Asia-Pacific/Arab Gulf Marketscan: Volume 39 / Issue 71 / April 13, 2020

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ASIA-PACIFIC/ARAB GULF MARKETSCAN

Volume 39 / Issue 71 / April 13, 2020
Asia products
Code Mid Change Code Mid Change Code Mid Change
Singapore (PGA page 2002)
FOB Singapore ($/barrel) MOPS strip Premium/Discount
Naphtha PAAAP00 17.42–17.46 17.440 -0.140 AAPKA00 18.65–18.69 18.670 0.000
Gasoline 97 unleaded PGAMS00 18.28–18.32 18.300 -3.320 AAPKE00* -0.39/-0.35 -0.370 -3.320
Gasoline 95 unleaded PGAEZ00 17.44–17.48 17.460 -3.320 AAPKF00* -1.23/-1.19 -1.210 -3.320
Gasoline 95 unleaded AGUMS00 20.630 -2.460 AGUMA00**** -3.170 -0.860
Gasoline 92 unleaded PGAEY00 16.95–16.99 16.970 -3.320 AAPKG00* -1.72/-1.68 -1.700 -3.320
Gasoline 92 unleaded AAXEQ00 19.74–19.78 19.760 -2.520 AAXER00 -2.81/-2.77 -2.790 -0.800
Gasoline 91 unleaded AAYNA00 17.570 -3.420 AAYNB00 -2.190 -0.900
Gasoline 92 unleaded 500 ppm PGAFY00*** -2.495 -0.797
CFR Naphtha AAOVF00 18.720 -0.050 AAOVG00 0.050 -0.050
Kerosene PJABF00 22.56–22.60 22.580 -1.600 AAPJZ00 26.16–26.20 26.180 -1.480 PJACU00 -3.62/-3.58 -3.600 -0.120
Gasoil 10 ppm AAOVC00 33.30–33.34 33.320 -2.470 AAOVD00** -2.61/-2.57 -2.590 -0.240
Gasoil 50 ppm AAPPF00 33.04–33.08 33.060 -2.470 AAPPH00** -2.87/-2.83 -2.850 -0.240
Gasoil 0.05% sulfur AAFEX00 30.43–30.47 30.450 -2.830 AAFFB00** -5.48/-5.44 -5.460 -0.600
Gasoil 0.25% sulfur AACUE00 30.07–30.11 30.090 -2.830 AACQI00** -5.84/-5.80 -5.820 -0.600
Gasoil POABC00 33.30–33.34 33.320 -2.470 AAPJY00 35.89–35.93 35.910 -2.230 POAIC00** -2.61/-2.57 -2.590 -0.240
FO 180 CST 2% ($/mt) PUAXS00 176.58–176.62 176.600 -10.870
HSFO 180 CST ($/mt) PUADV00 172.69–172.73 172.710 -10.630 AAPJX00 181.54–181.58 181.560 -9.060 AAGZF00 -8.87/-8.83 -8.850 -1.570
HSFO 380 CST ($/mt) PPXDK00 169.61–169.65 169.630 -9.330 AAPJW00 176.02–176.06 176.040 -8.330 PPXDL00 -6.43/-6.39 -6.410 -1.000
Marine Fuel 0.5% ($/mt) AMFSA00 230.520 -19.090 FOFSA00 238.720 -17.140 FOFSB00 -8.200 -1.950
Ex-Wharf 180 CST ($/mt) AAFET00 185.50–186.50 186.000 -8.000
Ex-Wharf 380 CST ($/mt) AAFER00 179.50–180.50 180.000 -7.000
Ex-Wharf 500 CST ($/mt) AAVUP00 176.50–177.50 177.000 -8.000
*Differential to FOB Singapore naphtha. **Differential to FOB Singapore gasoil. The “Gasoil” assessment reflects 10 ppm sulfur from January 2, 2018. ***Indicates relationship between premium/discount and MOPS gasoline 92 strip. ****Differential to FOB
Singapore gasoline 95 unleaded.
Middle East physical oil assessments (PGA pages 2004 and 2018)
Subscriber notes (PGA page 1500)
FOB Arab Gulf ($/barrel) Premium/Discount
Naphtha ($/mt) PAAAA00 121.95–126.95 124.450 -1.250 AAPKH00 -0.25/0.25 0.000 0.000
Naphtha LR2 ($/mt) AAIDA00 127.52–132.52 130.020 -1.250
Relocation of assessment-related content
Gasoline 95 unleaded AAICY00 13.78–13.82 13.800 -3.060 AAWUJ00 0.38/0.42 0.400 -0.200 As part of our journey to digitize the commodity markets and help
Gasoline 95 unleaded CFR AAWUK00 1.63/1.67 1.650 our customers be better prepared for change, we’re making our
Gasoline 92 unleaded AAGJA00 13.310 -3.060 AAGZA00 0.100 -0.200 content easier to find by moving all assessment-related content by
Kerosene PJAAA00 18.28–18.32 18.300 -1.600 PJACV00 -0.72/-0.68 -0.700 -0.100
Kerosene LR2 AAKNZ00 18.47–18.51 18.490 -1.600
region and assessment group. From March 2, 2020, you may find
Gasoil 10 ppm AAIDT00 28.76–28.80 28.780 -2.470 AAIDU00* -0.42/-0.38 -0.400 0.000 the Bids, Offers, Trades and Rationales and Exclusions in a different
Gasoil 0.005% sulfur AASGJ00 28.46–28.50 28.480 -2.470 AASGK00* -0.72/-0.68 -0.700 0.000 part of this publication. It can be found in line with the region and
Gasoil 0.05% sulfur AAFEZ00 28.21–28.25 28.230 -2.470 AAFFD00* -0.97/-0.93 -0.950 0.000 commodity of the assessments. Please do not hesitate to contact
Gasoil 0.25% sulfur AACUA00 27.96–28.00 27.980 -2.480 AACUC00* -1.22/-1.18 -1.200 -0.010
Gasoil POAAT00 28.76–28.80 28.780 -2.470 POAID00* -0.42/-0.38 -0.400 0.000 our Client Services team at [email protected] if you have any
Gasoil LR2 AAKBT00 28.96–29.00 28.980 -2.470 questions about this move.
HSFO 180 CST ($/mt) PUABE00 150.21–150.25 150.230 -9.340 AAXJA00 -11.02/-10.98 -11.000 -1.000
HSFO 380 CST ($/mt) AAIDC00 147.13–147.17 147.150 -8.040 AAXJB00 -8.02/-7.98 -8.000 -1.000 Platts starts Singapore intraday MF 0.5% swaps and cracks
HSFO 180/380 spread ($/mt) PPXDM00 -3.10/-3.06 -3.080 +1.300 assessments
Marine Fuel 0.5% Fujairah ($/mt) FOFFB00*** -9.000 0.000 S&P Global Platts has started publishing April 13 intraday
Ex-Wharf Fujairah 380 CST** ($/mt) AAYBG00 -3.000 +1.000
*Premium to MOPAG gasoil during loading. **Ex-Wharf differential represents premium/discount to the MOPAG 180 CST strip. ***MF 0.5% differential represents premium/ (Subscriber notes continue on page 15)
discount to the MOPFUJ MF 0.5% strip.
www.platts.com
ASIA-PACIFIC/ARAB GULF MARKETSCAN April 13, 2020
Asia products Market Commentary

Code Mid Change Code Mid Change
Middle East physical oil assessments (PGA pages 2004 and 2018)
Platts Asia and Middle Eastern Gasoline Daily
FOB Fujairah ($/barrel) MOPAG Strip
Gasoline 95 unleaded AFUJA00 18.550 -2.230 AFUJB00 18.150 -2.030
Market Analysis
Kerosene AFUJF00 22.440 -1.350 AFUJG00 23.140 -1.250 Asian gasoline sees more supply
Gasoil 10 ppm AFUJP00 31.670 -2.010
Gasoil AFUJK00 31.670 -2.010 AFUJL00 32.070 -2.010
IOC, Nayara offers 92 RON gasoline
HSFO 380 CST ($/mt) AFUJQ00 152.180 -9.270 AFUJR00 160.180 -8.270 India’s gasoline consumption falls to 2-year low
Ex-Wharf 380 CST ($/mt) AAYBF00 157.660 -11.540 AAYBD00 160.660
-12.540
MOPFUJ Strip The Asian gasoline market saw more weakness at the start
Marine Fuel 0.5% ($/mt)** AMFFA00 212.770 -19.710 FOFFA00 221.770
-19.710 of a new trading week, as ballooning spot supply against a
*FOB Fujairah outright prices are derived by adding the MOPAG strips and the FOB Arab Gulf premiums/discounts.
**FOB Fujairah Marine Fuel 0.5% outright prices are derived by adding the MOPFUJ strip and the MF 0.5% Fujairah premiums/discounts.
Gasoline components (PBF page 2410)

Weekly Fujairah oil product stocks
FOB Singapore ($/mt)
Code (’000 barrels) Change
MTBE PHALF00 191.00–193.00 192.000 -37.500
Apr 06 (PGA page 2022)
Singapore demurrage (PGT pages 2910 and 2960)
Light distillates FUJLD04 5726 -381
$/day Middle distillates FUJMD04 2530 +226
Demurrage Clean AALPY00 21000.000 +500.000 Heavy distillates and residues FUJHD04 15445 +959
Demurrage Dirty AALQA00 45000.000
+3000.000
Source: FEDCom, S&P Global Platts
Singapore paper (PGA page 2655)

Balance April* ($/barrel) May ($/barrel) June ($/barrel)
Naphtha Japan ($/mt) AAXFE00 206.75–207.25 207.000 -2.000 AAXFF00 221.25–221.75 221.500 -3.750
Naphtha AAPLD00 17.53–17.57 17.550 -0.150 PAAAQ00 19.43–19.47 19.450 -0.300 PAAAR00 21.03–21.07 21.050 -0.500
Gasoline 95 unleaded AGUMB00 18.430 -2.970 AGUMM01 22.140 -2.840 AGUMM02 26.160 -2.290
Gasoline 92 unleaded AAXEK00 17.71–17.75 17.730 -3.020 AAXEL00 21.14–21.18 21.160 -2.840 AAXEM00 24.74–24.78 24.760 -2.440
Reforming Spread AAXEN00 0.16/0.20 0.180 -2.870 AAXEO00 1.69/1.73 1.710 -2.540 AAXEP00 3.69/3.73 3.710 -1.940
Kerosene AAPLE00 23.91–23.95 23.930 -2.050 PJABS00 27.71–27.75 27.730 -1.820 PJABT00 31.47–31.51 31.490 -1.700
Gasoil AAPLF00 34.63–34.67 34.650 -2.690 POAFC00 36.76–36.80 36.780 -2.260 POAFG00 38.81–38.85 38.830 -1.870
HSFO 180 CST ($/mt) AAPML00 178.73–178.77 178.750 -9.750 PUAXZ00 183.48–183.52 183.500 -9.500 PUAYF00 190.98–191.02 191.000 -9.000
HSFO 380 CST ($/mt) AAPKB00 173.53–173.57 173.550 -8.700 AAPKC00 177.73–177.77 177.750 -9.000 AAPKD00 183.98–184.02 184.000 -8.500
Gasoil EFS ($/mt) AAQTX00 NA NANA AAQTY00 -7.490 -3.840 AAQTZ00 -7.720 -1.440
*Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February. **Interim Gasoil paper published ahead of the change in specification of FOB Singapore gasoil on January 2, 2018.
Arab Gulf Front Month Swaps (PGA page 2638)

Balance April* ($/barrel) May ($/barrel) June ($/barrel)
Gasoline 95 unleaded AFUIM00 14.770 -2.710 AFUIM01 18.480 -2.580 AFUIM02 22.500 -2.030
Kerosene AFUAM00 19.650 -2.050 AFUAM01 23.450 -1.820 AFUAM02 27.210 -1.700
Gasoil AFUJM00 30.110 -2.690 AFUJM01 32.240 -2.260 AFUJM02 34.290 -1.870
HSFO 180 CST AAYBM00 161.100 -9.750 AAYBM01 166.450 -9.500 AAYBM02 174.100 -9.000
HSFO 180 CST** AADZB00 160.950 -12.250 AADZM01 166.300
-12.000 AADZM02 173.950
-11.500
HSFO 380 CST AFURM00 155.900 -8.700 AFURM01 160.700 -9.000 AFURM02 167.100 -8.500
*Balance month swaps are assessed from the 1st to 10th of the month. **At 1730 Singapore time.
© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 2
Asia products backdrop of lackluster demand continued to drag regional

