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European Marketscan
Volume 56 / Issue 56 / March 19, 2024
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 669.00–669.50 669.250 +0.250 PAAAH00 703.50–704.00 703.750 +0.500
Prem Unl 10 ppm AAWZA00 910.00–910.50 910.250 -3.250 AAWZB00 936.00–936.50 936.250 -3.000
Jet AAIDL00 836.75–837.25 837.000 -3.500 AAZBN00 882.75–883.25 883.000 -3.000
10 ppm ULSD AAWYY00 837.75–838.25 838.000 -4.750 AAWYZ00 863.75–864.25 864.000 -4.500 AMOPN00 6.81 -0.200
Gasoil 0.1% AAVJI00 819.25–819.75 819.500 -3.000 AAVJJ00 843.25–843.75 843.500 -2.750 AMOPI00 3.73 -0.240
Fuel oil 1.0% PUAAK00 528.00–528.50 528.250 +2.000 PUAAJ00 545.00–545.50 545.250 +1.750
Fuel oil 3.5% PUAAZ00 468.75–469.25 469.000 +4.250 PUAAY00 485.50–486.00 485.750 +4.000
*Basis East Med.
Northwest Europe cargoes (PGA page 1110)
FOB NWE CIF NWE/Basis ARA MOPL Diff
Naphtha (Apr) PAAAJ00 705.00–705.50 705.250 +2.250
Naphtha PAAAL00 726.75–727.25 727.000 +0.750
Gasoline 10 ppm AAXFQ00 967.00–967.50 967.250 +6.000
Jet PJAAV00 862.50–863.00 862.750 -3.250 PJAAU00 884.25–884.75 884.500 -3.000 AMOPJ00 0.69 -0.360
ULSD 10 ppm AAVBF00 859.25–859.75 859.500 -4.250 AAVBG00 873.25–873.75 873.500 -4.250 AMOPL00 9.77 -0.410
Diesel 10 ppm NWE** AAWZD00 859.00–859.50 859.250 -4.500 AAWZC00 876.25–876.75 876.500 -4.250
Diesel 10ppm NWE all origin ALORA00 873.500 -4.250
Diesel 10ppm NWE all origin spread ALORB00 0.000 0.000
Diesel 10 ppm UK AAVBH00 878.50–879.00 878.750 -4.000 AUKMA00 15.017 -0.159
Gasoil 0.1% AAYWR00 812.00–812.50 812.250 -6.000 AAYWS00 839.25–839.75 839.500 -5.750 AMOPH00 1.63 -0.060
Fuel oil 1.0% PUAAM00 509.00–509.50 509.250 +3.750 PUAAL00 529.25–529.75 529.500 +2.750
Fuel oil 3.5% PUABB00 454.00–454.50 454.250 +5.500 PUABA00 472.50–473.00 472.750 +4.750
Bionaptha PAAAU00 2027.000 +0.750
Bionaptha premium PAADU00 1300.000 0.000
**Basis Le Havre.
Northwest Europe barges (PGA page 1112)
FOB Rotterdam*** MOPL Diff
Naphtha PAAAM00 722.75–723.25 723.000 +0.750
Eurobob AAQZV00 879.50–880.00 879.750 +4.750
E10 Eurobob AGEFA00 886.000 +6.250
98 RON gasoline 10 ppm AAKOD00 979.50–980.00 979.750 +4.750
Premium gasoline 10 ppm PGABM00 880.00–880.50 880.250 +7.750
Reformate AAXPM00 989.750 +4.750
Jet PJABA00 876.50–877.00 876.750 -3.000 AMOPK00 -0.88 +0.500
Diesel 10 ppm AAJUS00 856.00–856.50 856.250 -5.000 AMOPM00 0.22 -1.000
Gasoil 50 ppm AAUQC00 826.75–827.25 827.000 -5.000
Gasoil 0.1% AAYWT00 823.50–824.00 823.750 -4.250 AMOPG00 -0.76 -0.180
www.spglobal.com/commodityinsights
European Marketscan March 19, 2024
European products ($/mt) (continued) Euro-denominated assessments 16:30 London

Code Mid Change Med cargoes (€/mt) (PGA page 1120)
FOB Med CIF Med
DMA MGO 0.1% LGARD00 792.000 -1.000 (Italy) (Genova/Lavera)
Fuel oil 1.0% PUAAP00 509.00–509.50 509.250 +3.750 Naphtha* ABWHE00 616.196 ABWHD00 647.961
Fuel oil 3.5% PUABC00 473.50–474.00 473.750 +4.750 Prem Unl 10ppm ABWGV00 838.090 ABWGU00 862.029
Fuel oil 3.5% 500 CST PUAGN00 469.50–470.00 469.750 +4.750 Jet ABWGZ00 770.647 AAZBO00 813.001
Rotterdam bunker 380 CST PUAYW00 486.50–487.50 487.000 +11.000 10ppm ULSD ABWHM00 771.568 ABWHH00 795.507
Gasoil 0.1% ABWGQ00 754.535 ABWGO00 776.632
***See notes on delivery basis for this table. (see page 11)
Fuel oil 1.0% ABWGH00 486.373 ABWGF00 502.026
Fuel oil 3.5% ABWGM00 431.820 ABWGK00 447.242
*Naphtha FOB Med is basis East Med.
Northwest Europe cargoes (€/mt) (PGA page 1116)
FOB NWE CIF NWE/Basis ARA
Naphtha AAQCE00 669.367
Gasoline 10ppm ABWGS00 890.572
Jet ABWHB00 794.356 AAQCF00 814.382
Africa products European feedstocks and blendstocks ULSD 10 ppm ABWHO00 791.133 ABWHI00 807.016
Diesel 10ppm NWE ABWHP00 791.364 ABWHK00 804.254
Code Code
Mid Change Mid Change
Diesel 10 ppm UK ABWHJ00 809.088
CIF Northwest Europe cargo ($/mt) (PGF page 1760)
West Africa cargoes (PGA pages 1122, 2342 and 2412) Diesel 10ppm UK MOPL Diff AUKMB00 13.827
VGO 0.5-0.6% AAHMZ00 681.75–682.75 682.250 +5.000 Gasoil 0.1% ABWGR00 747.859 ABWGP00 772.949
FOB NWE ($/mt) VGO 2% AAHND00 668.00–669.00 668.500 +5.000 Fuel oil 1.0% AAQCG00 468.879 ABWGG00 487.524
Gasoline AAKUV00 902.750 -5.250 Fuel oil 3.5% ABWGN00 418.240 ABWGL00 435.273
FOB Northwest Europe cargo ($/mt)
CIF West Africa ($/mt) Straight run 0.5-0.7% ABWHG00 584.200
VGO 0.5-0.6% AAHMX00 653.75–654.75 654.250 +6.500
Gasoline AGNWC00 948.500 -8.000 West Africa cargoes (€/mt) (PGA page 1116)
VGO 2% AAHNB00 640.00–641.00 640.500 +6.500
FOB NWE CIF WAF
FOB STS West Africa ($/mt) Straight Run 0.5-0.7% PKABA00 634.00–635.00 634.500 +6.250
Gasoline AGNWA00 831.185 AANWC00 873.308
Gasoil 0.3% AGNWD00 842.250 -4.250 FOB Black Sea cargo ($/mt) FOB STS West Africa
Jet AJWAA00 930.500 -3.750 Gasoil 0.3% AGNWE00 775.481
VGO 0.8% ABBAD00 674.750 +6.750
CFR South Africa ($/barrel) VGO 2% ABBAC00 661.750 +6.750 Jet AJWAB00 856.735
Gasoline 95 unleaded AAQWW00 114.626 +0.240 Northwest Europe barges (€/mt) (PGA page 1118)
CIF Mediterranean cargo ($/mt)
Jet kero AAQWT00 113.171 +0.900 FOB Rotterdam
Gasoil 10 ppm AAQWU00 114.315 +0.940 Straight Run 0.5-0.7% AAJNT00 638.250 -2.250 Naphtha ABWHF00 665.685
Gasoil 500 ppm AAQWV00 113.265 +1.040 VGO 0.8% ABBAB00 696.000 +6.500 Eurobob ABWGT00 810.008
VGO 2% ABBAA00 683.000 +6.500 E10 Eurobob AGEFE00 815.763
98 RON gasoline 10 ppm ABWGX00 902.081
Jet Index (PGA page 115) FOB Rotterdam barge ($/mt)
Premium gasoline 10 ppm AAQCH00 810.469
March 19, 2024 Index $/mt MTBE* PHALA00 1141.00–1141.50 1141.250 +9.000 Reformate AAXPN00 911.288
Europe & CIS PJECI00 300.71 PJECI09 880.63 VGO 0.5-0.6% AAHNF00 650.50–651.50 651.000 +6.250 Jet ABWHC00 807.246
MidEast & Africa PJMEA00 313.66 PJMEA09 829.33 VGO 2% AAHNI00 637.00–638.00 637.500 +6.500 Diesel 10 ppm* AAQCI00 788.371
Global PJGLO00 302.66 PJGLO09 874.30 *FOB Amsterdam-Rotterdam-Antwerp. Gasoil 50 ppm AAUQF00 761.440
Gasoil 0.1%* AAYWY00 758.448
DMA MGO 0.1%* LGARE00 729.215
Fuel oil 1.0% ABWGI00 468.879
Fuel oil 3.5% AAQCK00 436.194
Fuel oil 3.5% 500 CST PUAGO00 432.511
Rotterdam bunker 380 CST AAUHE00 448.393
*FOB Amsterdam-Rotterdam-Antwerp. Euro/US$ forex rate: 1.0861. Platts
Euro denominated European and US product assessments are based on
market values and a Euro/US$ forex rate at 4:30 PM local London time.
© 2024 by S&P Global Inc. All rights reserved. 2

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 631.580 +1.110 Low Sulfur Gasoil Brent FOB Med CIF Med
0.5% FOB Fujairah cargo AMFFA00 633.830 -0.270 Apr AARIN00 852.25 May AAYES00 87.35 Prem Unl 10 ppm ABXGA00 63.252 ABXGB00 65.059
0.5% FOB Rotterdam barge* PUMFD00 590.000 +3.750 May AARIO00 839.50 Jun AAYET00 86.59 Jet ABXGH00 62.961 ABXGI00 66.422
0.5% FOB US Gulf Coast barge AUGMB00 638.750 +2.750 Jun AARIP00 827.50 Jul AAXZY00 85.79 10 ppm ULSD ABXGO00 65.221 ABXGP00 67.245
0.5% Dlvd US Atlantic Coast barge AUAMB00 641.500 -0.250 Aug AAYAM00 85.02 Gasoil 0.1% ABXGY00 63.781 ABXGZ00 65.649
0.5% FOB Mediterranean cargo MFFMM00 593.500 +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 608.500 +1.750 precisely 16:30 London time. FOB NWE CIF NWE/Basis ARA
$/barrel ICE gasoil settlements (PGA page 702) Gasoline 10 ppm ABXGC00 67.213
0.5% FOB US Gulf Coast barge AUGMA00 100.590 +0.430 Low Sulfur Gasoil Low Sulfur Gasoil Jet ABXGJ00 64.898 ABXGK00 66.534
0.5% Dlvd US Atlantic Coast barge AUAMA00 101.020 -0.040 Apr * ICLO001 851.75 Jul ICLO004 819.25 ULSD 10 ppm ABXGQ00 66.895 ABXGR00 67.984
vs FO 380 MOPS strip ($/mt) May ICLO002 838.75 Aug ICLO005 814.25 Diesel 10 ppm NWE ABXGS00 66.875 ABXGT00 68.218
0.5% FOB Singapore cargo AMOPA00 153.280 +1.730 Jun ICLO003 827.00 Sep ICLO006 810.50 Gasoil 0.1% ABXHA00 63.217 ABXHB00 65.338
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 61.133
E10 Eurobob AGEFC00 61.567
NYMEX WTI (PGA page 703) 98 RON Gasoline 10 ppm ABXGE00 68.082
$/barrel $/barrel Premium Gasoline 10 ppm ABXGF00 61.167
Apr AASCR00 83.43 May AASCS00 82.72 Jet ABXGL00 65.951
NYMEX NY ULSD (PGA page 703) Diesel 10 ppm ABXGU00 66.642
¢/gal ¢/gal Gasoil 50 ppm ABXHC00 64.365
Apr XUHO100 275.88 May XUHO200 273.68 Gasoil 0.1% ABXHD00 64.112
NYMEX RBOB (unleaded gasoline) (PGA page 703)
¢/gal ¢/gal
Apr XUHU100 274.86 May XUHU200 273.90
Marine Fuel 0.5% Derivatives, Mar 19

Balance* Change Month 1 Change Month 2 Change
Mar Apr May GB pence per liter assessments 16:30 London
$/mt $/mt $/mt Northwest Europe cargoes (p/liter) (PGA page 1370)
0.5% FOB Singapore cargo FOFS000 632.500 +1.500 FOFS001 629.500 +1.750 FOFS002 625.000 +2.200 FOB NWE CIF NWE/Basis ARA
0.5% FOB Fujairah cargo FOFF000 NA NANA FOFF001 632.000 -0.250 FOFF002 630.250 +0.250 Gasoline 10 ppm ABXGG00 57.381
0.5% FOB Rotterdam barge AMRAB00 593.000 +2.250 AMRAM01 589.500 +2.500 AMRAM02 583.000 +3.000 Jet ABXGM00 55.405 ABXGN00 56.802
0.5% vs. 3.5% FOB Rotterdam barge AMRBB00 118.250 -1.750 AMRBM01 110.500 -1.000 AMRBM02 100.250 -0.750 ULSD 10 ppm ABXGV00 57.109 ABXGW00 58.039
$/barrel $/barrel $/barrel Diesel 10 ppm UK ABXGX00 58.388
0.5% FOB US Gulf Coast barge AMARB00 NA NANA AMARM01 97.200 +0.050 AMARM02 95.350 +0.100 Diesel 10ppm UK MOPL Diff AUKMC00 0.998
0.5% vs US Gulf Coast HSFO barge AUSBB00 NA NANA AUSBM01 22.850 -0.100 AUSBM02 21.000 -0.150 Gasoil 0.1% ABXHE00 53.970 ABXHF00 55.780
*Balance month swaps are assessed from the 1st through the 20th of the month; Asia swaps are assessed through the 14th of February.

European financial derivatives: March 19, 2024 ($/mt) (PPE page 1600)
Code March* Change Code April Change Code May Change
London MOC
Propane CIF NWE Large Cargo Financial ABWFX00 538.000 +2.000 AAHIK00 526.000 +2.000 AAHIM00 520.500 +2.500
Naphtha CIF NWE Cargo Financial ABWFV00 724.750 +2.750 PAAAJ00 705.250 +2.250 AAECO00 691.250 +3.000
Gasoline Prem Unleaded 10 ppm FOB ARA Barge Financial ABWFT00 899.500 -2.000 AAEBW00 928.000 -0.500 AAEBY00 918.750 0.000
Gasoline Eurobob 10 ppm FOB ARA Barge Financial ABWFB00 891.000 -0.750 ABWFC00 919.500 +0.750 ABWFD00 910.250 +1.250
Gasoline Eurobob Non-oxy E10 Barge Financial AGEAB00 895.750 +0.500 AGEAM01 924.250 +2.000 AGEAM02 915.000 +2.500
Jet FOB Rdam Barge Financial AAXUH00 876.500 -4.000 AAXUM01 883.000 -1.750 AAXUM02 887.250 +0.250
Jet CIF NWE Cargo Financial ABWCI00 881.250 -4.000 ABWCJ00 885.750 -1.750 ABWCK00 888.250 +0.250
ULSD 10 ppmS FOB ARA Barge Financial ABWEA00 857.250 -4.000 ABWEB00 850.250 -2.750 ABWEC00 836.500 -0.500
ULSD 10 ppmS CIF NWE Cargo Financial ABWDM00 870.000 -4.250 ABWDN00 859.000 -2.750 ABWDO00 846.250 -0.250
ULSD 10 ppmS CIF Med Cargo Financial ABWCY00 861.750 -5.750 ABWCZ00 853.750 -2.500 ABWDA00 840.500 -0.250
LS Gasoil Frontline Financial ABWAO00 852.250 -4.250 AAPQS00 843.750 -2.250 AAPQT00 831.000 0.000
Gasoil .1%S (1000 ppm) FOB ARA Barge Financial ABWBT00 825.250 -4.250 ABWBU00 821.000 -2.250 ABWBV00 815.500 0.000
Gasoil 0.1%S CIF NWE Cargo Financial ABWBF00 841.000 -7.500 ABWBG00 835.500 -3.750 ABWBH00 824.500 -0.500
Gasoil .1%S (1000 ppm) CIF Med Cargo Financial ABWAS00 845.750 -2.000 ABWAT00 835.250 -2.250 ABWAU00 823.500 0.000
FO 3.5%S FOB Rdam Barge Financial ABWAE00 474.750 +4.000 AAEHB00 479.000 +3.500 AAEHC00 482.750 +3.750
FO 3.5%S FOB Med Cargo Financial ABWAG00 462.750 +4.000 AAEHK00 468.750 +3.500 AAEHL00 471.000 +3.750
FO 3.5%S FOB Rdam Barge vs FO 3.5%S FOB Med Cargo Financial ABWAM00 12.000 0.000 AAEHK01 10.250 0.000 AAEHL01 11.750 0.000
FO 1%S FOB Rdam Barge Financial ABWAA00 506.500 +3.750 AALTA00 507.000 +3.750 AALTC00 506.500 +3.750
FO 1%S FOB NWE Cargo Financial ABWAC00 506.500 +3.750 AAEGR00 511.000 +3.750 AAEGS00 510.500 +3.750
FO 1%S FOB NWE vs FO 3.5%S Barge (HiLo Diff) Financial ABWAI00 31.750 -0.250 AAEGR01 32.000 +0.250 AAEGS01 27.750 0.000
*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 480.750 +0.250 FPLSM02 482.750 +1.750
FO 380 3.5% FOB Spore Cargo vs FO 3.5% FOB Rdam Barge (E-W) FQLSM01 1.750 -3.250 FQLSM02 0.000 NANA
at London MOC Financial
FO 180 CST 3.5%S FOB Spore Cargo at London MOC Financial FOLSM01 497.500 -2.250 FOLSM02 498.500 +0.500
FO 180 3.5% FOB Spore Cargo vs FO 3.5% FOB Rdam Barge (E-W) F1BDM01 18.500 -5.750 F1BDM02 15.750 -3.250
at London MOC Financial

