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European Marketscan
Volume 57 / Issue 121 / June 25, 2025
European products ($/mt)
Code Mid Change Code Mid Change Code Mid Change
Mediterranean cargoes (PGA page 1114)
FOB Med (Italy) CIF Med (Genova/Lavera) MOPL Diff
Naphtha* PAAAI00 504.00–504.50 504.250 -2.250 PAAAH00 524.75–525.25 525.000 -2.250
Prem Unl 10 ppm AAWZA00 701.75–702.25 702.000 -7.000 AAWZB00 717.50–718.00 717.750 -7.000
Jet AAIDL00 684.75–685.25 685.000 +8.000 AAZBN00 714.50–715.00 714.750 +8.000
10 ppm ULSD AAWYY00 685.50–686.00 685.750 +15.500 AAWYZ00 701.50–702.00 701.750 +15.500 AMOPN00 13.05 +2.270
Gasoil 0.1% AAVJI00 679.75–680.25 680.000 +11.750 AAVJJ00 694.75–695.25 695.000 +11.750 AMOPI00 10.48 -0.090
Fuel oil 1.0% PUAAK00 437.00–437.50 437.250 +4.250 PUAAJ00 455.75–456.25 456.000 +4.250
Fuel oil 3.5% PUAAZ00 410.75–411.25 411.000 +2.000 PUAAY00 429.00–429.50 429.250 +2.000
*Basis East Med.
Northwest Europe cargoes (PGA page 1110)
FOB NWE CIF NWE/Basis ARA MOPL Diff
Naphtha (Jul) PAAAJ00 542.25–542.75 542.500 -2.250
Naphtha PAAAL00 539.50–540.00 539.750 -2.250
Gasoline 10 ppm AAXFQ00 730.75–731.25 731.000 -7.000
Jet PJAAV00 703.50–704.00 703.750 +8.000 PJAAU00 716.00–716.50 716.250 +8.000 AMOPJ00 1.65 +0.740
ULSD 10 ppm AAVBF00 693.50–694.00 693.750 +9.750 AAVBG00 701.75–702.25 702.000 +9.750 AMOPL00 13.57 -2.930
Diesel 10 ppm NWE** AAWZD00 693.50–694.00 693.750 +9.750 AAWZC00 703.50–704.00 703.750 +9.750
Diesel 10 ppm UK AAVBH00 704.00–704.50 704.250 +9.750 AUKMA00 15.823 -2.926
Gasoil 0.1% AAYWR00 675.75–676.25 676.000 +11.500 AAYWS00 691.75–692.25 692.000 +11.500 AMOPH00 13.23 +0.050
Fuel oil 1.0% PUAAM00 427.00–427.50 427.250 +4.500 PUAAL00 447.25–447.75 447.500 +4.750
Fuel oil 3.5% PUABB00 401.00–401.50 401.250 +1.750 PUABA00 419.50–420.00 419.750 +1.750
Bionaphtha PAAAU00 1389.750 -2.250
Bionaphtha premium PAADU00 850.000 0.000
SAF (H-S) MIRWD00 2063.750 -54.500

**Basis Le Havre.
Northwest Europe barges (PGA page 1112)
FOB Rotterdam*** FOB FARAG MOPL Diff
Naphtha PAAAM00 535.50–536.00 535.750 -2.250
Eurobob AAQZV00 685.50–686.00 685.750 -7.000
E10 Eurobob AGEFA00 684.000 -7.000
98 RON gasoline 10 ppm AAKOD00 761.25–761.75 761.500 -7.000
Premium gasoline 10 ppm PGABM00 699.50–700.00 699.750 -7.000
Reformate AAXPM00 723.250 -7.000
Jet PJABA00 711.00–711.50 711.250 +8.000 AMOPK00 -1.75 +0.390
Diesel 10 ppm AAJUS00 690.75–691.25 691.000 +14.250 AMOPM00 9.43 +1.950
Gasoil 50 ppm AAUQC00 685.00–685.50 685.250 +14.250
Gasoil 0.1% AAYWT00 671.50–672.00 671.750 +11.750 AMOPG00 9.26 -0.110
SAF (H-S) SUAEA00 2044.75 -54.25
DMA MGO 0.1% LGARD00 659.250 +10.250
Fuel oil 1.0% PUAAP00 434.25–434.75 434.500 +4.500

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European Marketscan June 25, 2025

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

Code Mid Change Med cargoes (€/mt) (PGA page 1120)
FOB Med CIF Med
Fuel oil 3.5% PUABC00 420.50–421.00 420.750 +1.750 (Italy) (Genova/Lavera)
Fuel oil 3.5% 500 CST PUAGN00 418.50–419.00 418.750 +1.750 Naphtha* ABWHE00 433.763 ABWHD00 451.613
Rotterdam bunker 380 CST PUAYW00 423.50–424.50 424.000 +1.000 Prem Unl 10ppm ABWGV00 603.871 ABWGU00 617.419
Jet ABWGZ00 589.247 AAZBO00 614.839
***See notes on delivery basis for this table. (see page 11)
10ppm ULSD ABWHM00 589.892 ABWHH00 603.656
European weekly bitumen, Jun 25 ($/mt) European weekly base oils, Jun 25 ($/mt) Gasoil 0.1% ABWGQ00 584.946 ABWGO00 597.849
Fuel oil 1.0% ABWGH00 376.129 ABWGF00 392.258
Code Close Change Code Close Change Fuel oil 3.5% ABWGM00 353.548 ABWGK00 369.247
FOB Northwest Europe (PGA and PRF page 2537) FOB Europe (PGA and PRF page 2535) *Naphtha FOB Med is basis East Med.
Bitumen PFNEA00 447.750 -46.250 Group I SN150 PLAAC00 845.00 -15.00 Northwest Europe cargoes (€/mt) (PGA page 1116)
Bitumen MOPL Diff PFNEC00 35.000 -2.000 Group I SN500 PLAAF00 1020.00 -10.00 FOB NWE CIF NWE/Basis ARA
FOB Mediterranean (PGA and PRF page 2537) Group I Bright Stock PLAAI00 1500.00 0.00 Naphtha AAQCE00 464.301
Bitumen PFMEB00 412.750 -49.500 CFR Europe (PGA and PRF page 2535) Gasoline 10ppm ABWGS00 628.817
Bitumen MOPL Diff PFNED00 10.000 -2.500 Group II 150 N AGROA00 1075.00 +5.00 Jet ABWHB00 605.376 AAQCF00 616.129
Note: Weekly assessments basis 16.30 London time on Wednesdays. Group II 220 N AGROB00 1075.00 +5.00 ULSD 10 ppm ABWHO00 596.774 ABWHI00 605.376
Group II 600 N 1205.00 +5.00
Africa products Diesel 10ppm NWE ABWHP00 596.774 603.871
AGROC00 ABWHK00
Group III 4CST AGROD00 1160.00 0.00 Diesel 10 ppm UK ABWHJ00 605.806
Code Mid Change Group III 6CST AGROE00 1210.00 +10.00 Diesel 10ppm UK MOPL Diff AUKMB00 13.611
West Africa cargoes (PGA pages 1122, 2342 and 2412) Note: Weekly assessments basis 16.30 London time on Wednesdays. Gasoil 0.1% ABWGR00 581.505 ABWGP00 595.269
Fuel oil 1.0% AAQCG00 367.527 ABWGG00 384.946
STS Lome ($/mt) Fuel oil 3.5% ABWGN00 345.161 ABWGL00 361.075
Diesel low sulfur ABNWF00 699.500 +13.250 Straight run 0.5-0.7% ABWHG00 434.839
Gasoil 0.3% AGNWD00 675.500 +6.250 West Africa cargoes (€/mt) (PGA page 1116)
Jet AJWAA00 729.250 +8.000 FOB NWE CIF WAF
Gasoline ABNWG00 670.000 -2.000 Gasoline AGNWA00 545.806 AANWC00 567.742
Gasoline Diff (NWE) -28.410 +5.670
Gasoline Diff (Med)
ABNWH00
ABNWI00 -19.670 +3.920
European feedstocks and blendstocks FOB STS West Africa
Gasoil 0.3% AGNWE00 581.075
Code Mid Change Jet AJWAB00 627.312
FOB West Africa ($/mt)
CIF Northwest Europe cargo ($/mt) (PGF page 1760) Northwest Europe barges (€/mt) (PGA page 1118)
Diesel low sulfur AWFRA00 683.500 +6.250
VGO 0.5-0.6% AAHMZ00 550.50–551.50 551.000 +1.250 FOB Rotterdam
Gasoline AWFRC00 665.000 -7.000
VGO 2% AAHND00 543.50–544.50 544.000 -5.000 Naphtha ABWHF00 460.860
Gasoline Diff (NWE) AWFRD00 -33.410 +0.670
Eurobob ABWGT00 589.892
Gasoline Diff (Med) ABNWE00 -24.670 -1.080 FOB Northwest Europe cargo ($/mt)
E10 Eurobob AGEFE00 588.387
FOB NWE ($/mt) VGO 0.5-0.6% AAHMX00 536.00–537.00 536.500 +1.250 98 RON gasoline 10 ppm ABWGX00 655.054
Gasoline AAKUV00 634.500 +3.500 VGO 2% AAHNB00 529.25–530.25 529.750 -5.000 Premium gasoline 10 ppm AAQCH00 601.935
Straight Run 0.5-0.7% PKABA00 505.00–506.00 505.500 +1.250 Reformate AAXPN00 622.151
CIF West Africa ($/mt)*
FOB Med cargo ($/mt) Jet ABWHC00 611.828
Gasoline AGNWC00 660.000 +3.000
Diesel 10 ppm* AAQCI00 594.409
VGO 0.8% ABBAD00 527.250 +1.000
CFR South Africa ($/barrel) Gasoil 50 ppm AAUQF00 589.462
VGO 2% ABBAC00 526.750 +1.250
Gasoline 95 unleaded AAQWW00 86.164 -2.147 Gasoil 0.1%* AAYWY00 577.849
Jet kero AAQWT00 90.750 -0.485 CIF Mediterranean cargo ($/mt) DMA MGO 0.1%* LGARE00 567.097
Gasoil 10 ppm AAQWU00 92.022 -0.262 Fuel oil 1.0% ABWGI00 373.763
Straight Run 0.5-0.7% AAJNT00 502.500 +1.250
Gasoil 500 ppm AAQWV00 91.672 -0.262 Fuel oil 3.5% AAQCK00 361.935
VGO 0.8% ABBAB00 539.250 +1.250
Fuel oil 3.5% 500 CST PUAGO00 360.215
*Freight netforward to FOB NWE Gasoline VGO 2% ABBAA00 538.750 +1.250
Rotterdam bunker 380 CST AAUHE00 364.731
Jet Index (PGA page 115) FOB Rotterdam barge ($/mt) *FOB Amsterdam-Rotterdam-Antwerp. Euro/US$ forex rate: 1.1625. Platts
June 25, 2025 Index $/mt MTBE* PHALA00 817.75–818.25 818.000 -7.000 Euro denominated European and US product assessments are based on
VGO 0.5-0.6% AAHNF00 536.00–537.00 536.500 0.000 market values and a Euro/US$ forex rate at 4:30 PM local London time.
Europe & CIS PJECI00 243.74 PJECI09 713.75
Africa JIMED00 89.25 JIMEC00 711.66 VGO 2% AAHNI00 526.50–527.50 527.000 -8.750
Global PJGLO00 242.68 PJGLO09 701.04 *FOB Amsterdam-Rotterdam-Antwerp.

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

European Marketscan June 25, 2025

Marine Fuel (PGA page 30) ICE futures Euro cents per liter assessments 16:30 London
$/mt Change Platts ICE 16:30 London assessments* (PGA page 703) Med cargoes (€ cents/liter) (PGA page 1370)
0.5% FOB Singapore cargo AMFSA00 505.660 -3.240 Low Sulfur Gasoil Brent FOB Med CIF Med
0.5% FOB Fujairah cargo AMFFA00 504.290 -3.590 Jul AARIN00 683.50 Aug AAYES00 68.25 Prem Unl 10 ppm ABXGA00 45.575 ABXGB00 46.598
0.5% FOB Rotterdam barge* PUMFD00 475.500 +4.250 Aug AARIO00 669.25 Sep AAYET00 67.09 Jet ABXGH00 48.141 ABXGI00 50.232
0.5% FOB US Gulf Coast barge AUGMB00 473.750 +3.750 Sep AARIP00 661.25 Oct AAXZY00 66.19 10 ppm ULSD ABXGO00 49.864 ABXGP00 51.028
0.5% Dlvd US Atlantic Coast barge AUAMB00 485.500 +3.750 Nov AAYAM00 65.64 Gasoil 0.1% ABXGY00 49.446 ABXGZ00 50.537
0.5% FOB Mediterranean cargo MFFMM00 468.000 +2.000 *Platts ICE assessments reflect the closing value of the ICE contracts at Northwest Europe cargoes (€ cents/liter) (PGA page 1370)
0.5% CIF Mediterranean cargo MFCMM00 484.250 +2.000 precisely 16:30 London time. FOB NWE CIF NWE/Basis ARA
$/barrel ICE gasoil settlements (PGA page 702) Gasoline 10 ppm ABXGC00 47.458
0.5% FOB US Gulf Coast barge AUGMA00 74.610 +0.590 Low Sulfur Gasoil Low Sulfur Gasoil Jet ABXGJ00 49.459 ABXGK00 50.337
0.5% Dlvd US Atlantic Coast barge AUAMA00 76.460 +0.590 Jul * ICLO001 683.25 Oct ICLO004 656.50 ULSD 10 ppm ABXGQ00 50.446 ABXGR00 51.046
vs FO 380 MOPS strip ($/mt) Aug ICLO002 669.00 Nov ICLO005 647.50 Diesel 10 ppm NWE ABXGS00 50.446 ABXGT00 51.173
0.5% FOB Singapore cargo AMOPA00 83.400 +3.370 Sep ICLO003 661.00 Dec ICLO006 637.50 Gasoil 0.1% ABXHA00 49.155 ABXHB00 50.319
Northwest Europe barges (€ cents/liter) (PGA page 1370)
*See notes on delivery basis for this table. (see page 11) *On day of ICE LS Gasoil midday expiry, M1 shows settlement value
FOB Rotterdam
NYMEX futures (16:30 London time) Eurobob ABXGD00 44.520
E10 Eurobob AGEFC00 44.407
NYMEX WTI (PGA page 703) 98 RON Gasoline 10 ppm ABXGE00 49.438
$/barrel $/barrel Premium Gasoline 10 ppm ABXGF00 45.429
Aug AASCR00 65.49 Sep AASCS00 64.12 Jet ABXGL00 49.986
NYMEX NY ULSD (PGA page 703) Diesel 10 ppm ABXGU00 50.246
¢/gal ¢/gal Gasoil 50 ppm ABXHC00 49.828
Jul XUHO100 232.81 Aug XUHO200 229.50 Gasoil 0.1% ABXHD00 48.846
NYMEX RBOB (unleaded gasoline) (PGA page 703)
¢/gal ¢/gal
Jul XUHU100 210.00 Aug XUHU200 208.41

Marine Fuel 0.5% Derivatives, Jun 25

Balance* Change Month 1 Change Month 2 Change
Jun Jul Aug GB pence per liter assessments 16:30 London
$/mt $/mt $/mt Northwest Europe cargoes (p/liter) (PGA page 1370)
0.5% FOB Singapore cargo FOFS000 NA NANA FOFS001 499.500 -2.500 FOFS002 494.250 -2.300 FOB NWE CIF NWE/Basis ARA
0.5% FOB Fujairah cargo FOFF000 NA NANA FOFF001 499.750 -3.500 FOFF002 495.000 -3.250 Gasoline 10 ppm ABXGG00 40.503
0.5% FOB Rotterdam barge AMRAB00 NA NANA AMRAM01 468.500 +2.250 AMRAM02 459.500 +1.500 Jet ABXGM00 42.211 ABXGN00 42.961
0.5% vs. 3.5% FOB Rotterdam barge AMRBB00 NA NANA AMRBM01 53.000 0.000 AMRBM02 51.250 -0.750 ULSD 10 ppm ABXGV00 43.054 ABXGW00 43.566
$/barrel $/barrel $/barrel Diesel 10 ppm UK ABXGX00 43.705
0.5% FOB US Gulf Coast barge AMARB00 NA NANA AMARM01 74.250 +0.600 AMARM02 73.700 +0.500 Diesel 10ppm UK MOPL Diff AUKMC00 0.982
0.5% vs US Gulf Coast HSFO barge AUSBB00 NA NANA AUSBM01 13.000 -0.050 AUSBM02 13.750 -0.050 Gasoil 0.1% ABXHE00 41.952 ABXHF00 42.945
*Balance month swaps are assessed from the 1st through the 20th of the month; Asia swaps are assessed through the 14th of February.

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

European Marketscan June 25, 2025

European financial derivatives: June 25, 2025 ($/mt) (PPE page 1600)
Code June* Change Code July Change Code August Change
London MOC
Propane CIF NWE Large Cargo Financial ABWFX00 NA NANA AAHIK00 467.000 -6.000 AAHIM00 470.500 -6.500
Naphtha CIF NWE Cargo Financial ABWFV00 NA NANA PAAAJ00 542.500 -2.250 AAECO00 542.000 -2.750
Gasoline Prem Unleaded 10 ppm FOB ARA Barge Financial ABWFT00 NA NANA AAEBW00 694.000 -7.000 AAEBY00 684.750 -6.250
Gasoline Eurobob 10 ppm FOB ARA Barge Financial ABWFB00 NA NANA ABWFC00 680.000 -7.000 ABWFD00 670.750 -6.250
Gasoline Eurobob Non-oxy E10 Barge Financial AGEAB00 NA NANA AGEAM01 678.250 -0.750 AGEAM02 669.000 0.000
Jet FOB Rdam Barge Financial AAXUH00 NA NANA AAXUM01 711.000 +7.250 AAXUM02 705.250 +5.250
Jet CIF NWE Cargo Financial ABWCI00 NA NANA ABWCJ00 714.000 +7.250 ABWCK00 708.250 +5.250
ULSD 10 ppmS FOB ARA Barge Financial ABWEA00 NA NANA ABWEB00 678.000 +12.250 ABWEC00 667.500 +10.250
ULSD 10 ppmS CIF NWE Cargo Financial ABWDM00 NA NANA ABWDN00 687.250 +12.750 ABWDO00 675.000 +9.750
ULSD 10 ppmS CIF Med Cargo Financial ABWCY00 NA NANA ABWCZ00 687.500 +13.250 ABWDA00 675.000 +9.750
LS Gasoil Frontline Financial ABWAO00 NA NANA AAPQS00 673.500 +11.500 AAPQT00 664.000 +8.750
Gasoil .1%S (1000 ppm) FOB ARA Barge Financial ABWBT00 NA NANA ABWBU00 659.000 +11.500 ABWBV00 648.750 +8.750
Gasoil 0.1%S CIF NWE Cargo Financial ABWBF00 NA NANA ABWBG00 677.750 +11.500 ABWBH00 667.250 +8.750
Gasoil .1%S (1000 ppm) CIF Med Cargo Financial ABWAS00 NA NANA ABWAT00 683.250 +12.000 ABWAU00 670.000 +9.500
FO 3.5%S FOB Rdam Barge Financial ABWAE00 NA NANA AAEHB00 415.500 +2.250 AAEHC00 408.250 +2.250
FO 3.5%S FOB Med Cargo Financial ABWAG00 NA NANA AAEHK00 405.750 +2.250 AAEHL00 398.000 +2.250
FO 3.5%S FOB Rdam Barge vs FO 3.5%S FOB Med Cargo Financial ABWAM00 NA NANA AAEHK01 9.750 0.000 AAEHL01 10.250 0.000
FO 3.5% CIF vs FOB Med Cargo FOH3M00 NA NANA FOH3M01 17.250 +0.250 FOH3M02 16.750 -0.500
FO 3.5% CIF Med Cargo FOCMB00 NA NANA FOCMB01 423.000 +2.500 FOCMB02 414.750 +1.750
FO 1%S FOB Med Cargo vs FO 1%S FOB NWE Cargo FFMCN00 NA NANA FFMDN00 7.750 0.000 FFMEN00 7.750 0.000
FO 1%S FOB Med Cargo FFMFN00 NA NANA FFMGN00 435.000 +4.500 FFMHN00 428.500 +4.250
FO 1%S FOB NWE Cargo Financial ABWAC00 NA NANA AAEGR00 427.250 +4.500 AAEGS00 420.750 +4.250
FO 1%S FOB NWE vs FO 3.5%S Barge (HiLo Diff) Financial ABWAI00 NA NANA AAEGR01 11.750 +2.250 AAEGS01 12.500 +2.000
*Balance month swaps are assessed from the 1st through the 20th of the month.
Singapore at London MOC
FO 380 CST 3.5%S FOB Spore Cargo at London MOC Financial FPLSM01 425.250 +5.750 FPLSM02 420.750 +2.500
FO 380 3.5% FOB Spore Cargo vs FO 3.5% FOB Rdam Barge (E-W) FQLSM01 9.750 +3.500 FQLSM02 12.500 +0.250
at London MOC Financial
FO 180 CST 3.5%S FOB Spore Cargo at London MOC Financial FOLSM01 432.750 +5.500 FOLSM02 431.000 +2.500
FO 180 3.5% FOB Spore Cargo vs FO 3.5% FOB Rdam Barge (E-W) F1BDM01 17.250 +3.250 F1BDM02 22.750 +0.250
at London MOC Financial

