ASIA-PACIFIC/ARAB GULF MARKETSCAN

Volume 39 / Issue 62 / March 30, 2020

Asia products
Code Mid Change Code Mid Change Code Mid Change
Singapore (PGA page 2002)
FOB Singapore ($/barrel) MOPS strip Premium/Discount
Naphtha PAAAP00 18.64–18.68 18.660 -1.170 AAPKA00 18.54–18.58 18.560 -0.870
Gasoline 97 unleaded PGAMS00 20.67–20.71 20.690 -2.750 AAPKE00* 2.11/2.15 2.130 -1.880
Gasoline 95 unleaded PGAEZ00 19.80–19.84 19.820 -2.750 AAPKF00* 1.24/1.28 1.260 -1.880
Gasoline 95 unleaded AGUMS00 21.050 -2.660 AGUMA00**** -1.230 -0.090
Gasoline 92 unleaded PGAEY00 19.00–19.04 19.020 -2.750 AAPKG00* 0.44/0.48 0.460 -1.880
Gasoline 92 unleaded AAXEQ00 19.98–20.02 20.000 -2.620 AAXER00 -1.00/-0.96 -0.980 -0.130
Gasoline 91 unleaded AAYNA00 20.020 -2.700 AAYNB00 0.020 -0.080
Gasoline 92 unleaded 500 ppm PGAFY00*** -0.585 -0.079
CFR Naphtha AAOVF00 18.710 -0.920 AAOVG00 0.150 -0.050
Kerosene PJABF00 28.03–28.07 28.050 -0.230 AAPJZ00 30.86–30.90 30.880 -0.040 PJACU00 -2.85/-2.81 -2.830 -0.190
Gasoil 10 ppm AAOVC00 37.93–37.97 37.950 -0.050 AAOVD00** -0.70/-0.66 -0.680 -0.110
Gasoil 50 ppm AAPPF00 37.67–37.71 37.690 -0.050 AAPPH00** -0.96/-0.92 -0.940 -0.110
Gasoil 0.05% sulfur AAFEX00 37.05–37.09 37.070 -0.240 AAFFB00** -1.58/-1.54 -1.560 -0.300
Gasoil 0.25% sulfur AACUE00 36.43–36.47 36.450 -0.170 AACQI00** -2.20/-2.16 -2.180 -0.230
Gasoil POABC00 37.93–37.97 37.950 -0.050 AAPJY00 38.61–38.65 38.630 +0.060 POAIC00** -0.70/-0.66 -0.680 -0.110
FO 180 CST 2% ($/mt) PUAXS00 163.37–163.41 163.390 -8.690
HSFO 180 CST ($/mt) PUADV00 159.77–159.81 159.790 -8.500 AAPJX00 160.53–160.57 160.550 -8.500 AAGZF00 -0.78/-0.74 -0.760 0.000
HSFO 380 CST ($/mt) PPXDK00 154.93–154.97 154.950 -8.420 AAPJW00 155.39–155.43 155.410 -8.460 PPXDL00 -0.48/-0.44 -0.460 +0.040
Marine Fuel 0.5% ($/mt) AMFSA00 235.810 +3.300 FOFSA00 238.380 -0.080 FOFSB00 -2.570 +3.380
Ex-Wharf 180 CST ($/mt) AAFET00 165.50–166.50 166.000 -7.000
Ex-Wharf 380 CST ($/mt) AAFER00 159.50–160.50 160.000 -7.000
Ex-Wharf 500 CST ($/mt) AAVUP00 158.50–159.50 159.000 -7.000
*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)
FOB Arab Gulf ($/barrel) Premium/Discount
Naphtha ($/mt) PAAAA00 141.68–143.68 142.680 -9.660 AAPKH00 13.75/14.25 14.000 0.000 Subscriber notes (PGA page 1500)
Naphtha LR2 ($/mt) AAIDA00 142.54–144.54 143.540 -8.910
Gasoline 95 unleaded AAICY00 16.14–16.18 16.160 -2.790 AAWUJ00 2.68/2.72 2.700 -0.050 Relocation of assessment-related content
Gasoline 95 unleaded CFR AAWUK00 4.13/4.17 4.150
Gasoline 92 unleaded AAGJA00 15.360 -2.790 AAGZA00 2.400 -0.050 As part of our journey to digitize the commodity markets and help
Kerosene PJAAA00 24.59–24.63 24.610 -0.300 PJACV00 -0.02/0.02 0.000 -0.200 our customers be better prepared for change, we’re making our
Kerosene LR2 AAKNZ00 24.49–24.53 24.510 -0.260
Gasoil 10 ppm AAIDT00 34.28–34.32 34.300 -0.130 AAIDU00* 0.58/0.62 0.600 -0.200 content easier to find by moving all assessment-related content by
Gasoil 0.005% sulfur AASGJ00 33.98–34.02 34.000 -0.130 AASGK00* 0.28/0.32 0.300 -0.200 region and assessment group. From March 2, 2020, you may find
Gasoil 0.05% sulfur AAFEZ00 33.73–33.77 33.750 -0.130 AAFFD00* 0.03/0.07 0.050 -0.200
Gasoil 0.25% sulfur AACUA00 33.18–33.22 33.200 -0.130 AACUC00* -0.52/-0.48 -0.500 -0.200 the Bids, Offers, Trades and Rationales and Exclusions in a different
Gasoil POAAT00 34.28–34.32 34.300 -0.130 POAID00* 0.58/0.62 0.600 -0.200 part of this publication. It can be found in line with the region and
Gasoil LR2 AAKBT00 34.18–34.22 34.200 -0.080
HSFO 180 CST ($/mt) PUABE00 138.64–138.68 138.660 -10.010 AAXJA00 -4.52/-4.48 -4.500 0.000 commodity of the assessments. Please do not hesitate to contact
HSFO 380 CST ($/mt) AAIDC00 133.80–133.84 133.820 -9.930 AAXJB00 -1.52/-1.48 -1.500 0.000 our Client Services team at [email protected] if you have any
HSFO 180/380 spread ($/mt) PPXDM00 -4.86/-4.82 -4.840 +0.080
Marine Fuel 0.5% Fujairah ($/mt) FOFFB00*** -6.500 +1.500 questions about this move.
Ex-Wharf Fujairah 380 CST** ($/mt) AAYBG00 0.000 -1.000
*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 March 30, 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 ($/barrel) MOPAG Strip
Gasoline 95 unleaded AFUJA00 20.620 -2.610 AFUJB00 17.920
-2.560
Market Analysis
Kerosene AFUJF00 28.130 -0.300 AFUJG00 28.130
-0.100 „„ Asian gasoline recovers as US RBOB/Brent cracks
Gasoil 10 ppm AFUJP00 35.770 -0.230
Gasoil AFUJK00 35.770 -0.230 AFUJL00 35.170
-0.030
trace higher
HSFO 380 CST ($/mt) AFUJQ00 138.650 -8.260 AFUJR00 140.150
-8.260 „„ Concerns over potential Indonesia lockdown
Ex-Wharf 380 CST ($/mt) AAYBF00 143.610 -9.990 AAYBD00 143.610
-8.990 „„ More refineries cut runs
MOPFUJ Strip
Marine Fuel 0.5% ($/mt)** AMFFA00 219.760 +3.460 FOFFA00 226.260
+1.960 The Asian gasoline market kicked off the trading week
*FOB Fujairah outright prices are derived by adding the MOPAG strips and the FOB Arab Gulf premiums/discounts.
higher, as US RBOB/Brent cracks recovered from the record
**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 220.00–222.00 221.000 -26.500
Mar 23 (PGA page 2022)
Singapore demurrage (PGT pages 2910 and 2960)
Light distillates FUJLD04 6007 -1058
$/day Middle distillates FUJMD04 1859 -1212
Demurrage Clean AALPY00 21500.000 0.000 Heavy distillates and residues FUJHD04 13314 +148
Demurrage Dirty AALQA00 42000.000
+4000.000
Source: FEDCom, S&P Global Platts

Singapore paper (PGA page 2655)

Balance March* ($/barrel) April ($/barrel) May ($/barrel)
Naphtha Japan ($/mt) AAXFE00 195.75–196.25 196.000 -10.500 AAXFF00 208.75–209.25 209.000 -7.750
Naphtha AAPLD00 NA–NA NA NANA PAAAQ00 18.23–18.27 18.250 -1.050 PAAAR00 19.68–19.72 19.700 -0.750
Gasoline 95 unleaded AGUMB00 NA NANA AGUMM01 20.600 -2.920 AGUMM02 22.730 -2.410
Gasoline 92 unleaded AAXEK00 NA–NA NA NANA AAXEL00 19.58–19.62 19.600 -2.870 AAXEM00 21.48–21.52 21.500 -2.290
Reforming Spread AAXEN00 NA/NA NA NANA AAXEO00 1.33/1.37 1.350 -1.820 AAXEP00 1.78/1.82 1.800 -1.540
Kerosene AAPLE00 NA–NA NA NANA PJABS00 30.27–30.31 30.290 -0.310 PJABT00 33.06–33.10 33.080 -0.290
Gasoil AAPLF00 NA–NA NA NANA POAFC00 38.44–38.48 38.460 -0.010 POAFG00 39.22–39.26 39.240 -0.080
HSFO 180 CST ($/mt) AAPML00 NA–NA NA NANA PUAXZ00 159.73–159.77 159.750 -9.000 PUAYF00 163.48–163.52 163.500 -7.900
HSFO 380 CST ($/mt) AAPKB00 NA–NA NA NANA AAPKC00 154.48–154.52 154.500 -9.000 AAPKD00 158.73–158.77 158.750 -8.000
Gasoil EFS ($/mt) AAQTX00 NA NANA AAQTY00 -13.220 -0.820 AAQTZ00 -7.660 +0.410
*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 March* ($/barrel) April ($/barrel) May ($/barrel)
Gasoline 95 unleaded AFUIM00 NA NANA AFUIM01 16.940
-2.960 AFUIM02 19.070 -2.450
Kerosene AFUAM00 NA NANA AFUAM01 26.850
-0.380 AFUAM02 29.640 -0.360
Gasoil AFUJM00 NA NANA AFUJM01 34.810
-0.090 AFUJM02 35.590 -0.160
HSFO 180 CST AAYBM00 NA NANA AAYBM01 143.450
-9.000 AAYBM02 147.200
-8.000
HSFO 180 CST** AADZB00 NA NANA AADZM01 144.350
-9.050 AADZM02 148.100
-8.000
HSFO 380 CST AFURM00 NA NANA AFURM01 138.200
-9.000 AFURM02 142.450
-8.100
*Balance month swaps are assessed from the 1st to 10th of the month. **At 1730 Singapore time.

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ASIA-PACIFIC/ARAB GULF MARKETSCAN March 30, 2020

Asia products lows seen in the previous week.

Code Mid Change Code Mid Change
US RBOB/Brent cracks were noted at minus $1.55/b at
Japan physical oil assessments (PGA page 2006) 0300 GMT Monday. On March 24, it hit a record low of minus
C+F Japan ($/mt) Premium/Discount $7.45/b.
Naphtha PAAAD00 190.75–192.75 191.750 -8.500 PAADI00 0.25/0.75 0.500 0.000 The Singapore 92 RON gasoline crack against Brent
Nph 1st 1/2 May PAAAE00 192.75–193.25 193.000 -10.500
Nph 2nd 1/2 May PAAAF00 190.75–191.25 191.000 -9.500 swap as a result of the uptick, was pegged at levels
Nph 1st 1/2 Jun PAAAG00 192.25–192.75 192.500 -7.500 between minus $4.90/b and minus $5.00/b in mid-Monday
Naphtha MOPJ Strip AAXFH00 215.00–215.50 215.250 -6.380 AAXFI00 -23.75/-23.25 -23.500 -2.120
trade, up from the minus $5.78/b assessed at Asian close
C+F Japan ($/barrel) Premium/Discount
Gasoline 91-92 unleaded PGACW00 21.89–21.93 21.910 -2.790 Friday, according to indications from brokers early Monday.
Gasoline 95 unleaded PGAQQ00 22.69–22.73 22.710 -2.790 On the physical end as well, the FOB Singapore 92 RON
Kerosene PJAAN00 30.72–30.76 30.740 -0.060 PAADK00 -0.16/-0.12 -0.140 -0.020
gasoline crack against front-month ICE Brent crude futures
Gasoil AAWVG00 0.61/0.65 0.630 -0.060
HSFO 180 CST ($/mt) PUACJ00 179.69–179.73 179.710 -7.130 rose to minus $2.20/b-2.30/b at 0300 GMT Monday, up
FOB Japan ($/barrel) sharply from the minus $4.02/b assessed Friday, S&P
Gasoil POJAP00 52.829 -0.370 Global Platts data showed.
South Korea physical oil assessments (PGA page 2008) However, sentiment among Asian participants
C+F Korea ($/mt) Premium/Discount remained overwhelmingly bearish amid further signs of
Naphtha PAADE00 190.50–191.00 190.750 -8.500 PAADG00 -1.25/-0.75 -1.000 0.000 falling demand.
FOB Korea ($/barrel) Premium/Discount Concerns were primarily around Indonesia after the
Gasoline 95 unleaded PGAQO00 19.70–19.74 19.720 -2.450
Jet PJADG00 28.86–28.90 28.880 -0.040 PJADI00 -2.02/-1.98 -2.000 0.000
country reportedly conducted drills over the weekend in
Gasoil POAIE00 37.76–37.80 37.780 +0.010 POAIG00 -0.87/-0.83 -0.850 -0.050 preparation for a wide-scale quarantine.
HSFO 180 CST 3.5% ($/mt) PUBDP00 163.28–163.32 163.300 -8.500 PUBDR00 2.50/3.00 2.750 0.000 Indonesia is the largest buyer of gasoline in Southeast
HSFO 380 CST 3.5% sulfur ($/mt) PUBDY00 158.44–158.48 158.460 -8.420 PUBEA00 2.50/3.00 2.750 0.000
Asia and a lockdown prior to the upcoming Muslim holy
Mean of Platts West India netbacks (PGA page 2012) month of Ramadan –- when gasoline demand typical peaks
FOB India ($/mt) FOB India ($/barrel) –- will hurt the already bearish Asian gasoline complex even
Naphtha AAQWK00 158.070 -9.000 AAQWJ00 17.560
-1.000
Gasoline (92 RON) AARBQ00 141.450 -23.620 AARBP00 16.640
-2.780
further, sources said
Gasoline (95 RON) AAQWI00 146.270 -23.340 AAQWH00 17.410
-2.780 As of early Monday, Indonesia reported 1,285 cases of
Jet kero AAQWM00 201.380 -2.050 AAQWL00 25.490
-0.260 infected and 114 coronavirus-related deaths.
Gasoil 10 ppm AAQWO00 268.960 -0.620 AAQWN00 35.300
-0.080
Gasoil 500 ppm AAQWQ00 255.950 -2.030 AAQWP00 34.360
-0.270 Further pressured by the sharp fall in global gasoline
Gasoil 2500 ppm AAQWS00 251.330 -1.510 AAQWR00 33.740
-0.200 demand, more refineries were heard cutting run rates.
Australia (PGA page 2014) Chennai Petroleum Corp. for one has shut two of the
C+F Australia ($/barrel) three crude distillation units at its 210,000 b/d Manali
Gasoline 92 AACZF00 23.47–23.51 23.490 -2.750 refinery, bringing the refinery’s run rate to around 40%,
Gasoline 95 AACZH00 24.27–24.31 24.290 -2.750 according to company officials.
Jet AAFIY00 32.84–32.88 32.860 -0.230
Gasoil 10 ppm AAQUD00 43.03–43.07 43.050 -0.050 The refinery has been progressively trimming its run
rates by 25-30% since the lockdown announcement March
South Africa (PGA pages 2342 and 2412)
23.
CFR South Africa ($/barrel)
Gasoline 95 unleaded AAQWW00 25.044 -2.388
In Africa, the 125,000 b/d Engen refinery in Durban, was
Jet kero AAQWT00 32.889 -0.063 also heard to have been temporarily shut from Friday “due
Gasoil 10 ppm AAQWU00 40.817 +0.022
Gasoil 500 ppm AAQWV00 40.267 +0.022

