Now available digitally on Platts Connect

Get access to this content

plattsconnect.spglobal.com | [email protected]

Asia-Pacific/Arab Gulf Marketscan

Volume 43 / Issue 172 / September 6, 2024
Asia products
Code Mid Change Code Mid Change Code Mid Change
Singapore (PGA page 2002)
FOB Singapore ($/barrel) MOPS strip Premium/Discount
Naphtha PAAAP00 68.99–69.03 69.010 -0.890 AAPKA00 68.37–68.41 68.390 -0.760
Gasoline 97 unleaded PGAMS00 81.43–81.47 81.450 -0.020 AAPKE00* 13.04/13.08 13.060 +0.740
Gasoline 95 unleaded PGAEZ00 80.76–80.80 80.780 -0.140 AAPKF00* 12.37/12.41 12.390 +0.620
Gasoline 95 unleaded AGUMS00 80.070 -0.710 AGUMA00**** 0.710 +0.570
Gasoline 92 unleaded PGAEY00 76.33–76.37 76.350 -0.730 AAPKG00* 7.94/7.98 7.960 +0.030
Gasoline 92 unleaded AAXEQ00 76.44–76.48 76.460 -0.700 AAXER00 -0.13/-0.09 -0.110 -0.030
Gasoline 91 unleaded AAYNA00 78.570 -0.730 AAYNB00 2.110 -0.030
Gasoline 92 unleaded 500 ppm PGAFY00*** 0.140 -0.030
CFR Naphtha AAOVF00 69.890 -0.860 AAOVG00 1.500 -0.100
Kerosene PJABF00 85.45–85.49 85.470 -0.300 AAPJZ00 85.57–85.61 85.590 -0.320 PJACU00 -0.14/-0.10 -0.120 +0.020
Gasoil 10 ppm AAOVC00 84.75–84.79 84.770 -0.390 AAOVD00** -0.61/-0.57 -0.590 -0.040
Gasoil 50 ppm AAPPF00 84.66–84.70 84.680 -0.390 AAPPH00** -0.70/-0.66 -0.680 -0.040
Gasoil 0.05% sulfur AAFEX00 83.42–83.46 83.440 -0.370 AAFFB00** -1.94/-1.90 -1.920 -0.020
Gasoil 0.25% sulfur AACUE00 83.18–83.22 83.200 -0.370 AACQI00** -2.18/-2.14 -2.160 -0.020
Gasoil POABC00 84.75–84.79 84.770 -0.390 AAPJY00 85.34–85.38 85.360 -0.350 POAIC00** -0.61/-0.57 -0.590 -0.040
FO 180 CST 2% ($/mt) PUAXS00 418.76–418.80 418.780 -1.960
HSFO 180 CST ($/mt) PUADV00 409.54–409.58 409.560 -1.920 AAPJX00 399.54–399.58 399.560 -1.670 AAGZF00 9.98/10.02 10.000 -0.250
HSFO 380 CST ($/mt) PPXDK00 406.19–406.23 406.210 -3.060 AAPJW00 393.91–393.95 393.930 -2.060 PPXDL00 12.26/12.30 12.280 -1.000
Marine Fuel 0.5% ($/mt) AMFSA00 587.250 -7.290 FOFSA00 566.250 -7.760 FOFSB00 21.000 +0.470
Ex-Wharf 380 CST ($/mt) AAFER00 415.50–416.50 416.000 -3.000
Ex-Wharf 500 CST ($/mt) AAVUP00 410.50–411.50 411.000 -3.000
Bitumen Pen 60-70 ($/mt) BTSGA00 506.250 +2.000 BTSGB00***** 112.320 +4.060
*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 598.35–601.35 599.850 -6.750 AAPKH00 22.75/23.25 23.000 0.000
Naphtha LR2 ($/mt) 606.82–609.82 608.320 -6.750
Platts Asia and Middle Eastern Gasoline
AAIDA00
Gasoline 95 unleaded AAICY00 77.89–77.93 77.910 -0.140 AAWUJ00 3.43/3.47 3.450 +0.200
Gasoline 95 unleaded CFR AAWUK00 4.23/4.27 4.250 Daily Market Analysis
Gasoline 92 unleaded AAGJA00 73.480 -0.730 AAGZA00 3.100 0.000
Kerosene PJAAA00 82.57–82.61 82.590 -0.300 PJACV00 2.13/2.17 2.150 -0.060
Gasoil 10 ppm AAIDT00 81.69–81.73 81.710 -0.390 AAIDU00* 1.53/1.57 1.550 0.000
„ Cargoes from West and Red Sea head for Asia
Gasoil 0.005% sulfur 81.58–81.62 81.600 -0.390 1.42/1.46 1.440 0.000
AASGJ00 AASGK00*
„ Singapore’s net exports surge on week
Gasoil 0.05% sulfur AAFEZ00 80.89–80.93 80.910 -0.390 AAFFD00* 0.73/0.77 0.750 0.000
Gasoil 0.25% sulfur AACUA00 79.64–79.68 79.660 -0.390 AACUC00* -0.52/-0.48 -0.500 0.000
Gasoil POAAT00 81.69–81.73 81.710 -0.390 POAID00* 1.53/1.57 1.550 0.000
HSFO 180 CST ($/mt) PUABE00 387.95–387.99 387.970 -1.850 AAXJA00 34.98/35.02 35.000 0.000 The Asian gasoline complex is expected to be
HSFO 380 CST ($/mt) AAIDC00 384.60–384.64 384.620 -2.990 AAXJB00 38.98/39.02 39.000 -1.000 little changed Sept. 6 following a decision by OPEC
HSFO 380/180 spread ($/mt) PPXDM00 -3.37/-3.33 -3.350 -1.140
Marine Fuel 0.5% Fujairah ($/mt) FOFFB00*** 21.000 +1.000 and allies to delay the October production output
Ex-Wharf Fujairah 380 CST** ($/mt) AAYBG00 63.730 +2.760 hike until December and a narrower U.S. RBOB-Brent
*Premium to MOPAG gasoil during loading. **Ex-Wharf differential represents premium/discount to the MOPAG 180 CST strip. ***MF 0.5% differential crack spread after the US Labor Day holiday.
represents premium/discount to the MOPFUJ MF 0.5% strip.
OPEC+ said Sept. 5 that the group would delay

www.spglobal.com/commodityinsights
Asia-Pacific/Arab Gulf Marketscan September 6, 2024

Asia products plans to gradually roll back 2.2 million b/d of voluntary
Code Mid Change Code Mid Change
production cuts by two months to support sinking
Middle East physical oil assessments (PGA pages 2004 and 2018) oil prices.
FOB Fujairah ($/barrel) MOPAG Strip The U.S. RBOB-Brent crack spread narrowed to
Naphtha ($/mt) NFJSA00 618.770 -5.300 NFJTA00 595.770 -5.300 $8.48/b as of 0300 GMT on Sept. 6, according to
Gasoline 95 unleaded AFUJA00 80.560 -0.420 AFUJB00 77.110 -0.620
Gasoline 92 unleaded RFJFS00 76.690 -0.610 RAGTA00 73.590 -0.610 brokers, from Platts’ assessment of $9.25/b at the
Kerosene AFUJF00 84.700 -0.350 AFUJG00 82.550 -0.290 close of Asian trading Sept. 5.
Gasoil 10 ppm AFUJP00 83.810 -0.300
Gasoil 500 ppm AFUJN00 83.010 -0.300 “With Labor Day and summer travel now over,
Gasoil AFUJK00 83.810 -0.300 AFUJL00 82.260 -0.300 demand is expected to fall seasonally,” S&P Global
HSFO 380 CST ($/mt) AFUJQ00 434.810 -2.450 AFUJR00 395.810 -1.450
Ex-Wharf 380 CST ($/mt) AAYBF00 440.000 0.000 AAYBD00 376.270 -2.760 Commodity Insights analysts said. “September gasoline
MOPFUJ Strip demand tends to decrease by 450,000 b/d compared
Marine Fuel 0.5% ($/mt)** AMFFA00 593.660 -8.120 FOFFA00 572.660 -9.120 with August.”
*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 694.50–696.50 695.500 -6.500
Sep 02 (PGA page 2022)
Singapore demurrage (PGT pages 2910 and 2960) Light distillates FUJLD04 6501 +219
$/day Middle distillates FUJMD04 2356 -230
Demurrage Clean AALPY00 24500.000 0.000 Heavy distillates and residues FUJHD04 8001 -934
Demurrage Dirty AALQA00 37500.000 -500.000 Source: FEDCom, S&P Global Commodity Insights

Singapore paper (PGA page 2655)

Balance September ($/barrel) October ($/barrel) November ($/barrel)

Naphtha Japan ($/mt) RAXFM00 638.250 -5.750 AAXFE00 634.25–634.75 634.500 -5.750 AAXFF00 630.25–630.75 630.500 -5.000
Naphtha AAPLD00 68.53–68.57 68.550 -0.750 PAAAQ00 68.13–68.17 68.150 -0.750 PAAAR00 67.68–67.72 67.700 -0.650
Gasoline 95 unleaded AGUMB00 80.210 -0.820 AGUMM01 79.860 -0.490 AGUMM02 79.580 -0.330
Gasoline 92 unleaded AAXEK00 76.44–76.48 76.460 -0.820 AAXEL00 76.44–76.48 76.460 -0.490 AAXEM00 76.31–76.35 76.330 -0.380
Reforming Spread AAXEN00 7.89/7.93 7.910 -0.070 AAXEO00 8.29/8.33 8.310 +0.260 AAXEP00 8.61/8.65 8.630 +0.270
Kerosene AAPLE00 85.55–85.59 85.570 -0.310 PJABS00 85.59–85.63 85.610 -0.340 PJABT00 85.56–85.60 85.580 -0.460
Gasoil AAPLF00 85.15–85.19 85.170 -0.370 POAFC00 85.63–85.67 85.650 -0.340 POAFG00 85.80–85.84 85.820 -0.300
HSFO 180 CST ($/mt) AAPML00 401.98–402.02 402.000 -2.450 PUAXZ00 395.78–395.82 395.800 +0.100 PUAYF00 394.88–394.92 394.900 +0.900
HSFO 380 CST ($/mt) AAPKB00 398.23–398.27 398.250 -2.700 AAPKC00 387.23–387.27 387.250 -0.250 AAPKD00 384.18–384.22 384.200 +0.650
Gasoil EFS ($/mt) AAQTX00 -27.480 -0.250 AAQTY00 -27.160 -0.290 AAQTZ00 -25.140 -0.230

Arab Gulf Front Month Swaps (PGA page 2638)

Balance September* ($/barrel) October ($/barrel) November ($/barrel)

Naphtha ($/mt) NAGFM00 600.010 -4.950 NAGFM01 593.590 -5.210 NAGFM02 587.450 -4.730
Gasoline 95 unleaded AFUIM00 77.340 -0.820 AFUIM01 76.990 -0.490 AFUIM02 76.710 -0.330
Gasoline 92 unleaded RAGFM00 73.590 -0.820 RAGFM01 73.590 -0.490 RAGFM02 73.460 -0.380
Kerosene AFUAM00 82.650 -0.250 AFUAM01 82.510 -0.300 AFUAM02 82.330 -0.440
Gasoil AFUJM00 82.070 -0.310 AFUJM01 82.360 -0.300 AFUJM02 82.370 -0.280
HSFO 180 CST** AADZB00 376.000 -2.500 AADZM01 371.000 0.000 AADZM02 369.750 +0.750
HSFO 380 CST AFURM00 402.250 -2.750 AFURM01 392.500 -0.250 AFURM02 389.000 +0.500
*Balance month swaps are assessed from the 1st to 10th of the month. **At 1730 Singapore time.

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

Asia products “Prices are expected to keep falling as refiners

Code Mid Change Code Mid Change
are purging their inventory of summer-grade gasoline
Japan physical oil assessments (PGA page 2006) and beginning to produce cheaper winter-grade to be
C+F Japan ($/mt) Premium/Discount offered starting in mid-September,” the analysts said.
Naphtha (min 70%) NCJCA00 639.250 -6.750 NCJCB00 4.000 -0.500
The ICE Brent crude oil price gained 3 cents/b from
Naphtha PAAAD00 637.75–640.75 639.250 -6.750 PAADI00 3.75/4.25 4.000 -0.500
Nph 2nd 1/2 Oct PAAAE00 642.75–643.25 643.000 -7.500 the previous close, settling at $73.27/b on Sept. 5.
Nph 1st 1/2 Nov PAAAF00 640.25–640.75 640.500 -7.000 Meanwhile, Platts-assessed 92 RON FOB Singapore
Nph 2nd 1/2 Nov PAAAG00 637.75–638.25 638.000 -6.500
Naphtha MOPJ Strip AAXFH00 630.25–630.75 630.500 -5.000 AAXFI00 8.50/9.00 8.750 -1.750 fell 71 cents/b on the day, closing at $77.08/b on Sept. 5.
C+F Japan ($/barrel) Premium/Discount Some gasoline cargoes from the Red Sea are
Gasoline 91-92 unleaded PGACW00 78.86–78.90 78.880 -0.730 heading for Asia, trade sources said. Four-five cargoes,
Gasoline 95 unleaded PGAQQ00 83.29–83.33 83.310 -0.140
Kerosene PJAAN00 86.04–86.08 86.060 -0.220 PAADK00 0.45/0.49 0.470 +0.100 each around 35,000 mt of gasoline, are expected to be
FOB Japan ($/barrel) Premium/Discount fixed for Asia from the West. However, the country of
Gasoil POJAP00 83.860 -0.350 POJBP00 -1.500 0.000 origin could not be ascertained.
South Korea physical oil assessments (PGA page 2008) Singapore’s gasoline imports tumbled 60.5% week
C+F Korea ($/mt) Premium/Discount on week to about 115,973 mt, while exports surged 18.8%
Naphtha PAADE00 642.50–643.00 642.750 -7.250 PAADG00 3.25/3.75 3.500 -0.500 to about 403,273 mt, Enterprise Singapore data showed
C+F East Asia ($/mt) Premium/Discount Sept. 5. Net exports jumped 526.4% to about 287,300 mt.
Naphtha** CFRCT00 620.250 -7.750 CFRCD00 -19.000 -1.000
Platts is part of Commodity Insights.
FOB Korea ($/barrel) Premium/Discount
Gasoline 95 unleaded PGAQO00 80.14–80.18 80.160 -0.010
Jet PJADG00 84.52–84.56 84.540 -0.220 PJADI00 -1.07/-1.03 -1.050 +0.100 Platts Singapore Gasoline Rationales &
Gasoil
Bitumen Pen 60-80 ($/mt)
POAIE00
BTKRA00
83.94–83.98 83.960
410.000
-0.350
0.000
POAIG00
BTKRB00*
-1.42/-1.38 -1.400
16.070
0.000
+2.060
Exclusions
*Indicates relationship between premium/discount and HSFO 380 CST MOPS Strip. **All-origin naphtha from commercial tanks. Gasoline Unl 92 FOB Spore Cargo <PGAEY00>
assessment rationale: The FOB Singapore 92 RON
Mean of Platts West India netbacks (PGA page 2012)
gasoline assessment Sept. 6 took into consideration an
FOB India ($/mt) FOB India ($/barrel)
Naphtha AAQWK00 612.260 -6.750 AAQWJ00 68.030 -0.750
offer for a cargo loading over Sept. 21-25 at $76.50/b,
Gasoline (92 RON) AARBQ00 630.090 -6.200 AARBP00 74.130 -0.730 an offer for a cargo loading over Sept. 26-30 at
Gasoline (95 RON) AAQWI00 667.740 -1.190 AAQWH00 78.560 -0.140
$76.40/b and an offer for a cargo loading over Oct. 2-6
Jet kero AAQWM00 656.320 -2.370 AAQWL00 83.080 -0.300
Gasoil 10 ppm AAQWO00 612.650 -2.900 AAQWN00 82.230 -0.390 at $76.30/b.
Gasoil 500 ppm AAQWQ00 602.740 -2.750 AAQWP00 80.900 -0.370 Gasoline Unl 95 FOB Spore Cargo <PGAEZ00>
Gasoil 2500 ppm AAQWS00 600.950 -2.760 AAQWR00 80.660 -0.370
assessment rationale: The FOB Singapore 95 RON
Australia (PGA page 2014)
gasoline assessment Sept. 6 took into consideration
C+F Australia ($/barrel) a bid for a cargo loading over Sept. 26-30 at Mean
Gasoline 92 AACZF00 80.58–80.62 80.600 -0.730
Gasoline 95 AACZH00 85.01–85.05 85.030 -0.140 of Platts Singapore 95 RON plus $0.60/b, which was
Jet AAFIY00 90.03–90.07 90.050 -0.300 equivalent to $80.68/b.
Gasoil 10 ppm AAQUD00 89.60–89.64 89.620 -0.390
Gasoline Unl 97 FOB Spore Cargo <PGAMS00>
South Africa (PGA pages 2342 and 2412) assessment rationale: The FOB Singapore 97 RON
CFR South Africa ($/barrel) gasoline assessment Sept. 6 took into consideration
Gasoline 95 unleaded AAQWW00 84.513 -0.420
Jet kero AAQWT00 88.953 -0.350
the adjusted 97-95 inter-RON spread in the absence of
Gasoil 10 ppm AAQWU00 88.320 -0.300 bids, offers and trades.
Gasoil 500 ppm AAQWV00 87.520 -0.300

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

Asia products Renewable fuels (PGA pages 1414, 483 and 2414)
Code Mid Change Code Mid Change Change
Freight netbacks (PGA pages PGT2910 and PGT2960) Northwest Europe ($/mt)
SAF cost of production BJNWA00 2061.227 -9.776
AG-Spore Spore-Japan AG-Japan Spore-Australia SAF CIF NWE MIRWD00 1829.250 -16.250
Naphtha AAPOF00 21.49* AAPOG00 39.40* SAF CIF NWE premium MIRWF00 1100.000 0.000
Naphtha-LR2 AAPOH00 30.93* SAF FOB FARAG SUAEA00 1800.00 0.00
Gasoline AAPOC00 2.87 AAPOD00 2.53 AAPOE00 4.25 SAF FOB FARAG premium SUAEB00 1070.75 +16.25
Kerosene AAPOI00 2.88 AAPOJ00 4.58 RD cost of production HVNWA00 1882.858 -10.404
Gasoil AAPOL00 3.06 AAPOM00 4.85
USWC cost of production ($/mt)
HSFO 180 CST AAPOO00 21.59* AAPOP00 17.75*
SAF w/ credits ASAFA00 1748.875 +4.614
HSFO 380 CST AAPOQ00 21.59*
SAF w/o credits ASAFB00 813.008 +5.600
All values in $/barrel, except * values in $/mt. RD w/ credits ARDFA00 1654.500 +2.980
South China/Hong Kong physical oil assessments (PGA page 2010) RD w/o credits ARDFB00 849.483 +4.122

South China ($/mt)
Premium/Discount to MOPS ($/barrel) USWC cost of production ($/b)
SAF w/ credits ASAFE00 216.038 +0.570
Gasoline 92 unleaded AAICW00 661.50–665.50 663.500 -6.250
SAF w/o credits ASAFF00 100.430 +0.691
Jet/kero PJABQ00 680.75–684.75 682.750 -1.750 AAWTW00 0.83/0.87 0.850 +0.100 RD w/ credits ARDFE00 204.982 +0.369
Gasoil POAFA00 634.75–638.75 636.750 -2.500 AABJZ00 0.09/0.13 0.110 0.000 RD w/o credits ARDFF00 105.246 +0.511

