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PLATTS CRUDE OIL MARKETWIRE

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Volume 43 / Issue 176 / September 6, 2022
KEY BENCHMARKS ($/barrel) BRENT/WTI SPREADS AND EFPS (PGA page 218) MARKET COMMENTARY
Mid Change Mid Change
(PGA page 2210) Brent/WTI 1st AALAU00 6.72/6.74 6.730 +0.010
Dubai (Nov)
Dubai (Dec)
PCAAT00 95.20–95.22
PCAAU00 91.95–91.97
95.210 -0.130
91.960 +0.140
Brent/WTI 2nd
Brent/WTI 3rd
AALAV00 6.28/6.30
AALAY00
6.290 +0.210
5.820 +0.230
Platts Middle East Sour Crude Daily Market
Dubai (Jan) PCAAV00 89.56–89.58 89.570 +0.190 Brent EFP (Nov) AAGVX00 0.24/0.26 0.250 +0.230 Analysis
MEC (Nov) AAWSA00 95.20–95.22 95.210 -0.130 Brent EFP (Dec) AAGVY00 0.27/0.29 0.280 +0.230
MEC (Dec) AAWSB00 91.95–91.97 91.960 +0.140 Brent EFP (Jan) AAMVY00 0.280 +0.230 ■ Market takes OPEC+ decision in stride
MEC (Jan) AAWSC00 89.56–89.58 89.570 +0.190
WTI EFP (Oct) AAGVT00 -0.01/0.01 0.000 0.000 ■ China’s lockdowns unlikely to last long
Brent/Dubai (Nov) AAJMS00 -0.02/0.00 -0.010 -0.280
WTI EFP (Nov) AAGVU00 -0.01/0.01 0.000 0.000
(PGA page 1212)
WTI EFP (Dec) AAGVV00 -0.01/0.01 0.000 0.000
Brent (Dated) PCAAS00 92.16–92.17 92.165 -2.620
Dated North Sea Light AAOFD00 92.16–92.17 92.165 -2.620 Trade activity for November-loading Middle East crude
Dated Brent (CIF) PCAKM00 93.500 -2.515 MIDDLE EAST ($/barrel) continues to remain thin Sept. 6, with refiners now awaiting
Brent (Nov) PCAAQ00 93.33–93.35 93.340 -2.190
(PGA page 2210) Mid Change
Brent (Dec) PCAAR00 92.38–92.40 92.390 -1.910 Oman (Nov) PCABS00 95.25–95.27 95.260 -0.150 the official selling prices after the OPEC+ meeting.
Brent (Jan) PCARR00 91.270 -1.740 Oman (Dec) AAHZF00 92.00–92.02 92.010 +0.120 In its meeting on Sept. 5, OPEC and its allies agreed
Sulfur de-escalator AAUXL00 0.40 Oman (Jan) AAHZH00 89.61–89.63 89.620 +0.170
Oseberg QP (Sep) AAXDW00 2.1410 Upper Zakum (Nov) AAOUQ00 95.19–95.23 95.210 -0.130 to trim their production quotas by 100,000 b/d in October,
Oseberg QP (Oct) AAXDX00 2.1018 Murban (Nov) AAKNL00 96.17–96.21 96.190 -0.540 despite what appears to be a tight physical market, as the
Ekofisk QP (Sep) AAXDY00 1.8174 Murban (Dec) MBNSA00 92.940 -0.270
Ekofisk QP (Oct) AAXDZ00 1.8610 Murban (Jan) MBNSB00 90.550 -0.220 group seeks to put a floor under slumping oil prices, S&P
Troll QP (Sep) ATFNB00 2.3179 Al Shaheen AAPEV00 95.30–95.34 95.320 -0.160 Global Commodity Insights reported earlier.
Troll QP (Oct) ATFNA00 2.2051 Spread vs Dubai
(PGA page 210)
(continued on page 3)
Dubai DBDDC00 5.640 -0.320
Platts AGS AGSAA00 90.020 -0.050 Oman DBDOC00 5.690 -0.340
WTI (Oct) PCACG00 86.87–86.89 86.880 +0.010 Murban AARBZ00 6.620 -0.730 CONTENTS
WTI (Nov) PCACH00 86.50–86.52 86.510 +0.030 Al Shaheen AAPEW00 5.70–5.80 5.750 -0.350
WTI (Dec) AAGIT00 86.02–86.04 86.030 +0.130 Upper Zakum DBDUZ00 5.640 -0.320 Platts Middle East Sour Crude Daily Market Analysis 1
Light Houston Sweet AAXEW00 89.080 +0.110 Quality Premiums Platts Oil Mideast Sour Crude Convergences 3
Light Houston Sweet M2 AAYRY00 88.460 +0.030 Murban QP (Nov) AAISV00 0.7445
LOOP Sour (Oct) AALSM01 85.630 +0.110 Platts Middle East Sour Crude Bids, Offers, Trades 4
(PGA page 2658)
LOOP Sour (Nov) AALSM02 85.110 +0.330 Platts Asia Pacific Sweet Crude Daily Market Analysis 5
LOOP Sour (Dec) AALSM03 84.630 +0.430 Dubai Swap (Oct) AAHBM00 91.94–91.98 91.960 +0.140
Dubai Swap (Nov) AAHBN00 89.55–89.59 89.570 +0.190 Platts Asia Light Sweet Crude Bids, Offers, Trades 6
Bakken AAXPP00 88.650 +0.310
Eagle Ford Marker AAYAJ00 83.900 -0.170 Dubai Swap (Dec) AAHBO00 87.66–87.70 87.680 +0.190 Platts North Sea Crude Daily Market Analysis 6
ACM* (Oct) AAQHN00 82.87–82.89 82.880 +0.260 Platts North Sea Dated Brent, BFOE, CFD Bids, Offers, Trades 8
ACM* (Nov) AAQHO00 82.35–82.37 82.360 +0.480
ACM* (Dec) AAQHP00 81.87–81.89 81.880 +0.580 Platts WTI Midland Crude DAP Europe Bids, Offers, Trades 12
*Americas Crude Marker. Platts Mediterranean & Black Sea Sweet Crude Daily Commentary 12
FORWARD DATED BRENT ($/barrel) (PGA page 1250) Platts NWE and Med Urals Sour Crude Daily Market Analysis 13
Mid Change Platts EMEA Urals & Med Brent Crude Bids, Offers, Trades 16
North Sea Dated strip AAKWH00 92.68–92.69 92.685 -2.630 Platts West African Crude Daily Commentary 16
Mediterranean Dated strip AALDF00 92.70–92.71 92.705 -2.630
Platts West African Crude Bids, Offers, Trades 16
33-63 Day Dated strip AALEJ00 92.07–92.09 92.080 -2.510
BTC Dated strip AAUFI00 92.67–92.68 92.675 -2.585 Platts US Pipeline Crude Daily Commentary 17
15-45 Day Dated strip AALGM00 92.61–92.62 92.615 -2.440 Platts US Gulf Coast Export Crude Daily Commentary 17
30-60 Day Dated strip AAXRK00 92.15–92.16 92.155 -2.535
North Sea CIF Dtd strip AAHXE00 92.690 -2.620
Platts Canadian Pipeline Crude Daily Commentary 17
23-63 Day Dated Strip ADBRA00 92.170 -2.560 Platts Latin American Crude Daily Commentary 17
www.spglobal.com/commodityinsights
PLATTS CRUDE OIL MARKETWIRE SEPTEMBER 6, 2022
ASIA PACIFIC AND MIDDLE EAST CRUDE ASSESSMENTS ($/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 81.57–81.61 81.590 -0.290 AAPAI00 -13.050 -0.050 AAPAH00 79.320 -2.590
Ichthys FC 48.9 ICFCA00 91.990 -0.290 ICFCB00 -2.650 -0.050
DFC 56.82 ADFCA00 92.10–92.14 92.120 +0.190 ADFCB00 2.50/2.60 2.550 0.000 ADFCC00 -1.360 +0.230 ADFCD00 90.050 -2.090
Qatar LSC 56.9 AARBB00 91.60–91.64 91.620 +0.190 AARBD00 2.00/2.10 2.050 0.000 AARBC00 -1.860 +0.230 AARBA00 89.550 -2.090
South Pars 57.4 AARAV00 87.30–87.34 87.320 +0.190 AARAX00 -2.30/-2.20 -2.250 0.000 AARAW00 -6.160 +0.230 AARAU00 85.250 -2.090
Diff to ICP
Senipah 54.4 AAEOE00 81.92–81.96 81.940 -0.290 AAEOK00 -6.65/-6.55 -6.600 0.000 AAPBE00 -12.700 -0.050 AAPBD00 79.670 -2.590
Light crude (PGA page 2214) (PGA page 2215)
Diff to ICP Diff to Asian Dated Brent
Cossack 47.7 PCAGZ00 87.32–87.36 87.340 -0.290 AAPAC00 -7.300 -0.050 AAPAB00 85.070 -2.590
Gippsland 48.7 PCACP00 82.02–82.06 82.040 -0.290 AAPAU00 -12.600 -0.050 AAPAT00 79.770 -2.590
Tapis 45.2 PCACB00 101.47–101.51 101.490 -0.240 AAOZW00 6.850 0.000 AAOZV00 99.220 -2.540
Belida 45.1 PCAFL00 82.07–82.11 82.090 -0.290 PCAFM00 -4.90/-4.80 -4.850 -0.050 AAPBQ00 -12.550 -0.050 AAPBP00 79.820 -2.590
Kutubu 44.3 PCAFJ00 84.42–84.46 84.440 -0.290 AAPAE00 -10.200 -0.050 AAPAD00 82.170 -2.590
Handil Mix 43.9 PCABE00 83.52–83.56 83.540 -0.290 PCABF00 -4.65/-4.55 -4.600 -0.050 AAPBI00 -11.100 -0.050 AAPBH00 81.270 -2.590
Attaka 42.3 PCAAJ00 81.77–81.81 81.790 -0.290 PCAAK00 -5.90/-5.80 -5.850 -0.050 AAPBC00 -12.850 -0.050 AAPBB00 79.520 -2.590
Ardjuna 38 PCACQ00 93.07–93.11 93.090 -0.240 PCACR00 0.70/0.80 0.750 0.000 AAPBG00 -1.550 0.000 AAPBF00 90.820 -2.540
Banyu Urip 32 PCAFQ00 102.790 -0.240 PCAQQ00 4.500 0.000 AAPBU00 8.150 0.000 AAPBR00 100.520 -2.540
Diff to Dubai
Sakhalin Blend 45.5 AARBN00 75.75–75.79 75.770 +1.190 AARCN00 -13.85/-13.75 -13.800 +1.000 AARDN00 -17.710 +1.230 AAREN00 73.700 -1.090
ESPO M1 34.8 AARWF00 77.55–77.59 77.570 +1.190 AASEU00 -12.05/-11.95 -12.000 +1.000
ESPO M2 34.8 AAWFE00 75.61–75.65 75.630 +1.190 AAWFG00 -12.10/-12.00 -12.050 +1.000
Sokol 39.7 AASCJ00 77.25–77.29 77.270 +1.190 AASCK00 -12.35/-12.25 -12.300 +1.000 AAPAO00 -16.210 +1.230 AAPAN00 75.200 -1.090
Kikeh 34.9 AAWUH00 107.32–107.36 107.340 -0.240 AAOZY00 12.700 0.000 AAOZX00 105.070 -2.540
Miri Light 32.3 PCABQ00 107.22–107.26 107.240 -0.240 AAPAS00 12.600 0.000 AAPAR00 104.970 -2.540
Labuan 32 PCABL00 107.07–107.11 107.090 -0.240 AAPAQ00 12.450 0.000 AAPAP00 104.820 -2.540
Kimanis 38.6 AASCL00 107.340 -0.240 AASCM00 12.700 0.000 AASCN00 105.070 -2.540
Medium crude (PGA page 2216) (PGA page 2217)
Diff to Asian Dated Brent
Su Tu Den 36.8 AARAR00 103.92–103.96 103.940 -0.240 AARAS00 9.300 0.000 AARAQ00 101.670 -2.540
Bach Ho 40.7 PCAHY00 105.97–106.01 105.990 -0.240 AAPAK00 11.350 0.000 AAPAJ00 103.720 -2.540
Nanhai 40 PCAFR00 94.57–94.61 94.590 -0.240 AAPAG00 -0.050 0.000 AAPAF00 92.320 -2.540
Nile Blend 33.9 AAPLC00 92.57–92.61 92.590 -0.240 AAPAM00 -2.050 0.000 AAPAL00 90.320 -2.540
Daqing 32.2 PCAAZ00 89.22–89.26 89.240 -0.240 AAPAW00 -5.400 0.000 AAPAV00 86.970 -2.540
Heavy crude (PGA page 2218) (PGA page 2219)
Diff to ICP Diff to Asian Dated Brent
Dar Blend 25 AARAB00 94.67–94.71 94.690 -0.240 AARAC00 0.050 0.000 AARAA00 92.420 -2.540
Shengli 24.2 PCABY00 96.27–96.31 96.290 -0.240 AAPAY00 1.650 0.000 AAPAX00 94.020 -2.540
Duri 20.8 PCABA00 99.72–99.76 99.740 -0.240 PCABB00 3.65/3.75 3.700 0.000 AAPBM00 5.100 0.000 AAPBL00 97.470 -2.540
Vincent 18.3 AARAK00 101.740 -0.240 AARAL00 7.100 0.000 AARAJ00 99.470 -2.540
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 97.430
+0.290 WTMSD00 9.750
+0.100 WTMSB00 5.180 +0.280
WTI Midland (DES Yeosu) WTMYA00 97.930
+0.290 WTMYD00 10.250
+0.100 WTMYB00 5.680 +0.280
Brazil Delivered-Asia Spot Crudes
Tupi (DES Qingdao) LUQDA00 97.580
+0.190 LUQDD00 9.900
0.000 LUQDB00 5.330 +0.180
© 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 96.140 -0.540 DBDUL00 6.570
-0.730
Das Blend AAXOF00 94.82–94.86 94.840 -0.540 DBDDS00 5.270
-0.730
Qatar Land AAKNP00 94.53–94.57 94.550 -0.550 QALDA00 4.980
-0.740 AAKUJ00 -0.55/-0.45 -0.500
-0.400
Qatar Marine AAKNR00 93.53–93.57 93.550 -0.150 QAMDA00 3.980
-0.340 AAKUH00 -0.55/-0.45 -0.500 0.000
Banoco Arab Medium AAKNT00 93.13–93.17 93.150 -0.150 AAKUD00 -0.05/0.05 0.000 0.000
Basrah Medium M1 BSMAM01 – 92.700 -0.200 BSMBM01 -0.800 0.000
Basrah Medium M2 BSMAM02 – 91.400 -0.100 BSMBM02 -0.500 0.000
Basrah Heavy M1 AALZC00 – 86.650 -0.200 AALZJ00 -2.000 0.000
Basrah Heavy M2 AALZD00 – 85.300 -0.100 AALZK00 -1.700 0.000
However, the cut in output was largely expected ASIAN MARKET PARITY PRICES ($/barrel) (PGA page 2280)
(Asia close) (London close)
among various market participants and is unlikely to rattle Mid Change Mid Change
sentiment too much. Minas PCABO00 87.545
-0.195 AAPAZ00 85.275
-2.495
“It’s expected. They’ve been saying before [about the Cinta PCAAX00 69.800
-0.045 AAPBJ00 67.530
-2.345
Widuri PCAFE00 68.225
-0.035 AAPBN00 65.955
-2.335
cuts],” a trader in Southeast Asia said. Cambay AMPPA00 92.680
-0.255
The decision marks the alliance’s first reduction Ravva AMPPB00 102.565 -0.385
in output targets in 22 months and return quotas to Rajasthan AMPPC00 92.420
-0.450
August levels, when OPEC’s 13 members aimed to pump

26.689 million b/d, while Russia and eight other partners ASIAN CRUDE INDICES ($/barrel) (PGA page 2206)
committed to 15.414 million b/d, for a combined ceiling of 16:30 Singapore Interim Asian Close Diff to Dated Brent Final London Close
42.103 million b/d. Asian Dated Brent (ADB) AAXPG00 94.455
ADB Strip Asia AARBV00 94.640 AARBX00 92.370
The Southeast Asia trader added that the group of ADB Strip Middle East AARBW00 93.480 AARBY00 91.410
producers were anyway struggling to meet their quotas. ADB Strip M3 ADBS003 92.250
For definitions see http://www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/Crude-oil-methodology.pdf
“I think the cut is meaningless except for being
symbolic,” a trader in Singapore said.
While some fears of tightness in the physical crude
market persists, the OPEC+ cut is unlikely to aggravate that some scattered lockdowns in Guangzhou, Chongqing Oman Blend Mo01 <PCABS00> assessment rationale:
by much, sources said. and Tianjin, as well as provincial capital cities Wuhan and The November cash Oman assessment on Sept. 6 took into
“There’s always oil available,” the same trader with the Shijiazhuang, S&P Global reported earlier. consideration values heard in the broader market.
Southeast Asian refinery said. Platts is part of S&P Global Commodity Insights. Exclusions: No market data was excluded from the
Meanwhile, trade sources suggest that the pandemic- Middle East sour crude Market on Close assessment
induced lockdowns are unlikely to go on for too long and Platts Mideast Sour Crude Daily Rationales & process.
dent demand in a major way. Exclusions Platts is part of S&P Global Commodity Insights.
“I don’t think it will become longer lockdown. If you Dubai Mo01 <PCAAT00> assessment rationale: The
check historical data, we can see that lockdown periods November cash Dubai assessment on Sept. 6 took into
Platts Oil Mideast Sour Crude Convergences
have shortened,” a second trader in Singapore said. consideration trades for cash Dubai partials at $95.20/b
Chengdu, a rising economic center in southwest China, during the Platts Market on Close assessment process as None reported
and part of Shenzhen, the nation’s third-largest city, well as bids at the same price standing at close. —
announced COVID-19 lockdowns recently. This followed

NORTH SEA SPOT CRUDE ASSESSMENTS ($/barrel) (PGA page 1212)

