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European Marketscan
Volume 57 / Issue 62 / March 28, 2025
European products ($/mt)
Code Mid Change Code Mid Change Code Mid Change
Mediterranean cargoes (PGA page 1114)
FOB Med (Italy) CIF Med (Genova/Lavera) MOPL Diff
Naphtha* PAAAI00 572.50–573.00 572.750 -0.500 PAAAH00 597.25–597.75 597.500 -1.750
Prem Unl 10 ppm AAWZA00 714.25–714.75 714.500 -1.750 AAWZB00 732.75–733.25 733.000 -2.750
Jet AAIDL00 687.00–687.50 687.250 -5.500 AAZBN00 722.00–722.50 722.250 -7.500
10 ppm ULSD AAWYY00 656.75–657.25 657.000 -5.500 AAWYZ00 675.75–676.25 676.000 -6.500 AMOPN00 0.31 +0.760
Gasoil 0.1% AAVJI00 656.25–656.75 656.500 -7.250 AAVJJ00 674.00–674.50 674.250 -8.250 AMOPI00 3.31 -0.110
Fuel oil 1.0% PUAAK00 437.00–437.50 437.250 -3.500 PUAAJ00 455.50–456.00 455.750 -3.500
Fuel oil 3.5% PUAAZ00 430.00–430.50 430.250 -2.000 PUAAY00 448.00–448.50 448.250 -2.250
*Basis East Med.
Northwest Europe cargoes (PGA page 1110)
FOB NWE CIF NWE/Basis ARA MOPL Diff
Naphtha (Apr) PAAAJ00 613.00–613.50 613.250 -4.750
Naphtha PAAAL00 614.50–615.00 614.750 -2.500
Gasoline 10 ppm AAXFQ00 769.00–769.50 769.250 -4.000
Jet PJAAV00 706.00–706.50 706.250 -7.250 PJAAU00 723.50–724.00 723.750 -7.500 AMOPJ00 5.54 +0.070
ULSD 10 ppm AAVBF00 667.00–667.50 667.250 -7.750 AAVBG00 678.50–679.00 678.750 -8.000 AMOPL00 2.31 0.000
Diesel 10 ppm NWE** AAWZD00 666.75–667.25 667.000 -8.000 AAWZC00 681.00–681.50 681.250 -8.000
Diesel 10 ppm UK AAVBH00 679.75–680.25 680.000 -9.000 AUKMA00 3.560 -1.001
Gasoil 0.1% AAYWR00 656.25–656.75 656.500 -5.750 AAYWS00 678.75–679.25 679.000 -6.000 AMOPH00 11.28 +0.090
Fuel oil 1.0% PUAAM00 435.75–436.25 436.000 -4.000 PUAAL00 453.00–453.50 453.250 -4.000
Fuel oil 3.5% PUABB00 419.75–420.25 420.000 -2.250 PUABA00 435.75–436.25 436.000 -2.250
Bionaphtha PAAAU00 1414.750 -2.500
Bionaphtha premium PAADU00 800.000 0.000
SAF (H-S) MIRWD00 1760.500 -7.750
**Basis Le Havre.
Northwest Europe barges (PGA page 1112)
FOB Rotterdam*** FOB FARAG MOPL Diff
Naphtha PAAAM00 610.50–611.00 610.750 -2.500
Eurobob AAQZV00 718.00–718.50 718.250 -4.000
E10 Eurobob AGEFA00 715.250 -2.500
98 RON gasoline 10 ppm AAKOD00 787.75–788.25 788.000 -4.000
Premium gasoline 10 ppm PGABM00 727.25–727.75 727.500 -4.000
Reformate AAXPM00 754.750 -4.000
Jet PJABA00 719.75–720.25 720.000 -7.500 AMOPK00 2.97 +0.010
Diesel 10 ppm AAJUS00 668.75–669.25 669.000 -7.500 AMOPM00 -0.33 +0.920
Gasoil 50 ppm AAUQC00 667.00–667.50 667.250 -7.500
Gasoil 0.1% AAYWT00 659.00–659.50 659.250 -7.500 AMOPG00 6.48 +0.060
SAF (H-S) SUAEA00 1761.75 -7.75

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European Marketscan March 28, 2025

European products ($/mt) (continued) Euro-denominated assessments 16:30 London

Code Mid Change Med cargoes (€/mt) (PGA page 1120)
FOB Med CIF Med
DMA MGO 0.1% LGARD00 657.000 +4.000 (Italy) (Genova/Lavera)
Fuel oil 1.0% PUAAP00 443.00–443.50 443.250 -4.000 Naphtha* ABWHE00 528.806 ABWHD00 551.657
Fuel oil 3.5% PUABC00 436.75–437.25 437.000 -2.250 Prem Unl 10ppm ABWGV00 659.681 ABWGU00 676.761
Fuel oil 3.5% 500 CST PUAGN00 430.75–431.25 431.000 -2.250 Jet ABWGZ00 634.521 AAZBO00 666.836
Rotterdam bunker 380 CST PUAYW00 438.50–439.50 439.000 -4.000 10ppm ULSD ABWHM00 606.592 ABWHH00 624.134
Gasoil 0.1% ABWGQ00 606.131 ABWGO00 622.519
***See notes on delivery basis for this table. (see page 11)
Fuel oil 1.0% ABWGH00 403.702 ABWGF00 420.783
Fuel oil 3.5% ABWGM00 397.239 ABWGK00 413.858
European weekly bitumen, Mar 26 ($/mt) European weekly base oils, Mar 26 ($/mt) *Naphtha FOB Med is basis East Med.
Code Close Change Code Close Change Northwest Europe cargoes (€/mt) (PGA page 1116)
FOB NWE CIF NWE/Basis ARA
FOB Northwest Europe (PGA and PRF page 2537) FOB Europe (PGA and PRF page 2535)
Naphtha AAQCE00 567.584
Bitumen PFNEA00 446.250 +13.500 Group I SN150 PLAAC00 850.00 +15.00
Gasoline 10ppm ABWGS00 710.230
Bitumen MOPL Diff PFNEC00 10.000 0.000 Group I SN500 PLAAF00 950.00 +40.00
Jet ABWHB00 652.064 AAQCF00 668.221
FOB Mediterranean (PGA and PRF page 2537) Group I Bright Stock PLAAI00 1380.00 +40.00
ULSD 10 ppm ABWHO00 615.825 ABWHI00 628.982
Bitumen PFMEB00 434.750 +18.000 CFR Europe (PGA and PRF page 2535) Diesel 10ppm NWE ABWHP00 616.056 ABWHK00 626.673
Bitumen MOPL Diff PFNED00 5.000 +4.000 Group II 150 N AGROA00 1010.00 -10.00 Diesel 10 ppm UK ABWHJ00 627.828
Note: Weekly assessments basis 16.30 London time on Wednesdays. Group II 220 N AGROB00 1030.00 -20.00 Diesel 10ppm UK MOPL Diff AUKMB00 3.287
Group II 600 N AGROC00 1180.00 -20.00 Gasoil 0.1% ABWGR00 606.131 ABWGP00 626.904
Group III 4CST AGROD00 1080.00 +20.00 Fuel oil 1.0% AAQCG00 402.548 ABWGG00 418.475
Group III 6CST AGROE00 1100.00 +20.00 Fuel oil 3.5% ABWGN00 387.776 ABWGL00 402.548
Note: Weekly assessments basis 16.30 London time on Wednesdays. Straight run 0.5-0.7% ABWHG00 490.952
West Africa cargoes (€/mt) (PGA page 1116)
FOB NWE CIF WAF
Africa products European feedstocks and blendstocks Gasoline AGNWA00 642.600 AANWC00 678.839
Code Mid Change FOB STS West Africa
Code Mid Change Gasoil 0.3% AGNWE00 626.212
CIF Northwest Europe cargo ($/mt) (PGF page 1760)
West Africa cargoes (PGA pages 1122, 2342 and 2412) Jet AJWAB00 677.684
VGO 0.5-0.6% AAHMZ00 601.75–602.75 602.250 -3.000
FOB NWE ($/mt) Northwest Europe barges (€/mt) (PGA page 1118)
VGO 2% AAHND00 598.25–599.25 598.750 -3.000
Gasoline AAKUV00 696.000 -2.250 FOB Rotterdam
FOB Northwest Europe cargo ($/mt) Naphtha ABWHF00 563.891
CIF West Africa ($/mt) Eurobob ABWGT00 663.143
VGO 0.5-0.6% AAHMX00 589.50–590.50 590.000 -3.000
Gasoline AGNWC00 735.250 -1.750 VGO 2% AAHNB00 586.00–587.00 586.500 -3.000 E10 Eurobob AGEFE00 660.373

Straight Run 0.5-0.7% PKABA00 531.25–532.25 531.750 -3.000 98 RON gasoline 10 ppm ABWGX00 727.541
FOB West Africa ($/mt)
Premium gasoline 10 ppm AAQCH00 671.683
Diesel low sulfur AWFRA00 694.250 -2.500 FOB Med cargo ($/mt) Reformate AAXPN00 696.842
Gasoil 0.3% AGNWD00 678.250 -2.500 Jet ABWHC00 664.759
VGO 0.8% ABBAD00 572.750 -2.750
Jet AJWAA00 734.000 -7.250 Diesel 10 ppm* AAQCI00 617.671
VGO 2% ABBAC00 569.500 -2.500
CFR South Africa ($/barrel) Gasoil 50 ppm AAUQF00 616.056
CIF Mediterranean cargo ($/mt) Gasoil 0.1%* AAYWY00 608.670
Gasoline 95 unleaded AAQWW00 89.445 +0.570
Jet kero AAQWT00 90.506 +0.090 Straight Run 0.5-0.7% AAJNT00 531.500 -2.750 DMA MGO 0.1%* LGARE00 606.592

Gasoil 10 ppm AAQWU00 92.033 +0.210 VGO 0.8% ABBAB00 584.500 -3.000 Fuel oil 1.0% ABWGI00 409.242

Gasoil 500 ppm AAQWV00 91.783 +0.280 VGO 2% ABBAA00 581.000 -3.000 Fuel oil 3.5% AAQCK00 403.472
Fuel oil 3.5% 500 CST PUAGO00 397.932
FOB Rotterdam barge ($/mt)
Jet Index (PGA page 115) Rotterdam bunker 380 CST AAUHE00 405.318
MTBE* PHALA00 792.00–792.50 792.250 -2.750
March 28, 2025 Index $/mt *FOB Amsterdam-Rotterdam-Antwerp. Euro/US$ forex rate: 1.0831. Platts
VGO 0.5-0.6% AAHNF00 589.75–590.75 590.250 -3.000 Euro denominated European and US product assessments are based on
Europe & CIS PJECI00 246.51 PJECI09 721.88
VGO 2% AAHNI00 586.25–587.25 586.750 -3.000 market values and a Euro/US$ forex rate at 4:30 PM local London time.
Africa JIMED00 89.46 JIMEC00 713.32
Global PJGLO00 249.62 PJGLO09 721.14 *FOB Amsterdam-Rotterdam-Antwerp.

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

European Marketscan March 28, 2025

Marine Fuel (PGA page 30) ICE futures Euro cents per liter assessments 16:30 London
$/mt Change Platts ICE 16:30 London assessments* (PGA page 703) Med cargoes (€ cents/liter) (PGA page 1370)
0.5% FOB Singapore cargo AMFSA00 513.880 +3.510 Low Sulfur Gasoil Brent FOB Med CIF Med
0.5% FOB Fujairah cargo AMFFA00 513.300 +4.250 Apr AARIN00 669.25 May AAYES00 73.39 Prem Unl 10 ppm ABXGA00 49.787 ABXGB00 51.076
0.5% FOB Rotterdam barge* PUMFD00 480.250 -5.500 May AARIO00 665.25 Jun AAYET00 72.49 Jet ABXGH00 51.840 ABXGI00 54.480
0.5% FOB US Gulf Coast barge AUGMB00 504.000 -5.250 Jun AARIP00 660.25 Jul AAXZY00 71.77 10 ppm ULSD ABXGO00 51.276 ABXGP00 52.759
0.5% Dlvd US Atlantic Coast barge AUAMB00 511.500 -4.750 Aug AAYAM00 71.14 Gasoil 0.1% ABXGY00 51.237 ABXGZ00 52.622
0.5% FOB Mediterranean cargo MFFMM00 474.500 -4.000 *Platts ICE assessments reflect the closing value of the ICE contracts at Northwest Europe cargoes (€ cents/liter) (PGA page 1370)
0.5% CIF Mediterranean cargo MFCMM00 490.500 -4.250 precisely 16:30 London time. FOB NWE CIF NWE/Basis ARA
$/barrel ICE gasoil settlements (PGA page 702) Gasoline 10 ppm ABXGC00 53.602
0.5% FOB US Gulf Coast barge AUGMA00 79.370 -0.830 Low Sulfur Gasoil Low Sulfur Gasoil Jet ABXGJ00 53.273 ABXGK00 54.593
0.5% Dlvd US Atlantic Coast barge AUAMA00 80.550 -0.750 Apr * ICLO001 669.25 Jul ICLO004 656.75 ULSD 10 ppm ABXGQ00 52.076 ABXGR00 52.973
vs FO 380 MOPS strip ($/mt) May ICLO002 665.25 Aug ICLO005 655.00 Diesel 10 ppm NWE ABXGS00 52.056 ABXGT00 53.168
0.5% FOB Singapore cargo AMOPA00 69.330 +2.520 Jun ICLO003 660.00 Sep ICLO006 655.25 Gasoil 0.1% ABXHA00 51.237 ABXHB00 52.993
Northwest Europe barges (€ cents/liter) (PGA page 1370)
*See notes on delivery basis for this table. (see page 11) *On day of ICE LS Gasoil midday expiry, M1 shows settlement value
FOB Rotterdam
NYMEX futures (16:30 London time) Eurobob ABXGD00 50.049
E10 Eurobob AGEFC00 49.839
NYMEX WTI (PGA page 703) 98 RON Gasoline 10 ppm ABXGE00 54.909
$/barrel $/barrel Premium Gasoline 10 ppm ABXGF00 50.693
May AASCR00 69.07 Jun AASCS00 68.61 Jet ABXGL00 54.310
NYMEX NY ULSD (PGA page 703) Diesel 10 ppm ABXGU00 52.212
¢/gal ¢/gal Gasoil 50 ppm ABXHC00 52.076
Apr XUHO100 225.82 May XUHO200 222.47 Gasoil 0.1% ABXHD00 51.451
NYMEX RBOB (unleaded gasoline) (PGA page 703)
¢/gal ¢/gal
Apr XUHU100 222.60 May XUHU200 223.64

Marine Fuel 0.5% Derivatives, Mar 28

Balance* Change Month 1 Change Month 2 Change
Mar Apr May GB pence per liter assessments 16:30 London
$/mt $/mt $/mt Northwest Europe cargoes (p/liter) (PGA page 1370)
0.5% FOB Singapore cargo FOFS000 NA NANA FOFS001 513.000 +3.000 FOFS002 511.740 +3.590 FOB NWE CIF NWE/Basis ARA
0.5% FOB Fujairah cargo FOFF000 NA NANA FOFF001 512.500 +3.500 FOFF002 512.000 +4.250 Gasoline 10 ppm ABXGG00 44.845
0.5% FOB Rotterdam barge AMRAB00 NA NANA AMRAM01 476.250 -4.000 AMRAM02 472.250 -3.750 Jet ABXGM00 44.570 ABXGN00 45.674
0.5% vs. 3.5% FOB Rotterdam barge AMRBB00 NA NANA AMRBM01 42.250 -1.750 AMRBM02 42.000 -1.250 ULSD 10 ppm ABXGV00 43.568 ABXGW00 44.319
$/barrel $/barrel $/barrel Diesel 10 ppm UK ABXGX00 44.401
0.5% FOB US Gulf Coast barge AMARB00 NA NANA AMARM01 78.600 -0.800 AMARM02 78.050 -0.700 Diesel 10ppm UK MOPL Diff AUKMC00 0.232
0.5% vs US Gulf Coast HSFO barge AUSBB00 NA NANA AUSBM01 12.450 -0.750 AUSBM02 12.250 -0.600 Gasoil 0.1% ABXHE00 42.866 ABXHF00 44.335
*Balance month swaps are assessed from the 1st through the 20th of the month; Asia swaps are assessed through the 14th of February.

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

European Marketscan March 28, 2025

European financial derivatives: March 28, 2025 ($/mt) (PPE page 1600)
Code March* Change Code April Change Code May Change
London MOC
Propane CIF NWE Large Cargo Financial ABWFX00 NA NANA AAHIK00 547.000 +0.500 AAHIM00 522.000 -4.500
Naphtha CIF NWE Cargo Financial ABWFV00 NA NANA PAAAJ00 613.250 -4.750 AAECO00 605.000 -5.750
Gasoline Prem Unleaded 10 ppm FOB ARA Barge Financial ABWFT00 NA NANA AAEBW00 717.000 -2.250 AAEBY00 718.250 -2.500
Gasoline Eurobob 10 ppm FOB ARA Barge Financial ABWFB00 NA NANA ABWFC00 713.250 -2.750 ABWFD00 714.500 -3.000
Gasoline Eurobob Non-oxy E10 Barge Financial AGEAB00 NA NANA AGEAM01 708.750 -4.750 AGEAM02 710.000 -5.000
Jet FOB Rdam Barge Financial AAXUH00 NA NANA AAXUM01 715.250 -7.250 AAXUM02 707.750 -7.500
Jet CIF NWE Cargo Financial ABWCI00 NA NANA ABWCJ00 718.250 -7.250 ABWCK00 710.750 -7.500
ULSD 10 ppmS FOB ARA Barge Financial ABWEA00 NA NANA ABWEB00 668.500 -8.000 ABWEC00 664.750 -7.250
ULSD 10 ppmS CIF NWE Cargo Financial ABWDM00 NA NANA ABWDN00 676.500 -7.750 ABWDO00 671.500 -7.750
ULSD 10 ppmS CIF Med Cargo Financial ABWCY00 NA NANA ABWCZ00 675.750 -7.000 ABWDA00 670.500 -7.000
LS Gasoil Frontline Financial ABWAO00 NA NANA AAPQS00 666.750 -7.250 AAPQT00 661.750 -7.000
Gasoil .1%S (1000 ppm) FOB ARA Barge Financial ABWBT00 NA NANA ABWBU00 651.750 -7.250 ABWBV00 647.250 -7.000
Gasoil 0.1%S CIF NWE Cargo Financial ABWBF00 NA NANA ABWBG00 667.750 -5.750 ABWBH00 659.250 -6.250
Gasoil .1%S (1000 ppm) CIF Med Cargo Financial ABWAS00 NA NANA ABWAT00 671.000 -7.750 ABWAU00 665.750 -4.500
FO 3.5%S FOB Rdam Barge Financial ABWAE00 NA NANA AAEHB00 434.000 -2.250 AAEHC00 430.250 -2.500
FO 3.5%S FOB Med Cargo Financial ABWAG00 NA NANA AAEHK00 426.500 -2.250 AAEHL00 425.500 -2.500
FO 3.5%S FOB Rdam Barge vs FO 3.5%S FOB Med Cargo Financial ABWAM00 NA NANA AAEHK01 7.500 0.000 AAEHL01 4.750 0.000
FO 1%S FOB Rdam Barge Financial ABWAA00 NA NANA AALTA00 434.000 -4.000 AALTC00 429.500 -4.000
FO 1%S FOB NWE Cargo Financial ABWAC00 NA NANA AAEGR00 437.000 -4.000 AAEGS00 432.500 -4.000
FO 1%S FOB NWE vs FO 3.5%S Barge (HiLo Diff) Financial ABWAI00 NA NANA AAEGR01 3.000 -1.750 AAEGS01 2.250 -1.500
*Balance month swaps are assessed from the 1st through the 20th of the month.
Singapore at London MOC
FO 380 CST 3.5%S FOB Spore Cargo at London MOC Financial FPLSM01 440.250 -3.500 FPLSM02 437.500 -2.500
FO 380 3.5% FOB Spore Cargo vs FO 3.5% FOB Rdam Barge (E-W) FQLSM01 6.250 -1.250 FQLSM02 7.250 0.000
at London MOC Financial
FO 180 CST 3.5%S FOB Spore Cargo at London MOC Financial FOLSM01 453.000 -3.750 FOLSM02 450.000 -2.000
FO 180 3.5% FOB Spore Cargo vs FO 3.5% FOB Rdam Barge (E-W) F1BDM01 19.000 -1.500 F1BDM02 19.750 +0.500
at London MOC Financial

