ASIA-PACIFIC/ARAB GULF MARKETSCAN

Volume 39 / Issue 65 / April 2, 2020

Asia products
Code Mid Change Code Mid Change Code Mid Change
Singapore (PGA page 2002)
FOB Singapore ($/barrel) MOPS strip Premium/Discount
Naphtha PAAAP00 16.67–16.71 16.690 +1.150 AAPKA00 16.99–17.03 17.010 +1.240
Gasoline 97 unleaded PGAMS00 22.25–22.29 22.270 +2.590 AAPKE00* 5.24/5.28 5.260 +1.350
Gasoline 95 unleaded PGAEZ00 21.39–21.43 21.410 +2.600 AAPKF00* 4.38/4.42 4.400 +1.360
Gasoline 95 unleaded AGUMS00 23.050 +2.680 AGUMA00**** -1.640 -0.080
Gasoline 92 unleaded PGAEY00 20.63–20.67 20.650 +2.640 AAPKG00* 3.62/3.66 3.640 +1.400
Gasoline 92 unleaded AAXEQ00 21.89–21.93 21.910 +2.640 AAXER00 -1.28/-1.24 -1.260 0.000
Gasoline 91 unleaded AAYNA00 21.600 +2.640 AAYNB00 -0.310 0.000
Gasoline 92 unleaded 500 ppm PGAFY00*** -0.806 +0.050
CFR Naphtha AAOVF00 17.210 +1.260 AAOVG00 0.200 +0.020
Kerosene PJABF00 24.54–24.58 24.560 +0.280 AAPJZ00 27.54–27.58 27.560 +0.380 PJACU00 -3.02/-2.98 -3.000 -0.100
Gasoil 10 ppm AAOVC00 34.80–34.84 34.820 -0.250 AAOVD00** -0.99/-0.95 -0.970 -0.130
Gasoil 50 ppm AAPPF00 34.54–34.58 34.560 -0.250 AAPPH00** -1.25/-1.21 -1.230 -0.130
Gasoil 0.05% sulfur AAFEX00 31.80–31.84 31.820 -1.070 AAFFB00** -3.99/-3.95 -3.970 -0.950
Gasoil 0.25% sulfur AACUE00 31.54–31.58 31.560 -1.070 AACQI00** -4.25/-4.21 -4.230 -0.950
Gasoil POABC00 34.80–34.84 34.820 -0.250 AAPJY00 35.77–35.81 35.790 -0.120 POAIC00** -0.99/-0.95 -0.970 -0.130
FO 180 CST 2% ($/mt) PUAXS00 169.63–169.67 169.650 +8.880
HSFO 180 CST ($/mt) PUADV00 165.90–165.94 165.920 +8.690 AAPJX00 166.21–166.25 166.230 +8.690 AAGZF00 -0.33/-0.29 -0.310 0.000
HSFO 380 CST ($/mt) PPXDK00 160.42–160.46 160.440 +8.400 AAPJW00 160.63–160.67 160.650 +8.400 PPXDL00 -0.23/-0.19 -0.210 0.000
Marine Fuel 0.5% ($/mt) AMFSA00 211.960 -8.460 FOFSA00 221.600 -4.240 FOFSB00 -9.640 -4.220
Ex-Wharf 180 CST ($/mt) AAFET00 173.50–174.50 174.000 +9.000
Ex-Wharf 380 CST ($/mt) AAFER00 167.50–168.50 168.000 +8.000
Ex-Wharf 500 CST ($/mt) AAVUP00 165.50–166.50 166.000 +8.000
*Differential to FOB Singapore naphtha. **Differential to FOB Singapore gasoil. The “Gasoil” assessment reflects 10 ppm sulfur from January 2, 2018. ***Indicates relationship between premium/discount and MOPS gasoline 92 strip. ****Differential to FOB
Singapore gasoline 95 unleaded.

Middle East physical oil assessments (PGA pages 2004 and 2018)
Subscriber notes (PGA page 1500)
FOB Arab Gulf ($/barrel) Premium/Discount
Naphtha ($/mt) PAAAA00 116.08–118.58 117.330 +7.735 AAPKH00 11.75/12.25 12.000 0.000
Naphtha LR2 ($/mt) AAIDA00 118.77–121.27 120.020 +9.245
Relocation of assessment-related content
Gasoline 95 unleaded AAICY00 17.25–17.29 17.270 +2.510 AAWUJ00 2.18/2.22 2.200 -0.400 As part of our journey to digitize the commodity markets and help
Gasoline 95 unleaded CFR AAWUK00 3.63/3.67 3.650 our customers be better prepared for change, we’re making our
Gasoline 92 unleaded AAGJA00 16.510 +2.550 AAGZA00 1.900 -0.400 content easier to find by moving all assessment-related content by
Kerosene PJAAA00 20.45–20.49 20.470 +0.100 PJACV00 -0.62/-0.58 -0.600 -0.200
Kerosene LR2 AAKNZ00 20.45–20.49 20.470 +0.190 region and assessment group. From March 2, 2020, you may find
Gasoil 10 ppm AAIDT00 30.46–30.50 30.480 -0.450 AAIDU00* -0.02/0.02 0.000 -0.200 the Bids, Offers, Trades and Rationales and Exclusions in a different
Gasoil 0.005% sulfur AASGJ00 30.16–30.20 30.180 -0.450 AASGK00* -0.32/-0.28 -0.300 -0.200 part of this publication. It can be found in line with the region and
Gasoil 0.05% sulfur AAFEZ00 29.91–29.95 29.930 -0.450 AAFFD00* -0.57/-0.53 -0.550 -0.200 commodity of the assessments. Please do not hesitate to contact
Gasoil 0.25% sulfur AACUA00 29.36–29.40 29.380 -0.450 AACUC00* -1.12/-1.08 -1.100 -0.200
Gasoil POAAT00 30.46–30.50 30.480 -0.450 POAID00* -0.02/0.02 0.000 -0.200 our Client Services team at support@platts.com if you have any
Gasoil LR2 AAKBT00 30.46–30.50 30.480 -0.350 questions about this move.
HSFO 180 CST ($/mt) PUABE00 141.76–141.80 141.780 +8.690 AAXJA00 -4.02/-3.98 -4.000 +0.500
HSFO 380 CST ($/mt) AAIDC00 136.28–136.32 136.300 +8.400 AAXJB00 -1.02/-0.98 -1.000 +0.500 Platts proposes amending methodology for FOB Japan gasoil
HSFO 180/380 spread ($/mt) PPXDM00 -5.50/-5.46 -5.480 -0.290 assessment
Marine Fuel 0.5% Fujairah ($/mt) FOFFB00*** -9.000 -1.500 S&P Global Platts is proposing to amend the underlying
Ex-Wharf Fujairah 380 CST** ($/mt) AAYBG00 1.000 0.000
*Premium to MOPAG gasoil during loading. **Ex-Wharf differential represents premium/discount to the MOPAG 180 CST strip. ***MF 0.5% differential represents premium/ (Subscriber notes continue on page 15)
discount to the MOPFUJ MF 0.5% strip.

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ASIA-PACIFIC/ARAB GULF MARKETSCAN April 2, 2020

Asia products Market Commentary

Code Mid Change Code Mid Change

Middle East physical oil assessments (PGA pages 2004 and 2018)
Platts Asia and Middle Eastern Gasoline Daily
FOB Fujairah ($/barrel) MOPAG Strip
Gasoline 95 unleaded AFUJA00 21.770 +2.310 AFUJB00 19.570 +2.710
Market Analysis
Kerosene AFUJF00 23.620 -0.040 AFUJG00 24.220 +0.160 „„ Asian gasoline sees more supply
Gasoil 10 ppm AFUJP00 31.730 -0.510
Gasoil AFUJK00 31.730 -0.510 AFUJL00 31.730 -0.310
„„ EGPC and HPCL offer gasoline, PTT offers reformate
HSFO 380 CST ($/mt) AFUJQ00 143.150 +8.030 AFUJR00 144.150 +7.530 „„ US gasoline inventories surge
Ex-Wharf 380 CST ($/mt) AAYBF00 151.250 +10.140 AAYBD00 150.250
+10.140
MOPFUJ Strip The Asian gasoline market looked poised for further
Marine Fuel 0.5% ($/mt)** AMFFA00 194.980 -9.200 FOFFA00 203.980 -7.700 weakness towards the end of the week, with more spot
*FOB Fujairah outright prices are derived by adding the MOPAG strips and the FOB Arab Gulf premiums/discounts.
cargoes seen flooding an already oversupplied market.
**FOB Fujairah Marine Fuel 0.5% outright prices are derived by adding the MOPFUJ strip and the MF 0.5% Fujairah premiums/discounts.

Gasoline components (PBF page 2410)

Weekly Fujairah oil product stocks
FOB Singapore ($/mt)
Code (’000 barrels) Change
MTBE PHALF00 251.10–253.10 252.100 +32.100
Mar 30 (PGA page 2022)
Singapore demurrage (PGT pages 2910 and 2960)
Light distillates FUJLD04 6107 +100
$/day Middle distillates FUJMD04 2304 +445
Demurrage Clean AALPY00 21500.000 0.000 Heavy distillates and residues FUJHD04 14486 +1172
Demurrage Dirty AALQA00 43000.000 0.000
Source: FEDCom, S&P Global Platts

Singapore paper (PGA page 2655)

Balance April* ($/barrel) May ($/barrel) June ($/barrel)
Naphtha Japan ($/mt) AAXFE00 196.00–196.50 196.250 +12.000 AAXFF00 210.50–211.00 210.750 +11.750
Naphtha AAPLD00 16.48–16.52 16.500 +1.200 PAAAQ00 18.18–18.22 18.200 +1.200 PAAAR00 19.78–19.82 19.800 +1.150
Gasoline 95 unleaded AGUMB00 22.260 +2.500 AGUMM01 24.900 +2.950 AGUMM02 27.600 +3.070
Gasoline 92 unleaded AAXEK00 21.16–21.20 21.180 +2.500 AAXEL00 23.58–23.62 23.600 +2.820 AAXEM00 26.08–26.12 26.100 +2.970
Reforming Spread AAXEN00 4.66/4.70 4.680 +1.300 AAXEO00 5.38/5.42 5.400 +1.620 AAXEP00 6.28/6.32 6.300 +1.820
Kerosene AAPLE00 26.63–26.67 26.650 +0.360 PJABS00 29.65–29.69 29.670 +0.190 PJABT00 32.40–32.44 32.420 +0.150
Gasoil AAPLF00 35.43–35.47 35.450 -0.150 POAFC00 36.56–36.60 36.580 -0.130 POAFG00 37.89–37.93 37.910 -0.050
HSFO 180 CST ($/mt) AAPML00 165.23–165.27 165.250 +8.550 PUAXZ00 168.48–168.52 168.500 +8.800 PUAYF00 174.23–174.27 174.250 +9.050
HSFO 380 CST ($/mt) AAPKB00 159.73–159.77 159.750 +8.250 AAPKC00 162.73–162.77 162.750 +8.550 AAPKD00 168.23–168.27 168.250 +8.800
Gasoil EFS ($/mt) AAQTX00 -13.150 +1.130 AAQTY00 -8.480 -0.470 AAQTZ00 -8.320 -2.120
*Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February. **Interim Gasoil paper published ahead of the change in specification of FOB Singapore gasoil on January 2, 2018.

Arab Gulf Front Month Swaps (PGA page 2638)

Balance April* ($/barrel) May ($/barrel) June ($/barrel)
Gasoline 95 unleaded AFUIM00 18.120 +2.410 AFUIM01 20.760 +2.860 AFUIM02 23.460 +2.980
Kerosene AFUAM00 22.560 +0.180 AFUAM01 25.580 +0.010 AFUAM02 28.330 -0.030
Gasoil AFUJM00 31.110 -0.350 AFUJM01 32.240 -0.330 AFUJM02 33.570 -0.250
HSFO 180 CST AAYBM00 147.750 +7.350 AAYBM01 151.450 +8.050 AAYBM02 157.350 +8.150
HSFO 180 CST** AADZB00 150.800 +10.300 AADZM01 155.500
+12.000 AADZM02 160.400
+11.100
HSFO 380 CST AFURM00 142.250 +7.050 AFURM01 145.700 +7.800 AFURM02 151.350 +7.900
*Balance month swaps are assessed from the 1st to 10th of the month. **At 1730 Singapore time.

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 2
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 2, 2020

Asia products Egypt’s Egyptian General Petroleum Corp. was heard

Code Mid Change Code Mid Change
offering up to 27,000-33,000 mt of 95 RON gasoline for
Japan physical oil assessments (PGA page 2006) loading over April 16-18 from Alexandria in a tender that
C+F Japan ($/mt) Premium/Discount closes April 6, with validity until April 9.
Naphtha PAAAD00 175.25–177.75 176.500 +10.625 PAADI00 -0.50/0.00 -0.250 0.000 India’s Hindustan Petroleum Corp. similarly, was also
Nph 2nd 1/2 May PAAAE00 173.75–174.25 174.000 +10.750
Nph 1st 1/2 Jun PAAAF00 175.25–175.75 175.500 +10.750 heard offering 13,000 mt of 85 RON gasoline with maximum
Nph 2nd 1/2 Jun PAAAG00 177.25–177.75 177.500 +10.500 sulfur content of 0.05% for loading over April 20-22 from
Naphtha MOPJ Strip AAXFH00 210.50–211.00 210.750 +11.750 AAXFI00 -34.50/-34.00 -34.250 -1.120
New Pirpau Jetty, Mumbai in a tender that closes on April 2,
C+F Japan ($/barrel) Premium/Discount
Gasoline 91-92 unleaded PGACW00 23.56–23.60 23.580 +2.640 with next day validity.
Gasoline 95 unleaded PGAQQ00 24.32–24.36 24.340 +2.600 HPCL’s tender concurrently offers 17,000 mt of naphtha
Kerosene PJAAN00 26.87–26.91 26.890 +0.140 PAADK00 -0.69/-0.65 -0.670 -0.240
with minimum 66% paraffin content and maximum sulfur
Gasoil AAWVG00 0.31/0.35 0.330 -0.080
HSFO 180 CST ($/mt) PUACJ00 187.20–187.24 187.220 +8.690 limit of 300 ppm. Buyers have the option to bid for both
FOB Japan ($/barrel) cargoes of either one, according to the tender document.
Gasoil POJAP00 51.619 -0.154 On blendstocks, Thai PTT was seen offering 15,000 mt
South Korea physical oil assessments (PGA page 2008) of 101 RON reformate for loading over April 15-17 from Map
C+F Korea ($/mt) Premium/Discount Ta Phut. PTT’s tender closes on April 3, with same-day
Naphtha PAADE00 174.25–174.75 174.500 +10.620 PAADG00 -2.25/-1.75 -2.000 0.000 validity.
FOB Korea ($/barrel) Premium/Discount In addition to spot supply, US gasoline stocks saw a
Gasoline 95 unleaded PGAQO00 21.71–21.75 21.730 +2.690
Jet PJADG00 25.14–25.18 25.160 +0.180 PJADI00 -2.42/-2.38 -2.400 -0.200
surge in the week ended March 27, climbing by 7.5 million
Gasoil POAIE00 34.72–34.76 34.740 -0.170 POAIG00 -1.07/-1.03 -1.050 -0.050 barrels to 246.81 million barrels, data from the US Energy
HSFO 180 CST 3.5% ($/mt) PUBDP00 169.21–169.25 169.230 +8.690 PUBDR00 2.75/3.25 3.000 0.000 Information Administration released late-Wednesday
HSFO 380 CST 3.5% sulfur ($/mt) PUBDY00 163.73–163.77 163.750 +8.400 PUBEA00 2.75/3.25 3.000 0.000
showed. Analysts surveyed by Platts had only anticipated a
Mean of Platts West India netbacks (PGA page 2012) 3.6-million barrel build.
FOB India ($/mt) FOB India ($/barrel) Total product supplied for gasoline – often used a proxy
Naphtha AAQWK00 137.380 +9.630 AAQWJ00 15.260
+1.070
Gasoline (92 RON) AARBQ00 152.660 +20.760 AARBP00 17.960
+2.440
for demand – also fell nearly 25% on the week to 6.66
Gasoline (95 RON) AAQWI00 156.970 +20.160 AAQWH00 18.690
+2.400 million b/d, the weakest since January 1994.
Jet kero AAQWM00 171.150 +0.530 AAQWL00 21.670
+0.070 With overall fundamentals weakening further, the
Gasoil 10 ppm AAQWO00 242.460 -3.580 AAQWN00 31.820
-0.470
Gasoil 500 ppm AAQWQ00 214.190 -9.650 AAQWP00 28.750
-1.300 balance April/May Singapore 92 RON swap spread and May/
Gasoil 2500 ppm AAQWS00 212.250 -9.650 AAQWR00 28.490
-1.300 June swap spread narrowed to minus $2.35-$2.37/b and
Australia (PGA page 2014) minus $2.35-$2.40/b, respectively mid-Thursday, according
C+F Australia ($/barrel) to broker indications.
Gasoline 92 AACZF00 25.16–25.20 25.180 +2.640 At the close of Asian trade Wednesday, the balance
Gasoline 95 AACZH00 25.92–25.96 25.940 +2.600 April/May Singapore 92 RON swap spread was assessed at
Jet AAFIY00 29.41–29.45 29.430 +0.280
Gasoil 10 ppm AAQUD00 39.97–40.01 39.990 -0.250 minus $2.10/b, while the May/June swap spread was
assessed at minus $$2.35/b, according to Platts data.
South Africa (PGA pages 2342 and 2412)
CFR South Africa ($/barrel)
Gasoline 95 unleaded AAQWW00 26.968 +2.421
Platts Singapore Gasoline Rationales & Exclusions
Jet kero AAQWT00 29.212 +0.079 Gasoline Unl 92 FOB Spore Cargo <PGAEY00> assessment
Gasoil 10 ppm AAQWU00 37.660 -0.384 rationale: The FOB Singapore 92 RON gasoline assessment
Gasoil 500 ppm AAQWV00 37.110 -0.384

