -1.31/-1.29 -1.300 +0.050
Iranian Light FOB Kharg Island (Med) AILKA00 81.825 -3.455 AILKB00 4.110 +0.510
25KB AT $81.69 (08:29:22) Iranian Heavy FOB Kharg Island (Med) AIHKA00 79.325 -3.455 AIHKB00 1.610 +0.510
Saharan Blend AAGZY00 78.58–78.61 78.595 -3.915 AAHPN00 0.89/0.91 0.900 0.000

PLATTS CRUDE: PLATTS ASIA DEALS SUMMARY: West African spot crude assessments ($/barrel) (PGA page 1230)
WAF Index AWAFA00 78.600 -3.845 AWAFB00 0.925 -0.200
PLATTS DUBAI: JAN24: TOTAL SELLS TO Nigeria Spot Crude Assessments
GLENCORE* 25KB AT $81.67 (08:29:22) Bonny Light PCAIC00 77.66–77.69 77.675 -3.745 AAGXL00 -0.01/0.01 0.000 -0.100
Qua Iboe PCAID00 78.16–78.19 78.175 -3.745 AAGXN00 0.49/0.51 0.500 -0.100
PLATTS DUBAI: JAN24: RELIANCE SELLS TO VITOL* Forcados PCABC00 79.01–79.04 79.025 -3.945 AAGXP00 1.34/1.36 1.350 -0.300
25KB AT $81.67 (08:29:26) Agbami AAQZB00 75.51–75.54 75.525 -3.745 AAQZC00 -2.16/-2.14 -2.150 -0.100
Escravos AAEIZ00 79.26–79.29 79.275 -3.945 AAGXR00 1.59/1.61 1.600 -0.300
PLATTS DUBAI: JAN24: GLENCORE BUYS FROM BP* Brass River AAEJB00 77.26–77.29 77.275 -3.745 AAGXV00 -0.41/-0.39 -0.400 -0.100
25KB AT $81.69 (08:29:27) Akpo PCNGA00 75.51–75.54 75.525 -3.745 PCNGB00 -2.16/-2.14 -2.150 -0.100
Bonga PCNGC00 79.51–79.54 79.525 -3.945 PCNGD00 1.84/1.86 1.850 -0.300
PLATTS DUBAI: JAN24: TOTAL SELLS TO GUNVOR* Usan AAXUQ00 74.425 -3.745 AAXUR00 -3.250 -0.100
25KB AT $81.68 (08:29:30) Erha AAXUO00 79.025 -3.945 AAXUP00 1.350 -0.300
Egina AFONA00 80.875 -3.945 AFONB00 3.200 -0.300
PLATTS DUBAI: JAN24: EXXONMOBIL SELLS TO
Angola spot crude assessments ($/barrel) (PGA page 1232)
GLENCORE* 25KB AT $81.67 (08:29:32) Cabinda PCAFD00 77.56–77.59 77.575 -3.645 AAGXT00 -0.11/-0.09 -0.100 0.000
PLATTS DUBAI: JAN24: GLENCORE BUYS FROM BP* Nemba AAQYZ00 75.51–75.54 75.525 -3.645 AAQZA00 -2.16/-2.14 -2.150 0.000
Dalia AAQYX00 76.41–76.44 76.425 -3.645 AAQYY00 -1.26/-1.24 -1.250 0.000
25KB AT $81.69 (08:29:33) Girassol AASNL00 78.56–78.59 78.575 -3.645 AASJD00 0.89/0.91 0.900 0.000
PLATTS DUBAI: JAN24: TOTAL SELLS TO VITOL* Hungo AASLJ00 76.06–76.09 76.075 -3.645 AASJF00 -1.61/-1.59 -1.600 0.000
Kissanje AASLK00 76.81–76.84 76.825 -3.645 AASJE00 -0.86/-0.84 -0.850 0.000
25KB AT $81.67 (08:29:34) Pazflor PCNGG00 76.66–76.69 76.675 -3.645 PCNGH00 -1.01/-0.99 -1.000 0.000
PLATTS DUBAI: JAN24: GLENCORE BUYS FROM Plutonio PCNGI00 76.31–76.34 76.325 -3.645 PCNGJ00 -1.36/-1.34 -1.350 0.000
EXXONMOBIL* 25KB AT $81.70 (08:29:36) Ghana spot crude assessments (PGA page 1230)
Jubilee AAXUS00 77.575 -3.645 AAXUT00 -0.100 0.000
PLATTS DUBAI: JAN24: EQUINOR BUYS FROM
Republic of Congo spot crude assessments
TOTAL* 25KB AT $81.68 (08:29:37) Djeno PCNGE00 74.96–74.99 74.975 -3.645 PCNGF00 -2.71/-2.69 -2.700 0.000
PLATTS DUBAI: JAN24: GLENCORE BUYS FROM BP* Chad spot crude assessments
25KB AT $81.69 (08:29:41) Doba AAXUU00 72.325 -3.645 AAXUV00 -5.350 0.000

PLATTS DUBAI: JAN24: EQUINOR BUYS FROM
TOTAL* 25KB AT $81.68 (08:29:44) West Africa market parity prices ($/barrel) (PGA page 1270)
PLATTS DUBAI: JAN24: GLENCORE BUYS FROM BP* Mid Change Spread vs fwd Dated Brent Mid Change
25KB AT $81.69 (08:29:52) Abo Blend AAXTL00 79.035 -3.645 ABOOM00 1.360 0.000
Aje APIRP00 77.310 -3.865 APIRA00 -0.365 -0.220
PLATTS DUBAI: JAN24: EQUINOR BUYS FROM Amenam Blend AAXTI00 76.680 -3.825 AMENA00 -0.995 -0.180
TOTAL* 25KB AT $81.68 (08:29:59) Antan Blend APIRQ00 80.410 -3.765 APIRB00 2.735 -0.120
Asaramatoru AAXTV00 76.920 -3.890 ASARA00 -0.755 -0.245
PLATTS DUBAI: JAN24: GLENCORE BUYS FROM CJ Blend APIRR00 80.025 -3.630 APIRC00 2.350 +0.015
RELIANCE* 25KB AT $81.68 (08:30:01) EA Blend AAXTJ00 80.725 -3.705 AEABL00 3.050 -0.060
Ebok APIRS00 75.055 -3.325 APIRD00 -2.620 +0.320
This assessment commentary applies to the Eremor APIRT00 76.150 -3.385 APIRE00 -1.525 +0.260
following market data codes: Dubai M1 <PCAAT00>, Ima APIRU00 72.215 -4.540 APIRF00 -5.460 -0.895
Jones Creek Blend APIRV00 77.005 -3.655 APIRG00 -0.670 -0.010
Oman M1 <PCABS00> Okono Blend APIRW00 79.100 -3.805 APIRH00 1.425 -0.160
Okoro APIRX00 77.710 -3.675 APIRI00 0.035 -0.030
Okwori APIRY00 80.200 -3.645 APIRJ00 2.525 0.000
Otakikpo APIRZ00 75.405 -3.915 APIRK00 -2.270 -0.270
Oyo APRIA00 76.675 -3.890 APIRL00 -1.000 -0.245
Pennington APRIB00 77.245 -3.605 APIRM00 -0.430 +0.040
Rabi Light ARABA00 75.370 -3.735 ARABB00 -2.305 -0.090
Sankofa APRIC00 73.485 -3.575 APIRN00 -4.190 +0.070
TEN AAXTW00 75.320 -3.570 ATENM00 -2.355 +0.075

Platts Dubai Derivatives Bids Summary West Africa market parity prices (continued)
Ukpokiti APRID00 78.535 -3.805 APIRO00 0.860 -0.160
BIDS ON CLOSE Yoho Light AAXTK00 78.430 -3.875 AYOHO00 0.755 -0.230
—————————— Zafiro AAXTU00 81.315 -3.760 AZAFB00 3.640 -0.115
NO BIDS REPORTED
WITHDRAWALS
——————————
NO WITHDRAWALS REPORTED
Platts’ End-of-Day assessments for Dubai US West Coast Crude Assessments ($/barrel) (PGA page 214)
Mid Change
derivatives prices can be found on PPA2606.
Spread to NYMEX WTI CMA Mid Change
Platts Oil Paper Bids, Offers and Trade Page Index ANS/Long Beach PCAAD00 79.80–79.84 79.820 -3.270 AAGWX00 6.59/6.61 6.600 +0.280
found on <PGA4000> Spread to ICE BRENT CMA
Platts has defined standards for entities it ANS/Long Beach AANSA00 2.300 -0.003
considers to be related and verifies through a variety of

inputs whether counterparties in reported trades meet
these criteria.
Platts Dubai Derivatives Offers Summary US spot crude assessments ($/barrel) (PGA pages 210 & 214)
Mid Change
OFFERS ON CLOSE Mars (Dec) AAMBR00 73.44–73.46 73.450 -3.760
Mars (Jan) AAMBU00 73.03–73.05 73.040 -3.250
—————————— Mars (Feb) AAMBX00 72.58–72.60 72.590 -3.660
NO OFFERS REPORTED Mars/WTI (Dec) AAGWH00 0.54/0.56 0.550 0.000
Mars/WTI (Jan) AAKTH00 -0.06/-0.04 -0.050 +0.450
WITHDRAWALS Mars/WTI (Feb) AAMBO00 -0.61/-0.59 -0.600 -0.050
—————————— LOOP/WTI (Dec) AALOM01 0.450 0.000
LOOP/WTI (Jan) AALOM02 -0.150 +0.450
NO WITHDRAWALS REPORTED
LOOP/WTI (Feb) AALOM03 -0.700 -0.050
Platts’ End-of-Day assessments for Dubai LOOP/Mars (Dec) AALPM01 -0.100 0.000
derivatives prices can be found on PPA2606. LOOP/Mars (Jan) AALPM02 -0.100 0.000
LOOP/Mars (Feb) AALPM03 -0.100 0.000
Platts Oil Paper Bids, Offers and Trade Page Index WTI-Delta AAEJK00 -0.24/-0.22 -0.225 -0.095
found on <PGA4000> P-Plus WTI PCACI00 3.15/3.17 3.155 -0.095
P-5 WTI* AAFEN00 69.430 -3.760
Platts has defined standards for entities it
*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
considers to be related and verifies through a variety of 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
inputs whether counterparties in reported trades meet database.
these criteria. Mid Change Spread vs 1st line WTI Mid Change
WTI (Midland) PCACJ00 73.69–73.71 73.700 -3.710 AAGVZ00 0.79/0.81 0.800 +0.050
WTS (1st month) PCACK00 73.29–73.31 73.300 -2.760 AAGWB00 0.39/0.41 0.400 +1.000
Platts Dubai Derivatives Trades Summary WTI MEH AAYRG00 73.950 -3.710 AAYRH00 1.050 +0.050
Bonito PCAIE00 73.64–73.66 73.650 -3.760 AAGWF00 0.74/0.76 0.750 0.000
SGC AASOI00 72.44–72.46 72.450 -3.760 AASOJ00 -0.46/-0.44 -0.450 0.000
TRADES SUMMARY Poseidon AABHK00 72.89–72.91 72.900 -3.760 AAGWL00 -0.01/0.01 0.000 0.000
—————————— LLS (1st month) PCABN00 75.39–75.41 75.400 -4.010 AAGWN00 2.49/2.51 2.500 -0.250
HLS (1st month) PCABD00 75.34–75.36 75.350 -4.010 AAGWP00 2.44/2.46 2.450 -0.250
NO TRADES REPORTED Wyoming Sweet PCACM00 70.59–70.61 70.600 -3.610 AAGWR00 -2.31/-2.29 -2.300 +0.150
Platts’ End-of-Day assessments for Dubai Thunder Horse AAWZK00 75.34–75.36 75.350 -3.760 AAWZL00 2.44/2.46 2.450 0.000

derivatives prices can be found on PPA2606. US spot crude assessments (continued)

Spread vs 2nd line WTI
Platts Oil Paper Bids, Offers and Trade Page Index
WTI MEH (2nd month) AAXXE00 74.340 -3.650 AAYYA00 1.250 +0.050
found on <PGA4000> WTI Midland (2nd month) AAYZA00 74.040 -3.700 AAXXF00 0.950 0.000
Platts has defined standards for entities it WTS (2nd month) AAURG00 72.73–72.75 72.740 -3.650 AAURH00 -0.36/-0.34 -0.350 +0.050
LLS (2nd month) AAURC00 75.33–75.35 75.340 -3.650 AAURD00 2.24/2.26 2.250 +0.050
considers to be related and verifies through a variety of HLS (2nd month) AAURE00 75.28–75.30 75.290 -3.650 AAURF00 2.19/2.21 2.200 +0.050
inputs whether counterparties in reported trades meet Spread vs NYMEX WTI CMA
these criteria. WCS ex-Cushing AAWTY00 63.41–63.43 63.420 -5.320 AAWTZ00 -9.81/-9.79 -9.800 -1.750
WCS ex-Nederland AAYAY00 64.420 -5.320 AAYAX00 -8.800 -1.750
Bakken Williston AAXPP00 70.170 -3.570 AASRX00 -3.050 0.000
Platts Dubai Derivatives Exclusions Bakken Guernsey AASRR00 70.61–70.63 70.620 -3.570 AASRV00 -2.61/-2.59 -2.600 0.000
Bakken Clearbrook AASRU00 69.16–69.18 69.170 -3.570 AASRW00 -4.06/-4.04 -4.050 0.000
Bakken USGC Pipe ABAKA00 74.620 -3.270 ABAKB00 1.400 +0.300
Exclusions: No market data was excluded from FOB USGC FOB USGC Spread vs NYMEX WTI Strip
the November 16, 2023 Dubai derivatives assessment Platts AGS AGSAA00 74.430 -3.580 AGSAC00 1.300 +0.080
Bakken ABAKC00 74.430 -3.580 ABAKD00 1.300 +0.080
process. Eagle Ford Crude AAYAT00 73.930 -3.580 AAYAU00 0.800 +0.080
Eagle Ford Condensate AAYAR00 73.430 -3.580 AAYAS00 0.300 +0.080
Platts Asia Pacific Sweet Crude Daily WTI AAYBA00 74.430 -3.580 AAYAZ00 1.300 +0.080
Market Analysis
WTI FOB USGC vs WTI MEH (by decade)
WTI FOB USGC First Decade ADECB00 74.500 -3.710 ADECD00 0.550 0.000
WTI FOB USGC Second Decade ADECE00 74.450 -3.510 ADECG00 0.500 +0.200
Two spot Wheatstone condensate cargoes available WTI FOB USGC Third Decade ADECH00 74.350 -3.510 ADECJ00 0.400 +0.200
WTI FOB USGC Decades Average ADECA00 74.430 -3.580
Valuations for US WTI Midland crude at around $3s FOB USGC Spread vs Dated Brent Strip WTI FOB USGC vs Dated Brent Basis (by decade)
premium to Jan Dubai Platts AGS AGSAB00 -2.830 +0.110 ADECC00 -2.820 -0.070
Bakken ABAKE00 -2.830 +0.110 ADECF00 -2.870 +0.130
The Asia-Pacific regional market saw the Eagle Ford Crude AEFCA00 -3.330 +0.110 ADECI00 -2.970 +0.130
emergence of more details in terms of the availability Eagle Ford Condensate AEFCB00 -3.830 +0.110
of spot condensate cargoes Nov. 16, according to WTI AWTUA00 -2.830 +0.110
Global Benchmarks at US Close WTI FOB USGC vs ICE Brent Basis (by decade)
sources. Americas Dated Brent AAQBF00 77.760–77.780 77.770 -4.320 ADECK00 -3.040 -0.290
In the regional condensate market, two cargoes of ADECL00 -3.090 -0.090
Australia’s Wheatstone condensate were heard being ADECM00 -3.190 -0.090
available for January loading in the spot market.

