Oilgram Price Report

Volume 101 / Issue 186 / September 29, 2023

News Market analysis

South Korea takes less Saudi, US crude

International Crude
in August amid weak oil demand outlook
CPC Blend closes out September at monthly low
„ Tepid economic activity pressures fuel demand, crude runs
„ CPC Blend sheds 54 cents/b on the day to lowest value
„ Refiners mull lifting product exports if domestic sales dwindle
since Aug. 30
„ Saudi crude OSP differentials seen expensive
„ Strong backwardation in Dated Brent damaging prompt
South Korea’s August crude imports tumbled 22.3% from demand: traders
a year earlier, with refiners taking less shipments from Saudi
Arabia and the US amid growing concerns that fragile consumer Platts assessed CPC Blend at a $1.66/b discount to Dated
sentiment and tepid economic activity would put significant Brent on Sept. 29, down 54 cents/b on the day and the largest
pressure on the domestic oil demand, industry sources said. discount to the benchmark since Aug. 30.
The world’s fourth-biggest crude buyer imported 75.33 million An outstanding CPC Blend offer in the Platts Market on Close
barrels, or 2.43 million b/d, of crude in August, the latest data Assessment Process, Sept. 29, continues to point to weaker
from Korea National Oil Corp. showed, compared with 96.92 prompt demand for the Kazakh grade.
million barrels received a year earlier. The August shipments The CPC Blend cargo, loading between Oct. 17-21, was left
marked the smallest in 14 months since 74.06 million barrels were outstanding at 1630 GMT at a $1.65/b discount to Dated Brent.
imported in June 2022. Traders told S&P Global Commodity Insights that prompt
Through the first eight months of this year, South Korea has demand for Mediterranean sweet crudes, including CPC Blend,
imported 661.43 million barrels of crude, down 5% from the same has weakened on the back of a strong backwardation in Dated
period a year earlier. Brent, weakening refining margins and planned European refinery
Middle distillate marketers at major South Korean refiners, maintenances.
including S-Oil and SK Energy, as well as fixed-income market “It is cheaper to buy later than now, if you can wait then you
analysts at two Seoul-based securities firms, indicated refinery should,” one trader said, referring to the softer prompt demand.
runs and crude throughput would be capped heading into the Platts is part of S&P Global.
fourth quarter as domestic transportation and industrial fuel — Luke Stuart
demand outlook is downbeat, with high household debt and
inflation concerns restraining private spending and new property Prompt Russian ESPO Blend crude continues
construction projects. to trade higher amid strong crude complex
Rising oil prices typically damage consumer sentiment in
South Korea in a much bigger scale than in other OECD and „ Surgut sells November ESPO Blend at narrower discount
(continued on page 23) „ Delivered premiums to China rise above $1/b to ICE

Cash differentials of Far East Russian ESPO Blend crude oil

continued to move higher for the prompt November cycle amid a
stronger global crude oil complex.
Russian producer Surgut has placed its November-loading
ESPO Blend at a discount of around $3/b to Platts front-month
Dubai assessments on a FOB basis, according to trade sources.
In comparison, October-loading cargoes were heard traded at
discounts of around $3.50/b to Dubai, FOB, following an easing in
freight rates.
While details were not known, the cargoes were likely placed
through tender and private negotiations, a trade source said.
The hike was seen largely tracking gains in the global crude
(continued on page 3)

Now available digitally on Platts Connect

www.spglobal.com/commodityinsights Get access to this content: plattsconnect.spglobal.com | [email protected]
Oilgram Price Report September 29, 2023

Inside this issue Data inside this issue

EIA weekly summary, Sep 27 (PGA page 95). . . . . . . . . . . . . . . . . . . . . . ................... 28
Market analysis Asia, Sep 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................... 29
China, Sep 29 (PGA page 2010). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................... 29
International Crude Fujairah, FOB, Sep 29 (PGA page 2018). . . . . . . . . . . . . . . . . . . . . . . . . . . ................... 29
Prompt Russian ESPO Blend crude continues to trade higher amid strong crude Arab Gulf, FOB, Sep 29 (PGA page 2004). . . . . . . . . . . . . . . . . . . . . . . . .................... 29
complex.. . . . . . . . . . . . . . . . . . . . . . . ........................................... . . . . . . . . . . . . 1
Asia product premium/discount assessments. . . . . . . . . . . . . . . . . . . ................... 29
North Sea BFOET Nov crude loadings to fall 25,591 b/d on month to 606,667 b/d. . . 3
Platts Index, Sep 29 (PGA page 115). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .................... 29
Japan secures ample sour crude from UAE in Aug, but Middle East prices seen
expensive. . . . . . . . . . . . . . . . . . . . . . ........................................... . . . . . . . . . . . 3 European bulk, Sep 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .................... 30
Platts November cash Dubai crude closes at $96.12/b, averages $93.310/b in West Africa products ($/mt), Sep 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . .................... 30
September.. . . . . . . . . . . . . . . . . . . . ........................................... . . . . . . . . . . . 5 Renewable fuels ($/mt), Sep 29 (PGA pages 1414, 483 and 2414)..................... 30
TURKEY DATA: July crude imports down 24% on month as Kazakh volumes surge. . . 5 European feedstocks and blendstocks.. . . . . . . . . . . . . . . . . . . . . . . . . .................... 30
ADNOC allocates full December term crude supply to most Asian buyers. . . . . . . . . . . 6 New York, Sep 29 (PGA page 152).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................... 31
Platts North Sea Crude Daily Market Analysis. . ........................... . . . . . . . . . . . 6 USAC CPL Linden*, Sep 29 (PGA page 410). . . . . . . . . . . . . . . . . . . . . . .................... 31
Platts West African Crude Daily Commentary.............................. . . . . . . . . . . 7 U.S. Buckeye pipeline, Sep 29 (PGA page 310). . . . . . . . . . . . . . . . . . . . ................... 32
Chicago pipeline, Sep 29 (PGA page 160). . . . . . . . . . . . . . . . . . . . . . . . . ................... 32
Americas Crude
Brazil crude exports rise 5.8% on month in August to 1.8 mil b/d amid production Group Three, Sep 29 (PGA page 160). . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................... 32
boost.. . . . . .. . . . . . . . . . . . . . . . . . . . ........................................... . . . . . . . . . . . 7 Marine Fuel (PGA page 30). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................... 32
Argentina oil output rises 6.5% on year in August; gas production grows 2%.. . . . . . . . 8 U.S. Gulf Coast, Sep 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .................... 33
Platts US Gulf Coast Export Crude Daily Commentary..................... . . . . . . . . . . 8 U.S. Gulf Coast pipeline cycles, Sep 29 (PGA page 156). . . . . . . . . . .................... 34
West Coast pipeline, Sep 29 (PGA page 158).. . . . . . . . . . . . . . . . . . . . .................... 35
Gasoline
West Coast waterborne, Sep 29 (PGA page 158). . . . . . . . . . . . . . . . . . ................... 35
ARA gasoline stocks up 0.2% on week, naphtha down 7.1%: Insights Global. . . . . . . . . . 9
Latin America, FOB, Sep 29 (PGA page 164). . . . . . . . . . . . . . . . . . . . . . ................... 36
Eurobob crack spread sinks to 9-month low after $3.58/b fall............ . . . . . . . . . . . 9
Trinidad product postings (PGA page 466).. . . . . . . . . . . . . . . . . . . . . . ................... 36
JAPAN DATA: Aug gasoline imports up 30.1% on year amid refinery outages. . . . . . . . . 9
Gas liquids (¢/gal), Sep 29 (PGA page 780). . . . . . . . . . . . . . . . . . . . . . . ................... 36
SINGAPORE DATA: Light distillate stocks slip 2% on week as gasoline exports rise.... 10
Asia Pacific/Middle East spot crude assessments ($/barrel), Sep 29. .............. 37
California Air Resources Board advances winter gasoline specifications
effective Sep 28.. . . . . . . . . . . . . . . ............................................ . . . . . . . . . . 11 International, Sep 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................... 38
Higher RVP gasoline barrels in tight supply on US Gulf Coast............. . . . . . . . . . . . 11 Asia ($/barrel), Sep 29 (PGA page 2210). . . . . . . . . . . . . . . . . . . . . . . . . . ................... 38
Platts European Gasoline Daily Market Analysis........................... . . . . . . . . . 12 North Sea, Sep 29 (PGA page 1212). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .................... 38
Platts US Gasoline Daily Market Analysis.................................. . . . . . . . . . 12 West Africa, Sep 29 (PGA pages 1230 and 1232). . . . . . . . . . . . . . . . . .................... 38
London, Sep 29 (PGA page 1214).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................... 39
Jet Mediterranean, Sep 29 (PGA pages 1220, 1222, 1234). . . . . . . . . . . . . ................... 39
ARA jet kero stocks rise 6% on week amid seasonal demand slide, ample supply.... 13
Canada, Sep 29 (PGA page 230). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .................... 39
Global airline capacity to rise in week starting Sep 25 on Golden Week
holidays: OAG.. . . . . . . . . . . . . . . . . ............................................ . . . . . . . . . 13 Platts Euro denominated crude oil assessments (€/barrel) (PGA page 1252). . ...... 39
United States ($/barrel), Sep 29 (PGA pages 210, 214 & 230).. . . . . ................... 40
Diesel US domestic crude assessments London close.. . . . . . . . . . . . . . . . .................... 40
SINGAPORE DATA: Middle distillate stocks rise 4% on week to six-month Canadian spot crude assessments, Sep 29.. . . . . . . . . . . . . . . . . . . . ..................... 41
high of 9.37 mil barrels.. . . . . . . . ........................................... . . . . . . . . . . 14
US crude assessments Singapore close. . . . . . . . . . . . . . . . . . . . . . . . ..................... 41
Biodiesel in Brazil’s Mato Grosso at 16% discount to Platts ULSD IPP Santos
equivalent... . . . . . . . . . . . . . . . . . . . ............................................ . . . . . . . . . 15 Delivered-Asia spot crude assessments ($/barrel) (PGA page 2238). ................ 41
Latin America crude ($/barrel), Sep 29 (PGA page 280). . . . . . . . . . .................... 41
Marine Fuel Daily OPEC basket price ($/barrel) (PGA page 207). . . . . . . . . . . . . . . .................... 41
BUNKERWORLD INDEX: Crude uptick offsets paused bunker demand,
higher supply.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Crude oil postings.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................... 42
Spot tanker rates, Sep 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................... 43
Resid Platts futures assessments Singapore MOC, Sep 29 (PGA page 703)................ 43
ARA fuel oil stocks drop to 9-month low after second week of decline. . .. . . . . . . . . . . 16
Platts futures assessments, Sep 29.. . . . . . . . . . . . . . . . . . . . . . . . . . . . .................... 43
SINGAPORE DATA: Fuel oil inventories drop to 3-week low as imports shrink. . . . . . . . 17
Futures settlements, Sep 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................... 44
Five-Day Rolling Averages, five days ending September 29.. . . . . . ................... 45
Feedstocks
EPCA 2023: European petchem sentiment bearish despite demand uptick. . . . . . . . . . 17 US wholesale posted prices effective Sep 29. . . . . . . . . . . . . . . . . . . .................... 46

Platts European Naphtha Daily Market Analysis.......................... . . . . . . . . . . 18 US wholesale posted prices effective Sep 23. . . . . . . . . . . . . . . . . . . . ................... 47
Commodity Insights Analytics Weekly Feeder Crudes: September 25 -
VGO exports from Europe rise 2% on week to 1,750,448 mt: Kpler. . ........ . . . . . . . . . 18
September 29, 2023.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................... 48

Gas Liquids Commodity Insights Analytics Weekly Feeder Crudes (continued)................... 49

JAPAN DATA: August LPG stocks rise 8.6% on month as demand contracts. . . . . . . . 19 Commodity Insights Analytics Weekly Feeder Crudes (continued)................... 50

Platts Middle Eastern LPG Daily Commentary............................ . . . . . . . . . . 19 Commodity Insights Analytics Monthly Average Yields & Netbacks, August 2023..... 51

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

Oilgram Price Report September 29, 2023

complex, the same trader said, noting the value of the Russian North Sea BFOET Nov crude loadings
grade would still be below other grades. to fall 25,591 b/d on month to 606,667 b/d
As of Sept. 28, the November Oman cash-futures spread
averaged $2.48/b in September, up from an average of $2.10/b Loadings of the BFOET crudes in the Dated Brent basket
for October in August, data from S&P Global Commodity will average 606,667 b/d in November, down 25,591 b/d month
Insights showed. on month, according to loading program data compiled by S&P
The November Dubai cash-futures spread — a measure of Global Commodity Insights Sept. 29.
the market structure — averaged $2.47/b to date in September, Some 18.2 million barrels are expected to load in November,
up from an average of $1.98/b for October in August, S&P Global down from 19.6 million barrels set to load in October, with the
data showed. total number of cargoes falling from 28 to 26.
Values of ESPO Blend to China’s independent refiners have Brent will load one fewer cargo in November than October,
also jumped to premiums above $1/b to January ICE Brent crude while Forties, Oseberg and Troll loadings will remain unchanged
oil futures on a DES Shandong basis, according to trade sources. at eight, three and five cargoes, respectively. Troll and Ekofisk
The rise in premiums against the forward ICE Brent futures had one cargo each deferred into November-loading, bolstering
curve also came amid steepening backwardation in the Brent volumes for the upcoming month.
structure. In total seven October loading Ekofisk cargoes were deferred
Chinese mega independent refiner Shenghong was heard to late Sept. 25 by four days owing to a field outage, according to an
have bought two 100,000-mt ESPO Blend cargoes for November updated October-loading program seen by S&P Global, with one
delivery, at a premium of around 85 cents/b to Dubai on pushed into November. Ekofisk is now set to load nine cargoes in
delivered basis. November, still one fewer than October.
This was up from October-delivery cargoes priced against In November, Ekofisk will account for the largest proportion
Dubai at discounts of 60-80 cents/b. Trades priced against ICE of BFOET volumes at 35%, followed by Forties at 31% and
Brent futures were last heard at a premium of 25 cents/b to Troll at 19%.
December ICE Brent futures, DES, for October delivery. — Sam Angell

Buyers cautious amid expected import quota cap Japan secures ample sour crude from UAE in Aug,
The uptick saw a few other buyers retreat cautiously to the but Middle East prices seen expensive
sidelines for now and holding on to buying interest at premiums
of 50 cents/b to $1/b to January ICE Brent futures, DES. „ ADNOC respecting Asian customers’ term supply deals
The cautiousness also came amid an official with China’s top „ Traders, refiners find Saudi OSP premiums expensive
planner National Development Reform Commission indicating it
would not issue additional allowances for crude oil imports and Japan secured ample sour crude supply from the UAE in
product exports this year, S&P Global reported previously. August, as it picked up almost 10% more light and medium sour
Sources said the NDRC indicated that no more extra crude Abu Dhabi grades from a year earlier, though refiners and traders
import quotas will be issued this year beyond the annual have raised concerns over rising costs amid an expensive Middle
allocation ceiling for refining quota holders. Eastern price structure.
The government allocated 171.06 million mt of crude import The country received 1.15 million b/d of crude oil from its top
quotas in 2023, accounting for 94.2% of the refineries’ annual supplier UAE in August, up 9.5% from a year earlier and up 18.6%
quota ceiling of 181.50 million mt — leaving 10.45 million mt of from July, data from the Ministry of Economy, Trade and Industry
quotas remaining under 2023, S&P Global data showed. showed Sept. 29.
One trade source expected the remaining quotas would be Despite OPEC and its alliance members’ firm stance to
allocated to four or five refiners. control and limit the group’s crude production levels, refiners
A few independent refiners were understood to have boosted across Northeast Asia have had little trouble securing adequate
their ESPO Blend purchases for September and October delivery. Middle Eastern sour crude as top Persian Gulf producers
This was despite September exports of ESPO Blend being typically prioritize their key customers in the Far East, feedstock
limited to an estimate 32 cargoes due to berth maintenance over management sources at major Japanese and South Korean
Sept. 13-15. refiners told S&P Global Commodity Insights.
Overall, some refineries, which had purchased extra barrels in “Securing adequate Middle Eastern term supplies is never an
the hope of receiving additional quotas, have had to place them issue since big suppliers like ADNOC (Abu Dhabi National Oil Co.)
in bonded storage. and Aramco greatly respect Japanese customers,” a sour crude
Greenfield Yulong Petrochemical though, will receive quotas to trading and logistics manager at a major Japanese refiner said.
bring in crude barrels for trial runs by year-end. ADNOC has allocated full term supplies to most Asian buyers
— Irene Tang in Northeast and South Asia for December-loading crude,

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

Oilgram Price Report September 29, 2023

according to market participants surveyed by S&P Global. The Japan’s top 10 crude suppliers (Unit: b/d)
producer has been keeping allocations to its Asian buyers whole Aug 2023 Aug 2022 % chg on July 2023 % chg on
Supplier Share (%)
so far through most of this year, though requests for increments (b/d) (b/d) year (b/d) month
UAE 1,148,861 46.0 1,049,323 9.5 968,345 18.6
have not been met. Saudi Arabia 901,463 36.1 1,190,863 -24.3 894,369 0.8
Kuwait 152,884 6.1 309,693 -50.6 249,769 -38.8
Qatar 95,111 3.8 220,522 -56.9 97,567 -2.5
Expensive Middle East crude complex Ecuador 69,331 2.8 72,774 -4.7 18,283 279.2
However, the overall sour crude price structure is looking Oman 48,248 1.9 41,662 15.8 0 n/a
Australia 24,626 1.0 2,559 862.2 3,178 674.9
expensive, and official selling price premiums and outright prices US 22,450 0.9 80,775 -72.2 70,211 -68.0
Bahrain 15,376 0.6 4,943 211.1 15,645 -1.7
are bound to extend the uptrend. This bodes ill for Asia’s fourth- Vietnam 9,689 0.4 8,013 20.9 21,186 -54.3
biggest crude importer, which depends on Persian Gulf producers Other 9,667 0.4 0 n/a 0 n/a
Total 2,497,707 100.0 2,981,128 -16.2 2,338,553 6.8
for more than 95% of its crude requirement, according to crude
procurement and logistics management sources at two Japanese Supplier Jan-Aug 2023 Jan-Aug 2022 % chg on year
Saudi Arabia 1,022,022 1,052,460 -2.9
refiners based in Tokyo. UAE 1,009,512 995,918 1.4
Crude imports from Saudi Arabia in August fell 24.3% year on Kuwait 239,471 224,531 6.7
Qatar 130,728 218,220 -40.1
year to 901,463 b/d, while shipments from Kuwait tumbled 50.6% US 40,583 14,458 180.7
from a year earlier to 152,884 b/d, METI data showed. Ecuador 31,388 53,464 -41.3
Oman 30,830 32,058 -3.8
In total, Japan’s August crude imports dropped 16.2% from a Bahrain 12,139 30,218 -59.8
year earlier to 2.498 million b/d. Australia 8,971 6,447 39.1
Vietnam 5,001 5,904 -15.3
A feedstock management source at ENEOS noted the Other 15,986 88,725 -82.0
Japanese yen has been “extremely weak” this year, and said it is Total 2,546,630 2,722,403 -6.5

“always important” to find the right term-spot purchasing ratio Source: Ministry of Economy, Trade and Industry
when both outright prices and OSP price differentials are on
the rise].
Japanese crude traders expect Saudi Aramco to once again underpinned by additional voluntary cuts from Saudi Arabia
lift official selling price differentials for most of its Asia-bound and Russia.
crude grades, raising concerns that rising feedstock costs may The OSP differential for Saudi Arab Light crude has risen in
squeeze refining margins. four consecutive months to a premium of $3.60/b against the
Much of the Middle Eastern sour crude complex remained Oman/Dubai average for October, and most Japanese and other

Oilgram Price Report is published every business any internal electronic system or intranet), firm punitive or consequential damages (including
day in New York and Houston by S&P Global or entity, including any subsidiary, parent, or but not limited to, loss of profits, trading losses
Commodity Insights, a division of S&P Global, other entity that is affiliated with your company, and loss of goodwill).
registered office: 55 Water Street, 37th Floor, without S&P Global Commodity Insights’ prior
Oilgram Price Report New York, N.Y. 10038. written consent or as otherwise authorized ICE index data and NYMEX futures data used
Officers of the Corporation: Richard E. under license from S&P Global Commodity herein are provided under S&P Global
ISSN: 0163-1292 Thornburgh, Non-Executive Chairman; Doug Insights. Any use or distribution of the Data Commodity Insights’ commercial licensing
Peterson, President and Chief Executive Officer; beyond the express uses authorized in this agreements with ICE and with NYMEX. You
Contact Client Services: [email protected]; Ewout Steenbergen, Executive Vice President, paragraph above is subject to the payment of acknowledge that the ICE index data and
Americas: +1-800-752-8878; Chief Financial Officer; Steve Kemps, Executive additional fees to S&P Global Commodity NYMEX futures data herein are confidential and
Europe & Middle East: +44-20-7176-6111; Vice President, General Counsel Insights. are proprietary trade secrets and data of ICE
Asia Pacific: +65-6530-6430 S&P Global Commodity Insights, its affiliates and and NYMEX or its licensors/suppliers, and you
© 2023 by S&P Global Inc. All rights reserved.
Managing Editor all of their third-party licensors disclaim any and shall use best efforts to prevent the
James Bambino, [email protected] all warranties, express or implied, including, but unauthorized publication, disclosure or copying
S&P Global, the S&P Global logo, S&P Global not limited to, any warranties of merchantability
Senior Editor of the ICE index data and/or NYMEX futures
Commodity Insights, and Platts are trademarks or fitness for a particular purpose or use as to
Benjamin Morse, [email protected] of S&P Global Inc. Permission for any data.
the Data, or the results obtained by its use or as
Oil Manager, US commercial use of these trademarks must be Permission is granted for those registered with
to the performance thereof. Data in this
Richard Swann obtained in writing from S&P Global Inc. the Copyright Clearance Center (CCC) to copy
publication includes independent and verifiable
Oil Manager, London You may view or otherwise use the information, data collected from actual market participants. material herein for internal reference or personal
Joel Hanley prices, indices, assessments and other related Any user of the Data should not rely on any use only, provided that appropriate payment is
Head of Pricing & Market Insight information, graphs, tables and images (“Data”) information and/or assessment contained made to the CCC, 222 Rosewood Drive, Danvers,
Dave Ernsberger in this publication only for your personal use or, therein in making any investment, trading, risk MA 01923, phone +1-978-750-8400.
President of S&P Global Commodity Insights if you or your company has a license for the Data management or other decision. S&P Global Reproduction in any other form, or for any other
Saugata Saha from S&P Global Commodity Insights and you Commodity Insights, its affiliates and their third- purpose, is forbidden without the express prior
are an authorized user, for your company’s party licensors do not guarantee the adequacy, permission of S&P Global Inc. For article reprints
Manager, Advertising Sales internal business use only. You may not publish, accuracy, timeliness and/or completeness of the contact: The YGS Group, phone +1-717-505-9701
Bob Botelho reproduce, extract, distribute, retransmit, resell, Data or any component thereof or any
create any derivative work from and/or x105 (800-501-9571 from the U.S.).
Advertising communications (whether written, oral,
Email: [email protected] otherwise provide access to the Data or any electronic or in other format), and shall not be For all other queries or requests pursuant to this
Tel: +1-720-264-6618 portion thereof to any person (either within or subject to any damages or liability, including but notice, please contact S&P Global Inc. via email
outside your company, including as part of or via not limited to any indirect, special, incidental, at [email protected].

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

Oilgram Price Report September 29, 2023

Asian traders surveyed by S&P Global said they expect Aramco The number of convergence cargoes declared was last lower
to raise the OSP differential for the grade by 30-50 cents/b for in August 2022, when two were declared for October loading.
November. Trade sources attributed the thin activity to tightness in the
Saudi OSPs are looking expensive and refinery run rates have Middle East sour crude market, with November-loading cargoes
been under pressure since early August amid dismal industrial said to have been already cleared.
sector fuel demand, refinery sources and market analysts said. The tightness was exacerbated by lower exports of the
Japan’s weekly average refinery run rate fell to 74.2% during medium sour Al-Shaheen grade in November due to field
Sept. 17-23, down from 84% in the week of Aug. 6-12, data from maintenance, and a greater demand shift in Northeast Asia
the Petroleum Association of Japan showed. towards Middle East grades as cash differentials for arbitrage
Also, Japan’s manufacturing output fell for a fourth straight cargoes soared.
month in September and at a faster rate than in August. One source expected tightness to persist into the December-
New orders for Japanese manufactured goods declined at loading market amid ongoing cuts by Saudi Arabia and OPEC+
a historically elevated pace in September as global market members.
conditions worsened and with destocking efforts still ongoing at A convergence occurs when 20 partials are traded between
clients, according to anecdotal evidence, S&P Global economics two counterparties, resulting in a full 500,000-barrel physical
analyst Jingyi Pan said. cargo being declared from the seller to the buyer.
“Japan’s business confidence in September also eased from For Dubai partials, the seller has the option to deliver Dubai,
August, and the sustained shedding of the volume of backlogged Oman, Upper Zakum, Al-Shaheen or Murban, with a quality
work in the manufacturing sector further outline the likelihood for premium, to the buyer.
the downturn to persist,” Pan said in a recent report. For Oman partials, the seller has the option to deliver Oman or
— Gawoon Vahn, Irene Tang, Rong wei Neo Murban, with a quality premium, to the buyer.
— Irene Tang
Platts November cash Dubai crude closes
at $96.12/b, averages $93.310/b in September TURKEY DATA: July crude imports down 24%
on month as Kazakh volumes surge
„ Nov cash Oman crude closes at $96.16/b, averages
$93.323/b in Sept „ Russian imports down 44% on month, Iraq imports down 32%
„ Dubai cash-futures spread averages $2.57/b in Sept versus „ Kazakh volumes surge 63% as exports via BTC continue
$1.98/b in Aug „ Oil product imports down 19% on June, up 32% on year

Platts, part of S&P Global Commodity Insights, assessed Turkey’s crude oil imports in July averaged 571,528 b/d, down
benchmark November cash Dubai crude at $96.12/b Sept. 29, the 24.3% from June and down 19.3% on the year, data from energy
last day of trading for November-loading cargoes of the Middle regulator EPDK showed.
Eastern crude. June’s imports were the highest recorded this year, up 26.2%
November cash Dubai assessments averaged $93.310/b in up on March, the previous peak.
September, up from an average of $86.465/b for front-month Russia remained Turkey’s top crude supplier for a second
October cash Dubai in August, S&P Global data showed. month but at 295,517 b/d imports down 43.5% on June and down
November cash Oman crude was assessed at $96.16/b Sept. 33.7% year on year.
29, averaging $93.323/b in September, up from an average of Turkey’s imports of Russian crude have see-sawed this year,
$86.590/b for front-month October cash Oman in August. apparently as importers have sought to balance price discounts
In September, cash Oman’s premium to cash Dubai was at 1.3 with concerns over EU sanctions imposed on Russia due to its
cent/b, down from 12.6 cents/b in August. invasion of Ukraine.
The Dubai cash-futures spread, a measure of the market Iraq remained Turkey’s second biggest crude supplier, with
structure, widened to average $2.575/b in September, up 60 imports averaging just 177,881 b/d, down 31.7% on June and down
cents/b from $1.975/b in August. 29.3% year on year.
The Platts Market on Close assessment process Sept. 29 saw All of Turkey’s imports from Iraq were of Basrah crude grades
no partials traded. due to the ongoing closure of the Iraq-Turkey pipeline. Turkey’s
For the whole of September, a total 100 partials traded, all of energy minister Alparslan Bayraktar said on Sept. 14 that the Iraq-
which were Dubai partials. Turkey oil pipeline was “technically ready” and could be reopened
A total of three convergence cargoes were declared during the “soon” but cautioned that continuing legal disputes between
month, all of which were for Upper Zakum cargoes. Turkey and Iraq could delay the reopening.
The number of partials traded in September was the lowest With imports of both Russian and Iraqi crude falling more
since January 2021, when 86 partials were traded for March steeply than the overall drop in imports, the beneficiary was
loading, S&P Global data showed. Kazakhstan. July imports of Kazakh crude averaged 153,165 b/d

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

Oilgram Price Report September 29, 2023

up 62.5% on June, and up 63.0% year on year. ADNOC allocates full December term crude supply
The surge follows an increase in flows of Kazakh crude along to most Asian buyers
the Baku-Tbilisi-Ceyhan (BTC) pipeline, after an agreement
earlier this year between Azerbaijan’s Socar and Kazakhstan’s Abu Dhabi National Oil Co, or ADNOC, has allocated full term
KazMunaiGaz for transit of 1.5 million mt/year (30,000 b/d) of supplies to most Asian buyers in Northeast and South Asia
Kazakh crude to Turkey’s Mediterranean oil hub at Ceyhan. for December-loading crude, according to market participants
Imports from Turkey’s lesser crude suppliers were squeezed surveyed by S&P Global Commodity Insights.
in July with no imports from recent regular suppliers Guyana, ADNOC was not immediately available for comment, while
Tunisia, Italy, or Libya and sharply reduced volumes from allocations to other Asian buyers could not be immediately
Saudi Arabia confirmed.
Imports from Saudi Arabia had surged in June but fell sharply The producer has been keeping allocations to its Asian buyers
in July to just 28,059 b/d, down 58.0% on the month and down whole so far through most of this year, though requests for
38.3% year on year. increments have not been met.
Nigeria, another of Turkey’s regular suppliers, shipped 29,994 For December, ADNOC had forecast its flagship Murban crude
b/d, up 56.0% on June but down 29.3% year on year with the only available for export at 1.352 million b/d, compared with 1.337
imports being from US, averaging 19,401 b/d, up 263.3% on June, million b/d in November, S&P Global reported previously.
and compared to zero a year earlier. Further out, available Murban exports will rise to 1.527 million
b/d in January and to 1.513 million b/d in February due to a
Tupras dominates planned turnaround at ADNOC Refining’s 837,000 b/d Ruwais
Turkey’s main refiner Tupras imported 373,988 b/d, down refinery.
25.6% on June and down 21.6% year on year. It accounted for Separately, Oman was understood not to have made any
65.4% of July crude imports, down from 66.6% in June. cuts to its December allocations to Asian buyers, according to a
Socar’s Star refinery accounted for the rest of the imports in trade source.
July, averaging 197,540 b/d, down 21.5% on June and down 14.9% Saudi Aramco and other Middle Eastern producers are
year on year. expected to release their term allocations and official selling
The sharp fall in imports by Tupras followed a sharp rise prices in the coming days.
in imports in June following the completion of a maintenance — Irene Tang
shutdown at its 108,000 b/d Kirikkale plant and revamps of six
units at its 220,000 b/d Izmir refinery. Platts North Sea Crude Daily Market Analysis

Product imports „ Dated Brent backwardation surges

Turkey’s July oil product imports were 1.705 million mt, down „ BFOET Nov crude loadings to fall on month
19.0% on June but up 32.3% year on year, of which 82.3% came
from Russia, marginally down on the 83.7% share reported The North Sea market consolidated recent strength Sept. 29
in June. as a rally in cargo differentials continued and backwardation in
Diesel imports totaled 1.266 million mt, down 2.5% on June the physical complex surged to its steepest since the start of
and up 21.4% year on year, with 83.8% supplied by Russia as the year.
Turkish importers continued to take advantage of discounts Reemerging demand in the North Sea market underpinned
offered on Russian products. a tightening supply-demand balance and firming values across
July imports of “other products” — believed to be naphtha key grades. Forties continued to record the steepest gains after
imported by Tupras as an intermediate — were 331,857 mt, up sharp weakness exhibited earlier in the trading cycle.
9.8% on June and up 95.7% year on year, of which 93% was This strength was mirrored by surging backwardation in
imported from Russia. Dated Brent with interweek CFD rolls demonstrated at near 60
Turkey’s reliance on cheap Russian imports appears unlikely cents/b in the Platts Market on Close assessment process for
to continue indefinitely. On Sept. 21 Moscow announced a the promptest contracts. Weeks 2-6 of Brent CFDs were assessed
blanket ban on product exports to protect the domestic Russian in their steepest backwardation since November 2022 on the day,
market, and on Sept. 28 warned that the ban would not be reflecting a market eager to snap up prompt oil.
short-lived. With most October barrels already placed, healthy demand for
Turkey is not self-sufficient in some petroleum products. key grades such as Forties is expected to carry into the upcoming
Diesel output from the country’s four refineries that produce November cycle, according to traders. Downstream fundamentals
diesel in 2022 was 17.4 million mt against demand of 24.1 million mt. appear set to continue favoring marginally heavier grades such
Diesel Imports for the year stood at 9.8 million mt, with as Norwegian Troll or Oseberg as European gasoline cracks
exports of 2.5 million mt. have tumbled since mid-month while middle distillates remain
— David O’Byrne historically elevated.

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

Oilgram Price Report September 29, 2023

In loadings news, BFOET crude volumes in the Dated Brent Americas Crude
basket will average 606,667 b/d in November, down 25,591 b/d Brazil crude exports rise 5.8% on month in August
month on month, according to loading program data compiled by to 1.8 mil b/d amid production boost
S&P Global Commodity Insights Sept. 29.
Some 18.2 million barrels are expected to load in November, „ Exports up more than a third on year
down from 19.6 million barrels set to load in October, with the „ New FPSOs driving output growth
total number of cargoes falling from 28 to 26. The volumes have „ Refined product exports climb
been affected by recent adjustments to October-loading Troll and
Ekofisk load dates with each grade having one cargo originally Brazilian crude oil exports in August climbed 5.8% on
scheduled for October deferred into November. the month amid a series of production records driven by the
— Sam Angell installation of new floating production units at offshore fields, the
National Petroleum Agency, or ANP, said Sept. 29.
Platts West African Crude Daily Commentary Oil companies operating in Brazil shipped 56.642 million
barrels (1.827 million b/d) overseas in August, up from 53.520
„ Nigerian offers will need to soften to gage interest: traders million barrels (1.726 million b/d) in July and up 35.9% from 41.678
„ Widening EFS puts Angolan differentials under pressure million barrels (1.344 million b/d) in August 2022, the ANP said.
The latest increase in crude exports came after two consecutive
The Nigerian crude oil market may be approaching its peak months of record oil production as recently installed FPSOs ramped
amid competition from other grades, traders said Sept. 29. up output from the Buzios, Itapu and Marlim offshore fields. Oil
“Levels look to be topping out now,” said one trader. “I think companies operating in Brazil pumped a record 3.513 million b/d in
demand will be OK but sellers will have to be realistic with July, topping the previous record of 3.367 million b/d set in June.
offers.” The ANP has not yet released its August oil and natural gas
The trader cited backwardation in market structure and production report.
weakness in other grades as factors applying pressure to the The surge in oil exports also came amid greater domestic
Nigerian market. crude processing, with state-led oil company Petrobras
“Structure is an absolute killer for long-haul crude,” they increasing refinery capacity utilization rates to 97.3% in August,
added. “And alternatives are cheaper again.” the highest level since 2015.
It was a similar story in the Angolan market, with a The increase in domestic crude processing followed a
combination of backwardation and a rising Brent-Dubai shift in Petrobras’ commercial strategy that industry officials
exchange of futures for swaps contract threatening Angolan had expected to reduce the volume of oil available for
differentials. overseas shipments. Petrobras ended its import-parity pricing
“Angola’s natural market is east and there are cheaper policy, shifting its focus to meeting domestic demand and
alternatives there,” a second trader said. reducing prices.
Despite Angolan barrels clearing well so far, structure Brazil imported 8.906 million barrels (287,290 b/d) of crude
and EFS strength were limiting Western demand, the second in August, falling 13.1% from 10.251 million barrels in July but up
trader added. 24.8% from 7.136 million barrels in August 2022, the ANP said.
Platts assessed the EFS at $3.99/b at the London close Sept. Oil imports have turned upward since mid-2022 after trending
28, its widest assessment since February. lower for much of the previous decade, when growing output
“The West can’t take it all, and we will need to wait for of high-quality light oil from the subsalt reduced Brazil’s need
differentials to fall if backwardation and the Brent-Dubai spread for blending grades. Brazil typically imports light grades and
do not ease,” the second trader said. condensates used for blending and lubricants production.
Chad will export 3.8 million barrels of its Doba crude grade
through November, according to a copy of the loading program Product export growth
seen by S&P Global Commodity Insights Sept. 29. Refined product exports also continued to post solid growth
The program consists of four cargoes, the same number amid rising shipments of low-sulfur bunker fuel and fuel oil, the
scheduled for October loading, with average loadings rising to ANP data showed.
126,667 b/d owing to the shorter month. Brazil exported 12.927 million barrels of refined products in
Doba, with a gravity of 25.8 API and a sulfur content of 0.09%, August, increasing 3.0% from July’s 12.548 million barrels and
is known in the market for yielding a large percentage of low jumping 51.6% from 8.526 million barrels in August 2022, the
sulfur vacuum gasoil, fuel oil and residue. ANP said.
Platts is part of S&P Global Commodity Insights Bunker fuel and fuel oil shipments rose 2.0% on the month to
— Joey Daly 9.198 million barrels in August, which was a 38.3% year on year

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

Oilgram Price Report September 29, 2023

increase from 6.653 million barrels in August 2022, the ANP said. producer, saw its crude production increase 8.9% to 301,672 b/d
Refined product imports climbed 11.3% on the month to in August from the year-earlier month and hold steady compared
19.940 million barrels amid seasonal demand during the oil seed with July, the data showed.
and sugarcane harvests, but were down 18.3% year on year from
24.412 million barrels in August 2022, the ANP said. Gas output edges up
Imports of diesel and gasoline, Brazil’s top two refined Gas production rose a year-on-year 2% in August to an
products in terms of consumption, have been volatile in recent average of 144.1 million cu m/d, and was up 4.6% from July.
months amid Petrobras’ shift away from import-parity pricing. Gas production has been recovering from a low of 114.2 million
The change slammed shut arbitrage windows for third-party cu m/d in April 2021, fueled by a rise in local wellhead prices and
importers, which have historically supplied about 25% of Brazil’s the construction of new takeaway capacity from Vaca Muerta.
diesel demand and about 15% of gasoline consumption. The first 11 million cu m/d of capacity on a new gas pipeline for
Arbitrage windows, however, opened slightly after Petrobras moving supplies out of Vaca Muerta came online in August and is
implemented substantial diesel and gasoline price hikes in mid- expected to reach 22 million cu m/d by the end of the year before
August to counter growing international market volatility. hitting the full capacity of 40 million cu m/d in 2025.
Diesel imports totaled 8.253 million barrels in August, down YPF’s gas production fell 5.4% to 35.3 million cu m/d in
28.9% from 11.616 million barrels in August 2022 but up 23.7% August, year on year, and declined 0.3% from July, according to
from 6.671 million barrels in July. the Energy Secretariat.
Gasoline imports totaled 2.660 million barrels in August, Argentina’s total gas exports fell to 2.2 million cu m/d in August
up 37.3% from 1.937 million barrels in August 2022 and nearly from 3.5 million cu m/d in the year-earlier month, according to
doubling from July’s 1.335 million barrels. the Energy Secretariat. Gas shipments, which primarily go to Chile
— Jeff Fick and in lesser amounts to Brazil and Uruguay, tend to decline in
the Southern Hemisphere winter months of June, July and August,
Argentina oil output rises 6.5% on year in August; when local demand surges from a year-round average of 140
gas production grows 2% million cu m/d to peaks of 200 million cu m/d. The country imports
gas from Bolivia and as LNG during the winter to meet those peaks.
„ Crude production hits 621,770 b/d — Charles Newbery
„ Oil exports increase 31%, with Medanito outflows
„ Gas exports slip 37% on higher local demand Platts US Gulf Coast Export Crude Daily
Commentary
Argentina’s oil production rose 6.5% to 621,770 b/d in August
from the year-earlier month, while natural gas output increased „ Platts AGS rises as futures weaken
2% to 144.4 million cu m/d over the same period, the Energy „ US crude exports expected to rise
Secretariat said Sept. 29.
August oil production was up 0.8% from the output level in Platts American GulfCoast Select (AGS) closed weaker along
July, the secretariat said in a data report. with crude futures Sept. 29.
Oil producers have been ramping up production in Argentina Platts assessed AGS at $92.78/b, 67 cents/b lower day on day.
to develop the massive resources in Vaca Muerta, one of the However, the Platts AGS premium over the NYMEX WTI strip
world’s biggest shale plays. The northern Patagonian play has rose by 24 cents to $3.45/b.
led a recovery in the country’s production from a low of 447,614 The AGS discount to the forward Dated Brent strip narrowed
b/d in mid-2020, when a lockdown for the pandemic depressed by 27 cents, from $1.47/b to $1.20/b.
domestic demand, where the brunt of the crude is sold. Oil Crude futures sagged to end the week. NYMEX WTI settled
production has since surpassed the pre-pandemic level of down 92 cents to $90.79/b, while Brent futures settled at
520,000 b/d in March 2020 to nearly touch the most-recent high $95.34/b, down 4 cents day on day.
of 623,000 b/d in 2009, according to Energy Secretariat data. Though US crude exports were down last week, data from
With oil production running above the 550,000 b/d of average Platts cFlow ship and commodity tracking software from S&P
demand, producers are exporting more supplies, including Global Commodity Insights forecast a rise in export totals
Medanito, a sweet light crude produced in Vaca Muerta and the through the week ended Sept. 29. The data showed US crude
Neuquén basin. exports at 4.73 million b/d, more than 700,000 higher than the US
Argentina’s total crude exports shot up 31% to an average of Energy Information Administration’s reported total of 4 million b/d
132,513 b/d in August from 101,337 b/d in the year-earlier period, for the week ended Sept. 22.
led by a 67% increase in Medanito shipments to 98,062 b/d The latest S&P Global data showed the WTI Magellan East
from 58,552 b/d over the same period, according to the Energy Houston crude arbitrage versus Forties open into Northwest
Secretariat data. Medanito was the most exported type of crude Europe by $2.06/b, the highest since April.
in both periods. Platts is part of S&P Global Commodity Insights.
YPF, the country’s state-run energy company and biggest oil — James Jones

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

Oilgram Price Report September 29, 2023

Gasoline “Collapse started yesterday already,” a trader in Europe said.