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

European Marketscan March 28, 2025

Calendar month averages for February 2025

Code Mid Code Mid
FOB Med cargo (Italy) (PGA page 1115) FOB NWE West Africa cargo (PGA page 1111)
Naphtha* PAAAI03 620.125–620.625 620.375 Gasoline AAKUV03 708.388
Prem Unl 10ppm AAWZA03 726.300–726.800 726.550 CIF NWE cargo (basis ARA) (PGA page 111)
Jet AAIDM00 715.688–716.188 715.938 Naphtha physical PAAAL03 654.063–654.563 654.313
10ppm ULSD AAWYY03 705.050–705.550 705.300 Gasoline 10ppm AAXFQ03 749.663–750.163 749.913
Gasoil 0.1% AAVJI03 697.388–697.888 697.638 Jet PJAAU03 745.550–746.050 745.800
Fuel oil 1.0% PUAAK03 489.038–489.538 489.288 ULSD 10ppm AAVBG03 724.038–724.538 724.288
Fuel oil 3.5% PUAAZ03 448.538–449.038 448.788 Diesel 10ppm NWE AAWZC03 726.450–726.950 726.700
Bitumen PFMEB03 445.625 Diesel 10ppm UK AAVBH03 727.275–727.775 727.525
FOB Med (PGF page 1761) Diesel 10ppm UK MOPL Diff AUKMA03 9.717
VGO 0.8% ABBAD03 582.013 Gasoil 0.1% AAYWS03 702.888–703.388 703.138
VGO 2% max ABBAC03 577.613 Fuel oil 1.0% PUAAL03 487.700–488.200 487.950
CIF Med cargo (Genova/Lavera) (PGA page 1115) Fuel oil 3.5% PUABA03 449.650–450.150 449.900
Naphtha PAAAH03 639.925–640.425 640.175 VGO 0.5-0.6% AAHNA00 608.300–609.300 608.800
Prem Unl 10ppm AAWZB03 741.213–741.713 741.463 VGO 2% max AAHNE00 599.088–600.088 599.588
Jet AAZBN03 744.050–744.550 744.300 FOB Rotterdam barges (PGA page 1113)
10ppm ULSD AAWYZ03 720.313–720.813 720.563 Naphtha PAAAM03 650.063–650.563 650.313
Gasoil 0.1% AAVJJ03 711.763–712.263 712.013 Eurobob AAQZV03 710.838–711.338 711.088
Fuel oil 1.0% PUAAJ03 503.713–504.213 503.963 98 RON gasoline 10ppm AAKOE00 753.488–753.988 753.738
Fuel oil 3.5% PUAAY03 462.875–463.375 463.125 Premium gasoline 10ppm PGABM03 712.463–712.963 712.713
VGO 0.8% ABBAB03 591.313 MTBE** PHBFZ03 882.813–883.313 883.063
VGO 2% max ABBAA03 586.925 Jet PJABA03 742.950–743.450 743.200
FOB NWE cargo (PGA page 1111) Diesel 10ppm** AAJUW00 714.463–714.963 714.713
Bionaphtha PAAAU03 1500.563 Gasoil 50ppm AAUQC03 698.188–698.688 698.438
Bionaphtha premium PAADU03 846.250 Gasoil 0.1%** AAYWT03 684.425–684.925 684.675
Jet PJAAV03 728.313–728.813 728.563 DMA MGO 0.1%* LGARD03 663.613

ULSD 10ppm AAVBF03 712.725–713.225 712.975 Fuel oil 1.0% PUAAP03 475.013–475.513 475.263
Diesel 10ppm NWE AAWZD03 712.563–713.063 712.813 Fuel oil 3.5% PUABC03 450.650–451.150 450.900
Gasoil 0.1% AAYWR03 680.775–681.275 681.025 Fuel oil 3.5% 500 CST PUAGN03 445.650–446.150 445.900
Fuel oil 1.0% PUAAM03 475.013–475.513 475.263 Rotterdam bunker 380 CST PUAYW03 452.350–453.350 452.850
Fuel oil 3.5% PUABB03 437.563–438.063 437.813 VGO 0.5-0.6% AAHNG00 599.188–600.188 599.688
Bitumen PFNEA03 451.625 VGO 2% max AAHNJ00 589.975–590.975 590.475
Straight run 0.5-0.7% PKABA03 530.025–531.025 530.525 Reformate AAXPM03 766.313

VGO 0.5-0.6% AAHMY00 598.813–599.813 599.313 *Naphtha FOB is basis east Med. **FOB Amsterdam/Rotterdam/Antwerp.
VGO 2% max AAHNC00 589.550–590.550 590.050
CIF West Africa cargo (PGA page 1111)
Gasoline AGNWC03 742.775

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

European Marketscan March 28, 2025

Market Commentary Renewable fuels (PGA pages 1414, 483 and 2414)
Change

Platts European Gasoline Daily Market Northwest Europe ($/mt)

SAF (H-S) cost of production BJNWA00 2052.975 +31.016
Analysis SAF (H-S) CIF NWE MIRWD00 1760.500 -7.750
SAF (H-S) CIF NWE premium MIRWF00 1010.000 0.000
„ ARA gasoline stocks fall to 13-week low SAF (H-S) FOB FARAG SUAEA00 1761.75 -7.75
SAF (H-S) FOB FARAG premium SUAEB00 1012.50 0.00
„ Ingolstadt refinery restarting after works RD cost of production HVNWA00 1960.185 +27.793
USWC cost of production ($/mt)
Gasoline stocks in the Amsterdam-Rotterdam- SAF (H-S) w/ credits ASAFA00 1767.181 -23.487
SAF (H-S) w/o credits ASAFB00 954.322 -37.251
Antwerp hub fell 3.4% to 1.374 million mt in the RD w/ credits ARDFA00 1690.132 -15.638
week to March 26, according to weekly data by RD w/o credits ARDFB00 980.859 -29.981
Insights Global, as the Northwest European market USWC cost of production ($/b)
SAF (H-S) w/ credits 218.299 -2.901
offloaded stocks that had built to record highs over ASAFE00
SAF (H-S) w/o credits ASAFF00 117.887 -4.601
the winter. Biodiesel price assessments RD w/ credits ARDFE00 209.397 -1.937
Stocks fell to a 13-week low after rising to record Low-High Midpoint Change RD w/o credits ARDFF00 121.522 -3.715
highs, according to the data. USWC cost of production (¢/gal)
Northwest Europe differential to ICE gasoil ($/mt) (PBF page 1313) SAF (H-S) w/ credits ASAFI00 519.759 -6.908
Inventories fell as traders began blending FAME 0 (RED) FOB ARA 621.00-626.00 623.50 -1.00
AAXNT00 SAF (H-S) w/o credits ASAFJ00 280.683 -10.956
and trading greater volumes of summer-grade PME (RED) FOB ARA AAXNY00 591.00-596.00 593.50 -1.00 RD w/ credits ARDFI00 498.564 -4.613
material. RME (RED) FOB ARA AAXNU00 643.00-648.00 645.50 -7.75 RD w/o credits ARDFJ00 289.339 -8.844
SME (RED) FOB ARA AAXNX00 628.25-633.25 630.75 -3.25
Germany’s Ingolstadt refinery said it will be Americas market-based assessment (¢/gal)
UCOME (RED) FOB ARA AUMEA00 858.75 +14.75 SAF CA SAFDA00 703.010 -2.290
gradually restarting units after maintenance SAF CA vs Jet LA SAFDB00 465.130 0.000
from March 28-30. The maintenance was in Carbon credits (PGA page 496) SAF IL SAFDD00 832.270 -2.540
the gasoline production area. Flaring and noise Change SAF IL vs Jet Chicago SAFDE00 624.390 0.000
ATF 30/70 CA SAFDF00 527.880 -2.290
could occur. Platts CEC
ATF 30/30 IL SAFDG00 545.660 -2.540
$/mtCO2e PCECA00 20.000 0.000
Market sources have previously had said Eur/mtCO2e PCECE00 18.567 +0.026 Asia ($/mt)
the refinery was planning maintenance in Jet Fuel Carbon Offset Premiums SAF (H-S) FOB Straits SFSMR00 1642.50 -7.75
March set to involve only some units. Ingolstadt $/b AJFCA00 96.216 0.000 SAF cost of production (H-S, UCO) ASFAC00 2023.690 -0.890
Eur/b 89.321 +0.125 SAF cost of production (H-S, PFAD) ASFAA00 1972.110 +14.890
carried out major maintenance in the spring AJFCB00
RD cost of production (UCO) HVNAA00 1856.460 -0.550
of 2023. RD cost of production (PFAD) HVSAB00 1808.190 +13.680
The front-month FOB AR Eurobob barge swap
was assessed down $2.75/mt at $713.25/mt, with
the equivalent gasoline barge crack up 30 cent/b at Platts NWE Gasoline FOB Barge Daily Rationales markets, in the absence of competitive indications in
$13.15/b. & Exclusions the Platts MOC.
The April/May spread was in a $1.25/mt contango, Gasoline Prem Unleaded 10ppmS FOB AR Barge Gasoline Eurobob FOB AR Barge <AAQZV00>
while the May/June spread was at $4.75/mt. <PGABM00> assessment rationale: assessment rationale:
The April Med/North gasoline differential — the The FOB AR 10 ppm premium unleaded gasoline The Eurobob gasoline barges assessment was
spread between the April FOB Med swaps and the barge was assessed at $727.50/mt and a $9.25/ assessed at $718.25/mt and a $5/mt premium to the
equivalent FOB ARA Eurobob barge — was unchanged mt premium to Eurobob barges, unchanged, based front-month Eurobob swap. The assessment was
at minus 75 cents/mt. The May differential was on the previously established relationship between based on a competitive trade off a bid in the Platts
unchanged at minus $1.75/mt. the Eurobob and 10ppm unleaded gasoline barges MOC.

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

European Marketscan March 28, 2025

Gasoline E10 Eurobob FOB AR Barge <AGEFA00> Carbon Intensity (PGA page 4207)
Daily Carbon Intensity Premium Monthly Carbon Intensity
assessment rationale:
Asia $/bbl Date kgCO2e/bbl
E10 Eurobob gasoline barges were at a $3/mt
Gasoline Unl 92 FOB Singapore Cargo ALCEJ00 0.746 ALCEI00 Feb-25 48.16
discount to the physical E5 Eurobob market, using Jet Kero FOB Singapore Cargo ALCEL00 0.293 ALCEK00 Feb-25 18.93
information heard in the market in the absence of Gasoil 10ppm FOB Singapore Cargo ALCEH00 0.442 ALCEG00 Feb-25 28.54
competitive indications in the Platts Market on Close United States Gulf Coast ¢/gal Date kgCO2e/gal
assessment process. One day of winter grade material Gasoline CBOB USGC Prompt Pipeline ALCEN00 1.581 ALCEM00 Feb-25 1.02
Jet Kero 54 USGC Prompt Pipeline ALCEP00 0.744 ALCEO00 Feb-25 0.48
was reflected in the assessment. ULSD USGC Prompt Pipeline ALCER00 0.961 ALCEQ00 Feb-25 0.62
Exclusions: None Northwest Europe $/mt Date kgCO2e/mt
Platts is part of S&P Global Commodity Insights Gasoline Eurobob (E5) FOB NWE Barge ALCEB00 5.832 ALCEA00 Feb-25 376.28
Jet FOB NWE Barge ALCED00 2.656 ALCEC00 Feb-25 171.36
ULSD 10ppm FOB NWE Barge 2.993 Feb-25 193.12
Platts NWE Med Gasoline Cargo Daily Rationale ALCEF00 ALCEE00

& Exclusions
Gasoline 10ppmS CIF NWE Cargo <AAXFQ00> was at $714.50/mt and a $2.50/mt premium to the April Foreign exchange rates (PGA page 1151)
assessment rationale: swap, down from a $1/mt premium. Value on April 9 March 28, 2025 London 16:30
Dollar/Swiss franc BCADC00 0.8811
The CIF NWE gasoline cargo assessment was was assessed at $713.46/mt based on an outstanding
GB pound/Dollar BCADB00 1.2946
at $769.25/mt and a $51/mt differential to physical offer in the Platts MOC. A daily paper structure of Dollar/Yen BCACW00 150.0400
Eurobob, unchanged on the day. The CIF NWE gasoline around 2 cents/mt per day contango was applied to Euro/Dollar BCADD00 1.0831
Dollar/Ruble AAUJO00 84.9490
cargo market was based on the previously established the front of the physical curve.
relationship between the Eurobob barges and CIF Value on April 13 was assessed at $713.92/mt
NWE cargoes markets in the absence of competitive based on an outstanding offer. Value on April 16 was
indications in the Platts MOC. assessed at $715.48/mt on a competitive outstanding
Gasoline Prem Unleaded 10ppmS FOB Med Cargo bid. A linear structure was drawn between the two
<AAWZA00> assessment rationale: indications while the previously established paper
The FOB Mediterranean gasoline cargo assessment structure was extended to the back of the curve.

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European Marketscan March 28, 2025

Gasoline Prem Unleaded 10ppmS CIF Med Cargo Russian domestic refined products netbacks
Refinery Port Code Rb/mt Change Code $/mt Change Underlying marker
<AAWZB00> assessment rationale:
Middle Distillates (PGA page 1440)
The CIF Mediterranean gasoline cargo assessment Gasoil and Diesel 10 ppm
was derived as a freight net-forward from the FOB Moscow St Peter AAWRP00 74,759.289 -1073.778 AAWRO00 891.746 -8.815 ULSD CIF NWE Crg
Yaroslavl St Peter AAXKP00 75,866.637 -1073.778 AAXKO00 904.955 -8.756 ULSD CIF NWE Crg
Mediterranean gasoline cargo assessment, using NORSI Novorossiysk AAXKA00 68,855.017 -675.479 AAWRU00 821.319 -4.395 ULSD FOB Med Crg
the following: FOB Med gasoline cargo assessment Syzran Novorossiysk AAXKI00 70,011.373 -675.479 AAXKH00 835.112 -4.334 ULSD FOB Med Crg
Komsomolsk Nakhodka AAWRJ00 70,891.548 -74.812 AAWRI00 845.611 +2.845 GO 0.05% SporeCrg
plus the cost of transporting a 30,000mt clean cargo Khabarovsk Nakhodka AAWRD00 72,128.124 -74.812 AAWRC00 860.361 +2.910 GO 0.05% SporeCrg
from a basket of Mediterranean ports to a basket of Ufa Primorsk AAXYF00 73,288.556 -1076.787 AAXYJ00 874.203 -8.928 ULSD CIF NWE Crg
Omsk Novorossiysk AAWKQ00 65,189.713 -675.479 AAWKP00 777.598 -4.589 GO 0.1% Med Crg
Mediterranean destinations. Yaroslavl Primorsk AAWJZ00 76,606.052 -1076.787 AAWJY00 913.775 -8.753 ULSD CIF NWE Crg
Exclusions: None NORSI Primorsk AAWJX00 76,611.944 -1076.787 AAWJW00 913.845 -8.753 ULSD CIF NWE Crg
Kirishi Primorsk AAWJV00 78,914.228 -1076.787 AAWJU00 941.307 -8.632 ULSD CIF NWE Crg
Platts is part of S&P Global Commodity Insights Volgograd Novorossiysk ABXKR00 73,001.389 -675.479 ABXKQ00 870.778 -4.177 ULSD FOB Med Crg
Diesel damping value RNDCD00 14,871.956
Platts European Gasoline, Cargo, Bids, Gasoline (PGA page 1340)
Moscow Vysotsk AAWRT00 84,527.525 -687.047 AAWRS00 1,008.264 -3.707 Eurobob ARA Brg
Offers, Trades Yaroslavl Vysotsk AAXKT00 85,540.121 -687.047 AAXKS00 1,020.343 -3.654 Eurobob ARA Brg
NORSI Novorossiysk AAXKE00 80,601.211 -322.204 AAXKD00 961.430 +0.419 Prem Unl Med Crg
NORSI Vysotsk AAWIN00 84,076.493 -687.047 AAWIO00 1,002.884 -3.731 Eurobob ARA Brg
Oil EMEA Gasoline Cargo Bids Offers Trades Syzran Novorossiysk AAXKL00 81,757.567 -322.204 AAXKK00 975.223 +0.479 Prem Unl Med Crg
Bids: Komsomolsk Nakhodka AAWRL00 82,230.507 -259.022 AAWRK00 980.865 +1.255 Unl 92 Spore Crg
Khabarovsk Nakhodka AAWRF00 83,467.083 -259.022 AAWRE00 995.615 +1.320 Unl 92 Spore Crg
Platts Prem Unl FOB Med Crg FOB bss SPB 10-25, Kirishi Vysotsk AAWIW00 87,802.649 -687.047 AAWIP00 1,047.331 -3.534 Eurobob ARA Brg
BP bids Apr 18-Apr 22 100% Prem Unl 10ppm FOB Med Ufa Vysotsk AAWJE00 81,415.805 -687.047 AAWJD00 971.147 -3.871 Eurobob ARA Brg
Omsk Vysotsk AAWJC00 79,774.877 -687.047 AAWIX00 951.573 -3.958 Eurobob ARA Brg
Crg Full Mnth Apr $-3.00 for 27000-27000 “Optol: 0-6kt: Gasoline damping value RNGCD00 20,081.143
pricing basis FOB Med, B/L plus 3 quotes plus $5/mt. Fuel oil (PGA page 1540)
Moscow St Peter AAWRN00 35,476.339 -407.290 AAWRM00 423.170 -2.968 FO 3.5% ARA Brg
Spec: EN228 EU qualified min 95/85 ron/mon, Yaroslavl St Peter AAXKN00 36,583.687 -407.290 AAXKM00 436.379 -2.910 FO 3.5% ARA Brg
10ppm S max,60 kPa RVP max, REACH compliant, 0.755 NORSI Novorossiysk AAXKC00 32,127.349 -315.382 AAXKB00 383.223 -2.053 FO 3.5% Med Crg
Syzran Novorossiysk AAXKG00 33,283.705 -315.382 AAXKF00 397.016 -1.992 FO 3.5% Med Crg
escalate/de-escalate Komsomolsk Nakhodka AAWRH00 36,776.844 -168.436 AAWRG00 438.683 -0.063 380 CST Spore Crg
Special clause: Any clause(s) in relation to Sanctions Khabarovsk Nakhodka AAWRB00 38,013.420 -168.436 AAWRA00 453.433 +0.002 380 CST Spore Crg
Kirishi Vysotsk AAWJG00 38,726.183 -408.766 AAWJF00 461.935 -2.815 FO 3.5% ARA Brg
and Severability either contained herein or as part of the Ufa Vysotsk AAWJK00 32,339.339 -408.766 AAWJJ00 385.751 -3.151 FO 3.5% ARA Brg
governing general terms and conditions, shall be updated Omsk Vysotsk AAWJI00 30,698.411 -408.766 AAWJH00 366.178 -3.237 FO 3.5% ARA Brg
so as to amend any and all references to “EU”, “European Spot prices assessed by Platts in key markets are used as underlying markers for netback calculations.

