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PLATTS CRUDE OIL MARKETWIRE

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Volume 43 / Issue 175 / September 5, 2022
KEY BENCHMARKS ($/barrel) BRENT/WTI SPREADS AND EFPS (PGA page 218) MARKET COMMENTARY
Mid Change Mid Change
(PGA page 2210) Brent/WTI 1st AALAU00 6.71/6.73 6.720 +0.300
Dubai (Nov)
Dubai (Dec)
PCAAT00 95.33–95.35
PCAAU00 91.81–91.83
95.340 +0.590
91.820 +0.680
Brent/WTI 2nd
Brent/WTI 3rd
AALAV00 6.07/6.09
AALAY00
6.080 +0.220
5.590 +0.140
Platts Middle East Sour Crude Daily Market
Dubai (Jan) PCAAV00 89.37–89.39 89.380 +0.510 Brent EFP (Nov) AAGVX00 0.01/0.03 0.020 -0.070 Analysis
MEC (Nov) AAWSA00 95.33–95.35 95.340 +0.590 Brent EFP (Dec) AAGVY00 0.04/0.06 0.050 -0.070
MEC (Dec) AAWSB00 91.81–91.83 91.820 +0.680 Brent EFP (Jan) AAMVY00 0.050 -0.070 ■ Small OPEC+ cuts may tighten physical market
MEC (Jan) AAWSC00 89.37–89.39 89.380 +0.510
WTI EFP (Oct) AAGVT00 NA/NA NA NANA ■ Oil prices move up
Brent/Dubai (Nov) AAJMS00 0.26/0.28 0.270 -0.110
WTI EFP (Nov) AAGVU00 NA/NA NA NANA
(PGA page 1212)
WTI EFP (Dec) AAGVV00 NA/NA NA NANA
Brent (Dated) PCAAS00 94.78–94.79 94.785 +0.615
Dated North Sea Light AAOFD00 94.78–94.79 94.785 +0.615 Market activity for Middle East crude loading November
Dated Brent (CIF) PCAKM00 96.015 +0.375 MIDDLE EAST ($/barrel) remained low early Sept. 5 with eyes on the OPEC+ alliance
Brent (Nov) PCAAQ00 95.52–95.54 95.530 +1.250
(PGA page 2210) Mid Change
Brent (Dec) PCAAR00 94.29–94.31 94.300 +1.270 Oman (Nov) PCABS00 95.40–95.42 95.410 +0.590 meeting later in the day and the issuance of official selling
Brent (Jan) PCARR00 93.010 +1.230 Oman (Dec) AAHZF00 91.88–91.90 91.890 +0.680 prices for October.
Sulfur de-escalator AAUXL00 0.40 Oman (Jan) AAHZH00 89.44–89.46 89.450 +0.510
Oseberg QP (Sep) AAXDW00 2.1410 Upper Zakum (Nov) AAOUQ00 95.32–95.36 95.340 +0.590 The group of oil producers are expected to announce a
Oseberg QP (Oct) AAXDX00 2.1018 Murban (Nov) AAKNL00 96.71–96.75 96.730 +0.860 cut in output when they meet Sept. 5, sources said.
Ekofisk QP (Sep) AAXDY00 1.8174 Murban (Dec) MBNSA00 93.210 +0.950
Ekofisk QP (Oct) AAXDZ00 1.8610 Murban (Jan) MBNSB00 90.770 +0.780
Troll QP (Sep) ATFNB00 2.3179 Al Shaheen AAPEV00 95.46–95.50 95.480 +0.610
Troll QP (Oct) ATFNA00 2.2051 Spread vs Dubai
(PGA page 210)
(continued on page 3)
Dubai DBDDC00 5.960 +0.080
Platts AGS AGSAA00 NA NANA Oman DBDOC00 6.030 +0.080
WTI (Oct) PCACG00 NA–NA NA NANA Murban AARBZ00 7.350 +0.350
WTI (Nov) PCACH00 NA–NA NA NANA Al Shaheen AAPEW00 6.05–6.15 6.100 +0.100
WTI (Dec) AAGIT00 NA–NA NA NANA Upper Zakum DBDUZ00 5.960 +0.080 CONTENTS
Light Houston Sweet AAXEW00 NA NANA Quality Premiums
Light Houston Sweet M2 AAYRY00 NA NANA Murban QP (Nov) AAISV00 0.7445 Platts Middle East Sour Crude Daily Market Analysis 1
LOOP Sour (Oct) AALSM01 NA NANA Platts Oil Mideast Sour Crude Convergences 3
(PGA page 2658)
LOOP Sour (Nov) AALSM02 NA NANA
LOOP Sour (Dec) AALSM03 NA NANA Dubai Swap (Oct) AAHBM00 91.80–91.84 91.820 +0.680 Platts Middle East Sour Crude Bids, Offers, Trades 3
Bakken AAXPP00 NA NANA Dubai Swap (Nov) AAHBN00 89.36–89.40 89.380 +0.510 Platts Asia Pacific Sweet Crude Daily Market Analysis 4
Eagle Ford Marker AAYAJ00 NA NANA Dubai Swap (Dec) AAHBO00 87.47–87.51 87.490 +0.260
Platts Asia Light Sweet Crude Bids, Offers, Trades 6
ACM* (Oct) AAQHN00 NA–NA NA NANA
ACM* (Nov) AAQHO00 NA–NA NA NANA Platts North Sea Crude Daily Market Analysis 6
ACM* (Dec) AAQHP00 NA–NA NA NANA Platts North Sea Dated Brent, BFOE, CFD Bids, Offers, Trades 8
*Americas Crude Marker. Platts WTI Midland Crude DAP Europe Bids, Offers, Trades 12
FORWARD DATED BRENT ($/barrel) (PGA page 1250) Platts Mediterranean & Black Sea Sweet Crude Daily Commentary 12
Mid Change Platts NWE and Med Urals Sour Crude Daily Market Analysis 14
North Sea Dated strip AAKWH00 95.31–95.32 95.315 +1.095
Platts EMEA Urals & Med Brent Crude Bids, Offers, Trades 16
Mediterranean Dated strip AALDF00 95.33–95.34 95.335 +1.070
33-63 Day Dated strip AALEJ00 94.58–94.60 94.590 +1.160 Platts West African Crude Daily Commentary 16
BTC Dated strip AAUFI00 95.25–95.27 95.260 +1.035 Platts West African Crude Bids, Offers, Trades 16
15-45 Day Dated strip AALGM00 95.05–95.06 95.055 +0.995
30-60 Day Dated strip AAXRK00 94.68–94.70 94.690 +1.160
North Sea CIF Dtd strip AAHXE00 95.310 +1.080
23-63 Day Dated Strip ADBRA00 94.730 +1.165
www.spglobal.com/commodityinsights
PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 5, 2022
ASIA PACIFIC AND MIDDLE EAST CRUDE ASSESSMENTS ($/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 81.86–81.90 81.880 +0.620 AAPAI00 -13.000 0.000 AAPAH00 81.910 +1.250
Ichthys FC 48.9 ICFCA00 92.280 +0.620 ICFCB00 -2.600 0.000
DFC 56.82 ADFCA00 91.91–91.95 91.930 +0.510 ADFCB00 2.50/2.60 2.550 0.000 ADFCC00 -1.590 +0.040 ADFCD00 92.140 +1.340
Qatar LSC 56.9 AARBB00 91.41–91.45 91.430 +0.510 AARBD00 2.00/2.10 2.050 0.000 AARBC00 -2.090 +0.040 AARBA00 91.640 +1.340
South Pars 57.4 AARAV00 87.11–87.15 87.130 +0.510 AARAX00 -2.30/-2.20 -2.250 0.000 AARAW00 -6.390 +0.040 AARAU00 87.340 +1.340
Diff to ICP
Senipah 54.4 AAEOE00 82.21–82.25 82.230 +0.620 AAEOK00 -6.65/-6.55 -6.600 0.000 AAPBE00 -12.650 0.000 AAPBD00 82.260 +1.250
Light crude (PGA page 2214) (PGA page 2215)
Diff to ICP Diff to Asian Dated Brent
Cossack 47.7 PCAGZ00 87.61–87.65 87.630 +0.620 AAPAC00 -7.250 0.000 AAPAB00 87.660 +1.250
Gippsland 48.7 PCACP00 82.31–82.35 82.330 +0.620 AAPAU00 -12.550 0.000 AAPAT00 82.360 +1.250
Tapis 45.2 PCACB00 101.71–101.75 101.730 +0.670 AAOZW00 6.850 +0.050 AAOZV00 101.760 +1.300
Belida 45.1 PCAFL00 82.36–82.40 82.380 +0.620 PCAFM00 -4.85/-4.75 -4.800 0.000 AAPBQ00 -12.500 0.000 AAPBP00 82.410 +1.250
Kutubu 44.3 PCAFJ00 84.71–84.75 84.730 +0.620 AAPAE00 -10.150 0.000 AAPAD00 84.760 +1.250
Handil Mix 43.9 PCABE00 83.81–83.85 83.830 +0.620 PCABF00 -4.60/-4.50 -4.550 0.000 AAPBI00 -11.050 0.000 AAPBH00 83.860 +1.250
Attaka 42.3 PCAAJ00 82.06–82.10 82.080 +0.620 PCAAK00 -5.85/-5.75 -5.800 0.000 AAPBC00 -12.800 0.000 AAPBB00 82.110 +1.250
Ardjuna 38 PCACQ00 93.31–93.35 93.330 +0.670 PCACR00 0.70/0.80 0.750 +0.050 AAPBG00 -1.550 +0.050 AAPBF00 93.360 +1.300
Banyu Urip 32 PCAFQ00 103.030 +0.670 PCAQQ00 4.500 +0.050 AAPBU00 8.150 +0.050 AAPBR00 103.060 +1.300
Diff to Dubai
Sakhalin Blend 45.5 AARBN00 74.56–74.60 74.580 +0.560 AARCN00 -14.85/-14.75 -14.800 +0.050 AARDN00 -18.940 +0.090 AAREN00 74.790 +1.390
ESPO M1 34.8 AARWF00 76.36–76.40 76.380 +0.510 AASEU00 -13.05/-12.95 -13.000 0.000
ESPO M2 34.8 AAWFE00 74.42–74.46 74.440 +0.260 AAWFG00 -13.10/-13.00 -13.050 0.000
Sokol 39.7 AASCJ00 76.06–76.10 76.080 +0.560 AASCK00 -13.35/-13.25 -13.300 +0.050 AAPAO00 -17.440 +0.090 AAPAN00 76.290 +1.390
Kikeh 34.9 AAWUH00 107.56–107.60 107.580 +0.670 AAOZY00 12.700 +0.050 AAOZX00 107.610 +1.300
Miri Light 32.3 PCABQ00 107.46–107.50 107.480 +0.670 AAPAS00 12.600 +0.050 AAPAR00 107.510 +1.300
Labuan 32 PCABL00 107.31–107.35 107.330 +0.670 AAPAQ00 12.450 +0.050 AAPAP00 107.360 +1.300
Kimanis 38.6 AASCL00 107.580 +0.670 AASCM00 12.700 +0.050 AASCN00 107.610 +1.300
Medium crude (PGA page 2216) (PGA page 2217)
Diff to Asian Dated Brent
Su Tu Den 36.8 AARAR00 104.16–104.20 104.180 +0.670 AARAS00 9.300 +0.050 AARAQ00 104.210 +1.300
Bach Ho 40.7 PCAHY00 106.21–106.25 106.230 +0.670 AAPAK00 11.350 +0.050 AAPAJ00 106.260 +1.300
Nanhai 40 PCAFR00 94.81–94.85 94.830 +0.670 AAPAG00 -0.050 +0.050 AAPAF00 94.860 +1.300
Nile Blend 33.9 AAPLC00 92.81–92.85 92.830 +0.670 AAPAM00 -2.050 +0.050 AAPAL00 92.860 +1.300
Daqing 32.2 PCAAZ00 89.46–89.50 89.480 +0.670 AAPAW00 -5.400 +0.050 AAPAV00 89.510 +1.300
Heavy crude (PGA page 2218) (PGA page 2219)
Diff to ICP Diff to Asian Dated Brent
Dar Blend 25 AARAB00 94.91–94.95 94.930 +0.620 AARAC00 0.050 0.000 AARAA00 94.960 +1.250
Shengli 24.2 PCABY00 96.51–96.55 96.530 +0.620 AAPAY00 1.650 0.000 AAPAX00 96.560 +1.250
Duri 20.8 PCABA00 99.96–100.00 99.980 +0.620 PCABB00 3.65/3.75 3.700 0.000 AAPBM00 5.100 0.000 AAPBL00 100.010 +1.250
Vincent 18.3 AARAK00 101.980 +0.620 AARAL00 7.100 0.000 AARAJ00 102.010 +1.250
DELIVERED - ASIA SPOT CRUDE ASSESSMENTS ($/barrel) (PGA page 2238)

Diff to Dubai Diff to Asian Dated Brent
US Delivered - Asia Spot Crudes
WTI Midland (DES Singapore) WTMSA00 97.140
+0.660 WTMSD00 9.650
+0.400 WTMSB00 4.900 +0.310
WTI Midland (DES Yeosu) WTMYA00 97.640
+0.660 WTMYD00 10.150
+0.400 WTMYB00 5.400 +0.310
Brazil Delivered-Asia Spot Crudes
Tupi (DES Qingdao) LUQDA00 97.390
+0.660 LUQDD00 9.900
+0.400 LUQDB00 5.150 +0.310
© 2022 by S&P Global Inc. All rights reserved. 2

MIDDLE EAST SPOT ASSESSMENTS ($/barrel) (PGA page 2220)

Mid Change Spread vs Dubai Mid Change Spread vs OSP Mid Change
Umm Lulu AUFAA00 96.680 +0.860 DBDUL00 7.300
+0.350
Das Blend AAXOF00 95.36–95.40 95.380
+0.860 DBDDS00 6.000
+0.350
Qatar Land AAKNP00 95.08–95.12 95.100
+0.850 QALDA00 5.720
+0.340 AAKUJ00 -0.15/-0.05 -0.100
0.000
Qatar Marine AAKNR00 93.68–93.72 93.700
+0.450 QAMDA00 4.320
-0.060 AAKUH00 -0.55/-0.45 -0.500
0.000
Banoco Arab Medium AAKNT00 93.28–93.32 93.300
+0.450 AAKUD00 -0.05/0.05 0.000 0.000
Basrah Medium M1 BSMAM01 – 92.900 +0.750 BSMBM01 -0.800 0.000
Basrah Medium M2 BSMAM02 – 91.500 +0.600 BSMBM02 -0.500 0.000
Basrah Heavy M1 AALZC00 – 86.850 +0.750 AALZJ00 -2.000 0.000
Basrah Heavy M2 AALZD00 – 85.400 +0.600 AALZK00 -1.700 0.000
Though the quantum of cuts could be small, it could ASIAN MARKET PARITY PRICES ($/barrel) (PGA page 2280)
(Asia close) (London close)
possibly tighten the current physical market for some time, Mid Change Mid Change
refinery sources said. Minas PCABO00 87.740
+0.640 AAPAZ00 87.770
+1.270
Platts Analytics said it expected no formal quota Cinta PCAAX00 69.845
+0.270 AAPBJ00 69.875
+0.900
Widuri PCAFE00 68.260
+0.390 AAPBN00 68.290
+1.020
cuts for October, but that Saudi Arabia will still reduce Cambay AMPPA00 92.935
+0.095
output modestly. The cartel’s top producer aims to put a Ravva AMPPB00 102.950 +0.480
floor on prices and better realign global supply-demand Rajasthan AMPPC00 92.870
+0.355
fundamentals with futures prices.

Demand from Asia remained stable ahead of the ASIAN CRUDE INDICES ($/barrel) (PGA page 2206)
upcoming winter season with rising gas prices expected to 16:30 Singapore Interim Asian Close Diff to Dated Brent Final London Close
push refiners to seek more oil for heating supplies, traders Asian Dated Brent (ADB) AAXPG00 95.500
ADB Strip Asia AARBV00 94.880 AARBX00 94.910
said. Despite recent worries on fresh lockdowns in China, ADB Strip Middle East AARBW00 93.520 AARBY00 93.730
the overall sentiment for crude buying activity continues to ADB Strip M3 ADBS003 92.240
For definitions see http://www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/Crude-oil-methodology.pdf
hold well.
Meanwhile, crude prices also moved up on the back of a
potential OPEC+ output cut.
A slide in oil prices of more than 10% in the week ended consideration trades for cash Dubai partials at $95.30-
Platts Oil Mideast Sour Crude Convergences
Sept. 3 gave added impetus for the group to arrest a further %95.34/b during the Platts Market on Close assessment
drop, S&P Global Commodity Insights reported earlier. process. The assessment reflected the highest bid at None reported
Dubai swaps were marginally higher Sept. 5 compared $95.34/b that traded towards the end of the MOC process —
to the previous day’s close. as well as offers at $94.35/b standing at close.
At 3 pm Singapore time (0700 GMT), the November Oman Blend Mo01 <PCABS00> assessment rationale:
Platts Middle East Sour Crude Bids, Offers,
Dubai swap was pegged at $89.21/b, compared to $88.87/b The November cash Oman assessment on Sept. 5 took into
at close Sept. 2, S&P Global data showed. consideration values heard in the broader market as well as
Trades
cash Oman’s notional premium to cash Dubai. Bids:
Platts Mideast Sour Crude Daily Rationales & Exclusions: No market data was excluded from the PLATTS DUBAI: NOV22: BP BIDS 25KB AT $95.25
Exclusions Middle East sour crude Market on Close assessment PLATTS DUBAI: NOV22: PHILLIPS 66 BIDS 25KB
Dubai Mo01 <PCAAT00> assessment rationale: The process. AT $95.15
November cash Dubai assessment on Sept. 5 took into Platts is part of S&P Global Commodity Insights.

PLATTS DUBAI: NOV22: TRAFIGURA BIDS 25KB NORTH SEA SPOT CRUDE ASSESSMENTS ($/barrel) (PGA page 1212)
Mid Change Spread vs fwd Dated Brent Mid Change
AT $95.05
Dated Brent Diff AAXEZ00 -0.54/-0.52 -0.530 -0.480
PLATTS DUBAI: NOV22: PETROCHINA BIDS 25KB BNB AAVJA00 96.06–96.07 96.065
+0.845 AAVJB00 0.74/0.76 0.750
-0.250
AT $95.05 Forties PCADJ00 94.78–94.79 94.785
+0.615 AAGWZ00 -0.54/-0.52 -0.530 -0.480
Oseberg PCAEU00 98.71–98.72 98.715
+1.095 AAGXF00 3.39/3.41 3.400 0.000
PLATTS DUBAI: NOV22: GUNVOR NO LONGER BIDS Ekofisk PCADI00 98.67–98.68 98.675
+1.050 AAGXB00 3.35/3.37 3.360
-0.045
AFTER TRADE Troll AAWEX00 99.27–99.29 99.280
+1.160 AAWEY00 3.96/3.97 3.965
+0.065
PLATTS DUBAI: NOV22: VITOL NO LONGER BIDS Statfjord PCAEE00 100.51–100.52 100.515
+1.045 AAGXD00 5.19/5.21 5.200
-0.050
Flotta Gold PCACZ00 95.61–95.62 95.615
+1.045 AAGXH00 0.29/0.31 0.300
-0.050
AFTER TRADE Duc AAWEZ00 98.11–98.12 98.115
+1.045 AAWFL00 2.79/2.81 2.800
-0.050
Offers: Grane Blend PCALA00 96.165
+1.045 PCALB00 0.850
-0.050
Johan Sverdrup AJSVA00 95.815
+1.045 AJSVB00 0.500
-0.050
PLATTS DUBAI: NOV22: EXXONMOBIL OFFERS 25KB AT Statfjord (CIF) AASAS00 101.60–101.62 101.610
+1.030 AASAT00 6.29/6.31 6.300
-0.050
$95.30 AND TRADES DURING EXTENSION Gullfaks (CIF) AASAU00 102.10–102.12 102.110
+1.030 AASAV00 6.79/6.81 6.800
-0.050
Alvheim (CIF) ALVHA00 102.360 +1.030 ALVHB00 7.050
-0.050
PLATTS DUBAI: NOV22: RELIANCE OFFERS 25KB AT
Asgard (CIF) ASGCA00 99.360
+1.030 ASGCB00 4.050
-0.050
$95.35 AND WITHDRAWS DURING EXTENSION North Sea basket AAGIZ00 97.05–97.07 97.060
+0.900
PLATTS DUBAI: NOV22: PETROCHINA OFFERS 25KB AT North Sea Dated Strip AAKWH00 95.31–95.32 95.315
+1.095
European Sour Crude Index CSBEA00 95.910
+1.045 CSBEB00 0.595
-0.050
$95.35 AND WITHDRAWS DURING EXTENSION Spread vs fwd CIF Dated Brent
PLATTS DUBAI: NOV22: UNIPEC OFFERS 25KB AT $95.35 Dated Brent (CIF) AAVJG00 96.015
+0.375 AAVJF00 0.705
-0.705
AND WITHDRAWS DURING EXTENSION BNB (CIF) PCAKP00 98.170
+0.830 AAVJC00 2.860
-0.250
Forties (CIF) PCAKR00 96.015
+0.375 AAHXC00 0.705
-0.705
Trades: Oseberg (CIF) PCAKT00 100.085 +1.080 AAHXD00 4.775 0.000
PLATTS DUBAI: NOV22: EXXONMOBIL SELLS TO Ekofisk (CIF) PCAKV00 99.855
+1.030 AAHXB00 4.545
-0.050
Troll (CIF) AAXJO00 100.640 +1.145 AAXJN00 5.330 0.065
GUNVOR* 25KB AT $95.30 (08:29:45) WTI Midland (CIF) WMCRD00 96.970
+1.115 WMCRB00 1.660
+0.035
PLATTS DUBAI: NOV22: EXXONMOBIL SELLS TO VITOL* North Sea CIF Dated Strip AAHXE00 95.310
+1.080
25KB AT $95.30 (08:29:54)
PLATTS DUBAI: NOV22: RELIANCE SELLS TO GUNVOR* FREIGHT ADJUSTMENT FACTORS
25KB AT $95.34 (08:30:00) ($/barrel) Change
PLATTS DUBAI: NOV22: KOCH BUYS FROM EXXONMOBIL* Sullom Voe-Rotterdam FSVRM00 1.8379
-0.0092
25KB AT $95.30 (08:30:04) Hound Point-Rotterdam FHPRM00 1.2695
-0.0062
Sture-Rotterdam FSTRM00 1.1925
-0.0057
This assessment commentary applies to the following Teesside-Rotterdam FTSRM00 1.0286
-0.0049
market data codes: Dubai M1 <PCAAT00>, Oman M1 Mongstad-Rotterdam FMGRM00 1.1974
-0.0058
Scapa Flow-Rotterdam FSFRM00 0.8784
-0.0040
<PCABS00>
(%)
FAF Weighting FAFWA00 0.80
Platts Asia Pacific Sweet Crude Daily Market
Analysis
■ PV Oil sells Bunga Orkid for October loading EUROPEAN US SPOT CRUDE ASSESSMENTS ($/barrel) (PGA page 1238)
■ Light sweet condensate sentiment remains dull Mid Change Spread vs fwd Dated Brent Mid Change
WTI Midland (DAP Rotterdam) AWTIC00 96.880
+1.210 AWTID00 2.150
+0.045
WTI Midland (DAP Augusta) AWTIA00 97.230
+1.210 AWTIB00 2.500
+0.045
In the Asia Pacific sweet crude markets Sept. 5, trading WTI Midland (FOB Scapa Flow) AWTIE00 96.235
+1.210 AWTIF00 0.935
+0.020
activities have mostly wound down as market participants Eagle Ford 45 (DAP Rotterdam) AEFAC00 96.530
+1.210 AEFAD00 1.800
+0.045
Eagle Ford 45 (DAP Augusta) AEFAA00 96.880
+1.210 AEFAB00 2.150
+0.045
gear up for the next loading cycle.