ARA gasoline stocks up 0.2% on week, “[It’s a] market correction. I think a correction was anticipated,
naphtha down 7.1%: Insights Global but let’s see if this is it or not.”
The crack has also fallen almost $10/b from two weeks ago,
„ Finished grade interest, blending suppressed from $17.60/b Sept. 18.
„ Naphtha stocks fall on increased petchem interest “The [spread’s] collapse also contributed to blending
difficulties,” a trader in Europe said. “RBOB collapsed
Gasoline stocks in the Amsterdam-Rotterdam-Antwerp hub yesterday also.”
barely budged on the week, rising just 2,000 mt to 1.328 million The spread between the Eurobob FOB ARA October swap and
mt on Sept. 28, while naphtha stocks dropped by 13,000 mt to the naphtha CIF NWE swap was $147.75/mt, down $29.75/mt on
170,000 mt, according to Insights Global data. the day.
Gasoline flat prices and cracks both dropped on the week Gasoline markets around the world have exhibited remarkable
although towards the end of the interest picked up, particularly volatility in recent months. The front-month Eurobob FOB ARA
for finished grades. crack fell $11.08/b Sept. 1, when the market rolled on from a
“People look to finished grades, they’re cautious with blending historically steep seasonal paper backwardation. This was
at the moment since the [gasoline/naphtha spread] collapsed,” the largest single-day drop in the front-month crack spread in
one trader said. Platts data.
The spread between the front-month Eurobob FOB ARA However, this drop in the crack was not caused by the monthly
swap and the CIF NWE Naphtha swap stood at $177.5/mt Sept. roll; instead, market sources pointed to a sharp selloff.
28, down from $213.75/mt on Sept. 18, according to S&P Global Platts is part of S&P Global Commodity Insights
Commodity Insights data. — Matthew Tracey-cook
There was a moderate increase in barge activity in the Platts
Market on Close assessment process, with several trades seen in JAPAN DATA: Aug gasoline imports up
the window. Sources said the increased interest may have been 30.1% on year amid refinery outages
related to arbitrage opportunities to the US and West Africa.
Naphtha stocks in the ARA hub continue to fall due to an „ Up 15.9% on month to 73,622 b/d
uptick in demand, with sources noting improved petrochemical „ Refinery outages hit peak of 26.4% in early July
activity in the region amid a backwardated price structure.
„ Gasoil imports up 168% on year
Storage levels fell for the fifth consecutive week and were
down 7.1% between Sept. 21 and Sept. 28 to 170,000 mt, the Japan’s gasoline imports in August rose 30.1% yea ron year
lowest level registered in 2023. and 15.9% month on month to 73,622 b/d, data from the Ministry
Petrochemical crackers in the region were heard to be running of Economy, Trade and Industry showed Sept. 29, amid unplanned
around 70% or slightly above, up from around 65%-67% prior to refinery outages and improving import economics.
September. Refinery outages rose to a peak of 26.4% of the country’s total
Supply loos to be improving too, with opening arbitrages and capacity in early July, with a total of eight CDUs shut, according to
more cargoes heading over to Northwest Europe. calculations by S&P Global Commodity Insights.
In sharp contrast to recent weeks when no imports have Outages drove the country’s gasoline imports an all-time high
been registered, volumes from Algeria and the US to Northwest just two months earlier, while August gasoil imports more than
Europe this week were expected at 93,000 mt and 80,000 mt, doubled year on year.
respectively, according to Kpler shipping data. Over January-August, Japan imported 49,440 b/d of gasoline,
Meanwhile, the naphtha CIF NWE October/November spread up 44.6% year on year.
was down $2.50/mt on the week at a $2/mt backwardation as of In the same period gasoil imports nearly doubled to 11,075 b/d.
Sept. 28, according to S&P Global data.
— Matthew Tracey-cook, Vinicius eduardo Maffei Fuel subsidy extension
The country’s gasoline sales stood at 858,648 b/d in August,
Eurobob crack spread sinks up 4.6% month on month and 1.6% higher year on year, the
to 9-month low after $3.58/b fall data showed.
However, traders are mixed on the effectiveness of subsidies
„ Collapse in crack spread, flat price in spurring domestic gasoline demand, after the Japanese
„ Market selloff amid significant gasoline volatility government extended fuel subsidies until year-end to ease the
hit from inflation on households.
The Eurobob front-month FOB ARA gasoline crack collapsed As part of the extension, a new calculation method was
$3.58/b on the day Sept. 29, to $8.27/b, with market sources introduced to increase subsidies, in a bid to bring down gasoline
pointing to a sharp market correction. retail prices to around Yen 175/liter ($1.18/liter) in October.

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

Oilgram Price Report September 29, 2023

Jan-Aug 2023 Jan-Aug 2022 % chg on year

According to the new calculation formula, gasoline retail Gasoline 49,440 34,182 44.6
prices are expected to fall to Yen 175/liter in mid or late-October Naphtha 435,947 437,624 -0.4
Jet Fuel 1,662 304 447.5
due to the gradual increase in the subsidy rate, even if crude oil Kerosene 28,717 21,424 34.0
prices rise sharply. However, this also forces wholesalers who Gasoil 22,046 11,216 96.5
Fuel Oil A 314 320 -2.1
hold tanks with accumulated inventories to revise their sales Fuel Oil B, C 20,009 34,756 -42.4
plans, S&P Global reported previously. Total 558,134 539,934 3.4

“ENEOS estimates gasoline sales in September to be 1%

higher and 1% lower in eastern and western Japan, respectively, Japan’s oil product exports (b/d)
than last year, meaning gasoline sales have shown solid results Aug-23 Aug-22 % Change Jul-23 % Change
Gasoline 50,812 58,405 -13 13,946 264.4
across Japan in September”, a Tokyo-based trader said. Naphtha 1,169 0 NA 0 BA
“Given the current retail gasoline price would be around Jet Fuel 138,476 166,637 -16.9 149,480 -7.4
Kerosene 39,214 14,187 176.4 4,269 818.7
Yen 30/l higher with the former government subsidy, the new Gasoil 76,544 181,816 -57.9 87,840 -12.9
government subsidy policy has a huge effect in supporting Fuel Oil A 1,998 3,319 -39.8 873 128.9
Fuel Oil B, C 100,415 147,021 -31.7 120,953 -17.0
gasoline demand.” Total 408,629 571,510 -28.5 377,360 8.3
However, some traders said this might not shift the needle.
Jan-Aug 2023 Jan-Aug 2022 % chg on year
“Though it looks like some gas stations have more sales this Gasoline 64,982 73,899 -12.1
September than last year, which is probably due to the new Naphtha 675 NA NA
Jet Fuel 134,802 117,444 14.8
government subsidy, we have seen few meaningful changes in Kerosene 14,877 11,487 29.5
sales volumes overall after the new program started”, said a Gasoil 103,988 133,300 -22.0
Fuel Oil A 1,516 3,409 -55.5
Chukyo-based trader. Fuel Oil B, C 126,462 147,029 -14.0
A Hanshin-based trader said: “I haven’t seen much change in Total 447,302 486,538 -8.1

sales volume after the new program started.”

Domestic oil product sales (b/d)
Kerosene export surge Aug-23 Aug-22 % Change Jul-23 % Change
Gasoline 858,648 845,126 1.6 821,210 4.6
Japan exported 39,214 b/d of kerosene in August, up more Naphtha 650,992 725,744 -10.3 553,710 17.6
than nine-fold month on month and nearly three-fold year on Jet Fuel 82,718 75,130 10.1 79,860 3.6
Kerosene 52,931 77,611 -31.8 70,272 -24.7
year, data from METI showed. Gasoil 528,120 560,042 -5.7 552,293 -4.4
“We increased the export volumes to put it in tanks rented Fuel Oil A 136,717 153,099 -10.7 144,543 -5.4
Fuel Oil B, C 114,205 168,943 -32.4 128,755 -11.3
in South Korea,” a refiner source said Sept. 29. “The soaring Total 2,424,332 2,606,808 -7 2,350,644 3.1
market prices in Singapore were also a factor in increasing export
Jan-Aug 2023 Jan-Aug 2022 % chg on year
volumes [to secure margins].” Gasoline 770,297 765,047 0.7
Major local refiners typically transport surplus kerosene Naphtha 634,583 649,590 -2.3
Jet Fuel 73,175 63,884 14.5
during the summer to tanks in South Korea, and then import it to Kerosene 196,148 216,326 -9.3
Hokkaido and other northern Japanese regions during the winter Gasoil 533,112 546,894 -2.5
Fuel Oil A 175,236 180,297 -2.8
demand season. Fuel Oil B, C 142,838 160,313 -10.9
However, despite the attractive margins, Japan’s refiners are Total 2,525,390 2,582,216 -2.2

likely to safeguard their stockpiles. Source: Ministry of Economy, Trade and Industry
“We are always short of those products and need to have
appropriate inventories. So exporting those products wouldn’t be — Rong wei Neo, Hiroyuki Koshoji, Akihiro Gotoda
our option,” said a refiner source.
Japan has stocked 17.1 million barrels of kerosene as of Sept. SINGAPORE DATA: Light distillate stocks slip 2%
23, up 24.9% year on year, data from the Petroleum Association of on week as gasoline exports rise
Japan showed.
In August, the country’s kerosene imports surged more than „ Gasoline exports rise 25.15% on week; net exports climbs
eight-fold month on month to 11,450 b/d. In the first eight months „ Naphtha, reformate, blendstock imports gains 8.16% on week
of this year, Japan imported 28,717 b/d of kerosene, up 34% year
on year. Singapore’s commercial stockpiles of light distillates slipped
Japan’s oil product imports (b/d) 1.86% in the week to Sept. 27 as gasoline exports increased,
Aug-23 Aug-22 % Change Jul-23 % Change Enterprise Singapore data released Sept. 28 showed.
Gasoline 73,622 56,589 30.1 63,507 15.9
Naphtha 504,714 476,595 5.9 405,938 24.3
Total stocks of light distillates, which include gasoline,
Jet Fuel 1,255 0 -100 1,199 4.7 reformate and naphtha but exclude gases like LPG, declined to
Kerosene 11,450 10,124 13.1 1,336 756.9
Gasoil 11,075 4,131 168.1 36,315 -69.5
12.89 million barrels during the week ended Sept. 27 from 13.138
Fuel Oil A 0 0 -100 2,458 -100.0 million barrels the previous week. Stocks were last lower in the
Fuel Oil B, C 10,249 44,561 -77 6,642 54.3
Total 612,365 592,229 3.4 517,395 18.4
week to Sept. 13 at 12.33 million barrels, the data showed.

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

Oilgram Price Report September 29, 2023

Singapore’s gasoline exports rose 25.15% week on week to California Air Resources Board advances winter
804,846 mt, while imports were up 24.36% at 474,317 mt, pushing gasoline specifications effective Sep 28
net gasoline exports to 330,528 mt in the week to Sept. 27, up
from 261,702 mt the previous week, the data showed. „ Waiver to mitigate high California prices
Outflows to Taiwan shot up by more than fourteenfold „ Waiver will run through Oct. 31
week on week to 53,964 mt in the week ended Sept. 27, the „ Second consecutive year RVP waiver issued
data showed, amid a planned refinery turnaround, market
sources said. The California Air Resources Board issued a gasoline volatility
Taiwan’s state-run CPC Corp was slated to shut its 150,000 b/d waiver effective Sept. 28, moving forward the transition date from
No. 12 CDU and the 80,000 b/d residue fluid catalytic cracker at summer grade gasoline to cheaper winter grade gasoline in an
its Dalin refinery for planned maintenance Sept. 18, S&P Global effort to curb rising California gasoline prices.
Commodity Insights had reported. “The gasoline market in California is currently experiencing
The fall in gasoline imports came as inflows from China very high prices for reasons that the California Energy
declined 9.87% week on week to 183,617 mt, the data showed. Commission is examining, which may include an unusual spot
Chinese gasoline inflows into Singapore fell on the back of market transaction, refinery maintenance and undersupply, and
deteriorating Chinese export margins and ahead of an expected global crude oil prices,” said the waiver statement.
increase in domestic demand amid the Golden Week festivities in The waiver was issued after a Sept. 27 letter from California
early October. governor Gavin Newsom who requested the Division of Petroleum
Gasoline exports from China could fall further in October Market Oversight of the California Energy Commission issue a
after a rumor that China will release additional oil product export waiver. The waiver will remain in effect until Oct. 31, 2023 when
quotas this year was quelled. the winter grade specification switch is scheduled to begin.
Market participants said Asian gasoline prices could face The waiver will accelerate by about a month California’s
some downward pressure in the weeks ahead as participants scheduled gasoline transition from 7.0 RVP summer grade to
continued to expect lower US gasoline demand ahead of the winter specifications. This is the second consecutive year that
winter period. California has switched early from summer grade to winter grade,
The Platts-assessed front month FOB Singapore 92 RON according to the California Air Resources Board website.
gasoline swap crack against Brent swaps was at $5.23/b Sept. Summer grade gasoline is more expensive to produce, requiring
28 , down from $5.78/b at the Asian close Sept. 27, S&P Global more expensive blend stocks such as reformates and alkylates to
data showed. produce fuel that will burn more cleanly in warmer temperatures,
thus producing less emissions. Winter grade gasoline can increase
Naphtha imports rise the blending volume of less expensive butane.
Singapore’s light naphtha, reformate and blendstock imports Los Angeles was heard last offered at NYMEX November
rose 8.16% week on week to 194,879 mt in the week ended Sept. futures plus 80 cents/gal Sept. 29, while San Francisco CARBOB
27, Enterprise Singapore data showed. was last heard offered at futures plus 80 cents/gal.
A spike in shipments from the Middle East boosted imports
despite a lack of Russian inflows. The Middle East was typically
the main supplier to the region, and accounted for 102,438 mt of
imports, a 100.90% week-on-week rise, the data showed.
Shipments from Russia was expected to remain thin for H1
October as fewer cargoes were heard for that trading period last
month, market sources said.
Singapore’s exports of naphtha, reformates and other
blendstocks fell 85.43% on the week to 4,471 mt, which was
shipped to Thailand, the data showed.
Asia’s naphtha market strength was heard to have been — Sarah de Lucia Hernandez, Janet Mcgurty
weighed down by losses in the gasoline market, sources said.
The Platts-assessed CFR Japan naphtha physical crack Higher RVP gasoline barrels
spread against front month ICE Brent crude futures slipped in tight supply on US Gulf Coast
into negative territory for the first time in two months at
$16.90/mt at Sept. 28’s Asian close, S&P Global data showed. „ Plus 1 RVP adjustment narrows to 1 cent/gal
The physical crack was last in negative territory on July 27 at „ Regular 14.5 RVP CBOB “impossible to find”
minus 52.5 cents/mt, and was last lower on July 18 at minus
$21.875/mt. The US Gulf Coast gasoline market saw a tightening RVP
— Joshua Ong, Wanda Wang adjustment Sept. 28 ahead of the second winter RVP shift in

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

Oilgram Price Report September 29, 2023

October, and on premium grades, lower RVP material weakened bound for West Africa, three for trans-Atlantic voyages or with TA
against higher RVP barrels. options, and the rest a mix of options including the Persian Gulf.
The plus 1 RVP adjustment narrowed to 1.00 cent/gal as In the Northwest European market, values sank amid a
prompt-cycle regular 14.5 RVP CBOB was bid higher during the “market correction,” according to sources. The swap tanked
Platts Market on Close assessment process. $40.25/mt and the crack spread fell $3.58/b.
“Folks are finding it difficult to nigh impossible to find [regular However, premium barge values were supported. Premium
14.5 RVP CBOB] sellers right now,” a market source said Sept. 28. unleaded 10 ppm barges were assessed at a $35.25/mt premium
No offers were seen on the day for regular 14.5 RVP CBOB to Eurobob on a strong traded bid, up from $20.75/mt the
during the MOC, either. day prior.
Platts assessed prompt regular 12.5 RVP CBOB at NYMEX “People are looking to finished grade, they’re cautious in
November RBOB futures minus 1.50 cents/gal and regular 14.5 terms of blending given turnarounds around the corner and the
RVP CBOB at futures minus 3.50 cents/gal. collapse in the gas-nap spread,” a trader in Europe said.
CIF cargoes were heard to be stable, having grown to a $92/
Lower RVP premium barrels rise in value against high RVP mt premium to Eurobob barges from $55/mt at the beginning of
material September.
Physical prices for regular 12.5 RVP CBOB and regular In the Mediterranean, supply and demand were heard to be
13.5 RVP RBOB were stable in daily comparison but premium balanced, with no major movements in the market.
grades moved. The October FOB AR Eurobob barge swap fell $40.25/mt to
Premium 13.5 RVP RBOB fell by 2.00 cents to November RBOB $839.75/mt. The front-month FOB ARA Eurobob gasoline barge
plus 35.00 cents/gal, while premium 12.5 RVP CBOB rose 2.00 crack was down $3.58/b to $8.57/b.
cents to November RBOB plus 40 cents/gal. The October/November spread dropped $5.50/mt to
“Higher RVP barrels will continue to get hit,” a second market $33.50/mt, while November/December was in a $21.50/mt
source said. “More butane is coming into stuff. Lower RVP is more backwardation, down $6.50/mt on the day.
valuable as you can jam butane in and re-blend.” The Med/North gasoline differential — the spread between
the FOB Mediterranean 10 ppm cargo swap and the equivalent
Prompt-cycle regular RBOB arb to NYH unworkable FOB Amsterdam-Rotterdam Eurobob barge — was assessed up
Prompt-cycle regular RBOB is scheduled to arrive in New York $1/mt at $9/mt October, while November rose $2/mt at $13/mt.
Harbor at the end of October. Given flat line space and Colonial — Matthew Tracey-cook
Pipeline tariffs, RBOB sent via the pipeline is 150 points more
expensive than taking delivery on the October contract, the Platts US Gasoline Daily Market Analysis
second market source said.
Regular RBOB “looks very expensive to me,” he said. „ CARB issues summer specification waiver in California
Platts assessed regular 13.5 RVP RBOB stable on the day at „ Atlantic Coast falls in line with underlying futures contract
November RBOB minus 2.50 cents/gal.
California gasoline plunged Sept. 29 after the California Air
Alkylate down, raffinate on the rise Board issued a volatility waiver.
FOB 92/5 alkylate fell sharply on the day, down 17.25 cents to On Sept. 29, both Los Angeles and San Francisco CARBOB
November RBOB plus 60.00 cents/gal. Raffinate rose 17.75 cents differentials closed at NYMEX November RBOB futures plus 69
to November RBOB minus 55 cents/gal. cents/gal, down 81 cents and 65 cents on the day, respectively,
FOB 100/1 reformate was stable at November RBOB plus 111.25 amid selling interest.
cents/gal. The California Air Resources Board issued a gasoline volatility
— Wendy Dulaney waiver effective Sept. 28, moving forward the transition date from
summer-grade gasoline to cheaper winter-grade gasoline to curb
Platts European Gasoline Daily Market Analysis rising California gasoline prices.
In New York Harbor, CBOB barges, which fell 6.73 cents to
„ Crack spread sinks more than $3/b $2.4375/gal on Sept. 29, have fallen nearly 50 cents in the second
„ More arbitrage cargoes heard on subjects half of September.
The steep drop came mostly from declining gasoline futures
Northwest European gasoline markets plunged on the day due to the end of the summer driving season and a transition to
amid strong selling pressure Sept. 29. cheaper winter grades. Imports of gasoline to the East Coast also
There was an increase in fixtures heard on the day however, rose sharply to 666,000 b/d last week, according to data from
spurred on by several arbitrages and a discount on offer for the Energy Information Administration Sept. 27. US Customs data,
Russian cargoes, according to sources. Eight gasoline cargoes meanwhile, showed an even sharper rise in imports this week to
were heard on subjects out of Northwest Europe, with three about 700,000 b/d.

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

Oilgram Price Report September 29, 2023

Despite the higher imports, refiner and blender net inputs of ample supply, traders said. This was reflected in the jet FOB
gasoline blending components fell to 2.415 million b/d, marking FARAG barge differential with slipped $5.75/mt in the week to
the lowest four-week average since March 3, when inputs Sept. 27 to a premium of $55.25/mt to the front-month ICE low
averaged 2.405 million b/d, EIA data showed. East Coast run rates sulfur gasoil futures contract.
dropped 18.2 percentage points to 71.8% for the week ended The return of refineries could provide higher volumes for
Sept. 22 as Delta’s Trainer refinery near Philadelphia started a stocks. For example, the resumption of a halted unit at Shell
turnaround mid-month. Energy and Chemicals Park Rotterdam, one of the largest
On the Gulf Coast, regular 11.5 RVP 87 unleaded physical producers of jet fuel in Europe, will likely push up stock levels in
gasoline barrels traded sharply lower compared with regular the region.
CBOB and RBOB. However, although the arbitrage incentive from Fujariah to the
Platts assessed 87 unleaded at NYMEX November RBOB Amsterdam-Rotterdam-Antwerp hub stood at 17 cents/b on Sept.
futures plus 16.50 cents/gal, 3.75 cents lower on the day. This 26, according to analysts at S&P Global Commodity Insights,
narrowed the spread between regular CBOB and 87 unleaded to September showed an average disincentive of $2.08/b, which
17.9 cents/gal. could indicate fewer arrivals to come for the rest of the month
Meanwhile, premium 12.5 RVP CBOB, which moved at a stable and into October.
spread to regular, was assessed at November RBOB plus 40.10 “The market is long in my opinion,” one trader said. “But there
cents/gal. After the market close, it was discussed lower and is more clearing. Looking at the back end of the curve it is a bit
offered at futures plus 36.00 cents/gal. This move would bring less easy [to secure a cargo].”
the CBOB implied octane value to below 4.90 cents/gal, where it According to Kpler ship tracking data, volumes to arrive
has been observed for RBOB. into ARA are expected to fall 5% in October to 251,000 mt from
In Oklahoma, suboctane gasoline shifted to 11.5 RVP Sept. 29, predicted September values, with a much heavier import of
with buying interest adding support to the differential against Middle Eastern product, over West Indian or East Asian. This
NYMEX November RBOB futures. comes from building demand and lower production in these
Platts assessed the suboctane differential at futures regions. In particular, West Indian exports are unlikely to grow
plus 4.75 cents/gal after starting the day at futures plus 2.50 amid a number of refinery outages in the region.
cents/gal. In its latest Global Refining Outlook report released early
On an outright basis, however, the price fell 5.83 cents/gal as September, S&P Global Commodity Insights analysts said that
the NYMEX November RBOB futures settled 6.67 cents below the refinery outages in South Asia are “projected to rise by 290,000
previous day, at $2.3995/gal. b/d in September, reaching the highest level of outages for the
Chicago CBOB strengthened for all pipelines, with the year at 426,000 b/d before declining to 390,000b/d in October.”
Wolverine differential leading changes. — Patrick McAllister
Platts assessed Wolverine CBOB up 8 cents on the day at
futures minus 5 cents/gal, BCX CBOB 6.75 cents above last close Global airline capacity to rise in week starting
at futures minus 6.25 cents, and West Shore 8.75 cents higher at Sep 25 on Golden Week holidays: OAG
futures minus 7.25 cents/gal.
Indications after the market close showed West Shore CBOB „ European airline capacity down 330,000 seats on week
slightly stronger at futures minus 7 cents/gal. „ European jet fuel remains long but traders see some
Platts is part of S&P Global Commodity Insights. shortening
— Staff
International seat capacity is likely to increase by 717,000 to
Jet 112.3 million seats in the week starting Sept. 25, largely driven by
the Golden Week holidays in China, aviation tracker OAG said in
ARA jet kero stocks rise 6% on week its latest report.
amid seasonal demand slide, ample supply China’s Golden Week holidays begin Sept. 29 and will last for
eight days.
„ Shell Energy and Chemicals Park Rotterdam resumes Without additional Chinese capacity, international airline
halted unit seats remain unchanged. European domestic seats are
„ Sept Fujairah to ARA arbitrage remains low at $2.08/mt: SPGCI expected to have fallen by 110,000 seats week on week.
European international seats are set to fall by 220,000 seats
Jet fuel and kerosene stocks rose 6% in the week to Sept. over the week, offsetting an increase of 189,000 seats from
28 to 758,000 mt, according to data from market research firm Northeast Asia.
Insights Global. The volume remains 3% below levels in the same European demand continues to fall away on the back of the
week last year. approach of winter at the beginning of November, one airline
The jet market is currently long with declining demand and sources said.

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

Oilgram Price Report September 29, 2023

Total domestic capacity increased 1% week on week to 67.7 Singapore’s commercial stockpiles of middle distillates rose
million seats. Domestic seats are expected to fall back to 67 4.14% on the week to a six-month high of 9.37 million barrels
million for the rest of the summer season. over Sept. 21-27, Enterprise Singapore data released late Sept.
International markets saw a slight increase of 0.1% in seat 28 showed.
capacity to 44.6 million seats. Stockpiles were last higher over March 23-29 at 9.85 million
barrels, historical data from Enterprise Singapore showed.
European, Asian jet fuel demand Singapore was a net exporter of gasoil in the week to Sept. 27,
Asian jet fuel/kerosene participants had more of a mixed with outflows of 384,370 mt outpacing inflows of 163,212 mt, the
view of the market as September drew to a close, with previously data showed.
bullish sentiment that arose following news that no further clean In contrast, the city-state flipped to being a net importer of
oil products would be expected from China for the rest of the jet fuel/kerosene over the same period with inflows of 30,909 mt,
year giving way to a more cautious outlook Sept. 29. mainly from China, outpacing outflows of 27,906 mt.
A few traders said that so far, with the market having had time China was also the top supplier of gasoil to Singapore over
to digest news of the evolving regional supply situation, there Sept. 21-27, with volumes almost doubling on the week to 80,300
appeared to have been little immediate impact on the Asian jet mt, followed by Tunisia and Thailand at 42,108 mt and 25,449 mt,
fuel/kerosene market. respectively.
“So far, I don’t see any big impact on China news on the jet The rise in imports from China comes amid the release of
[fuel] market,” a regional trader said Sept. 29, adding that there the country’s third batch of export quotas in early September.
could be further clarity “after [the] holidays”. However, the Chinese government will not issue new quotas for
In Europe, with declining aviation demand, jet fuel differentials clean oil product exports and additional allowances for crude
have reflected a similar weakening in the complex. Platts, part of oil imports this year, three Beijing-based trading officials with
S&P Global Commodity Insights, assessed the jet CIF NWE cargo knowledge of the matter said late Sept. 27.
cash differential down $8.50/mt week on week at a premium According to the sources, a governor with the country’s top
of $55.25/mt above the October ICE low sulfur gasoil futures planner, the National Development and Reform Commission, had
contract. said this during a meeting with state-run companies Sept. 27,
Traders reported that the market looked long on the back which will cap China’s oil product exports and crude inflows at
of strong flows from the East of Suez in August and solid least in the coming months.
refining margins at European refineries. Platts assessed the With no additional quotas allocated, China’s average clean oil
Jet FOB Rotterdam versus Brent crack at $34.99/b Sept. 28, product exports will be in a downtrend as only about 11.81 million mt
strengthening $2.68/b on the day. (770,000 b/d) of clean oil product export quotas will be available for
However, one source said the market could tighten. September through the rest of the year, given that the government
“The market is long in my opinion,” the source said. “But there awarded 37.99 million mt (870,000 b/d) of quotas for 2023.
is more clearing. Looking at the back end of the curve it is a bit “The market has priced in expectations of a fourth batch of
less easy [to secure a cargo].” export quota of around 5 million mt [for clean products]. With no
According to Kpler ship tracking data, volumes to arrive further export quota, the [middle distillates] market will definitely
into the Amsterdam-Rotterdam-Antwerp region in October are be tighter in Q4,” a middle distillate trader said.
expected to fall 5% month on month to 251,000 mt, with a much Meanwhile, Australia absorbed the bulk of Singapore’s middle
heavier imports of Middle Eastern product than those from the distillate exports, receiving 79,163 mt of gasoil and 27,846 mt of
West Coast India or East Asia. This comes from building demand jet fuel/kerosene over the week to Sept. 27, the data showed.
and lower production in these regions. In particular, West Coast Singapore also sent 44,978 mt of gasoil to New Zealand,
of India exports are unlikely to grow amid a number of refinery followed by South Africa and Netherlands at 41,869 mt and
outages in the region. 40,366 mt, respectively, while jet fuel/kerosene outflows went to
— Patrick McAllister, Clarice Chiam Papua New Guinea at 34 mt, followed by Malaysia at 20 mt.
Platts assessed the front-month time spread for FOB
Diesel Singapore 10 ppm sulfur gasoil derivatives — an indication of
near-term sentiment — at an average of $4.03/b over Sept. 21-27,
SINGAPORE DATA: Middle distillate stocks rise 4% widening from an average of plus $3.92/b the week before, S&P
on week to six-month high of 9.37 mil barrels Global Commodity Insights data showed.
The front-month time spread for Platts FOB Singapore jet
„ China takes top supplier spot for middle distillates over fuel/kerosene swaps averaged $2.68/b over the same period,
Sept. 21-27 narrowing from an average of plus $3.07/b the previous week.
„ Singapore flips to net importer of jet fuel/kerosene — Amy Tan, Clarice Chiam, Ernest Puey

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

Oilgram Price Report September 29, 2023

Biodiesel in Brazil’s Mato Grosso at 16% discount Cuiaba cost would be at Real 4,731.90/cu m, a Real 511.90/cu m
to Platts ULSD IPP Santos equivalent premium to biodiesel in the region. Platts ULSD DAP South Brazil
was assessed at its highest level on Sept. 27 at Real 4384,91/
„ Biofuel at economic advantage over fossil in MT cu m since the assessment was launched on Sept. 1.https://
„ Lack of Russian diesel imports to increase diesel price www.spglobal.com/commodityinsights/en/our-methodology/
subscriber-notes/090123-platts-launches-new-assessment-for-
In the last few years, an increase in biodiesel blending rates ulsd-dap-south-brazil-from-all-origins-including-russia
has been postponed due to a possible negative impact in the Platts is part of S&P Global Commodity Insights.
national inflation rate, however the most recent biodiesel vs The price spread between biodiesel and diesel delivered
diesel price spread, suggests that biodiesel could offer an in Mato Grosso could be slightly different if one considers the
economic advantage over fossil-fuel derived diesel, according to Petrobras ex-refinery price, REPLAM, based in Paulinia which was
S&P Global Commodity Insights. last published Sept. 28 at Real 3,853.2/cu m or equivalent to Real
A wider discount of biodiesel to diesel mainly in Mato Grosso, 4,243.2/cu m delivered in Mato Grosso.
one of the largest biodiesel producing regions, could financially Brazil is net short diesel supply, equivalent to nearly 25%
encourage higher voluntary blending rates, while the federal of internal demand, which increases the country’s exposure to
mandate is still at 12%. international diesel prices.
The Platts biodiesel DAP Paulinia spot assessment, on Sept. The recently announced restrictions on Russian exports
28 was at Real 4,475/cu m ($888.51/cu m), based on a trade heard in distillates will result in a shortage of around 1 million b/d of
for 120 cu m out of Santa Catarina, a region with a freight of Real diesel, according to an S&P Global Commodity Insights analysis.
180/cu m to Paulinia. However, there was an offer of Real 4,610/cu Shipping data from S&P Global Commodities at Sea shows
m from Mato Grosso, to DAP Paulínia. With a freight of Real 390/ Brazilian imports of Russian ULSD have totaled about 21 million
cu m to Paulinia, it suggested a net back cost to biodiesel ex-mill barrels from January to September 2023, compared with about
Mato Grosso at Real 4,220/cu m. 444,000 barrels for all of 2022, showing the importance of
On the same day Platts assessed the ULSD S10 Santos Import diesel imports into Brazil. The Russian diesel export ban was
Parity Price at Real 4,504.07/cu m, which according to market expected to hit Turkey and Brazil the hardest but Brazil’s diesel
sources could be normalized delivered to Cuiabá, the main fuel market faces uncertainty amid Russian oil products ban. As a
hub in Mato Grosso state, at Real 4,894.07/cu m. result, fewer offers could result in higher diesel prices in the
Considering the above price references, the biodiesel in Mato coming days.
Grosso would be at 16% or Real 674.07/cu m discount to the In that scenario, the most competitive biodiesel price in Mato
fossil option at the same location. By comparison, on the same Grosso versus diesel, is expected to trigger further discussions
day a year ago, biodiesel was at 7% discount to diesel IPP Santos for fuel distributors to increase the biodiesel blend volume into
delivered in Cuiabá. diesel on a voluntary decision basis to 15%, compared to a lower
It is also important to highlight that for the purpose of that national mandate of 12%.
pricing analysis, S&P Global used a biodiesel spot price, which Brazil’s biodiesel trading model dictates that producers and
has a historical premium over term contracts. From Sept. 1 to distributors need to submit term contracts to supply the next
Sept. 28, S&P Global calculated an average premium of Real 368/ two-month period, therefore any temporary higher biodiesel
cu m for spot over term contracts, therefore fuel distributors demand is expected to be translated in a larger spot demand
with biodiesel term contracts would have an additional financial within the fifth bimester.
reason to consider higher biodiesel blending rates. If that trend remains in place, a larger demand for volumes
under term contracts could also be expected for the last two
months of 2024.
— Priscila Pinheiro, Nicolle Monteiro de Castro

Marine Fuel
BUNKERWORLD INDEX: Crude uptick offsets
paused bunker demand, higher supply
„ Singapore VLSFO supply stable to higher in October
„ Weak NWE demand weighs against firming oil complex
„ Grain exports to raise Vancouver demand in October

Bunker prices edged up in the week ended Sept. 28 as

Considering Platts ULSD DAP South Brazil assessment moderate growth in crude tilted the balance of sentiment in
from all origins at Real 4337,90/cu m on Sept. 28, the delivered marine fuel markets, which saw increasing supply or were waiting

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

Oilgram Price Report September 29, 2023

for demand to pick up. Resid

The Platts Bunkerworld 0.5% sulfur fuel oil index ended the ARA fuel oil stocks drop to 9-month low
week at $674/mt, down $3/mt on the day, up $8/mt week on after second week of decline
week and up $34/mt month on month.
The BW380 index, which represents value for 3.5% sulfur fuel „ Stocks at lowest level since Jan as steep backwardation
oil, ended the week at $583/mt, up $1/mt on the day, up $5/mt persists
week on week and up $24/mt month on month. „ Traders point to signs of VLSFO arbitrage east reopening
Platts is part of S&P Global Commodity Insights. „ Bunker fuel demand stays sluggish across ARA ports
Crude markets continued to receive support through the week
from firm Chinese recovery optimism ahead of the country’s Total fuel oil stocks in the Amsterdam-Rotterdam-Antwerp
forthcoming slate of September economic data. This came region fell 3.4% in the week to Sept. 28, dropping to a nine-month
alongside a weaker dollar and tight global supply. low, Insights Global data showed.
Global seaborne trade will return to growth in 2023 as the Total stocks amounted to 1.041 million mt, with the share of
shipping industry emerges from post-pandemic supply chain total fuel oil inventories as a proportion of total refined product
issues and adapts to changing cargo flows in the wake of stocks in the region dropping to 20%. Insights Global does not
Russia’s invasion of Ukraine, the UN Conference on Trade and differentiate by fuel type.
Development said Sept. 27. Persistent steep backwardation in the HSFO and VLSFO
In its annual Review of Maritime Transport report, the swaps markets has kept suppliers incentivized to hold limited
UNCTAD said maritime trade volume will expand by 2.4% this product in storage. On Sept. 28, intermonth October/November
year after contracting by 0.4% in 2022 as “the industry remains HSFO timespreads were assessed at $19.50/mt, while VLSFO
resilient.” spreads over the same period were assessed at $8.50/mt.
In regional bunker markets, Singapore’s 0.5%S fuel oil inflows While paper Hi-5 spreads were largely unchanged on the week,
from the West in October are expected to be relatively in line with the physical European high sulfur fuel oil complex continued
or slightly higher than September as recently viable arbitrage to see significant support due to ongoing sour crude shortages
economics will help bring more barrels from Europe to the world’s leading to limited production.
biggest bunkering hub in Asia, traders said. The sour crude complex and European HSFO market had
In Northwest Europe, muted bunker demand weighed against already been tight due to the West struggling to replace the loss
firming oil futures markets through the week, as suppliers noted of Russian sour Urals barrels, since exacerbated by Saudi Arabia
sluggish buying activity for the two main fuel oil grades. and Russia’s unexpected decision to extend their unilateral crude
In the Nordics, tight 3.5%S fuel oil supplies have continued production cuts.
to squeeze Hi-5 spreads, which were assessed at just $6/mt in This trend would ensure that fuel oil stocks would remain at
Gothenburg Sept. 28. Suppliers to the port said new product is around their current low levels on the HSFO side as there is not
not expected before Oct. 10. much incentive to build on the inventories due to the severe
At Vancouver, spot demand has been light and cruise vessels prompt shortness.
have been the most reliable buyers, one area source said. The The VLSFO market is less tight but could see some upside to
same source noted that the grain export season starts mid- come with European traders noting that the arbitrage window
October, indicating spot demand will pick up around then. from Europe to Asia was opening up on paper which could
The BW Indexes are weighted daily indexes made up of facilitate more physical flows toward the East. This boost in
price assessments at 20 key bunkering ports. To obtain a VLSFO demand could result in more aggregate fuel oil draws from
representative geographical spread, the ports were selected by the VLSFO side.
size with reference to their geographical importance. In downstream bunker markets, muted bunker demand
The BW 0.5% Sulfur Index ports are Hong Kong, South Korea, weighed against firming oil futures markets in the week to
Shanghai, Singapore, Japan, Las Palmas, Durban, Fujairah, Sept. 29, as suppliers noted sluggish buying activity for HSFO
Gibraltar, Piraeus, Rotterdam, St. Petersburg, Houston, Los and VLSFO. MGO buying interest was reported higher Sept. 28,
Angeles, New York, Balboa and Santos. although stocks remained healthy at the ARA fuel hub.
The BW380 Index ports are Busan, Canary Islands, Colombo, In the Nordics, meanwhile, tight HSFO supplies have continued
Durban, Fujairah, Gibraltar, Hong Kong, Houston, Los Angeles, to squeeze Hi-5 bunker spreads, which were assessed at just $6/
New York, Offshore Nigeria, Panama Canal, Piraeus, Rotterdam, mt in Gothenburg Sept 28. Suppliers to the Swedish port said
Santos, Shanghai, Singapore, St. Petersburg, Suez and Tokyo. new product was not expected ahead of Oct. 10.
— Thomas Washington — Kelly Norways, Eugene Poon, Rich Laverick-brown