The first cargo was heard to be held by oil major
Chevron and scheduled for loading in the first decade as of Nov. 15 Asian close, compared with an average market sources.
of January, while the other one was held by Australia’s of $3.49/b and minus $17.43/b, respectively, the prior Platts is part of S&P Global Commodity Insights.
Woodside Energy and scheduled for loading in the last month, S&P Global data showed.
decade of January. In the Asian delivered markets, the valuation Platts Asia Light Sweet Crude Daily Rationale &
Wheatstone condensate barrels were last heard for US WTI Midland crude delivered to South Korea Exclusions
traded at discounts of around $5s/b to the Dated in February was heard to be in the high $3s/b to ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01
Brent crude assessments for November-loading January Dubai. <AASEU00> assessment rationale: The ESPO M1
cargoes, FOB, S&P Global Commodity Insights reported In the previous trading cycle, January-delivery US January assessment on Nov. 16 took into consideration
previously, citing trade sources. WTI Midland crude to South Korea was heard traded at latest trade indications heard in the broader market.
Meanwhile, the Platts second-month gasoline and around Dubai plus low $6s/b, sources said. Exclusions: No market data was excluded from
naphtha swap crack versus Dubai crude swaps has Separately, the January-loading program for the Asia Pacific Crude Market on Close assessment
averaged $5.68/b and minus $14.36/b in the month Malaysian crudes was yet to be heard, according to process.

Platts Asia Light Sweet Crude Bids, Offers, US domestic crude assessments London close ($/barrel) (PGA page 1240)
Trades
Mid Change NYMEX light sweet crude
Spread to
Mid Change
WTI (Dec) AAQAR00 73.23–73.25 73.240 -3.870 AAQAS00 -0.01/0.01 0.000 0.000
WTI (Jan) AAQAT00 73.44–73.46 73.450 -3.720 AAQAU00 -0.01/0.01 0.000 0.000
Bids: NIL WTI (Feb) AAQAV00 73.59–73.61 73.600 -3.550 AAQAW00 -0.01/0.01 0.000 0.000
Offers: NIL Spread to
Trades: NIL same-month cash WTI Mid Change
WTI MEH (Dec) AAYRZ00 74.290 -3.820 AAYTA00 1.050 +0.050
This assessment commentary applies to the WTI MEH (Jan) AAXYD00 74.700 -3.620 AAYWA00 1.250 +0.100
LLS (Dec) 75.73–75.75 75.740 -4.120 2.49/2.51 2.500 -0.250
following market data code: ESPO M1 vs Dubai M2 AAQBB00 AAQBC00
LLS (Jan) AAQBD00 75.69–75.71 75.700 -3.670 AAQBE00 2.24/2.26 2.250 +0.050
<AASEU00> MARS (Dec) AAQAX00 73.78–73.80 73.790 -3.720 AAQAY00 0.54/0.56 0.550 +0.150
MARS (Jan) AAQAZ00 72.84–72.86 72.850 -3.670 AAQBA00 -0.61/-0.59 -0.600 +0.050
Platts North Sea Crude Daily Market

Analysis
Arbitrage demand trims Dec-loading Forties length
Americas close ($/barrel) (PGA page 210)
Light sweet differentials plunge across North Sea
Mid Change
Market participants painted a bleak picture of Americas Dated Brent AAQBF00 77.76–77.78 77.770 -4.320
North Sea crude demand Nov. 16, as a variety of Americas Dated Brent reflects market value for Dated Brent at 2:30pm Eastern Time.
bearish fundamentals weighed down differentials and
fed negative sentiment.
“Demand is not good, we have seen cargoes, even
WTI Midland, loading in November that are still waiting US crude assessments Singapore close ($/barrel) (PGA page 2208)
for buyers,” one trader said. December-arrival WTI Mid Change
Midland CIF Rotterdam differentials were proven lower LOOP Sour (Dec) AAZDA00 76.310 -2.200
LOOP Sour (Jan) AAZDB00 75.480 -1.750
in the Platts Market on Close assessment process for LLS (Dec) AAZDC00 78.610 -2.350
the third consecutive session with an a Dec. 6-10 arrival LLS (Jan) AAZDD00 78.280 -2.050
Southern Green Canyon AAZDE00 75.410 -2.200
offer from Phillips 66 left outstanding at the 16:30 WTI MEH (Dec) AAZDF00 76.860 -2.400
London Close. WTI MEH (Jan) AAZDG00 77.280 -2.000
“WTI Midland cannot find homes, and there is loads
of it struggling,” a second trader said on the US grade,
This mood was echoed in the sour market, although
some traders saw signs of Johan Sverdrup differentials CFR North Asia Assessments Singapore Close ($/barrel) (PGA page 2202)
beginning to stabilize after cratering in the first half of Mid Change
the month. Dubai CFR North Asia PCAQA00 84.290 -1.490
“Johan Sverdrup is awful — the sour market is Oman CFR North Asia PCAQJ00 84.280 -1.490
Upper Zakum CFR North Asia PCAQB00 84.220 -1.210
awful,” the second trader said, also pointing to broader Qatar Marine CFR North Asia PCAQC00 83.780 -1.480
weakness in Middle Eastern sour crudes such as Murban CFR North Asia PCAQE00 84.140 -1.500
Basrah Medium CFR North Asia BASNA00 83.440 -1.480
Basrah Medium and Murban. ESPO CFR North Asia PCAQD00 79.360 -1.640
Nonetheless, arbitrage demand was heard clearing Forties CFR North Asia PCAQF00 86.360 -2.365
Dalia CFR North Asia PCAQG00 82.750 -1.880
some length in an expanded North Sea Forties WTI MEH CFR North Asia PCAQH00 83.500 -2.290
program. East Asian buyers were heard to have LOOP Sour CFR North Asia PCAQI00 81.570 -2.020

taken three early-December-loading Forties cargoes, Canadian spot crude cargo assessments ($/barrel) (PGA page 230)
according to traders. This followed demand heard
Hebron AHEBA00 72.575 -3.920 AHEBC00 -5.100 -0.300
by Platts for a Hound Point to East Asia VLCC tanker Terra Nova AAJUH00 74.26–74.29 74.275 -4.470 AAJUJ00 -3.41/-3.39 -3.400 -0.850
Hibernia 76.16–76.19 76.175 -4.070 -1.51/-1.49 -1.500 -0.450
fixture Nov. 15. AAJKK00 AAJKM00
White Rose AAVJX00 77.01–77.04 77.025 -4.070 AAVJY00 -0.66/-0.64 -0.650 -0.450
Forties has made regular inroads into the East The published spreads for Canadian cargo assessments reflect the market value at which these grades are trading versus Dated Brent around loading time. The
Asian market in recent cycles, assisted by softness spreads and fixed price assessments reflect a typical forward loading window of 33-63 days forward. For further explanation see www.platts.com.
in the Brent-Dubai exchange of futures for swaps Canadian spot crude assessments ($/barrel) (PGA page 230)
contract that has signaled relative weakness in Mid Change Spread vs Canada basis Mid Change
Lloyd Blend 50.66–50.68 50.670 -1.820 -22.56/-22.54 -22.550 +1.750
sweeter Brent-linked grades in recent weeks. Platts Mixed Sweet
AALRK00
AALRR00 65.96–65.98 65.970 -1.820
AALRP00
AALRV00 -7.26/-7.24 -7.250 +1.750
assessed the Brent-Dubai exchange of futures for Light Sour Blend AALRX00 68.06–68.08 68.070 -2.670 AALSD00 -5.16/-5.14 -5.150 +0.900
Midale 63.81–63.83 63.820 -2.670 -9.41/-9.39 -9.400 +0.900
swaps contract at 2 cents/b at the Nov. 16 close, its Condensates
AAUCC00
AALSF00 70.11–70.13 70.120 -3.570
AAUCE00
AALSJ00 -3.11/-3.09 -3.100 0.000
weakest since August. Syncrude Sweet Prem. AASOK00 68.46–68.48 68.470 -0.820 AASOM00 -4.76/-4.74 -4.750 +2.750
WCS Hardisty AAPPN00 49.96–49.98 49.970 -1.820 AAPPP00 -23.26/-23.24 -23.250 +1.750
Cold Lake Hardisty AASZX00 49.81–49.83 49.820 -1.820 AASZZ00 -23.41/-23.39 -23.400 +1.750
Platts North Sea Dated Brent, BFOE, CFD WTI CMA (1st mo) AAVSN00 73.220 -3.570
Assessment Rationales & Exclusions
Latin American assessments ($/barrel) (PGA page 280)
Dated Brent <PCAAS00> assessment rationale: Diff to Diff to Futures Diff to Dated
Of the six grades in the Dated Brent basket, WTI Mid Change WTI strip Brent strip Brent strip
Escalante 76.41–76.45 76.430 -3.350 3.270 AAXBS00 -1.100 AAXAX00 -0.885
Midland and Ekofisk were seen in the Platts Market on PCAGC00 PCAGO00
Medanito AMTOA00 74.030 -3.350 AMTOC00 0.870 AMTOB00 -3.500 AMTOD00 -3.285
Close assessment process. Loreto PCAGH00 68.89–68.93 68.910 -3.275 PCAGQ00 -4.250 AAXBV00 -8.620 AAXBG00 -8.405
Brent and Forties were assessed 10 cents/b lower Oriente PCADE00 69.79–69.83 69.810 -3.275 PCAGU00 -3.350 AAXBW00 -7.720 AAXBH00 -7.505
Napo AAMCA00 64.49–64.53 64.510 -4.375 AAMCD00 -8.650 AAXBX00 -13.020 AAXBI00 -12.805
Nov. 26-Dec. 15 with flat structures rolled over back- Tupi ATUPA00 75.380 -4.000 ATUPC00 2.220 ATUPB00 -2.150 ATUPD00 -1.935
end dates reflecting weakening market fundamentals Marlim AAITF00 69.36–69.40 69.380 -4.350 AAITL00 -3.780 AAXBY00 -8.150 AAXBJ00 -7.935
Castilla Blend AAVEQ00 66.51–66.55 66.530 -4.350 AAVEQ01 -6.630 AAXBZ00 -11.000 AAXBK00 -10.785
and weakness demonstrated in other crudes in the
Vasconia PCAGI00 72.46–72.50 72.480 -3.350 PCAGR00 -0.680 AAXCB00 -5.050 AAXBN00 -4.835
Dated Brent basket in the absence of indications Liza ALIZA00 74.965 -3.365 ALIZD00 1.805 ALIZC00 -2.565 ALIZB00 -2.350
testing the Nov. 15 assessment. Unity Gold AUNIA00 75.165 -3.365 AUNIC00 2.005 AUNIB00 -2.365 AUNID00 -2.150
Latin America WTI strip AAXBP00 73.160
Oseberg and Troll were assessed 40 cents/b lower Latin America Futures Brent strip AAXBQ00 77.530
in Nov. 26-Dec. 15 with flat structures rolled over back- Latin America Dated Brent strip AAXBR00 77.315
end dates reflecting the downward move in the Ekofisk
differential and weakening sweet market fundamentals
Latin America market parity prices ($/barrel) (PGA page 270)
in the absence of indications testing the Nov. 15 Mid Change
assessment. Maya AAYMP00 68.064 -4.044
Ekofisk was assessed in a 1.5 cents/day Merey 16 AMERA00 68.185 -4.146
backwardated structure Nov. 26-Dec. 13 using a Platts euro-denominated assessments (€/barrel) (PGA page 1252)
withdrawn offer Dec. 13-14 and a traded offer Dec. 15. Mid Change
Dec. 15-16 was assessed in a flat structure. European crude oil benchmarks
FOB WTI Midland was assessed lower reflecting a Dated Brent AAPYR00 71.990–71.990 71.990 -4.057
Dated Brent (CIF) PCAKN00 73.344 -4.070
lower CIF Rotterdam assessment and a lower freight Urals (Mediterranean) AAPYS00 64.330–64.360 64.344 -3.952
adjustment factor on the day. US crude oil benchmarks
WTI (Dec) AAPYT00 67.460–67.480 67.471 -3.513
CIF WTI Midland was assessed in a flat structure WTI MEH (Dec) AAYSA00 68.439 -3.466
Nov. 28-Dec. 1 using an outstanding bid Nov. 29- Mars (Dec) AAPYU00 67.970–67.990 67.978 -3.374
Euro/US$ forex rate: 1.0855. Platts Euro denominated crude oil assessments are based on market values and a Euro/US$ forex rate at 4:30 PM local London time.