Calendar month averages for February 2024

Code Mid Code Mid
FOB Med cargo (Italy) (PGA page 1115) CIF NWE cargo (basis ARA) (PGA page 111)
Naphtha* PAAAI03 616.369–616.869 616.619 Naphtha physical PAAAL03 662.905–663.405 663.155
Prem Unl 10ppm AAWZA03 837.786–838.286 838.036 Gasoline 10ppm AAXFQ03 883.821–884.321 884.071
Jet AAIDM00 855.976–856.476 856.226 Jet PJAAU03 894.345–894.845 894.595
10ppm ULSD AAWYY03 844.905–845.405 845.155 ULSD 10ppm AAVBG03 869.952–870.452 870.202
Gasoil 0.1% AAVJI03 800.036–800.536 800.286 Diesel 10ppm NWE AAWZC03 872.833–873.333 873.083
Fuel oil 1.0% PUAAK03 478.143–478.643 478.393 Diesel 10ppm NWE all origin ALORA03 870.202
Fuel oil 3.5% PUAAZ03 450.464–450.964 450.714 Diesel 10ppm NWE all origin spread ALORB03 0.000
FOB Black Sea (PGF page 1761) Diesel 10ppm UK AAVBH03 874.536–875.036 874.786
VGO 0.8% ABBAD03 623.512 Diesel 10ppm UK MOPL Diff AUKMA03 19.661
VGO 2% max ABBAC03 613.786 Gasoil 0.1% AAYWS03 835.500–836.000 835.750

Fuel oil 1.0% PUAAL03 488.810–489.310 489.060
CIF Med cargo (Genova/Lavera) (PGA page 1115)
Fuel oil 3.5% PUABA03 442.024–442.524 442.274
Naphtha PAAAH03 643.893–644.393 644.143
VGO 0.5-0.6% AAHNA00 628.631–629.631 629.131
Prem Unl 10ppm AAWZB03 858.476–858.976 858.726
VGO 2% max AAHNE00 618.024–619.024 618.524
Jet AAZBN03 892.845–893.345 893.095
10ppm ULSD AAWYZ03 865.655–866.155 865.905 FOB Rotterdam barges (PGA page 1113)
Gasoil 0.1% AAVJJ03 819.226–819.726 819.476 Naphtha PAAAM03 658.905–659.405 659.155
Fuel oil 1.0% PUAAJ03 500.881–501.381 501.131 Eurobob AAQZV03 811.774–812.274 812.024
Fuel oil 3.5% PUAAY03 472.738–473.238 472.988 98 RON gasoline 10ppm AAKOE00 891.250–891.750 891.500
VGO 0.8% ABBAB03 651.560 Premium gasoline 10ppm PGABM03 830.821–831.321 831.071
VGO 2% max ABBAA03 641.821 MTBE** PHBFZ03 1073.560–1074.060 1073.810
Jet PJABA03 895.571–896.071 895.821
FOB NWE cargo (PGA page 1111)
Diesel 10ppm** AAJUW00 862.655–863.155 862.905
Bionaphtha PAAAU03 1963.155
Gasoil 50ppm AAUQC03 834.738–835.238 834.988
Bionaphtha premium PAADU03 1300.000
Gasoil 0.1%** AAYWT03 820.667–821.167 820.917
Jet PJAAV03 873.964–874.464 874.214
DMA MGO 0.1%* LGARD03 799.238
ULSD 10ppm AAVBF03 856.762–857.262 857.012
Fuel oil 1.0% PUAAP03 469.464–469.964 469.714
Diesel 10ppm NWE AAWZD03 856.702–857.202 856.952
Fuel oil 3.5% PUABC03 443.024–443.524 443.274
Gasoil 0.1% AAYWR03 810.024–810.524 810.274
Fuel oil 3.5% 500 CST PUAGN03 438.036–438.536 438.286
Fuel oil 1.0% PUAAM03 463.845–464.345 464.095
Rotterdam bunker 380 CST PUAYW03 444.548–445.548 445.048
Fuel oil 3.5% PUABB03 419.524–420.024 419.774
VGO 0.5-0.6% AAHNG00 588.476–589.476 588.976
Straight run 0.5-0.7% PKABA03 583.464–584.464 583.964
VGO 2% max AAHNJ00 577.048–578.048 577.548
VGO 0.5-0.6% AAHMY00 594.131–595.131 594.631
Reformate AAXPM03 886.500
VGO 2% max AAHNC00 583.571–584.571 584.071
*Naphtha FOB is basis east Med. **FOB Amsterdam/Rotterdam/Antwerp.
CIF West Africa cargo (PGA page 1111)
Gasoline AGNWC03 903.000
FOB NWE West Africa cargo (PGA page 1111)

Gasoline AAKUV03 860.024

Market Commentary Renewable fuels (PGA pages 1414, 483 and 2414)
Change
Platts European Gasoline Daily Market Northwest Europe ($/mt)

SAF Cost of Production BJNWA00 1998.633 +0.397
Analysis SAF CIF ARA MIRWD00 2884.500 -3.000
SAF CIF ARA Premium MIRWF00 2000.000 0.000
Eurobob crack narrows on day HVO HVNWA00 1841.444 +0.303
WAF fuel cap returns in some form USWC ($/mt)

SAF Cost of Production w/ credits ASAFA00 1529.990 -4.291
SAF Cost of Production w/o credits ASAFB00 607.849 -5.695
European gasoline markets were moderately weaker RD w/ credits ARDFA00 1479.772 -2.872
RD w/o credits ARDFB00 674.898 -3.763
March 19, with offers again consistently seen in the
USWC ($/b)
Platts Market on Close assessment process on the day. SAF Cost of Production w/ credits ASAFE00 188.999 -0.530
West African demand had picked up slightly, after SAF Cost of Production w/o credits ASAFF00 75.087 -0.704
RD w/ credits 183.335 -0.355
facing a flood of cargoes fixed out of the Amsterdam- ARDFE00
RD w/o credits ARDFF00 83.616 -0.466
Rotterdam-Antwerp hub, with three Long Range Biodiesel price assessments USWC (¢/gal)
vessels on subjects March 15. Low-High Midpoint Change SAF Cost of Production w/ credits ASAFI00 449.997 -1.262
In the barge market, a traded offer for 10 ppm SAF Cost of Production w/o credits ASAFJ00 178.779 -1.675
Northwest Europe differential to ICE gasoil ($/mt) (PBF page 1313) RD w/ credits ARDFI00 436.511 -0.847
barges set the assessment on the day. FAME 0 (RED) FOB ARA 312.50-317.50 315.00 +5.00
AAXNT00 RD w/o credits ARDFJ00 199.085 -1.110
There was one cargo outstanding at the close from PME (RED) FOB ARA AAXNY00 242.50-247.50 245.00 +5.00 Southeast Asia ($/mt)
Thessaloniki in the MOC, which set the assessment on RME (RED) FOB ARA AAXNU00 375.50-380.50 378.00 +3.00 SAF Cost of Production (PFAD) ASFAA00 1508.250 -11.670
SME (RED) FOB ARA AAXNX00 333.50-338.50 336.00 +4.25
the day. HVO (PFAD) HVSAB00 1400.880 -10.440
UCOME (RED) FOB ARA AUMEA00 456.00 +4.00
In other news, Nigerian fuel subsidies had returned North Asia ($/mt)
in some form, according to local news reports, Carbon credits (PGA page 496) SAF Cost of Production (UCO)
HVO (UCO)
ASFAC00
HVNAA00
1703.200
1579.230
+5.580
+4.620
which have consistently followed a Feb. 9 report Change
Platts CEC Foreign exchange rates (PGA page 1151)
by an IMF delegation, which concluded that the March 19, 2024 London 16:30
$/mtCO2e PCECA00 11.500 0.000
Tinubu administration had capped retail fuel and Eur/mtCO2e PCECE00 10.599 +0.050 Dollar/Swiss franc BCADC00 0.8881
electricity prices. Jet Fuel Carbon Offset Premiums GB pound/Dollar BCADB00 1.2722
Dollar/Yen BCACW00 150.7700
In a March 4 statement, IMF mission chief Axel $/b AJFCA00 55.324 0.000
Euro/Dollar BCADD00 1.0861
Eur/b AJFCB00 50.990 +0.243
Schimmelpfennig said: “The capping of fuel pump Dollar/Ruble AAUJO00 92.4750
prices and electricity tariffs below cost recovery could Carbon Intensity (PGA page 4207)
have a fiscal cost of up to 3% of GDP in 2024.” Daily Carbon Intensity Premium Monthly Carbon Intensity
Instead, cash transfers to households should be Asia $/bbl Date kgCO2e/bbl
prioritized over “implicit fuel and electricity subsidies,” Gasoline Unl 92 FOB Singapore Cargo ALCEJ00 0.621 ALCEI00 Feb-24 48.16
he said. Jet Kero FOB Singapore Cargo ALCEL00 0.244 ALCEK00 Feb-24 18.93
Gasoil 10ppm FOB Singapore Cargo ALCEH00 0.368 ALCEG00 Feb-24 28.54
The spread between gasoline and naphtha
United States Gulf Coast ¢/gal Date kgCO2e/gal
narrowed slightly on the day, but has risen sharply over Gasoline CBOB USGC Prompt Pipeline ALCEN00 1.316 ALCEM00 Feb-24 1.02
the past two weeks. The spread between April Eurobob Jet Kero 54 USGC Prompt Pipeline ALCEP00 0.619 ALCEO00 Feb-24 0.48
FOB ARA swaps and the equivalent naphtha CIF NWE ULSD USGC Prompt Pipeline ALCER00 0.800 ALCEQ00 Feb-24 0.62
swaps was assessed at $215.75/mt, up from $182.75/mt Northwest Europe $/mt Date kgCO2e/mt
Gasoline Eurobob (E5) FOB NWE Barge 4.854 Feb-24 376.28
March 8. ALCEB00 ALCEA00
Jet FOB NWE Barge ALCED00 2.211 ALCEC00 Feb-24 171.36
Three sources on the day said the spread between ULSD 10ppm FOB NWE Barge ALCEF00 2.491 ALCEE00 Feb-24 193.12

summer and winter gasoline in the Northwest cents/mt discount to Eurobob barges, from a $2.50/ was applied to the winter curve, and a $27.50/mt
European market was now somewhere between $30/ mt discount, based on a competitive outstanding premium was applied to the final two days of the curve,
mt and $40/mt, depending on the refinery. traded offer in the Platts Market on Close assessment corresponding with April dates.
The front-month FOB ARA Eurobob barge swap was process. A 10 cents/day contango was applied to the Exclusions: None
assessed at $919.50/mt, up 75 cents/mt, according to winter curve and a $27.50/mt premium was applied to Platts is part of S&P Global Commodity Insights
Platts assessments, with the barge crack equivalent at the final three days of the curve, corresponding with
$23.83/b, down 73 cents/b. April dates. Platts NWE Med Gasoline Cargo Daily Rationale
The March/April spread was wider by $1.50/ Gasoline Eurobob FOB AR Barge <AAQZV00> & Exclusions
mt at a minus $28.50/mt contango, while the April/ assessment rationale: Gasoline 10ppmS CIF NWE Cargo <AAXFQ00>
May spread was 50 cents/mt narrower at a $9.25/mt Eurobob gasoline barges were assessed at $873.25/ assessment rationale:
backwardation. mt and at a $39.75/mt discount to the front-month CIF NWE gasoline cargoes were assessed at $967.25/
The Med/North gasoline differential — the spread Eurobob swap, from a $43.75/mt discount, based on mt and at an $87.50/mt differential to physical Eurobob,
between the March FOB Mediterranean 10 ppm cargo information heard in the market in the absence of up from a $86.25/mt premium. The winter portion of the
swap and the equivalent FOB Amsterdam-Rotterdam indications in the MOC. A 10 cents/day contango was curve was assessed at a $71/mt differential to Eurobob
Eurobob barge — was assessed unchanged at $27/mt, applied to the winter curve, and a $27.50/mt premium winter values, using a 10 cents/day contango structure.
with April down $1.75/mt at minus $4.75/mt. was applied to the final three days of the curve, The summer portion was assessed at a $27.50 premium
Platts is part of S&P Global Commodity Insights corresponding with April dates. for the final 13 days of the curve and assessed flat, in
Gasoline E10 Eurobob FOB AR Barge <AGEFA00> line with the specification change, in the absence of
Platts NWE Gasoline FOB Barge Daily Rationales assessment rationale: competitive indications in the Platts Market on Close
& Exclusions E10 Eurobob gasoline barges were at a $6.25/mt assessment process.
Gasoline Prem Unleaded 10ppmS FOB AR Barge premium to the physical E5 Eurobob market, from Gasoline Prem Unleaded 10ppmS FOB Med Cargo
<PGABM00> assessment rationale: a $4.75/mt premium, based on information heard <AAWZA00> assessment rationale:
The FOB AR 10 ppm premium unleaded gasoline from the market and in the absence of competitive FOB Mediterranean gasoline cargoes were assessed
barge was assessed at $880.25/mt and at a 50 indications in the MOC. A 10 cents/day contango at $910.25/mt. An outstanding competitive offer proved
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value lower for the summer portion of the curve, with Russian domestic refined products netbacks
Refinery Port Code Rb/mt Change Code $/mt Change Underlying marker
the M1/2 structure applied, while the winter portion
Middle Distillates (PGA page 1440)
was assessed at a $20/mt discount and a 10 cents/day Gasoil and Diesel 10 ppm
contango. The assessment was at a $4.50/mt discount Moscow St Peter AAWRP00 100,692.846 -380.162 AAWRO00 1,094.691 -5.483 ULSD CIF NWE Crg
Yaroslavl St Peter AAXKP00 101,665.914 -380.162 AAXKO00 1,105.270 -5.496 ULSD CIF NWE Crg
to the FOB Med April swap, from a $2.25/mt discount. NORSI Novorossiysk AAXKA00 92,265.886 -449.847 AAWRU00 1,003.077 -6.129 ULSD FOB Med Crg
Gasoline Prem Unleaded 10ppmS CIF Med Cargo Syzran Novorossiysk AAXKI00 93,282.010 -449.847 AAXKH00 1,014.123 -6.143 ULSD FOB Med Crg
Komsomolsk Nakhodka AAWRJ00 90,907.297 +923.254 AAWRI00 988.306 +8.835 GO 0.05% SporeCrg
<AAWZB00> assessment rationale: Khabarovsk Nakhodka AAWRD00 91,993.921 +923.254 AAWRC00 1,000.120 +8.821 GO 0.05% SporeCrg
The CIF Mediterranean gasoline cargo assessment Ufa Primorsk AAXYF00 99,459.186 -379.603 AAXYJ00 1,081.279 -5.461 ULSD CIF NWE Crg
Omsk Novorossiysk AAWKQ00 89,045.050 -449.847 AAWKP00 968.061 -6.086 GO 0.1% Med Crg
was derived as a freight net-forward from the FOB Yaroslavl Primorsk AAWJZ00 102,374.382 -379.603 AAWJY00 1,112.972 -5.500 ULSD CIF NWE Crg
Mediterranean gasoline cargo assessment, using NORSI Primorsk AAWJX00 102,379.566 -379.603 AAWJW00 1,113.028 -5.500 ULSD CIF NWE Crg
Kirishi Primorsk AAWJV00 104,402.658 -379.603 AAWJU00 1,135.022 -5.527 ULSD CIF NWE Crg
the following: FOB Med gasoline cargo assessment Volgograd Novorossiysk ABXKR00 95,773.414 -449.847 ABXKQ00 1,041.209 -6.176 ULSD FOB Med Crg
plus the cost of transporting a 30,000mt clean cargo Diesel damping value RNDCD00 32,433.468
from a basket of Mediterranean ports to a basket of Gasoline (PGA page 1340)
Moscow Vysotsk AAWRT00 106,685.037 +610.762 AAWRS00 1,159.836 +5.223 Eurobob ARA Brg
Mediterranean destinations. Yaroslavl Vysotsk AAXKT00 107,574.837 +610.762 AAXKS00 1,169.509 +5.211 Eurobob ARA Brg
Exclusions: None NORSI Novorossiysk AAXKE00 105,788.403 -274.693 AAXKD00 1,150.088 -4.403 Prem Unl Med Crg
NORSI Vysotsk AAWIN00 106,288.701 +610.762 AAWIO00 1,155.527 +5.228 Eurobob ARA Brg
Platts is part of S&P Global Commodity Insights Syzran Novorossiysk AAXKL00 106,804.527 -274.693 AAXKK00 1,161.135 -4.417 Prem Unl Med Crg
Komsomolsk Nakhodka AAWRL00 101,910.072 +93.198 AAWRK00 1,107.924 -0.347 Unl 92 Spore Crg
Khabarovsk Nakhodka AAWRF00 102,996.696 +93.198 AAWRE00 1,119.737 -0.362 Unl 92 Spore Crg
Platts European Gasoline, Cargo, Bids, Kirishi Vysotsk AAWIW00 109,562.997 +610.762 AAWIP00 1,191.124 +5.185 Eurobob ARA Brg
Offers, Trades Ufa
Omsk
Vysotsk
Vysotsk
AAWJE00
AAWJC00
103,950.657
102,508.713
+610.762
+610.762
AAWJD00
AAWIX00
1,130.108
1,114.432
+5.259
+5.278
Eurobob ARA Brg
Eurobob ARA Brg
Gasoline damping value RNGCD00 35,922.546
Bids: None Fuel oil (PGA page 1540)
Moscow St Peter AAWRN00 43,678.944 +738.211 AAWRM00 474.859 +7.451 FO 3.5% ARA Brg
Offers: Platts Prem Unl FOB Med Crg FOB bss Yaroslavl St Peter AAXKN00 44,652.012 +738.211 AAXKM00 485.438 +7.439 FO 3.5% ARA Brg
Thessaloniki 10-25, VITOL-VITOLBRK offer Apr 6-Apr NORSI Novorossiysk AAXKC00 41,197.022 +590.934 AAXKB00 447.877 +5.882 FO 3.5% Med Crg
Syzran Novorossiysk AAXKG00 42,213.146 +590.934 AAXKF00 458.924 +5.868 FO 3.5% Med Crg
10 100% Prem Unl 10ppm FOB Med Crg Full Mnth Komsomolsk Nakhodka AAWRH00 42,972.889 -96.735 AAWRG00 467.183 -1.628 380 CST Spore Crg
Apr $-2.00 for 27000-27000 “Optol: 0-6kt (B/L plus 3 Khabarovsk Nakhodka AAWRB00 44,059.513 -96.735 AAWRA00 478.997 -1.641 380 CST Spore Crg
Kirishi Vysotsk AAWJG00 46,471.673 +747.312 AAWJF00 505.221 +7.514 FO 3.5% ARA Brg
quotes) at FOB Med minus $0/mt Ufa Vysotsk AAWJK00 40,859.333 +747.312 AAWJJ00 444.206 +7.589 FO 3.5% ARA Brg
Spec: EN228 EU qualified min 95/85 Ron/Mon, Omsk Vysotsk AAWJI00 39,417.389 +747.312 AAWJH00 428.530 +7.608 FO 3.5% ARA Brg
10 ppm S max, 60 Kpa rvp max, EU qualified, reach Spot prices assessed by Platts in key markets are used as underlying markers for netback calculations.
compliant, 0.755 escalate/de-escalate