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 3
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 2, 2020

Asia products on Thursday took into consideration the previous day

Code Mid Change Code Mid Change
physical cash differential as the standing bid and offers did
Freight netbacks (PGA pages PGT2910 and PGT2960) not demonstrate value.
AG-Spore Spore-Japan AG-Japan Spore-Australia
Naphtha AAPOF00 24.94* AAPOG00 59.17*
Naphtha-LR2 AAPOH00 56.48*
Gasoline Unl 95 FOB Spore Cargo <PGAEZ00> assessment
Gasoline AAPOC00 4.14 AAPOD00 2.93 AAPOE00 4.53 rationale: The FOB Singapore 95 RON gasoline assessment
Kerosene AAPOI00 4.09 AAPOJ00 4.87
on Thursday took into consideration an offer for a cargo
Kerosene-LR2 AAPOK00 4.09
Gasoil AAPOL00 4.34 AAPOM00 5.17 loading over April 17-21 at $21.40/b.
Gasoil-LR-2 AAPON00 4.34
HSFO 180 CST AAPOO00 24.14* AAPOP00 21.30*
HSFO 380 CST AAPOQ00 24.14*
Gasoline Unl 97 FOB Spore Cargo <PGAMS00> assessment
All values in $/barrel, except * values in $/mt. rationale: The FOB Singapore 97 RON gasoline assessment
South China/Hong Kong physical oil assessments (PGA page 2010) on Thursday took into consideration the adjusted 92/95
South China ($/mt) Premium/Discount to MOPS ($/barrel) inter-RON spread in the absence of any bids and offers.
Gasoline 90 unleaded AAICU00 158.25–162.25 160.250 +22.750
Gasoline 93 unleaded AAICW00 164.50–168.50 166.500 +22.250
Jet/kero PJABQ00 206.25–210.25 208.250 +2.250 AAWTW00 -1.23/-1.19 -1.210 -0.100
Gasoline Unl 92 FOB Arab Gulf Carg <AAGJA00> assessment
Gasoil POAFA00 268.00–272.00 270.000 -2.000 AABJZ00 0.44/0.48 0.460 -0.130 rationale: The FOB Arab Gulf 92 RON gasoline cargo
Hong Kong bunker grades ($/mt) assessment was derived as a freight netback from the FOB
HSFO 180 CST PUACC00 220.50–221.50 221.000 +1.000 Singapore 92 RON marker using the following calculation:
HSFO 380 CST PUAER00 214.50–215.50 215.000 0.000
FOB Singapore 92 RON assessment minus the cost of
*C+F Hong Kong, $/barrel premium/discount to Mean of Platts Singapore.
transporting a 35,000 mt clean cargo from a basket of
Marine Fuel (PGA page 30) ports in the Persian Gulf to Singapore.
$/mt Change vs FO 380 MOPS strip Change Exclusions:
0.5% FOB Singapore cargo AMFSA00 211.960 -8.460 AMOPA00 51.310 -16.860
0.5% FOB Fujairah cargo AMFFA00 194.980 -9.200
No market data was excluded from the Asian gasoline
0.5% FOB Rotterdam barge PUMFD00 207.500 +19.250 Market on Close assessment process on April 2, 2020.
0.5% FOB US Gulf Coast barge AUGMB00 197.250 +17.750
0.5% Dlvd US Atlantic Coast barge AUAMB00 220.000 +28.750
0.5% FOB Mediterranean cargo MFFMM00 178.250 -2.500
Jet Index (PGA page 115)
0.5% CIF Mediterranean cargo MFCMM00 190.250 -2.500 Index $/barrel
$/barrel Change Asia & Oceania PJASO00 72.40 PJASO08 25.34
0.5% FOB US Gulf Coast barge AUGMA00 31.060 +2.790 Mid East & Africa PJMEA00 63.44 PJMEA08 21.24
0.5% Dlvd US Atlantic Coast barge AUAMA00 34.650 +4.530 Global PJGLO00 73.57 PJGLO08 26.91

Marine Fuel 0.5% Derivatives, Apr 2

Balance* Change Month 1 Change Month 2 Change Foreign exchange rates (PGA page 2160)
Apr May Jun USD/JPY AAWFX00 107.340 -0.320
$/mt $/mt $/mt Eur/USD AAWFU00 1.0919 -0.0024
0.5% FOB Singapore cargo FOFS000 218.750 -5.000 FOFS001 228.250 -3.000 FOFS002 236.750 -1.750 GBP/USD AAWFV00 1.2389 +0.0037
0.5% FOB Fujairah cargo FOFF000 198.750 -9.000 FOFF001 208.250 -7.000 FOFF002 216.750 -5.750 USD/SGD AAWFZ00 1.4305 -0.0048
0.5% FOB Rotterdam barge AMRAB00 202.000 +8.000 AMRAM01 208.000 +8.000 AMRAM02 216.000 +8.000 USD/MYR AAWGA00 4.3610 +0.0033
0.5% vs. 3.5% FOB Rotterdam barge AMRBB00 83.000 -11.250 AMRBM01 82.000 -8.000 AMRBM02 83.000 -5.750 USD/HKD AAWFY00 7.7518 +0.0001
$/barrel $/barrel $/barrel AUD/USD AAWFT00 0.6094 +0.0028
0.5% FOB US Gulf Coast barge AUSAB00 31.750 +2.750 AUSAM01 32.750 +2.350 AUSAM02 34.150 +2.450 USD/CNY* AAWFW00 7.0995 +0.0224
0.5% vs US Gulf Coast HSFO barge AUSBB00 12.200 -1.500 AUSBM01 12.450 -1.650 AUSBM02 13.100 -1.050 USD/INR AAFGW00 76.2052 +0.4960
*Balance month swaps are assessed from 1st through the 15th of the month; Asia swaps are assessed through the 14th of February *Source: Bank of China

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 4
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 2, 2020
No market data was excluded from the Asian gasoline
derivative Market on Close assessment process on April 2,
2020.
Platts Asia and Middle Eastern Naphtha Daily
Market Analysis
„„ Purchasing for H1 May continues
„„ Cash differentials in negative territory
„„ Physical cracks reach 2008 low
The Asian naphtha market sentiment remained soft on the
back of robust arbitrage inflows and uncertain downstream
demand due to the coronavirus pandemic, sources said
Thursday.
Buying for H1 May delivery continued, as LG Chem
sought to purchase open-spec naphtha with minimum 70%
paraffin content for delivery over H1 May in a tender
Thursday. LG Chem last bought 50,000 mt of naphtha for H1
May delivery at a premium of $2-$5/mt to MOPJ naphtha
assessments, CFR, pricing 30 days prior to delivery.
LG Chem’s Daesan and Yeosu naphtha-fed steam
crackers were running at full capacity in March and plan to
continue at full capacity for April, according to sources
aware of the matter. LG Chem’s crackers have ethylene
production capacities of 1.27 million mt/year and 1.18 million
mt/year, respectively.
Cash differentials for spot paraffinic naphtha parcels
were assessed at minus 25 cents/mt Wednesday, down 25
cents/mt on the day, against benchmark Mean of Platts
Japan naphtha physical, on a CFR Japan basis. The level
was last seen lower seven months back on September 4,
2019 at minus 50 cents/mt.
Reflecting the lackluster market momentum, the CFR
Japan naphtha physical cracks against front-month ICE
Brent crude futures sank 216.6% on the day to minus
$20.725/mt at Wednesday’s Asian close. The crack was last
lower on December 18, 2008 at minus $40.15/mt.
“The market is likely to be long on naphtha but what is
happening now is refineries have either cut runs or are
© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
European products ($/mt)
Code Mid Change Code Mid Change
Mediterranean (PGA page 1114)
FOB (Italy) CIF (Genova/Lavera)
Prem Unl 10ppm AAWZA00 187.25–187.75 187.500
+31.750 AAWZB00 202.00–202.50 202.250
+31.750
Naphtha
Jet aviation fuel
PAAAI00 98.50–99.00 98.750
+19.750
AAIDL00 173.25–173.75 173.500 +1.000
PAAAH00 118.25–118.75 118.500
+19.750
Gasoil 0.1% AAVJI00 230.50–231.00 230.750 -9.750 AAVJJ00 253.00–253.50 253.250 -9.750
10ppm ULSD AAWYY00 251.25–251.75 251.500 +1.250 AAWYZ00 269.00–269.50 269.250 +1.250
1% PUAAK00 142.25–142.75 142.500 +8.750 PUAAJ00 155.75–156.25 156.000 +8.750
3.5% PUAAZ00 102.50–103.00 102.750
+16.500 PUAAY00 115.75–116.25 116.000
+16.500
Northwest Europe cargoes (PGA page 1110)
CIF (Basis ARA) FOB NWE
Gasoline 10ppm AAXFQ00 197.00–197.50 197.250
+32.500
Naphtha Swap PAAAJ00 166.75–167.25 167.000
+17.000
Naphtha Phy PAAAL00 133.00–133.50 133.250
+19.750
Jet PJAAU00 201.50–202.00 201.750 +1.000 PJAAV00 188.75–189.25 189.000
+1.250
Ultra low sulfur diesel 10ppm AAVBG00 273.75–274.25 274.000 -0.500 AAVBF00 260.00–260.50 260.250 -0.250
Gasoil 0.1% AAYWS00 266.50–267.00 266.750 +1.000 AAYWR00 246.75–247.25 247.000
+1.250
Diesel 10ppm NWE AAWZC00 276.25–276.75 276.500 -0.500 AAWZD00 262.25–262.75 262.500 -0.250
Diesel 10 PPM UK AAVBH00 277.75–278.25 278.000 -0.500
1% PUAAL00 145.75–146.25 146.000 +8.750 PUAAM00 134.00–134.50 134.250 +8.750
3.5% PUABA00 116.25–116.75 116.500
+19.000 PUABB00 100.00–100.50 100.250
+19.000
0.5-0.7% straight run PKABA00 199.50–200.50 200.000
+23.000
Low sulfur VGO AAHMZ00 179.00–180.00 179.500
+23.250 AAHMX00 162.75–163.75 163.250
+23.250
High sulfur VGO AAHND00 174.00–175.00 174.500
+23.250 AAHNB00 157.50–158.50 158.000
+23.250
Northwest Europe barges (PGA pages 1112 & 1380)
FOB Rotterdam
Eurobob AAQZV00 175.75–176.25 176.000
+32.000
E10 Eurobob AGEFA00 174.000
+32.000
Unleaded 98 AAKOD00 245.75–246.25 246.000
+32.000
Premium Unleaded PGABM00 203.75–204.25 204.000
+38.750
Reformate AAXPM00 196.000
+32.000
MTBE* PHALA00 213.00–213.50 213.250
+32.000
Naphtha Phy PAAAM00 129.00–129.50 129.250
+19.750
Jet PJABA00 204.00–204.50 204.250 +5.750
Gasoil 50 ppm AAUQC00 270.50–271.00 270.750 -1.500
Gasoil 0.1%* AAYWT00 252.00–252.50 252.250 -2.250
10 ppm* AAJUS00 270.75–271.25 271.000 -1.250
1% PUAAP00 129.00–129.50 129.250 +8.750
3.5% PUABC00 120.50–121.00 120.750
+19.000
Fuel Oil 3.5% 500 CST PUAGN00 116.50–117.00 116.750
+19.000
Low sulfur VGO AAHNF00 175.25–176.25 175.750
+23.250
High sulfur VGO AAHNI00 170.25–171.25 170.750
+23.250
*FOB Amsterdam-Rotterdam-Antwerp
ICE LS gasoil GWAVE (Previous day’s values) (PGA page 702)
Apr PXAAJ00 276.250 01-Apr-20
May PXAAK00 279.500 01-Apr-20
Rotterdam bunker (PGA page 1112)
380 CST PUAFN00 161.50–162.50 162.000
+25.000
5
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 2, 2020
planning to cut runs because of low demand of products. If
the refinery run cuts get huge, then ultimately there will be
impact on naphtha length even though it is cracker
turnaround season in Q2,” said a Singapore-based naphtha
trader.
Platts Japan Naphtha Daily Rationales & Exclusions
Naphtha C+F Japan Cargo <PAAAD00> assessment
rationale: The CFR Japan naphtha cargo assessment on
Thursday took into consideration the following inputs: an
offer for for H2 June at $178/mt with a crack value of minus
$23.68/mt and a trade for H1 June at $176/mt with a crack
value of $25.225/mt. The H2 May/H1 Jun spread was
assessed at minus $1.50/mt. The H1 Jun/H2 Jun spread was
assessed at minus $2/mt.
Naphtha FOB Spore Cargo <PAAAP00> assessment rationale:
The FOB Singapore naphtha assessment was derived as a
freight netback from the CFR Japan naphtha first cycle
assessment using the following calculation: CFR Japan
naphtha first cycle assessment minus the cost of
transporting a 30,000-mt clean cargo on the Singapore-to-
Japan route.
Naphtha FOB Arab Gulf Cargo <PAAAA00> assessment
rationale: The FOB Arab Gulf naphtha assessment was
derived as a freight netback from the CFR Japan naphtha
marker using the following calculation: CFR Japan naphtha
marker minus the cost of transporting a 55,000-mt clean
cargo from a basket of ports on the Persian Gulf-to-Japan
route.
Exclusions:
No market data was excluded from the April 2, 2020 Asian
naphtha derivative market on close assessment process.
No market data was excluded from the April 2, 2020 Asian
naphtha market-on-close assessment process.
© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
US products (¢/gal) (PGA page 158)
Code Mid Change Code Mid Change
US West Coast pipeline
Los Angeles San Francisco
Unleaded 84 AAUHA00 45.23–45.33 45.280 +11.630 PGADG00 45.23–45.33 45.280 +11.630
Premium 90 PGABG00 59.23–59.33 59.280 +11.630 PGABO00 59.23–59.33 59.280 +11.630
CARBOB AAKYJ00 45.23–45.33 45.280 +11.630 AAKYN00 45.23–45.33 45.280 +11.630
CARBOB PREM AAKYL00 59.23–59.33 59.280 +11.630 AAKYP00 59.23–59.33 59.280 +11.630
Jet PJAAP00 74.71–74.81 74.760 +6.280 PJABC00 74.71–74.81 74.760 +6.280
ULS (EPA) Diesel POAET00 105.46–105.56 105.510 +6.280 POAEY00 102.96–103.06 103.010 +7.280
CARB diesel POAAK00 105.46–105.56 105.510 +6.280 POAAL00 102.96–103.06 103.010 +7.280
Seattle Portland
Unleaded 84 AAXJE00 51.08–51.18 51.130 +11.630 AAXJC00 52.23–52.33 52.280 +11.630
Premium 90 AAXJF00 81.08–81.18 81.130 +11.630 AAXJD00 82.23–82.33 82.280 +11.630
Jet PJABB00 74.71–74.81 74.760 +6.280
ULS (EPA) Diesel AAUEX00 107.31–107.41 107.360 +6.280 AAUEY00 108.46–108.56 108.510 +6.280
Phoenix
RBOB unleaded 84 AADDP00 44.23–44.33 44.280 +11.630
RBOB premium 89.5 PPXDJ00 58.23–58.33 58.280 +11.630
Differential to NYMEX
CARBOB AANVX00 -21.05/-20.95 -21.000 0.000
CARBOB paper 1st month* AAKYR00 -18.05/-17.95 -18.000 -1.000
CARBOB paper 2nd month* AAKYS00 -10.00/-9.95 -10.000 +2.000
Jet Fuel AANVY00 -24.80/-24.70 -24.750 0.000
ULS (EPA) Diesel AANVZ00 5.95/6.05 6.000 0.000
CARB Diesel AANWA00 5.95/6.05 6.000 0.000
* Premium to NYMEX gasoline settlement
US West Coast waterborne
Los Angeles
Unleaded 87 PGADI00 45.23–45.33 45.280
+11.630
Jet PJABI00 73.71–73.81 73.760 +6.280
Platts assessment of futures markets at MOC close (PGA page 703)
Singapore 16:30
ICE gasoil futures ($/mt) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
Apr 20* AAQYM01 277.25 May XNRBA01 61.31 May XNHOA01 96.88
May 20 AAQYM02 281.00 Jun XNRBA02 67.27 Jun XNHOA02 98.97
Jun 20 AAQYM03 290.75 Jul XNRBA03 72.93 Jul XNHOA03 102.16
New York 14:30
NYMEX light sweet crude ($/barrel) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
May NYCRM01 25.18 May NYRBM01 65.65 May NYHOM01 99.00
Jun NYCRM02 27.87 Jun NYRBM02 71.66 Jun NYHOM02 101.55
Jul NYCRM03 29.70 Jul NYRBM03 77.09 Jul NYHOM03 105.02
*Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February.
6
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 2, 2020

