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Asia-Pacific/Arab Gulf Marketscan

Volume 43 / Issue 223 / November 19, 2024
Asia products
Code Mid Change Code Mid Change Code Mid Change
Singapore (PGA page 2002)
FOB Singapore ($/barrel) MOPS strip Premium/Discount
Naphtha PAAAP00 68.00–68.04 68.020 +1.620 AAPKA00 67.78–67.82 67.800 +1.550
Gasoline 97 unleaded PGAMS00 85.69–85.73 85.710 +1.240 AAPKE00* 17.89/17.93 17.910 -0.310
Gasoline 95 unleaded PGAEZ00 84.67–84.71 84.690 +1.250 AAPKF00* 16.87/16.91 16.890 -0.300
Gasoline 95 unleaded AGUMS00 84.030 +1.140 AGUMA00**** 0.660 +0.110
Gasoline 92 unleaded PGAEY00 78.54–78.58 78.560 +1.280 AAPKG00* 10.74/10.78 10.760 -0.270
Gasoline 92 unleaded AAXEQ00 79.19–79.23 79.210 +1.100 AAXER00 -0.67/-0.63 -0.650 +0.180
Gasoline 91 unleaded AAYNA00 81.970 +1.100 AAYNB00 2.760 0.000
Gasoline 92 unleaded 500 ppm PGAFY00*** 0.900 0.000
CFR Naphtha AAOVF00 69.200 +1.550 AAOVG00 1.400 0.000
Kerosene PJABF00 89.98–90.02 90.000 +2.490 AAPJZ00 90.05–90.09 90.070 +2.630 PJACU00 -0.09/-0.05 -0.070 -0.140
Gasoil 10 ppm AAOVC00 89.89–89.93 89.910 +2.670 AAOVD00** 0.55/0.59 0.570 -0.040
Gasoil 50 ppm AAPPF00 89.88–89.92 89.900 +2.680 AAPPH00** 0.54/0.58 0.560 -0.030
Gasoil 0.05% sulfur AAFEX00 89.86–89.90 89.880 +2.680 AAFFB00** 0.52/0.56 0.540 -0.030
Gasoil 0.25% sulfur AACUE00 89.77–89.81 89.790 +2.680 AACQI00** 0.43/0.47 0.450 -0.030
Gasoil POABC00 89.89–89.93 89.910 +2.670 AAPJY00 89.32–89.36 89.340 +2.710 POAIC00** 0.55/0.59 0.570 -0.040
FO 180 CST 2% ($/mt) PUAXS00 459.23–459.27 459.250 +6.600
HSFO 180 CST ($/mt) PUADV00 449.12–449.16 449.140 +6.450 AAPJX00 435.43–435.47 435.450 +6.410 AAGZF00 13.67/13.71 13.690 +0.040
HSFO 380 CST ($/mt) PPXDK00 435.41–435.45 435.430 +6.340 AAPJW00 422.58–422.62 422.600 +6.930 PPXDL00 12.81/12.85 12.830 -0.590
Marine Fuel 0.5% ($/mt) AMFSA00 544.690 +7.990 FOFSA00 538.900 +8.660 FOFSB00 5.790 -0.670
Ex-Wharf 380 CST ($/mt) AAFER00 448.50–449.50 449.000 +6.000
Ex-Wharf 500 CST ($/mt) AAVUP00 443.50–444.50 444.000 +6.000
Bitumen Pen 60-70 ($/mt) BTSGA00 450.000 0.000 BTSGB00***** 27.400 -6.930
*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 600.66–602.16 601.410 +15.325 AAPKH00 15.50/16.00 15.750 0.000
Naphtha LR2 ($/mt) 604.00–605.50 604.750 +14.625
Platts Asia & Middle East Renewable
AAIDA00
Gasoline 95 unleaded AAICY00 82.00–82.04 82.020 +1.190 AAWUJ00 5.08/5.12 5.100 +0.300
Gasoline 95 unleaded CFR AAWUK00 5.68/5.72 5.700 Distillates Monthly Commentary
Gasoline 92 unleaded AAGJA00 75.890 +1.220 AAGZA00 4.900 -0.300
Kerosene PJAAA00 87.75–87.79 87.770 +2.540 PJACV00 0.88/0.92 0.900 0.000
Gasoil 10 ppm AAIDT00 87.52–87.56 87.540 +2.720 AAIDU00* 1.16/1.20 1.180 -0.100
„ China’s UCO price hike raises SAF cost of
Gasoil 0.005% sulfur AASGJ00 87.47–87.51 87.490 +2.720 AASGK00* 1.11/1.15 1.130 -0.100 production
Gasoil 0.05% sulfur AAFEZ00 87.24–87.28 87.260 +2.720 AAFFD00* 0.88/0.92 0.900 -0.100
Gasoil 0.25% sulfur AACUA00 86.53–86.57 86.550 +2.720 AACUC00* 0.17/0.21 0.190 -0.100 „ China to scale up SAF usage
Gasoil POAAT00 87.52–87.56 87.540 +2.720 POAID00* 1.16/1.20 1.180 -0.100
HSFO 180 CST ($/mt) PUABE00 427.83–427.87 427.850 +6.900 AAXJA00 29.98/30.02 30.000 0.000
HSFO 380 CST ($/mt) AAIDC00 414.12–414.16 414.140 +6.790 AAXJB00 26.98/27.02 27.000 0.000 Platts assessed the price of SAF FOB Straits at
HSFO 380/180 spread ($/mt) PPXDM00 -13.73/-13.69 -13.710 -0.110
Marine Fuel 0.5% Fujairah ($/mt) FOFFB00*** 6.000 0.000 $2,048.37/mt Nov. 18, up from $1,735.12/mt Oct. 18, amid
Ex-Wharf Fujairah 380 CST** ($/mt) AAYBG00 27.110 +2.660 higher EMEA SAF prices.
*Premium to MOPAG gasoil during loading. **Ex-Wharf differential represents premium/discount to the MOPAG 180 CST strip. ***MF 0.5% differential The cost of producing sustainable aviation fuel in
represents premium/discount to the MOPFUJ MF 0.5% strip.
Asia was higher in November, with the Platts-assessed

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Asia-Pacific/Arab Gulf Marketscan November 19, 2024

Asia products used cooking oil-based SAF advancing by $130.46/

Code Mid Change Code Mid Change
mt, or 7.92%, on the month to $1,777.64/mt Nov. 18, and
Middle East physical oil assessments (PGA pages 2004 and 2018) palm fatty acid distillate-based SAF rising $82.41/mt, or
FOB Fujairah ($/barrel) MOPAG Strip 4.79%, to $1,803.44/mt.
Naphtha ($/mt) NFJSA00 613.810 +15.070 NFJTA00 598.060 +15.070 The prices of FOB UCO North Asia rose $70/mt over
Gasoline 95 unleaded AFUJA00 86.330 +1.400 AFUJB00 81.230 +1.100
Gasoline 92 unleaded RFJFS00 81.440 +0.770 RAGTA00 76.540 +1.070 the month to close at $905/mt Nov. 18.
Kerosene AFUJF00 88.250 +2.720 AFUJG00 87.350 +2.720 China will cancel the 13% export tax rebate it
Gasoil 10 ppm AFUJP00 87.700 +2.690
Gasoil 500 ppm AFUJN00 87.420 +2.690 offers for UCO, a key biofuel feedstock, effective Dec.
Gasoil AFUJK00 87.700 +2.690 AFUJL00 86.520 +2.790 1, the country’s Ministry of Finance and the State
HSFO 380 CST ($/mt) AFUJQ00 437.900 +9.020 AFUJR00 410.900 +9.020
Ex-Wharf 380 CST ($/mt) AAYBF00 441.000 +9.000 AAYBD00 413.890 +6.340 Administration of Taxation said in an announcement
MOPFUJ Strip Nov. 15.
Marine Fuel 0.5% ($/mt)** AMFFA00 546.600 +7.870 FOFFA00 540.600 +7.870 “Some factories in China are taking advantage
*FOB Fujairah outright prices are derived by adding the MOPAG strips and the FOB Arab Gulf premiums/discounts.
of the export tax rebate, while foreign factories also
**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 702.00–704.00 703.000 +11.500
Nov 11 (PGA page 2022)
Singapore demurrage (PGT pages 2910 and 2960) Light distillates FUJLD04 6001 +75
$/day Middle distillates FUJMD04 1767 -123
Demurrage Clean AALPY00 22750.000 +500.000 Heavy distillates and residues FUJHD04 8697 +372
Demurrage Dirty AALQA00 33500.000 -500.000 Source: FEDCom, S&P Global Commodity Insights

Singapore paper (PGA page 2655)

Balance November ($/barrel) December ($/barrel) January ($/barrel)

Naphtha Japan ($/mt) RAXFM00 NA NANA AAXFE00 631.50–632.00 631.750 +14.000 AAXFF00 627.75–628.25 628.000 +12.750
Naphtha AAPLD00 NA–NA NA NANA PAAAQ00 67.73–67.77 67.750 +1.550 PAAAR00 67.33–67.37 67.350 +1.450
Gasoline 95 unleaded AGUMB00 NA NANA AGUMM01 83.960 +1.170 AGUMM02 83.450 +1.250
Gasoline 92 unleaded AAXEK00 NA–NA NA NANA AAXEL00 79.19–79.23 79.210 +1.120 AAXEM00 79.18–79.22 79.200 +1.250
Reforming Spread AAXEN00 NA/NA NA NANA AAXEO00 11.44/11.48 11.460 -0.430 AAXEP00 11.83/11.87 11.850 -0.200
Kerosene AAPLE00 90.16–90.20 90.180 +2.590 PJABS00 89.97–90.01 89.990 +2.650 PJABT00 89.37–89.41 89.390 +2.660
Gasoil AAPLF00 89.75–89.79 89.770 +2.760 POAFC00 89.27–89.31 89.290 +2.710 POAFG00 88.91–88.95 88.930 +2.680
HSFO 180 CST ($/mt) AAPML00 446.98–447.02 447.000 +6.750 PUAXZ00 434.23–434.27 434.250 +6.750 PUAYF00 424.93–424.97 424.950 +7.000
HSFO 380 CST ($/mt) AAPKB00 434.73–434.77 434.750 +7.250 AAPKC00 421.48–421.52 421.500 +7.250 AAPKD00 412.93–412.97 412.950 +7.500
Gasoil EFS ($/mt) AAQTX00 NA NANA AAQTY00 -23.790 -2.060 AAQTZ00 -19.470 -0.530

Arab Gulf Front Month Swaps (PGA page 2638)

Balance November* ($/barrel) December ($/barrel) January ($/barrel)

Naphtha ($/mt) NAGFM00 NA NANA NAGFM01 598.330 +15.340 NAGFM02 595.900 +12.850
Gasoline 95 unleaded AFUIM00 NA NANA AFUIM01 81.290 +1.110 AFUIM02 80.780 +1.190
Gasoline 92 unleaded RAGFM00 NA NANA RAGFM01 76.540 +1.060 RAGFM02 76.530 +1.190
Kerosene AFUAM00 87.780 +2.590 AFUAM01 87.400 +2.740 AFUAM02 86.890 +2.660
Gasoil AFUJM00 87.220 +2.760 AFUJM01 86.550 +2.810 AFUJM02 86.280 +2.680
HSFO 180 CST** AADZB00 NA NANA AADZM01 409.500 +6.750 AADZM02 401.250 +7.000
HSFO 380 CST AFURM00 NA NANA AFURM01 411.750 +9.250 AFURM02 404.250 +9.500
*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 November 19, 2024

Asia products benefit from it,” a Chinese trader said, explaining that
Code Mid Change Code Mid Change
the tax rebate had been baked into profit margins for
Japan physical oil assessments (PGA page 2006) local producers.
C+F Japan ($/mt) Premium/Discount “Everyone is concerned about addressing the tax
Naphtha (min 70%) NCJCA00 631.000 +14.625 NCJCB00 1.000 +0.250
rebate issue and settling export procedures in their
Naphtha PAAAD00 630.25–631.75 631.000 +14.625 PAADI00 0.75/1.25 1.000 +0.250
Nph 1st 1/2 Jan PAAAE00 632.25–632.75 632.500 +15.000 contracts. They are not confident in doing new deals,”
Nph 2nd 1/2 Jan PAAAF00 631.25–631.75 631.500 +14.750 a trader based in China said, adding they do not intend
Nph 1st 1/2 Feb PAAAG00 630.25–630.75 630.500 +14.500
Naphtha MOPJ Strip AAXFH00 625.50–626.00 625.750 +12.500 AAXFI00 5.00/5.50 5.250 +2.120 to make any orders in the meantime and will observe
C+F Japan ($/barrel) Premium/Discount the market first.
Gasoline 91-92 unleaded PGACW00 80.83–80.87 80.850 +1.350 “I think in the short term, export prices will not
Gasoline 95 unleaded PGAQQ00 86.96–87.00 86.980 +1.320
Kerosene PJAAN00 92.40–92.44 92.420 +2.570 PAADK00 2.33/2.37 2.350 -0.060 change much, but domestic purchase prices will drop,”
FOB Japan ($/barrel) Premium/Discount another source said.
Gasoil POJAP00 89.140 +2.610 POJBP00 -0.200 -0.100 The China domestic ex-mill UCO market saw a
South Korea physical oil assessments (PGA page 2008) decline in valuations following the news, with an
C+F Korea ($/mt) Premium/Discount offer heard at Yuan 6,300/mt, while the high-sulfur
Naphtha PAADE00 631.00–631.50 631.250 +14.870 PAADG00 0.00/0.50 0.250 +0.250 equivalent was heard returning to indicative levels of
C+F East Asia ($/mt) Premium/Discount Yuan 4,500-5,000/mt.
Naphtha** CFRCT00 594.750 +14.875 CFRCD00 -36.250 +0.250
Meanwhile, the full implementation of the EU
FOB Korea ($/barrel) Premium/Discount
Gasoline 95 unleaded PGAQO00 84.45–84.49 84.470 +1.180
Deforestation Regulation (EUDR) will be delayed by
Jet PJADG00 91.40–91.44 91.420 +2.630 PJADI00 1.33/1.37 1.350 0.000 a year to December 2025, the European Parliament
Gasoil POAIE00 89.22–89.26 89.240 +2.610 POAIG00 -0.12/-0.08 -0.100 -0.100
Bitumen Pen 60-80 ($/mt) BTKRA00 425.000 0.000 BTKRB00* 2.400 -6.930
said Nov. 14. The EUDR stipulates that traders and
*Indicates relationship between premium/discount and HSFO 380 CST MOPS Strip. **All-origin naphtha from commercial tanks.
importers to the EU must ensure that their products
such as cattle, cocoa, coffee, oil palm, rubber, soya
Mean of Platts West India netbacks (PGA page 2012)
and wood were not cultivated on land deforested
FOB India ($/mt) FOB India ($/barrel)
Naphtha AAQWK00 606.610 +13.900 AAQWJ00 67.400 +1.540
after 2020.
Gasoline (92 RON) AARBQ00 650.260 +10.490 AARBP00 76.500 +1.230 The Civil Aviation Authority of Singapore (CAAS) is
Gasoline (95 RON) AAQWI00 702.370 +10.240 AAQWH00 82.630 +1.200
looking to set up a wholly-owned company limited by
Jet kero AAQWM00 693.500 +19.280 AAQWL00 87.780 +2.440
Gasoil 10 ppm AAQWO00 652.330 +19.500 AAQWN00 87.560 +2.620 guarantee to centrally purchase sustainable aviation
Gasoil 500 ppm AAQWQ00 652.110 +19.580 AAQWP00 87.530 +2.630 fuel for its uplift targets from 2026, according to
Gasoil 2500 ppm AAQWS00 651.440 +19.580 AAQWR00 87.440 +2.630
information seen by S&P Global Commodity Insights
India (PGA page 2524)
Nov. 12.
CFR West Coast India ($/mt) The procured SAF will be paid for using levies
Bitumen VG30 BCVIA00 400.000 +7.000
Bitumen VG40 BCVIB00 405.000 +7.000 collected from flight ticket sales from 2026, as the
CFR East Coast India ($/mt) country targets a 1% uplift the same year, with plans
Bitumen VG30 BCVIC00 435.000 +7.000 to subsequently raise it to 3%-5% by 2030. The
Bitumen VG40 BCVID00 440.000 +7.000
planned entity, named SAFCo for now, will also engage
businesses and organizations to encourage voluntary
SAF use, added CAAS.

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

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

Asia products Renewable fuels (PGA pages 1414, 483 and 2414)
Code Mid Change Code Mid Change Change
Australia (PGA page 2014) Northwest Europe ($/mt)
SAF cost of production BJNWA00 2247.438 -1.765
C+F Australia ($/barrel) SAF CIF NWE MIRWD00 2106.500 0.000
Gasoline 92 AACZF00 82.32–82.36 82.340 +1.350 SAF CIF NWE premium MIRWF00 1350.000 0.000
Gasoline 95 AACZH00 88.45–88.49 88.470 +1.320 SAF FOB FARAG SUAEA00 2147.00 0.00
Jet AAFIY00 94.05–94.09 94.070 +2.570 SAF FOB FARAG premium SUAEB00 1400.00 0.00
Gasoil 10 ppm AAQUD00 94.20–94.24 94.220 +2.750 RD cost of production HVNWA00 2049.487 -1.494
USWC cost of production ($/mt)
South Africa (PGA pages 2342 and 2412) SAF w/ credits ASAFA00 1676.448 +14.752
CFR South Africa ($/barrel) SAF w/o credits ASAFB00 654.908 +21.553
RD w/ credits ARDFA00 1584.581 +11.031
Gasoline 95 unleaded AAQWW00 89.802 +1.560
RD w/o credits ARDFB00 684.851 +18.231
Jet kero AAQWT00 91.985 +2.892
Gasoil 10 ppm AAQWU00 91.661 +2.872 USWC cost of production ($/b)
Gasoil 500 ppm AAQWV00 91.381 +2.872 SAF w/ credits ASAFE00 207.091 +1.823
SAF w/o credits ASAFF00 80.900 +2.662
Freight netbacks (PGA pages PGT2910 and PGT2960) RD w/ credits ARDFE00 196.320 +1.367
AG-Spore Spore-Japan AG-Japan Spore-Australia RD w/o credits ARDFF00 84.849 +2.259
Naphtha AAPOF00 19.49* AAPOG00 29.59* USWC cost of production (¢/gal)
Naphtha-LR2 AAPOH00 26.25* SAF w/ credits ASAFI00 493.073 +4.339
Gasoline AAPOC00 2.67 AAPOD00 2.29 AAPOE00 3.78 SAF w/o credits ASAFJ00 192.620 +6.339
Kerosene AAPOI00 2.23 AAPOJ00 4.07 RD w/ credits ARDFI00 467.428 +3.254
Gasoil AAPOL00 2.37 AAPOM00 4.31 RD w/o credits ARDFJ00 202.021 +5.378
HSFO 180 CST AAPOO00 21.29* AAPOP00 17.69* Americas market-based assessment (¢/gal)
HSFO 380 CST AAPOQ00 21.29* SAF CA SAFDA00 696.900 -6.370
All values in $/barrel, except * values in $/mt. SAF CA vs Jet LA SAFDB00 465.130 0.000
SAF IL SAFDD00 846.660 +1.130
South China/Hong Kong physical oil assessments (PGA page 2010)
SAF IL vs Jet Chicago SAFDE00 624.390 0.000

South China ($/mt)
Premium/Discount to MOPS ($/barrel) ATF 30/70 CA SAFDF00 521.770 -6.370
Gasoline 92 unleaded AAICW00 684.50–688.50 686.500 +11.000 ATF 30/30 IL SAFDG00 560.050 +1.130
Jet/kero PJABQ00 721.50–725.50 723.500 +20.500 AAWTW00 1.49/1.53 1.510 -0.040 Asia ($/mt)
Gasoil POAFA00 677.25–681.25 679.250 +21.250 AABJZ00 1.81/1.85 1.830 +0.150 SAF FOB Straits SFSMR00 2047.75 -0.62

Hong Kong bunker grades ($/mt) SAF cost of production (UCO) ASFAC00 1775.460 -2.180
SAF cost of production (PFAD) ASFAA00 1834.150 +30.710
HSFO 380 CST PUAER00 472.50–473.50 473.000 +4.000 RD cost of production (UCO) HVNAA00 1630.380 -0.780
*C+F Hong Kong, $/barrel premium/discount to Mean of Platts Singapore. RD cost of production (PFAD) HVSAB00 1681.280 +28.570

Marine Fuel (PGA page 30) Jet Index (PGA page 115)
$/mt Change vs FO 380 MOPS strip Change Index $/barrel
0.5% FOB Singapore cargo AMFSA00 544.690 +7.990 AMOPA00 122.090 +1.060 Asia & Oceania PJASO00 259.35 PJASO08 90.77
0.5% FOB Fujairah cargo AMFFA00 546.600 +7.870 Mid East & Africa PJMEA00 267.62 PJMEA08 89.61
0.5% FOB Rotterdam barge PUMFD00 489.750 -1.000 Global PJGLO00 247.44 PJGLO08 90.52
0.5% FOB US Gulf Coast barge AUGMB00 531.750 -0.250
0.5% Dlvd US Atlantic Coast barge AUAMB00 536.500 -0.250 Foreign exchange rates (PGA page 2160)
0.5% FOB Mediterranean cargo MFFMM00 498.750 -2.500 USD/JPY AAWFX00 154.195 -0.485
0.5% CIF Mediterranean cargo MFCMM00 509.500 -2.500 Eur/USD AAWFU00 1.0586 +0.0032
USD/SGD AAWFZ00 1.3385 -0.0058
$/barrel Change
USD/MYR AAWGA00 4.4680 -0.0100
0.5% FOB US Gulf Coast barge AUGMA00 83.740 -0.040 USD/HKD AAWFY00 7.7821 -0.0026
0.5% Dlvd US Atlantic Coast barge AUAMA00 84.490 -0.040 AUD/USD AAWFT00 0.6516 +0.0055
USD/INR AAFGW00 84.4142 +0.0208
USD/CNY* AAWFW00 7.1911 +0.0004
*Source: Bank of China

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

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

Shandong Sanju Bioenergy, a subsidiary of Hainan Marine Fuel 0.5% Derivatives, Nov 19
Balance* Change Month 1 Change Month 2 Change
Energy Technology, has also received approval from
Nov Dec Jan
the Civil Aviation Administration of China to supply $/mt $/mt $/mt
sustainable aviation fuel to major airports across the 0.5% FOB Singapore cargo FOFS000 545.000 +9.000 FOFS001 538.000 +9.000 FOFS002 531.050 +9.750
country. 0.5% FOB Fujairah cargo FOFF000 NA NANA FOFF001 541.250 +8.000 FOFF002 535.500 +8.750
0.5% FOB Rotterdam barge AMRAB00 492.000 -2.250 AMRAM01 488.750 -2.250 AMRAM02 485.000 -2.250
The CAAC’s approval, granted Oct. 24, affirms 0.5% vs. 3.5% FOB Rotterdam barge AMRBB00 68.750 -5.250 AMRBM01 81.750 -5.000 AMRBM02 82.000 -4.750
that Shandong Sanju’s SAF products meet the $/barrel $/barrel $/barrel
required technical standards, specifically the CCAR-21 0.5% FOB US Gulf Coast barge AMARB00 NA NANA AMARM01 80.900 0.000 AMARM02 79.400 0.000
0.5% vs US Gulf Coast HSFO barge AUSBB00 NA NANA AUSBM01 18.200 -0.750 AUSBM02 17.650 -0.700
provisions. The company’s HEFA-SPK (Hydroprocessed
*Balance month swaps are assessed from the 1st through the 20th of the month; Asia swaps are assessed through the 14th of February.
Esters and Fatty Acids Synthetic Paraffinic Kerosene)
fuel is now cleared for use as a sustainable aviation
Carbon Intensity (PGA page 4207)
fuel, allowing it to be marketed and blended with
Daily Carbon Intensity Premium Monthly Carbon Intensity
conventional jet fuel at airports, the company
Asia $/bbl Date kgCO2e/bbl
said Nov. 5. Gasoline Unl 92 FOB Singapore Cargo ALCEJ00 0.590 ALCEI00 Oct-24 48.16
Platts is part of S&P Global Commodity Insights. Jet Kero FOB Singapore Cargo ALCEL00 0.232 ALCEK00 Oct-24 18.93
Gasoil 10ppm FOB Singapore Cargo ALCEH00 0.350 ALCEG00 Oct-24 28.54

Platts Asia and Middle Eastern Gasoline United States Gulf Coast ¢/gal Date kgCO2e/gal

Daily Market Analysis Gasoline CBOB USGC Prompt Pipeline

Jet Kero 54 USGC Prompt Pipeline
ALCEN00
ALCEP00
1.250
0.588
ALCEM00
ALCEO00
Oct-24
Oct-24
1.02
0.48
ULSD USGC Prompt Pipeline ALCER00 0.760 ALCEQ00 Oct-24 0.62
„ Australia’s gasoline imports rise ahead of summer
Northwest Europe $/mt Date kgCO2e/mt
driving season
Gasoline Eurobob (E5) FOB NWE Barge ALCEB00 4.609 ALCEA00 Oct-24 376.28
„ Asian higher octane gasoline prices to stay stable Jet FOB NWE Barge ALCED00 2.099 ALCEC00 Oct-24 171.36
ULSD 10ppm FOB NWE Barge 2.366 Oct-24 193.12
despite Malaysian subsidy changes ALCEF00 ALCEE00

Carbon credits (PGA page 496)

The Asian gasoline market was firm Nov. 19, In statistical news, Australia’s gasoline imports rose Change
supported by stronger refining crack margins likely 28.41% month over month and 29.75% year over year to Platts CEC
driven by China’s value-added tax rebate cut for 5.77 million barrels in September, the latest preliminary $/mtCO2e PCECA00 15.950 0.000
exports, sources said. data released by the Department of Climate Change, Jet Fuel Carbon Offset Premiums
$/b AJFCA00 76.732 0.000
Brokers pegged the front-month FOB Singapore Energy, the Environment and Water showed. Of this,
92 RON gasoline swaps crack spread against Brent 1.82 million barrels came from Singapore and 1.45
swaps in the $6.93-$6.98/b range at 0300 GMT on million barrels from India. These increases contributed to higher gasoline
Nov. 19, up 21.72% day on day and lower than the Platts The higher inflows came as the southern inventories in Australia, which rose 2.77% month over
assessment of $7.06/b at the Nov. 18 Asian close. hemisphere’s summer driving season approaches, with month and 7.47% year over year to 8.09 million barrels
Broking sources also placed the physical FOB imports into Australia expected to rise and support in September, the data showed.
Singapore 92 RON gasoline crack spread against the demand, sources said. Elsewhere, Asian higher octane gasoline prices
front-month ICE Brent crude oil futures in the $5.83- The country’s motor fuel production also saw are likely to remain stable despite an anticipated rise
$5.88/b range at 0300 GMT on Nov. 19, up 27.45% day growth, increasing 22.46% month over month in domestic gasoline demand ahead of changes to
on day and below the Platts assessment of $5.99/b at and 1.03% year over year to 3.16 million barrels in subsidies on domestically sold Malaysian 95 RON
the Nov. 18 Asian close. September. gasoline, market sources said in the week ended Nov. 17.