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

European Marketscan June 25, 2025

Calendar month averages for May 2025

Code Mid Code Mid
FOB Med cargo (Italy) (PGA page 1115) FOB NWE West Africa cargo (PGA page 1111)
Naphtha* PAAAI03 515.200–515.700 515.450 Gasoline AAKUV03 630.200
Prem Unl 10ppm AAWZA03 671.538–672.038 671.788 CIF NWE cargo (basis ARA) (PGA page 111)
Jet AAIDM00 632.475–632.975 632.725 Naphtha physical PAAAL03 544.475–544.975 544.725
10ppm ULSD AAWYY03 603.150–603.650 603.400 Gasoline 10ppm AAXFQ03 711.200–711.700 711.450
Gasoil 0.1% AAVJI03 600.188–600.688 600.438 Jet PJAAU03 658.388–658.888 658.638
Fuel oil 1.0% PUAAK03 385.325–385.825 385.575 ULSD 10ppm AAVBG03 619.138–619.638 619.388
Fuel oil 3.5% PUAAZ03 392.850–393.350 393.100 Diesel 10ppm NWE AAWZC03 621.063–621.563 621.313
Bitumen PFMEB03 402.500 Diesel 10ppm UK AAVBH03 621.288–621.788 621.538
FOB Med (PGF page 1761) Diesel 10ppm UK MOPL Diff AUKMA03 6.734
VGO 0.8% ABBAD03 504.775 Gasoil 0.1% AAYWS03 612.425–612.925 612.675
VGO 2% max ABBAC03 504.313 Fuel oil 1.0% PUAAL03 419.250–419.750 419.500
CIF Med cargo (Genova/Lavera) (PGA page 1115) Fuel oil 3.5% PUABA03 403.050–403.550 403.300
Naphtha PAAAH03 532.113–532.613 532.363 VGO 0.5-0.6% AAHNA00 528.963–529.963 529.463
Prem Unl 10ppm AAWZB03 684.288–684.788 684.538 VGO 2% max AAHNE00 528.525–529.525 529.025
Jet AAZBN03 656.888–657.388 657.138 FOB Rotterdam barges (PGA page 1113)
10ppm ULSD AAWYZ03 616.225–616.725 616.475 Naphtha PAAAM03 540.475–540.975 540.725
Gasoil 0.1% AAVJJ03 612.550–613.050 612.800 Eurobob AAQZV03 668.500–669.000 668.750
Fuel oil 1.0% PUAAJ03 405.738–406.238 405.988 98 RON gasoline 10ppm AAKOE00 734.250–734.750 734.500
Fuel oil 3.5% PUAAY03 412.763–413.263 413.013 Premium gasoline 10ppm PGABM03 682.500–683.000 682.750
VGO 0.8% ABBAB03 517.663 MTBE** PHBFZ03 762.413–762.913 762.663
VGO 2% max ABBAA03 517.225 Jet PJABA03 654.338–654.838 654.588
FOB NWE cargo (PGA page 1111) Diesel 10ppm** AAJUW00 607.863–608.363 608.113
Bionaphtha PAAAU03 1369.725 Gasoil 50ppm AAUQC03 604.263–604.763 604.513
Bionaphtha premium PAADU03 825.000 Gasoil 0.1%** AAYWT03 595.138–595.638 595.388
Jet PJAAV03 644.913–645.413 645.163 DMA MGO 0.1%* LGARD03 597.850

ULSD 10ppm AAVBF03 610.200–610.700 610.450 Fuel oil 1.0% PUAAP03 407.125–407.625 407.375
Diesel 10ppm NWE AAWZD03 610.100–610.600 610.350 Fuel oil 3.5% PUABC03 404.050–404.550 404.300
Gasoil 0.1% AAYWR03 595.025–595.525 595.275 Fuel oil 3.5% 500 CST PUAGN03 398.250–398.750 398.500
Fuel oil 1.0% PUAAM03 399.850–400.350 400.100 Rotterdam bunker 380 CST PUAYW03 408.000–409.000 408.500
Fuel oil 3.5% PUABB03 385.100–385.600 385.350 VGO 0.5-0.6% AAHNG00 515.300–516.300 515.800
Bitumen PFNEA03 419.375 VGO 2% max AAHNJ00 514.850–515.850 515.350
Straight run 0.5-0.7% PKABA03 465.800–466.800 466.300 Reformate AAXPM03 696.250

VGO 0.5-0.6% AAHMY00 515.038–516.038 515.538 *Naphtha FOB is basis east Med. **FOB Amsterdam/Rotterdam/Antwerp.
VGO 2% max AAHNC00 514.613–515.613 515.113
CIF West Africa cargo (PGA page 1111)
Gasoline AGNWC03 659.313

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

European Marketscan June 25, 2025

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

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

SAF (H-S) cost of production BJNWA00 2028.720 +0.157
Analysis SAF (H-S) CIF NWE MIRWD00 2063.750 -54.500
SAF (H-S) CIF NWE premium MIRWF00 1317.250 -62.250
„ Med/North differentials weaker day over day SAF (H-S) FOB FARAG SUAEA00 2044.75 -54.25
SAF (H-S) FOB FARAG premium SUAEB00 1300.00 -62.25
„ Weaker arbitrage amid higher USAC stocks RD cost of production HVNWA00 1941.225 +0.225
Americas cost of production ($/mt)
European gasoline markets weakened June 25, with SAF ETJ w/ credits USGC ESTFG00 1553.330 -468.420
SAF ETJ w/o credits USGC ESTFH00 922.100 -408.980
weaker statistics out of the US and a closed arbitrage SAF (H-S) w/ credits USWC ASAFA00 2304.969 -0.051
to the country. SAF (H-S) w/o credits USWC ASAFB00 1386.955 -1.411
Gasoline inventories on the US East Coast jumped RD w/ credits USWC ARDFA00 2158.830 -0.085
RD w/o credits USWC ARDFB00 1340.121 -1.522
3.4% on the week to June 20 to 60,755,000 barrels,
USWC cost of production ($/b)
further closing the US arbitrage. No E10 was reported Biodiesel price assessments SAF (H-S) w/ credits ASAFE00 284.731 -0.007
traded on the day, which a trader said was connected Low-High Midpoint Change SAF (H-S) w/o credits ASAFF00 171.330 -0.174
RD w/ credits 267.466 -0.010
to the closed arb. ARDFE00
Northwest Europe differential to ICE gasoil ($/mt) (PBF page 1313) RD w/o credits ARDFF00 166.033 -0.188
In the Mediterranean, the market was heard to FAME 0 (RED) FOB ARA AAXNT00 660.00-665.00 662.50 +48.50 Americas cost of production (¢/gal)
be weaker with Med/North differentials softer. “The PME (RED) FOB ARA AAXNY00 630.00-635.00 632.50 +48.50 SAF ETJ w/ credits USGC ESTFE00 446.880 -134.760
Med is a bit weaker today, I’m hearing cash diffs in the RME (RED) FOB ARA AAXNU00 725.00-730.00 727.50 -9.50 SAF ETJ w/o credits USGC ESTFF00 265.280 -117.660
SME (RED) FOB ARA AAXNX00 681.75-686.75 684.25 +29.25 SAF (H-S) w/ credits USWC ASAFI00 677.932 -0.015
teens,” said a trader in Europe.
UCOME (RED) FOB ARA AUMEA00 754.25 +8.25 SAF (H-S) w/o credits USWC ASAFJ00 407.928 -0.415
Platts assessed the physical FOB Med assessment at RD w/ credits USWC ARDFI00 636.823 -0.025
a cash differential of $18.75/mt premium to July swaps. RD w/o credits USWC ARDFJ00 395.316 -0.449
According to several sources, the narrower East/ Americas market-based assessment (¢/gal)
SAF CA SAFDA00 660.240 -3.910
West spread was also pressuring the Med market. SAF CA vs Jet LA SAFDB00 434.590 +0.400
In refinery news, a flaring event occurred at the SAF IL SAFDD00 816.440 +6.540
TotalEnergies refinery in Port Arthur, Texas, on June 23, SAF IL vs Jet Chicago SAFDE00 596.790 +0.400
ATF 30/70 CA SAFDF00 507.910 -4.310
according to a Texas Commission on Environmental ATF 30/30 IL SAFDG00 549.690 +6.140
Quality filing dated June 24. The report stated that a Asia ($/mt)
valve at the reformer unit at the refinery had failed. SAF (H-S) FOB Straits SFSMR00 1942.75 -54.50
The front-month FOB AR Eurobob barge swap was SAF cost of production (H-S, UCO) ASFAC00 2056.110 -8.770
SAF cost of production (H-S, PFAD) ASFAA00 1746.330 -3.090
assessed down $7/mt at $680/mt, with the equivalent Platts NWE Gasoline FOB Barge Daily Rationales RD cost of production (UCO) HVNAA00 1878.470 -7.320
gasoline barge crack at $14.57/b, 83 cents/b lower. & Exclusions RD cost of production (PFAD) HVSAB00 1598.240 -3.050
The July/August spread fell 75 cents/mt on the day Gasoline Prem Unleaded 10ppmS FOB AR Barge
to $9.25/mt, while the August/September spread was <PGABM00> assessment rationale: Carbon credits (PGA page 496)
50 cents/mt weaker at $13.25/mt. The FOB AR 10 ppm premium unleaded gasoline Change
The July Med/North gasoline differential — the barge was assessed at $699.75/mt and unchanged Platts CEC
spread between the July FOB Med swaps and the at a $14/mt premium to Eurobob barges, based on $/mtCO2e PCECA00 21.750 0.000
Eur/mtCO2e PCECE00 18.710 0.000
equivalent FOB ARA Eurobob barge — was unchanged information heard in the market in the absence of Jet Fuel Carbon Offset Premiums
at $3.25/mt, with August at minus $1/mt. competitive indications in the Platts Market on Close $/b AJFCA00 104.635 0.000
Platts is part of S&P Global Commodity Insights assessment process. Eur/b AJFCB00 90.009 0.000

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

European Marketscan June 25, 2025

Gasoline Eurobob FOB AR Barge <AAQZV00> Carbon Intensity (PGA page 4207)
Daily Carbon Intensity Premium Monthly Carbon Intensity
assessment rationale:
Asia $/bbl Date kgCO2e/bbl
Eurobob gasoline barges were assessed at $685.75/
Gasoline Unl 92 FOB Singapore Cargo ALCEJ00 0.720 ALCEI00 Mar-25 48.16
mt and unchanged at a $5.75/mt premium to Eurobob Jet Kero FOB Singapore Cargo ALCEL00 0.283 ALCEK00 Mar-25 18.93
swaps, based on information heard in the market in the Gasoil 10ppm FOB Singapore Cargo ALCEH00 0.427 ALCEG00 Mar-25 28.54
absence of information in the MOC. United States Gulf Coast ¢/gal Date kgCO2e/gal
Gasoline E10 Eurobob FOB AR Barge <AGEFA00> Gasoline CBOB USGC Prompt Pipeline ALCEN00 1.525 ALCEM00 Mar-25 1.02
Jet Kero 54 USGC Prompt Pipeline ALCEP00 0.718 ALCEO00 Mar-25 0.48
assessment rationale: ULSD USGC Prompt Pipeline ALCER00 0.927 ALCEQ00 Mar-25 0.62
The E10 Eurobob gasoline barge was at a $1.75/ Northwest Europe $/mt Date kgCO2e/mt
mt discount to the E5 market, unchanged on the day, Gasoline Eurobob (E5) FOB NWE Barge ALCEB00 5.625 ALCEA00 Mar-25 376.28
using information heard in the market in the absence Jet FOB NWE Barge ALCED00 2.562 ALCEC00 Mar-25 171.36
ULSD 10ppm FOB NWE Barge ALCEF00 2.887 ALCEE00 Mar-25 193.12
of competitive indications in the MOC.
Exclusions: None
Platts is part of S&P Global Commodity Insights Gasoline Prem Unleaded 10ppmS FOB Med Cargo Foreign exchange rates (PGA page 1151)
<AAWZA00> assessment rationale: June 25, 2025 London 16:30
Platts NWE Med Gasoline Cargo Daily Rationale The FOB Mediterranean gasoline cargo assessment Dollar/Swiss franc BCADC00 0.8058
GB pound/Dollar BCADB00 1.3621
& Exclusions was at $702/mt, unchanged at a $18.75/mt premium Dollar/Yen BCACW00 145.6300
Gasoline 10ppmS CIF NWE Cargo <AAXFQ00> to the July swap. The assessment was based on the Euro/Dollar BCADD00 1.1625
Dollar/Ruble 78.4750
assessment rationale: MOPL in the absence of indications in the MOC. AAUJO00

The CIF NWE gasoline cargo assessment was at Gasoline Prem Unleaded 10ppmS CIF Med Cargo
$731/mt and unchanged at a $45.25/mt differential <AAWZB00> assessment rationale:
to physical Eurobob. The assessment was based on The CIF Mediterranean gasoline cargo assessment
the previously established differential to the Eurobob was derived as a freight net-forward from the FOB
assessment, in the absence of competitive indications Mediterranean gasoline cargo assessment, using
in the Platts Market on Close assessment process. the following: FOB Med gasoline cargo assessment

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European Marketscan June 25, 2025

plus the cost of transporting a 30,000mt clean cargo Russian domestic refined products netbacks
Refinery Port Code Rb/mt Change Code $/mt Change Underlying marker
from a basket of Mediterranean ports to a basket of
Middle Distillates (PGA page 1440)
Mediterranean destinations. Gasoil and Diesel 10 ppm
Exclusions: None Moscow St Peter AAWRP00 73,169.717 +994.788 AAWRO00 933.416 +11.551 ULSD CIF NWE Crg
Yaroslavl St Peter AAXKP00 74,277.065 +994.788 AAXKO00 947.542 +11.533 ULSD CIF NWE Crg
Platts is part of S&P Global Commodity Insights NORSI Novorossiysk AAXKA00 67,983.543 +1531.338 AAWRU00 867.256 +18.485 ULSD FOB Med Crg
Syzran Novorossiysk AAXKI00 69,139.899 +1531.338 AAXKH00 882.008 +18.468 ULSD FOB Med Crg
Platts European Gasoline, Cargo, Bids, Komsomolsk
Khabarovsk
Nakhodka
Nakhodka
AAWRJ00
AAWRD00
66,577.026
67,813.602
+784.145
+784.145
AAWRI00
AAWRC00
849.314
865.089
+8.965
+8.945
GO 0.05% SporeCrg
GO 0.05% SporeCrg
Offers, Trades Ufa Primorsk AAXYF00 71,696.048 +995.341 AAXYJ00 914.616 +11.581 ULSD CIF NWE Crg
Omsk Novorossiysk AAWKQ00 64,318.239 +1531.338 AAWKP00 820.499 +18.544 GO 0.1% Med Crg
Yaroslavl Primorsk AAWJZ00 75,013.544 +995.341 AAWJY00 956.937 +11.529 ULSD CIF NWE Crg
PLATTS EU GASOLINE CARGO MOC TRADES NORSI Primorsk AAWJX00 75,019.436 +995.341 AAWJW00 957.012 +11.528 ULSD CIF NWE Crg
Kirishi Primorsk AAWJV00 77,321.720 +995.341 AAWJU00 986.382 +11.492 ULSD CIF NWE Crg
ON CLOSE Volgograd Novorossiysk ABXKR00 72,129.915 +1531.338 ABXKQ00 920.151 +18.420 ULSD FOB Med Crg
NO TRADES REPORTED Diesel damping value RNDCD00 13,837.780
PLATTS EU GASOLINE CARGO MOC BIDS ON CLOSE Gasoline (PGA page 1340)
Moscow Vysotsk AAWRT00 77,498.437 -580.462 AAWRS00 988.637 -8.637 Eurobob ARA Brg
FOB BASIS SANTA PANAGIA BAY Yaroslavl Vysotsk AAXKT00 78,511.033 -580.462 AAXKS00 1,001.554 -8.654 Eurobob ARA Brg
PLATTS PREM UNL FOB MED CRG: 10-25: NORSI Novorossiysk AAXKE00 75,473.733 -580.664 AAXKD00 962.808 -8.608 Prem Unl Med Crg
NORSI Vysotsk AAWIN00 77,047.405 -580.462 AAWIO00 982.883 -8.630 Eurobob ARA Brg
JULY 16-20: BP BIDS 27000.0MT AT PREM UNL 10PPM Syzran Novorossiysk AAXKL00 76,630.089 -580.664 AAXKK00 977.559 -8.627 Prem Unl Med Crg
FOB MED CRG $8.00 FULL MNTH JUL; TQC: {‘OPTOL: Komsomolsk Nakhodka AAWRL00 74,889.832 -1035.875 AAWRK00 955.359 -14.413 Unl 92 Spore Crg
Khabarovsk Nakhodka AAWRF00 76,126.408 -1035.875 AAWRE00 971.134 -14.433 Unl 92 Spore Crg
0-6KT: PRICING BASIS FOB MED, B/L PLUS 3 QUOTES Kirishi Vysotsk AAWIW00 80,773.561 -580.462 AAWIP00 1,030.417 -8.689 Eurobob ARA Brg
PLUS $20/MT.; SPEC: EN228 EU QUALIFIED MIN 95/85 Ufa Vysotsk AAWJE00 74,386.717 -580.462 AAWJD00 948.941 -8.588 Eurobob ARA Brg
Omsk Vysotsk AAWJC00 72,745.789 -580.462 AAWIX00 928.008 -8.562 Eurobob ARA Brg
RON/MON, 10PPM S MAX,60 KPA RVP MAX, REACH Gasoline damping value RNGCD00 15,301.363
COMPLIANT, 0.755 ESCALATE/DE-ESCALATE; SPECIAL Fuel oil (PGA page 1540)
Moscow St Peter AAWRN00 30,930.499 +186.399 AAWRM00 394.576 +1.892 FO 3.5% ARA Brg
CLAUSE: ANY CLAUSE(S) IN RELATION TO SANCTIONS Yaroslavl St Peter AAXKN00 32,037.847 +186.399 AAXKM00 408.702 +1.875 FO 3.5% ARA Brg
AND SEVERABILITY EITHER CONTAINED HEREIN OR NORSI Novorossiysk AAXKC00 27,668.937 +231.147 AAXKB00 352.969 +2.516 FO 3.5% Med Crg
Syzran Novorossiysk AAXKG00 28,825.293 +231.147 AAXKF00 367.720 +2.497 FO 3.5% Med Crg
AS PART OF THE GOVERNING GENERAL TERMS AND Komsomolsk Nakhodka AAWRH00 30,537.226 -585.354 AAWRG00 389.559 -7.959 380 CST Spore Crg
CONDITIONS, SHALL BE UPDATED SO AS TO AMEND ANY Khabarovsk Nakhodka AAWRB00 31,773.802 -585.354 AAWRA00 405.334 -7.978 380 CST Spore Crg
Kirishi Vysotsk AAWJG00 34,186.933 +185.879 AAWJF00 436.118 +1.835 FO 3.5% ARA Brg
AND ALL REFERENCES TO “EU”, “EUROPEAN UNION” Ufa Vysotsk AAWJK00 27,800.089 +185.879 AAWJJ00 354.642 +1.935 FO 3.5% ARA Brg
AND “EU MEMBER STATE” TO INCLUDE “THE UK.’} Omsk Vysotsk AAWJI00 26,159.161 +185.879 AAWJH00 333.709 +1.961 FO 3.5% ARA Brg
PLATTS EU GASOLINE CARGO MOC OFFERS Spot prices assessed by Platts in key markets are used as underlying markers for netback calculations.