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

(Asia MOC) (Asia MOC) (Asia close) (London close)
API
Gravity Code Mid Change Code Mid Change Code Mid Change Code Mid Change
Condensate (PGA page 2212) (PGA page 2213)
Diff to Dubai Diff to Asian Dated Brent
NW Shelf 61.9 PCAGX00 19.18–19.22 19.200 +0.370 AAPAI00 -5.45 -1.000 AAPAH00 20.420 +1.840
DFC 56.82 ADFCA00 26.56–26.60 26.580 +0.720 ADFCB00 -3.65/-3.55 -3.600 -0.300 ADFCC00 -1.000 -0.330 ADFCD00 27.620 +1.970
Qatar LSC 56.9 AARBB00 25.16–25.20 25.180 +0.720 AARBD00 -5.05/-4.95 -5.000 -0.300 AARBC00 -2.400 -0.330 AARBA00 26.220 +1.970
South Pars 57.4 AARAV00 22.21–22.25 22.230 +0.720 AARAX00 -8.00/-7.90 -7.950 -0.300 AARAW00 -5.350 -0.330 AARAU00 23.270 +1.970
Diff to ICP
Senipah 54.4 AAEOE00 19.68–19.72 19.700 +0.370 AAEOK00 -1.30/-1.20 -1.250 -1.000 AAPBE00 -4.950 -1.000 AAPBD00 20.920 +1.840
Light crude (PGA page 2214) (PGA page 2215)
Diff to ICP Diff to Asian Dated Brent
Cossack 47.7 PCAGZ00 21.73–21.77 21.750 +1.170 AAPAC00 -2.900 -0.200 AAPAB00 22.970 +2.640
Gippsland 48.7 PCACP00 19.28–19.32 19.300 +1.170 AAPAU00 -5.350 -0.200 AAPAT00 20.520 +2.640
Tapis 45.2 PCACB00 25.53–25.57 25.550 +1.320 AAOZW00 0.900 -0.050 AAOZV00 26.770 +2.790
Belida 45.1 PCAFL00 19.38–19.42 19.400 +1.170 PCAFM00 -0.85/-0.75 -0.800 -0.200 AAPBQ00 -5.250 -0.200 AAPBP00 20.620 +2.640
Kutubu 44.3 PCAFJ00 20.73–20.77 20.750 +1.170 AAPAE00 -3.900 -0.200 AAPAD00 21.970 +2.640
Handil Mix 43.9 PCABE00 20.48–20.52 20.500 +1.170 PCABF00 -0.75/-0.65 -0.700 -0.200 AAPBI00 -4.150 -0.200 AAPBH00 21.720 +2.640
Attaka 42.3 PCAAJ00 19.23–19.27 19.250 +1.170 PCAAK00 -1.55/-1.45 -1.500 -0.200 AAPBC00 -5.400 -0.200 AAPBB00 20.470 +2.640
Ardjuna 38 PCACQ00 18.63–18.67 18.650 +1.320 PCACR00 -0.95/-0.85 -0.900 -0.050 AAPBG00 -6.000 -0.050 AAPBF00 19.870 +2.790
Banyu Urip 32 PCAFQ00 26.750 +1.320 PCAQQ00 1.200 -0.050 AAPBU00 2.100 -0.050 AAPBR00 27.970 +2.790
Diff to Dubai
Sakhalin Blend 45.5 AARBN00 28.81–28.85 28.830 +0.820 AARCN00 -1.40/-1.30 -1.350 -0.200 AARDN00 1.250 -0.230 AAREN00 29.870 +2.070
ESPO M1 34.8 AARWF00 28.66–28.70 28.680 +0.520 AASEU00 -1.55/-1.45 -1.500 -0.500 AARWE00 0.750 -0.890 AARWD00 29.370 +1.410
ESPO M2 34.8 AAWFE00 30.71–30.75 30.730 +0.240 AAWFG00 -1.30/-1.20 -1.250 -0.450
Sokol 39.7 AASCJ00 29.51–29.55 29.530 +0.970 AASCK00 -0.70/-0.60 -0.650 -0.050 AAPAO00 1.950 -0.080 AAPAN00 30.570 +2.220
Kikeh 34.9 AAWUH00 26.88–26.92 26.900 +1.320 AAOZY00 2.250 -0.050 AAOZX00 28.120 +2.790
Miri Light 32.3 PCABQ00 26.78–26.82 26.800 +1.320 AAPAS00 2.150 -0.050 AAPAR00 28.020 +2.790
Labuan 32 PCABL00 26.98–27.02 27.000 +1.320 AAPAQ00 2.350 -0.050 AAPAP00 28.220 +2.790
Kimanis 38.6 AASCL00 27.000 +1.320 AASCM00 2.350 -0.050 AASCN00 28.220 +2.790
Medium crude (PGA page 2216) (PGA page 2217)
Diff to Asian Dated Brent
Su Tu Den 36.8 AARAR00 27.63–27.67 27.650 +1.320 AARAS00 3.000 -0.050 AARAQ00 28.870 +2.790
Bach Ho 40.7 PCAHY00 28.13–28.17 28.150 +1.320 AAPAK00 3.500 -0.050 AAPAJ00 29.370 +2.790
Nanhai 40 PCAFR00 19.93–19.97 19.950 +1.320 AAPAG00 -4.700 -0.050 AAPAF00 21.170 +2.790
Diff to ICP
Nile Blend 33.9 AAPLC00 24.03–24.07 24.050 +1.320 AAPAM00 -0.600 -0.050 AAPAL00 25.270 +2.790
Widuri 33.2 PCAFE00 21.83–21.87 21.850 +1.320 PCAFF00 1.55/1.65 1.600 -0.050 AAPBO00 -2.800 -0.050 AAPBN00 23.070 +2.790
Daqing 32.2 PCAAZ00 21.23–21.27 21.250 +1.320 AAPAW00 -3.400 -0.050 AAPAV00 22.470 +2.790
Cinta 31.1 PCAAX00 21.58–21.62 21.600 +1.320 PCAAY00 1.55/1.65 1.600 -0.050 AAPBK00 -3.050 -0.050 AAPBJ00 22.820 +2.790
Heavy crude (PGA page 2218) (PGA page 2219)
Diff to ICP Diff to Asian Dated Brent
Dar Blend 25 AARAB00 25.18–25.22 25.200 +1.170 AARAC00 0.550 -0.200 AARAA00 26.420 +2.640
Shengli 24.2 PCABY00 27.58–27.62 27.600 +1.170 AAPAY00 2.950 -0.200 AAPAX00 28.820 +2.640
Duri 20.8 PCABA00 30.88–30.92 30.900 +1.170 PCABB00 3.80/3.90 3.850 -0.100 AAPBM00 6.250 -0.200 AAPBL00 32.120 +2.640
Vincent 18.3 AARAK00 27.050 +1.270 AARAL00 2.400 -0.100 AARAJ00 28.270 +2.740