Hong Kong bunker grades ($/mt) USWC cost of production (¢/gal)
HSFO 380 CST PUAER00 451.00–452.00 451.500 +6.500 SAF w/ credits ASAFI00 514.375 +1.357
SAF w/o credits ASAFJ00 239.120 +1.647
*C+F Hong Kong, $/barrel premium/discount to Mean of Platts Singapore.
RD w/ credits ARDFI00 488.053 +0.879
RD w/o credits ARDFJ00 250.585 +1.216
Americas market-based assessment (¢/gal)
Marine Fuel (PGA page 30) SAF CA SAFDA00 666.630 -7.390
SAF CA vs Jet LA SAFDB00 465.130 0.000
$/mt Change vs FO 380 MOPS strip Change SAF IL SAFDD00 813.890 -5.390
0.5% FOB Singapore cargo AMFSA00 587.250 -7.290 AMOPA00 193.320 -5.230 SAF IL vs Jet Chicago SAFDE00 624.390 0.000
0.5% FOB Fujairah cargo AMFFA00 593.660 -8.120 ATF 30/70 CA SAFDF00 501.500 -7.390
0.5% FOB Rotterdam barge PUMFD00 486.750 -24.000 ATF 30/30 IL SAFDG00 537.280 -5.390
0.5% FOB US Gulf Coast barge AUGMB00 485.750 -15.750 Southeast Asia ($/mt)
0.5% Dlvd US Atlantic Coast barge AUAMB00 520.000 -15.750 SAF cost of production (PFAD) ASFAA00 1621.700 -1.790
0.5% FOB Mediterranean cargo MFFMM00 495.750 -23.750 RD cost of production (PFAD) HVSAB00 1491.620 -2.690
0.5% CIF Mediterranean cargo MFCMM00 509.250 -23.500 North Asia ($/mt)
$/barrel Change SAF cost of production (UCO) ASFAC00 1706.750 +1.560
0.5% FOB US Gulf Coast barge AUGMA00 76.500 -2.480 RD cost of production (UCO) HVNAA00 1569.910 +0.890
0.5% Dlvd US Atlantic Coast barge AUAMA00 81.890 -2.480
Jet Index (PGA page 115)
Index $/barrel
Asia & Oceania PJASO00 244.97 PJASO08 85.73
Marine Fuel 0.5% Derivatives, Sep 6 Mid East & Africa PJMEA00 254.92 PJMEA08 85.37
Balance* Change Month 1 Change Month 2 Change Global PJGLO00 234.39 PJGLO08 85.75
Sep Oct Nov
$/mt $/mt $/mt Foreign exchange rates (PGA page 2160)
0.5% FOB Singapore cargo FOFS000 577.050 -8.200 FOFS001 549.550 -5.200 FOFS002 532.300 -4.000 USD/JPY AAWFX00 142.670 -0.990
0.5% FOB Fujairah cargo FOFF000 590.000 -10.250 FOFF001 563.750 -7.250 FOFF002 546.250 -6.000 Eur/USD AAWFU00 1.1117 +0.0019
USD/SGD AAWFZ00 1.2987 -0.0031
0.5% FOB Rotterdam barge AMRAB00 488.250 -24.000 AMRAM01 477.000 -19.250 AMRAM02 468.500 -16.000
USD/MYR AAWGA00 4.3310 -0.0038
0.5% vs. 3.5% FOB Rotterdam barge AMRBB00 112.500 -6.250 AMRBM01 109.750 -4.500 AMRBM02 103.500 -4.000
USD/HKD AAWFY00 7.7937 -0.0018
$/barrel $/barrel $/barrel AUD/USD AAWFT00 0.6733 +0.0004
0.5% FOB US Gulf Coast barge AMARB00 77.200 -2.450 AMARM01 76.650 -2.450 AMARM02 75.800 -2.250 USD/INR AAFGW00 83.9319 -0.0483
0.5% vs US Gulf Coast HSFO barge AUSBB00 NA NANA AUSBM01 20.500 -0.950 AUSBM02 20.300 -0.700 USD/CNY* AAWFW00 7.0925 -0.0064
*Balance month swaps are assessed from the 1st through the 20th of the month; Asia swaps are assessed through the 14th of February. *Source: Bank of China

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

Gasoline Unl 92 FOB Arab Gulf Cargo <AAGJA00> Carbon Intensity (PGA page 4207)
Daily Carbon Intensity Premium Monthly Carbon Intensity
assessment rationale: The FOB Arab Gulf 92 RON
Asia $/bbl Date kgCO2e/bbl
gasoline cargo assessment was derived as a freight
Gasoline Unl 92 FOB Singapore Cargo ALCEJ00 0.556 ALCEI00 Jul-24 48.16
netback from the FOB Singapore 92 RON marker Jet Kero FOB Singapore Cargo ALCEL00 0.219 ALCEK00 Jul-24 18.93
using the following calculation: FOB Singapore 92 RON Gasoil 10ppm FOB Singapore Cargo ALCEH00 0.330 ALCEG00 Jul-24 28.54
assessment minus the cost of transporting a 35,000- United States Gulf Coast ¢/gal Date kgCO2e/gal
mt clean cargo from a basket of ports in the Persian Gasoline CBOB USGC Prompt Pipeline ALCEN00 1.178 ALCEM00 Jul-24 1.02
Jet Kero 54 USGC Prompt Pipeline ALCEP00 0.554 ALCEO00 Jul-24 0.48
Gulf to Singapore. ULSD USGC Prompt Pipeline ALCER00 0.716 ALCEQ00 Jul-24 0.62
Platts is part of S&P Global Commodity Insights. Northwest Europe $/mt Date kgCO2e/mt
Exclusions: No data was excluded from the Sept. Gasoline Eurobob (E5) FOB NWE Barge ALCEB00 4.346 ALCEA00 Jul-24 376.28
6 Asian gasoline Platts Market on Close assessment Jet FOB NWE Barge ALCED00 1.979 ALCEC00 Jul-24 171.36
ULSD 10ppm FOB NWE Barge ALCEF00 2.231 ALCEE00 Jul-24 193.12
process.

Platts FOB Fujairah Gasoline Daily Rationale & consideration values in the FOB Fujairah 95 RON Carbon credits (PGA page 496)
Change
Exclusions gasoline market heard in the Middle East.
Platts CEC
Gasoline 92 RON FOB Fujairah cargo <RFJFS00> Exclusions: No data was excluded from the Asian $/mtCO2e PCECA00 17.050 0.000
assessment rationale: The assessment of FOB Fujairah gasoline MOC Sept. 6. Jet Fuel Carbon Offset Premiums
92 RON gasoline Sept. 6 took into consideration the 92 Platts is part of S&P Global Commodity Insights. $/b AJFCA00 82.024 0.000
RON gasoline Mean of Platts Arab Gulf strip value of
$73.59/b, as well as the cash differential for Fujairah 92 Platts FOB Fujairah Gasoline Bids, Offers,
RON gasoline at $3.10/b in the absence of bids, offers Trades Naphtha FOB Spore Cargo <PAAAP00> assessment
and trades in the FOB Fujairah 92 RON gasoline Market rationale: The FOB Singapore naphtha assessment
on Close assessment process. Bids: No bids was derived as a freight netback from the CFR Japan
The MOPAG 92 RON gasoline strip is calculated Offers: No offers naphtha first-cycle assessment using the following
from the September MOPAG 92 RON gasoline swap Trades: No trades calculation: CFR Japan naphtha first-cycle assessment
at $73.59/b and the October MOPAG 92 RON gasoline This assessment commentary applies to the minus the cost of transporting a 30,000-mt clean
swap at $73.59/b. The cash differential took into following market data codes: Gasoline 92 RON FOB cargo on the Singapore-to-Japan route.
consideration values in the FOB Fujairah 92 RON Fujairah Cargo <RFJFS00> and Gasoline 95 RON FOB Naphtha FOB Arab Gulf Cargo <PAAAA00>
gasoline market heard in the Middle East. Fujairah Cargo <AFUJA00> assessment rationale: The FOB Arab Gulf naphtha
Gasoline 95 RON FOB Fujairah cargo <AFUJA00> assessment was derived as a freight netback from
assessment rationale: The assessment of FOB Fujairah Platts Japan Naphtha Daily Rationales & the CFR Japan naphtha marker using the following
95 RON gasoline Sept. 6 took into consideration the 95 Exclusions calculation: CFR Japan naphtha marker minus the cost
RON gasoline MOPAG strip value of $77.11/b, as well as Naphtha C+F Japan Cargo <PAAAD00> assessment of transporting a 55,000-mt clean cargo from a basket
the cash differential for Fujairah 95 RON gasoline at rationale: The CFR Japan naphtha cargo assessment of ports on the Persian Gulf-to-Japan route.
$3.45/b in the absence of bids, offers and trades in the Sept. 6 took into consideration an offer for H1 Platts is part of S&P Global Commodity Insights.
FOB Fujairah 95 RON gasoline MOC process. November at $641/mt, which demonstrated value Exclusions: No market data was excluded from
The MOPAG 95 RON gasoline strip is calculated with a crack value of $92.68/mt. The H2 October-H1 the Sept. 6 Asian naphtha derivative Platts Market on
from the September MOPAG 95 RON gasoline swap November time spread was assessed at $3/mt, and the Close assessment process.
at $77.34/b and the October MOPAG 95 RON gasoline H1 November-H2 November time spread was assessed No market data was excluded from the Sept. 6
swap at $76.99/b. The cash differential took into at $3/mt. Asian naphtha MOC.

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

European products ($/mt)

Code Mid Change Code Mid Change Code Mid Change
Mediterranean (PGA page 1114)
FOB (Italy) CIF (Genova/Lavera) MOPL Diff
Prem Unl 10ppm AAWZA00 673.25–673.75 673.500 -8.000 AAWZB00 681.75–682.25 682.000 -8.000
Naphtha PAAAI00 586.00–586.50 586.250 -15.500 PAAAH00 597.50–598.00 597.750 -15.500
Jet aviation fuel AAIDL00 680.75–681.25 681.000 -15.500
Gasoil 0.1% AAVJI00 634.75–635.25 635.000 -14.500 AAVJJ00 642.75–643.25 643.000 -14.500 AMOPI00 -6.94 +0.470
10ppm ULSD AAWYY00 656.00–656.50 656.250 -16.750 AAWYZ00 664.75–665.25 665.000 -16.750 AMOPN00 1.06 -1.730
1% PUAAK00 465.00–465.50 465.250 -16.000 PUAAJ00 480.25–480.75 480.500 -16.000
3.5% PUAAZ00 371.25–371.75 371.500 -16.500 PUAAY00 386.25–386.75 386.500 -16.500
Northwest Europe cargoes (PGA page 1110)
CIF (Basis ARA) FOB NWE MOPL Diff
Gasoline 10ppm AAXFQ00 693.25–693.75 693.500 -9.750
Naphtha Swap PAAAJ00 603.00–603.50 603.250 -15.000
Naphtha Phy PAAAL00 605.75–606.25 606.000 -15.500
Jet PJAAU00 697.75–698.25 698.000 -15.500 PJAAV00 684.75–685.25 685.000 -15.500 AMOPJ00 0.50 +0.010
Ultra low sulfur diesel 10ppm AAVBG00 656.50–657.00 656.750 -17.000 AAVBF00 648.00–648.50 648.250 -17.000 AMOPL00 -4.20 -1.890
Gasoil 0.1% AAYWS00 642.50–643.00 642.750 -20.250 AAYWR00 626.00–626.50 626.250 -20.250 AMOPH00 -3.64 -5.320
Diesel 10ppm NWE AAWZC00 658.25–658.75 658.500 -17.000 AAWZD00 647.75–648.25 648.000 -17.000
Diesel 10 PPM UK AAVBH00 659.50–660.00 659.750 -17.000 AUKMA00 -1.195 -1.884
1% PUAAL00 457.75–458.25 458.000 -15.750 PUAAM00 441.25–441.75 441.500 -15.500
3.5% PUABA00 371.00–371.50 371.250 -19.750 PUABB00 355.75–356.25 356.000 -19.750
0.5-0.7% straight run PKABA00 472.00–473.00 472.500 -11.000
Low sulfur VGO AAHMZ00 546.75–547.75 547.250 -11.250 AAHMX00 523.75–524.75 524.250 -11.000
High sulfur VGO AAHND00 539.75–540.75 540.250 -11.500 AAHNB00 517.00–518.00 517.500 -11.000
Northwest Europe barges (PGA pages 1112 & 1380)
FOB Rotterdam MOPL Diff
Eurobob AAQZV00 655.75–656.25 656.000 -12.250
E10 Eurobob AGEFA00 664.000 -11.250
Unleaded 98 AAKOD00 689.25–689.75 689.500 -12.250
Premium Unleaded PGABM00 653.75–654.25 654.000 -17.250
Reformate AAXPM00 676.000 -12.250
MTBE* PHALA00 812.50–813.00 812.750 -23.000
Naphtha Phy PAAAM00 601.75–602.25 602.000 -15.500
Jet PJABA00 695.75–696.25 696.000 -16.750 AMOPK00 1.64 -1.300
Gasoil 50 ppm AAUQC00 645.00–645.50 645.250 -13.250
Gasoil 0.1%* AAYWT00 625.75–626.25 626.000 -15.000 AMOPG00 -0.77 -0.070
10 ppm* AAJUS00 649.00–649.50 649.250 -14.250 AMOPM00 -0.84 +0.710
1% PUAAP00 448.25–448.75 448.500 -15.500
3.5% PUABC00 372.00–372.50 372.250 -19.750
Fuel Oil 3.5% 500 CST PUAGN00 366.50–367.00 366.750 -19.750
Low sulfur VGO AAHNF00 535.50–536.50 536.000 -11.000
High sulfur VGO AAHNI00 528.50–529.50 529.000 -11.000
*FOB Amsterdam-Rotterdam-Antwerp
Rotterdam bunker (PGA page 1112)
380 CST PUAFN00 411.50–412.50 412.000 +10.000

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

Platts FOB Fujairah Naphtha Daily Rationale & US products (¢/gal) (PGA page 158)
Code Mid Change Code Mid Change
Exclusions US West Coast pipeline
Naphtha FOB Fujairah <NFJSA00> assessment Los Angeles San Francisco
rationale: The assessment of FOB Fujairah naphtha Unleaded 84 AAUHA00 221.55–221.65 221.600 -2.980 PGADG00 237.30–237.40 237.350 -2.980
on Sept. 6 took into consideration the naphtha Mean Premium 90 PGABG00 254.55–254.65 254.600 -2.980 PGABO00 257.30–257.40 257.350 -2.980
of Platts Arab Gulf strip value of $595.77/mt, as well as CARBOB AAKYJ00 235.55–235.65 235.600 -2.980 AAKYN00 239.55–239.65 239.600 -2.980
CARBOB PREM AAKYL00 268.55–268.65 268.600 -2.980 AAKYP00 259.55–259.65 259.600 -2.980
the cash differential at $23/mt in the absence of bids,
Jet PJAAP00 201.45–201.55 201.500 -7.390 PJABC00 201.45–201.55 201.500 -7.390
offers and trades in the FOB Fujairah naphtha Platts ULS (EPA) Diesel POAET00 217.45–217.55 217.500 -5.390 POAEY00 236.70–236.80 236.750 -5.390
Market on Close assessment process. CARB diesel POAAK00 217.45–217.55 217.500 -5.390 POAAL00 236.70–236.80 236.750 -5.390
The MOPAG naphtha strip was calculated from the Seattle Portland
October MOPAG naphtha swap at $593.59/mt and the Unleaded 84 AAXJE00 222.55–222.65 222.600 +6.020 AAXJC00 224.55–224.65 224.600 +6.020
Premium 90 AAXJF00 242.55–242.65 242.600 +6.020 AAXJD00 244.55–244.65 244.600 +6.020
November MOPAG naphtha swap at $587.45/mt. The Jet PJABB00 201.45–201.55 201.500 -7.390
cash differential took into consideration the FOB Arab ULS (EPA) Diesel AAUEX00 202.80–202.90 202.850 -5.390 AAUEY00 203.95–204.05 204.000 -5.390
Gulf cash differential against MOPAG naphtha physical Phoenix
in the absence of any competitive bids, offers or trades RBOB unleaded 84 AADDP00 255.55–255.65 255.600 -2.980
RBOB premium 89.5 PPXDJ00 275.55–275.65 275.600 -2.980
demonstrating value otherwise.
Differential to NYMEX
Platts is part of S&P Global Commodity Insights.
CARBOB AANVX00 45.95/46.05 46.000 0.000
Exclusions: No data was excluded from the Sept. 6 Jet Fuel AANVY00 -10.05/-9.95 -10.000 -2.000
Fujairah naphtha MOC. ULS (EPA) Diesel AANVZ00 5.95/6.05 6.000 0.000
CARB Diesel AANWA00 5.95/6.05 6.000 0.000
Platts Asia and Middle Eastern Jet Daily US West Coast waterborne

Market Analysis
Unleaded 87
Los Angeles
PGADI00 221.55–221.65 221.600 -2.980
„ FOB Singapore jet fuel/kerosene M1-M2 swaps time Jet PJABI00 200.45–200.55 200.500 -7.390

spread strengthens
„ Japan’s jet fuel and kerosene stocks build on week
Platts assessment of futures markets at MOC close (PGA page 703)
Market participants expect the Golden Week Singapore 16:30
holidays in China over Oct. 1-7 to support Asian jet fuel/ ICE gasoil futures ($/mt) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
Sep 24* AAQYM01 662.00 Oct XNRBA01 194.36 Oct XNHOA01 216.72
kerosene prices in the near term, after a volatile week Oct 24 AAQYM02 665.25 Nov XNRBA02 192.41 Nov XNHOA02 218.34
ended Sept. 6. Nov 24 AAQYM03 664.50 Dec XNRBA03 190.50 Dec XNHOA03 219.63
The Platts-assessed balance September-October New York 14:30
time spread for FOB Singapore jet fuel/kerosene swaps NYMEX light sweet crude ($/barrel) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
Oct NYCRM01 67.64 Oct NYRBM01 189.44 Oct NYHOM01 211.37
— an indication of near-term market sentiment —
Nov NYCRM02 66.94 Nov NYRBM02 187.49 Nov NYHOM02 213.10
strengthened 19 cents/b on the day to minus 7 cents/b Dec NYCRM03 66.48 Dec NYRBM03 185.74 Dec NYHOM03 214.52
at the Asian close Sept. 5. In midmorning trading Sept. *Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February.
6, the spread weakened to minus 26 cents/b.
The cash differential for jet fuel/kerosene cargoes
loading from Singapore strengthened 2 cents/b on the

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

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

(Asia MOC) (Asia MOC) (Asia close) (London close)
API
Gravity Code Mid Change Code Mid Change Code Mid Change Code Mid Change
Condensate (PGA page 2212) (PGA page 2213)
Diff to Dubai Diff to Asian Dated Brent
NW Shelf 61.9 PCAGX00 68.02–68.06 68.040 -0.090 AAPAI00 -4.45 -0.050 AAPAH00 66.830 -1.650
Ichthys FC 48.9 ICFCA00 75.340 -0.090 ICFCB00 2.850 -0.050
DFC 56.82 ADFCA00 72.73–72.77 72.750 -0.030 ADFCB00 1.25/1.35 1.300 -0.050 ADFCC00 0.260 +0.010 ADFCD00 71.190 -1.520
Qatar LSC 56.9 AARBB00 72.38–72.42 72.400 -0.030 AARBD00 0.90/1.00 0.950 -0.050 AARBC00 -0.090 +0.010 AARBA00 70.840 -1.520
South Pars 57.4 AARAV00 67.58–67.62 67.600 -0.030 AARAX00 -3.90/-3.80 -3.850 -0.050 AARAW00 -4.890 +0.010 AARAU00 66.040 -1.520
Diff to ICP
Senipah 54.4 AAEOE00 65.02–65.06 65.040 -0.090 AAEOK00 -3.80/-3.70 -3.750 -0.050 AAPBE00 -7.450 -0.050 AAPBD00 63.830 -1.650
Light crude (PGA page 2214) (PGA page 2215)
Diff to ICP Diff to Asian Dated Brent
Cossack 47.7 PCAGZ00 73.67–73.71 73.690 -0.090 AAPAC00 1.200 -0.050 AAPAB00 72.480 -1.650
Tapis 45.2 PCACB00 76.32–76.36 76.340 -0.040 AAOZW00 3.850 0.000 AAOZV00 75.130 -1.600
Belida 45.1 PCAFL00 69.37–69.41 69.390 -0.090 PCAFM00 -1.60/-1.50 -1.550 -0.050 AAPBQ00 -3.100 -0.050 AAPBP00 68.180 -1.650
Kutubu 44.3 PCAFJ00 72.27–72.31 72.290 -0.090 AAPAE00 -0.200 -0.050 AAPAD00 71.080 -1.650
Attaka 42.3 PCAAJ00 69.32–69.36 69.340 -0.090 PCAAK00 -1.65/-1.55 -1.600 -0.050 AAPBC00 -3.150 -0.050 AAPBB00 68.130 -1.650
Ardjuna 38 PCACQ00 69.47–69.51 69.490 -0.040 PCACR00 -1.55/-1.45 -1.500 0.000 AAPBG00 -3.000 0.000 AAPBF00 68.280 -1.600
Banyu Urip 32 PCAFQ00 74.690 -0.040 PCAQQ00 1.100 0.000 AAPBU00 2.200 0.000 AAPBR00 73.480 -1.600
Diff to Dubai
Sakhalin Blend 45.5 AARBN00 66.33–66.37 66.350 +0.020 AARCN00 -5.15/-5.05 -5.100 0.000 AARDN00 -6.140 +0.060 AAREN00 64.790 -1.470
ESPO M1 34.8 AARWF00 67.28–67.32 67.300 +0.020 AASEU00 -4.20/-4.10 -4.150 0.000 AARWE00 -5.070 +0.120 AARWD00 65.860 -1.410
ESPO M2 34.8 AAWFE00 66.92–66.96 66.940 +0.020 AAWFG00 -4.20/-4.10 -4.150 0.000
Sokol 39.7 AASCJ00 68.73–68.77 68.750 +0.020 AASCK00 -2.75/-2.65 -2.700 0.000 AAPAO00 -3.740 +0.060 AAPAN00 67.190 -1.470
Kikeh 34.9 AAWUH00 80.07–80.11 80.090 -0.040 AAOZY00 7.600 0.000 AAOZX00 78.880 -1.600
Miri Light 32.3 PCABQ00 79.52–79.56 79.540 -0.040 AAPAS00 7.050 0.000 AAPAR00 78.330 -1.600
Labuan 32 PCABL00 80.22–80.26 80.240 -0.040 AAPAQ00 7.750 0.000 AAPAP00 79.030 -1.600
Kimanis 38.6 AASCL00 80.840 -0.040 AASCM00 8.350 0.000 AASCN00 79.630 -1.600
Medium crude (PGA page 2216) (PGA page 2217)
Diff to Asian Dated Brent
Su Tu Den 36.8 AARAR00 77.87–77.91 77.890 -0.040 AARAS00 5.400 0.000 AARAQ00 76.680 -1.600
Bach Ho 40.7 PCAHY00 79.52–79.56 79.540 -0.040 AAPAK00 7.050 0.000 AAPAJ00 78.330 -1.600
Nanhai 40 PCAFR00 66.02–66.06 66.040 -0.040 AAPAG00 -6.450 0.000 AAPAF00 64.830 -1.600
Nile Blend 33.9 AAPLC00 70.77–70.81 70.790 -0.040 AAPAM00 -1.700 0.000 AAPAL00 69.580 -1.600
Daqing 32.2 PCAAZ00 74.17–74.21 74.190 -0.040 AAPAW00 1.700 0.000 AAPAV00 72.980 -1.600
Heavy crude (PGA page 2218) (PGA page 2219)
Diff to ICP Diff to Asian Dated Brent
Dar Blend 25 AARAB00 68.62–68.66 68.640 -0.040 AARAC00 -3.850 0.000 AARAA00 67.430 -1.600
Shengli 24.2 PCABY00 73.82–73.86 73.840 -0.040 AAPAY00 1.350 0.000 AAPAX00 72.630 -1.600
Duri 20.8 PCABA00 77.12–77.16 77.140 -0.040 PCABB00 2.30/2.40 2.350 0.000 AAPBM00 4.650 0.000 AAPBL00 75.930 -1.600
Vincent 18.3 AARAK00 81.590 -0.040 AARAL00 9.100 0.000 AARAJ00 80.380 -1.600

