AsiA-pAciFic/ArAB GuLF MArKEtscAn

AsiA products code Mid change code Mid change code Mid change

singapore (PGA page 2002)

FoB singapore ($/barrel) Mops strip premium/discountNaphtha PAAAP00 43.58–43.62 43.600 +1.870 AAPKA00 41.43–41.47 41.450 +0.800Gasoline 97 unleaded PGAMS00 47.61–47.65 47.630 +1.100 AAPKE00* 6.16/6.20 6.180 +0.300Gasoline 95 unleaded PGAEZ00 46.48–46.52 46.500 +1.100 AAPKF00* 5.03/5.07 5.050 +0.300Gasoline 95 unleaded AGUMS00 47.190 +1.340 AGUMA00**** -0.690 -0.240Gasoline 92 unleaded PGAEY00 44.62–44.66 44.640 +1.100 AAPKG00* 3.17/3.21 3.190 +0.300Gasoline 92 unleaded AAXEQ00 45.08–45.12 45.100 +1.480 AAXER00 -0.48/-0.44 -0.460 -0.380Gasoline 91 unleaded AAYNA00 45.840 +1.120 AAYNB00 0.740 -0.360Gasoline 92 unleaded 500 ppm PGAFY00*** -0.062 -0.413CFR Naphtha AAOVF00 41.000 +0.850 AAOVG00 -0.450 +0.050Kerosene PJABF00 42.57–42.61 42.590 +0.870 AAPJZ00 43.28–43.32 43.300 +0.890 PJACU00 -0.73/-0.69 -0.710 -0.020Gasoil 10 ppm AAOVC00 49.65–49.69 49.670 +1.400 AAOVD00** 0.77/0.81 0.790 -0.090Gasoil 50 ppm AAPPF00 49.57–49.61 49.590 +1.490 AAPPH00** 0.69/0.73 0.710 0.000Gasoil 0.05% sulfur AAFEX00 49.48–49.52 49.500 +1.540 AAFFB00** 0.60/0.64 0.620 +0.050Gasoil 0.25% sulfur AACUE00 48.67–48.71 48.690 +1.640 AACQI00** -0.21/-0.17 -0.190 +0.150Gasoil POABC00 49.65–49.69 49.670 +1.400 AAPJY00 48.86–48.90 48.880 +1.490 POAIC00** 0.77/0.81 0.790 -0.090FO 180 CST 2% ($/mt) PUAXS00 245.07–245.11 245.090 +1.040HSFO 180 CST ($/mt) PUADV00 239.68–239.72 239.700 +1.020 AAPJX00 243.39–243.43 243.410 +1.880 AAGZF00 -3.73/-3.69 -3.710 -0.860HSFO 380 CST ($/mt) PPXDK00 232.33–232.37 232.350 -0.380 AAPJW00 237.02–237.06 237.040 +1.890 PPXDL00 -4.71/-4.67 -4.690 -2.270Marine Fuel 0.5% ($/mt) AMFSA00 308.230 +17.380 FOFSA00 308.000 +13.240 FOFSB00 0.230 +4.140Ex-Wharf 180 CST ($/mt) AAFET00 248.50–249.50 249.000 +5.000Ex-Wharf 380 CST ($/mt) AAFER00 241.50–242.50 242.000 +5.000Ex-Wharf 500 CST ($/mt) AAVUP00 240.50–241.50 241.000 +6.000

*Differential to FOB Singapore naphtha. **Differential to FOB Singapore gasoil. The “Gasoil” assessment reflects 10 ppm sulfur from January 2, 2018. ***Indicates relationship between premium/discount and MOPS gasoline 92 strip. ****Differential to FOB Singapore gasoline 95 unleaded.

Middle East physical oil assessments (PGA pages 2004 and 2018)

FoB Arab Gulf ($/barrel) premium/discountNaphtha ($/mt) PAAAA00 363.45–368.95 366.200 +9.750 AAPKH00 25.25/25.75 25.500 -1.000Naphtha LR2 ($/mt) AAIDA00 366.28–371.78 369.030 +9.890Gasoline 95 unleaded AAICY00 44.74–44.78 44.760 +1.360 AAWUJ00 4.48/4.52 4.500 +0.100Gasoline 95 unleaded CFR AAWUK00 5.28/5.32 5.300Gasoline 92 unleaded AAGJA00 42.900 +1.360 AAGZA00 4.100 +0.100Kerosene PJAAA00 40.82–40.86 40.840 +0.870 PJACV00 0.58/0.62 0.600 0.000Kerosene LR2 AAKNZ00 40.94–40.98 40.960 +0.880Gasoil 10 ppm AAIDT00 47.79–47.83 47.810 +1.400 AAIDU00* 0.98/1.02 1.000 0.000Gasoil 0.005% sulfur AASGJ00 47.59–47.63 47.610 +1.400 AASGK00* 0.78/0.82 0.800 0.000Gasoil 0.05% sulfur AAFEZ00 47.37–47.41 47.390 +1.400 AAFFD00* 0.56/0.60 0.580 0.000Gasoil 0.25% sulfur AACUA00 46.89–46.93 46.910 +1.400 AACUC00* 0.08/0.12 0.100 0.000Gasoil POAAT00 47.79–47.83 47.810 +1.400 POAID00* 0.98/1.02 1.000 0.000Gasoil LR2 AAKBT00 47.92–47.96 47.940 +1.410HSFO 180 CST ($/mt) PUABE00 230.78–230.82 230.800 +0.950 AAXJA00 1.98/2.02 2.000 0.000HSFO 380 CST ($/mt) AAIDC00 223.43–223.47 223.450 -0.450 AAXJB00 -6.02/-5.98 -6.000 -1.000HSFO 180/380 spread ($/mt) PPXDM00 -7.37/-7.33 -7.350 -1.400Marine Fuel 0.5% Fujairah ($/mt) FOFFB00*** -3.000 +2.000Ex-Wharf Fujairah 380 CST** ($/mt) AAYBG00 -9.500 +4.000

*Premium to MOPAG gasoil during loading. **Ex-Wharf differential represents premium/discount to the MOPAG 180 CST strip. ***MF 0.5% differential represents premium/discount to the MOPFUJ MF 0.5% strip.

suBscriBEr notEs (PGA page 1500)

Hari raya Haji publishing schedule for platts Asia oil, shippingThe S&P Global Platts office in Singapore will be closed on Friday, July 31, 2020, for the Hari Raya Haji holiday, and there will be no oil and shipping publications or assessments from Singapore on that day.The normal Singapore publishing schedule will resume on Monday, August 3.For full details of Platts publishing schedule and services affected, refer to http://www.platts.com/HolidayHome.For queries, please contact [email protected].

platts to suspend price assessments, publications from singapore on July 10Due to a change in Singapore’s scheduled public holidays for 2020 following the announcement of a general election, S&P Global

(Subscriber notes continue on page 17)

Volume 39 / issue 123 / July 1, 2020

AsiA-pAciFic/ArAB GuLF MArKEtscAn

www.platts.com

ASIA-PACIFIC/ARAB GULF MARKETSCAN JULy 1, 2020

2© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved.

AsiA products code Mid change code Mid change

Middle East physical oil assessments (PGA pages 2004 and 2018)

FoB Fujairah ($/barrel) MopAG stripGasoline 95 unleaded AFUJA00 49.860 +1.650 AFUJB00 45.360 +1.550Kerosene AFUJF00 42.360 +0.920 AFUJG00 41.760 +0.920Gasoil 10 ppm AFUJP00 47.860 +1.420Gasoil AFUJK00 47.860 +1.420 AFUJL00 46.860 +1.420HSFO 380 CST ($/mt) AFUJQ00 220.880 +6.310 AFUJR00 226.880 +7.310Ex-Wharf 380 CST ($/mt) AAYBF00 225.010 +10.060 AAYBD00 234.510 +6.060

MopFuJ stripMarine Fuel 0.5% ($/mt)** AMFFA00 298.180 +12.530 FOFFA00 301.180 +10.530

*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)

FoB singapore ($/mt)MTBE PHALF00 448.00–450.00 449.000 +11.000

singapore demurrage (PGT pages 2910 and 2960)

$/dayDemurrage Clean AALPY00 14500.000 -500.000Demurrage Dirty AALQA00 16750.000 +250.000

WEEKLy FuJAirAH oiL product stocKs code (’000 barrels) change

Jun 29 (PGA page 2022)

Light distillates FUJLD04 7919 -325Middle distillates FUJMD04 4102 -971Heavy distillates and residues FUJHD04 16474 -427

Source: FEDCom, S&P Global Platts

singapore paper (PGA page 2655)

Balance July* ($/barrel) August ($/barrel) september ($/barrel)Naphtha Japan ($/mt) AAXFE00 376.75–377.25 377.000 +7.250 AAXFF00 370.50–371.00 370.750 +9.250Naphtha AAPLD00 41.73–41.77 41.750 +5.750 PAAAQ00 40.58–40.62 40.600 -0.250 PAAAR00 39.88–39.92 39.900 -0.050Gasoline 95 unleaded AGUMB00 47.290 +4.720 AGUMM01 46.900 +1.000 AGUMM02 46.550 +0.850Gasoline 92 unleaded AAXEK00 45.17–45.21 45.190 +5.190 AAXEL00 44.83–44.87 44.850 +1.200 AAXEM00 44.48–44.52 44.500 +1.000Reforming Spread AAXEN00 3.42/3.46 3.440 -0.560 AAXEO00 4.23/4.27 4.250 +1.450 AAXEP00 4.58/4.62 4.600 +1.050Kerosene AAPLE00 43.06–43.10 43.080 +3.530 PJABS00 43.91–43.95 43.930 +1.690 PJABT00 44.68–44.72 44.700 +1.710Gasoil AAPLF00 49.03–49.07 49.050 +4.230 POAFC00 48.36–48.40 48.380 +0.910 POAFG00 48.34–48.38 48.360 +1.260HSFO 180 CST ($/mt) AAPML00 243.18–243.22 243.200 +22.950 PUAXZ00 243.98–244.02 244.000 +2.750 PUAYF00 245.53–245.57 245.550 +3.050HSFO 380 CST ($/mt) AAPKB00 236.68–236.72 236.700 +24.200 AAPKC00 237.98–238.02 238.000 +3.250 AAPKD00 238.83–238.87 238.850 +2.350Gasoil EFS ($/mt) AAQTX00 5.420 -6.870 AAQTY00 -2.070 -5.220 AAQTZ00 -5.720 -2.620

*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 July* ($/barrel) August ($/barrel) september ($/barrel)Gasoline 95 unleaded AFUIM00 45.550 +5.200 AFUIM01 45.160 +1.260 AFUIM02 44.810 +1.110Kerosene AFUAM00 41.330 +3.330 AFUAM01 42.180 +1.690 AFUAM02 42.950 +1.710Gasoil AFUJM00 47.190 +4.020 AFUJM01 46.520 +0.910 AFUJM02 46.500 +1.260HSFO 180 CST** AADZB00 234.650 +30.050 AADZM01 235.600 +6.900 AADZM02 236.400 +6.300HSFO 380 CST AFURM00 226.150 +33.000 AFURM01 227.600 +8.850 AFURM02 227.700 +7.200

*Balance month swaps are assessed from the 1st to 10th of the month. **At 1730 Singapore time.

MArKEt coMMEntAry

platts Asia and Middle Eastern Gasoline daily Market Analysis�� Asian gasoline looks to West for support�� US gasoline stocks estimated to fall 2.5 million bar-

rels: API�� Pertamina extends 88 RON term tender duration

The Asian gasoline market was in recovery mode on the first day of the trading month on July 1, as participants



Japan physical oil assessments (PGA page 2006)

c+F Japan ($/mt) premium/discount

Naphtha PAAAD00 386.25–391.75 389.000 +9.750 PAADI00 16.75/17.25 17.000 -1.500Nph 2nd 1/2 Aug PAAAE00 399.75–400.25 400.000 +10.250Nph 1st 1/2 Sep PAAAF00 391.25–391.75 391.500 +8.000Nph 2nd 1/2 Sep PAAAG00 386.25–386.75 386.500 +11.500Naphtha MOPJ Strip AAXFH00 370.50–371.00 370.750 +11.250 AAXFI00 18.00/18.50 18.250 -1.500

c+F Japan ($/barrel) premium/discount

Gasoline 91-92 unleaded PGACW00 46.19–46.23 46.210 +1.050Gasoline 95 unleaded PGAQQ00 48.05–48.09 48.070 +1.050Kerosene PJAAN00 44.05–44.09 44.070 +0.830 PAADK00 0.75/0.79 0.770 -0.060Gasoil AAWVG00 0.90/0.94 0.920 0.000

FoB Japan ($/barrel)

Gasoil POJAP00 57.873 +0.465

south Korea physical oil assessments (PGA page 2008)

c+F Korea ($/mt) premium/discount

Naphtha PAADE00 404.25–404.75 404.500 +8.750 PAADG00 15.25/15.75 15.500 -1.000

FoB Korea ($/barrel) premium/discount

Gasoline 95 unleaded PGAQO00 44.33–44.37 44.350 +0.030Jet PJADG00 43.48–43.52 43.500 +0.890 PJADI00 0.18/0.22 0.200 0.000Gasoil POAIE00 49.21–49.25 49.230 +1.490 POAIG00 0.33/0.37 0.350 0.000

Mean of platts West india netbacks (PGA page 2012)

FoB india ($/mt) FoB india ($/barrel)

Naphtha AAQWK00 375.130 +11.730 AAQWJ00 41.680 +1.300Gasoline (92 RON) AARBQ00 369.810 +10.790 AARBP00 43.510 +1.270Gasoline (95 RON) AAQWI00 380.970 +10.680 AAQWH00 45.350 +1.270Jet kero AAQWM00 326.830 +8.310 AAQWL00 41.370 +1.050Gasoil 10 ppm AAQWO00 368.860 +12.110 AAQWN00 48.410 +1.590Gasoil 500 ppm AAQWQ00 359.150 +12.920 AAQWP00 48.210 +1.740Gasoil 2500 ppm AAQWS00 353.110 +13.660 AAQWR00 47.400 +1.840

Australia (PGA page 2014)

c+F Australia ($/barrel)

Gasoline 92 AACZF00 47.03–47.07 47.050 +1.040Gasoline 95 AACZH00 48.89–48.93 48.910 +1.040Jet AAFIY00 45.16–45.20 45.180 +0.800Gasoil 10 ppm AAQUD00 52.40–52.44 52.420 +1.330

south Africa (PGA pages 2342 and 2412)

cFr south Africa ($/barrel)

Gasoline 95 unleaded AAQWW00 51.519 +1.374Jet kero AAQWT00 44.145 +0.623Gasoil 10 ppm AAQWU00 49.753 +1.105Gasoil 500 ppm AAQWV00 49.333 +1.105


awaited supportive data from the US Energy Information Administration for evidence of US gasoline demand recovery.

Data from the American Petroleum Institute released late-June 30, estimated a 2.5 million barrels draw for gasoline in the week ended June 26.

The draw, although slightly lower than earlier estimates from analysts surveyed by S&P Global Platts at 2.7 million barrels, indicated a continued recovery for gasoline demand in the US which of late had been in doubt following a fresh surge in coronavirus cases, sources said.

The draw would pull total US gasoline inventories to around 252.6 million barrels, paring the surplus to the five-year average back to less than 9%, the smallest overhang since early-May.

The steady growth in gasoline demand in the face of still-high levels of unemployment suggests discretionary driving rather than work-related driving has largely been responsible for the recovery, Platts Analytics said.

In line with expectations of improved US gasoline demand, the US RBOB/Brent crack rose to $9.59/b at 0300 GMT July 1, the highest level in five-trading sessions.

With the Asian gasoline complex closely tracing the US RBOB/Brent crack, the front month August FOB Singapore 92 RON gasoline crack against Brent swap rose to between $2.10/b and $2.20/b, according to early July 1 indications from brokers — up from the $1.72/b that was assessed on June 30.

Likewise on the physical front, the FOB Singapore 92 RON gasoline crack against front-month ICE Brent crude futures also inched higher to around $2.25/b to $2.35/b at 0300 GMT July 1.