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

Asia-Pacific/Arab Gulf Marketscan November 19, 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 697.75–698.25 698.000 +1.250 AAWZB00 706.00–706.50 706.250 +1.750
Naphtha PAAAI00 594.50–595.00 594.750 -3.500 PAAAH00 605.50–606.00 605.750 -3.000
Jet aviation fuel AAIDL00 707.50–708.00 707.750 -0.500
Gasoil 0.1% AAVJI00 671.75–672.25 672.000 +1.000 AAVJJ00 679.50–680.00 679.750 +1.250 AMOPI00 -2.75 -0.090
10ppm ULSD AAWYY00 697.00–697.50 697.250 +3.000 AAWYZ00 705.25–705.75 705.500 +3.250 AMOPN00 7.13 +1.010
1% PUAAK00 465.50–466.00 465.750 +4.250 PUAAJ00 477.75–478.25 478.000 +4.250
3.5% PUAAZ00 421.75–422.25 422.000 +2.750 PUAAY00 433.75–434.25 434.000 +2.750
Northwest Europe cargoes (PGA page 1110)
CIF (Basis ARA) FOB NWE MOPL Diff
Gasoline 10ppm AAXFQ00 717.50–718.00 717.750 +1.500
Naphtha Swap PAAAJ00 611.25–611.75 611.500 -1.500
Naphtha Phy PAAAL00 613.50–614.00 613.750 -2.750
Jet PJAAU00 723.75–724.25 724.000 0.000 PJAAV00 713.00–713.50 713.250 -0.750 AMOPJ00 -3.20 -0.110
Ultra low sulfur diesel 10ppm AAVBG00 697.25–697.75 697.500 +2.000 AAVBF00 690.25–690.75 690.500 +1.750 AMOPL00 2.05 -0.070
Gasoil 0.1% AAYWS00 683.25–683.75 683.500 -1.000 AAYWR00 669.75–670.25 670.000 -1.750 AMOPH00 -0.26 -0.070
Diesel 10ppm NWE AAWZC00 698.75–699.25 699.000 +2.000 AAWZD00 690.00–690.50 690.250 +1.500
Diesel 10 PPM UK AAVBH00 698.75–699.25 699.000 +2.250 AUKMA00 3.550 +0.183
1% PUAAL00 482.75–483.25 483.000 +2.750 PUAAM00 467.50–468.00 467.750 +2.500
3.5% PUABA00 413.50–414.00 413.750 -1.250 PUABB00 399.50–400.00 399.750 -1.250
0.5-0.7% straight run PKABA00 507.25–508.25 507.750 -2.000
Low sulfur VGO AAHMZ00 548.75–549.75 549.250 -2.000 AAHMX00 527.50–528.50 528.000 -2.000
High sulfur VGO AAHND00 538.50–539.50 539.000 -2.000 AAHNB00 517.25–518.25 517.750 -2.000
Northwest Europe barges (PGA pages 1112 & 1380)
FOB Rotterdam MOPL Diff
Eurobob AAQZV00 674.00–674.50 674.250 +1.500
E10 Eurobob AGEFA00 674.750 +1.000
Unleaded 98 AAKOD00 732.75–733.25 733.000 +1.500
Premium Unleaded PGABM00 680.75–681.25 681.000 -1.250
Reformate AAXPM00 706.250 +1.500
MTBE* PHALA00 807.75–808.25 808.000 +1.000
Naphtha Phy PAAAM00 609.50–610.00 609.750 -2.750
Jet PJABA00 714.75–715.25 715.000 0.000 AMOPK00 -8.73 -0.420
Gasoil 50 ppm AAUQC00 689.00–689.50 689.250 +2.250
Gasoil 0.1%* AAYWT00 670.25–670.75 670.500 -1.000 AMOPG00 -0.50 -0.050
10 ppm* AAJUS00 691.00–691.50 691.250 +2.250 AMOPM00 0.65 -1.020
1% PUAAP00 467.50–468.00 467.750 +2.500
3.5% PUABC00 414.50–415.00 414.750 -1.250
Fuel Oil 3.5% 500 CST PUAGN00 409.00–409.50 409.250 -1.250
Low sulfur VGO AAHNF00 539.00–540.00 539.500 -2.250
High sulfur VGO AAHNI00 528.75–529.75 529.250 -2.250
*FOB Amsterdam-Rotterdam-Antwerp
Rotterdam bunker (PGA page 1112)
380 CST PUAFN00 417.50–418.50 418.000 0.000

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

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

Malaysia is expected to introduce new mechanisms US products (¢/gal) (PGA page 158)
Code Mid Change Code Mid Change
that could make some segments of society ineligible US West Coast pipeline
for 95 RON gasoline subsidies in 2025, better targeting Los Angeles San Francisco
the subsidies toward specific groups and moving away Unleaded 84 AAUHA00 210.72–210.82 210.770 -4.060 PGADG00 205.22–205.32 205.270 +1.940
from the current blanket subsidy, local media reported. Premium 90 PGABG00 221.72–221.82 221.770 -5.060 PGABO00 216.22–216.32 216.270 +0.940
“The spike in Malaysia’s gasoline demand CARBOB AAKYJ00 211.72–211.82 211.770 -4.060 AAKYN00 206.22–206.32 206.270 +1.940
CARBOB PREM AAKYL00 222.72–222.82 222.770 -5.060 AAKYP00 217.22–217.32 217.270 +0.940
will probably occur a week ahead of subsidy cut
Jet PJAAP00 231.72–231.82 231.770 -6.370 PJABC00 231.72–231.82 231.770 -6.370
implementation; however, I believe [the country’s] ULS (EPA) Diesel POAET00 228.12–228.22 228.170 -1.040 POAEY00 230.97–231.07 231.020 -1.120
domestic stocks should be sufficient to handle this,” a CARB diesel POAAK00 228.12–228.22 228.170 -1.040 POAAL00 230.97–231.07 231.020 -1.120
source with knowledge of the matter said. Seattle Portland
Platts is part of S&P Global Commodity Insights. Unleaded 84 AAXJE00 202.72–202.82 202.770 +1.940 AAXJC00 204.72–204.82 204.770 +1.940
Premium 90 AAXJF00 213.72–213.82 213.770 +0.940 AAXJD00 215.72–215.82 215.770 +0.940
Jet PJABB00 231.72–231.82 231.770 -6.370
Platts Singapore Gasoline Rationales & ULS (EPA) Diesel AAUEX00 228.82–228.92 228.870 -1.120 AAUEY00 229.97–230.07 230.020 -1.120
Exclusions Phoenix
Gasoline Unl 92 FOB Spore Cargo <PGAEY00> RBOB unleaded 84 AADDP00 217.72–217.82 217.770 -4.060
RBOB premium 89.5 PPXDJ00 228.72–228.82 228.770 -5.060
assessment rationale: The FOB Singapore 92 RON
Differential to NYMEX
gasoline assessment Nov. 19 took into consideration
CARBOB AANVX00 7.95/8.05 8.000 -6.000
an offer for cargo loading over Dec. 4-8 at $78.60/b, an Jet Fuel AANVY00 7.70/7.80 7.750 -5.250
offer for cargo loading over Dec. 9-13 at $78.60/b, and ULS (EPA) Diesel AANVZ00 2.95/3.05 3.000 0.000
an offer for cargo loading over Dec. 15-19 at $78.60/b. CARB Diesel AANWA00 2.95/3.05 3.000 0.000
Gasoline Unl 95 FOB Spore Cargo <PGAEZ00> US West Coast waterborne
Los Angeles
assessment rationale: The FOB Singapore 95 RON
Unleaded 87 PGADI00 210.72–210.82 210.770 -4.060
gasoline assessment Nov. 19 took into consideration Jet PJABI00 230.72–230.82 230.770 -6.370
an offer for cargo loading over Dec. 4-8 at the Mean
of Platts Singapore 95 RON plus 60 cents/b which is
equivalent to $84.72/b.
Gasoline Unl 97 FOB Spore Cargo <PGAMS00> Platts assessment of futures markets at MOC close (PGA page 703)
assessment rationale: The FOB Singapore 97 RON Singapore 16:30
gasoline assessment Nov. 19 took into consideration ICE gasoil futures ($/mt) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
Dec 24* AAQYM01 689.00 Dec XNRBA01 201.13 Dec XNHOA01 225.32
the adjusted 97-95 inter-RON spread in the absence of Jan 25 AAQYM02 682.00 Jan XNRBA02 197.48 Jan XNHOA02 226.36
bids, offers and trades. Feb 25 AAQYM03 679.50 Feb XNRBA03 197.89 Feb XNHOA03 226.72
Gasoline Unl 92 FOB Arab Gulf Cargo <AAGJA00> New York 14:30
assessment rationale: The FOB Arab Gulf 92 RON NYMEX light sweet crude ($/barrel) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
Dec NYCRM01 69.44 Dec NYRBM01 203.79 Dec NYHOM01 224.07
gasoline cargo assessment was derived as a freight
Jan NYCRM02 69.25 Jan NYRBM02 199.28 Jan NYHOM02 225.21
netback from the FOB Singapore 92 RON marker Feb NYCRM03 69.03 Feb NYRBM03 199.44 Feb NYHOM03 225.65
using the following calculation: FOB Singapore 92 RON *Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February.
assessment minus the cost of transporting a 35,000-
mt clean cargo from a basket of ports in the Persian
Gulf to Singapore.

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

Asia-Pacific/Arab Gulf Marketscan November 19, 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 67.42–67.46 67.440 +1.750 AAPAI00 -5.25 -0.050 AAPAH00 67.150 -0.310
Ichthys FC 48.9 ICFCA00 72.890 +1.750 ICFCB00 0.200 -0.050
DFC 56.82 ADFCA00 73.18–73.22 73.200 +1.720 ADFCB00 1.40/1.50 1.450 -0.050 ADFCC00 0.510 -0.080 ADFCD00 72.910 -0.340
Qatar LSC 56.9 AARBB00 72.83–72.87 72.850 +1.720 AARBD00 1.05/1.15 1.100 -0.050 AARBC00 0.160 -0.080 AARBA00 72.560 -0.340
South Pars 57.4 AARAV00 68.03–68.07 68.050 +1.720 AARAX00 -3.75/-3.65 -3.700 -0.050 AARAW00 -4.640 -0.080 AARAU00 67.760 -0.340
Diff to ICP
Senipah 54.4 AAEOE00 64.37–64.41 64.390 +1.750 AAEOK00 -4.25/-4.15 -4.200 -0.050 AAPBE00 -8.300 -0.050 AAPBD00 64.100 -0.310
Light crude (PGA page 2214) (PGA page 2215)
Diff to ICP Diff to Asian Dated Brent
Cossack 47.7 PCAGZ00 71.32–71.36 71.340 +1.750 AAPAC00 -1.350 -0.050 AAPAB00 71.050 -0.310
Tapis 45.2 PCACB00 75.77–75.81 75.790 +1.900 AAOZW00 3.100 +0.100 AAOZV00 75.500 -0.160
Belida 45.1 PCAFL00 67.02–67.06 67.040 +1.750 PCAFM00 -2.90/-2.80 -2.850 -0.050 AAPBQ00 -5.650 -0.050 AAPBP00 66.750 -0.310
Kutubu 44.3 PCAFJ00 70.02–70.06 70.040 +1.750 AAPAE00 -2.650 -0.050 AAPAD00 69.750 -0.310
Attaka 42.3 PCAAJ00 66.97–67.01 66.990 +1.750 PCAAK00 -2.95/-2.85 -2.900 -0.050 AAPBC00 -5.700 -0.050 AAPBB00 66.700 -0.310
Ardjuna 38 PCACQ00 67.97–68.01 67.990 +1.900 PCACR00 -2.35/-2.25 -2.300 +0.050 AAPBG00 -4.700 +0.100 AAPBF00 67.700 -0.160
Banyu Urip 32 PCAFQ00 73.190 +1.900 PCAQQ00 0.300 +0.050 AAPBU00 0.500 +0.100 AAPBR00 72.900 -0.160
Diff to Dubai
Sakhalin Blend 45.5 AARBN00 66.68–66.72 66.700 +1.720 AARCN00 -5.10/-5.00 -5.050 -0.050 AARDN00 -5.990 -0.080 AAREN00 66.410 -0.340
ESPO M1 34.8 AARWF00 69.18–69.22 69.200 +1.770 AASEU00 -2.60/-2.50 -2.550 0.000 AARWE00 -3.460 +0.090 AARWD00 68.940 -0.170
ESPO M2 34.8 AAWFE00 68.94–68.98 68.960 +1.800 AAWFG00 -2.60/-2.50 -2.550 0.000
Sokol 39.7 AASCJ00 70.63–70.67 70.650 +1.770 AASCK00 -1.15/-1.05 -1.100 0.000 AAPAO00 -2.040 -0.030 AAPAN00 70.360 -0.290
Kikeh 34.9 AAWUH00 78.42–78.46 78.440 +1.900 AAOZY00 5.750 +0.100 AAOZX00 78.150 -0.160
Miri Light 32.3 PCABQ00 77.42–77.46 77.440 +1.900 AAPAS00 4.750 +0.100 AAPAR00 77.150 -0.160
Labuan 32 PCABL00 78.72–78.76 78.740 +1.900 AAPAQ00 6.050 +0.100 AAPAP00 78.450 -0.160
Kimanis 38.6 AASCL00 79.190 +1.900 AASCM00 6.500 +0.100 AASCN00 78.900 -0.160
Medium crude (PGA page 2216) (PGA page 2217)
Diff to Asian Dated Brent
Su Tu Den 36.8 AARAR00 76.62–76.66 76.640 +1.900 AARAS00 3.950 +0.100 AARAQ00 76.350 -0.160
Bach Ho 40.7 PCAHY00 78.27–78.31 78.290 +1.900 AAPAK00 5.600 +0.100 AAPAJ00 78.000 -0.160
Nanhai 40 PCAFR00 64.52–64.56 64.540 +1.900 AAPAG00 -8.150 +0.100 AAPAF00 64.250 -0.160
Nile Blend 33.9 AAPLC00 70.32–70.36 70.340 +1.700 AAPAM00 -2.350 -0.100 AAPAL00 70.050 -0.360
Daqing 32.2 PCAAZ00 74.32–74.36 74.340 +1.700 AAPAW00 1.650 -0.100 AAPAV00 74.050 -0.360
Heavy crude (PGA page 2218) (PGA page 2219)
Diff to ICP Diff to Asian Dated Brent
Dar Blend 25 AARAB00 69.82–69.86 69.840 +1.700 AARAC00 -2.850 -0.100 AARAA00 69.550 -0.360
Shengli 24.2 PCABY00 75.12–75.16 75.140 +1.700 AAPAY00 2.450 -0.100 AAPAX00 74.850 -0.360
Duri 20.8 PCABA00 78.42–78.46 78.440 +1.700 PCABB00 2.85/2.95 2.900 -0.050 AAPBM00 5.750 -0.100 AAPBL00 78.150 -0.360
Vincent 18.3 AARAK00 84.890 +1.700 AARAL00 12.200 -0.100 AARAJ00 84.600 -0.360

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

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

Exclusions: No data was excluded from the Asian value of $81.23/b, as well as the cash differential for Platts Asia and Middle Eastern Naphtha
gasoline Market on Close assessment process Nov. 19. Fujairah 95 RON gasoline at $5.10/b in the absence Daily Market Analysis
of bids, offers and trades in the FOB Fujairah 95 RON
„ QatarEnergy offers 75,000 mt naphtha for
Platts FOB Fujairah Gasoline Daily Rationale & gasoline MOC process.
Dec 11-13 loading
Exclusions The MOPAG 95 RON gasoline strip is calculated
Gasoline 92 RON FOB Fujairah cargo <RFJFS00> from the December MOPAG 95 RON gasoline swap „ South Korea’s Lotte Chemical to shut Daesan
assessment rationale: The assessment of FOB Fujairah at $81.29/b and the January MOPAG 95 RON gasoline cracker mid-April 2025 for turnaround
92 RON gasoline Nov. 19 took into consideration the 92 swap at $80.78/b. The cash differential took into „ Neste, PCS launch residue-based chemicals supply
RON gasoline Mean of Platts Arab Gulf strip value of consideration values in the FOB Fujairah 95 RON in SE Asia
$76.54/b, as well as the cash differential for Fujairah 92 gasoline market heard in the Middle East.
RON gasoline at $4.90/b in the absence of bids, offers Exclusions: No data was excluded from the Asian The Asian naphtha market Nov. 19 exhibited
and trades in the FOB Fujairah 92 RON gasoline Market gasoline MOC Nov. 19. stable fundamentals, with developments seen in
on Close assessment process. the renewable naphtha segment, as Nestle supplied
The MOPAG 92 RON gasoline strip is calculated Platts FOB Fujairah Gasoline Bids, Offers, renewable raw materials feedstock to Singapore’s PCS.
from the December MOPAG 92 RON gasoline swap at Trades Brokers pegged the front-month December-January
$76.54/b and the January MOPAG 92 RON gasoline swaps time spread at $3/mt in midafternoon Nov. 19,
swap at $76.53/b. The cash differential took into Bids: No bids up 50 cents/mt from the Nov. 18 Asian close.
consideration values in the FOB Fujairah 92 RON Offers: No offers In tender news, QatarEnergy has issued a sell
gasoline market heard in the Middle East. Trades: No trades tender for 75,000 mt of naphtha — comprising 25,000
Gasoline 95 RON FOB Fujairah cargo <AFUJA00> This assessment commentary applies to the mt of light naphtha and 50,000 mt of full-range
assessment rationale: The assessment of FOB following market data codes: Gasoline 92 RON FOB naphtha, loading from Ras Laffan over Dec. 11-13 and
Fujairah 95 RON gasoline Nov. 19 took into Fujairah Cargo <RFJFS00> and Gasoline 95 RON FOB Dec. 12-13, respectively. The tender closes Nov. 19, with
consideration the 95 RON gasoline MOPAG strip Fujairah Cargo <AFUJA00> same-day validity.

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

 Asia-Pacific/Arab Gulf Marketscan November 19, 2024

IOC was heard offering 35,000 mt of naphtha for 25,000-mt cargo of light naphtha for H2 December day on day to $248.63/mt at the Nov. 18 Asian close,
Dec. 5-6 loading via a tender closing Nov. 20, with delivery to Yeosu, at a discount of $2.75/mt to MOPJ Commodity Insights data showed.
same-day validity. naphtha assessments, CFR, pricing over H2 November The company also has plans to shut its naphtha-
This is likely a reissue of its previous tender that prior to delivery, Commodity Insights reported earlier. fed steam cracker in Daesan in mid-April 2025 for two
sought the same volume of naphtha. The previous In other news, South Korea’s Lotte Chemical is months of annual maintenance, a company source said
tender closed Nov. 18, with same-day validity, S&P operating its naphtha-fed steam crackers in Yeosu and Nov. 18.
Global Commodity Insights reported earlier, citing trade Daesan at an average of 77% capacity in November, Lotte Chemical has another steam cracker in Yeosu
sources. a slight decrease from 80% in October, a company and has no plans to shut it for a turnaround in 2025,
In South Korea, LG Chem purchased at least one source said. the source added.
25,000-mt cargo of light naphtha for second-half According to the source, the slight dip in the run The Yeosu steam cracker can produce 1.95 million
December delivery to Daesan, at a discount of $2.25/ rate was due to weak olefin margins. mt/year of ethylene, 641,000 mt/year of propylene and
mt to Mean of Platts Japan naphtha assessments, Platts assessed the CFR Northeast Asia ethylene- 160,000 mt/year of butadiene.
CFR, pricing over H2 November prior to delivery. CFR Japan naphtha physical spread — closely watched Elsewhere, Neste will supply Singapore-based
Additionally, LG Chem also bought at least one by petrochemicals producers — widened $2.13/mt chemical company PCS with Neste RE, a renewable
material for the production of chemicals and plastics,
based on renewable wastes, such as used cooking
oil, or residues from vegetable oil processing. The

Market-Based
Market-Based feedstock will serve as a replacement for fossil raw
materials used at PCS facilities on Jurong Island in

Renewable Diesel
Renewable Diesel Singapore.
Using Neste RE, PCS will produce essential
Pricing: Accelerating
Pricing: Accelerating products, such as ethylene, propylene or butadiene,

the Energy ShiftShift

the Energy
across its portfolio, Neste said in a statement.
Neste RE replaces fossil-based feedstocks naphtha
or ethane and so competes with other form of bio-
Platts renewable diesel price
Platts renewable assessments
diesel provide the
price assessments provide the naphtha. Bio-naphtha, a co-product in biodiesel or
essential essential
intelligence needed toneeded
intelligence help youtostay
helpahead
you stay ahead sustainable aviation fuel production, is set to see
of the competition. Discover our
of the competition. suite of
Discover ourdaily market-
suite of daily market- a growing market in Europe and Asia, spurred by
based prices including
based R99 and R100
prices including in San
R99 and Francisco
R100 in San Francisco bioplastics demand and fuel blending mandates.
and Los Angelos,
and Los and RD-Aand
Angelos, andRD-A
RD-Band
FOBRD-B
ARA FOB
today.
ARA today. Platts is part of Commodity Insights.

Access our market-based

Access prices now.
our market-based prices now. Platts Japan Naphtha Daily Rationales &
Exclusions
Go further
Gowith us > with us >
further
Naphtha C+F Japan Cargo <PAAAD00> assessment
rationale:
The CFR Japan naphtha cargo assessment on Nov.
19 took into consideration a bid for first-half February
at $630/mt, with a crack value of $80.93/mt, which
demonstrated value.

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

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

Platts assessed the H1 January-H2 January time mt. The cash differential took into consideration “I think overall, from December onward, [China’s] run
spread at $1/mt, and the H2 January-H1 February time the FOB Arab Gulf cash differential against MOPAG rates will be down and exports will be lower,” a regional
spread at $1/mt. naphtha physical in the absence of any competitive middle distillate trade source said.
Naphtha FOB Spore Cargo <PAAAP00> assessment bids, offers or trades demonstrating value China’s jet fuel exports, including barrels sent to
rationale: otherwise. China’s international airports for bonded refueling,
The FOB Singapore naphtha assessment was Exclusions: No data was excluded from the Nov. 19 fell 10.5% on the month and 5.2% year over year to
derived as a freight netback from the CFR Japan Fujairah naphtha MOC. 1.45 million mt in October, data from the General
naphtha first cycle assessment using the following Platts is part of S&P Global Commodity Insights. Administration of Customs showed Nov. 18.
calculation: CFR Japan naphtha first cycle assessment Market sources said this was lower than the market
minus the cost of transporting a 30,000-mt clean Platts FOB Fujairah Naphtha Bids, Offers, expectation of around 1.7 million mt planned by oil
cargo on the Singapore-to-Japan route. Trades majors for the month, which may be attributed to the
Naphtha FOB Arab Gulf Cargo <PAAAA00> lower availability of export quotas.
assessment rationale: Bids: No bids However, the upward pressure on prices could ease
The FOB Arab Gulf naphtha assessment was Offers: No offers due to Indian swing barrels heading into the Straits
derived as a freight netback from the CFR Japan Trades: No trades region, sources said.
naphtha marker using the following calculation: CFR This assessment commentary applies to the “The Southeast Asian market may still be subdued
Japan naphtha marker minus the cost of transporting following market data codes: Naphtha FOB Fujairah by Indian arrivals,” the first source said, adding that
a 55,000-mt clean cargo from a basket of ports on the Cargo $/mt <NFJSA00>. the North Asian market on the other hand could see
Persian Gulf-to-Japan route. prices surge.
Platts is part of S&P Global Commodity Insights. Platts Asia and Middle Eastern Jet Daily “Given that there is a lot of uncertainty, it is hard
Exclusions: No market data was excluded from Market Analysis to trade on expectations for now,” another market
the Nov. 19 Asian naphtha derivative Platts Market on source said.
„ China’s jet fuel exports fall 10.5% on month in Oct
Close assessment process. Market sentiment remains mixed with Platts
No market data was excluded from the Nov. 19 „ Australia’s Sep jet fuel imports rise 16% on month assessing the front-month December-January time
Asian naphtha MOC. spread for FOB Singapore jet fuel/kerosene swaps —
The Asian jet fuel/kerosene complex was an indicator of market sentiment — at plus 61 cents/b
Platts FOB Fujairah Naphtha Daily Rationale & rangebound Nov. 19 amid tightness in North Asia Nov. 18, unchanged from the previous day’s Asian close,
Exclusions following China’s announcement of tax rebate cuts Commodity Insights data showed.
Naphtha FOB Fujairah <NFJSA00> assessment on jet fuel exports, while supply in the Straits region Elsewhere, Australia imported 3.74 million barrels
rationale: remains sufficient on the back of Indian swing barrels, of jet fuel in September, up 16.09% on the month and
The assessment of FOB Fujairah naphtha on Nov. sources said. 7.51% on the year, according to the latest preliminary
19 took into consideration the naphtha Mean of Platts China announced Nov. 15 a reduction in tax rebates data from the Department of Climate Change, Energy,
Arab Gulf strip value of $598.06/mt, as well as the cash for exporting gasoline, gasoil and jet fuel to 9% from the Environment and Water.
differential at $15.75/mt in the absence of bids, offers the refund of 13% it currently offers, S&P Global Total jet fuel imports over January-September rose
and trades in the FOB Fujairah naphtha Platts Market Commodity Insights reported earlier. 16.99% on the year to 36.8 million barrels.
on Close assessment process. The rebate cuts are expected to dampen China’s Australia imported 11,950 mt of kerosene in
The MOPAG naphtha strip was calculated from jet fuel exports in December, exacerbating the September, bringing total imports over the past nine
the December MOPAG naphtha swap at $598.33/mt supply constraints caused by limited export quotas, months up 36.11% on the year at 30,820 mt. The
and the January MOPAG naphtha swap at $595.90/ sources said. country did not import any kerosene in August.

