ASIA-PACIFIC/ARAB GULF MARKETSCAN

Volume 37 / Issue 24 / February 2, 2018

Asia products
Code Mid Change Code Mid Change Code Mid Change
Singapore (PGA page 2002)

FOB Singapore ($/barrel) MOPS strip Premium/Discount
Naphtha PAAAP00 65.66–65.70 65.680 +0.210 AAPKA00 65.08–65.12 65.100 +0.300
Gasoline 97 unleaded PGAMS00 84.09–84.13 84.110 +1.240 AAPKE00* 18.99/19.03 19.010 +0.940
Gasoline 95 unleaded PGAEZ00 82.84–82.88 82.860 +1.260 AAPKF00* 17.74/17.78 17.760 +0.960
Gasoline 92 unleaded PGAEY00 79.83–79.87 79.850 +1.360 AAPKG00* 14.73/14.77 14.750 +1.060
Gasoline 92 unleaded AAXEQ00 80.03–80.07 80.050 +1.330 AAXER00 -0.22/-0.18 -0.200 +0.030
CFR Naphtha AAOVF00 65.600 +0.300 AAOVG00 0.500 0.000
Kerosene PJABF00 84.43–84.47 84.450 +1.620 AAPJZ00 83.78–83.82 83.800 +1.420 PJACU00 0.63/0.67 0.650 +0.200
Gasoil 10 ppm AAOVC00 83.66–83.70 83.680 +0.950 AAOVD00** 0.23/0.27 0.250 -0.040
Gasoil 50 ppm AAPPF00 83.53–83.57 83.550 +0.960 AAPPH00** 0.10/0.14 0.120 -0.030
Gasoil 0.05% sulfur AAFEX00 82.95–82.99 82.970 +0.930 AAFFB00** -0.48/-0.44 -0.460 -0.060
Gasoil 0.25% sulfur AACUE00 82.52–82.56 82.540 +0.930 AACQI00** -0.91/-0.87 -0.890 -0.060
Gasoil POABC00 83.66–83.70 83.680 +0.950 AAPJY00 83.41–83.45 83.430 +0.990 POAIC00** 0.23/0.27 0.250 -0.040
FO 180 CST 2% ($/mt) PUAXS00 399.00–399.04 399.020 +0.560
HSFO 180 CST ($/mt) PUADV00 390.22–390.26 390.240 +0.550 AAPJX00 390.58–390.62 390.600 +0.830 AAGZF00 -0.38/-0.34 -0.360 -0.280
HSFO 380 CST ($/mt) PPXDK00 386.10–386.14 386.120 +0.420 AAPJW00 385.04–385.08 385.060 +0.570 PPXDL00 1.04/1.08 1.060 -0.150
Ex-Wharf 180 CST ($/mt) AAFET00 390.50–391.50 391.000 -2.000
Ex-Wharf 380 CST ($/mt) AAFER00 384.50–385.50 385.000 -2.000
Ex-Wharf 500 CST ($/mt) AAVUP00 382.50–383.50 383.000 -1.000
*Differential to FOB Singapore naphtha. **Differential to FOB Singapore gasoil. The “Gasoil” assessment reflects 10 ppm sulfur from January 2, 2018.
Middle East physical oil assessments (PGA page 2004 and 2018)
FOB Arab Gulf ($/barrel) Premium/Discount
Naphtha ($/mt) PAAAA00 580.46–582.21 581.335 +2.235 AAPKH00 8.75/9.25 9.000 -1.000
Naphtha LR2 ($/mt) AAIDA00 582.83–584.58 583.705 +2.365
Subscriber notes (PGA page 1500)
Gasoline 95 unleaded AAICY00 80.85–80.89 80.870 +1.260 AAWUJ00 2.23/2.27 2.250 0.000
Gasoline 95 unleaded CFR AAWUK00 2.93/2.97 2.950 S&P Global Platts will launch an FOB Singapore non-oxygenate
Gasoline 92 unleaded AAGJA00 77.860 +1.360 AAGZA00 2.350 0.000 gasoline assessment, with effect from April 2, 2018. This is in line
Kerosene PJAAA00 82.90–82.94 82.920 +1.580 PJACV00 1.18/1.22 1.200 0.000 with the significant growth of non-oxygenate gasoline import
Kerosene LR2 AAKNZ00 82.99–83.03 83.010 +1.580 markets in Asia and Pacific. The new assessment would reflect
Gasoil 10 ppm AAIDT00 82.04–82.08 82.060 +0.910 AAIDU00* 0.91/0.95 0.930 0.000 50,000- to 150,000-barrel cargoes loading from any of the
Gasoil 0.005% sulfur AASGJ00 81.86–81.90 81.880 +0.910 AASGK00* 0.73/0.77 0.750 0.000
approved Platts FOB Straits terminal 15-30 days ahead of the date
Gasoil 0.05% sulfur AAFEZ00 81.66–81.70 81.680 +0.910 AAFFD00* 0.53/0.57 0.550 0.000
of publication. Platts will publish the assessment as both an
Gasoil 0.25% sulfur AACUA00 80.71–80.75 80.730 +0.910 AACUC00* -0.42/-0.38 -0.400 0.000
Gasoil POAAT00 82.04–82.08 82.060 +0.910 POAID00* 0.91/0.95 0.930 0.000 outright value and as a differential against the FOB Singapore 92
Gasoil LR2 AAKBT00 82.14–82.18 82.160 +0.920 RON gasoline MOPS Strip. Platts proposed the new assessment on
HSFO 180 CST ($/mt) PUABE00 380.47–380.51 380.490 +0.550 AAXJA00 4.75/5.25 5.000 0.000 October 31, 2017 (http://www.platts.com/subscriber-notes-
HSFO 380 CST ($/mt) AAIDC00 376.35–376.39 376.370 +0.420 AAXJB00 4.75/5.25 5.000 0.000 details/27883415). Since that time, it has received feedback in
HSFO 180/380 spread ($/mt) PPXDM00 -4.14/-4.10 -4.120 -0.130 support of the proposal, as well as feedback supporting some
Ex-Wharf Fujairah 380 CST** ($/mt) AAYBG00 6.500
+1.000 changes to the proposed specifications.
*premium to MOPAG Gasoil during loading.**Ex-Wharf differential represents premium/discount to the MOPAG 180 CST strip.
(Subscriber notes continue on page 13)

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ASIA-PACIFIC/ARAB GULF MARKETSCAN february 2, 2018

Asia products
Code Mid Change Code Mid Change Gasoline
Middle East physical oil assessments (PGA pages 2004 and 2018) Market analysis: (PGA page 2396) The Singapore inter-ron

FOB Fujairah ($/barrel) MOPAG Strip gasoline spreads, the 92/95 and 92/97 spreads, widened to
Gasoline 95 unleaded AFUJA00 82.800 +1.360 AFUJB00 80.550
+1.360 a multi-month high at the close of the Asian trading session
Kerosene AFUJF00 83.250 +1.340 AFUJG00 82.050
+1.340
Thursday, driven by keen bids for the 95 RON gasoline grade.
Gasoil 10 ppm AFUJP00 82.660 +0.970
Gasoil AFUJK00 82.660 +0.970 AFUJL00 81.730
+0.970 The 92/95 RON spread stood at more than a four-month
HSFO 380 CST ($/mt) AFUJQ00 379.460
+0.670 AFUJR00 374.460
+0.670 high of $3.11/b, while the 92/97 RON spread stood close to a
Ex-Wharf 380 CST ($/mt) AAYBF00 384.250
+0.500 AAYBD00 377.750
-0.500
one-year high of $4.38/b high. The 92/95 RON spread was
*FOB Fujairah outright prices are derived by adding the MOPAG strips and the FOB Arab Gulf premiums/discounts.
last higher on September 15, 2017, at $3.22/b, while the
Gasoline components (PBF page 2410) 92/97 RON spread was last wider on February 11, 2017, at

FOB Singapore ($/mt) $4.53/b. A market source attributed the widening spreads to
MTBE PHALF00 750.00–752.00 751.000 +13.000 a rebound after the inter-ron spreads crunched substantially
Singapore demurrage (PGT pages 2910 & 2960)
$/day
Weekly Fujairah oil product stocks
Demurrage Clean AALPY00 16500.000
-250.000 Code (’000 barrels) Change
Demurrage Dirty AALQA00 18500.000 0.000
Jan 29 (PGA page 2022)
Indonesia physical oil assessments (PGA page 2516) Light distillates FUJLD04 7525 +321

FOB Indonesia ($/barrel) Premium/Discount Middle distillates FUJMD04 2592 +696
Heavy distillates and residues FUJHD04 6662 -493
LSWR Mixed/Cracked PPAPU00 64.24–64.28 64.260 +0.280 AAHXR00 6.80/6.84 6.820 +0.160
Source: FEDCom, Platts
LSWR AAUGR00 62.04–62.08 62.060 +0.280 AAWTX00 2.86/2.90 2.880 +0.150
Code Mid Change Code Mid Change Code Mid Change
Singapore paper (PGA page 2655)
Balance February* ($/barrel) March ($/barrel) April ($/barrel)
Naphtha Japan ($/mt) AAXFE00 602.75–603.25 603.000 +5.750 AAXFF00 598.50–599.00 598.750 +5.500
Naphtha AAPLD00 65.18–65.22 65.200 +0.300 PAAAQ00 64.88–64.92 64.900 +0.300 PAAAR00 64.43–64.47 64.450 +0.300
Gasoline 92 unleaded AAXEK00 79.97–80.01 79.990 +1.350 AAXEL00 80.14–80.18 80.160 +1.270 AAXEM00 79.84–79.88 79.860 +1.090
Reforming Spread AAXEN00 14.77/14.81 14.790 +1.050 AAXEO00 15.24/15.28 15.260 +0.970 AAXEP00 15.39/15.43 15.410 +0.790
Kerosene AAPLE00 84.08–84.12 84.100 +1.490 PJABS00 83.21–83.25 83.230 +1.330 PJABT00 82.53–82.57 82.550 +1.220
Gasoil AAPLF00 83.51–83.55 83.530 +0.960 POAFC00 83.21–83.25 83.230 +1.070 POAFG00 82.80–82.84 82.820 +1.100
HSFO 180 CST ($/mt) AAPML00 390.63–390.67 390.650 +0.650 PUAXZ00 390.48–390.52 390.500 +1.200 PUAYF00 390.48–390.52 390.500 +1.200
HSFO 380 CST ($/mt) AAPKB00 385.18–385.22 385.200 +0.450 AAPKC00 384.78–384.82 384.800 +0.850 AAPKD00 384.78–384.82 384.800 +1.100
Gasoil EFS ($/mt) AAQTX00 -1.450 -0.100 AAQTY00 -4.940 +0.470 AAQTZ00 -6.240 +0.700
*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 February* ($/barrel)
March ($/barrel) April ($/barrel)
Gasoline 95 unleaded AFUIM00 80.450
+1.400 AFUIM01 80.620
+1.320 AFUIM02 80.320
+1.140
Kerosene AFUAM00 82.570
+1.450 AFUAM01 81.700
+1.290 AFUAM02 81.020 +1.180
Gasoil AFUJM00 81.910
+0.920 AFUJM01 81.610
+1.030 AFUJM02 81.200 +1.060
HSFO 180 CST AAYBM00 380.150
+0.650 AAYBM01 380.000
+1.200 AAYBM02 380.000
+1.200
HSFO 180 CST** AADZB00 377.750
-0.450 AADZM01 377.750
+0.050 AADZM02 378.000
+0.050
HSFO 380 CST AFURM00 374.700
+0.450 AFURM01 374.300
+0.850 AFURM02 374.300
+1.100
*Balance month swaps are assessed from the 1st to 10th of the month. ** At 1730 Singapore time