Union” and “EU member state” to include “the UK.

“ 15:44:02.009 GMT as part of the governing general terms and conditions, reach compliant, 0.755 escalate/de-escalate.”
Platts Prem Unl FOB Med Crg FOB bss VTT Vasiliko shall be updated so as to amend any and all references 15:44:00.199 GMT
10-25, BP bids Apr 14-Apr 18 100% Prem Unl 10ppm to “EU”, “European Union” and “EU member state” to Platts Prem Unl FOB Med Crg FOB bss Augusta
FOB Med Crg Full Mnth Apr $-3.00 for 27000-27000 include “the UK.” 15:41:43.922 GMT 10-25, TRAFI offers Apr 7-Apr 11 100% Prem Unl 10ppm
“Optol: 0-6kt: pricing basis FOB Med, B/L plus 3 quotes Offers: FOB Med Crg Full Mnth Apr $2.00 for 27000-27000
plus $5/mt. Platts Prem Unl FOB Med Crg FOB bss SPB 10-25, “Optol: 0-6kt (B/L plus 3 quotes) at FOB Med plus
Spec: EN228 EU qualified min 95/85 ron/mon, TRAFI offers Apr 11-Apr 15 100% Prem Unl 10ppm FOB $3.50/mt
10ppm S max,60 kPa RVP max, REACH compliant, 0.755 Med Crg Full Mnth Apr $2.00 for 27000-27000 “Optol: Spec: EN228 EU qualified min 95/85 Ron/
escalate/de-escalate 0-6kt (B/L plus 3 quotes) at FOB Med plus $3.50/mt Mon, 10 ppm S max, 60 Kpa rvp max, EU qualified,
Special clause: Any clause(s) in relation to Spec: EN228 EU qualified min 95/85 Ron/ reach compliant, 0.755 escalate/de-escalate.”
Sanctions and Severability either contained herein or Mon, 10 ppm S max, 60 Kpa rvp max, EU qualified, 15:43:57.629 GMT

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

European Marketscan March 28, 2025

Trades: Asia products

Code Mid Change Code Mid Change
NONE
Singapore (PGA page 2002)
This assessment commentary applies to the
FOB Singpore ($/barrel)
following market data codes: Gasoline 10ppm CIF
Naphtha PAAAP00 70.63–70.67 70.650 +0.300
NWE Cargo <AAXFQ00> Prem Unl 10ppm FOB Italy Gasoline 92 unleaded PGAEY00 82.39–82.43 82.410 +0.050
<AAWZA00> Prem Unl 10ppm CIF Genoa/Lavera Gasoline 95 unleaded PGAEZ00 84.08–84.12 84.100 +0.220
<AAWZB00> Gasoline 97 unleaded PGAMS00 84.89–84.93 84.910 +0.250
Kerosene PJABF00 87.28–87.32 87.300 +0.230

Platts European Naphtha Daily Market Gasoil 0.05% sulfur AAFEX00 86.83–86.87 86.850 +0.270
Gasoil 0.25% sulfur 86.49–86.53 86.510 +0.270
Analysis
AACUE00
Gasoil POABC00 88.17–88.21 88.190 +0.360
Fuel oil 180 CST 2% ($/mt) 471.83–471.87 471.850 +1.490
„ Supply from Med capping cargo price PUAXS00
HSFO 180 CST ($/mt) PUADV00 461.45–461.49 461.470 +1.460
„ ARA stocks up 15% WOW HSFO 380 CST ($/mt) PPXDK00 455.53–455.57 455.550 +0.240
Gasoline components (PBF page 2010)

European naphtha prices inched down to end the FOB Singapore ($/mt)
MTBE PHALF00 732.84–734.84 733.840 +2.590
week as players point to a well-supplied complex on
Singapore swaps (PPA page 2654)
the prompt dates.
April ($/barrel) May ($/barrel)
Naphtha stocks in the ARA region rose 15% to
Naphtha Japan ($/mt) AAXFE00 637.75–638.25 638.000 +2.750 AAXFF00 630.00–630.50 630.250 +2.250
424,000 mt in the week to March 26, according to the Naphtha PAAAQ00 69.23–69.27 69.250 +0.300 PAAAR00 68.38–68.42 68.400 +0.250
Insights Global data. Gasoline 92 unleaded AAXEL00 81.98–82.02 82.000 +0.300 AAXEM00 81.32–81.36 81.340 +0.400
Propane’s discount to naphtha in Northwest Europe Reforming Spread AAXEO00 12.73/12.77 12.750 0.000 AAXEP00 12.92/12.96 12.940 +0.150
has been narrowing steadily on the back of firmer Kerosene PJABS00 86.88–86.92 86.900 +0.260 PJABT00 86.63–86.67 86.650 +0.290
Gasoil POAFC00 87.97–88.01 87.990 +0.280 POAFG00 87.66–87.70 87.680 +0.270
propane prices and greater stability in the naphtha
HSFO 180 CST ($/mt) PUAXZ00 457.46–457.50 457.480 +1.730 PUAYF00 453.98–454.02 454.000 +2.500
markets.
Middle East (PGA page 2004)
Naphtha fundamentals have been largely steady
FOB Arab Gulf ($/barrel)
in the past week as increased supply from the Naphtha ($/mt) PAAAA00 597.52–605.52 601.520 +2.200
Mediterranean makes its way to Northwest Europe, Naphtha LR2 ($/mt) AAIDA00 600.85–608.85 604.850 +1.425
cushioning cargo price levels. Kerosene PJAAA00 84.05–84.09 84.070 +0.190
Petrochemical demand for naphtha has been Gasoil 10 ppm AAIDT00 84.74–84.78 84.76 +0.320
Gasoil 0.005% sulfur AASGJ00 84.66–84.70 84.680 +0.320
strong so far in 2025, with participants painting a
Gasoil 0.05% sulfur AAFEZ00 84.49–84.53 84.510 +0.390
robust picture of naphtha cracking economics, which is Gasoil 0.25% sulfur AACUA00 84.00–84.04 84.020 +0.460
keeping prices well supported. Gasoil POAAT00 84.74–84.78 84.760 +0.320
However, bearish sentiment in the gasoline blending HSFO 180 CST ($/mt) PUABE00 438.89–438.93 438.910 +1.230
sector remains a downside pressure for the naphtha Japan (PGA page 2006)
market, as a depressed gasoline complex weighs on C+F Japan ($/mt) Premium/Discount
buying appetite for summer-grade blendstocks. Naphtha PAAAD00 642.00–650.00 646.000 +2.750
Naphtha MOPJ Strip AAXFH00 626.63–627.13 626.880 +2.130 AAXFI00 18.88/19.38 19.130 +0.630
The front-month CIF NWE naphtha crack was
Naphtha 1st 1/2 May PAAAE00 660.25–660.75 660.500 +2.750
assessed at minus $3.55/b, narrower by 10 cents/b on Naphtha 2nd 1/2 May PAAAF00 649.50–650.00 649.750 +2.750
the day. Naphtha 1st 1/2 Jun PAAAG00 642.00–642.50 642.250 +2.750
(continued on page 11) Gasoline unleaded ($/barrel) PGACW00 85.23–85.27 85.250 +0.050
Kerosene ($/barrel) PJAAN00 87.88–87.92 87.900 +0.150

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

European Marketscan March 28, 2025

US Products: March 27, 2025

Code Mid Change Code Mid Change Code Mid Change
New York Harbor (PGA page 152)

CIF cargoes (¢/gal) RVP
Unleaded 87 AAMHG00 215.59–215.69 215.640 -1.890 AAMHGRV 13.5

$/barrel 1% strip NYH vs 1% strip
No. 6 1.0%** PUAAO00 72.99–73.01 73.000 +0.230 AAUGG00 71.89–71.91 71.900 +0.230 AAUGD00 1.09/1.11 1.100 0.000
USAC HSFO PUAAX00 71.89–71.91 71.900 +0.470 AAUGF00 -0.01/0.01 0.000 +0.240

Settle-based Residual swaps ($/barrel)
No. 6 1.0% paper Bal M AFOAB00 NA NANA
No. 6 1.0% paper 1st month AFOAM01 71.800 +0.250
No. 6 1.0% paper 2nd month AFOAM02 71.250 +0.250
NY numbers include duty.
FOB Gulf Coast (PGA page 156 & 338)

¢/gal RVP
Unleaded 87 PGACT00 216.15–216.25 216.200 +2.510 PGACTRV 9.0
Unleaded 89 PGAAY00 227.45–227.55 227.500 +2.310 PGAAYRV 9.0
Unleaded 93 PGAJB00 244.40–244.50 244.450 +2.010 PGAJBRV 9.0
MTBE PHAKX00 233.40–233.50 233.450 +1.510
Jet 54 PJABM00 221.62–221.72 221.670 +0.240
Jet 55 PJABN00 222.62–222.72 222.670 +0.240
ULS Kero AAVTK00 232.62–232.72 232.670 +0.240
No. 2 POAEE00 206.37–206.47 206.420 -0.410
Alkylate* AAFIE00 14.95/15.05 15.000 -1.000
*Premium to US Gulf Coast pipeline gasoline; DAP

Cargo (¢/gal) Cargo ($/mt)
FOB Naphtha AAXJP00 153.750 +0.250 AAXJU00 581.180 +0.950
Export ULSD AAXRV00 210.460 -0.620 AAXRW00 658.530 -1.940

$/barrel USGC HSFO strip vs 1% strip
Slurry Oil PPAPW00 68.82–68.84 68.830 +0.480 AAUGS00 2.54/2.56 2.550 0.000
No. 6 1.0% 6 API PUAAI00 72.30–72.32 72.310 +0.280 AAUGT00 6.02/6.04 6.030 -0.200
USGC HSFO PUAFZ00 65.82–65.84 65.830 +0.480 AAUGW00 66.27–66.29 66.280 +0.480 AAUGU00 -0.46/-0.44 -0.450 0.000
RMG 380 PUBDM00 65.82–65.84 65.830 +0.480 AAUGV00 -0.46/-0.44 -0.450 0.000

Settle-based Residual swaps ($/barrel)
USGC HSFO swap M1(Apr) AWATM01 66.200 +0.450
USGC HSFO swap M2(May) AWATM02 65.900 +0.300

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

European Marketscan March 28, 2025

The front-month CIF NWE naphtha swap was Delivery basis

assessed at $613.25/mt, down $4.75/mt. The April/
May spread was $1/mt wider at $8.25/mt, and the Please note that the assessments which appear in the FOB Rotterdam barge section have varying delivery bases as
May/June spread was at $7.75/mt, wider by 75 noted below:
cents/mt. Code Delivery basis
The front-month East-West — the spread between Naphtha PAAAM00  FOB Amsterdam-Rotterdam-Antwerp
the CFR Japan naphtha cargo swap and the CIF NWE Eurobob AAQZV00  FOB Amsterdam-Rotterdam
equivalent — was narrower by $1.25/mt at $17.75/ E10 Eurobob AGEFA00 FOB Amsterdam-Rotterdam
mt, while the May spread was $1/mt narrower at 98 RON gasoline 10 ppm AAKOD00  FOB Amsterdam-Rotterdam
$17.50/mt. Premium gasoline 10 ppm PGABM00  FOB Amsterdam-Rotterdam
Reformate AAXPM00  FOB Amsterdam-Rotterdam
Platts NW Europe Naphtha CIF Cargo Daily Jet PJABA00  FOB Flushing-Amsterdam-Rotterdam-Antwerp-Ghent
Rationale & Exclusions Diesel 10 ppm AAJUS00  FOB Amsterdam-Rotterdam-Antwerp
The CIF NWE naphtha cargo <PAAAL00> was Gasoil 50 ppm AAUQC00  FOB Amsterdam-Rotterdam-Antwerp
assessed at $614.75/mt based on the following Gasoil 0.1% AAYWT00  FOB Amsterdam-Rotterdam-Antwerp
inputs: DMA MGO 0.1% LGARD00  FOB Amsterdam-Rotterdam-Antwerp
Value on April15 was assessed at $614.87/mt, based Fuel oil 1.0% PUAAP00  FOB Rotterdam
on an outstanding bid for a 24,000-28,000 mt cargo Fuel oil 3.5% PUABC00  FOB Rotterdam
size. Value on April 9 was assessed at $614.56/mt, Fuel oil 3.5% 500 CST PUAGN00  FOB Rotterdam
based on an outstanding offer for a 32,000-36,000 Marine fuel 0.5% PUMFD00 FOB Rotterdam-Antwerp
mt cargo size. The physical contango structure was Rotterdam bunker 380 CST PUAYW00  Rotterdam Delivered bunkers
extended between the two indications while a flat
structure was applied at both ends of the curve. PLATTS EU NAPHTHA PVO MOC OFFERS ON CLOSE Platts Mediterranean Naphtha FOB Cargo Daily
Exclusions: None CIF BASIS ROTTERDAM Rationale
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE Naphtha FOB Med Cargo <PAAAI00> assessment
Platts NW Europe Naphtha CIF Cargo Bids, CRG MIN QTY 32 KT: 10-25: APRIL 7-11: TRAFIGURA rationale:
Offers, Trades OFFERS 32000.0MT AT NAPHTHA CIF NWE CRG The FOB Mediterranean naphtha cargo assessment
$-1.00 ANY DAY SEE TQC; TQC: {‘PRICING 1-15 APR, was derived as a freight netback from the CIF NWE
PLATTS EU NAPHTHA PVO MOC TRADES ON CLOSE OPTOL +7’} naphtha cargo assessment, using the following
NO TRADES REPORTED CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE assessments: CIF NWE naphtha cargo assessment minus
PLATTS EU NAPHTHA PVO MOC BIDS ON CLOSE CRG MIN QTY 32 KT: 10-25: APRIL 8-12: TRAFIGURA the cost of transporting a 27,500 mt naphtha cargo from
CIF BASIS ROTTERDAM OFFERS 32000.0MT AT NAPHTHA CIF NWE CRG $7.00 Alexandria in the Mediterranean to Rotterdam.
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE FULL MNTH APR; TQC: {‘OPTOL +7’}
CRG 12.5 KT +/- 10%: 10-25: APRIL 8-12: ARAMCO BIDS CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE Platts European Jet Daily Market Analysis
11250.0MT AT NAPHTHA CIF NWE CRG $3.00 FULL CRG MIN QTY 32 KT: 10-25: APRIL 16-20: TRAFIGURA
„ Jet fuel steady as strong fundamentals persist
MNTH APR; TQC: {‘OPTOL +0’} OFFERS 32000.0MT AT NAPHTHA CIF NWE CRG $7.00
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE FULL MNTH APR; TQC: {‘OPTOL +7’} „ China to boost jet exports amid good margins
CRG MIN QTY 24 KT: 10-25: APRIL 13-17: ARAMCO BIDS This assessment commentary applies to the
24000.0MT AT NAPHTHA CIF NWE CRG $3.00 ANY DAY following market data codes: Naphtha CIF NWE Cargo The European jet fuel complex was steady on the
SEE TQC; TQC: {‘10-30TH APRIL PRICING, OPTOL +0’} <PAAAL00> day as strong fundamentals persisted in the market,

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

European Marketscan March 28, 2025

with sources reporting healthy demand and supply, were allocated for low sulfur marine fuels, according to PLATTS JET BRG 2-4KT FOB BARGE: MW3:
while China plans to boost jet fuel exports owing to the sources. APRIL 7-11: BP BIDS 4KMT AT $1.00
good margins. Jet fuel has been the most popular barrel for PLATTS EU MIDDIST BARGE MOC OFFERS
Platts assessed the CIF NWE jet cargo differential exports as it is priced against a monthly average ON CLOSE
unchanged a $54.50/mt premium to the front-month of the Mean of Platts Singapore jet fuel/kerosene NO OFFERS REPORTED
ICE LSGO futures contract. assessments, changing in line with international prices. This assessment commentary applies to the
“Aviation demand is picking up for Easter. The According to a state refiner source, jet fuel’s export following market data codes: Jet FOB Rdam Barge
supply chain is already getting a boost from the Easter margin was the best of the three clean oil products, <PJABA00>
holidays,” said a source in the aviation sector. about Yuan 300/mt ($41.3/mt) higher than that of
“There is strong bidding activity as seen in the gasoline. Platts NWE Jet Cargo Daily Rationales &
Platts MOC,” a Europe-based trader said, adding Upon the allocations of the new round quotas, a Exclusions
that the slight tightness could be attributed to a PetroChina refinery in northeastern China will boost its Jet CIF NWE Cargo <PJAAU00> assessment
dip in imports in March and rising buying activity in jet fuel exports by 33.3% to 160,000 mt in April from rationale:
preparation for summer demand. around 120,000 mt for each month over the first quarter. The CIF NWE jet fuel cargo assessment was based
“The market is just a bit shorter, bit less arrivals Platts is part of S&P Global Commodity Insights on the following inputs, expressed as differentials
than needed,” he said, adding that the second half of to the front-month ICE LSGO futures contract: Value
April was expected to see heavier arrivals. Platts NWE Jet Barge Daily Rationale & on April 15 and 17 was assessed at $53.49/mt, above
Meanwhile, inventories of jet fuel and kerosene in Exclusions a competitive bid. Value on April 16 was assessed
the Amsterdam-Rotterdam-Antwerp refining hub rose Jet FOB FARAG <PJABA00> assessment rationale: at $52.50/mt, between a competitive bid and offer.
by 116,000 mt to 967,000 mt in the week ended March The FOB FARAG jet fuel barges assessment was Value on April 12 was assessed at $55.38/mt above a
27, according to data from Insights Global. based on the previously established relationship competitive bid. A backwardated structure of around
The stocks were up 13.6% week over week and between the jet fuel cargoes and barges markets, in 24 cents/mt was applied to the front and a flat
36.5% higher year over year. the absence of competitive indications in the Platts structure drawn to the back of the curve.
The rise came as refineries in the Amsterdam- MOC. Jet FOB Med Cargo <AAIDL00> Assessment
Rotterdam-Antwerp refining hub have switched over to Exclusions: None Rationale:
maximize jet fuel production given the strong regrade Platts is part of S&P Global Commodity Insights The FOB Mediterranean jet cargo assessment was
and strength across the jet complex from incoming derived as a freight netback to the CIF Northwest
summer air travel demand. Platts NWE Jet Barge Bids, Offers, Trades Europe jet cargo assessment, using the following
“Incentives have changed, so yeah, refineries would calculation: CIF NWE jet cargo assessment minus the
have switched to max jet output a few weeks ago,” the PLATTS EU MIDDIST BARGE MOC TRADES cost of transporting a 27,500 mt clean cargo from
first source said. ON CLOSE Augusta, Italy, to Rotterdam, Netherlands.
In other news, China’s Ministry of Commerce NO TRADES REPORTED Exclusions: None
issued its second batch of export quotas for clean oil PLATTS EU MIDDIST BARGE MOC BIDS ON CLOSE
products and low sulfur marine fuels, amounting to FARAG Platts NWE Daily Jet Cargo Bids, Offers,
18 million mt, sources with knowledge of the matter PLATTS JET BRG 2-4KT CCM: FE1: APRIL 2-6: Trades
told Platts, part of S&P Global Commodity Insights, on BP BIDS 4KMT AT $-2.00
March 28. PLATTS JET BRG 2-4KT CCM: MW3: APRIL 7-11: PLATTS EU MIDDIST PVO MOC TRADES ON CLOSE
In this latest allocation, about 12.8 million mt of BP BIDS 4KMT AT $-2.00 NO TRADES REPORTED
quotas were designated for the export of gasoline, PLATTS JET BRG 2-4KT FOB BARGE: FE1: PLATTS EU MIDDIST PVO MOC BIDS ON CLOSE
gasoil and jet fuel, while the remaining 5.2 million mt APRIL 2-6: BP BIDS 4KMT AT $1.00 CIF BASIS ANTWERP