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

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

The month-over-month increase came as total cargo loading over Dec. 9-13 at Mean of Platts Singapore Dec 4-8 100kb (Deemed pricing Dec 2-6); Jet: FOB
overseas passenger arrivals grew 8.14% on the month minus 30 cents/b, after normalizing for deemed pricing. Straits: Ampol offers MOPS +0.10 Dec 8-12 100kb
and 8.1% on the year to 1.73 million in September, latest The front, middle, and back loading periods were (Deemed pricing Dec 6-12); Jet: FOB Straits: Ampol
data from the Australian Bureau of Statistics showed. assessed at MOPS jet fuel/kerosene minus 12 cents/b, offers MOPS +0.20 Dec 12-16 100kb (Deemed pricing
The number of passengers that departed during the minus 26 cents/b and plus 13 cents/b, respectively. Dec 10-16); Jet: FOB Straits: Sietco offers MOPS +0.90
month also grew, rising 13.03% on the month and 13% Jet Kero FOB Arab Gulf Cargo <PJAAA00> Dec 15-19 100kb (Deemed pricing Dec 13-19) Shell GTC.
on the year to 1.8 million. assessment rationale: It is a condition of this deal that the goods sold and
In the third quarter of the year, Sydney Airport The FOB Arab Gulf Jet Kero cargo assessment was delivered by Seller will not be of Russian Federation
saw 10.3 million passengers, a 3.3% increase on the derived as a freight netback from the FOB Singapore (RF) origin, nor have been blended with any product
year and a 92.5% recovery from 2019 levels, Sydney Jet Kero cargo assessment using the following input: that was produced in RF, nor will the transport of
Airport’s latest press release on traffic and operational FOB Singapore Jet Kero cargo assessment minus the the goods sold commence from or involve transit
performance showed. cost of transporting a 55,000-mt clean cargo from a through RF
International passengers totaled 4 million during basket of ports in the Persian Gulf to Singapore. Trades: Jet: FOB Straits: Dec 9-13: 100kb: Trafigura
Q3, up 5.8% on the year, the airport said. Exclusions: No market data was excluded from the buys from Gunvor at MOPS minus 30 cents/b (Deemed
“We’ve seen a significant increase in airline seat Nov. 19 Singapore Jet fuel/kerosene Platts Market on pricing Dec 9-13) INCO (4:27:52)
capacity that’s translating into passenger numbers Close assessment process. Withdrawn: Jet: FOB Straits: Gunvor no longer
from countries like India, the Philippines and South Platts is part of S&P Global Commodity Insights. offers MOPS -0.30 Dec 9-13 100kb (Deemed pricing
Korea increasing relative to 2019 levels,” Sydney Airport Dec 9-13) INCO Seller represents and warrants that the
CEO Scott Charlton said. Platts FOB Fujairah Jet Kero Rationale & cargo delivered/to be delivered under this Contract:
South Korea was the top exporter of jet fuel/kerosene Exclusions (i) does not contain any product that was produced,
to Australia in September at 1.21 million barrels, up Jet Kero FOB Fujairah cargo <AFUJF00> manufactured or processed in, or exported from; or (ii)
19.80% on the month and 30.05% on the year, while assessment rationale: has not been produced through a blending process
China exported a sizable amount at 1.11 million barrels Platts assessed FOB Fujairah jet fuel/kerosene that uses product or components that have been
to Australia in September, up 108.25% on the month but Nov. 19 at a premium of 90 cents/b to the Mean of produced, manufactured or processed in, or exported
13.73% lower on the year, the data showed. Platts Arab Gulf jet fuel/kerosene assessment, taking from, in each case, the Russia Federation or Crimea,
The month-over-month increase came as Asian jet fuel into consideration prices in the FOB Fujairah jet fuel/ the Donetsk People’s Republic or the Luhansk People’s
prices moderated lower through the month. The Platts- kerosene market as well as differentials for recent Republic in Ukraine after trade with Trafigura (4:27:52)
assessed FOB Singapore jet fuel/kerosene cargo averaged cargo trades heard in the Middle East. The MOPAG jet This assessment commentary applies to the
$84.47/b in September, up from $98.85/b in August. fuel/kerosene strip was $87.35/b. following market data codes: Jet Kero <PJABF00>
Platts is part of S&P Global Commodity Insights. Exclusions: No market data was excluded from the
Nov. 19 Fujairah jet fuel/kerosene Market on Close Platts Asia and Middle Eastern Gasoil Daily
Platts Asia & Middle East Jet Kero Daily assessment process. Market Analysis
Rationale & Exclusions Platts is part of S&P Global Commodity Insights.
„ China’s Oct gasoil exports up 37.1% MOM at
Jet Kero FOB Spore Cargo <PJABF00> assessment
480,000 mt: GAC
rationale: Platts Singapore Jet Kero Bids, Offers,
The FOB Singapore jet fuel/kerosene cargo Trades „ Pertamina’s 360,000-b/d Balikpapan resumes
assessment Nov. 19 was based on a bid for a cargo normal operations
loading over Dec. 4-8 at balance of November minus Bids: Jet: FOB Straits: Aramco bids Bal Nov -0.20
19 cents/b, a bid for a cargo loading over Dec. 5-9 at Dec 4-8 220kb or Bal Nov -0.20 Dec 5-9 220kb Sentiment in the Asian ultra-low sulfur diesel
balance of November minus 17 cents/b, and a trade for a Offers:Jet: FOB Straits: Ampol offers MOPS +0.00 complex was firmer Nov. 19, bolstered by a cut

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

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

in China’s value-added tax rebate for exports season ended. assessment Nov. 19 was assessed 3 cents/b lower
effective Dec. 1. The trend is expected to continue in November, day on day at MOPS Gasoil plus 54 cents/b, based on
Platts assessed the front-month December-January driven by higher vehicle sales during the festival period the movement in the FOB Singapore Gasoil 0.001% (10
Singapore gasoil swaps time spread — an indicator of and robust demand from the agricultural sector. ppm) cargo assessment.
near-term market outlook — at plus 33 cents/b at the Retail vehicle sales increased 32% year over year Gasoil FOB Spore Cargo <POABC00> assessment
0830 GMT Nov. 18 Asian close, widening from plus 29 and 64% month over month in October. All categories rationale:
cents/b at the previous close, S&P Global Commodity saw healthy year-over-year growth, with two-wheelers The benchmark FOB Singapore Gasoil 0.001% (10
Insights data showed. up 36%, three-wheelers up 11%, passenger vehicles up ppm) cargo assessment Nov. 19 was based on the
In midmorning trading Nov. 19, the spread widened 32%, tractors up 3% and commercial vehicles up 6%, following input: The back loading period was assessed
further to plus 41 cents/b. according to Commodity Insights. at MOPS Gasoil assessment plus 46 cents/b based on
Despite firmer sentiment following China’s VAT “Additionally, October and November are set an offer for a cargo loading over Dec. 15-19 at MOPS
rebate reduction announcement, gasoil supply in to witness heightened activity in the agricultural Gasoil plus 51 cents/b, after normalizing the deemed
December is expected to remain ample due to arrivals sector, along with a resurgence in construction and pricing. The front and middle loading periods were
from India and the Middle East, along with year- mining activities, which typically slow down during assessed at MOPS Gasoil assessment plus 68 cents/b
end destocking activities, a middle distillates trade the monsoon season,” Himi Srivastava, South Asia oil and plus 58 cents/b, reflecting the movement in the
source said. analyst at Commodity Insights, said. middle and back loading periods.
The arbitrage window for shipping cargoes from the In refinery news, Pertamina’s 360,000-b/d Exclusions: No market data was excluded from the
Persian Gulf to Europe is likely to remain closed for the Balikpapan refinery in East Kalimantan, Indonesia is Nov. 19, 2024 Singapore Gasoil Platts Market on Close
rest of 2024, according to sources. fully operational again after facing some technical assessment process.
Platts assessed the front-month December gasoil challenges, market sources said. Platts is part of S&P Global Commodity Insights.
exchange of futures for swaps spread — a measure of Platts is part of Commodity Insights.
the gap between Singapore 10 parts per million sulfur Platts FOB Fujairah Gasoil Daily Rationale &
gasoil swaps and the corresponding ICE low sulfur Platts Asia and Middle Eastern Gasoil Cargo Exclusions
gasoil futures contract — at minus $21.73/mt on Nov. 18, Daily Rationale & Exclusions Gasoil FOB Fujairah cargo <AFUJK00> assessment
narrowing $1.61/mt from Nov. 15. The spread averaged Gasoil .001%S (10ppm) FOB Spore Cargo rationale:
minus $23.63/mt in October and minus $28.91/mt in <AAOVC00> assessment rationale: The FOB Fujairah Gasoil assessment on Nov. 19
September, Commodity Insights data showed. The benchmark FOB Singapore Gasoil 0.001% (10 took was assessed at a premium of $1.18/b to MOPAG
In data news, China exported 480,000 mt of gasoil ppm) cargo assessment Nov. 19 was based on the gasoil assessment, taking into consideration prices in
in October, up 37.1% month over month, data from the following input: The back loading period was assessed the FOB Fujairah gasoil market as well as differentials
General Administration of Customs showed Nov. 18. at MOPS Gasoil assessment plus 46 cents/b based on for recent cargo trades heard in the Middle East. The
The country’s demand for gasoil has remained an offer for a cargo loading over Dec. 15-19 at MOPS MOPAG Gasoil Strip was $86.52/b.
relatively stable, with improved demand from the fishing Gasoil plus 51 cents/b, after normalizing the deemed Gasoil 500 ppm FOB Fujairah cargo <AFUJN00>
and agriculture sectors, according to refinery sources. pricing. The front and middle loading periods were assessment rationale:
In November, China’s oil companies were estimated assessed at MOPS Gasoil assessment plus 68 cents/b The FOB Fujairah 500 ppm Gasoil assessment on
to export around 190,000 mt of gasoil, down 60% from and plus 58 cents/b, reflecting the movement in the Nov. 19 was assessed at a premium of 90 cents/b to
480,000 mt in October, market sources said. middle and back loading periods. MOPAG gasoil assessment, taking into consideration
Elsewhere, India’s oil product demand reversed Gasoil .05%S (500ppm) FOB Spore Cargo prices in the FOB Fujairah gasoil market as well as
a period of negative growth, posting a nearly 3% <AAFEX00> assessment rationale: differentials for recent cargo trades heard in the
year-over-year increase in October as the monsoon The FOB Singapore Gasoil 0.05% (500 ppm) cargo Middle East. The MOPAG Gasoil Strip was $86.52/b.

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

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

Exclusions: No market data was excluded from the Dec 5-9 150kb (Deemed pricing Nov 20-29) or MOPS Exclusions: No market data was excluded from the
Nov. 19 Fujairah Gasoil Market on Close assessment +0.50 Dec 10-14 150kb (Deemed pricing Nov 20-29) Nov. 19 Singapore Gasoil Market on Close assessment
process. Trades: No trades reported process.
Withdrawn: Gasoil 50ppm: FOB Arab Gulf (Sitra/
Platts Asia and Middle Eastern Gasoil Cargo Ruwais/Kuwait): E3 Energy no longer bids MOPAG +0.50 Platts Asia and Middle East Fuel Oil Daily
Bids, Offers, Trades Dec 9-13 200kb (Deemed pricing Dec 9-16) (4:00:04) Market Analysis
This assessment commentary applies to the
„ HSFO market supported, demand stable
Bids: Gasoil 10ppm: FOB Straits: Vitol bids Dec following market data codes: <AAOVC00> <AAFEX00>
+0.70 Dec 4-8 150kb; Gasoil 10ppm: FOB Straits: Vitol <AACUE00> <POABC00> <AAFEZ00> „ 380 CST HSFO cash differential maintains strength
bids Dec +0.50 Dec 9-13 150kb; Gasoil 10ppm: FOB
Straits: BP bids Dec +0.30 Dec 10-14 160kb Seller Platts Asia and Middle Eastern Gasoil FOB Cargo Steady downstream demand kept the Singapore
represents and warrants that, to the best of its Daily Rationale & Exclusions high sulfur fuel oil market somewhat supported, even
knowledge, the Cargo delivered under this Contract: Gasoil .25%S (2500ppm) FOB Spore Cargo as supply availability was sufficient, market sources
(i) does not contain any product that was produced, <AACUE00> assessment rationale: said Nov. 19.
manufactured or processed in, or exported from; or (ii) The FOB Singapore Gasoil 0.25% (2,500 ppm) cargo The HSFO bunker fuel market has decent buying
has not been produced through a blending process assessment Nov. 19 was assessed 3 cents/b lower interest due to a typical upswing in demand during the
that uses product or components that have been day on day at MOPS Gasoil plus 45 cents/b, based on fourth quarter of the year and further boosted by the
produced, manufactured or processed in, or exported the movement in the FOB Singapore Gasoil 0.001% (10 continued shift to the cheaper HSFO material on the
from, in each case, the Russia Federation or Crimea, ppm) cargo assessment. back of a growing scrubber-fitted fleet.
the Donetsk People’s Republic or the Luhansk People’s Gasoil .05% (500 ppm) FOB Arab Gulf Cargo Regular demand from other countries within the
Republic in Ukraine; Gasoil 10ppm: FOB Straits: Vitol <AAFEZ00> assessment rationale: region also continued to draw HSFO cargoes from
bids Dec +0.40 Dec 13-17 150kb The FOB Arab Gulf Gasoil 0.05% (500 ppm) cargo Singapore.
Offers: Gasoil 10ppm: FOB Straits: Aramco offers assessment was derived as a freight netback from “There are still regular flows [of HSFO] to China,”
MOPS +0.60 Dec 4-8 150kb (Deemed pricing Nov 20-29) the FOB Singapore Gasoil 0.001% (10 ppm) cargo ‘a Singapore-based trader said, adding that demand
or MOPS +0.55 Dec 9-13 150kb (Deemed pricing Nov 20- assessment using the following inputs: FOB Singapore for the bunker fuel is also expected to remain firm in
29) or MOPS +0.50 Dec 15-19 150kb (Deemed pricing Dec Gasoil 0.001% (10 ppm) cargo assessment minus the December ahead of the Lunar New Year holidays late
13-19); Gasoil 10ppm: FOB Straits: Gunvor offers MOPS cost of transporting a 55,000-mt clean cargo from a January.
+0.70 Dec 4-8 150kb (Deemed pricing Nov 20-29) INCO basket of ports in the Persian Gulf to Singapore, and The cash differential for the FOB Singapore 380 CST
or MOPS +0.60 Dec 9-13 150kb (Deemed pricing Nov 20- taking into account the cash differential between the high sulfur fuel oil over Mean of Platts Singapore 380
29) INCO Seller represents and warrants that the cargo FOB Arab Gulf 10 ppm and 500 ppm assessments. CST HSFO assessments climbed 76 cents/mt from the
delivered/to be delivered under this Contract: (i) does not Gasoil FOB Arab Gulf Cargo <POAAT00> previous day to stand at a premium of $13.42/mt on
contain any product that was produced, manufactured assessment rationale: Nov. 18.
or processed in, or exported from; or (ii) has not been The FOB Arab Gulf Gasoil 0.001% (10 ppm) cargo The market in midmorning Nov. 18 reflected the
produced through a blending process that uses product assessment was derived as a freight netback from recent firm sentiment, with Singapore 380 CST HSFO
or components that have been produced, manufactured the FOB Singapore Gasoil 0.001% (10 ppm) cargo December-January swaps time spread pegged at $8.75/
or processed in, or exported from, in each case, the assessment using the following input: FOB Singapore mt, 25 cents/mt higher than the Platts’ assessment of
Russia Federation or Crimea, the Donetsk People’s Gasoil 0.001% (10 ppm) cargo assessment minus the the spread at the Asian close Nov. 18.
Republic or the Luhansk People’s Republic in Ukraine; cost of transporting a 55,000-mt clean cargo from a Elsewhere, Australia imported 735,907 barrels, or
Gasoil 10ppm: FOB Straits: Aramco offers MOPS +0.60 basket of ports in the Persian Gulf to Singapore. 115,891 mt, of fuel oil in September, up 80% on the month,

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

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

latest data released by the Department of Climate Platts Marine Fuel 0.5%: FOB Straits: Trafigura bids Platts Marine Fuel 0.5%: FOB Straits: Vitol offers
Change, Energy, the Environment and Water showed. The MOPS +3.00 Dec 9-13 40kt OR MOPS +7.00 Dec 14-18 20kt INCO OR
imports were solely from Singapore. Fuel oil stockpiles Platts Marine Fuel 0.5%: FOB Straits: Trafigura bids Platts Marine Fuel 0.5%: FOB Straits: Vitol offers
stood at 783,081 barrels, or 123,320 mt, in September, MOPS +3.00 Dec 14-18 40kt Dec +7.00 Dec 14-18 20kt INCO
also up 80% month on month, the data showed. Platts Marine Fuel 0.5%: FOB Straits: Idemitsu Platts Marine Fuel 0.5%: FOB Straits: Shell no longer
bids MOPS +4.00 Dec 4-8 40kt OR (It is a condition offers MOPS +5.00 Dec 4-8 20kt Shell GTC OR after
Platts FOB Singapore Marine Fuel 0.5% cargo of this bid/agreement that the products sold and trade with Chevron (4:29:13.558) (It is a condition of this
Daily Rationale & Exclusions delivered by Seller will not be of Russian Federation offer/agreement that the products sold and delivered
Marine Fuel 0.5% FOB Spore cargo $/mt (RF) origin nor blended with any product produced in by Seller will not be of Russian Federation (RF) origin
<AMFSA00> Assessment Rationale the Russian Federation or any other origin sanctioned (which includes product exported from RF) nor
The FOB Singapore Marine Fuel 0.5%S assessment by the US/UN/EU. Buyer reserves the right to ask for blended with any RF origin product. Seller can provide
Nov. 19 took into consideration an offer from Vitol for a documentary evidence of compliance, showing refinery if requested documentary evidence of compliance,
Dec. 5-9 loading cargo at the Mean of Platts Singapore origin(s) of the cargo & any blend components, to the showing refinery origin(s) of the cargo, to the Buyer’s
Marine Fuel 0.5%S assessments plus $5/mt, and a Buyer’s reasonable satisfaction.) reasonable satisfaction.)
Dec. 14-18 loading cargo at MOPS plus $7/mt. The Platts Marine Fuel 0.5%: FOB Straits: Idemitsu WD: Platts Marine Fuel 0.5%: FOB Straits: Shell
assessment also took into consideration a Dec. 4-8 bids MOPS +4.00 Dec 9-13 40kt OR (It is a condition withdraws offer MOPS +6.00 Dec 9-13 20kt Shell GTC
loading cargo Chevron bought from Shell at MOPS plus of this bid/agreement that the products sold and OR (It is a condition of this offer/agreement that the
$5/mt, and Shell’s withdrawn offers for cargoes loading delivered by Seller will not be of Russian Federation products sold and delivered by Seller will not be of
Dec. 9-13 and Dec. 11-15 at MOPS plus $6/mt and $6.50/ (RF) origin nor blended with any product produced in Russian Federation (RF) origin (which includes product
mt respectively. the Russian Federation or any other origin sanctioned exported from RF) nor blended with any RF origin
This assessment commentary applies to the by the US/UN/EU. Buyer reserves the right to ask for product. Seller can provide if requested documentary
following market data codes: Marine Fuel 0.5% FOB documentary evidence of compliance, showing refinery evidence of compliance, showing refinery origin(s) of
Spore cargo $/mt <AMFSA00> origin(s) of the cargo & any blend components, to the the cargo, to the Buyer’s reasonable satisfaction.)
Exclusions: Buyer’s reasonable satisfaction.) WD: Platts Marine Fuel 0.5%: FOB Straits: Shell
No market data was excluded from the Nov. 19, Platts Marine Fuel 0.5%: FOB Straits: Idemitsu withdraws offer MOPS +6.50 Dec 11-15 20kt Shell GTC
2024, cargo assessment process. bids MOPS +4.00 Dec 14-18 40kt OR (It is a condition OR (It is a condition of this offer/agreement that the
of this bid/agreement that the products sold and products sold and delivered by Seller will not be of
Platts FOB Singapore Marine Fuel 0.5% delivered by Seller will not be of Russian Federation Russian Federation (RF) origin (which includes product
Cargo Bids, Offers, Trades (RF) origin nor blended with any product produced in exported from RF) nor blended with any RF origin
the Russian Federation or any other origin sanctioned product. Seller can provide if requested documentary
Bids: by the US/UN/EU. Buyer reserves the right to ask for evidence of compliance, showing refinery origin(s) of
Platts Marine Fuel 0.5%: FOB Straits: Glencore bids documentary evidence of compliance, showing refinery the cargo, to the Buyer’s reasonable satisfaction.)
MOPS +3.00 Dec 4-8 40kt OR origin(s) of the cargo & any blend components, to the WD: Platts Marine Fuel 0.5%: FOB Straits: Shell
Platts Marine Fuel 0.5%: FOB Straits: Glencore bids Buyer’s reasonable satisfaction.) withdraws offer MOPS +7.00 Dec 14-18 20kt Shell
MOPS +4.30 Dec 9-13 40kt OR Offers: GTC (It is a condition of this offer/agreement that the
Platts Marine Fuel 0.5%: FOB Straits: Glencore bids Platts Marine Fuel 0.5%: FOB Straits: Vitol offers products sold and delivered by Seller will not be of
MOPS +4.30 Dec 14-18 40kt MOPS +5.00 Dec 5-9 20kt INCO OR Russian Federation (RF) origin (which includes product
Platts Marine Fuel 0.5%: FOB Straits: Trafigura bids Platts Marine Fuel 0.5%: FOB Straits: Vitol offers exported from RF) nor blended with any RF origin
MOPS +3.00 Dec 4-8 40kt OR Dec +7.00 Dec 5-9 20kt INCO product. Seller can provide if requested documentary

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

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

evidence of compliance, showing refinery origin(s) of does not contain any product that was produced, Equatorial: Gunvor offers Dec +9.00 Dec 4-8 20kt
the cargo, to the Buyer’s reasonable satisfaction.) manufactured or processed in, or exported from; or (ii) OR (Seller represents and warrants that the cargo
Platts Marine Fuel 0.5%: FOB Straits: BP offers MOPS has not been produced through a blending process that delivered/to be delivered under this Contract: (i)
+8.00 Dec 4-8 20kt BP GTC OR (Seller represents and uses product or components that have been produced, does not contain any product that was produced,
warrants that, to the best of its knowledge, the cargo manufactured or processed in, or exported from, in each manufactured or processed in, or exported from; or (ii)
delivered under this Contract: (i) does not contain any case, the Russia Federation or Crimea, the Donetsk has not been produced through a blending process that
product that was produced, manufactured or processed People’s Republic or the Luhansk People’s Republic in uses product or components that have been produced,
in, or exported from; or (ii) has not been produced Ukraine. Seller shall provide, upon request, documentary manufactured or processed in, or exported from, in each
through a blending process that uses product or evidence of compliance showing the origin(s) of the case, the Russia Federation or Crimea, the Donetsk
components that have been produced, manufactured or cargo, to Buyer’s reasonable satisfaction.) People’s Republic or the Luhansk People’s Republic in
processed in, or exported from, in each case, the Russia Platts Marine Fuel 0.5%: FOB SA Crystal/SA Ukraine. Seller shall provide, upon request, documentary
Federation or Crimea, the Donetsk People’s Republic or Equatorial: Gunvor offers MOPS +7.00 Dec 9-13 20kt evidence of compliance showing the origin(s) of the
the Luhansk People’s Republic in Ukraine.) OR (Seller represents and warrants that the cargo cargo, to Buyer’s reasonable satisfaction.)
Platts Marine Fuel 0.5%: FOB Straits: BP offers MOPS delivered/to be delivered under this Contract: (i) Platts Marine Fuel 0.5%: FOB SA Crystal/SA
+8.00 Dec 9-13 20kt BP GTC OR (Seller represents and does not contain any product that was produced, Equatorial: Gunvor offers Dec +7.50 Dec 9-13 20kt
warrants that, to the best of its knowledge, the cargo manufactured or processed in, or exported from; or (ii) OR (Seller represents and warrants that the cargo
delivered under this Contract: (i) does not contain any has not been produced through a blending process that delivered/to be delivered under this Contract: (i)
product that was produced, manufactured or processed uses product or components that have been produced, does not contain any product that was produced,
in, or exported from; or (ii) has not been produced manufactured or processed in, or exported from, in each manufactured or processed in, or exported from; or (ii)
through a blending process that uses product or case, the Russia Federation or Crimea, the Donetsk has not been produced through a blending process that
components that have been produced, manufactured or People’s Republic or the Luhansk People’s Republic in uses product or components that have been produced,
processed in, or exported from, in each case, the Russia Ukraine. Seller shall provide, upon request, documentary manufactured or processed in, or exported from, in each
Federation or Crimea, the Donetsk People’s Republic or evidence of compliance showing the origin(s) of the case, the Russia Federation or Crimea, the Donetsk
the Luhansk People’s Republic in Ukraine.) cargo, to Buyer’s reasonable satisfaction.) People’s Republic or the Luhansk People’s Republic in
Platts Marine Fuel 0.5%: FOB Straits: BP offers Dec Platts Marine Fuel 0.5%: FOB SA Crystal/SA Ukraine. Seller shall provide, upon request, documentary
+8.00 Dec 14-18 20kt BP GTC (Seller represents and Equatorial: Gunvor offers MOPS +7.00 Dec 14-18 20kt evidence of compliance showing the origin(s) of the
warrants that, to the best of its knowledge, the cargo OR (Seller represents and warrants that the cargo cargo, to Buyer’s reasonable satisfaction.)
delivered under this Contract: (i) does not contain any delivered/to be delivered under this Contract: (i) Platts Marine Fuel 0.5%: FOB SA Crystal/SA
product that was produced, manufactured or processed does not contain any product that was produced, Equatorial: Gunvor offers Dec +6.00 Dec 14-18 20kt
in, or exported from; or (ii) has not been produced manufactured or processed in, or exported from; or (ii) (Seller represents and warrants that the cargo
through a blending process that uses product or has not been produced through a blending process that delivered/to be delivered under this Contract: (i)
components that have been produced, manufactured or uses product or components that have been produced, does not contain any product that was produced,
processed in, or exported from, in each case, the Russia manufactured or processed in, or exported from, in each manufactured or processed in, or exported from; or (ii)
Federation or Crimea, the Donetsk People’s Republic or case, the Russia Federation or Crimea, the Donetsk has not been produced through a blending process that
the Luhansk People’s Republic in Ukraine.) People’s Republic or the Luhansk People’s Republic in uses product or components that have been produced,
Platts Marine Fuel 0.5%: FOB SA Crystal/SA Ukraine. Seller shall provide, upon request, documentary manufactured or processed in, or exported from, in each
Equatorial: Gunvor offers MOPS +7.00 Dec 4-8 20kt evidence of compliance showing the origin(s) of the case, the Russia Federation or Crimea, the Donetsk
OR (Seller represents and warrants that the cargo cargo, to Buyer’s reasonable satisfaction.) People’s Republic or the Luhansk People’s Republic in
delivered/to be delivered under this Contract: (i) Platts Marine Fuel 0.5%: FOB SA Crystal/SA Ukraine. Seller shall provide, upon request, documentary