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 7
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 2, 2020
Platts Asia and Middle Eastern Jet Daily
Market Analysis
„„ Asia Jet fuel buckles under coronavirus impact
„„ India’s IOC offers 25,000 mt of jet fuel for early April
loading
The Asia jet fuel/kerosene markets continued to buckle
under immense pressure from the COVID-19 pandemic on
Thursday, leading to a dearth of demand and a supply glut,
industry sources said.
“Jet demand is zero, there’s no fundamental to discuss,
really ... there will be excess [jet cargoes] as [many global]
airports are shut,” a trading source said on Thursday.
The bearishness was reflected in the derivatives market
with the front month May/June time-spread widening to a
steep contango of minus $2.79/b at the Asian close
Wednesday. A steep contango as such meant that jet fuel
prices are much weaker at the prompt as compare to
forward months.
As of 0300 GMT on Thursday, brokers pegged the same
spread even lower at minus $2.83/b.
In the spot market, India’s IOC is offering up to 25,000
mt jet A-1 fuel for loading across April 8-9.
ASIA-PACIFIC/ARAB GULF MARKETSCAN
Editorial: Dave Ernsberger, Tel +44-20-7176-6116, Global Oil Director; Calvin Lee,
Tel +65-6530-6429, Editorial Director, Asia & Middle East Oil Markets.
Client services information: North America: 800-PLATTS8 (800-752-8878); direct:
+1-212-904-3070, Europe & Middle East: +44-20-7176-6111, Asia Pacific: +65-6530-6430,
Latin America: +54-11-4121-4810, E-mail: support@platts.com
Trade Data: Platts has defined standards for entities it considers to be related and verifies
through a variety of inputs whether counterparties in reported trades meet these criteria.
© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
The names “S&P Global Platts” and “Platts” and the S&P Global Platts logo are
trademarks of S&P Global Inc. Permission for any commercial use of the S&P Global Platts
logo must be granted in writing by S&P Global Inc.
© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
The price is based on IOC’s formula, which takes the
average of Mean of Platts Arab Gulf jet fuel/kerosene
assessments and Argus Arab Gulf jet kerosene
assessments, FOB, and the tender invitation will close on
April 2, with same-day validity
In other news, open interest for front-month April jet
fuel contracts on the Intercontinental Exchange rose 19.26%
month on month to 34.25 million barrels in March, the latest
data from ICE showed.
The front month April Singapore regrade contract,
which measures the spread between jet kerosene and 10
ppm gasoil, accounted for the bulk of the rise in open
interest in March, jumping 39.95% from the previous month
to 19.84 million barrels at the end of March.
Meanwhile, open interest for the front-month Singapore
jet/kerosene crack spread against Dubai rose to 39.04% to
723,000 barrels in end March, ICE data showed.
The rise in the crack spread trades on ICE came as cash
differentials for jet fuel cargoes loading from Arab Gulf
plunged to its lowest level in over 22 years, S&P Global
Platts data showed.
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8
Platts Singapore Jet Kero Daily Rationale & Exclusions
Jet Kero FOB Spore Cargo <PJABF00> assessment rationale:
The FOB Singapore jet fuel/kerosene cargo assessment on
Thursday was based on the following inputs: The front
loading period was assessed at Mean of Platts Singapore
minus $2.70/b, taking into account a trade for cargo loading
over April 17-21 at minus $2.70/b to the MOPS jet fuel/
kerosene assessment, after accounting for deemed pricing.
The back loading period was assessed at MOPS minus
$3.26/b, taking into account a trade for cargo loading over
April 27-May 1 at MOPS minus $3.84/b.
The middle loading period was at MOPS minus $2.99/b,
reflecting the movement in the front and back loading
periods.
Exclusions: No market data was excluded from the April 2,
2020, Singapore jet fuel/kerosene Market on Close
assessment process.
Platts Singapore Jet Kero Bids, Offers, Trades
Bids: Jet: FOB Straits: Trafi bids MOPS -3.50 Apr 17-21 100kb
(Deemed pricing Apr 3-30) INCO or MOPS -3.00 Apr 17-21
communications (whether written, oral, electronic or in other format), and shall not be
subject to any damages or liability, including but not limited to any indirect, special,
incidental, punitive or consequential damages (including but not limited to, loss of profits,
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ICE index data and NYMEX futures data used herein are provided under S&P Global Platts’
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via email at support@platts.com.
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 2, 2020
250kb (Deemed pricing Apr 3-30) INCO; Jet: FOB Straits: BP
bids Bal Apr -3.38 Apr 17-21 250kb
Offers: Jet: FOB Straits: Vitol offers MOPS -1.00 Apr 17-21
100kb (Deemed pricing Apr 16-22) INCO; Jet: FOB Straits:
Shell offers H2 April -1.00 Apr 17-21 100kb Shell GTC; Jet:
FOB Straits: Petrochina offers MOPS -2.00 Apr 17-21 100kb
INCO; Jet: FOB Straits: Petrochina offers MOPS -1.80 Apr
22-26 100kb INCO ; Jet: FOB Straits: P66 offers MOPS -0.86
Apr 28-May 2 100kb (Deemed pricing May 4-11)
Withdrawn: Jet: FOB Straits: BP no longer bids Bal Apr -2.48
Apr 27-May 1 250kb after trade with Hin Leong (4:29:55) ;
Jet: FOB Straits: Unipec no longer offers MOPS -2.70 Apr
17-21 100kb (Deemed pricing Apr 16-22) after trade with Hin
Leong (4:29:58)
Trades: Jet: FOB Straits: Apr 27-May 1: 250kb: Hin Leong
sells to BP at Bal April minus $2.48/b (4:29:55); Jet: FOB
Straits: Apr 17-21: 100kb: Hin Leong buys from Unipec at
MOPS minus $2.70/b (Deemed pricing Apr 16-22) (4:29:58)
This assessment commentary applies to the following market data
codes: Jet Kero <PJABF00>
Platts Asia and Middle Eastern Gasoil Daily
Market Analysis
„„ Supply momentum shows no signs of slowing down
„„ Lower demand sees spot cargoes pushed out from
India, S Korea
The supply momentum in the Asian gasoil market showed
no signs of slowing down Thursday, as regional domestic
demand remained well under normal levels.
“I think it is getting a bit bearish, more because of more
supply being diverted into Southeast Asia and Singapore,
from the Persian Gulf and India,” an Asian refiner said
Thursday.
The source added, however, that gasoil cracks to crude
were still managing to hold on to some strength. “It’s partly
because the market anticipated [regional] run-cuts and the
spring [refinery] turnaround in mid-April-June, so that is
giving a bit of support,” the refiner said.
© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
International dirty tanker fixtures (PGT page 2950)
Ship name Size Type Date Route Rate Charterer
East of Suez
Chloe V 270 CR Apr15 Mina Ahmadi-Vietnam w210 NSRP
Olympic Loyalty II 270 CR Apr23 PG-China w195 Hengli
Advantage Value 270 CR Apr23 PG-China w210 Unipec
Nave Neutrino 270 CR Apr21 Basrah-China rnr PAC Commerce
C Guardian 270 CR Apr20 PG-China w210 Unipec
Koch Tbn 270 CR Apr21 PG-Myanmar w210 Glasford
Alaska 140 CR Apr23 Basrah-UKCM w140 Repsol
Tataki 130 CR Apr8 Mina Ahmadi-Cochin w250 BPCL
Front Cascade 130 CR Apr14 PG-China w205 CNOOC
Nordic Freedom 130 CR Apr20 PG-China w200 Unipec
Spyros K 130 CR Apr21 PG-China w205 Unipec
Ithaki Warrior 130 CR Apr24 Basrah-East w208 CSSA
17-Feb 130 CR Apr22 PG-SKorea w191 SK Energy
Astra 130 CR Apr25 PG-China w205 Unipec
Teekay Tbn 130 CR Apr23 PG-Korea w200 SK Energy
South Sea 130 FO Apr8 STS Khawr Al Zubair-Sikka ws130 RIL
New Friendship 80 CR Apr8 Zirku-Zhoushan ws149 Unipec
Shalamar 80 FO Apr15 Bahrain-East rnr Vitol
Coral Sea OOS 80 CR Apr21 PG-SKorea w150 HOB
Yang Li Hu 80 CR midApr PG-East rnr PetroChina
Desh Mahima 80 CR midApr Zirku-East rnr PetroChina
Desh Suraksha 80 CR midApr Fujairah, Jebel Dhanna-NChina w147.5 CSSA
Southern Glory 100 CR Apr17 Kozmino-NChina rnr Mercuria
Seafalcon 80 CR Apr13 STS Linggi-NChina w155 Chemchina
British Resource 80 COND Apr15 Dampier-Tuban, Spore w200, w185 Exxon
UKC
Dong A Maya 100 CR Apr13 Baltic-China $5.9m Unipec
Amfriti 100 CR Apr19 Baltic-China $6m Trafigura
Solviken 100 CR Apr20 Baltic-UKC $5.9m ST Shipping
Moskovsky Prospect 100 CR Apr9 Baltic-UKC, Med w130, w125 Litasco
Med
Delta Tbn 140 CR Apr23 Novo-UKCM, Ningbo w180, $7.1m Transway
New Vision 140 CR Apr9 Sidi Kerir-Med, UKC w152.5, w147.5 Repsol
WAF
Triathlon 130 CR Apr23 WAF-China w172.5 Zenrock
Americas
Admiral 270 CR May1 USGC-East+Storage rnr Shell
Leni P 147 CR Apr16 ECMex-UKCM w135 Repsol
George S 145 CR Apr17 Covenas-UKCM w130 Repsol
CE Hamilton 130 CR Apr19 Guyana-China rnr CNOOC
Front Crystal 130 CR Apr12 Brazil-Chile, East w210, w195 Petrobras
Kronviken 70 CR Apr7 USGC-UKCM w150 Occidental
Sea Vine 70 CR Apr10 USGC-UKCM rnr Exxon
Seletar Spirit 70 CR Apr9 Guyana-USGC w140 Exxon
DY: Dirty, CR: Crude, FO: Fuel Oil, +:Update, ppt: Prompt, cnr: charterer not reported, rnr: rate not reported, coa: contract of affreightment, o/p: own program
9
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 2, 2020
To that end, the Asian gasoil physical crack spread to
front-month cash Dubai closed Wednesday at $13.87/b,
down 33 cents/b from Tuesday.
“Gasoil is more of a daily requirement, unlike kerosene,”
a Singapore-based trader said. “Transportation ... fishing
boats, agriculture and farming equipment also use diesel,
so it really depends on how individual outlets balance their
refinery production versus domestic demand ... it won’t
come down to zero demand or buying, like jet,” the trader
said.
Still, more gasoil volumes were heard making its way
into the spot market. In India, Bharat Petroleum Corp. Ltd.
and Nayara Energy have floated a tender each, offering up
to 110,000 mt of gasoil for loading over April, traders said
Thursday.
Over in South Korea, a refiner offered two medium
range, or MR, cargoes of jet fuel and five MR cargoes of 500
ppm sulfur gasoil for loading in May, via a spot tender that
closes Friday, April 3, regional market participants said
Thursday.
“These are normal volumes during ‘normal’ times, but
they [the refiner] has a turnaround in April and they are
[still] selling five MR cargoes [of gasoil] ... this is abnormal,”
a Singapore-based source said Thursday. Another Asian
refiner said that the incremental volumes of gasoil being
offered into the spot market are likely “mostly from their
domestic demand, which has been cut back” due to the
coronavirus pandemic.
Platts Asia and Middle Eastern Gasoil Cargo Daily
Rationale & Exclusions
Gasoil .001%S (10ppm) FOB Spore Cargo <AAOVC00>
assessment rationale: The FOB Singapore Gasoil 0.001% (10
ppm) cargo assessment on Thursday took into
consideration the following: The back loading period was
assessed at Mean of Platts Singapore Gasoil minus $1.01/b,
taking into consideration an offer for a cargo loading over
April 28-May 2 at MOPS Gasoil minus 98 cents/b after
accounting for deemed pricing. The middle and front
© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
International clean tanker fixtures (PGT page 2904)
Ship name Size Type Date Route Rate Charterer
East of Suez
STI Madison o/o 90 CL Apr27 PG-UKC $4.5m BP
Falcon Express 90 ULSD Apr29 PG-UKC $4.575m ATC
SKS Donggang 90 ULSD Apr28 Sikka-UKC, Spore $3.85m, $2.1m Mabanaft
Ocean Tiara 90 ULSD Apr18 Sikka-Opts o/p OTC
LR2 Poseidon 75 NA Apr25 PG-Japan w205 ATC
Nordic Venus 60 GO Apr14 Vadinar-Spore w220 Trafigura
Nordic Tristan 55 NA Apr15 Sikka-Japan o/p ST
Nave Andromeda o/o 55 NA Apr23 PG-Japan w205 Trafigura
Nave Rigel o/o 55 NA Apr22 PG-Japan w205 Marubeni
Velos Aquarius o/o 40 JET Apr12 Bahrain-UKC, UAE $1.95m, $450k BP
Ardmore Seavaliant 40 CL Apr12 PG-UKC $1.825m Shell
Velos Aquarius 40 JET Apr12 Bahrain-PG, UKC, Spore $450k, $1.95m, w235 BP
Bw Falcon 35 CL Apr11 Mumbai-Spore, Chittagong w240, w250 Unipec
Bw Leopard 35 JET Apr4 Yanbu-UKC $1.6m GPC
Bw Wren 35 CL Apr9 NMangalore, Cochin-EAfrica w230, w225 CSSA
NCC Rabigh 35 ULSD Apr9 Kuwait-UKC, Spore, Brazil $1.925m, w235, $1.885m Mercuria
Champion Pula 35 ULSD Apr10 Mumbai-Argie, Brazil $1.875m Vitol
NCC Najem 35 ULSD Apr14 Sohar-Argie, Brazil $1.875m Vitol
Bahra 90 CL Apr25 Yanbu-Spore w280 ATC
Freight Margie 60 JET Apr23 RLaffan-West $2.9m Shell
Flagship Privet 60 JET Apr22 Sikka-West $2.85m Total
Hafnia Leo 35 UNL Mar30 Jubail-UAE $350k ATC
STI Memphis 35 JET Apr21 Sitra, Jebel Ali-Fujairah, Diego Garcia $1.326m MSC
Bw Eagle 35 CL Apr6 Sitra-Mesaieed $786k MSC
British Resource 80 COND Apr15 Dampier-Tuban-Spore w200, w185 SRM
Karimata 60 COND Apr19 Dampier-Japan w175 Trafigura
Grand Ace7 35 CL Apr9 Quanzhou-Australia w195 AMPOL
BP Tbn 35 ULSD Apr8 Quanzhou-Australia rnr AMPOL
UKC
Silver Carolyn 37 UNL Apr4 ARA-TA w175 Total
Sea Faith 37 UNL Apr5 30-80 Day Storage $20,000/day Glencore
SCF Ussuri 37 UNL Apr10 ARA-TA w172.5 Litasco
Med
Margarita 60 NA Apr19 Novorossiysk-Japan $2.95m BGN
Seatrout 30 CL Apr8 Huelva-Med w205 Cepsa
Zefirea 30 NA Apr7 SP Med-Med, UKC w210, w220 Repsol
Leon Hermes 30 GO Apr8 Agioi-Libya w222.5 Vitol
Marvea 30 ULSD Apr8 Cartagena-Med w210 Repsol
Hafnia Hope 30 UNL Apr10 Thessaloniki-Med w217.5 Vitol
Americas
Sandpiper Pacific 38 CL Apr5 Pascagoula-Caribs COA Chevron
Seaways Skopelos 38 CL Apr5 USGC-Caribs, TA, WAF $470k, w90, w140 P66
Horizon Thetis 38 CL Apr1 USGC-Chile $1.3m ENAP
Ioannis I 38 NA Apr15 USGC-Far East rnr cnr
STI Brooklyn 38 NA Apr5 USGC-Japan, SKorea $1.25m, $1.25m cnr
Di Matteo 38 CL Apr2 USGC-Opts o/p ST Shipping
Torm Camilla 38 CL Apr10 30-90 Day USGC Storage $19.5k/d Lukoil
CL:Clean, NA:Naphtha, UN:Unleaded, JT: Jet, GO:Gasoil, ++:Update, F:Failed
10
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 2, 2020
loading periods were assessed at MOPS Gasoil minus 97
cents/b and minus 92 cents/b, respectively, reflecting the
movement in the back and middle loading periods.
Gasoil .05%S (500ppm) FOB Spore Cargo <AAFEX00>
assessment rationale: The FOB Singapore Gasoil 0.05%
(500 ppm) cargo assessment Thursday took into
consideration the following: The front loading period was
assessed at MOPS Gasoil minus $4.00/b, based on a trade
for a cargo loading over April 17-21 at MOPS Gasoil minus
$4.00/b after accounting for deemed pricing. The middle
and back loading periods were assessed at MOPS Gasoil
minus $4.07/b and minus $3.86/b, respectively, taking into
consideration two trades for cargoes loading over April
17-21 and April 25-29 at MOPS Gasoil minus $4.00/b and
minus $4.10/b, after accounting for deemed pricing.
Gasoil FOB Spore Cargo <POABC00> assessment rationale:
The FOB Singapore Gasoil 0.001% (10 ppm) cargo
assessment Thursday took into consideration the following:
The back loading period was assessed at MOPS Gasoil minus
$1.01/b, taking into consideration an offer for a cargo loading
over April 28-May 2 at MOPS Gasoil minus 98 cents/b after
accounting for deemed pricing. The middle and front loading
periods were assessed at MOPS Gasoil minus 97 cents/b and
minus 92 cents/b, respectively, reflecting the movement in
the back and middle loading periods.
Exclusions:
No market data was excluded from the April 2, 2020
Singapore Gasoil Market-on-Close assessment process.
No market data was excluded from the April 2, 2020
Singapore Gasoil derivative Market-on-Close assessment
process.
Platts Asia and Middle Eastern Gasoil Cargo Bids,
Offers, Trades
Bids: No bids reported
Offers: Gasoil 10ppm: FOB Straits: Shell offers MOPS -0.40
© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Apr 18-22 150kb (Deemed pricing Apr 17-23) Shell GTC;
Gasoil 10ppm: FOB Straits: Total offers $36.60 Apr 23-27
150kb; Gasoil 10ppm: FOB Straits: Vitol offers MOPS -1.10 Apr
24-28 150kb (Deemed pricing Apr 30-May 8) INCO; Gasoil
10ppm: FOB Straits: BP offers MOPS -1.00 Apr 28-May 2
150kb (Deemed pricing Apr 27-May 4) BP GTC; Gasoil
10ppm: FOB Straits: Total offers $36.60 Apr 28-May 2 150kb;
Gasoil 2500ppm: FOB Straits: Vitol offers MOPS -3.00 Apr
25-29 150kb (Deemed pricing Apr 23-29) INCO
Withdrawn: Gasoil 500ppm: FOB Straits: Unipec no longer
offers MOPS -4.00 Apr 17-21 150kb (Deemed pricing Apr
16-22) INCO after trade with Trafi (4:27:45); Gasoil 500ppm:
FOB Straits: Unipec no longer offers MOPS -4.10 Apr 25-29
150kb (Deemed pricing Apr 24-30) INCO after trade with
Trafi (4:28:58)
Trades: Gasoil 500ppm: FOB Straits: Apr 17-21: 150kb:
Trafigura buys from Unipec at MOPS minus $4.00/b
(Deemed pricing Apr 16-22)INCO (4:27:45); Gasoil 500ppm:
FOB Straits: Apr 25-29: 150kb: Trafigura buys from Unipec at
MOPS minus $4.10/b (Deemed pricing Apr 24-30)INCO
(4:28:58)
This assessment commentary applies to the following market
data codes: <AAOVC00> <AAFEX00> <AACUE00> <POABC00>
<AAFEZ00>
Platts Asia and Middle Eastern Gasoil FOB Cargo Daily
Rationale & Exclusions
Gasoil .25%S (2500ppm) FOB Spore Cargo <AACUE00>
assessment rationale: The FOB Singapore Gasoil 0.25%
(2,500 ppm) cargo assessment on Thursday was assessed
down by 95 cents/b day on day at Mean of Platts Singapore
Gasoil minus $4.23/b, based on the movement in the FOB
Singapore Gasoil 0.05% (500 ppm) cargo assessment.
Gasoil .05% (500ppm) FOB Arab Gulf Cargo <AAFEZ00>
assessment rationale: The FOB Arab Gulf Gasoil 0.05% (500
ppm) cargo assessment was derived as a freight netback
from the FOB Singapore Gasoil 0.001% (10 ppm) cargo
assessment using the following inputs: FOB Singapore
11
Gasoil 0.001% (10 ppm) cargo assessment minus the cost
of transporting a 55,000-mt clean cargo from a basket of
ports in the Persian Gulf to Singapore, and taking into
account the cash differential between the FOB Arab Gulf 10
ppm and 500 ppm assessments.
Gasoil FOB Arab Gulf Cargo <POAAT00> assessment
rationale: The FOB Arab Gulf Gasoil 0.001% (10 ppm) cargo
assessment was derived as a freight netback from the FOB
Singapore Gasoil 0.001% (10 ppm) cargo assessment using
the following input: FOB Singapore Gasoil 0.001% (10 ppm)
cargo assessment minus the cost of transporting a 55,000-
mt clean cargo from a basket of ports in the Persian Gulf to
Singapore.
Exclusions: No market data was excluded from the April 2,
2020 Singapore Gasoil Market-on-
Close assessment process. No market data was excluded
from the April 2, 2020 Singapore Gasoil derivative Market-
on-Close assessment process.
Platts Asia and Middle East Fuel Oil Daily
Market Analysis
„„ Medium sulfur FO heads into HSFO pool amid better
margins
„„ LSFO market flips back to discount differential
The relatively firm high sulfur fuel oil market has started to
attract medium sulfur fuel oil into the blending pool, away
from its traditional low sulfur end market, amid better
economics.
“That [shifting to HSFO] is because the spread between
gasoil and HSFO is narrow,” said a Singapore-based trader.
Fuel oil cargoes with sulfur content of around 1%
typically come from Europe, where Singapore gets majority
of arbitrage cargoes. The Asian fuel oil trading hub receives
about 2-3 million mt a month.
The switch in the destination of 1% sulfur fuel oil cargo
could lead to supply increase of HSFO, sources said. “The
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 2, 2020
market might have surplus [of HSFO] soon,” said a
Singapore-based trader.
The HSFO market became a niche market after the
majority of bunker demand converted to 0.5% sulfur fuel oil
from January this year.
In the LSFO market, the cash differentials to the Mean
of Platts Singapore strip returned to discount territory of
minus $5.42/mt Wednesday, after briefly flipping to a
premium on March 31 at plus 40 cents/mt, amid a slightly
narrowed May/June Marine Fuel 0.5% sulfur swap contango
Wednesday, which was assessed at minus $7.25/mt, up
from minus $7.50/mt the previous day.
“The LSFO contango is still pretty strong, and even if it
keeps at the current level, that’s a great incentive to store the
cargo and sell in the months ahead,” said a Singapore trader.
Platts FOB Singapore Marine Fuel 0.5% cargo Daily
Rationale & Exclusions
Marine Fuel 0.5% FOB Spore cargo $/mt <AMFSA00>
Assessment Rationale: The FOB Singapore Marine Fuel
0.5% assessment on Thursday took into consideration an
offer from Lukoil for a cargo loading over April 17-21 and
April 22-26 at the balance-April swap minus $10.00/mt and
minus $9.00/mt, respectively.
The assessment also reflected a trade where Hin Leong
bought a cargo loading over April 27-May 1 from Lukoil at
the average of H2 April minus $8.00/mt.
This assessment commentary applies to the following market data
codes:Marine Fuel 0.5% FOB Spore cargo $/mt <AMFSA00>
Exclusions: No market data was excluded from the April 2,
2020 assessment process.
Platts FOB Singapore Marine Fuel 0.5% Cargo Bids,
Offers, Trades
Bids: PLATTS FOB SINGAPORE MARINE FUEL 0.5%:
PHYSICAL BIDS FINALS ON CLOSE:
Platts Marine Fuel 0.5%: FOB Straits: Total bids Bal Apr Avg
-15.00 Apr 23-27 40kt INCO OR
© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Platts Marine Fuel 0.5%: FOB Straits: Total bids Bal Apr Avg
-15.00 Apr 28-May 2 40kt INCO
Offers: PLATTS FOB SINGAPORE MARINE FUEL 0.5%:
PHYSICAL OFFERS FINALS ON CLOSE:
Platts Marine Fuel 0.5%: FOB Straits: Trafi offers MOPS
+3.00 Apr 20-24 20kt INCO OR
Platts Marine Fuel 0.5%: FOB Straits: Trafi offers MOPS
+3.00 Apr 25-29 20kt INCO
Platts Marine Fuel 0.5%: FOB Straits: Vitol offers MOPS
+4.00 Apr 17-21 20kt INCO OR
Platts Marine Fuel 0.5%: FOB Straits: Vitol offers MOPS
+4.00 Apr 22-26 20kt INCO OR
Platts Marine Fuel 0.5%: FOB Straits: Vitol offers May Avg
+4.00 Apr 28-May 2 20kt INCO
Platts Marine Fuel 0.5%: FOB Straits: Shell offers Bal Apr
Avg +0.00 Apr 22-26 20kt Shell GTC OR
Platts Marine Fuel 0.5%: FOB Straits: Shell offers 231.00 Apr
28-May 2 20kt Shell GTC
Platts Marine Fuel 0.5%: FOB Straits: Lukoil offers H2 Apr
Avg -10.00 Apr 17-21 20kt
Platts Marine Fuel 0.5%: FOB Straits: Lukoil offers H2 Apr
Avg -9.00 Apr 22-26 20kt
Platts Marine Fuel 0.5%: FOB Straits: Lukoil no longer offers
H2 Apr Avg -8.00 Apr 27-May 1 20kt after trade with Hin
Leong (4:28:23.292)
Platts Marine Fuel 0.5%: FOB Straits: Gunvor offers MOPS
+3.00 Apr 17-21 20kt OR
Platts Marine Fuel 0.5%: FOB Straits: Gunvor offers MOPS
+3.00 Apr 21-25 20kt OR
Platts Marine Fuel 0.5%: FOB Straits: Gunvor offers MOPS
+3.00 Apr 27-May 1 20kt
Platts Marine Fuel 0.5%: FOB Straits: Gunvor offers MOPS
Gasoil 10 ppm -37.00 Apr 17-21 20kt
Trades: PLATTS FOB SINGAPORE MARINE FUEL 0.5% Trade
summary: 1 trade
1) Platts Marine Fuel 0.5%: FOB Straits: Apr 27-May 1: 20kt:
Hin Leong buys from Lukoil H2 Apr Avg -8.00 (4:28:23.292)
This assessment commentary applies to the following market data
codes: Marine Fuel 0.5% FOB Spore cargo $/mt <AMFSA00>
12
Platts Singapore Fuel Oil Paper Exclusions
Exclusions:No market data was excluded from the April 2,
2020 swaps assessment process.
Fuel Oil Reported Deals
PLATTS SINGAPORE MARINE FUEL 0.5% PAPER BIDS
SUMMARY
PLATTS MARINE FUEL: MAY20: TRAFIGURA BIDS 5KMT AT
$225.00
PLATTS MARINE FUEL: MAY20: VITOL BIDS 5KMT AT
$225.00
PLATTS MARINE FUEL: MAY20: TOTAL BIDS 5KMT AT
$224.00
PLATTS MARINE FUEL: MAY20: VERCER BIDS 5KMT AT
$223.50
PLATTS MARINE FUEL: MAY20: DVTRADING BIDS 5KMT AT
$222.00
PLATTS MARINE FUEL: MAY20: VERCER BIDS 5KMT AT
$222.00
PLATTS MARINE FUEL (BALMO): BAL MONTH: TRAFIGURA
BIDS 5KMT AT $215.50
PLATTS MARINE FUEL (BALMO): BAL MONTH: VERCER BIDS
5KMT AT $215.25
PLATTS MARINE FUEL (BALMO): BAL MONTH: VERCER BIDS
5KMT AT $215.00
PLATTS MARINE FUEL SPR: BAL MONTH/MAY20:
TRAFIGURA BIDS 5KMT AT $-10.00
PLATTS SINGAPORE MARINE FUEL 0.5% PAPER OFFERS
SUMMARY
PLATTS MARINE FUEL: MAY20: VITOLSG OFFERS 5KMT AT
$228.50
PLATTS MARINE FUEL: MAY20: GUNVOR OFFERS 5KMT AT
$229.00
PLATTS MARINE FUEL: MAY20: VERCER OFFERS 5KMT AT
$229.25
PLATTS MARINE FUEL: MAY20: MERCURIA OFFERS 5KMT AT
$229.50
PLATTS MARINE FUEL: MAY20: VERCER OFFERS 5KMT AT
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 2, 2020