ON CLOSE
NO OFFERS REPORTED In the European naphtha market, the flat price and Premiums for heavy grades of naphtha over OSN
This assessment commentary applies to the following crack spread weakened slightly June 25, while the grade seemed to have narrowed slightly.
market data codes: Gasoline 10ppm CIF NWE Cargo prompt backwardation saw a very moderate recovery. “HVN is like plus 20 FOB for blending [grade], but
<AAXFQ00> Prem Unl 10ppm FOB Italy <AAWZA00> Prem East-West spreads remained volatile, with a slight [for] the reformed feed one, there is quite some on
Unl 10ppm CIF Genoa/Lavera <AAWZB00> strengthening day over day. offer, much lower now, in the single [digits] depending
The Platts Market on Close assessment process on sulfur,” a Europe-based market source said.
Platts European Naphtha Daily Market saw relatively active offering, with six outstanding In recent chemical news, Saudi Arabian
Analysis cargo offer indications in the naphtha window. petrochemicals producer SABIC will permanently close
About petrochemical demand for naphtha, a Europe- its Olefins 6 steam cracker at Wilton, Teeside, the UK,
„ Flat price decreases slightly day over day
based trader source said, “I think the drop in flat price [of the company confirmed in a holding statement June
„ Premiums for HVN grades over OSN narrow naphtha] might actually help them, but not yet, I guess.” 25. The unit carried a nameplate facility of 865,000

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

European Marketscan June 25, 2025

mt/year of ethylene, alongside 415,000 mt/year of Asia products

Code Mid Change Code Mid Change
propylene and 100,000 mt/year of butadiene, according
Singapore (PGA page 2002)
to Platts data.
FOB Singpore ($/barrel)
“The company emphasizes that this decision
Naphtha PAAAP00 62.27–62.31 62.290 -0.620
is the result of a thorough analysis aimed at Gasoline 92 unleaded PGAEY00 79.27–79.31 79.290 -1.450
optimizing competitiveness and aligning with Gasoline 95 unleaded PGAEZ00 81.08–81.12 81.100 -1.450
long term strategic priorities,” according to the Gasoline 97 unleaded PGAMS00 82.07–82.11 82.090 -1.450
statement. Kerosene PJABF00 84.68–84.72 84.700 +0.800
Gasoil 0.05% sulfur AAFEX00 87.09–87.13 87.110 +0.950
The front-month CIF Northwest Europe naphtha
Gasoil 0.25% sulfur AACUE00 85.59–85.63 85.610 +0.950
crack was assessed at minus $6.10/b, wider by 25 cents Gasoil POABC00 87.71–87.75 87.730 +0.880
day over day. Fuel oil 180 CST 2% ($/mt) PUAXS00 436.45–436.49 436.470 -7.320
The front-month CIF NWE naphtha swap was HSFO 180 CST ($/mt) PUADV00 426.85–426.89 426.870 -7.150
assessed at $542.50/mt, down $2.25 day over day. HSFO 380 CST ($/mt) PPXDK00 423.70–423.74 423.720 -7.220
The July/August time spread was at 50 cents/mt, Gasoline components (PBF page 2010)

wider by 50 cents day over day, while the August/ FOB Singapore ($/mt)
MTBE PHALF00 667.22–669.22 668.220 -12.030
September time spread was at $1.75/mt, wider by
Singapore swaps (PPA page 2654)
25 cents.
July ($/barrel) August ($/barrel)
The front-month East-West spread — the spread
Naphtha Japan ($/mt) AAXFE00 573.00–573.50 573.250 -12.500 AAXFF00 568.75–569.25 569.000 -12.000
between the CFR Japan naphtha cargo swap and the Naphtha PAAAQ00 61.53–61.57 61.550 -0.600 PAAAR00 61.08–61.12 61.100 -0.500
CIF NWE equivalent — was at $28.25/mt, wider by $1.25 Gasoline 92 unleaded AAXEL00 77.00–77.04 77.020 -1.400 AAXEM00 75.32–75.36 75.340 -1.240
day over day, while the August spread was at $24.50/ Reforming Spread AAXEO00 15.45/15.49 15.470 -0.800 AAXEP00 14.22/14.26 14.240 -0.740
mt, wider by 75 cents. Kerosene PJABS00 84.68–84.72 84.700 +0.640 PJABT00 84.35–84.39 84.370 +0.500
Gasoil POAFC00 86.65–86.69 86.670 +0.870 POAFG00 85.69–85.73 85.710 +0.640
Platts is part of S&P Global Commodity Insights.
HSFO 180 CST ($/mt) PUAXZ00 429.78–429.82 429.800 -6.850 PUAYF00 429.03–429.07 429.050 -7.100
Middle East (PGA page 2004)
Platts NW Europe Naphtha CIF Cargo Daily FOB Arab Gulf ($/barrel)
Rationale & Exclusions Naphtha ($/mt) PAAAA00 519.81–524.81 522.310 -3.120
The CIF NWE naphtha cargo <PAAAL00> was Naphtha LR2 ($/mt) AAIDA00 525.03–530.03 527.530 -3.700
assessed at $539.75/mt based on the following Kerosene PJAAA00 80.62–80.66 80.640 +1.050
inputs: Gasoil 10 ppm AAIDT00 83.41–83.45 83.43 +1.160
Gasoil 0.005% sulfur AASGJ00 83.25–83.29 83.270 +1.160
The CIF NWE naphtha cargo assessment was based
Gasoil 0.05% sulfur AAFEZ00 83.06–83.10 83.080 +1.160
on the relationship between the physical and swaps Gasoil 0.25% sulfur AACUA00 82.45–82.49 82.470 +1.160
markets in the absence of competitive indications Gasoil POAAT00 83.41–83.45 83.430 +1.160
seen in the Platts Market on Close assessment HSFO 180 CST ($/mt) PUABE00 401.54–401.58 401.560 -6.400
process. Japan (PGA page 2006)
A daily paper structure of a 1.6 cents/mt C+F Japan ($/mt) Premium/Discount
backwardation was applied throughout the curve. Naphtha PAAAD00 576.75–581.75 579.250 -7.000
Naphtha MOPJ Strip AAXFH00 567.25–567.75 567.500 -11.380 AAXFI00 11.50/12.00 11.750 +4.370
Exclusions: None
Naphtha 1st 1/2 Aug PAAAE00 586.25–586.75 586.500 -7.000
Platts is part of S&P Global Commodity Insights Naphtha 2nd 1/2 Aug PAAAF00 581.25–581.75 581.500 -7.000
Naphtha 1st 1/2 Sep PAAAG00 576.75–577.25 577.000 -7.000
(continued on page 11) Gasoline unleaded ($/barrel) PGACW00 82.26–82.30 82.280 -1.620
Kerosene ($/barrel) PJAAN00 86.31–86.35 86.330 +0.590

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

European Marketscan June 25, 2025

US Products: June 24, 2025

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

CIF cargoes (¢/gal) RVP
Unleaded 87 AAMHG00 207.52–207.62 207.570 -13.250 AAMHGRV 9.0

$/barrel 1% strip NYH vs 1% strip
No. 6 1.0%** PUAAO00 67.94–67.96 67.950 -4.560 AAUGG00 66.90–66.92 66.910 -4.360 AAUGD00 1.03/1.05 1.040 -0.200
USAC HSFO PUAAX00 66.42–66.44 66.430 -4.090 AAUGF00 -0.49/-0.47 -0.480 +0.270

Settle-based Residual swaps ($/barrel)
No. 6 1.0% paper Bal M AFOAB00 NA NANA
No. 6 1.0% paper 1st month AFOAM01 66.550 -4.300
No. 6 1.0% paper 2nd month AFOAM02 65.200 -4.250
NY numbers include duty.
FOB Gulf Coast (PGA page 156 & 338)

¢/gal RVP
Unleaded 87 PGACT00 201.89–201.99 201.940 -11.720 PGACTRV 9.0
Unleaded 89 PGAAY00 210.15–210.25 210.200 -11.860 PGAAYRV 9.0
Unleaded 93 PGAJB00 222.54–222.64 222.590 -12.070 PGAJBRV 9.0
MTBE PHAKX00 191.09–191.19 191.140 -11.820
Jet 54 PJABM00 211.16–211.26 211.210 -8.860
Jet 55 PJABN00 212.16–212.26 212.210 -8.860
ULS Kero AAVTK00 222.16–222.26 222.210 -8.860
No. 2 POAEE00 202.66–202.76 202.710 -9.360
Alkylate* AAFIE00 19.65/19.75 19.700 -1.100
*Premium to US Gulf Coast pipeline gasoline; DAP

Cargo (¢/gal) Cargo ($/mt)
FOB Naphtha AAXJP00 130.750 -8.750 AAXJU00 494.240 -33.070
Export ULSD AAXRV00 206.750 -8.940 AAXRW00 646.920 -27.970

$/barrel USGC HSFO strip vs 1% strip
Slurry Oil PPAPW00 64.38–64.40 64.390 -3.800 AAUGS00 3.37/3.39 3.380 +0.190
No. 6 1.0% 6 API PUAAI00 68.21–68.23 68.220 -4.150 AAUGT00 7.20/7.22 7.210 -0.160
USGC HSFO PUAFZ00 61.38–61.40 61.390 -3.800 AAUGW00 61.00–61.02 61.010 -3.990 AAUGU00 0.37/0.39 0.380 +0.190
RMG 380 PUBDM00 61.38–61.40 61.390 -3.800 AAUGV00 0.37/0.39 0.380 +0.190

Settle-based Residual swaps ($/barrel)
USGC HSFO swap M1(Jul) AWATM01 60.600 -3.950
USGC HSFO swap M2(Aug) AWATM02 59.400 -3.950

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

European Marketscan June 25, 2025

Platts NW Europe Naphtha CIF Cargo Bids, Delivery basis

Offers, Trades
Please note that the assessments which appear in the FOB Rotterdam barge section have varying delivery bases as
PLATTS EU NAPHTHA PVO MOC TRADES noted below:
ON CLOSE Code Delivery basis
NO TRADES REPORTED Naphtha PAAAM00  FOB Amsterdam-Rotterdam-Antwerp
PLATTS EU NAPHTHA PVO MOC BIDS Eurobob AAQZV00  FOB Amsterdam-Rotterdam
ON CLOSE E10 Eurobob AGEFA00 FOB Amsterdam-Rotterdam
NO BIDS REPORTED 98 RON gasoline 10 ppm AAKOD00  FOB Amsterdam-Rotterdam
PLATTS EU NAPHTHA PVO MOC OFFERS Premium gasoline 10 ppm PGABM00  FOB Amsterdam-Rotterdam
ON CLOSE Reformate AAXPM00  FOB Amsterdam-Rotterdam
CIF BASIS ROTTERDAM Jet PJABA00  FOB Flushing-Amsterdam-Rotterdam-Antwerp-Ghent
PLATTS NAPHTHA NWE CRG MIN QTY 28 KT: Diesel 10 ppm AAJUS00  FOB Amsterdam-Rotterdam-Antwerp
10-25: JULY 9-13: TRAFIGURA OFFERS 28000.0MT AT Gasoil 50 ppm AAUQC00  FOB Amsterdam-Rotterdam-Antwerp
NAPHTHA CIF NWE CRG $4.00 FULL MNTH JUL; TQC: Gasoil 0.1% AAYWT00  FOB Amsterdam-Rotterdam-Antwerp
{‘OPTOL +1’} DMA MGO 0.1% LGARD00  FOB Amsterdam-Rotterdam-Antwerp
PLATTS NAPHTHA NWE CRG MIN QTY 28 KT: Fuel oil 1.0% PUAAP00  FOB Rotterdam
10-25: JULY 11-15: ARAMCO OFFERS 28000.0MT AT Fuel oil 3.5% PUABC00  FOB Rotterdam
NAPHTHA CIF NWE CRG $3.00 FULL MNTH JUL; TQC: Fuel oil 3.5% 500 CST PUAGN00  FOB Rotterdam
{‘OPTOL +3’} Marine fuel 0.5% PUMFD00 FOB Rotterdam-Antwerp
PLATTS NAPHTHA NWE CRG MIN QTY 28 KT: Rotterdam bunker 380 CST PUAYW00  Rotterdam Delivered bunkers
10-25: JULY 16-20: ARAMCO OFFERS 28000.0MT AT
NAPHTHA CIF NWE CRG $3.00 FULL MNTH JUL; TQC: Platts Mediterranean Naphtha FOB Cargo Daily sulfur gasoil was assessed down $6.25/mt at $32.75/
{‘OPTOL +3’} Rationale mt on June 25, while the Jet FOB Barges differential
PLATTS NAPHTHA NWE CRG MIN QTY 32 KT: Naphtha FOB Med Cargo <PAAAI00> assessment premium over front-month ICE low sulfur gasoil was
10-25: JULY 5-9: TRAFIGURA OFFERS 32000.0MT AT rationale: assessed down $6.25/mt at $27.75/mt on the day.
NAPHTHA CIF NWE CRG $0.00 COD +5 QUOTES; TQC: The FOB Mediterranean naphtha cargo assessment Oil products inventories at the UAE’s Port of
{‘OPTOL +1’} was derived as a freight netback from the CIF NWE Fujairah rose 3.8% to a five-week high in the week
PLATTS NAPHTHA NWE CRG MIN naphtha cargo assessment, using the following ended June 23, as fuel oils used for shipping and
QTY 32 KT: 10-25: JULY 9-13: SHELL OFFERS assessments: CIF NWE naphtha cargo assessment minus power generation surged 22%, according to Fujairah Oil
32000.0MT AT NAPHTHA CIF NWE CRG $3.50 the cost of transporting a 27,500 mt naphtha cargo from Industry Zone data published June 25.
ANY DAY SEE TQC; TQC: {‘PRICING 16-31 JULY, Alexandria in the Mediterranean to Rotterdam. Total inventories climbed to 19.12 million barrels,
OPTOL @ FLAT’} the highest since May 19 and marking the third
PLATTS NAPHTHA NWE CRG MIN QTY 32 KT: Platts European Jet Daily Market Analysis consecutive weekly increase. Fuel oils categorized
10-25: JULY 16-20: TRAFIGURA OFFERS 32000.0MT AT as heavy distillates jumped to 10.338 million barrels,
„ Jet CIF NWE cargo differentials to ICE LSGO fall
NAPHTHA CIF NWE CRG $4.00 FULL MNTH JUL; TQC: also a five-week high. Middle distillates, including jet
{‘OPTOL +1’} „ Jet CIF NWE front-month swap differential weakens fuel and diesel, climbed 8% to 2.044 million barrels,
This assessment commentary applies to the while light distillates such as gasoline and naphtha
following market data codes: Naphtha CIF NWE Cargo In the European jet fuel market, the jet CIF NWE dropped 17% to 6.738 million barrels, a three-
<PAAAL00> cargo differential premium over front-month ICE low month low.

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

European Marketscan June 25, 2025

Jet fuel demand for the region has slumped 13% Platts NWE Jet Barge Bids, Offers, Trades Europe jet cargo assessment, using the following
since the Iran-Israel conflict began on June 13, and calculation: CIF NWE jet cargo assessment minus the
any recovery, if a ceasefire holds, will be gradual, PLATTS EU MIDDIST BARGE MOC TRADES cost of transporting a 27,500 mt clean cargo from
according to S&P Global Commodity Insights ON CLOSE Augusta, Italy, to Rotterdam, Netherlands.
estimates. NO TRADES REPORTED Exclusions: None
In the European jet paper market, the Platts Jet PLATTS EU MIDDIST BARGE MOC BIDS ON CLOSE Platts is part of S&P Global Commodity Insights.
CIF Northwest European Cargo July front-month NO BIDS REPORTED
swap differential fell $4.25/mt to $40.50/mt, Platts PLATTS EU MIDDIST BARGE MOC OFFERS Platts NWE Daily Jet Cargo Bids, Offers,
assessment data showed. ON CLOSE Trades
Total open interest for CIF NWE Jet vs Low Sulphur FARAG
Gasoil 1st Line Futures rose 582 contracts to 20,617 PLATTS JET BRG 2-3KT CCM: BE1: JULY 6-10: PLATTS EU MIDDIST PVO MOC TRADES ON CLOSE
contracts, a 2.9% increase in the week ended June BP OFFERS 3KMT AT $2.00 NO TRADES REPORTED
20, according to ICE data. Higher percent change in PLATTS JET BRG 2-3KT CCM: BE1: JULY 6-10: PLATTS EU MIDDIST PVO MOC BIDS ON CLOSE
activity in open interest was seen in front of the curve, UNIPEC OFFERS 3KMT AT $2.00 CIF BASIS ANTWERP
with the July 2025 contract rising 10.85% to 2,952 PLATTS JET BRG 2-4KT CCM: BE1: JULY 6-10: PLATTS NWE JET CRG: 10-25: JULY 10-15: SHELL
contracts on the week, and the August contract rising UNIPEC OFFERS 4KMT AT $2.00 BIDS 27000.0MT AT JET CIF NWE CRG $2.75 ANY DAY
6.26% to 2,613 contracts. This assessment commentary applies to the following SEE TQC; OPTOL:0.0-6000.0MT JET CIF NWE CRG COD
Meanwhile, open interest in the September contract market data codes: Jet FOB Rdam Barge <PJABA00> AT $2.75; TQC: {‘LAYCAN- SELLER TO DECLARE A 5 DAY
fell 0.42% to 2,397 contracts, and the November WINDOW AT THE TIME OF THE TRADE (IF APPLICABLE);
contract fell 3.25% to 1,460 contracts in the week Platts NWE Jet Cargo Daily Rationales & MAIN VOLUME: 27KT PRICING CCM RELATED 01 JUL -05
ended June 20, according to ICE data. Exclusions JUL; SPEC- JET A1 DEFSTAN 91-091, MEETING JFSCL
This came on the week as tensions rose between Jet CIF NWE Cargo <PJAAU00> assessment LATEST ISSUE (CURRENT AT BILL OF LADING) WITH
Israel and Iran, boosting global oil markets, with rationale: POSSIBLE EXCEPTION OF ELECTRICAL CONDUCTIVITY
the European jet fuel physical market also gaining The CIF NWE jet fuel cargo assessment was based (STADIS TO BE PROVIDED ON BOARD IN DRUMS), ISPS
strength throughout the week. Market sources on the following inputs, expressed as differentials to COMPLIANT; CP- MIN NWE CHARTER PARTY OPTIONS
indicated that participants in the jet fuel market the front-month ICE LSGO futures contract: AT CHARTER PARTY RATE, TERMS AND CONDITIONS.
were taking a cautious approach due to prevailing Value on July 8 to July 11 was assessed at $32.50/ ALL OTHER AVAILABLE AND OBTAINABLE CP OPTIONS
uncertainties. mt, factoring an outstanding offer in the Platts Market TO BE PASSED AT COST.; VESSEL CLEARANCES: SHELL
Platts is part of S&P Global Commodity Insights. on Close assessment process. / BP / TOTSA; OTHER: IT IS A CONDITION OF THIS BID
Value on July 12 and 13 was assessed at $33.57/mt, THAT THE GOODS SOLD AND DELIVERED BY SELLER
Platts NWE Jet Barge Daily Rationale & factoring an outstanding bid and outstanding offer in WILL NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN,
Exclusions the MOC. NOR HAVE BEEN BLENDED WITH ANY PRODUCT THAT
Jet FOB FARAG <PJABA00> assessment rationale: A backwardated structure of 19 cents/mt per day, WAS PRODUCED IN RF, NOR WILL THE TRANSPORT
The FOB FARAG jet fuel barges assessment was in line with the paper market, was applied to the front OF THE GOODS SOLD COMMENCE FROM OR INVOLVE
based on the previously established relationship and to the back of the physical curve. TRANSIT THROUGH RF.’}
between the jet fuel cargoes and barges markets, in Exclusions: None CIF BASIS AVONMOUTH
the absence of competitive indications in the Platts Jet FOB Med Cargo <AAIDL00> assessment PLATTS NWE JET CRG: 10-25: JULY 9-13:
Market on Close assessment process. rationale: ARAMCO BIDS 27000.0MT AT JET CIF NWE CRG $3.50
Exclusions: None The FOB Mediterranean jet cargo assessment was ANY DAY SEE TQC; OPTOL:0.0-6000.0MT JET CIF NWE
Platts is part of S&P Global Commodity Insights. derived as a freight netback to the CIF Northwest CRG COD AT $3.5; TQC: {‘MAIN VOLUME PRICING: 5 - 25