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

day to minus 14 cents/b to Mean of Platts Singapore Aviation Sector Decarbonization Roadmap, or MADB. over Sept. 21-25 at MOPS minus 19 cents/b and MOPS
jet fuel/kerosene assessments Sept. 5. Currently, no local airlines in Malaysia use SAF, minus 10 cents/b, respectively, after accounting
Trade sources expect exports of all clean petroleum primarily due to its high cost. for deemed pricing. The middle loading period was
products from China to come to a halt during the “The biggest challenge with SAF is its price,” Loke assessed at MOPS Jet fuel/kerosene minus 13 cents/b
Golden Week holidays, likely supporting Asian jet fuel/ said. “It’s about three times more expensive than taking into consideration a bid for a cargo loading over
kerosene prices. conventional jet fuel because of limited production and Sept. 27-Oct. 1 at MOPS minus 15 cents/b, as well as
China is expected to allocate some 7 million-9 supply. We need to address the supply side first before an offer for a cargo loading over Sept. 26-30 at MOPS
million mt of clean oil product export quotas in the discussing how airlines can adopt SAF.” minus 10 cents/b, after accounting for deemed pricing.
third tranche this year. Loke said the use of SAF is not currently mandated The back loading period was assessed at MOPS
The front-month October-November time spread for by the government. However, with its production starting Jet fuel/kerosene minus 10 cents/b, reflecting the
FOB Singapore jet fuel/kerosene swaps was assessed in 2028, the transport minister hopes that “SAF prices movement in the middle loading period.
at minus 5 cents/b on Sept. 5, strengthening from will decrease and become more affordable for airlines.” Jet Kero FOB Arab Gulf Cargo <PJAAA00>
minus 45 cents/b on Sept. 2. Platts is part of S&P Global Commodity Insights. assessment rationale:
Meanwhile, Japan’s stocks of jet fuel increased The FOB Arab Gulf Jet Kero cargo assessment was
0.9% on the week to 4.49 million barrels and those of Platts Asia & Middle East Jet Kero Daily derived as a freight netback from the FOB Singapore
kerosene rose 8.5% on the week to 12.96 million barrels Rationale & Exclusions Jet Kero cargo assessment using the following input:
over Aug. 25-31, Petroleum Association of Japan data Jet Kero FOB Spore Cargo <PJABF00> assessment FOB Singapore Jet Kero cargo assessment minus the
showed Sept. 4. On a year-on-year basis, however, jet fuel rationale: cost of transporting a 55,000-mt clean cargo from a
inventories were down 16.5% and kerosene fell 12.5%. The FOB Singapore Jet fuel/kerosene cargo basket of ports in the Persian Gulf to Singapore.
Malaysian state-run refiner Petronas is set to assessment Sept. 6 was based on the following Exclusions:
produce sustainable aviation fuel by 2028, Transport inputs: The front loading period was assessed at No market data was excluded from the Sept. 6
Minister Anthony Loke said Sept. 5 at a National Aviation MOPS Jet fuel/kerosene minus 15 cents/b taking into Singapore Jet fuel/kerosene Platts Market on Close
Consultative Council meeting, launching the Malaysian consideration a bid and an offer for cargoes loading assessment process.

only for your personal use or, if you or your company has a license for the Data communications (whether written, oral, electronic or in other format), and shall not
from S&P Global Commodity Insights and you are an authorized user, for your be subject to any damages or liability, including but not limited to any indirect,
company’s internal business use only. You may not publish, reproduce, extract, special, incidental, punitive or consequential damages (including but not limited to,
distribute, retransmit, resell, create any derivative work from and/or otherwise loss of profits, trading losses and loss of goodwill).
provide access to the Data or any portion thereof to any person (either within or
outside your company, including as part of or via any internal electronic system or ICE index data and NYMEX futures data used herein are provided under S&P Global
Asia-Pacific/Arab Gulf Marketscan intranet), firm or entity, including any subsidiary, parent, or other entity that is Commodity Insights’ commercial licensing agreements with ICE and with NYMEX.
You acknowledge that the ICE index data and NYMEX futures data herein are
affiliated with your company, without S&P Global Commodity Insights’ prior written
consent or as otherwise authorized under license from S&P Global Commodity confidential and are proprietary trade secrets and data of ICE and NYMEX or its
Contact Client Services: [email protected]; Americas: +1-800-752-8878; Insights. Any use or distribution of the Data beyond the express uses authorized in licensors/suppliers, and you shall use best efforts to prevent the unauthorized
Europe & Middle East: +44-20-7176-6111; Asia Pacific: +65-6530-6430 this paragraph above is subject to the payment of additional fees to S&P Global publication, disclosure or copying of the ICE index data and/or NYMEX futures
Commodity Insights. data.
Trade Data: S&P Global Commodity Insights has defined standards for entities it S&P Global Commodity Insights, its affiliates and all of their third-party licensors Permission is granted for those registered with the Copyright Clearance Center
considers to be related and verifies through a variety of inputs whether disclaim any and all warranties, express or implied, including, but not limited to, any (CCC) to copy material herein for internal reference or personal use only, provided
counterparties in reported trades meet these criteria. warranties of merchantability or fitness for a particular purpose or use as to the that appropriate payment is made to the CCC, 222 Rosewood Drive, Danvers, MA
© 2024 by S&P Global Inc. All rights reserved. Data, or the results obtained by its use or as to the performance thereof. Data in 01923, phone +1-978-750-8400. Reproduction in any other form, or for any other
this publication includes independent and verifiable data collected from actual purpose, is forbidden without the express prior permission of S&P Global Inc. For
S&P Global, the S&P Global logo, S&P Global Commodity Insights, and Platts are market participants. Any user of the Data should not rely on any information and/
trademarks of S&P Global Inc. Permission for any commercial use of these article reprints contact: The YGS Group, phone +1-717-505-9701 x105 (800-501-9571
or assessment contained therein in making any investment, trading, risk
trademarks must be obtained in writing from S&P Global Inc. from the U.S.).
management or other decision. S&P Global Commodity Insights, its affiliates and
You may view or otherwise use the information, prices, indices, assessments and their third-party licensors do not guarantee the adequacy, accuracy, timeliness For all other queries or requests pursuant to this notice, please contact S&P Global
other related information, graphs, tables and images (“Data”) in this publication and/or completeness of the Data or any component thereof or any Inc. via email at [email protected].

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

Platts FOB Fujairah Jet Kero Rationale & Sep 20-26)INCO Seller represents and warrants process that uses product or components that have
Exclusions that the cargo delivered/to be delivered under this been produced, manufactured or processed in, or
Jet Kero FOB Fujairah cargo <AFUJF00> Contract:(i)does not contain any product that was exported from, in each case, the Russia Federation
assessment rationale: Platts assessed FOB Fujairah produced,manufactured or processed in,or exported or Crimea, the Donetsk People’s Republic or the
jet fuel/kerosene Sept. 6 at a premium of $2.15/b to from;or(ii)has not been produced through a blending Luhansk People’s Republic in Ukraine; Jet: FOB Straits:
Mean of Platts Arab Gulf jet fuel/kerosene assessment, process that uses product or components that have Gunvor offers MOPS +0.00 Oct 2-6 100kb (Deemed
taking into consideration prices in the FOB Fujairah jet been produced,manufactured or processed in,or pricing Oct 1-7)INCO Seller represents and warrants
fuel/kerosene market as well as differentials for recent exported from,in each case,the Russia Federation or that the cargo delivered/to be delivered under this
cargo trades heard in the Middle East. The MOPAG jet Crimea,the Donetsk People’s Republic or the Luhansk Contract:(i)does not contain any product that was
fuel/kerosene strip was $82.55/b. People’s Republic in Ukraine; Jet: FOB Straits: BP offers produced,manufactured or processed in,or exported
Platts is part of S&P Global Commodity Insights. MOPS -0.10 Sep 26-30 100kb (Deemed pricing Sep from;or(ii)has not been produced through a blending
Exclusions: No market data was excluded from the 24-30) BP GTC. Seller represents and warrants that, to process that uses product or components that have
Sept. 6 Fujairah jet fuel/kerosene Platts Market on the best of its knowledge, the Cargo delivered under been produced,manufactured or processed in,or
Close assessment process. this Contract:(i) does not contain any product that was exported from,in each case,the Russia Federation or
produced, manufactured or processed in, or exported Crimea,the Donetsk People’s Republic or the Luhansk
Platts Singapore Jet Kero Bids, Offers, from; or (ii) has not been produced through a blending People’s Republic in Ukraine
Trades process that uses product or components that have Trades: No trades reported
been produced, manufactured or processed in, or This assessment commentary applies to the
Bids: Jet: FOB Straits: UIT bids MOPS -0.20 Sep 21- exported from, in each case, the Russia Federation or following market data codes: Jet Kero <PJABF00>
25 230kb (Deemed pricing Sep 24-30); Jet: FOB Straits: Crimea, the Donetsk People’s Republic or the Luhansk
UIT bids MOPS -0.15 Sep 27-Oct 1 129kb (Deemed People’s Republic in Ukraine; Jet: FOB Straits: Gunvor Platts Asia and Middle Eastern Gasoil Daily
pricing Sep 24-30) or MOPS -0.20 Sep 27-Oct 1 230kb offers MOPS +0.30 Sep 26-30 100kb(Deemed pricing Market Analysis
(Deemed pricing Sep 24-30); Jet: FOB Straits: UIT bids Sep 24-30) INCO Seller represents and warrants
„ Singapore’s middle distillate stocks rebound 6%
H1 Oct -0.20 Oct 2-6 230kb that the cargo delivered/to be delivered under this
from seven-week low
Offers: Jet: FOB Straits: Aramco offers MOPS Contract:(i)does not contain any product that was
+0.40 Sep 21-25 100kb (Deemed pricing Sep 24-30); produced,manufactured or processed in,or exported „ China’s naphtha premium over gasoil gets Vitol’s
Jet: FOB Straits: BP offers MOPS -0.10 Sep 21-25 from;or(ii)has not been produced through a blending attention
100kb (Deemed pricing Sep 19-25) BP GTC. Seller process that uses product or components that have
represents and warrants that, to the best of its been produced,manufactured or processed in,or The Asian ultra low sulfur diesel market was holding
knowledge, the Cargo delivered under this Contract:(i) exported from,in each case,the Russia Federation or steady to softer Sept. 6 as trade participants continue
does not contain any product that was produced, Crimea,the Donetsk People’s Republic or the Luhansk to weigh demand-side fundamentals while awaiting the
manufactured or processed in, or exported from; People’s Republic in Ukraine; Jet: FOB Straits: Aramco release of spot cargoes from South Korea for October-
or (ii) has not been produced through a blending offers Oct +0.40 Oct 1-5 100kb; Jet: FOB Straits: BP loading dates.
process that uses product or components that have offers MOPS +0.30 Oct 1-5 100kb (Deemed pricing Oct The spread between the FOB Singapore 10 ppm
been produced, manufactured or processed in, or 1-7) BP GTC. Seller represents and warrants that, to sulfur gasoil derivative crack and that of co-distillate
exported from, in each case, the Russia Federation or the best of its knowledge, the Cargo delivered under jet fuel/kerosene to front-month Dubai swap narrowed
Crimea, the Donetsk People’s Republic or the Luhansk this Contract:(i) does not contain any product that was 88.24% on the day to 4 cents/b at the Asian close
People’s Republic in Ukraine; Jet: FOB Straits: Gunvor produced, manufactured or processed in, or exported Sept. 5, from 34 cents/b the previous day, S&P Global
offers MOPS +0.30 Sep 21-25 100kb (Deemed pricing from; or (ii) has not been produced through a blending Commodity Insights data showed.

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

On the physical front, the FOB Singapore 10 ppm compared to other oil products,” Shi Fenglei, a following input: The front loading period was assessed
sulfur gasoil cargo crack was trading at a 61 cents/b downstream research and analysis director with S&P at Mean of Platts Singapore Gasoil minus 70 cents/b,
discount to that of jet fuel/kerosene at the Asian close Global Commodity Insights, said. taking into account an offer at MOPS Gasoil minus 66
Sept. 5, widening 69.22% on the day. China’s top refiner Sinopec said in August that China’s cents/b and a bid at MOPS Gasoil minus 72 cents/b.
This was largely attributed to weakness in the Asian gasoil demand had peaked and fell 5.8% year on year Both the bid and offer were normalized to account for
gasoil complex as regional supply remains long while in the first half of 2024. State-owned PetroChina in its deemed pricing. The middle and back loading periods
trade sources characterized the jet fuel/kerosene interim report in August said that sales in the domestic were assessed at MOPS Gasoil minus 59 cents/b and at
segment as balanced. market had declined 3.2% year on year to 1.15 million b/d. MOPS Gasoil minus 51 cents/b, reflecting the movement
“We should see refiners adjusting production in Market sources expect autumn peak demand in the front and middle loading periods, respectively.
favor of jet fuel/kerosene soon but this is also typical for gasoil to be weaker than usual due to China’s Gasoil .05%S (500ppm) FOB Spore Cargo
for this time of the year with heating and travel slow economic growth, mirroring subdued domestic <AAFEX00> assessment rationale:
demand,” a trade source said. gasoil prices. September and October are typically The FOB Singapore Gasoil 0.05% (500 ppm) cargo
“Though I’m not sure how much [refiners] would peak demand months for gasoil as the autumn assessment Sept. 6 was based on the adjusted
shift since the macroeconomic outlook is still bearish climate lends itself to more harvesting, fishing and relationship between the physical and swap markets.
so overall demand may not be that strong,” the construction activity. The cash differential was down 2 cents/b day on day
source added. Singapore’s onshore commercial stocks of gasoil at MOPS Gasoil minus $1.90/b, as the balance-month
Elsewhere, gasoil in yuan terms has become so and jet fuel/kerosene edged 5.86% higher over Aug. September-October swap was down 3 cents/b on day
much cheaper than naphtha in China as to raise the 29-Sept. 4, rebounding from a seven-week low to 11.37 at minus 48 cents/b.
attention of Vitol, the world’s largest independent million barrels, Enterprise Singapore data showed late Gasoil FOB Spore Cargo <POABC00> assessment
commodities trader. Sept. 5. rationale:
“It tells you that there is strength in demand in the The city-state remained a net exporter of gasoil in The benchmark FOB Singapore Gasoil 0.001% (10
petrochemicals sector, and people are going as far as the week to Sept. 4, with outflows rising 7.79% on the ppm) cargo assessment Sept. 6 was based on the
to say how much can we get to higher naphtha yields week to 283,198 mt, or 2.11 million barrels. following input: The front loading period was assessed
to make more petrochemicals in China when that’s not US was the top destination of Singapore’s gasoil at MOPS Gasoil minus 70 cents/b, taking into account
on anybody’s radar just yet, “ Vitol’s Asia head, Mike exports at 52,271 mt, followed by Sri Lanka, at 39,300 an offer at MOPS Gasoil minus 66 cents/b and a bid at
Muller, told an energy podcast this week. mt; Australia, at 35,172 mt; and Bangladesh, at 32,998 MOPS Gasoil minus 72 cents/b. Both bid and offer were
Typically, property and infrastructure constructions mt. Gasoil exports to the US were last seen July 18-24 at normalized to account for deemed pricing. The middle
account for more than 30% of China’s gasoil demand, 29,963 mt, historical Enterprise Singapore data showed. and back loading periods were assessed at MOPS
according to market analysts. The barrel is not only Meanwhile, Russia was the main supplier of gasoil Gasoil minus 59 cents/b and at MOPS Gasoil minus
directly burned as construction machinery fuel but to Singapore over Aug. 29-Sept. 4, with volumes 51 cents/b, reflecting the movement in the front and
also used as a transportation fuel to ship machinery surging 63.54% on the week to 68,709 mt, followed by middle loading periods, respectively.
and materials, such as rebar, cement and wood. South Korea and Malaysia, at 8,248 mt and 1,611 mt, Exclusions: No market data was excluded from the
In addition, robust sales of LNG-fueled heavy-duty respectively. Sept. 6 Singapore Gasoil Market-on-Close assessment
trucks displacing conventional diesel-powered trucks process.
has also weighed on gasoil demand, analysts said. Platts Asia and Middle Eastern Gasoil Cargo
The premium in China has more to do with Daily Rationale & Exclusions Platts FOB Fujairah Gasoil Daily Rationale &
weakness in diesel/gasoil than in strength in Gasoil .001%S (10ppm) FOB Spore Cargo Exclusions
petrochemicals demand in China, some analysts said. <AAOVC00> assessment rationale: Gasoil FOB Fujairah cargo <AFUJK00> assessment
“With diesel end-users concentrated in these The benchmark FOB Singapore Gasoil 0.001% (10 rationale:
affected sectors, domestic diesel cracks are weak ppm) cargo assessment Sept. 6 was based on the The FOB Fujairah Gasoil assessment on Sept. 6 was