Trades: None In the European naphtha market March 19 the Singapore said.
This assessment commentary applies to the following backwardation structure remained volatile but was A Europe-based trader said the strength in
market data codes: Gasoline 10ppm CIF NWE Cargo slightly less steep on the day, while the East-West paraxylene demand for naphtha came from the general
<AAXFQ00> Prem Unl 10ppm FOB Italy <AAWZA00> spread widened slightly. strength in demand for higher aromatic content
Prem Unl 10ppm CIF Genoa/Lavera <AAWZB00> Gasoline blending demand for naphtha was naphtha, with the paraxylene then going into gasoline
dominant, along with slightly weaker but still robust blending.
Platts European Naphtha Daily Market petrochemical demand. In recent refinery news, China’s 400,000 b/d Hengli
Analysis The Asian petrochemical market had seen Petrochemical (Dalian) refinery in northeast Liaoning
paraxylene prices reach a fresh year-to-date high, province will shut its three reformers from April to
Backwardation less steep
with buying interest for the product still firm and the carry out maintenance, a source with knowledge of
Crack falls slightly market abuzz with robust bidding activity, a trader in the matter said March 19. The works were expected

to last for around two months, the source said. The Asia products
Code Mid Change Code Mid Change
Dalian refinery has three reformers, each with a 3.2
Singapore (PGA page 2002)
million mt/year production capacity. The reformers
FOB Singpore ($/barrel)
will undergo maintenance one by one, the source
Naphtha PAAAP00 78.17–78.21 78.190 +0.030
said. The Dalian refinery also has two paraxylene Gasoline 92 unleaded PGAEY00 99.27–99.31 99.290 +0.080
production lines, each with a 2.5 million mt/year Gasoline 95 unleaded PGAEZ00 103.28–103.32 103.300 -0.260
capacity. Productions at the lines will be affected when Gasoline 97 unleaded PGAMS00 103.71–103.75 103.730 -0.330
turnaround at the reformers begins. Kerosene PJABF00 106.49–106.53 106.510 +0.780
Gasoil 0.05% sulfur AAFEX00 106.63–106.67 106.650 +1.110
The front-month CIF NWE naphtha crack was down
Gasoil 0.25% sulfur AACUE00 105.36–105.40 105.380 +1.090
55 cents/b on the day at minus $7.30/b, according to Gasoil POABC00 107.53–107.57 107.550 +1.030
Platts assessments. Fuel oil 180 CST 2% ($/mt) PUAXS00 500.43–500.47 500.450 -4.580
The front-month CIF NWE naphtha swap was HSFO 180 CST ($/mt) PUADV00 489.42–489.46 489.440 -4.480
assessed up $2.25/mt at $705.25/mt on the day. The HSFO 380 CST ($/mt) PPXDK00 475.46–475.50 475.480 -0.590
March/April spread was assessed up 50 cents/mt at Gasoline components (PBF page 2010)
$19.50/mt, while April/May fell 75 cents/mt to $14/mt. FOB Singapore ($/mt)

MTBE PHALF00 971.00–973.00 972.000 0.000
The front-month East-West spread – the spread
Singapore swaps (PPA page 2654)
between the CFR Japan naphtha cargo swap and the
April ($/barrel) May ($/barrel)
CIF NWE equivalent – was unchanged at $12.25/mt,
Naphtha Japan ($/mt) AAXFE00 713.75–714.25 714.000 +1.000 AAXFF00 702.00–702.50 702.250 +2.250
with May up 25 cents/mt at $15/mt. Naphtha PAAAQ00 76.53–76.57 76.550 +0.200 PAAAR00 75.23–75.27 75.250 +0.350
In petrochemical feedstocks, the front-month CIF Gasoline 92 unleaded AAXEL00 99.56–99.60 99.580 +0.440 AAXEM00 98.69–98.73 98.710 +0.410
NWE propane swap discount to the equivalent naphtha Reforming Spread AAXEO00 23.01/23.05 23.030 +0.240 AAXEP00 23.44/23.48 23.460 +0.060
swap was up 25 cents/mt at $179.25/mt. Kerosene PJABS00 105.72–105.76 105.740 +0.910 PJABT00 105.08–105.12 105.100 +0.780
Gasoil POAFC00 107.88–107.92 107.900 +1.050 POAFG00 107.23–107.27 107.250 +1.050
Platts is part of S&P Global Commodity Insights
HSFO 180 CST ($/mt) PUAXZ00 495.63–495.67 495.650 -3.150 PUAYF00 495.03–495.07 495.050 -0.350
Middle East (PGA page 2004)
Platts NW Europe Naphtha CIF Cargo Daily FOB Arab Gulf ($/barrel)
Rationale & Exclusions Naphtha ($/mt) PAAAA00 630.43–640.93 635.680 -3.100
The CIF NWE naphtha cargo <PAAAL00> Naphtha LR2 ($/mt) AAIDA00 635.17–645.67 640.420 -2.180
assessment was based on the following inputs: Kerosene PJAAA00 100.28–100.32 100.300 +0.410
Value on March 31 was assessed at $729.31/mt based Gasoil 10 ppm AAIDT00 100.95–100.99 100.97 +0.640
Gasoil 0.005% sulfur AASGJ00 100.15–100.19 100.170 +0.740
on an outstanding offer for a 32,000-36,000 mt cargo;
Gasoil 0.05% sulfur AAFEZ00 99.90–99.94 99.920 +0.740
Value on April 2 was assessed at $731.09/mt based Gasoil 0.25% sulfur AACUA00 98.02–98.06 98.040 +0.740
on an outstanding bid for a 32,000-36,000 mt cargo. Gasoil POAAT00 100.95–100.99 100.970 +0.640
An implied structure was applied between the HSFO 180 CST ($/mt) PUABE00 461.31–461.35 461.330 -4.180
outstanding offer and the outstanding bid. Japan (PGA page 2006)
A flat structure was applied at the front end of the C+F Japan ($/mt) Premium/Discount
curve. Naphtha PAAAD00 720.25–730.75 725.500 +2.500
Naphtha MOPJ Strip AAXFH00 697.00–697.50 697.250 +3.120 AAXFI00 28.00/28.50 28.250 -0.630
A paper structure of 91 cents/mt per day was
Naphtha 1st 1/2 May PAAAE00 739.50–740.00 739.750 +2.500
applied at the back end of the curve. Naphtha 2nd 1/2 May PAAAF00 730.25–730.75 730.500 +2.500
Exclusions: None Naphtha 1st 1/2 Jun PAAAG00 720.25–720.75 720.500 +2.500
(continued on page 11) Gasoline unleaded ($/barrel) PGACW00 103.87–103.91 103.890 +0.140
Kerosene ($/barrel) PJAAN00 107.72–107.76 107.740 +1.080

US Products: March 18, 2024

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

CIF cargoes (¢/gal) RVP
Unleaded 87 AAMHG00 265.18–265.28 265.230 +11.900 AAMHGRV 13.5

$/barrel 1% strip NYH vs 1% strip
No. 6 1.0%** PUAAO00 84.56–84.58 84.570 +1.370 AAUGG00 83.07–83.09 83.080 +1.140 AAUGD00 1.48/1.50 1.490 +0.230
USAC HSFO PUAAX00 80.03–80.05 80.040 +2.200 AAUGF00 -3.05/-3.03 -3.040 +1.060

Settle-based Residual swaps ($/barrel)
No. 6 1.0% paper Bal M AFOAB00 NA NANA
No. 6 1.0% paper 1st month AFOAM01 82.650 +1.400
No. 6 1.0% paper 2nd month AFOAM02 81.750 +1.350
NY numbers include duty.
FOB Gulf Coast (PGA page 156 & 338)

¢/gal RVP
Unleaded 87 PGACT00 265.43–265.53 265.480 +2.400 PGACTRV 9.0
Unleaded 89 PGAAY00 279.15–279.25 279.200 +1.680 PGAAYRV 9.0
Unleaded 93 PGAJB00 299.74–299.84 299.790 +0.610 PGAJBRV 9.0
MTBE PHAKX00 311.88–311.98 311.930 +1.650
Jet 54 PJABM00 274.52–274.62 274.570 +4.370
Jet 55 PJABN00 275.52–275.62 275.570 +4.370
ULS Kero AAVTK00 285.52–285.62 285.570 +4.370
No. 2 POAEE00 260.52–260.62 260.570 +6.120
Alkylate* AAFIE00 41.45/41.55 41.500 +1.250
*Premium to US Gulf Coast pipeline gasoline; DAP

Cargo (¢/gal) Cargo ($/mt)
FOB Naphtha AAXJP00 168.750 +1.500 AAXJU00 637.880 +5.670
Export ULSD AAXRV00 265.730 +6.410 AAXRW00 831.470 +20.060

$/barrel USGC HSFO strip vs 1% strip
Slurry Oil PPAPW00 76.62–76.64 76.630 +1.890 AAUGS00 2.36/2.38 2.370 -0.370
No. 6 1.0% 6 API PUAAI00 83.41–83.43 83.420 +1.090 AAUGT00 9.15/9.17 9.160 -1.170
USGC HSFO PUAFZ00 74.08–74.10 74.090 +1.890 AAUGW00 74.25–74.27 74.260 +2.260 AAUGU00 -0.18/-0.16 -0.170 -0.370
RMG 380 PUBDM00 74.08–74.10 74.090 +1.890 AAUGV00 -0.18/-0.16 -0.170 -0.370

Settle-based Residual swaps ($/barrel)
USGC HSFO swap M1(Apr) AWATM01 74.200 +2.200
USGC HSFO swap M2(May) AWATM02 74.100 +2.050

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 ON CLOSE noted below:
NO TRADES REPORTED Code Delivery basis
PLATTS EU NAPHTHA PVO MOC BIDS ON CLOSE Naphtha PAAAM00 FOB Amsterdam-Rotterdam-Antwerp
CIF BASIS ROTTERDAM Eurobob AAQZV00 FOB Amsterdam-Rotterdam
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE E10 Eurobob AGEFA00 FOB Amsterdam-Rotterdam
CRG 12.5 KT +/- 10%: 10-25: MARCH 31-APRIL 4: SHELL 98 RON gasoline 10 ppm AAKOD00 FOB Amsterdam-Rotterdam
BIDS 11250.0MT AT NAPHTHA CIF NWE CRG $8.00 ANY Premium gasoline 10 ppm PGABM00 FOB Amsterdam-Rotterdam
DAY SEE TQC; TQC: {‘INDIC 1, PRICING 23-28 MARCH, Reformate AAXPM00 FOB Amsterdam-Rotterdam
OPTOL @+5. IT IS A CONDITION OF THIS BID THAT Jet PJABA00 FOB Flushing-Amsterdam-Rotterdam-Antwerp-Ghent
THE GOODS SOLD AND DELIVERED BY SELLER WILL Diesel 10 ppm AAJUS00 FOB Amsterdam-Rotterdam-Antwerp
NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, NOR Gasoil 50 ppm AAUQC00 FOB Amsterdam-Rotterdam-Antwerp
HAVE BEEN BLENDED WITH ANY PRODUCT THAT WAS Gasoil 0.1% AAYWT00 FOB Amsterdam-Rotterdam-Antwerp
PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE DMA MGO 0.1% LGARD00 FOB Amsterdam-Rotterdam-Antwerp
GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT Fuel oil 1.0% PUAAP00 FOB Rotterdam
THROUGH RF’} Fuel oil 3.5% PUABC00 FOB Rotterdam
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE Fuel oil 3.5% 500 CST PUAGN00 FOB Rotterdam
CRG 12.5 KT +/- 10%: 10-25: APRIL 4-8: SHELL BIDS Marine fuel 0.5% PUMFD00 FOB Rotterdam-Antwerp
11250.0MT AT NAPHTHA CIF NWE CRG $0.00 ANY Rotterdam bunker 380 CST PUAYW00 Rotterdam Delivered bunkers
DAY SEE TQC; TQC: {‘INDIC 5, PRICING 23-28 MARCH,
OPTOL @+5. IT IS A CONDITION OF THIS BID THAT CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE HAVE BEEN BLENDED WITH ANY PRODUCT THAT WAS
THE GOODS SOLD AND DELIVERED BY SELLER WILL CRG MIN QTY 24 KT: 10-25: MARCH 31-APRIL 4: SHELL PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE
NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, NOR BIDS 24000.0MT AT NAPHTHA CIF NWE CRG $6.00 ANY GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT
HAVE BEEN BLENDED WITH ANY PRODUCT THAT WAS DAY SEE TQC; TQC: {‘INDIC 2, PRICING 23-28 MARCH, THROUGH RF’}
PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE OPTOL @+5. IT IS A CONDITION OF THIS BID THAT CIF BASIS ROTTERDAM: PLATTS NAPHTHA
GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT THE GOODS SOLD AND DELIVERED BY SELLER WILL NWE CRG MIN QTY 24 KT: 10-25: APRIL 8-12: SHELL
THROUGH RF’} NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, NOR BIDS 24000.0MT AT NAPHTHA CIF NWE CRG $15.00
CIF BASIS ROTTERDAM: PLATTS NAPHTHA HAVE BEEN BLENDED WITH ANY PRODUCT THAT WAS FULL MNTH APR; TQC: {‘INDIC 10, OPTOL @+5. IT
NWE CRG 12.5 KT +/- 10%: 10-25: APRIL 8-12: SHELL PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE IS A CONDITION OF THIS BID THAT THE GOODS
BIDS 11250.0MT AT NAPHTHA CIF NWE CRG $15.00 GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT SOLD AND DELIVERED BY SELLER WILL NOT BE OF
FULL MNTH APR; TQC: {‘INDIC 9, OPTOL @+5. IT THROUGH RF’} RUSSIAN FEDERATION (RF) ORIGIN, NOR HAVE BEEN
IS A CONDITION OF THIS BID THAT THE GOODS CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE BLENDED WITH ANY PRODUCT THAT WAS PRODUCED
SOLD AND DELIVERED BY SELLER WILL NOT BE OF CRG MIN QTY 24 KT: 10-25: APRIL 4-8: SHELL BIDS IN RF, NOR WILL THE TRANSPORT OF THE GOODS
RUSSIAN FEDERATION (RF) ORIGIN, NOR HAVE BEEN 24000.0MT AT NAPHTHA CIF NWE CRG $0.00 ANY SOLD COMMENCE FROM OR INVOLVE TRANSIT
BLENDED WITH ANY PRODUCT THAT WAS PRODUCED DAY SEE TQC; TQC: {‘INDIC 6, PRICING 23-28 MARCH, THROUGH RF’}
IN RF, NOR WILL THE TRANSPORT OF THE GOODS OPTOL @+5. IT IS A CONDITION OF THIS BID THAT CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE
SOLD COMMENCE FROM OR INVOLVE TRANSIT THE GOODS SOLD AND DELIVERED BY SELLER WILL CRG MIN QTY 28 KT: 10-25: MARCH 31-APRIL 4: SHELL
THROUGH RF’} NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, NOR BIDS 28000.0MT AT NAPHTHA CIF NWE CRG $3.00 ANY