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 2
ASIA-PACIFIC/ARAB GULF MARKETSCAN february 2, 2018

Asia products in late December and early January. Another source

Code Mid Change Code Mid Change
attributed the wide spread to the increased production of 92
Japan physical oil assessments (PGA page 2006) RON gasoline in light of increased supply of relatively

C+F Japan ($/mt) Premium/Discount inexpensive naphtha. Due to the increased production of the
Naphtha PAAAD00 601.50–603.25 602.375 +2.875 PAADI00 1.75/2.25 2.000 -1.000 lower octane gasoline, 92 RON gasoline prices have
Nph 2nd 1/2 Mar PAAAE00 604.25–604.75 604.500 +2.500 increased at a much slower pace compared to 95 RN
Nph 1st 1/2 Apr PAAAF00 602.75–603.25 603.000 +2.750
gasoline. However, some market sources have refuted this,
Nph 2nd 1/2 Apr PAAAG00 601.50–602.00 601.750 +3.000
especially with the 92 RON gasoline remaining firm. The 92
Naphtha MOPJ Strip AAXFH00 598.50–599.00 598.750 +5.500 AAXFI00 3.38/3.88 3.630 -2.620
C+F Japan ($/barrel) Premium/Discount RON gasoline crack spread against front-month ICE Brent
Gasoline 91-92 unleaded PGACW00 81.49–81.53 81.510 +1.360
futures stood at $9.66/b Thursday, rebounding from the
Gasoline 95 unleaded PGAQQ00 84.50–84.54 84.520 +1.260 $8.85/b crack spread on Wednesday. The spread started the
Kerosene PJAAN00 85.25–85.29 85.270 +1.420 PAADK00 1.45/1.49 1.470 0.000 week at $9.28/b. Singapore’s commercial stockpiles of light
Gasoil POABF00 84.37–84.41 84.390 +0.990 AAWVG00 0.94/0.98 0.960 0.000 distillate fell by 0.12% week on week to 12.80 million barrels,
HSFO 180 CST ($/mt) PUACJ00 399.06–399.10 399.080 +0.550 from 12.82 million barrels, during the week ended January
FOB Okinawa ($/barrel) Premium/Discount
31. Imports of unleaded gasoline of 90 RON and above but
Gasoil POAIW00 83.41–83.45 83.430 +0.990 POAIY00 -0.02/0.02 0.000 0.000 under 97 RON stood at 243,720 mt, while exports were at
South Korea physical oil assessments (PGA page 2008) 320,828 mt during the week. Malaysia was the biggest

C+F Korea ($/mt) Premium/Discount importer for this gasoline grade at 75,877 mt, while Thailand
Naphtha PAADE00 604.13–604.63 604.380 +1.880 PAADG00 1.75/2.25 2.000 -1.000 came in second with 69,778 mt.
FOB Korea ($/barrel) Premium/Discount
Gasoline 95 unleaded PGAQO00 82.26–82.30 82.280 +1.350 Gasoline Unl 92 FOB Spore Cargo assessment rationale:
Jet PJADG00 83.98–84.02 84.000 +1.420 PJADI00 0.18/0.22 0.200 0.000 (PGA page 2392) The FOB Singapore 92 RON gasoline
Gasoil POAIE00 83.36–83.40 83.380 +0.990 POAIG00 -0.07/-0.03 -0.050 0.000 assessment Friday considered a bid for a cargo loading
HSFO 180 CST 3.5% ($/mt) PUBDP00 395.08–395.12 395.100 +0.830 PUBDR00 4.25/4.75 4.500 0.000
over February 18-22 at $79.80/b and an offer for a cargo
HSFO 380 CST 3.5% sulfur ($/mt) PUBDY00 390.96–391.00 390.980 +0.700 PUBEA00 4.25/4.75 4.500 0.000
loading over February 23-27 at $79.90/b.
Mean of Platts West India netbacks (PGA page 2012) The above commentary applies to the market data code: PGAEY00
FOB India ($/mt) FOB India ($/barrel)
Naphtha AAQWK00 585.880 +2.880 AAQWJ00 65.100 +0.320
Gasoline Unl 95 FOB Spore Cargo assessment rationale:
Gasoline (92 RON) AARBQ00 667.760 +11.560 AARBP00 78.560 +1.360
(PGA page 2392) The FOB Singapore 95 RON gasoline
Gasoline (95 RON) AAQWI00 685.050 +10.580 AAQWH00 81.550 +1.260
Jet kero AAQWM00 656.190 +12.800 AAQWL00 83.060 +1.620 assessment Friday took into consideration a trade for a
Gasoil (10ppm) AAQWO00 626.670 +7.240 AAQWN00 82.240 +0.950 cargo loading over February 23-27 at $82.69/b and the
Gasoil (500ppm) AAQWQ00 607.160 +6.930 AAQWP00 81.500 +0.930 previous day’s 92/95 inter-ron spreads.
Gasoil (2500ppm) AAQWS00 603.950 +6.930 AAQWR00 81.070 +0.930 The above commentary applies to the market data code: PGAEZ00
Australia (PGA page 2014)

C+F Australia ($/barrel) Gasoline Unl 97 FOB Spore Cargo assessment rationale:
Gasoline 92 AACZF00 83.29–83.33 83.310 +1.360 (PGA page 2392) The FOB Singapore 97 RON gasoline
Gasoline 95 AACZH00 86.30–86.34 86.320 +1.260 assessment Friday took into consideration the adjusted
Jet AAFIY00 88.15–88.19 88.170 +1.620 97/95 inter-RON spread in the absence of bids and offers on
Gasoil 10ppm AAQUD00 87.61–87.65 87.630 +0.950 97 RON gasoline.
The above commentary applies to the market data code: PGAMS00

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 3
ASIA-PACIFIC/ARAB GULF MARKETSCAN february 2, 2018

Asia products for 50kb

Code Mid Change Code Mid Change ■■92 RON: FOB Straits: Feb 22-26: SK offers at $80.40/b for
Freight netbacks (PGA pages PGT2910 & PGT2960) 50kb

AG-Spore
Spore-Japan AG-Japan Spore-Australia ■■92 RON: FOB Straits: Feb 23-27: PTT offers at $79.90/b

Naphtha AAPOF00 14.09* AAPOG00 21.04* for 50kb

Naphtha-LR2 AAPOH00 18.67* ■■92 RON: FOB Straits: Feb 23-27: Winson offers at MOPS 92

Gasoline AAPOC00 1.99 AAPOD00 1.66 AAPOE00 3.46 RON plus $0.00/b for 50kb
Kerosene AAPOI00 1.53 AAPOJ00 3.72 ■■95 RON: FOB Straits: Feb 17-21: Philips66 offers at
Kerosene-LR2 AAPOK00 1.44
Gasoil AAPOL00 1.62 AAPOM00 3.95
$83.40/b for 50kb
■■95 RON: FOB Straits: Feb 26- Mar 2: Lukoil offers at
Gasoil-LR-2 AAPON00 1.52
HSFO 180 CST AAPOO00 9.75* AAPOP00 8.84* $83.15/b for 50kb
HSFO 380 CST AAPOQ00 9.75* ■■95 RON: FOB Straits: Feb 28- Mar 4: BP offers at $83.05/b

All values in $/barrel, except * values in $/mt for 50kb.

South China/Hong Kong physical oil assessments (PGA page 2010) ■■PLATTS ASIA MOGAS CARGO MOC: OUTSTANDING

South China ($/mt) Premium/Discount to MOPS ($/barrel) INTEREST: WITHDRAWN
Gasoline 90 unleaded AAICU00 672.50–676.50 674.500 +11.500 ■■WD 95 RON: FOB Straits: Feb 21-25: Vitol withdraws bid at
Gasoline 93 unleaded AAICW00 681.00–685.00 683.000 +11.500
$82.10/b for 50kb (4:22:52)
Jet/kero PJABQ00 671.75–675.75 673.750 +11.250 AAWTW00 1.47/1.51 1.490 0.000
■■TDD 95 RON: FOB Straits: Feb 23-27: Trafi no longer bids
Gasoil POAFA00 626.75–630.75 628.750 +7.250 AABJZ00 0.95/0.99 0.970 0.000
Gasoil 0.2% AALEK00 618.75–622.75 620.750 +7.250 at $82.68/b for 50kb after trade with Philips66 (4:27:58).
■■PLATTS ASIA MOGAS CARGO MOC: DEAL SUMMARY: ONE
Hong Kong bunker grades ($/mt)
HSFO 180 CST PUACC00 404.00–405.00 404.500 -6.500 TRADE
HSFO 380 CST PUAER00 398.00–399.00 398.500 -6.500 ■■1. 95 RON: FOB Straits: Feb 23-27: Philips66 sells to Trafi

*C+F Hong Kong, $/barrel premium/discount to Mean of Platts Singapore. at $82.68/b for 50kb (4:27:58).