fundamentals lower.
Japan physical oil assessments (PGA page 2006) State-run Indian Oil Corp once again emerged on the
C+F Japan ($/mt) Premium/Discount spot market, offering up to a total of 71,000 mt of 92 RON
Naphtha PAAAD00 184.00–189.00 186.500 -1.250 PAADI00 -12.75/-12.25 -12.500 0.000 gasoline for prompt dates.
Nph 2nd 1/2 May PAAAE00 181.00–181.50 181.250 -1.250
Nph 1st 1/2 Jun PAAAF00 184.00–184.50 184.250 -1.250 One 35,000 mt cargo is to be loaded over April 19-20
Nph 2nd 1/2 Jun PAAAG00 188.50–189.00 188.750 -1.250 from Paradip while a second clip of between 35,000
Naphtha MOPJ Strip AAXFH00 221.25–221.75 221.500 -3.750 AAXFI00 -35.25/-34.75 -35.000 +2.500
-36,000 mt in size to be loaded over April 26-27 from either
C+F Japan ($/barrel) Premium/Discount
Gasoline 91-92 unleaded PGACW00 19.76–19.80 19.780 -3.320 Haldia or Paradip, according to the tender document.
Gasoline 95 unleaded PGAQQ00 20.25–20.29 20.270 -3.320 India’s private refiner Nayara was noted also offering
Kerosene PJAAN00 23.71–23.75 23.730 -1.600 PAADK00 -2.47/-2.43 -2.450 -0.120
between 58,000 - 60,000 mt of 92 RON gasoline, with RVP
Gasoil AAWVG00 -1.11/-1.07 -1.090 -0.120
HSFO 180 CST ($/mt) PUACJ00 193.30–193.34 193.320 -10.630 of max 62 kPa and max 50ppm sulfur, for loading over May
FOB Japan ($/barrel) 6–10 from Vadinar.
Gasoil POJAP00 49.541 +0.653 Both IOC’s and Nayara’s tender closes on April 14, with
South Korea physical oil assessments (PGA page 2008) same-day validity.
C+F Korea ($/mt) Premium/Discount Thus far, at least 410,000 mt of gasoline has been
Naphtha PAADE00 171.25–171.75 171.500 -1.250 PAADG00 -15.25/-14.75 -15.000 0.000 offered by Indian refiners on the spot market for April, up
FOB Korea ($/barrel) Premium/Discount from 256,000 mt in March, based on open tenders seen by
Gasoline 95 unleaded PGAQO00 18.67–18.71 18.690 -3.180
Jet PJADG00 22.06–22.10 22.080 -1.580 PJADI00 -4.12/-4.08 -4.100 -0.100
S&P Global Platts.
Gasoil POAIE00 33.49–33.53 33.510 -2.330 POAIG00 -2.42/-2.38 -2.400 -0.100 The rise in spot exports was attributed to a severely
HSFO 180 CST 3.5% ($/mt) PUBDP00 179.54–179.58 179.560 -11.560 PUBDR00 -2.25/-1.75 -2.000 -2.500 tampered domestic demand, sources said which forced
HSFO 380 CST 3.5% sulfur ($/mt) PUBDY00 176.46–176.50 176.480 -10.260 PUBEA00 -2.25/-1.75 -2.000 -2.500
Indian refiners to push barrels overseas in order to maintain
Mean of Platts West India netbacks (PGA page 2012) domestic inventory balances amid a 21-day nationwide
FOB India ($/mt) FOB India ($/barrel) lockdown that started on March 25.
Naphtha AAQWK00 152.820 +1.720 AAQWJ00 16.980
+0.190
Gasoline (92 RON) AARBQ00 124.030 -26.770 AARBP00 14.590
-3.150
India’s gasoline consumption as a result of the
Gasoline (95 RON) AAQWI00 126.440 -26.440 AAQWH00 15.050
-3.150 lockdown had fallen to a 2-year low in March, falling sharply
Jet kero AAQWM00 158.160 -11.190 AAQWL00 20.020
-1.420 by 14.1% to total 2.156 million mt, latest data from the
Gasoil 10 ppm AAQWO00 233.680 -17.370 AAQWN00 30.670
-2.280
Gasoil 500 ppm AAQWQ00 206.630 -19.640 AAQWP00 27.740
-2.630 Petroleum Planning and Analysis Cell showed.
Gasoil 2500 ppm AAQWS00 203.950 -19.630 AAQWR00 27.380
-2.630 India’s consumption of gasoline was last lower on
Australia (PGA page 2014) February 2018 at 2.088 million mt, PPAC data also showed.
C+F Australia ($/barrel) In addition to raising exports, IOC was also reported to
Gasoline 92 AACZF00 21.30–21.34 21.320 -3.320 have cut crude throughput level to half the normal run rate
Gasoline 95 AACZH00 21.79–21.83 21.810 -3.320 at its nine refineries, down further from the 30% cut it had
Jet AAFIY00 27.24–27.28 27.260 -1.600
Gasoil 10 ppm AAQUD00 38.27–38.31 38.290 -2.470 made weeks earlier, Platts reported previously.
However, while the initial deadline for the lockdown was
South Africa (PGA pages 2342 and 2412)
April 14, this date is likely to be extended by the Indian
CFR South Africa ($/barrel)
Gasoline 95 unleaded AAQWW00 22.421 -2.340
government as the domestic spread of the coronavirus is
Jet kero AAQWT00 26.605 -1.469 yet to flatten.
Gasoil 10 ppm AAQWU00 36.086 -2.136
Gasoil 500 ppm AAQWV00 35.536 -2.136
Asia products As of early Monday, India has reported 9,205 confirmed

cases and 331 deaths, according to media reports.
Freight netbacks (PGA pages PGT2910 and PGT2960)
AG-Spore Spore-Japan AG-Japan Spore-Australia Platts Singapore Gasoline Rationales & Exclusions
Naphtha AAPOF00 23.85* AAPOG00 62.05*
Naphtha-LR2 AAPOH00 56.48*
Gasoline Unl 92 FOB Spore Cargo <PGAEY00> assessment
Gasoline AAPOC00 3.66 AAPOD00 2.81 AAPOE00 4.35 rationale: The FOB Singapore 92 RON gasoline assessment
Kerosene AAPOI00 4.28 AAPOJ00 4.68
Monday took into consideration an offer for a cargo loading
Kerosene-LR2 AAPOK00 4.09
Gasoil AAPOL00 4.54 AAPOM00 4.97 over May 3-7 at $17/b.
Gasoil-LR-2 AAPON00 4.34
HSFO 180 CST AAPOO00 22.48* AAPOP00 20.61*
HSFO 380 CST AAPOQ00 22.48*
Gasoline Unl 95 FOB Spore Cargo <PGAEZ00> assessment
All values in $/barrel, except * values in $/mt. rationale: The FOB Singapore 95 RON gasoline assessment
South China/Hong Kong physical oil assessments (PGA page 2010) Monday took into consideration the previous day’s 92/95
South China ($/mt) Premium/Discount to MOPS ($/barrel) inter-RON spread as the standing offers did not
Gasoline 90 unleaded AAICU00 125.75–129.75 127.750 -30.750 demonstrate value.
Gasoline 93 unleaded AAICW00 130.00–134.00 132.000 -30.750
Jet/kero PJABQ00 189.00–193.00 191.000 -12.500 AAWTW00 -2.03/-1.99 -2.010 -0.120
Gasoil POAFA00 257.50–261.50 259.500 -18.500 AABJZ00 -1.08/-1.04 -1.060 -0.240 Gasoline Unl 97 FOB Spore Cargo <PGAMS00> assessment
Hong Kong bunker grades ($/mt) rationale: The FOB Singapore 97 RON gasoline assessment
HSFO 180 CST PUACC00 208.50–209.50 209.000 -11.000 Monday took into consideration the previous day’s 95/97
HSFO 380 CST PUAER00 202.50–203.50 203.000 -10.000
inter-RON spread in the absence of any bids and offers.
*C+F Hong Kong, $/barrel premium/discount to Mean of Platts Singapore.
Marine Fuel (PGA page 30) Gasoline Unl 92 FOB Arab Gulf Cargo <AAGJA00>
$/mt Change vs FO 380 MOPS strip Change assessment rationale: The FOB Arab Gulf 92 RON gasoline
0.5% FOB Singapore cargo AMFSA00 230.520 -19.090 AMOPA00 54.480 -10.760
0.5% FOB Fujairah cargo AMFFA00 212.770 -19.710
cargo assessment was derived as a freight netback from
0.5% FOB Rotterdam barge PUMFD00 NA NANA
0.5% FOB US Gulf Coast barge AUGMB00 216.250 +6.500
0.5% Dlvd US Atlantic Coast barge AUAMB00 244.500 +6.750
0.5% FOB Mediterranean cargo MFFMM00 NA NANA Jet Index (PGA page 115)
0.5% CIF Mediterranean cargo MFCMM00 NA NANA Index $/barrel
$/barrel Change Asia & Oceania PJASO00 65.89 PJASO08 23.06
0.5% FOB US Gulf Coast barge AUGMA00 34.060 +1.030 Mid East & Africa PJMEA00 62.24 PJMEA08 20.84
0.5% Dlvd US Atlantic Coast barge AUAMA00 38.500 +1.060 Global PJGLO00 70.28 PJGLO08 25.71
Marine Fuel 0.5% Derivatives, Apr 13

Balance* Change Month 1 Change Month 2 Change Foreign exchange rates (PGA page 2160)
Apr May Jun USD/JPY AAWFX00 107.985 -0.945
$/mt $/mt $/mt Eur/USD AAWFU00 1.0933 +0.0066
0.5% FOB Singapore cargo FOFS000 233.250 -18.250 FOFS001 242.500 -18.250 FOFS002 251.350 -17.650 GBP/USD AAWFV00 1.2504 +0.0109
0.5% FOB Fujairah cargo FOFF000 213.250 -21.250 FOFF001 222.500 -21.250 FOFF002 231.350 -20.650 USD/SGD AAWFZ00 1.4164 -0.0084
0.5% FOB Rotterdam barge AMRAB00 NA NANA AMRAM01 NA NANA AMRAM02 NA NANA USD/MYR AAWGA00 4.3220 -0.0180
0.5% vs. 3.5% FOB Rotterdam barge AMRBB00 NA NANA AMRBM01 NA NANA AMRBM02 NA NANA USD/HKD AAWFY00 7.7528 -0.0014
$/barrel $/barrel $/barrel AUD/USD AAWFT00 0.6346 +0.0114
0.5% FOB US Gulf Coast barge AUSAB00 34.500 +0.900 AUSAM01 35.800 +1.050 AUSAM02 37.050 +1.200 USD/CNY* AAWFW00 7.0300 -0.0236
0.5% vs US Gulf Coast HSFO barge AUSBB00 12.900 -0.400 AUSBM01 13.000 -0.250 AUSBM02 13.100 -0.100 USD/INR AAFGW00 76.2914 +0.1474
*Balance month swaps are assessed from 1st through the 15th of the month; Asia swaps are assessed through the 14th of February *Source: Bank of China
the FOB Singapore 92 RON marker using the following

European products ($/mt)
calculation: FOB Singapore 92 RON assessment minus the
Mediterranean (PGA page 1114)
cost of transporting a 35,000-mt clean cargo from a basket
FOB (Italy) CIF (Genova/Lavera)
of ports in the Persian Gulf to Singapore. Prem Unl 10ppm AAWZA00 NA–NA NA NANA AAWZB00 NA–NA NA NANA
Exclusions: No market data was excluded from the Asian Naphtha PAAAI00 NA–NA NA NANA PAAAH00 NA–NA NA NANA
gasoline Market on Close assessment process on April 13, Jet aviation fuel AAIDL00 NA–NA NA NANA
Gasoil 0.1% AAVJI00 NA–NA NA NANA AAVJJ00 NA–NA NA NANA
2020. 10ppm ULSD AAWYY00 NA–NA NA NANA AAWYZ00 NA–NA NA NANA
1% PUAAK00 NA–NA NA NANA PUAAJ00 NA–NA NA NANA
3.5% PUAAZ00 NA–NA NA NANA PUAAY00 NA–NA NA NANA
No market data was excluded from the Asian gasoline
Northwest Europe cargoes (PGA page 1110)
derivative Market on Close assessment process on April 13,
CIF (Basis ARA) FOB NWE
2020. Gasoline 10ppm AAXFQ00 NA–NA NA NANA
Naphtha Swap PAAAJ00 NA–NA NA NANA
Naphtha Phy PAAAL00 NA–NA NA NANA
Platts Asia and Middle Eastern Naphtha Daily Jet PJAAU00 NA–NA NA NANA PJAAV00 NA–NA NA NANA
Market Analysis Ultra low sulfur diesel 10ppm AAVBG00 NA–NA NA NANA AAVBF00 NA–NA NA NANA
Gasoil 0.1% AAYWS00 NA–NA NA NANA AAYWR00 NA–NA NA NANA
Buying continues for H2 May delivery Diesel 10ppm NWE AAWZC00 NA–NA NA NANA AAWZD00 NA–NA NA NANA
CFR Japan cash differential at multi-year low Diesel 10 PPM UK AAVBH00 NA–NA NA NANA
FOB cargoes offered from Egypt and India 1% PUAAL00 NA–NA NA NANA PUAAM00 NA–NA NA NANA
3.5% PUABA00 NA–NA NA NANA PUABB00 NA–NA NA NANA
India’s Mar consumption at 7-month high
0.5-0.7% straight run PKABA00 NA–NA NA NANA
Low sulfur VGO AAHMZ00 NA–NA NA NANA AAHMX00 NA–NA NA NANA
Buying activity in the Asian naphtha market continued for High sulfur VGO AAHND00 NA–NA NA NANA AAHNB00 NA–NA NA NANA
the H2 May delivery cycle, with South Korea’s YNCC and Northwest Europe barges (PGA pages 1112 & 1380)
Singapore’s PCS spotted seeking open-specification FOB Rotterdam
naphtha cargoes Monday, sources said. Eurobob AAQZV00 NA–NA NA NANA
E10 Eurobob AGEFA00 NA NANA
Trading sentiment remained weak due to the influx of Unleaded 98 AAKOD00 NA–NA NA NANA
cargoes from the West of Suez, said market participants. Premium Unleaded PGABM00 NA–NA NA NANA
This had pushed down cash differentials to multi-year lows. Reformate AAXPM00 NA NANA
MTBE* PHALA00 NA–NA NA NANA
Cash differentials for spot paraffinic naphtha parcels Naphtha Phy PAAAM00 NA–NA NA NANA
was assessed at minus $12.50/mt at Thursday’s Asian Jet PJABA00 NA–NA NA NANA
close, down $2.50/mt on the day, against benchmark Mean Gasoil 50 ppm AAUQC00 NA–NA NA NANA
Gasoil 0.1%* AAYWT00 NA–NA NA NANA
of Platts Japan naphtha physical, on a CFR Japan basis. 10 ppm* AAJUS00 NA–NA NA NANA
The differentials were at an over 8.5-year low. 1% PUAAP00 NA–NA NA NANA
3.5% PUABC00 NA–NA NA NANA
Sources said naphtha demand was still healthy as many
Fuel Oil 3.5% 500 CST PUAGN00 NA–NA NA NANA
North Asian steam crackers were keeping run rates close to Low sulfur VGO AAHNF00 NA–NA NA NANA
maximum capacity due to positive petrochemical margins, High sulfur VGO AAHNI00 NA–NA NA NANA
yet many were bearish about downstream demand further *FOB Amsterdam-Rotterdam-Antwerp
out due to the coronavirus pandemic dampening the global ICE LS gasoil GWAVE (Previous day’s values) (PGA page 702)
May PXAAJ00 296.000 08-Apr-20
economy. Jun PXAAK00 300.250 08-Apr-20
Reflecting the tepid market strength, the CFR Japan Rotterdam bunker (PGA page 1112)
naphtha physical cracks against front-month ICE Brent crude 380 CST PUAFN00 NA–NA NA NANA
futures sank 135.25% on the week to minus $59.225/mt at

