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European Marketscan
Volume 56 / Issue 231 / November 26, 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 557.25–557.75 557.500 -3.750 PAAAH00 585.25–585.75 585.500 -3.500
Prem Unl 10 ppm AAWZA00 691.75–692.25 692.000 +3.750 AAWZB00 712.75–713.25 713.000 +4.000
Jet AAIDL00 687.25–687.75 687.500 +9.250 AAZBN00 724.25–724.75 724.500 +9.500
10 ppm ULSD AAWYY00 684.25–684.75 684.500 +8.750 AAWYZ00 705.25–705.75 705.500 +9.000 AMOPN00 4.40 -2.410
Gasoil 0.1% AAVJI00 659.75–660.25 660.000 +10.000 AAVJJ00 679.25–679.75 679.500 +10.250 AMOPI00 -3.80 +0.040
Fuel oil 1.0% PUAAK00 484.00–484.50 484.250 +12.500 PUAAJ00 496.25–496.75 496.500 +12.500
Fuel oil 3.5% PUAAZ00 438.00–438.50 438.250 +14.750 PUAAY00 450.00–450.50 450.250 +14.750
*Basis East Med.
Northwest Europe cargoes (PGA page 1110)
FOB NWE CIF NWE/Basis ARA MOPL Diff
Naphtha (Dec) PAAAJ00 607.50–608.00 607.750 -1.750
Naphtha PAAAL00 604.00–604.50 604.250 -3.250
Gasoline 10 ppm AAXFQ00 714.50–715.00 714.750 +6.000
Jet PJAAV00 710.75–711.25 711.000 +8.750 PJAAU00 725.75–726.25 726.000 +9.500 AMOPJ00 -1.50 -0.290
ULSD 10 ppm AAVBF00 692.50–693.00 692.750 +10.500 AAVBG00 702.25–702.75 702.500 +10.750 AMOPL00 5.24 +0.120
Diesel 10 ppm NWE** AAWZD00 692.25–692.75 692.500 +10.250 AAWZC00 704.25–704.75 704.500 +10.750
Diesel 10ppm NWE all origin ALORA00 702.500 +10.750
Diesel 10ppm NWE all origin spread ALORB00 0.000 0.000
Diesel 10 ppm UK AAVBH00 704.25–704.75 704.500 +10.750 AUKMA00 7.239 +0.116
Gasoil 0.1% AAYWR00 665.00–665.50 665.250 +9.750 AAYWS00 683.75–684.25 684.000 +10.500 AMOPH00 1.17 +0.030
Fuel oil 1.0% PUAAM00 475.00–475.50 475.250 +11.500 PUAAL00 490.00–490.50 490.250 +11.250
Fuel oil 3.5% PUABB00 422.75–423.25 423.000 +19.250 PUABA00 436.75–437.25 437.000 +19.250
Bionaptha PAAAU00 1504.250 -3.250
Bionaptha premium PAADU00 900.000 0.000
SAF MIRWD00 2200.000 0.000
**Basis Le Havre.
Northwest Europe barges (PGA page 1112)
FOB Rotterdam*** FOB FARAG MOPL Diff
Naphtha PAAAM00 600.00–600.50 600.250 -3.250
Eurobob AAQZV00 671.00–671.50 671.250 +6.000
E10 Eurobob AGEFA00 679.000 +9.000
98 RON gasoline 10 ppm AAKOD00 729.75–730.25 730.000 +6.000
Premium gasoline 10 ppm PGABM00 680.75–681.25 681.000 +6.000
Reformate AAXPM00 712.250 +6.000
Jet PJABA00 710.75–711.25 711.000 +9.500 AMOPK00 -13.77 -0.180
Diesel 10 ppm AAJUS00 693.25–693.75 693.500 +10.500 AMOPM00 2.17 -1.470
Gasoil 50 ppm AAUQC00 682.25–682.75 682.500 +7.500
Gasoil 0.1% AAYWT00 667.00–667.50 667.250 +6.500 AMOPG00 -3.84 -4.180
SAF SUAEA00 2250.00 0.00
www.spglobal.com/commodityinsights
European Marketscan November 26, 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 663.000 +3.000 (Italy) (Genova/Lavera)
Fuel oil 1.0% PUAAP00 475.00–475.50 475.250 +11.500 Naphtha* ABWHE00 532.321 ABWHD00 559.057
Fuel oil 3.5% PUABC00 437.75–438.25 438.000 +19.250 Prem Unl 10ppm ABWGV00 660.747 ABWGU00 680.798
Fuel oil 3.5% 500 CST PUAGN00 432.25–432.75 432.500 +19.250 Jet ABWGZ00 656.450 AAZBO00 691.779
Rotterdam bunker 380 CST PUAYW00 438.50–439.50 439.000 +19.000 10ppm ULSD ABWHM00 653.585 ABWHH00 673.637
Gasoil 0.1% ABWGQ00 630.192 ABWGO00 648.811
***See notes on delivery basis for this table. (see page 11)
Fuel oil 1.0% ABWGH00 462.379 ABWGF00 474.076
Fuel oil 3.5% ABWGM00 418.457 ABWGK00 429.915
*Naphtha FOB Med is basis East Med.
Northwest Europe cargoes (€/mt) (PGA page 1116)
FOB NWE CIF NWE/Basis ARA
Naphtha AAQCE00 576.960
Gasoline 10ppm ABWGS00 682.469
Jet ABWHB00 678.889 AAQCF00 693.211
Africa products European feedstocks and blendstocks ULSD 10 ppm ABWHO00 661.224 ABWHI00 672.682
Diesel 10ppm NWE ABWHP00 661.463 ABWHK00 670.772
Code Code
Mid Change Mid Change
Diesel 10 ppm UK ABWHJ00 672.682
CIF Northwest Europe cargo ($/mt) (PGF page 1760)
West Africa cargoes (PGA pages 1122, 2342 and 2412) Diesel 10ppm UK MOPL Diff AUKMB00 6.912
VGO 0.5-0.6% AAHMZ00 552.75–553.75 553.250 +2.250 Gasoil 0.1% ABWGR00 635.205 ABWGP00 653.108
FOB NWE ($/mt) VGO 2% AAHND00 542.50–543.50 543.000 +2.250 Fuel oil 1.0% AAQCG00 453.786 ABWGG00 468.108
Gasoline AAKUV00 687.500 +7.000 Fuel oil 3.5% ABWGN00 403.896 ABWGL00 417.263
FOB Northwest Europe cargo ($/mt)
CIF West Africa ($/mt) Straight run 0.5-0.7% ABWHG00 487.683
VGO 0.5-0.6% AAHMX00 531.50–532.50 532.000 +2.250
Gasoline AGNWC00 718.000 +7.750 West Africa cargoes (€/mt) (PGA page 1116)
VGO 2% AAHNB00 521.25–522.25 521.750 +2.250
FOB NWE CIF WAF
FOB STS West Africa ($/mt) Straight Run 0.5-0.7% PKABA00 510.25–511.25 510.750 +2.250
Gasoline AGNWA00 656.450 AANWC00 685.572
Gasoil 0.3% AGNWD00 675.250 +11.000 FOB Black Sea cargo ($/mt) FOB STS West Africa
Jet AJWAA00 744.250 -0.250 Gasoil 0.3% AGNWE00 644.753
VGO 0.8% ABBAD00 543.750 +2.250
CFR South Africa ($/barrel) VGO 2% ABBAC00 535.750 +2.250 Jet AJWAB00 710.637
Gasoline 95 unleaded AAQWW00 89.669 -1.363 Northwest Europe barges (€/mt) (PGA page 1118)
CIF Mediterranean cargo ($/mt)
Jet kero AAQWT00 91.278 -0.660 FOB Rotterdam
Gasoil 10 ppm AAQWU00 92.001 -0.813 Straight Run 0.5-0.7% AAJNT00 516.250 +2.500 Naphtha ABWHF00 573.140
Gasoil 500 ppm AAQWV00 91.241 -0.863 VGO 0.8% ABBAB00 558.750 +2.250 Eurobob ABWGT00 640.934
VGO 2% ABBAA00 551.000 +2.500 E10 Eurobob AGEFE00 648.334
98 RON gasoline 10 ppm ABWGX00 697.030
Jet Index (PGA page 115) FOB Rotterdam barge ($/mt)
Premium gasoline 10 ppm AAQCH00 650.243
November 26, 2024 Index $/mt MTBE* PHALA00 834.50–835.00 834.750 -1.250 Reformate AAXPN00 680.082
Europe & CIS PJECI00 245.35 PJECI09 718.50 VGO 0.5-0.6% AAHNF00 543.25–544.25 543.750 +2.250 Jet ABWHC00 678.889
MidEast & Africa PJMEA00 264.18 PJMEA09 698.49 VGO 2% AAHNI00 533.00–534.00 533.500 +2.250 Diesel 10 ppm* AAQCI00 662.179
Global PJGLO00 249.80 PJGLO09 721.62 *FOB Amsterdam-Rotterdam-Antwerp. Gasoil 50 ppm AAUQF00 651.676
Gasoil 0.1%* AAYWY00 637.114
DMA MGO 0.1%* LGARE00 633.056
Fuel oil 1.0% ABWGI00 453.786
Fuel oil 3.5% AAQCK00 418.218
Fuel oil 3.5% 500 CST PUAGO00 412.967
Rotterdam bunker 380 CST AAUHE00 419.173
*FOB Amsterdam-Rotterdam-Antwerp. Euro/US$ forex rate: 1.0473. 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 538.570 -9.030 Low Sulfur Gasoil Brent FOB Med CIF Med
0.5% FOB Fujairah cargo AMFFA00 539.630 -8.300 Dec AARIN00 690.25 Jan AAYES00 73.44 Prem Unl 10 ppm ABXGA00 49.868 ABXGB00 51.381
0.5% FOB Rotterdam barge* PUMFD00 490.000 +0.250 Jan AARIO00 682.00 Feb AAYET00 72.88 Jet ABXGH00 53.632 ABXGI00 56.518
0.5% FOB US Gulf Coast barge AUGMB00 521.750 -3.750 Feb AARIP00 678.75 Mar AAXZY00 72.55 10 ppm ULSD ABXGO00 55.248 ABXGP00 56.943
0.5% Dlvd US Atlantic Coast barge AUAMB00 532.000 -1.750 Apr AAYAM00 72.34 Gasoil 0.1% ABXGY00 53.271 ABXGZ00 54.845
0.5% FOB Mediterranean cargo MFFMM00 500.750 +1.250 *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 511.500 +1.250 precisely 16:30 London time. FOB NWE CIF NWE/Basis ARA
$/barrel ICE gasoil settlements (PGA page 702) Gasoline 10 ppm ABXGC00 51.507
0.5% FOB US Gulf Coast barge AUGMA00 82.170 -0.590 Low Sulfur Gasoil Low Sulfur Gasoil Jet ABXGJ00 55.465 ABXGK00 56.635
0.5% Dlvd US Atlantic Coast barge AUAMA00 83.780 -0.280 Dec * ICLO001 690.00 Mar ICLO004 677.00 ULSD 10 ppm ABXGQ00 55.914 ABXGR00 56.701
vs FO 380 MOPS strip ($/mt) Jan ICLO002 681.75 Apr ICLO005 673.75 Diesel 10 ppm NWE ABXGS00 55.894 ABXGT00 56.862
0.5% FOB Singapore cargo AMOPA00 106.420 -8.780 Feb ICLO003 678.75 May ICLO006 671.25 Gasoil 0.1% ABXHA00 53.694 ABXHB00 55.208
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 48.372
E10 Eurobob AGEFC00 48.931
NYMEX WTI (PGA page 703) 98 RON Gasoline 10 ppm ABXGE00 52.606
$/barrel $/barrel Premium Gasoline 10 ppm ABXGF00 49.075
Jan AASCR00 69.39 Feb AASCS00 69.01 Jet ABXGL00 55.465
NYMEX NY ULSD (PGA page 703) Diesel 10 ppm ABXGU00 55.975
¢/gal ¢/gal Gasoil 50 ppm ABXHC00 55.087
Dec XUHO100 226.50 Jan XUHO200 227.34 Gasoil 0.1% ABXHD00 53.856
NYMEX RBOB (unleaded gasoline) (PGA page 703)
¢/gal ¢/gal
Dec XUHU100 201.35 Jan XUHU200 196.84
Marine Fuel 0.5% Derivatives, Nov 26

Balance* Change Month 1 Change Month 2 Change
Nov Dec Jan GB pence per liter assessments 16:30 London
$/mt $/mt $/mt Northwest Europe cargoes (p/liter) (PGA page 1370)
0.5% FOB Singapore cargo FOFS000 NA NANA FOFS001 535.500 -8.600 FOFS002 530.750 -7.800 FOB NWE CIF NWE/Basis ARA
0.5% FOB Fujairah cargo FOFF000 NA NANA FOFF001 536.750 -8.250 FOFF002 530.500 -7.750 Gasoline 10 ppm ABXGG00 42.993
0.5% FOB Rotterdam barge AMRAB00 NA NANA AMRAM01 492.750 +1.750 AMRAM02 488.500 +1.750 Jet ABXGM00 46.297 ABXGN00 47.273
0.5% vs. 3.5% FOB Rotterdam barge AMRBB00 NA NANA AMRBM01 63.750 -14.000 AMRBM02 67.500 -10.750 ULSD 10 ppm ABXGV00 46.672 ABXGW00 47.328
$/barrel $/barrel $/barrel Diesel 10 ppm UK ABXGX00 47.463
0.5% FOB US Gulf Coast barge AMARB00 NA NANA AMARM01 81.000 -0.200 AMARM02 79.300 -0.100 Diesel 10ppm UK MOPL Diff AUKMC00 0.488
0.5% vs US Gulf Coast HSFO barge AUSBB00 NA NANA AUSBM01 16.300 -1.100 AUSBM02 16.100 -0.900 Gasoil 0.1% ABXHE00 44.819 ABXHF00 46.082
*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: November 26, 2024 ($/mt) (PPE page 1600)
Code November* Change Code December Change Code January Change
London MOC
Propane CIF NWE Large Cargo Financial ABWFX00 NA NANA AAHIK00 558.000 -3.000 AAHIM00 549.000 0.000
Naphtha CIF NWE Cargo Financial ABWFV00 NA NANA PAAAJ00 607.750 -1.750 AAECO00 608.250 +0.250
Gasoline Prem Unleaded 10 ppm FOB ARA Barge Financial ABWFT00 NA NANA AAEBW00 675.250 +7.000 AAEBY00 671.250 +6.750
Gasoline Eurobob 10 ppm FOB ARA Barge Financial ABWFB00 NA NANA ABWFC00 670.000 +7.000 ABWFD00 666.000 +6.750
Gasoline Eurobob Non-oxy E10 Barge Financial AGEAB00 NA NANA AGEAM01 674.750 +7.500 AGEAM02 670.750 +7.250
Jet FOB Rdam Barge Financial AAXUH00 NA NANA AAXUM01 725.000 +9.750 AAXUM02 726.000 +10.250
Jet CIF NWE Cargo Financial ABWCI00 NA NANA ABWCJ00 727.500 +9.750 ABWCK00 728.500 +10.250
ULSD 10 ppmS FOB ARA Barge Financial ABWEA00 NA NANA ABWEB00 688.750 +11.500 ABWEC00 681.250 +9.750
ULSD 10 ppmS CIF NWE Cargo Financial ABWDM00 NA NANA ABWDN00 696.750 +10.750 ABWDO00 688.750 +9.750
ULSD 10 ppmS CIF Med Cargo Financial ABWCY00 NA NANA ABWCZ00 700.500 +11.500 ABWDA00 691.000 +9.750
LS Gasoil Frontline Financial ABWAO00 NA NANA AAPQS00 685.250 +10.500 AAPQT00 679.750 +9.750
Gasoil .1%S (1000 ppm) FOB ARA Barge Financial ABWBT00 NA NANA ABWBU00 669.250 +10.500 ABWBV00 664.000 +9.750
Gasoil 0.1%S CIF NWE Cargo Financial ABWBF00 NA NANA ABWBG00 682.500 +10.500 ABWBH00 677.750 +9.750
Gasoil .1%S (1000 ppm) CIF Med Cargo Financial ABWAS00 NA NANA ABWAT00 683.000 +10.250 ABWAU00 678.750 +9.750
FO 3.5%S FOB Rdam Barge Financial ABWAE00 NA NANA AAEHB00 429.000 +15.750 AAEHC00 421.000 +12.500
FO 3.5%S FOB Med Cargo Financial ABWAG00 NA NANA AAEHK00 426.000 +15.750 AAEHL00 417.250 +12.500
FO 3.5%S FOB Rdam Barge vs FO 3.5%S FOB Med Cargo Financial ABWAM00 NA NANA AAEHK01 3.000 0.000 AAEHL01 3.750 0.000
FO 1%S FOB Rdam Barge Financial ABWAA00 NA NANA AALTA00 457.750 +12.250 AALTC00 450.750 +11.250
FO 1%S FOB NWE Cargo Financial ABWAC00 NA NANA AAEGR00 460.750 +12.250 AAEGS00 453.750 +11.250
FO 1%S FOB NWE vs FO 3.5%S Barge (HiLo Diff) Financial ABWAI00 NA NANA AAEGR01 31.750 -3.500 AAEGS01 32.750 -1.250
*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 437.750 +9.500 FPLSM02 429.500 +10.500
FO 380 3.5% FOB Spore Cargo vs FO 3.5% FOB Rdam Barge (E-W) FQLSM01 8.750 -6.250 FQLSM02 8.500 -2.000
at London MOC Financial
FO 180 CST 3.5%S FOB Spore Cargo at London MOC Financial FOLSM01 448.000 +9.000 FOLSM02 440.250 +10.250
FO 180 3.5% FOB Spore Cargo vs FO 3.5% FOB Rdam Barge (E-W) F1BDM01 19.000 -6.750 F1BDM02 19.250 -2.250
at London MOC Financial

Calendar month averages for October 2024

Code Mid Code Mid
FOB Med cargo (Italy) (PGA page 1115) CIF NWE cargo (basis ARA) (PGA page 111)
Naphtha* PAAAI03 625.152–625.652 625.402 Naphtha physical PAAAL03 647.435–647.935 647.685
Prem Unl 10ppm AAWZA03 726.826–727.326 727.076 Gasoline 10ppm AAXFQ03 747.707–748.207 747.957
Jet AAIDM00 699.935–700.435 700.185 Jet PJAAU03 718.880–719.380 719.130
10ppm ULSD AAWYY03 674.391–674.891 674.641 ULSD 10ppm AAVBG03 682.467–682.967 682.717
Gasoil 0.1% AAVJI03 667.772–668.272 668.022 Diesel 10ppm NWE AAWZC03 684.011–684.511 684.261
Fuel oil 1.0% PUAAK03 473.337–473.837 473.587 Diesel 10ppm NWE all origin ALORA03 682.717
Fuel oil 3.5% PUAAZ03 462.902–463.402 463.152 Diesel 10ppm NWE all origin spread ALORB03 0.000
FOB Black Sea (PGF page 1761) Diesel 10ppm UK AAVBH03 685.065–685.565 685.315
VGO 0.8% ABBAD03 553.141 Diesel 10ppm UK MOPL Diff AUKMA03 3.589
VGO 2% max ABBAC03 545.239 Gasoil 0.1% AAYWS03 677.446–677.946 677.696

Fuel oil 1.0% PUAAL03 479.098–479.598 479.348
CIF Med cargo (Genova/Lavera) (PGA page 1115)
Fuel oil 3.5% PUABA03 477.109–477.609 477.359
Naphtha PAAAH03 638.054–638.554 638.304
VGO 0.5-0.6% AAHNA00 569.674–570.674 570.174
Prem Unl 10ppm AAWZB03 736.533–737.033 736.783
VGO 2% max AAHNE00 557.326–558.326 557.826
Jet AAZBN03 717.380–717.880 717.630
10ppm ULSD AAWYZ03 684.250–684.750 684.500 FOB Rotterdam barges (PGA page 1113)
Gasoil 0.1% AAVJJ03 676.870–677.370 677.120 Naphtha PAAAM03 643.435–643.935 643.685
Fuel oil 1.0% PUAAJ03 485.641–486.141 485.891 Eurobob AAQZV03 704.728–705.228 704.978
Fuel oil 3.5% PUAAY03 474.957–475.457 475.207 98 RON gasoline 10ppm AAKOE00 783.054–783.554 783.304
VGO 0.8% ABBAB03 568.522 Premium gasoline 10ppm PGABM03 714.717–715.217 714.967
VGO 2% max ABBAA03 560.674 MTBE** PHBFZ03 848.554–849.054 848.804
Jet PJABA03 717.641–718.141 717.891
FOB NWE cargo (PGA page 1111)
Diesel 10ppm** AAJUW00 675.511–676.011 675.761
Bionaphtha PAAAU03 1547.685
Gasoil 50ppm AAUQC03 674.326–674.826 674.576
Bionaphtha premium PAADU03 900.000
Gasoil 0.1%** AAYWT03 666.348–666.848 666.598
Jet PJAAV03 708.022–708.522 708.272
DMA MGO 0.1%* LGARD03 656.859
ULSD 10ppm AAVBF03 675.185–675.685 675.435
Fuel oil 1.0% PUAAP03 480.750–481.250 481.000
Diesel 10ppm NWE AAWZD03 675.217–675.717 675.467
Fuel oil 3.5% PUABC03 478.109–478.609 478.359
Gasoil 0.1% AAYWR03 663.533–664.033 663.783
Fuel oil 3.5% 500 CST PUAGN03 472.609–473.109 472.859
Fuel oil 1.0% PUAAM03 464.978–465.478 465.228
Rotterdam bunker 380 CST PUAYW03 495.152–496.152 495.652
Fuel oil 3.5% PUABB03 463.924–464.424 464.174
VGO 0.5-0.6% AAHNG00 561.326–562.326 561.826
Straight run 0.5-0.7% PKABA03 517.043–518.043 517.543
VGO 2% max AAHNJ00 548.978–549.978 549.478
VGO 0.5-0.6% AAHMY00 549.728–550.728 550.228
Reformate AAXPM03 727.783
VGO 2% max AAHNC00 537.359–538.359 537.859
*Naphtha FOB is basis east Med. **FOB Amsterdam/Rotterdam/Antwerp.
CIF West Africa cargo (PGA page 1111)
Gasoline AGNWC03 744.870
FOB NWE West Africa cargo (PGA page 1111)