Platts Middle East Sour Crude Bids, Offers, Mid Change Spread vs fwd Dated Brent Mid Change
Trades Dated Brent Diff AAXEZ00 -0.53/-0.51 -0.520 +0.010
BNB AAVJA00 93.38–93.39 93.385
-2.680 AAVJB00 0.69/0.71 0.700
-0.050
Bids: Forties PCADJ00 92.16–92.17 92.165
-2.620 AAGWZ00 -0.53/-0.51 -0.520 +0.010
Oseberg PCAEU00 96.03–96.04 96.035
-2.680 AAGXF00 3.34/3.36 3.350
-0.050
PLATTS DUBAI: NOV22: VITOL BIDS 25KB AT $95.20 AND Ekofisk PCADI00 95.99–96.00 95.995
-2.680 AAGXB00 3.30/3.32 3.310
-0.050
WITHDRAWS DURING EXTENSION Troll AAWEX00 96.53–96.54 96.535
-2.745 AAWEY00 3.84/3.86 3.850
-0.115
PLATTS DUBAI: NOV22: GUNVOR BIDS 25KB AT $95.20 Statfjord PCAEE00 97.83–97.84 97.835
-2.680 AAGXD00 5.14/5.16 5.150
-0.050
Flotta Gold PCACZ00 92.93–92.94 92.935
-2.680 AAGXH00 0.24/0.26 0.250
-0.050
AND WITHDRAWS DURING EXTENSION Duc AAWEZ00 95.43–95.44 95.435
-2.680 AAWFL00 2.74/2.76 2.750
-0.050
PLATTS DUBAI: NOV22: KOCH BIDS 25KB AT $95.15 Grane Blend PCALA00 93.485
-2.680 PCALB00 0.800
-0.050
Johan Sverdrup AJSVA00 93.135
-2.680 AJSVB00 0.450
-0.050
PLATTS DUBAI: NOV22: TRAFIGURA BIDS 25KB Statfjord (CIF) AASAS00 98.93–98.95 98.940
-2.670 AASAT00 6.24/6.26 6.250
-0.050
AT $94.90 Gullfaks (CIF) AASAU00 99.43–99.45 99.440
-2.670 AASAV00 6.74/6.76 6.750
-0.050
Alvheim (CIF) ALVHA00 99.690
-2.670 ALVHB00 7.000
-0.050
PLATTS DUBAI: NOV22: MITSUI BIDS 25KB AT $94.85
Asgard (CIF) ASGCA00 96.690
-2.670 ASGCB00 4.000
-0.050
PLATTS DUBAI: NOV22: BP BIDS 25KB AT $94.85 North Sea basket AAGIZ00 94.39–94.40 94.395
-2.665
PLATTS DUBAI: NOV22: PETROCHINA BIDS 25KB North Sea Dated Strip AAKWH00 92.68–92.69 92.685
-2.630
European Sour Crude Index CSBEA00 93.230
-2.680 CSBEB00 0.545
-0.050
AT $94.80 Spread vs fwd CIF Dated Brent
Offers: Dated Brent (CIF) AAVJG00 93.500
-2.515 AAVJF00 0.810
+0.105
PLATTS DUBAI: NOV22: EXXONMOBIL OFFERS 25KB AT BNB (CIF) PCAKP00 95.385
-2.785 AAVJC00 2.695
-0.165
Forties (CIF) PCAKR00 93.500
-2.515 AAHXC00 0.810
+0.105
$95.25 AND WITHDRAWS DURING EXTENSION Oseberg (CIF) PCAKT00 97.340
-2.745 AAHXD00 4.650
-0.125
PLATTS DUBAI: NOV22: RELIANCE OFFERS 25KB Ekofisk (CIF) PCAKV00 97.125
-2.730 AAHXB00 4.435
-0.110
Troll (CIF) AAXJO00 97.825
-2.815 AAXJN00 5.135
-0.195
AT $95.30 WTI Midland (CIF) WMCRD00 94.360
-2.610 WMCRB00 1.670
+0.010
PLATTS DUBAI: NOV22: UNIPEC OFFERS 25KB AT North Sea CIF Dated Strip AAHXE00 92.690
-2.620
$95.30 AND WITHDRAWS DURING EXTENSION
PLATTS DUBAI: NOV22: PETROCHINA OFFERS 25KB FREIGHT ADJUSTMENT FACTORS
AT $95.35 ($/barrel) Change
PLATTS MURBAN: NOV22: TRAFIGURA OFFERS 25KB AT Sullom Voe-Rotterdam FSVRM00 1.8309
-0.0070
$96.20 AND WITHDRAWS DURING EXTENSION Hound Point-Rotterdam FHPRM00 1.2649
-0.0046
Sture-Rotterdam FSTRM00 1.1882
-0.0043
PLATTS MURBAN: NOV22: FREEPOINT NO LONGER Teesside-Rotterdam FTSRM00 1.0249
-0.0037
OFFERS $97.40 AFTER WITHDRAWAL (08:28:12) Mongstad-Rotterdam FMGRM00 1.1931
-0.0043
Scapa Flow-Rotterdam FSFRM00 0.8753
-0.0031
Trades:
PLATTS DUBAI: NOV22: RELIANCE SELLS TO GUNVOR* (%)
FAF Weighting FAFWA00 0.80
25KB AT $95.20 (08:29:44)
PLATTS DUBAI: NOV22: RELIANCE SELLS TO GUNVOR*
25KB AT $95.20 (08:29:55)
This assessment commentary applies to the following EUROPEAN US SPOT CRUDE ASSESSMENTS ($/barrel) (PGA page 1238)
market data codes: Dubai M1 <PCAAT00>, Oman M1 Mid Change Spread vs fwd Dated Brent Mid Change
<PCABS00> WTI Midland (DAP Rotterdam) AWTIC00 94.335
-2.545 AWTID00 2.165
+0.015
WTI Midland (DAP Augusta) AWTIA00 94.685
-2.545 AWTIB00 2.515
+0.015
WTI Midland (FOB Scapa Flow) AWTIE00 93.475
-2.760 AWTIF00 0.945
+0.010
Eagle Ford 45 (DAP Rotterdam) AEFAC00 93.985
-2.545 AEFAD00 1.815
+0.015
Eagle Ford 45 (DAP Augusta) AEFAA00 94.335
-2.545 AEFAB00 2.165
+0.015

DATED BRENT/BFOE SWAPS ($/barrel) (PGA page 1214)

Platts Asia Pacific Sweet Crude Daily Market
Week Week Date Brent CFD* Mid Change Dated Brent swap Mid Change
Analysis CFD Week 1 (Dec) Sep 05-09 PCAKA00 -0.15/-0.13 -0.140 -0.950 AAJNV00 92.24/92.26 92.250
-2.860
■ Australia’s NWS Nov-loading program emerges CFD Week 2 (Dec) Sep 12-16 PCAKC00 0.16/0.18 0.170 -0.850 AAJOS00 92.55/92.57 92.560
-2.760
CFD Week 3 (Dec) Sep 19-23 PCAKE00 0.34/0.36 0.350 -0.790 AAJOU00 92.73/92.75 92.740
-2.700
■ Limited upside for Asia-delivered Brazil crude CFD Week 4 (Dec) Sep 26-30 PCAKG00 0.34/0.36 0.350 -0.690 AAJOW00 92.73/92.75 92.740
-2.600
differentials CFD Week 5 (Dec) Oct 03-07 AAGLU00 0.18/0.20 0.190 -0.550 AAJPC00 92.57/92.59 92.580
-2.460
CFD Week 6 (Dec) Oct 10-14 AAGLV00 0.18/0.20 0.190 -0.370 AAJPE00 92.57/92.59 92.580
-2.280
CFD Week 7 (Dec) Oct 17-21 AALCZ00 0.08/0.10 0.090 -0.190 AALAW00 92.47/92.49 92.480
-2.100
Participants in the Asia-Pacific regional light sweet crude CFD Week 8 (Dec) Oct 24-28 AALDA00 -0.14/-0.12 -0.130 -0.230 AALAX00 92.25/92.27 92.260
-2.140
markets saw the emergence of the November-loading Brent Swaps Weeks 1 to 8 are differentials to Brent Mo02 (Dec) PCAAR00 found on page 1.
program for Australia’s North West Shelf condensate
Sept. 6.
There will be three 650,000-barrel cargoes of NWS
condensate available for November loading, steady on DATED BRENT/BRENT FRONTLINE SWAPS (DFL) ($/barrel) (PPE page 1614)
the month. Swaps Change DFL Change
Chevron will hold one cargo for Nov. 7-11 loading, Balance month* (Sep 22) BDLBM00 92.600 -2.860 ABWFZ00 -0.450 -0.460
Month 1 (Oct 22) BDLM001 92.370 -2.540 AAEAA00 0.310 -0.410
Australia’s Woodside Energy will hold the second cargo for
Month 2 (Nov 22) BDLM002 91.410 -2.320 AAEAB00 0.470 -0.360
Nov. 17-21 loading, and a joint venture between Mitsubishi Month 3 (Dec 22) BDLM003 90.490 -2.020 AAEAC00 0.700 -0.170
Corp. and Mitsui & Co. will hold the final cargo for Nov. 28- Month 4 (Jan 23) BDLM004 89.440 -1.910 AAEAD00 0.690 -0.160
*Balance month swaps are assessed from the 1st through the 20th of the month.
Dec. 2 loading.
Supply remained ample, whereas Asian demand trends
thin amid sluggish light distillate product cracks.
The Platts second-month gasoline and naphtha swap
crack versus the Dubai crude swap averaged $3.62/b CASH BFOE INTRADAY ASSESSMENTS ($/barrel) (PGA page 1216)
and minus $20.77/b through Sept. 5, respectively, down Cash BFOE Change Inter-Month Spread
from August’s average of $10.08/b and minus $19.81/b, 10:30 London Time
respectively, S&P Global Commodity Insights data showed. BFOE M1 (Nov) PBCAAM1 93.600 -2.000
BFOE M2 (Dec) PBCAAM2 92.530 -1.800 Nov/Dec
PBAM1M2 1.070
Meanwhile in the Asia delivered markets, fresh trading BFOE M3 (Jan) PBCAAM3 91.370 -1.660 Dec/Jan
PBAM2M3 1.160
activities for December-delivery barrels of Brazilian Tupi 12:30 London Time
crude remained few and far between. BFOE M1 (Nov) PBCABM1 93.060 -3.320
BFOE M2 (Dec) PBCABM2 92.030 -2.950 Nov/Dec
PBBM1M2 1.030
Cash differentials for Tupi crude, which typically has an
BFOE M3 (Jan) PBCABM3 90.870 -2.750 Dec/Jan
PBBM2M3 1.160
API gravity of 30.5 with a sulfur content of 0.351%, could 14:30 London Time
face headwinds amid tepid demand and an expected uptick BFOE M1 (Nov) PBCACM1 94.210 -2.630
in near-term supply. BFOE M2 (Dec) PBCACM2 93.130 -2.300 Nov/Dec
PBCM1M2 1.080
BFOE M3 (Jan) PBCACM3 91.950 -2.080 Dec/Jan
PBCM2M3 1.180
“I don’t see a big jump for December delivery cargoes
16:30 London Time
[of Tupi], Chinese demand is not so good and other BFOE M1 (Nov) PCAAQ00 93.340 -2.190
buyers don’t pay very well,” said a Singapore-based crude BFOE M2 (Dec) PCAAR00 92.390 -1.910
oil trader. BFOE M3 (Jan) PCARR00 91.270 -1.740

19:30 London Time
In addition, Brazil’s Petrobras will carry out maintenance BFOE M1 (Nov) PBCADM1 NA –
at four separate refineries in the second half of 2022 and BFOE M2 (Dec) PBCADM2 NA – Nov/Dec
PBDM1M2 NA
will delay planned work at a fifth refinery until early 2023, BFOE M3 (Jan) PBCADM3 NA – Dec/Jan
PBDM2M3 NA

when the majority of the work will take place in August- RUSSIAN URALS/ESPO SPOT ASSESSMENTS ($/barrel) (PGA page 1220)
Mid Change Spread vs fwd Dated Brent Mid Change
September with three shutdowns, S&P Global reported
Urals (Rotterdam) PCAFW00 71.39–71.42 71.405
-2.930 AAGXJ00 -21.31/-21.29 -21.300 -0.300
earlier. Urals (Mediterranean) PCACE00 71.69–71.72 71.705
-2.930 AAGXX00 -21.01/-20.99 -21.000 -0.300
Higher export volumes of Brazilian crudes as a result, Urals FOB Novo Suez AAGZS00 69.29–69.32 69.305
-2.930 AAHPH00 -23.41/-23.39 -23.400 -0.300
Urals FOB Novo Afra AAOTH00 69.10–69.13 69.115
-2.930 AAOTI00 -23.60/-23.58 -23.590 -0.300
as well as the return of Libyan crude supply, could limit the Urals (Ex-Baltic) AAGZT00 69.36–69.39 69.375
-2.665 AAHPI00 -23.34/-23.32 -23.330 -0.035
upside of Brazilian crude cash differentials. Urals (Primorsk) AAWVH00 69.30–69.33 69.315
-2.660 AAWVI00 -23.40/-23.38 -23.390 -0.030
Urals RCMB (Recombined) AALIN00 71.15–71.18 71.165
-2.920
ESPO (FOB Kozmino) AARWD00 75.89–75.91 75.900
-0.930 AARWE00 -15.52/-15.50 -15.510 +1.390
Platts Asia Light Sweet Crude Daily Rationale & Number of days
Exclusions Observed Delivery Factor AODFA00 7
ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01 <AASEU00>
assessment rationale: The ESPO M1 November assessment URALS MED/NWE CFD ASSESSMENTS ($/barrel)
on Sept. 6 took into consideration latest trade indications
Urals CFD Mid Change
heard in the broader market. Mediterranean (PPE page 1617)
Exclusions: No market data was excluded from the Asia- Urals Med CFD (Sep) AAMDU00 -21.01/-20.99 -21.000 0.000
Urals Med CFD (Oct) AAMEA00 -20.01/-19.99 -20.000 0.000
Pacific Crude Market on Close assessment process. Urals Med CFD (Nov) UMCM003 -20.01/-19.99 -20.000 0.000
Platts is part of S&P Global Commodity Insights. Northwest Europe (PPE page 1617)
Urals NWE CFD (Sep) UNCM001 -23.01/-22.99 -23.000 0.000
Urals NWE CFD (Oct) UNCM002 -20.01/-19.99 -20.000 0.000
Platts Asia Light Sweet Crude Bids, Offers, Urals NWE CFD (Nov) UNCM003 -20.01/-19.99 -20.000 0.000
Trades Mediterranean (PPE page 1617)
CPC Blend CFD (Sep) AAOFX00 -5.000
0.000
Bids: No bids CPC Blend CFD (Oct) AAOFY00 -5.000
0.000
Offers: No offers CPC Blend CFD (Nov) AAOFZ00 -5.000
0.000
Trades: No trades
This assessment commentary applies to the following MEDITERRANEAN SPOT CRUDE ASSESSMENTS ($/barrel)
market data code: ESPO M1 vs Dubai M2 <AASEU00>
Azeri and BTC (PGA page 1222)
Azeri Lt CIF AAGZX00 96.86–96.89 96.875
-2.185 AAHPM00 4.19/4.21 4.200
+0.400
Platts North Sea Crude Daily Market Analysis Azeri Lt FOB Ceyhan Suez AAUFM00 95.55–95.57 95.560
-2.185 AAUFN00 2.88/2.89 2.885
+0.400
Azeri Lt FOB Ceyhan Afra AAUFK00 95.20–95.23 95.215
-2.090 AAUFL00 2.53/2.55 2.540
+0.495
Azeri Lt FOB Supsa AATHM00 94.47–94.50 94.485
-2.185 AATHN00 1.80/1.82 1.810
+0.400
■ North Sea crude length remains
BTC FOB Ceyhan AAUFH00 95.37–95.40 95.385
-2.140 AAUFJ00 2.70/2.72 2.710
+0.445
■ Contango grips prompt Brent CFDs
Black Sea (PGA page 1220)
In the North Sea crude market Sept. 6, length continued Siberian Light CIF AAGZW00 73.99–74.02 74.005
-2.930 AAHPK00 -18.71/-18.69 -18.700
-0.300
on the physical side despite a tighter supply picture in wider CPC Blend CIF AAGZU00 90.56–90.59 90.575
-2.185 AAHPL00 -2.11/-2.09 -2.100 +0.400
CPC Blend FOB Suez AALVX00 88.46–88.48 88.470
-2.185 AALVZ00 -4.21/-4.20 -4.205 +0.400
European and global markets. CPC Blend FOB Afra AAOFV00 88.29–88.31 88.300
-2.185 AAOFW00 -4.38/-4.37 -4.375 +0.400
Shell offered Forties on a CIF Rotterdam basis for Middle East & North Africa (PGA page 1234)
delivery across various dates through September in the Suez Blend PCACA00 88.30–88.33 88.315
-2.630 AAGYD00 -4.40/-4.38 -4.390 0.000
Platts Market on Close assessment process. Es Sider PCACO00 92.01–92.04 92.025
-2.185 AAGYH00 -0.66/-0.64 -0.650 +0.400
Kirkuk AAEJD00 76.69–76.72 76.705
-2.930 AAGYF00 -16.01/-15.99 -16.000
-0.300
The offers were withdrawn at premiums to Dated Brent Iranian Light FOB Kharg Island (Med) AILKA00 95.755
-2.170 AILKB00 3.050
+0.460
of between $1.20-1.30/b without attracting buying interest. Iranian Heavy FOB Kharg Island (Med) AIHKA00 92.305
-2.170 AIHKB00 -0.400
+0.460
Saharan Blend AAGZY00 92.21–92.24 92.225
-2.485 AAHPN00 -0.46/-0.44 -0.450 +0.100
Forties continued to rely on local demand as buying
interest from Asia remains muted.

According to the General Administration of Customs WEST AFRICAN SPOT CRUDE ASSESSMENTS ($/barrel) (PGA page 1230)
China, crude oil import volumes in July amounted to 34.1
WAF Index AWAFA00 95.555
-2.535 AWAFB00 3.400 0.000
million mt, down 9.2% from July 2021 and 27% lower than
Nigeria Spot Crude Assessments
July 2020. Bonny Light PCAIC00 94.74–94.77 94.755
-2.535 AAGXL00 2.59/2.61 2.600
0.000
The volume in the first seven months of the year was Qua Iboe PCAID00 95.34–95.37 95.355
-2.535 AAGXN00 3.19/3.21 3.200
0.000
Forcados PCABC00 95.54–95.57 95.555
-2.535 AAGXP00 3.39/3.41 3.400
0.000
down 3.9% compared with the same period of 2021, which
Agbami AAQZB00 92.24–92.27 92.255
-2.535 AAQZC00 0.09/0.11 0.100
0.000
was down 5.7% on 2020. The decline compares with Escravos AAEIZ00 96.34–96.37 96.355
-2.535 AAGXR00 4.19/4.21 4.200
0.000
average annual growth of 8.5% from 2010 to 2020. Brass River AAEJB00 93.74–93.77 93.755
-2.535 AAGXV00 1.59/1.61 1.600
0.000
Akpo PCNGA00 92.24–92.27 92.255
-2.535 PCNGB00 0.09/0.11 0.100
0.000
“Crude oil demand in China has suffered from low local Bonga PCNGC00 96.54–96.57 96.555
-2.535 PCNGD00 4.39/4.41 4.400
0.000
demand due to COVID-19 lockdowns,” BIMCO chief shipping Usan AAXUQ00 90.005
-2.535 AAXUR00 -2.150
0.000
Erha AAXUO00 96.255
-2.535 AAXUP00 4.100
0.000
analyst Niels Rasmussen said in a note. Egina AFONA00 98.455
-2.535 AFONB00 6.300
0.000
October-loading North Sea cargoes were expected to Angola spot crude assessments ($/barrel) (PGA page 1232)
receive local buying interest amid tighter programs for Cabinda PCAFD00 94.24–94.27 94.255
-3.235 AAGXT00 2.09/2.11 2.100
-0.700
Mediterranean grades such as CPC, though values for Nemba AAQYZ00 90.64–90.67 90.655
-2.935 AAQZA00 -1.51/-1.49 -1.500
-0.400
Dalia AAQYX00 91.19–91.22 91.205
-3.035 AAQYY00 -0.96/-0.94 -0.950
-0.500
grades such as Ekofisk and Oseberg have remained largely Girassol AASNL00 94.31–94.33 94.320
-3.275 AASJD00 2.16/2.17 2.165
-0.740
steady in recent days. Hungo AASLJ00 89.54–89.57 89.555
-2.935 AASJF00 -2.61/-2.59 -2.600
-0.400
A contango structure remained in prompt Brent Kissanje AASLK00 91.29–91.32 91.305
-2.935 AASJE00 -0.86/-0.84 -0.850
-0.400
Pazflor PCNGG00 91.29–91.32 91.305
-3.035 PCNGH00 -0.86/-0.84 -0.850
-0.500
Contracts For Difference structure, reflecting physical Plutonio PCNGI00 89.59–89.62 89.605
-2.935 PCNGJ00 -2.56/-2.54 -2.550
-0.400
fundamentals. Platts assessed the Sept. 19-23 Brent Ghana spot crude assessments (PGA page 1230)
CFD week at a premium to Sept. 5-9 of 49 cents/b. That Jubilee AAXUS00 92.655
-2.535 AAXUT00 0.500
0.000
compared to a 9 cents/b discount assessed Sept. 1. Republic of Congo spot crude assessments
In wider news, South Korea’s major refinery complex in Djeno PCNGE00 89.44–89.47 89.455
-2.735 PCNGF00 -2.71/-2.69 -2.700
-0.200
the southeastern city of Ulsan has been largely unscathed Chad spot crude assessments
Doba AAXUU00 90.705
-2.735 AAXUV00 -1.450
-0.200
by Typhoon Hinnamnor that hit the region early Sept. 6,
though some light and middle distillate export shipments WEST AFRICA MARKET PARITY PRICES ($/barrel) (PGA page 1270)
could be delayed, refinery sources and traders with direct Mid Change Spread vs fwd Dated Brent Mid Change
knowledge of the matter said. Abo Blend AAXTL00 96.775 -3.070 ABOOM00 4.620 -0.535
The discharge of a few crude oil tankers that arrived Aje APIRP00 93.460 -2.395 APIRA00 1.305 +0.140
Amenam Blend AAXTI00 92.145 -2.290 AMENA00 -0.010 +0.245
from the Middle East and the US could be delayed by 10 Antan Blend APIRQ00 97.245 -3.340 APIRB00 5.090 -0.805
hours or more because of heavy rains, strong winds and Asaramatoru AAXTV00 92.345 -2.105 ASARA00 0.190 +0.430
CJ Blend APIRR00 98.650 -3.180 APIRC00 6.495 -0.645
high waves, while half a dozen oil product export cargoes
EA Blend AAXTJ00 98.715 -3.175 AEABL00 6.560 -0.640
bound for Japan and Southeast Asia could be delayed by 24 Ebok APIRS00 89.560 -2.685 APIRD00 -2.595 -0.150
hours or more, light and middle distillate marketers at two Eremor APIRT00 91.765 -2.460 APIRE00 -0.390 +0.075
Ima APIRU00 83.200 -0.540 APIRF00 -8.955 +1.995
South Korean refiners said. Jones Creek Blend APIRV00 93.200 -2.810 APIRG00 1.045 -0.275
Platts is part of S&P Global Commodity Insights Okono Blend APIRW00 96.100 -2.825 APIRH00 3.945 -0.290
Okoro APIRX00 94.830 -2.650 APIRI00 2.675 -0.115
Okwori APIRY00 98.715 -3.115 APIRJ00 6.560 -0.580
Platts North Sea Dated Brent, BFOE, CFD Otakikpo APIRZ00 90.415 -2.010 APIRK00 -1.740 +0.525
Assessment Rationales & Exclusions Oyo APRIA00 94.625 -2.655 APIRL00 2.470 -0.120
Pennington APRIB00 94.635 -2.740 APIRM00 2.480 -0.205
Dated Brent <PCAAS00> assessment rationale: Of the five Rabi Light ARABA00 89.985 -2.415 ARABB00 -2.170 +0.120
grades in the Dated Brent basket, Forties was seen in the Sankofa APRIC00 88.240 -1.785 APIRN00 -3.915 +0.750