DAY SEE TQC; TQC: {‘INDIC 3, PRICING 23-28 MARCH, CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE The FOB Mediterranean naphtha cargo assessment
OPTOL @+5. IT IS A CONDITION OF THIS BID THAT CRG MIN QTY 32 KT: 10-25: APRIL 4-8: SHELL BIDS was derived as a freight netback from the CIF NWE
THE GOODS SOLD AND DELIVERED BY SELLER WILL 32000.0MT AT NAPHTHA CIF NWE CRG $0.00 ANY naphtha cargo assessment, using the following
NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, NOR DAY SEE TQC; TQC: {‘INDIC 8, PRICING 23-28 MARCH, assessments: CIF NWE naphtha cargo assessment
HAVE BEEN BLENDED WITH ANY PRODUCT THAT WAS OPTOL @+5. IT IS A CONDITION OF THIS BID THAT minus the cost of transporting a 27,500 mt naphtha
PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE THE GOODS SOLD AND DELIVERED BY SELLER WILL cargo from Alexandria in the Mediterranean to
GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, NOR Rotterdam.
THROUGH RF’} HAVE BEEN BLENDED WITH ANY PRODUCT THAT WAS
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE Platts European Jet Daily Market Analysis
CRG MIN QTY 28 KT: 10-25: APRIL 4-8: SHELL BIDS GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT
Jet fuel CIF differential rises in sign of wider market
28000.0MT AT NAPHTHA CIF NWE CRG $0.00 ANY THROUGH RF’}
recovery
DAY SEE TQC; TQC: {‘INDIC 7, PRICING 23-28 MARCH, CIF BASIS ROTTERDAM: PLATTS NAPHTHA
OPTOL @+5. IT IS A CONDITION OF THIS BID THAT NWE CRG MIN QTY 32 KT: 10-25: APRIL 8-12: SHELL Trading quiet as people hold out for summer
THE GOODS SOLD AND DELIVERED BY SELLER WILL BIDS 32000.0MT AT NAPHTHA CIF NWE CRG $15.00 demand: sources
NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, NOR FULL MNTH APR; TQC: {‘INDIC 12, OPTOL @+5. IT
HAVE BEEN BLENDED WITH ANY PRODUCT THAT WAS IS A CONDITION OF THIS BID THAT THE GOODS Northwest European jet fuel cargo values edged
PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE SOLD AND DELIVERED BY SELLER WILL NOT BE OF higher March 19 following a quiet trading session in the
GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT RUSSIAN FEDERATION (RF) ORIGIN, NOR HAVE BEEN Platts Market on Close assessment process as market
THROUGH RF’} BLENDED WITH ANY PRODUCT THAT WAS PRODUCED participants awaited summer demand.
CIF BASIS ROTTERDAM: PLATTS NAPHTHA IN RF, NOR WILL THE TRANSPORT OF THE GOODS Platts assessed the CIF NWE jet cargo cash
NWE CRG MIN QTY 28 KT: 10-25: APRIL 8-12: SHELL SOLD COMMENCE FROM OR INVOLVE TRANSIT differential $1.25/mt higher on the day to a $32.25/mt
BIDS 28000.0MT AT NAPHTHA CIF NWE CRG $15.00 THROUGH RF’} premium to the front-month ICE LSGO contract. FOB
FULL MNTH APR; TQC: {‘INDIC 11, OPTOL @+5. IT IS A PLATTS EU NAPHTHA PVO MOC OFFERS ON CLOSE FARAG barges also rose by $1.25/mt to reach a $24.50/
CONDITION OF THIS BID THAT THE GOODS SOLD AND CIF BASIS ROTTERDAM mt premium.
DELIVERED BY SELLER WILL NOT BE OF RUSSIAN CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE “We saw a rally in jet CIF today, just by $3, but
FEDERATION (RF) ORIGIN, NOR HAVE BEEN BLENDED CRG MIN QTY 28 KT: 10-25: APRIL 9-13: TRAFIGURA it’s still a good sign – jet is finally getting sold into
WITH ANY PRODUCT THAT WAS PRODUCED IN RF, OFFERS 28000.0MT AT NAPHTHA CIF NWE CRG $28.00 now since people are expecting to see recovery with
NOR WILL THE TRANSPORT OF THE GOODS SOLD FULL MNTH APR; TQC: {‘OPTOL +20’} summer demand kicking in in April,” said a source.
COMMENCE FROM OR INVOLVE TRANSIT THROUGH RF’} CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE “But it’s not kicked in just yet, so everyone is holding
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE CRG MIN QTY 32 KT: 10-25: MARCH 29-APRIL 2: REPSOL [back] for now – which is why we’re seeing quiet MOC
CRG MIN QTY 32 KT: 10-25: MARCH 31-APRIL 4: SHELL OFFERS 32000.0MT AT NAPHTHA CIF NWE CRG $6.00 sessions.”
BIDS 32000.0MT AT NAPHTHA CIF NWE CRG $8.00 ANY BALMNTH NEXT DAY; TQC: {‘OPTOL +14 USD/T’} They added that jet prices usually “overreact on
DAY SEE TQC; TQC: {‘INDIC 4, PRICING 23-28 MARCH, This assessment commentary applies to the the way up and down, but this time it’s taking longer
OPTOL @+5. IT IS A CONDITION OF THIS BID THAT following market data codes: Naphtha CIF NWE Cargo because of the oversupply and big cargo arrivals from
THE GOODS SOLD AND DELIVERED BY SELLER WILL <PAAAL00> East of Suez.”
NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, NOR Inventories of jet and kerosene in the Amsterdam-
HAVE BEEN BLENDED WITH ANY PRODUCT THAT WAS Platts Mediterranean Naphtha FOB Cargo Daily Rotterdam-Antwerp hub rose 8,000 mt on the week
PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE Rationale to 775,000 mt in the seven days to March 14, a rise of
GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT Naphtha FOB Med Cargo <PAAAI00> assessment 16.7% on the month, data from market research firm
THROUGH RF’} rationale: Insights Global showed.

Imports of jet fuel into Northwest Europe are set Platts NWE Jet Cargo Daily Rationales & THAT THE GOODS DELIVERED BY THE SELLER AND
to reach 1.79 million mt in March, up 51% on the month Exclusions PURCHASED BY THE BUYER SHALL NOT BE, IN ALL OR
and the highest volume recorded since November, Jet CIF NWE Cargo <PJAAU00> assessment IN PART, OF RUSSIAN FEDERATION ORIGIN AND SHALL
according to data from S&P Global Commodities at Sea rationale: NOT HAVE BEEN LOADED IN OR TRANSPORTED FROM
retrieved March 15. The CIF NWE jet fuel cargo assessment was based THE RUSSIAN FEDERATION. FOR THESE PURPOSES
However, market participants have said that with on the previously established relationship between GOODS SHALL BE CONSIDERED TO BE OF RUSSIAN
the regrade down and structure in contango, prices will the physical and swaps markets, in the absence of FEDERATION ORIGIN IF THEY ARE PRODUCED IN THE
recover, albeit gradually. competitive indications in the Platts MOC. RUSSIAN FEDERATION’}
Additionally, the US import arb was also open Jet FOB Med Cargo <AAIDL00> assessment This assessment commentary applies to the
with some East of Suez cargoes making their way rationale: The FOB Mediterranean jet cargo following market data codes: Jet CIF NWE cargo
across the Atlantic, which was also helping with the assessment was derived as a freight netback to the <PJAAU00> Jet FOB Italy cargo <AAIDL00>
oversupply in the European jet market. CIF Northwest Europe jet cargo assessment, using the
“A handful of cargoes [are] going across but not following calculation: CIF NWE jet cargo assessment Platts European Gasoil Daily Market
enough to rescue the prices,” said a trader. minus the cost of transporting a 27,500 mt clean cargo Analysis
from Augusta, Italy, to Rotterdam, Netherlands.
NWE 0.1%S gasoil cargo swaps weaken
Platts NWE Jet Barge Daily Rationale & Exclusions: None
Exclusions Platts is part of S&P Global Commodity Insights Platts MOC sees bid for 50 ppm gasoil barges
Jet FOB FARAG <PJABA00> assessment rationale:
The FOB FARAG jet fuel barges assessment was Platts NWE Daily Jet Cargo Bids, Offers, The Northwest European gasoil complex continued
based on the previously established relationship Trades to see little demand March 19, reflected in a weakening
between the jet fuel cargoes and barges markets, in of the NWE 0.1%S gasoil cargo swap forward curve.
the absence of competitive indications in the Platts PLATTS EU MIDDIST PVO MOC TRADES ON CLOSE In Northwest European barges, the Platts Market
MOC. NO TRADES REPORTED on Close assessment process saw one bid on the
Exclusions: None PLATTS EU MIDDIST PVO MOC BIDS ON CLOSE back end of the laycan for a barge of 50 ppm gasoil
Platts is part of S&P Global Commodity Insights NO BIDS REPORTED from Totsa.
PLATTS EU MIDDIST PVO MOC OFFERS ON CLOSE “It is still a very quiet market,” one source said,
Platts NWE Jet Barge Bids, Offers, Trades CIF BASIS LE HAVRE CIM TERMINAL though there was some activity in the over-the-counter
PLATTS NWE JET CRG: 10-25: APRIL 9-13: TOTAL market during the day. “It will be used for blending.”
PLATTS EU MIDDIST BARGE MOC TRADES OFFERS 27000.0MT AT JET CIF NWE CRG $10.00 ANY Platts assessed FOB ARA 10 ppm diesel barges
ON CLOSE DAY SEE TQC; OPTOL:0.0-6000.0MT JET CIF NWE at a $29.25/mt premium to 50 ppm gasoil, a value
NO TRADES REPORTED CRG COD AT $10.0; TQC: {‘LAYCAN: MARKET TAKER considered wide for winter and which opens up the
PLATTS EU MIDDIST BARGE MOC BIDS ON CLOSE TO NARROW TO 5-DAY LAYCAN AT TIME OF TRADE, IF opportunity for blending gasoil into diesel with sulfur
NO BIDS REPORTED APPLICABLE; MAIN VOLUME PRICING: 27KT, PXG 09-19 levels below 10 ppm, traders have said.
PLATTS EU MIDDIST BARGE MOC OFFERS APR ; SPEC: JET A1 DEFSTAN 91-091, MEETING JFSCL Such blending has remained more prevalent in the
ON CLOSE LATEST ISSUE (CURRENT AT BILL OF LADING) WITH ARA refining and storage hub though, said a second,
FARAG: PLATTS JET BRG 2-4KT FOB BARGE: POSSIBLE EXCEPTION OF ELECTRICAL CONDUCTIVITY Germany-based source. That was because 50 ppm
MW3: MARCH 27-31: TOTAL OFFERS 4KMT AT $3.00 (STADIS TO BE PROVIDED ON BOARD IN DRUMS), ISPS gasoil stored in German joint storage tends to be dyed
This assessment commentary applies to the COMPLIANT ; CP : FULL NWE C/P OPTIONS AT CP RATE, red for tax purposes, making it unsuitable for blending
following market data codes: Jet FOB Rdam Barge TERMS AND CONDITIONS ; VESSEL : HAFNIA NANJING; into standard ULSD to be used for general automotive
<PJABA00> ORIGIN: IT IS A CONDITION OF THIS AGREEMENT purposes.

“It is a good idea to blend, but we cannot do that at The FOB ARA 50 ppm gasoil barge assessment This assessment commentary applies to the
the storage where we have the product,” the second was based on the previously established relationship following market data codes: Gasoil 0.1% FOB
source said. between the physical ULSD and 50 ppm barge NWE cargo <AAYWR00> Gasoil 0.1% CIF NWE cargo
In the cargo market, the Platts MOC assessment markets, in the absence of competitive indications in <AAYWS00>
process saw no indications as little buying interest the Platts MOC.
continued. Exclusions: None Platts Mediterranean Gasoil 0.1%S Cargo Daily
Reflecting that, Northwest European 0.1%S Platts is part of S&P Global Commodity Insights Rationales & Exclusions
gasoil cargo swaps saw a weakening across the Gasoil 0.1%S FOB Med Cargo <AAVJI00>
forward curve. Platts assessed the balance-of-month Platts NWE Gasoil 0.1%S Cargo Daily Rationale & assessment rationale:
differential swap down $3.50/mt on the day and the Exclusions The FOB Mediterranean 0.1% gasoil cargo
April swap down $1.50/mt. Gasoil 0.1%S FOB NWE Cargo <AAYWR00> assessment was derived as a freight netback from
“The market is still quite pressured by the weak assessment rationale: the CIF Med 0.1% gasoil cargo assessment, using
demand,” a third source said. The FOB Northwest Europe 0.1% gasoil cargo the following assessments: CIF Med 0.1% gasoil
The CIF Northwest European 0.1%S gasoil cargo assessment was derived as a freight netback from cargo assessment minus the cost of transporting a
differential fell $1.50/mt on the day as a result. the CIF NWE 0.1% gasoil cargo assessment, using 30,000 mt clean cargo from a basket of ports in the
The Mediterranean continued to price above the following assessments: CIF NWE 0.1% gasoil Mediterranean and Black Sea to Genoa, Italy, and
the North for the third consecutive pricing session, cargo assessment minus the cost of transporting Lavera, France.
reflecting the relatively stronger demand in the a 22,000 mt clean cargo from a basket of ports Gasoil .1%S (1000ppm) CIF Med Cargo <AAVJJ00>
Mediterranean. CIF Mediterranean 0.1%S gasoil in the Baltic and Northwest Europe to Le Havre, assessment rationale:
was assessed at a $4/mt premium to its Northwest France. The CIF Mediterranean 0.1% gasoil cargo
European counterpart. Gasoil 0.1%S CIF NWE Cargo <AAYWS00> assessment was based on the previous relationship
Platts is part of S&P Global Commodity Insights assessment rationale: between the physical and paper markets, and cut by
The CIF Northwest Europe 0.1% gasoil cargo 25 cents/mt, in the absence of competitive indications
Platts NWE Gasoil 0.1% Barge Daily Rationale & assessment was based on the previous relationship in the Platts Market on Close assessment process.
Exclusions between the physical and paper markets in the Exclusions: None
Gasoil .1%S (1000ppm) FOB ARA Barge <AAYWT00> absence of competitive indications in the Platts Platts is part of S&P Global Commodity Insights
assessment rationale: Market on Close assessment process.
The FOB ARA 0.1% gasoil barge assessment was Exclusions: None Platts Mediterranean Gasoil 0.1%S Cargo
based on the previously established relationship Platts is part of S&P Global Commodity Insights Bids, Offers, Trades
between the physical and paper markets, and cut by
25 cents/mt, in the absence of competitive indications Platts NWE Gasoil 0.1%S Cargo Bids, Offers, PLATTS EU MIDDIST PVO MOC TRADES ON CLOSE
in the Platts MOC. Trades NO TRADES REPORTED
Exclusions: None PLATTS EU MIDDIST PVO MOC BIDS ON CLOSE
Platts is part of S&P Global Commodity Insights PLATTS EU MIDDIST PVO MOC TRADES ON CLOSE NO BIDS REPORTED
NO TRADES REPORTED PLATTS EU MIDDIST PVO MOC OFFERS ON CLOSE
Platts NWE Gasoil 50ppm Barge Daily Rationale PLATTS EU MIDDIST PVO MOC BIDS ON CLOSE NO OFFERS REPORTED
& Exclusions NO BIDS REPORTED This assessment commentary applies to the
Gasoil .005%S (50ppm) FOB ARA Barge PLATTS EU MIDDIST PVO MOC OFFERS ON CLOSE following market data codes: Gasoil 0.1% FOB Italy
<AAUQC00> assessment rationale: NO OFFERS REPORTED <AAVJI00> Gasoil 0.1% CIF Genoa/Lavera <AAVJJ00>