The physical crack was assessed at $2.05/b at the close of Asian trade June 30, Platts data showed.

Separately in tender news, Indonesian state-owned Pertamina has made a second amendment to its 88 RON gasoline term tenders.

In its latest iteration, the company is now seeking a combined minimum of 1.19 million barrels per month of 88



ForEiGn ExcHAnGE rAtEs (PGA page 2160)

USD/JPY AAWFX00 107.505 -0.165Eur/USD AAWFU00 1.1241 +0.0016GBP/USD AAWFV00 1.2406 +0.0116USD/SGD AAWFZ00 1.3929 -0.0030USD/MYR AAWGA00 4.2860 +0.0031USD/HKD AAWFY00 7.7507 +0.0006AUD/USD AAWFT00 0.6917 +0.0062USD/CNY* AAWFW00 7.0710 -0.0085

*Source: Bank of China

Freight netbacks (PGA pages PGT2910 and PGT2960)

AG-spore spore-Japan AG-Japan spore-AustraliaNaphtha AAPOF00 13.37* AAPOG00 22.80*Naphtha-LR2 AAPOH00 19.97*Gasoline AAPOC00 1.74 AAPOD00 1.57 AAPOE00 2.41Kerosene AAPOI00 1.75 AAPOJ00 2.59Kerosene-LR2 AAPOK00 1.63Gasoil AAPOL00 1.86 AAPOM00 2.75Gasoil-LR-2 AAPON00 1.73HSFO 180 CST AAPOO00 8.90* AAPOP00 7.90*HSFO 380 CST AAPOQ00 8.90*

All values in $/barrel, except * values in $/mt.


MArinE FuEL (PGA page 30)

$/mt change vs Fo 380 Mops strip change0.5% FOB Singapore cargo AMFSA00 308.230 +17.380 AMOPA00 71.190 +15.4900.5% FOB Fujairah cargo AMFFA00 298.180 +12.5300.5% FOB Rotterdam barge PUMFD00 285.250 +2.0000.5% FOB US Gulf Coast barge AUGMB00 285.000 +6.5000.5% Dlvd US Atlantic Coast barge AUAMB00 296.500 +4.7500.5% FOB Mediterranean cargo MFFMM00 296.750 +6.0000.5% CIF Mediterranean cargo MFCMM00 303.500 +6.250

$/barrel change0.5% FOB US Gulf Coast barge AUGMA00 44.880 +1.0200.5% Dlvd US Atlantic Coast barge AUAMA00 46.690 +0.750

south china/Hong Kong physical oil assessments (PGA page 2010)

south china ($/mt) premium/discount to Mops ($/barrel)

Gasoline 90 unleaded AAICU00 365.50–369.50 367.500 +9.250Gasoline 93 unleaded AAICW00 381.75–385.75 383.750 +9.500Jet/kero PJABQ00 343.25–347.25 345.250 +6.750 AAWTW00 0.39/0.43 0.410 -0.020Gasoil POAFA00 369.50–373.50 371.500 +11.000 AABJZ00 0.97/1.01 0.990 -0.010

Hong Kong bunker grades ($/mt)

HSFO 180 CST PUACC00 276.50–277.50 277.000 +3.000HSFO 380 CST PUAER00 269.50–270.50 270.000 +3.000

*C+F Hong Kong, $/barrel premium/discount to Mean of Platts Singapore.

MArinE FuEL 0.5% dEriVAtiVEs, JuL 1 Balance* change Month 1 change Month 2 change Jul Aug sep $/mt $/mt $/mt0.5% FOB Singapore cargo FOFS000 306.750 +34.750 FOFS001 311.600 +18.600 FOFS002 315.850 +15.0500.5% FOB Fujairah cargo FOFF000 298.750 +34.750 FOFF001 303.600 +16.600 FOFF002 307.850 +13.0500.5% FOB Rotterdam barge AMRAB00 290.500 +23.500 AMRAM01 295.500 +12.750 AMRAM02 297.250 +9.2500.5% vs. 3.5% FOB Rotterdam barge AMRBB00 63.500 +2.000 AMRBM01 69.000 +9.750 AMRBM02 73.000 +8.000

$/barrel $/barrel $/barrel0.5% FOB US Gulf Coast barge AUSAB00 44.500 +2.100 AUSAM01 44.850 +1.100 AUSAM02 45.250 +1.1500.5% vs US Gulf Coast HSFO barge AUSBB00 9.600 -0.150 AUSBM01 9.800 -0.050 AUSBM02 10.250 +0.300

*Balance month swaps are assessed from 1st through the 15th of the month; Asia swaps are assessed through the 14th of February

RON gasoline over August to December, extending it from the August to October period it had previously for.

Additionally, the closing date of both tenders have been extended to July 6, and will remain valid until July 31.

Platts Singapore Gasoline Rationales & ExclusionsGasoline unl 92 FoB spore cargo <pGAEy00> assessment

rationale: The FOB Singapore 92 RON gasoline assessment on July 1, 2020 took into a trade for a cargo loading over July 20-24 at $44.60/b, and a trade for a cargo loading over July 22-26 at $44.70/b.

Gasoline unl 95 FoB spore cargo <pGAEZ00> assessment

rationale: The FOB Singapore 95 RON gasoline assessment on July 1,2020 took into consideration the previous day’s 92/95 inter-RON spread as the standing bids and offer did not demonstrate value.

Gasoline unl 97 FoB spore cargo <pGAMs00> assessment

rationale: The FOB Singapore 97 RON gasoline assessment on July 1,2020 took into consideration the previous day’s 95/97 inter-RON spread in the absence of any bids and offers.

JEt indEx (PGA page 115)

index $/barrelAsia & Oceania PJASO00 123.09 PJASO08 43.08Mid East & Africa PJMEA00 122.45 PJMEA08 41.01Global PJGLO00 118.88 PJGLO08 43.49



EuropEAn products ($/mt) code Mid change code Mid change

Mediterranean (PGA page 1114)

FoB (italy) ciF (Genova/Lavera)Prem Unl 10ppm AAWZA00 379.75–380.25 380.000 +5.500 AAWZB00 386.75–387.25 387.000 +5.500Naphtha PAAAI00 377.25–377.75 377.500 +12.000 PAAAH00 386.75–387.25 387.000 +12.000Jet aviation fuel AAIDL00 323.25–323.75 323.500 +3.500Gasoil 0.1% AAVJI00 351.25–351.75 351.500 +8.250 AAVJJ00 361.75–362.25 362.000 +7.75010ppm ULSD AAWYY00 358.25–358.75 358.500 +6.250 AAWYZ00 366.75–367.25 367.000 +6.2501% PUAAK00 255.00–255.50 255.250 +7.000 PUAAJ00 262.50–263.00 262.750 +7.0003.5% PUAAZ00 210.75–211.25 211.000 +1.500 PUAAY00 218.25–218.75 218.500 +1.750

northwest Europe cargoes (PGA page 1110)

ciF (Basis ArA) FoB nWEGasoline 10ppm AAXFQ00 402.50–403.00 402.750 +5.750Naphtha Swap PAAAJ00 364.25–364.75 364.500 0.000Naphtha Phy PAAAL00 394.50–395.00 394.750 +12.000Jet PJAAU00 337.75–338.25 338.000 +3.500 PJAAV00 331.25–331.75 331.500 +3.500Ultra low sulfur diesel 10ppm AAVBG00 363.50–364.00 363.750 +5.250 AAVBF00 355.75–356.25 356.000 +5.250Gasoil 0.1% AAYWS00 358.00–358.50 358.250 +5.750 AAYWR00 347.75–348.25 348.000 +5.750Diesel 10ppm NWE AAWZC00 364.75–365.25 365.000 +5.250 AAWZD00 357.00–357.50 357.250 +5.250Diesel 10 PPM UK AAVBH00 365.75–366.25 366.000 +5.2501% PUAAL00 256.25–256.75 256.500 +6.000 PUAAM00 248.25–248.75 248.500 +6.0003.5% PUABA00 221.50–222.00 221.750 +1.250 PUABB00 210.00–210.50 210.250 +1.2500.5-0.7% straight run PKABA00 294.50–295.50 295.000 +3.500Low sulfur VGO AAHMZ00 304.00–305.00 304.500 +3.500 AAHMX00 292.25–293.25 292.750 +3.500High sulfur VGO AAHND00 297.75–298.75 298.250 +3.500 AAHNB00 286.25–287.25 286.750 +3.500

northwest Europe barges (PGA pages 1112 & 1380)

FoB rotterdamEurobob AAQZV00 372.75–373.25 373.000 +5.750E10 Eurobob AGEFA00 381.000 +7.750Unleaded 98 AAKOD00 442.75–443.25 443.000 +5.750Premium Unleaded PGABM00 383.75–384.25 384.000 +9.750Reformate AAXPM00 393.000 +5.750MTBE* PHALA00 418.75–419.25 419.000 +5.000Naphtha Phy PAAAM00 390.50–391.00 390.750 +12.000Jet PJABA00 340.75–341.25 341.000 +4.250Gasoil 50 ppm AAUQC00 356.25–356.75 356.500 +6.750Gasoil 0.1%* AAYWT00 347.50–348.00 347.750 +6.00010 ppm* AAJUS00 357.00–357.50 357.250 +6.7501% PUAAP00 245.25–245.75 245.500 +6.0003.5% PUABC00 225.75–226.25 226.000 +1.250Fuel Oil 3.5% 500 CST PUAGN00 221.75–222.25 222.000 +1.250Low sulfur VGO AAHNF00 299.50–300.50 300.000 +3.500High sulfur VGO AAHNI00 293.25–294.25 293.750 +3.500

*FOB Amsterdam-Rotterdam-Antwerp

icE Ls gasoil GWAVE (previous day’s values) (PGA page 702)

Jul PXAAJ00 350.000 30-Jun-20Aug PXAAK00 353.500 30-Jun-20

rotterdam bunker (PGA page 1112)

380 CST PUAFN00 247.50–248.50 248.000 +3.000

Gasoline unl 92 FoB Arab Gulf carg <AAGJA00> assessment

rationale: The FOB Arab Gulf 92 RON gasoline cargo assessment was derived as a freight netback from the FOB Singapore 92 RON marker using the following calculation: FOB Singapore 92 RON assessment minus the cost of transporting a 35,000 mt clean cargo from a basket of ports in the Persian Gulf to Singapore.Exclusions:

No market data was excluded from the Asian gasoline Market on Close assessment process on July 1, 2020.

No market data was excluded from the Asian gasoline derivative Market on Close assessment process on July 1, 2020.

platts Asia and Middle Eastern naphtha daily Market Analysis�� Trading cycle for H2 August delivery cargoes begin�� LPG-naphtha spread hits 17-week low

Trading for H2 August delivery cargoes for the Asian naphtha market was slated to begin due to the month roll, however, no fresh buying activity was reported, market sources said July 1.

India’s HPCL offered 25,000 mt of naphtha loading July 20-22 from Vishakhapatnam in a tender closing July 1, market sources said. Few cargoes were reported offered from the Middle East and India in recent weeks, contributing to tightness in supply.

Supply was expected to remain tight for the H2 August delivery cycle, however, more crackers could use LPG as feedstock, the sources said.

The diverging price spread between LPG and naphtha in recent weeks has incentivized South Korean petrochemical producers to partially switch feedstock from naphtha to LPG from July, market sources said. Hanwha Total, LG Chem, Lotte Chem and YNCC have all purchased LPG to



pLAtts AssEssMEnt oF FuturEs MArKEts At Moc cLosE (PGA page 703)

singapore 16:30

icE gasoil futures ($/mt) nyMEx rBoB (¢/gal) nyMEx ny uLsd (¢/gal)Jul 20* AAQYM01 360.00 Aug XNRBA01 123.41 Aug XNHOA01 121.30Aug 20 AAQYM02 362.50 Sep XNRBA02 121.90 Sep XNHOA02 122.92Sep 20 AAQYM03 366.00 Oct XNRBA03 113.24 Oct XNHOA03 124.69

new york 14:30

nyMEx light sweet crude ($/barrel) nyMEx rBoB (¢/gal) nyMEx ny uLsd (¢/gal)Aug NYCRM01 39.76 Aug NYRBM01 121.60 Aug NYHOM01 119.81Sep NYCRM02 39.86 Sep NYRBM02 119.99 Sep NYHOM02 121.10Oct NYCRM03 40.02 Oct NYRBM03 111.52 Oct NYHOM03 122.73

*Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February.

us products (¢/gal) (PGA page 158)

code Mid change code Mid changeus West coast pipeline

Los Angeles san FranciscoUnleaded 84 AAUHA00 126.64–126.74 126.690 +1.540 PGADG00 125.64–125.74 125.690 +1.540

Premium 90 PGABG00 137.14–137.24 137.190 +1.540 PGABO00 136.14–136.24 136.190 +1.540

CARBOB AAKYJ00 126.64–126.74 126.690 +1.540 AAKYN00 125.64–125.74 125.690 +1.540

CARBOB PREM AAKYL00 139.14–139.24 139.190 +1.540 AAKYP00 138.14–138.24 138.190 +1.540

Jet PJAAP00 114.91–115.01 114.960 +1.560 PJABC00 114.91–115.01 114.960 +1.560

ULS (EPA) Diesel POAET00 121.91–122.01 121.960 +1.310 POAEY00 119.91–120.01 119.960 +1.310

CARB diesel POAAK00 121.91–122.01 121.960 +1.310 POAAL00 119.91–120.01 119.960 +1.310

seattle portlandUnleaded 84 AAXJE00 135.39–135.49 135.440 +0.790 AAXJC00 135.39–135.49 135.440 +0.790

Premium 90 AAXJF00 165.39–165.49 165.440 +0.790 AAXJD00 165.39–165.49 165.440 +0.790

Jet PJABB00 114.91–115.01 114.960 +1.560

ULS (EPA) Diesel AAUEX00 117.51–117.61 117.560 +1.310 AAUEY00 118.66–118.76 118.710 +1.310

phoenixRBOB unleaded 84 AADDP00 129.64–129.74 129.690 +1.540

RBOB premium 89.5 PPXDJ00 145.64–145.74 145.690 +1.540

differential to nyMEx

CARBOB AANVX00 4.95/5.05 5.000 0.000

CARBOB paper 1st month* AAKYR00 5.95/6.05 6.000 -1.000

CARBOB paper 2nd month* AAKYS00 1.50/1.55 1.500 -4.500

Jet Fuel AANVY00 -5.05/-4.95 -5.000 +0.250

ULS (EPA) Diesel AANVZ00 1.95/2.05 2.000 0.000

CARB Diesel AANWA00 1.95/2.05 2.000 0.000

* Premium to NYMEX gasoline settlement

us West coast waterborne

Los AngelesUnleaded 87 PGADI00 126.64–126.74 126.690 +1.540

Jet PJABI00 113.91–114.01 113.960 +1.560

take advantage of the cheaper feedstock, company sources confirmed in recent days.

The Far East Index propane swap spread against the Mean of Platts Japan naphtha swap widened $18.25/mt day on day to minus $51.75/mt at the June 30 Asian close, Platts data showed. The spread was last deeper in discount 17 weeks ago on March 3, at minus $62/mt, Platts data showed.

LPG typically becomes economically viable as a steam cracker feedstock when its price is 90% that of naphtha, or lower. Steam crackers typically begin utilizing more LPG when it is $40-$50/mt cheaper than naphtha, sources said.

With LPG commanding a sizable discount to naphtha in June, South Korean steam crackers emerged to purchase July and August delivery LPG to lower their dependence on naphtha.

Petrochemical makers in South Korea and Taiwan are typically the first to capitalize on cheaper LPG as feedstock for cost advantage, however, not all steam crackers can switch easily to using more LPG and some may require a steeper discount to make it viable, sources said.

A softer toluene complex amid a firm naphtha market squeezed the cracking margin for toluene to a fresh multi-year low.

The spread between the Platts FOB Korea toluene marker and CFR Japan naphtha physical benchmark fell to $21.25/mt at the Asian close on June 30, narrowing by $27.50/mt, or 56.41%, day on day, Platts data showed.

The toluene-naphtha spread was last lower on July 7, 2008 at $19.25/mt, Platts data showed.