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

assessed at a premium of $1.55/b to Mean of Platts transport of the goods sold commence from or involve The cash differential was down 2 cents/b day on day at
Arab Gulf gasoil assessment, taking into consideration transit through RF; Gasoil 10ppm: FOB Straits: Vitol Mean of Platts Singapore Gasoil minus $2.16/b, as the
prices in the FOB Fujairah gasoil market as well as offers MOPS -0.66 Sep 21-25 150kb (Deemed pricing balance-month September-October swap was down 3
differentials for recent cargo trades heard in the Sep 20-26) INCO; Gasoil 10ppm: FOB Straits: Trafigura cents/b on day at minus 48 cents/b.
Middle East. The MOPAG Gasoil Strip was $82.26/b. offers MOPS -0.33 Sep 22-26 150kb (Deemed pricing Gasoil .05% (500ppm) FOB Arab Gulf Cargo
Gasoil 500 ppm FOB Fujairah cargo <AFUJN00> Sep 23-27) INCO; Gasoil 10ppm: FOB Straits: Unipec <AAFEZ00> assessment rationale:
assessment rationale: offers MOPS -0.20 Sep 23-27 150kb (Deemed pricing The FOB Arab Gulf Gasoil 0.05% (500 ppm) cargo
The FOB Fujairah 500 ppm Gasoil assessment on Sep 23-27) INCO; Gasoil 10ppm: FOB Straits: BP offers assessment was derived as a freight netback from
Sept. 6 was assessed at a premium of 75 cents/b to MOPS -0.10 Sep 26-30 150kb (Deemed pricing Sep the FOB Singapore Gasoil 0.001% (10 ppm) cargo
Mean of Platts Arab Gulf gasoil assessment, taking into 23-27) BP GTC. Seller represents and warrants that, to assessment using the following inputs: FOB Singapore
consideration prices in the FOB Fujairah gasoil market the best of its knowledge, the Cargo delivered under Gasoil 0.001% (10 ppm) cargo assessment minus the
as well as differentials for recent cargo trades heard in this Contract:(i) does not contain any product that was cost of transporting a 55,000-mt clean cargo from a
the Middle East. The MOPAG Gasoil Strip was $82.26/b. produced, manufactured or processed in, or exported basket of ports in the Persian Gulf to Singapore, and
Exclusions: from; or (ii) has not been produced through a blending taking into account the cash differential between the
No market data was excluded from the Sept. 6 process that uses product or components that have FOB Arab Gulf 10 ppm and 500 ppm assessments.
Fujairah Gasoil Market-on-Close assessment process. been produced, manufactured or processed in, or Gasoil FOB Arab Gulf Cargo <POAAT00>
exported from, in each case, the Russia Federation or assessment rationale:
Platts Asia and Middle Eastern Gasoil Cargo Crimea, the Donetsk People’s Republic or the Luhansk The FOB Arab Gulf Gasoil 0.001% (10 ppm) cargo
Bids, Offers, Trades People’s Republic in Ukraine; Gasoil 10ppm: FOB assessment was derived as a freight netback from
Straits: Hartree offers MOPS -0.30 Sep 26-30 150kb the FOB Singapore Gasoil 0.001% (10 ppm) cargo
Bids: Gasoil 10ppm: FOB Straits: Petrochina bids (Deemed pricing Sep 23-27) BP GTC; Gasoil 10ppm: assessment using the following input: FOB Singapore
MOPS -0.70 Sep 24-28 150kb (Deemed pricing Sep FOB Straits: UIT offers MOPS -0.10 Sep 26-30 210kb Gasoil 0.001% (10 ppm) cargo assessment minus the
23-27) INCO; Gasoil 10ppm: FOB Straits: Unipec bids (Deemed pricing Sep 24-30); Gasoil 10ppm: FOB Straits: cost of transporting a 55,000-mt clean cargo from a
MOPS -0.70 Sep 24-28 150kb (Deemed pricing Sep Vitol offers MOPS -0.55 Sep 26-30 150kb (Deemed basket of ports in the Persian Gulf to Singapore.
23-27) INCO; Gasoil 10ppm: FOB Straits: Reliance bids pricing Sep 26-Oct 3) INCO; Gasoil 10ppm: FOB Straits: Exclusions:
MOPS -0.80 Sep 25-29 150kb (Deemed pricing Sep Vitol offers MOPS -0.40 Oct 1-5 150kb (Deemed pricing No market data was excluded from the Sept.
24-30); Gasoil 10ppm: FOB Straits: Sahara Energy bids Oct 1-7) INCO 6 Singapore Gasoil Market-on-Close assessment
MOPS -0.60 Sep 29-Oct 3 230kb (Deemed pricing Sep Trades: No trades reported process.
27-Oct 3) INCO; Gasoil 500ppm: FOB Straits: Vitol bids This assessment commentary applies to the
MOPS -2.50 Sep 25-29 150kb (Deemed pricing Sep following market data codes: <AAOVC00> <AAFEX00> Platts Asia and Middle East Fuel Oil Daily
24-30) INCO <AACUE00> <POABC00> <AAFEZ00> Market Analysis
Offers: Gasoil 10ppm: FOB Straits: Aramco offers
„ Asia LSFO crack soars to six-month high; cash
MOPS -0.20 Sep 21-25 150kb (Deemed pricing Sep Platts Asia and Middle Eastern Gasoil FOB
premium rises further
19-25); Gasoil 10ppm: FOB Straits: Sietco offers MOPS Cargo Daily Rationale & Exclusions
-0.10 Sep 21-25 150kb (Deemed pricing Sep 19-25) Gasoil .25%S (2500ppm) FOB Spore Cargo „ Singapore’s fuel oil stocks rise 3.4% on week amid
Shell GTC. It is a condition of this agreement that <AACUE00> assessment rationale: fewer exports
the goods sold and delivered by Seller will not be of The FOB Singapore Gasoil 0.25% (2,500 ppm)
Russian Federation (RF) origin, nor have been blended cargo assessment Sept. 6 was based on the adjusted The Asian low sulfur fuel oil market held near
with any product that was produced in RF, nor will the relationship between the physical and swap markets. prevailing levels Sept. 6, a day after refining margins for

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

the marine fuel grade climbed to the strongest level Sept. 5, amid fewer exports from the world’s largest product or components that have been produced,
in six months amid steady downstream demand and bunkering hub. manufactured or processed in, or exported from,
limited prompt supplies. Singapore exported 232,438 mt fuel oil in the week in each case, the Russia Federation or Crimea, the
The Singapore 0.5%S marine fuel balance to Sept. 4, down 43.8% from 413,319 mt in the previous Donetsk People’s Republic or the Luhansk People’s
September-October spread was pegged at $30.50/mt week, the Enterprise Singapore data showed. Republic in Ukraine.)
in midafternoon Asian trade Sept. 6, unchanged from The city-state’s fuel oil exports to China rose 67% Platts Marine Fuel 0.5%: FOB Straits: BP bids MOPS
the Platts assessment of the spread at the Asian close on the week to 70,415 mt, but exports to Bangladesh +15.00 Sep 26-30 40kt OR (Seller represents and
Sept. 5. dropped 28.5% from the previous week to 35,076 mt warrants that, to the best of its knowledge, the cargo
The Singapore front-month crack spread for the and outflows to the Philippines nearly halved to 16,978 delivered under this Contract: (i) does not contain any
0.5% sulfur marine fuel grade against ICE Brent crude mt in the latest week, the data showed. product that was produced, manufactured or processed
futures, which has gained 10% so far in September, Platts is part of Commodity Insights. in, or exported from; or (ii) has not been produced
was assessed $1.08/mt higher on the day at $14.54/b through a blending process that uses product or
on Sept. 5, the highest since March 4 when it was Platts FOB Singapore Marine Fuel 0.5% cargo components that have been produced, manufactured or
at $14.63/b, S&P Global Commodity Insights data Daily Rationale & Exclusions processed in, or exported from, in each case, the Russia
showed. The front-month refining margin for October Marine Fuel 0.5% FOB Spore cargo $/mt Federation or Crimea, the Donetsk People’s Republic or
was pegged at $14.55/b in midafternoon Asian trading <AMFSA00> Assessment Rationale: The FOB Singapore the Luhansk People’s Republic in Ukraine.)
Sept. 6. Marine Fuel 0.5% assessment Sept. 6 reflected a trade Platts Marine Fuel 0.5%: FOB Straits: BP bids MOPS
Platts assessed the Singapore 0.5%S marine for a Sept. 21-25 loading cargo, which Shell sold to +14.00 Oct 1-5 40kt (Seller represents and warrants
fuel cargo’s cash differential over the Mean of Platts PetroChina at Mean of Platts Singapore Marine Fuel that, to the best of its knowledge, the cargo delivered
Singapore Marine Fuel 0.5%S assessment 22 cents 0.5% assessment plus $25/mt. The assessment also under this Contract: (i) does not contain any product
higher on the day at a premium of $20.53/mt on Sept. took into consideration an offer from Trafigura for a that was produced, manufactured or processed in, or
5, up for a fourth consecutive session to a fresh high Sept. 28-Oct. 2 loading cargo at MOPS plus $21/mt. exported from; or (ii) has not been produced through
since Nov. 24, 2023, when it was at a premium of This assessment commentary applies to the a blending process that uses product or components
$22.79/mt, Commodity Insights data showed. following market data codes: Marine Fuel 0.5% FOB that have been produced, manufactured or processed
Meanwhile, Platts assessed the benchmark Spore cargo $/mt <AMFSA00> in, or exported from, in each case, the Russia
Singapore 380 CST high sulfur fuel oil cargo’s cash Exclusions: No market data was excluded from the Federation or Crimea, the Donetsk People’s Republic or
differential to the MOPS 380 CST HSFO assessment at Sept. 6, 2024, cargo assessment process. the Luhansk People’s Republic in Ukraine.)
a premium of $13.28/mt Sept. 5, up 6 cents from the Platts is part of S&P Global Commodity Insights. Platts Marine Fuel 0.5%: FOB Straits: Glencore bids
preceding session and up 118% so far this week, riding MOPS +15.00 Sep 21-25 40kt OR
on competitive bids from Trafigura during the Platts Platts FOB Singapore Marine Fuel 0.5% Platts Marine Fuel 0.5%: FOB Straits: Glencore bids
Market on Close assessment process. Cargo Bids, Offers, Trades MOPS +15.00 Sep 26-30 40kt OR
The Singapore 380 CST HSFO balance September- Platts Marine Fuel 0.5%: FOB Straits: Glencore bids
October market structure was pegged at $13.25/mt Bids: Platts Marine Fuel 0.5%: FOB Straits: BP bids MOPS +15.00 Oct 1-5 40kt
in midafternoon Asian trade Sept. 6, compared with MOPS +16.00 Sep 21-25 40kt OR (Seller represents and Platts Marine Fuel 0.5%: FOB Straits: P66 bids
$13.45/mt at the Asian close Sept. 5. warrants that, to the best of its knowledge, the cargo MOPS +15.00 Sep 21-25 40kt OR
Singapore’s commercial stockpiles of heavy delivered under this Contract: (i) does not contain Platts Marine Fuel 0.5%: FOB Straits: P66 bids
distillates climbed 3.4% on the week to a two-week any product that was produced, manufactured or MOPS +15.00 Sep 26-30 40kt OR
high of 18.8 million barrels in the week to Sept. 4, processed in, or exported from; or (ii) has not been Platts Marine Fuel 0.5%: FOB Straits: P66 bids
showed Enterprise Singapore data released late produced through a blending process that uses MOPS +15.00 Oct 1-5 40kt

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

Platts Marine Fuel 0.5%: FOB Straits: Vitol bids product. Seller can provide if requested documentary BUYS FROM GUNVOR* 5KMT AT $11.00 (08:29:48)
MOPS +22.00 Sep 21-25 40kt INCO OR evidence of compliance, showing refinery origin(s) of PLATTS FO SPR: BAL MONTH/OCT24: MERCURIA
Platts Marine Fuel 0.5%: FOB Straits: Vitol bids the cargo, to the Buyer’s reasonable satisfaction) BUYS FROM GUNVOR* 5KMT AT $11.00 (08:29:53)
MOPS +18.00 Sep 26-30 40kt INCO OR Platts Marine Fuel 0.5%: FOB Straits: Trafigura PLATTS SINGAPORE MARINE FUEL 0.5% PAPER
Platts Marine Fuel 0.5%: FOB Straits: Vitol bids offers MOPS +21.00 Sep 28-Oct 2 20kt OR TRADES SUMMARY 06 Sep24 (1/2)
MOPS +15.00 Oct 1-5 40kt INCO Platts Marine Fuel 0.5%: FOB Straits: Trafigura MARINE FUEL 0.5% FOB SINGAPORE (PLATTS)
Platts Marine Fuel 0.5%: FOB Straits: PetroChina no offers MOPS +21.00 Oct 2-6 20kt PLATTS MARINE FUEL: OCT24: SERENITY SELLS
longer bids MOPS +25.00 Sep 21-25 40kt OR after trade Trades: 1 trade TO ONYX* 5KMT AT $549.75 (08:29:44)
with Shell (4:29:32.041) 1) Platts Marine Fuel 0.5%: FOB Straits: Sep 21- PLATTS MARINE FUEL: OCT24: SERENITY SELLS
WD: Platts Marine Fuel 0.5%: FOB Straits: 25: 40kt: Shell sells to PetroChina at MOPS +25.00 TO GLENCORE* 5KMT AT $549.50 (08:29:47)
PetroChina withdraws bid MOPS +19.00 Sep 26- (4:29:32.041) PLATTS MARINE FUEL: OCT24: NEST SELLS TO
30 40kt OR This assessment commentary applies to the ERA 5KMT AT $549.50 (08:29:59)
WD: Platts Marine Fuel 0.5%: FOB Straits: following market data codes: Marine Fuel 0.5% FOB PLATTS MARINE FUEL: OCT24: SERENITY SELLS
PetroChina withdraws bid MOPS +16.00 Oct 1-5 40kt Spore cargo $/mt <AMFSA00> TO ONYX* 5KMT AT $549.50 (08:30:02)
Offers: WD: Platts Marine Fuel 0.5%: FOB Straits: PLATTS MARINE FUEL (BALMO): BAL MONTH:
Shell withdraws offer Bal Sep +19.00 Sep 21-25 Platts Singapore Fuel Oil Paper Exclusions DARE SELLS TO GLENCORE* 5KMT AT $578.00
20kt Shell GTC OR (4:29:29.693) (4:29:32.041) (It is a (08:27:59)
condition of this offer/agreement that the products Exclusions: No market data was excluded from the PLATTS SINGAPORE MARINE FUEL 0.5% PAPER
sold and delivered by Seller will not be of Russian Sept. 6, 2024 Asian fuel oil paper assessment process. TRADES SUMMARY 06 Sep24 (2/2)
Federation (RF) origin (which includes product PLATTS MARINE FUEL SPR: BAL MONTH/OCT24:
exported from RF) nor blended with any RF origin Fuel Oil Reported Deals DARE SELLS TO PETROCHINA* 5KMT AT $28.50
product. Seller can provide if requested documentary (08:25:43)
evidence of compliance, showing refinery origin(s) of PLATTS SINGAPORE FUEL OIL PAPER TRADES PLATTS MARINE FUEL SPR: BAL MONTH/OCT24:
the cargo, to the Buyer’s reasonable satisfaction) SUMMARY 06 Sep24 DARE SELLS TO PETROCHINA* 5KMT AT $28.25
WD: Platts Marine Fuel 0.5%: FOB Straits: Shell PLATTS ASIA FO SWAP MOC TRADES ON CLOSE (08:26:43)
withdraws offer MOPS +25.00 Sep 26-30 20kt Shell FUEL OIL 180CST SINGAPORE/FUEL OIL 380CST PLATTS MARINE FUEL SPR: BAL MONTH/OCT24:
GTC OR (It is a condition of this offer/agreement that SINGAPORE DARE SELLS TO PETROCHINA* 5KMT AT $28.25
the products sold and delivered by Seller will not be of PLATTS FO SPR: BAL MONTH: MERCURIA BUYS (08:26:44)
Russian Federation (RF) origin (which includes product FROM ONYX* 5KMT AT $3.75 (08:29:56) PLATTS MARINE FUEL SPR: BAL MONTH/OCT24:
exported from RF) nor blended with any RF origin FUEL OIL 380CST SINGAPORE MERCURIA SELLS TO PETROCHINA* 5KMT AT $28.25
product. Seller can provide if requested documentary PLATTS FO: OCT24: NEST BUYS FROM DARE 5 (08:26:51)
evidence of compliance, showing refinery origin(s) of KMT AT $387.25 (08:29:59) PLATTS MARINE FUEL SPR: BAL MONTH/OCT24:
the cargo, to the Buyer’s reasonable satisfaction) PLATTS FO SPR: BAL MONTH/OCT24: TRAFIGURA SHELL SELLS TO TOTAL* 5KMT AT $27.75 (08:26:53)
WD: Platts Marine Fuel 0.5%: FOB Straits: Shell BUYS FROM GUNVOR* 5KMT AT $11.25 (08:29:15) PLATTS MARINE FUEL SPR: BAL MONTH/OCT24:
withdraws offer MOPS +25.00 Oct 2-6 20kt Shell GTC PLATTS FO SPR: BAL MONTH/OCT24: GUNVOR ONYX SELLS TO PETROCHINA* 5KMT AT $28.25
(It is a condition of this offer/agreement that the SELLS TO ONYX* 5KMT AT $11.00 (08:29:34) (08:26:55)
products sold and delivered by Seller will not be of PLATTS FO SPR: BAL MONTH/OCT24: GUNVOR PLATTS MARINE FUEL SPR: BAL MONTH/
Russian Federation (RF) origin (which includes product SELLS TO ONYX* 5KMT AT $10.75 (08:29:45) OCT24: DARE SELLS TO PHILLIPS 66* 5KMT AT $27.75
exported from RF) nor blended with any RF origin PLATTS FO SPR: BAL MONTH/OCT24: TRAFIGURA (08:26:55)

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

PLATTS MARINE FUEL SPR: BAL MONTH/OCT24: MARINE FUEL 0.5% FOB SINGAPORE (PLATTS)/ HSFO assessment Sept. 6 took into consideration the
MERCURIA SELLS TO PETROCHINA* 5KMT AT $28.25 FUEL OIL 380CST SINGAPORE drop in Singapore 380 CST HSFO balance September-
(08:27:01) PLATTS MARINE FUEL 0.5%/FO 380CST SPR: October swaps spread, which was assessed $2.45/mt
PLATTS MARINE FUEL SPR: BAL MONTH/OCT24: OCT24: NEST TOOK BID* 5KMT AT $162.25 (08:29:59) narrower day-on-day at $11/mt.
SHELL SELLS TO PETROCHINA* 5KMT AT $28.00 FO 180 CST 3.5%S FOB Arab Gulf Cargo <PUABE00>
(08:27:19) Platts Fujairah Daily Marine Fuel 0.5% Cargo assessment rationale: The FOB Arab Gulf 180 CST
PLATTS MARINE FUEL SPR: BAL MONTH/OCT24: Daily Rationale & Exclusions HSFO assessment was derived as a freight netback
MERCURIA SELLS TO PETROCHINA* 5KMT AT $27.75 Marine Fuel 0.5% FOB Fujairah cargo $/mt from the FOB Singapore 180 CST HSFO assessment
(08:27:29) <AMFFA00> assessment rationale: FOB Fujairah using the following calculation: FOB Singapore 180 CST
PLATTS MARINE FUEL SPR: BAL MONTH/OCT24: Marine Fuel 0.5%S cargo assessment Sept. 6 took into HSFO assessment minus the cost of transporting an
MERCURIA SELLS TO PETROCHINA* 5KMT AT $27.75 consideration prices in the Fujairah-delivered marine 80,000-mt dirty cargo from the Persian Gulf to the East.
(08:27:37) fuel 0.5%S bunker market as well as differentials at FO 380 CST 3.5%S FOB Arab Gulf Cargo <AAIDC00>
PLATTS MARINE FUEL SPR: BAL MONTH/OCT24: which Marine Fuel 0.5%S cargoes were heard traded in assessment rationale: The FOB Arab Gulf 380 CST
MERCURIA SELLS TO PETROCHINA* 5KMT AT $27.75 the Middle East. HSFO assessment was derived as a freight netback
(08:28:02) Platts is part of S&P Global Commodity Insights. from the FOB Singapore 380 CST HSFO assessment
PLATTS MARINE FUEL SPR: BAL MONTH/ This rationale applies to the symbol <AMFFA00>. using the following calculation: FOB Singapore 380 CST
OCT24: MERCURIA SELLS TO HENGLI* 5KMT AT $27.50 Exclusions: No data was excluded from the Sept. 6 HSFO assessment minus the cost of transporting an
(08:28:56) Platts Market on Close assessment process. 80,000-mt dirty cargo from the Persian Gulf to the East.
PLATTS MARINE FUEL SPR: BAL MONTH/ Exclusions: No market data was excluded from the
OCT24: MERCURIA SELLS TO HENGLI* 5KMT AT $27.50 Platts Fujairah Daily Marine Fuel 0.5% Sept. 6 high sulfur fuel oil cargo assessment process.
(08:28:57) Cargo Bids, Offers, Trades
PLATTS MARINE FUEL SPR: BAL MONTH/OCT24: Platts FOB Fujairah Daily 380 CST HSFO Cargo
MERCURIA SELLS TO PTT* 5KMT AT $27.50 (08:28:58) Bids: No bid Daily Rationale & Exclusions
PLATTS MARINE FUEL SPR: BAL MONTH/OCT24: Offers: No offer HSFO 380 CST FOB Fujairah cargo $/mt
SHELL SELLS TO BP* 5KMT AT $27.50 (08:29:02) Trades: No trade <AFUJQ00> assessment rationale: FOB Fujairah 380
PLATTS MARINE FUEL SPR: BAL MONTH/OCT24: This assessment commentary applies to the CST HSFO assessment Sept. 6 took into consideration
SHELL SELLS TO PETROCHINA* 5KMT AT $27.50 following market data codes: Marine Fuel 0.5% FOB prices in the Fujairah 380 CST HSFO delivered bunker
(08:29:09) Fujairah cargo $/mt <AMFFA00> market as well as differentials for recent cargo trades
PLATTS MARINE FUEL SPR: BAL MONTH/OCT24: heard in the Middle East.
SHELL SELLS TO PETROCHINA* 5KMT AT $27.50 Platts Asia and Middle East FO 180, 380 CST Platts is part of S&P Global Commodity Insights.
(08:29:27) Daily Rationales & Exclusions Exclusions: No data was excluded from the Sept. 6
PLATTS MARINE FUEL SPR: BAL MONTH/ FO 180 CST 3.5%S FOB Spore Cargo <PUADV00> Platts Market on Close assessment process.
OCT24: GUNVOR BUYS FROM SHELL* 5KMT AT $27.50 assessment rationale: The FOB Singapore 180 CST
(08:29:50) HSFO assessment Sept. 6 took into consideration the Platts Singapore Fuel Oil Bids Offers Trades
PLATTS MARINE FUEL SPR: BAL MONTH/ drop in Singapore 180 CST HSFO balance September-
OCT24: GUNVOR BUYS FROM SHELL* 5KMT AT $27.50 October swaps spread, which was assessed $2.55/mt Bids: PLATTS HSFO: PHYSICAL BIDS FINALS ON
(08:29:57) narrower day-on-day at $6.20/mt. CLOSE (180 CST): No bid
PLATTS MARINE FUEL SPR: OCT24/NOV24: ONYX FO 380 CST 3.5%S FOB Spore Cargo <PPXDK00> PLATTS HSFO: PLATTS HSFO: PHYSICAL BIDS
SELLS TO CONDA* 5KMT AT $17.25 (08:17:15) assessment rationale: The FOB Singapore 380 CST FINALS ON CLOSE (380 CST):