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

European Marketscan June 25, 2025

JULY (BOTH ENDS INCLUDED); SPEC: JET A1 DEFSTAN (STADIS TO BE PROVIDED ON BOARD IN DRUMS),ISPS Whereas in Northwestern Europe, gasoil is used
91-091, MEETING JFSCL LATEST ISSUE (CURRENT COMPLIANT ; CP OPTIONS: MIN NWE OPTIONS AT nearly exclusively as heating oil, North African and
AT BILL OF LADING) WITH POSSIBLE EXCEPTION OF CP RATE. ; GTCS: BPOI 2015V1.2 ; VESSEL: RAYSUT; Middle Eastern countries use the heavy distillate as
ELECTRICAL CONDUCTIVITY (STADIS TO BE PROVIDED OTHER:NON RUSSIAN ORIGIN’} high-sulfur road fuel or as fuel for power generation.
ON BOARD IN DRUMS), ISPS COMPLIANT; CP: MIN CIF BASIS ROTTERDAM In the Med, the biggest import market is Libya,
NWE OPTIONS AT CP RATE; VESSEL CLEARANCES: BP/ PLATTS NWE JET CRG: 10-25: JULY 12-20: BP which takes 10 to 15 cargoes a month depending
TOTSA/SHELL; OTHER:NON RUSSIAN ORIGIN’} OFFERS 27000.0MT AT JET CIF NWE CRG $1.00 ANY on the time of the year and general needs. Libyan
CIF BASIS ROTTERDAM DAY SEE TQC; OPTOL:0.0-6000.0MT JET CIF NWE imports are set to rise in July, while Algeria is
PLATTS NWE JET CRG: 10-25: JULY 5-9: CRG COD AT $1.0; TQC: {‘LAYCAN: BUYER TO DECLARE expected to import more than in June, tightening the
GLENCORE BIDS 27000.0MT AT JET CIF NWE CRG A 5 DAY WINDOW AT THE TIME OF THE TRADE (IF Mediterranean market.
$0.00 ANY DAY SEE TQC; OPTOL:0.0-6000.0MT JET CIF APPLICABLE) ; MAIN VOLUME PRICING: 26 JUNE - 6 In addition, Egyptian General Petroleum Corp. is
NWE CRG COD AT $0.0; TQC: {‘INDICATION 1; SELLER TO JULY; SPEC:JET A1 DEFSTAN 91-091, MEETING JFSCL tendering until July 2 for 500 ppm gasoil delivered in
NARROW DATES AT TIME OF BOOKING IF APPLICABLE; LATEST ISSUE (CURRENT AT BILL OF LADING) WITH August. Most of EGPC imports go into the Red Sea
; MAIN VOLUME 27KT PRICING CCM RELATED 5-10 POSSIBLE EXCEPTION OF ELECTRICAL CONDUCTIVITY port of Ain Sukhna, but this time the tender includes
JULY (BOTH INCLUSIVE); ; JET A1 DEFSTAN 91-091, (STADIS TO BE PROVIDED ON BOARD IN DRUMS),ISPS one 33,000-35,000 mt cargo for Alexandria on the
MEETING JFSCL LATEST ISSUE (CURRENT AT BILL COMPLIANT ; CP OPTIONS: MIN NWE OPTIONS AT Mediterranean coast of Egypt. The cargo is to be
OF LADING) (WITH THE POSSIBLE EXCEPTION OF CP RATE. ; GTCS: BPOI 2015V1.2 ; CLEARANCES: BP/ delivered Aug. 10-12.
ELECTRICAL CONDUCTIVITY) (STADIS TO BE PROVIDED TOTSA/SHELL; OTHER:NON RUSSIAN ORIGIN’} While the uptick in Libyan and Algerian demand could
ONBOARD IN DRUMS), ISPS COMPLIANT; ; MIN NWE This assessment commentary applies to the point to a tighter Med market in July, the Platts Market
CHARTER PARTY OPTIONS AT CHARTER PARTY RATE, following market data codes: Jet CIF NWE cargo on Close assessment process saw multiple offers during
TERMS AND CONDITIONS.; VESSEL SHELL/BP/TOTAL; <PJAAU00> Jet FOB Italy cargo <AAIDL00> the day. TotalEnergies offered Algerian gasoil a day after
; OTHER: IT IS A CONDITION OF THIS AGREEMENT it sold a cargo of Spanish B+C to Addax CIF Barcelona,
THAT THE GOODS SOLD AND DELIVERED BY SELLER Platts European Gasoil Daily Market Analysis while Vitol offered Libyan gasoil with minimum density
WILL NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, 830 kg/m3 delivered in the first half of July.
„ Activity in Med ramps up
NOR HAVE BEEN REFINED FROM RUSSIAN CRUDE While sources said the availability of product
OIL OR BLENDED WITH ANY PRODUCT THAT WAS „ Libya, Algeria to increase July imports remains limited, higher premiums could incentivize
PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE traders to supply the necessary specs.
GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT Gasoil market activity increased June 25, with Platts is part of S&P Global Commodity Insights.
THROUGH RF’} traders resuming normal operations amid the Israel-
PLATTS EU MIDDIST PVO MOC OFFERS ON CLOSE Iran ceasefire. Platts NWE Gasoil 0.1% Barge Daily Rationale &
CIF BASIS LE HAVRE CIM TERMINAL Market liquidity continued to ramp up, with most Exclusions
PLATTS NWE JET CRG: 10-25: JULY 6-15: BP gasoil activity focused on the Mediterranean. Algeria and Gasoil .1%S (1000ppm) FOB ARA Barge <AAYWT00>
OFFERS 27000.0MT AT JET CIF NWE CRG $-0.50 ANY Libya have been showing strong demand for July cargoes, assessment rationale:
DAY SEE TQC; OPTOL:0.0-6000.0MT JET CIF NWE CRG sources said, but trading activity had been put on hold The FOB ARA 0.1%S gasoil barge assessment was
COD AT $-0.5; TQC: {‘LAYCAN: BUYER TO DECLARE due to the Israel-Iran conflict, which broke out June 13. based on the previously established relationship
A 5 DAY WINDOW AT THE TIME OF THE TRADE (IF Trading was relatively quiet in June, due to between the physical and paper markets, in the
APPLICABLE) ; MAIN VOLUME PRICING: 26 JUNE - 6 seasonally weaker demand into Libya and only a absence of competitive indications in the Platts
JULY; SPEC:JET A1 DEFSTAN 91-091, MEETING JFSCL handful of cargoes requested by Algeria’s Sonatrach. Market on Close assessment process.
LATEST ISSUE (CURRENT AT BILL OF LADING) WITH But with temperatures rising, North African countries Exclusions: None
POSSIBLE EXCEPTION OF ELECTRICAL CONDUCTIVITY looked to increase their purchases of 0.1% gasoil. Platts is part of S&P Global Commodity Insights

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

European Marketscan June 25, 2025

Platts NWE Gasoil 50ppm Barge Daily Rationale PLATTS EU MIDDIST PVO MOC OFFERS ON CLOSE AT COST; VESSEL: TOTSA/SHELL/BP; NON RUSSIAN
& Exclusions NO OFFERS REPORTED ORIGIN’}
Gasoil .005%S (50ppm) FOB ARA Barge This assessment commentary applies to the PLATTS EU MIDDIST PVO MOC OFFERS ON CLOSE
<AAUQC00> assessment rationale: following market data codes: Gasoil 0.1% FOB CIF BASIS BARCELONA
The FOB ARA 50 ppm gasoil barge assessment NWE cargo <AAYWR00> Gasoil 0.1% CIF NWE cargo PLATTS MED 0.1% GASOIL CRG: 10-25: JULY
was based on the previously established relationship <AAYWS00> 5-9: TOTAL OFFERS 25000.0MT AT GSL0.1CIFMEDCRG
between the physical ULSD and 50 ppm barge $15.00 COD +3 QUOTES; TQC: {‘OPTOL 0-5 KT AS
markets, in the absence of competitive indications in Platts Mediterranean Gasoil 0.1%S Cargo Daily PER MAIN ; SPEC: GASOIL 0.1% ALGERIAN SUMMER
the Platts Market on Close assessment process. Rationales & Exclusions SPEC; CP: EUROMED NEOBIG+SLOVENIA+CROATIA+
Exclusions: None Gasoil 0.1%S FOB Med Cargo <AAVJI00> EXCLUDING Y/FYUGO/TOC AND OTHERS AS
Platts is part of S&P Global Commodity Insights assessment rationale: The FOB Mediterranean OBTAINABLE AS PER C/P AT COST ; VESSEL: SARAS/
0.1% gasoil cargo assessment was derived as a TOTAL/BP ; IT IS A CONDITION OF THIS AGREEMENT
Platts NWE Gasoil 0.1%S Cargo Daily Rationale & freight netback from the CIF Med 0.1% gasoil cargo THAT THE PRODUCT DELIVERED BY THE SELLER AND
Exclusions assessment, using the following assessments: CIF PURCHASED BY THE BUYER SHALL NOT BE, IN ALL OR
Gasoil 0.1%S FOB NWE Cargo <AAYWR00> Med 0.1% gasoil cargo assessment minus the cost of IN PART, OF RUSSIAN FEDERATION ORIGIN AND SHALL
assessment rationale: transporting a 30,000 mt clean cargo from a basket of NOT HAVE BEEN LOADED IN OR TRANSPORTED FROM
The FOB Northwest Europe 0.1% gasoil cargo ports in the Mediterranean and Black Sea to Genoa, THE RUSSIAN FEDERATION. FOR THESE PURPOSES
assessment was derived as a freight netback from Italy, and Lavera, France. PRODUCT SHALL BE CONSIDERED TO BE OF “RUSSIAN
the CIF NWE 0.1% gasoil cargo assessment, using the Gasoil .1%S (1000ppm) CIF Med Cargo <AAVJJ00> FEDERATION ORIGIN” IF IT IS PRODUCED IN THE
following assessments: CIF NWE 0.1% gasoil cargo assessment rationale: The CIF Mediterranean 0.1%S RUSSIAN FEDERATION. UPON BUYER\’S REQUEST,
assessment minus the cost of transporting a 22,000 gasoil cargo assessment was based on the previous SELLER SHALL PROVIDE A PROOF OF ORIGIN OF THE
mt clean cargo from a basket of ports in the Baltic and relationship between the physical and paper markets PRODUCT.’}
Northwest Europe to Le Havre, France. in the absence of competitive indications in the Platts CIF BASIS LA SKHIRRA
Gasoil 0.1%S CIF NWE Cargo <AAYWS00> Market on Close assessment process. PLATTS MED 0.1% GASOIL CRG: 10-25: JULY
assessment rationale: Exclusions: None 5-9: VITOL OFFERS 27000.0MT AT EFP ICE LS GO
The CIF Northwest Europe 0.1%S gasoil cargo Platts is part of S&P Global Commodity Insights $30.00 MONTH JUL; TQC: {‘3 OCO 4; MAIN VOLUME
assessment was based on the previous relationship EFP; OPTOL: 0-6KT EFP AS PER MAIN; 01 LIBYAN
between the physical and paper markets in the Platts Mediterranean Gasoil 0.1%S Cargo SPEC MIN 830 DEN; EUROMED, NEOBIG (EXC YUGO/
absence of competitive indications in the Platts Bids, Offers, Trades FORMER YUGO/ALBANIA/SYRIA BUT INC CROATIA/
Market on Close assessment process. SLOVENIA)+TUNISIA+EGYPT MED+ALGERIA+LIBYA;
Exclusions: None PLATTS EU MIDDIST PVO MOC TRADES ON CLOSE VESSEL: SARAS/SHELL/TOTSA’}
Platts is part of S&P Global Commodity Insights NO TRADES REPORTED PLATTS MED 0.1% GASOIL CRG: 10-25: JULY
PLATTS EU MIDDIST PVO MOC BIDS ON CLOSE 11-15: VITOL OFFERS 27000.0MT AT GSL0.1CIFMEDCRG
Platts NWE Gasoil 0.1%S Cargo Bids, Offers, CIF BASIS GENOA $22.00 ANY DAY SEE TQC; TQC: {‘2 OCO 1; MAIN
Trades PLATTS MED 0.1% GASOIL CRG: 10-25: JULY VOLUME PRICING: 26-30 JUNE; OPTOL: 0-6KT
7-11: BGN BIDS 27000.0MT AT GSL0.1CIFMEDCRG $14.00 PREMIUM AS PER MAIN COD+3; 01 LIBYAN SPEC
PLATTS EU MIDDIST PVO MOC TRADES ON CLOSE COD +3 QUOTES; TQC: {‘OPTOL: 0-6KT, 3 QUOTES MIN 830 DEN; EUROMED, NEOBIG (EXC YUGO/
NO TRADES REPORTED AFTER COD (COD=0) DIFF AS PER MAIN; SPEC: LIBYAN FORMER YUGO/ALBANIA/SYRIA BUT INC CROATIA/
PLATTS EU MIDDIST PVO MOC BIDS ON CLOSE SUMMER SPEC; CP: EUROMED + TURKEY + EGYPT + SLOVENIA)+TUNISIA+EGYPT MED+ALGERIA+LIBYA;
NO BIDS REPORTED LIBYA + OTHER CP OPTIONS OBTAINABLE AS PER C/P VESSEL: SARAS/SHELL/TOTSA’}

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

European Marketscan June 25, 2025

PLATTS MED 0.1% GASOIL CRG: 10-25: JULY Despite its war with Ukraine, leading Russian Value on July 2 was assessed at $9/mt based on a
5-9: VITOL OFFERS 27000.0MT AT GSL0.1CIFMEDCRG refiners had hoped to progress major modernization trade in the Platts Market on Close assessment process;
$23.00 ANY DAY SEE TQC; TQC: {‘4 OCO 3; MAIN plans to boost conversion capacity and high-value Value on July 8 was assessed at $5.75/mt below a
VOLUME PRICING: 26-30 JUNE; OPTOL: 0-6KT product yields to stay competitive. But another flare-up competitive offer in the MOC.
PREMIUM AS PER MAIN COD+3; 01 LIBYAN SPEC in Ukrainian drone attacks in early 2025 has left many A linear structure was drawn from July 2 to July 8
MIN 830 DEN; EUROMED, NEOBIG (EXC YUGO/ businesses blighted by major infrastructure damage, and extended to the rest of the curve.
FORMER YUGO/ALBANIA/SYRIA BUT INC CROATIA/ made worse by surging borrowing costs. Exclusions: None
SLOVENIA)+TUNISIA+EGYPT MED+ALGERIA+LIBYA; As a result, more and more refiners have been forced Platts is part of S&P Global Commodity Insights
VESSEL: SARAS/SHELL/TOTSA’} to abandon plans to focus on short-term survival.
PLATTS MED 0.1% GASOIL CRG: 10-25: JULY 11- Russia’s largest refiner, Rosneft, has said exorbitant Platts NWE ULSD Cargo Daily Rationales &
15: VITOL OFFERS 27000.0MT AT EFP ICE LS GO $29.00 interest rates have prompted it to postpone Exclusions
MONTH JUL; TQC: {‘1 OCO 2; MAIN VOLUME PRICING: modernization plans, clouding prospects for projects at ULSD 10ppmS CIF NWE Cargo <AAVBG00>
EFP; OPTOL: 0-6KT EFP AS PER MAIN; 01 LIBYAN Novokuybishev, Ryazan, Syzran and Komsomolsk. assessments rationale:
SPEC MIN 830 DEN; EUROMED, NEOBIG (EXC YUGO/ A shaky Russian economy could also inhibit fuel The CIF NWE diesel cargo assessment was based
FORMER YUGO/ALBANIA/SYRIA BUT INC CROATIA/ demand and challenge the economics of major on the following input, expressed as differentials to the
SLOVENIA)+TUNISIA+EGYPT MED+ALGERIA+LIBYA; investments in refinery expansions. front-month ICE LSGO futures contract:
VESSEL: SARAS/SHELL/TOTSA’} During the St. Petersburg International Economic Value on July 7 was assessed at $22.25/mt above
This assessment commentary applies to the Forum earlier in June, Russia’s minister of economic a competitive bid in the Platts Market on Close
following market data codes: Gasoil 0.1% FOB Italy development, Maxim Reshetnikov, warned the assessment process;
<AAVJI00> Gasoil 0.1% CIF Genoa/Lavera <AAVJJ00> country’s economy was teetering “on the brink of Value on July 18 was assessed at $14.75/mt below a
recession” due to its strict monetary policy, putting competitive offer in the MOC.
Platts European Diesel Daily Market long-term growth prospects at risk. A linear structure was drawn between July 7 and
Analysis As the war with Ukraine drags on, military July 18 and extended to the rest of the curve.
consumption will support diesel demand, but could ULSD 10ppmS CIF NWE Basis UK Cargo <AAVBH00>
„ European diesel market edges higher June 25
mask declines in other sectors like construction. assessment rationale:
„ Russian refinery modernization agenda stalled For now, a break in Ukrainian drone strikes on The CIF UK diesel cargo assessment was based
refineries is providing some relief for Russian producers, on the previous relationship between the physical
The European diesel market predominantly though further developments in the war remain a wild and paper markets in the absence of competitive
strengthened across the complex on June 25. card. Progress on a US-brokered peace process appears indications in the MOC.
The front-month July ICE LSGO futures contract to have reached a stalemate, but any breakthrough ULSD 10ppmS CIF NWE Basis Le Havre Cargo
bounced back $14.25 day over day to $683.50/mt, while could return focus to long-term modernization plans. <AAWZC00> assessment rationale:
the prompt July/August spread rose $4 to $14.25/mt, Platts is part of S&P Global Commodity Insights. The CIF Northwest Europe (Le Havre) diesel cargo
Platts data showed. assessment was derived as a freight net forward from
While the Northwest European ULSD cargo Platts NWE ULSD Barge Daily Rationale & the CIF NWE (ARA) diesel cargo assessment, using the
differential to LSGO futures fell $4.50 to $18.50/mt, its Exclusions following assessments: CIF NWE (ARA) diesel cargo
Mediterranean counterpart increased $1.25 to $18.25/mt. ULSD 10ppmS FOB ARA Barge <AAJUS00> assessment plus the cost of transporting a 30,000
In other news, Russia’s bold refinery modernization assessment rationale: mt clean cargo from a basket of ports in Northwest
agenda is losing momentum as companies race to The ULSD FOB ARA barge assessment was based Europe to Le Havre, France.
repair damage from Ukrainian drones and protect on the following input, expressed as differentials to the Exclusions: None
profits in a declining war economy. front-month ICE LSGO futures contract: Platts is part of S&P Global Commodity Insights