Dec.1. Dec. 1-7 was assessed in a 6.66 cents/day Ruble-denominated Russian assessments (Rb/barrel) (PGA page 1224)
Mid Change
backwardated structure using an outstanding offer
Russian crude oil benchmarks
Dec. 7-9. Dec. 9-16 was assessed in a flat structure. Urals FOB Novorossiysk AAUJP00 5749.670–5752.350 5751.013 -376.610
WTI Midland was the most competitive grade in the Urals FOB Baltic AAUJQ00 5713.930–5716.610 5715.273 -376.610
Urals FOB Novorossiysk 80kt AAUJR00 5713.930–5716.610 5715.273 -385.545
Dated Brent assessment Nov. 26-Nov. 30. Ekofisk was Urals CIF Mediterranean AAUJS00 6239.310–6241.990 6240.651 -388.226
the most competitive grade Dec. 1-16. Urals CIF Rotterdam AAUJT00 6005.210–6007.000 6006.107 -376.610
BFOE (PCAAQ00-PCAAR00,PCARR00> assessment US$/Ruble forex rate: 89.3500. Platts Ruble denominated crude oil assessments are based on market values and a US$/Ruble forex rate at 4:30 PM local London
time.
rationale:
January Cash BFOE was assessed using a January Platts CAD-denominated Canada spot crude assessments (C$/cu m) (PGA page 232)
EFP heard during the day. Mid Change
February Cash BFOE was assessed using a January/ Lloyd Blend AALRM00 438.414–438.587 438.500 -13.203
Mixed Sweet AALRT00 570.821–570.994 570.907 -12.460
February EFP roll heard during the day. Light Sour Blend AALRZ00 588.994–589.167 589.081 -19.672
March Cash BFOE was assessed using February/ Midale AAUCD00 552.215–552.388 552.301 -19.879
Condensates AALSH00 606.735–606.908 606.822 -27.317
March EFP roll heard during the day. Syncrude Sweet AASOL00 592.456–592.629 592.542 -3.733
CFD (PCAKA00-AALDA00) assessment rationale: WCS Hardisty AAPPO00 432.356–432.529 432.443 -13.236
Cold Lake Hardisty AASZY00 431.058–431.231 431.145 -13.243
Nov. 20-24 was assessed using a narrower Nov. 20-
24 versus Nov. 27-Dec. 1 CFD roll than heard during the
day, as later sections of the curve were demonstrated Daily US$ vs EURO exchange rate (PGA page 1151)
shallower. Mid Change
November 16, 2023 AAFCW00 1.0855 -0.001
Nov. 27-Dec. 1 was assessed using a narrower Nov.
27-Dec.1 versus Dec. 4-8 CFD roll than heard during the
day, as later sections of the curve were demonstrated Asia close Brent and WTI spot assessments ($/barrel) (PGA page 2210)
shallower. Mid Change
Brent (Jan) PCAJG00 80.48–80.52 80.500 -2.120
Dec. 4-8 was assessed using a traded bid. Brent (Feb) PCAJI00 80.55–80.59 80.570 -1.740
Dec. 11-15 was assessed using an outstanding bid Brent (Mar) PCAJ000 80.480 -1.580
WTI (Dec) AAFFU00 75.84–75.88 75.860 -2.350
and offer. WTI (Jan) AAFFW00 76.06–76.10 76.080 -2.050
Dec. 18 - Dec. 22 was assessed using an outstanding WTI (Feb) AAFFY00 76.17–76.21 76.190 -1.760
offer.
Johan Sverdrup FOB North Sea (AJSVA00,
AJSVB00) assessment rationale: Oman OSPs and derivatives ($/barrel) (PGA pages 2658 & 2210)
Johan Sverdrup was assessed unchanged Nov. 26- Mid Change
Oman/Dubai Swap (Dec) AAIHJ00 -0.02/0.02 0.000 0.000
Dec. 15 with a flat structure rolled over back-end dates Oman/Dubai Swap (Jan) AAIHL00 -0.02/0.02 0.000 0.000
reflecting heard values during the day and steady sour Oman/Dubai Swap (Feb) AAIHN00 -0.02/0.02 0.000 0.000
Oman Swap (Dec) AAHZP00 80.53–80.57 80.550 -1.680
market fundamentals in the absence of indications Oman Swap (Jan) AAHZR00 80.09–80.13 80.110 -1.540
testing the Nov. 15 assessment. Oman Swap (Feb) AAHZT00 79.81–79.85 79.830 -1.400
Exclusions: PLATTS BRENT DIFF: DEC4-DEC8 (FEB):
TRAFIGURA BIDS 100KB AT $-0.35
Platts is part of S&P Global Commodity Insights Daily OPEC Basket Price ($/barrel) (PGA page 207)
Mid Change
November 15, 2023 AAEUQ00 84.860 -0.610

Platts North Sea Dated Brent, BFOE, CFD Futures Settlements

Bids, Offers, Trades Settlement Change Low High Volume* Open interest PNT****
NYMEX Light Sweet crude ($/barrel) (PGA page 705)
Dec 23 NMCL001 72.90 -3.76 72.16 76.63 93135 96133
Bids: Jan 24 NMCL002 73.09 -3.70 72.37 76.80 412477 339112
NORTH SEA: CIF BASIS ROTTERDAM: PLATTS Feb 24 NMCL003 73.19 -3.61 72.53 76.83 141468 124609
Mar 24 NMCL004 73.28 -3.44 72.62 76.77 88679 112444
NSEA WTI MIDLAND: NOVEMBER 28-DECEMBER 2: Total NMCL000 980968 XNCLP00 26786
TRAFIGURA BIDS 700000.0B AT DTD $2.35 . . ICE Brent ($/barrel) (PGA page 704)
CASH BFOE: PLATTS CASH BFOE: JAN24: Jan 24 ICLL001 77.42 -3.76 76.60 81.17 475836 347160
MERCURIA BIDS 100KB AT $77.58 Feb 24 ICLL002 77.51 -3.54 76.71 81.10 369102 342634
Mar 24 ICLL003 77.50 -3.38 76.74 80.95 257837 248251
BRENT CFDS: PLATTS BRENT DIFF: DEC4-DEC8 Apr 24 ICLL004 77.44 -3.25 76.71 80.78 121628 135076
(FEB): DV TRADING BIDS 100KB AT $-0.39 Total ICLL000 1646383 XILLP00 43772
PLATTS BRENT DIFF: DEC4-DEC8 (FEB): ONYX BIDS ICE WTI ($/barrel) (PGA page 704)
Dec 23 ICIC001 72.90 -3.76 72.21 76.61 28902 44642
100KB AT $-0.40
Jan 24 ICIC002 73.09 -3.70 72.40 76.82 91435 102990
PLATTS BRENT DIFF: DEC4-DEC8 (FEB): MERCURIA Feb 24 ICIC003 73.19 -3.61 72.58 76.80 92567 69631
BIDS 100KB AT $-0.40 Mar 24 ICIC004 73.28 -3.44 72.68 76.75 77213 48045
Total ICIC000 377331 XIICP00 10155
PLATTS BRENT DIFF: DEC11-DEC15 (FEB): DV
ICE BWAVE ($/barrel) (PGA page 704)
TRADING BIDS 100KB AT $-0.37
BWAVE data refer to previous day.
PLATTS BRENT DIFF: DEC11-DEC15 (FEB): MERCURIA Jan 24 XIBW001 81.79
BIDS 100KB AT $-0.38 Feb 24 XIBW002 81.60
PLATTS BRENT DIFF: DEC11-DEC15 (FEB): DME Oman crude ($/barrel)** (PGA pages 702 & 2710)
Jan 24 XDOA001 81.63 -1.64 1950
TRAFIGURA BIDS 100KB AT $-0.38
Jan 24 DMOQ001 78.75 -3.06 78.75 81.74 1971 14807
PLATTS BRENT DIFF: DEC11-DEC15 (FEB): ONYX Feb 24 DMOQ002 78.84 -2.84 78.84 82.59 990 25
BIDS 100KB AT $-0.40 Mar 24 DMOQ003 78.54 -2.79 78.54 82.24 990 25
Apr 24 DMOQ004 78.24 -2.79 78.24 78.24 0 0
PLATTS BRENT DIFF: DEC11-DEC15 (FEB): OCEAN
Total Volume DMOQ000 6661 XDOQP00 0
BIDS 100KB AT $-0.42 IFAD Murban crude ($/barrel) (PGA page 703)
PLATTS BRENT DIFF: DEC11-DEC15 (FEB): DARE Jan 24 AMIFA00 81.640
BIDS 100KB AT $-0.45 Murban vs Dubai*** AMIFB00 1.530
NYMEX ULSD ($/gal) (PGA page 705)
PLATTS BRENT DIFF: DEC18-DEC22 (FEB): DV
Dec 23 NMHO001 2.7502 -0.1185 2.7340 2.8863 36141 54394
TRADING BIDS 100KB AT $-0.45 Jan 24 NMHO002 2.6722 -0.1189 2.6599 2.8023 49083 71905
PLATTS BRENT DIFF: DEC18-DEC22 (FEB): ONYX Feb 24 NMHO003 2.6376 -0.1161 2.6276 2.7613 25990 30593
BIDS 100KB AT $-0.45 Mar 24 NMHO004 2.6012 -0.1093 2.5910 2.7126 19735 36300
Total NMHO000 159263 XNHOP00 7155
PLATTS BRENT DIFF: DEC18-DEC22 (FEB): OCEAN NYMEX RBOB unleaded gasoline ($/gal) (PGA page 705)
BIDS 100KB AT $-0.50 Dec 23 NMRB001 2.1011 -0.1007 2.0900 2.2013 27254 60451
PLATTS BRENT DIFF: DEC18-DEC22 (FEB): DARE Jan 24 NMRB002 2.0760 -0.1043 2.0697 2.1798 50002 105034
Feb 24 NMRB003 2.0806 -0.1027 2.0742 2.1791 15201 31770
BIDS 100KB AT $-0.50
Mar 24 NMRB004 2.0978 -0.1002 2.0905 2.2140 10294 32307
PLATTS BRENT DIFF: DEC25-DEC29 (FEB): DARE Total Volume NMRB000 131594 XNRBP00 6731
BIDS 100KB AT $-0.60 NYMEX Natural Gas ($/MMBtu) (PGA page 705)
PLATTS BRENT DIFF: DEC25-DEC29 (FEB): DV Dec 23 NMNG001 3.062 -0.128 3.028 3.265 166597 93579
Jan 24 NMNG002 3.239 -0.123 3.188 3.407 132245 286551
TRADING BIDS 100KB AT $-0.75 Feb 24 NMNG003 3.189 -0.119 3.151 3.350 33692 83906
PLATTS BRENT DIFF: NOV20-NOV24 (FEB): Mar 24 NMNG004 3.019 -0.110 2.978 3.166 33922 177002
Total Volume NMNG000 481494 XNNGP00 8454

MERCURIA BIDS 100KB AT $0.05 Futures Settlements (continued)

Settlement Change Low High Volume* Open interest PNT****
PLATTS BRENT DIFF: NOV20-NOV24 (FEB): DV
ICE low sulfur gasoil ($/mt) (PGA page 704)
TRADING BIDS 100KB AT $-0.15 Dec 23 ICLO001 792.00 -26.00 783.00 829.00 101194 122606
PLATTS BRENT DIFF: NOV20-NOV24 (FEB): ONYX Jan 24 ICLO002 776.25 -27.00 767.75 810.00 86752 128439
Feb 24 770.25 -27.00 761.75 801.25 45797 52275
BIDS 100KB AT $-0.30 ICLO003
Mar 24 ICLO004 764.50 -26.75 756.25 793.00 38514 56179
PLATTS BRENT DIFF: NOV27-DEC1 (FEB): DV Total Volume ICLO000 340379 XILOP00 10044
TRADING BIDS 100KB AT $-0.30 ICE Midland WTI American Gulf Coast ($/barrel) (PGA page 704)
PLATTS BRENT DIFF: NOV27-DEC1 (FEB): MERCURIA Dec 23 IHOU001 73.99 -3.71 73.99 75.22 532 5757
Jan 24 IHOU002 74.33 -3.67 73.88 77.93 4821 5354
BIDS 100KB AT $-0.30
Feb 24 IHOU003 74.53 -3.56 74.10 77.88 2912 4004
PLATTS BRENT DIFF: NOV27-DEC1 (FEB): DARE BIDS Mar 24 IHOU004 74.67 -3.39 74.67 74.67 236 3826
100KB AT $-0.30 *Volume, open interest and PNT reflect prior trading day. PNT reflect volume for Privately Negotiated Trades or off-exchange. **Oman settlements are Post Close
Offers: settlements. ***IFAD Murban spread to 1st Line (Jan 24) Platts Dubai crude futures. ****Privately Negotiated Trade values found on PGA page 710
NORTH SEA: CIF BASIS ROTTERDAM: PLATTS NSEA

WTI MIDLAND: DECEMBER 6-10: PHILLIPS 66 OFFERS
700000.0B AT DTD $2.05 . .
CASH BFOE: Futures at Platts’ Market on Close ($/barrel) (PGA page 703)
PLATTS CASH BFOE: JAN24: CHEVRON OFFERS Singapore* London* Houston* Singapore* London* Houston*
ICE Brent NYMEX WTI
100KB AT $78.20
Jan XILLA01 80.42 AAYES00 77.83 AAQBG00 77.45 M1 XNCLA01 75.86 AASCR00 73.24 NYCRM01 72.92
PLATTS CASH BFOE: JAN24: PETROINEOS OFFERS Feb XILLA02 80.45 AAYET00 77.90 AAQBH00 77.54 M2 XNCLA02 76.08 AASCS00 73.45 NYCRM02 73.10
100KB AT $78.23 Mar AAXZY00 77.88 AAXZZ00 77.52 M3 NYCRM03 73.21
BRENT CFDS: PLATTS BRENT DIFF: DEC4-DEC8 Apr AAYAM00 77.82 AAYAL00 77.44 M4 NYCRM04 73.30
Oman *Singapore and London MOC close at precisely 16:30 local time while Houston
(FEB): TOTAL OFFERS 100KB AT $-0.30 MOC closes at precisely 13:30 local time. MOC times are usually earlier on the
Jan XDOA001 81.63
PLATTS BRENT DIFF: DEC4-DEC8 (FEB): PETRACO Volume XDOAV01 1950 day preceding major local holidays.
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Reported spot cash transactions (PGA page 3)

Trans. Date
Cargo / Cargo Load CFD Roll Crude Grade(s) Reported Outright / Basis Barrels Seller Buyer
Spread Dates Range / Week Status Diff. Price
CFD Week ($/barrel)
Platts Americas
11/16/2023 December Mars Heard 0.55 Cash WTI
11/16/2023 December SGC (Southern Green Canyon) Heard -0.40 Cash WTI
11/16/2023 November Syncrude Sweet Premium (SSP) Edmonton Heard -10.50 NYMEX WTI CMA
11/16/2023 December WTI Midland Heard 0.90 Cash WTI
11/16/2023 December WTS Heard -0.35 WTI Midland
11/15/2023 December LLS Heard 2.50 Cash WTI
11/15/2023 December WTI Midland Heard 0.80 Cash WTI
Platts Asia
11/16/2023 January Dubai Partial Done 81.65 25,000 TotalEnergies Glencore
11/16/2023 January Dubai Partial Done 81.68 25,000 TotalEnergies Equinor
11/16/2023 January Dubai Partial Done 81.67 25,000 ExxonMobil Glencore
11/16/2023 January Dubai Partial Done 81.65 25,000 BP Glencore
11/16/2023 January Dubai Partial Done 81.68 25,000 Reliance Glencore
11/16/2023 January Dubai Partial Done 81.68 25,000 TotalEnergies Gunvor
11/16/2023 January Dubai Partial Done 81.67 25,000 TotalEnergies Vitol
11/16/2023 January Dubai Partial Done 81.66 25,000 ExxonMobil Vitol
11/16/2023 January Dubai Partial Done 81.67 25,000 TotalEnergies Vitol
11/16/2023 January Dubai Partial Done 81.69 25,000 TotalEnergies Gunvor
11/16/2023 January Dubai Partial Done 81.64 25,000 P66 Gunvor
11/16/2023 January Dubai Partial Done 81.67 25,000 Reliance Vitol
11/16/2023 January Dubai Partial Done 81.68 25,000 ExxonMobil Gunvor