Gasoline AAKUV03 723.587

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

SAF cost of production BJNWA00 2235.904 -57.746
Analysis SAF CIF NWE MIRWD00 2200.000 0.000
SAF CIF NWE premium MIRWF00 1441.500 -10.000
TA arb remains open, bolstering E10 spreads SAF FOB FARAG SUAEA00 2250.00 0.00
SAF FOB FARAG premium SUAEB00 1507.25 -9.75
Old Port Harcourt begins producing RD cost of production HVNWA00 2038.249 -51.739
USWC cost of production ($/mt)
European gasoline markets strengthened modestly SAF w/ credits ASAFA00 1712.264 +30.532
SAF w/o credits ASAFB00 724.350 +15.576
Nov. 26 amid an open arbitrage to the US. RD w/ credits ARDFA00 1616.735 +29.012
Barge differentials have progressively weakened RD w/o credits ARDFB00 752.729 +13.167
over the past few trading days. Eurobob barges were USWC cost of production ($/b)
SAF w/ credits 211.515 +3.772
heard trading at $1/mt premiums to December swaps ASAFE00
SAF w/o credits ASAFF00 89.478 +1.924
on the day, down from $5/mt Nov. 21. Biodiesel price assessments RD w/ credits ARDFE00 200.303 +3.594
Meanwhile, E10 barge premiums have remained well Low-High Midpoint Change RD w/o credits ARDFF00 93.258 +1.631
supported, trading at $8/mt versus E5 throughout the USWC cost of production (¢/gal)
Northwest Europe differential to ICE gasoil ($/mt) (PBF page 1313) SAF w/ credits ASAFI00 503.607 +8.980
day. This is likely a reflection of the open trans-Atlantic FAME 0 (RED) FOB ARA 473.50-478.50 476.00 -24.00
AAXNT00 SAF w/o credits ASAFJ00 213.044 +4.581
arbitrage. PME (RED) FOB ARA AAXNY00 443.50-448.50 446.00 -24.00 RD w/ credits ARDFI00 476.913 +8.558
In the Platts Market on Close assessment process, RME (RED) FOB ARA AAXNU00 583.50-588.50 586.00 -15.00 RD w/o credits ARDFJ00 222.044 +3.884
SME (RED) FOB ARA AAXNX00 510.25-515.25 512.75 -21.00
there was an outstanding bid for 10 ppm barges Americas market-based assessment (¢/gal)
UCOME (RED) FOB ARA AUMEA00 679.00 -7.00 SAF CA SAFDA00 711.900 +10.110
by Musket. SAF CA vs Jet LA SAFDB00 465.130 0.000
There was also an offer in the FOB Med window by Carbon credits (PGA page 496) SAF IL SAFDD00 847.160 +1.110
BP, loading Dec. 10-14 and closing at December FOB Change SAF IL vs Jet Chicago SAFDE00 624.390 0.000
ATF 30/70 CA SAFDF00 536.770 +10.110
Med swaps plus $8/mt. The offer was deemed to be Platts CEC
ATF 30/30 IL SAFDG00 560.550 +1.110
$/mtCO2e PCECA00 15.850 -0.100
competitive. Eur/mtCO2e PCECE00 15.077 -0.142 Asia ($/mt)
In West Africa, the Dangote refinery was tendering Jet Fuel Carbon Offset Premiums SAF FOB Straits SFSMR00 2141.25 +0.63
more gasoline, according to traders, despite several $/b AJFCA00 76.251 -0.481 SAF cost of production (UCO) ASFAC00 1902.620 +1.350
Eur/b 72.531 -0.687 SAF cost of production (PFAD) ASFAA00 1825.310 +3.600
sources saying the new Nigerian plant would AJFCB00
RD cost of production (UCO) HVNAA00 1743.970 +0.530
exclusively produce for domestic consumption. RD cost of production (PFAD) HVSAB00 1673.080 +2.320
“Dangote has been tendering gasoline on a spot
basis recently,” said a trader in the region. “The product been brought back online at just over half of its at $7.60/b, Platts data showed.
has been higher sulfur.” nameplate capacity. The balance-of-month/December spread was
Nigerian gasoline production has recently been Elsewhere, flaring is possible at France’s Fos-sur- assessed unchanged at $5/mt, with December/January
bolstered by the resumption of the Old Port Harcourt Mer due to temporary unit disruption, the refinery said 25 cents/mt steeper at $4/mt.
refinery. on a local messenger platform late Nov. 25. The December Med/North gasoline differential
The facility has resumed operations almost four The disruption occurred Nov. 23-24 and the refinery — the spread between FOB Med swaps and the
years after it was shut down for major repairs, its is working to reduce the duration of disruption. equivalent FOB ARA Eurobob barge — was up 50 cents/
owner Nigerian National Petroleum Co. said Nov. 26. The front-month FOB AR Eurobob barge swap was mt at $14.75/mt, with January down 25 cents/mt at
NNPC spokesman Femi Soneye told S&P Global assessed up $7/mt on the day at $670/mt, with the $15.25/mt.
Commodity Insights that the 60,000-b/d plant had equivalent gasoline barge crack was 47 cents/b higher Platts is part of S&P Global Commodity Insights

Platts NWE Gasoline FOB Barge Daily Rationales Carbon Intensity (PGA page 4207)
Daily Carbon Intensity Premium Monthly Carbon Intensity
& Exclusions
Asia $/bbl Date kgCO2e/bbl
Gasoline Prem Unleaded 10ppmS FOB AR Barge
Gasoline Unl 92 FOB Singapore Cargo ALCEJ00 0.590 ALCEI00 Oct-24 48.16
<PGABM00> assessment rationale: Jet Kero FOB Singapore Cargo ALCEL00 0.232 ALCEK00 Oct-24 18.93
The FOB AR 10 ppm premium unleaded gasoline Gasoil 10ppm FOB Singapore Cargo ALCEH00 0.350 ALCEG00 Oct-24 28.54
barge was assessed at $681/mt and at a $9.75/mt United States Gulf Coast ¢/gal Date kgCO2e/gal
premium to the Eurobob barges, unchanged from Gasoline CBOB USGC Prompt Pipeline ALCEN00 1.250 ALCEM00 Oct-24 1.02
Jet Kero 54 USGC Prompt Pipeline ALCEP00 0.588 ALCEO00 Oct-24 0.48
the previous session. The assessment was based on ULSD USGC Prompt Pipeline ALCER00 0.760 ALCEQ00 Oct-24 0.62
the previously established relationship between the Northwest Europe $/mt Date kgCO2e/mt
Eurobob and 10 ppm unleaded gasoline barge markets, Gasoline Eurobob (E5) FOB NWE Barge ALCEB00 4.609 ALCEA00 Oct-24 376.28
taking into consideration a standing bid at the end of Jet FOB NWE Barge ALCED00 2.099 ALCEC00 Oct-24 171.36
ULSD 10ppm FOB NWE Barge ALCEF00 2.366 ALCEE00 Oct-24 193.12
the Platts Market on Close assessment process.
Gasoline Eurobob FOB AR Barge <AAQZV00>
assessment rationale: Foreign exchange rates (PGA page 1151)
Eurobob gasoline barges were assessed at $671.25/ information heard in the market in the absence of November 26, 2024 London 16:30
Dollar/Swiss franc BCADC00 0.8881
mt and at a $1.25/mt premium to the front-month competitive indications in the MOC.
GB pound/Dollar BCADB00 1.2547
Eurobob swap, down from $2.25/mt in the previous Exclusions: None Dollar/Yen BCACW00 153.6200
session, using information heard from the market and Platts is part of S&P Global Commodity Insights Euro/Dollar BCADD00 1.0473
Dollar/Ruble AAUJO00 106.0000
in the absence of competitive indications in the MOC.
Gasoline E10 Eurobob FOB AR Barge <AGEFA00> Platts NWE Med Gasoline Cargo Daily Rationale
assessment rationale: & Exclusions
E10 Eurobob gasoline barges were at a $7.75/mt Gasoline 10ppmS CIF NWE Cargo <AAXFQ00>
premium to the physical E5 Eurobob market, compared assessment rationale:
with a $4.75/mt premium the previous session, using The CIF NWE gasoline cargo assessment was
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at $714.75/mt and at a $43.50/mt differential to Russian domestic refined products netbacks

Refinery Port Code Rb/mt Change Code $/mt Change Underlying marker
physical Eurobob, unchanged on the day. The
Middle Distillates (PGA page 1440)
assessment was based on an unchanged differential Gasoil and Diesel 10 ppm
to the Eurobob physical assessment in the absence Moscow St Peter AAWRP00 92,324.829 +2223.569 AAWRO00 889.528 +11.143 ULSD CIF NWE Crg
Yaroslavl St Peter AAXKP00 93,297.897 +2223.569 AAXKO00 898.903 +11.032 ULSD CIF NWE Crg
of indications during the Platts Market on Close NORSI Novorossiysk AAXKA00 85,274.799 +1859.858 AAWRU00 821.603 +8.402 ULSD FOB Med Crg
assessment process. Syzran Novorossiysk AAXKI00 86,290.923 +1859.858 AAXKH00 831.393 +8.286 ULSD FOB Med Crg
Komsomolsk Nakhodka AAWRJ00 86,811.778 +452.397 AAWRI00 836.411 -5.494 GO 0.05% SporeCrg
Gasoline Prem Unleaded 10ppmS FOB Med Cargo Khabarovsk Nakhodka AAWRD00 87,898.402 +452.397 AAWRC00 846.880 -5.619 GO 0.05% SporeCrg
<AAWZA00> assessment rationale: Ufa Primorsk AAXYF00 91,139.583 +2228.227 AAXYJ00 878.108 +11.324 ULSD CIF NWE Crg
Omsk Novorossiysk AAWKQ00 82,053.963 +1859.858 AAWKP00 790.571 +8.770 GO 0.1% Med Crg
The FOB Mediterranean gasoline cargo assessment Yaroslavl Primorsk AAWJZ00 94,054.779 +2228.227 AAWJY00 906.196 +10.992 ULSD CIF NWE Crg
was at $692/mt, reflecting a $7.25/mt differential to NORSI Primorsk AAWJX00 94,059.963 +2228.227 AAWJW00 906.246 +10.991 ULSD CIF NWE Crg
Kirishi Primorsk AAWJV00 96,083.055 +2228.227 AAWJU00 925.738 +10.760 ULSD CIF NWE Crg
the front-month December swap. The assessment was Volgograd Novorossiysk ABXKR00 88,782.327 +1859.858 ABXKQ00 855.397 +8.002 ULSD FOB Med Crg
based on a competitive standing offer at the close of Diesel damping value RNDCD00 27,009.992
the MOC. Gasoline (PGA page 1340)
Moscow Vysotsk AAWRT00 93,735.202 +1589.227 AAWRS00 903.117 +4.799 Eurobob ARA Brg
Gasoline Prem Unleaded 10ppmS CIF Med Cargo Yaroslavl Vysotsk AAXKT00 94,625.002 +1589.227 AAXKS00 911.690 +4.697 Eurobob ARA Brg
<AAWZB00> assessment rationale: NORSI Novorossiysk AAXKE00 91,756.516 +1255.334 AAXKD00 884.052 +1.769 Prem Unl Med Crg
NORSI Vysotsk AAWIN00 93,338.866 +1589.227 AAWIO00 899.298 +4.844 Eurobob ARA Brg
The CIF Mediterranean gasoline cargo Syzran Novorossiysk AAXKL00 92,772.640 +1255.334 AAXKK00 893.843 +1.654 Prem Unl Med Crg
assessment was derived as a freight net-forward Komsomolsk Nakhodka AAWRL00 94,538.860 -214.239 AAWRK00 910.860 -12.875 Unl 92 Spore Crg
Khabarovsk Nakhodka AAWRF00 95,625.484 -214.239 AAWRE00 921.329 -12.999 Unl 92 Spore Crg
from the FOB Mediterranean gasoline cargo Kirishi Vysotsk AAWIW00 96,613.162 +1589.227 AAWIP00 930.845 +4.470 Eurobob ARA Brg
assessment, using the following: FOB Med gasoline Ufa Vysotsk AAWJE00 91,000.822 +1589.227 AAWJD00 876.772 +5.111 Eurobob ARA Brg
Omsk Vysotsk AAWJC00 89,558.878 +1589.227 AAWIX00 862.879 +5.275 Eurobob ARA Brg
cargo assessment plus the cost of transporting Gasoline damping value RNGCD00 27,116.658
a 30,000mt clean cargo from a basket of Fuel oil (PGA page 1540)
Moscow St Peter AAWRN00 46,370.942 +2996.607 AAWRM00 446.773 +23.923 FO 3.5% ARA Brg
Mediterranean ports to a basket of Mediterranean Yaroslavl St Peter AAXKN00 47,344.010 +2996.607 AAXKM00 456.148 +23.811 FO 3.5% ARA Brg
destinations. NORSI Novorossiysk AAXKC00 44,479.730 +2411.393 AAXKB00 428.552 +18.434 FO 3.5% Med Crg
Syzran Novorossiysk AAXKG00 45,495.854 +2411.393 AAXKF00 438.342 +18.318 FO 3.5% Med Crg
Exclusions: None Komsomolsk Nakhodka AAWRH00 46,612.903 +591.983 AAWRG00 449.104 +0.453 380 CST Spore Crg
Platts is part of S&P Global Commodity Insights Khabarovsk Nakhodka AAWRB00 47,699.527 +591.983 AAWRA00 459.574 +0.329 380 CST Spore Crg
Kirishi Vysotsk AAWJG00 49,113.433 +2999.938 AAWJF00 473.196 +23.642 FO 3.5% ARA Brg
Ufa Vysotsk AAWJK00 43,501.093 +2999.938 AAWJJ00 419.123 +24.283 FO 3.5% ARA Brg
Platts European Gasoline, Cargo, Bids, Omsk Vysotsk AAWJI00 42,059.149 +2999.938 AAWJH00 405.230 +24.447 FO 3.5% ARA Brg
Offers, Trades Spot prices assessed by Platts in key markets are used as underlying markers for netback calculations.
Bids: None GOVERNING GENERAL TERMS AND CONDITIONS, Platts European Naphtha Daily Market
Offers: PLATTS PREM UNL FOB MED CRG: BP SHALL BE UPDATED SO AS TO AMEND ANY AND Analysis
OFFERS 25000.0MT AT PREM UNL 10PPM FOB ALL REFERENCES TO “EU”, “EUROPEAN UNION”
Rangebound gasoline appetite
MED CRG $8.00 FULL MNTH DEC; TQC: {‘OPTOL: AND “EU MEMBER STATE” TO INCLUDE “THE UK.
0-5KT: PRICING BASIS FOB MED, B/L PLUS 3 NO ETHANOL PERMITTED.’} Naphtha prices slip Nov. 26
QUOTES PLUS $6/MT.; SPEC: EN228 EU QUALIFIED Trades: None
MIN 95/85 RON/MON, 10PPM S MAX,80 KPA RVP This assessment commentary applies to the Prices in the European naphtha market softened
MAX, REACH COMPLIANT, 0.755 ESCALATE/DE- following market data codes: Gasoline 10ppm CIF on the day, while participants cited subdued market
ESCALATE; SPECIAL CLAUSE: ANY CLAUSE(S) IN NWE Cargo <AAXFQ00> Prem Unl 10ppm FOB Italy activity Nov. 26.
RELATION TO SANCTIONS AND SEVERABILITY <AAWZA00> Prem Unl 10ppm CIF Genoa/Lavera Downstream appetite from the gasoline blending
EITHER CONTAINED HEREIN OR AS PART OF THE <AAWZB00> sector was rangebound, while sentiment was mixed

regarding petrochemical demand in the market. Asia products

Code Mid Change Code Mid Change
“[I] still see demand from petchems and blenders can
Singapore (PGA page 2002)
buy if cheap enough into December,” one source said.
FOB Singpore ($/barrel)
A narrowing propane-naphtha differential had
Naphtha PAAAP00 68.38–68.42 68.400 -1.110
prompted some sources to query if players would Gasoline 92 unleaded PGAEY00 80.29–80.33 80.310 -1.240
switch to using propane at flexible steam crackers. Gasoline 95 unleaded PGAEZ00 84.76–84.80 84.780 -1.340
“Some people are still bullish LPG,” added the source. Gasoline 97 unleaded PGAMS00 85.44–85.48 85.460 -1.360
In refinery news, Turkey’s Tupras said Nov. 26 that Kerosene PJABF00 89.42–89.46 89.440 -0.520
Gasoil 0.05% sulfur AAFEX00 89.26–89.30 89.280 -0.660
a fire broke out in one of the crude units at its Izmir
Gasoil 0.25% sulfur AACUE00 89.17–89.21 89.190 -0.660
refinery in the evening of Nov. 25. Gasoil POABC00 89.29–89.33 89.310 -0.700
The fire was subsequently brought under control Fuel oil 180 CST 2% ($/mt) PUAXS00 462.33–462.37 462.350 -1.370
and extinguished and the unit had been shut down, the HSFO 180 CST ($/mt) PUADV00 452.16–452.20 452.180 -1.340
company said in a statement. HSFO 380 CST ($/mt) PPXDK00 444.46–444.50 444.480 -1.170
The other refinery operations are continuing Gasoline components (PBF page 2010)
normally, Tupras said, noting that there were no FOB Singapore ($/mt)
MTBE PHALF00 705.70–707.70 706.700 -23.300
casualties.
Singapore swaps (PPA page 2654)
The refinery is currently assessing the damage of
December ($/barrel) January ($/barrel)
the crude unit.
Naphtha Japan ($/mt) AAXFE00 635.00–635.50 635.250 -8.500 AAXFF00 631.75–632.25 632.000 -8.750
This is the second incident at a Tupras refinery this Naphtha PAAAQ00 68.08–68.12 68.100 -1.100 PAAAR00 67.73–67.77 67.750 -1.100
month after an isomerization unit at its Izmit refinery Gasoline 92 unleaded AAXEL00 79.62–79.66 79.640 -1.100 AAXEM00 79.38–79.42 79.400 -1.230
was halted after a fire Nov. 5. Reforming Spread AAXEO00 11.52/11.56 11.540 0.000 AAXEP00 11.63/11.67 11.650 -0.130
The front-month CIF NWE naphtha crack was Kerosene PJABS00 89.30–89.34 89.320 -0.530 PJABT00 88.87–88.91 88.890 -0.590
Gasoil POAFC00 88.83–88.87 88.850 -0.680 POAFG00 88.48–88.52 88.500 -0.730
assessed 58 cents/b narrower on the day at minus
HSFO 180 CST ($/mt) PUAXZ00 442.53–442.57 442.550 -1.050 PUAYF00 433.53–433.57 433.550 -1.000
$4.56/b, Platts data showed.
Middle East (PGA page 2004)
The front-month CIF NWE naphtha swap was down
FOB Arab Gulf ($/barrel)
$1.75/mt at $607.75/mt. The December/January time Naphtha ($/mt) PAAAA00 603.66–605.16 604.410 -8.600
spread fell $2/mt to minus 50 cents/mt, with January/ Naphtha LR2 ($/mt) AAIDA00 604.59–606.09 605.340 -11.470
February $1/mt lower at $3/mt. Kerosene PJAAA00 87.19–87.23 87.210 -0.420
The front-month East-West spread — the spread Gasoil 10 ppm AAIDT00 86.92–86.96 86.94 -0.600
Gasoil 0.005% sulfur AASGJ00 86.87–86.91 86.890 -0.600
between the CFR Japan naphtha cargo swap and the
Gasoil 0.05% sulfur AAFEZ00 86.16–86.20 86.180 -0.650
CIF NWE equivalent — was $2.25/mt wider at $24/mt, Gasoil 0.25% sulfur AACUA00 85.45–85.49 85.470 -0.650
with January 25 cents/mt wider at $20.50/mt. Gasoil POAAT00 86.92–86.96 86.940 -0.600
Platts is part of S&P Global Commodity Insights HSFO 180 CST ($/mt) PUABE00 431.55–431.59 431.570 -1.410
Japan (PGA page 2006)
Platts NW Europe Naphtha CIF Cargo Daily C+F Japan ($/mt) Premium/Discount
Rationale & Exclusions Naphtha PAAAD00 633.25–634.75 634.000 -10.000
Naphtha MOPJ Strip AAXFH00 629.63–630.13 629.880 -8.750 AAXFI00 3.88/4.38 4.130 -1.250
The CIF NWE naphtha cargo <PAAAL00> was
Naphtha 1st 1/2 Jan PAAAE00 635.25–635.75 635.500 -10.000
assessed at $604.25/mt Nov. 26 based on the Naphtha 2nd 1/2 Jan PAAAF00 634.25–634.75 634.500 -10.000
following inputs: Naphtha 1st 1/2 Feb PAAAG00 633.25–633.75 633.500 -10.000
(continued on page 11) Gasoline unleaded ($/barrel) PGACW00 82.58–82.62 82.600 -1.240
Kerosene ($/barrel) PJAAN00 91.84–91.88 91.860 -0.520

US Products: November 25, 2024

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

CIF cargoes (¢/gal) RVP
Unleaded 87 AAMHG00 209.50–209.60 209.550 -6.090 AAMHGRV 13.5

$/barrel 1% strip NYH vs 1% strip
No. 6 1.0%** PUAAO00 74.73–74.75 74.740 -1.880 AAUGG00 70.62–70.64 70.630 -2.150 AAUGD00 4.10/4.12 4.110 +0.270
USAC HSFO PUAAX00 69.88–69.90 69.890 -1.400 AAUGF00 -0.75/-0.73 -0.740 +0.750

Settle-based Residual swaps ($/barrel)
No. 6 1.0% paper Bal M AFOAB00 NA NANA
No. 6 1.0% paper 1st month AFOAM01 70.450 -2.150
No. 6 1.0% paper 2nd month AFOAM02 69.700 -2.350
NY numbers include duty.
FOB Gulf Coast (PGA page 156 & 338)