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

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

evidence of compliance showing the origin(s) of the PLATTS FO: DEC24: ONYX SELLS TO UENERGY* No bids
cargo, to Buyer’s reasonable satisfaction.) 5KMT AT $421.50 (08:29:16) Offers:
Trades: PLATTS FO: DEC24: ONYX SELLS TO SERENITY* No offers
1) Platts Marine Fuel 0.5%: FOB Straits: Dec 5KMT AT $421.50 (08:29:25) Trades:
4-8: 20kt: Chevron buys from Shell at MOPS +5.00 PLATTS FO: DEC24: GUNVOR SELLS TO No trades
(8:29:13.558) Shell GTC (It is a condition of this offer/ SERENITY* 5KMT AT $421.75 (08:29:50) This assessment commentary applies to the
agreement that the products sold and delivered by PLATTS FO: DEC24: ONYX SELLS TO UENERGY* following market data codes: Marine Fuel 0.5% FOB
Seller will not be of Russian Federation (RF) origin 30KMT AT $421.50 (08:29:57) Fujairah cargo $/mt <AMFFA00>
(which includes product exported from RF) nor PLATTS SINGAPORE MARINE FUEL 0.5% PAPER
blended with any RF origin product. Seller can provide TRADES SUMMARY 19 Nov24 Platts Asia and Middle East FO 180, 380 CST
if requested documentary evidence of compliance, MARINE FUEL 0.5% FOB SINGAPORE (PLATTS) Daily Rationales & Exclusions
showing refinery origin(s) of the cargo, to the Buyer’s PLATTS MARINE FUEL: DEC24: HOTEI BUYS FO 180 CST 3.5%S FOB Spore Cargo <PUADV00>
reasonable satisfaction.) FROM VITOL* 5KMT AT $538.00 (08:29:29) assessment rationale:
This assessment commentary applies to the PLATTS MARINE FUEL: DEC24: HOTEI BUYS The FOB Singapore 180 CST HSFO assessment Nov.
following market data codes: Marine Fuel 0.5% FOB FROM GUNVOR* 5KMT AT $538.00 (08:29:37) 19 took into consideration a bid from Vitol for a Dec.
Spore cargo $/mt <AMFSA00> PLATTS MARINE FUEL: DEC24: PRIME SELLS TO 6-10 loading cargo at Mean of Platts Singapore 180 CST
HOTEI* 5KMT AT $537.75 (08:29:39) HSFO assessments plus $14/mt.
Platts Singapore Fuel Oil Paper Exclusions PLATTS MARINE FUEL: DEC24: XCONNECT SELLS FO 380 CST 3.5%S FOB Spore Cargo <PPXDK00>
TO HOTEI* 5KMT AT $538.00 (08:29:42) assessment rationale:
Exclusions: PLATTS MARINE FUEL: DEC24: ONYX SELLS TO The FOB Singapore 380 CST HSFO assessment
No market data was excluded from the Nov. 19, 2024 HOTEI* 5KMT AT $538.00 (08:29:59) Nov. 19 took into consideration Trafigura’s bid for a
Asian fuel oil paper assessment process. 20,000-mt cargo loading over Dec. 4-8 at MOPS 380
Platts Fujairah Daily Marine Fuel 0.5% Cargo CST assessments plus $11/mt, and an offer from
Fuel Oil Reported Deals Daily Rationale & Exclusions Gunvor for a 20,000-mt cargo loading over Dec. 4-8
Marine Fuel 0.5% FOB Fujairah cargo $/mt from FSU SA Oceania/SA Crystal/SA Equatorial at
PLATTS SINGAPORE FUEL OIL PAPER TRADES <AMFFA00> assessment rationale: MOPS plus $9/mt.
SUMMARY 19 Nov24 FOB Fujairah Marine Fuel 0.5%S cargo assessment FO 180 CST 3.5%S FOB Arab Gulf Cargo <PUABE00>
FUEL OIL 180CST SINGAPORE/FUEL OIL 380CST on Nov. 19 took into consideration prices in the assessment rationale:
SINGAPORE Fujairah-delivered Marine Fuel 0.5%S bunker market The FOB Arab Gulf 180 CST HSFO assessment was
PLATTS FO SPR: DEC24: GOODE SELLS TO ONYX* as well as differentials at which Marine Fuel 0.5%S derived as a freight netback from the FOB Singapore
5KMT AT $12.75 (08:29:59) cargoes were heard traded in the Middle East. 180 CST HSFO assessment using the following
FUEL OIL 380CST SINGAPORE This rationale applies to symbol(s) <AMFFA00> calculation: FOB Singapore 180 CST HSFO assessment
PLATTS FO: DEC24: GUNVOR BUYS FROM HOTEI* Exclusions: minus the cost of transporting an 80,000-mt dirty
5KMT AT $421.50 (08:28:10) No market data was excluded from the Nov. 19, 2024 cargo from the Persian Gulf to the East.
PLATTS FO: DEC24: GUNVOR BUYS FROM ONYX* assessment process. FO 380 CST 3.5%S FOB Arab Gulf Cargo <AAIDC00>
5KMT AT $421.50 (08:28:11) assessment rationale:
PLATTS FO: DEC24: ONYX SELLS TO UENERGY* Platts Fujairah Daily Marine Fuel 0.5% The FOB Arab Gulf 380 CST HSFO assessment was
5KMT AT $421.50 (08:29:10) Cargo Bids, Offers, Trades derived as a freight netback from the FOB Singapore
PLATTS FO: DEC24: ONYX SELLS TO UENERGY* 380 CST HSFO assessment using the following
5KMT AT $421.50 (08:29:14) Bids: calculation: FOB Singapore 380 CST HSFO assessment

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Asia-Pacific/Arab Gulf Marketscan November 19, 2024

minus the cost of transporting an 80,000-mt dirty the Buyer’s reasonable satisfaction.) by the US/UN/EU. Buyer reserves the right to ask for
cargo from the Persian Gulf to the East. Platts HSFO 380CST: FOB Straits: Shell bids MOPS documentary evidence of compliance, showing refinery
Exclusions: No market data was excluded from the +9.00 Dec 15-19 40kt INCO OR (It is a condition of this origin(s) of the cargo & any blend components, to the
Nov. 19 high sulfur fuel oil cargo assessment process. bid/agreement that the products sold and delivered buyer’s reasonable satisfaction.)
by Seller will not be of Russian Federation (RF) origin Platts HSFO 380CST: FOB Straits: AramcoSG offers
Platts FOB Fujairah Daily 380 CST HSFO Cargo (which includes product exported from RF) nor blended MOPS +17.00 Dec 14-18 20kt (it is a condition of this
Daily Rationale & Exclusions with any RF origin product. Buyer reserves the right to bid/agreement that the products sold and delivered
HSFO 380 CST FOB Fujairah cargo $/mt ask for documentary evidence of compliance, showing by seller will not be of Russian Federation (RF) origin
<AFUJQ00> assessment rationale: refinery origin(s) of the cargo, to the Buyer’s reasonable nor blended with any physical product produced in
FOB Fujairah 380 CST HSFO assessment on Nov. 19 satisfaction.) the Russian Federation or any other origin sanctioned
took into consideration prices in the Fujairah 380 CST Platts HSFO 380CST: FOB Straits: Trafigura bids by the US/UN/EU. Buyer reserves the right to ask for
HSFO delivered bunker market as well as differentials MOPS +11.00 Dec 4-8 20kt OR documentary evidence of compliance, showing refinery
for recent cargo trades heard in the Middle East. Platts HSFO 380CST: FOB Straits: Trafigura bids origin(s) of the cargo & any blend components, to the
Exclusions: No market data was excluded from the MOPS +11.00 Dec 9-13 20kt OR buyer’s reasonable satisfaction.)
Nov. 19 assessment process. Platts HSFO 380CST: FOB Straits: Trafigura bids Platts HSFO 380CST: FOB SA Oceania/SA Crystal/
MOPS +11.00 Dec 14-18 20kt SA Equatorial: Gunvor offers MOPS +9.00 Dec 4-8
Platts Singapore Fuel Oil Bids Offers Trades Platts Bitumen: PHYSICAL BIDS FINALS ON CLOSE: 20kt OR (Seller represents and warrants that the
FOB STRAITS: No bid cargo delivered/to be delivered under this Contract:
Bids: Offers: (i) does not contain any product that was produced,
PLATTS HSFO: PHYSICAL BIDS FINALS ON CLOSE PLATTS HSFO: PHYSICAL OFFERS FINALS ON manufactured or processed in, or exported from;
(180 CST): CLOSE (180 CST): No offers or (ii) has not been produced through a blending
Platts HSFO 180CST: FOB Straits: Vitol bids MOPS PLATTS HSFO: PHYSICAL OFFERS FINALS ON process that uses product or components that have
+14.00 Dec 6-10 24kt INCO CLOSE (380 CST): been produced, manufactured or processed in, or
PLATTS HSFO: PLATTS HSFO: PHYSICAL BIDS Platts HSFO 380CST: FOB Straits: AramcoSG offers exported from, in each case, the Russia Federation or
FINALS ON CLOSE (380 CST): MOPS +17.00 Dec 4-8 20kt OR (it is a condition of this Crimea, the Donetsk People’s Republic or the Luhansk
Platts HSFO 380CST: FOB Straits: Glencore bids bid/agreement that the products sold and delivered People’s Republic in Ukraine. Seller shall provide, upon
MOPS +6.00 Dec 4-8 40kt OR by seller will not be of Russian Federation (RF) origin request, documentary evidence of compliance showing
Platts HSFO 380CST: FOB Straits: Glencore bids nor blended with any physical product produced in the origin(s) of the cargo, to Buyer’s reasonable
MOPS +7.00 Dec 9-13 40kt OR the Russian Federation or any other origin sanctioned satisfaction.)
Platts HSFO 380CST: FOB Straits: Glencore bids by the US/UN/EU. Buyer reserves the right to ask for Platts Bitumen: PHYSICAL OFFERS FINALS ON
MOPS +7.00 Dec 14-18 40kt documentary evidence of compliance, showing refinery CLOSE: FOB STRAITS: No offer
Platts HSFO 380CST: FOB Straits: Shell bids origin(s) of the cargo & any blend components, to the Trades:
MOPS +7.00 Dec 7-11 40kt INCO OR (It is a condition buyer’s reasonable satisfaction.) Platts HSFO Trade Summary: No trade
of this bid/agreement that the products sold and Platts HSFO 380CST: FOB Straits: AramcoSG offers Platts Bitumen Trade Summary: FOB STRAITS:
delivered by Seller will not be of Russian Federation MOPS +17.00 Dec 9-13 20kt OR (it is a condition of this No trade
(RF) origin (which includes product exported from bid/agreement that the products sold and delivered This assessment commentary applies to the
RF) nor blended with any RF origin product. Buyer by seller will not be of Russian Federation (RF) origin following market data codes: FO 180 CST 2.0%
reserves the right to ask for documentary evidence of nor blended with any physical product produced in <PUAXS00> FO 180 CST 3.5% <PUADV00> FO 380 CST
compliance, showing refinery origin(s) of the cargo, to the Russian Federation or any other origin sanctioned 3.5% <PPXDK00>

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

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

Platts US West Coast Light End Daily December and January-loading ADNOC crudes low premium of 51 cents/b at the Nov. 19 Asian close,
Commentary were seen changing hands in the Asian and Middle Commodity Insights data showed.
East sour crude market Nov. 19, while China’s newest
„ Los Angeles CARBOB differential prices fall 6
refiner Yulong Petrochemical also picked up cargoes as Platts Mideast Sour Crude Daily Rationales &
cents on day
refinery operations ramped up. Exclusions
„ Selling interest in premium CARBOB continues for Two January-loading Murban crude cargoes were Dubai Mo01 <PCAAT00> assessment rationale:
second day heard sold to an Indian refiner and a January-loading The January cash Dubai assessment Nov. 19 took into
Murban crude cargo to a Japanese refiner at a consideration bids and offers for cash Dubai partials
On the US West Coast, the Los Angeles CARBOB premium of around 70 cents/b to Platts Dubai crude that traded at $72.26/b towards the end of the Platts
differential fell on Nov. 19, following the downward assessments, FOB, and a January-loading Umm Lulu Market on Close assessment process.
momentum reported for San Francisco CARBOB on crude cargo to a South Korean refiner at a premium in Oman Blend Mo01 <PCABS00> assessment
Nov. 18. the $1.01-$1.05/b range to Platts Dubai, FOB. rationale: The January cash Oman assessment Nov.
Platts, part of S&P Global Commodity Insights, A January-loading Das Blend crude cargo was heard 19 took into consideration the declaration of an Oman
assessed Los Angeles CARBOB down 6 cents at NYMEX sold to a separate Japanese refiner. Price levels were cargo on convergence of Dubai partials.
December RBOB futures plus 8 cents/gal. The change on unclear, though January Das Blend crude had traded Exclusions: No market data was excluded from the
the day established the lowest price reported since Aug. earlier in November at around a 60 cents/b discount Middle East sour crude Market on Close assessment
19, when it was assessed at futures plus 5 cents/gal. to Murban. process.
Selling interest in premium CARBOB originally Yulong Petrochemical, meanwhile, was heard to
increased on Nov. 18, and the downward momentum have picked up a West African crude cargo as well as Platts Oil Mideast Sour Crude
continued throughout the day as the spread between a January-loading Umm Lulu crude cargo. This comes Convergences
regular and premium CARBOB narrowed by 1 cent to 11 as the company has raised the utilization rate at its
cents/gal. 200,000 b/d crude distillation unit to around 90%-100% **Platts Crude: Vitol declares a cargo of
The smaller regrade, combined with the falling price in mid-November after commencing trial operations at January Oman crude to TotalEnergies following the
of regular CARBOB, led to the differential price of the the end of September, S&P Global Commodity Insights convergence of 20 partials in Platts cash Dubai.
premium grade falling 7 cents to futures plus 19 cents/gal. earlier reported. ***Platts Crude: Shenghong declares a cargo of
San Francisco held steady at the almost four- The refinery targets to start up its second 200,000- January Upper Zakum crude to PetroChina following
month low established on Nov. 18 at futures plus 2.50 b/d CDU in early 2025 instead of the originally planned the convergence of 20 partials in Platts cash Dubai.
cents/gal. end of 2024, sources close to the matter had said. ****Platts Crude: Unipec declares a cargo of
The first atmospheric river of the season brought An overhang of December-loading Middle East January Upper Zakum crude to TotalEnergies following
torrential rainfall and a winter storm to northern cargoes that had lasted well into the January cycle was the convergence of 20 partials in Platts cash Dubai.
California, according to the National Weather Service. also heard clearing, with one VLCC of December Upper *****Platts Crude: ExxonMobil declares a cargo
The current storm may pose a risk to the timely delivery Zakum crude heard sold to a Chinese refiner. of January Upper Zakum crude to TotalEnergies
of gasoline via both maritime and trucking channels. Sentiment in the broader market remained bearish following the convergence of 20 partials in Platts
with Middle East sour crude cash differentials still cash Dubai.
Platts Middle East Sour Crude Daily Market under pressure. Traders were on the lookout for the ******Platts Crude: P66 declares a cargo of January
Analysis results of the recently awarded buy tender of Thailand Upper Zakum crude to PetroChina the convergence of
PTT, beyond which demand from the rest of Asia was 20 partials in Platts cash Dubai.
„ Dec and Jan loading ADNOC crudes change hands
reportedly thin. *******Platts Crude: Unipec declares a cargo of
„ Yulong Petrochemical buys ADNOC, WAF crudes as The front-month Platts Dubai cash-futures January Upper Zakum crude to PetroChina following
refinery ramps up spread had eased to touch a fresh month-to-date the convergence of 20 partials in Platts cash Dubai.

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

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

********Platts Crude: ExxonMobil declares a cargo AFTER TRADE PLATTS DUBAI: JAN25: UNIPEC SELLS TO
of January Al Shaheen crude to Equinor following the PLATTS DUBAI: JAN25: PTT NO LONGER OFFERS PETROCHINA* 25KB AT $72.21 (08:26:52)
convergence of 20 partials in Platts cash Dubai. AFTER TRADE PLATTS DUBAI: JAN25: VITOL SELLS TO TOTAL*
Trades: 25KB AT $72.25 (08:26:56)
Platts Middle East Sour Crude Bids, Offers, PLATTS DUBAI: JAN25: VITOL SELLS TO TOTAL* PLATTS DUBAI: JAN25: UNIPEC SELLS TO
Trades 25KB AT $72.25 (08:26:09)** PETROCHINA* 25KB AT $72.21 (08:26:59)
PLATTS DUBAI: JAN25: PTT SELLS TO TOTAL* 25KB PLATTS DUBAI: JAN25: TOTAL BUYS FROM UNIPEC*
Bids: AT $72.25 (08:26:13) 25KB AT $72.25 (08:26:59)
PLATTS DUBAI: JAN25: GLENCORE BIDS 25KB AT PLATTS DUBAI: JAN25: SHENGHONG SELLS TO PLATTS DUBAI: JAN25: VITOL SELLS TO TOTAL*
$72.24 AND WITHDRAWS DURING EXTENSION PETROCHINA* 25KB AT $72.20 (08:26:14) 25KB AT $72.25 (08:27:02)
PLATTS DUBAI: JAN25: VITOL BIDS 25KB AT $72.20 PLATTS DUBAI: JAN25: PTT SELLS TO TOTAL* 25KB PLATTS DUBAI: JAN25: UNIPEC SELLS TO
PLATTS DUBAI: JAN25: TOTAL BIDS 25KB AT $72.15 AT $72.25 (08:26:19) PETROCHINA* 25KB AT $72.21 (08:27:06)
PLATTS DUBAI: JAN25: PHILLIPS 66 BIDS 25KB PLATTS DUBAI: JAN25: SHENGHONG SELLS TO PLATTS DUBAI: JAN25: TOTAL BUYS FROM UNIPEC*
AT $72.10 PETROCHINA* 25KB AT $72.20 (08:26:22)*** 25KB AT $72.25 (08:27:06)
PLATTS DUBAI: JAN25: TOTAL NO LONGER BIDS PLATTS DUBAI: JAN25: RELIANCE SELLS TO TOTAL* PLATTS DUBAI: JAN25: VITOL SELLS TO TOTAL*
AFTER TRADE 25KB AT $72.25 (08:26:22) 25KB AT $72.25 (08:27:09)
PLATTS DUBAI: JAN25: PETROCHINA NO LONGER PLATTS DUBAI: JAN25: PTT SELLS TO TOTAL* 25KB PLATTS DUBAI: JAN25: RELIANCE SELLS TO
BIDS AFTER TRADE AT $72.25 (08:26:26) PETROCHINA* 25KB AT $72.21 (08:27:09)
PLATTS DUBAI: JAN25: EQUINOR NO LONGER BIDS PLATTS DUBAI: JAN25: PTT SELLS TO TOTAL* 25KB PLATTS DUBAI: JAN25: TOTAL BUYS FROM UNIPEC*
AFTER TRADE AT $72.25 (08:26:28) 25KB AT $72.25 (08:27:13)
PLATTS DUBAI: JAN25: HENGLI NO LONGER BIDS PLATTS DUBAI: JAN25: TRAFIGURA SELLS TO PLATTS DUBAI: JAN25: TOTAL BUYS FROM
AFTER TRADE TOTAL* 25KB AT $72.25 (08:26:34) TRAFIGURA* 25KB AT $72.25 (08:27:13)
Offers: PLATTS DUBAI: JAN25: VITOL SELLS TO TOTAL* PLATTS DUBAI: JAN25: TOTAL BUYS FROM MITSUI*
PLATTS DUBAI: JAN25: RELIANCE OFFERS 25KB 25KB AT $72.25 (08:26:37) 25KB AT $72.30 (08:27:14)
AT $72.30 PLATTS DUBAI: JAN25: PTT SELLS TO TOTAL* 25KB PLATTS DUBAI: JAN25: TOTAL BUYS FROM UNIPEC*
PLATTS DUBAI: JAN25: MITSUI OFFERS 25KB AT $72.25 (08:26:41) 25KB AT $72.25 (08:27:17)
AT $72.30 PLATTS DUBAI: JAN25: VITOL SELLS TO PLATTS DUBAI: JAN25: SHENGHONG SELLS TO
PLATTS DUBAI: JAN25: SHENGHONG OFFERS 25KB PETROCHINA* 25KB AT $72.21 (08:26:41) PETROCHINA* 25KB AT $72.21 (08:27:17)
AT $72.30 PLATTS DUBAI: JAN25: VITOL SELLS TO TOTAL* PLATTS DUBAI: JAN25: TOTAL BUYS FROM
PLATTS DUBAI: JAN25: TRAFIGURA OFFERS 25KB 25KB AT $72.25 (08:26:44) TRAFIGURA* 25KB AT $72.25 (08:27:17)
AT $72.30 PLATTS DUBAI: JAN25: PTT SELLS TO PETROCHINA* PLATTS DUBAI: JAN25: PHILLIPS 66 SELLS TO
PLATTS DUBAI: JAN25: EXXONMOBIL OFFERS 25KB 25KB AT $72.21 (08:26:45) TOTAL* 25KB AT $72.25 (08:27:19)
AT $72.30 PLATTS DUBAI: JAN25: VITOL SELLS TO TOTAL* PLATTS DUBAI: JAN25: TOTAL BUYS FROM UNIPEC*
PLATTS DUBAI: JAN25: PHILLIPS 66 OFFERS 25KB 25KB AT $72.25 (08:26:47) 25KB AT $72.25 (08:27:23)****
AT $72.40 PLATTS DUBAI: JAN25: MITSUI SELLS TO PLATTS DUBAI: JAN25: TOTAL BUYS FROM UNIPEC*
PLATTS DUBAI: JAN25: TRAFIGURA OFFERS 25KB PETROCHINA* 25KB AT $72.21 (08:26:49) 25KB AT $72.25 (08:27:27)
AT $72.45 PLATTS DUBAI: JAN25: VITOL SELLS TO TOTAL* PLATTS DUBAI: JAN25: TOTAL BUYS FROM VITOL*
PLATTS DUBAI: JAN25: UNIPEC NO LONGER 25KB AT $72.25 (08:26:50) 25KB AT $72.25 (08:27:30)
OFFERS AFTER TRADE PLATTS DUBAI: JAN25: PTT SELLS TO TOTAL* 25KB PLATTS DUBAI: JAN25: TOTAL BUYS FROM PTT*
PLATTS DUBAI: JAN25: VITOL NO LONGER OFFERS AT $72.25 (08:26:52) 25KB AT $72.25 (08:27:31)

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Asia-Pacific/Arab Gulf Marketscan November 19, 2024