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)

11/16/2023 January Murban Done 500,000 TotalEnergies Glencore
Platts EMEA
11/16/2023 December 4 8 Brent CFD Done -0.29 Cash BFOE Feb 100000 Onyx DV Trading
11/16/2023 December 4 8 Brent CFD Done -0.35 Cash BFOE Feb 100000 TotalEnergies Trafigura
11/16/2023 December 4 8 Brent CFD Done -0.35 Cash BFOE Feb 100000 TotalEnergies Ocean Leonid
Investments
11/16/2023 December 4 8 Brent CFD Done -0.30 Cash BFOE Feb 100000 Onyx Trafigura
11/16/2023 December 4 8 Brent CFD Done -0.30 Cash BFOE Feb 100000 Onyx Mercuria
11/16/2023 December 14 16 Ekofisk Done 2.00 Dated Brent 700000 Vitol Gunvor
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.
OFFERS 100KB AT $-0.30 PLATTS BRENT DIFF: DEC11-DEC15 (FEB): DV PETRACO OFFERS 100KB AT $0.30
PLATTS BRENT DIFF: DEC4-DEC8 (FEB): TRADING OFFERS 100KB AT $-0.27 PLATTS BRENT DIFF: NOV20-NOV24 (FEB): UNIPEC
PETROCHINA OFFERS 100KB AT $-0.30 PLATTS BRENT DIFF: DEC11-DEC15 (FEB): DARE OFFERS 100KB AT $0.35
PLATTS BRENT DIFF: DEC4-DEC8 (FEB): OFFERS 100KB AT $-0.25 PLATTS BRENT DIFF: NOV20-NOV24 (FEB): ONYX
EXXONMOBIL OFFERS 100KB AT $-0.25 PLATTS BRENT DIFF: DEC11-DEC15 (FEB): OCEAN OFFERS 100KB AT $0.45
PLATTS BRENT DIFF: DEC4-DEC8 (FEB): UNIPEC OFFERS 100KB AT $-0.20 PLATTS BRENT DIFF: NOV27-DEC1 (FEB): PETRACO
OFFERS 100KB AT $-0.25 PLATTS BRENT DIFF: DEC18-DEC22 (FEB): OFFERS 100KB AT $-0.05
PLATTS BRENT DIFF: DEC4-DEC8 (FEB): DARE PETROCHINA OFFERS 100KB AT $-0.40 PLATTS BRENT DIFF: NOV27-DEC1 (FEB): ONYX
OFFERS 100KB AT $-0.20 PLATTS BRENT DIFF: DEC18-DEC22 (FEB): OCEAN OFFERS 100KB AT $0.00
PLATTS BRENT DIFF: DEC4-DEC8 (FEB): SHELL OFFERS 100KB AT $-0.35 PLATTS BRENT DIFF: NOV27-DEC1 (FEB): UNIPEC
OFFERS 100KB AT $-0.20 PLATTS BRENT DIFF: DEC18-DEC22 (FEB): BP OFFERS 100KB AT $0.00
PLATTS BRENT DIFF: DEC4-DEC8 (FEB): DV OFFERS 100KB AT $-0.35 PLATTS BRENT DIFF: NOV27-DEC1 (FEB): SHELL
TRADING OFFERS 100KB AT $-0.12 PLATTS BRENT DIFF: DEC18-DEC22 (FEB): DV OFFERS 100KB AT $0.04
PLATTS BRENT DIFF: DEC11-DEC15 (FEB): BP TRADING OFFERS 100KB AT $-0.35 PLATTS BRENT DIFF: NOV27-DEC1 (FEB):
OFFERS 100KB AT $-0.35 PLATTS BRENT DIFF: DEC18-DEC22 (FEB): DARE EXXONMOBIL OFFERS 100KB AT $0.05
PLATTS BRENT DIFF: DEC11-DEC15 (FEB): OFFERS 100KB AT $-0.30 PLATTS BRENT DIFF: NOV27-DEC1 (FEB): TOTAL
PETROCHINA OFFERS 100KB AT $-0.30 PLATTS BRENT DIFF: DEC25-DEC29 (FEB): DARE OFFERS 100KB AT $0.05
PLATTS BRENT DIFF: DEC11-DEC15 (FEB): UNIPEC OFFERS 100KB AT $-0.30 Trades:
OFFERS 100KB AT $-0.30 PLATTS BRENT DIFF: DEC25-DEC29 (FEB): DV NORTH SEA: FOB BASIS TEESSIDE: PLATTS NSEA
PLATTS BRENT DIFF: DEC11-DEC15 (FEB): TRADING OFFERS 100KB AT $-0.25 EKOFISK: DECEMBER 14-16: GUNVOR BUYS FROM
EXXONMOBIL OFFERS 100KB AT $-0.30 PLATTS BRENT DIFF: NOV20-NOV24 (FEB): SHELL VITOL* 700000.0B AT DTD $2.00 . . (16:21:45)
PLATTS BRENT DIFF: DEC11-DEC15 (FEB): OCEAN OFFERS 100KB AT $0.29 CASH BFOE: None
OFFERS 100KB AT $-0.27 PLATTS BRENT DIFF: NOV20-NOV24 (FEB): BRENT CFDS: PLATTS BRENT DIFF: DEC4-DEC8

(FEB): ONYX SELLS TO DV TRADING* 100KB AT $-0.29 Exclusions: None port Novorossiisk because of “bad weather which
(16:28:14) Platts is part of S&P Global Commodity Insights is affecting loading operational safety”, a second
PLATTS BRENT DIFF: DEC4-DEC8 (FEB): ONYX trader said.
SELLS TO MERCURIA* 100KB AT $-0.30 (16:28:36) Platts WTI Midland Crude DAP Europe Bids, In refinery news, Cepsa’s 240,000 b/d San Roque
PLATTS BRENT DIFF: DEC4-DEC8 (FEB): ONYX Offers, Trades and 220,000 b/d Huelva refineries expected a decline
SELLS TO TRAFIGURA* 100KB AT $-0.30 (16:28:37) of around half in their Q4 refining margins following a
PLATTS BRENT DIFF: DEC4-DEC8 (FEB): TOTAL Bids: None robust Q3, senior management said.
SELLS TO OCEAN* 100KB AT $-0.35 (16:29:45) Offers: None “At this stage, Q4 2023 refining margins are
PLATTS BRENT DIFF: DEC4-DEC8 (FEB): TOTAL Trades: None expected to fall closer to levels seen in Q2,” Cepsa said.
SELLS TO TRAFIGURA* 100KB AT $-0.35 (16:29:46) This assessment commentary applies to the The company reported a Q3 refining margin of
This assessment commentary applies to the following market data codes: WTI Midland DAP $14.40/b, an increase of 83% year on year and an
following market data codes: Dated Brent <PCAAS00> basis Rotterdam <AWTIC00> WTI Midland DAP basis increase of 96% quarter on quarter. The Q2 margin was
CFD Week 1 <PCAKA00> CFD Week 2 <PCAKC00> Brent Rotterdam vs Fwd Dated Brent <AWTID00> WTI $7.40/b.
Mo01 <PCAAQ00> CFD Week 3 <PCAKE00> Brent Midland DAP basis Augusta <AWTIA00> WTI Midland Q3 margins were supported by stronger
Mo02 <PCAAR00> CFD Week 4 <PCAKG00> Brent DAP basis Augusta vs Fwd Dated Brent <AWTIB00> seasonality-driven downstream demand and wider
Mo03 <PCARR00> CFD Week 5 <AAGLU00> CFD Week cracks, partly due to lower gas prices, CFO Carmen de
6 <AAGLV00> CFD Week 7 <AALCZ00> CFD Week 8 Platts Mediterranean & Black Sea Sweet Pablo said.
<AALDA00> Johan Sverdrup FOB North Sea <AJSVA00> Crude Daily Commentary The company also had near full availability of its
Johan Sverdrup FOB North Sea vs North Sea Dtd Strip refining capacity (94% across the quarter), having
<AJSVB00> Talk about CPC Blend arbitrage to Asia concluded part maintenance in Q2. Cepsa previously
Weather delays at CPC loading terminal said it planned to carry out more partial maintenance
Platts WTI Midland Crude DAP Europe The CPC Blend market remained under pressure either in Q3 or Q4 at both sites.
Assessment Rationale & Exclusions from increased sweet crude availability, sources said More generally, European companies continued to
WTI Crude DAP Europe <AWTIC00> assessment Nov. 16, as an influx of arbitrage cargoes, particularly report strong margins in Q3 and higher throughput.
rationale: from North America and West Africa has left buyers According to the International Energy Agency,
WTI DAP Rotterdam was assessed lower in a flat spoilt for choice. refineries have been delaying maintenance due to
structure between Dec. 6 and Dec. 15, and a 3.5 cents/ “Directionally, it [CPC Blend] is getting weaker,” one strong margins.
day contango structure between Dec. 15 and Jan. 15, trader said.
owing to pressure seen on Midland cargoes arriving There were signs CPC Blend could be finding Platts NWE and Med Urals Sour Crude Daily
into Europe. There were no bids, offers or trades in the alternative outlets in Asia amid weaker European Market Analysis
Platts Market on Close assessment process for DAP demand, with shipping sources noting three
WTI Midland Suezmaxes destined for Asia fixed on Nov. 15, with all Greek vessels increase share of Nov Urals cargoes
WTI Crude DAP Augusta <AWTIA00> assessment expected to load in the first days of December. to date: CAS
rationale: However, some market participants said CPC Blend EU, US increase price-cap scrutiny, consider tighter
WTI DAP Augusta was assessed lower in a flat would have to be trading around a $2/b discount to sanctions
structure between Dec. 6 and Dec. 15, and a 3.5 cents/ Dated Brent for the arbitrage to be workable. Greek operators have loaded 32% of Russia’s Urals
day contango structure between Dec. 15 and Jan. 15, “CPC is not that low,” the trader said. “It definitely export volumes as of Nov. 13, an increase of nine
owing to pressure seen on Midland cargoes arriving looks harder to move CPC barrels to Asia now.” percentage points month on month, according to S&P
into Europe. There were no bids, offers or trades in the Separately, minor delays have been observed at Global Commodities at Sea data.
MOC for DAP WTI Midland. the CPC loading terminal near the Russian Black Sea Companies based in the Marshall Islands have

doubled their presence in the Urals loading schedule, differential was assessed using a net forward to the Platts EMEA Urals & Med Brent Crude Bids,
CAS data showed, at 14% during the first half of Urals FOB Aframax and Suezmax assessment. The FOB Offers, Trades
November, compared with 7% in October. differentials were assessed 25 cents/b lower using
Conversely, Russian operators have loaded just indications heard during the day. Bids: None
3% of November’s Urals cargoes up to Nov. 13, down Urals CIF Med <PCACE00> assessment rationale: Offers: None
sharply from October’s high of 19%. The Urals CIF Mediterranean assessment reflected Trades: None
Russian operators had steadily increased their the value of the Mediterranean Dated Brent Strip This assessment commentary applies to
presence in the transport of Urals cargoes during (AALDF00) plus the Urals CIF Augusta differential the following market data codes: Urals CIF Med
the second half of 2023, coinciding with Urals FOB assessment (AAGXX00). <PCACE00>> Urals CIF Rdam <PCAFW00> ESPO FOB
Primorsk breaching the $60/b price cap in July, Urals RCMB (Recombined) <AALIN00> assessment Kozmino Mo01 London <AARWD00> CPC CIF Augusta
according to assessments by Platts, part of S&P Global rationale: Diff <AAHPL00>
Commodity Insights. The Urals RCMB (Recombined) assessment
The larger share of Greek vessel operators in the reflected the value of the Platts Dated Brent Platts West African Crude Daily
transport of Urals cargoes during the first half of assessment (PCAAS00) plus the Urals CIF Augusta Commentary
November comes at a time when there are signs of a differential assessment (AAGXX00).
tightening of EU and US sanctions on Russian oil. Urals CIF Rdam <PCAFW00> assessment rationale: November cycle close to completion in Nigeria
The EU is set to tighten its enforcement of Urals CIF Rotterdam was assessed 25 cents/b Trading in December remains sluggish
sanctions on Russia, according to announcements lower. There were no bids or offers in the MOC. The In the West African crude market Nov. 16, trading of
from policymakers Nov. 13, in a bid to prevent the Urals CIF Rotterdam differential was assessed as a net December-loading Nigerian cargoes remained steady
circumvention of the G7 price cap on Russian oil. forward to the Urals FOB Baltic assessment. The FOB as participants reported a close-to-cleared November
“This twelfth package will include...actions to differentials were assessed 25 cents/b lower using program while January programs were expected
tighten the oil price cap, in order to decrease the indications heard during the day. imminently.
revenue that Russia is getting from selling its oil Med Dated Brent Strip 13-28 Day <AALDF00> “I think everyone has been hiding and licking their
— not to us but to others — [and] fighting against assessment rationale: wounds,” one WAF crude trader said of the quiet
circumvention,” EU foreign policy chief Josep The Mediterranean Dated Brent Strip reflected the December market.
Borrell said. value of Forward Dated Brent 13-28 days ahead of the Differentials through the November and December
The US also appeared to be stepping up its day of publication. Forward Dated Brent is assessed cycles have moved sharply lower with freight costs a
enforcement of the price cap recently. According to as a function of Platts assessments of second-month primary driving variable.
the US Treasury Department, notices have been sent Cash BFOE (PCAAR00) and BFOE CFD differentials The December program in West Africa has been
to shipping companies requesting information on oil (PCAKA00, PCAKC00, PCAKE00, PCAKG00, AAGLU00, the slowest with respect to trading activity in close to
tankers that may have been carrying Russian oil priced AAGLV00, AALCZ00). three years, sources said.
above $60/b. CPC Blend CIF Augusta vs BTC Dtd Strip “The November overhang is finally nearly done,”
<AAHPL00> assessment rationale: one WAF trader said. “It has been hard work but the
Platts EMEA Urals and Med Brent Crude Daily CPC Blend was assessed unchanged based on move down in Dated Brent and freight normalizing has
Rationales & Exclusions values heard from traders throughout the day. certainly helped. December still looks long though.”
Urals CIF Augusta differential <AAGXX00> Exclusions: None With respect to the December program, a second
assessment rationale: Platts is part of S&P Global Commodity Insights trader said: “A few Angolan [cargoes] are moving but
Urals CIF Augusta was assessed 38 cents/b lower. Nigerians are as slow as you like, unfortunately.”
There were no bids or offers in the Platts Market on “WAF is sort of clearing, [only] after resetting up to
Close assessment process. The Urals CIF Augusta $7/b on differentials,” a third trader said.