West Africa market parity prices (continued)

Platts Market on Close assessment process. Brent Blend Mid Change Spread vs fwd Dated Brent Mid Change
was assessed lower in a flat structure reflecting typical
TEN AAXTW00 90.940
-2.240 ATENM00 -1.215
+0.295
relationships between grades in the basket. Forties was Ukpokiti APRID00 95.315
-2.730 APIRO00 3.160
-0.195
assessed unchanged across Sept. 16 to Oct. 5 with a 7.5 Yoho Light AAXTK00 94.925
-2.535 AYOHO00 2.770 0.000
cents/day contango rolled over back-end dates amid steady Zafiro AAXTU00 98.320
-3.535 AZAFB00 6.165
-1.000
fundamentals and in the absence of indications testing the

US WEST COAST CRUDE ASSESSMENTS ($/barrel) (PGA page 214)
Sept. 5 assessment. Oseberg and Ekofisk were assessed 5 Mid Change
cents/b lower across Sept. 16 to Oct. 5 with flat structures Spread to NYMEX WTI CMA Mid Change
rolled over back-end dates reflecting typical relationships ANS/Long Beach PCAAD00 97.65–97.69 97.670
+0.410 AAGWX00 11.80/11.82 11.810 +0.250
with other grades in the basket. Troll was assessed lower Spread to ICE BRENT CMA
ANS/Long Beach AANSA00 6.749 +0.002
in a 2 cents/day contango reflecting typical relationships
with other grades in the basket. Forties was the most
competitive grade Sept. 16 to Oct. 6.
BFOE (PCAAQ00-PCAAR00,PCARR00> assessment
rationale: November Cash BFOE was assessed using traded US SPOT CRUDE ASSESSMENTS ($/barrel) (PGA pages 210 & 214)
bids in the MOC. December Cash BFOE was assessed Mid Change
using a November/December EFP roll heard during the Mars (Oct) AAMBR00 85.72–85.74 85.730
+0.110
day. January Cash BFOE was assessed using a December/ Mars (Nov) AAMBU00 85.20–85.22 85.210
+0.330
Mars (Dec) AAMBX00 84.72–84.74 84.730
+0.430
January EFP roll heard during the day.
Mars/WTI (Oct) AAGWH00 -1.16/-1.14 -1.150
+0.100
CFD (PCAKA00-AALDA00) assessment rationale: Sept. Mars/WTI (Nov) AAKTH00 -1.31/-1.29 -1.300
+0.300
12-16 was assessed using a Sept. 12-16 versus Sept. 19-23 Mars/WTI (Dec) AAMBO00 -1.31/-1.29 -1.300
+0.300
CFD roll heard during the day. Sept. 19-23 was assessed LOOP/WTI (Oct) AALOM01 -1.250
+0.100
using a Sept. 19-23 versus Sept. 26-30 CFD roll heard LOOP/WTI (Nov) AALOM02 -1.400
+0.300
LOOP/WTI (Dec) AALOM03 -1.400
+0.300
during the day. Sept. 26-30 was assessed using multiple
LOOP/Mars (Oct) AALPM01 -0.100 0.000
traded bids in the MOC. Oct. 3-7 was assessed using LOOP/Mars (Nov) AALPM02 -0.100 0.000
an outstanding offer. Oct. 10-14 was assessed using an LOOP/Mars (Dec) AALPM03 -0.100 0.000
outstanding offer. WTI-Delta AAEJK00 0.52/0.54 0.530
-0.050
Exclusions: None P-Plus WTI PCACI00 3.90/3.92 3.910
-0.050
P-5 WTI AAFEN00 83.420
+0.050
Platts is part of S&P Global Commodity Insights.
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,
Shell, and Valero.
Mid Change Spread vs 1st line WTI Mid Change
Platts North Sea Dated Brent, BFOE, CFD Bids, WTI (Midland) PCACJ00 88.67–88.69 88.680
+0.110 AAGVZ00 1.79/1.81 1.800
+0.100
Offers, Trades WTS (1st month) PCACK00 87.32–87.34 87.330
+0.010 AAGWB00 0.44/0.46 0.450 0.000
WTI MEH AAYRG00 89.080
+0.110 AAYRH00 2.200
+0.100
Bids: Eugene PCAFC00 85.57–85.59 85.580
+0.110 AAGWD00 -1.31/-1.29 -1.300
+0.100
NORTH SEA: None Bonito PCAIE00 85.57–85.59 85.580
+0.110 AAGWF00 -1.31/-1.29 -1.300
+0.100
CASH BFOE: None SGC AASOI00 82.87–82.89 82.880
+0.260 AASOJ00 -4.01/-3.99 -4.000
+0.250
Poseidon AABHK00 85.12–85.14 85.130
+0.110 AAGWL00 -1.76/-1.74 -1.750
+0.100
BRENT CFDS: PLATTS BRENT DIFF: SEP12-SEP16 (NOV):
LLS (1st month) PCABN00 89.27–89.29 89.280
-0.090 AAGWN00 2.39/2.41 2.400
-0.100
DV TRADING BIDS 100KB AT $-1.00 HLS (1st month) PCABD00 87.87–87.89 87.880
-0.090 AAGWP00 0.99/1.01 1.000
-0.100
PLATTS BRENT DIFF: SEP12-SEP16 (NOV): EXXONMOBIL Wyoming Sweet PCACM00 88.17–88.19 88.180
+0.310 AAGWR00 1.29/1.31 1.300
+0.300
BIDS 100KB AT $-1.00 Thunder Horse AAWZK00 87.22–87.24 87.230
+0.260 AAWZL00 0.34/0.36 0.350
+0.250

PLATTS BRENT DIFF: SEP12-SEP16 (NOV): ONYX BIDS US SPOT CRUDE ASSESSMENTS (continued)
100KB AT $-1.20 Spread vs 2nd line WTI
WTI MEH (2nd month) AAXXE00 88.460
+0.030 AAYYA00 1.950 0.000
PLATTS BRENT DIFF: SEP12-SEP16 (NOV): MCE BIDS
WTI Midland (2nd month) AAYZA00 88.060
+0.030 AAXXF00 1.550 0.000
100KB AT $-1.20 WTS (2nd month) AAURG00 87.70–87.72 87.710
+0.930 AAURH00 1.19/1.21 1.200
+0.900
PLATTS BRENT DIFF: SEP12-SEP16 (NOV): PETROCHINA LLS (2nd month) AAURC00 88.65–88.67 88.660
-0.120 AAURD00 2.14/2.16 2.150
-0.150
BIDS 100KB AT $-1.25 HLS (2nd month) AAURE00 87.25–87.27 87.260
-0.120 AAURF00 0.74/0.76 0.750
-0.150
PLATTS BRENT DIFF: SEP19-SEP23 (NOV): ONYX BIDS Spread vs NYMEX WTI CMA
WCS ex-Cushing AAWTY00 74.49–74.51 74.500
+0.360 AAWTZ00 -11.86/-11.84 -11.850 +0.300
100KB AT $-0.90
WCS ex-Nederland AAYAY00 75.600
+0.360 AAYAX00 -10.750 +0.300
PLATTS BRENT DIFF: SEP19-SEP23 (NOV): DV TRADING Bakken Williston AAXPP00 88.650
+0.310 AASRX00 2.300
+0.250
BIDS 100KB AT $-0.95 Bakken Guernsey AASRR00 88.19–88.21 88.200
+0.310 AASRV00 1.84/1.86 1.850
+0.250
PLATTS BRENT DIFF: SEP19-SEP23 (NOV): MCE BIDS Bakken Clearbrook AASRU00 90.79–90.81 90.800
+0.610 AASRW00 4.44/4.46 4.450
+0.550
100KB AT $-1.05 Bakken USGC Pipe ABAKA00 89.200
+0.110 ABAKB00 2.850
+0.050
FOB USGC FOB USGC Spread vs NYMEX WTI Strip
PLATTS BRENT DIFF: SEP19-SEP23 (NOV): PETROCHINA
Platts AGS AGSAA00 90.020
-0.050 AGSAC00 3.540
-0.050
BIDS 100KB AT $-1.10 Bakken ABAKC00 89.820
-0.050 ABAKD00 3.340
-0.050
PLATTS BRENT DIFF: SEP26-SEP30 (NOV): DV TRADING Eagle Ford Crude AAYAT00 88.820
-0.050 AAYAU00 2.340
-0.050
BIDS 100KB AT $-0.65 Eagle Ford Condensate AAYAR00 88.220
-0.050 AAYAS00 1.740
-0.050
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): PETRACO BIDS WTI AAYBA00 90.020
-0.050 AAYAZ00 3.540
-0.050
FOB USGC Spread vs Dated Brent Strip
100KB AT $0.00
Platts AGS AGSAB00 -2.370
+0.350
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): PETROCHINA Bakken ABAKE00 -2.570
+0.350
BIDS 100KB AT $0.00 Eagle Ford Crude AEFCA00 -3.570
+0.350
PLATTS BRENT DIFF: OCT10-OCT14 (DEC): DV TRADING Eagle Ford Condensate AEFCB00 -4.170
+0.350
BIDS 100KB AT $0.15 WTI AWTUA00 -2.370
+0.350
Global Benchmarks at US Close
PLATTS BRENT DIFF: OCT10-OCT14 (DEC): ONYX BIDS Americas Dated Brent AAQBF00 91.930–91.950 91.940 -0.960
100KB AT $0.10
PLATTS BRENT DIFF: OCT10-OCT14 (DEC): PETROCHINA
BIDS 100KB AT $0.00
PLATTS BRENT DIFF: OCT10-OCT14 (DEC): MCE BIDS
100KB AT $0.00 PLATTS BRENT DIFF: SEP19-SEP23 (NOV): ALTA OFFERS PLATTS BRENT DIFF: SEP26-SEP30 (NOV): CHEVRON
Offers: 100KB AT $-0.55 OFFERS 100KB AT $-0.35
NORTH SEA: None PLATTS BRENT DIFF: SEP19-SEP23 (NOV): CHEVRON PLATTS BRENT DIFF: OCT3-OCT7 (DEC): TOTAL OFFERS
CASH BFOE: None OFFERS 100KB AT $-0.40 300KB AT $0.20
BRENT CFDS: PLATTS BRENT DIFF: SEP12-SEP16 (NOV): PLATTS BRENT DIFF: SEP26-SEP30 (NOV): ALTA OFFERS PLATTS BRENT DIFF: OCT3-OCT7 (DEC): SHELL OFFERS
PETRACO OFFERS 100KB AT $-0.70 100KB AT $-0.55 100KB AT $0.20
PLATTS BRENT DIFF: SEP12-SEP16 (NOV): DV TRADING PLATTS BRENT DIFF: SEP26-SEP30 (NOV): BP OFFERS PLATTS BRENT DIFF: OCT3-OCT7 (DEC): ALTA OFFERS
OFFERS 100KB AT $-0.60 100KB AT $-0.55 100KB AT $0.25
PLATTS BRENT DIFF: SEP19-SEP23 (NOV): DV TRADING PLATTS BRENT DIFF: SEP26-SEP30 (NOV): PLATTS BRENT DIFF: OCT3-OCT7 (DEC): PETROCHINA
OFFERS 100KB AT $-0.57 PETROCHINA OFFERS 100KB AT $-0.50 OFFERS 100KB AT $0.45
PLATTS BRENT DIFF: SEP19-SEP23 (NOV): PETRACO PLATTS BRENT DIFF: SEP26-SEP30 (NOV): DV TRADING PLATTS BRENT DIFF: OCT3-OCT7 (DEC): DV TRADING
OFFERS 100KB AT $-0.56 OFFERS 100KB AT $-0.40 OFFERS 100KB AT $0.50

PLATTS BRENT DIFF: OCT10-OCT14 (DEC): TOTAL US DOMESTIC CRUDE ASSESSMENTS LONDON CLOSE ($/barrel) (PGA page 1240)
Spread to
OFFERS 100KB AT $0.20
Mid Change NYMEX light sweet crude Mid Change
PLATTS BRENT DIFF: OCT10-OCT14 (DEC): ALTA WTI (Oct) AAQAR00 87.00–87.02 87.010
-1.330 AAQAS00 -0.01/0.01 0.000 0.000
OFFERS 100KB AT $0.30 WTI (Nov) AAQAT00 86.60–86.62 86.610
-1.250 AAQAU00 -0.01/0.01 0.000 0.000
WTI (Dec) AAQAV00 86.09–86.11 86.100
-1.070 AAQAW00 -0.01/0.01 0.000 0.000
PLATTS BRENT DIFF: OCT10-OCT14 (DEC): DV TRADING Spread to
OFFERS 100KB AT $0.40 same-month cash WTI Mid Change
PLATTS BRENT DIFF: OCT10-OCT14 (DEC): MCE OFFERS WTI MEH (Oct) AAYRZ00 89.160
-1.180 AAYTA00 2.150
+0.150
WTI MEH (Nov) AAXYD00 88.460
-1.250 AAYWA00 1.850 0.000
100KB AT $0.40 LLS (Oct) AAQBB00 89.50–89.52 89.510
-1.230 AAQBC00 2.49/2.51 2.500
+0.100
Trades: LLS (Nov) AAQBD00 88.85–88.87 88.860
-1.200 AAQBE00 2.24/2.26 2.250
+0.050
MARS (Oct) AAQAX00 85.85–85.87 85.860
-1.230 AAQAY00 -1.16/-1.14 -1.150 +0.100
NORTH SEA: None MARS (Nov) AAQAZ00 85.30–85.32 85.310
-1.100 AAQBA00 -1.31/-1.29 -1.300 +0.150
CASH BFOE: PLATTS CASH BFOE: NOV22: VITOL BUYS
FROM PETROINEOS* 100KB AT $93.18 (15:29:33)
PLATTS CASH BFOE: NOV22: MERCURIA BUYS FROM
PETROINEOS* 100KB AT $93.33 (15:29:48)
AMERICAS CLOSE ($/barrel) (PGA page 210)
PLATTS CASH BFOE: NOV22: HARTREE SELLS TO
Mid Change
MERCURIA* 100KB AT $93.34 (15:29:52) Americas Dated Brent AAQBF00 91.93–91.95 91.940
-0.960
PLATTS CASH BFOE: NOV22: GUNVOR SELLS TO Americas Dated Brent reflects market value for Dated Brent at 2:30pm Eastern Time.
MERCURIA* 100KB AT $93.34 (15:29:57)
PLATTS CASH BFOE: NOV22: MERCURIA BUYS FROM
GUNVOR* 100KB AT $93.41 (15:29:58)
BRENT CFDS: PLATTS BRENT DIFF: SEP19-SEP23 (NOV): US CRUDE ASSESSMENTS SINGAPORE CLOSE ($/barrel) (PGA page 2208)
DV TRADING SELLS TO EQUINOR* 100KB AT $-0.75 (15:28:18) Mid Change
PLATTS BRENT DIFF: SEP19-SEP23 (NOV): VITOL BUYS LOOP Sour (Oct) AAZDA00 87.420
-0.310
FROM PETROCHINA* 100KB AT $-0.65 (15:28:19) LOOP Sour (Nov) AAZDB00 86.730
-0.220
LLS (Oct) AAZDC00 91.270
-0.310
PLATTS BRENT DIFF: SEP19-SEP23 (NOV): VITOL BUYS LLS (Nov) AAZDD00 90.730
-0.220
FROM ALTA* 100KB AT $-0.60 (15:28:22) Southern Green Canyon AAZDE00 84.520
-0.310
WTI MEH (Oct) AAZDF00 90.870
-0.310
PLATTS BRENT DIFF: SEP19-SEP23 (NOV): VITOL BUYS WTI MEH (Nov) AAZDG00 90.380
-0.220
FROM PETRACO* 100KB AT $-0.60 (15:28:25)
PLATTS BRENT DIFF: SEP26-SEP30 (NOV): ONYX BUYS
FROM SHELL* 100KB AT $-0.55 (15:28:28)
PLATTS BRENT DIFF: SEP26-SEP30 (NOV): SHELL
CFR NORTH ASIA ASSESSMENTS SINGAPORE CLOSE ($/barrel) (PGA page 2202)
SELLS TO ONYX* 100KB AT $-0.60 (15:28:29) Mid Change
PLATTS BRENT DIFF: SEP26-SEP30 (NOV): SHELL Dubai CFR North Asia PCAQA00 97.300
-0.270
SELLS TO DV TRADING* 100KB AT $-0.60 (15:29:03) Oman CFR North Asia PCAQJ00 97.340
-0.290
Upper Zakum CFR North Asia PCAQB00 97.260
-0.260
PLATTS BRENT DIFF: SEP26-SEP30 (NOV): ALTA SELLS Qatar Marine CFR North Asia PCAQC00 95.610
-0.290
TO PARAMOUNT* 100KB AT $-0.60 (15:29:24) Murban CFR North Asia PCAQE00 98.160
-0.670
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): SUNCOR BUYS Basrah Medium CFR North Asia BASNA00 93.510
-0.240
ESPO CFR North Asia PCAQD00 79.740
+1.190
FROM SHELL* 100KB AT $0.20 (15:29:20) Forties CFR North Asia PCAQF00 98.365
-1.045
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): ONYX BUYS Dalia CFR North Asia PCAQG00 97.450
-0.800
WTI MEH CFR North Asia PCAQH00 96.370
-0.310
FROM TOTAL* 100KB AT $0.20 (15:29:28) LOOP Sour CFR North Asia PCAQI00 91.800
-0.310