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European Marketscan March 28, 2025

PLATTS NWE JET CRG: 10-25: APRIL 7-20: ONBOARD IN DRUMS), ISPS COMPLIANT; ; MIN NWE EXCEPTION OF ELECTRICAL CONDUCTIVITY (STADIS
GUNVOR BIDS 27000.0MT AT JET CIF NWE CRG $3.50 CHARTER PARTY OPTIONS AT CHARTER PARTY RATE, TO BE PROVIDED ON BOARD IN DRUMS); CP OPTIONS:
ANY DAY SEE TQC; OPTOL:0.0-6000.0MT JET CIF NWE TERMS AND CONDITIONS.; VESSEL SHELL/BP/TOTAL; ; MIN NWE OPTIONS AT CP RATE; GTCS: BPOI 2015V1.2;
CRG COD AT $3.5; TQC: {‘LAYCAN : SELLER TO DECLARE NON RUSSIAN ORIGIN’} VESSEL: SEAHORSE 1; OTHER: NON RUSSIAN ORIGIN’}
A 5 DAY WINDOW AT THE TIME OF THE TRADE (IF PLATTS NWE JET CRG: 10-25: APRIL 7-12: BP PLATTS NWE JET CRG: 10-25: APRIL 14-18:
APPLICABLE); ; MAIN VOLUME- 27KT PRICING CCM BIDS 27000.0MT AT JET CIF NWE CRG $3.00 ANY DAY ARAMCO OFFERS 27000.0MT AT JET CIF NWE CRG
RELATED ON DATES 1-10 APRIL 2025; ; VOL TOL 0-6KT SEE TQC; OPTOL:0.0-6000.0MT JET CIF NWE CRG $0.25 ANY DAY SEE TQC; OPTOL:0.0-6000.0MT JET CIF
- PRICING CCM RELATED 3 QUOTES AFTER COD COD AT $3.0; TQC: {‘LAYCAN : SELLER TO DECLARE NWE CRG COD AT $1.0; TQC: {‘INDICATION2; LAYCAN:
(COD=DAY ZERO); ; SPEC: JET A1 DEFSTAN 91-091, A 5 DAY WINDOW AT THE TIME OF THE TRADE (IF BUYER TO DECLARE A 5 DAY WINDOW AT THE TIME OF
MEETING JFSCL LATEST ISSUE (CURRENT AT BILL OF APPLICABLE); ; MAIN VOLUME PRICING: 29 MAR - 11 THE TRADE (IF APPLICABLE); MAIN VOLUME PRICING:
LADING) WITH POSSIBLE EXCEPTION OF ELECTRICAL APR; ; SPEC: JET A1 DEFSTAN 91-091, MEETING JFSCL 31.03.2025 - 8.04.2025 (BOTH ENDS INLCUDED); SPEC:
CONDUCTIVITY (STADIS TO BE PROVIDED ON BOARD LATEST ISSUE (CURRENT AT BILL OF LADING) WITH JET A1 DEFSTAN 91-091, MEETING JFSCL LATEST
IN DRUMS), ISPS COMPLIANT ; ; CP OPTIONS: MIN POSSIBLE EXCEPTION OF ELECTRICAL CONDUCTIVITY ISSUE (CURRENT AT BILL OF LADING) WITH POSSIBLE
NWE OPTIONS AT CP RATE.; ; VESSEL CLEARANCES: (STADIS TO BE PROVIDED ON BOARD IN DRUMS), ISPS EXCEPTION OF ELECTRICAL CONDUCTIVITY (STADIS
BP/TOTSA/SHELL; ; OTHER:NON RUSSIAN ORIGIN’} COMPLIANT; ; CP OPTIONS: MIN NWE OPTIONS AT CP TO BE PROVIDED ON BOARD IN DRUMS); CP OPTIONS:
CIF BASIS LE HAVRE CIM TERMINAL RATE.; ; VESSEL CLEARANCES: BP/TOTSA/SHELL; ; MIN NWE OPTIONS AT CP RATE; GTCS: BPOI 2015V1.2;
PLATTS NWE JET CRG: 10-25: APRIL 13-17: OTHER:NON RUSSIAN ORIGIN’} VESSEL: SEAHORSE 1; OTHER: NON RUSSIAN ORIGIN’}
BP BIDS 27000.0MT AT JET CIF NWE CRG $1.00 ANY CIF BASIS THAMES-OIKOS This assessment commentary applies to the
DAY SEE TQC; OPTOL:0.0-6000.0MT JET CIF NWE CRG PLATTS NWE JET CRG: 10-25: APRIL 7-14: BP following market data codes: Jet CIF NWE cargo
COD AT $1.0; TQC: {‘LAYCAN : SELLER TO DECLARE BIDS 27000.0MT AT JET CIF NWE CRG $7.50 ANY DAY <PJAAU00> Jet FOB Italy cargo <AAIDL00>
A 5 DAY WINDOW AT THE TIME OF THE TRADE (IF SEE TQC; OPTOL:0.0-6000.0MT JET CIF NWE CRG
APPLICABLE); ; MAIN VOLUME PRICING: 29 MAR - 11 COD AT $7.5; TQC: {‘LAYCAN : SELLER TO DECLARE Platts European Gasoil Daily Market
APR; ; SPEC: JET A1 DEFSTAN 91-091, MEETING JFSCL A 5 DAY WINDOW AT THE TIME OF THE TRADE (IF Analysis
LATEST ISSUE (CURRENT AT BILL OF LADING) WITH APPLICABLE); MAIN VOLUME PRICING: 29 MAR - 11
„ Med gasoil softens while NWE strengthens
POSSIBLE EXCEPTION OF ELECTRICAL CONDUCTIVITY APR; SPEC: JET A1 DEFSTAN 91-091, MEETING JFSCL
(STADIS TO BE PROVIDED ON BOARD IN DRUMS), ISPS LATEST ISSUE (CURRENT AT BILL OF LADING) WITH „ Maintenance at Elefsis refinery to begin soon
COMPLIANT; ; CP OPTIONS: MIN NWE OPTIONS AT CP POSSIBLE EXCEPTION OF ELECTRICAL CONDUCTIVITY
RATE.; ; VESSEL CLEARANCES: BP/TOTSA/SHELL; ; (STADIS TO BE PROVIDED ON BOARD IN DRUMS), ISPS The Mediterranean 0.1%S gasoil market softened
OTHER:NON RUSSIAN ORIGIN’} COMPLIANT ; CP OPTIONS: MIN NWE OPTIONS AT March 28 amid weaker buying appetite in the
CIF BASIS ROTTERDAM CP RATE.; VESSEL CLEARANCES: BP/TOTSA/SHELL; spot market.
PLATTS NWE JET CRG: 10-25: APRIL 7-11: OTHER:NON RUSSIAN ORIGIN’} The 0.1%S CIF Med gasoil differential to April ICE
GLENCORE BIDS 27000.0MT AT JET CIF NWE CRG PLATTS EU MIDDIST PVO MOC OFFERS ON CLOSE LSGO futures fell 75 cents/mt to $5/mt after April swap
$0.50 ANY DAY SEE TQC; OPTOL:0.0-6000.0MT JET CIF CIF BASIS ROTTERDAM contract was assessed down 50 cents/mt to $4.25/mt.
NWE CRG COD AT $0.5; TQC: {‘INDICATION 1; SELLER TO PLATTS NWE JET CRG: 10-25: APRIL 14-18: Despite a weakening of 0.1%S CIF Med cash
NARROW DATES AT TIME OF BOOKING IF APPLICABLE; ARAMCO OFFERS 27000.0MT AT EFP ICE LS GO $53.50 differentials, Aramco Trading continued to offer
; MAIN VOLUME 27KT PRICING CCM RELATED 1-10 MONTH APR; OPTOL:0.0-6000.0MT AS PER MAIN; TQC: Spanish B+C gasoil into Lavera, France. The trading
APRIL (BOTH INCLUSIVE); ; JET A1 DEFSTAN 91-091, {‘INDICATION3; LAYCAN: BUYER TO DECLARE A 5 DAY arm of Saudi Aramco used to focus its operations on 10
MEETING JFSCL LATEST ISSUE (CURRENT AT BILL WINDOW AT THE TIME OF THE TRADE (IF APPLICABLE); ppm diesel market in the Med, but the company began
OF LADING) (WITH THE POSSIBLE EXCEPTION OF SPEC: JET A1 DEFSTAN 91-091, MEETING JFSCL LATEST to offer 0.1%S gasoil after the differential rose above
ELECTRICAL CONDUCTIVITY) (STADIS TO BE PROVIDED ISSUE (CURRENT AT BILL OF LADING) WITH POSSIBLE ULSD on March 20.

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

European Marketscan March 28, 2025

In the paper market, whereas the April swap was between the physical and paper markets, in the Platts NWE Gasoil 0.1%S Cargo Bids, Offers,
assessed down, the May contract rose $2.50/mt on the absence of competitive indications in the Platts Trades
day to $4/mt. The 0.1%S CIF Med swaps saw an uptick MOC.
in buying appetite in recent weeks as the market Exclusions: None PLATTS EU MIDDIST PVO MOC TRADES ON CLOSE
prepares for the launch of Med Emission Control Area Platts is part of S&P Global Commodity Insights NO TRADES REPORTED
on May 1, which requires shipowners to use marine PLATTS EU MIDDIST PVO MOC BIDS ON CLOSE
fuels with 0.1%S sulfur content. Platts NWE Gasoil 50ppm Barge Daily Rationale NO BIDS REPORTED
Some bunkering suppliers use 0.1%S CIF Med & Exclusions PLATTS EU MIDDIST PVO MOC OFFERS ON CLOSE
assessment to price their marine gasoil 0.1%S Gasoil .005%S (50ppm) FOB ARA Barge NO OFFERS REPORTED
transactions and thus the uptick in interest in 0.1%S <AAUQC00> assessment rationale: This assessment commentary applies to the
CIF Med swaps correlates with an anticipation that The FOB ARA 50 ppm gasoil barge assessment following market data codes: Gasoil 0.1% FOB
0.1%S gasoil demand will increase in the Med due to was based on the previously established relationship NWE cargo <AAYWR00> Gasoil 0.1% CIF NWE cargo
the new regulations. between the physical ULSD and 50 ppm barge <AAYWS00>
In Northwest European cargoes, the differential markets, in the absence of competitive indications in
rose $1.50/mt on the day to $9.75/mt amid a the Platts MOC. Platts Mediterranean Gasoil 0.1%S Cargo Daily
strengthening of April 0.1%S CIF NWE swap from minus Exclusions: None Rationales & Exclusions
50 cents/mt to $1/mt on the day. 0.1%S CIF NWE cash Platts is part of S&P Global Commodity Insights Gasoil 0.1%S FOB Med Cargo <AAVJI00>
differential is at its highest since Dec. 18, 2023, when it assessment rationale:
was at $11/mt. Platts NWE Gasoil 0.1%S Cargo Daily Rationale & The FOB Mediterranean 0.1% gasoil cargo
Stable demand from French consumers, combined Exclusions assessment was derived as a freight netback from
with a limited supply in ARA and around, tightened the Gasoil 0.1%S FOB NWE Cargo <AAYWR00> the CIF Med 0.1% gasoil cargo assessment, using the
market in recent days. assessment rationale: following assessments: CIF Med 0.1% gasoil cargo
In refinery news, Greece’s Helleniq Energy, formerly The FOB Northwest Europe 0.1% gasoil cargo assessment minus the cost of transporting a 30,000 mt
Hellenic Petroleum, said planned maintenance at assessment was derived as a freight netback from clean cargo from a basket of ports in the Mediterranean
its Elefsis (Elefsina) refinery was scheduled to start the CIF NWE 0.1% gasoil cargo assessment, using and Black Sea to Genoa, Italy, and Lavera, France.
March 28. the following assessments: CIF NWE 0.1% gasoil Gasoil .1%S (1000ppm) CIF Med Cargo <AAVJJ00>
The maintenance will last up to three months. It is a cargo assessment minus the cost of transporting assessment rationale:
full turnaround, the company said earlier. a 22,000 mt clean cargo from a basket of ports The CIF Mediterranean 0.1% gasoil cargo
Separately, the small maintenance works at its in the Baltic and Northwest Europe to Le Havre, assessment was based on the previous relationship
Thessaloniki refinery have been completed, it said. France. between the physical and paper markets in the
Market sources said earlier this week that the refinery Gasoil 0.1%S CIF NWE Cargo <AAYWS00> absence of competitive indications in the Platts
was back from maintenance. The scheduled short assessment rationale: Market on Close assessment process.
maintenance at Thessaloniki started March 7. The CIF Northwest Europe 0.1% gasoil Exclusions: None
cargo assessment was based on the previous Platts is part of S&P Global Commodity Insights
Platts NWE Gasoil 0.1% Barge Daily Rationale & relationship between the physical and paper
Exclusions markets in the absence of competitive indications Platts Mediterranean Gasoil 0.1%S Cargo
Gasoil .1%S (1000ppm) FOB ARA Barge <AAYWT00> in the Platts Market on Close assessment Bids, Offers, Trades
assessment rationale: process.
The FOB ARA 0.1% gasoil barge assessment was Exclusions: None PLATTS EU MIDDIST PVO MOC TRADES ON CLOSE
based on the previously established relationship Platts is part of S&P Global Commodity Insights NO TRADES REPORTED

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

European Marketscan March 28, 2025

PLATTS EU MIDDIST PVO MOC BIDS ON CLOSE CP: EUROMED, NEOBIG (EXL YUGO/FORMER YUGO, the week to March 26, Insights Global data showed, to
CIF BASIS ALGECIRAS ALBANIA & SYRIA) BUT INCLUDING TURKEY + be steady year over year.
PLATTS MED 0.1% GASOIL CRG: 10-25: APRIL LIBYA + ALGERIA + TUNISIA + OTHERS AVAILABLE/ “To me, [the market] seems a bit flattish, balanced,”
7-11: ADDAX BIDS 25000.0MT AT GSL0.1CIFMEDCRG OBTAINABLE AT COST; VESSEL: TOTAL/BP/EXXON; said a Northwest European diesel trader. “The levels of
$-2.00 COD +5 QUOTES; TQC: {‘OPTOL: 0-5KT, 5 QUOTES THE PRODUCT DELIVERED BY THE SELLER SHALL inventory seem average like last year but there’s a lot
AFTER COD (COD=0) DIFF AS PER MAIN; SPEC: NOT BE, IN ALL OR IN PART, OF RUSSIAN FEDERATION of space still before storage gets full.”
SPANISH B+C SUMMER; CP: EUROMED NEOBIG+SLOV ORIGIN AND SHALL NOT HAVE BEEN LOADED IN OR Nevertheless, import volumes continue to be high.
ENIA+CROATIA+CANARIES EXCLUDING Y/FYUGO/TOC TRANSPORTED FROM THE RUSSIAN FEDERATION. FOR Overall diesel and gasoil imports into Europe
BUT INCLUDING TURKISH MED+TUNISIA AND OTHERS THESE PURPOSES PRODUCT SHALL BE CONSIDERED are set to reach 6.30 million mt in March,
OBTAINABLE AS PER C/P AT COST; VESSEL: SARAS/ TO BE OF “RUSSIAN FEDERATION ORIGIN” IF IT IS according to shipping data from S&P Global
TOTAL/BP; IT IS A CONDITION OF THIS AGREEMENT PRODUCED IN THE RUSSIAN FEDERATION. SELLER Commodities at Sea.
THAT THE PRODUCT DELIVERED BY THE SELLER AND SHALL PROVIDE PROOF OF ORIGIN OF THE PRODUCT Saudi Arabia has become the largest supplier,
PURCHASED BY THE BUYER SHALL NOT BE,?IN ALL TO SATISFY BUYER\’S REASONABLE DUE DILIGENCE scheduled to send around 1.2 million mt, a 45%
OR IN PART,?OF RUSSIAN FEDERATION ORIGIN AND REQUIREMENTS.’} increase from February volumes.
SHALL NOT HAVE BEEN LOADED IN OR TRANSPORTED PLATTS EU MIDDIST PVO MOC OFFERS ON CLOSE The US and India are the next two largest suppliers,
FROM THE RUSSIAN FEDERATION.?FOR THESE CIF BASIS LAVERA scheduled to send around 616,000 mt and 516,000 mt,
PURPOSES PRODUCT SHALL BE CONSIDERED TO PLATTS MED 0.1% GASOIL CRG: 10-25: respectively, of diesel and gasoil in March.
BE OF?”RUSSIAN FEDERATION ORIGIN”?IF IT IS APRIL 18-22: ARAMCO OFFERS 27000.0MT AT The US exports are notably down 8% month on
PRODUCED IN THE RUSSIAN FEDERATION.?UPON GSL0.1CIFMEDCRG $15.00 ANY DAY SEE TQC; TQC: month, which could partially explain the relatively low
BUYER\’S REQUEST,?SELLER SHALL PROVIDE A {‘LAYCAN: MARKET TAKER TO NARROW TO 5-DAY inventory levels in ARA, given that most USGC arbitrage
PROOF OF ORIGIN OF THE PRODUCT.’} LAYCAN AT TIME OF TRADE, IF APPLICABLE; MAIN barrels generally land in Northwest Europe.
CIF BASIS ARZEW VOLUME: PRICING 12-30 APR; VOL TOL: 0-6 KT, At the same time, domestic refinery production is
PLATTS MED 0.1% GASOIL CRG: 10-25: PRICING 3 AFTER COD (COD=0) AT SAME PREMIUM/ running at high levels with no maintenance expected in
APRIL 10-14: VITOL BIDS 27000.0MT AT EFP ICE LS DISCOUNT AS MAIN; SPEC: 0.1 SPANISH SUMMER the ARA region in April.
GO $1.00 MONTH MAY; TQC: {‘MAIN VOL PRICING : B+C; CP: EUROMED NEOBIG EXC Y/FY, INCLUDING The Shell Energy and Chemicals Park Rotterdam
EFP; OPTOL: 0-6KT EFP AS PER MAIN; SPEC:0.1% SLOVENIA+CROATIA+SOM+TURKISH MED+ OTHERS refinery — formerly Pernis — has completed its partial
ALGERIAN SPEC MIN 50 CI; CP: EUROMED, NEOBIG OBTAINABLE; VESSEL: BP/SHELL/KPI’} maintenance, according to market sources. The
(EXC YUGO/FORMER YUGO/ALBANIA,SYRIA BUT This assessment commentary applies to the maintenance, which started in February, involved a
INC CROATIA/SLOVENIA)+MOROCCO+TURKEY following market data codes: Gasoil 0.1% FOB Italy vacuum distillation unit, sources had said previously.
INC SOM+LIBYA+EGYPT MED, OTHER CP OPTIONS <AAVJI00> Gasoil 0.1% CIF Genoa/Lavera <AAVJJ00> Meanwhile, European demand continues to be
AVAILABLE/OBTAINABLE AT COST; VESSEL:SHELL/ subdued ahead of the start of the agricultural season
BP/EXXON’} Platts European Diesel Daily Market in April/May, when diesel demand is expected to pick
PLATTS MED 0.1% GASOIL CRG: 10-25: APRIL Analysis up substantially.
10-14: TRAFIGURA NO LONGER BIDS 27000.0MT AT “It feels like a turning point,” said the same trader.
„ ARA diesel, gasoil stocks down 3% on week
GSL0.1CIFMEDCRG $1.00 ANY DAY SEE TQC AFTER “I’m waiting to see what happens next week.”
WITHDRAWAL (16:07:31); TQC: {‘MAIN PRICING: 3 „ USGC diesel exports to Europe down 8% MOM The prompt April/May ICE LSGO futures spread
AFTER COD (COD=0); OPTOL:0-6KT DIFF AS PER was assessed by Platts at $4/mt, while the May/June
MAIN, PRICING 3 QUOTES AFTER COD(COD=0); Diesel and gasoil stocks in the Amsterdam- spread was in a $5/mt backwardation.
SPEC: SPANISH B+C WITH MIN 50 CETANE INDEX; Rotterdam-Antwerp hub fell 2.8% to 2.108 million mt in Platts is part of S&P Global Commodity Insights