Across the medium sweet grades, Vietnam’s state- DATED BRENT/BFOE SWAPS ($/barrel) (PGA page 1214)
owned PetroVietnam Oil was earlier heard to have sold a Week Week Date Brent CFD* Mid Change Dated Brent swap Mid Change
300,000-barrel cargo of Bunga Orkid crude to an end user CFD Week 1 (Dec) Sep 05-09 PCAKA00 0.80/0.82 0.810 -0.140 AAJNV00 95.10/95.12 95.110
+1.130
for October-loading at a premium of around $6/b to Platts CFD Week 2 (Dec) Sep 12-16 PCAKC00 1.01/1.03 1.020 -0.080 AAJOS00 95.31/95.33 95.320
+1.190
CFD Week 3 (Dec) Sep 19-23 PCAKE00 1.13/1.15 1.140 -0.150 AAJOU00 95.43/95.45 95.440
+1.120
Dated Brent crude assessments, FOB, traders said. CFD Week 4 (Dec) Sep 26-30 PCAKG00 1.03/1.05 1.040 -0.210 AAJOW00 95.33/95.35 95.340
+1.060
“I think the regional markets sentiment is stable, CFD Week 5 (Dec) Oct 03-07 AAGLU00 0.73/0.75 0.740 -0.260 AAJPC00 95.03/95.05 95.040
+1.010
demand and margins are OK,” said a Singapore-based CFD Week 6 (Dec) Oct 10-14 AAGLV00 0.55/0.57 0.560 -0.190 AAJPE00 94.85/94.87 94.860
+1.080
CFD Week 7 (Dec) Oct 17-21 AALCZ00 0.27/0.29 0.280 -0.210 AALAW00 94.57/94.59 94.580
+1.060
crude oil trader. CFD Week 8 (Dec) Oct 24-28 AALDA00 0.09/0.11 0.100 -0.100 AALAX00 94.39/94.41 94.400
+1.170
PV Oil also earlier sold a 300,000-barrel cargo of Bunga Brent Swaps Weeks 1 to 8 are differentials to Brent Mo02 (Dec) PCAAR00 found on page 1.
Kekwa crude to Thailand’s PTT for loading over Oct. 23-29
at a premium of around $5s/b to Dated Brent, according
to traders. The Platts second-month gasoil and jet swap
crack versus Dubai crude averaged $43.55/b and $37.88/b DATED BRENT/BRENT FRONTLINE SWAPS (DFL) ($/barrel) (PPE page 1614)
over August, largely stable from $44.66/b and $38.54/b, Swaps Change DFL Change
respectively, over July, S&P Global Commodity Insights Balance month* (Sep 22) BDLBM00 95.460 +1.190 ABWFZ00 0.010 -0.130
Month 1 (Oct 22) BDLM001 94.910 +1.250 AAEAA00 0.720 -0.090
data showed.
Month 2 (Nov 22) BDLM002 93.730 +1.300 AAEAB00 0.830 0.000
On the light sweet condensates, traders await the Month 3 (Dec 22) BDLM003 92.510 +1.240 AAEAC00 0.870 -0.030
commencement of the new trading cycle, including the Month 4 (Jan 23) BDLM004 91.350 +1.360 AAEAD00 0.850 +0.130
*Balance month swaps are assessed from the 1st through the 20th of the month.
November-loading program for Australia’s North West Shelf
condensate for indications on supply side fundamentals.
“There’s no big demand for condensates, whether the
Chinese will continue to buy condensate [for November-
loading] remains a question,” said a Singapore-based CASH BFOE INTRADAY ASSESSMENTS ($/barrel) (PGA page 1216)
condensate trader. Cash BFOE Change Inter-Month Spread
Light distillate cracks too remain under pressure, where 10:30 London Time
Platts second-month gasoline and naphtha swap crack BFOE M1 (Nov) PBCAAM1 95.600 +1.000
BFOE M2 (Dec) PBCAAM2 94.330 +0.990 Nov/Dec
PBAM1M2 1.270
versus the Dubai crude swap averaged $10.08/b and minus BFOE M3 (Jan) PBCAAM3 93.030 +0.950 Dec/Jan
PBAM2M3 1.300
$19.81/b over August, down from July’s average of $17.55/b 12:30 London Time
and minus $14.25/b, respectively, S&P Global data showed. BFOE M1 (Nov) PBCABM1 96.380 +2.510
BFOE M2 (Dec) PBCABM2 94.980 +2.360 Nov/Dec
PBBM1M2 1.400
Elsewhere on official selling prices, Brunei Shell lowered
BFOE M3 (Jan) PBCABM3 93.620 +2.250 Dec/Jan
PBBM2M3 1.360
the official selling prices of its Seria Light and Champion 14:30 London Time
crude loaded in July by $9.30/b to $119.59/b and $119.69/b, BFOE M1 (Nov) PBCACM1 96.840 +1.740
respectively, according to sources. BFOE M2 (Dec) PBCACM2 95.430 +1.620 Nov/Dec
PBCM1M2 1.410
BFOE M3 (Jan) PBCACM3 94.030 +1.480 Dec/Jan
PBCM2M3 1.400
16:30 London Time
Platts Asia Light Sweet Crude Daily Rationale & BFOE M1 (Nov) PCAAQ00 95.530 +1.250
Exclusions BFOE M2 (Dec) PCAAR00 94.300 +1.270
BFOE M3 (Jan) PCARR00 93.010 +1.230
ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01 <AASEU00>
19:30 London Time
assessment rationale: The ESPO M1 November assessment
BFOE M1 (Nov) PBCADM1 NA –
on Sept. 5 took into consideration latest trade indications BFOE M2 (Dec) PBCADM2 NA – Nov/Dec
PBDM1M2 NA
heard in the broader market. BFOE M3 (Jan) PBCADM3 NA – Dec/Jan
PBDM2M3 NA

Exclusions: No market data was excluded from the Asia- RUSSIAN URALS/ESPO SPOT ASSESSMENTS ($/barrel) (PGA page 1220)
Pacific Crude Market on Close assessment process.
Urals (Rotterdam) PCAFW00 74.32–74.35 74.335
+0.770 AAGXJ00 -21.01/-20.99 -21.000 -0.300
Platts is part of S&P Global Commodity Insights. Urals (Mediterranean) PCACE00 74.62–74.65 74.635
+0.770 AAGXX00 -20.71/-20.69 -20.700 -0.300
Urals FOB Novo Suez AAGZS00 72.22–72.25 72.235
+0.795 AAHPH00 -23.11/-23.09 -23.100 -0.275
Urals FOB Novo Afra AAOTH00 72.03–72.06 72.045
+1.095 AAOTI00 -23.30/-23.28 -23.290 +0.025
Platts Asia Light Sweet Crude Bids, Offers, Urals (Ex-Baltic) AAGZT00 72.03–72.05 72.040
+0.770 AAHPI00 -23.30/-23.29 -23.295 -0.300
Urals (Primorsk) AAWVH00 71.96–71.99 71.975
+0.770 AAWVI00 -23.37/-23.35 -23.360 -0.300
Trades Urals RCMB (Recombined) AALIN00 74.07–74.10 74.085
+0.315
ESPO (FOB Kozmino) AARWD00 76.82–76.84 76.830
+1.550 AARWE00 -16.91/-16.89 -16.900 +0.250
Bids: No bids Number of days
Offers: No offers Observed Delivery Factor AODFA00 7
Trades: No trades
This assessment commentary applies to the following URALS MED/NWE CFD ASSESSMENTS ($/barrel)
market data code: ESPO M1 vs Dubai M2 <AASEU00>
Urals CFD Mid Change
Mediterranean (PPE page 1617)
Urals Med CFD (Sep) AAMDU00 -21.01/-20.99 -21.000 0.000
Platts North Sea Crude Daily Market Analysis Urals Med CFD (Oct) AAMEA00 -20.01/-19.99 -20.000 0.000
Urals Med CFD (Nov) UMCM003 -20.01/-19.99 -20.000 0.000
■ Supply side tighter due to lower CPC program, Northwest Europe (PPE page 1617)
OPEC+ cut Urals NWE CFD (Sep) UNCM001 -23.01/-22.99 -23.000 0.000
■ Gas prices weaken refinery demand, margins Urals NWE CFD (Oct) UNCM002 -20.01/-19.99 -20.000 0.000
Urals NWE CFD (Nov) UNCM003 -20.01/-19.99 -20.000 0.000
across Europe
Mediterranean (PPE page 1617)
CPC Blend CFD (Sep) AAOFX00 -5.000
0.000
Weaker demand signals put pressure on North Sea crude CPC Blend CFD (Oct) AAOFY00 -5.000
0.000
Sept. 5 despite a tighter global supply picture. CPC Blend CFD (Nov) AAOFZ00 -5.000
0.000
The supply picture was tightened by the news of

reduced CPC Blend loadings combined with an OPEC+ MEDITERRANEAN SPOT CRUDE ASSESSMENTS ($/barrel)
output cut in October.
The revised CPC Blend program for September showed Azeri and BTC (PGA page 1222)
Azeri Lt CIF AAGZX00 99.04–99.08 99.060
+1.535 AAHPM00 3.79/3.81 3.800
+0.500
1 million mt less will be exported than in provisional Azeri Lt FOB Ceyhan Suez AAUFM00 97.73–97.76 97.745
+1.535 AAUFN00 2.48/2.49 2.485
+0.500
program’s 5.03 million mt. Azeri Lt FOB Ceyhan Afra AAUFK00 97.29–97.32 97.305
+1.635 AAUFL00 2.04/2.05 2.045
+0.600
Azeri Lt FOB Supsa AATHM00 96.65–96.69 96.670
+1.830 AATHN00 1.40/1.42 1.410
+0.795
Meanwhile, OPEC+ agreed to cut October quotas by
BTC FOB Ceyhan AAUFH00 97.51–97.54 97.525
+1.585 AAUFJ00 2.26/2.27 2.265
+0.550
100,000 b/d. Black Sea (PGA page 1220)
Paper trading was markedly higher after the Siberian Light CIF AAGZW00 76.92–76.95 76.935
+0.770 AAHPK00 -18.41/-18.39 -18.400
-0.300
announcement. CPC Blend CIF AAGZU00 92.74–92.78 92.760
+1.535 AAHPL00 -2.51/-2.49 -2.500 +0.500
CPC Blend FOB Suez AALVX00 90.64–90.67 90.655
+1.560 AALVZ00 -4.61/-4.60 -4.605 +0.525
On the demand side, pressure continued to emerge CPC Blend FOB Afra AAOFV00 90.47–90.50 90.485
+1.820 AAOFW00 -4.78/-4.77 -4.775 +0.785
from Europe amid soaring gas prices which have eaten into Middle East & North Africa (PGA page 1234)
refinery margins, forcing players to reconsider the values Suez Blend PCACA00 90.93–90.96 90.945
+1.070 AAGYD00 -4.40/-4.38 -4.390 0.000
they are paying for sweet grades in the region. Es Sider PCACO00 94.19–94.23 94.210
+1.135 AAGYH00 -1.06/-1.04 -1.050 +0.100
Kirkuk AAEJD00 79.62–79.65 79.635
+0.770 AAGYF00 -15.71/-15.69 -15.700
-0.300
Elsewhere in the North Sea, three Aframaxes arrived Iranian Light FOB Kharg Island (Med) AILKA00 97.925
+1.200 AILKB00 2.590
+0.130
at the Hound Point terminal in Scotland to load Forties Iranian Heavy FOB Kharg Island (Med) AIHKA00 94.475
+1.200 AIHKB00 -0.860
+0.130
Saharan Blend AAGZY00 94.69–94.73 94.710
+1.135 AAHPN00 -0.56/-0.54 -0.550 +0.100
crude in the week to Sept. 4, unchanged from the previous
week, data from Platts cFlow ship and commodity tracking

software from S&P Global Commodity Insights showed WEST AFRICAN SPOT CRUDE ASSESSMENTS ($/barrel) (PGA page 1230)
Sept. 5.
WAF Index AWAFA00 98.090
+1.160 AWAFB00 3.400 0.000
The Pacific Sky arrived at the terminal Aug. 31 and was
Nigeria Spot Crude Assessments
stationary mid-afternoon Sept. 5 at Dunbar, a location Bonny Light PCAIC00 97.27–97.31 97.290
+1.160 AAGXL00 2.59/2.61 2.600
0.000
where vessels often float while waiting to transfer onto Qua Iboe PCAID00 97.87–97.91 97.890
+1.160 AAGXN00 3.19/3.21 3.200
0.000
Forcados PCABC00 98.07–98.11 98.090
+1.160 AAGXP00 3.39/3.41 3.400
0.000
another vessel or while seeking a buyer.
Agbami AAQZB00 94.77–94.81 94.790
+1.160 AAQZC00 0.09/0.11 0.100
0.000
The Penelop loaded Sept. 1-2 and was expected to Escravos AAEIZ00 98.87–98.91 98.890
+1.160 AAGXR00 4.19/4.21 4.200
0.000
delivery Forties to Tranmere, UK, Platts cFlow showed. Brass River AAEJB00 96.27–96.31 96.290
+1.160 AAGXV00 1.59/1.61 1.600
0.000
Akpo PCNGA00 94.77–94.81 94.790
+1.160 PCNGB00 0.09/0.11 0.100
0.000
Also delivering Forties within Northwest Europe was Bonga PCNGC00 99.07–99.11 99.090
+1.160 PCNGD00 4.39/4.41 4.400
0.000
the Lancing, which was on its way to Rostock, Germany, Usan AAXUQ00 92.540
+1.160 AAXUR00 -2.150
0.000
Erha AAXUO00 98.790
+1.160 AAXUP00 4.100
0.000
according to Platts cFlow data. Ten cargoes of Forties are Egina AFONA00 100.990 +1.160 AFONB00 6.300
0.000
expected to load through August, down from 14 in July, Angola spot crude assessments ($/barrel) (PGA page 1232)
according to the latest updates received by Platts. Cabinda PCAFD00 97.47–97.51 97.490
+1.110 AAGXT00 2.79/2.81 2.800
-0.050
Meanwhile, Three Aframaxes arrived at the UK’s Nemba AAQYZ00 93.57–93.61 93.590
+0.960 AAQZA00 -1.11/-1.09 -1.100
-0.200
Dalia AAQYX00 94.22–94.26 94.240
+0.910 AAQYY00 -0.46/-0.44 -0.450
-0.250
Teesport terminal to load North Sea Ekofisk crude in the Girassol AASNL00 97.58–97.61 97.595
+1.115 AASJD00 2.90/2.91 2.905
-0.045
week to Sept. 4, unchanged from the previous week, data Hungo AASLJ00 92.47–92.51 92.490
+0.960 AASJF00 -2.21/-2.19 -2.200
-0.200
from Platts cFlow ship and commodity tracking software Kissanje AASLK00 94.22–94.26 94.240
+0.960 AASJE00 -0.46/-0.44 -0.450
-0.200
Pazflor PCNGG00 94.32–94.36 94.340
+0.910 PCNGH00 -0.36/-0.34 -0.350
-0.250
from S&P Global Commodity Insights showed Sept. 5. Plutonio PCNGI00 92.52–92.56 92.540
+0.960 PCNGJ00 -2.16/-2.14 -2.150
-0.200
The Alfa Baltica loaded Ekofisk across Aug. 29-30 and Ghana spot crude assessments (PGA page 1230)
was waiting in the queue for Humber, Platts cFlow showed Jubilee AAXUS00 95.190
+1.160 AAXUT00 0.500
0.000
mid-afternoon Sept. 5. Republic of Congo spot crude assessments
The Altera Wind arrived at Wilhelmshaven Sept. 3 after Djeno PCNGE00 92.17–92.21 92.190
+1.060 PCNGF00 -2.51/-2.49 -2.500
-0.100
loading the North Sea grade. Chad spot crude assessments

Doba AAXUU00 93.440
+1.060 AAXUV00 -1.250
-0.100
Following that, the Estrella was stationary outside
Kalundborg mid-afternoon Sept. 5. WEST AFRICA MARKET PARITY PRICES ($/barrel) (PGA page 1270)
Light sweet crude differentials have stabilized Mid Change Spread vs fwd Dated Brent Mid Change
somewhat following a steep decline through the last Abo Blend AAXTL00 99.845 +1.455 ABOOM00 5.155
+0.295
decade of August amid length in the European crude Aje APIRP00 95.855 +1.160 APIRA00 1.165 0.000
Amenam Blend AAXTI00 94.435 +1.020 AMENA00 -0.255
-0.140
complex and pressure from WTI Midland offer levels. Antan Blend APIRQ00 100.585 +1.345 APIRB00 5.895
+0.185
Asaramatoru AAXTV00 94.450 +1.060 ASARA00 -0.240
-0.100
CJ Blend APIRR00 101.830 +1.610 APIRC00 7.140
Platts North Sea Dated Brent, BFOE, CFD EA Blend AAXTJ00 101.890 +1.550 AEABL00
+0.450
7.200
+0.390
Assessment Rationales & Exclusions Ebok APIRS00 92.245 +0.890 APIRD00 -2.445
-0.270
Dated Brent <PCAAS00> assessment rationale: Of the Eremor APIRT00 94.225 +0.590 APIRE00 -0.465
-0.570
Ima APIRU00 83.740 -0.005 APIRF00 -10.950 -1.165
five grades in the Dated Brent basket, Forties was seen Jones Creek Blend APIRV00 96.010 +0.785 APIRG00 1.320
-0.375
in the Platts Market on Close assessment process. Brent Okono Blend APIRW00 98.925 +1.320 APIRH00 4.235
+0.160
Okoro APIRX00 97.480 +1.340 APIRI00 2.790
+0.180
Blend was assessed lower in a flat structure reflecting the Okwori APIRY00 101.830 +1.600 APIRJ00 7.140
+0.440
downward move of the Forties differential. Forties was Otakikpo APIRZ00 92.425 +0.925 APIRK00 -2.265
-0.235
assessed lower. Sept. 15-21 was assessed in a 7.5 cents/day Oyo APRIA00 97.280 +0.970 APIRL00 2.590
-0.190
Pennington APRIB00 97.375 +1.430 APIRM00 2.685
+0.270
backwardation with Sept. 21-23 assessed using a withdrawn Rabi Light ARABA00 92.400 +0.710 ARABB00 -2.290
-0.450
FOB-equivalent CIF offer. Sept. 23-26 was assessed in am Sankofa APRIC00 90.025 +0.770 APIRN00 -4.665
-0.390

West Africa market parity prices (continued)

8.33 cents/day backwardation with Sept. 26-28 assessed Mid Change Spread vs fwd Dated Brent Mid Change
using a traded FOB-equivalent CIF offer. Sept. 28 to Oct. 1
TEN AAXTW00 93.180
+1.050 ATENM00 -1.510
-0.110
was assessed in a 21.67 cents/day contango with Oct. 1-3 Ukpokiti APRID00 98.045
+1.255 APIRO00 3.355
+0.095
assessed using a withdrawn FOB-equivalent CIF offer. Oct. Yoho Light AAXTK00 97.460
+1.210 AYOHO00 2.770
+0.050
3-5 was assessed in a 7.5 cents/day contango. Oseberg and Zafiro AAXTU00 101.855
+1.390 AZAFB00 7.165
+0.230
Troll were assessed unchanged across Sept. 15 to Oct. 4