PLATTS BRENT DIFF: OCT3-OCT7 (DEC): TOTAL SELLS CANADIAN SPOT CRUDE CARGO ASSESSMENTS ($/barrel) (PGA page 230)
TO DV TRADING* 100KB AT $0.15 (15:29:45)
Hebron AHEBA00 90.280
-1.400 AHEBC00 -1.800
-0.050
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): BP BUYS FROM Terra Nova AAJUH00 93.66–93.70 93.680
-1.350 AAJUJ00 1.59/1.61 1.600 0.000
SHELL* 100KB AT $0.20 (15:29:46) Hibernia AAJKK00 93.81–93.85 93.830
-1.350 AAJKM00 1.74/1.76 1.750 0.000
White Rose AAVJX00 94.56–94.60 94.580
-1.350 AAVJY00 2.49/2.51 2.500 0.000
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): BP BUYS FROM 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
TOTAL* 100KB AT $0.20 (15:29:49) and fixed price assessments reflect a typical forward loading window of 33-63 days forward. For further explanation see www.platts.com.
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): BP BUYS FROM CANADIAN SPOT CRUDE ASSESSMENTS ($/barrel) (PGA page 230)
TOTAL* 100KB AT $0.20 (15:29:53) Mid Change Spread vs Canada basis Mid Change
PLATTS BRENT DIFF: OCT3-OCT7 (DEC): SHELL SELLS Lloyd Blend AALRK00 66.64–66.66 66.650
+0.360 AALRP00 -19.71/-19.69 -19.700 +0.300
Mixed Sweet AALRR00 85.29–85.31 85.300
+0.760 AALRV00 -1.06/-1.04 -1.050 +0.700
TO ONYX* 100KB AT $0.10 (15:29:55) Light Sour Blend AALRX00 83.79–83.81 83.800
+0.410 AALSD00 -2.56/-2.54 -2.550 +0.350
PLATTS BRENT DIFF: OCT10-OCT14 (DEC): GUNVOR Midale AAUCC00 80.89–80.91 80.900
+0.410 AAUCE00 -5.46/-5.44 -5.450 +0.350
Condensates AALSF00 83.79–83.81 83.800
+0.060 AALSJ00 -2.56/-2.54 -2.550 0.000
BUYS FROM TOTAL* 100KB AT $0.20 (15:29:45) Syncrude Sweet Prem. AASOK00 91.89–91.91 91.900
+0.560 AASOM00 5.54/5.56 5.550
+0.500
PLATTS BRENT DIFF: OCT10-OCT14 (DEC): DV TRADING WCS Hardisty AAPPN00 65.94–65.96 65.950
+0.360 AAPPP00 -20.41/-20.39 -20.400 +0.300
BUYS FROM TOTAL* 100KB AT $0.20 (15:29:49) Cold Lake Hardisty AASZX00 65.89–65.91 65.900
+0.360 AASZZ00 -20.46/-20.44 -20.450 +0.300
WTI CMA (1st mo) AAVSN00 86.350
+0.060
This assessment commentary applies to the
following market data codes: Dated Brent <PCAAS00>
LATIN AMERICAN ASSESSMENTS ($/barrel) (PGA page 280)
Diff to Diff to Futures Diff to Dated
CFD Week 1 <PCAKA00> CFD Week 2 <PCAKC00> Mid Change WTI strip Brent strip Brent strip
Brent Mo01 <PCAAQ00> CFD Week 3 <PCAKE00> Brent Escalante PCAGC00 89.78–89.82 89.800 -0.075 PCAGO00 3.455 AAXBS00 -2.000 AAXAX00 -2.335
Medanito AMTOA00 84.800 -1.825 AMTOC00 -1.545 AMTOB00 -7.000 AMTOD00 -7.335
Mo02 <PCAAR00> CFD Week 4 <PCAKG00> Brent Santa Barbara AAITD00 89.12–89.17 89.145 -0.205 AAITJ00 2.800 AAXBU00 -2.655 AAXAZ00 -2.990
Mo03 <PCARR00> CFD Week 5 <AAGLU00> CFD Week Loreto PCAGH00 83.77–83.82 83.795 -0.255 PCAGQ00 -2.550 AAXBV00 -8.005 AAXBG00 -8.340
6 <AAGLV00> CFD Week 7 <AALCZ00> CFD Week 8 Oriente PCADE00 84.67–84.72 84.695 -0.255 PCAGU00 -1.650 AAXBW00 -7.105 AAXBH00 -7.440
Napo AAMCA00 78.67–78.72 78.695 -0.255 AAMCD00 -7.650 AAXBX00 -13.105 AAXBI00 -13.440
<AALDA00> Tupi ATUPA00 90.600 -0.275 ATUPC00 4.255 ATUPB00 -1.200 ATUPD00 -1.535
Marlim AAITF00 82.63–82.67 82.650 +0.175 AAITL00 -3.695 AAXBY00 -9.150 AAXBJ00 -9.485
Castilla Blend AAVEQ00 79.78–79.82 79.800 +0.175 AAVEQ01 -6.545 AAXBZ00 -12.000 AAXBK00 -12.335
Platts WTI Midland Crude DAP Europe Vasconia PCAGI00 86.78–86.82 86.800 +0.175 PCAGR00 0.455 AAXCB00 -5.000 AAXBN00 -5.335
Assessment Rationale & Exclusions Mesa 30 AAITB00 85.83–85.87 85.850 +0.025 AAITH00 -0.495 AAXCC00 -5.950 AAXBO00 -6.285
Liza ALIZA00 90.500 -0.275 ALIZD00 4.155 ALIZC00 -1.300 ALIZB00 -1.635
WTI Crude DAP Europe <AWTIC00> assessment rationale:
Latin America WTI strip AAXBP00 86.345
WTI Midland DAP Rotterdam was assessed unchanged Latin America Futures Brent strip AAXBQ00 91.800
across Sept. 26 to Nov. 5 with a flat structure rolled over Latin America Dated Brent strip AAXBR00 92.135
back-end dates amid steady fundamentals and in the LATIN AMERICA MARKET PARITY PRICES ($/barrel) (PGA page 270)
absence of indications testing the Sept. 5 assessment. Mid Change
No bids, offers or trades were seen in the Platts Market on Maya AAYMP00 81.420
+0.013
Merey 16 AMERA00 81.930
+0.126
Close assessment process.
WTI Crude DAP Augusta <AWTIA00> assessment PLATTS EURO-DENOMINATED ASSESSMENTS (€/barrel) (PGA page 1252)
Mid Change
rationale: WTI Midland DAP Augusta was assessed
unchanged across Sept. 26 to Nov. 5 with a flat structure European crude oil benchmarks
Dated Brent AAPYR00 92.990–93.000 92.995 -2.540
rolled over back-end dates amid steady fundamentals and in Dated Brent (CIF) PCAKN00 94.340 -2.440
the absence of indications testing the Sept. 5 assessment. Urals (Mediterranean) AAPYS00 72.330–72.360 72.345 -2.880
No bids, offers or trades were seen in the MOC. US crude oil benchmarks
Exclusions: None WTI (Oct) AAPYT00 87.780–87.800 87.790 -0.310
WTI MEH (Oct) AAYSA00 89.961 -0.136
Platts is part of S&P Global Commodity Insights. Mars (Oct) AAPYU00 86.620–86.640 86.630 -0.230
Euro/US$ forex rate: 0.9911. Platts Euro denominated crude oil assessments are based on market values and a Euro/US$ forex rate at 4:30 PM local London time.

RUBLE-DENOMINATED RUSSIAN ASSESSMENTS (Rb/barrel) (PGA page 1224)

Platts WTI Midland Crude DAP Europe Bids, Mid Change
Offers, Trades Russian crude oil benchmarks
Urals FOB Novorossiysk AAUJP00 4252.670–4254.520 4253.595 -171.160
Bids: None Urals FOB Baltic AAUJQ00 4256.970–4258.810 4257.890 -154.920
Offers: None Urals FOB Novorossiysk 80kt AAUJR00 4241.010–4242.850 4241.930 -171.190
Urals CIF Mediterranean AAUJS00 4399.970–4401.820 4400.895 -170.875
Trades: None
Urals CIF Rotterdam AAUJT00 4381.560–4383.400 4382.480 -170.910
This assessment commentary applies to the following US$/Ruble forex rate: 61.3750. Platts Ruble denominated crude oil assessments are based on market values and a US$/Ruble forex rate at 4:30 PM local London time.
market data codes: WTI Midland DAP basis Rotterdam
<AWTIC00> WTI Midland DAP basis Rotterdam vs Fwd PLATTS CAD-DENOMINATED CANADA SPOT CRUDE ASSESSMENTS (C$/cu m) (PGA page 232)
Dated Brent <AWTID00> WTI Midland DAP basis Augusta Mid Change
<AWTIA00> WTI Midland DAP basis Augusta vs Fwd Dated Lloyd Blend AALRM00 551.078–551.243 551.160 +3.768
Mixed Sweet AALRT00 705.303–705.469 705.386 +7.294
Brent <AWTIB00> Light Sour Blend AALRZ00 692.899–693.064 692.982 +4.387
Midale AAUCD00 668.918–669.083 669.000 +4.351
Condensates AALSH00 692.899–693.064 692.982 +1.497
Platts Mediterranean & Black Sea Sweet Syncrude Sweet AASOL00 759.882–760.047 759.964 +5.721
WCS Hardisty AAPPO00 545.289–545.454 545.372 +3.761
Crude Daily Commentary Cold Lake Hardisty AASZY00 544.875–545.041 544.958 +3.760
■ Tighter supply boosts crude differentials

■ Spain takes first Venezuelan cargo for nearly two years DAILY US$ VS EURO EXCHANGE RATE (PGA page 1151)
Mediterranean sweet crudes were being supported by a Mid Change
tightening of supply after news the September CPC Blend September 6, 2022 AAFCW00 0.9911 -0.001
program was set to be the smallest since October 2016 at 1

million mt less than in the provisional schedule. ASIA CLOSE BRENT AND WTI SPOT ASSESSMENTS ($/barrel) (PGA page 2210)
“It looks like the [CPC Blend] program is all placed,” one Mid Change
Brent (Nov) PCAJG00 95.18–95.22 95.200 -0.410
Mediterranean trader said. Brent (Dec) PCAJI00 93.95–93.99 93.970 -0.220
The Kazakh crude has strengthened around 50 cents/b Brent (Jan) PCAJ000 92.700 -0.110
to a $1/b discount to Dated Brent, traders said, adding WTI (Oct) AAFFU00 88.75–88.79 88.770 -0.310
WTI (Nov) AAFFW00 88.41–88.45 88.430 -0.220
it could rise further if disruption at the loading terminal WTI (Dec) AAFFY00 87.84–87.88 87.860 -0.130
continued.
Elsewhere, Azeri Light was also rallying due to the
tighter regional supply as well as refinery margins focused OMAN OSPS AND DERIVATIVES ($/barrel) (PGA pages 2658 & 2210)
on distillate products. Mid Change
Oman/Dubai Swap (Oct) AAIHJ00 0.03/0.07 0.050 -0.020
Platts assessed diesel and jet fuel cracks Sept. 5 at
Oman/Dubai Swap (Nov) AAIHL00 0.03/0.07 0.050 -0.020
around $39/b and $51/b respectively, while gasoline cracks Oman/Dubai Swap (Dec) AAIHN00 0.03/0.07 0.050 -0.020
were at $1.3/b. Oman Swap (Oct) AAHZP00 91.99–92.03 92.010 +0.120
Oman Swap (Nov) AAHZR00 89.60–89.64 89.620 +0.170
Thus, with refineries focused on maximizing distillate Oman Swap (Dec) AAHZT00 87.71–87.75 87.730 +0.170
yields, Azeri Light buyers were prepared to pay increasing
premiums for its stronger distillate cuts. Levels were as
high as Dated Brent plus $6/b, sources said. DAILY OPEC BASKET PRICE ($/barrel) (PGA page 207)
Meanwhile, Libya’s Es Sider was at a premium to its Mid Change
September OSP level. A second trader said Libya’s 1.2 September 5, 2022 AAEUQ00 99.840 +0.620

million b/d September program had sold out, further FUTURES SETTLEMENTS
Settlement Change Low High Volume* Open interest PNT****
emphasizing the lack of barrels in the spot market.
NYMEX Light Sweet crude ($/barrel) (PGA page 705)
Algeria’s gasoline-rich Saharan Blend was also seeing
Oct 22 NMCL001 86.88 +0.01 86.18 90.39 389380 202354
support. Nov 22 NMCL002 86.51 +0.03 85.88 89.99 96450 151039
Elsewhere in the Mediterranean, Spain received its first Dec 22 NMCL003 86.03 +0.13 85.41 89.35 111426 199205
oil shipments since September 2020 from Venezuela, data Jan 23 NMCL004 85.43 +0.24 84.83 88.46 32927 73733
from the country’s Strategic Reserve Corporation (CORES) Total NMCL000 823007 XNCLP00 6552
showed, as it continued to shift its supply focus towards ICE Brent ($/barrel) (PGA page 704)
Nov 22 ICLL001 92.83 -2.91 92.30 95.94 267148 388416
the Americas.
Dec 22 ICLL002 91.97 -2.43 91.38 94.60 190780 325318
Platts is part of S&P Global Commodity Insights Jan 23 ICLL003 90.92 -2.15 90.30 93.27 92573 150161
Feb 23 ICLL004 89.84 -1.93 89.21 91.96 49751 91129
Total ICLL000 745388 XILLP00 6389
Platts NWE and Med Urals Sour Crude Daily ICE WTI ($/barrel) (PGA page 704)
Market Analysis Oct 22 ICIC001 86.88 -2.01 86.20 89.48 33835 51137
Nov 22 ICIC002 86.51 -1.82 85.92 89.02 34031 49275
■ Russia’s FAS to create Urals price index Dec 22 ICIC003 86.03 -1.52 85.47 88.45 38944 106343
■ Aramco slashes OSPs for Europe-bound crude Jan 23 ICIC004 85.43 -1.24 84.91 87.68 24275 21904
Total ICIC000 163123 XIICP00 1336
Urals crude was trading softer amid fundamental changes ICE BWAVE ($/barrel) (PGA page 704)
BWAVE data refer to previous day.
in the market with growing calls for a price cap and the
Nov 22 XIBW001 95.83
impending creation of a new Urals price assessment from Dec 22 XIBW002 94.44
Russia’s Federal Antimonopoly Service. DME Oman crude ($/barrel)** (PGA pages 702 & 2710)
In what could be a significant shift for Urals crude, FAS Nov 22 XDOA001 95.09 -0.34 6563
expects to create a price index for Russian crude oil by the Nov 22 DMOQ001 92.82 -0.12 92.50 95.95 6608 1719
end of 2022, Prime news agency quoted FAS deputy head Dec 22 DMOQ002 90.12 -0.17 90.12 90.12 3425 7
Jan 23 DMOQ003 88.02 -0.16 88.02 88.02 3425 0
Vitaly Korolev as saying. Feb 23 DMOQ004 86.49 -0.21 86.49 86.49 0 0
“We are currently working on that with the energy Total Volume DMOQ000 6925 XDOQP00 0
ministry,” Korolev said during the Eastern Economic Forum IFAD Murban crude ($/barrel) (PGA page 703)
in Vladivostok, adding that “by the end of the year there is a Nov 22 AMIFA00 96.540
good chance” that a solution will be found. Murban vs Dubai*** AMIFB00 6.970
In July, the FAS developed a road map envisaging a NYMEX ULSD ($/gal) (PGA page 705)
Russian crude oil price index being established on the Oct 22 NMHO001 3.5738 -0.0042 3.5375 3.7771 39413 76119
Nov 22 NMHO002 3.5102 -0.0010 3.4753 3.6996 33109 36993
exchange floor. Dec 22 NMHO003 3.4435 +0.0021 3.4103 3.6197 26560 38921
In March, Russian deputy prime minister Alexander Jan 23 NMHO004 3.3801 +0.0047 3.3538 3.5416 12393 20960
Novak said Russia was working on establishing its own Total NMHO000 150127 XNHOP00 3291
price assessment for Urals crude via a mechanism of NYMEX RBOB unleaded gasoline ($/gal) (PGA page 705)
Oct 22 NMRB001 2.4159 -0.0477 2.4083 2.5299 34951 77294
trading on the exchange floor.
Nov 22 NMRB002 2.3680 -0.0379 2.3613 2.4715 32039 52145
Furthermore, Chinese deliveries for Urals picked up in Dec 22 NMRB003 2.3289 -0.0321 2.3238 2.4266 21015 49552
the first few days of September after a slump in August, Jan 23 NMRB004 2.3041 -0.0303 2.2993 2.3980 7135 17075
according to Kpler shipping data. Total Volume NMRB000 115367 XNRBP00 5693

However, traders were focused on lockdowns in China FUTURES SETTLEMENTS

Settlement Change Low High Volume* Open interest PNT****
amid fears of demand from the country being eroded ahead
NYMEX Natural Gas ($/MMBtu) (PGA page 705)
of winter. However, the trader in Singapore said he didn’t Oct 22 NMNG001 8.145 -0.641 7.823 9.126 136635 110664
expect a major slump, adding that long lockdowns were Nov 22 NMNG002 8.212 -0.638 7.900 9.176 53505 127985
unlikely. Dec 22 NMNG003 8.367 -0.630 8.076 9.318 22362 69117
Jan 23 NMNG004 8.458 -0.620 8.153 9.391 37565 86892
“I don’t think it will become a longer lockdown. If you
Total Volume NMNG000 340933 XNNGP00 21578
check historical data, we can see that lockdown periods ICE low sulfur gasoil ($/mt) (PGA page 704)
have shortened,” he said. Sep 22 ICLO001 1079.25 -62.75 1073.50 1134.75 31901 48649
Elsewhere in the sour complex, Saudi Aramco slashed Oct 22 ICLO002 1048.00 -54.75 1042.25 1099.00 68079 109210
official selling prices for Europe-bound crude in October. Nov 22 ICLO003 1013.75 -49.75 1008.25 1060.75 35550 61165
Dec 22 ICLO004 975.50 -45.25 970.00 1019.75 44685 73411
For Northwest Europe-bound crude, Aramco slashed Total Volume ICLO000 236070 XILOP00 2551
all grades by $2/b. Medium and Heavy streams were set at *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
a 20 cents/b premium and $4.20/b discount to ICE Brent
respectively. Arab Extra Light was lowered to a $4.50/b
premium while Arab Light was set at a $2.70/b premium.
Mediterranean-bound differentials moved in a similar FUTURES AT PLATTS’ MARKET ON CLOSE ($/barrel) (PGA page 703)
fashion, with Arab Extra Light falling by $1.70/b to a $4.80/b Singapore* London* Houston* Singapore* London* Houston*
premium to ICE Brent and Arab Light was down by $2/b to a ICE Brent NYMEX WTI
Nov XILLA01 95.18 AAYES00 93.09 AAQBG00 92.86 M1 XNCLA01 88.77 AASCR00 87.01 NYCRM01 86.89
$2.70/b premium.
Dec XILLA02 93.92 AAYET00 92.11 AAQBH00 92.02 M2 XNCLA02 88.43 AASCS00 86.61 NYCRM02 86.54
The lower costs for crudes bound for Europe reflected Jan AAXZY00 90.99 AAXZZ00 90.97 M3 NYCRM03 86.06
continued pressure on refinery margins as product Feb AAYAM00 89.84 AAYAL00 89.89 M4 NYCRM04 85.46
*Singapore and London MOC close at precisely 16:30 local time while Houston
markets falter leading to softer fundamentals for regional Oman
MOC closes at precisely 13:30 local time. MOC times are usually earlier on the day
sweet grades. Nov XDOA001 95.09 preceding major local holidays.
Volume XDOAV01 6563
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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 Americas
09/06/2022 November Alaska North Slope (ANS) Heard 2.50 ICE Brent
09/06/2022 October Escalante Heard -3.00 ICE Brent
09/06/2022 October HLS Heard 1.40 cash WTI
09/06/2022 October LLS Heard 2.40 cash WTI
09/06/2022 October Mixed Sweet (MSW) Heard -1.05 NYMEX WTI CMA
09/06/2022 October SGC (Southern Green Canyon) Heard -4.00 cash WTI
09/06/2022 October Thunder Horse Heard .35 cash WTI
09/06/2022 October WCS (Hardisty) Heard -20.40 NYMEX WTI CMA
09/06/2022 October WCS (Hardisty) Heard -20.30 NYMEX WTI CMA
09/06/2022 October WTI Midland Heard 1.80 cash WTI
Platts Asia
9/6/2022 November Dubai Partial Done 95.2 25000 Reliance Gunvor
9/6/2022 November Dubai Partial Done 95.2 25000 Reliance Gunvor
Platts EMEA
09/6/2022 October 3 7 Brent CFD Done 0.20 Cash BFOE Dec 100000 Shell Suncor
09/6/2022 October 3 7 Brent CFD Done 0.20 Cash BFOE Dec 100000 TotalEnergies BP
09/6/2022 October 10 14 Brent CFD Done 0.20 Cash BFOE Dec 100000 TotalEnergies Gunvor
09/6/2022 October 3 7 Brent CFD Done 0.10 Cash BFOE Dec 100000 Shell Onyx
09/6/2022 September 26 30 Brent CFD Done -0.60 Cash BFOE Nov 100000 Shell DV Trading
09/6/2022 September 19 23 Brent CFD Done -0.60 Cash BFOE Nov 100000 Petraco Vitol
09/6/2022 September 26 30 Brent CFD Done -0.60 Cash BFOE Nov 100000 Shell Onyx
09/6/2022 October 3 7 Brent CFD Done 0.20 Cash BFOE Dec 100000 Shell BP
09/6/2022 September 26 30 Brent CFD Done -0.55 Cash BFOE Nov 100000 Shell Onyx
09/6/2022 September 26 30 Brent CFD Done -0.60 Cash BFOE Nov 100000 Alta Paramount
09/6/2022 October 3 7 Brent CFD Done 0.20 Cash BFOE Dec 100000 TotalEnergies BP
09/6/2022 October 3 7 Brent CFD Done 0.20 Cash BFOE Dec 100000 TotalEnergies Onyx
09/6/2022 October 3 7 Brent CFD Done 0.15 Cash BFOE Dec 100000 TotalEnergies DV Trading
09/6/2022 September 19 23 Brent CFD Done -0.65 Cash BFOE Nov 100000 PetroChina Vitol
09/6/2022 September 19 23 Brent CFD Done -0.60 Cash BFOE Nov 100000 Alta Vitol
09/6/2022 October 10 14 Brent CFD Done 0.20 Cash BFOE Dec 100000 TotalEnergies DV Trading
09/6/2022 September 19 23 Brent CFD Done -0.75 Cash BFOE Nov 100000 DV Trading Equinor
09/6/2022 November Cash BFOE Done 93.34 100000 Gunvor Mercuria
09/6/2022 November Cash BFOE Done 93.33 100000 PetroIneos Mercuria
09/6/2022 November Cash BFOE Done 93.41 100000 Gunvor Mercuria
09/6/2022 November Cash BFOE Done 93.18 100000 PetroIneos Vitol
09/6/2022 November Cash BFOE Done 93.34 100000 Hartree Mercuria
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.