Platts Japan Naphtha Daily Rationales & Exclusionsnaphtha c+F Japan cargo <pAAAd00> assessment

rationale: The CFR Japan naphtha cargo assessment on July 1 took into consideration a bid for H1 September at $391/mt with a crack value of $73.90/mt which demonstrated value. The H2 August/H1 September spread was assessed at $8.50/mt. The H1 September/H2 September spread was assessed at $5/mt.



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 BrentNW Shelf 61.9 PCAGX00 40.10–40.14 40.120 +0.640 AAPAI00 -1.30 +0.050 AAPAH00 40.020 +0.620DFC 56.82 ADFCA00 39.74–39.78 39.760 +0.650 ADFCB00 -1.75/-1.65 -1.700 +0.050 ADFCC00 -1.750 -0.030 ADFCD00 39.550 +0.520Qatar LSC 56.9 AARBB00 39.59–39.63 39.610 +0.650 AARBD00 -1.90/-1.80 -1.850 +0.050 AARBC00 -1.900 -0.030 AARBA00 39.400 +0.520South Pars 57.4 AARAV00 35.44–35.48 35.460 +0.650 AARAX00 -6.05/-5.95 -6.000 +0.050 AARAW00 -6.050 -0.030 AARAU00 35.250 +0.520

diff to icpSenipah 54.4 AAEOE00 40.10–40.14 40.120 +0.640 AAEOK00 0.15/0.25 0.200 +0.050 AAPBE00 -1.300 +0.050 AAPBD00 40.020 +0.620

Light crude (PGA page 2214) (PGA page 2215)

diff to icp diff to Asian dated BrentCossack 47.7 PCAGZ00 39.40–39.44 39.420 +0.640 AAPAC00 -2.000 +0.050 AAPAB00 39.320 +0.620Gippsland 48.7 PCACP00 36.40–36.44 36.420 +0.640 AAPAU00 -5.000 +0.050 AAPAT00 36.320 +0.620Tapis 45.2 PCACB00 42.80–42.84 42.820 +0.490 AAOZW00 1.400 -0.100 AAOZV00 42.720 +0.470Belida 45.1 PCAFL00 36.65–36.69 36.670 +0.640 PCAFM00 -1.15/-1.05 -1.100 +0.050 AAPBQ00 -4.750 +0.050 AAPBP00 36.570 +0.620Kutubu 44.3 PCAFJ00 39.90–39.94 39.920 +0.640 AAPAE00 -1.500 +0.050 AAPAD00 39.820 +0.620Handil Mix 43.9 PCABE00 37.65–37.69 37.670 +0.640 PCABF00 -0.95/-0.85 -0.900 +0.050 AAPBI00 -3.750 +0.050 AAPBH00 37.570 +0.620Attaka 42.3 PCAAJ00 36.50–36.54 36.520 +0.640 PCAAK00 -1.85/-1.75 -1.800 +0.050 AAPBC00 -4.900 +0.050 AAPBB00 36.420 +0.620Ardjuna 38 PCACQ00 36.30–36.34 36.320 +0.490 PCACR00 -1.10/-1.00 -1.050 -0.100 AAPBG00 -5.100 -0.100 AAPBF00 36.220 +0.470Banyu Urip 32 PCAFQ00 44.570 +0.490 PCAQQ00 0.900 -0.100 AAPBU00 3.150 -0.100 AAPBR00 44.470 +0.470

diff to dubaiSakhalin Blend 45.5 AARBN00 43.64–43.68 43.660 +0.650 AARCN00 2.15/2.25 2.200 +0.050 AARDN00 2.150 -0.030 AAREN00 43.450 +0.520ESPO M1 34.8 AARWF00 44.89–44.93 44.910 +0.500 AASEU00 3.40/3.50 3.450 -0.100 AARWE00 3.230 -0.430 AARWD00 44.530 +0.120ESPO M2 34.8 AAWFE00 44.33–44.37 44.350 +0.570 AAWFG00 2.95/3.05 3.000 -0.050Sokol 39.7 AASCJ00 44.44–44.48 44.460 +0.650 AASCK00 2.95/3.05 3.000 +0.050 AAPAO00 2.950 -0.030 AAPAN00 44.250 +0.520Kikeh 34.9 AAWUH00 44.65–44.69 44.670 +0.490 AAOZY00 3.250 -0.100 AAOZX00 44.570 +0.470Miri Light 32.3 PCABQ00 44.30–44.34 44.320 +0.490 AAPAS00 2.900 -0.100 AAPAR00 44.220 +0.470Labuan 32 PCABL00 44.55–44.59 44.570 +0.490 AAPAQ00 3.150 -0.100 AAPAP00 44.470 +0.470Kimanis 38.6 AASCL00 44.420 +0.490 AASCM00 3.000 -0.100 AASCN00 44.320 +0.470

Medium crude (PGA page 2216) (PGA page 2217)

diff to Asian dated BrentSu Tu Den 36.8 AARAR00 43.90–43.94 43.920 +0.540 AARAS00 2.500 -0.050 AARAQ00 43.820 +0.520Bach Ho 40.7 PCAHY00 44.25–44.29 44.270 +0.540 AAPAK00 2.850 -0.050 AAPAJ00 44.170 +0.520Nanhai 40 PCAFR00 37.80–37.84 37.820 +0.490 AAPAG00 -3.600 -0.100 AAPAF00 37.720 +0.470Nile Blend 33.9 AAPLC00 38.20–38.24 38.220 +0.540 AAPAM00 -3.200 -0.050 AAPAL00 38.120 +0.520Daqing 32.2 PCAAZ00 34.95–34.99 34.970 +0.540 AAPAW00 -6.450 -0.050 AAPAV00 34.870 +0.520

Heavy crude (PGA page 2218) (PGA page 2219)

diff to icp diff to Asian dated BrentDar Blend 25 AARAB00 39.95–39.99 39.970 +0.590 AARAC00 -1.450 0.000 AARAA00 39.870 +0.570Shengli 24.2 PCABY00 42.75–42.79 42.770 +0.590 AAPAY00 1.350 0.000 AAPAX00 42.670 +0.570Duri 20.8 PCABA00 46.00–46.04 46.020 +0.590 PCABB00 3.20/3.30 3.250 0.000 AAPBM00 4.600 0.000 AAPBL00 45.920 +0.570Vincent 18.3 AARAK00 47.770 +0.590 AARAL00 6.350 0.000 AARAJ00 47.670 +0.570



naphtha FoB spore cargo <pAAAp00> assessment rationale: The FOB Singapore naphtha assessment was derived as a freight netback from the CFR Japan naphtha first cycle assessment using the following calculation: CFR Japan naphtha first cycle assessment minus the cost of transporting a 30,000-mt clean cargo on the Singapore-to-Japan route.

naphtha FoB Arab Gulf cargo <pAAAA00> assessment

rationale: The FOB Arab Gulf naphtha assessment was derived as a freight netback from the CFR Japan naphtha marker using the following calculation: CFR Japan naphtha marker minus the cost of transporting a 55,000-mt clean cargo from a basket of ports on the Persian Gulf-to-Japan route.Exclusions: No market data was excluded from the July 1, 2020 Asian naphtha derivative Market on Close assessment process.

No market data was excluded from July 1, 2020, Asian naphtha Market on Close assessment process.

platts Asia and Middle Eastern Jet daily Market Analysis�� Asian jet fuel markets extend losses on COVID-19

concerns�� Biggest drag on oil demand set to be from aviation

sector: IEA

The Asian jet fuel market extended losses amid coronavirus concerns, industry sources said.

The slight recovery in the Singapore jet fuel/kerosene cash differential was assessed at minus 69 cents/b to the Mean of Platts Singapore jet fuel/kerosene assessment, down 4 cents/b day on day. Month to date, the cash differential has fallen 51 cents/b, S&P Global Platts data showed.

That said, according to the International Air Transport Association June 30, the plunge in global air freight demand amid the coronavirus pandemic slowed in May as capacity shrank, providing a potential boost to the hard hit jet fuel sector.

“The gap between demand and capacity shows the challenge in finding the space on the aircraft still flying to get goods to market,” said Alexandre de Juniac, IATA’s CEO.

“For that the prospects for air cargo remain stronger than for the passenger business, but the future is very uncertain. Economic activity is picking up from April lows as some economies unlock. But predicting the length and depth of the recession remains difficult.”

The biggest drag on oil demand this year is set to be from the aviation sector, and will last well into 2022, according to the International Energy Agency.

Jet kerosene demand will drop by 3 million b/d in 2020, before rebounding by 1 million b/d in 2021, leaving it short of pre-crisis levels, the IEA said in its latest monthly oil market report published on June 16.

S&P Global Platts Analytics said June 19 in a report that the global aviation sector has recovered, with non-commercial traffic at normal or slightly better levels than before the crisis while commercial activity was down 54%.

At 0300 GMT July 1, brokers pegged the front month August/September spread at minus 70 cents/b, inching up 1 cent from the 0830 GMT close June 30.

Platts Singapore Jet Kero Daily Rationale & ExclusionsJet Kero FoB spore cargo <pJABF00> assessment rationale: The FOB Singapore jet fuel/kerosene cargo assessment on

Editorial: Dave Ernsberger, Tel +44-20-7176-6116, Global Oil Director; Calvin Lee, Tel +65-6530-6429, Editorial Director, Asia & Middle East Oil Markets.

client services information: North America: 800-PLATTS8 (800-752-8878); direct: +1-212-904-3070, Europe & Middle East: +44-20-7176-6111, Asia Pacific: +65-6530-6430, Latin America: +54-11-4121-4810, E-mail: [email protected]

trade data: Platts has defined standards for entities it considers to be related and verifies through a variety of inputs whether counterparties in reported trades meet these criteria.

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

The names “S&P Global Platts” and “Platts” and the S&P Global Platts logo are trademarks of S&P Global Inc. Permission for any commercial use of the S&P Global Platts logo must be granted in writing by S&P Global Inc.

You may view or otherwise use the information, prices, indices, assessments and other related information, graphs, tables and images (“Data”) in this publication only for your personal use or, if you or your company has a license for the Data from S&P Global Platts and you are an authorized user, for your company’s internal business use only. You may not publish, reproduce, extract, distribute, retransmit, resell, create any derivative work from and/or otherwise provide access to the Data or any portion thereof to any person (either within or outside your company, including as part of or via any internal electronic system or intranet), firm or entity, including any subsidiary, parent, or other entity that is affiliated with your company, without S&P Global Platts’ prior written consent or as otherwise authorized under license from S&P Global Platts. Any use or distribution of the Data beyond the express uses authorized in this paragraph above is subject to the payment of additional fees to S&P Global Platts.

S&P Global Platts, its affiliates and all of their third-party licensors disclaim any and all warranties, express or implied, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use as to the Data, or the results obtained by its use or as to the performance thereof. Data in this publication includes independent and verifiable data collected from actual market participants. Any user of the Data should not rely on any information and/or assessment contained therein in making any investment, trading, risk management or other decision. S&P Global Platts, its affiliates and their third-party licensors do not guarantee the adequacy, accuracy, timeliness and/or completeness of the Data or any component thereof or any

communications (whether written, oral, electronic or in other format), and shall not be subject to any damages or liability, including but not limited to any indirect, special, incidental, punitive or consequential damages (including but not limited to, loss of profits, trading losses and loss of goodwill).

ICE index data and NYMEX futures data used herein are provided under S&P Global Platts’ commercial licensing agreements with ICE and with NYMEX. You acknowledge that the ICE index data and NYMEX futures data herein are confidential and are proprietary trade secrets and data of ICE and NYMEX or its licensors/suppliers, and you shall use best efforts to prevent the unauthorized publication, disclosure or copying of the ICE index data and/or NYMEX futures data.

Permission is granted for those registered with the Copyright Clearance Center (CCC) to copy material herein for internal reference or personal use only, provided that appropriate payment is made to the CCC, 222 Rosewood Drive, Danvers, MA 01923, phone +1-978-750-8400. Reproduction in any other form, or for any other purpose, is forbidden without the express prior permission of S&P Global Inc. For article reprints contact: The YGS Group, phone +1-717-505-9701 x105 (800-501-9571 from the U.S.).

For all other queries or requests pursuant to this notice, please contact S&P Global Inc. via email at [email protected].

AsiA-pAciFic/ArAB GuLF MArKEtscAn



July 1 was based on the following inputs: The middle loading period was assessed at Mean of Platts Singapore jet/kero minus 75 cents/b, taking into account a bid for a cargo loading over July 20-24 at minus 80 cents/b to the MOPS jet fuel/kerosene assessment.

The front and back loading periods were assessed at MOPS minus 66 cents/b, and MOPS minus 71 cents/b, reflecting the movement in the middle loading period.Exclusions: No market data was excluded from the July 1 Singapore jet fuel/kerosene Market on Close assessment process.

Platts Singapore Jet Kero Bids, Offers, TradesBids: Jet: FOB Straits: Trafigura bids MOPS -0.80 Jul 20-24 100kb INCO; Jet: FOB Straits: CAO bids Bal Jul -1.50 Jul 27-31 245kb; Jet: FOB Straits: Total bids Bal Jul -1.10 Jul 27-31 250kboffers: Jet: FOB Straits: Total offers H2 Jul -0.48 Jul 16-20 250kb ; Jet: FOB Straits: BP offers Bal Jul +0.00 Jul 16-20 100kb BP GTC; Jet: FOB Straits: CAO offers Bal Jul +0.10 Jul 16-20 245kb ; Jet: FOB Straits: Equinor offers H2 Aug +0.20 Jul 20-24 100kb ; Jet: FOB Straits: BP offers Bal Jul +0.00 Jul 21-25 100kb BP GTC; Jet: FOB Straits: Equinor offers H2 Aug +0.20 Jul 24-28 100kb ; Jet: FOB Straits: BP offers Bal Jul +0.00 Jul 26-30 100kb BP GTC ; Jet: FOB Straits: CAO offers Bal Jul +0.00 Jul 27-31 100kbtrades: No trades reportedThis assessment commentary applies to the following market data

codes: Jet Kero <PJABF00>

platts Asia and Middle Eastern Gasoil daily Market Analysis�� Asian demand lends support to Persian Gulf gasoil

prices�� Spot buy tenders from India, Kenya, buoy sentiment

Asian gasoil traders said July 1 that the middle distillate product was still seen broadly supported amid an ongoing

intErnAtionAL dirty tAnKEr FixturEs (PGT page 2950)

ship name size type date route rate charterer

East of suez

Red Nova 270 CR Jul3 SKorea-China rnr cnr

Izki 270 CR Jul3 Spore-China w42.5 ChemChina

Sea Emerald 270 CR Jul3 STS Linggi-WCI rnr RIL

Faithful Warrior 130 CR Jul10 Basrah-East w48.5 Trafigura

Olympic Flag 130 CR Jul14 PG-Brunei w46 Hengyi

Maran Hercules 130 CR Jul14 Basrah-China w48.5 Glasford

New Hellas 86 CR Jul15 Zirku-WCI w80 BPCL

Minerva Concert 80 CR Jul2 RTanura-RSea rnr ATC

Iberian Sea 100 CR Jul8 Kozmino-NChina rnr Ursa Hong Kong

Southern Rouse 100 CR Jul10 Kozmino-NChina $430k Trafigura

Tbn 100 CR Jul11 Kozmino-NChina rnr NPI

Seadelta 80 CR Jul10 STS Yeosu-USWC w50 P66

EPS Tbn 80 COND Jul16 Wheatsone-China w57.5 Unipec

Teekay Tbn 60 CR Jul1 Vietnam-China rnr Unipec

Yue Chi 35 FO Jul6 Spore-Onsan $425k S Oil

uKc

DHT Leopard 270 CR Aug8 Hound Point-SKorea $5.5m Litasco

Front Queen 270 CR dnr Mongstad-East rnr Equinor

Minerva Zoe 100 FO Jul10 St Petersburg-Spore, India, AG $2.1m, $1.8m, $1.6m BP

Med

Fos Hamilton 80 CR Jul9 Sidi Kerir-Greece w53.5 Hellenic

Seaborn 80 CR Jul8 ECUK-Med, Israel w52.5, w47.5 Petraco

WAF

Dynacom Tbn 260 CR Jul27 Agbami+Bonga-ECIndia $3m IOC

New Treasure 260 CR Jul28 WAF-China COA Unipec

Sonangol Kassanje 130 CR Jul21 WAF-Israel, UKCM w37.50, w41.25 Petraco

Delta Tbn 130 CR Jul24 Brass-Durban w49.5 Exxon

Cap Victor 130 CR Jul23 WAF-Australia w55 Exxon

Ridgebury Nicholas A 130 CR Jul25 WAF-East w47.5 Mercuria

Americas

Houston Voyager 270 CR endJul USGC-China $5.25m Vitol

Aphrodite 270 CR Aug1 Bahamas-Spore $4.65m ST Shipping

New Solution 270 CR Jul15 WCPanama-China rnr cnr

Delta Sky 130 CR Jul15 USGC-Sikka $2.85m Reliance

Cap Leon 130 CR Jul20 Bahamas-Jose Ignacio w45 ST Shipping

Leo 80 DY Jul12 Brazil-East, Opts w54, rnr Petrobras

Minerva Eleftheria 70 CR Jul10 USGC-UKCM w67.5 Exxon

FSL Hong Kong 70 CR Jul7 ECMex-USGC w70 PBF

NS Corona 70 CR Jul7 ECMex-USGC w70 PBF

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



supply crunch, which has come even as regional demand has firmed.