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

European Marketscan March 28, 2025

Platts NWE ULSD Barge Daily Rationale & around 16 cents/mt in backwardation was then applied SHALL NOT HAVE BEEN LOADED IN OR TRANSPORTED
Exclusions to the rest of the curve. FROM THE RUSSIAN FEDERATION. FOR THESE
ULSD 10ppmS FOB ARA Barge <AAJUS00> ULSD 10ppmS CIF NWE Basis Le Havre Cargo PURPOSES PRODUCT SHALL BE CONSIDERED
assessment rationale: <AAWZC00> assessment rationale: TO BE OF “RUSSIAN FEDERATION ORIGIN” IF IT IS
The ULSD FOB ARA barge assessment was based The CIF Northwest Europe (Le Havre) diesel cargo PRODUCED IN THE RUSSIAN FEDERATION. SELLER
on the following input, expressed as differentials to the assessment was derived as a freight net forward from SHALL PROVIDE PROOF OF ORIGIN OF THE PRODUCT
front-month ICE LSGO futures contract: Value on April the CIF NWE (ARA) diesel cargo assessment, using the TO SATISFY BUYER\’S REASONABLE DUE DILIGENCE
4 was assessed at 0 cent/mt, based on a competitive following assessments: CIF NWE (ARA) diesel cargo REQUIREMENTS.’}
offer in the Platts Market on Close assessment assessment plus the cost of transporting a 30,000 PLATTS EU MIDDIST PVO MOC OFFERS ON CLOSE
process. Value on April 7 was assessed at minus 25 mt clean cargo from a basket of ports in Northwest CIF BASIS AMSTERDAM
cents/mt, below a competitive offer in the MOC. Value Europe to Le Havre, France. PLATTS NWE ULSD CRG: APRIL 14-18:
on April 10 was assessed at minus 25 cents/mt, above Exclusions: None BP OFFERS 27000.0MT AT EFP ICE LS GO $11.00
a competitive bid in the MOC. A linear structure was Platts is part of S&P Global Commodity Insights MONTH APR; TQC: {‘MAIN VOLUME PRICING : EFP;
drawn between April 4 and April 7 and extended to OPTOL: 0-6KT, PREMIUM EFP AS PER MAIN; SPEC:
the front of the curve. A linear structure was drawn Platts NWE ULSD Cargo Bids, Offers, Trades ULSD 10PPM FRENCH SUMMER SPEC, CLEAR &
between April 7 and April 10 and extended to the back BRIGHT,0.842 MAX DENS; CP: HAMBURG-BDX, NORTH
of the curve. PLATTS EU MIDDIST PVO MOC TRADES ON CLOSE SPAIN + ECUK, OTHERS; OBTAINABLE AT COST;
Exclusions: None NO TRADES REPORTED VESSEL: BP/SHELL/TOTAL; 100% NON RUSSIAN’}
Platts is part of S&P Global Commodity Insights PLATTS EU MIDDIST PVO MOC BIDS ON CLOSE PLATTS NWE ULSD CRG: APRIL 17-22:
CIF BASIS AMSTERDAM BP OFFERS 27000.0MT AT EFP ICE LS GO $9.00
Platts NWE ULSD Cargo Daily Rationales & PLATTS NWE ULSD CRG: APRIL 13-17: VITOL MONTH APR; TQC: {‘MAIN VOLUME PRICING : EFP;
Exclusions BIDS 25000.0MT AT EFP ICE LS GO $9.00 MONTH APR; OPTOL: 0-6KT, PREMIUM EFP AS PER MAIN; SPEC:
ULSD 10ppmS CIF NWE Cargo <AAVBG00> TQC: {‘100% NON RUSSIAN ORIGIN; LAYCAN: SELLER ULSD 10PPM FRENCH SUMMER SPEC, CLEAR &
assessments rationale: TO NARROW 5 DAY LAYCAN AT TIME OF TRADE (IF BRIGHT,0.842 MAX DENS; CP: HAMBURG-BDX, NORTH
The CIF NWE diesel cargo assessment was based APPLICABLE); MAIN PRICING:AS PER EFP; OPTOL:0- SPAIN + ECUK, OTHERS; OBTAINABLE AT COST;
on the following input, expressed as differentials to the 5KT AS PER MAIN INDICATION; SPECS:ULSD 10PPM VESSEL: BP/SHELL/TOTAL; 100% NON RUSSIAN’}
front-month ICE LSGO futures contract: Value on April FRENCH SUMMER SPEC, C&B, 842 MAX DENSITY; CIF BASIS LE HAVRE
19 was assessed at $8.75/mt, below a competitive offer CP: HBG-BDX RANGE+NSPAIN+ECUK+OTHERS PLATTS NWE ULSD CRG: APRIL 7-11:
in the Platts Market on Close assessment process. OBTAINABLE AT COST ; VESSEL:EXXON/SHELL/TOTSA’} GLENCORE OFFERS 36000.0MT AT EFP ICE LS GO
The previously established paper structure of around PLATTS NWE ULSD CRG: APRIL 18-22: $9.50 MONTH APR; TQC: {‘INDICATION 1; MAIN VOLUME:
16 cents/mt in backwardation was then applied to the MERCURIA BIDS 27000.0MT AT ULSD CIFNWE CRG 36KT AS PER EFP; OPTOL: 0-8KT IN S.O ; EFP AS
rest of the curve. $0.00 ANY DAY SEE TQC; TQC: {‘INDICATION 1:; ; MAIN PER MAIN INDICATION; SPEC: ULSD 10PPM FRENCH
ULSD 10ppmS CIF NWE Basis UK Cargo <AAVBH00> PRICING: 5 QUOTES AFTER COD ; OPTOL: 0-6KT, 5 SUMMER INC. MAX DENSITY 0.842; CP: HAMBURG-
assessment rationale: QUOTES AFTER COD, AS PER MAIN INDICATION ; BDX, NORTH SPAIN + ECUK; VESSEL: BP/TOTAL/SHELL;
The CIF UK diesel cargo assessment was based on SPEC: ULSD 10PPM UK SUMMER SPEC, 0.8420 MAX, GTC: BP 2015’}
the following input, expressed as differentials to the C&B ; CP: HAMBURG-BDX RANGE + NORTH SPAIN CIF BASIS THAMES
front-month ICE LSGO futures contract: Value on April + ECUK+ POLAND OPTION + OTHERS OBTAINABLE PLATTS NWE ULSD CRG: APRIL 8-12: BP
10 was assessed at $11.50/mt, below a competitive AT COST; VESSEL: BP/SHELL/TOTSA ; THE PRODUCT OFFERS 27000.0MT AT EFP ICE LS GO $8.50 MONTH
offer in the Platts Market on Close assessment DELIVERED BY THE SELLER SHALL NOT BE, IN ALL APR; TQC: {‘MAIN VOLUME PRICING : EFP; OPTOL:
process. The previously established paper structure of OR IN PART, OF RUSSIAN FEDERATION ORIGINAND 0-6KT, PREMIUM EFP AS PER MAIN; SPEC: ULSD

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

European Marketscan March 28, 2025

10PPM UK SUMMER SPEC, CLEAR & BRIGHT,0.842 offer in the MOC. Value on April 15 was assessed at C+B, MIN 60 DEG C FLASH; CP:\TEUROMED NEOBIG +
MAX DENS; CP: HAMBURG-BDX + ECUK, OTHERS; $7.48/mt above a competitive bid in the MOC. Value on EXCL. Y/FYUGO/TOC BUT INCL. SLOVENIA + CROATIA
OBTAINABLE AT COST; VESSEL: HANSA SEALEADER; April 18 was assessed at $7.48/mt above a competitive + TURKISH MED + SOM + MOROCCO + OTHERS AS
100% NON RUSSIAN’} bid in the MOC. Value on April 20 was assessed at AVAILABLE AS PER CP/OBTAINABLE AT COST.\T;
This assessment commentary applies to the $5.15/mt between a competitive bid and a competitive VESSEL:\TBP/ SHELL/ ENI’}
following market data codes: Diesel 10ppm CIF UK NWE offer in the MOC. A linear structure was drawn between CIF BASIS MALTA
cargo <AAVBH00> Diesel 10 ppm NWE CIF NWE cargo April 9 and April 14 and extended to the front of the PLATTS MED ULSD CRG: APRIL 9-20: VITOL
<AAWZC00> ULSD 10 ppm CIF NWE cargo <AAVBG00> curve. A linear structure was drawn between April 15 BIDS 25000.0MT AT EFP ICE LS GO $1.00 MONTH APR;
and April 18. A linear structure was drawn between TQC: {‘MAIN VOL PRICING : EFP; OPTOL: 0-5KT EFP PER
Platts UK ULSD Cargo MOC Bids, Offers, April 18 and April 20. The previously established paper MAIN; SPEC:ULSD 10PPM FRENCH SUMMER SPEC,
Trades structure of around 17 cents/mt in backwardation was 0.842DEN,CLEAR&BRIGHT,BIO FREE,; CP:EUROMED
then applied to the rest of the curve. NEOBIG EXC Y/Y,INCLUDING SLOVENIA+CROATIA+SOM
Bids: none. Exclusions: None +TURKISHMED+MOROCCO+ LIBYA+ROMANIA+EGYPT
Offers: Mediterranean ULSD Cargo Daily Rationale & MED (INC ALEX)+ALGERIA+ OTHER CP OPTIONS
1) BP Offer [16:26:45], Thames, Tue 08 Apr - Sat 12 Exclusions AVAILABLE/OBTAINABLE AT COST; VESSEL:TOTAL/
Apr, Main: 27kt, “Main volume pricing : EFP BP/EXXON’}
Optol: 0-6kt, premium EFP as per main Platts Mediterranean ULSD 10ppm FOB Cargo PLATTS MED ULSD CRG: APRIL 12-20: VITOL
Spec: ULSD 10ppm uk summer Spec, clear & Daily Rationale BIDS 27000.0MT AT ULSD CIFMED CRG $-6.00 ANY
bright,0.842 max dens ULSD 10ppmS FOB Med Cargo <AAWYY00> DAY SEE TQC; TQC: {‘MAIN VOL PRICING : 29 MAR - 02
CP: Hamburg-Bdx + ECUK, others assessment rationale: APR; OPTOL: 0-6KT PREMIUM PER MAIN AS PER MAIN
obtainable at cost The FOB Mediterranean 10ppm ULSD cargo COD+5; SPEC:ULSD 10PPM FRENCH SUMMER SPEC,
Vessel: hansa sealeader assessment was derived as a freight netback from the 0.842DEN,CLEAR&BRIGHT,BIO FREE,; CP:EUROMED
100% Non Russian”, 100% of main at EFP ICE LS GO CIF Med 10ppm ULSD cargo assessment, using the NEOBIG EXC Y/Y,INCLUDING SLOVENIA+CROATIA+SOM
$8.50/mt, Month, Apr following assessments: CIF Med 10ppm ULSD diesel +TURKISHMED+MOROCCO+ LIBYA+ROMANIA+EGYPT
Trades: none. cargo assessment minus the cost of transporting a MED (INC ALEX)+ OTHER CP OPTIONS AVAILABLE/
This assessment commentary applies to the 30,000 mt clean cargo from a basket of ports in the OBTAINABLE AT COST; VESSEL:SHELL/BP/EXXON’}
following market data code: Diesel 10ppm UK Cargoes Med to Genoa, Italy, and Lavera, France. PLATTS MED ULSD CRG: APRIL 17-22: VITOL
<AAVBH00> BIDS 25000.0MT AT EFP ICE LS GO $1.00 MONTH APR;
Platts Oil Diesel Mediterranean Bids, TQC: {‘MAIN VOL PRICING : EFP; OPTOL: 0-5KT EFP PER
Platts Mediterranean ULSD Cargo Daily Offers, Trades MAIN; SPEC:ULSD 10PPM FRENCH SUMMER SPEC,
Rationale & Exclusions 0.842DEN,CLEAR&BRIGHT,BIO FREE,; CP:EUROMED
ULSD 10ppmS CIF Med Cargo <AAWYZ00> PLATTS EU MIDDIST PVO MOC TRADES ON CLOSE NEOBIG EXC Y/Y,INCLUDING SLOVENIA+CROATIA+SOM
assessment rationale: NO TRADES REPORTED +TURKISHMED+MOROCCO+ LIBYA+ROMANIA+EGYPT
The CIF Med diesel cargo assessment was based PLATTS EU MIDDIST PVO MOC BIDS ON CLOSE MED (INC ALEX)+ALGERIA+ OTHER CP OPTIONS
on the following input, expressed as differentials to the CIF BASIS LAVERA AVAILABLE/OBTAINABLE AT COST; VESSEL:SHELL/
front-month ICE LSGO futures contract: Value on April PLATTS MED ULSD CRG: APRIL 8-14: GUNVOR BP/EXXON’}
9 was assessed at $7.11/mt, between a competitive bid BIDS 25000.0MT AT ULSD CIFMED CRG $-4.00 ANY CIF BASIS TANGIER
and a competitive offer in the Platts Market on Close DAY SEE TQC; TQC: {‘INDICATION:\T1\T; MAIN PRICING:\ PLATTS MED ULSD CRG: APRIL 7-11: VITOL
assessment process. Value on April 14 was assessed TCOD + 5; OPTOL:\T0-5 KT PRICE AS PER MAIN PRICE BIDS 27000.0MT AT EFP ICE LS GO $6.50 MONTH APR;
at $7/mt, between a competitive bid and a competitive DIFF AND PRICING\T; SPEC:\TULSD FRENCH SUMMER, TQC: {‘MAIN VOL PRICING : EFP; OPTOL: 0-6KT EFP PER

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

European Marketscan March 28, 2025

MAIN; SPEC:ULSD 10PPM FRENCH SUMMER SPEC, PLATTS MED ULSD CRG: APRIL 18-22: “There’s probably an element of there being no
0.842DEN,CLEAR&BRIGHT,BIO FREE,; CP:EUROMED ARAMCO OFFERS 27000.0MT AT ULSD CIFMED CRG blending margin so people are buying less.”
NEOBIG EXC Y/Y,INCLUDING SLOVENIA+CROATIA+S $0.00 ANY DAY SEE TQC; TQC: {‘LAYCAN: MARKET Supply availability of high sulfur fuel oil in the region
OM+TURKISHMED+MOROCCO+ LIBYA+EGYPT MED TAKER TO NARROW TO 5-DAY LAYCAN AT TIME OF also remained tight in tandem with a weekly decline in
(INC ALEX)+ALGERIA+ OTHER CP OPTIONS AVAILABLE/ TRADE, IF APPLICABLE; MAIN VOLUME: PRICING inflows.
OBTAINABLE AT COST; VESSEL:TOTAL/BP/EXXON’} 22-30 APR; VOL TOL: 0-6 KT, PRICING 3 AFTER HSFO imports into Northwest Europe over the
CIF BASIS VALENCIA COD (COD=0) AT SAME PREMIUM/DISCOUNT AS week commencing March 24 are anticipated to decline
PLATTS MED ULSD CRG: APRIL 8-12: VITOL MAIN; SPEC: ULSD 10 PPM FRENCH SUMMER. about 60% from the previous week, Kpler data showed
BIDS 27000.0MT AT ULSD CIFMED CRG $-3.00 ANY C+B; CP: EUROMED NEOBIG EXC Y/FY, INCLUDING March 28.
DAY SEE TQC; TQC: {‘MAIN VOL PRICING : COD+5; SLOVENIA+CROATIA+SOM+TURKISH MED+ OTHERS “HSFO is [seeing] less import,” an NWE-based
OPTOL: 0-6KT AS PER MAIN, PXG COD+10; SPEC:ULSD OBTAINABLE; VESSEL: BP/SHELL/KPI’} market participant said, adding that trans-Atlantic
10PPM SPANISH SUMMER SPEC M60 FLASH, This assessment commentary applies to the flows out of Mexico were also anticipated to taper in
0.842DEN,CLEAR&BRIGHT,BIO FREE,; CP:EUROMED following market data codes: 10 ppm ULSD CIF Genoa/ the months ahead.
NEOBIG EXC Y/Y,INCLUDING SLOVENIA+CROATIA+SOM Lavera cargo <AAWYZ00> “Mexico will produce a lot less than what they used
+TURKISHMED+MOROCCO+ LIBYA+ROMANIA+EGYPT to do,” the market participant said, highlighting that
MED (INC ALEX)+ OTHER CP OPTIONS AVAILABLE/ Platts European Fuel Oil Daily Market output levels may be capped due to poor maintenance.
OBTAINABLE AT COST; VESSEL:SHELL/BP/EXXON’} Analysis Trading activity in the Med HSFO market remained
PLATTS EU MIDDIST PVO MOC OFFERS ON CLOSE muted March 28 with no indications floated during the
„ ARA fuel oil stocks at 17-month low
CIF BASIS LAVERA Platts Market on Close assessment process and little
PLATTS MED ULSD CRG: APRIL 12-16: ARAMCO „ NWE, Med demand both heard weak liquidity heard from the over-the-counter market.
OFFERS 27000.0MT AT ULSD CIFMED CRG $1.25 ANY “[I am] seeing zero demand,” a Med-based trading
DAY SEE TQC; TQC: {‘LAYCAN: MARKET TAKER TO Fuel oil inventories in Northwest Europe continued source said.
NARROW TO 5-DAY LAYCAN AT TIME OF TRADE, IF to decline even as lackluster demand in the region Looking ahead, market participants await the uptick
APPLICABLE; MAIN VOLUME: PRICING 16-25 APR; VOL persisted. in power generation demand from the Middle East that
TOL: 0-6 KT, PRICING 3 AFTER COD (COD=0) AT SAME Fuel oil stocks in the Amsterdam-Rotterdam- could keep a floor under prices.
PREMIUM/DISCOUNT AS MAIN; SPEC: ULSD 10 PPM Antwerp refining hub fell 3.5% to 1.088 million mt in “Egypt and Saudi will start buying for power
FRENCH SUMMER. C+B; CP: EUROMED NEOBIG EXC the week to March 27, Insights Global data showed. generation, so will be exciting months ahead,” the
Y/FY, INCLUDING SLOVENIA+CROATIA+SOM+TURKISH Stocks fell for a sixth consecutive week and hitting at previous source said.
MED+ OTHERS OBTAINABLE; VESSEL: BP/SHELL/KPI’} 17-month low. Platts is part of S&P Global Commodity Insights
PLATTS MED ULSD CRG: APRIL 7-11: The decline continued to be driven by destocking of
ARAMCO OFFERS 27000.0MT AT ULSD CIFMED CRG very low sulfur fuel oil ahead of the implementation of Platts FOB Rotterdam 0.5% Marine Fuel Barge
$0.50 ANY DAY SEE TQC; TQC: {‘LAYCAN: MARKET the Mediterranean Emission Control Area. Daily Rationale & Exclusions
TAKER TO NARROW TO 5-DAY LAYCAN AT TIME OF Market participants highlighted uncertainty in their Marine Fuel 0.5% FOB Rotterdam barge $/mt
TRADE, IF APPLICABLE; MAIN VOLUME: PRICING outlook for demand for 0.5%S fuel oil as the Med ECA <PUMFD00> assessment rationale:
14-22 APR; VOL TOL: 0-6 KT, PRICING 3 AFTER mandate requires a lower 0.1% sulfur content for fuel The Marine Fuel 0.5% FOB Rotterdam barge $/
COD (COD=0) AT SAME PREMIUM/DISCOUNT AS used on vessels. mt <PUMFD00> assessment rationale was based on
MAIN; SPEC: ULSD 10 PPM FRENCH SUMMER. Notably, the draw in ARA stockpiles did not appear the following inputs: Value on April 7 was assessed at
C+B; CP: EUROMED NEOBIG EXC Y/FY, INCLUDING to track an increase in demand. $480.25/mt, above a competitive outstanding bid for
SLOVENIA+CROATIA+SOM+TURKISH MED+ OTHERS “Neither [the HSFO or LSFO] market seems the mid-window dates in the Platts Market on Close
OBTAINABLE; VESSEL: BP/SHELL/KPI’} particularly buoyant,” one market participant noted. assessment process. Value on April 10 was assessed at