US products (¢/gal) (PGA page 158)
Thursday’s Asian close. The crack was last lower on US West Coast pipeline
December 5, 2008 at minus $60.725/mt. Los Angeles San Francisco
In tenders, Egypt’s EGPC offered two parcels of up to Unleaded 84 AAUHA00 35.78–35.88 35.830 +2.600 PGADG00 35.78–35.88 35.830 +2.600
38,500 mt of May loading naphtha from Suez in a tender Premium 90 PGABG00 49.78–49.88 49.830 +2.600 PGABO00 49.78–49.88 49.830 +2.600
closing April 15, with validity until April 17. EGPC last offered CARBOB AAKYJ00 35.78–35.88 35.830 +2.600 AAKYN00 35.78–35.88 35.830 +2.600
CARBOB PREM AAKYL00 49.78–49.88 49.830 +2.600 AAKYP00 49.78–49.88 49.830 +2.600
up to 38,500 mt of a similar naphtha cargo for loading
Jet PJAAP00 63.41–63.51 63.460 +2.450 PJABC00 63.41–63.51 63.460 +2.450
February 18-20 and also loading March 17-18 from Suez New ULS (EPA) Diesel POAET00 90.41–90.51 90.460 -0.800 POAEY00 92.16–92.26 92.210 +2.200
Port. Also heard was India’s IOC offers up to 17,000 mt of CARB diesel POAAK00 90.41–90.51 90.460 -0.800 POAAL00 92.16–92.26 92.210 +2.200
naphtha from Haldia and up tp 16,000 mt of naphtha from Seattle Portland
Unleaded 84 AAXJE00 45.28–45.38 45.330 +2.600 AAXJC00 45.28–45.38 45.330 +2.600
Paradip for loadings ranging April 29-May 3 in a tender
Premium 90 AAXJF00 75.28–75.38 75.330 +2.600 AAXJD00 75.28–75.38 75.330 +2.600
closing April 15, with same-day validity. Jet PJABB00 63.41–63.51 63.460 +2.450
IOC last offered up to 17,500 mt of naphtha from Haldia ULS (EPA) Diesel AAUEX00 97.26–97.36 97.310 +2.200 AAUEY00 98.41–98.51 98.460 +2.200
loading over April 12-14 in a tender which closed April 6. Phoenix
Results were unknown. IOC is India’s No. 1 state-run refiner RBOB unleaded 84 AADDP00 34.78–34.88 34.830 +2.600
RBOB premium 89.5 PPXDJ00 48.78–48.88 48.830 +2.600
and has cut crude throughput level to half the normal run
Differential to NYMEX
rate at its nine refineries to adjust for the demand slump
CARBOB AANVX00 -34.55/-34.45 -34.500 0.000
seen for petroleum products due to COVID-19, oil ministry CARBOB paper 1st month* AAKYR00 -25.05/-24.95 -25.000 0.000
officials said last Thursday. CARBOB paper 2nd month* AAKYS00 -20.00/-19.95 -20.000 0.000
India’s March naphtha consumption rose by 8.37% from Jet Fuel AANVY00 -36.05/-35.95 -36.000 +0.250
February to hit a seven-month high of 1.386 million mt, ULS (EPA) Diesel AANVZ00 -9.05/-8.95 -9.000 -3.000
CARB Diesel AANWA00 -9.05/-8.95 -9.000 -3.000
latest data from the Petroleum Planning and Analysis Cell
* Premium to NYMEX gasoline settlement
showed. The country’s domestic demand was last higher in
US West Coast waterborne
August 2019 when it was 14.2 million mt, PPAC’s oil product
Los Angeles
demand data showed. Unleaded 87 PGADI00 35.78–35.88 35.830 +2.600
India has been on a lockdown due to the coronavirus Jet PJABI00 62.41–62.51 62.460 +2.450
pandemic since March 24 and over the weekend the
government decided to extend the lockdown. This move is
expected to further suppress demand for naphtha use in
gasoline blending, and some naphtha may be used in power Platts assessment of futures markets at MOC close (PGA page 703)
generation, sources said. Singapore 16:30
ICE gasoil futures ($/mt) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
May 20* AAQYM01 281.50 May XNRBA01 66.10 May XNHOA01 94.26
Platts Japan Naphtha Daily Rationales & Exclusions Jun 20 AAQYM02 297.00 Jun XNRBA02 72.02 Jun XNHOA02 98.54
Naphtha C+F Japan Cargo <PAAAD00> assessment Jul 20 AAQYM03 310.75 Jul XNRBA03 77.36 Jul XNHOA03 103.22
rationale: The CFR Japan naphtha cargo assessment on New York 14:30
Monday took into consideration the following inputs: NYMEX light sweet crude ($/barrel) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
May NYCRM01 22.42 May NYRBM01 70.53 May NYHOM01 99.48
Notional values in the absence of any competitive bids or
Jun NYCRM02 29.22 Jun NYRBM02 76.40 Jun NYHOM02 103.59
offers demonstrating value otherwise. The H2 May/H1 Jun Jul NYCRM03 32.92 Jul NYRBM03 81.45 Jul NYHOM03 107.98
*Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February.
Asia Pacific and Middle East crude assessments ($/barrel)

(Asia MOC) (Asia MOC) (Asia close) (London close)
API
Gravity Code Mid Change Code Mid Change Code Mid Change Code Mid Change
Condensate (PGA page 2212) (PGA page 2213)
Diff to Dubai Diff to Asian Dated Brent
NW Shelf 61.9 PCAGX00 24.31–24.35 24.330 -0.900 AAPAI00 -8.50 -0.500 AAPAH00 —- ———
DFC 56.82 ADFCA00 26.90–26.94 26.920 -1.200 ADFCB00 -5.45/-5.35 -5.400 -1.000 ADFCC00 -5.910 -0.800 ADFCD00 —- ———
Qatar LSC 56.9 AARBB00 25.50–25.54 25.520 -1.200 AARBD00 -6.85/-6.75 -6.800 -1.000 AARBC00 -7.310 -0.800 AARBA00 —- ———
South Pars 57.4 AARAV00 22.55–22.59 22.570 -1.200 AARAX00 -9.80/-9.70 -9.750 -1.000 AARAW00 -10.260 -0.800 AARAU00 —- ———
Diff to ICP
Senipah 54.4 AAEOE00 24.81–24.85 24.830 -0.900 AAEOK00 -3.70/-3.60 -3.650 -0.500 AAPBE00 -8.000 -0.500 AAPBD00 —- ———
Light crude (PGA page 2214) (PGA page 2215)
Diff to ICP Diff to Asian Dated Brent
Cossack 47.7 PCAGZ00 28.56–28.60 28.580 -0.900 AAPAC00 -4.250 -0.500 AAPAB00 —- ———
Gippsland 48.7 PCACP00 26.11–26.15 26.130 -0.900 AAPAU00 -6.700 -0.500 AAPAT00 —- ———
Tapis 45.2 PCACB00 32.61–32.65 32.630 -0.600 AAOZW00 -0.200 -0.200 AAOZV00 —- ———
Belida 45.1 PCAFL00 26.21–26.25 26.230 -0.900 PCAFM00 -2.15/-2.05 -2.100 -0.500 AAPBQ00 -6.600 -0.500 AAPBP00 —- ———
Kutubu 44.3 PCAFJ00 27.56–27.60 27.580 -0.900 AAPAE00 -5.250 -0.500 AAPAD00 —- ———
Handil Mix 43.9 PCABE00 27.31–27.35 27.330 -0.900 PCABF00 -2.05/-1.95 -2.000 -0.500 AAPBI00 -5.500 -0.500 AAPBH00 —- ———
Attaka 42.3 PCAAJ00 26.06–26.10 26.080 -0.900 PCAAK00 -2.85/-2.75 -2.800 -0.500 AAPBC00 -6.750 -0.500 AAPBB00 —- ———
Ardjuna 38 PCACQ00 25.71–25.75 25.730 -0.600 PCACR00 -1.90/-1.80 -1.850 -0.100 AAPBG00 -7.100 -0.200 AAPBF00 —- ———
Banyu Urip 32 PCAFQ00 33.830 -0.600 PCAQQ00 0.200 -0.100 AAPBU00 1.000 -0.200 AAPBR00 —- ———
Diff to Dubai
Sakhalin Blend 45.5 AARBN00 26.30–26.34 26.320 -1.200 AARCN00 -6.05/-5.95 -6.000 -1.000 AARDN00 -6.510 -0.800 AAREN00 —- ———
ESPO M1 34.8 AARWF00 30.05–30.09 30.070 -0.200 AASEU00 -2.30/-2.20 -2.250 0.000 AARWE00 —- ——— AARWD00 —- ———
ESPO M2 34.8 AAWFE00 31.70–31.74 31.720 -0.030 AAWFG00 -2.05/-1.95 -2.000 0.000
Sokol 39.7 AASCJ00 26.55–26.59 26.570 -1.200 AASCK00 -5.80/-5.70 -5.750 -1.000 AAPAO00 -6.260 -0.800 AAPAN00 —- ———
Kikeh 34.9 AAWUH00 33.96–34.00 33.980 -0.600 AAOZY00 1.150 -0.200 AAOZX00 —- ———
Miri Light 32.3 PCABQ00 33.86–33.90 33.880 -0.600 AAPAS00 1.050 -0.200 AAPAR00 —- ———
Labuan 32 PCABL00 34.06–34.10 34.080 -0.600 AAPAQ00 1.250 -0.200 AAPAP00 —- ———
Kimanis 38.6 AASCL00 34.080 -0.600 AASCM00 1.250 -0.200 AASCN00 —- ———
Medium crude (PGA page 2216) (PGA page 2217)
Diff to Asian Dated Brent
Su Tu Den 36.8 AARAR00 34.81–34.85 34.830 -0.600 AARAS00 2.000 -0.200 AARAQ00 —- ———
Bach Ho 40.7 PCAHY00 35.31–35.35 35.330 -0.600 AAPAK00 2.500 -0.200 AAPAJ00 —- ———
Nanhai 40 PCAFR00 27.01–27.05 27.030 -0.600 AAPAG00 -5.800 -0.200 AAPAF00 —- ———
Diff to ICP
Nile Blend 33.9 AAPLC00 31.51–31.55 31.530 -0.600 AAPAM00 -1.300 -0.200 AAPAL00 —- ———
Widuri 33.2 PCAFE00 29.31–29.35 29.330 -0.600 PCAFF00 0.95/1.05 1.000 -0.100 AAPBO00 -3.500 -0.200 AAPBN00 —- ———
Daqing 32.2 PCAAZ00 28.71–28.75 28.730 -0.600 AAPAW00 -4.100 -0.200 AAPAV00 —- ———
Cinta 31.1 PCAAX00 29.06–29.10 29.080 -0.600 PCAAY00 0.95/1.05 1.000 -0.100 AAPBK00 -3.750 -0.200 AAPBJ00 —- ———
Heavy crude (PGA page 2218) (PGA page 2219)
Diff to ICP Diff to Asian Dated Brent
Dar Blend 25 AARAB00 32.26–32.30 32.280 -0.900 AARAC00 -0.550 -0.500 AARAA00 —- ———
Shengli 24.2 PCABY00 34.96–35.00 34.980 -0.600 AAPAY00 2.150 -0.200 AAPAX00 —- ———
Duri 20.8 PCABA00 38.26–38.30 38.280 -0.600 PCABB00 3.20/3.30 3.250 -0.100 AAPBM00 5.450 -0.200 AAPBL00 —- ———
Vincent 18.3 AARAK00 34.630 -0.400 AARAL00 1.800 0.000 AARAJ00 —- ———
spread was assessed at minus $3/mt. The H1 Jun/H2 Jun

China tanker fixtures
Vessel name Volume (kt) Grade Origin Port Arrival Buyers
spread was assessed at minus $4.50/mt. ABYSS 96 Basrah Light Iraq Qingdao 12-Apr Xintai
AL DERWAZAH 270 Kuwait Kuwait Qingdao 18-Apr Hongrun
Naphtha FOB Spore Cargo <PAAAP00> assessment rationale: BUNGA KASTURI 135 Murban UAE Yantai 11-Apr ChemChina
BUNGA KASTURI 135 Upper Zakum UAE Yantai 11-Apr ChemChina
The FOB Singapore naphtha assessment was derived as a COSJADE LAKE 135 Dalia Angola Qingdao 24-Apr Hongrun
freight netback from the CFR Japan naphtha first cycle DABA 272 Johan Sverdrup Norway Rizhao 2-Apr Dongming
assessment using the following calculation: CFR Japan DHT BRONCO 140 Johan Sverdrup Norway Zhoushan 1-Apr ZPC
DHT BRONCO 142 Grane Norway Zhoushan 1-Apr ZPC
naphtha first cycle assessment minus the cost of DRENEC 129 Oguendjo Gabon Qingdao 4-Apr Hualian
transporting a 30,000-mt clean cargo on the Singapore-to- FRONT QUEEN 130 Johan Sverdrup Norway Dongjiakou 15-Apr Qingyuan
Japan route. FRONT QUEEN 130 Johan Sverdrup Norway Dongjiakou 15-Apr Luqing
HUDSON 135 Lula Brazil Dongjiakou 14-Apr Haike
KALUGA 100 ESPO Russia Dongjiakou 4-Apr Lijin
Naphtha FOB Arab Gulf Cargo <PAAAA00> assessment LITEYNY PROSPECT 100 ESPO Russia Qingdao 5-Apr Haike
rationale: The FOB Arab Gulf naphtha assessment was LONGBOW LAKE 260 Basrah Heavy Iraq Dongjiakou 15-Apr Shenchi
MITERA MARIGO 85 Cold Lake Canada Yantai 2-Apr Wonfull
derived as a freight netback from the CFR Japan naphtha NEW CORAL 277 Upper Zakum UAE Zhoushan 4-Apr ZPC
marker using the following calculation: CFR Japan naphtha NEW ENERGY 130 Djeno Congo Rizhao 7-Apr China Overseas Energy
marker minus the cost of transporting a 55,000-mt clean NEW ODYSSEY 278 Castilla Colombia Rizhao 12-Apr Dongming
NEW PRIME 270 Arab Medium Saudi Arabia Changxing Island 12-Apr Hengli Petrochemical
cargo from a basket of ports on the Persian Gulf-to-Japan NISSOS KEROS 135 Saturno Angola Rizhao 20-Apr Dongming
route. OTTOMAN NOBILITY 112 Singma Malaysia Tianjin 2-Apr Hebei Xinhai
Exclusions: PETALIDI 150 Castilla Colombia Qingdao 4-Apr Taifeng Hairun
SOUTHERN LEADER 100 ESPO Russia Qingdao 3-Apr Hongrun
STARLIGHT VENTURE 130 Murban UAE Yantai 8-Apr ChemChina
No market data was excluded from t he April 13, 2020 Asian STARLIGHT VENTURE 140 Lula Brazil Yantai 8-Apr ChemChina
naphtha derivative market on close assessment process. STROOPER 100 Crude UAE Longkou 4-Apr Shanghai Zhongxiang
SVET 130 Kissanje Angola Dongjiakou 15-Apr Qirun
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No market data was excluded from the April 13, 2020 Asian
China tanker fixtures (continued)
Ship name Size Type Date Route Rate Charterer
naphtha market-on-close assessment process.
TRF HORTEN 100 ESPO Russia Yantai 11-Apr Jincheng
XIN YUE YANG 270 Castilla Colombia Rizhao 15-Apr Dongming
Platts Asia and Middle Eastern Jet Daily
Market Analysis
Asia jet fuel to see more bearishness amid extended International dirty tanker fixtures (PGT page 2950)
lockdowns Ship name Size Type Date Route Rate Charterer
Singapore middle distillate lower on week
East of Suez
The Asian jet fuel market looked set to see further Xin Yong Yang 270 CR Apr29 PG-China COA Unipec
New Creation 270 CR Apr27 PG-China COA Unipec
bearishness ahead amid extended lockdowns in some
Xin Run Yang 270 CR Apr18 PG-China COA Unipec
countries, industry sources said Monday. Tbn 270 CR Apr22 PG-China COA Unipec
Over the weekend, local Indian media reported that the Tbn 270 CR Apr20 PG-China COA Unipec
Da Ming Hu 130 DY Apr19 RTanura-East w190 Petco
country may extend its 21-day lockdown to the end of this
New Shipping Tbn 130 DY Apr24 Das Islands-Chennai w170 IOC
month, and that some states have already announced that
UKC
the lockdown will be extended, despite ongoing discussions No fixtures due to the Easter Monday holiday.
on the matter.
Med
In Malaysia, Prime Minister Muhyiddin Yassin announced No fixtures due to the Easter Monday holiday.
that the nation’s partial lockdown has been extended for WAF
the second time and will be lifted on April 28. No fixtures due to the Easter Monday holiday.
“There is no demand for gasoil or jet, we will have to Americas
see the impact on [product] exports,” an industry source New Champion 270 CR May19 Caribs-China COA Unipec
said Monday. Homeric 130 CR Apr15 USGC-Spore rnr BP
Umlma 70 CR Apr18 USGC-TA w95 Mercuria
Reflecting that, the Singapore jet fuel prompt balance
Nordlotus 70 CR dnr USGC-UKCM w97.5 cnr
April/May timespread opened Monday at minus $3.68/b, Frankopan 70 CR Apr13 ECMex-USGC w122.5 Chevron
down 11 cents/b from Thursday’s Asian close of $3.57/b. Penfield Tbn 70 CR Apr18 Covenas-USGC rnr Vitol
Dhonoussa 50 CR Apr15 USGC-ECCan w135 Mercuria
In other news, Singapore middle distillates stocks were
DY: Dirty, CR: Crude, FO: Fuel Oil, +:Update, ppt: Prompt, cnr: charterer not reported, rnr: rate not reported, coa: contract of affreightment, o/p: own program
lower for the second consecutive week as the city-state
resumed its position to a net exporter of gasoil in the week
ended April 8, Enterprise Singapore data released late
Thursday showed. Industry sources pointed out that the bearishness in the Platts Singapore Jet Kero Daily Rationale & Exclusions
Combined gasoil, jet fuel and kerosene stocks fell 3.9% aviation sector could prolong as the aviation sector Jet Kero FOB Spore Cargo <PJABF00> assessment rationale:
on the week to 12.42 million barrels over April 2-8, the continued to be pressured by the coronavirus pandemic. The FOB Singapore jet fuel/kerosene cargo assessment
government agency’s data showed. “Demand has not bottomed out,” a refining source in Monday was based on the adjusted relationship between
Singapore’s jet fuel exports plunged by more than half South Korea said. the physical and swaps markets. The cash
or 58.1% on week at 63,335 mt with the bulk received by Meanwhile, imports of jet fuel rose in the week ended
Malaysia at 55,243 mt over April 2-8. Enterprise data April 8, as sellers sought storage in the city-state to differential was down 12 cents/b day on day at Mean of
showed that jet fuel was also exported to Australia and capitalize on the steep contango, hoping to sell at a later Platts Singapore jet fuel/kerosene minus $3.60/b, as the
Brunei at 7,326 mt and 760 mt, respectively. date when prices are higher.
April/May jet fuel/kerosene swap spread fell by 23 cents/b

