Apag 20240325

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Asia-Pacific/Arab Gulf Marketscan

Volume 43 / Issue 59 / March 25, 2024
Asia products
Code Mid Change Code Mid Change Code Mid Change
Singapore (PGA page 2002)
FOB Singapore ($/barrel) MOPS strip Premium/Discount
Naphtha PAAAP00 76.34–76.38 76.360 +0.580 AAPKA00 75.51–75.55 75.530 +0.320
Gasoline 97 unleaded PGAMS00 106.21–106.25 106.230 +0.120 AAPKE00* 30.68/30.72 30.700 -0.200
Gasoline 95 unleaded PGAEZ00 105.65–105.69 105.670 +0.120 AAPKF00* 30.12/30.16 30.140 -0.200
Gasoline 95 unleaded AGUMS00 104.880 +0.130 AGUMA00**** 0.790 -0.010
Gasoline 92 unleaded PGAEY00 101.04–101.08 101.060 +0.120 AAPKG00* 25.51/25.55 25.530 -0.200
Gasoline 92 unleaded AAXEQ00 100.21–100.25 100.230 +0.080 AAXER00 0.81/0.85 0.830 +0.040
Gasoline 91 unleaded AAYNA00 103.260 +0.110 AAYNB00 3.030 +0.030
Gasoline 92 unleaded 500 ppm PGAFY00*** 0.928 +0.043
CFR Naphtha AAOVF00 79.030 +0.020 AAOVG00 3.500 -0.300
Kerosene PJABF00 101.95–101.99 101.970 -1.150 AAPJZ00 101.85–101.89 101.870 -1.030 PJACU00 0.08/0.12 0.100 -0.120
Gasoil 10 ppm AAOVC00 103.40–103.44 103.420 -0.770 AAOVD00** -0.30/-0.26 -0.280 +0.060
Gasoil 50 ppm AAPPF00 103.06–103.10 103.080 -0.780 AAPPH00** -0.64/-0.60 -0.620 +0.050
Gasoil 0.05% sulfur AAFEX00 102.38–102.42 102.400 -0.840 AAFFB00** -1.32/-1.28 -1.300 -0.010
Gasoil 0.25% sulfur AACUE00 101.08–101.12 101.100 -0.840 AACQI00** -2.62/-2.58 -2.600 -0.010
Gasoil POABC00 103.40–103.44 103.420 -0.770 AAPJY00 103.68–103.72 103.700 -0.830 POAIC00** -0.30/-0.26 -0.280 +0.060
FO 180 CST 2% ($/mt) PUAXS00 498.75–498.79 498.770 +0.870
HSFO 180 CST ($/mt) PUADV00 487.77–487.81 487.790 +0.850 AAPJX00 493.57–493.61 493.590 +0.850 AAGZF00 -5.82/-5.78 -5.800 0.000
HSFO 380 CST ($/mt) PPXDK00 473.12–473.16 473.140 +2.990 AAPJW00 475.29–475.33 475.310 +2.130 PPXDL00 -2.19/-2.15 -2.170 +0.860
Marine Fuel 0.5% ($/mt) AMFSA00 624.110 +1.300 FOFSA00 622.530 +1.300 FOFSB00 1.580 0.000
Ex-Wharf 380 CST ($/mt) AAFER00 476.50–477.50 477.000 +3.000
Ex-Wharf 500 CST ($/mt) AAVUP00 471.50–472.50 472.000 +3.000
Bitumen Pen 60-70 ($/mt) BTSGA00 407.000 +2.000 BTSGB00***** -68.310 -0.130
*Differential to FOB Singapore naphtha. **Differential to FOB Singapore gasoil. The “Gasoil” assessment reflects 10 ppm sulfur from January 2, 2018. ***Indicates relationship between premium/discount and MOPS gasoline 92 strip.
****Differential to FOB Singapore gasoline 95 unleaded. *****Indicates relationship between premium/discount and HSFO 380 CST MOPS Strip.
Middle East physical oil assessments (PGA pages 2004 and 2018)
FOB Arab Gulf ($/barrel) Premium/Discount
Market Commentary
Naphtha ($/mt) PAAAA00 627.63–636.13 631.880 +3.250 AAPKH00 39.75/40.25 40.000 0.000
Naphtha LR2 ($/mt) 631.51–640.01 635.760 +3.250
Platts Asia and Middle Eastern Gasoline
AAIDA00
Gasoline 95 unleaded AAICY00 99.96–100.00 99.980 +0.280 AAWUJ00 8.03/8.07 8.050 +0.050
Gasoline 95 unleaded CFR AAWUK00 11.43/11.47 11.450 Daily Market Analysis
Gasoline 92 unleaded AAGJA00 95.370 +0.280 AAGZA00 8.000 +0.050
Kerosene PJAAA00 96.02–96.06 96.040 -1.150 PJACV00 3.38/3.42 3.400 -0.050
Gasoil 10 ppm AAIDT00 97.11–97.15 97.130 -0.770 AAIDU00* 2.23/2.27 2.250 +0.050
Mexico pulling gasoline cargoes from Asia
Gasoil 0.005% sulfur 96.66–96.70 96.680 -0.770 1.78/1.82 1.800 +0.050
AASGJ00 AASGK00*
Regional lower-octane gasoline supplies
Gasoil 0.05% sulfur AAFEZ00 96.11–96.15 96.130 -0.770 AAFFD00* 1.23/1.27 1.250 +0.050
Gasoil 0.25% sulfur AACUA00 94.23–94.27 94.250 -0.770 AACUC00* -0.65/-0.61 -0.630 +0.050 heard healthy
Gasoil POAAT00 97.11–97.15 97.130 -0.770 POAID00* 2.23/2.27 2.250 +0.050
HSFO 180 CST ($/mt) PUABE00 459.81–459.85 459.830 +0.850 AAXJA00 7.98/8.02 8.000 +1.000
HSFO 380 CST ($/mt) AAIDC00 445.16–445.20 445.180 +2.990 AAXJB00 11.98/12.02 12.000 +2.000 The Asian gasoline complex strengthened March 25
HSFO 380/180 spread ($/mt) PPXDM00 -14.67/-14.63 -14.650 +2.140
Marine Fuel 0.5% Fujairah ($/mt) FOFFB00*** 2.000 0.000 on the back of a continuously widening US RBOB-Brent
Ex-Wharf Fujairah 380 CST** ($/mt) AAYBG00 1.560 +3.890 crack spread, as cargoes were heard moving from
*Premium to MOPAG gasoil during loading. **Ex-Wharf differential represents premium/discount to the MOPAG 180 CST strip. ***MF 0.5% differential Asia to Mexico, ahead of the Summer driving season,
represents premium/discount to the MOPFUJ MF 0.5% strip.
sources said.
www.spglobal.com/commodityinsights
Asia-Pacific/Arab Gulf Marketscan March 25, 2024
Asia products The US RBOB-Brent crack was pegged at $29.50/b

Code Mid Change Code Mid Change
at 0300 GMT March 25, up from the Platts assessment
Middle East physical oil assessments (PGA pages 2004 and 2018) at $28.83/b at the Asian close March 22, S&P Global
FOB Fujairah ($/barrel) MOPAG Strip Commodity Insights data showed.
Naphtha ($/mt) NFJSA00 681.920 +4.220 NFJTA00 641.920 +4.220 Possibly reflecting increased demand within Asia,
Gasoline 95 unleaded AFUJA00 106.870 +0.320 AFUJB00 98.820 +0.270
Gasoline 92 unleaded RFJFS00 102.170 +0.270 RAGTA00 94.170 +0.220 two cargoes of 92 RON and 95 RON gasoline were
Kerosene AFUJF00 100.830 -0.920 AFUJG00 97.430 -0.870 heard being pulled from Asia towards Mexico for
Gasoil 10 ppm AFUJP00 101.200 -0.630
Gasoil 500 ppm AFUJN00 100.200 -0.630 loading over April.
Gasoil AFUJK00 101.200 -0.630 AFUJL00 98.950 -0.680 In the same vein, blendstock MTBE is experiencing
HSFO 380 CST ($/mt) AFUJQ00 458.930 +5.340 AFUJR00 446.930 +3.340
Ex-Wharf 380 CST ($/mt) AAYBF00 464.000 +5.000 AAYBD00 462.440 +1.110 healthy blending interests amid high regional lower-
MOPFUJ Strip octane gasoline supplies, and firm higher-octane
Marine Fuel 0.5% ($/mt)** AMFFA00 628.730 +2.620 FOFFA00 626.730 +2.620 gasoline margins, trade sources said.
*FOB Fujairah outright prices are derived by adding the MOPAG strips and the FOB Arab Gulf premiums/discounts.
**FOB Fujairah Marine Fuel 0.5% outright prices are derived by adding the MOPFUJ strip and the MF 0.5% Fujairah premiums/discounts.
Gasoline components (PBF page 2410) Weekly Fujairah oil product stocks
FOB Singapore ($/mt) Code (‘000 barrels) Change
MTBE PHALF00 989.00–991.00 990.000 +1.750
Mar 18 (PGA page 2022)
Singapore demurrage (PGT pages 2910 and 2960) Light distillates FUJLD04 7530 +447
$/day Middle distillates FUJMD04 1877 +377
Demurrage Clean AALPY00 43500.000 -2000.000 Heavy distillates and residues FUJHD04 10642 +1025
Demurrage Dirty AALQA00 51000.000 -2000.000 Source: FEDCom, S&P Global Commodity Insights
Singapore paper (PGA page 2655)
Balance March ($/barrel) April ($/barrel) May ($/barrel)

Naphtha Japan ($/mt) RAXFM00 NA NANA AAXFE00 705.75–706.25 706.000 +3.500 AAXFF00 693.50–694.00 693.750 +2.250
Naphtha AAPLD00 NA–NA NA NANA PAAAQ00 75.58–75.62 75.600 +0.450 PAAAR00 74.23–74.27 74.250 +0.300
Gasoline 95 unleaded AGUMB00 NA NANA AGUMM01 104.950 +0.270 AGUMM02 103.460 +0.210
Gasoline 92 unleaded AAXEK00 NA–NA NA NANA AAXEL00 100.28–100.32 100.300 +0.220 AAXEM00 98.79–98.83 98.810 +0.160
Reforming Spread AAXEN00 NA/NA NA NANA AAXEO00 24.68/24.72 24.700 -0.230 AAXEP00 24.54/24.58 24.560 -0.140
Kerosene AAPLE00 NA–NA NA NANA PJABS00 101.85–101.89 101.870 -1.030 PJABT00 101.92–101.96 101.940 -1.010
Gasoil AAPLF00 NA–NA NA NANA POAFC00 103.68–103.72 103.700 -0.830 POAFG00 103.59–103.63 103.610 -0.820
HSFO 180 CST ($/mt) AAPML00 NA–NA NA NANA PUAXZ00 493.58–493.62 493.600 +0.900 PUAYF00 493.28–493.32 493.300 +1.350
HSFO 380 CST ($/mt) AAPKB00 NA–NA NA NANA AAPKC00 475.23–475.27 475.250 +2.000 AAPKD00 476.53–476.57 476.550 +1.800
Gasoil EFS ($/mt) AAQTX00 NA NANA AAQTY00 -49.930 -1.680 AAQTZ00 -38.110 -2.110
Arab Gulf Front Month Swaps (PGA page 2638)
Balance March* ($/barrel) April ($/barrel) May ($/barrel)

Naphtha ($/mt) NAGFM00 NA NANA NAGFM01 643.960 +5.100 NAGFM02 637.060 +4.120
Gasoline 95 unleaded AFUIM00 NA NANA AFUIM01 99.260 +0.430 AFUIM02 97.770 +0.370
Gasoline 92 unleaded RAGFM00 NA NANA RAGFM01 94.610 +0.380 RAGFM02 93.120 +0.320
Kerosene AFUAM00 NA NANA AFUAM01 97.310 -0.910 AFUAM02 97.740 -0.890
Gasoil AFUJM00 NA NANA AFUJM01 98.860 -0.710 AFUJM02 99.160 -0.680
HSFO 180 CST** AADZB00 NA NANA AADZM01 463.250 +1.000 AADZM02 465.500 +1.250
HSFO 380 CST AFURM00 NA NANA AFURM01 445.750 +3.000 AFURM02 449.750 +2.750
*Balance month swaps are assessed from the 1st to 10th of the month. **At 1730 Singapore time.
© 2024 by S&P Global Inc. All rights reserved. 2

Asia products Brokers pegged the front-month FOB Singapore

92 RON gasoline swaps crack spread against Brent
Japan physical oil assessments (PGA page 2006) swaps in the $15.30-$15.35/b range at 0300 GMT, up
C+F Japan ($/mt) Premium/Discount from the Platts assessment at $15.18/b at the March 22
Naphtha (min 70%) NCJCA00 717.500 +3.250 NCJCB00 16.000 0.000
Asian close.
Naphtha PAAAD00 713.25–721.75 717.500 +3.250 PAADI00 15.75/16.25 16.000 0.000
Nph 1st 1/2 May PAAAE00 726.25–726.75 726.500 +4.500 Brokers pegged the physical FOB Singapore 92 RON
Nph 2nd 1/2 May PAAAF00 721.25–721.75 721.500 +3.500 gasoline crack against front-month ICE Brent crude oil
Nph 1st 1/2 Jun PAAAG00 713.25–713.75 713.500 +3.000
Naphtha MOPJ Strip AAXFH00 688.38–688.88 688.630 +1.880 AAXFI00 28.63/29.13 28.880 +1.380 futures in the $15.50-$15.55/b range at 0300 GMT, up
C+F Japan ($/barrel) Premium/Discount from the Platts assessment at $15.51/b on March 22.
Gasoline 91-92 unleaded PGACW00 105.61–105.65 105.630 +0.040 In tenders, Lanka IOC was heard seeking a
Gasoline 95 unleaded PGAQQ00 110.22–110.26 110.240 +0.040
Kerosene PJAAN00 103.68–103.72 103.700 -1.080 PAADK00 1.81/1.85 1.830 -0.050 combination cargo containing around 17,000 mt of 92
FOB Japan ($/barrel) Premium/Discount RON gasoline, and around 5,000 mt of 95 RON gasoline
Gasoil POJAP00 101.600 -0.830 POJBP00 -2.100 0.000 for delivery over May 27-28, via a tender that closed on
South Korea physical oil assessments (PGA page 2008) March 21.
C+F Korea ($/mt) Premium/Discount
Naphtha PAADE00 730.75–731.25 731.000 +3.250 PAADG00 13.25/13.75 13.500 0.000 Platts Singapore Gasoline Rationales &
C+F East Asia ($/mt) Premium/Discount Exclusions
Naphtha** CFRCT00 728.000 +3.250 CFRCD00 10.500 0.000
Gasoline Unl 92 FOB Spore Cargo <PGAEY00>
FOB Korea ($/barrel) Premium/Discount
Gasoline 95 unleaded PGAQO00 104.82–104.86 104.840 -0.140
assessment rationale: The FOB Singapore 92 RON
Jet PJADG00 100.90–100.94 100.920 -1.080 PJADI00 -0.97/-0.93 -0.950 -0.050 gasoline assessment March 25 took into consideration
Gasoil POAIE00 101.68–101.72 101.700 -0.830 POAIG00 -2.02/-1.98 -2.000 0.000
Bitumen Pen 60-80 ($/mt) BTKRA00 395.000 0.000 BTKRB00* -80.310 -2.130
a trade for a cargo loading over April 12-16 at $101.60/b,
*Indicates relationship between premium/discount and HSFO 380 CST MOPS Strip. **All-origin naphtha from commercial tanks. a bid for a cargo loading over April 15-19 at $101.40/b,
an offer for a cargo loading over April 10-14 at a
Mean of Platts West India netbacks (PGA page 2012)
premium of 80 cents/b to the Mean of Platts Singapore
FOB India ($/mt) FOB India ($/barrel)
Naphtha AAQWK00 655.220 +5.330 AAQWJ00 72.800 +0.590
92 RON assessment at $101.25/b, an offer for a cargo
Gasoline (92 RON) AARBQ00 821.240 +2.140 AARBP00 96.620 +0.260 loading over April 16-20 at $101.10/b, an offer for a cargo
Gasoline (95 RON) AAQWI00 860.430 +2.140 AAQWH00 101.230 +0.260
loading over April 18-22 at a premium of 90 cents/b to
Jet kero AAQWM00 767.790 -7.970 AAQWL00 97.190 -1.010
Gasoil 10 ppm AAQWO00 732.710 -4.620 AAQWN00 98.350 -0.620 the Mean of Platts Singapore 92 RON assessment at
Gasoil 500 ppm AAQWQ00 725.110 -5.140 AAQWP00 97.330 -0.690 $100.96/b, and an offer for a cargo loading over April
Gasoil 2500 ppm AAQWS00 715.430 -5.130 AAQWR00 96.030 -0.690
20-24 at a premium of 80 cents/b to the Mean of Platts
Australia (PGA page 2014)
Singapore 92 RON assessment at $100.76/b.
C+F Australia ($/barrel) Gasoline Unl 95 FOB Spore Cargo <PGAEZ00>
Gasoline 92 AACZF00 108.30–108.34 108.320 +0.010
Gasoline 95 AACZH00 112.91–112.95 112.930 +0.010 assessment rationale: The FOB Singapore 95 RON
Jet AAFIY00 109.76–109.80 109.780 -1.270 gasoline assessment March 25 took into consideration
Gasoil 10 ppm AAQUD00 111.68–111.72 111.700 -0.900
the adjusted 92/95 Inter-RON spread in the absence of
South Africa (PGA pages 2342 and 2412) demonstrable bids, offers and trades.
CFR South Africa ($/barrel) Gasoline Unl 97 FOB Spore Cargo <PGAMS00>
Gasoline 95 unleaded AAQWW00 115.202 +0.106
Jet kero AAQWT00 109.795 -1.150
assessment rationale: The FOB Singapore 97 RON
Gasoil 10 ppm AAQWU00 110.706 -0.874 gasoline assessment March 25 took into consideration
Gasoil 500 ppm AAQWV00 109.706 -0.874