Platts European Diesel Daily Market The unplanned outages from these refineries The CIF Northwest Europe (Le Havre) diesel cargo
Analysis total 500,000 b/d — or some 10% of total Russian assessment was derived as a freight net forward from
capacity — resulting in production losses in diesel of the CIF NWE (ARA) diesel cargo assessment, using the
Highest monthly diesel exports from US to Europe
approximately 130,000 b/d, according to S&P Global following assessments: CIF NWE (ARA) diesel cargo
since 2018
Commodity Insights analysts. assessment plus the cost of transporting a 30,000
Geopolitical tensions feared to put pressure on mt clean cargo from a basket of ports in Northwest
diesel supply Platts NWE ULSD Barge Daily Rationale & Europe to Le Havre, France.
Exclusions Exclusions: None
The US is sending 1.31 million mt of diesel to Europe ULSD 10ppmS FOB ARA Barge <AAJUS00> Platts is part of S&P Global Commodity Insights
in March, the highest monthly volume the US has assessment rationale:
supplied to Europe since July 2018. The ULSD FOB ARA barge assessment was based Platts NWE ULSD Cargo Bids, Offers, Trades
“The US has come to Europe’s rescue and we need on the following input, expressed as differentials to
the volume,” said a Northwest European diesel trader. the front-month ICE LSGO futures contract: Value Bids:
“There’s literally no stock in Europe, I don’t see a huge on March 24 was assessed at $4.75/mt, below a GLENCOREUK Bid [16:30:00]
number of offers around and our balances are still competitive offer in the Platts MOC assessment “Indication 4
drawing in March and April.” process. Value on April 1 was assessed at $3.25/mt, Main volume: 27kt pricing COD+3
A low stock environment was persisting as Europe above a competitive bid in the Platts MOC assessment quotations (COD=0)
headed into a big refinery turnaround season, while process. A linear structure was drawn between March Optol: 0-6kt in S.O ; diff as per main, pricing COD +3
the demand outlook for April appeared a lot more 24 and April 1 and extended to the rest of the curve. quotations (COD=0)
positive than in previous months, heightening worries Exclusions: None Spec: ULSD 10ppm UK Summer, clear & bright
of potential tightness in the weeks ahead. Platts is part of S&P Global Commodity Insights CP: Hamburg-Bdx, North Spain + ECUK
“People are expecting the market to get tighter Vessel: BP/Total/Shell”
on the back of the turnarounds kicking in and Platts NWE ULSD Cargo Daily Rationales & Tue 09 Apr - Sat 13 Apr
demand should start to pick up at some point,” said a Exclusions Thames
second source. ULSD 10ppmS CIF NWE Cargo <AAVBG00> Main: 27 kt
Meanwhile, the market remained “very choppy” due assessments rationale: 100% of main at ULSD CIF UK Crg $2.50/mt, COD,
to geopolitical tensions, according to the same source. The CIF NWE diesel cargo assessment was based +3 quotes
A lot of vessels continued “rerouting around the Cape on the previous relationship between the physical GLENCOREUK Bid [16:30:00]
which is adding a huge amount of pressure to the and paper markets in the absence of competitive “Indication 1
supply logistics from the East,” said the first source. indications in the MOC. A discount of 50 cents/mt Main volume: 27kt pricing COD+3 (COD=0)
In addition, recent drone attacks on Russian oil was applied to April loading dates to reflect changing Optol: 0-6kt in S.O ; diff as per main, pricing COD+3
facilities could create additional disruption on the seasonality. quotations (COD=0)
supply side. ULSD 10ppmS CIF NWE Basis UK Cargo <AAVBH00> Spec: ULSD 10ppm UK Summer, min 60 flash, clear
Refining facilities and fuel storage infrastructure assessments rationale: & bright
in western Russia have become the target of a major The CIF UK diesel cargo assessment was based on CP: Hamburg-Bdx, North Spain + ECUK, others
escalation in long-range drone attacks by Ukraine. In the previous relationship between the physical and obtainable at cost
less than a week, three major refineries and a number paper markets, moved up by 25 cents, in the absence Vessel: BP/Shell/Total”
of fuel depots deep inside Russian territory have been of competitive indications in the MOC. Mon 08 Apr - Fri 12 Apr
damaged by drones, taking more than 600,000 b/d of ULSD 10ppmS CIF NWE Basis Le Havre Cargo Immingham
processing capacity offline. <AAWZC00> assessments rationale: Main: 27 kt

100% of main at ULSD CIF UK Crg $3.50/mt, COD, Mon 08 Apr - Fri 12 Apr Vessel: BP/Shell/Total”
+3 quotes Bremen Mon 08 Apr - Fri 12 Apr
GUNVORSA Bid [16:30:00] Main: 27 kt Immingham
“Main volume: 13.5kt pricing COD+3 100% of main at EFP ICE LS GO $12.00/mt, Main: 27 kt
quotations (COD=0) Month, Apr 100% of main at ULSD CIF UK Crg $3.50/mt, COD,
Optol: 0-3kt in S.O ; diff as per main, pricing COD +3 Offers: none. +3 quotes
quotations (COD=0) Trades: none. Offers: none.
Spec: ULSD 10ppm UK Summer, 0.842 max density, This assessment commentary applies to the Trades: none.
60 min flash, 150 min conductivity, 0 bio, non Belarus following market data codes: Diesel 10ppm CIF UK NWE This assessment commentary applies to the
origin, FBT 2.52 max, C&B, max 10k particulates cargo <AAVBH00> Diesel 10 ppm NWE CIF NWE cargo following market data code: Diesel 10ppm UK Cargoes
CP: Hamburg-Bdx, North Spain + ECUK <AAWZC00> ULSD 10 ppm CIF NWE cargo <AAVBG00> <AAVBH00>
Vessel: BP/VALERO/IRVING”
Sun 31 Mar - Thu 04 Apr Platts UK ULSD Cargo MOC Bids, Offers, Platts Mediterranean ULSD Cargo Daily
Dublin Trades Rationale & Exclusions
Main: 13.5 kt ULSD 10ppmS CIF Med Cargo <AAWYZ00>
100% of main at ULSD CIF UK Crg $9.00/mt, Any Bids: assessment rationale:
Day, See TQC GLENCOREUK Bid [16:30:00] The CIF Med diesel cargo assessment was based
TOTSA Bid [16:30:00] “Indication 4 on the following input, expressed as differentials to the
“Main volume: pricing 3 quotes after cod Main volume: 27kt pricing COD+3 front-month ICE LSGO futures contract: Value on April
Optol: 0-6kt, diff as per main, pricing 3 quotes quotations (COD=0) 3 was assessed at $12.75/mt, below a competitive offer
after cod Optol: 0-6kt in S.O ; diff as per main, pricing COD +3 in the Platts MOC assessment process. The previously
Spec: ULSD 10ppm French Summer, clear & bright quotations (COD=0) established paper structure of around 37 cents/mt
CP: Hamburg-Bdx, North Spain + ECUK Spec: ULSD 10ppm UK Summer, clear & bright in backwardation was then applied to the rest of the
Vessel: BP/Total/Shell CP: Hamburg-Bdx, North Spain + ECUK curve.
Non Russian” Vessel: BP/Total/Shell” Exclusions: None
Thu 04 Apr - Fri 12 Apr (wide laycan) Tue 09 Apr - Sat 13 Apr Platts is part of S&P Global Commodity Insights
Dunkirk Thames
Main: 27 kt Main: 27 kt Platts Mediterranean ULSD 10 ppm FOB Cargo
100% of main at ULSD CIFNWE Crg $6.00/mt, COD, 100% of main at ULSD CIF UK Crg $2.50/mt, COD, Daily Rationale
+3 quotes +3 quotes ULSD 10ppmS FOB Med Cargo <AAWYY00>
TOTSA Bid [16:30:00] GLENCOREUK Bid [16:30:00] assessment rationale:
“Main volume: as per efp “Indication 1 The FOB Mediterranean 10 ppm ULSD cargo
Optol: 0-6kt in S.O ; as per efp, same premium Main volume: 27kt pricing COD+3 (COD=0) assessment was derived as a freight netback from
than main Optol: 0-6kt in S.O ; diff as per main, pricing COD+3 the CIF Med 10 ppm ULSD cargo assessment,
Spec: ULSD 10ppm German Inter, min 59 flash, clear quotations (COD=0) using the following assessments: CIF Med 10 ppm
& bright Spec: ULSD 10ppm UK Summer, min 60 flash, clear ULSD diesel cargo assessment minus the cost of
CP: Hamburg-Bdx, North Spain + ECUK + Poland & bright transporting a 30,000 mt clean cargo from a basket
Vessel: BP/Total/Shell CP: Hamburg-Bdx, North Spain + ECUK, others of ports in the Med to Genoa, Italy, and Lavera,
non Russian” obtainable at cost France.

Platts Oil Diesel Mediterranean Bids, Mon 01 Apr - Sat 13 Apr (wide laycan) Rotterdam-Antwerp region fell 8.1% as of March 14, the
Offers, Trades Lavera ongoing contango structure may incentivize storing
Main: 27 kt HSFO to sell for higher prices at a future date.
Bids: 100% of main at EFP ICE LS GO $12.50/mt, In very low (0.5%S) fuel oil markets, prices remained
TOTSA Bid [16:30:00] Month, Apr firm. Flat prices continued their upward trend while
“Main volume:pricing 5 after COD Trades: none. the Hi-5 spread – the differential between Northwest
Optol: 0-6kt: pricing and premium as per main This assessment commentary applies to the European FOB Rotterdam VLSFO barges and their high
Spec: ULSD 10ppm French Summer Spec, clear following market data codes: 10 ppm ULSD CIF Genoa/ sulfur counterpart – is currently in the middle of its
& bright Lavera cargo <AAWYZ00> recent range.
CP: Euromed neobig exc y/y, including Bunkering demand for VLSFO was weak, market
slovenia+croatia+som+turkish med+ Platts European Fuel Oil Daily Market sources said, but the bullish sentiment for feedstocks
Morocco+lebanon other cp options available/ Analysis was generating demand for VLSFO, offsetting the
obtainable at cost bunker weakness.
European HSFO strengthens slightly amid
Vessel:Total/BP/Shell
strong demand
Origin: 100% Non-Russian Platts FOB Rotterdam 0.5% Marine Fuel Barge
It is a condition of this Agreement that the VLSFO remains rangebound amid mixed Daily Rationale & Exclusions
product delivered by the Seller and purchased by demand signals Marine Fuel 0.5% FOB Rotterdam barge $/mt
the Buyer shall not be, in all or in part, of Russian <PUMFD00> assessment rationale:
Federation origin and shall not have been loaded in or The European high sulfur (3.5%S) fuel oil market The Marine Fuel 0.5% FOB Rotterdam barge $/mt
transported from the Russian Federation. For these was beginning to show signs of strength amid strong <PUMFD00> assessment rationale was based on the
purposes product shall be considered to be of Russian demand, with flat prices higher so far in the week following inputs: Value on March 24 was assessed at
Federation origin if it is produced in the Russian started March 18 as they continued their upward trend. $590/mt, based on a traded offer for front end dates
Federation. Upon Buyer’s request,”” Seller shall provide Prices in the 3.5% FOB Rotterdam barge market in the Platts Market on Close assessment process.
a proof of origin of the product.” were especially strong, reaching levels not seen since Value on April 1 was assessed at $589.75, above a
Tue 09 Apr - Sat 13 Apr October. competitive outstanding bid for back-end dates in the
Lavera Market participants were seeing strong bunkering Platts MOC. A daily backwardation of around 3 cents/
Main: 27 kt demand for HSFO in both Northwest Europe and mt was implied between the two points and extended
100% of main at ULSD CIFMed Crg $2.00/mt, Any the Mediterranean. However, consistent supply from to the to the front and back of the physical curve.
Day, See TQC the Americas into Europe were preventing European Exclusions: None
Offers: markets from becoming tight. Platts is part of S&P Global Commodity Insights
VITOL Offer [16:30:00] According to data from S&P Global Commodities
“main volume EFP at Sea data, a 24,000 mt-cargo of fuel oil from the US Platts FOB Rotterdam 0.5% Marine Fuel
optol 0-6kt EFP as per main Gulf Coast was expected to arrive in the Mediterranean Barge Bids, Offers, Trades
Spec ULSD French Summer this week. However, it was unclear if regular cargoes
CP Euromed neobig exc y/y,including carrying fuel oil would continue to supply European Bids:
slovenia+croatia+morocco markets in the short to mid-term. PLATTS MARINE FUEL: FE: MARCH 22-26:
Vessel:Repsol/Saras//Totsa A contango structure on the paper side of the NORTHSTAR BIDS 4KMT AT $588.00
100%non russian high sulfur fuel oil market persisted between March PLATTS MARINE FUEL: FE: MARCH 22-26: UNITED
GTC BP2015” and May. While fuel oil stocks in the Amsterdam- BIDS 2KMT AT $586.00

PLATTS MARINE FUEL: FE: MARCH 22-26: TOTAL PLATTS MARINE FUEL: FE: MARCH 22-26: Platts Oil Med Daily 0.5% Marine Fuel Bids,
BIDS 2KMT AT $585.00 GLENCORE SELLS TO BP* 2KMT AT $590.00 (16:29:51) Offers, Trades
PLATTS MARINE FUEL: MW: MARCH 26-30: BP PLATTS MARINE FUEL: MW: MARCH 26-30:
BIDS 2KMT AT $589.00 UNITED BUYS FROM SHELL* 2KMT AT $590.00 Platts 0.5% FOB Med Marine Fuel Bids,
PLATTS MARINE FUEL: MW: MARCH 26-30: (16:29:06) Offers, Trades:
MERCURIA BIDS 2KMT AT $589.00 PLATTS MARINE FUEL: MW: MARCH 26-30: BP Bids: None.
PLATTS MARINE FUEL: MW: MARCH 26-30: BUYS FROM GLENCORE* 2KMT AT $590.00 (16:29:15) Offers: None
UNITED BIDS 2KMT AT $586.00 PLATTS MARINE FUEL: MW: MARCH 26-30: BP Trades: None.
PLATTS MARINE FUEL: MW: MARCH 26-30: TOTAL BUYS FROM SHELL* 2KMT AT $590.00 (16:29:22) This assessment commentary applies to the
BIDS 2KMT AT $585.00 PLATTS MARINE FUEL: BE: MARCH 30-APRIL following market data codes: Marine Fuel 0.5% FOB
PLATTS MARINE FUEL: MW: MARCH 26-30: ORIM 3: BP BUYS FROM GLENCORE* 2KMT AT $591.00 Mediterranean cargo $/mt<MFFMM00>
BIDS 2KMT AT $585.00 (16:29:53) Platts 0.5% CIF Med Marine Fuel Bids,
PLATTS MARINE FUEL: BE: MARCH 30-APRIL 3: PLATTS MARINE FUEL: BE: MARCH 30-APRIL 3: Offers, Trades:
MERCURIA BIDS 2KMT AT $589.50 BP BUYS FROM SHELL* 2KMT AT $591.00 (16:29:54) Bids: None.
PLATTS MARINE FUEL: BE: MARCH 30-APRIL 3: This assessment commentary applies to the Offers: None
BP BIDS 2KMT AT $589.00 following market data codes: Marine Fuel 0.5% FOB Trades: None.
PLATTS MARINE FUEL: BE: MARCH 30-APRIL 3: Rdam barge $/mt <PUMFD00> This assessment commentary applies to the
MAERSK BIDS 2KMT AT $589.00 following market data codes: Marine Fuel 0.5% CIF
PLATTS MARINE FUEL: BE: MARCH 30-APRIL 3: Platts Med 0.5% Marine Fuel Daily Rationale & Mediterranean cargo $/mt <MFCMM00>
ORIM BIDS 2KMT AT $586.00 Exclusions
PLATTS MARINE FUEL: BE: MARCH 30-APRIL 3: Marine Fuel 0.5% FOB Mediterranean cargo $/mt Platts Rotterdam Fuel Oil Barge Daily Rationales
TOTAL BIDS 2KMT AT $585.00 <MFFMM00> assessment rationale: & Exclusions
Offers: The FOB Mediterranean 0.5%S marine fuel cargo FO 1%S FOB Rdam Barge <PUAAP00> assessment
PLATTS MARINE FUEL: FE: MARCH 22-26: SHELL assessment was derived as a freight netback to rationale:
OFFERS 2KMT AT $592.00 the CIF Mediterranean 0.5%S marine fuel cargo The 1% FOB Rotterdam barges were assessed at
PLATTS MARINE FUEL: FE: MARCH 22-26: BP assessment, using the following assessments: flat to 1% FOB NWE physical cargoes, based on market
OFFERS 2KMT AT $600.00 the CIF Mediterranean 0.5%S marine fuel cargo indications.
PLATTS MARINE FUEL: FE: MARCH 22-26: TOTAL assessment minus the cost of transporting a FO 3.5%S FOB Rdam Barge <PUABC00>
OFFERS 2KMT AT $600.00 30,000 mt marine fuel cargo between a basket of assessment rationale:
PLATTS MARINE FUEL: MW: MARCH 26-30: BP Mediterranean ports. The 3.5% FOB Rotterdam assessment was
OFFERS 2KMT AT $600.00 Marine Fuel 0.5% CIF Mediterranean cargo $/mt based was based on the following inputs: Value
PLATTS MARINE FUEL: MW: MARCH 26-30: TOTAL <MFCMM00> assessment rationale: on March 24 was assessed at $473mt, in line with
OFFERS 2KMT AT $600.00 The 0.5%S CIF Med cargoes were assessed based a traded bid in the front end in the Platts Market
PLATTS MARINE FUEL: BE: MARCH 30-APRIL 3: on the previously established differential to the on Close assessment process. A daily contango
TOTAL OFFERS 2KMT AT $599.00 0.5% FOB Rotterdam barge swaps, in the absence of of around 20 cents/mt was applied to the front
PLATTS MARINE FUEL: BE: MARCH 30-APRIL 3: indications in the Platts Market on Close assessment and back of the physical curve in line with paper
BP OFFERS 2KMT AT $600.00 process. structure.
Trades: Exclusions: None FO 3.5%S 500 CST FOB Rdam Barge <PUAGN00>
PLATTS MARINE FUEL: FE: MARCH 22-26: UNITED Platts is part of S&P Global Commodity Insights assessment rationale:
BUYS FROM GLENCORE* 2KMT AT $590.00 (16:29:04) The 500 CST FOB Rotterdam barges were assessed