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

Oilgram Price Report September 29, 2023

SINGAPORE DATA: Fuel oil inventories days ahead for VLSFO bunker for the Sept. 28 session, up from as
drop to 3-week low as imports shrink close as 2 days ahead in prior weeks, though for most, lead times
for both grades were around six days ahead.
„ Onshore heavy distillate inventories slip 9.5% on week Meanwhile, Singapore bunker demand has remained muted
„ Singapore’s heavy distillate imports drop nearly 17% on week as the region continues to grapple with challenging global
macroeconomic conditions. Enterprise Singapore data Sept. 18
Singapore’s commercial stockpiles of heavy distillates dropped showed that Singapore’s non-oil domestic exports shrank for
9.5% week on week to 19.8 million barrels in the week ended the 11th straight month in August, down 20.1% year on year. On a
Sept. 27, showed Enterprise Singapore data released late Sept. month-on-month basis, NODX was down 3.8%.
28, amid lower fuel oil imports. Platts-assessed premiums for Singapore-delivered marine fuel
The stocks were currently at their lowest since Sept. 6 when 0.5% bunker averaged $16.89/mt over benchmark FOB Singapore
they were at 19.5 million barrels. This week’s inventories were marine fuel 0.5% cargo values over the week to Sept. 27, up from
11.5% lower compared with the corresponding week in 2022, the an average of $13.66/mt in the prior week.
data showed. For the high sulfur bunker grade, Platts-assessed premiums
Weekly residual fuel inventories in Singapore have averaged at averaged $12.99/mt over benchmark FOB Singapore 380 CST
about 20.7 million barrels so far in 2023, compared with a weekly HSFO cargo values, down from an average of $13.93/mt in the
average of 20.9 million barrels in 2022, according to Enterprise prior week.
Singapore data. — Koustav Samanta, Yong ren Toh
Singapore’s fuel oil imports dropped 16.6% on the week to
1.007 million mt in the week to Sept. 27, with inflows from Asian Feedstocks
suppliers making up about 33% of the total volume at 332,859
mt in the week to Sept. 27. The Asian supplies plunged about 37% EPCA 2023: European petchem sentiment
from the preceding week, the data showed. bearish despite demand uptick
The city-state’s imports from Malaysia more than halved
to 139,847 mt in the week to Sept. 27 from 294,332 mt in the Overall activity in the European petrochemical industry has
previous week, while Singapore imported about 39,970 mt fuel oil increased in September as companies proceed with re-stocking
from Taiwan in the latest week, down from 51,303 mt in the week activities, but general sentiment over the next few months and
ended Sept. 20, the data showed. the long-term remains bearish in the region, sources at the
Singapore’s imports from the Middle East slumped 84.2% on 57th European Petrochemical Association annual meeting in
the week to 64,095 mt in the week ended Sept. 27, all of which Vienna said.
came from Saudi Arabia, according to the data. Sources pointed to a better-than-expected performance of
There were no fuel oil imports from Kuwait or the United Arab the automotive industry in Europe offering partial support to
Emirates in the week ended Sept. 27, but Singapore imported petrochemical cracking activity, which had been depressed prior
111,085 mt from Turkey in the latest week for the first time since to September amid negative margins. Apart from that, other
early August, the data showed. sectors such as construction continue to underperform, sources
Imports from Russia, however, surged to 83,616 mt in the week said at the event.
to Sept. 27, up from 19,821 mt in the previous week, while imports And in the short term, a combination of a weaker economic
from Brazil stood at 54,852 mt compared to 165,919 mt in the headwinds and rising feedstocks prices, amid escalating worries
previous week, the data showed. of naphtha prices climbing alongside those of the broader crude
Meanwhile, Singapore exported 172,992 mt of fuel oil in the complex, continues to weigh on sentiment for the next two
week to Sept. 27, about 13.2% lower compared with 199,375 mt in quarters, sources said.
the week to Sept. 20, the Enterprise Singapore data showed. Platts Naphtha CIF NWE Cargo has been on an upward trend
Singapore exported 45,138 mt fuel oil to Bangladesh, and in the past few months and climbed above the $700/mt threshold
31,070 mt to the UAE in the week ended Sept. 27, compared on Sept. 12, the first time since April 13.
with none sent to these destinations in the preceding week, the In the interim, Platts NWE Cracker Margin spot has been in
data showed. negative territory since June 27, hitting minus $321.84/mt on
Singapore’s inventory data counts only stocks at onshore Aug. 9, the lowest point so far this year, albeit having partially
terminals. Enterprise Singapore describes heavy distillates as recovered since then to minus $125.29/mt as of Sept. 28.
“residues,” which include cracked and straight run fuel oil and low Crackers in Europe were running on average at around 67%
sulfur waxy residue. prior to September, sources said, close to the minimum operating
The fall in fuel oil stocks has resulted in slightly tighter levels necessary to keep plants open. Rates have climbed to
supplies being reported for bunker in Singapore, though 70% or slightly above in recent weeks with the recent increase in
inventories of VLSFO and HSFO bunker remained adequate to activity.
meet inquiries. Some suppliers were reporting lead times of four Coaster crackers with feedstock flexibility are finding

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

Oilgram Price Report September 29, 2023

themselves in a slightly more favorable situation, as they can The spread between European gasoline and naphtha values
opt for cheaper options such as LPG, but older plants that run narrowed Sept. 29 amid a price correction on the former.
exclusively on naphtha are facing negative margins and the The gas-nap spread fell $29.75/mt to $147.75/mt on the day,
industry might see some rationalization of production, especially according to Platts data, the lowest value since mid-March,
with the feedstock price rising alongside the broader crude oil amid a selloff and heightened volatility in the gasoline market,
complex, sources said. sources said.
“There has been a lot of anticipation over the past months In the Amsterdam-Rotterdam-Antwerp hub, naphtha stocks
[over closure of older plants], and Brindisi seemed to have pulled continued to fall due to an uptick in demand, with sources
the trigger,” a strategy manager said. “The next six months will be noting improved petrochemical activity in the region amid a
crucial to understand what will happen.” backwardated price structure.
LyondellBasell recently announced plans to permanently close Storage levels fell for the fifth consecutive week, down 7.1%
one of its two polypropylene plants at Brindisi, southern Italy, between Sept. 21-28 to 170,000 mt, the lowest level registered in
due to “increasingly challenging” market conditions and a poor 2023, according to Insights Global data.
outlook. The front-month European crack rose 10 cents/b at on the day
The company produces 495,000 mt/year of PP resins at at minus $14.75/b, Platts data showed.
Brindisi using its patented Spheripol and Spherizone process The front-month CIF NWE naphtha swap fell $10.50/mt
technologies, according to S&P Global Commodity Insights data. at $692/mt. The October/November spread rose 25 cents/
Homopolymer resins produced through the Spheripol mt to $2.25/mt with November/December up 50 cents/mt at
process are used primarily for packaging applications, while $4.25/mt.
LyondellBasell’s Spherizone line produces higher value specialty In blending, the front-month CIF NWE naphtha swap
PP for applications in piping, construction materials, automotive discount to the equivalent gasoline swaps fell $29.75/mt at
and household products, the company said. The company has not $147.75/mt.
provided a schedule for the intended closure. In petrochemical feedstocks, the front-month CIF NWE
“After thorough analysis, we believe that closure of this unit propane swap discount to the equivalent naphtha swap was up
is the most sustainable solution from a strategic and financial $3.50/mt at $137/mt.
standpoint,” Jim Guilfoyle, senior vice president/EAMEI for olefins The front-month East-West spread — the spread between the
and polyolefins at LyondellBasell, said Sept. 6. “This unit is the CFR Japan naphtha cargo swap and the CIF NWE equivalent —
oldest of its kind in the world, and it has become uncompetitive.” rose $1.50/mt $6/mt, while the November spread was up $1.50/
Indeed, strong competition from Asia, with newly built plants mt at $6.25/mt.
in China adding to global supply capacity, and troubled plants Bio-naphtha was steady on the day at a $1,380/mt premium to
projects in Europe, are causes for concern over the long term for the naphtha CIF NWE cargoes.
Europe, sources said. Platts is part of S&P Global Commodity Insights
“Europe needs to decide what role it wants to play in this — Vinicius eduardo Maffei
industry […] but if not even Ineos is managing to build a new
plant, then I fear for the future,” a polymers procurement VGO exports from Europe rise 2% on week
manager said. to 1,750,448 mt: Kpler
Ineos Group Ltd announced during the EPCA conference that
is seeking a new environmental permit for its Eur4 billion ethane „ Russian loadings at 2023 high
cracker project in the port of Antwerp, Belgium, after a regional „ Secondary unit margins fall
court earlier this year annulled the plant’s permit, forcing the
company to suspend construction work. Vacuum gasoil loadings from European countries rose by
Ineos had planned to appeal the court’s verdict, but this would 35,009 mt, or 2%, to 1,750,488 mt , for the period Sept. 22-28 a
take about a year, John McNally, CEO of Ineos Project One, said at new 2023 high, according to shipping data from Kpler, amid falling
EPCA on Sept. 27. refinery secondary unit margins.
McNally said that rather than wait, Ineos had decided to take A source tracking refineries and VGO markets said the
a different route. “An appeal will take a year, so we’re trying to get fall in cracks seen in high value-added products, as well as
a new permit,” he said. the approaching refinery maintenance season, reduced the
— Vinicius eduardo Maffei incentive at refineries to use their secondary units and has kept
loadings high.
Platts European Naphtha Daily Market Analysis European loadings fell by 127,042 mt, or 14.9%, to 725,297 mt.
Russian loadings rose to more than 1,025,151 mt, also the
„ Gasoline-naphtha spread falls highest weekly level of 2023.
„ Naphtha storage levels lower — Rich Laverick-brown

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

Oilgram Price Report September 29, 2023

Gas Liquids This was based on FEI/CP November trade at done $80/mt,
JAPAN DATA: August LPG stocks rise 8.6% on month CP December propane swap done at $615/mt and FEI October
as demand contracts propane swap trade at $687/mt.
The November/December CP propane swap contango
„ LPG stocks increase for six-straight months in Aug narrowed 50 cents/mt on the day to $8/mt.
„ Imports of LPG down 10.23% on month, pushed by butane drop VLGC rates on the key Persian Gulf-to-Japan route fell further
Sept. 29, down %9.5/mt on the day to $159/mt, on thin activity
Japan’s LPG stocks rose for six consecutive months in August, even as the most prompt vessel was fixed for mid-October, ship
up 8.61% on the month and 9.54% on the year to 1.917 million mt, brokers said. Ship owners are indicating lower offers as the
as the country heads for winter with ample supply, even as demand tonnage list grows, they added.
and imports declined, LP Gas Association data showed Sept. 29. Platts is part of S&P Global Commodity Insights.
Stocks of propane rose 1.27% on the month to 1.314 million — Ramthan Hussain
mt in August, while butane climbed 3.25% to 603,000 mt, the
data showed. Tankers
Japan’s total LPG demand retreated 3.57% on the month
to 811,000 mt in August, after briefly rebounding 6.73% on the Platts Americas Dirty Tanker Daily Commentary
month to 841,000 mt in July, according to the data.
Propane demand fell 4.48% on the month to 618,000 mt in „ Aframax fixing frenzy leaves rates higher to end week
August, while butane consumption dipped 0.52% to 193,000 mt, „ VLCC rate widely unchanged as interest calms
the data showed.
Overall LPG usage as petrochemical feedstock declined Fixing patterns in the Americas dirty tanker market reversed
almost 38% on the month to 36,000 mt in August, with propane course Sept. 29 as VLCC and Suezmax inquiry slowed to a halt
usage holding steady at 6,000 mt and butane down 13.3% at while Aframax interest picked up.
30,000 mt, the data showed. After a week of limited inquiry and steady freight rates, a flurry
Total LPG imports shrank by 10.23% on the month to 816,000 of fixtures were done for trans-Atlantic voyages out of the US Gulf
mt, with inflows of propane down 9.53% on the month to 674,000 Coast on Aframaxes. The ramp up in activity gave a slight boost in
mt and butane slid 13.41% to 142,000 mt, the data showed. rates, leaving sentiment bullish heading into the weekend.
Japan’s total import terminal running stocks jumped 30.15% Vitol booked two ships, the Seafaith and the Stamos, both
month on month and 26.53% year on year to 682,000 mt in at w95 for Oct. 8-9 loading USGC-UK Continent/Mediterranean
August, according to the data, with propane up 33.7% on the runs after Hess placed the Elli on subjects at the same rate for
month at 480,000 mt and butane 22.42% higher to 202,000 mt. loading Oct. 9.
Government-mandated stocks, comprising a large portion of ATMI and Vitol both held outstanding cargoes for loading Oct.
privately held LPG stocks, shed 0.7% on the month to 1.122 million 9-10 and Oct. 10-11, respectively, by the end of the Platts Market
mt in August, the data showed. on Close assessment process Sept. 29.
The November/December Saudi CP propane swap was Platts assessed freight for the benchmark 70,000 mt USGC-
pegged in a contango of $8/mt Sept. 29, steady on the day, which UKC run at w95, up w5 day on day. Freight for the route had
technically offers Japanese buyers an opportunity to buy more held at w90 for the past eight consecutive trading sessions as a
in case of harsh winter. But given prevailing high flat prices, and limited number of ballasters balanced a lack of fixtures.
persistently healthy stockpile, Japanese appetite for imports Upcoast freight was mixed however, with the 70,000 mt
would remain low. East Coast Mexico-USGC run clocking in at a steady w80 after
“Inventory is already high. There is not much room to build up,” Houston Refining repeated the w80 mark on a replacement deal
a Japanese trader said. loading Oct. 3 on the Maritime Glory.
— Ramthan Hussain Caribbean-USGC freight shifted to parity with ECMex loads,
gaining w2.5 on the day.
Platts Middle Eastern LPG Daily Commentary In the forward freight agreement market, the curve for the
70,000 mt USGC-UKC route ticked higher amid spot strength
„ November/December CP propane swap contango narrows with the October contract jumping w3 to w120 by the end of the
to $8/mt trading day.
„ VLGC rates slide to below $160/mt as tonnage list lengthens
Big ship fixing lulls
Platts assessed the November propane CP swap — which will Freight for both VLCCs and Suezmaxes were mostly
take over as month one contract Oct. 1 — at $604/mt on Sept. rangebound Sept.29 as a lack of fresh fixing activity left market
29, up $4/mt on the day, and $4/mt above the October term participants ideas unchanged for achievable freight.
propane CP. The only move was seen on the 260,000 mt Brazil-China route

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

Oilgram Price Report September 29, 2023

that dropped w0.5 over the day, seeing pressure from the closely- News
connected West Africa-China run.
Platts assessed the benchmark 270,000 mt USGC-China run Crude oil futures prices dip over US,
at $8 million, unchanged from Sept. 28. Chinese economic data
In the Suezmax segment, talk of a deal done on a Guyana-
Transatlantic voyage at w60 emerged, however they could not be „ US consumer spending inches up 0.4%: Commerce
confirmed by the end of the Platts Market on Close assessment Department
process Sept. 29. „ China’s manufacturing and services PMI to grow in September
Platts assessed freight for the 145,000 mt USGC-UKC „ Russian export ban boosts distillate prices
run at w50.
Platts is part of S&P Global Commodity Insights. Crude oil futures settled lower Sept. 29 on profit-taking at
— Catherine Kellogg the end of the month and weaker-than-expected US consumer
spending data, while middle distillates remained strong,
Platts Americas Clean Tanker Daily Commentary supported by an increasingly tight global supply environment.
NYMEX front-month crude was down 92 cents to settle at
„ MR USGC-ECMex freight rates fall below $600,000 $90.79/b, while ICE front-month Brent was up 7 cents to settle at
„ Under-the-radar fixing activity lightens tonnage avails $95.31/b.
NYMEX front-month RBOB was down 6.54 cents settling at
Americas Medium Range clean tanker markets tested what $2.4399/b and NYMEX front-month ULSD was up 4.42 cents to
is perceived to be a new floor in rates Sep. 29 amid busy fixing settle at $3.3622/gal.
activity, although most deals were negotiated under the radar. “Oil markets could be experiencing a case of month-end
“If only we knew what was going on, the volatility wouldn’t profit-taking, but the weak US consumer spending likely forced
be so high,” a shipowner said, referring to the recent quick- hands a bit,” Stephen Innes, Managing Partner at SPI Asset
succession peaks in the market. “This week is a prime example.” Management said Sept. 29 ahead of the data’s release.
Freight on the Americas Medium Range benchmark routes Consumer spending in the US did slow down in August,
started the week peaking at w260 for the US Gulf Coast-Brazil inching up a modest 0.4%, according to the US Department
run, at $3.125 million from the USGC to Chile and at $1.125 million of Commerce. When adjusted for inflation, spending edged
for the USGC-Caribbean trip. By the end of the week, heavily up just 0.1% and was likely supported by August’s surge in
stacked position lists filled with tonnage returning from the gasoline prices.
Americas short-haul trips forced USGC-loading rates down w55 “However, given the evidence of the supply tightness that
to Brazil, lump sum $500,000 to Chile and lump sum 380,000 was highlighted on Wednesday by the Energy Information
to the Caribbean to land at w205, $2.6 million and $745,000, Administration reporting crude stock levels at the WTI delivery
respectively Sep. 29. point at the Cushing tank farm breached minimum operating
On the 38,000 mt USGC-West Coast South America runs, levels, it’s doubtful traders will veer too far off the buy the dip
P66 placed the STI Soho, with Scorpio Tankers reserving the path,” Innes said.
option to nominate the STI Millenia instead, on subjects to load Despite gasoline prices keeping overall costs up, the easing
Oct. 5-6 and discharge in Chile at $2.6 million. Valero booked inflation data suggested that the US Federal Reserve may
the Pratincole Pacific to carry a combination cargo of B5, jet maintain a pause in interest rate hikes in November.
and unleaded gasoline to Peru at $2.275 million, with an Oct. While the US economy still showed some resilience, analysts
3-4 laycan. also looked to China for bullish signs amid the country’s uneven
On the USGC-Caribbean run, Chevron replaced the Pacific economic recovery. Innes noted that travel demand through China’s
Quartz with the Dee4 Juniper at $800,000 and demurrage Golden Week holiday would help lift the country’s consumption.
at $35,000/d. Toward the end of the Platts Market on Close Critically, the forthcoming holiday season will be an important
assessment process, PMI was heard to have booked the gauge of consumer sentiment and the momentum of recovery
Seaclipper on the USGC-East Coast Mexico run at $545,000. from China’s property market following several easing measures
After the MOC close Valero was heard to have successfully in the recent week, analysts said Sept. 29.
pushed rates on the run down to $475,000. Analysts from ANZ Research and ING expect China’s
Busy under-the-radar fixing activity considerably lightened September manufacturing PMI to come in between 50.1-50.2,
position lists, taking all prompt avails out of the market and up from August’s figure of 49.7. The service’s PMI is forecast
trimming tonnage count in the natural fixing window to less than to increase on the month to between 51.3-51.8, according to
30 tankers. analysts estimates, up from 51.0 in the previous month.
Platts is part of S&P Global Commodity Insights. A reading above 50 indicates growth, while a reading below
— Barbara Troner the mark reflects a contraction.

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

Oilgram Price Report September 29, 2023

Separately, the middle distillate complex continued to show about the FZA-M-59 block off the coast of Amapa state. “These
strength amid a weakening complex, as global supplies were are geologic and geophysical studies.”
tight, especially following an export ban on Russian supplies. Petrobras didn’t immediately respond to a request to confirm
Russia cautioned Sept. 28 that its snap ban on most diesel the minster’s statement.
and gasoline exports could last longer than many had expected. Silveira’s comments represented the latest salvo in an ongoing
TASS news agency quoted Russia’s Energy Minister Nikolai battle of words between Petrobras, key members of President
Shulginov saying that “expectations of a quick lifting of the ban Luiz Inacio Lula da Silva’s administration and local environment
on fuel exports are futile.” regulators over drilling permits in the highly prospective area near
“Russia dampened expectations yesterday that the export ban the mouth of the Amazon River. The Brazilian Institute for the
might be lifted completely in the near future,” Carsten Fritsch, Environment and Natural Resources, or IBAMA, denied Petrobras’
commodity analyst at Commerzbank, said in a Sept. 29 note. “The request to drill an exploration well in the FZA-M-59 block in May.
crack spread increased noticeably again yesterday in response.” Petrobras is currently awaiting a decision from IBAMA on its
Platts, part of S&P Global Commodity Insights, assessed the appeal of the permit denial.
ICE LSGO October contract up $23.25 on the day at $995.50/mt The FZA-M-59 block sits on Brazil’s maritime border with
on Sept. 28 as a result, with the contract remaining within that French Guiana and is believed to be located on top of the same
range in Sept. 29 mid-morning European trading at $991/mt at geologic trend that produced a series of major oil discoveries off
1116 GMT. the coasts of neighboring Guyana and Suriname. A consortium
European inflation data and economic indicators released led by ExxonMobil, for example, has discovered more than
Sept. 28 and Sept. 29 suggested that “the trend of lower inflation 15 billion barrels of crude in the Stabroek block off the coast
for the euro area as a whole appears to be continuing, and of Guyana.
core inflation also appears to be moving downwards,” Amanda The discoveries generated intense interest in similar acreage
Sundstrom, fixed income and FX strategist at SEB, said in a note off the coast of Brazil, where the last exploration well was drilled
Sept. 29. in 2015.
Germany’s consumer price index showed a 4.5% year-on- Drilling and other exploration activity in the region, however,
year change, coming in below a forecast of 4.6% and a previous has been curtailed for years by the 2016 discovery of the Great
change of 6.1%. In addition, inflation figures for the aggregate Amazon Reef System in the turbid waters at the mouth of the
eurozone released Sept. 29 showed a 4.3% year-on-year change Amazon River. Environment and indigenous groups have urged
in the CPI, lower than a forecast change of 4.5% and down from a the Lula administration to prohibit drilling the region in order to
previous change of 5.2%. protect the reef and indigenous lands.
The better-than-expected reading could be a potential signal The Lula administration is sensitive to the requests, especially
to investors that the European Central Bank will not further after rebuilding foreign support for efforts to preserve the
tighten interest rates, although onlookers cautioned that it will Amazon. The government has dramatically reduced deforestation,
be difficult to separate a genuine reduction in pull inflation from which skyrocketed under former president Jair Bolsonaro. The
seasonality effects. Lula administration’s policies have focused on leveraging Brazil’s
“Further details are needed, and perhaps also more readings renewable sources of energy to become a key player in the global
before one can judge the current trend,” SEB economists Marcus energy transition, presenting programs such as the “Fuel of the
Widen and Pia Fromlet said in a note Sept. 29. “But all in all, we Future” project to the UN General Assembly in mid-September.
see today’s inflation report to be better than one might have But Brazil’s equatorial margin is widely considered the
hoped for in Frankfurt.” country’s last exploration frontier, which is especially important
— Binish Azhar, Ernest Puey, Natasha Tan to Petrobras and the government given that the country’s subsalt
region is expected to reach peak output in 2030 before entering a
Brazil equatorial margin block could hold period of decline.
5.6 billion barrels of oil: energy minister “We can’t yet give up, unfortunately, sources of energy such as
oil and natural gas,” Silveira noted.
„ Block in Foz do Amazonas Basin Silveira has called on Brazil’s Attorney General’s Office to host
„ Petrobras holds 100% stake a mediation session involving the Mines and Energy Ministry,
the Environment Ministry, Petrobras and IBAMA in an effort
„ IBAMA denied drill permit in May
to break the deadlock. Environment Minister Marina Silva and
Brazilian state-led Petrobras estimates an offshore IBAMA President Rodrigo Agostinho, however, have indicated
exploration and production block in the Foz do Amazonas Basin that the permit denial was a technical decision and not open to
could hold 5.6 billion barrels of oil, Energy Minister Alexandre negotiation.
Silveira said Sept. 29. Petrobras is currently focused on winning permits to drill
“There are internal studies by Petrobras showing that specific in the offshore Potiguar Basin in the western portion of the
block could have more than 5.6 billion barrels of oil,” Silveira said equatorial margin, according to government officials. Three

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

Oilgram Price Report September 29, 2023

Petrobras wells in the basin were included in the government’s development Denys Kudin told S&P Global Commodity Insights.
$350 billion accelerated growth program, with a decision on Russia’s invasion of Ukraine has exacerbated problems linked
permits for the BM-POT-17, POT-M-762 and POT-M-952 blocks to a decline in output of oil and oil products that began in the
expected in October, according to Silveira. mid-2000s.
Under Petrobras’ 2023-2027 strategic investment plan, the Since the conflict started in February 2022, attacks have
company planned to invest $2.0 billion to drill 16 wells across the hit key energy infrastructure, and forced the country to seek
16 concession blocks it holds in the Barreirinhas, Ceara, Foz do alternative fuel suppliers, exposing the risks of insufficient
Amazonas, Para-Maranhao and Potiguar basins. Petrobras holds domestic production to the industry and broader economy.
100% stakes in the blocks. As part of a government strategy, state-backed Ukrnafta
— Jeff Fick is now aiming to double hydrocarbons production to around
100,000 b/d of oil equivalent by the end of 2027. Of the current
US government shutdown would significantly 50,000 boe/d output, around 30,000 boe/d is oil, and 20,000
curtail CFTC activities boe/d natural and petroleum gas.
“Ukrnafta’s production has been declining since 2006 when
„ COT, swaps reports would cease we had a last peak of 121,000 b/d. Our ultimate goal is to reverse
„ Derivatives markets oversight would continue the trend,” Kudin said.
Ukraine has extensive hydrocarbons reserves and resources,
The US Commodity Futures Trading Commission said the vast estimating them at more than 2 billion mt of oil, and more than 2
majority of the agency’s operations would cease if there is a lapse Tcm of gas.
in funding because lawmakers fail to agree on appropriations. Accounting for around 60% of Ukrainian oil output, Ukrnafta
However, oversight of derivatives markets would continue, plans to increase production in 2023 by around 5% year on year
including policing the markets for fraud and manipulation. to 28,921 b/d. It is targeting a 3% increase in gas production.
Some 50 out of 718 employees would be considered excepted
or exempt from furloughs, and CFTC commissioners would be New production
exempted, according to the agency’s contingency plan. Some Ukrnafta is targeting oil production growth at 21 mature fields
CFTC reports, such as the Commitment of Traders Report and the — 10 fields in the Carpathian basin in the West, and 11 in the
weekly swaps report, would not be produced, the plan said. Dniprodonetsk basin in North Eastern Ukraine.
The COT reports provide a breakdown of each Tuesday’s open “There are drilled wells there, and on the ground
interest for markets in which 20 or more traders hold positions infrastructure, and they’re fully ready for production increases,”
equal to or above the reporting levels established by the CFTC. Kudin said.
The swaps report is published on Mondays. The company is in talks with foreign investors to join PSAs
In a Sept. 28 memo laying out plans if there is a lapse in to develop the projects, which include a discounted royalty tax
appropriations, CFTC said it would “... perform work that will of around 2% for oil, and 1.25% for natural gas. This compares
enable the commodities, futures and swaps markets to continue to normal rates of 31% for oil, and 29% for natural gas, Kudin
to operate and that will enable trading on those markets to said. In return, partners will be required to sign up for significant
continue.” However, if there is a lapse in funding CFTC would “... investments in a limited timeframe, and commit to increased
cease the vast bulk of its operations, including but not limited volumes of drilling and 3D seismic in project development plans.
to most functions of the Divisions of Enforcement, Market The company estimates that a five-year development plan for
Oversight, Clearing and Risk and Swap Dealers and Intermediary the projects will cost between $1.5 billion-$2 billion, of which half
Oversight. Reports and work related to rulemakings and other will be covered by Ukrnafta and the remainder by foreign private
responsibilities mandated by Dodd-Frank Wall Street Reform and investors.
Consumer Protection Act will also cease.” Kudin said that 27 exploration and production companies from
— Joe Fisher the EU, the UK, the US and Canada are currently studying field
data with a view to joining projects.
INTERVIEW: Ukrnafta to boost hydrocarbons output “Definitely the North-East oil fields have higher potential,”
as Ukraine targets energy independence Kudin said, adding that around half of the companies that have
expressed an interest are only looking at fields in the West, and
„ Plans to double hydrocarbons output by end-2027 the other half are considering the West and the North East.
„ Aiming to grow oil production at mature fields The North Eastern assets are closer to the conflict zone,
however, carrying greater security risks.
„ Long-term contracts boosting oil products import security

Ukrainian oil and gas producer Ukrnafta is planning Domestic demand

significant hydrocarbons output growth, as Ukraine targets fuel Kudin said that all additional crude production will go to the
independence, executive vice president for corporate strategy and domestic market, as Ukraine bids to cut imports and boost its

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

Oilgram Price Report September 29, 2023

fuel independence. Traders and analysts predict bearish headwinds in the

In the last 20 years Ukraine has seen a major decline in coming weeks, especially in October, with higher auction supplies
domestic crude processing, and now imports up to 80% of weighing on the market.
domestic product demand. Auction volumes are likely to reach their highest levels of the
Until 2004 Ukraine covered all domestic demand with year in October, followed by hefty volumes in November as a
products from its six refineries. When Russia invaded Ukraine result of the REPowerEU deal.
in February 2022, the Kremenchuk refinery and Shebelinka gas But with the Market Stability Reserve activated from
processing plant were still operational. September to late in the year, volumes are at least looking lower
The plant, as well as others that had been idled before the than what were previously allocated.
war, has repeatedly been targeted by Russian attacks.
“We are overpaying up to $2 billion for fuel imports, while we Bearish headwinds
could process it inside the country, so the ultimate goal that the Analysts at S&P Global expect EUAs to stay on a generally
government has for Ukrnafta is to reach fuel independence for bearish trajectory amid a continuation of coal-to-gas switching
Ukraine,” Kudin said. signals through October.
Ukraine primarily imports oil products from the EU, including They expect prices to fall to a 2023 low of Eur78.30/mtCO2e
Poland, Greece, Bulgaria, Romania and Slovakia. In 2022 it started in October. But EUAs are likely to be rebound in November and
to import from further afield, with supplies coming from the December on seasonal demand.
US, India, China and Morocco. Deliveries are made via Baltic UK carbon prices are still trading near recent lows, a week
countries, the Amsterdam-Rotterdam-Antwerp region, Romanian after Prime Minister Rishi Sunak rowed back on some climate
and Croatian ports. commitments.
Kudin said these imports are secure, due to growing supply EUAs have been trading at a premium of around $42-$45/
diversity, as well as a move away from purchases on the spot mtCO2e to UKAs this week, down from a premium of almost $50/
market to long-term contracts since the war began. mt last week.
“Importers have understood how dangerous it is to buy UK Allowances for the December 2023 contract were trading
everything on the spot market, because you’re overpaying at GBP37.45/mtCO2e ($45.89/mtCO2e) at 0913 BST on Sept. 29,
premiums if some emergency occurs,” he said. ICE data showed.
In the immediate aftermath of the invasion, Ukraine suffered Meanwhile, the EU’s Carbon Border Adjustment Mechanism
severe shortages of light liquids on the market, but was able to kicks off its transitional phase Oct. 1, which could have a major
diversify supply sources in three months. impact on world trade and the wider energy transition by forcing
“Our task is not to let the situation repeat in future, Kudin said. its peers to adopt a carbon price.
“That’s why Ukraine must become self-sufficient in oil and gas But the first reporting obligations for the fourth quarter
production.” under the CBAM will only need to be submitted by Jan. 31, giving
— Rosemary Griffin companies some time to prepare for the monitoring, reporting
and verification of their emissions.
European carbon prices decline as demand wobbles The mechanism levies a carbon tax on imports of selected
energy-intensive materials and products into the EU, removing
„ Prices likely to fall steadily in Oct, analysts say the gap between the carbon price under the EU ETS and the
„ Net shorts fall, adding to bearish sentiment export country of origin’s carbon price.
— Eklavya Gupte
„ UKAs under pressure, $40/mt discount to EUAs

Carbon prices under the EU Emissions Trading System fell

in the week to Sept. 29, weighed down by muted industrial and South Korea takes less Saudi, US crude in August
power demand. Investors also reduced their net short positions, amid weak oil demand outlook ...from page 1
which added to the growing bearish sentiment.
European allowances for December were trading at Eur82.30/ developed nations as Asia’s fourth-biggest economy depends
mtCO2e ($87.35/mtCO2e) as of 0934 BST on Sept. 29, down almost entirely on imports. A sharp upward momentum in retail
from a settle of Eur85.48/mtCO2e on Sept. 22, Intercontinental diesel and gasoline prices will likely hit consumer demand
Exchange data showed. through the rest of the year, while South Korea’s surging
Platts, part of S&P Global Commodity Insights, assessed EUA household debt would also translate to consumers cutting down
contracts for December delivery at Eur82.71/mtCO2e on Sept. 28, on private vehicle usage, the middle distillate marketers told S&P
down from Eur84.14/mtCO2e on Sept. 21. Global Commodity Insights.
Buying interest for EUAs, which had showed signs of resilience The retail pump price of gasoline averaged Won 1,776.3/liter
recently, looked shaky again; this was reflected in the recent ($1.32/liter) in the week of Sept. 10, compared with the highest
Commitment of Traders data that showed a fall in net shorts. weekly average price of Won 1,780.2/liter ($1.324/liter) in the week

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

Oilgram Price Report September 29, 2023

of Aug. 14 last year, KNOC data showed. The drop was mainly attributable to the shortage of tankers in
In addition, factory runs and high-tech manufacturing plant the Black Sea and the surge in shipping insurance costs after a
operation rates may continue to dwindle amid tepid goods and sea drone attack on Russian Navy ships in the area during early
services exports to China, painting a bleak outlook for industrial August, which led to a suspension at the port of Novorossiisk.
and logistics fuel demand, refinery sources and financial market CPC Blend crude first gets delivered from production facilities
analysts added. to the Russian Black Sea port of Novorossiisk via the Tengiz-Black
The S&P Global South Korea Manufacturing PMI eased to Sea pipeline that stretches over 1,500 km. The barrels then sail
48.9 in August from July’s 49.4 and remained below the no- through numerous maritime routes including the Black Sea, the
change mark of 50.0, signaling a deterioration in overall business Mediterranean, the Suez Canal, the Red Sea, the Indian Ocean
conditions and extending the current downturn to 14 months. and the South China Sea before reaching South Korean ports.
South Korean refiners continued to shun Russian crude oil, as
Less Saudi, US, Kazakh crude the country received no cargoes from the producer for the ninth
A bleak domestic oil demand outlook may put pressure on consecutive month in August, KNOC data showed.
refinery throughput for the rest of the year, prompting trading
teams to nominate to lift just the very minimum monthly South Korea’s top 10 crude suppliers (Unit: ‘000 barrels)
contractual term crude supply from major Middle Eastern Supplier Aug-23 Aug-22 Change (y/y) Jul-23 Change (m/m)
Saudi Arabia 27,732 38,950 -28.8% 28,790 -3.7%
suppliers, according to feedstock managers at major South Kuwait 10,551 8,786 20.1% 10,046 5.0%
Korean refiners. UAE 9,533 9,194 3.7% 5,790 64.6%
US 8,276 10,789 -23.3% 12,400 -33.3%
South Korea received 27.73 million barrels from its top supplier Qatar 7,098 7,103 -0.1% 6,143 15.5%
Saudi Arabia in August, down 28.8% from a year earlier and Iraq 6,896 7,124 -3.2% 6,860 0.5%
Kazakhstan 2,072 4,111 -49.6% 4,212 -50.8%
marking the second consecutive month of a year-on-year decline, Australia 1,130 3,313 -65.9% 691 63.5%
KNOC data showed. Brazil 965 993 -2.8% 966 -0.1%
Algeria 630 600 5.0% 0 0.0%
A South Korean refiner operating in Ulsan said Saudi crude Total* 75,332 96,917 -22.3% 81,760 -7.9%
official selling prices are “rather expensive,” and noted “as long as
Supplier Jan-Aug 2023 Jan-Aug 2022 % Change
Saudi Arabia maintains its firm production control stance, both Saudi Arabia 226,068 233,591 -3.2%
outright and OSP price differentials would trend higher, putting US 89,647 89,651 0.0%
Kuwait 75,348 81,872 -8.0%
pressure on Asian margins for cracking sour grades.” UAE 65,969 54,812 20.4%
Iraq 58,136 54,295 7.1%
Qatar 51,733 35,146 47.2%
Kazakhstan 32,522 33,569 -3.1%
Mexico 15,913 26,743 -40.5%
Australia 15,901 16,682 -4.7%
Brazil 13,072 15,596 -16.2%
Total* 661,431 696,607 -5.0%

*Includes other suppliers

Source: Korea National Oil Corp.