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

European Marketscan March 28, 2025

$479.75/mt, below a competitive outstanding offer for 14. PLATTS MARINE FUEL: BE: APRIL 8-12: Platts Med 0.5% Marine Fuel Daily Rationale &
the back-end dates in the MOC. A daily backwardation GLENCORE BIDS 2KMT AT $478.00 Exclusions
of around 13 cents/mt was applied from the mid-window 15. PLATTS MARINE FUEL: BE: APRIL 8-12: Marine Fuel 0.5% FOB Mediterranean cargo $/mt
to the front of the physical curve in line with paper MERCURIA BIDS 2KMT AT $477.00 <MFFMM00> assessment rationale:
structure. A daily backwardation of around 17 cents/mt 16. PLATTS MARINE FUEL: BE: APRIL 8-12: ORIM The FOB Mediterranean 0.5%S marine fuel cargo
was implied between the mid-window and back-end and BIDS 2KMT AT $476.00 assessment was derived as a freight netback to
extended to the back of the physical curve. 17. PLATTS MARINE FUEL: BE: APRIL 8-12: ORIM the CIF Mediterranean 0.5%S marine fuel cargo
Exclusions: None BIDS 2KMT AT $476.00 assessment, using the following assessments: the CIF
Platts is part of S&P Global Commodity Insights 18. PLATTS MARINE FUEL: BE: APRIL 8-12: Mediterranean 0.5%S marine fuel cargo assessment
NORTHSTAR BIDS 2KMT AT $476.00 minus the cost of transporting a 30,000 mt marine fuel
Platts FOB Rotterdam 0.5% Marine Fuel Offers: cargo between a basket of Mediterranean ports.
Barge Bids, Offers, Trades 1. PLATTS MARINE FUEL: FE: APRIL 2-6: TOTAL Marine Fuel 0.5% CIF Mediterranean cargo $/mt
OFFERS 2KMT AT $481.00 <MFCMM00> assessment rationale:
Bids: 2. PLATTS MARINE FUEL: FE: APRIL 2-6: VITOL 0.5%S CIF Med cargoes were assessed in line
1. PLATTS MARINE FUEL: FE: APRIL 2-6: OFFERS 2KMT AT $482.00 with the previously established differential between
GLENCORE BIDS 2KMT AT $478.00 3. PLATTS MARINE FUEL: FE: APRIL 2-6: the physical and paper markets, in the absence of
2. PLATTS MARINE FUEL: FE: APRIL 2-6: UNITED EXXONMOBIL OFFERS 2KMT AT $482.00 competitive indications in the Platts Market on Close
BIDS 2KMT AT $477.00 4. PLATTS MARINE FUEL: MW: APRIL 5-9: VITOL assessment process.
3. PLATTS MARINE FUEL: FE: APRIL 2-6: ORIM OFFERS 2KMT AT $482.00 Exclusions: None
BIDS 2KMT AT $476.00 5. PLATTS MARINE FUEL: MW: APRIL 5-9: Platts is part of S&P Global Commodity Insights
4. PLATTS MARINE FUEL: FE: APRIL 2-6: ORIM EXXONMOBIL OFFERS 2KMT AT $482.00
BIDS 2KMT AT $476.00 6. PLATTS MARINE FUEL: BE: APRIL 8-12: TOTAL Platts Oil Med Daily 0.5% Marine Fuel Bids,
5. PLATTS MARINE FUEL: FE: APRIL 2-6: OFFERS 2KMT AT $480.00 Offers, Trades
NORTHSTAR BIDS 2KMT AT $476.00 7. PLATTS MARINE FUEL: BE: APRIL 8-12: VITOL
6. PLATTS MARINE FUEL: MW: APRIL 5-9: BP BIDS OFFERS 2KMT AT $482.00 Platts 0.5% FOB Med Marine Fuel Bids,
2KMT AT $480.00 8. PLATTS MARINE FUEL: BE: APRIL 8-12: Offers, Trades:
7. PLATTS MARINE FUEL: MW: APRIL 5-9: EXXONMOBIL OFFERS 2KMT AT $482.00 Bids: None.
GLENCORE BIDS 2KMT AT $478.00 Trades: Offers: None.
8. PLATTS MARINE FUEL: MW: APRIL 5-9: UNITED 1. PLATTS MARINE FUEL: FE: APRIL 2-6: VITOL Trades: None.
BIDS 2KMT AT $477.00 SELLS TO BP* 2KMT AT $480.00 (16:29:54) This assessment commentary applies to the
9. PLATTS MARINE FUEL: MW: APRIL 5-9: ORIM 2. PLATTS MARINE FUEL: MW: APRIL 5-9: following market data codes: Marine Fuel 0.5% FOB
BIDS 2KMT AT $476.00 UNITED BUYS FROM TOTAL* 2KMT AT $480.00 Mediterranean cargo $/mt<MFFMM00>
10. PLATTS MARINE FUEL: MW: APRIL 5-9: ORIM (16:29:15) Platts 0.5% CIF Med Marine Fuel Bids,
BIDS 2KMT AT $476.00 3. PLATTS MARINE FUEL: MW: APRIL 5-9: BP Offers, Trades:
11. PLATTS MARINE FUEL: MW: APRIL 5-9: BUYS FROM TOTAL* 2KMT AT $480.00 (16:29:25) Bids: None.
NORTHSTAR BIDS 2KMT AT $476.00 4. PLATTS MARINE FUEL: MW: APRIL 5-9: TOTAL Offers: None.
12. PLATTS MARINE FUEL: MW: APRIL 5-9: SELLS TO BP* 2KMT AT $480.00 (16:29:34) Trades: None.
MERCURIA BIDS 2KMT AT $476.00 This assessment commentary applies to the This assessment commentary applies to the
13. PLATTS MARINE FUEL: BE: APRIL 8-12: BP following market data codes: Marine Fuel 0.5% FOB following market data codes: Marine Fuel 0.5% CIF
BIDS 2KMT AT $479.00 Rdam barge $/mt <PUMFD00> Mediterranean cargo $/mt <MFCMM00>

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

European Marketscan March 28, 2025

Platts Rotterdam Fuel Oil Barge Daily Rationales net forward to the FOB Northwest European FO 1%S FOB Med Cargo <PUAAK00> assessment
& Exclusions low sulfur fuel oil cargo assessment using the rationale:
FO 1%S FOB Rdam Barge <PUAAP00> assessment following input: the FOB Northwest European low The FOB Mediterranean low sulfur fuel oil cargo
rationale: sulfur fuel oil cargo assessment plus the cost assessment was derived as a freight netback to
The 1%S FOB Rdam barges were assessed in line of transporting a 30,000 mt fuel oil cargo from the CIF Mediterranean low sulfur fuel oil cargo
with the previously established relationship to 1% FOB a basket of NWE ports to the assessment basis assessment, using the following assessments: the CIF
NWE physical cargoes in the absence of competitive port of Antwerp. Mediterranean low sulfur fuel oil cargo assessment
indications in the Platts Market on Close assessment FO 1%S FOB NWE Cargo <PUAAM00> assessment minus the cost of transporting a 30,000 mt fuel oil
process. rationale: cargo between a basket of Mediterranean ports
FO 3.5%S FOB Rdam Barge <PUABC00> 1%S FOB NWE cargoes were assessed in line with FO 3.5%S CIF Med Cargo <PUAAY00> assessment
assessment rationale: the previously established differential between the rationale:
The 3.5%S FOB Rotterdam barges were assessed physical and paper markets, adjusted higher by 25 The 3.5%S CIF Med cargoes were assessed in line
based on the following inputs: Value on April 4 was cents/mt in the absence of competitive indications in with the previously established relationship between
assessed at $437.50/mt, in-line with a traded offer the Platts Market on Close assessment process. the physical and the paper markets, adjusted 25 cents/
for the front-end dates in the Platts Market on Close Exclusions: None mt lower, in the absence of competitive indications in
assessment process. Value on April 7 was assessed Platts is part of S&P Global Commodity Insights the Platts Market on Close assessment process.
at $437.25/mt, above a competitive outstanding bid FO 3.5%S FOB Med Cargo <PUAAZ00> assessment
for the mid-window dates in the MOC. Value on April Platts NW Europe Fuel Oil 1%S Cargo Bids, rationale:
10 was assessed at $436.50/mt, below a competitive Offers, Trades The FOB Mediterranean high sulfur fuel oil cargo
outstanding offer for the back-end dates in the MOC. A assessment was derived as a freight netback to the CIF
daily backwardation of around 8 cents/mt was implied Bids: None. Mediterranean high sulfur fuel oil cargo assessment,
between front-end and mid-window and extended to Offers: None. using the following assessments: CIF Mediterranean
the front of the physical curve. A daily backwardation Trades: None. high sulfur fuel oil cargo assessment minus the cost
of around 25 cents/mt was implied between mid- This assessment commentary applies to the of transporting a 30,000 mt fuel oil cargo between a
window and the back-end and extended to the back of following market data codes: Fuel oil 1%S CIF NWE basket of Mediterranean ports.
the physical curve. Cargo <PUAAL00> Fuel oil 1%S FOB NWE Cargo Exclusions: None
FO 3.5%S 500 CST FOB Rdam Barge <PUAGN00> <PUAAM00> Platts is part of S&P Global Commodity Insights
assessment rationale:
The 500 CST FOB Rotterdam barges were assessed Platts Mediterranean Fuel Oil 1%S, 3.5%S Daily Platts Mediterranean Fuel Oil 1%S, 3.5%S
at a $6/mt discount to the 3.5%S FOB Rotterdam Rationales & Exclusions Bids, Offers, Trades
barges, based on heard indications. FO 1%S CIF Med Cargo <PUAAJ00> assessment
Exclusions: None rationale: Bids: None.
Platts is part of S&P Global Commodity Insights 1%S CIF Med cargoes were assessed based on the Offers: None.
following inputs: Trades: None.
Platts NW Europe Fuel Oil 1%S Cargo Daily The 1%S CIF Mediterranean cargoes were This assessment commentary applies to the
Rationales & Exclusions assessed in line with the previously established following market data codes: Fuel oil 1% FOB Italy
FO 1%S CIF NWE Cargo <PUAAL00> assessment relationship between the physical and the cargo <PUAAK00> Fuel oil 3.5% FOB Italy cargo
rationale: paper markets, in the absence of competitive <PUAAZ00> Fuel oil 1% CIF Genoa/Lavera cargo
The CIF Northwest European low sulfur fuel indications in the Platts Market on Close <PUAAJ00> Fuel oil 3.5% CIF Genoa/Lavera cargo
oil cargo assessment was derived by a freight assessment process. <PUAAY00>

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

European Marketscan March 28, 2025

Platts Russian Refined Products Daily Healthy supplies of vacuum gasoil and low sulfur Prompt Brent CFDs surged on the day, with the
Commentary straight run continued to define the European front-week contract reaching two-month highs.
feedstocks landscape March 28, while firm demand Platts, a part of S&P Global Commodity Insights,
„ High stock levels, output and supply
levels persisted on the trading day. last assessed the promptest CFD contract — settling
define sentiment
Traders continued to cite that demand levels were across March 31 to April 4 — at $2/b, up $1/b on the day
„ Saratov refinery averts a drone attack firm in Northwest Europe and the Mediterranean. to its highest level since Jan. 17 when the front-week
Meanwhile, supplies were healthy, with participants contract was assessed at $2.50/b.
Oil product prices continued to fluctuate in saying that offers of Algerian LSSR were many. Amid Structure in the Brent CFD market similarly
Russia’s domestic market, with gasoline finishing the a stable feedstock market, differentials remained rallied, with the difference between prompt and later
week on a firm note while diesel was coming off, while unchanged on the day. contracts also widening to a two-month high.
sentiment was veering towards the bearish amid Platts assessed the FOB NWE LSSR differential to Platts assessed the difference between the second
ample stocks and high levels of output and domestic front-month Brent at $5.15/b March 28, unchanged day and sixth week CFD at $1.05/b, the highest level since
deliveries. over day. Meanwhile, the VGO equivalent was assessed Jan. 30 when structure reached $1.09/b.
The end-of-quarter buying, which had underpinned at $12.86/b, also unchanged. A strengthening Brent CFD market can represent a
recent price rises, was set to peter out over. Stocks Close attention was paid to geopolitical developments, particularly bullish paper market, reflecting derivatives
close to 2 million mt for gasoline and over 3 million mt particularly concerning sanctions against Iran and traders’ anticipation of a stronger prompt crude market
for diesel were perceived to be sufficient in the run-up Venezuela. Market sources highlighted that these events in the North Sea.
to the spring refinery turnarounds. suggest that the oil market may begin to factor in a higher Brent CFDs are used to hedge exposure to, and
Meanwhile, the Saratov refinery averted a Ukrainian geopolitical premium in the coming months. speculate on the value of, the difference between
drone attack March 28, according to its defense In the wider fuel oil complex, stocks in the Amsterdam- Dated Brent and Cash BFOE. Structure in Brent CFDs is
ministry and local authorities. The Defense Ministry Rotterdam-Antwerp refining hub fell 3.5% to 1.088 million watched closely as a proxy for structure in the physical
said 19 drones were downed and intercepted over the mt in the week to March 27, Insights Global data showed. crude market.
Saratov region, adding that the refinery was the target Stocks fell for a sixth consecutive week to the lowest level Whilst paper markets ticked up notably in value, the
of the attack. since October 2023, as fuel oil’s share of overall oil product physical market was relatively subdued.
Saratov governor Roman Busargin said drones inventories in the ARA region fell to 18%. In the Platts Market on Close assessment process,
were destroyed over the region, adding that based on Unipec offered a cargo of Forties CIF Rotterdam
preliminary information there were no casualties or VGO Deal reported with delivery laycan April 23-27. The offer reached
damage to civilian objects. a premium to Dated Brent of $1.85/b, before being
In other news, Belarus’s Naftan refinery said it has None. withdrawn before the close.
started up its bitumen unit after the winter pause and In other news, loadings of Norway’s Troll crude are
loaded the first bitumen March 19. Platts North Sea Crude Daily Market set to rise to 90,323 b/d in May, from 70,000 b/d in April,
Russian refineries are also about to switch away Analysis according to a copy of the loading programs seen by Platts.
from fuel oil to bitumen production, as they typically do Four 700,000-barrel cargoes are scheduled to
„ CFDs rally amid steady flat price
in the spring months. load in April, one more than the three 700,000-barrel
„ Troll to load 90,323 b/d in May cargoes currently scheduled to load in April.
Platts European Feedstocks Daily „ Oseberg to load 67,742 b/d in May Similarly, loadings of Oseberg crude oil are set to
Commentary increase to 67,742 b/d in May, according to a copy of
The North Sea crude market saw derivative the program. Three 700,000-barrel Oseberg cargoes
„ Firm feedstock demand
contracts rally while flat prices and physical are expected to load in May, one less than in April.
„ Stable differentials differentials remained broadly unchanged. Platts is part of S&P Global Commodity Insights

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

European Marketscan March 28, 2025

Platts North Sea Dated Brent, BFOE, CFD was assessed using a traded offer. April 21-25 was PLATTS BRENT DIFF: APR14-APR18 (JUN): TOTAL
Assessment Rationales & Exclusions assessed using an outstanding offer. April 28-May 2 BIDS 100KB AT $1.45
Dated Brent <PCAAS00> assessment rationale: was assessed using multiple traded offers. PLATTS BRENT DIFF: APR14-APR18 (JUN):
Of the six crudes in the Dated Brent basket, Forties Johan Sverdrup FOB North Sea (AJSVA00, SINOCHEM BIDS 100KB AT $1.45
was seen in the Market on Close assessment process. AJSVB00) assessment rationale: PLATTS BRENT DIFF: APR14-APR18 (JUN):
Brent Blend was assessed unchanged April 7-27, with Johan Sverdrup was assessed lower in a 0.5 cents/ FREEPOINT BIDS 100KB AT $1.40
flat structure rolled over back-end dates, reflecting day contango structure reflecting weakening market PLATTS BRENT DIFF: APR21-APR25 (JUN):
steady market fundamentals and in the absence of fundamentals and in the absence of indications testing EXXONMOBIL BIDS 100KB AT $1.25
indications testing the March 27 assessment. Forties the March 27 assessment. PLATTS BRENT DIFF: APR21-APR25 (JUN): PETRACO
was assessed unchanged April 7-27, with flat structure Exclusions: BIDS 100KB AT $1.25
rolled over back-end dates, reflecting steady market PLATTS CASH BFOE CARGO: JUN25: MERCURIA PLATTS BRENT DIFF: APR21-APR25 (JUN):
fundamentals and in the absence of indications testing OFFERS 700KB AT $72.49 TRAFIGURA BIDS 100KB AT $1.25
the March 27 assessment. Oseberg was assessed in Platts is part of S&P Global Commodity Insights PLATTS BRENT DIFF: APR21-APR25 (JUN):
a 1 cent/day contango structure April 7-29, reflecting SINOCHEM BIDS 100KB AT $1.20
steady market fundamentals and in the absence Platts North Sea Dated Brent, BFOE, CFD PLATTS BRENT DIFF: APR21-APR25 (JUN):
of indications testing the March 27 assessment. Bids, Offers, Trades FREEPOINT BIDS 100KB AT $1.20
Ekofisk was assessed unchanged April 7-27, with PLATTS BRENT DIFF: MAR31-APR4 (JUN): PETRACO
flat structure rolled over back-end dates, reflecting Bids: BIDS 100KB AT $1.97
steady market fundamentals and in the absence of NORTH SEA: PLATTS BRENT DIFF: MAR31-APR4 (JUN):
indications testing the March 27 assessment. Troll None EXXONMOBIL BIDS 100KB AT $1.90
was assessed unchanged April 7-27, with flat structure CASH BFOE: PLATTS BRENT DIFF: APR28-MAY2 (JUL):
rolled over back-end dates, reflecting steady market PLATTS CASH BFOE CARGO: MAY25: GUNVOR BIDS EXXONMOBIL BIDS 100KB AT $1.57
fundamentals and in the absence of indications 700KB AT $73.34 PLATTS BRENT DIFF: APR28-MAY2 (JUL):
testing the March 27 assessment. FOB WTI Midland PLATTS CASH BFOE: JUN25: TRAFIGURA BIDS FREEPOINT BIDS 100KB AT $1.56
was assessed lower reflecting a lower CIF Rotterdam 100KB AT $72.00 PLATTS BRENT DIFF: APR28-MAY2 (JUL): DARE
assessment and a higher freight adjustment factor. CIF BRENT CFDS: BIDS 100KB AT $1.55
WTI Midland was assessed in a 0.5 cents/day contango PLATTS BRENT DIFF: APR7-APR11 (JUN): PLATTS BRENT DIFF: APR28-MAY2 (JUL): PETRACO
structure April 9-29 reflecting market fundamentals EXXONMOBIL BIDS 100KB AT $1.69 BIDS 100KB AT $1.50
and in the absence of indications testing the March 27 PLATTS BRENT DIFF: APR7-APR11 (JUN): TRAFIGURA PLATTS BRENT DIFF: APR28-MAY2 (JUL): ONYX
assessment. Forties was the most competitive grade in BIDS 100KB AT $1.65 BIDS 100KB AT $1.40
the Dated Brent basket April 7-29. PLATTS BRENT DIFF: APR7-APR11 (JUN): TOTAL BIDS Offers:
BFOE (PCAAQ00-PCAAR00, PCARR00) assessment 100KB AT $1.65 NORTH SEA:
rationale: PLATTS BRENT DIFF: APR7-APR11 (JUN): FREEPOINT None
May Cash BFOE was assessed using an outstanding BIDS 100KB AT $1.60 CASH BFOE:
bid in the MOC. June Cash BFOE was assessed using PLATTS BRENT DIFF: APR7-APR11 (JUN): PLATTS CASH BFOE CARGO: JUN25: MERCURIA
an outstanding offer in the MOC. July Cash BFOE was PETROCHINA BIDS 100KB AT $1.60 OFFERS 700KB AT $72.49
assessed using a June/July EFP roll heard during the day. PLATTS BRENT DIFF: APR14-APR18 (JUN): BRENT CFDS:
CFD (PCAKA00-AALDA00) assessment rationale: EXXONMOBIL BIDS 100KB AT $1.49 PLATTS BRENT DIFF: APR7-APR11 (JUN): DV
Mar 31-April 4 was assessed using traded bids. PLATTS BRENT DIFF: APR14-APR18 (JUN): TRADING OFFERS 100KB AT $1.73
April 7-11 was assessed using traded bids. April 14-18 TRAFIGURA BIDS 100KB AT $1.45 PLATTS BRENT DIFF: APR7-APR11 (JUN): DARE