¢/gal RVP
Unleaded 87 PGACT00 193.07–193.17 193.120 -4.870 PGACTRV 13.5
Unleaded 89 PGAAY00 198.97–199.07 199.020 -4.570 PGAAYRV 13.5
Unleaded 93 PGAJB00 207.82–207.92 207.870 -4.120 PGAJBRV 13.5
MTBE PHAKX00 209.84–209.94 209.890 -6.200
Jet 54 PJABM00 211.11–211.21 211.160 -3.090
Jet 55 PJABN00 212.11–212.21 212.160 -3.090
ULS Kero AAVTK00 222.11–222.21 222.160 -3.090
No. 2 POAEE00 206.61–206.71 206.660 -3.040
Alkylate* AAFIE00 19.70/19.80 19.750 -1.750
*Premium to US Gulf Coast pipeline gasoline; DAP

Cargo (¢/gal) Cargo ($/mt)
FOB Naphtha AAXJP00 147.250 -4.500 AAXJU00 556.610 -17.010
Export ULSD AAXRV00 209.500 -3.570 AAXRW00 655.530 -11.170

$/barrel USGC HSFO strip vs 1% strip
Slurry Oil PPAPW00 67.56–67.58 67.570 -1.540 AAUGS00 3.32/3.34 3.330 -0.150
No. 6 1.0% 6 API PUAAI00 72.09–72.11 72.100 -2.390 AAUGT00 7.85/7.87 7.860 -1.000
USGC HSFO PUAFZ00 64.56–64.58 64.570 -1.540 AAUGW00 64.23–64.25 64.240 -1.390 AAUGU00 0.32/0.34 0.330 -0.150
RMG 380 PUBDM00 64.56–64.58 64.570 -1.540 AAUGV00 0.32/0.34 0.330 -0.150

Settle-based Residual swaps ($/barrel)
USGC HSFO swap M1(Dec) AWATM01 63.800 -1.300
USGC HSFO swap M2(Jan) AWATM02 62.400 -1.400

Value on Dec.9 was assessed at $602.28/mt based Delivery basis

on an outstanding offer for a 32,000-36,000 mt cargo;
Value on Dec. 15 was assessed at $604.96/mt based Please note that the assessments which appear in the FOB Rotterdam barge section have varying delivery bases as
on an outstanding offer for a 32,000-36,000 mt cargo; noted below:
Value on Dec. 18 was assessed at $607.01/mt above Code Delivery basis
an outstanding bid for a 32,000-26,000 mt cargo. Naphtha PAAAM00 FOB Amsterdam-Rotterdam-Antwerp
A flat structure was applied at the back of the curve. Eurobob AAQZV00 FOB Amsterdam-Rotterdam
Exclusions: None E10 Eurobob AGEFA00 FOB Amsterdam-Rotterdam
98 RON gasoline 10 ppm AAKOD00 FOB Amsterdam-Rotterdam
Platts NW Europe Naphtha CIF Cargo Bids, Premium gasoline 10 ppm PGABM00 FOB Amsterdam-Rotterdam
Offers, Trades Reformate AAXPM00 FOB Amsterdam-Rotterdam
Jet PJABA00 FOB Flushing-Amsterdam-Rotterdam-Antwerp-Ghent
PLATTS EU NAPHTHA PVO MOC TRADES ON CLOSE Diesel 10 ppm AAJUS00 FOB Amsterdam-Rotterdam-Antwerp
NO TRADES REPORTED Gasoil 50 ppm AAUQC00 FOB Amsterdam-Rotterdam-Antwerp
PLATTS EU NAPHTHA PVO MOC BIDS ON CLOSE Gasoil 0.1% AAYWT00 FOB Amsterdam-Rotterdam-Antwerp
CIF BASIS ROTTERDAM DMA MGO 0.1% LGARD00 FOB Amsterdam-Rotterdam-Antwerp
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE Fuel oil 1.0% PUAAP00 FOB Rotterdam
CRG 12.5 KT +/- 10%: 10-25: DECEMBER 14-18: SHELL Fuel oil 3.5% PUABC00 FOB Rotterdam
BIDS 11250.0MT AT NAPHTHA CIF NWE CRG $-5.00 Fuel oil 3.5% 500 CST PUAGN00 FOB Rotterdam
BALMNTH NEXT DAY; TQC: {‘INDIC 1, OPTOL @-4; IT IS Marine fuel 0.5% PUMFD00 FOB Rotterdam-Antwerp
A CONDITION OF THIS BID THAT THE GOODS SOLD Rotterdam bunker 380 CST PUAYW00 Rotterdam Delivered bunkers
AND DELIVERED BY SELLER WILL NOT BE OF RUSSIAN
FEDERATION (RF) ORIGIN, NOR HAVE BEEN BLENDED IT IS A CONDITION OF THIS BID THAT THE GOODS CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE
WITH ANY PRODUCT THAT WAS PRODUCED IN RF, SOLD AND DELIVERED BY SELLER WILL NOT BE OF CRG MIN QTY 28 KT: 10-25: DECEMBER 14-18: SHELL
NOR WILL THE TRANSPORT OF THE GOODS SOLD RUSSIAN FEDERATION (RF) ORIGIN, NOR HAVE BEEN BIDS 28000.0MT AT NAPHTHA CIF NWE CRG $-5.00
COMMENCE FROM OR INVOLVE TRANSIT THROUGH RF’} BLENDED WITH ANY PRODUCT THAT WAS PRODUCED BALMNTH NEXT DAY; TQC: {‘INDIC 3, OPTOL @-4;
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE IN RF, NOR WILL THE TRANSPORT OF THE GOODS IT IS A CONDITION OF THIS BID THAT THE GOODS
CRG 12.5 KT +/- 10%: 10-25: DECEMBER 16-20: SHELL SOLD COMMENCE FROM OR INVOLVE TRANSIT SOLD AND DELIVERED BY SELLER WILL NOT BE OF
BIDS 11250.0MT AT NAPHTHA CIF NWE CRG $-3.00 THROUGH RF’} RUSSIAN FEDERATION (RF) ORIGIN, NOR HAVE BEEN
BALMNTH NEXT DAY; TQC: {‘INDIC 5, OPTOL @-4; IT IS CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE BLENDED WITH ANY PRODUCT THAT WAS PRODUCED
A CONDITION OF THIS BID THAT THE GOODS SOLD CRG MIN QTY 24 KT: 10-25: DECEMBER 16-20: SHELL IN RF, NOR WILL THE TRANSPORT OF THE GOODS
AND DELIVERED BY SELLER WILL NOT BE OF RUSSIAN BIDS 24000.0MT AT NAPHTHA CIF NWE CRG $-3.00 SOLD COMMENCE FROM OR INVOLVE TRANSIT
FEDERATION (RF) ORIGIN, NOR HAVE BEEN BLENDED BALMNTH NEXT DAY; TQC: {‘INDIC 6, OPTOL @-4; THROUGH RF’}
WITH ANY PRODUCT THAT WAS PRODUCED IN RF, IT IS A CONDITION OF THIS BID THAT THE GOODS CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE
NOR WILL THE TRANSPORT OF THE GOODS SOLD SOLD AND DELIVERED BY SELLER WILL NOT BE OF CRG MIN QTY 28 KT: 10-25: DECEMBER 16-20: SHELL
COMMENCE FROM OR INVOLVE TRANSIT THROUGH RF’} RUSSIAN FEDERATION (RF) ORIGIN, NOR HAVE BEEN BIDS 28000.0MT AT NAPHTHA CIF NWE CRG $-1.00
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE BLENDED WITH ANY PRODUCT THAT WAS PRODUCED BALMNTH NEXT DAY; TQC: {‘INDIC 7, OPTOL @-4;
CRG MIN QTY 24 KT: 10-25: DECEMBER 14-18: SHELL IN RF, NOR WILL THE TRANSPORT OF THE GOODS IT IS A CONDITION OF THIS BID THAT THE GOODS
BIDS 24000.0MT AT NAPHTHA CIF NWE CRG $-5.00 SOLD COMMENCE FROM OR INVOLVE TRANSIT SOLD AND DELIVERED BY SELLER WILL NOT BE OF
BALMNTH NEXT DAY; TQC: {‘INDIC 2, OPTOL @-4; THROUGH RF’} RUSSIAN FEDERATION (RF) ORIGIN, NOR HAVE BEEN

BLENDED WITH ANY PRODUCT THAT WAS PRODUCED CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE OFFERS 28000.0MT AT NAPHTHA CIF NWE CRG $3.00
IN RF, NOR WILL THE TRANSPORT OF THE GOODS CRG MIN QTY 32 KT: 10-25: DECEMBER 16-20: SHELL FULL MNTH DEC; TQC: {‘INDIC 1: OPTOL+2’}
SOLD COMMENCE FROM OR INVOLVE TRANSIT BIDS 32000.0MT AT NAPHTHA CIF NWE CRG $-1.00 CIF BASIS ROTTERDAM: PLATTS NAPHTHA
THROUGH RF’} BALMNTH NEXT DAY; TQC: {‘INDIC 8, OPTOL @-4; NWE CRG MIN QTY 28 KT: 10-25: DECEMBER 17-21:
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE IT IS A CONDITION OF THIS BID THAT THE GOODS TRAFIGURA OFFERS 28000.0MT AT NAPHTHA CIF NWE
CRG MIN QTY 32 KT: 10-25: DECEMBER 14-18: SHELL SOLD AND DELIVERED BY SELLER WILL NOT BE OF CRG $0.00 FULL MNTH DEC; TQC: {‘OPTOL +1’}
BIDS 32000.0MT AT NAPHTHA CIF NWE CRG $-5.00 RUSSIAN FEDERATION (RF) ORIGIN, NOR HAVE BEEN CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE
BALMNTH NEXT DAY; TQC: {‘INDIC 4, OPTOL @-4; BLENDED WITH ANY PRODUCT THAT WAS PRODUCED CRG MIN QTY 32 KT: 10-25: DECEMBER 7-11: TRAFIGURA
IT IS A CONDITION OF THIS BID THAT THE GOODS IN RF, NOR WILL THE TRANSPORT OF THE GOODS OFFERS 32000.0MT AT NAPHTHA CIF NWE CRG $-6.00
SOLD AND DELIVERED BY SELLER WILL NOT BE OF SOLD COMMENCE FROM OR INVOLVE TRANSIT FULL MNTH DEC; TQC: {‘OPTOL +1’}
RUSSIAN FEDERATION (RF) ORIGIN, NOR HAVE BEEN THROUGH RF’} CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE
BLENDED WITH ANY PRODUCT THAT WAS PRODUCED PLATTS EU NAPHTHA PVO MOC OFFERS ON CLOSE CRG MIN QTY 32 KT: 10-25: DECEMBER 8-12: REPSOL
IN RF, NOR WILL THE TRANSPORT OF THE GOODS CIF BASIS ROTTERDAM OFFERS 32000.0MT AT NAPHTHA CIF NWE CRG $-2.00
SOLD COMMENCE FROM OR INVOLVE TRANSIT CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE FULL MNTH DEC; TQC: {‘OPTOL: +1 $/T’}
THROUGH RF’} CRG MIN QTY 28 KT: 10-25: DECEMBER 6-10: GUNVOR CIF BASIS ROTTERDAM: PLATTS NAPHTHA
NWE CRG MIN QTY 32 KT: 10-25: DECEMBER 13-17:
TRAFIGURA OFFERS 32000.0MT AT NAPHTHA CIF NWE
CRG $-3.00 FULL MNTH DEC; TQC: {‘OPTOL +1’}
Market-Based
Market-Based Platts Mediterranean Naphtha FOB Cargo Daily
Renewable Diesel
Renewable Diesel Rationale
Naphtha FOB Med Cargo <PAAAI00> assessment
Pricing: Accelerating
Pricing: Accelerating rationale:
the Energy ShiftShift

the Energy
The FOB Mediterranean naphtha cargo assessment
was derived as a freight netback from the CIF NWE
naphtha cargo assessment, using the following
Platts renewable diesel price
Platts renewable assessments
diesel provide the
price assessments provide the assessments: CIF NWE naphtha cargo assessment
essential essential
intelligence needed toneeded
intelligence help youtostay
helpahead
you stay ahead minus the cost of transporting a 27,500 mt naphtha
of the competition. Discover our
of the competition. suite of
Discover ourdaily market-
suite of daily market- cargo from Alexandria in the Mediterranean to
based prices including
based R99 and R100
prices including in San
R99 and Francisco
R100 in San Francisco Rotterdam.
and Los Angelos,
and Los and RD-Aand
Angelos, andRD-A
RD-Band
FOBRD-B
ARA FOB
today.
ARA today.
Platts European Jet Daily Market Analysis
Access our market-based
Access prices now.
our market-based prices now. Jet CIF NWE cargoes soften
Go further
Gowith us > with us >
further Jet swaps mixed
The European jet fuel complex was mixed Nov. 26 as

supply remained strong in the European market.
The CIF NWE cargo jet differential was assessed
down $1.50/mt on the day at a $35.75/mt premium

to the front-month ICE LSGO contract, while the FOB Platts NWE Jet Barge Bids, Offers, Trades The FOB Mediterranean jet cargo assessment was
FARAG barge cash differential fell $1.50/mt to $20.75/ derived as a freight netback to the CIF Northwest
mt premium, Platts data showed. PLATTS EU MIDDIST BARGE MOC TRADES Europe jet cargo assessment, using the following
This came amid a still oversupplied European jet ON CLOSE calculation: CIF NWE jet cargo assessment minus the
fuel market, particularly as it approaches a seasonally FARAG: PLATTS JET BRG 2-4KT ICE LSGO M1: cost of transporting a 27,500 mt clean cargo from
low-demand phase in Europe, further exacerbated MW2: DECEMBER 3-7: BP BUYS FROM KLM* 4KMT AT Augusta, Italy, to Rotterdam, Netherlands.
by refineries resuming operations after maintenance, $21.75 (16:28:44) Exclusions: None
according to market sources. PLATTS EU MIDDIST BARGE MOC BIDS ON CLOSE Platts is part of S&P Global Commodity Insights
In recent months, the European jet fuel sector has NO BIDS REPORTED
experienced significant supply, with volumes recorded at PLATTS EU MIDDIST BARGE MOC OFFERS Platts NWE Daily Jet Cargo Bids, Offers,
2.5 million mt in September and 2.4 million mt in October. ON CLOSE Trades
Looking ahead to the upcoming year, jet fuel FARAG: PLATTS JET BRG 2-4KT FOB BARGE: BE2:
imports are anticipated to decrease as refineries shift DECEMBER 6-10: TOTAL OFFERS 4KMT AT $-1.00 CIF BASIS LE HAVRE CIM TERMINAL
their focus to maximizing diesel production, given FARAG: PLATTS JET BRG 2-4KT ICE LSGO M2: PLATTS NWE JET CRG: 10-25: DECEMBER 15-19:
the current robust performance of the latter market, BE3: DECEMBER 7-11: TOTAL OFFERS 4KMT AT $38.00 GUNVOR SELLS TO VITOL* 27000.0MT AT JET CIF NWE
according to a source. This assessment commentary applies to the CRG $-1.00 BALMNTH NEXT DAY; OPTOL:0.0-6000.0MT
“Imports will reduce in the second half of December following market data codes: Jet FOB Rdam Barge JET CIF NWE CRG COD AT $-3.0; TQC: {‘INDICATION
and in January, so that will help rebalance the jet fuel <PJABA00> NUMBER: 1; MAIN VOLUME- 27KT AS PER INDICATION;
market. Refineries are now trying to minimize jet fuel and SPEC: JET A1 DEFSTAN 91-091, MEETING JFSCL
will maximize diesel soon,” a Europe-based trader said. Platts NWE Jet Cargo Daily Rationales & LATEST ISSUE (CURRENT AT BILL OF LADING) WITH
In the jet paper market, the November CIF NWE Exclusions POSSIBLE EXCEPTION OF ELECTRICAL CONDUCTIVITY
cargo swap was assessed down 75 cents/mt at $42.25/ Jet CIF NWE Cargo <PJAAU00> assessment (STADIS TO BE PROVIDED ON BOARD IN DRUMS), ISPS
mt, with December up 50 cents/mt to $48.75/mt. rationale: COMPLIANT ; VESSEL CLEARANCES: BP/TOTSA/SHELL;
Jet fuel and kerosene inventories at the The CIF NWE jet fuel cargo assessment was based CP: MIN NWE OPTIONS AT CP RATE; OTHER:NON
Amsterdam-Rotterdam-Antwerp refining hub on the following inputs, expressed as differentials to RUSSIAN ORIGIN’}; (16:29:58)
increased by 56,000 mt over the week, reaching a total the front-month ICE LSGO futures contract: PLATTS EU MIDDIST PVO MOC BIDS ON CLOSE
of 970,000 mt for the week ending Nov. 21, according Value on Dec. 12-13 was assessed at $36.15/mt CIF BASIS LE HAVRE CIM TERMINAL
to data from Insights Global. This represents a 6% rise factoring in an outstanding bid and offer in the Platts PLATTS NWE JET CRG: 10-25: DECEMBER 10-17: BP
from the previous week and is 24% higher on the year. Market on Close assessment process; BIDS 27000.0MT AT JET CIF NWE CRG $-1.00 ANY DAY
Value on Dec. 14-15 was assessed at $36.02/mt SEE TQC; OPTOL:0.0-6000.0MT JET CIF NWE CRG COD
Platts NWE Jet Barge Daily Rationale & factoring in an outstanding bid in the MOC; AT $-1.0; TQC: {‘INDICATION NUMBER: 1; LAYCAN : SELLER
Exclusions Value on Dec. 16-17 was assessed at $35.88/mt TO DECLARE A 5 DAY WINDOW AT THE TIME OF THE
Jet FOB FARAG <PJABA00> assessment rationale: factoring in an outstanding bid in the MOC; TRADE (IF APPLICABLE); MAIN VOLUME PRICING: 27KT
The FOB FARAG jet fuel barge assessment was Value on Dec. 18 was assessed at $34.88/mt PRICING 27 NOV - 01 DEC 24; SPEC: JET A1 DEFSTAN 91-
based on the previously established relationship factoring in an outstanding bid and offer in the MOC. 091, MEETING JFSCL LATEST ISSUE (CURRENT AT BILL
between the jet fuel cargo and barge markets, in A contango structure of roughly 3 cents/mt per day, OF LADING) WITH POSSIBLE EXCEPTION OF ELECTRICAL
the absence of competitive indications in the Platts in line with the paper market, was applied to the front CONDUCTIVITY (STADIS TO BE PROVIDED ON BOARD
Market on Close assessment process. of the physical curve, and a flat structure in the back. IN DRUMS), ISPS COMPLIANT ; CP: MIN NWE OPTIONS
Exclusions: None Jet FOB Med Cargo <AAIDL00> assessment AT CP RATE; VESSEL CLEARANCES: BP/TOTSA/SHELL;
Platts is part of S&P Global Commodity Insights rationale: OTHER: NON RUSSIAN ORIGIN’}

