Now available digitally on Platts Connect

Get access to this content

plattsconnect.spglobal.com | [email protected]

Asia-Pacific/Arab Gulf Marketscan

Volume 44 / Issue 33 / February 19, 2025
Asia products
Code Mid Change Code Mid Change Code Mid Change
Singapore (PGA page 2002)
FOB Singapore ($/barrel) MOPS strip Premium/Discount
Naphtha PAAAP00 72.28–72.32 72.300 +0.030 AAPKA00 71.50–71.54 71.520 +0.070
Gasoline 97 unleaded PGAMS00 89.14–89.18 89.160 +0.440 AAPKE00* 17.62/17.66 17.640 +0.370
Gasoline 95 unleaded PGAEZ00 88.41–88.45 88.430 +0.440 AAPKF00* 16.89/16.93 16.910 +0.370
Gasoline 95 unleaded AGUMS00 88.320 +0.500 AGUMA00**** 0.110 -0.060
Gasoline 92 unleaded PGAEY00 87.02–87.06 87.040 +0.440 AAPKG00* 15.50/15.54 15.520 +0.370
Gasoline 92 unleaded AAXEQ00 86.02–86.06 86.040 +0.280 AAXER00 0.98/1.02 1.000 +0.160
Gasoline 91 unleaded AAYNA00 88.090 +0.140 AAYNB00 2.050 -0.140
Gasoline 92 unleaded 500 ppm PGAFY00*** 1.300 +0.163
CFR Naphtha AAOVF00 74.220 +0.170 AAOVG00 2.700 +0.100
Kerosene PJABF00 93.23–93.27 93.250 +0.600 AAPJZ00 92.06–92.10 92.080 +0.610 PJACU00 1.15/1.19 1.170 -0.010
Gasoil 10 ppm AAOVC00 92.73–92.77 92.750 +0.590 AAOVD00** 0.33/0.37 0.350 +0.010
Gasoil 50 ppm AAPPF00 92.62–92.66 92.640 +0.590 AAPPH00** 0.22/0.26 0.240 +0.010
Gasoil 0.05% sulfur AAFEX00 91.36–91.40 91.380 +0.540 AAFFB00** -1.04/-1.00 -1.020 -0.040
Gasoil 0.25% sulfur AACUE00 91.14–91.18 91.160 +0.540 AACQI00** -1.26/-1.22 -1.240 -0.040
Gasoil POABC00 92.73–92.77 92.750 +0.590 AAPJY00 92.38–92.42 92.400 +0.580 POAIC00** 0.33/0.37 0.350 +0.010
FO 180 CST 2% ($/mt) PUAXS00 500.56–500.60 500.580 +4.530
HSFO 180 CST ($/mt) PUADV00 489.54–489.58 489.560 +4.430 AAPJX00 483.79–483.83 483.810 +5.150 AAGZF00 5.73/5.77 5.750 -0.720
HSFO 380 CST ($/mt) PPXDK00 485.80–485.84 485.820 +5.050 AAPJW00 480.03–480.07 480.050 +5.280 PPXDL00 5.75/5.79 5.770 -0.230
Marine Fuel 0.5% ($/mt) AMFSA00 556.450 +3.350 FOFSA00 552.510 +3.350 FOFSB00 3.940 0.000
Ex-Wharf 380 CST ($/mt) AAFER00 494.50–495.50 495.000 +4.000
Ex-Wharf 500 CST ($/mt) AAVUP00 491.50–492.50 492.000 +4.000
Bitumen Pen 60-70 ($/mt) BTSGA00 445.000 0.000 BTSGB00***** -35.050 -5.280
*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 629.50–634.00 631.750 -0.610 AAPKH00 21.00/21.50 21.250 +1.500
Naphtha LR2 ($/mt) 634.53–639.03 636.780 -0.300
Platts Asia and Middle Eastern Gasoline
AAIDA00
Gasoline 95 unleaded AAICY00 85.44–85.48 85.460 +0.400 AAWUJ00 4.38/4.42 4.400 0.000
Gasoline 95 unleaded CFR AAWUK00 5.58/5.62 5.600 Daily Market Analysis
Gasoline 92 unleaded AAGJA00 84.070 +0.400 AAGZA00 4.000 0.000
Kerosene PJAAA00 90.41–90.45 90.430 +0.520 PJACV00 1.28/1.32 1.300 0.000
Gasoil 10 ppm AAIDT00 89.74–89.78 89.760 +0.510 AAIDU00* 1.58/1.62 1.600 0.000
„ NSRP cancels offer for up to 40,000 kl of 95 RON
Gasoil 0.005% sulfur AASGJ00 89.71–89.75 89.730 +0.510 AASGK00* 1.55/1.59 1.570 0.000 gasoline
Gasoil 0.05% sulfur AAFEZ00 89.28–89.32 89.300 +0.410 AAFFD00* 1.12/1.16 1.140 -0.100
Gasoil 0.25% sulfur AACUA00 88.49–88.53 88.510 +0.320 AACUC00* 0.33/0.37 0.350 -0.190 „ India’s MRPL offering up to 75,000 mt of gasoline
Gasoil POAAT00 89.74–89.78 89.760 +0.510 POAID00* 1.58/1.62 1.600 0.000
HSFO 180 CST ($/mt) PUABE00 467.95–467.99 467.970 +4.430 AAXJA00 18.98/19.02 19.000 -1.000
HSFO 380 CST ($/mt) AAIDC00 464.21–464.25 464.230 +5.050 AAXJB00 18.98/19.02 19.000 0.000 The Asian gasoline complex softened Feb. 19
HSFO 380/180 spread ($/mt) PPXDM00 -3.76/-3.72 -3.740 +0.620
Marine Fuel 0.5% Fujairah ($/mt) FOFFB00*** 4.000 0.000 tracking a weakening US RBOB-Brent crack.
Ex-Wharf Fujairah 380 CST** ($/mt) AAYBG00 12.340 -3.190 Brokers pegged the US RBOB-Brent crack at
*Premium to MOPAG gasoil during loading. **Ex-Wharf differential represents premium/discount to the MOPAG 180 CST strip. ***MF 0.5% differential $11.87/b at 0300 GMT on Feb. 19, lower than the Platts
represents premium/discount to the MOPFUJ MF 0.5% strip.
assessment at $12.89/b at the Feb. 18 Asian close.

www.spglobal.com/commodityinsights
Asia-Pacific/Arab Gulf Marketscan February 19, 2025

Asia products Some market participants noted that the US RBOB-

Code Mid Change Code Mid Change
Brent crack could strengthen moving forward amid
Middle East physical oil assessments (PGA pages 2004 and 2018) refinery turnarounds.
FOB Fujairah ($/barrel) MOPAG Strip Brokers pegged the front-month FOB Singapore
Naphtha ($/mt) NFJSA00 650.610 +3.300 NFJTA00 629.360 +1.800 92 RON gasoline swaps crack spread against Brent
Gasoline 95 unleaded AFUJA00 89.640 +0.410 AFUJB00 85.240 +0.410
Gasoline 92 unleaded RFJFS00 86.890 +0.220 RAGTA00 82.890 +0.220 swaps in the $10-$10.05/b range at 0300 GMT Feb. 19,
Kerosene AFUJF00 90.330 +0.540 AFUJG00 89.030 +0.540 weakening from the Platts assessment at $10.51/b at
Gasoil 10 ppm AFUJP00 90.930 +0.530
Gasoil 500 ppm AFUJN00 90.470 +0.430 the Feb. 18 Asian close.
Gasoil AFUJK00 90.930 +0.530 AFUJL00 89.330 +0.530 Broking sources placed the physical FOB Singapore
HSFO 380 CST ($/mt) AFUJQ00 475.800 +2.760 AFUJR00 456.800 +2.760
Ex-Wharf 380 CST ($/mt) AAYBF00 481.000 +3.000 AAYBD00 468.660 +6.190 92 RON gasoline crack spread against the front-month
MOPFUJ Strip ICE Brent crude oil futures in the $10-$10.45/b range
Marine Fuel 0.5% ($/mt)** AMFFA00 553.870 +7.920 FOFFA00 549.870 +7.920
at 0300 GMT on Feb. 19, down day over day from the
FOB Bahrain ($/mt)
Platts assessment at $11.13/b at the Feb. 18 Asian close.
Bitumen PEN 60-70 weekly*** BFBSW04 415.00 +20.00
*FOB Fujairah outright prices are derived by adding the MOPAG strips and the FOB Arab Gulf premiums/discounts.
**FOB Fujairah Marine Fuel 0.5% outright prices are derived by adding the MOPFUJ strip and the MF 0.5% Fujairah premiums/discounts.
Weekly Fujairah oil product stocks
***Assessed Wednesdays 4.30pm Singapore time (PGA and PRF page 2527). Code (‘000 barrels) Change

Gasoline components (PBF page 2410) Feb 17 (PGA page 2022)

Light distillates FUJLD04 7606 -855
FOB Singapore ($/mt) Middle distillates FUJMD04 2333 +774
MTBE PHALF00 767.70–769.70 768.700 +2.210 Heavy distillates and residues FUJHD04 10007 -218
Singapore demurrage (PGT pages 2910 and 2960) Source: FEDCom, S&P Global Commodity Insights

$/day
Demurrage Clean AALPY00 27000.000 -600.000
Demurrage Dirty AALQA00 32500.000 0.000

Singapore paper (PGA page 2655)

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

Naphtha Japan ($/mt) RAXFM00 NA NANA AAXFE00 666.75–667.25 667.000 +3.000 AAXFF00 657.75–658.25 658.000 +3.500
Naphtha AAPLD00 NA–NA NA NANA PAAAQ00 71.43–71.47 71.450 +0.100 PAAAR00 70.43–70.47 70.450 +0.150
Gasoline 95 unleaded AGUMB00 NA NANA AGUMM01 88.290 +0.490 AGUMM02 87.870 +0.320
Gasoline 92 unleaded AAXEK00 NA–NA NA NANA AAXEL00 85.97–86.01 85.990 +0.290 AAXEM00 85.25–85.29 85.270 +0.220
Reforming Spread AAXEN00 NA/NA NA NANA AAXEO00 14.52/14.56 14.540 +0.190 AAXEP00 14.80/14.84 14.820 +0.070
Kerosene AAPLE00 92.83–92.87 92.850 +0.290 PJABS00 91.99–92.03 92.010 +0.650 PJABT00 90.90–90.94 90.920 +0.660
Gasoil AAPLF00 92.55–92.59 92.570 +0.520 POAFC00 92.35–92.39 92.370 +0.610 POAFG00 91.82–91.86 91.840 +0.680
HSFO 180 CST ($/mt) AAPML00 489.83–489.87 489.850 +6.650 PUAXZ00 482.83–482.87 482.850 +5.350 PUAYF00 468.23–468.27 468.250 +2.500
HSFO 380 CST ($/mt) AAPKB00 486.08–486.12 486.100 +6.800 AAPKC00 478.83–478.87 478.850 +5.600 AAPKD00 460.48–460.52 460.500 +2.750
Gasoil EFS ($/mt) AAQTX00 NA NANA AAQTY00 -35.340 -2.700 AAQTZ00 -25.290 -0.680

Arab Gulf Front Month Swaps (PGA page 2638)

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

Naphtha ($/mt) NAGFM00 NA NANA NAGFM01 630.790 +1.940 NAGFM02 622.850 +2.710
Gasoline 95 unleaded AFUIM00 NA NANA AFUIM01 85.320 +0.450 AFUIM02 84.900 +0.280
Gasoline 92 unleaded RAGFM00 NA NANA RAGFM01 83.020 +0.250 RAGFM02 82.300 +0.180
Kerosene AFUAM00 90.060 +0.220 AFUAM01 89.220 +0.580 AFUAM02 88.200 +0.600
Gasoil AFUJM00 89.610 +0.440 AFUJM01 89.410 +0.530 AFUJM02 88.960 +0.620
HSFO 180 CST** AADZB00 NA NANA AADZM01 462.000 +5.250 AADZM02 448.000 +2.500
HSFO 380 CST AFURM00 NA NANA AFURM01 460.000 +3.750 AFURM02 442.250 +1.000
*Balance month swaps are assessed from the 1st to 10th of the month. **At 1730 Singapore time.

© 2025 by S&P Global Inc. All rights reserved. 2

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

Asia products Vietnam’s NSRP canceled its previous offer of

Code Mid Change Code Mid Change
10,000-40,000 kl of 95 RON gasoline for Feb. 15-17
Japan physical oil assessments (PGA page 2006) loading, in favor of selling the gasoline domestically,
C+F Japan ($/mt) Premium/Discount according to market sources.
Naphtha (min 70%) NCJCA00 670.000 +0.500 NCJCB00 10.000 +2.750
The canceled tender could point to healthy demand
Naphtha PAAAD00 667.75–672.25 670.000 +0.500 PAADI00 9.75/10.25 10.000 +2.750
Nph 1st 1/2 Apr PAAAE00 676.00–676.50 676.250 +0.500 for gasoline within Vietnam, sources said.
Nph 2nd 1/2 Apr PAAAF00 671.75–672.25 672.000 +0.500 India’s MRPL was heard offering up to 75,000 mt of
Nph 1st 1/2 May PAAAG00 667.75–668.25 668.000 +0.500
Naphtha MOPJ Strip AAXFH00 653.88–654.38 654.130 +3.630 AAXFI00 15.63/16.13 15.880 -3.120 95 RON non-oxy gasoline for loading March 18-19 via a
C+F Japan ($/barrel) Premium/Discount tender that closed Feb. 18, sources said.
Gasoline 91-92 unleaded PGACW00 90.16–90.20 90.180 +0.370 Platts is part of S&P Global Commodity Insights.
Gasoline 95 unleaded PGAQQ00 91.55–91.59 91.570 +0.370
Kerosene PJAAN00 94.00–94.04 94.020 +0.620 PAADK00 1.92/1.96 1.940 +0.010
FOB Japan ($/barrel) Premium/Discount Platts Singapore Gasoline Rationales &
Gasoil POJAP00 91.700 +0.580 POJBP00 -0.700 0.000 Exclusions
South Korea physical oil assessments (PGA page 2008) Gasoline Unl 92 FOB Spore Cargo <PGAEY00>
C+F Korea ($/mt) Premium/Discount assessment rationale: The FOB Singapore 92 RON
Naphtha PAADE00 677.75–678.25 678.000 +3.250 PAADG00 7.75/8.25 8.000 +2.750 gasoline assessment Feb. 19 took into consideration a
C+F East Asia ($/mt) Premium/Discount bid for a cargo loading over March 11-15 at $87/b and a
Naphtha** CFRCT00 652.750 +3.250 CFRCD00 -17.250 +2.750
trade for a cargo loading over March 17-21 at $86.90/b.
FOB Korea ($/barrel) Premium/Discount
Gasoline 95 unleaded PGAQO00 87.63–87.67 87.650 +0.480
Gasoline Unl 95 FOB Spore Cargo <PGAEZ00>
Jet PJADG00 92.06–92.10 92.080 +0.660 PJADI00 -0.02/0.02 0.000 +0.050 assessment rationale: The FOB Singapore 95 RON
Gasoil POAIE00 91.73–91.77 91.750 +0.580 POAIG00 -0.67/-0.63 -0.650 0.000
Bitumen Pen 60-80 ($/mt) BTKRA00 425.000 +5.000 BTKRB00* -55.050 -0.280
gasoline assessment Feb. 19 took into consideration
*Indicates relationship between premium/discount and HSFO 380 CST MOPS Strip. **All-origin naphtha from commercial tanks. the previous day’s 95/92 inter-ron spread, in the
absence of demonstrable bids, offers and trades.
Mean of Platts West India netbacks (PGA page 2012)
Gasoline Unl 97 FOB Spore Cargo <PGAMS00>
FOB India ($/mt) FOB India ($/barrel)
Naphtha AAQWK00 641.720 -0.010 AAQWJ00 71.300 0.000
assessment rationale: The FOB Singapore 97 RON
Gasoline (92 RON) AARBQ00 720.230 +3.470 AARBP00 84.730 +0.410 gasoline assessment Feb. 18 took into consideration
Gasoline (95 RON) AAQWI00 732.050 +3.470 AAQWH00 86.120 +0.410
the previous day’s 97/95 inter-ron spread, in the
Jet kero AAQWM00 717.070 +4.470 AAQWL00 90.770 +0.570
Gasoil 10 ppm AAQWO00 671.380 +4.130 AAQWN00 90.120 +0.560 absence of demonstrable bids, offers and trades.
Gasoil 500 ppm AAQWQ00 661.170 +3.750 AAQWP00 88.750 +0.510 Gasoline Unl 92 FOB Arab Gulf Cargo <AAGJA00>
Gasoil 2500 ppm AAQWS00 659.530 +3.750 AAQWR00 88.530 +0.510
assessment rationale: The FOB Arab Gulf 92 RON
India (PGA page 2524)
gasoline cargo assessment was derived as a freight
CFR West Coast India ($/mt) netback from the FOB Singapore 92 RON marker
Bitumen VG30 BCVIA00 415.000 0.000
Bitumen VG40 BCVIB00 425.000 0.000 using the following calculation: FOB Singapore 92 RON
CFR East Coast India ($/mt) assessment minus the cost of transporting a 35,000-
Bitumen VG30 BCVIC00 465.000 0.000 mt clean cargo from a basket of ports in the Persian
Bitumen VG40 BCVID00 475.000 0.000
Gulf to Singapore.
Exclusions: No data was excluded from the Asian
gasoline Market on Close assessment process Feb. 19.

© 2025 by S&P Global Inc. All rights reserved. 3

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

Asia products Renewable fuels (PGA pages 1414, 483 and 2414)
Code Mid Change Code Mid Change Change
Australia (PGA page 2014) Northwest Europe ($/mt)
SAF cost of production BJNWA00 2027.266 +16.775
C+F Australia ($/barrel) SAF CIF NWE MIRWD00 1818.500 -6.000
Gasoline 92 AACZF00 91.68–91.72 91.700 +0.300 SAF CIF NWE premium MIRWF00 1030.000 -10.000
Gasoline 95 AACZH00 93.07–93.11 93.090 +0.300 SAF FOB FARAG SUAEA00 1831.00 -6.00
Jet AAFIY00 98.24–98.28 98.260 +0.450 SAF FOB FARAG premium SUAEB00 1045.00 -10.00
Gasoil 10 ppm AAQUD00 98.04–98.08 98.060 +0.430 RD cost of production HVNWA00 1942.467 +16.162
USWC cost of production ($/mt)
South Africa (PGA pages 2342 and 2412) SAF w/ credits ASAFA00 2041.584 -1.309
CFR South Africa ($/barrel) SAF w/o credits ASAFB00 1223.609 +15.239
RD w/ credits ARDFA00 1929.791 -1.143
Gasoline 95 unleaded AAQWW00 93.675 +0.517
RD w/o credits ARDFB00 1214.627 +18.042
Jet kero AAQWT00 94.672 +0.655
Gasoil 10 ppm AAQWU00 95.534 +0.652 USWC cost of production ($/b)
Gasoil 500 ppm AAQWV00 95.074 +0.552 SAF w/ credits ASAFE00 252.196 -0.161
SAF w/o credits ASAFF00 151.152 +1.883
Freight netbacks (PGA pages PGT2910 and PGT2960) RD w/ credits ARDFE00 239.089 -0.142
AG-Spore Spore-Japan AG-Japan Spore-Australia RD w/o credits ARDFF00 150.485 +2.235
Naphtha AAPOF00 26.71* AAPOG00 38.25* USWC cost of production (¢/gal)
Naphtha-LR2 AAPOH00 33.22* SAF w/ credits ASAFI00 600.466 -0.385
Gasoline AAPOC00 2.97 AAPOD00 3.14 AAPOE00 4.66 SAF w/o credits ASAFJ00 359.885 +4.482
Kerosene AAPOI00 2.82 AAPOJ00 5.01 RD w/ credits ARDFI00 569.260 -0.337
Gasoil AAPOL00 2.99 AAPOM00 5.31 RD w/o credits ARDFJ00 358.297 +5.322
HSFO 180 CST AAPOO00 21.59* AAPOP00 15.85* Americas market-based assessment (¢/gal)
HSFO 380 CST AAPOQ00 21.59* SAF CA SAFDA00 698.780 -2.660
All values in $/barrel, except * values in $/mt. SAF CA vs Jet LA SAFDB00 465.130 0.000
SAF IL SAFDD00 850.040 +1.590
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 523.650 -2.660
Gasoline 92 unleaded AAICW00 737.50–741.50 739.500 +3.750 ATF 30/30 IL SAFDG00 563.430 +1.590
Jet/kero PJABQ00 743.25–747.25 745.250 +4.750 AAWTW00 2.24/2.28 2.260 +0.010 Asia ($/mt)
Gasoil POAFA00 695.00–699.00 697.000 +4.250 AABJZ00 1.13/1.17 1.150 -0.030 SAF FOB Straits SFSMR00 1700.50 -6.00

Hong Kong bunker grades ($/mt) SAF cost of production (UCO) ASFAC00 1998.500 -6.280
SAF cost of production (PFAD) ASFAA00 2027.730 +15.400
HSFO 380 CST PUAER00 514.50–515.50 515.000 +6.000 RD cost of production (UCO) HVNAA00 1834.240 -4.760
*C+F Hong Kong, $/barrel premium/discount to Mean of Platts Singapore. RD cost of production (PFAD) HVSAB00 1858.090 +13.530

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 556.450 +3.350 AMOPA00 76.400 -1.930 Asia & Oceania PJASO00 267.36 PJASO08 93.57
0.5% FOB Fujairah cargo AMFFA00 553.870 +7.920 Middle East PJMEA00 269.87 PJMEA08 90.38
0.5% FOB Rotterdam barge PUMFD00 519.250 +2.000 Global PJGLO00 260.36 PJGLO08 95.24
0.5% FOB US Gulf Coast barge AUGMB00 541.250 +1.250
0.5% Dlvd US Atlantic Coast barge AUAMB00 550.250 -0.500 Foreign exchange rates (PGA page 2160)
0.5% FOB Mediterranean cargo MFFMM00 520.000 +2.500 USD/JPY AAWFX00 151.820 -0.150
0.5% CIF Mediterranean cargo MFCMM00 534.500 +3.000 Eur/USD AAWFU00 1.0449 -0.0017
USD/SGD AAWFZ00 1.3425 +0.0005
$/barrel Change
USD/MYR AAWGA00 4.4440 -0.0036
0.5% FOB US Gulf Coast barge AUGMA00 85.240 +0.200 USD/HKD AAWFY00 7.7745 -0.0028
0.5% Dlvd US Atlantic Coast barge AUAMA00 86.650 -0.080 AUD/USD AAWFT00 0.6361 +0.0004
USD/INR AAFGW00 86.8449 -0.1087
USD/CNY* AAWFW00 7.1705 +0.0008
*Source: Bank of China