Foreign exchange rates (PGA page 2160) ■■92 RON: FOB Straits: Feb 20-24: Sietco bids at $79.50/b Singapore Gasoline exclusions: (PGA page 2393) No market
USD/Yen AAWFX00 109.7750 +0.2100
Eur/USD AAWFU00 1.2493 +0.0103 for 50kb data was excluded from the Asian gasoline assessment
GBP/USD AAWFV00 1.4229 +0.0052 ■■92 RON: FOB Straits: Feb 22-26: Vitol bids at $79.60/b for process on February 2, 2018.
USD/SGD AAWFZ00 1.3129 -0.0006
50kb or MOPS 92 RON minus $0.40/b for 50kb
USD/MYR AAWGA00 3.8860 -0.0150
■■92 RON: FOB Straits: Feb 22-26: Hin Leong bids at
USD/HK AAWFY00 7.8197 -0.0014
Naphtha
AUD/USD AAWFT00 0.7994 -0.0024 $79.60/b for 50kb
USD/CNY AAWFW00 6.2885 -0.0160
■■92 RON: FOB Straits: Feb 28- Mar 4: Hin Leong bids at Market analysis: (PGA page 2398) More cargoes are emerging
Source: Development Bank of Singapore
$79.60/b for 50kb in the Asian naphtha market, putting pressure on the
■■95 RON: FOB Straits: Feb 17-21: Sietco bids at $82.40/b for fundamentals as supply was already ample, market sources
Singapore Gasoline bids/offers/trades: (PGA page 2393) 50kb. said Friday. India’s Oil and Natural Gas Corp. is offering
■■PLATTS ASIA MOGAS CARGO MOC: OUTSTANDING ■■PLATTS ASIA MOGAS CARGO MOC: OUTSTANDING 35,000 mt of open-spec naphtha with a minimum paraffin
INTEREST: BIDS INTEREST: OFFERS content of 70% for lifting over March 6-7 from Mumbai. The
■■92 RON: FOB Straits: Feb 17-21: Sietco bids at $79.60/b for ■■92 RON: FOB Straits: Feb 22-26: Gunvor offers at $79.90/b tender closes February 7, with next-day validity. State-owned
50kb for 50kb Bharat Petroleum Corp. Ltd. is offering 35,000-40,000 mt of
■■92 RON: FOB Straits: Feb 18-22: Total bids at $79.80/b for 50kb ■■92 RON: FOB Straits: Feb 22-26: Trafi offers at $79.90/b naphtha with minimum paraffin content of 83% for loading

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 4
ASIA-PACIFIC/ARAB GULF MARKETSCAN february 2, 2018

over February 15-16. The tender closes February 5, 0400 GMT,

European products ($/mt)
Code Mid Change Code Mid Change
with same-day validity. BPCL last sold 30,000 mt of naphtha
Mediterranean (PGA page 1114)
with minimum 58% paraffin, maximum 2 ppm total chlorides,
FOB (Italy) CIF (Genova/Lavera)
for loading over February 13-15 from Mumbai to Vitol at an Prem Unl 10ppm AAWZA00 653.25–653.75 653.500 -6.250 AAWZB00 662.25–662.75 662.500 -6.500
unknown premium to the average of Arab Gulf naphtha Naphtha PAAAI00 554.75–555.25 555.000
-10.750 PAAAH00 566.75–567.25 567.000
-11.250
assessments by Platts and Petroleum Argus, FOB. At least Jet aviation fuel AAIDL00 647.50–648.00 647.750 -4.250
Gasoil 0.1% AAVJI00 592.25–592.75 592.500 -7.000 AAVJJ00 606.25–606.75 606.500 -7.500
seven vessels had been placed on subjects, each with 10ppm ULSD AAWYY00 606.00–606.50 606.250 -8.250 AAWYZ00 617.25–617.75 617.500 -8.500
35,000 mt of naphtha, from India to Japan in H1 February, 1% PUAAK00 373.00–373.50 373.250 -6.000 PUAAJ00 382.00–382.50 382.250 -6.000
market sources and S&P Global Platts fixtures data showed. 3.5% PUAAZ00 359.25–359.75 359.500 -6.250 PUAAY00 368.50–369.00 368.750 -6.250

The East/West naphtha spread, which participants use as an Northwest Europe cargoes (PGA page 1110)
indicator for arbitrage economics to move cargoes from CIF (Basis ARA) FOB NWE
Gasoline 10ppm AAXFQ00 667.75–668.25 668.000
-11.250
Europe to Asia, was up $1.50/mt on the day at plus $9/mt Naphtha Swap PAAAJ00 575.50–576.00 575.750
-10.000
Thursday. The spread touched the lowest level in five months Naphtha Phy PAAAL00 575.50–576.00 575.750
-11.250
at plus $6.5/mt on January 30, reducing opportunities for Jet PJAAU00 665.00–665.50 665.250 -4.750 PJAAV00 652.50–653.00 652.750 -5.250
Ultra low sulfur diesel 10ppm AAVBG00 611.25–611.75 611.500 -7.250 AAVBF00 597.50–598.00 597.750 -8.750
suppliers in Europe to move cargoes to Asia. In other news,
Gasoil 0.1% AAYWS00 603.25–603.75 603.500 -7.500 AAYWR00 585.25–585.75 585.500 -7.750
Asia’s newest crude grade, Bergading condensate, Diesel 10ppm NWE AAWZC00 613.75–614.25 614.000 -7.000 AAWZD00 599.50–600.00 599.750 -8.500
concluded its second spot trade last week when Malaysia’s Diesel 10 PPM UK AAVBH00 615.25–615.75 615.500 -6.750
state-owned Petronas sold a March-loading cargo to a 1% PUAAL00 375.00–375.50 375.250 -6.750 PUAAM00 364.75–365.25 365.000 -6.500
3.5% PUABA00 356.25–356.75 356.500 -5.000 PUABB00 342.25–342.75 342.500 -4.750
trading house, marking the arrival of a new name in the 0.5-0.7% straight run PKABA00 447.50–448.50 448.000 -5.750
region’s basket of condensate grades. Trade sources said Low sulfur VGO AAHMZ00 496.50–497.50 497.000 -6.000 AAHMX00 482.75–483.75 483.250 -6.000
Bergading was similar in quality to Asia’s most liquid High sulfur VGO AAHND00 486.25–487.25 486.750 -6.000 AAHNB00 472.50–473.50 473.000 -6.000

condensate grade, North West Shelf. It has an API gravity of Northwest Europe barges (PGA pages 1112 & 1380)
FOB Rotterdam
59, though sources said preliminary samples yielded a higher
Eurobob AAQZV00 649.75–650.25 650.000
-11.250
number. It also produces a generous amount of naphtha, Unleaded 98 AAKOD00 729.75–730.25 730.000
-11.250
prized by refiners for its yield of petrochemical products. “It’s Premium Unleaded PGABM00 661.50–662.00 661.750
-15.000
naphtha-rich. Sulfur is OK. There is low sulfur and the Reformate AAXPM00 680.000
-11.250
MTBE* PHALA00 779.00–779.50 779.250
-13.750
mercury is manageable,” a Singapore-based condensates Naphtha Phy PAAAM00 571.50–572.00 571.750
-11.250
trader said. Hess is the operator of the field and owns a 50% Jet PJABA00 658.00–658.50 658.250 -4.250
interest, while Petronas owns the other 50%. Gasoil 50 ppm AAUQC00 599.50–600.00 599.750 -7.750
Gasoil 0.1%* AAYWT00 595.00–595.50 595.250 -7.500
10 ppm* AAJUS00 606.75–607.25 607.000 -7.750
Naphtha C+F Japan Cargo assessment rationale: (PGA 1% PUAAP00 362.75–363.25 363.000 -5.000
page 2388) The CFR Japan naphtha cargo assessment 3.5% PUABC00 362.75–363.25 363.000 -5.000
Fuel Oil 3.5% 500 CST PUAGN00 358.75–359.25 359.000 -5.000
Friday took into consideration the following inputs: A trade
Low sulfur VGO AAHNF00 489.75–490.75 490.250 +1.000
for H2 April at $602/mt, with a notional crack value of High sulfur VGO AAHNI00 472.50–473.50 473.000 -6.000
$77.30/mt. The outstanding offer for the H1 April/H2 April *FOB Amsterdam-Rotterdam-Antwerp
spread at $1.50/mt, demonstrated value. The H2 March/H1 ICE LS gasoil GWAVE (Previous day’s values) (PGA page 702)
April spread was assessed at plus $1.50/mt, and the H1 Feb PXAAJ00 618.750 01-Feb-18
Mar PXAAK00 619.750 01-Feb-18
April/H2 April spread was assessed at plus $1.25/mt.
Rotterdam bunker (PGA page 1112)
The above commentary applies to the market data code: PAAAD00
380 CST PUAFN00 364.50–365.50 365.000 -7.000

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 5
ASIA-PACIFIC/ARAB GULF MARKETSCAN february 2, 2018

Naphtha FOB Spore Cargo assessment rationale: (PGA

US products (¢/gal) (PGA page 158)
Code Mid Change Code Mid Change
page 2388) The FOB Singapore naphtha assessment was
US West Coast pipeline
derived as a freight netback from the CFR Japan naphtha Los Angeles San Francisco
first-cycle assessment, using the following calculation: CFR Unleaded 84 AAUHA00 200.90–201.00 200.950 -3.380 PGADG00 196.65–196.75 196.700 -3.380
Japan naphtha first-cycle assessment minus the cost of Premium 90 PGABG00 235.90–236.00 235.950 -3.380 PGABO00 224.65–224.75 224.700 -3.380

transporting a 30,000 mt clean cargo on the Singapore- CARBOB AAKYJ00 205.65–205.75 205.700 -3.380 AAKYN00 201.15–201.25 201.200 -3.380
CARBOB PREM AAKYL00 240.65–240.75 240.700 -3.380 AAKYP00 229.15–229.25 229.200 -3.380
Japan route.
Jet PJAAP00 206.05–206.15 206.100 -2.940 PJABC00 206.05–206.15 206.100 -2.940
The above commentary applies to the market data code: PAAAP00 ULS (EPA) Diesel POAET00 208.40–208.50 208.450 -2.340 POAEY00 207.90–208.00 207.950 +0.410
CARB diesel POAAK00 208.90–209.00 208.950 -2.340 POAAL00 207.90–208.00 207.950 +0.410
Naphtha FOB Arab Gulf Cargo assessment rationale: (PGA Seattle Portland
Unleaded 84 AAXJE00 196.00–196.10 196.050 -3.380 AAXJC00 197.15–197.25 197.200 -3.380
page 2388) The FOB Arab Gulf naphtha assessment was
Premium 90 AAXJF00 224.00–224.10 224.050 -3.380 AAXJD00 225.15–225.25 225.200 -3.380
derived as a freight netback from the CFR Japan marker, Jet PJABB00 206.05–206.15 206.100 -2.940
using the following calculation: CFR Japan naphtha ULS (EPA) Diesel AAUEX00 207.90–208.00 207.950 -4.190 AAUEY00 209.05–209.15 209.100 -4.190
assessment minus the cost of transporting a 55,000 mt clean Phoenix
cargo from a basket of ports in the Persian Gulf to Japan. RBOB unleaded 84 AADDP00 206.65–206.75 206.700 -3.380
RBOB premium 89.5 PPXDJ00 240.65–240.75 240.700 -3.380
The above commentary applies to the market data code: PAAAA00
Differential to NYMEX
CARBOB AANVX00 18.45/18.55 18.500 -1.000
Naphtha Cargo bids/offers/trades: (PGA page 2389) CARBOB paper 1st month* AAKYR00 4.95/5.05 5.000 0.000
■■PLATTS NAPHTHA BIDS ON CLOSE:
CARBOB paper 2nd month* AAKYS00 5.20/5.30 5.250 0.000
■■Naphtha CFR Japan: 25kt: Idemitsu bids H1 Apr 600.00 or Jet Fuel AANVY00 0.70/0.80 0.750 +0.750
H2 Apr 600.00 ULS (EPA) Diesel AANVZ00 3.05/3.15 3.100 +1.350
■■PLATTS NAPHTHA OFFERS ON CLOSE:
CARB Diesel AANWA00 3.55/3.65 3.600 +1.350
* Premium to NYMEX gasoline settlement
■■Naphtha CFR Japan: 25kt: Idemitsu offers H2 Mar 611.00
US West Coast waterborne
or H1 Apr 610.00 or H2 Apr 609.00
Los Angeles
■■Naphtha CFR Japan: 25kt: Shell offers H1 Apr 609.00 or
Unleaded 87 PGADI00 200.90–201.00 200.950 -3.380
H2 Apr 605.00 Jet PJABI00 205.05–205.15 205.100 -2.940
■■TDD Naphtha CFR Japan: 25kt: BP no longer offers H2