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

European Marketscan June 25, 2025

Platts NWE ULSD Cargo Bids, Offers, Trades CIF BASIS ROSTOCK cargo <AAVBH00> Diesel 10 ppm NWE CIF NWE cargo
PLATTS NWE ULSD CRG: JULY 16-20: TOTAL <AAWZC00> ULSD 10 ppm CIF NWE cargo <AAVBG00>
PLATTS EU MIDDIST PVO MOC TRADES ON CLOSE BIDS 25000.0MT AT EFP ICE LS GO $16.00 MONTH
CIF BASIS TEESSIDE JUL; TQC: {‘MAIN VOLUME PRICING: EFP; OPTOL: 0-5KT, Platts UK ULSD Cargo MOC Bids, Offers,
PLATTS NWE ULSD CRG: JULY 5-9: SHELL PREMIUM AS PER MAIN, PRICING EFP; SPEC: ULSD Trades
SELLS TO BP* 27000.0MT AT EFP ICE LS GO $21.50 10PPM FRENCH SUMMER, CLEAR & BRIGHT,0.842
MONTH JUL; TQC: {‘MAIN VOLUME: AS PER EFP; OPTOL: MAX DENS; CP: HAMBURG-BDX, NORTH SPAIN + Bids:
0-6KT AS EFP AS PER MAIN INDICATION; SPEC: ULSD ECUK, OTHERS; OBTAINABLE AT COST; VESSEL: BP/ 1) STR-BP Trade on Bid [15:29:18], Teesside, Sat 05
10PPM UK SUMMER SPEC, CLEAR & BRIGHT,0.842 MAX SHELL/TOTAL; IT IS A CONDITION OF THIS AGREEMENT Jul - Wed 09 Jul, Main: 27kt, “Main volume: As per EFP
DENS; CP: HAMBURG-BDX, NORTH SPAIN + ECUK, THAT THE PRODUCT; DELIVERED BY THE SELLER Optol: 0-6kt as EFP as per main indication
OTHERS OBTAINABLE AT COST; VESSEL: BP/SHELL/ AND PURCHASED BY THE BUYER; SHALL NOT BE, Spec: ULSD 10ppm UK Summer Spec, clear &
TOTAL; 100% NON RUSSIAN’}; (15:29:17) INALLORINPART, OF RUSSIANFEDERATION; ORIGIN AND bright,0.842 max dens
PLATTS EU MIDDIST PVO MOC BIDS ON CLOSE SHALL NOT HAVE BEEN LOADEDINORTRANSPORTED ; CP: Hamburg-Bdx, North Spain + ECUK, others
CIF BASIS BILBAO FROM THERUSSIANFEDERATION. FORTHESEPURPOSES obtainable at cost
PLATTS NWE ULSD CRG: JULY 9-13: GUNVOR ; PRODUCT SHALL BE CONSIDERED TO BE OF Vessel: BP/Shell/Total
BIDS 27000.0MT AT ULSD CIFNWE CRG $2.00 ANY DAY “RUSSIAN; FEDERATION ORIGIN” IF IT IS PRODUCED IN 100% Non Russian”, 100% of main at EFP ICE LS GO
SEE TQC; TQC: {‘INDICATION 2 OCO INDICATION 1; MAIN THE RUSSIAN; FEDERATION. UPON BUYER\’S REQUEST, $21.50/mt, Month, Jul
VOLUME: PRICING 14-18 JULY; OPTOL: 0-6KT PRICING SELLER SHALL; PROVIDE A PROOF OF ORIGIN OF THE Offers: none.
COD+3, PREMIUM AS PER MAIN; SPEC: ULSD 10PPM PRODUCT.’} Trades:
FRENCH SUMMER, CLEAR & BRIGHT,0.842 MAX DENS, CIF BASIS TEESSIDE 1) STR-BP Trade on Bid [15:29:18], Teesside, Sat 05
MIN 60 FLASH; CP: HAMBURG-BDX, NORTH SPAIN PLATTS NWE ULSD CRG: JULY 5-9: BP NO Jul - Wed 09 Jul, Main: 27kt, “Main volume: As per EFP
+ ECUK+POLAND, OTHERS OBTAINABLE AT COST ; LONGER BIDS AFTER TRADE; TQC: {‘MAIN VOLUME: Optol: 0-6kt as EFP as per main indication
VESSEL: BP/SHELL/TOTAL ; 100% NON RUSSIAN’} AS PER EFP; OPTOL: 0-6KT AS EFP AS PER MAIN Spec: ULSD 10ppm UK Summer Spec, clear &
PLATTS NWE ULSD CRG: JULY 9-13: GUNVOR INDICATION; SPEC: ULSD 10PPM UK SUMMER SPEC, bright,0.842 max dens
BIDS 27000.0MT AT EFP ICE LS GO $15.50 MONTH JUL; CLEAR & BRIGHT,0.842 MAX DENS; CP: HAMBURG-BDX, CP: Hamburg-Bdx, North Spain + ECUK, others
TQC: {‘INDICATION 1 OCO INDICATION 2; MAIN VOLUME: NORTH SPAIN + ECUK, OTHERS OBTAINABLE AT COST; obtainable at cost
EFP ; OPTOL: 0-6KT EFP AS PER MAIN ; SPEC: ULSD VESSEL: BP/SHELL/TOTAL; 100% NON RUSSIAN’} Vessel: BP/Shell/Total
10PPM FRENCH SUMMER, CLEAR & BRIGHT,0.842 MAX PLATTS EU MIDDIST PVO MOC OFFERS ON CLOSE 100% Non Russian”, 100% of main at EFP ICE LS GO
DENS, MIN 60 FLASH; CP: HAMBURG-BDX, NORTH CIF BASIS AMSTERDAM $21.50/mt, Month, Jul
SPAIN + ECUK+POLAND, OTHERS OBTAINABLE AT COST PLATTS NWE ULSD CRG: JULY 16-20: This assessment commentary applies to the
; VESSEL: BP/SHELL/TOTAL ; 100% NON RUSSIAN’} MERCURIA OFFERS 27000.0MT AT EFP ICE LS GO following market data code: Diesel 10ppm UK Cargoes
CIF BASIS GDYNIA $15.00 MONTH JUL; TQC: {‘INDICATION 1:; MAIN <AAVBH00>
PLATTS NWE ULSD CRG: JULY 5-9: BP BIDS VOLUME PRICING : EFP; OPTOL: 0-6KT, PREMIUM
36000.0MT AT EFP ICE LS GO $27.00 MONTH JUL; TQC: EFP AS PER MAIN; SPEC: ULSD 10PPM FRENCH Platts Mediterranean ULSD Cargo Daily
{‘MAIN VOLUME: AS PER EFP; OPTOL: 0-8KT AS EFP AS SUMMER SPEC, CLEAR & BRIGHT, 0.842 MAX DENS,; Rationale & Exclusions
PER MAIN INDICATION; SPEC: ULSD 10PPM FRENCH CP: HAMBURG-BDX, NORTH SPAIN + ECUK, OTHERS ULSD 10ppmS CIF Med Cargo <AAWYZ00>
SUMMER SPEC, CLEAR & BRIGHT,0.842 MAX DENS; OBTAINABLE AT COST; VESSEL: BP/SHELL/TOTAL; assessment rationale:
CP: HAMBURG-BDX, NORTH SPAIN + ECUK, OTHERS 100% NON RUSSIAN’} The CIF Med diesel cargo assessment was based
OBTAINABLE AT COST; VESSEL: BP/SHELL/TOTAL; This assessment commentary applies to the on the following input, expressed as differentials to the
100% NON RUSSIAN’} following market data codes: Diesel 10ppm CIF UK NWE front-month ICE LSGO futures contract:

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

European Marketscan June 25, 2025

Value on July 7 was assessed at $25.50/mt above 10 PPM FRENCH SUMMER; CP: EUROMED NEOBIG EXC +5 QUOTES; TQC: {‘MAIN VOLUME 25KT PRICING 5
a competitive bid in the Platts Market on Close Y/FY, INCLUDING SLOVENIA+CROATIA+SOM+TURKISH QUOTES AFTER COD (COD =0); OPTOL 0-5KT S.O: DIFF
assessment process; MED+ OTHERS OBTAINABLE; VESSEL: BP/ENI/TOTSA; 4 AS PER MAIN, PRICING COD +5 QUOTATIONS (COD
Value on July 13 was assessed at $16.74/mt above a OCO 3’}; (15:17:07) =0); SPEC: ULSD 10PPM FRENCH SUMMER, C&B, BIO
competitive bid in the MOC; PLATTS EU MIDDIST PVO MOC BIDS ON CLOSE FREE, MAX 0.842; CP: EUROMED, NEOBIG (EXC YUGO/
Value on July 14 was assessed at $14.09/mt below a CIF BASIS ALEXANDRIA FORMER YUGO, SYRIA BUT INC CROATIA/SLOVENIA/
competitive offer in the MOC; PLATTS MED ULSD CRG: JULY 10-15: BP ALBANIA)+TURKEY INC SOM + MOROCCO + OTHER CP
Value on July 18 was assessed at $12.09/mt based BIDS 27000.0MT AT ULSD CIFMED CRG $6.00 ANY OPTIONS AVAILABLE/OBTAINABLE AT COST; VESSEL:
on a trade in the MOC. DAY SEE TQC; TQC: {‘MAIN VOLUME PRICING : 1-4 BP/SHELL/OMV’}
A linear structure was drawn from June 7 to July 13 JULY; OPTOL 0-6KT IN S.O:, PXG 3ACOD ; SPEC: ULSD PLATTS MED ULSD CRG: JULY 12-16: TOTAL
and extended to the front of the curve. 10PPM FRENCH SUMMER SPEC, MAX 0.842DEN, BIDS 25000.0MT AT ULSD CIFMED CRG $5.00 ANY
A linear structure was drawn from June 14 to July 18 CLEAR&BRIGHT,BIO FREE, CP: EUROMED NEOBIG DAY SEE TQC; TQC: {‘MAIN VOLUME 25KT PRICING 3
and extended to the back of the curve. EXC Y/Y,INCLUDING SLOVENIA+CROATIA+SOM QUOTES AFTER COD ; OPTOL 0-5KT S.O: DIFF AS PER
Exclusions: None +TURKISHMED+MOROCCO +OTHER CP OPTIONS MAIN, PRICING COD +3 QUOTATIONS (COD =0); SPEC:
Platts is part of S&P Global Commodity Insights AVAILABLE/OBTAINABLE AT COST VESSEL:BP/SHELL/ ULSD 10PPM FRENCH SUMMER, C&B, BIO FREE;
ENI ; ORIGIN:100%NON-RUSSIAN’} CP: EUROMED, NEOBIG (EXC YUGO/FORMER YUGO,
Platts Mediterranean ULSD 10ppm FOB Cargo PLATTS MED ULSD CRG: JULY 5-9: BP BIDS SYRIA BUT INC CROATIA/SLOVENIA)+TURKEY INC
Daily Rationale 27000.0MT AT EFP ICE LS GO $23.50 MONTH JUL; SOM + LIBYA + MOROCCO + CANARIES + ROMANIA +
ULSD 10ppmS FOB Med Cargo <AAWYY00> TQC: {‘MAIN VOLUME PRICING : EFP; OPTOL 0-6KT OTHER CP OPTIONS AVAILABLE/OBTAINABLE AT COST;
assessment rationale: IN S.O:,PREM AS PER MAIN PXG EFP; SPEC: ULSD VESSEL: BP/SHELL/ENI; THE PRODUCT DELIVERED
The FOB Mediterranean 10ppm ULSD cargo 10PPM FRENCH SUMMER SPEC, MAX 0.842DEN, BY THE SELLER SHALL NOT BE, IN ALL OR INPART,
assessment was derived as a freight netback from the CLEAR&BRIGHT,BIO FREE, CP: EUROMED NEOBIG OF RUSSIAN FEDERATION ORIGIN AND SHALL NOT
CIF Med 10ppm ULSD cargo assessment, using the EXC Y/Y,INCLUDING SLOVENIA+CROATIA+SOM HAVE BEEN LOADED IN OR TRANSPORTED FROM
following assessments: CIF Med 10ppm ULSD diesel +TURKISHMED+MOROCCO +OTHER CP OPTIONS THE RUSSIAN FEDERATION. FOR THESE PURPOSES
cargo assessment minus the cost of transporting a AVAILABLE/OBTAINABLE AT COST VESSEL:BP/SHELL/ PRODUCT SHALL BE CONSIDERED TO BE OF “RUSSIAN
30,000 mt clean cargo from a basket of ports in the ENI ; ORIGIN:100%NON-RUSSIAN’} FEDERATION ORIGIN” IF IT IS PRODUCED IN THE
Med to Genoa, Italy, and Lavera, France. CIF BASIS BARCELONA RUSSIAN FEDERATION. SELLER SHALL PROVIDE PROOF
PLATTS MED ULSD CRG: JULY 5-9: BP BIDS OF ORIGIN OF THE PRODUCT TO SATISFY BUYER\’S
Platts Oil Diesel Mediterranean Bids, 27000.0MT AT ULSD CIFMED CRG $6.00 ANY DAY REASONABLE DUE DILIGENCE REQUIREMENTS.’}
Offers, Trades SEE TQC; TQC: {‘MAIN VOLUME PRICING : 26-30 CIF BASIS MALTA
JUNE; OPTOL 0-6KT IN S.O:, PXG 3ACOD; SPEC: ULSD PLATTS MED ULSD CRG: JULY 13-20: BP
PLATTS EU MIDDIST PVO MOC TRADES ON CLOSE 10PPM FRENCH SUMMER SPEC, MAX 0.842DEN, BIDS 25000.0MT AT EFP ICE LS GO $7.00 MONTH
CIF BASIS LAVERA CLEAR&BRIGHT,BIO FREE,; CP: EUROMED NEOBIG JUL; TQC: {‘MAIN VOLUME PRICING : EFP; OPTOL
PLATTS MED ULSD CRG: JULY 16-20: BP BUYS EXC Y/Y,INCLUDING SLOVENIA+CROATIA+SOM 0-5KT IN S.O:, PREM PER MAIN PXG EFP; SPEC: ULSD
FROM ARAMCO* 27000.0MT AT ULSD CIFMED CRG +TURKISHMED+MOROCCO +OTHER CP OPTIONS 10PPM FRENCH SUMMER SPEC, MAX 0.842DEN,
$2.00 ANY DAY SEE TQC; TQC: {‘LAYCAN: MARKET AVAILABLE/OBTAINABLE AT COST VESSEL:BP/SHELL/ CLEAR&BRIGHT,BIO FREE, CP: EUROMED NEOBIG
TAKER TO NARROW TO 5-DAY LAYCAN AT TIME OF ENI; ORIGIN:100%NON-RUSSIAN’} EXC Y/Y,INCLUDING SLOVENIA+CROATIA+SOM
TRADE, IF APPLICABLE; MAIN VOLUME: PRICING 26-30 CIF BASIS KOPER +TURKISHMED+MOROCCO +OTHER CP OPTIONS
JUN; VOL TOL: 0-6 KT, PRICING 3 AFTER COD (COD=0) PLATTS MED ULSD CRG: JULY 14-18: OMV AVAILABLE/OBTAINABLE AT COST VESSEL:BP/SHELL/
AT SAME PREMIUM/DISCOUNT AS MAIN; SPEC: ULSD BIDS 25000.0MT AT ULSD CIFMED CRG $2.00 COD ENI ; ORIGIN:100%NON-RUSSIAN’}

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

European Marketscan June 25, 2025

CIF BASIS NAPLES MED+TUNISIA+OTHERS OBTAINABLE AS PER VESSEL TO NARROW TO 5-DAY LAYCAN AT TIME OF TRADE, IF
PLATTS MED ULSD CRG: JULY 6-12: BP BIDS CP TO BE AVAILABLE AT COST.; VESSEL : ENI/KPI/BP; APPLICABLE; MAIN VOLUME: PRICING 26-30 JUN; VOL
25000.0MT AT EFP ICE LS GO $18.00 MONTH JUL; IT IS A CONDITION OF THIS CONTRACT, AND SELLER TOL: 0-6 KT, PRICING 3 AFTER COD (COD=0) AT SAME
TQC: {‘MAIN VOLUME PRICING : EFP; OPTOL 0-5KT REPRESENTS AND WARRANTS, THAT THE CARGO PREMIUM/DISCOUNT AS MAIN; SPEC: ULSD 10 PPM
IN S.O:, PREM PER MAIN PXG EFP; SPEC: ULSD DELIVERED UNDER THIS CONTRACT:; (I) DOES FRENCH SUMMER; CP: EUROMED NEOBIG EXC Y/FY,
10PPM FRENCH SUMMER SPEC, MAX 0.842DEN, NOT CONTAIN ANY PRODUCT THAT WAS SOURCED, INCLUDING SLOVENIA+CROATIA+SOM+TURKISH MED+
CLEAR&BRIGHT,BIO FREE, CP: EUROMED NEOBIG PRODUCED, MANUFACTURED OR PROCESSED IN, OTHERS OBTAINABLE; VESSEL: BP/ENI/TOTSA; 1 OCO 2’}
EXC Y/Y,INCLUDING SLOVENIA+CROATIA+SOM OR EXPORTED FROM; AND/ OR; (II) HAS NOT PLATTS MED ULSD CRG: JULY 12-16: ARAMCO
+TURKISHMED+MOROCCO +OTHER CP OPTIONS BEEN PRODUCED THROUGH A BLENDING PROCESS OFFERS 27000.0MT AT EFP ICE LS GO $23.00 MONTH
AVAILABLE/OBTAINABLE AT COST VESSEL:BP/SHELL/ THAT USES PRODUCT OR COMPONENTS THAT HAVE JUL; TQC: {‘LAYCAN: MARKET TAKER TO NARROW TO
ENI ; ORIGIN:100%NON-RUSSIAN’} BEEN SOURCED, PRODUCED, MANUFACTURED OR 5-DAY LAYCAN AT TIME OF TRADE, IF APPLICABLE;
CIF BASIS PORT LA NOUVELLE PROCESSED IN, OR EXPORTED FROM,; IN EACH CASE:; VOL TOL: 0-6 KT, PRICING EFP PREMIUM AS PER
PLATTS MED ULSD CRG: JULY 14-18: VITOL (I) THE RUSSIAN FEDERATION;; (II) CRIMEA;; (III) THE MAIN VOL.; SPEC: ULSD 10 PPM FRENCH SUMMER;
BIDS 27000.0MT AT ULSD CIFMED CRG $0.50 ANY DAY DONETSK OBLAST OF UKRAINE;; (IV) THE LUHANSK CP: EUROMED NEOBIG EXC Y/FY, INCLUDING
SEE TQC; TQC: {‘MAIN VOLUME 27KT: PRICING 28/6 TO OBLAST OF UKRAINE’} SLOVENIA+CROATIA+SOM+TURKISH MED+ OTHERS
04/7; OPTOL 0-6KT: DIFF AS PER MAIN, PRICING COD PLATTS MED ULSD CRG: JULY 7-11: TRAFIGURA OBTAINABLE; VESSEL: BP/ENI/TOTSA; 2 OCO 1’}
+5 QUOTATIONS (COD =0) SPEC: ULSD 10PPM FRENCH BIDS 25000.0MT AT ULSD CIFMED CRG $6.00 ANY PLATTS MED ULSD CRG: JULY 16-20: ARAMCO
SUMMER, CLEAR & BRIGHT,0.842 MAX DENS ; CP: DAY SEE TQC; TQC: {‘MAIN VOLUME 25KT PRICING 3 NO LONGER OFFERS 27000.0MT AT EFP ICE LS GO
EUROMED NEOBIG EXC Y/FY INCLUDING SLOVENIA QUOTES AFTER COD ; OPTOL 0-5KT S.O: DIFF AS PER $21.00 MONTH JUL AFTER WITHDRAWAL (15:17:07);
+ CROATIA + TURKISH MED + SOM + MOROCCO + MAIN, PRICING COD +3 QUOTATIONS (COD =0); SPEC: TQC: {‘LAYCAN: MARKET TAKER TO NARROW TO
OTHERS OBTAINABLE VESSEL: ; BP/KPI/TOTSA’} ULSD 10PPM FRENCH SUMMER, C&B, BIO FREE, MAX 5-DAY LAYCAN AT TIME OF TRADE, IF APPLICABLE;
CIF BASIS VENICE 0.842; CP: EUROMED, NEOBIG (EXC YUGO/FORMER VOL TOL: 0-6 KT, PRICING EFP PREMIUM AS PER
PLATTS MED ULSD CRG: JULY 5-9: BP BIDS YUGO, SYRIA BUT INC CROATIA/SLOVENIA)+TURKEY MAIN VOL.; SPEC: ULSD 10 PPM FRENCH SUMMER;
25000.0MT AT ULSD CIFMED CRG $6.00 ANY DAY INC SOM + MOROCCO + OTHER CP OPTIONS CP: EUROMED NEOBIG EXC Y/FY, INCLUDING
SEE TQC; TQC: {‘MAIN VOLUME PRICING :1-5 JULY; AVAILABLE/OBTAINABLE AT COST; VESSEL: BP/KPI/ SLOVENIA+CROATIA+SOM+TURKISH MED+ OTHERS
OPTOL 0-5KT IN S.O:,PREM AS PER MAIN PXG 3ACOD; ENI; THE PRODUCT DELIVERED BY THE SELLER OBTAINABLE; VESSEL: BP/ENI/TOTSA; 3 OCO 4’}
SPEC: ULSD 10PPM FRENCH SUMMER SPEC, MAX SHALL NOT BE, IN ALL OR IN PART, OF RUSSIAN This assessment commentary applies to the
0.842DEN, CLEAR&BRIGHT,BIO FREE, CP: EUROMED FEDERATION ORIGIN AND SHALL NOT HAVE BEEN following market data codes: 10 ppm ULSD CIF Genoa/
NEOBIG EXC Y/Y,INCLUDING SLOVENIA+CROATIA+SOM LOADED IN OR TRANSPORTED FROM THE RUSSIAN Lavera cargo <AAWYZ00>
+TURKISHMED+MOROCCO +OTHER CP OPTIONS FEDERATION. FOR THESE PURPOSES PRODUCT SHALL
AVAILABLE/OBTAINABLE AT COST VESSEL:BP/SHELL/ BE CONSIDERED TO BE OF “RUSSIAN FEDERATION Platts European Fuel Oil Daily Market
ENI ; ORIGIN:100%NON-RUSSIAN’} ORIGIN” IF IT IS PRODUCED IN THE RUSSIAN Analysis
PLATTS MED ULSD CRG: JULY 13-17: ENI FEDERATION. SELLER SHALL PROVIDE PROOF OF
„ HSFO rebounds marginally amid bearish outlook
BIDS 27000.0MT AT ULSD CIFMED CRG $4.00 ANY ORIGIN OF THEPRODUCT TO SATISFY BUYER\’S
DAY SEE TQC; TQC: {‘MAIN VOLUME: PRICING 5 AFTER REASONABLE DUE DILIGENCE REQUIREMENTS.’} „ LSFO market muted, renewable energy
COD (COD = 0),; OPTOL: 0-6 KT PRICING 5 AFTER PLATTS EU MIDDIST PVO MOC OFFERS ON CLOSE limits demand
COD (COD = 0) AT SAME DIFFERENTIAL AS MAIN; CIF BASIS LAVERA
SPEC: ULSD 10PPM MEETING FRENCH SUMMER PLATTS MED ULSD CRG: JULY 12-16: ARAMCO The European high sulfur fuel oil market rebounded
SPEC, FAME FREE, C&B, 0.842 MAX DENSITY; CP: OFFERS 27000.0MT AT ULSD CIFMED CRG $4.00 slightly June 25 although demand remained sluggish
EUROMED NEOBIG+SLOVENIA+CROATIA+TURKISH ANY DAY SEE TQC; TQC: {‘LAYCAN: MARKET TAKER despite the seasonal boost from summer.