at a $4/mt discount to the 3.5%S FOB Rotterdam Platts Mediterranean Fuel Oil 1%S, 3.5%S Daily Platts Mediterranean Fuel Oil 1%S, 3.5%S
barges, based on previously heard indications from the Rationales & Exclusions Bids, Offers, Trades
market. FO 1%S CIF Med Cargo <PUAAJ00> assessment
Exclusions: None rationale: Bids: None
Platts is part of S&P Global Commodity Insights The CIF Mediterranean low sulfur fuel oil cargo Offers: None
assessment was derived as a freight net-forward to Trades: None
Platts NW Europe Fuel Oil 1%S Cargo Daily the FOB Northwest European low sulfur fuel oil cargo This assessment commentary applies to the
Rationales & Exclusions assessment, using the following assessments: The FOB following market data codes: Fuel oil 1% FOB Italy
FO 1%S CIF NWE Cargo <PUAAL00> assessment Northwest European low sulfur fuel cargo plus the cost cargo <PUAAK00> Fuel oil 3.5% FOB Italy cargo
rationale: of transporting a 30,000 mt fuel oil cargo from Antwerp <PUAAZ00> Fuel oil 1% CIF Genoa/Lavera cargo
The CIF Northwest European low sulfur fuel to assessment basis port of Milazzo. <PUAAJ00> Fuel oil 3.5% CIF Genoa/Lavera cargo
oil cargo assessment was derived by a freight net FO 1%S FOB Med Cargo <PUAAK00> assessment <PUmercY00>
forward to the FOB Northwest European low sulfur rationale:
fuel oil cargo assessment using the following input: The FOB Mediterranean low sulfur fuel oil cargo Platts Russian Refined Products Daily
the FOB Northwest European low sulfur fuel oil cargo assessment was derived as a freight netback to Commentary
assessment plus the cost of transporting a 30,000 the CIF Mediterranean low sulfur fuel oil cargo
Affected by drone strikes refineries try to increase
mt fuel oil cargo from a basket of NWE ports to the assessment, using the following assessments: the CIF
crude uptake
assessment basis port of Antwerp. Mediterranean low sulfur fuel oil cargo assessment
FO 1%S FOB NWE Cargo <PUAAM00> assessment minus the cost of transporting a 30,000 mt fuel oil Fuel oil output falls on refinery outages
rationale: cargo between a basket of Mediterranean ports
1%S FOB NWE cargoes were assessed in FO 3.5%S CIF Med Cargo <PUAAY00> assessment All oil products remained on an upside trajectory in
line with the previously established differential rationale: Russia’s domestic market March 19 after recent drone
between the physical and paper markets, adjusted 3.5%S CIF Med cargoes were assessed based on attacks left a number of primary processing units
25 cents/mt lower, in the absence of competitive the following inputs: offline at several refineries.
indications in the Platts Market on Close The 3.5%S CIF Med cargoes assessment was based Concerns were also mounting after Rosneft said
assessment process. on the previously established relationship between deliveries could be delayed due to force majeure
Exclusions: None physical and swaps markets, in the absence of circumstances after the outages at its Ryazan and
Platts is part of S&P Global Commodity Insights competitive indication in the Platts MOC. Syzran refineries.
FO 3.5%S FOB Med Cargo <PUAAZ00> assessment Meanwhile, Norsi, Ryazan and Syzran were looking
Platts NW Europe Fuel Oil 1%S Cargo Bids, rationale: to bring back online idled units which could somewhat
Offers, Trades The FOB Mediterranean high sulfur fuel oil cargo offset the shortfall of processing.
assessment was derived as a freight netback to the CIF While the outages were not seen as having
Bids: None Mediterranean high sulfur fuel oil cargo assessment, significant impact on the production of motor fuel, they
Offers: None using the following assessments: CIF Mediterranean had dented the output of fuel oil and subsequently its
Trades: None high sulfur fuel oil cargo assessment minus the cost exports, according to sources.
This assessment commentary applies to the of transporting a 30,000 mt fuel oil cargo between a Refineries were meanwhile upping sales of diesel
following market data codes: Fuel oil 1%S CIF NWE basket of Mediterranean ports. in order to calm fears about shortages and avoid a
Cargo <PUAAL00> Fuel oil 1%S FOB NWE Cargo Exclusions: None potential enforcement of an export ban, according to
<PUAAM00> Platts is part of S&P Global Commodity Insights sources.

While some in the market have been calling for last them on, due to the strong refined product cracks. on day, consolidating a rise from the start of the week
year’s export ban to be reinstated, the measure was The VGO market displayed similar strength to LSSR, after the March contract fell more than $2/b in the first
seen as less likely after the recent ban led to refineries however supply was tighter. half of the month.
running out of storage amid surplus production With the US summer driving season fast Meanwhile, prompt weakness remained a leading
of diesel. approaching, European feedstocks were set to be feature of the sour market with Johan Sverdrup
sought by US refiners to produce higher levels of differentials trading at steep discounts across
Platts European Feedstocks Daily gasoline. That was expected to strengthen the US prompter pricing dates.
Commentary arbitrage and exacerbate tight supplies in Europe. One CIF Rotterdam offer for April 3-7 arrival was left
Finally, another feedstocks trader active in Northwest outstanding in the MOC at an FOB equivalent value of
Strong feedstocks demand
Europe said that the LSSR market was running not only $2.47/b below Dated Brent, the session after an FOB
Tight feedstocks availabilities on a FOB, but also on a CIF basis, in the region. cargo traded $1.80/b below the benchmark for April
Strong US arbitrage 11-13 loading.
VGO Deal reported Platts is part of S&P Global Commodity Insights
Vacuum gasoil and low sulfur straight run fuel oil
differentials displayed strength March 18, due to tight None. Platts North Sea Dated Brent, BFOE, CFD
supply in the Mediterranean and Northwest European. Assessment Rationales & Exclusions
Strong demand levels were reported amid high end- Platts North Sea Crude Daily Market Dated Brent <PCAAS00> assessment rationale:
product cracks. Analysis Of the six crudes in the Dated Brent basket, WTI
LSSR demand was strong, according to a trader Midland was seen in the Platts Market on Close
Sentiment for April cargoes steadies
based in the Mediterranean. assessment process. Brent Blend and Forties were
Refineries were currently incentivized to produce Balance-of-month DFL contract rallies assessed unchanged March 29 to April 18 with flat
gasoline, as gasoline cracks continued rising. structures rolled over back-end dates reflecting steady
Accordingly, LSSR demand was rising as the feedstock Lengthy supply weighed on North Sea physical market fundamentals in the absence of indications
was being sought for end product production. crude values March 19, with traders eyeing mixed testing the March 18 assessments. Ekofisk was
Similarly, gasoil demand remained elevated due to fundamentals across April-loading cargoes. assessed unchanged March 29 to April 18 with flat
seasonality, which was adding further price pressure Market participants again noted lingering supplies structures rolled over back-end dates reflecting steady
for feedstocks. at the prompt end of the market with some WTI market fundamentals in the absence of indications
There was, however, uncertainty, around how much Midland availability pinning differentials at the front testing the March 18 assessments. Oseberg and Troll
more feedstocks demand could rise. Various FCC units of the curve. “There are a couple prompt Midlands were assessed in 1 cent/day contango structures
across Northwest Europe and the Mediterranean were [available],” one trader said. reflecting steady market fundamentals in the absence
down for maintenance. Timid European demand kept activity broadly of indications testing the March 15 assessments.
As an example, Shell Energy and Chemicals Park subdued across April cargoes though paper markets FOB WTI Midland was assessed higher reflecting a
Rotterdam, formerly known as Pernis, was carrying out signaled some expectations of strengthening ahead. higher CIF Rotterdam assessment and a higher freight
a major overhaul of its catalytic cracker as part of the “[CFD] curve looks like it has some decent roll up adjustment factor. CIF WTI Midland was assessed
planned turnaround, according to local media report. opportunity now though, so this week should be the unchanged March 29 to April 18 with flat structures
The refinery started major maintenance from the end end of the weakness,” a second trader said. rolled over back end dates reflecting steady market
of January, scheduled to be completed by mid-April. The balance-of-month March DFL contract also fundamentals in the absence of indications testing
Meanwhile on the supply side, various market rebound early in the week reflecting steadying physical the March 18 assessments. WTI Midland was the most
participants cited fairly tight LSSR supplies. Refineries sentiment. competitive grade in the Dated Brent assessment
have chosen to hold on to feedstocks, rather than sell Platts assessed the contract 9 cents/b higher day March 29 to April 19.

BFOE (PCAAQ00-PCAAR00,PCARR00> assessment BIDS 100KB AT $-0.40 PETROCHINA BIDS 100KB AT $0.45
rationale: PLATTS BRENT DIFF: APR1-APR5 (JUN): DARE BIDS PLATTS BRENT DIFF: APR15-APR19 (JUN): PHILLIPS
May Cash BFOE was assessed using a traded bid 100KB AT $0.51 66 BIDS 100KB AT $0.45
in the MOC. June Cash BFOE was assessed using a PLATTS BRENT DIFF: APR1-APR5 (JUN): PETRACO PLATTS BRENT DIFF: APR15-APR19 (JUN):
traded May/June spread bid in the MOC. July Cash BIDS 100KB AT $0.51 SINOCHEM BIDS 100KB AT $0.45
BFOE was assessed using a June/July EFP roll heard PLATTS BRENT DIFF: APR1-APR5 (JUN): DV TRADING PLATTS BRENT DIFF: APR22-APR26 (JUN): OMV
during the day. BIDS 100KB AT $0.50 BIDS 100KB AT $0.40
CFD (PCAKA00-AALDA00) assessment rationale: PLATTS BRENT DIFF: APR1-APR5 (JUN): ONYX BIDS PLATTS BRENT DIFF: APR22-APR26 (JUN): SOCAR
March 25-29 was assessed using an outstanding 100KB AT $0.50 BIDS 100KB AT $0.40
bid. April 1-5 was assessed using a traded bid. April PLATTS BRENT DIFF: APR1-APR5 (JUN): PLATTS BRENT DIFF: APR22-APR26 (JUN): SUNCOR
8-12 was assessed using a traded bid. April 15-19 was PETROCHINA BIDS 100KB AT $0.50 BIDS 100KB AT $0.37
assessed using a traded bid. April 22-26 was assessed PLATTS BRENT DIFF: APR1-APR5 (JUN): SINOCHEM PLATTS BRENT DIFF: APR22-APR26 (JUN): DV
using an April 22-26 versus April 15-19 CFD roll heard BIDS 100KB AT $0.50 TRADING BIDS 100KB AT $0.35
during the day. April 29 to May 3 was assessed using PLATTS BRENT DIFF: APR1-APR5 (JUN): CHEVRON PLATTS BRENT DIFF: APR22-APR26 (JUN): PETRACO
an April 29 to May 3 versus April 22-26 CFD roll heard BIDS 100KB AT $0.50 BIDS 100KB AT $0.35
during the day. PLATTS BRENT DIFF: APR8-APR12 (JUN): ONYX BIDS PLATTS BRENT DIFF: APR22-APR26 (JUN): ONYX
Johan Sverdrup FOB North Sea (AJSVA00, 100KB AT $0.50 BIDS 100KB AT $0.35
AJSVB00) assessment rationale: PLATTS BRENT DIFF: APR8-APR12 (JUN): OMV BIDS PLATTS BRENT DIFF: APR22-APR26 (JUN):
Johan Sverdrup was assessed in a flat structure 100KB AT $0.50 SINOCHEM BIDS 100KB AT $0.35
March 29 to April 4 using an outstanding FOB PLATTS BRENT DIFF: APR8-APR12 (JUN): DV PLATTS BRENT DIFF: APR22-APR26 (JUN): DARE
equivalent offer. April 4-19 was assessed in a 5 cents/ TRADING BIDS 100KB AT $0.50 BIDS 100KB AT $0.35
day contango structure. PLATTS BRENT DIFF: APR8-APR12 (JUN): PLATTS BRENT DIFF: MAR25-MAR29 (JUN):
Exclusions: None PETROCHINA BIDS 100KB AT $0.50 EQUINOR BIDS 100KB AT $0.43
Platts is part of S&P Global Commodity Insights PLATTS BRENT DIFF: APR8-APR12 (JUN): DARE BIDS PLATTS BRENT DIFF: MAR25-MAR29 (JUN): DV
100KB AT $0.50 TRADING BIDS 100KB AT $0.40
Platts North Sea Dated Brent, BFOE, CFD PLATTS BRENT DIFF: APR8-APR12 (JUN): PETRACO Offers:
Bids, Offers, Trades BIDS 100KB AT $0.50 NORTH SEA:
PLATTS BRENT DIFF: APR8-APR12 (JUN): SINOCHEM CIF BASIS ROTTERDAM: PLATTS NSEA JOHAN
Bids: BIDS 100KB AT $0.50 SVERDRUP: APRIL 3-7: EQUINOR OFFERS 700000.0B
NORTH SEA: PLATTS BRENT DIFF: APR8-APR12 (JUN): PHILLIPS AT DTD $-1.50 . .
None 66 BIDS 100KB AT $0.45 CIF BASIS ROTTERDAM: PLATTS NSEA STATFJORD:
CASH BFOE: PLATTS BRENT DIFF: APR15-APR19 (JUN): PETRACO APRIL 19-21: EQUINOR OFFERS 800000.0B AT DTD
PLATTS CASH BFOE: JUN24: OMV BIDS 100KB BIDS 100KB AT $0.51 $3.60 . .
AT $86.51 PLATTS BRENT DIFF: APR15-APR19 (JUN): DARE CIF BASIS ROTTERDAM: PLATTS NSEA WTI
BRENT CFDS: BIDS 100KB AT $0.45 MIDLAND: APRIL 11-15: MERCURIA OFFERS 700000.0B
PLATTS BRENT DIFF: MAR25-MAR29 (MAY): DV PLATTS BRENT DIFF: APR15-APR19 (JUN): DV AT DTD $1.50 . .
TRADING BIDS 100KB AT $-0.25 TRADING BIDS 100KB AT $0.45 CIF BASIS ROTTERDAM: PLATTS NSEA WTI
PLATTS BRENT DIFF: MAR25-MAR29 (MAY): PLATTS BRENT DIFF: APR15-APR19 (JUN): ONYX MIDLAND: MARCH 31-APRIL 4: GUNVOR OFFERS
PETRACO BIDS 100KB AT $-0.29 BIDS 100KB AT $0.45 700000.0B AT DTD $1.50 . .
PLATTS BRENT DIFF: MAR25-MAR29 (MAY): DARE PLATTS BRENT DIFF: APR15-APR19 (JUN): CASH BFOE:

None OFFERS 100KB AT $0.49 CFD Week 1 <PCAKA00> CFD Week 2 <PCAKC00> Brent
BRENT CFDS: PLATTS BRENT DIFF: APR22-APR26 (JUN): DV Mo01 <PCAAQ00> CFD Week 3 <PCAKE00> Brent
PLATTS BRENT DIFF: MAR25-MAR29 (MAY): DARE TRADING OFFERS 100KB AT $0.50 Mo02 <PCAAR00> CFD Week 4 <PCAKG00> Brent
OFFERS 100KB AT $-0.15 PLATTS BRENT DIFF: MAR25-MAR29 (JUN): DARE Mo03 <PCARR00> CFD Week 5 <AAGLU00> CFD Week
PLATTS BRENT DIFF: MAR25-MAR29 (MAY): OFFERS 100KB AT $0.70 6 <AAGLV00> CFD Week 7 <AALCZ00> CFD Week 8
GLENCORE OFFERS 100KB AT $-0.15 PLATTS BRENT DIFF: MAR25-MAR29 (JUN): DV <AALDA00> Johan Sverdrup FOB North Sea <AJSVA00>
PLATTS BRENT DIFF: MAR25-MAR29 (MAY): ONYX TRADING OFFERS 100KB AT $0.70 Johan Sverdrup FOB North Sea vs North Sea Dtd Strip
OFFERS 100KB AT $-0.10 Trades: <AJSVB00>
PLATTS BRENT DIFF: MAR25-MAR29 (MAY): DV NORTH SEA:
TRADING OFFERS 100KB AT $0.00 CIF BASIS ROTTERDAM: PLATTS NSEA JOHAN Platts NW Europe Fuel Oil SR 0.5-0.7%S Daily
PLATTS BRENT DIFF: APR1-APR5 (JUN): DARE SVERDRUP: APRIL 3-7: SHELL BUYS FROM EQUINOR* Rationale & Exclusions
OFFERS 100KB AT $0.58 700000.0B AT DTD $-1.45 . . (16:18:29) Straight Run 0.5-0.7%S FOB NWE cargo <PKABA00>
PLATTS BRENT DIFF: APR1-APR5 (JUN): OMV CASH BFOE: assessment rationale:
OFFERS 100KB AT $0.58 PLATTS CASH BFOE: MAY24: PETROINEOS SELLS The LSSR FOB NWE differential was assessed
PLATTS BRENT DIFF: APR1-APR5 (JUN): DV TRADING TO GUNVOR* 100KB AT $87.33 (16:29:34) $6.39/mt above April Brent crude futures, based on
OFFERS 100KB AT $0.59 PLATTS CASH BFOE: MAY24: SHELL BUYS FROM previous market indications. The outright LSSR price
PLATTS BRENT DIFF: APR1-APR5 (JUN): PETRACO PETROINEOS* 100KB AT $87.37 (16:29:43) was derived using the dollars per barrel to metric
OFFERS 100KB AT $0.64 PLATTS CASH BFOE: MAY24: GUNVOR BUYS FROM ton conversion factor of 6.77 for LSSR. No bids or
PLATTS BRENT DIFF: APR1-APR5 (JUN): TRAFIGURA PETROINEOS* 100KB AT $87.37 (16:29:50) offers were reported in the Platts Market on Close
OFFERS 100KB AT $0.65 PLATTS CASH BFOE: MAY24: PETROINEOS SELLS assessment process.
PLATTS BRENT DIFF: APR1-APR5 (JUN): GLENCORE TO GUNVOR* 100KB AT $87.42 (16:29:56) Exclusions: None
OFFERS 100KB AT $0.65 PLATTS CASH BFOE SPREAD: MAY24/JUN24: Platts is part of S&P Global Commodity Insights
PLATTS BRENT DIFF: APR1-APR5 (JUN): ONYX CHEVRON OFFERS 100KB AT $0.86
OFFERS 100KB AT $0.75 BRENT CFDS: Platts NW Europe Fuel Oil SR 0.5-0.7%S
PLATTS BRENT DIFF: APR8-APR12 (JUN): DARE PLATTS BRENT DIFF: APR1-APR5 (JUN): ONYX Bids, Offers, Trades
OFFERS 100KB AT $0.58 SELLS TO SHELL* 100KB AT $0.53 (16:29:45)
PLATTS BRENT DIFF: APR8-APR12 (JUN): DV PLATTS BRENT DIFF: APR8-APR12 (JUN): ONYX Bids: None.
TRADING OFFERS 100KB AT $0.59 SELLS TO SHELL* 100KB AT $0.53 (16:29:43) Offers: None.
PLATTS BRENT DIFF: APR8-APR12 (JUN): ONYX PLATTS BRENT DIFF: APR15-APR19 (JUN): SHELL Trades: None.
OFFERS 100KB AT $0.60 BUYS FROM DARE* 100KB AT $0.55 (16:29:32) This assessment commentary applies to the
PLATTS BRENT DIFF: APR8-APR12 (JUN): PLATTS BRENT DIFF: APR15-APR19 (JUN): ONYX following market data codes: St Run 0.5-0.7% FOB
GLENCORE OFFERS 100KB AT $0.65 SELLS TO SHELL* 100KB AT $0.54 (16:29:41) NWE cargo <PKABA00>
PLATTS BRENT DIFF: APR15-APR19 (JUN): DV PLATTS BRENT DIFF: APR15-APR19 (JUN): DARE
TRADING OFFERS 100KB AT $0.57 SELLS TO SUNCOR* 100KB AT $0.53 (16:29:53)
PLATTS BRENT DIFF: APR15-APR19 (JUN): DARE PLATTS BRENT DIFF: MAR25-MAR29 (JUN): Subscriber Notes
OFFERS 100KB AT $0.58 GLENCORE SELLS TO EQUINOR* 100KB AT $0.48
PLATTS BRENT DIFF: APR15-APR19 (JUN): (16:28:44) Arion Investment Management Limited (Akari Trading
GLENCORE OFFERS 100KB AT $0.65 PLATTS BRENT DIFF: MAR25-MAR29 (JUN): Limited) to join EMEA Fuel Oil, Gasoil/Diesel, Jet Fuel
PLATTS BRENT DIFF: APR15-APR19 (JUN): ONYX MERCURIA SELLS TO EQUINOR* 100KB AT $0.45 (16:29:27 and Mogas Paper MOCs
OFFERS 100KB AT $0.70 This assessment commentary applies to the Arion Investment Management Limited (Akari
PLATTS BRENT DIFF: APR22-APR26 (JUN): DARE following market data codes: Dated Brent <PCAAS00> Trading Limited) has advised Platts, part of S&P Global

Commodity Insights, that it would like to participate in pricegroup@spglobal.com. and will consider information from the entity in the
the Platts Market on Close assessment processes for Platts will consider all comments received and will assessment processes for EMEA - Gasoil/Diesel
EMEA - Fuel Oil - Paper; EMEA - Gasoil/Diesel- Paper; make comments not marked as confidential available Barges - Physical; EMEA - NWE Gasoil/Diesel - Physical,
EMEA - Jet Fuel-Paper and EMEA - Mogas-Paper. upon request. subject at all times to adherence with Platts editorial
Platts has reviewed Arion Investment Management standards.
Limited (Akari Trading Limited) and will consider Circle K Energy Trading SA to join EMEA - NWE Gasoil/ Platts will publish all relevant information from
information from the entity in the EMEA paper Diesel - Physical; EMEA - NWE Mogas Cargoes - Reliance International Limited accordingly.
assessment processes for Fuel Oil, Gasoil/Diesel, Jet Physical MOC Platts welcomes all relevant feedback regarding
Fuel and Mogas, subject at all times to adherence with Circle K Energy Trading SA has advised Platts, part MOC participation. Platts considers bids, offers
Platts editorial standards. of S&P Global Commodity Insights, that it would like to and transactions by all credible and credit-
Platts will publish all relevant information from participate in the Platts Market on Close assessment worthy parties in its assessment processes. For
Arion Investment Management Limited (Akari Trading processes for EMEA - NWE Gasoil/Diesel - Physical; comments and feedback, please contact Platts
Limited) accordingly. EMEA - NWE Mogas Cargoes - Physical. editors at pl_middisteurope@spglobal.com and
Platts welcomes all relevant feedback regarding Platts has reviewed Circle K Energy Trading SA market_integrity_review@spglobal.com.
MOC participation. Platts considers bids, offers and will consider information from the entity in the
and transactions by all credible and credit- assessment processes for EMEA - NWE Gasoil/Diesel Calendar for gasoline cargo winter-to-summer
worthy parties in its assessment processes. For - Physical; EMEA - NWE Mogas Cargoes - Physical, transition in Med, NWE
comments and feedback, please contact Platts subject at all times to adherence with Platts editorial Effective March 7, 2024, Platts, part of S&P Global
editors at Europe_products@spglobal.com and standards. Commodity Insights, has started to reflect summer
market_integrity_review@spglobal.com. Platts will publish all relevant information from grades of gasoline on a pro-rated basis in its CIF
Circle K Energy Trading SA accordingly. Northwest European and FOB Mediterranean gasoline
Calendar for FOB AR gasoline barge winter-to- Platts welcomes all relevant feedback regarding cargo assessments.
summer change MOC participation. The change also affects the related netbacks.
Effective March 18, Platts, part of S&P Global Platts considers bids, offers and transactions by all March 7: First day reflecting summer-grade gasoline
Commodity Insights, has started reflecting summer credible and credit-worthy parties in its assessment March 11: First full five-day period reflecting summer
grades of gasoline on a pro-rata basis in its FOB processes. gasoline
Amsterdam-Rotterdam gasoline barges assessments. For comments and feedback, please contact March 15: Last full five-day period reflecting winter
The following calendar applies: Platts editors at pl_middisteurope@spglobal.com, gasoline
March 18: First day reflecting summer-grade pl_lightendseurope@spglobal.com and March 21: Last day reflecting winter gasoline
gasoline market_integrity_review@spglobal.com. March 22: Summer grade fully reflected
March 21: First full five-day period reflecting A spreadsheet detailing the changes is available on
summer grade Reliance International Limited to join EMEA - Gasoil/ request.
March 22: Last full-five day period reflecting Diesel Barges - Physical;EMEA - NWE Gasoil/Diesel - Please send feedback and questions to
winter grade Physical MOC pl_lightendseurope@spglobal.com, with a cc to
March 26: Last day reflecting winter-grade gasoline Reliance International Limited has advised Platts, pricegroup@spglobal.com.
March 27: Summer grade fully reflected part of S&P Global Commodity Insights, that it would
A spreadsheet detailing the changes is available on like to participate in the Platts Market on Close ORLEN Trading Switzerland GmbH to join EMEA -
request. assessment processes for EMEA - Gasoil/Diesel Barges NWE Mogas Cargoes - Physical MOC
Please send feedback and questions to - Physical; EMEA - NWE Gasoil/Diesel - Physical. ORLEN Trading Switzerland GmbH has advised
pl_lightendseurope@spglobal.com, with a cc to Platts has reviewed Reliance International Limited Platts, part of S&P Global Commodity Insights, that it

would like to participate in the Platts Market on Close Basis Le Havre Cargo AAWZD00; ULSD 10 ppm For example, on March 1, 2024, the ULSD 10ppmS
assessment process for EMEA - NWE Mogas Cargoes - Cargoes CIF NWE (all origin) ALORA00; ULSD 10 CIF NWE Cargo assessment will reflect delivery over
Physical. ppm CIF Med Cargo AAWYZ00; ULSD 10 ppm FOB March 11-March 26. The MOPL strip will equate to
Platts has reviewed ORLEN Trading Switzerland Med Cargo AAWYY00; Gasoil .1%S (1000ppm) CIF the average of March 11-March 26 calculated on the
GmbH and will consider information from the entity Med Cargo AAVJJ00; Gasoil 0.1%S FOB Med Cargo assessed forward curve. The MOPL cash differential
in the assessment process for EMEA - NWE Mogas AAVJI00. will equate to the outright ULSD 10ppmS CIF NWE
Cargoes - Physical, subject at all times to adherence A spreadsheet detailing the changes is available Cargo assessment value on March 1 minus the MOPL
with Platts editorial standards. on request. Please send any comments or questions strip value.
Platts will publish all relevant information from to europe_products@spglobal.com and cc The new differential assessments will be published
ORLEN Trading Switzerland GmbH accordingly. pricegroup@spglobal.com. For written comments, alongside and complement the following Platts middle
Platts welcomes all relevant feedback regarding please provide a clear indication if comments are not distillates assessments, which are informed by bids,
MOC participation. Platts considers bids, offers intended for publication by Platts for public viewing. offers and trades reported in the Platts Market on
and transactions by all credible and credit- Platts will consider all comments received and will Close Assessment process:
worthy parties in its assessment processes. For make comments not marked as confidential available Assessment Code MOPL Differential
ULSD 10ppmS CIF NWE Cargo AAVBG00 AMOPL00
comments and feedback, please contact Platts upon request. ULSD 10ppmS CIF Med Cargo AAWYZ00 AMOPN00
editors at pl_lightendseurope@spglobal.com and ULSD 10ppmS FOB ARA Barge AAJUS00 AMOPM00
Gasoil 0.1%S CIF NWE Cargo AAYWS00 AMOPH00
market_integrity_review@spglobal.com. Platts launches European ULSD, gasoil, jet cash Gasoil .1%S (1000ppm) CIF Med Cargo AAVJJ00 AMOPI00
differential assessments Gasoil .1%S (1000ppm) FOB ARA Barge AAYWT00 AMOPG00
Jet CIF NWE Cargo PJAAU00 AMOPJ00
2024 Calendar for CIF NWE ULSD, CIF Med Gasoil and Platts, part of S&P Global Commodity Insights, Jet Barges FOB FARAG PJABA00 AMOPK00
ULSD cargoes winter-to-summer transition launched new daily Mean of Platts London (MOPL)
Effective March 7, Platts, part of S&P Global cash differential assessments on March 1, 2024 for The new differential assessments appear in Platts
Commodity Insights, has started to reflect summer- a number of benchmark European middle distillate European Marketscan, US Marketscan, Oilgram Price
grade specifications on a pro-rated basis in its CIF markets, in response to industry feedback. Report, Asia-Pacific-Arab Gulf Marketscan and Platts
NWE ULSD Cargoes, CIF Med ULSD and in its CIF Med These new MOPL differential assessments Global Alert and Platts Refined Products Alert pages
Gasoil Cargo assessments. The change also affects the reflect the value of the physical product in relation 1110, 1112, 1114, 1410 and 1420.
following related netbacks. to the underlying forward curve aligned with the Please send any comments or feedback
The following calendar applies: loading or delivery window reflected in the physical to europe_products@spglobal.com and
Winter-to-summer transition: assessment, also known as the MOPL strip. The pricegroup@spglobal.com
March 7: First day of reflecting summer grade MOPL strip is defined as the average of the forward For written comments, please provide a clear
March 11: First full five-day period reflecting values for the sequence of the 16 days for cargoes indication if comments are not intended for
summer grade and either 11 or 13 days for barges that represent the publication by Platts for public viewing. Platts will
March 15: Last full five-day period reflecting future delivery or loading dates reflected in Platts consider all comments received and will make
winter grade middle distillates physical assessments. These strip comments not marked as confidential available upon
March 21: Last day reflecting winter grade values are calculated using Platts assessments of request.
March 22: Summer grade fully reflected related derivatives for balance month, month one
The following codes are affected: ULSD 10 ppm and month two. Platts has also backfilled the new Platts has discontinued Russian diesel, jet fuel
CIF NWE Cargo AAVBG00; ULSD 10 ppm CIF NWE MOPL differential assessments to September 1, netbacks via Ventspils
Basis Le Havre Cargo AAWZC00; ULSD 10 ppm 2020, based on the published values of physical Platts, part of S&P Global Commodity Insights,
CIF NWE Basis UK Cargo AAVBH00; ULSD 10 ppm assessment and corresponding underlying strip has discontinued Russian diesel and jet fuel export
FOB NWE Cargo AAVBF00; ULSD 10 ppm FOB NWE values on the day. netbacks via Ventspils in order to reflect market