Mar 619.00 or H1 Apr 610.00 or H2 Apr 602.00 after trade

with Statoil (4:29:09pm)
■■PLATTS NAPHTHA SPREADS BIDS ON CLOSE: Platts assessment of futures markets at MOC close (PGA page 703)
■■Naphtha CFR Japan: 25kt: Trafigura bids H1 Apr/H1 May Singapore 16:30

2.25 or H2 Apr/H2 May 2.00 ICE gasoil futures ($/mt) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
Feb 18* AAQYM01 623.75 Mar XNRBA01 190.24 Mar XNHOA01 209.89
■■PLATTS NAPHTHA SPREADS OFFERS ON CLOSE:
Mar 18 AAQYM02 625.00 Apr XNRBA02 208.11 Apr XNHOA02 208.67
■■Naphtha CFR Japan: 25kt: Petrodiamond offers H1 Apr/H2 Apr 18 AAQYM03 623.25 May XNRBA03 208.62 May XNHOA03 207.26
Apr 1.50 or H2 Apr/H1 May 1.50 New York 14:30
■■PLATTS NAPHTHA CARGO MOC: DEAL SUMMARY: One NYMEX light sweet crude ($/barrel) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
trade reported Mar NYCRM01 65.37 Mar NYRBM01 187.01 Mar NYHOM01 205.10
Apr NYCRM02 65.00 Apr NYRBM02 204.75 Apr NYHOM02 204.18
■■1) Naphtha CFR Japan: 25kt: H2 Apr: Statoil buys from BP
May NYCRM03 64.52 May NYRBM03 205.27 May NYHOM03 203.02
at $602.00/mt (4:29:09pm) *Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February.

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 6
ASIA-PACIFIC/ARAB GULF MARKETSCAN february 2, 2018

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

(Asia MOC) (Asia MOC) (Asia close) (London close)
API
Gravity Code Mid Change Code Mid Change Code Mid Change Code Mid Change
Condensate (PGA page 2212) (PGA page 2213)
Diff to Dubai Diff to Asian Dated Brent
NW Shelf 61.9 PCAGX00 71.83–71.87 71.850 +0.860 AAPAI00 2.15 -0.050 AAPAH00 70.040 -0.910
DFC 56.82 ADFCA00 71.38–71.42 71.400 +0.830 ADFCB00 4.80/4.90 4.850 -0.050 ADFCC00 2.020 -0.090 ADFCD00 69.610 -0.960
Qatar LSC 56.9 AARBB00 70.43–70.47 70.450 +0.830 AARBD00 3.85/3.95 3.900 -0.050 AARBC00 1.070 -0.090 AARBA00 68.660 -0.960
South Pars 57.4 AARAV00 69.53–69.57 69.550 +0.830 AARAX00 2.95/3.05 3.000 -0.050 AARAW00 0.170 -0.090 AARAU00 67.760 -0.960
Diff to ICP
Senipah 54.4 AAEOE00 68.94–68.98 68.960 +0.860 AAEOK00 2.85/2.95 2.900 -0.050 AAPBE00 -0.740 -0.050 AAPBD00 67.150 -0.910
Light crude (PGA page 2214) (PGA page 2215)
Diff to ICP Diff to Asian Dated Brent
Cossack 47.7 PCAGZ00 70.33–70.37 70.350 +0.810 AAPAC00 0.650 -0.100 AAPAB00 68.540 -0.960
Gippsland 48.7 PCACP00 69.78–69.82 69.800 +0.910 AAPAU00 0.100 0.000 AAPAT00 67.990 -0.860
Tapis 45.2 PCACB00 72.03–72.07 72.050 +0.860 AAOZW00 2.350 -0.050 AAOZV00 70.240 -0.910
Belida 45.1 PCAFL00 66.94–66.98 66.960 +0.840 PCAFM00 1.15/1.25 1.200 -0.050 AAPBQ00 -2.740 -0.070 AAPBP00 65.150 -0.930
Kutubu 44.3 PCAFJ00 71.13–71.17 71.150 +0.910 AAPAE00 1.450 0.000 AAPAD00 69.340 -0.860
Handil Mix 43.9 PCABE00 69.99–70.03 70.010 +0.890 PCABF00 2.65/2.75 2.700 0.000 AAPBI00 0.310 -0.020 AAPBH00 68.200 -0.880
Attaka 42.3 PCAAJ00 66.74–66.78 66.760 +0.840 PCAAK00 0.30/0.40 0.350 -0.050 AAPBC00 -2.940 -0.070 AAPBB00 64.950 -0.930
Ardjuna 38.0 PCACQ00 64.99–65.03 65.010 +0.840 PCACR00 0.20/0.30 0.250 -0.050 AAPBG00 -4.690 -0.070 AAPBF00 63.200 -0.930
Banyu Urip 32.0 PCAFQ00 73.200 +0.860 PCAQQ00 4.950 -0.050 AAPBU00 3.500 -0.050 AAPBR00 71.390 -0.910
Diff to Dubai
Sakhalin Blend 45.5 AARBN00 71.38–71.42 71.400 +0.880 AARCN00 4.80/4.90 4.850 0.000 AARDN00 2.020 -0.040 AAREN00 69.610 -0.910
ESPO M1 34.8 AARWF00 71.42–71.46 71.440 +0.830 AASEU00 4.60/4.70 4.650 -0.050 AARWE00 1.860 +0.080 AARWD00 69.710 -0.830
ESPO M2 34.8 AAWFE00 71.33–71.37 71.350 +0.830 AAWFG00 4.75/4.85 4.800 -0.050
Diff to Oman/Dubai
Sokol 39.7 AASCJ00 71.87–71.91 71.890 +0.840 AASCK00 5.20/5.30 5.250 -0.050 AAPAO00 2.510 -0.080 AAPAN00 70.100 -0.950
Kikeh 34.9 AAWUH00 73.68–73.72 73.700 +0.860 AAOZY00 4.000 -0.050 AAOZX00 71.890 -0.910
Miri Light 32.3 PCABQ00 73.73–73.77 73.750 +0.860 AAPAS00 4.050 -0.050 AAPAR00 71.940 -0.910
Labuan 32.0 PCABL00 73.73–73.77 73.750 +0.860 AAPAQ00 4.050 -0.050 AAPAP00 71.940 -0.910
Kimanis 38.6 AASCL00 73.550 +0.860 AASCM00 3.850 -0.050 AASCN00 71.740 -0.910
Medium crude (PGA page 2216) (PGA page 2217)
Diff to Asian Dated Brent
Su Tu Den 36.8 AARAR00 72.23–72.27 72.250 +0.910 AARAS00 2.550 0.000 AARAQ00 70.440 -0.860
Bach Ho 40.7 PCAHY00 72.83–72.87 72.850 +0.910 AAPAK00 3.150 0.000 AAPAJ00 71.040 -0.860
Nanhai 40.0 PCAFR00 66.78–66.82 66.800 +0.860 AAPAG00 -2.900 -0.050 AAPAF00 64.990 -0.910
Diff to ICP
Minas 35.3 PCABO00 65.04–65.08 65.060 +0.890 PCABP00 1.80/1.90 1.850 0.000 AAPBA00 -4.640 -0.020 AAPAZ00 63.250 -0.880
Nile Blend 33.9 AAPLC00 65.64–65.68 65.660 +0.890 AAPEX00 2.40/2.50 2.450 0.000 AAPAM00 -4.040 -0.020 AAPAL00 63.850 -0.880
Widuri 33.2 PCAFE00 63.44–63.48 63.460 +0.890 PCAFF00 0.40/0.50 0.450 0.000 AAPBO00 -6.240 -0.020 AAPBN00 61.650 -0.880
Daqing 32.2 PCAAZ00 62.54–62.58 62.560 +0.890 AAPAW00 -7.140 -0.020 AAPAV00 60.750 -0.880
Cinta 31.1 PCAAX00 63.34–63.38 63.360 +0.890 PCAAY00 0.40/0.50 0.450 0.000 AAPBK00 -6.340 -0.020 AAPBJ00 61.550 -0.880
Heavy crude (PGA page 2218) (PGA page 2219)
Diff to ICP Diff to Asian Dated Brent
Dar Blend 25.0 AARAB00 66.23–66.27 66.250 +0.910 AARAC00 -3.450 0.000 AARAA00 64.440 -0.860
Shengli 24.2 PCABY00 62.69–62.73 62.710 +0.890 AAPAY00 -6.990 -0.020 AAPAX00 60.900 -0.880
Duri 20.8 PCABA00 63.09–63.13 63.110 +0.890 PCABB00 3.40/3.50 3.450 0.000 AAPBM00 -6.590 -0.020 AAPBL00 61.300 -0.880
Enfield 22.0 AARAE00 71.150 +0.910 AARAF00 1.450 0.000 AARAD00 69.340 -0.860
Vincent 18.3 AARAK00 70.200 +0.910 AARAL00 0.500 0.000 AARAJ00 68.390 -0.860

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 7
ASIA-PACIFIC/ARAB GULF MARKETSCAN february 2, 2018

Naphtha Cargo exclusions: (PGA page 2389) No market data China tanker fixtures
Vessel Volume Grade Route Arrival date Importer
was excluded from the February 2, 2018 Asian Naphtha
Pacific Glory 260kt Mars US-Rizhao 2-Jan Dongming
assessment process. British Venture 137kt Plutino Angola-Qingdao 3-Jan Fengli
Gener8 Strength 138kt Oman Oman-Rizhao 5-Jan Wonfull
Sealion 267kt Saldanha Africa-Qingdao 6-Jan Hongrun
Jet DHT Amazon 271kt Dalia Angola-Qingdao 9-Jan Hongrun
Gener8 Constantine 260kt Lula Brazil-Rizhao 10-Jan Dongming
Market analysis: (PGA page 2499) The momentum in the Anafi Warrior 100kt ESPO Russia-Laizhou 10-Jan ChemChina
Asian jet fuel/kerosene market showed no signs of slowing TBA 100kt Nemina Malaysia-Laizhou 15-Jan ChemChina
Friday, across both the physical and derivatives markets. New Pioneer 286kt Merey Venezuela-Qingdao 19-Jan PetroChina
Caribbean Glory 130kt Djeno Congo-Qingdao 20-Jan Chambroad
Market participants said that demand for prompt cargoes
Britanis 130kt Pazflor Angola-Qingdao 20-Jan Hongrun
had spiked mid-week, a view supported by the consistent British Vantage 128kt Saturno Angola-Qingdao 20-Jan Hualong
buying interest being seen in the Platts Market on Close Front Energy 100kt Oman Oman-Qingdao 21-Jan Chambroad
assessment process. The backwardation on the swaps New Pioneer 286kt Merey Venezuela-Qingdao 21-Jan PetroChina
Front Endurance 260kt Mandji/Ceiba TBA-Qingdao 22-Jan Vitol
market has also steadily steepened, reflecting tightening Front Loki 150kt Merey Venezuela-Qingdao 25-Jan PetroChina
fundamentals. S&P Global Platts assessed the March/April As Suwayq 133kt Oman Oman-Qingdao 25-Jan Xintai
jet swap spread at a near 5-year-high of plus 57 cents/b Apolytares 140kt Lula Brazil-Qingdao 26-Jan Luqing
Thursday — the last time it was higher was on February 23, Seaheritage 96kt Crude TBA-Qingdao 27-Jan Haiye
DS Vision 130kt Cabinda Angola-Qingdao 28-Jan Hualian
2013, when it was assessed at plus 62 cents/b. “Seasonally, Pantanassa 140kt Lula Brazil-Yantai 29-Jan Jincheng
we’re still in the middle of the winter demand season ... and Pantanassa 140kt Sapinhoa Brazil-Yantai 29-Jan Jincheng
this whole region is short jet. [Persian Gulf] cargoes were all TBA 149kt Djeno Angola-Qingdao 1-Feb TBA
Ioanna 280kt Plutonio Angola-Rizhao 2-Feb Baota
going to Europe in January,” a Singapore-based trader said.
Sea Horizon 141kt Castila Colombia-Rizhao 1-Feb Dongming
According to IE Singapore, combined middle distillate Sea Vision 146kt Oman Oman-Rizhao 3-Feb Wonfull