Asia products Renewable fuels (PGA pages 1414, 483 and 2414)
Code Mid Change Code Mid Change Change
Freight netbacks (PGA pages PGT2910 and PGT2960) Northwest Europe ($/mt)
SAF Cost of Production BJNWA00 2038.981 +40.845
AG-Spore Spore-Japan AG-Japan Spore-Australia SAF CIF ARA MIRWD00 2861.000 +3.750
Naphtha AAPOF00 38.84* AAPOG00 85.62* SAF CIF ARA Premium MIRWF00 2000.000 0.000
Naphtha-LR2 AAPOH00 81.74* HVO HVNWA00 1877.446 +37.069
Gasoline AAPOC00 5.69 AAPOD00 4.57 AAPOE00 7.26
USWC ($/mt)
Kerosene AAPOI00 5.93 AAPOJ00 7.81
SAF Cost of Production w/ credits ASAFA00 1523.543 -5.264
Gasoil AAPOL00 6.29 AAPOM00 8.28
SAF Cost of Production w/o credits ASAFB00 587.850 -14.735
HSFO 180 CST AAPOO00 27.96* AAPOP00 23.13*
RD w/ credits ARDFA00 1475.081 -3.379
HSFO 380 CST AAPOQ00 27.96*
RD w/o credits ARDFB00 655.250 -14.014
All values in $/barrel, except * values in $/mt.
USWC ($/b)
South China/Hong Kong physical oil assessments (PGA page 2010) SAF Cost of Production w/ credits ASAFE00 188.202 -0.651

South China ($/mt)
Premium/Discount to MOPS ($/barrel) SAF Cost of Production w/o credits ASAFF00 72.617 -1.820
RD w/ credits ARDFE00 182.753 -0.419
Gasoline 92 unleaded AAICW00 852.75–856.75 854.750 +3.500
RD w/o credits ARDFF00 81.181 -1.737
Jet/kero PJABQ00 820.50–824.50 822.500 -8.750 AAWTW00 2.24/2.28 2.260 -0.050
USWC (¢/gal)
Gasoil POAFA00 774.75–778.75 776.750 -6.000 AABJZ00 0.53/0.57 0.550 0.000
SAF Cost of Production w/ credits ASAFI00 448.101 -1.548

Hong Kong bunker grades ($/mt) SAF Cost of Production w/o credits ASAFJ00 172.897 -4.334
HSFO 380 CST PUAER00 496.50–497.50 497.000 +2.000 RD w/ credits ARDFI00 435.127 -0.997
RD w/o credits ARDFJ00 193.289 -4.134
*C+F Hong Kong, $/barrel premium/discount to Mean of Platts Singapore.
Southeast Asia ($/mt)
SAF Cost of Production (PFAD) ASFAA00 1509.040 +3.390
HVO (PFAD) HVSAB00 1399.920 +2.840
Marine Fuel (PGA page 30) North Asia ($/mt)
$/mt Change vs FO 380 MOPS strip Change SAF Cost of Production (UCO) ASFAC00 1653.830 +4.540
0.5% FOB Singapore cargo AMFSA00 624.110 +1.300 AMOPA00 148.800 -0.830 HVO (UCO) HVNAA00 1534.100 +4.550
0.5% FOB Fujairah cargo AMFFA00 628.730 +2.620
0.5% FOB Rotterdam barge PUMFD00 593.250 +8.250
0.5% FOB US Gulf Coast barge AUGMB00 615.750 +6.250 Jet Index (PGA page 115)
0.5% Dlvd US Atlantic Coast barge AUAMB00 626.250 +6.250
Index $/barrel
0.5% FOB Mediterranean cargo MFFMM00 594.750 +7.000
Asia & Oceania PJASO00 293.32 PJASO08 102.66
0.5% CIF Mediterranean cargo MFCMM00 608.000 +6.000
Mid East & Africa PJMEA00 302.99 PJMEA08 101.46
$/barrel Change
Global PJGLO00 294.80 PJGLO08 107.84
0.5% FOB US Gulf Coast barge AUGMA00 96.970 +0.990
0.5% Dlvd US Atlantic Coast barge AUAMA00 98.620 +0.980
Marine Fuel 0.5% Derivatives, Mar 25 Foreign exchange rates (PGA page 2160)
Balance* Change Month 1 Change Month 2 Change USD/JPY AAWFX00 151.325 -0.150
Eur/USD AAWFU00 1.0820 +0.0005
Mar Apr May
USD/SGD AAWFZ00 1.3464 +0.0042
$/mt $/mt $/mt USD/MYR AAWGA00 4.7272 -0.0129
0.5% FOB Singapore cargo FOFS000 NA NANA FOFS001 622.750 +1.750 FOFS002 618.300 +2.000 USD/HKD AAWFY00 7.8214 +0.0035
0.5% FOB Fujairah cargo FOFF000 NA NANA FOFF001 627.250 +2.750 FOFF002 625.500 +3.000 AUD/USD AAWFT00 0.6528 +0.0016
0.5% FOB Rotterdam barge AMRAB00 NA NANA AMRAM01 588.250 +6.750 AMRAM02 580.500 +6.500 USD/INR AAFGW00 83.4598 +0.1048
0.5% vs. 3.5% FOB Rotterdam barge AMRBB00 NA NANA AMRBM01 111.250 -1.000 AMRBM02 99.750 -1.250 USD/CNY* AAWFW00 7.0996 -0.0008
$/barrel $/barrel $/barrel *Source: Bank of China
0.5% FOB US Gulf Coast barge AMARB00 NA NANA AMARM01 95.300 +1.100 AMARM02 94.100 +1.150
0.5% vs US Gulf Coast HSFO barge AUSBB00 NA NANA AUSBM01 22.950 +0.700 AUSBM02 20.900 +0.600
*Balance month swaps are assessed from the 1st through the 20th of the month; Asia swaps are assessed through the 14th of February.

the adjusted 97/95 Inter-RON spread, taking into Carbon Intensity (PGA page 4207)
Daily Carbon Intensity Premium Monthly Carbon Intensity
account the day’s adjusted 95/92 Inter-RON spread in
Asia $/bbl Date kgCO2e/bbl
the absence of bids, offers and trades.
Gasoline Unl 92 FOB Singapore Cargo ALCEJ00 0.621 ALCEI00 Feb-24 48.16
Gasoline Unl 92 FOB Arab Gulf Cargo <AAGJA00> Jet Kero FOB Singapore Cargo ALCEL00 0.244 ALCEK00 Feb-24 18.93
assessment rationale: The FOB Arab Gulf 92 RON Gasoil 10ppm FOB Singapore Cargo ALCEH00 0.368 ALCEG00 Feb-24 28.54
gasoline cargo assessment was derived as a freight United States Gulf Coast ¢/gal Date kgCO2e/gal
netback from the FOB Singapore 92 RON marker Gasoline CBOB USGC Prompt Pipeline ALCEN00 1.316 ALCEM00 Feb-24 1.02
Jet Kero 54 USGC Prompt Pipeline ALCEP00 0.619 ALCEO00 Feb-24 0.48
using the following calculation: FOB Singapore 92 RON ULSD USGC Prompt Pipeline ALCER00 0.800 ALCEQ00 Feb-24 0.62
assessment minus the cost of transporting a 35,000- Northwest Europe $/mt Date kgCO2e/mt
mt clean cargo from a basket of ports in the Persian Gasoline Eurobob (E5) FOB NWE Barge ALCEB00 4.854 ALCEA00 Feb-24 376.28
Gulf to Singapore. Jet FOB NWE Barge ALCED00 2.211 ALCEC00 Feb-24 171.36
ULSD 10ppm FOB NWE Barge ALCEF00 2.491 ALCEE00 Feb-24 193.12
Exclusions: No data was excluded from the Asian
gasoline Platts Market on Close assessment process
March 25. gasoline at $8.05/b in the absence of bids, offers and Carbon credits (PGA page 496)
Change
No data was excluded from the Asian gasoline trades in the FOB Fujairah 95 RON gasoline MOC.
Platts CEC
derivative MOC process March 25. The MOPAG 95 RON gasoline strip is calculated $/mtCO2e PCECA00 11.500 0.000
Platts is part of S&P Global Commodity Insights. from April MOPAG 95 RON gasoline swap at $99.26/b Jet Fuel Carbon Offset Premiums
and May MOPAG 95 RON gasoline swap at $97.77/b. $/b AJFCA00 55.324 0.000
Platts FOB Fujairah Gasoline Daily Rationale & The cash differential took into consideration values in
Exclusions the FOB Fujairah 95 RON gasoline market heard in the
Gasoline 92 RON FOB Fujairah cargo <RFJFS00> Middle East.
assessment rationale: The assessment of FOB Fujairah Exclusions: No market data was excluded from the Platts Asia and Middle Eastern Naphtha
92 RON gasoline March 25 took into consideration the Asian gasoline MOC March 25. Daily Market Analysis
92 RON gasoline Mean of Platts Arab Gulf strip value of Platts is part of S&P Global Commodity Insights.
End-users continue to use LPG as substitute
$94.17/b, as well as the cash differential for Fujairah 92
for naphtha
RON gasoline at $8.00/b in the absence of bids, offers Platts FOB Fujairah Gasoline Bids, Offers,
and trades in the FOB Fujairah 92 RON gasoline Market Trades Olefins margins narrow in March
on Close assessment process.
The MOPAG 92 RON gasoline strip is calculated Bids: PLATTS FUJAIRAH MOGAS CARGO MOC: The outlook for Asian naphtha was mixed March
from April MOPAG 92 RON gasoline swap at $94.61/b OUTSTANDING INTEREST: NO BIDS 25 amid poor downstream petrochemicals demand as
and May MOPAG 92 RON gasoline swap at $93.12/b. Offers: PLATTS FUJAIRAH MOGAS CARGO MOC: olefins margins narrowed in March from the previous
The cash differential took into consideration values in OUTSTANDING INTEREST: NO OFFERS month, market sources said, but this was offset by the
the FOB Fujairah 92 RON gasoline market heard in the Trades: PLATTS FUJAIRAH MOGAS CARGO MOC: unviable East-West arbitrage, which capped supply
Middle East. OUTSTANDING INTEREST: NO TRADES flows into Asia.
Gasoline 95 RON FOB Fujairah cargo <AFUJA00> This assessment commentary applies to the The backwardation structure for Asian naphtha
assessment rationale: The assessment of FOB Fujairah following market data codes: Gasoline 92 RON FOB firmed as brokers pegged the April-May Japan naphtha
95 RON gasoline March 25 took into consideration Fujairah Cargo <RFJFS00> and Gasoline 95 RON FOB swap time spread at $11.75/mt in midmorning trade
the 95 RON gasoline MOPAG strip value of $98.82/b, Fujairah Cargo <AFUJA00> March 25, up 75 cents/mt from Platts assessment on
as well as the cash differential for Fujairah 95 RON March 22.

European products ($/mt)

Code Mid Change Code Mid Change Code Mid Change
Mediterranean (PGA page 1114)
FOB (Italy) CIF (Genova/Lavera) MOPL Diff
Prem Unl 10ppm AAWZA00 910.25–910.75 910.500 +7.000 AAWZB00 934.50–935.00 934.750 +6.500
Naphtha PAAAI00 671.75–672.25 672.000 +8.000 PAAAH00 704.00–704.50 704.250 +7.250
Jet aviation fuel AAIDL00 816.25–816.75 816.500 +4.750
Gasoil 0.1% AAVJI00 786.75–787.25 787.000 +3.000 AAVJJ00 809.25–809.75 809.500 +2.500 AMOPI00 4.99 +0.050
10ppm ULSD AAWYY00 813.25–813.75 813.500 +6.000 AAWYZ00 837.50–838.00 837.750 +5.500 AMOPN00 5.05 +0.090
1% PUAAK00 533.00–533.50 533.250 +8.750 PUAAJ00 548.25–548.75 548.500 +7.750
3.5% PUAAZ00 475.25–475.75 475.500 +10.750 PUAAY00 490.00–490.50 490.250 +9.500
Northwest Europe cargoes (PGA page 1110)
CIF (Basis ARA) FOB NWE MOPL Diff
Gasoline 10ppm AAXFQ00 984.50–985.00 984.750 +25.000
Naphtha Swap PAAAJ00 703.75–704.25 704.000 +8.750
Naphtha Phy PAAAL00 726.00–726.50 726.250 +7.000
Jet PJAAU00 860.75–861.25 861.000 +3.750 PJAAV00 839.00–839.50 839.250 +3.750 AMOPJ00 -0.24 -0.070
Ultra low sulfur diesel 10ppm AAVBG00 847.25–847.75 847.500 +5.500 AAVBF00 833.25–833.75 833.500 +5.500 AMOPL00 10.36 +0.950
Gasoil 0.1% AAYWS00 813.50–814.00 813.750 +4.750 AAYWR00 786.25–786.75 786.500 +4.750 AMOPH00 0.34 -0.030
Diesel 10ppm NWE AAWZC00 850.25–850.75 850.500 +5.500 AAWZD00 833.00–833.50 833.250 +5.500
Diesel 10 PPM UK AAVBH00 852.50–853.00 852.750 +5.500 AUKMA00 15.605 +0.942
1% PUAAL00 532.00–532.50 532.250 +7.750 PUAAM00 511.50–512.00 511.750 +7.750
3.5% PUABA00 470.00–470.50 470.250 +8.000 PUABB00 451.25–451.75 451.500 +8.000
0.5-0.7% straight run PKABA00 626.75–627.75 627.250 +9.250
Low sulfur VGO AAHMZ00 729.25–730.25 729.750 +30.250 AAHMX00 700.75–701.75 701.250 +30.000
High sulfur VGO AAHND00 715.50–716.50 716.000 +30.000 AAHNB00 687.25–688.25 687.750 +30.250
Northwest Europe barges (PGA pages 1112 & 1380)
FOB Rotterdam MOPL Diff
Eurobob AAQZV00 911.25–911.75 911.500 +25.000
E10 Eurobob AGEFA00 903.750 +12.500
Unleaded 98 AAKOD00 1011.25–1011.75 1011.500 +25.000
Premium Unleaded PGABM00 916.75–917.25 917.000 +25.000
Reformate AAXPM00 1017.500 +25.000
MTBE* PHALA00 1151.75–1152.25 1152.000 +7.000
Naphtha Phy PAAAM00 722.00–722.50 722.250 +7.000
Jet PJABA00 853.00–853.50 853.250 +3.750 AMOPK00 -3.46 +0.320
Gasoil 50 ppm AAUQC00 820.25–820.75 820.500 +8.000
Gasoil 0.1%* AAYWT00 795.00–795.50 795.250 +5.750 AMOPG00 -0.45 +0.260
10 ppm* AAJUS00 837.00–837.50 837.250 +8.000 AMOPM00 4.55 +1.680
1% PUAAP00 511.50–512.00 511.750 +7.750
3.5% PUABC00 471.00–471.50 471.250 +8.000
Fuel Oil 3.5% 500 CST PUAGN00 467.00–467.50 467.250 +8.000
Low sulfur VGO AAHNF00 697.75–698.75 698.250 +30.000
High sulfur VGO AAHNI00 684.00–685.00 684.500 +30.000
*FOB Amsterdam-Rotterdam-Antwerp
Rotterdam bunker (PGA page 1112)
380 CST PUAFN00 472.50–473.50 473.000 +10.000

Cash differentials for H1 May delivery cargoes will US products (¢/gal) (PGA page 158)
likely weaken as physical time spreads narrow, market US West Coast pipeline
sources said. The Platts-assessed H1 May-H2 May Los Angeles San Francisco
C+F Japan naphtha time spread narrowed to $4/mt Unleaded 84 AAUHA00 295.54–295.64 295.590 +3.140 PGADG00 302.79–302.89 302.840 +3.140
at the Asian close March 22, down $5.25/mt from the Premium 90 PGABG00 318.54–318.64 318.590 +3.140 PGABO00 323.79–323.89 323.840 +3.140
previous day. CARBOB AAKYJ00 302.79–302.89 302.840 +3.140 AAKYN00 302.79–302.89 302.840 +3.140
CARBOB PREM AAKYL00 325.79–325.89 325.840 +3.140 AAKYP00 323.79–323.89 323.840 +3.140
Demand for naphtha remained sluggish as end-
Jet PJAAP00 267.62–267.72 267.670 +4.330 PJABC00 267.62–267.72 267.670 +4.330
users continue to use LPG, which was at a discount of ULS (EPA) Diesel POAET00 275.87–275.97 275.920 +7.070 POAEY00 272.87–272.97 272.920 +2.570
almost $100/mt to naphtha, a Taiwanese end-user said. CARB diesel POAAK00 275.87–275.97 275.920 +7.070 POAAL00 272.87–272.97 272.920 +2.570
The Platts-assessed CFR Northeast Asia propane Seattle Portland
discount to C+F Japan naphtha physical widened to Unleaded 84 AAXJE00 310.29–310.39 310.340 -2.140 AAXJC00 311.79–311.89 311.840 -2.140
Premium 90 AAXJF00 327.29–327.39 327.340 -2.140 AAXJD00 328.79–328.89 328.840 -2.140
$106.75/mt at the Asian close March 22, from $94.50/ Jet PJABB00 267.62–267.72 267.670 +4.330
mt on March 18. ULS (EPA) Diesel AAUEX00 253.66–253.76 253.710 +2.520 AAUEY00 254.81–254.91 254.860 +2.520
“End-users are struggling and looking to lower Phoenix
[steam cracker] operating rates as olefins margins are RBOB unleaded 84 AADDP00 303.79–303.89 303.840 +3.140
RBOB premium 89.5 PPXDJ00 326.79–326.89 326.840 +3.140
lower due to weaker petrochemical demand,” a market
Differential to NYMEX
source said.
CARBOB AANVX00 29.95/30.05 30.000 +2.000
Platts assessed the CFR Northeast Asia ethylene Jet Fuel AANVY00 1.20/1.30 1.250 +3.250
spread to C+F Japan naphtha at $215.75/mt March 22, ULS (EPA) Diesel AANVZ00 9.45/9.55 9.500 +4.500
up $10.25/mt on the week. This was below the typical CARB Diesel AANWA00 9.45/9.55 9.500 +4.500
breakeven spread of $250/mt for integrated producers US West Coast waterborne
Los Angeles
and $300-$350/mt for non-integrated producers.
Unleaded 87 PGADI00 295.54–295.64 295.590 +3.140
In spot news, Indonesia’s Pertamina issued a buy Jet PJABI00 266.62–266.72 266.670 +4.330
tender for at least 22,000 mt of naphtha for loading
from Singapore/Malaysia or Brunei, and delivery to
TPPI Tuban over May 15-19. The tender closes March 26
with validity until March 28. Platts assessment of futures markets at MOC close (PGA page 703)
The company previously sought 22,000 mt of Singapore 16:30
naphtha for delivery over May 14-18 to RU VI Balongan ICE gasoil futures ($/mt) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
Apr 24* AAQYM01 822.50 Apr XNRBA01 273.50 Apr XNHOA01 267.62
via a tender that closed March 22, S&P Global May 24 AAQYM02 810.00 May XNRBA02 271.58 May XNHOA02 264.31
Commodity Insights reported earlier. Award details Jun 24 AAQYM03 800.50 Jun XNRBA03 267.62 Jun XNHOA03 262.36
could not be confirmed. New York 14:30
Platts is part of S&P Global Commodity Insights. NYMEX light sweet crude ($/barrel) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
May NYCRM01 81.96 Apr NYRBM01 274.90 Apr NYHOM01 267.98
Jun NYCRM02 81.40 May NYRBM02 272.94 May NYHOM02 266.54
Platts Japan Naphtha Daily Rationales & Jul NYCRM03 80.79 Jun NYRBM03 269.28 Jun NYHOM03 264.79
Exclusions *Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February.
Naphtha C+F Japan Cargo <PAAAD00> assessment
rationale:

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

(Asia MOC) (Asia MOC) (Asia close) (London close)
API
Gravity Code Mid Change Code Mid Change Code Mid Change Code Mid Change
Condensate (PGA page 2212) (PGA page 2213)
Diff to Dubai Diff to Asian Dated Brent
NW Shelf 61.9 PCAGX00 80.05–80.09 80.070 +0.140 AAPAI00 -4.95 +0.050 AAPAH00 81.230 +1.280
Ichthys FC 48.9 ICFCA00 87.470 +0.140 ICFCB00 2.450 +0.050
DFC 56.82 ADFCA00 85.48–85.52 85.500 +0.210 ADFCB00 1.25/1.35 1.300 +0.050 ADFCC00 0.480 +0.120 ADFCD00 86.660 +1.350
Qatar LSC 56.9 AARBB00 85.23–85.27 85.250 +0.210 AARBD00 1.00/1.10 1.050 +0.050 AARBC00 0.230 +0.120 AARBA00 86.410 +1.350
South Pars 57.4 AARAV00 80.43–80.47 80.450 +0.210 AARAX00 -3.80/-3.70 -3.750 +0.050 AARAW00 -4.570 +0.120 AARAU00 81.610 +1.350
Diff to ICP
Senipah 54.4 AAEOE00 77.05–77.09 77.070 +0.140 AAEOK00 -4.00/-3.90 -3.950 +0.050 AAPBE00 -7.950 +0.050 AAPBD00 78.230 +1.280
Light crude (PGA page 2214) (PGA page 2215)
Diff to ICP Diff to Asian Dated Brent
Cossack 47.7 PCAGZ00 87.40–87.44 87.420 +0.140 AAPAC00 2.400 +0.050 AAPAB00 88.580 +1.280
Tapis 45.2 PCACB00 88.60–88.64 88.620 -0.310 AAOZW00 3.600 -0.400 AAOZV00 89.780 +0.830
Belida 45.1 PCAFL00 81.70–81.74 81.720 +0.140 PCAFM00 -1.70/-1.60 -1.650 +0.050 AAPBQ00 -3.300 +0.050 AAPBP00 82.880 +1.280
Kutubu 44.3 PCAFJ00 83.95–83.99 83.970 +0.140 AAPAE00 -1.050 +0.050 AAPAD00 85.130 +1.280
Attaka 42.3 PCAAJ00 81.65–81.69 81.670 +0.140 PCAAK00 -1.70/-1.60 -1.650 +0.050 AAPBC00 -3.350 +0.050 AAPBB00 82.830 +1.280
Ardjuna 38 PCACQ00 84.70–84.74 84.720 -0.510 PCACR00 -1.00/-0.90 -0.950 -0.300 AAPBG00 -0.300 -0.600 AAPBF00 85.880 +0.630
Banyu Urip 32 PCAFQ00 90.020 -0.510 PCAQQ00 2.500 -0.300 AAPBU00 5.000 -0.600 AAPBR00 91.180 +0.630
Diff to Dubai
Sakhalin Blend 45.5 AARBN00 78.33–78.37 78.350 +0.210 AARCN00 -5.90/-5.80 -5.850 +0.050 AARDN00 -6.670 +0.120 AAREN00 79.510 +1.350
ESPO M1 34.8 AARWF00 81.38–81.42 81.400 +0.160 AASEU00 -2.85/-2.75 -2.800 0.000 AARWE00 -3.720 -0.060 AARWD00 82.460 +1.170
ESPO M2 34.8 AAWFE00 80.51–80.55 80.530 +0.100 AAWFG00 -2.85/-2.75 -2.800 0.000
Sokol 39.7 AASCJ00 81.18–81.22 81.200 +0.160 AASCK00 -3.05/-2.95 -3.000 0.000 AAPAO00 -3.820 +0.070 AAPAN00 82.360 +1.300
Kikeh 34.9 AAWUH00 92.55–92.59 92.570 -0.510 AAOZY00 7.550 -0.600 AAOZX00 93.730 +0.630
Miri Light 32.3 PCABQ00 92.10–92.14 92.120 -0.510 AAPAS00 7.100 -0.600 AAPAR00 93.280 +0.630
Labuan 32 PCABL00 95.00–95.04 95.020 -0.510 AAPAQ00 10.000 -0.600 AAPAP00 96.180 +0.630
Kimanis 38.6 AASCL00 95.920 -0.010 AASCM00 10.900 -0.100 AASCN00 97.080 +1.130
Medium crude (PGA page 2216) (PGA page 2217)
Diff to Asian Dated Brent
Su Tu Den 36.8 AARAR00 92.05–92.09 92.070 -0.010 AARAS00 7.050 -0.100 AARAQ00 93.230 +1.130
Bach Ho 40.7 PCAHY00 93.80–93.84 93.820 -0.010 AAPAK00 8.800 -0.100 AAPAJ00 94.980 +1.130
Nanhai 40 PCAFR00 81.15–81.19 81.170 -0.510 AAPAG00 -3.850 -0.600 AAPAF00 82.330 +0.630
Nile Blend 33.9 AAPLC00 83.70–83.74 83.720 +0.090 AAPAM00 -1.300 0.000 AAPAL00 84.880 +1.230
Daqing 32.2 PCAAZ00 84.65–84.69 84.670 +0.090 AAPAW00 -0.350 0.000 AAPAV00 85.830 +1.230
Heavy crude (PGA page 2218) (PGA page 2219)
Diff to ICP Diff to Asian Dated Brent
Dar Blend 25 AARAB00 82.15–82.19 82.170 +0.140 AARAC00 -2.850 +0.050 AARAA00 83.330 +1.280
Shengli 24.2 PCABY00 87.40–87.44 87.420 +0.140 AAPAY00 2.400 +0.050 AAPAX00 88.580 +1.280
Duri 20.8 PCABA00 90.75–90.79 90.770 +0.140 PCABB00 2.85/2.95 2.900 +0.050 AAPBM00 5.750 +0.050 AAPBL00 91.930 +1.280
Vincent 18.3 AARAK00 95.220 +0.140 AARAL00 10.200 +0.050 AARAJ00 96.380 +1.280

The CFR Japan naphtha cargo assessment March Exclusions: No data was excluded from the the March 25 Fujairah naphtha market on close
25 took into consideration a bid for H1 June at $713/ March 25 Asian naphtha derivative Market on Close assessment process.
mt which demonstrated value, with a crack value assessment process. Platts is part of S&P Global Commodity Insights.
of $70.85/mt. The H1 May-H2 May time spread was No data was excluded from the March 25 Asian
assessed at $5/mt, taking into consideration a trade. naphtha MOC process. Platts FOB Fujairah Naphtha Bids, Offers,
The H2 May-H1 June time spread was assessed at $8/ Platts is part of S&P Global Commodity Insights. Trades
mt.
Naphtha FOB Spore Cargo <PAAAP00> assessment Platts FOB Fujairah Naphtha Daily Rationale & Bids: No bids
rationale: Exclusions Offers: No offers
The FOB Singapore naphtha assessment was The Platts assessment of FOB Fujairah naphtha on Trades: No trades
derived as a freight netback from the CFR Japan March 25 took into consideration the naphtha Mean This assessment commentary applies to the
naphtha first cycle assessment using the following of Platts Arab Gulf strip value of $641.92/mt, as well as following market data codes: Naphtha FOB Fujairah
calculation: CFR Japan naphtha first cycle assessment the cash differential at $40/mt in the absence of bids, Cargo $/mt <NFJSA00>.
minus the cost of transporting a 30,000-mt clean offers and trades in the FOB Fujairah naphtha market
cargo on the Singapore-to-Japan route. on close assessment process. Platts Asia and Middle Eastern Jet Daily
Naphtha FOB Arab Gulf Cargo <PAAAA00> The MOPAG naphtha strip is calculated from Market Analysis
assessment rationale: the April MOPAG naphtha swap at $643.96/mt and
Oversupply flips Asian jet fuel into contango
The FOB Arab Gulf naphtha assessment was May MOPAG naphtha swap at $637.06/mt. The cash
derived as a freight netback from the CFR Japan differential took into consideration the FOB AG cash Bahrain’s Bapco offers up to 60,000 mt jet A-1 fuel
naphtha marker using the following calculation: CFR differential against Mean of Platts Arab Gulf naphtha loading April 27-30
Japan naphtha marker minus the cost of transporting physical, in the absence of any competitive bids, offers
a 55,000-mt clean cargo from a basket of ports on the or trades demonstrating value otherwise. Downbeat market sentiment driven by oversupply
Persian Gulf-to-Japan route. Exclusions: No market data was excluded from continues to plague the Asian jet fuel/kerosene market
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March 25 as the complex flipped into contango on staying mostly within the $98-$108/b range since The FOB Arab Gulf Jet Kero cargo assessment was
March 22. November 2023. The Platts jet fuel outright price derived as a freight netback from the FOB Singapore
The Singapore front-month April-May jet fuel/ averaged $102.44/b to date in the first quarter, Jet Kero cargo assessment using the following input:
kerosene derivative time spread flipped to a contango compared with Q4 2023 average of $107.38 and Q3 FOB Singapore Jet Kero cargo assessment minus the
structure of minus 5 cents/b for the first time since average of $112.70/b. cost of transporting a 55,000-mt clean cargo from a
30 June, 2023. The spread was last lower at minus 13 ANA and Korean Air closely monitor and adopt Platts basket of ports in the Persian Gulf to Singapore.
cents/b on June 28, 2023. FOB Singapore jet fuel cargo outright assessments Exclusions: No market data was excluded from the
In mid-morning trade March 25, however, sentiment into their monthly surcharge calculation, officials at March 25 Singapore Jet fuel/kerosene Platts Market
improved slightly as brokers pegged the April-May the Japanese and South Korean flag carriers told S&P on Close assessment process.
spread at 5 cents/b. Global Commodity Insights earlier this month. Platts is part of S&P Global Commodity Insights.
According to market sources, the weakness in ANA’s fuel surcharge is revised based on the two-
the complex was due to strong inflows into Asia from month average of Singapore jet fuel/kerosene price. Platts FOB Fujairah Jet Kero Rationale &
India and the Middle East amid unviable arbitrage The fuel surcharge will be converted to Yen, by using Exclusions
economics to send these barrels to the West. the average exchange rate of each evaluating period Jet Kero FOB Fujairah cargo <AFUJF00>
“If jet can’t go to Europe then [they] will be forced for itineraries originating in Japan, the Japanese carrier assessment rationale:
to go East, if Africa cannot absorb,” a middle distillates stated in its official website notice. Platts assessed FOB Fujairah jet fuel/kerosene on
trader said March 25. Korean Air’s fuel surcharge is calculated in Korean March 25 at a premium of $3.40/b to Mean of Platts
In tenders, Bahrain Petroleum Co. offered 40,000 mt Won which is converted from the US dollar based on Arab Gulf jet fuel/kerosene assessments, taking into
or 60,000 mt of jet A-1 fuel for loading over April 27-30 the most recent average Platts Singapore jet fuel price, consideration prices in the FOB Fujairah jet fuel/
from Sitra. The tender closes March 26, with same-day a source at the airline said. kerosene market as well as differentials for recent
validity. Platts is part of S&P Global Commodity Insights. cargo trades heard in the Middle East. The MOPAG jet
Meanwhile, Japanese and South Korean airlines fuel/kerosene strip was $97.43/b.
have been keeping their fuel surcharge relatively Platts Asia & Middle East Jet Kero Daily Exclusions: No market data was excluded from the
steady for several months to reflect rangebound Rationale & Exclusions March 25 Fujairah Jet fuel/kerosene Market on Close
jet fuel prices, but the carriers would watch out for Jet Kero FOB Spore Cargo <PJABF00> assessment assessment process.
upside risks in oil prices amid geopolitical tensions in rationale: Platts is part of S&P Global Commodity Insights.
the Middle East and OPEC’s production cuts, airline The FOB Singapore Jet fuel/kerosene cargo
sources said. assessment March 25 was based on the following Platts Singapore Jet Kero Bids, Offers,
South Korea’s Korean Air kept its surcharge on inputs: The middle loading period was assessed Trades
short-haul and medium-haul flight bookings in April at Mean of Platts Singapore jet fuel/kerosene
at Won 35,000 ($26.40) and Won 60,200 ($45.40) assessments plus 6 cents/b, taking into consideration Bids: No bids reported
respectively, unchanged for the fourth consecutive an offer for a cargo loading over April 14-18 at MOPS Offers: Jet: FOB Straits: Aramco offers MOPS
month, the airline said March 21. plus 11 cents/b after accounting for deemed pricing. +0.50 Apr 9-13 100kb (Deemed pricing Apr 8-15); Jet:
Japan’s All Nippon Airways, or ANA, has set fuel The front and back loading periods were assessed at FOB Straits: BP offers MOPS +0.20 Apr 14-18 100kb
surcharge on short-haul international flights for May MOPS jet fuel/kerosene assessment minus 3 cents/b (Deemed pricing Apr 12-18) BP GTC. Seller represents
ticketing at Yen 10,000 ($66.50), steady from April and and plus 25 cents/b, respectively, reflecting the and warrants that, to the best of its knowledge, the
slightly lower than Yen 11,000 for March. movement in the front loading period. Cargo delivered under this Contract: (i) does not
The Platts FOB Singapore jet fuel outright price Jet Kero FOB Arab Gulf Cargo <PJAAA00> contain any product that was produced, manufactured
has been rangebound over the past several months, assessment rationale: or processed in, or exported from; or (ii) has not been

produced through a blending process that uses and the (East-West) arbitrage is closed, which doesn’t physical and swaps markets, as the April-May gasoil
product or components that have been produced, help the market,” a Singapore trade source said. swap spread was down 1 cent/b on the session at 9
manufactured or processed in, or exported from, In early morning trade, front-month April gasoil cents/b. The cash differential was down 1 cent/b at
in each case, the Russia Federation or Crimea, the exchange of futures for swaps spread, a barometer for MOPS gasoil minus $1.30/b.
Donetsk People’s Republic or the Luhansk People’s East-West arbitrage flows, was pegged by brokers at Gasoil FOB Spore Cargo <POABC00> assessment
Republic in Ukraine; Jet: FOB Straits: Aramco offers minus $48.25/mt at 0145 GMT March 25, unchanged rationale: The FOB Singapore gasoil 0.001% (10
MOPS +0.10 Apr 14-18 100kb (Deemed pricing Apr 15- from March 22. ppm) cargo assessment March 25 was based on
22); Jet: FOB Straits: Aramco offers MOPS +0.50 Apr In tenders, Indonesia’s Pertamina bought 500,000 the following inputs: The middle loading period was
19-23 100kb (Deemed pricing Apr 22-29) barrels of 0.25% sulfur high speed diesel/gasoil assessed at MOPS gasoil minus 25 cents/b, reflecting
Trades: No trades reported for delivery over April 4-6 to Tuban. The cargo was a bid for April 14-18 at MOPS gasoil minus 30 cents/b,
This assessment commentary applies to the awarded around parity to either the April average of after normalizing for deemed pricing. The front loading
following market data codes: Jet Kero <PJABF00> Mean of Platts Singapore gasoil assessments or Argus period was assessed at MOPS gasoil minus 45 cents/b,
Singapore gasoil 0.25% sulfur assessments, CFR basis. and the back loading period was assessed at MOPS
Platts Asia and Middle Eastern Gasoil Daily The buyer could not be confirmed. gasoil minus 16 cents/b, reflecting the movement in
Market Analysis The state-owned company is also looking to buy the middle loading period.
300,000 barrels of 0.25% sulfur high speed diesel/ Platts is part of S&P Global Commodity Insights.
Regional spring ULSD demand remains tepid,
gasoil for loading over April 2-4 or delivery over April Exclusions: No market data was excluded from
surplus stock weighs on sentiment
8-10. The tender closes March 25, and will remain valid the March 25 Singapore gasoil Platts Market on Close
Indonesia sees improvement in HSGO buying until March 27. assessment process.
interest in April
Platts Asia and Middle Eastern Gasoil Cargo Platts FOB Fujairah Gasoil Daily Rationale &
Sentiment in Asia’s ULSD market remained soft Daily Rationale & Exclusions Exclusions
heading into April as spring demand continued to Gasoil .001%S (10 ppm) FOB Spore Cargo Gasoil FOB Fujairah cargo <AFUJK00> assessment
weigh heavy on values, further adding to the bearish <AAOVC00> assessment rationale: The FOB Singapore rationale: The FOB Fujairah gasoil March 25 was
market sentiment given participants’ limited ability gasoil 0.001% (10 ppm) cargo assessment March 25 assessed at a premium of $2.25/b to Mean of Platts
to move spot barrels to the West, which meant that was based on the following inputs: The middle loading Arab Gulf gasoil assessment, taking into consideration
cargoes were staying in the region longer. period was assessed at MOPS gasoil minus 25 cents/b, prices in the FOB Fujairah gasoil market as well as
However, the upcoming turnaround season and reflecting a bid for April 14-18 at MOPS gasoil minus differentials for recent cargo trades heard in the
steady export barrels suggest a possible near-term 30 cents/b, after normalizing for deemed pricing. The Middle East. The MOPAG Gasoil Strip was $97.91/b.
market recovery, traders said. front loading period was assessed at MOPS gasoil Gasoil 500 ppm FOB Fujairah cargo <AFUJN00>
Reflecting the market sentiment, brokers pegged minus 45 cents/b, and the back loading period was assessment rationale: The FOB Fujairah 500 ppm
front-month April-May Singapore gasoil swap time assessed at MOPS gasoil minus 16 cents/b, reflecting gasoil March 25 was assessed at a premium of
spread at plus 15 cents/b at 0145 GMT March 25, the movement in the middle loading period. $1.25/b to MOPAG gasoil assessment, taking into
widening from the Platts-assessed plus10 cents/b at Gasoil .05%S (500 ppm) FOB Spore Cargo consideration prices in the FOB Fujairah gasoil market
the March 22 Asian close. <AAFEX00> assessment rationale: The FOB Singapore as well as differentials for recent cargo trades heard in
“The market feels weak due to the poor demand, at gasoil 0.05% (500 ppm) cargo assessment March 25 the Middle East. The MOPAG Gasoil Strip was $97.91/b.
the same time regional supplies in April are coming off was based on the adjusted relationship between the Platts is part of S&P Global Commodity Insights.