$230.00 PLATTS MARINE FUEL SPR: BAL MONTH/MAY20: LITASCO absence of any competitive bids or offers demonstrating
PLATTS MARINE FUEL: MAY20: SIETCO OFFERS 5KMT AT SELLS TO MERCURIA* 5KMT AT $-9.50 (08:29:54) values otherwise.
$231.50 PLATTS MARINE FUEL SPR: BAL MONTH/MAY20: VITOLSG
PLATTS MARINE FUEL: MAY20: GUNVOR OFFERS 5KMT AT BUYS FROM LITASCO* 5KMT AT $-9.25 (08:30:08) FO 380 CST 3.5%S FOB Spore Cargo <PPXDK00> assessment
$235.00 Exclusions: No market data was excluded from the April 2, rationale:The FOB Singapore 380 CST HSFO assessment
PLATTS MARINE FUEL: MAY20: GUNVOR OFFERS 5KMT AT 2020 Singapore Marine Fuel 0.5% swaps assessment Thursday took into consideration notional values in the
$236.00 process. absence of any competitive bids or offers demonstrating
PLATTS MARINE FUEL: MAY20: VERCER OFFERS 5KMT AT values otherwise. The assessment did not reflected a trade
$236.50 Platts Fujairah Daily Marine Fuel 0.5% Cargo Daily for an April 27-May 1 loading cargo which Trafigura sold to
PLATTS MARINE FUEL (BALMO): BAL MONTH: SIETCO Rationale & Exclusions Glencore at MOPS minus $4.00/mt as it did not test
OFFERS 5KMT AT $220.00 Marine Fuel 0.5% FOB Fujairah cargo $/mt <AMFFA00> incrementality.
PLATTS MARINE FUEL (BALMO): BAL MONTH: VERCER assessment rationale:The assessment of FOB Fujairah
OFFERS 5KMT AT $221.00 Marine Fuel 0.5% on Thursday took into consideration FO 180 CST 3.5%S FOB Arab Gulf Cargo <PUABE00>
PLATTS MARINE FUEL (BALMO): BAL MONTH: GUNVOR spread to delivered Fujairah Marine Fuel 0.5% bunker fuel assessment rationale:The FOB Arab Gulf 180 CST HSFO
OFFERS 5KMT AT $223.50 assessment, and spread to Singapore Marine Fuel 0.5% assessment was derived as a freight netback from the FOB
PLATTS MARINE FUEL (BALMO): BAL MONTH: VERCER cargo assessment in the absence of any competitive bids Singapore 180 CST HSFO assessment using the following
OFFERS 5KMT AT $223.50 or offers demonstrating values otherwise. calculation: FOB Singapore 180 CST HSFO assessment
PLATTS MARINE FUEL (BALMO): BAL MONTH: GUNVOR minus the cost of transporting an 80,000-mt dirty cargo
OFFERS 5KMT AT $227.50 Platts assessment for Marine Fuel 0.5% material on a FOB from the Persian Gulf to the East.
PLATTS MARINE FUEL (BALMO): BAL MONTH: VITOLSG Fujairah basis takes into consideration bids, offers and
OFFERS 5KMT AT $229.50 transactions reported in the MOC process as well as trades FO 380 CST 3.5%S FOB Arab Gulf Cargo <AAIDC00>
PLATTS MARINE FUEL (BALMO): BAL MONTH: VERCER in similar-quality material within the Middle East. assessment rationale:The FOB Arab Gulf 380 CST HSFO
OFFERS 5KMT AT $230.00 This rationale applies to symbol(s) <AMFFA00> assessment was derived as a freight netback from the FOB
PLATTS MARINE FUEL (BALMO): BAL MONTH: GUNVOR Exclusions:No market data was excluded from the April 2, Singapore 380 CST HSFO assessment using the following
OFFERS 5KMT AT $232.00 2020 assessment process. calculation: FOB Singapore 380 CST HSFO assessment
PLATTS MARINE FUEL (BALMO): BAL MONTH: GUNVOR minus the cost of transporting an 80,000-mt dirty cargo
OFFERS 5KMT AT $232.00 Platts Fujairah Daily Marine Fuel 0.5% Cargo Bids, from the Persian Gulf to the East.
PLATTS MARINE FUEL SPR: BAL MONTH/MAY20: LITASCO Offers, Trades Exclusions:No market data was excluded from the April 2,
OFFERS 5KMT AT $-9.25 Bids:No bids 2020 cargo assessment process.
PLATTS MARINE FUEL SPR: BAL MONTH/MAY20: GUNVOR Offers:No offers
OFFERS 5KMT AT $-7.00 Trades:No trades No market data was excluded from the April 2, 2020 swaps
PLATTS MARINE FUEL SPR: BAL MONTH/MAY20: LITASCO This assessment commentary applies to the following market data assessment process.
OFFERS 5KMT AT $-7.00 codes: Marine Fuel 0.5% FOB Fujairah cargo $/mt <AMFFA00>
PLATTS MARINE FUEL SPR: BAL MONTH/MAY20: LITASCO Platts Singapore Fuel Oil Bids Offers Trades
OFFERS 5KMT AT $-6.25 Platts Asia and Middle East FO 180, 380 CST Daily Bids:PLATTS HSFO: PHYSICAL BIDS FINALS ON CLOSE (180
PLATTS SINGAPORE MARINE FUEL 0.5% PAPER TRADES Rationales & Exclusions CST):
SUMMARY FO 180 CST 3.5%S FOB Spore Cargo <PUADV00> assessment No bids
PLATTS MARINE FUEL: MAY20: VITOL SELLS TO TOTSA* rationale:The FOB Singapore 180 CST HSFO assessment PLATTS HSFO: PHYSICAL BIDS FINALS ON CLOSE (380 CST):
5KMT AT $229.00 (08:25:14) Thursday took into consideration notional values in the WD: Platts HSFO 380CST: FOB Straits: Glencore withdraws