Platts EMEA Urals and Med Brent Crude Daily Platts EMEA Urals & Med Brent Crude Bids, barrels so there is a very limited pull from the east, but
Rationales & Exclusions Europe is still very slow,” one trader said.
Urals CIF Augusta differential <AAGXX00> assessment
Offers, Trades Angolan crudes were struggling for demand as key
rationale: Urals CIF Augusta was assessed 30 cents/b Bids: None buyers turned to alternative streams. “It appears no activity
lower. There were no bids or offers in the Platts Market Offers: None at all in Angola,” a second trader said.
on Close assessment process. Traders said Urals cargoes Trades: None Given more competitive arbitrages in competing grades,
were being traded delivered into India equating to Dated This assessment commentary applies to the following major Chinese buyers were very relaxed and in no rush to
Brent minus $22/b on a CIF Rotterdam basis. Traders said market data codes: Urals CIF Med <PCACE00>> Urals take Angolan or Congolese barrels, the first trader added.
the premium for Urals Mediterranean cargoes over Baltic CIF Rdam <PCAFW00> ESPO FOB Kozmino Mo01 London Some major Chinese buyers had only purchased around
cargoes remained around 30 cents/b. <AARWD00> CPC CIF Augusta Diff <AAHPL00> half of their typical West African intake for this stage in the
Urals CIF Med <PCACE00> assessment rationale: The trade cycle, a third trader noted.
Urals CIF Mediterranean assessment reflected the value of
Platts West African Crude Daily Commentary
the Mediterranean Dated Brent Strip (AALDF00) plus the Platts West African Crude Daily Rationale &
Urals CIF Augusta differential assessment (AAGXX00). ■ Light Nigerian crudes enjoy steady Indian demand Exclusions
Urals RCMB (Recombined) <AALIN00> assessment ■ Major Asian buyers absent in Angolan market The four crudes in the Nigerian basket were assessed
rationale: The Urals RCMB (Recombined) assessment Short loading programs and weakness in Dated Brent unchanged. The Nigerian market was in a stalemate
reflected the value of the Platts Dated Brent assessment kept sellers relaxed in the Nigerian market Sept. 6, despite Sept. 6. Shorter October loading programs, production
(PCAAS00) plus the Urals CIF Augusta differential lackluster demand across most of the complex. disruptions and weakness in Dated Brent counterbalanced
assessment (AAGXX00). Some traders even saw cause for bullishness, eyeing weak European demand to steady differentials.
Urals CIF Rdam <PCAFW00> assessment rationale: Urals a rebound in Azeri Light differentials in the Mediterranean Qua Iboe FOB Nigeria <PCAID00>
CIF Rotterdam was assessed 30 cents/b lower. There were and healthy refining margins in diesel and jet fuel. Bonny Light FOB Nigeria London <PCAIC00>
no bids or offers in the MOC. Traders said Urals cargoes “It could be decently bullish in the Mediterranean and Forcados FOB Nigeria <PCABC00>
were being traded delivered into India equating to Dated Nigerian on middle distillate [rich crudes] but we really Bonga FOB Nigeria <PCNGC00>
Brent minus $22/b on a CIF Rotterdam basis. Traders said need to see OSPs come off and some more runs,” one Exclusions:
the premium for Urals Mediterranean cargoes over Baltic trader said.
cargoes remained around 30 cents/b. In the meantime, sellers were in no rush to discount
Platts West African Crude Bids, Offers, Trades
Med Dated Brent Strip 13-28 Day <AALDF00> assessment given much shorter loadings in several grades’ month on
rationale: The Mediterranean Dated Brent Strip reflected month and weak backwardation in Dated Brent lessening Bids: None
the value of Forward Dated Brent 13-28 days ahead of the the penalty for holding prompt-loading cargoes. Offers: Equinor offers 1000kb +/-5% BO, FOB Girassol,
day of publication. Forward Dated Brent is assessed as Uncertainty over October-loading official selling prices loading 04-05 October at dtd +2.10 $/bbl, pxg 5 after B/L,
a function of Platts assessments of second-month Cash also kept a lid on trade. Several traders have cited a lack payment 30 after B/L, Statoil 2011 GTCs
BFOE (PCAAR00) and BFOE CFD differentials (PCAKA00, of confidence in NNPC to sharply cut OSPs in line with the Trades: None
PCAKC00, PCAKE00, PCAKG00, AAGLU00, AAGLV00, weaker spot market values over October-loading cargoes. This assessment commentary applies to the following
AALCZ00). Indian Oil Corp. continued to chip away at unsold lighter market data code: WAF Index <AWAFB00> The WAF Index is
CPC Blend CIF Augusta vs BTC Dtd Strip <AAHPL00> Nigerian crudes. The refiner was said to have bought 1 calculated using the following market data codes: Qua Iboe
assessment rationale: CPC Blend was assessed 40 cents/b million barrels of Nigerian Akpo, to be loaded onto a VLCC FOB Nigeria <PCAID00> Bonny Light FOB Nigeria London
higher. There were no bids, offers or trades in the MOC. with an Angolan term contract stem, traders said. <PCAIC00> Forcados FOB Nigeria <PCABC00> Bonga FOB
Traders said September-loading cargoes were trading at Steady Indian demand concentrated in lighter grades Nigeria <PCNGC00>
around Dated Brent minus $1/b. failed to lift the mood in among traders. “IOC is taking some
Exclusions: None

Platts American GulfCoast Select continued its recent The differential was its strongest level in seven trading
Platts US Pipeline Crude Daily Commentary
strengthening versus the Dated Brent strip to start the sessions for WCS at Hardisty, Alberta.
■ Sweet, sour grades strengthen week on Sept. 6. Nearly all Canadian crude differentials rose over the
■ Cash WTI little moved by OPEC+ cuts Platts AGS, which represents Midland-spec West Texas weekend as news reached the market that a coalition of
Intermediate crude for exports out of the US Gulf Coast on OPEC and other oil producers will reduce production quotas
Gulf Coast pipeline crude differentials were mostly stronger an FOB basis, was assessed 35 cents stronger on the day by 100,000 b/d in October.
to start the week after the long Labor Day holiday weekend versus Dated Brent at a $2.37/b discount, data from S&P Platts assessed the differentials for WCS at Cushing
in the US. Global Commodity Insights show. and WCS at the Gulf Coast 30 cents stronger on the day
West Texas Intermediate crude priced at the Magellan Since Aug. 29, Platts AGS has strengthened versus at WTI CMA minus $11.85/b and WTI CMA minus $10.75/b,
East Houston terminal was assessed 10 cents stronger Dated Brent from a $4.52/b discount to $2.37/b. respectively. The differential for Mixed Sweet at Edmonton
Sept. 6 to move to a $2.20/b premium to cash WTI. Against the NYMEX WTI strip, Platts AGS weakened 5 jumped 70 cents on the day to minus $1.05/b, while the
MEH’s premium to cash WTI is down 75 cents/b from cents to a $3.54/b premium. Since Aug. 26, Platts AGS has differential for Syncrude Sweet Premium rose 50 cents on
Aug. 25 but is also up 65 cents/b from Aug. 17, according to weakened from a $4.17/b premium to a $3.54/b premium on day to $5.55/b based on market indications.
S&P Global Commodity Insights data. Sept. 6. BP has finished repairing its Whiting, Indiana refinery
Also on Sept. 6, WTI priced in Midland, Texas, Meanwhile, the Brent/WTI swaps spread, an indicator after a fire damaged some units Aug. 24. The refinery’s
strengthened on the day, increasing its premium to cash of the competitiveness of US crude on the international largest crude distillation unit has been brought back online,
WTI by 10 cents as well to plus $1.80/b. market, widened by about 12 cents/b on Sept. 6 to $5.61/b. and a BP spokesperson said that normal operations could
Light Louisiana Sweet bucked the trend in the sweet As the swaps spread widens, WTI-based crudes are resume within the next few days. The refinery returned to
grades and was assessed 10 cents/b weaker on the day at generally viewed as becoming more competitive in the using electricity and steam last week after the electrical
cash WTI plus $2.40/b. global market. utilities and five boilers were restored.
Meanwhile, on the sour side, Mars was assessed 10 Estimates from Platts cFlow trade-flow analytics Platts is a part of S&P Global Commodity Insights.
cents stronger Sept. 6 at cash WTI minus $1.15/b based on software pegged US crude exports for the week to Sept. 2
market indications. at 3.447 million b/d, down about 53,000 b/d from 3.5 million
Platts Latin American Crude Daily
Thunder Horse was assessed 25 cents stronger on the b/d the prior week. More than 4 million barrels exported
day at cash WTI plus 35 cents/b based on a trade heard at for the week were destined for ports in South Korea and
Commentary
that level, while South Green Canyon crude also jumped 25 Singapore, while China was the destination for about 1.8 ■ Argentina’s Medanito plunges on high freight costs
cents to cash WTI minus $4/b based on a trade as well. million barrels, according to cFlow data. ■ Ecuador’s Oriente crude price decreases on day
NYMEX October WTI was little changed Sept. 6 despite Platts is a part of S&P Global Commodity Insights.
news that OPEC and its allies will slash production by The value of Argentina’s light sweet Medanito crude
100,000 b/d beginning in October, moving up 1 cent to continued to plunge on Sept. 6 on skyrocketing freight
Platts Canadian Pipeline Crude Daily
$86.88/b. costs, market participants said.
Platts is a part of S&P Global Commodity Insights.
Commentary Medanito, which has an average API of 42.5 API and
■ WCS Hardisty crude differential strengthens 0.3% sulfur content, was talked as low as a discount of
■ BP finishes repairs at Whiting, Indiana refinery $10/b to ICE Brent, although sources said such a level
Platts US Gulf Coast Export Crude Daily
was probably not repeatable. With no firm deals reported,
Commentary The differential for October Western Canadian Select Platts assessed Medanito at a discount of $7/b to the Latin
■ Platts AGS strengthening continues crude at Hardisty, Alberta continued to increase to minus Brent futures strip, a fresh all-time low since Platts began
■ Asia top destination for US exports $20.40/b on Sept. 6 after the market was closed overnight assessing the crude in April 2021.
for the US Labor Day holiday on Sept. 5. “It’s because you have almost $10 to $12 for freight,”
one trading sources in Argentina said.

Platts assessed most other crudes in the region lower, notes/060822-platts-clarifies-usgc-terminal-review- products, including distillates, gasoline, xylenes and
with Ecuador’s Oriente falling 25 cents to a discount of process-for-wti-midland-in-brent-complex. toluene. The terminal has four docks, including two that
$1.65/b to the Platts Latin WTI strip. The decrease came Upon successful review and meeting Platts criteria, can fit up to a Suezmax-sized ship and 3.7 million barrels
after Chile’s ENAP agreed to pay a discount of $2.14/b for sellers would be able to nominate WTI Midland meeting of crude storage capacity, 1.4 million barrels of which is for
2.16 million barrels of Oriente for November and December Platts specification loaded from Seabrook Logistics WTI Midland.
loading, an amount separated into six 360,000 barrel Terminal for inclusion into the Dated Brent/Cash BFOE Platts decision to include WTI Midland into the Brent
cargoes. assessment process. complex, and clarification of the review process by
In regional news, Neuquén, Argentina’s largest oil- The terminal, located in Seabrook, Texas, is partially which loading terminals are included in the assessment
producing province, is on track to reach as much as owned by Magellan OLP, L.P. and LBC Bayport Terminal, process, can be found here https://www.spglobal.com/
800,000 b/d of crude production by 2030 as activity picks LLC. It handles only crude oil. The terminal has 2 docks that commodityinsights/en/our-methodology/subscriber-
up in the Vaca Muerta shale play and as midstream projects can fit up to a Aframax size vessel and 3.996 million barrels notes/060822-platts-clarifies-usgc-terminal-review-
get underway to remove bottlenecks for growth, Omar of storage capacity, about 3 million barrels of which is for process-for-wti-midland-in-brent-complex.
Gutiérrez, the Governor of the Neuquén province, said WTI Midland storage. Platts is also seeking feedback on six other terminals:
Sept. 6. Please send all feedback to PriceGroup@spglobal.com Energy Transfer Houston terminal , Pin Oak Corpus Christi
The southwestern province had previously forecast and Europe_Crude@spglobal.com by Oct. 15, 2022. For terminal , Flint Hills Ingleside , Seabrook Logistics , Buckeye
reaching 750,000 b/d by that time, but a pickup in activity in written comments, please provide a clear indication if they South Texas Gateway and Eagle Ford Terminals Corpus
Vaca Muerta led to production increasing by that amount, are not intended for publication by Platts for public viewing. Christi.
the governor told S&P Global Commodity Insights on Platts will consider all comments received and will make Please send all feedback to PriceGroup@spglobal.com
the sidelines of an energy conference in Buenos Aires those not marked as confidential available upon request. and Europe_Crude@spglobal.com. For written comments,
organized by the American Chamber of Commerce in please provide a clear indication if they are not intended for
Argentina. Platts to include NuStar Corpus Christi, Texas North publication by Platts for public viewing. Platts will consider
Platts is part of S&P Global Commodity Insights. Beach Terminal into Brent complex assessment all comments received and will make those not marked as
process for June 2023 confidential available upon request.
Platts, part of S&P Global Commodity Insights, will
SUBSCRIBER NOTES include NuStar Corpus Christi, Texas North Beach terminal Platts seeks feedback on inclusion of Eagle
as a loading terminal for WTI Midland crude oil into its Dated Ford Terminals Corpus Christi into Dated Brent
Platts seeks feedback on inclusion of Seabrook Brent and Cash BFOE Market on Close assessment process Assessment Process
Logistics Terminal into Dated Brent Assessment for June 2023 deliveries.
Process This follows an extend period of feedback https://www. Platts, part of S&P Global Commodity Insights, proposes
spglobal.com/commodityinsights/en/our-methodology/ including Eagle Ford Terminals Corpus Christi as a loading
Platts, part of S&P Global Commodity Insights, proposes subscriber-notes/062822-platts-proposes-inclusion-of- terminal for WTI Midland crude oil into its Dated Brent and
including Seabrook Logistics Terminal as a loading nustar-corpus-christi-texas-north-beach-terminal-into- Cash BFOE Market on Close assessment process from
terminal for WTI Midland crude oil into its Dated Brent and brent-complex-assessment-process. Sellers would be June 2023.
Cash BFOE Market on Close assessment process from able to nominate WTI Midland meeting Platts specification Platts recent decision to include WTI Midland into the
June 2023. loaded from NuStar Corpus Christi, Texas North Beach Brent complex, and clarification of the review process by
Platts recent decision to include WTI Midland into the terminal for inclusion into the Dated Brent/Cash BFOE which loading terminals are included in the assessment
Brent complex, and clarification of the review process by assessment process starting with the June 2023 delivery process, can be found here https://www.spglobal.com/
which loading terminals are included in the assessment period. commodityinsights/en/our-methodology/subscriber-
process, can be found here https://www.spglobal.com/ The terminal in Corpus Christi, Texas, is wholly owned notes/060822-platts-clarifies-usgc-terminal-review-
commodityinsights/en/our-methodology/subscriber- by NuStar Logistics LP and handles crude oil and petroleum process-for-wti-midland-in-brent-complex.

Upon successful review and meeting Platts criteria, Gateway Terminal for inclusion into the Dated Brent/ The change will reflect evolution in the trading cycle
sellers would be able to nominate WTI Midland meeting Cash BFOE assessment process. The terminal, located in of Asia Pacific grades that now typically trade over a full
Platts specification loaded from Eagle Ford Terminals Ingleside, Texas, is wholly owned by Buckeye South Texas month, two months prior to cargoes loading.
Corpus Christi for inclusion into the Dated Brent/Cash Gateway Terminal, LLC, a joint venture between Buckeye The change will align the assessment calendar for Asian
BFOE assessment process. The terminal, located in Corpus Partners L.P., Phillips 66 Company, and Marathon Petroleum regional grades with that for cargoes loading from the
Christi, Texas, is partially owned by Plains Marketing L.P. Company LP. It handles bulk storage and marine loading of Middle East and Far East Russia, allowing for a better price
and Enterprise Products Operating LLC. It handles only crude oil. The terminal has two docks, that can fit up to a comparison.
crude oil. The terminal has two docks, including one that VLCC-sized vessel and 8 million barrels of storage capacity, The benchmark Platts Dubai assessments also reflect
can fit up to a Suezmax size vessel and 1.260 million barrels 3.2 million barrels of which is for WTI Midland crude oil cargoes loading two months forward from the full calendar
of storage capacity. storage. month of publication.
Please send all feedback to PriceGroup@spglobal.com Please send all feedback to PriceGroup@spglobal.com The assessments affected by the change are as follow:
and Europe_Crude@spglobal.com by September 30, 2022. and Europe_Crude@spglobal.com by Sept. 30, 2022. For Outright Asia Outright
Grade Diff to ADB Diff to ICP
For written comments, please provide a clear indication written comments, please provide a clear indication if they close London close
NW Shelf AAPAI00 PCAGX00 AAPAH00 -
if they are not intended for publication by Platts for public are not intended for publication by Platts for public viewing. Ichthys FC ICFCB00 ICFCA00 - -
viewing. Platts will consider all comments received and Platts will consider all comments received and will make Senipah AAPBE00 AAEOE00 AAPBD00 AAEOK00
Cossack AAPAC00 PCAGZ00 AAPAB00 -
will make those not marked as confidential available upon those not marked as confidential available upon request.
Tapis AAOZW00 PCACB00 AAOZV00 -
request. Belida AAPBQ00 PCAFL00 AAPBP00 PCAFM00
Platts to amend publication periods for its Asia Kutubu AAPAE00 PCAFJ00 AAPAD00 -
Attaka AAPBC00 PCAAJ00 AAPBB00 PCAAK00
Platts seeks feedback of Buckeye South Texas Pacific, North Africa crude assessments from Ardjuna AAPBG00 PCACQ00 AAPBF00 PCACR00
Gateway terminal into Dated Brent assessment Jan 1, 2023 Banyu Urip AAPBU00 PCAFQ00 AAPBR00 PCAQQ00
Kikeh AAOZY00 AAWUH00 AAOZX00 -
process Miri Light AAPAS00 PCABQ00 AAPAR00 -
Platts, a part of S&P Global Commodity Insights, will change Labuan AAPAQ00 PCABL00 AAPAP00 -
Platts, part of S&P Global Commodity Insights, seeks the publication periods for all its assessments of Asia Kimanis AASCM00 AASCL00 AASCN00 -
Su Tu Den AARAS00 AARAR00 AARAQ00 -
feedback on inclusion of Buckeye South Texas Gateway Pacific crude grades and certain North Africa crude grades Bach Ho AAPAK00 PCAHY00 AAPAJ00 -
Terminal into Dated Brent Assessment Process from January 1, 2023. Nanhai AAPAG00 PCAFR00 AAPAF00 -
Nile Blend AAPAM00 AAPLC00 AAPAL00 -
Platts proposes including Buckeye South Texas Gateway Platts first proposed the change in a subscriber note Daqing AAPAW00 PCAAZ00 AAPAV00 -
Terminal as a loading terminal for WTI Midland crude published May 23, 2022: http://plts.co/XPxa30skzrz . Dar Blend AARAC00 AARAB00 AARAA00 -
oil into its Dated Brent and Cash BFOE Market on Close Platts assessments for cargoes loading two months Shengli AAPAY00 PCABY00 AAPAX00 -
Duri AAPBM00 PCABA00 AAPBL00 PCABB00
assessment process from June 2023. forward (M+2) will roll over on the first calendar day of each Vincent AARAL00 AARAK00 AARAJ00 -
Platts’ recent decision to include WTI Midland into the month from Jan. 1, 2023. For example over January 1-31,
Brent complex, and clarification of the review process by the assessments would reflect cargoes loading in March. Please send all comments and queries to
which loading terminals are included in the assessment On February 1, the assessments would roll over to reflect asia_crude@spglobal.com and pricegroup@spglobal.com.
process, can be found here https://www.spglobal.com/ cargoes loading in April. For written comments, please provide a clear indication
commodityinsights/en/our-methodology/subscriber- Currently, Platts assessments for these grades reflect if comments are not intended for publication by Platts for
notes/060822-platts-clarifies-usgc-terminal-review- cargoes loading two months forward, with a rollover date public viewing.
process-for-wti-midland-in-brent-complex. on the 9th of the month. For example, over December Platts will consider all comments received and will
Upon successful review and meeting Platts criteria, 9-January 8, the assessments reflect cargoes loading in make comments not marked as confidential available upon
sellers would be able to nominate WTI Midland meeting February. On January 9, the assessments roll over to reflect request.
Platts specification loaded from Buckeye South Texas cargoes loading in March.