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

European Marketscan June 25, 2025

Supply availability in Northwest Europe remained energy in parts of the region have exacerbated the PLATTS MARINE FUEL: MW: JULY 3-7:
tight amid relatively small inflows of arbitrage dearth in trading activity, market sources noted. MERCURIA BIDS 2KMT AT $474.00
cargoes. Platts is part of S&P Global Commodity Insights PLATTS MARINE FUEL: MW: JULY 3-7: UNITED
However, limited demand has kept a lid on HSFO BIDS 2KMT AT $473.25
prices in the region with the outlook pointing to a Platts FOB Rotterdam 0.5% Marine Fuel Barge PLATTS MARINE FUEL: MW: JULY 3-7:
bearish market in July. Daily Rationale & Exclusions NORTHSTAR BIDS 2KMT AT $469.25
“ARA looks fairly balanced. I mean we’re going into Marine Fuel 0.5% FOB Rotterdam barge $/mt PLATTS MARINE FUEL: BE: JULY 6-10: BP BIDS
Q3 [which is a] seasonally weaker part for bunkers,” one <PUMFD00> assessment rationale: 4KMT AT $473.00
market source said June 25. The 0.5%S FOB Rotterdam barges were assessed PLATTS MARINE FUEL: BE: JULY 6-10:
Seasonal trends suggest that July requirements based on the following inputs: Value on July 2 NORTHSTAR BIDS 2KMT AT $469.00
would be able to be covered by a combination of was assessed at $476.25/mt, above a competitive PLATTS EU FO MOC OFFERS ON CLOSE
regional production and imported cargoes from the US outstanding bid for the front-end dates in the Platts 0.5% BARGE
Gulf Coast. Market on Close assessment process. PLATTS MARINE FUEL: FE: JUNE 30-JULY 4:
Some market participants have raised concerns A daily backwardation of around 29 cents/mt was GLENCORE OFFERS 2KMT AT $479.00
that NWE could see an oversupplied market by the applied to the front and back of the physical curve, in PLATTS MARINE FUEL: FE: JUNE 30-JULY 4:
time imported product is blended to specifications line with paper structure. TOTAL OFFERS 2KMT AT $483.00
suitable for commercial distribution. Exclusions: None PLATTS MARINE FUEL: MW: JULY 3-7:
In the Mediterranean, power generation demand Platts is part of S&P Global Commodity Insights. GLENCORE OFFERS 2KMT AT $478.00
from North Africa remained the key focus among PLATTS MARINE FUEL: BE: JULY 6-10:
market participants. Platts FOB Rotterdam 0.5% Marine Fuel GLENCORE OFFERS 2KMT AT $476.00
“[It] doesn’t feel like it but [it] probably is [picking Barge Bids, Offers, Trades This assessment commentary applies to the
up],” said the market source, adding that the recent following market data codes: Marine Fuel 0.5% FOB
volume sought by the Egyptian General Petroleum PLATTS EU FO MOC TRADES ON CLOSE Rdam barge $/mt <PUMFD00>
Corp. “sounds reasonable.” 0.5% BARGE
Unviable arbitrage economics to move very low PLATTS MARINE FUEL: MW: JULY 3-7: BP BUYS Platts Med 0.5% Marine Fuel Daily Rationale &
sulfur fuel oil to East of Suez and the Americas FROM TOTAL* 2KMT AT $475.00 (15:29:37) Exclusions
continued to trap barrels in NWE, traders said. PLATTS MARINE FUEL: MW: JULY 3-7: UNITED Marine Fuel 0.5% FOB Mediterranean cargo $/mt
With shipowners complying with Med Emissions BUYS FROM TOTAL* 2KMT AT $475.00 (15:29:46) <MFFMM00> assessment rationale:
Control Area regulations, regional demand for VLSFO PLATTS MARINE FUEL: MW: JULY 3-7: TOTAL The FOB Mediterranean 0.5%S marine fuel cargo
has tapered off, with participants shifting marine fuel SELLS TO BP* 4KMT AT $475.00 (15:29:57) assessment was derived as a freight netback to
type toward DMA. PLATTS MARINE FUEL: BE: JULY 6-10: UNITED the CIF Mediterranean 0.5%S marine fuel cargo
This was cited as the key factor limiting trading BUYS FROM TOTAL* 2KMT AT $475.00 (15:29:59) assessment, using the following assessments:
activity in the VLSFO market across Europe. PLATTS EU FO MOC BIDS ON CLOSE the CIF Mediterranean 0.5%S marine fuel cargo
The European low sulfur fuel oil market remained 0.5% BARGE assessment minus the cost of transporting a
muted June 25, with limited utility demand heard in PLATTS MARINE FUEL: FE: JUNE 30-JULY 4: 30,000 mt marine fuel cargo between a basket of
the Med. NORTHSTAR BIDS 2KMT AT $476.00 Mediterranean ports.
“I don’t see much happening [to be honest],” an PLATTS MARINE FUEL: FE: JUNE 30-JULY 4: Marine Fuel 0.5% CIF Mediterranean cargo $/mt
LSFO market participant said. BP BIDS 4KMT AT $475.00 <MFCMM00> assessment rationale:
Typical utility shorts in the Med basin appeared PLATTS MARINE FUEL: FE: JUNE 30-JULY 4: 0.5%S CIF Med cargoes were assessed in line
to be covered, while competitive prices of renewable UNITED BIDS 2KMT AT $473.25 with the previously established differential between

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

European Marketscan June 25, 2025

the physical and paper markets, in the absence of Platts NW Europe Fuel Oil 1%S Cargo Daily of competitive indications in the Platts Market on
competitive indications in the Platts Market on Close Rationales & Exclusions Close assessment process.
assessment process. FO 1%S CIF NWE Cargo <PUAAL00> assessment FO 1%S FOB Med Cargo <PUAAK00> assessment
Exclusions: None rationale: rationale:
Platts is part of S&P Global Commodity Insights. The CIF Northwest Europe LSFO cargo assessment The FOB Mediterranean LSFO cargo assessment
was derived by a freight net forward to the FOB NWE was derived as a freight netback to the CIF
Platts Oil Med Daily 0.5% Marine Fuel Bids, LSFO cargo assessment using the following input: the Mediterranean LSFO cargo assessment, using the
Offers, Trades FOB Northwest European LSFO cargo assessment plus following assessments: the CIF Mediterranean LSFO
the cost of transporting a 30,000 mt fuel oil cargo from cargo assessment minus the cost of transporting
PLATTS EU FO (PVO) MOC TRADES ON CLOSE a basket of NWE ports to the assessment basis port of a 30,000 mt fuel oil cargo between a basket of
NO TRADES REPORTED Antwerp. Mediterranean ports
PLATTS EU FO (PVO) MOC BIDS ON CLOSE FO 1%S FOB NWE Cargo <PUAAM00> assessment FO 3.5%S CIF Med Cargo <PUAAY00> assessment
NO BIDS REPORTED rationale: rationale:
PLATTS EU FO (PVO) MOC OFFERS ON CLOSE 1%S FOB NWE cargoes were assessed in line with The 3.5%S CIF Med cargoes were assessed in line
NO OFFERS REPORTED the previously established differential between the with the previously established relationship between
This assessment commentary applies to the physical and paper markets, adjusted higher by 25 the physical and the paper markets, adjusted lower by
following market data codes: Marine Fuel 0.5% CIF cents/mt in the absence of competitive indications in 25 cents/mt in the absence of competitive indications
Mediterranean cargo $/mt <MFCMM00> the Platts Market on Close assessment process. in the MOC.
Exclusions: None FO 3.5%S FOB Med Cargo <PUAAZ00> assessment
Platts Rotterdam Fuel Oil Barge Daily Rationales Platts is part of S&P Global Commodity Insights. rationale:
& Exclusions The FOB Mediterranean HSFO cargo assessment
FO 1%S FOB Rdam Barge <PUAAP00> assessment Platts NW Europe Fuel Oil 1%S Cargo Bids, was derived as a freight netback to the CIF
rationale: The 1%S FOB Rotterdam barges were Offers, Trades Mediterranean HSFO cargo assessment, using the
assessed in line with the previously established following assessments: CIF Mediterranean HSFO cargo
relationship to 1% FOB Northwest Europe physical Bids: None. assessment minus the cost of transporting a 30,000 mt
cargoes in the absence of competitive indications in Offers: None. fuel oil cargo between a basket of Mediterranean ports.
the Platts Market on Close process. Trades: None. Exclusions: None
FO 3.5%S FOB Rdam Barge <PUABC00> This assessment commentary applies to the Platts is part of S&P Global Commodity Insights.
assessment rationale: The 3.5%S FOB Rotterdam following market data codes: Fuel oil 1%S CIF NWE Cargo
barges were assessed in line with the previously <PUAAL00> Fuel oil 1%S FOB NWE Cargo <PUAAM00> Platts Mediterranean Fuel Oil 1%S, 3.5%S
established relationship between the physical and Bids, Offers, Trades
the paper markets, in the absence of competitive Platts Mediterranean Fuel Oil 1%S, 3.5%S Daily
indications in the MOC. Rationales & Exclusions Bids: None.
FO 3.5%S 500 CST FOB Rdam Barge <PUAGN00> FO 1%S CIF Med Cargo <PUAAJ00> assessment Offers: None.
assessment rationale: The 500 CST FOB Rotterdam rationale: Trades: None.
barges were assessed at a $2/mt discount to the 1%S CIF Med cargoes were assessed based on the This assessment commentary applies to the
3.5%S FOB Rotterdam barges based on heard following inputs: The 1%S CIF Mediterranean cargoes following market data codes: Fuel oil 1% FOB Italy cargo
indications. were assessed in line with the previously established <PUAAK00> Fuel oil 3.5% FOB Italy cargo <PUAAZ00>
Exclusions: None relationship between the physical and the paper Fuel oil 1% CIF Genoa/Lavera cargo <PUAAJ00> Fuel oil
Platts is part of S&P Global Commodity Insights. markets, adjusted lower by 25 cents/mt in the absence 3.5% CIF Genoa/Lavera cargo <PUAAY00>

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

European Marketscan June 25, 2025

Platts Russian Refined Products Daily were ramped up in 2018 when it announced plans to The Algerian tender also continued to be a focal
Commentary increase subsidies to adapt gasoline and diesel cars point, with multiple high-quality cargoes from Skikda
and to expand the necessary infrastructure. and Arzew terminals under consideration. Market
„ Authorities mull extending gasoline export ban
But demand remains low despite the various sources indicated that award results were partially
for refineries
government support measures, Sorokin said. granted, with some suggesting that the allocation for
„ Russia mulls more ways to promote use of Consumption at the gas retail stations is around 33%, the July program was incomplete.
compressed natural gas as motor fuel the energy ministry said. Platts is part of S&P Global Commodity Insights.

The current downside on the Russian domestic Platts European Feedstocks Daily VGO Deal reported
gasoline market was attributed to a temporary demand Commentary
slowdown rather than expectations of a sustained none.
„ VGO loadings surge 70%
period of low demand, sources said June 25.
The price drops were not expected to last long „ Algerian LSSR tender keeps market focus: sources Platts North Sea Crude Daily Market
as seasonal buying interest has been growing, albeit Analysis
somewhat thwarted by the recent spell of inclement The European vacuum gasoil and low sulfur straight
„ Forward market flat prices stabilize after
weather. run markets showed contrasting dynamics on June
historic selloff
Meanwhile, a full gasoline export ban through 25, with LSSR remaining stable while VGO demand
October was discussed at a meeting at the Federal was gaining momentum ahead of July, underpinned by „ Lower North Sea differentials accompany weaker
Antimonopoly Service, including refineries. Currently, strong product cracks and seasonal demand trends. USGC FOB market
only non-producers are banned from exporting Forward sentiment for VGO remained optimistic, with
gasoline until the end of August. market participants anticipating improved July delivery North Sea crude values stabilized after a steep sell
Diesel, however, remained under pressure as the prospects. The market showed signs of strengthening, off June 24, with the value of both physical and paper
agricultural planting season, which fueled demand in driven by seasonal demand factors and improving contracts broadly steady day over day.
the spring, had finished, while the harvest was starting product crack spreads. Buying interest was gradually In the Platts Market on Close assessment process,
only in southern regions and will spread across the picking up, signaling potential market recovery. France’s TotalEnergies acquired its 16th cargo of the
whole country only in the autumn. “I anticipate seeing strong VGO demand in July as month, buying a clip of Forties crude, loading July
Ample supply of diesel was also contributing to the product cracks strengthen and seasonal demand kicks 9-11, from Italy’s Eni, paying a 60 cent/b premium to
weak sentiment. in,” a trader source said. Dated Brent.
Separately, Russia is looking at more ways to boost European and Russian loadings of vacuum gasoil In the forward market, prices appeared to have
further the use of compressed natural gas as motor jumped up by 70% to 219,470 mt in the week ended June settled after a huge selloff June 24, which resulted
fuel, Deputy Energy Minister Pavel Sorokin told the 20, data from S&P Global Commodities at Sea showed. in some of the biggest day-over-day losses for over
Duma June 25. Ten ships were loaded with VGO and headed to three years.
Sorokin called for the development of the retail various locations in Europe, as well as Egypt. With the market no longer pricing-in any notable
network, without which large-scale implementation The ship with the largest cargo size of 31,345 mt geopolitical risk premium, forward market value
would be impossible, as well as supporting demand, was loaded at the Greece STS port of Laconia Bay and seemed to have settled at a level more in line with
“through mechanisms of subsidizing consumers,” is headed to Port Rijeka, Croatia. the weaker price environment seen after the US
he was quoted by the energy ministry as telling the The LSSR market maintained its recent stability. A announced its global tariffs.
Russian parliament. notable Dangote LSSR cargo of 85,000 mt tender was Platts last assessed front-month Cash BFOE at
The government started addressing the need reported, with a deadline set today for 5 pm UK time $68.35/b, up slightly on the day but $10.56/b lower
to use gas motor fuel back in 2013, and measures and loading scheduled for July. than its June 19 high of $78.91/b.

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

European Marketscan June 25, 2025

In the prompt physical market, price differentials Ekofisk was assessed unchanged July 5-24, with flat 5-24, with flat structure rolled over back-end dates,
continued to weaken day over day, continuing a trend structure rolled over back-end dates, reflecting steady reflecting weaker heard values during the day and
seen since June 20, after a rally in differentials seen market fundamentals and in the absence of indications in the absence of indications testing the June 24
across the first two decades of the month. testing the June 24 assessment. assessment.
Such a weakening in prompt differentials Troll was assessed unchanged July 5-24, with flat Platts is part of S&P Global Commodity Insights.
accompanied a weakening of WTI Midland FOB structure rolled over back-end dates, reflecting steady Exclusions: PLATTS BRENT DIFF: July7-July11 (SEP):
differentials on the US Gulf Coast amid rising shipping market fundamentals and in the absence of indications DV TRADING OFFERS 100KB AT $1.44
risk premiums. testing the June 24 assessment.
Platts assessed the differential for WTI in Midland, FOB WTI Midland was assessed lower, reflecting a Platts North Sea Cargo Bids, Offers, Trades
Texas, at 30 cents/b below cash WTI, a low not seen lower CIF Rotterdam assessment and a higher freight
since October 2021, while WTI at the Magellan East adjustment factor. PLATTS EU NSEA PVO MOC TRADES ON CLOSE
Houston terminal was 15 cents/b below cash WTI, its CIF WTI Midland was assessed in a 2-cent/day FOB BASIS HOUND POINT
lowest level since December 2022. contango structure July 7-20 using an outstanding PLATTS NSEA FORTIES: JULY 9-11: TOTAL
One market source referred to WTI MEH as “bad.” offer July 20-22. July 22-25 was assessed in a flat BUYS FROM ENI* 700000.0B AT DTD $0.60 . .
A weaker USGC market can prompt sellers to move structure. (15:23:02)
the crude to Europe, increasing supply in the region Forties was the most competitive grade in the PLATTS EU NSEA PVO MOC BIDS ON CLOSE
and pressuring local differentials. Dated Brent basket July 5-25. NO BIDS REPORTED
Platts is part of S&P Global Commodity Insights BFOE (PCAAQ00-PCAAR00,PCARR00) assessment PLATTS EU NSEA PVO MOC OFFERS ON CLOSE
rationale: CIF BASIS ROTTERDAM
Platts North Sea Dated Brent, BFOE, CFD August Cash BFOE was assessed using an PLATTS NSEA WTI MIDLAND: JULY 19-23:
Assessment Rationales & Exclusions outstanding offer in the MOC. MERCURIA OFFERS 700000.0B AT DTD $2.30 . .
Dated Brent <PCAAS00> assessment rationale: September Cash BFOE was assessed using multiple FOB BASIS HOUND POINT
Of the six crudes in the Dated Brent basket, WTI traded offers in the MOC. PLATTS NSEA FORTIES: JULY 16-18: SHELL
Midland and Forties were seen in the Platts Market on October Cash BFOE was assessed using Sep/Oct OFFERS 700000.0B AT DTD $0.75 . .
Close assessment process. EFP roll heard during the day. This assessment commentary applies to the
Brent Blend was assessed 5 cents lower July following market data codes: Dated Brent <PCAAS00>
5-24 with flat structure rolled over back-end dates, CFD (PCAKA00-AALDA00) assessment rationale: <AAVJB00>, BNB FOB North Sea vs North Sea Dtd
reflecting weakening in the Forties differential and June 30-4 was assessed using a traded offer. Strip <AAGWZ00>, Oseberg FOB North Sea vs North
in the absence of indications testing the June 24 July 7-11 was assessed using a June 30-4 versus July Sea Dtd Strip <AAGXF00>, Ekofisk FOB North Sea vs
assessment. 7-11 CFD roll heard during the day. North Sea Dtd Strip <AAGXB00>, Troll FOB North Sea
Forties was assessed lower in a 4-cent/day July 14-18 was assessed using an outstanding bid. vs North Sea Dated Strip <AAWEY00>, WTI Midland CIF
backwardated structure July 5-10 using a traded offer July 21-25 was assessed using a July 14-18 versus Rotterdam vs Fwd Dated Brent <WMCRB00>, BNB CIF
July 10. July 10-17 was assessed in a 1.43-cent/day July 21-25 CFD roll heard during the day. Rotterdam vs Fwd Dated Brent <AAVJC00>, Forties
contango structure using an outstanding offer July July 28-1 was assessed using a July 21-25 versus CIF Rotterdam vs Fwd Dated Brent <AAHXC00>,
17. July 17-25 was assessed in a 2-cent/day contango July 28-1 CFD roll heard during the day. Oseberg CIF Rotterdam vs Fwd Dated Brent
structure. Aug. 4-8 was assessed using a July 28-1 versus Aug. <AAHXD00>, Ekofisk CIF Rotterdam vs Fwd Dated
Oseberg was assessed unchanged July 5-24, with 4-8 CFD roll heard during the day. Brent <AAHXB00>, Troll CIF Rotterdam vs Fwd Dated
flat structure rolled over back-end dates, reflecting Johan Sverdrup FOB North Sea (AJSVA00, Brent <AAXJN00>, Johan Sverdrup FOB North Sea
steady market fundamentals and in the absence of AJSVB00) assessment rationale: <AJSVA00>, Johan Sverdrup FOB North Sea vs North
indications testing the June 24 assessment. Johan Sverdrup was assessed 30 cents lower July Sea Dtd Strip<AJSVB00>