International clean tanker fixtures (PGT page 2904)
Ship name Size Type Date Route Rate Charterer
to minus $3.80/b.
Exclusions: No market data was excluded from the April 13, East of Suez
2020, Singapore jet fuel/kerosene Market on Close Khairpur 60 UNL Apr19 Jebel Ali-Karachi $675k CSSA
STI Excellence 60 ULSD Apr18 Sikka-UKC, EAfrica $2.975m, w235 Vitol
assessment process. Nautical Deborah 55 NA Apr22 PG-Japan w215 ST
STI Manhattan 35 JET Apr24 Bahrain-UKC $1.9m Shell
Platts Singapore Jet Kero Bids, Offers, Trades Atlantic Crown 35 JET Apr24 Kuwait-UKC $1.875m Shell
BW Tiger 35 ULSD Apr20 Kuwait-UKC $1.975m ST
Bids: Jet: FOB Straits: Total bids Bal Apr -2.20 Apr 28-May 2 Jag Pranav 35 CL Apr18 Sohar-Durban w165 Engen
225kb ; Jet: FOB Straits: BP bids Bal Apr -2.48 Apr 30-May 4 UACC Ras Tanura 35 JET Apr17 Jubail-Jebel Ali $325k ATC
250kb ; Jet: FOB Straits: BP bids Bal Apr -1.58 May 9-13 Atlantic Mirage 35 NA Apr16 RTanura-Japan w170 ATC
Canal Street 35 UNL Apr14 Jubail-Fujairah, Pakistan $325k, $425k ATC
250kb PTI Orion 35 CL Apr21 Yanbu-Sudan, EAfrica, UKC, WAF, Spore $350k, w217.5, $1.55m, $1.925m, w237.5 Trafigura
Offers: Jet: FOB Straits: Petrochina offers MOPS -1.00 May Nord Vanquish 35 UNL Apr22 NMangalore-Spore, EAfrica, PG w215, w195, $525k CSSA
3-7 100kb INCO NH Siri 35 ULSD Apr16 NMangalore-UKC, Argie $1.8m, $1.875m ST
Eagle Lyon 90 CL Apr15 SKorea-Spore, UKC o/p CSSA
Trades: No trades reported Megalonissos 75 COND Apr23 Dampier-Tuban $825k CNOOC
This assessment commentary applies to the following market data STI Executive 65 CL ppt Singapore-STS Taiwan $950k Winson
codes: Jet Kero <PJABF00> Hafnia Beijing 60 ULSD Apr19 Thailand-Spore rnr Unipec
ST Michealis 35 CL Apr19 Muara-Dampier w180 Vitol
SM Navigator 35 CL Apr20 Taiwan-Australia o/p ST
Platts Asia and Middle Eastern Gasoil Daily CSC Auspicious o/o 35 UNL Apr20 Jinzhou-Japan rnr PetroChina
Torm Splendid 35 UNL Apr19 Huizhou-Spore $480k P66
Market Analysis BW Egret 35 CL Apr15 SKorea-Tanjung Bara $725k ENOC
Extended lockdowns in Asia heaps bearish sentiment Silver Dubai 30 UNL Apr10 Bataan-Spore $550k Trafigura
Clearlake Tbn 30 LCO Apr21 SKorea-SChina rnr Viewsino
on gasoil market
Still, gasoil trade flows remain steady as exports con- UKC
tinue to find homes No fixtures due to the Easter Monday holiday.
Med
The long weekend break offered little respite to the Asian No fixtures due to the Easter Monday holiday.
gasoil market, which was greeted Monday by the news of Americas
an extended lockdown in Malaysia, with India likely to Torm Success 38 ULSD Apr15 USGC-Brazil w125 Marathon
Ioannis I 38 NA Apr13 USGC-Far East $1.325m Valero
extend its 21-day lockdown as well, pending ongoing
Kriti Emerald 38 CL Apr13 Mamonal-Pozos $285k Ecopetrol
discussions on the matter. Ioannis I 38 CL ppt-on Time Charter 45-80 day $15k/d Maersk
The bearish news offered a fresh blow to an already CL:Clean, NA:Naphtha, UN:Unleaded, JT: Jet, GO:Gasoil, ++:Update, F:Failed
weakened Asian gasoil market, as the new developments
mean that domestic gasoil consumption in Malaysia and
India will likely remain curtailed, forcing its refiners, most The new development looks likely to add to supply woes Mean of Platts Singapore Gasoil assessments at the Asian
notably those in India, to maintain its current trend of gasoil for the Asian benchmark ULSD grade, which has already close Thursday. Singapore was closed Friday for a public
exports. reached record low levels as the COVID-19 pandemic holiday.
Traders have said it is these spot supplies of gasoil, continues to destroy demand. Still, despite the grim news, the Asian gasoil physical
which have been pushed into the market despite subdued This has been reflected in a downward spiral for the crack spread to front-month cash Dubai closed Thursday at
demand, that have exerted downward pressure on the cash differential of the FOB Singapore 10 ppm sulfur gasoil $12.44/b, down 29 cents/b from Wednesday. This compares
benchmark Asian ULSD grade. grade, which touched a new low of minus $2.35/b to the to a crack spread of 83 cents/b and minus $3.06/b for jet
fuel and RON 92 gasoline respectively, basis front-month Gasoil .05%S (500ppm) FOB Spore Cargo <AAFEX00> INCO; Gasoil 10ppm: FOB Straits: Equinor offers MOPS -1.90
cash Dubai crude. Traders have said that they expect Asian assessment rationale: The FOB Singapore Gasoil 0.05% May 4-8 165kb (Deemed pricing May 4-11)
gasoil fundamentals to pick-up in the months ahead, with (500 ppm) cargo assessment Monday took into Withdrawn: Gasoil 500ppm: FOB Straits: BP bids H2 Apr
the end of the lockdowns as well as refinery turnarounds consideration the following: The middle loading period was -4.50 Apr 28-May 2 250kb (4:20:06); Gasoil 500ppm: FOB
and run-cuts helping to hopefully tighten up supply assessed at MOPS Gasoil minus $5.89/b, based on a trade Straits: Unipec no longer offers MOPS -5.80 May 3-7 150kb
balances. for a cargo loading over May 3-7 at MOPS Gasoil minus (Deemed pricing Apr 30-May 8) INCO after trade with BP at
To that end, trade activity in the Asian gasoil market $5.89/b after accounting for deemed pricing. The front and -5.10 (4:20:03), BP at -5.10 (4:20:16), Trafi at -5.80 (4:28:52),
was still proceeding at a quick clip despite the swell in back loading periods were assessed at MOPS Gasoil minus Vitol at -5.80 (4:29:04)
regional supplies, with market participants saying that the $5.20/b and minus $5.33/b, respectively, reflecting the Trades: Gasoil 500ppm: FOB Straits: May 3-7: 150kb: BP
current situation was very much a buyer’s market at the movement in the middle loading period. buys from Unipec at MOPS minus $5.10/b (Deemed pricing
moment. Apr 30-May 8) INCO (4:20:03); Gasoil 500ppm: FOB Straits:
This was seen in an increase in gasoil exports from the Gasoil FOB Spore Cargo <POABC00> assessment rationale: May 3-7: 150kb: BP buys from Unipec at MOPS minus
main trading hub of Singapore, with latest data from The FOB Singapore Gasoil 0.001% (10 ppm) cargo $5.10/b (Deemed pricing Apr 30-May 8) INCO (4:20:16);
Enterprise Singapore showing that the city-state was a net assessment Monday took into consideration the following: Gasoil 500ppm: FOB Straits: May 3-7: 150kb: Trafigura buys
exporter of gasoil for the week ended April 8. The front and middle loading periods were assessed at from Unipec at MOPS minus $5.80/b (Deemed pricing Apr
The data showed that gasoil outflows from Singapore MOPS Gasoil minus $2.69/b and minus $2.74/b, respectively, 30-May 8) INCO (4:28:52); Gasoil 500ppm: FOB Straits: May
rose 15.4% to 299,232 mt, with exports mainly to Malaysia taking into consideration an offer for a cargo loading over 3-7: 150kb: Vitol buys from Unipec at MOPS minus $5.80/b
at 109,723 mt, followed by Australia at 98,910 mt and May 1-5 at MOPS Gasoil minus $2.74/b after accounting for (Deemed pricing Apr 30-May 8) INCO (4:29:04)
Myanmar at 30,461 mt. deemed pricing. The back loading period was assessed at This assessment commentary applies to the following market
Meanwhile, imports rose 13.4% from the previous week MOPS Gasoil minus $2.38/b, reflecting the movement in the data codes: <AAOVC00> <AAFEX00> <AACUE00> <POABC00>
to 267,405 mt, with South Korea taking top spot at 103,181 middle loading period. <AAFEZ00>
mt, while Malaysia and China followed behind at 76,401 mt Exclusions: No market data was excluded from the April 13,
and 64,223 mt, respectively. 2020 Singapore Gasoil Market-on-Close assessment Platts Asia and Middle Eastern Gasoil FOB Cargo Daily
process. Rationale & Exclusions
Platts Asia and Middle Eastern Gasoil Cargo Daily Gasoil .25%S (2500ppm) FOB Spore Cargo <AACUE00>
Rationale & Exclusions Platts Asia and Middle Eastern Gasoil Cargo Bids, assessment rationale: The FOB Singapore Gasoil 0.25%
Gasoil .001%S (10ppm) FOB Spore Cargo <AAOVC00> Offers, Trades (2,500 ppm) cargo assessment Monday was assessed
assessment rationale: The FOB Singapore Gasoil 0.001% (10 Bids: Gasoil 500ppm: FOB Straits: Trafi bids MOPS -5.50 down by 60 cents/b day on day at MOPS Gasoil minus
ppm) cargo assessment Monday took into consideration May 5-9 150kb (Deemed pricing Apr 24-30) INCO $5.82/b, based on the movement in the FOB Singapore
the following: The front and middle loading periods were Offers: Gasoil 10ppm: FOB Straits: Unipec offers MOPS -2.60 Gasoil 0.05% (500 ppm) cargo assessment.
assessed at MOPS Gasoil minus $2.69/b and minus $2.74/b, Apr 28-May 2 150kb (Deemed pricing Apr 27-May 4) INCO;
respectively, taking into consideration an offer for a cargo Gasoil 10ppm: FOB Straits: Vitol offers MOPS -1.50 Apr Gasoil .05% (500ppm) FOB Arab Gulf Cargo <AAFEZ00>
loading over May 1-5 at MOPS Gasoil minus $2.74/b after 28-May 2 150kb (Deemed pricing Apr 30-May 8) INCO; Gasoil assessment rationale: The FOB Arab Gulf Gasoil 0.05% (500
accounting for deemed pricing. The back loading period 10ppm: FOB Straits: P66 offers MOPS -2.30 Apr 28-May 2 ppm) cargo assessment was derived as a freight netback
was assessed at MOPS Gasoil minus $2.38/b, reflecting the 165kb (Deemed pricing May 4-11); Gasoil 10ppm: FOB Straits: from the FOB Singapore Gasoil 0.001% (10 ppm) cargo
movement in the middle loading period. BP offers MOPS -2.70 May 1-5 158kb (Deemed pricing Apr assessment using the following inputs: FOB Singapore
29-May 6) BP GTC; Gasoil 10ppm: FOB Straits: Petrochina Gasoil 0.001% (10 ppm) cargo assessment minus the cost
offers MOPS -1.50 May 4-8 150kb (Deemed pricing May 4-11) of transporting a 55,000-mt clean cargo from a basket of
ports in the Persian Gulf to Singapore, and taking into Thursday at minus $5.41/mt on ample supply coupled with -20.00 May 3-7 20kt OR
account the cash differential between the FOB Arab Gulf 10 slow demand. Platts Marine Fuel 0.5%: FOB Straits: Glencore bids MOPS
ppm and 500 ppm assessments. “Stocks are high, demand is not that much, and -20.00 May 8-12 20kt
straight-run fuel oil is not being sold,” said a fuel oil trader Platts Marine Fuel 0.5%: FOB Straits: Total bids Bal Apr Avg
Gasoil FOB Arab Gulf Cargo <POAAT00> assessment based in Singapore. -10.00 May 4-8 40kt INCO OR
rationale: The FOB Arab Gulf Gasoil 0.001% (10 ppm) cargo Singapore’s total fuel oil imports plunged 27% week on Platts Marine Fuel 0.5%: FOB Straits: Total bids Bal Apr Avg
assessment was derived as a freight netback from the FOB week at 532,978 mt over April 2-8, the Enterprise Singapore -10.00 May 9-13 40kt INCO
Singapore Gasoil 0.001% (10 ppm) cargo assessment using data showed. Offers: PLATTS FOB SINGAPORE MARINE FUEL 0.5%:
the following input: FOB Singapore Gasoil 0.001% (10 ppm) An arbitrage cargo inflow from the West was expected PHYSICAL OFFERS FINALS ON CLOSE:
cargo assessment minus the cost of transporting a 55,000- to drop in April at around 2 million mt from March, when Platts Marine Fuel 0.5%: FOB Straits: Vitol offers May Avg
mt clean cargo from a basket of ports in the Persian Gulf to about 3 million mt of cargoes arrived in Singapore area, +3.00 May 9-13 20kt INCO
Singapore. traders said. Platts Marine Fuel 0.5%: FOB Straits: Trafi offers May Avg
Exclusions: No market data was excluded from the April 13, The traders attributed the decline of cargo inflow to -10.00 Apr 28-May 2 20kt INCO OR
2020 Singapore Gasoil Market-on-Close assessment weak Asian prices of 0.5%S marine fuel and rising freight Platts Marine Fuel 0.5%: FOB Straits: Trafi offers MOPS
process. rates. -6.00 Apr 28-May 2 20kt INCO OR
Platts Marine Fuel 0.5%: FOB Straits: Trafi offers May Avg
Platts Asia and Middle East Fuel Oil Daily Platts FOB Singapore Marine Fuel 0.5% cargo Daily -8.00 May 4-8 20kt INCO
Rationale & Exclusions Platts Marine Fuel 0.5%: FOB Straits: Trafi offers MOPS
Market Analysis
The FOB Singapore Marine Fuel 0.5% assessment Monday Gasoil 10 ppm H2 Apr Avg -31.00 Apr 28-May 2 20kt INCO
Singapore 10 ppm gasoil/0.5%S MF spread narrows to
reflected an offer from Trafigura for a cargo loading over Platts Marine Fuel 0.5%: FOB Straits: Shell offers MOPS
two-month low
April 28-May 2 at the average of H2 April FOB Singapore 10 -7.00 May 9-13 20kt Shell GTC
Singapore FO imports fall 27% on week
ppm gasoil assessment minus $31.00/mt. Platts Marine Fuel 0.5%: FOB Straits: Gunvor offers May Avg
An expected uptick in low sulfur bunker demand as well as +0.00 Apr 28-May 2 20kt OR
anemic gasoil fundamentals saw the spread between The assessment also reflected offers from Lukoil for Platts Marine Fuel 0.5%: FOB Straits: Gunvor offers May Avg
Singapore 10 ppm gasoil and 0.5%S marine fuel narrow to a cargoes loading over May 3-7 and May 8-12 at the H2 April +0.00 May 3-7 20kt OR
two-month low at $17.03/mt at the Asian close on Thursday. average minus $3.00/mt, and H2 April average minus Platts Marine Fuel 0.5%: FOB Straits: Gunvor offers May Avg
The spread was last narrower on February 7 at $11.21/ $1.00/mt, respectively. +2.00 May 9-13 20kt
mt, after a month-long period starting December 26, 2019, This assessment commentary applies to the following market data Platts Marine Fuel 0.5%: FOB Straits: Lukoil offers H2 Apr
which saw the FOB Singapore 10 ppm gasoil/0.5%S marine codes: Marine Fuel 0.5% FOB Spore cargo $/mt <AMFSA00> Avg -2.00 Apr 28-May 2 20kt
fuel spread invert to negative from positive as demand for Exclusions: No market data was excluded from the April 13 Platts Marine Fuel 0.5%: FOB Straits: Lukoil offers H2 Apr
low sulfur fuel oil spiked ahead of the IMO 2020 mandate assessment process. Avg -3.00 May 3-7 20kt
that came into effect on January 1. Platts Marine Fuel 0.5%: FOB Straits: Lukoil offers H2 Apr
The inverted spread, which lasted until January 31, saw Platts FOB Singapore Marine Fuel 0.5% Cargo Bids, Avg -1.00 May 8-12 20kt
the comparatively cheaper gasoil being channeled into the Offers, Trades Platts Marine Fuel 0.5%: FOB Straits: Repsol offers May Avg
fuel oil blending pool to reduce sulfur content of the Bids: PLATTS FOB SINGAPORE MARINE FUEL 0.5%: -1.00 May 9-13 20kt INCO OR
finished product. PHYSICAL BIDS FINALS ON CLOSE: Platts Marine Fuel 0.5%: FOB Straits: Repsol offers May Avg
In the high sulfur fuel oil (HSFO) market, Singapore 380 Platts Marine Fuel 0.5%: FOB Straits: Glencore bids MOPS -1.00 May 9-13 40kt
CST HSFO cash differentials plunged to a four-year low -20.00 Apr 28-May 2 20kt OR Trades: PLATTS FOB SINGAPORE MARINE FUEL 0.5% Trade
Platts Marine Fuel 0.5%: FOB Straits: Glencore bids MOPS summary: No trades
This assessment commentary applies to the following market data PLATTS MARINE FUEL: MAY20: VITOL OFFERS 5KMT AT 5KMT AT $242.50 (08:29:59)
codes: Marine Fuel 0.5% FOB Spore cargo $/mt <AMFSA00> $244.00 Exclusions: No market data was excluded from the April 13,
PLATTS MARINE FUEL: MAY20: GUNVOR OFFERS 5KMT AT 2020 Singapore Marine Fuel 0.5% swaps assessment
Platts Singapore Fuel Oil Paper Exclusions $247.00 process.
Exclusions: PLATTS MARINE FUEL: MAY20: VERCER OFFERS 5KMT AT
$248.50 Platts Fujairah Daily Marine Fuel 0.5% Cargo Daily
Fuel Oil Reported Deals PLATTS MARINE FUEL: MAY20: TRAFIGURA OFFERS 5KMT Rationale & Exclusions
AT $249.00 The assessment of FOB Fujairah Marine Fuel 0.5% Monday
PLATTS SINGAPORE MARINE FUEL 0.5% PAPER BIDS PLATTS MARINE FUEL: MAY20: GUNVOR OFFERS 5KMT AT took into consideration spread to delivered Fujairah Marine
SUMMARY $249.50 Fuel 0.5% bunker fuel assessment, and spread to
PLATTS MARINE FUEL: MAY20: MERCURIA BIDS 5KMT AT PLATTS MARINE FUEL: MAY20: SHELL OFFERS 5KMT AT Singapore Marine Fuel 0.5% cargo assessment in the
$242.00 $250.00 absence of any competitive bids or offers demonstrating
PLATTS MARINE FUEL: MAY20: TRAFIGURA BIDS 5KMT AT PLATTS MARINE FUEL: MAY20: VERCER OFFERS 5KMT AT values otherwise.
$241.75 $250.50
PLATTS MARINE FUEL: MAY20: VERCER BIDS 5KMT AT PLATTS MARINE FUEL: MAY20: DV TRADING OFFERS 5KMT Platts assessment for Marine Fuel 0.5% material on a FOB
$241.75 AT $251.00 Fujairah basis takes into consideration bids, offers and
PLATTS MARINE FUEL: MAY20: VERCER BIDS 5KMT AT PLATTS MARINE FUEL: MAY20: DV TRADING OFFERS 5KMT transactions reported in the MOC process as well as trades
$241.50 AT $252.00 in similar-quality material within the Middle East.
PLATTS MARINE FUEL: MAY20: GUNVOR BIDS 5KMT AT PLATTS MARINE FUEL: MAY20: GUNVOR OFFERS 5KMT AT This rationale applies to symbol(s) <AMFFA00>
$241.00 $254.50 Exclusions: No market data was excluded from the April 13,
PLATTS MARINE FUEL: MAY20: VITOL BIDS 5KMT AT $240.75 PLATTS MARINE FUEL: MAY20: DV TRADING OFFERS 5KMT 2020 assessment process.
PLATTS MARINE FUEL: MAY20: DV TRADING BIDS 5KMT AT AT $255.00
$240.25 PLATTS MARINE FUEL: MAY20: VERCER OFFERS 5KMT AT Platts Fujairah Daily Marine Fuel 0.5% Cargo Bids,
PLATTS MARINE FUEL: MAY20: VERCER BIDS 5KMT AT $255.25 Offers, Trades
$240.25 PLATTS MARINE FUEL: MAY20: DV TRADING OFFERS 5KMT Bids:No bids
PLATTS MARINE FUEL: MAY20: GUNVOR BIDS 5KMT AT AT $260.00 Offers:No offers
$240.00 PLATTS MARINE FUEL SPR: MAY20/JUN20: SHELL OFFERS Trades:No trades
PLATTS MARINE FUEL: MAY20: GUNVOR BIDS 5KMT AT 5KMT AT $-8.75 This assessment commentary applies to the following market data
$240.00 PLATTS MARINE FUEL SPR: MAY20/JUN20: VITOL OFFERS codes: Marine Fuel 0.5% FOB Fujairah cargo $/mt <AMFFA00>
PLATTS MARINE FUEL: MAY20: TOTAL BIDS 5KMT AT 5KMT AT $-8.25
$238.00 PLATTS MARINE FUEL SPR: MAY20/JUN20: TRAFIGURA Platts Asia and Middle East FO 180, 380 CST Daily
PLATTS MARINE FUEL SPR: MAY20/JUN20: EQUINOR BIDS OFFERS 5KMT AT $-7.75 Rationales & Exclusions
5KMT AT $-9.25 PLATTS SINGAPORE MARINE FUEL 0.5% PAPER TRADES FO 180 CST 3.5%S FOB Spore Cargo <PUADV00> assessment
PLATTS MARINE FUEL SPR: MAY20/JUN20: VITOL BIDS SUMMARY rationale: The FOB Singapore 180 CST HSFO assessment
5KMT AT $-9.25 PLATTS MARINE FUEL: MAY20: VITOL SELLS TO TRAFIGURA* Monday reflected an offer from Trafigura for a May 9-13
PLATTS SINGAPORE MARINE FUEL 0.5% PAPER OFFERS 5KMT AT $242.00 (08:29:10) loading cargo at Balance April average minus $6.00/mt.
SUMMARY PLATTS MARINE FUEL: MAY20: VITOL SELLS TO MERCURIA*
PLATTS MARINE FUEL: MAY20: VITOL OFFERS 5KMT AT 5KMT AT $242.00 (08:29:38) FO 380 CST 3.5%S FOB Spore Cargo <PPXDK00> assessment
$243.00 PLATTS MARINE FUEL: MAY20: VITOL SELLS TO TOTAL* rationale: The FOB Singapore 380 CST HSFO assessment
Monday reflected an offer from Trafigura for an April Market sources said they were not surprised by this lack pushed back as producers grappled to address production
28-May 2 loading cargo at MOPS minus $6.00/mt. of movement, with one source saying that he expected it to cuts as part of a 23-nation OPEC+ alliance over the past
last until the end of the week, if not longer. couple of weeks.
FO 180 CST 3.5%S FOB Arab Gulf Cargo <PUABE00> CARBOB in Los Angeles and San Francisco were The countries finally agreed to a 9.7 million b/d
assessment rationale: The FOB Arab Gulf 180 CST HSFO assessed flat to one another at NYMEX May RBOB futures coordinated production cut over May and June late Sunday
assessment was derived as a freight netback from the FOB minus 34.50 cents/gal. night, after negotiations dragged on for days.
Singapore 180 CST HSFO assessment using the following In the Pacific Northwest, suboctane in Portland, Oregon, The whole process, from OSP issuance, to determining
calculation: FOB Singapore 180 CST HSFO assessment was assessed at May futures minus 25 cents/gal. June buy-side requirements, may take a week.
minus the cost of transporting an 80,000-mt dirty cargo Nominations for term contracted volumes will likely also
from the Persian Gulf to the East. Platts Middle East Sour Crude Daily Market take place simultaneously, they said.
Spot trading is expected to kick off after, which would
Analysis
FO 380 CST 3.5%S FOB Arab Gulf Cargo <AAIDC00> leave barely two weeks for the market to wrap up June
Saudi Aramco OSPs expected Monday
assessment rationale: The FOB Arab Gulf 380 CST HSFO requirements before moving into the next cycle.
Other Mideast producers likely to issue OSPs after
assessment was derived as a freight netback from the FOB
Aramco
Singapore 380 CST HSFO assessment using the following Spot trading expected to kick off next week Platts Mideast Sour Crude Daily Rationales &
calculation: FOB Singapore 380 CST HSFO assessment Exclusions
minus the cost of transporting an 80,000-mt dirty cargo Saudi Aramco is largely expected to announce its May Dubai Mo01 <PCAAT00> assessment rationale: The June
from the Persian Gulf to the East. official selling prices on Monday, with other producers cash Dubai assessment on Monday took into consideration
Exclusions: No market data was excluded from the April 13, following suit, market participants in Asia told S&P Global trades for June Dubai partials, as well as offers at $22.35/b
2020 cargo assessment process. Platts. standing at the end of the Platts Market on Close
“I’ve not yet seen the Saudi OSPs, probably [will be assessment process.
Platts Singapore Fuel Oil Bids Offers Trades issued] today [Monday],” a market source with a refiner
Bids: said. Oman Blend Mo01 <PCABS00> assessment rationale: The
Offers: The producer is expected to cut OSPs by $1/b to $4/b in June cash Oman assessment on Monday took into
Trades: step with declines in Middle East crude spreads over March, consideration an offer for June Oman partials at $22.35/b
This assessment commentary applies to the following market data a Platts survey of OSP expectations revealed earlier this standing at the end of the Platts Market on Close
codes: FO 180 CST 2.0% <PUAXS00> FO 180 CST 3.5% <PUADV00> month. assessment process.
FO 380 CST 3.5% <PPXDK00> “Everyone is waiting for Saudi” to issue their prices first, Exclusions: No market data was excluded from the Middle
a third trader said, adding that “Qatar Petroleum clearly East sour crude Market on Close assessment process.
Platts US West Coast Light End Daily mentioned they will issue [OSPs] after Saudi.”
Spot trading of June-loading Middle East sour crude Platts Asia Pacific Sweet Crude Daily Market
Commentary
cargoes is virtually on hold halfway through the month as
West Coast unchanged at the start of the week Analysis
market participants in Asia lie in wait for the OSPs, they
Los Angeles CARBOB assessed flat to CARBOB in San Vietnam’s PV Oil offers Ruby, Thang Long, Te Giac
said.
Francisco Trang for June loading
“Hard to trade anything with no OSPs and no knowledge
India’s ONGC offers Sokol for June loading
Gasoline differentials on the US West Coast experienced an of production levels as well,” a crude trader with a Chinese Qatar’s QPSPP offers DFC, LSC for June loading
uneventful day Monday, remaining unchanged from their trading firm said Monday morning.
respective assessments at the end of last week. Official selling prices, typically issued by Middle East The Asian sweet crude market on Monday saw a flurry of
producers in the first few days of the month, had been sell tenders for the June loading cycle.
Vietnam’s PV oil was offering 300,000 barrels of Ruby In the Far East Russian market, India’s ONGC was to Platts Dubai although pre-tender levels were yet to
cargo for loading over June 17-24 via tender at a differential offering 700,000 barrels of Sokol crude for loading over emerge.
to Platts Dated Brent on a FOB basis. The tender closes June 16-22 via tender at a differential to Platts Dubai on a
April 14 and is valid until April 21, according to trade sources. CFR basis, traders said. The tender closes April 13. Platts Asia Light Sweet Crude Daily Rationale &
PV Oil was also offering 250,000 barrels of Thang Long ONGC last sold a 700,000-barrel Sokol cargo for loading Exclusions
crude for June 12-16 loading via tender at a differential to over June 2-8 via tender to a Western trading house at a ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01 <AASEU00>
Platts Dated Brent on a FOB basis. The tender closes April record low discount of around $8/b to the Mean of Platts assessment rationale: The ESPO M1 June assessment on
15 and is valid until April 21, traders said. first-line Dubai assessments, according to trade sources. Monday took into consideration the latest trade indications
PV Oil was also offering three, 300,000 cargoes of Te In the condensates market, Qatar Petroleum was heard for ESPO Blend crude.
Giac Trang crude for loading over June 1-6, June 10-14 and offering an unspecified volume of Deodorized Field Exclusions: No market data was excluded from the Asia
June 25-29 via tender at a differential to Platts Dated Brent Condensate and Low Sulfur Condensate for June loading Pacific Crude Market on Close assessment process.
on a FOB basis, traders said. May loading Ruby crude was via tender at a differential to Platts Dubai on a FOB basis.
heard sold to an unknown buyer at a premium of around The tender closes April 14 and is valid until April 15. Platts Oil Mideast Sour Crude Convergences
$3/b to Platts Dated Brent on a FOB basis, traders said Pre-tender levels for May loading LSC was heard at
while April loading Thang Long was heard sold to Thailand’s discounts of around $3.5/b to Platts Dubai while final tender -
PTT at a premium of around $5-$5.5/b to Platts Dated Brent results were not immediately clear. Traders said that June -
on a FOB basis, traders added. loading LSC were heard valued at discounts of around $10/b
Subscriber notes (continued) (PGA page 1500)