PLATTS EU MIDDIST PVO MOC OFFERS ON CLOSE CHARTERPARTY RATE, TERMS AND CONDITIONS’} the differential dropped 75 cents/mt to minus $10.75/
CIF BASIS ROTTERDAM This assessment commentary applies to the mt and is at its lowest since Sep. 19 when it was also
PLATTS NWE JET CRG: 10-25: DECEMBER 12-20: following market data codes: Jet CIF NWE cargo assessed at minus $10.75/mt.
UNIPEC OFFERS 27000.0MT AT JET CIF NWE CRG <PJAAU00> Jet FOB Italy cargo <AAIDL00> In other news, flaring is possible at France’s Fos-
$-2.00 HALF MNTH H1 JAN; OPTOL:0.0-6000.0MT sur-Mer owned by Rhone Energies due to temporary
EFP ICE LS GO MONTH AT $37.0; TQC: {‘VESSEL: Platts European Gasoil Daily Market unit disruption, the refinery said on a local messenger
STI LAUREN; PRODUCT JET A1; CPTY: MIN NWE @ Analysis platform late Nov. 25.
CHARTERPARTY RATE, TERMS AND CONDITIONS’} The disruption occurred Nov. 23-24 and the refinery
50 ppm gasoil sold into Flushing-Ghent
PLATTS NWE JET CRG: 10-25: DECEMBER 12-20: is working to reduce its duration.
UNIPEC OFFERS 27000.0MT AT JET CIF NWE CRG Activity returns to 0.1%S cargo swaps Platts is part of S&P Global Commodity Insights
$-1.00 HALF MNTH H2 DEC; OPTOL:0.0-6000.0MT
EFP ICE LS GO MONTH AT $37.0; TQC: {‘VESSEL: Gasoil trading activity was focused Nov. 26 on Platts NWE Gasoil 0.1% Barge Daily Rationale &
STI LAUREN; PRODUCT JET A1; CPTY: MIN NWE @ Northwestern Europe, where Totsa sold Vitol a barge of Exclusions
CHARTERPARTY RATE, TERMS AND CONDITIONS’} 50 ppm gasoil in the Flushing-Gent (FG) hub. Gasoil .1%S (1000ppm) FOB ARA Barge <AAYWT00>
PLATTS NWE JET CRG: 10-25: DECEMBER 6-10: In the Amsterdam-Rotterdam-Antwerp hub, assessment rationale:
GLENCORE OFFERS 27000.0MT AT JET CIF NWE CRG Trafigura bid for 50 ppm heating oil while Glencore The FOB ARA 0.1%S gasoil barge assessment was
$1.00 ANY DAY SEE TQC; OPTOL:0.0-6000.0MT JET CIF continued to offer 0.1%S product. based on the following inputs expressed as a differential
NWE CRG COD AT $1.0; TQC: {‘INDICATION 1; BUYER TO There has been an uptick in activity in the 50 ppm to the front-month ICE low sulfur gasoil futures contract:
NARROW DATES AT TIME OF BOOKING IF APPLICABLE; ARA market since Nov. 19 with Mabanaft offering the Value on Dec. 1 was assessed at minus $22.25/mt
; MAIN VOLUME 27KT PRICING CCM RELATED 16-31 product on Nov. 19 and Totsa offering Nov. 22 and Nov. below an outstanding offer. A backwardation structure
DECEMBER (BOTH INCLUSIVE); ; JET A1 DEFSTAN 25. However, the offers were outstanding at the end of of around 17 cents/mt per day, in line with the paper
91-091, MEETING JFSCL LATEST ISSUE (CURRENT AT each of the pricing sessions. market, was then applied to the back end of the
BILL OF LADING) (WITH THE POSSIBLE EXCEPTION OF Totsa returned to the market Nov. 26, but this physical curve.
ELECTRICAL CONDUCTIVITY) (STADIS TO BE PROVIDED time offered into the FG hub. Vitol lifted the offer and Exclusions: None
ONBOARD IN DRUMS), ISPS COMPLIANT; ; MIN NWE purchased 2,400 mt of heating oil with delivery Nov.
CHARTER PARTY OPTIONS AT CHARTER PARTY RATE, 29-Dec. 3. It is the first trade since Nov. 4, when Totsa Platts NWE Gasoil 50ppm Barge Daily Rationale
TERMS AND CONDITIONS.; VESSEL LIWA V; ; NON sold a barge of 50 ppm gasoil to Mabanaft. & Exclusions
RUSSIAN ORIGIN’} The 50 ppm FOB ARA barge differential to the Gasoil .005%S (50ppm) FOB ARA Barge
PLATTS NWE JET CRG: 10-25: DECEMBER 16-21: December ICE LSGO contract slumped $3.50/mt on <AAUQC00> assessment rationale:
UNIPEC OFFERS 27000.0MT AT JET CIF NWE CRG the day to be assessed at minus $7.75/mt, Platts data The FOB ARA 50 ppm gasoil barge assessment
$-3.00 ANY DAY SEE TQC; OPTOL:0.0-6000.0MT EFP showed. The 10 ppm diesel premium over 50 ppm gasoil was based on the following inputs expressed as a
ICE LS GO MONTH AT $36.0; TQC: {‘VESSEL: FRONT rose steeply from $2/mt Nov. 21 to $11.25/mt Nov. 26. differential to the front-month ICE low sulfur gasoil
CHEETAH; PRODUCT: JET A1; MAIN VOLUME:\TPRICING Physical cargoes were quiet on the day, but there futures contract:
1-15 JANUARY; CPTY: MIN NWE @ CHARTERPARTY was an uptick in activity in 0.1%S gasoil swaps in Value on Dec. 5 was assessed at minus $7.75/mt,
RATE, TERMS AND CONDITIONS’} both the Mediterranean and Northwest Europe. below an outstanding offer in the Platts Market on
PLATTS NWE JET CRG: 10-25: DECEMBER 16- Totsa bid for January 0.1%S CIF NWE swaps while Close assessment process. A backwardation structure
21: UNIPEC OFFERS 27000.0MT AT EFP ICE LS GO Addax and Petroineos were active in 0.1%S CIF Med of 25 cents/day was applied, taking into account the
$36.00 MONTH DEC; OPTOL:0.0-6000.0MT AS PER December swaps. proven physical structure in the ULSD barges market.
MAIN; TQC: {‘VESSEL: FRONT CHEETAH; PRODUCT: The 0.1%S CIF NWE cargo differential to ICE LSGO Exclusions: None
JET A1; MAIN VOLUME:\TEFP; CPTY: MIN NWE @ fell 50 cents/mt to minus $6.25/mt, while in the Med Platts is part of S&P Global Commodity Insights

Platts NWE Gasoil 0.1%S Cargo Daily Rationale & clean cargo from a basket of ports in the Mediterranean While heating demand and reduced flows from the
Exclusions and Black Sea to Genoa, Italy, and Lavera, France. Persian Gulf and India are strengthening the diesel
Gasoil 0.1%S FOB NWE Cargo <AAYWR00> Gasoil 0.1%S (1000ppm) CIF Med Cargo <AAVJJ00> complex, the tightness in the Med is also due to low
assessment rationale: assessment rationale: availability of stringent-specification diesel with better
The FOB Northwest Europe 0.1% gasoil cargo The CIF Mediterranean 0.1%S gasoil cargo cold properties, a market source said.
assessment was derived as a freight netback from assessment was based on the previous relationship “Some regions require Slovenian winter spec
the CIF NWE 0.1% gasoil cargo assessment, using the between the physical and paper markets, in the including Romania and there’s not much available of
following assessments: CIF NWE 0.1% gasoil cargo absence of competitive indications in the Platts stringent-spec diesel, so the market is tightening —
assessment minus the cost of transporting a 22,000 Market on Close assessment process. barrels from the Arab Gulf and India would’ve been the
mt clean cargo from a basket of ports in the Baltic and Exclusions: None ones bringing this in, but they’ve reduced and are also
Northwest Europe to Le Havre, France. Platts is part of S&P Global Commodity Insights delayed,” he added.
Gasoil 0.1%S CIF NWE Cargo <AAYWS00> Diesel and gasoil stocks in the Amsterdam-
assessment rationale: Platts Mediterranean Gasoil 0.1%S Cargo Rotterdam-Antwerp hub fell 1.9% to 2.373 million
The CIF Northwest Europe 0.1%S gasoil cargo Bids, Offers, Trades mt over the week ended Nov. 21, Insights Global
assessment was based on the previous relationship data showed.
between the physical and paper markets, and in Bids: None Meanwhile, a dip in supply due to the ongoing
the absence of competitive indications in the Platts Offers: None refinery maintenance season was also exacerbating
Market on Close assessment process. Trades: None tightness in the market.
Exclusions: None This assessment commentary applies to the Saudi Arabia’s Yasref refinery was currently
Platts is part of S&P Global Commodity Insights following market data codes: Gasoil 0.1% FOB Italy undergoing a planned maintenance, according to
<AAVJI00> Gasoil 0.1% CIF Genoa/Lavera <AAVJJ00> market sources in mid-November. The maintenance
Platts NWE Gasoil 0.1%S Cargo Bids, Offers, was due to start in November and involve the whole
Trades Platts European Diesel Daily Market plant, with the works expected to last around a month.
Analysis Maintenance planned at “selected plants” at
Bids: None Kuwait’s Al-Zour in December “will not impact the
Diesel down on day
Offers: None refinery operations capacity or export commitment,”
Trades: None Backwardation strengthens a spokesperson said Oct. 3. The refinery was now
This assessment commentary applies to the “running normal.”
following market data codes: Gasoil 0.1% FOB NWE cargo The European diesel market dipped Nov. 26 Kuwait’s Al-Zour refinery began commercial
<AAYWR00> Gasoil 0.1% CIF NWE cargo <AAYWS00> despite growing heating demand, a drop in supply and operations in November 2022 and has had various
strengthening paper structure. maintenance works this year, including at its main
Platts Mediterranean Gasoil 0.1%S Cargo Daily The CIF Northwest European ULSD cargo conversion units and two of its six atmospheric residue
Rationales & Exclusions differential to ICE LSGO futures dipped 25 cents desulfurization units.
Gasoil 0.1%S FOB Med Cargo <AAVJI00> on the day to $12.25/mt, while its Mediterranean QatarEnergy will carry out a general refinery
assessment rationale: counterpart fell $2/mt to $15.25/mt, Platts assessment turnaround at its Mesaieed refinery complex in the
The FOB Mediterranean 0.1% gasoil cargo data showed. fourth quarter of 2026, according to a tender notice
assessment was derived as a freight netback from The prompt M1/M2 spread was up 75 cents/mt from the company. Units undergoing turnaround
the CIF Med 0.1% gasoil cargo assessment, using the on the day to $8.25/mt. The diesel market has been during this period will include the 80,000-b/d crude
following assessments: CIF Med 0.1% gasoil cargo strengthening as heating demand picks up seasonally distillation unit and the 57,000-b/d condensate splitter.
assessment minus the cost of transporting a 30,000 mt and supply slips. Platts is part of S&P Global Commodity Insights

Platts NWE ULSD Barge Daily Rationale & Exclusions: None CP: Hamburg-Bdx, North Spain + ECUK, others
Exclusions Platts is part of S&P Global Commodity Insights obtainable at cost
ULSD 10ppmS FOB ARA Barge <AAJUS00> Vessel: BP/Shell/Total
assessment rationale: Platts NWE ULSD Cargo Bids, Offers, Trades GTCs: BP 2015 v 1.1”, 100% of main at EFP ICE LS GO
The ULSD FOB ARA barge assessment was based $12.00/mt, Month, Dec
on the following input, expressed as differentials to the Bids: Trades:
front-month ICE LSGO futures contract: 1) GLENCOREUK Bid [16:28:55], Thames, Sat 07 Dec - None.
Value on Dec. 1 was assessed at $4.25/mt above a Wed 11 Dec, Main: 27kt, “Indication 1 This assessment commentary applies to the
competitive bid while value on Dec. 5 and Dec. 9 was Main volume: As Per EFP following market data codes: Diesel 10ppm CIF UK
assessed at $3.25/mt and $2.25/mt below competitive Optol: 0-6kt EFP as per main indication NWE cargo <AAVBH00> Diesel 10 ppm NWE CIF NWE
offers in the Platts Market on Close assessment Spec: ULSD 10ppm UK Winter, clear & bright cargo <AAWZC00> ULSD 10 ppm CIF NWE cargo
process. The proven structure was extended to the CP: Hamburg-Bdx, North Spain + ECUK, others <AAVBG00>
rest of the curve. obtainable at cost
Exclusions: None Vessel: BP/Shell/Total”, 100% of main at EFP ICE LS Platts UK ULSD Cargo MOC Bids, Offers,
Platts is part of S&P Global Commodity Insights GO $12.50/mt, Month, Dec Trades
2) TRAFI Bid [16:14:04], Thames, Fri 13 Dec - Sat 21
Platts NWE ULSD Cargo Daily Rationales & Dec (wide laycan), Main: 27kt, “Indication number: 1 Bids:
Exclusions Optol: 0-6kt at last efp price 1) GLENCOREUK Bid [16:28:55], Thames, Sat 07 Dec -
ULSD 10ppmS CIF NWE Cargo <AAVBG00> Spec: UK winter specs, 0.842 max, C&B Wed 11 Dec, Main: 27kt, “Indication 1
assessments rationale: CP: hamburg-bdx + north spain + ecuk+ Main volume: As Per EFP
The CIF NWE diesel cargo assessment was based poland option Optol: 0-6kt EFP as per main indication
on the previous relationship between the physical Vessel: Shell/BP/Totsa acceptable”, 100% of main at Spec: ULSD 10ppm UK Winter, clear & bright
and paper markets in the absence of competitive EFP ICE LS GO $6.00/mt, Month, Dec CP: Hamburg-Bdx, North Spain + ECUK, others
indications in the Platts Market on Close assessment 3) BP Bid [16:23:22], Amsterdam, Fri 06 Dec - Tue 10 obtainable at cost
process. Dec, Main: 27kt, “Main volume:As Per EFP Vessel: BP/Shell/Total”, 100% of main at EFP ICE LS
ULSD 10ppmS CIF NWE Basis UK Cargo <AAVBH00> Optol:0-6kt EFP as per main indication GO $12.50/mt, Month, Dec
assessment rationale: Spec:ULSD 10ppm French Winter, clear and bright, 2) TRAFI Bid [16:14:04], Thames, Fri 13 Dec -
The CIF UK diesel cargo assessment was based max 0.842 dens Sat 21 Dec (wide laycan), Main: 27kt, “Indication
on the previous relationship between the physical CP: Hamburg-Bdx, North Spain + ECUK, others number: 1
and paper markets in the absence of competitive obtainable at cost Optol: 0-6kt at last efp price
indications in the MOC. Vessel:BP/Shell/Total”, 100% of main at EFP ICE LS Spec: UK winter specs, 0.842 max, C&B
ULSD 10ppmS CIF NWE Basis Le Havre Cargo GO $12.50/mt, Month, Dec CP: hamburg-bdx + north spain + ecuk+
<AAWZC00> assessment rationale: Offers: poland option
The CIF Northwest Europe (Le Havre) diesel cargo 1) GUNVORSA Offer [16:28:09], Amsterdam, Sat 14 Vessel: Shell/BP/Totsa acceptable”, 100% of main
assessment was derived as a freight net forward from Dec - Sat 21 Dec (wide laycan), Main: 27kt, “buyer to at EFP ICE LS GO $6.00/mt, Month, Dec
the CIF NWE (ARA) diesel cargo assessment, using the narrow laycan Offers: None
following assessments: CIF NWE (ARA) diesel cargo Main volume: As Per EFP Trades: None
assessment plus the cost of transporting a 30,000 Optol: 0-6kt in S.O. EFP as per main indication This assessment commentary applies to the
mt clean cargo from a basket of ports in Northwest Spec: ULSD 10ppm French/UK Winter, clear & following market data code: Diesel 10ppm UK Cargoes
Europe to Le Havre, France. bright, 842 max <AAVBH00>

Platts Mediterranean ULSD Cargo Daily obtainable obtainable?/?available at cost

Rationale & Exclusions Vessel: BP/ENI/Shell”, 100% of main at ULSD Vessel:””BP/ENI/Saras”, 100% of main at ULSD
ULSD 10ppmS CIF Med Cargo <AAWYZ00> CIFMed Crg $1.00/mt, COD, +5 quotes CIFMed Crg $-1.00/mt, Any Day, See TQC
assessment rationale: 2) ENI Bid [16:00:36], Venice, Wed 11 Dec - Sun 15 4) VITOL Bid [15:41:57], Koper, Tue 17 Dec - Sat 21 Dec,
The CIF Med diesel cargo assessment was based Dec, Main: 27kt, “Main Volume: Full month Dec 24, Main: 27kt, “Main: 27kt pxg 30 Nov - 06 Dec
on the following input, expressed as differentials to the Optol: 0-6 kt Pricing 5 after COD (COD = 0) at same Optol 0-6kt:?diff as per main,?pricing COD?+5
front-month ICE LSGO futures contract: differential as main quotations?(COD=0)
Value on Dec. 12 was assessed at $15.46/mt below a Spec: ULSD 10ppm meeting Italian Winter Spec Spec:?ULSD french winter,?C+B,?bio free max 0.842
competitive offer while value on Dec. 19 was assessed FAME FREE C&B den -6 cloud
at $13.99/mt above a competitive bid in the Platts CP: Euromed Neobig+Slovenia+Croatia+Turkish CP:?Euromed,?neobig exc Y/FY including Slovenia?
Market on Close assessment process. A backwardation Med+Tunisia+Others obtainable as per vessel CP to be +?Croatia?+?SOM?+?Turkish med?+?Morocco?+others
of about 23 cents/mt was applied to the front and back available at cost. obtainable / available at cost
of the curve, in line with the paper market. Vessel : ENI/KPI/BP Vessel:?BP/ENI/Saras”, 100% of main at ULSD
Exclusions: None IT IS A CONDITION OF THIS CONTRACT, AND SELLER CIFMed Crg $-3.00/mt, Any Day, See TQC
Platts is part of S&P Global Commodity Insights REPRESENTS AND WARRANTS, THAT THE CARGO 5) ARAMCOT Bid [16:28:58], Koper, Fri 13 Dec - Tue
DELIVERED UNDER THIS CONTRACT: 17 Dec, Main: 27kt, “Laycan: Market Taker to narrow to
Platts Mediterranean ULSD 10ppm FOB Cargo (I) DOES NOT CONTAIN ANY PRODUCT THAT 5-day laycan at time of trade, if applicable
Daily Rationale WAS SOURCED, PRODUCED, MANUFACTURED OR Main volume: Pricing 20-31 Dec
ULSD 10ppmS FOB Med Cargo <AAWYY00> PROCESSED IN, OR EXPORTED FROM; AND/ OR Vol Tol: 0-6 KT, pricing 5 after cod (cod=0) at same
assessment rationale: (II) HAS NOT BEEN PRODUCED THROUGH Premium/Discount as main
The FOB Mediterranean 10ppm ULSD cargo A BLENDING PROCESS THAT USES PRODUCT Spec: ULSD 10PPM French Winter. CFPP max -20.
assessment was derived as a freight netback from the OR COMPONENTS THAT HAVE BEEN SOURCED, Max 0.842 density. C+B. Bio Free
CIF Med 10ppm ULSD cargo assessment, using the PRODUCED, MANUFACTURED OR PROCESSED IN, OR CP: Euromed neobig exc Y/FY, including
following assessments: CIF Med 10ppm ULSD diesel EXPORTED FROM, slovenia+croatia+som+turkish med+ others obtainable
cargo assessment minus the cost of transporting a IN EACH CASE: Vessel: BP/ENI/SHELL”, 100% of main at ULSD
30,000 mt clean cargo from a basket of ports in the (I) THE RUSSIAN FEDERATION; CIFMed Crg $6.50/mt, Any Day, See TQC
Med to Genoa, Italy, and Lavera, France. (II) CRIMEA; 6) BP Bid [16:28:53], Koper, Thu 12 Dec - Mon 16 Dec,
(III) THE DONETSK OBLAST OF UKRAINE; Main: 27kt, “Main pxg 5acod
Platts Oil Diesel Mediterranean Bids, (IV) THE LUHANSK OBLAST OF UKRAINE”, 100% of Optol 0-6kt in so: diff as per main pxg 5acod
Offers, Trades main at ULSD CIFMed Crg $-2.00/mt, Any Day, See TQC Spec: ULSD 10ppm French Winter Spec, max -20
3) VITOL Bid [16:26:58], Koper, Mon 16 Dec - Sat cfpp, max 0.842den,clear&bright,Bio free,
Bids: 21 Dec (wide laycan), Main: 27kt, “Main:?27kt pxg 30 CP: Euromed neobig exc
1) GLENCOREUK Bid [15:38:06], Koper, Tue 17 Dec - nov-11 Dec y/y,including slovenia+croatia+som
Sat 21 Dec, Main: 27kt, “Indication 1 Optol 0-6kt:””diff as per main,””pricing COD””+5 +turkishmed+Morocco+Romania other cp options
Optol 0-6kt: diff as per main, pricing COD +5 quotations””(COD=0)? available/obtainable at cost Vessel:Shell/BP/ENI
quotations (COD=0) Spec:””ULSD french winter,””C+B,””bio free max Origin:100%Non-Russian”, 100% of main at ULSD
Spec: ULSD french winter inc CFPP -20 max, C+B, 0.842 den CIFMed Crg $5.00/mt, COD, +5 quotes
bio free CP:””Euromed,””neobig exc Y/FY 7) BP Bid [16:28:56], Aliaga, Sun 15 Dec - Fri 20 Dec
CP: Euromed, neobig exc Y/FY including Slovenia including Slovenia””+””Croatia””+””SOM (wide laycan), Main: 27kt, “Main pxg 5acod
+ Croatia + SOM + Turkish med + Morocco +others ””+””Turkish med””+””Morocco””+others Optol 0-6kt in so: diff as per main pxg 5acod

Spec: ULSD 10ppm French Winter Spec, max landing in the Amsterdam-Rotterdam-Antwerp hub, Value on Dec. 1 was assessed at $490.50/mt, in line
0.842den,clear&bright,Bio free, resulting in the market returning to normal levels after with a traded offer for the front-end dates in the Platts
CP: Euromed neobig exc a period of elevated prices, traders have said. Market on Close assessment process.
y/y,including slovenia+croatia+som Kuwait, the US Gulf Coast, and Central and South A daily backwardation of around 14 cents/mt was
+turkishmed+Morocco+Romania other cp options America have been identified by traders as primary applied to the front-end dates and extended to the
available/obtainable at cost Vessel:Shell/BP/ENI exporters of the product. front and back of the physical curve in line with the
Origin:100%Non-Russian”, 100% of main at ULSD Bunkering demand for HSFO was reported to be paper structure.
CIFMed Crg $4.50/mt, COD, +5 quotes strong on the day. Exclusions: None
Offers: The low sulfur fuel oil market, meanwhile, continued Platts is part of S&P Global Commodity Insights
1) RTSA Offer [16:26:46], Sete, Tue 10 Dec - Sat 14 to see support demand from the blending and power
Dec, Main: 27kt, “Main volume: 09-15 Dec generation sectors, which was reflected by strong Platts FOB Rotterdam 0.5% Marine Fuel
Optol: 0-6kt in S.O ; Premium as per main COD+3 swap cracks. Barge Bids, Offers, Trades
Spec: ULSD 10ppm French Winter Thin supply continued to define the LSFO market,
CP: Euromed, Neobig(exc yugo/former yugo/ with one trader saying “supply may not be enough [in] Bids:
albania,syria but inc croatia/slovenia) November.” PLATTS MARINE FUEL: FE: NOVEMBER
Vessel: Shell/BP/Totsa The VLSFO market had entered a period of limited 29-DECEMBER 3: TOTAL BIDS 2KMT AT $489.75
GTCs : BP 2015”, 100% of main at ULSD CIFMed Crg activity amid lower-than-anticipated demand levels. PLATTS MARINE FUEL: FE: NOVEMBER
$3.50/mt, Any Day, See TQC According to a trader, bunker demand remained very 29-DECEMBER 3: NORTHSTAR BIDS 2KMT AT $487.00
Trades: quiet, contributing to the softer market environment. PLATTS MARINE FUEL: MW: DECEMBER 3-7:
None. Furthermore, the arbitrage flow of new cargoes TOTAL BIDS 2KMT AT $489.50
This assessment commentary applies to the heading east to Singapore had stalled, following some PLATTS MARINE FUEL: MW: DECEMBER 3-7:
following market data codes: 10 ppm ULSD CIF Genoa/ initial loadings from ARA earlier this month. UNITED BIDS 2KMT AT $489.00
Lavera cargo <AAWYZ00> The lack of new cargo movement highlighted PLATTS MARINE FUEL: MW: DECEMBER 3-7:
the quiet nature of the VLSFO market, with traders NORTHSTAR BIDS 2KMT AT $487.00
Platts European Fuel Oil Daily Market observing a broader trend of restrained demand and PLATTS MARINE FUEL: BE: DECEMBER 7-11:
Analysis trading activity in Northwest Europe. TOTAL BIDS 2KMT AT $489.00
In the Mediterranean, one trader pointed to a PLATTS MARINE FUEL: BE: DECEMBER 7-11:
NWE experiences HSFO supply boost
market marked by ample supply but poor demand. UNITED BIDS 2KMT AT $488.00
LSFO supply tight, demand firm Activity in the Platts Market on Close assessment PLATTS MARINE FUEL: BE: DECEMBER 7-11:
process was moderate on the day, with 10,000 mt NORTHSTAR BIDS 2KMT AT $486.00
Thin supply in the Northwest European fuel oil traded in the Rotterdam HSFO barge market and Offers:
market eased after significant volumes of high sulfur 18,000 mt for the VLSFO equivalent. In cargo markets, PLATTS MARINE FUEL: FE: NOVEMBER
fuel oil began to arrive in the region, traders said Nov. there were no bids or offers. 29-DECEMBER 3: GLENCORE OFFERS 2KMT
26, while tightness continued to weigh on the low Platts is part of S&P Global Commodity Insights AT $491.00
sulfur fuel oil market. PLATTS MARINE FUEL: FE: NOVEMBER
Due to a closed trans-Atlantic arbitrage, coupled with Platts FOB Rotterdam 0.5% Marine Fuel Barge 29-DECEMBER 3: BP OFFERS 2KMT AT $494.00
reduced refinery output due to a number of refineries Daily Rationale & Exclusions PLATTS MARINE FUEL: MW: DECEMBER 3-7: BP
being in maintenance across Northwest Europe, the The Marine Fuel 0.5%S FOB Rotterdam barge $/mt OFFERS 2KMT AT $491.00
HSFO complex has been defined by low availability. <PUMFD00> assessment rationale was based on the PLATTS MARINE FUEL: MW: DECEMBER 3-7:
This is no longer the case with an influx of cargoes following inputs: GLENCORE OFFERS 2KMT AT $491.00