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

European Marketscan June 25, 2025

Platts EU Cash BFOE Bids, Offers, Trades This assessment commentary applies to the PLATTS BRENT DIFF: JUL14-JUL18 (SEP):
following market data codes: Brent M1 <PCAAQ00>, PETROCHINA BIDS 100KB AT $1.05
PLATTS EU BFOE MOC TRADES ON CLOSE Brent M2 <PCAAR00>, Brent M3 <PCARR00> PLATTS BRENT DIFF: JUL21-JUL25 (SEP):
CASH PARTIALS BFOE FREEPOINT BIDS 100KB AT $1.05
PLATTS CASH BFOE: AUG25: TOTAL BUYS Platts Dated Brent CFD Bids, Offers, Trades PLATTS BRENT DIFF: JUL21-JUL25 (SEP):
FROM GLENCORE* 100KB AT $68.36 (15:29:52) PHILLIPS 66 BIDS 100KB AT $1.05
PLATTS CASH BFOE: SEP25: SHELL SELLS TO PLATTS EU BRENT CFD MOC TRADES ON CLOSE PLATTS BRENT DIFF: JUL21-JUL25 (SEP):
MERCURIA* 100KB AT $67.22 (15:29:35) BRENT CFD VS 2ND MONTH DARE BIDS 100KB AT $1.00
PLATTS CASH BFOE: SEP25: MERCURIA BUYS PLATTS BRENT DIFF: JUN30-JUL4 (SEP): ONYX PLATTS BRENT DIFF: JUL21-JUL25 (SEP): DV
FROM GLENCORE* 100KB AT $67.21 (15:29:45) BUYS FROM SHELL* 100KB AT $1.60 (15:29:25) TRADING BIDS 100KB AT $1.00
PLATTS CASH BFOE: SEP25: MERCURIA BUYS PLATTS EU BRENT CFD MOC BIDS ON CLOSE PLATTS BRENT DIFF: JUL21-JUL25 (SEP):
FROM GLENCORE* 100KB AT $67.21 (15:29:57) BRENT CFD VS 1ST MONTH MERCURIA BIDS 100KB AT $0.95
PLATTS EU BFOE MOC BIDS ON CLOSE PLATTS BRENT DIFF: JUL7-JUL11 (SEP): PLATTS BRENT DIFF: JUL21-JUL25 (SEP): AXIS
CASH PARTIALS BFOE MERCURIA BIDS 100KB AT $1.40 BIDS 100KB AT $0.95
PLATTS CASH BFOE: AUG25: SHELL BIDS PLATTS BRENT DIFF: JUL7-JUL11 (SEP): PLATTS BRENT DIFF: JUL21-JUL25 (SEP):
100KB AT $68.31 FREEPOINT BIDS 100KB AT $1.40 PETRACO BIDS 100KB AT $0.95
PLATTS CASH BFOE: AUG25: HARTREE BIDS PLATTS BRENT DIFF: JUL7-JUL11 (SEP): ONYX PLATTS BRENT DIFF: JUL21-JUL25 (SEP):
100KB AT $68.28 BIDS 100KB AT $1.35 DARE BIDS 100KB AT $0.85
IMPLIED: PLATTS CASH BFOE: SEP25: PLATTS BRENT DIFF: JUL7-JUL11 (SEP): DV PLATTS BRENT DIFF: JUL21-JUL25 (SEP):
MERCURIA BIDS 100KB AT $67.16 TRADING BIDS 100KB AT $1.35 PETROCHINA BIDS 100KB AT $0.85
PLATTS CASH BFOE SPREAD: AUG25/SEP25: PLATTS BRENT DIFF: JUL7-JUL11 (SEP): DARE PLATTS BRENT DIFF: JUL21-JUL25 (SEP):
BP BIDS 100KB AT $1.12 BIDS 100KB AT $1.31 ONYX BIDS 100KB AT $0.85
PLATTS CASH BFOE SPREAD: AUG25/SEP25: PLATTS BRENT DIFF: JUL7-JUL11 (SEP): BRENT CFD VS 2ND MONTH
TRAFIGURA BIDS 100KB AT $1.12 PETROCHINA BIDS 100KB AT $1.30 PLATTS BRENT DIFF: JUN30-JUL4 (SEP): DV
IMPLIED: PLATTS CASH BFOE SPREAD: PLATTS BRENT DIFF: JUL14-JUL18 (SEP): TRADING BIDS 100KB AT $1.56
AUG25/SEP25: SHELL BIDS 100KB AT $1.08 MERCURIA BIDS 100KB AT $1.23 PLATTS BRENT DIFF: JUN30-JUL4 (SEP): ONYX
PLATTS CASH BFOE SPREAD: AUG25/SEP25: PLATTS BRENT DIFF: JUL14-JUL18 (SEP): BIDS 100KB AT $1.55
CHEVRON BIDS 100KB AT $1.06 PHILLIPS 66 BIDS 100KB AT $1.20 PLATTS BRENT DIFF: JUN30-JUL4 (SEP):
PLATTS EU BFOE MOC OFFERS ON CLOSE PLATTS BRENT DIFF: JUL14-JUL18 (SEP): DARE BIDS 100KB AT $1.53
CASH PARTIALS BFOE FREEPOINT BIDS 100KB AT $1.20 PLATTS BRENT DIFF: JUN30-JUL4 (SEP):
PLATTS CASH BFOE: AUG25: GLENCORE PLATTS BRENT DIFF: JUL14-JUL18 (SEP): DV MERCURIA BIDS 100KB AT $1.45
OFFERS 100KB AT $68.36 TRADING BIDS 100KB AT $1.15 PLATTS BRENT DIFF: JUN30-JUL4 (SEP):
IMPLIED: PLATTS CASH BFOE: AUG25: PLATTS BRENT DIFF: JUL14-JUL18 (SEP): DARE DARE BIDS 100KB AT $1.45
MERCURIA OFFERS 100KB AT $68.38 BIDS 100KB AT $1.15 PLATTS BRENT DIFF: JUN30-JUL4 (SEP):
PLATTS CASH BFOE: SEP25: PETROINEOS PLATTS BRENT DIFF: JUL14-JUL18 (SEP): ONYX PETROCHINA BIDS 100KB AT $1.35
OFFERS 100KB AT $67.23 BIDS 100KB AT $1.10 PLATTS BRENT DIFF: JUL28-AUG1 (OCT):
IMPLIED: PLATTS CASH BFOE: SEP25: BP PLATTS BRENT DIFF: JUL14-JUL18 (SEP): DARE PHILLIPS 66 BIDS 100KB AT $1.65
OFFERS 100KB AT $67.24 BIDS 100KB AT $1.05 PLATTS BRENT DIFF: JUL28-AUG1 (OCT): DARE
PLATTS CASH BFOE SPREAD: AUG25/SEP25: PLATTS BRENT DIFF: JUL14-JUL18 (SEP): AXIS BIDS 100KB AT $1.62
MERCURIA OFFERS 100KB AT $1.15 BIDS 100KB AT $1.05 PLATTS BRENT DIFF: JUL28-AUG1 (OCT): DV

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

European Marketscan June 25, 2025

TRADING BIDS 100KB AT $1.61 OFFERS 100KB AT $1.45 PLATTS BRENT DIFF: JUL28-AUG1 (OCT):
PLATTS BRENT DIFF: JUL28-AUG1 (OCT): PLATTS BRENT DIFF: JUL21-JUL25 (SEP): DV PETRACO OFFERS 100KB AT $1.85
FREEPOINT BIDS 100KB AT $1.60 TRADING OFFERS 100KB AT $1.11 This assessment commentary applies to the following
PLATTS BRENT DIFF: JUL28-AUG1 (OCT): PLATTS BRENT DIFF: JUL21-JUL25 (SEP): market data codes: Dated Brent <PCAAS00> CFD Week 1
MERCURIA BIDS 100KB AT $1.55 DARE OFFERS 100KB AT $1.12 <PCAKA00> CFD Week 2 <PCAKC00> Brent Mo01 <PCAAQ00>
PLATTS BRENT DIFF: JUL28-AUG1 (OCT): AXIS PLATTS BRENT DIFF: JUL21-JUL25 (SEP): CFD Week 3 <PCAKE00> Brent Mo02 <PCAAR00> CFD
BIDS 100KB AT $1.55 ONYX OFFERS 100KB AT $1.15 Week 4 <PCAKG00> Brent Mo03 <PCARR00> CFD Week 5
PLATTS BRENT DIFF: JUL28-AUG1 (OCT): DARE PLATTS BRENT DIFF: JUL21-JUL25 (SEP): AXIS <AAGLU00> CFD Week 6 <AAGLV00> CFD Week 7 <AALCZ00>
BIDS 100KB AT $1.45 OFFERS 100KB AT $1.20 CFD Week 8 <AALDA00>
PLATTS BRENT DIFF: JUL28-AUG1 (OCT): PLATTS BRENT DIFF: JUL21-JUL25 (SEP):
PETROCHINA BIDS 100KB AT $1.45 PETROCHINA OFFERS 100KB AT $1.20 Platts NW Europe Fuel Oil SR 0.5-0.7%S Daily
PLATTS EU BRENT CFD MOC OFFERS ON CLOSE PLATTS BRENT DIFF: JUL21-JUL25 (SEP): Rationale & Exclusions
BRENT CFD VS 1ST MONTH DARE OFFERS 100KB AT $1.25 Straight Run 0.5-0.7%S FOB NWE cargo
PLATTS BRENT DIFF: JUL7-JUL11 (SEP): DARE PLATTS BRENT DIFF: JUL21-JUL25 (SEP): <PKABA00> assessment rationale:
OFFERS 100KB AT $1.45 PETRACO OFFERS 100KB AT $1.25 The LSSR FOB NWE differential was assessed $6.40/
PLATTS BRENT DIFF: JUL7-JUL11 (SEP): DV BRENT CFD VS 2ND MONTH mt above M1 ICE Brent crude futures, based on previous
TRADING OFFERS 100KB AT $1.46 PLATTS BRENT DIFF: JUN30-JUL4 (SEP): market indications. The outright LSSR price was derived
PLATTS BRENT DIFF: JUL7-JUL11 (SEP): PETROINEOS OFFERS 100KB AT $1.65 using the dollars per barrel to metric ton conversion
PETROINEOS OFFERS 100KB AT $1.50 PLATTS BRENT DIFF: JUN30-JUL4 (SEP): DV factor of 6.77 for LSSR. No bids or offers were reported
PLATTS BRENT DIFF: JUL7-JUL11 (SEP): TRADING OFFERS 100KB AT $1.69 in the Platts Market on Close assessment process.
PETROCHINA OFFERS 100KB AT $1.50 PLATTS BRENT DIFF: JUN30-JUL4 (SEP): Exclusions: None
PLATTS BRENT DIFF: JUL7-JUL11 (SEP): ONYX DARE OFFERS 100KB AT $1.70 Platts is part of S&P Global Commodity Insights
OFFERS 100KB AT $1.55 PLATTS BRENT DIFF: JUN30-JUL4 (SEP): ONYX
PLATTS BRENT DIFF: JUL7-JUL11 (SEP): OFFERS 100KB AT $1.70 Platts NW Europe Fuel Oil SR 0.5-0.7%S
FREEPOINT OFFERS 100KB AT $1.55 PLATTS BRENT DIFF: JUN30-JUL4 (SEP): AXIS Bids, Offers, Trades
PLATTS BRENT DIFF: JUL7-JUL11 (SEP): AXIS OFFERS 100KB AT $1.70
OFFERS 100KB AT $1.60 PLATTS BRENT DIFF: JUN30-JUL4 (SEP): Bids: None.
PLATTS BRENT DIFF: JUL7-JUL11 (SEP): DARE FREEPOINT OFFERS 100KB AT $1.70 Offers: None.
OFFERS 100KB AT $1.60 PLATTS BRENT DIFF: JUN30-JUL4 (SEP): Trades: None.
PLATTS BRENT DIFF: JUL14-JUL18 (SEP): DARE PETROCHINA OFFERS 100KB AT $1.75 This assessment commentary applies to the
OFFERS 100KB AT $1.28 PLATTS BRENT DIFF: JUL28-AUG1 (OCT): DARE following market data codes: St Run 0.5-0.7% FOB
PLATTS BRENT DIFF: JUL14-JUL18 (SEP): ONYX OFFERS 100KB AT $1.76 NWE cargo <PKABA00>
OFFERS 100KB AT $1.30 PLATTS BRENT DIFF: JUL28-AUG1 (OCT): DV
PLATTS BRENT DIFF: JUL14-JUL18 (SEP): DV TRADING OFFERS 100KB AT $1.78 Platts EMEA Weekly Bitumen Commentary
TRADING OFFERS 100KB AT $1.34 PLATTS BRENT DIFF: JUL28-AUG1 (OCT): ONYX
„ Prompt demand hampered by price volatility
PLATTS BRENT DIFF: JUL14-JUL18 (SEP): OFFERS 100KB AT $1.80
FREEPOINT OFFERS 100KB AT $1.40 PLATTS BRENT DIFF: JUL28-AUG1 (OCT): DARE „ Demand uptick anticipated in July
PLATTS BRENT DIFF: JUL14-JUL18 (SEP): OFFERS 100KB AT $1.85
PETROCHINA OFFERS 100KB AT $1.40 PLATTS BRENT DIFF: JUL28-AUG1 (OCT): The European bitumen complex traded sideways
PLATTS BRENT DIFF: JUL14-JUL18 (SEP): AXIS PETROCHINA OFFERS 100KB AT $1.85 over the week to June 25, although flat prices

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

European Marketscan June 25, 2025

continued to fluctuate as volatility in underlying crude The volatility was also mirrored in the underlying tighter supply fundamentals or ongoing logistics and
markets continued. Brent crude market which tracked the uncertainty maintenance constraints specific to these high-
Regional demand in Northwest Europe had yet to surrounding the status of the Strait of Hormuz. performance base oil grades.
indicate a significant uptick beyond seasonal trends, The August ICE Brent futures contract saw a 14.8% Platts assessed the front-month July ULSD 10 ppm
but the coming month could lift construction activity. decline over June 19-24 as easing tensions in the FOB ARA crack at $22.29/b June 24, down $1.92/b.
“Obviously, this is the highest, busiest season for us, Middle East narrowed the geopolitical risk premium. In Group I, market participants continued to report
but [it’s] not as busy as I was expecting,” one market However, a weakening US dollar has limited the a supply glut of SN150 characterizing the market. One
source said. decline in the dollar-denominated Brent crude futures trader noted that the light grade was being offered as
“Things have to happen in July,” the source continued, contracts as investors moved away from the safe- low as the mid-$750s/mt.
noting that demand is expected to wane from August. haven currency. Platts assessed Group I SN150 FOB Europe at $845/
The July trading cycle is expected to reflect a rush Platts is part of S&P Global Commodity Insights mt, down $15/mt week over week.
in orders as downstream buyers secure product, While heavier grades, such as Brightstock,
with another market participant noting that major Platts EMEA Weekly Base Oil Commentary remained structurally tight in Europe as many market
construction activity should conclude before the autumn. participants noted difficulty in obtaining the grade.
„ Group I SN150 prices decline amid supply glut
Nevertheless, persistent tightness in supply Platts assessed Group I Brightstock FOB Europe at
availability has kept a floor under bitumen premiums. „ Plock refinery restart eases heavy grade shortages $1,500/mt, unchanged week over week.
“The main suppliers in the North are busy. That’s „ Group II/III remain cautious amid Israel-Iran In refinery news, Poland’s Plock refinery officially
usual ... It’s difficult to get spot cargoes,” the source said. ceasefire completed the maintenance on its base oil production
The Mediterranean market saw similar demand units, the company said June 24. The planned
trends, with market participants indicating levels in line The European base oil market continued to display maintenance started in early May.
with seasonal expectations. a complex interplay of market dynamics in the week Separately, Plock will restart its HOG (H-Oil) unit
The recent volatility in flat prices has also limited to June 25. This period was marked by an increasing at the end of the third quarter, the company said. The
buying appetite in the prompt segment of the market, supply of light grades in Group I, counterbalanced by HOG unit was shut down in September 2022 after a
a Med-based market source said. growing demand for Group II and III grades. fire and has been offline since. In November 2023,
“As the prices go up, people are more reluctant to Market participants remained cautious amid a Orlen launched a tender to modernize the residue
be last-minute buyers,” said the source. “As we see it, ceasefire between Iran and Israel, the announcement hydrodesulfurization unit.
demand is generally at the same levels in the Med.” of which had immediate effects on the energy markets, As with Group I, in the Group II markets there were
Eastern European demand remained lukewarm over with oil prices declining during afternoon trading June reports of a slight oversupply in 150N and 220N, while
the week to June 25, marking a relatively weak month 24, erasing all gains since the start of the conflict. heavier grades like 500N and 600N remained the most
for that segment of the market. Product markets moved in tandem with crude oil, with inquired-about grades and were limited in supply in the
“No one is very happy about the market,” an Eastern prices declining following the ceasefire announcement. US and Europe.
Europe-based market participant said, noting that Increased US diesel arrivals into the region and rising However, the Group III market remained relatively
demand in Central Europe was equally weak. inventory levels across Amsterdam-Rotterdam-Antwerp stable, with some market participants noting length in
The related European high sulfur fuel oil market storage hubs compounded this pressure. 4CST, with a premium of $40/mt-$50/mt reported on
experienced a decline in market liquidity as geopolitical However, Group II and III base oils market 6CST due to higher demand.
risk premiums shifted rapidly through the week. participants maintained a cautious stance despite Many market participants noted healthy supply
The regional HSFO complex remained the most the ceasefire news. This divergence from the broader in storage in Europe as scheduled turnarounds in
exposed to the recent fighting between Israel and Iran petroleum products trend suggests that base oil the Middle East and Asia were expected to limit spot
which has rattled the outlook for global sour crude and markets may be influenced by factors beyond offerings into the market.
residual fuel supply. immediate geopolitical developments, including Platts is part of S&P Global Commodity Insights.