assessments of Marine Fuel 0.5% swaps, and Marine Fuel 0.5% Indication www.spglobal.com
cracks against their corresponding Dubai swaps and ICE Brent MFIDC02 Marine Fuel 0.5% Mo02 Dubai Crack Swap Intraday This was followed by a proposal note to add a minimum viscosity
futures for up to three months ahead from the date of publication. Indication of 30 CST to all Marine Fuel 0.5% assessments, published February
These assessments, which are published daily at 11 am (0300 GMT) MFIDC03 Marine Fuel 0.5% Mo03 Dubai Crack Swap Intraday 10 and available here:
and 3 pm (0700 GMT) Singapore time, will appear in Platts Global Indication www.spglobal.com
Alert pages 2601, 2603 and Platts Forward Curve pages 2601 and Please send any feedback or questions to And a decision note published March 11, and available here:
2603. [email protected] and [email protected]. www.spglobal.com
The Marine Fuel 0.5% swaps are published in $/mt, and the Marine For written comments, please provide a clear indication if Platts also understands that a significant range of shipowners
Fuel 0.5% cracks are published in $/b using a reference conversion comments are not intended for publication by Platts for public require minimum viscosity guarantees in their bunker purchases.
factor of 6.35 barrels/metric ton. viewing. Platts will consider all comments received and will make Platts Marine Fuel 0.5% sulfur cargo, barge and bunker
The assessment codes and their corresponding descriptions are as comments not marked as confidential available upon request. assessments reflect specifications for RMG fuels as defined by the
below: International Organization for Standardization in document ISO
Platts adds minimum viscosity of 30 CST to global Marine Fuel
Symbol Description 8217:2010 Petroleum products — Fuels (class F) — Specifications
0.5% assessments
MFISI01 Marine Fuel 0.5% Mo01 Swap Intraday Indication of marine fuels, but with a maximum sulfur limit of 0.5%. Following
S&P Global Platts has added a minimum viscosity of 30 CST at 50
MFISI02 Marine Fuel 0.5% Mo02 Swap Intraday Indication this change, these specifications remain the same, but with the
degrees Celsius to its global Marine Fuel 0.5% assessments across
MFISI03 Marine Fuel 0.5% Mo03 Swap Intraday Indication addition of the minimum viscosity requirement of 30 CST at 50
all regions and sizes, including cargoes, barges and bunker
MFIBC01 Marine Fuel 0.5% Mo01 Brent Crack Swap Intraday degrees C.
deliveries, effective April 1, 2020.
Indication All cargoes or barges delivered as a result of transactions reported
Following an extended period of research, Platts understands that
MFIBC02 Marine Fuel 0.5% Mo02 Brent Crack Swap Intraday during the Platts MOC process must be tested against all
residual marine grade fuels with a viscosity of at least 30 CST are
Indication parameters of the RMG standards, including viscosity.
currently considered broadly deliverable.
MFIBC03 Marine Fuel 0.5% Mo03 Brent Crack Swap Intraday In addition, the International Standards Organization released its
This was outlined in a clarification note on the merchantability of
Indication Publicly Available Specification 23263:2019 document regarding
Marine Fuel 0.5%, published January 17 and available here:
MFIDC01 Marine Fuel 0.5% Mo01 Dubai Crack Swap Intraday Marine Fuel 0.5%S quality in September 2019. In that document,