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ASIA-PACIFIC/ARAB GULF MARKETSCAN february 2, 2018

stocks recovered during the week ended January 31, rising International dirty tanker fixtures (PGT page 2950)
to a two-week high of 9.293 million barrels. They had stood Ship name Size Type Date Route Rate Charterer
at 10.331 million barrels in the week ended January 17. In the PG/East
Northeast Asian market, sources noted that spot cargo Eurodestiny 270 CR Feb17 PG-China w40 Unipec
availability remained an issue, particularly for loading dates Energy R 270 CR dnr PG-China w37.5 Chem China
earlier in March. A Northeast Asian refiner noted that the Front Empire 270 CR Feb13 PG-SKorea w35 SK Energy
Athenian Success o/o 270 CR Feb18 PG-Map Ta Phut w39 PTT
bulk of spot buying interest appeared to be “front-loaded,”
Tokio 270 CR Feb10 PG-Japan rnr cnr
and that there were few stems available for these dates. Xin Pu Yang 270 CR Feb16 PG-China COA Unipec
Meanwhile, JXTG Nippon Oil & Energy plans to restart its SCF Caucasus 140 CR Feb16 Basrah-UKC, Med w25 Lukoil
sole 145,000 b/d crude distillation unit at its Sendai refinery New Pride 132 DY Feb21 Mina Ahmadi-Vadinar, Mundra w63 IOC
in the northeast of Japan next week, a company source Abyss 80 DY earFeb Fujairah-East rnr Vitol
Minerva Coralia 80 FO Feb19 Ruwais-West $1.525m BP
said Friday. The CDU was shut on January 25 due to a
Desh Garima 80 FO Feb7 PG-Red Sea rnr ATC
mechanical problem. The outage would have no impact on Signal Alpha 80 DY Feb8 Jubail-UKC, Med rnr Total
the refinery’s existing commitments or kerosene supply Doxa 30 FO Feb5 Bandar Abbas-Colombo $530k Renish
this winter, Platts reported previously. Dubai Attraction o/o 100 CR Feb16 Kozmino-NChina rnr Litasco
TH Symphony 100 CR Feb15 Kozmino-Opts rnr cnr
Tbn 80 FO Feb17 Spore-Hong Kong rnr Sinopec
Jet Kero FOB Spore Cargo assessment rationale: (PGA Heidmar Tbn 80 CR Feb15 Seria-Philippines $310k Shell
page 2494) The FOB Singapore jet fuel/kerosene cargo Shell Tbn 80 CR Feb14 Seria+1-Yeosu COA GS Caltex
assessment Friday was based on the following inputs: The Nectar 80 DY Feb21 Dampier-Tuban w115 Chevron
Magic Wand 40 DY Feb12 Spore-Taiwan rnr Ocean Ener
front loading period was assessed at MOPS plus 77 cents/b,
Sidra Ras Laffan 30 FO Feb8 Spore-Colombo $450k BBnaft
reflecting a bid for a cargo loading February 17-21 at MOPS
Black Sea/Med
plus 70 cents/b, after accounting for deemed pricing. The
Kimolos 130 CR Feb4 Libya-Med w65 ST
back loading period was assessed at MOPS plus 55 cents/b, Reliable Warrior 130 CR Feb22 Ceyhan-Mumbai $1.5m BPCL
reflecting a bid for a cargo loading February 28-March 4 at Signal Maya 80 CR Feb16 Supsa-Med w110 UML
MOPS plus 50 cents/b, after accounting for deemed pricing. Minerva Baltica 80 CR Feb16 Novo-Med rnr Ursa
The middle loading period was assessed at MOPS plus 66 Atlas Voyager 80 CR Feb18 Novo-Med COA Litasco

cents/b, reflecting the movement in the front and back WAF

loading periods. Houston o/o 260 CR Mar3 WAF-China w44.5 CNOOC

Kymolos 260 CR Mar3 WAF-WCI $2.275m IOC
The above commentary applies to the market data code: PJABF00
Victory I 260 CR Feb28 WAF-ECI $2.35m IOC
Ithaki Warrior 130 CR Feb18 Agbami-Trieste w50 Statoil
Singapore Jet bids/offers/trades: (PGA page 2495) Iskmati Spirit 130 CR Feb21 WAF-UKC w55 Total
■■Platts Jet Trade Summary: NO trades reported Novo 130 CR Feb20 Jubilee-UKC, Med w54 Total
■■PLATTS JET BIDS: FINALS ON CLOSE: Jet: FOB Straits: Americas

Trafigura bids H2 Feb +0.50 Feb 17-21 145kb INCO; Jet: Chloe 270 CR Mar1 USGC-WCI $3.1m Trafigura
Pecos 150 CR dnr USGC-UKCM rnr Vitol
FOB Straits: Shell bids MOPS +0.40 Feb 17-21 100kb
NS Bravo 147 CR Feb10 ECMex-Spain w45 Repsol
(Deemed pricing Feb 13-20); Jet: FOB Straits: BP bids Advantage Summer 130 CR Feb19 Acu-Chile, USWC w65, rnr Petrogal
MOPS +0.70 Feb 17-21 250kb (Deemed pricing Feb 15-22); Helga Spirit 70 CR Feb8 USGC-UKCM w60 Vitol
Jet: FOB Straits: BP bids MOPS +0.30 Feb 22-26 250kb DY: Dirty, CR: Crude, FO: Fuel Oil, CO: Condensate, F: Failed, +:Update, pt: prompt, cnr: charterer not reported, rnr: rate not reported, coa: contract of affreightment, o/p:
own program
(Deemed pricing Feb 21-27); Jet: FOB Straits: PetroChina

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 9
ASIA-PACIFIC/ARAB GULF MARKETSCAN february 2, 2018

bids MOPS +0.40 Feb 23-27 100kb (Deemed pricing Feb International clean tanker fixtures (PGT page 2904)
23-Mar 1) INCO or bids MOPS +0.40 Feb 23-27 250kb Ship name Size Type Date Route Rate Charterer

(Deemed pricing Feb 23-Mar 1) INCO; Jet: FOB Straits: PG/East

Freepoint bids MOPS +0.10 Feb 23-27 100kb (Deemed Maersk Pelican 80 JET Feb15 PG-EAfrica w97.5 Gulf Pet
pricing Feb 22-28); Jet: FOB Straits: BP bids MOPS +0.50 Chrysanthemum 75 NA Feb13 PG-East w92.5 ENOC
Pro Alliance 75 NA Feb13 PG-Japan w92.5 ENOC
Feb 28-Mar 4 250kb (Deemed pricing Feb 27-Mar 5) Phoenix Hope 75 NA Feb13 WCI-Japan w92.5 Trafigura
■■PLATTS JET OFFERS: FINALS ON CLOSE: No offers
Hamburg Star 60 JET Feb15 PG-UKC $1.075m Shell
reported. Petrolimex 16 35 GO Feb10 Lavan Island-Fujairah, Karachi $180k, rnr SOCAR
Flagship Sage 60 JET Feb8 PG-USWC $1.35m Valero
Alpine Penelope 60 CL Feb5 Qatar-Khawr Al Zubair $225k Vitol
Singapore Jet exclusions: (PGA page 2495) No market data Sunrise 60 UNL Feb3 Sohar-Pakistan o/p Shell
was excluded from the February 2, 2018 Singapore Jet Flagship Ivy 60 UNL Feb7 Yanbu-WAF $1.05m Sahara
Market-on-Close assessment process. BW Kallang 60 JET Feb17 Sikka-UKC, Spore $1.035m, w97.5 Trafigura
UACC Ibn Sina 60 GO Feb12 Vadinar-Spore, Taiwan w97.5, w92.5 BP
Jet Index (PGA page 115) Jag Aabha 60 JET Feb9 WCI-Fujairah $245k ENOC
Tai Hu 60 UNL Feb7 WCI-PG $235k ENOC
Index $/barrel Konstantin Jacob 55 NA Feb18 PG-Japan w99.5 Swiss Spor
Asia & Oceania PJASO00 242.16 PJASO08 84.75 Scorpio Tbn 55 NA Feb16 Ruwais-Japan w97.5 BP
Mid East & Africa PJMEA00 246.68 PJMEA08 82.61
Morning Swan 55 NA Feb13 Mumbai+1-Japan w97 Vitol
Global PJGLO00 230.04 PJGLO08 84.15
Fs Sincerity 35 CL Feb9 PG-EAfrica w150 Trafigura
Nave Velocity 40 CL Feb7 Sohar-SAfrica w150 OTI
Epicurus 60 UNL Feb14 NChina-Spore $350k PChina
Gasoil Nave Andromeda 60 JET Feb10 Japan-Hong Kong $325k PChina
BW Swift 35 CL Feb13 Spore-Reunion $565k Rubis
Market analysis: (PGA page 2498) The Asian gasoil market Tbn 35 NA Feb13 Map Ta Phut-Vietnam, Spore rnr Lukoil
was stable Friday. Supply from North Asia was limited as STI Leblon o/o 35 UNL Feb11 Spore-P Gudang $125k Chevron
refineries produced more kerosene to meet seasonal winter Alpine Maria 35 ULSD Feb12 Quanzhou-Australia w172.5 AMPOL
heating oil demand. “Jet seems firmer than gasoil due to NS Silver 35 CL Feb11 MChina-Australia w165 Vitol
Ardmore Explorer 35 ULSD Feb9 Qinzhou-Philippines, Spore rnr PChina
the cold weather,” a trader said. Egypt’s Midor is offering Morning Haruka 35 JET Feb8 SKorea-Shanghai rnr CAO
30,000 mt of 0.1% sulfur gasoil for February 11-13 loading NS Power 35 CL Feb12 Spore-Dampier w160 Vitol
from Dekheila, Alexandria, in a tender that closes February PTI Hudson 33 JET Feb9 Onsan-Guam $479k MSC
5 with validity till February 7. Midor was last heard to have UKC
offered up to 30,000 mt of 0.1% sulfur gasoil for loading Stena Polaris 50 CL Feb8 Baltic-UKC w125 Trafigura
Ardmore Endurance 37 UNL Feb10 Klaipeda-WAF w155 Vitol
over December 15-17 from Dekheila. Award details of that
Quartz 37 UNL Feb7 Pembroke-TA o/p Valero
tender could not be confirmed. In the US, 360,000 mt of oil High SD Yihe 37 UNL Feb7 ARA-Brazil w155 ST
products, probably diesel, is due to land in New York in Silver Heba 37 UNL Feb7 Port Jerome-TA, UKC w145 Exxon
February, according to data from S&P Global Platts trade BW Eagle 37 UNL Feb8 Brofjorden-UKC w140 Total
Alkaios 37 UNL Feb4 ARA-TA w135 Clearlake
flow software cFlow. Four LR2-sized vessels, each carrying Advantage Point 30 ULSD Feb11 St Petersburg-UKC w185 Vitol
around 90,000 mt, loaded from East of Suez locations and Torm Tevere 30 NA Feb9 Riga-UKC w195 BP
are en route to New York, where an occasionally bullish Aegeas 30 ULSD Feb11 Primorsk-UKC w185 Shell
NYMEX heating oil contract has pulled cargoes that would Black Sea/Med
either have gone to Europe or eastern markets. In January, Atlantic Eagle 37 NA Feb10 Skikda-Brazil w144 Petrobras
Mount Olympus 30 CL Feb8 Tuapse-Med w190 Oilmar
around five LR2 vessels headed to New York, carrying some
Lavela 30 CL Feb10 Tuapse-Med w190 Oilmar