Meetings regarding the scheduling of Nigeria’s Platts US Pipeline Crude Daily Commentary December. But second decade December was talked
January-loading program were underway, a fourth at a 50 cents/b premium to WTI MEH, which was 20
trader said, with the Angolan program expected to be USGC crude sours strengthen cents stronger from where Platts last assessed the
published soon. USGC sweet grades rise slightly decade. Third decade was assessed up 20 cents/b to a
Indications for December-loading Nigerian cargoes USGC crude grades were slightly changed on the 40 cents/b premium to WTI MEH.
were beginning to filter through to the wider market, day Nov. 16, while the futures market saw a steep The Frontline Brent vs. WTI spread widened 1 cent/b
with cargoes of Forcados and Escravos heard offered decline amidst weaker global crude demand. to price at minus $4.10/b. This is amid a steep decline
at premiums of $1.60/b and $1.50/b, respectively, to the Platts assessed USGC crude grade WTI at Midland of over 5% in the futures market Nov. 16 due to global
Dated Brent benchmark. 5 cents/b stronger on the day to price at cash WTI plus oil demand concerns while production in the US
80 cents/b Nov. 16, based on physical indications heard exceeded expectations. Meanwhile, traders in Europe
Platts West African Crude Daily Rationale & late yesterday confluent with paper indications heard have noted that demand for crude in the North Sea is
Exclusions in the market today. said to be struggling and cargoes loading in November
Of the four crudes in the Nigerian basket, Bonga USGC crude grade WTI at Magellan East Houston are still waiting to find buyers.
and Forcados were assessed 30 cents/b lower, while increased 5 cents/b on the day to price at cash WTI Platts is part of S&P Global Commodity Insights.
Bonny Light and Qua Iboe were assessed 10 cents/b plus $1.05/b, based on paper indications heard in
lower using indications heard through the day. the market. Platts Canadian Pipeline Crude Daily
Pressure remains on December-loading cargoes with Strength was seen in USGC sours with December Commentary
some November barrels on the water still unsold. There Mars assessed flat on the day but remained at a 55
were no bids, offers or trades in the Platts Market on cent/b premium to cash WTI, while January Mars was Western Canadian Crude starts first day of January
Close assessment process. 45 cents/b higher to price at cash WTI minus 5 cents/b, assessments
Qua Iboe FOB Nigeria <PCAID00> based on paper indications heard in the market. WCS Hardisty price increases $1.75/b for the
Bonny Light FOB Nigeria London <PCAIC00> West Texas Sour was assessed $1.00/b stronger on January trading cycle
Forcados FOB Nigeria <PCABC00> the day after it was heard bid at a 35 cent/b discount Canadian crude values were mixed Nov. 16 on the
Bonga FOB Nigeria <PCNGC00> to WTI Midland. first day of the January assessments for Western
Exclusions: None Platts is part of S&P Global Commodity Insights. Canadian crude.
Platts is part of S&P Global Commodity Insights There were no physical trades heard in the market,
Platts US Gulf Coast Export Crude Daily however, and Platts assessed values based on paper
Platts West African Crude Bids, Offers, Commentary trades seen in the market.
Trades Western Canadian Select in Hardisty, Alberta,
WTI Midland FOB USGC cargoes assessed higher increased $1.75 to WTI CMA minus $23.25/b, based on
Bids: None Frontline Brent vs. WTI spread sees minimal a January paper trade heard in the market.
Offers: None movement Platts assessed WCS Nederland at WTI CMA minus
Trades: None WTI Midland FOB USGC cargoes were talked higher $8.80/b. The heavy sour crude in Cushing, Oklahoma,
This assessment commentary applies to the Nov. 16 amid a steep decline in the futures market followed that movement and was assessed at WTI CMA
following market data code: WAF Index <AWAFB00> and not much movement in the Frontline Brent vs. minus $9.80/b
The WAF Index is calculated using the following market WTI spread. Platts assessed Mixed Sweet at Edmonton up $1.75
data codes: Qua Iboe FOB Nigeria <PCAID00> Bonny Dealers in the market talked values for December at WTI CMA minus $7.25/b after it was seen paper
Light FOB Nigeria London <PCAIC00> Forcados FOB loading WTI loading FOB on the US Gulf Coast as trading at that value.
Nigeria <PCABC00> Bonga FOB Nigeria <PCNGC00> stronger on Nov. 16. One market participant noted that Platts assessed condensate at Edmonton at WTI
there was little available in the market for first decade CMA minus $3.10/b, unchanged on the day.

The Nov. 17 pipeline apportionment deadline is due, discount to Dated Brent, and Unity Gold at a $2.15/b for the Venezuelan grades Santa Barbara and Mesa
and traders say this usually tends to bring shake things discount. Both grades were 15 cents/b stronger. 30. US sanctions have curtailed Venezuela production
up in the market. If apportionment levels are high, that Guyanese grades were firmer after 2 sources said Unity and trading activity, and market participants do not
in itself can impact prices. Gold should be valued around $2/b. anticipate normal activity to resume. Market sources
In the Eastern market, Platts assessed barrels of Brazilian grade Tupi was assessed at $2.15/b indicate there has been no spot trade of these grades
Hebron at minus $5.10/b at a discount to the Canadian discount to ICE Brent, 65 cents/b weaker. Tupi fell in in nearly a decade.
Dated Brent strip, down 30 cents from the previous $4/b on an outright basis to settle at $75.38/b. Tupi The discontinuation will affect the following codes:
assessment. Terra Nova was assessed at minus was heard talked at a $2/b premium to January Outright Diff to Date Brent Strip Diff to Brent Strip
$3.40/b, up 85 cents on the day. Dated Brent. Diff to WTI Strip
Hibernia and White Rose both saw a 45 cent Platts is part of S&P Global Commodity Insights. Mesa 30 AAITB00 AAXBO00 AAXCC00 AAITH00
decrease, bringing the grades to minus $1.50/b and Santa Barbara AAITD00 AAXAZ00
minus 65 cents/b, respectively. AAXBU00 AAITJ00
Platts is part of S&P Global Commodity Insights. Subscriber Notes MSGCM00 Mesa USGC Cracking Netback Margin
(Platts)
Platts Latin American Crude Daily Platts corrects Oct 31 and October monthly average MSGCM03 Mesa USGC Cracking Netback Margin
Commentary KEBCO FOB Novo outright values (Platts) MAvg
Please note that Platts has corrected its KEBCO MSGCM04 Mesa USGC Cracking Netback Margin
Heavy differentials remain under pressure FOB Novo outright assessment for Oct. 31, 2023. (Platts) WAvg
Guyana grades firm Subsequently, the monthly average for this assessment MSGCN00 Mesa USGC Cracking Netback (Platts)
Latin American crude differentials were mixed Nov. has also been corrected. MSGCN03 Mesa USGC Cracking Netback
16, as heavier grades lead on the decline. The assessments are corrected as follows: (Platts) MAvg
Platts assessed Heavy Colombian grade Castilla KEBCO FOB Novo outright (code: KBCOE00): MSGCN04 Mesa USGC Cracking Netback
Blend at a $11/b discount to Ice Brent, down $1/b. On $80.225/b (Platts) WAvg
an outright basis, Castilla fell $4.35/b to $66.53/b KEBCO FOB Novo monthly average (code: MSGCY00 Mesa USGC Cracking Yield (Platts)
Castilla differentials were undercut by a weak day KBCOE03): $84.669/b MSGCY03 Mesa USGC Cracking Yield (Platts) MAvg
for heavy Canadian grades. Platts assessed Western The assessments appear in Platts Crude Oil MSGCY04 Mesa USGC Cracking Yield (Platts) WAvg
Canadian Select at Nederland, Texas, at a discount Marketwire, Oilgram Price Report and PGA/PCR 1220. TDDDV00 Mesa USGC Freight (Platts)
of $8.80/b to the WTI CMA, down $1.75/b day on day. Please send any questions to TDDDV03 Mesa USGC Freight (Platts) MAvg
Platts assessed the lighter Vasconia at a $5.05/b Europe_Crude@spglobal.com with a cc to TDDDV04 Mesa USGC Freight (Platts) Wavg
discount to ICE Brent, unchanged on the day. pricegroup@spglobal.com The prices appear on Platts Global Alert page 280
Heavier Ecuadorian grades were under similar and Crude Oil Marketwire, Platts Analytics US Yields &
pressure today. Platts assessed the heavier Napo at Platts discontinues Mesa 30 and Santa Barbara Netbacks, Oilgram Price Report, PAS International Spot
a $8.65/b discount to the NYMEX WTI 30-60 day front crude price assessments crude assessments, Platts Analytics Weekly Feeder
month strip, down 75 cents/b. Napo was down $4.38/b Platts, a part of S&P Global Commodity Insights, Crudes, Platts Analytics Monthly Average Yields &
on an outright basis at $64.51. The lighter Oriente was has discontinued publishing price assessments for Netbacks, and LatinWire.
firmer today, based on the price movement of ANS Venezuela’s Mesa 30 and Santa Barbara crudes Please send any feedback or questions
delivered into the USWC. Platts assessed Oriente at a effective Nov. 1 due to declining production and a to Americas_crude@spglobal.com and
$3.35/b discount to the NYMEX WTI 30-60 day front lack of spot market activity. Platts also will no longer pricegroup@spglobal.com.
month strip. publish yields and netbacks for Mesa 30 crude. For written comments, please provide a clear
Platts assessed Guyana grade Liza at a $2.35/b Platts understands there is no spot-market activity indication if comments are not intended for publication

by Platts for public viewing. Indonesian MPP models include Malaysia’s Kimanis, Widuri PCAFE00 (Singapore close), AAPBN00
Platts will consider all comments received and will Russia’s ESPO and Abu Dhabi’s Murban. (London close) PCAFE03 (Singapore close), AAPBN03
make comments not marked as confidential available The weightage of these reference grades to (London close)
to the public upon request. calculate the Indonesian MPPs was most recently More details on Platts MPP models and
amended in April 1, 2022 following Russia’s invasion of methodology are available at https://bit.ly/33GZehH
Platts opens review of Indonesian crude oil Market Ukraine: Please send all comments or questions
Parity Prices https://www.spglobal.com/commodityinsights/ to Asia_Crude@spglobal.com and
Following feedback from market participants and en/our-methodology/subscriber-notes/032822-s-p- pricegroup@spglobal.com by Dec. 29, 2023.
the shift in trade dynamics, S&P Global Commodity global-to-cut-weighting-of-russian-espo-crude-in- For written comments, please provide a clear
Insights is opening a formal review of the methodology indonesian-crudes-market-parity-price-models indication if comments are not intended for publication
it uses to calculate the Market Parity Prices for The three basket grades, the Indonesian grades and by Platts for public viewing. Platts will consider all
Indonesian crude oil grades. their respective GPW values are currently normalized comments received and will make comments not
Platts amended the methodology for its for delivery to Japan, accounting for freight and marked as confidential available upon request.
assessments of Indonesia’s Minas crude oil to the regional spot product prices.
MPP model from the Market on Close assessment The MPP model, which Platts also uses to assess Platts to rename ExxonMobil California crude posted
methodology from Jan. 2, 2020, in response to certain illiquid crude oil grades from West Africa, India prices
changing physical market conditions: https:// and Venezuela, ensures that the assessment captures Platts, part of S&P Global Commodity Insights, will
www.spglobal.com/commodityinsights/en/our- both the inherent refining value of the crude as well as rename its ExxonMobil posted prices for crude to
methodology/subscriber-notes/010220-platts- the broader oil market demand-supply fundamentals Green Gate Resources, effective Dec. 1, 2023.
amends-indonesias-minas-crude-assessment- reflected in the price of the reference basket. The update comes after an agreement to sell all
methodology As part of this review, Platts is inviting feedback of ExxonMobil’s interest in the Area oil-production
Similar amendments were made to the from stakeholders on possible amendments to the operation in California to Green Gate Resources. There
assessments of Cinta and Widuri crude oil from July model, including changes to the underlying refinery will be no change to the publication of the assessment
1, 2020: model and GPW yields used in the calculations; beyond renaming it.
https://www.spglobal.com/commodityinsights/en/ addition of new reference grades; as well as updates The affected symbols are:
our-methodology/subscriber-notes/070120-platts- to transportation and processing cost for the PSAJG09
amends-indonesias-cinta-widuri-crude-assessment- various grades. PSAIY09
methodology The daily MPPs and monthly averages for the three The posted prices are published on Platts Global
The MPP calculation for each grade is based on grades are published in Platts Crude Oil Marketwire, Alert page 251.
its Gross Product Worth values benchmarked to a Platts Oilgram Price Report and on Platts Global Alert Please send any feedback or questions
reference basket of relevant crude grades that are and Platts Crude Oil Alert pages 0842, 1250, 1805, 2210, to americas_crude@spglobal.com and
actively traded in the regional spot market. 2211, 2216, 2217, 2244, 2245, 2264, 2265, 2280, 2281, 2810 pricegroup@spglobal.com.
Platts MPPs provide a calculation of the equivalent and 2811 under the following codes: For written comments, please provide a clear
market value of a given crude based on the value of Assessment Daily Price Monthly Average indication if comments are not intended for publication
its typical refined product yield, subtracting costs Minas PCABO00 (Singapore close), AAPAZ00 by Platts for public viewing.
for transport and the refining process, and adjusting (London close) AAFZH00 (Singapore close), AAPAZ03 Platts will consider all comments received and will
the resulting value based on the trading levels of (London close) make comments not marked as confidential available
comparison reference crude grades relative to their Cinta PCAAX00 (Singapore close), AAPBJ00 upon request.
product yield values. (London close) AAFZC00 (Singapore close), AAPBJ03
Currently, the reference grades used in the (London close)