US WEST COAST CRUDE ASSESSMENTS ($/barrel) (PGA page 214)
with flat structures rolled over back-end dates amid steady Mid Change
fundamentals and in the absence of indications testing Spread to NYMEX WTI CMA Mid Change
the Sept. 2 assessment. Ekofisk was assessed 5 cents/b ANS/Long Beach PCAAD00 NA–NA NA NANA AAGWX00 NA/NA NA NANA
lower across Sept. 15 to Oct. 4 with a flat structure rolled Spread to ICE BRENT CMA
ANS/Long Beach AANSA00 NA NANA
over back-end dates reflecting typical relationships to other
grades in the basket. Forties was the most competitive
grade Sept. 15 to Oct. 5.
BFOE (PCAAQ00-PCAAR00,PCARR00> assessment
rationale: US SPOT CRUDE ASSESSMENTS ($/barrel) (PGA pages 210 & 214)
November Cash BFOE was assessed using a traded Mid Change
offer in the Platts Market on Close assessment process. Mars (Oct) AAMBR00 NA–NA NA NANA
December Cash BFOE was assessed using a November/ Mars (Nov) AAMBU00 NA–NA NA NANA
Mars (Dec) AAMBX00 NA–NA NA NANA
December EFP roll heard during the day. January Cash
Mars/WTI (Oct) AAGWH00 NA/NA NA NANA
BFOE was assessed using a December/January EFP roll Mars/WTI (Nov) AAKTH00 NA/NA NA NANA
heard during the day. Mars/WTI (Dec) AAMBO00 NA/NA NA NANA
CFD (PCAKA00-AALDA00) assessment rationale: LOOP/WTI (Oct) AALOM01 NA NANA
Sept. 5-9 was assessed using a wider Sept. 5-9 versus LOOP/WTI (Nov) AALOM02 NA NANA
LOOP/WTI (Dec) AALOM03 NA NANA
Sept.12-16 CFD roll heard during the day as later parts of
LOOP/Mars (Oct) AALPM01 NA NANA
the curve were demonstrated steeper. Sept. 12-16 was LOOP/Mars (Nov) AALPM02 NA NANA
assessed using an outstanding offer in the Market on Close LOOP/Mars (Dec) AALPM03 NA NANA
assessment process. Sept. 19-23 was assessed using a WTI-Delta AAEJK00 NA/NA NA NANA
Sept. 19-23 versus Sept. 26-30 CFD roll heard during the P-Plus WTI PCACI00 NA/NA NA NANA
P-5 WTI AAFEN00 NA NANA
day. Sept. 26-30 was assessed using multiple traded bids.
P-5 WTI is a crude oil postings-based index as of 5:30 p.m. local New York time. Posted prices by the following companies are used in the index: Phillips66, Plains, Sunoco,
Oct. 3-7 was assessed using an outstanding offer. Oct. 10- Shell, and Valero.
14 was assessed using an outstanding bid. Mid Change Spread vs 1st line WTI Mid Change
WTI (Midland) PCACJ00 NA–NA NA NANA AAGVZ00 NA/NA NA NANA
Exclusions: None
WTS (1st month) PCACK00 NA–NA NA NANA AAGWB00 NA/NA NA NANA
Platts is part of S&P Global Commodity Insights WTI MEH AAYRG00 NA NANA AAYRH00 NA NANA
Eugene PCAFC00 NA–NA NA NANA AAGWD00 NA/NA NA NANA
Bonito PCAIE00 NA–NA NA NANA AAGWF00 NA/NA NA NANA
Platts North Sea Dated Brent, BFOE, CFD Bids, SGC AASOI00 NA–NA NA NANA AASOJ00 NA/NA NA NANA
Offers, Trades Poseidon AABHK00 NA–NA NA NANA AAGWL00 NA/NA NA NANA
LLS (1st month) PCABN00 NA–NA NA NANA AAGWN00 NA/NA NA NANA
Bids: HLS (1st month) PCABD00 NA–NA NA NANA AAGWP00 NA/NA NA NANA
NORTH SEA: None Wyoming Sweet PCACM00 NA–NA NA NANA AAGWR00 NA/NA NA NANA
Thunder Horse AAWZK00 NA–NA NA NANA AAWZL00 NA/NA NA NANA

CASH BFOE: PLATTS CASH BFOE SPREAD: NOV22/ US SPOT CRUDE ASSESSMENTS (continued)
DEC22: HARTREE BIDS 100KB AT $1.20 Spread vs 2nd line WTI
WTI MEH (2nd month) AAXXE00 NA NANA AAYYA00 NA NANA
BRENT CFDS: PLATTS BRENT DIFF: SEP12-SEP16 (NOV):
WTI Midland (2nd month) AAYZA00 NA NANA AAXXF00 NA NANA
DV TRADING BIDS 100KB AT $-0.40 WTS (2nd month) AAURG00 NA–NA NA NANA AAURH00 NA/NA NA NANA
PLATTS BRENT DIFF: SEP12-SEP16 (NOV): EXXONMOBIL LLS (2nd month) AAURC00 NA–NA NA NANA AAURD00 NA/NA NA NANA
BIDS 100KB AT $-0.45 HLS (2nd month) AAURE00 NA–NA NA NANA AAURF00 NA/NA NA NANA
PLATTS BRENT DIFF: SEP12-SEP16 (NOV): ONYX BIDS Spread vs NYMEX WTI CMA
WCS ex-Cushing AAWTY00 NA–NA NA NANA AAWTZ00 NA/NA NA NANA
100KB AT $-0.50
WCS ex-Nederland AAYAY00 NA NANA AAYAX00 NA NANA
PLATTS BRENT DIFF: SEP19-SEP23 (NOV): DV TRADING Bakken Williston AAXPP00 NA NANA AASRX00 NA NANA
BIDS 100KB AT $-0.25 Bakken Guernsey AASRR00 NA–NA NA NANA AASRV00 NA/NA NA NANA
PLATTS BRENT DIFF: SEP19-SEP23 (NOV): ONYX BIDS Bakken Clearbrook AASRU00 NA–NA NA NANA AASRW00 NA/NA NA NANA
100KB AT $-0.30 Bakken USGC Pipe ABAKA00 NA NANA ABAKB00 NA NANA
FOB USGC FOB USGC Spread vs NYMEX WTI Strip
PLATTS BRENT DIFF: SEP26-SEP30 (NOV): PARAMOUNT
Platts AGS AGSAA00 NA NANA AGSAC00 NA NANA
BIDS 100KB AT $-0.20 Bakken ABAKC00 NA NANA ABAKD00 NA NANA
PLATTS BRENT DIFF: SEP26-SEP30 (NOV): DV TRADING Eagle Ford Crude AAYAT00 NA NANA AAYAU00 NA NANA
BIDS 100KB AT $-0.30 Eagle Ford Condensate AAYAR00 NA NANA AAYAS00 NA NANA
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): ONYX BIDS WTI AAYBA00 NA NANA AAYAZ00 NA NANA
FOB USGC Spread vs Dated Brent Strip
100KB AT $0.70
Platts AGS AGSAB00 NA NANA
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): DV TRADING Bakken ABAKE00 NA NANA
BIDS 100KB AT $0.65 Eagle Ford Crude AEFCA00 NA NANA
PLATTS BRENT DIFF: OCT10-OCT14 (DEC): DV TRADING Eagle Ford Condensate AEFCB00 NA NANA
BIDS 100KB AT $0.55 WTI AWTUA00 NA NANA
Global Benchmarks at US Close
PLATTS BRENT DIFF: OCT10-OCT14 (DEC): ONYX BIDS Americas Dated Brent AAQBF00 NA–NA NA NANA
100KB AT $0.45
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): MCE NO
LONGER BIDS $0.80 AFTER WITHDRAWAL (15:21:50)
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): EQUINOR NO
LONGER BIDS AFTER TRADE PLATTS BRENT DIFF: SEP19-SEP23 (NOV): ALTA OFFERS PLATTS BRENT DIFF: SEP26-SEP30 (NOV): ALTA
Offers: 100KB AT $-0.05 OFFERS 100KB AT $-0.10
NORTH SEA: None PLATTS BRENT DIFF: SEP19-SEP23 (NOV): UNIPEC PLATTS BRENT DIFF: SEP26-SEP30 (NOV): MERCURIA
CASH BFOE: None OFFERS 100KB AT $0.00 OFFERS 100KB AT $-0.10
BRENT CFDS: PLATTS BRENT DIFF: SEP12-SEP16 (NOV): PLATTS BRENT DIFF: SEP19-SEP23 (NOV): PETROCHINA PLATTS BRENT DIFF: SEP26-SEP30 (NOV): SHELL
ALTA OFFERS 100KB AT $-0.20 OFFERS 100KB AT $0.00 OFFERS 100KB AT $-0.10
PLATTS BRENT DIFF: SEP12-SEP16 (NOV): MERCURIA PLATTS BRENT DIFF: SEP19-SEP23 (NOV): MERCURIA PLATTS BRENT DIFF: SEP26-SEP30 (NOV): BP OFFERS
OFFERS 100KB AT $-0.15 OFFERS 100KB AT $0.05 100KB AT $-0.05
PLATTS BRENT DIFF: SEP12-SEP16 (NOV): UNIPEC PLATTS BRENT DIFF: SEP26-SEP30 (NOV): CHEVRON PLATTS BRENT DIFF: SEP26-SEP30 (NOV): TRAFIGURA
OFFERS 100KB AT $-0.15 OFFERS 100KB AT $-0.15 OFFERS 100KB AT $0.10
PLATTS BRENT DIFF: SEP12-SEP16 (NOV): BP OFFERS PLATTS BRENT DIFF: SEP26-SEP30 (NOV): UNIPEC PLATTS BRENT DIFF: OCT3-OCT7 (DEC): TOTAL OFFERS
100KB AT $-0.05 OFFERS 100KB AT $-0.10 100KB AT $0.75

PLATTS BRENT DIFF: OCT3-OCT7 (DEC): ALTA OFFERS US DOMESTIC CRUDE ASSESSMENTS LONDON CLOSE ($/barrel) (PGA page 1240)
Spread to
100KB AT $0.75
Mid Change NYMEX light sweet crude Mid Change
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): TOTAL OFFERS WTI (Oct) AAQAR00 NA–NA NA NANA AAQAS00 NA/NA NA NANA
100KB AT $0.80 WTI (Nov) AAQAT00 NA–NA NA NANA AAQAU00 NA/NA NA NANA
WTI (Dec) AAQAV00 NA–NA NA NANA AAQAW00 NA/NA NA NANA
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): SHELL OFFERS Spread to
100KB AT $0.80 same-month cash WTI Mid Change
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): UNIPEC WTI MEH (Oct) AAYRZ00 NA NANA AAYTA00 NA NANA
WTI MEH (Nov) AAXYD00 NA NANA AAYWA00 NA NANA
OFFERS 100KB AT $0.85 LLS (Oct) AAQBB00 NA–NA NA NANA AAQBC00 NA/NA NA NANA
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): CHEVRON LLS (Nov) AAQBD00 NA–NA NA NANA AAQBE00 NA/NA NA NANA
MARS (Oct) AAQAX00 NA–NA NA NANA AAQAY00 NA/NA NA NANA
OFFERS 100KB AT $0.85 MARS (Nov) AAQAZ00 NA–NA NA NANA AAQBA00 NA/NA NA NANA
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): MERCURIA
OFFERS 100KB AT $1.05
PLATTS BRENT DIFF: OCT10-OCT14 (DEC): ALTA OFFERS
100KB AT $0.65
AMERICAS CLOSE ($/barrel) (PGA page 210)
PLATTS BRENT DIFF: OCT10-OCT14 (DEC): TOTAL
Mid Change
OFFERS 100KB AT $0.65 Americas Dated Brent AAQBF00 NA–NA NA NANA
PLATTS BRENT DIFF: OCT10-OCT14 (DEC): TOTAL Americas Dated Brent reflects market value for Dated Brent at 2:30pm Eastern Time.
PLATTS BRENT DIFF: OCT10-OCT14 (DEC): DV TRADING
Trades: US CRUDE ASSESSMENTS SINGAPORE CLOSE ($/barrel) (PGA page 2208)
TRADES: Mid Change
NORTH SEA: PTRIN takes STASCO offer, NSEA Forties LOOP Sour (Oct) AAZDA00 87.730
+0.180
CIF bss Rotterdam 12 to M+1, Sept. 26- Sep 30 at Dtd 0.35 LOOP Sour (Nov) AAZDB00 86.950
+0.080
LLS (Oct) AAZDC00 91.580
-0.070
for 600000 “2 OCO 1 and 3” OCO [15:23:53] LLS (Nov) AAZDD00 90.950
+0.030
CASH BFOE:PLATTS CASH BFOE: NOV22: SHELL BUYS Southern Green Canyon AAZDE00 84.830
+0.180
WTI MEH (Oct) AAZDF00 91.180
+0.030
FROM MERCURIA* 100KB AT $95.62 (15:29:44) WTI MEH (Nov) AAZDG00 90.600
+0.030
PLATTS CASH BFOE: NOV22: HARTREE BUYS FROM
PETROINEOS* 100KB AT $95.56 (15:29:49)
PLATTS CASH BFOE: NOV22: GUNVOR BUYS FROM
MERCURIA* 100KB AT $95.56 (15:29:52)
CFR NORTH ASIA ASSESSMENTS SINGAPORE CLOSE ($/barrel) (PGA page 2202)
PLATTS CASH BFOE: NOV22: HARTREE BUYS FROM Mid Change
PETROINEOS* 100KB AT $95.54 (15:29:53) Dubai CFR North Asia PCAQA00 97.570
+0.590
PLATTS CASH BFOE: NOV22: SHELL BUYS FROM Oman CFR North Asia PCAQJ00 97.630
+0.590
Upper Zakum CFR North Asia PCAQB00 97.520
+0.590
PETROINEOS* 100KB AT $95.54 (15:29:56) Qatar Marine CFR North Asia PCAQC00 95.900
+0.450
PLATTS CASH BFOE: NOV22: GLENCORE BUYS FROM Murban CFR North Asia PCAQE00 98.830
+0.860
MERCURIA* 100KB AT $95.53 (15:29:57) Basrah Medium CFR North Asia BASNA00 93.750
+0.600
ESPO CFR North Asia PCAQD00 78.550
+0.510
PLATTS CASH BFOE: NOV22: HARTREE BUYS FROM Forties CFR North Asia PCAQF00 99.410
+0.610
PETROINEOS* 100KB AT $95.54 (15:29:58) Dalia CFR North Asia PCAQG00 98.250
+0.750
WTI MEH CFR North Asia PCAQH00 96.680
-0.110
LOOP Sour CFR North Asia PCAQI00 92.110
+0.020

BRENT CFDS: PLATTS BRENT DIFF: SEP26-SEP30 CANADIAN SPOT CRUDE CARGO ASSESSMENTS ($/barrel) (PGA page 230)
(NOV): MERCURIA SELLS TO DV TRADING* 100KB AT $-0.10
Hebron AHEBA00 NA NANA AHEBC00 NA NANA
(15:22:37) Terra Nova AAJUH00 NA–NA NA NANA AAJUJ00 NA/NA NA NANA
PLATTS BRENT DIFF: SEP26-SEP30 (NOV): SHELL Hibernia AAJKK00 NA–NA NA NANA AAJKM00 NA/NA NA NANA
White Rose AAVJX00 NA–NA NA NANA AAVJY00 NA/NA NA NANA
SELLS TO DV TRADING* 100KB AT $-0.15 (15:24:14) The published spreads for Canadian cargo assessments reflect the market value at which these grades are trading versus Dated Brent around loading time. The spreads
PLATTS BRENT DIFF: SEP26-SEP30 (NOV): SOCAR BUYS and fixed price assessments reflect a typical forward loading window of 33-63 days forward. For further explanation see www.platts.com.
FROM ALTA* 100KB AT $-0.15 (15:26:14) CANADIAN SPOT CRUDE ASSESSMENTS ($/barrel) (PGA page 230)
PLATTS BRENT DIFF: SEP26-SEP30 (NOV): SHELL Mid Change Spread vs Canada basis Mid Change
SELLS TO DV TRADING* 100KB AT $-0.19 (15:27:10) Lloyd Blend AALRK00 NA–NA NA NANA AALRP00 NA/NA NA NANA
Mixed Sweet AALRR00 NA–NA NA NANA AALRV00 NA/NA NA NANA
PLATTS BRENT DIFF: SEP26-SEP30 (NOV): ONYX BUYS Light Sour Blend AALRX00 NA–NA NA NANA AALSD00 NA/NA NA NANA
FROM SHELL* 100KB AT $-0.15 (15:29:13) Midale AAUCC00 NA–NA NA NANA AAUCE00 NA/NA NA NANA
Condensates AALSF00 NA–NA NA NANA AALSJ00 NA/NA NA NANA
PLATTS BRENT DIFF: SEP26-SEP30 (NOV): BP SELLS TO Syncrude Sweet Prem. AASOK00 NA–NA NA NANA AASOM00 NA/NA NA NANA
ONYX* 100KB AT $-0.19 (15:29:36) WCS Hardisty AAPPN00 NA–NA NA NANA AAPPP00 NA/NA NA NANA
PLATTS BRENT DIFF: SEP26-SEP30 (NOV): SHELL Cold Lake Hardisty AASZX00 NA–NA NA NANA AASZZ00 NA/NA NA NANA
WTI CMA (1st mo) AAVSN00 NA NANA
SELLS TO ONYX* 100KB AT $-0.19 (15:29:57)
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): TOTAL SELLS
LATIN AMERICAN ASSESSMENTS ($/barrel) (PGA page 280)
Diff to Diff to Futures Diff to Dated
TO ONYX* 100KB AT $0.80 (15:24:29) Mid Change WTI strip Brent strip Brent strip
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): TOTAL SELLS Escalante PCAGC00 NA–NA NA NANA PCAGO00 NA AAXBS00 NA AAXAX00 NA
Medanito AMTOA00 NA NANA AMTOC00 NA AMTOB00 NA AMTOD00 NA
TO DV TRADING* 100KB AT $0.80 (15:24:29) Santa Barbara AAITD00 NA–NA NA NANA AAITJ00 NA AAXBU00 NA AAXAZ00 NA
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): TOTAL SELLS Loreto PCAGH00 NA–NA NA NANA PCAGQ00 NA AAXBV00 NA AAXBG00 NA
TO EQUINOR* 100KB AT $0.80 (15:24:31) Oriente PCADE00 NA–NA NA NANA PCAGU00 NA AAXBW00 NA AAXBH00 NA
Napo AAMCA00 NA–NA NA NANA AAMCD00 NA AAXBX00 NA AAXBI00 NA
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): ALTA SELLS TO Tupi ATUPA00 NA NANA ATUPC00 NA ATUPB00 NA ATUPD00 NA
DV TRADING* 100KB AT $0.75 (15:26:04) Marlim AAITF00 NA–NA NA NANA AAITL00 NA AAXBY00 NA AAXBJ00 NA
Castilla Blend AAVEQ00 NA–NA NA NANA AAVEQ01 NA AAXBZ00 NA AAXBK00 NA
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): SUNCOR BUYS Vasconia PCAGI00 NA–NA NA NANA PCAGR00 NA AAXCB00 NA AAXBN00 NA
FROM SHELL* 100KB AT $0.75 (15:26:43) Mesa 30 AAITB00 NA–NA NA NANA AAITH00 NA AAXCC00 NA AAXBO00 NA
Liza ALIZA00 NA NANA ALIZD00 NA ALIZC00 NA ALIZB00 NA
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): DV TRADING
Latin America WTI strip AAXBP00 NA
BUYS FROM TOTAL* 100KB AT $0.75 (15:29:30) Latin America Futures Brent strip AAXBQ00 NA
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): BP BUYS FROM Latin America Dated Brent strip AAXBR00 NA
TOTAL* 100KB AT $0.75 (15:29:45) LATIN AMERICA MARKET PARITY PRICES ($/barrel) (PGA page 270)
This assessment commentary applies to the Mid Change
following market data codes: Dated Brent <PCAAS00> Maya AAYMP00 NA NANA
Merey 16 AMERA00 NA NANA
CFD Week 1 <PCAKA00> CFD Week 2 <PCAKC00>
Brent Mo01 <PCAAQ00> CFD Week 3 <PCAKE00> Brent PLATTS EURO-DENOMINATED ASSESSMENTS (€/barrel) (PGA page 1252)
Mid Change
Mo02 <PCAAR00> CFD Week 4 <PCAKG00> Brent
Mo03 <PCARR00> CFD Week 5 <AAGLU00> CFD Week European crude oil benchmarks
Dated Brent AAPYR00 95.530–95.540 95.535
+1.615
6 <AAGLV00> CFD Week 7 <AALCZ00> CFD Week 8 Dated Brent (CIF) PCAKN00 96.780
+1.398
<AALDA00> Urals (Mediterranean) AAPYS00 75.210–75.240 75.225
+1.560
US crude oil benchmarks
WTI (Oct) AAPYT00 NA–NA NA NANA
WTI MEH (Oct) AAYSA00 NA NANA
Mars (Oct) AAPYU00 NA–NA NA NANA
Euro/US$ forex rate: 0.9921. Platts Euro denominated crude oil assessments are based on market values and a Euro/US$ forex rate at 4:30 PM local London time.