© 2025 by S&P Global Inc. All rights reserved. 4

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

Platts FOB Fujairah Gasoline Daily Rationale & Marine Fuel 0.5% Derivatives, Feb 19
Exclusions Balance* Change Month 1 Change Month 2 Change
Feb Mar Apr
Gasoline 92 RON FOB Fujairah cargo <RFJFS00> $/mt $/mt $/mt
assessment rationale: The assessment of FOB Fujairah 0.5% FOB Singapore cargo FOFS000 556.750 +3.500 FOFS001 552.250 +3.500 FOFS002 548.250 +3.700
92 RON gasoline Feb. 19 took into consideration the 92 0.5% FOB Fujairah cargo FOFF000 NA NANA FOFF001 550.500 +8.000 FOFF002 547.000 +8.250
0.5% FOB Rotterdam barge AMRAB00 522.500 +3.000 AMRAM01 515.750 +3.000 AMRAM02 509.000 +2.500
RON gasoline Mean of Platts Arab Gulf strip value of 0.5% vs. 3.5% FOB Rotterdam barge AMRBB00 64.000 -7.000 AMRBM01 59.750 -6.000 AMRBM02 57.750 -5.000
$82.89/b, as well as the cash differential for Fujairah $/barrel $/barrel $/barrel
92 RON gasoline at $4/b in the absence of bids, offers 0.5% FOB US Gulf Coast barge AMARB00 NA NANA AMARM01 84.900 0.000 AMARM02 83.650 +0.050
0.5% vs US Gulf Coast HSFO barge AUSBB00 NA NANA AUSBM01 16.300 -0.550 AUSBM02 15.250 -0.450
and trades in the FOB Fujairah 92 RON gasoline Market
*Balance month swaps are assessed from the 1st through the 20th of the month; Asia swaps are assessed through the 14th of February.
on Close assessment process.
The MOPAG 92 RON gasoline strip is calculated Weekly base oils assessments, Feb 19 (PGA and PRF page 2529) ($/mt)
from the front-month March MOPAG 92 RON gasoline Mid Change
swap at $83.02/b and the April MOPAG 92 RON FOB Asia
Group I SN150 PLAAA00 665.00 0.00
gasoline swap at $82.30/b. The cash differential took
Group I SN500 PLAAD00 920.00 0.00
into consideration values in the FOB Fujairah 92 RON Group I Bright Stock PLAAG00 1190.00 +10.00
gasoline market heard in the Middle East. Group II 150N PLBAI00 745.00 0.00
Group II 500N 980.00 0.00
Gasoline 95 RON FOB Fujairah cargo <AFUJA00> PLBAJ00

FOB South Korea

assessment rationale: The assessment of FOB Fujairah
Group III 4CST PLBAO00 1140.00 0.00
95 RON gasoline Feb. 19 took into consideration the 95 Group III 6CST PLBAP00 1160.00 0.00
RON gasoline MOPAG strip value of $85.24/b, as well Group III 8CST PLBAQ00 1010.00 0.00
as the cash differential for Fujairah 95 RON gasoline at CFR Northeast Asia
Group I SN150 PLBAA00 735.00 0.00
$4.40/b in the absence of bids, offers and trades in the
Group I SN500 PLBAB00 990.00 0.00
FOB Fujairah 95 RON gasoline MOC. Group I Bright Stock PLBAC00 1270.00 +10.00
The MOPAG 95 RON gasoline strip is calculated Group II 150N PLBAK00 765.00 0.00
Group II 500N PLBAL00 1005.00 0.00
from the Front-month March MOPAG 95 RON gasoline
CFR India
swap at $85.32/b and the April MOPAG 95 RON
Group I SN150 PLBAD00 715.00 0.00
gasoline swap at $84.90/b. The cash differential took Group I SN500 PLBAE00 930.00 0.00
into consideration values in the FOB Fujairah 95 RON Group I Bright Stock PLBAF00 1270.00 +10.00
Group II 150N PLBAM00 780.00 0.00
gasoline market heard in the Middle East.
Group II 500N PLBAN00 1000.00 0.00
Exclusions: No data was excluded from the Asian Group III 4CST PLBAR00 1040.00 -10.00
gasoline MOC Feb. 19. Group III 6CST PLBAS00 1050.00 -10.00
Group III 8CST PLBAT00 990.00 -15.00
Platts is part of S&P Global Commodity Insights.
CFR UAE
Group I SN150 PLBAG00 800.00 0.00
Platts FOB Fujairah Gasoline Bids, Offers, Group I SN500 PLBAH00 925.00 +15.00
Trades Ex-tank UAE
Group III 4CST PLBAU00 1030.00 -5.00
Group III 6CST PLBAV00 1065.00 0.00
Bids: No bids Group III 8CST PLBAW00 1070.00 0.00
Offers: No offers
Trades: No trades

© 2025 by S&P Global Inc. All rights reserved. 5

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

This assessment commentary applies to the Carbon Intensity (PGA page 4207)
Daily Carbon Intensity Premium Monthly Carbon Intensity
following market data codes: Gasoline 92 RON FOB
Asia $/bbl Date kgCO2e/bbl
Fujairah Cargo <RFJFS00> and Gasoline 95 RON FOB
Gasoline Unl 92 FOB Singapore Cargo ALCEJ00 0.722 ALCEI00 Jan-25 48.16
Fujairah Cargo <AFUJA00> Jet Kero FOB Singapore Cargo ALCEL00 0.284 ALCEK00 Jan-25 18.93
Gasoil 10ppm FOB Singapore Cargo ALCEH00 0.428 ALCEG00 Jan-25 28.54
Platts Asia and Middle Eastern Naphtha United States Gulf Coast ¢/gal Date kgCO2e/gal
Daily Market Analysis Gasoline CBOB USGC Prompt Pipeline ALCEN00 1.530 ALCEM00 Jan-25 1.02
Jet Kero 54 USGC Prompt Pipeline ALCEP00 0.720 ALCEO00 Jan-25 0.48
„ BPCL offers 35,000 mt of naphtha for March ULSD USGC Prompt Pipeline ALCER00 0.930 ALCEQ00 Jan-25 0.62

7-9 loading Northwest Europe $/mt Date kgCO2e/mt

Gasoline Eurobob (E5) FOB NWE Barge ALCEB00 5.644 ALCEA00 Jan-25 376.28
„ KPC inks April 2025-March 2026 naphtha term Jet FOB NWE Barge ALCED00 2.570 ALCEC00 Jan-25 171.36
contracts at lower premiums ULSD 10ppm FOB NWE Barge ALCEF00 2.897 ALCEE00 Jan-25 193.12

Carbon credits (PGA page 496)

The Asian naphtha market firmed on Feb. 19 due
Change
to higher award levels for physical cargoes amid a Platts CEC
relatively stable paper market. In the derivatives market, brokers pegged the front- $/mtCO2e PCECA00 20.000 0.000
month March-April swap time spread at $9.50/mt in mid- Jet Fuel Carbon Offset Premiums
afternoon on Feb. 19, steady from the previous Asian close. $/b AJFCA00 96.216 0.000

Platts data showed that the CFR Japan naphtha

physical crack against front-month ICE Brent crude
futures surged to $103.48/mt at the Feb. 18 Asian close,
Sustainable Aviation down $5.17/mt day over day.

with Platts is taking In tenders, Japan’s Mitsui Chemical bought 25,000

mt of naphtha for H1 April delivery to Chiba at a
Upstream, market participants continue to monitor
the impacts of the Ukrainian drone attack on the
off on WhatsApp. premium of around $10-$10.75/mt to Mean of Platts
Japan naphtha assessments, CFR, with pricing over 30
Russian Caspian Pipeline Consortium pipeline late Feb.
17. The attack disrupted Kazakhstan’s crude exports,
Scan to join! days prior to delivery. The tender closed Feb. 18. leading to supply tightness.
India’s BPCL is offering 35,000 mt of naphtha for Meanwhile, Kuwait Petroleum Corp. concluded
March 7-9 loading via Mumbai via a tender closing Feb. negotiations with term buyers to renew its light and
21, with same-day validity. full-range naphtha contracts for loading over April
The recent award levels of the physical cargoes 2025-March 2026 last week. It set at lower premiums
signaled that the naphtha market has strengthened. compared with the previous cycle due to weaker
Tightness in the market was largely attributed to petrochemical sector margins, according to industry
supply fears on lower arbitrage volumes. However, sources.
some cautioned that some fears might not pan out as The cash differential for full-range naphtha was
there are still supplies to be found in the market. concluded at plus $19.75/mt to Mean of Platts Arab
Aside from the supply rally, pushing prices higher, Gulf naphtha assessments on an FOB basis, while for
the demand continues to be weak, several market light paraffinic naphtha, it was at plus $21.75/mt to
sources echoed sentiments. MOPAG naphtha assessments on an FOB basis.

© 2025 by S&P Global Inc. All rights reserved. 6

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

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 733.75–734.25 734.000 +2.250 AAWZB00 751.25–751.75 751.500 +2.250
Naphtha PAAAI00 625.25–625.75 625.500 +5.000 PAAAH00 648.50–649.00 648.750 +5.000
Jet aviation fuel AAIDL00 720.00–720.50 720.250 +3.750
Gasoil 0.1% AAVJI00 708.25–708.75 708.500 +4.250 AAVJJ00 725.00–725.50 725.250 +4.250 AMOPI00 4.71 -0.030
10ppm ULSD AAWYY00 715.75–716.25 716.000 +4.500 AAWYZ00 733.50–734.00 733.750 +4.500 AMOPN00 5.04 +0.320
1% PUAAK00 491.50–492.00 491.750 +10.250 PUAAJ00 508.00–508.50 508.250 +10.750
3.5% PUAAZ00 455.50–456.00 455.750 +10.500 PUAAY00 471.75–472.25 472.000 +11.250
Northwest Europe cargoes (PGA page 1110)
CIF (Basis ARA) FOB NWE MOPL Diff
Gasoline 10ppm AAXFQ00 753.75–754.25 754.000 +1.750
Naphtha Swap PAAAJ00 651.75–652.25 652.000 +4.500
Naphtha Phy PAAAL00 664.75–665.25 665.000 +5.000
Jet PJAAU00 754.50–755.00 754.750 +3.750 PJAAV00 737.50–738.00 737.750 +3.250 AMOPJ00 0.17 -0.260
Ultra low sulfur diesel 10ppm AAVBG00 741.75–742.25 742.000 +6.750 AAVBF00 730.75–731.25 731.000 +6.500 AMOPL00 9.38 +2.070
Gasoil 0.1% AAYWS00 715.50–716.00 715.750 +5.000 AAYWR00 693.75–694.25 694.000 +4.250 AMOPH00 2.78 +0.590
Diesel 10ppm NWE AAWZC00 744.25–744.75 744.500 +7.000 AAWZD00 730.50–731.00 730.750 +6.500
Diesel 10 PPM UK AAVBH00 745.00–745.50 745.250 +7.000 AUKMA00 12.628 +2.319
1% PUAAL00 487.75–488.25 488.000 +6.000 PUAAM00 475.00–475.50 475.250 +6.000
3.5% PUABA00 457.50–458.00 457.750 +7.500 PUABB00 445.50–446.00 445.750 +7.500
0.5-0.7% straight run PKABA00 540.75–541.75 541.250 +5.500
Low sulfur VGO AAHMZ00 623.75–624.75 624.250 +5.500 AAHMX00 614.25–615.25 614.750 +5.500
High sulfur VGO AAHND00 614.00–615.00 614.500 +5.500 AAHNB00 604.25–605.25 604.750 +5.500
Northwest Europe barges (PGA pages 1112 & 1380)
FOB Rotterdam MOPL Diff
Eurobob AAQZV00 717.25–717.75 717.500 +2.500
E10 Eurobob AGEFA00 724.750 +2.250
Unleaded 98 AAKOD00 762.75–763.25 763.000 +2.500
Premium Unleaded PGABM00 718.50–719.00 718.750 +2.500
Reformate AAXPM00 782.500 +2.500
MTBE* PHALA00 903.25–903.75 903.500 +2.500
Naphtha Phy PAAAM00 660.75–661.25 661.000 +5.000
Jet PJABA00 752.00–752.50 752.250 +3.750 AMOPK00 -0.64 -0.440
Gasoil 50 ppm AAUQC00 714.50–715.00 714.750 +4.750
Gasoil 0.1%* AAYWT00 698.00–698.50 698.250 +3.750 AMOPG00 -4.48 -0.170
10 ppm* AAJUS00 731.75–732.25 732.000 +4.750 AMOPM00 4.03 +0.520
1% PUAAP00 475.00–475.50 475.250 +6.000
3.5% PUABC00 458.50–459.00 458.750 +7.500
Fuel Oil 3.5% 500 CST PUAGN00 453.50–454.00 453.750 +7.500
Low sulfur VGO AAHNF00 614.50–615.50 615.000 +5.500
High sulfur VGO AAHNI00 604.75–605.75 605.250 +5.500
*FOB Amsterdam-Rotterdam-Antwerp
Rotterdam bunker (PGA page 1112)
380 CST PUAFN00 458.50–459.50 459.000 +1.000

© 2025 by S&P Global Inc. All rights reserved. 7

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

KPC declined to comment on the naphtha cargo US products (¢/gal) (PGA page 158)
Code Mid Change Code Mid Change
volumes negotiated for the April 2025-March 2026 US West Coast pipeline
loading cycle. Los Angeles San Francisco
The company previously concluded its December Unleaded 84 AAUHA00 251.96–252.06 252.010 +0.340 PGADG00 265.96–266.06 266.010 -14.210
2024 to November 2025 contracts at a premium of Premium 90 PGABG00 264.96–265.06 265.010 +0.340 PGABO00 278.96–279.06 279.010 -14.210
$24.50/mt for full-range naphtha and $22.50/mt CARBOB AAKYJ00 255.96–256.06 256.010 +0.340 AAKYN00 266.96–267.06 267.010 -14.210
CARBOB PREM AAKYL00 268.96–269.06 269.010 +0.340 AAKYP00 279.96–280.06 280.010 -14.210
for light paraffinic naphtha, both relative to MOPAG
Jet PJAAP00 233.60–233.70 233.650 -2.660 PJABC00 233.60–233.70 233.650 -2.660
naphtha assessments on a FOB basis. ULS (EPA) Diesel POAET00 244.65–244.75 244.700 -3.790 POAEY00 252.85–252.95 252.900 +1.590
Compared with a year earlier, the April 2024-March CARB diesel POAAK00 244.65–244.75 244.700 -3.790 POAAL00 252.10–252.20 252.150 +1.590
2025 contracts were concluded at higher levels due Seattle Portland
to reduced supply — full-range naphtha at MOPAG Unleaded 84 AAXJE00 232.60–232.70 232.650 -0.020 AAXJC00 234.60–234.70 234.650 -0.020
Premium 90 AAXJF00 245.60–245.70 245.650 -0.020 AAXJD00 247.60–247.70 247.650 -0.020
naphtha plus $26/mt and light naphtha at MOPAG Jet PJABB00 233.60–233.70 233.650 -2.660
naphtha plus $28/mt, FOB. ULS (EPA) Diesel AAUEX00 232.45–232.55 232.500 +1.590 AAUEY00 233.60–233.70 233.650 +1.590
The April 2024-March 2025 term contract premiums Phoenix
were in line with market expectations, according to RBOB unleaded 84 AADDP00 268.96–269.06 269.010 +0.340
RBOB premium 89.5 PPXDJ00 281.96–282.06 282.010 +0.340
industry sources. However, some said the award levels are
Differential to NYMEX
still slightly higher given depressed downstream margins.
CARBOB AANVX00 23.95/24.05 24.000 -23.000
“Both olefins and aromatics margins are still not Jet Fuel AANVY00 -12.05/-11.95 -12.000 -4.250
good,” a Northeast Asian end-user said. An ethylene ULS (EPA) Diesel AANVZ00 3.95/4.05 4.000 -5.750
supply gut in Asia has weighed on olefin margins, while CARB Diesel AANWA00 3.95/4.05 4.000 -5.750
aromatics margins have been below the breakeven US West Coast waterborne
Los Angeles
level due to poor downstream polyester demand.
Unleaded 87 PGADI00 251.96–252.06 252.010 +0.340
Nevertheless, sources indicated that demand for Jet PJABI00 232.60–232.70 232.650 -2.660
term cargoes remained firm, particularly with some
upcoming new capacities in China.
KPC has three 12-month term naphtha cycles —
April-March, August-July and December-November. Platts assessment of futures markets at MOC close (PGA page 703)
Platts is part of S&P Global Commodity Insights. Singapore 16:30
ICE gasoil futures ($/mt) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
Mar 25* AAQYM01 723.50 Mar 210.79 Mar 245.87
Platts Japan Naphtha Daily Rationales &
XNRBA01 XNHOA01
Apr 25 AAQYM02 709.50 Apr XNRBA02 234.20 Apr XNHOA02 240.47
Exclusions May 25 AAQYM03 699.75 May XNRBA03 234.15 May XNHOA03 235.86
Naphtha C+F Japan Cargo <PAAAD00> assessment New York 14:30
rationale: NYMEX light sweet crude ($/barrel) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
Mar NYCRM01 72.23 Mar NYRBM01 208.63 Mar NYHOM01 245.70
The CFR Japan naphtha cargo assessment Feb.
Apr NYCRM02 72.09 Apr NYRBM02 231.96 Apr NYHOM02 240.72
19 took into consideration a trade for first-half May May NYCRM03 71.84 May NYRBM03 232.04 May NYHOM03 235.76
at $668/mt, with a crack value of $95.08/mt, which *Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February.
demonstrated value.
Platts assessed the first-half April-second-half April
time spread at $4.25/mt and H2 April-H1 May at $4/mt.

© 2025 by S&P Global Inc. All rights reserved. 8

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

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 71.54–71.58 71.560 +0.460 AAPAI00 -4.30 -0.300 AAPAH00 71.660 +0.490
Ichthys FC 48.9 ICFCA00 78.210 +0.460 ICFCB00 2.350 -0.300
DFC 56.82 ADFCA00 77.09–77.13 77.110 +0.910 ADFCB00 1.10/1.20 1.150 0.000 ADFCC00 1.250 +0.150 ADFCD00 77.210 +0.940
Qatar LSC 56.9 AARBB00 76.74–76.78 76.760 +0.910 AARBD00 0.75/0.85 0.800 0.000 AARBC00 0.900 +0.150 AARBA00 76.860 +0.940
South Pars 57.4 AARAV00 71.94–71.98 71.960 +0.910 AARAX00 -4.05/-3.95 -4.000 0.000 AARAW00 -3.900 +0.150 AARAU00 72.060 +0.940
Diff to ICP
Senipah 54.4 AAEOE00 68.39–68.43 68.410 +0.460 AAEOK00 -3.80/-3.70 -3.750 -0.150 AAPBE00 -7.450 -0.300 AAPBD00 68.510 +0.490
Senoro 59.7 SFOBI00 68.510 +0.460 SIICP00 -3.650 -0.150 SFOBS00 -7.350 -0.300 SFOBL00 68.610 +0.490
Light crude (PGA page 2214) (PGA page 2215)
Diff to ICP Diff to Asian Dated Brent
Cossack 47.7 PCAGZ00 77.34–77.38 77.360 +0.460 AAPAC00 1.500 -0.300 AAPAB00 77.460 +0.490
Tapis 45.2 PCACB00 78.69–78.73 78.710 +1.360 AAOZW00 2.850 +0.600 AAOZV00 78.810 +1.390
Belida 45.1 PCAFL00 72.74–72.78 72.760 +0.460 PCAFM00 -1.60/-1.50 -1.550 -0.150 AAPBQ00 -3.100 -0.300 AAPBP00 72.860 +0.490
Kutubu 44.3 PCAFJ00 76.89–76.93 76.910 +0.460 AAPAE00 1.050 -0.300 AAPAD00 77.010 +0.490
Attaka 42.3 PCAAJ00 72.64–72.68 72.660 +0.460 PCAAK00 -1.65/-1.55 -1.600 -0.150 AAPBC00 -3.200 -0.300 AAPBB00 72.760 +0.490
Ardjuna 38 PCACQ00 71.44–71.48 71.460 +1.360 PCACR00 -2.25/-2.15 -2.200 +0.300 AAPBG00 -4.400 +0.600 AAPBF00 71.560 +1.390
Banyu Urip 32 PCAFQ00 76.660 +1.360 PCAQQ00 0.400 +0.300 AAPBU00 0.800 +0.600 AAPBR00 76.760 +1.390
Diff to Dubai
Sakhalin Blend 45.5 AARBN00 72.79–72.83 72.810 +0.610 AARCN00 -3.20/-3.10 -3.150 -0.300 AARDN00 -3.050 -0.150 AAREN00 72.910 +0.640
ESPO M1 34.8 AARWF00 70.19–70.23 70.210 +0.910 AASEU00 -5.80/-5.70 -5.750 0.000 AARWE00 -5.750 +0.070 AARWD00 70.210 +0.860
ESPO M2 34.8 AAWFE00 69.50–69.54 69.520 +0.790 AAWFG00 -5.80/-5.70 -5.750 0.000
Sokol 39.7 AASCJ00 74.54–74.58 74.560 +0.910 AASCK00 -1.45/-1.35 -1.400 0.000 AAPAO00 -1.300 +0.150 AAPAN00 74.660 +0.940
Kikeh 34.9 AAWUH00 82.54–82.58 82.560 +1.360 AAOZY00 6.700 +0.600 AAOZX00 82.660 +1.390
Miri Light 32.3 PCABQ00 81.44–81.48 81.460 +1.360 AAPAS00 5.600 +0.600 AAPAR00 81.560 +1.390
Labuan 32 PCABL00 82.59–82.63 82.610 +1.360 AAPAQ00 6.750 +0.600 AAPAP00 82.710 +1.390
Kimanis 38.6 AASCL00 83.010 +1.360 AASCM00 7.150 +0.600 AASCN00 83.110 +1.390
Medium crude (PGA page 2216) (PGA page 2217)
Diff to Asian Dated Brent
Su Tu Den 36.8 AARAR00 80.19–80.23 80.210 +1.360 AARAS00 4.350 +0.600 AARAQ00 80.310 +1.390
Bach Ho 40.7 PCAHY00 81.84–81.88 81.860 +1.360 AAPAK00 6.000 +0.600 AAPAJ00 81.960 +1.390
Nanhai 40 PCAFR00 67.99–68.03 68.010 +1.360 AAPAG00 -7.850 +0.600 AAPAF00 68.110 +1.390
Nile Blend 33.9 AAPLC00 72.19–72.23 72.210 +0.660 AAPAM00 -3.650 -0.100 AAPAL00 72.310 +0.690
Daqing 32.2 PCAAZ00 75.29–75.33 75.310 +0.660 AAPAW00 -0.550 -0.100 AAPAV00 75.410 +0.690
Heavy crude (PGA page 2218) (PGA page 2219)
Diff to ICP Diff to Asian Dated Brent
Dar Blend 25 AARAB00 71.79–71.83 71.810 +0.660 AARAC00 -4.050 -0.100 AARAA00 71.910 +0.690
Shengli 24.2 PCABY00 74.94–74.98 74.960 +0.660 AAPAY00 -0.900 -0.100 AAPAX00 75.060 +0.690
Duri 20.8 PCABA00 78.24–78.28 78.260 +0.660 PCABB00 1.10/1.20 1.150 -0.100 AAPBM00 2.400 -0.100 AAPBL00 78.360 +0.690
Vincent 18.3 AARAK00 83.160 +0.660 AARAL00 7.300 -0.100 AARAJ00 83.260 +0.690