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

European Marketscan March 28, 2025

OFFERS 100KB AT $1.74 PLATTS BRENT DIFF: APR21-APR25 (JUN): Platts NW Europe Fuel Oil SR 0.5-0.7%S Daily
PLATTS BRENT DIFF: APR14-APR18 (JUN): DARE EXXONMOBIL BUYS FROM CHEVRON* 100KB AT $1.25 Rationale & Exclusions
OFFERS 100KB AT $1.52 (16:22:01) Straight Run 0.5-0.7%S FOB NWE cargo
PLATTS BRENT DIFF: APR14-APR18 (JUN): CHEVRON PLATTS BRENT DIFF: APR21-APR25 (JUN): <PKABA00> assessment rationale:
OFFERS 100KB AT $1.55 FREEPOINT BUYS FROM CHEVRON* 100KB AT $1.28 The LSSR FOB NWE differential was assessed
PLATTS BRENT DIFF: APR21-APR25 (JUN): DV (16:22:49) $5.15/b above M1 ICE Brent crude futures, based
TRADING OFFERS 200KB AT $1.28 PLATTS BRENT DIFF: APR21-APR25 (JUN): on market indications. The outright LSSR price
PLATTS BRENT DIFF: APR21-APR25 (JUN): DARE EXXONMOBIL BUYS FROM DV TRADING* 100KB AT was derived using the dollars per barrel to metric
OFFERS 100KB AT $1.30 $1.30 (16:22:54) ton conversion factor of 6.77 for LSSR. No bids or
PLATTS BRENT DIFF: APR21-APR25 (JUN): CHEVRON PLATTS BRENT DIFF: MAR31-APR4 (JUN): offers were reported in the Platts Market on Close
OFFERS 100KB AT $1.33 PETROCHINA BUYS FROM DV TRADING* 100KB AT assessment process.
PLATTS BRENT DIFF: APR21-APR25 (JUN): DARE $1.80 (16:17:33) Exclusions: None
OFFERS 100KB AT $1.35 PLATTS BRENT DIFF: MAR31-APR4 (JUN): Platts is part of S&P Global Commodity Insights
PLATTS BRENT DIFF: MAR31-APR4 (JUN): DV PETROCHINA BUYS FROM DARE* 100KB AT $1.85
TRADING OFFERS 100KB AT $2.05 (16:17:36) Platts NW Europe Fuel Oil SR 0.5-0.7%S
PLATTS BRENT DIFF: APR28-MAY2 (JUL): CHEVRON PLATTS BRENT DIFF: MAR31-APR4 (JUN): BP BUYS Bids, Offers, Trades
OFFERS 100KB AT $1.70 FROM DV TRADING* 100KB AT $1.95 (16:25:18)
PLATTS BRENT DIFF: APR28-MAY2 (JUL): DV PLATTS BRENT DIFF: MAR31-APR4 (JUN): Bids: None.
TRADING OFFERS 100KB AT $1.70 EXXONMOBIL BUYS FROM DV TRADING* 100KB AT Offers: None.
PLATTS BRENT DIFF: APR28-MAY2 (JUL): DARE $1.99 (16:25:27) Trades: None.
OFFERS 100KB AT $1.75 PLATTS BRENT DIFF: MAR31-APR4 (JUN): This assessment commentary applies to the
Trades: PETROINEOS SELLS TO TOTAL* 100KB AT $2.00 following market data codes: St Run 0.5-0.7% FOB
NORTH SEA: (16:29:56) NWE cargo <PKABA00>
None PLATTS BRENT DIFF: APR28-MAY2 (JUL):
CASH BFOE: GUNVOR BUYS FROM CHEVRON* 100KB AT $1.65
PLATTS CASH BFOE CARGO: MAY25: MERCURIA (16:26:08) Subscriber Notes
SELLS TO GUNVOR* 700KB AT $73.33 (16:29:50) PLATTS BRENT DIFF: APR28-MAY2 (JUL): GUNVOR
BRENT CFDS: BUYS FROM ONYX* 100KB AT $1.65 (16:26:10) Platts adds Milford Haven, Grangemouth to Gasoline
PLATTS BRENT DIFF: APR7-APR11 (JUN): ONYX PLATTS BRENT DIFF: APR28-MAY2 (JUL): DARE 10ppmS CIF NWE cargo assessment
SELLS TO PETRACO* 100KB AT $1.70 (16:29:59) BUYS FROM DV TRADING* 100KB AT $1.65 (16:26:11) Platts, part of S&P Global Commodity Insights, has
PLATTS BRENT DIFF: APR14-APR18 (JUN): BP BUYS This assessment commentary applies to the added Milford Haven and Grangemouth to the list of
FROM CHEVRON* 100KB AT $1.45 (16:21:48) following market data codes: Dated Brent <PCAAS00> ports reflected in its Market on Close assessment
PLATTS BRENT DIFF: APR14-APR18 (JUN): CFD Week 1 <PCAKA00> CFD Week 2 <PCAKC00> Brent process for the Gasoline 10ppmS CIF NWE cargo
EXXONMOBIL BUYS FROM CHEVRON* 100KB AT $1.50 Mo01 <PCAAQ00> CFD Week 3 <PCAKE00> Brent assessment (AAXFQ00), effective March 21.
(16:24:13) Mo02 <PCAAR00> CFD Week 4 <PCAKG00> Brent Platts has observed gasoline imports entering
PLATTS BRENT DIFF: APR14-APR18 (JUN): ONYX Mo03 <PCARR00> CFD Week 5 <AAGLU00> CFD Week Milford Haven, UK, particularly in the last six months
SELLS TO PETRACO* 100KB AT $1.50 (16:27:21) 6 <AAGLV00> CFD Week 7 <AALCZ00> CFD Week 8 of 2024, while market feedback has highlighted how
PLATTS BRENT DIFF: APR14-APR18 (JUN): <AALDA00> Johan Sverdrup FOB North Sea <AJSVA00> the upcoming conversion of the Grangemouth refinery
TOTAL BUYS FROM DV TRADING* 200KB AT $1.51 Johan Sverdrup FOB North Sea vs North Sea Dtd Strip into an import terminal in 2025 is expected to result in
(16:29:56) <AJSVB00> gasoline imports into the port.

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

European Marketscan March 28, 2025

In addition, Platts has renamed the Tees Vopak Rotterdam barge physical assessment (PJABA00). In addition, Platts has updated the names of its SAF
Terminal to Tees Navigator Terminal, and Thames The forward curve is calculated on the average of production cost assessments to reflect the feedstock
Vopak to Thames Navigator, to reflect the changed the loading window reflected in the assessment, and pathway. The following assessment names are to
ownership of these terminals. also known as the strip. The strip is defined as the be updated to:
Platts will publish bids, offers and trades for average of the forward values for the sequence of the Previous Name Symbol Updated Name
gasoline cargoes CIF Milford Haven and Grangemouth 13/11 days for barges, reflecting 3/5-15 days forward, Sustainable Aviation Fuel
Sustainable Aviation Fuel Cost of ASFAC00 (HEFA-SPK) Cost of Production
in the MOC process, in addition to the following representing the future delivery dates reflected in the Production (UCO) North Asia (UCO) North Asia
locations: UK: Terminal Plymouth, Tees, Tees Vopak Platts SAF barge assessment. Sustainable Aviation
Sustainable Aviation Fuel Cost of Fuel (HEFA-SPK)) Cost of
Terminal, Thames and Thames Vopak. For example, the average of the 10-25 day forward ASFAA00
Production (PFAD) Southeast Asia Production (PFAD) Southeast
Please send any feedback to strip, based on the M1 Jet swap and the M2 Jet swap Asia
[email protected] and was $731.80/mt, on Jan. 3. Platts assessed the SAF Sustainable Aviation Fuel Cost of
Sustainable Aviation Fuel
ASAFI00 (HEFA-SPK) Cost of Production
[email protected]. CIFNWE premium at $1,270/mt. This would result in Production w/ Credits USWC
(Tallow) w/ Credits USWC
For written comments, please provide a clear an assessed SAF CIF NWE cargo price of $2,001.75/mt Sustainable Aviation Fuel
Sustainable Aviation Fuel Cost of
indication if comments are not intended for publication for Jan. 3. Production w/o Credits USWC
ASAFJ00 (HEFA-SPK) Cost of Production
(Tallow) w/o Credits USWC
by Platts for public viewing. Platts has also updated the names of the European Sustainable Aviation Fuel
Sustainable Aviation Fuel Cost of
Platts will consider all comments received and will Sustainable Aviation Fuel coverage, to clarify that Production EXW NWE
BJNWA00 (HEFA-SPK) Cost of Production
(UCO) EXW NWE
make comments not marked as confidential available the assessment reflects ASTM D7566 standard
upon request. specification for Synthesized Paraffinic Kerosene from
Hydroprocessed Esters and Fatty Acids (HEFA-SPK), as Platts first proposed these changes on Jan. 28, in a
Platts updates European SAF assessment referenced in Annex A2. subscriber note available here: https://www.spglobal.
methodology; updates SAF assessment names, Update to assessment names com/commodity-insights/en/pricing-benchmarks/
March 24 Platts has updated the name of its assessments our-methodology/subscriber-notes/012825-platts-
Platts, part of S&P Global Commodity Insights, has from SAF CIF NWE to SAF (HEFA-SPK) CIF NWE cargo, proposes-to-update-european-saf-assessment-
updated the assessment process for its CIF Northwest abbreviated to SAF (H-S) CIF NWE cargo; and from methodology-update-saf-assessment-names
Europe cargo Sustainable Aviation Fuel assessments SAF FOB FARAG to SAF (HEFA-SPK) FOB FARAG barge, Please submit any feedback,
and FOB FARAG barge Sustainable Aviation Fuel abbreviated to SAF (H-S) FOB FARAG barge. The SAF comments, or questions to
assessments, effective March 24, 2025. FOB Straits assessment, which is calculated as a [email protected] and
Platts will publish the SAF CIF NWE premium netback to the SAF CIF NWE cargo assessment, is [email protected].
versus the Platts Jet CIF NWE Cargo assessed forward updated to SAF (H-S) FOB Straits. For written comments, please provide a clear
curve, rather than the CIF NWE cargo physical price The assessments impacted by the update, and a indication if comments are not intended for publication
(PJAAU00). The forward curve is calculated on the summary of the changes are as follows: by Platts for public viewing. Platts will consider all
average of the loading or delivery window reflected in Previous Name Unit Symbol Updated Name comments received and will make comments not
the assessment, also known as the strip. The strip is SAF CIF NWE $/mt AJNWD00
SAF (HEFA-SPK) CIF NWE marked as confidential available upon request.
Cargo
defined as the average of the forward values for the SAF (HEFA-SPK) CIF NWE
SAF CIF NWE Premium $/mt AJNWF00
sequence of the 16 days for cargoes, reflecting 10-25 Cargo Premium Platts to launch fuel oil 1% Med/North and 3.5% Med
SAF (HEFA-SPK) FOB
days forward, representing the future delivery dates SAF FOB FARAG $/mt SUAFA00
FARAG Barge
CIF/FOB derivative assessments
reflected in Platts SAF assessment. SAF (HEFA-SPK) FOB Following observed activity, Platts, part of S&P
SAF FOB FARAG Premium $/mt SUAFB00
Platts will also publish the SAF FOB FARAG FARAG Barge Premium Global Commodity Insights, will launch assessments
SAF (HEFA-SPK) FOB
premium versus the Platts Jet FOB Rotterdam SAF FOB Straits $/mt SFSMT00
Straits for 1% Fuel Oil Mediterranean/North and 3.5% CIF/FOB
barge assessed forward curve, rather than the FOB Med derivatives on May 1, 2025.

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

European Marketscan March 28, 2025

Platts proposes to launch new assessments for Platts to discontinue 1% FOB Rotterdam Barges AALTU00
the Balance Month, and Months 1 through 2 derivative derivatives assessments AALTQ05
contracts, for: Platts, part of S&P Global Commodity Insights, will AALTQ06
„ 1% FOB Med Cg/1% FOB NWE Cg discontinue its 1% FOB Rotterdam barges derivatives AALTQ07
assessments, including calendar months, cracks and AALTQ08
„ 3.5% CIF Med Cg/3.5% FOB Med Cg
time spreads, effective May 9. AALTW00
Balance month swaps are assessed from the 1st This follows a lack of liquidity and market activity in AAQDW00
through the 20th of the month. the 1% FOB Rotterdam barge paper market. ABWAB00
Platts already assesses the forward curve for 3.5% In line with this, Platts will also remove the related AAYTG00
FOB Med Cg/3.5% FOB Rotterdam barge derivatives. eWindow instruments. AAYTH00
The assessment codes can be found here. Effective May 9, Platts will no longer publish the AAYTI00
Please send any comments or feedback following assessments: AAYTJ00
to [email protected] and ABWAA00 AAQDY00
[email protected] . AALTA00 AAQDZ00
For written comments, please provide a clear AALTC00 AAYT007
indication if comments are not intended for AALTF00 AAYT008
publication by Platts for public viewing. Platts will AALTH00 AAYT009
consider all comments received and will make AAQDU00 AAYT010
comments not marked as confidential available AAQDV00 AAYT011
upon request. AALT007 AAYT012
AALT008 AAYT013
Platts corrects March 11 European naphtha AALT009 AAYT014
assessments AALT010 AAYT015
Please note that Platts has corrected European AALT011 AAYT016
naphtha assessments for March 11. The following AALT012 AAYT017
assessments should read as: AALT013 AAYT018
Naphtha CIF NWE Cargo (code: PAAAL00): AALT014 AAYT019
$604.25/mt AALT015 AAYT020
Naphtha FOB Med Cargo (code: PAAAI00): AALT016 AAYT021
$571.25/mt AALT017 AAYT022
Naphtha CIF Med Cargo (code: PAAAH00): AALT018 AAYT023
$590.50/mt AALT019 AAYT024
Naphtha FOB Rdam Barge (code: PAAAM00): AALT020 AAYTK00
$600.25/mt AALT021 AAYTL00
The assessments appear in Platts European AALT022 AAYTM00
Marketscan and Platts Global Alert pages PGA1110, AALT023 AAYTN00
PGA1112 and PGA1114. AALT024 AAYTQ05
Please send any questions to AALTJ00 AAYTQ06
[email protected] with a cc to AALTL00 AAYTQ07
[email protected] AALTN00 AAYTQ08

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

European Marketscan March 28, 2025

AAYTO00 AQE0607 participate in the Platts Market on Close assessment

AAQEA00 AQE0708 processes for EMEA - Fuel Oil - Paper; EMEA - Jet Fuel-
APEBM01 AQE0809 Paper; EMEA - Mogas-Paper; EMEA - Naphtha-Paper.
APE0102 AQE0910 Platts has reviewed 1Energin DMCC and will
APE0203 AQE1011 consider information from the entity in the assessment
APE0304 AQE1112 processes for EMEA - Fuel Oil - Paper; EMEA - Jet Fuel-
APE0405 AQE1213 Paper; EMEA - Mogas-Paper; EMEA - Naphtha-Paper,
APE0506 AQE1314 subject at all times to adherence with Platts editorial
APE0607 AQE1415 standards.
APE0708 AQE1516 Platts will publish all relevant information from
APE0809 AQE1617 1Energin DMCC accordingly.
APE0910 AQE1718 Platts welcomes all relevant feedback regarding
APE1011 AQE1819 MOC participation. Platts considers bids, offers
APE1112 AQE1920 and transactions by all credible and credit-
APE1213 AQE2021 worthy parties in its assessment processes. For
APE1314 AQE2122 comments and feedback, please contact Platts
APE1415 AQE2223 editors at [email protected] and
APE1516 AQE2324 [email protected].
APE1617 AGQ0102
APE1718 AGQ0203 1Energin DMCC to join EMEA - Crude BFOE CFDs and
APE1819 AGQ0304 Gasoil/Diesel- Paper MOCs
APE1920 AGQ0405 1Energin DMCC has advised Platts, part of S&P
APE2021 AGQ0506 Global Commodity Insights, that it would like to
APE2122 AGQ0607 participate in the Platts Market on Close assessment
APE2223 AGQ0708 processes for EMEA - Crude BFOE CFDs- Paper and
APE2324 AUY0102 EMEA - Gasoil/Diesel- Paper.
ATQ0102 The assessments are found in European Platts has reviewed 1Energin DMCC and will
ATQ0203 Marketscan and alert pages PPE1684 and PPE1685. consider information from the entity in the assessment
ATQ0304 Please send any feedback, questions or processes for EMEA - Crude BFOE CFDs- Paper and
ATQ0405 comments [email protected] and EMEA - Gasoil/Diesel- Paper, subject at all times to
ATQ0506 [email protected]. For written comments, please adherence with Platts editorial standards.
ATQ0607 provide a clear indication if comments are not intended Platts will publish all relevant information from
ATQ0708 for publication by Platts for public viewing. Platts will 1Energin DMCC accordingly.
ATY0102 consider all comments received and will make comments Platts welcomes all relevant feedback regarding
AQEBM01 not marked as confidential available upon request. MOC participation. Platts considers bids, offers
AQE0102 and transactions by all credible and credit-
AQE0203 1Energin DMCC to join EMEA - Fuel Oil, Jet Fuel, worthy parties in its assessment processes. For
AQE0304 Mogas and Naphtha- Paper MOCs comments and feedback, please contact Platts
AQE0405 1Energin DMCC has advised Platts, part of S&P editors at [email protected] and
AQE0506 Global Commodity Insights, that it would like to [email protected].