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 10
ASIA-PACIFIC/ARAB GULF MARKETSCAN february 2, 2018

450,000 mt of diesel, according to cFlow, as deep winter on International tanker fixtures (PGT pages 2904 and 2950)
the Atlantic coast created arbitrage opportunities. The Ship name Size Type Date Route Rate Charterer
Maersk Kate 30 CL Feb8 BSea-Med w190 Litasco
HOGO — the spread between NYMEX heating oil and ICE
Tbn 30 CL dnr Barcelona-Med w165 ST
low sulfur gasoil futures — has seen intermittent periods of Costanza M 30 NA Feb10 Milazzo-Med w167.5 Eni
strength, which has perhaps allowed charterers to continue Georgia 30 GO Feb8 BSea-Med w190 ST
to send arbitrage barrels since December. Cape Bradley 30 GO Feb7 Malta-Med w170 Sahara
Rhino 30 NA Feb10 Kulevi-Med w190 Oilmar
Americas
Gasoil .001%S (10ppm) FOB Spore Cargo assessment
Challenge Procyon 38 CL Feb4 USGC-Caribs $345k ATMI
rationale: (PGA page 2490) The FOB Singapore Gasoil 0.001% Kouros 38 CL Feb8 USGC-WCMex $985k PMI
(10 ppm) Cargo assessment Friday took into consideration Alpine Hibiscus 38 CL Feb5 USGC-Caribs rnr cnr
the following: The front loading period was assessed at CL: Clean, NA: Naphtha, UN: Unleaded, JT: Jet, GO: Gasoil, F: Failed, +:Update, pt: prompt, cnr: charterer not reported, rnr: rate not reported, coa: contract of affreightment,
o/p: own program
MOPS gasoil plus 26 cents/b, reflecting an offer for a cargo
loading over February 17-21 at MOPS gasoil plus 31 cents/b
after accounting for deemed pricing. The middle loading was assessed at MOPS gasoil plus 26 cents/b, reflecting an into account the difference between FOB Arab Gulf 10 ppm
period was assessed at MOPS gasoil plus 26 cents/b, offer for a cargo loading over February 21-25 at MOPS gasoil (AAIDU00) and 500 ppm (AAFFD00) cash differentials.
reflecting an offer for a cargo loading over February 21-25 at plus 30 cents/b after accounting for deemed pricing and a The above commentary applies to the market data code: AAFEZ00
MOPS gasoil plus 30 cents/b after accounting for deemed trade for a cargo loading over February 22-26 at MOPS
pricing and the trade for a cargo loading over February gasoil plus 30 cents/b. The back loading period was Gasoil FOB Arab Gulf Cargo assessment rationale: (PGA
22-26 at MOPS gasoil plus 30 cents/b. The back loading assessed at MOPS gasoil plus 24 cents/b, reflecting the page 2489) The FOB Arab Gulf Gasoil 0.001% (10 ppm) Cargo
period was assessed at MOPS gasoil plus 24 cents/b, movement in the middle loading period. assessment was derived as a freight netback from the FOB
reflecting the movement in the middle loading period. The above commentary applies to the market data code: POABC00 Singapore Gasoil 0.001% (10 ppm) cargo assessment, using
The above commentary applies to the market data code: AAOVC00 the following input: FOB Singapore Gasoil 0.001% (10 ppm)
Gasoil .25%S (2500ppm) FOB Spore Cargo assessment cargo assessment minus the cost of transporting a 55,000
Gasoil .05%S (500ppm) FOB Spore Cargo assessment rationale: (PGA page 2489) The FOB Singapore Gasoil 0.25% mt clean cargo from a basket of ports in the Persian Gulf to
rationale: (PGA page 2490) The FOB Singapore Gasoil 0.05% (2,500 ppm) Cargo assessment Friday was based on the Singapore.
(500 ppm) Cargo assessment Friday was based on the adjusted relationship between the physical and swaps The above commentary applies to the market data code: POAAT00
adjusted relationship between the physical and swaps markets. This was adjusted 6 cents/b lower due to a 11
markets. This was adjusted 6 cents/b lower due to a 11 cents/b fall in the February/March Singapore gasoil swap Asia & Middle East Gasoil bids/offers/trades: (PGA page 2491)
cents/b fall in the February/March Singapore gasoil swap structure. ■■PLATTS GO BIDS: FINALS ON CLOSE

structure. The above commentary applies to the market data code: AACUE00 ■■1) Gasoil 10ppm: FOB Straits: BP bids MOPS +0.00 Feb

The above commentary applies to the market data code: AAFEX00 17-21 150kb (Deemed pricing Feb 15-22)
Gasoil .05% (500ppm) FOB Arab Gulf Cargo assessment ■■WD 2) Gasoil 10ppm: FOB Straits: Vitol no longer bids on

Gasoil FOB Spore Cargo assessment rationale: (PGA page rationale: (PGA page 2489) The FOB Arab Gulf Gasoil 0.05% MOPS +0.30 Feb 22-26 150kb (Deemed pricing Feb 21-27)
2490) The FOB Singapore Gasoil 0.001% (10 ppm) Cargo (500 ppm) Cargo assessment was derived as a freight INCO after trades with Petrochina at MOPS +0.30 (4:29:11),
assessment Friday took into consideration the following: netback from the FOB Singapore Gasoil 0.001% (10 ppm) Hin Leong (4:29:52)
The front loading period was assessed at MOPS gasoil plus cargo assessment, using the following input: FOB ■■3) Gasoil 10ppm: FOB Straits: Total bids MOPS +0.10 Feb

26 cents/b, reflecting an offer for a cargo loading over Singapore Gasoil 0.001% (10 ppm) cargo assessment minus 28-Mar 4 250kb (Deemed pricing Feb 26-Mar 2)
February 17-21 at MOPS gasoil plus 31 cents/b after the cost of transporting a 55,000 mt clean cargo from a ■■4) Gasoil 500ppm: FOB AG (Fujairah/Jebel Ali/Sohar): Vitol

accounting for deemed pricing. The middle loading period basket of ports in the Persian Gulf to Singapore and taking bids MOPAG +0.50 Mar 1-5 200kb INCO

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 11
ASIA-PACIFIC/ARAB GULF MARKETSCAN february 2, 2018