changes for Russian flows, effective March 1, 2024. Uniper Energy DMCC changes entity name to Fort worthy parties in its assessment processes. For
This change is due to reduced market liquidity for Energy Refining Middle East DMCC comments and feedback, please contact Platts
Russian export flows via the Latvian port of Ventspils Fort Energy Refining Middle East DMCC has advised editors at pl_lightendseurope@spglobal.com and
since Russia’s invasion of Ukraine in 2022 and Platts, part of S&P Global Commodity Insights, that it market_integrity_review@spglobal.com.
subsequent Western sanctions. would like to participate in the Platts EMEA physical
The discontinuation will apply to the following daily Market on Close assessment processes for Med Fuel Europe barge MOC dates ahead of UK summer bank
and monthly assessments: Oil Cargoes and NWE Fuel Oil Cargoes. This follows holiday Aug 26, 2024
Diesel and jet fuel netbacks the Uniper Energy DMCC name change to Fort Energy Effective Aug. 21, Aug. 22 and Aug. 23 and in line
Moscow Vents AAWRR00/AAWRR03; Refining Middle East DMCC with the published holiday schedule, Platts, part of S&P
AAWRQ00/AAWRQ03 Platts has reviewed Fort Energy Refining Middle Global Commodity Insights, will reflect bids, offers and
Syzran Vents AAWJQ00/AAWJQ03; East DMCC and will consider information from Fort trades of refined product barges that load 6-15 days
AAWJP00/AAWJP03 Energy Refining Middle East DMCC in the EMEA forward, not the usual 3-15/5-15 days forward in its
Ufa Vents AAWJT00/AAWJT03; AAWJR00/AAWJR03 physical assessment processes for Med Fuel Oil European Market on Close assessment process. The
Omsk Vents AAWJO00/AAWJO03; Cargoes and NWE Fuel Oil Cargoes, subject at all times assessment continues to reflect the usual 3-15/5-15
AAWJN00/AAWJN03 in adherence with Platts editorial standards. days forward date range.
Moscow Vents AAWKB00/AAWKB03; Platts will publish all relevant information from Fort The full detail for each day can be seen below:
AAWKA00/AAWKA03 Energy Refining Middle East DMCC. On Aug. 21, MOC dates will be Aug. 27-Sept. 5 (FE
Transshipment and freight Platts welcomes all relevant feedback regarding dates: Aug. 27-31; MW dates: Aug. 29-Sept. 2; BE dates:
Ventspils transshipment AAXLR00/AAXLR03 MOC participation. Platts considers bids, offers Sept. 1-5)
Ventspils clean freight AAYKX00/AAYKX03 and transactions by all credible and credit- On Aug. 22, MOC dates will be Aug. 28-Sept. 6 (FE
Ventspils rail freight AAWKT00/AAWKT03 worthy parties in its assessment processes. For dates: Aug. 28-Sept. 1; MW dates: Aug. 30-Sept. 3; BE
Pipeline and rail fees comments and feedback, please contact Platts dates: Sept. 2-6)
Moscow to Latvian border AAXKU00/AAXKU03 editors at europe_products@spglobal.com and On Aug. 23, MOC dates will be Aug. 29-Sept. 7 (FE
Syzran to Latvian border AAWKJ00/AAWKJ03 market_integrity_review@spglobal.com. dates: Aug. 29-Sept. 2; MW dates: Aug. 31-Sept. 4; BE
Ufa to Latvian border AAWKK00/AAWKK03 dates: Sept. 3-7)
Omsk to Latvian border AAWKF00/AAWKF03 Valero Energy Ltd to join EMEA - LPG-Physical MOC Please note that Aug. 26 is a UK public holiday and
Ventspils to Moscow AAWKS00/AAWKS03 Valero Energy Ltd. has advised Platts, part of no European oil assessments will be published. For
Flat rate ARA to Ventspils RNWSAVN S&P Global Commodity Insights, that it would like to further details on services affected, please consult the
The following pages will be affected: 1440, 1441, and participate in the Platts Market on Close assessment published holiday schedule at https://www.spglobal.
European Marketscan. process for EMEA - LPG-Physical. com/platts/en/our-methodology/holiday
Please send any comments or questions Platts has reviewed Valero Energy Ltd. and will Please send any comments or questions to
to europe_products@spglobal.com and consider information from the entity in the assessment europe_products@spglobal.com with a copy to
pricegroup@spglobal.com. process for EMEA - LPG-Physical, subject at all times pricegroup@spglobal.com
For written comments, please provide a clear to adherence with Platts editorial standards.
indication if comments are not intended for publication Platts will publish all relevant information from Europe barge MOC dates ahead of UK spring bank
by Platts for public viewing. Valero Energy Ltd. accordingly. holiday May 27, 2024
Platts will consider all comments received and will Platts welcomes all relevant feedback regarding Effective May 22, May 23 and May 24 and in line
make comments not marked as confidential available MOC participation. Platts considers bids, offers with the published holiday schedule, Platts, part of S&P
to the public upon request. and transactions by all credible and credit- Global Commodity Insights, will reflect bids, offers and

trades of refined product barges that load 6-15 days dates: May 13-May 17) schedule at https://www.spglobal.com/platts/en/our-
forward, not the usual 3-15/5-15 days forward in its On May 3, MOC dates will be May 9-May 18 (FE methodology/holiday
European Market on Close assessment process. The dates: May 9-May 13; MW dates: May 11-May 15; BE Please send any comments or questions to
assessment continues to reflect the usual 3-15/5-15 dates: May 14-May 18) europe_products@spglobal.com with a copy to
days forward date range. Please note that May 6 is a UK public holiday and pricegroup@spglobal.com
The full detail for each day can be seen below: no European oil assessments will be published. For
On May 22, MOC dates will be May 28-June 6 (FE further details on services affected, please consult the Platts invites feedback on Global Oil Timing and
dates: May 28-June 1; MW dates: May 30-June 3; BE published holiday schedule at https://www.spglobal. Increment Guidelines
dates: June 2-6) com/platts/en/our-methodology/holiday As part of its commitment to open and transparent
On May 23, MOC dates will be May 29-June 7 (FE Please send any comments or questions to pricing and product specifications, Platts, part of
dates: May 29-June 2; MW dates: May 31-June 4; BE europe_products@spglobal.com with a copy to S&P Global Commodity Insights, would like to invite
dates: June 3-7) pricegroup@spglobal.com feedback on its Global Oil Timing and Increment
On May 24, MOC dates will be May 30-June 8 (FE Guidelines, specifically the guidelines described in the
dates: May 30-June 3; MW dates: June 1-5; BE dates: Europe barge MOC dates ahead of Easter holidays methodology guide posted online here.
June 4-8) 2024 Platts reviews all methodologies annually to ensure
Please note that May 27 is a UK public holiday and Effective March 26, March 27 and March 28, and in they continue to reflect the physical markets under
no European oil assessments will be published out of line with the published holiday schedule, Platts, part assessment, and regularly assesses the relevance
London. For further details on services affected, please of S&P Global Commodity Insights, will reflect bids, of methodologies through continuous contact with
consult the published holiday schedule at https://www. offers and trades of refined product barges that load the market. Feedback on methodologies is always
spglobal.com/platts/en/our-methodology/holiday 7-15 days forward, not the usual 3-15/5-15 days forward welcomed by Platts.
Please send any comments or questions to in its European Market on Close assessment process. Please send all feedback, comments or
europe_products@spglobal.com with a copy to The assessment continues to reflect the usual 3-15/5- questions to oilgroup@spglobal.com and
pricegroup@spglobal.com 15 days forward date range. pricegroup@spglobal.com.
The full detail for each day can be seen below: For written comments, please provide a clear
Europe barge MOC dates ahead of early May bank On March 26, MOC dates will be April 2 - April 10 (FE indication if comments are not intended for publication
holiday May 6, 2024 dates: April 2 - April 6; MW dates: April 4 - April 8; BE by Platts for public viewing. Platts will consider all
Effective May 1, May 2 and May 3 and in line with dates: April 6 - April 10) comments received and will make comments not
the published holiday schedule, Platts, part of S&P On March 27, MOC dates will be April 3 - April 11 (FE marked as confidential available upon request.
Global Commodity Insights, will reflect bids, offers and dates: April 3 - April 7; MW dates: April 5 - April 9; BE
trades of refined product barges that load 6-15 days dates: April 7 - April 11) Calendar for FOB AR gasoline barge winter-to-
forward, not the usual 3-15/5-15 days forward in its On March 28 , MOC dates will be April 4 - April 12 (FE summer change
European Market on Close assessment process. The dates: April 4 - April 8; MW dates: April 6 - April 10; BE Effective March 18, Platts, part of S&P Global
assessment continues to reflect the usual 3-15/5-15 dates: April 8 - April 12) Commodity Insights, will start to reflect summer grades
days forward date range. On March 28, all European oil assessments will of gasoline on a pro-rata basis in its FOB Amsterdam-
The full detail for each day can be seen below: be on 12:30 London time basis, with all cut-offs and Rotterdam gasoline barges assessments.
On May 1, MOC dates will be May 7-May 16 (FE dates: timings commensurate with a close at that time. The following calendar applies:
May 7-May 11; MW dates: May 9-May 13; BE dates: May Please note that March 29 and April 1 are UK March 18: First day reflecting summer-grade
12-May 16) bank holidays and no European oil assessments gasoline
On May 2, MOC dates will be May 8-May 17 (FE will be published. For further details on services March 21: First full five-day period reflecting
dates: May 8-May 12; MW dates: May 10-May 14; BE affected, please consult the published holiday summer grade

March 22: Last full-five day period reflecting March 7: First day reflecting summer-grade gasoline Intermediate to Summer Transition
winter grade March 11: First full five-day period reflecting summer April 2: First day summer grade is reflected in the
March 26: Last day reflecting winter-grade gasoline gasoline assessment
March 27: Summer grade fully reflected March 15: Last full five-day period reflecting winter
April 4: First full five-day period reflecting
A spreadsheet detailing the changes is available on gasoline
summer grade
request. March 21: Last day reflecting winter gasoline
Please send feedback and questions to March 22: Summer grade fully reflected April 5: Last full five-day period reflecting
pl_lightendseurope@spglobal.com, with a cc to A spreadsheet detailing the changes is available on intermediate grade
pricegroup@spglobal.com. request. April 9: Last day intermediate grade is reflected in
Platts will consider all comments received and will Please send feedback and questions to assessment
make comments not marked as confidential available pl_lightendseurope@spglobal.com, with a cc to April 10: Summer grade fully reflected
upon request. pricegroup@spglobal.com.
A spreadsheet detailing the changes is available
Calendar for gasoline cargo winter-to-summer 2024 Calendar for FOB ARA ULSD Barges on request. Please send any comments or questions
transition in Med, NWE intermediate-to-summer transition to europe_products@spglobal.com and cc
Effective March 7, Platts, part of S&P Global Effective April 2 Platts will start reflecting German pricegroup@spglobal.com. For written comments,
Commodity Insights, will start to reflect summer grades summer specification for ultra low sulfur diesel on please provide a clear indication if comments are not
of gasoline on a pro-rated basis in its CIF Northwest a pro-rated basis in its FOB Amsterdam-Rotterdam- intended for publication by S&P Global Commodity
European and FOB Mediterranean gasoline cargo Antwerp (ARA) barge ULSD assessment (Code: Insights for public viewing. S&P Global will consider
assessments. AAJUS00). all comments received and will make comments not
The change also affects the related netbacks. The following calendar applies: marked as confidential available upon request.

Deals Summary * Denotes market maker. All times GMT Bids (PGA page 1474)
Bids (PGA page 1415) PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE:
PLATTS GASOIL 50PPM BARGE 1-3KT ICE LSGO M1: ARA: BE: TOTSA bids 1-3kt: $3.50/mt
Premium gasoline 10 ppm barges
TOTSA bids 1-3kt: $-26/mt PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE:
Trades (PGA page 1304)
Withdrawals HARTREEUK bids 1-3kt: $3.50/mt
10PPM: NWE Brg Wnt 10ppm: MW: STR* sold to TOTSA 1kt: kt PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: MW:
No bids reported
$873.00/mt 16:24:20 TOTSA bids 1-3kt: $3.00/mt
** Denotes OCO order.
* Denotes market maker. All times GMT
Offers (PGA page 1416) PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: MW:
Bids (PGA page 1302) GUNVORSA bids 1-3kt: $3.00/mt
No offers reported
No bids reported PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: MW:
Withdrawals HARTREEUK bids 1-3kt: $1.50/mt
Withdrawals
No offers reported PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE:
No bids reported
** Denotes OCO order. TOTSA bids 1-3kt: $3.00/mt
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE:
Offers (PGA page 1303)
Gasoil 0.1% Barges GUNVORSA bids 1-3kt: $2.00/mt
10PPM: NWE Brg Wnt 10ppm: MW: TRAFI offers 1kt: Trades (PGA page 1426) PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE:
$886.00/mt FSTBV bids 1-3kt: $1.50/mt
No trades reported
Withdrawals PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE:
10PPM: NWE Brg Wnt 10ppm: MW: STR no longer offers 1kt: HARTREEUK bids 1-3kt: $1.50/mt
$873.00/mt Bids (PGA page 1424)
Withdrawals
** Denotes OCO order. No bids reported PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE: VITOL
Withdrawals no longer bids 1-3kt: $4.00/mt
EBOB Barges No bids reported PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE:
Trades (PGA page 1304) ** Denotes OCO order. GLENCOREUK no longer bids 1-3kt: $4.00/mt
Offers (PGA page 1425) PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE:
No trades reported
GUNVORSA no longer bids 1-3kt: $4.00/mt
* Denotes market maker. All times GMT No offers reported
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE: PSX
Bids (PGA page 1302) Withdrawals no longer bids 1-3kt: $3.50/mt
No bids reported No offers reported ** Denotes OCO order.
Withdrawals ** Denotes OCO order. Offers (PGA page 1475)
No bids reported PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE:
** Denotes OCO order. Diesel barges BELGOM offers 1-3kt: $5.00/mt
Offers (PGA page 1303) Trades (PGA page 1476) PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE: BP
No offers reported PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE: offers 1-3kt: $7.00/mt
LITASCO sold to VITOL* 2kt: kt $4.00/mt 16:29:05 PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: MW: BP
Withdrawals
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE: offers 1-3kt: $6.50/mt
No offers reported
LITASCO sold to GUNVORSA* 3kt: kt $4.00/mt 16:29:09 PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE: BP
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE: offers 1-3kt: $6.00/mt
LITASCO sold to GLENCOREUK* 3kt: kt $4.00/mt 16:29:12 Withdrawals
Gasoil 50ppm barges
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE: No offers reported
Trades (PGA page 1417) LITASCO sold to PSX* 3kt: kt $3.50/mt 16:29:51 ** Denotes OCO order.
No trades reported * Denotes market maker. All times GMT

HSFO barges bid 2kt: $473.50/mt ** Denotes OCO order.
Trades (PGA page 1505) PLATTS FUEL OIL 3.5% RDAM BARGES: MW: MERCURIASA
Withdraws bid 2kt: $473.00/mt LSFO barges
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: MERCURIASA
sold to NORTHSTAR* 2kt: kt $473.00/mt 16:23:42 PLATTS FUEL OIL 3.5% RDAM BARGES: BE: OEI Withdraws Trades (PGA page 1505)
bid 2kt: $473.50/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: TOTSA sold to No trades reported
NORTHSTAR* 2kt: kt $473.00/mt 16:29:28 PLATTS FUEL OIL 3.5% RDAM BARGES: BE: MERCURIASA
no longer bids 2kt: $473.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: MW: VITOL* sold to Bids (PGA page 1503)
STR 2kt: kt $475.00/mt 16:29:51
Offers (PGA page 1504) No bids reported
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: GUNVORSA sold
Withdrawals
to MERCURIASA* 2kt: kt $473.00/mt 16:23:25 PLATTS FUEL OIL 3.5% RDAM BARGES: FE: TOTSA offers
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: GUNVORSA* 2kt: $475.00/mt No bids reported
sold to OEI 2kt: kt $475.00/mt 16:29:55 PLATTS FUEL OIL 3.5% RDAM BARGES: FE: MERCURIASA ** Denotes OCO order.
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: VITOL* sold to offers 2kt: $475.00/mt Offers (PGA page 1504)
STR 2kt: kt $475.00/mt 16:29:58 PLATTS FUEL OIL 3.5% RDAM BARGES: FE: VITOL offers 2kt: No offers reported
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: GUNVORSA* $475.00/mt
Withdrawals
sold to OEI 2kt: kt $475.00/mt 16:30:03 PLATTS FUEL OIL 3.5% RDAM BARGES: FE: GUNVORSA
No offers reported
* Denotes market maker. All times GMT offers 2kt: $475.00/mt
Bids (PGA page 1503) PLATTS FUEL OIL 3.5% RDAM BARGES: FE: TOTSA offers
2kt: $476.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: UNITEDBUNK HSFO RMK 500 barges
bids 2kt: $471.50/mt PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GUNVORSA
offers 2kt: $475.00/mt Trades (PGA page 1505)
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: OEI bids 2kt:
$469.00/mt PLATTS FUEL OIL 3.5% RDAM BARGES: MW: TOTSA offers No trades reported
2kt: $477.00/mt * Denotes market maker. All times GMT
PLATTS FUEL OIL 3.5% RDAM BARGES: MW: PENINSULA
bids 2kt: $472.00/mt PLATTS FUEL OIL 3.5% RDAM BARGES: MW: TOTSA offers Bids (PGA page 1503)
2kt: $479.50/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: MW: BPBV bids 2kt: No bids reported
$472.00/mt PLATTS FUEL OIL 3.5% RDAM BARGES: BE: TOTSA offers
2kt: $476.00/mt Withdrawals
PLATTS FUEL OIL 3.5% RDAM BARGES: MW: UNITEDBUNK
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: MERCURIASA No bids reported
bids 2kt: $471.00/mt
offers 2kt: $481.00/mt ** Denotes OCO order.
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: PENINSULA
Withdrawals Offers (PGA page 1504)
bids 2kt: $472.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: MERCURIASA PLATTS FUEL OIL 3.5% RDAM BARGES: MW: VITOL no longer No offers reported
bids 2kt: $469.00/mt offers 2kt: $475.00/mt
Withdrawals
Withdrawals
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: VITOL no longer
No offers reported
offers 2kt: $475.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: NORTHSTAR no ** Denotes OCO order.
longer bids 2kt: $473.00/mt PLATTS FUEL OIL 3.5% RDAM BARGES: BE: GUNVORSA no
longer offers 2kt: $475.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: MW: OEI Withdraws

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

© 2024 by S&P Global Inc. All rights reserved. 2

Marine Fuel 0.5% Derivatives, Mar 19

© 2024 by S&P Global Inc. All rights reserved. 3

© 2024 by S&P Global Inc. All rights reserved. 4

Calendar month averages for February 2024

VGO 2% max ABBAC03 613.786 Gasoil 0.1% AAYWS03 835.500–836.000 835.750

FOB NWE West Africa cargo (PGA page 1111)

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

 WAF fuel cap returns in some form USWC ($/mt)

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compliant, 0.755 escalate/de-escalate

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$19.50/mt, while April/May fell 75 cents/mt to $14/mt. FOB Singapore ($/mt)

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US Products: March 18, 2024

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Platts NW Europe Naphtha CIF Cargo Bids, Delivery basis

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HSFO barges bid 2kt: $473.50/mt ** Denotes OCO order.

© 2024 by S&P Global Inc. All rights reserved. 29

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WAF fuel cap returns in some form USWC ($/mt)