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

Platts HSFO 380CST: FOB Straits: Trafigura bids Seller will not be of Russian Federation (RF) origin Platts US West Coast Light End Daily
MOPS +13.00 Sep 21-25 20kt OR (which includes product exported from RF), nor Commentary
Platts HSFO 380CST: FOB Straits: Trafigura bids blended with any RF origin product. Buyer reserves the
„ NYMEX October futures contract continues to fall
MOPS +11.00 Sep 24-28 20kt OR right to ask for documentary evidence of compliance,
Platts HSFO 380CST: FOB Straits: Trafigura bids showing refinery origin(s) of the cargo, to the Buyer’s „ Portland unleaded gasoline differentials keep
MOPS +9.00 Sep 27-Oct 1 20kt reasonable satisfaction.) widening
Platts HSFO 380CST: FOB Straits: Rex Commodities Platts HSFO 380CST: FOB Straits: Shell bids MOPS
bids MOPS +6.00 Sep 26-30 20kt OR (It is a condition +4.00 Sep Oct 2-6 20kt (It is a condition of this bid/ On the West Coast, most outright prices continued
of this bid/agreement that the products sold and agreement that the products sold and delivered by to fall on Sept. 6 amid a bearish NYMEX October
delivered by Seller will not be of Russian Federation Seller will not be of Russian Federation (RF) origin futures contract for the fifth consecutive day.
(RF) origin (which includes product exported from (which includes product exported from RF), nor The Los Angeles CARBOB outright price fell 2.98
RF), nor blended with any RF origin product. Buyer blended with any RF origin product. Buyer reserves the cents, closing at $2.3565/gal for the regular grade and
reserves the right to ask for documentary evidence of right to ask for documentary evidence of compliance, at $2.6860/gal for the premium grade, as the futures
compliance, showing refinery origin(s) of the cargo, to showing refinery origin(s) of the cargo, to the Buyer’s contract continued with the downtrend last seen in
the Buyer’s reasonable satisfaction.) reasonable satisfaction.) February 2021.
Platts HSFO 380CST: FOB Straits: Rex Commodities Offers: PLATTS HSFO: PHYSICAL OFFERS FINALS Meanwhile, in Portland, the unleaded gasoline
bids MOPS +6.00 Oct 1-5 20kt (It is a condition of this ON CLOSE (180 CST): No offer differentials strengthened 9 cents in tandem, near
bid/agreement that the products sold and delivered PLATTS HSFO: PHYSICAL OFFERS FINALS ON futures plus 3 cents/gal for regular and futures plus 55
by Seller will not be of Russian Federation (RF) origin CLOSE (380 CST): No offer cents/gal for premium. The outright prices rose 6.02
(which includes product exported from RF), nor Trades: No trade cents in tandem to close at $2.2460/gal for regular
blended with any RF origin product. Buyer reserves the Platts Bitumen: PHYSICAL BIDS FINALS ON CLOSE: gasoline and at $2.4460/gal for the premium grade.
right to ask for documentary evidence of compliance, FOB STRAITS: Further north, in Seattle, the unleaded gasoline
showing refinery origin(s) of the cargo, to the Buyer’s Platts Bitumen: FOB Straits: PEN 60-70: 3kt: Oct 13- differentials widened 9 cents in tandem, with regular
reasonable satisfaction.) 17: Trafigura bids $506.00/mt INCO gasoline closing at futures plus 33 cents/gal, while the
Platts HSFO 380CST: FOB Straits: Vitol bids MOPS Platts Bitumen: PHYSICAL OFFERS FINALS ON premium grade was close to futures plus 53 cents/gal.
+4.00 Sep 23-27 20kt INCO OR CLOSE: FOB STRAITS: Platts is part of S&P Global Commodity Insights.
Platts HSFO 380CST: FOB Straits: Vitol bids MOPS Platts Bitumen: FOB Straits: PEN 60-70: 3kt: Sep
+4.00 Sep 26-30 20kt INCO 26-30: PetroChina offers $512.00/mt (Demurrage and Platts Middle East Sour Crude Daily Market
Platts HSFO 380CST: FOB Straits: Shell bids MOPS laytime not applicable) Analysis
+4.00 Sep 21-25 20kt OR (It is a condition of this bid/ Platts Bitumen Trade Summary: FOB STRAITS:
„ Spot trading activity accelerate, arbitrage crude
agreement that the products sold and delivered by No trade
trades heard
Seller will not be of Russian Federation (RF) origin Platts Bitumen: PHYSICAL BIDS FINALS ON CLOSE:
(which includes product exported from RF), nor FOB SOUTH KOREA: No bids „ Aramco Oct OSP in focus
blended with any RF origin product. Buyer reserves the Platts Bitumen: PHYSICAL OFFERS FINALS ON „ Indonesia’s Pertamina reissues Russian crude
right to ask for documentary evidence of compliance, CLOSE: FOB SOUTH KOREA: No offers tender for Nov arrival
showing refinery origin(s) of the cargo, to the Buyer’s Platts Bitumen: TRADE SUMMARY: FOB SOUTH
reasonable satisfaction.) KOREA: No trade The Asian sour crude market saw trading activity
Platts HSFO 380CST: FOB Straits: Shell bids MOPS This assessment commentary applies to the following ramping up Sept. 6, following the release of several
+4.00 Sep 26-30 20kt OR (It is a condition of this bid/ market data codes: FO 180 CST 2.0% <PUAXS00> FO 180 major producer October OSPs as the week inches to
agreement that the products sold and delivered by CST 3.5% <PUADV00> FO 380 CST 3.5% <PPXDK00> a close.

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

OMV was heard to have sold a November Umm Lulu assessments in the month of loading, inching down Platts Mideast Sour Crude Daily Rationales &
crude cargo to a South Korean refiner at a premium of from plus 35 cents/b for September. Exclusions
around $2.10s/b to Platts Dubai, FOB. The focus now shifts back to the anticipated Dubai Mo01 <PCAAT00> assessment rationale: The
Arbitrage flows into Asia continued as Unipec was release of Saudi Aramco’s October OSPs, which traders November cash Dubai assessment Sept. 6 took into
heard to have bought another 1 million barrels each of continue to monitor closely. consideration bids and offers for cash Dubai partials
the US’ medium sour Mars crude and Southern Green This comes as OPEC and its allies have delayed that traded at $73.39-$73.41/b toward the end of the
Canyon crude, on an FOB basis, market sources said. plans to start gradually rolling back 2.2 million b/d Platts Market on Close assessment process, a bid
Further details could not be confirmed. of voluntary cuts by two months to December, the standing at $73.40/b and an offer standing at $73.44/b
“[Purchase of such grades] were not very frequent group announced Sept. 5, in a bid to support sinking at the end of the MOC.
recently [due to] expensive arbs,” a trader said, adding oil prices. Oman Blend Mo01 <PCABS00> assessment rationale:
that “but now Mars [crude] seems cheaper”. The OPEC+ alliance had earlier planned to slowly The November cash Oman assessment Sept. 6 took into
Additionally, China’s Rongsheng Petrochemical was reintroduce volumes trimmed by eight members — consideration values heard in the broader market.
heard to have bought four Aframax-sized cargoes of Saudi Arabia, Kuwait, Algeria, Oman, Kazakhstan, Iraq, Exclusions: No market data was excluded from the
Access Western Blend for December arrival, at discounts Russia and the UAE – through late 2025, depending Middle East sour crude MOC.
in the low $6s to February ICE Brent, DES Zhoushan, on market conditions and starting with 190,000 b/d in Platts is part of S&P Global Commodity Insights.
through private negotiations, trade sources said. October.
In tender news, Indonesia’s Pertamina was seen However, in a statement following an unannounced Platts Oil Mideast Sour Crude
issuing a tender seeking solely Russian crudes for virtual meeting Sept. 5, the countries said they would Convergences
delivery to various ports over November, closing instead extend the cuts through November before
Sept. 9, with validity until Sept. 11. This tender was a gradually phasing them out between Dec. 1 and the **Platts Crude: Exxon declares a cargo of
reissuance of a prior tender that closed Sept. 2, with end of 2025. November Upper Zakum crude to Mitsui following the
Sept. 4 validity, and was not awarded, according to According to a table released by OPEC, the eight convergence of 20 partials in Platts cash Dubai.
market sources. members will add a collective 189,000 b/d in December
The company is seeking cargoes of Novy Port, Sokol and 207,000 b/d in January, “with the flexibility to Platts Middle East Sour Crude Bids, Offers,
and ESPO blend for delivery to Cilacap, Balikpapan and pause or reverse the adjustments as necessary”. Trades
Balongan for various laycans in November. The tender Elsewhere, Libya inches closer to a central bank
document stated that prices for Russian grade offers deal after representatives from the Benghazi and Bids:
must align with the Russian oil price cap guidance Tripoli administrations on Sept. 3 agreed to appoint a PLATTS DUBAI: NOV24: MITSUI BIDS 25KB AT $73.40
established by US/UK/European regulations. new governor within 30 days and extend consultations AND WITHDRAWS DURING EXTENSION
Meanwhile, QatarEnergy lowered the October for a further five days, raising hopes that the shutdown PLATTS DUBAI: NOV24: NORTH BIDS 25KB AT
official selling price differentials for its Land and would soon ease. $73.39 AND WITHDRAWS DURING EXTENSION
Marine crudes by 5-35 cents/b from September, A trader noted that Murban prices could face PLATTS DUBAI: NOV24: GUNVOR BIDS 25KB
according to a notice on its website Sept. 5. further pressure once the political situation in Libya is AT $73.35
The October OSP differential for Qatar Marine was resolved, thereby resulting in more US WTI crude flows PLATTS DUBAI: NOV24: GLENCORE BIDS 25KB
set at plus 25 cents/b against the average Platts Dubai into Asia. AT $73.10
crude assessments in the month of loading, decreasing The front-month cash Murban’s premium over cash PLATTS DUBAI: NOV24: PHILLIPS 66 BIDS 25KB
from plus 60 cents/b for September. Dubai averaged 7 cents/b over Sept. 2-5, compared AT $73.00
The October Qatar Land OSP differential was set at with an average of 33 cents/b in August, S&P Global PLATTS DUBAI: NOV24: VITOL NO LONGER BIDS
plus 30 cents/b against the average Platts Dubai crude Commodity Insights data showed. AFTER TRADE

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

PLATTS DUBAI: NOV24: BP NO LONGER BIDS 25KB PLATTS DUBAI: NOV24: EXXONMOBIL SELLS TO In addition to the two NWS cargoes, two cargoes of
AT $73.05 AFTER WITHDRAWAL (08:29:03) NORTH* 25KB AT $73.39 (08:29:51) Australia’s Wheatstone condensate and one cargo of
Offers: PLATTS DUBAI: NOV24: RELIANCE SELLS TO VITOL* Papua New Guinea’s Kutubu light crude were expected
PLATTS DUBAI: NOV24: EXXONMOBIL OFFERS 25KB 25KB AT $73.40 (08:29:57) for November-loading, according to market participants.
AT $73.44 PLATTS DUBAI: NOV24: BP BUYS FROM RELIANCE* Elsewhere, Indonesia’s Pertamina, on behalf of
PLATTS DUBAI: NOV24: GLENCORE OFFERS 25KB 25KB AT $73.41 (08:29:59) Kilang Pertamina Internasional, had reissued its tender
AT $73.75 This assessment commentary applies to the seeking up to 950,000 barrels of Russian crude grades
PLATTS DUBAI: NOV24: UNIPEC OFFERS 25KB following market data codes: Dubai M1 <PCAAT00>, for delivery to Cilacap, Balikpapan or Balongan refinery
AT $73.95 Oman M1 <PCABS00> over November. The new tender closes Sept. 9, with
PLATTS DUBAI: NOV24: VITOL OFFERS 25KB validity until Sept. 11.
AT $74.00 Platts Asia Pacific Sweet Crude Daily The prior tender, which had closed Sept. 2 and was
PLATTS DUBAI: NOV24: BP OFFERS 25KB AT $74.00 Market Analysis valid Sept. 4, had not been awarded, likely due to the
PLATTS DUBAI: NOV24: PHILLIPS 66 OFFERS 25KB imposition of the Russian oil price cap as established
„ Two NWS cargoes scheduled for October-loading
AT $74.05 by US/UK/European guidelines, which still apply to the
PLATTS DUBAI: NOV24: RELIANCE NO LONGER „ Indonesia’s Pertamina reissues tender seeking new tender, according to market sources.
OFFERS AFTER TRADE Russian crudes Pertamina previously bought 400,000 barrels of
Trades: Rabi Light for delivery over Oct. 7-13 via a tender that
PLATTS DUBAI: NOV24: EXXONMOBIL SELLS TO The Asia-Pacific regional sweet crude market saw closed Aug. 14.
MITSUI* 25KB AT $73.40 (08:29:14) initial loading programs emerge for November-loading More trades were seen for December-delivery
PLATTS DUBAI: NOV24: RELIANCE SELLS TO condensates and a tender reissuance from Indonesia arbitrage crude barrels, with one VLCC cargo of US WTL
MITSUI* 25KB AT $73.40 (08:29:20) on Sept. 6. crude heard sold to GS Caltex at a premium around
PLATTS DUBAI: NOV24: EXXONMOBIL SELLS TO Two 650,000-barrel cargoes of Australia’s North West $4.65/b to November Dubai, CFR Yeosu, while one
VITOL* 25KB AT $73.35 (08:29:21) Shelf condensate had been scheduled for November- VLCC of US WTI Midland crude was sold to ExxonMobil
PLATTS DUBAI: NOV24: EXXONMOBIL SELLS TO loading, steady on the month, market sources said. at a premium in the high-$3s/b to December Dated
MITSUI* 25KB AT $73.40 (08:29:27)** In the regional condensate complex, two Brent, CFR Singapore, according to a trade source.
PLATTS DUBAI: NOV24: EXXONMOBIL SELLS TO 650,000-barrel cargoes of Australia’s North West Shelf Previously, WTI Midland had last traded for
MITSUI* 25KB AT $73.40 (08:29:33) condensate have been scheduled for October loading, December-delivery at November Dubai crude plus
PLATTS DUBAI: NOV24: RELIANCE SELLS TO VITOL* stable on the month, market sources said. around $5.30/b, CFR Japan and December Dated Brent
25KB AT $73.35 (08:29:33) Japan’s Mitsubishi holds the first cargo to load over plus around $3.50/b, CFR Singapore, sources said.
PLATTS DUBAI: NOV24: RELIANCE SELLS TO Nov. 4-8, sources familiar with the matter said. Platts is part of S&P Global Commodity Insights.
MITSUI* 25KB AT $73.40 (08:29:38) China’s CNOOC holds the second cargo for loading
PLATTS DUBAI: NOV24: EXXONMOBIL SELLS TO over Nov. 18-22, sources said. CNOOC couldn’t be Platts Asia Light Sweet Crude Daily Rationale &
GUNVOR* 25KB AT $73.35 (08:29:39) reached immediately for comment. Exclusions
PLATTS DUBAI: NOV24: RELIANCE SELLS TO Valuations for NWS had ranged from discounts in ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01
MITSUI* 25KB AT $73.40 (08:29:44) the $3s/b to $7s/b to the Platts Dated Brent crude <AASEU00> assessment rationale: The ESPO M1
PLATTS DUBAI: NOV24: EXXONMOBIL SELLS TO assessments, FOB, in comparison to prior trades at Dated November assessment Sept. 6 took into consideration
VITOL* 25KB AT $73.40 (08:29:46) Brent minus around $3s/b for October-loading cargoes. latest trade indications heard in the broader market.
PLATTS DUBAI: NOV24: EXXONMOBIL SELLS TO “So far, November regional cargoes seem more than Exclusions: No market data was excluded from the
MITSUI* 25KB AT $73.40 (08:29:49) October,” an Asia-based trader said. Asia Pacific Crude Market on Close assessment process.

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

Platts Asia Light Sweet Crude Bids, Offers, The CFR West Coast India assessments will reflect Please send all feedback, comments and
Trades cargoes delivered to the ports of Kandla, Mundra and questions to [email protected] and
Pipavav in Gujarat. Additionally, Platts may publish bids, [email protected] by Sept. 27.
Bids: NIL offers and trades for deliveries to Mumbai, Mangalore For written comments, please provide a clear
Offers: NIL and Kochi, normalized to Gujarat ports. indication if they are not intended for publication
Trades: NIL The CFR East Coast India assessments will by Platts for public viewing. Platts will consider all
This assessment commentary applies to the reflect cargoes delivered to Haldia, Kolkata, Chennai, comments received and will make those not marked as
following market data code: ESPO M1 vs Dubai M2 Vishakhapatnam and Paradip, normalized to Haldia. confidential available upon request.
<AASEU00> Pricing information for material with other
specifications and terms may be considered for the Platts proposes including SA Oceania FSU in
assessments, normalized to the proposed standard. Singapore fuel oil cargo, ex-wharf bunker MOC
Subscriber Notes The assessments will reflect market value at Platts, part of S&P Global Commodity Insights, is
the close of the Asian trade at 4:30 pm Singapore considering the inclusion of the vessel SA Oceania as an
Platts proposes to launch daily CFR India bitumen time and follow the Singapore publication schedule. additional loading point in its Singapore Market on Close
assessments from Nov 1 Bids, offers and trades reported throughout the day assessment process for cargo and ex-wharf bunkers for
Platts, part of S&P Global Commodity Insights, may be considered in the assessment process, with marine fuel 0.5% and 380 CST HSFO from Oct. 18.
proposes to launch daily assessments for bitumen values normalized to the market close at 4:30 pm SA Oceania (IMO 9246633) is operated by Southern
delivered on a CFR basis to West Coast India and East Singapore time. Ace Marine Sdn. Bhd. as a floating storage unit at
Coast India, respectively, effective Nov. 1. Kukup Port Limit. There are currently 10 FSUs approved
The new assessments will complement Platts’ Platts seeks feedback on assessments for packaged as additional loading points in the FOB Singapore
existing FOB Singapore and FOB South Korea bitumen bitumen delivered to West Coast India cargo and ex-wharf bunkers MOC process for marine
assessments, providing greater price transparency and Platts understands that while India is primarily fuel 0.5% and 380 CST HSFO.
information in the waterborne trade for the product in a bulk market for bitumen, this is supplemented by The standards applicable to approved FSUs
the Asia-Pacific markets. imports of packaged material in drums, mainly due to require that sellers specifically name the vessel used
Platts is proposing to launch four new daily logistical constraints around receiving bulk tankers in as a loading point at the time of submitting offers to
outright assessments and their respective monthly certain ports/regions. Commodity Insights for publishing. Any offer of oil from
averages. These assessments will reflect bulk Platts is therefore considering launching vessels accredited for the FOB Singapore cargo and
Viscosity Grade 30 and VG 40 grade bitumen for assessments for packaged bitumen delivered in ex-wharf bunkers MOC process for marine fuel 0.5%
delivery 10-25 days forward for West Coast India and drums to West Coast India, in addition to the proposed and 380 CST HSFO would be on FOB FSU basis. Sellers
15-30 days forward for East Coast India from the date assessments for bulk VG 30 and VG 40 grades. Platts cannot unilaterally nominate an approved vessel as a
of publication. seeks feedback on how to best reflect typical terms loading point in FOB Straits trades.
Details of the proposed assessments are as follows: of trade relevant for the packaged bitumen market, Please send all feedback and comments by
Assessment Delivery period Quantity UoM specifically location, quality, volumes and other Sept. 19 to [email protected] and
CFR West Coast 10-25 days 3,500-10,000 mt,
US $/mt relevant parameters. [email protected]. For written comments,
India VG30 forward bulk
CFR West Coast 10-25 days 3,500-10,000 mt, More details on the Platts Asian bitumen please provide a clear indication if comments are
US $/mt
India VG40 forward bulk assessments are available here: https://www.spglobal. not intended for publication by S&P Global for public
CFR East Coast 15-30 days 3,500-10,000 mt,
India VG30 forward bulk
US $/mt com/commodityinsights/PlattsContent/_assets/_ viewing. S&P Global will consider all comments
CFR East Coast 15-30 days 3,500-10,000 mt, files/en/our-methodology/methodology-specifications/ received and make comments not marked as
US $/mt
India VG40 forward bulk asia-refined-oil-products-methodology.pdf. confidential available upon request.