■■5) Gasoil 500ppm: FOB AG (Fujairah/Jebel Ali/Sohar): Vitol

Deals summaries (PGA page 190)
bids MOPAG +0.50 Mar 8-12 200kb INCO Naphtha paper Gasoil: Bal Month/Mar18 done 0.35 Vercer sells to Vitol (08:27:39)
■■PLATTS GO OFFERS: FINALS ON CLOSE Reported outside MOC: Gasoil: Apr18/May18 done 0.44 Mitsui sells to Litasco (08:28:34)
■■1) Gasoil 10ppm: FOB Straits: Shell offers MOPS +0.30 Feb Platts Asia deals summary: Naphtha paper February 1, 2018: Gasoil: Bal February done 83.54 Litasco buys from Vercer
Platts Naphtha Japan swap: Mar heard done 603 (4:30:02 pm) (08:28:49)
17-21 150kb (Deemed pricing Feb 15-22)
Platts Naphtha Japan swap: Mar heard done 603 (4:30:01 pm) Gasoil: Mar18 done 83.2 BOCI Global sells to Litasco (08:28:59)
■■2) Gasoil 10ppm: FOB Straits: PetroChina offers MOPS
Platts Naphtha Japan swap: Mar heard done 603 (4:29:58 pm) Gasoil: Apr18/May18 done 0.43 FREEPTASIA sells to BP (08:29:10)
+0.30 Feb 21-25 150kb (Deemed pricing Feb 20-26) Gasoil: Bal February done 83.55 Litasco buys from PetroChina
■■3) Gasoil 10ppm: FOB AG (Bahrain/Fujairah/Sohar): Vitol
Platts Naphtha Japan swap: Mar heard done 602.5 (4:25:24 pm)
(08:29:15)
Platts Naphtha Japan swap: Mar heard done 602 (4:22:56 pm)
offers MOPAG +0.90 Feb 22-26 200kb INCO Gasoil: Bal Month/Mar18 done 0.34 Shell sells to Glencore (08:29:19)
Platts Naphtha Japan swap: Mar heard done 602 (4:20:08 pm)
■■4) Gasoil 500ppm: FOB Straits: PetroChina offers MOPS Gasoil: Bal Month/Mar18 done 0.34 Shell sells to Vitol (08:29:24)
Platts Naphtha Japan swap: Mar heard done 602 (4:20:09 pm)
-0.20 Feb 17-21 150kb (Deemed pricing Feb 13-20) Platts Naphtha Japan swap: Mar heard done 601.50 (4:18:57 pm)
Gasoil: Bal February done 83.55 Litasco buys from DVTRADING
■■5) Gasoil 500ppm: FOB Straits: Shell offers MOPS -0.30 (08:29:33)
Platts Naphtha Japan swap: Aug heard done 585 (4:20:00 pm)
Feb 24-28 150kb (Deemed pricing Feb 5-9) Gasoil: Bal February done 83.5 Shell sells to Litasco (08:29:50)
Platts Naphtha Japan swap: Apr/May heard done 4.00 (4:33:19 pm)
■■Platts Gasoil Trade Summary: TWO trades reported Gasoil: Bal February done 83.52 Shell sells to Vitol (08:29:54)
Platts Naphtha Japan swap: May/Jun heard done 3.25 (4:22:19 pm)
■■1) Gasoil 10ppm: FOB Straits: Feb 22-26: 150kb: Gasoil: Bal February done 83.52 PetroChina sells to Vitol (08:29:54)
Platts Naphtha Japan swap: Q3/Q4 heard done 4.50 (4:31:21 pm)
Gasoil: Mar18 done 83.29 OCEAN ENERGY buys from Vercer (08:30:00)
PetroChina sells to Vitol at MOPS plus 30 cents/b Platts Naphtha Japan swap: Q2 heard done 594.75 (4:28:18 pm)
Gasoil: Mar18 done 83.22 Litasco sells to OCEAN ENERGY (08:30:07)
(Deemed pricing Feb 21-27) (4:29:11) Jet paper
■■2) Gasoil 10ppm: FOB Straits: Feb 22-26: 150kb: Hin Leong Fuel oil paper
Platts Asia deals summary: Jet paper: February 2, 2018: Jet: Bal
sells to Vitol at MOPS plus 30 cents/b (Deemed pricing Platts Asia deals summary: 180 CST paper: February 2, 2018:
February done 84.1 Trafigura sells to BP (08:29:57); Jet: Bal
Feb 21-27) (4:29:52) February done 84.1 Trafigura sells to PetroChina (08:29:59) 180 CST: Bal February done 390.75 Vitol buys from MCE (08:29:48)
Platts Asia deals summary: Regrade paper: February 2, 2018: Platts Asia deals summary: 380 CST paper: February 2, 2018:
Asia & Middle East Gasoil exclusions: (PGA page 2491) No No trades reported. 380 CST: Bal February done 385.25 Vercer sells to Coastal (08:27:11)
380 CST: Bal February done 385.25 Vercer sells to Coastal (08:27:40)
market data was excluded from the February 2, 2018 Asian Gasoil paper
380 CST: Bal February done 385.25 Vercer sells to Vitol (08:27:43)
gasoil market on close assessment process. Platts Asia deals summary: Gasoil paper: February 2, 2018:
380 CST: Bal February done 385.25 Citibank sells to Coastal
Gasoil: Mar18/Apr18 done 0.43 Vercer sells to BP (08:15:44)
(08:27:55)
Gasoil: Mar18/Apr18 done 0.43 DVTRADING sells to BP (08:15:54)
Fuel Oil 380 CST: Bal February done 385.25 Hin Leong sells to Vitol (08:29:32)
Gasoil: Mar18/Apr18 done 0.43 Vercer sells to BP (08:15:59)
380 CST: Bal February done 385.25 Hin Leong sells to Coastal
Market analysis: (PGA page 2599) The Singapore high sulfur Gasoil: Mar18/Apr18 done 0.42 Vercer sells to Litasco (08:16:59) (08:29:35)
fuel oil market Friday continued to stay rangebound with Gasoil: Mar18/Apr18 done 0.42 Citibank sells to BP (08:17:23) 380 CST: Bal February done 385.25 Hin Leong sells to Vitol
limited change in structure day on day, market sources Gasoil: Bal Month/Mar18 done 0.36 Vitol buys from Shell (08:24:23) (08:29:52)
said. Eyes are on Japan’s demand, with utilities having Gasoil: Bal Month/Mar18 done 0.36 Vitol buys from Mitsui (08:25:18) 380 CST: Bal February done 384.5 Hin Leong sells to Mabanaft
stepped up fuel oil imports due to extended nuclear Gasoil: Bal Month/Mar18 done 0.36 Vitol buys from Mitsui (08:25:28) (08:29:58)
Gasoil: Mar18/Apr18 done 0.41 FREEPTASIA sells to OCEAN ENERGY 380 CST: Mar18 done 385 Gunvor buys from Vercer (08:30:02)
outages and a severe cold spell. The country’s imports of
(08:27:01) Platts Asia deals summary: Viscosity paper: February 2, 2018:
low sulfur fuel oil and high sulfur fuel oil have increased
Gasoil: Mar18/Apr18 done 0.41 FREEPTASIA sells to OCEAN ENERGY No trades reported
50%-100% this winter, compared with previous years when (08:27:30)
it typically imported 200,000-300,000 mt/month, sources Mogas paper
Gasoil: Bal Month/Mar18 done 0.35 Mitsui sells to Vitol (08:27:32)
said. This also came amid a structural fall in Japanese PLATTS ASIA MOGAS 92 RON SWAPS MOC: DEAL SUMMARY:
Gasoil: Bal Month/Mar18 done 0.35 Mitsui sells to Winson (08:27:33)
ONE TRADE
refiners’ fuel oil production from last winter, after complying Gasoil: Bal Month/Mar18 done 0.35 Mitsui sells to Glencore
1. 92 RON: Mar18 done 80.16 PTT buys from Trafi (08:29:47)
with a mandate from the Ministry of Economy, Trade and (08:27:34)

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 12
ASIA-PACIFIC/ARAB GULF MARKETSCAN february 2, 2018

Industry to raise their residue cracking ratio to an average Subscriber notes (PGA page 1500)
50% by March 2017, from 45% at the end of March 2014, and
a cut in nameplate refining capacity. In tenders, Mangalore In response to feedback, Platts is amending some elements of the Mercaptan sulfur, % wt Max 0.0015
Refinery and Petrochemicals Limited is offering 40,000 mt specifications reflected in the new assessment. Under these Copper corrosion Max 1
of LSFO for loading over February 23-25 from New changes, Platts will reflect a minimum Motor Octane Number (3 hours at 50 deg C)
(MON) of 81, while previously there was no specification stated. For Induction period, minutes Min 360
Mangalore through a tender closing February 7, with validity density, per industry practice, Platts will reflect a specification of Oxygenates as components, %vol Nil
expiring on February 8. Pakistan State Oil has canceled its “Report,” while previously it had proposed a minimum of 0.72 g/ml Oxygenates as contaminants, % vol Max 1.0
January export tender for HSFO as it considered the bids at 15 degrees Celsius. Platts will also specify oxygenates as Aromatics, % vol, 17-42
submitted as uncompetitive, sources close to the matter contaminants by volume at 1.0% maximum, whereas initially the Olefin, % Vol, Max 18
said earlier this week. While the volume was not specified, oxygenate parameter was proposed as NIL. Finally, Platts is Color Undyed Alcohol
updating the color property to reflect Undyed, rather than Undyed, No addition of any alcohol Metallic Additives None added
the loading had been set for February and specification Red Orange. Platts FOB Singapore non-oxygenate assessment will Acetone Max 100 ppm
between 125 CST and 180 CST, with maximum 3.5% sulfur, reflect the following specifications: These assessment will be published on Platts Global Alert, Platts
market sources said. “There was a lot of enthusiasm for the Property Standard Asia-Pacific/Arab Gulf Marketscan and in the Platts price
tenders but the prices were not competitive in the end,” Research Octane Number (RON) Min 91 assessment database. Please send all comments, feedback and
said a market source. There were five companies who had Motor Octane Number (MON) Min 81 questions to pl_asia_oilproducts@spglobal.com and
Lead content, gpb/l Max 0.013 pricegroup@spglobal.com. For written comments, please provide a
submitted bids on both a fixed and floating pricing basis, Density@15 deg C, g/ml clear indication if comments are not intended for publication by
trade sources said. Instead of exporting, Pakistan was Report Reid Vapor Pressure (PSI) Max 9 Platts for public viewing. Platts will consider all comments
keeping it for domestic consumption within the utility pool, Distillation, degree C Initial Boiling Point received and will make comments not marked as confidential
traders said. Report 10% evaporated Max 65 available upon request.
50% evaporated Max 115, Min 74
90% evaporated Max 183
FO 180 CST 3.5%S FOB Spore Cargo assessment Final Boiling Point Max 215
rationale: (PGA page 2593) The FOB Singapore 180 CST high Residue, %vol Max 2.0 Corrections
sulfur fuel oil assessment Friday reflected the day-on-day Loss, %vol 2 Odor Please note that the following December 18 gasoil 10ppm interim
decrease of 55 cents/mt on the balance February/March Marketable Existent gum, mg/100ml Max 4 assessments should read as follows:
timespread which was assessed at plus 15 cents/mt. Benzene content, %vol Max 1 n Gasoil 10ppm Cargo Jan AAOZB00 75.04
Sulfur, % wt Max 0.015 n Gasoil 10ppm Cargo Feb AAOZC00 74.88
The above commentary applies to the market data code: PUADV00
Doctor Test These assessments appear in the Platts Asia Pacific/Arab Gulf
Negative or Mercaptan sulfur, ppm Max 15 Marketscan, on Platts.
FO 380 CST 3.5%S FOB Spore Cargo assessment
rationale: (PGA page 2593) The FOB Singapore 380 CST high
sulfur fuel oil assessment Friday reflected one offer from
Phillips66 at MOPS plus $1.25/mt for a February 17-21 assessment minus the cost of transporting an 80,000 mt assessment minus the cost of transporting an 80,000 mt
loading cargo. dirty cargo from the Persian Gulf to the East. dirty cargo from the Persian Gulf to the East.
The above commentary applies to the market data code: PPXDK00 The above commentary applies to the market data code: PUABE00 The above commentary applies to the market data code: AAIDC00

FO 180 CST FOB Arab Gulf Cargo assessment rationale: FO 380 CST 3.5% FOB Arab Gulf Cargo assessment Singapore Fuel Oil bids/offers/trades: (PGA page 2594)
(PGA page 2593) The FOB Arab Gulf 180 CST high sulfur fuel rationale: (PGA page 2593) The FOB Arab Gulf 380 CST high ■■ASIA 180 CST HSFO CARGO: DEAL SUMMARY: None.

oil assessment was derived as a freight netback from the sulfur fuel oil assessment was derived as a freight netback ■■ASIA 180 CST HSFO CARGO: OUTSTANDING INTEREST:

FOB Singapore 180 CST HSFO assessment, using the from the FOB Singapore 380 CST HSFO assessment, using Platts HSFO 180CST: FOB Straits: Vitol offers MOPS +1.00
following calculation: FOB Singapore 180 CST HSFO the following calculation: FOB Singapore 380 CST HSFO Feb 28-Mar 4 20kt INCO Platts HSFO 180CST: FOB Straits:

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 13
ASIA-PACIFIC/ARAB GULF MARKETSCAN february 2, 2018