A widening in the prompt gasoil swaps structure bore out the strength, with the intraday balance July-August timespread seen at plus 53 cents/b at 0700 GMT July 1. This compares with plus 37 cents/b the spread was assessed at the Asian close on June 30.

“Gasoil is still bullish on the overall lack of supply ... there’s still demand being seen from Southeast Asian countries,” a Singapore-based trader said July 1, citing a steady draw for barrels from countries, such as Vietnam and Myanmar.

The strength in Asia has lent support to Persian Gulf gasoil barrels, with an open arbitrage between the two regions resulting in barrels from the Persian Gulf being directed into Asia.

This has worked to send the cash differential for 10 ppm sulfur gasoil cargoes loading from the Persian Gulf to rise to a more than three-month premium at plus $1/b to the Mean of Platts Arab Gulf gasoil assessments, with premiums buoyed on Asian demand, gasoil traders said July 1.

“What I heard is that it is not tight sentiment [for gasoil] in the Persian Gulf, however, the flow of Persian Gulf barrels into Singapore is helping to support sentiment there,” a Singapore-based gasoil trader said July 1.

Another market participant agreed, saying the demand seen from Asia was more than making up for the loss of the arbitrage opportunity to send Persian Gulf gasoil barrels to the West.

“Even with [Persian Gulf-West] arbitrage shut, I think most gasoil volumes seem to be slotted to outlets already, mostly going to Australia or East Africa,” a trader with a European company said July 1.

“It looks to me like the Persian Gulf/West Coast India has kind of been the substitute for the lacking Far East oil,” the trader said.

To that end, data released July 1 by the Petroleum Association of Japan showed that Japan’s gasoil exports tumbled 99.7% on the week to a mere 610 barrels.

intErnAtionAL cLEAn tAnKEr FixturEs (PGT page 2904)

ship name size type date route rate charterer

East of suez

Velos Sapphire 60 UNL Jul5 Fujairah-Pakistan o/p Clearlake

Apanemo 60 GO Jul5 Kuwait-Pakistan $250k KPC

Maersk Cancun o/o 35 CL Jul4 Jubail-EAfrica w95 Shell

Al Adaliah 35 CL Jul4 Jubail-EAfrica w95 Shell

Jag Pankhi 35 CL Jul8 Sikka-ECI $480k RIL

Torm Supreme o/o 35 CL Jul8 NMangalore-PG, Gizan, EAfrica, WAF, Spore $230k, $375k, w92.5, CSSA

$950k, w105

Norddolphin 90 JET Jul9 PG-UKC, Spore $2.075m, w90 ST

Flagship Ivy 60 JET Jul10 PG-UKC, Spore $1.45m, w85 Shell

Torm Singapore 35 CL Jul3 NMangalore-Spore $390k Vitol

Torm Agnete 35 CL Jul2 ECI-Spore rnr cnr

Torm Horizon 35 CL Jul2 WCI-Spore rnr cnr

Nord Vanquish 35 CL Jul11 Mumbai-Japan w65 Shell

STI Broadway o/o STI Winnie 90 ULSD Jul6 Sikka-Spore, UKC w90, $2.125m Unipec

Crimson Jade 35 ULSD Jul6 Sikka-Eafrica, Australia, SAfrica w115, w105, w97.5 Trafigura

Seapacis 80 COND Jul7 Ichthys-Spore w60 Inpex

CSC Amethyst 35 NA Jul1 Malaysia-Spore, Muara $230k, rnr Hengyi

Trent 35 CL Jul7 Spore-Dampier o/p Vitol

UACC Mirdif 35 JET Jul8 Cilacap-Spore, Hong Kong, Philippines rnr, rnr, rnr Sietco

Bolan 60 ULSD Jul6 Ruwais-Mundra $295k Sitme

Tbn 35 JET Jul5 Skorea-Spore, Hong Kong, USWC rnr, rnr, $775k Shell

Gulf Muttrah 35 UNL Jul6 Dongguan-Spore $180k Sinochem

Merapi 35 CL Jul3 Durban-Fujairah $235k Argo

uKc

Atrotos 37 ULSD Jul10 Porvoo-TA, UKC w87.5, w92.5 Vitol

Ardmore Seavaliant 37 UNL Jul5 ARA-TA, ECCan w80, w95 Shell

Minerva Oceania 37 UNL Jul8 Mongstad-TA, WAF, UKC w85, w95, w90 Total

Sunny Horizon 37 UNL Jul4 ARA-TA w80 Litasco

Velos Leo 37 UNL Jul8 ARA-WAF w92.5 Nidas

NH Erle 37 GO+JET Jul3 ARA-WAF w92.5 Shell

BW Osprey 37 UNL Jul8 Immingham-TA, UKC w80, w90 P66

Nordic Pia 30 ULSD Jul4 ARA-UKC w85 ST

Amphitrite 30 UNL Jul5 Baltic-Med, Libya w75, w85 Vitol

Med

Orange Victoria 60 NA Jul10 Cartagena-Brazil, Japan w112.5, $1.7m Repsol

Rolls I 30 UNL Jul5 Sicily-Med w100 Litasco

Americas

Exxon Tbn 38 ULSD Jul6 USGC-Chile o/p Exxon

Sea Tiger 38 CL dnr USGC-Chile rnr Motiva

CL:Clean, NA:Naphtha, UN:Unleaded, JT: Jet, GO:Gasoil, ++:Update, F:Failed



Meanwhile, more support for gasoil by way of spot buy tenders was seen in the market. India’s Hindustan Petroleum Corp. Ltd. was seeking 65,000 mt of either 8 ppm or 10 ppm sulfur gasoil for July 11-15 delivery into Mundra. The tender closes July 1, with same-day validity.

In addition, some prompt demand for gasoil was also seen from Kenya’s Oil Industry Pipeline Co-ordination Secretariat, which was seeking 32,000 mt of 50 ppm sulfur gasoil for July 15-18 delivery into Shimanzi Oil Terminal via a tender that closes July 2, with next-day validity.

Platts Asia and Middle Eastern Gasoil Cargo Daily Rationale & ExclusionsGasoil .001%s (10ppm) FoB spore cargo <AAoVc00>

assessment rationale: The FOB Singapore Gasoil 0.001% (10 ppm) cargo assessment July 1 took into consideration the following: The front loading period was assessed at Mean of Platts Singapore Gasoil assessments plus 74 cents/b, based on an offer for a cargo loading over July 16-20 at MOPS Gasoil plus 79 cents/b after accounting for deemed pricing. The middle and back loading periods were assessed at MOPS Gasoil plus 84 cents/b and plus 80 cents/b, respectively, reflecting the movement in the front and middle loading periods.

Gasoil .05%s (500ppm) FoB spore cargo <AAFEx00>

assessment rationale: The FOB Singapore Gasoil 0.05% (500 ppm) cargo assessment July 1 was based on the adjusted relationship between the physical and swaps markets as well as the spread between 10 ppm gasoil and 500 ppm gasoil. The cash differential was up 5 cents/b day on day at MOPS Gasoil plus 62 cents/b.

Gasoil FoB spore cargo <poABc00> assessment rationale: The FOB Singapore Gasoil 0.001% (10 ppm) cargo assessment July 1 took into consideration the following: The front loading period was assessed at MOPS Gasoil plus 74 cents/b, based on an offer for a cargo loading over July 16-20 at MOPS Gasoil plus 79 cents/b after accounting for

deemed pricing. The middle and back loading periods were assessed at MOPS Gasoil plus 84 cents/b and plus 80 cents/b, respectively, reflecting the movement in the front and middle loading periods.Exclusions:

No market data was excluded from the July 1, 2020 Singapore Gasoil Market-on-Close assessment process.

No market data was excluded from the July 1, 2020 Singapore Gasoil derivative Market-on-Close assessment process.

Platts Asia and Middle Eastern Gasoil Cargo Bids, Offers, TradesBids: Gasoil 10ppm: FOB Straits: Trafigura bids MOPS +0.30 Jul 16-20 150kb (Deemed pricing Jul 15-21) INCO; Gasoil 10ppm: FOB Straits: Glencore bids H2 July +0.20 Jul 16-20 150kb INCO; Gasoil 10ppm: FOB Straits: Vitol bids Bal Jul +0.50 Jul 17-21 150kb; Gasoil 10ppm: FOB Straits: Vitol bids MOPS +0.50 Jul 21-25 150kb (Deemed pricing Jul 20-24) INCO; Gasoil 10ppm: FOB Straits: BP bids MOPS +0.60 Jul 22-26 215kb (Deemed pricing Jul 21-27); Gasoil 10ppm: FOB Straits: Equinor bids MOPS +0.15 Jul 27-31 150kb (Deemed pricing Jul 30-Aug 6); Gasoil 10ppm: FOB Straits: Total bids MOPS +0.00 Jul 27-31 150kb (Deemed pricing Jul 27-Aug 3); Gasoil 10ppm: FOB Straits: Vitol bids Bal Jul +0.45 Jul 27-31 250kb; Gasoil 500ppm: FOB Straits: Vitol bids H2 July +0.40 Jul 16-20 155kb INCO; Gasoil 500ppm: FOB Straits: Vitol bids H2 July +0.30 Jul 21-25 155kb INCO; Gasoil 500ppm: FOB Straits: BP bids MOPS -0.30 Jul 21-25 250kb (Deemed pricing Jul 20-24)offers: Gasoil 10ppm: FOB Straits: Trafigura offers MOPS +0.75 Jul 16-20 150kb (Deemed pricing Jul 2-30) INCO; Gasoil 10ppm: FOB Straits: Trafigura offers MOPS +0.65 Jul 27-31 150kb (Deemed pricing Jul 2-30) INCOtrades: No trades reportedThis assessment commentary applies to the following market

data codes: <AAOVC00> <AAFEX00> <AACUE00> <POABC00>

<AAFEZ00>

Platts Asia and Middle Eastern Gasoil FOB Cargo Daily Rationale & ExclusionsGasoil .25%s (2500ppm) FoB spore cargo <AAcuE00>

assessment rationale: The FOB Singapore Gasoil 0.25% (2,500 ppm) cargo assessment July 1 was based on the adjusted relationship between the physical and swaps markets. The cash differential was up 15 cents/b day on day at Mean of Platts Singapore Gasoil assessments minus 19 cents/b, as the balance July/August gasoil swap spread rose by 30 cents/b to plus 67 cents/b.

Gasoil .05% (500ppm) FoB Arab Gulf cargo <AAFEZ00>

assessment rationale: The FOB Arab Gulf Gasoil 0.05% (500 ppm) cargo assessment was derived as a freight netback from the FOB Singapore Gasoil 0.001% (10 ppm) cargo assessment using the following inputs: FOB Singapore Gasoil 0.001% (10 ppm) cargo assessment minus the cost of transporting a 55,000-mt clean cargo from a basket of ports in the Persian Gulf to Singapore, and taking into account the cash differential between the FOB Arab Gulf 10 ppm and 500 ppm assessments.

Gasoil FoB Arab Gulf cargo <poAAt00> assessment

rationale: The FOB Arab Gulf Gasoil 0.001% (10 ppm) cargo assessment was derived as a freight netback from the FOB Singapore Gasoil 0.001% (10 ppm) cargo assessment using the following input: FOB Singapore Gasoil 0.001% (10 ppm) cargo assessment minus the cost of transporting a 55,000-mt clean cargo from a basket of ports in the Persian Gulf to Singapore.Exclusions:

No market data was excluded from the July 1, 2020 Singapore Gasoil Market-on-Close assessment process.

No market data was excluded from the July 1, 2020 Singapore Gasoil derivative Market-on-Close assessment process.



platts Asia and Middle East Fuel oil daily Market Analysis�� China imports less fuel oil as domestic production

rises�� June MOC trade volume drops 23.5% from May

Asian Marine Fuel 0.5%S market fundamentals remained weak due to a supply glut led by sluggish bunker demand, market sources said July 1.

“Demand will be better only after COVID-19,” a fuel oil trader in the region said.

In addition, although it is nearing the peak summer demand season for electricity, power companies in North Asia have not been importing low sulfur fuel oil, market sources said.

“Power companies are no longer using oil [as they have shifted to LNG],” a second fuel oil trader said.

Another bearish factor is China. The country has been ramping up domestic production, which also raises fuel oil availability in Singapore, the sources added.

Reflecting the weak demand, the discount for Marine Fuel 0.5%S to 10 ppm sulfur gasoil has been widening to around $50-$60/mt, from $30-$40/mt a couple of weeks ago, a trader based in Singapore said.

On the contrary, high sulfur fuel oil has been supported by demand from the power sector in the Middle East. As a result, the 380 CST HSFO cash differential rose to minus $2.42/mt on June 30, the highest since April 2, when it was at minus 21 cents/mt, Platts data showed.

Also demand for high sulfur straight run fuel oil is firm, especially from US refineries. Asian refiners are still buying straight run fuel oil, market sources said. As the HSFO/Dubai crude crack spread has been strong, straight run fuel oil is less competitive compared with crude oil. Asian straight run fuel oil prices are linked to Singapore HSFO prices. As such, Asian refiners are not increasing straight run fuel oil purchase, according to the sources.

Meanwhile, trades in physical FOB Singapore fuel oil cargoes during the Platts Market on Close assessment

process fell 23.5% on the month to 260,000 mt in June, even though the volume of 380 CST HSFO trades jumped, Platts data showed on July 1.

The traded volume of 380 CST HSFO surged 57.1% month on month to 220,000 mt in June amid strong demand from the power sector, especially from Saudi Arabia. But the volume of 0.5%S marine fuel and 180 CST HSFO dropped, resulting in the decline in total traded volume.

Platts FOB Singapore Marine Fuel 0.5% cargo Daily Rationale & ExclusionsMarine Fuel 0.5% FOB Spore cargo $/mt <AMFSA00> Assessment Rationale: The FOB Singapore Marine Fuel 0.5% assessment on July 1 reflected a bid from Shell for a July 18-22 loading cargo at August average minus $4/mt, and an offer from Vitol for a July 27-31 loading cargo at $309/mt.This assessment commentary applies to the following market data

codes:Marine Fuel 0.5% FOB Spore cargo $/mt <AMFSA00>

Exclusions: No market data was excluded from the July 1, 2020, assessment process.