the ISO stated that the Total Sediment Accelerated test currently Karimun in the Singapore MOC process for fuel oil and Marine Fuel 2220, in the Crude Oil Marketwire, and under code AAISV00 in the
typically employed for bunker deliveries may be unreliable for the 0.5%S. Platts database.
new fuel. It recommended the use of the Total Sediment Potential Platts would publish such offers on FOB Indonesia (FOB ID) basis, Please send all comments, feedback and questions to
test. The TSP test requires 24 hours for a result to be given. where the seller must clearly state the loading point as FOB [email protected] and [email protected].
Per the ISO’s recommendation, Platts expects sellers to provide Karimun at the time of communicating their interest to Platts for For written comments, please provide clear indication if comments
COAs with a complete TSP result. publication. Platts does not publish FOB Indonesia bids. are not intended for publication by S&P Global Platts for public
Please send any comments or questions to oilgroup and For trades reported on FOB Straits basis, sellers may not viewing.
pricegroup For written comments, please provide a clear indication unilaterally nominate Karimun as a loading point, though it may be Platts will consider all comments received and will make
if comments are not intended for publication by Platts for public agreed by mutual consent, and should deliver from approved comments not marked as confidential available upon request.
viewing. Platts will consider all comments received and will make terminals in Singapore and Malaysia.
Platts proposes amending methodology for FOB Japan gasoil
comments not marked as confidential available upon request. Platts uses the Singapore MOC process to assess the value of oil
assessment
across Asia and the Middle East. The benchmark FOB Singapore
Platts to reflect 5.7 RVP for Arizona gasoline on or around April 13 S&P Global Platts is proposing to amend the underlying
price assessments reflect FOB Straits bids, offers and trades,
Please note S&P Global Platts will reflect 5.7 RVP for Arizona methodology for its FOB Japan 10 ppm sulfur gasoil assessment
wherein the seller may nominate cargoes for loadings from
AZRBOB 84 and 88.5 gasoline assessments on or around Monday, with effect from October 1, 2020.
approved terminals in Singapore, Malaysia and Indonesia.
April 13. The proposed amendment in methodology is due to the
From July 3, 2017, Platts began publishing standalone offers of oil
These changes reflect seasonal adjustments to RVP levels as discontinuation of Platts’ Japan Domestic Oil Waterborne gasoil
product cargoes loading from the PT Oiltanking Karimun terminal
required by the Kinder Morgan Pipeline system. assessments from October 1, 2020.
in the Singapore MOC assessment process for gasoil, jet fuel and
For questions or comments, please contact Japan’s gasoil exports, however, remain a significant feature of the
gasoline.
[email protected], with a copy to Asia Pacific market in recent years. In 2019, Japan exported 7.98
The list of Straits terminals reflected in the FOB Singapore MOC
[email protected] million mt of diesel, up 30% from 6.155 million mt in 2018, data
process is published in the specifications guide “Asia Pacific And
For written comments, please provide a clear indication if from Petroleum Association of Japan showed.
Middle East Refined Oil Products” at https://www.spglobal.com/
comments are not intended for publication by Platts for public Currently, the FOB Japan 10 ppm sulfur gasoil assessment uses the
platts/plattscontent/_assets/_files/en/our-methodology/
viewing. Platts will consider all comments received and will make Japan Domestic Oil Waterborne gasoil assessment for Tokyo Bay
methodology-specifications/asia-refined-oil-products-
comments not marked as confidential available upon request. LC 1 (daily price symbol code PJPAB00) as the underlying
methodology.pdf
For more details of this and other upcoming RVP changes, please calculation, with cost normalized for the export market including
Located in Karimun Island, PT Oiltanking Karimun is 65% owned by
go to www.spglobal.com and access the Platts US gasoline RVP the removal of the implied taxed value and reflects cargo size of
Oiltanking and 35% by Gunvor Group. The terminal has a total
calendar, or download the Excel file at http://plts.co/eDUK30l65Rg. 150,000-250,000 barrels. The FOB Japan 10 ppm sulfur gasoil
storage capacity of 730,000 cu m and four jetties, of which Jetty 2
assessment was first published on May 7, 2018 and is currently
Labor Day publishing schedule for Platts Asia oil and shipping has a maximum draft of 23 meters and able to accommodate up to
time stamped at 3:30 pm Japan time (0630 GMT), following the
The S&P Global Platts office in Singapore will be closed Friday, May LR2-sized ships.
Japan publishing schedule for waterborne products.
1, for the Labor Day holiday, and there will be no oil and shipping Please send any feedback or questions to
Under the proposal, the assessment would be derived by applying
publications or assessments from Singapore on that day. [email protected] and [email protected] by
a daily assessed FOB Japan 10 ppm sulfur gasoil cash differential
Normal Singapore publishing schedule will resume on Monday, May 4. April 13, 2020.
to the Mean of Platts Singapore (MOPS) strip from October 1, 2020.
For full details of Platts publishing schedule and services affected, For written comments, please provide a clear indication if
The final value would continue to be expressed in US dollar per
see http://www.platts.com/holidayhome. comments are not intended for publication by Platts for public
barrel.
For queries, please contact [email protected]. viewing.
In addition to the methodology change to the FOB Japan 10 ppm
Platts will consider all comments received and will make
Platts proposes to reflect Oiltanking Karimun in Singapore fuel sulfur gasoil, Platts would publish the FOB Japan 10 ppm sulfur
comments not marked as confidential available upon request.
oil, Marine Fuel 0.5%S MOC gasoil cash differential starting October 1.
S&P Global Platts is inviting feedback on a proposal to include Platts Quality Premium for May-loading Murban set at $0.8745/b The amended FOB Japan assessment would reflect cargoes of
Indonesia’s PT Oiltanking Karimun terminal as a loading point in the The Quality Premium for May-loading Murban crude oil is $0.8745/b, 250,000-300,000 barrels in size, loading 15-30 days forward from
Platts Singapore Market on Close assessment process for fuel oil and will be effective for trade in May-loading cargoes during the the date of publication. The assessment would be normalized to
and Marine Fuel 0.5%S. Platts Market on Close assessment process through March. gasoil loadings from Tokyo Bay, and reflect value at the close of
Under the proposal, Platts would publish standalone offers of fuel The Quality Premium in February for April-loading Murban crude Asian trade at 4:30 pm Singapore time (0830 GMT).
oil and Marine Fuel 0.5%S cargoes loading from PT Oiltanking was $0.7580/b. The publication schedule of the FOB Japan 10 ppm sulfur gasoil
The Murban QP can be found on Platts Global Alert pages 2210 and and the new cash differential assessment would be based on

Platts’ existing publication schedule for Singapore oil assessments. for freight and regional benchmark Mean of Platts Arab Gulf Platts to start Singapore intraday MF 0.5% swaps and cracks
The FOB Japan 10 ppm sulfur gasoil assessment appears in the gasoline, naphtha, gasoil and jet kerosene, FOB Fujairah Marine assessments from Apr 13
Asia-Pacific/Arab Gulf Marketscan, the Oilgram Price Report, on Fuel 0.5% and FOB Arab Gulf propane, butane spot prices at the S&P Global Platts will start publishing from April 13 intraday
Platts Global Alert pages 2430, 2404, 2006, 2007, 2405 and 2431, Asian market close. assessments of Marine Fuel 0.5% swaps, and Marine Fuel 0.5%
and in the Platts price database under the daily price symbol code Platts MPPs provide a calculation of the equivalent market value of cracks against their corresponding Dubai swaps and ICE Brent
POJAP00 with the monthly average code POJAP03. a given crude based on the value of its typical refined product yield, futures for up to three months ahead from the date of publication.
Please send all feedback or questions by May 1, 2020, to subtracting costs for transport and the refining process, and These assessments, which will be published daily at 11 am (0300
[email protected] and [email protected]. adjusting the resulting value based on the trading levels of GMT) and 3 pm (0700 GMT) Singapore time, will appear in Platts
For written comments, please provide a clear indication if comparison crudes relative to their product yield values. Global Alert pages 2601, 2603 and Platts Forward Curve pages 2601
comments are not intended for publication by Platts for public More details on Platts MPP models and methodology are available and 2603.
viewing. at https://bit.ly/33GZehH The Marine Fuel 0.5% swaps will be published in $/mt, and the
Platts will consider all comments received and will make The MPP model, which Platts also uses to assess certain illiquid Marine Fuel 0.5% cracks will be published in $/b using a reference
comments not marked as confidential available upon request. crude oil grades from West Africa as well as Indonesian Minas conversion factor of 6.35 barrels/metric ton.
crude, ensures that the assessment captures both the inherent The assessment codes and their corresponding descriptions are as
Platts launches new Indian crude market parity prices
refining value of the crude as well as the broader oil market below:
S&P Global Platts has launched market parity prices for three
demand-supply fundamentals reflected in the price of the Symbol Description
Indian crude oil grades on April 1, 2020, to meet the industry’s
reference basket. MFISI01 Marine Fuel 0.5% Mo01 Swap Intraday Indication
requirement for price references of crude oil grades that are
Platts will review the MPP models for Cambay, Ravva and Rajasthan MFISI02 Marine Fuel 0.5% Mo02 Swap Intraday Indication
produced and refined within the country.
annually to ensure they continue to reflect prevailing market MFISI03 Marine Fuel 0.5% Mo03 Swap Intraday Indication
From April 1, Platts publishes daily MPP for Cambay, Ravva and
conditions and quality of the crude grades. MFIBC01 Marine Fuel 0.5% Mo01 Brent Crack Swap Intraday
Rajasthan grades as well as monthly averages for each of the
The daily MPP and monthly averages for the three grades are Indication
grades.
published in the Platts price database and on Platts Global Alert MFIBC02 Marine Fuel 0.5% Mo02 Brent Crack Swap Intraday
Platts first announced plans to launch the MPP assessments in a
pages 2280 and 2281 under the following codes: Indication
subscriber note published March 24, 2020: http://plts.co/
Assessment Daily Price Monthly Average MFIBC03 Marine Fuel 0.5% Mo03 Brent Crack Swap Intraday
tP8330qscty
Cambay AMPPA00 AMPPA03 Indication
Light, sweet Cambay is produced in the western Indian state of
Ravva AMPPB00 AMPPB03 MFIDC01 Marine Fuel 0.5% Mo01 Dubai Crack Swap Intraday
Gujarat and has an API of 43.80 degrees and sulfur of 0.035% by
Rajasthan AMPPC00 AMPPC03 Indication
weight. Ravva, a medium, sweet grade with API of 36 degrees and
Please send all comments or questions to MFIDC02 Marine Fuel 0.5% Mo02 Dubai Crack Swap Intraday
sulfur of 0.066% by weight, is produced from the Krishna Godavari
[email protected] and [email protected]. Indication
Basin off the Indian east coast state of Andhra Pradesh. Rajasthan
For written comments, please provide a clear indication if MFIDC03 Marine Fuel 0.5% Mo03 Dubai Crack Swap Intraday
crude produced in India’s western state of the same name is a
comments are not intended for publication by Platts for public Indication
medium-heavy and waxy, sweet crude with API of 29.50 degrees
viewing. Platts will consider all comments received and will make Please send any feedback or questions to
and sulfur of 0.086% by weight.
comments not marked as confidential available upon request. [email protected] and [email protected].
The MPP calculation for each grade is based on the its Gross
For written comments, please provide a clear indication if
Product Worth benchmarked to a reference basket of relevant SUBSCRIBER NOTE: Vesak Day publishing schedule for Platts
comments are not intended for publication by Platts for public
crude grades that are actively traded in the regional spot market. Asia oil and shipping
viewing. Platts will consider all comments received and will make
These initially include Nigeria’s Qua Iboe, Angola’s Cabinda and The S&P Global Platts office in Singapore will be closed on
Dalia crude grades and Malaysia’s Kimanis crude. The values of Qua Thursday, May 7, for the Vesak Day holiday, and there will be no oil
Iboe, Cabinda and Dalia are calculated at the Asian market close and shipping publications or assessments from Singapore on that Easter publishing schedule for Platts Asia oil, shipping
(16:30 hours Singapore time) based on their last assessed values at day. The S&P Global Platts office in Singapore will be closed April 10,
London close and accounting for the movement in the underlying The normal Singapore publishing schedule will resume on Friday, 2019, for the Good Friday holiday, and there will be no oil and
Dated Brent benchmark at the prior trading day’s European market May 8. shipping publications or assessments from Singapore on that day.
close at 16:30 hours London time, until Asian close. For full details of Platts publishing schedule and services affected, Additionally, Platts in Asia will close its Market on Close
The four basket grades, Cambay, Ravva and Rajasthan and their refer to http://www.platts.com/HolidayHome. assessment process early on Thursday, April 9, and all
respective GPWs are normalized to West Coast India, accounting For queries, please contact [email protected]. assessments will be basis 12:30 pm Singapore time (0430 GMT).