© 2025 by S&P Global Inc. All rights reserved. 9

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

Naphtha FOB Spore Cargo <PAAAP00> assessment Platts FOB Fujairah Naphtha Daily Rationale & Platts FOB Fujairah Naphtha Bids, Offers,
rationale: Exclusions Trades
The FOB Singapore naphtha assessment was Naphtha FOB Fujairah <NFJSA00> assessment
derived as a freight netback from the CFR Japan rationale: Bids: No bids
naphtha first cycle assessment using the following The assessment of FOB Fujairah naphtha Offers: No offers
calculation: CFR Japan naphtha first cycle assessment on Feb. 19 took into consideration the naphtha Trades: No trades
minus the cost of transporting a 30,000-mt clean Mean of Platts Arab Gulf strip value of $629.36/ This assessment commentary applies to the
cargo on the Singapore-to-Japan route. mt, as well as the cash differential at $21.25/mt following market data codes: Naphtha FOB Fujairah
Naphtha FOB Arab Gulf Cargo <PAAAA00> in the absence of bids, offers and trades in the Cargo $/mt <NFJSA00>.
assessment rationale: FOB Fujairah naphtha Platts Market on Close
The FOB Arab Gulf naphtha assessment was assessment process. Platts Asia and Middle Eastern Jet Daily
derived as a freight netback from the CFR Japan The MOPAG naphtha strip was calculated Market Analysis
naphtha marker using the following calculation: CFR from March MOPAG naphtha swap at $630.79/mt
„ Taiwan’s CPC offers up to 300,000 barrels of middle
Japan naphtha marker minus the cost of transporting and the April MOPAG naphtha swap at $622.85/
distillates for March 6-22 loading
a 55,000-mt clean cargo from a basket of ports on the mt. The cash differential took into consideration
Persian Gulf-to-Japan route. the FOB Arab Gulf cash differential against „ South Korea’s SK Energy sells 300,000 barrels jet
Exclusions: No market data was excluded from MOPAG naphtha physical in the absence of any A-1 fuel loading March 12-14
the Feb. 19 Asian naphtha derivative Market on Close competitive bids, offers or trades demonstrating
assessment process. value otherwise. A squeeze in supply continued to support the
No data was excluded from the Feb. 19 Asian Platts is part of S&P Global Commodity Insights. Asian jet fuel/kerosene market Feb. 19, reflected
naphtha MOC. Exclusions: No data was excluded from the Feb. 19 by an uptick in market structure and cash
Platts is part of S&P Global Commodity Insights. Fujairah naphtha MOC. differentials.

only for your personal use or, if you or your company has a license for the Data communications (whether written, oral, electronic or in other format), and shall not
from S&P Global Commodity Insights and you are an authorized user, for your be subject to any damages or liability, including but not limited to any indirect,
company’s internal business use only. You may not publish, reproduce, extract, special, incidental, punitive or consequential damages (including but not limited to,
distribute, retransmit, resell, create any derivative work from and/or otherwise loss of profits, trading losses and loss of goodwill).
provide access to the Data or any portion thereof to any person (either within or
outside your company, including as part of or via any internal electronic system or ICE index data and NYMEX futures data used herein are provided under S&P Global
Asia-Pacific/Arab Gulf Marketscan intranet), firm or entity, including any subsidiary, parent, or other entity that is Commodity Insights’ commercial licensing agreements with ICE and with NYMEX.
You acknowledge that the ICE index data and NYMEX futures data herein are
affiliated with your company, without S&P Global Commodity Insights’ prior written
consent or as otherwise authorized under license from S&P Global Commodity confidential and are proprietary trade secrets and data of ICE and NYMEX or its
Contact Client Services: [email protected]; Americas: +1-800-752-8878; Insights. Any use or distribution of the Data beyond the express uses authorized in licensors/suppliers, and you shall use best efforts to prevent the unauthorized
Europe & Middle East: +44-20-7176-6111; Asia Pacific: +65-6530-6430 this paragraph above is subject to the payment of additional fees to S&P Global publication, disclosure or copying of the ICE index data and/or NYMEX futures
Commodity Insights. data.
Trade Data: S&P Global Commodity Insights has defined standards for entities it S&P Global Commodity Insights, its affiliates and all of their third-party licensors Permission is granted for those registered with the Copyright Clearance Center
considers to be related and verifies through a variety of inputs whether disclaim any and all warranties, express or implied, including, but not limited to, any (CCC) to copy material herein for internal reference or personal use only, provided
counterparties in reported trades meet these criteria. warranties of merchantability or fitness for a particular purpose or use as to the that appropriate payment is made to the CCC, 222 Rosewood Drive, Danvers, MA
© 2025 by S&P Global Inc. All rights reserved. Data, or the results obtained by its use or as to the performance thereof. Data in 01923, phone +1-978-750-8400. Reproduction in any other form, or for any other
this publication includes independent and verifiable data collected from actual purpose, is forbidden without the express prior permission of S&P Global Inc. For
S&P Global, the S&P Global logo, S&P Global Commodity Insights, and Platts are market participants. Any user of the Data should not rely on any information and/
trademarks of S&P Global Inc. Permission for any commercial use of these article reprints contact: The YGS Group, phone +1-717-505-9701 x105 (800-501-9571
or assessment contained therein in making any investment, trading, risk
trademarks must be obtained in writing from S&P Global Inc. from the U.S.).
management or other decision. S&P Global Commodity Insights, its affiliates and
You may view or otherwise use the information, prices, indices, assessments and their third-party licensors do not guarantee the adequacy, accuracy, timeliness For all other queries or requests pursuant to this notice, please contact S&P Global
other related information, graphs, tables and images (“Data”) in this publication and/or completeness of the Data or any component thereof or any Inc. via email at [email protected].

© 2025 by S&P Global Inc. All rights reserved. 10

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

Platts, part of S&P Global Commodity Insights, — carried 3.10 million passengers, making this year’s Jet Kero FOB Arab Gulf Cargo <PJAAA00>
assessed the front-month March-April time spread for figure 13.44% higher in comparison. assessment rationale:
FOB Singapore jet fuel/kerosene swaps — an indicator Revenue passenger kilometers — a measure of The FOB Arab Gulf Jet Kero cargo assessment
of the near-term market outlook — at plus $1.10/b at demand — declined 1.69% month over month but was derived as a freight netback from the FOB
the Asian close Feb. 18, widening from plus 87 cents/b remained 8.6% higher year over year, as the industry Singapore Jet Kero cargo assessment using the
the previous day. came off the busy year-end travel season, the group’s following input: FOB Singapore Jet Kero cargo
During midmorning trade Feb. 19, brokers pegged latest operating results showed. Scoot’s revenue assessment minus the cost of transporting a
the spread at plus $1.07/b. passenger kilometers inched up 0.4% year over year, 55,000-mt clean cargo from a basket of ports in the
Tracking the rise, the Platts-assessed cash while Singapore Airlines’ grew 11.1% over the same period. Persian Gulf to Singapore.
differential for jet fuel/kerosene cargoes loading from On the supply front, the group’s passenger capacity, Exclusions:
Singapore jumped 12 cents/b on the day to plus $1.18/b measured in available seat kilometers, fell 0.89% No market data was excluded from the Feb. 19,
to the Mean of Platts Singapore jet fuel/kerosene month over month to 15,558 million, SIA said. On a year- 2025, Singapore Jet fuel/kerosene Platts Market on
assessments Feb. 18. over-year basis, however, capacity expanded by 5.5%. Close assessment process.
“Partially [it is tighter supply], partially freight issue,” Seat capacity in Southeast Asia was estimated at
said a Singapore-based industry participant. 42.3 million seats in January, rising from 41.2 million Platts FOB Fujairah Jet Kero Rationale &
Meanwhile, Taiwan’s CPC Corp. offered up to 300,000 seats in December and growing 7.6% year over year, Exclusions
barrels of middle distillates for loading over March 6-22 amid the Lunar New Year holidays, aviation data Jet Kero FOB Fujairah cargo <AFUJF00>
from Kaohsiung. The refiner was offering a cargo of company OAG said previously. assessment rationale:
100,000-150,000 barrels of jet A-1 fuel, or a cargo of jet Looking ahead, the region’s seat capacity in Platts assessed FOB Fujairah jet fuel/
A-1 and 10 ppm sulfur gasoil of 150,000 barrels each. February is expected to grow 7.9% year over year to kerosene Feb. 19 at a premium of $1.30/b to
The tender closes Feb. 19, with next-day validity. 37.2 million, led by growth in international markets. Mean of Platts Arab Gulf jet fuel/kerosene
In October, November and December 2024, CPC “In Southeast Asia, jet fuel demand is set to rise assessment, taking into consideration prices in
sought 300,000 barrels of jet A-1 fuel in each month. by 61,000 b/d year over year in the first quarter of the FOB Fujairah jet fuel/kerosene market as well
Elsewhere, South Korea’s SK Energy was heard to 2025, contributing 34% of the total regional demand as differentials for recent cargo trades heard in
have sold 300,000 barrels jet A-1 fuel for loading over increase, driven by travel and tourism,” Commodity the Middle East. The MOPAG jet fuel/kerosene
March 12-14 via a private negotiation, at a discount of Insights analysts said in a note. strip was $89.03/b.
around 40-50 cents/b to the March average of Mean Exclusions:
of Platts Singapore jet fuel/kerosene assessments, Platts Asia & Middle East Jet Kero Daily No market data was excluded from the Feb. 19,
FOB Ulsan. Rationale & Exclusions 2025, Fujairah jet fuel/kerosene Market on Close
The company previously sold 300,000 barrels of jet A-1 Jet Kero FOB Spore Cargo <PJABF00> assessment assessment process.
fuel for loading over March 7-9 at a discount of around 35 rationale:
cents/b to the March average of MOPS jet fuel/kerosene The FOB Singapore jet fuel/kerosene cargo Platts Singapore Jet Kero Bids, Offers,
assessments, FOB Ulsan, to a Chinese oil company. assessment Feb. 19 was based on the adjusted Trades
On the aviation front, Singapore Airlines Group’s relationship between the physical and swaps markets.
passenger traffic dipped 1.98% month over month but The cash differential was down 1 cent/b on the Bids: No bids reported
grew 9.1% year over year to 3.51 million passengers in day at Mean of Platts Singapore Jet fuel/kerosene Offers: No offers reported
January. assessment plus $1.17/b, as the March/April jet fuel/ Trades: No trades reported
In January 2019, the group — which owns national kerosene swap spread was down 1 cent/b on the day This assessment commentary applies to the
carrier Singapore Airlines and low-cost carrier Scoot at plus $1.09/b. following market data codes: Jet Kero <PJABF00>

© 2025 by S&P Global Inc. All rights reserved. 11

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

Platts Asia and Middle Eastern Gasoil Daily Japan cut its fuel subsidy for refiners and oil relationship between the physical and swaps markets.
Market Analysis product importers for the fourth consecutive week to The cash differential was down 4 cents/b day over
Yen 13.10/liter (9 cents/liter) for the Feb. 20-26 week day at MOPS gasoil assessment minus $1.02/b, as the
„ Taiwan’s CPC offers jet and gasoil combination cargo
from Yen 13.70/liter the previous week due to a decline March/April gasoil swap spread was lower by 7 cents/b
„ Fujairah middle distillate stocks rebound to three- in national regular gasoline average retail prices. day over day at plus 53 cents/b.
week high According to the Oil Information Center of the Gasoil FOB Spore Cargo <POABC00> assessment
Institute of Energy Economics, the national average rationale:
Asia’s ultra-low sulfur gasoil market saw slightly retail price for regular gasoline fell Yen 0.10/liter week The benchmark FOB Singapore Gasoil 0.001% (10
weaker sentiment reflected in the paper segment, and a over week to Yen 184.40/liter ($1.21/liter) on Feb. 17, ppm) cargo assessment Feb. 19 was based on the
fresh combination cargo tender was heard from Taiwan. marking the third straight week of declines. following inputs: a bid for a cargo loading over March
Taiwan’s CPC was heard to have offered 100,000 According to the center, the gasoil pump price fell 9-13 at MOPS gasoil assessment plus 30 cents/b after
barrels or 150,000 barrels of jet-A1 fuel, or a combination Yen 0.10/liter week over week to Yen 164.10/liter, while normalizing for deemed pricing. The front, middle and
of 150,000 barrels of jet-A1 fuel and 150,000 barrels of the kerosene pump price remained unchanged at Yen back loading periods were assessed at MOPS gasoil
gasoil with maximum 10ppm sulfur content, loading over 126.80/liter. assessment plus 29 cents/b, plus 35 cents/b and plus
March 6-22, via a tender closing Feb. 19, sources said. Oil products inventories at the UAE’s Port of Fujairah 41 cents/b, respectively.
Recent trades from North Asia were heard largely fell 1.5% in the week ended Feb. 17, led by a 10% decline Exclusions: No market data was excluded from
done via private negotiations, with at least seven in gasoline, naphtha, and other light distillates, according the Feb. 19, 2025, Singapore Gasoil Market-on-Close
Medium Range tanker-sized cargoes, loading in March, to Fujairah Oil Industry Zone data published Feb. 19. assessment process.
heard sold by South Korea’s SK Energy and S-Oil over the However, middle distillate inventories bucked the
past week, at cash differentials ranging from a discount trend, rising 50% on week to 2.333 million barrels, the Platts FOB Fujairah Gasoil Daily Rationale &
of 40-75 cents/b to the Mean of Platts Singapore 10 ppm highest in three weeks, the data showed. Exclusions
gasoil assessments, FOB, sources said. Platts is part of S&P Global Commodity Insights. Gasoil FOB Fujairah cargo <AFUJK00> assessment
Meanwhile, lower levels were heard for West Coast rationale:
India, as India’s MRPL sold 65,000 mt of high-speed Platts Asia and Middle Eastern Gasoil Cargo The FOB Fujairah Gasoil assessment on Feb. 19
diesel, loading over March 11-12, at a premium of around Daily Rationale & Exclusions was at a premium of $1.60/b to the MOPAG gasoil
$1.78/b to the loading-month average of Mean of Platts Gasoil .001%S (10ppm) FOB Spore Cargo assessment, taking into consideration prices in the
Arab Gulf 10 ppm sulfur gasoil assessments and Mean <AAOVC00> assessment rationale: FOB Fujairah gasoil market as well as differentials
of Argus Mideast Gulf 10 ppm sulfur gasoil assessments, The benchmark FOB Singapore Gasoil 0.001% (10 for recent cargo trades heard in the Middle East. The
FOB, confirmed a source aware of the matter. ppm) cargo assessment Feb. 19 was based on the MOPAG Gasoil Strip was at $89.33/b.
In comparison, the company was last heard to have following input: a bid for a cargo loading over March Gasoil 500 ppm FOB Fujairah cargo <AFUJN00>
sold 40,000 mt of high-speed diesel, loading March 9-13 at MOPS Gasoil assessment plus 30 cents/b after assessment rationale:
5-6, at a premium of $2.25/b, Platts earlier reported. normalizing for deemed pricing. The front, middle and The FOB Fujairah 500 ppm Gasoil assessment on
Brokers pegged the front-month March-April back loading periods were assessed at MOPS Gasoil Feb. 19 was at a premium of $1.14/b to the MOPAG gasoil
Singapore gasoil swaps time spread — an indicator assessment plus 29 cents/b, plus 35 cents/b and plus assessment, taking into consideration the movement
of the near-term market outlook — at 57 cents/b in 41 cents/b, respectively. in FOB AG Gasoil 2,500 ppm, which was assessed down
mid-afternoon trade Feb. 19, which was down 3 cents/b Gasoil .05%S (500ppm) FOB Spore Cargo 19 cents/b day over day, at a premium of 35 cents/b to
from the Platts assessment of plus 60 cents/b at the <AAFEX00> assessment rationale: the MOPAG gasoil segment, taking into consideration
0830 GMT Feb. 18 Asian close, when it was unchanged The FOB Singapore Gasoil 0.05% (500 ppm) cargo an offer for an FOB AG Gasoil 2500ppm cargo loading
from the previous assessment, Platts data showed. assessment Feb. 19 was based on the adjusted March 23-27 at MOPAG gasoil assessment plus 35

© 2025 by S&P Global Inc. All rights reserved. 12

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

cents/b after normalizing for deemed pricing. The be of “Russian Federation origin” if it is produced in Gasoil FOB Arab Gulf Cargo <POAAT00>
MOPAG Gasoil Strip was at $89.33/b. the Russian Federation; Gasoil 2500ppm: FOB Arab assessment rationale:
Exclusions: Gulf (Fujairah/Sohar/Jebel Ali): Trafigura bids MOPAG The FOB Arab Gulf Gasoil 0.001% (10 ppm) cargo
No market data was excluded from the Feb. 19, 2025, +0.00 March 27-31 300kb (Deemed pricing March assessment was derived as a freight netback from
Fujairah Gasoil Market-on-Close assessment process. 25-April 1) INCO the FOB Singapore Gasoil 0.001% (10 ppm) cargo
Offers: Gasoil 10ppm: FOB Straits: Vitol offers MOPS assessment using the following input: FOB Singapore
Platts Asia and Middle Eastern Gasoil Cargo +0.60 March 6-10 150kb (Deemed pricing March 5-11); Gasoil 0.001% (10 ppm) cargo assessment minus the
Bids, Offers, Trades Gasoil 10ppm: FOB Straits: Glencore offers MOPS cost of transporting a 55,000-mt clean cargo from a
+0.70 March 14-18 150kb (Deemed pricing March 12-18) basket of ports in the Persian Gulf to Singapore.
Bids: Gasoil 10ppm: FOB Straits: Total bids MOPS INCO; Gasoil 2500ppm: FOB Arab Gulf (Fujairah/Sohar/ Exclusions: No market data was excluded from
+0.35 March 9-13 170kb (Deemed pricing March 12-18) Hamriyah): Vitol Bahrain offers MOPAG +0.24 March the Feb. 19, 2025, Singapore Gasoil Market-on-Close
It is a condition of this Agreement that the product 23-27 200kb (Deemed pricing March 24-28) assessment process.
delivered by the Seller and purchased by the Buyer Trades: No trades reported
shall not be, in all or in part, of Russian Federation origin This assessment commentary applies to the Platts Asia and Middle East Fuel Oil Daily
and shall not have been loaded in or transported from following market data codes: <AAOVC00> <AAFEX00> Market Analysis
the Russian Federation. For these purposes product <AACUE00> <POABC00> <AAFEZ00>
„ 0.5%S marine fuel cash premium at five-week low
shall be considered to be of “Russian Federation origin”
if it is produced in the Russian Federation; Gasoil Platts Asia and Middle Eastern Gasoil FOB „ 180 CST HSFO cash premium drops on
10ppm: FOB Straits: Unipec bids MOPS +0.30 March Cargo Daily Rationale & Exclusions competitive offers
9-13 150kb INCO; Gasoil 10ppm: FOB Straits: Aramco Gasoil .25%S (2500ppm) FOB Spore Cargo
bids March +0.10 March 15-19 165kb; Gasoil 10ppm: <AACUE00> assessment rationale: The Asian low sulfur fuel oil market structure
FOB Straits: Gunvor bids MOPS +0.10 March 17-21 150kb The FOB Singapore Gasoil 0.25% (2,500 ppm) cargo was seen holding near prevailing levels Feb. 19, after
(Deemed pricing March 17-21) INCO Seller represents assessment Feb. 19 was based on the the adjusted refining margins for the marine fuel grade weakened
and warrants that the cargo delivered/to be delivered relationship between the physical and swaps markets. to a near two-week low amid adequate supplies and
under this Contract: (i) does not contain any product The cash differential was down 4 cents/b day over sluggish downstream demand.
that was produced, manufactured or processed in, or day at MOPS Gasoil assessment minus $1.24/b, as the The Singapore 0.5%S marine fuel March-April
exported from; or (ii) has not been produced through March/April gasoil swap spread was lower by 7 cents/b swaps time spread was pegged around $4.25/mt in
a blending process that uses product or components day over day at plus 53 cents/b. midafternoon Asian trading Feb. 19, up 5 cents from
that have been produced, manufactured or processed Gasoil .05% (500ppm) FOB Arab Gulf Cargo the Platts assessment of the spread at the Asian
in, or exported from, in each case, the Russia <AAFEZ00> assessment rationale: close Feb. 18. The M1-M2 intermonth spread, which
Federation or Crimea, the Donetsk People’s Republic or The FOB Arab Gulf Gasoil 0.05% (500 ppm) cargo has narrowed its backwardation by about 20% so far
the Luhansk People’s Republic in Ukraine; Gasoil 10ppm: assessment was derived as a freight netback from this week, averaged at a $5.62/mt backwardation so
FOB Straits: Total bids MOPS +0.40 March 17-21 150kb the FOB Singapore Gasoil 0.001% (10 ppm) cargo far in February, compared with an average of $6.24/mt
(Deemed pricing March 19-25) It is a condition of this assessment using the following inputs: FOB Singapore average in January.
Agreement that the product delivered by the Seller and Gasoil 0.001% (10 ppm) cargo assessment minus the The Asian LSFO market was expected to see
purchased by the Buyer shall not be, in all or in part, cost of transporting a 55,000-mt clean cargo from a higher arbitrage supplies coming from the Western
of Russian Federation origin and shall not have been basket of ports in the Persian Gulf to Singapore, and markets in March, partly driven by replenishment
loaded in or transported from the Russian Federation. taking into account the cash differential between the flows from Brazil, while aggressive selling interests and
For these purposes product shall be considered to FOB Arab Gulf 10 ppm and 500 ppm assessments. competitive offers in the bunker market were weighing

© 2025 by S&P Global Inc. All rights reserved. 13

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

on the downstream Singapore-delivered premiums, Fuel 0.5%S assessment Feb. 19 took into consideration of this bid/agreement that the products sold and
according to trade sources. notional values in the absence of any competitive bids delivered by Seller will not be of Russian Federation
Platts assessed the Singapore front-month crack or offers demonstrating the values otherwise. (RF) origin nor blended with any product produced in
spread for the 0.5%S marine fuel grade against ICE This assessment commentary applies to the the Russian Federation or any other origin sanctioned
Brent futures at 11.23/b Feb. 18, down from $11.41/b in the following market data codes: Marine Fuel 0.5% FOB by the US/UN/EU. Buyer reserves the right to ask for
preceding session and the weakest since Feb. 6, when Spore cargo $/mt <AMFSA00> documentary evidence of compliance, showing refinery
the refining margin was assessed at $10.93/b. The front- Exclusions: No market data was excluded from the origin(s) of the cargo & any blend components, to the
month crack for March, however, was pegged firmer day Feb. 19, 2025, cargo assessment process. Buyer’s reasonable satisfaction.)
over day at $11.40/b in midafternoon Asian trading. Platts Marine Fuel 0.5%: FOB Straits: Shell
The Singapore 0.5%S marine fuel cargo’s differential Platts FOB Singapore Marine Fuel 0.5% bids MOPS +1.00 Mar 6-10 40kt INCO OR (It is a
over Mean of Platts Singapore Marine Fuel 0.5%S Cargo Bids, Offers, Trades condition of this bid/agreement that the products
assessment stood unchanged day over day at $3.94/ sold and delivered by Seller will not be of Russian
mt at the Asian close Feb. 18 in the absence of any Bids: Platts Marine Fuel 0.5%: FOB Straits: Glencore Federation”(RF) origin (which includes product
competitive bids or offers demonstrating the values bids MOPS +2.00 Mar 6-10 40kt OR exported from RF) nor blended with any RF
otherwise. The premium was currently holding near its Platts Marine Fuel 0.5%: FOB Straits: Glencore bids origin product. Buyer reserves the right to ask for
lowest since Jan. 14, when it was assessed at $3.75/mt. MOPS +1.00 Mar 11-15 40kt OR documentary evidence of compliance, showing refinery
Platts assessed the Singapore 380 CST HSFO Platts Marine Fuel 0.5%: FOB Straits: Glencore bids origin(s) of the cargo, to the Buyer’s reasonable
cargo’s cash premium over MOPS 380 CST HSFO MOPS +1.00 Mar 16-20 40kt satisfaction.)
assessment at a $6/mt premium Feb. 18, unchanged Platts Marine Fuel 0.5%: FOB Straits: Idemitsu Platts Marine Fuel 0.5%: FOB Straits: Shell
day over day, while the Singapore 180 CST HSFO cash bids MOPS +4.00 Mar 6-10 40kt OR (It is a condition bids MOPS +1.00 Mar 11-15 40kt INCO OR (It is a
premium over MOPS 180 CST HSFO assessment of this bid/agreement that the products sold and condition of this bid/agreement that the products
was assessed $1/mt lower day over day at a $6.47/ delivered by Seller will not be of Russian Federation sold and delivered by Seller will not be of Russian
mt premium Feb. 18, hurt by competitive offers from (RF) origin nor blended with any product produced in Federation”(RF) origin (which includes product
TotalEnergies for March-loading cargoes during the the Russian Federation or any other origin sanctioned exported from RF) nor blended with any RF
Platts Market on Close assessment process. by the US/UN/EU. Buyer reserves the right to ask for origin product. Buyer reserves the right to ask for
Platts assessed the front-month crack spread documentary evidence of compliance, showing refinery documentary evidence of compliance, showing refinery
for Singapore 380 CST HSFO against prompt-month origin(s) of the cargo & any blend components, to the origin(s) of the cargo, to the Buyer’s reasonable
Brent crude swaps at minus 66 cents/b Feb. 18, Buyer’s reasonable satisfaction.) satisfaction.)
strengthening from minus $1.08/b on Feb. 17. Platts Marine Fuel 0.5%: FOB Straits: Idemitsu Platts Marine Fuel 0.5%: FOB Straits: Shell
The Singapore 380 CST HSFO March-April bids MOPS +2.00 Mar 11-15 40kt OR (It is a condition bids MOPS +1.00 Mar 16-20 40kt INCO (It is a
market structure was pegged at around $16.25/mt in of this bid/agreement that the products sold and condition of this bid/agreement that the products
midafternoon Asian trading Feb. 19, up from the Platts delivered by Seller will not be of Russian Federation sold and delivered by Seller will not be of Russian
assessment of the spread at $15.50/mt at the Feb. (RF) origin nor blended with any product produced in Federation”(RF) origin (which includes product exported
18 close. the Russian Federation or any other origin sanctioned from RF) nor blended with any RF origin product. Buyer
Platts is part of S&P Global Commodity Insights. by the US/UN/EU. Buyer reserves the right to ask for reserves the right to ask for documentary evidence of
documentary evidence of compliance, showing refinery compliance, showing refinery origin(s) of the cargo, to
Platts FOB Singapore Marine Fuel 0.5% cargo origin(s) of the cargo & any blend components, to the the Buyer’s reasonable satisfaction.)
Daily Rationale & Exclusions Buyer’s reasonable satisfaction.) Platts Marine Fuel 0.5%: FOB Straits: Chevron
Marine Fuel 0.5% FOB Spore cargo $/mt <AMFSA00> Platts Marine Fuel 0.5%: FOB Straits: Idemitsu bids MOPS +2.00 Mar 6-10 20kt (Seller represents
Assessment Rationale: The FOB Singapore Marine bids MOPS +1.00 Mar 16-20 40kt (It is a condition and warrants that, the cargo delivered under this