Platts FOB Singapore Marine Fuel 0.5% Cargo Bids, Offers, TradesBids:Platts Marine Fuel 0.5%: FOB Straits: Trafi bids Bal Jul Avg -6.00 Jul 20-24 20kt INCO ORPlatts Marine Fuel 0.5%: FOB Straits: Trafi bids Bal Jul Avg -4.00 Jul 20-24 40kt INCO ORPlatts Marine Fuel 0.5%: FOB Straits: Trafi bids Bal Jul Avg -4.00 Jul 25-29 40kt INCOPlatts Marine Fuel 0.5%: FOB Straits: Vitol bids Bal Jul Avg -10.00 Jul 16-20 20kt INCOPlatts Marine Fuel 0.5%: FOB Straits: Mercuria bids 297.00 Jul 16-20 20ktPlatts Marine Fuel 0.5%: FOB Straits: Mercuria bids Bal Jul Avg -1.00 Jul 16-20 20kt ORPlatts Marine Fuel 0.5%: FOB Straits: Mercuria bids Bal Jul Avg +0.00 Jul 21-25 20kt OR

Platts Marine Fuel 0.5%: FOB Straits: Mercuria bids Bal Jul Avg +0.00 Jul 27-31 20ktPlatts Marine Fuel 0.5%: FOB Straits: Shell bids Bal Jul Avg +0 Jul 16-20 40kt ORPlatts Marine Fuel 0.5%: FOB Straits: Shell bids Bal Jul Avg +0 Jul 21-25 40kt ORPlatts Marine Fuel 0.5%: FOB Straits: Shell bids Bal Jul Avg +0 Jul 27-31 40ktPlatts Marine Fuel 0.5%: FOB Straits: Shell bids Aug Avg -4.00 Jul 18-22 40ktoffers:Platts Marine Fuel 0.5%: FOB Straits: Vitol offers 309.00 Jul 16-20 20kt INCO ORPlatts Marine Fuel 0.5%: FOB Straits: Vitol offers 309.00 Jul 21-25 20kt INCO ORPlatts Marine Fuel 0.5%: FOB Straits: Vitol offers 309.00 Jul 27-31 20kt INCOPlatts Marine Fuel 0.5%: FOB Straits: Trafi offers MOPS +5.00 Jul 22-26 20kt INCOtrades:No tradeThis assessment commentary applies to the following market data

codes: Marine Fuel 0.5% FOB Spore cargo $/mt <AMFSA00>

Platts Singapore Fuel Oil Paper ExclusionsExclusions: No market data was excluded from the July 1, 2020 swaps assessment process.

Fuel oil reported deals

PLATTS SINGAPORE MARINE FUEL 0.5% PAPER BIDS SUMMARYPLATTS MARINE FUEL: AUG20: VERCER BIDS 5KMT AT $311.55PLATTS MARINE FUEL: AUG20: TRAFIGURA BIDS 5KMT AT $311.00PLATTS MARINE FUEL: AUG20: MERCURIA BIDS 5KMT AT $311.00PLATTS MARINE FUEL: AUG20: TOTAL BIDS 5KMT AT $310.00PLATTS MARINE FUEL: AUG20: SHELL BIDS 5KMT AT



$309.50PLATTS MARINE FUEL: AUG20: VITOL BIDS 5KMT AT $309.00PLATTS MARINE FUEL: AUG20: YONG YU BIDS 5KMT AT $308.50PLATTS MARINE FUEL: AUG20: TOTAL BIDS 5KMT AT $304.00PLATTS MARINE FUEL: AUG20: VITOL BIDS 5KMT AT $304.00PLATTS MARINE FUEL: AUG20: ONYX BIDS 5KMT AT $303.00PLATTS MARINE FUEL: AUG20: YONG YU BIDS 5KMT AT $300.50PLATTS MARINE FUEL: AUG20: TOTAL BIDS 5KMT AT $300.00PLATTS MARINE FUEL (BALMO): BAL MONTH: MERCURIA BIDS 5KMT AT $306.75PLATTS MARINE FUEL (BALMO): BAL MONTH: VERCER BIDS 5KMT AT $306.00PLATTS MARINE FUEL (BALMO): BAL MONTH: VITOL BIDS 5KMT AT $300.00PLATTS MARINE FUEL (BALMO): BAL MONTH: VERCER BIDS 5KMT AT $299.50PLATTS MARINE FUEL (BALMO): BAL MONTH: TRAFIGURA NO LONGER BIDS AFTER TRADEPLATTS MARINE FUEL SPR: BAL MONTH/AUG20: SHELL BIDS 5KMT AT $-5.50PLATTS MARINE FUEL SPR: BAL MONTH/AUG20: MERCURIA BIDS 5KMT AT $-6.00PLATTS MARINE FUEL SPR: BAL MONTH/AUG20: TRAFIGURA BIDS 5KMT AT $-6.00PLATTS MARINE FUEL SPR: BAL MONTH/AUG20: MERCURIA BIDS 5KMT AT $-6.25PLATTS MARINE FUEL SPR: BAL MONTH/AUG20: TOTAL BIDS 5KMT AT $-7.00PLATTS MARINE FUEL SPR: BAL MONTH/AUG20: VITOL BIDS 5KMT AT $-7.25PLATTS MARINE FUEL SPR: AUG20/SEP20: PHILLIPS 66

BIDS 5KMT AT $-5.00PLATTS MARINE FUEL SPR: AUG20/SEP20: MERCURIA BIDS 5KMT AT $-5.25PLATTS MARINE FUEL SPR: AUG20/SEP20: TOTAL BIDS 5KMT AT $-6.00PLATTS MARINE FUEL SPR: AUG20/SEP20: VITOL BIDS 5KMT AT $-6.25PLATTS SINGAPORE MARINE FUEL 0.5% PAPER OFFERS SUMMARYPLATTS MARINE FUEL: AUG20: VITOL OFFERS 5KMT AT $313.00PLATTS MARINE FUEL: AUG20: DV TRADING OFFERS 5KMT AT $314.00PLATTS MARINE FUEL: AUG20: VITOL OFFERS 5KMT AT $315.00PLATTS MARINE FUEL: AUG20: VERCER OFFERS 5KMT AT $315.50PLATTS MARINE FUEL: AUG20: DV TRADING OFFERS 5KMT AT $321.00PLATTS MARINE FUEL: AUG20: VERCER OFFERS 5KMT AT $321.50PLATTS MARINE FUEL: AUG20: DV TRADING OFFERS 5KMT AT $322.00PLATTS MARINE FUEL (BALMO): BAL MONTH: VITOL OFFERS 5KMT AT $307.00PLATTS MARINE FUEL (BALMO): BAL MONTH: VERCER OFFERS 5KMT AT $312.50PLATTS MARINE FUEL (BALMO): BAL MONTH: VITOL OFFERS 5KMT AT $315.00PLATTS MARINE FUEL (BALMO): BAL MONTH: VITOL OFFERS 5KMT AT $315.50PLATTS MARINE FUEL SPR: BAL MONTH/AUG20: SHELL OFFERS 5KMT AT $0.00PLATTS MARINE FUEL SPR: AUG20/SEP20: SHELL OFFERS 5KMT AT $0.00PLATTS MARINE FUEL SPR: BAL MONTH/AUG20: VITOL NO LONGER OFFERS AFTER TRADEPLATTS MARINE FUEL SPR: AUG20/SEP20: VITOL NO

LONGER OFFERS AFTER TRADEPLATTS SINGAPORE MARINE FUEL 0.5% PAPER TRADES SUMMARYMARINE FUEL 0.5% FOB SINGAPORE (PLATTS)PLATTS MARINE FUEL (BALMO): BAL MONTH: VERCER BUYS FROM VITOL* 5KMT AT $306.00 (08:25:32)PLATTS MARINE FUEL (BALMO): BAL MONTH: SHELL BUYS FROM VITOL* 5KMT AT $306.50 (08:26:22)PLATTS MARINE FUEL (BALMO): BAL MONTH: MERCURIA BUYS FROM VITOL* 5KMT AT $306.50 (08:26:25)PLATTS MARINE FUEL (BALMO): BAL MONTH: TRAFIGURA BUYS FROM VITOL* 5KMT AT $306.75 (08:28:05)PLATTS MARINE FUEL (BALMO): BAL MONTH: VITOL SELLS TO MERCURIA* 5KMT AT $306.50 (08:28:17)PLATTS MARINE FUEL (BALMO): BAL MONTH: VERCER BUYS FROM VITOL* 5KMT AT $307.00 (08:28:29)PLATTS MARINE FUEL (BALMO): BAL MONTH: VERCER BUYS FROM VITOL* 5KMT AT $307.00 (08:28:30)PLATTS MARINE FUEL (BALMO): BAL MONTH: VITOL SELLS TO MERCURIA* 5KMT AT $306.00 (08:28:49)PLATTS MARINE FUEL (BALMO): BAL MONTH: VITOL SELLS TO TRAFIGURA* 5KMT AT $306.00 (08:29:00)PLATTS MARINE FUEL (BALMO): BAL MONTH: VITOL SELLS TO VERCER* 5KMT AT $306.00 (08:29:05)PLATTS MARINE FUEL (BALMO): BAL MONTH: VITOL SELLS TO MERCURIA* 5KMT AT $306.25 (08:29:20)PLATTS MARINE FUEL (BALMO): BAL MONTH: SHELL BUYS FROM VITOL* 5KMT AT $306.75 (08:29:43)PLATTS MARINE FUEL (BALMO): BAL MONTH: VITOL SELLS TO MERCURIA* 5KMT AT $306.50 (08:29:47)PLATTS MARINE FUEL (BALMO): BAL MONTH: VITOL SELLS TO MERCURIA* 5KMT AT $306.75 (08:30:02)PLATTS MARINE FUEL SPR: BAL MONTH/AUG20: PETROCHINA BUYS FROM VITOL* 5KMT AT $-4.00 (08:28:18)PLATTS MARINE FUEL SPR: AUG20/SEP20: LITASCO BUYS FROM VITOL* 5KMT AT $-4.00 (08:29:50)



Exclusions: No market data was excluded from the July 1, 2020 Singapore Marine Fuel 0.5% swaps assessment process.

Platts Fujairah Daily Marine Fuel 0.5% Cargo Daily Rationale & ExclusionsMarine Fuel 0.5% FoB Fujairah cargo $/mt <AMFFA00>

assessment rationale: The assessment of FOB Fujairah Marine Fuel 0.5% on July 1 took into consideration the spread to delivered and ex-wharf Fujairah Marine Fuel 0.5% bunker fuel assessments, and spread to Singapore Marine Fuel 0.5% cargo assessment in the absence of any competitive bids or offers demonstrating values otherwise.

The Platts assessment for Marine Fuel 0.5% material on an FOB Fujairah basis takes into consideration bids, offers and transactions reported in the MOC process as well as trades in similar-quality material within the Middle East.This rationale applies to symbol(s) <AMFFA00>

Exclusions: No market data was excluded from the July 1, 2020, assessment process.

Platts Fujairah Daily Marine Fuel 0.5% Cargo Bids, Offers, TradesBids:No bidsoffers:No offerstrades:No tradesThis assessment commentary applies to the following market data

codes: Marine Fuel 0.5% FOB Fujairah cargo $/mt <AMFFA00>

Platts Asia and Middle East FO 180, 380 CST Daily Rationales & ExclusionsFo 180 cst 3.5%s FoB spore cargo <puAdV00> assessment

rationale: The FOB Singapore 180 CST HSFO assessment July 1 reflected a trade for a cargo loading over July 21-25, which Total sold to Trafigura at the balance-July swap minus $3/mt, and a trade for a cargo loading over July 24-28, which Gunvor bought from Total at MOPS minus $4/mt.

The assessment also reflected an offer from Total which was withdrawn for a cargo loading over July 19-23 at MOPS minus $4/mt, and a bid from Trafigura which was withdrawn for a cargo loading over July 26-30 at the balance-July swap minus $3/mt.

Fo 380 cst 3.5%s FoB spore cargo <ppxdK00> assessment

rationale: The FOB Singapore 380 CST HSFO assessment July 1 reflected trades for four cargoes loading over July 16-20, which Trafigura bought from Glencore, all priced at $232/mt, and also a trade at $233/mt where Trafigura bought a cargo loading over July 21-25 from Glencore at $233/mt. The assessment also reflected a withdrawn offer at from Glencore for a cargo loading over July 26-30 at $232/mt.

Fo 180 cst 3.5%s FoB Arab Gulf cargo <puABE00>

assessment rationale: The FOB Arab Gulf 180 CST HSFO assessment was derived as a freight netback from the FOB Singapore 180 CST HSFO assessment using the following calculation: FOB Singapore 180 CST HSFO assessment minus the cost of transporting an 80,000-mt dirty cargo from the Persian Gulf to the East.

Fo 380 cst 3.5%s FoB Arab Gulf cargo <AAidc00>

assessment rationale: The FOB Arab Gulf 380 CST HSFO assessment was derived as a freight netback from the FOB Singapore 380 CST HSFO assessment using the following calculation: FOB Singapore 380 CST HSFO assessment minus the cost of transporting an 80,000-mt dirty cargo from the Persian Gulf to the East.Exclusions: No market data was excluded from the July 1, 2020 cargo assessment process.

platts singapore Fuel oil Bids offers trades

Bids: PLATTS HSFO: PHYSICAL BIDS FINALS ON CLOSE (180 CST):Platts HSFO 180CST: FOB Straits: Vitol bids MOPS -10.00 Jul

27-31 20kt INCOPlatts HSFO 180CST: FOB Straits: Trafi no longer bids Bal Jul Avg -3.00 Jul 21-25 20kt INCO after trade with Total (4:28:54.694)WD: Platts HSFO 180CST: FOB Straits: Trafi withdraws bids Bal Jul Avg -3.00 Jul 26-30 20kt INCOPLATTS HSFO: PHYSICAL BIDS FINALS ON CLOSE (380 CST):Platts HSFO 380CST: FOB Straits: Trafi bids Bal Jul Avg -3.00 Jul 18-22 20kt INCO ORPlatts HSFO 380CST: FOB Straits: Trafi bids Bal Jul Avg -3.00 Jul 21-25 20kt INCOPlatts HSFO 380CST: FOB Straits: Trafi bids Bal Jul Avg -3.00 Jul 18-22 40kt INCOPlatts HSFO 380CST: FOB Straits: Trafi bids Bal Jul Avg -3.00 Jul 20-24 40kt INCOoffers: PLATTS HSFO: PHYSICAL OFFERS FINALS ON CLOSE (180 CST):WD: Platts HSFO 180CST: FOB Straits: Total withdraws offers MOPS -4.00 Jul 19-23 20kt Total GTCPlatts HSFO 180CST: FOB Straits: Total no longer offers MOPS -4.00 Jul 24-28 20kt Total GTC after trade with Gunvor (4:28:55.588)PLATTS HSFO: PHYSICAL OFFERS FINALS ON CLOSE (380 CST):Platts HSFO 380CST: FOB Straits: Glencore offers MOPS -1.00 Jul 16-20 20kt ORPlatts HSFO 380CST: FOB Straits: Glencore offers MOPS -1.00 Jul 21-25 20kt ORPlatts HSFO 380CST: FOB Straits: Glencore offers MOPS -1.00 Jul 26-30 20ktWD: Platts HSFO 380CST: FOB Straits: Glencore withdraws offers 232.00 Jul 16-20 20kt after 4 X trades with Trafi at 232.00 (4:26:42.716), (4:27:08.843), (4:27:52.876), (4:28:25.941)Platts HSFO 380CST: FOB Straits: Glencore no longer offers 233.00 Jul 21-25 20kt after 2 x trades with Trafi at 232.00 (4:25:53.361), 233.00 (4:29:48.559)WD: Platts HSFO 380CST: FOB Straits: Glencore withdraws offers 232.00 Jul 26-30 20kt



Platts HSFO 380CST: FOB Straits: Vitol offers MOPS +2.00 Jul 27-31 20kt INCOPlatts HSFO 380CST: FOB Straits: Total offers MOPS +1.00 Jul 27-31 20kt Total GTCtrades: Platts HSFO Trade Summary: Eight trades1) Platts HSFO 380CST: FOB Straits: Jul 21-25: 20kt: Trafi buys from Glencore 232.00 (4:25:53.361)2) Platts HSFO 380CST: FOB Straits: Jul 16-20: 20kt: Trafi buys from Glencore 232.00 (4:26:42.716)3) Platts HSFO 380CST: FOB Straits: Jul 16-20: 20kt: Trafi buys from Glencore 232.00 (4:27:08.843)4) Platts HSFO 380CST: FOB Straits: Jul 16-20: 20kt: Trafi buys from Glencore 232.00 (4:27:52.876)5) Platts HSFO 380CST: FOB Straits: Jul 16-20: 20kt: Trafi buys from Glencore 232.00 (4:28:25.941)6) Platts HSFO 180CST: FOB Straits: Jul 21-25: 20kt: Total sells to Trafi Bal Jul Avg -3.00 INCO (4:28:54.694)7) Platts HSFO 180CST: FOB Straits: Jul 24-28: 20kt: Gunvor buys from Total MOPS -4.00 Total GTC (4:28:55.588)8) Platts HSFO 380CST: FOB Straits: Jul 21-25: 20kt: Trafi buys from Glencore 233.00 (4:29:48.559)This assessment commentary applies to the following market data

codes: FO 180 CST 2.0% <PUAXS00> FO 180 CST 3.5% <PUADV00>

FO 380 CST 3.5% <PPXDK00>

platts us West coast Light End daily commentary�� West Coast gasoline differentials mostly unchanged�� Sub-octane in Portland falls marginally

Differentials for gasoline along the US West Coast were almost entirely unchanged at the start of the month, with the exception of sub-octane in Portland, which fell 75 points to NYMEX August RBOB futures plus 13.75 cents/gal.