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 3
ASIA-PACIFIC/ARAB GULF MARKETSCAN March 30, 2020

Asia products to forecast lower demand for petroleum products during

Code Mid Change Code Mid Change
the national lockdown”, Platts reported earlier.
Freight netbacks (PGA pages PGT2910 and PGT2960) Elsewhere, some spot demand emerged, with Sri
AG-Spore Spore-Japan AG-Japan Spore-Australia Lanka’s Ceypetco seeking 300,000 barrels of 92 RON
Naphtha AAPOF00 24.58* AAPOG00 49.07*
Naphtha-LR2 AAPOH00 48.21*
gasoline for delivery to Dolphin Tanker Berth and SPM
Gasoline AAPOC00 3.66 AAPOD00 2.89 AAPOE00 4.47 Muthurajawela over April 29-30.
Kerosene AAPOI00 3.44 AAPOJ00 4.81
Ceypetco tender closes on April 2, with validity expiring
Kerosene-LR2 AAPOK00 3.54
Gasoil AAPOL00 3.65 AAPOM00 5.10 after 72 hours.
Gasoil-LR-2 AAPON00 3.75
HSFO 180 CST AAPOO00 21.13* AAPOP00 19.92*
HSFO 380 CST AAPOQ00 21.13*
Platts Singapore Gasoline Rationales & Exclusions
All values in $/barrel, except * values in $/mt. Gasoline Unl 92 FOB Spore Cargo <PGAEY00> assessment
South China/Hong Kong physical oil assessments (PGA page 2010) rationale: The FOB Singapore 92 RON gasoline assessment
South China ($/mt) Premium/Discount to MOPS ($/barrel) on Monday took into consideration a trade for a cargo
Gasoline 90 unleaded AAICU00 144.00–148.00 146.000 -25.000 loading over April 22-26 at $18.80/b, an offer for a cargo
Gasoline 93 unleaded AAICW00 151.00–155.00 153.000 -23.250
Jet/kero PJABQ00 234.00–238.00 236.000 -2.000 AAWTW00 -1.01/-0.97 -0.990 -0.210
loading over the same laycan at $19.20/b, a trade for a
Gasoil POAFA00 291.50–295.50 293.500 -0.500 AABJZ00 0.76/0.80 0.780 -0.130 cargo loading over April 23-27 at $18.90/b and a trade for a
Hong Kong bunker grades ($/mt) cargo loading over April 24-28 at $18.90/b.
HSFO 180 CST PUACC00 200.50–201.50 201.000 -10.000
HSFO 380 CST PUAER00 194.50–195.50 195.000 -10.000
Gasoline Unl 95 FOB Spore Cargo <PGAEZ00> assessment
*C+F Hong Kong, $/barrel premium/discount to Mean of Platts Singapore.
rationale: The FOB Singapore 95 RON gasoline assessment
Marine Fuel (PGA page 30) on Monday took into consideration the previous day’s 92/95
$/mt Change vs FO 380 MOPS strip Change inter-RON spread as the standing offer did not demonstrate
0.5% FOB Singapore cargo AMFSA00 235.810 +3.300 AMOPA00 80.400 +11.760
0.5% FOB Fujairah cargo AMFFA00 219.760 +3.460
value.
0.5% FOB Rotterdam barge PUMFD00 199.250 -12.500
0.5% FOB US Gulf Coast barge AUGMB00 185.250 -6.500
0.5% Dlvd US Atlantic Coast barge AUAMB00 200.250 -6.500
0.5% FOB Mediterranean cargo MFFMM00 198.250 -12.750
Jet Index (PGA page 115)
0.5% CIF Mediterranean cargo MFCMM00 210.250 -12.500 Index $/barrel
$/barrel Change Asia & Oceania PJASO00 82.61 PJASO08 28.91
0.5% FOB US Gulf Coast barge AUGMA00 29.170 -1.030 Mid East & Africa PJMEA00 73.02 PJMEA08 24.45
0.5% Dlvd US Atlantic Coast barge AUAMA00 31.540 -1.020 Global PJGLO00 77.68 PJGLO08 28.42

Marine Fuel 0.5% Derivatives, Mar 30

Balance* Change Month 1 Change Month 2 Change Foreign exchange rates (PGA page 2160)
Mar Apr May USD/JPY AAWFX00 107.885 -0.985
$/mt $/mt $/mt Eur/USD AAWFU00 1.1071 +0.0050
0.5% FOB Singapore cargo FOFS000 NA NANA FOFS001 236.750 -0.850 FOFS002 244.400 -0.700 GBP/USD AAWFV00 1.2381 +0.0215
0.5% FOB Fujairah cargo FOFF000 NA NANA FOFF001 222.750 +1.150 FOFF002 230.400 +1.300 USD/SGD AAWFZ00 1.4283 -0.0042
0.5% FOB Rotterdam barge AMRAB00 NA NANA AMRAM01 206.500 -8.500 AMRAM02 213.000 -9.250 USD/MYR AAWGA00 4.3536 +0.0211
0.5% vs. 3.5% FOB Rotterdam barge AMRBB00 NA NANA AMRBM01 105.500 0.000 AMRBM02 100.750 -2.250 USD/HKD AAWFY00 7.7533 +0.0017
$/barrel $/barrel $/barrel AUD/USD AAWFT00 0.6134 +0.0068
0.5% FOB US Gulf Coast barge AUSAB00 NA NANA AUSAM01 30.500 -1.150 AUSAM02 31.800 -1.150 USD/CNY* AAWFW00 7.0447 +0.0020
0.5% vs US Gulf Coast HSFO barge AUSBB00 NA NANA AUSBM01 14.050 +0.550 AUSBM02 14.400 +0.200 USD/INR AAFGW00 75.3898 +0.0539
*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 March 30, 2020

Gasoline Unl 97 FOB Spore Cargo <PGAMS00> assessment

European products ($/mt)
Code Mid Change Code Mid Change
rationale: The FOB Singapore 97 RON gasoline assessment
Mediterranean (PGA page 1114)
on Monday took into consideration the previous day’s 95/97
FOB (Italy) CIF (Genova/Lavera)
inter-RON spread in the absence of any bids and offers. Prem Unl 10ppm AAWZA00 167.50–168.00 167.750
-19.250 AAWZB00 182.50–183.00 182.750
-19.500
Naphtha PAAAI00 97.25–97.75 97.500 -8.750 PAAAH00 117.50–118.00 117.750 -9.250
Gasoline Unl 92 FOB Arab Gulf Carg <AAGJA00> assessment Jet aviation fuel AAIDL00 192.00–192.50 192.250
-24.250
Gasoil 0.1% AAVJI00 255.75–256.25 256.000
-14.250 AAVJJ00 278.25–278.75 278.500
-14.250
rationale: The FOB Arab Gulf 92 RON gasoline cargo 10ppm ULSD AAWYY00 265.75–266.25 266.000
-15.750 AAWYZ00 284.00–284.50 284.250
-16.000
assessment was derived as a freight netback from the FOB 1% PUAAK00 151.50–152.00 151.750 -7.250 PUAAJ00 165.00–165.50 165.250 -6.750
3.5% PUAAZ00 100.25–100.75 100.500 -8.750 PUAAY00 113.50–114.00 113.750 -8.500
Singapore 92 RON marker using the following calculation:
Northwest Europe cargoes (PGA page 1110)
FOB Singapore 92 RON assessment minus the cost of
CIF (Basis ARA) FOB NWE
transporting a 35,000 mt clean cargo from a basket of Gasoline 10ppm AAXFQ00 192.50–193.00 192.750
-11.500
ports in the Persian Gulf to Singapore. Naphtha Swap PAAAJ00 151.50–152.00 151.750
-11.250
Exclusions: Naphtha Phy PAAAL00 132.50–133.00 132.750 -9.500
Jet PJAAU00 220.75–221.25 221.000
-25.000 PJAAV00 207.00–207.50 207.250
-24.500
Ultra low sulfur diesel 10ppm AAVBG00 288.75–289.25 289.000
-14.250 AAVBF00 274.00–274.50 274.250
-13.750
No market data was excluded from the Asian gasoline Gasoil 0.1% AAYWS00 278.25–278.75 278.500
-14.750 AAYWR00 257.25–257.75 257.500
-14.000
Market on Close assessment process on March 30, 2020. Diesel 10ppm NWE AAWZC00 291.25–291.75 291.500
-14.250 AAWZD00 276.25–276.75 276.500
-13.750
Diesel 10 PPM UK AAVBH00 293.00–293.50 293.250
-14.500
1% PUAAL00 155.75–156.25 156.000 -6.750 PUAAM00 145.00–145.50 145.250 -6.750
No market data was excluded from the Asian gasoline 3.5% PUABA00 86.50–87.00 86.750 -9.500 PUABB00 71.50–72.00 71.750 -9.500
derivative Market on Close assessment process on March 0.5-0.7% straight run PKABA00 184.00–185.00 184.500
-10.250
Low sulfur VGO AAHMZ00 171.00–172.00 171.500
-12.500 AAHMX00 155.75–156.75 156.250
-12.500
30, 2020. High sulfur VGO AAHND00 166.00–167.00 166.500
-11.750 AAHNB00 150.50–151.50 151.000
-11.750
Northwest Europe barges (PGA pages 1112 & 1380)
Platts Asia and Middle Eastern Naphtha Daily FOB Rotterdam
Eurobob AAQZV00 171.75–172.25 172.000
-11.500
Market Analysis E10 Eurobob AGEFA00 174.000
-11.500
„„ H1 May delivery trading cycle sees scant activity Unleaded 98 AAKOD00 241.75–242.25 242.000
-11.500
Premium Unleaded PGABM00 194.25–194.75 194.500
-11.500
„„ East/West spread widens, prompting arbitrage inter-
Reformate AAXPM00 187.000
-11.500
est MTBE* PHALA00 198.00–198.50 198.250
-11.500
Naphtha Phy PAAAM00 128.50–129.00 128.750 -9.500
Asian buyers will start seeking H2 May delivery naphtha Jet PJABA00 209.50–210.00 209.750
-25.000
from Wednesday, and pick up cargoes at multi-month low Gasoil 50 ppm AAUQC00 286.25–286.75 286.500
-14.750
Gasoil 0.1%* AAYWT00 275.75–276.25 276.000
-16.250
cash differentials. The cash differential for CFR Japan 10 ppm* AAJUS00 286.75–287.25 287.000
-14.750
naphtha had fallen to a 6.5-months low of plus 50 cents/mt 1% PUAAP00 140.00–140.50 140.250 -6.750
3.5% PUABC00 90.75–91.25 91.000 -9.500
on Friday, S&P Global Platts data showed.
Fuel Oil 3.5% 500 CST PUAGN00 86.75–87.25 87.000 -9.500
Scant trading activity was heard on the day for H1 May Low sulfur VGO AAHNF00 163.50–164.50 164.000
-12.250
delivery cargoes. High sulfur VGO AAHNI00 158.50–159.50 159.000
-11.500

The spread between the April CFR Japan naphtha and *FOB Amsterdam-Rotterdam-Antwerp

CIF NWE naphtha rebounded Monday morning to $34.75/mt, ICE LS gasoil GWAVE (Previous day’s values) (PGA page 702)
Apr PXAAJ00 302.750 27-Mar-20
up $4.75/mt from Friday’s Asian close on weaker Europe May PXAAK00 304.500 27-Mar-20
last Friday. The wider spread will prompt more European Rotterdam bunker (PGA page 1112)
naphtha inflows to Asia this week, sources said. 380 CST PUAFN00 130.50–131.50 131.000
-21.000

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 5
ASIA-PACIFIC/ARAB GULF MARKETSCAN March 30, 2020

Traders have fixed at least 690,000 mt of April-loading

US products (¢/gal) (PGA page 158)
Code Mid Change Code Mid Change
naphtha from Europe and continue to seek vessels for this US West Coast pipeline
arbitrage flow, shipping sources said. The keen chartering Los Angeles San Francisco
interest had pushed the LR2 Mediterranean-Japan freight Unleaded 84 AAUHA00 45.63–45.73 45.680 +0.320 PGADG00 44.63–44.73 44.680 +1.320
cost up to $4 million on since March 25, 50.9% higher than it Premium 90 PGABG00 60.63–60.73 60.680 +0.320 PGABO00 58.63–58.73 58.680 +1.320
was at the start of March, Platts data showed. Shipping CARBOB AAKYJ00 44.63–44.73 44.680 +0.320 AAKYN00 44.63–44.73 44.680 +1.320
CARBOB PREM AAKYL00 58.63–58.73 58.680 +0.320 AAKYP00 58.63–58.73 58.680 +1.320
fixtures show at least 1.321 million mt of March-loading
Jet PJAAP00 76.73–76.83 76.780 -5.320 PJABC00 76.73–76.83 76.780 -5.320
naphtha fixed for Europe to Asia voyages, sources said. These ULS (EPA) Diesel POAET00 107.48–107.58 107.530 -1.320 POAEY00 103.98–104.08 104.030 -4.070
cargoes typically take a voyage of around 38-45 days to arrive CARB diesel POAAK00 107.48–107.58 107.530 -1.320 POAAL00 103.98–104.08 104.030 -4.070
in North Asia, and traders said total cargoes arriving in April is Seattle Portland
Unleaded 84 AAXJE00 46.48–46.58 46.530 -17.680 AAXJC00 47.63–47.73 47.680 -17.680
expected to be slightly higher than the earlier estimate of 1.5
Premium 90 AAXJF00 76.48–76.58 76.530 -17.680 AAXJD00 77.63–77.73 77.680 -17.680
million-1.7 million mt prior to the downturn in prices. Jet PJABB00 76.73–76.83 76.780 -5.320
India’s lockdown to contain the coronavirus spread ULS (EPA) Diesel AAUEX00 106.49–106.59 106.540 -4.910 AAUEY00 107.64–107.74 107.690 -4.910
would lead to less April exports from the country on Phoenix
refinery run cuts due to tanktop issues amid the global glut RBOB unleaded 84 AADDP00 43.63–43.73 43.680 +0.320
RBOB premium 89.5 PPXDJ00 57.63–57.73 57.680 +0.320
in gasoil, gasoline and jet. Also, BPCL postponed the start
Differential to NYMEX
of a month-long maintenance at the isomerization,
CARBOB AANVX00 -17.05/-16.95 -17.000 0.000
aromatics extraction and diesel hydrotreater units at its CARBOB paper 1st month* AAKYR00 -20.05/-19.95 -20.000 0.000
241,000 b/d Mumbai refinery for the second time, a CARBOB paper 2nd month* AAKYS00 -15.00/-14.95 -15.000 0.000
company source said. This means the isomerization and Jet Fuel AANVY00 -24.80/-24.70 -24.750 0.000

aromatics extraction units would continue to consume ULS (EPA) Diesel AANVZ00 5.95/6.05 6.000
+4.000
CARB Diesel AANWA00 5.95/6.05 6.000
+4.000
naphtha in April, leaving less for export than initially
* Premium to NYMEX gasoline settlement
planned, a source aware of the matter said.
US West Coast waterborne
Market sources said Indian companies were seeking
Los Angeles
tankers for short time charters which will likely be used for Unleaded 87 PGADI00 45.63–45.73 45.680 +0.320
both exporting cargoes and storing cargoes to help Jet PJABI00 75.73–75.83 75.780 -5.320
alleviate any upcoming ullage.
Separately, Haldia Petrochemicals will likely shut its
naphtha-fed steam cracker in Haldia due to the lockdown,
Platts reported earlier. This will reduce demand for naphtha Platts assessment of futures markets at MOC close (PGA page 703)
feedstock. Singapore 16:30
ICE gasoil futures ($/mt) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
Asian steam crackers are keeping run rates steady from
Apr 20* AAQYM01 299.75 Apr XNRBA01 51.27 Apr XNHOA01 103.56
March to April, with an eye to lower operating rates despite May 20 AAQYM02 300.00 May XNRBA02 55.36 May XNHOA02 103.50
better petrochemical margins, in anticipation of further Jun 20 AAQYM03 305.50 Jun XNRBA03 60.85 Jun XNHOA03 104.99

weakness in downstream petrochemical demand due to the New York 14:30

spread of the coronavirus, market sources said this week. NYMEX light sweet crude ($/barrel) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
May NYCRM01 20.23 Apr NYRBM01 58.63 Apr NYHOM01 102.05
Asian cracker operators are closely monitoring demand
Jun NYCRM02 24.20 May NYRBM02 62.13 May NYHOM02 101.63
for the downstream polyester sector in light of the COVID-19 Jul NYCRM03 27.48 Jun NYRBM03 67.78 Jun NYHOM03 103.08
pandemic and poor global economy. *Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February.