AAGZZ00 Sweet/Sour Diff Med

Platts opens consultation on European crude oil It is also seeking feedback on the spot market for UNCM001 Urals NWE CFD Mo1
assessments that reflect Russian crude, exports Kazakh origin Urals cargoes. UNCM002 Urals NWE CFD Mo2
from Russian ports While CPC Blend, Siberian Light, and Urals cargoes UNCM003 Urals NWE CFD Mo3
AAMDU00 Urals Med CFD Mo1
typically trade on a cost, insurance and freight (CIF) basis AAMEA00 Urals Med CFD Mo2
Platts, part of S&P Global Commodity Insights, is opening referencing cargo loading dates, Platts is seeking feedback UMCM003 Urals Med CFD Mo3
a consultation on its European oil assessments that reflect on whether trading behavior is shifting towards trading on a
the spot value of Russian crude and crude exports from free on board (FOB) basis given the sanctions in Europe. These assessments appear on Platts Global Alert and
Russian ports. In markets where no sanctions have been applied to Platts Crude Alert pages 1210, 1220, 1221, 1224, 1617; in Crude
The assessed grades include Urals loading from the imports of Russian crude oil and in which observable spot Oil Marketwire and Oilgram Price Report; as well as in the
Russian ports of Primorsk and Ust-Luga in the Baltic Sea; market activity is ongoing, Platts will continue to publish its Platts price database under the codes above.
CPC Blend, Siberian Light, and Urals, all of which can load assessments of these flows as part of its commitment to Please send all feedback, comments or questions
from the port of Novorossiisk in the Black Sea and Eastern pricing transparency. by July 15 to europe_crude@spglobal.com and
Siberian Pacific Oil (ESPO) loading from Kozmino. Further guidance on sanctions and embargoed material pricegroup@spglobal.com.
Platts understands that EU sanctions (Council in Platts price assessment processes can be found here: For written comments, please provide a clear indication
Decision CFSP 2022/884 published June 3) will impact the https://www.spglobal.com/commodityinsights/en/ if comments are not intended for publication by Platts for
merchantability of these grades in European markets to our-methodology/subscriber-notes/030222-further- public viewing.
various degrees. guidance-on-sanctions-embargoed-material-in-s-p-global- Platts will consider all comments received and will
The sanctions package imposes a complete import commodity-insights-platts-price-assessment-processes make comments not marked as confidential available upon
ban on all seaborne Russian crude oil to the EU from Dec. This consultation relates to the following Platts request.
5, 2022, with spot market transactions and execution of assessments:
existing contracts to be permitted for six months until then. Code Assessment Name Platts to hold London North Sea Crude Technical
It will also impose a ban on EU operators insuring and PCAFW00 Urals Rotterdam (CIF) Workshop Sept. 13
AAGXJ00 Urals Rotterdam vs Med Dated Brent Strip (CIF)
financing the shipping of oil from Russia to third countries. AAWVH00 Urals ex-Primorsk
The sanctions package includes a provision (Council AAWVI00 Urals ex-Primorsk vs Med Dated Brent Strip From June 2023 cargoes onwards, the Brent crude oil
AAGZT00 Urals ex-Baltic
Decision CFSP 2022/884 section 13) in compliance with the AAHPI00 Urals ex-Baltic vs Med Dated Brent Strip
complex, including cash BFOE forwards and the Dated
principle of the freedom of transit. PCACE00 Urals Augusta (CIF) Brent benchmark itself, will include WTI Midland.
The section states that the prohibitions should not apply AAGXX00 Urals Augusta vs Med Dated Brent Strip (CIF) To discuss the latest updates and to prepare for this
AAGZS00 Urals FOB Novorossiysk Suezmax
to crude oil where Russia is the exporter of record but the AAHPH00 Urals FOB Novorossiysk Suezmax vs Med Dated Brent Strip major change, Platts, part of S&P Global Commodity
origin of the crude is identified as a third state. AAOTH00 Urals FOB Novorossiysk Aframax Insights, is holding a London North Sea Technical workshop
AAOTI00 Urals FOB Novorossiysk Aframax vs Med Dated Brent Strip
Platts understands that the presence of Russian-origin AALIN00 Urals RCMB (Recombined)
on Sept. 13.
material in the predominantly Kazakh CPC Blend stream, AAPYS00 Urals CIF Augusta Euro This event will review the current performance of Dated
and Kazakh-origin material in the predominantly Russian AODFA00 Observed Delivery Factor (ODF) Brent and related markets, highlighting trends and liquidity,
AAGZU00 CPC Blend CIF
Urals stream loading from Novorossiisk may also impact AAHPL00 CPC Blend CIF vs BTC Dated Brent Strip as well as address the ongoing discussion around BFOE
trading activity in those markets before and after the AALVX00 CPC Blend FOB Suezmax contract terms and terminal reviews.
AALVZ00 CPC Blend FOB Suezmax vs BTC Dated Brent Strip
sanctions take effect. AAOFV00 CPC FOB Aframax The workshop will be held in person at CCT Venues Bank
Platts is therefore seeking feedback on the current AAOFW00 CPC FOB Aframax vs BTC Dated Brent Strip Street, London and will also be run as an online event.
AAGZW00 Siberian Light CIF
methodology for its CPC Blend, ESPO, Siberian Light, and Further details about the event and registration can be
AAHPK00 Siberian Light CIF vs Med Dated Brent Strip
Urals spot assessments in the context of this trading AARWD00 ESPO FOB Kozmino (London Close) found here:
environment in Europe. AARWE00 ESPO FOB Kozmino vs forward Dated Brent (London Close) https://events.spglobal.com/event/4056e66b-51f9-41f8-
AAGZV00 Sweet/Sour Diff NWE
9ba8-ce7aaa2712bc/summary

Platts to discontinue Indonesia’s Handil Mix, Both Handil Mix and Gippsland crude assessments This follows a proposal published Feb. 14, 2022 and
Australia’s Gippsland crude assessments from Jan are also published on Crude Oil Marketwire, Oilgram Price available here:
1, 2023 Report, Asia Pacific Arab Gulf Marketscan and OPR Price https://www.spglobal.com/commodityinsights/en/our-
Average Supplement. methodology/subscriber-notes/021422-platts-proposes-to-
Platts, part of S&P Global Commodity Insights, will The proposed discontinuation will affect these symbols: reflect-wti-midland-in-dated-brent-cash-bfoe-from-june-
discontinue publication of Indonesia’s Handil Mix and 2023-keeps-brent-assessments-on-an-fob-basis
Handil Mix Gippsland
Australia’s Gippsland crude assessments with effect from And a consultation published July 21, 2021, and available
January 1, 2023. Daily diff to ADB AAPBI00 AAPAU00 here:
Monthly diff to ADB AAPBI03 AAPAU03
Platts first proposed the discontinuation in a subscriber Daily diff to ICP PCABF00 - https://www.spglobal.com/commodityinsights/en/
note published May 23, 2022: http://plts.co/8VTw30skzrC . Monthly diff to ICP PCABF03 - our-methodology/subscriber-notes/072121-platts-launches-
Daily outright Asia close PCABE00 PCACP00
Platts understands the production levels for Handil Mix Weekly outright Asia consultation-on-further-evolution-of-dated-brent-and-
- PCACP10
and Gippsland crudes have dwindled over the years with close wider-brent-complex
limited to no spot trading observed by market participants. Monthly outright Asia Platts to add WTI Midland to Dated Brent and all related
AAFZF00 AAFZL00
close
Handil Mix typically has an API gravity of around 39.50 Daily outright London Platts Brent assessments:
AAPBH00 AAPAT00
with 0.06% sulfur, while Gippsland typically has an API close - WTI Midland cargoes on a CIF Rotterdam basis to be
Monthly outright London
gravity of around 55.40 with 0.04% sulfur. AAPBH03 AAPAT03 reflected in Dated Brent, with FOB value derived by freight
close
For Handil Mix, Platts currently assesses the Indonesian netback to established North Sea ports.
crude grade as a differential to Asian Dated Brent and a Please send all comments and queries to - Dated Brent and Cash BFOE cargo sizes to move to
differential to Indonesia’s Crude Price (ICP), both at Asia asia_crude@spglobal.com and pricegroup@spglobal.com. 700,000 barrels from 600,000 barrels.
MOC close. It is also assessed on an outright basis at Asia For written comments, please provide a clear indication - Freight Adjustment Factor on WTI Midland to be set at
MOC close and at London close. if comments are not intended for publication by Platts for 80%.
Handil Mix, which is produced in Offshore Mahakam public viewing. - Cash BFOE methodology to be defined after further
Block, has a production volume of around 12,040 barrels/ Platts will consider all comments received and will discussion of market standards.
day in 2020, according to operator PT Pertamina Hulu make comments not marked as confidential available upon CONSULTATION AND PROPOSAL: Since launching a
Mahakam (PHM) in its annual report. request. formal consultation July 21, 2021, Platts has received
The assessments for Handil Mix are published on Platts widespread support for the inclusion of WTI Midland in
Global Alert pages 2214, 2215, 2244, 2245, 2264 and 2265. Platts to reflect WTI Midland in Dated Brent, Cash the Brent complex. The feedback received included a
For Gippsland, Platts assesses the Australian crude BFOE from June 2023 wide range of ideas and proposed mechanisms for the
as a differential to Asian Dated Brent at Asia MOC close. inclusion of WTI Midland. Platts appreciates that the
Gippsland is also assessed on an outright basis at Asia MOC Following extensive consultation and proposal periods, inclusion of WTI Midland into the Brent complex requires
close and at London close. Platts, part of S&P Global Commodity Insights, will reflect detailed methodological evolution. Building on the feedback
Crude production in the Gippsland/Bass Straits basin, cargoes of WTI Midland crude oil in its Dated Brent crude oil received, this decision sets out the pathway for the grades
where Gippsland crude is produced, was equivalent to benchmark, with effect from June 2023 cargo deliveries. inclusion into Dated Brent.
around 26,000 barrels/day in the Australian financial year This inclusion will extend across the Brent complex, TIMING OF IMPLEMENTATION: Platts will include WTI
2019/2020, which commenced from July 1, 2019 to June 30, including Dated Brent and its related components, Cash Midland cargoes in the Dated Brent assessment from
2020, according to Australian Petroleum Statistics. BFOE, and all related instruments. Platts will maintain the cargo delivery periods starting June 2023. Such physical
The assessments for Gippsland crude are published on assessment of the Dated Brent benchmark and Cash BFOE cargoes can be bid or offered in the Platts Market on Close
Platts Global Alert pages 2214, 2215, 2240, 2241, 2260, 2261 as FOB North Sea values, with Cash BFOE methodology to assessment process for inclusion in Dated Brent from the
and 1805. be finalized in the coming months. first publishing day in May 2023, with the associated June
Cash BFOE value assessed from February 2023.

WTI MIDLAND INTO DATED BRENT: As part of this a separate subscriber note outlining more detail on this https://www.spglobal.com/platts/en/our-methodology/
change, Platts will amend Dated Brent to reflect the bids, change. subscriber-notes/080320-platts-to-implement-
offers, and transactions for the most competitive grade QUALITY: Platts will include WTI Midland cargoes comprehensive-platts-wti-midland-specifications
of Brent/Ninian Blend, Forties, Oseberg, Ekofisk, Troll, and of a quality meeting its globally applied specification, Platts will only reflect WTI Midland cargoes that can
WTI Midland, on an FOB and freight-adjusted FOB North Sea which can be found here: https://www.spglobal.com/ be loaded from pre-approved terminals. A US Gulf Coast
basis. Platts will reflect bids, offers, and transactions of WTI commodityinsights/plattscontent/_assets/_files/en/our- terminal wishing to be included in the Brent assessment
Midland on a CIF Rotterdam basis in its Market on Close methodology/methodology-specifications/emea-crude- process would need to demonstrate the highest standards
assessment process as per current guidelines. A value for methodology.pdf of logistical performance and guarantee a demonstration
an FOB equivalent cargo of WTI Midland in the North Sea will Platts will continue to reflect Oseberg, Ekofisk, and Troll of the quality of crude oil for every loading. More
be derived by a calculation of an evenly weighted average in Dated Brent after adjustment on a Quality Premium basis. information on Platts terminal review process and minimum
of freight values for the five existing ports of Sullom Voe, Platts will review the applicability of a quality premium or requirements to be demonstrated are set out in a related
Hound Point, Sture, Teesside, and Mongstad. any similar adjustment mechanism for WTI Midland cargoes subscriber note.
FREIGHT ADJUSTMENT FACTOR: Inclusion of CIF in the Brent complex after initial implementation. Please send all comments, feedback and
Rotterdam cargoes in Dated Brent will incorporate a WTI MIDLAND INTO CASH BFOE: As part of the questions to Platts_Oil_Feedback@spglobal.com and
freight adjustment factor in the calculation of equivalent consultation around this change, Platts has received pricegroup@spglobal.com.
FOB value for delivered cargoes. Following significant widespread support for WTI Midland being included into For written comments, please provide a clear indication
feedback received during the proposal period, Platts will the Cash BFOE forward process in the Brent complex. if comments are not intended for publication by Platts for
apply a freight adjustment factor of 80% to cargoes of WTI Platts recognizes there are several sets of bilateral contract public viewing.
Midland to give an FOB North Sea assessment, based on amendments being discussed among North Sea market Platts will consider all comments received and will make
the average of freight rates for an equivalent loading period. participants. The complexity and variety of these terms comments not marked as confidential available to the
The basis for this adjustment for WTI Midland would refer to mean that no industry standard has emerged ahead of next public upon request.
an average of the basket of the five Dated Brent North Sea year’s implementation, and Platts will work with market
terminals. The 80% freight adjustment factor is in line with participants to further define the forward mechanism to Platts invites feedback on EMEA crude oil
the freight adjustment factors applied to the existing BFOE be included into the Dated Brent complex. Platts remains methodology
grades. Background on Platts Freight Adjustment Factors committed to reflecting bids, offers, and transactions of
can be found here: Cash BFOE where the buyer is willing to accept a cargo of As part of its commitment to open and transparent pricing
https://www.spglobal.com/platts/plattscontent/_ Brent/Ninian, Forties, Oseberg, Ekofisk, Troll, or WTI Midland and product specifications, S&P Global Platts would like to
assets/_files/en/our-methodology/methodology- from cargoes loading June 2023. In its proposal, Platts invite feedback on its Europe, Middle East and Africa crude
specifications/dated-brent-cif-rotterdam.pdf stated that, on being nominated an FOB WTI Midland cargo, oil methodology.
VOLUME: Effective for cargoes for delivery from June a buyer should charter a vessel acceptable to seller and the Platts reviews all methodologies annually to ensure they
2023, Platts will amend the size of cargoes reflected in nominated terminal, with title and risk passing from seller continue to reflect the physical markets under assessment.
Dated Brent and Cash BFOE to 700,000 barrels. This size to buyer in international waters. Platts recognizes there is Platts regularly assesses the relevance of
will be applicable to the five established grades of Brent/ growing support for contract amendments under which the methodologies through continuous contact with the
Ninian Blend, Forties, Oseberg, Ekofisk, Troll, as well as WTI ship shall be chartered by the seller. market.
Midland, each with a tolerance of 1% in the buyers option. WTI MIDLAND CARGOES AND TERMINALS FOR Feedback on methodologies is always welcomed by
As a result, Platts assessment of Cash BFOE will reflect INCLUSION: Platts will reflect in Dated Brent and Cash BFOE Platts.
convergence of cash partials on reaching 700,000 barrels, assessments WTI Midland cargoes loading in the US Gulf Platts is committed to providing advance notice in a
an increase from the current standard of 600,000 barrels. Coast that meet the Platts specification which can be found clear time frame that gives users sufficient opportunity to
This change reflects the trend to larger vessel and cargo here: analyze and comment on the impact of proposed changes.
size in the Atlantic Aframax fleet. Platts has published

Time frames vary depending on Platts analysis of the Platts understands that European Union sanctions https://www.spglobal.com/commodityinsights/en/our-
overall circumstances of a particular change. (Council Decision CFSP 2022/884 published June 3, 2022) methodology/subscriber-notes
Methodology changes that materially alter an will impact the merchantability of these grades in European Further guidance on sanctions and embargoed material
assessment and require an update to the methodology markets to various degrees. in Platts price assessment processes can be found here:
specification are preceded by extensive bilateral The sanctions package imposes a complete import https://www.spglobal.com/commodityinsights/en/
discussions with market stakeholders and open public ban on all seaborne Russian crude oil to the European our-methodology/subscriber-notes/030222-further-
forums. Union from Dec. 5, 2022, with spot market transactions guidance-on-sanctions-embargoed-material-in-s-p-global-
Routine changes or clarifications generally do not and execution of existing contracts to be permitted for six commodity-insights-platts-price-assessment-processes
materially alter an assessment. months until then. It will also impose a ban on EU operators This consultation relates to the following Platts
Platts holds open public forums in which material insuring and financing the shipping of oil from Russia to assessments:
methodology changes and feedback are presented, and at third countries. Code Assessment Name
which further feedback may be given. The sanctions package includes a provision (Council PCAFW00 Urals Rotterdam (CIF)
AAGXJ00 Urals Rotterdam vs Med Dated Brent Strip (CIF)
Please send all comments to Decision CFSP 2022/884 section 13) in compliance with AAWVH00 Urals ex-Primorsk
europe_crude@spglobal.com and the principle of the freedom of transit. This section states AAWVI00 Urals ex-Primorsk vs Med Dated Brent Strip
AAGZT00 Urals ex-Baltic
pricegroup@spglobal.com. that the prohibitions should not apply to crude oil where AAHPI00 Urals ex-Baltic vs Med Dated Brent Strip
For written comments, please provide a clear indication Russia is the exporter of record but the origin of the crude PCACE00 Urals Augusta (CIF)
if comments are not intended for publication by Platts for is identified as a third state. AAGXX00 Urals Augusta vs Med Dated Brent Strip (CIF)
AAGZS00 Urals FOB Novorossiysk Suezmax
public viewing. As part of the consultation process so far, Platts has AAHPH00 Urals FOB Novorossiysk Suezmax vs Med Dated Brent Strip
Platts will consider all comments received and will make received widespread support for continuing to reflect AAOTH00 Urals FOB Novorossiysk Aframax
AAOTI00 Urals FOB Novorossiysk Aframax vs Med Dated Brent Strip
comments not marked as confidential available to the delivered Urals prices into Rotterdam and Augusta under AALIN00 Urals RCMB (Recombined)
public upon request. its existing cost, insurance and freight (CIF) assessment AAPYS00 Urals CIF Augusta Euro
codes beyond the implementation of sanctions. The AODFA00 Observed Delivery Factor (ODF)
AAGZW00 Siberian Light CIF
Platts extends consultation period on European increasing relevance of free on board (FOB) Baltic and FOB AAHPK00 Siberian Light CIF vs Med Dated Brent Strip
ESPO, Siberian Light, Urals crude oil assessments Black Sea values reflecting export arbitrage flows to China AARWD00 ESPO FOB Kozmino (London Close)
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
Platts, part of S&P Global Commodity Insights, is extending necessitate the continuation of existing FOB assessment AAGZZ00 Sweet/Sour Diff Med
UNCM001 Urals NWE CFD Mo1
the consultation period on its European oil assessments codes as standalone assessments, rather than netback
UNCM002 Urals NWE CFD Mo2
that reflect the spot value of Russian crude and crude calculations from the CIF assessments. UNCM003 Urals NWE CFD Mo3
exports from Russian ports. Platts continues to seek feedback on its ESPO, Siberian AAMDU00 Urals Med CFD Mo1
AAMEA00 Urals Med CFD Mo2
These assessed grades include Urals loading from the Light, physical Urals and Urals CFD assessments in the UMCM003 Urals Med CFD Mo3
Russian ports of Primorsk and Ust-Luga in the Baltic Sea; context of the future trading environment in Europe. It
Siberian Light and Urals, both of which can load from the is also seeking further feedback on the spot market for These assessments appear on Platts Global Alert and
port of Novorossiisk in the Black Sea and Eastern Siberian Kazakh-origin Urals cargoes. Platts Crude Alert pages 1210, 1220, 1221, 1224, 1617; in Crude
Pacific Oil (ESPO) loading from Kozmino. During the first phase of the consultation, Platts Oil Marketwire and Oilgram Price Report; as well as in the
The consultation was launched June 22 and the received extensive feedback regarding its CPC Platts price database under the codes above.
subscriber note is available here: Blend assessments and the impact of the sanctions Please send all feedback, comments or questions
https://www.spglobal.com/commodityinsights/en/ announcement on spot trading activity in that market by Aug. 31, 2022, to europe_crude@spglobal.com and
our-methodology/subscriber-notes/062222-platts-opens- moving forward. Platts has subsequently published a pricegroup@spglobal.com.
consultation-on-european-crude-oil-assessments-that- proposal note which can be found here:
reflect-russian-crude-exports-from-russian-ports