— Gawoon Vahn, Irene Tang, Mei huey Ng, Charles Lee

Refinery updates

REFINERY NEWS: Gasoil purification unit

Crude imports from the US, mostly light sweet grades, starts up at Iran Isfahan plant
dropped 23.3% year on year to 10.789 million barrels. The volume
marked the smallest in 11 months, since 7.108 million barrels were Refinery: Isfahan, Iran
received in September 2022. Owner: National Iranian Oil Refining & Distribution Co., private
Still, refiners could lift their staple Middle Eastern sour crude investor
and light sweet US crude intake if they aim to raise oil product Overall capacity: 375,000 b/d
exports to make up for any decline in domestic sales, as long as Note: The 16 million l/d (4.2 million) gasoil purification unit
regional cracks hold up, a market research analyst at the Korea at Isfahan oil refinery was officially inaugurated Sept. 29, state-
Petroleum Association said. owned IRNA news agency reported.
South Korea’s CPC Blend crude imports from Kazakhstan President Ebrahim Raisi carried out the official launch of the
tumbled to 2.072 million barrels in August, almost half the 4.111 hydrotreating unit which currently has processing capacity of
million barrels received a year earlier and marking the smallest 120,000 b/d. The euro 5-norms matching unit will be producing
monthly shipment of the light sweet grade since September 2022. 100,000 b/d of gasoil. The HDT unit will lower sulfur in the gas oil

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

Oilgram Price Report September 29, 2023

to below 10 ppm. viewing. Platts will consider all comments received and will make
The refinery is meant to supply 25% of Iran fuel. comments not marked as confidential available upon request.
Several petrochemical units will be built in the oil refinery to
produce polyether-polyurethane, MTBE, jet fuel, gasoline and Platts invites feedback on its Russia Domestic Oil Products
gasoil, Iran’s Shana news agency said. These projects are to cost methodology guide
Eur2.3 billion. As part of its commitment to open and transparent pricing
Source: INRA news agency and product specifications, Platts, part of S&P Global Commodity
— Aresu Eqbali Insights, would like to invite feedback on its Russia Domestic Oil
Products methodology, specifically the guidelines described in
REFINERY NEWS: Citgo reports sudden third-party the methodology guide posted online here: https://www.spglobal.
power outage at Corpus Christi, Texas, plant com/commodityinsights/PlattsContent/_assets/_files/en/our-
methodology/methodology-specifications/russia_domestic_
Refinery: Corpus Christi, Texas oil.pdf.
Capacity: 167,500 b/d Platts reviews all methodologies annually to ensure they
Owner: Citgo continue to reflect the physical markets under assessment,
Duration: Sept. 29 at 2:25 am to Sept. 30 at 2:25 pm and regularly assesses the relevance of methodologies through
Notes: Citgo reported flaring from its Corpus Christi, Texas, continuous contact with the market. Feedback on methodologies
refinery which began early Sept. 29 after the refinery lost power is always welcomed by Platts.
due to an outage from a third-party provider, the company said in Please send all comments, feedback, and questions to
a Sept. 29 filing with local regulators. [email protected] and [email protected].
“The refinery experienced a sudden third-party power supply For written comments, please provide a clear indication if
loss and subsequent flaring occurred,” said the Texas Committee comments are not intended for publication by Platts for public
on Environmental Quality filing. viewing. Platts will consider all comments received and will make
The filing said the units were being stabilized but flaring comments not marked as confidential available upon request.
continued.
“Operations personnel responded and worked diligently to Platts to resume US Midwest seasonal ULSK assessments
restore stable refinery operations,” the filing added. Oct. 2
A company spokesperson was not immediately available for Platts, part of S&P Global Commodity Insights, will resume its
comment. seasonal assessments for ultra-low sulfur kerosene in the US
Source: TCEQ Midwest markets Group 3 and Chicago, effective Oct. 2, 2023.
— Janet Mcgurty The publication will be suspended again in the spring.
These assessments appear on PGA pages 160, 420, 480, as
well as in US Marketscan and Oilgram Price Report under the
Subscriber Notes code PJACB00 for Group 3 and PJACD00 for Chicago.
Please send comments to [email protected]
Platts invites feedback on its Asia Pacific and Middle East and [email protected].
Crude Oil methodology guide For written comments, please provide a clear indication if
As part of its commitment to open and transparent pricing comments are not intended for publication by Platts for public
and product specifications, Platts, part of S&P Global Commodity viewing. Platts will consider all comments received and will make
Insights, would like to invite feedback on its Asia Pacific and comments not marked as confidential available upon request.
Middle East Crude Oil methodology, specifically the guidelines
described in the methodology guide posted online here: https:// Platts corrects Sept. 21 DME Oman marker price
www.spglobal.com/commodityinsights/plattscontent/_assets/_ Platts, part of S&P Global Commodity Insights, has corrected
files/en/our-methodology/methodology-specifications/apag- the Sept. 21 DME Oman marker price, which should read as
crude-methodology.pdf. follows:
Platts reviews all methodologies annually to ensure they DME OMAN < XDOA001> $93.11
continue to reflect the physical markets under assessment, The assessment appears in Platts Global Alert and Platts
and regularly assesses the relevance of methodologies through Crude Oil Alert pages 702 and 703, and in the Crude Oil
continuous contact with the market. Feedback on methodologies Marketwire under the code above.
is always welcomed by Platts.
Please send all comments, feedback and questions to No Canadian crude assessments to be published Oct. 9
[email protected] and [email protected]. Platts will not publish Canadian crude oil assessments Oct. 9,
For written comments, please provide a clear indication if 2023, because of the Canadian Thanksgiving Holiday.
comments are not intended for publication by Platts for public Canadian crude assessments appear on Platts Global Alert

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

Oilgram Price Report September 29, 2023

„ Voyage speed of 14 knots for both laden and ballast legs at a

pages 230-233. Commentaries for pipeline grades appear on
bunker consumption of 32 mt/d and 30 mt/d, respectively
Platts Global Alert page 298.
No Canadian crude oil assessments will appear in Crude Oil „ Bunker consumption of 5 mt/d for two loading days and
Marketwire, North American Crude and Products Scan, or Oilgram one idle day per roundtrip, and 18 mt/d during two days of
Price Report. Normal publication will resume Oct. 10. discharge
For full details of the Platts publishing schedule and services Please send all comments or questions by Sep. 29, 2023 to
affected, refer to the holiday schedule. [email protected] and [email protected].
For written comments, please provide a clear indication if
No Canadian crude assessments to be published Oct. 2 comments are not intended for publication by Platts for public
Platts will not publish Canadian crude oil assessments on viewing. Platts will consider all comments received and will make
Oct. 2, 2023, because of Canada’s National Day of Truth and comments not marked as confidential available to the public
Reconciliation. upon request.
Canadian crude assessments appear on Platts Global Alert
pages 230-233. Commentaries for pipeline grades appear on Platts launches Northwest European bionaphtha assessments
Platts Global Alert page 298. Sept. 1
No Canadian crude oil assessments will appear in Crude Oil Platts, part of S&P Global Commodity Insights, has launched
Marketwire, North American Crude and Products Scan, or Oilgram bionaphtha assessments in Northwest Europe, effective Sept.
Price Report. Normal publication will resume Oct. 3. 1, 2023.
For full details of the Platts publishing schedule and services Platts has observed growing supply and consumption
affected, refer to the holiday schedule. of bionaphtha in Northwest Europe on the back of a rapid
expansion in European biorefining capacity.
Platts proposes to launch USGC-Tampa/Port Everglades The growth in demand for bionaphtha is driven in part by the
Medium Range clean tanker Jones Act freight assessments transition to lower carbon fuels where bionaphtha is used as a
Nov. 1 gasoline blending component, as well as increasing usage from
Platts, part of S&P Global Commodity Insights, proposes to chemical crackers that in turn supply bio-based feedstocks for
launch two daily spot-equivalent 38,000 mt Medium Range clean consumer plastics production.
tanker Jones Act freight assessments on the US Gulf Coast- The launch of Platts Northwest European bionaphtha
to-Tampa/Port Everglades routes, effective Nov. 1, to provide assessments follows a decision published Aug. 2 which can be
transparency into domestic maritime shipping markets. found here:
Since Jones Act freight trading is almost exclusively https://www.spglobal.com/commodityinsights/en/our-
transacted on a term charter basis, the freight assessments will methodology/subscriber-notes/080223-platts-to-launch-
reflect spot-equivalent lump sum and $/mt freight values based northwest-european-bionaphtha-assessments-sept-1
on transactional term charter rates adding roundtrip bunker and The assessments reflect parcels of 1,000-2,000 mt of
port costs from the USGC to Tampa, West Coast Florida, and Port bionaphtha, loading five to 15 days forward on an FOB ARA
Everglades, East Coast Florida. (Amsterdam-Rotterdam-Antwerp) basis. Other locations within
The load port basket and discharge ports, average port Northwest Europe may be considered for the assessment but
charges, vessel speed, and bunker consumption to be utilized may be normalized to reflect loadings basis ARA.
in the spot-equivalent freight assessments are arrived at by Platts will publish the bionaphtha assessment on an outright
extensive market survey and reflect market practice. basis and also as a differential to the benchmark Platts CIF NWE
On the 38,000 mt USGC-Tampa and USGC-Port Everglades naphtha cargo assessment (PAAAL00), reflecting typical trading
routes, the spot-equivalent freight assessments will factor in practices. The assessments will be published in both $/mt and
„ Term charter rates on a $/day basis multiplied by the number Eur/mt, time-stamped at 1630 London time.
of roundtrip voyage days The bionaphtha assessments exclude material produced from
palm-based feedstock and mirror applicable specifications set
„ Voyage distance on a roundtrip basis
out in the Platts CIF NWE naphtha methodology, reflecting open
„ Average load port costs at Houston, Lake Charles, New specification material with a minimum 65% paraffin content and
Orleans and Pascagoula a typical density of 0.69 kg/l to 0.735 kg/l.
„ Discharge port costs at Tampa and Port Everglades, Certification Requirements:
respectively The new assessments reflect material accompanied with
International Sustainability & Carbon Certification Plus (ISCC+)
„ Average delivered 0.1% sulfur marine gas oil bunker costs at
issued by a European Commission-approved auditing body. The
the main bunkering ports of Houston and New Orleans as
ISCC+ is a voluntary sustainability certification for circular and
assessed by Platts on a daily basis under the codes AAWWX00
bio-based products, renewables, food, feed & biofuels, for non-
and AAWYA00, respectively
regulated markets outside of the European Union Renewable

© 2023 by S&P Global Inc. All rights reserved. 26

Oilgram Price Report September 29, 2023

Energy Directive (RED II) framework. Market feedback received market participants do not anticipate normal activity to resume.
suggest requests for ISCC+ certification for bionaphtha used as Market sources indicate there has been no spot trade of these
chemical feedstock to be prevailing market practice and typical. grades in nearly a decade.
Where applicable, material accompanied with ISCC EU compliant The discontinuation will affect the following codes:
certification and sustainability documentation showing a Diff to Dated
Outright Diff to Brent Strip Diff to WTI Strip
minimum greenhouse gas saving of 50% under RED II framework Brent
Mesa 30 AAITB00 AAXBO00 AAXCC00 AAITH00
may be considered for the assessments, subject to normalization. Santa Barbara AAITD00 AAXAZ00 AAXBU00 AAITJ00
Platts understands while it is typical for buyers to request
for additional Kosher or Halal certifications for bionaphtha used The prices appear on Platts Global Alert page 280 and in Latin
as chemical feedstock, especially for consumer plastics or food Wire, Crude Oil Marketwire and Oilgram Price Report.
packaging production, material adhering to these additional Please send any feedback or questions to
certification may command a premium and may be normalized [email protected] and [email protected].
for the purpose of these assessments. For written comments, please provide a clear indication if
The new bionaphtha assessments are published on Platts comments are not intended for publication by Platts for public
LPGaswire, Oilgram Price Report, APAGscan, EUMarketscan viewing. Platts will consider all comments received and will make
and USMarketWire, Platts alerts fixed pages PGA0034, PGA1110, comments not marked as confidential available to the public
PGA1111, PGA1310, PGA1311, PGA1775 and Platts Dimensions Pro. upon request.
Daily Monthly
Description
Assessment Assessment Platts proposes including Afton’s AvGuard SDA in Singapore
Platts Bio-Naphtha FOB NWE USD/mt PAAAU00 PAAAU03
Platts Bio-Naphtha FOB NWE Eur/mt PAABU00 PAABU03 gasoil
Platts Bio-Naphtha FOB NWE Premium USD/mt PAADU00 PAADU03 Following a review of recognized additives contained in the
Platts Bio-Naphtha FOB NWE Premium Eur/mt PAAEU00 PAAEU03
FOB Singapore gasoil assessment process, Platts, part of S&P
Global Commodity Insights, proposes to begin reflecting AvGuard
Please send any comments or feedback Static Dissipating Additive by Afton Chemical.
to [email protected], The list of Platts gasoil recognized additives is intended to
[email protected],[email protected] provide clarity to market participants regarding which additives
and [email protected]. are generally considered to be merchantable and accepted
For written comments, please provide a clear indication if for cargoes delivered through the Platts Market on Close
comments are not intended for publication by Platts for public assessment process in Singapore.
viewing. Platts will consider all comments received and will make Platts does not align its FOB Singapore additives acceptance
comments not marked as confidential available upon request. to any particular importing country.
For the full list of previously identified additives, please see
Platts to discontinue Mesa 30 and Santa Barbara crude price http://plts.co/V0Ax30ru2Yi
assessments Please send all feedback, comments or questions by
Platts, a part of S&P Global Commodity Insights, will Oct. 31, 2023, to [email protected] and
discontinue publishing price assessments for Venezuela’s Mesa [email protected].
30 and Santa Barbara crudes effective Nov. 1 due to declining For written comments, please provide a clear indication if
production and a lack of spot market activity. comments are not intended for publication by Platts for public
Platts understands there is no spot-market activity for the viewing. Platts will consider all comments received and will make
Venezuelan grades Santa Barbara and Mesa 30. US sanctions comments not marked as confidential available to the public
have curtailed Venezuela production and trading activity, and upon request.

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

Oilgram Price Report September 29, 2023

EIA weekly summary, Sep 27 (PGA page 95)

Change Change
22Sep23 on week 23Sep22 22Sep23 on week 23Sep22
PADD 1 stocks (million barrels) PADD 4 stocks (million barrels)
Crude EIAWB00 6.791 -0.572 8.219 Crude EIAWF00 23.469 -0.411 23.694
Total mogas EIAIC00 56.041 -1.582 55.174 Total mogas EIAII00 6.469 -0.439 6.127
Conventional mogas EIAJK00 3.272 +0.159 3.247 Conventional mogas EIAJN00 1.126 +0.090 0.826
Blending components EIAKC00 52.766 -1.740 51.922 Blending components EIAKF00 5.343 -0.529 5.301
Kero Jet EIALS00 11.923 +0.649 8.740
Kero Jet EIALV00 0.820 -0.042 0.692
Dist \<15 ppm EIAMH00 26.606 -0.900 24.912
Dist \<15 ppm EIAMN00 3.834 +0.110 3.360
Dist \>15\<500 ppm EIAMQ00 0.539 -0.007 0.645
Dist \>500 ppm EIAMZ00 1.253 +0.094 1.653 Dist \>15\<500 ppm EIAMW00 0.159 -0.002 0.117
Dist \>500 ppm New England EIANA00 0.000 0.000 Dist \>500 pp EIANF00 0.042 -0.002 0.058
Distillate EIALY00 28.397 -0.814 27.210 Distillate EIAME00 4.035 +0.105 3.535
Resid EIANI00 5.677 -0.444 4.841 Resid EIANO00 0.207 +0.016 0.176
PADD 2 stocks (million barrels) PADD 5 stocks (million barrels)
Crude EIAWC00 102.890 +1.393 108.223 Crude EIAWI00 45.139 -1.501 48.647
Crude Cushing, Oklahoma EIAHW00 21.958 -0.943 25.683 Total Mogas EIAIJ00 28.076 -0.206 24.923
Total mogas EIAIG00 45.314 -0.071 43.576 Conventional mogas EIAJO00 1.692 -0.112 1.667
Conventional mogas EIAJL00 3.586 -0.272 4.390 Blending components EIAKG00 26.372 -0.092 23.239
Blending components EIAKD00 41.728 +0.201 39.186
Kero Jet EIALW00 8.848 -0.027 9.133
Kero Jet EIALT00 7.366 -0.230 6.785
Dist \<15 ppm EIAMO00 10.935 +0.143 11.206
Dist \<15 ppm EIAML00 31.749 -1.163 26.535
Dist \>15\<500 ppm EIAMU00 0.286 -0.084 0.204 Dist \>15\<500 ppm EIAMX00 0.230 +0.013 0.180
Dist \>500 pp EIAND00 0.353 +0.011 0.398 Dist \>500 pp EIANG00 0.536 +0.021 0.457
Distillate EIAMC00 32.388 -1.235 27.137 Distillate EIAMF00 11.702 +0.178 11.844
Resid EIANM00 1.180 -0.131 0.715 Resid EIANP00 4.101 -0.151 4.603
PADD 3 stocks (million barrels) Total US stocks (million barrels)
Crude EIAWE00 237.997 -1.080 241.777 Crude EIAWA00 416.287 -2.169 430.559
Total mogas EIAIH00 84.603 +3.325 82.388 Total mogas EIAIB00 220.503 +1.027 212.188
Conventional mogas EIAJM00 6.542 -0.297 8.529 Conventional mogas EIAJJ00 16.218 -0.432 18.658
Blending components EIAKE00 78.061 +3.622 73.859 Blending components EIAKB00 204.269 +1.461 193.507
Kero Jet EIALU00 14.028 +0.309 11.400 Kero Jet EIALR00 42.985 +0.659 36.750
Dist \<15 ppm EIAMM00 36.515 +1.750 37.738 Dist \<15 ppm EIAMG00 109.639 -0.059 103.751
Dist \>15\<500 ppm EIAMV00 0.940 +0.021 1.143 Dist \>15\<500 ppm EIAMP00 2.154 -0.060 2.290
Dist \>500 pp EIANE00 6.087 +0.393 5.752 Dist \>500 ppm EIAMY00 8.271 +0.517 8.318
Distillate EIAMD00 43.542 +2.164 44.632 Distillate EIALX00 120.064 +0.398 114.359
Resid EIANN00 17.559 +0.639 17.461 Resid EIANH00 28.724 -0.072 27.795
Total US inputs, imports, production (million b/d) (PGA page 88)
Crude inputs EIABT00 16.065 -0.239 15.751
Crude imports EIAOE00 7.229 +0.712 6.449
Mogas imports EIAOL00 0.710 +0.199 0.525
Distillate imports EIASD00 0.114 +0.031 0.094
Mogas production EIADX00 9.139 -0.572 9.625
Distillate production EIAGL00 4.932 +0.150 4.958

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

Oilgram Price Report September 29, 2023

Product price assessments

Asia, Sep 29
Mid Change Mid Change Asia product premium/discount assessments
Singapore (PGA page 2002) Singapore (continued)(PGA pages 2002 & 2655)
Sep 29 Mid Change
($/barrel) ($/mt)
MOP* Singapore (PGA page 2002)
Naphtha PAAAP00 73.98–74.02 74.000 -1.000 HSFO 380 CST PPXDK00 516.86–516.90 516.880 -20.330
Jet kerosene PJABF00 123.50–123.54 123.520 -0.490 HSFO 180 CST pap. (bal month) AAPML00 NA–NA NA NANA ($/barrel)
Gasoil POABC00 128.19–128.23 128.210 -0.120 HSFO 180 CST pap. (Oct) PUAXZ00 525.98–526.02 526.000 -19.300 Jet PJACU00 1.72/1.76 1.740 -0.010
Gasoil 10 ppm AAOVC00 128.19–128.23 128.210 -0.120 HSFO 180 CST pap. (Nov) PUAYF00 512.88–512.92 512.900 -17.600 Gasoil 0.25% S AACQI00 -1.07/-1.03 -1.050 -0.070
Gasoil 50 ppm AAPPF00 127.71–127.75 127.730 -0.120 MTBE PHALF00 1007.06–1009.06 1008.060 -32.000 Gasoil POAIC00 2.77/2.81 2.790 -0.010
Gasoil 0.05% S AAFEX00 125.10–125.14 125.120 -0.180 C&F Japan (PGA page 2006) CFR Naphtha AAOVG00 3.100 -0.200
Gasoil 0.25% S AACUE00 124.35–124.39 124.370 -0.180 ($/barrel) ($/mt)
Gasoil 50 ppm disc/prem AAPPH00 2.29–2.33 2.310 -0.010 Jet kerosene PJAAN00 124.44–124.48 124.460 -0.600 380 CST PPXDL00 5.48/5.52 5.500 -0.750
Mogas 92 unl PGAEY00 98.31–98.35 98.330 -3.180 Mogas unl PGACW00 102.40–102.44 102.420 -3.180 MOP* Arab Gulf (PGA page 2004)
Mogas 95 unl PGAEZ00 103.12–103.16 103.140 -3.830 ($/mt) ($/barrel)
Mogas 97 unl PGAMS00 104.59–104.63 104.610 -3.960 Naphtha PAAAD00 698.25–700.00 699.125 -9.000 Jet PJACV00 6.03/6.07 6.050 +0.100
CFR Naphtha AAOVF00 76.720 -1.200 Nph 1st 1/2 Nov PAAAE00 701.00–701.50 701.250 -9.000 Gasoil 10 ppm AAIDU00 5.53/5.57 5.550 0.000
Naphtha pap. (bal month) AAPLD00 NA–NA NA NANA Nph 2nd 1/2 Nov PAAAF00 699.50–700.00 699.750 -9.000 Gasoil 0.25% S AACUC00 1.07/1.11 1.090 0.000
Naphtha pap. (Oct) PAAAQ00 73.63–73.67 73.650 -1.000 Nph 1st 1/2 Dec PAAAG00 698.25–698.75 698.500 -9.000 Gasoil POAID00 5.53/5.57 5.550 0.000
Naphtha pap. (Nov) PAAAR00 73.48–73.52 73.500 -0.950 FOB Japan 380 CST** PPXDM00 -13.06/-13.02 -13.040 -0.380
Kerosene pap. (bal month) AAPLE00 NA–NA NA NANA
($/barrel) ($/mt)
Kerosene pap. (Oct) PJABS00 122.19–122.23 122.210 -0.410
Gasoil POJAP00 126.470 -0.110 HSFO 180 CST AAXJA00 14.98/15.02 15.000 0.000
Kerosene pap. (Nov) PJABT00 120.00–120.04 120.020 -0.400
Gasoil pap. (bal month) AAPLF00 NA–NA NA NANA C+F Australia (PGA page 2004) HSFO 380 CST AAXJB00 13.98/14.02 14.000 0.000
Gasoil pap. (Oct) POAFC00 126.18–126.22 126.200 0.000 ($/barrel) MOP* Japan (PGA page 2006)
Gasoil pap. (Nov) POAFG00 122.24–122.28 122.260 +0.140 Mogas 92 unl AACZF00 104.58–104.62 104.600 -3.180
($/barrel)
($/mt) Mogas 95 unl AACZH00 109.39–109.43 109.410 -3.830
Naphtha PAADI00 2.75/3.25 3.000 -0.500
FO 180 CST 2% PUAXS00 541.82–541.86 541.840 -20.400 Jet kerosene AAFIY00 130.25–130.29 130.270 -0.490
Gasoil 10 ppm AAQUD00 135.35–135.39 135.370 -0.120 MOP* West India (PGA page 2012)
HSFO 180 CST PUADV00 529.90–529.94 529.920 -19.950
180 CST disc/premium AAGZF00 6.48–6.52 6.500 -0.500 ($/mt)
Gasoline (92 RON) AARBQ00 808.950 -26.790
Gasoline (95 RON) AAQWI00 849.830 -32.320
China, Sep 29 (PGA page 2010) Arab Gulf, FOB, Sep 29 (PGA page 2004) Naphtha
Jet kero
AAQWK00 657.780
AAQWM00 948.950
-8.540
-3.630
($/mt) Mid Change Gasoil (10 ppm) AAQWO00 928.300 -0.660
($/mt) Mid Change
South China FOB Naphtha PAAAA00 649.42–651.17 650.295 -8.690 Gasoil (500 ppm) AAQWQ00 905.280 -1.110
Unl 92 RON AAICW00 861.75–865.75 863.750 -28.000 Naphtha LR2 AAIDA00 658.52–660.27 659.395 -8.100 Gasoil (2500 ppm) AAQWS00 899.700 -1.100
South China, C&F HSFO 180 CST PUABE00 507.26–507.30 507.280 -19.950 ($/barrel)
Jet kerosene PJABQ00 984.50–988.50 986.500 -4.750 HSFO 380 CST AAIDC00 494.22–494.26 494.240 -20.330 Gasoline (92 RON) AARBP00 95.170 -3.150
Gasoline (95 RON) AAQWH00 99.980 -3.800
Gasoil POAFA00 958.00–962.00 960.000 -1.000 ($/barrel)
Naphtha AAQWJ00 73.090 -0.950
Hong Kong 95 RON unleaded AAICY00 99.06–99.10 99.080 -3.800
Jet kero AAQWL00 120.120 -0.460
Fuel oil 380 CST PUAER00 534.50–535.50 535.000 -20.000 92 RON unleaded AAGJA00 94.270 -3.150
Gasoil (10 ppm) AAQWN00 124.600 -0.090
Kerosene PJAAA00 119.97–120.01 119.990 -0.470
Gasoil (500 ppm) AAQWP00 121.510 -0.150
Gasoil 10 ppm AAIDT00 124.44–124.48 124.460 -0.100
Gasoil (2500 ppm) AAQWR00 120.760 -0.150
Fujairah, FOB, Sep 29 (PGA page 2018) Gasoil 0.05% S
Gasoil 0.25% S
AAFEZ00
AACUA00
121.59–121.63
119.98–120.02
121.610
120.000
-0.100
-0.100 *Mean of Platts. **=Differential to FOB Arab Gulf HSFO 180 CST.
($/mt) Mid Change Gasoil POAAT00 124.44–124.48 124.460 -0.100
Naphtha NFJSA00 672.370 -6.570 Platts Index, Sep 29 (PGA page 115)
HSFO 380 CST AFUJQ00 497.720 -17.090
Change
($/barrel)
Platts Jet Fuel Index PJGLO00 363.29 +1.210
Gasoline 95 unleaded AFUJA00 108.290 -2.940
Gasoline 92 unleaded RFJFS00 100.200 -2.790 The Platts Jet Fuel Index is calculated using daily assessments of Jet fuel
spot prices in relevant regional centers. These values are compared with
Kerosene AFUJF00 123.690 -0.370
average spot prices in the base period (Index value of year 2000 = 100%)
Gasoil 10 ppm AFUJP00 126.180 -0.070
to generate a percentage figure reflecting the overall rise or fall in markets
Gasoil AFUJK00 126.180 -0.070 compared to the base period.

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

Oilgram Price Report September 29, 2023

Product price assessments

European bulk, Sep 29 Platts Euro denominated product assessments
($/mt) Mid Change Mid Change Sep 29 Mid Change
(PGA page 1114) Cargoes CIF NWE/basis ARA (€/mt) (PGA page 1116)
Cargoes FOB Med basis Italy Cargoes CIF Med basis Genoa/Lavera Nap phy AAQCE00 654.49–654.96 654.723 -10.020
Prem unl 10 ppm AAWZA00 869.25–869.75 869.500 -40.250 AAWZB00 885.25–885.75 885.500 -40.750 Jet AAQCF00 997.45–997.92 997.684 +3.409
Naphtha physical PAAAI00 655.25–655.75 655.500 -9.250 PAAAH00 676.50–677.00 676.750 -9.750 Cargoes FOB NWE (PGA page 1116)
Jet av. fuel AAIDL00 1024.25–1024.75 1024.500 +5.250 AAZBN00 1053.50–1054.00 1053.750 +4.500 1% AAQCG00 515.74–516.21 515.978 -10.612
ULSD 10 ppm AAWYY00 990.00–990.50 990.250 +3.500 AAWYZ00 1005.75–1006.25 1006.000 +3.000
Barges FOB Rotterdam (€/mt) (PGA page 1118)
Gasoil 0.1% AAVJI00 968.75–969.25 969.000 +3.250 AAVJJ00 983.50–984.00 983.750 +2.750
1% fuel oil PUAAK00 560.50–561.00 560.750 -10.750 PUAAJ00 581.25–581.75 581.500 -10.750 Prem unl AAQCH00 841.21–841.69 841.448 -39.513
3.5% fuel oil PUAAZ00 520.75–521.25 521.000 -22.250 PUAAY00 541.25–541.75 541.500 -22.250 10 ppm* AAQCI00 948.99–949.47 949.229 +4.632
Gasoil 0.1%* AAYWY00 913.30–913.78 913.539 +3.007
(PGA page 1110) DMA MGO* LGARE00 906.684 +11.529
Cargoes FOB NWE Cargoes CIF NWE basis ARA 3.50% AAQCK00 493.29–493.76 493.524 -34.012
Gasoline 10 ppm AAXFQ00 946.50–947.00 946.750 -55.500 3.50% 500 CST PUAGO00 490.45–490.92 490.687 -34.010
Naphtha swaps PAAAJ00 691.75–692.25 692.000 -10.500 Mid Change
Naphtha physical PAAAL00 692.25–692.75 692.500 -10.000
Cargoes CIF West Africa (€/mt) (PGA page 1116)
Jet kerosene PJAAV00 1033.75–1034.25 1034.000 +4.500 PJAAU00 1055.00–1055.50 1055.250 +4.500
ULSD 10 ppm AAVBF00 1004.50–1005.00 1004.750 +7.500 AAVBG00 1018.25–1018.75 1018.500 +7.500 Gasoline AANWC00 822.776 -32.637
Diesel 10 ppm NWE AAWZD00 1004.50–1005.00 1004.750 +7.500 AAWZC00 1021.00–1021.50 1021.250 +7.500 Cargoes FOB NWE West Africa (€/mt) (PGA page 1116)
Diesel 10 ppm UK AAVBH00 1024.50–1025.00 1024.750 +7.500 Gasoline AGNWA00 785.431 -34.024
Diesel 10 ppm UK cargoes AUKDA00 1025.250 +7.500
Cargoes FOB STS West Africa (€/mt) (PGA page 1116)
CIF NWE - original (French) spec
Gasoil 0.1% AAYWR00 945.50–946.00 945.750 +3.000 AAYWS00 971.75–972.25 972.000 +3.000 Gasoil 0.3% AGNWE00 972.393 +4.849
1% fuel oil PUAAM00 545.50–546.00 545.750 -10.750 PUAAL00 563.00–563.50 563.250 -10.000 Euro/US$ forex rate: 1.0577. Platts Euro denominated European and US
3.5% fuel oil PUABB00 504.75–505.25 505.000 -36.250 PUABA00 520.75–521.25 521.000 -35.500 product assessments are based on market values and a Euro/US$ forex rate
at 4:30 PM local London time. *FOB Amsterdam-Rotterdam-Antwerp.
(PGA pages 1112 & 1380)
Barges FOB Rotterdam
98 RON unl AAKOD00 909.50–910.00 909.750 -55.500 Renewable fuels ($/mt), Sep 29 (PGA pages 1414, 483 and European feedstocks and blendstocks
Prem unl PGABM00 889.75–890.25 890.000 -41.000 2414) Change
Reformate AAXPM00 979.000 -55.500 Change CIF Northwest Europe cargo ($/mt) (PGF page 1760)
Eurobob AAQZV00 854.50–855.00 854.750 -55.500
E10 Eurobob AGEFA00 852.500 -53.250 Northwest Europe VGO 0.5-0.6% AAHMZ00 727.00–728.00 727.500 -8.000
Naphtha physical PAAAM00 688.25–688.75 688.500 -10.000 SAF Cost of Production BJNWA00 1930.862 +1.075 VGO 2% AAHND00 714.00–715.00 714.500 -8.000
Jet kerosene PJABA00 1051.50–1052.00 1051.750 +4.250 HVO HVNWA00 1780.484 +0.497 FOB Northwest Europe cargo ($/mt)
Diesel 10 ppm* AAJUS00 1003.75–1004.25 1004.000 +5.750
USWC VGO 0.5-0.6% AAHMX00 702.50–703.50 703.000 -9.000
Gasoil 50 ppm AAUQC00 982.00–982.50 982.250 +5.750
Gasoil 0.1%* AAYWT00 966.00–966.50 966.250 +4.000 SAF Cost of Production w/ credits ASAFA00 1998.347 +103.915 VGO 2% AAHNB00 689.50–690.50 690.000 -9.000
DMA MGO 0.1%* LGARD00 959.000 +13.000 SAF Cost of Production w/o credits ASAFB00 823.759 +122.050 Straight Run 0.5-0.7% PKABA00 583.75–584.75 584.250 -9.750
1% fuel oil 553.25–553.75 553.500 -10.750 RD w/ credits ARDFA00 1911.929 +67.983
PUAAP00 FOB Black Sea cargo ($/mt)
3.5% fuel oil PUABC00 521.75–522.25 522.000 -35.500 RD w/o credits ARDFB00 835.638 +86.997
VGO 0.8% ABBAD00 714.250 -9.000
3.5% 500 CST fuel oil PUAGN00 518.75–519.25 519.000 -35.500 Southeast Asia VGO 2% ABBAC00 704.250 -9.000
380 CST PUAYW00 575.50–576.50 576.000 -10.000 SAF Cost of Production (PFAD) ASFAA00 1555.950 +24.960
*FOB Amsterdam-Rotterdam-Antwerp. HVO (PFAD) HVSAB00 1437.240 +22.270 CIF Mediterranean cargo ($/mt)
Straight Run 0.5-0.7% AAJNT00 600.000 -6.250
North Asia
VGO 0.8% ABBAB00 740.250 -9.000
SAF Cost of Production (UCO) 1838.230 +7.620
West Africa products ($/mt), Sep 29
ASFAC00
VGO 2% ABBAA00 730.250 -9.000
HVO (UCO) HVNAA00 1692.570 +5.560
Mid Change FOB Rotterdam barge ($/mt)
West Africa cargoes (PGA page 1122)
MTBE* PHALA00 1519.75–1520.25 1520.000 -40.250
VGO 0.5-0.6% AAHNF00 697.50–698.50 698.000 -9.250
FOB NWE VGO 2% AAHNI00 684.50–685.50 685.000 -9.250
Gasoline AAKUV00 830.750 -35.250 *FOB Amsterdam-Rotterdam-Antwerp.
CIF West Africa
Gasoline AGNWC00 870.250 -33.750
FOB STS West Africa
Gasoil 0.3% AGNWD00 1028.500 +6.000

© 2023 by S&P Global Inc.All rights reserved. 30

Oilgram Price Report September 29, 2023

Product price assessments

New York, Sep 29 (PGA page 152)
Mid Change Mid Change Mid Change
Cargo (¢/gal) RVP Barge (¢/gal) RVP Differentials to NYMEX
Unl 87 AAMHG00 265.15–265.25 265.200 -13.830 AAMHGRV 13.5
CBOB AAWBL00 243.65–243.75 243.700 -6.730 AAWBLRV 13.5 AANYX14 3.750 +3.850
Prem CBOB AAWLC00 300.40–300.50 300.450 -15.080 AAWLCRV 13.5 AANYX16 60.500 -4.500
Unl RBOB AAVKS00 244.65–244.75 244.700 -6.730 AAVKSRV 13.5 AAMGV00 243.65–243.75 243.700 -6.730 AAMGVRV 13.5 AANYX15 3.750 +3.850
Prem RBOB AAMGY00 300.40–300.50 300.450 -15.080 AAMGYRV 13.5 AANYX17 60.500 -4.500
Jet fuel PJAAW00 320.76–320.86 320.810 +3.010 ADIGA00 -9.250 +4.750
LS jet kero PJABJ00 321.76–321.86 321.810 +3.010 ADIHA00 -8.250 +4.750
ULS kero AAVTI00 370.76–370.86 370.810 +3.010 ADJKH00 40.750 +4.750
No. 2 POAEG00 299.01–299.11 299.060 +3.010 ADIAO00 -31.000 +4.750
ULSD AATGX00 336.01–336.11 336.060 +4.360 ADIZA00 6.000 +6.100
ULS heating oil AAXPX00 323.810 +4.510 ADIAQ00 -6.250 +6.250
Cargo ex-duty (¢/gal)* RVP
Unl 87 AASAA00 250.18–250.28 250.230 -13.400 AASAARV 13.5
Unl RBOB AASAF00 229.70–229.80 229.750 -6.320 AASAFRV 13.5
($/barrel) Differential vs 1s strip($/barrel)
No. 6 1% S max PUAAO00 86.52–86.54 86.530 -1.630 AAUGD00 1.05–1.07 1.060
No. 6 1% S max 1s strip AAUGG00 85.46–85.48 85.470 -1.630
USAC HSFO PUAAX00 82.55–82.57 82.560 -3.010 AAUGF00 -2.92–-2.90 -2.910
No. 6.1 S max pap bal M AFOAB00 NA NANA
No. 6 1.0% S pap 1st M AFOAM01 85.300 -1.550
No. 6 1.0% S pap 2nd M AFOAM02 83.800 -1.300
*These assessments reflect gasoline cargoes sold on a delivered, ex-duty basis New York, excluding import duty and import taxes/fees.