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 6
ASIA-PACIFIC/ARAB GULF MARKETSCAN March 30, 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 21.97–22.01 21.990 -2.060 AAPAI00 -3.35 -0.050 AAPAH00 21.060 -1.800
DFC 56.82 ADFCA00 25.93–25.97 25.950 -1.800 ADFCB00 -2.75/-2.65 -2.700 -0.050 ADFCC00 0.610 +0.210 ADFCD00 25.020 -1.540
Qatar LSC 56.9 AARBB00 24.53–24.57 24.550 -1.800 AARBD00 -4.15/-4.05 -4.100 -0.050 AARBC00 -0.790 +0.210 AARBA00 23.620 -1.540
South Pars 57.4 AARAV00 21.58–21.62 21.600 -1.800 AARAX00 -7.10/-7.00 -7.050 -0.050 AARAW00 -3.740 +0.210 AARAU00 20.670 -1.540
Diff to ICP
Senipah 54.4 AAEOE00 22.47–22.51 22.490 -2.060 AAEOK00 0.80/0.90 0.850 -0.050 AAPBE00 -2.850 -0.050 AAPBD00 21.560 -1.800
Light crude (PGA page 2214) (PGA page 2215)
Diff to ICP Diff to Asian Dated Brent
Cossack 47.7 PCAGZ00 23.22–23.26 23.240 -2.060 AAPAC00 -2.100 -0.050 AAPAB00 22.310 -1.800
Gippsland 48.7 PCACP00 20.77–20.81 20.790 -2.060 AAPAU00 -4.550 -0.050 AAPAT00 19.860 -1.800
Tapis 45.2 PCACB00 26.57–26.61 26.590 -2.010 AAOZW00 1.250 0.000 AAOZV00 25.660 -1.750
Belida 45.1 PCAFL00 20.87–20.91 20.890 -2.060 PCAFM00 -0.05/0.05 0.000 -0.050 AAPBQ00 -4.450 -0.050 AAPBP00 19.960 -1.800
Kutubu 44.3 PCAFJ00 22.22–22.26 22.240 -2.060 AAPAE00 -3.100 -0.050 AAPAD00 21.310 -1.800
Handil Mix 43.9 PCABE00 21.97–22.01 21.990 -2.060 PCABF00 0.05/0.15 0.100 -0.050 AAPBI00 -3.350 -0.050 AAPBH00 21.060 -1.800
Attaka 42.3 PCAAJ00 20.72–20.76 20.740 -2.060 PCAAK00 -0.75/-0.65 -0.700 -0.050 AAPBC00 -4.600 -0.050 AAPBB00 19.810 -1.800
Ardjuna 38 PCACQ00 19.67–19.71 19.690 -2.010 PCACR00 -0.60/-0.50 -0.550 0.000 AAPBG00 -5.650 0.000 AAPBF00 18.760 -1.750
Banyu Urip 32 PCAFQ00 27.790 -2.010 PCAQQ00 1.550 0.000 AAPBU00 2.450 0.000 AAPBR00 26.860 -1.750
Diff to Dubai
Sakhalin Blend 45.5 AARBN00 28.08–28.12 28.100 -1.800 AARCN00 -0.60/-0.50 -0.550 -0.050 AARDN00 2.760 +0.210 AAREN00 27.170 -1.540
ESPO M1 34.8 AARWF00 28.33–28.37 28.350 -1.800 AASEU00 -0.35/-0.25 -0.300 -0.050 AARWE00 3.700 +0.420 AARWD00 28.110 -1.330
ESPO M2 34.8 AAWFE00 30.85–30.89 30.870 -1.530 AAWFG00 -0.30/-0.20 -0.250 -0.100
Sokol 39.7 AASCJ00 28.38–28.42 28.400 -1.750 AASCK00 -0.30/-0.20 -0.250 0.000 AAPAO00 3.060 +0.260 AAPAN00 27.470 -1.490
Kikeh 34.9 AAWUH00 27.92–27.96 27.940 -2.010 AAOZY00 2.600 0.000 AAOZX00 27.010 -1.750
Miri Light 32.3 PCABQ00 27.82–27.86 27.840 -2.010 AAPAS00 2.500 0.000 AAPAR00 26.910 -1.750
Labuan 32 PCABL00 28.02–28.06 28.040 -2.010 AAPAQ00 2.700 0.000 AAPAP00 27.110 -1.750
Kimanis 38.6 AASCL00 28.040 -2.010 AASCM00 2.700 0.000 AASCN00 27.110 -1.750
Medium crude (PGA page 2216) (PGA page 2217)
Diff to Asian Dated Brent
Su Tu Den 36.8 AARAR00 28.67–28.71 28.690 -2.010 AARAS00 3.350 0.000 AARAQ00 27.760 -1.750
Bach Ho 40.7 PCAHY00 29.17–29.21 29.190 -2.010 AAPAK00 3.850 0.000 AAPAJ00 28.260 -1.750
Nanhai 40 PCAFR00 20.97–21.01 20.990 -2.010 AAPAG00 -4.350 0.000 AAPAF00 20.060 -1.750
Diff to ICP
Nile Blend 33.9 AAPLC00 25.07–25.11 25.090 -2.010 AAPAM00 -0.250 0.000 AAPAL00 24.160 -1.750
Widuri 33.2 PCAFE00 22.87–22.91 22.890 -2.010 PCAFF00 1.90/2.00 1.950 0.000 AAPBO00 -2.450 0.000 AAPBN00 21.960 -1.750
Daqing 32.2 PCAAZ00 22.27–22.31 22.290 -2.010 AAPAW00 -3.050 0.000 AAPAV00 21.360 -1.750
Cinta 31.1 PCAAX00 22.62–22.66 22.640 -2.010 PCAAY00 1.90/2.00 1.950 0.000 AAPBK00 -2.700 0.000 AAPBJ00 21.710 -1.750
Heavy crude (PGA page 2218) (PGA page 2219)
Diff to ICP Diff to Asian Dated Brent
Dar Blend 25 AARAB00 26.37–26.41 26.390 -2.010 AARAC00 1.050 0.000 AARAA00 25.460 -1.750
Shengli 24.2 PCABY00 28.77–28.81 28.790 -2.010 AAPAY00 3.450 0.000 AAPAX00 27.860 -1.750
Duri 20.8 PCABA00 32.07–32.11 32.090 -2.010 PCABB00 4.10/4.20 4.150 0.000 AAPBM00 6.750 0.000 AAPBL00 31.160 -1.750
Vincent 18.3 AARAK00 28.140 -2.010 AARAL00 2.800 0.000 AARAJ00 27.210 -1.750

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 7
ASIA-PACIFIC/ARAB GULF MARKETSCAN March 30, 2020

Overall run rates have already fallen in March due to assessment using the following calculation: CFR Japan Platts Asia and Middle Eastern Jet Daily
unplanned outages at South Korean Lotte Chemical’s naphtha first cycle assessment minus the cost of
Market Analysis
Daesan steam cracker and Malaysian Pengerang Refining transporting a 30,000-mt clean cargo on the Singapore-to-
„„ Singapore jet fuel Apr/May spread at 11.5 years low
and Petrochemical’s cracker. Market participants said this Japan route.
„„ Middle East jet fuel demand to fall 23% on year in 2020 :
has allowed other Asian steam crackers to maintain current
analyst
run rates even though downstream demand is suffering Naphtha FOB Arab Gulf Cargo <PAAAA00> assessment
from the coronavirus pandemic since February. rationale: The FOB Arab Gulf naphtha assessment was There was little optimism in the Singapore jet fuel market as
Aside from the expected decline in downstream demand, derived as a freight netback from the CFR Japan naphtha it continued to remain in a limbo amid demand destruction
steam cracker operating rates and utilization of naphtha as marker using the following calculation: CFR Japan naphtha and lockdowns in several countries.
feedstock may change due to scheduled turnarounds and the marker minus the cost of transporting a 55,000-mt clean The bearishness as a result of the coronavirus pandemic
use of LPG as a feedstock, market sources said. cargo from a basket of ports on the Persian Gulf-to-Japan was further reflected in the derivative market as the front
route. month April/May Singapore jet fuel/kerosene timespread
Platts Japan Naphtha Daily Rationales & Exclusions Exclusions: opened Monday at a steep contango of minus $2.80/b. This
Naphtha C+F Japan Cargo <PAAAD00> assessment rationale: marked an 11.5 years low in the front month timespread
The CFR Japan naphtha cargo assessment on Monday took No market data was excluded from the March 30, 2020 which was last assessed at this level on September 30,
into consideration the following inputs: three trades for H2 Asian naphtha derivative market on close assessment 2008, S&P Global Platts data showed.
May at $191/mt which demonstrated value. The H1 May/H2 process. A contango structure meant that jet fuel is unable to
May spread was assessed at plus $2/mt. The H2 May/H1 Jun command a higher price at the prompt.
spread was assessed at minus $1.50/mt. No market data was excluded from the March 30, 2020 On the outright price, the FOB Singapore jet fuel/
Asian naphtha market-on-close assessment process. kerosene price was assessed below the minus $30/b mark
Naphtha FOB Spore Cargo <PAAAP00> assessment rationale: on Friday at $28.28/b, Platts data showed.
The FOB Singapore naphtha assessment was derived as a The outright price has fallen over 50% from $57.79/b
freight netback from the CFR Japan naphtha first cycle since the beginning of the month, and during the month,

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ASIA-PACIFIC/ARAB GULF MARKETSCAN March 30, 2020

the price fell to its lowest of $25.35/b on March 23, 2020. At International dirty tanker fixtures (PGT page 2950)
that level, it marked the lowest level since July 8, 2003 Ship name Size Type Date Route Rate Charterer

when it was assessed at $27.83/b, Platts data showed. East of Suez

In other news, Middle East jet fuel demand is forecast to DHT Hawk 280 CR Apr20 PG-USGC w110 Bahri
Georgios 270 CR Apr13 PG-Mai Liao w160 Formosa
tumble by a record amount this year as countries across
Delta Apollonia 270 CR Apr13 PG-Mai Liao w190 Formosa
the region suspend passenger flights that will cost regional Leicester 270 CR Apr13 PG-China w140 Day Harvest
airlines some $19 billion in lost passenger revenue in 2020, Sea Leopard 270 CR Apr15 PG-Onsan w130 Koch
New Inspiration 270 CR Apr19 PG-China w120 Unipec
analysts told Platts.
Santa Marina 270 CR Apr17 PG-China w120 Day Harvest
Middle East jet fuel/kerosene demand will fall by Yuan Shan Hu 270 CR Apr18 PG-China COA Unipec
125,000 b/d, or 23% year on year, to some 420,000 b/d in Xin Wei Yang 270 CR Apr17 PG-China COA Unipec
Cosnew Lake 270 CR Apr16 PG-China COA Unipec
2020, which would be the lowest in at least a decade,
New Horizon 270 CR Apr15 PG-China COA Unipec
according to FGE Energy. Tbn 270 CR Apr15 PG-China rnr Rongsheng
“We continue to expect April/May to be the lowest point Tbn 270 CR Apr17 PG-Yeosu w130 GS Caltex
Sea Jade 270 CR Apr18 PG-Ulsan w190 SK Energy
for demand, falling to an average 245 kb/d, although even
Athenian Victory 270 CR Apr20 PG-China w185 Unipec
this may prove optimistic and actually settle closer to 145 Xin Yang 270 CR Apr10 PG-China COA Unipec
kb/d,” Audrey Dubois-Hebert, a consultant with FGE, said. Cosglory Lake 270 CR Apr12 PG-China COA Unipec
Cosgreat Lake 270 CR Apr13 PG-China COA Unipec
“Either way, these are levels the region has not seen in well
New Voyage 270 CR Apr16 PG-China COA Unipec
over a decade.” New Spring 270 CR Apr16 PG-China COA Unipec
Travel restrictions in the Middle East, home to long-haul Coswisdom Lake 270 CR Apr17 PG-China COA Unipec
White Nova 265 CR Apr13 PG-Taiwan w170 CPC
airlines Emirates, Etihad and Qatar Airways, are expected to
Delta Ocean 130 CR Apr11 Ras Laffan-Daesan w135 Hanwha Total
cost the carriers $19 billion in lost passenger revenue and Smyrni 130 CR Apr13 PG-Saldhana Bay w115 ST
lead to a 39% drop in passenger demand in 2020, according Karekare 130 CR Apr18 Basrah-China w149 NPI
Karachi 80 CR Apr6 PG-Colombo w110 Turboasia
to March 24 projections by the International Air Transport
Desh Samman 80 CR Apr4 Mina Fahal-Dar Es Salaam w155 Sahara
Association. Godam 80 CR Apr5 PG-Kwinana w130 BP
Gladiator 130 CR Apr7 STS Linggi-Indonesia $1.0m Vitol
Southern Leader 100 CR Apr15 Kozmino-NChina rnr Unipec
Platts Singapore Jet Kero Daily Rationale & Exclusions
Almi Spirit 80 CR Apr6 Pengerang+1-P Dickson rnr AET
Jet Kero FOB Spore Cargo <PJABF00> assessment rationale: Ross Sea 80 CR Apr6 Bach Ho+Linggi-Brisbane w140 AMPOL
The FOB Singapore jet fuel/kerosene cargo assessment Leo 80 CR Apr11 Kidurong+1-NChina rnr Chemchina
Taurus Sun 80 FO end Apr Cross Spore rnr Trafigura
Monday was based on the following inputs: The front and
Elbrus 40 FO Apr6 Spore-Chittagong rnr Summit Asia
middle loading periods were assessed at MOPS minus
UKC
$2.64/b and MOPS minus $2.72/b respectively, reflecting a SCF Tbn 100 CR Apr9 Baltic-UKC w120 Clearlake
trade for cargo loading over April 16-20 at minus $2.80/b to Lundqvist Tbn 80 CR Apr1 Scapa Flow-UKC rnr BP
the MOPS jet fuel/kerosene assessment, after accounting Rava 80 FO Apr10 Sines-Spore rnr Repsol
for deemed pricing. The back loading period was assessed Med
at MOPS minus $3.07/b reflecting the movement in the Elandra Falcon 140 CR Apr16 Novo-UKCM, SKorea w150, $6.25m Litasco
Front Antares 80 CR Apr16 CPC-UKCM w185 Eni
middle loading period. Delta Victory 100 CR Apr10 Sidi Kerir-Gdansk $1.2m PKN
Exclusions: No market data was excluded from the March Lundqvist Tbn 80 CR Apr6 Arzew-Fos w160 Total
30, 2020, Singapore jet fuel/kerosene Market on Close Luzon Spirit 80 CR Apr2 Sidi Kerir-Med w165 Sonatrach
Cardiff Tbn 80 CR Apr8 Novo-China $4.7m Livna
assessment process.
(continued on page 10)

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 9
ASIA-PACIFIC/ARAB GULF MARKETSCAN March 30, 2020