Platts WTI Midland Crude DAP Europe RUBLE-DENOMINATED RUSSIAN ASSESSMENTS (Rb/barrel) (PGA page 1224)
Mid Change
Assessment Rationale & Exclusions
WTI Crude DAP Europe <AWTIC00> assessment rationale: Russian crude oil benchmarks
Urals FOB Novorossiysk AAUJP00 4423.840–4425.670 4424.755 +81.205
WTI Midland DAP Rotterdam was assessed unchanged Urals FOB Baltic AAUJQ00 4412.200–4413.420 4412.810 +79.595
across Sept. 15 to Nov. 5 with a flat structure rolled over Urals FOB Novorossiysk 80kt AAUJR00 4412.200–4414.040 4413.120 +99.360
Urals CIF Mediterranean AAUJS00 4570.850–4572.690 4571.770 +80.780
back-end dates amid steady fundamentals and in the
Urals CIF Rotterdam AAUJT00 4552.470–4554.310 4553.390 +80.640
absence of indications testing the Sept. 2 assessment. US$/Ruble forex rate: 61.2550. Platts Ruble denominated crude oil assessments are based on market values and a US$/Ruble forex rate at 4:30 PM local London time.
No bids, offers or trades were seen in the Platts Market on
Close assessment process. PLATTS CAD-DENOMINATED CANADA SPOT CRUDE ASSESSMENTS (C$/cu m) (PGA page 232)
WTI Crude DAP Augusta <AWTIA00> assessment Mid Change
rationale: WTI Midland DAP Augusta was assessed Lloyd Blend AALRM00 NA–NA NA NANA
Mixed Sweet AALRT00 NA–NA NA NANA
unchanged across Sept. 15 to Nov. 5 with a flat structure Light Sour Blend AALRZ00 NA–NA NA NANA
rolled over back-end dates amid steady fundamentals and in Midale AAUCD00 NA–NA NA NANA
Condensates AALSH00 NA–NA NA NANA
the absence of indications testing the Sept. 2 assessment.
Syncrude Sweet AASOL00 NA–NA NA NANA
No bids, offers or trades were seen in the MOC. WCS Hardisty AAPPO00 NA–NA NA NANA
Exclusions: None Cold Lake Hardisty AASZY00 NA–NA NA NANA
DAILY US$ VS EURO EXCHANGE RATE (PGA page 1151)

Platts WTI Midland Crude DAP Europe Bids, Mid Change
Offers, Trades September 5, 2022 AAFCW00 0.9921 -0.011
Bids: None
Offers: None ASIA CLOSE BRENT AND WTI SPOT ASSESSMENTS ($/barrel) (PGA page 2210)
Trades: None Mid Change
Brent (Nov) PCAJG00 95.59–95.63 95.610 +0.480
This assessment commentary applies to the following Brent (Dec) PCAJI00 94.17–94.21 94.190 +0.320
market data codes: WTI Midland DAP basis Rotterdam Brent (Jan) PCAJ000 92.810 +0.220
<AWTIC00> WTI Midland DAP basis Rotterdam vs Fwd WTI (Oct) AAFFU00 89.06–89.10 89.080 -0.070
WTI (Nov) AAFFW00 88.63–88.67 88.650 -0.020
Dated Brent <AWTID00> WTI Midland DAP basis Augusta WTI (Dec) AAFFY00 87.97–88.01 87.990 +0.040
<AWTIA00> WTI Midland DAP basis Augusta vs Fwd Dated
Brent <AWTIB00>
OMAN OSPS AND DERIVATIVES ($/barrel) (PGA pages 2658 & 2210)
Mid Change
Platts Mediterranean & Black Sea Sweet Oman/Dubai Swap (Oct) AAIHJ00 0.05/0.09 0.070 0.000
Crude Daily Commentary Oman/Dubai Swap (Nov) AAIHL00 0.05/0.09 0.070 0.000
Oman/Dubai Swap (Dec) AAIHN00 0.05/0.09 0.070 0.000
■ CPC Blend loadings at lowest level since Oct Oman Swap (Oct) AAHZP00 91.87–91.91 91.890 +0.680
Oman Swap (Nov) AAHZR00 89.43–89.47 89.450 +0.510
2018 in Sept Oman Swap (Dec) AAHZT00 87.54–87.58 87.560 +0.260
■ Sonatrach slashes Sept Saharan Blend OSP by $1.70/b
The Mediterranean sweet complex was dominated Sept. DAILY OPEC BASKET PRICE ($/barrel) (PGA page 207)
5 by the drastic revision in the CPC Blend programs for Mid Change
September 2, 2022 AAEUQ00 99.220 +0.950

September revealing the lowest volume to be loaded in FUTURES SETTLEMENTS

Settlement Change Low High Volume* Open interest PNT****
almost six years.
NYMEX Light Sweet crude ($/barrel) (PGA page 705)
Some 4 million mt of Kazakhstan’s naphtha-rich CPC
Oct 22 NMCL001 NA NA NA NA 254043 205485
Blend crude will load in September, down from a preliminary Nov 22 NMCL002 NA NA NA NA 70666 147835
5.03 million mt, according to a copy of the program seen by Dec 22 NMCL003 NA NA NA NA 85586 199914
S&P Global Commodity Insights Sept. 5. Jan 23 NMCL004 NA NA NA NA 32562 76136
Some 33 cargoes — 23 Suezmaxes and 10 Aframaxes — Total NMCL000 622813 XNCLP00 6552
will load, down from the 47 cargoes loaded in the August. ICE Brent ($/barrel) (PGA page 704)
Nov 22 ICLL001 95.74 +2.72 93.02 96.99 169239 385625
Seven more Suezmaxes and 23 fewer Aframaxes are set to
Dec 22 ICLL002 94.40 +2.59 91.77 95.54 131774 322832
load, compared with the provisional schedule. Jan 23 ICLL003 93.07 +2.41 90.77 94.13 57666 147525
That came with two single point moorings being out of Feb 23 ICLL004 91.77 +2.25 89.62 92.73 30400 87023
action following the discovery of cracks. Total ICLL000 491165 XILLP00 17676
Furthermore, Kazakh upstream production has been ICE WTI ($/barrel) (PGA page 704)
Oct 22 ICIC001 88.89 +2.02 87.60 89.97 9866 48827
limited due to maintenance at one plant at the Tengiz field,
Nov 22 ICIC002 88.33 +1.85 87.00 89.30 14233 105213
the country’s highest crude oil source, as well as ongoing Dec 22 ICIC003 87.55 +1.65 86.86 88.35 4997 22091
investigation of a gas leak at facilities linked to the second- Jan 23 ICIC004 86.67 +1.48 85.85 87.40 2496 8791
highest producing field, Kashagan. Total ICIC000 48374 XIICP00 2603
Using a conversion factor of 7.8 barrels/mt, loadings are ICE BWAVE ($/barrel) (PGA page 704)
BWAVE data refer to previous day.
set to average 1.04 million b/d in September, down from 1.26
Nov 22 XIBW001 93.34
million b/d in August and 1.34 million b/d in the provisional Dec 22 XIBW002 92.11
program. DME Oman crude ($/barrel)** (PGA pages 702 & 2710)
There has been uncertainty around CPC loadings Nov 22 XDOA001 95.43 +0.76 3286
throughout 2022. Loadings were halted for several days in Nov 22 DMOQ001 NA NA NA NA 2627 746
March and then resumed at reduced levels for the best part Dec 22 DMOQ002 NA NA NA NA 1622 7
Jan 23 DMOQ003 NA NA NA NA 1622 0
of a month to allow repairs following storms in the Black Feb 23 DMOQ004 NA NA NA NA 0 0
Sea, with the latest defects also attributed to the same Total Volume DMOQ000 2588 XDOQP00 0
storm damage. IFAD Murban crude ($/barrel) (PGA page 703)
Work to survey the seabed for World War II munitions Nov 22 AMIFA00 96.780
also caused a reduction in capacity in June, and a July Murban vs Dubai*** AMIFB00 7.400
court order relating to an earlier oil spill briefly threatened NYMEX ULSD ($/gal) (PGA page 705)
to halt loadings. Oct 22 NMHO001 NA NA NA NA 40935 74883
Nov 22 NMHO002 NA NA NA NA 29600 35367
CPC has said the repairs needed to the buoyancy tanks Dec 22 NMHO003 NA NA NA NA 22915 39315
will take around a month once a contractor has been found Jan 23 NMHO004 NA NA NA NA 10818 20996
and all conditions are in place, including suitable weather. Total NMHO000 134865 XNHOP00 3291
Selection of a contractor is “practically complete,” CPC said. NYMEX RBOB unleaded gasoline ($/gal) (PGA page 705)
Oct 22 NMRB001 NA NA NA NA 34585 78329
In the rest of the Mediterranean complex, levels were
Nov 22 NMRB002 NA NA NA NA 30896 53303
heard to be higher for Azeri Light as length reduced across Dec 22 NMRB003 NA NA NA NA 20859 50327
the region. Levels were heard to be as high as Dated Brent Jan 23 NMRB004 NA NA NA NA 8004 16661
plus $6/b for the Azerbaijani grade as refiners continue Total Volume NMRB000 105481 XNRBP00 5693

to focus on distillate production despite softer total net FUTURES SETTLEMENTS

Settlement Change Low High Volume* Open interest PNT****
margins.
NYMEX Natural Gas ($/MMBtu) (PGA page 705)
Elsewhere, Algerian state energy group Sonatrach Oct 22 NMNG001 NA NA NA NA 98699 116331
set the official selling price for Saharan Blend crude in Nov 22 NMNG002 NA NA NA NA 31501 128011
September at $2.90/b, $1.70/b lower than in August, amid Dec 22 NMNG003 NA NA NA NA 17882 69670
Jan 23 NMNG004 NA NA NA NA 24052 87122
declining refinery margins and an influx of cheap WTI into
Total Volume NMNG000 245672 XNNGP00 21578
the region. ICE low sulfur gasoil ($/mt) (PGA page 704)
Sep 22 ICLO001 1142.00 +50.75 1104.00 1152.00 26593 56331
Oct 22 ICLO002 1102.75 +43.50 1068.00 1114.50 51657 110300
Platts NWE and Med Urals Sour Crude Daily Nov 22 ICLO003 1063.50 +41.25 1033.00 1075.25 25492 61160
Market Analysis Dec 22 ICLO004 1020.75 +38.50 999.00 1032.25 28648 73928
Total Volume ICLO000 165980 XILOP00 4617
■ OPEC+ to cut October output quotas 100,000 b/d *Volume, open interest and PNT reflect prior trading day. PNT reflect volume for Privately Negotiated Trades or off-exchange. **Oman settlements are Post Close
settlements. ***IFAD Murban spread to 1st Line (Nov 22) Platts Dubai crude futures. ****Privately Negotiated Trade values found on PGA page 710
■ India to continue buying Urals: energy minister
Sour crude markets saw support Sept. 5 from the
OPEC+ decision to cut output quotas 100,000 b/d from
October to put a floor under prices. FUTURES AT PLATTS’ MARKET ON CLOSE ($/barrel) (PGA page 703)
The decision, made in yet another brief meeting with no Singapore* London* Houston* Singapore* London* Houston*
extended debate, will return the alliance’s quotas to August ICE Brent NYMEX WTI
Nov XILLA01 95.52 AAYES00 95.51 AAQBG00 NA M1 XNCLA01 89.08 AASCR00 89.20 NYCRM01 NA
levels, when OPEC’s 13 members targeted 26.689 million
Dec XILLA02 94.07 AAYET00 94.25 AAQBH00 NA M2 XNCLA02 88.65 AASCS00 88.81 NYCRM02 NA
b/d of production, while Russia and eight other partners Jan AAXZY00 92.96 AAXZZ00 NA M3 NYCRM03 NA
committed to 15.414 million b/d, for a combined ceiling of Feb AAYAM00 91.69 AAYAL00 NA M4 NYCRM04 NA
*Singapore and London MOC close at precisely 16:30 local time while Houston
42.103 million b/d. Oman
MOC closes at precisely 13:30 local time. MOC times are usually earlier on the day
Nov XDOA001 95.43 preceding major local holidays.
Volume XDOAV01 3286
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REPORTED SPOT CASH TRANSACTIONS (PGA page 3)

Trans. Date Cargo / Cargo Load CFD Roll Crude Grade(s) Reported Outright / Basis Barrels Seller Buyer
Spread Dates Range / Week Status Diff. Price
CFD Week ($/barrel)
Platts Asia
9/5/2022 October Bunga Orkid Heard 6.00 Dated Brent 300000 PV Oil End user
9/5/2022 November Dubai Partial Done 95.34 25000 Reliance Gunvor
9/5/2022 November Dubai Partial Done 95.3 25000 EXTAP Koch
9/5/2022 November Dubai Partial Done 95.3 25000 EXTAP Vitol
9/5/2022 November Dubai Partial Done 95.3 25000 EXTAP Gunvor
Platts EMEA
09/5/2022 September 26 30 Brent CFD Done -0.1 Cash BFOE Nov 100000 Mercuria DV Trading
09/5/2022 September 26 30 Brent CFD Done -0.19 Cash BFOE Nov 100000 BP Onyx
09/5/2022 October 3 7 Brent CFD Done 0.75 Cash BFOE Dec 100000 TotalEnergies DV Trading
09/5/2022 September 26 30 Brent CFD Done -0.15 Cash BFOE Nov 100000 Shell Onyx
09/5/2022 September 26 30 Brent CFD Done -0.15 Cash BFOE Nov 100000 Alta Socar
09/5/2022 October 3 7 Brent CFD Done 0.8 Cash BFOE Dec 100000 TotalEnergies Equinor
09/5/2022 September 26 30 Brent CFD Done -0.19 Cash BFOE Nov 100000 Shell Onyx
09/5/2022 September 26 30 Brent CFD Done -0.15 Cash BFOE Nov 100000 Shell DV Trading
09/5/2022 October 3 7 Brent CFD Done 0.8 Cash BFOE Dec 100000 TotalEnergies Onyx
09/5/2022 October 3 7 Brent CFD Done 0.75 Cash BFOE Dec 100000 Alta DV Trading
09/5/2022 October 3 7 Brent CFD Done 0.75 Cash BFOE Dec 100000 Shell Suncor
09/5/2022 October 3 7 Brent CFD Done 0.8 Cash BFOE Dec 100000 TotalEnergies DV Trading
09/5/2022 September 26 30 Brent CFD Done -0.19 Cash BFOE Nov 100000 Shell DV Trading
09/5/2022 October 3 7 Brent CFD Done 0.75 Cash BFOE Dec 100000 TotalEnergies BP
09/5/2022 November Cash BFOE Done 95.62 100000 Mercuria Shell
09/5/2022 November Cash BFOE Done 95.54 100000 PetroIneos Hartree
09/5/2022 November Cash BFOE Done 95.54 100000 PetroIneos Shell
09/5/2022 November Cash BFOE Done 95.53 100000 Mercuria Glencore
09/5/2022 November Cash BFOE Done 95.56 100000 Mercuria Gunvor
09/05/2022 September 26 30 Forties Done 0.35 Dated Brent 600000 Shell PetroIneos
Please note that all deals that are stated as “Done” were reported and published through the Platts Market on Close assessment process. Deals that are stated as “Reported” were not reported through the MOC, and may reflect transactions that were reported
before or after the MOC process. Platts seeks to confirm non-MOC information to the fullest extent possible prior to publication.
In practice, however, with the bulk of OPEC+ countries India’s crude imports from Russia have ballooned to 1 Total exports reached 3.666 million b/d, up from 3.561
already struggling to reach their quotas, not much supply million b/d from around 40,000 b/d since Russia’s invasion million b/d in July, according to oil ministry figures and
will be lost. of Ukraine, with local refiners taking advantage of heavily calculations by S&P Global Commodity Insights on data in
Meanwhile, India will continue to make decisions discounted Urals crude values. shipping reports from Turkey’s Ceyhan terminal issued by
on buying energy based on its “own interests” to avoid Market participants were also unconvinced about the Turkish agents. Kurdish oil exports from Ceyhan rose 9.2%
disruption to its supply, energy minister Hardeep Singh G7’s proposed price cap on Russian crude and oil products. to 380,000 b/d in August.
Puri said. Analysts at Dutch investment bank ING were skeptical about
Speaking at the Gastech conference in Milan, Puri how the price cap can be implemented, not least given “there Platts EMEA Urals and Med Brent Crude Daily
said it was the responsibility of a democratically elected is no guarantee that” China and India would participate. Rationales & Exclusions
government to ensure its people were looked after. Elsewhere in the sour complex, Iraq’s oil exports, Urals CIF Augusta differential <AAGXX00> assessment
“A country like India will ultimately stand by its including volumes from the semi-autonomous Kurdistan rationale: Urals CIF Augusta was assessed 30 cents/b lower.
population. We cannot afford to have a situation where region, rose 0.4% month on month in August amid the There were no bids or offers in the Platts Market on Close
energy is not available,” he said. country’s higher OPEC+ quota. assessment process. Traders said Urals cargoes were being

traded delivered into India equating to Dated Brent minus One Pazflor stem loading Oct. 30-31 was heard offered
Platts EMEA Urals & Med Brent Crude Bids,
$22/b on a CIF Rotterdam basis. Traders said the premium at a $50 cents/b discount to Dated Brent, attracting little
for Urals Mediterranean cargoes over Baltic cargoes
Offers, Trades interest, a second trader added.
remained around 30 cents/b. Bids: None There was flurry of public activity on the day, with
Urals CIF Med <PCACE00> assessment rationale: Offers: None Equinor offering a Girassol stem loading Oct. 4-5 at a
The Urals CIF Mediterranean assessment reflected the Trades: None $2.85/b premium to Dated Brent.
value of the Mediterranean Dated Brent Strip (AALDF00) This assessment commentary applies to the following The other Girassol in the October program, loading Oct.
plus the Urals CIF Augusta differential assessment market data codes: Urals CIF Med <PCACE00>> Urals 21-22 and lifted by Sonangol is also still available, traders
(AAGXX00). CIF Rdam <PCAFW00> ESPO FOB Kozmino Mo01 London said. The cargo was last heard offered comfortably above a
Urals RCMB (Recombined) <AALIN00> assessment <AARWD00> CPC CIF Augusta Diff <AAHPL00> $5/b premium to Dated Brent.
rationale: Urals CIF Rotterdam was assessed 30 cents/b Elsewhere, BP offered a Saxi cargo loading Sept. 28-29
lower. There were no bids or offers in the Platts MOC. at 95 cents/b above Dated Brent and Unipec offered an
Platts West African Crude Daily Commentary
Traders said Urals cargoes were being traded delivered Olombendo stem loading Oct. 3-4 at a $4.65/b premium. No
into India equating to Dated Brent minus $22/b on a CIF ■ India’s IOC takes Angolan Nemba, Nigerian Agbami public trades were reported.
Rotterdam basis. Traders said the premium for Urals ■ Angolan crudes struggle with slow Asian demand
Mediterranean cargoes over Baltic cargoes remained Platts West African Crude Daily Rationale &
around 30 cents/b. Trade in West African crudes remained slow across the Exclusions
Urals CIF Rdam <PCAFW00> assessment rationale: market Sept. 5, as differentials proved too high for many The four crudes in the Nigerian basket were assessed
Urals CIF Rotterdam was assessed 30 cents/b lower. buyers which instead opted for competing grades. unchanged. Nigerian differentials moved sideways as the
There were no bids or offers in the MOC. Traders There was scattered interest from Indian refineries market remained locked in a standoff over value. Sellers
said Urals cargoes were being traded delivered into that chipped away at unsold barrels while Angolan crudes were slow to respond to softer differentials expected
India equating to Dated Brent minus $22/b on a CIF grappled with particularly weak Chinese demand. by European refineries as tenders from Asian buyers
Rotterdam basis. Traders said the premium for Urals Indian Oil Corp. took around 2 million barrels of WAF hung over the market. Values in crudes such as Qua Iboe
Mediterranean cargoes over Baltic cargoes remained crude in a tender closing Sept. 2, according to traders. This were judged to be over $1/b from a competitive level on
around 30 cents/b. included a Nigerian Agbami and Angolan Nemba stem, both European arbitrages.
Med Dated Brent Strip 13-28 Day <AALDF00> assessment supplied by Chevron. Qua Iboe FOB Nigeria <PCAID00>
rationale: The Mediterranean Dated Brent Strip reflected In Angola, sellers struggled with especially slow Bonny Light FOB Nigeria London <PCAIC00>
the value of Forward Dated Brent 13-28 days ahead of the demand from major Chinese buyers. This had been recently Forcados FOB Nigeria <PCABC00>
day of publication. Forward Dated Brent is assessed as interpreted in a variety of ways by traders, with some Bonga FOB Nigeria <PCNGC00>
a function of Platts assessments of second-month Cash viewing it as a sign of pent up demand, while others saw a Exclusions:
BFOE (PCAAR00) and BFOE CFD differentials (PCAKA00, bearish outlook.
PCAKC00, PCAKE00, PCAKG00, AAGLU00, AAGLV00, Chinese majors can easily arbitrage South American
Platts West African Crude Bids, Offers, Trades
AALCZ00). or Middle Eastern barrels on a much more competitive
CPC Blend CIF Augusta vs BTC Dtd Strip <AAHPL00> basis than where many Angolan grades are currently being Bids: None
assessment rationale: CPC Blend was assessed 50 cents/b offered, one Angolan trader said. Offers: Equinor offers 1000kb +/-5% BO, FOB Girassol,
higher. There were no bids, offers or trades in the MOC. Grades such as Dalia and Pazflor, which had loading 04-05 October at dtd +2.85 $/bbl, pxg 5 after B/L,
Traders said September loading cargoes were trading at occasionally traded at premiums to Dated Brent earlier in payment 30 after B/L, Statoil 2011 GTCs
around Dated Brent minus $1.50/b. the cycle, were considered comfortably at a discount by Trades: None
Exclusions: None traders. This assessment commentary applies to the following
market data code: WAF Index <AWAFB00> The WAF Index is