PLATTS DUBAI: JAN25: TOTAL BUYS FROM UNIPEC* PLATTS DUBAI: JAN25: TOTAL BUYS FROM PLATTS DUBAI: JAN25: UNIPEC SELLS TO
25KB AT $72.25 (08:27:34) TRAFIGURA* 25KB AT $72.26 (08:28:29) PETROCHINA* 25KB AT $72.25 (08:29:10)
PLATTS DUBAI: JAN25: EXXONMOBIL SELLS TO PLATTS DUBAI: JAN25: TOTAL BUYS FROM PLATTS DUBAI: JAN25: UNIPEC SELLS TO TOTAL*
TOTAL* 25KB AT $72.25 (08:27:35) TRAFIGURA* 25KB AT $72.27 (08:28:35) 25KB AT $72.26 (08:29:11)
PLATTS DUBAI: JAN25: TOTAL BUYS FROM VITOL* PLATTS DUBAI: JAN25: TOTAL BUYS FROM PTT* PLATTS DUBAI: JAN25: EXXONMOBIL SELLS TO
25KB AT $72.25 (08:27:38) 25KB AT $72.28 (08:28:41) EQUINOR* 25KB AT $72.25 (08:29:12)
PLATTS DUBAI: JAN25: TOTAL BUYS FROM UNIPEC* PLATTS DUBAI: JAN25: UNIPEC SELLS TO TOTAL* PLATTS DUBAI: JAN25: UNIPEC SELLS TO TOTAL*
25KB AT $72.25 (08:27:38) 25KB AT $72.27 (08:28:42) 25KB AT $72.26 (08:29:15)
PLATTS DUBAI: JAN25: GLENCORE BUYS FROM PLATTS DUBAI: JAN25: UNIPEC SELLS TO PLATTS DUBAI: JAN25: UNIPEC SELLS TO
SHENGHONG* 25KB AT $72.23 (08:27:41) PETROCHINA* 25KB AT $72.25 (08:28:43) PETROCHINA* 25KB AT $72.25 (08:29:16)
PLATTS DUBAI: JAN25: EXXONMOBIL SELLS TO PLATTS DUBAI: JAN25: UNIPEC SELLS TO TOTAL* PLATTS DUBAI: JAN25: TOTAL BUYS FROM
TOTAL* 25KB AT $72.25 (08:27:42) 25KB AT $72.27 (08:28:47) TRAFIGURA* 25KB AT $72.27 (08:29:18)
PLATTS DUBAI: JAN25: TOTAL BUYS FROM UNIPEC* PLATTS DUBAI: JAN25: UNIPEC SELLS TO PLATTS DUBAI: JAN25: VITOL SELLS TO TOTAL*
25KB AT $72.25 (08:27:44) PETROCHINA* 25KB AT $72.25 (08:28:48)******* 25KB AT $72.26 (08:29:19)
PLATTS DUBAI: JAN25: TOTAL BUYS FROM VITOL* PLATTS DUBAI: JAN25: UNIPEC SELLS TO TOTAL* PLATTS DUBAI: JAN25: EXXONMOBIL SELLS TO
25KB AT $72.25 (08:27:46) 25KB AT $72.27 (08:28:50) EQUINOR* 25KB AT $72.25 (08:29:20)
PLATTS DUBAI: JAN25: EXXONMOBIL SELLS TO PLATTS DUBAI: JAN25: MITSUI SELLS TO PLATTS DUBAI: JAN25: VITOL SELLS TO TOTAL*
GLENCORE* 25KB AT $72.24 (08:27:46) PETROCHINA* 25KB AT $72.25 (08:28:52) 25KB AT $72.26 (08:29:23)
PLATTS DUBAI: JAN25: EXXONMOBIL SELLS TO PLATTS DUBAI: JAN25: UNIPEC SELLS TO PLATTS DUBAI: JAN25: RELIANCE SELLS TO
TOTAL* 25KB AT $72.25 (08:27:49) GLENCORE* 25KB AT $72.24 (08:28:52) PETROCHINA* 25KB AT $72.25 (08:29:23)
PLATTS DUBAI: JAN25: GLENCORE BUYS FROM PLATTS DUBAI: JAN25: TOTAL BUYS FROM PLATTS DUBAI: JAN25: TOTAL BUYS FROM
SHENGHONG* 25KB AT $72.24 (08:27:51) EXXONMOBIL* 25KB AT $72.26 (08:28:55) EXXONMOBIL* 25KB AT $72.28 (08:29:24)
PLATTS DUBAI: JAN25: TOTAL BUYS FROM UNIPEC* PLATTS DUBAI: JAN25: UNIPEC SELLS TO PLATTS DUBAI: JAN25: EXXONMOBIL SELLS TO
25KB AT $72.25 (08:27:52) PETROCHINA* 25KB AT $72.25 (08:28:55) TOTAL* 25KB AT $72.26 (08:29:26)
PLATTS DUBAI: JAN25: TOTAL BUYS FROM PLATTS DUBAI: JAN25: EXXONMOBIL SELLS TO PLATTS DUBAI: JAN25: VITOL SELLS TO EQUINOR*
TRAFIGURA* 25KB AT $72.26 (08:27:53) EQUINOR* 25KB AT $72.25 (08:28:56) 25KB AT $72.25 (08:29:27)
PLATTS DUBAI: JAN25: TOTAL BUYS FROM VITOL* PLATTS DUBAI: JAN25: UNIPEC SELLS TO TOTAL* PLATTS DUBAI: JAN25: PTT SELLS TO PETROCHINA*
25KB AT $72.25 (08:27:56) 25KB AT $72.26 (08:28:58) 25KB AT $72.25 (08:29:28)
PLATTS DUBAI: JAN25: EXXONMOBIL SELLS TO PLATTS DUBAI: JAN25: TOTAL BUYS FROM PLATTS DUBAI: JAN25: VITOL SELLS TO TOTAL*
TOTAL* 25KB AT $72.25 (08:28:00)***** TRAFIGURA* 25KB AT $72.26 (08:29:01) 25KB AT $72.26 (08:29:30)
PLATTS DUBAI: JAN25: RELIANCE SELLS TO TOTAL* PLATTS DUBAI: JAN25: UNIPEC SELLS TO TOTAL* PLATTS DUBAI: JAN25: MITSUI SELLS TO
25KB AT $72.25 (08:28:04) 25KB AT $72.26 (08:29:02) PETROCHINA* 25KB AT $72.25 (08:29:32)
PLATTS DUBAI: JAN25: EQUINOR BUYS FROM PLATTS DUBAI: JAN25: TOTAL BUYS FROM PLATTS DUBAI: JAN25: TOTAL BUYS FROM
SHENGHONG* 25KB AT $72.24 (08:28:09) EXXONMOBIL* 25KB AT $72.26 (08:29:05) EXXONMOBIL* 25KB AT $72.29 (08:29:34)
PLATTS DUBAI: JAN25: UNIPEC SELLS TO TOTAL* PLATTS DUBAI: JAN25: UNIPEC SELLS TO TOTAL* PLATTS DUBAI: JAN25: VITOL SELLS TO TOTAL*
25KB AT $72.25 (08:28:10) 25KB AT $72.26 (08:29:06) 25KB AT $72.26 (08:29:36)
PLATTS DUBAI: JAN25: EXXONMOBIL SELLS TO PLATTS DUBAI: JAN25: UNIPEC SELLS TO PLATTS DUBAI: JAN25: EXXONMOBIL SELLS TO
GLENCORE* 25KB AT $72.24 (08:28:12) PETROCHINA* 25KB AT $72.25 (08:29:07) EQUINOR* 25KB AT $72.25 (08:29:38)********
PLATTS DUBAI: JAN25: PHILLIPS 66 SELLS TO PLATTS DUBAI: JAN25: PTT SELLS TO EQUINOR* PLATTS DUBAI: JAN25: UNIPEC SELLS TO TOTAL*
PETROCHINA* 25KB AT $72.23 (08:28:13)****** 25KB AT $72.25 (08:29:07) 25KB AT $72.26 (08:29:39)

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

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

PLATTS DUBAI: JAN25: VITOL SELLS TO The Asia-Pacific regional sweet market saw Commodity Insights data showed that the second-
PETROCHINA* 25KB AT $72.25 (08:29:39) increased trading activity on Nov. 19, along with greater month gasoline and naphtha swap crack against Dubai
PLATTS DUBAI: JAN25: RELIANCE SELLS TO trade clarity for January-loading barrels. crude swaps stood at $6.72/b and minus $2.89/b at
HENGLI* 25KB AT $72.25 (08:29:40) Further details emerged in the regional condensate the Nov. 18 Asian close, respectively, compared to
PLATTS DUBAI: JAN25: VITOL SELLS TO TOTAL* complex, with QatarEnergy heard to have sold its low October averages of $6.03/b and minus $1.86/b.
25KB AT $72.26 (08:29:43) sulfur condensate via spot tender to Aramco Trading In the medium sweet crude complex, markets
PLATTS DUBAI: JAN25: MITSUI SELLS TO Company at a premium in the low $1s/b to Platts continue to monitor the upcoming December
PETROCHINA* 25KB AT $72.25 (08:29:44) front-month Dubai crude assessments, FOB, market Malaysian crude OSP set by state-owned oil company
PLATTS DUBAI: JAN25: VITOL SELLS TO TOTAL* sources said. Petronas, expected to emerge this week.
25KB AT $72.26 (08:29:46) In the previous trading cycle, December-loading PV Oil’s Bunga Kekwa crude tender, which closes
PLATTS DUBAI: JAN25: VITOL SELLS TO HENGLI* cargoes of LSC were last sold to a trading house at Nov. 20 and has a next-day validity for loading over Jan.
25KB AT $72.25 (08:29:47) similar levels against the same benchmark, S&P Global 18-24, would also provide fresh pricing cues.
PLATTS DUBAI: JAN25: UNIPEC SELLS TO Commodity Insights reported, citing market sources. The second-month gasoil and jet fuel swap
PETROCHINA* 25KB AT $72.25 (08:29:49) Meanwhile, the last remaining spot cargo of crack spreads averaged over $16.27/b and $16.75/b,
PLATTS DUBAI: JAN25: VITOL SELLS TO GLENCORE* Australia’s Wheatstone condensate held by Chevron respectively, as of Nov. 18 Asian close, up from an
25KB AT $72.24 (08:29:49) for January-loading was heard to have moved. Further average of $13.68/b and $14.12/b, respectively, October,
PLATTS DUBAI: JAN25: UNIPEC SELLS TO TOTAL* details could not be ascertained. Commodity Insights data showed.
25KB AT $72.26 (08:29:50) The earlier cargo of the crude grade for the same Platts is part of Commodity Insights.
PLATTS DUBAI: JAN25: UNIPEC SELLS TO TOTAL* loading cycle was previously held by Woodside Energy,
25KB AT $72.26 (08:29:54) which was heard to have sold at a discount in the $1s/b Platts Asia Light Sweet Crude Daily Rationale &
PLATTS DUBAI: JAN25: VITOL SELLS TO HENGLI* to Dated Brent, FOB, a trade source said. Exclusions
25KB AT $72.25 (08:29:54) On light sweet crudes, BP was heard to have moved ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01
PLATTS DUBAI: JAN25: UNIPEC SELLS TO its Cossack crude scheduled for January-loading, <AASEU00> assessment rationale: The ESPO M1
PETROCHINA* 25KB AT $72.25 (08:29:56) though further details could not be confirmed. January assessment Nov. 19 took into consideration
PLATTS DUBAI: JAN25: UNIPEC SELLS TO TOTAL* In comparison, the grade last traded at a premium the latest trade indications heard in the broader
25KB AT $72.26 (08:29:58) in the $1s/b to Dated Brent, FOB, for November loading market.
This assessment commentary applies to the in which Woodside Energy sold its cargo to Thailand’s Exclusions: No market data was excluded from
following market data codes: Dubai M1 <PCAAT00>, Bangchak, S&P Global reported previously, citing the Asia Pacific Crude Market on Close assessment
Oman M1 <PCABS00> market sources. process.
“Regionals should be stronger than last month,” a
Platts Asia Pacific Sweet Crude Daily trader said. Platts Asia Light Sweet Crude Bids, Offers,
Market Analysis Additionally, trade sources noted that Australia’s Trades
Santos has begun to market its Papua New Guinea’s
„ Last remaining spot Wheatstone condensate
Kutubu light sweet crude, in which movement of the Bids: NIL
cargo sells
grade is to be expected in the coming days. Offers: NIL
„ Australia’s Cossack crude for Jan-loading moves In the previous trading cycle, Santos sold a cargo Trades: NIL
„ Focus on upcoming Dec Malaysia OSP release, of the crude grade at a discount in the $3s/b to Dated This assessment commentary applies to the following
Bunga Kekwa tender results Brent, FOB, Commodity Insights reported earlier. market data code: ESPO M1 vs Dubai M2 <AASEU00>

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

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

Subscriber Notes respective nomination deadlines. the Oilgram Price Report from “Monthly spot Lube
Nomination of non-commensurate vessels should assessments” to “Weekly spot Base Oil assessments”
Platts to update FOB Straits gasoline guidelines for not expose the seller to incur additional costs to reflect the proposed change in frequency of these
commensurate vessels associated with the larger vessels. The buyer has the assessments.
Platts, part of S&P Global Commodity Insights, is right to nominate a non-commensurate vessel to load Platts also proposes to change the methodology
updating its guidelines for commensurate vessels for a cargo traded via the MOC, while the seller has the for the above assessments to reflect the following
FOB Straits gasoline loadings to coincide with the Jan. obligation to accept a commensurate vessel and try specifications and bases:
2, 2025 shift to larger gasoline clips of a minimum of to accommodate a non-commensurate vessel if the Group 1 SN150 FOB Asia (PLAAA00)
100,000 barrels for RON 92. terminal scheduling permits. ASTM Color Maximum 1.5
Viscosity at 40 degrees Celsius 28-35 mm squared/s
This follows the decision announced in a subscriber The seller’s exposure to demurrage and laytime Viscosity at 100 degrees Celsius 4.4-5.9 mm squared/s
note published Oct. 17, here: https://www.spglobal. should not exceed the normal associated demurrage Viscosity Index Minimum 95
Flash Point Minimum 200 degrees Celsius
com/commodityinsights/en/our-methodology/ and laytime, of a commensurate vessel. Pour Point Maximum -6 degrees Celsius
subscriber-notes/101724-platts-to-raise-fob- Please send any comments or questions Quantity 1,000 mt in bulk
Laycan 15-45 days forward
singapore-ron-92-gasoline-volume-from-jan-2-2025 . to [email protected] and China, Indonesia, Japan, Singapore,
Location
For gasoline loadings, small-range tankers will still [email protected]. Taiwan, Thailand
be considered commensurate for individual clips of For written comments, please provide a clear
50,000 barrels, while medium-range tankers will be indication if comments are not intended for publication Group 1 SN500 FOB Asia (PLAAD00)
considered commensurate for individual clips larger by Platts for public viewing. Platts will consider all ASTM Color Maximum 4
Viscosity at 40 degrees Celsius 95-125 mm squared/s
than 50,000 barrels. This is a change from the previous comments received and will make comments not Viscosity at 100 degrees Celsius 9.5-13 mm squared/s
guidelines, where small-range tankers were considered marked as confidential available upon request. Viscosity Index Minimum 95
Flash Point Minimum 210
commensurate for individual clips and up to medium- Pour Point Maximum -6 degrees Celsius
range tankers for co-loading of cargoes. Platts proposes to change Asia Group 1 Base Oils Quantity 1,000 mt in bulk
Laycan 15-45 days forward
The changes will take effect for trades reported in assessments names, specifications, publishing China, Indonesia, Japan, Singapore,
the Platts Market On Close assessment process from schedule Location
Taiwan, Thailand
Jan. 2 onwards. Platts, part of S&P Global Commodity Insights,
In addition, Platts understands that the typical proposes to change the current monthly, Asia Group 1 Group 1 Bright Stock FOB Asia (PLAAG00)
laytime for a 100,000-barrel parcel loading is 24 hours Base Oils spot assessments names, methodology and ASTM Color Maximum 6
Viscosity at 100 degrees Celsius 30-35 mm squared/s
plus six hours, while a 150,000-barrel parcel loading is 36 publishing schedule, effective Dec. 11, 2024, following Viscosity Index Minimum 95
hours plus six hours. Platts also understands that typical feedback from the market. Flash Point Minimum 270
Pour Point Maximum -6 degrees Celsius
demurrage for medium-range tankers would be basis Platts proposes to change the names of the Quantity 1,000 mt in bulk
the Charter Party rate or at the Platts published Clean following assessments: Laycan 15-45 days forward
China, Indonesia, Japan, Singapore,
Demurrage rate for FOB Singapore, whichever is lower. Current assessment Proposed assessment Location
Assessment code Taiwan, Thailand
Platts would like to remind market participants that name name
PLAAA00 150SN Paraffin Far East Group 1 SN150 FOB Asia
the Platts methodology reflects trades in which sellers PLAAD00 500SN Paraffin Far East Group 1 SN500 FOB Asia Pricing information with terms, locations, and
nominate the load point 10 days before loading and PLAAG00 Bright Stock Far East
Group 1 Bright Stock specifications different from the above may be
FOB Asia
buyers nominate a single performing vessel seven days considered for assessment purposes and could be
prior. Platts expects parties to be reasonable when subject to normalization.
exceptional circumstances require buyers to substitute In addition, Platts proposes to change the name The above Group 1 assessments would be
vessels or sellers to substitute terminals after the of the table in which these assessments appear in published on a weekly basis in $/mt and would take

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

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

into consideration price information gathered during close at 4:30 pm Singapore time on Wednesday of Group 2
the week ahead of the assessment, with indications each week. Grade Basis Quantity Laycan Location
1,000 mt in 15-45 days Singapore, Taiwan and
normalized to the close at 4:30 pm Singapore time The assessments would reflect the values of N150 FOB Asia
bulk forward South Korea
each Wednesday. physical bitumen cargoes at the close at 4:30 pm 1,000 mt in 15-45 days Singapore, Taiwan and
N500 FOB Asia
The assessments would reflect the values of Singapore time on Wednesdays and follow the bulk forward South Korea
CFR Northeast 1,000 mt in 15-45 days China, Japan, South
physical base oils cargoes at the close of 4:30 pm Singapore publishing schedule. When a public holiday N150
Asia bulk forward Korea and Taiwan
Singapore time on Wednesdays and would follow the falls on the planned publishing day, the assessment N500
CFR Northeast 1,000 mt in 15-45 days China, Japan, South
Asia bulk forward Korea and Taiwan
Singapore publishing schedule. When a public holiday will be published the day prior to the public holiday. 1,000 mt in 15-45 days
N150 CFR India Mumbai
falls on the planned publishing day, the assessment Please send any questions, comments or feedback bulk forward
will be published the day prior to the public holiday. to [email protected] with a copy to N500 CFR India
1,000 mt in 15-45 days
Mumbai
bulk forward
These assessments would continue to be found in [email protected] by Nov. 29. 2024.
the Oilgram Price Report, on Platts Connect, and on For written comments, please provide a clear
Platts Global and Refined Product alert pages 1146. indication if comments are not intended for publication Group 3
Please send any questions, comments, or feedback by Platts for public viewing. Grade Basis Quantity Laycan Location
FOB South 1,000 mt in 15-45 days
to [email protected] with a copy to Platts will consider all comments received and will 4cst Ulsan
Korea bulk forward
[email protected] by Nov. 29 2024. make comments not marked as confidential available FOB South 1,000 mt in 15-45 days
6cst Ulsan
For written comments, please provide a clear upon request. Korea bulk forward
FOB South 1,000 mt in 15-45 days
indication if they are not intended for publication 8cst
Korea bulk forward
Ulsan

by Platts for public viewing. Platts will consider all Platts proposes to launch weekly Asia base oils 4cst CFR India
1,000 mt in 15-45 days
Mumbai
bulk forward
comments received and make comments not marked assessments 1,000 mt in 15-45 days
6cst CFR India Mumbai
as confidential available upon request. Platts, part of S&P Global Commodity Insights, bulk forward
proposes to launch weekly base oil spot assessments, 8cst CFR India
1,000 mt in 15-45 days
Mumbai
bulk forward
Platts proposes to publish weekly FOB Bahrain effective Dec. 11, 2024. Minimum 1-10 days
4cst ex-tank UAE Sharjah
bitumen prices from Dec 11 The proposed assessments would reflect spot 10 mt forward
Minimum 1-10 days
Platts, part of S&P Global Commodity Insights, cargoes for: 6cst ex-tank UAE
10 mt forward
Sharjah
proposes to start publishing weekly prices of FOB Group 1 8cst ex-tank UAE
Minimum 1-10 days
Sharjah
10 mt forward
Bahrain PEN 60-70 grade bitumen, effective Dec. 11. Grade Basis Quantity Laycan Location
CFR Northeast 1,000 mt in 15-45 days China, Japan, South
The assessment would complement Platts’ existing SN150
Asia bulk forward Korea and Taiwan
FOB Singapore, FOB South Korea and CFR India CFR Northeast 1,000 mt in 15-45 days China, Japan, South The new assessments would be published in $/mt
SN500
bitumen assessments, providing more information Asia bulk forward Korea and Taiwan and would take into consideration price information
CFR Northeast 1,000 mt in 15-45 days China, Japan, South
on the waterborne trade for the product in the Asia- Bright Stock
Asia bulk forward Korea and Taiwan gathered during the week ahead of the assessment,
Pacific and Middle East markets. SN150 CFR India
1,000 mt in 15-45 days
Mumbai
with indications normalized to the close at 4:30 pm
bulk forward
The proposed FOB Bahrain assessment would be 1,000 mt in 15-45 days
Singapore time on Wednesday of each week.
SN500 CFR India Mumbai
published as $/mt, and reflect 3,000-7,000-mt cargoes bulk forward The assessments would reflect the values of
loading from Sitra 20-40 days forward. Bright Stock CFR India
1,000 mt in 15-45 days
Mumbai physical base oils cargoes at the close of 4:30 pm
bulk forward
The assessment would take into consideration 1,000 mt in 15-45 days Singapore time on Wednesday and would follow the
SN150 CFR UAE Sharjah
price information gathered during the week ahead of bulk forward Singapore publishing schedule. When a Singapore
1,000 mt in 15-45 days
the assessment, with indications normalized to the SN500 CFR UAE
bulk forward
Sharjah public holiday falls on the planned publishing day, the

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

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

assessment would be published the day prior to the For written comments, please provide a clear by Platts for public viewing. Platts will consider all
public holiday. indication if they are not intended for publication by comments received and make those not marked as
Details of the proposed specifications: Platts for public viewing. confidential available upon request.
Group 1 Platts will consider all comments received and will
SN150 SN500 Bright Stock make comments not marked as confidential available Platts to launch Indonesian Senoro condensate
ASTM Color
Viscosity at 40
Maximum 1.5
28-35 mm
Maximum 4
95-125 mm
Maximum 6
upon request. assessments Dec 2
-
degrees Celsius squared/s squared/s Platts, part of S&P Global Commodity Insights,
Viscosity at 100 4.4-5.9 mm 9.5-13 mm 30-35 mm Platts includes SA Capricorn FSU in Singapore fuel oil will launch daily assessments of Indonesia’s Senoro
degrees Celsius squared/s squared/s squared/s
Viscosity Index Minimum 95 Minimum 95 Minimum 95 cargo, ex-wharf bunker MOC from Nov 15 condensate on an FOB basis, effective Dec. 2, 2024.
Flash Point
Minimum 200
Minimum 210 Minimum 270 Platts, part of S&P Global Commodity Insights, This follows Platts’ observation of a resumption
degrees Celsius
Maximum -6 Maximum -6 Maximum -6 has included the ship SA Capricorn as an additional and increased exports of the condensate grade
Pour Point
degrees Celsius degrees Celsius degrees Celsius loading point in its Platts Singapore Market on Close since 2023.
assessment process for cargo and ex-wharf bunkers Senoro condensate grade is produced from the
Group 2 for marine fuel 0.5% and 380 CST HSFO from Nov. 15. Senoro and Donggi Matindok gas fields in Central
150N 500N SA Capricorn (IMO 9230878) is operated by Sulawesi. It has an API gravity of 59.7 degrees with
ASTM Color Maximum 0.5 Maximum 0.5
Viscosity at 100 degrees 5.0-5.6 millimeters 10-12 millimeters
Southern Ace Marine as a floating storage unit in a sulfur content of 0.144% based on its latest assay
Celsius squared per second squared per second Tanjung Pelapas, within Johor Bahru Port Limits in available. Platts understands cargo sizes of Senoro
Viscosity Index Minimum 95 Minimum 95 southern Malaysia’s Johor state. condensate can vary but typically ranges from 150,000
Minimum 200 degrees Minimum 230 degree
Flash Point
Celsius Celsius Platts first proposed including the FSU as to 250,000 barrels.
Pour Point
Maximum -12 degrees Maximum -12 degree an additional loading point in a subscriber note Platts first proposed launching the new
Celsius Celsius
published Oct.2. assessments in a subscriber note published Oct. 25,
There are now 12 FSUs approved as additional 2024: https://www.spglobal.com/commodityinsights/
Group 3 loading points in the FOB Singapore cargo and ex- en/our-methodology/subscriber-notes/102524-platts-
4CST 6CST 8CST wharf bunkers MOC for marine fuel 0.5% and 380 CST proposes-to-launch-indonesian-senoro-condensate-
ASTM Color Maximum 0.5 Maximum 0.5 Maximum 0.5
4.0-4.5 millimeters 5.8-6.7 millimeters 7.0-8.2 millimeters
HSFO. The standards applicable to approved FSUs assessments-dec-2.
Viscosity at 100
squared per squared per squared per require that sellers specifically name the ship used The new Senoro condensate assessments will
degrees Celsius
second second second as a loading point at the time of submitting offers to reflect cargo sizes of 150,000-250,000 barrels for
Viscosity Index Minimum 120 Minimum 120 Minimum 120
Minimum 210 Minimum 220 Minimum 220 Platts for publishing. loading on FOB basis from the Senoro Marine Terminal
Flash Point
degrees Celsius degrees Celsius degrees Celsius Any offer of oil from ships accredited for the FOB over the full calendar month two months forward from
Maximum -15 Maximum -12 Maximum -10
Pour Point
degrees Celsius degrees Celsius degree Celsius
Singapore cargo and ex-wharf bunkers MOC for marine the month of publication.
Sulfur content Maximum 10 ppm Maximum 10 ppm Maximum 10 ppm fuel 0.5% and 380 CST HSFO would be on a FOB Trades and price indications for other cargo
FSU basis. sizes and loading month may be normalized to the
Pricing information with terms, locations, and Sellers cannot unilaterally nominate an approved standards these assessments reflect.
specifications different from the above standard may ship as a loading point in FOB Straits trades. Platts will publish an outright price assessment, as
be considered for assessment purposes, subject to Please send all feedback and comments well as cash differentials to the grade’s ICP and Platts
normalization. to [email protected] and Dated Brent for the month of loading, time-stamped to
Please send any questions, comments, or feedback [email protected]. the 4:30 pm (0830 GMT) Asia close.
to [email protected] with a copy to For written comments, please provide a clear Platts will also publish an outright price assessment
[email protected] by Nov. 29, 2024. indication if they are not intended for publication at the 4:30 pm London close, accounting for the