PLATTS MARINE FUEL: MW: DECEMBER 3-7: the Platts Market on Close assessment process. Value on Dec. 4 was assessed at $437.75/mt, below
MERCURIA OFFERS 2KMT AT $496.00 Exclusions: None a competitive outstanding offer for mid-window dates
PLATTS MARINE FUEL: BE: DECEMBER 7-11: BP Platts is part of S&P Global Commodity Insights in the MOC;
OFFERS 2KMT AT $494.00 Value on Dec. 9 was assessed at 437.25/mt, above a
Trades: Platts Oil Med Daily 0.5% Marine Fuel Bids, completive outstanding bid for back-end dates in the MOC.
PLATTS MARINE FUEL: FE: NOVEMBER Offers, Trades A daily backwardation of around 31 cents/mt was
29-DECEMBER 3: MERCURIA SELLS TO UNITED* 2KMT implied between the front-end and mid-window dates
AT $490.00 (16:28:29) Platts 0.5% FOB Med Marine Fuel Bids, and extended to the front of the physical curve.
PLATTS MARINE FUEL: FE: NOVEMBER Offers, Trades: A daily backwardation of around 13 cents/mt was
29-DECEMBER 3: MERCURIA SELLS TO UNITED* 2KMT Bids: None implied between the mid-window and back-end dates
AT $490.00 (16:28:37) Offers: None and extended to the back of the physical curve.
PLATTS MARINE FUEL: FE: NOVEMBER Trades: None FO 3.5%S 500 CST FOB Rdam Barge <PUAGN00>
29-DECEMBER 3: MERCURIA SELLS TO UNITED* 2KMT This assessment commentary applies to the assessment rationale:
AT $490.00 (16:29:53) following market data codes: Marine Fuel 0.5% FOB The 500 CST FOB Rotterdam barges were assessed
PLATTS MARINE FUEL: FE: NOVEMBER Mediterranean cargo $/mt<MFFMM00> at a $5.50/mt discount to the 3.5%S FOB Rotterdam
29-DECEMBER 3: UNITED BUYS FROM MERCURIA* Platts 0.5% CIF Med Marine Fuel Bids, barges, based on heard indications from the market.
2KMT AT $490.50 (16:29:54) Offers, Trades: Exclusions: None
PLATTS MARINE FUEL: BE: DECEMBER 7-11: TOTAL Bids: None Platts is part of S&P Global Commodity Insights
BUYS FROM GLENCORE* 2KMT AT $491.00 (16:29:53) Offers: None
This assessment commentary applies to the Trades: None Platts NW Europe Fuel Oil 1%S Cargo Daily
following market data codes: Marine Fuel 0.5% FOB This assessment commentary applies to the Rationales & Exclusions
Rdam barge $/mt <PUMFD00> following market data codes: Marine Fuel 0.5% CIF FO 1%S CIF NWE Cargo <PUAAL00> assessment
Mediterranean cargo $/mt <MFCMM00> rationale:
Platts Med 0.5% Marine Fuel Daily Rationale & The CIF Northwest European low sulfur fuel
Exclusions Platts Rotterdam Fuel Oil Barge Daily Rationales oil cargo assessment was derived by a freight net
Marine Fuel 0.5% FOB Mediterranean cargo $/mt & Exclusions forward to the FOB Northwest European low sulfur
<MFFMM00> assessment rationale: FO 1%S FOB Rdam Barge <PUAAP00> assessment fuel oil cargo assessment using the following input:
The FOB Mediterranean 0.5%S marine fuel cargo rationale: the FOB Northwest European low sulfur fuel oil cargo
assessment was derived as a freight netback to The 1%S FOB Rotterdam barges were assessed assessment plus the cost of transporting a 30,000
the CIF Mediterranean 0.5%S marine fuel cargo at parity with 1%S FOB NWE cargoes, based on mt fuel oil cargo from a basket of NWE ports to the
assessment, using the following assessments: the CIF heard indications from the market, in the absence of assessment basis port of Antwerp.
Mediterranean 0.5%S marine fuel cargo assessment competitive indications in the Platts Market on Close FO 1%S FOB NWE Cargo <PUAAM00> assessment
minus the cost of transporting a 30,000 mt marine fuel assessment process. rationale:
cargo between a basket of Mediterranean ports. FO 3.5%S FOB Rdam Barge <PUABC00> 1%S FOB NWE cargoes were assessed in line with
Marine Fuel 0.5% CIF Mediterranean cargo $/mt assessment rationale: the previously established differential between the
<MFCMM00> assessment rationale: The 3.5%S FOB Rotterdam barges were assessed physical and paper markets, lowered by 50 cents/mt,
0.5%S CIF Med cargoes were assessed in line with based on the following inputs: in the absence of competitive indications in the Platts
the previously established differential between the Value on Dec. 1 was assessed at $439/mt, in line Market on Close assessment process.
physical and paper markets, adjusted lower by 25 with a competitive traded bid for front-end dates in the Exclusions: None
cents/mt, in the absence of competitive indications in Platts Market on Close assessment process; Platts is part of S&P Global Commodity Insights

Platts NW Europe Fuel Oil 1%S Cargo Bids, high sulfur fuel oil cargo assessment minus the cost Meanwhile the situation along the railways had
Offers, Trades of transporting a 30,000 mt fuel oil cargo between a been exacerbated by an increased number of rail cars,
basket of Mediterranean ports. which had not been matched by a sufficient number
Bids: None Exclusions: None of engines, resulting in empty rail cars blocking the
Offers: None Platts is part of S&P Global Commodity Insights lines while waiting to be moved back after offloading
Trades: None products, sources said.
This assessment commentary applies to the Platts Mediterranean Fuel Oil 1%S, 3.5%S Separately, it emerged that the 13.8% increase in
following market data codes: Fuel oil 1%S CIF NWE Cargo Bids, Offers, Trades rail tariffs for shipping oil products from Dec. 1 had now
<PUAAL00> Fuel oil 1%S FOB NWE Cargo <PUAAM00> been cleared by the Federal Antimonopoly Service,
Bids: None while Transneft matched the rail service by upping
Platts Mediterranean Fuel Oil 1%S, 3.5%S Daily Offers: None by the same amount diesel pipeline tariffs along the
Rationales & Exclusions Trades: None Northern branch. Fees on the Southern branch are set
FO 1%S CIF Med Cargo <PUAAJ00> assessment This assessment commentary applies to the to rise in line with annual inflation.
rationale: following market data codes: Fuel oil 1% FOB Italy cargo Diesel prices were higher, especially for winter
The 1%S CIF Med cargoes were assessed in line with <PUAAK00> Fuel oil 3.5% FOB Italy cargo <PUAAZ00> diesel, amid seasonally rising demand. Fuel oil, on the
the previously established relationship between the Fuel oil 1% CIF Genoa/Lavera cargo <PUAAJ00> Fuel oil other hand, was firmer as the weakening ruble pushed
physical and paper markets, adjusted up 25 cents/mt, 3.5% CIF Genoa/Lavera cargo <PUmercY00> up export netbacks, according to sources.
in the absence of competitive indications in the Platts
Market on Close assessment process. Platts Russian Refined Products Daily Platts European Feedstocks Daily
FO 1%S FOB Med Cargo <PUAAK00> assessment Commentary Commentary
rationale:
Gasoline prices stall despite expected lifting of Skikda continues to offer LSSR in market
The FOB Mediterranean low sulfur fuel oil cargo
export ban Diesel crack increases from beginning of month
assessment was derived as a freight netback to
the CIF Mediterranean low sulfur fuel oil cargo Russian rail, pipeline tariffs for shipping products to
assessment, using the following assessments: the CIF rise by 14% Supply of low sulfur straight run and vacuum
Mediterranean low sulfur fuel oil cargo assessment gas oil remained ample in the Northwest European
minus the cost of transporting a 30,000 mt fuel oil Russian domestic gasoline prices appeared to have and Mediterranean markets Nov. 25 while demand
cargo between a basket of Mediterranean ports stalled Nov. 26 as seasonally weak demand weighed on remained stable.
FO 3.5%S CIF Med Cargo <PUAAY00> assessment values, which bucked the potentially bullish impact of There was not much LSSR on offer other than the
rationale: the imminent lifting of the gasoline export ban. usual Skikda-grade LSSR from Algeria, a trader said,
The 3.5%S CIF Med cargoes were assessed in line Market sources had attributed the recent volatility to adding that there was good demand for this product
with the previously established relationship between the news that the ban would be lifted earlier, most likely from from the European complex.
physical and paper markets, adjusted lower by $1.50/mt Dec. 1, yet noting that the uptrend was not sustainable. Refinery appetite for feedstocks remained the
in the absence of competitive indications in the MOC. Prices had also been drawing support from lower key source of demand in the European feedstocks
FO 3.5%S FOB Med Cargo <PUAAZ00> assessment output, partly due to maintenance, partly as some complex. A second trader expected demand to be
rationale: refineries were reducing gasoline production to avoid slower throughout December.
The FOB Mediterranean high sulfur fuel oil cargo excess stocks and also due to rail delays. End-product cracks for distillate products remained
assessment was derived as a freight netback to the CIF Rail delays are not expected to ease soon, as oil stable. The front-month diesel 10 ppm CIF NWE cargo
Mediterranean high sulfur fuel oil cargo assessment, products will once again be pushed down to a lower crack spread was assessed at $19.61/b Nov. 25, up from
using the following assessments: CIF Mediterranean priority group from January. $17.92/b on the first of the month.

VGO markets remained quieter on the day. Looking to Dated Brent basket grades, Gunvor sold market fundamentals and in the absence of indications
According to data from S&P Global Commodities at a cargo of WTI Midland CIF Rotterdam to TotalEnergies testing the Nov. 25 assessment.
Sea, a 39,000 mt cargo of LSVGO loaded in Le Havre, for delivery Dec. 13-17 — the second cargo of the Oseberg was assessed unchanged Dec. 6-25, with
France, and is expected to arrive in Nantes-St. Nazaire US-delivered crude sold so far this week as traders flat structure rolled over back-end dates, reflecting
in early December. continue to report robust volumes landing late steady market fundamentals and in the absence of
Platts is part of S&P Global Commodity Insights December. indications testing the Nov. 25 assessment.
Another offer from Chevron for a cargo of WTI Ekofisk was assessed unchanged Dec. 6-25, with
VGO Deal reported Midland CIF Rotterdam remained outstanding at the flat structure rolled over back-end dates, reflecting
London close. steady market fundamentals and in the absence of
None. In addition, Oseberg and Troll returned to the indications testing the Nov. 25 assessment.
MOC following a multimonth hiatus for both the Troll was assessed unchanged Dec. 6-25, with flat
Platts North Sea Crude Daily Market Norwegian crudes. structure rolled over back-end dates, reflecting steady
Analysis Equinor offered a cargo of Oseberg FOB Sture for market fundamentals and in the absence of indications
loading Dec. 10-12 at a $2.65/b premium over Dated testing the Nov. 25 assessment.
Flurry of activity for Johan Sverdrup despite sour
Brent, which was withdrawn before the close. This was FOB WTI Midland was assessed lower reflecting a
weakness
the first time Oseberg had been shown in the MOC reduced CIF Rotterdam assessment and a lower freight
Oseberg, Troll return to Platts MOC after since Aug. 27. adjustment factor.
multimonth hiatus In addition, Equinor offered a cargo of Troll FOB CIF WTI Midland was assessed lower in a 2 cents/
Mongstad for loading Dec. 24-26 at a $3.05/b premium day backwardated structure Dec. 8-14 using a traded
The North Sea physical crude market saw a flurry over Dated Brent, which was also withdrawn before the offer Dec. 14-16. Dec. 16-24 was assessed in a 0.63
of activity across both sweet and sour grades Nov. 26, close. This was the first time Troll had been seen in the cent/day backwardated structure using a traded offer
amid softness on the sour front and robust volumes of MOC since June 21. Dec. 14-16 and a withdrawn offer Dec. 24-26.
WTI Midland landing in late December. Market participants had noted little visibility for Ekofisk was the most competitive grade in the
In the Platts Market on Close assessment process, both grades in recent weeks, although some have Dated Brent assessment Dec. 6-16. WTI Midland
BP, Neste and TotalEnergies all bid for December-loading suggested less price volatility owing to shorter loading was the most competitive grade in the Dated Brent
cargoes of Norwegian medium sour Johan Sverdrup. programs than the likes of Forties and Ekofisk. assessment Dec. 17-26.
BP bid for cargoes loading Dec. 14-19, Neste bid for Platts is part of S&P Global Commodity Insights BFOE (PCAAQ00-PCAAR00,PCARR00> assessment
cargoes loading Dec. 18-22, and TotalEnergies bid for rationale:
cargoes Dec. 21-24. The bids reached discounts of 3.35 Platts North Sea Dated Brent, BFOE, CFD January Cash BFOE was assessed using a traded
cents/b, 3.40 cents/b and 3.50 cents/b to Dated Brent Assessment Rationales & Exclusions January/February bid in the MOC.
respectively, and all three were left outstanding at the Dated Brent <PCAAS00> assessment rationale: February Cash BFOE was assessed using multiple
16:30 London market close. Of the six crudes in the Dated Brent basket, WTI traded bids and offers.
The uptick in bidding activity followed continued Midland, Troll and Oseberg were seen in the Platts March Cash BFOE was assessed using the
softness for sour grades despite a recent production Market on Close assessment process. February/March EFP roll heard during the day.
outage at the Johan Sverdrup facility, which resumed Brent Blend was assessed unchanged Dec. CFD (PCAKA00-AALDA00) assessment rationale:
normal production levels as of Nov. 20. 6-25, with flat structure rolled over back-end dates, Dec. 2-6 was assessed using multiple traded bids
“I think the market is generally on the poorer side reflecting steady market fundamentals and in the and offers.
for those sour or intermediate barrels,” said a source. absence of indications testing the Nov. 25 assessment. Dec. 9-13 was assessed using a traded bid.
“Johan Sverdrup is very weak despite the production Forties was assessed unchanged Dec. 6-25, with flat Dec. 16-20 was assessed using an outstanding bid.
outage.” structure rolled over back-end dates, reflecting steady Dec. 23-27 was assessed using a traded bid.

Dec. 30 to Jan. 3 was assessed using a Dec. 23-27 PLATTS BRENT DIFF: DEC2-DEC6 (FEB): MITSUI 700000.0B AT DTD $2.40 .
versus a Dec. 30 to Jan. 3 CFD roll heard during the day. BIDS 100KB AT $0.80 CASH BFOE:
Johan Sverdrup FOB North Sea (AJSVA00, PLATTS BRENT DIFF: DEC9-DEC13 (FEB): DARE BIDS None
AJSVB00) assessment rationale: 100KB AT $0.65 BRENT CFDS:
Johan Sverdrup was assessed unchanged Dec. PLATTS BRENT DIFF: DEC9-DEC13 (FEB): PLATTS BRENT DIFF: DEC2-DEC6 (FEB): ONYX
6-25, with flat structure rolled over back-end dates, PETROINEOS BIDS 100KB AT $0.65 OFFERS 100KB AT $1.05
reflecting steady market fundamentals and in the PLATTS BRENT DIFF: DEC9-DEC13 (FEB): PLATTS BRENT DIFF: DEC2-DEC6 (FEB): GUNVOR
absence of indications testing the Nov. 25 assessment. TRAFIGURA BIDS 100KB AT $0.64 OFFERS 100KB AT $1.05
Exclusions: None PLATTS BRENT DIFF: DEC9-DEC13 (FEB): DARE BIDS PLATTS BRENT DIFF: DEC2-DEC6 (FEB): MITSUI
Platts is part of S&P Global Commodity Insights 100KB AT $0.60 OFFERS 100KB AT $1.05
PLATTS BRENT DIFF: DEC9-DEC13 (FEB): PLATTS BRENT DIFF: DEC2-DEC6 (FEB): PHILLIPS
Platts North Sea Dated Brent, BFOE, CFD PETROCHINA BIDS 100KB AT $0.60 66 OFFERS 100KB AT $1.05
Bids, Offers, Trades PLATTS BRENT DIFF: DEC9-DEC13 (FEB): PETRACO PLATTS BRENT DIFF: DEC2-DEC6 (FEB): DV
BIDS 100KB AT $0.55 TRADING OFFERS 100KB AT $1.06
Bids: PLATTS BRENT DIFF: DEC9-DEC13 (FEB): ONYX BIDS PLATTS BRENT DIFF: DEC2-DEC6 (FEB): DARE
NORTH SEA: 100KB AT $0.50 OFFERS 100KB AT $1.10
FOB BASIS MONGSTAD: PLATTS NSEA JOHAN PLATTS BRENT DIFF: DEC16-DEC20 (FEB): PLATTS BRENT DIFF: DEC2-DEC6 (FEB): DARE
SVERDRUP: DECEMBER 18-22: NESTE BIDS 700000.0B TRAFIGURA BIDS 100KB AT $0.40 OFFERS 100KB AT $1.15
AT DTD $-3.10 . .; TQC: {‘BL+5 PRICING, PAYMENT BL+30’} PLATTS BRENT DIFF: DEC16-DEC20 (FEB): PLATTS BRENT DIFF: DEC9-DEC13 (FEB): GUNVOR
FOB BASIS MONGSTAD: PLATTS NSEA JOHAN PETROCHINA BIDS 100KB AT $0.40 OFFERS 100KB AT $0.68
SVERDRUP: DECEMBER 14-19: BP BIDS 700000.0B AT PLATTS BRENT DIFF: DEC16-DEC20 (FEB): PLATTS BRENT DIFF: DEC9-DEC13 (FEB): EQUINOR
DTD $-2.90 . . PETROINEOS BIDS 400KB AT $0.40 OFFERS 100KB AT $0.68
FOB BASIS MONGSTAD: PLATTS NSEA JOHAN PLATTS BRENT DIFF: DEC16-DEC20 (FEB): MITSUI PLATTS BRENT DIFF: DEC9-DEC13 (FEB): ONYX
SVERDRUP: DECEMBER 21-24: TOTAL BIDS 700000.0B BIDS 100KB AT $0.35 OFFERS 100KB AT $0.70
AT DTD $-2.80 . . PLATTS BRENT DIFF: DEC23-DEC27 (FEB): DV PLATTS BRENT DIFF: DEC9-DEC13 (FEB): DV
CASH BFOE: TRADING BIDS 100KB AT $0.22 TRADING OFFERS 100KB AT $0.70
None PLATTS BRENT DIFF: DEC23-DEC27 (FEB): PLATTS BRENT DIFF: DEC9-DEC13 (FEB): SHELL
BRENT CFDS: TRAFIGURA BIDS 100KB AT $0.20 OFFERS 100KB AT $0.70
PLATTS BRENT DIFF: DEC2-DEC6 (FEB): DARE BIDS PLATTS BRENT DIFF: DEC23-DEC27 (FEB): DARE PLATTS BRENT DIFF: DEC9-DEC13 (FEB): GUNVOR
100KB AT $0.99 BIDS 100KB AT $0.15 OFFERS 100KB AT $0.70
PLATTS BRENT DIFF: DEC2-DEC6 (FEB): DV PLATTS BRENT DIFF: DEC23-DEC27 (FEB): PLATTS BRENT DIFF: DEC9-DEC13 (FEB): UNIPEC
TRADING BIDS 100KB AT $0.97 PETROCHINA BIDS 100KB AT $0.15 OFFERS 100KB AT $0.75
PLATTS BRENT DIFF: DEC2-DEC6 (FEB): PLATTS BRENT DIFF: DEC23-DEC27 (FEB): DARE PLATTS BRENT DIFF: DEC9-DEC13 (FEB): MITSUI
PETROINEOS BIDS 100KB AT $0.95 BIDS 100KB AT $0.10 OFFERS 100KB AT $0.75
PLATTS BRENT DIFF: DEC2-DEC6 (FEB): TRAFIGURA PLATTS BRENT DIFF: DEC23-DEC27 (FEB): PHILLIPS PLATTS BRENT DIFF: DEC9-DEC13 (FEB): DARE
BIDS 100KB AT $0.90 66 BIDS 100KB AT $0.10 OFFERS 100KB AT $0.75
PLATTS BRENT DIFF: DEC2-DEC6 (FEB): ONYX BIDS Offers: PLATTS BRENT DIFF: DEC9-DEC13 (FEB): PHILLIPS
100KB AT $0.90 NORTH SEA: 66 OFFERS 100KB AT $0.75
PLATTS BRENT DIFF: DEC2-DEC6 (FEB): CIF BASIS ROTTERDAM: PLATTS NSEA WTI PLATTS BRENT DIFF: DEC9-DEC13 (FEB): DARE
PETROCHINA BIDS 100KB AT $0.90 MIDLAND: DECEMBER 25-29: CHEVRON OFFERS OFFERS 100KB AT $0.80