Platts Asia and Middle Eastern Gasoil Cargo been produced, manufactured or processed in, or gasoil 0.001% (10 ppm) cargo assessment minus the
Bids, Offers, Trades exported from, in each case, the Russia Federation or cost of transporting a 55,000-mt clean cargo from a
Crimea, the Donetsk People’s Republic or the Luhansk basket of ports in the Persian Gulf to Singapore.
PLATTS GO BIDS: FINALS ON CLOSE: People’s Republic in Ukraine. Platts is part of S&P Global Commodity Insights.
Gasoil 10ppm: FOB Straits: BP bids MOPS -0.30 ;Gasoil 10ppm: FOB Straits: Unipec offers MOPS Exclusions: No market data was excluded from
Apr 14-18 158kb (Deemed pricing Apr 15-19) Seller +0.00 Apr 17-21 150kb (Deemed pricing Apr 16-22) INCO the March 25 Singapore gasoil Platts Market on Close
represents and warrants that, to the best of its Platts Gasoil Trade Summary: No trades reported assessment process.
knowledge, the Cargo delivered under this Contract: This assessment commentary applies to the
(i) does not contain any product that was produced, following market data codes: <AAOVC00> <AAFEX00> Platts Asia and Middle East Fuel Oil Daily
manufactured or processed in, or exported from; or (ii) <AACUE00> <POABC00> <AAFEZ00> Market Analysis
has not been produced through a blending process
LSFO cracks, market structure weakens
that uses product or components that have been Platts Asia and Middle Eastern Gasoil FOB
produced, manufactured or processed in, or exported Cargo Daily Rationale & Exclusions 0.5%S marine fuel cash premium inches up on week
from, in each case, the Russia Federation or Crimea, Gasoil .25%S (2,500 ppm) FOB Spore Cargo Benchmark HSFO cash discount widest in over
the Donetsk People’s Republic or the Luhansk People’s <AACUE00> assessment rationale: The FOB Singapore two weeks
Republic in Ukraine gasoil 0.25% (2,500 ppm) cargo assessment March 25
;Gasoil 10ppm: FOB Straits: Trafigura bids MOPS was based on the following input: The front loading The Asian low sulfur fuel oil market structure and
-0.50 Apr 19-23 150kb INCO period was assessed at MOPS gasoil minus $3.05/b, refining margins were seen weaker March 25, weighed
; WD:Gasoil 500ppm: FOB Straits: Vitol no longer the middle loading period was assessed at MOPS by ample prompt supplies and expectations for rising
bids MOPS -1.60 Apr 14-18 150kb (Deemed pricing Apr gasoil minus $3.51/b and the back loading period was Western arbitrage arrivals in April.
15-19) INCO (4:27:15) assessed at MOPS gasoil minus $2.24/b, tracking the The Singapore 0.5%S marine fuel April-May swaps
PLATTS GO OFFERS: FINALS ON CLOSE: change in the FOB Singapore gasoil 0.05% (500 ppm) time spread was pegged at $4.25/mt in midmorning
Gasoil 10ppm: FOB Straits: Aramco offers MOPS cargo market. trades March 25, down from the Platts assessment
+0.30 Apr 9-13 150kb (Deemed pricing Apr 8-15) or Gasoil .05% (500 ppm) FOB Arab Gulf Cargo of the spread at $4.70/mt at the Asian close March
MOPS +0.40 Apr 14-18 150kb (Deemed pricing Apr 12- <AAFEZ00> assessment rationale: The FOB Arab Gulf 22. The prompt M1-M2 intermonth spread for FOB
18) or MOPS +0.40 Apr 20-24 150kb (Deemed pricing gasoil 0.05% (500 ppm) cargo assessment was derived Singapore marine fuel oil swaps, which has narrowed
Apr 18-24) as a freight netback from the FOB Singapore gasoil nearly 35% in the last two weeks, has averaged at a
;Gasoil 10ppm: FOB Straits: Vitol offers MOPS +0.20 0.001% (10 ppm) cargo assessment using the following backwardation of $6.68/mt so far in March, compared
Apr 9-13 150kb or MOPS +0.20 Apr 14-18 150kb or MOPS inputs: FOB Singapore gasoil 0.001% (10 ppm) cargo with the February average of $8.58/mt.
+0.10 Apr 19-23 150kb assessment minus the cost of transporting a 55,000- Platts assessed the Singapore front-month crack
;Gasoil 10ppm: FOB Straits: Petrochina offers MOPS mt clean cargo from a basket of ports in the Persian spread for the marine fuel grade against Brent crude
+0.40 Apr 9-13 150kb (Deemed pricing Apr 4-11) INCO Gulf to Singapore, and taking into account the cash down $12.90/b on March 22, posting a weekly drop of
;Gasoil 10ppm: FOB Straits: Gunvor offers Apr +0.10 differential between the FOB Arab Gulf 10 ppm and 3.7%. The front-month crack for April was pegged lower
Apr 12-16 150kb INCO. Seller represents and warrants 500 ppm assessments. at $12.75/b in midafternoon Asian trade March 25.
that the cargo delivered/to be delivered under this Gasoil FOB Arab Gulf Cargo <POAAT00> assessment Platts assessed the Singapore 0.5%S marine
Contract: (i) does not contain any product that was rationale: The FOB Arab Gulf gasoil 0.001% (10 ppm) fuel cargo’s cash differential over the Mean of Platts
produced, manufactured or processed in, or exported cargo assessment was derived as a freight netback Singapore Marine Fuel 0.5%S assessment at $1.58/mt
from; or (ii) has not been produced through a blending from the FOB Singapore gasoil 0.001% (10 ppm) cargo March 22, 16 cents higher on the day and inching up 25
process that uses product or components that have assessment using the following input: FOB Singapore cents on the week.

The cash premium for the IMO 2020-compliant This assessment commentary applies to the product or components that have been produced,
marine fuel grade has remained mostly rangebound following market data codes: Marine Fuel 0.5% FOB manufactured or processed in, or exported from,
in March. Trade sources said any major upsides Spore cargo $/mt <AMFSA00> in each case, the Russia Federation or Crimea, the
would likely be capped in the near term by adequate Donetsk People’s Republic or the Luhansk People’s
availability on the back of lackluster bunker demand, Platts FOB Singapore Marine Fuel 0.5% Republic in Ukraine.)
but it was unlikely for the cash differential to flip into a Cargo Bids, Offers, Trades Platts Marine Fuel 0.5%: FOB Straits: Shell offers
negative territory anytime soon. MOPS +5.00 Apr 9-13 20kt Shell GTC OR (It is a
Platts assessed the Singapore 380 CST high sulfur Bids: No bids condition of this offer/agreement that the products
fuel oil cargo’s cash differential to the MOPS 380 CST Offers: Platts Marine Fuel 0.5%: FOB Straits: BP sold and delivered by Seller will not be of Russian
HSFO assessment at a discount of $3.03/mt March offers MOPS +6.00 Apr 9-13 20kt BP GTC OR (Seller Federation (RF) origin (which includes product
22, posting a weekly decline of 22.7%. The benchmark represents and warrants that, to the best of its exported from RF) nor blended with any RF origin
HSFO cash differential was currently at it widest knowledge, the cargo delivered under this Contract: product. Seller can provide if requested documentary
discount since March 4, when it was assessed at minus (i) does not contain any product that was produced, evidence of compliance, showing refinery origin(s) of
$3.32/mt March 4. manufactured or processed in, or exported from; or (ii) the cargo, to the Buyer’s reasonable satisfaction.)
The Singapore 180 CST HSFO cash differential has not been produced through a blending process Platts Marine Fuel 0.5%: FOB Straits: Shell offers
to the MOPS 180 CST HSFO swap, which plunged that uses product or components that have been MOPS +5.00 Apr 14-18 20kt Shell GTC OR (It is a
to a more than 13-month low of minus $6.30/mt on produced, manufactured or processed in, or exported condition of this offer/agreement that the products
March 19, was assessed at a discount of $5.80/mt on from, in each case, the Russia Federation or Crimea, sold and delivered by Seller will not be of Russian
March 22. Traders were hopeful the market would find the Donetsk People’s Republic or the Luhansk People’s Federation (RF) origin (which includes product
support in the coming months as peak summer boosts Republic in Ukraine.) exported from RF) nor blended with any RF origin
demand from the power generation sector, S&P Global Platts Marine Fuel 0.5%: FOB Straits: BP offers product. Seller can provide if requested documentary
Commodity Insights reported earlier. MOPS +6.00 Apr 14-18 20kt BP GTC OR (Seller evidence of compliance, showing refinery origin(s) of
The Singapore 380 CST HSFO April-May represents and warrants that, to the best of its the cargo, to the Buyer’s reasonable satisfaction.)
market structure was pegged at minus $1.25/mt in knowledge, the cargo delivered under this Contract: Platts Marine Fuel 0.5%: FOB Straits: Shell offers
midafternoon Asian trade March 25, compared with (i) does not contain any product that was produced, MOPS +6.00 Apr 19-23 20kt Shell GTC (It is a condition
the Platts assessment of the spread at minus $1.50/mt manufactured or processed in, or exported from; or (ii) of this offer/agreement that the products sold and
at the Asian close March 22. has not been produced through a blending process delivered by Seller will not be of Russian Federation
Platts is part of S&P Global. that uses product or components that have been (RF) origin (which includes product exported from
produced, manufactured or processed in, or exported RF) nor blended with any RF origin product. Seller
Platts FOB Singapore Marine Fuel 0.5% cargo from, in each case, the Russia Federation or Crimea, can provide if requested documentary evidence of
Daily Rationale & Exclusions the Donetsk People’s Republic or the Luhansk People’s compliance, showing refinery origin(s) of the cargo, to
Marine Fuel 0.5% FOB Spore cargo $/mt Republic in Ukraine.) the Buyer’s reasonable satisfaction.)
<AMFSA00> Assessment Rationale: The FOB Singapore Platts Marine Fuel 0.5%: FOB Straits: BP offers Trades: No trade
Marine Fuel 0.5% assessment March 25 took into MOPS +6.00 Apr 19-23 20kt BP GTC (Seller represents This assessment commentary applies to the
consideration notional values in the absence of and warrants that, to the best of its knowledge, the following market data codes: Marine Fuel 0.5% FOB
any competitive bids or offers demonstrating value cargo delivered under this Contract: (i) does not Spore cargo $/mt <AMFSA00>
otherwise. contain any product that was produced, manufactured
Exclusions: No market data was excluded from the or processed in, or exported from; or (ii) has not been
March 25 cargo assessment process. produced through a blending process that uses

Platts Singapore Fuel Oil Paper Exclusions PLATTS SINGAPORE MARINE FUEL 0.5% PAPER notional values in the absence of any competitive bids
TRADES SUMMARY 25 Mar24 or offers demonstrating value otherwise.
Exclusions: No market data was excluded from MARINE FUEL 0.5% FOB SINGAPORE (PLATTS) FO 380 CST 3.5%S FOB Spore Cargo <PPXDK00>
the March 25, 2024 Asian fuel oil paper assessment PLATTS MARINE FUEL: APR24: ARION SELLS TO assessment rationale: The FOB Singapore 380 CST
process. FREEPOINT* 5KMT AT $622.50 (08:29:51) HSFO assessment March 25 reflected a trade for an
PLATTS MARINE FUEL: APR24: ONYX SELLS TO April 19-23 loading cargo, which Trafigura bought from
Fuel Oil Reported Deals HOTEI* 5KMT AT $622.50 (08:29:58) Aramco Singapore at Mean of Platts Singapore 380
PLATTS MARINE FUEL: APR24: HOTEI BUYS FROM CST HSFO assessment minus $2/mt. The assessment
PLATTS SINGAPORE FUEL OIL PAPER TRADES DARE* 5KMT AT $622.75 (08:29:58) also took into consideration two standing bids from
SUMMARY 25 Mar24 Trafigura for April 9-13, and April 14-18-loading cargoes
FUEL OIL 180CST SINGAPORE/FUEL OIL 380CST Platts Fujairah Daily Marine Fuel 0.5% Cargo at Mean of Platts Singapore minus $2.50/mt each.
SINGAPORE Daily Rationale & Exclusions FO 180 CST 3.5%S FOB Arab Gulf Cargo <PUABE00>
PLATTS FO SPR: APR24: GOODE SELLS TO ONYX* Marine Fuel 0.5% FOB Fujairah cargo $/mt assessment rationale: The FOB Arab Gulf 180 CST
5KMT AT $18.00 (08:29:54) <AMFFA00> assessment rationale: The FOB Fujairah HSFO assessment was derived as a freight netback
PLATTS FO SPR: APR24: GOODE SELLS TO ONYX* Marine Fuel 0.5%S cargo assessment on March from the FOB Singapore 180 CST HSFO assessment
5KMT AT $18.00 (08:29:54) 25 took into consideration prices in the Fujairah- using the following calculation: FOB Singapore 180 CST
PLATTS FO SPR: MAY24: GOODE SELLS TO ONYX* delivered Marine Fuel 0.5%S bunker market as well as HSFO assessment minus the cost of transporting an
5KMT AT $16.75 (08:29:57) differentials at which Marine Fuel 0.5%S cargoes were 80,000-mt dirty cargo from the Persian Gulf to the East.
FUEL OIL 380CST SINGAPORE heard traded in the Middle East. FO 380 CST 3.5%S FOB Arab Gulf Cargo <AAIDC00>
PLATTS FO: APR24: DARE BUYS FROM ARION* Platts is part of S&P Global Commodity Insights. assessment rationale: The FOB Arab Gulf 380 CST
5KMT AT $475.50 (08:16:09) This rationale applies to symbol(s) <AMFFA00> HSFO assessment was derived as a freight netback
PLATTS FO: APR24: ARION SELLS TO ONYX* Exclusions: No market data was excluded from the from the FOB Singapore 380 CST HSFO assessment
15KMT AT $475.25 (08:29:55) March 25, 2024 assessment process. using the following calculation: FOB Singapore 380 CST
PLATTS FO SPR: BAL MONTH/APR24: ONYX BUYS HSFO assessment minus the cost of transporting an
FROM DARE* 5KMT AT $-2.75 (08:27:46) Platts Fujairah Daily Marine Fuel 0.5% 80,000-mt dirty cargo from the Persian Gulf to the East.
PLATTS FO SPR: BAL MONTH/APR24: TRAFIGURA Cargo Bids, Offers, Trades Exclusions: No market data was excluded from the
BUYS FROM PHILLIPS 66* 5KMT AT $-2.75 (08:28:57) March 25 high sulfur fuel oil cargo assessment process.
PLATTS FO SPR: BAL MONTH/APR24: TRAFIGURA Bids: No bid
BUYS FROM VITOL* 5KMT AT $-2.50 (08:29:07) Offers: No offer Platts FOB Fujairah Daily 380 CST HSFO Cargo
PLATTS FO SPR: BAL MONTH/APR24: ONYX BUYS Trades: No trade Daily Rationale & Exclusions
FROM PHILLIPS 66* 5KMT AT $-2.25 (08:29:39) This assessment commentary applies to the HSFO 380 CST FOB Fujairah cargo $/mt <AFUJQ00>
PLATTS FO SPR: APR24/MAY24: PETROCHINA following market data codes: Marine Fuel 0.5% FOB assessment rationale: The FOB Fujairah 380 CST HSFO
SELLS TO ONYX* 5KMT AT $-1.25 (08:29:14) Fujairah cargo $/mt <AMFFA00> assessment on March 25 took into consideration prices
PLATTS FO SPR: APR24/MAY24: PETROCHINA in the Fujairah 380 CST HSFO delivered bunker market
SELLS TO PHILLIPS 66* 5KMT AT $-1.25 (08:29:42) Platts Asia and Middle East FO 180, 380 CST as well as differentials for recent cargo trades heard in
PLATTS FO SPR: APR24/MAY24: ONYX SELLS TO Daily Rationales & Exclusions the Middle East.
PHILLIPS 66* 5KMT AT $-1.25 (08:29:50) FO 180 CST 3.5%S FOB Spore Cargo <PUADV00> Exclusions: No market data was excluded from the
PLATTS FO SPR: APR24/MAY24: PHILLIPS 66 assessment rationale: The FOB Singapore 180 CST March 25 assessment process.
BUYS FROM ONYX* 15KMT AT $-1.25 (08:30:37) HSFO assessment March 25 took into consideration Platts is part of S&P Global Commodity Insights.