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

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

movement in the underlying Dated Brent benchmark Platts has reviewed E3 ENERGY DMCC and will participate in the Platts Market on Close assessment
from the Asia close till London close. consider information from the entity in the assessment process for Asia naphtha paper.
For example, in November, Platts would assess processes for Asia AG gasoil physical and Asia AG jet/ Platts has reviewed Xconnect Market Maker LLP
outright prices and cash differentials against January kero physical, subject at all times to adherence with and will consider information from the entity in the
Asia Dated Brent (ADB) Strip and ICP for Senoro Platts editorial standards. assessment process for Asia naphtha paper, subject at
condensate loading in January. Platts will publish all relevant information from E3 all times to adherence with Platts editorial standards.
The assessments and their underlying pricing ENERGY DMCC accordingly. Platts will publish all relevant information from
month basis will roll over on the first working day of Platts welcomes all relevant feedback regarding Xconnect Market Maker LLP accordingly.
the month and would follow the Singapore publishing MOC participation. Platts welcomes all relevant feedback regarding
schedule. Platts considers bids, offers and transactions by all MOC participation. Platts considers bids, offers
The new assessments will appear in Platts Global credible and credit-worthy parties in its assessment and transactions by all credible and credit-
Alert and Platts Crude Oil Alert pages 2212, 2213, 2244, processes. worthy parties in its assessment processes. For
2245, 2264, 2265, Crude Oil Marketwire, Asia-Pacific/ For comments and feedback, please contact comments and feedback, please contact Platts
Arab Gulf Marketscan and Oilgram Price Report under Platts editors at [email protected] and editors at [email protected] and
the following price database codes: [email protected]. [email protected].
Assessments Symbols
Senoro FOB Indonesia Spore
Senoro FOB Indonesia Spore Mavg
SFOBI00
SFOBI03
NerudaCapital DMCC to join Asia naphtha paper MOC Platts proposes renaming, launch of new Group 1 US
Senoro FOB Indonesia London SFOBL00 NerudaCapital DMCC has advised Platts, part of base oils
Senoro FOB Indonesia London Mavg SFOBL03
Senoro FOB Indonesia Spore vs ADB SFOBS00
S&P Global Commodity Insights, that it would like to Platts, part of S&P Global Commodity Insights,
Senoro FOB Indonesia Spore vs ADB Mavg SFOBS03 participate in the Platts Market on Close assessment proposes to change Americas Group 1 Base Oils spot
Senoro FOB Indonesia Spore vs ICP SIICP00
Senoro FOB Indonesia Spore vs ICP Mavg SIICP03
process for Asia naphtha paper. assessment names, methodology and publishing
Platts has reviewed NerudaCapital DMCC and will schedule, effective Dec. 11, following feedback from
Please send all feedback, comments or consider information from the entity in the MOC for the market.
questions to [email protected] and Asia naphtha paper, subject at all times to adherence In addition, Platts proposes to launch matching
[email protected]. with Platts editorial standards. Group 1 base oil assessments.
For written comments, please provide a clear Platts will publish all relevant information from Assessment names:
indication if comments are not intended for publication NerudaCapital DMCC accordingly. Platts proposes to change the names of the
by S&P Global for public viewing. S&P Global will Platts welcomes all relevant feedback regarding following assessments:
consider all comments received and will make MOC participation. Platts considers bids, offers and Assessment code Current assessment name Proposed assessment name
PLAAB00 150SN Paraffin USGC Group 1 SN150 FOB USGC
comments not marked as confidential available upon transactions by all credible and credit-worthy parties PLAAE00 500SN Paraffin USGC Group 1 SN500 FOB USGC
request. in its MOC. Group 1 Bright Stock FOB
PLAAH00 Bright Stock USGC spot Hi
For comments and feedback, please contact USGC

E3 ENERGY DMCC to join Asia AG gasoil, jet/kero Platts editors at [email protected] and
physical MOCs [email protected]. In addition, Platts proposes to change the name
E3 ENERGY DMCC has advised Platts, part of of the table in which these assessments appear in
S&P Global Commodity Insights, that it would like to Xconnect Market Maker LLP to join Asia naphtha the Oilgram Price Report from “Monthly spot Lube
participate in the Platts Market on Close assessment paper MOC assessments” to “Weekly spot Base Oil assessments”
processes for Asia AG gasoil physical and Asia AG jet/ Xconnect Market Maker LLP has advised Platts, part to reflect the proposed change in frequency of these
kero physical. of S&P Global Commodity Insights, that it would like to assessments.

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

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

Appearance Bright and Clear

Methodology: 28-35 millimeters squared per second information gathered during the week ahead of the
Viscosity at 40 degrees Celsius
Platts proposes to add to the methodology for (cSt) assessment, with indications normalized to the close
4.4-5.6 millimeters square per second
the above assessments to reflect the following Viscosity at 100 degrees Celsius
(cSt)
at 2:30 pm ET US close time each Wednesday.
specifications and bases: Viscosity Index Minimum 95 The assessments would reflect the values of
Flash Point Minimum: 200 degrees Celsius
Group 1 SN150 FOB USGC (PLAAB00) Pour Point Maximum: minus 9 degrees Celsius
physical base oils cargoes at the close of 2:30 pm
ASTM Color Maximum 1.5 Trade Size Minimum 25,000 gallons ET Wednesdays and would follow a US publishing
Appearance Bright and Clear Laycan 10-20 days forward loading
28-35 millimeters squared per second Pricing Basis $/gal
schedule.
Viscosity at 40 degrees Celsius
(cSt) Conversion Factor ($/gal to $/mt) 303 When a US public holiday falls on the planned
Viscosity at 100 degrees Celsius
4.4-5.6 millimeters square per second publishing day, the assessment will be published the
(cSt)
Viscosity Index Minimum 95 Group 1 SN500 Domestic FOB Rail tank day prior to the public holiday.
Flash Point Minimum: 200 degrees Celsius ASTM Color Maximum 4 These assessments would continue to be found
Pour Point Maximum: minus 9 degrees Celsius Appearance Bright and clear
Clip Size 2,000-10,000 mt 100-125 millimeters squared per
in the Oilgram Price Report and on Platts Global and
Viscosity at 40 degrees Celsius
Laycan 10-20 days forward loading
second (cSt) Refined Product alert pages 1146.
Port basis USGC
Pricing Basis $/mt Viscosity at 100 degrees Celsius
9.5-13 millimeters square per second Please send any questions, comments ,or feedback
(cSt)
Viscosity Index Minimum 93 to [email protected] with a copy to
Group 1 SN500 FOB USGC (PLAAE00) Flash Point Minimum: 210 degrees Celsius [email protected] by Nov. 22.
Pour Point Maximum: minus 6 degrees Celsius
ASTM Color Maximum 4 Trade Size Minimum 25,000 gallons For written comments, please provide a clear
Appearance Bright and clear
100-125 millimeters squared per
Laycan 10-20 days forward loading indication if they are not intended for publication by
Viscosity at 40 degrees Celsius Pricing Basis $/gal
second (cSt) Conversion Factor ($/gal to $/mt) 298 Platts for public viewing.
Viscosity at 100 degrees Celsius
9.5-13 millimeters square per second Platts will consider all comments received and will
(cSt)
Viscosity Index Minimum 93 Group 1 Bright Stock Domestic FOB Rail tank make comments not marked as confidential available
Flash Point Minimum: 210 degrees Celsius ASTM Color Maximum 6 upon request.
Pour Point Maximum: minus 6 degrees Celsius Appearance Bright and clear
Clip Size 2,000-10,000 mt 30-35 millimeters square per second
Laycan 10-20 days forward loading Viscosity at 100 degrees Celsius
(cSt) Platts proposes to launch weekly USGC Group 2,
Port Basis USGC
Pricing Basis $/mt
Viscosity Index Minimum 95 Group 3 base oil assessments
Flash Point Minimum: 270 degrees Celsius
Pour Point Maximum: minus 6 degrees Celsius Platts, part of S&P Global Commodity Insights,
Group 1 Bright Stock FOB USGC (PLAAH00) Trade Size Minimum 25,000 gallons proposes to launch weekly USGC Group 2 and Group 3
Laycan 10-20 days forward loading
ASTM Color Maximum 6 Port Basis USGC base oil spot assessments on Dec. 11.
Appearance Bright and clear Conversion Factor ($/gal to $/mt) 294
30-35 millimeters square per second
The proposed assessments would reflect Group 2
Viscosity at 100 degrees Celsius
(cSt) spot domestic and spot FOB export prices and Group 3
Viscosity Index Minimum 95 Pricing information with terms, locations, and spot domestic prices.
Flash Point Minimum: 270 degrees Celsius
Pour Point Maximum: minus 6 degrees Celsius specifications different from the above may be Group 2 grades include 100N, 220N, and 600N; and
Clip Size 2,000-10,000 mt
considered for assessment purposes and could be Group 3 grades include 4CST, 6CST, and 8CST base oils,
Laycan 10-20 days forward loading
Port Basis USGC subject to normalization. for a total of nine new assessments, broken down in six
Pricing Basis $/mt
Frequency: spot domestic assessments and three spot FOB export
The above Group 1 assessments would be published assessments.
NEW PROPOSED GROUP 1 ASSESSMENTS on a weekly basis in $/gal for domestic assessments The new Group 2 and Group 3 USGC assessments
Group 1 SN150 Domestic FOB Rail tank and $/mt for export assessments. would be published in $/gal for domestic assessments
ASTM Color Maximum 1.5 These would take into consideration price and $/mt for export FOB assessments.

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

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

These would take into consideration price Group 2 220N Domestic FOB Rail tank Group 2 600N FOB USGC
information gathered during the week ahead of the ATSM Color Maximum 1.0 ATSM Color Maximum 2.0
Appearance Bright and Clear Appearance Bright and Clear
assessment, with indications normalized to the close 39.5 - 42.5 millimeters squared per Minimum 105 millimeters squared per
Viscosity at 40 C Viscosity at 40 C
at 2:30 pm ET US on Wednesday of each week. second (cSt) second (cSt)
The assessments would reflect the values of Viscosity at 100 C
6.25 - 6.75 millimeters squared per
Viscosity at 100 C
12.0 - 12.5 millimeters squared per
second (cSt) second (cSt)
physical base oils cargoes at the close of 2:30 pm Viscosity Index Minimum 95 Viscosity Index Minimum 95
ET Wednesdays and would follow a US publishing Flash Point °C Minimum: 215 degrees Celsius Flash Point °C Minimum: 240 degrees Celsius
Pour Point °C Maximum: minus12 degrees Celsius Pour Point °C Maximum: minus 12 degrees Celsius
schedule. Sulfur Maximum 100 ppm Sulfur Maximum 300 ppm
When a US public holiday falls on the planned Density 7.15 - 7.25 pounds per gallon Density 7.25 - 7.35 pounds per gallon
Gravity, °API 30.5 - 33 Gravity, °API 28.5 - 31
publishing day, the assessment will be published the Trade Size Minimum 25,000 gallons Clip Size 2,000 - 10,000 mt
day prior to the public holiday. Laycan 10 - 20 days forward loading Laycan 10 - 20 days forward loading
Pricing Basis $/gal Port Basis USGC
Details of the proposed specifications: Conversion Factor $/gal to $/mt 306 gal/mt Pricing Basis $/mt
Group 2 100N Domestic FOB Rail tank
ATSM Color Maximum 0.5 Group 2 220N FOB USGC Group 3 4CST Domestic FOB Rail tank
Appearance Bright and Clear
ATSM Color Maximum 1.0 ATSM Color Maximum 0.5
19.5-21.5 millimeters squared per
Viscosity at 40 C Appearance Bright and Clear Appearance Bright and Clear
second (cSt) 39.5 - 42.5 millimeters squared per 20.0 - 21.5 millimeters squared per
4.0-4.5 millimeters squared per Viscosity at 40 C Viscosity at 40 C
Viscosity at 100 C second (cSt) second (cSt)
second (cSt) 6.25 - 6.75 millimeters squared per 4.25 - 4.75 millimeters squared per
Viscosity Index Minimum 95 Viscosity at 100 C Viscosity at 100 C
second (cSt) second (cSt)
Flash Point Minimum: 200 degrees Celsius
Viscosity Index Minimum 95 Viscosity Index Minimum 120
Pour Point Maximum: minus 14 degrees Celsius
Flash Point °C Minimum: 215 degrees Celsius Flash Point °C Minimum: 210 degrees Celsius
Sulfur Maximum 25 ppm
Pour Point °C Maximum: minus 12 degrees Celsius Pour Point °C Maximum: minus 18 degrees Celsius
Density 7.0-7.1 pounds per gallon
Sulfur Maximum 100 ppm Sulfur Maximum 5 ppm
Gravity, °API 33-37
Density 7.15 - 7.25 pounds per gallon Density 6.9 - 7.0 pounds per gallon
Trade Size Minimum 25,000 gallons
Gravity, °API 30.5 - 33 Trade Size Minimum 25,000 gallons
Laycan 10-20 days forward loading
Clip Size 2,000 - 10,000 mt Laycan 10 - 20 days forward loading
Pricing Basis $/gal
Laycan 10 - 20 days forward loading Pricing Basis $/gal
Conversion Factor $/gal to $/mt 311 gal/mt
Port Basis USGC Conversion Factor $/gal to $/mt 317 gal/mt
Pricing Basis $/mt
Group 2 100N FOB USGC
ATSM Color Maximum 0.5 Group 2 600N Domestic FOB Rail tank Group 3 6CST Domestic FOB Rail tank
Appearance Bright and Clear
ATSM Color Maximum 2.0 ATSM Color Maximum 1.0
19.5-21.5 millimeters squared per
Viscosity at 40 C Appearance Bright and Clear Appearance Bright and Clear
second (cSt) Minimum 105 millimeters squared per 32.0 - 33.0 millimeters squared per
4.0-4.5 millimeters squared per Viscosity at 40 C Viscosity at 40 C
Viscosity at 100 C second (cSt) second (cSt)
second (cSt) 12.0 - 12.5 millimeters squared per 5.75 - 6.25 millimeters squared per
Viscosity Index Minimum 95 Viscosity at 100 C Viscosity at 100 C
second (cSt) second (cSt)
Flash Point Minimum: 200 degrees Celsius
Viscosity Index Minimum 95 Viscosity Index Minimum 125
Pour Point Maximum: minus 14 degrees Celsius
Flash Point °C Minimum: 240 degrees Celsius Flash Point °C Minimum: 225 degrees Celsius
Sulfur Maximum 25 ppm
Pour Point °C Maximum: minus 12 degrees Celsius Pour Point °C Maximum: minus 15 degrees Celsius
Density 7.0-7.1 pounds per gallon
Sulfur Maximum 300 ppm Sulfur Maximum 5 ppm
Gravity, °API 33 -37
Density 7.25 - 7.35 pounds per gallon Density 7.0 - 7.1 pounds per gallon
Clip Size 2,000-10,000 mt
Gravity, °API 28.5 - 31 Trade Size Minimum 25,000 gallons
Laycan 10-20 days forward loading
Trade Size Minimum 25,000 gallons Laycan 10 - 20 days forward loading
Port Basis USGC
Laycan 10 - 20 days forward loading Pricing Basis $/gal
Pricing Basis $/mt
Pricing Basis $/gal Conversion Factor $/gal to $/mt 314 gal/mt
Conversion Factor $/gal to $/mt 302 gal/mt

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

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

„ Platts Jet Kero FOB Fujairah assessment to account

Group 3 8CST Domestic FOB Rail tank The new weightings for the components are as follows:
for 50% of rebranded Middle East jet fuel index
ATSM Color Maximum 1.5 Currency/ Current Revised weighting
Assessment Symbol
Appearance Bright and Clear UoM weighting from Jan 2025 „ Base value of new Africa jet fuel index determined
49.0 - 52.0 millimeters squared per Gasoline CBOB 87 USGC AARQU00 cents/gal 27.06% 26.82%
Viscosity at 40 C
second (cSt) ULSD 10ppmS CIF NWE by calculating average value of same index
AAVBG00 $/mt 48.54% 48.24%
Viscosity at 100 C
7.75 - 8.25 millimeters squared per Cargo over 2024
second (cSt) Global Jet Index PJGLO09 $/mt 11.60% 9.81%
Viscosity Index Minimum 125 FOB Spore Marine Fuel
AMFSA00 $/mt 10.60% 11.10%
Flash Point °C Minimum: 240 degrees Celsius 0.5% Cargo Platts, part of S&P Global Commodity Insights, is
Pour Point °C Maximum: minus 12 degrees Celsius Chicago Argo Ethanol AALRI00 cents/gal 2.20% 4.03%
Sulfur Maximum 5 ppm proposing to amend the composition of its Middle
Density 7.0 - 7.1 pounds per gallon East and Africa jet fuel index to reflect only Middle
Trade Size Minimum 25,000 gallons
Laycan 10 - 20 days forward loading The Platts Global Transportation Fuels Index East assessments, and rename it to Platts Middle East
Pricing Basis $/gal [ADEXA00] is a composite daily index featuring key jet fuel index. At the same time, Platts is proposing
Conversion Factor $/gal to $/mt 312 gal/mt
Platts transportation fuels physical benchmarks to launch a new Africa jet fuel index, effective Jan.
across road, air, sea and rail, weighted by the relative 2, 2025.
Pricing information with terms, locations, and carbon emissions associated with each fuel type. The proposal follows market requests for Platts
specifications different from the above standard may The weightings in the index represent a broad view of to publish an independent jet fuel index for Africa,
be considered for assessment purposes, subject to proportional transportation fuels around the world. amid the emergence of new trade flows and domestic
normalization. The weightings are reviewed annually to keep the index African refining capacity which has resulted in a
These assessments would be added to Platts representative of global supply and demand trends. significant variance in value of jet fuel in Africa relative
Global Alert Page 1146. More details about the calculations and to the Middle East region.
Please send any questions, comments, or feedback methodology of the index can be found in the Platts
to [email protected] with a copy to Global Commodity Indices Specifications Guide at: Changes to regional indexes
[email protected] by Nov. 22. https://www.spglobal.com/commodityinsights/ The Middle East and Africa jet fuel index currently
For written comments, please provide a clear PlattsContent/_assets/_files/en/our-methodology/ comprises the value of jet fuel in the Middle East
indication if they are not intended for publication by methodology-specifications/global_commodity_ (55%), Mediterranean (25%), West Africa (15%) and
Platts for public viewing. indices.pdf?utm_medium=homepage/. South Africa (5%). From Jan. 2, 2025, Platts is proposing
Platts will consider all comments received and will Please send any feedback or questions to that the Mediterranean, West Africa and South Africa
make comments not marked as confidential available [email protected]. will account for 30%, 35% and 35% of the new Africa
upon request. For written comments, please provide a clear jet fuel index, respectively — reflecting jet fuel demand
indication if comments are not intended for publication primarily from uplift data and trading volume.
Platts to update component weighting for Global by Platts for public viewing. The value of jet fuel in the Mediterranean,
Transportation Fuels Index for 2025 Platts will consider all comments received and will West Africa and South Africa will continue to be
Platts, part of S&P Global Commodity Insights, will make comments not marked as confidential available underpinned by the Platts Jet FOB Med Cargo
update the component weighting used in the Platts upon request. assessment [AAIDL00], Platts Jet FOB STS Lome
Global Transportation Fuels Index [ADEXA00], effective assessment [AJWAA00] and the Platts Jet Kero
Jan. 2, 2025. Platts proposes splitting Middle East and Africa jet CFR South Africa Cargo assessment [AAQWT00],
The revised weighting reflects an update in the index, amending Global Jet Fuel Index respectively.
relative global CO2 emissions from the transport „ Proposing to split Platts Middle East & Africa jet Meanwhile, Platts is proposing for Platts Jet Kero
sector by fuel type, following a review of the latest fuel index into separate regional indexes from FOB Arab Gulf Cargo assessment [PJAAA00] and Jet
International Energy Agency data. Jan 2025 Kero FOB Fujairah Cargo [AFUJF00] assessment to

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

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

each account for 50% of the renamed Middle East jet an index as a percentage of its base value at the time calculation of the Global Jet Fuel Index.
fuel index. it was launched. For the proposed Africa jet fuel index, Composition of regional indexes and weightings:
Current composition of Platts Middle East and Platts would determine this base value by calculating Regional index Weightings Regional index Proposed weightings
Africa index: the average value of the same index during 2024. (current) (current) (from Jan. 2) (from Jan. 2)
North America 38.61% North America 38.61%
Platts assessment Code Regional index (current) Weighting Europe & CIS 28.47% Europe & CIS 28.47%
Jet Kero FOB Arab Gulf
PJAAA00 Middle East & Africa 55% Changes to Global Jet Fuel Index Asia & Oceania 21.74% Asia & Oceania 21.74%
Cargo Middle East & Africa 7.10% Middle East 5.33%
Jet FOB Med Cargo AAIDL00 Middle East & Africa 25% Following the proposed changes, the Platts Global Latin America 4.08% Latin America 4.08%
Jet FOB STS Lome AJWAA00 Middle East & Africa 15% Jet Fuel Index would be formed of six regional indexes - - Africa 1.77%
Jet Kero CFR South
Africa Cargo
AAQWT00 Middle East & Africa 5% from the current five, namely: Asia & Oceania, Middle
East, Europe & CIS, Africa, North America and Latin These assessments appear on Platts Global
Proposed changes from Jan. 2, 2025: America, effective Jan 2, 2025. The Platts Global Jet Alert page 115, in Asia Pacific Arab Gulf Marketscan,
Platts assessment Code Regional index (from Jan. 2) Weighting Fuel Index is a weighted average of Platts jet fuel European Marketscan, US Marketscan and in the
Jet Kero FOB Arab
PJAAA00 Middle East 50% assessments from major global trading, supply and Platts price database under the codes above.
Gulf Cargo
Jet Kero FOB Fujairah demand centers. The weightings in the index represent Please send any feedback, comments or
AFUJF00 Middle East 50%
Cargo a broad view of proportional demand for jet fuel around questions to [email protected] and
Jet FOB Med Cargo AAIDL00 Africa 30%
Jet FOB STS Lome AJWAA00 Africa 35% the world. Details of the methodology can be found [email protected] by Nov. 29, 2024.
Jet Kero CFR South
AAQWT00 Africa 35% here: https://www.spglobal.com/commodityinsights/ For written comments, please provide a clear
Africa Cargo
plattscontent/_assets/_files/en/our-methodology/ indication if comments are not intended for
methodology-specifications/world_jet_indexes.pdf. publication by Platts for public viewing. Platts will
In addition to outright values in US cents/gal, $/ The proposed changes would not impact the consider all comments received and will make
barrel and $/mt, Platts jet fuel indexes are also weighting of the regional indexes for Asia & Oceania, comments not marked as confidential available
published as relative values, which express the value of Europe & CIS, North America and Latin America in the upon request.