USAC CPL Linden*, Sep 29 (PGA page 410)

(¢/gal) Mid Change Differentials to NYMEX Change Cycle RVP
Unl 87 ACXPW00 268.950 -13.330 AANYX40 29.000 -2.750 ACRQWCY 53 ACRQWRV 11.5
CBOB ABXPW00 244.450 -9.830 AANYX41 4.500 +0.750 ABRQWCY 53 ABRQWRV 12.5
RBOB ADXPW00 242.950 -9.830 AANYX42 3.000 +0.750 ADRQWCY 53 ADRQWRV 13.5
Jet kero 54 AAXPV00 320.810 +3.010 ADIJA00 -9.250 +4.750 AAXPVCY 53
ULS heating oil AAXPU00 324.310 +4.510 ADIAR00 -5.750 +6.250 AAXPUCY 52
ULSD AAXPW00 336.810 +4.660 ADLAA00 6.750 +6.400 AAXPWCY 52
*Assessments reflect shipments on the next full pipeline cycle after the prompt cycle

© 2023 by S&P Global Inc.All rights reserved. 31

Oilgram Price Report September 29, 2023

Product price assessments

U.S. Buckeye pipeline, Sep 29 (PGA page 310) Atlantic resid/contract cargoes posted prices,
(¢/gal) Mid Change RVP Differentials to NYMEX Change Sep 29 (PGA page 564)
Unl RBOB AAMHB00 243.65–243.75 243.700 -6.630 AAMHBRV 13.5 AANYX35 3.750 +3.950 ($/barrel) No. 4 Fuel
Prem RBOB AAMHZ00 300.40–300.50 300.450 -15.080 AAMHZRV 13.5 AANYX36 60.500 -4.500 Global
CBOB AAPSY00 243.65–243.75 243.700 -6.630 AAPSYRV 13.5 AANYX33 3.750 +3.950
CBOB prem AAPSZ00 300.40–300.50 300.450 -15.080 AAPSZRV 13.5 AANYX34 60.500 -4.500 Boston 0.5% PRALB00 140.40
ULSD AATHF00 336.01–336.11 336.060 +4.360 ADIYA00 6.000 +6.100 Boston 1.0% PRALD00 135.60
Jet fuel AAJNL00 320.76–320.86 320.810 +3.010 ADIEA00 -9.250 +4.750 No. 6 Fuel
LS jet/kero AAJNN00 321.76–321.86 321.810 +3.010 ADIFA00 -8.250 +4.750 Boston 0.5% PRAMN00 118.70
RVP Boston 1.0% PRAMD00 106.80
Laurel Source: Global Montello Group Corp.
Unl CBOB AAUAS00 246.15–246.25 246.200 -6.830 AAUASRV 13.5 AANYX29 6.250 +3.750
Prem CBOB AAUAT00 302.90–303.00 302.950 -11.080 AAUATRV 13.5 AANYX30 63.000 -0.500
All RVP references are after ethanol

Chicago pipeline, Sep 29 (PGA page 160) Marine Fuel (PGA page 30)
(¢/gal) Mid Change RVP Differentials to NYMEX Change $/mt Change
Prem. unl 91 PPASQ00 329.15–329.25 329.200 +2.080 PPASQRV 13.5 AANY100 89.250 +8.750 0.5% FOB Singapore cargo AMFSA00 657.470 -8.220
CBOB AAREL00 232.65–232.75 232.700 +2.080 AARELRV 13.5 AANY101 -7.250 +8.750 0.5% FOB Fujairah cargo AMFFA00 644.500 -5.850
PBOB AAUEU00 330.15–330.25 330.200 +2.080 AAUEURV 13.5 AANY103 90.250 +8.750
RBOB PPARH00 233.65–233.75 233.700 +2.080 PPARHRV 13.5 AANY102 -6.250 +8.750 0.5% FOB Rotterdam barge PUMFD00 594.250 -9.750
Jet fuel PJAAF00 293.26–293.36 293.310 +4.270 ADILA00 -36.750 +1.250 0.5% FOB US Gulf Coast barge AUGMB00 629.250 -5.500
ULSD AATHA00 299.26–299.36 299.310 +4.770 ADLAI00 -30.750 +1.750 0.5% Dlvd US Atlantic Coast barge AUAMB00 629.250 -5.750
0.5% FOB Mediterranean cargo MFFMM00 591.750 -6.250
Chicago Buckeye Complex, Sep 29 (PGA page 160) 0.5% CIF Mediterranean cargo MFCMM00 610.250 -6.250
(¢/gal) Mid Change RVP Differentials to NYMEX Change $/barrel
CBOB ACBAA00 233.700 +0.080 ACBAARV 13.5 ACBAB00 -6.250 +6.750 0.5% FOB US Gulf Coast barge AUGMA00 99.090 -0.870
RBOB ACBAC00 234.700 +0.080 ACBACRV 13.5 ACBAD00 -5.250 +6.750
ULSD ACBAE00 306.810 +4.770 ACBAF00 -23.250 +1.750 0.5% Dlvd US Atlantic Coast barge AUAMA00 99.090 -0.910
vs FO 380 MOPS strip ($/mt)
Chicago Wolverine Pipeline, Sep 29 (PGA page 160) 0.5% FOB Singapore cargo AMOPA00 146.090 +11.360
(¢/gal) Mid Change RVP Differentials to NYMEX Change vs MF 0.5% MOPS strip ($/mt)
CBOB AGCWA00 234.950 +1.330 AGCWERV 13.5 AGCWB00 -5.000 +8.000 0.5% FOB Singapore cargo FOFSB00 11.620 +0.540
ULSD AGCWC00 303.560 +4.770 AGCWD00 -26.500 +1.750 0.5% FOB Singapore Bal mo FOFS000 NA NANA
0.5% FOB Singapore M1 FOFS001 648.750 -8.250
0.5% FOB Singapore M2 FOFS002 634.000 -8.450
0.5% FOB Singapore MOPS Strip FOFSA00 645.850 -8.760

Group Three, Sep 29 (PGA page 160)

(¢/gal) Mid Change RVP Differentials to NYMEX Change
Sub-octane AAXIX00 244.65–244.75 244.700 -5.830 AAXIXRV 11.5 AANYX01 4.750 +4.750
Prem. unleaded PGABD00 275.65–275.75 275.700 -5.830 PGABDRV 11.5 AANYX02 35.750 +4.750
ULSD AATHB00 337.26–337.36 337.310 +6.010 ADLAB00 7.250 +7.750
Jet fuel PJAAI00 333.01–333.11 333.060 +5.010 ADIKA00 3.000 +6.750

© 2023 by S&P Global Inc.All rights reserved. 32

Oilgram Price Report September 29, 2023

Product price assessments

U.S. Gulf Coast, Sep 29
Mid Change Mid Change Mid Change
Houston (PGA page 156)
Pipeline (¢/gal) Differential to NYMEX Cycle RVP Waterborne (¢/gal) RVP
Unl 87 PGACT00 256.40–256.50 256.450 -10.420 AANY105 16.500 -3.750 PGACTCY 57 PGACTRV 11.5 PGACU00 259.15–259.25 259.200 -10.420 PGACURV 11.5
Unl 89 PGAAY00 268.70–268.80 268.750 -9.320 PGAAYCY 57 PGAAYRV 11.5 PGAAZ00 271.65–271.75 271.700 -9.320 PGAAZRV 11.5
Prem unl 93 PGAJB00 287.15–287.25 287.200 -7.670 AANYX76 47.250 -1.000 PGAJBCY 57 PGAJBRV 11.5 PGAIX00 290.40–290.50 290.450 -7.670 PGAIXRV 11.5
CBOB 87 AARQU00 238.50–238.60 238.550 -6.570 AANYX77 -1.400 +0.100 AARQUCY 57 AARQURV 12.5 AAWES00 241.25–241.35 241.300 -6.570 AAWESRV 12.5
CBOB 93 AARQV00 280.00–280.10 280.050 -6.570 AANYX78 47.250 -1.000 AARQVCY 57 AARQVRV 12.5
RBOB 83.7 AAMFB00 237.50–237.60 237.550 -6.570 AANYX79 -2.400 +0.100 AAMFBCY 57 AAMFBRV 13.5
RBOB 91.4 AAMNG00 275.00–275.10 275.050 -6.570 AANYX80 35.100 + 0.100 AAMNGCY 57 AAMNGRV 13.5
Jet/kero 54 PJABO00 309.26–309.36 309.310 +1.770 ADIAS00 -20.750 -1.250 PJABOCY 57 PJABM00 314.26–314.36 314.310 +1.770
Jet/kero 55 PJABP00 310.26–310.36 310.310 +1.770 ADIAZ00 -19.750 -1.250 PJABPCY 57 PJABN00 315.26–315.36 315.310 +1.770
ULS Kero AAVTL00 320.26–320.36 320.310 +1.770 ADICA00 -9.750 -1.250 AAVTLCY 57 AAVTK00 325.26–325.36 325.310 +1.770
ULSD AATGY00 329.01–329.11 329.060 +4.670 ADIQA00 -1.000 +1.650 AATGYCY 56 AATGZ00 331.51–331.61 331.560 +4.670
No. 2 POAED00 301.76–301.86 301.810 +3.020 ADIAA00 -28.250 0.000 POAEDCY 56 POAEE00 302.76–302.86 302.810 +3.020
ULS Heating Oil AAXFD00 316.61–316.71 316.660 +5.070 ADIAI00 -13.400 +2.050 AAXFDCY 56
Waterborne vs prompt pipeline (¢/gal)
Jet Spread AUSGL00 5.000 0.000
ULSD Spread AUSGN00 2.500 0.000
No. 2 Spread AUSGM00 1.000 0.000
FOB Cargo (¢/gal) FOB Cargo ($/mt)
Export ULSD AAXRV00 315.180 +2.680 AAXRW00 986.200 +8.390
FOB Cargo vs forward pipe strip (¢/gal)
ULSD Mexico AUSGH00 2.750 0.000
ULSD Brazil AUSGA00 4.250 0.000
ULSD EN590 AUSGB00 4.500 0.000
Jet A AUSGC00 5.000 0.000
Jet A-1 AUSGD00 6.500 0.000
Colonial Pipeline Gasoline Line Space (¢/gal) Cycle
Line 1 AAXTA00 0.250 +0.250 AAXTACY 57
Line 3 AAXTB00 0.000 0.000 AAXTBCY 57
Line 1+3 AAXTC00 0.250 +0.250 AAXTCCY 57
Colonial Pipeline Distillates Line Space (¢/gal)
Line 2 AAXTD00 -0.500 0.000 AAXTDCY 56
Line 3 AAXTE00 0.000 0.000 AAXTECY 56
Line 2+3 AAXTG00 -0.500 0.000 AAXTGCY 56
($/barrel) Differential vs USGC HSFO strip ($/barrel) USGC HSFO Strip ($/barrel)
Slurry Oil PPAPW00 108.26–108.28 108.270 -3.470 AAUGS00 30.12–30.14 30.130 -0.440
No. 6 1.0% S 6 API PUAAI00 87.74–87.76 87.750 -2.120 AAUGT00 9.60–9.62 9.610 +0.910
USGC HSFO PUAFZ00 79.26–79.28 79.270 -3.470 AAUGU00 1.12–1.14 1.130 -0.440 AAUGW00 78.13–78.150 78.140 -3.030
RMG 380 PUBDM00 79.26–79.28 79.270 -3.470 AAUGV00 1.12–1.14 1.130 -0.440
USGC HSFO swap BalMo(Sep) AWATB00 NA NANA
USGC HSFO swap M1(Oct) AWATM01 77.700 -2.900
USGC HSFO swap M2(Nov) AWATM02 75.400 -2.650
(PGA page 330)
USGC RVP Adjustments (¢/gal)
CBOB -1 psi AGLOB00 5.400 -0.350
Prem CBOB -1 psi AGLOC00 5.400 -0.350
CBOB +1 psi AGLOA00 -1.000 0.000
Prem CBOB +1 psi AGHOA00 -1.000 0.000

© 2023 by S&P Global Inc.All rights reserved. 33

Oilgram Price Report September 29, 2023

Product price assessments

U.S. Gulf Coast
Mid Change Mid Change Mid Change
(PGF page 760)
Waterborne (¢/gal) Diff vs NYMEX (¢/gal) Diff vs USGC waterborne 87 (¢/gal) Diff vs USGC pipeline 87 (¢/gal)
FOB Naphha Cargo AAXJP00 167.45–167.55 167.500 -3.500
FOB Naphha Cargo ($/mt) AAXJU00 633.10–633.20 633.150 -13.230
Naphtha USGC vs ANAPD00 -66.500 -18.500
Naphtha MOPJ ($/mt)
DAP LSR Naphtha Parcel AAXQK00 170.000 -3.500
DAP LSR Naphtha Parcel ($/mt) AAXQM00 681.700 -14.040
DAP LSR Naphtha Parcel diff** AAXQN00 5.000 0.000
Naphtha barge AALPG00 173.90–174.00 173.950 -4.670 AREFD00 -66.000 +2.000 AASGZ00 -85.250
Heavy naphtha barge AALPI00 181.90–182.00 181.950 -4.670 AREFC00 -58.000 +2.000 AASHD00 -77.250
MTBE PHAKX00 367.35–367.45 367.400 -6.670
Alkylate* AAXBA00 299.950 -6.670 AREFA00 60.000 0.000 AAFIE00 40.750 +3.750 AAXBD00 45.310 +1.050
Raffinate* AAXBB00 184.950 -6.670 AREFB00 -55.000 0.000 AAJMU00 -74.250 +3.750 AAXBE00 -69.690 +1.050
Reformate* AAXBC00 351.200 -6.670 AREFE00 111.250 0.000 AAJMV00 92.000 +3.750 AAXBF00 96.560 +1.050
LSR = Light Straight Run. *=DAP barge. **= Diff to Mont Belvieu Enterprise natural gasoline.
Note: Platts line space assessments reflect the physical trade of gasoline or distillates at two locations agreed upon by the parties along the Colonial Pipeline between Pasadena, Texas, and Linden, New Jersey. The assessments represent
the premium or discount paid by a buyer while taking refined product off the line at one location while giving product to the seller at another.

U.S. Gulf Coast pipeline cycles, Sep 29 (PGA page 156)

(¢/gal) Pipeline Mid Cycle RVP Pipeline Mid Cycle RVP
Gasoline
Unl-87 AAELC00 256.40–256.50 256.450 AAELCCY 57 AAELCRV 11.5 ULSD AAUJW00 327.01–327.11 327.060 AAUJWCY 57
Unl-87 AAELD00 254.15–254.25 254.200 AAELDCY 58 AAELDRV 11.5 ULSD AAUJX00 325.01–325.11 325.060 AAUJXCY 58
Unl-87 AAELE00 251.90–252.00 251.950 AAELECY 59 AAELERV 11.5 ULSD AAUJY00 323.01–323.11 323.060 AAUJYCY 59
Unl-87 AAELF00 249.65–249.75 249.700 AAELFCY 60 AAELFRV 11.5 ULSD AAUJZ00 320.76–320.86 320.810 AAUJZCY 60
Unl-87 AAELG00 245.40–245.50 245.450 AAELGCY 61 AAELGRV 13.5 ULSD AAUKD00 317.76–317.86 317.810 AAUKDCY 61
Unl-87 AAELH00 243.90–244.00 243.950 AAELHCY 62 AAELHRV 13.5 No. 2 AAELW00 301.76–301.86 301.810 AAELWCY 56
CBOB 87 AARQW00 237.800 AARQWCY 58 AARQWRV 12.5 ULS heating oil AAXFJ00 316.61–316.71 316.660 AAXFJCY 56
CBOB 87 AARQX00 237.050 AARQXCY 59 AARQXRV 12.5 ULS heating oil AAXFK00 314.61–314.71 314.660 AAXFKCY 57
CBOB 87 AARQY00 236.300 AARQYCY 60 AARQYRV 12.5 ULS heating oil AAXFL00 312.61–312.71 312.660 AAXFLCY 58
CBOB 87 AARQZ00 233.550 AARQZCY 61 AARQZRV 14.5 ULS heating oil AAXFM00 310.61–310.71 310.660 AAXFMCY 59
CBOB 87 AARQA00 231.550 AARQACY 62 AARQARV 14.5 ULS heating oil AAXFN00 308.36–308.46 308.410 AAXFNCY 60
ULS heating oil AAXFP00 305.36–305.46 305.410 AAXFPCY 61
Distillates
Jet kero AAELQ00 309.26–309.36 309.310 AAELQCY 57 Forward pipeline strip
Jet kero AAELR00 309.06–309.16 309.110 AAELRCY 58 ULSD 15-30 Day AUSGI00 319.300
Jet kero AAELS00 308.86–308.96 308.910 AAELSCY 59 ULSD 21-35 Day AUSGJ00 316.380
Jet kero AAELT00 308.66–308.76 308.710 AAELTCY 60 ULSD 7-21 Day AUSGK00 323.490
Jet kero AAELU00 306.26–306.36 306.310 AAELUCY 61 Jet Fuel 15-30 Day AUSGE00 306.160
Jet kero AAELV00 303.86–303.96 303.910 AAELVCY 62 Jet Fuel 21-35 Day AUSGF00 303.590
ULSD AAUJV00 329.01–329.11 329.060 AAUJVCY 56 Jet Fuel 7-21 Day AUSGG00 310.120

© 2023 by S&P Global Inc.All rights reserved. 34

Oilgram Price Report September 29, 2023

Product price assessments

West Coast pipeline, Sep 29 (PGA page 158)
Mid Change RVP Mid Change
California
(¢/gal) Los Angeles Differential to NYMEX
Unl 84 AAUHA00 304.90–305.00 304.950 -87.670 AAUHARV 10.0 AANYX84 65.000 -81.000
Prem unl 90 PGABG00 331.90–332.00 331.950 -87.670 PGABGRV 10.0 AANYX85 92.000 -81.000
CARBOB AAKYJ00 308.90–309.00 308.950 -87.670 AAKYJRV 6.0 AANVX00 68.95/69.05 69.000 -81.000
CARBOB prem AAKYL00 335.90–336.00 335.950 -87.670 AAKYLRV 6.0 AANYX86 96.000 -81.000
Jet fuel PJAAP00 378.01–378.11 378.060 +3.020 AANVY00 47.95/48.05 48.000 0.000
ULS (EPA) diesel POAET00 382.01–382.11 382.060 -0.980 AANVZ00 51.95/52.05 52.000 -4.000
CARB diesel POAAK00 382.01–382.11 382.060 -0.980 AANWA00 51.95/52.05 52.000 -4.000
(¢/gal) San Francisco Differential to NYMEX
Unl 84 PGADG00 303.40–303.50 303.450 -71.670 PGADGRV 11.5 AANYX87 63.500 -65.000
Prem unl 90 PGABO00 330.40–330.50 330.450 -71.670 PGABORV 11.5 AANYX88 90.500 -65.000
CARBOB unl AAKYN00 308.90–309.00 308.950 -71.670 AAKYNRV 6.0 AANYX89 69.000 -65.000
CARBOB prem AAKYP00 335.90–336.00 335.950 -71.670 AAKYPRV 6.0 AANYX90 96.000 -65.000
Jet Fuel PJABC00 378.01–378.11 378.060 +3.020 ADINA00 48.000 0.000
ULS (EPA) diesel POAEY00 385.01–385.11 385.060 +3.020 ADLAE00 55.000 0.000
CARB diesel POAAL00 385.01–385.11 385.060 +3.020 ADLAF00 55.000 0.000
Other West
(¢/gal) Phoenix Differential to NYMEX
CBG/RBOB unl AADDP00 317.90–318.00(a) 317.950 -87.670 AADDPRV 8.0 AANYX91 78.000 -81.000
CBG/RBOB prem PPXDJ00 346.90–347.00(b) 346.950 -87.670 PPXDJRV 8.0 AANYX92 107.000 -81.000
Northwest
(¢/gal) Seattle Differential to NYMEX
Unl 84 AAXJE00 322.40–322.50 322.450 -18.580 AAXJERV 13.5 AANYX93 82.500 -8.000
Prem unl 90 AAXJF00 352.40–352.50 352.450 -18.580 AAXJFRV 13.5 AANYX94 112.500 -8.000
Jet fuel PJABB00 378.01–378.11 378.060 +3.020 ADIOA00 48.000 0.000
ULS (EPA) diesel AAUEX00 333.36–333.46 333.410 +3.010 ADLAH00 -1.150 0.000
(¢/gal) Portland Differential to NYMEX
Unl 84 AAXJC00 323.90–324.00 323.950 -18.580 AAXJCRV 13.5 AANYX95 84.000 -8.000
Prem unl 90 AAXJD00 353.90–354.00 353.950 -18.580 AAXJDRV 13.5 AANYX96 114.000 -8.000
ULS (EPA) diesel AAUEY00 334.51–334.61 334.560 +3.010 ADLAG00 4.500 +4.750
(a)=84 octane; (b)=90 octane

West Coast waterborne, Sep 29 (PGA page 158)

(¢/gal) Mid Change
Unl 87 PGADI00 304.90–305.00 304.950 -87.670
Jet fuel PJABI00 377.01–377.11 377.060 +3.020

© 2023 by S&P Global Inc.All rights reserved. 35

Oilgram Price Report September 29, 2023

Product price assessments

Latin America, FOB, Sep 29 (PGA page 164) Gas liquids (¢/gal), Sep 29 (PGA page 780)
$/barrel Mid Change Mid Change
Argentina Enterprise Mt Belvieu
Ethane/propane PMUDA05 22.950–23.050 23.000 -0.125
ULSD CIF AAXWZ00 140.060 +1.960
Ethane purity PMUDB05 27.200–27.300 27.250 -0.125
Colombia
Ethane mo. 2 AAWUC00 27.325–27.425 27.375 -0.125
FO 1.75% S FOB PPARO00 81.85–81.87 81.860 -3.050 Propane PMAAY00 72.200–72.300 72.250 +0.125
Diluent Naphtha Ex-Ship AAXYB00 70.410 -1.690 Propane mo. 2 AAWUD00 72.450–72.550 72.500 -0.250
Ecuador N-Butane PMAAI00 87.325–87.425 87.375 +0.125
FO 2.2% S FOB PPASL00 76.85–76.87
-3.050 76.860 N-Butane mo. 2 AAWUF00 87.450–87.550 87.500 +0.250
RON 93 CIF AAXYC00 107.070 -4.240 Isobutane PMAAB00 98.950–99.050 99.000 +2.000
ULSD CIF AAXWF00 138.480 +2.140 Natural gasoline PMABY05 164.950–165.050 165.000 -3.500
Peru Natural gasoline mo. 2 AAWUG00 165.200–165.300 165.250 -3.250
ULSD CIF AAXWY00 139.730 +1.890

Energy Transfer Mt Belvieu
Peso/literChange
Mexico cargo Propane PMABQ00 73.325–73.425 73.375 +0.875
Propane mo. 2 AAWUE00 73.700–73.800 73.750 +0.875
Gasoline CIF Eastern Mexico AAXWA00 102.800 -2.970 AATFH00 11.270 -0.440
Gasoline CIF Rosarito AATFA00 107.150 -2.980 AATFK00 11.750 -0.440 N-Butane PMABR00 75.825–75.925 75.875 +0.125
Gasoline CIF Lazaro CardenasAATFD00 106.680 -2.980 AATFN00 11.700 -0.440 Natural gasoline AAIVF00 163.450–163.550 163.500 -3.500
ULSD CIF Eastern Mexico AAXWE00 133.570 +0.930 AATFI00 14.640 -0.040
ULSD CIF Rosarito AATFB00 137.840 +0.530 AATFL00 15.110 -0.090
Targa Mt Belvieu
ULSD CIF Lazaro Cardenas AATFE00 137.310 +0.530 AATFO00 15.050 -0.090 Natural gasoline PMABW05 163.450–163.550 163.500 -3.500
Jet CIF Eastern Mexico AATFG00 134.170 +0.360 AATFJ00 14.710 -0.100
Jet CIF Rosarito AATFC00 138.290 -0.030 AATFM00 15.160 -0.150
Conway
Jet CIF Lazaro Cardenas AATFF00 137.790 -0.030 AATFP00 15.110 -0.150 Ethane/propane PMAAO00 24.075–24.175 24.125 -0.125
Propane PMAAT00 69.450–69.550 69.500 -0.500
N-Butane PMAAD00 85.950–86.050 86.000 -2.000
Isobutane PMAAA00 108.950–109.050 109.000 0.000
Natural gasoline PMAAQ00 185.700–185.800 185.750 -3.500

Trinidad product postings (PGA page 466)

Other hubs
Effective date 19Sep23 Hattiesburg propane AALBC00 73.950–74.050 74.000 +0.375
¢/gal
Mogas 92 RON Unleaded PPRAE00 320.00
($/mt)
Mogas 95 RON Unleaded PPRAF00 325.00 Waterborne FOB USGC propane AAXIM00 435.860–435.880 435.870 -2.500
Dual Purpose Kerosene PPRAB00 358.00 FOB USGC propane vs. Mt Belvieu AAXIO00 57.300–57.320 57.310 0.000
Gasoil 45 Cetane 0.1%S PPRAC00 355.00 Waterborne FOB USGC butane ABTNB00 440.860 -2.260
$/b FOB USGC butane vs. Mt Belvieu ABTND00 40.770 0.000
Bunker C Fuel Oil PPRAA00 95.00 VLGC freight rates Houston to NWE AAXIQ00 133.990–134.010 134.000 0.000
Source: Paria
VLGC freight rates Houston to Japan AAXIS00 234.990–235.010 235.000 0.000

(¢/gal)
Waterborne FOB USGC propane AAXIN00 83.650–83.670 83.660 -0.480
FOB USGC propane vs. Mt Belvieu AAXIP00 10.950–11.050 11.000 0.000
Waterborne FOB USGC butane ABTNA00 97.320 -0.500
FOB USGC butane vs. Mt Belvieu ABTNC00 9.000 0.000
VLGC freight rates Houston to NWE AAXIR00 25.670–25.770 25.720 0.000
VLGC freight rates Houston to Japan AAXIT00 45.100–45.120 45.110 0.000

© 2023 by S&P Global Inc.All rights reserved. 36

Oilgram Price Report September 29, 2023

Crude price assessments

Asia Pacific/Middle East spot crude assessments ($/barrel), Sep 29
Assessment (Asian MOC) Diffs (Asian MOC) Diff to Dated Brent (Asian MOC) Assessment (London MOC)
Mid Change Mid Change Mid Change Mid Change
Condensate (PGA page 2212) (PGA page 2213)
Diff to Dubai
NW Shelf PCAGX00 87.13–87.17 87.150 -1.090 AAPAI00 -6.400 +0.100 AAPAH00 86.540 -1.150
Ichthys FC ICFCA00 98.150 -0.990 ICFCB00 4.600 +0.200
DFC ADFCA00 90.06–90.10 90.080 -0.960 ADFCB00 -1.45/-1.35 -1.400 +0.100 ADFCC00 -3.470 +0.230 ADFCD00 89.470 -1.020
Qatar LSC AARBB00 89.46–89.50 89.480 -0.960 AARBD00 -2.05/-1.95 -2.000 +0.100 AARBC00 -4.070 +0.230 AARBA00 88.870 -1.020
South Pars AARAV00 85.01–85.05 85.030 -0.960 AARAX00 -6.50/-6.40 -6.450 +0.100 AARAW00 -8.520 +0.230 AARAU00 84.420 -1.020
Diff to ICP
Senipah AAEOE00 83.68–83.72 83.700 -1.090 AAEOK00 -5.55/-5.45 -5.500 +0.050 AAPBE00 -9.850 +0.100 AAPBD00 83.090 -1.150
Light (PGA page 2214) (PGA page 2215)
Diff to ICP
Cossack PCAGZ00 92.88–92.92 92.900 -0.390 AAPAC00 -0.650 +0.800 AAPAB00 92.290 -0.450
Tapis PCACB00 99.88–99.92 99.900 -1.140 AAOZW00 6.350 +0.050 AAOZV00 99.290 -1.200
Belida PCAFL00 87.48–87.52 87.500 -0.390 PCAFM00 -2.45/-2.35 -2.400 +0.400 AAPBQ00 -6.050 +0.800 AAPBP00 86.890 -0.450
Kutubu PCAFJ00 93.33–93.37 93.350 -0.390 AAPAE00 -0.200 +0.800 AAPAD00 92.740 -0.450
Attaka PCAAJ00 87.38–87.42 87.400 -0.390 PCAAK00 -3.15/-3.05 -3.100 +0.400 AAPBC00 -6.150 +0.800 AAPBB00 86.790 -0.450
Ardjuna PCACQ00 90.43–90.47 90.450 -1.140 PCACR00 -0.90/-0.80 -0.850 0.000 AAPBG00 -3.100 +0.050 AAPBF00 89.840 -1.200
Banyu Urip PCAFQ00 100.450 -1.140 PCAQQ00 3.450 0.000 AAPBU00 6.900 +0.050 AAPBR00 99.840 -1.200
Diff to Dubai
Sakhalin Blend AARBN00 82.76–82.80 82.780 -0.860 AARCN00 -8.75/-8.65 -8.700 + 0.200 AARDN00 -10.770 +0.330 AAREN00 82.170 -0.920
Sokol AASCJ00 88.41–88.45 88.430 -0.860 AASCK00 -3.10/-3.00 -3.050 +0.200 AAPAO00 -5.120 +0.330 AAPAN00 87.820 -0.920
Kikeh AAWUH00 103.13–103.17 103.150 -1.140 AAOZY00 9.600 +0.050 AAOZX00 102.540 -1.200
Miri Light PCABQ00 102.83–102.87 102.850 -1.140 AAPAS00 9.300 +0.050 AAPAR00 102.240 -1.200
Labuan PCABL00 106.63–106.67 106.650 -1.140 AAPAQ00 13.100 +0.050 AAPAP00 106.040 -1.200
Kimanis AASCL00 105.000 -1.140 AASCM00 11.450 +0.050 AASCN00 104.390 -1.200
Medium (PGA page 2216) (PGA page 2217)
Nanhai PCAFR00 91.68–91.72 91.700 -1.140 AAPAG00 -1.850 +0.050 AAPAF00 91.090 -1.200
Minas* PCABO00 90.285 -0.945 AAPAZ00 89.675 -1.005
Nile Blend AAPLC00 91.38–91.42 91.400 -1.390 AAPAM00 -2.150 -0.200 AAPAL00 90.790 -1.450
Widuri* PCAFE00 75.420 -1.100 AAPBN00 74.810 -1.160
Daqing PCAAZ00 92.63–92.67 92.650 -1.990 AAPAW00 -0.900 -0.800 AAPAV00 92.040 -2.050
Cinta* PCAAX00 78.075 -1.185 AAPBJ00 77.465 -1.245
Su Tu Den AARAR00 100.83–100.87 100.850 -1.140 AARAS00 7.300 +0.050 AARAQ00 100.240 -1.200
Bach Ho PCAHY00 103.78–103.82 103.800 -1.140 AAPAK00 10.250 +0.050 AAPAJ00 103.190 -1.200
Heavy (PGA page 2218) (PGA page 2219)
Diff to ICP
Dar Blend AARAB00 90.88–90.92 90.900 -1.390 AARAC00 -2.650 -0.200 AARAA00 90.290 -1.450
Shengli PCABY00 94.88–94.92 94.900 -1.990 AAPAY00 1.350 -0.800 AAPAX00 94.290 -2.050
Duri PCABA00 98.23–98.27 98.250 -1.990 PCABB00 3.10/3.20 3.150 -0.400 AAPBM00 4.700 -0.800 AAPBL00 97.640 -2.050
Vincent AARAK00 101.700 -1.990 AARAL00 8.150 -0.800 AARAJ00 101.090 -2.050
*Market Parity Price.
(PGA page 2220) (PGA page 2202)
Diff to Dubai Assessment (Asian MOC)
Murban M1 AAKNL00 96.44–96.48 96.460 -0.650 AARBZ00 4.980 +0.410
Murban M2 MBNSA00 93.680 -1.160 Dubai CFR North Asia PCAQA00 97.880 -0.670
Murban M3 MBNSB00 91.820 -1.060 LOOP Sour CFR North Asia PCAQI00 93.970 -2.070
Al Shaheen AAPEV00 96.22–96.26 96.240 -0.650 AAPEW00 4.71/4.81 4.760 +0.410 Oman CFR North Asia PCAQJ00 97.910 -0.670
Upper Zakum AAOUQ00 96.10–96.14 96.120 -0.650 DBDUZ00 4.640 +0.410 Upper Zakum CFR North Asia PCAQB00 97.850 -0.660
Umm Lulu AUFAA00 96.810 -0.650 DBDUL00 5.330 +0.410 Qatar Marine CFR North Asia PCAQC00 96.990 -0.660
Das Blend AAXOF00 96.09–96.13 96.110 -0.650 DBDDS00 4.630 +0.410 Murban CFR North Asia PCAQE00 98.120 -0.670
Spread vs OSP
Basrah Medium M1 BSMAM01 – 96.360 -0.960 BSMBM01 1.200 +0.200 Basrah Medium CFR North Asia BASNA00 96.980 -0.670
Basrah Medium M2 BSMAM02 – 95.200 -0.650 BSMBM02 0.700 +0.100 ESPO CFR North Asia PCAQD00 91.620 -0.860
Basrah Heavy M1 AALZC00 – 92.960 -0.960 AALZJ00 1.200 +0.200 Forties CFR North Asia PCAQF00 100.370 -0.955
Basrah Heavy M2 AALZD00 – 91.900 -0.650 AALZK00 0.900 0.000 Dalia CFR North Asia PCAQG00 98.310 -1.275
WTI MEH CFR North Asia PCAQH00 97.610 -2.120
Banoco Arab Medium AAKNT00 95.97–96.01 95.990 -0.660 AAKUD00 -0.20/-0.10 -0.150 +0.100
Diff to Dubai
Mid Change
Qatar Land AAKNP00 95.28–95.32 95.300 -0.650 AAKUJ00 0.85/0.95 0.900 +0.100 QALDA00 3.820 +0.410
Qatar Marine AAKNR00 95.23–95.27 95.250 -0.650 AAKUH00 0.95/1.05 1.000 +0.100 QAMDA00 3.770 +0.410

© 2023 by S&P Global Inc.All rights reserved. 37

Oilgram Price Report September 29, 2023

Crude price assessments

International, Sep 29 North Sea, Sep 29 (PGA page 1212)
($/barrel) Mid Change ($/barrel) Mid Change Spread vs fwd Dated Brent Mid Change
(PGA page 2210) Dated Brent Diff AAXEZ00 1.54/1.55 1.545 +0.075
Dubai (Nov) PCAAT00 96.11–96.13 96.120 -0.650 BNB AAVJA00 96.53–96.54 96.535 -1.465 AAVJB00 1.75/1.76 1.755 +0.055
Forties PCADJ00 96.36–96.37 96.365 -1.405 AAGWZ00 1.58/1.59 1.585 +0.115
Dubai (Dec) PCAAU00 93.33–93.35 93.340 -1.160
Oseberg PCAEU00 98.35–98.36 98.355 -1.515 AAGXF00 3.57/3.58 3.575 +0.005
Dubai (Jan) PCAAV00 91.47–91.49 91.480 -1.060 Ekofisk PCADI00 98.27–98.28 98.275 -1.515 AAGXB00 3.49/3.50 3.495 +0.005
MEC (Nov) AAWSA00 96.11–96.13 96.120 -0.650 Troll AAWEX00 98.77–98.78 98.775 -1.515 AAWEY00 3.99/4.00 3.995 +0.005
MEC (Dec) AAWSB00 93.33–93.35 93.340 -1.160 FOB N Sea WTI Midland ALNDA00 96.330 -1.490 ALNDB00 1.550 +0.030
MEC (Jan) AAWSC00 91.47–91.49 91.480 -1.060 Statfjord PCAEE00 98.27–98.29 98.280 -1.470 AAGXD00 3.49/3.51 3.500 +0.050
Oman (Nov) PCABS00 96.15–96.17 96.160 -0.650 Flotta Gold PCACZ00 96.77–96.79 96.780 -1.320 AAGXH00 1.99/2.01 2.000 +0.200
Oman (Dec) AAHZF00 93.37–93.39 93.380 -1.160 Duc AAWEZ00 97.52–97.54 97.530 -1.470 AAWFL00 2.74/2.76 2.750 +0.050
Grane Blend PCALA00 97.630 -1.220 PCALB00 2.850 +0.300
Oman (Jan) AAHZH00 91.51–91.53 91.520 -1.060
Johan Sverdrup AJSVA00 97.760 -1.355 AJSVB00 2.980 +0.165
Dubai cash/Futures DBDDC00 4.640 +0.410 Statfjord (CIF) AASAS00 99.30–99.32 99.310 -1.475 AASAT00 4.59/4.61 4.600 +0.050
Oman cash/Futures DBDOC00 4.680 +0.410 Gullfaks (CIF) AASAU00 99.85–99.87 99.860 -1.475 AASAV00 5.14/5.16 5.150 +0.050
(PGA page 1212) Alvheim (CIF) ALVHA00 99.960 -1.475 ALVHB00 5.250 +0.050
Brent (DTD) PCAAS00 96.32–96.33 96.325 -1.445 Asgard (CIF) ASGCA00 97.760 -1.475 ASGCB00 3.050 +0.050
DTD NSL AAOFD00 96.32–96.33 96.325 -1.445 North Sea Dated Strip AAKWH00 94.77–94.79 94.780 -1.520
European Sour Crude Index CSBEA00 97.672 -1.313 CSBEB00 2.892 +0.207
Dated Brent (CIF) PCAKM00 97.040 -1.425
($/barrel) Spread vs fwd CIF Dated Brent
Brent (Nov) PCAAQ00 94.79–94.81 94.800 -1.420
Dated Brent (CIF) AAVJG00 97.040 -1.425 AAVJF00 2.330 +0.100
Brent (Dec) PCAAR00 92.79–92.81 92.800 -1.230 BNB (CIF) PCAKP00 97.970 -1.470 AAVJC00 3.260 +0.055
Brent (Jan) PCARR00 90.930 -1.190 Forties (CIF) PCAKR00 97.360 -1.110 AAHXC00 2.650 +0.415
North Sea Basket AAGIZ00 97.38–97.39 97.385 -1.475 Oseberg (CIF) PCAKT00 99.250 -1.520 AAHXD00 4.540 +0.005
(PGA page 218) Ekofisk (CIF) PCAKV00 99.070 -1.520 AAHXB00 4.360 +0.005
Brent/WTI 1st AALAU00 3.68/3.70 3.690 +0.420 Troll (CIF) AAXJO00 99.675 -1.520 AAXJN00 4.965 +0.005
WTI Midland (CIF) WMCRD00 97.040 -1.495 WMCRB00 2.330 +0.030
Brent/WTI 2nd AALAV00 3.59/3.61 3.600 +0.220
North Sea CIF Dated Strip AAHXE00 94.710 -1.525
Brent/WTI 3rd AALAY00 3.510 +0.050
Brent EFP (Nov) AAGVX00 -0.70/-0.68 -0.690 -0.820 West Africa, Sep 29 (PGA pages 1230 and 1232)
Brent EFP (Dec) AAGVY00 0.18/0.20 0.190 +0.040 ($/barrel) Mid Change
Spread vs fwd DTD Brent Mid Change
Brent EFP (Jan) AAMVY00 0.190 +0.040 Nigeria
Swaps(PGA page 2658) Bonny Light PCAIC00 96.07–96.10 96.085 -1.335 AAGXL00 2.99/3.01 3.000 0.000
Dubai (Oct) AAHBM00 93.32–93.36 93.340 -1.160 Qua Iboe PCAID00 97.22–97.25 97.235 -1.335 AAGXN00 4.14/4.16 4.150 0.000
Dubai (Nov) AAHBN00 91.46–91.50 91.480 -1.060 Forcados PCABC00 98.37–98.40 98.385 -1.335 AAGXP00 5.29/5.31 5.300 0.000
Dubai (Dec) AAHBO00 89.93–89.97 89.950 -0.940 Agbami AAQZB00 92.82–92.85 92.835 -1.335 AAQZC00 -0.26/-0.24 -0.250 0.000
Escravos AAEIZ00 99.47–99.50 99.485 -1.335 AAGXR00 6.39/6.41 6.400 0.000
MOG (Oct) AAHZP00 93.36–93.40 93.380 -1.160
Brass River AAEJB00 95.47–95.50 95.485 -1.335 AAGXV00 2.39/2.41 2.400 0.000
MOG (Nov) AAHZR00 91.50–91.54 91.520 -1.060 Akpo PCNGA00 92.82–92.85 92.835 -1.335 PCNGB00 -0.26/-0.24 -0.250 0.000
MOG (Dec) AAHZT00 89.97–90.01 89.990 -0.940 Bonga PCNGC00 99.22–99.25 99.235 -1.335 PCNGD00 6.14/6.16 6.150 0.000
Oman/Dubai Swap (Oct) AAIHJ00 0.02/0.06 0.040 0.000 Usan AAXUQ00 92.235 -1.335 AAXUR00 -0.850 0.000
Oman/Dubai Swap (Nov) AAIHL00 0.02/0.06 0.040 0.000 Erha AAXUO00 98.635 -1.335 AAXUP00 5.550 0.000
Oman/Dubai Swap (Dec) AAIHN00 0.02/0.06 0.040 0.000 Egina AFONA00 100.185 -1.335 AFONB00 7.100 0.000
Angola
Cabinda PCAFD00 95.82–95.85 95.835 -1.235 AAGXT00 2.74/2.76 2.750 +0.100
Nemba AAQYZ00 93.72–93.75 93.735 -1.235 AAQZA00 0.64/0.66 0.650 +0.100
Dalia AAQYX00 95.07–95.10 95.085 -1.235 AAQYY00 1.99/2.01 2.000 +0.100
Girassol AASNL00 97.17–97.20 97.185 -1.235 AASJD00 4.09/4.11 4.100 +0.100
Asia ($/barrel), Sep 29 (PGA page 2210) Hungo AASLJ00 94.12–94.15 94.135 -1.235 AASJF00 1.04/1.06 1.050 +0.100
Kissanje AASLK00 94.82–94.85 94.835 -1.235 AASJE00 1.74/1.76 1.750 +0.100
Mid Change
Pazflor PCNGG00 95.07–95.10 95.085 -1.235 PCNGH00 1.99/2.01 2.000 +0.100
Brent (Nov) PCAJG00 95.18–95.22 95.200 -1.550 Plutonio PCNGI00 94.42–94.45 94.435 -1.235 PCNGJ00 1.34/1.36 1.350 +0.100
Brent (Dec) PCAJI00 93.16–93.20 93.180 -1.240 Ghana
Brent (Jan) PCAJ000 91.410 -1.070 Jubilee AAXUS00 95.435 -1.335 AAXUT00 2.350 0.000
Brent(DTD) AAXPG00 96.750 -0.905 Republic of Congo
Brent/Dubai AAJMS00 -0.93/-0.91 -0.920 -0.900 Djeno PCNGE00 93.12–93.15 93.135 -1.335 PCNGF00 0.04/0.06 0.050 0.000
WTI (Nov) AAFFU00 91.72–91.76 91.740 -2.020 Chad
WTI (Dec) AAFFW00 89.75–89.79 89.770 -1.560 Doba AAXUU00 92.135 -1.335 AAXUV00 -0.950 0.000
WTI (Jan) AAFFY00 87.96–88.00 87.980 -1.300 30-60 Day Dtd strip AAXRK00 93.08–93.09 93.085 -1.335