calculated using the following market data codes: Qua Iboe Platts seeks feedback on inclusion of Pin Oak Corpus Platts first proposed the discontinuation in a subscriber
FOB Nigeria <PCAID00> Bonny Light FOB Nigeria London Christi Terminal in Dated Brent assessment process note published May 23, 2022: http://plts.co/8VTw30skzrC .
<PCAIC00> Forcados FOB Nigeria <PCABC00> Bonga FOB Platts understands the production levels for Handil Mix
Nigeria <PCNGC00> Platts, part of S&P Global Commodity Insights, proposes and Gippsland crudes have dwindled over the years with
including Pin Oak Corpus Christi Terminal as a loading limited to no spot trading observed by market participants.
terminal for WTI Midland crude oil in its Dated Brent and Handil Mix typically has an API gravity of around 39.50
SUBSCRIBER NOTES Cash BFOE Market on Close assessment process from with 0.06% sulfur, while Gippsland typically has an API
June 2023. gravity of around 55.40 with 0.04% sulfur.
Platts corrects Sept. 5 FOB Scapa Flow WTI Midland Platts’ recent decision to include WTI Midland into the For Handil Mix, Platts currently assesses the Indonesian
assessment Brent complex, and clarification of the review process by crude grade as a differential to Asian Dated Brent and a
which loading terminals are included in the assessment differential to Indonesia’s Crude Price (ICP), both at Asia
Please note that Platts, part of S&P Global Commodity process, can be found here. MOC close. It is also assessed on an outright basis at Asia
Insights, has corrected the following values of its FOB Upon successful review and meeting Platts criteria, MOC close and at London close.
Scapa Flow WTI Midland crude cargo assessment Sept. 5. sellers would be able to nominate WTI Midland meeting Handil Mix, which is produced in Offshore Mahakam
The assessment should read as follows: Platts specification loaded from Pin Oak Corpus Christi Block, has a production volume of around 12,040 barrels/
AWTIE00 WTI Midland FOB Scapa Flow $/Bbl - $96.235/b Terminal for inclusion into the Dated Brent/Cash BFOE day in 2020, according to operator PT Pertamina Hulu
AWTIF00 WTI Midland FOB Scapa Flow vs Fwd Dated assessment process. Mahakam (PHM) in its annual report.
Brent $/Bbl - $0.935/b The terminal, located in Corpus Christi, Texas, is wholly The assessments for Handil Mix are published on Platts
These assessments appear in Crude Oil Marketwire and owned by Pin Oak Group, LLC. It handles crude oil and Global Alert pages 2214, 2215, 2244, 2245, 2264 and 2265.
on Platts Global Alert and Platts Crude Alert pages 1210, 1212 petroleum products. The terminal has two docks, including For Gippsland, Platts assesses the Australian crude
and 1238. one that can fit up to a Suezmax size vessel and has a as a differential to Asian Dated Brent at Asia MOC close.
storage capacity of 5.1 million barrels, 2.9 million barrels of Gippsland is also assessed on an outright basis at Asia MOC
No Americas oil assessments to be published which is for crude oil storage. close and at London close.
Sept. 5 Please send all feedback to PriceGroup@spglobal.com Crude production in the Gippsland/Bass Straits basin,
and Europe_Crude@spglobal.com by Sept. 30. For written where Gippsland crude is produced, was equivalent to
Platts, a part of S&P Global Commodity Insights, will not comments, please provide a clear indication if they are not around 26,000 barrels/day in the Australian financial year
publish Americas oil and petroleum products assessments intended for publication by Platts for public viewing. 2019/2020, which commenced from July 1, 2019 to June 30,
on Monday, Sept. 5, due to the US Labor Day holiday. Platts will consider all comments received and will make 2020, according to Australian Petroleum Statistics.
Normal publishing schedules will resume Tuesday, those not marked as confidential available upon request. The assessments for Gippsland crude are published on
Sept. 6. Platts Global Alert pages 2214, 2215, 2240, 2241, 2260, 2261
For details of the Platts publishing schedule and Platts to discontinue Indonesia’s Handil Mix, Australia’s and 1805.
services affected, please refer to https://www.spglobal. Gippsland crude assessments from Jan 1, 2023 Both Handil Mix and Gippsland crude assessments
com/commodityinsights/en/our-methodology/holiday . are also published on Crude Oil Marketwire, Oilgram Price
For any questions or comments, please contact Platts, part of S&P Global Commodity Insights, will Report, Asia Pacific Arab Gulf Marketscan and OPR Price
support@spglobal.com. discontinue publication of Indonesia’s Handil Mix and Average Supplement.
Australia’s Gippsland crude assessments with effect from
January 1, 2023.

The proposed discontinuation will affect these symbols: Register below for your opportunity to join the Platts opens consultation on European crude oil
discussion: https://events.spglobal.com/d/b9qp52/ assessments that reflect Russian crude, exports
Handil Mix Gippsland
Platts is a part of S&P Global Commodity Insights. from Russian ports
Daily diff to ADB AAPBI00 AAPAU00
Monthly diff to ADB AAPBI03 AAPAU03
Daily diff to ICP PCABF00 - Platts to discontinue publishing assessments for Platts, part of S&P Global Commodity Insights, is opening
Monthly diff to ICP PCABF03 - Eugene Island crude oil a consultation on its European oil assessments that reflect
Daily outright Asia close PCABE00 PCACP00
Weekly outright Asia close - PCACP10 the spot value of Russian crude and crude exports from
Monthly outright Asia close AAFZF00 AAFZL00 Platts, a part of S&P Global Commodity Insights, will Russian ports.
Daily outright London close AAPBH00 AAPAT00
discontinue publishing assessments for Eugene Island The assessed grades include Urals loading from the
Monthly outright London close AAPBH03 AAPAT03
crude oil as both an outright value and as a differential to Russian ports of Primorsk and Ust-Luga in the Baltic Sea;
Please send all comments and queries to WTI, effective Nov. 1, 2022. CPC Blend, Siberian Light, and Urals, all of which can load
asia_crude@spglobal.com and pricegroup@spglobal.com. This comes after Platts proposed to discontinue the from the port of Novorossiisk in the Black Sea and Eastern
For written comments, please provide a clear indication assessments on July 20, 2022. Siberian Pacific Oil (ESPO) loading from Kozmino.
if comments are not intended for publication by Platts for Platts is discontinuing the assessments due to waning Platts understands that EU sanctions (Council
public viewing. market activity for the grade over the years, according to Decision CFSP 2022/884 published June 3) will impact the
Platts will consider all comments received and will market sources. Platts has assessed Eugene Island as part merchantability of these grades in European markets to
make comments not marked as confidential available upon of its suite of Gulf of Mexico crude assessments since July various degrees.
request. 2012. The sanctions package imposes a complete import
The discontinuation affects the following codes: ban on all seaborne Russian crude oil to the EU from Dec.
Platts to hold US North Sea Crude Technical Eugene Island, PCAFC00 5, 2022, with spot market transactions and execution of
Workshop Sept. 15 Eugene Island Monthly Average, PCAFC03 existing contracts to be permitted for six months until then.
Eugene Island Pipeline Average, AAFCJ00 It will also impose a ban on EU operators insuring and
From June 2023 cargoes onwards, the Brent complex, Eugene Island vs 1st Line WTI, AAGWD00 financing the shipping of oil from Russia to third countries.
including cash BFOE forwards and the Dated Brent Eugene Island vs 1st Line WTI Monthly Average, The sanctions package includes a provision (Council
benchmark itself, will include WTI Midland. AAGWE00 Decision CFSP 2022/884 section 13) in compliance with the
To discuss the latest updates and preparing for this Eugene Island vs 1st Line WTI Pipeline Average, principle of the freedom of transit.
major change, Platts is holding a North Sea Technical AAGWE02 The section states that the prohibitions should not apply
workshop. This event, to be held Sept. 15, 2022, will review The prices appear on Platts Global Alert and Platts to crude oil where Russia is the exporter of record but the
the current performance of Dated Brent and related Crude Alert pages 214, 215, 216, and in Crude Oil Marketwire, origin of the crude is identified as a third state.
markets, highlighting trends and liquidity, as well as North American Crude and Products Scan, Oilgram Price Platts understands that the presence of Russian-origin
address the ongoing discussion around BFOE contract Report and the OPR Price Average Supplement. material in the predominantly Kazakh CPC Blend stream,
terms and terminal reviews. Please send any feedback or questions and Kazakh-origin material in the predominantly Russian
During this workshop we will cover the following topics: to Americas_crude@spglobal.com and Urals stream loading from Novorossiisk may also impact
■ Background on the Dated Brent benchmark pricegroup@spglobal.com. trading activity in those markets before and after the
■ Performance of Dated Brent in 2022’s volatile market For written comments, please provide a clear indication sanctions take effect.
■ Update on terminal acceptance criteria and reviews if comments are not intended for publication by Platts for Platts is therefore seeking feedback on the current
■ Cash BFOE terms discussion public viewing. Platts will consider all comments received methodology for its CPC Blend, ESPO, Siberian Light, and
This online workshop is a good opportunity for you to and will make comments not marked as confidential Urals spot assessments in the context of this trading
discover more on the addition of WTI Midland to Dated available to the public upon request. environment in Europe.
Brent, and interact with Platts editors.

UNCM001 Urals NWE CFD Mo1

It is also seeking feedback on the spot market for UNCM002 Urals NWE CFD Mo2
underpinned by strong oil demand growth in countries such
Kazakh origin Urals cargoes. UNCM003 Urals NWE CFD Mo3 as China and India.
While CPC Blend, Siberian Light, and Urals cargoes AAMDU00 Urals Med CFD Mo1 The change is applied to all crude partials and spreads
AAMEA00 Urals Med CFD Mo2
typically trade on a cost, insurance and freight (CIF) basis UMCM003 Urals Med CFD Mo3 in the Middle East MOC assessment process for Dubai,
referencing cargo loading dates, Platts is seeking feedback Oman, Upper Zakum, Al Shaheen, and Murban crudes. The
on whether trading behavior is shifting towards trading on a These assessments appear on Platts Global Alert and five grades are physically deliverable into the benchmark
free on board (FOB) basis given the sanctions in Europe. Platts Crude Alert pages 1210, 1220, 1221, 1224, 1617; in Crude Platts Dubai crude contract.
In markets where no sanctions have been applied to Oil Marketwire and Oilgram Price Report; as well as in the Platts last reduced repeat order timing in the Dubai MOC
imports of Russian crude oil and in which observable spot Platts price database under the codes above. to 15 seconds from 60 seconds in November 2015.
market activity is ongoing, Platts will continue to publish its Please send all feedback, comments or questions The change does not affect the increment guidelines,
assessments of these flows as part of its commitment to by July 15 to europe_crude@spglobal.com and which allows market participants to improve their bid or
pricing transparency. pricegroup@spglobal.com. offer by up to 5 cents/b every 5 seconds.
Further guidance on sanctions and embargoed material For written comments, please provide a clear indication The Middle East sour crude MOC is facilitated by
in Platts price assessment processes can be found here: if comments are not intended for publication by Platts for Platts Editorial Window or eWindow, an online data-entry
https://www.spglobal.com/commodityinsights/en/ public viewing. and communications tool, which brings greater speed,
our-methodology/subscriber-notes/030222-further- Platts will consider all comments received and will transparency and efficiency to the price assessment
guidance-on-sanctions-embargoed-material-in-s-p-global- make comments not marked as confidential available upon processes.
commodity-insights-platts-price-assessment-processes request. For more information on Platts Middle East crude
This consultation relates to the following Platts benchmarks and how they are assessed, please visit:
assessments: Platts reduces repeat order timing for partials in https://www.spglobal.com/platts/plattscontent/_assets/_
Code Assessment Name Asia crude oil MOC files/en/our-methodology/methodology-specifications/
PCAFW00 Urals Rotterdam (CIF) apag-crude-methodology.pdf
AAGXJ00 Urals Rotterdam vs Med Dated Brent Strip (CIF)
AAWVH00 Urals ex-Primorsk Platts, part of S&P Global Commodity Insights, has Please send any feedback or questions to
AAWVI00 Urals ex-Primorsk vs Med Dated Brent Strip shortened the time allowed for participants to repeat a bid asia_crude@spglobal.com and pricegroup@spglobal.com.
AAGZT00 Urals ex-Baltic
AAHPI00 Urals ex-Baltic vs Med Dated Brent Strip
or offer, following a trade, in the Middle East sour crude For written comments, please provide a clear indication
PCACE00 Urals Augusta (CIF) partials Market On Close assessment process with effect if comments are not intended for publication by Platts for
AAGXX00 Urals Augusta vs Med Dated Brent Strip (CIF) from Sept. 1, 2022. public viewing.
AAGZS00 Urals FOB Novorossiysk Suezmax
AAHPH00 Urals FOB Novorossiysk Suezmax vs Med Dated Brent Strip Platts first proposed the change in a subscriber note Platts will consider all comments received and will
AAOTH00 Urals FOB Novorossiysk Aframax published July 13, 2022: http://plts.co/Xme730soFoP make comments not marked as confidential available upon
AAOTI00 Urals FOB Novorossiysk Aframax vs Med Dated Brent Strip
AALIN00 Urals RCMB (Recombined)
Market participants in the MOC process previously had request.
AAPYS00 Urals CIF Augusta Euro up to 15 seconds to repeat their bid or offer following a
AODFA00 Observed Delivery Factor (ODF) trade. Platts has shortened this to up to 10 seconds from Platts clarifies USGC terminal review process for
AAGZU00 CPC Blend CIF
AAHPL00 CPC Blend CIF vs BTC Dated Brent Strip Sept. 1, 2022. WTI Midland in Brent Complex
AALVX00 CPC Blend FOB Suezmax The change took into account the growth in market
AALVZ00 CPC Blend FOB Suezmax vs BTC Dated Brent Strip
AAOFV00 CPC FOB Aframax activity and the recent price volatility, which has Following the decision by Platts, part of S&P Global
AAOFW00 CPC FOB Aframax vs BTC Dated Brent Strip necessitated a speedier and more granular approach in the Commodity Insights, to reflect WTI Midland in both Cash
AAGZW00 Siberian Light CIF
MOC process for price demonstration. BFOE and Dated Brent from June 2023, Platts clarifies the
AAHPK00 Siberian Light CIF vs Med Dated Brent Strip
AARWD00 ESPO FOB Kozmino (London Close) Activity in the Middle East sour crude MOC assessment terminal review process discussed in that subscriber note.
AARWE00 ESPO FOB Kozmino vs forward Dated Brent (London Close) process has grown substantially in recent years, The decision to include WTI Midland was published on
AAGZV00 Sweet/Sour Diff NWE
AAGZZ00 Sweet/Sour Diff Med reflecting rising trade volumes in the broader Asia market, June 8, 2022 and can be found here:

https://www.spglobal.com/commodityinsights/en/our- Following a request to be reviewed for inclusion, Platts https://www.spglobal.com/commodityinsights/en/our-

methodology/subscriber-notes will contact the terminal for further information and publish methodology/subscriber-notes/021422-platts-proposes-to-
Platts will reflect in Dated Brent and Cash BFOE a subscriber note to seek market feedback, for each reflect-wti-midland-in-dated-brent-cash-bfoe-from-june-
assessments WTI Midland cargoes loading in the US Gulf terminal individually. 2023-keeps-brent-assessments-on-an-fob-basis
Coast (USGC) that meet the Platts specification which can Once the feedback and the relevant information from And a consultation published July 21, 2021, and available
be found here: the terminal have been collated and reviewed, should the here:
https://www.spglobal.com/commodityinsights/ terminal meet the requirements, a further subscriber note https://www.spglobal.com/commodityinsights/en/
plattscontent/_assets/_files/en/our-methodology/ would be published noting the decision to include the our-methodology/subscriber-notes/072121-platts-launches-
methodology-specifications/emea-crude-methodology.pdf terminal in the price assessment process. consultation-on-further-evolution-of-dated-brent-and-
Additionally, Platts will reflect WTI Midland cargoes that Platts will publish the list of approved terminals in its wider-brent-complex
can be loaded from reviewed and subsequently approved Specifications Guide. Platts to add WTI Midland to Dated Brent and all related
USGC oil terminals. The review is an ongoing process and terminals can Platts Brent assessments:
Any existing counterparty in Platts Brent assessment expect to receive requests for further information following - WTI Midland cargoes on a CIF Rotterdam basis to be
process can request a terminal be reviewed for inclusion in the initial review process. reflected in Dated Brent, with FOB value derived by freight
that process. Interested parties requesting a terminal review for netback to established North Sea ports.
Additionally, any company and/or terminal operator can inclusion in the Brent assessment process should send - Dated Brent and Cash BFOE cargo sizes to move to
also request to be reviewed for inclusion in the assessment their request for review to PriceGroup@spglobal.com and 700,000 barrels from 600,000 barrels.
process. Europe_Crude@spglobal.com. - Freight Adjustment Factor on WTI Midland to be set at
A USGC terminal wishing to be included in the Brent For written comments, please provide a clear indication 80%.
assessment process would need to demonstrate an if they are not intended for publication by Platts for public - Cash BFOE methodology to be defined after further
ability to load Cash BFOE nominations of WTI Midland that viewing. discussion of market standards.
meet the nominated laycan, including a successful track Platts will consider all comments received and will make CONSULTATION AND PROPOSAL: Since launching a
record of loading in line with market-relevant performance those not marked as confidential available upon request. formal consultation July 21, 2021, Platts has received
standards. Terminals should demonstrate, at a minimum, widespread support for the inclusion of WTI Midland in
the following: Platts to reflect WTI Midland in Dated Brent, Cash the Brent complex. The feedback received included a
■ Ability to accommodate Aframax class vessels that BFOE from June 2023 wide range of ideas and proposed mechanisms for the
can load a 700,000-barrel cargo with a tolerance plus/ inclusion of WTI Midland. Platts appreciates that the
minus 1%. Following extensive consultation and proposal periods, inclusion of WTI Midland into the Brent complex requires
■ Load oil quality that meets Platts WTI Midland Platts, part of S&P Global Commodity Insights, will reflect detailed methodological evolution. Building on the feedback
specification. cargoes of WTI Midland crude oil in its Dated Brent crude oil received, this decision sets out the pathway for the grades
■ Must not have receipt directly from any Cushing origin benchmark, with effect from June 2023 cargo deliveries. inclusion into Dated Brent.
pipeline. This inclusion will extend across the Brent complex, TIMING OF IMPLEMENTATION: Platts will include WTI
■ Full transparency over terminal ownership structure. including Dated Brent and its related components, Cash Midland cargoes in the Dated Brent assessment from
■ Sufficient storage capacity to meet loading schedule. BFOE, and all related instruments. Platts will maintain the cargo delivery periods starting June 2023. Such physical
■ Ability to provide a month-ahead loading schedule for assessment of the Dated Brent benchmark and Cash BFOE cargoes can be bid or offered in the Platts Market on Close
Cash BFOE cargo slots for publication corresponding as FOB North Sea values, with Cash BFOE methodology to assessment process for inclusion in Dated Brent from the
with the existing FOB North Sea loading programs. For be finalized in the coming months. first publishing day in May 2023, with the associated June
example, the full-month June loading schedule should This follows a proposal published Feb. 14, 2022 and Cash BFOE value assessed from February 2023.
be provided on or before fallback day, which is the available here: WTI MIDLAND INTO DATED BRENT: As part of this
penultimate working day in April. change, Platts will amend Dated Brent to reflect the bids,