Platts Singapore Fuel Oil Bids Offers Trades RF) nor blended with any RF origin product. Seller Platts HSFO 380CST: FOB Straits: Total offers MOPS
can provide if requested documentary evidence of -1.00 Apr 19-23 20kt TotalEnergies GTC
Bids: PLATTS HSFO: PHYSICAL BIDS FINALS ON compliance, showing refinery origin(s) of the cargo, to Platts HSFO 380CST: FOB Straits: PetroChina offers
CLOSE (180 CST): No bids the Buyer’s reasonable satisfaction.) MOPS -1.00 Apr 9-13 20kt OR
PLATTS HSFO: PLATTS HSFO: PHYSICAL BIDS WD: Platts HSFO 380CST: FOB Straits: AramcoSG Platts HSFO 380CST: FOB Straits: PetroChina offers
FINALS ON CLOSE (380 CST): withdraws offer MOPS -2.50 Apr 9-13 20kt OR (It is a MOPS -1.00 Apr 14-18 20kt OR
Platts HSFO 380CST: FOB Straits: Trafigura bids condition of this bid / agreement that the products Platts HSFO 380CST: FOB Straits: PetroChina offers
MOPS -2.50 Apr 9-13 40kt OR sold and delivered by Seller will not be of Russian MOPS -1.00 Apr 19-23 20kt
Platts HSFO 380CST: FOB Straits: Trafigura bids Federation (RF) origin nor blended with any product Trades: 1 trade
MOPS -2.50 Apr 14-18 40kt OR produced in the Russian Federation or any other origin 1) Platts HSFO 380CST: FOB Straits: Apr 19-23:
Platts HSFO 380CST: FOB Straits: Trafigura bids sanctioned by the US / UN / EU. Buyer reserves the 20kt: Trafigura buys from AramcoSG at MOPS -2.00
MOPS -2.50 Apr 19-23 40kt right to ask for documentary evidence of compliance, (4:28:41.348) (It is a condition of this bid / agreement
Offers: PLATTS HSFO: PHYSICAL OFFERS FINALS showing refinery origin (s) of the cargo and other blend that the products sold and delivered by Seller will not
ON CLOSE (180 CST): No offers components, to the buyer’s reasonable satisfaction.) be of Russian Federation (RF) origin nor blended with
PLATTS HSFO: PHYSICAL OFFERS FINALS ON WD: Platts HSFO 380CST: FOB Straits: AramcoSG any product produced in the Russian Federation or
CLOSE (380 CST): withdraws offer MOPS -2.00 Apr 14-18 20kt OR (It is a any other origin sanctioned by the US / UN / EU. Buyer
Platts HSFO 380CST: FOB Straits: Rex Commodities condition of this bid / agreement that the products reserves the right to ask for documentary evidence of
offers MOPS +0.00 Apr 10-14 20kt OR (It is a condition sold and delivered by Seller will not be of Russian compliance, showing refinery origin (s) of the cargo and
of this offer/agreement that the products sold and Federation (RF) origin nor blended with any product other blend components, to the buyer’s reasonable
delivered by Seller will not be of Russian Federation produced in the Russian Federation or any other origin satisfaction.)
(RF) origin (which includes product exported from sanctioned by the US / UN / EU. Buyer reserves the Platts Bitumen: PHYSICAL BIDS FINALS ON CLOSE:
RF) nor blended with any RF origin product. Seller right to ask for documentary evidence of compliance, FOB STRAITS:
can provide if requested documentary evidence of showing refinery origin (s) of the cargo and other blend Platts Bitumen: FOB Straits: PEN 60-70: 3.5kt: Apr
compliance, showing refinery origin(s) of the cargo, to components, to the buyer’s reasonable satisfaction.) 9-13: Trafigura no longer bids $407.00/mt INCO after
the Buyer’s reasonable satisfaction.) Platts HSFO 380CST: FOB Straits: AramcoSG no trade with Shell (4:19:59)
Platts HSFO 380CST: FOB Straits: Rex Commodities longer offers MOPS -2.00 Apr 19-23 20kt after trade Platts Bitumen: PHYSICAL OFFERS FINALS ON
offers MOPS +0.00 Apr 15-19 20kt OR (It is a condition with Trafigura (4:28:41.348) (It is a condition of this CLOSE: FOB STRAITS: No offers
of this offer/agreement that the products sold and bid / agreement that the products sold and delivered Platts Bitumen Trade Summary: FOB
delivered by Seller will not be of Russian Federation by Seller will not be of Russian Federation (RF) STRAITS: 1 trade
(RF) origin (which includes product exported from origin nor blended with any product produced in the Platts Bitumen: FOB Straits PEN 60-70: 3.5kt: Apr
RF) nor blended with any RF origin product. Seller Russian Federation or any other origin sanctioned by 9-13: Shell sells to Trafigura $407/mt INCO (4: 19:59)
can provide if requested documentary evidence of the US / UN / EU. Buyer reserves the right to ask for Platts Bitumen: PHYSICAL BIDS FINALS ON CLOSE:
compliance, showing refinery origin(s) of the cargo, to documentary evidence of compliance, showing refinery FOB SOUTH KOREA: No bids
the Buyer’s reasonable satisfaction.) origin (s) of the cargo and other blend components, to Platts Bitumen: PHYSICAL OFFERS FINALS ON
Platts HSFO 380CST: FOB Straits: Rex Commodities the buyer’s reasonable satisfaction.) CLOSE: FOB SOUTH KOREA: No offers
offers MOPS +0.00 Apr 20-24 20kt (It is a condition Platts HSFO 380CST: FOB Straits: Total offers MOPS Platts Bitumen: TRADE SUMMARY: FOB SOUTH
of this offer/agreement that the products sold and -1.00 Apr 9-13 20kt TotalEnergies GTC OR KOREA: No trade
delivered by Seller will not be of Russian Federation Platts HSFO 380CST: FOB Straits: Total offers MOPS This assessment commentary applies to the
(RF) origin (which includes product exported from -1.00 Apr 14-18 20kt TotalEnergies GTC OR following market data codes: FO 180 CST 2.0%

<PUAXS00> FO 180 CST 3.5% <PUADV00> FO 380 CST additional spot buying, trade sources said March 25. Still, cash premiums for Murban remained under
3.5% <PPXDK00> At the 0830 GMT Asian close March 22, the spread the $2/b mark throughout most of March, averaging
between May cash Murban and Dubai stood at 4.5 $1.83/b month to date as of March 22, with a trade
Platts US West Coast Light End Daily cents/b — the narrowest since the 2 cents/b on Feb. source attributing the cap on Murban premiums to
Commentary 22, S&P Global Commodity Insights data showed. ample supply.
The cash differential for Murban, which was “Ruwais [has been] taking more medium [crude
Los Angeles CARBOB outright price reaches new
assessed at a premium of $1.15/b to the same-month over the] last couple of months ... [which] means more
high for 2024
Dubai futures March 22, was also at its lowest level in Murban,” the source added.
Portland unleaded falls 3 cents over a month. The premium was last assessed lower at ADNOC Refining’s 837,000 b/d Ruwais refinery
$1.07/b on Feb. 16, S&P Global data showed. returned from planned maintenance earlier this month,
The differentials for gasoline in California rose The weakness in the light sour complex has already market sources said. The refinery also completed its
March 25 against the NYMEX May RBOB, while spurred additional spot buying, particularly for Murban Crude Flexibility Project during the shutdown, allowing
Portland unleaded fell on the day. crude, from Indian refiners. it to refine up to 420,000 b/d of heavier and sourer
Los Angeles and San Francisco CARBOB rose 2 To date, Indian refiners Indian Oil Corp. and Reliance grades of crude.
cents to close at futures plus 30 cents/gal. Their have bought a combined 5.5 million-6 million barrels At the same time, an ample supply of competitive
outright prices also increased 3.14 cents, and closed at of Murban in the May-loading cycle, based on trades arbitrage WTI Midland from the US amid a narrow
$3.0284/gal. heard by S&P Global. Brent-Dubai spread will continue to keep the US grade
Los Angeles CARBOB’s outright price reached a new Further out, IOC bought 1 million barrels of Murban pointed to Asia.
high for 2024 and was last seen at a similar value on for June delivery at a premium of around $2/b to Dated At 0700 GMT, cash Brent-Dubai was pegged at 35
March 21 at $3.0271. In contrast, the outright price for Brent on a DAP basis from TotalEnergies, via a tender. cents/b, compared with 38.5 cents/b at the March
San Francisco CARBOB reached its highest price on “It feels like Indians bought slightly more Murban 22 close.
March 19 at $3.0622/gal. than [before],” a trade source said, adding that the Platts is part of S&P Global Commodity Insights.
Portland unleaded, the only gasoline grade on the additional buying was likely price-driven.
West Coast that hasn’t switched to the NYMEX May Several other trade sources attributed the stable- Platts Mideast Sour Crude Daily Rationales &
RBOB futures contract, was the only differential on the to-higher volumes in India’s spot Murban buying to Exclusions
West Coast to fall. The differential dropped 3 cents to reduced volumes from Russia, in particular Sokol Dubai Mo01 <PCAAT00> assessment rationale:
NYMEX April RBOB futures plus 37 cents/gal. crude, which has been diverted to China. Another trade The May cash Dubai assessment March 25 took into
Platts is part of S&P Global Commodity Insights. source said Indian refiners have “probably [bought] consideration bids and offers for cash Dubai partials
more grades in general, including Murban.” that traded at $85.35-$85.36/b toward the end of the
Platts Middle East Sour Crude Daily Market Sri Lanka’s Ceylon Petroleum Corp., meanwhile, Platts Market on Close assessment process.
Analysis awarded its two term tenders, each seeking 2.1 million Oman Blend Mo01 <PCABS00> assessment
barrels in three 700,000-barrel cargoes, for delivery to rationale: The May cash Oman assessment March 25
Steady-to-higher flows of Murban to India
Colombo over June 1-Oct. 31. took into consideration the declaration of one Oman
Sri Lanka’s Ceypetco buys term Murban for June- The first tender was awarded to Vitol at a premium cargo on convergence of Dubai partials.
October delivery of $3.89/b to the ADNOC official selling price on a Exclusions: No market data was excluded from the
DAP basis under the ex-storage modality. The second Middle East sour crude Market on Close assessment
Ample supply of light sour Murban crude has tender was awarded to BB Energy at a premium of process.
maintained the spread between light and medium $3.85/b to ADNOC OSP on a DAP basis, under a 30-day Platts is part of S&P Global Commodity Insights.
sour crudes at one-month lows, despite a spurt in letter of credit basis.

Platts Oil Mideast Sour Crude AT $85.95 PETROCHINA* 25KB AT $85.35 (08:28:35)
Convergences PLATTS DUBAI: MAY24: VITOL NO LONGER OFFERS PLATTS DUBAI: MAY24: VITOL SELLS TO
AFTER TRADE PETROCHINA* 25KB AT $85.35 (08:28:41)
Platts Crude: Vitol declares a cargo of May Oman PLATTS DUBAI: MAY24: EXXONMOBIL NO LONGER PLATTS DUBAI: MAY24: VITOL SELLS TO
crude to PCHK following the convergence of 20 partials OFFERS AFTER TRADE PETROCHINA* 25KB AT $85.35 (08:28:47)
in Platts cash Dubai. Trades: PLATTS DUBAI: MAY24: VITOL SELLS TO
PLATTS DUBAI: MAY24: VITOL SELLS TO SHELL* PETROCHINA* 25KB AT $85.35 (08:28:54)**
Platts Middle East Sour Crude Bids, Offers, 25KB AT $85.35 (08:27:00) PLATTS DUBAI: MAY24: VITOL SELLS TO
Trades PLATTS DUBAI: MAY24: VITOL SELLS TO PETROCHINA* 25KB AT $85.35 (08:29:01)
TRAFIGURA* 25KB AT $85.35 (08:27:01) PLATTS DUBAI: MAY24: VITOL SELLS TO
Bids: PLATTS DUBAI: MAY24: VITOL SELLS TO PETROCHINA* 25KB AT $85.35 (08:29:08)
PLATTS DUBAI: MAY24: PETROCHINA BIDS 25KB AT PETROCHINA* 25KB AT $85.35 (08:27:02) PLATTS DUBAI: MAY24: VITOL SELLS TO
$85.35 AND TRADES DURING EXTENSION PLATTS DUBAI: MAY24: VITOL SELLS TO PETROCHINA* 25KB AT $85.35 (08:29:15)
PLATTS DUBAI: MAY24: SHELL NO LONGER BIDS PETROCHINA* 25KB AT $85.35 (08:27:10) PLATTS DUBAI: MAY24: VITOL SELLS TO
AFTER TRADE PLATTS DUBAI: MAY24: VITOL SELLS TO PETROCHINA* 25KB AT $85.35 (08:29:24)
PLATTS DUBAI: MAY24: TRAFIGURA NO LONGER PETROCHINA* 25KB AT $85.35 (08:27:16) PLATTS DUBAI: MAY24: VITOL SELLS TO
BIDS AFTER TRADE PLATTS DUBAI: MAY24: VITOL SELLS TO PETROCHINA* 25KB AT $85.35 (08:29:31)
PLATTS DUBAI: MAY24: MITSUI NO LONGER BIDS PETROCHINA* 25KB AT $85.35 (08:27:24) PLATTS DUBAI: MAY24: VITOL SELLS TO
AFTER TRADE PLATTS DUBAI: MAY24: VITOL SELLS TO TRAFIGURA* 25KB AT $85.31 (08:29:33)
PLATTS DUBAI: MAY24: MERCURIA NO LONGER PETROCHINA* 25KB AT $85.35 (08:27:30) PLATTS DUBAI: MAY24: MITSUI BUYS FROM VITOL*
BIDS AFTER TRADE PLATTS DUBAI: MAY24: VITOL SELLS TO 25KB AT $85.35 (08:29:35)
PLATTS DUBAI: MAY24: BP NO LONGER BIDS PETROCHINA* 25KB AT $85.35 (08:27:39) PLATTS DUBAI: MAY24: VITOL SELLS TO
AFTER TRADE PLATTS DUBAI: MAY24: VITOL SELLS TO PETROCHINA* 25KB AT $85.35 (08:29:38)
PLATTS DUBAI: MAY24: PHILLIPS 66 NO LONGER PETROCHINA* 25KB AT $85.35 (08:27:47) PLATTS DUBAI: MAY24: VITOL SELLS TO MITSUI*
BIDS AFTER TRADE PLATTS DUBAI: MAY24: VITOL SELLS TO 25KB AT $85.35 (08:29:40)
Offers: PETROCHINA* 25KB AT $85.35 (08:27:57) PLATTS DUBAI: MAY24: VITOL SELLS TO MERCURIA*
PLATTS DUBAI: MAY24: EQUINOR OFFERS 25KB PLATTS DUBAI: MAY24: VITOL SELLS TO 25KB AT $85.30 (08:29:42)
AT $85.36 PETROCHINA* 25KB AT $85.35 (08:28:02) PLATTS DUBAI: MAY24: EXXONMOBIL SELLS TO
PLATTS DUBAI: MAY24: UNIPEC OFFERS 25KB AT PLATTS DUBAI: MAY24: VITOL SELLS TO TRAFIGURA* 25KB AT $85.30 (08:29:43)
$85.36 AND TRADES DURING EXTENSION PETROCHINA* 25KB AT $85.35 (08:28:08) PLATTS DUBAI: MAY24: EXXONMOBIL SELLS TO BP*
PLATTS DUBAI: MAY24: TOTAL OFFERS 25KB PLATTS DUBAI: MAY24: VITOL SELLS TO 25KB AT $85.30 (08:29:43)
AT $85.50 PETROCHINA* 25KB AT $85.35 (08:28:13) PLATTS DUBAI: MAY24: PETROCHINA BUYS FROM
PLATTS DUBAI: MAY24: GUNVOR OFFERS 25KB PLATTS DUBAI: MAY24: VITOL SELLS TO VITOL* 25KB AT $85.35 (08:29:45)
AT $85.80 PETROCHINA* 25KB AT $85.35 (08:28:18) PLATTS DUBAI: MAY24: VITOL SELLS TO MITSUI*
PLATTS DUBAI: MAY24: IDEMITSU OFFERS 25KB PLATTS DUBAI: MAY24: VITOL SELLS TO 25KB AT $85.35 (08:29:47)
AT $85.85 PETROCHINA* 25KB AT $85.35 (08:28:24) PLATTS DUBAI: MAY24: EXXONMOBIL SELLS TO
PLATTS DUBAI: MAY24: PETROCHINA OFFERS 25KB PLATTS DUBAI: MAY24: VITOL SELLS TO TRAFIGURA* 25KB AT $85.30 (08:29:49)
AT $85.90 PETROCHINA* 25KB AT $85.35 (08:28:29) PLATTS DUBAI: MAY24: PETROCHINA BUYS FROM
PLATTS DUBAI: MAY24: PHILLIPS 66 OFFERS 25KB PLATTS DUBAI: MAY24: VITOL SELLS TO VITOL* 25KB AT $85.35 (08:29:51)