Platts opens consultation on DAP Rotterdam, DAP This consultation relates to the following Platts terminal for WTI Midland crude oil into its Dated Brent
Augusta WTI Midland and Eagle Ford 45 crude assessments: and Cash BFOE Market on Close assessment process
assessments Differential to Dated for June deliveries.
Assessment Outright
Platts, part of S&P Global Commodity Insights, is Brent Sellers would be able to nominate WTI Midland
WTI Midland DAP Rotterdam AWTID00 AWTIC00
opening a consultation on its DAP Rotterdam and WTI Midland DAP Augusta AWTIB00 AWTIA00 meeting Platts specification loaded from Seaway Texas
DAP Augusta WTI Midland and Eagle Ford 45 crude Eagle Ford 45 DAP Rotterdam AEFAD00 AEFAC00 City Terminal for inclusion into the Dated Brent/Cash
Eagle Ford 45 DAP Augusta AEFAB00 AEFAA00
assessments. BFOE assessment process starting with the June 2023
Platts currently assesses cargoes of WTI Midland delivery period.
and Eagle Ford 45 on a Delivered at Place (DAP) basis These assessments appear on Platts Global Alert The terminal, in Texas City, Texas, is wholly owned
Rotterdam and Augusta on both an outright pricing and Platts Crude Alert pages 1210, 1212, 1238, and in by Seaway Crude Holdings LLC, L.P., a joint venture
basis and as a differential to Dated Brent 20-60 days Crude Oil Marketwire. between Enterprise Seaway L.P. and Enbridge Holdings
ahead of the assessment date. Please send all feedback, comments or questions (Seaway) L.L.C.
The assessments currently reflect a standard by Dec. 4 to europe_crude@spglobal.com and The terminal has two docks which can fit up to
Aframax cargo size of 700,000 barrel cargoes with a pricegroup@spglobal.com. a VLCC size vessel and 4 million barrels of storage
volume tolerance of 5%. The assessments are priced For written comments, please provide a clear capacity for crude oil.
five days after the date of delivery. indication if comments are not intended for publication Platts decision to include WTI Midland into the
Platts seeks feedback on all aspects of the by Platts for public viewing. Brent complex, and clarification of the review process
assessments, including cargo size, incoterm, Platts will consider all comments received and will by which loading terminals are included in the
assessment period and pricing period. make comments not marked as confidential available assessment process, can be found here.
Platts understands that in current market upon request. Please send all feedback to
conditions CIF, CFR or DAP WTI Midland cargoes are PriceGroup@spglobal.com and
mostly trading for a period of 40-60 days forward on a Platts to include Seaway Texas City Terminal into Europe_Crude@spglobal.com.
calendar month pricing basis. Brent complex assessment process for June For written comments, please provide a clear
Platts is also seeking feedback on the spot market Platts, part of S&P Global Commodity Insights, will indication if they are not intended for publication by
volume for Eagle Ford 45 delivered into Europe. include Seaway Texas City Terminal as a loading Platts for public viewing.

Commodity Insights Analytics US Yields & Netbacks Effective November 16, 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 85.08 AGGFA00 3.45 AGGCN00 81.63 AAQZB00 75.53 AGGCM00 5.59
Arab Berri BEGCY00 86.65 TDDAC00 1.32 BEGCN00 85.33 AAXCT00 83.05 BEGCM00 2.28
Arab Heavy AHGCY00 79.14 TDDAJ00 1.39 AHGCN00 77.76 AAXDI00 81.15 AHGCM00 -3.39 Arab Heavy AHGOY00 82.49 TDDAJ00 1.39 AHGON00 81.10 AAXDI00 81.15 AHGOM00 -0.05
Arab Light LIGCY00 83.42 TDDAR00 1.35 LIGCN00 82.07 AAXCU00 80.90 LIGCM00 1.17 Arab Light LIGOY00 84.08 TDDAR00 1.35 LIGON00 82.73 AAXCU00 80.90 LIGOM00 1.83
Arab Medium MEGCY00 80.51 TDDAZ00 1.35 MEGCN00 79.16 AAXDN00 81.60 MEGCM00 -2.44 Arab Medium MEGOY00 81.59 TDDAZ00 1.35 MEGON00 80.24 AAXDN00 81.60 MEGOM00 -1.36
Bakken BKGCY00 85.03 TDDRP00 7.78 BKGCN00 77.25 AAXPP00 70.17 BKGCM00 7.08
Basrah Heavy BHGOY00 79.17 BHGFA00 3.07 BHGON00 76.11 AALZC00 77.75 BHGOM00 6.16
Basrah Medium BLGCY00 79.58 TDDBS00 2.93 BLGCN00 76.65 BSMAM01 81.40 BLGCM00 2.55 Basrah Medium BLGOY00 81.78 TDDBS00 2.93 BLGON00 78.85 BSMAM01 81.40 BLGOM00 4.75
Bonny Light YLGCY00 87.94 TDDBX00 3.77 YLGCN00 84.18 PCAIC00 77.68 YLGCM00 5.98
Brent BRGCY00 85.10 TDDCB00 3.51 BRGCN00 81.59 AAVJA00 79.44 BRGCM00 1.63
Cabinda CBGCY00 83.28 TDDCF00 4.06 CBGCN00 79.22 PCAFD00 77.58 CBGCM00 1.12 Cabinda CBGOY00 83.15 TDDCF00 4.06 CBGON00 79.08 PCAFD00 77.58 CBGOM00 0.99
Castilla Blend CSGOY00 77.40 CSGFA00 3.84 CSGON00 73.56 AAVEQ00 66.53 CSGOM00 7.03
Eagle Ford EAGCY00 85.76 AAYAT00 73.93 EAGCM00 11.83
Escalante ECGCY00 79.30 TDDCV00 6.48 ECGCN00 72.83 PCAGC00 76.43 ECGCM00 -4.50
Forties FTGCY00 83.82 FTGFA00 3.21 FTGCN00 80.62 PCADJ00 79.04 FTGCM00 1.06
Isthmus ISGCY00 82.51 TDDDJ00 2.23 ISGCN00 80.28 PDATO09 72.31 ISGCM00 7.97
LLS LLGCY00 88.18 TDDQW00 0.55 LLGCN00 87.63 PCABN00 75.40 LLGCM00 12.23 LLS LLGOY00 88.51 TDDQW00 0.55 LLGON00 87.96 PCABN00 75.40 LLGOM00 12.56
Marlim MLGCY00 81.95 TDDGK00 5.08 MLGCN00 76.87 AAITF00 69.38 MLGCM00 6.59 Marlim MLGOY00 83.35 TDDGK00 5.08 MLGON00 78.27 AAITF00 69.38 MLGOM00 8.00
Mars MRGCY00 80.41 TDDQY00 0.55 MRGCN00 79.86 AAMBR00 73.45 MRGCM00 6.41 Mars MRGOY00 83.41 TDDQY00 0.55 MRGON00 82.86 AAMBR00 73.45 MRGOM00 9.41
Maya MYGCY00 73.32 TDDDP00 2.36 MYGCN00 70.97 PDATS09 66.46 MYGCM00 4.51 Maya MYGOY00 78.99 TDDDP00 2.36 MYGON00 76.63 PDATS09 66.46 MYGOM00 10.17
Napo NPGOY00 76.51 NPGFA00 5.02 NPGON00 71.49 AAMCA00 64.51 NPGOM00 6.12
Olmeca OLGCY00 83.90 TDDDY00 2.25 OLGCN00 81.65 PDATT09 72.36 OLGCM00 9.29
Oriente ORGOY00 82.02 ORGFA00 4.75 ORGON00 77.27 PCADE00 69.81 ORGOM00 6.65
Poseidon PDGCY00 80.41 PDGFA00 0.00 PDGCN00 80.41 AABHK00 72.90 PDGCM00 7.51
Saharan Blend SHGCY00 84.96 TDDRD00 3.18 SHGCN00 81.78 AAGZY00 78.60 SHGCM00 2.67
Syncrude SYGCY00 86.70 SYGFA00 8.52 SYGCN00 78.18 AASOK00 68.47 SYGCM00 9.71
Urals URGCY00 81.66 TDDFM00 3.78 URGCN00 77.87 AAWVH00 63.97 URGCM00 13.39 Urals URGOY00 84.71 TDDFM00 3.78 URGON00 80.93 AAWVH00 63.97 URGOM00 16.45
Vasconia VCGOY00 84.93 VCGFA00 3.73 VCGON00 81.21 PCAGI00 72.48 VCGOM00 8.73
WCS ex-Hardisty WHGOY00 80.53 TDDRS00 8.50 WHGON00 72.03 AAPPN00 49.97 WHGOM00 22.06
WCS ex-Nederland WNGOY00 80.53 WCGFA00 0.00 WNGON00 80.53 AAYAY00 64.42 WNGOM00 16.11
WTI WTGCY00 85.76 AAYRG00 73.95 WTGCM00 11.81
WTS WSGCY00 83.08 TDDRJ00 6.89 WSGCN00 76.20 PCACK00 73.30 WSGCM00 2.90 WTS WSGOY00 85.40 TDDRJ00 6.89 WSGON00 78.51 PCACK00 73.30 WSGOM00 5.21

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

US Midwest (PGA page 0823) US Midwest (PGA page 0821)
Bakken BKTCY00 88.16 TDDRO00 1.68 BKTCN00 86.48 AASRU00 69.17 BKTCM00 17.31
Syncrude SYTCY00 89.57 TDDFP00 8.20 SYTCN00 81.37 AASOK00 68.47 SYTCM00 12.90
WCS WCTOY00 83.63 TDDRL00 8.56 WCTON00 75.07 AAPPN00 49.97 WCTOM00 25.10
WTI WTTCY00 88.67 TDDRG00 2.39 WTTCN00 86.28 PCACG00 72.90 WTTCM00 13.38
WTS WSTCY00 86.08 TDDRI00 3.08 WSTCN00 83.00 PCACK00 73.30 WSTCM00 9.70 WTS WSTOY00 88.72 TDDRI00 3.08 WSTON00 85.64 PCACK00 73.30 WSTOM00 12.34
US West Coast (PGA page 0843) US West Coast (PGA page 0841)
ANS ANWCY00 101.49 PCAAD00 79.82 ANWCM00 21.67 ANS ANWOY00 104.38 PCAAD00 79.82 ANWOM00 24.56
Arab Light LIWOY00 105.95 TDDAT00 1.35 LIWON00 104.60 AAXCU00 80.90 LIWOM00 23.70
Arab Medium MEWOY00 102.14 TDDBB00 1.35 MEWON00 100.79 AAXDN00 81.60 MEWOM00 19.19
Bakken BKWCY00 107.15 TDDRT00 11.74 BKWCN00 95.41 AAXPP00 70.17 BKWCM00 25.24
Basrah Heavy BHWOY00 101.09 BHWFA00 3.47 BHWON00 97.62 AALZC00 77.75 BHWOM00 28.57
Basrah Medium BLWOY00 102.36 TDDBW00 3.31 BLWON00 99.05 BSMAM01 81.40 BLWOM00 25.85
Castilla Blend CSWOY00 99.96 CSWFA00 6.67 CSWON00 93.29 AAVEQ00 66.53 CSWOM00 25.90
Maya MYWOY00 99.96 MYWFA00 3.80 MYWON00 96.16 AAUPK00 67.11 MYWOM00 29.05
Napo NPWOY00 98.90 NPWFA00 5.82 NPWON00 93.08 AAMCA00 64.51 NPWOM00 27.71
Oriente ORWOY00 102.45 TDDEC00 5.50 ORWON00 96.95 PCADE00 69.81 ORWOM00 26.33
Vasconia VCWOY00 109.70 VCWFA00 6.44 VCWON00 103.26 PCAGI00 72.48 VCWOM00 29.95
US Atlantic Coast (PGA page 0811)
Crack Yield Freight Crack Netback Crude Price Crack Margin

Agbami AGACY00 95.11 AGAFA00 3.00 AGACN00 92.11 AAQZB00 75.53 AGACM00 16.07
Arab Light LIACY00 91.38 TDDAU00 1.35 LIACN00 90.03 AAXCU00 80.90 LIACM00 9.13
Bakken BKACY00 95.51 TDDRN00 7.20 BKACN00 88.31 AAXPP00 70.17 BKACM00 18.14
Bonny Light YLACY00 97.34 TDDBZ00 3.28 YLACN00 94.06 PCAIC00 77.68 YLACM00 15.87
Brent BRACY00 94.42 TDDCC00 3.89 BRACN00 90.53 AAVJA00 79.44 BRACM00 11.47
Cabinda CBACY00 90.94 TDDCH00 3.57 CBACN00 87.37 PCAFD00 77.58 CBACM00 9.28
CPC Blend CPACY00 95.31 CPAFA00 4.37 CPACN00 90.93 AALVX00 72.37 CPACM00 18.95
Forties FTACY00 94.60 FTAFA00 3.55 FTACN00 91.05 PCADJ00 79.04 FTACM00 12.39
Saharan Blend SHACY00 95.48 SHAFA00 2.53 SHACN00 92.95 AAGZY00 78.60 SHACM00 13.84
Urals URACY00 90.78 URAFA00 2.92 URACN00 87.85 AAWVH00 63.97 URACM00 23.37