For written comments, please provide a clear indication Platts to reflect 700,000 barrel cargo sizes in Dated and an operational tolerance of plus/minus 1%. Offers of
if comments are not intended for publication by Platts for Brent, Cash BFOE from June 2023 less than 700,000 barrels must meet the minimum volume
public viewing. requirement of 665,000 barrels plus/minus 1% and continue
Platts will consider all comments received and will In line with evolving shipping trends, Platts, part of S&P to reflect the standard cargo quality for that grade. Offers
make comments not marked as confidential available upon Global Commodity Insights, will amend the cargo sizes and trades of less than 700,000 barrels may be subject to
request. reflected in its Dated Brent and Cash BFOE assessments to normalization for assessment purposes.
700,000 barrels, from 600,000 barrels, effective from June Please send all feedback, comments or
Platts seeks feedback on inclusion of Pin Oak 2023 cargo deliveries. questions to europe_crude@spglobal.com and
Corpus Christi Terminal in Dated Brent assessment Platts has received support for larger cargo sizes to be pricegroup@spglobal.com.
process reflected in its Dated Brent and Cash BFOE assessments as For written comments, please provide a clear indication
Aframax cargo sizes and tanker sizes in the Atlantic Basin if comments are not intended for publication by Platts for
Platts, part of S&P Global Commodity Insights, proposes have increased in recent years. public viewing.
including Pin Oak Corpus Christi Terminal as a loading This follows a proposal published Feb. 14, which can be Platts will consider all comments received and will
terminal for WTI Midland crude oil in its Dated Brent and found here: make comments not marked as confidential available upon
Cash BFOE Market on Close assessment process from https://www.spglobal.com/commodityinsights/en/our- request.
June 2023. methodology/subscriber-notes/021422-platts-proposes-
Platts’ recent decision to include WTI Midland into the to-amend-cargo-size-for-dated-brent-cash-bfoe- Platts reduces repeat order timing for partials in
Brent complex, and clarification of the review process by assessments-to-700000-barrels Asia crude oil MOC
which loading terminals are included in the assessment The new assessment size will be applicable to the five
process, can be found here. established grades in the Brent complex (Brent/Ninian Platts, part of S&P Global Commodity Insights, has
Upon successful review and meeting Platts criteria, Blend, Forties, Oseberg, Ekofisk, and Troll), as well as WTI shortened the time allowed for participants to repeat a bid
sellers would be able to nominate WTI Midland meeting Midland, each with a tolerance of plus/minus 1% in the or offer, following a trade, in the Middle East sour crude
Platts specification loaded from Pin Oak Corpus Christi buyers option. As a result, the Platts assessment of Cash partials Market On Close assessment process with effect
Terminal for inclusion into the Dated Brent/Cash BFOE BFOE will reflect convergence of cash partials on reaching from Sept. 1, 2022.
assessment process. 700,000 barrels, an increase from the current standard of Platts first proposed the change in a subscriber note
The terminal, located in Corpus Christi, Texas, is wholly 600,000 barrels. published July 13, 2022: http://plts.co/Xme730soFoP
owned by Pin Oak Group, LLC. It handles crude oil and Platts has published a separate subscriber note Market participants in the MOC process previously had
petroleum products. The terminal has two docks, including outlining more detail on the inclusion of WTI Midland in up to 15 seconds to repeat their bid or offer following a
one that can fit up to a Suezmax size vessel and has a the Dated Brent benchmark, Cash BFOE and all related trade. Platts has shortened this to up to 10 seconds from
storage capacity of 5.1 million barrels, 2.9 million barrels of instruments, which can be found here: Sept. 1, 2022.
which is for crude oil storage. https://www.spglobal.com/commodityinsights/en/our- The change took into account the growth in market
Please send all feedback to PriceGroup@spglobal.com methodology/subscriber-notes activity and the recent price volatility, which has
and Europe_Crude@spglobal.com by Sept. 30. For written As part of the initial proposal regarding volume, Platts necessitated a speedier and more granular approach in the
comments, please provide a clear indication if they are not also invited feedback on the minimum cargo size which MOC process for price demonstration.
intended for publication by Platts for public viewing. should be reflected in its Dated Brent cost, insurance and Activity in the Middle East sour crude MOC assessment
Platts will consider all comments received and will make freight (CIF) Rotterdam and free on board (FOB) ship-to- process has grown substantially in recent years,
those not marked as confidential available upon request. ship (STS) Scapa Flow crude oil assessments. reflecting rising trade volumes in the broader Asia market,
As part of this change, Platts will publish Dated Brent underpinned by strong oil demand growth in countries such
cargo indications on a CIF Rotterdam or STS Scapa Flow as China and India.
basis with a minimum stated volume of 665,000 barrels

The change is applied to all crude partials and spreads market sources. Platts has assessed Eugene Island as part https://www.spglobal.com/commodityinsights/en/
in the Middle East MOC assessment process for Dubai, of its suite of Gulf of Mexico crude assessments since July our-methodology/subscriber-notes/062222-platts-opens-
Oman, Upper Zakum, Al Shaheen, and Murban crudes. The 2012. consultation-on-european-crude-oil-assessments-that-
five grades are physically deliverable into the benchmark The discontinuation affects the following codes: reflect-russian-crude-exports-from-russian-ports
Platts Dubai crude contract. Eugene Island, PCAFC00 Platts understands that European Union sanctions
Platts last reduced repeat order timing in the Dubai MOC Eugene Island Monthly Average, PCAFC03 (Council Decision CFSP 2022/884 published June 3, 2022)
to 15 seconds from 60 seconds in November 2015. Eugene Island Pipeline Average, AAFCJ00 will impact the merchantability of Russian origin crude oil in
The change does not affect the increment guidelines, Eugene Island vs 1st Line WTI, AAGWD00 European markets.
which allows market participants to improve their bid or Eugene Island vs 1st Line WTI Monthly Average, The sanctions package imposes a complete import ban
offer by up to 5 cents/b every 5 seconds. AAGWE00 on all seaborne Russian crude oil to the European Union
The Middle East sour crude MOC is facilitated by Eugene Island vs 1st Line WTI Pipeline Average, from December 5, 2022, with spot market transactions
Platts Editorial Window or eWindow, an online data-entry AAGWE02 and execution of existing contracts to be permitted for six
and communications tool, which brings greater speed, The prices appear on Platts Global Alert and Platts months until then. It will also impose a ban on EU operators
transparency and efficiency to the price assessment Crude Alert pages 214, 215, 216, and in Crude Oil Marketwire, insuring and financing the shipping of oil from Russia to
processes. North American Crude and Products Scan, Oilgram Price third countries.
For more information on Platts Middle East crude Report and the OPR Price Average Supplement. The sanctions package includes a provision (Council
benchmarks and how they are assessed, please visit: Please send any feedback or questions Decision CFSP 2022/884 section 13) in compliance with
https://www.spglobal.com/platts/plattscontent/_assets/_ to Americas_crude@spglobal.com and the principle of the freedom of transit. This section states
files/en/our-methodology/methodology-specifications/ pricegroup@spglobal.com. that the prohibitions should not apply to crude oil where
apag-crude-methodology.pdf For written comments, please provide a clear indication Russia is the exporter of record but the origin of the crude
Please send any feedback or questions to if comments are not intended for publication by Platts for is identified as a third state.
asia_crude@spglobal.com and pricegroup@spglobal.com. public viewing. Platts will consider all comments received Platts understands that the presence of Russian origin
For written comments, please provide a clear indication and will make comments not marked as confidential material in the predominantly Kazakh CPC Blend stream will
if comments are not intended for publication by Platts for available to the public upon request. impact the merchantability of these cargoes loading from
public viewing. the CPC terminal at the port of Novorossiisk in the Black
Platts will consider all comments received and will Platts proposes to exclude Russian origin cargoes Sea.
make comments not marked as confidential available upon from CPC Blend assessments, amend FOB netback In line with market feedback, Platts therefore proposes
request. calculations to exclude cargoes that carry a Russian certificate of origin
(COO) from being reflected in its assessments of CPC Blend
Platts to discontinue publishing assessments for Following extensive market feedback, Platts, part of S&P cargoes and CFDs. Bids, offers and trades reported in the
Eugene Island crude oil Global Commodity Insights, is proposing to exclude Russian Market On Close (MOC) assessment process would need to
origin cargoes and amend the free on board (FOB) netback be performed upon with cargoes carrying a Kazakh origin
Platts, a part of S&P Global Commodity Insights, will calculations in its CPC Blend assessments, effective Oct. COO.
discontinue publishing assessments for Eugene Island 3, 2022. Additionally, and in line with extensive feedback
crude oil as both an outright value and as a differential to This proposal follows Platts consultation on its regarding the market impact of Additional War Risk
WTI, effective Nov. 1, 2022. European oil assessments that reflect the spot value of Premiums (AWRPs) and freight insurance costs for loading
This comes after Platts proposed to discontinue the Russian crude and crude exports from Russian ports. in the Black Sea since Russia’s invasion of Ukraine, Platts
assessments on July 20, 2022. The consultation was launched June 22 and the also proposes to amend its FOB netback calculations to
Platts is discontinuing the assessments due to waning subscriber note is available here: include these additional cost considerations for charterers
market activity for the grade over the years, according to when loading on a FOB basis.

Further guidance on sanctions and embargoed material Quality Premiums are available on Platts Global Alert This online workshop is a good opportunity for you to
in Platts price assessment processes can be found here: pages 1210 and 1212 and in the Platts Pricing Database discover more on the addition of WTI Midland to Dated
https://www.spglobal.com/commodityinsights/en/ under the following codes: Brent, and interact with Platts editors.
our-methodology/subscriber-notes/030222-further- Crude Grade Current Month Month-Ahead Register below for your opportunity to join the
guidance-on-sanctions-embargoed-material-in-s-p-global- Oseberg QP AAXDW00 AAXDX00 discussion: https://events.spglobal.com/d/b9qp52/
Ekofisk QP AAXDY00 AAXDZ00
commodity-insights-platts-price-assessment-processes Troll QP ATFNB00 ATFNA00 Platts is a part of S&P Global Commodity Insights.
This proposal relates to the following Platts
assessments: The QPs are published to four decimal places and at Platts seeks feedback on inclusion of Flint Hills
Code Assessment Name 60% of the net price differences between Ekofisk, Oseberg, Resources Ingleside Terminal into Dated Brent
AAGZU00 CPC Blend CIF Troll and the most competitive grade of crude among Brent, Assessment Process
AAHPL00 CPC Blend CIF vs BTC Dated Brent Strip
AALVX00 CPC Blend FOB Suezmax Forties, Oseberg, Ekofisk and Troll during the month prior to
AALVZ00 CPC Blend FOB Suezmax vs BTC Dated Brent Strip announcement. Platts, part of S&P Global Commodity Insights, proposes
AAOFV00 CPC FOB Aframax
AAOFW00 CPC FOB Aframax vs BTC Dated Brent Strip
Platts, part of S&P Global Commodity Insights, including Flint Hills Resources Ingleside Terminal as a
AAOFX00 CPC Blend CFD Mo1 announces QPs on the first publishing day of each month, a loading terminal for WTI Midland crude oil into its Dated
AAOFY00 CPC Blend CFD Mo2 month prior to the escalators coming into effect. Brent and Cash BFOE Market on Close assessment process
AAOFZ00 CPC Blend CFD Mo3
Please send any comments and queries from June 2023.
to Europe_Crude@spglobal.com and Platts’ recent decision to include WTI Midland into the
These assessments appear on Platts Global Alert and PriceGroup@spglobal.com. Brent complex, and clarification of the review process by
Platts Crude Alert pages 1220, 1221, and 1617; in Crude Oil which loading terminals are included in the assessment
Marketwire and Oilgram Price Report; as well as in the Platts to hold US North Sea Crude Technical process, can be found here.
Platts price database under the codes above. Workshop Sept. 15 Upon successful review and meeting Platts criteria,
Please send all feedback, comments or questions sellers would be able to nominate WTI Midland meeting
by Aug. 31, 2022, to europe_crude@spglobal.com and From June 2023 cargoes onwards, the Brent complex, Platts specification loaded from Flint Hills Resources
pricegroup@spglobal.com. including cash BFOE forwards and the Dated Brent Ingleside Terminal for inclusion into the Dated Brent/Cash
For written comments, please provide a clear indication benchmark itself, will include WTI Midland. BFOE assessment process.
if comments are not intended for publication by Platts for To discuss the latest updates and preparing for this The terminal, located in Corpus Christi, Texas, is wholly
public viewing. major change, Platts is holding a North Sea Technical owned by Flint Hills Resources Ingleside, LLC, a subsidiary
Platts will consider all comments received and will make workshop. This event, to be held Sept. 15, 2022, will review of Koch Industries, Inc. It handles only crude oil. The
comments not marked as confidential available upon request. the current performance of Dated Brent and related terminal has two docks, including one that can fit up to
markets, highlighting trends and liquidity, as well as a Suezmax size vessel and 3 million barrels of storage
Quality Premiums for October-loading North Sea address the ongoing discussion around BFOE contract capacity.
cargoes terms and terminal reviews. Please send all feedback to PriceGroup@spglobal.com
During this workshop we will cover the following topics: and Europe_Crude@spglobal.com by Sept. 30, 2022.
Effective Sept. 1, 2022, the North Sea Quality Premiums for ■ Background on the Dated Brent benchmark For written comments, please provide a clear indication
October-loading North Sea cargoes will be as follows: ■ Performance of Dated Brent in 2022’s volatile market if they are not intended for publication by Platts for public
Crude Grade Quality Premium ■ Update on terminal acceptance criteria and reviews viewing. Platts will consider all comments received and
Oseberg QP 2.1018 ■ Cash BFOE terms discussion will make those not marked as confidential available upon
Ekofisk QP 1.8610
Troll QP 2.2051 request.

PLATTS ANALYTICS US YIELDS & NETBACKS EFFECTIVE SEPTEMBER 6, 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 112.67 AGGFA00 3.52 AGGCN00 109.15 AAQZB00 92.26 AGGCM00 16.56
Arab Berri BEGCY00 110.31 TDDAC00 1.32 BEGCN00 108.99 AAXCT00 93.23 BEGCM00 15.76
Arab Heavy AHGCY00 92.38 TDDAJ00 1.39 AHGCN00 90.99 AAXDI00 90.73 AHGCM00 0.26 Arab Heavy AHGOY00 108.16 TDDAJ00 1.39 AHGON00 106.78 AAXDI00 90.73 AHGOM00 16.05
Arab Light LIGCY00 104.67 TDDAR00 1.35 LIGCN00 103.32 AAXCU00 91.88 LIGCM00 11.44 Arab Light LIGOY00 109.59 TDDAR00 1.35 LIGON00 108.24 AAXCU00 91.88 LIGOM00 16.36
Arab Medium MEGCY00 97.37 TDDAZ00 1.35 MEGCN00 96.02 AAXDN00 91.18 MEGCM00 4.84 Arab Medium MEGOY00 106.54 TDDAZ00 1.35 MEGON00 105.18 AAXDN00 91.18 MEGOM00 14.00
Bakken BKGCY00 110.85 TDDRP00 7.78 BKGCN00 103.07 AAXPP00 88.65 BKGCM00 14.42
Basrah Heavy BHGOY00 104.92 BHGFA00 2.80 BHGON00 102.13 AALZC00 86.65 BHGOM00 21.13
Basrah Medium BLGCY00 93.86 TDDBS00 2.67 BLGCN00 91.19 BSMAM01 92.70 BLGCM00 6.99 Basrah Medium BLGOY00 106.78 TDDBS00 2.67 BLGON00 104.11 BSMAM01 92.70 BLGOM00 19.91
Bonny Light YLGCY00 114.37 TDDBX00 3.84 YLGCN00 110.52 PCAIC00 94.76 YLGCM00 15.43
Brent BRGCY00 108.63 TDDCB00 3.42 BRGCN00 105.22 AAVJA00 93.39 BRGCM00 11.50
Cabinda CBGCY00 109.63 TDDCF00 4.15 CBGCN00 105.49 PCAFD00 94.26 CBGCM00 10.90 Cabinda CBGOY00 109.37 TDDCF00 4.15 CBGON00 105.22 PCAFD00 94.26 CBGOM00 10.63
Castilla Blend CSGOY00 102.13 CSGFA00 3.11 CSGON00 99.02 AAVEQ00 79.80 CSGOM00 19.22
Eagle Ford EAGCY00
110.72 AAYAT00 88.82 EAGCM00 21.90
Escalante ECGCY00 104.79 TDDCV00 4.97 ECGCN00 99.82 PCAGC00 89.80 ECGCM00 9.46
Forties FTGCY00 107.98 FTGFA00 3.19 FTGCN00 104.78 PCADJ00 92.17 FTGCM00 12.28
Isthmus ISGCY00 105.10 TDDDJ00 1.84 ISGCN00 103.26 PDATO09 85.89 ISGCM00 17.37
LLS LLGCY00 114.41 TDDQW00 0.55 LLGCN00 113.86 PCABN00 89.28 LLGCM00 24.58 LLS LLGOY00 115.65 TDDQW00 0.55 LLGON00 115.10 PCABN00 89.28 LLGOM00 25.82
Marlim MLGCY00 104.13 TDDGK00 3.82 MLGCN00 100.31 AAITF00 82.65 MLGCM00 17.09 Marlim MLGOY00 110.54 TDDGK00 3.82 MLGON00 106.72 AAITF00 82.65 MLGOM00 23.50
Mars MRGCY00 99.76 TDDQY00 0.55 MRGCN00 99.21 AAMBR00 85.73 MRGCM00 13.48 Mars MRGOY00 108.62 TDDQY00 0.55 MRGON00 108.07 AAMBR00 85.73 MRGOM00 22.34
Maya MYGCY00 81.89 TDDDP00 1.92 MYGCN00 79.97 PDATS09 79.04 MYGCM00 0.93 Maya MYGOY00 104.04 TDDDP00 1.92 MYGON00 102.12 PDATS09 79.04 MYGOM00 23.08
Mesa MSGCY00 103.80 TDDDV00 2.93 MSGCN00 100.87 AAITB00 85.85 MSGCM00 15.02
Napo NPGOY00 101.16 NPGFA00 6.96 NPGON00 94.20 AAMCA00 78.70 NPGOM00 14.57
Olmeca OLGCY00 109.46 TDDDY00 1.85 OLGCN00 107.61 PDATT09 85.89 OLGCM00 21.72
Oriente ORGOY00 107.90 ORGFA00 6.57 ORGON00 101.33 PCADE00 84.70 ORGOM00 15.75
Poseidon PDGCY00 99.80 PDGFA00 0.00 PDGCN00 99.80 AABHK00 85.13 PDGCM00 14.67
Saharan Blend SHGCY00 110.60 TDDRD00 2.65 SHGCN00 107.95 AAGZY00 92.23 SHGCM00 15.39
Syncrude SYGCY00 114.90 SYGFA00 8.52 SYGCN00 106.38 AASOK00 91.90 SYGCM00 14.48
Urals URGCY00 103.71 TDDFM00 3.61 URGCN00 100.10 AAWVH00 69.32 URGCM00 30.45 Urals URGOY00 110.10 TDDFM00 3.61 URGON00 106.50 AAWVH00 69.32 URGOM00 36.85
Vasconia VCGOY00 112.76 VCGFA00 3.03 VCGON00 109.73 PCAGI00 86.80 VCGOM00 22.93
WCS ex-Hardisty WHGOY00 105.44 TDDRS00 8.50 WHGON00 96.94 AAPPN00 65.95 WHGOM00 30.99
WCS ex-Nederland WNGOY00 105.44 WCGFA00 0.00 WNGON00 105.44 AAYAY00 75.60 WNGOM00 29.84
WTI WTGCY00
111.07 AAYRG00 89.08 WTGCM00 21.99
WTS WSGCY00 103.84 TDDRJ00 6.89 WSGCN00 96.95 PCACK00 87.33 WSGCM00 9.62 WTS WSGOY00 111.01 TDDRJ00 6.89 WSGON00 104.12 PCACK00 87.33 WSGOM00 16.79