PLATTS DUBAI: MAY24: MITSUI BUYS FROM crude assessments, FOB, market sources shared. Platts Asia Light Sweet Crude Bids, Offers,
EXXONMOBIL* 25KB AT $85.35 (08:29:52) Previously, PV Oil had sold April-loading SV-DN Trades
PLATTS DUBAI: MAY24: VITOL SELLS TO crude to Thailand’s PTT at a premium in the low $3s/b
TRAFIGURA* 25KB AT $85.30 (08:29:54) to Dated Brent, FOB, sources said. Bids: NIL
PLATTS DUBAI: MAY24: PETROCHINA BUYS FROM “WTI Midland dropped from quite high levels but Offers: NIL
VITOL* 25KB AT $85.35 (08:29:56) is still sold at decent levels, while delivered numbers Trades: NIL
PLATTS DUBAI: MAY24: TRAFIGURA BUYS FROM from Mediterranean and WAF went down slightly ... this This assessment commentary applies to the
EXXONMOBIL* 25KB AT $85.35 (08:29:58) could have put some pressure on regionals but SV-DN following market data code: ESPO M1 vs Dubai M2
PLATTS DUBAI: MAY24: TOTAL SELLS TO MITSUI* is a very niche grade so it’s not a good benchmark for <AASEU00>
25KB AT $85.35 (08:29:59) regional crudes,” an Asia-based trader commented.
PLATTS DUBAI: MAY24: VITOL SELLS TO PHILLIPS Meanwhile, Indonesia’s Pertamina was seen issuing
66* 25KB AT $85.16 (08:29:59) tenders seeking crude and condensate barrels for Subscriber Notes
PLATTS DUBAI: MAY24: VITOL SELLS TO delivery over June to their Cilacap and Tuban refineries,
PETROCHINA* 25KB AT $85.35 (08:30:01) according to a trade source. The tender closes March Platts corrects ICE Brent crude futures at 4:30 pm
PLATTS DUBAI: MAY24: SHELL BUYS FROM 25, with further details of the tender not yet available. Singapore time March 18
UNIPEC* 25KB AT $85.36 (08:30:01) In the company’s April-delivery crude and Platts, part of S&P Global Commodity Insights, has
**Platts Crude: Vitol declares a cargo of May Oman condensate tenders, Pertamina had purchased West corrected its March 18 assessments for ICE Brent
crude to PCHK following the convergence of 20 partials African Escravos, Erha, Qua Iboe and Kissanje crude crude futures at 4:30 pm Singapore time, which should
in Platts cash Dubai. grades; as well as Equatorial Guinea’s Alba condensate read as follows:
This assessment commentary applies to the at discounts to Dated Brent and Australia’s North West Assessment Name Code Corrected Value
ICE Brent at Singapore
following market data codes: Dubai M1 <PCAAT00>, Shelf condensate at discounts in the $5s/b to Dated XILLA02 85.32
MOC MO02
Oman M1 <PCABS00> Brent on an FOB basis, S&P Global reported earlier. ICE Brent at Singapore
In the heavy sweet crude segment, trades have yet MOC Time Spread MO01/ AAZ0102 0.62
Platts Asia Pacific Sweet Crude Daily to emerge for May-loading cargoes.
MO02
ICE Brent at Singapore
Market Analysis Japan’s Inpex had preliminarily scheduled one cargo MOC Time Spread MO02/ AAZ0203 0.69
of Australia’s heavy sweet Van Gogh crude to load over MO03
Tender results emerge for Vietnam’s SV-DN crude
May 15-19, according to a trade source.
Indonesia’s Pertamina issues June-delivery crude, These assessments appear in the Crude Oil
condensate tenders Platts Asia Light Sweet Crude Daily Rationale & Marketwire, Oilgram Price Report and Platts Global
Exclusions Alert/Platts Crude Oil Alert on pages 0703 and 1201.
The Asia-Pacific regional market a fresh tender and ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01
tender results emerging from Indonesia and Vietnam <AASEU00> assessment rationale: The ESPO M1 May Platts launches European ULSD, gasoil, jet cash
on March 25. assessment March 25 took into consideration the differential assessments
Results emerged for Vietnam’s PV Oil’s tender latest trade indications heard in the broader market. Platts, part of S&P Global Commodity Insights,
offering a 300,000-barrel cargo of medium sweet SV- Exclusions: No market data was excluded from launched new daily Mean of Platts London (MOPL)
DN crude loading over May 22-28 that closed March 19, the Asia Pacific Crude Market on Close assessment cash differential assessments on March 1, 2024 for
with next-day validity. process. a number of benchmark European middle distillate
The tender was heard awarded to trading house Platts is part of S&P Global Commodity Insights. markets, in response to industry feedback.
Vitol at small premiums to the Platts Dated Brent

These new MOPL differential assessments reflect March 11-March 26. The MOPL strip will equate to The new differential assessments appear in Platts
the value of the physical product in relation to the the average of March 11-March 26 calculated on the European Marketscan, US Marketscan, Oilgram Price
underlying forward curve aligned with the loading or assessed forward curve. The MOPL cash differential Report, Asia-Pacific-Arab Gulf Marketscan and Platts
delivery window reflected in the physical assessment, will equate to the outright ULSD 10ppmS CIF NWE Global Alert and Platts Refined Products Alert pages
also known as the MOPL strip. The MOPL strip is Cargo assessment value on March 1 minus the MOPL 1110, 1112, 1114, 1410 and 1420.
defined as the average of the forward values for strip value. Please send any comments or feedback
the sequence of the 16 days for cargoes and either The new differential assessments will be published to europe_products@spglobal.com and
11 or 13 days for barges that represent the future alongside and complement the following Platts middle pricegroup@spglobal.com
delivery or loading dates reflected in Platts middle distillates assessments, which are informed by bids, For written comments, please provide a clear
distillates physical assessments. These strip values offers and trades reported in the Platts Market on indication if comments are not intended for publication
are calculated using Platts assessments of related Close Assessment process: by Platts for public viewing. Platts will consider all
derivatives for balance month, month one and Assessment Code MOPL Differential comments received and will make comments not
ULSD 10ppmS CIF NWE Cargo AAVBG00 AMOPL00
month two. Platts has also backfilled the new MOPL ULSD 10ppmS CIF Med Cargo AAWYZ00 AMOPN00
marked as confidential available upon request.
differential assessments to September 1, 2020, based ULSD 10ppmS FOB ARA Barge AAJUS00 AMOPM00
Gasoil 0.1%S CIF NWE Cargo AAYWS00 AMOPH00
on the published values of physical assessment and Gasoil .1%S (1000ppm) CIF Med Cargo AAVJJ00 AMOPI00
corresponding underlying strip values on the day. Gasoil .1%S (1000ppm) FOB ARA Barge AAYWT00 AMOPG00
Jet CIF NWE Cargo PJAAU00 AMOPJ00
For example, on March 1, 2024, the ULSD 10ppmS Jet Barges FOB FARAG PJABA00 AMOPK00
CIF NWE Cargo assessment will reflect delivery over

China tanker fixtures

Vessel name Volume (kt) Grade Origin Port Arrival Buyers
ABUNDANCE III 268 Mal Blend Malaysia Dongjiakou 2/22/2024 TBA

ACRUX 124 Sururu Brazil Yantai 3/18/2024 ChemChina
ACRUX 133 Sepia Brazil Yantai 3/18/2024 ChemChina
AFRAMAX RIO 60 Fuel Oil Malaysia Changxing Island 3/20/2024 Hengli Petrochemical
AMBER 6 95 ESPO Russia Dongying 3/1/2024 Hualian
AMOR 260 Crude Malaysia Rizhao 3/13/2024 TBA
APOLYTARES 132 Murban UAE Yantai 3/25/2024 ChemChina
ATLANTICOS 30 Fuel Oil Russia Dongying 3/9/2024 TBA
AULIS 100 ESPO Russia Dongjiakou 3/8/2024 Lijin
BOREAS 134 Mal Blend Malaysia Dongjiakou 3/5/2024 Xin Rui Ji
CAPTAIN KOSTICHEV 100 Sokol Russia Tianjin 3/15/2024 TBA
COSWISH LAKE 135 Mero Brazil Yantai 3/5/2024 ChemChina
COSWISH LAKE 135 Sepia Brazil Yantai 3/5/2024 ChemChina
CRIUS 90 ESPO Russia Dongying 3/1/2024 Hualian
CRIUS 100 ESPO Russia Dongjiakou 3/16/2024 Lijin
CY VICTORIOUS 70 Fuel Oil Malaysia Yantai 3/8/2024 Xintai
DHT HARRIER 133 Tupi Brazil Yantai 3/18/2024 ChemChina
DHT HARRIER 133 Sepia Brazil Yantai 3/18/2024 ChemChina
DIAMOND 95 Fuel Oil Russia Qingdao 3/4/2024 Shangneng
DIMITRA II 100 Mal Blend Malaysia Yantai 3/15/2024 Wantong
DOLPHIN 60 Mal Blend Malaysia Dongying 2/24/2024 Wantong
EMILY S 100 ESPO Russia Rizhao 3/2/2024 Fengli
EMILY S 98 ESPO Russia Dongying 3/24/2024 TBA
ENEOS ARROW 273 Arab Light Saudi Arabia Zhoushan 2/25/2024 Zhejiang Petroleum & Chemical
FRONT MAINE 135 Al Shaheen UAE Changxing Island 3/17/2024 Hengli Petrochemical
FRONT MAINE 135 Arab Heavy Saudi Arabia Changxing Island 3/17/2024 Hengli Petrochemical
GALAXY STAR 135 Mal Blend Malaysia Yantai 2/26/2024 Qicheng
GALAXY STAR 135 Mal Blend Malaysia Yantai 2/26/2024 Xintai
GLORY FOREVER 140 Fuel Oil Malaysia Yantai 3/10/2024 Xintai
HARBOUR SPLENDOR 131 Murban UAE Yantai 3/4/2024 ChemChina
HECATE 264 Nemina Malaysia Qingdao 2/22/2024 Gangyi
HEIDI A 100 ESPO Russia Qingdao 3/6/2024 Chenyang Jiuming
HEIDI A 98 ESPO Russia Dongying 3/25/2024 TBA
HIMALAYAN 96 ESPO Russia Dongying 3/12/2024 TBA
HUIHAI PACIFIC 100 ESPO Russia Rizhao 3/16/2024 TBA
HUIHAI PACIFIC 100 ESPO Russia Dongjiakou 3/4/2024 TBA
JAL GAMINI 140 Mal Blend Malaysia Rizhao 2/19/2024 Fengli
KOROLEV PROSPECT 100 ESPO Russia Rizhao 3/6/2024 TBA
KRYMSK 94 Sokol Russia Dongying 3/8/2024 Haike Ruilin
LADY SOFIA 100 Belayim Malaysia Yantai 2/20/2024 Jincheng
LANDBRIDGE HORIZON 279 Arab Light Saudi Arabia Zhoushan 2/25/2024 Zhejiang Petroleum & Chemical
LEGIO X EQUESTRIS 270 Qatar Marine Qatar Lianyungang 3/2/2024 Shenghong Petrochemical
LEONOR 270 Mal Blend Malaysia Qingdao 3/11/2024 TBA
LITEYNY PROSPECT 100 Sokol Russia Huanghua 3/5/2024 Hebei Xinhai
MARAN LIBRA 141 Basrah Heavy Iraq Zhoushan 3/15/2024 Zhejiang Petroleum & Chemical
MARAN LIBRA 130 Arab Extra Light Saudi Arabia Zhoushan 3/15/2024 Zhejiang Petroleum & Chemical
MATALA 100 Peregrino TBA Longkou 3/5/2024 TBA
MERMAR 90 ESPO Russia Dongying 3/4/2024 Hualian
MERMAR 90 ESPO Russia Dongying 3/20/2024 TBA

China tanker fixtures (continued)

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

MINERVA V 100 Bitumen Blend Malaysia Tianjin 3/2/2024 Hebei Xinhai
MIRA 95 ESPO Russia Dongying 3/2/2024 Tianhong
MISTRAL 1 98 ESPO Russia Dongying 3/6/2024 Wantong
MISTRAL 1 98 ESPO Russia Dongying 3/26/2024 TBA
NELLIS 90 Sokol Russia Dongjiakou 3/6/2024 Qicheng
NEW EMINENCE 280 Arab Heavy Saudi Arabia Changxing Island 3/6/2024 Hengli Petrochemical
NEW PARADISE 135 Upper Zakum UAE Lianyungang 3/17/2024 Shenghong Petrochemical
NEW PARADISE 135 Qatar Marine Qatar Lianyungang 3/17/2024 Shenghong Petrochemical
NEW VISION 135 Arab Light Saudi Arabia Zhoushan 3/6/2024 Zhejiang Petroleum & Chemical
NEW VISION 145 Al Shaheen UAE Zhoushan 3/6/2024 Zhejiang Petroleum & Chemical
NEW WEALTH 280 Upper Zakum UAE Changxing Island 3/1/2024 Hengli Petrochemical
NICHOLE 100 ESPO Russia Rizhao 3/9/2024 TBA
NICHOLE 100 ESPO Russia Tianjin 3/23/2024 TBA
NIKOLAY ZUYEV 100 ESPO Russia Dongjiakou 3/16/2024 Lijin
NS AFRICA 100 Fuel Oil Russia Dongjiakou 3/21/2024 PetroChina
NS ANTARCTIC 95 Sokol Russia Qingdao 3/16/2024 TBA
NS CENTURY 95 Sokol Russia Qingdao 3/14/2024 Huajin Xiangrun
NS CLIPPER 100 ESPO Russia Longkou 3/2/2024 Kenli
NS LION 100 Sokol Russia Huizhou 3/13/2024 TBA
NS POWER 30 Fuel Oil Russia Dongying 3/14/2024 TBA
OCEAN HERMANA 150 Crude Malaysia Rizhao 3/7/2024 Dongming
OCEAN LOYALTY 285 Arab Light Saudi Arabia Zhoushan 3/9/2024 Zhejiang Petroleum & Chemical
PACIFIC LOYALTY 95 Al Shaheen UAE Zhoushan 2/25/2024 Zhejiang Petroleum & Chemical
PACIFIC LOYALTY 68 Arab Light Saudi Arabia Zhoushan 2/25/2024 Zhejiang Petroleum & Chemical
PACIFIC LOYALTY 117 Arab Extra Light Saudi Arabia Zhoushan 2/25/2024 Zhejiang Petroleum & Chemical
PAVEL CHERNYSH 100 Sokol Russia Longkou 2/29/2024 Xintai
PAVEL CHERNYSH 100 Sokol Russia Huizhou 3/24/2024 TBA
SAKHALIN ISLAND 100 Sokol Russia Tianjin 3/19/2024 Xinyue
SAVA 270 Mal Blend Malaysia Dongjiakou 3/2/2024 Xin Rui Ji
SEA SPLENDOR 135 Arab Extra Light Saudi Arabia Zhoushan 3/20/2024 Zhejiang Petroleum & Chemical
SEA SPLENDOR 140 Arab Light Saudi Arabia Zhoushan 3/15/2024 Zhejiang Petroleum & Chemical
SEAWAYS TYBEE 135 Atapu Brazil Zhoushan 3/17/2024 Zhejiang Petroleum & Chemical
SEAWAYS TYBEE 145 Tupi Brazil Zhoushan 3/17/2024 Zhejiang Petroleum & Chemical
SI HE 100 ESPO Russia Lianyungang 3/1/2024 Shenghong Petrochemical
SI HE 98 ESPO Russia Dongying 3/17/2024 TBA
SOMERSET 280 Fuel Oil Malaysia Yantai 3/16/2024 Xintai
SPIRIT OF CASPER 143 Fuel Oil Malaysia Yantai 3/7/2024 Xintai
STATICE 265 Mal Blend Malaysia Dongjiakou 3/6/2024 Xin Rui Ji
SURREY QUAYS 100 ESPO Russia Dongjiakou 3/1/2024 Qirun
TAMIA 270 Basrah Medium Iraq Lianyungang 2/28/2024 Shenghong Petrochemical
THALIA III 100 ESPO Russia Longkou 3/3/2024 TBA
THALIA III 96 ESPO Russia Dongying 2/21/2024 Haike Ruilin
THEMIS 86 ESPO Russia Dongying 3/2/2024 Yatong
THEMIS 96 ESPO Russia Dongying 3/21/2024 TBA
TURACO 90 Fuel Oil Russia Qingdao 3/10/2024 Shangneng
VESNA 98 ESPO Russia Dongying 3/12/2024 TBA
VICTOR KONETSKY 90 Sokol Russia Dongying 3/7/2024 Yatong
VICTOR KONETSKY 7 Sokol Russia Longkou 3/2/2024 Yatong
VICTOR KONETSKY 100 Sokol Russia Dalian 3/25/2024 TBA

China tanker fixtures (continued)

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

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

International Dirty Tanker Fixtures (PGT page 2950)

Ship name Size Type Date Route Rate Charterer
East of Suez
Princess Alexia 274 CR Apr6 R Tanura-Onsan w59 S-Oil

Universal Honor 260 CR Apr8 R Tanura-WCI w74.4 MRPL
Minerva Vera 130 CR Apr12 Zirku-Paradip w118 IOC
SC Gold Ocean 30 FO Mar29 Vizag-Opts o/p Vitol
Tao Lin Wan 80 CR Mar24 STS Tanjung Bruas-Thailand rnr SPRC
Ice Fighter 58 CR Apr3 Bintulu-Thailand rnr PTT
Baltic/UKC
Dubai Beauty 80 CR dnr N Sea-N Sea rnr cnr

Thornbury 80 CR Mar27 WC Norway-UKC w137.5 Equinor
Med
Seaviolet 130 CR Apr2 Sidi Kerir-Greece rnr Hellenic
Eurointegrity 80 CR Apr5 Sidi Kerir-Butinge $1.65m Orlen
EPS Suez 80 CR Mar29 Mellitah-UKC rnr Eni
Vallesina 80 CR Apr1 Sidi Kerir-Milazzo, Demurrage w159, $37.5k/d Eni
Nissos Delos 80 CR Apr8 Ceyhan-Med w170 Heritage
Cardiff Tbn 80 CR Apr8 Ceyhan-Med w170 Heritage
Ottoman Equity 80 CR Apr7 CPC-Med w187.5 Eni
West Africa
New Voyage 260 CR Apr16 WAF-China rnr cnr

Pacific 130 CR Apr10 Djeno-Med w97.5 Eni
Copper Spirit 130 CR Apr5 Nigeria-UKC w110 Exxon
Americas
Seaways Cape Henry 270 CR Apr26 USGC-China $8.75m PetroChina

VL Renaissance 270 CR Apr13 USGC-Thailand, Ningbo rnr, $8.8m PTT
Shenlong Spirit 145 CR Apr1 USGC-TA, Demurrage w75, $60k/d Trafigura
Ross Sea 70 CR Mar30 USGC-TA, Demurrage w150, $52.5k/d Chevron
CR:Crude, FO: Fuel Oil, ppt: Prompt, cnr: charterer not reported, rnr: rate not reported, dnr: date not reported, coa: contract of affreightment, o/p: own program, o/o: owner’s option

International clean tanker fixtures (PGT page 2904)

Ship name Size Type Date Route Rate Charterer
East of Suez
Milton Santos 90 ULSD Apr8 Sikka-Brazil o/p Petrobras