Commodity Insights Analytics European Yields & Netbacks Effective November 16, 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 94.56 AGNFA00 2.74 AGNCN00 91.82 AAQZB00 75.53 AGNCM00 16.30 Agbami AGMCY00 92.18 AGMFA00 2.62 AGMCN00 89.56 AAQZB00 75.53 AGMCM00 14.04
Arab Berri BENCY00 94.01 BENFA00 1.32 BENCN00 92.69 AAXDU00 85.92 BENCM00 6.77
Arab Heavy AHNCY00 83.44 TDDAN00 1.39 AHNCN00 82.05 AAXDH00 80.72 AHNCM00 1.33 Arab Heavy AHMCY00 80.83 TDDAI00 1.39 AHMCN00 79.44 AAXDH00 80.72 AHMCM00 -0.68
Arab Light LINCY00 91.25 TDDAV00 1.35 LINCN00 89.90 AAXDK00 84.62 LINCM00 5.28 Arab Light LIMCY00 88.31 TDDAQ00 1.35 LIMCN00 86.96 AAXDK00 84.62 LIMCM00 2.84
Arab Medium MENCY00 86.49 TDDBD00 1.36 MENCN00 85.12 AAXDM00 83.42 MENCM00 1.70 Arab Medium MEMCY00 83.61 TDDAY00 1.37 MEMCN00 82.25 AAXDM00 83.42 MEMCM00 -0.87
Azeri Light ZLNCY00 96.09 TDDBI00 3.29 ZLNCN00 92.80 AATHM00 78.06 ZLNCM00 12.68 Azeri Light* ZLMCY00 93.08 AAGZX00 82.00 ZLMCM00 11.08
Basrah Medium BLNCY00 85.06 TDDBU00 3.37 BLNCN00 81.69 BSMAM01 81.40 BLNCM00 3.81 Basrah Medium BLMCY00 81.90 TDDBR00 2.40 BLMCN00 79.50 BSMAM01 81.40 BLMCM00 1.61
Bonny Light YLNCY00 96.94 YLNFA00 3.00 YLNCN00 93.95 PCAIC00 77.68 YLNCM00 16.27 Bonny Light YLMCY00 93.78 YLMFA00 2.86 YLMCN00 90.91 PCAIC00 77.68 YLMCM00 13.24
Brent BRNCY00 92.90 TDDCD00 3.40 BRNCN00 89.50 AAVJA00 79.44 BRNCM00 10.06
Cabinda CBNCY00 91.82 TDDQR00 3.28 CBNCN00 88.54 PCAFD00 77.58 CBNCM00 10.97 Cabinda CBMCY00 89.30 CBMFA00 3.14 CBMCN00 86.16 PCAFD00 77.58 CBMCM00 8.59
CPC Blend CPNCY00 94.23 CPNFA00 5.06 CPNCN00 89.17 AALVX00 72.37 CPNCM00 16.81 CPC Blend* CPMCY00 91.26 AAGZU00 76.25 CPMCM00 15.02
Dubai DBNCY00 89.93 DBNFA00 3.17 DBNCN00 86.76 PCAAT00 81.68 DBNCM00 6.77
Eagle Ford EANCY00 94.07 EANFA00 6.87 EANCN00 87.20 AAYAT00 73.93 EANCM00 12.89 Eagle Ford EAMCY00 91.61 TNEIF00 7.37 EAMCN00 84.24 AAYAT00 73.93 EAMCM00 9.93
Ekofisk EKNCY00 94.52 TDDCT00 2.09 EKNCN00 92.43 PCADI00 79.85 EKNCM00 12.58
Forties FTNCY00 92.95 TDDEZ00 2.48 FTNCN00 90.46 PCADJ00 79.04 FTNCM00 11.42 Forties FTMCY00 90.13 FTMFA00 4.00 FTMCN00 86.13 PCADJ00 79.04 FTMCM00 7.09
Iran Heavy BHNCY00 89.14 TDDDG00 3.33 BHNCN00 85.81 AIHKA00 79.33 BHNCM00 5.59 Iran Heavy BHMCY00 86.54 TDDDF00 2.36 BHMCN00 84.19 AIHKA00 79.33 BHMCM00 3.97
Johan Sverdrup JSNCY00 89.84 JSNFA00 2.63 JSNCN00 87.21 AJSVA00 75.71 JSNCM00 11.50 Johan Sverdrup JSMCY00 87.37 JSMFA00 4.26 JSMCN00 83.10 AJSVA00 75.71 JSMCM00 7.39
Kirkuk KRNCY00 90.06 TDDGH00 4.99 KRNCN00 85.07 AAEJD00 76.42 KRNCM00 5.18 Kirkuk KRMCY00 87.12 TDDFF00 2.60 KRMCN00 84.52 AAEJD00 76.42 KRMCM00 4.62
LLS LLNCY00 98.08 LLNFA00 7.21 LLNCN00 90.87 AAQBB00 75.74 LLNCM00 15.09 LLS LLMCY00 95.01 LLMFA00 7.73 LLMCN00 87.28 AAQBB00 75.74 LLMCM00 11.50
Maya MYNCY00 77.00 MYNFA00 7.45 MYNCN00 69.54 AAYXE00 69.57 MYNCM00 -0.03
Oman OMNCY00 89.41 OMNFA00 3.12 OMNCN00 86.29 PCABS00 81.68 OMNCM00 6.32 Oman OMMCY00 87.12 OMMFA00 2.16 OMMCN00 84.96 PCABS00 81.68 OMMCM00 4.99
Saharan Blend SHNCY00 95.31 TDDGI00 3.09 SHNCN00 92.22 AAGZY00 78.60 SHNCM00 13.62 Saharan Blend SHMCY00 92.25 TDDFG00 2.19 SHMCN00 90.07 AAGZY00 78.60 SHMCM00 11.47
Urals* URNCY00 91.86 PCAFW00 67.22 URNCM00 24.64 Urals* URMCY00 88.43 PCACE00 69.85 URMCM00 18.58
WTI MEH WTNCY00 94.87 WTNFA00 6.99 WTNCN00 87.88 AAYRZ00 74.29 WTNCM00 13.55
*Indicates the crude price is a CIF value
Commodity Insights Analytics Asian yields & netbacks effective November 16, 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 91.93 AGSFA00 3.13 AGSCN00 88.80 AAQZB00 75.53 AGSCM00 10.69 Forties FTSCY00 90.07 TNEFD00 4.36 FTSCN00 85.71 PCADJ00 79.04 FTSCM00 4.08
Arab Berri BESCY00 90.67 BESFA00 1.93 BESCN00 88.74 AAXDV00 85.03 BESCM00 3.71 Kimanis KISCY00 99.82 KISFA00 1.33 KISCN00 98.49 AASCL00 91.10 KISCM00 7.39
Arab Heavy AHSCY00 81.28 TDDAO00 2.01 AHSCN00 79.27 AAXDG00 83.38 AHSCM00 -4.11 LLS LLSCY00 93.77 LLSFA00 4.84 LLSCN00 88.93 AAZDC00 78.61 LLSCM00 10.56
Arab Light LISCY00 88.53 TDDAW00 1.97 LISCN00 86.55 AAXDJ00 85.68 LISCM00 0.87 Mars MRSCY00 86.25 MRSFA00 5.02 MRSCN00 81.24 AAMBR00 73.45 MRSCM00 4.82
Arab Medium MESCY00 84.00 TDDBE00 1.99 MESCN00 82.02 AAXDL00 85.13 MESCM00 -3.11 Maya MYSCY00 78.92 MYSFA00 5.30 MYSCN00 73.63 AAYXG00 75.48 MYSCM00 -1.85
Basrah Medium BHSCY00 83.48 BHSFA00 2.10 BHSCN00 81.38 BSMAM01 81.40 BHSCM00 -2.40 Minas MNSCY00 95.35 TDDDX00 1.34 MNSCN00 94.00 PCABO00 76.83 MNSCM00 17.17
Bonny Light YLSCY00 94.29 YLSFA00 3.37 YLSCN00 90.91 PCAIC00 77.68 YLSCM00 10.65 Oman OMSCY00 85.19 TDDEB00 1.76 OMSCN00 83.43 PCABS00 81.68 OMSCM00 1.75
Cabinda CBSCY00 93.38 TDDQS00 3.25 CBSCN00 90.13 PCAFD00 77.58 CBSCM00 9.97 Qua lboe QBSCY00 94.43 QBSFA00 3.38 QBSCN00 91.05 PCAID00 78.18 QBSCM00 10.29
Castilla CSSCY00 75.73 CSSFA00 5.37 CSSCN00 70.36 AAVEQ00 66.53 CSSCM00 0.86 Saharan Blend SHSCY00 89.96 SHSFA00 3.87 SHSCN00 86.09 AAGZY00 78.60 SHSCM00 4.09
Dalia DLSCY00 94.78 DLSFA00 3.37 DLSCN00 91.41 AAQYX00 76.43 DLSCM00 12.40 Tapis TPSCY00 92.63 TDDEO00 1.31 TPSCN00 91.32 PCACB00 85.30 TPSCM00 6.02
Dubai DBSCY00 87.92 TDDCQ00 1.86 DBSCN00 86.06 PCAAT00 81.68 DBSCM00 4.38 Tupi* LUSCY00 92.49 LUQDA00 84.03 LUSCM00 6.03
Duri DRSCY00 95.05 TDDCR00 1.47 DRSCN00 93.58 PCABA00 85.45 DRSCM00 8.13 Urals URSCY00 88.31 URSFA00 4.08 URSCN00 84.23 AAGZS00 64.37 URSCM00 17.28
Eagle Ford EASCY00 91.79 EASFA00 4.64 EASCN00 87.15 AAYAT00 73.93 EASCM00 10.25 WTI MEH WTSCY00 91.62 WTSFA00 4.72 WTSCN00 86.91 AAZDF00 76.86 WTSCM00 9.99
ESPO ESSCY00 91.72 ESSFA00 1.34 ESSCN00 90.37 AARWF00 77.26 ESSCM00 13.11
*Indicates the crude price is a CIF value

Crude Carbon Intensity
A daily supplement to Crude Oil Marketwire
Platts crude carbon intensity assessments - grades, November 16, 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 0.34 AGINO40 Oct-23 26.03
North America (PGA/PCR page 4206)

WTI Midland WXTIC00 0.52 WXTIC40 Oct-23 39.02
Europe (PGA/PCR page 4206)

Brent BXREC00 0.94 BXREC40 Oct-23 71.47
Ekofisk EXKOC00 0.32 EXKOC40 Oct-23 24.08
Forties FXORC00 0.28 FXORC40 Oct-23 21.43
Oseberg OXSEC00 1.40 OXSEC40 Oct-23 106.31
Troll TXROC00 4.06 TXROC40 Oct-23 307.20
Middle East (PGA/PCR page 4206)

Al-Shaheen AGINC00 0.13 AGINK40 Oct-23 9.58
Arab Light AGINF00 0.25 AGINN40 Oct-23 19.17
Das Blend AGINE00 0.32 AGINM40 Oct-23 24.25
Dubai AGINA00 0.35 AGINI40 Oct-23 26.77
Murban AGINH00 0.32 AGINP40 Oct-23 23.84
Oman AGINB00 0.25 AGINJ40 Oct-23 19.21
UpperZakum AGIND00 0.17 AGINL40 Oct-23 13.03
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, November 16, 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 0.51 BOZHC40 Oct-23 38.70 Bohai Pengbo-Singapore BOZHC10 0.06 BOZHC50 Oct-23 4.24
India
Bombay High MUMBC00 0.34 MUMBC40 Oct-23 25.53 Bombay High-Qingdao MUMBC10 0.09 MUMBC50 Oct-23 6.80
Iran
Marun MARUC00 0.48 MARUC40 Oct-23 36.56 Kharg Island-Qingdao MARUC10 0.12 MARUC50 Oct-23 8.96
Iraq
Kirkuk KIRKC00 0.63 KIRKC40 Oct-23 47.39 Ceyhan-R’dam KIRKC10 0.06 KIRKC50 Oct-23 4.55
Rumaila RUMAC00 0.29 RUMAC40 Oct-23 21.59 Al Basrah-Sikka RUMAC10 0.03 RUMAC50 Oct-23 2.09
www.spglobal.com/commodityinsights
Platts crude carbon intensity assessments - fields (continued) (PGA page 4200)
West Qurna-2 WESTC00 0.56 WESTC40 Oct-23 42.72 Al Basrah-Sikka WESTC10 0.03 WESTC50 Oct-23 2.22
Zubair ZUBAC00 0.44 ZUBAC40 Oct-23 32.98 Al Basrah-Sikka ZUBAC10 0.03 ZUBAC50 Oct-23 2.09
Kuwait
Burgan BURGC00 0.22 BURGC40 Oct-23 16.84 Mina-Ulsan BURGC10 0.12 BURGC50 Oct-23 9.31
Oman
Oman Basin AMRGF00 0.24 AMRGS40 Oct-23 18.23 Salalah-Tranmere ASITF10 0.11 ASITS50 Oct-23 8.59
Qatar
Al-Shaheen AMRGE00 0.12 AMRGR40 Oct-23 8.73 Al-Shaheen-Singapore ASITE10 0.07 ASITR50 Oct-23 5.63
Dukhan DUKHC00 1.53 DUKHC40 Oct-23 116.10 Mesaieed-Singapore DUKHC10 0.07 DUKHC50 Oct-23 5.03
Saudi Arabia
Abu Hadriya AMRGI00 0.24 AMRGV40 Oct-23 18.26 Ras Tanura-Ain Sukhna ASITI10 0.02 ASITV50 Oct-23 1.27
Ghawar GHWRC00 0.24 GHWRC40 Oct-23 18.13 Ras Tanura-Qingdao GHWRC10 0.11 GHWRC50 Oct-23 8.33
Khurais AMRGH00 0.24 AMRGU40 Oct-23 17.87 Ras Tanura-Ain Sukhna ASITH10 0.02 ASITU50 Oct-23 1.20
Safaniya SAFAC00 0.21 SAFAC40 Oct-23 15.53 Ras Tanura-Changxing SAFAC10 0.13 SAFAC50 Oct-23 9.53
Zuluf ZULUC00 0.29 ZULUC40 Oct-23 22.23 Ras Tanura-Changxing ZULUC10 0.12 ZULUC50 Oct-23 9.24
UAE
Abu Al Bukhoosh AMRGM00 0.15 AMRGZ40 Oct-23 11.27 Zirku-Sikka ASITM10 0.02 ASITZ50 Oct-23 1.65
El Bunduq AMRGL00 0.47 AMRGY40 Oct-23 35.91 Zirku-Sikka ASITL10 0.02 ASITY50 Oct-23 1.57
Falah AMRGA00 0.18 AMRGN40 Oct-23 13.43 Falah-Kiire ASITA10 0.14 ASITN50 Oct-23 10.36
Fateh FATEC00 0.22 FATEC40 Oct-23 16.94 Fateh-Kiire FATEC10 0.11 FATEC50 Oct-23 8.56
Lower Zakum AMRGD00 0.15 AMRGQ40 Oct-23 11.60 Zirku-Sikka ASITD10 0.02 ASITQ50 Oct-23 1.70
Murban MURBC00 0.26 MURBC40 Oct-23 19.83 Fujairah-Chiba MURBC10 0.11 MURBC50 Oct-23 8.55
Nasr AMRGK00 0.20 AMRGX40 Oct-23 15.02 Zirku-Sikka ASITK10 0.02 ASITX50 Oct-23 1.62
Rashid AMRGB00 0.40 AMRGO40 Oct-23 30.48 Mina-Kiire ASITB10 0.13 ASITO50 Oct-23 10.17
Umm Shaif AMRGJ00 0.30 AMRGW40 Oct-23 22.69 Zirku-Sikka ASITJ10 0.02 ASITW50 Oct-23 1.60
Upper Zakum AMRGC00 0.16 AMRGP40 Oct-23 11.72 Zirku-Zhoushan ASITC10 0.12 ASITP50 Oct-23 9.05
Africa Fields (PGA/PCR page 4202)

Algeria
Hassi Messaoud AMRGG00 0.29 AMRGT40 Oct-23 22.15 Skikda-Tranmere ASITG10 0.03 ASITT50 Oct-23 2.07
Angola
Girassol GRSLC00 0.16 GRSLC40 Oct-23 11.81 Girassol-Qingdao GRSLC10 0.17 GRSLC50 Oct-23 13.18
Libya
Waha WAHAC00 0.48 WAHAC40 Oct-23 36.00 Zawia-Augusta WAHAC10 0.01 WAHAC50 Oct-23 0.44
Nigeria
Agbami AGBAC00 0.34 AGBAC40 Oct-23 26.01 Agbami-Paradip AGBAC10 0.14 AGBAC50 Oct-23 10.25
Bonga BONGC00 0.16 BONGC40 Oct-23 12.35 Bonga-R’dam BONGC10 0.08 BONGC50 Oct-23 6.26
Europe Fields (PGA/PCR page 4202)