offers, and transactions for the most competitive grade QUALITY: Platts will include WTI Midland cargoes Platts will only reflect WTI Midland cargoes that can
of Brent/Ninian Blend, Forties, Oseberg, Ekofisk, Troll, and of a quality meeting its globally applied specification, be loaded from pre-approved terminals. A US Gulf Coast
WTI Midland, on an FOB and freight-adjusted FOB North Sea which can be found here: https://www.spglobal.com/ terminal wishing to be included in the Brent assessment
basis. Platts will reflect bids, offers, and transactions of WTI commodityinsights/plattscontent/_assets/_files/en/our- process would need to demonstrate the highest standards
Midland on a CIF Rotterdam basis in its Market on Close methodology/methodology-specifications/emea-crude- of logistical performance and guarantee a demonstration
assessment process as per current guidelines. A value for methodology.pdf of the quality of crude oil for every loading. More
an FOB equivalent cargo of WTI Midland in the North Sea will Platts will continue to reflect Oseberg, Ekofisk, and Troll information on Platts terminal review process and minimum
be derived by a calculation of an evenly weighted average in Dated Brent after adjustment on a Quality Premium basis. requirements to be demonstrated are set out in a related
of freight values for the five existing ports of Sullom Voe, Platts will review the applicability of a quality premium or subscriber note.
Hound Point, Sture, Teesside, and Mongstad. any similar adjustment mechanism for WTI Midland cargoes Please send all comments, feedback and
FREIGHT ADJUSTMENT FACTOR: Inclusion of CIF in the Brent complex after initial implementation. questions to Platts_Oil_Feedback@spglobal.com and
Rotterdam cargoes in Dated Brent will incorporate a WTI MIDLAND INTO CASH BFOE: As part of the pricegroup@spglobal.com.
freight adjustment factor in the calculation of equivalent consultation around this change, Platts has received For written comments, please provide a clear indication
FOB value for delivered cargoes. Following significant widespread support for WTI Midland being included into if comments are not intended for publication by Platts for
feedback received during the proposal period, Platts will the Cash BFOE forward process in the Brent complex. public viewing.
apply a freight adjustment factor of 80% to cargoes of WTI Platts recognizes there are several sets of bilateral contract Platts will consider all comments received and will make
Midland to give an FOB North Sea assessment, based on amendments being discussed among North Sea market comments not marked as confidential available to the
the average of freight rates for an equivalent loading period. participants. The complexity and variety of these terms public upon request.
The basis for this adjustment for WTI Midland would refer to mean that no industry standard has emerged ahead of next
an average of the basket of the five Dated Brent North Sea year’s implementation, and Platts will work with market Platts extends consultation period on European
terminals. The 80% freight adjustment factor is in line with participants to further define the forward mechanism to ESPO, Siberian Light, Urals crude oil assessments
the freight adjustment factors applied to the existing BFOE be included into the Dated Brent complex. Platts remains
grades. Background on Platts Freight Adjustment Factors committed to reflecting bids, offers, and transactions of Platts, part of S&P Global Commodity Insights, is extending
can be found here: Cash BFOE where the buyer is willing to accept a cargo of the consultation period on its European oil assessments
https://www.spglobal.com/platts/plattscontent/_ Brent/Ninian, Forties, Oseberg, Ekofisk, Troll, or WTI Midland that reflect the spot value of Russian crude and crude
assets/_files/en/our-methodology/methodology- from cargoes loading June 2023. In its proposal, Platts exports from Russian ports.
specifications/dated-brent-cif-rotterdam.pdf stated that, on being nominated an FOB WTI Midland cargo, These assessed grades include Urals loading from the
VOLUME: Effective for cargoes for delivery from June a buyer should charter a vessel acceptable to seller and the Russian ports of Primorsk and Ust-Luga in the Baltic Sea;
2023, Platts will amend the size of cargoes reflected in nominated terminal, with title and risk passing from seller Siberian Light and Urals, both of which can load from the
Dated Brent and Cash BFOE to 700,000 barrels. This size to buyer in international waters. Platts recognizes there is port of Novorossiisk in the Black Sea and Eastern Siberian
will be applicable to the five established grades of Brent/ growing support for contract amendments under which the Pacific Oil (ESPO) loading from Kozmino.
Ninian Blend, Forties, Oseberg, Ekofisk, Troll, as well as WTI ship shall be chartered by the seller. The consultation was launched June 22 and the
Midland, each with a tolerance of 1% in the buyers option. WTI MIDLAND CARGOES AND TERMINALS FOR subscriber note is available here:
As a result, Platts assessment of Cash BFOE will reflect INCLUSION: Platts will reflect in Dated Brent and Cash BFOE https://www.spglobal.com/commodityinsights/en/
convergence of cash partials on reaching 700,000 barrels, assessments WTI Midland cargoes loading in the US Gulf our-methodology/subscriber-notes/062222-platts-opens-
an increase from the current standard of 600,000 barrels. Coast that meet the Platts specification which can be found consultation-on-european-crude-oil-assessments-that-
This change reflects the trend to larger vessel and cargo here: reflect-russian-crude-exports-from-russian-ports
size in the Atlantic Aframax fleet. Platts has published https://www.spglobal.com/platts/en/our-methodology/ Platts understands that European Union sanctions
a separate subscriber note outlining more detail on this subscriber-notes/080320-platts-to-implement- (Council Decision CFSP 2022/884 published June 3, 2022)
change. comprehensive-platts-wti-midland-specifications

will impact the merchantability of these grades in European Further guidance on sanctions and embargoed material Platts will consider all comments received and will
markets to various degrees. in Platts price assessment processes can be found here: make comments not marked as confidential available upon
The sanctions package imposes a complete import https://www.spglobal.com/commodityinsights/en/ request.
ban on all seaborne Russian crude oil to the European our-methodology/subscriber-notes/030222-further-
Union from Dec. 5, 2022, with spot market transactions guidance-on-sanctions-embargoed-material-in-s-p-global- Platts to amend publication periods for its Asia
and execution of existing contracts to be permitted for six commodity-insights-platts-price-assessment-processes Pacific, North Africa crude assessments from
months until then. It will also impose a ban on EU operators This consultation relates to the following Platts Jan 1, 2023
insuring and financing the shipping of oil from Russia to assessments:
third countries. Code Assessment Name Platts, a part of S&P Global Commodity Insights, will change
The sanctions package includes a provision (Council PCAFW00 Urals Rotterdam (CIF) the publication periods for all its assessments of Asia
AAGXJ00 Urals Rotterdam vs Med Dated Brent Strip (CIF)
Decision CFSP 2022/884 section 13) in compliance with AAWVH00 Urals ex-Primorsk Pacific crude grades and certain North Africa crude grades
the principle of the freedom of transit. This section states AAWVI00 Urals ex-Primorsk vs Med Dated Brent Strip from January 1, 2023.
AAGZT00 Urals ex-Baltic
that the prohibitions should not apply to crude oil where AAHPI00 Urals ex-Baltic vs Med Dated Brent Strip
Platts first proposed the change in a subscriber note
Russia is the exporter of record but the origin of the crude PCACE00 Urals Augusta (CIF) published May 23, 2022: http://plts.co/XPxa30skzrz .
is identified as a third state. AAGXX00 Urals Augusta vs Med Dated Brent Strip (CIF) Platts assessments for cargoes loading two months
AAGZS00 Urals FOB Novorossiysk Suezmax
As part of the consultation process so far, Platts has AAHPH00 Urals FOB Novorossiysk Suezmax vs Med Dated Brent Strip forward (M+2) will roll over on the first calendar day of each
received widespread support for continuing to reflect AAOTH00 Urals FOB Novorossiysk Aframax month from Jan. 1, 2023. For example over January 1-31,
AAOTI00 Urals FOB Novorossiysk Aframax vs Med Dated Brent Strip
delivered Urals prices into Rotterdam and Augusta under AALIN00 Urals RCMB (Recombined)
the assessments would reflect cargoes loading in March.
its existing cost, insurance and freight (CIF) assessment AAPYS00 Urals CIF Augusta Euro On February 1, the assessments would roll over to reflect
codes beyond the implementation of sanctions. The AODFA00 Observed Delivery Factor (ODF) cargoes loading in April.
AAGZW00 Siberian Light CIF
increasing relevance of free on board (FOB) Baltic and FOB AAHPK00 Siberian Light CIF vs Med Dated Brent Strip Currently, Platts assessments for these grades reflect
Black Sea values reflecting export arbitrage flows to China AARWD00 ESPO FOB Kozmino (London Close) cargoes loading two months forward, with a rollover date
AARWE00 ESPO FOB Kozmino vs forward Dated Brent (London Close)
and India has also been referenced as a factor which could AAGZV00 Sweet/Sour Diff NWE on the 9th of the month. For example, over December
necessitate the continuation of existing FOB assessment AAGZZ00 Sweet/Sour Diff Med 9-January 8, the assessments reflect cargoes loading in
codes as standalone assessments, rather than netback February. On January 9, the assessments roll over to reflect
calculations from the CIF assessments. UNCM003 Urals NWE CFD Mo3 cargoes loading in March.
Platts continues to seek feedback on its ESPO, Siberian AAMDU00 Urals Med CFD Mo1 The change will reflect evolution in the trading cycle
AAMEA00 Urals Med CFD Mo2
Light, physical Urals and Urals CFD assessments in the UMCM003 Urals Med CFD Mo3 of Asia Pacific grades that now typically trade over a full
context of the future trading environment in Europe. It month, two months prior to cargoes loading.
is also seeking further feedback on the spot market for These assessments appear on Platts Global Alert and The change will align the assessment calendar for Asian
Kazakh-origin Urals cargoes. Platts Crude Alert pages 1210, 1220, 1221, 1224, 1617; in Crude regional grades with that for cargoes loading from the
During the first phase of the consultation, Platts Oil Marketwire and Oilgram Price Report; as well as in the Middle East and Far East Russia, allowing for a better price
received extensive feedback regarding its CPC Platts price database under the codes above. comparison.
Blend assessments and the impact of the sanctions Please send all feedback, comments or questions The benchmark Platts Dubai assessments also reflect
announcement on spot trading activity in that market by Aug. 31, 2022, to europe_crude@spglobal.com and cargoes loading two months forward from the full calendar
moving forward. Platts has subsequently published a pricegroup@spglobal.com. month of publication.
proposal note which can be found here: For written comments, please provide a clear indication The assessments affected by the change are as follow:
https://www.spglobal.com/commodityinsights/en/our- if comments are not intended for publication by Platts for Outright Asia Outright
Grade Diff to ADB Diff to ICP
methodology/subscriber-notes public viewing. close London close
NW Shelf AAPAI00 PCAGX00 AAPAH00 -
Ichthys FC ICFCB00 ICFCA00 - -

Senipah AAPBE00 AAEOE00 AAPBD00 AAEOK00

Cossack AAPAC00 PCAGZ00 AAPAB00 -
The workshop will be held in person at CCT Venues Bank As part of the initial proposal regarding volume, Platts
Tapis AAOZW00 PCACB00 AAOZV00 - Street, London and will also be run as an online event. also invited feedback on the minimum cargo size which
Belida AAPBQ00 PCAFL00 AAPBP00 PCAFM00 Further details about the event and registration can be should be reflected in its Dated Brent cost, insurance and
Kutubu AAPAE00 PCAFJ00 AAPAD00 -
Attaka AAPBC00 PCAAJ00 AAPBB00 PCAAK00 found here: freight (CIF) Rotterdam and free on board (FOB) ship-to-
Ardjuna AAPBG00 PCACQ00 AAPBF00 PCACR00 https://events.spglobal.com/event/4056e66b-51f9-41f8- ship (STS) Scapa Flow crude oil assessments.
Banyu Urip AAPBU00 PCAFQ00 AAPBR00 PCAQQ00
Kikeh AAOZY00 AAWUH00 AAOZX00 - 9ba8-ce7aaa2712bc/summary As part of this change, Platts will publish Dated Brent
Miri Light AAPAS00 PCABQ00 AAPAR00 - cargo indications on a CIF Rotterdam or STS Scapa Flow
Labuan AAPAQ00 PCABL00 AAPAP00 -
Kimanis AASCM00 AASCL00 AASCN00 -
Platts to reflect 700,000 barrel cargo sizes in Dated basis with a minimum stated volume of 665,000 barrels
Su Tu Den AARAS00 AARAR00 AARAQ00 - Brent, Cash BFOE from June 2023 and an operational tolerance of plus/minus 1%. Offers of
Bach Ho AAPAK00 PCAHY00 AAPAJ00 - less than 700,000 barrels must meet the minimum volume
Nanhai AAPAG00 PCAFR00 AAPAF00 -
Nile Blend AAPAM00 AAPLC00 AAPAL00 - In line with evolving shipping trends, Platts, part of S&P requirement of 665,000 barrels plus/minus 1% and continue
Daqing AAPAW00 PCAAZ00 AAPAV00 - Global Commodity Insights, will amend the cargo sizes to reflect the standard cargo quality for that grade. Offers
Dar Blend AARAC00 AARAB00 AARAA00 -
Shengli AAPAY00 PCABY00 AAPAX00 -
reflected in its Dated Brent and Cash BFOE assessments to and trades of less than 700,000 barrels may be subject to
Duri AAPBM00 PCABA00 AAPBL00 PCABB00 700,000 barrels, from 600,000 barrels, effective from June normalization for assessment purposes.
Vincent AARAL00 AARAK00 AARAJ00 - 2023 cargo deliveries. Please send all feedback, comments or
Platts has received support for larger cargo sizes to be questions to europe_crude@spglobal.com and
Please send all comments and queries to reflected in its Dated Brent and Cash BFOE assessments as pricegroup@spglobal.com.
asia_crude@spglobal.com and pricegroup@spglobal.com. Aframax cargo sizes and tanker sizes in the Atlantic Basin For written comments, please provide a clear indication
For written comments, please provide a clear indication have increased in recent years. if comments are not intended for publication by Platts for
if comments are not intended for publication by Platts for This follows a proposal published Feb. 14, which can be public viewing.
public viewing. found here: Platts will consider all comments received and will
Platts will consider all comments received and will https://www.spglobal.com/commodityinsights/en/our- make comments not marked as confidential available upon
make comments not marked as confidential available upon methodology/subscriber-notes/021422-platts-proposes- request.
request. to-amend-cargo-size-for-dated-brent-cash-bfoe-
assessments-to-700000-barrels Platts proposes to exclude Russian origin cargoes
Platts to hold London North Sea Crude Technical The new assessment size will be applicable to the five from CPC Blend assessments, amend FOB netback
Workshop Sept. 13 established grades in the Brent complex (Brent/Ninian calculations
Blend, Forties, Oseberg, Ekofisk, and Troll), as well as WTI
From June 2023 cargoes onwards, the Brent crude oil Midland, each with a tolerance of plus/minus 1% in the Following extensive market feedback, Platts, part of S&P
complex, including cash BFOE forwards and the Dated buyers option. As a result, the Platts assessment of Cash Global Commodity Insights, is proposing to exclude Russian
Brent benchmark itself, will include WTI Midland. BFOE will reflect convergence of cash partials on reaching origin cargoes and amend the free on board (FOB) netback
To discuss the latest updates and to prepare for this 700,000 barrels, an increase from the current standard of calculations in its CPC Blend assessments, effective Oct.
major change, Platts, part of S&P Global Commodity 600,000 barrels. 3, 2022.
Insights, is holding a London North Sea Technical workshop Platts has published a separate subscriber note This proposal follows Platts consultation on its
on Sept. 13. outlining more detail on the inclusion of WTI Midland in European oil assessments that reflect the spot value of
This event will review the current performance of Dated the Dated Brent benchmark, Cash BFOE and all related Russian crude and crude exports from Russian ports.
Brent and related markets, highlighting trends and liquidity, instruments, which can be found here: The consultation was launched June 22 and the
as well as address the ongoing discussion around BFOE https://www.spglobal.com/commodityinsights/en/our- subscriber note is available here:
contract terms and terminal reviews. methodology/subscriber-notes https://www.spglobal.com/commodityinsights/en/
our-methodology/subscriber-notes/062222-platts-opens-

consultation-on-european-crude-oil-assessments-that- https://www.spglobal.com/commodityinsights/en/ Platts’ recent decision to include WTI Midland into the
reflect-russian-crude-exports-from-russian-ports our-methodology/subscriber-notes/030222-further- Brent complex, and clarification of the review process by
Platts understands that European Union sanctions guidance-on-sanctions-embargoed-material-in-s-p-global- which loading terminals are included in the assessment
(Council Decision CFSP 2022/884 published June 3, 2022) commodity-insights-platts-price-assessment-processes process, can be found here https://www.spglobal.com/
will impact the merchantability of Russian origin crude oil in This proposal relates to the following Platts commodityinsights/en/our-methodology/subscriber-
European markets. assessments: notes/060822-platts-clarifies-usgc-terminal-review-
The sanctions package imposes a complete import ban Code Assessment Name process-for-wti-midland-in-brent-complex.
on all seaborne Russian crude oil to the European Union AAGZU00 CPC Blend CIF Upon successful review and meeting Platts criteria,
AAHPL00 CPC Blend CIF vs BTC Dated Brent Strip
from December 5, 2022, with spot market transactions AALVX00 CPC Blend FOB Suezmax sellers would be able to nominate WTI Midland meeting
and execution of existing contracts to be permitted for six AALVZ00 CPC Blend FOB Suezmax vs BTC Dated Brent Strip Platts specification loaded from Buckeye South Texas
AAOFV00 CPC FOB Aframax
months until then. It will also impose a ban on EU operators AAOFW00 CPC FOB Aframax vs BTC Dated Brent Strip
Gateway Terminal for inclusion into the Dated Brent/
insuring and financing the shipping of oil from Russia to AAOFX00 CPC Blend CFD Mo1 Cash BFOE assessment process. The terminal, located in
third countries. AAOFY00 CPC Blend CFD Mo2 Ingleside, Texas, is wholly owned by Buckeye South Texas
AAOFZ00 CPC Blend CFD Mo3
The sanctions package includes a provision (Council Gateway Terminal, LLC, a joint venture between Buckeye
Decision CFSP 2022/884 section 13) in compliance with Partners L.P., Phillips 66 Company, and Marathon Petroleum
the principle of the freedom of transit. This section states These assessments appear on Platts Global Alert and Company LP. It handles bulk storage and marine loading of
that the prohibitions should not apply to crude oil where Platts Crude Alert pages 1220, 1221, and 1617; in Crude Oil crude oil. The terminal has two docks, that can fit up to a
Russia is the exporter of record but the origin of the crude Marketwire and Oilgram Price Report; as well as in the VLCC-sized vessel and 8 million barrels of storage capacity,
is identified as a third state. Platts price database under the codes above. 3.2 million barrels of which is for WTI Midland crude oil
Platts understands that the presence of Russian origin Please send all feedback, comments or questions storage.
material in the predominantly Kazakh CPC Blend stream will by Aug. 31, 2022, to europe_crude@spglobal.com and Please send all feedback to PriceGroup@spglobal.com
impact the merchantability of these cargoes loading from pricegroup@spglobal.com. and Europe_Crude@spglobal.com by Sept. 30, 2022. For
the CPC terminal at the port of Novorossiisk in the Black For written comments, please provide a clear indication written comments, please provide a clear indication if they
Sea. if comments are not intended for publication by Platts for are not intended for publication by Platts for public viewing.
In line with market feedback, Platts therefore proposes public viewing. Platts will consider all comments received and will make
to exclude cargoes that carry a Russian certificate of origin Platts will consider all comments received and will those not marked as confidential available upon request.
(COO) from being reflected in its assessments of CPC Blend make comments not marked as confidential available upon
cargoes and CFDs. Bids, offers and trades reported in the request. Quality Premiums for October-loading North Sea
Market On Close (MOC) assessment process would need to cargoes
be performed upon with cargoes carrying a Kazakh origin Platts seeks feedback of Buckeye South Texas
COO. Gateway terminal into Dated Brent assessment Effective Sept. 1, 2022, the North Sea Quality Premiums for
Additionally, and in line with extensive feedback process October-loading North Sea cargoes will be as follows:
regarding the market impact of Additional War Risk Crude Grade Quality Premium
Premiums (AWRPs) and freight insurance costs for loading Platts, part of S&P Global Commodity Insights, seeks Oseberg QP 2.1018
Ekofisk QP 1.8610
in the Black Sea since Russia’s invasion of Ukraine, Platts feedback on inclusion of Buckeye South Texas Gateway Troll QP 2.2051
also proposes to amend its FOB netback calculations to Terminal into Dated Brent Assessment Process
include these additional cost considerations for charterers Platts proposes including Buckeye South Texas Gateway Quality Premiums are available on Platts Global Alert
when loading on a FOB basis. Terminal as a loading terminal for WTI Midland crude pages 1210 and 1212 and in the Platts Pricing Database
Further guidance on sanctions and embargoed material oil into its Dated Brent and Cash BFOE Market on Close under the following codes:
in Platts price assessment processes can be found here: assessment process from June 2023.

Crude Grade Current Month Month-Ahead

Oseberg QP AAXDW00 AAXDX00
Routine changes or clarifications generally do not of storage capacity, about 3 million barrels of which is for
Ekofisk QP AAXDY00 AAXDZ00 materially alter an assessment. WTI Midland storage.
Troll QP ATFNB00 ATFNA00 Platts holds open public forums in which material Please send all feedback to PriceGroup@spglobal.com
methodology changes and feedback are presented, and at and Europe_Crude@spglobal.com by Oct. 15, 2022. For
The QPs are published to four decimal places and at which further feedback may be given. written comments, please provide a clear indication if they
60% of the net price differences between Ekofisk, Oseberg, Please send all comments to are not intended for publication by Platts for public viewing.
Troll and the most competitive grade of crude among Brent, europe_crude@spglobal.com and Platts will consider all comments received and will make
Forties, Oseberg, Ekofisk and Troll during the month prior to pricegroup@spglobal.com. those not marked as confidential available upon request.
announcement. For written comments, please provide a clear indication
Platts, part of S&P Global Commodity Insights, if comments are not intended for publication by Platts for Platts seeks feedback on inclusion of Flint Hills
announces QPs on the first publishing day of each month, a public viewing. Resources Ingleside Terminal into Dated Brent
month prior to the escalators coming into effect. Platts will consider all comments received and will make Assessment Process
Please send any comments and queries comments not marked as confidential available to the
to Europe_Crude@spglobal.com and public upon request. Platts, part of S&P Global Commodity Insights, proposes
PriceGroup@spglobal.com. including Flint Hills Resources Ingleside Terminal as a
Platts seeks feedback on inclusion of Seabrook loading terminal for WTI Midland crude oil into its Dated
Platts invites feedback on EMEA crude oil Logistics Terminal into Dated Brent Assessment Brent and Cash BFOE Market on Close assessment process
methodology Process from June 2023.
Platts’ recent decision to include WTI Midland into the
As part of its commitment to open and transparent pricing Platts, part of S&P Global Commodity Insights, proposes Brent complex, and clarification of the review process by
and product specifications, S&P Global Platts would like to including Seabrook Logistics Terminal as a loading which loading terminals are included in the assessment
invite feedback on its Europe, Middle East and Africa crude terminal for WTI Midland crude oil into its Dated Brent and process, can be found here.
oil methodology. Cash BFOE Market on Close assessment process from Upon successful review and meeting Platts criteria,
Platts reviews all methodologies annually to ensure they June 2023. sellers would be able to nominate WTI Midland meeting
continue to reflect the physical markets under assessment. Platts recent decision to include WTI Midland into the Platts specification loaded from Flint Hills Resources
Platts regularly assesses the relevance of Brent complex, and clarification of the review process by Ingleside Terminal for inclusion into the Dated Brent/Cash
methodologies through continuous contact with the which loading terminals are included in the assessment BFOE assessment process.
market. process, can be found here https://www.spglobal.com/ The terminal, located in Corpus Christi, Texas, is wholly
Feedback on methodologies is always welcomed by commodityinsights/en/our-methodology/subscriber- owned by Flint Hills Resources Ingleside, LLC, a subsidiary
Platts. notes/060822-platts-clarifies-usgc-terminal-review- of Koch Industries, Inc. It handles only crude oil. The
Platts is committed to providing advance notice in a process-for-wti-midland-in-brent-complex. terminal has two docks, including one that can fit up to
clear time frame that gives users sufficient opportunity to Upon successful review and meeting Platts criteria, a Suezmax size vessel and 3 million barrels of storage
analyze and comment on the impact of proposed changes. sellers would be able to nominate WTI Midland meeting capacity.
Time frames vary depending on Platts analysis of the Platts specification loaded from Seabrook Logistics Please send all feedback to PriceGroup@spglobal.com
overall circumstances of a particular change. Terminal for inclusion into the Dated Brent/Cash BFOE and Europe_Crude@spglobal.com by Sept. 30, 2022.
Methodology changes that materially alter an assessment process. For written comments, please provide a clear indication
assessment and require an update to the methodology The terminal, located in Seabrook, Texas, is partially if they are not intended for publication by Platts for public
specification are preceded by extensive bilateral owned by Magellan OLP, L.P. and LBC Bayport Terminal, viewing. Platts will consider all comments received and
discussions with market stakeholders and open public LLC. It handles only crude oil. The terminal has 2 docks that will make those not marked as confidential available upon
forums. can fit up to a Aframax size vessel and 3.996 million barrels request.