© 2023 by S&P Global Inc.All rights reserved. 38

Oilgram Price Report September 29, 2023

Crude price assessments

London, Sep 29 (PGA page 1214)
($/barrel) Brent CFD Mid Change Dated Swap Mid Change
1wk (Dec) PCAKA00 3.16/3.18 3.170 -0.040 AAJNV00 95.96/95.98 95.970 -1.270
2wk (Dec) PCAKC00 2.59/2.61 2.600 -0.110 AAJOS00 95.39/95.41 95.400 -1.340
3wk (Dec) PCAKE00 2.07/2.09 2.080 -0.180 AAJOU00 94.87/94.89 94.880 -1.410
4wk (Dec) PCAKG00 1.55/1.57 1.560 -0.280 AAJOW00 94.35/94.37 94.360 -1.510
5wk (Dec) AAGLU00 1.16/1.18 1.170 -0.200 AAJPC00 93.96/93.98 93.970 -1.430
6wk (Dec) AAGLV00 0.64/0.66 0.650 -0.170 AAJPE00 93.44/93.46 93.450 -1.400
7wk (Dec) AALCZ00 0.12/0.14 0.130 -0.110 AALAW00 92.92/92.94 92.930 -1.340
8wk (Dec) AALDA00 -0.34/-0.32 -0.330 -0.070 AALAX00 92.46/92.48 92.470 -1.300

Mediterranean, Sep 29 (PGA pages 1220, 1222, 1234)

($/barrel) Mid Change Spread vs fwd DTD Brent Mid Change
Med Dtd Strip AALDF00 94.76–94.78 94.770 -1.495
BTC Dtd Strip AAUFI00 94.60–94.62 94.610 -1.500
15-45 Day Dtd Strip AALGM00 94.12–94.14 94.130 -1.495
Urals (Rdam) PCAFW00 84.52–84.56 84.540 -1.495 AAGXJ00 -10.24/-10.22 -10.230 0.000
Urals (Med) PCACE00 85.61–85.64 85.625 -1.510 AAGXX00 -9.15/-9.14 -9.145 -0.015
Urals (Ex-Baltic) AAGZT00 82.05–82.09 82.070 -1.495 AAHPI00 -12.71/-12.69 -12.700 0.000
Urals FOB Novo Suez AAGZS00 82.25–82.29 82.270 -1.495 AAHPH00 -12.51/-12.49 -12.500 0.000
Urals FOB Novo Afra AAOTH00 81.95–81.99 81.970 -1.495 AAOTI00 -12.81/-12.79 -12.800 0.000
Urals (Primorsk) AAWVH00 82.05–82.09 82.070 -1.495 AAWVI00 -12.71/-12.69 -12.700 0.000
Urals (RCMB) AALIN00 87.17–87.19 87.180 -1.460
KEBCO (CIF Augusta) KBCOA00 95.320 -1.495 KBCOB00 0.550 0.000
KEBCO (CIF Rotterdam) KBCOC00 95.320 -1.495 KBCOD00 0.550 0.000
KEBCO (FOB Novo) KBCOE00 91.665 -1.480 KBCOF00 -3.105 +0.015
KEBCO (FOB Ust-Luga) KBCOG00 92.755 -1.495 KBCOH00 -2.015 0.000
Iranian Light FOB Kharg Island (Med) AILKA00 94.860 -1.385 AILKB00 0.090 +0.110
Iranian Heavy FOB Kharg Island (Med) AIHKA00 92.360 -1.385 AIHKB00 -2.410 +0.110
Es Sider PCACO00 96.04–96.08 96.060 -1.500 AAGYH00 1.44/1.46 1.450 0.000
Siberian Lt AAGZW00 87.61–87.64 87.625 -1.510 AAHPK00 -7.15/-7.14 -7.145 -0.015
Saharan Bld AAGZY00 95.89–95.93 95.910 -1.200 AAHPN00 1.29/1.31 1.300 +0.300
Azeri Lt AAGZX00 100.09–100.13 100.110 -1.600 AAHPM00 5.49/5.51 5.500 -0.100
Azeri Lt FOB Ceyhan Suez AAUFM00 99.29–99.33 99.310 -1.600 AAUFN00 4.69/4.71 4.700 -0.100
Azeri Lt FOB Ceyhan Afra AAUFK00 98.89–98.93 98.910 -1.570 AAUFL00 4.29/4.31 4.300 -0.070
Azeri Lt FOB Supsa AATHM00 98.26–98.29 98.275 -1.585 AATHN00 3.66/3.67 3.665 -0.085
BTC FOB Ceyhan AAUFH00 99.09–99.13 99.110 -1.585 AAUFJ00 4.49/4.51 4.500 -0.085
Suez Blend PCACA00 94.25–94.29 94.270 -1.495 AAGYD00 -0.51/-0.49 -0.500 0.000
Kirkuk AAEJD00 93.25–93.29 93.270 -1.495 AAGYF00 -1.51/-1.49 -1.500 0.000
CPC Blend CIF AAGZU00 92.93–92.97 92.950 -2.040 AAHPL00 -1.67/-1.65 -1.660 -0.540
CPC Blend FOB Suez AALVX00 90.15–90.18 90.165 -2.040 AALVZ00 -4.45/-4.44 -4.445 -0.540
CPC Blend FOB Afra AAOFV00 89.49–89.53 89.510 -2.025 AAOFW00 -5.11/-5.09 -5.100 -0.525
Additional War Risk Premium AWARA00 1.700 0.000
(PPE page 1617)
Urals Med CFD (Oct) AAMDU00 -9.15/-9.14 -9.145 -0.160 CPC Blend CFD (Oct) AAOFX00 -0.900 -0.120
Urals Med CFD (Nov) AAMEA00 -9.15/-9.14 -9.145 -0.160 CPC Blend CFD (Nov) AAOFY00 -0.950 0.000
Urals Med CFD (Dec) UMCM003 -9.15/-9.14 -9.145 -0.160 CPC Blend CFD (Dec) AAOFZ00 -1.050 0.000
Urals NWE CFD (Oct) UNCM001 -10.24/-10.22 -10.230 +0.050
Urals NWE CFD (Nov) UNCM002 -10.24/-10.22 -10.230 +0.050
Urals NWE CFD (Dec) UNCM003 -10.24/-10.22 -10.230 +0.050

Canada, Sep 29 (PGA page 230) Platts Euro denominated crude oil assessments (€/barrel) (PGA page 1252)
($/barrel) Mid Change Sep 29 Mid Change
33-63 Day Dated Strip AALEJ00 92.89–92.91 92.900 -1.320 Dated Brent AAPYR00 91.07–91.07 91.070 -1.445
Hebron AHEBA00 94.400 -1.320 Dated Brent (CIF) PCAKN00 91.746 -1.427
Terra Nova AAJUH00 95.58–95.62 95.600 -1.320 Urals (Mediterranean) AAPYS00 80.94–80.97 80.954 -1.498
Hibernia AAJKK00 95.83–95.87 95.850 -1.320
White Rose WTI (Nov) AAPYT00 86.13–86.15 86.140 -1.814
AAVJX00 96.58–96.62 96.600 -1.320
WTI MEH (Nov) AAYSA00 87.038 -1.626
Spread vs fwd DTD Brent Mid Change
Hebron AHEBC00 1.500 0.000 Mars (Nov) AAPYU00 84.81–84.83 84.816 -1.435
Terra Nova AAJUJ00 2.69/2.71 2.700 0.000 Euro/US$ forex rate: 1.057. Platts Euro denominated crude oil assessments are based on market values and a Euro/
Hibernia AAJKM00 2.94/2.96 2.950 0.000 US$ forex rate at 4:30 PM local London time.
White Rose AAVJY00 3.69/3.71 3.700 0.000

© 2023 by S&P Global Inc.All rights reserved. 39

Oilgram Price Report September 29, 2023

Crude price assessments

United States ($/barrel), Sep 29 (PGA pages 210, 214 & 230)
Mid Change Mid Change Spread vs WTI Mid Change
Platts AGS AGSAA00 92.780 -0.670 WTI Midland PCACJ00 91.63–91.65 91.640 -0.720 AAGVZ00 0.84/0.86 0.850 +0.200
WTI FOB USGC Decades Avg ADECA00 92.290 -0.720 WTI Midland (2nd month) AAYZA00 89.600 -0.740 AAXXF00 0.800 +0.050
WTI (Nov) PCACG00 90.78–90.80 90.790 -0.920 LLS (1st month) PCABN00 92.78–92.80 92.790 -0.920 AAGWN00 1.99/2.01 2.000 0.000
LLS (2nd month) AAURC00 90.69–90.71 90.700 -0.690 AAURD00 1.89/1.91 1.900 +0.100
WTI (Dec) PCACH00 88.79–88.81 88.800 -0.790
HLS (1st month) PCABD00 92.08–92.10 92.090 -0.920 AAGWP00 1.29/1.31 1.300 0.000
WTI (Jan) AAGIT00 86.97–86.99 86.980 -0.770
HLS (2nd month) AAURE00 89.99–90.01 90.000 -0.690 AAURF00 1.19/1.21 1.200 +0.100
WTI EFP (Nov) AAGVT00 -0.01/0.01 0.000 0.000
WTS (1st month) PCACK00 90.93–90.95 90.940 -0.720 AAGWB00 0.14/0.16 0.150 +0.200
WTI EFP (Dec) AAGVU00 -0.01/0.01 0.000 0.000 WTS (2nd month) AAURG00 89.09–89.11 89.100 -0.590 AAURH00 0.29/0.31 0.300 +0.200
WTI EFP (Jan) AAGVV00 -0.01/0.01 0.000 0.000 WTI MEH AAYRG00 91.740 -0.770 AAYRH00 0.950 +0.150
Light Houston Sweet AAXEW00 91.740 -0.770 WTI MEH (2nd month) AAXXE00 89.750 -0.790 AAYYA00 0.950 0.000
Light Houston Sweet M2 AAYRY00 89.750 -0.790 Poseidon AABHK00 88.38–88.40 88.390 -0.620 AAGWL00 -2.41/-2.39 -2.400 +0.300
LOOP Sour (Nov) AALSM01 89.190 -0.620 Thunder Horse Blend AAWZK00 92.08–92.10 92.090 -0.620 AAWZL00 1.29/1.31 1.300 +0.300
LOOP Sour (Dec) AALSM02 87.350 -0.490 Wyoming Sweet PCACM00 88.13–88.15 88.140 -0.770 AAGWR00 -2.66/-2.64 -2.650 +0.150
LOOP Sour (Jan) AALSM03 85.880 -0.470 Bonito PCAIE00 89.13–89.15 89.140 -0.620 AAGWF00 -1.66/-1.64 -1.650 +0.300
Eagle Ford Marker AAYAJ00 88.260 -1.040 SGC AASOI00 90.18–90.20 90.190 -0.620 AASOJ00 -0.61/-0.59 -0.600 +0.300
Mars (Nov) AAMBR00 89.28–89.30 89.290 -0.620 Spread vs NYMEX WTI CMA
Mars (Dec) AAMBU00 87.44–87.46 87.450 -0.490 ANS (Cal) PCAAD00 94.12–94.16 94.140 -0.890 AAGWX00 5.94/5.96 5.950 -0.100
Mars (Jan) AAMBX00 85.97–85.99 85.980 -0.470 WCS ex-Cushing AAWTY00 81.28–81.30 81.290 -0.740 AAWTZ00 -6.91/-6.89 -6.900 +0.050
Mars/WTI (Nov) AAGWH00 -1.51/-1.49 -1.500 +0.300 WCS ex-Nederland AAYAY00 82.340 -0.740 AAYAX00 -5.850 +0.050
Mars/WTI (Dec) AAKTH00 -1.36/-1.34 -1.350 +0.300 Bakken Williston AAXPP00 87.690 -0.790 AASRX00 -0.500 0.000
Mars/WTI (Jan) AAMBO00 -1.01/-0.99 -1.000 +0.300 Bakken Guernsey AASRR00 88.13–88.15 88.140 -0.790 AASRV00 -0.06/-0.04 -0.050 0.000
LOOP/WTI (Nov) AALOM01 -1.600 +0.300 Bakken Clearbrook AASRU00 90.08–90.10 90.090 -0.790 AASRW00 1.89/1.91 1.900 0.000
LOOP/WTI (Dec) AALOM02 -1.450 +0.300 Bakken USGC Pipe ABAKA00 91.990 -0.740 ABAKB00 3.800 +0.050
LOOP/WTI (Jan) AALOM03 -1.100 +0.300 Americas Crude Marker (Nov) AAQHN00 88.38–88.40 88.390 -0.620
Americas Crude Marker (Dec) AAQHO00 86.54–86.56 86.550 -0.490
LOOP/Mars (Nov) AALPM01 -0.100 0.000
Americas Crude Marker (Jan) AAQHP00 85.07–85.09 85.080 -0.470
LOOP/Mars (Dec) AALPM02 -0.100 0.000
LOOP/Mars (Jan) AALPM03 -0.100 0.000 Spread vs ICE BRENT CMA
Dated Brent AAQBF00 96.17–96.19 96.180 -0.890 ANS (Cal) AANSA00 3.903 +0.006
P-Plus WTI PCACI00 5.97/5.99 5.980 -0.130 FOB USGC FOB USGC Spread vs NYMEX WTI Strip
P-5 WTI* AAFEN00 87.320 -0.950 Platts AGS AGSAA00 92.780 -0.670 AGSAC00 3.450 +0.240
WTI-Delta AAEJK00 2.59/2.61 2.600 -0.130 Bakken ABAKC00 92.780 -0.670 ABAKD00 3.450 +0.240
Eagle Ford Crude AAYAT00 91.880 -0.670 AAYAU00 2.550 +0.240
US domestic crude assessments London close Eagle Ford Condensate
WTI
AAYAR00
AAYBA00
90.380
92.780
-0.670
-0.670
AAYAS00
AAYAZ00
1.050
3.450
+0.240
+0.240
(PGA page 1240) $/barrel Mid Change WTI FOB USGC vs WTI MEH (by decade)
WTI (Nov) AAQAR00 91.10–91.12 91.110 -1.840 WTI FOB USGC First Decade ADECB00 92.540 -0.420 ADECD00 0.800 +0.350
WTI (Dec) AAQAT00 89.19–89.21 89.200 -1.450 WTI FOB USGC Second Decade ADECE00 92.290 -0.720 ADECG00 0.550 +0.050
WTI (Jan) AAQAV00 87.41–87.43 87.420 -1.240 WTI FOB USGC Third Decade ADECH00 92.040 -1.020 ADECJ00 0.300 -0.250
WTI MEH (Nov) AAYRZ00 92.060 -1.640 WTI FOB USGC Decades Average ADECA00 92.290 -0.720
WTI MEH (Dec) AAXYD00 90.150 -1.350 FOB USGC Spread vs Dated Brent Strip WTI FOB USGC vs Dated Brent Basis (by decade)
LLS (Nov) AAQBB00 93.10–93.12 93.110 -1.740 Platts AGS AGSAB00 -1.200 +0.270 ADECC00 -0.040 +0.490
LLS (Dec) AAQBD00 91.09–91.11 91.100 -1.250 Bakken ABAKE00 -1.200 +0.270 ADECF00 -0.290 +0.190
Mars (Nov) AAQAX00 89.70–89.72 89.710 -1.440 Eagle Ford Crude AEFCA00 -2.100 +0.270 ADECI00 -0.540 -0.110
Mars (Dec) AAQAZ00 87.94–87.96 87.950 -1.050 Eagle Ford Condensate AEFCB00 -3.600 +0.270
WTI AWTUA00 -1.200 +0.270
Spread Mid Change
WTI FOB USGC vs ICE Brent Basis (by decade)
WTI (Nov) AAQAS00 -0.01/0.01 0.00 0.000
ADECK00 2.230 +0.470
WTI (Dec) AAQAU00 -0.01/0.01 0.000 0.000
ADECL00 1.980 +0.170
WTI (Jan) AAQAW00 -0.01/0.01 0.000 0.000 ADECM00 1.730 -0.130
WTI MEH (Nov) AAYTA00 0.950 +0.200
*P-5 WTI Average is a crude oil postings-based index. Posted prices by the following companies are used in the index: ConocoPhillips, Plains, Energy Transfer,
WTI MEH (Dec) AAYWA00 0.950 +0.100
Shell, and Valero. The index will not be calculated until all postings are submitted each day. If a posting is submitted the following day the P-5 WTI Average will
LLS (Nov) AAQBC00 1.99/2.01 2.000 +0.100 update in the database.
LLS (Dec) AAQBE00 1.89/1.91 1.900 +1.900
Mars (Nov) AAQAY00 -1.41/-1.39 -1.400 +0.400
Mars (Dec) AAQBA00 -1.26/-1.24 -1.250 +0.400

© 2023 by S&P Global Inc.All rights reserved. 40

Oilgram Price Report September 29, 2023

Crude price assessments

Canadian spot crude assessments, Sep 29 US crude assessments Singapore close
(PGA pages 230 & 232) C$/cu m Mid Change ($/barrel) Mid Change
Lloyd Blend AALRM00 604.647–604.817 604.732 -3.524 (PGA page 2208)
Mixed Sweet AALRT00 722.025–722.196 722.110 -2.482 LOOP Sour (Nov) AAZDA00 89.840 -1.920
Light Sour Blend AALRZ00 724.159–724.330 724.244 -2.895 LOOP Sour (Dec) AAZDB00 88.020 -1.910
Midale AAUCD00 709.220–709.391 709.305 -2.974 LLS (Nov) AAZDC00 93.740 -1.920
Condensates AALSH00 751.903–752.074 751.988 +1.921 LLS (Dec) AAZDD00 91.570 -1.460
Syncrude Sweet Prem. AASOL00 777.513–777.683 777.598 +0.782 Southern Green Canyon AAZDE00 90.840 -1.920
WCS AAPPO00 598.671–598.842 598.756 -3.556 WTI MEH (Nov) AAZDF00 92.540 -1.970
Cold Lake AASZY00 597.391–597.561 597.476 -3.562 WTI MEH (Dec) AAZDG00 90.720 -1.410
$/barrel
Lloyd Blend AALRK00 70.830–70.850 70.840 -0.790
Mixed Sweet
Light Sour Blend
AALRR00
AALRX00
84.580–84.600
84.830–84.850
84.590
84.840
-0.740
-0.790
Delivered-Asia spot crude assessments ($/barrel) (PGA page 2238)
Diff to Dubai Diff to Asian Dated Brent
Midale AAUCC00 83.080–83.100 83.090 -0.790
Mid Change Mid Change Mid Change
Condensates AALSF00 88.080–88.100 88.090 -0.240 US Delivered-Asia Spot Crudes
Syncrude Sweet Prem. AASOK00 91.080–91.100 91.090 -0.390 WTI Midland (DES Singapore) WTMSA00 97.350 -0.140 WTMSD00 7.400 +0.800 WTMSB00 5.510 +0.940
WCS AAPPN00 70.130–70.150 70.140 -0.790 WTI Midland (DES Yeosu) WTMYA00 97.850 -0.140 WTMYD00 7.900 +0.800 WTMYB00 6.010 +0.940
Cold Lake AASZX00 69.980–70.000 69.990 -0.790 Brazil Delivered-Asia Spot Crudes
Spread vs Canada Basis Tupi (DES Qingdao) LUQDA00 95.700 -0.140 LUQDD00 5.750 +0.800 LUQDB00 3.860 +0.940
Lloyd Blend AALRP00 -17.360/-17.340 -17.350 0.000
Mixed Sweet AALRV00 -3.610/-3.590 -3.600 +0.050
Light Sour Blend AALSD00 -3.360/-3.340 -3.350 0.000 Latin America crude ($/barrel), Sep 29 (PGA page 280)
Midale AAUCE00 -5.110/-5.090 -5.100 0.000 Mid Change Diff to Diff to Futures Diff to Dated
FOB Crude WTI strip Brent strip Brent strip
Condensates AALSJ00 -0.110/-0.090 -0.100 +0.550
Oriente PCADE00 84.62–84.66 84.640 -0.970 PCAGU00 -4.000 AAXBW00 -5.780 AAXBH00 -8.065
Syncrude Sweet Prem. AASOM00 2.890/2.910 2.900 +0.400
Vasconia PCAGI00 87.60–87.64 87.620 -0.755 PCAGR00 -1.020 AAXCB00 -2.800 AAXBN00 -5.085
WCS AAPPP00 -18.060/-18.040 -18.050 0.000 Escalante PCAGC00 88.80–88.84 88.820 -0.955 PCAGO00 0.180 AAXBS00 -1.600 AAXAX00 -3.885
Cold Lake AASZZ00 -18.210/-18.190 -18.200 0.000 Medanito AMTOA00 86.420 -0.955 AMTOC00 -2.220 AMTOB00 -4.000 AMTOD00 -6.285
*Canada Basis: See explanation at http://www.platts.com/ Loreto PCAGH00 83.72–83.76 83.740 -0.970 PCAGQ00 -4.900 AAXBV00 -6.680 AAXBG00 -8.965
Mesa 30 AAITB00 89.45–89.49 89.470 -0.655 AAITH00 0.830 AAXCC00 -0.950 AAXBO00 -3.235
Santa Barbara AAITD00 92.77–92.81 92.790 -0.920 AAITJ00 4.150 AAXBU00 2.370 AAXAZ00 0.085
Tupi ATUPA00 92.970 -0.905 ATUPC00 4.330 ATUPB00 2.550 ATUPD00 0.265
Marlim AAITF00 86.95–86.99 86.970 -0.755 AAITL00 -1.670 AAXBY00 -3.450 AAXBJ00 -5.735
Napo AAMCA00 81.47–81.51 81.490 -0.970 AAMCD00 -7.150 AAXBX00 -8.930 AAXBI00 -11.215
Castilla Blend AAVEQ00 84.10–84.14 84.120 -0.755 AAVEQ01 -4.520 AAXBZ00 -6.300 AAXBK00 -8.585
Liza ALIZA00 94.005 -0.995 ALIZD00 5.365 ALIZC00 3.585 ALIZB00 1.300
Unity Gold AUNIA00 94.205 -0.995 AUNIC00 5.565 AUNIB00 3.785 AUNID00 1.500
Latin America WTI strip AAXBP00 88.640 -0.870
Latin America Futures Brent strip AAXBQ00 90.420 -0.955
Latin America Dated Brent strip AAXBR00 92.705 -0.995

Daily OPEC basket price ($/barrel) (PGA page 207)

Change
28Sep AAEUQ00 97.480 +0.400
The daily OPEC basket price represents an index of the following 11 grades: Algeria’s Saharan Blend, Indonesia’s Minas, Iranian Heavy, Iraq’s Basra Light,
Kuwait’s Export, Libya’s Es Sider, Nigeria’s Bonny Light,Qatar’s Marine, Saudi Arabia’s Arab Light, Murban of the UAE and Venezuela’s BCF 17.

© 2023 by S&P Global Inc.All rights reserved. 41

Oilgram Price Report September 29, 2023

Crude price assessments

Crude oil postings
Effective date Effective date Effective date Effective date
US ($/barrel) (PGA page 250)
Plains Shell Energy Transfer Valero
WTI PSADF09 87.27* 29SEP23 PSADI09 87.43* 29SEP23 PSADG09 87.25* 29SEP23 PSACS09 87.25* 29SEP23
WTS PSAED09 86.67 29SEP23 PSAEG09 87.77 29SEP23 PSAEE09 82.25 29SEP23
LLS PSAMO09 85.77 29SEP23 PSAMQ09 85.77 29SEP23 PSAMP09 85.75 29SEP23 PSATF09 89.85 29SEP23
Ok. Swt. PSUS191 87.27 29SEP23 PSANX09 87.18 29SEP23 PSANW09 87.25 29SEP23
Kansas PSAPL09 77.62 29SEP23 PSUS112 79.91 29SEP23 PSAPE09 86.25 29SEP23
Wyo. Swt PSAQZ09 84.37 29SEP23
Eugene Island AALBB00 82.77 29SEP23
Eagle Ford PSUS100 87.25 29SEP23
Eagle Fd Cond PSUS110 66.00 30JUN23
Phillips66 FlintHls Coffey
WTI PSACP09 87.41* 29SEP23 AAUQN00 88.25 28SEP23 PSUS066 0.00 29SEP23
WTS PSADO09 87.62 29SEP23
LLS PSAMC09 86.16 29SEP23
Ok. Swt PSASL09 87.21 29SEP23 PSUS064 87.25 29SEP23
Kansas PSUS060 81.00 29SEP23
Wyo. Swt. PSUS264 88.00 28SEP23
Wyo. Sr. PSUS261 75.75 28SEP23
*P-5 WTI Average is a crude oil postings-based index. Posted prices by the following companies are used in the index: ConocoPhillips, Plains, Energy Transfer, Shell, and Valero. The index will not be calculated until all postings are submitted
each day. If a posting is submitted the following day the P-5 WTI Average will update in the database.

© 2023 by S&P Global Inc.All rights reserved. 42

Oilgram Price Report September 29, 2023

Spot tanker rates, Sep 29 Platts futures assessments, Sep 29

Route NYMEX light sweet crude ($/barrel) (PGA page 701)
From To Size (mt) WS Rate ($/mt)
CME 2:30 PM ET settlement
Clean Nov AAWS001 90.790
Dec AAWS002 88.800
(PGT page 1910) Jan AAWS003 86.980
Med UKC PFADCSZ 30k PFADC10 210.00 TCABA00 30.01 Feb AAWS004 85.270
Med USAC PFACWSZ 37k PFACW10 190.00 TCABC00 38.65 Platts 2:30 PM ET futures assessment
Med Med PFADBSZ 30k PFADB10 200.00 TCAAY00 14.88 Nov NYCRM01 90.760
UKC UKC PFALYSZ 22k PFALY00 327.25 TCABV00 21.43 Dec NYCRM02 88.780
UKC USAC PFAMASZ 37k PFAMA00 190.00 TCABX00 32.41 Jan NYCRM03 86.940
UKC USGC PFAMBSZ 37k PFAMB00 185.00 TCACA00 44.03 Feb NYCRM04 85.230
BSea Med PFABXSZ 30k PFABX00 250.00 TCAAP00 21.80 CME 2:30 PM vs Platts 2:30 PM spread
(PGT page 2920) Nov AAWD001 0.030
AG West Coast India PFABMSZ 35k PFABM10 233.00 TCAAF00 21.53 Dec AAWD002 0.020
AG Japan PFABNSZ 35k PFABN10 178.00 TCAAH00 49.13 Jan AAWD003 0.040
Sing Japan PFAEBSZ 30k PFAEB10 218.00 TCABP00 29.65 Feb AAWD004 0.040
Sing HK PFAKWSZ 30k PFAKW10 615.00* TCADI00 20.50 NYMEX RBOB (¢/gal) (PGA page 701)
(PGT page 2922) CME 2:30 PM ET settlement
AG Japan PFAEYSZ 55k PFAEY10 155.00 TCAAI00 41.76 Oct AARS001 243.990
AG Japan PFAMTSZ 75k PFAMT00 132.00 TCAAJ00 36.43 Nov AARS002 239.950
Dec AARS003 234.960
Dirty Platts 2:30 PM ET futures assessment
Oct NYRBM01 244.190
(PGT page 1962) Nov NYRBM02 239.810
Carib USGC PFANZSZ 50k PFANZ00 130.00 TDABA00 14.46 Dec NYRBM03 234.850
Carib USAC PFALTSZ 70k PFALT10 80.00 TDAAY00 8.82 CME 2:30 PM vs Platts 2:30 PM spread
(PGT page 1960) Oct AARD001 -0.200
Med Med PFAJPSZ 80k PFAJP10 105.00 TDABL00 10.94 Nov AARD002 0.140
Med USGC PFAJOSZ 80k PFAJO10 67.50 TDABU00 19.27 Dec AARD003 0.110
UKC UKC PFAKDSZ 80k PFAKD10 92.50 TDACD00 8.63 NYMEX NY ULSD (¢/gal) (PGA page 701)
UKC USAC PFAKESZ 80k PFAKE10 67.50 TDACG00 12.31 CME 2:30 PM ET settlement
(PGT page 1970) Oct AAHS001 336.220
WAF USGC PFAIASZ 130k PFAIA10 62.50 TDACV00 16.94 Nov AAHS002 330.060
UKC USGC PFAHNSZ 135k PFAHN10 52.50 TDACH00 12.75 Dec AAHS003 315.780
Med USGC PFAHGSZ 135k PFAHG10 47.50 TDABS00 13.56 Platts 2:30 PM ET futures assessment
(PGT page 2970) Oct NYHOM01 337.080
Nov NYHOM02 330.090
AG Asia PFAJDSZ 80k PFAJD10 135.00 TDAAC00 31.09
Dec NYHOM03 315.860
(PGT page 2980)
CME 2:30 PM vs Platts 2:30 PM spread
AG Asia PFAOCSZ 270k PFAOC00 48.50 TDAAB00 12.68 Oct AAHD001 -0.860
AG USGC PFAOGSZ 280k PFAOG00 27.00 TDAAN00 13.31 Nov AAHD002 -0.030
*values are in lumpsum Dec AAHD003 -0.080
ICE Brent crude ($/barrel) (PGA page 703)
Platts futures assessments Singapore MOC, Sep 29 (PGA page 703)
Platts 2:30 PM ET futures assessment
NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal) Nov AAQBG00 95.340
Oct XNRBA01 249.510 Oct XNHOA01 333.520 Dec AAQBH00 92.160
Nov XNRBA02 245.140 Nov XNHOA02 328.760 Jan AAXZZ00 90.310
Dec XNRBA03 240.170 Dec XNHOA03 316.820 Feb AAYALOO 88.760

© 2023 by S&P Global Inc.All rights reserved. 43

Oilgram Price Report September 29, 2023

Futures settlements, Sep 29

Settlement Change Low High Volume* Open interest PNT**** Settlement Change Low High Volume* Open interest PNT***

NYMEX Light sweet crude ($/barrel) (PGA page 705) ICE BWAVE (Brent weighted futures average)($/barrel) (PGA page 704)
Nov 23 NMCL001 90.79 -0.92 90.35 93.10 328309 332250 Nov 23 XIBW001 96.25
Dec 23 NMCL002 88.80 -0.79 88.45 90.96 146045 263820 Dec 23 XIBW002 93.92
Jan 24 NMCL003 86.98 -0.77 86.74 89.08 82317 156583 BWAVE data refer to previous day.
Feb 24 NMCL004 85.27 -0.71 85.09 87.30 39645 80285 ICE WTI ($/barrel) (PGA page 704)
Total NMCL000 773725 XNCLP00 11851
Nov 23 ICIC001 90.79 -0.92 90.37 93.11 38546 69213
NYMEX NY ULSD ($/gal) (PGA page 705) Dec 23 ICIC002 88.80 -0.79 88.49 90.96 58391 109212
Oct 23 NMHO001 3.3622 +0.0442 3.3328 3.4066 2429 91424 Jan 24 ICIC003 86.98 -0.77 86.83 89.07 45924 53451
Nov 23 NMHO002 3.3006 +0.0302 3.2694 3.3564 57370 58227 Feb 24 ICIC004 85.27 -0.71 85.18 87.17 33459 34578
Dec 23 NMHO003 3.1578 +0.0043 3.1489 3.2218 46458 47238 Total ICIC000 217038 XIICP00 8909
Jan 24 NMHO004 3.0656 -0.0147 3.0591 3.1387 27511 27822 ICE low sulfur Gasoil ($/mt) (PGA page 704)
Total NMHO000 182753 XNHOP00 9208
Oct 23 ICLO001 1001.50 +5.75 988.25 1012.75 51565 99173
NYMEX RBOB unleaded gasoline ($/gal) (PGA page 705) Nov 23 ICLO002 966.25 +3.00 955.75 978.25 85471 148335
Oct 23 NMRB001 2.4399 -0.0654 2.4326 2.5221 2403 126573 Dec 23 ICLO003 926.75 +0.75 915.75 938.75 66183 130295
Nov 23 NMRB002 2.3995 -0.0667 2.3925 2.4858 56329 70722 Jan 24 ICLO004 901.75 -1.50 890.75 913.75 24775 64364
Dec 23 NMRB003 2.3496 -0.0588 2.3434 2.4300 51047 49052 Total ICLO000 293183 XILOP00 4920
Jan 24 NMRB004 2.3237 -0.0568 2.3190 2.4014 22617 20875 *Volume, open interest and PNT reflect prior trading day. PNT reflect volume for Privately Negotiated Trades or off-
Total NMRB000 169481 XNRBP00 11525 exchange. **Oman settlements are Post Close settlements. ***IFAD Murban spread to 1st Line (Nov 23) Platts Dubai
crude futures. ****Privately Negotiated Trade values found on PGA page 710
ICE Midland WTI American Gulf Coast ($/barrel) (PGA page 704)
Source: CQG
Nov 23 IHOU001 91.75 -0.86 91.72 93.75 567 5771
Dec 23 IHOU002 89.84 -0.74 89.62 91.70 614 4677
Jan 24 IHOU003 88.09 -0.67 87.99 89.86 356 3918
Feb 24 IHOU004 86.43 -0.63 86.43 86.43 9 3804
NYMEX Natural Gas ($/MMBtu) (PGA page 705)
Nov 23 NMNG001 2.929 -0.02 2.855 2.997 103070 288276
Dec 23 NMNG002 3.312 -0.03 3.255 3.382 34164 91275
Jan 24 NMNG003 3.565 -0.03 3.512 3.632 27773 131328
Feb 24 NMNG004 3.497 -0.03 3.445 3.558 11068 45525
Total NMNG000 253898 XNNGP00 3422
DME Oman crude ($/barrel)** (PGA pages 702 & 2710)
Nov 23 Asia XDOA001 93.98 -0.83 0
Nov 23 DMOQ001 93.98 -1.07 93.98 95.34 0 20107
Dec 23 DMOQ002 92.29 -2.76 92.29 93.49 290 282
Jan 24 DMOQ003 90.45 -2.68 90.45 90.45 0 10
Feb 24 DMOQ004 88.91 -2.68 88.91 88.91 0 0
Total DMOQ000 778 XDOQP00 283
IFAD Murban crude ($/barrel) (PGA page 703)
Nov 23 AMIFA00 96.160
Murban vs Dubai*** AMIFB00 4.680
ICE Brent ($/barrel) (PGA page 704)
Nov 23 ICLL001 95.31 -0.07 94.90 96.26 13988 68330
Dec 23 ICLL002 92.20 -0.90 91.96 94.13 469488 626169
Jan 24 ICLL003 90.36 -0.82 90.15 92.30 216490 343194
Feb 24 ICLL004 88.82 -0.82 88.64 90.77 99837 152004
Total ICLL000 1101557 XILLP00 43983

© 2023 by S&P Global Inc.All rights reserved. 44

Oilgram Price Report September 29, 2023

Five-Day Rolling Averages, five days ending September 29

Conversion Conversion
Naphtha (PGA page 34) Gasoline, Intl. Market
$/barrel ¢/gal Prem ($/mt) ¢/gal
Singapore PAAAP00 74.66–74.70 (/.42) 177.77–177.87 R’dam Barge Prem unl PGABM00 921.45–921.95 (/3.51) 262.52–262.66
$/mt ¢/gal
Gasoil/Heating Oil (PGA page 32)
Japan C/F PAAAD00 705.50–707.15 (/3.78) 186.64–187.08
Arab Gulf PAAAA00 656.23–657.88 (/3.78) 173.61–174.04 $/barrel ¢/gal
CIF NWE physical PAAAL00 701.50–702.00 (/3.78) 185.58–185.71 Singapore POABC00 126.34–126.38 (/.42) 300.80–300.90
Rotterdam barge PAAAM00 697.50–698.00 (/3.78) 184.52–184.66 Arab Gulf POAAT00 122.56–122.60 (/.42) 291.81–291.90
FOB Med PAAAI00 657.80–658.30 (/3.78) 174.02–174.15 $/mt ¢/gal
CIF Genoa PAAAH00 683.15–683.65 (/3.78) 180.73–180.86 0.1 CIF ARA AAYWS00 954.70–955.20 (/3.133) 305.02–305.18
¢/gal $/mt 50 ppm Rotterdam barge AAUQC00 963.20–963.70 (/3.133) 307.73–307.89
US Gulf FOB cargo AAXJP00 171.05 –171.15 (*3.54669) 646.71 –646.81 0.1 Rotterdam barge AAYWT00 952.85–953.35 (/3.133) 304.42–304.58
US Gulf DAP LSR parcel AAXQK00 173.30 (*4.0083) 694.65 0.1 FOB NWE AAYWR00 930.45–930.95 (/3.133) 297.27–297.43
0.1 CIF Med AAVJJ00 965.15–965.65 (/3.133) 308.35–308.51
Jet Kerosene (PGA page 35) (PGA page 33)
$/mt ¢/gal ¢/gal $/barrel
CIF NWE cargo PJAAU00 1034.20–1034.70 (/7.89) 312.09–312.24 L.A. LS diesel POAET00 379.04–379.14 (*3.07) 1163.65–1163.96
Rotterdam barge PJABA00 1031.20–1031.70 (/7.89) 311.18–311.33 S.F. LS diesel POAEY00 382.14–382.24 (*3.07) 1173.17–1173.48
FOB Med AAIDL00 998.00–998.50 (/7.89) 301.16–301.32 ¢/gal $/mt
CIF Genoa AAZBN00 1032.70–1033.20 (/7.89) 311.64–311.79 NY barge POAEG00 293.54–293.64 (*3.15) 924.64–924.95
¢/gal $/mt US Gulf water POAEE00 297.29–297.39 (*3.08) 915.65–915.96
US Gulf water PJABM00 309.84–309.94 (*.42) 1026.75–1027.08 US Gulf pipe POAED00 296.29–296.39 (*3.08) 912.57–912.88
US Gulf pipe PJABO00 304.84–304.94 (*.42) 1010.18–1010.51 NYMEX NY ULSD XNHO001 328.50 (*3.08) 1034.77
NY barge PJAAW00 315.74–315.84 (*.42) 1041.93–1042.26
Low Sulfur Resid Fuel Oil (PGA page 38)
LA pipeline PJAAP00 374.64–374.74 (*.42) 1195.10–1195.42
Group 3 PJAAI00 325.94–326.04 (*.42) 1080.09–1080.42 $/mt $/barrel
Chicago PJAAF00 286.29–286.39 (*.42) 948.71–949.04 CIF ARA 1% PUAAL00 573.55–574.05 (/6.35) 90.32–90.40
Rot bar 1% PUAAP00 564.25–564.75 (/6.35) 88.86–88.94
Crude Oil, FOB Source NWE FOB 1% PUAAM00 557.25–557.75 (/6.35) 87.76–87.83
$/barrel Med FOB 1% PUAAK00 570.10–570.60 (/6.35) 89.78–89.86
West Texas Int PCACG00 91.44–91.46 $/barrel $/mt
NYMEX Crude XNCL001 91.10 NY Cargo 1% Max PUAAO00 88.75–88.77 (*6.5) 576.86–576.99
Mars AAMBR00 89.70–89.72 US Gulf 1% PUAAI00 89.63–89.65 (*6.11) 566.49–566.61
Brent (DTD) PCAAS00 95.90–95.92 Hi Sulfur Resid Fuel Oil (PGA page 39)
Brent (First month) PCAAQ00 94.94–94.96 $/mt $/barrel
Dubai (First Month) PCAAT00 95.05–95.07 Singapore 180 PUADV00 534.94–534.98 (/6.35) 84.24–84.25
Oman (First Month) PCABS00 95.08–95.10 Singapore 380 PPXDK00 522.28–522.32 (/6.35) 82.25–82.26
Urals CIF med PCACE00 85.77–85.80 Arab Gulf 180 PUABE00 513.06–513.10 (/6.35) 80.80–80.80
WTI Posting Plus PCACI00 5.77 –5.79 CIF ARA 3.5% PUABA00 554.40–554.90 (/6.35) 87.31–87.39
Gasoline, U.S. Market (PGA page 36) NWE FOB 3.5% PUABB00 539.60–540.10 (/6.35) 84.98–85.06
(¢/gal) Unleaded Premium Med FOB 3.5% PUAAZ00 540.85–541.35 (/6.35) 85.17–85.25
US Gulf water PGACU00 273.27–273.37 PGAIX00 301.47–301.57 CIF Med 3.5% PUAAY00 561.10–561.60 (/6.35) 88.36–88.44
US Gulf pipe PGACT00 270.52–270.62 PGAJB00 298.22–298.32 $/barrel $/mt
Group 3 PGABD00 283.49–283.59 USAC HSFO PUAAX00 85.70–85.72 (*6.35) 544.18–544.31
LA Pipeline PGABG00 416.12–416.22 USGC HSFO PUAFZ00 81.99–82.01 (*6.35) 520.66–520.79
SF Pipeline PGADG00 366.42–366.52 PGABO00 393.42–393.52
Chicago PPASQ00 330.22–330.32
NYMEX Unl XNRB001 255.44