PLATTS BRENT DIFF: DEC16-DEC20 (FEB): UNIPEC Trades: PLATTS BRENT DIFF: DEC9-DEC13 (FEB): TOTAL
OFFERS 100KB AT $0.45 NORTH SEA: BUYS FROM EQUINOR* 100KB AT $0.68 (16:27:41)
PLATTS BRENT DIFF: DEC16-DEC20 (FEB): GUNVOR CIF BASIS ROTTERDAM: PLATTS NSEA WTI PLATTS BRENT DIFF: DEC9-DEC13 (FEB): DARE
OFFERS 100KB AT $0.46 MIDLAND: DECEMBER 13-17: TOTAL BUYS FROM BUYS FROM GUNVOR* 100KB AT $0.67 (16:28:26)
PLATTS BRENT DIFF: DEC16-DEC20 (FEB): GUNVOR GUNVOR* 700000.0B AT DTD $2.00 . .; TQC: {‘1 OCO 2’}; PLATTS BRENT DIFF: DEC9-DEC13 (FEB): GLENCORE
OFFERS 100KB AT $0.49 (16:13:57) BUYS FROM GUNVOR* 100KB AT $0.68 (16:28:33)
PLATTS BRENT DIFF: DEC16-DEC20 (FEB): ONYX CASH BFOE: PLATTS BRENT DIFF: DEC9-DEC13 (FEB): GLENCORE
OFFERS 100KB AT $0.50 PLATTS CASH BFOE: FEB25: TRAFIGURA BUYS BUYS FROM EQUINOR* 100KB AT $0.68 (16:28:36)
PLATTS BRENT DIFF: DEC16-DEC20 (FEB): DV FROM GUNVOR* 100KB AT $73.05 (16:29:34) PLATTS BRENT DIFF: DEC9-DEC13 (FEB): TRAFIGURA
TRADING OFFERS 100KB AT $0.50 PLATTS CASH BFOE: FEB25: BP BUYS FROM BUYS FROM GUNVOR* 100KB AT $0.68 (16:28:45)
PLATTS BRENT DIFF: DEC16-DEC20 (FEB): GUNVOR* 100KB AT $73.06 (16:29:50) PLATTS BRENT DIFF: DEC9-DEC13 (FEB): TRAFIGURA
FREEPOINT OFFERS 100KB AT $0.50 PLATTS CASH BFOE: FEB25: MERCURIA SELLS TO BUYS FROM EQUINOR* 100KB AT $0.68 (16:28:48)
PLATTS BRENT DIFF: DEC16-DEC20 (FEB): SHELL TOTAL* 100KB AT $73.05 (16:29:52) PLATTS BRENT DIFF: DEC9-DEC13 (FEB): GUNVOR
OFFERS 100KB AT $0.50 PLATTS CASH BFOE: FEB25: MERCURIA SELLS TO SELLS TO DV TRADING* 200KB AT $0.66 (16:29:59)
PLATTS BRENT DIFF: DEC16-DEC20 (FEB): DARE TOTAL* 100KB AT $73.05 (16:29:55) PLATTS BRENT DIFF: DEC16-DEC20 (FEB): ONYX
OFFERS 100KB AT $0.54 PLATTS CASH BFOE: FEB25: VITOL SELLS TO TOTAL* BUYS FROM UNIPEC* 100KB AT $0.46 (16:27:38)
PLATTS BRENT DIFF: DEC16-DEC20 (FEB): MITSUI 100KB AT $73.05 (16:29:58) PLATTS BRENT DIFF: DEC16-DEC20 (FEB): ONYX
OFFERS 100KB AT $0.55 PLATTS CASH BFOE: FEB25: PETROINEOS BUYS BUYS FROM GUNVOR* 100KB AT $0.46 (16:27:40)
PLATTS BRENT DIFF: DEC16-DEC20 (FEB): DARE FROM GUNVOR* 100KB AT $73.06 (16:29:59) PLATTS BRENT DIFF: DEC16-DEC20 (FEB): ONYX
OFFERS 100KB AT $0.55 PLATTS CASH BFOE: FEB25: SHELL SELLS TO BUYS FROM GUNVOR* 100KB AT $0.46 (16:27:46)
PLATTS BRENT DIFF: DEC16-DEC20 (FEB): PHILLIPS CHEVRON* 100KB AT $73.02 (16:29:59) PLATTS BRENT DIFF: DEC16-DEC20 (FEB): TOTAL
66 OFFERS 100KB AT $0.55 BRENT CFDS: BUYS FROM EQUINOR* 100KB AT $0.45 (16:28:09)
PLATTS BRENT DIFF: DEC23-DEC27 (FEB): GUNVOR PLATTS BRENT DIFF: DEC2-DEC6 (FEB): ONYX BUYS PLATTS BRENT DIFF: DEC16-DEC20 (FEB): ONYX
OFFERS 100KB AT $0.29 FROM GUNVOR* 100KB AT $1.00 (16:26:27) BUYS FROM EQUINOR* 100KB AT $0.45 (16:28:24)
PLATTS BRENT DIFF: DEC23-DEC27 (FEB): GUNVOR PLATTS BRENT DIFF: DEC2-DEC6 (FEB): TRAFIGURA PLATTS BRENT DIFF: DEC16-DEC20 (FEB): ONYX
OFFERS 100KB AT $0.30 BUYS FROM GUNVOR* 100KB AT $1.00 (16:26:34) BUYS FROM EQUINOR* 100KB AT $0.45 (16:28:36)
PLATTS BRENT DIFF: DEC23-DEC27 (FEB): PLATTS BRENT DIFF: DEC2-DEC6 (FEB): GUNVOR PLATTS BRENT DIFF: DEC16-DEC20 (FEB): DARE
FREEPOINT OFFERS 100KB AT $0.30 SELLS TO DARE* 100KB AT $1.00 (16:29:43) BUYS FROM UNIPEC* 100KB AT $0.45 (16:28:50)
PLATTS BRENT DIFF: DEC23-DEC27 (FEB): SHELL PLATTS BRENT DIFF: DEC2-DEC6 (FEB): DARE BUYS PLATTS BRENT DIFF: DEC16-DEC20 (FEB): UNIPEC
OFFERS 100KB AT $0.30 FROM GUNVOR* 100KB AT $1.00 (16:29:48) SELLS TO DARE* 100KB AT $0.44 (16:29:51)
PLATTS BRENT DIFF: DEC23-DEC27 (FEB): DV PLATTS BRENT DIFF: DEC2-DEC6 (FEB): MITSUI PLATTS BRENT DIFF: DEC16-DEC20 (FEB): GUNVOR
TRADING OFFERS 100KB AT $0.30 SELLS TO DARE* 100KB AT $1.00 (16:29:55) SELLS TO DV TRADING* 100KB AT $0.43 (16:29:56)
PLATTS BRENT DIFF: DEC23-DEC27 (FEB): DARE PLATTS BRENT DIFF: DEC9-DEC13 (FEB): PLATTS BRENT DIFF: DEC16-DEC20 (FEB): UNIPEC
OFFERS 100KB AT $0.35 TRAFIGURA BUYS FROM EQUINOR* 100KB AT $0.68 SELLS TO ONYX* 100KB AT $0.43 (16:29:58)
PLATTS BRENT DIFF: DEC23-DEC27 (FEB): ONYX (16:27:16) PLATTS BRENT DIFF: DEC16-DEC20 (FEB): GUNVOR
OFFERS 100KB AT $0.35 PLATTS BRENT DIFF: DEC9-DEC13 (FEB): SELLS TO DARE* 100KB AT $0.40 (16:29:59)
PLATTS BRENT DIFF: DEC23-DEC27 (FEB): PHILLIPS TRAFIGURA BUYS FROM EQUINOR* 100KB AT $0.68 PLATTS BRENT DIFF: DEC23-DEC27 (FEB): GUNVOR
66 OFFERS 100KB AT $0.35 (16:27:26) SELLS TO ONYX* 100KB AT $0.25 (16:29:58)
PLATTS BRENT DIFF: DEC23-DEC27 (FEB): DARE PLATTS BRENT DIFF: DEC9-DEC13 (FEB): BP BUYS This assessment commentary applies to the
OFFERS 100KB AT $0.40 FROM EQUINOR* 100KB AT $0.68 (16:27:33) following market data codes: Dated Brent <PCAAS00>

CFD Week 1 <PCAKA00> CFD Week 2 <PCAKC00> Brent offers reported in the 3.5% HSFO CIF Mediterranean gasoline exports higher than 50 ppm in August 2022, with
Mo01 <PCAAQ00> CFD Week 3 <PCAKE00> Brent Cargo Market on Close assessment process. Belgium aligning itself with the Netherlands following a
Mo02 <PCAAR00> CFD Week 4 <PCAKG00> Brent In line with its existing methodology around typical royal decree signed in May 2024 and becoming effective
Mo03 <PCARR00> CFD Week 5 <AAGLU00> CFD Week pricing terms, Platts reports bids and offers on a floating in September 2024. Given the assessment reflects
6 <AAGLV00> CFD Week 7 <AALCZ00> CFD Week 8 basis referencing 3.5% CIF Med HSFO Cargoes or 3.5% material FOB Northwest Europe basis Amsterdam, the
<AALDA00> Johan Sverdrup FOB North Sea <AJSVA00> FOB Med, alongside 3.5% FOB Rotterdam Barges as well change will align the reflected sulfur specifications with
Johan Sverdrup FOB North Sea vs North Sea Dtd Strip as on an outright price basis. When referencing 3.5% applicable legislation in the region.
<AJSVB00> CIF Med HSFO Cargoes or 3.5% FOB Med, Platts will In addition, following market feedback the Nigerian
typically expect a minimum pricing period of 10 Platts gasoline import specification has been progressively
Platts NW Europe Fuel Oil SR 0.5-0.7%S Daily publishing days, effective immediately. lowered since Autumn 2023 to reflect lower sulfur grades.
Rationale & Exclusions Please send any questions, comments, or feedback The West Africa Gasoline FOB Northwest Europe
Straight Run 0.5-0.7%S FOB NWE cargo to europe_products@spglobal.com with a copy to assessment, which is FOB basis Amsterdam, with bids
<PKABA00> assessment rationale: pricegroup@spglobal.com. and offers from other locations in Northwest Europe
The LSSR FOB NWE differential was assessed For written comments, please provide a clear normalized back to Amsterdam basis, currently reflects
$2/mt above M1 ICE Brent crude futures, based on indication if they are not intended for publication by gasoline with a maximum sulfur limit of 500 ppm,
previous market indications. The outright LSSR price Platts for public viewing. minimum 91 RON, a maximum RVP of 9 pounds per
was derived using the dollars per barrel to metric Platts will consider all comments received and will square inch (PSI) and a density range of 0.75 to 0.78
ton conversion factor of 6.77 for LSSR. No bids or make comments not marked as confidential available kg/l at 15 degrees Celsius.
offers were reported in the Platts Market on Close upon request. The Platts West Africa Gasoline CIF West Africa
assessment process. assessment (AGNWC00), which is a freight net-forward
Exclusions: None Platts to reduce West Africa gasoline FOB NWE sulfur from the FOB Northwest Europe assessment, will
Platts is part of S&P Global Commodity Insights limit to 50 ppm, effective Dec. 2 also reflect a maximum of 50 ppm sulfur following
Platts, part of S&P Global Commodity Insights, the change.
Platts NW Europe Fuel Oil SR 0.5-0.7%S will reduce the maximum sulfur limit reflected in its In its assessment process, Platts may publish bids
Bids, Offers, Trades West Africa Gasoline FOB Northwest Europe cargoes and offers for other merchantable gasoline grades
assessment (AAKUV00) from 500 ppm to 50 ppm, appropriate for West African delivery and normalize
Bids: None. effective Dec. 2, 2024. these back to the reference specification.
Offers: None. This decision follows a proposal on Sept. 2 detailed Please send any feedback, questions or
Trades: None. here: Platts proposes to reduce West Africa Gasoline comments to europe_products@spglobal.com and
This assessment commentary applies to the FOB NWE sulfur limit to 150 ppm; the feedback period pricegroup@spglobal.com. For written comments,
following market data codes: St Run 0.5-0.7% FOB for which was extended on Oct. 4 and is detailed here: please provide a clear indication if comments are not
NWE cargo <PKABA00> Platts extends feedback period for proposal to reduce intended for publication by Platts for public viewing.
West Africa Gasoline FOB NWE sulfur limit to 150 ppm. Platts will consider all comments received and will
On Nov. 11, the proposal was clarified to reduce the make comments not marked as confidential available
Subscriber Notes maximum sulfur limit to 50 ppm detailed here: Platts upon request.
clarifies proposal to reduce West Africa gasoline FOB
Platts clarifies publishing guidelines for bids and NWE sulfur limit. Platts proposes to launch CIF Black Sea LPG coaster
offers in the 3.5% HSFO CIF Med Cargo MOC Platts understands gasoline exports from both assessments Jan 2
Platts, part of S&P Global Commodity Insights, Belgium and the Netherlands must now satisfy a sulfur Platts, part of S&P Global Commodity Insights,
wishes to clarify its publishing guidelines for bids and limit of maximum 50 ppm. The Netherlands banned proposes to launch CIF Black Sea LPG coaster

assessments, effective Jan. 2, 2025, amid market stamped at 1630 London time. In the absence of any Should a seller elect to deliver on a vessel that
feedback seeking greater transparency for the value of bids, offers or trades in the Platts Market on Close loaded its cargo on a ship-to-ship basis, it should
LPG cargoes delivered in the Black Sea following the assessment process, information heard in over-the- provide vessel nomination and narrow laycan by the
anticipated entering into force of EU’s import ban on counter markets may be taken into consideration. earliest of seven clear calendar or five clear working
Russian LPG after an initial 12-month transition period, More details of the Platts European LPG days before the first day of the actual delivery range.
from January 2025. methodology can be found here: https://www. For CIF Mediterranean gasoil cargo nominations,
The proposed propane CIF Black Sea propane, spglobal.com/commodityinsights/plattscontent/_ the vessel nomination and the narrowing of the
butane and propane-butane mix assessments would assets/_files/en/our-methodology/methodology- delivery range should be made by the earliest of seven
all reflect the value of pressurized or semi-pressurized specifications/europe-africa-refined-products- clear calendar or five clear working days before the
vessels for delivery 5-15 days from the date of methodology.pdf. first day of the actual delivery range, again, whichever
publication, with material sourced from refinery/storage Platts has established clearly defined timing falls sooner.
on full or part-cargoes in the range of 1,000-5,000 mt. guidelines and standards of incrementability that In line with the published 2024 end-of-year holiday
All three assessments would be CIF basis Midia or apply when publishing bids and offers during the MOC schedule, on the following days Platts will publish
Galati in Romania, or Burgas in Bulgaria, but deliveries in order to ensure an orderly and transparent price bids and offers in its Market on Close assessment
into other ports in the Black Sea may be reflected. All assessment process. Details can be found in this processes for CIF Mediterranean gasoil with laycans
deliveries to ports other than Midia, Galati or Burgas guide: https://www.spglobal.com/commodityinsights/ contained in the following period. Please note that the
may be normalized to this basis. PlattsContent/_assets/_files/en/our-methodology/ assessment continues to reflect material for discharge
The propane assessment would reflect a minimum methodology-specifications/oil-timing-increment- 10-25 days forward from date of publication.
content of 93% C3s and a maximum of 30% olefins guidelines.pdf. MOC date and laycans published:
including both field and refinery grades. Please send any comments or feedback by Dec 19: laycan Dec. 31-Jan. 13
The butane assessment would reflect mixed butane Dec. 6 to europe_products@spglobal.com and Dec 20: laycan Jan. 2-Jan. 14
with a maximum content of 85% normal butane, 49% pricegroup@spglobal.com. Dec 23: laycan Jan. 3-Jan. 17
isobutane and 30% olefins including both field and For written comments, please provide a clear Dec 24: laycan Jan. 6- Jan. 18
refinery grades. indication if comments are not intended for publication Throughout this period, the assessed date range
The propane-butane mix assessment would reflect by Platts for public viewing. Platts will consider all for the assessment of CIF cargo assessments will
a typical mix of 80% propane and 20% butane meeting comments received and will make comments not remain unaffected and continue to reflect material
EN 589 specifications. Platts understands that in marked as confidential available upon request. for discharge 10-25 days forward from date of
addition to 80-20 mixed propane/butane cargoes, publication. Please send any questions or comments
some ports in the Black Sea also seasonally import Platts clarifies MOC cargo dates for CIF Med gasoil to Europe_products@spglobal.comwith a cc to
mixed cargoes reflecting 70-30 and 50-50 splits. Platts around Christmas 2024, New Year period pricegroup@spglobal.com.
may reflect these atypical mixed propane/butane S&P Global Commodity Insights wishes to remind
cargoes for the assessment, normalized back to an subscribers that in its European CIF refined oil products Platts to launch Diesel Low Sulfur FOB West Africa
80-20 standard. Platts invites market feedback on transactions, Platts guidelines require that the seller assessment Dec 2, 2024
the proposed standard of 80-20 propane/butane mix should narrow the five-day delivery range to a three- Platts, part of S&P Global Commodity Insights, will
reflected as the underlying basis for this assessment. day delivery range by the earliest of five clear calendar launch a new daily assessment for low sulfur diesel
Platts understands LPG delivered in the Black Sea or three clear working days before the first day of the FOB West Africa [AWFRA00] reflecting material with a
typically trades as a differential to the corresponding narrowed delivery range, whichever falls sooner. Platts, maximum 50 ppm sulfur content, effective Dec 2, 2024.
Sonatrach propane or butane Contract Price for the part of Commodity Insights, also expects the seller to Platts has observed that the Dangote refinery in
month of loading. Platts will publish the new LPG nominate the performing vessel by the earliest of either Nigeria began exporting 50ppmS diesel in September
assessments on an outright basis in $/mt, time- five clear calendar or three clear working days. 2024, while Nigeria progressively lowered its gasoil/

diesel import sulfur specification from a maximum oil product flows and seeks industry feedback on its The new Group 2 and Group 3 CFR Europe
3,000 ppm to 200 ppm in March and then to 50 ppm existing West African refined oil products assessment assessments will be basis Rotterdam, published in $/
in June. This adds to the demand for low sulfur diesel methodology. mt and will take into consideration price information
in West Africa with Ghana already an importer of Please send any feedback, questions or gathered during the week up to the close of the
maximum 50 ppm sulfur diesel. comments to europe_products@spglobal.com and assessment process on Wednesday of each week at
In addition, traditional gasoil/diesel export hubs to pricegroup@spglobal.com. 4:30 pm London time, following a London publishing
West Africa in Belgium and the Netherlands have both For written comments, please provide a clear schedule.
banned the export of fuels with a sulfur content higher indication if comments are not intended for publication Details of the specifications:
than 50 ppm outside of the EU. by Platts for public viewing.
Group 2
The new assessment will reflect the value of Platts will consider all comments received and will
150 N
cargoes, typically 20,000-40,000 mt each based on make comments not marked as confidential available
fixtures observed, for loading 3-10 days forward from upon request. ASTM Color Maximum 1
Viscosity at 100 degrees Celsius 5-5.6 millimeters squared per second
the date of publication, with values normalized to Viscosity Index Minimum 95
reflect the mean of the loading period. Cargoes loading Geogas Trading SA to join EMEA - LPG-Physical MOC Flash Point Minimum 200 degrees Celsius
Pour Point Maximum -12 degrees Celsius
from safe ports in West Africa, including but not limited Geogas Trading SA has advised Platts, part of Clip Size 1,000-5,000 mt
Laycan 20-45 days forward delivery
to Lekki, Nigeria, or loading on a ship-to-ship basis at S&P Global Commodity Insights, that it would like to Basis Port Rotterdam
STS locations such as Lome, Togo, would be considered participate in the Platts Market on Close assessment
for inclusion in the assessments. Platts may consider process for EMEA - LPG-Physical. 220 N
cargoes smaller than 20,000 mt, normalized back to Platts has reviewed Geogas Trading SA and will ASTM Color Maximum 1
Viscosity at 100 degrees Celsius 7-8 millimeters squared per second
the basis quantity. consider information from the entity in the assessment Viscosity Index Minimum 95
The assessment reflects cargoes meeting maximum process for EMEA - LPG-Physical, subject at all times Flash Point Minimum 220 degrees Celsius
50 ppm sulfur and a Flash Point of minimum 66 to adherence with Platts editorial standards. Clip Size 1,000-5,000 mt
degrees Celsius. Platts may also take into account Platts will publish all relevant information from Laycan 20-45 days forward delivery
Basis Port Rotterdam
indications for other merchantable diesel grades Geogas Trading SA accordingly.
appropriate for West African supply and normalize Platts welcomes all relevant feedback regarding 600 N
them back to the reference specification. MOC participation. Platts considers bids, offers ASTM Color Maximum 1.5
Platts will continue to publish its established and transactions by all credible and credit- Viscosity at 100 degrees Celsius 9.5-13 millimeters squared per second
Viscosity Index Minimum 100
Gasoil FOB STS Lome West Africa Cargo assessment worthy parties in its assessment processes. For Flash Point Minimum 230 degrees Celsius
[AGNWD00], which reflects higher sulfur material of comments and feedback, please contact Platts Pour Point Maximum -9 degrees Celsius
Clip Size 1,000-5,000 mt
5,000-10,000 mt parcels with a maximum 3,000 ppm editors at Europe_products@spglobal.com and Laycan 20-45 days forward delivery
sulfur content for STS loading offshore Lome. More market_integrity_review@spglobal.com. Basis Port Rotterdam
details of the methodology can be found here: europe-

africa-refined-products-methodology.pdf. Platts to launch weekly European Group 2 and Group Unapproved Group 3
The new low sulfur diesel assessment can be found 3 Base Oils assessments 4CST
in European Marketscan and on Platts Global Alert and Platts, part of S&P Global Commodity Insights, will Viscosity at 100 degrees Celsius 4.2-4.4 millimeters squared per second
Platts Refined Products Alert fixed page 1122. launch weekly, CFR Europe Group 2 and Group 3 base Viscosity Index Minimum 127
Flash Point Minimum 220 degrees Celsius
Platts will publish the new assessment on an oils spot assessments on Dec. 11, 2024. Pour Point Maximum -18 degrees Celsius
Evaporation Loss Maximum 12%
outright basis in $/mt, time-stamped at 4:30 pm, The proposed assessments will reflect spot cargoes Clip Size 1,000-5,000 mt
London time. for Group 2 150N, 220 N, 600 N and unapproved Group Laycan 20-45 days forward delivery
Basis Port Rotterdam
Platts continues to monitor evolving West Africa 3 4CST and 6CST base oils.