PLATTS ANALYTICS US YIELDS & NETBACKS EFFECTIVE SEPTEMBER 5, 2022 ($/barrel)

US Gulf Coast (PGA page 0833) US Gulf Coast (PGA page 0841)
Crack Yield Freight Crack Netback Crude Price Crack Margin Coke Yield Freight Coke Netback Crude Price Coke Margin
Agbami AGGCY00 —- AGGFA00 3.60 AGGCN00 —- AAQZB00 94.79 AGGCM00 —-
Arab Berri BEGCY00 —- TDDAC00 —- BEGCN00 —- AAXCT00 —- BEGCM00 —-
Arab Heavy AHGCY00 —- TDDAJ00 —- AHGCN00 —- AAXDI00 —- AHGCM00 —- Arab Heavy AHGOY00 —- TDDAJ00 —- AHGON00 —- AAXDI00 —- AHGOM00 —-
Arab Light LIGCY00 —- TDDAR00 —- LIGCN00 —- AAXCU00 —- LIGCM00 —- Arab Light LIGOY00 —- TDDAR00 —- LIGON00 —- AAXCU00 —- LIGOM00 —-
Arab Medium MEGCY00 —- TDDAZ00 —- MEGCN00 —- AAXDN00 —- MEGCM00 —- Arab Medium MEGOY00 —- TDDAZ00 —- MEGON00 —- AAXDN00 —- MEGOM00 —-
Bakken BKGCY00 —- TDDRP00 —- BKGCN00 —- AAXPP00 —- BKGCM00 —-
Basrah Heavy BHGOY00 —- BHGFA00 —- BHGON00 —- AALZC00 86.85 BHGOM00 —-
Basrah Medium BLGCY00 —- TDDBS00 —- BLGCN00 —- BSMAM01 92.90 BLGCM00 —- Basrah Medium BLGOY00 —- TDDBS00 —- BLGON00 —- BSMAM01 92.90 BLGOM00 —-
Bonny Light YLGCY00 —- TDDBX00 3.93 YLGCN00 —- PCAIC00 97.29 YLGCM00 —-
Brent BRGCY00 —- TDDCB00 3.43 BRGCN00 —- AAVJA00 96.07 BRGCM00 —-
Cabinda CBGCY00 —- TDDCF00 4.24 CBGCN00 —- PCAFD00 97.49 CBGCM00 —- Cabinda CBGOY00 —- TDDCF00 4.24 CBGON00 —- PCAFD00 97.49 CBGOM00 —-
Castilla Blend CSGOY00 —- CSGFA00 —- CSGON00 —- AAVEQ00 —- CSGOM00 —-
Eagle Ford EAGCY00 —- AAYAT00 —- EAGCM00 —-
Escalante ECGCY00 —- TDDCV00 —- ECGCN00 —- PCAGC00 —- ECGCM00 —-
Forties FTGCY00 —- FTGFA00 3.20 FTGCN00 —- PCADJ00 94.79 FTGCM00 —-
Isthmus ISGCY00 —- TDDDJ00 —- ISGCN00 —- PDATO09 —- ISGCM00 —-
LLS LLGCY00 —- TDDQW00 —- LLGCN00 —- PCABN00 —- LLGCM00 —- LLS LLGOY00 —- TDDQW00 —- LLGON00 —- PCABN00 —- LLGOM00 —-
Marlim MLGCY00 —- TDDGK00 —- MLGCN00 —- AAITF00 —- MLGCM00 —- Marlim MLGOY00 —- TDDGK00 —- MLGON00 —- AAITF00 —- MLGOM00 —-
Mars MRGCY00 —- TDDQY00 —- MRGCN00 —- AAMBR00 —- MRGCM00 —- Mars MRGOY00 —- TDDQY00 —- MRGON00 —- AAMBR00 —- MRGOM00 —-
Maya MYGCY00 —- TDDDP00 —- MYGCN00 —- PDATS09 —- MYGCM00 —- Maya MYGOY00 —- TDDDP00 —- MYGON00 —- PDATS09 —- MYGOM00 —-
Mesa MSGCY00 —- TDDDV00 —- MSGCN00 —- AAITB00 —- MSGCM00 —-
Napo NPGOY00 —- NPGFA00 —- NPGON00 —- AAMCA00 —- NPGOM00 —-
Olmeca OLGCY00 —- TDDDY00 —- OLGCN00 —- PDATT09 —- OLGCM00 —-
Oriente ORGOY00 —- ORGFA00 —- ORGON00 —- PCADE00 —- ORGOM00 —-
Poseidon PDGCY00 —- PDGFA00 —- PDGCN00 —- AABHK00 —- PDGCM00 —-
Saharan Blend SHGCY00 —- TDDRD00 2.66 SHGCN00 —- AAGZY00 94.71 SHGCM00 —-
Syncrude SYGCY00 —- SYGFA00 —- SYGCN00 —- AASOK00 —- SYGCM00 —-
Urals URGCY00 —- TDDFM00 3.62 URGCN00 —- AAWVH00 71.98 URGCM00 —- Urals URGOY00 —- TDDFM00 3.62 URGON00 —- AAWVH00 71.98 URGOM00 —-
Vasconia VCGOY00 —- VCGFA00 —- VCGON00 —- PCAGI00 —- VCGOM00 —-
WCS ex-Hardisty WHGOY00 —- TDDRS00 —- WHGON00 —- AAPPN00 —- WHGOM00 —-
WCS ex-Nederland WNGOY00 —- WCGFA00 —- WNGON00 —- AAYAY00 —- WNGOM00 —-
WTI WTGCY00 —- AAYRG00 —- WTGCM00 —-
WTS WSGCY00 —- TDDRJ00 —- WSGCN00 —- PCACK00 —- WSGCM00 —- WTS WSGOY00 —- TDDRJ00 —- WSGON00 —- PCACK00 —- WSGOM00 —-

PLATTS ANALYTICS US YIELDS & NETBACK ($/barrel)

US Midwest (PGA page 0823) US Midwest (PGA page 0821)
Bakken BKTCY00 —- TDDRO00 —- BKTCN00 —- AASRU00 —- BKTCM00 —-
Syncrude SYTCY00 —- TDDFP00 —- SYTCN00 —- AASOK00 —- SYTCM00 —-
WCS WCTOY00 —- TDDRL00 —- WCTON00 —- AAPPN00 —- WCTOM00 —-
WTI WTTCY00 —- TDDRG00 —- WTTCN00 —- PCACG00 —- WTTCM00 —-
WTS WSTCY00 —- TDDRI00 —- WSTCN00 —- PCACK00 —- WSTCM00 —- WTS WSTOY00 —- TDDRI00 —- WSTON00 —- PCACK00 —- WSTOM00 —-
US West Coast (PGA page 0843) US West Coast (PGA page 0841)
ANS ANWCY00 —- PCAAD00 —- ANWCM00 —- ANS ANWOY00 —- PCAAD00 —- ANWOM00 —-
Arab Light LIWOY00 —- TDDAT00 —- LIWON00 —- AAXCU00 —- LIWOM00 —-
Arab Medium MEWOY00 —- TDDBB00 —- MEWON00 —- AAXDN00 —- MEWOM00 —-
Bakken BKWCY00 —- TDDRT00 —- BKWCN00 —- AAXPP00 —- BKWCM00 —-
Basrah Heavy BHWOY00 —- BHWFA00 —- BHWON00 —- AALZC00 86.85 BHWOM00 —-
Basrah Medium BLWOY00 —- TDDBW00 —- BLWON00 —- BSMAM01 92.90 BLWOM00 —-
Castilla Blend CSWOY00 —- CSWFA00 —- CSWON00 —- AAVEQ00 —- CSWOM00 —-
Maya MYWOY00 —- MYWFA00 —- MYWON00 —- AAUPK00 —- MYWOM00 —-
Napo NPWOY00 —- NPWFA00 —- NPWON00 —- AAMCA00 —- NPWOM00 —-
Oriente ORWOY00 —- TDDEC00 —- ORWON00 —- PCADE00 —- ORWOM00 —-
Vasconia VCWOY00 —- VCWFA00 —- VCWON00 —- PCAGI00 —- VCWOM00 —-
US Atlantic Coast (PGA page 0811)

Crack Yield Freight Crack Netback Crude Price Crack Margin
Agbami AGACY00 —- AGAFA00 3.13 AGACN00 —- AAQZB00 94.79 AGACM00 —-
Arab Light LIACY00 —- TDDAU00 —- LIACN00 —- AAXCU00 —- LIACM00 —-
Bakken BKACY00 —- TDDRN00 —- BKACN00 —- AAXPP00 —- BKACM00 —-
Bonny Light YLACY00 —- TDDBZ00 3.41 YLACN00 —- PCAIC00 97.29 YLACM00 —-
Brent BRACY00 —- TDDCC00 3.32 BRACN00 —- AAVJA00 96.07 BRACM00 —-
Cabinda CBACY00 —- TDDCH00 3.72 CBACN00 —- PCAFD00 97.49 CBACM00 —-
CPC Blend CPACY00 —- CPAFA00 3.76 CPACN00 —- AALVX00 90.66 CPACM00 —-
Forties FTACY00 —- FTAFA00 3.08 FTACN00 —- PCADJ00 94.79 FTACM00 —-
Saharan Blend SHACY00 —- SHAFA00 2.14 SHACN00 —- AAGZY00 94.71 SHACM00 —-
Urals URACY00 —- URAFA00 2.79 URACN00 —- AAWVH00 71.98 URACM00 —-

PLATTS ANALYTICS EUROPEAN YIELDS & NETBACKS EFFECTIVE SEPTEMBER 5, 2022 ($/barrel)
Northwest Europe (PGA page 1811) Mediterranean (PGA page 1821)
Crack Yield Freight Crack Netback Crude Price Crack Margin Crack Yield Freight Crack Netback Crude Price Crack Margin
Agbami AGNCY00 118.56 AGNFA00 2.97 AGNCN00 115.59 AAQZB00 94.79 AGNCM00 20.80 Agbami AGMCY00 115.40 AGMFA00 2.89 AGMCN00 112.51 AAQZB00 94.79 AGMCM00 17.72
Arab Berri BENCY00 116.99 BENFA00 1.32 BENCN00 115.68 AAXDU00 102.24 BENCM00 13.44
Arab Heavy AHNCY00 96.55 TDDAN00 1.39 AHNCN00 95.17 AAXDH00 93.54 AHNCM00 1.63 Arab Heavy AHMCY00 93.92 TDDAI00 1.39 AHMCN00 92.54 AAXDH00 93.54 AHMCM00 -0.95
Arab Light LINCY00 111.59 TDDAV00 1.35 LINCN00 110.24 AAXDK00 100.44 LINCM00 9.80 Arab Light LIMCY00 109.28 TDDAQ00 1.35 LIMCN00 107.93 AAXDK00 100.44 LIMCM00 7.34
Arab Medium MENCY00 101.69 TDDBD00 1.37 MENCN00 100.32 AAXDM00 97.94 MENCM00 2.38 Arab Medium MEMCY00 99.02 TDDAY00 1.37 MEMCN00 97.65 AAXDM00 97.94 MEMCM00 -0.54
Azeri Light ZLNCY00 120.31 TDDBI00 2.91 ZLNCN00 117.40 AATHM00 96.67 ZLNCM00 19.88 Azeri Light* ZLMCY00
118.18 AAGZX00 99.06 ZLMCM00 19.12
Basrah Medium BLNCY00 97.30 TDDBU00 2.53 BLNCN00 94.77 BSMAM01 92.90 BLNCM00 7.44 Basrah Medium BLMCY00 93.91 TDDBR00 1.91 BLMCN00 92.00 BSMAM01 92.90 BLMCM00 4.67
Bonny Light YLNCY00 122.14 YLNFA00 3.25 YLNCN00 118.90 PCAIC00 97.29 YLNCM00 21.61 Bonny Light YLMCY00 119.95 YLMFA00 3.15 YLMCN00 116.79 PCAIC00 97.29 YLMCM00 19.50
Brent BRNCY00 115.16 TDDCD00 2.65 BRNCN00 112.51 AAVJA00 96.07 BRNCM00 16.44
Cabinda CBNCY00 112.50 TDDQR00 3.56 CBNCN00 108.94 PCAFD00 97.49 CBNCM00 11.45 Cabinda CBMCY00 110.73 CBMFA00 3.46 CBMCN00 107.26 PCAFD00 97.49 CBMCM00 9.77
CPC Blend CPNCY00 116.16 CPNFA00 3.94 CPNCN00 112.22 AALVX00 90.66 CPNCM00 21.57 CPC Blend* CPMCY00
113.99 AAGZU00 92.76 CPMCM00 21.23
Dubai DBNCY00 108.60 DBNFA00 2.39 DBNCN00 106.21 PCAAT00 95.34 DBNCM00 10.22
Eagle Ford EANCY00 117.26 EANFA00 —- EANCN00 —- AAYAT00 —- EANCM00 —- Eagle Ford EAMCY00 114.53 TNEIF00 —- EAMCN00 —- AAYAT00 —- EAMCM00 —-
Ekofisk EKNCY00 118.52 TDDCT00 1.76 EKNCN00 116.76 PCADI00 98.68 EKNCM00 18.09
Forties FTNCY00 115.26 TDDEZ00 2.03 FTNCN00 113.23 PCADJ00 94.79 FTNCM00 18.44 Forties FTMCY00 113.23 FTMFA00 2.86 FTMCN00 110.37 PCADJ00 94.79 FTMCM00 15.58
Iran Heavy BHNCY00 107.72 TDDDG00 2.52 BHNCN00 105.20 AIHKA00 94.48 BHNCM00 10.07 Iran Heavy BHMCY00 105.57 TDDDF00 1.90 BHMCN00 103.67 AIHKA00 94.48 BHMCM00 8.55
Johan Sverdrup JSNCY00 112.54 JSNFA00 2.16 JSNCN00 110.38 AJSVA00 95.82 JSNCM00 14.56 Johan Sverdrup JSMCY00 110.80 JSMFA00 3.05 JSMCN00 107.75 AJSVA00 95.82 JSMCM00 11.93
Kirkuk KRNCY00 109.55 TDDGH00 3.87 KRNCN00 105.69 AAEJD00 79.64 KRNCM00 13.65 Kirkuk KRMCY00 107.14 TDDFF00 2.12 KRMCN00 105.03 AAEJD00 79.64 KRMCM00 12.99
LLS LLNCY00 124.10 LLNFA00 —- LLNCN00 —- AAQBB00 —- LLNCM00 —- LLS LLMCY00 121.89 LLMFA00 —- LLMCN00 —- AAQBB00 —- LLMCM00 —-
Maya MYNCY00 81.73 MYNFA00 —- MYNCN00 —- AAYXE00 —- MYNCM00 —-
Oman OMNCY00 109.33 OMNFA00 2.35 OMNCN00 106.97 PCABS00 95.41 OMNCM00 10.94 Oman OMMCY00 107.65 OMMFA00 1.73 OMMCN00 105.91 PCABS00 95.41 OMMCM00 9.88
Saharan Blend SHNCY00 117.01 TDDGI00 2.46 SHNCN00 114.56 AAGZY00 94.71 SHNCM00 19.85 Saharan Blend SHMCY00 114.81 TDDFG00 1.84 SHMCN00 112.97 AAGZY00 94.71 SHMCM00 18.26
Urals* URNCY00 113.75 PCAFW00 74.34 URNCM00 39.42 Urals* URMCY00
108.97 PCACE00 74.64 URMCM00 34.33
WTI MEH WTNCY00 117.88 WTNFA00 —- WTNCN00 —- AAYRZ00 —- WTNCM00 —-
*Indicates the crude price is a CIF value
PLATTS ANALYTICS ASIAN YIELDS & NETBACKS EFFECTIVE SEPTEMBER 5, 2022 ($/barrel)
Singapore (PGA page 2811) Singapore (PGA page 2811)
Crack Yield Freight Crack Netback Crude Price Crack Margin Crack Yield Freight Crack Netback Crude Price Crack Margin
Agbami AGSCY00 112.61 AGSFA00 2.76 AGSCN00 109.86 AAQZB00 94.79 AGSCM00 15.06 Forties FTSCY00 107.90 TNEFD00 3.72 FTSCN00 104.17 PCADJ00 94.79 FTSCM00 9.38
Arab Berri BESCY00 110.55 BESFA00 1.76 BESCN00 108.80 AAXDV00 106.33 BESCM00 2.47 Kimanis KISCY00 125.83 KISFA00 1.45 KISCN00 124.38 AASCL00 107.58 KISCM00 16.80
Arab Heavy AHSCY00 94.17 TDDAO00 1.81 AHSCN00 92.36 AAXDG00 101.38 AHSCM00 -9.01 LLS LLSCY00 115.85 LLSFA00 —- LLSCN00 —- AAZDC00 91.58 LLSCM00 —-
Arab Light LISCY00 106.70 TDDAW00 1.78 LISCN00 104.91 AAXDJ00 105.18 LISCM00 -0.26 Mars MRSCY00 103.17 MRSFA00 —- MRSCN00 —- AAMBR00 —- MRSCM00 —-
Arab Medium MESCY00 99.51 TDDBE00 1.79 MESCN00 97.72 AAXDL00 103.13 MESCM00 -5.41 Maya MYSCY00 88.48 MYSFA00 —- MYSCN00 —- AAYXG00 —- MYSCM00 —-
Basrah Medium BHSCY00 97.54 BHSFA00 1.93 BHSCN00 95.62 BSMAM01 92.90 BHSCM00 -4.86 Minas MNSCY00 114.64 TDDDX00 1.43 MNSCN00 113.21 PCABO00 87.74 MNSCM00 25.47
Bonny Light YLSCY00 115.52 YLSFA00 2.97 YLSCN00 112.56 PCAIC00 97.29 YLSCM00 15.26 Oman OMSCY00 99.34 TDDEB00 1.60 OMSCN00 97.74 PCABS00 95.41 OMSCM00 2.33
Cabinda CBSCY00 111.91 TDDQS00 2.86 CBSCN00 109.05 PCAFD00 97.49 CBSCM00 11.55 Qua lboe QBSCY00 116.16 QBSFA00 2.97 QBSCN00 113.19 PCAID00 97.89 QBSCM00 15.29
Castilla CSSCY00 79.09 CSSFA00 —- CSSCN00 —- AAVEQ00 —- CSSCM00 —- Saharan Blend SHSCY00 107.91 SHSFA00 3.23 SHSCN00 104.69 AAGZY00 94.71 SHSCM00 9.38
Dalia DLSCY00 113.67 DLSFA00 2.96 DLSCN00 110.71 AAQYX00 94.24 DLSCM00 16.46 Tapis TPSCY00 112.54 TDDEO00 1.42 TPSCN00 111.12 PCACB00 101.73 TPSCM00 9.39
Dubai DBSCY00 105.30 TDDCQ00 1.68 DBSCN00 103.62 PCAAT00 95.34 DBSCM00 8.28 Tupi* LUSCY00
111.78 LUQDA00 97.39 LUSCM00 —-
Duri DRSCY00 107.74 TDDCR00 1.59 DRSCN00 106.16 PCABA00 99.98 DRSCM00 6.18 Urals URSCY00 106.52 URSFA00 3.33 URSCN00 103.19 AAGZS00 72.24 URSCM00 30.95
Eagle Ford EASCY00 110.08 EASFA00 —- EASCN00 —- AAYAT00 —- EASCM00 —- WTI MEH WTSCY00 110.37 WTSFA00 —- WTSCN00 —- AAZDF00 91.18 WTSCM00 —-
ESPO ESSCY00 110.46 ESSFA00 1.39 ESSCN00 109.08 AARWF00 76.38 ESSCM00 32.70
*Indicates the crude price is a CIF value