© 2023 by S&P Global Inc.All rights reserved. 45

Oilgram Price Report September 29, 2023

US wholesale posted prices effective Sep 29

PADD 1 Unleaded Midgrade Premium Kerosene Diesel No.2 ULSD
Albany, NY DR198ZY 245.52–251.70 DM198ZY 265.04–277.95 DP198ZY 302.94–314.95 DK198ZY 405.41–410.35 DU198ZY 338.24–347.65
Allentown DR235ZY 250.20–268.45 DM235ZY 272.32–294.51 DP235ZY 308.98–351.04 DH235ZY – DU235ZY 340.65–360.92
Atlanta DR048ZY 242.68–247.64 DM048ZY 268.95–287.16 DP048ZY 304.54–331.53 DU048ZY 330.55–341.08
Baltimore (a) DR123ZY 249.75–255.24 DM123ZY 272.10–292.08 DP123ZY 308.15–335.83 DK123ZY 407.50–420.28 DH123ZY – DU123ZY 331.60–342.44
Binghamton DR200ZY 259.85–262.24 DM200ZY 281.52–292.24 DP200ZY 323.47–324.85 DU200ZY 338.28–350.46
Boston (a) DR121ZY 245.90–253.00 DM121ZY 265.90–275.00 DP121ZY 305.90–314.00 DK121ZY 435.01–435.01 DU121ZY 337.74–349.00
Charleston DR250ZY 251.03–262.19 DM250ZY 274.18–275.18 DP250ZY 321.79–352.37 DU250ZY 343.57–349.91
Charlotte DR169ZY 242.40–250.63 DM169ZY 262.97–280.79 DP169ZY 298.65–332.38 DU169ZY 330.23–342.57
Fairfax (a) DR299ZY 243.80–248.88 DM299ZY 267.70–283.26 DP299ZY 299.65–332.08 DU299ZY 331.10–343.13
Greensboro DK171ZY 505.90–505.90 DU171ZY 330.49–342.61
Miami DU039ZY 336.95–351.26
New Haven (a) DR034ZY 244.25–253.26 DM034ZY 264.55–278.33 DP034ZY 304.00–325.41 DK034ZY 398.97–622.71 DH034ZY – DU034ZY 336.05–349.00
New York City (a) DR204ZY 257.26–257.26 DM204ZY 282.00–282.00 DP204ZY 326.41–326.41 DU204ZY 261.75–347.19
Newark (a) DR189ZY 240.44–246.00 DM189ZY 261.70–272.90 DP189ZY 299.95–319.70 DK189ZY – DU189ZY 332.59–342.92
Norfolk (a) DR300ZY 243.55–249.95 DM300ZY 267.25–280.34 DP300ZY 303.55–334.08 DU300ZY 332.98–343.07
Orlando DR041ZY 250.10–257.06 DM041ZY 272.35–284.95 DP041ZY 303.30–325.06 DU041ZY 342.90–353.07
Philadelphia (a) DR242ZY 246.59–266.68 DM242ZY 268.17–289.76 DP242ZY 306.69–324.38 DH242ZY – DU242ZY 332.25–344.27
Pittsburgh DR243ZY 237.15–267.73 DM243ZY 263.15–293.40 DP243ZY 315.15–366.14 DK243ZY – DH243ZY – DU243ZY 315.58–364.12
Providence (a) DR248ZY 243.71–248.28 DM248ZY 264.07–271.90 DP248ZY 301.21–309.90 DU248ZY 339.63–343.67
Portland DR126ZY 249.65–251.68 DM126ZY 270.88–294.05 DP126ZY 311.29–311.90 DH126ZY – DU126ZY 339.75–345.61
Raleigh DU168ZY 333.65–333.65
Richmond DR301ZY 241.48–248.40 DM301ZY 267.52–285.33 DP301ZY 302.00–332.08 DK301ZY 399.00–399.00 DU301ZY 330.50–342.91
Savannah DR054ZY 252.71–252.80 DM054ZY 277.71–277.80 DP054ZY 322.71–322.80 DU054ZY 344.76–350.81
Spartanburg DR252ZY 244.90–250.09 DM252ZY 267.62–287.01 DP252ZY 304.35–330.60 DU252ZY 330.08–342.42
Tampa DU045ZY 337.40–350.69
PADD 2
Aberdeen DR253ZY 248.62–260.67 DM253ZY 262.99–281.67 DP253ZY 275.22–296.42 DU253ZY 351.50–359.96
Cape Girardeau DR144ZY 242.21–263.11 DP144ZY 314.21–352.46 DU144ZY 337.50–346.91
Chattanooga DR260ZY 241.94–255.70 DM260ZY 258.63–296.76 DP260ZY 291.30–327.68 DU260ZY 330.18–342.36
Chicago (a) DR075ZY 229.00–254.35 DM075ZY 257.53–264.00 DP075ZY 307.00–314.20 DK075ZY 345.18–351.75 DU075ZY 300.35–326.32
Cleveland DR212ZY 231.55–247.18 DM212ZY 263.22–293.29 DP212ZY 326.55–339.40 DK212ZY 366.00–366.00 DU212ZY 311.50–332.53
Columbus DR213ZY 225.65–233.70 DM213ZY 257.32–288.01 DP213ZY 320.65–355.47 DK213ZY 365.10–365.10 DU213ZY 325.35–350.02
Duluth DR138ZY 255.00–259.25 DM138ZY 274.68–279.18 DP138ZY 305.67–313.16 DU138ZY 339.25–352.75
Des Moines DR059ZY 245.68–255.62 DM059ZY 260.43–293.75 DP059ZY 276.22–312.50 DU059ZY 342.33–350.93
Detroit DR130ZY 223.00–244.66 DM130ZY 254.67–281.22 DP130ZY 318.00–340.55 DK130ZY 355.85–355.85 DU130ZY 299.10–311.02
Fargo DR174ZY 256.61–265.72 DM174ZY 270.23–277.68 DP174ZY 283.57–302.60 DU174ZY 350.00–359.73
Green Bay DR313ZY 253.75–253.75 DM313ZY – DP313ZY 347.75–347.75 DK313ZY – DU313ZY 324.00–324.00
Indianapolis DR088ZY 216.87–234.55 DM088ZY 246.87–279.38 DP088ZY 305.27–338.34 DK088ZY 360.37–363.25 DU088ZY 308.20–323.74
Kansas City DR099ZY 244.33–253.34 DM099ZY 263.67–276.25 DP099ZY 309.84–330.12 DU099ZY 339.11–351.46
Knoxville DR261ZY 241.30–256.31 DM261ZY 267.09–282.54 DP261ZY 303.09–330.40 DK261ZY – DU261ZY 330.00–345.01
Milwaukee DR316ZY 228.60–239.00 DM316ZY 259.32–261.94 DP316ZY 317.65–320.10 DK316ZY 364.25–364.25 DU316ZY 305.34–312.00
Minneapolis/St.Paul DR141ZY 247.65–252.44 DM141ZY 260.98–269.53 DP141ZY 280.98–295.81 DK141ZY 411.25–411.25 DU141ZY 336.00–354.19
Oklahoma City DR226ZY 242.18–257.55 DM226ZY 261.52–278.00 DP226ZY 275.33–300.25 DU226ZY 334.48–351.86
Omaha DR185ZY 244.84–256.82 DM185ZY 260.33–284.00 DP185ZY 273.67–311.90 DU185ZY 339.75–351.00
Sioux Falls DR256ZY 245.25–255.53 DM256ZY 260.23–291.13 DP256ZY 273.57–301.13 DU256ZY 343.40–352.43
St. Louis (a) DR154ZY 254.75–254.75 DM154ZY 274.75–274.75 DP154ZY 326.75–326.75 DU154ZY 313.75–345.85
PADD 3
Albuquerque DR192ZY 270.50–287.85 DM192ZY 290.50–308.85 DP192ZY 311.50–334.25 DU192ZY 362.50–369.21
Amarillo DR265ZY 284.60–289.50 DM265ZY 300.60–305.50 DP265ZY 329.60–334.50 DU265ZY 357.50–359.76
Baton Rouge DR115ZY 242.15–253.20 DM115ZY 265.80–276.61 DP115ZY 295.80–323.54 DU115ZY 329.98–337.51
Birmingham DR003ZY 240.99–254.94 DM003ZY 256.82–295.08 DP003ZY 295.82–325.63 DK003ZY 462.92–462.92 DU003ZY 330.63–341.02
Corpus Christi DR275ZY 258.21–259.26 DM275ZY 276.21–277.26 DP275ZY 320.96–322.26 DU275ZY 327.10–328.59
Dallas/Ft.Worth (a) DR276ZY 260.10–266.10 DM276ZY 280.10–299.76 DP276ZY 303.75–337.10 DU276ZY 332.45–338.98
Houston (a) DR416ZY 244.86–258.41 DM416ZY 268.17–294.81 DP416ZY 309.39–327.80 DK416ZY 383.86–383.86 DU416ZY 329.50–334.95
Little Rock DR009ZY 244.90–267.76 DM009ZY 258.50–300.20 DP009ZY 274.97–341.69 DU009ZY 335.00–361.38
New Orleans DR119ZY 237.77–255.10 DM119ZY 271.77–280.10 DP119ZY 292.45–332.78 DU119ZY 327.52–336.47
San Antonio DR289ZY 263.69–267.36 DM289ZY 286.20–301.99 DP289ZY 316.25–339.35 DU289ZY 329.25–338.26
PADD 4
Billings (b) DR162ZY – DP162ZY 344.42–350.82 DU162ZY 393.32–395.62
Casper (b) DR321ZY 255.12–255.75 DP321ZY 291.10–291.26 DU321ZY* 367.49–370.45
Denver DR028ZY 270.00–284.00 DM028ZY 287.00–288.83 DP028ZY 313.09–321.50 DU028ZY 344.12–364.56
Salt Lake City DR298ZY 290.51–298.00 DM298ZY 306.10–313.00 DP298ZY 322.68–333.00 DU298ZY 343.25–356.00
PADD 5
Anacortes DR305ZY 379.35–382.10 DM305ZY 409.10–410.35 DP305ZY 414.85–420.35 DU305ZY 385.50–398.80
Las Vegas (e) DR196ZY 352.35–407.62 DM196ZY 372.35–418.25 DP196ZY 387.35–442.25 DU196ZY 347.30–406.53
Los Angeles(e) DR022ZY 423.60–456.33 DM022ZY 443.85–479.00 DP022ZY 459.75–498.00 DU022ZY 443.75–453.75
Phoenix DR012ZY 369.50–416.78 DM012ZY 422.50–436.78 DP012ZY 444.91–469.78 DU012ZY 360.80–390.70
Portland DR233ZY 338.30–400.00 DM233ZY 357.30–386.00 DP233ZY 366.00–434.50 DU233ZY 334.03–358.45
SanFranEBay (e) DR025ZY 383.65–407.50 DM025ZY 403.00–422.50 DP025ZY 414.10–437.50 DU025ZY 436.65–458.00
Seattle/Tacoma DR308ZY 366.65–368.25 DM308ZY 387.46–396.25 DP308ZY 396.51–409.25 DU308ZY 386.40–401.30
Spokane DR309ZY 399.00–399.00 DM309ZY 414.00–414.00 DP309ZY 439.00–439.00 DU309ZY 403.24–403.24
All prices are provided by DTN. Discounts or temporary allowances offered by individual companies are not included in posted prices. Prices are unbranded unless noted. Prices are conventional gasoline unless noted. All prices in cts/gal.
(a)=RFG. (b)=Branded postings (e)=CARB gasoline/No.2 oil *=Low Sulfur Diesel

© 2023 by S&P Global Inc.All rights reserved. 46

Oilgram Price Report September 29, 2023

US wholesale posted prices effective Sep 23

PADD 1 Unleaded Midgrade Premium Kerosene Diesel No.2 ULSD
Albany, NY DR198ZY 250.47–260.00 DM198ZY 270.35–284.20 DP198ZY 307.89–320.95 DK198ZY 397.49–405.28 DU198ZY 337.25–346.58
Allentown DR235ZY 252.40–272.18 DM235ZY 277.60–298.42 DP235ZY 314.33–352.60 DH235ZY – DU235ZY 337.85–359.32
Atlanta DR048ZY 243.80–251.22 DM048ZY 270.75–288.41 DP048ZY 304.20–329.92 DU048ZY 328.04–332.35
Baltimore (a) DR123ZY 251.90–264.75 DM123ZY 277.07–294.75 DP123ZY 320.40–340.77 DK123ZY 404.90–408.00 DH123ZY – DU123ZY 328.45–338.50
Binghamton DR200ZY 265.50–267.28 DM200ZY 287.17–297.28 DP200ZY 325.78–330.50 DU200ZY 336.63–343.53
Boston (a) DR121ZY 251.80–259.00 DM121ZY 271.80–280.00 DP121ZY 311.80–318.00 DK121ZY 428.81–428.81 DU121ZY 337.02–339.61
Charleston DR250ZY 252.95–264.98 DM250ZY 276.45–278.15 DP250ZY 323.10–355.65 DU250ZY 342.25–345.20
Charlotte DR169ZY 244.50–254.95 DM169ZY 265.44–282.08 DP169ZY 304.00–330.78 DU169ZY 328.35–332.14
Fairfax (a) DR299ZY 247.78–257.14 DM299ZY 270.82–286.51 DP299ZY 304.90–334.84 DU299ZY 329.46–332.67
Greensboro DK171ZY 499.90–499.90 DU171ZY 328.38–336.90
Miami DU039ZY 334.70–342.54
New Haven (a) DR034ZY 249.05–258.36 DM034ZY 270.80–283.63 DP034ZY 308.80–331.16 DK034ZY 391.05–616.51 DH034ZY – DU034ZY 334.55–340.47
New York City (a) DR204ZY 262.36–262.36 DM204ZY 287.30–287.30 DP204ZY 332.16–332.16 DU204ZY 261.00–339.27
Newark (a) DR189ZY 243.36–249.55 DM189ZY 266.36–280.44 DP189ZY 304.68–326.78 DK189ZY – DU189ZY 330.94–338.50
Norfolk (a) DR300ZY 248.90–252.94 DM300ZY 271.17–283.83 DP300ZY 313.85–336.84 DU300ZY 329.37–333.10
Orlando DR041ZY 252.39–260.00 DM041ZY 274.95–288.00 DP041ZY 305.90–327.79 DU041ZY 339.45–346.00
Philadelphia (a) DR242ZY 249.15–269.62 DM242ZY 273.97–292.78 DP242ZY 310.00–327.52 DH242ZY – DU242ZY 330.25–339.05
Pittsburgh DR243ZY 247.40–272.41 DM243ZY 273.85–297.55 DP243ZY 322.40–370.64 DK243ZY – DH243ZY – DU243ZY 315.53–357.05
Providence (a) DR248ZY 248.16–251.48 DM248ZY 268.07–276.40 DP248ZY 306.46–314.40 DU248ZY 336.47–338.46
Portland DR126ZY 253.70–255.67 DM126ZY 275.82–298.60 DP126ZY 316.52–316.55 DH126ZY – DU126ZY 338.15–342.68
Raleigh DU168ZY 332.60–332.60
Richmond DR301ZY 247.32–250.93 DM301ZY 271.62–288.57 DP301ZY 307.15–334.84 DK301ZY 455.00–455.00 DU301ZY 328.57–332.41
Savannah DR054ZY 268.50–268.60 DM054ZY 298.50–298.60 DP054ZY 363.50–363.60 DU054ZY 352.05–352.13
Spartanburg DR252ZY 245.40–252.88 DM252ZY 269.20–288.29 DP252ZY 308.11–328.99 DU252ZY 328.10–331.97
Tampa DU045ZY 335.30–339.10
PADD 2
Aberdeen DR253ZY 254.19–269.56 DM253ZY 268.44–290.56 DP253ZY 279.23–305.39 DU253ZY 348.77–352.29
Cape Girardeau DR144ZY 246.00–266.38 DP144ZY 331.73–345.11 DU144ZY 335.50–341.40
Chattanooga DR260ZY 245.13–259.70 DM260ZY 262.83–299.83 DP260ZY 295.50–331.26 DU260ZY 328.15–331.90
Chicago (a) DR075ZY 245.05–264.70 DM075ZY 273.38–282.30 DP075ZY 325.30–330.05 DK075ZY 332.12–341.50 DU075ZY 291.12–304.25
Cleveland DR212ZY 248.85–263.24 DM212ZY 280.52–309.22 DP212ZY 343.85–358.81 DK212ZY 357.95–357.95 DU212ZY 308.95–323.08
Columbus DR213ZY 242.85–248.55 DM213ZY 274.52–304.88 DP213ZY 337.85–371.45 DK213ZY 357.05–357.05 DU213ZY 315.48–330.53
Duluth DR138ZY 264.50–272.15 DM138ZY 284.18–292.10 DP138ZY 307.72–322.66 DU138ZY 342.05–347.25
Des Moines DR059ZY 250.94–264.55 DM059ZY 267.08–297.94 DP059ZY 278.25–319.75 DU059ZY 338.00–346.29
Detroit DR130ZY 240.45–261.11 DM130ZY 272.12–304.32 DP130ZY 335.45–363.65 DK130ZY 347.80–347.80 DU130ZY 292.80–300.63
Fargo DR174ZY 263.65–275.10 DM174ZY 278.68–286.20 DP174ZY 292.02–312.10 DU174ZY 344.80–352.23
Green Bay DR313ZY 272.00–272.00 DM313ZY – DP313ZY 366.00–366.00 DK313ZY – DU313ZY 315.00–315.00
Indianapolis DR088ZY 232.50–245.25 DM088ZY 262.50–300.58 DP088ZY 316.93–358.31 DK088ZY 354.23–355.20 DU088ZY 298.00–306.92
Kansas City DR099ZY 251.39–262.94 DM099ZY 270.73–281.25 DP099ZY 318.91–343.50 DU099ZY 338.76–344.25
Knoxville DR261ZY 244.70–259.71 DM261ZY 268.58–283.80 DP261ZY 305.75–331.80 DK261ZY – DU261ZY 328.65–343.66
Milwaukee DR316ZY 246.05–257.00 DM316ZY 275.22–279.44 DP316ZY 333.55–337.60 DK316ZY 356.20–356.20 DU316ZY 295.27–302.50
Minneapolis/St.Paul DR141ZY 254.07–261.02 DM141ZY 268.68–280.16 DP141ZY 288.68–308.16 DK141ZY 407.80–407.80 DU141ZY 335.92–346.85
Oklahoma City DR226ZY 250.04–267.15 DM226ZY 269.38–283.00 DP226ZY 283.19–305.25 DU226ZY 334.71–343.81
Omaha DR185ZY 250.90–265.61 DM185ZY 267.03–289.00 DP185ZY 278.61–319.15 DU185ZY 337.82–347.39
Sioux Falls DR256ZY 249.80–265.48 DM256ZY 267.28–296.02 DP256ZY 280.05–306.02 DU256ZY 339.08–344.41
St. Louis (a) DR154ZY 246.50–255.28 DM154ZY 266.50–266.50 DP154ZY 324.75–324.75 DU154ZY 292.63–335.92
PADD 3
Albuquerque DR192ZY 279.00–295.86 DM192ZY 299.00–317.00 DP192ZY 320.00–345.86 DU192ZY 362.50–373.28
Amarillo DR265ZY 289.79–290.86 DM265ZY 305.79–306.86 DP265ZY 334.79–335.86 DU265ZY 360.29–360.83
Baton Rouge DR115ZY 244.49–256.47 DM115ZY 266.62–279.22 DP115ZY 298.55–323.72 DU115ZY 327.70–334.70
Birmingham DR003ZY 243.20–257.72 DM003ZY 256.55–296.36 DP003ZY 295.60–324.03 DK003ZY 461.07–461.07 DU003ZY 328.31–335.20
Corpus Christi DR275ZY 262.18–263.38 DM275ZY 280.18–281.38 DP275ZY 323.68–326.38 DU275ZY 324.35–326.55
Dallas/Ft.Worth (a) DR276ZY 267.39–272.10 DM276ZY 292.10–305.37 DP276ZY 321.89–339.75 DU276ZY 326.95–337.00
Houston (a) DR416ZY 254.10–261.34 DM416ZY 277.43–297.97 DP416ZY 322.53–330.65 DK416ZY 380.36–380.36 DU416ZY 327.39–332.33
Little Rock DR009ZY 247.37–277.58 DM009ZY 261.25–307.90 DP009ZY 277.37–352.38 DU009ZY 332.25–350.16
New Orleans DR119ZY 241.45–258.80 DM119ZY 276.35–283.80 DP119ZY 294.70–338.37 DU119ZY 325.66–331.14
San Antonio DR289ZY 264.87–280.01 DM289ZY 289.82–304.83 DP289ZY 320.25–340.90 DU289ZY 324.50–330.13
PADD 4
Billings (b) DR162ZY – DP162ZY 350.81–352.72 DU162ZY 392.88–394.12
Casper (b) DR321ZY 262.55–265.62 DP321ZY 297.90–301.75 DU321ZY* 375.45–376.30
Denver DR028ZY 269.66–285.61 DM028ZY 286.66–301.86 DP028ZY 316.06–332.19 DU028ZY 347.35–358.00
Salt Lake City DR298ZY 299.95–304.00 DM298ZY 315.54–320.26 DP298ZY 332.13–339.00 DU298ZY 358.87–366.00
PADD 5
Anacortes DR305ZY 354.00–354.60 DM305ZY 381.60–385.00 DP305ZY 387.35–395.00 DU305ZY 394.75–412.70
Las Vegas (e) DR196ZY 337.35–399.54 DM196ZY 357.35–417.08 DP196ZY 372.35–441.00 DU196ZY 367.30–399.01
Los Angeles(e) DR022ZY 457.00–464.76 DM022ZY 482.00–489.69 DP022ZY 498.75–506.94 DU022ZY 427.50–434.55
Phoenix DR012ZY 420.00–463.94 DM012ZY 451.00–483.94 DP012ZY 485.00–516.94 DU012ZY 367.00–406.65
Portland DR233ZY 314.25–327.80 DM233ZY 330.00–356.70 DP233ZY 348.00–367.70 DU233ZY 350.95–387.50
SanFranEBay (e) DR025ZY 385.70–391.91 DM025ZY 400.70–407.84 DP025ZY 417.70–423.55 DU025ZY 422.50–429.29
Seattle/Tacoma DR308ZY 355.75–358.65 DM308ZY 382.46–383.75 DP308ZY 391.51–396.75 DU308ZY 399.65–414.70
Spokane DR309ZY 379.93–379.93 DM309ZY 394.93–394.93 DP309ZY 419.93–419.93 DU309ZY 414.10–414.10
All prices are provided by DTN. Discounts or temporary allowances offered by individual companies are not included in posted prices. Prices are unbranded unless noted. Prices are conventional gasoline unless noted. All prices in cts/gal.
(a)=RFG. (b)=Branded postings (e)=CARB gasoline/No.2 oil *=Low Sulfur Diesel

© 2023 by S&P Global Inc.All rights reserved. 47

Oilgram Price Report September 29, 2023

Commodity Insights Analytics Weekly Feeder Crudes: September 25 - September 29, 2023
US Gulf Coast (PGA page 0837) US Gulf Coast (PGA page 0835)
Crack Yield Freight Crack Netback Crude Price Crack Margin Coke Yield Coke Freight Coke Netback Crude Price Coke Margin
Agbami AGGCY04 111.74 AGGFA04 2.39 AGGCN04 109.35 AAQZB04 93.01 AGGCM04 15.57
Arab Berri BEGCY04 111.49 TDDAC04 1.32 BEGCN04 110.18 AAIGY00 99.11 BEGCM04 11.07
Arab Heavy AHGCY04 99.29 TDDAJ04 1.39 AHGCN04 97.90 AAIGV00 97.21 AHGCM04 0.69 Arab Heavy AHGOY04 107.04 TDDAJ04 1.39 AHGON04 105.66 AAIGV00 97.21 AHGOM04 8.45
Arab Light LIGCY04 107.50 TDDAR04 1.35 LIGCN04 106.15 AAIGP00 96.96 LIGCM04 9.19 Arab Light LIGOY04 109.68 TDDAR04 1.35 LIGON04 108.33 AAIGP00 96.96 LIGOM04 11.37
Arab Medium MEGCY04 102.23 TDDAZ04 1.35 MEGCN04 100.88 AAIGS00 97.66 MEGCM04 3.22 Arab Medium MEGOY04 105.92 TDDAZ04 1.35 MEGON04 104.56 AAIGS00 97.66 MEGOM04 6.90
Bakken BKGCY04 110.43 TDDRP04 7.78 BKGCN04 102.65 AAXPP04 88.25 BKGCM04 14.40
Basrah Heavy BHGOY04 103.92 BHGFA04 2.37 BHGON04 101.55 AALZC04 92.54 BHGOM04 15.54
Basrah Medium BLGCY04 100.12 TDDBS04 2.27 BLGCN04 97.85 BSMAM41 95.80 BLGCM04 7.79 Basrah Medium BLGOY04 105.98 TDDBS04 2.27 BLGON04 103.71 BSMAM41 95.80 BLGOM04 13.65
Bonny Light YLGCY04 113.76 TDDBX04 2.60 YLGCN04 111.16 PCAAO00 96.24 YLGCM04 14.16
Brent BRGCY04 110.04 TDDCB04 2.34 BRGCN04 107.70 AAVJA04 96.44 BRGCM04 10.49
Cabinda CBGCY04 107.96 TDDCF04 2.79 CBGCN04 105.17 PCAFD10 96.01 CBGCM04 8.40 Cabinda CBGOY04 108.50 TDDCF04 2.79 CBGON04 105.71 PCAFD10 96.01 CBGOM04 8.93
Castilla Blend CSGOY04 101.18 CSGFA04 1.55 CSGON04 99.63 AAVEQ04 84.40 CSGOM04 15.22
Eagle Ford EAGCY04 110.76 AAEFO04 92.32 EAGCM04 18.44
Escalante ECGCY04 101.92 TDDCV04 3.13 ECGCN04 98.79 AAIIN00 89.56 ECGCM04 8.33
Forties FTGCY04 109.37 FTGFA04 2.15 FTGCN04 107.22 PCADJ10 95.92 FTGCM04 10.54
Isthmus ISGCY04 107.91 TDDDJ04 1.02 ISGCN04 106.89 PCADY00 89.40 ISGCM04 17.49
LLS LLGCY04 114.12 TDDQW04 0.55 LLGCN04 113.57 AAIIQ00 93.34 LLGCM04 20.23 LLS LLGOY04 114.27 TDDQW04 0.55 LLGON04 113.72 AAIIQ00 93.34 LLGOM04 20.38
Marlim MLGCY04 105.41 TDDGK04 2.51 MLGCN04 102.90 AAITF04 87.25 MLGCM04 14.75 Marlim MLGOY04 109.13 TDDGK04 2.51 MLGON04 106.62 AAITF04 87.25 MLGOM04 18.47
Mars MRGCY04 104.43 TDDQY04 0.55 MRGCN04 103.88 AAIIM00 89.71 MRGCM04 14.17 Mars MRGOY04 107.97 TDDQY04 0.55 MRGON04 107.42 AAIIM00 89.71 MRGOM04 17.71
Maya MYGCY04 91.26 TDDDP04 1.06 MYGCN04 90.20 PCADB10 86.65 MYGCM04 3.55 Maya MYGOY04 103.25 TDDDP04 1.06 MYGON04 102.19 PCADB10 86.65 MYGOM04 15.54
Mesa MSGCY04 105.86 TDDDV04 1.48 MSGCN04 104.37 AAIZY00 89.62 MSGCM04 14.75
Napo NPGOY04 99.34 NPGFA04 3.21 NPGON04 96.13 AAMCA04 82.48 NPGOM04 12.79
Olmeca OLGCY04 110.65 TDDDY04 1.02 OLGCN04 109.63 AAIJS00 89.45 OLGCM04 20.17
Oriente ORGOY04 106.47 ORGFA04 3.05 ORGON04 103.42 PCADE10 85.63 ORGOM04 16.99
Poseidon PDGCY04 103.98 PDGFA04 0.00 PDGCN04 103.98 AABHK04 88.77 PDGCM04 15.21
Saharan Blend SHGCY04 110.70 TDDRD04 1.81 SHGCN04 108.89 PCABU00 95.61 SHGCM04 12.52
Syncrude SYGCY04 113.95 SYGFA04 8.52 SYGCN04 105.43 AASOK04 91.99 SYGCM04 13.44
Urals URGCY04 106.52 TDDFM04 2.48 URGCN04 104.04 AAWVH04 82.18 URGCM04 21.10 Urals URGOY04 109.19 TDDFM04 2.48 URGON04 106.71 AAWVH04 82.18 URGOM04 23.77
Vasconia VCGOY04 111.22 VCGFA04 1.52 VCGON04 109.70 PCAGI04 87.90 VCGOM04 21.80
WCS ex-Hardisty WHGOY04 104.13 TDDRS04 8.50 WHGON04 95.63 AAPPN04 70.89 WHGOM04 24.74
WCS ex-Nederland WNGOY04 104.13 WCGFA04 0.00 WNGON04 104.13 AAYAY04 82.94 WNGOM04 21.19
WTI WTGCY04 110.64 AAYRG04 92.37 WTGCM04 18.27
WTS WSGCY04 107.12 TDDRJ04 6.89 WSGCN04 100.23 PCACK10 91.50 WSGCM04 8.73 WTS WSGOY04 111.02 TDDRJ04 6.89 WSGON04 104.13 PCACK10 91.50 WSGOM04 12.63

US Atlantic Coast (PGA page 0813)

Crack Yield Freight Crack Netback Crude Price Crack Margin
Agbami AGACY04 112.02 AGAFA04 2.12 AGACN04 109.90 AAQZB04 93.01 AGACM04 16.12
Arab Light LIACY04 107.67 TDDAU04 1.35 LIACN04 106.32 AAIGP00 96.96 LIACM04 9.36
Bakken BKACY04 111.60 TDDRN04 7.20 BKACN04 104.40 AAXPP04 88.25 BKACM04 16.15
Bonny Light YLACY04 114.11 TDDBZ04 2.31 YLACN04 111.80 PCAAO00 96.24 YLACM04 14.79
Brent BRACY04 110.92 TDDCC04 2.24 BRACN04 108.68 AAVJA04 96.44 BRACM04 12.37
Cabinda CBACY04 108.28 TDDCH04 2.50 CBACN04 105.78 PCAFD10 96.01 CBACM04 9.00
CPC Blend CPACY04 110.50 CPAFA04 2.90 CPACN04 107.60 AALVX04 90.95 CPACM04 16.78
Forties FTACY04 110.11 FTAFA04 2.06 FTACN04 108.05 PCADJ10 95.92 FTACM04 12.26
Saharan Blend SHACY04 111.64 SHAFA04 1.54 SHACN04 110.10 PCABU00 95.61 SHACM04 13.73
Urals URACY04 107.03 URAFA04 1.96 URACN04 105.08 AAWVH04 82.18 URACM04 22.13

© 2023 by S&P Global Inc.All rights reserved. 48

Oilgram Price Report September 29, 2023

Commodity Insights Analytics Weekly Feeder Crudes (continued)

US West Coast (PGA page 0847) US West Coast (PGA page 0845)
Crack Yield Freight Crack Netback Crude Price Crack Margin Coke Yield Freight Coke Netback Crude Price Coke Margin
ANS ANWCY04 148.57 PCAAA10 94.90 ANWCM04 53.67 ANS ANWOY04 154.32 PCAAA10 94.90 ANWOM04 59.42
Arab Light LIWOY04 157.22 TDDAT04 1.35 LIWON04 155.87 AAIGP00 96.96 LIWOM04 58.91
Arab Medium MEWOY04 150.43 TDDBB04 1.35 MEWON04 149.08 AAIGS00 97.66 MEWOM04 51.42
Bakken BKWCY04 159.54 TDDRT04 11.74 BKWCN04 147.79 AAXPP04 88.25 BKWCM04 59.54
Basrah Heavy BHWOY04 149.92 BHWFA04 2.75 BHWON04 147.17 AALZC04 92.54 BHWOM04 62.06
Basrah Medium BLWOY04 151.94 TDDBW04 2.63 BLWON04 149.31 BSMAM41 95.80 BLWOM04 60.15
Castilla Blend CSWOY04 153.35 CSWFA04 4.47 CSWON04 148.87 AAVEQ04 84.40 CSWOM04 63.61
Maya MYWOY04 148.90 MYWFA04 2.63 MYWON04 146.27 AAUPK04 86.45 MYWOM04 59.82
Napo NPWOY04 147.18 NPWFA04 3.92 NPWON04 143.26 AAMCA04 82.48 NPWOM04 59.92
Oriente ORWOY04 153.14 TDDEC04 3.71 ORWON04 149.43 PCADE10 85.63 ORWOM04 62.99
Vasconia VCWOY04 164.00 VCWFA04 4.33 VCWON04 159.67 PCAGI04 87.90 VCWOM04 70.94

US Midwest (PGA page 0827) US Midwest (PGA page 0825)

Crack Yield Freight Crack Netback Crude Price Crack Margin Coke Yield Freight Coke Netback Crude Price Coke Margin
Bakken BKTCY04 102.97 TDDRO04 1.68 BKTCN04 101.29 AASRU04 90.65 BKTCM04 10.64
Syncrude SYTCY04 105.94 TDDFP04 8.20 SYTCN04 97.74 AASOK04 91.99 SYTCM04 5.75
WCS WCTOY04 97.19 TDDRL04 8.56 WCTON04 88.63 AAPPN04 70.89 WCTOM04 17.75
WTI WTTCY04 103.29 TDDRG04 2.39 WTTCN04 100.90 PCACG10 91.45 WTTCM04 9.45
WTS WSTCY04 100.96 TDDRI04 3.08 WSTCN04 97.87 PCACK10 91.50 WSTCM04 6.37 WTS WSTOY04 103.35 TDDRI04 3.08 WSTON04 100.27 PCACK10 91.50 WSTOM04 8.77

Northwest Europe (PGA page 1812) Mediterranean (PGA page 1822)

Crack Yield Freight Crack Netback Crude Price Crack Margin Crack Yield Freight Crack Netback Crude Price Crack Margin
Agbami AGNCY04 111.84 AGNFA04 2.06 AGNCN04 109.78 AAQZB04 93.01 AGNCM04 16.77 Agbami AGMCY04 110.14 AGMFA04 1.97 AGMCN04108.17 AAQZB04 93.01 AGMCM0415.16
Arab Berri BENCY04 111.72 BENFA04 1.32 BENCN04 110.40 AAIGZ00 102.30 BENCM04 8.10
Arab Heavy AHNCY04 101.37 TDDAN04 1.39 AHNCN04 99.99 AAIGW00 96.80 AHNCM04 3.19 Arab Heavy AHMCY04 100.52 TDDAI04 1.39 AHMCN04 99.13 AAIGW00 96.80 AHMCM04 3.69
Arab Light LINCY04 108.83 TDDAV04 1.35 LINCN04 107.48 AAIGQ00 100.70 LINCM04 6.79 Arab Light LIMCY04 107.53 TDDAQ04 1.35 LIMCN04 106.18 AAIGQ00 100.70 LIMCM04 6.73
Arab Medium MENCY04 103.78 TDDBD04 1.36 MENCN04 102.41 AAIGT00 99.50 MENCM04 2.92 Arab Medium MEMCY04 102.52 TDDAY04 1.37 MEMCN04 101.16 AAIGT00 99.50 MEMCM04 2.71
Azeri Light ZLNCY04 113.02 TDDBI04 2.13 ZLNCN04 110.89 AATHM04 98.70 ZLNCM04 11.34 Azeri Light* ZLMCY04 111.63 AAEIX00 100.58 ZLMCM04 11.05
Basrah Medium BLNCY04 103.32 TDDBU04 2.85 BLNCN04 100.47 BSMAM41 95.80 BLNCM04 5.73 Basrah Medium BLMCY04 101.82 TDDBR04 2.08 BLMCN04 99.74 BSMAM41 95.80 BLMCM04 4.99
Bonny Light YLNCY04 114.36 YLNFA04 2.24 YLNCN04 112.12 PCAAO00 96.24 YLNCM04 15.87 Bonny Light YLMCY04 112.88 YLMFA04 2.15 YLMCN04 110.72 PCAAO00 96.24 YLMCM04 14.48
Brent BRNCY04 109.83 TDDCD04 1.97 BRNCN04 107.86 AAVJA04 96.44 BRNCM04 11.42
Cabinda CBNCY04 106.52 TDDQR04 2.44 CBNCN04 104.08 PCAFD10 96.01 CBNCM04 8.07 Cabinda CBMCY04 105.37 CBMFA04 2.34 CBMCN04 103.03 PCAFD10 96.01 CBMCM04 7.01
CPC Blend CPNCY04 110.51 CPNFA04 2.95 CPNCN04 107.56 AALVX04 90.95 CPNCM04 16.61 CPC Blend* CPMCY04 108.76 AAGZU04 93.74 CPMCM04 15.03
Dubai DBNCY04 107.55 DBNFA04 2.67 DBNCN04 104.88 PCAAT10 95.06 DBNCM04 8.42
Eagle Ford EANCY04 110.87 EANFA04 3.22 EANCN04 107.65 AAEFO04 92.32 EANCM04 15.20 Eagle Ford EAMCY04 109.44 TNEIF04 3.44 EAMCN04 106.01 AAEFO04 92.32 EAMCM04 13.56
Ekofisk EKNCY04 111.55 TDDCT04 1.30 EKNCN04 110.25 PCADH00 98.37 EKNCM04 11.88
Forties FTNCY04 109.99 TDDEZ04 1.50 FTNCN04 108.49 PCADJ10 95.92 FTNCM04 12.57 Forties FTMCY04 108.59 FTMFA04 1.90 FTMCN04 106.69 PCADJ10 95.92 FTMCM04 10.77
Iran Heavy BHNCY04 106.60 TDDDG04 2.80 BHNCN04 103.80 AIHKA04 92.90 BHNCM04 10.00 Iran Heavy BHMCY04 105.50 TDDDF04 2.03 BHMCN04 103.47 AIHKA04 92.90 BHMCM04 9.67
Johan Sverdrup JSNCY04 108.38 JSNFA04 1.59 JSNCN04 106.80 AJSVA04 97.20 JSNCM04 9.59 Johan Sverdrup JSMCY04 107.48 JSMFA04 2.02 JSMCN04 105.46 AJSVA04 97.20 JSMCM04 8.26
Kirkuk KRNCY04 107.60 TDDGH04 2.92 KRNCN04 104.68 AAIIX00 93.34 KRNCM04 7.92 Kirkuk KRMCY04 106.28 TDDFF04 1.67 KRMCN04 104.61 AAIIX00 93.34 KRMCM04 7.85
LLS LLNCY04 115.80 LLNFA04 3.37 LLNCN04 112.43 AAQBB04 93.65 LLNCM04 18.96 LLS LLMCY04 114.24 LLMFA04 3.59 LLMCN04 110.64 AAQBB04 93.65 LLMCM04 17.17
Maya MYNCY04 95.78 MYNFA04 3.46 MYNCN04 92.32 AAYXE04 86.75 MYNCM04 5.58
Oman OMNCY04 106.54 OMNFA04 2.63 OMNCN04 103.90 PCABS10 95.09 OMNCM04 7.43 Oman OMMCY04 105.67 OMMFA04 1.87 OMMCN04 103.80 PCABS10 95.09 OMMCM04 7.32
Saharan Blend SHNCY04 111.52 TDDGI04 1.89 SHNCN04 109.64 PCABU00 95.61 SHNCM04 14.03 Saharan Blend SHMCY04 109.52 TDDFG04 1.44 SHMCN04 108.09 PCABU00 95.61 SHMCM04 12.48
Urals* URNCY04 109.37 PCAFW04 84.65 URNCM04 24.72 Urals* URMCY04 106.68 AAIJU00 85.79 URMCM04 20.89
WTI MEH WTNCY04 111.12 WTNFA04 3.27 WTNCN04 107.85 AAYRZ04 92.64 WTNCM04 15.35