Leader 60 ULSD Apr3 Kuwait-Pakistan $1.2m KPC
Sanmar Sneha 35 UNL Mar31 PG-Colombo $1.3m ATC
Silver Zoe 35 BO Mar24 Sitra-WCI o/p Shell
Estella 35 UNL Mar21 Fujairah-Pakistan rnr Vitol
Torm Australia 35 CL Apr4 Sikka-Hazira, JNPT rnr, rnr RIL
Pacific Sarah 60 ULSD Apr4 Ulsan-Spore $1.5m Union
Tbn 35 JET Apr2 Spore-UKC rnr Neste
Grand Winner 1 35 CL Apr12 Spore-USWC, UKC, Opts rnr, rnr, rnr Neste
Sea La Donna o/o 35 UNL Mar29 Spore-Pengerang $500k Petco
Pacific Tamerlane 35 ULSD Mar28 Spore-Geelong w305 BP
Kyra Pyxis 35 UNL Mar28 Spore-Vietnam, Opts rnr, rnr Vietsea
ST Tbn 35 ULSD Apr1 SKorea-Australia, Opts o/p ST
Ganesh 35 UNL Mar26 Spore-Bataan rnr Petron
Tbn 35 ULSD Apr2 Japan-Australia, NZealand rnr, rnr AMPOL
Tbn 35 CL Apr8 Spore-Vietnam rnr Petrolimex
Maritime Inspiration 35 UNL Mar28 Spore-Pakistan rnr Shell
Tbn 35 ULSD Mar29 Spore-Bataan rnr Petron
Tbn 35 UNL Mar29 Spore-Pengerang rnr Petco
STI Soho 35 CL Apr2 Dalian-Spore, Opts $890k, rnr Vitol
Baltic /UKC
Marlin La Plata 90 UNL ppt ARA-WAF w172.5 BP

Navig8 Universe 37 ULSD Mar29 Brofjorden-UKC, TA w205, w195 BP
STI San Antonio 37 UNL Mar31 ARA-Tema w210 BP
Stena Pro Patria 37 UNL Mar29 ARA-TA w185 Total
Seamarlin 30 ULSD Mar29 UKC-UKC, Scanden, Baltic w260, w265, w270 Total
Med
Cl Fugou 37 CL Mar31 Milazzo-Med, UKC, TA, WAF w255, w235, w235, w265 Eni
Pacific Quartz 37 CL Mar28 Sines-Med, UKC, TA w262.5, w245, w237.5 Sacor
Seaways Jeju 37 CL Mar25 Lavera-WAF w255 Nyala
Americas
Sapsan 38 NA Mar29 USGC-TA w205 P66

Nord Vantage 38 CL Apr1 USGC-Caribs, Demurrage $1.0m, $45k/d Trafigura
Alpine Liberty 38 CL Mar29 USGC-TA w210 Exxon
CL:Clean, NA:Naphtha, UN:Unleaded, JT: Jet, GO:Gasoil, ppt: Prompt, cnr: charterer not reported, rnr: rate not reported, dnr: date not reported, coa: contract of affreightment, o/p: own program, o/o: owner’s option

APAC Deals Summary Straits MOPS 92 $0.90/bbl Platts Mogas 92: APR24: VITOLSG bids 25kb $100.20/bbl
Platts Mogas 92: APR20-APR24: **VITOLSG offers 50kb FOB Platts Mogas 92: APR24: EQUINOR bids 25kb $100.19/bbl
Straits MOPS 92 $0.80/bbl Platts Mogas 92: APR24: DARE bids 25kb $100.15/bbl
Gasoline FOB Spore Cargo
Platts Mogas 92: APR20-APR24: **VITOLSG offers 50kb FOB Platts Mogas 92: APR24: AKARITRADING bids 25kb
Trades (PGA page 2315) Straits $101.00/bbl $100.10/bbl
Platts Mogas 92: APR20-APR24: *VITOLSG* sold to PTT Withdrawals Platts Mogas 92: APR24: ONYX bids 25kb $100.10/bbl
50kb FOB Straits $101.00/bbl 8:29:40 No offers reported Platts Mogas 92: APR24: ONYX bids 25kb $100.10/bbl
APR12-APR16: PTT sold to BPSG* 100kb FOB Straits $101.60/ ** Denotes OCO order.
Platts Mogas 92: APR24: ONYX bids 25kb $99.90/bbl
bbl 8:29:39
Withdrawals
* Denotes market maker. All times GMT Gasoline FOB Spore Paper
Platts Mogas 92: APR24: THEMEINT no longer bids 25kb
Bids (PGA page 2313)
Trades (PGA page 4011) $100.32/bbl
Platts Mogas 92: APR9-APR13: **UNIPECSG bids 50kb FOB Platts Mogas 92: APR24: ONYX no longer bids 25kb
Platts Mogas 92: APR24: TRAFI sold to ONYX* 25kb $100.32/
Straits MOPS 92 $0.00/bbl $100.30/bbl
bbl 8:29:01
Platts Mogas 92: APR14-APR18: **UNIPECSG bids 50kb FOB Platts Mogas 92: APR24: THEMEINT Withdraws bid 25kb
Platts Mogas 92: APR24: FREEPTASIA sold to THEMEINT*
25kb $100.32/bbl 8:29:05
Platts Mogas 92: APR19-APR23: **UNIPECSG bids 50kb FOB Platts Mogas 92: APR24: DARE Withdraws bid 25kb
Platts Mogas 92: APR24: TRAFI sold to EQUINOR* 25kb
$100.32/bbl 8:29:20
APR15-APR19: BPSG bids 100kb FOB Straits $101.40/bbl Platts Mogas 92: APR24: THEMEINT Withdraws bid 25kb
Platts Mogas 92: APR24: TRAFI sold to ONYX* 25kb
APR18-APR22: PETROCHINA bids 100kb FOB Straits MOPS $100.30/bbl 8:29:40 $99.90/bbl
92 $0.30/bbl ** Denotes OCO order.
Platts Mogas 92: APR24: GUNVORSA sold to ONYX* 25kb
Platts Mogas 95: APR9-APR13: **UNIPECSG bids 50kb FOB $100.30/bbl 8:29:49 Offers (PGA page 4010)
Straits MOPS 95 $0.00/bbl
Platts Mogas 92: APR24: FREEPTASIA* sold to BNP 25kb Platts Mogas 92: APR24: VITOLSG offers 25kb $100.30/bbl
Platts Mogas 95: APR14-APR18: **UNIPECSG bids 50kb FOB $100.35/bbl 8:29:51
Platts Mogas 92: APR24: FREEPTASIA offers 25kb
Platts Mogas 92: APR24: VITOLSG* sold to DARE 25kb $100.35/bbl
Platts Mogas 95: APR19-APR23: **UNIPECSG bids 50kb FOB $100.30/bbl 8:30:03
Platts Mogas 92: APR24: AKARITRADING offers 25kb
Platts Mogas 92: APR24: AKARITRADING sold to ONYX* 25kb $100.37/bbl
Withdrawals $100.30/bbl 8:30:34
Platts Mogas 92: APR24: THEMEINT offers 25kb $100.38/bbl
APR12-APR16: BPSG no longer bids 100kb FOB Straits Platts Mogas 92: APR24: THEMEINT* sold to ONYX 25kb
Platts Mogas 92: APR24: TRAFI offers 25kb $100.38/bbl
$101.60/bbl $100.38/bbl 8:30:59
** Denotes OCO order. Platts Mogas 92: APR24: MFLCDTY offers 25kb $100.45/bbl
* Denotes market maker. All times GMT
Offers (PGA page 2314) Platts Mogas 92: APR24: VITOLSG offers 25kb $100.45/bbl
Platts Mogas 92: APR24: UNIPECSG offers 25kb $100.50/bbl
Platts Mogas 92: APR10-APR14: **PTT offers 50kb FOB Platts Mogas 92: APR24: DARE bids 25kb $100.26/bbl
Straits MOPS 92 $0.80/bbl Platts Mogas 92: APR24: DARE offers 25kb $100.65/bbl
Platts Mogas 92: APR14-APR18: **PTT offers 50kb FOB Platts Mogas 92: APR24: DARE offers 25kb $100.75/bbl
Straits MOPS 92 $0.90/bbl Platts Mogas 92: APR24: EQUINOR offers 25kb $100.78/bbl
Platts Mogas 92: APR24: THEMEINT bids 25kb $100.25/bbl
Platts Mogas 92: APR16-APR20: **VITOLSG offers 50kb FOB Platts Mogas 92: APR24: THEMEINT offers 25kb $100.80/bbl
Straits MOPS 92 $0.80/bbl Platts Mogas 92: APR24: VITOLSG bids 25kb $100.22/bbl
Platts Mogas 92: APR24: ONYX offers 25kb $100.95/bbl
Platts Mogas 92: APR16-APR20: **VITOLSG offers 50kb FOB Platts Mogas 92: APR24: FREEPTASIA bids 25kb
Straits $101.10/bbl $100.20/bbl
Platts Mogas 92: APR18-APR22: **PTT offers 50kb FOB Platts Mogas 92: APR24: MFLCDTY bids 25kb $100.20/bbl

Withdrawals $1.40/bbl Withdrawals

Platts Mogas 92: APR24: PTT Withdraws offer 25kb Platts Mogas 92 spread: APR24/MAY24: VITOLSG bids 25kb No bids reported
$100.80/bbl $1.40/bbl ** Denotes OCO order.
Platts Mogas 92: APR24: THEMEINT Withdraws offer 25kb Platts Mogas 92 spread: APR24/MAY24: THEMEINT bids Offers (PGA page 4010)
$100.95/bbl 25kb $1.36/bbl
Platts Mogas 92 spread: BAL MONTH/APR24: PTT offers
** Denotes OCO order. Platts Mogas 92 spread: APR24/MAY24: ARAMCOSG bids 175kb $0.75/bbl
25kb $1.35/bbl
Platts Mogas 92 spread: BAL MONTH/APR24: FREEPTASIA
Gasoline FOB Spore Paper Spreads Platts Mogas 92 spread: APR24/MAY24: DARE bids 25kb offers 25kb $0.90/bbl
$1.35/bbl
Trades (PGA page 4011) Platts Mogas 92 spread: BAL MONTH/APR24: EQUINOR
Platts Mogas 92 spread: APR24/MAY24: ONYX bids 25kb offers 25kb $1.38/bbl
No trades reported $1.35/bbl
* Denotes market maker. All times GMT Platts Mogas 92 spread: APR24/MAY24: VITOLSG offers
Platts Mogas 92 spread: APR24/MAY24: P66SG bids 25kb 25kb $1.51/bbl
Bids (PGA page 4009) $1.35/bbl
Platts Mogas 92 spread: APR24/MAY24: DARE offers 25kb
Platts Mogas 92 spread: BAL MONTH/APR24: EQUINOR bids Platts Mogas 92 spread: APR24/MAY24: SIETCO bids 25kb $1.54/bbl
25kb $0.47/bbl $1.35/bbl
Platts Mogas 92 spread: APR24/MAY24: FREEPTASIA offers
Platts Mogas 92 spread: BAL MONTH/APR24: THEMEINT Platts Mogas 92 spread: MAY24/JUN24: 25kb $1.55/bbl
bids 75kb $0.20/bbl MERCURIARESOURCES bids 25kb $1.78/bbl
Platts Mogas 92 spread: APR24/MAY24: GUNVORSG offers
Platts Mogas 92 spread: BAL MONTH/APR24: FREEPTASIA Platts Mogas 92 spread: MAY24/JUN24: ONYX bids 25kb 25kb $1.55/bbl
bids 25kb $0.00/bbl $1.77/bbl
Platts Mogas 92 spread: APR24/MAY24: PTT offers 25kb
Platts Mogas 92 spread: APR24/MAY24: FREEPTASIA bids Platts Mogas 92 spread: MAY24/JUN24: THEMEINT bids $1.55/bbl
25kb $1.46/bbl 25kb $1.75/bbl
Platts Mogas 92 spread: APR24/MAY24: SIETCO offers 25kb
Platts Mogas 92 spread: APR24/MAY24: UITSG bids 25kb Platts Mogas 92 spread: MAY24/JUN24: ARAMCOSG bids $1.55/bbl
$1.46/bbl 25kb $1.70/bbl
Platts Mogas 92 spread: APR24/MAY24: ARAMCOSG offers
Platts Mogas 92 spread: APR24/MAY24: Platts Mogas 92 spread: MAY24/JUN24: DARE bids 25kb 25kb $1.56/bbl
MERCURIARESOURCES bids 25kb $1.45/bbl $1.70/bbl
Platts Mogas 92 spread: APR24/MAY24: EQUINOR offers
Platts Mogas 92 spread: APR24/MAY24: ONYX bids 75kb Platts Mogas 92 spread: MAY24/JUN24: FREEPTASIA bids 25kb $1.57/bbl
$1.45/bbl 25kb $1.70/bbl
Platts Mogas 92 spread: APR24/MAY24: ARAMCOSG offers
Platts Mogas 92 spread: APR24/MAY24: ONYX bids 75kb Platts Mogas 92 spread: MAY24/JUN24: PETCO bids 25kb 25kb $1.60/bbl
$1.43/bbl $1.70/bbl
Platts Mogas 92 spread: APR24/MAY24: VITOLSG bids 25kb Platts Mogas 92 spread: MAY24/JUN24: VITOLSG bids 25kb $1.60/bbl
$1.43/bbl $1.70/bbl
Platts Mogas 92 spread: APR24/MAY24:
Platts Mogas 92 spread: APR24/MAY24: ONYX bids 75kb Platts Mogas 92 spread: MAY24/JUN24: ONYX bids 25kb MERCURIARESOURCES offers 25kb $1.60/bbl
$1.42/bbl $1.69/bbl
Platts Mogas 92 spread: APR24/MAY24: P66SG offers 25kb
Platts Mogas 92 spread: APR24/MAY24: DARE bids 25kb Platts Mogas 92 spread: MAY24/JUN24: EQUINOR bids 25kb $1.60/bbl
$1.40/bbl $1.68/bbl
Platts Mogas 92 spread: APR24/MAY24: TRAFI offers 25kb
Platts Mogas 92 spread: APR24/MAY24: EQUINOR bids 25kb Platts Mogas 92 spread: MAY24/JUN24: DARE bids 25kb $1.60/bbl
$1.40/bbl $1.65/bbl
Platts Mogas 92 spread: APR24/MAY24: VITOLSG offers
Platts Mogas 92 spread: APR24/MAY24: PETCO bids 25kb Platts Mogas 92 spread: MAY24/JUN24: P66SG bids 25kb 25kb $1.60/bbl
$1.40/bbl $1.60/bbl
Platts Mogas 92 spread: APR24/MAY24: TRAFI bids 25kb $1.65/bbl

Platts Mogas 92 spread: APR24/MAY24: ONYX offers 25kb H2MAY24: **TOTALSG bids 25kt $721.00/mt ** Denotes OCO order.
$1.69/bbl H2MAY24: **VITOLSG bids 25kt $719.00/mt
Platts Mogas 92 spread: MAY24/JUN24: VITOLSG offers H2MAY24: AGTASIA bids 25kt $719.00/mt Jet Kero FOB Spore Paper
25kb $1.80/bbl
H2MAY24: BPSG bids 25kt $719.00/mt Trades (PGA page 4023)
Platts Mogas 92 spread: MAY24/JUN24: GUNVORSG offers
H2MAY24: BBEN bids 25kt $714.00/mt No trades reported
25kb $1.81/bbl
H1JUN24: **TOTALSG bids 25kt $713.00/mt * Denotes market maker. All times GMT
Platts Mogas 92 spread: MAY24/JUN24: ARAMCOSG offers
25kb $1.83/bbl H1JUN24: **VITOLSG bids 25kt $713.00/mt Bids (PGA page 4021)
Platts Mogas 92 spread: MAY24/JUN24: PTT offers 25kb H1JUN24: BPSG bids 25kt $713.00/mt
APR24: DARE bids 50kb $101.70/bbl
$1.85/bbl H1JUN24: BBEN bids 25kt $712.00/mt
APR24: DVTRADING bids 50kb $101.65/bbl
Platts Mogas 92 spread: MAY24/JUN24: EQUINOR offers Withdrawals
Withdrawals
25kb $1.87/bbl
H2MAY24: **VITOLSG Withdraws bid 25kt $712.00/mt
No bids reported
Platts Mogas 92 spread: MAY24/JUN24: FREEPTASIA offers
H1JUN24: **VITOLSG Withdraws bid 25kt $704.00/mt ** Denotes OCO order.
25kb $1.88/bbl
** Denotes OCO order.
Platts Mogas 92 spread: MAY24/JUN24: ONYX offers 25kb Offers (PGA page 4022)
Offers (PGA page 2324)
$1.88/bbl APR24: BPSG offers 50kb $102.00/bbl
Platts Mogas 92 spread: MAY24/JUN24: DARE offers 25kb H2MAY24: **SIETCO offers 25kt $726.00/mt
APR24: DARE offers 50kb $102.00/bbl
$1.90/bbl H2MAY24: **AGTASIA offers 25kt $733.00/mt
APR24: DVTRADING offers 50kb $103.55/bbl
Platts Mogas 92 spread: MAY24/JUN24: H1JUN24: EQUINOR offers 25kt $716.00/mt
Withdrawals
MERCURIARESOURCES offers 25kb $1.90/bbl
H1JUN24: **SIETCO offers 25kt $719.00/mt
No offers reported
Platts Mogas 92 spread: MAY24/JUN24: P66SG offers 25kb
H1JUN24: **AGTASIA offers 25kt $724.00/mt ** Denotes OCO order.
$1.90/bbl
Withdrawals
Platts Mogas 92 spread: MAY24/JUN24: VITOLSG offers
25kb $1.90/bbl No offers reported Jet Kero FOB Spore Paper Spreads
Platts Mogas 92 spread: MAY24/JUN24: DARE offers 25kb Trades (PGA page 4023)
$2.00/bbl
Naphtha C+F Japan Cargo Spreads APR24/MAY24: BPSG sold to DARE* 50kb $-0.05/
Withdrawals
bbl 8:29:39
Platts Mogas 92 spread: BAL MONTH/APR24: PTT Withdraws Trades (PGA page 2325) * Denotes market maker. All times GMT
offer 25kb $0.80/bbl
H1MAY24/H2MAY24: SIETCO sold to VITOLSG* 25kt $5.00/ Bids (PGA page 4021)
Platts Mogas 92 spread: APR24/MAY24: PTT Withdraws offer mt 8:29:48
25kb $1.55/bbl BAL MONTH/APR24: BPSG bids 50kb $-0.4/bbl
Platts Mogas 92 spread: MAY24/JUN24: PTT Withdraws offer BAL MONTH/APR24: DARE bids 50kb $-0.4/bbl
25kb $1.85/bbl APR24/MAY24: ARAMCOSG bids 50kb $-0.3/bbl
** Denotes OCO order. H1MAY24/H1JUN24: VITOLSG bids 25kt $10.50/mt
APR24/MAY24: BPSG bids 50kb $-0.3/bbl
Withdrawals
APR24/MAY24: CONDACAP bids 50kb $-0.3/bbl
Naphtha C+F Cargo H1MAY24/H2MAY24: VITOLSG no longer bids 25kt $5.00/mt
APR24/MAY24: ERACOMM bids 50kb $-0.3/bbl
Trades (PGA page 2325) APR24/MAY24: RONGPETRO bids 50kb $-0.3/bbl
No trades reported APR24/MAY24: UITSG bids 50kb $-0.3/bbl
No offers reported APR24: GUNVORSG bids 50kb $-1.85/bbl
Bids (PGA page 2323) Withdrawals APR24: DARE bids 50kb $-1.95/bbl
No offers reported APR24: ERACOMM bids 50kb $-2/bbl