Market interest in California was nearly nonexistent, with wide spreads heard between both bids and offers.

CARBOB in both Los Angeles and San Francisco ended the day unchanged, at futures plus 5 cents/gal and futures plus 4 cents/gal, respectively.

Market sources seemed unfazed by the lack of activity, citing seasonal stability as the primary brake on differential movement.

platts Middle East sour crude daily Market Analysis�� Dubai inter-month spreads rangebound�� Market awaits issuance of Middle East OSPs

The new trading cycle for Middle East sour crude commenced on July 1 with market participants awaiting the issuance of official selling prices from the region’s producers.

Benchmark Dubai crude futures was trading at rangebound levels on July 1 with the August/September Dubai crude futures spread pegged at a 16 cents/b backwardation at 3 pm (0700 GMT) Singapore time, just 3 cents/b higher than the 13 cents/b assessed at the 4:30 pm Singapore time close (0830 GMT) on June 30, S&P Global Platts data showed.

Similarly, the September/October spread was pegged at 5 cents/b at 3 pm Singapore time on July 1, just a tad higher than the 4 cents/b assessed at the Asian close on June 30.

Market participants will be seeking fresh cues on market direction this month, with the expected release of OSPs from Middle East producers in the coming days being one of them.

Some traders indicated that a large increase in OSPs, particularly for the lighter grades, could dampen demand from Asian refineries for these Middle East barrels.

“US barrels are moving here [and] freight is cheap at the moment. Floating barrels were partly released [last month] but the majority [is] still there. [With the backwardated] structure no longer supporting floating [economics], [it is a] matter of time for them to be released,” said a Southeast Asian crude trader.

The OPEC+ alliance’s 9.7 million b/d production cuts, meanwhile, are scheduled to ease to 7.7 million b/d starting August, though a monitoring committee plans to meet

monthly to determine if any changes are needed. Its next meeting is slated for July 15.

Elsewhere, Japan’s crude oil stocks slid 1.2% week on week to 86.67 million barrels as of June 27, the Petroleum Association of Japan said July 1. The crude stocks increased 5.2% from a year earlier, Platts data showed.

PAJ data excludes floating storage and import barrels yet to arrive.

Unfinished oil stocks — or oil processed at refineries — totaled 47.98 million barrels, up 2% from the previous week, PAJ said. The stocks increased 4.4% from a year earlier, Platts data showed.

Meanwhile, the Quality Premium for September-loading Murban crude oil has been set at $0.00/b and will be effective for trade in September-loading cargoes during the Platts Market on Close assessment process through July. The Quality Premium in June for August-loading Murban crude was also $0.00/b.

Platts Mideast Sour Crude Daily Rationales & Exclusionsdubai Mo01 <pcAAt00> assessment rationale: The September cash Dubai assessment on July 1 took into consideration several bids for September Dubai partials at $42.65/b standing at the end of the Platts Market on Close assessment process that demonstrated Dubai’s spread to front-month Dubai futures higher day on day as well as against the notionals.

oman Blend Mo01 <pcABs00> assessment rationale: The September cash Oman assessment on July 1 took into consideration a bid for September Oman partials at $42.70/b standing at end of the Platts Market on Close assessment process.Exclusions: No market data was excluded from the July 1, 2020, Middle East sour crude Market on Close assessment process.



platts Asia pacific sweet crude daily Market Analysis�� Petronas sets June MCO at $35.87/b, up $4.69/b on

month�� Japan’s crude oil stocks slid 1.2% week on week to

86.67 million barrels

Sentiment remained mixed in the Asian sweet crude market on July 1 with market participants noting that although demand remained sluggish in countries including China, demand from other Asian economies inching back could hold the market steady, market participants said.

State-owned Petronas has increased the Malaysian crude oil, or MCO, official selling price for a basket of crude grades loaded in June by $4.69/b month on month at $35.87/b, the company said on July 1. In May, it set the MCO OSP differential for June at a record low discount of $4.20/b to Platts Dated Brent crude assessments, down $6.40/b on the month

In the condensate market, market participants were cautious if the recent strength in price differentials seen for Australia’s North West Shelf condensate could sustain into the September loading cycle with the key buyer, Pertamina still not back to buy spot condensates, traders said.

Price differentials for August loading NWS cargoes traded as high as minus $1/b to Platts Dated Brent after falling to record lows of $14.60/b in early-May, data from S&P Global Platts showed.

Price differentials were supported by demand from South Korea, Thailand as well better product margins and higher crude prices.

The second-month Naphtha crack against Dubai swap averaged a record low of minus $10.3/b in April and has recovered back since to average minus $2.4/b in June, according to Platts data.6.40/b on the month. Dated Brent crude assessments averaged $40.025/b in June, up $10.92/b from May, S&P Global Platts data showed.

Meanwhile, Pertamina might not be back to the spot market before October 2020, sources said which might

pressure price differentials lower, they added. Elsewhere, Japan’s crude oil stocks slid 1.2% week on week to 86.67 million barrels as of June 27, the Petroleum Association of Japan said July 1. The crude stocks also increased 5.2% from a year earlier, Platts data showed.

Platts Asia Light Sweet Crude Daily Rationale & ExclusionsEspo FoB Kozmino Mo01 spore vs dubai Mo01 <AAsEu00>

assessment rationale: The ESPO M1 September assessment on July 1 took into consideration latest trade indications for ESPO Blend crude cargoes heard in the wider market.Exclusions: No market data was excluded from the July 1, 2020, Asia Pacific Crude Market on Close assessment process.

Platts Oil Mideast Sour Crude ConvergencesNone reported-



Platts will not publish any assessments or publications out of Singapore on Friday, July 10, 2020.This impacts Asia Pacific/Arab Gulf crude, products (including bunkers) and LPG markets. The Asia Pacific/Arab Gulf Marketscan will not be published. No Asia or Arab Gulf assessments will be published in Crude Oil Marketwire, Bunkerwire and LPGaswire.No Asian LNG or thermal coal assessments will be published. Asia LNG assessments will not appear in LNG Daily and no specified Asian coal assessments will appear in Coal Trader International. The weekly Russia Pacific price assessment usually published on Fridays will be brought forward by a day to July 9.No tanker assessments originating in ports East of Suez Canal will be published or appear on the July 10 Dirty and Clean Tankerwires. Dry freight [Asia assessments] and Dry Freight Wire will not be published.No Asia petrochemicals will be assessed, and weekly assessments typically published on Friday will be brought forward a day to July 9. The Asian Petrochemical Scan will be brought forward by one day to July 9.Platts will not publish iron ore, coking coal, steel, alumina, other nonferrous metals, CFR or FOB China steel/metals assessments. All weekly assessments typically published on Friday will be brought forward by a day to July 9. Publication for the daily CIF Japan spot and quarterly aluminum assessments will continue as per normal on July 10, as these follow Japan and UK holiday schedules.In agriculture, Platts will not publish any Asian biofuels, grains or sugar assessments. Biofuelscan, Daily Grains and Global Sugar Market Report will be published without Asia assessments.Normal Singapore publishing schedules will resume Monday, July 13.For full details of Platts’ publishing schedule and services affected, refer to http://www.platts.com/HolidayHome. For queries, please contact [email protected] and [email protected].

platts to amend cinta, Widuri crude assessment methodology from Jul 1In response to changing physical market conditions, S&P Global Platts will amend the methodology for its assessments of Indonesia’s Cinta and Widuri crude oil grades from July 1, 2020.Platts existing assessments for Cinta and Widuri reflect cargoes of the grade on FOB basis and sold in the open market. However, Platts no longer observes sufficient spot information to sustain independent assessments for these oil grades.Platts first announced plans to launch the MPP assessments in a subscriber note published February 7, 2020: http://plts.co/

KWhg30qxl5vOil production from the Southeast Sumatra, or SES, working area, which produces Cinta and Widuri crudes, has fallen from a peak of around 244,000 b/d in July 1991 to around 27,000-28,000 b/d in 2019, according to data from Indonesia.Exports of both crude oil grades have ceased following the expiry of operator CNOOC’s SES production sharing contract in September 2018.Oil produced from the SES working area, which is now operated by Pertamina’s subsidiary PT Pertamina Hulu Energi Offshore Southeast Sumatra, is domestically processed at Pertamina’s refineries.From July 1, 2020, Platts will calculate a daily value for Cinta and Widuri using a Market Parity Price, or MPP, model, instead of assessing the grade through its existing Platts Market on Close assessment process. As a result of this change, Platts will no longer consider bids, offers and trades for spot cargoes of the grade. Platts will continue to report on any spot market transactions for these grades, but this information will not be used in the daily calculation of the MPP.The MPP calculation for both the grades will be based on the grade’s Gross Product Worth benchmarked to a reference basket of relevant crude grades that are actively traded in the regional spot market. These will initially include Russia’s ESPO, Abu Dhabi’s Murban and Malaysia’s Kimanis. The three basket grades, Cinta, Widuri and their GPW will be normalized for delivery to Japan, accounting for freight and regional spot product prices.The MPP model, which Platts also uses to assess certain illiquid crude oil grades from West Africa and India, as well as Indonesia’s Minas crude and Mexico’s Maya crude, will ensure that the assessment captures both the inherent refining value of the crude as well as the broader oil market demand-supply fundamentals reflected in the price of the reference basket.To learn more about Platts Market Parity Price assessments, click on https://bit.ly/33GZehHPlatts will review the MPP models for Cinta and Widuri annually to ensure they continue to reflect prevailing market conditions and quality of the crude grades.The Cinta and Widuri MPP assessments will be published under the existing codes below for Platts Cinta and Widuri assessments in Platts Crude Oil Marketwire, Platts Oilgram Price Report and on Platts Global Alert pages 1250, 1805, 2210, 2211, 2216, 2217, 2244, 2245, 2264 and 2265.The methodology for Platts Cinta and Widuri assessments at London close, which takes into account the movement in the

underlying Brent benchmark from Asia close to the European market close at 1630 hours London time, remains unchanged.

Assessment Daily Price at Singapore Close

Weekly Average

Monthly Average

Cinta at Singapore Close PCAAX00 PCAAX10 AAFZC00Cinta at London Close AAPBJ00 AAPBJ03Widuri at Singapore Close

PCAFE00 PCAFE03

Widuri at London Close AAPBN00 AAPBN03Alongside the change in the assessment methodology for Cinta and Widuri, Platts will also discontinue the following differentials assessments for the grade from July 1, 2020:

Assessment Daily Price Monthly Average

Cinta differential to ICP PCAAY00 PCAAY03Cinta differential to Asian Dated Brent

AAPBK00 AAPBK03

Widuri differential to ICP PCAFF00 PCAFF03Widuri differential to Asian Dated Brent

AAPBO00 AAPBO03

Please send all comments or questions to [email protected] and [email protected] written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.

platts to amend methodology for FoB Japan gasoil assessment oct 1S&P Global Platts will amend the underlying methodology for its FOB Japan 10 ppm sulfur gasoil assessment from October 1, 2020.The amendment in methodology is due to the discontinuation of most of Platts’s Japan domestic waterborne oil product assessments on October 1, 2020. While Platts will continue to publish waterborne assessments for gasoil and kerosene FOB Tokyo Bay, LC1 laycans, as a netback from Platts Tokyo Bay rack assessments between October 1, 2020 and March 31, 2021, these netbacks will be discontinued from April 1, 2021 (http://plts.co/dcZr30qFRC7).Japan’s gasoil exports remain a significant feature of the Asia Pacific market in recent years. In 2019, Japan exported 7.98 million mt of diesel, up 30% from 6.155 million mt in 2018, data from Petroleum Association of Japan showed.Platts first proposed amending the FOB Japan gasoil methodology

SubScriber noteS (continued) (PGA page 1500)




in a subscriber note published April 2, 2020: http://plts.co/Kt8A30qFzoD.Currently, the FOB Japan 10 ppm sulfur gasoil assessment uses the Japan domestic waterborne gasoil assessment for Tokyo Bay LC1 (daily price symbol code PJPAB00) as the underlying calculation, with cost normalized for the export market including the removal of the implied taxed value and reflects cargo size of 150,000-250,000 barrels. The FOB Japan 10 ppm sulfur gasoil assessment was first published on May 7, 2018 and is currently time stamped at 3:30 pm Japan time (0630 GMT), following the Japan publishing schedule for waterborne products.Following the change, the assessment would be derived by applying a daily assessed FOB Japan 10 ppm sulfur gasoil cash differential to the Mean of Platts Singapore (MOPS) strip from October 1, 2020. The final value would continue to be expressed in US dollar per barrel.In addition to the methodology change to the FOB Japan 10 ppm sulfur gasoil, Platts would publish the FOB Japan 10 ppm sulfur gasoil cash differential starting October 1.The amended FOB Japan assessment would reflect cargoes of 250,000-300,000 barrels in size, loading 15-30 days forward from the date of publication. The assessment would be normalized to gasoil loadings from Tokyo Bay, and reflect value at the close of Asian trade at 4:30 pm Singapore time (0830 GMT).The publication schedule of the FOB Japan 10 ppm sulfur gasoil and the new cash differential assessment would be based on Platts’s existing publication schedule for Singapore oil assessments.The FOB Japan 10 ppm sulfur gasoil assessment appears in the Asia-Pacific/Arab Gulf Marketscan, the Oilgram Price Report, on Platts Global Alert pages 2430, 2404, 2006, 2007, 2405 and 2431, and in the Platts price database under the daily price symbol code POJAP00 with the monthly average code POJAP03.Please send all feedback or questions to [email protected] and [email protected] written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.

platts proposes including pis pioneer in singapore Marine Fuel 0.5% Moc from Aug 21S&P Global Platts is considering the inclusion of the PIS Pioneer as an additional delivery point in the FOB Singapore Marine Fuel 0.5% assessment process from August 21, 2020.PIS Pioneer (IMO 9294563) is operated by Pertamina International

Shipping as a floating storage unit at Tanjung Pelepas in southern Malaysia’s Johor state.There are currently nine FSUs approved as additional delivery points in the Platts FOB Singapore fuel oil and marine fuel assessment process. The standards applicable to approved FSUs require that sellers specifically name the vessel used as delivery point at the time of submitting offers to Platts for publishing.Any offer of oil from vessels accredited for the FOB Singapore fuel oil and marine fuel assessment process would be on a FOB FSU basis. Sellers cannot unilaterally nominate an approved vessel as a delivery point in FOB Straits trades.Please send all feedback and comments by July 13, 2020 to [email protected] and [email protected] written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.

platts extends feedback period on including minimum total aromatics for singapore gasoilS&P Global Platts is extending the feedback period for its proposal to include a minimum total aromatics content of 15% by weight reflected in its FOB Singapore 10 ppm sulfur gasoil, and is continuing to review the time line of implementation.Platts first proposed to add the property of total aromatics to its FOB Singapore 10 ppm sulfur gasoil specifications starting July 1, 2020 in a subscriber note published March 3, 2020: https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/030320-platts-proposes-to-include-minimum-total-aromatics-for-singapore-dieselPlatts understands that most of the ultra low sulfur diesel, or ULSD, produced and exported in Asia is well above and reflects the proposed level of 15% by weight, and has proposed the additional parameter to reflect current export and import requirements in the Asia Pacific region.Platts is also proposing the test methods of IP 391 and ASTM D6379 for the total aromatics parameter. All other parameters and standards for FOB Singapore Gasoil cargoes will remain unchanged.Platts current specifications for the Singapore gasoil assessments can be viewed at http://plts.co/G6ya30pvWQhPlatts periodically reviews the specifications of all its assessments to ensure they are representative of the most tradable grades. Such reviews may lead to changes to the existing specifications of an assessment, though any changes would be subject to further industry consultation ahead of any final decision.