PLATTS CRUDE CARBON INTENSITY
A DAILY SUPPLEMENT TO PLATTS CRUDE OIL MARKETWIRE
PLATTS CRUDE CARBON INTENSITY ASSESSMENTS - GRADES, SEPTEMBER 5, 2022 (PGA/PCR page 4206)
Daily Carbon Intensity Premium Monthly Carbon Intensity*
Symbol $/b Symbol Date kg CO2 eq/b
North America (PGA/PCR page 4206)
WTI Midland WXTIC00 0.57 WXTIC40 Jul-22 39.39
Europe (PGA/PCR page 4206)

Brent BXREC00 0.71 BXREC40 Jul-22 48.89
Ekofisk EXKOC00 0.38 EXKOC40 Jul-22 26.34
Forties FXORC00 0.28 FXORC40 Jul-22 19.49
Oseberg OXSEC00 1.15 OXSEC40 Jul-22 79.00
Troll TXROC00 2.78 TXROC40 Jul-22 191.77
Upstream CI values are modelled on a marginal basis and are published monthly. CI Premiums are assessed daily.
*Upstream marginal CI value is assessed from the field to the storage terminal.
Details on the Platts methodology can be found at spglobal.com/commodityinsights/.
PLATTS CRUDE CARBON INTENSITY ASSESSMENTS - FIELDS, SEPTEMBER 5, 2022 (PGA page 4200)
Daily Carbon Intensity Premium Monthly Carbon Intensity* Daily Transport Carbon Intensity Premium Monthly Transport Carbon Intensity**
Symbol $/boe Symbol Date kg CO2 eq/boe Route Symbol $/b Symbol Date kg CO2 eq/b
Asia Pacific & Middle East Fields (PGA/PCR page 4201)
China
Bozhong BOZHC00 0.49 BOZHC40 Jul-22 33.42 Bohai Pengbo-Singapore BOZHC10 0.06 BOZHC50 Jul-22 4.24
India
Bombay High MUMBC00 0.37 MUMBC40 Jul-22 25.39 Bombay High-Qingdao MUMBC10 0.10 MUMBC50 Jul-22 6.80
Iran
Marun MARUC00 0.51 MARUC40 Jul-22 35.00 Kharg Island-Qingdao MARUC10 0.13 MARUC50 Jul-22 8.96
Iraq
Kirkuk KIRKC00 0.72 KIRKC40 Jul-22 49.29 Ceyhan-R’dam KIRKC10 0.07 KIRKC50 Jul-22 4.55
Rumaila RUMAC00 0.32 RUMAC40 Jul-22 21.69 Al Basrah-Sikka RUMAC10 0.03 RUMAC50 Jul-22 2.09
West Qurna-2 WESTC00 0.35 WESTC40 Jul-22 23.78 Al Basrah-Sikka WESTC10 0.03 WESTC50 Jul-22 2.22
Zubair ZUBAC00 0.50 ZUBAC40 Jul-22 34.11 Al Basrah-Sikka ZUBAC10 0.03 ZUBAC50 Jul-22 2.09
Kuwait
Burgan BURGC00 0.24 BURGC40 Jul-22 16.71 Mina-Ulsan BURGC10 0.14 BURGC50 Jul-22 9.31
Qatar
Dukhan DUKHC00 1.68 DUKHC40 Jul-22 115.99 Mesaieed-Singapore DUKHC10 0.07 DUKHC50 Jul-22 5.03
Saudi Arabia
Ghawar GHWRC00 0.26 GHWRC40 Jul-22 17.58 Ras Tanura-Qingdao GHWRC10 0.12 GHWRC50 Jul-22 8.33
Safaniya SAFAC00 0.23 SAFAC40 Jul-22 15.56 Ras Tanura-Changxing SAFAC10 0.14 SAFAC50 Jul-22 9.53
Zuluf ZULUC00 0.33 ZULUC40 Jul-22 22.72 Ras Tanura-Changxing ZULUC10 0.13 ZULUC50 Jul-22 9.24
www.spglobal.com/commodityinsights
PLATTS CRUDE CARBON INTENSITY ASSESSMENTS - FIELDS (continued) (PGA page 4200)
UAE
Fateh FATEC00 0.25 FATEC40 Jul-22 17.00 Fateh-Kiire FATEC10 0.12 FATEC50 Jul-22 8.56
Murban MURBC00 0.28 MURBC40 Jul-22 19.01 Fujairah-Chiba MURBC10 0.12 MURBC50 Jul-22 8.55
Africa Fields (PGA/PCR page 4202)

Angola
Girassol GRSLC00 0.17 GRSLC40 Jul-22 11.81 Girassol-Qingdao GRSLC10 0.19 GRSLC50 Jul-22 13.18
Libya
Waha WAHAC00 0.48 WAHAC40 Jul-22 33.34 Zawia-Augusta WAHAC10 0.01 WAHAC50 Jul-22 0.44
Nigeria
Agbami AGBAC00 0.38 AGBAC40 Jul-22 25.95 Agbami-Paradip AGBAC10 0.15 AGBAC50 Jul-22 10.25
Bonga BONGC00 0.18 BONGC40 Jul-22 12.35 Bonga-R’dam BONGC10 0.09 BONGC50 Jul-22 6.26
Europe Fields (PGA/PCR page 4202)

Azerbaijan
Azeri AZERC00 0.37 AZERC40 Jul-22 25.39 Ceyhan-Sarroch AZERC10 0.03 AZERC50 Jul-22 1.93
Kazakhstan
Tengiz TNGZC00 0.29 TNGZC40 Jul-22 19.85 Novo-R’dam TNGZC10 0.07 TNGZC50 Jul-22 4.62
Norway
Alvheim ALVHC00 0.12 ALVHC40 Jul-22 8.03 Alvheim-Le Havre ALVHC10 0.01 ALVHC50 Jul-22 0.85
Brage BRAGC00 1.07 BRAGC40 Jul-22 73.75 Sture - Brofjorden BRAGC10 0.01 BRAGC50 Jul-22 0.48
Edvard-Grieg EDVAC00 0.06 EDVAC40 Jul-22 4.28 Edvard Grieg-Sarroch EDVAC10 0.04 EDVAC50 Jul-22 2.97
Ekofisk EKFSC00 0.39 EKFSC40 Jul-22 26.97 Teesside-R’dam EKFSC10 0.01 EKFSC50 Jul-22 0.36
Embla EMBLC00 0.08 EMBLC40 Jul-22 5.40 Teesside-R’dam EMBLC10 0.01 EMBLC50 Jul-22 0.36
Fram FRAMC00 0.36 FRAMC40 Jul-22 24.73 Mongstad-R’dam FORTD10 0.01 FORTD50 Jul-22 0.84
Goliat GOLIC00 0.04 GOLIC40 Jul-22 2.48 Goliat-R’dam GOLIC10 0.03 GOLIC50 Jul-22 1.73
Grane GRANC00 0.05 GRANC40 Jul-22 3.52 Sture-Immingham GRANC10 0.01 GRANC50 Jul-22 0.63
Gullfaks GULLC00 0.22 GULLC40 Jul-22 15.33 Gullfaks-Brofjorden GULLC10 0.01 GULLC50 Jul-22 0.46
Heidrun HEIDC00 0.18 HEIDC40 Jul-22 12.12 Heidrun-R’dam HEIDC10 0.02 HEIDC50 Jul-22 1.22
Ivar-Aasen IVARC00 0.03 IVARC40 Jul-22 2.24 Ivar Aasen-R’dam IVARC10 0.01 IVARC50 Jul-22 0.80
Johan Sverdrup JSVRC00 0.03 JSVRC40 Jul-22 1.70 Mongstad-R’dam JSVRC10 0.01 JSVRC50 Jul-22 0.79
Oseberg OSEBC00 0.28 OSEBC40 Jul-22 19.23 Sture-R’dam OSEBC10 0.01 OSEBC50 Jul-22 0.69
Snorre SNORC00 0.21 SNORC40 Jul-22 14.14 Snorre-Statfjord SNORC10 0.00 SNORC50 Jul-22 0.14
Statfjord STATC00 6.49 STATC40 Jul-22 447.38 Statfjord-R’dam STATC10 0.01 STATC50 Jul-22 0.75
Troll TROLC00 0.28 TROLC40 Jul-22 19.45 Mongstad-R’dam TROLC10 0.01 TROLC50 Jul-22 0.79
Ula ULACC00 0.63 ULACC40 Jul-22 43.69 Teesside-R’dam ULACC10 0.01 ULACC50 Jul-22 0.37
Valhall VALHC00 0.08 VALHC40 Jul-22 5.21 Valhall-R’dam VALHC10 0.01 VALHC50 Jul-22 0.35
United Kingdom
Alwyn North ALWYC00 0.07 ALWYC40 Jul-22 4.52 Sullom Voe-R’dam ALWYC10 0.01 ALWYC50 Jul-22 0.81
Arbroath ARBRC00 0.13 ARBRC40 Jul-22 8.85 Houndpoint-R’dam ARBRC10 0.01 ARBRC50 Jul-22 0.55
Auk AUKCD00 0.26 AUKCC40 Jul-22 18.01 Teesside-R’dam AUKCC10 0.01 AUKCC50 Jul-22 0.37
Brae BRAEC00 0.16 BRAEC40 Jul-22 11.13 Houndpoint-R’dam BRAEC10 0.01 BRAEC50 Jul-22 0.56
Bruce BRUCC00 0.88 BRUCC40 Jul-22 60.74 Houndpoint-R’dam BRUCC10 0.01 BRUCC50 Jul-22 0.56
Buzzard BZRDC00 0.24 BZRDC40 Jul-22 16.22 Houndpoint-R’dam BZRDC10 0.01 BZRDC50 Jul-22 0.53
Captain CAPTC00 0.41 CAPTC40 Jul-22 28.43 Captain-Hamburg CAPTC10 0.01 CAPTC50 Jul-22 0.72
Catcher CATCC00 0.23 CATCC40 Jul-22 15.77 Catcher-R’dam CATCC10 0.01 CATCC50 Jul-22 0.48

Clair CLAIC00 0.14 CLAIC40 Jul-22 9.79 Clair-Stanlow CLAIC10 0.01 CLAIC50 Jul-22 0.91
Clyde CLYDC00 0.43 CLYDC40 Jul-22 29.51 Teesside-R’dam CLYDC10 0.01 CLYDC50 Jul-22 0.37
Cormorant CORMC00 0.90 CORMC40 Jul-22 61.73 Sullom Voe-R’dam CORMC10 0.01 CORMC50 Jul-22 0.82
Everest EVERC00 0.20 EVERC40 Jul-22 13.95 Houndpoint-R’dam EVERC10 0.01 EVERC50 Jul-22 0.55
Forties FORTC00 0.20 FORTC40 Jul-22 14.00 Houndpoint-R’dam FORTC10 0.01 FORTC50 Jul-22 0.56
Gannet GANNC00 0.29 GANNC40 Jul-22 20.07 Teesside-R’dam GANNC10 0.01 GANNC50 Jul-22 0.38
Golden-Eagle GOLDC00 0.24 GOLDC40 Jul-22 16.54 Golden Eagle-Grangemouth GOLDC10 0.00 GOLDC50 Jul-22 0.14
Joanne JOANC00 0.09 JOANC40 Jul-22 5.95 Teesside-R’dam JOANC10 0.01 JOANC50 Jul-22 0.37
Judy JUDYC00 0.38 JUDYC40 Jul-22 26.07 Teesside-R’dam JUDYC10 0.01 JUDYC50 Jul-22 0.38
Kraken KRAKC00 0.24 KRAKC40 Jul-22 16.29 Kraken-R’dam KRAKC10 0.01 KRAKC50 Jul-22 0.80
Magnus MAGNC00 0.14 MAGNC40 Jul-22 9.57 Sullom Voe-R’dam MAGNC10 0.01 MAGNC50 Jul-22 0.81
Mariner MARIC00 0.23 MARIC40 Jul-22 15.98 Mariner-Pascagoula MARIC10 0.10 MARIC50 Jul-22 6.85
Nelson NELSC00 0.14 NELSC40 Jul-22 9.44 Houndpoint-R’dam NELSC10 0.01 NELSC50 Jul-22 0.55
Ninian NINIC00 1.37 NINIC40 Jul-22 94.14 Sullom Voe-R’dam NINIC10 0.01 NINIC50 Jul-22 0.83
Schiehallion SCHIC00 0.24 SCHIC40 Jul-22 16.57 Schiellhallion-R’dam SCHIC10 0.01 SCHIC50 Jul-22 0.85
Scott SCOTC00 0.20 SCOTC40 Jul-22 13.67 Houndpoint-R’dam SCOTC10 0.01 SCOTC50 Jul-22 0.55
Tiffany TIFFC00 0.20 TIFFC40 Jul-22 13.68 Houndpoint-R’dam TIFFC10 0.01 TIFFC50 Jul-22 0.55
Toni TONIC00 0.18 TONIC40 Jul-22 12.27 Houndpoint-R’dam TONIC10 0.01 TONIC50 Jul-22 0.55
Russia
Samotlor SAMOC00 0.42 SAMOC40 Jul-22 28.79 Primorsk-R’dam SAMOC10 0.03 SAMOC50 Jul-22 1.97
North America Fields

Canada (PGA/PCR page 4204)
Bakken-Canada BAKKC00 0.51 BAKKC40 Jul-22 35.43 Canada-USMW BAKKC10 0.06 BAKKC50 Jul-22 3.91
Cold Lake CDLKC00 1.15 CDLKC40 Jul-22 79.38 W Canada-USMW CDLKC10 0.07 CDLKC50 Jul-22 4.86
CVE Christina Lake CVECC00 0.64 CVECC40 Jul-22 43.89 Canada-USMW CVECC10 0.07 CVECC50 Jul-22 4.86
Foster Creek FOSTC00 0.88 FOSTC40 Jul-22 60.58 Canada-USGC FOSTC10 0.08 FOSTC50 Jul-22 5.69
Hebron HEBRC00 0.13 HEBRC40 Jul-22 9.10 Hebron-Canada HEBRC10 0.13 HEBRC50 Jul-22 8.89
Hibernia HIBEC00 0.34 HIBEC40 Jul-22 23.53 Hibernia-Canada HIBEC10 0.14 HIBEC50 Jul-22 9.82
Jackfish JACKC00 0.98 JACKC40 Jul-22 67.43 Canada-USMW JACKC10 0.06 JACKC50 Jul-22 4.37
MEG Christina Lake MEGCC00 0.89 MEGCC40 Jul-22 61.63 Canada-USGC MEGCC10 0.09 MEGCC50 Jul-22 5.99
Montney Shale MONTC00 0.40 MONTC40 Jul-22 27.50 Montney-Canada MONTC10 0.01 MONTC50 Jul-22 0.81
Surmont SURMC00 0.92 SURMC40 Jul-22 63.10 Canada-USGC SURMC10 0.08 SURMC50 Jul-22 5.54
United States (PGA/PCR page 4205)
Bakken BAKNC00 0.31 BAKNC40 Jul-22 21.35 Beaumont-R’dam BAKNC10 0.09 BAKNC50 Jul-22 6.46
Denver-Julesburg DENVC00 0.41 DENVC40 Jul-22 28.29 Denver-USGC DENVC10 0.04 DENVC50 Jul-22 2.47
Eagle Ford EGFDC00 0.25 EGFDC40 Jul-22 17.28 Houston-Qingdao EGFDC10 0.19 EGFDC50 Jul-22 12.85
Mars-Ursa MRURC00 0.20 MRURC40 Jul-22 13.99 Mars-Qingdao MRURC10 0.20 MRURC50 Jul-22 14.04
Permian Delaware PRDLC00 0.25 PRDLC40 Jul-22 17.51 Corpus Christi-R’dam PRDLC10 0.09 PRDLC50 Jul-22 6.51
Permian Midland PRMDC00 0.31 PRMDC40 Jul-22 21.08 Corpus Christi-R’dam PRMDC10 0.10 PRMDC50 Jul-22 6.70
Prudhoe-Bay PRUDC00 0.46 PRUDC40 Jul-22 31.99 Alaska-USWC PRUDC10 0.04 PRUDC50 Jul-22 2.86
San-Joaquin SANMC00 2.55 SANMC40 Jul-22 175.89 San Joaquin-SoCal SANAC10 0.01 SANAC50 Jul-22 0.77
SCOOP-STACK SCOOC00 0.46 SCOOC40 Jul-22 31.92 Oklahoma-USGC SCOOC10 0.02 SCOOC50 Jul-22 1.01
Tahiti TAHIC00 0.24 TAHIC40 Jul-22 16.41 Tahiti-Yeosu TAHIC10 0.19 TAHIC50 Jul-22 13.15

Latin America Fields (PGA/PCR page 4203)
Brazil
Tupi TUPIC00 0.25 TUPIC40 Jul-22 17.13 Rio-Qingdao TUPIC10 0.23 TUPIC50 Jul-22 15.64
Colombia
Cusiana CUSIC00 0.32 CUSIC40 Jul-22 22.15 Tolu-Houston CUSIC10 0.03 CUSIC50 Jul-22 2.28
Ecuador
Sacha SACHC00 0.31 SACHC40 Jul-22 21.27 Esmeraldas-Long Beach SACHC10 0.07 SACHC50 Jul-22 4.57
Mexico
Cantarell CNTLC00 0.24 CNTLC40 Jul-22 16.48 Cantarell-Bilbao CNTLC10 0.11 CNTLC50 Jul-22 7.22
Venezuela
Orinoco Oil Belt ORINC00 6.59 ORINC40 Jul-22 454.67 Jose-Sikka ORINC10 0.21 ORINC50 Jul-22 14.29
Upstream CI values are modelled on a marginal basis and are published monthly. Carbon Intensity Premiums are assessed daily. Venezuela’s Orinoco Belt upstream marginal carbon intensity is calculated using only the Hamaca basin.
*Upstream marginal CI number is assessed from the field to the storage terminal. **Transport CI is calculated from storage terminal to refinery gate and for shipping routes assumes an Aframax vessel.
Details on the Platts methodology can be found at spglobal.com/commodityinsights/.

APPEC 2022
September 26-28, 2022 | Raffles City Convention Centre L4 | Singapore
APPEC has been the cornerstone of the energy industry, attracting hundreds of petroleum, gas, petrochemical, trading, technology, and
financial executives, as well as senior government officials,
from across the globe.
APPEC 2022 will continue to bring you the best-in-class content delivered by the most sought-after speakers! Including new sessions this
year from our S&P Global Petrochemicals experts and industry leaders - with a focus on Energy Transition, Plastics Circularity - and
exclusive Training opportunities including ESG for the Energy sector.
2022 theme highlights:

Industry-leading keynotes, Geopolitics and macro-economic overview, Crude oil analytics, Deep into refining including feedstock forecasts,
case studies, assessing potential margins, and more, Petrochemicals including crude-to-chemical complex discussions, aromatics, olefins,
and recycling, Carbon considerations, Explanations on energy transition and the drive to net-zero
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Now available digitally on Platts Dimensions Pro

PLATTS CRUDE OIL MARKETWIRE

Volume 43 / Issue 175 / September 5, 2022

ASIA PACIFIC AND MIDDLE EAST CRUDE ASSESSMENTS ($/barrel)

DELIVERED - ASIA SPOT CRUDE ASSESSMENTS ($/barrel) (PGA page 2238)

© 2022 by S&P Global Inc. All rights reserved. 2

MIDDLE EAST SPOT ASSESSMENTS ($/barrel) (PGA page 2220)

fundamentals with futures prices.

© 2022 by S&P Global Inc. All rights reserved. 3

© 2022 by S&P Global Inc. All rights reserved. 4

© 2022 by S&P Global Inc. All rights reserved. 5

The supply picture was tightened by the news of

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loading the North Sea grade. Chad spot crude assessments

© 2022 by S&P Global Inc. All rights reserved. 7

West Africa market parity prices (continued)

Troll were assessed unchanged across Sept. 15 to Oct. 4

© 2022 by S&P Global Inc. All rights reserved. 8

© 2022 by S&P Global Inc. All rights reserved. 9

© 2022 by S&P Global Inc. All rights reserved. 10

© 2022 by S&P Global Inc. All rights reserved. 11

DAILY US$ VS EURO EXCHANGE RATE (PGA page 1151)

© 2022 by S&P Global Inc. All rights reserved. 12

September revealing the lowest volume to be loaded in FUTURES SETTLEMENTS

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to focus on distillate production despite softer total net FUTURES SETTLEMENTS

© 2022 by S&P Global Inc. All rights reserved. 14

REPORTED SPOT CASH TRANSACTIONS (PGA page 3)

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UNCM001 Urals NWE CFD Mo1

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https://www.spglobal.com/commodityinsights/en/our- Following a request to be reviewed for inclusion, Platts https://www.spglobal.com/commodityinsights/en/our-

© 2022 by S&P Global Inc. All rights reserved. 20

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Senipah AAPBE00 AAEOE00 AAPBD00 AAEOK00

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Crude Grade Current Month Month-Ahead

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PLATTS ANALYTICS US YIELDS & NETBACKS EFFECTIVE SEPTEMBER 5, 2022 ($/barrel)

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PLATTS ANALYTICS US YIELDS & NETBACK ($/barrel)

US Atlantic Coast (PGA page 0811)

© 2022 by S&P Global Inc. All rights reserved. 27

© 2022 by S&P Global Inc. All rights reserved. 28

Europe (PGA/PCR page 4206)

Africa Fields (PGA/PCR page 4202)

Europe Fields (PGA/PCR page 4202)

© 2022 by S&P Global Inc. All rights reserved. 30

North America Fields

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© 2022 by S&P Global Inc. All rights reserved. 32

2022 theme highlights:

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