Azerbaijan
Azeri AZERC00 0.64 AZERC40 Oct-23 48.69 Ceyhan-Sarroch AZERC10 0.03 AZERC50 Oct-23 1.93
Kazakhstan
Tengiz TNGZC00 0.27 TNGZC40 Oct-23 20.08 Novo-R’dam TNGZC10 0.06 TNGZC50 Oct-23 4.62
Norway
Alvheim ALVHC00 0.10 ALVHC40 Oct-23 7.66 Alvheim-Le Havre ALVHC10 0.01 ALVHC50 Oct-23 0.85

Brage BRAGC00 0.91 BRAGC40 Oct-23 69.08 Sture - Brofjorden BRAGC10 0.01 BRAGC50 Oct-23 0.48
Edvard-Grieg EDVAC00 0.06 EDVAC40 Oct-23 4.38 Edvard Grieg-Sarroch EDVAC10 0.04 EDVAC50 Oct-23 2.97
Ekofisk EKFSC00 0.36 EKFSC40 Oct-23 27.35 Teesside-R’dam EKFSC10 0.01 EKFSC50 Oct-23 0.36
Embla EMBLC00 0.07 EMBLC40 Oct-23 5.38 Teesside-R’dam EMBLC10 0.01 EMBLC50 Oct-23 0.36
Fram FRAMC00 0.34 FRAMC40 Oct-23 25.70 Mongstad-R’dam FORTD10 0.01 FORTD50 Oct-23 0.84
Goliat GOLIC00 0.03 GOLIC40 Oct-23 2.15 Goliat-R’dam GOLIC10 0.02 GOLIC50 Oct-23 1.73
Grane GRANC00 0.06 GRANC40 Oct-23 4.37 Sture-Immingham GRANC10 0.01 GRANC50 Oct-23 0.63
Gullfaks GULLC00 0.20 GULLC40 Oct-23 14.89 Gullfaks-Brofjorden GULLC10 0.01 GULLC50 Oct-23 0.46
Heidrun HEIDC00 0.16 HEIDC40 Oct-23 12.33 Heidrun-R’dam HEIDC10 0.02 HEIDC50 Oct-23 1.22
Ivar-Aasen IVARC00 0.03 IVARC40 Oct-23 2.46 Ivar Aasen-R’dam IVARC10 0.01 IVARC50 Oct-23 0.80
Johan Sverdrup JSVRC00 0.02 JSVRC40 Oct-23 1.56 Mongstad-R’dam JSVRC10 0.01 JSVRC50 Oct-23 0.79
Oseberg OSEBC00 0.27 OSEBC40 Oct-23 20.41 Sture-R’dam OSEBC10 0.01 OSEBC50 Oct-23 0.69
Snorre SNORC00 0.18 SNORC40 Oct-23 13.83 Snorre-Statfjord SNORC10 0.00 SNORC50 Oct-23 0.14
Statfjord STATC00 3.07 STATC40 Oct-23 232.42 Statfjord-R’dam STATC10 0.01 STATC50 Oct-23 0.75
Troll TROLC00 0.26 TROLC40 Oct-23 19.67 Mongstad-R’dam TROLC10 0.01 TROLC50 Oct-23 0.79
Ula ULACC00 0.68 ULACC40 Oct-23 51.67 Teesside-R’dam ULACC10 0.01 ULACC50 Oct-23 0.37
Valhall VALHC00 0.07 VALHC40 Oct-23 5.12 Valhall-R’dam VALHC10 0.01 VALHC50 Oct-23 0.35
United Kingdom
Alwyn North ALWYC00 0.11 ALWYC40 Oct-23 8.26 Sullom Voe-R’dam ALWYC10 0.01 ALWYC50 Oct-23 0.81
Arbroath ARBRC00 0.12 ARBRC40 Oct-23 8.72 Houndpoint-R’dam ARBRC10 0.01 ARBRC50 Oct-23 0.55
Auk AUKCD00 0.24 AUKCC40 Oct-23 18.47 Teesside-R’dam AUKCC10 0.01 AUKCC50 Oct-23 0.37
Brae BRAEC00 0.19 BRAEC40 Oct-23 14.26 Houndpoint-R’dam BRAEC10 0.01 BRAEC50 Oct-23 0.56
Bruce BRUCC00 0.74 BRUCC40 Oct-23 56.18 Houndpoint-R’dam BRUCC10 0.01 BRUCC50 Oct-23 0.56
Buzzard BZRDC00 0.26 BZRDC40 Oct-23 19.55 Houndpoint-R’dam BZRDC10 0.01 BZRDC50 Oct-23 0.53
Captain CAPTC00 0.48 CAPTC40 Oct-23 36.11 Captain-Hamburg CAPTC10 0.01 CAPTC50 Oct-23 0.72
Catcher CATCC00 0.21 CATCC40 Oct-23 15.58 Catcher-R’dam CATCC10 0.01 CATCC50 Oct-23 0.48
Clair CLAIC00 0.13 CLAIC40 Oct-23 9.82 Clair-Stanlow CLAIC10 0.01 CLAIC50 Oct-23 0.91
Clyde CLYDC00 0.43 CLYDC40 Oct-23 32.81 Teesside-R’dam CLYDC10 0.01 CLYDC50 Oct-23 0.37
Cormorant CORMC00 0.80 CORMC40 Oct-23 60.62 Sullom Voe-R’dam CORMC10 0.01 CORMC50 Oct-23 0.82
Everest EVERC00 0.19 EVERC40 Oct-23 14.25 Houndpoint-R’dam EVERC10 0.01 EVERC50 Oct-23 0.55
Forties FORTC00 0.20 FORTC40 Oct-23 14.75 Houndpoint-R’dam FORTC10 0.01 FORTC50 Oct-23 0.56
Gannet GANNC00 0.26 GANNC40 Oct-23 19.77 Teesside-R’dam GANNC10 0.01 GANNC50 Oct-23 0.38
Golden-Eagle GOLDC00 0.29 GOLDC40 Oct-23 21.87 Golden Eagle-Grangemouth GOLDC10 0.00 GOLDC50 Oct-23 0.14
Joanne JOANC00 0.09 JOANC40 Oct-23 6.75 Teesside-R’dam JOANC10 0.01 JOANC50 Oct-23 0.37
Judy JUDYC00 0.33 JUDYC40 Oct-23 24.94 Teesside-R’dam JUDYC10 0.01 JUDYC50 Oct-23 0.38
Kraken KRAKC00 0.26 KRAKC40 Oct-23 19.61 Kraken-R’dam KRAKC10 0.01 KRAKC50 Oct-23 0.80
Magnus MAGNC00 0.19 MAGNC40 Oct-23 14.00 Sullom Voe-R’dam MAGNC10 0.01 MAGNC50 Oct-23 0.81
Mariner MARIC00 0.18 MARIC40 Oct-23 13.57 Mariner-Pascagoula MARIC10 0.09 MARIC50 Oct-23 6.85
Nelson NELSC00 0.13 NELSC40 Oct-23 9.65 Houndpoint-R’dam NELSC10 0.01 NELSC50 Oct-23 0.55
Ninian NINIC00 2.37 NINIC40 Oct-23 179.71 Sullom Voe-R’dam NINIC10 0.01 NINIC50 Oct-23 0.83
Schiehallion SCHIC00 0.22 SCHIC40 Oct-23 16.36 Schiellhallion-R’dam SCHIC10 0.01 SCHIC50 Oct-23 0.85
Scott SCOTC00 0.14 SCOTC40 Oct-23 10.44 Houndpoint-R’dam SCOTC10 0.01 SCOTC50 Oct-23 0.55
Tiffany TIFFC00 0.61 TIFFC40 Oct-23 45.95 Houndpoint-R’dam TIFFC10 0.01 TIFFC50 Oct-23 0.55
Toni TONIC00 0.17 TONIC40 Oct-23 13.16 Houndpoint-R’dam TONIC10 0.01 TONIC50 Oct-23 0.55
Russia
Samotlor SAMOC00 0.38 SAMOC40 Oct-23 28.88 Primorsk-R’dam SAMOC10 0.03 SAMOC50 Oct-23 1.97

North America Fields
Canada (PGA/PCR page 4204)
Bakken-Canada BAKKC00 0.47 BAKKC40 Oct-23 35.37 Canada-USMW BAKKC10 0.05 BAKKC50 Oct-23 3.91
Cold Lake CDLKC00 1.14 CDLKC40 Oct-23 86.05 W Canada-USMW CDLKC10 0.06 CDLKC50 Oct-23 4.86
CVE Christina Lake CVECC00 0.59 CVECC40 Oct-23 44.38 Canada-USMW CVECC10 0.06 CVECC50 Oct-23 4.86
Foster Creek FOSTC00 0.79 FOSTC40 Oct-23 60.04 Canada-USGC FOSTC10 0.08 FOSTC50 Oct-23 5.69
Hebron HEBRC00 0.13 HEBRC40 Oct-23 9.90 Hebron-Canada HEBRC10 0.12 HEBRC50 Oct-23 8.89
Hibernia HIBEC00 0.40 HIBEC40 Oct-23 30.19 Hibernia-Canada HIBEC10 0.13 HIBEC50 Oct-23 9.82
Jackfish JACKC00 0.90 JACKC40 Oct-23 68.43 Canada-USMW JACKC10 0.06 JACKC50 Oct-23 4.37
MEG Christina Lake MEGCC00 0.78 MEGCC40 Oct-23 58.71 Canada-USGC MEGCC10 0.08 MEGCC50 Oct-23 5.99
Montney Shale MONTC00 0.36 MONTC40 Oct-23 27.56 Montney-Canada MONTC10 0.01 MONTC50 Oct-23 0.81
Surmont SURMC00 0.85 SURMC40 Oct-23 64.12 Canada-USGC SURMC10 0.07 SURMC50 Oct-23 5.54
United States (PGA/PCR page 4205)
Bakken BAKNC00 0.26 BAKNC40 Oct-23 19.98 Beaumont-R’dam BAKNC10 0.09 BAKNC50 Oct-23 6.46
Denver-Julesburg DENVC00 0.37 DENVC40 Oct-23 28.34 Denver-USGC DENVC10 0.03 DENVC50 Oct-23 2.47
Eagle Ford EGFDC00 0.22 EGFDC40 Oct-23 16.81 Houston-Qingdao EGFDC10 0.17 EGFDC50 Oct-23 12.85
Mars-Ursa MRURC00 0.18 MRURC40 Oct-23 13.72 Mars-Qingdao MRURC10 0.19 MRURC50 Oct-23 14.04
Permian Delaware PRDLC00 0.23 PRDLC40 Oct-23 17.37 Corpus Christi-R’dam PRDLC10 0.09 PRDLC50 Oct-23 6.51
Permian Midland PRMDC00 0.27 PRMDC40 Oct-23 20.13 Corpus Christi-R’dam PRMDC10 0.09 PRMDC50 Oct-23 6.70
Prudhoe-Bay PRUDC00 0.43 PRUDC40 Oct-23 32.78 Alaska-USWC PRUDC10 0.04 PRUDC50 Oct-23 2.86
San-Joaquin SANMC00 2.32 SANMC40 Oct-23 175.91 San Joaquin-SoCal SANAC10 0.01 SANAC50 Oct-23 0.77
SCOOP-STACK SCOOC00 0.43 SCOOC40 Oct-23 32.36 Oklahoma-USGC SCOOC10 0.01 SCOOC50 Oct-23 1.01
Tahiti TAHIC00 0.22 TAHIC40 Oct-23 16.49 Tahiti-Yeosu TAHIC10 0.17 TAHIC50 Oct-23 13.15
Latin America Fields (PGA/PCR page 4203)

Brazil
Tupi TUPIC00 0.17 TUPIC40 Oct-23 12.69 Rio-Qingdao TUPIC10 0.21 TUPIC50 Oct-23 15.64
Colombia
Cusiana CUSIC00 0.29 CUSIC40 Oct-23 21.79 Tolu-Houston CUSIC10 0.03 CUSIC50 Oct-23 2.28
Ecuador
Sacha SACHC00 0.31 SACHC40 Oct-23 23.15 Esmeraldas-Long Beach SACHC10 0.06 SACHC50 Oct-23 4.57
Mexico
Cantarell CNTLC00 0.20 CNTLC40 Oct-23 14.90 Cantarell-Bilbao CNTLC10 0.10 CNTLC50 Oct-23 7.22
Venezuela
Orinoco Oil Belt ORINC00 3.73 ORINC40 Oct-23 282.86 Jose-Sikka ORINC10 0.19 ORINC50 Oct-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/.

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

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

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

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

had also purchased two January-loading cargoes of

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

Trades BNB (CIF)

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

TOTAL* 25KB AT $81.65 (08:28:11)

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

PLATTS DUBAI: JAN24: GLENCORE BUYS FROM Number of days

PLATTS DUBAI: JAN24: PHILLIPS 66 SELLS TO Mediterranean (PPE page 1617)

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

PLATTS CRUDE: PLATTS ASIA DEALS SUMMARY:

© 2023 by S&P Global Inc. All rights reserved. 7

considers to be related and verifies through a variety of

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

derivatives prices can be found on PPA2606. US spot crude assessments (continued)

available for January loading in the spot market.

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

Platts North Sea Crude Daily Market

© 2023 by S&P Global Inc. All rights reserved. 10

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

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

Platts North Sea Dated Brent, BFOE, CFD Futures Settlements

© 2023 by S&P Global Inc. All rights reserved. 13

MERCURIA BIDS 100KB AT $0.05 Futures Settlements (continued)

NORTH SEA: CIF BASIS ROTTERDAM: PLATTS NSEA

© 2023 by S&P Global Inc. All rights reserved. 14

Reported spot cash transactions (PGA page 3)

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

Reported spot cash transactions (PGA page 3)

11/16/2023 January Dubai Partial Done 81.67 25,000 BP Glencore

© 2023 by S&P Global Inc. All rights reserved. 16

© 2023 by S&P Global Inc. All rights reserved. 17

© 2023 by S&P Global Inc. All rights reserved. 18

© 2023 by S&P Global Inc. All rights reserved. 19

© 2023 by S&P Global Inc. All rights reserved. 20

© 2023 by S&P Global Inc. All rights reserved. 21

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

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

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

US Atlantic Coast (PGA page 0811)

Crack Yield Freight Crack Netback Crude Price Crack Margin

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

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

North America (PGA/PCR page 4206)

Europe (PGA/PCR page 4206)

Middle East (PGA/PCR page 4206)

Africa Fields (PGA/PCR page 4202)

Europe Fields (PGA/PCR page 4202)

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

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

Latin America Fields (PGA/PCR page 4203)

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

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