APR24: MERCURIARESOURCES bids 50kb $-2.05/bbl Withdrawals APR24: ERACOMM offers 50kb $104.10/bbl
APR24: AGT bids 50kb $-2.08/bbl No offers reported APR24: DVTRADING offers 50kb $104.20/bbl
APR24: UITSG bids 50kb $-2.1/bbl ** Denotes OCO order. Withdrawals
APR24: BPSG bids 50kb $-2.2/bbl APR24: NATBANKABUDHABI no longer offers 50kb
APR24: ANTIMO bids 50kb $-2.3/bbl
Gasoil FOB Spore Paper $103.70/bbl
APR24: ARAMCOSG bids 50kb $-2.3/bbl Trades (PGA page 4019) BAL MONTH: DARE Withdraws offer 50kb $105.00/bbl
APR24: DVTRADING bids 50kb $-2.3/bbl BAL MONTH: DVTRADING Withdraws offer 50kb $105.00/bbl
APR24: NATBANKABUDHABI sold to ERACOMM* 50kb
APR24: SKEISG bids 50kb $-2.3/bbl $103.70/bbl 8:29:43
APR24: CONDACAP bids 50kb $-2.4/bbl APR24: NATBANKABUDHABI sold to DARE* 50kb $103.70/
bbl 8:29:44 Gasoil FOB Spore Paper Spreads
Withdrawals
APR24: NATBANKABUDHABI sold to AGT* 50kb $103.65/ Trades (PGA page 4019)
APR24/MAY24: DARE no longer bids 50kb $-0.05/bbl
bbl 8:29:57
APR24: GUNVORSG Withdraws bid 50kb $-1.85/bbl No trades reported
APR24: NATBANKABUDHABI* sold to HOTEI 50kb $103.70/
APR24: GUNVORSG Withdraws bid 50kb $-1.9/bbl * Denotes market maker. All times GMT
bbl 8:29:58
APR24: GUNVORSG Withdraws bid 50kb $-1.95/bbl * Denotes market maker. All times GMT
APR24: GUNVORSG Withdraws bid 50kb $-2/bbl Bids (PGA page 4017) BAL MONTH/APR24: DARE bids 50kb $-0.45/bbl
APR24: ERACOMM Withdraws bid 50kb $-2.3/bbl BAL MONTH/APR24: NATBANKABUDHABI bids 50kb
APR24: BPSG bids 50kb $103.60/bbl
** Denotes OCO order. $-0.45/bbl
Offers (PGA page 4022) BAL MONTH/APR24: AGT bids 50kb $-0.5/bbl
BAL MONTH/APR24: DARE offers 50kb $0.45/bbl BAL MONTH/APR24: RONGPETRO bids 50kb $-0.5/bbl
APR24/MAY24: BPSG offers 50kb $-0.05/bbl BAL MONTH/APR24: DVTRADING bids 50kb $-0.55/bbl
APR24/MAY24: ANTIMO offers 50kb $0.05/bbl APR24/MAY24: DVTRADING bids 50kb $0.08/bbl
APR24: NATBANKABUDHABI bids 50kb $103.00/bbl
APR24/MAY24: ERACOMM offers 50kb $0.10/bbl APR24/MAY24: NATBANKABUDHABI bids 50kb $0.08/bbl
Withdrawals
APR24/MAY24: ARAMCOSG offers 50kb $0.20/bbl APR24/MAY24: AGT bids 50kb $0.07/bbl
APR24: ERACOMM no longer bids 50kb $103.70/bbl
APR24/MAY24: DARE offers 50kb $0.25/bbl APR24/MAY24: DARE bids 50kb $0.05/bbl
APR24: AGT no longer bids 50kb $103.65/bbl
APR24/MAY24: UITSG offers 50kb $0.30/bbl APR24/MAY24: MERCURIARESOURCES bids 50kb $0.05/bbl
APR24: DVTRADING Withdraws bid 50kb $103.65/bbl
APR24/MAY24: CONDACAP offers 50kb $0.40/bbl APR24/MAY24: CONDACAP bids 50kb $0.04/bbl
APR24: ERACOMM Withdraws bid 50kb $103.30/bbl
APR24: ARAMCOSG offers 50kb $-1.8/bbl APR24/MAY24: ERACOMM bids 50kb $0.00/bbl
BAL MONTH: DARE Withdraws bid 50kb $103.25/bbl
APR24: ANTIMO offers 50kb $-1.76/bbl APR24/MAY24: UITSG bids 50kb $-0.05/bbl
BAL MONTH: DVTRADING Withdraws bid 50kb $103.00/bbl
APR24: DARE offers 50kb $-1.75/bbl MAY24/JUN24: AGT bids 50kb $0.37/bbl
APR24: UITSG offers 50kb $-1.75/bbl MAY24/JUN24: DARE bids 50kb $0.33/bbl
APR24: BPSG offers 50kb $-1.7/bbl MAY24/JUN24: ERACOMM bids 50kb $0.30/bbl
APR24: CONDACAP offers 50kb $-1.7/bbl Withdrawals
APR24: MERCURIARESOURCES offers 50kb $-1.7/bbl APR24/MAY24: DARE Withdraws bid 50kb $-0.05/bbl
APR24: DVTRADING offers 50kb $103.90/bbl ** Denotes OCO order.
APR24: SKEISG offers 50kb $-1.65/bbl
APR24: BPSG offers 50kb $104.00/bbl Offers (PGA page 4018)
APR24: DVTRADING offers 50kb $104.00/bbl

BAL MONTH/APR24: DARE offers 50kb $-0.1/bbl Withdrawals APR24/MAY24: ONYX sold to P66SG* 5kt $-1.25/mt 8:29:50
BAL MONTH/APR24: DVTRADING offers 50kb $-0.1/bbl BAL MONTH/APR24: GOODECAPLTD Withdraws bid 5kt APR24/MAY24: ONYX* sold to P66SG 15kt $-1.25/mt 8:30:37
BAL MONTH/APR24: NATBANKABUDHABI offers 50kb $-5.75/mt APR24: GOODECAPLTD sold to ONYX* 5kt $18.00/mt 8:29:54
$-0.1/bbl APR24/MAY24: ONYX Withdraws bid 5kt $0.50/mt APR24: GOODECAPLTD sold to ONYX* 5kt $18.00/mt 8:29:54
APR24/MAY24: DARE offers 50kb $0.09/bbl ** Denotes OCO order.
MAY24: GOODECAPLTD sold to ONYX* 5kt $16.75/mt 8:29:57
APR24/MAY24: ERACOMM offers 50kb $0.15/bbl Offers (PGA page 4026) * Denotes market maker. All times GMT
APR24/MAY24: UITSG offers 50kb $0.15/bbl APR24: VITOLSG offers 5kt $495.00/mt Bids (PGA page 4025)
APR24/MAY24: AGT offers 100kb $0.18/bbl APR24: DARE offers 5kt $497.50/mt APR24: P66SG bids 5kt $17.75/mt
APR24/MAY24: DVTRADING offers 50kb $0.18/bbl APR24: DARE offers 5kt $498.25/mt APR24: VITOLSG bids 5kt $17.50/mt
APR24/MAY24: ANTIMO offers 50kb $0.20/bbl BAL MONTH/APR24: VITOLSG offers 5kt $-2.75/mt APR24: DARE bids 5kt $17.25/mt
APR24/MAY24: DVTRADING offers 50kb $0.20/bbl BAL MONTH/APR24: DARE offers 5kt $-2.25/mt APR24: GOODECAPLTD bids 5kt $17.00/mt
APR24/MAY24: NATBANKABUDHABI offers 50kb $0.20/bbl APR24/MAY24: ONYX offers 5kt $0.50/mt MAY24: DARE bids 5kt $15.75/mt
APR24/MAY24: CONDACAP offers 50kb $0.25/bbl APR24/MAY24: ONYX offers 15kt $0.75/mt MAY24: GOODECAPLTD bids 5kt $15.75/mt
APR24/MAY24: MERCURIARESOURCES offers 50kb APR24/MAY24: DARE offers 5kt $1.25/mt JUN24: ONYX bids 5kt $16.25/mt
$0.25/bbl APR24/MAY24: GOODECAPLTD offers 5kt $1.25/mt JUN24: DARE bids 5kt $15.50/mt
MAY24/JUN24: ENEOSSG offers 50kb $0.54/bbl APR24/MAY24: VITOLSG offers 5kt $1.25/mt APR24: DARE bids 25kt $475.00/mt
MAY24/JUN24: ERACOMM offers 50kb $0.54/bbl Withdrawals
APR24: GOODECAPLTD bids 5kt $475.00/mt
MAY24/JUN24: DARE offers 50kb $0.55/bbl BAL MONTH/APR24: GOODECAPLTD Withdraws offer 5kt APR24: DARE bids 5kt $474.50/mt
MAY24/JUN24: CONDACAP offers 50kb $0.60/bbl $-2.5/mt
APR24: THEMEINT bids 5kt $474.25/mt
MAY24/JUN24: ENEOSSG offers 50kb $0.65/bbl ** Denotes OCO order.
APR24: DARE bids 5kt $474.00/mt
MAY24/JUN24: ERACOMM offers 50kb $0.70/bbl
FO 380 CST 3.5% FOB Spore Paper APR24: ERACOMM bids 5kt $474.00/mt
Withdrawals
APR24: GLENCORE bids 5kt $474.00/mt
No offers reported Trades (PGA page 4027)
APR24: AKARITRADING bids 5kt $473.50/mt
APR24: AKARITRADING* sold to DARE 5kt $475.50/
APR24: DARE bids 5kt $473.50/mt
mt 8:16:09
FO 180 CST 3.5% FOB Spore Paper APR24: DVTRADING bids 5kt $473.50/mt
APR24: AKARITRADING sold to ONYX* 15kt $475.25/
mt 8:29:55 APR24: GUNVORSG bids 5kt $473.25/mt
Trades (PGA page 4027)
BAL MONTH/APR24: DARE* sold to ONYX 5kt $-2.75/ APR24: DVTRADING bids 5kt $473.00/mt
No trades reported
mt 8:27:46 APR24: VITOLSG bids 5kt $473.00/mt
BAL MONTH/APR24: P66SG* sold to TRAFI 5kt $-2.75/ APR24: UENERGY bids 5kt $471.75/mt
Bids (PGA page 4025) mt 8:28:57 APR24: AKARITRADING bids 5kt $471.50/mt
APR24: DARE bids 5kt $491.25/mt BAL MONTH/APR24: VITOLSG* sold to TRAFI 5kt $-2.50/ APR24: AKARITRADING bids 5kt $471.00/mt
APR24: DARE bids 5kt $490.25/mt mt 8:29:07
BAL MONTH/APR24: ONYX bids 5kt $-2.25/mt
BAL MONTH/APR24: ONYX bids 5kt $-5/mt BAL MONTH/APR24: P66SG* sold to ONYX 5kt $-2.25/
BAL MONTH/APR24: TRAFI bids 5kt $-2.5/mt
mt 8:29:39
BAL MONTH/APR24: DARE bids 5kt $-6.25/mt BAL MONTH/APR24: P66SG bids 5kt $-3.25/mt
APR24/MAY24: PETROCHINA sold to ONYX* 5kt $-1.25/
BAL MONTH/APR24: VITOLSG bids 5kt $-6.25/mt BAL MONTH/APR24: TRAFI bids 5kt $-3.25/mt
mt 8:29:14
APR24/MAY24: GOODECAPLTD bids 5kt $0.25/mt BAL MONTH/APR24: ONYX bids 5kt $-3.5/mt
APR24/MAY24: PETROCHINA sold to P66SG* 5kt $-1.25/
APR24/MAY24: DARE bids 5kt $-0.25/mt mt 8:29:42 BAL MONTH/APR24: P66SG bids 5kt $-3.5/mt

BAL MONTH/APR24: DARE bids 5kt $-4.75/mt ** Denotes OCO order. BAL MONTH/APR24: DARE offers 5kt $-2/mt
APR24/MAY24: DARE bids 5kt $-1.5/mt Offers (PGA page 4026) APR24/MAY24: ONYX offers 20kt $-1.25/mt
APR24/MAY24: ONYX bids 5kt $-1.5/mt APR24: GOODECAPLTD offers 20kt $18.50/mt APR24/MAY24: DARE offers 5kt $-0.75/mt
APR24/MAY24: P66SG bids 5kt $-1.5/mt APR24: VITOLSG offers 5kt $18.50/mt APR24/MAY24: P66SG offers 5kt $-0.75/mt
APR24/MAY24: THEMEINT bids 5kt $-1.5/mt APR24: DARE offers 5kt $19.00/mt APR24/MAY24: P66SG offers 5kt $-0.75/mt
Withdrawals APR24: P66SG offers 5kt $19.00/mt APR24/MAY24: THEMEINT offers 5kt $-0.75/mt
APR24: ONYX Withdraws bid 5kt $18.25/mt APR24: GOODECAPLTD offers 5kt $19.75/mt Withdrawals
APR24: ONYX no longer bids 5kt $18.00/mt APR24: BPSG offers 5kt $20.00/mt APR24: ONYX Withdraws offer 5kt $18.75/mt
APR24: ONYX Withdraws bid 5kt $18.00/mt MAY24: GOODECAPLTD offers 5kt $17.75/mt APR24: ONYX Withdraws offer 5kt $18.75/mt
APR24: ONYX Withdraws bid 5kt $17.50/mt MAY24: DARE offers 5kt $18.75/mt APR24: ONYX Withdraws offer 5kt $19.25/mt
MAY24: ONYX no longer bids 5kt $16.75/mt APR24: UENERGY offers 5kt $475.50/mt APR24: AKARITRADING no longer offers 5kt $475.50/mt
APR24: ONYX no longer bids 15kt $475.25/mt APR24: AKARITRADING offers 10kt $475.75/mt APR24: DARE Withdraws offer 5kt $475.50/mt
APR24: ONYX Withdraws bid 5kt $474.00/mt APR24: AKARITRADING offers 5kt $476.00/mt APR24: UENERGY Withdraws offer 5kt $476.50/mt
APR24: DVTRADING Withdraws bid 5kt $472.00/mt APR24: GLENCORE offers 5kt $476.00/mt BAL MONTH/APR24: ONYX Withdraws offer 5kt $-2.75/mt
APR24: ONYX Withdraws bid 5kt $472.00/mt APR24: ONYX offers 5kt $476.00/mt BAL MONTH/APR24: DARE Withdraws offer 5kt $-2.25/mt
APR24: DARE Withdraws bid 5kt $471.50/mt APR24: DARE offers 5kt $476.25/mt BAL MONTH/APR24: GOODECAPLTD Withdraws offer 5kt
APR24: DARE Withdraws bid 5kt $470.75/mt $-2.25/mt
APR24: THEMEINT offers 5kt $476.25/mt
BAL MONTH/APR24: GOODECAPLTD Withdraws bid BAL MONTH/APR24: P66SG no longer offers 5kt $-2.75/mt
APR24: VITOLSG offers 5kt $476.50/mt
5kt $-4/mt BAL MONTH/APR24: VITOLSG no longer offers 5kt $-2.5/mt
APR24: GUNVORSG offers 5kt $477.00/mt
APR24/MAY24: ONYX no longer bids 5kt $-1.25/mt BAL MONTH/APR24: P66SG no longer offers 5kt $-2.25/mt
APR24: DARE offers 5kt $477.25/mt
APR24/MAY24: P66SG no longer bids 5kt $-1.25/mt APR24/MAY24: GOODECAPLTD Withdraws offer 5kt $-1/mt
APR24/MAY24: GOODECAPLTD Withdraws bid 5kt $-1.5/mt ** Denotes OCO order.

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Asia-Pacific/Arab Gulf Marketscan

Asia products The US RBOB-Brent crack was pegged at $29.50/b

Singapore paper (PGA page 2655)

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

Arab Gulf Front Month Swaps (PGA page 2638)

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

© 2024 by S&P Global Inc. All rights reserved. 2

Asia products Brokers pegged the front-month FOB Singapore

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

© 2024 by S&P Global Inc. All rights reserved. 4

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

European products ($/mt)

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

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

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

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

© 2024 by S&P Global Inc. All rights reserved. 9

© 2024 by S&P Global Inc. All rights reserved. 10

© 2024 by S&P Global Inc. All rights reserved. 11

© 2024 by S&P Global Inc. All rights reserved. 12

© 2024 by S&P Global Inc. All rights reserved. 13

© 2024 by S&P Global Inc. All rights reserved. 14

© 2024 by S&P Global Inc. All rights reserved. 15

© 2024 by S&P Global Inc. All rights reserved. 16

© 2024 by S&P Global Inc. All rights reserved. 17

© 2024 by S&P Global Inc. All rights reserved. 18

© 2024 by S&P Global Inc. All rights reserved. 19

China tanker fixtures

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

© 2024 by S&P Global Inc. All rights reserved. 20

China tanker fixtures (continued)

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

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

China tanker fixtures (continued)

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

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

International Dirty Tanker Fixtures (PGT page 2950)

Princess Alexia 274 CR Apr6 R Tanura-Onsan w59 S-Oil

Dubai Beauty 80 CR dnr N Sea-N Sea rnr cnr

New Voyage 260 CR Apr16 WAF-China rnr cnr

Seaways Cape Henry 270 CR Apr26 USGC-China $8.75m PetroChina

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

International clean tanker fixtures (PGT page 2904)

Milton Santos 90 ULSD Apr8 Sikka-Brazil o/p Petrobras

Marlin La Plata 90 UNL ppt ARA-WAF w172.5 BP

Sapsan 38 NA Mar29 USGC-TA w205 P66

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

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

Withdrawals $1.40/bbl Withdrawals

© 2024 by S&P Global Inc. All rights reserved. 26

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

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

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

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

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