© 2025 by S&P Global Inc. All rights reserved. 14

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

Contract: (i) does not contain any product that was in, or exported from; or (ii) has not been produced Platts Marine Fuel 0.5%: FOB FSU: SA Crystal:
produced, manufactured or processed in, or exported through a blending process that uses product or Gunvor offers MOPS +5.00 Mar 16-20 20kt OR (Seller
from; or (ii) has not been produced through a blending components that have been produced, manufactured or represents and warrants that the cargo delivered/to
process that uses product or components that have processed in, or exported from, in each case, the Russia be delivered under this Contract: (i) does not contain
been produced, manufactured or processed in, or Federation or Crimea, the Donetsk People’s Republic any product that was produced, manufactured or
exported from, in each case, the Russia Federation or or the Luhansk People’s Republic in Ukraine. Seller processed in, or exported from; or (ii) has not been
Crimea, and any other countries or regions that may be shall provide, upon request, documentary evidence of produced through a blending process that uses
identified by the U.S., E.U., or U.K. as comprehensively compliance showing the origin(s) of the cargo, to Buyer’s product or components that have been produced,
sanctioned territories, except cargoes excluded reasonable satisfaction.) manufactured or processed in, or exported from,
by the U.S., E.U., and U.K. sanctions and guidance Platts Marine Fuel 0.5%: FOB FSU: SA Crystal: in each case, the Russia Federation or Crimea, the
documentation. Seller shall provide, if requested, Gunvor offers MOPS +5.00 Mar 11-15 20kt OR (Seller Donetsk People’s Republic or the Luhansk People’s
documentary evidence of compliance showing proof of represents and warrants that the cargo delivered/to Republic in Ukraine. Seller shall provide, upon request,
origin to the Buyer’s reasonable satisfaction.) be delivered under this Contract: (i) does not contain documentary evidence of compliance showing
Offers: Platts Marine Fuel 0.5%: FOB Straits: any product that was produced, manufactured or the origin(s) of the cargo, to Buyer’s reasonable
Trafigura offers MOPS +9.00 Mar 7-11 20kt OR processed in, or exported from; or (ii) has not been satisfaction.)
Platts Marine Fuel 0.5%: FOB Straits: Trafigura produced through a blending process that uses Platts Marine Fuel 0.5%: FOB FSU: SA Crystal:
offers MOPS +8.00 Mar 12-16 20kt OR product or components that have been produced, Gunvor offers Mar Avg +6.00 Mar 16-20 20kt (Seller
Platts Marine Fuel 0.5%: FOB Straits: Trafigura manufactured or processed in, or exported from, represents and warrants that the cargo delivered/to
offers MOPS +7.00 Mar 17-21 20kt in each case, the Russia Federation or Crimea, the be delivered under this Contract: (i) does not contain
Platts Marine Fuel 0.5%: FOB FSU: SA Crystal: Donetsk People’s Republic or the Luhansk People’s any product that was produced, manufactured or
Gunvor offers MOPS +5.00 Mar 6-10 20kt OR (Seller Republic in Ukraine. Seller shall provide, upon request, processed in, or exported from; or (ii) has not been
represents and warrants that the cargo delivered/to documentary evidence of compliance showing produced through a blending process that uses
be delivered under this Contract: (i) does not contain the origin(s) of the cargo, to Buyer’s reasonable product or components that have been produced,
any product that was produced, manufactured or satisfaction.) manufactured or processed in, or exported from,
processed in, or exported from; or (ii) has not been Platts Marine Fuel 0.5%: FOB FSU: SA Crystal: in each case, the Russia Federation or Crimea, the
produced through a blending process that uses Gunvor offers Mar Avg +6.00 Mar 11-15 20kt OR (Seller Donetsk People’s Republic or the Luhansk People’s
product or components that have been produced, represents and warrants that the cargo delivered/to Republic in Ukraine. Seller shall provide, upon request,
manufactured or processed in, or exported from, be delivered under this Contract: (i) does not contain documentary evidence of compliance showing
in each case, the Russia Federation or Crimea, the any product that was produced, manufactured or the origin(s) of the cargo, to Buyer’s reasonable
Donetsk People’s Republic or the Luhansk People’s processed in, or exported from; or (ii) has not been satisfaction.)
Republic in Ukraine. Seller shall provide, upon request, produced through a blending process that uses Trades: No trade
documentary evidence of compliance showing product or components that have been produced, This assessment commentary applies to the
the origin(s) of the cargo, to Buyer’s reasonable manufactured or processed in, or exported from, following market data codes: Marine Fuel 0.5% FOB
satisfaction.) in each case, the Russia Federation or Crimea, the Spore cargo $/mt <AMFSA00>
Platts Marine Fuel 0.5%: FOB FSU: SA Crystal: Donetsk People’s Republic or the Luhansk People’s
Gunvor offers Mar Avg +6.00 Mar 6-10 20kt OR (Seller Republic in Ukraine. Seller shall provide, upon request, Platts Singapore Fuel Oil Paper Exclusions
represents and warrants that the cargo delivered/to be documentary evidence of compliance showing
delivered under this Contract: (i) does not contain any the origin(s) of the cargo, to Buyer’s reasonable Exclusions: No market data was excluded from the
product that was produced, manufactured or processed satisfaction.) Feb. 19, 2025 Asian fuel oil paper assessment process.

© 2025 by S&P Global Inc. All rights reserved. 15

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

Fuel Oil Reported Deals PLATTS FO: APR25: P66 BUYS FROM ONYX* 5KMT PLATTS MARINE FUEL: MAR25: HOTEI SELLS TO
AT $460.50 (08:29:52) DARE* 5KMT AT $552.00 (08:29:29)
PLATTS SINGAPORE FUEL OIL PAPER TRADES PLATTS FO: APR25: UENERGY BUYS FROM VITOL* PLATTS MARINE FUEL: MAR25: GLENCORE SELLS
SUMMARY 19 Feb 25 5KMT AT $460.75 (08:30:04) TO DARE* 5KMT AT $552.00 (08:29:36)
FUEL OIL 380CST SINGAPORE PLATTS FO SPR: MAR25/APR25: GUNVOR BUYS PLATTS MARINE FUEL: MAR25: ONYX BUYS FROM
PLATTS FO: MAR25: HOTEI BUYS FROM VITOL* FROM GOODE* 5KMT AT $18.45 (08:28:59) HOTEI* 5KMT AT $552.25 (08:29:36)
5KMT AT $478.50 (08:28:16) PLATTS FO SPR: MAR25/APR25: GUNVOR BUYS PLATTS MARINE FUEL: MAR25: ONYX BUYS FROM
PLATTS FO: MAR25: HENGLI BUYS FROM ONYX* FROM GOODE* 5KMT AT $18.45 (08:29:03) SERENITY* 5KMT AT $552.25 (08:29:40)
5KMT AT $478.75 (08:29:14) PLATTS FO SPR: MAR25/APR25: GUNVOR BUYS PLATTS MARINE FUEL: MAR25: HOTEI SELLS TO
PLATTS FO: MAR25: MERCURIA SELLS TO HOTEI* FROM GOODE* 5KMT AT $18.45 (08:29:05) THEME* 5KMT AT $552.00 (08:29:43)
5KMT AT $478.70 (08:29:18) PLATTS FO SPR: MAR25/APR25: GUNVOR BUYS PLATTS MARINE FUEL: MAR25: UENERGY BUYS
PLATTS FO: MAR25: HOTEI BUYS FROM VITOL* FROM GOODE* 5KMT AT $18.45 (08:29:07) FROM HOTEI* 5KMT AT $552.25 (08:29:46)
5KMT AT $478.75 (08:29:20) PLATTS FO SPR: MAR25/APR25: GUNVOR BUYS PLATTS MARINE FUEL: MAR25: ERA BUYS FROM
PLATTS FO: MAR25: MERCURIA SELLS TO HOTEI* FROM ONYX* 5KMT AT $18.45 (08:29:10) GLENCORE* 5KMT AT $552.25 (08:29:48)
5KMT AT $478.70 (08:29:25) PLATTS FO SPR: MAR25/APR25: GUNVOR BUYS PLATTS MARINE FUEL: MAR25: DV TRADING BUYS
PLATTS FO: MAR25: XCONNECT SELLS TO WALER* FROM ONYX* 5KMT AT $18.45 (08:29:12) FROM HOTEI* 5KMT AT $552.25 (08:29:52)
5KMT AT $478.50 (08:29:26) PLATTS FO SPR: MAR25/APR25: MERCURIA SELLS PLATTS MARINE FUEL: MAR25: HOTEI SELLS TO
PLATTS FO: MAR25: WALER BUYS FROM ONYX* TO GUNVOR* 5KMT AT $18.40 (08:29:21) ERA* 5KMT AT $552.00 (08:29:53)
5KMT AT $478.75 (08:29:27) PLATTS FO SPR: MAR25/APR25: GOODE SELLS TO PLATTS MARINE FUEL: MAR25: BP SELLS TO DV
PLATTS FO: MAR25: ONYX SELLS TO HOTEI* 5KMT GUNVOR* 5KMT AT $18.40 (08:29:28) TRADING* 5KMT AT $552.00 (08:29:57)
AT $478.70 (08:29:37) PLATTS FO SPR: MAR25/APR25: GOODE SELLS TO PLATTS MARINE FUEL: MAR25: DARE BUYS FROM
PLATTS FO: MAR25: WALER BUYS FROM DARE* GUNVOR* 5KMT AT $18.40 (08:29:28) HOTEI* 5KMT AT $552.25 (08:29:57)
5KMT AT $478.75 (08:29:48) PLATTS FO SPR: MAR25/APR25: GUNVOR BUYS PLATTS MARINE FUEL: MAR25: MERCURIA BUYS
PLATTS FO: MAR25: HOTEI BUYS FROM ONYX* FROM GOODE* 5KMT AT $18.40 (08:29:33) FROM HOTEI* 5KMT AT $552.50 (08:29:58)
5KMT AT $478.75 (08:29:48) PLATTS FO SPR: MAR25/APR25: GUNVOR BUYS PLATTS MARINE FUEL: MAR25: DARE BUYS FROM
PLATTS FO: MAR25: WALER BUYS FROM GOODE* FROM GOODE* 5KMT AT $18.40 (08:29:34) HOTEI* 5KMT AT $552.25 (08:30:27)
5KMT AT $478.75 (08:29:48) PLATTS FO SPR: MAR25/APR25: GUNVOR BUYS
PLATTS FO: MAR25: WALER TOOK OFFER* 5KMT AT FROM GOODE* 5KMT AT $18.40 (08:29:44) Platts Fujairah Daily Marine Fuel 0.5% Cargo
$478.75 (08:29:50) PLATTS FO SPR: MAR25/APR25: MARKET BUYS Daily Rationale & Exclusions
PLATTS FO: MAR25: HENGLI TOOK OFFER* 5KMT AT FROM P66* 5KMT AT $18.35 (08:29:50) Marine Fuel 0.5% FOB Fujairah cargo $/mt
$478.85 (08:29:52) PLATTS FO SPR: MAR25/APR25: MARKET BUYS <AMFFA00> assessment rationale: FOB Fujairah
PLATTS FO: MAR25: HOTEI BUYS FROM DV FROM P66* 5KMT AT $18.35 (08:29:52) Marine Fuel 0.5%S cargo assessment on Feb. 19
TRADING* 5KMT AT $479.25 (08:30:02) PLATTS FO SPR: MAR25/APR25: GUNVOR BUYS took into consideration prices in the Fujairah-
PLATTS FO: APR25: UENERGY BUYS FROM VITOL* FROM P66* 5KMT AT $18.35 (08:29:53) delivered Marine Fuel 0.5%S bunker market as well as
5KMT AT $460.25 (08:28:46) PLATTS SINGAPORE MARINE FUEL 0.5% PAPER differentials at which Marine Fuel 0.5%S cargoes were
PLATTS FO: APR25: UENERGY BUYS FROM VITOL* TRADES SUMMARY 19 Feb 25 heard traded in the Middle East.
5KMT AT $460.25 (08:29:11) MARINE FUEL 0.5% FOB SINGAPORE (PLATTS) This rationale applies to symbol(s) <AMFFA00>
PLATTS FO: APR25: P66 BUYS FROM VITOL* 5KMT PLATTS MARINE FUEL: MAR25: HOTEI SELLS TO Exclusions: No market data was excluded from the
AT $460.50 (08:29:50) PRIME* 5KMT AT $552.00 (08:29:27) Feb. 19 assessment process.

© 2025 by S&P Global Inc. All rights reserved. 16

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

Platts Fujairah Daily Marine Fuel 0.5% from the FOB Singapore 380 CST HSFO assessment PLATTS HSFO: PHYSICAL OFFERS FINALS ON
Cargo Bids, Offers, Trades using the following calculation: FOB Singapore 380 CST CLOSE (380 CST):
HSFO assessment minus the cost of transporting an Platts HSFO 380CST: FOB Straits: Trafigura offers H1
Bids: No bid 80,000-mt dirty cargo from the Persian Gulf to the East. Mar +3.70 Mar 13-17 20kt
Offers: No offer Exclusions: No market data was excluded from the Platts HSFO 380CST: FOB FSU: SA Oceania:
Trades: No trade Feb. 19 high sulfur fuel oil cargo assessment process. Trafigura offers MOPS +4.00 Mar 6-10 20kt OR
This assessment commentary applies to the Platts HSFO 380CST: FOB FSU: SA Oceania:
following market data codes: Marine Fuel 0.5% FOB Platts FOB Fujairah Daily 380 CST HSFO Cargo Trafigura offers H1 Mar +4.00 Mar 11-15 20kt OR
Fujairah cargo $/mt <AMFFA00> Daily Rationale & Exclusions Platts HSFO 380CST: FOB FSU: SA Oceania:
HSFO 380 CST FOB Fujairah cargo $/mt Trafigura offers H1 Mar +1.50 Mar 15-19 20kt
Platts Asia and Middle East FO 180, 380 CST <AFUJQ00> assessment rationale: FOB Fujairah Platts HSFO 380CST: FOB Straits: Vitol offers MOPS
Daily Rationales & Exclusions 380 CST HSFO assessment on Feb. 19 took into +17.00 Mar 12-16 20kt INCO OR
FO 180 CST 3.5%S FOB Spore Cargo <PUADV00> consideration prices in the Fujairah 380 CST HSFO Platts HSFO 380CST: FOB Straits: Vitol offers MOPS
assessment rationale: The FOB Singapore 180 CST delivered bunker market as well as differentials for +17.00 Mar 17-21 20kt INCO
HSFO assessment Feb. 19 took into consideration recent cargo trades heard in the Middle East. Platts HSFO 380CST: FOB Straits: Rex Commodities
offers from TotalEnergies for March 6-10, and March Exclusions: No market data was excluded from the offers MOPS +17.00 Mar 12-16 20kt OR (It is a condition
11-15 loading cargoes at Mean of Platts Singapore 180 Feb. 19 assessment process. of this offer/agreement that the products sold and
CST HSFO assessment plus $5/mt, and MOPS plus delivered by Seller will not be of Russian Federation
$5.50/mt. Platts Singapore Fuel Oil Bids Offers (RF) origin (which includes product exported from
FO 380 CST 3.5%S FOB Spore Cargo <PPXDK00> Trades RF) nor blended with any RF origin product. Seller
assessment rationale: The FOB Singapore 380 CST can provide if requested documentary evidence of
HSFO assessment Feb. 19 took into consideration an Bids: PLATTS HSFO: PHYSICAL BIDS FINALS ON compliance, showing refinery origin(s) of the cargo, to
offer from Trafigura for a March 6-10 cargo loading from CLOSE (180 CST): the Buyer’s reasonable satisfaction.)
a floating storage unit (FSU) SA Oceania at Mean of Platts HSFO 180CST: FOB Straits: Mercuria bids Platts HSFO 380CST: FOB Straits: Rex Commodities
Platts Singapore 380 CST HSFO assessment plus $4/ MOPS +3.00 Mar 12-16 40kt INCO OR offers MOPS +17.00 Mar 17-21 20kt (It is a condition
mt. The assessment also took into consideration an Platts HSFO 180CST: FOB Straits: Mercuria bids of this offer/agreement that the products sold and
offer from Trafigura for a March 13-17 loading cargo at MOPS +4.00 Mar 17-21 40kt INCO delivered by Seller will not be of Russian Federation
H1 March Singapore 380 CST HSFO assessment plus PLATTS HSFO: PLATTS HSFO: PHYSICAL BIDS (RF) origin (which includes product exported from
$3.70/mt. FINALS ON CLOSE (380 CST): No bid RF) nor blended with any RF origin product. Seller
FO 180 CST 3.5%S FOB Arab Gulf Cargo <PUABE00> Offers: PLATTS HSFO: PHYSICAL OFFERS FINALS can provide if requested documentary evidence of
assessment rationale: The FOB Arab Gulf 180 CST ON CLOSE (180 CST): compliance, showing refinery origin(s) of the cargo, to
HSFO assessment was derived as a freight netback Platts HSFO 180CST: FOB Straits: Total offers MOPS the Buyer’s reasonable satisfaction.)
from the FOB Singapore 180 CST HSFO assessment +5.00 Mar 6-10 20kt TotalEnergies GTC OR Trades: No trade
using the following calculation: FOB Singapore 180 CST Platts HSFO 180CST: FOB Straits: Total offers MOPS Platts Bitumen: PHYSICAL BIDS FINALS ON CLOSE:
HSFO assessment minus the cost of transporting an 380 CST +9.00 Mar 6-10 20kt TotalEnergies GTC OR FOB STRAITS: No bid
80,000-mt dirty cargo from the Persian Gulf to the East. Platts HSFO 180CST: FOB Straits: Total offers MOPS Platts Bitumen: PHYSICAL OFFERS FINALS ON
FO 380 CST 3.5%S FOB Arab Gulf Cargo <AAIDC00> +5.50 Mar 11-15 20kt TotalEnergies GTC OR CLOSE: FOB STRAITS: No offer
assessment rationale: The FOB Arab Gulf 380 CST Platts HSFO 180CST: FOB Straits: Total offers MOPS Platts Bitumen Trade Summary: FOB STRAITS:
HSFO assessment was derived as a freight netback 380 CST +9.50 Mar 11-15 20kt TotalEnergies GTC No trade

© 2025 by S&P Global Inc. All rights reserved. 17

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

Platts Bitumen: PHYSICAL FINALS ON CLOSE: FOB Platts Middle East Sour Crude Daily Market Staple buy tenders from Thailand’s PTT and Taiwan’s
SOUTH KOREA: No bids/offers/trade Analysis Formosa Petrochemical have been issued, traders
This assessment commentary applies to the said, with both refiners closing their tenders seeking
„ Brisk trading in Middle East crudes since prior Feb
following market data codes: FO 180 CST 2.0% April-loading sour crude cargoes Feb. 19 with same-day
18 session
<PUAXS00> FO 180 CST 3.5% <PUADV00> FO 380 CST validity.
3.5% <PPXDK00> „ PTT, Formosa tender for sour crudes The uptick in buying has given a boost to Middle
„ Japan refinery runs rise over Feb 9-15 on higher East crude values overnight, with regional crude
Platts US West Coast Light End Daily crude throughput markers trading at higher values on the day during the
Commentary Feb. 19 session.
Middle East crudes saw brisk trading across light Middle East crude benchmark Platts Dubai, for
„ Los Angeles CARBOB differential weakens 23
to heavier grades in the Asian sour crude market Feb. one, was assessed at a premium of $3.43/b over Dubai
cents/gal
19, with staple monthly buy tenders from the region’s futures at the Feb. 19 Asian close, up 59 cents/b on
„ San Francisco CARBOB closes at a two-week low refiners also emerging and giving a boost to crude the day.
differentials. There was market talk that regular buyer China’s
In California, San Francisco and Los Angeles Among trades heard, three April-loading Murban Rongsheng Petrochemical has bought cargoes of
CARBOB differentials plummeted against the crude cargoes were heard sold to an oil major and a Canadian heavy, sour crudes from the TMX pipeline
NYMEX April RBOB futures contract on Feb. 19, Japanese refiner, likely late in the prior Feb. 18 session, in recent days, though further details could not be
leading differentials to inch closer to the prices at premiums of around $3/b to Platts Dubai crude ascertained.
seen before the fire at PBF Energy’s Martinez, assessments, FOB. Japan’s refinery run rates rose to 77.4% over Feb.
California, plant. Two April-loading Das blend crude cargoes were 9-15, up from 75.9% the previous week, the Petroleum
The NYMEX April RBOB futures contract fell 0.21 heard sold to a separate oil major and Japanese Association of Japan said Feb. 19, citing higher crude
cent to $2.3201/gal, closing at a premium over the refiner, likely at premiums in the $2.40s/b to Platts throughput.
March futures contract by 23.36 cents/gal. Dubai, FOB, while an April-loading Upper Zakum crude The country’s crude throughput increased 2% week
Platts, part of S&P Global Commodity Insights, cargo was heard sold to a trader likely at around a over week to 2.41 million b/d.
assessed CARBOB in Los Angeles down 23 cents at $2.90/b premium to Platts Dubai, FOB. Four refining units, with a total capacity of 302,100
futures plus 24 cents/gal. April-loading Al-Shaheen crude cargoes were heard b/d, were offline across Japan as of Feb. 15 — three due
The differential price was last seen lower on Jan. 24 sold to a trader and a Chinese refiner, also at premiums to planned maintenance and another amid operational
at futures plus 21 cents/gal. of around $2.90/b to Platts Dubai, FOB. adjustments, according to calculations by Platts. The
Further north, in San Francisco, the CARBOB Traders noted Indian Oil Corp. having bought a refinery capacity outage accounted for 9.7% of the
differential continued its five-day downtrend and Murban crude cargo in its most recent tender that country’s total installed refining capacity of 3.11 million
closed at futures plus 35 cents/gal, coming down 14 closed Feb. 17, in addition to a WTI Midland cargo, b/d, the data showed.
cents from the previous close. though price details for these were unclear.
Platts last reported the differential price lower on A March-loading Basrah Medium crude cargo was Platts Mideast Sour Crude Daily Rationales &
Feb. 3 at futures plus 27 cents/gal. heard sold to an Indian refiner at a discount of around Exclusions
A fire broke out at PBF Energy’s Martinez plant 20 cents/b to the grade’s official selling price, FOB. Dubai Mo01 <PCAAT00> assessment rationale:
on Feb. 1. The facility remained completely shut Among arbitrage grades, CPC Blend continued The April cash Dubai assessment Feb. 19 took into
down, and further evaluations will be conducted to be placed into the region, with a 1 million-barrel, consideration a standing bid for cash Dubai partials at
over the next week or so to understand the scope of May-arrival cargo heard sold to a Chinese refiner at a $79.38/b and a standing offer at $79.40/b at the end of
the damage. premium in the $1.30s/b to March Dated Brent, DES. the Platts Market on Close assessment process.