P66 offers MOPS +2.00 Feb 28-Mar 4 20kt. April market was expected to be softer than the market for
US West Coast Gasoline (PGA page 397)
■■ASIA 180 CST HSFO CARGO: WITHDRAWN: None. March-loading cargoes with maintenance programs across
■■ASIA 380 CST HSFO CARGO: DEAL SUMMARY: None. On the US West Coast, differentials from California to Asia expected to impact the demand levels. At 14:07
■■ASIA 380 CST HSFO CARGO: OUTSTANDING INTEREST: Portland moved slightly lower to finish the week Friday. Los Singapore (6:07 GMT), the Dubai balance February to March
Platts HSFO 380CST: Platts HSFO 380CST: FOB Straits: Angeles CARBOB was heard to have traded at March derivative was seen offered at 30 cents/b with the April/
Vitol bids MOPS -1.00 Feb 17-21 40kt Platts HSFO 380CST: futures plus 18.50 cents/gal and was assessed at that level May Dubai intermonth bid at 29 cents/b and offered at 33
FOB Straits: Vitol bids MOPS -1.00 Feb 19-23 20kt Platts for a cent fall on the day. The San Francisco - Los Angeles cents/b on the Intercontinental exchange. In contrast,
HSFO 380CST: FOB Straits: Trafi bids MOPS +0.50 Feb CARBOB spread was left unchanged as San Francisco also January saw the cash Dubai to Dubai derivative spread
19-23 20kt Platts HSFO 380CST: FOB Straits: PetroChina lost a cent when it was assessed at futures plus 14 cents/ average 73 cents/b. Moreover, the market was uncertain
bids MOPS +0.35 Feb 18-22 40kt Platts HSFO 380CST: gal. Portland suboctane was heard offered at futures plus about the impact of changes in consumption tax in China
FOB Straits: Total bids MOPS -0.50 Feb 18-22 40kt OR 12 cents/gal not long after trading at futures plus 10 cents/ and upcoming turnarounds on the direct demand from
Platts HSFO 380CST: FOB Straits: Total bids MOPS -0.50 gal, the level of its Friday assessment. Data from the US independent refiners, a trader noted. This was seen as
Feb 23-27 40kt OR Platts HSFO 380CST: FOB Straits: Total Energy Information Administration released this week already impacting the ESPO market, with premiums for the
bids MOPS -0.50 Feb 28-Mar 4 40kt Platts HSFO 380CST: showed that US gasoline exports to Mexico hit an all-time grade heard as coming off from their recent highs as
FOB Straits: Coastal bids MOPS +0.50 Feb 28-Mar 4 20kt high in November, averaging more than 19,000 b/d. Though buyers held back. “[ESPO is] certainly a little bit weaker, it
INCO OR Platts HSFO 380CST: FOB Straits: Coastal bids the US Gulf Coast no doubt accounted for the lion’s share was ridiculously high,” a trader said. This was echoed by
384.50 Feb 28-Mar 4 20kt INCO Platts HSFO 380CST: FOB of these exports, the USWC also likely helped drive this another trader who noted “ESPO — [Cargoes loading in]
Straits: HL bids Bal Feb Avg -0.50 Feb 23-27 20kt trend. While November and January tend to be months of March is still there, last done [was around Dubai plus]
INCO2000 Platts HSFO 380CST: FOB Straits: HL bids Mar strong gasoline demand in Mexico, production in that $4.80s/b — [the] teapots have been rather slow recently.”
Avg -0.50 Feb 28-Mar 4 20kt INCO2000 Platts HSFO country has been hamstrung by a number of refinery
380CST: FOB Straits: Vitol offers MOPS +2.00 Feb 17-21 snags in recent months, including the shutdown of the Dubai Mo01 assessment rationale: (PGA page 2295) The April
20kt INCO Platts HSFO 380CST: FOB Straits: P66 offers Salina Cruz refinery on Mexico’s Pacific Coast, the largest cash Dubai assessment Friday took into consideration a bid
MOPS +1.25 Feb 17-21 20kt INCO Platts HSFO 380CST: FOB in the country. On Friday, cFlow, Platts trade flow software, for cash Dubai partials at $67.05/b standing at the end of
Straits: P66 offers MOPS +2.75 Feb 25-Mar 1 20kt INCO showed that the 51,233 DwT PTI Hercules is currently en the Platts Market on Close assessment process.
Platts HSFO 380CST: FOB Straits: Total offers MOPS +1.50 route to the Mexican port city of Manzanillo after taking on The above commentary applies to the market data code: PCAAT00
Feb 27-Mar 3 40kt TOTAL GTC Platts HSFO 380CST: FOB refined product at BP’s Cherry Point, Washington, refinery.
Straits: Chevron offers MOPS +2.50 Feb 26-Mar 2 20kt Oman Blend Mo01 assessment rationale: (PGA page 2295)
CHEVRON GTC Platts HSFO 380CST: FOB Straits: Gunvor April cash Oman was assessed at $67.25/b Friday,
Sour Crude
offers Bal Feb Avg +1.50 Feb 28-Mar 4 20kt INCO Platts equivalent to a premium of 70 cents/b to March Dubai
HSFO 380CST: FOB Straits: Shell offers 389.00 Feb 17-21 Market analysis: (PGA page 2298) The end of the working swaps, in line with values discussed in the wider market.
20kt SHELL GTC OR Platts HSFO 380CST: FOB Straits: week saw traders in the Middle East sour crude market on The above commentary applies to the market data code: PCABS00
Shell offers MOPS +2.50 Feb 17-21 20kt SHELL GTC Platts Friday continue their wait for the emergence of various
HSFO 380CST: FOB Straits: Shell offers MOPS +2.50 Feb producers’ official selling prices. One grade that was heard Sour Crude bids/offers/trades: (PGA page 2296)
22-26 20kt SHELL GTC Platts HSFO 380CST: FOB Straits: to have moved quickly inline in recent months was Dubai, ■■ME SOUR CRUDE MOC: OUTSTANDING INTEREST: BIDS:
Shell offers MOPS +2.50 Feb 27-Mar 3 20kt SHELL GTC. with all three April-loading stems heard moved. Traders ■■Platts Dubai Partial Apr18: Chinaoil bids on at $67.05/b for

■■ASIA 380 CST HSFO CARGO: WITHDRAWN: None. noted the grade moving at around OSP plus 13-19 cents/b. 25kb; Platts Dubai Partial Apr18: Shell bids at $66.95/b for
Sellers of the cargoes in April were heard to be Oxy, ENOC 25kb; Platts Dubai Partial Apr18: Vitol bids at $66.95/b for
Singapore Fuel Oil exclusions: (PGA page 2594) No market data and BP, with the buyers heard to include GS Caltex and JX. 25kb; Platts Dubai Partial Apr18: Glencore bids at
was excluded from the February 2, 2018 assessment process. However, these trades were not confirmed. Overall, the $66.75/b for 25kb; Platts Dubai Partial Apr18: Unipec bids

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ASIA-PACIFIC/ARAB GULF MARKETSCAN february 2, 2018

at $66.75/b for 25kb; Platts Dubai Partial Apr18: Totsa $4.99/b from December, S&P Global Platts data showed. ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01
bids at $66.75/b for 25kb Petronas also raised the Tapis Blend crude OSP differential assessment rationale: (PGA page 2292) The ESPO M1
■■ME SOUR CRUDE MOC: OUTSTANDING INTEREST: OFFERS: for January 2018 to a discount of $1.40/b to the MCO OSP, assessment Friday took into consideration latest trade
■■Platts Dubai Partial Apr18: Reliance no longer offers at compared to a discount of $1.60/b for the whole of 2017. It indications heard for ESPO Blend crude.
$67.05/b for 25kb after trade with Chinaoil; Platts Dubai raised the Bintulu crude OSP differential to a discount of The above commentary applies to the market data code: AASEU00
Partial Apr18: Total offers at $67.10/b for 25kb; Platts $1.40/b to the MCO OSP, compared to a discount of $1.60/b
Dubai Partial Apr18: Glencore offers at $67.10/b for 25kb; for 2017. Dulang and Cendor crude OSPs have been Sweet Crude bids/offers/trades: (PGA page 2293)
Platts Dubai Partial Apr18: Unipec offers at $67.10/b for maintained at a discount of 40 cents/b and a premium of 35 ■■ASIA LIGHT CRUDE MOC: DEAL SUMMARY: No deals.

25kb; Platts Dubai Partial Apr18: Vitol offers at $67.10/b cents/b to the MCO OSP, respectively, unchanged from the ■■ASIA LIGHT CRUDE MOC: OUTSTANDING INTEREST:

for 25kb; Platts Dubai Partial Apr18: Shell offers at previous year. Elsewhere, the initial cargoes for the April BIDS: No bids.
$67.15/b for 25kb; Platts Dubai Partial Apr18: Chinaoil trading cycle have emerged. India’s ONGC Videsh Ltd. has ■■ASIA LIGHT CRUDE MOC: OUTSTANDING INTEREST:

offers at $67.15/b for 25kb; Platts Dubai Partial Apr18: P66 set the ball rolling with its tender, offering a 700,000-barrel OFFERS: No offers.
offers at $67.20/b for 25kb cargo of Sokol crude for loading over April 6-12. The tender
■■ME SOUR CRUDE: DEALS SUMMARY: Two trades: closes on February 7, with next-day validity. OVL last sold a Sweet Crude exclusions: (PGA page 2293) No market data
■■1) Dubai: FOB Fateh: Apr18: 25kb: Reliance sells to 700,000-barrel cargo of Sokol crude for loading over March was excluded from the February 2 2018, Asia Light Crude
Chinaoil at $67.05/b (08:29:53.806); 2) Dubai: FOB Fateh: 25-31 to a trader at a premium of $5.10-$5.15/b to the Mean assessment process.
Apr18: 25kb: Chinaoil buys from Reliance at $67.05/b of Platts first-line Dubai assessments on a CFR North Asia
(08:29:58.83) basis, according to market sources. Vietnam’s PV Oil has
also followed suit, offering via tender, monthly staple grade
Sour Crude exclusions: (PGA page 2296) No market data was Thang Long as well as light Bach Ho. The Thang Long cargo
excluded from the February 2 2018, Middle East sour crude was for loading in a 250,000-barrel clip over April 12-16. The
assessment process. tender closes on February 5, with validity until February 13.
Thang Long was noticeably absent from the March trading Capitol Crude
cycle, though December saw a February 24-28 loading
Sweet Crude What are the implications of China’s
cargo sold to Unipec at a premium of around 75-90 cents/b
Market analysis: (PGA page 2299) Friday saw the release of to Platts Dated Brent crude assessments. Light Bach Ho, first crude oil futures contract?
the January official selling prices for Malaysian crudes. meanwhile, was being offered on a term basis. PV Oil was On this week’s Capitol Crude podcast we look at the
implications of China’s first ever crude oil futures
State-owned Petronas raised the Malaysian Crude Oil OSPs offering 20,000 b/d of the grade over April to December
contract, expected to be launched in late March.
for a basket of crudes, loading in January, by $4.99/b from 2018. Light Bach Ho has a gravity of 38-40 API, in
December to $73.53/b, the company said. Last month, it comparison to heavy Bach Ho which exhibits a gravity of Listen to the podcast here:
set the MCO OSP differential for January at a premium of 33-35 API. The tender closes on February 6 with validity http://plts.co/uEM730hUVJE
$4.35/b to Dated Brent, unchanged from December. Brent until February 25. Sources said that there will likely be a few
crude assessments averaged $69.18/b in January, up rounds of bidding before the tender is awarded.

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