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

Platts proposes to raise FOB Singapore RON 92 Invites additional feedback on RON 95 and RON 97 Please send all feedback and comments by
gasoline volume from Jan 2, 2025 methodology Oct. 4, to [email protected] and
„ FOB Singapore RON 92 would reflect new volume The feedback gathered during the consultation [email protected] .
range of 100,000-200,000 barrels process on RON 95 and RON 97 was more mixed, and For written comments, please provide a clear
„ Further feedback sought by Oct. 4 on whether to Platts is not at this time proposing any change to the indication if comments are not intended for publication
change RON 95, RON 97 volumes current methodology, which is based on a minimum of by Platts for public viewing. Platts will consider all
50,000 barrels and a maximum of 150,000 barrels, with comments received and will make comments not
Platts, part of S&P Global Commodity Insights, precedence given to the smaller volume in the event of marked as confidential available upon request .
is proposing to change the methodology of its FOB any conflicting bids, offers or trades on different clip sizes.
Singapore RON 92 gasoline assessment to reflect a For the higher RON gasoline grades, Platts Platts to launch East China propane, butane physical
minimum volume of 100,000 barrels and a maximum of understands that a critical mass of disports in the assessments Oct 1
200,000 barrels, with effect from Jan. 2, 2025. region continues to import 50,000 barrels for a single Platts, part of S&P Global Commodity Insights, will
Platts assessments for FOB Singapore RON 92, loading on smaller coaster tankers. At the same time, launch propane and butane physical assessments on
RON 95 and RON 97 gasoline currently reflect the some feedback highlighted the desirability of reflecting a CFR East China basis from Oct. 1, amid an increase in
value of cargoes of a minimum of 50,000 barrels and the same volume size across the three grades, to allow LPG inflows into the region.
a maximum of 150,000 barrels each for loading 15-30 the inter-RON spreads to reflect the value of octane as Platts will publish four new daily CFR East China
days forward from the date of publication. closely as possible. LPG physical assessments and their respective
The proposal follows a consultation process started Platts therefore invites further feedback on its FOB monthly averages. The four new daily assessments
in June to seek market feedback on the volume sizes Singapore RON 95 and RON 97 gasoline volume sizes. will include assessments for refrigerated propane and
reflected in Platts FOB Singapore RON 92, RON 95 and Specifically, considering the proposed change to RON butane cargoes with a minimum size of 11,000 mt and
RON 97 gasoline assessments. 92 volume sizes, Platts seeks feedback on the following a maximum size of 44,000 mt, for delivery 20-35 days
Details of the earlier consultation can be found possible actions for the higher-octane grades: forward, on an outright basis, as well as their cash
here: https://www.spglobal.com/commodityinsights/ a. Leave the current methodology unchanged. differentials to the front-month Saudi Aramco contract
en/our-methodology/subscriber-notes/061324-platts- b. Raise the volume size for RON 95 and RON 97 in price (M1) derivatives.
opens-consultation-on-fob-singapore-gasoline- line with the proposed change to RON 92. Details of the new Platts East China LPG
clip-sizes . c. Leave the current volume sizes for RON 95 and assessments are as follows:
The proposed change to the RON 92 volume size RON 97 unchanged, but consider the 100,000-barrel Assessment Symbol Monthly average
reflects feedback gathered during the consultation clip size to take precedence in the assessment process. Propane Refrigerated CFR East China
PNCBA00 PNCBA03
20-35 days Cargo
and changes to prevailing trading patterns in The following FOB Singapore assessments, Propane CFR East China 20-35 days vs
PNCBB00 PNCBB03
the region. published in Asia-Pacific/Arab Gulf Market Scan and Saudi Propane CP M1
Butane Refrigerated CFR East China
Platts understands that more regional gasoline Platts Global Alert pages 2304 and 2310 are impacted 20-35 days Cargo
PNCBC00 PNCBC03
buyers are now seeking larger clip sizes of 100,000 by this proposal and the request for more feedback: Butane CFR East China 20-35 days vs
PNCBD00 PNCBD03
barrels or more of RON 92 gasoline on FOB Assessment Code
Saudi Butane CP M1

Singapore, Malaysia and Indonesia basis. Rising Gasoline Unl 97 FOB Spore Cargo PGAMS00
Gasoline Unl 95 FOB Spore Cargo PGAEZ00
freight costs due to higher freight rates for coastal Gasoline Unl 92 FOB Spore Cargo PGAEY00 The new assessments were first proposed in a
tankers, and an aging coastal tanker fleet for subscribe note published July 12.
gasoline, mean that the marginal clip size in the Full details of the current gasoline assessment Discharge ports: The assessments reflect cargoes
market is no longer reflecting 50,000 barrels for the methodology can be found at: http://plts.co/ delivered into Ningbo. Deliveries into other safe and
lowest RON gasoline grade. N5hJ30qCT0D. sound ports in Zhejiang and Jiangsu provinces of

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

East China may be considered for inclusion in the Platts will publish Month 1, Month 2, Month 3 comments received and will make those not marked as
assessments, normalized to a Ningbo basis. and front-quarter North Asia propane derivatives confidential available upon request.
Product specifications: The CFR East China propane assessments, along with North Asia propane/Saudi
and butane assessments reflect the existing Platts Aramco contract price propane derivatives spread Platts to include Innospec OFI 8843 additive in
North Asia propane and butane specifications. For full and North Asia propane/Mean of Platts Japan Singapore gasoil
details of the specification, please see: asia-refined-oil- naphtha derivatives spread assessments on the same Following a review of recognized additives
products-methodology.pdf (spglobal.com). forward strip. contained in the FOB Singapore gasoil assessment
Timestamp: The CFR East China propane and butane The new assessments were first proposed in a process, Platts, part of S&P Global Commodity Insights,
assessments will reflect the tradable value of these subscriber note published July 12. will begin to reflect OFI 8843 WAFI Cold Flow improver
products at the end of the Platts Asia physical LPG Timestamp: The North Asia propane derivatives by Innospec from Oct. 1.
Platts Market on Close assessment process at 5:00 pm and North Asia propane/Saudi Aramco CP propane Platts first proposed the inclusion of the
Singapore time (0900 GMT). In the absence of any bids, derivatives assessments will be calculated from additive in a subscriber note published Jan. 23 here:
offers or trades in the MOC, information heard in over- existing Platts assessments at the close of the Asian https://www.spglobal.com/commodityinsights/
the-counter markets may be taken into consideration. LPG trading session at 5:00 pm Singapore time en/our-methodology/subscriber-notes/012324-
Platts has established clearly defined timing (0900 GMT). The North Asia propane/MOPJ naphtha platts-proposes-including-innospec-additive-in-
guidelines and standards of incrementability that derivatives spread assessments will be calculated from singapore-gasoil .
apply when publishing bids and offers during the MOC existing Platts assessments at their respective close. The list of Platts gasoil recognized additives is
in order to ensure an orderly and transparent price Volume: The new propane outright and spread intended to provide clarity to market participants
assessment process. Details can be found in this derivatives assessments will reflect a tradeable clip size regarding which additives are generally considered to
guide: https://www.spglobal.com/commodityinsights/ of 5,000 mt. Platts has established clearly defined timing be merchantable and accepted for cargoes delivered
PlattsContent/_assets/_files/en/our-methodology/ guidelines and standards of incrementability that apply through the Platts Market on Close assessment
methodology-specifications/oil-timing-increment- when publishing bids and offers during the Platts Market process in Singapore.
guidelines.pdf. on Close assessment process to ensure an orderly and Platts does not align its FOB Singapore additives
Please send comments and questions transparent price assessment process: https://www. acceptance to any particular importing country.
to [email protected] and spglobal.com/commodityinsights/PlattsContent/_ For the full list of previously identified additives,
[email protected]. assets/_files/en/our-methodology/methodology- please see http://plts.co/V0Ax30ru2Yi.
For written comments, please provide a clear specifications/oil-timing-increment-guidelines.pdf. Please send all feedback, comments or
indication if they are not intended for publication The new propane derivatives assessments will be questions to [email protected] and
by Platts for public viewing. Platts will consider all assessed based on bids, offers or trades seen during [email protected].
comments received and will make those not marked as the MOC. In the absence of any bids, offers or trades For written comments, please provide a clear
confidential available upon request. in the MOC, information from derivatives exchanges or indication if comments are not intended for publication
heard in over-the-counter markets may be taken into by Platts for public viewing. Platts will consider all
Platts to launch North Asia propane derivatives consideration. comments received and will make comments not marked
assessments Oct 1 Please send comments and questions as confidential available to the public upon request.
Platts, part of S&P Global Commodity Insights, to [email protected] and
will launch a series of price assessments reflecting [email protected]. Platts to include Innospec OFI 7680 additive in
North Asia propane derivatives, interregional propane For written comments, please provide a clear Singapore gasoil
derivatives and interproduct derivatives spreads indication if they are not intended for publication Following a review of recognized additives
effective Oct. 1. by Platts for public viewing. Platts will consider all contained in the FOB Singapore gasoil assessment

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

process, Platts, part of S&P Global Commodity Insights, publication by Platts for public viewing. Platts will For comments and feedback, please contact
will begin to reflect OFI 7680 Cold Flow improver by consider all comments received and will make Platts editors at [email protected] and
Innospec from Oct. 1. comments not marked as confidential available to the [email protected].
Platts first proposed the inclusion of the public upon request.
additive in a subscriber note published Feb. 7 here: TOTSA TotalEnergies Trading SA to join Platts AG
https://www.spglobal.com/commodityinsights/ Vitol Bahrain E.C. to join Asia AG gasoil, jet/kero gasoil physical MOC process
en/our-methodology/subscriber-notes/020724- physical MOCs TOTSA TotalEnergies Trading SA has advised
platts-proposes-including-innospec-additive-in- Vitol Bahrain E.C. has advised Platts, part of S&P Platts, part of S&P Global Commodity Insights, that it
singapore-gasoil . Global Commodity Insights, that it would like to would like to participate in the Platts Market on Close
The list of Platts gasoil recognized additives is participate in the Platts Market on Close assessment assessment process for Asia - AG gasoil physical.
intended to provide clarity to market participants processes for Asia - AG Gasoil- Physical; Asia - AG Jet/ Platts has reviewed TOTSA TotalEnergies Trading
regarding which additives are generally considered to Kero - Physical. SA and will consider information from the entity in
be merchantable and accepted for cargoes delivered Platts has reviewed Vitol Bahrain E.C. and will the assessment process for Asia - AG gasoil physical,
through the Platts Market on Close assessment consider information from the entity in the assessment subject at all times to adherence with Platts editorial
process in Singapore. Platts does not align its FOB processes for Asia - AG Gasoil- Physical; Asia - AG Jet/ standards.
Singapore additives acceptance to any particular Kero - Physical, subject at all times to adherence with Platts will publish all relevant information from
importing country. Platts editorial standards. TOTSA TotalEnergies Trading SA accordingly.
For the full list of previously identified additives, Platts will publish all relevant information from Vitol Platts welcomes all relevant feedback regarding
please see http://plts.co/V0Ax30ru2Yi. Bahrain E.C. accordingly. MOC participation. Platts considers bids, offers and
Please send all feedback, comments or Platts welcomes all relevant feedback regarding transactions by all credible and credit-worthy parties
questions to [email protected] and MOC participation. in its assessment processes.
[email protected]. Platts considers bids, offers and transactions by all For comments and feedback, please contact
For written comments, please provide a clear credible and credit-worthy parties in its assessment Platts editors at [email protected] and
indication if comments are not intended for processes. [email protected].

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

China tanker fixtures

Vessel name Volume (kt) Grade Origin Port Arrival Buyers

ALMI HYDRA 145 Basrah Medium Iraq Dalian 1-Sep Hengli Petrochemical
ALMI HYDRA 130 Basrah Heavy Iraq Dalian 1-Sep Hengli Petrochemical
APOLLONAS 280 Basrah Heavy Iraq Zhoushan 31-Aug Zhejiang Petroleum & Chemical
AVENTUS I 135 Mal Blend Malaysia Yantai 5-Sep TBA
CRIUS 100 ESPO Russia Dongying 29-Sep TBA
DHT SCANDINAVIA 280 Arab Light Saudi Arabia Zhoushan 5-Sep Zhejiang Petroleum & Chemical
EAGLE VENICE 135 Arab Saudi Arabia Lianyungang 13-Sep Shenghong Petrochemical
EAGLE VENICE 135 Khafji Kuwait Lianyungang 13-Sep Shenghong Petrochemical
ELINE 270 Mal Blend Malaysia Yantai 28-Aug Hualian
EMILY S 100 ESPO Russia Yantai 2-Sep TBA
GOODWIN 130 Mal Blend Malaysia Rizhao 31-Aug TBA
HUIHAI PACIFIC 100 ESPO Russia Dongjiakou 4-Sep Lijin
KITAKAZE 100 Bitumen Blend Malaysia Yantai 4-Sep Jincheng
KITAKAZE 100 Bitumen Blend Malaysia Yantai 4-Sep Shengxing
KITAKAZE 100 Bitumen Blend Malaysia Yantai 4-Sep Wonfull
NAVE QUASAR 140 Arab Light Saudi Arabia Zhoushan 30-Aug Zhejiang Petroleum & Chemical
NAVE QUASAR 135 Arab Extra Light Saudi Arabia Zhoushan 30-Aug Zhejiang Petroleum & Chemical
NORNS 92 Bitumen Blend Malaysia Yantai 31-Aug Hebei Xinhai
OLYMPIC LIFE 133 Mostarda Angola Yantai 26-Sep ChemChina
RANI 100 ESPO Russia Dongying 3-Sep TBA
SAVIR LION 35 Fuel Oil Russia Dongying 2-Sep TBA
SEASKY 90 Crude Malaysia Dongying 10-Sep TBA
SERENE I 270 Mal Blend Malaysia Dongjiakou 7-Sep TBA
SHANNON II 100 Mal Blend Malaysia Dongjiakou 28-Aug TBA
SI HE 100 ESPO Russia Yantai 4-Sep TBA
SI HE 100 ESPO Russia Dongying 21-Sep TBA
SIREN 120 Fuel Oil Russia Yantai 28-Aug Hualian
VIOLA 100 Mal Blend Malaysia Dalian 1-Sep TBA
YUG 269 Nemina Malaysia Qingdao 6-Sep TBA

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

International Dirty Tanker Fixtures (PGT page 2950)

Ship name Size Type Date Route Rate Charterer

East of Suez

Tbn 280 CR Sep12 PG-West rnr Vitol

DHT Amazon 280 CR Sep13 PG-West rnr Exxon
Sea Calm 270 CR Sep12 PG-SKorea o/p Trafigura
Hakata o/o Ingrid 270 CR Sep11 PG-China w46 Unipec
Agitos 270 CR Sep18 PG-China w43 Unipec
Arzanah 260 CR Sep19 Basrah-Paradip w48, $35.00k IOC
Delta Tbn 140 CR Sep10 Basrah-UKCM w57.5 Shell
Kapodistrias 140 CR Sep13 Basrah-UKCM rnr Vitol
Southern Reverence 80 CR Sep17 Vincent-East rnr Turbo
Navig8 Prestige Jkb 80 CR Sep11 Seria-Muara rnr Hengyi
Fei Chi 30 FO Sep14 Balikpapan-Spore $750k Turbo Asia
Baltic/UKC

No fixtures reported.
Med

Delta Hellas 135 CR Sep14 CPC-Med w80 Chevron

Minerva Doxa 135 CR Sep13 CPC-Med w82.5 Petraco
Bonita 100 CR Sep14 Sidi Kerir-Gdansk $1.2m Orlen
Seacalm 80 CR Sep17 CPC-UKCM w110 Shell
Sea Panther 80 CR Sep15 Ceyhan-Med w100 Heritage
WAF

Olympic Lady 260 CR Sep29-30 WAF-Vizag w52.5 ST Shipping

Loire 130 CR Sep17 WAF-UKCM, South Africa w82.5, rnr ST Shipping
Sea Onyx 130 CR Sep18 WAF-UKCM, opts w82.5, rnr Admic
Americas

No fixtures reported.
CR:Crude, FO: Fuel Oil, ppt: Prompt, cnr: charterer not reported, rnr: rate not reported, dnr: date not reported, coa: contract of affreightment, o/p: own program, o/o: owner’s option

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

International clean tanker fixtures (PGT page 2904)

Ship name Size Type Date Route Rate Charterer

East of Suez

Hafnia Executive 60 JET Sep14 PG-UKC $3.55m ATC

Navig8 Martinez 60 ULSD Sep13 Jubail-R Tanura $275k ATC
Albaro 60 JET Sep12 PG-UKC, Opts $3.175m KPC
Silver Philippa 35 CL Sep12 PG-EAfrica, SAfrica w195, w185 Shell
STI Opera 35 CL Sep12 Ruwais-Mesaieed $200k Admic
Tbn 35 NA Sep13 Mumbai-East rnr Trafigura
Hafnia Cougar 35 ULSD dnr Cross-PG rnr ATC
Hafnia Expedite 60 JET Sep10 SKorea-USWC rnr Mjolner
High Challenge 38 NA Sep19 Yeosu-Qingdao $290k Gs
Lian Huan Hu 35 NA Sep10 Muara-Spore, Australia o/p BP
Tbn 35 UNL Sep10 SKorea-Spore, Opts o/p Trafigura
Baltic/UKC

STI Duchessa 37 UNL Sep6 ARA-Milford Haven w130 Shell

STI Black Hawk 37 UNL Sep9 Immingham-TA, UKC w125, w135 P66
Seasprat 30 ULSD Sep11 ARA-UKC w155 BP
Med

Maetiga 37 CL dnr SpMed-TA, UKC w115, w115 Cepsa

Conti Greenland 30 ULSD Sep11 Sidi Kerir-Med w115 ATC
Hafnia Sunda 30 ULSD Sep11 Sidi Kerir-Med w115 ATC
Americas

Hafnia Lynx 38 CL Sep8 USGC-ECMex $440k PMI

Hafnia Hawk 38 CL Sep9 USGC-Caribs, Demurrage $625k, $35k/d cnr
Endless Summer 38 CL dnr USGC-TA rnr BP
Duchess of Doria 38 CL Sep10 USGC-Chile $2.1m Exxon
Dee4 Ilex 38 CL Sep9 USGC-TA w145 Clearlake
CL:Clean, NA:Naphtha, UN:Unleaded, JT: Jet, GO:Gasoil, ppt: Prompt, cnr: charterer not reported, rnr: rate not reported, dnr: date not reported, coa: contract of affreightment, o/p: own program, o/o: owner’s option

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

APAC Deals Summary Withdrawals * Denotes market maker. All times GMT

„ Platts Mogas 92: OCT2-OCT6: **VITOLSG Withdraws offer Bids (PGA page 4009)
50kb FOB Straits $77.50/bbl
Gasoline FOB Spore Cargo „ Platts Mogas 92: OCT24: HOTEI bids 25kb $76.45/bbl
„ Platts Mogas 92: SEP21-SEP25: ARAMCOSG no longer offers
„ Platts Mogas 92: OCT24: ONYX bids 50kb $76.45/bbl
Trades (PGA page 2315) 50kb FOB Straits $76.30/bbl
„ Platts Mogas 92: OCT24: BPSG bids 25kb $76.38/bbl
„ Platts Mogas 92: SEP21-SEP25: ARAMCOSG* sold to TRAFI „ Platts Mogas 92: SEP26-SEP30: ARAMCOSG no longer
offers 50kb FOB Straits $76.30/bbl „ Platts Mogas 92: OCT24: ONYX bids 25kb $76.37/bbl
50kb FOB Straits $76.30/bbl 8:29:57
„ Platts Mogas 92: OCT2-OCT6: ARAMCOSG no longer offers „ Platts Mogas 92: OCT24: THEMEINT bids 25kb $76.36/bbl
„ Platts Mogas 92: SEP26-SEP30: ARAMCOSG* sold to
SKEISG 50kb FOB Straits $76.30/bbl 8:29:22 50kb FOB Straits $76.20/bbl „ Platts Mogas 92: OCT24: DARE bids 25kb $76.35/bbl