© 2025 by S&P Global Inc. All rights reserved. 18

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

Oman Blend Mo01 <PCABS00> assessment PLATTS DUBAI: APR25: SHENGHONG NO LONGER Brunei Shell raised the official selling prices of its
rationale: The April cash Oman assessment Feb. OFFERS 25KB AT $79.70 AFTER WITHDRAWAL Seria Light and Champion crude grades that loaded
19 took into consideration values heard in the (08:15:24) in January by $6.66/b and $6.96/b, respectively, from
broader market and Oman’s notional spread to Trades: December, trade sources said Feb. 19.
cash Dubai. PLATTS DUBAI: APR25: CHEVRON SELLS TO The January OSP for Seria Light was set at $81.77/b,
Exclusions: No market data was excluded from the PETROCHINA* 25KB AT $79.35 (08:29:12) while Champion was set at $82.67/b.
Middle East sour crude Market on Close assessment PLATTS DUBAI: APR25: RELIANCE SELLS TO VITOL* The differential between Seria Light and Champion
process. 25KB AT $79.35 (08:29:17) crude increased to 90 cents/b. From January 2024 to
Platts is part of S&P Global Commodity Insights. PLATTS DUBAI: APR25: CHEVRON SELLS TO December 2024, Seria Light was set 60 cents/b lower
PETROCHINA* 25KB AT $79.35 (08:29:20) than Champion.
Platts Oil Mideast Sour Crude PLATTS DUBAI: APR25: CHEVRON SELLS TO Seria Light was set 10 cents/b lower than Champion
Convergences PETROCHINA* 25KB AT $79.38 (08:29:36) from January 2021 to December 2022, and 40 cents/b
PLATTS DUBAI: APR25: CHEVRON SELLS TO lower from January 2023 to December 2023.
None reported. PETROCHINA* 25KB AT $79.38 (08:29:42) The January OSP for Seria Light was set 5 cents/b
PLATTS DUBAI: APR25: RELIANCE SELLS TO VITOL* higher than the January OSP for Malaysia’s Tapis Blend
Platts Middle East Sour Crude Bids, Offers, 25KB AT $79.38 (08:29:45) crude, Platts data showed.
Trades PLATTS DUBAI: APR25: RELIANCE SELLS TO Seria Light is usually priced at a fixed price
PETROCHINA* 25KB AT $79.38 (08:29:47) differential to Tapis crude.
Bids: PLATTS DUBAI: APR25: CHEVRON SELLS TO On the regional condensate segment, state-
PLATTS DUBAI: APR25: VITOL BIDS 25KB AT $79.38 PETROCHINA* 25KB AT $79.38 (08:29:54) owned QatarEnergy was heard to have sold two
AND WITHDRAWS DURING EXTENSION This assessment commentary applies to the 500,000-barrel cargoes of DFC for loading in April, one
PLATTS DUBAI: APR25: BP BIDS 25KB AT $79.25 following market data codes: Dubai M1 <PCAAT00>, to Aramco Trading Company and the other to ENOC, in
PLATTS DUBAI: APR25: TRAFIGURA BIDS 25KB Oman M1 <PCABS00> a tender that closed Feb. 12, with next-day validity.
AT $79.25 The cargoes were heard to have been sold at a
PLATTS DUBAI: APR25: EXXONMOBIL BIDS 25KB Platts Asia Pacific Sweet Crude Daily premium of around $1.25/b to $1.60/b to Platts front-
AT $78.95 Market Analysis month Dubai crude assessments, FOB.
PLATTS DUBAI: APR25: TRAFIGURA BIDS 25KB In the same tender, the company was heard to have
„ Brunei Shell raises Jan Seria Light crude OSP
AT $78.60 sold one 500,000-barrel April-loading cargo of LSC to
by $6.66/b
PLATTS DUBAI: APR25: PETROCHINA NO LONGER ENOC at a premium in the low-$1s/b to Platts front-
BIDS AFTER TRADE „ Clarity emerges for April-loading LSC, DFC cargoes month Dubai, FOB.
Offers: „ Focus turns to Malaysian medium sweet In the previous trading cycle, QatarEnergy sold two
PLATTS DUBAI: APR25: CHEVRON OFFERS 25KB crude grades 500,000-barrel cargoes of LSC loading in March, one
AT $79.40 to Aramco Trading Co. and the other to Glencore, at
PLATTS DUBAI: APR25: RELIANCE OFFERS 25KB The Asia-Pacific sweet crude market saw more a premium of around 80 cents-$1/b to Platts front-
AT $79.45 activity Feb. 19, driven by the emergence of Brunei month Dubai crude assessments, on an FOB basis,
PLATTS DUBAI: APR25: UNIPEC OFFERS 25KB Shell’s official January selling prices, coupled with according to market sources.
AT $79.50 further clarity on the trade details of QatarEnergy’s The state-owned company had last sold a
PLATTS DUBAI: APR25: SHENGHONG OFFERS 25KB April-loading deodorized field condensate and light 500,000-barrel February-loading cargo of DFC to
AT $79.50 sulfur condensate tenders. Hanwha at a premium of $1.85/b to Platts front-month

© 2025 by S&P Global Inc. All rights reserved. 19

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

Dubai crude assessments, FOB. Platts Asia and Middle East Weekly Bitumen Platts Asia and Middle East Weekly Base
Going into the middle of the April-loading cycle, Commentary Oils Commentary
traders said the quarterly term contracts for the Qatari
„ FOB Singapore prices steady WOW „ Group II prices firm amid tightening supply
grades are usually set in the middle of the first month
of the quarter’s trading cycle, and hence trades done in „ FOB Bahrain price rises to $415/mt „ Group III prices decline in India
recent times will be taken into consideration when the „ FOB Korea prices increase to $425/mt
contracts are signed. The Asia and Middle East base oil market saw
“This is negotiation month… so term buyers will Bitumen prices in Asia were steady as of Feb. 19, notable price hikes across several grades due to
refrain from being too aggressive for spot as this will with prices in Singapore and India remaining stable. ongoing supply shortages in key regions.
affect the May and June prices,” a trade source said. Meanwhile, FOB South Korea and Bahrain prices have While some buyers remained cautious, waiting
In the medium sweet crude segment, Petco — the increased. for potential price declines, others rushed to secure
trading arm of Malaysia’s Petronas — was heard to have Platts assessed FOB Singapore PEN 60-70 bitumen cargoes ahead of further price increases.
sold a cargo of Labuan crude scheduled for loading at $445/mt Feb. 19, stable week over week, with “March offers for the heavier grades are already
end-April to an Australian refiner at a premium in the demand remaining steady from Australia for March closed,” said a trader, highlighting the tightening
high $7s/b to Platts Dated Brent crude assessments, and April cargoes. Supply and demand dynamics in availability of these grades.
FOB, market sources said. Singapore have balanced after a period of short supply. The supply crunch is expected to stretch through
In the previous trading cycle, Petco was heard to “Supply shortages have subsided slightly”, a trader the first quarter of the year until April.
have sold the crude grade scheduled for loading in based in Singapore said. Supply of Group I base oils was constrained
end-March at a premium in the low-to-mid $8s/b Platts assessed FOB South Korea PEN 60-80 due to multiple refinery turnarounds in the
against the same benchmark. bitumen at $425/mt Feb. 19, up $5/mt week over week, region, though demand for the lighter grades was
reflecting levels from a recent sell tender by S-Oil for subdued. Bright Stock was notably scarce amid
Platts Asia Light Sweet Crude Daily Rationale & 18 lots of 5, 000-mt cargoes settled at a discount of strong demand.
Exclusions around $30/mt to $50/mt to Platts FOB Singapore 380 FOB Asia prices for SN150 and SN500 remained
ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01 CST HSFO assessments. The tender was awarded to steady at $665/mt and $920/mt, respectively. Bright
<AASEU00> assessment rationale: The ESPO M1 April various traders. Stock, however, saw a rise of $10/mt, reaching
assessment Feb. 19 took into consideration latest trade “China is buying a lot [of bitumen] from South Korea $1,190/mt.
indications heard in the broader market. at the moment,”. a trader based in Singapore said. Group I CFR India prices remained unchanged
Exclusions: No market data was excluded from In India, the Platts-assessed CFR West Coast prices week over week, with SN150 at $715/mt and SN500
the Asia Pacific Crude Market on Close assessment were down $5/mt week over week with VG30 now at at $930/mt. Bright Stock inched up by $10/mt to
process. $415/mt and VG40 at $425/mt. Platts assessed CFR $1,270/mt in India.
East Coast prices followed the same pattern week over CFR UAE prices for SN150 also held steady at
Platts Asia Light Sweet Crude Bids, Offers, week with VG30 assessed at $465/mt and VG40 at $800/mt. SN500 prices saw a $15/mt increase,
Trades $475/mt. moving to $925/mt on limited availability.
“Import prices have remained steady for the past Price levels for lower quality SN150 were heard at
Bids: NIL month,” a trader based in India said. $790-$810/mt, while SN500 was in the range of $825-
Offers: NIL Platts assessed FOB Bahrain prices at $415/mt, up $835/mt, both on ex-tank UAE basis.
Trades: NIL $20/mt week over week and increasing for the first On the Group II base oils front, offers for 500N
This assessment commentary applies to the following time since the assessment launched on Dec. 11. climbed to $1,020-$1,030/mt, but some buyers in India
market data code: ESPO M1 vs Dubai M2 <AASEU00> Platts is part of S&P Global Commodity Insights. were reluctant to commit.

© 2025 by S&P Global Inc. All rights reserved. 20

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

“Buyers in India are still not taking these offers, Subscriber Notes Wellbred Capital Pte. Ltd. to join Asia Fuel Oil
hoping for prices to drop further,” said a trader based Physical MOC
in Singapore. Japan oil products publishing schedule for Emperor’s Wellbred Capital Pte. Ltd. has advised Platts, part
Group II FOB Asia prices remained steady week Birthday of S&P Global Commodity Insights, that it would like to
over week, with 150N priced at $745/mt and 500N at The S&P Global Commodity Insights Tokyo office participate in the Platts Market on Close assessment
$980/mt. will be closed on Monday, Feb. 24, in observance of process for Asia Fuel Oil Physical.
CFR India prices also held firm week over week, the Emperor’s Birthday holiday. There will be no Japan Platts has reviewed Wellbred Capital Pte. Ltd.
with 150N remaining at $780/mt and 500N at domestic oil products assessments or commentaries and will consider information from the entity in
$1,000/mt. on that day. the assessment process for Asia Fuel Oil Physical,
The Group III base oils market exhibited stability, Normal Tokyo publishing schedules will resume on subject at all times to adherence with Platts editorial
supported by robust supply levels, particularly in the Tuesday, Feb. 25. standards.
Middle East. For full details of the Platts publishing schedule and Platts will publish all relevant information from
According to a trader based in the region, South services affected, refer to https://www.spglobal.com/ Wellbred Capital Pte. Ltd. accordingly.
Korean producers are actively channeling their volumes platts/en/our-methodology/holiday. Platts welcomes all relevant feedback regarding
into India and the UAE, responding to a decline in For queries, please contact [email protected]. MOC participation. Platts considers bids, offers
buying interest from China. and transactions by all credible and credit-
Current FOB South Korea-approved Group III Junan Resources (Hong Kong) Co. Ltd. to join Asia worthy parties in its assessment processes. For
remained resilient, with 4CST priced at $1,140/mt, 6CST naphtha paper, Asia MTBE physical MOC comments and feedback, please contact Platts
at $1,160/mt, and 8CST at $1,010/mt. Junan Resources (Hong Kong) Co. Ltd. has advised editors at [email protected] and
In India, however, Group III prices softened. Platts, part of S&P Global Commodity Insights, that it [email protected].
CFR India prices for 4CST dropped by $10/mt would like to participate in the Platts Market on Close
to $1,040/mt, while 6CST decreased by $10/mt to assessment processes for Asia naphtha paper and Chevron Alkhalij, a branch of Chevron Asia Pacific
$1,050/mt. 8CST prices fell by $15/mt to $990/mt on Asia MTBE physical. Holdings Ltd, to join Asia AG Gasoil paper, physical;
weaker demand despite slight market tightness in the Platts has reviewed Junan Resources (Hong Kong) Asia AG Jet/Kero paper, physical MOC
heavier grades. Co. Ltd. and will consider information from the entity in Chevron Alkhalij, a branch of Chevron Asia Pacific
In the Middle East, the Bahrain refinery in Sitra, the assessment processes for Asia naphtha paper and Holdings Limited, has advised Platts, part of S&P
co-owned by Bahrain Oil & Gas Holding and BAPCO, Asia MTBE physical, subject at all times to adherence Global Commodity Insights, that it would like to
is expected to undergo a turnaround in April, which is with Platts editorial standards. participate in the Platts Market on Close assessment
scheduled to last for two months. The refinery is able Platts will publish all relevant information from processes for Asia AG Gasoil - paper; Asia AG Gasoil
to produce 400,000 mt/year of Group III base oils. Junan Resources (Hong Kong) Co. Ltd. accordingly. physical; Asia AG Jet/Kero paper and Asia AG Jet/Kero
To meet contractual obligations for term volumes, Platts welcomes all relevant feedback regarding physical.
production is anticipated to ramp up in the weeks MOC participation. Platts considers bids, offers Platts has reviewed Chevron Alkhalij, a branch
leading up to the maintenance, according to a source and transactions by all credible and credit- of Chevron Asia Pacific Holdings Limited, and will
close to the matter. worthy parties in its assessment processes. For consider information from the entity in the assessment
In the UAE, the market showed minor fluctuations, comments and feedback, please contact Platts processes for Asia AG Gasoil paper; Asia AG Gasoil
with CFR prices for 4CST decreasing by $5/mt to editors at [email protected], physical; Asia AG Jet/Kero paper and Asia AG Jet/Kero
$1,030/mt, while 6CST and 8CST prices remained [email protected] and physical, subject at all times to adherence with Platts
stable at $1,065/mt and $1,070/mt, respectively. [email protected]. editorial standards.

© 2025 by S&P Global Inc. All rights reserved. 21

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

ASTM D-323 /
Platts will publish all relevant information from Reid Vapor Pressure psi Max 9.0 Max 9.0
ASTM D-5191
assets/_files/en/our-methodology/methodology-
Chevron Alkhalij, a branch of Chevron Asia Pacific Distillation - - - ASTM D-86 specifications/asia-refined-oil-products-
Initial Boiling Point °C Report Report -
Holdings Limited accordingly. 10% evaporated °C Max 74 Max 65 -
methodology.pdf .
Platts welcomes all relevant feedback regarding 50% evaporated °C
Min 80, Max Min 74, Max
-
Please send any feedback or comments
MOC participation. Platts considers bids, offers 90% evaporated °C
127
Max 190
115
Max 183 -
to [email protected] and
and transactions by all credible and credit- Final Boiling Point °C Max 215 Max 215 - [email protected].
Residue % vol Max 2.0 Max 2.0 -
worthy parties in its assessment processes. For Loss % vol Max 2 Max 2 -
For written comments, please provide a clear
comments and feedback, please contact Platts Odor Marketable Marketable - indication if comments are not intended for publication
mg/100
editors at [email protected] and Existent gum Max 4 Max 4 ASTM D-381 by Platts for public viewing. Platts will consider all
ml
[email protected]. Benzene content % vol Max 2.5 Max 1 ASTM D-5580 comments received and will make comments not
ASTM D-4294 / marked as confidential available upon request.
Sulfur % wt Max 0.005 Max 0.0015 ASTM D-5453 /
Platts clarifies Singapore gasoline test methods ASTM D-2622
Platts, part of S&P Global Commodity Insights, Doctor Test - Negative Negative
ASTM D-4952 Platts opens consultation on FOB Singapore gasoline
/ IP 30
would like to clarify that effective Feb. 10, Platts will or Mercaptan sulfur wt. ppm Max 15 Max 15 ASTM D-3227
specifications
include gasoline test methods associated with the Mercaptan sulfur % wt Max 0.0015 Max 0.0015 - Platts, part of S&P Global Commodity Insights,
Copper corrosion (3
gasoline parameters found in the Asia-Pacific and hours at 50°C)
- Max 1 Max 1 ASTM D-130 is opening a consultation process to review the
Middle East Refined Oil Products Methodology and Induction period minutes Min 240 Min 360 ASTM D-525 specifications reflected in its FOB Singapore RON 92,
Max 14.0
Specification guide for FOB Singapore 92 RON, 95 RON RON 95 and RON 97 assessments.
(of which
and 97 RON, and 91 RON non-oxy assessments. Oxygenates content % vol maximum Nil ASTM D-4815 Specifically, Platts is reviewing the suitability of
Platts is including these test methods for gasoline MTBE content continuing to assess these grades with the maximum
of 10.0)
amid strong interest from market participants Oxygenates as
sulfur level of 50 ppm and lead content at a maximum
for additional clarity around test methods. Platts contaminants
% vol NA Max 1.0 ASTM D-4815 lead level of 0.013 gpb/l ahead of the anticipated
would like to remind participants that test methods Aromatics % vol Max 40 17-42
ASTM D-1319 / changes in trade flows and evolving quality standards.
ASTM D-5580
for quality should be mutually agreed between Olefins % vol Max 25 Max 18 ASTM D-1319 Platts understands that Malaysia, a key gasoline
counterparties, and recommended test methods Undyed, importer, has announced a three-year step change to
Color - colorless to Undyed -
stated in the Platts Methodology and Specification light yellow
move from its domestic gasoline specifications from
guide do not reflect an exhaustive list of all test Alcohol -
No additions of No additions of
ASTM D-4815
the current Euro 4M to Euro 5M by 2027. Malaysia is
methods deployed in the wider market. any alcohol any alcohol expected to lower the sulfur and lead limits for its
Metallic Additives - None added None added ASTM D-3831
Details of the test methods to be included for Acetone ppm Max 100 Max 100 ASTM D-4815 domestic gasoline in 2025, followed by several changes
Singapore gasoline are as follows: in distillation, Reid Vapor Pressure, oxygen content
FOB Singapore FOB Singapore Platts will continue to monitor evolving test and oxygenates in 2026. Platts understands the final
Property Unit
92 RON, 95 91 RON
Test Methods methods to make necessary updates where relevant. changes to tighten its current benzene, olefins and
RON, 97 RON non oxy
specifications specifications Platts would also like to remind market participants aromatics limits will take place in 2027.
Research Octane
-
Min 92, Min 95,
Min 91 ASTM D-2699
that the Market on Close assessment process for Specifically on sulfur standards, Platts understands
Number (RON) Min 97
Motor Octane
Singapore refined products calls for best practices in Malaysia has set a timeline of Sept. 1 to lower the
- - Min 81 -
Number (MON) all aspects of quality and operational performance. sulfur limit for its 95 RON gasoline to 10 ppm, down
Lead content gPb/l Max 0.013 Max 0.013
ASTM D-5059 / For further details please refer to the Methodology from Malaysia’s current standard of 50 ppm.
ASTM D-3237
ASTM D-1298 / and Specification guide here: https://www. In addition, Platts understands that Australia, the
Density@15°C g/ml Min 0.72 Report
ASTM D-4052 spglobal.com/commodityinsights/PlattsContent/_ region’s largest non-oxygenated importer, will lower its

© 2025 by S&P Global Inc. All rights reserved. 22

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

sulfur limit for gasoline in the country from the current Platts’ specifications for the Singapore gasoline Please send all feedback, comments or
150 ppm for 92 RON and 50 ppm for 95 RON to 10 ppm assessments can also be found here. questions to [email protected] and
for both grades by December. In addition to the potential amendments to the [email protected].
Initial market feedback suggests these changes gasoline specifications reflected in its methodology, For written comments, please provide a clear
reflect evolving quality standards in Asia and are likely to Platts is inviting feedback on suitable timelines for any indication if comments are not intended for publication
impact specifications of gasoline stored and traded in changes to take effect. by Platts for public viewing. Platts will consider all
the Singapore Straits, which would typically reflect supply The following FOB Singapore assessments, comments received and will make comments not
and demand across the Asia Pacific and the Middle East. published in Asia-Pacific/Arab Gulf Market Scan and marked as confidential available upon request.
Platts periodically reviews the specifications of all Platts Global Alert pages 2304 and 2310 are under
its assessments to ensure they are representative of review as part of this market consultation: Platts proposes to amend quality specifications for
the most tradable grades. Such reviews may lead to Assessment Code Middle East gasoline assessments
changes to the existing specifications of an assessment, Gasoline Unl 97 FOB Singapore Cargo PGAMS00 Platts, part of S&P Global Commodity Insights,
Gasoline Unl 95 FOB Singapore Cargo PGAEZ00
though any changes would be subject to further Gasoline Unl 92 FOB Singapore Cargo PGAEY00 proposes to amend the quality specifications reflected
industry consultation ahead of any final decision. in its assessments of RON 92 and RON 95 gasoline
Platts last updated the specifications of these Please send any comments or feedback under this cargoes loading from the Middle East, effective July
assessments on July 1, 2019. consultation to [email protected] and 1, 2025.
Current specifications for FOB Singapore 92 RON, [email protected] by March 31. Under the proposal, Platts FOB Fujairah outright
95 RON and 97 RON gasoline are as follows: For written comments, please provide a clear assessments and the RON 92, RON 95 Arab Gulf FOB
Property Unit Standard indication if comments are not intended for publication and CFR spot differential assessments would reflect
Research Octane Number (RON) - Min 92, Min 95, Min 97 by Platts for public viewing. gasoline specifications in line with the Euro 5 fuel
Lead content gPb/l Max 0.013
Density@15°C g/ml Min 0.72 Platts will consider all comments received and will standard with a maximum sulfur content of 0.001%
Reid Vapor Pressure psi Max 9.0 make those not marked as confidential available upon (10 parts per million) from July 1 onward. The proposal
Distillation - -
Initial Boiling Point °C Report request. follows feedback that gasoline exports from the Middle
10% evaporated °C Max 74 East have evolved to a higher fuel quality standard in
50% evaporated °C Min 80, Max 127
90% evaporated °C Max 190 Platts invites feedback on Global Oil Timing and recent years.
Final Boiling Point °C Max 215 Increment Guidelines Proposed new Middle East gasoline specifications:
Residue % vol Max 2.0
Loss % vol 2 Platts, part of S&P Global Commodity Insights, Property Unit Proposed Standard Current Standard
Odor - Marketable
would like to invite feedback on its Global Oil Timing Research Octane Number - Min 92, Min 95 Min 92, Min 95
Existent gum mg/100 ml Max 4 Motor Octane Number - Min 82, Min 85 Min 82, Min 85
Benzene content % vol Max 2.5 and Increment Guidelines, specifically those outlined Bright Clear and
Sulfur
Doctor Test
% wt
-
Max 0.005
Negative
at: https://www.spglobal.com/commodityinsights/ Appearance - free from water & Clear
suspended impurities
or Mercaptan sulfur wt. ppm Max 15 plattscontent/_assets/_files/en/our-methodology/ Odor - Marketable Marketable
Mercaptan sulfur % wt Max 0.0015
Copper corrosion (3 hours at 50°C) - Max 1
methodology-specifications/oil-timing-increment- Color - Undyed Undyed
Corrosion, Copper Strip (3
Induction period minutes Min 240 guidelines.pdf. Hrs at 50°C)
- Max 1 Max 1
Max 14.0 (of which maximum
Oxygenates content % vol Platts reviews all methodologies annually to ensure Density at 15°C g/ml 0.72-0.775 0.72-0.78
MTBE content of 10.0) Distillation
Aromatics % vol 40 they continue to reflect the physical markets under 10% vol recovered at (°C) °C Max 80 Max 80
Olefins % vol 25 assessment and regularly assesses the relevance 50% vol recovered at (°C) °C Min 80, Max 125 Min 80, Max 120
Undyed, colorless to light 90% vol recovered at (°C) °C Max 180 Max 180
Color -
yellow of methodologies through continuous contact with End point (°C) °C Max 205 Max 210
Alcohol - No additions of any alcohol the market. Feedback on methodologies is always Residue vol % Max 2 Max 2
Metallic Additives - None added Doctor Test - Negative Negative
Acetone ppm Max 100 welcomed by Platts.