PLATTS ANALYTICS US YIELDS & NETBACK ($/barrel)

US Midwest (PGA page 0823) US Midwest (PGA page 0821)
Bakken BKTCY00 116.50 TDDRO00 1.68 BKTCN00 114.82 AASRU00 90.80 BKTCM00 24.02
Syncrude SYTCY00 120.50 TDDFP00 8.20 SYTCN00 112.30 AASOK00 91.90 SYTCM00 20.40
WCS WCTOY00 111.03 TDDRL00 8.56 WCTON00 102.47 AAPPN00 65.95 WCTOM00 36.52
WTI WTTCY00 115.07 TDDRG00 2.39 WTTCN00 112.68 PCACG00 86.88 WTTCM00 25.80
WTS WSTCY00 109.20 TDDRI00 3.08 WSTCN00 106.12 PCACK00 87.33 WSTCM00 18.79 WTS WSTOY00 117.00 TDDRI00 3.08 WSTON00 113.92 PCACK00 87.33 WSTOM00 26.59
US West Coast (PGA page 0843) US West Coast (PGA page 0841)
ANS ANWCY00
130.74 PCAAD00 97.67 ANWCM00 33.07 ANS ANWOY00
136.22 PCAAD00 97.67 ANWOM00 38.55
Arab Light LIWOY00 138.31 TDDAT00 1.35 LIWON00 136.96 AAXCU00 91.88 LIWOM00 45.08
Arab Medium MEWOY00 133.27 TDDBB00 1.35 MEWON00 131.91 AAXDN00 91.18 MEWOM00 40.73
Bakken BKWCY00 140.18 TDDRT00 11.74 BKWCN00 128.44 AAXPP00 88.65 BKWCM00 39.79
Basrah Heavy BHWOY00 132.82 BHWFA00 3.30 BHWON00 129.52 AALZC00 86.65 BHWOM00 49.09
Basrah Medium BLWOY00 134.32 TDDBW00 3.15 BLWON00 131.17 BSMAM01 92.70 BLWOM00 47.54
Castilla Blend CSWOY00 135.77 CSWFA00 9.53 CSWON00 126.24 AAVEQ00 79.80 CSWOM00 45.50
Maya MYWOY00 131.96 MYWFA00 5.36 MYWON00 126.60 AAUPK00 85.19 MYWOM00 41.41
Napo NPWOY00 131.79 NPWFA00 7.82 NPWON00 123.97 AAMCA00 78.70 NPWOM00 44.34
Oriente ORWOY00 135.71 TDDEC00 7.38 ORWON00 128.33 PCADE00 84.70 ORWOM00 42.76
Vasconia VCWOY00 145.30 VCWFA00 9.20 VCWON00 136.10 PCAGI00 86.80 VCWOM00 48.40
US Atlantic Coast (PGA page 0811)

Crack Yield Freight Crack Netback Crude Price Crack Margin
Agbami AGACY00 114.90 AGAFA00 3.06 AGACN00 111.84 AAQZB00 92.26 AGACM00 19.25
Arab Light LIACY00 107.09 TDDAU00 1.35 LIACN00 105.74 AAXCU00 91.88 LIACM00 13.86
Bakken BKACY00 115.05 TDDRN00 7.20 BKACN00 107.85 AAXPP00 88.65 BKACM00 19.20
Bonny Light YLACY00 117.55 TDDBZ00 3.34 YLACN00 114.20 PCAIC00 94.76 YLACM00 19.11
Brent BRACY00 113.10 TDDCC00 3.09 BRACN00 110.01 AAVJA00 93.39 BRACM00 16.86
Cabinda CBACY00 111.82 TDDCH00 3.64 CBACN00 108.17 PCAFD00 94.26 CBACM00 13.58
CPC Blend CPACY00 113.50 CPAFA00 3.48 CPACN00 110.02 AALVX00 88.47 CPACM00 21.78
Forties FTACY00 112.64 FTAFA00 2.87 FTACN00 109.78 PCADJ00 92.17 FTACM00 17.84
Saharan Blend SHACY00 114.86 SHAFA00 2.13 SHACN00 112.73 AAGZY00 92.23 SHACM00 20.17
Urals URACY00 107.20 URAFA00 2.78 URACN00 104.42 AAWVH00 69.32 URACM00 34.77

PLATTS ANALYTICS EUROPEAN YIELDS & NETBACKS EFFECTIVE SEPTEMBER 6, 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 113.82 AGNFA00 2.91 AGNCN00 110.91 AAQZB00 92.26 AGNCM00 18.66 Agbami AGMCY00 110.83 AGMFA00 2.83 AGMCN00 108.00 AAQZB00 92.26 AGMCM00 15.74
Arab Berri BENCY00 112.17 BENFA00 1.32 BENCN00 110.85 AAXDU00 99.33 BENCM00 11.52
Arab Heavy AHNCY00 92.94 TDDAN00 1.39 AHNCN00 91.55 AAXDH00 90.63 AHNCM00 0.92 Arab Heavy AHMCY00 90.04 TDDAI00 1.39 AHMCN00 88.65 AAXDH00 90.63 AHMCM00 -1.93
Arab Light LINCY00 107.12 TDDAV00 1.35 LINCN00 105.77 AAXDK00 97.53 LINCM00 8.24 Arab Light LIMCY00 104.77 TDDAQ00 1.35 LIMCN00 103.42 AAXDK00 97.53 LIMCM00 5.74
Arab Medium MENCY00 97.79 TDDBD00 1.37 MENCN00 96.42 AAXDM00 95.03 MENCM00 1.39 Arab Medium MEMCY00 94.93 TDDAY00 1.37 MEMCN00 93.56 AAXDM00 95.03 MEMCM00 -1.72
Azeri Light ZLNCY00 115.45 TDDBI00 2.90 ZLNCN00 112.55 AATHM00 94.49 ZLNCM00 17.17 Azeri Light* ZLMCY00
113.45 AAGZX00 96.88 ZLMCM00 16.58
Basrah Medium BLNCY00 93.40 TDDBU00 2.49 BLNCN00 90.92 BSMAM01 92.70 BLNCM00 6.21 Basrah Medium BLMCY00 89.64 TDDBR00 1.88 BLMCN00 87.76 BSMAM01 92.70 BLMCM00 3.05
Bonny Light YLNCY00 117.13 YLNFA00 3.18 YLNCN00 113.95 PCAIC00 94.76 YLNCM00 19.20 Bonny Light YLMCY00 115.06 YLMFA00 3.09 YLMCN00 111.97 PCAIC00 94.76 YLMCM00 17.22
Brent BRNCY00 110.77 TDDCD00 2.51 BRNCN00 108.27 AAVJA00 93.39 BRNCM00 14.88
Cabinda CBNCY00 108.47 TDDQR00 3.48 CBNCN00 104.98 PCAFD00 94.26 CBNCM00 10.73 Cabinda CBMCY00 106.83 CBMFA00 3.39 CBMCN00 103.44 PCAFD00 94.26 CBMCM00 9.19
CPC Blend CPNCY00 111.68 CPNFA00 3.73 CPNCN00 107.96 AALVX00 88.47 CPNCM00 19.49 CPC Blend* CPMCY00
109.63 AAGZU00 90.58 CPMCM00 19.05
Dubai DBNCY00 104.34 DBNFA00 2.36 DBNCN00 101.98 PCAAT00 95.21 DBNCM00 8.21
Eagle Ford EANCY00 112.75 EANFA00 5.55 EANCN00 107.20 AAYAT00 88.82 EANCM00 18.15 Eagle Ford EAMCY00 110.17 TNEIF00 6.05 EAMCN00 104.12 AAYAT00 88.82 EAMCM00 15.07
Ekofisk EKNCY00 113.75 TDDCT00 1.67 EKNCN00 112.09 PCADI00 96.00 EKNCM00 16.09
Forties FTNCY00 110.78 TDDEZ00 1.92 FTNCN00 108.86 PCADJ00 92.17 FTNCM00 16.70 Forties FTMCY00 108.86 FTMFA00 2.68 FTMCN00 106.19 PCADJ00 92.17 FTMCM00 14.02
Iran Heavy BHNCY00 103.57 TDDDG00 2.48 BHNCN00 101.09 AIHKA00 92.31 BHNCM00 8.14 Iran Heavy BHMCY00 101.38 TDDDF00 1.86 BHMCN00 99.51 AIHKA00 92.31 BHMCM00 6.56
Johan Sverdrup JSNCY00 108.29 JSNFA00 2.04 JSNCN00 106.25 AJSVA00 93.14 JSNCM00 13.11 Johan Sverdrup JSMCY00 106.69 JSMFA00 2.85 JSMCN00 103.84 AJSVA00 93.14 JSMCM00 10.70
Kirkuk KRNCY00 105.17 TDDGH00 3.66 KRNCN00 101.52 AAEJD00 76.71 KRNCM00 12.10 Kirkuk KRMCY00 102.70 TDDFF00 2.01 KRMCN00 100.70 AAEJD00 76.71 KRMCM00 11.28
LLS LLNCY00 118.82 LLNFA00 5.84 LLNCN00 112.98 AAQBB00 89.51 LLNCM00 23.47 LLS LLMCY00 116.72 LLMFA00 6.36 LLMCN00 110.36 AAQBB00 89.51 LLMCM00 20.85
Maya MYNCY00 78.86 MYNFA00 6.03 MYNCN00 72.82 AAYXE00 82.43 MYNCM00 -9.61
Oman OMNCY00 105.27 OMNFA00 2.32 OMNCN00 102.95 PCABS00 95.26 OMNCM00 9.14 Oman OMMCY00 103.65 OMMFA00 1.71 OMMCN00 101.94 PCABS00 95.26 OMMCM00 8.13
Saharan Blend SHNCY00 112.56 TDDGI00 2.33 SHNCN00 110.23 AAGZY00 92.23 SHNCM00 18.00 Saharan Blend SHMCY00 110.48 TDDFG00 1.75 SHMCN00 108.73 AAGZY00 92.23 SHMCM00 16.51
Urals* URNCY00 109.18 PCAFW00 71.41 URNCM00 37.77 Urals* URMCY00
104.77 PCACE00 71.71 URMCM00 33.06
WTI MEH WTNCY00 113.19 WTNFA00 5.64 WTNCN00 107.55 AAYRZ00 89.16 WTNCM00 18.24
*Indicates the crude price is a CIF value
PLATTS ANALYTICS ASIAN YIELDS & NETBACKS EFFECTIVE SEPTEMBER 6, 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 112.15 AGSFA00 2.68 AGSCN00 109.47 AAQZB00 92.26 AGSCM00 15.12 Forties FTSCY00 107.63 TNEFD00 3.62 FTSCN00 104.02 PCADJ00 92.17 FTSCM00 9.76
Arab Berri BESCY00 110.07 BESFA00 1.68 BESCN00 108.40 AAXDV00 106.19 BESCM00 2.21 Kimanis KISCY00 125.18 KISFA00 1.42 KISCN00 123.77 AASCL00 107.34 KISCM00 16.43
Arab Heavy AHSCY00 93.60 TDDAO00 1.72 AHSCN00 91.87 AAXDG00 101.24 AHSCM00 -9.36 LLS LLSCY00 115.35 LLSFA00 4.06 LLSCN00 111.30 AAZDC00 91.27 LLSCM00 19.70
Arab Light LISCY00 106.18 TDDAW00 1.70 LISCN00 104.47 AAXDJ00 105.04 LISCM00 -0.56 Mars MRSCY00 102.71 MRSFA00 4.19 MRSCN00 98.52 AAMBR00 85.73 MRSCM00 10.47
Arab Medium MESCY00 98.93 TDDBE00 1.71 MESCN00 97.22 AAXDL00 102.99 MESCM00 -5.77 Maya MYSCY00 87.98 MYSFA00 4.44 MYSCN00 83.54 AAYXG00 93.34 MYSCM00 -9.80
Basrah Medium BHSCY00 96.92 BHSFA00 1.84 BHSCN00 95.08 BSMAM01 92.70 BHSCM00 -5.25 Minas MNSCY00 114.31 TDDDX00 1.40 MNSCN00 112.91 PCABO00 87.55 MNSCM00 25.37
Bonny Light YLSCY00 115.17 YLSFA00 2.89 YLSCN00 112.28 PCAIC00 94.76 YLSCM00 15.44 Oman OMSCY00 98.85 TDDEB00 1.53 OMSCN00 97.32 PCABS00 95.26 OMSCM00 2.06
Cabinda CBSCY00 111.75 TDDQS00 2.78 CBSCN00 108.97 PCAFD00 94.26 CBSCM00 12.62 Qua lboe QBSCY00 115.83 QBSFA00 2.89 QBSCN00 112.94 PCAID00 95.36 QBSCM00 15.50
Castilla CSSCY00 78.57 CSSFA00 4.48 CSSCN00 74.09 AAVEQ00 79.80 CSSCM00 -8.03 Saharan Blend SHSCY00 107.59 SHSFA00 3.22 SHSCN00 104.38 AAGZY00 92.23 SHSCM00 9.47
Dalia DLSCY00 113.23 DLSFA00 2.87 DLSCN00 110.35 AAQYX00 91.21 DLSCM00 17.06 Tapis TPSCY00 112.18 TDDEO00 1.39 TPSCN00 110.79 PCACB00 101.49 TPSCM00 9.30
Dubai DBSCY00 104.75 TDDCQ00 1.60 DBSCN00 103.15 PCAAT00 95.21 DBSCM00 7.94 Tupi* LUSCY00
111.42 LUQDA00 97.58 LUSCM00 12.05
Duri DRSCY00 107.91 TDDCR00 1.55 DRSCN00 106.36 PCABA00 99.74 DRSCM00 6.62 Urals URSCY00 105.97 URSFA00 3.32 URSCN00 102.65 AAGZS00 69.31 URSCM00 31.26
Eagle Ford EASCY00 109.83 EASFA00 3.90 EASCN00 105.93 AAYAT00 88.82 EASCM00 14.79 WTI MEH WTSCY00 110.08 WTSFA00 3.96 WTSCN00 106.12 AAZDF00 90.87 WTSCM00 14.72
ESPO ESSCY00 110.12 ESSFA00 1.36 ESSCN00 108.76 AARWF00 77.57 ESSCM00 31.19
*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 6, 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 0.70 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 1.13 OXSEC40 Jul-22 79.00
Troll TXROC00 2.75 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 6, 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 0.48 BOZHC40 Jul-22 33.42 Bohai Pengbo-Singapore BOZHC10 0.06 BOZHC50 Jul-22 4.24
India
Bombay High MUMBC00 0.36 MUMBC40 Jul-22 25.39 Bombay High-Qingdao MUMBC10 0.10 MUMBC50 Jul-22 6.80
Iran
Marun MARUC00 0.50 MARUC40 Jul-22 35.00 Kharg Island-Qingdao MARUC10 0.13 MARUC50 Jul-22 8.96
Iraq
Kirkuk KIRKC00 0.71 KIRKC40 Jul-22 49.29 Ceyhan-R’dam KIRKC10 0.07 KIRKC50 Jul-22 4.55
Rumaila RUMAC00 0.31 RUMAC40 Jul-22 21.69 Al Basrah-Sikka RUMAC10 0.03 RUMAC50 Jul-22 2.09
West Qurna-2 WESTC00 0.34 WESTC40 Jul-22 23.78 Al Basrah-Sikka WESTC10 0.03 WESTC50 Jul-22 2.22
Zubair ZUBAC00 0.49 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 0.13 BURGC50 Jul-22 9.31
Qatar
Dukhan DUKHC00 1.66 DUKHC40 Jul-22 115.99 Mesaieed-Singapore DUKHC10 0.07 DUKHC50 Jul-22 5.03
Saudi Arabia
Ghawar GHWRC00 0.25 GHWRC40 Jul-22 17.58 Ras Tanura-Qingdao GHWRC10 0.12 GHWRC50 Jul-22 8.33
Safaniya SAFAC00 0.22 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 0.24 FATEC40 Jul-22 17.00 Fateh-Kiire FATEC10 0.12 FATEC50 Jul-22 8.56
Murban MURBC00 0.27 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 0.37 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 0.36 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 1.06 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 0.17 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 0.02 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 0.20 SNORC40 Jul-22 14.14 Snorre-Statfjord SNORC10 0.00 SNORC50 Jul-22 0.14
Statfjord STATC00 6.42 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 0.87 BRUCC40 Jul-22 60.74 Houndpoint-R’dam BRUCC10 0.01 BRUCC50 Jul-22 0.56
Buzzard BZRDC00 0.23 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 0.42 CLYDC40 Jul-22 29.51 Teesside-R’dam CLYDC10 0.01 CLYDC50 Jul-22 0.37
Cormorant CORMC00 0.89 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 0.37 JUDYC40 Jul-22 26.07 Teesside-R’dam JUDYC10 0.01 JUDYC50 Jul-22 0.38
Kraken KRAKC00 0.23 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 1.35 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 0.41 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 1.14 CDLKC40 Jul-22 79.38 W Canada-USMW CDLKC10 0.07 CDLKC50 Jul-22 4.86
CVE Christina Lake CVECC00 0.63 CVECC40 Jul-22 43.89 Canada-USMW CVECC10 0.07 CVECC50 Jul-22 4.86
Foster Creek FOSTC00 0.87 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 0.97 JACKC40 Jul-22 67.43 Canada-USMW JACKC10 0.06 JACKC50 Jul-22 4.37
MEG Christina Lake MEGCC00 0.88 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 0.91 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 0.18 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 0.30 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 2.52 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 0.01 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 0.22 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 0.10 CNTLC50 Jul-22 7.22
Venezuela
Orinoco Oil Belt ORINC00 6.53 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
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PLATTS CRUDE OIL MARKETWIRE

Volume 43 / Issue 176 / September 6, 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)

August levels, when OPEC’s 13 members aimed to pump

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

NORTH SEA SPOT CRUDE ASSESSMENTS ($/barrel) (PGA page 1212)

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

DATED BRENT/BFOE SWAPS ($/barrel) (PGA page 1214)

oil trader. BFOE M3 (Jan) PCARR00 91.270 -1.740

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

© 2022 by S&P Global Inc. All rights reserved. 6

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

West Africa market parity prices (continued)

fundamentals and in the absence of indications testing the

© 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

RUBLE-DENOMINATED RUSSIAN ASSESSMENTS (Rb/barrel) (PGA page 1224)

■ Tighter supply boosts crude differentials

program was set to be the smallest since October 2016 at 1

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

© 2022 by S&P Global Inc. All rights reserved. 13

However, traders were focused on lockdowns in China FUTURES SETTLEMENTS

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

REPORTED SPOT CASH TRANSACTIONS (PGA page 3)

© 2022 by S&P Global Inc. All rights reserved. 15

© 2022 by S&P Global Inc. All rights reserved. 16

© 2022 by S&P Global Inc. All rights reserved. 17

© 2022 by S&P Global Inc. All rights reserved. 18

© 2022 by S&P Global Inc. All rights reserved. 19

AAGZZ00 Sweet/Sour Diff Med

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

© 2022 by S&P Global Inc. All rights reserved. 21

© 2022 by S&P Global Inc. All rights reserved. 22

© 2022 by S&P Global Inc. All rights reserved. 23

© 2022 by S&P Global Inc. All rights reserved. 24

© 2022 by S&P Global Inc. All rights reserved. 25

© 2022 by S&P Global Inc. All rights reserved. 26

PLATTS ANALYTICS US YIELDS & NETBACKS EFFECTIVE SEPTEMBER 6, 2022 ($/barrel)

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

PLATTS ANALYTICS US YIELDS & NETBACK ($/barrel)

US Atlantic Coast (PGA page 0811)

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

© 2022 by S&P Global Inc. All rights reserved. 29

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. 31

North America Fields

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

© 2022 by S&P Global Inc. All rights reserved. 33

2022 theme highlights:

Find out more at www.appec.com.sg