International dirty tanker fixtures (continued) (PGT pages 2904 and 2950)
Platts Singapore Jet Kero Bids, Offers, Trades
Ship name Size Type Date Route Rate Charterer
Bids: No bids reported.
WAF
Offers: Jet: FOB Straits: Unipec offers MOPS -1.70 Apr 14-18
Aegean Unity 130 CR Apr15 WAF-East w140 Sahara
100kb (Deemed pricing Apr 14-20); Jet: FOB Straits: Vitol Vilamoura 130 CR Apr28 WAF-East w169 BP
offers MOPS -2.10 Apr 14-18 100kb (Deemed pricing Apr Americas
14-20) INCO; Jet: FOB Straits: CAO offers MOPS -1.80 Apr 17-21 DHT Stallion 270 CR May10 Ingleside+STS USGC-China, Spore $18.5m, $17.5m Oxy
100kb (Deemed pricing Apr 16-22) or $29.58 Apr 17-21 100kb Jana 270 CR May5 USGC-East rnr Equinor
Eco Queen 260 CR Apr21-22 Brazil-Spore w185 Petrobras
Withdrawn: Jet: FOB Straits: Shell no longer offers MOPS Cosdignity Lake 260 CR Apr25-26 Brazil-Spore w170 Petrobras
-2.80 Apr 16-20 100kb (Deemed pricing Apr 15-21) Shell GTC Venice A 70 CR Apr5-6 USGC-UKCM w150 P66
after trade with Hin Leong (4:29:24) Exxon Tbn 70 CR Apr4 USGC-UKCM w145 Shell
Isabella 70 DY Apr5 USGC-East $5.0m P66
Trades: Jet: FOB Straits: Apr 16-20: 100kb: Hin Leong buys Sophie Schulte 70 DY endMar USGC-Spore rnr Freepoint
from Shell at MOPS minus $2.80/b (Deemed pricing Apr 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
15-21) Shell GTC (4:29:24)
This assessment commentary applies to the following market data
codes: Jet Kero <PJABF00> International clean tanker fixtures (PGT page 2904)
Ship name Size Type Date Route Rate Charterer

Platts Asia and Middle Eastern Gasoil Daily East of Suez

Arizona Lady 90 ULSD Apr8 Vadinar-UKC $3.75m Vitol
Market Analysis STI Lotus 90 ULSD Mar30 PG-UKC $3.85m ST
„„ Spot gasoil exports from India seen rising amid na- Al Dasma 75 NA Apr7 PG-Thailand COA SCG
Swarna Kaveri 60 GO Apr10 Sikka-Spore w185 Vitol
tionwide lockdown
Hafnia Guangzhou 60 UNL Apr8 Sikka-Spore w175 Clearlake
„„ April EFS spread widens, but arbitrage remains stub- Lian Shan Hu 60 UNL Apr3 Sohar-Fujairah $525k PChina
bornly closed Bw Zambesi 60 UNL Apr4 Yanbu-Fujairah, UAE, Spore $900k, $920k, w225 Unipec
Ardmore Seaventure 40 CL Apr12 PG-UKC $1.825m Shell
The Asian gasoil market kicked off the week on a soft note, Navig8 Amethyst 35 MTBE Apr5 Jubail-Japan, Spore rnr PChina
Maersk Cayman 35 ULSD Apr4 Sikka-Argie $1.85m Trafigura
as ample supplies and a downward decline in regional
Jag Pranav 35 CL Apr10 Sikka-Chittagong w210 Vitol
demand weighed on the market. Bahri Jasmine 35 CL Apr3 Ruwais-UAE $325k Vitol
The stack-up in supplies comes amid a contraction in Jag Pooja 35 CL Apr4 Sikka-Hazira $365k RIL
Bw Tiger 35 CL Apr4 Jubail-Ain Shukna $1.025m ATC
gasoil demand in Asia — the latest of which was seen last
Neveska Lady 35 CL Apr6 Qatar, UAE-Sohar $370k ST
week when India announced a nationwide lockdown in a Nord Olympia 35 LCO Mar26 SKorea-Spore $860k Zenrock
attempt to curb the spread of the coronavirus — which has Stena Impeccable 35 CL Apr8 Spore-Australia w192.5 BP
Nanjing Tbn 35 CL Apr8 Spore-Australia w190 AMPOL
prompted refiners to turn to overseas buyers in an effort to
PS Tokyo 35 ULSD Apr6 Spore, Muara-Australia w195 BP
offload surplus volumes. Hermitage Bridge 35 JET Apr4 Huizhou-SKorea, Spore rnr Vitol
Spot gasoil offers from India rose, with the volume T Matterhorn 35 CL Apr6 Japan-Philippines $650k Idemitsu
Nord Olympia 35 CL Mar26 Japan-Spore $860k Zenrock
offered for April already totaling 385,000 mt and likely to
increase. This compares with 201,000 mt offered for March, UKC
TRF Bergen 40 CL Apr7 ARA-China $1.85m Petroineos
according to Platts’ observations. Atlantic Titan 37 UNL Apr8 NSpain-TA, UKC, ECCan, USWC w180, w190, w195, w219 Repsol
The latest spot gasoil being pushed into the market Aktoras 30 ULSD Apr4 ARA-UKC w172.5 BP
were seen from India’s Nayara Energy, which issued two Atlantas II 30 UNL Apr5 Ust Luga-UKC, Med, Morocco w187.5, rnr, rnr Vitol
spot gasoil tenders over the weekend. The refiner is
(continued on page 11)

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 10
ASIA-PACIFIC/ARAB GULF MARKETSCAN March 30, 2020

offering two 65,000-70,000 mt gasoil cargoes for loading

International clean tanker fixtures (continued) (PGT page 2904)
Ship name Size Type Date Route Rate Charterer
from Vadinar over April 19-23 and April 26-30.
Med
Meanwhile over in the Persian Gulf, spot gasoil volumes
Steel 30 ULSD Apr2 Cartagena-Med w210 Repsol
were also seen with Kuwait Petroleum Corp. awarding its Tbn 30 GO Apr5 Kulevi-Med, Libya w240, w250 Oilmar
second spot gasoil tender for April loading dates late on Voge Dignity 30 UNL Apr2 Sicily-Med w220 Clearlake
Friday. The 40,000 mt cargo of 10 ppm sulfur gasoil was for Americas
loading over April 9-10, with the parcel sold to an Elka Tbn o/o 38 HSD Mar31 USGC-Caribs $405k Novum
Challenge Phoenix 38 NA Apr1 USGC-Japan rnr Valero
unconfirmed buyer at a discount to the Mean of Platts Arab
Eagle Bay 38 CL Apr1-4 Come By Chance-USAC $500k Vitol
Gulf gasoil assessments, FOB. The refiner previously sold a Tbn 38 DO dnr USWC 30-90 Day Storage rnr Marathon
similar gasoil cargo for loading over April 15-16 at a premium CL:Clean, NA:Naphtha, UN:Unleaded, JT: Jet, GO:Gasoil, ++:Update, F:Failed
of around 30-50 cents/b to MOPAG gasoil assessments, FOB.
The supply glut situation was further compounded by Gasoil .05%S (500ppm) FOB Spore Cargo <AAFEX00> No market data was excluded from the March 30, 2020
unworkable arbitrage economics, with traders saying that assessment rationale: The FOB Singapore Gasoil 0.05% Singapore Gasoil derivative Market-on-Close assessment
gasoil volumes were stuck in the Asian region and unable to (500 ppm) cargo assessment Monday took into process.
flow out. consideration the following: The middle loading period was
While the front-month April Exchange of Futures for assessed at MOPS Gasoil minus $1.72/b, based on an offer Platts Asia and Middle Eastern Gasoil Cargo Bids,
Swaps spread — which is the spread between Singapore for a cargo loading over April 19-23 at MOPS Gasoil minus Offers, Trades
front-month 10 ppm sulfur gasoil swaps and the $1.67/b after accounting for deemed pricing. The front and Bids: No trades standing at close
corresponding ICE low sulfur gasoil futures contract — has back loading periods were assessed at MOPS Gasoil minus Offers: Gasoil 10ppm: FOB Straits: Hin Leong offers $39.50
widened considerably, high freight rates were still $1.50/b and minus $1.48/b, respectively, reflecting the Apr 14-18 150kb INCO; Gasoil 10ppm: FOB Straits: Unipec
hampering moves. movement in the middle loading period. offers MOPS -0.70 Apr 14-18 150kb (Deemed pricing Apr
At 0700 GMT, the April EFS was valued at minus $13.25/ 14-20) INCO; Gasoil 10ppm: FOB Straits: Shell offers MOPS
mt, wider than the minus $12.40/mt standing at the Asian Gasoil FOB Spore Cargo <POABC00> assessment rationale: -0.30 Apr 16-20 150kb (Deemed pricing Apr 15-21) Shell GTC;
close Friday. The FOB Singapore Gasoil 0.001% (10 ppm) cargo Gasoil 10ppm: FOB Straits: Total offers $39.00 Apr 22-26
assessment Monday took into consideration the following: 150kb; Gasoil 10ppm: FOB Straits: Total offers $39.00 Apr
Platts Asia and Middle Eastern Gasoil Cargo Daily The front and middle loading periods were assessed at 25-29 150kb; Gasoil 500ppm: FOB Straits: Shell offers MOPS
Rationale & Exclusions MOPS Gasoil minus 78 cents/b and minus 80 cents/b, -1.10 Apr 14-18 150kb (Deemed pricing Apr 13-17) Shell GTC;
Gasoil .001%S (10ppm) FOB Spore Cargo <AAOVC00> taking into consideration an offer and a trade for cargoes Gasoil 500ppm: FOB Straits: Unipec offers MOPS -1.70 Apr
assessment rationale: The FOB Singapore Gasoil 0.001% (10 loading over April 14-18 and April 15-19 at MOPS Gasoil 19-23 150kb (Deemed pricing Apr 20-24) INCO
ppm) cargo assessment on Monday took into consideration minus 67 cents/b and minus 93 cents/b, respectively, after Withdrawn: Gasoil 10ppm: FOB Straits: P66 no longer bids
the following: The front and middle loading periods were accounting for deemed pricing. The back loading period H1 Apr -0.70 Apr 15-19 250kb after trade with Hin Leong
assessed at MOPS Gasoil minus 78 cents/b and minus 80 was assessed at MOPS Gasoil minus 50 cents/b, reflecting (4:29:18)
cents/b, taking into consideration an offer and a trade for the movement in the middle loading period. Trades: Gasoil 10ppm: FOB Straits: Apr 15-19: 250kb: Hin
cargoes loading over April 14-18 and April 15-19 at MOPS Exclusions: Leong sells to P66 at H1 April minus 70 cents/b (4:29:18)
Gasoil minus 67 cents/b and minus 93 cents/b, respectively, This assessment commentary applies to the following market
after accounting for deemed pricing. The back loading No market data was excluded from the March 30, 2020 data codes: <AAOVC00> <AAFEX00> <AACUE00> <POABC00>
period was assessed at MOPS Gasoil minus 50 cents/b, Singapore Gasoil Market-on-Close assessment process. <AAFEZ00>
reflecting the movement in the middle loading period.

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 11
ASIA-PACIFIC/ARAB GULF MARKETSCAN March 30, 2020

Platts Asia and Middle Eastern Gasoil FOB Cargo Daily Platts Asia and Middle East Fuel Oil Daily Platts FOB Singapore Marine Fuel 0.5% Cargo Bids,
Rationale & Exclusions Offers, Trades
Market Analysis
Gasoil .25%S (2500ppm) FOB Spore Cargo <AACUE00> Bids: PLATTS FOB SINGAPORE MARINE FUEL 0.5%:
„„ Ample LSFO stocks in Singapore limit arbitrage flow
assessment rationale: Gasoil .25%S (2500ppm) FOB Spore PHYSICAL BIDS FINALS ON CLOSE:
„„ S Korea’s S-Oil awards 90,000 mt LSFO sell tender
Cargo <AACUE00> assessment rationale: The FOB Platts Marine Fuel 0.5%: FOB Straits: Mercuria bids Apr Avg
Singapore Gasoil 0.25% (2,500 ppm) cargo assessment on LSFO supply remained ample with available stocks -7.00 Apr 14-18 20kt INCO
Monday was assessed down by 23 cents/b day on day at estimated at at least 5 million mt in floating storage around Platts Marine Fuel 0.5%: FOB Straits: Total bids Apr Avg
MOPS Gasoil minus $2.18/b, based on the movement in the Singapore, according to traders, with arbitrage volumes -8.00 Apr 20-24 40kt INCO OR
FOB Singapore Gasoil 0.05% (500 ppm) cargo assessment. from the West expected to drop in April. Platts Marine Fuel 0.5%: FOB Straits: Total bids Apr Avg
The contango in the LSFO market at the same time -8.00 Apr 25-29 40kt INCO
Gasoil .05% (500ppm) FOB Arab Gulf Cargo <AAFEZ00> continued to stay strong with the April/May swap spread Platts Marine Fuel 0.5%: FOB Straits: Hin Leong no longer
assessment rationale: The FOB Arab Gulf Gasoil 0.05% (500 offered at minus $6.75/mt in afternoon trading, ICE data bids 236.00 Apr 19-23 20kt INCO2000 after trades x2 with
ppm) cargo assessment was derived as a freight netback showed. Spread for May/June and June/July were only Trafi (4:28:56.374), (4:29:06.216) and trade with Vitol
from the FOB Singapore Gasoil 0.001% (10 ppm) cargo marginally lower with offers at minus $6/mt, encouraging (4:29.25.384)
assessment using the following inputs: FOB Singapore storage of available volumes in the market. Offers: PLATTS FOB SINGAPORE MARINE FUEL 0.5%:
Gasoil 0.001% (10 ppm) cargo assessment minus the cost On the tender front, South Korea’s S-Oil was heard to PHYSICAL OFFERS FINALS ON CLOSE:
of transporting a 55,000-mt clean cargo from a basket of have sold a 90,000 mt cargo of LSFO at a discount of Platts Marine Fuel 0.5%: FOB Straits: Vitol offers MOPS
ports in the Persian Gulf to Singapore, and taking into around $90/mt to the Mean of Platts Singapore 10 ppm Gasoil 10 ppm -48.50 Apr 14-18 OR Apr 19-23 OR Apr 25-29
account the cash differential between the FOB Arab Gulf 10 Gasoil assessments, according to market sources. The 20kt INCO
ppm and 500 ppm assessments. spread between gasoil and the Singapore 0.5% Marine fuel Platts Marine Fuel 0.5%: FOB Straits: Vitol offers MOPS
assessments was assessed at $50.59/mt Friday. +5.00 Apr 14-18 20kt INCO OR
Gasoil FOB Arab Gulf Cargo <POAAT00> assessment The buyer was heard to be a Singapore-based trading Platts Marine Fuel 0.5%: FOB Straits: Vitol offers MOPS
rationale: The FOB Arab Gulf Gasoil 0.001% (10 ppm) cargo house. +5.00 Apr 19-23 20kt INCO OR
assessment was derived as a freight netback from the FOB A Singapore-based source pointed to the low viscosity Platts Marine Fuel 0.5%: FOB Straits: Vitol offers MOPS
Singapore Gasoil 0.001% (10 ppm) cargo assessment using of the cargo (less than 30 CST) as one reason for the +5.00 Apr 25-29 20kt INCO
the following input: FOB Singapore Gasoil 0.001% (10 ppm) discount. Platts Marine Fuel 0.5%: FOB Straits: Gunvor offers MOPS
cargo assessment minus the cost of transporting a 55,000- +4.00 Apr 14-18 20kt OR
mt clean cargo from a basket of ports in the Persian Gulf to Platts FOB Singapore Marine Fuel 0.5% cargo Daily Platts Marine Fuel 0.5%: FOB Straits: Gunvor offers MOPS
Singapore. Rationale & Exclusions +4.00 Apr 19-23 20kt OR
Exclusions: Marine Fuel 0.5% FOB Spore cargo $/mt <AMFSA00> Platts Marine Fuel 0.5%: FOB Straits: Gunvor offers MOPS
Assessment Rationale: The FOB Singapore Marine Fuel +4.00 Apr 24-28 20kt
No market data was excluded from the March 30, 2020 0.5% assessment Monday took into consideration three Platts Marine Fuel 0.5%: FOB Straits: Shell offers Apr Avg
Singapore Gasoil Market-on-Close assessment process. trades, where Trafigura sold two cargoes, and Vitol sold one +3.00 Apr 19-23 20kt Shell GTC
cargo, all to Hin Leong, loading over April 19-23 at $236/mt. Platts Marine Fuel 0.5%: FOB Straits: Trafi offers MOPS
No market data was excluded from the March 30, 2020 This assessment commentary applies to the following market data +2.00 Apr 14-18 20kt INCO OR
Singapore Gasoil derivative Market-on-Close assessment codes: Marine Fuel 0.5% FOB Spore cargo $/mt <AMFSA00> Platts Marine Fuel 0.5%: FOB Straits: Trafi offers MOPS
process. Exclusions: No market data was excluded from the March +2.00 Apr 22-26 20kt INCO
30, 2020, assessment process. Trades: PLATTS FOB SINGAPORE MARINE FUEL 0.5% Trade
summary: 3 trades