„ Platts Mogas 92: OCT2-OCT6: ARAMCOSG* sold to SKEISG „ Platts Mogas 95: OCT2-OCT6: **VITOLSG no longer offers „ Platts Mogas 92: OCT24: HOTEI bids 25kb $76.35/bbl
50kb FOB Straits $76.20/bbl 8:29:21 50kb FOB Straits $80.90/bbl „ Platts Mogas 92: OCT24: UITSG bids 25kb $76.35/bbl
„ Platts Mogas 95: OCT2-OCT6: *VITOLSG* sold to TOTALSG „ Platts Mogas 97: OCT2-OCT6: **VITOLSG Withdraws offer
„ Platts Mogas 92: OCT24: VITOLSG bids 25kb $76.35/bbl
50kb FOB Straits $80.90/bbl 8:16:14 50kb FOB Straits $81.40/bbl
„ Platts Mogas 92: OCT24: THEMEINT bids 25kb $76.31/bbl
** Denotes OCO order.
* Denotes market maker. All times GMT
„ Platts Mogas 92: OCT24: DARE bids 25kb $76.30/bbl
Bids (PGA page 2313)
Gasoline FOB Spore Paper „ Platts Mogas 92: OCT24: DARE bids 25kb $76.30/bbl
„ SEP21-SEP25: **SKEISG bids 100kb FOB Straits $76.80/bbl „ Platts Mogas 92: OCT24: ONYX bids 50kb $76.30/bbl
Trades (PGA page 4011)
„ SEP23-SEP27: RGES bids 100kb FOB Straits $76.80/bbl „ Platts Mogas 92: OCT24: TRAFI bids 25kb $76.30/bbl
„ SEP24-SEP28: BPSG bids 100kb FOB Straits $77.00/bbl „ Platts Mogas 92: OCT24: ARIONINV* sold to HOTEI 25kb
„ Platts Mogas 92: OCT24: DARE bids 25kb $76.25/bbl
$76.50/bbl 8:28:37
„ SEP25-SEP29: TRAFI bids 100kb FOB Straits MOPS 92 „ Platts Mogas 92: OCT24: DARE bids 25kb $76.25/bbl
$0.00/bbl „ Platts Mogas 92: OCT24: ONYX sold to HOTEI* 125kb
$76.49/bbl 8:29:12 „ Platts Mogas 92: OCT24: MERCURIARESOURCES bids 25kb
„ OCT2-OCT6: RGES bids 100kb FOB Straits $76.80/bbl $76.25/bbl
„ Platts Mogas 92: OCT24: ONYX sold to HOTEI* 25kb $76.48/
„ SEP21-SEP25: **SKEISG bids 150kb FOB Straits $76.80/bbl „ Platts Mogas 92: OCT24: DARE bids 25kb $76.20/bbl
bbl 8:29:31
„ SEP25-SEP29: SIETCO bids 150kb FOB Straits MOPS 92 „ Platts Mogas 92: OCT24: DARE bids 25kb $76.10/bbl
„ Platts Mogas 92: OCT24: ARIONINV sold to HOTEI* 25kb
$-0.1/bbl
$76.45/bbl 8:29:32 „ Platts Mogas 92: OCT24: DARE bids 25kb $75.95/bbl
„ SEP26-SEP30: TRAFI bids 150kb FOB Straits MOPS 92
„ Platts Mogas 92: OCT24: DARE sold to HOTEI* 25kb $76.48/ „ Platts Mogas 92: OCT24: DARE bids 25kb $75.90/bbl
$0.00/bbl
bbl 8:29:35 „ Platts Mogas 92: OCT24: VITOLSG bids 25kb $75.30/bbl
„ Platts Mogas 95: SEP26-SEP30: SIETCO bids 50kb FOB
„ Platts Mogas 92: OCT24: DARE* sold to HOTEI 25kb $76.48/ Withdrawals
Straits MOPS 95 $0.60/bbl
bbl 8:29:46
„ SEP30-OCT4: SIETCO bids 100kb $0.20/bbl „ Platts Mogas 92: OCT24: HOTEI no longer bids 25kb
„ Platts Mogas 92: OCT24: SKEISG sold to HOTEI* 25kb $76.48/bbl
Withdrawals $76.48/bbl 8:29:52
„ Platts Mogas 92: OCT24: HOTEI no longer bids 25kb
„ SEP21-SEP25: RGES Withdraws bid 100kb FOB Straits „ Platts Mogas 92: OCT24: ONYX* sold to HOTEI 100kb $76.48/bbl
$75.50/bbl $76.49/bbl 8:29:54
„ Platts Mogas 92: OCT24: HOTEI Withdraws bid 25kb
„ SEP26-SEP30: SIETCO Withdraws bid 100kb $-0.7/bbl „ Platts Mogas 92: OCT24: ARIONINV* sold to HOTEI 25kb $76.35/bbl
** Denotes OCO order. $76.46/bbl 8:29:58
„ Platts Mogas 92: OCT24: ARIONINV Withdraws bid 25kb
Offers (PGA page 2314) „ Platts Mogas 92: OCT24: DARE sold to HOTEI* 25kb $76.46/ $76.25/bbl
bbl 8:30:02
„ Platts Mogas 92: SEP21-SEP25: PTT offers 50kb FOB Straits „ Platts Mogas 92: OCT24: ARIONINV Withdraws bid 25kb
$76.50/bbl „ Platts Mogas 92: OCT24: ARIONINV* sold to HOTEI 25kb $76.20/bbl
$76.46/bbl 8:30:04
„ Platts Mogas 92: SEP26-SEP30: PTT offers 50kb FOB Straits „ Platts Mogas 92: OCT24: DARE Withdraws bid 25kb
$76.40/bbl „ Platts Mogas 92: OCT24: ARIONINV* sold to P66SG 25kb $76.05/bbl
$76.46/bbl 8:30:10
„ Platts Mogas 92: OCT2-OCT6: PTT offers 50kb FOB Straits „ Platts Mogas 92: OCT24: ARIONINV Withdraws bid 25kb
$76.30/bbl $76.00/bbl

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

„ Platts Mogas 92: OCT24: ONYX Withdraws bid 25kb „ Platts Mogas 92 spread: BAL MONTH/OCT24: ARIONINV sold $-0.19/bbl
$75.00/bbl to SKEISG* 25kb $0.00/bbl 8:29:42 „ Platts Mogas 92 spread: NOV24/DEC24: BPSG bids 25kb
** Denotes OCO order. „ Platts Mogas 92 spread: BAL MONTH/OCT24: HOTEI sold to $-0.2/bbl
Offers (PGA page 4010) BPSG* 25kb $0.00/bbl 8:29:59 „ Platts Mogas 92 spread: NOV24/DEC24: DARE bids 25kb
„ Platts Mogas 92 spread: BAL MONTH/OCT24: HOTEI* sold to $-0.2/bbl
„ Platts Mogas 92: OCT24: ARIONINV offers 25kb $76.50/bbl
SKEISG 25kb $0.10/bbl 8:30:14 „ Platts Mogas 92 spread: NOV24/DEC24:
„ Platts Mogas 92: OCT24: DARE offers 25kb $76.50/bbl
* Denotes market maker. All times GMT MERCURIARESOURCES bids 25kb $-0.25/bbl
„ Platts Mogas 92: OCT24: DARE offers 25kb $76.50/bbl
Bids (PGA page 4009) „ Platts Mogas 92 spread: NOV24/DEC24: ONYX bids 25kb
„ Platts Mogas 92: OCT24: ONYX offers 100kb $76.50/bbl $-0.25/bbl
„ Platts Mogas 92 spread: BAL MONTH/OCT24: VITOLSG bids
„ Platts Mogas 92: OCT24: THEMEINT offers 25kb $76.50/bbl „ Platts Mogas 92 spread: NOV24/DEC24: P66SG bids 25kb
25kb $-0.05/bbl
„ Platts Mogas 92: OCT24: UITSG offers 25kb $76.50/bbl $-0.25/bbl
„ Platts Mogas 92 spread: BAL MONTH/OCT24: DARE bids
„ Platts Mogas 92: OCT24: VITOLSG offers 25kb $76.53/bbl 25kb $-0.24/bbl „ Platts Mogas 92 spread: NOV24/DEC24: VITOLSG bids 25kb
„ Platts Mogas 92: OCT24: MERCURIARESOURCES offers 25kb $-0.45/bbl
„ Platts Mogas 92 spread: BAL MONTH/OCT24: HOTEI bids
$76.55/bbl 25kb $-0.25/bbl „ Platts Mogas 92 spread: NOV24/DEC24: DARE bids 25kb
„ Platts Mogas 92: OCT24: THEMEINT offers 25kb $76.55/bbl $-0.74/bbl
„ Platts Mogas 92 spread: BAL MONTH/OCT24:
„ Platts Mogas 92: OCT24: BPSG offers 25kb $76.65/bbl MERCURIARESOURCES bids 25kb $-0.25/bbl Withdrawals

„ Platts Mogas 92: OCT24: HOTEI offers 25kb $76.65/bbl „ Platts Mogas 92 spread: BAL MONTH/OCT24: HOTEI bids „ Platts Mogas 92 spread: BAL MONTH/OCT24: VITOLSG
25kb $-0.3/bbl Withdraws bid 25kb $-0.5/bbl
„ Platts Mogas 92: OCT24: DARE offers 25kb $76.70/bbl
„ Platts Mogas 92 spread: OCT24/NOV24: ONYX bids 25kb „ Platts Mogas 92 spread: BAL MONTH/OCT24: BPSG no
„ Platts Mogas 92: OCT24: HOTEI offers 25kb $76.70/bbl
$0.10/bbl longer bids 25kb $0.00/bbl
„ Platts Mogas 92: OCT24: HOTEI offers 25kb $76.70/bbl
„ Platts Mogas 92 spread: OCT24/NOV24: ARIONINV bids 25kb „ Platts Mogas 92 spread: BAL MONTH/OCT24: SKEISG no
„ Platts Mogas 92: OCT24: VITOLSG offers 25kb $76.70/bbl $0.05/bbl longer bids 25kb $0.00/bbl
„ Platts Mogas 92: OCT24: ARIONINV offers 25kb $76.80/bbl „ Platts Mogas 92 spread: OCT24/NOV24: BPSG bids 25kb „ Platts Mogas 92 spread: OCT24/NOV24: P66SG Withdraws
„ Platts Mogas 92: OCT24: THEMEINT offers 25kb $76.90/bbl $0.05/bbl bid 25kb $0.05/bbl
„ Platts Mogas 92: OCT24: DARE offers 25kb $77.00/bbl „ Platts Mogas 92 spread: OCT24/NOV24: DARE bids 25kb ** Denotes OCO order.

„ Platts Mogas 92: OCT24: DARE offers 25kb $77.05/bbl $0.05/bbl Offers (PGA page 4010)
Withdrawals „ Platts Mogas 92 spread: OCT24/NOV24: HOTEI bids 25kb „ Platts Mogas 92 spread: BAL MONTH/OCT24: HOTEI offers
$0.05/bbl 25kb $0.10/bbl
„ Platts Mogas 92: OCT24: ARIONINV no longer offers 25kb
$76.46/bbl „ Platts Mogas 92 spread: OCT24/NOV24: UITSG bids 25kb „ Platts Mogas 92 spread: BAL MONTH/OCT24:
$0.05/bbl MERCURIARESOURCES offers 25kb $0.20/bbl
„ Platts Mogas 92: OCT24: DARE no longer offers 25kb
$76.48/bbl „ Platts Mogas 92 spread: OCT24/NOV24: HOTEI bids 25kb „ Platts Mogas 92 spread: BAL MONTH/OCT24: HOTEI offers
$0.00/bbl 25kb $0.25/bbl
„ Platts Mogas 92: OCT24: ONYX no longer offers 100kb
$76.49/bbl „ Platts Mogas 92 spread: OCT24/NOV24: „ Platts Mogas 92 spread: BAL MONTH/OCT24: ARIONINV
MERCURIARESOURCES bids 25kb $0.00/bbl offers 25kb $0.30/bbl
„ Platts Mogas 92: OCT24: HOTEI Withdraws offer 25kb
$76.80/bbl „ Platts Mogas 92 spread: OCT24/NOV24: VITOLSG bids 25kb „ Platts Mogas 92 spread: BAL MONTH/OCT24: ARIONINV
$-0.2/bbl offers 25kb $0.30/bbl
„ Platts Mogas 92: OCT24: HOTEI Withdraws offer 25kb
$76.85/bbl „ Platts Mogas 92 spread: OCT24/NOV24: DARE bids 25kb „ Platts Mogas 92 spread: BAL MONTH/OCT24: VITOLSG
$-0.49/bbl offers 25kb $0.40/bbl
** Denotes OCO order.
„ Platts Mogas 92 spread: OCT24/NOV24: SIETCO bids 25kb „ Platts Mogas 92 spread: BAL MONTH/OCT24: VITOLSG
$-0.49/bbl offers 25kb $0.45/bbl
Gasoline FOB Spore Paper Spreads
„ Platts Mogas 92 spread: NOV24/DEC24: ARIONINV bids 25kb „ Platts Mogas 92 spread: BAL MONTH/OCT24: BPSG offers
Trades (PGA page 4011)

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

25kb $0.50/bbl 25kb $-0.05/bbl „ No bids reported

„ Platts Mogas 92 spread: BAL MONTH/OCT24: DARE offers „ Platts Mogas 92 spread: NOV24/DEC24: DARE offers 25kb Withdrawals
25kb $0.74/bbl $-0.01/bbl „ No bids reported
„ Platts Mogas 92 spread: OCT24/NOV24: DARE offers 25kb „ Platts Mogas 92 spread: NOV24/DEC24: ** Denotes OCO order.
$0.15/bbl MERCURIARESOURCES offers 25kb $0.00/bbl
Offers (PGA page 2324)
„ Platts Mogas 92 spread: OCT24/NOV24: SKEISG offers 25kb Withdrawals
$0.15/bbl „ No offers reported
„ Platts Mogas 92 spread: OCT24/NOV24: P66SG Withdraws
„ Platts Mogas 92 spread: OCT24/NOV24: VITOLSG offers 25kb offer 25kb $0.25/bbl Withdrawals
$0.15/bbl ** Denotes OCO order. „ No offers reported
„ Platts Mogas 92 spread: OCT24/NOV24: BPSG offers 25kb ** Denotes OCO order.
$0.20/bbl Naphtha C+F Cargo
„ Platts Mogas 92 spread: OCT24/NOV24: HOTEI offers 25kb Jet Kero FOB Spore Paper
Trades (PGA page 2325)
$0.20/bbl
Trades (PGA page 4023)
„ Platts Mogas 92 spread: OCT24/NOV24: ONYX offers 25kb „ No trades reported
$0.20/bbl * Denotes market maker. All times GMT „ BAL MONTH: UNIPECSG sold to UITSG* 50kb $85.50/
bbl 8:29:56
„ Platts Mogas 92 spread: OCT24/NOV24: ONYX offers 25kb Bids (PGA page 2323)
* Denotes market maker. All times GMT
$0.20/bbl
„ H1NOV24: BPSG bids 25kt $639.00/mt
„ Platts Mogas 92 spread: OCT24/NOV24: P66SG offers 25kb Bids (PGA page 4021)
„ H1NOV24: **AGTASIA bids 25kt $634.00/mt
$0.20/bbl „ OCT24: DVTRADING bids 50kb $85.50/bbl
„ H2NOV24: EQUINOR bids 25kt $635.00/mt
„ Platts Mogas 92 spread: OCT24/NOV24: UITSG offers 25kb „ OCT24: CMTENERGY bids 50kb $85.40/bbl
$0.20/bbl „ H2NOV24: BBEN bids 25kt $633.00/mt
„ OCT24: DARE bids 50kb $85.40/bbl
„ Platts Mogas 92 spread: OCT24/NOV24: VITOLSG offers 25kb „ H2NOV24: **AGTASIA bids 25kt $631.00/mt
„ OCT24: HOTEI bids 50kb $85.40/bbl
$0.20/bbl Withdrawals
„ OCT24: DARE bids 50kb $85.35/bbl
„ Platts Mogas 92 spread: OCT24/NOV24: DARE offers 25kb „ No bids reported
$0.25/bbl „ NOV24: DARE bids 50kb $85.00/bbl
** Denotes OCO order.
„ Platts Mogas 92 spread: OCT24/NOV24: HOTEI offers 25kb „ NOV24: DVTRADING bids 50kb $85.00/bbl
Offers (PGA page 2324)
$0.25/bbl „ BAL MONTH: CMTENERGY bids 50kb $85.40/bbl
„ H1NOV24: BBEN offers 25kt $641.00/mt
„ Platts Mogas 92 spread: OCT24/NOV24: „ BAL MONTH: BPSG bids 50kb $85.30/bbl
MERCURIARESOURCES offers 25kb $0.25/bbl „ H1NOV24: **GUNVORSG offers 25kt $642.00/mt
„ BAL MONTH: DARE bids 50kb $85.25/bbl
„ Platts Mogas 92 spread: OCT24/NOV24: SIETCO offers 25kb „ H1NOV24: **TOTALSG offers 25kt $642.00/mt
„ BAL MONTH: DARE bids 50kb $85.20/bbl
$0.25/bbl „ H2NOV24: **GUNVORSG offers 25kt $642.00/mt
„ BAL MONTH: HOTEI bids 50kb $85.20/bbl
„ Platts Mogas 92 spread: OCT24/NOV24: UITSG offers 25kb „ H2NOV24: **TOTALSG offers 25kt $642.00/mt
$0.25/bbl „ BAL MONTH: DVTRADING bids 50kb $85.05/bbl
Withdrawals
„ Platts Mogas 92 spread: NOV24/DEC24: DARE offers 25kb „ BAL MONTH: HOTEI bids 50kb $84.50/bbl
„ No offers reported
$-0.1/bbl Withdrawals
** Denotes OCO order.
„ Platts Mogas 92 spread: NOV24/DEC24: ONYX offers 25kb „ OCT24: CMTENERGY Withdraws bid 50kb $85.10/bbl
$-0.1/bbl „ OCT24: DVTRADING Withdraws bid 50kb $85.10/bbl
Naphtha C+F Japan Cargo Spreads
„ Platts Mogas 92 spread: NOV24/DEC24: BPSG offers 25kb „ BAL MONTH: DARE Withdraws bid 50kb $84.93/bbl
$-0.05/bbl Trades (PGA page 2325)
„ BAL MONTH: DARE Withdraws bid 50kb $84.88/bbl
„ Platts Mogas 92 spread: NOV24/DEC24: P66SG offers 25kb „ No trades reported „ BAL MONTH: UITSG no longer bids 50kb $85.50/bbl
$-0.05/bbl * Denotes market maker. All times GMT
„ Platts Mogas 92 spread: NOV24/DEC24: VITOLSG offers Bids (PGA page 2323)

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

** Denotes OCO order. „ BAL MONTH/OCT24: HOTEI bids 50kb $-0.12/bbl „ BAL MONTH/OCT24: DARE offers 50kb $0.05/bbl
Offers (PGA page 4022) „ BAL MONTH/OCT24: CMTENERGY bids 50kb $-0.15/bbl „ BAL MONTH/OCT24: DVTRADING offers 50kb $0.20/bbl
„ OCT24: DVTRADING offers 50kb $85.85/bbl „ BAL MONTH/OCT24: DARE bids 50kb $-0.15/bbl „ BAL MONTH/OCT24: CONDACAP offers 50kb $0.25/bbl
„ OCT24: CMTENERGY offers 50kb $86.00/bbl „ BAL MONTH/OCT24: DVTRADING bids 50kb $-0.45/bbl „ OCT24/NOV24: CMTENERGY offers 50kb $0.10/bbl
„ OCT24: DARE offers 50kb $86.00/bbl „ OCT24/NOV24: DARE bids 50kb $-0.2/bbl „ OCT24/NOV24: DARE offers 50kb $0.10/bbl
„ OCT24: DARE offers 50kb $86.05/bbl „ OCT24/NOV24: HOTEI bids 50kb $-0.2/bbl „ OCT24/NOV24: CONDACAP offers 50kb $0.20/bbl
„ NOV24: DARE offers 50kb $86.85/bbl „ OCT24/NOV24: CONDACAP bids 50kb $-0.25/bbl „ OCT24/NOV24: DVTRADING offers 50kb $0.20/bbl
„ NOV24: DVTRADING offers 50kb $86.85/bbl „ OCT24/NOV24: CMTENERGY bids 50kb $-0.3/bbl „ OCT24: GUNVORSG offers 50kb $0.05/bbl
„ DEC24: DVTRADING offers 50kb $87.15/bbl „ OCT24/NOV24: ENEOSSG bids 50kb $-0.3/bbl „ OCT24: ARAMCOSG offers 50kb $0.10/bbl
„ BAL MONTH: BPSG offers 50kb $85.70/bbl „ OCT24/NOV24: DVTRADING bids 50kb $-0.4/bbl „ OCT24: BPSG offers 50kb $0.10/bbl
„ BAL MONTH: DARE offers 50kb $85.90/bbl „ NOV24/DEC24: DARE bids 50kb $-0.3/bbl „ OCT24: DARE offers 50kb $0.10/bbl
„ BAL MONTH: DARE offers 50kb $85.95/bbl „ NOV24/DEC24: ENEOSSG bids 50kb $-0.3/bbl „ OCT24: MERCURIARESOURCES offers 50kb $0.10/bbl
„ BAL MONTH: CMTENERGY offers 50kb $86.00/bbl „ FEB25/MAR25: DARE bids 50kb $-0.25/bbl „ OCT24: UITSG offers 50kb $0.15/bbl
„ BAL MONTH: DVTRADING offers 50kb $86.45/bbl „ FEB25/MAR25: ENEOSSG bids 50kb $-0.25/bbl „ OCT24: ANTIMO offers 50kb $0.20/bbl
Withdrawals „ FEB25/MAR25: ERACOMM bids 50kb $-0.3/bbl „ OCT24: DVTRADING offers 50kb $0.20/bbl
„ OCT24: CMTENERGY Withdraws offer 50kb $86.40/bbl „ OCT24: ANTIMO bids 50kb $-0.1/bbl „ OCT24: CONDACAP offers 50kb $0.25/bbl
„ OCT24: DARE Withdraws offer 50kb $86.60/bbl „ OCT24: ERACOMM bids 50kb $-0.1/bbl „ OCT24: CMTENERGY offers 50kb $0.30/bbl
„ OCT24: DVTRADING Withdraws offer 50kb $86.60/bbl „ OCT24: VITOLSG bids 50kb $-0.1/bbl „ BAL MONTH: DARE offers 50kb $0.60/bbl
„ OCT24: DARE Withdraws offer 50kb $86.65/bbl „ OCT24: CMTENERGY bids 50kb $-0.15/bbl Withdrawals