© 2025 by S&P Global Inc. All rights reserved. 23

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

Gum, Existent
mg/100
Max 5 Max 4 Platts launches weekly Asia Base Oils Group III - Approved
ml
Induction Period minutes Min 360 Min 480 assessments Symbol Grade Basis Quantity Laycan Location
Max 0.005 (no FOB South 1,000 mt in 15-45 days
Lead Content gPb/l Max 0.013 Platts, part of S&P Global Commodity Insights, has PLBAO00 4CST Ulsan
intentional addition) Korea bulk forward
Reid Vapor Pressure at launched weekly base oil spot assessments, effective FOB South 1,000 mt in 15-45 days
psi Max 9 Max 9 PLBAP00 6CST Ulsan
37.8° C Dec. 11, 2024. Korea bulk forward
Sulfur wt % Max 0.001 Max 0.01 FOB South 1,000 mt in 15-45 days
Oxygen Content wt% 2.7 - The assessments reflect spot cargoes for: PLBAQ00 8CST
Korea bulk forward
Ulsan
Max 15 (of which Max 15 (of which 1,000 mt in 15-45 days
Allowed oxygenates (If
added)
vol % maximum MTBE maximum MTBE Group I PLBAR00 4CST CFR India
bulk forward
Mumbai
content of 10.0) content of 10.0) 1,000 mt in 15-45 days
No additions of any No additions of Symbol Grade Basis Quantity Laycan Location PLBAS00 6CST CFR India Mumbai
Alcohol - bulk forward
alcohol any alcohol CFR China, Japan, 1,000 mt in 15-45 days
1,000 mt 15-45 days PLBAT00 8CST CFR India Mumbai
Aromatics vol % Max 35 Max 35 PLBAA00 SN150 Northeast South Korea bulk forward
in bulk forward
Benzene vol % Max 1 Max 1 Asia and Taiwan Minimum 1-10 days
Olefins vol % Max 18 Max 18 CFR China, Japan, PLBAU00 4CST ex-tank UAE Sharjah
1,000 mt 15-45 days 10 mt forward
No metal PLBAB00 SN500 Northeast South Korea Minimum 1-10 days
No metal additives; no additives; no in bulk forward PLBAV00 6CST ex-tank UAE Sharjah
Additives - Asia and Taiwan 10 mt forward
metal octane boosters metal octane CFR China, Japan, Minimum 1-10 days
1,000 mt 15-45 days PLBAW00 8CST ex-tank UAE Sharjah
boosters PLBAC00 Bright Stock Northeast South Korea 10 mt forward
mg/100 in bulk forward
Manganese 2.0 Maximum - Asia and Taiwan
ml 1,000 mt 15-45 days
No iron-based Octane PLBAD00 SN150 CFR India Mumbai
mg/100 in bulk forward The new assessments are published in $/mt and
Iron (Fe) enhancing additive - 1,000 mt 15-45 days
ml
permitted
PLBAE00 SN500 CFR India
in bulk forward
Mumbai take into consideration price information gathered
PLBAF00 Bright Stock CFR India
1,000 mt 15-45 days
Mumbai during the week ahead of the assessment, with
in bulk forward
The proposed changes in gasoline specifications for 1,000 mt 15-45 days
indications normalized to the close at 4:30 pm
PLBAG00 SN150 CFR UAE Sharjah
the Middle East would not affect the FOB Arab Gulf 92 in bulk forward Singapore time on Wednesday of each week.
1,000 mt 15-45 days
and 95 RON netback assessments, which derive their PLBAH00 SN500 CFR UAE Sharjah The assessments reflect the values of physical base
in bulk forward
values from the price assessments at the trading hub oils cargoes at the close of 4:30 pm Singapore time
of Singapore after adjusting for shipping costs. These on Wednesday and follow the Singapore publishing
will continue to mirror the existing FOB Singapore
Group II schedule. When a Singapore public holiday falls on
gasoline specifications. Symbol Grade Basis Quantity Laycan Location the planned publishing day, the assessment would be
Singapore,
Platts periodically reviews the specifications of its PLBAI00 150N FOB Asia
1,000 mt in 15-45 days
Taiwan and
published the day prior to the public holiday.
assessments to ensure they are representative of the bulk forward
South Korea Details of specifications:
most tradable grades. Singapore,
PLBAJ00 500N FOB Asia
1,000 mt in 15-45 days
Taiwan and Group I
Please send any feedback or questions bulk forward
South Korea
to [email protected] and CFR
1,000 mt in 15-45 days
China, Japan, SN150 SN500 Bright Stock
ASTM Color Maximum 1.5 Maximum 4 Maximum 6
[email protected] by Feb. 28, 2025. PLBAK00 150N Northeast
bulk forward
South Korea
Viscosity at 40 28-35 mm 95-125 mm
Asia and Taiwan -
For written comments, please provide a clear CFR China, Japan, degrees Celsius squared/s squared/s
1,000 mt in 15-45 days Viscosity at 100 4.4-5.9 mm 9.5-13 mm 30-35 mm
indication if comments are not intended for publication PLBAL00 500N Northeast
bulk forward
South Korea
Asia and Taiwan degrees Celsius squared/s squared/s squared/s
by Platts for public viewing. 1,000 mt in 15-45 days Viscosity Index Minimum 88 Minimum 88 Minimum 95
PLBAM00 150N CFR India Mumbai Minimum 200 Minimum 210 Minimum 270
Platts will consider all comments received and will bulk forward Flash Point
1,000 mt in 15-45 days degrees Celsius degrees Celsius degrees Celsius
make comments not marked as confidential available PLBAN00 500N CFR India Mumbai Maximum -6 Maximum -6 Maximum -6
bulk forward Pour Point
upon request. degrees Celsius degrees Celsius degrees Celsius

© 2025 by S&P Global Inc. All rights reserved. 24

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

Group II publishing schedule of its Asia Group I Base Oils spot

Pour Point Maximum -6 degrees Celsius
Quantity 1,000 mt in bulk
150N 500N assessments, effective Dec. 11. Laycan 15-45 days forward
ASTM Color Maximum 0.5 Maximum 0.5 Location China, Indonesia, Japan, Singapore, Thailand
Viscosity at 100 degrees 5.0-5.6 millimeters 10-12 millimeters
Platts has changed the names of the following
Celsius squared per second squared per second assessments:
Viscosity Index Minimum 95 Minimum 95
Assessment code Previous assessment name New assessment name Pricing information with terms, locations, and
Minimum 200 degrees Minimum 230 degrees
Flash Point
Celsius Celsius
PLAAA00 150SN Paraffin Far East Group I SN150 FOB Asia specifications different from the above may be
PLAAD00 500SN Paraffin Far East Group I SN500 FOB Asia
Pour Point
Maximum -12 degrees Maximum -12 degrees
PLAAG00 Bright Stock Far East Group I Bright Stock FOB Asia considered for assessment purposes and could be
Celsius Celsius
subject to normalization.
In addition, Platts has changed the name of The above Group I assessments are now published
Group III - Approved the table in which these assessments appear in on a weekly basis in $/mt and take into consideration
4CST 6CST 8CST the Oilgram Price Report from “Monthly spot Lube price information gathered during the week ahead of
ASTM Color Maximum 0.5 Maximum 0.5 Maximum 0.5
assessments” to “Weekly spot Base Oil assessments” the assessment, with indications normalized to the
Viscosity at 100 4.0-4.5 millimeters 5.5 -6.7 millimeters 7.0-8.2 millimeters
degrees Celsius squared per secondsquared per second squared per second to reflect the proposed change in frequency of these close at 4:30pm Singapore time each Wednesday.
Viscosity Index Minimum 120 Minimum 120 Minimum 120 assessments. The assessments reflect the values of physical base
Minimum 200 Minimum 200 Minimum 200
Flash Point
degrees Celsius degrees Celsius degrees Celsius Platts has updated the methodology for the above oils cargoes at the close of 4:30 pm Singapore time
Pour Point
Maximum -15 Maximum -12 Maximum -10 assessments to reflect the following specifications on Wednesdays and follow the Singapore publishing
degrees Celsius degrees Celsius degrees Celsius
Sulfur content Maximum 10 ppm Maximum 10 ppm Maximum 10 ppm
and bases: schedule. When a public holiday falls on the planned
publishing day, the assessment will be published the
Group I SN150 FOB Asia (PLAAA00)
Pricing information with terms, locations, and day prior to the public holiday.
specifications different from the above standard may ASTM Color Maximum 1.5 These assessments can be found in the Oilgram
Viscosity at 40 degrees Celsius 28-35 mm squared/s
be considered for assessment purposes, subject to Viscosity at 100 degrees Celsius 4.4-5.9 mm squared/s Price Report, Asia-Pacific/Arab Gulf Marketscan, and
normalization. Viscosity Index Minimum 88 on Platts Global and Refined Product alert pages 1146
Flash Point Minimum 200 degrees Celsius
These assessments can be found in the Oilgram Price Pour Point Maximum -6 degrees Celsius and 2529.
Report, Asia-Pacific/Arab Gulf Marketscan, and on Platts Quantity 1,000 mt in bulk Please send any questions, comments, or feedback
Laycan 15-45 days forward
Global and Refined Product alert pages 1146 and 2529. Location China, Indonesia, Japan, Singapore, Thailand to [email protected] with a copy to
Please send any questions, comments, or feedback [email protected] .
to [email protected] with a copy to Group I SN500 FOB Asia (PLAAD00) For written comments, please provide a clear
[email protected] . indication if they are not intended for publication
ASTM Color Maximum 4
For written comments, please provide a clear Viscosity at 40 degrees Celsius 95-125 mm squared/s by Platts for public viewing. Platts will consider all
indication if they are not intended for publication by Viscosity at 100 degrees Celsius 9.5-13 mm squared/s comments received and make comments not marked
Viscosity Index Minimum 88
Platts for public viewing. Flash Point Minimum 210 degrees Celsius as confidential available upon request.
Platts will consider all comments received and will Pour Point Maximum -6 degrees Celsius
Quantity 1,000 mt in bulk
make comments not marked as confidential available Laycan 15-45 days forward Platts starts publishing weekly FOB Bahrain bitumen
upon request. Location China, Indonesia, Japan, Singapore, Thailand prices from Dec 11
Platts, part of S&P Global Commodity Insights, has
Platts changes Asia Group I Base Oils assessments Group I Bright Stock FOB Asia (PLAAG00) started publishing weekly prices of FOB Bahrain PEN
names, specifications, publishing schedule ASTM Color Maximum 6 60-70 grade bitumen, effective Dec. 11.
Platts, part of S&P Global Commodity Insights, Viscosity at 100 degrees Celsius 30-35 mm squared/s The assessment complements Platts’ existing FOB
Viscosity Index Minimum 95
has changed the names, methodology, and Flash Point Minimum 270 degrees Celsius Singapore, FOB South Korea and CFR India bitumen

© 2025 by S&P Global Inc. All rights reserved. 25

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

assessments, providing more information on the by Platts for public viewing. The Platts Global Transportation Fuels Index
waterborne trade for the product in the Asia-Pacific Platts will consider all comments received and will [ADEXA00] is a composite daily index featuring key
and Middle East markets. make comments not marked as confidential available Platts transportation fuels physical benchmarks
The FOB Bahrain assessment (BFBSW04) is upon request. across road, air, sea and rail, weighted by the relative
published as $/mt, and reflect 3,000-7,000-mt cargoes carbon emissions associated with each fuel type.
loading from Sitra 20-40 days forward. Platts to update component weighting for Global The weightings in the index represent a broad
The assessment takes into consideration price Transportation Fuels Index for 2025 view of proportional transportation fuels around
information gathered during the week ahead of Platts, part of S&P Global Commodity Insights, will the world. The weightings are reviewed annually to
the assessment, with indications normalized to the update the component weighting used in the Platts keep the index representative of global supply and
close at 4:30 pm Singapore time on Wednesday of Global Transportation Fuels Index [ADEXA00], effective demand trends.
each week. Jan. 2, 2025. More details about the calculations and
The assessment reflects the values of physical The revised weighting reflects an update in the methodology of the index can be found in the Platts
bitumen cargoes at the close at 4:30 pm Singapore relative global CO2 emissions from the transport Global Commodity Indices Specifications Guide at:
time on Wednesdays and follows the Singapore sector by fuel type, following a review of the latest https://www.spglobal.com/commodityinsights/
publishing schedule. When a public holiday falls on International Energy Agency data. PlattsContent/_assets/_files/en/our-methodology/
the planned publishing day, the assessment will be The new weightings for the components are as methodology-specifications/global_commodity_
published the day prior to the public holiday. follows: indices.pdf?utm_medium=homepage/.
The assessment can be found in the Asia-Pacific/ % Revised Please send any feedback or questions to
Currency/ % Current
Arab Gulf Marketscan and on Platts Global and Refined Assessment Symbol
UoM weighting
weighting from [email protected].
Jan 2025
Product alert page 2527. Gasoline CBOB 87 USGC AARQU00 cents/gal 27.06 26.82 For written comments, please provide a clear
Please send any questions, comments or feedback ULSD 10ppmS CIF NWE
AAVBG00 $/mt 48.54 48.24 indication if comments are not intended for publication
Cargo
to [email protected] with a copy to Global Jet Index PJGLO09 $/mt 11.60 9.81
by Platts for public viewing.
[email protected]. FOB Spore Marine Fuel
AMFSA00 $/mt 10.60 11.10
Platts will consider all comments received and will
0.5% Cargo
For written comments, please provide a clear Chicago Argo Ethanol AALRI00 cents/gal 2.20 4.03
make comments not marked as confidential available
indication if comments are not intended for publication upon request.

© 2025 by S&P Global Inc. All rights reserved. 26

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

China tanker fixtures

Vessel name Volume (kt) Grade Origin Port Arrival Buyers

ALLIANCE 100 ESPO Russia Dongying 2/1/2025 TBA

ANDRONIKOS 275 Upper Zakum UAE Zhoushan 2/20/2025 Zhejiang Petroleum & Chemical
ANITA 280 Mal Blend Malaysia Rizhao 2/16/2025 TBA
ANTONIS I ANGELICOUSSIS 272 Upper Zakum UAE Zhoushan 2/7/2025 Zhejiang Petroleum & Chemical
AQUARIUS II 100 ESPO Russia Dongying 2/8/2025 Sheng An
ATILA 273 Mal Blend Malaysia Yantai 2/7/2025 TBA
BENDIGO 270 Mal Blend Malaysia Hainan 1/15/2025 TBA
BESTLA 276 Mal Blend Malaysia Qingdao 2/1/2025 TBA
BRISTOL 142 Lapa Brazil Dongjiakou 2/6/2025 Kenli
C. SPIRIT 180 Basrah Iraq Lianyungang 2/24/2025 Shenghong Petrochemical
CARNATIC 278 Mal Blend Malaysia Zhoushan 1/15/2025 TBA
COSGOLD LAKE 145 Upper Zakum UAE Dalian 2/9/2025 Hengli Petrochemical
COSNEW LAKE 280 Oman Oman Yantai 1/31/2025 Yulong
DALIL 140 Arab Heavy Saudi Arabia Zhoushan 2/5/2025 Zhejiang Petroleum & Chemical
DALIL 135 Arab Light Saudi Arabia Zhoushan 2/5/2025 Zhejiang Petroleum & Chemical
EGRET 68 Bitumen Blend Malaysia Yantai 2/14/2025 Hebei Xinhai
ELAYNA 158 Crude Malaysia Rizhao 2/14/2025 TBA
ELIZABET 260 Mal Blend Malaysia Dalian 2/10/2025 Hengli Petrochemical
FRONT TANA 270 Crude Malaysia Yantai 2/4/2025 TBA
FURY 140 Mal Blend Malaysia Zhoushan 2/8/2025 TBA
HAFEET 130 Dalia Angola Yantai 2/14/2025 TBA
HAPPINESS I 280 Mal Blend Malaysia Yantai 12/27/2025 TBA
HARBOUR SPLENDOR 280 Arab Saudi Arabia Dalian 2/9/2025 Hengli Petrochemical
JADEAR 285 TBA Malaysia Yantai 2/14/2025 TBA
JINJIANG EXPERIENCE 100 ESPO Russia Dongjiakou 2/6/2025 Lijin
KATSUYA 40 Fuel Oil UAE Yantai 2/10/2025 TBA
LING HONG 100 ESPO Russia Dongying 2/7/2025 Sheng An
LUCKY FAIRY 100 ESPO Russia Dongying 2/13/2025 Haike
LYDYA N 269 Mal Blend Malaysia Dongjiakou 2/12/2025 TBA
MARAN APOLLO 140 Atapu Brazil Lianyungang 2/9/2025 Shenghong Petrochemical
MARAN CANOPUS 275 Arab Light Saudi Arabia Zhoushan 2/12/2025 Zhejiang Petroleum & Chemical
MARAN MARS 140 Murban UAE Lianyungang 2/24/2025 Shenghong Petrochemical
MEGAN GLORY 80 AWB Canada Laizhou 2/19/2025 TBA
MIRES 100 ESPO Russia Dongjiakou 2/10/2025 Lijin
MONTROSE 270 Mal Blend Malaysia Rizhao 2/5/2025 TBA
NICHOLE 100 ESPO Russia Dongying 2/14/2025 Hualian
OLYMPIC TROPHY 270 Upper Zakum UAE Yantai 1/26/2025 Yulong
OLYMPUS 100 Crude TBA Rizhao 2/1/2025 TBA
OXIS 270 Mal Blend Malaysia Zhoushan 1/2/2025 TBA
PLATA GLORY 280 Arab Saudi Arabia Zhoushan 2/2/2025 Zhejiang Petroleum & Chemical
RANI 100 Mal Blend Malaysia Rizhao 2/8/2025 TBA
RIEVERIA I 150 Mal Blend Malaysia Yantai 2/5/2025 TBA
SALVIA 270 Bitumen Blend Malaysia Dongjiakou 1/17/2025 TBA
SEA FIDELITY 100 Fuel Oil Russia Dongying 2/7/2025 Hualian
SEASKY 100 ESPO Russia Yantai 2/16/2025 Xintai
SEAWAYS YOSEMITE 80 Pacific Dilbit Canada Zhoushan 2/9/2025 Zhejiang Petroleum & Chemical
SI HE 100 ESPO Russia Dongying 2/7/2025 Hualian
SKADI 100 ESPO Russia Dongying 2/3/2025 TBA
THEMIS 100 ESPO Russia Dongying 2/1/2025 TBA

© 2025 by S&P Global Inc. All rights reserved. 27

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

China tanker fixtures (continued)

Vessel name Volume (kt) Grade Origin Port Arrival Buyers

TIFANI 272 Mal Blend Malaysia Dongjiakou 2/6/2025 TBA

TURACO 100 Mal Blend Malaysia Dongying 2/16/2025 Hualian
TWIN POLLUX 110 Arab Light Saudi Arabia Lianyungang 2/24/2025 Shenghong Petrochemical
TWIN POLLUX 170 Upper Zakum UAE Lianyungang 2/24/2025 Shenghong Petrochemical
VICTOR KONETSKY 100 Sokol Russia Yantai 2/17/2025 TBA
VIKTOR TITOV 95 Sokol Russia Yangshan 1/20/2025 Hongrun
VLADIMIR ARSENYEV 95 Sokol Russia Yantai 2/8/2025 TBA
VLCC STEPHANIE 200 Al Shaheen UAE Dalian 2/3/2025 Hengli Petrochemical
VLCC STEPHANIE 80 Upper Zakum UAE Dalian 2/3/2025 Hengli Petrochemical
WHITE CRANE 288 Bitumen Blend Malaysia Yantai 2/18/2025 TBA
WOOD BREED 274 Mal Blend Malaysia Dongjiakou 2/6/2025 Hualong
YANG LI HU 80 AWB Canada Zhoushan 2/11/2025 Zhejiang Petroleum & Chemical
YUAN SHAN HU 140 Arab Heavy Saudi Arabia Lianyungang 2/4/2025 Shenghong Petrochemical
YUAN SHAN HU 140 Qatar Marine UAE Lianyungang 2/4/2025 Shenghong Petrochemical
YUG 274 Bitumen Blend Malaysia Dongjiakou 2/6/2025 TBA

© 2025 by S&P Global Inc. All rights reserved. 28

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

International Dirty Tanker Fixtures (PGT page 2950)

Ship name Size Type Date Route Rate Charterer

East of Suez

Princess Alexia 270 CR Feb28 PG-Thailand w55 PTT

Sinokor Tbn 270 CR Mar3 PG-East rnr Vitol
Baltic/UKC

Pacific Emerald 80 CR Feb26 Hound Point-UKC w110 Unipec

Ingrid Knutsen 80 CR Feb26 Sullom Voe-UKC w120 Chevron
Med

Front Seoul 130 CR Mar1 Libya-China (C/C) $5.65m Unipec

Adam 80 CR Mar1 Es Sider-Med rnr BGN
Cardiff Tbn 80 CR Feb27 Zawia-Med, UKC w132.5, w127.5 Equinor
Olib 80 CR Feb27 Ceyhan-Med w132.5 Heritage
Sword 80 CR Feb27 Es Sider-Med, UKC rnr, rnr CSSA
WAF

Habrut o/o Landbridge Prosperity 260 CR Mar8 Nigeria-East, WCI, ECI w68, w70, w69 Total
Maran tbn 130 CR Mar8 Nigeria-Med rnr Exxon
Americas

Seapassion 270 CR Mar15 USGC-South Korea, Demurrage $8.45m, $70k/d Equinor

Sea Ruby 260 CR Mar16 Brazil-East o/p CSSA
Antartic 130 CR Mar3 Guyana-C. Grande o/p Exxon
Green Anax 70 CR Feb27 USGC-UKCM w150 BP
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

© 2025 by S&P Global Inc. All rights reserved. 29

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

International clean tanker fixtures (PGT page 2904)