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 12
ASIA-PACIFIC/ARAB GULF MARKETSCAN March 30, 2020

1) Platts Marine Fuel 0.5%: Apr 19-23: 20kt: FOB Straits: PLATTS MARINE FUEL: APR20: GUNVOR OFFERS 5KMT AT transactions reported in the MOC process as well as trades
Trafigura sells to Hin Leong at $236/mt INCO2000 $241.00 in similar-quality material within the Middle East.
(4:28:56.374) PLATTS MARINE FUEL: APR20: VERCER OFFERS 5KMT AT This rationale applies to symbol(s) <AMFFA00>
2) Platts Marine Fuel 0.5%: Apr 19-23: 20kt: FOB Straits: $242.00 Exclusions: No market data was excluded from the March
Trafigura sells to Hin Leong at $236/mt INCO2000 PLATTS MARINE FUEL: MAY20: TRAFIGURA OFFERS 5KMT 30, 2020, assessment process.
(4:29:06.216) AT $244.50
3) Platts Marine Fuel 0.5%: Apr 19-23: 20kt: FOB Straits: PLATTS MARINE FUEL: MAY20: VITOL OFFERS 5KMT AT Platts Fujairah Daily Marine Fuel 0.5% Cargo Bids,
Vitol sells to Hin Leong at $236/mt INCO2000 (4:29.25.384) $245.50 Offers, Trades
This assessment commentary applies to the following market data PLATTS MARINE FUEL: MAY20: GUNVOR OFFERS 5KMT AT Bids:No bids
codes: Marine Fuel 0.5% FOB Spore cargo $/mt <AMFSA00> $246.50 Offers:No offers
PLATTS MARINE FUEL: MAY20: GUNVOR OFFERS 5KMT AT Trades:No trades
Platts Singapore Fuel Oil Paper Exclusions $247.50 This assessment commentary applies to the following market data
PLATTS MARINE FUEL: MAY20: VERCER OFFERS 5KMT AT codes: Marine Fuel 0.5% FOB Fujairah cargo $/mt <AMFFA00>
Exclusions:No market data was excluded from the March $248.00
30, 2020 swaps assessment process. PLATTS SINGAPORE MARINE FUEL 0.5% PAPER TRADES Platts Asia and Middle East FO 180, 380 CST Daily
SUMMARY Rationales & Exclusions
Fuel Oil Reported Deals PLATTS MARINE FUEL: MAY20: VITOL BUYS FROM FO 180 CST 3.5%S FOB Spore Cargo <PUADV00> assessment
TRAFIGURA* 5KMT AT $244.50 (08:30:10) rationale: The FOB Singapore 180 CST HSFO assessment
PLATTS SINGAPORE MARINE FUEL 0.5% PAPER BIDS PLATTS MARINE FUEL: MAY20: VITOL BUYS FROM Monday took into consideration notional values in the
SUMMARY TRAFIGURA* 5KMT AT $244.50 (08:30:22) absence of any competitive bids or offers demonstrating
PLATTS MARINE FUEL: APR20: TRAFIGURA BIDS 5KMT AT PLATTS MARINE FUEL: MAY20: VITOL BUYS FROM values otherwise.
$234.50 TRAFIGURA* 5KMT AT $244.50 (08:30:31)
PLATTS MARINE FUEL: APR20: VERCER BIDS 5KMT AT PLATTS MARINE FUEL: MAY20: VITOL BUYS FROM FO 380 CST 3.5%S FOB Spore Cargo <PPXDK00> assessment
$234.50 TRAFIGURA* 5KMT AT $244.50 (08:30:46) rationale: The FOB Singapore 380 CST HSFO assessment
PLATTS MARINE FUEL: APR20: VITOL BIDS 5KMT AT $231.00 No market data was excluded from the March 30, 2020 Monday reflected a bid from Hin Leong for an April 14-18
PLATTS MARINE FUEL: APR20: GUNVOR BIDS 5KMT AT swaps assessment process. loading cargo at $154/mt.
$230.00
PLATTS MARINE FUEL: MAY20: VERCER BIDS 5KMT AT Platts Fujairah Daily Marine Fuel 0.5% Cargo Daily FO 180 CST 3.5%S FOB Arab Gulf Cargo <PUABE00>
$235.50 Rationale & Exclusions assessment rationale: The FOB Arab Gulf 180 CST HSFO
PLATTS MARINE FUEL: MAY20: VITOL BIDS 5KMT AT Marine Fuel 0.5% FOB Fujairah cargo $/mt <AMFFA00> assessment was derived as a freight netback from the FOB
$235.00 assessment rationale: The assessment of FOB Fujairah Singapore 180 CST HSFO assessment using the following
PLATTS SINGAPORE MARINE FUEL 0.5% PAPER OFFERS Marine Fuel 0.5% Monday took into consideration spread to calculation: FOB Singapore 180 CST HSFO assessment
SUMMARY delivered Fujairah Marine Fuel 0.5% bunker fuel minus the cost of transporting an 80,000-mt dirty cargo
PLATTS MARINE FUEL: APR20: VITOL OFFERS 5KMT AT assessment, and spread to Singapore Marine Fuel 0.5% from the Persian Gulf to the East.
$237.00 cargo assessment in the absence of any competitive bids
PLATTS MARINE FUEL: APR20: GUNVOR OFFERS 5KMT AT or offers demonstrating values otherwise. FO 380 CST 3.5%S FOB Arab Gulf Cargo <AAIDC00>
$238.00 assessment rationale: The FOB Arab Gulf 380 CST HSFO
PLATTS MARINE FUEL: APR20: GUNVOR OFFERS 5KMT AT Platts assessment for Marine Fuel 0.5% material on a FOB assessment was derived as a freight netback from the FOB
$240.00 Fujairah basis takes into consideration bids, offers and Singapore 380 CST HSFO assessment using the following

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 13
ASIA-PACIFIC/ARAB GULF MARKETSCAN March 30, 2020

calculation: FOB Singapore 380 CST HSFO assessment This assessment commentary applies to the following market data cutting runs amid declining product margins, they told S&P
minus the cost of transporting an 80,000-mt dirty cargo codes: FO 180 CST 2.0% <PUAXS00> FO 180 CST 3.5% <PUADV00> Global Platts.
from the Persian Gulf to the East. FO 380 CST 3.5% <PPXDK00> Refineries could cut run rates by 30% over April, with
Exclusions:No market data was excluded from the March some going down by as much as 50%, market participants
30, 2020, cargo assessment process. Platts US West Coast Light End Daily in Asia said.
A Shandong-based refinery source said refineries in the
Commentary
No market data was excluded from the March 30, 2020, area may hold off from booking more cargoes for the
„„ California differentials listless on market uncertainty,
swaps assessment process upcoming cycle.
demand destruction
The decline in buying activity has also resulted in sellers
„„ Pacific Northwest begins to feel impact of market
Platts Singapore Fuel Oil Bids Offers Trades turbulence showing fewer offers of Middle East sour crude cargoes,
Bids:PLATTS HSFO: PHYSICAL BIDS FINALS ON CLOSE (180 instead preferring to wait until bidding activity picks up,
CST): With the exception of suboctane in Portland, Oregon, market participants said.
Platts HSFO 180CST: FOB Straits: Vitol bids MOPS -5.00 Apr differentials along the US West Coast were mostly “I think, in this bearish environment, sellers are also
19-23 20kt INCO unchanged at the start of the week, as the market playing their cards close to their chest,” a Singapore-based
PLATTS HSFO: PHYSICAL BIDS FINALS ON CLOSE (380 CST): struggled to find an equilibrium following the turbulence sour crude buyer said.
Platts HSFO 380CST: FOB Straits: Glencore bids MOPS -5.00 seen over the last few weeks. Buyers in China were valuing June-arrival cargoes of
Apr 14-18 40kt OR California differentials were mostly unchanged, with the Russian ESPO Blend crude at a landed price of $1/b against
Platts HSFO 380CST: FOB Straits: Glencore bids MOPS -5.00 exception of CARBOB in San Francisco, which traded level August ICE Brent futures, on a delivered Shandong basis,
Apr 19-23 40kt OR to its Los Angeles counterpart, at NYMEX May RBOB minus they told Platts. However, actual deals for the medium
Platts HSFO 380CST: FOB Straits: Glencore bids MOPS -5.00 17 cents/gal — a 1 cent/gal gain from Friday. CARBOB in sweet crude grade, often compared to Middle East sour
Apr 24-28 20kt both Los Angeles and San Francisco were assessed at May Oman crude by Chinese refiners, were hard to come by.
Platts HSFO 380CST: FOB Straits: Hin Leong bids 154.00 Apr RBOB minus 17 cents/gal. “We’re also reluctant to offer as it is difficult to test the
14-18 20kt INCO2000 Differentials for suboctane in Portland, Oregon, finally market,” a trade source said.
Offers:PLATTS HSFO: PHYSICAL OFFERS FINALS ON CLOSE began to feel the effects of reduced consumer demand, Meanwhile, global crude demand is forecast to contract
(180 CST): plummeting a blistering 18 cents/gal trading down from 4.5 million b/d in 2020, according to the latest Platts
No offers futures minus 6 cents/gal to futures minus 14 cents/gal. Analytics monthly forecast released Friday. The decline was
PLATTS HSFO: PHYSICAL OFFERS FINALS ON CLOSE (380 Market sources said this rapid decline was most likely mostly attributable to the coronavirus pandemic, which has
CST): due to a rapid selloff of suboctane, as producers scrounged gained a strong foothold across several European countries
Platts HSFO 380CST: FOB Straits: Vitol offers MOPS +6.00 to find both demand and storage for their product. including Italy, Spain and the United Kingdom.
Apr 25-29 20kt INCO Saudi Arabia’s price war has impacted Middle East
Platts HSFO 380CST: FOB Straits: Total offers MOPS +4.00 Platts Middle East Sour Crude Daily Market crude markets in Asia as well, with spot market price
Apr 15-19 20kt Total GTC OR differentials of grades like Murban, Das Blend and Upper
Analysis
Platts HSFO 380CST: FOB Straits: Total offers MOPS +4.00 Zakum shrinking this month to compete with record low
„„ Traders inquire about distressed April, May cargoes
Apr 20-24 20kt Total GTC official selling prices issued by the OPEC kingpin.
„„ Refineries expected to cut runs by 30%-50% in next
Platts HSFO 380CST: FOB Straits: Trafi offers MOPS +2.00
cycle
Apr 18-22 20kt INCO OR Platts Mideast Sour Crude Daily Rationales &
Platts HSFO 380CST: FOB Straits: Trafi offers MOPS +2.00 Traders in the Middle East sour crude spot market were Exclusions
Apr 23-27 20kt INCO inquiring about distressed April and May-loading cargoes Dubai Mo01 <PCAAT00> assessment rationale: The May cash
Trades: No trades up for resale Monday, including those on offer from refiners Dubai assessment on Monday took into consideration an

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 14
ASIA-PACIFIC/ARAB GULF MARKETSCAN March 30, 2020

offer for May Dubai partials that traded at $23.20/b toward May 11-18 loading to an unknown buyer at a premium of tender for a 300,000-barrel, Layang crude cargo loading
the end of the Platts Market on Close assessment process. around $3/b to Dated Brent on a FOB basis, traders said. over May 1-5.
April loading Dai Hung and Ruby cargoes were Layang is a light, sweet crude with a gravity of 50 API,
Oman Blend Mo01 <PCABS00> assessment rationale: The concluded at premiums of around $6/b to Dated Brent, market sources said, lighter than the country’s main stable
May cash Oman assessment on Monday took into sources said. of crude grades — Labuan, Miri, Kikeh and Kimanis — and
consideration an offer for May Oman partials at $23.20/b at Indonesia’s Pertamina was heard to be seeking a with a greater yield of light ends. Given its API, Layang
the end of the Platts Market on Close assessment process 650,000 barrel cargo of condensate for June 8-10 delivery crude could compete with Oceania’s light, sweet grades
that was withdrawn during extension. via tender. The tender closes on March 31, traders said. such as Australia’s Cossack crude or Ichthys condensate, or
Exclusions: No market data was excluded from the Middle Pertamina had earlier bought one cargo of 650,000 Papua New Guinea’s Kutubu blend crude. These grades are
East sour crude Market on Close assessment process. barrels of condensate for June 2-4 delivery, the details of typically taken by a small group of end-users, including
which were not immediately clear. Puma Energy’s 35,000 b/d Napa Napa refinery on Papua
Platts Asia Pacific Sweet Crude Daily Market Bearish demand sentiment amid the coronavirus New Guinea, BP’s 146,000 b/b Kwinana refinery in Australia,
pandemic saw values for delivered US cargoes into Asia flip or Thailand’s PTT.
Analysis
to discounts. Trade levels for June delivered WTI Midland
„„ PV Oil sells May loading Ruby, Dai Hung at premiums to
cargoes into Asia were heard at discounts of around Platts Asia Light Sweet Crude Daily Rationale &
Dated Brent
„„ Malaysia’s Petronas offers first crude oil cargo from
$3-$3.5/b to Platts Dubai, traders said. Exclusions
Layang field WTI crude at Midland also fell and was heard trading ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01 <AASEU00>
Friday as weak as an $8/b discount to cash WTI. That would assessment rationale: The ESPO M1 May assessment on
Trade levels for May loading Vietnamese cargoes were put outright values for WTI in the $13-$14/b range, levels Monday took into consideration the latest trade indications
heard in the Asian sweet crude market Monday. not seen since early 1999. heard for ESPO Blend crude.
Vietnam’s PV oil sold via tender a 400,000-barrel of Dai Malaysia’s state marketer Petronas has offered the first Exclusions: No market data was excluded from the Asia
Hug crude for loading over May 5-11 to an unknown buyer at crude oil cargo from the Layang field offshore Malaysia, Pacific Crude Market on Close assessment process.
a premium of around $4/b to Platts Dated Brent on FOB shortly after production started late last year, Asian trade
basis and also said one 300,000 barrel of Ruby crude for sources said Monday. The company closed on March 27 a

Subscriber notes (continued) (PGA page 1500)

Platts to add minimum viscosity of 30 CST to global Marine Fuel This was followed by a proposal note to add a minimum viscosity addition of the minimum viscosity requirement of 30 CST at 50
0.5% assessments of 30 CST to all Marine Fuel 0.5% assessments, published February degs C.
S&P Global Platts will add a minimum viscosity of 30 CST at 50 10 and available here: All cargoes or barges delivered as a result of transactions reported
degrees Celsius to its global Marine Fuel 0.5% assessments across https://www.spglobal.com/platts/en/our-methodology/subscriber- during the Platts MOC process must be tested against all
all regions and sizes, including cargoes, barges and bunker notes/021020-platts-proposes-to-add-minimum-viscosity-of-30- parameters of the RMG standards, including viscosity.
deliveries, effective April 1, 2020. cst-to-global-marine-fuel-05-assessments In addition, the International Standards Organization released its
Following an extended period of research, Platts understands that Platts also understands that a significant range of ship owners Publicly Available Specification 23263:2019 document regarding
residual marine grade fuels with a viscosity of at least 30 CST are require minimum viscosity guarantees in their bunker purchases. Marine Fuel 0.5%S quality in September 2019. In that document,
currently considered broadly deliverable. Platts Marine Fuel 0.5% sulfur cargo, barge and bunker the ISO stated that the Total Sediment Accelerated test currently
This was outlined in a clarification note on the merchantability of assessments reflect specifications for RMG fuels as defined by the typically employed for bunker deliveries may be unreliable for the
Marine Fuel 0.5%, published January 17 and available here: International Organization for Standardization in document ISO new fuel. It recommended the use of the Total Sediment Potential
https://www.spglobal.com/platts/en/our-methodology/subscriber- 8217:2010 Petroleum products — Fuels (class F) — Specifications test. The TSP test requires 24 hours for a result to be given.
notes/011720-merchantability-of-low-viscosity-marine-fuel-05s- of marine fuels, but with a maximum sulfur limit of 0.5%. Following Per the ISO’s recommendation, Platts expects sellers to provide
cargoes-in-platts-moc this change, these specifications will remain the same, but with the COAs with a complete TSP result.