„ BAL MONTH: CMTENERGY Withdraws offer 50kb „ OCT24: DARE bids 50kb $-0.15/bbl „ BAL MONTH/OCT24: GUNVORSG no longer offers 50kb
$86.50/bbl „ OCT24: HOTEI bids 50kb $-0.15/bbl $-0.07/bbl
„ BAL MONTH: DARE Withdraws offer 50kb $86.50/bbl ** Denotes OCO order.
„ OCT24: UITSG bids 50kb $-0.15/bbl
„ BAL MONTH: DARE Withdraws offer 50kb $86.55/bbl „ OCT24: BPSG bids 50kb $-0.2/bbl
** Denotes OCO order. Gasoil FOB Spore Paper
„ OCT24: DVTRADING bids 50kb $-0.2/bbl
„ OCT24: CONDACAP bids 50kb $-0.25/bbl Trades (PGA page 4019)
Jet Kero FOB Spore Paper Spreads „ OCT24: MERCURIARESOURCES bids 50kb $-0.25/bbl „ OCT24: DARE sold to ANVIK* 50kb $85.61/bbl 8:29:49
Trades (PGA page 4023) „ OCT24: ARAMCOSG bids 50kb $-0.3/bbl „ OCT24: DARE sold to DVTRADING* 50kb $85.60/bbl 8:29:50
„ BAL MONTH/OCT24: GUNVORSG* sold to UITSG 50kb „ BAL MONTH: DARE bids 50kb $-0.3/bbl „ OCT24: DARE sold to MBCL* 50kb $85.60/bbl 8:29:51
$-0.07/bbl 8:29:46 Withdrawals „ OCT24: DARE sold to CMTENERGY* 50kb $85.60/
„ BAL MONTH/OCT24: BPSG sold to UITSG* 50kb $-0.05/ „ OCT24/NOV24: DARE Withdraws bid 50kb $-0.3/bbl bbl 8:29:54
bbl 8:29:51 „ OCT24: DARE sold to HOTEI* 50kb $85.65/bbl 8:29:57
„ BAL MONTH: ICE no longer bids 50kb $0.20/bbl
„ BAL MONTH: UNIPECSG sold to MARKET 50kb $0.20/ ** Denotes OCO order. „ OCT24: DARE* sold to HOTEI 50kb $85.65/bbl 8:30:02
bbl 8:29:56 „ BAL MONTH: DVTRADING* sold to UNIPECSG 50kb $85.30/
Offers (PGA page 4022)
* Denotes market maker. All times GMT bbl 8:29:56
Bids (PGA page 4021) „ BAL MONTH/OCT24: BPSG offers 50kb $0.00/bbl
* Denotes market maker. All times GMT
„ BAL MONTH/OCT24: MERCURIARESOURCES offers 50kb
„ BAL MONTH/OCT24: UITSG bids 50kb $-0.05/bbl Bids (PGA page 4017)
$0.00/bbl
„ BAL MONTH/OCT24: UITSG bids 50kb $-0.08/bbl „ OCT24: ANVIK bids 50kb $85.61/bbl
„ BAL MONTH/OCT24: CMTENERGY offers 50kb $0.05/bbl
„ BAL MONTH/OCT24: UITSG bids 50kb $-0.1/bbl

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

„ OCT24: DVTRADING bids 50kb $85.60/bbl „ OCT24: CMTENERGY offers 50kb $85.90/bbl „ BAL MONTH/OCT24: CORNERCAP* sold to DARE 50kb
„ OCT24: ONYX bids 50kb $85.57/bbl „ OCT24: DVTRADING offers 50kb $85.90/bbl $-0.48/bbl 8:29:37
„ OCT24: ANVIK bids 50kb $85.55/bbl „ OCT24: ANVIK offers 50kb $86.10/bbl „ BAL MONTH/OCT24: GUNVORSG* sold to HOTEI 50kb
$-0.48/bbl 8:29:38
„ OCT24: HENGLIPET bids 50kb $85.55/bbl „ OCT24: DVTRADING offers 50kb $86.10/bbl
„ BAL MONTH/OCT24: BPSG* sold to CMTENERGY 50kb
„ OCT24: T3GT bids 50kb $85.55/bbl „ OCT24: ONYX offers 50kb $86.30/bbl
$-0.48/bbl 8:29:39
„ OCT24: DARE bids 50kb $85.50/bbl „ BAL MONTH: BPSG offers 50kb $85.30/bbl
„ BAL MONTH/OCT24: BPSG* sold to PETROCHINA 50kb
„ OCT24: DVTRADING bids 50kb $85.50/bbl „ BAL MONTH: DVTRADING offers 50kb $85.40/bbl $-0.48/bbl 8:29:48
„ OCT24: DARE bids 50kb $85.45/bbl „ BAL MONTH: DVTRADING offers 50kb $85.40/bbl „ BAL MONTH/OCT24: GUNVORSG* sold to PETROCHINA
„ OCT24: DVTRADING bids 50kb $85.40/bbl „ BAL MONTH: CMTENERGY offers 50kb $85.50/bbl 50kb $-0.48/bbl 8:29:51
„ OCT24: AGT bids 50kb $85.35/bbl „ BAL MONTH: DARE offers 50kb $85.60/bbl „ BAL MONTH/OCT24: BPSG* sold to DVTRADING 50kb
$-0.48/bbl 8:29:57
„ BAL MONTH: BPSG bids 50kb $85.10/bbl „ BAL MONTH: VITOLSG offers 50kb $85.60/bbl
„ BAL MONTH/OCT24: GUNVORSG* sold to PETROCHINA
„ BAL MONTH: CMTENERGY bids 50kb $85.10/bbl „ BAL MONTH: DARE offers 50kb $85.65/bbl
50kb $-0.48/bbl 8:29:59
„ BAL MONTH: HOTEI bids 50kb $85.05/bbl Withdrawals
* Denotes market maker. All times GMT
„ BAL MONTH: DARE bids 50kb $85.00/bbl „ OCT24: HOTEI Withdraws offer 50kb $86.30/bbl
Bids (PGA page 4017)
„ BAL MONTH: DVTRADING bids 50kb $85.00/bbl „ OCT24: CMTENERGY Withdraws offer 50kb $86.50/bbl
„ BAL MONTH/OCT24: CMTENERGY bids 50kb $-0.5/bbl
„ BAL MONTH: DARE bids 50kb $84.95/bbl „ OCT24: DARE Withdraws offer 50kb $86.50/bbl
„ BAL MONTH/OCT24: DARE bids 50kb $-0.5/bbl
„ BAL MONTH: DVTRADING bids 50kb $84.90/bbl „ OCT24: DARE Withdraws offer 50kb $86.55/bbl
„ BAL MONTH/OCT24: DVTRADING bids 50kb $-0.5/bbl
„ BAL MONTH: DVTRADING bids 50kb $84.90/bbl „ OCT24: DARE no longer offers :LOWERED OFFER
AND TRADED „ BAL MONTH/OCT24: PETROCHINA bids 50kb $-0.5/bbl
Withdrawals
„ BAL MONTH: HOTEI Withdraws offer 50kb $85.70/bbl „ BAL MONTH/OCT24: DVTRADING bids 50kb $-0.59/bbl
„ OCT24: HOTEI no longer bids 50kb $85.65/bbl
„ BAL MONTH: CMTENERGY Withdraws offer 50kb „ BAL MONTH/OCT24: CONDACAP bids 50kb $-0.6/bbl
„ OCT24: CMTENERGY no longer bids 50kb $85.60/bbl
$85.90/bbl „ BAL MONTH/OCT24: UITSG bids 50kb $-0.6/bbl
„ OCT24: MBCL no longer bids 50kb $85.60/bbl
„ BAL MONTH: DARE Withdraws offer 50kb $86.00/bbl „ OCT24/NOV24: DARE bids 50kb $-0.19/bbl
„ OCT24: DARE Withdraws bid 50kb $85.25/bbl
„ BAL MONTH: DVTRADING Withdraws offer 50kb $86.00/bbl „ OCT24/NOV24: CMTENERGY bids 50kb $-0.2/bbl
„ OCT24: DARE Withdraws bid 50kb $85.20/bbl
„ BAL MONTH: DVTRADING Withdraws offer 50kb $86.00/bbl „ OCT24/NOV24: DVTRADING bids 50kb $-0.2/bbl
„ OCT24: DVTRADING Withdraws bid 50kb $85.20/bbl
„ BAL MONTH: DVTRADING Withdraws offer 50kb $86.00/bbl „ OCT24/NOV24: MERCURIARESOURCES bids 50kb $-0.2/bbl
„ OCT24: CMTENERGY Withdraws bid 50kb $85.20/bbl
„ BAL MONTH: DARE Withdraws offer 50kb $86.05/bbl „ OCT24/NOV24: PETROCHINA bids 50kb $-0.2/bbl
„ BAL MONTH: DARE Withdraws bid 50kb $84.80/bbl
„ BAL MONTH: DVTRADING no longer offers 50kb $85.30/bbl „ OCT24/NOV24: UITSG bids 50kb $-0.2/bbl
„ BAL MONTH: DARE Withdraws bid 50kb $84.75/bbl
** Denotes OCO order. „ OCT24/NOV24: CONDACAP bids 50kb $-0.25/bbl
„ BAL MONTH: CMTENERGY Withdraws bid 50kb $84.80/bbl
„ NOV24/DEC24: DARE bids 50kb $-0.25/bbl
** Denotes OCO order.
Gasoil FOB Spore Paper Spreads „ NOV24/DEC24: CMTENERGY bids 50kb $-0.35/bbl
Offers (PGA page 4018)
Trades (PGA page 4019) „ NOV24/DEC24: ENEOSSG bids 50kb $-0.35/bbl
„ OCT24: DARE offers 50kb $85.65/bbl
„ BAL MONTH/OCT24: BPSG* sold to DARE 50kb $-0.48/ „ DEC24/JAN25: DARE bids 50kb $-0.2/bbl
„ OCT24: ERACOMM offers 50kb $85.75/bbl
bbl 8:29:32 „ DEC24/JAN25: ERACOMM bids 50kb $-0.23/bbl
„ OCT24: AGT offers 50kb $85.79/bbl
„ BAL MONTH/OCT24: VITOLSG* sold to DARE 50kb $-0.48/ „ DEC24/JAN25: ENEOSSG bids 50kb $-0.35/bbl
„ OCT24: DVTRADING offers 50kb $85.80/bbl bbl 8:29:33 Withdrawals
„ OCT24: MBCL offers 50kb $85.80/bbl „ BAL MONTH/OCT24: GUNVORSG* sold to DARE 50kb „ No bids reported
„ OCT24: T3GT offers 50kb $85.80/bbl $-0.48/bbl 8:29:34

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

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

** Denotes OCO order. * Denotes market maker. All times GMT „ OCT24: P66SG bids 5kt $8.00/mt
Offers (PGA page 4018) Bids (PGA page 4025) „ OCT24: DARE bids 5kt $7.75/mt
„ BAL MONTH/OCT24: CONDACAP offers 50kb $-0.4/bbl „ BAL MONTH/OCT24: MERCURIARESOURCES bids 5kt „ OCT24: GOODECAPLTD bids 5kt $7.75/mt
„ BAL MONTH/OCT24: DARE offers 50kb $-0.4/bbl $6.00/mt „ OCT24: NESTWISE bids 5kt $7.75/mt
„ BAL MONTH/OCT24: HARTREE offers 50kb $-0.4/bbl „ BAL MONTH/OCT24: P66SG bids 5kt $6.00/mt „ OCT24: ONYX bids 5kt $386.50/mt
„ BAL MONTH/OCT24: UITSG offers 50kb $-0.4/bbl Withdrawals „ OCT24: ONYX bids 5kt $386.00/mt
„ BAL MONTH/OCT24: CMTENERGY offers 50kb $-0.35/bbl „ No bids reported „ OCT24: DARE bids 5kt $385.00/mt
** Denotes OCO order. „ OCT24: DARE bids 5kt $384.50/mt
„ BAL MONTH/OCT24: DVTRADING offers 50kb $-0.35/bbl
Offers (PGA page 4026) „ OCT24: DARE bids 5kt $384.00/mt
„ OCT24/NOV24: CMTENERGY offers 50kb $-0.1/bbl
„ OCT24/NOV24: CONDACAP offers 50kb $-0.1/bbl „ BAL MONTH/OCT24: ONYX offers 5kt $7.00/mt „ BAL MONTH/OCT24: DARE bids 5kt $10.50/mt
„ OCT24/NOV24: DARE offers 50kb $-0.1/bbl „ BAL MONTH/OCT24: P66SG offers 5kt $8.75/mt „ BAL MONTH/OCT24: TOTSA bids 5kt $10.50/mt
„ OCT24/NOV24: DVTRADING offers 50kb $-0.1/bbl Withdrawals „ BAL MONTH/OCT24: NESTWISE bids 5kt $10.25/mt
„ OCT24/NOV24: ERACOMM offers 50kb $-0.1/bbl „ No offers reported „ BAL MONTH/OCT24: NESTWISE bids 5kt $10.00/mt
„ OCT24/NOV24: UITSG offers 50kb $-0.1/bbl ** Denotes OCO order. „ BAL MONTH/OCT24: ONYX bids 5kt $10.00/mt
„ OCT24/NOV24: MERCURIARESOURCES offers 50kb „ BAL MONTH/OCT24: P66SG bids 5kt $10.00/mt
$-0.09/bbl FO 380 CST 3.5% FOB Spore Paper „ BAL MONTH/OCT24: PTT bids 5kt $10.00/mt
„ NOV24/DEC24: SAHARAE offers 50kb $-0.05/bbl Trades (PGA page 4027) „ OCT24/NOV24: NESTWISE bids 5kt $3.00/mt
„ NOV24/DEC24: DARE offers 50kb $0.00/bbl „ OCT24/NOV24: TOTSA bids 5kt $3.00/mt
„ OCT24: DARE* sold to NESTWISE 5kt $387.25/mt 8:29:59
„ NOV24/DEC24: ERACOMM offers 50kb $0.00/bbl „ OCT24/NOV24: ANVIK bids 5kt $2.75/mt
„ BAL MONTH/OCT24: GUNVORSG* sold to TRAFI 5kt $11.25/
„ NOV24/DEC24: CMTENERGY offers 50kb $0.05/bbl mt 8:29:15 „ OCT24/NOV24: ONYX bids 10kt $2.75/mt
„ DEC24/JAN25: DARE offers 50kb $-0.02/bbl „ BAL MONTH/OCT24: GUNVORSG sold to ONYX* 5kt $11.00/ „ OCT24/NOV24: P66SG bids 5kt $2.75/mt
„ DEC24/JAN25: ERACOMM offers 50kb $0.00/bbl mt 8:29:34 „ OCT24/NOV24: DARE bids 5kt $2.50/mt
Withdrawals „ BAL MONTH/OCT24: GUNVORSG sold to ONYX* 5kt $10.75/ „ OCT24/NOV24: HENGLIPET bids 5kt $2.50/mt
mt 8:29:45
„ BAL MONTH/OCT24: CMTENERGY Withdraws offer 50kb „ OCT24/NOV24: SERENITY bids 5kt $2.50/mt
$-0.45/bbl „ BAL MONTH/OCT24: GUNVORSG* sold to TRAFI 5kt $11.00/
„ OCT24/NOV24: THEMEINT bids 5kt $2.50/mt
mt 8:29:48
„ BAL MONTH/OCT24: BPSG no longer offers 50kb $-0.48/bbl
Withdrawals
„ BAL MONTH/OCT24: GUNVORSG* sold to
„ BAL MONTH/OCT24: CORNERCAP no longer offers 50kb
MERCURIARESOURCES 5kt $11.00/mt 8:29:53 „ BAL MONTH/OCT24: ONYX no longer bids 5kt $10.75/mt
$-0.48/bbl
„ BAL MONTH: ONYX* sold to MERCURIARESOURCES 5kt „ OCT24/NOV24: GOODECAPLTD Withdraws bid 5kt $2.55/mt
„ BAL MONTH/OCT24: GUNVORSG no longer offers 50kb
$3.75/mt 8:29:56 ** Denotes OCO order.
$-0.48/bbl
* Denotes market maker. All times GMT Offers (PGA page 4026)
„ BAL MONTH/OCT24: VITOLSG no longer offers 50kb
$-0.48/bbl Bids (PGA page 4025)
„ BAL MONTH: ONYX offers 5kt $4.50/mt
** Denotes OCO order. „ BAL MONTH: ONYX bids 5kt $3.50/mt „ BAL MONTH: NESTWISE offers 5kt $6.00/mt
„ BAL MONTH: NESTWISE bids 5kt $3.25/mt „ OCT24: ENGIESG offers 5kt $8.75/mt
FO 180 CST 3.5% FOB Spore Paper „ BAL MONTH: MERCURIARESOURCES bids 5kt $3.00/mt „ OCT24: DARE offers 5kt $9.00/mt
Trades (PGA page 4027) „ OCT24: ONYX bids 5kt $8.50/mt „ OCT24: NESTWISE offers 5kt $9.00/mt
„ No trades reported „ OCT24: ONYX bids 5kt $8.25/mt „ OCT24: P66SG offers 5kt $9.00/mt
„ OCT24: P66SG bids 5kt $8.25/mt „ OCT24: P66SG offers 5kt $9.00/mt

© 2024 by S&P Global Inc. All rights reserved. 31

Asia-Pacific/Arab Gulf Marketscan September 6, 2024

„ OCT24: DARE offers 5kt $387.50/mt „ BAL MONTH/OCT24: PRIME offers 5kt $12.25/mt „ OCT24/NOV24: P66SG offers 5kt $3.50/mt
„ OCT24: GOODECAPLTD offers 5kt $388.00/mt „ BAL MONTH/OCT24: ONYX offers 5kt $12.50/mt „ OCT24/NOV24: THEMEINT offers 5kt $3.50/mt
„ OCT24: MERCURIARESOURCES offers 5kt $388.00/mt „ BAL MONTH/OCT24: PTT offers 5kt $12.50/mt Withdrawals
„ OCT24: ARIONINV offers 5kt $388.50/mt „ BAL MONTH/OCT24: THEMEINT offers 5kt $12.75/mt „ BAL MONTH: ONYX no longer offers 5kt $3.75/mt
„ OCT24: ONYX offers 5kt $388.50/mt „ BAL MONTH/OCT24: DARE offers 5kt $13.00/mt „ OCT24: ONYX Withdraws offer 5kt $8.75/mt
„ OCT24: ONYX offers 5kt $388.50/mt „ BAL MONTH/OCT24: THEMEINT offers 5kt $13.00/mt „ OCT24: DARE no longer offers 5kt $387.25/mt
„ OCT24: PRIME offers 5kt $388.50/mt „ OCT24/NOV24: GOODECAPLTD offers 20kt $3.45/mt „ BAL MONTH/OCT24: GUNVORSG no longer offers 5kt
„ OCT24: DARE offers 5kt $390.00/mt „ OCT24/NOV24: DARE offers 5kt $3.50/mt $11.00/mt
„ BAL MONTH/OCT24: GUNVORSG offers 5kt $11.25/mt „ OCT24/NOV24: DVTRADING offers 5kt $3.50/mt „ OCT24/NOV24: ENGIESG Withdraws offer 5kt $3.50/mt

„ BAL MONTH/OCT24: MAERSK offers 5kt $11.75/mt „ OCT24/NOV24: HENGLIPET offers 5kt $3.50/mt „ OCT24/NOV24: GOODECAPLTD Withdraws offer 5kt
$3.50/mt
„ BAL MONTH/OCT24: P66SG offers 5kt $12.00/mt „ OCT24/NOV24: NESTWISE offers 5kt $3.50/mt
** Denotes OCO order.

© 2024 by S&P Global Inc. All rights reserved. 32