6CST
usual 3-15/5-15 days forward range. Please note that Please send any comments or questions to
Viscosity at 100 degrees Celsius 5.8-6.2 millimeters squared per second
Viscosity Index Minimum 130 the assessment remains unchanged. europe_products@spglobal.com, with a copy to
Flash Point Minimum 220 degrees Celsius The full detail for each day can be seen below: pricegroup@spglobal.com.
Evaporation Loss Maximum 7% On Dec. 20 MOC dates will be Dec. 27-Jan. 4 (FE
Clip Size 1,000-5,000 mt
dates: Dec. 27-31; MW dates: Dec. 29-Jan. 02; BE dates: Platts to change Group 1 Base Oils assessments
Laycan 20-45 days forward delivery
Basis Port Rotterdam Dec. 31-Jan. 4) names, specifications, publishing schedule
On Dec. 23 MOC dates will be Dec. 30-Jan. 7 (FE Platts, part of S&P Global Commodity Insights,
Following market feedback, the assessment size dates: Dec. 30-Jan. 3; MW dates: Jan. 1-5; BE dates: will change the current monthly, European Group 1
will reflect clip sizes of 1,000-5,000mt. In its subscriber Jan. 3-7) Base Oils spot assessments names, methodology and
note published on Oct. 17, 2024, Platts originally On Dec. 24 MOC dates will be Dec. 31-Jan. 8 (FE publishing schedule, effective on Dec. 11, 2024.
proposed a vessel size of 15,000-30,000 mt. The dates: Dec. 31-Jan. 4; MW dates: Jan. 2-6; BE dates: Assessment names:
proposal note can be reached at: Platts proposes to Jan. 4-8) Platts will change the names of the following
launch weekly European Group 2, Group 3 base oils In addition, on Dec. 27 Platts will publish bids, offers assessments:
assessments | S&P Global Commodity Insights and trades in its Market on Close assessment process Assessment
Current assessment name Proposed assessment name
Platts base oil assessments will reflect bulk liquid for refined product barges that load 6-15 days forward, code
PLAAC00 150SN Paraffin NWE Group 1 SN150 FOB Europe
cargo clips which may be delivered on a part cargo basis. not the usual 3-15/5-15 days forward range. Please note PLAAF00 500SN Paraffin NWE spot Hi Group 1 SN500 FOB Europe
Platts understands that prevalent grades trading in that the assessment remains unchanged. PLAAI00 Bright Stock NWE spot Hi Group 1 Bright Stock FOB Europe
the market often reflect specifications specific to large The full detail for each day can be seen below:
producers. The Platts specifications aim to encompass On December 27 MOC dates will be Jan. 2-11 (FE In addition, Platts will change the name of the
the parameters of the main producers for each grade. dates: Jan. 2-6; MW dates: Jan. 4-8; BE dates: Jan. 7-11) table in which these assessments appear on Oilgram
Pricing information with terms, locations, and While, on Dec. 30 and Dec. 31 Platts will publish bids, Price Report from “Monthly spot Lube assessments”
specifications different from the above standard may offers and trades in its Market on Close assessment to “Weekly spot Base Oil assessments” to reflect the
be considered for assessment purposes, subject to process for refined product barges that load 4-15 days change in frequency of these assessments.
normalization. forward, not the usual 3-15/5-15 days forward range. Methodology:
Please send any questions, comments, or feedback Please note that the assessment remains unchanged. Platts will change the methodology for the above
to europe_products@spglobal.com with a copy to The full detail for each day can be seen below: assessments to reflect the following specifications
pricegroup@spglobal.com. On Dec. 30 MOC dates will be Jan. 3-14 (FE dates: and bases:
For written comments, please provide a clear Jan. 3-7; MW dates: Jan. 5-9; BE dates: Jan. 10-14)
Group 1 SN150 FOB Europe (PLAAC00)
indication if they are not intended for publication by On Dec. 31 MOC dates will be Jan. 4-15 (FE dates:
Platts for public viewing. Jan. 4-8; MW dates: Jan. 6-10; BE dates: Jan. 11-15) ASTM Color Maximum 1.5
Viscosity at 40 degrees Celsius 28-35 millimeters squared per second
Platts will consider all comments received and will On Dec. 24 and Dec. 31 all European oil assessments Viscosity at 100 degrees Celsius 5.2-5.9 millimeters square per second
make comments not marked as confidential available will be basis 12:30 pm London time, with all cut-offs Viscosity Index Minimum 95
upon request. and timings commensurate with a close at that time. Pour Point Maximum minus 9 degrees Celsius
Please note that on Dec. 25 and Dec. 26, as well as Clip Size 1,000-5,000 mt
Laycan 10-20 days forward loading
Europe barge MOC dates for Christmas, New Year Jan. 1, no European and African oil assessments will Port basis Rotterdam
holidays 2024 be published out of London, in line with the Pricing
Please note that effective Dec. 20, Dec. 23 and Dec. Holiday Schedule. Group 1 SN500 FOB Europe (PLAAF00)
24, 2024 Platts will publish bids, offers and trades in For a full list of services affected, please
ASTM Color Maximum 4
its Market on Close assessment process for refined consult: https://www.spglobal.com/platts/en/our- Viscosity at 40 degrees Celsius 100-125 millimeters squared per second
product barges that load 7-15 days forward, not the methodology/holiday. Viscosity at 100 degrees Celsius 9.5-13 millimeters square per second
Viscosity Index Minimum 95


Pour Point Maximum minus 6 degrees Celsius indication if they are not intended for publication by The assessments will reflect the values of physical
Clip Size 1,000-5,000 mt Platts for public viewing. bitumen cargoes at the close of 4.30 pm London time
Laycan 10-20 days forward loading
Port Basis Rotterdam Platts will consider all comments received and will on Wednesdays and will follow a London publishing
make comments not marked as confidential available schedule. When a UK public holiday falls on the
Group 1 Bright Stock FOB Europe (PLAAI00) upon request. planned publishing day, the assessment will be
published the day prior to the public holiday.
ASTM Color Maximum 6
Viscosity at 100 degrees Celsius 30-35 millimeters square per second Platts to launch weekly European FOB Northwest Details of the proposed specifications:
Viscosity Index Minimum 95 Europe and FOB Mediterranean Bitumen
Flash Point Minimum 280 degrees Celsius FOB Northwest Europe Bitumen
Pour Point Maximum minus 6 degrees Celsius assessments Dec. 11
Clip Size 1,000-5,000 mt Platts, part of S&P Global Commodity Insights, Specification EN-12591
Laycan 10-20 days forward loading Basis Penetration Grade 40/60
Port Basis Rotterdam will launch weekly FOB Northwest Europe and FOB Vessel Size 5,000-7,000 mt
Mediterranean bitumen prices Dec. 11. Basis Port Rotterdam
Assessment Period 20-45 days forward
Following market feedback, the assessment size The new FOB Northwest Europe assessment will be
will reflect clip sizes of 1,000-5,000 mt. In its proposal basis Rotterdam and will be published as $/mt (outright)
subscriber note, published on Oct. 17, 2024, Platts and as a cash differential to the forward strip for Fuel Following market feedback, the assessment
originally proposed a vessel size of 3,000-5,000 mt. oil 3.5%S FOB Rdam Barges. The cash differential specification will reflect penetration grades of 35/50,
The proposal note can be reached at : Platts proposes assessment will reflect the value of physical bitumen in 40/60, 50/70 and 70/100 normalized to 40/60. In its
to change Group 1 Base Oils assessments names, relation to the average of the underlying forward curve proposal subscriber note published Oct. 25, 2024,
specifications, publishing schedule | S&P Global for Fuel oil 3.5%S FOB Rdam Barges aligned with the Platts originally proposed a reference penetration
Commodity Insights loading window reflected in the physical assessment grade of 50/70. The proposal note can be found at:
Platts base oil assessments will reflect bulk liquid (20-45 days forward), on publishing day. Platts proposes to launch weekly European FOB NWE,
cargo clips which may be delivered on a part cargo basis. These strip values are calculated using Platts FOB Med bitumen assessments Dec. 11 | S&P Global
Pricing information with terms, locations, and assessments of related derivatives for balance month, Commodity Insights
specifications different from the above standard may month one and month two.
FOB Mediterranean Bitumen
be considered for assessment purposes, subject to The new FOB Mediterranean assessment will be
normalization. basis Augusta and will be published as $/mt (outright) Specification EN-12591
Basis Penetration Grade 50/70
Platts understands that prevalent grades traded in and as a differential to the forward strip for Fuel Vessel Size 5,000-7,000 mt
the market often reflect specifications unique to large oil 3.5%S FOB Med cargoes. The cash differential Basis Port Augusta
Assessment Period 20-45 days forward
producers. The Platts specifications aim to encompass assessment will reflect the value of physical bitumen in
the parameters of the main producers for each grade. relation to the average of the underlying forward curve
The above Group 1 assessments will be published in for Fuel oil 3.5%S FOB Med cargoes aligned with the Following feedback, the assessment specification
$/mt and will take into consideration price information loading window reflected in the physical assessment will reflect penetration grades of 35/50, 40/60, 50/70
gathered during the week up to the close of the (20-45 days forward), on publishing day. and 70/100 normalized to 50/70.
assessment process on Wednesday of each week at 4:30 These strip values are calculated using Platts Pricing information with terms, locations, and
pm London time, following a London publishing schedule. assessments of related derivatives for balance month, specifications different from the above standard may
Frequency: month one and month two. be considered for assessment purposes, subject to
These assessments will continue to be found in the Both assessments will take into consideration price normalization.
Oilgram Price Report, on Platts Connect, and on Platts information gathered during the week ahead of the Please send any questions, comments, or feedback
Global and Refined Product alert pages 1146. assessment, with indications normalized to the close to europe_products@spglobal.com with a copy to
For written comments, please provide a clear at 4.30 pm London time on Wednesday of each week. pricegroup@spglobal.com.

For written comments, please provide a clear 0.6% Cargoes CIF NWE, VGO 2.0%S CIF NWE, VGO 0.8% a reshaping of traditional flows of Russian material to
indication if they are not intended for publication by CIF Med Cargo, VGO 2% MAX CIF Med Cargo), their destinations outside the EU, including the emergence
Platts for public viewing. names or basis ports. of new trading hubs for the product, such as Brazil,
Platts will consider all comments received and will Please send feedback, questions or comments Turkey and Africa.
make comments not marked as confidential available to europe_products@spglobal.com and As part of its commitment to bringing transparency
upon request. pricegroup@spglobal.com . to these new markets, Platts began assessing ULSD
For written comments, please provide a clear cargoes delivered into South Brazil from all origins,
Platts to change European VGO netback routes, indication if comments are not intended for publication including Russia, from Sept. 1, 2023. More details of the
assessment names Jan. 2 by Platts for public viewing. Platts ULSD DAP South Brazil all-origin assessment
Platts, part of S&P Global Commodity Insights, will Platts will consider all comments received and will can be found here.
update netback routes for European vacuum gasoil make comments not marked as confidential available Feedback has also indicated that existing sanctions
cargoes on Jan. 2 to reflect a change in trade flows upon request. on imports of Russian-origin into the EU are not
following European sanctions on Russian-origin oil expected to be lifted for the foreseeable future, and
products. Platts proposes to discontinue its ULSD 10 ppm CIF Platts is therefore proposing to discontinue its ULSD10
In addition, Platts will change the name of some of NWE all-origin assessment and related spread from ppm CIF NWE all-origin assessment [ALORA00] and
the affected assessments to reflect the updated ports. Jan 2, 2025 related spread to benchmark ULSD 10 ppm CIF NWE
The assessments under new names will continue to Platts, part of S&P Global Commodity Insights, is assessment [ALORB00], effective Jan. 2, 2025.
be found under the heading ‘European Feedstocks and proposing to discontinue its ULSD 10 parts per million The proposed changes will not impact other Platts
Blendstocks’ on page 2 of European Marketscan, and the CIF Northwest Europe all-origin assessment [ALORA00] European diesel assessments including benchmark
table will be renamed ‘FOB Med’ from ‘FOB Black Sea’. and related spread to benchmark ULSD 10 ppm CIF price assessment Platts ULSD 10ppmS CIF NWE Cargo
This change was outlined in an Oct. 11 proposal, NWE assessment [ALORB00], effective Jan. 2, 2025. [AAVBG00], which continue to exclude Russian-origin
available here: https://www.spglobal.com/ This proposal follows on from a consultation product.
commodityinsights/en/our-methodology/subscriber- detailed here. Platts launched its ULSD 10 ppm CIF NWE all-
notes/101124-platts-proposes-to-change-european- Platts opened the consultation in November 2022 origin assessment [ALORA00] and related spread
vgo-netback-routes-assessment-names-jan-2-2025 to seek industry feedback on how best to provide to benchmark ULSD 10 ppm CIF NWE assessment
The following changes will take effect Jan. 2: continued transparency into the Russian-origin diesel [ALORB00] in June 2022 to reflect material from all
Assessment Current market following EU sanctions on Russian oil products origins, including Russia, with the aim of providing
New name Updated load ports
code Assessment name which came into force in February 2023. Following transparency into the continued flow of Russian
Santa Panagia Bay (50%)
ABBAD00 LSVGO Black Sea
FOB Med
Cartagena (30%) this, the ULSD CIF NWE all-origin assessment no diesel to some Northwest European importers at
LSVGO
Laconia Bay (20%) longer reflects Russian-origin product, as its current the time. Platts concurrently changed its benchmark
Santa Panagia Bay (50%)
FOB Med methodology is on a CIF Northwest Europe basis. assessment methodology for diesel cargoes delivered
ABBAC00 HSVGO Black Sea Cartagena (30%)
HSVGO
Laconia Bay (20%) In particular, Platts invited feedback on the future in Northwest Europe and the Mediterranean to
VGO 0.5%-0.6% Retain existing
Antwerp (40%) of the ULSD CIF NWE all-origin assessment and related exclude Russian-origin product with effect from June
AAHMX00 Rotterdam (40%)
FOB NWE name
Amsterdam (20%)
all-origin spread [ALORB00], and whether these 1, 2022, as European markets increasingly shifted
Antwerp (40%) assessments should be discontinued or amended to away from buying Russian-origin oil products after
VGO 2.0%S FOB
AAHNB00
NWE
Retain existing Rotterdam (40%) reflect the continued flow of Russian oil products to the Russian invasion of Ukraine. More details can be
name Amsterdam (20%)
markets outside the EU. found here.
Industry feedback and observation of vessel flows Platts will continue to monitor flows of Russian-
As part of this methodology change, there will be no have since indicated that following the February 2023 origin diesel, as well as the emergence of new trading
changes to the underlying assessments (VGO 0.5%- EU sanctions on Russian oil products there has been hubs for the product.

Please send any feedback, questions or As part of its commitment to bringing transparency comments are not intended for publication by Platts
comments to europe_products@spglobal.com and to these new markets, Platts began assessing ULSD for public viewing. Platts will consider all comments
pricegroup@spglobal.com by Dec. 6. For written cargoes delivered into South Brazil from all origins, received and will make comments not marked as
comments, please provide a clear indication if including Russia, from Sep. 1, 2023. More details of the confidential available upon request.
comments are not intended for publication by Platts Platts ULSD DAP South Brazil all-origin assessment
for public viewing. Platts will consider all comments can be found here. Aardvark Trading LLC to join EMEA - Gasoil/Diesel -
received and will make comments not marked as Feedback has also indicated that existing sanctions Paper; EMEA - Mogas-Paper MOC
confidential available upon request. on imports of Russian-origin into the EU are not Aardvark Trading LLC has advised Platts, part of
expected to be lifted for the foreseeable future, and S&P Global Commodity Insights, that it would like to
Platts proposes to discontinue its ULSD 10 ppm CIF Platts is therefore proposing to discontinue its ULSD10 participate in the Platts Market on Close assessment
NWE all-origin assessment and related spread from ppm CIF NWE all-origin assessment [ALORA00] and process for EMEA - Gasoil/Diesel - Paper; EMEA -
Jan 2, 2025 related spread to benchmark ULSD 10 ppm CIF NWE Mogas-Paper.
Platts, part of S&P Global Commodity Insights, is assessment [ALORB00], effective Jan. 2, 2025. Platts has reviewed Aardvark Trading LLC and will
proposing to discontinue its ULSD 10 parts per million The proposed changes will not impact other Platts consider information from the entity in the assessment
CIF Northwest Europe all-origin assessment [ALORA00] European diesel assessments including benchmark process for EMEA - Gasoil/Diesel - Paper; EMEA -
and related spread to benchmark ULSD 10 ppm CIF price assessment Platts ULSD 10ppmS CIF NWE Cargo Mogas-Paper, subject at all times to adherence with
NWE assessment [ALORB00], effective Jan. 2, 2025. [AAVBG00], which continue to exclude Russian-origin Platts editorial standards.
This proposal follows on from a consultation product. Platts will publish all relevant information from
detailed here. Platts launched its ULSD 10 ppm CIF NWE all- Aardvark Trading LLC accordingly.
Platts opened the consultation in November 2022 origin assessment [ALORA00] and related spread Platts welcomes all relevant feedback regarding
to seek industry feedback on how best to provide to benchmark ULSD 10 ppm CIF NWE assessment MOC participation. Platts considers bids, offers
continued transparency into the Russian-origin diesel [ALORB00] in June 2022 to reflect material from all and transactions by all credible and credit-
market following EU sanctions on Russian oil products origins, including Russia, with the aim of providing worthy parties in its assessment processes. For
which came into force in February 2023. Following transparency into the continued flow of Russian comments and feedback, please contact Platts
this, the ULSD CIF NWE all-origin assessment no diesel to some Northwest European importers at editors at pl_middisteurope@spglobal.com;
longer reflects Russian-origin product, as its current the time. Platts concurrently changed its benchmark pl_lightendseurope@spglobal.com and
methodology is on a CIF Northwest Europe basis. assessment methodology for diesel cargoes delivered market_integrity_review@spglobal.com.
In particular, Platts invited feedback on the future in Northwest Europe and the Mediterranean to
of the ULSD CIF NWE all-origin assessment and related exclude Russian-origin product with effect from June Marathon International Products Supply LLC to join
all-origin spread [ALORB00], and whether these 1, 2022, as European markets increasingly shifted EMEA - NWE Gasoil/Diesel - Physical MOC
assessments should be discontinued or amended to away from buying Russian-origin oil products after Marathon International Products Supply LLC has
reflect the continued flow of Russian oil products to the Russian invasion of Ukraine. More details can be advised Platts, part of S&P Global Commodity Insights,
markets outside the EU. found here. that it would like to participate in the Platts Market
Industry feedback and observation of vessel flows Platts will continue to monitor flows of Russian- on Close assessment process for EMEA - NWE Gasoil/
have since indicated that following the February 2023 origin diesel, as well as the emergence of new trading Diesel - Physical.
EU sanctions on Russian oil products there has been hubs for the product. Platts has reviewed Marathon International
a reshaping of traditional flows of Russian material to Please send any feedback, questions or Products Supply LLC and will consider information
destinations outside the EU, including the emergence comments to europe_products@spglobal.com and from the entity in the assessment process for EMEA
of new trading hubs for the product, such as Brazil, pricegroup@spglobal.com by Dec. 6. For written - NWE Gasoil/Diesel - Physical, subject at all times to
Turkey and Africa. comments, please provide a clear indication if adherence with Platts editorial standards.