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

European Marketscan June 25, 2025

Subscriber Notes and transactions by all credible and credit- from the entity in the assessment process for EMEA
worthy parties in its assessment processes. For - Gasoil/Diesel Barges - Physical; EMEA - Gasoil/Diesel-
ADNOC Global Trading Europe SA to join EMEA - NWE comments and feedback, please contact Platts Paper; EMEA - NWE Gasoil/Diesel - Physical, subject at
Gasoil/Diesel - Physical MOC editors at [email protected] and all times to adherence with Platts editorial standards.
ADNOC Global Trading Europe SA has advised [email protected]. Platts will publish all relevant information from
Platts, part of S&P Global Commodity Insights, that it RELIANCE GLOBAL ENERGY SERVICES LIMITED
would like to participate in the Platts Market on Close ADNOC Global Trading Europe SA to join Platts EMEA accordingly.
assessment process for EMEA - NWE Gasoil/Diesel - - Naphtha-Physical MOC Platts welcomes all relevant feedback regarding
Physical. ADNOC Global Trading Europe SA has advised MOC participation. Platts considers bids, offers
Platts has reviewed ADNOC Global Trading Europe Platts, part of S&P Global Commodity Insights, that it and transactions by all credible and credit-
SA and will consider information from the entity in the would like to participate in the Platts Market on Close worthy parties in its assessment processes. For
assessment process for EMEA - NWE Gasoil/Diesel - assessment process for EMEA - Naphtha-Physical. comments and feedback, please contact Platts
Physical, subject at all times to adherence with Platts Platts has reviewed ADNOC Global Trading Europe editors at [email protected] and
editorial standards. SA and will consider information from the entity in the [email protected].
Platts will publish all relevant information from assessment process for EMEA - Naphtha-Physical,
ADNOC Global Trading Europe SA accordingly. subject at all times to adherence with Platts editorial Platts to include chemicals limits in European 1% fuel
Platts welcomes all relevant feedback regarding standards. oil assessments from July 1
MOC participation. Platts considers bids, offers Platts will publish all relevant information from Following a review of the specifications reflected
and transactions by all credible and credit- ADNOC Global Trading Europe SA accordingly. in its Northwest European and Mediterranean 1% fuel
worthy parties in its assessment processes. For Platts welcomes all relevant feedback regarding oil barge and cargo assessments, Platts, part of S&P
comments and feedback, please contact Platts MOC participation. Global Commodity Insights, will include a 500ppm
editors at [email protected] and Platts considers bids, offers and transactions by all maximum limit on six chemicals in its European 1% fuel
[email protected]. credible and credit-worthy parties in its assessment oil barge and cargo assessments, effective July 1, 2025.
processes. Platts understands that as a result of changing
bp Netherlands GmbH to join EMEA - Fuel Oil Barges - For comments and feedback, please contact Platts end-user requirements and supply dynamics in the
Physical and RMK Barges - Physical MOCs editors at [email protected] and 1% fuel oil market, it has become typical to request
bp Netherlands GmbH has advised Platts, part of [email protected]. chemical limits on different species of chemicals in
S&P Global Commodity Insights, that it would like to both Northwest Europe and the Mediterranean.
participate in the Platts Market on Close assessment RELIANCE GLOBAL ENERGY SERVICES LIMITED to Platts will include a 500ppm limit on each of the
processes for EMEA - Fuel Oil Barges - Physical and join EMEA - Gasoil/Diesel Barges - Physical; EMEA following chemicals:
EMEA - RMK Barges - Physical. - Gasoil/Diesel- Paper; EMEA - NWE Gasoil/Diesel - Chemical Species Maximum level Testing method
Platts has reviewed bp Netherlands GmbH and will Physical MOC Styrene 500ppm
GCMS meeting ASTM D
7845-17
consider information from the entity in the assessment RELIANCE GLOBAL ENERGY SERVICES LIMITED has GCMS meeting ASTM D
Phenol 500ppm
processes for EMEA - Fuel Oil Barges - Physical and advised Platts, part of S&P Global Commodity Insights, 7845-17
GCMS meeting ASTM D
EMEA - RMK Barges - Physical, subject at all times to that it would like to participate in the Platts Market on Indene 500ppm
7845-17
adherence with Platts editorial standards. Close assessment process for EMEA - Gasoil/Diesel GCMS meeting ASTM D
4-Cumylphenol 500ppm
Platts will publish all relevant information from bp Barges - Physical; EMEA - Gasoil/Diesel- Paper; EMEA - 7845-17
GCMS meeting ASTM D
Netherlands GmbH accordingly. NWE Gasoil/Diesel - Physical. DCPD 500ppm
7845-17
Platts welcomes all relevant feedback regarding Platts has reviewed RELIANCE GLOBAL ENERGY Methyl-Styrene 500ppm
GCMS meeting ASTM D
7845-17
MOC participation. Platts considers bids, offers SERVICES LIMITED and will consider information

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

European Marketscan June 25, 2025

These limits will apply to the following assessments: Platts is still seeking further feedback on chemicals Please follow the link below for further detail:
„ FO 1%S CIF Med Cargo PUAAJ00 in the marine fuel markets globally. https://www.spglobal.com/commodity-insights/
Please send any feedback, questions or en/pricing-benchmarks/our-methodology/subscriber-
„ FO 1%S FOB Med Cargo PUAAK00
comments to [email protected] and notes/120524-platts-to-split-middle-east-and-africa-
„ FO 1%S CIF NWE Cargo PUAAL00 [email protected]. jet-fuel-index-amend-global-jet-index-from-jan-2
„ FO 1%S FOB NWE Cargo PUAAM00 For written comments, please provide a clear If you have any comments or questions about
„ FO 1%S FOB Rdam Barge PUAAP00 indication if comments are not intended for publication this announcement, please contact S&P Global
by Platts for public viewing. Platts will consider all Commodity Insights Client Services or email
Platts understands that requests for limits on comments received and will make comments not [email protected].
styrene, indene, phenols and DCPD have become marked as confidential available upon request.
typical, and that in addition, limits on 4-cumylphenol New FOB NWE, FOB Med bitumen symbols
and methyl-styrene are also often requested. Platts Discontinuation of ULSD 10 ppm cargoes CIF NWE (all The FOB NWE and FOB Med bitumen symbols have
understands that testing is carried out via gas origin, spread) symbols been created in Market Data category PU (Oil Products:
chromatography-mass spectrometry meeting ASTM D The following ULSD 10 ppm cargoes CIF NWE Asphalt).
7845-17. (all origin, spread) symbols have been discontinued They will appear on the following:
In addition to the above, Platts understands that effective Jan. 2, 2025. Publications: Oilgram Price report and European
elevated levels of other chemicals not listed above may MDC Symbol Bates Dec Freq Curr UOM Description Marketscan report.
also render product unfit for end use. LRZ ALORA00 c 3 DW USD MT
ULSD 10 ppm Cargoes CIF Fixed Page: Platts Global Alert pages
NWE (all origin)
Platts reiterates that cargoes sold in the Market ULSD 10 ppm Cargoes CIF PGA2536,PGA2537,PGA1511 and PGA1521. Platts Refined
LRZ ALORA03 c 3 MA USD MT
On Close assessment process should be suitable for NWE (all origin) MAvg Products Alert pages PRF2536,PRF2537,PRF1511 and
ULSD 10 ppm Cargoes CIF
end use. LRZ ALORB00 c 3 DW USD MT
NWE All Origin Spread
PRF1521.
Offers and traded bids of cargoes and barges in the ULSD 10 ppm Cargoes CIF They are scheduled to begin updating Dec. 11, 2024.
LRZ ALORB03 c 3 MA USD MT
Platts MOC in Europe should meet the above chemical NWE All Origin Spread MAvg
MDC Symbol Bates Dec Freq Curr UOM Description
limit and are also expected to meet merchantable PU PFNEA00 c 3 WA USD MT
FOB Northwest Europe
Bitumen $/mt Weekly
standards. If you have any comments or questions about FOB Northwest Europe
PU PFNEA03 c 3 MA USD MT
Platts will continue to consider for publication bids this announcement, please contact S&P Global Bitumen $/mt MAvg
FOB Mediterranean
and offers for material with limits on chemicals that Commodity Insights Client Services or email PU PFMEB00 c 3 WA USD MT
Bitumen $/mt Weekly
may differ from those stated above. If published, these [email protected]. FOB Mediterranean
PU PFMEB03 c 3 MA USD MT
may be subject to normalization. Bitumen $/mt MAvg
FOB Northwest Europe
This decision follows a formal consultation, the New Jet Index Africa symbols PU PFNEC00 c 3 WA USD MT Bitumen MOPL Diff $/mt
details of which are available here, and a proposal The Jet Index Africa symbols have been created in Weekly
FOB Mediterranean
published on May 5, 2025, available here. Market Data category IN (Platts Indexes). PU PFNED00 c 3 WA USD MT Bitumen MOPL Diff $/mt
During the consultation on European 1% Fuel Oil They will appear on the following: Weekly
specifications, Platts also sought feedback on its Publications: European Marketscan report.
methodology regarding CN Codes. As a result of this Fixed Page: Platts Global Alert page PGA0115. Please follow the link below for further detail:
review, Platts will maintain its existing methodology They are scheduled to begin updating Jan. 2, 2024. https://www.spglobal.com/commodityinsights/
surrounding CN Codes. MDC Symbol Bates Dec Freq Curr UOM Description en/our-methodology/subscriber-notes/110824-
Platts European and Mediterranean assessments IN JIMEA00 c 2 DW USC GAL Jet Index Africa cents/gal platts-to-launch-weekly-european-fob-northwest-
IN JIMEB00 c 2 DW USD BBL Jet Index Africa $/bbl
reflect LSFO where the material has been assigned CN IN JIMEC00 c 2 DW USD MT Jet Index Africa $/mt europe-and-fob-mediterranean-bitumen-
code 2707 9999. IN JIMED00 u 2 DW UNS IBP Jet Index Africa assessments-dec-11

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

European Marketscan June 25, 2025

Revised
If you have any comments or questions about Refined Products Alert fixed page 1110. Currency/ Current
Assessment Symbol weighting from
this announcement, please contact S&P Global Platts continues to monitor gasoline flows in UoM weighting
Jan 2025
Commodity Insights Client Services or email Northwest Europe and seeks industry feedback on Gasoline CBOB 87 USGC AARQU00 cents/gal 27.06% 26.82%
ULSD 10ppmS CIF NWE
[email protected]. the need to evolve its Platts Gasoline 10ppmS CIF Cargo
AAVBG00 $/mt 48.54% 48.24%

NWE Cargo assessment methodology, including Global Jet Index PJGLO09 $/mt 11.60% 9.81%
FOB Spore Marine Fuel
Platts clarifies Gasoline 10ppmS CIF NWE Cargo but not limited to changing the incoterms of the 0.5% Cargo
AMFSA00 $/mt 10.60% 11.10%

merchantability assessment to reflect a Delivered Duty Paid (DDP) Chicago Argo Ethanol AALRI00 cents/gal 2.20% 4.03%

Platts, part of S&P Global Commodity Insights, basis. Platts will communicate any proposed changes
would like to clarify the origin status of merchantable to the current assessment methodology through The Platts Global Transportation Fuels Index
material currently reflected in its Gasoline 10ppmS additional subscriber notes, as the market evolves [ADEXA00] is a composite daily index featuring key
CIF NWE Cargo [AAXFQ00] Market on Close (MOC) more clearly. Platts transportation fuels physical benchmarks
assessment process. Please send any feedback, questions or across road, air, sea and rail, weighted by the relative
Following market feedback, Platts has observed comments to [email protected] and carbon emissions associated with each fuel type.
the need for ‘EU Preferred Origin’ documentation for [email protected]. For written comments, The weightings in the index represent a broad view of
gasoline and associated feedstocks imported into please provide a clear indication if comments are not proportional transportation fuels around the world.
the UK. Therefore, effective Dec. 2, 2024 , Platts will intended for publication by Platts for public viewing. The weightings are reviewed annually to keep the index
publish bids and offers stating ‘EU Preferred Origin’ Platts will consider all comments received and will representative of global supply and demand trends.
material in its Platts Gasoline 10ppmS CIF NWE Cargo make comments not marked as confidential available More details about the calculations and
MOC process and may normalize them back to an ‘EU upon request. methodology of the index can be found in the Platts
Qualified’ basis. Global Commodity Indices Specifications Guide at:
Platts will also continue to publish bids and offers Platts to update component weighting for Global https://www.spglobal.com/commodityinsights/
of ‘EU Qualified’ material as standard. Transportation Fuels Index for 2025 PlattsContent/_assets/_files/en/our-methodology/
Platts Gasoline 10ppmS CIF NWE Cargo assessment Platts, part of S&P Global Commodity Insights, will methodology-specifications/global_commodity_
reflects material delivered CIF basis Thames with update the component weighting used in the Platts indices.pdf?utm_medium=homepage/.
normal charterparty options within Northwest Europe. Global Transportation Fuels Index [ADEXA00], effective Please send any feedback or questions to
Platts currently publishes bids and offers for the Jan. 2, 2025. [email protected].
following locations: UK: Terminal Plymouth, Tees, Tees – The revised weighting reflects an update in the For written comments, please provide a clear
Vopak Terminal, Thames, Thames – Vopak. More details relative global CO2 emissions from the transport indication if comments are not intended for publication
can be found in the online methodology guide here: sector by fuel type, following a review of the latest by Platts for public viewing.
europe-africa-refined-products-methodology.pdf . International Energy Agency data. Platts will consider all comments received and will
The assessment can be found in European The new weightings for the components are as make comments not marked as confidential available
Marketscan and on Platts Global Alert and Platts follows: upon request.

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

European Marketscan June 25, 2025

Deals Summary Bids (PGA page 1415) UNIPECSG sold to VITOL* 2.4kt: kt $9.00/mt 15:29:37
„ No bids reported „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: MW:
TOTSA* sold to TRAFI 3kt: kt $8.00/mt 15:29:46
Premium gasoline 10 ppm barges Withdrawals
„ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: BE:
Trades (PGA page 1304) „ PLATTS GASOIL 50PPM BARGE 1-3KT ICE LSGO M1: ARA: FE:
TOTSA sold to GUNVORSA* 3kt: kt $5.00/mt 15:29:12
TRAFI Withdraws bid 1-3kt: $0.00/mt
„ No trades reported * Denotes market maker. All times GMT
** Denotes OCO order.
* Denotes market maker. All times GMT Bids (PGA page 1474)
Offers (PGA page 1416)
Bids (PGA page 1302) „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: FE:
„ PLATTS GASOIL 50PPM BARGE 1-3KT ICE LSGO M1: ARA: FE:
„ No bids reported TRAFI bids 1-3kt: $8.00/mt
TOTSA offers 1-3kt: $6.00/mt
Withdrawals „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: FE:
„ PLATTS GASOIL 50PPM BARGE 1-3KT ICE LSGO M1: ARA:
GLENCOREUK bids 1-3kt: $7.50/mt
„ No bids reported MW: TOTSA offers 1-3kt: $5.00/mt
„ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: FE:
** Denotes OCO order. „ PLATTS GASOIL 50PPM BARGE 1-3KT ICE LSGO M1: ARA: BE:
GUNVORSA bids 1-3kt: $7.00/mt
Offers (PGA page 1303) TOTSA offers 1-3kt: $3.00/mt
„ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: MW:
Withdrawals
„ No offers reported TRAFI bids 1-3kt: $6.50/mt
„ No offers reported
Withdrawals „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: MW:
** Denotes OCO order. GUNVORSA bids 1-3kt: $6.00/mt
„ No offers reported
** Denotes OCO order. „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: MW:
Gasoil 0.1% Barges VITOL bids 1-3kt: $6.00/mt
Trades (PGA page 1426) „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: MW:
EBOB Barges
GLENCOREUK bids 1-3kt: $5.00/mt
Trades (PGA page 1304) „ No trades reported
* Denotes market maker. All times GMT „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: BE:
„ No trades reported GUNVORSA bids 1-3kt: $5.00/mt
Bids (PGA page 1424)
* Denotes market maker. All times GMT
„ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: BE:
Bids (PGA page 1302) „ No bids reported VITOL bids 1-3kt: $4.00/mt
Withdrawals „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: BE:
„ No bids reported
„ No bids reported TRAFI bids 1-3kt: $3.00/mt
Withdrawals
** Denotes OCO order. „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: BE:
„ No bids reported
Offers (PGA page 1425) GLENCOREUK bids 1-3kt: $3.00/mt
** Denotes OCO order.
Withdrawals
Offers (PGA page 1303) „ No offers reported
„ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: FE:
Withdrawals
„ No offers reported VITOL no longer bids 1-3kt: $9.00/mt
„ No offers reported
Withdrawals ** Denotes OCO order.
** Denotes OCO order.
„ No offers reported Offers (PGA page 1475)
** Denotes OCO order.
Diesel barges „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: FE: BP
offers 1-3kt: $9.50/mt
Trades (PGA page 1476)
Gasoil 50ppm barges „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: FE: STR
Trades (PGA page 1417) „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: FE: offers 1-3kt: $9.50/mt
STR* sold to PSX 2.8kt: kt $9.50/mt 15:29:23 „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: FE:
„ No trades reported
„ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: FE: BP TOTSA offers 1-3kt: $11.00/mt
* Denotes market maker. All times GMT
sold to VITOL* 2.25kt: kt $9.00/mt 15:29:24 „ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: FE:
„ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: FE: EXTAP offers 1-3kt: $11.00/mt

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

European Marketscan June 25, 2025

„ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: MW: bids 2kt: $412.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: MERCURIASA
STR offers 1-3kt: $9.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: UNITEDBUNK offers 2kt: $422.00/mt
„ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: MW: bids 2kt: $420.25/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: VITOL offers
EXTAP offers 1-3kt: $9.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: VITOL bids 2kt: 2kt: $427.00/mt
„ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: MW: BP $420.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: BE: BP offers 2kt:
offers 1-3kt: $9.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GLENCOREUK $421.00/mt
„ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: MW: bids 2kt: $418.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: BE: GUNVORSA
UNIPECSG offers 1-3kt: $10.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: ARAMCOT bids offers 2kt: $421.00/mt
„ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: BE: 2kt: $416.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: BE: MERCURIASA
TOTSA offers 1-3kt: $6.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: TOTSA bids 2kt: offers 2kt: $421.00/mt
„ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: BE: STR $414.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: BE: TOTSA offers
offers 1-3kt: $8.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: NORTHSTARNV 2kt: $421.50/mt
„ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: BE: bids 2kt: $413.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: BE: VITOL offers 2kt:
EXTAP offers 1-3kt: $8.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: BP bids 2kt: $427.00/mt
„ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: BE: BP $412.00/mt Withdrawals
offers 1-3kt: $9.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: BE: VITOL bids 2kt: „ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GUNVORSA no
„ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: BE: $417.00/mt longer offers 2kt: $421.00/mt
UNIPECSG offers 1-3kt: $10.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: BE: GLENCOREUK ** Denotes OCO order.
Withdrawals bids 2kt: $417.00/mt
„ PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: MW: „ PLATTS FUEL OIL 3.5% RDAM BARGES: BE: ARAMCOT bids LSFO barges
TOTSA no longer offers 1-3kt: $8.00/mt 2kt: $416.00/mt Trades (PGA page 1505)
** Denotes OCO order. „ PLATTS FUEL OIL 3.5% RDAM BARGES: BE: TOTSA bids 2kt:
„ No trades reported
$414.00/mt
* Denotes market maker. All times GMT
HSFO barges „ PLATTS FUEL OIL 3.5% RDAM BARGES: BE: BP bids 2kt:
$412.00/mt Bids (PGA page 1503)
Trades (PGA page 1505)
„ PLATTS FUEL OIL 3.5% RDAM BARGES: BE: NORTHSTARNV „ No bids reported
„ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GUNVORSA*
bids 2kt: $412.00/mt Withdrawals
sold to VITOL 2kt: kt $421.00/mt 15:29:51
Withdrawals „ No bids reported
„ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GUNVORSA*
sold to VITOL 2kt: kt $421.00/mt 15:30:00 „ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: GLENCOREUK ** Denotes OCO order.
Withdraws bid 2kt: $421.00/mt Offers (PGA page 1504)
* Denotes market maker. All times GMT
** Denotes OCO order.
Bids (PGA page 1503) „ No offers reported
Offers (PGA page 1504)
„ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: UNITEDBUNK Withdrawals
bids 2kt: $420.25/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: GUNVORSA
„ No offers reported
offers 2kt: $424.00/mt
„ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: VITOL bids 2kt: ** Denotes OCO order.
$420.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: BP offers 2kt:
$425.00/mt
„ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: ARAMCOT bids HSFO RMK 500 barges
2kt: $416.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: TOTSA offers
2kt: $426.00/mt Trades (PGA page 1505)
„ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: TOTSA bids 2kt:
$414.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: VITOL offers 2kt: „ No trades reported
$427.00/mt * Denotes market maker. All times GMT
„ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: BP bids 2kt:
$412.00/mt „ PLATTS FUEL OIL 3.5% RDAM BARGES: MW: TOTSA offers
2kt: $421.50/mt
„ PLATTS FUEL OIL 3.5% RDAM BARGES: FE: NORTHSTARNV

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

European Marketscan June 25, 2025

Bids (PGA page 1503) ** Denotes OCO order. Withdrawals

„ No bids reported
Offers (PGA page 1504) „ No offers reported
** Denotes OCO order.
Withdrawals „ No offers reported
„ No bids reported

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

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