Ship name Size Type Date Route Rate Charterer

East of Suez

Minerva Zoe 90 ULSD Mar1 PG-UKC $3.5m Admic

Pacific A. Dorodchi 90 ULSD Feb20 PG-UKC rnr cnr
Advantage Life 90 JET Feb20 Sikka-UKC rnr cnr
MH Gladiator 90 UNL Feb27 Sikka-PG rnr RIL
Torm Kirsten 75 NA Mar6 PG-Japan w122.5 YNCC
Inf Light 60 CL Feb25 Jubail-Jebel Ali rnr cnr
Scirocco 60 JET Feb20 Cross-PG rnr cnr
Louloulight 60 JET Feb22 NMangalore-UKC $2.2m Shell
Estia 60 ULSD Feb26 Vadinar-Spore w145 Shell
LR1 Charm 60 JET Feb26 Kuwait-Jebel Ali $390k Shell
Mezaira’a 60 CL Feb26 Sikka-UKC, USAC $2.65m, $2.95m RIL
Nave Cielo 35 UNL Feb19 Fujairah-Pakistan $395k ATC
Joropo 35 CL Feb26 Gizan-Opts rnr ATC
MP MR Tanker 1 35 ULSD Feb24 Fujairah-Pakistan $370k ATC
Torm Malaysia 35 NA Feb26 PG-Japan rnr ATS
Tbn 35 UNL Mar1 NMangalore-Opts rnr OQ
Proteus Rong Na 90 CL Feb25 SKorea-Opts rnr cnr
Marlin Lagos 80 COND Feb26 Malampaya-Muara $695k Admic
Diyyinah I 60 NA Feb26 Taiwan-SKorea $475k Vitol
Jag Aabha 60 UNL Mar1 Taiwan-Spore $550k BP
CSC Peace 35 ULSD Mar1 Spore-Australia w205 Ampol
Silver Philippa 35 GO Feb22 Muara-Australia, Opts w190, rnr Ampol
Tbn 35 CL Feb28 SKorea-Spore rnr Vitol
Glorious Sunshine 35 GO Feb21 SKorea-Vietnam $600k Petrolimex
Maria Majesty 35 CL Feb20 Japan-Philippines $650k Eneos
Silver Phoenix 30 UNL Mar21 Spore-Teluk Kabung+Tanjung Gerem $375k Pertamina
Petrosamudra 30 UNL Feb21 Spore-Bau Bau $375k Pertamina
Baltic/UKC

Navig8 Executive 37 UNL Feb26 Sines-TA, UKC w177.5, rnr Sacor

Med

Rui Fu Sheng 37 NA Feb27 Skikda-UKC w175 ATL

Americas

STI Westminster 38 CL Feb23 USGC-TA, Demurrage w110, $30k/d Equinor

Torm Singapore 38 CL Feb21 USGC-ECMex COA PMI
Jupiter Star 38 CL Feb22 USGC-Peru $1.625m Valero
Torm Solution 38 CL Feb23 Cherry Point-WCMex $597.5k PMI
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

© 2025 by S&P Global Inc. All rights reserved. 30

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

APAC Deals Summary „ Platts Mogas 95: MAR8-MAR12: **SKEISG offers 50kb FOB „ Platts Mogas 92: MAR25: HOTEI bids 25kb $85.85/bbl
Straits $88.90/bbl „ Platts Mogas 92: MAR25: ONYX bids 100kb $85.85/bbl
„ Platts Mogas 95: MAR11-MAR15: **SKEISG offers 50kb FOB „ Platts Mogas 92: MAR25: EQUINOR bids 25kb $85.80/bbl
Gasoline FOB Spore Cargo Straits $88.90/bbl
„ Platts Mogas 92: MAR25: FREEPTASIA bids 25kb $85.80/bbl
Trades (PGA page 2315) „ Platts Mogas 95: MAR12-MAR16: **SKEISG offers 50kb FOB
„ Platts Mogas 92: MAR25: ONYX bids 25kb $85.80/bbl
Straits $89.00/bbl
„ MAR17-MAR21: TRAFI* sold to UNIPECSG 100kb FOB Straits „ Platts Mogas 92: MAR25: UITSG bids 25kb $85.75/bbl
$86.90/bbl 8:29:59 „ Platts Mogas 95: MAR17-MAR21: **SKEISG offers 50kb FOB
Straits $89.00/bbl „ Platts Mogas 92: MAR25: MERCURIARESOURCES bids 25kb
* Denotes market maker. All times GMT
$85.65/bbl
Withdrawals
Bids (PGA page 2313)
„ Platts Mogas 92: MAR25: MERCURIARESOURCES bids 25kb
„ MAR17-MAR21: TRAFI no longer offers 100kb FOB Straits
„ MAR6-MAR10: ARAMCOSG bids 100kb FOB Straits $85.60/bbl
$86.90/bbl
$86.80/bbl „ Platts Mogas 92: MAR25: BPSG bids 25kb $85.50/bbl
„ Platts Mogas 97: MAR15-MAR19: **PTT Withdraws offer
„ MAR7-MAR11: **BPSG bids 100kb FOB Straits $86.70/bbl 50kb FOB Straits MOPS 95 $1.40/bbl Withdrawals
„ MAR11-MAR15: **UNIPECSG bids 100kb FOB Straits „ Platts Mogas 97: MAR15-MAR19: **PTT Withdraws offer „ Platts Mogas 92: MAR25: DARE no longer bids 25kb
$86.80/bbl 50kb FOB Straits MOPS 92 $3.40/bbl $85.99/bbl
„ MAR11-MAR15: **UNIPECSG bids 100kb FOB Straits MOPS ** Denotes OCO order. ** Denotes OCO order.
92 $0.40/bbl Offers (PGA page 4010)
„ MAR17-MAR21: **BPSG bids 100kb FOB Straits $86.20/bbl Gasoline FOB Spore Paper „ Platts Mogas 92: MAR25: MERCURIARESOURCES offers
„ MAR17-MAR21: **P66SG bids 100kb FOB Straits $86.20/bbl 25kb $86.05/bbl
Trades (PGA page 4011)
„ MAR17-MAR21: **P66SG bids 100kb FOB Straits MOPS 92 „ Platts Mogas 92: MAR25: TRAFI offers 25kb $86.05/bbl
$0.00/bbl „ Platts Mogas 92: MAR25: VITOLSG sold to DARE* 25kb
$85.99/bbl 8:29:50 „ Platts Mogas 92: MAR25: ONYX offers 25kb $86.08/bbl
„ MAR7-MAR11: **BPSG bids 200kb $86.90/bbl
„ Platts Mogas 92: MAR25: VITOLSG* sold to ARIONINV 50kb „ Platts Mogas 92: MAR25: THEMEINT offers 25kb $86.09/bbl
„ MAR11-MAR15: **UNIPECSG bids 200kb $87.00/bbl
$86.00/bbl 8:29:52 „ Platts Mogas 92: MAR25: HOTEI offers 25kb $86.10/bbl
„ MAR11-MAR15: **UNIPECSG bids 200kb $0.60/bbl
„ Platts Mogas 92: MAR25: VITOLSG* sold to P66SG 50kb „ Platts Mogas 92: MAR25: MERCURIARESOURCES offers
„ MAR17-MAR21: **BPSG bids 200kb $86.40/bbl $86.00/bbl 8:29:56 25kb $86.10/bbl
„ MAR17-MAR21: **P66SG bids 200kb $86.40/bbl „ Platts Mogas 92: MAR25: TRAFI sold to DARE* 25kb $85.99/ „ Platts Mogas 92: MAR25: UNIPECSG offers 25kb $86.10/bbl
„ MAR17-MAR21: **P66SG bids 200kb $0.20/bbl bbl 8:29:58 „ Platts Mogas 92: MAR25: EQUINOR offers 25kb $86.12/bbl
„ Platts Mogas 95: MAR17-MAR21: BPSG bids 50kb FOB * Denotes market maker. All times GMT
„ Platts Mogas 92: MAR25: THEMEINT offers 25kb $86.14/bbl
Straits $87.60/bbl Bids (PGA page 4009)
„ Platts Mogas 92: MAR25: DARE offers 25kb $86.15/bbl
„ Platts Mogas 97: MAR16-MAR20: **UNIPECSG bids 50kb
„ Platts Mogas 92: MAR25: ONYX bids 25kb $85.95/bbl „ Platts Mogas 92: MAR25: FREEPTASIA offers 25kb
FOB Straits $88.10/bbl
„ Platts Mogas 92: MAR25: ARIONINV bids 25kb $85.92/bbl $86.15/bbl
„ Platts Mogas 97: MAR17-MAR21: **UNIPECSG bids 50kb FOB
„ Platts Mogas 92: MAR25: THEMEINT bids 25kb $85.91/bbl „ Platts Mogas 92: MAR25: HOTEI offers 25kb $86.15/bbl
Straits $88.10/bbl
„ Platts Mogas 92: MAR25: DARE bids 25kb $85.90/bbl „ Platts Mogas 92: MAR25: HOTEI offers 25kb $86.15/bbl
„ MAR13-MAR17: GUNVORSG bids 100kb $88.00/bbl
„ Platts Mogas 92: MAR25: HOTEI bids 25kb $85.90/bbl „ Platts Mogas 92: MAR25: ONYX offers 100kb $86.15/bbl
„ MAR17-MAR21: **UNIPECSG bids 100kb $88.20/bbl
„ Platts Mogas 92: MAR25: ONYX bids 25kb $85.90/bbl „ Platts Mogas 92: MAR25: UITSG offers 25kb $86.15/bbl
„ MAR17-MAR21: **UNIPECSG bids 150kb $88.30/bbl
„ Platts Mogas 92: MAR25: DARE bids 25kb $85.86/bbl „ Platts Mogas 92: MAR25: ARIONINV offers 25kb $86.20/bbl
Withdrawals
„ Platts Mogas 92: MAR25: THEMEINT bids 25kb $85.86/bbl „ Platts Mogas 92: MAR25: DARE offers 25kb $86.20/bbl
„ No bids reported
** Denotes OCO order. „ Platts Mogas 92: MAR25: GTU bids 25kb $85.85/bbl „ Platts Mogas 92: MAR25: GTU offers 25kb $86.20/bbl

Offers (PGA page 2314) „ Platts Mogas 92: MAR25: HOTEI bids 25kb $85.85/bbl „ Platts Mogas 92: MAR25: ONYX offers 25kb $86.20/bbl

© 2025 by S&P Global Inc. All rights reserved. 31

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

„ Platts Mogas 92: MAR25: ONYX offers 25kb $86.30/bbl „ Platts Mogas 92 spread: MAR25/APR25: FREEPTASIA bids „ Platts Mogas 92 spread: MAR25/APR25: P66SG offers 25kb
„ Platts Mogas 92: MAR25: BPSG offers 25kb $86.50/bbl 25kb $0.63/bbl $0.73/bbl
Withdrawals „ Platts Mogas 92 spread: MAR25/APR25: DARE bids 25kb „ Platts Mogas 92 spread: MAR25/APR25: HOTEI offers 50kb
$0.60/bbl $0.74/bbl
„ Platts Mogas 92: MAR25: VITOLSG no longer offers 50kb
$86.00/bbl „ Platts Mogas 92 spread: MAR25/APR25: DARE bids 25kb „ Platts Mogas 92 spread: MAR25/APR25: ONYX offers 100kb
$0.60/bbl $0.74/bbl
** Denotes OCO order.
„ Platts Mogas 92 spread: MAR25/APR25: FREEPTASIA bids „ Platts Mogas 92 spread: MAR25/APR25: THEMEINT offers
25kb $0.60/bbl 25kb $0.74/bbl
Gasoline FOB Spore Paper Spreads
„ Platts Mogas 92 spread: APR25/MAY25: BPSG bids 25kb „ Platts Mogas 92 spread: MAR25/APR25:
Trades (PGA page 4011) $0.85/bbl MERCURIARESOURCES offers 25kb $0.75/bbl
„ No trades reported „ Platts Mogas 92 spread: APR25/MAY25: EQUINOR bids 25kb „ Platts Mogas 92 spread: MAR25/APR25: TRAFI offers 25kb
* Denotes market maker. All times GMT $0.84/bbl $0.75/bbl
Bids (PGA page 4009) „ Platts Mogas 92 spread: APR25/MAY25: ONYX bids 25kb „ Platts Mogas 92 spread: MAR25/APR25: EQUINOR offers
$0.83/bbl 25kb $0.77/bbl
„ Platts Mogas 92 spread: BAL MONTH/MAR25: ENGIESG bids
„ Platts Mogas 92 spread: APR25/MAY25: SKEISG bids 25kb „ Platts Mogas 92 spread: MAR25/APR25: FREEPTASIA offers
25kb $0.25/bbl
$0.83/bbl 25kb $0.78/bbl
„ Platts Mogas 92 spread: MAR25/APR25: HOTEI bids 25kb
„ Platts Mogas 92 spread: APR25/MAY25: P66SG bids 25kb „ Platts Mogas 92 spread: MAR25/APR25: DARE offers 25kb
$0.71/bbl
$0.81/bbl $0.80/bbl
„ Platts Mogas 92 spread: MAR25/APR25: BPSG bids 25kb
„ Platts Mogas 92 spread: APR25/MAY25: „ Platts Mogas 92 spread: MAR25/APR25: DARE offers 25kb
$0.69/bbl
MERCURIARESOURCES bids 25kb $0.80/bbl $0.80/bbl
„ Platts Mogas 92 spread: MAR25/APR25: HOTEI bids 50kb
„ Platts Mogas 92 spread: APR25/MAY25: DARE bids 25kb „ Platts Mogas 92 spread: MAR25/APR25: FREEPTASIA offers
$0.68/bbl
$0.75/bbl 25kb $0.80/bbl
„ Platts Mogas 92 spread: MAR25/APR25: ONYX bids 25kb
„ Platts Mogas 92 spread: APR25/MAY25: DARE bids 25kb „ Platts Mogas 92 spread: APR25/MAY25: BPSG offers 25kb
$0.68/bbl
$0.75/bbl $0.87/bbl
„ Platts Mogas 92 spread: MAR25/APR25: VITOLSG bids 25kb
„ Platts Mogas 92 spread: APR25/MAY25: FREEPTASIA bids „ Platts Mogas 92 spread: APR25/MAY25: ONYX offers 25kb
$0.68/bbl
25kb $0.75/bbl $0.88/bbl
„ Platts Mogas 92 spread: MAR25/APR25: ARIONINV bids
Withdrawals „ Platts Mogas 92 spread: APR25/MAY25: P66SG offers 25kb
100kb $0.67/bbl
„ Platts Mogas 92 spread: MAR25/APR25: VITOLSG Withdraws $0.88/bbl
„ Platts Mogas 92 spread: MAR25/APR25: EQUINOR bids 25kb
bid 25kb $0.00/bbl „ Platts Mogas 92 spread: APR25/MAY25: FREEPTASIA offers
$0.67/bbl
** Denotes OCO order. 25kb $0.90/bbl
„ Platts Mogas 92 spread: MAR25/APR25:
Offers (PGA page 4010) „ Platts Mogas 92 spread: APR25/MAY25:
MERCURIARESOURCES bids 25kb $0.65/bbl
MERCURIARESOURCES offers 25kb $0.90/bbl
„ Platts Mogas 92 spread: MAR25/APR25: ONYX bids 100kb „ Platts Mogas 92 spread: BAL MONTH/MAR25: GUNVORSG
„ Platts Mogas 92 spread: APR25/MAY25: ONYX offers 25kb
$0.65/bbl offers 100kb $0.73/bbl
$0.90/bbl
„ Platts Mogas 92 spread: MAR25/APR25: SKEISG bids 25kb „ Platts Mogas 92 spread: BAL MONTH/MAR25: FREEPTASIA
„ Platts Mogas 92 spread: APR25/MAY25: EQUINOR offers
$0.65/bbl offers 25kb $0.80/bbl
25kb $0.93/bbl
„ Platts Mogas 92 spread: MAR25/APR25: THEMEINT bids „ Platts Mogas 92 spread: MAR25/APR25: BPSG offers 25kb
„ Platts Mogas 92 spread: APR25/MAY25: DARE offers 25kb
25kb $0.65/bbl $0.72/bbl
$0.95/bbl
„ Platts Mogas 92 spread: MAR25/APR25: TRAFI bids 25kb „ Platts Mogas 92 spread: MAR25/APR25: HOTEI offers 100kb
„ Platts Mogas 92 spread: APR25/MAY25: DARE offers 25kb
$0.65/bbl $0.73/bbl
$0.95/bbl
„ Platts Mogas 92 spread: MAR25/APR25: P66SG bids 25kb „ Platts Mogas 92 spread: MAR25/APR25: ONYX offers 100kb
Withdrawals
$0.64/bbl $0.73/bbl
„ Platts Mogas 92 spread: MAR25/APR25: VITOLSG Withdraws

© 2025 by S&P Global Inc. All rights reserved. 32

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

offer 25kb $0.73/bbl Withdrawals „ APR25: HOTEI offers 50kb $91.40/bbl

„ Platts Mogas 92 spread: MAR25/APR25: HOTEI Withdraws „ No bids reported „ BAL MONTH: DARE offers 50kb $93.35/bbl
offer 25kb $0.80/bbl ** Denotes OCO order. „ BAL MONTH: HOTEI offers 50kb $93.55/bbl
** Denotes OCO order. Offers (PGA page 2324) Withdrawals
„ No offers reported „ BAL MONTH: BPSG no longer offers 50kb $92.85/bbl
Naphtha C+F Cargo ** Denotes OCO order.
Withdrawals
Trades (PGA page 2325) „ No offers reported
„ H1MAY25: BPSG* sold to VITOLSG 25kt $668.00/mt 8:29:47 ** Denotes OCO order. Jet Kero FOB Spore Paper Spreads
* Denotes market maker. All times GMT Trades (PGA page 4023)
Bids (PGA page 2323) Jet Kero FOB Spore Paper
„ No trades reported
„ H2APR25: SKEISG bids 25kt $671.00/mt Trades (PGA page 4023) * Denotes market maker. All times GMT
„ H2APR25: **AGTASIA bids 25kt $669.00/mt „ BAL MONTH: BPSG* sold to DARE 50kb $92.85/bbl 8:29:52 Bids (PGA page 4021)
„ H2APR25: **TOTALSG bids 25kt $667.00/mt * Denotes market maker. All times GMT „ BAL MONTH/MAR25: ARAMCOSG bids 50kb $0.77/bbl
„ H2APR25: **VITOLSG bids 25kt $667.00/mt Bids (PGA page 4021) „ BAL MONTH/MAR25: SIETCO bids 50kb $0.75/bbl
„ H1MAY25: **VITOLSG bids 25kt $667.00/mt „ MAR25: HOTEI bids 50kb $92.00/bbl „ BAL MONTH/MAR25: CAOSG bids 50kb $0.70/bbl
„ H1MAY25: SKEISG bids 25kt $667.00/mt „ MAR25: CMTENERGY bids 50kb $91.70/bbl „ BAL MONTH/MAR25: DARE bids 50kb $0.70/bbl
„ H1MAY25: **AGTASIA bids 25kt $666.00/mt „ MAR25: DVTRADING bids 50kb $91.70/bbl „ BAL MONTH/MAR25: HENGLIPET bids 50kb $0.70/bbl
„ H1MAY25: **TOTALSG bids 25kt $663.00/mt „ MAR25: BPSG bids 50kb $91.50/bbl „ BAL MONTH/MAR25: HOTEI bids 50kb $0.70/bbl
„ H1MAY25: **UNIPECSG bids 25kt $660.00/mt „ MAR25: DARE bids 50kb $91.47/bbl „ BAL MONTH/MAR25: UITSG bids 50kb $0.70/bbl
Withdrawals „ APR25: CMTENERGY bids 50kb $90.60/bbl „ MAR25/APR25: DARE bids 50kb $1.00/bbl
„ No bids reported „ APR25: HOTEI bids 50kb $90.50/bbl „ MAR25/APR25: HOTEI bids 50kb $1.00/bbl
** Denotes OCO order.
„ APR25: DVTRADING bids 50kb $90.30/bbl „ MAR25/APR25: ARAMCOSG bids 50kb $0.95/bbl
Offers (PGA page 2324)
„ APR25: DARE bids 50kb $90.20/bbl „ MAR25/APR25: DVTRADING bids 50kb $0.90/bbl
„ H2APR25: OQLTD offers 25kt $677.00/mt „ BAL MONTH: DARE bids 50kb $92.17/bbl „ MAR25/APR25: CMTENERGY bids 50kb $0.85/bbl
„ H1MAY25: AGTASIA offers 25kt $670.00/mt „ BAL MONTH: HOTEI bids 50kb $91.95/bbl „ MAR25/APR25: ERACOMM bids 50kb $0.85/bbl
„ H1MAY25: OQLTD offers 25kt $676.00/mt Withdrawals „ MAR25/APR25: HENGLIPET bids 50kb $0.85/bbl
„ H1MAY25: **UNIPECSG offers 25kt $680.00/mt „ No bids reported „ MAR25/APR25: PETROCHINA bids 50kb $0.80/bbl
Withdrawals ** Denotes OCO order. „ MAR25/APR25: DARE bids 50kb $0.70/bbl
„ H1MAY25: BPSG no longer offers 25kt $668.00/mt Offers (PGA page 4022) „ MAR25/APR25: UITSG bids 50kb $0.70/bbl
** Denotes OCO order. „ MAR25: DARE bids 50kb $-0.5/bbl
„ MAR25: BPSG offers 50kb $92.05/bbl
„ MAR25: DVTRADING offers 50kb $92.05/bbl „ MAR25: GUNVORSG bids 50kb $-0.5/bbl
Naphtha C+F Japan Cargo Spreads „ MAR25: VITOLSG bids 50kb $-0.5/bbl
„ MAR25: CMTENERGY offers 50kb $92.20/bbl
Trades (PGA page 2325) „ MAR25: DARE offers 50kb $92.35/bbl „ MAR25: CORNERCAP bids 50kb $-0.55/bbl
„ No trades reported „ MAR25: HOTEI offers 50kb $92.35/bbl „ MAR25: HOTEI bids 50kb $-0.55/bbl
* Denotes market maker. All times GMT „ APR25: DARE offers 50kb $90.95/bbl „ MAR25: ARAMCOSG bids 50kb $-0.6/bbl
Bids (PGA page 2323) „ APR25: DVTRADING offers 50kb $91.10/bbl „ MAR25: HENGLIPET bids 50kb $-0.6/bbl

„ No bids reported „ APR25: CMTENERGY offers 50kb $91.20/bbl „ MAR25: DVTRADING bids 50kb $-0.8/bbl