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 15
ASIA-PACIFIC/ARAB GULF MARKETSCAN March 30, 2020

Subscriber notes (continued) (PGA page 1500)

Please send any comments or questions by to To learn more about Platts Market Parity Price assessments, click Platts to launch market parity prices of 3 Indian crude grades
[email protected] and [email protected]. Platts will on https://www.spglobal.com/platts/plattscontent/_assets/_files/ from Apr 1
consider all comments received and will make comments not en/our-methodology/methodology-specifications/market-parity- S&P Global Platts will launch market parity prices of three Indian
marked as confidential available upon request. prices.pdf crude oil grades from April 1, 2020, to meet the industry’s
Platts will review the MPP models for Cinta and Widuri annually to requirement for price references of crude grades that are produced
Platts proposes to amend Cinta, Widuri crude assessment
ensure they continue to reflect prevailing market conditions and and refined within the country.
methodology
quality of the crude grades. From April 1, Platts will begin publishing daily MPP prices for
In response to changing physical market conditions, S&P Global
The Cinta and Widuri MPP assessments will be published under the Cambay, Ravva and Rajasthan grades. Platts will also publish
Platts proposes to amend the methodology for its assessments of
existing code for Platts Cinta assessment (PCAAX00) and Widuri monthly averages for each of the grades.
Indonesia’s Cinta and Widuri crude oil grades from July 1, 2020.
assessment (PCAFE00) in Platts Crude Oil Marketwire, Platts Light, sweet Cambay is produced in the western Indian state of
Platts’ existing assessments for Cinta and Widuri reflect cargoes of
Oilgram Price Report and on Platts Global Alert on pages 1250, Gujarat and has an API of 43.80 degrees and sulfur of 0.035% by
the grade loading FOB and sold in the open market. However, Platts
2210, 2216, 2217 and 2244. weight. Ravva, a medium, sweet grade with API of 36 degrees and
no longer observes sufficient spot information to sustain
Alongside the change in the assessment methodology for Cinta sulfur of 0.066% by weight is produced from the Krishna Godavari
independent assessments for these oil grades.
and Widuri, Platts will also discontinue the following differentials Basin off the Indian east coast state of Andhra Pradesh. Rajasthan
Oil production from the Southeast Sumatra (SES) working area,
assessments for the grade from July 1, 2020: crude produced in India’s western state of the same name is a
which produces Cinta and Widuri crude, have fallen from a peak of
Assessment Code medium-heavy and waxy, sweet crude with API of 29.50 degrees
around 244,000 b/d in July 1991 to around 27,000-28,000 b/d in
Cinta differential to ICP PCAAY00 and sulfur of 0.086% by weight.
2019, according to data from Indonesia.
Cinta differential to Asian Dated Brent AAPBK00 The MPP calculation for each grade will be based on its Gross
Exports of both crude oil grades have ceased following the expiry
Widuri differential to ICP PCAFF00 Product Worth benchmarked to a reference basket of relevant
of operator CNOOC’s SES production sharing contract in September
Widuri differential to Asian Dated Brent AAPBO00 crude grades that are actively traded in the regional spot market.
2018.
Please send all comments or questions to These will initially include Nigeria’s Qua Iboe, Angola’s Cabinda and
Oil produced from the SES working area, which is now operated by
[email protected] and [email protected] by March Dalia crude grades and Malaysia’s Kimanis crude. The values of Qua
Pertamina’s subsidiary PT Pertamina Hulu Energi Offshore
30, 2020. Iboe, Cabinda and Dalia will be calculated at the Asian market close
Southeast Sumatra (PHE OSES), is domestically processed at
For written comments, please provide a clear indication if (1630 hours Singapore time) based on their last assessed values at
Pertamina’s refineries.
comments are not intended for publication by Platts for public the London close and accounting for the movement in the
From July 1, 2020, Platts will calculate a daily value for Cinta and
viewing. Platts will consider all comments received and will make underlying Dated Brent benchmark at the prior trading day’s
Widuri using a Market Parity Price or MPP model, instead of
comments not marked as confidential available upon request. European market close at 1630 hours London time, until the Asian
assessing the grade through its existing Market On Close
close.
assessment methodology. As a result of this change, Platts will no Platts Quality Premium for May-loading Murban set at $0.8745/b
The four basket grades, Cambay, Ravva and Rajasthan and their
longer consider bids, offers and trades for spot cargoes of the The Quality Premium for May-loading Murban crude oil is
respective GPWs will be normalized to west coast India, accounting
grade. Platts will continue to report on any spot market $0.8745/b, and will be effective for trade in May-loading cargoes
for freight and regional benchmark Mean of Platts Arab Gulf
transactions for these grades, but this information will not be used during the Platts Market on Close assessment process through
gasoline, naphtha, gasoil and jet kerosene, FOB Fujairah Marine
in the daily calculation of the MPP. March.
Fuel 0.5% and FOB Arab Gulf propane, butane spot prices at the
The MPP calculation for both the grades will be based on the The Quality Premium in February for April-loading Murban crude
Asian market close.
grade’s Gross Product Worth benchmarked to a reference basket of was $0.7580/b.
Platts MPPs provide a calculation of the equivalent market value of
relevant crude grades that are actively traded in the regional spot The Murban QP can be found on Platts Global Alert pages 2210 and
a given crude based on the value of its typical refined product yield,
market. These will initially include Russia’s ESPO, Abu Dhabi’s 2220, in the Crude Oil Marketwire, and under code AAISV00 in the
subtracting costs for transport and the refining process, and
Murban and Malaysia’s Kimanis. The three basket grades, Cinta, Platts database.
adjusting the resulting value based on the trading levels of
Widuri and their GPW will be normalized for delivery to Japan, Please send all comments, feedback and questions to
comparison crudes relative to their product yield values.
accounting for freight and regional spot product prices. [email protected] and [email protected].
More details on Platts MPP models and methodology are available
The MPP model, which Platts also uses to assess certain illiquid For written comments, please provide clear indication if comments
at https://bit.ly/33GZehH
crude oil grades from West Africa as well as Indonesian Minas are not intended for publication by S&P Global Platts for public
The MPP model, which Platts also uses to assess certain illiquid
crude and Mexico’s Maya crude, will ensure that the assessment viewing.
crude grades from West Africa as well as Indonesian Minas crude,
captures both the inherent refining value of the crude as well as Platts will consider all comments received and will make
will ensure that the assessment captures both the inherent refining
the broader oil market demand-supply fundamentals reflected in comments not marked as confidential available upon request.
value of the crude as well as the broader oil market demand-supply
the price of the reference basket.

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 16
ASIA-PACIFIC/ARAB GULF MARKETSCAN March 30, 2020

fundamentals reflected in the price of the reference basket. Platts proposes to reflect Oiltanking Karimun in Singapore fuel assessments from Apr 13
Platts will review the MPP models for Cambay, Ravva and Rajasthan oil, Marine Fuel 0.5%S MOC S&P Global Platts will start publishing from April 13 intraday
annually to ensure they continue to reflect prevailing market S&P Global Platts is inviting feedback on a proposal to include assessments of Marine Fuel 0.5% swaps, and Marine Fuel 0.5%
conditions and quality of the crude grades. Indonesia’s PT Oiltanking Karimun terminal as a loading point in the cracks against their corresponding Dubai swaps and ICE Brent
The daily MPP prices and monthly averages will be published in the Platts Singapore Market on Close assessment process for fuel oil futures for up to three months ahead from the date of publication.
Platts price database and on Platts Global Alert pages 2280 and and Marine Fuel 0.5%S. These assessments, which will be published daily at 11 am (0300
2281 under the following codes: Under the proposal, Platts would publish standalone offers of fuel GMT) and 3 pm (0700 GMT) Singapore time, will appear in Platts
Assessment Daily Price Monthly Average oil and Marine Fuel 0.5%S cargoes loading from PT Oiltanking Global Alert pages 2601, 2603 and Platts Forward Curve pages 2601
Cambay AMPPA00 AMPPA03 Karimun in the Singapore MOC process for fuel oil and Marine Fuel and 2603.
Ravva AMPPB00 AMPPB03 0.5%S. The Marine Fuel 0.5% swaps will be published in $/mt, and the
Rajasthan AMPPC00 AMPPC03 Platts would publish such offers on FOB Indonesia (FOB ID) basis, Marine Fuel 0.5% cracks will be published in $/b using a reference
Please send all comments or questions to where the seller must clearly state the loading point as FOB conversion factor of 6.35 barrels/metric ton.
[email protected] and [email protected]. Karimun at the time of communicating their interest to Platts for The assessment codes and their corresponding descriptions are as
For written comments, please provide a clear indication if publication. Platts does not publish FOB Indonesia bids. below:
comments are not intended for publication by Platts for public For trades reported on FOB Straits basis, sellers may not Symbol Description
viewing. Platts will consider all comments received and will make unilaterally nominate Karimun as a loading point, though it may be MFISI01 Marine Fuel 0.5% Mo01 Swap Intraday Indication
comments not marked as confidential available upon request. agreed by mutual consent, and should deliver from approved MFISI02 Marine Fuel 0.5% Mo02 Swap Intraday Indication
terminals in Singapore and Malaysia. MFISI03 Marine Fuel 0.5% Mo03 Swap Intraday Indication
Platts to discontinue retrospective Qatar OSP differentials from
Platts uses the Singapore MOC process to assess the value of oil MFIBC01 Marine Fuel 0.5% Mo01 Brent Crack Swap Intraday
April 1, 2020
across Asia and the Middle East. The benchmark FOB Singapore Indication
S&P Global Platts will discontinue the publication of retrospective
price assessments reflect FOB Straits bids, offers and trades, MFIBC02 Marine Fuel 0.5% Mo02 Brent Crack Swap Intraday
official selling price differentials for Qatar Land and Qatar Marine
wherein the seller may nominate cargoes for loadings from Indication
crude grades, with effect from April 1, 2020.
approved terminals in Singapore, Malaysia and Indonesia. MFIBC03 Marine Fuel 0.5% Mo03 Brent Crack Swap Intraday
The differentials are currently published under codes AAIQO00 for
From July 3, 2017, Platts began publishing standalone offers of oil Indication
Qatar Land and AAIQP00 for Qatar Marine in the Platts price
product cargoes loading from the PT Oiltanking Karimun terminal MFIDC01 Marine Fuel 0.5% Mo01 Dubai Crack Swap Intraday
database and on Platts Global Alert page 1067 alongside the
in the Singapore MOC assessment process for gasoil, jet fuel and Indication
grades’ respective outright OSPs.
gasoline. MFIDC02 Marine Fuel 0.5% Mo02 Dubai Crack Swap Intraday
The differentials reflect the respective OSP’s spread to Platts’
The list of Straits terminals reflected in the FOB Singapore MOC Indication
front-month Oman crude assessments for the month of loading.
process is published in the specifications guide “Asia Pacific And MFIDC03 Marine Fuel 0.5% Mo03 Dubai Crack Swap Intraday
The discontinuation follows a change in Qatar’s OSP price
Middle East Refined Oil Products” at https://www.spglobal.com/ Indication
mechanism. From February 2020, Qatar started setting
platts/plattscontent/_assets/_files/en/our-methodology/ Please send any feedback or questions to
prospective OSP differentials for both the grades against monthly
methodology-specifications/asia-refined-oil-products- [email protected] and [email protected].
averages of Platts Dubai and Platts Oman crude assessments for
methodology.pdf For written comments, please provide a clear indication if
the month of loading.
Located in Karimun Island, PT Oiltanking Karimun is 65% owned by comments are not intended for publication by Platts for public
On January 17, Platts announced that it will publish the new
Oiltanking and 35% by Gunvor Group. The terminal has a total viewing. Platts will consider all comments received and will make
prospective OSP differentials under the codes OSQLP00 for Qatar
storage capacity of 730,000 cu m and four jetties, of which Jetty 2 comments not marked as confidential available upon request.
Land and OSQMP00 for Qatar Marine: http://plts.co/KSe230qpbBB
has a maximum draft of 23 meters and able to accommodate up to
The outright OSPs, which will be calculated using the monthly Easter publishing schedule for Platts Asia oil, shipping
LR2-sized ships.
averages of Platts Dubai and Platts Oman crude assessments, will The S&P Global Platts office in Singapore will be closed April 10,
Please send any feedback or questions to
be published under the existing codes AAINK00 for Qatar Land and 2019, for the Good Friday holiday, and there will be no oil and
[email protected] and [email protected] by
AAINL00 for Qatar Marine. shipping publications or assessments from Singapore on that day.
April 13, 2020.
Please send all comments and queries to Additionally, Platts in Asia will close its Market on Close
For written comments, please provide a clear indication if
[email protected] and [email protected] assessment process early on Thursday, April 9, and all
comments are not intended for publication by Platts for public
For written comments, please provide a clear indication if assessments will be basis 12:30 pm Singapore time (0430 GMT).
viewing.
comments are not intended for publication by Platts for public Normal Singapore publishing schedules will resume on Monday,
Platts will consider all comments received and will make
viewing. Platts will consider all comments received and will make April 13, 2019.
comments not marked as confidential available upon request.
comments not marked as confidential available upon request. For full details of Platts publishing schedule and services affected,
Platts to start Singapore intraday MF 0.5% swaps and cracks refer to http://www.platts.com/HolidayHome. For queries, please

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 17
ASIA-PACIFIC/ARAB GULF MARKETSCAN March 30, 2020

contact [email protected]. [email protected] and [email protected]. FO 380 CST 3.5% S FOB Korea Cargo vs FO 380 MOPS strip
For written comments, please provide a clear indication if PUBEA00 PUBEB03
Platts proposes including Crystal Star in Singapore Marine Fuel
comments are not intended for publication by Platts for public FO 180 CST FOB Arab Gulf Swaps BalMo AAYBM00
0.5% MOC from Jun 1
viewing. Platts will consider all comments received and will make FO 180 CST FOB Arab Gulf Swaps M1 AAYBM01
S&P Global Platts is considering the inclusion of the Crystal Star as
comments not marked as confidential available upon request. FO 180 CST FOB Arab Gulf Swaps M2 AAYBM02
an additional delivery point in the FOB Singapore Marine Fuel 0.5%
The decision follows low trading activity for HSFO in these markets
assessment process from June 1, 2020. Platts to discontinue Japan, Korea, MOPAG paper HSFO
that is set to shrink further as sulfur specifications in marine fuel
Crystal Star (IMO 9182318) is operated by Nathalin Shipping Pte Ltd assessments
change from 2020 under the new International Maritime
as a floating storage unit at Tanjung Pelepas in Malaysia’s southern S&P Global Platts will discontinue physical high-sulfur fuel oil
Organization regulations.
Johor state. assessments in Japan and South Korea, and certain HSFO
Over 2019, Platts has launched a slew of physical cargo, derivative
There are currently eight FSUs approved as additional delivery derivative assessments in the Middle East from June 1, 2020.
and bunker assessments for Marine Fuel 0.5% at multiple
points in the Platts FOB Singapore fuel oil and marine fuel Platts first proposed the discontinuation of these assessments in a
locations, including in Japan, South Korea and the Middle East,
assessment process. The standards applicable to approved FSUs subscriber note published November 13, 2019.
reflecting the price of IMO 2020-compliant shipping fuels.
require that sellers specifically name the vessel used as delivery The following assessments will be discontinued effective June 1:
Please send all question or comments to
point at the time of submitting offers to Platts for publishing. Assessment CODE Mavg
[email protected] and [email protected].
Any offer of oil from vessels accredited for the FOB Singapore fuel FO 180 CST 3.5% S C+F Japan Cargo PUACJ00 PUACJ03
For written comments, please provide a clear indication if
oil and marine fuel assessment process would be on a FOB FSU FO 180 CST 3.5% S FOB Korea Cargo PUBDP00 PUBDQ03
comments are not intended for publication by Platts for public
basis. Sellers cannot unilaterally nominate an approved vessel as a FO 180 CST 3.5% S FOB Korea Cargo vs FO 180 MOPS strip
viewing. Platts will consider all comments received and will make
delivery point in FOB Straits trades. PUBDR00 PUBDS03
comments not marked as confidential available upon request.
Please send all feedback and comments by April 20, 2020 to FO 380 CST 3.5% S FOB Korea Cargo PUBDY00 PUBDZ03