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

European Marketscan March 28, 2025

„ Whether Platts should include maximum limits on

Platts opens consultation on European 1% fuel oil Calendar for FOB ARA ULSD Barges intermediate-to-
chemicals in 1% fuel oil reflected in its 1% fuel oil
specifications summer transition
cargo and barge assessments in Europe
Platts, part of S&P Global Commodity Effective March 31 Platts will start reflecting German
Insights, is opening a consultation to review the Platts would like to remind that it only considers in summer specification for ultra low sulfur diesel on a pro-
specifications reflected in its Northwest European its assessments commodities that are merchantable rated basis in its FOB Amsterdam-Rotterdam-Antwerp
and Mediterranean 1% fuel oil barge and cargo and fit for purpose. Platts fuel oil assessments shall (ARA) barge ULSD assessment (Code: AAJUS00).
assessments. not contain petrochemical wastes, residues from The following calendar applies:
In particular, Platts is seeking feedback on the acid-catalyzed refining process, spent chemicals, Intermediate to Summer Transition
merchantability and fungibility of 1% fuel oil containing waste lubricants, tar bottoms, or hazardous waste. March 31: First day summer grade is reflected in the
different levels of chemicals, and the different CN Furthermore, product that contains any material assessment
codes trading within the European market. beyond the trace level that is proven to cause April 4: First full five-day period reflecting summer grade
The scope of this consultation extends significant ship engine damage is considered April 7: Last full five-day period reflecting
only to the 1% fuel oil market in Europe, due to unmerchantable. Platts understands that high levels intermediate grade
understood changes in end-user requirements in the of chemicals in fuel oil can cause similar damage to April 9: Last day intermediate grade is reflected in
Mediterranean utility sector. Platts is aware of similar industrial units and power generators. On detection of assessment
discussions surrounding chemicals in global fuel oil high GCMS levels, Platts may request more information April 10: Summer grade fully reflected
markets and continues to seek feedback on those from the seller to explain the source of specific A spreadsheet detailing the changes is available on
markets, but feedback specific to those markets falls chemicals in the oil. request.
outside the scope of this consultation. In addition to the above, Platts also invites Please send any comments or questions
Following recent market feedback and activity in feedback on the merchantability and fungibility of to [email protected] and copy
the Platts Market on Close assessment process, Platts 1% fuel oil assigned differing CN codes in Northwest [email protected].
understands that there is increasing demand for 1% Europe and the Mediterranean. Platts understands For written comments, please provide a clear
fuel oil with guarantees on maximum chemical levels that the CN code allocated to a product is contingent indication if comments are not intended for publication
in Europe. Platts has noted particular interest from on its aromatic content. Platts European and by Platts for public viewing.
buyers specifying limits on indene, styrene, phenols, Mediterranean assessments currently reflect LSFO Platts will consider all comments received and will
and dicyclopentadiene. where the material has been assigned CN code make comments not marked as confidential available
By this consultation, Platts seeks to understand: 2707 9999. For further details surrounding CN codes upon request.
„ If there is a market-accepted standard level for reflected in Platts European 1% fuel oil, please see
chemicals in 1% fuel oil intended for utility and page 21 of the Platts European Refined Products Discontinuation of ULSD 10 ppm cargoes CIF NWE
power generation shorts Europe, and whether Methodology guide. (all origin, spread) symbols
any such limit would reflect levels on individual Platts also invites any additional feedback on its 1% The following ULSD 10 ppm cargoes CIF NWE
chemicals or the levels of multiple chemicals fuel oil specifications beyond the specific points above. (all origin, spread) symbols have been discontinued
combined Please send any feedback, questions or effective Jan. 2, 2025.
comments to [email protected] and MDC Symbol Bates Dec Freq Curr UOM Description
„ If the same limits would also apply to 1% fuel oil
[email protected] by March 31, 2025. LRZ ALORA00 c 3 DW USD MT
ULSD 10 ppm Cargoes CIF
intended for consumption in adjacent markets, such NWE (all origin)
For written comments, please provide a clear
as the market for bunker fuel blending components LRZ ALORA03 c 3 MA USD MT
ULSD 10 ppm Cargoes CIF
indication if comments are not intended for publication NWE (all origin) MAvg
„ Further context surrounding the use of gas by Platts for public viewing. Platts will consider all LRZ ALORB00 c 3 DW USD MT
ULSD 10 ppm Cargoes CIF
NWE All Origin Spread
chromatography-mass spectrometry testing, in comments received and will make those not marked as ULSD 10 ppm Cargoes CIF
LRZ ALORB03 c 3 MA USD MT
terms of deal performance confidential available upon request. NWE All Origin Spread MAvg

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

European Marketscan March 28, 2025

MDC Symbol Bates Dec Freq Curr UOM Description

If you have any comments or questions about FOB Northwest Europe
Platts Gasoline 10ppmS CIF NWE Cargo
PU PFNEA00 c 3 WA USD MT
this announcement, please contact S&P Global Bitumen $/mt Weekly assessment reflects material delivered CIF basis
Commodity Insights Client Services or email PU PFNEA03 c 3 MA USD MT
FOB Northwest Europe Thames with normal charterparty options within
Bitumen $/mt MAvg
[email protected]. FOB Mediterranean Northwest Europe. Platts currently publishes bids
PU PFMEB00 c 3 WA USD MT
Bitumen $/mt Weekly and offers for the following locations: UK: Terminal
FOB Mediterranean
New Jet Index Africa symbols PU PFMEB03 c 3 MA USD MT
Bitumen $/mt MAvg
Plymouth, Tees, Tees – Vopak Terminal, Thames,
The Jet Index Africa symbols have been created in FOB Northwest Europe Thames – Vopak. More details can be found in the
PU PFNEC00 c 3 WA USD MT Bitumen MOPL Diff $/mt
Market Data category IN (Platts Indexes). online methodology guide here: europe-africa-refined-
Weekly
They will appear on the following: FOB Mediterranean products-methodology.pdf .
Publications: European Marketscan report. PU PFNED00 c 3 WA USD MT Bitumen MOPL Diff $/mt The assessment can be found in European
Weekly
Fixed Page: Platts Global Alert page PGA0115. Marketscan and on Platts Global Alert and Platts
They are scheduled to begin updating Jan. 2, 2024. Refined Products Alert fixed page 1110.
MDC Symbol Bates Dec Freq Curr UOM Description Please follow the link below for further detail: Platts continues to monitor gasoline flows in
IN JIMEA00 c 2 DW USC GAL Jet Index Africa cents/gal https://www.spglobal.com/commodityinsights/ Northwest Europe and seeks industry feedback on the
IN JIMEB00 c 2 DW USD BBL Jet Index Africa $/bbl
IN JIMEC00 c 2 DW USD MT Jet Index Africa $/mt en/our-methodology/subscriber-notes/110824- need to evolve its Platts Gasoline 10ppmS CIF NWE
IN JIMED00 u 2 DW UNS IBP Jet Index Africa platts-to-launch-weekly-european-fob-northwest- Cargo assessment methodology, including but not
europe-and-fob-mediterranean-bitumen- limited to changing the incoterms of the assessment
Please follow the link below for further detail: assessments-dec-11 to reflect a Delivered Duty Paid (DDP) basis. Platts
https://www.spglobal.com/commodity-insights/ If you have any comments or questions about will communicate any proposed changes to the
en/pricing-benchmarks/our-methodology/ this announcement, please contact S&P Global current assessment methodology through additional
subscriber-notes/120524-platts-to-split-middle- Commodity Insights Client Services or email subscriber notes, as the market evolves more clearly.
east-and-africa-jet-fuel-index-amend-global-jet- [email protected]. Please send any feedback, questions or
index-from-jan-2 comments to [email protected] and
If you have any comments or questions about Platts clarifies Gasoline 10ppmS CIF NWE Cargo [email protected]. For written comments,
this announcement, please contact S&P Global merchantability please provide a clear indication if comments are not
Commodity Insights Client Services or email Platts, part of S&P Global Commodity Insights, intended for publication by Platts for public viewing.
[email protected]. would like to clarify the origin status of merchantable Platts will consider all comments received and will
material currently reflected in its Gasoline 10ppmS make comments not marked as confidential available
New FOB NWE, FOB Med bitumen symbols CIF NWE Cargo [AAXFQ00] Market on Close (MOC) upon request.
The FOB NWE and FOB Med bitumen symbols have assessment process.
been created in Market Data category PU (Oil Products: Following market feedback, Platts has observed Platts to update component weighting for Global
Asphalt). the need for ‘EU Preferred Origin’ documentation for Transportation Fuels Index for 2025
They will appear on the following: gasoline and associated feedstocks imported into Platts, part of S&P Global Commodity Insights, will
Publications: Oilgram Price report and European the UK. Therefore, effective Dec. 2, 2024 , Platts will update the component weighting used in the Platts
Marketscan report. publish bids and offers stating ‘EU Preferred Origin’ Global Transportation Fuels Index [ADEXA00], effective
Fixed Page: Platts Global Alert pages material in its Platts Gasoline 10ppmS CIF NWE Cargo Jan. 2, 2025.
PGA2536,PGA2537,PGA1511 and PGA1521. Platts Refined MOC process and may normalize them back to an ‘EU The revised weighting reflects an update in the
Products Alert pages PRF2536,PRF2537,PRF1511 and Qualified’ basis. relative global CO2 emissions from the transport
PRF1521. Platts will also continue to publish bids and offers sector by fuel type, following a review of the latest
They are scheduled to begin updating Dec. 11, 2024. of ‘EU Qualified’ material as standard. International Energy Agency data.

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

European Marketscan March 28, 2025

The new weightings for the components are as The Platts Global Transportation Fuels Index https://www.spglobal.com/commodityinsights/
follows: [ADEXA00] is a composite daily index featuring key PlattsContent/_assets/_files/en/our-methodology/
Assessment Symbol Currency/UoM Current Revised Platts transportation fuels physical benchmarks methodology-specifications/global_commodity_
weighting weighting from across road, air, sea and rail, weighted by the relative indices.pdf?utm_medium=homepage/.
Jan 2025
Gasoline CBOB carbon emissions associated with each fuel type. Please send any feedback or questions to
AARQU00 cents/gal 27.06% 26.82%
87 USGC The weightings in the index represent a broad view of [email protected].
ULSD 10ppmS
CIF NWE Cargo
AAVBG00 $/mt 48.54% 48.24% proportional transportation fuels around the world. For written comments, please provide a clear
Global Jet The weightings are reviewed annually to keep the index indication if comments are not intended for publication
PJGLO09 $/mt 11.60% 9.81%
Index representative of global supply and demand trends. by Platts for public viewing.
FOB Spore
Marine Fuel AMFSA00 $/mt 10.60% 11.10% More details about the calculations and Platts will consider all comments received and will
0.5% Cargo methodology of the index can be found in the Platts make comments not marked as confidential available
Chicago Argo
Ethanol
AALRI00 cents/gal 2.20% 4.03% Global Commodity Indices Specifications Guide at: upon request.

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

European Marketscan March 28, 2025

Deals Summary Bids (PGA page 1415) Bids (PGA page 1474)
„ No bids reported „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE:
MABADEUT bids 1-3kt: $-3/mt
Premium gasoline 10 ppm barges Withdrawals
„ No bids reported „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE: VITOL
Trades (PGA page 1304)
bids 1-3kt: $-1/mt
** Denotes OCO order.
„ No trades reported „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE: TRAFI
Offers (PGA page 1416)
* Denotes market maker. All times GMT bids 1-3kt: $-1.75/mt
Bids (PGA page 1302) „ No offers reported „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE:
Withdrawals HARTREEUK bids 1-3kt: $-2/mt
„ No bids reported
„ No offers reported „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: MW:
Withdrawals
** Denotes OCO order. VITOL bids 1-3kt: $-0.5/mt
„ No bids reported
„ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: MW:
** Denotes OCO order.
Gasoil 0.1% Barges TRAFI bids 1-3kt: $-1/mt
Offers (PGA page 1303)
Trades (PGA page 1426) „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: MW:
„ No offers reported MABADEUT bids 1-3kt: $-1/mt
„ No trades reported
Withdrawals „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE: VITOL
* Denotes market maker. All times GMT
bids 1-3kt: $-0.5/mt
„ No offers reported
Bids (PGA page 1424) „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE: TRAFI
** Denotes OCO order.
„ PLATTS GASOIL 0.1 BARGE 1-3KT ICE LSGO M1: ARA: MW: bids 1-3kt: $-0.75/mt
VITOL bids 1-3kt: $-13/mt „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE:
EBOB Barges
Withdrawals HARTREEUK bids 1-3kt: $-1/mt
Trades (PGA page 1304)
„ No bids reported „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE:
„ No trades reported MABADEUT bids 1-3kt: $-1/mt
** Denotes OCO order.
* Denotes market maker. All times GMT Withdrawals
Offers (PGA page 1425)
Bids (PGA page 1302) „ No bids reported
„ PLATTS GASOIL 0.1 BARGE 1-3KT ICE LSGO M1: ARA: FE:
„ No bids reported ** Denotes OCO order.
GLENCOREUK offers 1-3kt: $-6/mt
Withdrawals Offers (PGA page 1475)
„ PLATTS GASOIL 0.1 BARGE 1-3KT ICE LSGO M1: ARA: MW:
„ No bids reported TOTSA offers 1-3kt: $-9/mt „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE: EXTAP
** Denotes OCO order. „ PLATTS GASOIL 0.1 BARGE 1-3KT ICE LSGO M1: ARA: BE: offers 1-3kt: $0.25/mt
Offers (PGA page 1303) TOTSA offers 1-3kt: $-9/mt „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE: BP
Withdrawals offers 1-3kt: $0.25/mt
„ No offers reported
„ No offers reported „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE:
Withdrawals TOTSA offers 1-3kt: $0.25/mt
** Denotes OCO order.
„ No offers reported „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: MW:
** Denotes OCO order. MERCURIASA offers 1-3kt: $0.00/mt
Diesel barges
„ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: MW:
Trades (PGA page 1476)
Gasoil 50ppm barges TOTSA offers 1-3kt: $0.00/mt
Trades (PGA page 1417) „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE: „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: MW:
TOTSA* sold to HARTREEUK 1.1kt: kt $0.25/mt 16:29:05 EXTAP offers 1-3kt: $0.00/mt
„ No trades reported
* Denotes market maker. All times GMT
* Denotes market maker. All times GMT
„ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: MW: BP
offers 1-3kt: $0.00/mt
„ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE:

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

European Marketscan March 28, 2025

EXTAP offers 1-3kt: $0.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: ** Denotes OCO order.

„ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE: BURANDOENERGIES bids 2kt: $437.00/mt Offers (PGA page 1504)
ARAMCOT offers 1-3kt: $0.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: UNITEDBUNK
„ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: BPBV offers 2kt:
„ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE: bids 2kt: $436.00/mt
$439.00/mt
MERCURIASA offers 1-3kt: $0.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: VITOL bids 2kt:
„ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: GUNVORSA
„ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE: $435.00/mt
offers 2kt: $441.00/mt
TOTSA offers 1-3kt: $0.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: MERCURIASA
„ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: TOTSA offers
„ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE: BP bids 2kt: $435.00/mt
2kt: $444.00/mt
offers 1-3kt: $0.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: NORTHSTARNV
„ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: OEI offers 2kt:
Withdrawals bids 2kt: $435.00/mt
$445.00/mt
„ No offers reported „ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: BPBV bids 2kt:
„ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: OEI offers 2kt:
$434.00/mt
** Denotes OCO order. $445.00/mt
„ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: OEI bids 2kt:
„ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: TOTSA offers
$434.00/mt
HSFO barges 2kt: $440.00/mt
„ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: TOTSA bids 2kt:
Trades (PGA page 1505) „ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GUNVORSA
$434.00/mt
offers 2kt: $441.00/mt
„ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: STR sold to „ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: OEI bids 2kt:
„ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: STR offers 2kt:
NORTHSTARNV* 2kt: kt $438.50/mt 16:28:49 $434.00/mt
$441.00/mt
„ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: STR sold to „ PLATTS FUEL OIL 3.5% RDAM BARGES: BE: MERCURIASA
„ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: BPBV offers
BURANDOENERGIES* 2kt: kt $438.00/mt 16:28:59 bids 2kt: $435.75/mt
2kt: $445.00/mt
„ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: STR sold to „ PLATTS FUEL OIL 3.5% RDAM BARGES: BE: VITOL bids 2kt:
„ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: OEI offers 2kt:
UNITEDBUNK* 2kt: kt $436.00/mt 16:29:57 $435.00/mt
$445.00/mt
„ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: STR* sold to „ PLATTS FUEL OIL 3.5% RDAM BARGES: BE: OEI bids 2kt:
„ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: OEI offers 2kt:
UNITEDBUNK 2kt: kt $437.50/mt 16:29:58 $434.00/mt
$445.00/mt
„ PLATTS FUEL OIL 3.5% RDAM BARGES: BE: STR* sold to „ PLATTS FUEL OIL 3.5% RDAM BARGES: BE: OEI bids 2kt:
„ PLATTS FUEL OIL 3.5% RDAM BARGES: BE: TOTSA offers
MERCURIASA 2kt: kt $436.00/mt 16:29:24 $434.00/mt
2kt: $440.00/mt
„ PLATTS FUEL OIL 3.5% RDAM BARGES: BE: STR* sold to „ PLATTS FUEL OIL 3.5% RDAM BARGES: BE: TOTSA bids 2kt:
„ PLATTS FUEL OIL 3.5% RDAM BARGES: BE: OEI offers 2kt:
VITOL 2kt: kt $436.00/mt 16:29:35 $434.00/mt
$445.00/mt
„ PLATTS FUEL OIL 3.5% RDAM BARGES: BE: STR* sold to „ PLATTS FUEL OIL 3.5% RDAM BARGES: BE: NORTHSTARNV
„ PLATTS FUEL OIL 3.5% RDAM BARGES: BE: OEI offers 2kt:
MERCURIASA 2kt: kt $436.00/mt 16:29:42 bids 2kt: $434.00/mt
$445.00/mt
* Denotes market maker. All times GMT Withdrawals
Withdrawals
Bids (PGA page 1503) „ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: NORTHSTARNV
„ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: STR no longer
„ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: VITOL bids 2kt: no longer bids 2kt: $438.50/mt
offers 2kt: $437.50/mt
$435.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: FE:
„ PLATTS FUEL OIL 3.5% RDAM BARGES: BE: STR Withdraws
„ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: OEI bids 2kt: BURANDOENERGIES no longer bids 2kt: $438.00/mt
offer 2kt: $436.75/mt
$435.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: UNITEDBUNK no
„ PLATTS FUEL OIL 3.5% RDAM BARGES: BE: GUNVORSA
„ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: BPBV bids 2kt: longer bids 2kt: $436.00/mt
Withdraws offer 2kt: $437.00/mt
$434.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: GUNVORSA ** Denotes OCO order.
„ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: OEI bids 2kt: Withdraws bid 2kt: $433.00/mt
$434.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GUNVORSA
LSFO barges
„ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: TOTSA bids 2kt: Withdraws bid 2kt: $433.00/mt
Trades (PGA page 1505)
$434.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: BE: GUNVORSA
Withdraws bid 2kt: $433.00/mt „ No trades reported

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

European Marketscan March 28, 2025

* Denotes market maker. All times GMT Withdrawals Withdrawals

Bids (PGA page 1503) „ No offers reported „ No bids reported
** Denotes OCO order. ** Denotes OCO order.
„ No bids reported
Withdrawals
Offers (PGA page 1504)
HSFO RMK 500 barges „ No offers reported
„ No bids reported
Trades (PGA page 1505)
** Denotes OCO order. Withdrawals
Offers (PGA page 1504) „ No trades reported „ No offers reported
* Denotes market maker. All times GMT ** Denotes OCO order.
„ No offers reported
Bids (PGA page 1503)
„ No bids reported

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