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

Gasoline FOB Spore Cargo Gasoline FOB Spore Paper Platts Mogas 92: MAY20: VERCER Withdraws bid 25kb $21.50/bbl
■■
Platts Mogas 92: MAY20: VERCER Withdraws bid 25kb $21.38/bbl
■■
Trades (PGA page 2315) Trades (PGA page 4011) Platts Mogas 92: MAY20: PETROCHINA Withdraws bid 25kb
■■
Platts Mogas 92: MAY7-MAY11: SIETCO sold to UNIPECSG* 50kb
■■ Platts Mogas 92: MAY20: PTT sold to VERCER* 25kb $21.60/bbl
■■ $21.30/bbl
FOB Straits $17.90/bbl 8:03:44 8:16:19 Platts Mogas 92: MAY20: VITOLSG Withdraws bid 25kb $20.00/
■■
APR28-MAY2: PTT sold to PETROCHINA* 150kb $18.00/bbl
■■ Platts Mogas 92: MAY20: VITOLSG sold to TRAFI* 25kb $21.60/bbl
■■ bbl
8:03:35 8:16:23 ** Denotes OCO order.
* Denotes market maker. All times GMT Platts Mogas 92: MAY20: VITOLSG sold to TRAFI* 25kb $21.50/bbl
■■ Offers (PGA page 4010)
Bids (PGA page 2313) 8:16:30
Platts Mogas 92: MAY20: VITOLSG* sold to ENGIE 25kb $21.65/bbl
■■ Platts Mogas 92: MAY20: GUNVORSG offers 25kb $21.16/bbl
■■
No bids reported
■■ Platts Mogas 92: MAY20: PETROCHINA offers 25kb $21.20/bbl
■■
8:22:21
Withdrawals Platts Mogas 92: MAY20: BPSG sold to TRAFI* 25kb $21.45/bbl
■■ Platts Mogas 92: MAY20: PETROCHINA offers 25kb $21.23/bbl
■■
Platts Mogas 92: MAY9-MAY13: **UNIPECSG Withdraws bid 50kb
■■ 8:22:34 Platts Mogas 92: MAY20: VITOLSG offers 25kb $21.24/bbl
■■
FOB Straits $17.90/bbl Platts Mogas 92: MAY20: PTT sold to VERCER* 25kb $21.45/bbl
■■ Platts Mogas 92: MAY20: SIETCO offers 50kb $21.25/bbl
■■
Platts Mogas 92: MAY7-MAY11: **UNIPECSG no longer bids 50kb
■■ 8:23:45 Platts Mogas 92: MAY20: BPSG offers 25kb $21.28/bbl
■■
FOB Straits $17.90/bbl Platts Mogas 92: MAY20: VITOLSG sold to TRAFI* 25kb $21.35/bbl
■■ Platts Mogas 92: MAY20: VITOLSG offers 25kb $21.30/bbl
■■
APR28-MAY2: PETROCHINA no longer bids 150kb FOB Straits
■■ 8:24:24 Platts Mogas 92: MAY20: P66SG offers 25kb $21.35/bbl
■■
$18.00/bbl Platts Mogas 92: MAY20: VITOLSG* sold to ENGIE 25kb $21.49/bbl
■■ Platts Mogas 92: MAY20: VITOLSG offers 25kb $21.49/bbl
■■
** Denotes OCO order. 8:24:34 Platts Mogas 92: MAY20: EQUINOR offers 25kb $22.08/bbl
■■
Platts Mogas 92: MAY20: BPSG* sold to VERCER 25kb $21.30/bbl
■■ Platts Mogas 92: MAY20: BOCIGC offers 25kb $22.20/bbl
■■
Offers (PGA page 2314)
8:27:57 Platts Mogas 92: MAY20: VERCER offers 25kb $23.00/bbl
■■
Platts Mogas 92: APR28-MAY2: **VITOLSG offers 50kb FOB Straits
■■ Platts Mogas 92: MAY20: VERCER offers 25kb $23.15/bbl
■■
Platts Mogas 92: MAY20: GUNVORSG* sold to VERCER 25kb
■■
$17.00/bbl Platts Mogas 92: MAY20: VERCER offers 25kb $23.15/bbl
■■
$21.30/bbl 8:27:58
Platts Mogas 92: APR28-MAY2: SIETCO offers 50kb FOB Straits
■■
Platts Mogas 92: MAY20: PTT sold to VERCER* 25kb $21.25/bbl
■■ Withdrawals
$18.90/bbl
8:28:53 Platts Mogas 92: MAY20: P66SG Withdraws offer 25kb $22.50/
■■
Platts Mogas 92: APR29-MAY3: PTT offers 50kb FOB Straits
■■
Platts Mogas 92: MAY20: SIETCO sold to TRAFI* 25kb $21.20/bbl
■■ bbl
$17.50/bbl
8:29:08 Platts Mogas 92: MAY20: PETROCHINA Withdraws offer 25kb
■■
Platts Mogas 92: MAY1-MAY5: SIETCO offers 50kb FOB Straits
■■
Platts Mogas 92: MAY20: VITOLSG* sold to VERCER 25kb $21.24/
■■ $22.50/bbl
$18.80/bbl
bbl 8:29:26 Platts Mogas 92: MAY20: BPSG Withdraws offer 25kb $22.70/bbl
■■
Platts Mogas 92: MAY3-MAY7: **VITOLSG offers 50kb FOB Straits
■■
Platts Mogas 92: MAY20: GUNVORSG* sold to VERCER 25kb
■■ Platts Mogas 92: MAY20: PETROCHINA Withdraws offer 25kb
■■
$17.00/bbl
$21.16/bbl 8:30:01 $22.90/bbl
■■
Platts Mogas 92: MAY20: VITOLSG* sold to TOTSA 25kb $21.30/
■■ Platts Mogas 92: MAY20: P66SG Withdraws offer 25kb $23.30/
■■
$17.90/bbl
bbl 8:30:04 bbl
Platts Mogas 95: APR28-MAY2: SIETCO offers 50kb FOB Straits
■■
* Denotes market maker. All times GMT Platts Mogas 92: MAY20: GUNVORSG Withdraws offer 25kb
■■
$20.10/bbl
Bids (PGA page 4009) $23.50/bbl
■■
** Denotes OCO order.
$20.10/bbl Platts Mogas 92: MAY20: TRAFI bids 25kb $21.15/bbl
■■
Withdrawals Platts Mogas 92: MAY20: VERCER bids 25kb $21.15/bbl
■■
Platts Mogas 92: MAY9-MAY13: VITOLSG Withdraws offer 50kb
■■ Platts Mogas 92: MAY20: PTT bids 25kb $21.11/bbl
■■ Gasoline FOB Spore Paper Spreads
FOB Straits $17.80/bbl Platts Mogas 92: MAY20: VERCER bids 25kb $20.90/bbl
■■ Trades (PGA page 4011)
Platts Mogas 92: MAY3-MAY7: TOTALSG Withdraws offer 50kb
■■ Platts Mogas 92: MAY20: VERCER bids 25kb $20.75/bbl
■■
Platts Mogas 92 spread: BAL MONTH/MAY20: PTT sold to ENGIE*
■■
FOB Straits $19.30/bbl Withdrawals 25kb $-3.60/bbl 8:22:07
APR29-MAY3: PTT Withdraws offer 100kb FOB Straits $19.60/bbl
■■ Platts Mogas 92: MAY20: TRAFI no longer bids 25kb $21.60/bbl
■■ Platts Mogas 92 spread: MAY20/JUN20: VERCER sold to TRAFI*
■■
** Denotes OCO order. Platts Mogas 92: MAY20: VERCER no longer bids 25kb $21.60/bbl
■■ 25kb $-3.80/bbl 8:21:41
Platts Mogas 92: MAY20: PTT Withdraws bid 25kb $21.50/bbl
■■ * Denotes market maker. All times GMT
APAC Deals Summary

Bids (PGA page 4009) $-3.21/bbl Withdrawals
Platts Mogas 92 spread: BAL MONTH/MAY20: TOTSA bids 25kb
■■ Platts Mogas 92 spread: MAY20/JUN20: SIETCO offers 25kb
■■ No offers reported
■■
$-4.69/bbl $-3.2/bbl ** Denotes OCO order.
Platts Mogas 92 spread: BAL MONTH/MAY20: VITOLSG bids 25kb

■■ Platts Mogas 92 spread: MAY20/JUN20: BPSG offers 25kb $-3.15/
■■
$-4.9/bbl bbl Naphtha C+F Japan Cargo Spreads
Platts Mogas 92 spread: MAY20/JUN20: TRAFI bids 25kb $-3.85/
■■ Platts Mogas 92 spread: MAY20/JUN20: VITOLSG offers 25kb
■■
bbl $-3/bbl Trades (PGA page 2325)
Platts Mogas 92 spread: MAY20/JUN20: EQUINOR bids 25kb
■■ Platts Mogas 92 spread: JUN20/JUL20: PTT offers 25kb $-2.8/
■■ No trades reported
■■
$-3.88/bbl bbl * Denotes market maker. All times GMT
Platts Mogas 92 spread: MAY20/JUN20: BPSG bids 25kb $-4/bbl
■■ Platts Mogas 92 spread: JUN20/JUL20: SIETCO offers 25kb
■■
Bids (PGA page 2323)
Platts Mogas 92 spread: MAY20/JUN20: VITOLSG bids 25kb $-4/
■■ $-2.65/bbl
Platts Mogas 92 spread: JUN20/JUL20: BPSG offers 25kb $-2.6/
■■ No bids reported
■■
bbl
Platts Mogas 92 spread: MAY20/JUN20: TOTSA bids 25kb $-4.2/
■■ bbl Withdrawals
bbl Platts Mogas 92 spread: JUN20/JUL20: TOTSA offers 25kb $-2.6/
■■
Platts Mogas 92 spread: MAY20/JUN20: VERCER bids 25kb
■■ bbl ** Denotes OCO order.
$-4.25/bbl Platts Mogas 92 spread: JUN20/JUL20: VERCER offers 25kb
Platts Mogas 92 spread: JUN20/JUL20: TRAFI bids 25kb $-3.4/
■■ $-2.6/bbl
Platts Mogas 92 spread: JUN20/JUL20: VITOLSG offers 25kb
■■
bbl
$-2.25/bbl Withdrawals
Platts Mogas 92 spread: JUN20/JUL20: BPSG bids 25kb $-3.5/bbl
■■
Platts Mogas 92 spread: JUN20/JUL20: VITOLSG bids 25kb $-3.5/
■■ Withdrawals
No offers reported
■■
bbl Platts Mogas 92 spread: BAL MONTH/MAY20: VERCER Withdraws
■■
Platts Mogas 92 spread: JUN20/JUL20: TOTSA bids 25kb $-3.75/
■■ offer 25kb $-3.2/bbl
bbl Platts Mogas 92 spread: MAY20/JUN20: PTT Withdraws offer
■■ Jet Kero FOB Spore Paper
Platts Mogas 92 spread: JUN20/JUL20: VERCER bids 25kb
■■ 125kb $-3.2/bbl
$-3.75/bbl Platts Mogas 92 spread: MAY20/JUN20: PTT Withdraws offer
■■
Trades (PGA page 4023)
Withdrawals 200kb $-3.1/bbl BAL MONTH: BPSG* sold to DVTRADING 50kb $24.30/bbl 8:27:52
■■
Platts Mogas 92 spread: BAL MONTH/MAY20: ENGIE no longer
■■ ** Denotes OCO order. BAL MONTH: ALVARI* sold to DVTRADING 50kb $24.30/bbl
■■
bids 25kb $-3.6/bbl 8:29:55
* Denotes market maker. All times GMT
Platts Mogas 92 spread: MAY20/JUN20: GUNVORSG Withdraws
■■ Naphtha C+F Cargo
bid 25kb $-3.9/bbl Bids (PGA page 4021)
** Denotes OCO order. Trades (PGA page 2325)
BAL MONTH: VERCER bids 50kb $23.40/bbl
■■
Offers (PGA page 4010) No trades reported
■■
Withdrawals
Platts Mogas 92 spread: BAL MONTH/MAY20: TOTSA offers 25kb
■■
$-3.21/bbl Bids (PGA page 2323) ** Denotes OCO order.
Platts Mogas 92 spread: BAL MONTH/MAY20: SIETCO offers 25kb
■■ H2JUN20: GLENCORESG bids 25kt $184.00/mt
$-3.1/bbl Withdrawals BAL MONTH: FREEPTASIA offers 50kb $24.20/bbl
■■
Platts Mogas 92 spread: BAL MONTH/MAY20: VITOLSG offers
■■ BAL MONTH: BPSG offers 50kb $24.40/bbl
■■
25kb $-3/bbl ** Denotes OCO order. BAL MONTH: PETROCHINA offers 50kb $24.60/bbl
■■
Platts Mogas 92 spread: MAY20/JUN20: VERCER offers 25kb
■■
Offers (PGA page 2324) BAL MONTH: VERCER offers 50kb $24.70/bbl
■■
$-3.5/bbl
Platts Mogas 92 spread: MAY20/JUN20: VITOLSG offers 25kb
■■ H2MAY20: **TOTALSG offers 25kt $183.00/mt
■■ Withdrawals
$-3.3/bbl H1JUN20: **SIETCO offers 25kt $185.00/mt
■■ BAL MONTH: ALVARI Withdraws offer 50kb $25.50/bbl
■■
Platts Mogas 92 spread: MAY20/JUN20: BOCIGC offers 25kb
■■ H1JUN20: **TOTALSG offers 25kt $185.00/mt
■■ BAL MONTH: ALVARI no longer offers 50kb $24.30/bbl
■■
$-3.25/bbl H2JUN20: **TOTALSG offers 25kt $190.00/mt
■■ ** Denotes OCO order.
Platts Mogas 92 spread: MAY20/JUN20: TOTSA offers 25kb
■■ H2JUN20: **SIETCO offers 25kt $194.00/mt
■■
APAC Deals Summary