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 18
ASIA-PACIFIC/ARAB GULF MARKETSCAN March 30, 2020

APAC Deals Summary

Gasoline FOB Spore Cargo Platts Mogas 92: APR23-APR27: PTT offers 50kb FOB Straits
■■ 8:00:04
$19.30/bbl Platts Mogas 92: APR20: PTT sold to ONYX* 25kb $19.45/bbl
■■
Trades (PGA page 2315) Platts Mogas 92: APR24-APR28: PTT offers 50kb FOB Straits
■■ 8:00:11
Platts Mogas 92: APR22-APR26: PTT sold to PETROCHINA* 50kb
■■ $19.30/bbl Platts Mogas 92: APR20: PTT sold to ONYX* 25kb $19.45/bbl
■■
FOB Straits $18.80/bbl 8:25:27 Platts Mogas 92: APR25-APR29: **VITOLSG offers 50kb FOB
■■ 8:01:34
Platts Mogas 92: APR23-APR27: SIETCO sold to HL* 50kb FOB
■■ Straits MOPS 92 $-0.3/bbl Platts Mogas 92: APR20: PTT sold to TRAFI* 25kb $19.40/bbl
■■
Straits $18.90/bbl 8:25:20 Platts Mogas 92: APR25-APR29: **VITOLSG offers 50kb FOB
■■ 8:01:48
Platts Mogas 92: APR24-APR28: PTT sold to HL* 50kb FOB Straits
■■ Straits $19.40/bbl Platts Mogas 92: APR20: PTT sold to ONYX* 25kb $19.40/bbl
■■
$18.90/bbl 8:25:19 APR14-APR18: **VITOLSG offers 100kb FOB Straits MOPS 92
■■ 8:01:51
* Denotes market maker. All times GMT $-0.3/bbl Platts Mogas 92: APR20: PTT sold to BPSG* 25kb $19.40/bbl
■■
Bids (PGA page 2313) APR19-APR23: **VITOLSG offers 100kb FOB Straits MOPS 92
■■ 8:06:20
$-0.3/bbl Platts Mogas 92: APR20: PTT sold to VERCER* 25kb $19.40/bbl
■■
Platts Mogas 92: APR14-APR18: UNIPECSG bids 50kb FOB Straits
■■
APR25-APR29: **VITOLSG offers 100kb FOB Straits MOPS 92
■■ 8:09:29
$18.40/bbl
$-0.3/bbl Platts Mogas 92: APR20: PTT sold to TRAFI* 25kb $19.40/bbl
■■
Platts Mogas 92: APR21-APR25: **TOTALSG bids 50kb FOB Straits
■■
APR14-APR18: **VITOLSG offers 150kb FOB Straits MOPS 92 $-0.3/
■■ 8:09:40
$18.40/bbl
bbl Platts Mogas 92: APR20: PTT* sold to ONYX 50kb $19.50/bbl
■■
Platts Mogas 92: APR22-APR26: PETROCHINA bids 50kb FOB
■■
APR19-APR23: **VITOLSG offers 150kb FOB Straits MOPS 92
■■ 8:09:53
Straits $18.60/bbl
$-0.3/bbl Platts Mogas 92: APR20: PTT* sold to ONYX 25kb $19.50/bbl
■■
Platts Mogas 92: APR23-APR27: HL bids 50kb FOB Straits $18.70/
■■
APR25-APR29: **VITOLSG offers 150kb FOB Straits MOPS 92
■■ 8:10:03
bbl
$-0.3/bbl Platts Mogas 92: APR20: PTT sold to ONYX* 25kb $19.45/bbl
■■
Platts Mogas 92: APR23-APR27: UNIPECSG bids 50kb FOB Straits
■■
Platts Mogas 95: APR14-APR18: SIETCO offers 50kb FOB Straits
■■ 8:10:25
$18.40/bbl
$20.60/bbl Platts Mogas 92: APR20: PTT sold to VERCER* 25kb $19.46/bbl
■■
Platts Mogas 92: APR24-APR28: HL bids 50kb FOB Straits $18.70/
■■
Withdrawals 8:10:31
bbl
Platts Mogas 92: APR25-APR29: PTT Withdraws offer 50kb FOB
■■ Platts Mogas 92: APR20: PTT sold to ONYX* 25kb $19.50/bbl
■■
Platts Mogas 92: APR25-APR29: TRAFI bids 50kb FOB Straits
■■
Straits $20.01/bbl 8:10:38
$18.48/bbl
Platts Mogas 92: APR25-APR29: PTT Withdraws offer 50kb FOB
■■ Platts Mogas 92: APR20: PTT sold to ONYX* 25kb $19.70/bbl
■■
Platts Mogas 92: APR25-APR29: **TOTALSG bids 50kb FOB Straits
■■
Straits $20.01/bbl 8:12:53
$18.40/bbl
Platts Mogas 92: APR23-APR27: PTT Withdraws offer 50kb FOB
■■ Platts Mogas 92: APR20: PTT sold to VERCER* 25kb $19.71/bbl
■■
Withdrawals 8:12:59
Straits $20.01/bbl
No bids reported
■■ Platts Mogas 92: APR20: PTT sold to ONYX* 25kb $19.70/bbl
■■
** Denotes OCO order.
** Denotes OCO order. 8:13:05
Offers (PGA page 2314) Platts Mogas 92: APR20: PTT sold to CITIBANK* 25kb $19.60/bbl
■■
Gasoline FOB Spore Paper 8:22:02
Platts Mogas 92: APR14-APR18: **VITOLSG offers 50kb FOB
■■
Straits MOPS 92 $-0.3/bbl Trades (PGA page 4011) Platts Mogas 92: APR20: PTT sold to ONYX* 25kb $19.55/bbl
■■
Platts Mogas 92: APR14-APR18: **VITOLSG offers 50kb FOB
■■ 8:28:04
Platts Mogas 92: APR20: PTT sold to ONYX* 25kb $19.60/bbl
■■
Straits $19.40/bbl Platts Mogas 92: APR20: PTT sold to BPSG* 25kb $19.56/bbl
■■
7:59:34
Platts Mogas 92: APR14-APR18: SIETCO offers 50kb FOB Straits
■■ 8:28:45
Platts Mogas 92: APR20: PTT sold to VERCER* 25kb $19.60/bbl
■■
$20.00/bbl Platts Mogas 92: APR20: PTT* sold to BOCIGC 25kb $19.60/bbl
■■
7:59:36
Platts Mogas 92: APR19-APR23: **VITOLSG offers 50kb FOB
■■ 8:29:43
Platts Mogas 92: APR20: PTT sold to ONYX* 25kb $19.60/bbl
■■
* Denotes market maker. All times GMT
Straits MOPS 92 $-0.3/bbl 7:59:40
Platts Mogas 92: APR19-APR23: **VITOLSG offers 50kb FOB
■■ Platts Mogas 92: APR20: PTT sold to TRAFI* 25kb $19.55/bbl
■■ Bids (PGA page 4009)
Straits $19.40/bbl 7:59:46 Platts Mogas 92: APR20: P66SG bids 25kb $19.55/bbl
■■
Platts Mogas 92: APR21-APR25: SIETCO offers 50kb FOB Straits
■■ Platts Mogas 92: APR20: PTT sold to VERCER* 25kb $19.50/bbl
■■ Platts Mogas 92: APR20: BPSG bids 25kb $19.53/bbl
■■
$19.80/bbl 7:59:51 Platts Mogas 92: APR20: ONYX bids 25kb $19.52/bbl
■■
Platts Mogas 92: APR22-APR26: VITOLSG offers 50kb FOB Straits
■■ Platts Mogas 92: APR20: PTT sold to ONYX* 25kb $19.50/bbl
■■ Platts Mogas 92: APR20: ONYX bids 25kb $19.52/bbl
■■
$19.20/bbl

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 19
ASIA-PACIFIC/ARAB GULF MARKETSCAN March 30, 2020

APAC Deals Summary

Platts Mogas 92: APR20: VERCER bids 25kb $19.50/bbl
■■ Platts Mogas 92: APR20: PTT Withdraws offer 50kb $19.60/bbl
■■ Platts Mogas 92 spread: MAY20/JUN20: VERCER bids 25kb $-2.5/
■■
Platts Mogas 92: APR20: VITOLSG bids 25kb $19.50/bbl
■■ Platts Mogas 92: APR20: P66SG Withdraws offer 25kb $20.10/bbl
■■ bbl
Platts Mogas 92: APR20: PETROCHINA bids 25kb $19.45/bbl
■■ Platts Mogas 92: APR20: PTT Withdraws offer 25kb $20.10/bbl
■■ Platts Mogas 92 spread: MAY20/JUN20: VITOLSG bids 25kb
■■
Platts Mogas 92: APR20: TRAFI bids 25kb $19.45/bbl
■■ Platts Mogas 92: APR20: PTT Withdraws offer 25kb $20.20/bbl
■■ $-2.5/bbl
Platts Mogas 92: APR20: ONYX bids 25kb $19.40/bbl
■■ Platts Mogas 92: APR20: PTT Withdraws offer 25kb $20.30/bbl
■■ Withdrawals
Platts Mogas 92: APR20: TRAFI bids 25kb $19.40/bbl
■■ Platts Mogas 92: APR20: PTT Withdraws offer 25kb $20.40/bbl
■■ Platts Mogas 92 spread: APR20/MAY20: ONYX no longer bids
■■
Platts Mogas 92: APR20: SIETCO bids 25kb $19.30/bbl
■■ Platts Mogas 92: APR20: VERCER Withdraws offer 25kb $20.50/
■■ 25kb $-1.9/bbl
Platts Mogas 92: APR20: VERCER bids 25kb $19.30/bbl
■■ bbl Platts Mogas 92 spread: APR20/MAY20: ONYX no longer bids
■■
Platts Mogas 92: APR20: VERCER bids 25kb $19.20/bbl
■■ Platts Mogas 92: APR20: VERCER Withdraws offer 25kb $20.75/
■■ 25kb $-2/bbl
Platts Mogas 92: APR20: VITOLSG bids 25kb $19.20/bbl
■■ bbl Platts Mogas 92 spread: APR20/MAY20: VERCER Withdraws bid
■■
Platts Mogas 92: APR20: BPSG bids 25kb $19.10/bbl
■■ Platts Mogas 92: APR20: VERCER Withdraws offer 25kb $20.95/
■■ 25kb $-2.05/bbl
Platts Mogas 92: APR20: ONYX bids 25kb $19.10/bbl
■■ bbl Platts Mogas 92 spread: MAY20/JUN20: VERCER Withdraws bid
■■
Withdrawals Platts Mogas 92: APR20: PTT Withdraws offer 100kb $21.00/bbl
■■ 25kb $-2.05/bbl
Platts Mogas 92: APR20: CITIBANK no longer bids 25kb $19.60/
■■ ** Denotes OCO order. ** Denotes OCO order.
bbl Offers (PGA page 4010)
Platts Mogas 92: APR20: ONYX no longer bids 25kb $19.60/bbl
■■ Gasoline FOB Spore Paper Spreads Platts Mogas 92 spread: APR20/MAY20: VITOLSG offers 25kb
■■
Platts Mogas 92: APR20: VERCER no longer bids 25kb $19.60/bbl
■■
Trades (PGA page 4011) $-1.85/bbl
Platts Mogas 92: APR20: TRAFI no longer bids 25kb $19.55/bbl
■■
Platts Mogas 92 spread: APR20/MAY20: VITOLSG offers 25kb
■■
Platts Mogas 92: APR20: ONYX no longer bids 25kb $19.45/bbl
■■ Platts Mogas 92 spread: APR20/MAY20: VITOLSG sold to ONYX*
■■
$-1.8/bbl
Platts Mogas 92: APR20: CITIBANK Withdraws bid 25kb $19.40/
■■ 25kb $-1.90/bbl 8:01:38
Platts Mogas 92 spread: APR20/MAY20: VERCER offers 25kb
■■
bbl Platts Mogas 92 spread: APR20/MAY20: VITOLSG sold to ONYX*
■■
$-1.75/bbl
Platts Mogas 92: APR20: VERCER Withdraws bid 25kb
■■ $19.40/bbl 25kb $-2000/bbl 8:05:00
Platts Mogas 92 spread: APR20/MAY20: BPSG offers 25kb $-1.5/
■■
Platts Mogas 92: APR20: VERCER Withdraws bid 25kb
■■ $19.30/bbl Platts Mogas 92 spread: APR20/MAY20: SIETCO* sold to
■■
bbl
Platts Mogas 92: APR20: VERCER Withdraws bid 25kb
■■ $19.30/bbl GUNVORSG 25kb $-1.90/bbl 8:29:25
Platts Mogas 92 spread: APR20/MAY20: VERCER offers 25kb
■■
Platts Mogas 92: APR20: VERCER Withdraws bid 25kb
■■ $19.05/bbl Platts Mogas 92 spread: APR20/MAY20: SIETCO* sold to
■■
$-1.5/bbl
Platts Mogas 92: APR20: VERCER Withdraws bid 25kb
■■ $19.01/bbl GUNVORSG 25kb $-1.90/bbl 8:29:37
Platts Mogas 92 spread: MAY20/JUN20: SIETCO offers 25kb
■■
Platts Mogas 92: APR20: VERCER Withdraws bid 25kb
■■ $19.00/bbl Platts Mogas 92 spread: APR20/MAY20: SIETCO* sold to
■■
$-1.9/bbl
Platts Mogas 92: APR20: VERCER Withdraws bid 25kb
■■ $19.00/bbl IDEMITSU 25kb $-1.90/bbl 8:29:52
Platts Mogas 92 spread: MAY20/JUN20: VITOLSG offers 25kb
■■
** Denotes OCO order. Platts Mogas 92 spread: APR20/MAY20: SIETCO* sold to
■■
$-1.75/bbl
Offers (PGA page 4010) GUNVORSG 25kb $-1.90/bbl 8:29:57
Platts Mogas 92 spread: MAY20/JUN20: VERCER offers 25kb
■■
* Denotes market maker. All times GMT
Platts Mogas 92: APR20: VITOLSG offers 25kb $19.69/bbl
■■ $-1.65/bbl
Platts Mogas 92: APR20: VITOLSG offers 25kb $19.70/bbl
■■ Bids (PGA page 4009) Platts Mogas 92 spread: MAY20/JUN20: VERCER offers 25kb
■■
Platts Mogas 92: APR20: ONYX offers 25kb $19.75/bbl
■■ Platts Mogas 92 spread: APR20/MAY20: ONYX bids 25kb $-2.1/bbl
■■ $-1.6/bbl
Platts Mogas 92: APR20: PETROCHINA offers 25kb $19.75/bbl
■■ Platts Mogas 92 spread: APR20/MAY20: VERCER bids 25kb
■■ Platts Mogas 92 spread: MAY20/JUN20: BPSG offers 25kb $-1.5/
■■
Platts Mogas 92: APR20: ONYX offers 25kb $19.90/bbl
■■ $-2.15/bbl bbl
Platts Mogas 92: APR20: P66SG offers 25kb $19.90/bbl
■■ Platts Mogas 92 spread: APR20/MAY20: VERCER bids 25kb $-2.5/
■■ Platts Mogas 92 spread: MAY20/JUN20: FREEPTASIA offers 25kb
■■
Platts Mogas 92: APR20: VERCER offers 25kb $19.90/bbl
■■ bbl $-1.45/bbl
Platts Mogas 92: APR20: ONYX offers 25kb $20.00/bbl
■■ Platts Mogas 92 spread: APR20/MAY20: VITOLSG bids 25kb
■■ Platts Mogas 95/Platts Mogas 92 spread: APR20: PTT offers 25kb
■■
Platts Mogas 92: APR20: VERCER offers 25kb $20.00/bbl
■■ $-2.5/bbl $1.05/bbl
Platts Mogas 92: APR20: VERCER offers 25kb $20.20/bbl
■■ Platts Mogas 92 spread: APR20/MAY20: BPSG bids 25kb $-2.55/
■■ Withdrawals
Platts Mogas 92: APR20: SIETCO offers 25kb $20.30/bbl
■■ bbl Platts Mogas 92 spread: APR20/MAY20: SIETCO no longer offers
■■
Platts Mogas 92: APR20: BPSG offers 25kb $20.75/bbl
■■ Platts Mogas 92 spread: MAY20/JUN20: VERCER bids 25kb $-2.1/
■■ 25kb $-1.9/bbl
Withdrawals bbl Platts Mogas 92 spread: APR20/MAY20: PTT Withdraws offer
■■
Platts Mogas 92: APR20: PTT no longer offers 25kb $19.50/bbl
■■ Platts Mogas 92 spread: MAY20/JUN20: BPSG bids 25kb $-2.25/
■■ 125kb $-1.3/bbl
Platts Mogas 92: APR20: PTT no longer offers 25kb $19.60/bbl
■■ bbl Platts Mogas 92 spread: MAY20/JUN20: PTT Withdraws offer
■■