Please send all further comments, feedback, and questions to [email protected] and [email protected] by July 31, 2020.For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available to the public upon request.

platts to discontinue FoB china 90 ron gasoline assessment, amend 93 ron to 92 ronFollowing market feedback, S&P Global Platts will discontinue the South China 90 RON gasoline assessment and change the South China 93 RON gasoline assessment to reflect a 92 RON grade from August 3, 2020.This decision follows a March 13 proposal in lieu of rising gasoline exports from South China for 92 RON oxygenated gasoline, which is available here: http://plts.co/UHRh30qM8ipPlatts will rename the FOB South China 93 RON gasoline assessment to 92 RON. The renamed 92 RON assessment will carry the same price symbol code as the current 93 RON assessment.Platts is also amending the cargo size, timing, and adding specifications reflected in the renamed South China 92 RON gasoline assessment.The current 93 RON assessment reflects 25,000-30,000 mt 93 RON gasoline cargoes loading 15-30 days forward.Following the change, the renamed 92 RON assessment will reflect 30,000-40,000 mt MR-sized 92 RON oxygenated gasoline cargoes loading 20-35 days forward, with guaranteed specifications adhering to China’s National Phase 5 standards, where parameters include maximum 10 ppm sulfur content, benzene at maximum 1% by volume, aromatics at maximum 40% by volume and olefins at maximum 24% by volume.Cargoes that differ from this specification will be considered for assessment and normalized to reflect the above quality.The ports reflected in the South China assessment include Huizhou, Dongguan, Qinzhou, Quanzhou and Hainan. Cargo loadings from these ports will be considered for assessment, while loadings from other ports will be normalized to Huizhou basis.The assessment will reflect market value at the close of Asian trade at 4:30 pm Singapore time (0830 GMT) and follows the Singapore publishing schedule.The discontinuation of 90 RON gasoline assessment and renaming of 93 RON to 92 RON grade come as exports of 90 RON and 93 RON gasoline from China have ceased, and replaced predominantly by 92 RON gasoline and some 91 RON gasoline. In particular, South




China became a regular source of spot 92 RON gasoline cargoes after CNOOC completed expansion of its Huizhou refinery in late 2017.This market typically trades at a differential to Singapore 92 RON unleaded assessments. From August 3, 2020, Platts will publish an outright price for FOB South China 92 RON gasoline in $/mt, rounded to the nearest 25 cents/mt using a conversion factor of 8.5.

Under the proposal, the following assessment would be discontinued.ASSESSMENT CODE MAVGGasoline Unl 90 FOB South China AAICU00 AAICV00The 93 RON assessment would be renamed to 92 RON. The code remains unchanged.ASSESSMENT CODE MAVGGasoline Unl 92 FOB South China AAICW00 AAICX00

Please send all feedback, comments and questions to [email protected] and [email protected] written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing.Platts will consider all comments received and will make comments not marked as confidential available to the public upon request.



Gasoline FoB spore cargo

trades (PGA page 2315)

�■ Platts Mogas 92: JUL20-JUL24: PETROCHINA* sold to UNIPECSG 50kb FOB Straits $44.60/bbl 8:29:42�■ Platts Mogas 92: JUL22-JUL26: PETROCHINA sold to TOTALSG* 50kb FOB Straits $44.70/bbl 8:28:50

* Denotes market maker. All times GMT

Bids (PGA page 2313)

�■ Platts Mogas 95: JUL20-JUL24: SIETCO bids 50kb FOB Straits $45.90/bbl�■ Platts Mogas 95: JUL26-JUL30: SIETCO bids 50kb FOB Straits MOPS 92 $1.30/bbl

Withdrawals

�■ Platts Mogas 92: JUL19-JUL23: SIETCO Withdraws bid 50kb FOB Straits $43.30/bbl�■ Platts Mogas 92: JUL21-JUL25: **UNIPECSG Withdraws bid 50kb FOB Straits $44.50/bbl�■ Platts Mogas 92: JUL21-JUL25: **UNIPECSG Withdraws bid 50kb FOB Straits MOPS 92 $-0.2/bbl�■ Platts Mogas 92: JUL27-JUL31: **TOTALSG Withdraws bid 50kb FOB Straits $44.60/bbl�■ Platts Mogas 92: JUL22-JUL26: **TOTALSG no longer bids 50kb FOB Straits $44.70/bbl

** Denotes OCO order.

offers (PGA page 2314)

�■ Platts Mogas 92: JUL26-JUL30: **PTT offers 50kb FOB Straits MOPS 92 $0.30/bbl�■ Platts Mogas 92: JUL26-JUL30: **PTT offers 50kb FOB Straits $44.90/bbl�■ Platts Mogas 95: JUL27-JUL31: UNIPECSG offers 50kb FOB Straits $47.20/bbl

Withdrawals

�■ Platts Mogas 92: JUL18-JUL22: **EQUINOR Withdraws offer 50kb FOB Straits MOPS 92 $0.60/bbl�■ Platts Mogas 92: JUL18-JUL22: **EQUINOR Withdraws offer 50kb FOB Straits $44.90/bbl�■ Platts Mogas 92: JUL20-JUL24: PETROCHINA no longer offers 50kb FOB Straits $44.60/bbl


Gasoline FoB spore paper


�■ Platts Mogas 92: AUG20: VERCER* sold to CCMAGML 25kb $44.70/bbl 8:25:14�■ Platts Mogas 92: AUG20: TOTSA* sold to PTT 25kb $44.78/bbl 8:27:38�■ Platts Mogas 92: AUG20: VITOLSG* sold to CCMAGML 25kb $44.85/bbl 8:29:34�■ Platts Mogas 92: AUG20: VITOLSG* sold to P66SG 25kb $44.85/bbl 8:29:43�■ Platts Mogas 92: AUG20: VITOLSG* sold to PETROCHINA 25kb $44.85/bbl 8:29:49�■ Platts Mogas 92: AUG20: VITOLSG sold to ONYX* 25kb $44.85/bbl 8:29:53�■ Platts Mogas 92: AUG20: BOCIGC sold to ONYX* 25kb $44.85/bbl 8:29:58



�■ Platts Mogas 92: AUG20: GUNVORSG bids 25kb $44.80/bbl�■ Platts Mogas 92: AUG20: ONYX bids 50kb $44.80/bbl�■ Platts Mogas 92: AUG20: P66SG bids 25kb $44.80/bbl�■ Platts Mogas 92: AUG20: BPSG bids 25kb $44.70/bbl�■ Platts Mogas 92: AUG20: SIETCO bids 25kb $44.70/bbl�■ Platts Mogas 92: AUG20: ONYX bids 25kb $44.65/bbl�■ Platts Mogas 92: AUG20: VITOLSG bids 25kb $44.60/bbl�■ Platts Mogas 92: AUG20: VITOLSG bids 25kb $44.55/bbl�■ Platts Mogas 92: AUG20: PTT bids 25kb $44.50/bbl�■ Platts Mogas 92: AUG20: VERCER bids 25kb $44.40/bbl�■ Platts Mogas 92: AUG20: STANCHART bids 25kb $44.30/bbl�■ Platts Mogas 92: AUG20: VERCER bids 25kb $44.30/bbl�■ Platts Mogas 92: AUG20: EQUINOR bids 25kb $44.28/bbl�■ Platts Mogas 92: AUG20: ONYX bids 25kb $44.20/bbl�■ Platts Mogas 92: AUG20: UITSG bids 25kb $44.20/bbl�■ Platts Mogas 92: AUG20: VERCER bids 25kb $44.20/bbl�■ Platts Mogas 92: AUG20: ONYX bids 25kb $44.05/bbl�■ Platts Mogas 92: AUG20: VERCER bids 25kb $44.00/bbl�■ Platts Mogas 92: AUG20: TOTSA bids 25kb $43.88/bbl

Withdrawals

�■ Platts Mogas 92: AUG20: PETROCHINA no longer bids :RAISED BID AND TRADED�■ Platts Mogas 92: AUG20: ONYX no longer bids 25kb $44.85/bbl�■ Platts Mogas 92: AUG20: VERCER Withdraws bid 25kb $43.80/bbl�■ Platts Mogas 92: AUG20: BPSG Withdraws bid 25kb $4.00/bbl�■ Platts Mogas 92: AUG20: TRAFI Withdraws bid 25kb $44.50/bbl�■ Platts Mogas 92: AUG20: VERCER Withdraws bid 25kb $43.70/bbl



�■ Platts Mogas 92: AUG20: VITOLSG offers 25kb $44.90/bbl�■ Platts Mogas 92: AUG20: BPSG offers 25kb $44.95/bbl

Withdrawals

�■ Platts Mogas 92: AUG20: ONYX Withdraws offer 25kb $44.85/bbl�■ Platts Mogas 92: AUG20: PETROCHINA Withdraws offer 25kb $44.95/bbl�■ Platts Mogas 92: AUG20: VERCER Withdraws offer 25kb $44.95/bbl�■ Platts Mogas 92: AUG20: TOTSA no longer offers 25kb $44.78/bbl�■ Platts Mogas 92: AUG20: ONYX Withdraws offer 25kb $44.85/bbl�■ Platts Mogas 92: AUG20: VITOLSG no longer offers 25kb $44.85/bbl�■ Platts Mogas 92: AUG20: VERCER Withdraws offer 25kb $44.90/bbl�■ Platts Mogas 92: AUG20: P66SG Withdraws offer 25kb $45.00/bbl�■ Platts Mogas 92: AUG20: VERCER Withdraws offer 25kb $45.00/bbl


Gasoline FoB spore paper spreads


�■ Platts Mogas 92 spread: BAL MONTH/AUG20: VITOLSG* sold to ONYX 25kb $0.35/bbl 8:24:52�■ Platts Mogas 92 spread: BAL MONTH/AUG20: PETROCHINA* sold to ONYX 25kb $0.35/bbl 8:24:54�■ Platts Mogas 92 spread: BAL MONTH/AUG20: VITOLSG* sold to ONYX 25kb $0.35/bbl 8:28:26�■ Platts Mogas 92 spread: AUG20/SEP20: VITOLSG* sold to ONYX 25kb $0.30/bbl 8:14:46�■ Platts Mogas 92 spread: AUG20/SEP20: PTT* sold to ONYX 25kb $0.30/bbl 8:14:48�■ Platts Mogas 92 spread: AUG20/SEP20: VITOLSG* sold to GUNVORSG 25kb $0.35/bbl 8:24:22�■ Platts Mogas 92 spread: AUG20/SEP20: PTT sold to BPSG* 25kb $0.35/bbl 8:28:02�■ Platts Mogas 92 spread: AUG20/SEP20: EQUINOR sold to BPSG* 25kb $0.35/bbl 8:28:45�■ Platts Mogas 92 spread: SEP20/OCT20: BPSG* sold to ONYX 25kb $0.35/bbl 8:25:38�■ Platts Mogas 92 spread: SEP20/OCT20: TOTSA* sold to ONYX 25kb $0.35/bbl 8:25:40�■ Platts Mogas 92 spread: SEP20/OCT20: VITOLSG* sold to ONYX

ApAc dEALs suMMAry



ApAc dEALs suMMAry25kb $0.35/bbl 8:25:41



�■ Platts Mogas 92 spread: BAL MONTH/AUG20: ONYX bids 25kb $0.25/bbl�■ Platts Mogas 92 spread: BAL MONTH/AUG20: EQUINOR bids 25kb $0.22/bbl�■ Platts Mogas 92 spread: BAL MONTH/AUG20: BPSG bids 25kb $0.20/bbl�■ Platts Mogas 92 spread: BAL MONTH/AUG20: TOTSA bids 25kb $0.20/bbl�■ Platts Mogas 92 spread: BAL MONTH/AUG20: SIETCO bids 25kb $0.10/bbl�■ Platts Mogas 92 spread: BAL MONTH/AUG20: VERCER bids 25kb $0.05/bbl�■ Platts Mogas 92 spread: BAL MONTH/AUG20: VITOLSG bids 25kb $0.00/bbl�■ Platts Mogas 92 spread: AUG20/SEP20: BPSG bids 25kb $0.31/bbl�■ Platts Mogas 92 spread: AUG20/SEP20: UITSG bids 25kb $0.30/bbl�■ Platts Mogas 92 spread: AUG20/SEP20: VERCER bids 25kb $0.30/bbl�■ Platts Mogas 92 spread: AUG20/SEP20: EQUINOR bids 25kb $0.28/bbl�■ Platts Mogas 92 spread: AUG20/SEP20: TOTSA bids 25kb $0.21/bbl�■ Platts Mogas 92 spread: AUG20/SEP20: ONYX bids 25kb $0.20/bbl�■ Platts Mogas 92 spread: AUG20/SEP20: SIETCO bids 25kb $0.15/bbl�■ Platts Mogas 92 spread: AUG20/SEP20: VITOLSG bids 25kb $0.10/bbl�■ Platts Mogas 92 spread: AUG20/SEP20: ONYX bids 25kb $0.21/bbl�■ Platts Mogas 92 spread: SEP20/OCT20: BPSG bids 25kb $0.32/bbl�■ Platts Mogas 92 spread: SEP20/OCT20: VERCER bids 25kb $0.30/bbl�■ Platts Mogas 92 spread: SEP20/OCT20: UITSG bids 25kb $0.25/bbl�■ Platts Mogas 92 spread: SEP20/OCT20: EQUINOR bids 25kb $0.16/bbl�■ Platts Mogas 92 spread: SEP20/OCT20: SIETCO bids 25kb $0.15/bbl

�■ Platts Mogas 92 spread: SEP20/OCT20: TOTSA bids 25kb $0.15/bbl�■ Platts Mogas 92 spread: SEP20/OCT20: VITOLSG bids 25kb $0.10/bbl

Withdrawals

�■ No bids reported** Denotes OCO order.