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

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

China tanker fixtures

Vessel name Volume (kt) Grade Origin Port Arrival Buyers

AMBER 6 100 ESPO Russia Yantai 11/2/2024 TBA

ARDECHE 280 Arab Light Saudi Arabia Zhoushan 11/3/2024 Zhejiang Petroleum & Chemical
ATHENAS 40 Crude Malaysia Yantai 10/18/2024 TBA
AURA MARIS 40 Fuel Oil Russia Dongying 11/3/2024 TBA
AVENTUS I 140 Mal Blend Malaysia Tianjin 11/6/2024 TBA
BARAKAH 139 WTI US Qingdao 11/20/2024 Yanchang
BASRA 280 Kuwait Kuwait Zhoushan 11/14/2024 Zhejiang Petroleum & Chemical
BESTLA 277 Mal Blend Malaysia Dongjiakou 11/4/2024 TBA
CH BILLION 61 Crude Malaysia Dongjiakou 11/3/2024 TBA
CLIO 87 Fuel Oil Malaysia Dongjiakou 11/16/2024 TBA
ERECTER 284 Arab Saudi Arabia Zhoushan 11/13/2024 Zhejiang Petroleum & Chemical
FPMC C NOBLE 270 Arab Light Saudi Arabia Zhoushan 11/5/2024 Zhejiang Petroleum & Chemical
FRONT FLORES 279 Arab Light Saudi Arabia Zhoushan 11/3/2024 Zhejiang Petroleum & Chemical
GEM NO. 2 270 Oman Oman Yantai 11/5/2024 Yulong
GOLDEN MILE 100 ESPO Russia Dongying 11/2/2024 Tianhong
GOLDEN MILE 100 ESPO Russia Dongying 11/18/2024 TBA
HAKONE 125 Murban UAE Qingdao 11/1/2024 Yanchang
HILLAH 140 Basrah Medium Iraq Zhoushan 11/21/2024 Zhejiang Petroleum & Chemical
HILLAH 140 Upper Zakum UAE Zhoushan 11/21/2024 Zhejiang Petroleum & Chemical
HIMALAYAN 100 ESPO Russia Dongying 11/3/2024 TBA
HUIHAI PACIFIC 100 ESPO Russia Dongjiakou 11/11/2024 Lijin
IBERIAN SEA 80 AWB Canada Zhoushan 11/10/2024 Zhejiang Petroleum & Chemical
JAYA 280 Arab Saudi Arabia Dalian 11/5/2024 Hengli Petrochemical
JETTA 138 Mal Blend Malaysia Yantai 10/3/2024 Xinyue
LYDYA N 271 Mal Blend Malaysia Dongjiakou 11/6/2024 TBA
LYRA 100 ESPO Russia Dongjiakou 11/6/2024 Qirun
MADESTAR 270 Mal Blend Malaysia Rizhao 11/5/2024 TBA
MARAN ARIES 280 Arab Light Saudi Arabia Zhoushan 11/8/2024 Zhejiang Petroleum & Chemical
MERMAR 100 ESPO Russia Dongying 11/17/2024 TBA
MINERVA GEORGIA 90 Fuel Oil Malaysia Yantai 11/2/2024 Xintai
MIRACLE HOPE 275 Basrah Heavy Iraq Zhoushan 11/4/2024 Zhejiang Petroleum & Chemical
MONTROSE 263 Nemina Malaysia Dongjiakou 11/14/2024 TBA
NEPTUNE 6 70 Mal Blend Malaysia Yantai 11/5/2024 TBA
NEPTUNE I 100 Fuel Oil Russia Dongying 11/1/2024 Yatong
NEREUS SOPHIA 100 ESPO Russia Yantai 11/1/2024 TBA
NEW ALLIANCE 85 AWB Canada Zhoushan 11/5/2024 Zhejiang Petroleum & Chemical
NW FRONTIER 280 Arab Heavy Saudi Arabia Dalian 11/12/2024 Hengli Petrochemical
NYANTARA 100 Fuel Oil Russia Dongying 11/22/2024 TBA
PURDUE STELLAR 60 Mal Blend Malaysia Dongjiakou 11/2/2024 TBA
RIEVERIA I 130 Mal Blend Malaysia Yantai 11/9/2024 TBA
SEEKER 8 143 Crude Malaysia Dongjiakou 11/6/2024 Hualong
SEEKER 8 134 Crude Malaysia Yantai 11/18/2024 TBA
SI HE 100 ESPO Russia Dongying 11/8/2024 TBA
SIRIUS 1 100 ESPO Russia Dongying 11/15/2024 TBA
SOLOMON SEA 82 AWB Canada Laizhou 11/21/2024 TBA
SURREY QUAYS 100 ESPO Russia Dongying 11/8/2024 TBA
TAKASAGO 134 Oman Oman Dongjiakou 11/10/2024 TBA
TAKASAGO 132 Upper Zakum UAE Dongjiakou 11/10/2024 TBA
TAO LIN WAN 85 AWB Canada Zhoushan 11/4/2024 Zhejiang Petroleum & Chemical

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

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

China tanker fixtures (continued)

Vessel name Volume (kt) Grade Origin Port Arrival Buyers

TAQAH 140 Arab Light Saudi Arabia Zhoushan 11/15/2024 Zhejiang Petroleum & Chemical
TAQAH 140 Arab Medium Saudi Arabia Zhoushan 11/15/2024 Zhejiang Petroleum & Chemical
TRIKWONG VENTURE 134 Basrah Medium Iraq Lianyungang 11/14/2024 Shenghong Petrochemical
TRIKWONG VENTURE 135 Khafji Kuwait Lianyungang 11/14/2024 Shenghong Petrochemical
VANITY 277 Fuel Oil Malaysia Dongjiakou 11/14/2024 TBA
VICTOR KONETSKY 100 Sokol Russia Dongjiakou 11/7/2024 TBA
VIRGO 270 Mal Blend Malaysia Rizhao 11/11/2024 TBA
VLADIMIR ARSENYEV 100 Sokol Russia Dongying 11/13/2024 TBA
VLCC STEPHANIE 275 Arab Light Saudi Arabia Zhoushan 11/12/2024 Zhejiang Petroleum & Chemical
WEI FENG 100 ESPO Russia Dongjiakou 11/3/2024 Lijin
WEN YAO 280 Mal Blend Malaysia Yantai 10/18/2024 Xintai
XIDI 270 Mal Blend Malaysia Qingdao 11/4/2024 Tailiheng
YUAN HUA YANG 280 Al Shaheen UAE Dalian 11/3/2024 Hengli Petrochemical
YUG 275 Mal Blend Malaysia Qingdao 11/10/2024 Tailiheng
YURI 270 Mal Blend Malaysia Rizhao 11/5/2024 TBA
ZALIV BAIKAL 100 Sakhalin Blend Russia Lianyungang 11/7/2024 Jiangsu Xinhai

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

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

International Dirty Tanker Fixtures (PGT page 2950)

Ship name Size Type Date Route Rate Charterer

East of Suez

Olympic Loyalty 280 CR Nov28 PG-UKCM rnr Vitol

Seaways Mckinley 270 CR Dec7 PG- East w57 Adnoc
Navigare Terra Mater 270 CR Dec1 Mina Ahmadi-Vietnam w56 NSRP
Front Eagle 270 CR Dec3 PG-Daesan w52.5 HOB
Kashimasan 260 CR Dec6 Basrah-Paradip w59 IOC
Prudent Warrior 130 CR Nov29 Basrah-Sikka w105 RIL
Reliable Warrior 125 CR Dec2 Mina Ahmadi-Mumbai w105 BPCL
Limerick Spirit 80 CR Nov23 Kimanis-Thailand $750k Shell
Front Future 80 FO Nov23 Thailand-Spore rnr Shell
Desh Garima 80 CR Nov25 Kerteh-Mumbai rnr BPCL
Southern Leader 80 CR Nov28 Sungai Linggi-Thailand rnr BCPT
Pacific Topaz 80 CR Nov22 Hastings-Cilacap o/p Shell
Jasmin Joy 80 CR Dec1 Kidurong+Cendor-Brisbane rnr Ampol
Seaenvoy 80 CR Dec1 Pyrenees-East w135 Mercuria
Tbn 80 CR Dec7 Vincent-Spore rnr Clearlake
Kriti Verano 80 CR Nov29 Spore-HongKong $760K Chimbusco
Baltic/UKC

Primero 80 CR Nov27 Teesport-UKC w125 ST

Med

Seaviolet 135 CR Dec7 CPC-Med, UKC w90, w85 Chevron

Ithaki Warrior 130 FO Dec10 Ereglisi-Singapore $3.99m Alkagesta
Aqualegacy 80 CR Nov28 Algeria-Med w130 Total
Seacharm 80 CR Dec1 CPC-Med w137.5 Chevron
Sea Senator 80 FO Nov28 Skikda-USGC, USAC, ECCan w62.5, w67.5, w72.5 P66
Nissos Paros 80 CR Dec4 CPC-Med w137.5 Petraco
Safeen Baroness 80 CR Dec3 CPC-Med w137.5 KMG
WAF

Amphitrite 260 CR Dec12 Nigeria-Singapore, Demurrage w61.5, $61.5k/d Exxon

Universal Challenger 260 CR Dec19 Pazflor+Akpo-Vadinar, Demurrage $4.1m, $39k/d IOC
Vilamoura 130 CR Nov30 Etame-UKCM, East, USGC, USAC, ECCan, Demurrage w80, w95, w75, w77.5, w80, $47.5k/d ST
Maran Poseidon 130 CR Nov29 Cabinda-UKCM w75 BP
Safeen Elizabeth 130 CR Dec4 WAF-UKCM rnr Cepsa
Sonangol Cabinda 130 CR Dec7 Jubilee-Durban w85 CSSA
Americas

Bahri Tbn 270 CR midDec USGC-East o/p Aramco

Universal Partner 270 CR Dec14 USGC-UKCM o/p BP

© 2024 by S&P Global Inc. All rights reserved. 33

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

International dirty tanker fixtures (continued) (PGT page 2950)

Ship name Size Type Date Route Rate Charterer
Yuan He Wan 70 CR Nov27 USGC-TA w135 Aramco
Ionic Aspis 70 CR Nov25 USGC-TA, Demurrage w135, $45k/d Clearlake
Levantine Sea 70 CR Nov26 USGC-TA w135 Eni
Green Admire 70 CR Nov26 USGC-UKCM, Demurrage w135, $42.5k/d P66
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. 34

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

International clean tanker fixtures (PGT page 2904)

Ship name Size Type Date Route Rate Charterer

East of Suez

Marlin Loreto 90 JET Nov24 Sikka-UKC $2.9m Admic

Suvretta 90 ULSD Nov28 Sikka-EAfrica w85 RIL
Captain John 90 ULSD Nov29 PG-UKC $2.85m Admic
Proteus Harvonne 75 ULSD Nov26 Sikka-Australia w105 Ampol
Torm Gemma 75 NA Nov28 Duqm-Japan w97.5 cnr
Nordic Josephine 60 ULSD Nov27 Yanbu-K Al Zubair rnr cnr
Torm Eva 60 UNL Nov22 Sikka-Fujairah rnr RIL
Navig8 Honor 60 UNL Nov28 Sohar-K Al Zubair $275k OQ
Hafnia Osprey 35 UNL Nov20 Sikka-EAfrica, SAfrica w180, w170 RIL
Golden Sun 35 CL Nov27 PG-EAfrica, SAfrica w170, w160 Total
Chang Hang Xi Wang 35 CL Nov20 PG-PG, Spore $175k, w150 ATC
Andiamo 35 ULSD Nov26 Vadinar-EAfrica, SAfrica w165, w155 BP
Victoria Glory 35 CL Nov24 PG-EAfrica rnr cnr
Torm Aslaug 35 NA Nov27 Paradip-Japan w117.5 BGN
Seaways Muse 35 ULSD Nov26 Duqm-EAfrica, SAfrica w180, w170 ST
Hafnia Nordica 35 CL Nov28 PG-UKC $1.9m Total
Maersk Cyprus 35 JET Nov26 Zhoushan-Spore $725k Idemitsu
Fair Breeze 35 CL Dec3 PG-SAfrica rnr Engen
Dalmacija 35 NA Nov23 PG-Spore w160 Quantum Energy
Nord Master 35 CL Nov24 PG-EAfrica, SAfrica, East, West o/p Trafigura
FPMC 33 35 UNL Nov25 Qinzhou-Spore rnr PetroChina
Bluebird 30 CL Nov20 Paradip-NMangalore+JNPT rnr IOC
Cielo Di Houston 40 UNL Nov28 NChina-Spore $645k Ampol
Bw Kestrel 35 CL Nov20 Spore-Jakarta $275k Union
Forever Brilliancy 35 CL Nov20 Spore-Australia w157.5 Ampol
PIS Jawa 35 CL Nov19 Spore-Pacific Island w160 Exxon
Nanjing Tbn 35 JET Nov27 Dalian, Jinzhou-HongKong rnr, rnr PetroChina
Hansa Tromsoe 35 UNL Nov25 Zhoushan-Spore, Pakistan $475k, rnr Sinochem
Tbn 35 ULSD Nov27 Ulsan-Spore, Opts rnr, rnr Vitol
Falcon Majestic 35 ULSD Nov26 Ulsan-Australia w185 Ampol
FPMC 26 35 UNL Nov22 Kawasaki-SKorea, Spore $340k, $550k Eneos
Seaways Mystery 35 JET Nov23 MChina-Spore $725k Unipec
Puffin Pacific 35 UNL Nov28 Jinzhou-Spore o/p Total
Aliakmon 35 GO Nov27 Yeosu-Ho Chi Min $560k Petrolimex
Ye Chi 35 JET Nov25 Spore-Jakarta $300k Trafigura
Petrel Pacific 35 CL Nov27 Spore-NewZealand w155 BP
Vukovar 35 JET Nov23 Spore-Jieyang $345k PetroChina
Hafnia Zambesi 35 ULSD Nov22 Yeosu-Hong Kong $495k Sinopec
Gem Turquoise 35 CL Dec5 SKorea-Australia w187.5 S-Oil
Baltic/UKC

Torm Troilus 37 UNL Nov24 Immingham-ARA w137.5 BP

Pacific Pride 37 UNL Nov22 ARA-TA w90 Shell

© 2024 by S&P Global Inc. All rights reserved. 35

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

International clean tanker fixtures (continued) (PGT page 2904)

Ship name Size Type Date Route Rate Charterer

High Discovery 37 UNL Nov22 Mongstad-WAF rnr Mocoh

Sapsan 37 CL Nov24 ARA-UKC w95 Litasco
Cosmic Glory 37 UNL Nov23 Pembroke-TA, UKC w125, w135 Valero
Maritime Valor 37 UNL Nov24 Mongstad-TA w122.5 Equinor
Easterly Sirius 30 CL Nov23 Milford Haven-UKC w125 Trafigura
Valtellina 30 UNL Nov25 ARA-Med, Libya w110, w115 BGN
Med

Mostar 37 COND Nov21 Arzew-UKC, Med rnr, rnr Eni

Histria Ambra 30 CL Nov24 Bourgas-Med w135 Litasco
Sunny Star 30 GO Nov22 Barcelona-Med, UKC, Morocco, ECCan w105, w115, w115, w120 Total
Sea Altus 30 NA Nov22 Sicily-Med w105 Trafigura
Aldebaran 30 ULSD Nov21 Aspropyrgos-Med, BSea w100, w115 BP
Hafnia Sunda 30 NA Nov21 Milazzo-Med, UKC w112.5, w122.5 Eni
Easterly Symphony 30 NA Nov22 Aliaga, Izmit-Med, UKC, Morocco, ECCan w100, w110, w110, w115 Tupras
Kriti Sailor 30 GO Nov23 El Dekheila-Med rnr Elin Oil
Kriti Captain 30 UNL Nov23 Aliaga-Med w105 Vitol
Serena M 30 GO Nov25 Sarroch-Med, Libya w120, w125 BGN
Americas

STI Brooklyn 38 CL Nov20 USGC-ECMex $440k Shell

OakTree 38 CL Nov20 USGC-Caribs $700k Exxon
Maersk Maru 38 CL Nov25 USGC-Caribs, Demurrage $650k, 35k/d Exxon
Yasa Vega 38 ULSD Nov23 USGC-TA, Demurrage w170, $35k/d Unipec
Clearocean Maverick 38 CL Nov26 USGC-Peru $2.0m Trafigura
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. 36

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

APAC Deals Summary „ Platts Mogas 92: DEC9-DEC13: PTT offers 50kb FOB Straits „ Platts Mogas 92: DEC24: ONYX bids 25kb $79.20/bbl
$78.60/bbl „ Platts Mogas 92: DEC24: ONYX bids 25kb $79.20/bbl
„ Platts Mogas 92: DEC11-DEC15: SKEISG offers 50kb FOB „ Platts Mogas 92: DEC24: BPSG bids 25kb $79.13/bbl
Gasoline FOB Spore Cargo Straits $78.80/bbl
„ Platts Mogas 92: DEC24: DARE bids 25kb $79.13/bbl
Trades (PGA page 2315) „ Platts Mogas 92: DEC12-DEC16: SKEISG offers 50kb FOB
„ Platts Mogas 92: DEC24: FREEPTASIA bids 25kb $79.10/bbl
Straits $78.80/bbl
„ Platts Mogas 92: DEC14-DEC18: PTT* sold to PETROCHINA „ Platts Mogas 92: DEC24: HOTEI bids 25kb $79.10/bbl
50kb FOB Straits $78.60/bbl 8:29:04 „ Platts Mogas 92: DEC15-DEC19: PTT offers 50kb FOB Straits
$78.60/bbl „ Platts Mogas 92: DEC24: MFLCDTY bids 25kb $79.10/bbl
„ Platts Mogas 92: DEC14-DEC18: PTT* sold to PETROCHINA
„ Platts Mogas 92: DEC15-DEC19: SKEISG offers 50kb FOB „ Platts Mogas 92: DEC24: HOTEI bids 25kb $79.05/bbl
50kb FOB Straits $78.60/bbl 8:29:38
Straits $78.80/bbl „ Platts Mogas 92: DEC24: ONYX bids 25kb $79.05/bbl
* Denotes market maker. All times GMT
„ Platts Mogas 95: DEC4-DEC8: SINOCHEMSG offers 50kb „ Platts Mogas 92: DEC24: DARE bids 25kb $79.00/bbl
Bids (PGA page 2313)
FOB Straits MOPS 95 $0.60/bbl
„ Platts Mogas 92: DEC24: ARIONINV bids 25kb $78.90/bbl
„ Platts Mogas 92: DEC4-DEC8: PETROCHINA bids 50kb FOB „ Platts Mogas 95: DEC10-DEC14: **BPSG offers 50kb FOB
Straits $78.00/bbl „ Platts Mogas 92: DEC24: GTU bids 50kb $78.90/bbl
Straits $85.00/bbl
„ Platts Mogas 92: DEC5-DEC9: PETROCHINA bids 50kb FOB „ Platts Mogas 92: DEC24: EQUINOR bids 25kb $78.86/bbl
„ Platts Mogas 95: DEC15-DEC19: **BPSG offers 50kb FOB
Straits $78.30/bbl Straits $85.00/bbl „ Platts Mogas 92: JAN25: HOTEI bids 25kb $79.19/bbl
„ Platts Mogas 92: DEC13-DEC17: PETROCHINA bids 50kb FOB Withdrawals „ Platts Mogas 92: JAN25: FREEPTASIA bids 25kb $78.98/bbl
Straits $78.40/bbl Withdrawals
„ Platts Mogas 92: DEC10-DEC14: PTT Withdraws offer 50kb
„ Platts Mogas 92: DEC14-DEC18: PETROCHINA bids 50kb FOB FOB Straits $79.50/bbl „ Platts Mogas 92: DEC24: HOTEI Withdraws bid 25kb
Straits $78.40/bbl $79.10/bbl
„ Platts Mogas 92: DEC14-DEC18: PTT no longer offers 50kb
„ Platts Mogas 92: DEC15-DEC19: PETROCHINA bids 50kb FOB FOB Straits $78.60/bbl „ Platts Mogas 92: DEC24: VITOLSG Withdraws bid 25kb
Straits $78.40/bbl $78.50/bbl
** Denotes OCO order.
„ Platts Mogas 92: DEC15-DEC19: BPSG bids 50kb FOB Straits „ Platts Mogas 92: JAN25: HOTEI no longer bids 25kb
$78.30/bbl $79.25/bbl
Gasoline FOB Spore Paper
„ Platts Mogas 92: DEC15-DEC19: UNIPECSG bids 50kb FOB „ Platts Mogas 92: JAN25: ONYX no longer bids 50kb
Straits $78.00/bbl Trades (PGA page 4011)
$79.20/bbl
„ DEC9-DEC13: EQUINOR bids 100kb FOB Straits $79.10/bbl „ Platts Mogas 92: DEC24: VITOLSG* sold to THEMEINT 25kb „ Platts Mogas 92: JAN25: HOTEI Withdraws bid 25kb
„ DEC14-DEC18: BPSG bids 100kb FOB Straits $79.10/bbl $79.25/bbl 8:29:59 $79.16/bbl
„ DEC4-DEC8: RGES bids 150kb FOB Straits $79.20/bbl „ Platts Mogas 92: JAN25: VITOLSG sold to ONYX* 50kb „ Platts Mogas 92: JAN25: HOTEI Withdraws bid 25kb
$79.20/bbl 8:29:48 $79.15/bbl
„ DEC9-DEC13: RGES bids 150kb FOB Straits $79.20/bbl
„ Platts Mogas 92: JAN25: VITOLSG sold to HOTEI* 25kb „ Platts Mogas 92: JAN25: VITOLSG Withdraws bid 25kb
„ DEC15-DEC19: RGES bids 150kb FOB Straits $79.20/bbl
$79.25/bbl 8:29:48 $78.50/bbl
„ Platts Mogas 95: DEC8-DEC12: PTT bids 50kb FOB Straits
„ Platts Mogas 92: JAN25: VITOLSG sold to HOTEI* 25kb ** Denotes OCO order.
MOPS 95 $0.40/bbl
$79.20/bbl 8:29:48 Offers (PGA page 4010)
Withdrawals
„ Platts Mogas 92: JAN25: VITOLSG* sold to ONYX 25kb
„ No bids reported „ Platts Mogas 92: DEC24: VITOLSG offers 25kb $79.35/bbl
$79.20/bbl 8:29:52
** Denotes OCO order. „ Platts Mogas 92: DEC24: FREEPTASIA offers 25kb
„ Platts Mogas 92: JAN25: VITOLSG* sold to HOTEI 25kb
Offers (PGA page 2314) $79.50/bbl
$79.20/bbl 8:29:54
* Denotes market maker. All times GMT „ Platts Mogas 92: DEC24: HOTEI offers 25kb $79.50/bbl
„ Platts Mogas 92: DEC4-DEC8: PTT offers 50kb FOB Straits
$78.60/bbl Bids (PGA page 4009) „ Platts Mogas 92: DEC24: MERCURIARESOURCES offers
25kb $79.50/bbl
„ Platts Mogas 92: DEC5-DEC9: PTT offers 50kb FOB Straits „ Platts Mogas 92: DEC24: MERCURIARESOURCES bids 25kb
$78.60/bbl „ Platts Mogas 92: DEC24: MFLCDTY offers 25kb $79.50/bbl
$79.20/bbl

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Asia-Pacific/Arab Gulf Marketscan November 19, 2024

„ Platts Mogas 92: DEC24: HOTEI offers 25kb $79.55/bbl ONYX* 25kb $0.04/bbl 8:22:41 „ Platts Mogas 92 spread: JAN25/FEB25: EQUINOR bids 25kb
„ Platts Mogas 92: DEC24: ONYX offers 25kb $79.55/bbl „ Platts Mogas 92 spread: JAN25/FEB25: VITOLSG sold to $-0.1/bbl
„ Platts Mogas 92: DEC24: ONYX offers 25kb $79.55/bbl ONYX* 25kb $0.04/bbl 8:22:50 Withdrawals

„ Platts Mogas 92: DEC24: BPSG offers 25kb $79.60/bbl „ Platts Mogas 92 spread: JAN25/FEB25: P66SG sold to „ Platts Mogas 92 spread: DEC24/JAN25: BPSG no longer bids
ONYX* 25kb $0.04/bbl 8:22:53 25kb $0.04/bbl
„ Platts Mogas 92: DEC24: ONYX offers 25kb $79.60/bbl
„ Platts Mogas 92 spread: JAN25/FEB25: VITOLSG* sold to „ Platts Mogas 92 spread: DEC24/JAN25: ONYX no longer bids
„ Platts Mogas 92: DEC24: UNIPECSG offers 25kb $79.60/bbl
PTT 25kb $0.05/bbl 8:28:24 25kb $0.02/bbl
„ Platts Mogas 92: DEC24: ARIONINV offers 25kb $79.70/bbl
„ Platts Mogas 92 spread: JAN25/FEB25: P66SG* sold to PTT „ Platts Mogas 92 spread: DEC24/JAN25: HOTEI Withdraws
„ Platts Mogas 92: DEC24: EQUINOR offers 25kb $79.75/bbl 25kb $0.06/bbl 8:29:36 bid 25kb $0.01/bbl
„ Platts Mogas 92: DEC24: GTU offers 50kb $79.75/bbl * Denotes market maker. All times GMT „ Platts Mogas 92 spread: DEC24/JAN25: ONYX no longer bids
„ Platts Mogas 92: DEC24: DARE offers 25kb $79.80/bbl Bids (PGA page 4009) 25kb $0.01/bbl
„ Platts Mogas 92: DEC24: DARE offers 25kb $79.80/bbl „ Platts Mogas 92 spread: DEC24/JAN25: FREEPTASIA no
„ Platts Mogas 92 spread: BAL MONTH/DEC24: FREEPTASIA
longer bids 25kb $0.00/bbl
„ Platts Mogas 92: JAN25: VITOLSG offers 25kb $79.30/bbl bids 25kb $-0.88/bbl
„ Platts Mogas 92 spread: DEC24/JAN25: HOTEI Withdraws
„ Platts Mogas 92: JAN25: VITOLSG offers 25kb $79.30/bbl „ Platts Mogas 92 spread: DEC24/JAN25: DARE bids 25kb
bid 25kb $0.00/bbl
„ Platts Mogas 92: JAN25: HOTEI offers 25kb $79.50/bbl $0.00/bbl
„ Platts Mogas 92 spread: DEC24/JAN25: HOTEI Withdraws
„ Platts Mogas 92: JAN25: HOTEI offers 25kb $79.55/bbl „ Platts Mogas 92 spread: DEC24/JAN25: P66SG bids 25kb
bid 25kb $0.00/bbl
$0.00/bbl
„ Platts Mogas 92: JAN25: ONYX offers 25kb $79.55/bbl „ Platts Mogas 92 spread: DEC24/JAN25: ONYX no longer bids
„ Platts Mogas 92 spread: DEC24/JAN25: DARE bids 25kb
„ Platts Mogas 92: JAN25: FREEPTASIA offers 25kb $79.65/bbl 50kb $0.00/bbl
$-0.05/bbl
Withdrawals „ Platts Mogas 92 spread: DEC24/JAN25: TRAFI Withdraws bid
„ Platts Mogas 92 spread: DEC24/JAN25: EQUINOR bids 25kb
„ Platts Mogas 92: DEC24: HOTEI Withdraws offer 25kb 25kb $0.00/bbl
$-0.05/bbl
$79.80/bbl „ Platts Mogas 92 spread: DEC24/JAN25: VITOLSG Withdraws
„ Platts Mogas 92 spread: DEC24/JAN25:
„ Platts Mogas 92: JAN25: VITOLSG no longer offers 25kb bid 25kb $0.00/bbl
MERCURIARESOURCES bids 25kb $-0.05/bbl
$79.20/bbl „ Platts Mogas 92 spread: DEC24/JAN25: VITOLSG Withdraws
„ Platts Mogas 92 spread: JAN25/FEB25: ONYX bids 25kb
** Denotes OCO order. bid 25kb $-0.25/bbl
$0.04/bbl
„ Platts Mogas 92 spread: JAN25/FEB25: HOTEI Withdraws
„ Platts Mogas 92 spread: JAN25/FEB25: BPSG bids 25kb
Gasoline FOB Spore Paper Spreads bid 25kb $0.00/bbl
$0.03/bbl
„ Platts Mogas 92 spread: JAN25/FEB25: VITOLSG Withdraws
Trades (PGA page 4011) „ Platts Mogas 92 spread: JAN25/FEB25: ONYX bids 25kb
bid 25kb $0.00/bbl
$0.03/bbl
„ Platts Mogas 92 spread: DEC24/JAN25: VITOLSG sold to „ Platts Mogas 92 spread: JAN25/FEB25: VITOLSG Withdraws
„ Platts Mogas 92 spread: JAN25/FEB25: TRAFI bids 25kb
BPSG* 25kb $0.04/bbl 8:22:27 bid 25kb $-0.15/bbl
$0.03/bbl
„ Platts Mogas 92 spread: DEC24/JAN25: HOTEI sold to ** Denotes OCO order.
„ Platts Mogas 92 spread: JAN25/FEB25: ONYX bids 25kb
ONYX* 50kb $0.00/bbl 8:29:57 Offers (PGA page 4010)
$0.01/bbl
„ Platts Mogas 92 spread: DEC24/JAN25: HOTEI sold to
„ Platts Mogas 92 spread: JAN25/FEB25: FREEPTASIA bids „ Platts Mogas 92 spread: BAL MONTH/DEC24: PTT offers
ONYX* 25kb $0.02/bbl 8:29:57
25kb $0.00/bbl 25kb $-0.35/bbl
„ Platts Mogas 92 spread: DEC24/JAN25: HOTEI sold to
„ Platts Mogas 92 spread: JAN25/FEB25: „ Platts Mogas 92 spread: BAL MONTH/DEC24: FREEPTASIA
ONYX* 25kb $0.01/bbl 8:29:57
MERCURIARESOURCES bids 25kb $0.00/bbl offers 25kb $-0.1/bbl
„ Platts Mogas 92 spread: DEC24/JAN25: HOTEI sold to
„ Platts Mogas 92 spread: JAN25/FEB25: ONYX bids 25kb „ Platts Mogas 92 spread: DEC24/JAN25: P66SG offers 25kb
ONYX* 25kb $0.01/bbl 8:29:57
$0.00/bbl $0.05/bbl
„ Platts Mogas 92 spread: DEC24/JAN25: HOTEI sold to
„ Platts Mogas 92 spread: JAN25/FEB25: P66SG bids 25kb „ Platts Mogas 92 spread: DEC24/JAN25: VITOLSG offers 25kb
FREEPTASIA* 25kb $0.00/bbl 8:29:57
$0.00/bbl $0.05/bbl
„ Platts Mogas 92 spread: JAN25/FEB25: P66SG sold to