© 2025 by S&P Global Inc. All rights reserved. 33

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

„ MAR25: UITSG bids 50kb $-0.8/bbl „ APR25: UITSG offers 50kb $-0.85/bbl „ MAR25: NCDMCC bids 50kb $92.20/bbl
„ APR25: DARE bids 50kb $-1.2/bbl „ APR25: DARE offers 50kb $-0.8/bbl „ MAR25: DARE bids 50kb $92.15/bbl
„ APR25: DVTRADING bids 50kb $-1.2/bbl „ APR25: ERACOMM offers 50kb $-0.8/bbl „ MAR25: ANVIK bids 50kb $92.10/bbl
„ APR25: ERACOMM bids 50kb $-1.2/bbl „ APR25: HENGLIPET offers 50kb $-0.8/bbl „ MAR25: BPSG bids 50kb $92.10/bbl
„ APR25: HENGLIPET bids 50kb $-1.2/bbl „ APR25: HOTEI offers 50kb $-0.8/bbl „ MAR25: DARE bids 50kb $92.10/bbl
„ APR25: HOTEI bids 50kb $-1.2/bbl Withdrawals „ MAR25: GUNVORSG bids 50kb $92.10/bbl
„ APR25: UITSG bids 50kb $-1.2/bbl „ BAL MONTH/MAR25: ENEOSSG Withdraws offer 50kb „ MAR25: GUNVORSG bids 50kb $92.10/bbl
Withdrawals $1.20/bbl „ MAR25: HOTEI bids 50kb $92.05/bbl
** Denotes OCO order.
„ No bids reported „ MAR25: GUNVORSG bids 50kb $92.00/bbl
** Denotes OCO order. „ MAR25: MBCL bids 50kb $91.70/bbl
Offers (PGA page 4022)
Gasoil FOB Spore Paper
„ APR25: CMTENERGY bids 50kb $91.60/bbl
Trades (PGA page 4019) „ APR25: HOTEI bids 50kb $91.32/bbl
„ BAL MONTH/MAR25: ARAMCOSG offers 50kb $1.15/bbl
„ BAL MONTH/MAR25: CORNERCAP offers 50kb $1.15/bbl „ MAR25: HOTEI sold to DVTRADING* 50kb $92.34/ „ APR25: DARE bids 50kb $91.12/bbl
bbl 8:29:52 „ BAL MONTH: AGT bids 50kb $92.45/bbl
„ BAL MONTH/MAR25: DARE offers 50kb $1.17/bbl
„ MAR25: CORNERCAP sold to NCDMCC* 50kb $92.32/ „ BAL MONTH: DVTRADING bids 50kb $92.45/bbl
„ BAL MONTH/MAR25: ANVIK offers 50kb $1.19/bbl
bbl 8:29:57
„ BAL MONTH/MAR25: CAOSG offers 50kb $1.20/bbl „ BAL MONTH: DVTRADING bids 50kb $92.40/bbl
„ MAR25: DARE* sold to DVTRADING 50kb $92.40/
„ BAL MONTH/MAR25: HOTEI offers 50kb $1.20/bbl „ BAL MONTH: DARE bids 50kb $92.20/bbl
bbl 8:29:59
„ BAL MONTH/MAR25: UITSG offers 50kb $1.20/bbl „ BAL MONTH: HOTEI bids 50kb $92.20/bbl
„ MAR25: CMTENERGY sold to PRIMEENMDMCC* 50kb
„ MAR25/APR25: PETROCHINA offers 50kb $1.10/bbl $92.33/bbl 8:29:59 „ BAL MONTH: DARE bids 50kb $92.15/bbl
„ MAR25/APR25: DARE offers 50kb $1.15/bbl „ MAR25: HOTEI sold to DVTRADING* 50kb $92.33/ Withdrawals

„ MAR25/APR25: HOTEI offers 50kb $1.15/bbl bbl 8:30:00 „ MAR25: DVTRADING no longer bids 50kb $92.34/bbl
„ MAR25/APR25: UITSG offers 50kb $1.15/bbl „ BAL MONTH: DARE sold to HOTEI* 50kb $92.54/bbl 8:29:52 „ MAR25: DVTRADING no longer bids 50kb $92.33/bbl
„ MAR25/APR25: ARAMCOSG offers 50kb $1.20/bbl „ BAL MONTH: DARE sold to CMTENERGY* 50kb $92.52/ „ MAR25: PRIMEENMDMCC no longer bids 50kb $92.33/bbl
bbl 8:29:53
„ MAR25/APR25: CMTENERGY offers 50kb $1.20/bbl „ MAR25: NCDMCC no longer bids 50kb $92.32/bbl
„ BAL MONTH: DARE* sold to CMTENERGY 50kb $92.60/
„ MAR25/APR25: DVTRADING offers 50kb $1.20/bbl „ BAL MONTH: DARE Withdraws bid 50kb $91.75/bbl
bbl 8:29:53
„ MAR25/APR25: ERACOMM offers 50kb $1.20/bbl „ BAL MONTH: HOTEI no longer bids 50kb $92.54/bbl
„ BAL MONTH: DARE sold to CORNERCAP* 50kb $92.52/
„ MAR25/APR25: HENGLIPET offers 50kb $1.20/bbl bbl 8:29:57 „ BAL MONTH: HOTEI no longer bids 50kb $92.53/bbl
„ MAR25: CORNERCAP offers 50kb $-0.35/bbl „ BAL MONTH: DARE sold to CMTENERGY* 50kb $92.49/ „ BAL MONTH: CMTENERGY no longer bids 50kb $92.52/bbl
„ MAR25: DARE offers 50kb $-0.35/bbl bbl 8:29:59 „ BAL MONTH: CORNERCAP no longer bids 50kb $92.52/bbl
„ MAR25: UITSG offers 50kb $-0.35/bbl „ BAL MONTH: DARE sold to HOTEI* 50kb $92.53/bbl 8:30:00 „ BAL MONTH: CMTENERGY no longer bids 50kb $92.49/bbl
„ MAR25: VITOLSG offers 50kb $-0.35/bbl * Denotes market maker. All times GMT ** Denotes OCO order.

„ MAR25: GUNVORSG offers 50kb $-0.3/bbl Bids (PGA page 4017) Offers (PGA page 4018)
„ MAR25: HENGLIPET offers 50kb $-0.3/bbl „ MAR25: AGT bids 50kb $92.30/bbl „ MAR25: BPSG offers 50kb $92.40/bbl
„ MAR25: HOTEI offers 50kb $-0.3/bbl „ MAR25: DVTRADING bids 50kb $92.30/bbl „ MAR25: MBCL offers 50kb $92.40/bbl
„ MAR25: ARAMCOSG offers 50kb $-0.25/bbl „ MAR25: ERACOMM bids 50kb $92.30/bbl „ MAR25: DARE offers 50kb $92.45/bbl
„ MAR25: DVTRADING offers 50kb $-0.2/bbl „ MAR25: PRIMEENMDMCC bids 50kb $92.28/bbl „ MAR25: AGT offers 50kb $92.50/bbl
„ APR25: DVTRADING offers 50kb $-0.85/bbl „ MAR25: CMTENERGY bids 50kb $92.20/bbl „ MAR25: ERACOMM offers 50kb $92.50/bbl

© 2025 by S&P Global Inc. All rights reserved. 34

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

„ MAR25: MBCL offers 50kb $92.50/bbl „ BAL MONTH/MAR25: AGT bids 50kb $0.10/bbl „ MAR25/APR25: DARE offers 50kb $0.60/bbl
„ MAR25: NCDMCC offers 50kb $92.50/bbl „ BAL MONTH/MAR25: DVTRADING bids 50kb $0.10/bbl „ MAR25/APR25: HENGLIPET offers 50kb $0.62/bbl
„ MAR25: PRIMEENMDMCC offers 50kb $92.50/bbl „ MAR25/APR25: AGT bids 50kb $0.50/bbl Withdrawals
„ MAR25: PRIMEENMDMCC offers 50kb $92.50/bbl „ MAR25/APR25: CORNERCAP bids 50kb $0.50/bbl „ BAL MONTH/MAR25: CORNERCAP Withdraws offer 50kb
„ MAR25: DVTRADING offers 50kb $92.55/bbl „ MAR25/APR25: DARE bids 50kb $0.50/bbl $0.40/bbl
** Denotes OCO order.
„ MAR25: NCDMCC offers 50kb $92.55/bbl „ MAR25/APR25: HOTEI bids 50kb $0.50/bbl
„ MAR25: CMTENERGY offers 50kb $92.60/bbl „ MAR25/APR25: PRIMEENMDMCC bids 50kb $0.50/bbl
FO 180 CST 3.5% FOB Spore Paper
„ MAR25: DVTRADING offers 50kb $92.60/bbl „ MAR25/APR25: VITOLSG bids 50kb $0.50/bbl
„ MAR25: DVTRADING offers 50kb $92.60/bbl „ MAR25/APR25: ERACOMM bids 50kb $0.48/bbl Trades (PGA page 4027)
„ MAR25: HOTEI offers 50kb $92.70/bbl „ MAR25/APR25: DVTRADING bids 50kb $0.46/bbl „ No trades reported
„ APR25: CMTENERGY offers 50kb $92.10/bbl „ MAR25/APR25: CMTENERGY bids 50kb $0.45/bbl * Denotes market maker. All times GMT

„ APR25: DARE offers 50kb $92.20/bbl „ MAR25/APR25: HENGLIPET bids 50kb $0.45/bbl Bids (PGA page 4025)
„ APR25: HOTEI offers 50kb $92.20/bbl Withdrawals „ MAR25: MERCURIARESOURCES bids 5kt $481.00/mt
„ BAL MONTH: DARE offers 50kb $92.60/bbl „ BAL MONTH/MAR25: CORNERCAP no longer bids 50kb „ MAR25: DARE bids 5kt $480.00/mt
„ BAL MONTH: DARE offers 50kb $92.65/bbl $0.20/bbl
„ BAL MONTH/MAR25: GOODECAPLTD bids 5kt $5.00/mt
„ BAL MONTH: CMTENERGY offers 50kb $92.90/bbl „ BAL MONTH/MAR25: HOTEI no longer bids 50kb $0.20/bbl
Withdrawals
„ BAL MONTH: DVTRADING offers 50kb $93.00/bbl „ BAL MONTH/MAR25: CMTENERGY no longer bids 50kb
„ No bids reported
$0.16/bbl
„ BAL MONTH: DVTRADING offers 50kb $93.00/bbl ** Denotes OCO order.
„ MAR25/APR25: PRIMEENMDMCC Withdraws bid 50kb
„ BAL MONTH: AGT offers 50kb $93.10/bbl Offers (PGA page 4026)
$0.50/bbl
„ BAL MONTH: HOTEI offers 50kb $93.10/bbl ** Denotes OCO order. „ MAR25: VITOLSG offers 5kt $483.50/mt
Withdrawals Offers (PGA page 4018) „ MAR25: DARE offers 5kt $484.00/mt
„ MAR25: DARE no longer offers 50kb $92.40/bbl „ BAL MONTH/MAR25: ONYX offers 5kt $7.25/mt
„ BAL MONTH/MAR25: AGT offers 50kb $0.40/bbl
„ BAL MONTH: DARE Withdraws offer 50kb $93.20/bbl „ BAL MONTH/MAR25: P66SG offers 5kt $7.25/mt
„ BAL MONTH/MAR25: CMTENERGY offers 50kb $0.40/bbl
** Denotes OCO order.
„ BAL MONTH/MAR25: DARE offers 50kb $0.40/bbl „ BAL MONTH/MAR25: TOTSA offers 5kt $7.50/mt

„ BAL MONTH/MAR25: HOTEI offers 50kb $0.40/bbl „ BAL MONTH/MAR25: VITOLSG offers 5kt $7.50/mt
Gasoil FOB Spore Paper Spreads
„ BAL MONTH/MAR25: SIETCO offers 50kb $0.40/bbl „ BAL MONTH/MAR25: GOODECAPLTD offers 5kt $8.00/mt
Trades (PGA page 4019) Withdrawals
„ BAL MONTH/MAR25: VITOLSG offers 50kb $0.40/bbl
„ BAL MONTH/MAR25: MARKET sold to HOTEI* 50kb $0.20/ „ BAL MONTH/MAR25: DARE offers 50kb $0.50/bbl „ No offers reported
bbl 8:29:52 ** Denotes OCO order.
„ BAL MONTH/MAR25: DVTRADING offers 50kb $0.51/bbl
„ BAL MONTH/MAR25: MARKET sold to CORNERCAP* 50kb
„ BAL MONTH/MAR25: DARE offers 50kb $0.55/bbl
$0.20/bbl 8:29:57 FO 380 CST 3.5% FOB Spore Paper
„ MAR25/APR25: CMTENERGY offers 50kb $0.57/bbl
„ BAL MONTH/MAR25: MARKET sold to CMTENERGY* 50kb
„ MAR25/APR25: ERACOMM offers 50kb $0.58/bbl Trades (PGA page 4027)
$0.16/bbl 8:29:59
„ BAL MONTH/MAR25: MARKET sold to HOTEI* 50kb $0.20/ „ MAR25/APR25: PRIMEENMDMCC offers 50kb $0.58/bbl „ MAR25: VITOLSG* sold to HOTEI 5kt $478.50/mt 8:28:16
bbl 8:30:00 „ MAR25/APR25: DVTRADING offers 50kb $0.59/bbl „ MAR25: ONYX* sold to HENGLIPET 5kt $478.75/mt 8:29:14
* Denotes market maker. All times GMT „ MAR25/APR25: HOTEI offers 50kb $0.59/bbl „ MAR25: MERCURIARESOURCES sold to HOTEI* 5kt
Bids (PGA page 4017) „ MAR25/APR25: VITOLSG offers 50kb $0.59/bbl $478.70/mt 8:29:18
„ BAL MONTH/MAR25: DARE bids 50kb $0.15/bbl „ MAR25/APR25: AGT offers 50kb $0.60/bbl „ MAR25: VITOLSG* sold to HOTEI 5kt $478.75/mt 8:29:20

© 2025 by S&P Global Inc. All rights reserved. 35

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

„ MAR25: MERCURIARESOURCES sold to HOTEI* 5kt mt 8:29:50 „ BAL MONTH/MAR25: P66SG bids 5kt $6.25/mt
$478.70/mt 8:29:25 „ MAR25/APR25: P66SG* sold to MARKET 5kt $18.35/ „ BAL MONTH/MAR25: PTT bids 5kt $6.25/mt
„ MAR25: ANVIK sold to WALERSG* 5kt $478.50/mt 8:29:26 mt 8:29:52 „ BAL MONTH/MAR25: WALERSG bids 5kt $6.00/mt
„ MAR25: ONYX* sold to WALERSG 5kt $478.75/mt 8:29:27 „ MAR25/APR25: P66SG* sold to GUNVORSG 5kt $18.35/ „ BAL MONTH/MAR25: VITOLSG bids 5kt $5.75/mt
„ MAR25: ONYX sold to HOTEI* 5kt $478.70/mt 8:29:37 mt 8:29:53
„ BAL MONTH/MAR25: DARE bids 5kt $5.50/mt
* Denotes market maker. All times GMT
„ MAR25: DARE* sold to WALERSG 5kt $478.75/mt 8:29:48 „ BAL MONTH/MAR25: SERENITY bids 5kt $5.25/mt
Bids (PGA page 4025)
„ MAR25: GOODECAPLTD* sold to WALERSG 5kt $478.75/ „ MAR25/APR25: ONYX bids 5kt $18.25/mt
mt 8:29:48 „ MAR25: ONYX bids 5kt $3.75/mt
„ MAR25/APR25: DARE bids 5kt $17.75/mt
„ MAR25: ONYX* sold to HOTEI 5kt $478.75/mt 8:29:48 „ MAR25: TOTSA bids 5kt $3.25/mt
„ MAR25/APR25: P66SG bids 5kt $17.75/mt
„ MAR25: DVTRADING* sold to HOTEI 5kt $479.25/mt 8:30:02 „ MAR25: DARE bids 5kt $3.00/mt
„ MAR25/APR25: GOODECAPLTD bids 5kt $17.50/mt
„ APR25: VITOLSG* sold to UENERGY 5kt $460.25/mt 8:28:46 „ MAR25: HOTEI bids 5kt $478.75/mt
„ MAR25/APR25: ONYX bids 5kt $17.50/mt
„ APR25: VITOLSG* sold to UENERGY 5kt $460.25/mt 8:29:11 „ MAR25: HOTEI bids 5kt $478.70/mt
„ MAR25/APR25: THEMEINT bids 5kt $17.50/mt
„ APR25: VITOLSG* sold to P66SG 5kt $460.50/mt 8:29:50 „ MAR25: WALERSG bids 5kt $478.50/mt
Withdrawals
„ APR25: ONYX* sold to P66SG 5kt $460.50/mt 8:29:52 „ MAR25: WALERSG bids 5kt $478.25/mt
„ MAR25: HENGLIPET no longer bids :RAISED BID
„ APR25: VITOLSG* sold to UENERGY 5kt $460.75/mt 8:30:04 „ MAR25: DARE bids 5kt $477.75/mt AND TRADED
„ MAR25/APR25: GOODECAPLTD* sold to GUNVORSG 5kt „ MAR25: DARE bids 25kt $477.50/mt „ MAR25: HENGLIPET no longer bids :RAISED BID
$18.45/mt 8:28:59 AND TRADED
„ MAR25: PTAKARI bids 5kt $477.25/mt
„ MAR25/APR25: GOODECAPLTD* sold to GUNVORSG 5kt „ MAR25: HOTEI Withdraws bid 5kt $477.00/mt
„ MAR25: DARE bids 5kt $477.00/mt
$18.45/mt 8:29:03
„ MAR25: GLENCORE bids 5kt $477.00/mt „ BAL MONTH/MAR25: HOTEI Withdraws bid 5kt $6.25/mt
„ MAR25/APR25: GOODECAPLTD* sold to GUNVORSG 5kt
„ MAR25: UENERGY bids 5kt $477.00/mt „ BAL MONTH/MAR25: GOODECAPLTD Withdraws bid 5kt
$18.45/mt 8:29:05
$6.00/mt
„ MAR25/APR25: GOODECAPLTD* sold to GUNVORSG 5kt „ MAR25: GOODECAPLTD bids 5kt $476.85/mt
„ MAR25/APR25: GUNVORSG no longer bids :RAISED BID
$18.45/mt 8:29:07 „ MAR25: ANVIK bids 5kt $476.50/mt
AND TRADED
„ MAR25/APR25: ONYX* sold to GUNVORSG 5kt $18.45/ „ MAR25: DVTRADING bids 5kt $476.50/mt
„ MAR25/APR25: GUNVORSG no longer bids 5kt $18.40/mt
mt 8:29:10 „ MAR25: GLENCORE bids 5kt $476.50/mt
„ MAR25/APR25: DARE Withdraws bid 5kt $17.75/mt
„ MAR25/APR25: ONYX* sold to GUNVORSG 5kt $18.45/ „ MAR25: DARE bids 5kt $475.50/mt
mt 8:29:12 „ MAR25/APR25: HOTEI Withdraws bid 5kt $17.50/mt
„ MAR25: THEMEINT bids 5kt $475.50/mt
„ MAR25/APR25: MERCURIASA sold to GUNVORSG* 5kt ** Denotes OCO order.
„ MAR25: VITOLSG bids 5kt $475.50/mt
$18.40/mt 8:29:21 Offers (PGA page 4026)
„ MAR25: ERACOMM bids 5kt $475.00/mt
„ MAR25/APR25: GOODECAPLTD sold to GUNVORSG* 5kt „ BAL MONTH: TOTSA offers 5kt $5.00/mt
$18.40/mt 8:29:28 „ APR25: UENERGY bids 5kt $460.25/mt
„ MAR25: TOTSA offers 5kt $4.25/mt
„ MAR25/APR25: GOODECAPLTD sold to GUNVORSG* 5kt „ APR25: DARE bids 5kt $460.00/mt
„ MAR25: DARE offers 5kt $4.50/mt
$18.40/mt 8:29:28 „ APR25: DARE bids 25kt $459.00/mt
„ MAR25: ONYX offers 5kt $4.50/mt
„ MAR25/APR25: GOODECAPLTD* sold to GUNVORSG 5kt „ APR25: GOODECAPLTD bids 5kt $459.00/mt
$18.40/mt 8:29:33 „ MAR25: ONYX offers 5kt $4.50/mt
„ APR25: VITOLSG bids 5kt $458.00/mt
„ MAR25/APR25: GOODECAPLTD* sold to GUNVORSG 5kt „ MAR25: VITOLSG offers 5kt $4.50/mt
„ BAL MONTH/MAR25: ONYX bids 25kt $7.00/mt
$18.40/mt 8:29:34 „ MAR25: GLENCORE offers 5kt $479.00/mt
„ BAL MONTH/MAR25: MERCURIASA bids 5kt $6.75/mt
„ MAR25/APR25: GOODECAPLTD* sold to GUNVORSG 5kt „ MAR25: ONYX offers 5kt $479.00/mt
$18.40/mt 8:29:44 „ BAL MONTH/MAR25: GOODECAPLTD bids 5kt $6.50/mt
„ MAR25: ONYX offers 5kt $479.00/mt
„ MAR25/APR25: P66SG* sold to MARKET 5kt $18.35/ „ BAL MONTH/MAR25: HENGLIPET bids 5kt $6.25/mt
„ MAR25: VITOLSG offers 5kt $479.00/mt

© 2025 by S&P Global Inc. All rights reserved. 36

Asia-Pacific/Arab Gulf Marketscan February 19, 2025

„ MAR25: DVTRADING offers 5kt $479.25/mt „ BAL MONTH/MAR25: PTT offers 5kt $7.75/mt „ MAR25: THEMEINT Withdraws offer 5kt $479.00/mt
„ MAR25: THEMEINT offers 5kt $479.25/mt „ BAL MONTH/MAR25: HENGLIPET offers 5kt $8.00/mt „ MAR25: PTAKARI Withdraws offer 5kt $479.25/mt
„ MAR25: GLENCORE offers 5kt $479.50/mt „ BAL MONTH/MAR25: P66SG offers 5kt $8.00/mt „ MAR25: GOODECAPLTD Withdraws offer 5kt $479.50/mt
„ MAR25: WALERSG offers 5kt $479.50/mt „ BAL MONTH/MAR25: THEMEINT offers 5kt $8.00/mt „ MAR25: HENGLIPET Withdraws offer 5kt $480.50/mt
„ MAR25: UENERGY offers 5kt $480.00/mt „ BAL MONTH/MAR25: DARE offers 5kt $8.50/mt „ MAR25: HENGLIPET Withdraws offer 5kt $482.00/mt
„ MAR25: WALERSG offers 5kt $480.00/mt „ BAL MONTH/MAR25: VITOLSG offers 5kt $8.75/mt „ APR25: ONYX no longer offers 5kt $460.50/mt
„ MAR25: ANVIK offers 5kt $480.40/mt „ MAR25/APR25: DVTRADING offers 5kt $18.45/mt „ APR25: VITOLSG no longer offers 5kt $460.50/mt
„ MAR25: DARE offers 5kt $480.50/mt „ MAR25/APR25: GOODECAPLTD offers 5kt $18.70/mt „ BAL MONTH/MAR25: ONYX Withdraws offer 5kt $7.50/mt
„ MAR25: DARE offers 5kt $481.00/mt „ MAR25/APR25: DARE offers 5kt $18.75/mt „ BAL MONTH/MAR25: DARE Withdraws offer 5kt $9.25/mt
„ MAR25: ERACOMM offers 5kt $481.00/mt „ MAR25/APR25: VITOLSG offers 5kt $18.75/mt „ MAR25/APR25: P66SG no longer offers 5kt $18.35/mt
„ MAR25: ONYX offers 5kt $482.00/mt „ MAR25/APR25: ONYX offers 5kt $19.00/mt „ MAR25/APR25: GOODECAPLTD no longer offers 5kt
„ APR25: GOODECAPLTD offers 5kt $460.75/mt „ MAR25/APR25: ONYX offers 5kt $19.25/mt $18.40/mt
„ APR25: DARE offers 5kt $461.50/mt Withdrawals „ MAR25/APR25: ONYX no longer offers 5kt $18.45/mt

„ APR25: DARE offers 5kt $463.00/mt „ MAR25: NCDMCC Withdraws offer 5kt $479.75/mt „ MAR25/APR25: THEMEINT Withdraws offer 5kt $18.50/mt

„ APR25: ONYX offers 5kt $463.00/mt „ MAR25: DARE no longer offers 5kt $478.75/mt „ MAR25/APR25: HOTEI Withdraws offer 5kt $19.00/mt
** Denotes OCO order.
„ BAL MONTH: ANVIK offers 5kt $489.50/mt „ MAR25: GOODECAPLTD no longer offers 5kt $478.75/mt
„ BAL MONTH/MAR25: GOODECAPLTD offers 5kt $7.75/mt „ MAR25: GOODECAPLTD Withdraws offer 5kt $479.00/mt

© 2025 by S&P Global Inc. All rights reserved. 37