*Indicates the crude price is a CIF value

© 2023 by S&P Global Inc.All rights reserved. 49

Oilgram Price Report September 29, 2023

Commodity Insights Analytics Weekly Feeder Crudes (continued)

Singapore (PGA page 2812) Singapore (PGA page 2812)
Crack Yield Freight Crack Netback Crude Price Crack Margin Crack Yield Freight Crack Netback Crude Price Crack Margin
Agbami AGSCY04 105.45 AGSFA04 2.42 AGSCN04 103.03 AAQZB04 93.01 AGSCM04 10.52 Forties FTSCY04 102.73 TNEFD04 3.51 FTSCN04 99.22 PCADJ10 95.92 FTSCM04 3.81
Arab Berri BESCY04 104.32 BESFA04 1.52 BESCN04 102.80 AAIHA00 97.62 BESCM04 5.18 Kimanis KISCY04 115.59 KISFA04 1.34 KISCN04 114.24 AASCL04 104.30 KISCM04 9.95
Arab Heavy AHSCY04 94.54 TDDAO04 1.57 AHSCN04 92.96 AAIGX00 96.67 AHSCM04 -3.71 LLS LLSCY04 108.04 LLSFA04 3.93 LLSCN04 104.10 AAZDC04 93.35 LLSCM04 11.13
Arab Light LISCY04 102.08 TDDAW04 1.55 LISCN04 100.53 AAIGR00 98.57 LISCM04 1.95 Mars MRSCY04 99.88 MRSFA04 4.06 MRSCN04 95.82 AAIIM00 89.71 MRSCM04 6.48
Arab Medium MESCY04 96.95 TDDBE04 1.56 MESCN04 95.39 AAIGU00 98.42 MESCM04 -3.03 Maya MYSCY04 91.70 MYSFA04 4.27 MYSCN04 87.42 AAYXG04 88.67 MYSCM04 -1.25
Basrah Medium BHSCY04 96.46 BHSFA04 1.64 BHSCN04 94.82 BSMAM41 95.80 BHSCM04 -1.66 Minas MNSCY04 106.44 TDDDX04 1.35 MNSCN04 105.10 PCABO10 89.44 MNSCM04 15.66
Bonny Light YLSCY04 108.00 YLSFA04 2.60 YLSCN04 105.39 PCAAO00 96.24 YLSCM04 9.65 Oman OMSCY04 97.98 TDDEB04 1.40 OMSCN04 96.58 PCABS10 95.09 OMSCM04 1.49
Cabinda CBSCY04 104.75 TDDQS04 2.51 CBSCN04 102.24 PCAFD10 96.01 CBSCM04 6.73 Qua lboe QBSCY04 108.55 QBSFA04 2.61 QBSCN04 105.94 PCAID04 97.43 QBSCM04 9.01
Castilla CSSCY04 86.57 CSSFA04 4.34 CSSCN04 82.23 AAVEQ04 84.40 CSSCM04 -1.80 Saharan Blend SHSCY04 102.31 SHSFA04 2.15 SHSCN04 100.16 PCABU00 95.61 SHSCM04 4.24
Dalia DLSCY04 106.79 DLSFA04 2.60 DLSCN04 104.19 AAQYX04 95.08 DLSCM04 9.61 Tapis TPSCY04 105.82 TDDEO04 1.32 TPSCN04 104.49 AAIIW00 99.20 TPSCM04 5.30
Dubai DBSCY04 101.50 TDDCQ04 1.47 DBSCN04 100.03 PCAAT10 95.06 DBSCM04 4.97 Tupi* LUSCY04 104.89 LUQDA04 94.72 LUSCM04 11.07
Duri DRSCY04 102.53 TDDCR04 1.47 DRSCN04 101.06 PCABA10 98.50 DRSCM04 2.56 Urals URSCY04 102.00 URSFA04 2.23 URSCN04 99.77 AAGZS04 82.38 URSCM04 17.90
Eagle Ford EASCY04 104.36 EASFA04 3.78 EASCN04 100.58 AAEFO04 92.32 EASCM04 8.63 WTI MEH WTSCY04 104.16 WTSFA04 3.84 WTSCN04 100.32 AAZDF04 92.51 WTSCM04 8.32
ESPO ESSCY04 104.44 ESSFA04 1.34 ESSCN04 103.10 AARWF04 88.47 ESSCM04 14.63

*Indicates the crude price is a CIF value

© 2023 by S&P Global Inc.All rights reserved. 50

Oilgram Price Report September 29, 2023

Commodity Insights Analytics Monthly Average Yields & Netbacks, August 2023
US Gulf Coast US Gulf Coast
Crack Yield Freight Crack Netback Crude Price Crack Margin Coke Yield Coke Freight Coke Netback Crude Price Coke Margin
Agbami AGGCY03 109.34 AGGFA03 2.37 AGGCN03 106.92 AAQZB03 84.23 AGGCM03 21.74
Arab Berri BEGCY03 108.90 TDDAC03 1.32 BEGCN03 107.59 AAISO00 91.52 BEGCM03 16.07
Arab Heavy AHGCY03 98.22 TDDAJ03 1.39 AHGCN03 96.83 AAISL00 89.62 AHGCM03 7.21 Arab Heavy AHGOY03 104.32 TDDAJ03 1.39 AHGON03 102.94 AAISL00 89.62 AHGOM03 13.32
Arab Light LIGCY03 105.28 TDDAR03 1.35 LIGCN03 103.93 AAISF00 89.37 LIGCM03 14.56 Arab Light LIGOY03 107.69 TDDAR03 1.35 LIGON03 106.34 AAISF00 89.37 LIGOM03 16.97
Arab Medium MEGCY03 100.52 TDDAZ03 1.35 MEGCN03 99.17 AAISI00 90.07 MEGCM03 9.10 Arab Medium MEGOY03 103.66 TDDAZ03 1.35 MEGON03 102.31 AAISI00 90.07 MEGOM03 12.24
Bakken BKGCY03 108.84 TDDRP03 7.78 BKGCN03 101.06 AAXPP03 80.57 BKGCM03 20.49
Basrah Heavy BHGOY03 100.52 BHGFA03 2.35 BHGON03 97.96 AALZC03 83.85 BHGOM03 19.78
Basrah Medium BLGCY03 98.32 TDDBS03 2.25 BLGCN03 95.85 BSMAM31 86.92 BLGCM03 13.77 Basrah Medium BLGOY03 103.43 TDDBS03 2.25 BLGON03 100.97 BSMAM31 86.92 BLGOM03 18.89
Bonny Light YLGCY03 111.82 TDDBX03 2.58 YLGCN03 109.20 PCAIF03 86.73 YLGCM03 21.52
Brent BRGCY03 108.08 TDDCB03 2.47 BRGCN03 105.60 AAVJA03 86.34 BRGCM03 18.30
Cabinda CBGCY03 105.60 TDDCF03 2.78 CBGCN03 102.77 PCAFD03 87.66 CBGCM03 14.17 Cabinda CBGOY03 106.52 TDDCF03 2.78 CBGON03 103.71 PCAFD03 87.66 CBGOM03 15.11
Castilla Blend CSGOY03 99.37 CSGFA03 2.02 CSGON03 97.35 AAVEQ03 77.96 CSGOM03 19.39
Eagle Ford EAGCY03 109.48 AAYAT03 82.65 EAGCM03 26.84
Escalante ECGCY03 99.54 TDDCV03 3.79 ECGCN03 95.74 PCAGC03 82.54 ECGCM03 12.30
Forties FTGCY03 107.59 FTGFA03 2.26 FTGCN03 105.30 PCADJ03 86.26 FTGCM03 18.10
Isthmus ISGCY03 105.92 TDDDJ03 1.25 ISGCN03 104.67 PDATO39 79.61 ISGCM03 25.07
LLS LLGCY03 111.63 TDDQW03 0.55 LLGCN03 111.08 PCABN03 84.01 LLGCM03 27.06 LLS LLGOY03 111.86 TDDQW03 0.55 LLGON03 111.31 PCABN03 84.01 LLGOM03 27.30
Marlim MLGCY03 102.79 TDDGK03 3.02 MLGCN03 99.77 AAITG00 80.81 MLGCM03 18.06 Marlim MLGOY03 105.33 TDDGK03 3.02 MLGON03 102.32 AAITG00 80.81 MLGOM03 20.61
Mars MRGCY03 102.35 TDDQY03 0.55 MRGCN03 101.80 AAMBS00 82.12 MRGCM03 19.68 Mars MRGOY03 105.97 TDDQY03 0.55 MRGON03 105.42 AAMBS00 82.12 MRGOM03 23.30
Maya MYGCY03 88.64 TDDDP03 1.31 MYGCN03 87.33 PDATS39 77.01 MYGCM03 10.32 Maya MYGOY03 100.67 TDDDP03 1.31 MYGON03 99.36 PDATS39 77.01 MYGOM03 22.35
Mesa MSGCY03 103.39 TDDDV03 1.92 MSGCN03 101.47 AAITC00 82.03 MSGCM03 19.44
Napo NPGOY03 97.56 NPGFA03 3.73 NPGON03 93.83 AAMCC00 74.05 NPGOM03 18.93
Olmeca OLGCY03 108.54 TDDDY03 1.26 OLGCN03 107.28 PDATT39 79.66 OLGCM03 27.62
Oriente ORGOY03 104.21 ORGFA03 3.52 ORGON03 100.69 PCADE03 76.20 ORGOM03 23.68
Poseidon PDGCY03 102.88 PDGFA03 0.00 PDGCN03 102.88 AABHL00 81.57 PDGCM03 21.31
Saharan Blend SHGCY03 109.25 TDDRD03 1.81 SHGCN03 107.41 AAJIB00 85.38 SHGCM03 21.08
Syncrude SYGCY03 111.51 SYGFA03 8.52 SYGCN03 103.06 AASOK03 83.24 SYGCM03 19.82
Urals URGCY03 104.43 TDDFM03 2.63 URGCN03 101.79 AAWVH03 71.57 URGCM03 29.27 Urals URGOY03 107.05 TDDFM03 2.63 URGON03 104.39 AAWVH03 71.57 URGOM03 31.88
Vasconia VCGOY03 108.18 VCGFA03 1.97 VCGON03 106.21 PCAGI03 80.92 VCGOM03 25.28
WCS ex-Hardisty WHGOY03 101.94 TDDRS03 8.50 WHGON03 93.49 AAPPN03 63.87 WHGOM03 29.63
WCS ex-Nederland WNGOY03 101.94 WCGFA03 0.00 WNGON03 101.99 AAYAY03 74.03 WNGOM03 27.96
WTI WTGCY03 108.64 AAYRG03 83.03 WTGCM03 25.61
WTS WSGCY03 105.53 TDDRJ03 6.89 WSGCN03 98.64 PCACK03 82.25 WSGCM03 16.40 WTS WSGOY03 109.04 TDDRJ03 6.89 WSGON03 102.15 PCACK03 82.25 WSGOM03 19.91

US Atlantic Coast
Crack Yield Freight Crack Netback Crude Price Crack Margin
Agbami AGACY03 112.83 AGAFA03 2.10 AGACN03 110.68 AAQZB03 84.23 AGACM03 25.50
Arab Light LIACY03 107.39 TDDAU03 1.35 LIACN03 106.04 AAISF00 89.37 LIACM03 16.67
Bakken BKACY03 113.52 TDDRN03 7.20 BKACN03 106.32 AAXPP03 80.57 BKACM03 25.75
Bonny Light YLACY03 114.13 TDDBZ03 2.29 YLACN03 111.78 PCAIF03 86.73 YLACM03 24.10
Brent BRACY03 110.87 TDDCC03 2.32 BRACN03 108.51 AAVJA03 86.34 BRACM03 22.11
Cabinda CBACY03 108.66 TDDCH03 2.49 CBACN03 106.12 PCAFD03 87.66 CBACM03 17.51
CPC Blend CPACY03 112.86 CPAFA03 2.74 CPACN03 110.07 AALVY00 81.34 CPACM03 28.68
Forties FTACY03 112.67 FTAFA03 2.14 FTACN03 110.49 PCADJ03 86.26 FTACM03 24.19
Saharan Blend SHACY03 113.42 SHAFA03 1.56 SHACN03 111.82 AAJIB00 85.38 SHACM03 25.49
Urals URACY03 106.58 URAFA03 2.06 URACN03 104.49 AAWVH03 71.57 URACM03 31.97

© 2023 by S&P Global Inc.All rights reserved. 51

Oilgram Price Report September 29, 2023

Commodity Insights Analytics Monthly Average Yields & Netbacks (continued)

US Midwest US Midwest
Crack Yield Freight Crack Netback Crude Price Crack Margin Coke Yield Freight Coke Netback Crude Price Coke Margin
Bakken BKTCY03 105.29 TDDRO03 1.68 BKTCN03 103.61 AASRU13 81.98 BKTCM03 21.63
Syncrude SYTCY03 108.53 TDDFP03 8.20 SYTCN03 100.28 AASOK03 83.24 SYTCM03 17.04
WCS WCTOY03 99.47 TDDRL03 8.56 WCTON03 90.88 AAPPN03 63.87 WCTOM03 27.02
WTI WTTCY03 105.04 TDDRG03 2.39 WTTCN03 102.64 PCACG03 81.47 WTTCM03 21.18
WTS WSTCY03 102.73 TDDRI03 3.08 WSTCN03 99.65 PCACK03 82.25 WSTCM03 17.41 WTS WSTOY03 105.72 TDDRI03 3.08 WSTON03 102.64 PCACK03 82.25 WSTOM03 20.39

US West Coast US West Coast

Crack Yield Freight Crack Netback Crude Price Crack Margin Coke Yield Freight Coke Netback Crude Price Coke Margin
ANS ANWCY03 123.79 PCAAD03 87.17 ANWCM03 36.62 ANS ANWOY03 126.91 PCAAD03 87.17 ANWOM03 39.74
Arab Light LIWOY03 129.31 TDDAT03 1.35 LIWON03 127.96 AAISF00 89.37 LIWOM03 38.59
Arab Medium MEWOY03 124.41 TDDBB03 1.35 MEWON03 123.06 AAISI00 90.07 MEWOM03 32.99
Bakken BKWCY03 131.29 TDDRT03 11.74 BKWCN03 119.55 AAXPP03 80.57 BKWCM03 38.98
Basrah Heavy BHWOY03 123.73 BHWFA03 2.84 BHWON03 120.89 AALZC03 83.85 BHWOM03 43.60
Basrah Medium BLWOY03 125.09 TDDBW03 2.72 BLWON03 122.37 BSMAM31 86.92 BLWOM03 41.19
Castilla Blend CSWOY03 125.78 CSWFA03 5.11 CSWON03 120.68 AAVEQ03 77.96 CSWOM03 41.85
Maya MYWOY03 122.85 MYWFA03 2.95 MYWON03 119.90 AAUPK03 76.71 MYWOM03 43.19
Napo NPWOY03 121.90 NPWFA03 4.46 NPWON03 117.44 AAMCC00 74.05 NPWOM03 42.53
Oriente ORWOY03 126.10 TDDEC03 4.21 ORWON03 121.89 PCADE03 76.20 ORWOM03 44.89
Vasconia VCWOY03 136.15 VCWFA03 4.93 VCWON03 131.22 PCAGI03 80.92 VCWOM03 49.47

Northwest Europe Mediterranean

Crack Yield Freight Crack Netback Crude Price Crack Margin Crack Yield Freight Crack Netback Crude Price Crack Margin
Agbami AGNCY03 110.39 AGNFA03 2.06 AGNCN03 108.33 AAQZB03 84.23 AGNCM03 24.10 Agbami AGMCY03 108.91 AGMFA03 1.98 AGMCN03 106.93 AAQZB03 84.23 AGMCM03 22.70
Arab Berri BENCY03 109.49 BENFA03 1.32 BENCN03 108.17 AAISP00 89.50 BENCM03 18.64
Arab Heavy AHNCY03 99.63 TDDAN03 1.39 AHNCN03 98.25 AAISM00 86.00 AHNCM03 12.21 Arab Heavy AHMCY03 98.22 TDDAI03 1.39 AHMCN03 96.84 AAISM00 86.00 AHMCM03 11.30
Arab Light LINCY03 106.46 TDDAV03 1.35 LINCN03 105.11 AAISG00 88.90 LINCM03 16.17 Arab Light LIMCY03 105.00 TDDAQ03 1.35 LIMCN03 103.65 AAISG00 88.90 LIMCM03 15.02
Arab Medium MENCY03 102.09 TDDBD03 1.36 MENCN03 100.73 AAISJ00 88.40 MENCM03 12.29 Arab Medium MEMCY03 100.45 TDDAY03 1.37 MEMCN03 99.09 AAISJ00 88.40 MEMCM03 10.75
Azeri Light ZLNCY03 110.89 TDDBI03 1.98 ZLNCN03 108.90 AATHM03 87.58 ZLNCM03 20.42 Azeri Light* ZLMCY03 109.53 AAJIA00 89.46 ZLMCM03 20.07
Basrah Medium BLNCY03 101.08 TDDBU03 2.82 BLNCN03 98.06 BSMAM31 86.92 BLNCM03 14.21 Basrah Medium BLMCY03 98.91 TDDBR03 2.10 BLMCN03 96.67 BSMAM31 86.92 BLMCM03 12.82
Bonny Light YLNCY03 111.96 YLNFA03 2.25 YLNCN03 109.71 PCAIF03 86.73 YLNCM03 22.98 Bonny Light YLMCY03 110.49 YLMFA03 2.16 YLMCN03 108.33 PCAIF03 86.73 YLMCM03 21.60
Brent BRNCY03 108.41 TDDCD03 2.06 BRNCN03 106.35 AAVJA03 86.34 BRNCM03 20.01
Cabinda CBNCY03 105.09 TDDQR03 2.45 CBNCN03 102.64 PCAFD03 87.66 CBNCM03 14.98 Cabinda CBMCY03 104.01 CBMFA03 2.36 CBMCN03 101.65 PCAFD03 87.66 CBMCM03 14.00
CPC Blend CPNCY03 109.40 CPNFA03 2.63 CPNCN03 106.77 AALVY00 81.34 CPNCM03 25.42 CPC Blend* CPMCY03 107.66 AAJHY00 83.96 CPMCM03 23.70
Dubai DBNCY03 105.83 DBNFA03 2.66 DBNCN03 103.01 PCAAT03 86.47 DBNCM03 15.72
Eagle Ford EANCY03 109.47 EANFA03 4.00 EANCN03 105.47 AAYAT03 82.65 EANCM03 22.85 Eagle Ford EAMCY03 108.22 TNEIF03 4.25 EAMCN03 103.98 AAYAT03 82.65 EAMCM03 21.36
Ekofisk EKNCY03 109.49 TDDCT03 1.34 EKNCN03 108.16 PCADI03 87.71 EKNCM03 20.45
Forties FTNCY03 108.67 TDDEZ03 1.55 FTNCN03 107.12 PCADJ03 86.26 FTNCM03 20.86 Forties FTMCY03 107.17 FTMFA03 2.26 FTMCN03 104.91 PCADJ03 86.26 FTMCM03 18.66
Iran Heavy BHNCY03 104.84 TDDDG03 2.79 BHNCN03 101.90 AIHKA03 84.76 BHNCM03 16.32 Iran Heavy BHMCY03 103.50 TDDDF03 2.06 BHMCN03 101.30 AIHKA03 84.76 BHMCM03 15.72
Johan Sverdrup JSNCY03 106.77 JSNFA03 1.64 JSNCN03 105.13 AJSVA03 86.21 JSNCM03 18.92 Johan Sverdrup JSMCY03 105.83 JSMFA03 2.41 JSMCN03 103.42 AJSVA03 86.21 JSMCM03 17.22
Kirkuk KRNCY03 105.53 TDDGH03 2.60 KRNCN03 102.93 AAEJG00 83.97 KRNCM03 16.26 Kirkuk KRMCY03 103.97 TDDFF03 1.52 KRMCN03 102.45 AAEJG00 83.97 KRMCM03 15.78
LLS LLNCY03 113.26 LLNFA03 4.20 LLNCN03 109.07 AAQBB13 84.02 LLNCM03 25.03 LLS LLMCY03 111.72 LLMFA03 4.45 LLMCN03 107.28 AAQBB13 84.02 LLMCM03 23.24
Maya MYNCY03 93.99 MYNFA03 4.31 MYNCN03 89.69 AAYXE03 75.40 MYNCM03 14.25
Oman OMNCY03 104.79 OMNFA03 2.61 OMNCN03 102.04 PCABS03 86.59 OMNCM03 14.65 Oman OMMCY03 103.88 OMMFA03 1.89 OMMCN03 101.84 PCABS03 86.59 OMMCM03 14.45
Saharan Blend SHNCY03 111.01 TDDGI03 1.68 SHNCN03 109.32 AAJIB00 85.38 SHNCM03 23.94 Saharan Blend SHMCY03 108.91 TDDFG03 1.31 SHMCN03 107.61 AAJIB00 85.38 SHMCM03 22.22
Urals* URNCY03 107.47 PCAFW03 74.04 URNCM03 33.43 Urals* URMCY03 104.97 PCACE03 74.52 URMCM03 30.45
WTI MEH WTNCY03 109.54 WTNFA03 4.07 WTNCN03 105.48 AAYRZ03 83.05 WTNCM03 22.44
*Indicates the crude price is a CIF value

© 2023 by S&P Global Inc.All rights reserved. 52

Oilgram Price Report September 29, 2023

Commodity Insights Analytics Monthly Average Yields & Netbacks (continued)

Singapore Singapore
Crack Yield Freight Crack Netback Crude Price Crack Margin Crack Yield Freight Crack Netback Crude Price Crack Margin
Agbami AGSCY03 101.03 AGSFA03 2.36 AGSCN03 98.67 AAQZB03 84.23 AGSCM03 14.45 Forties FTSCY03 98.85 TNEFD03 3.34 FTSCN03 95.51 PCADJ03 86.26 FTSCM03 9.28
Arab Berri BESCY03 100.11 BESFA03 1.38 BESCN03 98.73 AAISQ00 89.08 BESCM03 9.65 Kimanis KISCY03 111.13 KISFA03 1.18 KISCN03 109.95 AASCL03 94.76 KISCM03 15.24
Arab Heavy AHSCY03 92.21 TDDAO03 1.43 AHSCN03 90.79 AAISN00 87.53 AHSCM03 3.26 LLS LLSCY03 103.44 LLSFA03 3.91 LLSCN03 99.54 AAZDC03 83.85 LLSCM03 15.53
Arab Light LISCY03 98.38 TDDAW03 1.41 LISCN03 96.97 AAISH00 89.73 LISCM03 7.25 Mars MRSCY03 96.65 MRSFA03 4.05 MRSCN03 92.61 AAMBS00 82.12 MRSCM03 10.49
Arab Medium MESCY03 93.68 TDDBE03 1.42 MESCN03 92.26 AAISK00 89.18 MESCM03 3.08 Maya MYSCY03 90.57 MYSFA03 4.25 MYSCN03 86.33 AAYXG03 79.53 MYSCM03 6.80
Basrah Medium BHSCY03 94.03 BHSFA03 1.48 BHSCN03 92.55 BSMAM31 86.92 BHSCM03 5.62 Minas MNSCY03 101.35 TDDDX03 1.18 MNSCN03 100.17 AAFZH00 81.52 MNSCM03 18.68
Bonny Light YLSCY03 103.71 YLSFA03 2.54 YLSCN03 101.17 PCAIF03 86.73 YLSCM03 14.45 Oman OMSCY03 95.07 TDDEB03 1.27 OMSCN03 93.80 PCABS03 86.59 OMSCM03 7.21
Cabinda CBSCY03 100.10 TDDQS03 2.45 CBSCN03 97.65 PCAFD03 87.66 CBSCM03 10.01 Qua lboe QBSCY03 104.36 QBSFA03 2.55 QBSCN03 101.82 PCAIG03 88.03 QBSCM03 13.80
Castilla CSSCY03 86.31 CSSFA03 4.33 CSSCN03 81.99 AAVEQ03 77.96 CSSCM03 4.02 Saharan Blend SHSCY03 97.93 SHSFA03 2.16 SHSCN03 95.78 AAJIB00 85.38 SHSCM03 9.61
Dalia DLSCY03 102.69 DLSFA03 2.54 DLSCN03 100.16 AAQYX03 85.88 DLSCM03 14.31 Tapis TPSCY03 101.71 TDDEO03 1.16 TPSCN03 100.55 AAFZK00 90.19 TPSCM03 10.39
Dubai DBSCY03 98.31 TDDCQ03 1.33 DBSCN03 96.98 PCAAT03 86.47 DBSCM03 10.51 Tupi* LUSCY03 100.37 LUQDA03 88.55 LUSCM03 12.27
Duri DRSCY03 98.24 TDDCR03 1.29 DRSCN03 96.95 AAFZE00 88.96 DRSCM03 8.06 Urals URSCY03 98.36 URSFA03 2.24 URSCN03 96.12 AAJHV00 71.61 URSCM03 24.59
Eagle Ford EASCY03 100.34 EASFA03 3.75 EASCN03 96.59 AAYAT03 82.65 EASCM03 14.00 WTI MEH WTSCY03 100.06 WTSFA03 3.81 WTSCN03 96.25 AAZDF03 82.86 WTSCM03 13.24
ESPO ESSCY03 100.41 ESSFA03 1.16 ESSCN03 99.24 AARWF03 78.64 ESSCM03 20.64
*Indicates the crude price is a CIF value

Weekly asphalt cement assessments, Sep 29 (PGA page 580) Monthly spot lube assessments, September 2023 (PGA page 1146)
Market $/ton Mid Change $/mt Mid Change
Arkansas PPARP00 590.00–600.00 595.000 +10.000
Colorado PPARU00 565.00–575.00 570.000 +10.000 USGC
Montana PPASM00 565.00–575.00 570.000 +10.000 150 SN PLAAB00 1155.00–1175.00 1165.000 +100.000
California PPARW00 620.00–630.00 625.000 +10.000 500 SN PLAAE00 1605.00–1625.00 1615.000 +130.000
Illinois PPARX00 580.00–590.00 585.000 +10.000 Bright Stock PLAAH00 2060.00–2080.00 2070.000 +170.000
Georgia PPARQ00 655.00–665.00 660.000 +10.000
Europe
Minneapolis/St. Paul PPARR00 570.00–580.00 575.000 +10.000
Ohio PPARY00 570.00–580.00 575.000 +10.000 150 SN PLAAC00 830.00–850.00 840.000 +70.000
Oklahoma AAUQO00 585.00–595.00 590.000 +10.000 500 SN PLAAF00 1075.00–1095.00 1085.000 +90.000
Kansas PPARZ00 600.00–610.00 605.000 +10.000 Bright Stock PLAAI00 1430.00–1450.00 1440.000 +120.000
Texas PPART00 570.00–580.00 575.000 +10.000 Asia
Louisiana PPALA00 580.00–590.00 585.000 +10.000
150 SN PLAAA00 810.00–830.00 820.000 +70.000
MidAtlantic AAWIC00 625.00–635.00 630.000 +10.000
500 SN PLAAD00 975.00–995.00 985.000 +80.000
Tampa AAWID00 590.00–600.00 595.000 +10.000
Bright Stock PLAAG00 1265.00–1285.00 1275.000 +105.000

© 2023 by S&P Global Inc.All rights reserved. 53

Oilgram Price Report September 29, 2023

US crude pipeline averages 26Aug23 - 25Sep23

($/barrel) Mid Change Spread vs WTI Mid Change
(PGA pages 212 & 216)
WTI (Oct) AAFCV00 87.57–87.59 87.583 +6.344
WTI (Nov) AAFCX00 86.86–86.88 86.867 +6.221
WTI (Dec) AAGIU00 85.91–85.93 85.919 +5.710
Mars (1st mth) AAMBS02 87.37–87.39 87.375 +5.471 AAGWK02 -0.22/-0.20 -0.208 -0.873
Mars (2nd mth) AAMBV02 86.72–86.74 86.729 +5.776 AAKTI02 -0.15/-0.13 -0.138 -0.445
Mars (3rd mth) AAMBY02 85.83–85.839 85.839 +5.471 AAMBP02 -0.09/-0.07 -0.080 -0.239
P-Plus WTI AAFCT00 4.39/4.41 4.396 +0.270
WTI-Delta AAEJK03 1.01/1.03 1.016 +0.270
WTI Midland AAFCY00 88.95–88.97 88.963 +6.350 AAGWA02 1.37/1.39 1.380 +0.006
LLS (1st mth) AAFCO00 89.64–89.66 89.653 +5.857 AAGWO02 2.06/2.08 2.070 -0.487
LLS (2nd mth) AAURC03 89.08–89.10 89.092 +6.348 AAURD03 2.22/2.24 2.225 +0.127
HLS (1st mth) AAFCK00 88.51–88.53 88.523 +5.077 AAGWQ02 0.93/0.95 0.940 -1.267
HLS (2nd mth) AAURE03 87.95–87.97 87.962 +5.568 AAURF03 1.09/1.11 1.095 -0.653
WTS (1st mth) AAFCS00 88.25–88.27 88.263 +6.291 AAGWC02 0.67/0.69 0.680 -0.053
WTS (2nd mth) AAURG03 87.54–87.56 87.554 +6.467 AAURH03 0.68/0.70 0.688 +0.247
Poseidon AAFCQ00 86.45–86.47 86.463 +5.098 AAGWM02 -1.13/-1.11 -1.120 -1.246
Thunder Horse Bld AAWZK02 89.09–89.11 89.100 +5.476 AAWZL02 1.51/1.53 1.518 -0.867
Wyoming Sweet PCACL03 86.06–86.08 86.073 +6.003 AAGWS02 -1.52/-1.50 -1.510 -0.340
Bonito AAFCI00 87.22–87.24 87.225 +5.471 AAGWG02 -0.37/-0.35 -0.358 -0.873
SGC AASOI02 87.24–87.26 87.253 +5.190 AASOJ02 -0.34/-0.32 -0.330 -1.154
ACM (Oct)* AAQHN03 86.42–86.44 86.425 +5.084
ACM (Nov)* AAQHO03 85.77–85.79 85.779 +5.389
ACM (Dec)* AAQHP03 84.88–84.90 84.889 +5.084
London close ($/barrel)(PGA page 1242)
WTI (Oct) AAQAR03 88.08–88.10 88.094 +6.823
WTI (Nov) AAQAT03 87.33–87.35 87.338 +6.667
WTI (Dec) AAQAV03 86.34–86.36 86.345 +6.123
LLS (Oct) AAQBB03 90.19–90.21 90.202 +6.377 AAQBC03 2.10/2.12 2.108 -0.446
LLS (Nov) AAQBD03 89.54–89.56 89.554 +6.790 AAQBE03 2.21/2.23 2.216 +0.123
MARS (Oct) AAQAX03 87.98–88.00 87.992 +6.047 AAQAY03 -0.11/-0.09 -0.103 -0.777
MARS (Nov) AAQAZ03 87.22–87.24 87.231 +6.247 AAQBA03 -0.12/-0.10 -0.108 -0.421
*=Americas Crude Marker assessed at the Americas market close at 2:30pm Eastern Time.

© 2023 by S&P Global Inc.All rights reserved. 54

Oilgram Price Report September 29, 2023

European monthly averages, August 2023

($/mt) Mid Change Mid Change
(PGA page 1115)
Cargoes FOB Med basis Italy Cargoes CIF Med basis Genoa/Lavera
Prem unl 10 ppm AAWZA03 947.716-948.216 947.966 +67.299 AAWZB03 963.170-963.670 963.420 +68.801
Naphtha physical* PAAAI03 606.273-606.773 606.523 +63.368 PAAAH03 626.693-627.193 626.943 +65.419
Jet av. fuel AAIDM00 947.591-948.091 947.841 +139.912 AAZBN03 975.659-976.159 975.909 +142.623
10ppm ULSD AAWYY03 900.807-901.307 901.057 +122.093 AAWYZ03 916.045-916.545 916.295 +123.593
Gasoil 0.1% AAVJI03 891.136-891.636 891.386 +129.791 AAVJJ03 905.318-905.818 905.568 +131.187
1% fuel oil PUAAK03 552.682-553.182 552.932 +50.253 PUAAJ03 565.670-566.170 565.920 +50.206
3.5% fuel oil PUAAZ03 509.250-509.750 509.500 +34.929 PUAAY03 522.091-522.591 522.341 +34.770
*Naphtha FOB Med is basis East Med
(PGA page 1111)
Cargoes FOB NWE Cargoes CIF NWE basis ARA
Gasoline 10 ppm AAXFQ03 1021.443-1021.943 1021.693 +97.907
Naphtha physical PAAAL03 641.784-642.284 642.034 +66.713
Naphtha swaps PAAAJ00 643.318 -643.818 643.568 +60.997
Jet kerosene PJAAV03 960.932-961.432 961.182 +139.515 PJAAU03 977.159-977.659 977.409 +142.623
10ppm ULSD AAVBF03 910.636-911.136 910.886 +127.065 AAVBG03 921.318-921.818 921.568 +129.128
Diesel 10 ppm NWE AAWZD03 910.739-911.239 910.989 +127.191 AAWZC03 923.500-924.000 923.750 +129.583
Diesel 10 ppm UK AAVBH03 924.818-925.318 925.068 +130.139
Diesel 10ppm UK cargoes CIF NWE - original (French) spec AUKDA03 926.761 +130.082
Gasoil 0.1% AAYWR03 890.114-890.614 890.364 +130.554 AAYWS03 910.375-910.875 910.625 +134.327
1% fuel oil PUAAM03 537.568-538.068 537.818 +56.985 PUAAL03 551.966-552.466 552.216 +56.954
3.5% fuel oil PUABB03 517.852-518.352 518.102 +71.531 PUABA03 531.034-531.534 531.284 +71.474
0.5%-0.7% straight run PKABA03 572.261-573.261 572.761 +54.642
(PGA pages 1113 & 1381)
Barges FOB Rotterdam
98 RON unl AAKOE00 1063.375-1063.875 1063.625 +99.208
Prem unl PGABM03 978.795-979.295 979.045 +94.533
Eurobob AAQZV03 975.148-975.648 975.398 +88.386
MTBE* PHBFZ03 1335.966-1336.466 1336.216 +203.918
Naphtha physical PAAAM03 637.784-638.284 638.034 +66.713
Jet kerosene PJABA03 974.886-975.386 975.136 +140.160
Diesel 10 ppm* AAJUW00 911.216-911.716 911.466 +128.121
Gasoil 50 ppm AAUQC03 903.330-903.830 903.580 +133.747
Gasoil 0.1%* AAYWT03 888.000-888.500 888.250 +130.440
1% fuel oil PUAAP03 547.864-548.364 548.114 +60.959
3.5% fuel oil PUABC03 536.034-536.534 536.284 +71.474
3.5% 500 CST fuel oil PUAGN03 534.034-534.534 534.284 +71.474
380 CST PUAYW03 561.500-562.500 562.000 +71.429
*FOB Amsterdam-Rotterdam-Antwerp

© 2023 by S&P Global Inc.All rights reserved. 55

Oilgram Price Report September 29, 2023

Saudi Arabian Official Selling Prices ($/barrel), Sep 6

Benchmark OCT Monthly change SEP AUG JUL
US(PGA page 1070)
Extra Light ASCI AAIQZ00 9.60 + 0.20 9.40 9.40 9.30
Arab Light ASCI AAIRA00 7.45 + 0.20 7.25 7.25 7.15
Arab Medium ASCI AAIRB00 8.15 + 0.20 7.95 7.95 7.85
Arab Heavy ASCI AAIRC00 7.70 + 0.20 7.50 7.50 7.40
Prices FOB Ras Tanura
Northwest Europe(PGA page 1069)
Extra Light ICE Brent AAIQQ00 7.30 -0.10 7.40 4.40 3.60
Arab Light ICE Brent AAIQR00 5.70 -0.10 5.80 3.80 3.00
Arab Medium ICE Brent AAIQS00 4.50 -0.10 4.60 3.30 2.50
Arab Heavy ICE Brent AAIQT00 1.80 -0.10 1.90 0.90 0.10
Prices FOB Ras Tanura
Mediterranean(PGA page 1069)
Extra Light ICE Brent AAWQK00 6.20 -0.10 6.30 4.80 3.80
Arab Light ICE Brent AAWQL00 4.40 -0.10 4.50 3.50 2.50
Arab Medium ICE Brent AAWQM00 3.40 -0.10 3.50 3.20 2.20
Arab Heavy ICE Brent AAWQN00 0.40 -0.10 0.50 0.40 -0.70
Prices FOB Ras Tanura
FOB Sidi Kerir(PGA page 1069)
Extra Light ICE Brent AAUCS00 NA NA NA 6.35 4.80 3.85
Arab Light ICE Brent AAUCU00 NA NA NA 4.55 3.50 2.55
Arab Medium ICE Brent AAUCW00 NA NA NA 3.55 3.20 2.25
Arab Heavy ICE Brent AAUCY00 NA NA NA 0.55 0.40 -0.65
Asia(PGA page 1068)
Super Light (O+D)/2 AAIQU00 5.45 + 0.50 4.95 4.35 4.75
Extra Light (O+D)/2 AAIQV00 2.85 + 0.30 2.55 2.55 2.55
Arab Light (O+D)/2 AAIQW00 3.60 + 0.10 3.50 3.20 3.00
Arab Medium (O+D)/2 AAIQX00 3.45 + 0.10 3.35 2.65 2.45
Arab Heavy (O+D)/2 AAIQY00 1.70 + 0.10 1.60 1.00 0.80
Prices FOB Ras Tanura
ASCI=Argus Sour Crude Index; BWAVE=ICE Brent Weighted Average; (O+D)/2=Average of Platts Oman and Dubai assessments
Sources: Saudi Aramco OSP differentials prior to July 2017 were set against BWAVE.

© 2023 by S&P Global Inc.All rights reserved. 56