Platts will publish all relevant information (MGC) time charter and spot rates for the following Platts starts reflecting a typical density of 0.67 to
from Marathon International Products Supply LLC specified routes: Karsto, Houndpoint (Braefoot Bay), 0.735 kg/l in its European naphtha assessments
accordingly. Mongstad and Teesside to Flushing, Amsterdam, Platts, part of S&P Global Commodity Insights, has
Platts welcomes all relevant feedback regarding Rotterdam and Antwerp. started reflecting a typical density of 0.67 to 0.735
MOC participation. Platts considers bids, offers This rate may be reviewed for change, subject kg/l for naphtha reflected in its European naphtha
and transactions by all credible and credit- to market conditions. Such modifications will be assessments and associated Market on Close
worthy parties in its assessment processes. For made in line with the Platts Methodology Change assessment process, effective Nov. 1, 2024.
comments and feedback, please contact Platts Standards, including the announcement of changes via Platts European naphtha assessments had
editors at pl_middisteurope@spglobal.com and subscriber notes. previously reflected open specification material with a
market_integrity_review@spglobal.com. From 2025, the annual freight rate will be minimum 65% paraffin content and a typical density of
announced on Oct. 1 and applied through Sept. 30 0.69 to 0.735 kg/l. Following the Feb. 5, 2023, sanctions
Tupras Trading Ltd to join EMEA - Fuel Oil Barges - of the following calendar year, in line with standard prohibiting the import of Russian oil products including
Physical MOC market practices. naphtha into the EU, Platts received market feedback
Tupras Trading Ltd has advised Platts, part of The Platts Propane FOB NWE Large Cargo that the increased inflow of naphtha cargoes from a
S&P Global Commodity Insights, that it would like to assessment (APRPA00) and Butane FOB NWE Large diverse set of countries outside of the EU had resulted
participate in the Platts Market on Close assessment Cargo assessment (APRPB00) are calculated as a in a shift in the typical density of naphtha imported
process for EMEA - Fuel Oil Barges - Physical. freight netback to the Platts Propane CIF NWE Large into Northwest Europe.
Platts has reviewed Tupras Trading Ltd and will Cargo assessment (PMABA00) and Platts Butane CIF Feedback received throughout the extended
consider information from the entity in the assessment NWE Large Cargo assessment (PMAAK00), respectively, proposal phase suggested that, while 0.67 to 0.735
process for EMEA - Fuel Oil Barges - Physical, subject at by applying the prevailing freight differential. kg/l would currently reflect the most typical density
all times to adherence with Platts editorial standards. In addition, the Platts Propane NWE Large Cargo range for naphtha cargoes delivered into Northwest
Platts will publish all relevant information from Index (PNCI) (APRPC00) and Butane NWE Large Cargo Europe, it remains prevalent for market participants
Tupras Trading Ltd accordingly. Index (BNCI) (APRPD00), reflecting the average value to reference the open specification naphtha limits
Platts welcomes all relevant feedback regarding of the last five published daily prices of the month for in determining merchantability of material, which
MOC participation. Platts considers bids, offers Platts Propane FOB NWE Large Cargoes and Butane for density only defines a maximum specific gravity
and transactions by all credible and credit-worthy FOB NWE Large Cargoes, respectively, is published on of 0.735 at 15 degrees Celsius. As such, Platts is
parties in its assessment processes. For comments the last working day of each month. not specifying a minimum acceptable density in its
and feedback, please contact Platts editors at Platts launched daily FOB NWE LPG large cargo European naphtha assessments at this point.
pl_residualfuelseurope@spglobal.com and assessments and monthly indexes on Nov 1, 2024, Details of the decision can be found here: Platts
market_integrity_review@spglobal.com. more details can be found here: Platts launches FOB to reflect typical density of 0.67 to 0.735 kg/l in its
NWE LPG large cargo assessments, monthly indexes | European naphtha assessments from Nov. 1 | S&P
Platts publishes 2024/25 freight rate for FOB NWE S&P Global Commodity Insights . Global Commodity Insights
LPG large cargo assessments, monthly indexes Please send any comments or feedback Platts assessments for naphtha cargoes CIF NWE
Platts, part of S&P Global Commodity Insights, has to europe_products@spglobal.com and (PAAAL00), naphtha cargoes FOB Med (PAAAI00),
published the freight differential used in daily FOB pricegroup@spglobal.com.For written comments, naphtha cargoes CIF Med (PAAAH00) and naphtha
Northwest Europe large cargo assessments and NWE please provide a clear indication if comments are not barges FOB Rotterdam (PAAAM00) now reflect open
large cargo monthly indexes for propane and butane, intended for publication by Platts for public viewing. specification material with a minimum 65% paraffin
effective Nov. 1, 2024. The 2024/25 freight rate, to be Platts will consider all comments received and will content and a typical density range of 0.67 to 0.735
applied through Sept. 30, 2025, is $26.25/mt. The rate make comments not marked as confidential available kg/l. Other qualities may be taken into account when
is based on prevailing average medium gas carrier upon request. traded, but these would be normalized to Platts

specifications in line with existing methodology. basis Lavera, but deliveries into other ports in the pricegroup@spglobal.com.
For details of Platts European naphtha methodology Mediterranean may be reflected. Trades basis other For written comments, please provide a clear
and reflected specifications including RVP, mercury locations are normalized to a Lavera basis by analyzing indication if comments are not intended for publication
levels, oxygenate content and chloride limit, please freight costs. by Platts for public viewing. Platts will consider all
refer to the online methodology guide, available here. Platts Butane CIF Med Large Cargo assessment comments received and will make comments not
Please send any comments to reflects the value of refrigerated cargoes for delivery marked as confidential available upon request.
europe_products@spglobal.com with a CC to 10-25 days from the date of publication, with values
pricegroup@spglobal.com. For written comments, please normalized to reflect the mean of the delivery period. Platts changes manual MOC cutoff timing for
provide a clear indication if comments are not intended The assessment reflects full or part cargoes of naphtha cargoes CIF NWE
for publication by Platts for public viewing. Platts will between 8,500 mt and 23,100 mt, meeting field-grade Platts, part of S&P Global Commodity Insights, has
consider all comments received and will make comments mixed butane specifications, with a minimum 20% changed the timing guidelines for its naphtha cargoes
not marked as confidential available upon request. isobutane content. The assessment is CIF basis Lavera, CIF NWE (PAAAL00) Market on Close assessment
but deliveries into other ports in the Mediterranean process, effective Nov. 1.
Platts launches CIF Mediterranean large cargo LPG may be reflected. Trades basis other locations are Specifically, Platts has changed the cutoff timing
assessments normalized to a Lavera basis by analyzing freight costs. for submitting new bids and offers manually through a
Platts, part of S&P Global Commodity Insights, has Platts is publishing the new LPG assessments on an Platts editor for inclusion in the MOC to 16:00:00:000
launched CIF large cargo LPG assessments in the outright basis in $/mt, time-stamped at 1630 London London time, from 15:45:00:000 London time previously.
Mediterranean, effective Nov. 1, 2024, amid market time. In the absence of any bids, offers or trades The changes to the pricing state (no more new bids/
feedback seeking greater transparency for the value in the Platts Market on Close process, information offers) for naphtha cargoes CIF NWE is as follows:
of LPG cargoes delivered on medium gas carriers and heard in over-the-counter markets may be taken into MOC Environment Previous Timing New Timing from Nov. 1
Very Large Gas Carriers (VLGCs) in the Mediterranean. consideration. eWindow 16.05.00.000 No change
Manual 15.45.00.000 16.00.00.000
This follows a subscriber note announcing the Details of the new Platts CIF large cargo LPG
launch on Oct. 7, which can be found here: Platts to assessments are as follows:
launch CIF Mediterranean large cargo LPG assessments Assessment Symbol Monthly average No other timing and increment guidelines for
Nov 1 | S&P Global Commodity Insights. Platts first Propane CIF Med Large Cargo $/mt APRPE00 APRPE03 naphtha cargoes CIF NWE are affected by this change.
Butane CIF Med Large Cargo $/mt APRPF00 APRPF03
proposed the new assessments on Sept. 17 here: Platts has established clearly defined timing
The assessments can be found in LPGaswire and on guidelines and standards of incrementability that apply
Platts Global Alert and Platts Refined Products Alert More details of the Platts European LPG when publishing bids and offers during the MOC process
fixed pages 1775 and 1777. methodology can be found here: europe-africa-refined- to ensure an orderly and transparent price assessment
The Platts Propane CIF Med Large Cargo products-methodology.pdf (spglobal.com). process, which can be found here: https://www.spglobal.
assessment reflects the value of refrigerated cargoes Platts has established clearly defined timing com/commodityinsights/PlattsContent/_assets/_files/
for delivery 10-25 days from the date of publication, guidelines and standards of incrementability that en/our-methodology/methodology-specifications/oil-
with values normalized to reflect the mean of the apply when publishing bids and offers during the MOC timing-increment-guidelines.pdf.
delivery period. The delivery window of 10-25 days process in order to ensure an orderly and transparent Please send any comments or feedback
forward was adjusted from the 3-15 day window price assessment process. Details can be found in this to europe_products@spglobal.com and
originally proposed, based on feedback that the guide: https://www.spglobal.com/commodityinsights/ pricegroup@spglobal.com.
market has evolved to trading further forward following PlattsContent/_assets/_files/en/our-methodology/ For written comments, please provide a clear
increased arbitrage inflows in recent years. methodology-specifications/oil-timing-increment- indication if comments are not intended for publication
The assessment reflects full or part cargoes of guidelines.pdf. by Platts for public viewing. Platts will consider all
between 8,500 mt and 23,100 mt, meeting field-grade Please send any comments or feedback comments received and will make comments not
(95%) propane specifications. The assessment is CIF to europe_products@spglobal.com and marked as confidential available upon request.

Deals Summary Bids (PGA page 1415) PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: FE:
EXTAP* sold to VITOL 2.7kt: kt $5.00/mt 16:29:22
PLATTS GASOIL 50PPM BARGE 1-3KT ICE LSGO M1: ARA: FE:
TRAFI bids 1-3kt: $-10/mt PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: FE: STR*
Premium gasoline 10 ppm barges sold to VITOL 1.3kt: kt $5.00/mt 16:29:38
Withdrawals
Trades (PGA page 1304) PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: FE:
No bids reported
No trades reported GUNVORSA* sold to TRAFI 1.2kt: kt $6.00/mt 16:29:44
** Denotes OCO order.
* Denotes market maker. All times GMT PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: FE: STR*
Offers (PGA page 1416) sold to TRAFI 2kt: kt $5.00/mt 16:29:55
Bids (PGA page 1302)
PLATTS GASOIL 50PPM BARGE 1-3KT ICE LSGO M1: FG: FE: PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: MW:
10PPM: NWE Brg Wnt 10ppm: BE: MUSKETEUR bids 1kt: TOTSA offers 1-3kt: $-8/mt MERCURIASA sold to TRAFI* 2kt: kt $3.00/mt 16:27:44
$668.00/mt
PLATTS GASOIL 50PPM BARGE 1-3KT ICE LSGO M1: FG: MW: PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: BE:
Withdrawals TOTSA offers 1-3kt: $-9/mt MERCURIASA sold to TRAFI* 2kt: kt $3.00/mt 16:20:57
No bids reported Withdrawals PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: BE:
** Denotes OCO order. MERCURIASA* sold to VITOL 2.7kt: kt $2.50/mt 16:29:03
No offers reported
Offers (PGA page 1303) ** Denotes OCO order. PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: BE:
EXTAP* sold to TOTSA 2.5kt: kt $2.50/mt 16:29:08
No offers reported
Gasoil 0.1% Barges PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: BE:
Withdrawals
STR* sold to TOTSA 2.5kt: kt $2.50/mt 16:29:20
No offers reported Trades (PGA page 1426)
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: BE:
** Denotes OCO order. No trades reported EXTAP* sold to VITOL 3kt: kt $2.50/mt 16:29:56
* Denotes market maker. All times GMT * Denotes market maker. All times GMT
EBOB Barges Bids (PGA page 1424) Bids (PGA page 1474)
Trades (PGA page 1304)
No bids reported PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: FE:
No trades reported Withdrawals TRAFI bids 1-3kt: $4.00/mt
* Denotes market maker. All times GMT
No bids reported PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: FE:
Bids (PGA page 1302) ** Denotes OCO order. HARTREEUK bids 1-3kt: $3.00/mt
No bids reported Offers (PGA page 1425) PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: FE:
GLENCOREUK bids 1-3kt: $3.00/mt
Withdrawals PLATTS GASOIL 0.1 BARGE 1-3KT ICE LSGO M1: ARA: FE:
Withdrawals
No bids reported GLENCOREUK offers 1-3kt: $-22/mt
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: MW:
** Denotes OCO order. PLATTS GASOIL 0.1 BARGE 1-3KT ICE LSGO M1: ARA: MW:
TRAFI no longer bids 1-3kt: $3.00/mt
Offers (PGA page 1303) GLENCOREUK offers 1-3kt: $-22/mt
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: BE:
PLATTS GASOIL 0.1 BARGE 1-3KT ICE LSGO M1: ARA: BE:
No offers reported TRAFI no longer bids 1-3kt: $3.00/mt
GLENCOREUK offers 1-3kt: $-22/mt
Withdrawals ** Denotes OCO order.
Withdrawals
No offers reported Offers (PGA page 1475)
No offers reported
** Denotes OCO order.
** Denotes OCO order. PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: FE:
MERCURIASA offers 1-3kt: $6.00/mt
Gasoil 50ppm barges PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: FE:
Diesel barges
Trades (PGA page 1417) GUNVORSA offers 1-3kt: $6.00/mt
Trades (PGA page 1476)
PLATTS GASOIL 50PPM BARGE 1-3KT ICE LSGO M1: FG: FE: PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: MW:
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: FE: STR* EXTAP offers 1-3kt: $3.50/mt
TOTSA* sold to VITOL 2.4kt: kt $-8/mt 16:28:56
sold to VITOL 2.7kt: kt $5.00/mt 16:29:08 PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: MW:
* Denotes market maker. All times GMT

MERCURIASA offers 1-3kt: $3.50/mt * Denotes market maker. All times GMT ** Denotes OCO order.
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: MW: Bids (PGA page 1503) Offers (PGA page 1504)
STR offers 1-3kt: $3.50/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: VITOL bids 2kt: PLATTS FUEL OIL 3.5% RDAM BARGES: FE: TOTSA offers
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: MW: $438.00/mt 2kt: $440.00/mt
GUNVORSA offers 1-3kt: $5.50/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: PENINSULA bids PLATTS FUEL OIL 3.5% RDAM BARGES: FE: OEI offers 2kt:
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: BE: STR 2kt: $438.00/mt $440.25/mt
offers 1-3kt: $2.50/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: BPBV bids 2kt: PLATTS FUEL OIL 3.5% RDAM BARGES: FE: OEI offers 2kt:
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: BE: $436.00/mt $441.00/mt
FSTBV offers 1-3kt: $4.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: UNITEDBUNK PLATTS FUEL OIL 3.5% RDAM BARGES: FE: ARAMCOT offers
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: BE: bids 2kt: $430.00/mt 2kt: $441.00/mt
GUNVORSA offers 1-3kt: $5.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: NORTHSTARNV PLATTS FUEL OIL 3.5% RDAM BARGES: FE: GUNVORSA
Withdrawals bids 2kt: $426.00/mt offers 2kt: $441.00/mt
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: FE: STR PLATTS FUEL OIL 3.5% RDAM BARGES: MW: VITOL bids 2kt: PLATTS FUEL OIL 3.5% RDAM BARGES: FE: TOTSA offers
Withdraws offer 1-3kt: $5.00/mt $437.00/mt 2kt: $443.00/mt
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: BE: PLATTS FUEL OIL 3.5% RDAM BARGES: MW: BPBV bids 6kt: PLATTS FUEL OIL 3.5% RDAM BARGES: MW: OEI offers 2kt:
MERCURIASA no longer offers 1-3kt: $2.50/mt $436.00/mt $438.25/mt
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: BE: PLATTS FUEL OIL 3.5% RDAM BARGES: MW: UNITEDBUNK PLATTS FUEL OIL 3.5% RDAM BARGES: MW: ARAMCOT
EXTAP no longer offers 1-3kt: $2.50/mt bids 2kt: $429.00/mt offers 2kt: $439.00/mt
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Wnt: BE: PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GUNVORSA PLATTS FUEL OIL 3.5% RDAM BARGES: MW: OEI offers 2kt:
EXTAP no longer offers 1-3kt: $2.50/mt bids 2kt: $426.00/mt $439.50/mt
** Denotes OCO order. PLATTS FUEL OIL 3.5% RDAM BARGES: MW: NORTHSTARNV PLATTS FUEL OIL 3.5% RDAM BARGES: MW: TOTSA offers
bids 2kt: $425.00/mt 2kt: $440.00/mt
HSFO barges PLATTS FUEL OIL 3.5% RDAM BARGES: BE: VITOL bids 2kt: PLATTS FUEL OIL 3.5% RDAM BARGES: MW: ARAMCOT
Trades (PGA page 1505) $437.00/mt offers 2kt: $440.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: BPBV bids 2kt: PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GUNVORSA
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: ARAMCOT sold
to PENINSULA* 2kt: kt $439.00/mt 16:29:04 $436.00/mt offers 2kt: $441.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: PENINSULA PLATTS FUEL OIL 3.5% RDAM BARGES: BE: ARAMCOT offers
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: ARAMCOT sold
to PENINSULA* 2kt: kt $439.00/mt 16:29:15 bids 2kt: $436.00/mt 2kt: $438.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: UNITEDBUNK PLATTS FUEL OIL 3.5% RDAM BARGES: BE: ARAMCOT offers
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: ARAMCOT* sold
to VITOL 2kt: kt $439.00/mt 16:29:52 bids 2kt: $429.00/mt 2kt: $439.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: GUNVORSA bids PLATTS FUEL OIL 3.5% RDAM BARGES: BE: MERCURIASA
PLATTS FUEL OIL 3.5% RDAM BARGES: MW: STR sold to
VITOL* 2kt: kt $438.00/mt 16:28:36 2kt: $425.00/mt offers 2kt: $439.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: NORTHSTARNV PLATTS FUEL OIL 3.5% RDAM BARGES: BE: TOTSA offers
VITOL* 2kt: kt $437.50/mt 16:29:07 bids 2kt: $424.00/mt 2kt: $440.00/mt
Withdrawals PLATTS FUEL OIL 3.5% RDAM BARGES: BE: OEI offers 2kt:
PENINSULA* 2kt: kt $437.00/mt 16:29:48 PLATTS FUEL OIL 3.5% RDAM BARGES: FE: GUNVORSA $440.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: TOTSA* sold to

Withdraws bid 2kt: $427.00/mt PLATTS FUEL OIL 3.5% RDAM BARGES: BE: TOTSA offers
VITOL 2kt: kt $437.00/mt 16:24:24 PLATTS FUEL OIL 3.5% RDAM BARGES: MW: PENINSULA no 2kt: $441.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: MERCURIASA*

longer bids 2kt: $437.00/mt PLATTS FUEL OIL 3.5% RDAM BARGES: BE: GUNVORSA
sold to VITOL 2kt: kt $437.00/mt 16:24:26 PLATTS FUEL OIL 3.5% RDAM BARGES: MW: offers 2kt: $441.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: OEI* sold to

BURANDOENERGIES Withdraws bid 2kt: $432.00/mt Withdrawals
BURANDOENERGIES 2kt: kt $438.00/mt 16:28:03 PLATTS FUEL OIL 3.5% RDAM BARGES: BE: PLATTS FUEL OIL 3.5% RDAM BARGES: FE: ARAMCOT
BURANDOENERGIES Withdraws bid 2kt: $437.25/mt Withdraws offer 2kt: $439.00/mt

PLATTS FUEL OIL 3.5% RDAM BARGES: MW: TOTSA Bids (PGA page 1503) * Denotes market maker. All times GMT
Withdraws offer 2kt: $438.00/mt Bids (PGA page 1503)
No bids reported
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: TOTSA no longer
Withdrawals No bids reported
offers 2kt: $437.00/mt
No bids reported Withdrawals
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: MERCURIASA
no longer offers 2kt: $437.00/mt ** Denotes OCO order. No bids reported
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: OEI no longer Offers (PGA page 1504) ** Denotes OCO order.
offers 2kt: $438.00/mt No offers reported

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

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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, Nov 26

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

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

Calendar month averages for October 2024

VGO 2% max ABBAC03 545.239 Gasoil 0.1% AAYWS03 677.446–677.946 677.696

FOB NWE West Africa cargo (PGA page 1111)

© 2024 by S&P Global Inc. All rights reserved. 5

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

© 2024 by S&P Global Inc. All rights reserved. 6

© 2024 by S&P Global Inc. All rights reserved. 7

at $714.75/mt and at a $43.50/mt differential to Russian domestic refined products netbacks

© 2024 by S&P Global Inc. All rights reserved. 8

regarding petrochemical demand in the market. Asia products

© 2024 by S&P Global Inc. All rights reserved. 9

US Products: November 25, 2024

© 2024 by S&P Global Inc. All rights reserved. 10

Value on Dec.9 was assessed at $602.28/mt based Delivery basis

© 2024 by S&P Global Inc. All rights reserved. 11

the Energy ShiftShift

The European jet fuel complex was mixed Nov. 26 as

© 2024 by S&P Global Inc. All rights reserved. 12

© 2024 by S&P Global Inc. All rights reserved. 13

© 2024 by S&P Global Inc. All rights reserved. 14

© 2024 by S&P Global Inc. All rights reserved. 15

© 2024 by S&P Global Inc. All rights reserved. 16

Platts Mediterranean ULSD Cargo Daily obtainable obtainable?/?available at cost

© 2024 by S&P Global Inc. All rights reserved. 17

© 2024 by S&P Global Inc. All rights reserved. 18

© 2024 by S&P Global Inc. All rights reserved. 19

© 2024 by S&P Global Inc. All rights reserved. 20

© 2024 by S&P Global Inc. All rights reserved. 21

© 2024 by S&P Global Inc. All rights reserved. 22

© 2024 by S&P Global Inc. All rights reserved. 23

© 2024 by S&P Global Inc. All rights reserved. 24

© 2024 by S&P Global Inc. All rights reserved. 25

details of the methodology can be found here: europe-

© 2024 by S&P Global Inc. All rights reserved. 26

© 2024 by S&P Global Inc. All rights reserved. 27

Flash Point Minimum 220 degrees Celsius

© 2024 by S&P Global Inc. All rights reserved. 28

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

© 2024 by S&P Global Inc. All rights reserved. 30

© 2024 by S&P Global Inc. All rights reserved. 31

© 2024 by S&P Global Inc. All rights reserved. 32

© 2024 by S&P Global Inc. All rights reserved. 33

 PLATTS FUEL OIL 3.5% RDAM BARGES: BE: TOTSA* sold to

 PLATTS FUEL OIL 3.5% RDAM BARGES: BE: MERCURIASA*

 PLATTS FUEL OIL 3.5% RDAM BARGES: BE: OEI* sold to

© 2024 by S&P Global Inc. All rights reserved. 34

offers 2kt: $438.00/mt  No offers reported

© 2024 by S&P Global Inc. All rights reserved. 35

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PLATTS FUEL OIL 3.5% RDAM BARGES: BE: TOTSA* sold to

PLATTS FUEL OIL 3.5% RDAM BARGES: BE: MERCURIASA*

PLATTS FUEL OIL 3.5% RDAM BARGES: BE: OEI* sold to

offers 2kt: $438.00/mt No offers reported