© 2024 by S&P Global Inc. All rights reserved. 38

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

„ Platts Mogas 92 spread: DEC24/JAN25: TRAFI offers 25kb „ Platts Mogas 92 spread: JAN25/FEB25: ONYX offers 25kb „ No trades reported
$0.07/bbl $0.16/bbl * Denotes market maker. All times GMT
„ Platts Mogas 92 spread: DEC24/JAN25: BPSG offers 25kb „ Platts Mogas 92 spread: JAN25/FEB25: ONYX offers 25kb Bids (PGA page 2323)
$0.09/bbl $0.17/bbl
„ No bids reported
„ Platts Mogas 92 spread: DEC24/JAN25: FREEPTASIA offers Withdrawals
25kb $0.10/bbl Withdrawals
„ Platts Mogas 92 spread: DEC24/JAN25: HOTEI no longer
„ Platts Mogas 92 spread: DEC24/JAN25: HOTEI offers 25kb offers :LOWERED OFFER AND TRADED „ No bids reported
$0.10/bbl ** Denotes OCO order.
„ Platts Mogas 92 spread: JAN25/FEB25: HOTEI Withdraws
„ Platts Mogas 92 spread: DEC24/JAN25: MFLCDTY offers offer 25kb $0.15/bbl Offers (PGA page 2324)
25kb $0.10/bbl ** Denotes OCO order. „ No offers reported
„ Platts Mogas 92 spread: DEC24/JAN25: VITOLSG offers 25kb
Withdrawals
$0.10/bbl Naphtha C+F Cargo „ No offers reported
„ Platts Mogas 92 spread: DEC24/JAN25: ONYX offers 25kb
Trades (PGA page 2325) ** Denotes OCO order.
$0.11/bbl
„ Platts Mogas 92 spread: DEC24/JAN25: DARE offers 25kb „ H1FEB25: BPSG* sold to EQUINOR 25kt $630.00/mt 8:28:41
$0.15/bbl * Denotes market maker. All times GMT Jet Kero FOB Spore Paper
„ Platts Mogas 92 spread: DEC24/JAN25: DARE offers 25kb Bids (PGA page 2323) Trades (PGA page 4023)
$0.15/bbl
„ H2JAN25: **AGTASIA bids 25kt $631.00/mt „ DEC24: HOTEI* sold to DARE 50kb $90.00/bbl 8:29:50
„ Platts Mogas 92 spread: DEC24/JAN25:
„ H2JAN25: SKEISG bids 25kt $624.00/mt „ DEC24: CMTENERGY* sold to DARE 50kb $90.00/
MERCURIARESOURCES offers 25kb $0.15/bbl
„ H1FEB25: **AGTASIA bids 25kt $630.00/mt bbl 8:29:51
„ Platts Mogas 92 spread: DEC24/JAN25: ONYX offers 100kb
„ H1FEB25: BBEN bids 25kt $628.00/mt „ DEC24: ERACOMM* sold to DARE 50kb $90.00/bbl 8:29:53
$0.17/bbl
„ H1FEB25: SKEISG bids 25kt $627.00/mt „ DEC24: DVTRADING* sold to DARE 50kb $90.00/bbl 8:29:54
„ Platts Mogas 92 spread: JAN25/FEB25: P66SG offers 25kb
$0.07/bbl Withdrawals „ DEC24: ONYX sold to DARE* 50kb $89.99/bbl 8:30:00
„ Platts Mogas 92 spread: JAN25/FEB25: VITOLSG offers 25kb „ No bids reported „ DEC24: HOTEI sold to DARE* 50kb $89.99/bbl 8:30:07
$0.07/bbl ** Denotes OCO order. * Denotes market maker. All times GMT

„ Platts Mogas 92 spread: JAN25/FEB25: ONYX offers 25kb Offers (PGA page 2324) Bids (PGA page 4021)
$0.09/bbl
„ H1JAN25: **TOTALSG offers 25kt $634.00/mt „ DEC24: DARE bids 50kb $89.85/bbl
„ Platts Mogas 92 spread: JAN25/FEB25: BPSG offers 25kb
„ H1JAN25: **GUNVORSG offers 25kt $635.00/mt „ DEC24: DVTRADING bids 50kb $89.60/bbl
$0.10/bbl
„ H2JAN25: **GUNVORSG offers 25kt $635.00/mt „ DEC24: ERACOMM bids 50kb $89.55/bbl
„ Platts Mogas 92 spread: JAN25/FEB25: EQUINOR offers
25kb $0.10/bbl „ H2JAN25: **TOTALSG offers 25kt $635.00/mt „ DEC24: CMTENERGY bids 50kb $89.50/bbl
„ Platts Mogas 92 spread: JAN25/FEB25: MFLCDTY offers „ H2JAN25: **VITOLSG offers 25kt $635.00/mt „ JAN25: ERACOMM bids 50kb $88.40/bbl
25kb $0.10/bbl „ H1FEB25: **VITOLSG offers 25kt $632.00/mt „ JAN25: DVTRADING bids 50kb $88.35/bbl
„ Platts Mogas 92 spread: JAN25/FEB25: VITOLSG offers 25kb Withdrawals Withdrawals
$0.10/bbl „ DEC24: DARE no longer bids 50kb $89.99/bbl
„ H1FEB25: BPSG no longer offers 25kt $630.00/mt
„ Platts Mogas 92 spread: JAN25/FEB25: FREEPTASIA offers „ DEC24: DARE Withdraws bid 50kb $88.75/bbl
** Denotes OCO order.
25kb $0.15/bbl
„ DEC24: DVTRADING Withdraws bid 50kb $88.75/bbl
„ Platts Mogas 92 spread: JAN25/FEB25:
MERCURIARESOURCES offers 25kb $0.15/bbl Naphtha C+F Japan Cargo Spreads „ JAN25: CMTENERGY Withdraws bid 50kb $88.50/bbl

„ Platts Mogas 92 spread: JAN25/FEB25: PETCO offers 25kb Trades (PGA page 2325) „ FEB25: DVTRADING Withdraws bid 50kb $87.50/bbl
$0.15/bbl

© 2024 by S&P Global Inc. All rights reserved. 39

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

** Denotes OCO order. „ DEC24: HOTEI bids 50kb $0.60/bbl „ DEC24: DVTRADING offers 50kb $0.85/bbl
Offers (PGA page 4022) „ DEC24: TOTSA bids 50kb $0.60/bbl „ DEC24: VITOLSG offers 50kb $0.85/bbl
„ DEC24: CMTENERGY offers 50kb $90.00/bbl „ DEC24: VITOLSG bids 50kb $0.60/bbl „ DEC24: DARE offers 50kb $0.95/bbl
„ DEC24: DARE offers 50kb $90.20/bbl „ DEC24: ARAMCOSG bids 50kb $0.55/bbl Withdrawals

„ DEC24: DARE offers 50kb $90.35/bbl „ DEC24: CONDACAP bids 50kb $0.55/bbl „ JAN25/FEB25: ENEOSSG Withdraws offer 50kb $0.55/bbl
„ JAN25: DVTRADING offers 50kb $90.00/bbl „ DEC24: CMTENERGY bids 50kb $0.50/bbl „ JAN25/FEB25: DARE Withdraws offer 50kb $0.65/bbl
„ JAN25: ERACOMM offers 50kb $90.05/bbl „ DEC24: MERCURIARESOURCES bids 50kb $0.50/bbl ** Denotes OCO order.

Withdrawals „ DEC24: DVTRADING bids 50kb $0.40/bbl

Withdrawals Gasoil FOB Spore Paper
„ DEC24: DVTRADING no longer offers 50kb $90.00/bbl
„ DEC24: ERACOMM no longer offers 50kb $90.00/bbl „ DEC24/JAN25: HOTEI no longer bids 50kb $0.60/bbl Trades (PGA page 4019)
„ DEC24: HOTEI no longer offers 50kb $90.00/bbl „ JAN25/FEB25: ENEOSSG Withdraws bid 50kb $0.00/bbl „ DEC24: ANVIK* sold to HOTEI 50kb $89.30/bbl 8:29:50
„ JAN25: CMTENERGY Withdraws offer 50kb $90.10/bbl „ MAR25/APR25: ENEOSSG Withdraws bid 50kb $0.00/bbl „ DEC24: ANVIK sold to HOTEI* 50kb $89.29/bbl 8:30:07
„ FEB25: DVTRADING Withdraws offer 50kb $89.79/bbl „ DEC24: HOTEI no longer bids 50kb $0.75/bbl * Denotes market maker. All times GMT
** Denotes OCO order. ** Denotes OCO order. Bids (PGA page 4017)
Offers (PGA page 4022)
„ DEC24: BPSG bids 50kb $89.10/bbl
Jet Kero FOB Spore Paper Spreads „ DEC24/JAN25: BPSG offers 50kb $0.65/bbl „ DEC24: DARE bids 50kb $89.10/bbl
Trades (PGA page 4023) „ DEC24/JAN25: ARAMCOSG offers 50kb $0.70/bbl „ DEC24: DVTRADING bids 50kb $89.10/bbl
„ DEC24/JAN25: BPSG sold to HOTEI* 50kb $0.60/bbl 8:29:59 „ DEC24/JAN25: CMTENERGY offers 50kb $0.70/bbl „ DEC24: CMTENERGY bids 50kb $89.06/bbl
„ DEC24: DARE sold to HOTEI* 50kb $0.75/bbl 7:32:35 „ DEC24/JAN25: DARE offers 50kb $0.70/bbl „ DEC24: DARE bids 50kb $89.05/bbl
„ DEC24: HOTEI* sold to MARKET 50kb $0.70/bbl 8:29:50 „ DEC24/JAN25: ERACOMM offers 50kb $0.70/bbl „ DEC24: DVTRADING bids 50kb $89.05/bbl
„ DEC24: HOTEI* sold to MARKET 50kb $0.70/bbl 8:30:07 „ DEC24/JAN25: CONDACAP offers 50kb $0.75/bbl „ DEC24: ANVIK bids 50kb $89.00/bbl
* Denotes market maker. All times GMT „ DEC24/JAN25: DVTRADING offers 50kb $0.80/bbl „ DEC24: DVTRADING bids 50kb $89.00/bbl
Bids (PGA page 4021) „ JAN25/FEB25: BPSG offers 50kb $0.55/bbl „ DEC24: ERACOMM bids 50kb $89.00/bbl
„ JAN25/FEB25: DARE offers 50kb $0.55/bbl „ DEC24: MBCL bids 50kb $88.60/bbl
„ DEC24/JAN25: ERACOMM bids 50kb $0.52/bbl
„ JAN25/FEB25: ERACOMM offers 50kb $0.55/bbl „ JAN25: CMTENERGY bids 50kb $88.65/bbl
„ DEC24/JAN25: ARAMCOSG bids 50kb $0.50/bbl
„ JAN25/FEB25: DVTRADING offers 50kb $0.65/bbl „ JAN25: DVTRADING bids 50kb $88.60/bbl
„ DEC24/JAN25: DARE bids 50kb $0.50/bbl
„ JAN25/FEB25: CMTENERGY offers 50kb $0.70/bbl „ JAN25: DARE bids 50kb $88.40/bbl
„ DEC24/JAN25: CMTENERGY bids 50kb $0.40/bbl
„ MAR25/APR25: DARE offers 50kb $0.60/bbl „ JAN25: ERACOMM bids 50kb $88.25/bbl
„ DEC24/JAN25: CONDACAP bids 50kb $0.40/bbl
„ DEC24: HOTEI offers 50kb $0.70/bbl „ BAL MONTH: CMTENERGY bids 50kb $89.51/bbl
„ DEC24/JAN25: DVTRADING bids 50kb $0.30/bbl
„ DEC24: ERACOMM offers 50kb $0.74/bbl „ BAL MONTH: ANVIK bids 50kb $89.50/bbl
„ JAN25/FEB25: CMTENERGY bids 50kb $0.38/bbl
„ DEC24: BPSG offers 50kb $0.75/bbl „ BAL MONTH: DARE bids 50kb $89.50/bbl
„ JAN25/FEB25: ERACOMM bids 50kb $0.37/bbl
„ DEC24: CMTENERGY offers 50kb $0.75/bbl „ BAL MONTH: DARE bids 50kb $89.45/bbl
„ JAN25/FEB25: DARE bids 50kb $0.35/bbl
„ DEC24: CONDACAP offers 50kb $0.75/bbl „ BAL MONTH: DVTRADING bids 50kb $89.45/bbl
„ JAN25/FEB25: DVTRADING bids 50kb $0.20/bbl
„ DEC24: CORNERCAP offers 50kb $0.75/bbl „ BAL MONTH: DVTRADING bids 50kb $89.05/bbl
„ MAR25/APR25: DARE bids 50kb $0.22/bbl
„ DEC24: DARE offers 50kb $0.80/bbl Withdrawals
„ MAR25/APR25: ERACOMM bids 50kb $0.22/bbl
„ DEC24: MERCURIARESOURCES offers 50kb $0.80/bbl „ DEC24: CMTENERGY Withdraws bid 50kb $88.20/bbl
„ DEC24: DARE bids 50kb $0.60/bbl
„ DEC24: ARAMCOSG offers 50kb $0.85/bbl „ DEC24: DARE Withdraws bid 50kb $88.20/bbl
„ DEC24: ERACOMM bids 50kb $0.60/bbl

© 2024 by S&P Global Inc. All rights reserved. 40

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

„ DEC24: DVTRADING Withdraws bid 50kb $88.20/bbl „ No trades reported Withdrawals

„ DEC24: DVTRADING Withdraws bid 50kb $88.20/bbl * Denotes market maker. All times GMT „ DEC24/JAN25: CMTENERGY Withdraws offer 50kb
„ DEC24: DVTRADING Withdraws bid 50kb $88.20/bbl Bids (PGA page 4017) $0.55/bbl

„ DEC24: DARE Withdraws bid 50kb $88.15/bbl „ DEC24/JAN25: CORNERCAP Withdraws offer 50kb
„ BAL MONTH/DEC24: ANVIK bids 50kb $0.45/bbl
$0.55/bbl
„ BAL MONTH: CMTENERGY Withdraws bid 50kb $88.65/bbl „ BAL MONTH/DEC24: DARE bids 50kb $0.45/bbl ** Denotes OCO order.
„ BAL MONTH: DARE Withdraws bid 50kb $88.65/bbl „ BAL MONTH/DEC24: HOTEI bids 50kb $0.45/bbl
** Denotes OCO order. „ BAL MONTH/DEC24: VITOLSG bids 50kb $0.45/bbl FO 180 CST 3.5% FOB Spore Paper
Offers (PGA page 4018) „ BAL MONTH/DEC24: CMTENERGY bids 50kb $0.40/bbl
Trades (PGA page 4027)
„ DEC24: ANVIK offers 50kb $89.30/bbl „ BAL MONTH/DEC24: SINOHKPET bids 50kb $0.37/bbl
„ No trades reported
„ DEC24: BPSG offers 50kb $89.30/bbl „ BAL MONTH/DEC24: DVTRADING bids 50kb $0.30/bbl
* Denotes market maker. All times GMT
„ DEC24: DVTRADING offers 50kb $89.30/bbl „ DEC24/JAN25: ANVIK bids 50kb $0.33/bbl
Bids (PGA page 4025)
„ DEC24: DVTRADING offers 50kb $89.35/bbl „ DEC24/JAN25: CORNERCAP bids 50kb $0.32/bbl
„ No bids reported
„ DEC24: MBCL offers 50kb $89.35/bbl „ DEC24/JAN25: ERACOMM bids 50kb $0.32/bbl
Withdrawals
„ DEC24: CMTENERGY offers 50kb $89.40/bbl „ DEC24/JAN25: SINOHKPET bids 50kb $0.32/bbl
„ No bids reported
„ DEC24: DVTRADING offers 50kb $89.40/bbl „ DEC24/JAN25: CMTENERGY bids 50kb $0.31/bbl
** Denotes OCO order.
„ DEC24: DARE offers 50kb $89.50/bbl „ DEC24/JAN25: DVTRADING bids 50kb $0.31/bbl
Offers (PGA page 4026)
„ DEC24: ERACOMM offers 50kb $89.50/bbl „ DEC24/JAN25: CONDACAP bids 50kb $0.30/bbl
„ DEC24: DARE offers 50kb $89.55/bbl „ DEC24/JAN25: DARE bids 50kb $0.30/bbl „ No offers reported

„ JAN25: DVTRADING offers 50kb $89.15/bbl „ DEC24/JAN25: MERCURIARESOURCES bids 50kb $0.30/bbl Withdrawals

„ JAN25: CMTENERGY offers 50kb $89.20/bbl Withdrawals „ No offers reported

** Denotes OCO order.
„ JAN25: DARE offers 50kb $89.30/bbl „ No bids reported
„ JAN25: ERACOMM offers 50kb $89.40/bbl ** Denotes OCO order.
Offers (PGA page 4018) FO 380 CST 3.5% FOB Spore Paper
„ BAL MONTH: ANVIK offers 50kb $90.10/bbl
„ BAL MONTH: DARE offers 50kb $90.10/bbl „ BAL MONTH/DEC24: DARE offers 50kb $0.80/bbl
Trades (PGA page 4027)
„ BAL MONTH: DARE offers 50kb $90.15/bbl „ BAL MONTH/DEC24: ANVIK offers 50kb $0.90/bbl „ DEC24: HOTEI* sold to GUNVORSG 5kt $421.50/mt 8:28:10
„ BAL MONTH: CMTENERGY offers 50kb $90.20/bbl „ BAL MONTH/DEC24: SINOHKPET offers 50kb $0.90/bbl „ DEC24: ONYX* sold to GUNVORSG 5kt $421.50/mt 8:28:11
„ BAL MONTH: DVTRADING offers 50kb $90.30/bbl „ BAL MONTH/DEC24: CMTENERGY offers 50kb $1.00/bbl „ DEC24: ONYX sold to UENERGY* 5kt $421.50/mt 8:29:10
„ BAL MONTH: DVTRADING offers 50kb $90.60/bbl „ BAL MONTH/DEC24: CONDACAP offers 50kb $1.00/bbl „ DEC24: ONYX sold to UENERGY* 5kt $421.50/mt 8:29:14
Withdrawals „ BAL MONTH/DEC24: DVTRADING offers 50kb $1.00/bbl „ DEC24: ONYX sold to UENERGY* 5kt $421.50/mt 8:29:16
„ DEC24: DARE Withdraws offer 50kb $90.00/bbl „ DEC24/JAN25: MERCURIARESOURCES offers 50kb „ DEC24: ONYX sold to SERENITY* 5kt $421.50/mt 8:29:25
„ DEC24: DVTRADING Withdraws offer 50kb $90.00/bbl $0.40/bbl „ DEC24: GUNVORSA sold to SERENITY* 5kt $421.75/
„ DEC24: DARE Withdraws offer 50kb $90.05/bbl „ DEC24/JAN25: CMTENERGY offers 50kb $0.41/bbl mt 8:29:50
„ BAL MONTH: CMTENERGY Withdraws offer 50kb $90.90/bbl „ DEC24/JAN25: SINOHKPET offers 50kb $0.42/bbl „ DEC24: ONYX sold to UENERGY* 30kt $421.50/mt 8:29:57

„ BAL MONTH: DARE Withdraws offer 50kb $90.90/bbl „ DEC24/JAN25: ANVIK offers 50kb $0.44/bbl „ DEC24: GOODECAPLTD sold to ONYX* 5kt $12.75/mt 8:29:59
** Denotes OCO order. „ DEC24/JAN25: CONDACAP offers 50kb $0.45/bbl * Denotes market maker. All times GMT

„ DEC24/JAN25: DARE offers 50kb $0.45/bbl Bids (PGA page 4025)

Gasoil FOB Spore Paper Spreads „ DEC24/JAN25: DVTRADING offers 50kb $0.45/bbl „ BAL MONTH: GOODECAPLTD bids 5kt $10.75/mt
Trades (PGA page 4019) „ DEC24/JAN25: ERACOMM offers 50kb $0.45/bbl „ BAL MONTH: DARE bids 5kt $9.50/mt

© 2024 by S&P Global Inc. All rights reserved. 41

Asia-Pacific/Arab Gulf Marketscan November 19, 2024

„ DEC24: ONYX bids 5kt $12.50/mt „ DEC24/JAN25: PRIMEENMDMCC bids 5kt $8.25/mt „ DEC24: HOTEI offers 5kt $422.25/mt
„ DEC24: DARE bids 5kt $12.25/mt „ DEC24/JAN25: THEMEINT bids 5kt $8.25/mt „ DEC24: ANVIK offers 5kt $422.50/mt
„ DEC24: GOODECAPLTD bids 5kt $12.00/mt „ DEC24/JAN25: VITOLSG bids 5kt $8.25/mt „ DEC24: GUNVORSG offers 5kt $422.50/mt
„ DEC24: ONYX bids 5kt $12.00/mt „ DEC24/JAN25: DARE bids 5kt $8.00/mt „ DEC24: ONYX offers 5kt $422.50/mt
„ DEC24: ONYX bids 5kt $11.50/mt „ DEC24/JAN25: PTT bids 5kt $8.00/mt „ DEC24: GUNVORSG offers 5kt $422.75/mt
„ DEC24: DARE bids 5kt $420.50/mt „ DEC24/JAN25: SERENITY bids 5kt $8.00/mt „ DEC24: DARE offers 5kt $423.00/mt
„ DEC24: GUNVORSG bids 5kt $420.50/mt Withdrawals „ BAL MONTH/DEC24: ONYX offers 5kt $14.00/mt
„ DEC24: ANVIK bids 5kt $420.00/mt „ DEC24: ONYX no longer bids 5kt $12.75/mt „ BAL MONTH/DEC24: PTT offers 5kt $14.00/mt
„ DEC24: GUNVORSG bids 5kt $420.00/mt „ DEC24: SERENITY no longer bids 5kt $421.75/mt „ DEC24/JAN25: PTT offers 5kt $8.75/mt
„ DEC24: DARE bids 5kt $419.50/mt „ DEC24: UENERGY no longer bids 30kt $421.50/mt „ DEC24/JAN25: SERENITY offers 5kt $8.95/mt
„ DEC24: FREEPTASIA bids 5kt $419.50/mt „ DEC24: SERENITY Withdraws bid 5kt $421.00/mt „ DEC24/JAN25: DARE offers 5kt $9.00/mt
„ DEC24: DARE bids 5kt $419.00/mt ** Denotes OCO order. „ DEC24/JAN25: DVTRADING offers 5kt $9.00/mt
„ DEC24: ONYX bids 5kt $417.00/mt Offers (PGA page 4026) „ DEC24/JAN25: THEMEINT offers 5kt $9.00/mt
„ JAN25: VITOLSG bids 5kt $412.00/mt „ DEC24: GOODECAPLTD offers 5kt $13.00/mt „ DEC24/JAN25: HENGLIPET offers 5kt $9.25/mt
„ BAL MONTH: GLENCORE bids 5kt $432.00/mt „ DEC24: DARE offers 5kt $13.50/mt „ DEC24/JAN25: SERENITY offers 5kt $9.25/mt
„ BAL MONTH/DEC24: GOODECAPLTD bids 5kt $10.25/mt „ DEC24: ONYX offers 5kt $13.50/mt „ DEC24/JAN25: VITOLSG offers 5kt $9.50/mt
„ BAL MONTH/DEC24: P66SG bids 5kt $10.00/mt „ DEC24: DARE offers 5kt $422.00/mt Withdrawals
„ DEC24/JAN25: TRAFI bids 5kt $8.50/mt „ DEC24: ONYX offers 5kt $422.00/mt „ DEC24: HOTEI Withdraws offer 5kt $422.00/mt
„ DEC24/JAN25: PETROCHINA bids 5kt $8.25/mt „ DEC24: DARE offers 5kt $422.25/mt „ DEC24: UENERGY Withdraws offer 5kt $422.50/mt
** Denotes OCO order.

© 2024 by S&P Global Inc. All rights reserved. 42