Jet Kero FOB Spore Paper Spreads BAL MONTH: DVTRADING no longer bids 50kb $35.00/bbl
BAL MONTH: VERCER no longer bids 50kb $34.65/bbl
Trades (PGA page 4023) ** Denotes OCO order.
BAL MONTH/MAY20: ALVARI offers 50kb $-2.1/bbl
■■
No trades reported
■■ Offers (PGA page 4018) BAL MONTH/MAY20: EQUINOR offers 50kb $-2.1/bbl
■■
MAY20: HOTEI offers 50kb $36.80/bbl
■■ BAL MONTH/MAY20: VERCER offers 50kb $-1.85/bbl
■■
Bids (PGA page 4021) MAY20: HOTEI offers 50kb $36.90/bbl
■■ BAL MONTH/MAY20: VITOLSG offers 50kb $-1.82/bbl
■■
No bids reported
■■ MAY20: MBCL offers 50kb $36.90/bbl
■■ BAL MONTH/MAY20: DVTRADING offers 50kb $-1.75/bbl
■■
Withdrawals MAY20: MABANAFT offers 50kb $37.20/bbl
■■ Withdrawals
No bids reported
■■
** Denotes OCO order. MAY20: VERCER offers 50kb $37.20/bbl
MAY20: VERCER offers 50kb $37.30/bbl
■■
Offers (PGA page 4022)
MAY20: MBCL offers 50kb $37.40/bbl
■■
No offers reported
■■ MAY20: VERCER offers 50kb $37.55/bbl
■■ FO 180 CST 3.5% FOB Spore Paper
Withdrawals MAY20: EQUINOR offers 50kb $37.70/bbl
No offers reported
■■
No trades reported
■■
** Denotes OCO order. MAY20: DVTRADING offers 50kb $37.80/bbl
■■
■■
■■ Bids (PGA page 4025)
Gasoil FOB Spore Paper
■■ MAY20: VERCER bids 5kt $182.75/mt
■■
Trades (PGA page 4019) MAY20: MBCL offers 50kb $38.20/bbl
■■ MAY20: MCELT bids 5kt $182.50/mt
■■
MAY20: HOTEI sold to VERCER* 50kb $37.10/bbl 8:26:19
■■
■■
MAY20: HOTEI sold to DVTRADING* 50kb $37.00/bbl 8:27:01
■■
■■ MAY20: VITOLSG bids 5kt $181.00/mt
■■
MAY20: HOTEI sold to BNP* 50kb $36.90/bbl 8:27:11
■■
■■ MAY20: MCELT bids 5kt $180.00/mt
■■
MAY20: HOTEI* sold to DVTRADING 50kb $37.00/bbl 8:27:31
■■
BAL MONTH: EQUINOR offers 50kb $34.80/bbl
■■
MAY20: HOTEI* sold to SENTINELC 50kb $37.00/bbl 8:27:55
■■
BAL MONTH: TOTSA offers 50kb $34.81/bbl
■■
BAL MONTH: GUNVORSG sold to VERCER* 50kb $35.00/bbl
■■
BAL MONTH: BPSG offers 50kb $35.40/bbl
■■ BAL MONTH: VERCER bids 5kt $173.75/mt
■■
8:26:35 BAL MONTH: UNIPECSG offers 50kb $35.40/bbl
■■ BAL MONTH: MCELT bids 5kt $173.50/mt
■■
BAL MONTH: GUNVORSG sold to DVTRADING* 50kb $35.00/bbl
■■
BAL MONTH: VERCER offers 50kb $35.50/bbl
■■ BAL MONTH: VERCER bids 5kt $170.50/mt
■■
8:26:35 BAL MONTH: VERCER offers 50kb $35.70/bbl
■■ Withdrawals
BAL MONTH: TOTSA sold to VERCER* 50kb $34.65/bbl 8:29:46
■■ Withdrawals MAY20: MCELT Withdraws bid 5kt $176.00/mt
■■
* Denotes market maker. All times GMT MAY20: SENTINELC Withdraws offer 50kb $37.90/bbl
■■ MAY20: VITOLSG Withdraws bid 5kt $176.00/mt
■■
MAY20: SENTINELC Withdraws offer 50kb $37.90/bbl
■■ MAY20: MCELT Withdraws bid 5kt $174.00/mt
■■
** Denotes OCO order. ** Denotes OCO order.
MAY20: VERCER bids 50kb $36.65/bbl
■■
BAL MONTH: VERCER bids 50kb $34.60/bbl
Gasoil FOB Spore Paper Spreads MAY20: TRAFI offers 5kt $184.50/mt
■■
Withdrawals
MAY20: VERCER no longer bids 50kb $37.10/bbl
■■ Trades (PGA page 4019) MAY20: VITOLSG offers 5kt $188.00/mt
■■
MAY20: DVTRADING no longer bids 50kb $37.00/bbl
■■ MAY20: VERCER offers 5kt $188.50/mt
■■
BAL MONTH/MAY20: ALVARI sold to VERCER* 50kb $-2.20/bbl
■■ MAY20: VERCER offers 5kt $189.50/mt
■■
MAY20: GUNVORSG Withdraws bid 50kb $37.00/bbl
■■ 8:29:52
MAY20: SENTINELC Withdraws bid 50kb $36.95/bbl
■■ MAY20: MCELT offers 5kt $190.00/mt
■■
MAY20: BNP no longer bids 50kb $36.90/bbl
■■ MAY20: MCELT offers 5kt $192.00/mt
■■
Bids (PGA page 4017) BAL MONTH: TRAFI offers 5kt $182.00/mt
■■
■■
■■ BAL MONTH: MCELT offers 5kt $183.50/mt
■■
MAY20: TRAFI Withdraws bid 50kb $36.75/bbl
■■ BAL MONTH: VERCER offers 5kt $184.00/mt
■■
Withdrawals
BAL MONTH: TRAFI Withdraws bid 50kb $34.70/bbl
■■
BAL MONTH/MAY20: VERCER no longer bids 50kb $-2.2/bbl
■■
APAC Deals Summary

Withdrawals MAY20: VERCER offers 5kt $181.50/mt
■■ Platts Cash Dubai Partials: JUN20: BPSG offers 25kb $22.35/bbl
■■
BAL MONTH: VERCER Withdraws offer 5kt $191.00/mt
■■ MAY20: GLENCORE offers 5kt $182.00/mt
■■ Platts Cash Dubai Partials: JUN20: UNIPECASIA offers 25kb
■■
** Denotes OCO order. MAY20: DVTRADING offers 5kt $182.50/mt
■■ $22.35/bbl
MAY20: VERCER offers 5kt $182.50/mt
■■ Platts Cash Dubai Partials: JUN20: BPSG offers 25kb $22.50/bbl
■■
FO 380 CST 3.5% FOB Spore Paper MAY20: MCELT offers 5kt $183.00/mt
■■ Platts Cash Dubai Partials: JUN20: P66SG offers 25kb $22.55/bbl
■■
MAY20: TOTSA offers 5kt $183.00/mt
■■ Platts Cash Dubai Partials: JUN20: VITOLSG offers 25kb $22.55/
■■
Trades (PGA page 4027) MAY20: MCELT offers 5kt $185.00/mt
■■ bbl
MAY20: SIETCO sold to DVTRADING* 5kt $178.00/mt 8:29:34
■■ MAY20: TOTSA offers 5kt $185.00/mt
■■ Platts Cash Dubai Partials: JUN20: P66SG offers 25kb $22.60/bbl
■■
MAY20: TRAFI sold to CHEVINCSG* 5kt $177.75/mt 8:29:45
■■ BAL MONTH: GLENCORE offers 5kt $177.50/mt
■■ Platts Cash Oman Partials: JUN20: UNIPECASIA offers 25kb
■■
MAY20: UENERGY sold to VITOLSG* 5kt $177.50/mt 8:30:01
■■ BAL MONTH: TRAFI offers 5kt $177.50/mt
■■ $22.35/bbl
MAY20: SIETCO sold to VERCER* 5kt $177.50/mt 8:30:03
■■ Withdrawals
MAY20: TOTSA* sold to MCELT 5kt $178.00/mt 8:30:16
■■ BAL MONTH: MCELT offers 5kt $179.00/mt
■■ Platts Cash Dubai Partials: JUN20: BPSG no longer offers 25kb
■■
* Denotes market maker. All times GMT BAL MONTH: MCELT offers 5kt $181.00/mt
■■ $22.35/bbl
BAL MONTH: VERCER offers 5kt $181.00/mt
■■ Platts Cash Dubai Partials: JUN20: SIETCO no longer offers 25kb
■■
Withdrawals $22.35/bbl
MAY20: VERCER bids 5kt $177.50/mt
■■
MAY20: MERCURIASG Withdraws offer 5kt $183.00/mt
■■ Platts Cash Dubai Partials: JUN20: UNIPECASIA no longer offers
■■
MAY20: VITOLSG bids 5kt $177.50/mt
■■
** Denotes OCO order. 25kb $22.35/bbl
MAY20: MCELT bids 5kt $177.25/mt
■■
Platts Cash Dubai Partials: JUN20: RGES Withdraws offer 25kb
■■
MAY20: GLENCORE bids 5kt $177.00/mt
■■
Mideast Sour Crude $22.50/bbl
■■
Platts Cash Dubai Partials: JUN20: GUNVORSG Withdraws offer
■■
MAY20: DVTRADING bids 5kt $176.00/mt
■■
Trades (PGA page 2284) 25kb $22.95/bbl
MAY20: MERCURIASG bids 5kt $176.00/mt
■■
Platts Cash Dubai Partials: JUN20: SIETCO* sold to CHEVINCSG
■■ Platts Cash Dubai Partials: JUN20: HENGLIOIL Withdraws offer
■■
■■
25kb $22.55/bbl 8:28:09 25kb $25.50/bbl
MAY20: UENERGY bids 5kt $175.00/mt
■■
Platts Cash Dubai Partials: JUN20: BPSG* sold to CHEVINCSG
MAY20: MCELT bids 5kt $174.00/mt
■■
BAL MONTH: GLENCORE bids 5kt $173.50/mt
■■ 25kb $22.55/bbl 8:28:13
BAL MONTH: VERCER bids 5kt $171.50/mt
■■ Platts Cash Dubai Partials: JUN20: SIETCO* sold to CHEVINCSG
■■ Mideast Sour Crude Spreads
BAL MONTH: MCELT bids 5kt $171.00/mt
■■ 25kb $22.45/bbl 8:28:57
Platts Cash Dubai Partials: JUN20: SIETCO* sold to METS 25kb
BAL MONTH: TRAFI bids 5kt $171.00/mt
■■
BAL MONTH: VERCER bids 5kt $170.50/mt
■■ $22.45/bbl 8:29:14 No trades reported
■■
BAL MONTH: MCELT bids 5kt $169.00/mt
■■ Platts Cash Dubai Partials: JUN20: UNIPECASIA* sold to
CHEVINCSG 25kb $22.35/bbl 8:29:46 Bids (PGA page 2282)
Withdrawals
Platts Cash Dubai Partials: JUN20: BPSG* sold to PCHK 25kb
■■
MAY20: DVTRADING no longer bids 5kt $178.00/mt
■■
$22.35/bbl 8:29:48
MAY20: CHEVINCSG no longer bids 5kt $177.75/mt
■■
Platts Cash Dubai Partials: JUN20: UNIPECASIA* sold to PCHK
■■ Withdrawals
MAY20: MCELT Withdraws bid 5kt $173.00/mt
■■
25kb $22.35/bbl 8:29:52 No bids reported
■■
Platts Cash Dubai Partials: JUN20: SIETCO* sold to CHEVINCSG
Offers (PGA page 4026) 25kb $22.35/bbl 8:29:52 Offers (PGA page 2283)
MAY20: TOTSA offers 5kt $178.00/mt
No offers reported
■■
MAY20: UENERGY offers 5kt $178.00/mt
■■ Bids (PGA page 2282)
MAY20: GUNVORSG offers 5kt $178.50/mt
■■ Withdrawals
No bids reported
■■
MAY20: MERCURIASG offers 5kt $179.00/mt
■■
MAY20: VITOLSG offers 5kt $179.50/mt
■■ Withdrawals ** Denotes OCO order.
■■
Asia Light Sweet Crude
Trades (PGA page 2254)
APAC Deals Summary

No trades reported
■■ Withdrawals No bids reported
■■
* Denotes market maker. All times GMT No offers reported
■■
Withdrawals
Bids (PGA page 2252) No bids reported
■■
No bids reported
Asia Light Sweet Crude Spreads Offers (PGA page 2253)
Withdrawals
No bids reported
■■ Trades (PGA page 2254) No offers reported
■■
No trades reported
■■ Withdrawals
Offers (PGA page 2253) * Denotes market maker. All times GMT No offers reported
■■
No offers reported
■■ Bids (PGA page 2252) ** Denotes OCO order.

Asia-Pacific/Arab Gulf Marketscan: Volume 39 / Issue 71 / April 13, 2020

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Asia-Pacific/Arab Gulf Marketscan: Volume 39 / Issue 71 / April 13, 2020

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ASIA-PACIFIC/ARAB GULF MARKETSCAN

Asia products Market Commentary

Gasoline components (PBF page 2410)

Singapore paper (PGA page 2655)

Arab Gulf Front Month Swaps (PGA page 2638)

Asia products backdrop of lackluster demand continued to drag regional

Asia products As of early Monday, India has reported 9,205 confirmed

Marine Fuel 0.5% Derivatives, Apr 13

the FOB Singapore 92 RON marker using the following

futures sank 135.25% on the week to minus $59.225/mt at

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

spread was assessed at minus $3/mt. The H1 Jun/H2 Jun

April/May jet fuel/kerosene swap spread fell by 23 cents/b

Subscriber notes (continued) (PGA page 1500)

Subscriber notes (continued) (PGA page 1500)

Subscriber notes (continued) (PGA page 1500)

Subscriber notes (continued) (PGA page 1500)

APAC Deals Summary

APAC Deals Summary

Platts Mogas 92 spread: BAL MONTH/MAY20: VITOLSG bids 25kb

APAC Deals Summary

APAC Deals Summary

APAC Deals Summary

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