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 20
ASIA-PACIFIC/ARAB GULF MARKETSCAN March 30, 2020

APAC Deals Summary

125kb $-1.5/bbl Offers (PGA page 2324) Trades (PGA page 4023)
** Denotes OCO order. H1JUN20/H2JUN20: PDSG offers 25kt $-2/mt
■■ No trades reported
■■
H1JUN20/H2JUN20: GLENCORESG offers 25kt $-1/mt
■■ * Denotes market maker. All times GMT
Naphtha C+F Cargo Withdrawals Bids (PGA page 4021)
H2MAY20/H1JUN20: PDSG no longer offers 25kt $-1.5/mt
■■ APR20/MAY20: MABANAFT bids 50kb $-2.88/bbl
■■
Trades (PGA page 2325)
** Denotes OCO order.
APR20/MAY20: VERCER bids 50kb $-2.9/bbl
■■
H2MAY20: TRAFI sold to SIETCO* 25kt $191.00/mt 8:28:58
■■
APR20/MAY20: CITIBANK bids 50kb $-3/bbl
■■
H2MAY20: GLENCORESG sold to TOTALSG* 25kt $191.00/mt
■■
8:29:10 Jet Kero FOB Spore Paper Withdrawals
H2MAY20: BPSG* sold to SIETCO 25kt $191.00/mt 8:29:55
■■ Trades (PGA page 4023) No bids reported
■■
* Denotes market maker. All times GMT ** Denotes OCO order.
APR20: FREEPTASIA* sold to DVTRADING 50kb $30.30/bbl
■■
Bids (PGA page 2323) 8:29:43 Offers (PGA page 4022)
H2MAY20: **GLENCORESG bids 25kt $182.00/mt
■■ APR20: HARTREE* sold to VERCER 50kb $-8.15/bbl 8:29:52
■■ APR20/MAY20: ALVARI offers 50kb $-2.75/bbl
■■
H1JUN20: **GLENCORESG bids 25kt $182.00/mt
■■ * Denotes market maker. All times GMT APR20/MAY20: UNIPECSG offers 50kb $-2.6/bbl
■■
Bids (PGA page 4021) APR20/MAY20: MENADMCC offers 50kb $-2.58/bbl
■■
Withdrawals
APR20/MAY20: VERCER offers 50kb $-2.55/bbl
■■
H2MAY20: **PDSG Withdraws bid 25kt $191.00/mt
■■ APR20: CAOSG bids 50kb $29.70/bbl
■■ APR20/MAY20: HENGLIOIL offers 50kb $-2.4/bbl
■■
H2MAY20: **SIETCO no longer bids 25kt $191.00/mt
■■ APR20: DVTRADING bids 50kb $29.60/bbl
■■
H2MAY20: **TOTALSG no longer bids 25kt $191.00/mt
■■ Withdrawals
APR20: VERCER bids 50kb $29.60/bbl
■■
H1JUN20: **TOTALSG Withdraws bid 25kt $187.00/mt
■■ APR20: VERCER bids 50kb $-8.5/bbl
■■ No offers reported
■■
H1JUN20: **PDSG Withdraws bid 25kt $183.00/mt
■■ ** Denotes OCO order.
Withdrawals
H1JUN20: **SIETCO Withdraws bid 25kt $181.00/mt
■■
No bids reported
■■
** Denotes OCO order. Gasoil FOB Spore Paper
** Denotes OCO order.
Offers (PGA page 2324)
Offers (PGA page 4022) Trades (PGA page 4019)
H2MAY20: **GUNVORSG offers 25kt $195.00/mt
■■
APR20: UNIPECSG offers 50kb $30.30/bbl
■■ APR20: MABANAFT sold to MBCL* 50kb $38.45/bbl 8:29:41
■■
H1JUN20: **GUNVORSG offers 25kt $197.00/mt
■■
APR20: ALVARI offers 50kb $30.40/bbl
■■ APR20: MABANAFT sold to PETROCHINA* 50kb $38.45/bbl
■■
H1JUN20: SIETCO offers 25kt $201.00/mt
■■
APR20: HARTREE offers 50kb $30.70/bbl
■■ 8:29:44
H1JUN20: PDSG offers 25kt $203.00/mt
■■
APR20: DVTRADING offers 50kb $31.00/bbl
■■ * Denotes market maker. All times GMT
Withdrawals APR20: VERCER offers 50kb $31.00/bbl
■■ Bids (PGA page 4017)
H2MAY20: **BPSG no longer offers 25kt $191.00/mt
■■ APR20: HARTREE offers 50kb $-8.15/bbl
■■
H1JUN20: **BPSG Withdraws offer 25kt $203.00/mt
■■ APR20: ALVARI offers 50kb $-8.1/bbl
■■
APR20: MBCL bids 50kb $38.45/bbl
■■
** Denotes OCO order. APR20: CITIBANK offers 50kb $-8.1/bbl
■■
APR20: MBCL bids 50kb $38.40/bbl
■■
APR20: UNIPECSG offers 50kb $-8.1/bbl
■■
APR20: VERCER bids 50kb $38.35/bbl
■■
APR20: VITOLSG offers 50kb $-7.9/bbl
■■
APR20: VERCER bids 50kb $38.30/bbl
■■
Naphtha C+F Japan Cargo Spreads APR20: ZENROCK bids 50kb $38.30/bbl
■■
APR20: FREEPTASIA offers 50kb $-7.7/bbl
■■
Trades (PGA page 2325) APR20: VERCER offers 50kb $-7.7/bbl
■■
APR20: DVTRADING bids 50kb $38.20/bbl
■■
APR20: UITSG offers 50kb $-7.6/bbl APR20: MBCL bids 50kb $38.15/bbl
■■
H2MAY20/H1JUN20: PDSG* sold to GLENCORESG 25kt $-1.50/mt
■■ ■■
APR20: HENGLIOIL offers 50kb $-7.4/bbl APR20: CHEVINCSG bids 50kb $38.10/bbl
■■
8:29:12 ■■
APR20: EQUINOR offers 50kb $-7.2/bbl
■■
APR20: GUNVORSG bids 50kb $38.10/bbl
■■
* Denotes market maker. All times GMT
APR20: MBCL bids 50kb $38.00/bbl
■■
Bids (PGA page 2323) Withdrawals APR20: SENTINELC bids 50kb $38.00/bbl
■■
No bids reported
■■ APR20: FREEPTASIA no longer offers 50kb $30.30/bbl
■■ MAY20: VERCER bids 50kb $38.60/bbl
■■
** Denotes OCO order.
Withdrawals MAY20: BNP bids 50kb $38.50/bbl
■■
No bids reported
■■ MAY20: DVTRADING bids 50kb $38.50/bbl
■■
** Denotes OCO order. Jet Kero FOB Spore Paper Spreads MAY20: SENTINELC bids 50kb $38.50/bbl
■■

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 21
ASIA-PACIFIC/ARAB GULF MARKETSCAN March 30, 2020

APAC Deals Summary

MAY20: SENTINELC bids 50kb $38.45/bbl
■■ FO 180 CST 3.5% FOB Spore Paper APR20: MCELT bids 5kt $151.50/mt
■■
MAY20: VERCER bids 50kb $38.45/bbl
■■ APR20: GLENCORE bids 5kt $151.00/mt
■■
Trades (PGA page 4027)
Withdrawals APR20: VITOLSG bids 5kt $151.00/mt
■■
APR20: PETROCHINA no longer bids 50kb $38.45/bbl
■■ No trades reported
■■ APR20: CHEVINCSG bids 5kt $150.00/mt
■■
* Denotes market maker. All times GMT APR20: DVTRADING bids 5kt $150.00/mt
■■
MAY20: GUNVORSG Withdraws bid 50kb $38.50/bbl
■■
** Denotes OCO order. Bids (PGA page 4025) APR20: UENERGY bids 5kt $150.00/mt
■■
APR20: MCELT bids 5kt $149.50/mt
■■
Offers (PGA page 4018) APR20: VERCER bids 5kt $153.25/mt
■■
APR20: VERCER bids 5kt $149.50/mt
■■
APR20: DVTRADING offers 50kb $38.60/bbl
■■ APR20: MCELT bids 5kt $153.00/mt
■■
APR20: DVTRADING bids 5kt $149.00/mt
■■
APR20: VERCER offers 50kb $38.70/bbl
■■ APR20: PETROCHINA bids 5kt $153.00/mt
■■
APR20: VERCER bids 5kt $148.50/mt
■■
APR20: GUNVORSG offers 50kb $39.00/bbl
■■ APR20: VITOLSG bids 5kt $152.00/mt
■■
APR20: TRAFI bids 5kt $151.50/mt
■■ Withdrawals
APR20: VERCER offers 50kb $39.00/bbl
■■
APR20: VERCER bids 5kt $150.50/mt
■■ APR20: PETROCHINA no longer bids 5kt $154.50/mt
■■
MAY20: HOTEI offers 50kb $39.30/bbl
■■
APR20: DVTRADING bids 5kt $150.00/mt
■■ MAY20: VERCER Withdraws bid 5kt $150.00/mt
■■
MAY20: DVTRADING offers 50kb $39.50/bbl
■■
APR20: VERCER bids 5kt $149.50/mt
■■ MAY20: VERCER Withdraws bid 5kt $149.00/mt
■■
MAY20: HOTEI offers 50kb $39.50/bbl
■■
** Denotes OCO order.
MAY20: VERCER offers 50kb $39.50/bbl
■■ Withdrawals
MAY20: SENTINELC offers 50kb $39.60/bbl
■■ MAY20: VERCER Withdraws bid 5kt $155.00/mt
■■ Offers (PGA page 4026)
MAY20: VERCER offers 50kb $39.60/bbl
■■ MAY20: VERCER Withdraws bid 5kt $154.00/mt
■■ APR20: DVTRADING offers 5kt $155.50/mt
■■
** Denotes OCO order. APR20: VERCER offers 5kt $155.50/mt
■■
Withdrawals
No offers reported
■■ Offers (PGA page 4026) APR20: VITOLSG offers 5kt $155.50/mt
■■
** Denotes OCO order. APR20: UENERGY offers 5kt $156.00/mt
■■
APR20: SIETCO offers 5kt $160.50/mt
■■
APR20: GLENCORE offers 5kt $156.50/mt
■■
APR20: SIETCO offers 5kt $160.50/mt
■■
APR20: TRAFI offers 5kt $156.50/mt
■■
Gasoil FOB Spore Paper Spreads APR20: VITOLSG offers 5kt $160.50/mt
■■
APR20: MCELT offers 5kt $157.00/mt
■■
APR20: MCELT offers 5kt $164.00/mt
■■
Trades (PGA page 4019) APR20: MCELT offers 5kt $158.00/mt
■■
APR20: VERCER offers 5kt $165.50/mt
■■
APR20: TOTSA offers 5kt $158.00/mt
■■
No trades reported
■■ APR20: DVTRADING offers 5kt $166.00/mt
■■
APR20: VERCER offers 5kt $158.00/mt
■■
* Denotes market maker. All times GMT APR20: MCELT offers 5kt $166.00/mt
■■
APR20: DVTRADING offers 5kt $158.50/mt
■■
Bids (PGA page 4017) APR20: VERCER offers 5kt $167.00/mt
■■
APR20: MCELT offers 5kt $159.00/mt
■■
APR20: VERCER offers 5kt $167.50/mt
■■
APR20/MAY20: ALVARI bids 50kb $-0.8/bbl
■■ APR20: VERCER offers 5kt $159.50/mt
■■
APR20/MAY20: VERCER bids 50kb $-0.82/bbl
■■ Withdrawals APR20: TOTSA offers 5kt $160.00/mt
■■
APR20/MAY20: ZENROCK bids 50kb $-0.82/bbl
■■ MAY20: VERCER Withdraws offer 5kt $170.00/mt
■■ APR20: VERCER offers 5kt $160.50/mt
■■
MAY20/JUN20: ALVARI bids 50kb $-1.1/bbl
■■ MAY20: VERCER Withdraws offer 5kt $170.50/mt
■■
Withdrawals
** Denotes OCO order.
MAY20/JUN20: VERCER bids 50kb $-1.13/bbl
■■ MAY20: VERCER Withdraws offer 5kt $175.00/mt
■■
Withdrawals ** Denotes OCO order.
No bids reported
■■ FO 380 CST 3.5% FOB Spore Paper
** Denotes OCO order.
Trades (PGA page 4027) Mideast Sour Crude
Offers (PGA page 4018) APR20: UENERGY sold to PETROCHINA* 5kt $154.50/mt 8:29:49
■■ Trades (PGA page 2284)
APR20/MAY20: VERCER offers 50kb $-0.7/bbl
■■ APR20: SIETCO sold to PETROCHINA* 5kt $154.50/mt 8:29:56
■■
MAY20/JUN20: VERCER offers 50kb $-1/bbl
■■ Platts Cash Dubai Partials: MAY20: SIETCO* sold to HENGLIOIL
■■
APR20: DVTRADING sold to PETROCHINA* 5kt $154.50/mt
■■
MAY20/JUN20: PTT offers 50kb $-0.9/bbl
■■ 25kb $23.20/bbl 8:30:00
8:30:00
* Denotes market maker. All times GMT
Withdrawals APR20: UENERGY sold to PETROCHINA* 5kt $154.50/mt 8:30:06
■■
No offers reported
■■ * Denotes market maker. All times GMT Bids (PGA page 2282)
** Denotes OCO order. Bids (PGA page 4025) No bids reported
■■
APR20: VERCER bids 5kt $152.50/mt
■■ Withdrawals

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 22
ASIA-PACIFIC/ARAB GULF MARKETSCAN March 30, 2020

APAC Deals Summary

No bids reported
■■ No bids reported
■■ No offers reported
■■
** Denotes OCO order. Withdrawals Withdrawals
Offers (PGA page 2283) No bids reported
■■ No offers reported
■■
Platts Cash Dubai Partials: MAY20: BPSG offers 25kb $23.30/bbl
■■ ** Denotes OCO order. ** Denotes OCO order.
Platts Cash Oman Partials: MAY20: UNIPECASIA offers 25kb
■■ Offers (PGA page 2283)
$23.20/bbl No offers reported
■■ Asia Light Sweet Crude Spreads
Platts Upper Zakum Cargo (Floating): MAY20: EXTAP offers 500kb
■■
Withdrawals Trades (PGA page 2254)
Front Month Cash Dubai $-5.15/bbl
No offers reported
■■
Withdrawals No trades reported
■■
** Denotes OCO order.
Platts Cash Dubai Partials: MAY20: SIETCO no longer offers 25kb
■■ * Denotes market maker. All times GMT
$23.20/bbl Bids (PGA page 2252)
Platts Cash Dubai Partials: MAY20: UNIPECASIA Withdraws offer
■■ Asia Light Sweet Crude
No bids reported
■■
25kb $24.05/bbl Trades (PGA page 2254) Withdrawals
** Denotes OCO order.
No trades reported
■■ No bids reported
■■
* Denotes market maker. All times GMT ** Denotes OCO order.
Mideast Sour Crude Spreads Bids (PGA page 2252) Offers (PGA page 2253)
Trades (PGA page 2284) No bids reported
■■ No offers reported
■■
No trades reported
■■ Withdrawals Withdrawals
* Denotes market maker. All times GMT No bids reported
■■ No offers reported
■■
Bids (PGA page 2282) ** Denotes OCO order. ** Denotes OCO order.
Offers (PGA page 2253)

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 23