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 13
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 2, 2020
bid MOPS -4.00 Apr 17-21 40kt OR
WD: Platts HSFO 380CST: FOB Straits: Glencore withdraws
bid MOPS -4.00 Apr 22-26 40kt OR
Platts HSFO 380CST: FOB Straits: Glencore no longer bids
MOPS -4.00 Apr 27-May 1 40kt after deal with Trafi
(4:29:11.185)
Offers:PLATTS HSFO: PHYSICAL OFFERS FINALS ON CLOSE
(180 CST):
No offers
PLATTS HSFO: PHYSICAL OFFERS FINALS ON CLOSE (380
CST):
Platts HSFO 380CST: FOB Straits: Trafi offers MOPS +1.00
Apr 21-25 20kt INCO OR
Platts HSFO 380CST: FOB Straits: Trafi offers MOPS +1.00
Apr 26-30 20kt INCO
Platts HSFO 380CST: FOB Straits: Vitol offers MOPS +5.00
Apr 28-May 2 20kt INCO
Platts HSFO 380CST: FOB Straits: Total offers MOPS +4.00
Apr 18-22 20kt Total GTC OR
Platts HSFO 380CST: FOB Straits: Total offers MOPS +4.00
Apr 23-27 20kt Total GTC
Platts HSFO 380CST: FOB Straits: Shell offers MOPS +2.00
Apr 17-21 20kt Shell GTCs OR
Platts HSFO 380CST: FOB Straits: Shell offers MOPS +1.00
Apr 22-26 20kt Shell GTCs OR
Platts HSFO 380CST: FOB Straits: Shell offers MOPS +0.00
Apr 27-May 1 20kt Shell GTCs
Trades:1) Platts HSFO 380CST: FOB Straits: Apr 27-May 1:
40kt: Trafi sells to Glencore MOPS -4.00 (4:29:11.185)
This assessment commentary applies to the following market data
codes: FO 180 CST 2.0% <PUAXS00> FO 180 CST 3.5% <PUADV00>
FO 380 CST 3.5% <PPXDK00>
© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Platts US West Coast Light End Daily
Commentary
„„ California differentials unchanged
„„ Portland, Oregon suboctane steady
Differentials along the US West Coast continued to remain
in a holding pattern on Thursday, with assessments across
grades and regions unchanged from Wednesday.
CARBOB in Los Angeles was assessed at NYMEX May
RBOB futures minus 21 cents/gal.
Farther north, San Francisco CARBOB remained flat to its
Los Angeles counterpart at May futures minus 21 cents/gal.
In Portland, Oregon, the differential for suboctane
remained at May futures minus 14 cents/gal.
Platts Middle East Sour Crude Daily Market
Analysis
„„ OSP survey: Arab Light could be cut $2-$3/b
„„ Arab Medium expected to be cut $1.50-$2/b
„„ Murban, ADNOC grades could be cut around $2/b
The Asian sour crude market Thursday was bracing for the
release of official selling prices by Middle East crude
producers. Saudi Aramco could cut price differentials for its
crude grades flowing east by $2-$3/b this month based on
plunging demand and the sharp drop in underlying
reference markers for Middle East crudes in Asia, market
participants told S&P Global Platts in a monthly OSP
expectations survey.
Survey results showed expectations are for Saudi Arab
Light to be cut in a range of $1.50-$4/b for May loading
cargoes headed to Asia. The wide range of price cut
estimates reflected the high degree of uncertainty in the
current market, traders said. Arab Medium is expected to
be cut by $1.50-$2/b, survey results showed.
Meanwhile, official selling differentials for ADNOC’s
grades for May loading could be cut by around $2-$3/b,
traders said. ADNOC, which typically issues retrospective
14
prices after the month of loading, departed from
conventional methodology due to “unprecedented market
conditions” last month. The company issued forward-
looking price differentials for the first time, with price cuts
matching or exceeding those by other Middle East
producers, in a bid to remain competitive.
Several survey participants voiced concern about
whether Middle East producers would stick to conventional
methodology in setting prices this month, fearing the
continuing demand destruction could spur unprecedented
moves to retain market share.
Lighter grades of Middle East crude are expected to see
even deeper cuts in OSP differentials, survey participants
said.
This could see premiums for grades such as Murban flip
into discount against medium and heavier grades like
Upper Zakum, a senior crude trader in Singapore said,
adding: “It’s a margin and demand problem.”
“Everyone’s models [for crude valuations] are flipped at
the moment - no API models are working correctly for this
situation,” one seller said.
Platts Mideast Sour Crude Daily Rationales &
Exclusions
Dubai Mo01 <PCAAT00> assessment rationale: The June
cash Dubai assessment on Thursday took into
consideration an offer for June Dubai partials that traded at
$21.50/b toward the end of the Platts Market on Close
assessment process.
Oman Blend Mo01 <PCABS00> assessment rationale: The
June cash Oman assessment on Thursday took into
consideration an offer for June Oman partials at $21.55/b
standing at the end of the Platts Market on Close
assessment process.
Exclusions: No market data was excluded from the Middle
East sour crude Market on Close assessment process.
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 2, 2020
Platts Asia Pacific Sweet Crude Daily Market
Analysis
„„ Indonesia sets Mar Minas price at $35.78/b, lowest in
4 years
„„ May loading Bunga Orkid, Bunga Kekwa crude trade in
discounts to Dated Brent
Indonesia’s Ministry of Energy and Mineral Resources
released its monthly selling price notice for its crude grades
on Thursday, settling March Minas crude at a four-year low
of $35.78/b, down $21.4/b on the month.
Prices for the other main grades were lowered by
$21.22-$25.73/b. With Dated Brent in March averaging
$31.83/b and the outright Indonesian Crude Price, or ICP, for
Minas set at $35.78/b, the alpha — or differential — for the
month is equivalent to a premium of $3.95/b. The monthly
ICPs are settled retroactively.
Subscriber notes (continued) (PGA page 1500)
methodology for its FOB Japan 10 ppm sulfur gasoil assessment
with effect from October 1, 2020.
The proposed amendment in methodology is due to the
discontinuation of Platts’ Japan Domestic Oil Waterborne gasoil
assessments from October 1, 2020.
Japan’s gasoil exports, however, remain a significant feature of the
Asia Pacific market in recent years. In 2019, Japan exported 7.98
million mt of diesel, up 30% from 6.155 million mt in 2018, data
from Petroleum Association of Japan showed.
Currently, the FOB Japan 10 ppm sulfur gasoil assessment uses the
Japan Domestic Oil Waterborne gasoil assessment for Tokyo Bay
LC 1 (daily price symbol code PJPAB00) as the underlying
calculation, with cost normalized for the export market including
the removal of the implied taxed value and reflects cargo size of
150,000-250,000 barrels. The FOB Japan 10 ppm sulfur gasoil
assessment was first published on May 7, 2018 and is currently
time stamped at 3:30 pm Japan time (0630 GMT), following the
Japan publishing schedule for waterborne products.
Under the proposal, the assessment would be derived by applying
a daily assessed FOB Japan 10 ppm sulfur gasoil cash differential
to the Mean of Platts Singapore (MOPS) strip from October 1, 2020.
The final value would continue to be expressed in US dollar per
barrel.
© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
In the spot market, Malaysia’s Petronas was heard to
have sold 300,000 barrels of Bunga Kekwa crude for
loading over May 29-31 to a trader at a discount of around
$4-$5/b to Platts Dated Brent while Vietnam’s PV oil was
heard to have sold 300,000 barrels of Bunga Orkid crude at
a discount of around $4-$5/b to Platts Dated Brent on a
FOB basis to a trader, sources said.
Market sentiment remained bearish as product demand
in the Asian region took a hit on account of the coronavirus
pandemic, sources said.
Japanese refiner Idemitsu Kosan said Thursday that it
remained unclear when it would restart its fire-hit 70,000
b/d Keihin refinery in Tokyo Bay. Idemitsu Kosan, Japan’s
second-largest refiner, said on February 7 that it had
expected its Keihin refinery to remain shut at least until the
end of March, having been shut since late December 2019
due to a fire. Idemitsu Kosan has a combined refining
In addition to the methodology change to the FOB Japan 10 ppm
sulfur gasoil, Platts would publish the FOB Japan 10 ppm sulfur
gasoil cash differential starting October 1.
The amended FOB Japan assessment would reflect cargoes of
250,000-300,000 barrels in size, loading 15-30 days forward from
the date of publication. The assessment would be normalized to
gasoil loadings from Tokyo Bay, and reflect value at the close of
Asian trade at 4:30 pm Singapore time (0830 GMT).
The publication schedule of the FOB Japan 10 ppm sulfur gasoil
and the new cash differential assessment would be based on
Platts’ existing publication schedule for Singapore oil assessments.
The FOB Japan 10 ppm sulfur gasoil assessment appears in the
Asia-Pacific/Arab Gulf Marketscan, the Oilgram Price Report, on
Platts Global Alert pages 2430, 2404, 2006, 2007, 2405 and 2431,
and in the Platts price database under the daily price symbol code
POJAP00 with the monthly average code POJAP03.
Please send all feedback or questions by May 1, 2020, to
asia_products@spglobal.com and pricegroup@spglobal.com.
For written comments, please provide a clear indication if
comments are not intended for publication by Platts for public
viewing.
Platts will consider all comments received and will make
comments not marked as confidential available upon request.
15
capacity of 1.09 million b/d over its group of seven refineries
in Japan.
Platts Asia Light Sweet Crude Daily Rationale &
Exclusions
ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01 <AASEU00>
assessment rationale: The ESPO M1 June assessment on
Thursday took into consideration the latest trade
indications heard for ESPO Blend crude.
Exclusions: No market data was excluded from the Asia
Pacific Crude Market on Close assessment process.
Platts Oil Mideast Sour Crude Convergences
-
-
Platts adds minimum viscosity of 30 CST to global Marine Fuel
0.5% assessments
S&P Global Platts has added a minimum viscosity of 30 CST at 50
degrees Celsius to its global Marine Fuel 0.5% assessments across
all regions and sizes, including cargoes, barges and bunker
deliveries, effective April 1, 2020.
Following an extended period of research, Platts understands that
residual marine grade fuels with a viscosity of at least 30 CST are
currently considered broadly deliverable.
This was outlined in a clarification note on the merchantability of
Marine Fuel 0.5%, published January 17 and available here:
www.spglobal.com
This was followed by a proposal note to add a minimum viscosity
of 30 CST to all Marine Fuel 0.5% assessments, published February
10 and available here:
www.spglobal.com
And a decision note published March 11, and available here:
www.spglobal.com
Platts also understands that a significant range of shipowners
require minimum viscosity guarantees in their bunker purchases.
Platts Marine Fuel 0.5% sulfur cargo, barge and bunker
assessments reflect specifications for RMG fuels as defined by the
International Organization for Standardization in document ISO
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 2, 2020
Subscriber notes (continued) (PGA page 1500)
8217:2010 Petroleum products — Fuels (class F) — Specifications
of marine fuels, but with a maximum sulfur limit of 0.5%. Following
this change, these specifications remain the same, but with the
addition of the minimum viscosity requirement of 30 CST at 50
degrees C.
All cargoes or barges delivered as a result of transactions reported
during the Platts MOC process must be tested against all
parameters of the RMG standards, including viscosity.
In addition, the International Standards Organization released its
Publicly Available Specification 23263:2019 document regarding
Marine Fuel 0.5%S quality in September 2019. In that document,
the ISO stated that the Total Sediment Accelerated test currently
typically employed for bunker deliveries may be unreliable for the
new fuel. It recommended the use of the Total Sediment Potential
test. The TSP test requires 24 hours for a result to be given.
Per the ISO’s recommendation, Platts expects sellers to provide
COAs with a complete TSP result.
Please send any comments or questions to oilgroup and
pricegroup For written comments, please provide a clear indication
if comments are not intended for publication by Platts for public
viewing. Platts will consider all comments received and will make
comments not marked as confidential available upon request.
Platts proposes to reflect Oiltanking Karimun in Singapore fuel
oil, Marine Fuel 0.5%S MOC
S&P Global Platts is inviting feedback on a proposal to include
Indonesia’s PT Oiltanking Karimun terminal as a loading point in the
Platts Singapore Market on Close assessment process for fuel oil
and Marine Fuel 0.5%S.
Under the proposal, Platts would publish standalone offers of fuel
oil and Marine Fuel 0.5%S cargoes loading from PT Oiltanking
Karimun in the Singapore MOC process for fuel oil and Marine Fuel
0.5%S.
Platts would publish such offers on FOB Indonesia (FOB ID) basis,
where the seller must clearly state the loading point as FOB
Karimun at the time of communicating their interest to Platts for
publication. Platts does not publish FOB Indonesia bids.
For trades reported on FOB Straits basis, sellers may not
unilaterally nominate Karimun as a loading point, though it may be
agreed by mutual consent, and should deliver from approved
terminals in Singapore and Malaysia.
Platts uses the Singapore MOC process to assess the value of oil
across Asia and the Middle East. The benchmark FOB Singapore
price assessments reflect FOB Straits bids, offers and trades,
wherein the seller may nominate cargoes for loadings from
approved terminals in Singapore, Malaysia and Indonesia.
© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
From July 3, 2017, Platts began publishing standalone offers of oil
product cargoes loading from the PT Oiltanking Karimun terminal
in the Singapore MOC assessment process for gasoil, jet fuel and
gasoline.
The list of Straits terminals reflected in the FOB Singapore MOC
process is published in the specifications guide “Asia Pacific And
Middle East Refined Oil Products” at https://www.spglobal.com/
platts/plattscontent/_assets/_files/en/our-methodology/
methodology-specifications/asia-refined-oil-products-
methodology.pdf
Located in Karimun Island, PT Oiltanking Karimun is 65% owned by
Oiltanking and 35% by Gunvor Group. The terminal has a total
storage capacity of 730,000 cu m and four jetties, of which Jetty 2
has a maximum draft of 23 meters and able to accommodate up to
LR2-sized ships.
Please send any feedback or questions to
asia_products@spglobal.com and pricegroup@spglobal.com by
April 13, 2020.
For written comments, please provide a clear indication if
comments are not intended for publication by Platts for public
viewing.
Platts will consider all comments received and will make
comments not marked as confidential available upon request.
Platts Quality Premium for May-loading Murban set at $0.8745/b
The Quality Premium for May-loading Murban crude oil is
$0.8745/b, and will be effective for trade in May-loading cargoes
during the Platts Market on Close assessment process through
March.
The Quality Premium in February for April-loading Murban crude
was $0.7580/b.
The Murban QP can be found on Platts Global Alert pages 2210 and
2220, in the Crude Oil Marketwire, and under code AAISV00 in the
Platts database.
Please send all comments, feedback and questions to
asia_crude@spglobal.com and pricegroup@spglobal.com.
For written comments, please provide clear indication if comments
are not intended for publication by S&P Global Platts for public
viewing.
Platts will consider all comments received and will make
comments not marked as confidential available upon request.
Platts launches new Indian crude market parity prices
S&P Global Platts has launched market parity prices for three
Indian crude oil grades on April 1, 2020, to meet the industry’s
requirement for price references of crude oil grades that are
16
produced and refined within the country.
From April 1, Platts publishes daily MPP for Cambay, Ravva and
Rajasthan grades as well as monthly averages for each of the
grades.
Platts first announced plans to launch the MPP assessments in a
subscriber note published March 24, 2020: http://plts.co/
tP8330qscty
Light, sweet Cambay is produced in the western Indian state of
Gujarat and has an API of 43.80 degrees and sulfur of 0.035% by
weight. Ravva, a medium, sweet grade with API of 36 degrees and
sulfur of 0.066% by weight, is produced from the Krishna Godavari
Basin off the Indian east coast state of Andhra Pradesh. Rajasthan
crude produced in India’s western state of the same name is a
medium-heavy and waxy, sweet crude with API of 29.50 degrees
and sulfur of 0.086% by weight.
The MPP calculation for each grade is based on the its Gross
Product Worth benchmarked to a reference basket of relevant
crude grades that are actively traded in the regional spot market.
These initially include Nigeria’s Qua Iboe, Angola’s Cabinda and
Dalia crude grades and Malaysia’s Kimanis crude. The values of Qua
Iboe, Cabinda and Dalia are calculated at the Asian market close
(16:30 hours Singapore time) based on their last assessed values at
London close and accounting for the movement in the underlying
Dated Brent benchmark at the prior trading day’s European market
close at 16:30 hours London time, until Asian close.
The four basket grades, Cambay, Ravva and Rajasthan and their
respective GPWs are normalized to West Coast India, accounting
for freight and regional benchmark Mean of Platts Arab Gulf
gasoline, naphtha, gasoil and jet kerosene, FOB Fujairah Marine
Fuel 0.5% and FOB Arab Gulf propane, butane spot prices at the
Asian market close.
Platts MPPs provide a calculation of the equivalent market value of
a given crude based on the value of its typical refined product yield,
subtracting costs for transport and the refining process, and
adjusting the resulting value based on the trading levels of
comparison crudes relative to their product yield values.
More details on Platts MPP models and methodology are available
at https://bit.ly/33GZehH
The MPP model, which Platts also uses to assess certain illiquid
crude oil grades from West Africa as well as Indonesian Minas
crude, ensures that the assessment captures both the inherent
refining value of the crude as well as the broader oil market
demand-supply fundamentals reflected in the price of the
reference basket.
Platts will review the MPP models for Cambay, Ravva and Rajasthan
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 2, 2020
Subscriber notes (continued) (PGA page 1500)
annually to ensure they continue to reflect prevailing market
conditions and quality of the crude grades.
The daily MPP and monthly averages for the three grades are
published in the Platts price database and on Platts Global Alert
pages 2280 and 2281 under the following codes:
Assessment Daily Price Monthly Average
Cambay AMPPA00 AMPPA03
Ravva AMPPB00 AMPPB03
Rajasthan AMPPC00 AMPPC03
Please send all comments or questions to
Asia_Crude@spglobal.com and pricegroup@spglobal.com.
For written comments, please provide a clear indication if
comments are not intended for publication by Platts for public
viewing. Platts will consider all comments received and will make
comments not marked as confidential available upon request.
Easter publishing schedule for Platts Asia oil, shipping
The S&P Global Platts office in Singapore will be closed April 10,
2019, for the Good Friday holiday, and there will be no oil and
shipping publications or assessments from Singapore on that day.
Additionally, Platts in Asia will close its Market on Close
assessment process early on Thursday, April 9, and all
assessments will be basis 12:30 pm Singapore time (0430 GMT).
Normal Singapore publishing schedules will resume on Monday,
April 13, 2019.
For full details of Platts publishing schedule and services affected,
refer to http://www.platts.com/HolidayHome. For queries, please
contact support@platts.com.
Platts proposes including Crystal Star in Singapore Marine Fuel
0.5% MOC from Jun 1
S&P Global Platts is considering the inclusion of the Crystal Star as
an additional delivery point in the FOB Singapore Marine Fuel 0.5%
assessment process from June 1, 2020.
Crystal Star (IMO 9182318) is operated by Nathalin Shipping Pte Ltd
as a floating storage unit at Tanjung Pelepas in Malaysia’s southern
Johor state.
There are currently eight FSUs approved as additional delivery
points in the Platts FOB Singapore fuel oil and marine fuel
assessment process. The standards applicable to approved FSUs
© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
require that sellers specifically name the vessel used as delivery
point at the time of submitting offers to Platts for publishing.
Any offer of oil from vessels accredited for the FOB Singapore fuel
oil and marine fuel assessment process would be on a FOB FSU
basis. Sellers cannot unilaterally nominate an approved vessel as a
delivery point in FOB Straits trades.
Please send all feedback and comments by April 20, 2020 to
asia_products@spglobal.com and pricegroup@spglobal.com.
For written comments, please provide a clear indication if
comments are not intended for publication by Platts for public
viewing. Platts will consider all comments received and will make
comments not marked as confidential available upon request.
Platts to discontinue retrospective Qatar OSP differentials from
April 1, 2020
S&P Global Platts will discontinue the publication of retrospective
official selling price differentials for Qatar Land and Qatar Marine
crude grades, with effect from April 1, 2020.
The differentials are currently published under codes AAIQO00 for
Qatar Land and AAIQP00 for Qatar Marine in the Platts price
database and on Platts Global Alert page 1067 alongside the
grades’ respective outright OSPs.
The differentials reflect the respective OSP’s spread to Platts’
front-month Oman crude assessments for the month of loading.
The discontinuation follows a change in Qatar’s OSP price
mechanism. From February 2020, Qatar started setting
prospective OSP differentials for both the grades against monthly
averages of Platts Dubai and Platts Oman crude assessments for
the month of loading.
On January 17, Platts announced that it will publish the new
prospective OSP differentials under the codes OSQLP00 for Qatar
Land and OSQMP00 for Qatar Marine: http://plts.co/KSe230qpbBB
The outright OSPs, which will be calculated using the monthly
averages of Platts Dubai and Platts Oman crude assessments, will
be published under the existing codes AAINK00 for Qatar Land and
AAINL00 for Qatar Marine.
Please send all comments and queries to
asia_crude@spglobal.com and PriceGroup@spglobal.com
For written comments, please provide a clear indication if
comments are not intended for publication by Platts for public
17
viewing. Platts will consider all comments received and will make
comments not marked as confidential available upon request.
Platts to start Singapore intraday MF 0.5% swaps and cracks
assessments from Apr 13
S&P Global Platts will start publishing from April 13 intraday
assessments of Marine Fuel 0.5% swaps, and Marine Fuel 0.5%
cracks against their corresponding Dubai swaps and ICE Brent
futures for up to three months ahead from the date of publication.
These assessments, which will be published daily at 11 am (0300
GMT) and 3 pm (0700 GMT) Singapore time, will appear in Platts
Global Alert pages 2601, 2603 and Platts Forward Curve pages 2601
and 2603.
The Marine Fuel 0.5% swaps will be published in $/mt, and the
Marine Fuel 0.5% cracks will be published in $/b using a reference
conversion factor of 6.35 barrels/metric ton.
The assessment codes and their corresponding descriptions are as
below:
Symbol Description
MFISI01 Marine Fuel 0.5% Mo01 Swap Intraday Indication
MFISI02 Marine Fuel 0.5% Mo02 Swap Intraday Indication
MFISI03 Marine Fuel 0.5% Mo03 Swap Intraday Indication
MFIBC01 Marine Fuel 0.5% Mo01 Brent Crack Swap Intraday
Indication
MFIBC02 Marine Fuel 0.5% Mo02 Brent Crack Swap Intraday
Indication
MFIBC03 Marine Fuel 0.5% Mo03 Brent Crack Swap Intraday
Indication
MFIDC01 Marine Fuel 0.5% Mo01 Dubai Crack Swap Intraday
Indication
MFIDC02 Marine Fuel 0.5% Mo02 Dubai Crack Swap Intraday
Indication
MFIDC03 Marine Fuel 0.5% Mo03 Dubai Crack Swap Intraday
Indication
Please send any feedback or questions to
asia_products@spglobal.com and PriceGroup@spglobal.com.
For written comments, please provide a clear indication if
comments are not intended for publication by Platts for public
viewing. Platts will consider all comments received and will make
comments not marked as confidential available upon request.
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 2, 2020