�■ Platts Mogas 92 spread: BAL MONTH/AUG20: VITOLSG offers 25kb $0.35/bbl�■ Platts Mogas 92 spread: BAL MONTH/AUG20: TOTSA offers 25kb $0.45/bbl�■ Platts Mogas 92 spread: BAL MONTH/AUG20: BPSG offers 25kb $0.50/bbl�■ Platts Mogas 92 spread: BAL MONTH/AUG20: VERCER offers 25kb $1.00/bbl�■ Platts Mogas 92 spread: AUG20/SEP20: ONYX offers 25kb $0.40/bbl�■ Platts Mogas 92 spread: AUG20/SEP20: VITOLSG offers 25kb $0.38/bbl�■ Platts Mogas 92 spread: AUG20/SEP20: TOTSA offers 25kb $0.39/bbl�■ Platts Mogas 92 spread: AUG20/SEP20: BPSG offers 25kb $0.40/bbl�■ Platts Mogas 92 spread: AUG20/SEP20: ONYX offers 25kb $0.40/bbl�■ Platts Mogas 92 spread: AUG20/SEP20: VERCER offers 25kb $0.50/bbl�■ Platts Mogas 92 spread: SEP20/OCT20: VITOLSG offers 25kb $0.38/bbl�■ Platts Mogas 92 spread: SEP20/OCT20: BPSG offers 25kb $0.40/bbl�■ Platts Mogas 92 spread: SEP20/OCT20: TOTSA offers 25kb $0.45/bbl�■ Platts Mogas 92 spread: SEP20/OCT20: VERCER offers 25kb $0.50/bbl

Withdrawals

�■ Platts Mogas 92 spread: BAL MONTH/AUG20: ONYX Withdraws offer 25kb $0.40/bbl�■ Platts Mogas 92 spread: BAL MONTH/AUG20: PETROCHINA no longer offers 25kb $0.35/bbl�■ Platts Mogas 92 spread: BAL MONTH/AUG20: VITOLSG no longer offers 25kb $0.35/bbl�■ Platts Mogas 92 spread: BAL MONTH/AUG20: VITOLSG no longer offers 25kb $0.35/bbl

�■ Platts Mogas 92 spread: BAL MONTH/AUG20: PTT Withdraws offer 25kb $0.40/bbl�■ Platts Mogas 92 spread: AUG20/SEP20: PTT Withdraws offer 25kb $0.35/bbl


naphtha c+F cargo


�■ No trades reported* Denotes market maker. All times GMT


�■ H1SEP20: **GLENCORESG bids 25kt $391.00/mt�■ H1SEP20: PDCL bids 25kt $391.00/mt�■ H1SEP20: GUNVORSG bids 25kt $390.00/mt�■ H1SEP20: BPSG bids 25kt $386.00/mt�■ H1SEP20: **TOTALSG bids 25kt $378.00/mt�■ H2SEP20: **GLENCORESG bids 25kt $383.00/mt�■ H2SEP20: PDCL bids 25kt $381.00/mt�■ H2SEP20: **TOTALSG bids 25kt $373.00/mt

Withdrawals



�■ H2SEP20: SIETCO offers 25kt $389.00/mt

Withdrawals

�■ No offers reported** Denotes OCO order.

naphtha c+F Japan cargo spreads




�■ H2AUG20/H2SEP20: MARUBENI bids 25kt $12.00/mt

Withdrawals



�■ No offers reported

Withdrawals




Jet Kero FoB spore paper


�■ BAL MONTH: HOTEI* sold to VERCER 50kb $43.10/bbl 8:30:15* Denotes market maker. All times GMT


�■ BAL MONTH: DVTRADING bids 50kb $42.60/bbl�■ BAL MONTH: VERCER bids 50kb $42.60/bbl�■ BAL MONTH: VERCER bids 50kb $42.50/bbl�■ BAL MONTH: DVTRADING bids 50kb $42.00/bbl�■ AUG20: DVTRADING bids 50kb $-4.55/bbl

Withdrawals



�■ BAL MONTH: BPSG offers 50kb $43.10/bbl�■ BAL MONTH: BPSG offers 50kb $43.10/bbl�■ BAL MONTH: HOTEI offers 50kb $43.10/bbl�■ BAL MONTH: UNIPECSG offers 50kb $43.20/bbl�■ BAL MONTH: VERCER offers 50kb $43.30/bbl�■ BAL MONTH: VERCER offers 50kb $43.40/bbl�■ BAL MONTH: CAOSG offers 50kb $43.70/bbl�■ AUG20: VERCER offers 50kb $-4.05/bbl�■ AUG20: UNIPECSG offers 50kb $-4/bbl�■ AUG20: EQUINOR offers 50kb $-3.9/bbl�■ BAL MONTH: HENGLIOIL offers 50kb $-5.2/bbl

Withdrawals

�■ BAL MONTH: UNIPECSG Withdraws offer 50kb $43.50/bbl�■ BAL MONTH: CAOSG Withdraws offer 50kb $43.50/bbl�■ AUG20: EQUINOR Withdraws offer 50kb $-3/bbl


Jet Kero FoB spore paper spreads


�■ BAL MONTH/AUG20: CAOSG sold to UNIPECSG* 50kb $-0.85/bbl 8:29:56



�■ BAL MONTH/AUG20: TOTSA bids 50kb $-0.9/bbl

Withdrawals

�■ BAL MONTH/AUG20: UNIPECSG no longer bids 50kb $-0.85/bbl** Denotes OCO order.


�■ BAL MONTH/AUG20: UNIPECSG offers 50kb $-0.65/bbl�■ BAL MONTH/AUG20: VERCER offers 50kb $-0.6/bbl

Withdrawals


Gasoil FoB spore paper


�■ AUG20: VERCER sold to EQUINOR* 50kb $48.30/bbl 8:29:33�■ BAL MONTH: DVTRADING* sold to MABANAFT 50kb $49.00/bbl 8:29:17�■ BAL MONTH: DVTRADING* sold to TOTSA 50kb $49.05/bbl 8:29:46�■ BAL MONTH: VERCER sold to HOTEI* 50kb $49.04/bbl 8:29:47�■ BAL MONTH: MBCL sold to HOTEI* 50kb $49.04/bbl 8:29:53�■ BAL MONTH: DVTRADING* sold to EQUINOR 50kb $49.05/bbl 8:29:53�■ BAL MONTH: VERCER* sold to TOTSA 50kb $49.10/bbl 8:30:02



�■ AUG20: GUNVORSG bids 50kb $48.20/bbl�■ AUG20: MBCL bids 50kb $48.10/bbl�■ AUG20: VERCER bids 50kb $48.10/bbl�■ AUG20: VERCER bids 50kb $48.00/bbl�■ AUG20: DVTRADING bids 50kb $47.70/bbl�■ AUG20: DVTRADING bids 50kb $47.65/bbl�■ BAL MONTH: EQUINOR bids 50kb $48.95/bbl�■ BAL MONTH: BPSG bids 50kb $48.90/bbl�■ BAL MONTH: TOTSA bids 50kb $48.90/bbl�■ BAL MONTH: TOTSA bids 50kb $48.85/bbl�■ BAL MONTH: VITOLSG bids 50kb $48.85/bbl�■ BAL MONTH: VITOLSG bids 50kb $48.83/bbl�■ BAL MONTH: MABANAFT bids 50kb $48.80/bbl�■ BAL MONTH: VERCER bids 50kb $48.80/bbl�■ BAL MONTH: VERCER bids 50kb $48.75/bbl�■ BAL MONTH: EQUINOR bids 50kb $48.70/bbl�■ BAL MONTH: GUNVORSG bids 50kb $48.70/bbl�■ BAL MONTH: VERCER bids 50kb $48.70/bbl�■ BAL MONTH: DVTRADING bids 50kb $48.25/bbl

�■ BAL MONTH: DVTRADING bids 50kb $48.45/bbl

Withdrawals

�■ AUG20: EQUINOR no longer bids 50kb $48.30/bbl�■ BAL MONTH: EQUINOR Withdraws bid 50kb $48.20/bbl�■ BAL MONTH: VERCER Withdraws bid 50kb $48.20/bbl�■ BAL MONTH: HOTEI no longer bids 50kb $49.04/bbl



�■ AUG20: DVTRADING offers 50kb $48.75/bbl�■ AUG20: MBCL offers 50kb $48.70/bbl�■ AUG20: VERCER offers 50kb $48.40/bbl�■ AUG20: DVTRADING offers 50kb $48.45/bbl�■ BAL MONTH: VERCER offers 50kb $49.10/bbl�■ BAL MONTH: SENTINELC offers 50kb $49.20/bbl�■ BAL MONTH: VERCER offers 50kb $49.40/bbl�■ BAL MONTH: MBCL offers 50kb $49.50/bbl

Withdrawals

�■ AUG20: MBCL Withdraws offer 50kb $49.00/bbl�■ BAL MONTH: VERCER Withdraws offer 50kb $49.00/bbl�■ BAL MONTH: DVTRADING no longer offers 50kb $49.05/bbl


Gasoil FoB spore paper spreads




�■ BAL MONTH/AUG20: EQUINOR bids 50kb $0.65/bbl�■ BAL MONTH/AUG20: VITOLSG bids 50kb $0.65/bbl�■ BAL MONTH/AUG20: MABANAFT bids 50kb $0.62/bbl�■ BAL MONTH/AUG20: TOTSA bids 50kb $0.60/bbl�■ BAL MONTH/AUG20: VERCER bids 50kb $0.60/bbl�■ BAL MONTH/AUG20: VERCER bids 50kb $0.55/bbl�■ BAL MONTH/AUG20: ALVARI bids 50kb $0.52/bbl�■ BAL MONTH/AUG20: HENGLIOIL bids 50kb $0.45/bbl�■ AUG20/SEP20: EQUINOR bids 50kb $0.00/bbl�■ AUG20/SEP20: ALVARI bids 50kb $-0.05/bbl�■ AUG20/SEP20: VERCER bids 50kb $-0.11/bbl�■ SEP20/OCT20: EQUINOR bids 50kb $-0.3/bbl�■ SEP20/OCT20: VERCER bids 50kb $-0.33/bbl

Withdrawals

�■ BAL MONTH/AUG20: EQUINOR Withdraws bid 50kb $0.45/bbl�■ BAL MONTH/AUG20: EQUINOR Withdraws bid 50kb $-0.45/bbl

ApAc dEALs suMMAry



�■ AUG20/SEP20: HENGLIOIL Withdraws bid 50kb $-0.3/bbl** Denotes OCO order.


�■ BAL MONTH/AUG20: ALVARI offers 50kb $0.70/bbl�■ BAL MONTH/AUG20: VERCER offers 50kb $0.80/bbl�■ AUG20/SEP20: ALVARI offers 50kb $0.05/bbl

Withdrawals

�■ BAL MONTH/AUG20: DVTRADING Withdraws offer 50kb $0.70/bbl�■ BAL MONTH/AUG20: VERCER Withdraws offer 50kb $0.70/bbl�■ AUG20/SEP20: VERCER Withdraws offer 50kb $-0.02/bbl


Fo 180 cst 3.5% FoB spore paper




�■ AUG20: VERCER bids 5kt $240.50/mt�■ AUG20: MCELT bids 5kt $240.00/mt�■ BAL MONTH: MCELT bids 5kt $238.25/mt�■ BAL MONTH: VERCER bids 5kt $238.25/mt�■ BAL MONTH: MCELT bids 5kt $238.00/mt�■ BAL MONTH: VERCER bids 5kt $235.00/mt

Withdrawals



�■ AUG20: MCELT offers 5kt $250.00/mt�■ AUG20: VERCER offers 5kt $250.00/mt�■ BAL MONTH: MCELT offers 5kt $248.00/mt�■ BAL MONTH: VERCER offers 5kt $248.00/mt�■ BAL MONTH: VERCER offers 5kt $248.00/mt�■ BAL MONTH: VERCER offers 5kt $250.00/mt

Withdrawals


Fo 380 cst 3.5% FoB spore paper


�■ AUG20: TRAFI* sold to DVTRADING 5kt $237.50/mt 8:28:25�■ AUG20: TRAFI* sold to GLENCORE 5kt $237.50/mt 8:28:55

�■ AUG20: TRAFI* sold to MCELT 5kt $237.50/mt 8:29:00�■ AUG20: TRAFI sold to GLENCORE* 5kt $238.00/mt 8:29:16�■ AUG20: TRAFI sold to GLENCORE* 5kt $238.00/mt 8:29:37�■ AUG20: TRAFI sold to GLENCORE* 5kt $238.00/mt 8:29:44�■ AUG20: TRAFI sold to GLENCORE* 5kt $238.00/mt 8:29:50�■ AUG20: TRAFI sold to GLENCORE* 5kt $238.00/mt 8:30:03



�■ AUG20: GLENCORE bids 5kt $238.00/mt�■ AUG20: DVTRADING bids 5kt $237.50/mt�■ AUG20: MCELT bids 5kt $237.25/mt�■ AUG20: VERCER bids 5kt $236.75/mt�■ AUG20: SIETCO bids 5kt $234.50/mt�■ AUG20: VERCER bids 5kt $234.50/mt�■ AUG20: GUNVORSG bids 5kt $234.00/mt�■ AUG20: VITOLSG bids 5kt $234.00/mt�■ AUG20: YONGYU bids 5kt $234.00/mt�■ AUG20: MCELT bids 5kt $233.00/mt�■ AUG20: SIETCO bids 5kt $233.00/mt�■ AUG20: VERCER bids 5kt $233.00/mt�■ AUG20: DVTRADING bids 5kt $233.00/mt�■ BAL MONTH: VERCER bids 5kt $234.00/mt�■ BAL MONTH: MCELT bids 5kt $233.50/mt�■ BAL MONTH: VERCER bids 5kt $231.00/mt�■ BAL MONTH: VITOLSG bids 5kt $230.50/mt�■ BAL MONTH: DVTRADING bids 5kt $230.00/mt�■ BAL MONTH: GUNVORSG bids 5kt $230.00/mt�■ BAL MONTH: VERCER bids 5kt $230.00/mt�■ BAL MONTH: MCELT bids 5kt $229.00/mt

Withdrawals



�■ AUG20: MCELT offers 5kt $239.50/mt�■ AUG20: VERCER offers 5kt $239.75/mt�■ AUG20: DVTRADING offers 5kt $241.00/mt�■ AUG20: GLENCORE offers 5kt $241.50/mt�■ AUG20: VERCER offers 5kt $241.50/mt�■ AUG20: VITOLSG offers 5kt $241.50/mt�■ AUG20: DVTRADING offers 5kt $242.00/mt�■ AUG20: MCELT offers 5kt $242.00/mt�■ AUG20: VERCER offers 5kt $242.00/mt�■ AUG20: TOTSA offers 5kt $245.00/mt�■ BAL MONTH: VITOLSG offers 5kt $236.75/mt�■ BAL MONTH: DVTRADING offers 5kt $239.00/mt

�■ BAL MONTH: GLENCORE offers 5kt $239.00/mt�■ BAL MONTH: TOTSA offers 5kt $239.00/mt�■ BAL MONTH: VERCER offers 5kt $239.00/mt�■ BAL MONTH: MCELT offers 5kt $239.50/mt�■ BAL MONTH: TRAFI offers 5kt $240.00/mt�■ BAL MONTH: MCELT offers 5kt $241.00/mt�■ BAL MONTH: VERCER offers 5kt $242.00/mt�■ BAL MONTH: VERCER offers 5kt $243.00/mt

Withdrawals

�■ AUG20: TRAFI no longer offers 5kt $237.50/mt�■ AUG20: TOTSA Withdraws offer 5kt $238.50/mt


Mideast sour crude




�■ Platts Cash Dubai Partials: SEP20: BPSG bids 25kb $42.65/bbl�■ Platts Cash Dubai Partials: SEP20: EQUINOR bids 25kb $42.65/bbl�■ Platts Cash Dubai Partials: SEP20: KOCHRI bids 25kb $42.65/bbl�■ Platts Cash Dubai Partials: SEP20: P66SG bids 25kb $42.65/bbl�■ Platts Cash Dubai Partials: SEP20: SIETCO bids 25kb $42.65/bbl�■ Platts Cash Dubai Partials: SEP20: TOTSA bids 25kb $42.65/bbl�■ Platts Cash Dubai Partials: SEP20: TRAFI bids 25kb $42.65/bbl�■ Platts Cash Dubai Partials: SEP20: VITOLSG bids 25kb $42.65/bbl�■ Platts Cash Oman Partials: SEP20: TOTSA bids 25kb $42.70/bbl

Withdrawals



�■ Platts Cash Dubai Partials: SEP20: UNIPECASIA offers 25kb $42.75/bbl�■ Platts Cash Dubai Partials: SEP20: RGES offers 25kb $42.85/bbl�■ Platts Cash Dubai Partials: SEP20: EQUINOR offers 25kb $42.90/bbl�■ Platts Cash Dubai Partials: SEP20: HENGLIOIL offers 25kb $42.90/bbl�■ Platts Cash Dubai Partials: SEP20: HENGYI offers 25kb $42.90/bbl�■ Platts Cash Dubai Partials: SEP20: KOCHRI offers 25kb $42.90/bbl

ApAc dEALs suMMAry



�■ Platts Cash Dubai Partials: SEP20: TOTSA offers 25kb $42.90/bbl�■ Platts Cash Oman Partials: SEP20: UNIPECASIA offers 25kb $42.90/bbl�■ Platts Cash Oman Partials: SEP20: KOCHRI offers 25kb $42.95/bbl�■ Platts Cash Oman Partials: SEP20: TOTSA offers 25kb $42.95/bbl

Withdrawals


Mideast sour crude spreads




�■ No bids reported

Withdrawals




Withdrawals


Asia Light sweet crude





Withdrawals




Withdrawals


Asia Light sweet crude spreads





Withdrawals




Withdrawals


ApAc dEALs suMMAry

Documents

AsiA-pAciFic/ArAB GuLF MArKEtscAn