APAC Deals Summary

Gasoline FOB Spore Cargo Platts Mogas 92: MAY20: VITOLSG bids 25kb $23.40/bbl
■■ * Denotes market maker. All times GMT
Platts Mogas 92: MAY20: BOCIGC bids 25kb $23.30/bbl
■■ Bids (PGA page 4009)
Trades (PGA page 2315) Platts Mogas 92: MAY20: VERCER bids 25kb $23.20/bbl
■■
Platts Mogas 92 spread: BAL MONTH/MAY20: BPSG bids 25kb
■■
No trades reported
■■ Platts Mogas 92: MAY20: VERCER bids 25kb $23.10/bbl
■■
$-3.5/bbl
* Denotes market maker. All times GMT Platts Mogas 92: MAY20: VERCER bids 25kb $23.00/bbl
■■
Platts Mogas 92 spread: BAL MONTH/MAY20: VITOLSG bids 25kb
■■
Bids (PGA page 2313) Withdrawals $-3.5/bbl
Platts Mogas 92: APR28-MAY2: HL bids 50kb FOB Straits $19.90/
■■ Platts Mogas 92: MAY20: PTT no longer bids 25kb $23.60/bbl
■■ Platts Mogas 92 spread: MAY20/JUN20: EQUINOR bids 25kb
■■
bbl Platts Mogas 92: MAY20: PTT Withdraws bid 100kb $23.60/bbl
■■ $-2.6/bbl
Platts Mogas 92: MAY20: VITOLSG Withdraws bid 25kb $23.50/
■■ Platts Mogas 92 spread: MAY20/JUN20: ONYX bids 25kb $-2.6/
■■
Withdrawals
bbl bbl
No bids reported
■■
** Denotes OCO order. Platts Mogas 92 spread: MAY20/JUN20: ONYX bids 25kb $-2.6/
■■
** Denotes OCO order.
Offers (PGA page 4010) bbl
Offers (PGA page 2314) Platts Mogas 92 spread: MAY20/JUN20: VERCER bids 25kb
■■
Platts Mogas 92: MAY20: SIETCO offers 50kb $23.65/bbl
■■
Platts Mogas 92: APR17-APR21: SIETCO offers 50kb FOB Straits
■■ $-2.65/bbl
Platts Mogas 92: MAY20: VITOLSG offers 25kb $23.70/bbl
■■
$21.40/bbl Platts Mogas 92 spread: MAY20/JUN20: EQUINOR bids 50kb
■■
Platts Mogas 92: MAY20: VERCER offers 25kb $23.75/bbl
■■
Platts Mogas 92: APR19-APR23: BPSG offers 50kb FOB Straits
■■ $-2.7/bbl
Platts Mogas 92: MAY20: BOCIGC offers 25kb $23.95/bbl
■■
$20.80/bbl Platts Mogas 92 spread: MAY20/JUN20: PETROCHINA bids 25kb
■■
Platts Mogas 92: MAY20: VITOLSG offers 25kb $23.95/bbl
■■
Platts Mogas 92: APR22-APR26: PETROCHINA offers 50kb FOB
■■ $-2.75/bbl
Platts Mogas 92: MAY20: ONYX offers 25kb $24.00/bbl
■■
Straits $21.60/bbl Platts Mogas 92 spread: MAY20/JUN20: VITOLSG bids 25kb
■■
Platts Mogas 92: MAY20: ONYX offers 25kb $24.00/bbl
■■
Platts Mogas 92: APR24-APR28: SIETCO offers 50kb FOB Straits
■■ $-2.75/bbl
Platts Mogas 92: MAY20: TRAFI offers 25kb $24.15/bbl
■■
$21.40/bbl Platts Mogas 92 spread: MAY20/JUN20: BPSG bids 25kb $-2.8/
■■
Platts Mogas 92: MAY20: ONYX offers 25kb $24.20/bbl
■■
Platts Mogas 92: APR26-APR30: PTT offers 50kb FOB Straits
■■ bbl
Platts Mogas 92: MAY20: BPSG offers 25kb $24.30/bbl
■■
$20.90/bbl Platts Mogas 92 spread: JUN20/JUL20: EQUINOR bids 25kb
■■
Platts Mogas 92: MAY20: VERCER offers 25kb $24.30/bbl
■■
Platts Mogas 95: APR17-APR21: SIETCO offers 50kb FOB Straits
■■ $-2.3/bbl
Platts Mogas 92: MAY20: VERCER offers 25kb $24.40/bbl
■■
$21.40/bbl Platts Mogas 92 spread: JUN20/JUL20: VERCER bids 25kb $-2.4/
■■
Withdrawals bbl
Withdrawals
Platts Mogas 92: MAY20: SIETCO no longer offers 50kb $23.65/
■■ Platts Mogas 92 spread: JUN20/JUL20: EQUINOR bids 50kb
■■
No offers reported
■■
bbl $-2.45/bbl
** Denotes OCO order.
Platts Mogas 92: MAY20: P66SG Withdraws offer 25kb $24.15/bbl
■■ Platts Mogas 92 spread: JUN20/JUL20: VITOLSG bids 25kb $-2.5/
■■
** Denotes OCO order. bbl
Gasoline FOB Spore Paper Platts Mogas 92 spread: JUN20/JUL20: BPSG bids 25kb $-2.8/bbl
■■
Trades (PGA page 4011) Gasoline FOB Spore Paper Spreads Withdrawals
Platts Mogas 92: MAY20: ONYX sold to PTT* 100kb $23.60/bbl
■■ Platts Mogas 92 spread: BAL MONTH/MAY20: ONYX Withdraws
■■
Trades (PGA page 4011)
8:28:49 bid 25kb $-2.8/bbl
Platts Mogas 92 spread: MAY20/JUN20: PTT sold to ONYX* 25kb
■■ Platts Mogas 92 spread: BAL MONTH/MAY20: ONYX Withdraws
■■
Platts Mogas 92: MAY20: ONYX sold to PTT* 25kb $23.60/bbl
■■
$-2.40/bbl 8:26:42 bid 25kb $-2.8/bbl
8:29:01
Platts Mogas 92 spread: MAY20/JUN20: PTT sold to ONYX* 25kb
■■ Platts Mogas 92 spread: BAL MONTH/MAY20: ONYX Withdraws
■■
Platts Mogas 92: MAY20: ONYX sold to PTT* 25kb $23.60/bbl
■■
$-2.45/bbl 8:26:53 bid 25kb $-3/bbl
8:29:07
Platts Mogas 92 spread: MAY20/JUN20: PTT sold to ONYX* 25kb
■■ Platts Mogas 92 spread: MAY20/JUN20: ONYX no longer bids
■■
Platts Mogas 92: MAY20: SIETCO* sold to PTT 50kb $23.65/bbl
■■
$-2.45/bbl 8:27:01 25kb $-2.5/bbl
8:29:56
Platts Mogas 92 spread: MAY20/JUN20: VITOLSG sold to ONYX*
■■ Platts Mogas 92 spread: JUN20/JUL20: ONYX no longer bids 25kb
■■
* Denotes market maker. All times GMT
25kb $-2.50/bbl 8:27:53 $-2.2/bbl
Bids (PGA page 4009) Platts Mogas 92 spread: JUN20/JUL20: PTT sold to ONYX* 25kb
■■ Platts Mogas 92 spread: JUN20/JUL20: ONYX no longer bids 25kb
■■
Platts Mogas 92: MAY20: TRAFI bids 25kb $23.45/bbl
■■ $-2.20/bbl 8:28:07 $-2.2/bbl
Platts Mogas 92: MAY20: BPSG bids 25kb $23.40/bbl
■■ Platts Mogas 92 spread: JUN20/JUL20: PTT sold to ONYX* 25kb
■■ ** Denotes OCO order.
$-2.20/bbl 8:28:10

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 18
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 2, 2020

APAC Deals Summary

Offers (PGA page 4010) $-1.95/bbl * Denotes market maker. All times GMT

Platts Mogas 92 spread: BAL MONTH/MAY20: VITOLSG offers

■■ ** Denotes OCO order. Bids (PGA page 4021)
25kb $-2.4/bbl MAY20: VERCER bids 50kb $29.67/bbl
■■
Platts Mogas 92 spread: BAL MONTH/MAY20: ONYX offers 25kb
■■ Naphtha C+F Cargo MAY20: VERCER bids 50kb $29.25/bbl
■■
$-2.25/bbl BAL MONTH: VERCER bids 50kb $26.50/bbl
■■
Platts Mogas 92 spread: BAL MONTH/MAY20: SIETCO offers 25kb
■■ Trades (PGA page 2325)
BAL MONTH: DVTRADING bids 50kb $26.30/bbl
■■
$-2.2/bbl H1JUN20: EQUINOR sold to PDSG* 25kt $176.00/mt 8:29:05
■■ BAL MONTH: DVTRADING bids 50kb $26.25/bbl
■■
Platts Mogas 92 spread: BAL MONTH/MAY20: BPSG offers 25kb
■■ * Denotes market maker. All times GMT MAY20: VERCER bids 50kb $-7.05/bbl
■■
$-2.05/bbl Bids (PGA page 2323) BAL MONTH: DVTRADING bids 50kb $-9.2/bbl
■■
Platts Mogas 92 spread: BAL MONTH/MAY20: VITOLSG offers
■■ BAL MONTH: VERCER bids 50kb $-9.5/bbl
■■
No bids reported
■■
25kb $-2/bbl
Withdrawals
Platts Mogas 92 spread: MAY20/JUN20: GUNVORSG offers 25kb
■■ Withdrawals
BAL MONTH: CAOSG Withdraws bid 50kb $26.38/bbl
■■
$-2.4/bbl H1JUN20: PDSG no longer bids 25kt $176.00/mt
■■
** Denotes OCO order.
Platts Mogas 92 spread: MAY20/JUN20: VITOLSG offers 25kb
■■ ** Denotes OCO order.
$-2.35/bbl Offers (PGA page 4022)
Offers (PGA page 2324)
Platts Mogas 92 spread: MAY20/JUN20: SIETCO offers 25kb
■■ BAL MONTH: ALVARI offers 50kb $26.80/bbl
■■
H1JUN20: **SIETCO offers 25kt $180.00/mt
■■
$-2.3/bbl BAL MONTH: PETROCHINA offers 50kb $27.00/bbl
■■
H2JUN20: BPSG offers 25kt $178.00/mt
■■
Platts Mogas 92 spread: MAY20/JUN20: BPSG offers 25kb $-2.2/
■■ BAL MONTH: UNIPECSG offers 50kb $27.00/bbl
■■
H2JUN20: **SIETCO offers 25kt $179.00/mt
■■
bbl BAL MONTH: VERCER offers 50kb $27.20/bbl
■■
Platts Mogas 92 spread: MAY20/JUN20: VITOLSG offers 25kb
■■ Withdrawals BAL MONTH: EQUINOR offers 50kb $27.30/bbl
■■
$-2.2/bbl No offers reported
■■ BAL MONTH: FREEPTASIA offers 50kb $27.40/bbl
■■
Platts Mogas 92 spread: MAY20/JUN20: PETROCHINA offers 25kb
■■ ** Denotes OCO order. BAL MONTH: DVTRADING offers 50kb $27.80/bbl
■■
$-2/bbl MAY20: FREEPTASIA offers 50kb $-6.9/bbl
■■
Platts Mogas 92 spread: MAY20/JUN20: EQUINOR offers 25kb
■■ Naphtha C+F Japan Cargo Spreads MAY20: VERCER offers 50kb $-6.7/bbl
■■
$-1.9/bbl BAL MONTH: ALVARI offers 50kb $-8.7/bbl
■■
Platts Mogas 92 spread: MAY20/JUN20: VERCER offers 25kb
■■ Trades (PGA page 2325) BAL MONTH: VERCER offers 50kb $-8.55/bbl
■■
$-1.85/bbl No trades reported
■■ BAL MONTH: FREEPTASIA offers 50kb $-8.5/bbl
■■
Platts Mogas 92 spread: JUN20/JUL20: BPSG offers 25kb $-1.95/
■■ * Denotes market maker. All times GMT Withdrawals
bbl Bids (PGA page 2323) MAY20: VERCER Withdraws offer 50kb $30.70/bbl
■■
Platts Mogas 92 spread: JUN20/JUL20: SIETCO offers 25kb
■■ BAL MONTH: UNIPECSG no longer offers 50kb $-8.8/bbl
■■
H2MAY20/H2JUN20: PDSG bids 25kt $-6.5/mt
■■
$-1.95/bbl ** Denotes OCO order.
Platts Mogas 92 spread: JUN20/JUL20: VITOLSG offers 25kb
■■ Withdrawals
$-1.95/bbl No bids reported
■■
Platts Mogas 92 spread: JUN20/JUL20: VERCER offers 25kb
■■ ** Denotes OCO order. Jet Kero FOB Spore Paper Spreads
$-1.85/bbl Offers (PGA page 2324) Trades (PGA page 4023)
Platts Mogas 92 spread: JUN20/JUL20: EQUINOR offers 25kb
■■
H1JUN20/H1JUL20: SIETCO offers 25kt $-6/mt
■■ No trades reported
■■
$-1.78/bbl
Withdrawals * Denotes market maker. All times GMT
Withdrawals
H1JUN20/H1JUL20: TOTALSG Withdraws offer 25kt $-5/mt
■■ Bids (PGA page 4021)
Platts Mogas 92 spread: BAL MONTH/MAY20: PTT Withdraws
■■
** Denotes OCO order.
offer 25kb $-2.2/bbl No bids reported
■■
Platts Mogas 92 spread: BAL MONTH/MAY20: PTT Withdraws
■■ Withdrawals
offer 100kb $-2/bbl Jet Kero FOB Spore Paper No bids reported
■■
Platts Mogas 92 spread: MAY20/JUN20: PTT Withdraws offer
■■ ** Denotes OCO order.
Trades (PGA page 4023)
25kb $-2.05/bbl
BAL MONTH: UNIPECSG* sold to DVTRADING 50kb $-8.80/bbl
■■ Offers (PGA page 4022)
Platts Mogas 92 spread: JUN20/JUL20: PTT Withdraws offer 25kb
■■
8:29:52 No offers reported
■■

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 19
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 2, 2020

APAC Deals Summary

Withdrawals Gasoil FOB Spore Paper Spreads FO 380 CST 3.5% FOB Spore Paper
No offers reported
■■
** Denotes OCO order.
Trades (PGA page 4019) Trades (PGA page 4027)
No trades reported
■■ No trades reported
■■
* Denotes market maker. All times GMT * Denotes market maker. All times GMT
Gasoil FOB Spore Paper
Bids (PGA page 4017) Bids (PGA page 4025)
Trades (PGA page 4019)
BAL MONTH/MAY20: ALVARI bids 50kb $-1.15/bbl
■■ MAY20: MCELT bids 5kt $160.25/mt
■■
BAL MONTH: PETROCHINA sold to MBCL* 50kb $35.45/bbl
■■ BAL MONTH/MAY20: VERCER bids 50kb $-1.25/bbl
■■ MAY20: CHEVINCSG bids 5kt $160.00/mt
■■
8:29:43 MAY20: DVTRADING bids 5kt $160.00/mt
■■
Withdrawals
BAL MONTH: BPSG sold to MBCL* 50kb $35.45/bbl 8:29:49
■■ MAY20: GLENCORE bids 5kt $160.00/mt
■■
No bids reported
■■
BAL MONTH: BPSG sold to MBCL* 50kb $35.45/bbl 8:29:55
■■ MAY20: VERCER bids 5kt $159.75/mt
■■
** Denotes OCO order.
BAL MONTH: MABANAFT sold to MBCL* 50kb $35.45/bbl 8:30:03
■■ MAY20: SIETCO bids 5kt $159.00/mt
■■
* Denotes market maker. All times GMT Offers (PGA page 4018)
MAY20: VITOLSG bids 5kt $159.00/mt
■■
Bids (PGA page 4017) BAL MONTH/MAY20: VITOLSG offers 50kb $-1.05/bbl
■■ MAY20: VERCER bids 5kt $158.50/mt
■■
BAL MONTH/MAY20: VERCER offers 50kb $-1/bbl
■■ MAY20: DVTRADING bids 5kt $158.00/mt
■■
BAL MONTH: MBCL bids 50kb $35.45/bbl
■■
BAL MONTH: FREEPTASIA bids 50kb $35.40/bbl
■■ Withdrawals MAY20: MCELT bids 5kt $156.00/mt
■■
BAL MONTH: VERCER bids 50kb $35.40/bbl
■■ No offers reported
■■ BAL MONTH: VERCER bids 5kt $154.00/mt
■■
BAL MONTH: DVTRADING bids 50kb $35.30/bbl
■■ ** Denotes OCO order. BAL MONTH: VERCER bids 5kt $153.00/mt
■■
BAL MONTH: MBCL bids 50kb $35.20/bbl
■■ Withdrawals
BAL MONTH: MBCL bids 50kb $35.20/bbl
■■ FO 180 CST 3.5% FOB Spore Paper No bids reported
■■
BAL MONTH: ONYX bids 50kb $35.20/bbl
■■ ** Denotes OCO order.
BAL MONTH: UENERGY bids 50kb $35.20/bbl
■■ Trades (PGA page 4027)
Offers (PGA page 4026)
BAL MONTH: VERCER bids 50kb $35.20/bbl
■■ No trades reported
■■
MAY20: SIETCO offers 5kt $163.00/mt
■■
Withdrawals * Denotes market maker. All times GMT
MAY20: SIETCO offers 5kt $163.50/mt
■■
BAL MONTH: VERCER Withdraws bid 50kb $35.48/bbl
■■ Bids (PGA page 4025) MAY20: TRAFI offers 5kt $163.50/mt
■■
BAL MONTH: SENTINELC Withdraws bid 50kb $35.45/bbl
■■
BAL MONTH: VITOLSG bids 5kt $165.00/mt
■■ MAY20: TOTSA offers 5kt $164.00/mt
■■
BAL MONTH: MBCL Withdraws bid 50kb $35.40/bbl
■■
BAL MONTH: MCELT bids 5kt $163.00/mt
■■ MAY20: VERCER offers 5kt $164.00/mt
■■
BAL MONTH: SENTINELC Withdraws bid 50kb $35.40/bbl
■■
BAL MONTH: MERCURIASG bids 5kt $162.00/mt
■■ MAY20: DVTRADING offers 5kt $165.00/mt
■■
** Denotes OCO order. MAY20: VITOLSG offers 5kt $165.00/mt
■■
BAL MONTH: VERCER bids 5kt $160.00/mt
■■
Offers (PGA page 4018) BAL MONTH: VERCER bids 5kt $159.00/mt
■■ MAY20: VERCER offers 5kt $167.50/mt
■■
BAL MONTH: UNIPECSG offers 50kb $35.60/bbl
■■ BAL MONTH: MCELT bids 5kt $158.00/mt
■■ MAY20: VERCER offers 5kt $169.75/mt
■■
BAL MONTH: PETROCHINA offers 50kb $35.70/bbl
■■ Withdrawals
MAY20: TOTSA offers 5kt $170.00/mt
■■
BAL MONTH: VERCER offers 50kb $35.70/bbl
■■ MAY20: VERCER Withdraws bid 5kt $163.00/mt
■■ BAL MONTH: VERCER offers 5kt $168.00/mt
■■
BAL MONTH: UNIPECSG offers 50kb $35.75/bbl
■■ MAY20: VERCER Withdraws bid 5kt $162.00/mt
■■ BAL MONTH: VERCER offers 5kt $169.00/mt
■■
BAL MONTH: MABANAFT offers 50kb $35.85/bbl
■■ ** Denotes OCO order. Withdrawals
BAL MONTH: VERCER offers 50kb $35.85/bbl
■■
Offers (PGA page 4026) No offers reported
■■
BAL MONTH: MBCL offers 50kb $36.15/bbl
■■ ** Denotes OCO order.
BAL MONTH: MBCL offers 50kb $36.40/bbl
■■ BAL MONTH: MCELT offers 5kt $176.00/mt
■■
BAL MONTH: SENTINELC offers 50kb $36.40/bbl
■■ BAL MONTH: VERCER offers 5kt $176.00/mt
■■
BAL MONTH: VERCER offers 5kt $177.00/mt
■■ Mideast Sour Crude
BAL MONTH: SENTINELC offers 50kb $36.40/bbl
■■
Withdrawals Withdrawals Trades (PGA page 2284)
BAL MONTH: DVTRADING Withdraws offer 50kb $36.35/bbl
■■ MAY20: VERCER Withdraws offer 5kt $177.00/mt
■■ Platts Cash Dubai Partials: JUN20: BPSG* sold to HENGLIOIL 25kb
■■
** Denotes OCO order.
MAY20: VERCER Withdraws offer 5kt $178.00/mt
■■ $21.50/bbl 8:29:58
** Denotes OCO order.
* Denotes market maker. All times GMT

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 20
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 2, 2020

APAC Deals Summary

Bids (PGA page 2282) $24.00/bbl No bids reported
■■
No bids reported
■■ ** Denotes OCO order.
Withdrawals
Withdrawals No bids reported
■■
No bids reported
■■ Mideast Sour Crude Spreads ** Denotes OCO order.
** Denotes OCO order.
Trades (PGA page 2284) Offers (PGA page 2253)
Offers (PGA page 2283) No offers reported
■■
No trades reported
■■
Platts Cash Dubai Partials: JUN20: UNIPECASIA offers 25kb
■■ * Denotes market maker. All times GMT Withdrawals
$21.55/bbl No offers reported
■■
Bids (PGA page 2282)
Platts Cash Dubai Partials: JUN20: SIETCO offers 25kb $21.60/bbl
■■ ** Denotes OCO order.
Platts Cash Dubai Partials: JUN20: P66SG offers 25kb $21.75/bbl
■■ No bids reported
■■
Platts Cash Dubai Partials: JUN20: VITOLSG offers 25kb $22.05/
■■ Withdrawals
Asia Light Sweet Crude Spreads
bbl No bids reported
■■
Platts Cash Oman Partials: JUN20: UNIPECASIA offers 25kb
■■ ** Denotes OCO order. Trades (PGA page 2254)
$21.55/bbl Offers (PGA page 2283) No trades reported
■■
Withdrawals No offers reported
■■ * Denotes market maker. All times GMT
Platts Cash Dubai Partials: JUN20: BPSG no longer offers 25kb
■■ Bids (PGA page 2252)
Withdrawals
$21.50/bbl
No offers reported
■■ No bids reported
■■
Platts Cash Dubai Partials: JUN20: GUNVORSG Withdraws offer
■■
** Denotes OCO order.
25kb $22.20/bbl Withdrawals
Platts Cash Dubai Partials: JUN20: BPSG Withdraws offer 25kb
■■ No bids reported
■■
$22.80/bbl Asia Light Sweet Crude ** Denotes OCO order.
Platts Cash Dubai Partials: JUN20: HENGLIOIL Withdraws offer
■■ Offers (PGA page 2253)
Trades (PGA page 2254)
25kb $23.65/bbl
No trades reported
■■ No offers reported
■■
Platts Cash Dubai Partials: JUN20: TOTSA Withdraws offer 25kb
■■
$23.95/bbl * Denotes market maker. All times GMT Withdrawals
Platts Cash Dubai Partials: JUN20: P66SG Withdraws offer 25kb
■■ Bids (PGA page 2252) No offers reported
■■
** Denotes OCO order.

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 21